SWARTHMORE GROUP INC Activity Q1 2000-Q2 2022

Q2 2022

			Value		Shares		↓ Weighting
IVV	New	iShares Core S&P 500 ETF	$141,651,000	–	373,601	–	56.96%	–
SPY	New	SPDR S&P 500 ETF TR	$89,345,000	–	236,832	–	35.93%	–
AAPL	New	Apple Inc	$1,475,000	–	10,787	–	0.59%	–
MSFT	New	Microsoft Corp	$1,229,000	–	4,784	–	0.49%	–
GOOGL	New	Alphabet Inc Cap Stock Cl A	$1,166,000	–	535	–	0.47%	–
HSY	New	Hershey Co	$937,000	–	4,353	–	0.38%	–
ABBV	New	AbbVie Inc	$624,000	–	4,076	–	0.25%	–
AVGO	New	Broadcom Inc	$507,000	–	1,043	–	0.20%	–
PFE	New	Pfizer Inc	$481,000	–	9,181	–	0.19%	–
TMO	New	Thermo Fisher Scientific Inc	$475,000	–	875	–	0.19%	–
VZ	New	Verizon Communications Inc	$449,000	–	8,850	–	0.18%	–
QCOM	New	Qualcomm Inc	$443,000	–	3,470	–	0.18%	–
PG	New	Procter & Gamble Co	$397,000	–	2,764	–	0.16%	–
AMZN	New	Amazon.com Inc	$389,000	–	3,660	–	0.16%	–
CVX	New	Chevron Corp	$382,000	–	2,636	–	0.15%	–
UPS	New	United Parcel Service Inc Cl B	$355,000	–	1,944	–	0.14%	–
MS	New	Morgan Stanley	$349,000	–	4,593	–	0.14%	–
V	New	Visa Inc Cl A	$346,000	–	1,756	–	0.14%	–
TSN	New	Tyson Foods Inc Cl A	$333,000	–	3,873	–	0.13%	–
LOW	New	Lowe's Companies Inc	$327,000	–	1,874	–	0.13%	–
CAT	New	Caterpillar Inc	$319,000	–	1,784	–	0.13%	–
PXD	New	Pioneer Natural Resources Co	$314,000	–	1,409	–	0.13%	–
ANTM	New	Elevance Health Inc Com	$311,000	–	644	–	0.12%	–
LHX	New	L3harris Technologies Inc	$306,000	–	1,268	–	0.12%	–
JPM	New	Jpmorgan Chase & Co	$304,000	–	2,696	–	0.12%	–
KLAC	New	KLA Corp New	$298,000	–	934	–	0.12%	–
CBOE	New	CBOE Global Mkts Inc	$297,000	–	2,622	–	0.12%	–
MCD	New	McDonald's Corp	$290,000	–	1,176	–	0.12%	–
CSCO	New	Cisco Systems Inc	$288,000	–	6,760	–	0.12%	–
ORLY	New	Oreilly Automotive Inc	$289,000	–	457	–	0.12%	–
ABT	New	Abbott Laboratories	$280,000	–	2,581	–	0.11%	–
NVDA	New	NVIDIA Corporation	$280,000	–	1,849	–	0.11%	–
RF	New	Regions Financial Corp	$279,000	–	14,902	–	0.11%	–
ORCL	New	Oracle Corp	$269,000	–	3,843	–	0.11%	–
SSNC	New	SS&C Technologies Holdings Inc	$260,000	–	4,472	–	0.10%	–
NKE	New	Nike Inc Cl B	$258,000	–	2,522	–	0.10%	–
RHI	New	Robert Half Intl Inc	$258,000	–	3,439	–	0.10%	–
CVS	New	CVS Health Corp	$258,000	–	2,788	–	0.10%	–
UNP	New	Union Pacific Corp	$255,000	–	1,196	–	0.10%	–
NTAP	New	NetApp Inc	$245,000	–	3,762	–	0.10%	–
NEE	New	Nextera Energy Inc	$233,000	–	3,002	–	0.09%	–
EXR	New	Extra Space Storage Inc	$232,000	–	1,361	–	0.09%	–
INTU	New	Intuit	$232,000	–	601	–	0.09%	–
KR	New	Kroger Co	$231,000	–	4,874	–	0.09%	–
ZION	New	Zions Bancorporation Na	$217,000	–	4,269	–	0.09%	–
IPG	New	Interpublic Group Cos Inc	$209,000	–	7,578	–	0.08%	–

Q4 2021

			Value		Shares		↓ Weighting
MCD	Exit	McDonald's Corp	$0	–	-1,176	–	-0.07%	–
SCHX	Exit	Schwab Us Large-Cap Etf	$0	–	-3,105	–	-0.08%	–
HSY	Exit	Hershey Co/The	$0	–	-4,279	–	-0.19%	–
WFC	Exit	Wells Fargo & Co	$0	–	-42,069	–	-0.49%	–
TFC	Exit	Truist Financial Corp	$0	–	-51,300	–	-0.74%	–
GM	Exit	General Motors Co	$0	–	-50,027	–	-0.76%	–
TSN	Exit	Tyson Foods Inc - Cl A	$0	–	-40,887	–	-0.78%	–
PXD	Exit	Pioneer Natural Resources Co	$0	–	-19,169	–	-0.80%	–
NTAP	Exit	Netapp Inc	$0	–	-41,289	–	-0.87%	–
EXR	Exit	Extra Space Storage Inc	$0	–	-22,595	–	-0.96%	–
CVX	Exit	Chevron Corp	$0	–	-35,702	–	-0.96%	–
GLW	Exit	Corning Inc	$0	–	-104,650	–	-1.10%	–
RF	Exit	Regions Financial Corp	$0	–	-248,803	–	-1.30%	–
NEE	Exit	NextEra Energy Inc	$0	–	-70,746	–	-1.34%	–
PG	Exit	Procter & Gamble Co/The	$0	–	-40,307	–	-1.40%	–
ABT	Exit	Abbott Laboratories	$0	–	-47,087	–	-1.41%	–
MLM	Exit	Martin Marietta Materials	$0	–	-16,468	–	-1.50%	–
VZ	Exit	Verizon Communications Inc	$0	–	-105,285	–	-1.52%	–
JPM	Exit	JPMorgan Chase & Co	$0	–	-39,856	–	-1.60%	–
RSG	Exit	Republic Services Inc	$0	–	-69,316	–	-1.97%	–
SHW	Exit	Sherwin-Williams Co	$0	–	-28,499	–	-2.00%	–
CAT	Exit	Caterpillar Inc	$0	–	-36,659	–	-2.06%	–
CRM	Exit	salesforce.com Inc	$0	–	-32,980	–	-2.08%	–
DHI	Exit	DR Horton Inc	$0	–	-89,798	–	-2.10%	–
AAPL	Exit	Apple Inc	$0	–	-62,673	–	-2.22%	–
TJX	Exit	TJX Cos Inc/The	$0	–	-127,675	–	-2.22%	–
UNP	Exit	Union Pacific Corp	$0	–	-39,478	–	-2.24%	–
SSNC	Exit	SS&C Technologies Holdings Inc	$0	–	-124,615	–	-2.32%	–
QCOM	Exit	QUALCOMM Inc	$0	–	-63,888	–	-2.36%	–
SYK	Exit	Stryker Corp	$0	–	-35,393	–	-2.37%	–
ORLY	Exit	O'Reilly Automotive Inc	$0	–	-17,461	–	-2.55%	–
ALL	Exit	Allstate Corp/The	$0	–	-75,992	–	-2.56%	–
FB	Exit	Facebook Inc	$0	–	-29,062	–	-2.61%	–
UPS	Exit	United Parcel Service Inc	$0	–	-48,809	–	-2.62%	–
LOW	Exit	Lowe's Cos Inc	$0	–	-53,823	–	-2.70%	–
MS	Exit	Morgan Stanley	$0	–	-116,208	–	-2.75%	–
LRCX	Exit	Lam Research Corp	$0	–	-16,693	–	-2.80%	–
V	Exit	Visa Inc	$0	–	-46,685	–	-2.82%	–
ANTM	Exit	Anthem Inc	$0	–	-29,237	–	-2.88%	–
BLK	Exit	BlackRock Inc	$0	–	-13,036	–	-2.94%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-24,300	–	-3.16%	–
GOOGL	Exit	Alphabet Inc-CL A	$0	–	-5,404	–	-3.41%	–
MSFT	Exit	Microsoft Corp	$0	–	-49,447	–	-3.46%	–
IVV	Exit	iShares Core S&P 500 ETF	$0	–	-188,296	–	-20.90%	–

Q2 2021

			Value		Shares		↓ Weighting
IVV	New	iShares Core S&P 500 ETF	$80,952,000	–	188,296	–	20.90%	–
MSFT	New	Microsoft Corp	$13,395,000	–	49,447	–	3.46%	–
GOOGL	New	Alphabet Inc-CL A	$13,195,000	–	5,404	–	3.41%	–
TMO	New	Thermo Fisher Scientific Inc	$12,259,000	–	24,300	–	3.16%	–
BLK	New	BlackRock Inc	$11,406,000	–	13,036	–	2.94%	–
ANTM	New	Anthem Inc	$11,163,000	–	29,237	–	2.88%	–
V	New	Visa Inc	$10,916,000	–	46,685	–	2.82%	–
LRCX	New	Lam Research Corp	$10,862,000	–	16,693	–	2.80%	–
MS	New	Morgan Stanley	$10,655,000	–	116,208	–	2.75%	–
LOW	New	Lowe's Cos Inc	$10,440,000	–	53,823	–	2.70%	–
UPS	New	United Parcel Service Inc	$10,151,000	–	48,809	–	2.62%	–
FB	New	Facebook Inc	$10,105,000	–	29,062	–	2.61%	–
ALL	New	Allstate Corp/The	$9,912,000	–	75,992	–	2.56%	–
ORLY	New	O'Reilly Automotive Inc	$9,887,000	–	17,461	–	2.55%	–
SYK	New	Stryker Corp	$9,193,000	–	35,393	–	2.37%	–
QCOM	New	QUALCOMM Inc	$9,132,000	–	63,888	–	2.36%	–
SSNC	New	SS&C Technologies Holdings Inc	$8,980,000	–	124,615	–	2.32%	–
UNP	New	Union Pacific Corp	$8,682,000	–	39,478	–	2.24%	–
TJX	New	TJX Cos Inc/The	$8,608,000	–	127,675	–	2.22%	–
AAPL	New	Apple Inc	$8,584,000	–	62,673	–	2.22%	–
DHI	New	DR Horton Inc	$8,115,000	–	89,798	–	2.10%	–
CRM	New	salesforce.com Inc	$8,056,000	–	32,980	–	2.08%	–
CAT	New	Caterpillar Inc	$7,978,000	–	36,659	–	2.06%	–
SHW	New	Sherwin-Williams Co	$7,765,000	–	28,499	–	2.00%	–
RSG	New	Republic Services Inc	$7,625,000	–	69,316	–	1.97%	–
JPM	New	JPMorgan Chase & Co	$6,199,000	–	39,856	–	1.60%	–
VZ	New	Verizon Communications Inc	$5,899,000	–	105,285	–	1.52%	–
MLM	New	Martin Marietta Materials	$5,794,000	–	16,468	–	1.50%	–
ABT	New	Abbott Laboratories	$5,459,000	–	47,087	–	1.41%	–
PG	New	Procter & Gamble Co/The	$5,439,000	–	40,307	–	1.40%	–
NEE	New	NextEra Energy Inc	$5,184,000	–	70,746	–	1.34%	–
RF	New	Regions Financial Corp	$5,021,000	–	248,803	–	1.30%	–
GLW	New	Corning Inc	$4,280,000	–	104,650	–	1.10%	–
CVX	New	Chevron Corp	$3,739,000	–	35,702	–	0.96%	–
EXR	New	Extra Space Storage Inc	$3,702,000	–	22,595	–	0.96%	–
NTAP	New	Netapp Inc	$3,378,000	–	41,289	–	0.87%	–
PXD	New	Pioneer Natural Resources Co	$3,115,000	–	19,169	–	0.80%	–
TSN	New	Tyson Foods Inc - Cl A	$3,016,000	–	40,887	–	0.78%	–
GM	New	General Motors Co	$2,960,000	–	50,027	–	0.76%	–
TFC	New	Truist Financial Corp	$2,847,000	–	51,300	–	0.74%	–
WFC	New	Wells Fargo & Co	$1,905,000	–	42,069	–	0.49%	–
HSY	New	Hershey Co/The	$745,000	–	4,279	–	0.19%	–
SCHX	New	Schwab Us Large-Cap Etf	$323,000	–	3,105	–	0.08%	–
MCD	New	McDonald's Corp	$272,000	–	1,176	–	0.07%	–

Q4 2020

			Value		Shares		↓ Weighting
MCD	Exit	McDonald's Corp	$0	–	-1,176	–	-0.08%	–
AAPL	Exit	Apple Inc	$0	–	-2,552	–	-0.09%	–
SCHX	Exit	Schwab Us Large-Cap Etf	$0	–	-3,893	–	-0.10%	–
HSY	Exit	Hershey Co/The	$0	–	-4,309	–	-0.19%	–
SPSB	Exit	SPDR Portfolio Short Term Corp	$0	–	-29,120	–	-0.29%	–
WFC	Exit	Wells Fargo & Co	$0	–	-41,266	–	-0.30%	–
XLI	Exit	Industrial Select Sect SPDR	$0	–	-14,050	–	-0.34%	–
XEL	Exit	Xcel Energy Inc.	$0	–	-26,150	–	-0.57%	–
VMBS	Exit	Vanguard Mortgage-Backed Secur	$0	–	-39,400	–	-0.67%	–
XLF	Exit	Financial Select Sector SPDR F	$0	–	-107,350	–	-0.81%	–
XLE	Exit	Energy Select Sector SPDR	$0	–	-91,125	–	-0.86%	–
FB	Exit	Facebook Inc	$0	–	-11,234	–	-0.92%	–
XLU	Exit	Utilities Select Sector SPDR F	$0	–	-71,200	–	-1.33%	–
QCOM	Exit	QUALCOMM Inc	$0	–	-39,500	–	-1.46%	–
CME	Exit	CME Group	$0	–	-33,550	–	-1.77%	–
PG	Exit	Procter & Gamble Co/The	$0	–	-41,765	–	-1.83%	–
XLC	Exit	Communication Services Select	$0	–	-113,050	–	-2.11%	–
SHW	Exit	Sherwin-Williams Co	$0	–	-9,850	–	-2.16%	–
XLV	Exit	Health Care Select Sector SPDR	$0	–	-65,130	–	-2.16%	–
IHI	Exit	iShares U.S. Medical Devices E	$0	–	-24,525	–	-2.31%	–
TJX	Exit	TJX Cos Inc/The	$0	–	-132,009	–	-2.31%	–
ALL	Exit	Allstate Corp/The	$0	–	-78,785	–	-2.33%	–
LRCX	Exit	Lam Research Corp	$0	–	-22,908	–	-2.39%	–
SSNC	Exit	SS&C Technologies Holdings Inc	$0	–	-129,250	–	-2.46%	–
VZ	Exit	Verizon Communications Inc	$0	–	-132,851	–	-2.49%	–
BLK	Exit	BlackRock Inc	$0	–	-14,030	–	-2.49%	–
UNP	Exit	Union Pacific Corp	$0	–	-41,052	–	-2.54%	–
ANTM	Exit	Anthem Inc	$0	–	-30,323	–	-2.56%	–
GOOGL	Exit	Alphabet Inc-CL A	$0	–	-5,600	–	-2.58%	–
RSG	Exit	Republic Services Inc	$0	–	-93,250	–	-2.74%	–
ORLY	Exit	O'Reilly Automotive Inc	$0	–	-19,365	–	-2.81%	–
ROP	Exit	Roper Industries Inc	$0	–	-22,775	–	-2.83%	–
V	Exit	Visa Inc	$0	–	-48,410	–	-3.04%	–
LOW	Exit	Lowe's Cos Inc	$0	–	-60,992	–	-3.18%	–
CRM	Exit	salesforce.com Inc	$0	–	-41,884	–	-3.31%	–
MSFT	Exit	Microsoft Corp	$0	–	-51,222	–	-3.39%	–
ABT	Exit	Abbott Laboratories	$0	–	-108,745	–	-3.72%	–
XLK	Exit	Technology Select Sector SPDR	$0	–	-105,795	–	-3.88%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-28,603	–	-3.97%	–
XLP	Exit	Consumer Staples Select Sector	$0	–	-227,675	–	-4.59%	–
IVV	Exit	iShares Core S&P 500 ETF	$0	–	-189,307	–	-20.01%	–

