ACADEMY CAPITAL MANAGEMENT INC/TX Activity Q4 2004-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AAPL	Sell	Apple Computer Inc	$61,284,106	-12.3%	357,947	-0.6%	13.00%	-7.1%
MA	Sell	Mastercard Inc-Class A	$48,963,377	-0.1%	123,673	-0.8%	10.38%	+5.8%
MSFT	Sell	Microsoft Corp	$48,223,235	-7.7%	152,726	-0.4%	10.23%	-2.3%
BRKB	Sell	Berkshire Hathaway B	$40,147,883	+2.2%	114,610	-0.5%	8.51%	+8.2%
AMZN	Sell	Amazon	$37,284,804	-3.5%	293,304	-1.0%	7.91%	+2.2%
GOOG	Sell	Alphabet Inc Class C	$32,060,778	+8.4%	243,161	-0.5%	6.80%	+14.8%
FB	Sell	Meta Platforms	$30,430,787	+3.8%	101,365	-0.8%	6.45%	+9.9%
PRI	Sell	Primerica Inc	$27,467,160	-2.1%	141,576	-0.2%	5.82%	+3.7%
GOOGL	Sell	Alphabet Inc Class A	$23,546,032	+8.3%	179,933	-1.0%	4.99%	+14.6%
LMT	Sell	Lockheed Martin Corp	$22,982,734	-12.0%	56,198	-1.0%	4.87%	-6.9%
NSRGY	Sell	Nestle SA ADR	$18,408,345	-6.7%	162,661	-0.8%	3.90%	-1.2%
IDXX	Sell	Idexx Laboratories Inc	$15,204,752	-13.4%	34,772	-0.6%	3.22%	-8.4%
PEP	Sell	Pepsico Inc	$13,952,876	-9.1%	82,347	-0.6%	2.96%	-3.7%
C	Sell	Citigroup Inc	$13,473,448	-11.5%	327,582	-0.9%	2.86%	-6.3%
CMCSA	Sell	Comcast Corp Cl-A	$8,316,499	+6.5%	187,562	-0.2%	1.76%	+12.8%
SPGI	Sell	S&P Global Inc	$6,887,248	-9.9%	18,848	-1.1%	1.46%	-4.6%
POOL	Sell	Pool Corp	$6,140,945	-5.5%	17,245	-0.6%	1.30%	0.0%
TSM	Sell	Taiwan Semiconductor	$5,422,212	-15.3%	62,396	-1.6%	1.15%	-10.3%
BABA	Buy	Alibaba Group	$3,330,469	+9.3%	38,396	+5.1%	0.71%	+15.7%
BHC	Sell	Bausch Health Co	$351,537	-11.7%	42,766	-14.1%	0.08%	-6.2%
UNH	Sell	Unitedhealth Grp Inc	$217,810	-16.7%	432	-20.6%	0.05%	-11.5%
NFLX	Sell	Netflix	$219,008	-38.8%	580	-28.7%	0.05%	-36.1%
JEPI	New	ETF JPMorgan EQ-INC	$211,723	–	3,953	–	0.04%	–
	Exit	Nutex Health Inc.	$0	–	-74,278	–	-0.01%	–
JNJ	Exit	Johnson & Johnson	$0	–	-1,279	–	-0.04%	–
LUV	Exit	Southwest Air	$0	–	-6,521	–	-0.05%	–
BUD	Exit	AB Inbev	$0	–	-134,258	–	-1.52%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	Apple Computer Inc	$69,842,584	–	360,069	–	13.99%	–
MSFT	New	Microsoft Corp	$52,238,836	–	153,400	–	10.46%	–
MA	New	Mastercard Inc-Class A	$49,013,833	–	124,622	–	9.82%	–
BRKB	New	Berkshire Hathaway B	$39,279,449	–	115,189	–	7.87%	–
AMZN	New	Amazon	$38,631,795	–	296,347	–	7.74%	–
GOOG	New	Alphabet Inc Class C	$29,571,479	–	244,453	–	5.92%	–
FB	New	Meta Platforms	$29,317,016	–	102,157	–	5.87%	–
PRI	New	Primerica Inc	$28,047,708	–	141,827	–	5.62%	–
LMT	New	Lockheed Martin Corp	$26,129,788	–	56,757	–	5.23%	–
GOOGL	New	Alphabet Inc Class A	$21,748,413	–	181,691	–	4.36%	–
NSRGY	New	Nestle SA ADR	$19,734,632	–	163,977	–	3.95%	–
IDXX	New	Idexx Laboratories Inc	$17,562,481	–	34,969	–	3.52%	–
PEP	New	Pepsico Inc	$15,346,403	–	82,855	–	3.07%	–
C	New	Citigroup Inc	$15,224,783	–	330,686	–	3.05%	–
CMCSA	New	Comcast Corp Cl-A	$7,810,112	–	187,969	–	1.56%	–
SPGI	New	S&P Global Inc	$7,642,166	–	19,063	–	1.53%	–
BUD	New	AB Inbev	$7,615,114	–	134,258	–	1.52%	–
POOL	New	Pool Corp	$6,497,756	–	17,344	–	1.30%	–
TSM	New	Taiwan Semiconductor	$6,402,062	–	63,437	–	1.28%	–
BABA	New	Alibaba Group	$3,045,942	–	36,544	–	0.61%	–
CME	New	CME Group Inc	$2,242,009	–	12,100	–	0.45%	–
TRV	New	Travelers Cos Inc	$1,308,528	–	7,535	–	0.26%	–
XOM	New	Exxon Mobil Corp	$1,089,017	–	10,154	–	0.22%	–
	New	Stellar Bancorp Inc.	$875,451	–	38,246	–	0.18%	–
NEE	New	Nextera	$715,882	–	9,648	–	0.14%	–
	New	Cadence Bank	$411,458	–	20,950	–	0.08%	–
BHC	New	Bausch Health Co	$398,128	–	49,766	–	0.08%	–
SPY	New	ETF SPDR Trust	$388,832	–	877	–	0.08%	–
NFLX	New	ETF Netflix	$358,118	–	813	–	0.07%	–
UNH	New	Unitedhealth Grp Inc	$261,468	–	544	–	0.05%	–
LUV	New	Southwest Air	$236,125	–	6,521	–	0.05%	–
JNJ	New	Johnson & Johnson	$211,700	–	1,279	–	0.04%	–
	New	Nutex Health Inc.	$31,316	–	74,278	–	0.01%	–
TLLTF	New	Tilt Holdings Inc	$2,857	–	84,032	–	0.00%	–
PVCT	New	Provectus Pharma Inc	$2,261	–	20,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
PVCT	Exit	Provectus Pharma Inc	$0	–	-20,000	–	0.00%	–
TLLTF	Exit	Tilt Holdings Inc	$0	–	-84,032	–	-0.00%	–
	Exit	Northstar Healthcare	$0	–	-22,895	–	-0.02%	–
	Exit	Nutex Health Inc.	$0	–	-74,278	–	-0.02%	–
LUV	Exit	Southwest Air	$0	–	-6,521	–	-0.04%	–
V	Exit	Visa Inc Class A	$0	–	-1,180	–	-0.04%	–
UNH	Exit	Unitedhealth Grp Inc	$0	–	-432	–	-0.05%	–
JNJ	Exit	Johnson & Johnson	$0	–	-1,756	–	-0.06%	–
	Exit	Cadence Bank	$0	–	-20,950	–	-0.12%	–
TRV	Exit	Travelers Cos Inc	$0	–	-4,870	–	-0.16%	–
LILAK	Exit	Liberty Latin PLC	$0	–	-121,863	–	-0.16%	–
NEE	Exit	Nextera	$0	–	-9,648	–	-0.16%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-10,583	–	-0.20%	–
ABTX	Exit	Allegiance Banc Inc	$0	–	-26,965	–	-0.24%	–
BHC	Exit	Bausch Health Co	$0	–	-231,044	–	-0.34%	–
CME	Exit	CME Group Inc	$0	–	-12,200	–	-0.47%	–
IDXX	Exit	Idexx Laboratories Inc	$0	–	-34,246	–	-2.42%	–
SPGI	Exit	S&P Global Inc	$0	–	-36,571	–	-2.42%	–
TSM	Exit	Taiwan Semiconductor	$0	–	-185,928	–	-2.76%	–
CMCSA	Exit	Comcast Corp Cl-A	$0	–	-481,527	–	-3.06%	–
PEP	Exit	Pepsico Inc	$0	–	-89,868	–	-3.18%	–
GOOGL	Exit	Alphabet Inc Class A	$0	–	-162,766	–	-3.37%	–
BABA	Exit	Alibaba Group	$0	–	-207,912	–	-3.60%	–
BUD	Exit	AB Inbev	$0	–	-384,064	–	-3.75%	–
PRI	Exit	Primerica Inc	$0	–	-147,912	–	-3.95%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-172,156	–	-4.01%	–
C	Exit	Citigroup Inc	$0	–	-477,778	–	-4.31%	–
HSY	Exit	Hershey Foods Corp	$0	–	-92,385	–	-4.41%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-61,599	–	-5.15%	–
GOOG	Exit	Alphabet Inc Class C	$0	–	-252,767	–	-5.26%	–
MSFT	Exit	Microsoft Corp	$0	–	-125,922	–	-6.35%	–
FB	Exit	Meta Platforms	$0	–	-217,648	–	-6.39%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-118,478	–	-6.85%	–
MA	Exit	Mastercard Inc-Class A	$0	–	-128,451	–	-7.90%	–
AMZN	Exit	Amazon	$0	–	-336,987	–	-8.24%	–
AAPL	Exit	Apple Computer Inc	$0	–	-352,040	–	-10.53%	–

Q3 2022

			Value		Shares		↓ Weighting
AAPL	Sell	Apple Computer Inc	$48,652,000	+0.3%	352,040	-0.8%	10.53%	+14.3%
AMZN	Buy	Amazon	$38,080,000	+62.7%	336,987	+52.9%	8.24%	+85.5%
MA	Sell	Mastercard Inc-Class A	$36,524,000	-10.1%	128,451	-0.3%	7.90%	+2.4%
BRKB	Sell	Berkshire Hathaway B	$31,636,000	-2.8%	118,478	-0.6%	6.85%	+10.8%
FB	Sell	Meta Platforms	$29,530,000	-34.7%	217,648	-22.4%	6.39%	-25.5%
MSFT	Buy	Microsoft Corp	$29,327,000	-9.2%	125,922	+0.2%	6.35%	+3.5%
GOOG	Buy	Alphabet Inc Class C	$24,304,000	-12.5%	252,767	+1889.8%	5.26%	-0.3%
LMT	Sell	Lockheed Martin Corp	$23,795,000	-10.7%	61,599	-0.6%	5.15%	+1.8%
HSY	Sell	Hershey Foods Corp	$20,368,000	+1.7%	92,385	-0.8%	4.41%	+15.9%
C	Sell	Citigroup Inc	$19,909,000	-14.2%	477,778	-5.3%	4.31%	-2.2%
NSRGY	Sell	Nestle SA ADR	$18,526,000	-8.5%	172,156	-1.1%	4.01%	+4.3%
PRI	Sell	Primerica Inc	$18,260,000	-17.3%	147,912	-19.8%	3.95%	-5.7%
BUD	Sell	AB Inbev	$17,344,000	-32.0%	384,064	-18.8%	3.75%	-22.5%
BABA	Buy	Alibaba Group	$16,631,000	+6.7%	207,912	+51.7%	3.60%	+21.7%
GOOGL	Buy	Alphabet Inc Class A	$15,569,000	-12.3%	162,766	+1897.6%	3.37%	-0.1%
PEP	Sell	Pepsico Inc	$14,672,000	-2.7%	89,868	-0.7%	3.18%	+10.9%
CMCSA	Sell	Comcast Corp Cl-A	$14,123,000	-26.7%	481,527	-1.9%	3.06%	-16.4%
TSM	Sell	Taiwan Semiconductor	$12,747,000	-28.7%	185,928	-15.0%	2.76%	-18.7%
SPGI	Sell	S&P Global Inc	$11,167,000	-30.8%	36,571	-23.7%	2.42%	-21.2%
IDXX	Sell	Idexx Laboratories Inc	$11,157,000	-40.9%	34,246	-36.4%	2.42%	-32.6%
BHC	Sell	Bausch Health Co	$1,592,000	-71.4%	231,044	-65.2%	0.34%	-67.3%
LILAK	Sell	Liberty Latin PLC	$749,000	-80.8%	121,863	-75.7%	0.16%	-78.2%
TRV	Sell	Travelers Cos Inc	$746,000	-13.0%	4,870	-3.9%	0.16%	-1.2%
JNJ	Sell	Johnson & Johnson	$287,000	-8.6%	1,756	-0.6%	0.06%	+3.3%
SPY	Exit	SPDR Trust ETF	$0	–	-1,685	–	-0.12%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	Apple Computer Inc	$48,511,000	–	354,818	–	9.21%	–
FB	New	Meta Platforms	$45,204,000	–	280,335	–	8.58%	–
MA	New	Mastercard Inc-Class A	$40,638,000	–	128,812	–	7.72%	–
BRKB	New	Berkshire Hathaway B	$32,538,000	–	119,180	–	6.18%	–
MSFT	New	Microsoft Corp	$32,290,000	–	125,725	–	6.13%	–
GOOG	New	Alphabet Inc Class C	$27,787,000	–	12,703	–	5.28%	–
LMT	New	Lockheed Martin Corp	$26,655,000	–	61,995	–	5.06%	–
BUD	New	AB Inbev	$25,509,000	–	472,835	–	4.84%	–
AMZN	New	Amazon	$23,402,000	–	220,339	–	4.44%	–
C	New	Citigroup Inc	$23,206,000	–	504,578	–	4.41%	–
PRI	New	Primerica Inc	$22,079,000	–	184,469	–	4.19%	–
NSRGY	New	Nestle SA ADR	$20,250,000	–	173,987	–	3.84%	–
HSY	New	Hershey Foods Corp	$20,028,000	–	93,084	–	3.80%	–
CMCSA	New	Comcast Corp Cl-A	$19,267,000	–	490,999	–	3.66%	–
IDXX	New	Idexx Laboratories Inc	$18,877,000	–	53,822	–	3.58%	–
TSM	New	Taiwan Semiconductor	$17,877,000	–	218,685	–	3.39%	–
GOOGL	New	Alphabet Inc Class A	$17,757,000	–	8,148	–	3.37%	–
SPGI	New	S&P Global Inc	$16,146,000	–	47,903	–	3.07%	–
BABA	New	Alibaba Group	$15,581,000	–	137,059	–	2.96%	–
PEP	New	Pepsico Inc	$15,084,000	–	90,508	–	2.86%	–
BHC	New	Bausch Health Co	$5,558,000	–	664,778	–	1.06%	–
LILAK	New	Liberty Latin PLC	$3,910,000	–	501,913	–	0.74%	–
CME	New	CME Group Inc	$2,497,000	–	12,200	–	0.47%	–
ABTX	New	Allegiance Banc Inc	$1,018,000	–	26,965	–	0.19%	–
XOM	New	Exxon Mobil Corp	$906,000	–	10,583	–	0.17%	–
TRV	New	Travelers Cos Inc	$857,000	–	5,070	–	0.16%	–
NEE	New	Nextera	$747,000	–	9,648	–	0.14%	–
SPY	New	SPDR Trust ETF	$636,000	–	1,685	–	0.12%	–
	New	Cadence Bank	$492,000	–	20,950	–	0.09%	–
JNJ	New	Johnson & Johnson	$314,000	–	1,767	–	0.06%	–
	New	Nutex Health Inc.	$240,000	–	74,278	–	0.05%	–
LUV	New	Southwest Air	$236,000	–	6,521	–	0.04%	–
V	New	Visa Inc Class A	$232,000	–	1,180	–	0.04%	–
UNH	New	Unitedhealth Group Inc	$222,000	–	432	–	0.04%	–
	New	Northstar Healthcare	$90,000	–	22,895	–	0.02%	–
TLLTF	New	Tilt Holdings Inc	$14,000	–	84,032	–	0.00%	–
PVCT	New	Provectus Pharma Inc	$1,000	–	20,000	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
PVCT	Exit	Provectus Pharma Inc	$0	–	-20,000	–	0.00%	–
TLLTF	Exit	Tilt Holdings Inc	$0	–	-22,532	–	-0.00%	–
	Exit	Northstar Healthcare	$0	–	-22,894	–	-0.01%	–
HDVY	Exit	Health Discovery Corp	$0	–	-515,443	–	-0.02%	–
GSKY	Exit	GreenSky LLC	$0	–	-10,000	–	-0.02%	–
INTC	Exit	Intel Corp	$0	–	-4,278	–	-0.04%	–
V	Exit	Visa Inc Class A	$0	–	-1,185	–	-0.04%	–
NFLX	Exit	Netflix Com Inc Com	$0	–	-580	–	-0.06%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-13,026	–	-0.12%	–
SPY	Exit	SPDR Trust ETF	$0	–	-2,120	–	-0.15%	–
TRV	Exit	Travelers Cos Inc	$0	–	-6,405	–	-0.16%	–
ABTX	Exit	Allegiance Banc Inc	$0	–	-26,965	–	-0.16%	–
CME	Exit	CME Group Inc	$0	–	-12,286	–	-0.38%	–
LILAK	Exit	Liberty Latin PLC	$0	–	-516,869	–	-1.09%	–
IDXX	Exit	Idexx Laboratories Inc	$0	–	-15,536	–	-1.55%	–
SPGI	Exit	S&P Global Inc	$0	–	-26,805	–	-1.83%	–
PRI	Exit	Primerica Inc	$0	–	-76,708	–	-1.90%	–
BAYRY	Exit	Bayer AG	$0	–	-935,917	–	-2.05%	–
PEP	Exit	Pepsico Inc	$0	–	-87,494	–	-2.12%	–
FLT	Exit	Fleetcor Technologies	$0	–	-51,440	–	-2.16%	–
JNJ	Exit	Johnson & Johnson	$0	–	-84,570	–	-2.20%	–
HSY	Exit	Hershey Foods Corp	$0	–	-88,562	–	-2.41%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-157,527	–	-3.05%	–
BABA	Exit	Alibaba Group	$0	–	-137,507	–	-3.27%	–
AMZN	Exit	Amazon	$0	–	-6,218	–	-3.28%	–
GOOGL	Exit	Alphabet Inc Class A	$0	–	-7,799	–	-3.35%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-62,399	–	-3.46%	–
BHC	Exit	Bausch Health Co	$0	–	-806,114	–	-3.61%	–
CMCSA	Exit	Comcast Corp Cl-A	$0	–	-457,219	–	-4.11%	–
BUD	Exit	AB Inbev	$0	–	-468,606	–	-4.25%	–
PM	Exit	Philip Morris Intl	$0	–	-286,785	–	-4.37%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-115,566	–	-5.07%	–
ELAN	Exit	Elanco Animal Health	$0	–	-1,080,462	–	-5.54%	–
GOOG	Exit	Alphabet Inc Class C	$0	–	-12,937	–	-5.55%	–
MSFT	Exit	Microsoft Corp	$0	–	-124,292	–	-5.64%	–
FB	Exit	Facebook	$0	–	-104,245	–	-5.69%	–
C	Exit	Citigroup Inc	$0	–	-526,747	–	-5.95%	–
MA	Exit	Mastercard Inc-Class A	$0	–	-126,879	–	-7.10%	–
AAPL	Exit	Apple Computer Inc	$0	–	-362,210	–	-8.24%	–