Q3 2020

			Value		Shares		↓ Weighting
IVV	Sell	iShares Core S&P 500 ETF	$63,619,000	+8.1%	189,307	-0.4%	20.01%	-0.3%
TMO	Sell	Thermo Fisher Scientific Inc	$12,629,000	+18.2%	28,603	-3.0%	3.97%	+9.1%
XLK	Buy	Technology Select Sector SPDR	$12,346,000	+14.1%	105,795	+2.2%	3.88%	+5.3%
CRM	Sell	salesforce.com Inc	$10,526,000	+29.3%	41,884	-3.6%	3.31%	+19.3%
LOW	Buy	Lowe's Cos Inc	$10,116,000	+90.8%	60,992	+55.4%	3.18%	+76.0%
ORLY	Sell	O'Reilly Automotive Inc	$8,929,000	+7.5%	19,365	-1.7%	2.81%	-0.8%
ANTM	Buy	Anthem Inc	$8,144,000	+6.3%	30,323	+4.1%	2.56%	-1.9%
UNP	Buy	Union Pacific Corp	$8,082,000	+84.9%	41,052	+58.8%	2.54%	+70.6%
BLK	Buy	BlackRock Inc	$7,907,000	+3.6%	14,030	+0.0%	2.49%	-4.4%
LRCX	Buy	Lam Research Corp	$7,600,000	+44.3%	22,908	+40.7%	2.39%	+33.2%
ALL	Buy	Allstate Corp/The	$7,417,000	+2.7%	78,785	+5.8%	2.33%	-5.2%
TJX	Sell	TJX Cos Inc/The	$7,346,000	+10.0%	132,009	-0.0%	2.31%	+1.5%
SHW	Buy	Sherwin-Williams Co	$6,863,000	+44.0%	9,850	+19.4%	2.16%	+32.9%
QCOM	New	QUALCOMM Inc	$4,648,000	–	39,500	–	1.46%	–
FB	Buy	Facebook Inc	$2,942,000	+52.8%	11,234	+32.4%	0.92%	+40.8%
XLF	Buy	Financial Select Sector SPDR F	$2,584,000	+864.2%	107,350	+825.4%	0.81%	+793.4%
XLI	Sell	Industrial Select Sect SPDR	$1,082,000	-66.0%	14,050	-69.7%	0.34%	-68.7%
WFC	Sell	Wells Fargo & Co	$970,000	-72.5%	41,266	-70.0%	0.30%	-74.6%
SPSB	Buy	SPDR Portfolio Short Term Corp	$913,000	+59.3%	29,120	+59.2%	0.29%	+47.2%
HSY	Buy	Hershey Co/The	$618,000	+11.4%	4,309	+0.7%	0.19%	+2.6%
SCHX	New	Schwab Us Large-Cap Etf	$314,000	–	3,893	–	0.10%	–
AAPL	Buy	Apple Inc	$296,000	+27.0%	2,552	+300.0%	0.09%	+17.7%
MPC	Exit	Marathon Petroleum Corp	$0	–	-13,500	–	-0.17%	–
PLNT	Exit	Planet Fitness Inc	$0	–	-106,350	–	-2.20%	–
CACI	Exit	CACI Inc	$0	–	-33,450	–	-2.47%	–

Q2 2020

			Value		Shares		↓ Weighting
IVV	New	iShares Core S&P 500 ETF	$58,864,000	–	190,075	–	20.07%	–
XLP	New	Consumer Staples Select Sector	$13,351,000	–	227,675	–	4.55%	–
XLK	New	Technology Select Sector SPDR	$10,817,000	–	103,525	–	3.69%	–
TMO	New	Thermo Fisher Scientific Inc	$10,680,000	–	29,475	–	3.64%	–
MSFT	New	Microsoft Corp	$10,424,000	–	51,222	–	3.55%	–
ABT	New	Abbott Laboratories	$9,943,000	–	108,745	–	3.39%	–
V	New	Visa Inc	$9,351,000	–	48,410	–	3.19%	–
ROP	New	Roper Industries Inc	$8,843,000	–	22,775	–	3.02%	–
ORLY	New	O'Reilly Automotive Inc	$8,307,000	–	19,700	–	2.83%	–
CRM	New	salesforce.com Inc	$8,140,000	–	43,455	–	2.78%	–
GOOGL	New	Alphabet Inc-CL A	$7,941,000	–	5,600	–	2.71%	–
ANTM	New	Anthem Inc	$7,659,000	–	29,122	–	2.61%	–
RSG	New	Republic Services Inc	$7,651,000	–	93,250	–	2.61%	–
BLK	New	BlackRock Inc	$7,630,000	–	14,023	–	2.60%	–
VZ	New	Verizon Communications Inc	$7,324,000	–	132,851	–	2.50%	–
SSNC	New	SS&C Technologies Holdings Inc	$7,300,000	–	129,250	–	2.49%	–
CACI	New	CACI Inc	$7,255,000	–	33,450	–	2.47%	–
ALL	New	Allstate Corp/The	$7,220,000	–	74,440	–	2.46%	–
TJX	New	TJX Cos Inc/The	$6,676,000	–	132,040	–	2.28%	–
XLV	New	Health Care Select Sector SPDR	$6,518,000	–	65,130	–	2.22%	–
IHI	New	iShares U.S. Medical Devices E	$6,493,000	–	24,525	–	2.21%	–
PLNT	New	Planet Fitness Inc	$6,442,000	–	106,350	–	2.20%	–
XLC	New	Communication Services Select	$6,109,000	–	113,050	–	2.08%	–
CME	New	CME Group	$5,453,000	–	33,550	–	1.86%	–
LOW	New	Lowe's Cos Inc	$5,303,000	–	39,248	–	1.81%	–
LRCX	New	Lam Research Corp	$5,265,000	–	16,276	–	1.80%	–
PG	New	Procter & Gamble Co/The	$4,994,000	–	41,765	–	1.70%	–
SHW	New	Sherwin-Williams Co	$4,767,000	–	8,250	–	1.62%	–
UNP	New	Union Pacific Corp	$4,371,000	–	25,854	–	1.49%	–
XLU	New	Utilities Select Sector SPDR F	$4,018,000	–	71,200	–	1.37%	–
WFC	New	Wells Fargo & Co	$3,524,000	–	137,666	–	1.20%	–
XLE	New	Energy Select Sector SPDR	$3,449,000	–	91,125	–	1.18%	–
XLI	New	Industrial Select Sect SPDR	$3,184,000	–	46,350	–	1.09%	–
VMBS	New	Vanguard Mortgage-Backed Secur	$2,142,000	–	39,400	–	0.73%	–
FB	New	Facebook Inc	$1,926,000	–	8,484	–	0.66%	–
XEL	New	Xcel Energy Inc.	$1,634,000	–	26,150	–	0.56%	–
SPSB	New	SPDR Portfolio Short Term Corp	$573,000	–	18,295	–	0.20%	–
HSY	New	Hershey Co/The	$555,000	–	4,279	–	0.19%	–
MPC	New	Marathon Petroleum Corp	$505,000	–	13,500	–	0.17%	–
XLF	New	Financial Select Sector SPDR F	$268,000	–	11,600	–	0.09%	–
AAPL	New	Apple Inc	$233,000	–	638	–	0.08%	–
MCD	New	McDonald's Corp	$217,000	–	1,176	–	0.07%	–

Q4 2019

			Value		Shares		↓ Weighting
SPSB	Exit	SPDR Portfolio Short Term Corp	$0	–	-20,625	–	-0.16%	–
XEL	Exit	Xcel Energy Inc.	$0	–	-20,300	–	-0.32%	–
VMBS	Exit	Vanguard Mortgage-Backed Secur	$0	–	-44,600	–	-0.59%	–
DD	Exit	DuPont de Nemours Inc	$0	–	-33,757	–	-0.59%	–
XLY	Exit	Consumer Discretionary Select	$0	–	-39,700	–	-1.18%	–
MPC	Exit	Marathon Petroleum Corp	$0	–	-83,200	–	-1.25%	–
XLU	Exit	Utilities Select Sector SPDR F	$0	–	-81,800	–	-1.31%	–
XLE	Exit	Energy Select Sector SPDR	$0	–	-99,325	–	-1.45%	–
XLV	Exit	Health Care Select Sector SPDR	$0	–	-72,280	–	-1.61%	–
PLNT	Exit	Planet Fitness Inc	$0	–	-113,550	–	-1.62%	–
IHI	Exit	iShares U.S. Medical Devices E	$0	–	-27,025	–	-1.65%	–
XLC	Exit	Communication Services Select	$0	–	-141,650	–	-1.73%	–
CRM	Exit	salesforce.com Inc	$0	–	-47,500	–	-1.74%	–
SSNC	Exit	SS&C Technologies Holdings Inc	$0	–	-142,050	–	-1.81%	–
ANTM	Exit	Anthem Inc	$0	–	-31,225	–	-1.85%	–
GOOGL	Exit	Alphabet Inc-CL A	$0	–	-6,200	–	-1.87%	–
CME	Exit	CME Group	$0	–	-36,150	–	-1.89%	–
MSFT	Exit	Microsoft Corp	$0	–	-56,325	–	-1.93%	–
XLI	Exit	Industrial Select Sect SPDR	$0	–	-101,350	–	-1.94%	–
VZ	Exit	Verizon Communications Inc	$0	–	-130,900	–	-1.95%	–
TJX	Exit	TJX Cos Inc/The	$0	–	-144,400	–	-1.99%	–
CACI	Exit	CACI Inc	$0	–	-36,900	–	-2.11%	–
ALL	Exit	Allstate Corp/The	$0	–	-81,925	–	-2.20%	–
ROP	Exit	Roper Industries Inc	$0	–	-25,550	–	-2.25%	–
V	Exit	Visa Inc.	$0	–	-53,050	–	-2.25%	–
ORLY	Exit	O'Reilly Automotive Inc	$0	–	-23,050	–	-2.27%	–
RSG	Exit	Republic Services Inc.	$0	–	-108,500	–	-2.32%	–
ABT	Exit	Abbott Laboratories	$0	–	-121,725	–	-2.52%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-38,600	–	-2.78%	–
XLK	Exit	Technology Select Sector SPDR	$0	–	-164,875	–	-3.28%	–
XLF	Exit	Financial Select Sector SPDR F	$0	–	-600,975	–	-4.16%	–
XLP	Exit	Consumer Staples Select Sector	$0	–	-325,725	–	-4.94%	–
IVV	Exit	iShares Core S&P 500 ETF	$0	–	-522,025	–	-38.49%	–

Q3 2019

			Value		Shares		↓ Weighting
XLP	Sell	Consumer Staples Select Sector	$20,006,000	+4.0%	325,725	-1.7%	4.94%	+4.4%
XLF	Sell	Financial Select Sector SPDR F	$16,827,000	-0.6%	600,975	-2.0%	4.16%	-0.3%
XLK	Sell	Technology Select Sector SPDR	$13,277,000	+1.1%	164,875	-2.0%	3.28%	+1.5%
TMO	Sell	Thermo Fisher Scientific Inc	$11,243,000	-3.2%	38,600	-2.4%	2.78%	-2.9%
ABT	Sell	Abbott Laboratories	$10,185,000	-8.9%	121,725	-8.5%	2.52%	-8.6%
RSG	Sell	Republic Services Inc.	$9,391,000	-2.7%	108,500	-2.6%	2.32%	-2.4%
ORLY	Sell	O'Reilly Automotive Inc	$9,186,000	+3.9%	23,050	-3.8%	2.27%	+4.2%
V	Sell	Visa Inc.	$9,125,000	-3.4%	53,050	-2.6%	2.25%	-3.1%
ROP	Sell	Roper Industries Inc	$9,111,000	-4.5%	25,550	-1.9%	2.25%	-4.2%
ALL	Sell	Allstate Corp/The	$8,904,000	+4.6%	81,925	-2.1%	2.20%	+5.0%
CACI	Sell	CACI Inc	$8,533,000	+10.8%	36,900	-2.0%	2.11%	+11.1%
TJX	New	TJX Cos Inc/The	$8,049,000	–	144,400	–	1.99%	–
VZ	Buy	Verizon Communications Inc	$7,901,000	+15.0%	130,900	+8.8%	1.95%	+15.3%
XLI	Sell	Industrial Select Sect SPDR	$7,868,000	-1.8%	101,350	-2.0%	1.94%	-1.4%
MSFT	Buy	Microsoft Corp	$7,831,000	+4.9%	56,325	+1.0%	1.93%	+5.2%
CME	Sell	CME Group	$7,640,000	+6.1%	36,150	-2.6%	1.89%	+6.5%
GOOGL	Sell	Alphabet Inc-CL A	$7,571,000	+11.0%	6,200	-1.6%	1.87%	+11.4%
ANTM	Sell	Anthem Inc	$7,497,000	-17.1%	31,225	-2.6%	1.85%	-16.8%
SSNC	Sell	SS&C Technologies Holdings Inc	$7,326,000	-12.4%	142,050	-2.1%	1.81%	-12.1%
CRM	Sell	salesforce.com Inc	$7,051,000	-2.6%	47,500	-0.5%	1.74%	-2.3%
XLC	Sell	Communication Services Select	$7,015,000	-11.2%	141,650	-11.8%	1.73%	-10.9%
IHI	Sell	iShares U.S. Medical Devices E	$6,682,000	-11.5%	27,025	-13.9%	1.65%	-11.2%
PLNT	Sell	Planet Fitness Inc	$6,571,000	-21.8%	113,550	-2.1%	1.62%	-21.5%
XLV	Sell	Health Care Select Sector SPDR	$6,515,000	-4.8%	72,280	-2.1%	1.61%	-4.4%
XLE	Sell	Energy Select Sector SPDR	$5,880,000	-8.9%	99,325	-1.9%	1.45%	-8.6%
XLU	Sell	Utilities Select Sector SPDR F	$5,296,000	-20.0%	81,800	-26.3%	1.31%	-19.7%
MPC	Sell	Marathon Petroleum Corp	$5,054,000	-4.3%	83,200	-12.0%	1.25%	-4.0%
XLY	Sell	Consumer Discretionary Select	$4,792,000	-45.0%	39,700	-45.7%	1.18%	-44.8%
DD	Sell	DuPont de Nemours Inc	$2,407,000	-7.0%	33,757	-2.0%	0.59%	-6.8%
XEL	New	Xcel Energy Inc.	$1,317,000	–	20,300	–	0.32%	–
SPSB	Buy	SPDR Portfolio Short Term Corp	$636,000	+59.0%	20,625	+58.7%	0.16%	+60.2%
DOW	Exit	Dow Inc	$0	–	-50,972	–	-0.62%	–