Q3 2021

			Value		Shares		↓ Weighting
AAPL	New	Apple Computer Inc	$51,253,000	–	362,210	–	8.24%	–
MA	New	Mastercard Inc-Class A	$44,113,000	–	126,879	–	7.10%	–
C	New	Citigroup Inc	$36,967,000	–	526,747	–	5.95%	–
FB	New	Facebook	$35,380,000	–	104,245	–	5.69%	–
MSFT	New	Microsoft Corp	$35,040,000	–	124,292	–	5.64%	–
GOOG	New	Alphabet Inc Class C	$34,481,000	–	12,937	–	5.55%	–
ELAN	New	Elanco Animal Health	$34,456,000	–	1,080,462	–	5.54%	–
BRKB	Buy	Berkshire Hathaway B	$31,543,000	-1.1%	115,566	+0.7%	5.07%	-61.0%
PM	New	Philip Morris Intl	$27,184,000	–	286,785	–	4.37%	–
BUD	New	AB Inbev	$26,420,000	–	468,606	–	4.25%	–
CMCSA	New	Comcast Corp Cl-A	$25,572,000	–	457,219	–	4.11%	–
BHC	Sell	Bausch Health Co	$22,450,000	-8.3%	806,114	-3.5%	3.61%	-63.8%
LMT	New	Lockheed Martin Corp	$21,534,000	–	62,399	–	3.46%	–
GOOGL	Sell	Alphabet Inc Class A	$20,851,000	+8.6%	7,799	-0.8%	3.35%	-57.1%
AMZN	Buy	Amazon	$20,426,000	+19.3%	6,218	+24.9%	3.28%	-52.9%
BABA	Buy	Alibaba Group	$20,358,000	+95.6%	137,507	+199.6%	3.27%	-22.8%
NSRGY	Sell	Nestle SA ADR	$18,936,000	-4.3%	157,527	-0.7%	3.05%	-62.2%
HSY	Sell	Hershey Foods Corp	$14,989,000	-3.5%	88,562	-0.7%	2.41%	-61.9%
JNJ	Buy	Johnson & Johnson	$13,658,000	+1.9%	84,570	+3.9%	2.20%	-59.8%
FLT	Sell	Fleetcor Technologies	$13,440,000	+1.6%	51,440	-0.4%	2.16%	-59.9%
PEP	Buy	Pepsico Inc	$13,160,000	+37.4%	87,494	+35.4%	2.12%	-45.7%
BAYRY	Sell	Bayer AG	$12,728,000	-14.0%	935,917	-3.6%	2.05%	-66.1%
PRI	Sell	Primerica Inc	$11,785,000	+0.1%	76,708	-0.3%	1.90%	-60.5%
SPGI	Buy	S&P Global Inc	$11,389,000	+9.0%	26,805	+5.3%	1.83%	-57.0%
IDXX	New	Idexx Laboratories Inc	$9,662,000	–	15,536	–	1.55%	–
LILAK	Sell	Liberty Latin PLC	$6,781,000	-18.7%	516,869	-12.7%	1.09%	-67.9%
CME	New	CME Group Inc	$2,376,000	–	12,286	–	0.38%	–
ABTX	Buy	Allegiance Banc Inc	$1,029,000	+311.6%	26,965	+313.3%	0.16%	+61.8%
TRV	Sell	Travelers Cos Inc	$974,000	-2.9%	6,405	-4.5%	0.16%	-61.6%
SPY	Sell	SPDR Trust ETF	$910,000	-2.2%	2,120	-2.4%	0.15%	-61.5%
	Sell	Northstar Healthcare	$89,000	0.0%	22,894	-0.0%	0.01%	-61.1%
SCHW	Exit	Charles Schwab Corp	$0	–	-2,916	–	-0.09%	–
LBTYK	Exit	Liberty Global Inc	$0	–	-783,396	–	-8.63%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway B	$31,888,000	–	114,740	–	12.99%	–
BHC	New	Bausch Health Co	$24,491,000	–	835,332	–	9.98%	–
LBTYK	New	Liberty Global Inc	$21,183,000	–	783,396	–	8.63%	–
NSRGY	New	Nestle SA ADR	$19,779,000	–	158,566	–	8.06%	–
GOOGL	New	Alphabet Inc Class A	$19,199,000	–	7,863	–	7.82%	–
AMZN	New	Amazon	$17,125,000	–	4,978	–	6.98%	–
HSY	New	Hershey Foods Corp	$15,538,000	–	89,212	–	6.33%	–
BAYRY	New	Bayer AG	$14,798,000	–	971,052	–	6.03%	–
JNJ	New	Johnson & Johnson	$13,407,000	–	81,383	–	5.46%	–
FLT	New	Fleetcor Technologies	$13,229,000	–	51,667	–	5.39%	–
PRI	New	Primerica Inc	$11,777,000	–	76,908	–	4.80%	–
SPGI	New	S&P Global Inc	$10,449,000	–	25,458	–	4.26%	–
BABA	New	Alibaba Group	$10,408,000	–	45,897	–	4.24%	–
PEP	New	Pepsico Inc	$9,577,000	–	64,641	–	3.90%	–
LILAK	New	Liberty Latin PLC	$8,345,000	–	591,858	–	3.40%	–
TRV	New	Travelers Cos Inc	$1,003,000	–	6,705	–	0.41%	–
SPY	New	SPDR Trust ETF	$930,000	–	2,173	–	0.38%	–
XOM	New	Exxon Mobil Corp	$821,000	–	13,026	–	0.34%	–
NFLX	New	Netflix Com Inc Com	$306,000	–	580	–	0.12%	–
V	New	Visa Inc Class A	$277,000	–	1,185	–	0.11%	–
ABTX	New	Allegiance Banc Inc	$250,000	–	6,525	–	0.10%	–
INTC	New	Intel Corp	$240,000	–	4,278	–	0.10%	–
SCHW	New	Charles Schwab Corp	$212,000	–	2,916	–	0.09%	–
	New	Northstar Healthcare	$89,000	–	22,895	–	0.04%	–
GSKY	New	GreenSky LLC	$55,000	–	10,000	–	0.02%	–
HDVY	New	Health Discovery Corp	$33,000	–	515,443	–	0.01%	–
TLLTF	New	Tilt Holdings Inc	$10,000	–	22,532	–	0.00%	–
PVCT	New	Provectus Pharma Inc	$1,000	–	20,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
PVCT	Exit	Provectus Pharma Inc	$0	–	-20,000	–	0.00%	–
TLLTF	Exit	Tilt Holdings Inc	$0	–	-22,532	–	-0.00%	–
HDVY	Exit	Health Discovery Corp	$0	–	-1,062,110	–	-0.01%	–
GSKY	Exit	GreenSky LLC	$0	–	-10,000	–	-0.01%	–
	Exit	Northstar Healthcare	$0	–	-22,895	–	-0.03%	–
V	Exit	Visa Inc Class A	$0	–	-1,180	–	-0.05%	–
INTC	Exit	Intel Corp	$0	–	-4,748	–	-0.05%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-1,826	–	-0.08%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-13,037	–	-0.10%	–
SPY	Exit	SPDR Trust Unit	$0	–	-2,125	–	-0.16%	–
TRV	Exit	Travelers Cos Inc	$0	–	-6,705	–	-0.16%	–
LILAK	Exit	Liberty Latin PLC	$0	–	-235,154	–	-0.42%	–
PRI	Exit	Primerica Inc	$0	–	-76,908	–	-1.90%	–
SPGI	Exit	S&P Global Inc	$0	–	-24,724	–	-1.94%	–
PEP	Exit	Pepsico Inc	$0	–	-65,960	–	-1.99%	–
MSFT	Exit	Microsoft Corp	$0	–	-43,476	–	-1.99%	–
GOOGL	Exit	Alphabet Inc Class A	$0	–	-7,593	–	-2.43%	–
FLT	Exit	Fleetcor Technologies	$0	–	-52,485	–	-2.72%	–
BHC	Exit	Bausch Health Co	$0	–	-819,848	–	-2.78%	–
HSY	Exit	Hershey Foods Corp	$0	–	-90,414	–	-2.82%	–
BAYRY	Exit	Bayer AG	$0	–	-1,004,899	–	-3.28%	–
AMZN	Exit	Amazon	$0	–	-4,824	–	-3.31%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-79,006	–	-3.67%	–
LBTYK	Exit	Liberty Global Inc	$0	–	-842,983	–	-3.77%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-163,479	–	-4.25%	–
GOOG	Exit	Alphabet Inc Class C	$0	–	-13,352	–	-4.28%	–
ORCL	Exit	Oracle Corp	$0	–	-339,710	–	-4.42%	–
CMCSA	Exit	Comcast Corp Cl-A	$0	–	-469,200	–	-4.73%	–
PM	Exit	Philip Morris Intl	$0	–	-296,484	–	-4.85%	–
C	Exit	Citigroup Inc	$0	–	-537,506	–	-5.05%	–
FB	Exit	Facebook	$0	–	-98,222	–	-5.61%	–
ELAN	Exit	Elanco Animal Health	$0	–	-1,071,776	–	-6.53%	–
BUD	Exit	AB Inbev	$0	–	-734,270	–	-8.62%	–
MA	Exit	Mastercard Inc-Class A	$0	–	-121,539	–	-8.96%	–
AAPL	Exit	Apple Computer Inc	$0	–	-357,517	–	-9.03%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	Apple Computer Inc	$41,404,000	+24.9%	357,517	+293.3%	9.03%	+19.4%
MA	Sell	Mastercard Inc-Class A	$41,100,000	+13.2%	121,539	-1.0%	8.96%	+8.3%
BUD	Buy	AB Inbev	$39,562,000	+9.8%	734,270	+0.5%	8.62%	+5.0%
ELAN	Sell	Elanco Animal Health	$29,934,000	+29.1%	1,071,776	-0.9%	6.53%	+23.4%
FB	Sell	Facebook	$25,724,000	+14.6%	98,222	-0.7%	5.61%	+9.6%
C	Buy	Citigroup Inc	$23,171,000	-9.7%	537,506	+7.0%	5.05%	-13.6%
PM	Sell	Philip Morris Intl	$22,233,000	+5.6%	296,484	-1.4%	4.85%	+0.9%
CMCSA	Sell	Comcast Corp Cl-A	$21,705,000	+16.6%	469,200	-1.7%	4.73%	+11.5%
ORCL	Sell	Oracle Corp	$20,280,000	+5.9%	339,710	-2.0%	4.42%	+1.2%
GOOG	Sell	Alphabet Inc Class C	$19,622,000	+1.8%	13,352	-2.1%	4.28%	-2.6%
NSRGY	Sell	Nestle SA ADR	$19,495,000	+5.9%	163,479	-1.8%	4.25%	+1.3%
LBTYK	Sell	Liberty Global Inc	$17,310,000	-6.6%	842,983	-2.2%	3.77%	-10.7%
BRKB	Sell	Berkshire Hathaway B	$16,823,000	+18.1%	79,006	-1.0%	3.67%	+12.9%
AMZN	Sell	Amazon	$15,189,000	+12.4%	4,824	-1.6%	3.31%	+7.4%
BAYRY	Buy	Bayer AG	$15,023,000	-16.2%	1,004,899	+3.6%	3.28%	-19.8%
HSY	Sell	Hershey Foods Corp	$12,959,000	+9.0%	90,414	-1.4%	2.82%	+4.2%
BHC	Sell	Bausch Health Co	$12,740,000	-16.2%	819,848	-1.4%	2.78%	-19.9%
FLT	Sell	Fleetcor Technologies	$12,496,000	-6.9%	52,485	-1.6%	2.72%	-11.0%
GOOGL	Buy	Alphabet Inc Class A	$11,128,000	+28.7%	7,593	+24.5%	2.43%	+23.0%
MSFT	Sell	Microsoft Corp	$9,144,000	+1.9%	43,476	-1.4%	1.99%	-2.5%
PEP	Sell	Pepsico Inc	$9,142,000	+3.1%	65,960	-1.6%	1.99%	-1.4%
SPGI	Sell	S&P Global Inc	$8,915,000	+8.0%	24,724	-1.4%	1.94%	+3.2%
LILAK	Sell	Liberty Latin PLC	$1,914,000	-20.3%	235,154	-7.6%	0.42%	-23.9%
TRV	Sell	Travelers Cos Inc	$725,000	-10.5%	6,705	-5.6%	0.16%	-14.6%
SPY	Sell	SPDR Trust Unit	$711,000	+6.3%	2,125	-2.1%	0.16%	+1.3%
BRKB	Sell	Berkshire Hathaway B	$388,000	-8.3%	1,826	-23.1%	0.08%	-11.5%
PVCT	New	Provectus Pharma Inc	$1,000	–	20,000	–	0.00%	–
KMX	Exit	CarMax	$0	–	-125,860	–	-2.57%	–

Q2 2020

			Value		Shares		↓ Weighting
MA	New	Mastercard Inc-Class A	$36,292,000	–	122,735	–	8.27%	–
BUD	New	AB Inbev	$36,037,000	–	730,980	–	8.22%	–
AAPL	New	Apple Computer Inc	$33,161,000	–	90,904	–	7.56%	–
C	New	Citigroup Inc	$25,658,000	–	502,127	–	5.85%	–
ELAN	New	Elanco Animal Health	$23,193,000	–	1,081,294	–	5.29%	–
FB	New	Facebook	$22,450,000	–	98,870	–	5.12%	–
PM	New	Philip Morris Intl	$21,062,000	–	300,636	–	4.80%	–
GOOG	New	Alphabet Inc Class C	$19,273,000	–	13,634	–	4.39%	–
ORCL	New	Oracle Corp	$19,153,000	–	346,541	–	4.37%	–
CMCSA	New	Comcast Corp Cl-A	$18,613,000	–	477,512	–	4.24%	–
LBTYK	New	Liberty Global Inc	$18,539,000	–	861,892	–	4.23%	–
NSRGY	New	Nestle SA ADR	$18,402,000	–	166,481	–	4.20%	–
BAYRY	New	Bayer AG	$17,923,000	–	970,274	–	4.09%	–
BHC	New	Bausch Health Co	$15,201,000	–	831,110	–	3.47%	–
BRKB	New	Berkshire Hathaway B	$14,249,000	–	79,827	–	3.25%	–
AMZN	New	Amazon	$13,518,000	–	4,900	–	3.08%	–
FLT	New	Fleetcor Technologies	$13,422,000	–	53,365	–	3.06%	–
HSY	New	Hershey Foods Corp	$11,891,000	–	91,740	–	2.71%	–
KMX	New	CarMax	$11,270,000	–	125,860	–	2.57%	–
MSFT	New	Microsoft Corp	$8,970,000	–	44,079	–	2.04%	–
PRI	New	Primerica Inc	$8,967,000	–	76,908	–	2.04%	–
PEP	New	Pepsico Inc	$8,866,000	–	67,038	–	2.02%	–
GOOGL	New	Alphabet Inc Class A	$8,648,000	–	6,099	–	1.97%	–
SPGI	New	S&P Global Inc	$8,258,000	–	25,066	–	1.88%	–
LILAK	New	Liberty Latin PLC	$2,403,000	–	254,617	–	0.55%	–
TRV	New	Travelers Cos Inc	$810,000	–	7,105	–	0.18%	–
SPY	New	SPDR Trust Unit	$669,000	–	2,171	–	0.15%	–
XOM	New	Exxon Mobil Corp	$583,000	–	13,037	–	0.13%	–
BRKB	New	Berkshire Hathaway B	$423,000	–	2,373	–	0.10%	–
INTC	New	Intel Corp	$284,000	–	4,748	–	0.06%	–
V	New	Visa Inc Class A	$227,000	–	1,180	–	0.05%	–
	New	Northstar Healthcare	$143,000	–	22,895	–	0.03%	–
GSKY	New	GreenSky LLC	$49,000	–	10,000	–	0.01%	–
HDVY	New	Health Discovery Corp	$13,000	–	1,062,110	–	0.00%	–
TLLTF	New	Tilt Holdings Inc	$9,000	–	22,532	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
PVCT	Exit	Provectus Pharma Inc	$0	–	-20,000	–	0.00%	–
TLLTF	Exit	Tilt Holdings Inc	$0	–	-22,532	–	-0.00%	–
HDVY	Exit	Health Discovery Corp	$0	–	-1,062,110	–	-0.02%	–
GSKY	Exit	GreenSky LLC	$0	–	-12,950	–	-0.02%	–
V	Exit	Visa Inc Class A Shares	$0	–	-1,180	–	-0.05%	–
ABTX	Exit	Allegiance Bancshares Inc	$0	–	-6,525	–	-0.05%	–
SPY	Exit	SPDR Trust Unit	$0	–	-820	–	-0.06%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-1,215	–	-0.06%	–
INTC	Exit	Intel Corp	$0	–	-5,070	–	-0.06%	–
	Exit	Heineken NV ADR	$0	–	-3,824	–	-0.08%	–
AMZN	Exit	Amazon.com Inc	$0	–	-323	–	-0.13%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-13,026	–	-0.20%	–
TRV	Exit	Travelers Cos Inc	$0	–	-7,395	–	-0.22%	–
HEINY	Exit	Heineken ADR	$0	–	-19,451	–	-0.22%	–
LILAK	Exit	Liberty Latin PLC	$0	–	-254,707	–	-1.05%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-4,773	–	-1.34%	–
SLB	Exit	Schlumberger Limited	$0	–	-241,083	–	-1.76%	–
PRI	Exit	Primerica Inc	$0	–	-67,046	–	-1.89%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-41,163	–	-1.95%	–
NOV	Exit	National-Oilwell Varco	$0	–	-398,680	–	-2.01%	–
PEP	Exit	Pepsico Inc	$0	–	-70,834	–	-2.17%	–
KMX	Exit	CarMax	$0	–	-126,981	–	-2.64%	–
LBTYK	Exit	Liberty Global Inc	$0	–	-595,809	–	-3.18%	–
HSY	Exit	Hershey Foods Corp	$0	–	-98,394	–	-3.23%	–
	Exit	Heineken	$0	–	-149,964	–	-3.39%	–
FLT	Exit	Fleetcor Technologies	$0	–	-51,906	–	-3.41%	–
CMCSA	Exit	Comcast Corp Cl-A	$0	–	-360,994	–	-3.61%	–
BHC	Exit	Bausch Health Co	$0	–	-712,878	–	-3.95%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-14,261	–	-4.01%	–
SCHW	Exit	Charles Schwab Corp	$0	–	-447,183	–	-4.06%	–
BAYRY	Exit	Bayer AG	$0	–	-969,154	–	-4.20%	–
FB	Exit	Facebook	$0	–	-98,561	–	-4.22%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-179,547	–	-4.28%	–
AGN	Exit	Allergan PLC	$0	–	-109,033	–	-4.29%	–
ORCL	Exit	Oracle Corp	$0	–	-358,524	–	-4.36%	–
PM	Exit	Philip Morris Intl	$0	–	-284,498	–	-5.17%	–
AAPL	Exit	Apple Computer Inc	$0	–	-94,918	–	-5.27%	–
BUD	Exit	Anheuser-Busch Cos Inc	$0	–	-358,089	–	-6.46%	–
C	Exit	Citigroup Inc	$0	–	-511,810	–	-8.21%	–
MA	Exit	Mastercard Inc-Class A	$0	–	-141,348	–	-8.74%	–

Q3 2019

			Value		Shares		↓ Weighting
MA	Sell	Mastercard Inc-Class A	$39,126,000	-13.9%	141,348	-17.7%	8.74%	-14.3%
C	Buy	Citigroup Inc	$36,778,000	+4.5%	511,810	+1.8%	8.21%	+4.0%
BUD	Buy	Anheuser-Busch Cos Inc	$28,922,000	+16.8%	358,089	+28.0%	6.46%	+16.3%
AAPL	Sell	Apple Computer Inc	$23,611,000	+24.2%	94,918	-1.2%	5.27%	+23.6%
PM	Buy	Philip Morris Intl	$23,169,000	+3.8%	284,498	+0.1%	5.17%	+3.3%
ORCL	Buy	Oracle Corp	$19,535,000	-1.9%	358,524	+2.6%	4.36%	-2.3%
AGN	Sell	Allergan PLC	$19,201,000	+4.6%	109,033	-0.5%	4.29%	+4.2%
NSRGY	Sell	Nestle SA ADR	$19,163,000	+0.5%	179,547	-2.4%	4.28%	+0.0%
FB	Sell	Facebook	$18,889,000	-1.5%	98,561	-0.8%	4.22%	-2.0%
BAYRY	Sell	Bayer AG	$18,808,000	+11.5%	969,154	-0.3%	4.20%	+11.0%
SCHW	Buy	Charles Schwab Corp	$18,204,000	+164.5%	447,183	+161.1%	4.06%	+163.2%
GOOG	Sell	Alphabet Inc. Class C	$17,970,000	+15.8%	14,261	-0.6%	4.01%	+15.3%
BHC	Buy	Bausch Health Co	$17,707,000	+21.6%	712,878	+23.5%	3.95%	+21.0%
CMCSA	Sell	Comcast Corp Cl-A	$16,179,000	+5.4%	360,994	-0.6%	3.61%	+4.9%
FLT	Sell	Fleetcor Technologies	$15,271,000	-38.0%	51,906	-40.8%	3.41%	-38.3%
	Sell	Heineken	$15,183,000	-9.3%	149,964	-0.4%	3.39%	-9.7%
HSY	Sell	Hershey Foods Corp	$14,451,000	+3.4%	98,394	-5.7%	3.23%	+2.9%
LBTYK	Buy	Liberty Global Inc	$14,221,000	-8.6%	595,809	+1.6%	3.18%	-9.0%
KMX	Sell	CarMax	$11,830,000	+6.2%	126,981	-1.1%	2.64%	+5.6%
PEP	Sell	Pepsico Inc	$9,716,000	+4.1%	70,834	-0.5%	2.17%	+3.6%
NOV	Buy	National-Oilwell Varco	$9,018,000	+7.3%	398,680	+5.5%	2.01%	+6.8%
BRKB	Sell	Berkshire Hathaway B	$8,750,000	-1.3%	41,163	-1.0%	1.95%	-1.8%
SLB	Buy	Schlumberger Limited	$7,881,000	-6.2%	241,083	+14.1%	1.76%	-6.6%
GOOGL	Sell	Alphabet Inc. Class A	$6,008,000	+15.8%	4,773	-0.4%	1.34%	+15.3%
LILAK	Sell	Liberty Latin PLC	$4,689,000	+7.1%	254,707	-0.0%	1.05%	+6.6%
HEINY	Sell	Heineken ADR	$992,000	-8.9%	19,451	-0.3%	0.22%	-9.4%
XOM	Sell	Exxon Mobil Corp	$880,000	-12.1%	13,026	-0.3%	0.20%	-12.9%
	Sell	Heineken NV ADR	$360,000	-22.9%	3,824	-13.9%	0.08%	-23.8%
ABTX	New	Allegiance Bancshares Inc	$217,000	–	6,525	–	0.05%	–
V	New	Visa Inc Class A Shares	$211,000	–	1,180	–	0.05%	–
GSKY	New	GreenSky LLC	$99,000	–	12,950	–	0.02%	–
HDVY	Sell	Health Discovery Corp	$93,000	-68.5%	1,062,110	-6.2%	0.02%	-68.2%
TLLTF	New	Tilt Holdings Inc	$5,000	–	22,532	–	0.00%	–
CFX	Exit	Colfax Corp	$0	–	-480,123	–	-3.02%	–

Q2 2019

			Value		Shares		↓ Weighting
MA	New	Mastercard Inc-Class A	$45,457,000	–	171,842	–	10.20%	–
C	New	Citigroup Inc	$35,194,000	–	502,559	–	7.89%	–
BUD	New	Anheuser-Busch Cos Inc	$24,763,000	–	279,777	–	5.55%	–
FLT	New	Fleetcor Technologies	$24,637,000	–	87,724	–	5.53%	–
PM	New	Philip Morris Intl	$22,313,000	–	284,139	–	5.00%	–
ORCL	New	Oracle Corp	$19,904,000	–	349,386	–	4.46%	–
FB	New	Facebook	$19,179,000	–	99,376	–	4.30%	–
NSRGY	New	Nestle SA ADR	$19,064,000	–	183,929	–	4.28%	–
AAPL	New	Apple Computer Inc	$19,010,000	–	96,049	–	4.26%	–
AGN	New	Allergan PLC	$18,352,000	–	109,615	–	4.12%	–
BAYRY	New	Bayer AG	$16,866,000	–	972,161	–	3.78%	–
	New	Heineken	$16,733,000	–	150,552	–	3.75%	–
LBTYK	New	Liberty Global Inc	$15,559,000	–	586,486	–	3.49%	–
GOOG	New	Alphabet Inc. Class C	$15,512,000	–	14,351	–	3.48%	–
CMCSA	New	Comcast Corp Cl-A	$15,352,000	–	363,110	–	3.44%	–
BHC	New	Bausch Health Co	$14,562,000	–	577,431	–	3.27%	–
HSY	New	Hershey Foods Corp	$13,981,000	–	104,319	–	3.14%	–
CFX	New	Colfax Corp	$13,457,000	–	480,123	–	3.02%	–
KMX	New	CarMax	$11,144,000	–	128,352	–	2.50%	–
PEP	New	Pepsico Inc	$9,336,000	–	71,201	–	2.09%	–
BRKB	New	Berkshire Hathaway B	$8,865,000	–	41,589	–	1.99%	–
NOV	New	National-Oilwell Varco	$8,403,000	–	378,038	–	1.88%	–
SLB	New	Schlumberger Limited	$8,398,000	–	211,333	–	1.88%	–
PRI	New	Primerica Inc	$8,042,000	–	67,046	–	1.80%	–
SCHW	New	Charles Schwab Corp	$6,883,000	–	171,282	–	1.54%	–
GOOGL	New	Alphabet Inc. Class A	$5,187,000	–	4,791	–	1.16%	–
LILAK	New	Liberty Latin PLC	$4,379,000	–	254,788	–	0.98%	–
TRV	New	Travelers Cos Inc	$1,105,000	–	7,395	–	0.25%	–
HEINY	New	Heineken ADR	$1,089,000	–	19,500	–	0.24%	–
XOM	New	Exxon Mobil Corp	$1,001,000	–	13,071	–	0.22%	–
AMZN	New	Amazon.com Inc	$611,000	–	323	–	0.14%	–
	New	Heineken NV ADR	$467,000	–	4,439	–	0.10%	–
HDVY	New	Health Discovery Corp	$295,000	–	1,132,218	–	0.07%	–
BRKB	New	Berkshire Hathaway B	$259,000	–	1,215	–	0.06%	–
SPY	New	SPDR Trust Unit	$240,000	–	820	–	0.05%	–
INTC	New	Intel Corp	$242,000	–	5,070	–	0.05%	–
PVCT	New	Provectus Pharma Inc	$1,000	–	20,000	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
LEMIF	Exit	Leading Edge Material	$0	–	-10,000	–	0.00%	–
PVCT	Exit	Provectus Pharma Inc	$0	–	-20,000	–	0.00%	–
HDVY	Exit	Health Discovery Corp	$0	–	-1,125,693	–	-0.00%	–
SPY	Exit	SPDR Trust Unit	$0	–	-820	–	-0.06%	–
INTC	Exit	Intel Corp	$0	–	-5,620	–	-0.07%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-1,239	–	-0.07%	–
ABTX	Exit	Allegiance Bancshares Inc	$0	–	-6,525	–	-0.07%	–
	Exit	Heineken NV ADR	$0	–	-4,488	–	-0.10%	–
AMZN	Exit	Amazon.com Inc	$0	–	-323	–	-0.16%	–
HEINY	Exit	Heineken ADR	$0	–	-19,760	–	-0.23%	–
TRV	Exit	Travelers Cos Inc	$0	–	-7,395	–	-0.24%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-13,526	–	-0.29%	–
LILAK	Exit	Liberty Latin PLC	$0	–	-249,310	–	-1.28%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-5,085	–	-1.53%	–
SLB	Exit	Schlumberger Limited	$0	–	-113,287	–	-1.72%	–
PRI	Exit	Primerica Inc	$0	–	-67,046	–	-2.02%	–
AGN	Exit	Allergan PLC	$0	–	-44,218	–	-2.10%	–
CFX	Exit	Colfax Corp	$0	–	-238,617	–	-2.15%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-42,956	–	-2.30%	–
LBTYK	Exit	Liberty Global Inc	$0	–	-378,645	–	-2.66%	–
HSY	Exit	Hershey Foods Corp	$0	–	-107,499	–	-2.74%	–
PEP	Exit	Pepsico Inc	$0	–	-111,979	–	-3.13%	–
JNJ	Exit	Johnson & Johnson	$0	–	-95,540	–	-3.30%	–
CMCSA	Exit	Comcast Corp Cl-A	$0	–	-380,412	–	-3.36%	–
DEO	Exit	Diageo PLC ADR	$0	–	-98,552	–	-3.49%	–
AAPL	Exit	Apple Computer Inc	$0	–	-63,113	–	-3.56%	–
	Exit	Heineken	$0	–	-156,022	–	-3.63%	–
BHC	Exit	Bausch Health Co	$0	–	-584,564	–	-3.75%	–
FB	Exit	Facebook	$0	–	-94,505	–	-3.88%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-13,224	–	-3.94%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-190,178	–	-3.98%	–
NOV	Exit	National-Oilwell Varco	$0	–	-398,354	–	-4.29%	–
ORCL	Exit	Oracle Corp	$0	–	-358,723	–	-4.62%	–
PM	Exit	Philip Morris Intl	$0	–	-234,541	–	-4.78%	–
FLT	Exit	Fleetcor Technologies	$0	–	-90,689	–	-5.16%	–
BUD	Exit	Anheuser-Busch Cos Inc	$0	–	-260,359	–	-5.69%	–
C	Exit	Citigroup Inc	$0	–	-529,381	–	-9.48%	–
MA	Exit	Mastercard Inc-Class A	$0	–	-183,099	–	-10.18%	–