Q2 2019

			Value		Shares		↓ Weighting
IVV	New	iShares Core S&P 500 ETF	$153,867,000	–	522,025	–	37.87%	–
XLP	New	Consumer Staples Select Sector	$19,234,000	–	331,225	–	4.73%	–
XLF	New	Financial Select Sector SPDR F	$16,933,000	–	613,525	–	4.17%	–
XLK	New	Technology Select Sector SPDR	$13,128,000	–	168,225	–	3.23%	–
TMO	New	Thermo Fisher Scientific Inc	$11,615,000	–	39,550	–	2.86%	–
ABT	New	Abbott Laboratories	$11,183,000	–	132,975	–	2.75%	–
RSG	New	Republic Services Inc.	$9,656,000	–	111,450	–	2.38%	–
ROP	New	Roper Industries Inc	$9,541,000	–	26,050	–	2.35%	–
V	New	Visa Inc.	$9,450,000	–	54,450	–	2.33%	–
ANTM	New	Anthem Inc	$9,045,000	–	32,050	–	2.23%	–
ORLY	New	O'Reilly Automotive Inc	$8,845,000	–	23,950	–	2.18%	–
XLY	New	Consumer Discretionary Select	$8,719,000	–	73,150	–	2.15%	–
ALL	New	Allstate Corp/The	$8,509,000	–	83,675	–	2.09%	–
PLNT	New	Planet Fitness Inc	$8,403,000	–	116,000	–	2.07%	–
SSNC	New	SS&C Technologies Holdings Inc	$8,359,000	–	145,100	–	2.06%	–
XLI	New	Industrial Select Sect SPDR	$8,009,000	–	103,450	–	1.97%	–
XLC	New	Communication Services Select	$7,902,000	–	160,550	–	1.94%	–
CACI	New	CACI Inc	$7,703,000	–	37,650	–	1.90%	–
IHI	New	iShares U.S. Medical Devices E	$7,553,000	–	31,375	–	1.86%	–
MSFT	New	Microsoft Corp	$7,468,000	–	55,750	–	1.84%	–
CRM	New	salesforce.com Inc	$7,241,000	–	47,725	–	1.78%	–
CME	New	CME Group	$7,201,000	–	37,100	–	1.77%	–
VZ	New	Verizon Communications Inc	$6,873,000	–	120,300	–	1.69%	–
XLV	New	Health Care Select Sector SPDR	$6,840,000	–	73,830	–	1.68%	–
GOOGL	New	Alphabet Inc-CL A	$6,822,000	–	6,300	–	1.68%	–
XLU	New	Utilities Select Sector SPDR F	$6,619,000	–	111,000	–	1.63%	–
XLE	New	Energy Select Sector SPDR	$6,452,000	–	101,275	–	1.59%	–
MPC	New	Marathon Petroleum Corp	$5,281,000	–	94,500	–	1.30%	–
DD	New	DuPont de Nemours Inc	$2,587,000	–	34,457	–	0.64%	–
DOW	New	Dow Inc	$2,513,000	–	50,972	–	0.62%	–
VMBS	New	Vanguard Mortgage-Backed Secur	$2,356,000	–	44,600	–	0.58%	–
SPSB	New	SPDR Portfolio Short Term Corp	$400,000	–	13,000	–	0.10%	–

Q4 2018

			Value		Shares		↓ Weighting
SPSB	Exit	SPDR SERIES TRUSTportfolio short	$0	–	-11,500	–	-0.08%	–
SKX	Exit	SKECHERS U S A INCcl a	$0	–	-17,000	–	-0.11%	–
BKLN	Exit	INVESCO EXCHNG TRADED FD TRsr ln etf	$0	–	-65,800	–	-0.34%	–
VMBS	Exit	VANGUARD SCOTTSDALE FDSmortg-back sec	$0	–	-30,000	–	-0.34%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-88,325	–	-1.21%	–
XBI	Exit	SPDR SERIES TRUSTs&p biotech	$0	–	-64,350	–	-1.38%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-68,480	–	-1.46%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-128,100	–	-1.51%	–
URBN	Exit	URBAN OUTFITTERS INC	$0	–	-166,400	–	-1.53%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-94,975	–	-1.61%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-97,000	–	-1.70%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-119,275	–	-1.72%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-59,625	–	-1.94%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-109,100	–	-1.96%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-7,300	–	-1.98%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-80,275	–	-2.06%	–
NTAP	Exit	NETAPP INC	$0	–	-107,050	–	-2.06%	–
RSG	Exit	REPUBLIC SVCS INC	$0	–	-130,500	–	-2.13%	–
DPZ	Exit	DOMINOS PIZZA INC	$0	–	-32,250	–	-2.13%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-61,600	–	-2.20%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-133,400	–	-2.29%	–
BAC	Exit	BANK AMER CORP	$0	–	-352,425	–	-2.33%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-216,900	–	-2.38%	–
ABT	Exit	ABBOTT LABS	$0	–	-145,350	–	-2.39%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-30,750	–	-2.39%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-94,550	–	-2.48%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-209,700	–	-2.54%	–
ANTM	Exit	ANTHEM INC	$0	–	-42,750	–	-2.63%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-48,950	–	-2.68%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-606,900	–	-3.75%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-287,675	–	-3.83%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-436,000	–	-7.36%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-510,425	–	-33.50%	–

Q3 2018

			Value		Shares		↓ Weighting
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$32,844,000	-8.6%	436,000	-15.7%	7.36%	-15.0%
KRE	Sell	SPDR SERIES TRUSTs&p regl bkg	$17,094,000	-3.3%	287,675	-0.7%	3.83%	-10.1%
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$16,738,000	+3.0%	606,900	-0.7%	3.75%	-4.3%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$11,948,000	+15.4%	48,950	-2.1%	2.68%	+7.2%
ANTM	Sell	ANTHEM INC	$11,716,000	+14.3%	42,750	-0.7%	2.63%	+6.2%
XLP	Sell	SELECT SECTOR SPDR TRsbi cons stpls	$11,309,000	+3.3%	209,700	-1.3%	2.54%	-4.0%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$11,083,000	+6.5%	94,550	-0.7%	2.48%	-1.0%
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$10,680,000	+10.3%	30,750	-13.1%	2.39%	+2.4%
ABT	Sell	ABBOTT LABS	$10,663,000	+19.5%	145,350	-0.7%	2.39%	+11.0%
XLC	New	SELECT SECTOR SPDR TR	$10,628,000	–	216,900	–	2.38%	–
BAC	Sell	BANK AMER CORP	$10,382,000	+3.2%	352,425	-1.3%	2.33%	-4.1%
EMR	Sell	EMERSON ELEC CO	$10,216,000	+9.1%	133,400	-1.5%	2.29%	+1.3%
CRM	Sell	SALESFORCE COM INC	$9,796,000	+15.7%	61,600	-0.7%	2.20%	+7.5%
DPZ	Sell	DOMINOS PIZZA INC	$9,507,000	-10.7%	32,250	-14.5%	2.13%	-17.0%
RSG	Sell	REPUBLIC SVCS INC	$9,482,000	+4.8%	130,500	-1.4%	2.13%	-2.6%
NTAP	Sell	NETAPP INC	$9,195,000	-6.2%	107,050	-14.3%	2.06%	-12.9%
MSFT	Sell	MICROSOFT CORP	$9,181,000	+14.3%	80,275	-1.4%	2.06%	+6.2%
GOOGL	Sell	ALPHABET INCcap stk cl a	$8,812,000	-3.1%	7,300	-9.3%	1.98%	-9.9%
MPC	Sell	MARATHON PETE CORP	$8,725,000	+13.2%	109,100	-0.7%	1.96%	+5.2%
EL	Sell	LAUDER ESTEE COS INCcl a	$8,665,000	+1.2%	59,625	-0.7%	1.94%	-6.0%
DWDP	Sell	DOWDUPONT INC	$7,671,000	-3.1%	119,275	-0.7%	1.72%	-10.0%
XLI	Sell	SELECT SECTOR SPDR TRsbi int-inds	$7,605,000	+8.7%	97,000	-0.7%	1.70%	+1.0%
XLE	Buy	SELECT SECTOR SPDR TRenergy	$7,193,000	+338.1%	94,975	+339.2%	1.61%	+307.3%
URBN	New	URBAN OUTFITTERS INC	$6,806,000	–	166,400	–	1.53%	–
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$6,744,000	+0.6%	128,100	-0.7%	1.51%	-6.5%
XLV	Sell	SELECT SECTOR SPDR TRsbi healthcare	$6,516,000	+13.3%	68,480	-0.7%	1.46%	+5.3%
XBI	Sell	SPDR SERIES TRUSTs&p biotech	$6,169,000	+0.0%	64,350	-0.7%	1.38%	-7.1%
SLB	Sell	SCHLUMBERGER LTD	$5,381,000	-9.9%	88,325	-0.8%	1.21%	-16.3%
BKLN	Buy	INVESCO EXCHNG TRADED FD TRsr ln etf	$1,525,000	+106.4%	65,800	+104.0%	0.34%	+92.1%
SKX	Sell	SKECHERS U S A INCcl a	$475,000	-94.2%	17,000	-93.8%	0.11%	-94.7%
SPSB	New	SPDR SERIES TRUSTportfolio short	$347,000	–	11,500	–	0.08%	–
IGSB	Exit	ISHARES TR1 3 yr cr bd etf	$0	–	-21,250	–	-0.53%	–

Q2 2018

			Value		Shares		↓ Weighting
IVV	New	ISHARES TRcore s&p500 etf	$139,372,000	–	510,425	–	33.63%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$35,916,000	–	517,000	–	8.67%	–
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$17,670,000	–	289,675	–	4.26%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$16,249,000	–	611,100	–	3.92%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$10,948,000	–	212,450	–	2.64%	–
DPZ	New	DOMINOS PIZZA INC	$10,645,000	–	37,725	–	2.57%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$10,405,000	–	95,200	–	2.51%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$10,357,000	–	50,000	–	2.50%	–
ANTM	New	ANTHEM INC	$10,247,000	–	43,050	–	2.47%	–
BAC	New	BANK AMER CORP	$10,063,000	–	356,975	–	2.43%	–
NTAP	New	NETAPP INC	$9,808,000	–	124,900	–	2.37%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$9,684,000	–	35,400	–	2.34%	–
EMR	New	EMERSON ELEC CO	$9,368,000	–	135,500	–	2.26%	–
GOOGL	New	ALPHABET INCcap stk cl a	$9,090,000	–	8,050	–	2.19%	–
RSG	New	REPUBLIC SVCS INC	$9,047,000	–	132,350	–	2.18%	–
ABT	New	ABBOTT LABS	$8,926,000	–	146,350	–	2.15%	–
EL	New	LAUDER ESTEE COS INCcl a	$8,565,000	–	60,025	–	2.07%	–
CRM	New	SALESFORCE COM INC	$8,464,000	–	62,050	–	2.04%	–
SKX	New	SKECHERS U S A INCcl a	$8,213,000	–	273,675	–	1.98%	–
MSFT	New	MICROSOFT CORP	$8,029,000	–	81,425	–	1.94%	–
DWDP	New	DOWDUPONT INC	$7,919,000	–	120,125	–	1.91%	–
MPC	New	MARATHON PETE CORP	$7,707,000	–	109,850	–	1.86%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$6,995,000	–	97,650	–	1.69%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$6,703,000	–	129,000	–	1.62%	–
XBI	New	SPDR SERIES TRUSTs&p biotech	$6,168,000	–	64,800	–	1.49%	–
SLB	New	SCHLUMBERGER LTD	$5,971,000	–	89,075	–	1.44%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$5,753,000	–	68,930	–	1.39%	–
IGSB	New	ISHARES TR1 3 yr cr bd etf	$2,204,000	–	21,250	–	0.53%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$1,642,000	–	21,625	–	0.40%	–
VMBS	New	VANGUARD SCOTTSDALE FDSmortg-back sec	$1,542,000	–	30,000	–	0.37%	–
BKLN	New	INVESCO EXCHNG TRADED FD TRsr ln etf	$739,000	–	32,250	–	0.18%	–

Q4 2017

			Value		Shares		↓ Weighting
UNP	Exit	UNION PAC CORP	$0	–	-1,800	–	-0.05%	–
AVGO	Exit	BROADCOM LTD	$0	–	-900	–	-0.05%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-2,925	–	-0.05%	–
CELG	Exit	CELGENE CORP	$0	–	-1,675	–	-0.06%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-3,375	–	-0.06%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-4,250	–	-0.06%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,925	–	-0.06%	–
AMGN	Exit	AMGEN INC	$0	–	-1,600	–	-0.07%	–
DIS	Exit	DISNEY WALT CO	$0	–	-3,300	–	-0.07%	–
ABBV	Exit	ABBVIE INC	$0	–	-3,625	–	-0.07%	–
CSCO	Exit	CISCO SYS INC	$0	–	-11,150	–	-0.09%	–
DISCA	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-18,050	–	-0.09%	–
INTC	Exit	INTEL CORP	$0	–	-10,275	–	-0.09%	–
MRK	Exit	MERCK & CO INC	$0	–	-6,200	–	-0.09%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-2,075	–	-0.09%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-10,675	–	-0.09%	–
HD	Exit	HOME DEPOT INC	$0	–	-2,700	–	-0.10%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-8,925	–	-0.10%	–
PFE	Exit	PFIZER INC	$0	–	-13,100	–	-0.11%	–
T	Exit	AT&T INC	$0	–	-14,075	–	-0.13%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-3,900	–	-0.17%	–
BKLN	Exit	POWERSHARES ETF TRUST IIsenior ln port	$0	–	-32,250	–	-0.17%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-9,525	–	-0.18%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-4,300	–	-0.18%	–
IGSB	Exit	ISHARES TR1 3 yr cr bd etf	$0	–	-9,810	–	-0.24%	–
C	Exit	CITIGROUP INC	$0	–	-15,000	–	-0.25%	–
JBLU	Exit	JETBLUE AIRWAYS CORP	$0	–	-67,975	–	-0.29%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-9,600	–	-0.40%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-70,025	–	-1.14%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-95,075	–	-1.15%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-70,375	–	-1.20%	–
TMUS	Exit	T MOBILE US INC	$0	–	-101,875	–	-1.44%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-19,600	–	-1.50%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-61,750	–	-1.52%	–
XLE	Exit	SELECT SECTOR SPDR TRenergy	$0	–	-98,500	–	-1.54%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-99,650	–	-1.59%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-93,250	–	-1.66%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-24,225	–	-1.72%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-41,450	–	-1.79%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-139,875	–	-1.82%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-93,975	–	-1.86%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-68,875	–	-1.96%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-140,850	–	-2.02%	–
AAPL	Exit	APPLE INC	$0	–	-58,425	–	-2.06%	–
BAC	Exit	BANK AMER CORP	$0	–	-361,125	–	-2.09%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-116,730	–	-2.18%	–
EXPE	Exit	EXPEDIA INC DEL	$0	–	-68,600	–	-2.26%	–
ANTM	Exit	ANTHEM INC	$0	–	-53,750	–	-2.33%	–
DHI	Exit	D R HORTON INC	$0	–	-268,825	–	-2.45%	–
ORCL	Exit	ORACLE CORP	$0	–	-224,325	–	-2.48%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-169,125	–	-2.49%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-137,275	–	-2.83%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-599,925	–	-3.55%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-288,000	–	-3.55%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-516,900	–	-6.98%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-646,300	–	-37.37%	–

Q3 2017

			Value		Shares		↓ Weighting
IVV	Buy	ISHARES TRcore s&p500 etf	$163,469,000	+26.9%	646,300	+22.1%	37.37%	+25.6%
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$30,549,000	-34.5%	516,900	-39.4%	6.98%	-35.2%
XLP	Sell	SELECT SECTOR SPDR TRsbi cons stpls	$15,546,000	-4.4%	288,000	-2.7%	3.55%	-5.4%
XLF	Buy	SELECT SECTOR SPDR TRsbi int-finl	$15,514,000	+11.9%	599,925	+6.8%	3.55%	+10.8%
XLY	Sell	SELECT SECTOR SPDR TRsbi cons discr	$12,366,000	-24.9%	137,275	-25.3%	2.83%	-25.7%
DFS	Buy	DISCOVER FINL SVCS	$10,905,000	+3.9%	169,125	+0.2%	2.49%	+2.8%
ORCL	Sell	ORACLE CORP	$10,846,000	-15.3%	224,325	-12.2%	2.48%	-16.2%
DHI	Sell	D R HORTON INC	$10,734,000	-13.7%	268,825	-25.3%	2.45%	-14.6%
ANTM	Sell	ANTHEM INC	$10,206,000	-14.1%	53,750	-14.9%	2.33%	-15.0%
EXPE	Sell	EXPEDIA INC DEL	$9,874,000	-18.3%	68,600	-15.5%	2.26%	-19.2%
XLV	Sell	SELECT SECTOR SPDR TRsbi healthcare	$9,540,000	-6.4%	116,730	-9.3%	2.18%	-7.4%
BAC	Sell	BANK AMER CORP	$9,151,000	-9.3%	361,125	-13.1%	2.09%	-10.2%
AAPL	Sell	APPLE INC	$9,004,000	+3.4%	58,425	-3.3%	2.06%	+2.4%
EMR	Sell	EMERSON ELEC CO	$8,851,000	-11.6%	140,850	-16.1%	2.02%	-12.5%
CAT	New	CATERPILLAR INC DEL	$8,589,000	–	68,875	–	1.96%	–
WDC	New	WESTERN DIGITAL CORP	$8,119,000	–	93,975	–	1.86%	–
XLB	Sell	SELECT SECTOR SPDR TRsbi materials	$7,945,000	-23.6%	139,875	-27.7%	1.82%	-24.4%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$7,842,000	-13.1%	41,450	-19.8%	1.79%	-13.9%
LMT	New	LOCKHEED MARTIN CORP	$7,517,000	–	24,225	–	1.72%	–
MDT	Sell	MEDTRONIC PLC	$7,252,000	-26.9%	93,250	-16.6%	1.66%	-27.7%
SLB	Sell	SCHLUMBERGER LTD	$6,952,000	+5.6%	99,650	-0.3%	1.59%	+4.5%
XLE	Buy	SELECT SECTOR SPDR TRenergy	$6,745,000	+54.4%	98,500	+46.4%	1.54%	+52.8%
EL	Sell	LAUDER ESTEE COS INCcl a	$6,659,000	-30.5%	61,750	-38.2%	1.52%	-31.3%
IBB	Sell	ISHARES TRnasdaq biotech	$6,538,000	+4.1%	19,600	-3.2%	1.50%	+3.1%
TMUS	Buy	T MOBILE US INC	$6,282,000	+7.1%	101,875	+5.3%	1.44%	+6.0%
MSFT	Sell	MICROSOFT CORP	$5,242,000	-13.1%	70,375	-19.5%	1.20%	-14.0%
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$5,044,000	+1.7%	95,075	-0.4%	1.15%	+0.7%
XLI	Sell	SELECT SECTOR SPDR TRsbi int-inds	$4,972,000	-24.0%	70,025	-27.1%	1.14%	-24.8%
WHR	Buy	WHIRLPOOL CORP	$1,771,000	-2.2%	9,600	+1.6%	0.40%	-3.1%
JBLU	Sell	JETBLUE AIRWAYS CORP	$1,260,000	-86.3%	67,975	-83.2%	0.29%	-86.5%
IGSB	Sell	ISHARES TR1 3 yr cr bd etf	$1,033,000	-64.8%	9,810	-64.8%	0.24%	-65.2%
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$788,000	–	4,300	–	0.18%	–
XOM	New	EXXON MOBIL CORP	$781,000	–	9,525	–	0.18%	–
T	New	AT&T INC	$551,000	–	14,075	–	0.13%	–
PFE	New	PFIZER INC	$468,000	–	13,100	–	0.11%	–
VZ	New	VERIZON COMMUNICATIONS INC	$442,000	–	8,925	–	0.10%	–
HD	New	HOME DEPOT INC	$442,000	–	2,700	–	0.10%	–
CMCSA	New	COMCAST CORP NEWcl a	$411,000	–	10,675	–	0.09%	–
UNH	New	UNITEDHEALTH GROUP INC	$406,000	–	2,075	–	0.09%	–
MRK	New	MERCK & CO INC	$397,000	–	6,200	–	0.09%	–
INTC	New	INTEL CORP	$391,000	–	10,275	–	0.09%	–
DISCA	Sell	DISCOVERY COMMUNICATNS NEW	$384,000	-55.8%	18,050	-46.4%	0.09%	-56.2%
CSCO	New	CISCO SYS INC	$375,000	–	11,150	–	0.09%	–
ABBV	New	ABBVIE INC	$322,000	–	3,625	–	0.07%	–
DIS	New	DISNEY WALT CO	$325,000	–	3,300	–	0.07%	–
AMGN	New	AMGEN INC	$298,000	–	1,600	–	0.07%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$279,000	–	1,925	–	0.06%	–
MO	New	ALTRIA GROUP INC	$270,000	–	4,250	–	0.06%	–
WMT	New	WAL-MART STORES INC	$264,000	–	3,375	–	0.06%	–
CELG	New	CELGENE CORP	$244,000	–	1,675	–	0.06%	–
GILD	New	GILEAD SCIENCES INC	$237,000	–	2,925	–	0.05%	–
AVGO	New	BROADCOM LTD	$218,000	–	900	–	0.05%	–
UNP	New	UNION PAC CORP	$209,000	–	1,800	–	0.05%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-145,775	–	-0.93%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC IN	$0	–	-172,525	–	-2.60%	–

Q2 2017

			Value		Shares		↓ Weighting
IVV	New	ISHARES TRcore s&p500 etf	$128,849,000	–	529,350	–	29.76%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$46,665,000	–	852,800	–	10.78%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$16,465,000	–	183,700	–	3.80%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$16,262,000	–	296,000	–	3.76%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$13,862,000	–	561,900	–	3.20%	–
ORCL	New	ORACLE CORP	$12,811,000	–	255,500	–	2.96%	–
DHI	New	D R HORTON INC	$12,434,000	–	359,675	–	2.87%	–
EXPE	New	EXPEDIA INC DEL	$12,087,000	–	81,150	–	2.79%	–
ANTM	New	ANTHEM INC	$11,880,000	–	63,150	–	2.74%	–
FBHS	New	FORTUNE BRANDS HOME & SEC IN	$11,256,000	–	172,525	–	2.60%	–
DFS	New	DISCOVER FINL SVCS	$10,496,000	–	168,775	–	2.42%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$10,404,000	–	193,350	–	2.40%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$10,197,000	–	128,680	–	2.36%	–
BAC	New	BANK AMER CORP	$10,085,000	–	415,725	–	2.33%	–
EMR	New	EMERSON ELEC CO	$10,010,000	–	167,900	–	2.31%	–
MDT	New	MEDTRONIC PLC	$9,924,000	–	111,825	–	2.29%	–
EL	New	LAUDER ESTEE COS INCcl a	$9,588,000	–	99,900	–	2.22%	–
JBLU	New	JETBLUE AIRWAYS CORP	$9,212,000	–	403,500	–	2.13%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$9,020,000	–	51,700	–	2.08%	–
AAPL	New	APPLE INC	$8,706,000	–	60,450	–	2.01%	–
SLB	New	SCHLUMBERGER LTD	$6,581,000	–	99,950	–	1.52%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$6,542,000	–	96,050	–	1.51%	–
IBB	New	ISHARES TRnasdq biotec etf	$6,279,000	–	20,250	–	1.45%	–
MSFT	New	MICROSOFT CORP	$6,030,000	–	87,475	–	1.39%	–
TMUS	New	T MOBILE US INC	$5,867,000	–	96,775	–	1.36%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$4,958,000	–	95,425	–	1.14%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$4,369,000	–	67,300	–	1.01%	–
PE	New	PARSLEY ENERGY INCcl a	$4,045,000	–	145,775	–	0.93%	–
IGSB	New	ISHARES TR1-3 yr cr bd etf	$2,938,000	–	27,895	–	0.68%	–
WHR	New	WHIRLPOOL CORP	$1,811,000	–	9,450	–	0.42%	–
C	New	CITIGROUP INC	$1,003,000	–	15,000	–	0.23%	–
DISCA	New	DISCOVERY COMMUNICATNS NEW	$869,000	–	33,650	–	0.20%	–
BKLN	New	POWERSHARES ETF TRUST IIsenior ln port	$746,000	–	32,250	–	0.17%	–
SIVB	New	SVB FINL GROUP	$686,000	–	3,900	–	0.16%	–

Q4 2016

			Value		Shares		↓ Weighting
ASX	Exit	ADVANCED SEMICONDUCTOR ENGRsponsored adr	$0	–	-19,800	–	-0.02%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-16,370	–	-0.03%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-22,125	–	-0.03%	–
IGIB	Exit	ISHARES TRinterm cr bd etf	$0	–	-2,500	–	-0.05%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-9,225	–	-0.05%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-1,750	–	-0.06%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-14,275	–	-0.08%	–
MXIM	Exit	MAXIM INTEGRATED PRODS INC	$0	–	-11,125	–	-0.08%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-1,750	–	-0.09%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-8,125	–	-0.10%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-6,150	–	-0.10%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-9,400	–	-0.12%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-7,425	–	-0.12%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-17,775	–	-0.27%	–
IGSB	Exit	ISHARES TR1-3 yr cr bd etf	$0	–	-15,150	–	-0.31%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-13,260	–	-0.31%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-21,000	–	-0.32%	–
IBB	Exit	ISHARES TRnasdq biotec etf	$0	–	-7,575	–	-0.42%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-22,725	–	-0.51%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-40,375	–	-0.52%	–
C	Exit	CITIGROUP INC	$0	–	-60,050	–	-0.54%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-36,800	–	-0.55%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-18,800	–	-0.58%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-7,383	–	-1.10%	–
T	Exit	AT&T INC	$0	–	-142,425	–	-1.11%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-265,710	–	-1.67%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-190,350	–	-1.78%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-59,475	–	-2.11%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-221,900	–	-2.26%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-14,920	–	-2.30%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-189,705	–	-2.62%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-212,500	–	-2.70%	–
XLB	Exit	SELECT SECTOR SPDR TRsbi materials	$0	–	-317,200	–	-2.90%	–
ULTA	Exit	ULTA SALON COSMETCS & FRAG I	$0	–	-66,625	–	-3.03%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC IN	$0	–	-285,075	–	-3.17%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-292,725	–	-3.27%	–
QCOM	Exit	QUALCOMM INC	$0	–	-251,200	–	-3.29%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-303,325	–	-3.34%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-119,450	–	-3.64%	–
CME	Exit	CME GROUP INC	$0	–	-189,850	–	-3.80%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-130,120	–	-3.80%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-172,300	–	-3.84%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-296,625	–	-4.01%	–
ABBV	Exit	ABBVIE INC	$0	–	-342,350	–	-4.13%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-396,000	–	-4.15%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-253,933	–	-4.35%	–
AMZN	Exit	AMAZON COM INC	$0	–	-28,250	–	-4.53%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-1,861,850	–	-6.88%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-1,634,125	–	-14.94%	–