Q3 2018

			Value		Shares		↓ Weighting
MA	Sell	Mastercard Inc-Class A	$40,759,000	+9.7%	183,099	-3.1%	10.18%	+10.4%
C	Sell	Citigroup Inc	$37,977,000	+5.3%	529,381	-1.8%	9.48%	+5.9%
BUD	Buy	Anheuser-Busch Cos Inc	$22,799,000	+44.7%	260,359	+66.5%	5.69%	+45.7%
FLT	Sell	Fleetcor Technologies	$20,662,000	+4.9%	90,689	-3.0%	5.16%	+5.5%
PM	Sell	Philip Morris Intl	$19,124,000	-0.2%	234,541	-1.2%	4.78%	+0.4%
ORCL	Buy	Oracle Corp	$18,495,000	+19.1%	358,723	+1.8%	4.62%	+19.9%
NOV	Sell	National-Oilwell Varco	$17,161,000	-28.2%	398,354	-27.7%	4.29%	-27.8%
NSRGY	Sell	Nestle SA ADR	$15,929,000	+4.2%	190,178	-3.7%	3.98%	+4.8%
GOOG	Sell	Alphabet Inc. Class C	$15,782,000	+3.8%	13,224	-2.9%	3.94%	+4.5%
FB	Buy	Facebook	$15,542,000	+5.1%	94,505	+24.2%	3.88%	+5.7%
BHC	Sell	Bausch Health Co	$15,005,000	+7.1%	584,564	-3.0%	3.75%	+7.8%
	Sell	Heineken	$14,541,000	-7.3%	156,022	-0.7%	3.63%	-6.7%
AAPL	Sell	Apple Computer Inc	$14,247,000	+18.1%	63,113	-3.1%	3.56%	+18.9%
DEO	Sell	Diageo PLC ADR	$13,961,000	-3.1%	98,552	-1.5%	3.49%	-2.5%
CMCSA	Sell	Comcast Corp Cl-A	$13,470,000	+4.7%	380,412	-3.0%	3.36%	+5.4%
JNJ	Sell	Johnson & Johnson	$13,200,000	+10.6%	95,540	-2.9%	3.30%	+11.3%
PEP	Sell	Pepsico Inc	$12,519,000	-0.4%	111,979	-3.0%	3.13%	+0.2%
HSY	Sell	Hershey Foods Corp	$10,964,000	+6.2%	107,499	-3.1%	2.74%	+6.9%
LBTYK	Sell	Liberty Global Inc	$10,662,000	+5.0%	378,645	-0.8%	2.66%	+5.7%
BRKB	Sell	Berkshire Hathaway B	$9,197,000	+11.2%	42,956	-3.1%	2.30%	+11.9%
CFX	Sell	Colfax Corp	$8,604,000	+14.4%	238,617	-2.8%	2.15%	+15.1%
AGN	Sell	Allergan PLC	$8,422,000	+11.3%	44,218	-2.6%	2.10%	+12.0%
SLB	Buy	Schlumberger Limited	$6,901,000	-8.9%	113,287	+0.2%	1.72%	-8.4%
GOOGL	Sell	Alphabet Inc. Class A	$6,138,000	+3.8%	5,085	-2.9%	1.53%	+4.5%
LILAK	Sell	Liberty Latin PLC	$5,143,000	+6.1%	249,310	-0.3%	1.28%	+6.7%
HEINY	Sell	Heineken ADR	$926,000	-6.7%	19,760	-0.2%	0.23%	-6.1%
	New	Heineken NV ADR	$406,000	–	4,488	–	0.10%	–
ABTX	Sell	Allegiance Bancshares Inc	$272,000	-28.2%	6,525	-25.5%	0.07%	-27.7%
INTC	Buy	Intel Corp	$265,000	-2.2%	5,620	+2.9%	0.07%	-1.5%
SPY	New	SPDR Trust Unit	$238,000	–	820	–	0.06%	–
PVCT	New	Provectus Pharma Inc	$1,000	–	20,000	–	0.00%	–
	Exit	Heineken Holding	$0	–	-7,937	–	-0.19%	–
WU	Exit	Western Union Co	$0	–	-57,097	–	-0.29%	–
MSFT	Exit	Microsoft Corp	$0	–	-219,683	–	-5.38%	–

Q2 2018

			Value		Shares		↓ Weighting
MA	New	Mastercard Inc-Class A	$37,151,000	–	189,049	–	9.22%	–
C	New	Citigroup Inc	$36,075,000	–	539,089	–	8.95%	–
NOV	New	National-Oilwell Varco	$23,909,000	–	550,899	–	5.93%	–
MSFT	New	Microsoft Corp	$21,662,000	–	219,683	–	5.38%	–
FLT	New	Fleetcor Technologies	$19,701,000	–	93,526	–	4.89%	–
PM	New	Philip Morris Intl	$19,162,000	–	237,333	–	4.76%	–
BUD	New	Anheuser-Busch Cos Inc	$15,752,000	–	156,337	–	3.91%	–
	New	Heineken	$15,680,000	–	157,194	–	3.89%	–
ORCL	New	Oracle Corp	$15,524,000	–	352,360	–	3.85%	–
NSRGY	New	Nestle SA ADR	$15,294,000	–	197,488	–	3.80%	–
GOOG	New	Alphabet Inc. Class C	$15,198,000	–	13,623	–	3.77%	–
FB	New	Facebook	$14,790,000	–	76,113	–	3.67%	–
DEO	New	Diageo PLC ADR	$14,412,000	–	100,083	–	3.58%	–
BHC	New	Bausch Health Companies	$14,010,000	–	602,845	–	3.48%	–
CMCSA	New	Comcast Corp Cl-A	$12,869,000	–	392,232	–	3.19%	–
PEP	New	Pepsico Inc	$12,573,000	–	115,487	–	3.12%	–
AAPL	New	Apple Computer Inc	$12,062,000	–	65,163	–	2.99%	–
JNJ	New	Johnson & Johnson	$11,937,000	–	98,381	–	2.96%	–
HSY	New	Hershey Foods Corp	$10,321,000	–	110,912	–	2.56%	–
LBTYK	New	Liberty Global Inc	$10,157,000	–	381,729	–	2.52%	–
BRKB	New	Berkshire Hathaway B	$8,274,000	–	44,330	–	2.05%	–
SLB	New	Schlumberger Limited	$7,577,000	–	113,051	–	1.88%	–
AGN	New	Allergan PLC	$7,567,000	–	45,389	–	1.88%	–
CFX	New	Colfax Corp	$7,522,000	–	245,425	–	1.87%	–
PRI	New	Primerica Inc	$6,677,000	–	67,046	–	1.66%	–
GOOGL	New	Alphabet Inc. Class A	$5,911,000	–	5,235	–	1.47%	–
LILAK	New	Liberty Latin PLC	$4,847,000	–	250,129	–	1.20%	–
WU	New	Western Union Co	$1,160,000	–	57,097	–	0.29%	–
XOM	New	Exxon Mobil Corp	$1,119,000	–	13,526	–	0.28%	–
HEINY	New	Heineken ADR	$993,000	–	19,792	–	0.25%	–
TRV	New	Travelers Cos Inc	$904,000	–	7,395	–	0.22%	–
	New	Heineken Holding	$756,000	–	7,937	–	0.19%	–
AMZN	New	Amazon.com Inc	$549,000	–	323	–	0.14%	–
ABTX	New	Allegiance Bancshares Inc	$379,000	–	8,760	–	0.09%	–
INTC	New	Intel Corp	$271,000	–	5,459	–	0.07%	–
BRKB	New	Berkshire Hathaway B	$231,000	–	1,239	–	0.06%	–
HDVY	New	Health Discovery Corp	$19,000	–	1,125,693	–	0.01%	–
LEMIF	New	Leading Edge Material	$2,000	–	10,000	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
PVCT	Exit	Provectus Pharmaceutical Inc	$0	–	-20,000	–	0.00%	–
LEMIF	Exit	Leading Edge Material	$0	–	-10,000	–	-0.00%	–
HDVY	Exit	Health Discovery Corp	$0	–	-1,125,693	–	-0.00%	–
LILAK	Exit	Liberty Global PLC LILAC-C	$0	–	-9,596	–	-0.06%	–
INTC	Exit	Intel Corp	$0	–	-6,009	–	-0.06%	–
SPY	Exit	SPDR Trust Unit	$0	–	-928	–	-0.07%	–
AMZN	Exit	Amazon.com Inc	$0	–	-290	–	-0.08%	–
ABTX	Exit	Allegiance Bancshares Inc	$0	–	-12,270	–	-0.13%	–
	Exit	Heineken Holding	$0	–	-8,646	–	-0.23%	–
TRV	Exit	Travelers Cos Inc	$0	–	-7,395	–	-0.26%	–
HEINY	Exit	Heineken ADR	$0	–	-19,874	–	-0.28%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-13,097	–	-0.30%	–
WU	Exit	Western Union	$0	–	-60,358	–	-0.33%	–
LBTYK	Exit	Liberty Global Inc	$0	–	-96,892	–	-0.89%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-5,331	–	-1.46%	–
PRI	Exit	Primerica Inc	$0	–	-67,046	–	-1.54%	–
ZTS	Exit	Zoetis	$0	–	-100,192	–	-1.80%	–
CLB	Exit	Core Laboratories N.V.	$0	–	-66,733	–	-1.85%	–
SLB	Exit	Schlumberger Limited	$0	–	-114,650	–	-2.25%	–
AFL	Exit	Aflac Inc	$0	–	-101,793	–	-2.33%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-45,995	–	-2.37%	–
VRX	Exit	Valeant Pharmaceuticals	$0	–	-629,003	–	-2.54%	–
BUD	Exit	Anheuser-Busch Cos Inc	$0	–	-77,543	–	-2.60%	–
AAPL	Exit	Apple Computer Inc	$0	–	-66,254	–	-2.87%	–
JNJ	Exit	Johnson & Johnson	$0	–	-100,397	–	-3.67%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-13,899	–	-3.75%	–
DEO	Exit	Diageo PLC ADR	$0	–	-101,304	–	-3.77%	–
FLT	Exit	Fleetcor Technologies	$0	–	-95,344	–	-4.15%	–
CMCSA	Exit	Comcast Corp Cl-A	$0	–	-398,305	–	-4.31%	–
	Exit	Heineken	$0	–	-159,700	–	-4.45%	–
ORCL	Exit	Oracle Corp	$0	–	-340,442	–	-4.63%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-196,076	–	-4.64%	–
PEP	Exit	Pepsico Inc	$0	–	-166,208	–	-5.21%	–
MSFT	Exit	Microsoft Corp	$0	–	-253,227	–	-5.31%	–
NOV	Exit	National-Oilwell Varco	$0	–	-563,557	–	-5.67%	–
PM	Exit	Philip Morris Intl	$0	–	-231,364	–	-7.23%	–
MA	Exit	Mastercard Inc-Class A	$0	–	-193,993	–	-7.71%	–
C	Exit	Citigroup Inc	$0	–	-547,088	–	-11.20%	–

Q3 2017

			Value		Shares		↓ Weighting
C	Sell	Citigroup Inc	$39,795,000	+8.2%	547,088	-0.6%	11.20%	+10.4%
MA	Sell	Mastercard Inc-Class A	$27,391,000	+15.1%	193,993	-1.0%	7.71%	+17.5%
PM	Sell	Philip Morris Intl	$25,683,000	-6.5%	231,364	-1.0%	7.23%	-4.5%
NOV	Buy	National-Oilwell Varco	$20,135,000	+11.9%	563,557	+3.2%	5.67%	+14.2%
MSFT	Sell	Microsoft Corp	$18,862,000	+7.2%	253,227	-0.8%	5.31%	+9.4%
PEP	Sell	Pepsico Inc	$18,520,000	-4.8%	166,208	-1.4%	5.21%	-2.9%
NSRGY	Sell	Nestle SA ADR	$16,472,000	-4.3%	196,076	-0.8%	4.64%	-2.4%
ORCL	Sell	Oracle Corp	$16,460,000	-4.4%	340,442	-0.9%	4.63%	-2.4%
	Buy	Heineken	$15,799,000	+47.7%	159,700	+45.1%	4.45%	+50.7%
CMCSA	Sell	Comcast Corp Cl-A	$15,326,000	-2.0%	398,305	-0.9%	4.31%	-0.0%
FLT	Sell	Fleetcor Technologies	$14,756,000	+6.5%	95,344	-0.8%	4.15%	+8.7%
DEO	Sell	Diageo PLC ADR	$13,385,000	+9.2%	101,304	-1.0%	3.77%	+11.5%
GOOG	Sell	Alphabet Inc. Class C	$13,330,000	+4.6%	13,899	-0.9%	3.75%	+6.7%
JNJ	Sell	Johnson & Johnson	$13,052,000	-2.7%	100,397	-1.0%	3.67%	-0.7%
AAPL	Sell	Apple Computer Inc	$10,211,000	+6.2%	66,254	-0.8%	2.87%	+8.4%
BUD	Sell	Anheuser-Busch Cos Inc	$9,250,000	+7.0%	77,543	-1.0%	2.60%	+9.2%
VRX	Sell	Valeant Pharmaceuticals	$9,013,000	-17.8%	629,003	-0.8%	2.54%	-16.1%
BRKB	Sell	Berkshire Hathaway B	$8,431,000	+7.4%	45,995	-0.8%	2.37%	+9.6%
AFL	Sell	Aflac Inc	$8,284,000	+3.7%	101,793	-1.0%	2.33%	+5.9%
SLB	Buy	Schlumberger Limited	$7,997,000	+8.4%	114,650	+2.3%	2.25%	+10.6%
CLB	Sell	Core Laboratories N.V.	$6,586,000	-3.8%	66,733	-1.3%	1.85%	-1.7%
ZTS	Sell	Zoetis	$6,388,000	-48.3%	100,192	-49.4%	1.80%	-47.2%
GOOGL	Sell	Alphabet Inc. Class A	$5,190,000	+3.8%	5,331	-0.9%	1.46%	+6.0%
LBTYK	Buy	Liberty Global Inc	$3,168,000	+5.2%	96,892	+0.3%	0.89%	+7.5%
WU	Buy	Western Union	$1,158,000	+0.9%	60,358	+0.2%	0.33%	+2.8%
HEINY	Sell	Heineken ADR	$986,000	+2.2%	19,874	-0.1%	0.28%	+4.5%
	Sell	Heineken Holding	$812,000	+1.9%	8,646	-0.6%	0.23%	+4.1%
AMZN	New	Amazon.com Inc	$278,000	–	290	–	0.08%	–
SPY	New	SPDR Trust Unit	$233,000	–	928	–	0.07%	–
LILAK	Sell	Liberty Global PLC LILAC-C	$223,000	+7.7%	9,596	-0.8%	0.06%	+10.5%
LEMIF	New	Leading Edge Material	$5,000	–	10,000	–	0.00%	–
HDVY	New	Health Discovery Corp	$5,000	–	1,125,693	–	0.00%	–
PVCT	New	Provectus Pharmaceutical Inc	$0	–	20,000	–	0.00%	–
BP	Exit	BP PLC ADR	$0	–	-129,422	–	-1.24%	–
	Exit	Heineken	$0	–	-51,134	–	-1.37%	–
ABT	Exit	Abbott Laboratories	$0	–	-134,833	–	-1.81%	–

Q2 2017

			Value		Shares		↓ Weighting
C	New	Citigroup Inc	$36,795,000	–	550,176	–	10.15%	–
PM	New	Philip Morris Intl	$27,459,000	–	233,797	–	7.57%	–
MA	New	Mastercard Inc-Class A	$23,788,000	–	195,871	–	6.56%	–
PEP	New	Pepsico Inc	$19,461,000	–	168,510	–	5.37%	–
NOV	New	National-Oilwell Varco	$17,992,000	–	546,234	–	4.96%	–
MSFT	New	Microsoft Corp	$17,597,000	–	255,288	–	4.85%	–
ORCL	New	Oracle Corp	$17,218,000	–	343,412	–	4.75%	–
NSRGY	New	Nestle SA ADR	$17,219,000	–	197,611	–	4.75%	–
CMCSA	New	Comcast Corp Cl-A	$15,644,000	–	401,957	–	4.31%	–
FLT	New	Fleetcor Technologies	$13,861,000	–	96,117	–	3.82%	–
JNJ	New	Johnson & Johnson	$13,419,000	–	101,440	–	3.70%	–
GOOG	New	Alphabet Inc. Class C	$12,746,000	–	14,027	–	3.52%	–
ZTS	New	Zoetis	$12,357,000	–	198,103	–	3.41%	–
DEO	New	Diageo PLC ADR	$12,256,000	–	102,281	–	3.38%	–
VRX	New	Valeant Pharmaceuticals	$10,964,000	–	633,787	–	3.02%	–
	New	Heineken	$10,698,000	–	110,094	–	2.95%	–
AAPL	New	Apple Computer Inc	$9,615,000	–	66,767	–	2.65%	–
BUD	New	Anheuser-Busch Cos Inc	$8,646,000	–	78,345	–	2.38%	–
AFL	New	Aflac Inc	$7,985,000	–	102,806	–	2.20%	–
BRKB	New	Berkshire Hathaway B	$7,852,000	–	46,363	–	2.16%	–
SLB	New	Schlumberger Limited	$7,380,000	–	112,093	–	2.04%	–
CLB	New	Core Laboratories N.V.	$6,843,000	–	67,579	–	1.89%	–
ABT	New	Abbott Laboratories	$6,554,000	–	134,833	–	1.81%	–
PRI	New	Primerica Inc	$5,078,000	–	67,046	–	1.40%	–
GOOGL	New	Alphabet Inc. Class A	$4,998,000	–	5,377	–	1.38%	–
	New	Heineken	$4,964,000	–	51,134	–	1.37%	–
BP	New	BP PLC ADR	$4,484,000	–	129,422	–	1.24%	–
LBTYK	New	Liberty Global Inc	$3,010,000	–	96,567	–	0.83%	–
WU	New	Western Union	$1,148,000	–	60,266	–	0.32%	–
XOM	New	Exxon Mobil Corp	$1,057,000	–	13,097	–	0.29%	–
HEINY	New	Heineken ADR	$965,000	–	19,892	–	0.27%	–
TRV	New	Travelers Cos Inc	$935,000	–	7,395	–	0.26%	–
	New	Heineken Holding	$797,000	–	8,697	–	0.22%	–
ABTX	New	Allegiance Bancshares Inc.	$469,000	–	12,270	–	0.13%	–
LILAK	New	Liberty Global PLC LILAC-C	$207,000	–	9,676	–	0.06%	–
INTC	New	Intel Corp	$202,000	–	6,009	–	0.06%	–

Q4 2016

			Value		Shares		↓ Weighting
PVCT	Exit	Provectus Pharmaceutical Inc	$0	–	-20,000	–	0.00%	–
XOMA	Exit	XOMA CORP	$0	–	-12,755	–	-0.00%	–
HDVY	Exit	Health Discovery Corp	$0	–	-1,125,693	–	-0.01%	–
SPY	Exit	SPDR Trust Unit	$0	–	-928	–	-0.05%	–
INTC	Exit	Intel Corp	$0	–	-6,009	–	-0.06%	–
LILAK	Exit	Liberty Global PLC LILAC-C	$0	–	-8,419	–	-0.06%	–
TRV	Exit	Travelers Cos Inc	$0	–	-7,395	–	-0.22%	–
HEINY	Exit	Heineken ADR	$0	–	-20,367	–	-0.24%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-13,097	–	-0.30%	–
WU	Exit	Western Union	$0	–	-61,235	–	-0.34%	–
LBTYK	Exit	Liberty Global Inc	$0	–	-90,476	–	-0.80%	–
PRI	Exit	Primerica Inc	$0	–	-67,046	–	-0.95%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-5,520	–	-1.18%	–
	Exit	Heineken	$0	–	-53,143	–	-1.24%	–
ABT	Exit	Abbott Laboratories	$0	–	-139,395	–	-1.57%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-46,236	–	-1.78%	–
AFL	Exit	Aflac Inc	$0	–	-105,147	–	-2.01%	–
AAPL	Exit	Apple Computer Inc	$0	–	-68,371	–	-2.06%	–
CLB	Exit	Core Laboratories N.V.	$0	–	-69,280	–	-2.07%	–
SLB	Exit	Schlumberger Ltd. Com	$0	–	-107,855	–	-2.26%	–
BP	Exit	BP PLC ADR	$0	–	-248,819	–	-2.33%	–
BUD	Exit	Anheuser-Busch Cos Inc	$0	–	-72,283	–	-2.53%	–
	Exit	Heineken	$0	–	-111,006	–	-2.60%	–
FLT	Exit	Fleetcor Technologies	$0	–	-58,429	–	-2.70%	–
ZTS	Exit	Zoetis	$0	–	-204,958	–	-2.84%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-14,437	–	-2.99%	–
DEO	Exit	Diageo PLC ADR	$0	–	-104,723	–	-3.23%	–
JNJ	Exit	Johnson & Johnson	$0	–	-104,365	–	-3.28%	–
BEN	Exit	Franklin Resources Inc	$0	–	-346,946	–	-3.28%	–
WMT	Exit	Wal-Mart Stores	$0	–	-177,900	–	-3.41%	–
ORCL	Exit	Oracle Corp	$0	–	-348,275	–	-3.64%	–
CMCSA	Exit	Comcast Corp Cl-A	$0	–	-207,862	–	-3.67%	–
IBM	Exit	Int'l Business Machines	$0	–	-87,120	–	-3.68%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-177,809	–	-3.74%	–
MSFT	Exit	Microsoft Corp	$0	–	-263,829	–	-4.04%	–
VRX	Exit	Valeant Pharmaceuticals	$0	–	-649,959	–	-4.24%	–
PEP	Exit	Pepsico Inc	$0	–	-173,943	–	-5.03%	–
MA	Exit	Mastercard Inc-Class A	$0	–	-201,351	–	-5.45%	–
NOV	Exit	National-Oilwell Varco	$0	–	-565,280	–	-5.53%	–
PM	Exit	Philip Morris Intl	$0	–	-237,313	–	-6.14%	–
C	Exit	Citigroup Inc	$0	–	-672,402	–	-8.45%	–