Q3 2016

			Value		Shares		↓ Weighting
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$78,078,000	-0.5%	1,634,125	-9.7%	14.94%	+12.1%
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$35,934,000	-35.2%	1,861,850	-23.2%	6.88%	-26.9%
AMZN	Sell	AMAZON COM INC	$23,654,000	+6.7%	28,250	-8.8%	4.53%	+20.3%
KHC	New	KRAFT HEINZ CO	$22,730,000	–	253,933	–	4.35%	–
CBS	Buy	CBS CORP NEWcl b	$21,677,000	+16.1%	396,000	+15.5%	4.15%	+30.9%
ABBV	Sell	ABBVIE INC	$21,592,000	-0.4%	342,350	-2.2%	4.13%	+12.3%
XLE	Buy	SELECT SECTOR SPDR TRsbi int-energy	$20,945,000	+16.6%	296,625	+12.7%	4.01%	+31.5%
HON	Sell	HONEYWELL INTL INC	$20,088,000	-2.0%	172,300	-2.2%	3.84%	+10.5%
COST	Sell	COSTCO WHSL CORP NEW	$19,845,000	-6.0%	130,120	-3.2%	3.80%	+6.0%
CME	New	CME GROUP INC	$19,843,000	–	189,850	–	3.80%	–
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$19,000,000	+4.7%	119,450	-2.7%	3.64%	+18.0%
MSFT	Sell	MICROSOFT CORP	$17,472,000	+10.0%	303,325	-2.3%	3.34%	+24.0%
QCOM	New	QUALCOMM INC	$17,207,000	–	251,200	–	3.29%	–
XLI	Sell	SELECT SECTOR SPDR TRsbi int-inds	$17,089,000	-24.4%	292,725	-27.4%	3.27%	-14.8%
FBHS	New	FORTUNE BRANDS HOME & SEC IN	$16,563,000	–	285,075	–	3.17%	–
ULTA	Buy	ULTA SALON COSMETCS & FRAG I	$15,855,000	+57.1%	66,625	+60.8%	3.03%	+77.0%
XLB	Sell	SELECT SECTOR SPDR TRsbi materials	$15,146,000	+0.6%	317,200	-2.4%	2.90%	+13.4%
CMCSA	New	COMCAST CORP NEWcl a	$14,097,000	–	212,500	–	2.70%	–
XLV	Buy	SELECT SECTOR SPDR TRsbi healthcare	$13,680,000	+3.1%	189,705	+2.5%	2.62%	+16.1%
GOOGL	Buy	ALPHABET INCcap stk cl a	$11,997,000	+21.6%	14,920	+6.4%	2.30%	+37.1%
XLP	Sell	SELECT SECTOR SPDR TRsbi cons stpls	$11,807,000	-65.3%	221,900	-64.0%	2.26%	-60.9%
PXD	Sell	PIONEER NAT RES CO	$11,042,000	-23.4%	59,475	-37.6%	2.11%	-13.6%
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$9,325,000	-24.8%	190,350	-19.4%	1.78%	-15.2%
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$8,707,000	–	265,710	–	1.67%	–
T	Buy	AT&T INC	$5,784,000	+315.5%	142,425	+342.0%	1.11%	+369.1%
GOOG	Sell	ALPHABET INCcap stk cl c	$5,739,000	-5.4%	7,383	-15.8%	1.10%	+6.6%
JPM	Sell	JPMORGAN CHASE & CO	$2,689,000	-12.6%	40,375	-18.5%	0.52%	-1.3%
DLTR	Sell	DOLLAR TREE INC	$1,658,000	-87.9%	21,000	-85.6%	0.32%	-86.4%
LQD	Sell	ISHARES TRiboxx inv cp etf	$1,633,000	-4.6%	13,260	-4.9%	0.31%	+7.6%
IGSB	Sell	ISHARES TR1-3 yr cr bd etf	$1,602,000	-58.8%	15,150	-58.7%	0.31%	-53.5%
XLY	Buy	SELECT SECTOR SPDR TRsbi cons discr	$1,423,000	+21.7%	17,775	+18.7%	0.27%	+37.4%
MXIM	New	MAXIM INTEGRATED PRODS INC	$444,000	–	11,125	–	0.08%	–
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$282,000	+1.8%	9,225	-12.6%	0.05%	+14.9%
IGIB	Sell	ISHARES TRinterm cr bd etf	$278,000	-84.9%	2,500	-84.8%	0.05%	-83.0%
IBN	Buy	ICICI BK LTDadr	$165,000	+22.2%	22,125	+17.4%	0.03%	+39.1%
BBD	Sell	BANCO BRADESCO S Asp adr pfd new	$148,000	-21.3%	16,370	-32.1%	0.03%	-12.5%
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-11,250	–	-0.02%	–
VCIT	Exit	VANGUARD SCOTTSDALE FDSint-term corp	$0	–	-6,810	–	-0.10%	–
EMC	Exit	E M C CORP MASS	$0	–	-24,425	–	-0.11%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-29,800	–	-0.11%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-232,900	–	-0.13%	–
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-40,900	–	-0.31%	–
FDN	Exit	FIRST TR EXCHANGE TRADED FDdj internt idx	$0	–	-31,225	–	-0.38%	–
SCHH	Exit	SCHWAB STRATEGIC TRus reit etf	$0	–	-53,875	–	-0.40%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-26,450	–	-0.62%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-183,960	–	-1.34%	–
BAC	Exit	BANK AMER CORP	$0	–	-903,750	–	-2.04%	–
AOS	Exit	SMITH A O	$0	–	-153,150	–	-2.29%	–
HD	Exit	HOME DEPOT INC	$0	–	-120,375	–	-2.61%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-262,850	–	-9.39%	–

Q2 2016

			Value		Shares		↓ Weighting
XLK	New	SELECT SECTOR SPDR TRtechnology	$78,472,000	–	1,809,350	–	13.32%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$55,411,000	–	2,424,450	–	9.41%	–
IVV	New	ISHARES TRcore s&p500 etf	$55,330,000	–	262,850	–	9.39%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$34,037,000	–	617,175	–	5.78%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$22,590,000	–	403,325	–	3.84%	–
AMZN	New	AMAZON COM INC	$22,166,000	–	30,975	–	3.76%	–
ABBV	New	ABBVIE INC	$21,681,000	–	350,200	–	3.68%	–
COST	New	COSTCO WHSL CORP NEW	$21,109,000	–	134,420	–	3.58%	–
HON	New	HONEYWELL INTL INC	$20,490,000	–	176,150	–	3.48%	–
CBS	New	CBS CORP NEWcl b	$18,667,000	–	342,900	–	3.17%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$18,145,000	–	122,800	–	3.08%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$17,959,000	–	263,175	–	3.05%	–
MSFT	New	MICROSOFT CORP	$15,879,000	–	310,325	–	2.70%	–
HD	New	HOME DEPOT INC	$15,371,000	–	120,375	–	2.61%	–
XLB	New	SELECT SECTOR SPDR TRsbi materials	$15,056,000	–	324,900	–	2.56%	–
PXD	New	PIONEER NAT RES CO	$14,407,000	–	95,275	–	2.45%	–
DLTR	New	DOLLAR TREE INC	$13,700,000	–	145,375	–	2.33%	–
AOS	New	SMITH A O	$13,494,000	–	153,150	–	2.29%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$13,273,000	–	185,105	–	2.25%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$12,395,000	–	236,225	–	2.10%	–
BAC	New	BANK AMER CORP	$11,993,000	–	903,750	–	2.04%	–
ULTA	New	ULTA SALON COSMETCS & FRAG I	$10,093,000	–	41,425	–	1.71%	–
GOOGL	New	ALPHABET INCcap stk cl a	$9,863,000	–	14,020	–	1.68%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$7,883,000	–	183,960	–	1.34%	–
GOOG	New	ALPHABET INCcap stk cl c	$6,068,000	–	8,768	–	1.03%	–
IGSB	New	ISHARES TR1-3 yr cr bd etf	$3,890,000	–	36,670	–	0.66%	–
KMB	New	KIMBERLY CLARK CORP	$3,636,000	–	26,450	–	0.62%	–
WHR	New	WHIRLPOOL CORP	$3,133,000	–	18,800	–	0.53%	–
JPM	New	JPMORGAN CHASE & CO	$3,077,000	–	49,525	–	0.52%	–
SLB	New	SCHLUMBERGER LTD	$2,910,000	–	36,800	–	0.49%	–
JNJ	New	JOHNSON & JOHNSON	$2,757,000	–	22,725	–	0.47%	–
C	New	CITIGROUP INC	$2,546,000	–	60,050	–	0.43%	–
SCHH	New	SCHWAB STRATEGIC TRus reit etf	$2,340,000	–	53,875	–	0.40%	–
FDN	New	FIRST TR EXCHANGE TRADED FDdj internt idx	$2,252,000	–	31,225	–	0.38%	–
IBB	New	ISHARES TRnasdq biotec etf	$1,949,000	–	7,575	–	0.33%	–
IGIB	New	ISHARES TRinterm cr bd etf	$1,835,000	–	16,490	–	0.31%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$1,808,000	–	40,900	–	0.31%	–
LQD	New	ISHARES TRiboxx inv cp etf	$1,711,000	–	13,940	–	0.29%	–
T	New	AT&T INC	$1,392,000	–	32,225	–	0.24%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$1,169,000	–	14,975	–	0.20%	–
ODP	New	OFFICE DEPOT INC	$771,000	–	232,900	–	0.13%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$682,000	–	7,425	–	0.12%	–
A104PS	New	HILTON WORLDWIDE HLDGS INC	$671,000	–	29,800	–	0.11%	–
EMC	New	E M C CORP MASS	$664,000	–	24,425	–	0.11%	–
VCIT	New	VANGUARD SCOTTSDALE FDSint-term corp	$609,000	–	6,810	–	0.10%	–
CVS	New	CVS HEALTH CORP	$589,000	–	6,150	–	0.10%	–
TEL	New	TE CONNECTIVITY LTD	$537,000	–	9,400	–	0.09%	–
SHW	New	SHERWIN WILLIAMS CO	$514,000	–	1,750	–	0.09%	–
GE	New	GENERAL ELECTRIC CO	$449,000	–	14,275	–	0.08%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$412,000	–	8,125	–	0.07%	–
ROP	New	ROPER TECHNOLOGIES INC	$298,000	–	1,750	–	0.05%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$277,000	–	10,550	–	0.05%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$188,000	–	24,121	–	0.03%	–
IBN	New	ICICI BK LTDadr	$135,000	–	18,850	–	0.02%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$125,000	–	11,250	–	0.02%	–
ASX	New	ADVANCED SEMICONDUCTOR ENGRsponsored adr	$110,000	–	19,800	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-25,275	–	-0.00%	–
VALE	Exit	VALE S Aadr	$0	–	-10,425	–	-0.01%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-11,700	–	-0.01%	–
ASX	Exit	ADVANCED SEMICONDUCTOR ENGRsponsored adr	$0	–	-25,150	–	-0.02%	–
M	Exit	MACYS INC	$0	–	-8,575	–	-0.05%	–
AMGN	Exit	AMGEN INC	$0	–	-3,625	–	-0.05%	–
ORCL	Exit	ORACLE CORP	$0	–	-14,100	–	-0.05%	–
DHI	Exit	D R HORTON INC	$0	–	-17,750	–	-0.06%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-4,000	–	-0.06%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-5,650	–	-0.06%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-9,400	–	-0.06%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-7,050	–	-0.06%	–
EMC	Exit	E M C CORP MASS	$0	–	-24,425	–	-0.06%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-3,750	–	-0.06%	–
DIS	Exit	DISNEY WALT CO	$0	–	-6,025	–	-0.06%	–
SCHH	Exit	SCHWAB STRATEGIC TRus reit etf	$0	–	-53,875	–	-0.21%	–
IBB	Exit	ISHARES TRnasdq biotec etf	$0	–	-7,575	–	-0.24%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-28,075	–	-0.28%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-31,270	–	-0.39%	–
IGSB	Exit	ISHARES TR1-3 yr cr bd etf	$0	–	-39,995	–	-0.45%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-57,250	–	-0.45%	–
VCIT	Exit	VANGUARD SCOTTSDALE FDSint-term corp	$0	–	-53,450	–	-0.48%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-183,960	–	-0.83%	–
IGIB	Exit	ISHARES TRinterm cr bd etf	$0	–	-80,190	–	-0.93%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-210,475	–	-1.37%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-133,375	–	-1.72%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-27,035	–	-1.75%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-29,265	–	-1.99%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-322,525	–	-2.36%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-472,975	–	-2.37%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-3,494,650	–	-2.38%	–
FDN	Exit	FIRST TR EXCHANGE TRADED FDdj internt idx	$0	–	-385,475	–	-2.71%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-1,143,200	–	-2.79%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-628,825	–	-2.89%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-223,450	–	-3.50%	–
C	Exit	CITIGROUP INC	$0	–	-680,350	–	-3.59%	–
BLK	Exit	BLACKROCK INC	$0	–	-118,725	–	-3.76%	–
TJX	Exit	TJX COS INC NEW	$0	–	-497,950	–	-3.78%	–
ABBV	Exit	ABBVIE INC	$0	–	-662,750	–	-3.83%	–
ITB	Exit	ISHARES TRus home cons etf	$0	–	-1,390,050	–	-3.86%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-567,450	–	-3.94%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-410,050	–	-4.13%	–
ECL	Exit	ECOLAB INC	$0	–	-362,475	–	-4.23%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-296,045	–	-4.55%	–
KR	Exit	KROGER CO	$0	–	-1,215,950	–	-4.66%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-2,338,525	–	-5.63%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-1,096,425	–	-5.82%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-1,230,980	–	-8.67%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-2,091,625	–	-8.78%	–

Q3 2015

			Value		Shares		↓ Weighting
XLK	Sell	SELECT SECTOR SPDR TRtechnology	$82,619,000	-6.5%	2,091,625	-2.0%	8.78%	+6.9%
XLV	Sell	SELECT SECTOR SPDR TRsbi healthcare	$81,528,000	-13.3%	1,230,980	-2.6%	8.67%	-0.9%
XLI	Buy	SELECT SECTOR SPDR TRsbi int-inds	$54,701,000	+126.4%	1,096,425	+145.3%	5.82%	+158.8%
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$52,991,000	-30.5%	2,338,525	-25.2%	5.63%	-20.6%
KR	New	KROGER CO	$43,859,000	–	1,215,950	–	4.66%	–
COST	Buy	COSTCO WHSL CORP NEW	$42,799,000	+7178.7%	296,045	+6705.6%	4.55%	+8172.7%
ECL	Buy	ECOLAB INC	$39,771,000	-1.5%	362,475	+1.5%	4.23%	+12.5%
HON	Sell	HONEYWELL INTL INC	$38,828,000	-7.4%	410,050	-0.3%	4.13%	+5.8%
LRCX	Buy	LAM RESEARCH CORP	$37,072,000	-18.8%	567,450	+1.1%	3.94%	-7.2%
ITB	Buy	ISHARES TRus home cons etf	$36,280,000	+72.2%	1,390,050	+81.1%	3.86%	+96.9%
ABBV	Buy	ABBVIE INC	$36,060,000	-18.4%	662,750	+0.8%	3.83%	-6.7%
TJX	Sell	TJX COS INC NEW	$35,564,000	+6.9%	497,950	-1.0%	3.78%	+22.2%
BLK	Buy	BLACKROCK INC	$35,317,000	-1.8%	118,725	+14.3%	3.76%	+12.3%
C	New	CITIGROUP INC	$33,752,000	–	680,350	–	3.59%	–
WHR	Sell	WHIRLPOOL CORP	$32,905,000	-16.1%	223,450	-1.5%	3.50%	-4.2%
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$27,222,000	–	628,825	–	2.89%	–
A104PS	Buy	HILTON WORLDWIDE HLDGS INC	$26,225,000	-16.1%	1,143,200	+0.7%	2.79%	-4.1%
FDN	New	FIRST TR EXCHANGE TRADED FDdj internt idx	$25,468,000	–	385,475	–	2.71%	–
ODP	Sell	OFFICE DEPOT INC	$22,436,000	-26.8%	3,494,650	-1.3%	2.38%	-16.3%
XLP	Sell	SELECT SECTOR SPDR TRsbi cons stpls	$22,320,000	-68.6%	472,975	-68.3%	2.37%	-64.1%
SLB	Sell	SCHLUMBERGER LTD	$22,245,000	-20.4%	322,525	-0.5%	2.36%	-9.0%
GOOGL	Sell	GOOGLE INCcl a	$18,682,000	+17.6%	29,265	-0.5%	1.99%	+34.5%
GOOG	Sell	GOOGLE INCcl c	$16,449,000	-27.2%	27,035	-37.8%	1.75%	-16.8%
PXD	Sell	PIONEER NAT RES CO	$16,224,000	-20.3%	133,375	-9.1%	1.72%	-8.9%
XLE	Sell	SELECT SECTOR SPDR TRsbi int-energy	$12,881,000	-19.0%	210,475	-0.6%	1.37%	-7.5%
IGIB	Buy	ISHARES TRinterm cr bd etf	$8,709,000	+105.3%	80,190	+105.8%	0.93%	+134.4%
XLY	Buy	SELECT SECTOR SPDR TRsbi cons discr	$4,251,000	+138.0%	57,250	+145.2%	0.45%	+172.3%
IGSB	Sell	ISHARES TR1-3 yr cr bd etf	$4,205,000	-62.5%	39,995	-62.4%	0.45%	-57.1%
JNJ	New	JOHNSON & JOHNSON	$2,621,000	–	28,075	–	0.28%	–
IBB	Sell	ISHARES TRnasdq biotec etf	$2,298,000	-94.4%	7,575	-93.2%	0.24%	-93.6%
DIS	Buy	DISNEY WALT CO	$616,000	-0.5%	6,025	+11.1%	0.06%	+12.1%
EMC	New	E M C CORP MASS	$590,000	–	24,425	–	0.06%	–
ROP	Buy	ROPER TECHNOLOGIES INC	$588,000	+0.3%	3,750	+10.3%	0.06%	+14.5%
TEL	Buy	TE CONNECTIVITY LTD	$563,000	+1.4%	9,400	+9.0%	0.06%	+15.4%
DHI	New	D R HORTON INC	$521,000	–	17,750	–	0.06%	–
AMGN	Buy	AMGEN INC	$501,000	-3.3%	3,625	+7.4%	0.05%	+10.4%
M	Buy	MACYS INC	$440,000	-10.8%	8,575	+17.5%	0.05%	+2.2%
ASX	Buy	ADVANCED SEMICONDUCTOR ENGRsponsored adr	$138,000	-2.8%	25,150	+16.6%	0.02%	+15.4%
IBN	New	ICICI BK LTDadr	$98,000	–	11,700	–	0.01%	–
BBD	Exit	Banco Bradescoadr	$0	–	-10,344	–	-0.01%	–
TSM	Exit	Taiwan Semiconductor - SP ADRadr	$0	–	-8,870	–	-0.02%	–
BIIB	Exit	Biogen Idec Inc	$0	–	-1,100	–	-0.04%	–
PEP	Exit	Pepsico Inc	$0	–	-6,725	–	-0.06%	–
MU	Exit	Micron Technology Inc	$0	–	-1,540,200	–	-2.70%	–
AAPL	Exit	Apple Inc	$0	–	-233,275	–	-2.72%	–
F	Exit	Ford Motor Company	$0	–	-2,238,200	–	-3.12%	–
BAC	Exit	Bank of America Corp	$0	–	-2,293,625	–	-3.63%	–
DAL	Exit	Delta Airlines	$0	–	-962,200	–	-3.68%	–

Q2 2015

			Value		Shares		↓ Weighting
XLV	New	Health Care Select Sector SPDR	$94,009,000	–	1,263,730	–	8.74%	–
XLK	New	Technology Select Sector SPDR	$88,326,000	–	2,133,475	–	8.22%	–
XLF	New	Financial Select Sector SPDR F	$76,264,000	–	3,128,125	–	7.09%	–
XLP	New	Consumer Staples Select Sector	$71,106,000	–	1,493,825	–	6.61%	–
LRCX	New	Lam Research Corp	$45,654,000	–	561,200	–	4.25%	–
ABBV	New	AbbVie Inc	$44,194,000	–	657,750	–	4.11%	–
HON	New	Honeywell International Inc	$41,940,000	–	411,300	–	3.90%	–
IBB	New	IShares Nasdaq Biotech Index	$40,993,000	–	111,100	–	3.81%	–
ECL	New	Ecolab Inc	$40,391,000	–	357,225	–	3.76%	–
DAL	New	Delta Airlines	$39,527,000	–	962,200	–	3.68%	–
WHR	New	Whirlpool Corp	$39,239,000	–	226,750	–	3.65%	–
BAC	New	Bank of America Corp	$39,037,000	–	2,293,625	–	3.63%	–
BLK	New	BlackRock Inc	$35,947,000	–	103,900	–	3.34%	–
F	New	Ford Motor Company	$33,595,000	–	2,238,200	–	3.12%	–
TJX	New	TJX Companies Inc	$33,272,000	–	502,825	–	3.10%	–
A104PS	New	Hilton Worldwide Holdings Inc	$31,264,000	–	1,134,825	–	2.91%	–
ODP	New	Office Depot Inc	$30,654,000	–	3,539,725	–	2.85%	–
AAPL	New	Apple Inc	$29,259,000	–	233,275	–	2.72%	–
MU	New	Micron Technology Inc	$29,017,000	–	1,540,200	–	2.70%	–
SLB	New	Schlumberger Ltd	$27,932,000	–	324,075	–	2.60%	–
XLI	New	Industrial Select Sect SPDR	$24,163,000	–	446,975	–	2.25%	–
GOOG	New	Google Inc-CL C	$22,608,000	–	43,435	–	2.10%	–
ITB	New	iShares U.S. Home Construction	$21,064,000	–	767,350	–	1.96%	–
PXD	New	Pioneer Natural Resources Co	$20,356,000	–	146,775	–	1.89%	–
XLE	New	Energy Select Sector SPDR	$15,909,000	–	211,675	–	1.48%	–
GOOGL	New	Google Inc- CL A	$15,885,000	–	29,415	–	1.48%	–
IGSB	New	iShares Barclays 1-3 Year Cr	$11,199,000	–	106,320	–	1.04%	–
VEU	New	Vanguard Int'l Equity Index	$8,931,000	–	183,960	–	0.83%	–
VCIT	New	Vanguard Intermediate-Term Cor	$4,559,000	–	53,450	–	0.42%	–
IGIB	New	iShares Intermediate Credit	$4,242,000	–	38,970	–	0.40%	–
LQD	New	iShares iBoxx $ Investment Gra	$3,619,000	–	31,270	–	0.34%	–
SCHH	New	Schwab U.S. REIT ETF	$1,957,000	–	53,875	–	0.18%	–
XLY	New	Consumer Discretionary Select	$1,786,000	–	23,350	–	0.17%	–
DIS	New	Walt Disney Co/The	$619,000	–	5,425	–	0.06%	–
PEP	New	Pepsico Inc	$628,000	–	6,725	–	0.06%	–
ROP	New	Roper Industries Inc	$586,000	–	3,400	–	0.06%	–
CVS	New	CVS Caremark Corp	$593,000	–	5,650	–	0.06%	–
COST	New	Costco Wholesale Corp	$588,000	–	4,350	–	0.06%	–
ORCL	New	Oracle Corp	$568,000	–	14,100	–	0.05%	–
ADP	New	Automatic Data Processing	$566,000	–	7,050	–	0.05%	–
BDX	New	Becton Dickinson & Co	$567,000	–	4,000	–	0.05%	–
TEL	New	TE Connectivity Ltd	$555,000	–	8,625	–	0.05%	–
AMGN	New	Amgen Inc	$518,000	–	3,375	–	0.05%	–
M	New	Macy's Inc	$493,000	–	7,300	–	0.05%	–
BIIB	New	Biogen Idec Inc	$444,000	–	1,100	–	0.04%	–
TSM	New	Taiwan Semiconductor - SP ADRadr	$201,000	–	8,870	–	0.02%	–
ASX	New	Advanced Semiconductor Engineeadr	$142,000	–	21,575	–	0.01%	–
BBD	New	Banco Bradescoadr	$95,000	–	10,344	–	0.01%	–
VALE	New	Vale SA Spon ADRadr	$61,000	–	10,425	–	0.01%	–
GGB	New	Gerdau SA Spon ADRadr	$61,000	–	25,275	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
VALE	Exit	Vale SA Spon ADRadr	$0	–	-14,650	–	-0.02%	–
GGB	Exit	Gerdau SA Spon ADRadr	$0	–	-35,175	–	-0.02%	–
PBRA	Exit	Petroleo Brasileiro SA Spon ADadr	$0	–	-11,750	–	-0.02%	–
BBD	Exit	Banco Bradescoadr	$0	–	-12,075	–	-0.02%	–
TTM	Exit	Tata Motors Ltdadr	$0	–	-4,625	–	-0.02%	–
CIB	Exit	Bancolombia SA Spon ADRadr	$0	–	-3,810	–	-0.02%	–
BAP	Exit	Credicorpadr	$0	–	-1,500	–	-0.02%	–
IBN	Exit	ICICI Bank Ltd Spon ADRadr	$0	–	-5,025	–	-0.02%	–
TSM	Exit	Taiwan Semiconductor - SP ADRadr	$0	–	-17,000	–	-0.03%	–
CMCSA	Exit	Comcast Corp-Class A	$0	–	-7,200	–	-0.04%	–
TJX	Exit	TJX Companies Inc	$0	–	-6,700	–	-0.04%	–
WHR	Exit	Whirlpool Corp	$0	–	-2,900	–	-0.04%	–
M	Exit	Macy's Inc	$0	–	-7,300	–	-0.04%	–
AMGN	Exit	Amgen Inc	$0	–	-3,175	–	-0.04%	–
HYG	Exit	Ishares Iboxx H/Y Corp Bond	$0	–	-4,800	–	-0.04%	–
TEL	Exit	TE Connectivity Ltd	$0	–	-8,175	–	-0.04%	–
CVS	Exit	CVS Caremark Corp	$0	–	-5,650	–	-0.04%	–
COST	Exit	Costco Wholesale Corp	$0	–	-3,600	–	-0.04%	–
PFF	Exit	iShares S&P US Preferred Stock	$0	–	-12,330	–	-0.04%	–
PEP	Exit	Pepsico Inc	$0	–	-5,175	–	-0.04%	–
BLK	Exit	BlackRock Inc	$0	–	-1,500	–	-0.05%	–
BKLN	Exit	PowerShares Senior Loan Portfo	$0	–	-21,200	–	-0.05%	–
ADP	Exit	Automatic Data Processing	$0	–	-6,325	–	-0.05%	–
SCHH	Exit	Schwab U.S. REIT ETF	$0	–	-53,875	–	-0.17%	–
AMZN	Exit	Amazon Com Inc	$0	–	-9,800	–	-0.29%	–
IGIB	Exit	iShares Intermediate Credit	$0	–	-31,535	–	-0.32%	–
VCIT	Exit	Vanguard Intermediate-Term Cor	$0	–	-42,900	–	-0.34%	–
JNJ	Exit	Johnson & Johnson	$0	–	-40,925	–	-0.40%	–
MBB	Exit	iShares Barclays MBS Bond Fund	$0	–	-46,700	–	-0.47%	–
LQD	Exit	iShares iBoxx $ Investment Gra	$0	–	-47,300	–	-0.52%	–
VEU	Exit	Vanguard Int'l Equity Index	$0	–	-183,960	–	-0.84%	–
XLF	Exit	Financial Select Sector SPDR F	$0	–	-401,450	–	-0.86%	–
IGSB	Exit	iShares Barclays 1-3 Year Cr	$0	–	-154,700	–	-1.51%	–
ODP	Exit	Office Depot Inc	$0	–	-3,285,125	–	-1.57%	–
GOOGL	Exit	Google Inc- CL A	$0	–	-29,965	–	-1.64%	–
TSLA	Exit	Tesla Motors Inc	$0	–	-103,940	–	-2.34%	–
GOOG	Exit	Google Inc-CL C	$0	–	-44,495	–	-2.38%	–
OSK	Exit	Oshkosh Corp	$0	–	-707,850	–	-2.90%	–
TYC	Exit	Tyco International Ltd	$0	–	-712,800	–	-2.95%	–
LRCX	Exit	Lam Research Corp	$0	–	-429,250	–	-2.97%	–
AAL	Exit	American Airlines Group Inc	$0	–	-907,975	–	-2.99%	–
XLE	Exit	Energy Select Sector SPDR	$0	–	-367,350	–	-3.09%	–
UNP	Exit	Union Pacific Corp	$0	–	-307,725	–	-3.09%	–
DAL	Exit	Delta Airlines	$0	–	-1,004,000	–	-3.37%	–
AAPL	Exit	Apple Inc	$0	–	-364,855	–	-3.41%	–
BAC	Exit	Bank of America Corp	$0	–	-2,157,525	–	-3.41%	–
SLB	Exit	Schlumberger Ltd	$0	–	-363,275	–	-3.43%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-206,775	–	-3.52%	–
FFIV	Exit	F5 Networks Inc	$0	–	-325,775	–	-3.59%	–
MET	Exit	Metlife Inc	$0	–	-732,450	–	-3.65%	–
TMUS	Exit	T-Mobile US Inc	$0	–	-1,424,050	–	-3.81%	–
ECL	Exit	Ecolab Inc	$0	–	-363,175	–	-3.87%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-394,075	–	-3.89%	–
ITB	Exit	iShares U.S. Home Construction	$0	–	-1,943,850	–	-4.05%	–
ABBV	Exit	AbbVie Inc	$0	–	-762,150	–	-4.08%	–
XLY	Exit	Consumer Discretionary Select	$0	–	-710,325	–	-4.39%	–
XLV	Exit	Health Care Select Sector SPDR	$0	–	-799,925	–	-4.74%	–
XLP	Exit	Consumer Staples Select Sector	$0	–	-1,358,325	–	-5.68%	–
XLK	Exit	Technology Select Sector SPDR	$0	–	-2,350,650	–	-8.70%	–