Q3 2016

			Value		Shares		↓ Weighting
C	Sell	Citigroup Inc	$31,757,000	+6.1%	672,402	-0.1%	8.45%	+9.9%
PM	Sell	Philip Morris Intl	$23,071,000	-2.6%	237,313	-0.2%	6.14%	+0.9%
NOV	Sell	National-Oilwell Varco	$20,768,000	+11.4%	565,280	-0.1%	5.53%	+15.3%
MA	Sell	Mastercard Inc-Class A	$20,491,000	+8.9%	201,351	-0.2%	5.45%	+12.8%
PEP	Sell	Pepsico Inc	$18,919,000	-0.5%	173,943	-0.4%	5.03%	+3.1%
VRX	Buy	Valeant Pharmaceuticals	$15,956,000	+13.3%	649,959	+13.4%	4.24%	+17.3%
MSFT	Sell	Microsoft Corp	$15,196,000	+2.9%	263,829	-0.1%	4.04%	+6.6%
NSRGY	Sell	Nestle SA ADR	$14,040,000	-0.5%	177,809	-0.2%	3.74%	+3.1%
IBM	Sell	Int'l Business Machines	$13,839,000	-1.7%	87,120	-0.1%	3.68%	+1.8%
CMCSA	Sell	Comcast Corp Cl-A	$13,789,000	-1.5%	207,862	-0.4%	3.67%	+2.0%
ORCL	Buy	Oracle Corp	$13,680,000	-4.7%	348,275	+0.1%	3.64%	-1.3%
WMT	Sell	Wal-Mart Stores	$12,830,000	-3.0%	177,900	-0.7%	3.41%	+0.5%
BEN	Sell	Franklin Resources Inc	$12,340,000	-41.9%	346,946	-42.6%	3.28%	-39.8%
JNJ	Sell	Johnson & Johnson	$12,328,000	-5.8%	104,365	-0.2%	3.28%	-2.4%
DEO	Sell	Diageo PLC ADR	$12,152,000	+2.5%	104,723	-0.1%	3.23%	+6.2%
GOOG	Sell	Alphabet Inc. Class C	$11,222,000	+4.7%	14,437	-0.2%	2.99%	+8.5%
ZTS	Sell	Zoetis	$10,659,000	+3.4%	204,958	-0.1%	2.84%	+7.1%
FLT	Sell	Fleetcor Technologies	$10,150,000	-35.0%	58,429	-43.2%	2.70%	-32.7%
	Sell	Heineken	$9,770,000	-3.6%	111,006	-0.0%	2.60%	-0.2%
BUD	Sell	Anheuser-Busch Cos Inc	$9,498,000	+3.9%	72,283	-0.2%	2.53%	+7.7%
BP	Sell	BP PLC ADR	$8,748,000	-2.4%	248,819	-0.1%	2.33%	+1.1%
SLB	Sell	Schlumberger Ltd. Com	$8,481,000	-2.6%	107,855	-0.1%	2.26%	+0.9%
CLB	Sell	Core Laboratories N.V.	$7,782,000	-9.5%	69,280	-0.2%	2.07%	-6.2%
AAPL	Sell	Apple Computer Inc	$7,729,000	+12.7%	68,371	-0.4%	2.06%	+16.7%
AFL	Sell	Aflac Inc	$7,556,000	-2.3%	105,147	-0.1%	2.01%	+1.2%
BRKB	Sell	Berkshire Hathaway B	$6,679,000	-1.3%	46,236	-0.2%	1.78%	+2.2%
ABT	Sell	Abbott Laboratories	$5,895,000	-0.9%	139,395	-0.1%	1.57%	+2.6%
	Sell	Heineken	$4,676,000	-3.8%	53,143	-0.2%	1.24%	-0.4%
GOOGL	Sell	Alphabet Inc. Class A	$4,438,000	+5.8%	5,520	-0.4%	1.18%	+9.6%
PRI	Buy	Primerica Inc	$3,555,000	+1.1%	67,046	+0.2%	0.95%	+4.8%
LBTYK	Sell	Liberty Global Inc	$2,989,000	-29.2%	90,476	-35.5%	0.80%	-26.7%
WU	Sell	Western Union	$1,274,000	+3.0%	61,235	-0.2%	0.34%	+6.6%
HEINY	Sell	Heineken ADR	$896,000	-5.0%	20,367	-1.4%	0.24%	-1.7%
LILAK	Sell	Liberty Global PLC LILAC-C	$236,000	-22.1%	8,419	-0.4%	0.06%	-19.2%
CHK	Exit	Chesapeake Energy Corp	$0	–	-13,426	–	-0.02%	–
PG	Exit	Proctor & Gamble	$0	–	-35,394	–	-0.78%	–

Q2 2016

			Value		Shares		↓ Weighting
C	New	Citigroup Inc	$29,935,000	–	673,163	–	7.69%	–
PM	New	Philip Morris Intl	$23,691,000	–	237,752	–	6.08%	–
BEN	New	Franklin Resources Inc	$21,225,000	–	604,368	–	5.45%	–
PEP	New	Pepsico Inc	$19,017,000	–	174,601	–	4.88%	–
MA	New	Mastercard Inc-Class A	$18,824,000	–	201,766	–	4.84%	–
NOV	New	National-Oilwell Varco	$18,650,000	–	566,021	–	4.79%	–
FLT	New	Fleetcor Technologies	$15,620,000	–	102,850	–	4.01%	–
MSFT	New	Microsoft Corp	$14,768,000	–	264,154	–	3.79%	–
ORCL	New	Oracle Corp	$14,357,000	–	348,049	–	3.69%	–
NSRGY	New	Nestle SA ADR	$14,108,000	–	178,138	–	3.62%	–
VRX	New	Valeant Pharmaceuticals	$14,086,000	–	573,321	–	3.62%	–
IBM	New	Int'l Business Machines	$14,076,000	–	87,239	–	3.62%	–
CMCSA	New	Comcast Corp Cl-A	$14,003,000	–	208,631	–	3.60%	–
WMT	New	Wal-Mart Stores	$13,221,000	–	179,173	–	3.40%	–
JNJ	New	Johnson & Johnson	$13,086,000	–	104,574	–	3.36%	–
DEO	New	Diageo PLC ADR	$11,853,000	–	104,839	–	3.04%	–
GOOG	New	Alphabet Inc. Class C	$10,716,000	–	14,459	–	2.75%	–
ZTS	New	Zoetis	$10,312,000	–	205,226	–	2.65%	–
	New	Heineken	$10,136,000	–	111,039	–	2.60%	–
BUD	New	Anheuser-Busch Cos Inc	$9,138,000	–	72,403	–	2.35%	–
BP	New	BP PLC ADR	$8,960,000	–	249,178	–	2.30%	–
SLB	New	Schlumberger Ltd. Com	$8,704,000	–	107,995	–	2.24%	–
CLB	New	Core Laboratories N.V.	$8,595,000	–	69,389	–	2.21%	–
AFL	New	Aflac Inc	$7,733,000	–	105,289	–	1.99%	–
AAPL	New	Apple Computer Inc	$6,859,000	–	68,624	–	1.76%	–
BRKB	New	Berkshire Hathaway B	$6,768,000	–	46,309	–	1.74%	–
ABT	New	Abbott Laboratories	$5,949,000	–	139,491	–	1.53%	–
	New	Heineken	$4,861,000	–	53,245	–	1.25%	–
LBTYK	New	Liberty Global Inc	$4,222,000	–	140,285	–	1.08%	–
GOOGL	New	Alphabet Inc. Class A	$4,195,000	–	5,542	–	1.08%	–
PRI	New	Primerica Inc	$3,516,000	–	66,936	–	0.90%	–
PG	New	Proctor & Gamble	$3,019,000	–	35,394	–	0.78%	–
WU	New	Western Union	$1,237,000	–	61,327	–	0.32%	–
XOM	New	Exxon Mobil Corp	$1,230,000	–	13,097	–	0.32%	–
HEINY	New	Heineken ADR	$943,000	–	20,665	–	0.24%	–
TRV	New	Travelers Cos Inc	$865,000	–	7,395	–	0.22%	–
LILAK	New	Liberty Global PLC LILAC-C	$303,000	–	8,451	–	0.08%	–
INTC	New	Intel Corp	$214,000	–	6,009	–	0.06%	–
SPY	New	SPDR Trust Unit	$201,000	–	928	–	0.05%	–
CHK	New	Chesapeake Energy Corp	$63,000	–	13,426	–	0.02%	–
HDVY	New	Health Discovery Corp	$39,000	–	1,125,693	–	0.01%	–
XOMA	New	XOMA CORP	$7,000	–	12,755	–	0.00%	–
PVCT	New	Provectus Pharmaceutical Inc	$6,000	–	20,000	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
BRKB	Exit	Berkshire Hathaway B	$0	–	-1,717	–	-0.04%	–
APOL	Exit	Apollo Education Group	$0	–	-22,230	–	-0.05%	–
SPY	Exit	SPDR Trust Unit	$0	–	-1,449	–	-0.06%	–
DNOW	Exit	NOW Inc	$0	–	-20,603	–	-0.06%	–
TRV	Exit	Travelers Cos Inc	$0	–	-7,615	–	-0.15%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-17,129	–	-0.25%	–
HEINY	Exit	Heineken ADR	$0	–	-36,768	–	-0.29%	–
PRI	Exit	Primerica Inc	$0	–	-66,936	–	-0.60%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-7,009	–	-0.88%	–
	Exit	Heineken	$0	–	-59,828	–	-0.96%	–
PCP	Exit	Precision Castparts Corp	$0	–	-25,331	–	-1.15%	–
QCOM	Exit	Qualcomm Inc	$0	–	-108,738	–	-1.16%	–
MRK	Exit	Merck & Company	$0	–	-120,644	–	-1.18%	–
EXPD	Exit	Expeditors International	$0	–	-128,043	–	-1.19%	–
ABT	Exit	Abbott Laboratories	$0	–	-169,784	–	-1.35%	–
SLB	Exit	Schlumberger Ltd. Com	$0	–	-100,568	–	-1.37%	–
DE	Exit	Deere & Co	$0	–	-94,554	–	-1.38%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-55,095	–	-1.42%	–
AFL	Exit	Aflac Inc	$0	–	-131,864	–	-1.52%	–
CLB	Exit	Core Laboratories N.V.	$0	–	-85,274	–	-1.68%	–
BUD	Exit	Anheuser-Busch Cos Inc	$0	–	-88,054	–	-1.85%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-17,432	–	-2.10%	–
	Exit	Heineken	$0	–	-137,226	–	-2.20%	–
FMC	Exit	FMC Corp	$0	–	-327,916	–	-2.20%	–
BEN	Exit	Franklin Resources Inc	$0	–	-320,596	–	-2.36%	–
JNJ	Exit	Johnson & Johnson	$0	–	-128,003	–	-2.36%	–
BP	Exit	BP PLC ADR	$0	–	-441,261	–	-2.67%	–
INTC	Exit	Intel Corp	$0	–	-451,452	–	-2.69%	–
MA	Exit	Mastercard Inc-Class A	$0	–	-155,709	–	-2.78%	–
CMCSK	Exit	Comcast Corp	$0	–	-248,214	–	-2.81%	–
MSFT	Exit	Microsoft Corp	$0	–	-322,235	–	-2.82%	–
ORCL	Exit	Oracle Corp	$0	–	-409,597	–	-2.93%	–
DEO	Exit	Diageo PLC ADR	$0	–	-141,929	–	-3.03%	–
NSRGY	Exit	Nestle SA ADR	$0	–	-211,245	–	-3.13%	–
KO	Exit	Coca Cola Company	$0	–	-397,342	–	-3.16%	–
WU	Exit	Western Union	$0	–	-922,071	–	-3.53%	–
PG	Exit	Proctor & Gamble	$0	–	-250,518	–	-3.57%	–
PEP	Exit	Pepsico Inc	$0	–	-223,332	–	-4.17%	–
ZTS	Exit	Zoetis	$0	–	-475,668	–	-4.21%	–
NOV	Exit	National-Oilwell Varco	$0	–	-575,999	–	-4.29%	–
IBM	Exit	Int'l Business Machines	$0	–	-150,404	–	-4.32%	–
PM	Exit	Philip Morris Intl	$0	–	-294,199	–	-4.62%	–
C	Exit	Citigroup Inc	$0	–	-732,167	–	-7.19%	–
WMT	Exit	Wal-Mart Stores	$0	–	-618,440	–	-8.27%	–