Q3 2014

			Value		Shares		↓ Weighting
XLK	Buy	Technology Select Sector SPDR	$93,791,000	+257.5%	2,350,650	+243.6%	8.70%	+214.8%
XLP	Buy	Consumer Staples Select Sector	$61,274,000	+5.3%	1,358,325	+4.2%	5.68%	-7.2%
XLV	Buy	Health Care Select Sector SPDR	$51,123,000	+39.0%	799,925	+32.3%	4.74%	+22.4%
XLY	Buy	Consumer Discretionary Select	$47,372,000	+182.4%	710,325	+182.6%	4.39%	+148.6%
ABBV	Buy	AbbVie Inc	$44,022,000	+19.4%	762,150	+16.6%	4.08%	+5.2%
ITB	Buy	iShares U.S. Home Construction	$43,717,000	+25.6%	1,943,850	+38.5%	4.05%	+10.6%
GILD	Sell	Gilead Sciences Inc	$41,949,000	+16.5%	394,075	-9.3%	3.89%	+2.6%
ECL	Buy	Ecolab Inc	$41,703,000	+30.5%	363,175	+26.6%	3.87%	+15.0%
TMUS	Buy	T-Mobile US Inc	$41,112,000	+11.7%	1,424,050	+30.1%	3.81%	-1.6%
MET	Buy	Metlife Inc	$39,347,000	+13.0%	732,450	+16.9%	3.65%	-0.5%
FFIV	Sell	F5 Networks Inc	$38,683,000	-0.1%	325,775	-6.3%	3.59%	-12.0%
GS	New	Goldman Sachs Group Inc	$37,958,000	–	206,775	–	3.52%	–
SLB	Buy	Schlumberger Ltd	$36,941,000	-9.8%	363,275	+4.6%	3.43%	-20.6%
BAC	New	Bank of America Corp	$36,786,000	–	2,157,525	–	3.41%	–
AAPL	Buy	Apple Inc	$36,759,000	+41.1%	364,855	+30.1%	3.41%	+24.3%
DAL	Buy	Delta Airlines	$36,295,000	+1.2%	1,004,000	+8.4%	3.37%	-10.9%
UNP	Buy	Union Pacific Corp	$33,364,000	+26.3%	307,725	+16.2%	3.09%	+11.3%
XLE	Buy	Energy Select Sector SPDR	$33,289,000	-0.8%	367,350	+9.6%	3.09%	-12.6%
AAL	Buy	American Airlines Group Inc	$32,215,000	+11.3%	907,975	+34.8%	2.99%	-1.9%
LRCX	Sell	Lam Research Corp	$32,065,000	-19.0%	429,250	-26.7%	2.97%	-28.6%
TYC	Buy	Tyco International Ltd	$31,769,000	+13.6%	712,800	+16.3%	2.95%	+0.1%
OSK	Buy	Oshkosh Corp	$31,252,000	+9.8%	707,850	+38.1%	2.90%	-3.3%
GOOG	Buy	Google Inc-CL C	$25,690,000	+17.5%	44,495	+17.1%	2.38%	+3.5%
TSLA	New	Tesla Motors Inc	$25,224,000	–	103,940	–	2.34%	–
GOOGL	Sell	Google Inc- CL A	$17,632,000	-0.7%	29,965	-1.3%	1.64%	-12.5%
ODP	Buy	Office Depot Inc	$16,886,000	+22.4%	3,285,125	+35.5%	1.57%	+7.8%
IGSB	Buy	iShares Barclays 1-3 Year Cr	$16,287,000	+33.0%	154,700	+33.5%	1.51%	+17.1%
XLF	Sell	Financial Select Sector SPDR F	$9,302,000	-87.3%	401,450	-87.5%	0.86%	-88.8%
LQD	Buy	iShares iBoxx $ Investment Gra	$5,592,000	+296.6%	47,300	+300.0%	0.52%	+250.7%
MBB	Buy	iShares Barclays MBS Bond Fund	$5,049,000	+216.4%	46,700	+216.6%	0.47%	+178.6%
JNJ	Sell	Johnson & Johnson	$4,362,000	+1.1%	40,925	-0.7%	0.40%	-10.8%
VCIT	Buy	Vanguard Intermediate-Term Cor	$3,680,000	+296.6%	42,900	+300.0%	0.34%	+248.0%
IGIB	Buy	iShares Intermediate Credit	$3,447,000	+45.9%	31,535	+47.1%	0.32%	+28.5%
BKLN	Sell	PowerShares Senior Loan Portfo	$515,000	-95.9%	21,200	-95.8%	0.05%	-96.4%
HYG	Sell	Ishares Iboxx H/Y Corp Bond	$441,000	-38.2%	4,800	-36.0%	0.04%	-45.3%
TSM	Buy	Taiwan Semiconductor - SP ADRadr	$343,000	0.0%	17,000	+5.9%	0.03%	-11.1%
IBN	Sell	ICICI Bank Ltd Spon ADRadr	$247,000	-20.8%	5,025	-19.6%	0.02%	-30.3%
BAP	Buy	Credicorpadr	$230,000	+3.6%	1,500	+5.3%	0.02%	-8.7%
CIB	Buy	Bancolombia SA Spon ADRadr	$216,000	+5.9%	3,810	+8.1%	0.02%	-4.8%
TTM	Sell	Tata Motors Ltdadr	$202,000	-11.8%	4,625	-20.9%	0.02%	-20.8%
PBRA	Sell	Petroleo Brasileiro SA Spon ADadr	$175,000	-19.4%	11,750	-15.2%	0.02%	-30.4%
VALE	Buy	Vale SA Spon ADRadr	$161,000	+2.5%	14,650	+23.4%	0.02%	-11.8%
FCX	Exit	Freeport-McMoran Copper & Gold	$0	–	-5,825	–	-0.02%	–
JCPNQ	Exit	JC Penney Co Inc	$0	–	-1,611,100	–	-1.54%	–
AGG	Exit	iShares Core Total US Bond Mar	$0	–	-170,000	–	-1.96%	–
YHOO	Exit	Yahoo Inc	$0	–	-732,700	–	-2.71%	–
GM	Exit	General Motors Co	$0	–	-826,800	–	-3.16%	–

Q2 2014

			Value		Shares		↓ Weighting
XLF	New	Financial Select Sector SPDR F	$73,250,000	–	3,221,175	–	7.71%	–
XLP	New	Consumer Staples Select Sector	$58,170,000	–	1,303,675	–	6.12%	–
SLB	New	Schlumberger Ltd	$40,967,000	–	347,325	–	4.31%	–
LRCX	New	Lam Research Corp	$39,565,000	–	585,450	–	4.17%	–
FFIV	New	F5 Networks Inc	$38,725,000	–	347,500	–	4.08%	–
ABBV	New	AbbVie Inc	$36,879,000	–	653,425	–	3.88%	–
TMUS	New	T-Mobile US Inc	$36,799,000	–	1,094,550	–	3.88%	–
XLV	New	Health Care Select Sector SPDR	$36,772,000	–	604,500	–	3.87%	–
GILD	New	Gilead Sciences Inc	$36,016,000	–	434,400	–	3.79%	–
DAL	New	Delta Airlines	$35,865,000	–	926,275	–	3.78%	–
MET	New	Metlife Inc	$34,822,000	–	626,750	–	3.67%	–
ITB	New	iShares U.S. Home Construction	$34,798,000	–	1,403,150	–	3.66%	–
XLE	New	Energy Select Sector SPDR	$33,541,000	–	335,075	–	3.53%	–
ECL	New	Ecolab Inc	$31,946,000	–	286,925	–	3.36%	–
GM	New	General Motors Co	$30,013,000	–	826,800	–	3.16%	–
AAL	New	American Airlines Group Inc	$28,941,000	–	673,675	–	3.05%	–
OSK	New	Oshkosh Corp	$28,463,000	–	512,575	–	3.00%	–
TYC	New	Tyco International Ltd	$27,957,000	–	613,100	–	2.94%	–
UNP	New	Union Pacific Corp	$26,411,000	–	264,775	–	2.78%	–
XLK	New	Technology Select Sector SPDR	$26,237,000	–	684,150	–	2.76%	–
AAPL	New	Apple Inc	$26,054,000	–	280,360	–	2.74%	–
YHOO	New	Yahoo Inc	$25,740,000	–	732,700	–	2.71%	–
GOOG	New	Google Inc-CL C	$21,858,000	–	37,995	–	2.30%	–
AGG	New	iShares Core Total US Bond Mar	$18,598,000	–	170,000	–	1.96%	–
GOOGL	New	Google Inc- CL A	$17,751,000	–	30,360	–	1.87%	–
XLY	New	Consumer Discretionary Select	$16,777,000	–	251,375	–	1.77%	–
JCPNQ	New	JC Penney Co Inc	$14,580,000	–	1,611,100	–	1.54%	–
ODP	New	Office Depot Inc	$13,800,000	–	2,425,250	–	1.45%	–
BKLN	New	PowerShares Senior Loan Portfo	$12,614,000	–	507,200	–	1.33%	–
IGSB	New	iShares Barclays 1-3 Year Cr	$12,248,000	–	115,900	–	1.29%	–
VEU	New	Vanguard Int'l Equity Index	$9,619,000	–	183,960	–	1.01%	–
JNJ	New	Johnson & Johnson	$4,313,000	–	41,225	–	0.45%	–
AMZN	New	Amazon Com Inc	$3,183,000	–	9,800	–	0.34%	–
IGIB	New	iShares Intermediate Credit	$2,362,000	–	21,435	–	0.25%	–
SCHH	New	Schwab U.S. REIT ETF	$1,906,000	–	53,875	–	0.20%	–
MBB	New	iShares Barclays MBS Bond Fund	$1,596,000	–	14,750	–	0.17%	–
LQD	New	iShares iBoxx $ Investment Gra	$1,410,000	–	11,825	–	0.15%	–
VCIT	New	Vanguard Intermediate-Term Cor	$928,000	–	10,725	–	0.10%	–
HYG	New	Ishares Iboxx H/Y Corp Bond	$714,000	–	7,500	–	0.08%	–
TEL	New	TE Connectivity Ltd	$506,000	–	8,175	–	0.05%	–
ADP	New	Automatic Data Processing	$501,000	–	6,325	–	0.05%	–
PFF	New	iShares S&P US Preferred Stock	$492,000	–	12,330	–	0.05%	–
BLK	New	BlackRock Inc	$479,000	–	1,500	–	0.05%	–
PEP	New	Pepsico Inc	$462,000	–	5,175	–	0.05%	–
M	New	Macy's Inc	$424,000	–	7,300	–	0.04%	–
CVS	New	CVS Caremark Corp	$426,000	–	5,650	–	0.04%	–
COST	New	Costco Wholesale Corp	$415,000	–	3,600	–	0.04%	–
WHR	New	Whirlpool Corp	$404,000	–	2,900	–	0.04%	–
CMCSA	New	Comcast Corp-Class A	$386,000	–	7,200	–	0.04%	–
AMGN	New	Amgen Inc	$376,000	–	3,175	–	0.04%	–
TJX	New	TJX Companies Inc	$356,000	–	6,700	–	0.04%	–
TSM	New	Taiwan Semiconductor - SP ADRadr	$343,000	–	16,050	–	0.04%	–
IBN	New	ICICI Bank Ltd Spon ADRadr	$312,000	–	6,250	–	0.03%	–
TTM	New	Tata Motors Ltdadr	$229,000	–	5,850	–	0.02%	–
PBRA	New	Petroleo Brasileiro SA Spon ADadr	$217,000	–	13,850	–	0.02%	–
BAP	New	Credicorpadr	$222,000	–	1,425	–	0.02%	–
FCX	New	Freeport-McMoran Copper & Gold	$213,000	–	5,825	–	0.02%	–
GGB	New	Gerdau SA Spon ADRadr	$207,000	–	35,175	–	0.02%	–
CIB	New	Bancolombia SA Spon ADRadr	$204,000	–	3,525	–	0.02%	–
BBD	New	Banco Bradescoadr	$175,000	–	12,075	–	0.02%	–
VALE	New	Vale SA Spon ADRadr	$157,000	–	11,875	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
BBD	Exit	Banco Bradescoadr	$0	–	-10,825	–	-0.02%	–
GGB	Exit	Gerdau SA Spon ADRadr	$0	–	-22,275	–	-0.02%	–
VALE	Exit	Vale SA Spon ADRadr	$0	–	-12,250	–	-0.02%	–
BIDU	Exit	Baidu Inc - Spon ADRadr	$0	–	-1,300	–	-0.03%	–
YNDX	Exit	Yandex NV	$0	–	-5,500	–	-0.03%	–
PBRA	Exit	Petroleo Brasileiro SA Spon ADadr	$0	–	-13,050	–	-0.03%	–
IBN	Exit	ICICI Bank Ltd Spon ADRadr	$0	–	-7,400	–	-0.03%	–
NBL	Exit	Noble Energy Inc	$0	–	-6,150	–	-0.05%	–
MBB	Exit	iShares Barclays MBS Bond Fund	$0	–	-4,100	–	-0.06%	–
BLK	Exit	BlackRock Inc	$0	–	-2,675	–	-0.09%	–
CMCSA	Exit	Comcast Corp-Class A	$0	–	-17,400	–	-0.10%	–
AMGN	Exit	Amgen Inc	$0	–	-7,350	–	-0.10%	–
CVS	Exit	CVS Caremark Corp	$0	–	-15,125	–	-0.11%	–
ETN	Exit	Eaton Corp PLC	$0	–	-12,525	–	-0.11%	–
COST	Exit	Costco Wholesale Corp	$0	–	-7,750	–	-0.11%	–
TEL	Exit	TE Connectivity Ltd	$0	–	-18,065	–	-0.12%	–
PEP	Exit	Pepsico Inc	$0	–	-12,325	–	-0.12%	–
GMPRB	Exit	General Motors Copfd	$0	–	-20,200	–	-0.13%	–
TJX	Exit	TJX Companies Inc	$0	–	-19,700	–	-0.14%	–
ADP	Exit	Automatic Data Processing	$0	–	-15,500	–	-0.14%	–
SCHH	Exit	Schwab U.S. REIT ETF	$0	–	-53,875	–	-0.21%	–
IGSB	Exit	iShares Barclays 1-3 Year Cr	$0	–	-25,600	–	-0.34%	–
JNJ	Exit	Johnson & Johnson	$0	–	-61,575	–	-0.68%	–
IGIB	Exit	iShares Intermediate Credit	$0	–	-55,110	–	-0.76%	–
VEU	Exit	Vanguard Int'l Equity Index	$0	–	-183,960	–	-1.14%	–
DFS	Exit	Discover Financial Services	$0	–	-427,725	–	-2.77%	–
TYC	Exit	Tyco International Ltd	$0	–	-661,450	–	-2.96%	–
EBAY	Exit	eBay, Inc.	$0	–	-465,375	–	-3.32%	–
UNP	Exit	Union Pacific Corp	$0	–	-167,500	–	-3.33%	–
HD	Exit	Home Depot Inc	$0	–	-344,025	–	-3.34%	–
FFIV	Exit	F5 Networks Inc	$0	–	-317,375	–	-3.48%	–
ABBV	Exit	AbbVie Inc	$0	–	-630,275	–	-3.61%	–
HON	Exit	Honeywell International Inc	$0	–	-340,650	–	-3.62%	–
C	Exit	Citigroup Inc	$0	–	-606,850	–	-3.77%	–
ECL	Exit	Ecolab Inc	$0	–	-305,300	–	-3.86%	–
GM	Exit	General Motors Co	$0	–	-842,275	–	-3.88%	–
XLY	Exit	Consumer Discretionary Select	$0	–	-501,725	–	-3.89%	–
WHR	Exit	Whirlpool Corp	$0	–	-210,200	–	-3.94%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-496,000	–	-3.99%	–
DAL	Exit	Delta Airlines	$0	–	-1,326,400	–	-4.00%	–
QCOM	Exit	Qualcomm Inc	$0	–	-471,325	–	-4.06%	–
TMUS	Exit	T-Mobile US Inc	$0	–	-1,242,100	–	-4.13%	–
AAPL	Exit	Apple Inc	$0	–	-70,280	–	-4.29%	–
XLV	Exit	Health Care Select Sector SPDR	$0	–	-709,975	–	-4.60%	–
XLK	Exit	Technology Select Sector SPDR	$0	–	-1,186,250	–	-4.86%	–
XLE	Exit	Energy Select Sector SPDR	$0	–	-583,150	–	-6.19%	–
XLF	Exit	Financial Select Sector SPDR F	$0	–	-2,546,600	–	-6.49%	–
XLP	Exit	Consumer Staples Select Sector	$0	–	-1,359,375	–	-6.92%	–

Q3 2013

			Value		Shares		↓ Weighting
XLP	Sell	Consumer Staples Select Sector	$54,103,000	-14.6%	1,359,375	-14.8%	6.92%	-13.6%
XLF	Sell	Financial Select Sector SPDR F	$50,690,000	-25.4%	2,546,600	-27.1%	6.49%	-24.5%
XLE	Buy	Energy Select Sector SPDR	$48,348,000	+18.0%	583,150	+11.4%	6.19%	+19.3%
XLK	Sell	Technology Select Sector SPDR	$38,007,000	-11.2%	1,186,250	-15.2%	4.86%	-10.1%
XLV	Sell	Health Care Select Sector SPDR	$35,918,000	-7.9%	709,975	-13.3%	4.60%	-6.8%
AAPL	Buy	Apple Inc	$33,506,000	+23.5%	70,280	+2.7%	4.29%	+24.9%
TMUS	Buy	T-Mobile US Inc	$32,257,000	+16.4%	1,242,100	+11.2%	4.13%	+17.7%
QCOM	Sell	Qualcomm Inc	$31,730,000	+4.4%	471,325	-5.3%	4.06%	+5.6%
DAL	Buy	Delta Airlines	$31,290,000	+35.7%	1,326,400	+7.7%	4.00%	+37.3%
GILD	Sell	Gilead Sciences Inc	$31,184,000	+10.8%	496,000	-9.6%	3.99%	+12.1%
WHR	New	Whirlpool Corp	$30,782,000	–	210,200	–	3.94%	–
XLY	Sell	Consumer Discretionary Select	$30,420,000	-10.7%	501,725	-16.9%	3.89%	-9.7%
GM	Sell	General Motors Co	$30,297,000	+7.9%	842,275	-0.1%	3.88%	+9.2%
ECL	Sell	Ecolab Inc	$30,151,000	+11.5%	305,300	-3.8%	3.86%	+12.8%
C	Buy	Citigroup Inc	$29,438,000	+9.5%	606,850	+8.3%	3.77%	+10.8%
HON	Sell	Honeywell International Inc	$28,288,000	-0.6%	340,650	-5.0%	3.62%	+0.6%
ABBV	Buy	AbbVie Inc	$28,192,000	+9.9%	630,275	+1.5%	3.61%	+11.1%
FFIV	New	F5 Networks Inc	$27,233,000	–	317,375	–	3.48%	–
HD	Sell	Home Depot Inc	$26,094,000	-7.3%	344,025	-5.3%	3.34%	-6.2%
UNP	Sell	Union Pacific Corp	$26,019,000	-4.5%	167,500	-5.2%	3.33%	-3.4%
EBAY	New	eBay, Inc.	$25,966,000	–	465,375	–	3.32%	–
TYC	New	Tyco International Ltd	$23,138,000	–	661,450	–	2.96%	–
DFS	Sell	Discover Financial Services	$21,617,000	-0.3%	427,725	-6.0%	2.77%	+0.9%
VEU	Sell	Vanguard Int'l Equity Index	$8,940,000	+9.1%	183,960	-0.7%	1.14%	+10.4%
IGIB	Buy	iShares Intermediate Credit	$5,948,000	+34.3%	55,110	+34.1%	0.76%	+35.9%
JNJ	Sell	Johnson & Johnson	$5,338,000	-9.9%	61,575	-10.7%	0.68%	-8.8%
IGSB	Sell	iShares Barclays 1-3 Year Cr	$2,695,000	-46.5%	25,600	-46.7%	0.34%	-45.9%
ADP	Buy	Automatic Data Processing	$1,122,000	+18.2%	15,500	+12.5%	0.14%	+20.0%
TJX	Buy	TJX Companies Inc	$1,111,000	+58.0%	19,700	+40.2%	0.14%	+59.6%
PEP	Buy	Pepsico Inc	$980,000	+18.4%	12,325	+21.7%	0.12%	+19.0%
COST	Sell	Costco Wholesale Corp	$893,000	-3.3%	7,750	-7.2%	0.11%	-2.6%
CVS	Sell	CVS Caremark Corp	$858,000	-6.6%	15,125	-5.9%	0.11%	-5.2%
ETN	Sell	Eaton Corp PLC	$862,000	-97.0%	12,525	-97.1%	0.11%	-97.0%
CMCSA	Buy	Comcast Corp-Class A	$785,000	+30.6%	17,400	+20.8%	0.10%	+31.6%
MBB	New	iShares Barclays MBS Bond Fund	$434,000	–	4,100	–	0.06%	–
IBN	Buy	ICICI Bank Ltd Spon ADRadr	$226,000	-16.9%	7,400	+4.2%	0.03%	-14.7%
PBRA	Buy	Petroleo Brasileiro SA Spon ADadr	$218,000	+19.1%	13,050	+4.6%	0.03%	+21.7%
YNDX	New	Yandex NV	$200,000	–	5,500	–	0.03%	–
BIDU	New	Baidu Inc - Spon ADRadr	$202,000	–	1,300	–	0.03%	–
VALE	Buy	Vale SA Spon ADRadr	$191,000	+23.2%	12,250	+3.8%	0.02%	+20.0%
GGB	Buy	Gerdau SA Spon ADRadr	$166,000	+36.1%	22,275	+4.3%	0.02%	+40.0%
BBD	Buy	Banco Bradescoadr	$150,000	+11.9%	10,825	+5.1%	0.02%	+11.8%
	Exit	China National Materials UnSpoadr	$0	–	-16,525	–	-0.01%	–
FIRRY	Exit	First Tractor Co Ltd UnSpon ADadr	$0	–	-11,250	–	-0.01%	–
ZLIOY	Exit	Zoomlion Heavy Industry Sciencadr	$0	–	-10,550	–	-0.01%	–
	Exit	Synnex Technology - 144A GDRadr	$0	–	-17,375	–	-0.01%	–
	Exit	VTB Bank OJSC GDR Reg Sgdr	$0	–	-36,175	–	-0.01%	–
HENGY	Exit	Hengdeli Holdings Ltdadr	$0	–	-17,737	–	-0.01%	–
	Exit	OAO TMK GDR RegSgdr	$0	–	-10,275	–	-0.02%	–
BRRAY	Exit	Barlow Ltd ADRadr	$0	–	-16,200	–	-0.02%	–
YDUQY	Exit	Estacio Participacoes SAadr	$0	–	-18,200	–	-0.02%	–
PTXKY	Exit	XL Axiata Tbk PT ADRadr	$0	–	-14,750	–	-0.02%	–
ACGBY	Exit	Agricultural Bank of China Ltdadr	$0	–	-14,250	–	-0.02%	–
TTNDY	Exit	Techtronic Industries Coadr	$0	–	-13,125	–	-0.02%	–
CYRBY	Exit	Cyrela Brazil Realty Spon ADRadr	$0	–	-25,700	–	-0.02%	–
SBRCY	Exit	Sberbank of Russia Spons ADRadr	$0	–	-18,275	–	-0.03%	–
	Exit	Globaltrans Investment Plc GDRgdr	$0	–	-16,475	–	-0.03%	–
	Exit	Samsung Electronics Ltd GDR Regdr	$0	–	-495	–	-0.04%	–
TGT	Exit	Target Corp	$0	–	-6,850	–	-0.06%	–
BRCM	Exit	Broadcom Corp-Cl A	$0	–	-22,850	–	-0.10%	–
HYG	Exit	Ishares Iboxx H/Y Corp Bond	$0	–	-70,400	–	-0.81%	–
JNK	Exit	SPDR Barclays Capital High	$0	–	-162,800	–	-0.81%	–
ADI	Exit	Analog Devices Inc	$0	–	-495,175	–	-2.82%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-1,044,200	–	-3.21%	–
HOG	Exit	Harley-Davidson Inc	$0	–	-463,575	–	-3.21%	–

Q2 2013

			Value		Shares		↓ Weighting
XLF	New	Financial Select Sector SPDR F	$67,956,000	–	3,494,800	–	8.60%	–
XLP	New	Consumer Staples Select Sector	$63,325,000	–	1,596,300	–	8.01%	–
XLK	New	Technology Select Sector SPDR	$42,778,000	–	1,398,675	–	5.41%	–
XLE	New	Energy Select Sector SPDR	$40,988,000	–	523,475	–	5.18%	–
XLV	New	Health Care Select Sector SPDR	$38,995,000	–	819,050	–	4.93%	–
XLY	New	Consumer Discretionary Select	$34,059,000	–	603,875	–	4.31%	–
QCOM	New	Qualcomm Inc	$30,389,000	–	497,450	–	3.84%	–
ETN	New	Eaton Corp PLC	$28,846,000	–	438,325	–	3.65%	–
HON	New	Honeywell International Inc	$28,447,000	–	358,550	–	3.60%	–
GILD	New	Gilead Sciences Inc	$28,138,000	–	548,825	–	3.56%	–
HD	New	Home Depot Inc	$28,139,000	–	363,225	–	3.56%	–
GM	New	General Motors Co	$28,079,000	–	842,975	–	3.55%	–
TMUS	New	T-Mobile US Inc	$27,710,000	–	1,116,875	–	3.50%	–
UNP	New	Union Pacific Corp	$27,246,000	–	176,600	–	3.45%	–
AAPL	New	Apple Inc	$27,135,000	–	68,430	–	3.43%	–
ECL	New	Ecolab Inc	$27,039,000	–	317,400	–	3.42%	–
C	New	Citigroup Inc	$26,888,000	–	560,525	–	3.40%	–
ABBV	New	AbbVie Inc	$25,663,000	–	620,775	–	3.25%	–
HOG	New	Harley-Davidson Inc	$25,413,000	–	463,575	–	3.21%	–
CSCO	New	Cisco Systems Inc	$25,411,000	–	1,044,200	–	3.21%	–
DAL	New	Delta Airlines	$23,052,000	–	1,232,050	–	2.92%	–
ADI	New	Analog Devices Inc	$22,313,000	–	495,175	–	2.82%	–
DFS	New	Discover Financial Services	$21,673,000	–	454,925	–	2.74%	–
VEU	New	Vanguard Int'l Equity Index	$8,194,000	–	185,300	–	1.04%	–
JNK	New	SPDR Barclays Capital High	$6,429,000	–	162,800	–	0.81%	–
HYG	New	Ishares Iboxx H/Y Corp Bond	$6,398,000	–	70,400	–	0.81%	–
JNJ	New	Johnson & Johnson	$5,922,000	–	68,975	–	0.75%	–
IGSB	New	iShares Barclays 1-3 Year Cr	$5,041,000	–	48,000	–	0.64%	–
IGIB	New	iShares Intermediate Credit	$4,428,000	–	41,110	–	0.56%	–
SCHH	New	Schwab U.S. REIT ETF	$1,728,000	–	53,875	–	0.22%	–
GMPRB	New	General Motors Copfd	$973,000	–	20,200	–	0.12%	–
ADP	New	Automatic Data Processing	$949,000	–	13,775	–	0.12%	–
COST	New	Costco Wholesale Corp	$923,000	–	8,350	–	0.12%	–
CVS	New	CVS Caremark Corp	$919,000	–	16,075	–	0.12%	–
PEP	New	Pepsico Inc	$828,000	–	10,125	–	0.10%	–
TEL	New	TE Connectivity Ltd	$823,000	–	18,065	–	0.10%	–
BRCM	New	Broadcom Corp-Cl A	$772,000	–	22,850	–	0.10%	–
AMGN	New	Amgen Inc	$725,000	–	7,350	–	0.09%	–
TJX	New	TJX Companies Inc	$703,000	–	14,050	–	0.09%	–
BLK	New	BlackRock Inc	$687,000	–	2,675	–	0.09%	–
CMCSA	New	Comcast Corp-Class A	$601,000	–	14,400	–	0.08%	–
TGT	New	Target Corp	$472,000	–	6,850	–	0.06%	–
NBL	New	Noble Energy Inc	$369,000	–	6,150	–	0.05%	–
	New	Samsung Electronics Ltd GDR Regdr	$289,000	–	495	–	0.04%	–
IBN	New	ICICI Bank Ltd Spon ADRadr	$272,000	–	7,100	–	0.03%	–
	New	Globaltrans Investment Plc GDRgdr	$226,000	–	16,475	–	0.03%	–
SBRCY	New	Sberbank of Russia Spons ADRadr	$209,000	–	18,275	–	0.03%	–
CYRBY	New	Cyrela Brazil Realty Spon ADRadr	$178,000	–	25,700	–	0.02%	–
PBRA	New	Petroleo Brasileiro SA Spon ADadr	$183,000	–	12,475	–	0.02%	–
TTNDY	New	Techtronic Industries Coadr	$157,000	–	13,125	–	0.02%	–
VALE	New	Vale SA Spon ADRadr	$155,000	–	11,800	–	0.02%	–
ACGBY	New	Agricultural Bank of China Ltdadr	$147,000	–	14,250	–	0.02%	–
PTXKY	New	XL Axiata Tbk PT ADRadr	$143,000	–	14,750	–	0.02%	–
BRRAY	New	Barlow Ltd ADRadr	$133,000	–	16,200	–	0.02%	–
BBD	New	Banco Bradescoadr	$134,000	–	10,300	–	0.02%	–
YDUQY	New	Estacio Participacoes SAadr	$133,000	–	18,200	–	0.02%	–
GGB	New	Gerdau SA Spon ADRadr	$122,000	–	21,350	–	0.02%	–
	New	OAO TMK GDR RegSgdr	$118,000	–	10,275	–	0.02%	–
HENGY	New	Hengdeli Holdings Ltdadr	$101,000	–	17,737	–	0.01%	–
	New	VTB Bank OJSC GDR Reg Sgdr	$103,000	–	36,175	–	0.01%	–
	New	Synnex Technology - 144A GDRadr	$91,000	–	17,375	–	0.01%	–
ZLIOY	New	Zoomlion Heavy Industry Sciencadr	$76,000	–	10,550	–	0.01%	–
	New	China National Materials UnSpoadr	$61,000	–	16,525	–	0.01%	–
FIRRY	New	First Tractor Co Ltd UnSpon ADadr	$63,000	–	11,250	–	0.01%	–

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