Q3 2015

			Value		Shares		↓ Weighting
WMT	Buy	Wal-Mart Stores	$41,791,000	+112.0%	618,440	+122.6%	8.27%	+102.5%
C	Sell	Citigroup Inc	$36,322,000	-14.2%	732,167	-4.5%	7.19%	-18.1%
PM	Buy	Philip Morris Intl	$23,338,000	-0.0%	294,199	+1.1%	4.62%	-4.5%
IBM	Buy	Int'l Business Machines	$21,804,000	-6.7%	150,404	+4.6%	4.32%	-10.9%
NOV	Buy	National-Oilwell Varco	$21,686,000	+58.0%	575,999	+102.6%	4.29%	+51.0%
ZTS	Buy	Zoetis	$21,279,000	+83.7%	475,668	+98.0%	4.21%	+75.5%
PEP	Sell	Pepsico Inc	$21,060,000	-2.6%	223,332	-3.6%	4.17%	-7.0%
PG	Buy	Proctor & Gamble	$18,022,000	-3.3%	250,518	+5.2%	3.57%	-7.6%
WU	Buy	Western Union	$17,846,000	+88.4%	922,071	+97.9%	3.53%	+80.0%
KO	Buy	Coca Cola Company	$15,941,000	+5.4%	397,342	+3.1%	3.16%	+0.7%
NSRGY	Sell	Nestle SA ADR	$15,836,000	+0.2%	211,245	-3.5%	3.13%	-4.3%
DEO	Buy	Diageo PLC ADR	$15,298,000	+45.1%	141,929	+56.2%	3.03%	+38.5%
ORCL	Sell	Oracle Corp	$14,794,000	-10.7%	409,597	-0.4%	2.93%	-14.7%
MSFT	Sell	Microsoft Corp	$14,262,000	-1.8%	322,235	-2.0%	2.82%	-6.2%
CMCSK	Sell	Comcast Corp	$14,207,000	-8.5%	248,214	-4.2%	2.81%	-12.7%
MA	Buy	Mastercard Inc-Class A	$14,032,000	+74.6%	155,709	+81.1%	2.78%	+66.8%
INTC	Buy	Intel Corp	$13,606,000	+13.6%	451,452	+14.6%	2.69%	+8.5%
BP	Buy	BP PLC ADR	$13,484,000	-18.8%	441,261	+6.1%	2.67%	-22.5%
JNJ	Sell	Johnson & Johnson	$11,949,000	-5.8%	128,003	-1.7%	2.36%	-10.0%
BEN	Buy	Franklin Resources Inc	$11,945,000	+105.2%	320,596	+170.0%	2.36%	+96.0%
FMC	Buy	FMC Corp	$11,119,000	+80.9%	327,916	+180.3%	2.20%	+72.7%
	Sell	Heineken	$11,094,000	+5.5%	137,226	-0.6%	2.20%	+0.7%
GOOG	New	Alphabet Inc. Class C	$10,605,000	–	17,432	–	2.10%	–
BUD	New	Anheuser-Busch Cos Inc	$9,361,000	–	88,054	–	1.85%	–
CLB	Buy	Core Laboratories N.V.	$8,510,000	-11.8%	85,274	+0.8%	1.68%	-15.8%
AFL	Sell	Aflac Inc	$7,665,000	-7.9%	131,864	-1.5%	1.52%	-12.1%
BRKB	New	Berkshire Hathaway B	$7,184,000	–	55,095	–	1.42%	–
DE	Buy	Deere & Co	$6,997,000	-21.3%	94,554	+3.2%	1.38%	-24.9%
SLB	Buy	Schlumberger Ltd. Com	$6,936,000	-19.9%	100,568	+0.1%	1.37%	-23.5%
ABT	Sell	Abbott Laboratories	$6,828,000	-19.9%	169,784	-2.3%	1.35%	-23.5%
EXPD	Sell	Expeditors International	$6,024,000	-24.5%	128,043	-26.0%	1.19%	-27.9%
MRK	Sell	Merck & Company	$5,958,000	-15.0%	120,644	-2.1%	1.18%	-18.9%
QCOM	Buy	Qualcomm Inc	$5,842,000	-9.0%	108,738	+6.1%	1.16%	-13.1%
PCP	Sell	Precision Castparts Corp	$5,818,000	-1.9%	25,331	-14.7%	1.15%	-6.3%
	Sell	Heineken	$4,824,000	+4.9%	59,828	-1.3%	0.96%	+0.2%
GOOGL	New	Alphabet Inc. Class A	$4,474,000	–	7,009	–	0.88%	–
HEINY	Sell	Heineken ADR	$1,482,000	+1.4%	36,768	-4.6%	0.29%	-3.3%
XOM	Sell	Exxon Mobil Corp	$1,273,000	-16.8%	17,129	-6.9%	0.25%	-20.5%
TRV	Sell	Travelers Cos Inc	$757,000	-9.9%	7,615	-12.4%	0.15%	-13.8%
DNOW	Sell	NOW Inc	$304,000	-27.4%	20,603	-2.2%	0.06%	-31.0%
APOL	Buy	Apollo Education Group	$245,000	-7.5%	22,230	+7.9%	0.05%	-12.7%
BRKB	New	Berkshire Hathaway B	$223,000	–	1,717	–	0.04%	–
HAL	Exit	Halliburton Co	$0	–	-5,550	–	-0.05%	–
LM	Exit	Legg Mason Inc	$0	–	-11,905	–	-0.13%	–
GOOGL	Exit	Google Class A Shares	$0	–	-7,259	–	-0.81%	–
TTE	Exit	Total SA ADR	$0	–	-158,706	–	-1.62%	–
GOOG	Exit	Google Class C Shares	$0	–	-18,159	–	-1.96%	–
TEVA	Exit	Teva ADR	$0	–	-161,789	–	-1.98%	–
TSCDY	Exit	Tesco	$0	–	-998,129	–	-2.07%	–
MDT	Exit	Medtronic PLC	$0	–	-181,931	–	-2.79%	–

Q2 2015

			Value		Shares		↓ Weighting
C	New	Citigroup Inc	$42,341,000	–	766,495	–	8.77%	–
IBM	New	Int'l Business Machines	$23,380,000	–	143,738	–	4.84%	–
PM	New	Philip Morris Intl	$23,340,000	–	291,141	–	4.84%	–
PEP	New	Pepsico Inc	$21,624,000	–	231,672	–	4.48%	–
WMT	New	Wal-Mart Stores	$19,710,000	–	277,880	–	4.08%	–
PG	New	Proctor & Gamble	$18,629,000	–	238,112	–	3.86%	–
BP	New	BP PLC ADR	$16,616,000	–	415,823	–	3.44%	–
ORCL	New	Oracle Corp	$16,573,000	–	411,256	–	3.43%	–
NSRGY	New	Nestle SA ADR	$15,805,000	–	218,828	–	3.28%	–
CMCSK	New	Comcast Corp	$15,535,000	–	259,191	–	3.22%	–
KO	New	Coca Cola Company	$15,125,000	–	385,554	–	3.13%	–
MSFT	New	Microsoft Corp	$14,522,000	–	328,942	–	3.01%	–
NOV	New	National-Oilwell Varco	$13,723,000	–	284,246	–	2.84%	–
MDT	New	Medtronic PLC	$13,481,000	–	181,931	–	2.79%	–
JNJ	New	Johnson & Johnson	$12,686,000	–	130,172	–	2.63%	–
INTC	New	Intel Corp	$11,978,000	–	393,844	–	2.48%	–
ZTS	New	Zoetis	$11,585,000	–	240,260	–	2.40%	–
DEO	New	Diageo PLC ADR	$10,544,000	–	90,872	–	2.18%	–
	New	Heineken	$10,516,000	–	137,998	–	2.18%	–
TSCDY	New	Tesco	$10,009,000	–	998,129	–	2.07%	–
CLB	New	Core Laboratories N.V.	$9,652,000	–	84,639	–	2.00%	–
TEVA	New	Teva ADR	$9,561,000	–	161,789	–	1.98%	–
WU	New	Western Union	$9,472,000	–	465,960	–	1.96%	–
GOOG	New	Google Class C Shares	$9,451,000	–	18,159	–	1.96%	–
DE	New	Deere & Co	$8,895,000	–	91,661	–	1.84%	–
SLB	New	Schlumberger Ltd. Com	$8,658,000	–	100,456	–	1.79%	–
ABT	New	Abbott Laboratories	$8,529,000	–	173,788	–	1.77%	–
AFL	New	Aflac Inc	$8,324,000	–	133,831	–	1.72%	–
MA	New	Mastercard Inc-Class A	$8,038,000	–	85,996	–	1.66%	–
EXPD	New	Expeditors International	$7,977,000	–	173,037	–	1.65%	–
TTE	New	Total SA ADR	$7,803,000	–	158,706	–	1.62%	–
MRK	New	Merck & Company	$7,013,000	–	123,199	–	1.45%	–
QCOM	New	Qualcomm Inc	$6,417,000	–	102,466	–	1.33%	–
FMC	New	FMC Corp	$6,148,000	–	116,994	–	1.27%	–
PCP	New	Precision Castparts Corp	$5,932,000	–	29,683	–	1.23%	–
BEN	New	Franklin Resources Inc	$5,820,000	–	118,718	–	1.21%	–
	New	Heineken	$4,599,000	–	60,642	–	0.95%	–
GOOGL	New	Google Class A Shares	$3,920,000	–	7,259	–	0.81%	–
PRI	New	Primerica Inc	$3,058,000	–	66,936	–	0.63%	–
XOM	New	Exxon Mobil Corp	$1,530,000	–	18,392	–	0.32%	–
HEINY	New	Heineken ADR	$1,461,000	–	38,532	–	0.30%	–
TRV	New	Travelers Cos Inc	$840,000	–	8,695	–	0.17%	–
LM	New	Legg Mason Inc	$613,000	–	11,905	–	0.13%	–
DNOW	New	NOW Inc	$419,000	–	21,077	–	0.09%	–
SPY	New	SPDR Trust Unit	$298,000	–	1,449	–	0.06%	–
APOL	New	Apollo Education Group	$265,000	–	20,604	–	0.06%	–
HAL	New	Halliburton Co	$239,000	–	5,550	–	0.05%	–

Q4 2014

			Value		Shares		↓ Weighting
COP	Exit	ConocoPhillips	$0	–	-1,778	–	-0.03%	–
GE	Exit	General Electric Co	$0	–	-7,040	–	-0.04%	–
T	Exit	ATT	$0	–	-5,640	–	-0.04%	–
SPY	Exit	SPDR Trust Unit	$0	–	-1,155	–	-0.05%	–
HAL	Exit	Halliburton Co	$0	–	-5,377	–	-0.08%	–
HEINY	Exit	Heineken ADR	$0	–	-17,122	–	-0.14%	–
DNOW	Exit	NOW Inc	$0	–	-23,996	–	-0.16%	–
TRV	Exit	Travelers Cos Inc	$0	–	-8,857	–	-0.18%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-18,380	–	-0.37%	–
	Exit	Heineken	$0	–	-31,357	–	-0.51%	–
PRI	Exit	Primerica Inc	$0	–	-66,936	–	-0.70%	–
GOOGL	Exit	Google Class A Shares	$0	–	-7,765	–	-0.99%	–
	Exit	Heineken	$0	–	-95,721	–	-1.54%	–
NOV	Exit	National-Oilwell Varco	$0	–	-97,525	–	-1.60%	–
EXPD	Exit	Expeditors International	$0	–	-184,857	–	-1.62%	–
AFL	Exit	Aflac Inc	$0	–	-131,099	–	-1.65%	–
ABT	Exit	Abbott Laboratories	$0	–	-185,323	–	-1.67%	–
MRK	Exit	Merck & Company	$0	–	-130,880	–	-1.68%	–
SLB	Exit	Schlumberger Ltd Com	$0	–	-87,825	–	-1.93%	–
TEVA	Exit	Teva Pharmaceutical	$0	–	-172,512	–	-2.00%	–
ZTS	Exit	Zoetis	$0	–	-255,706	–	-2.04%	–
IGT	Exit	Intl Game Technology	$0	–	-608,251	–	-2.22%	–
GOOG	Exit	Google Class C Shares	$0	–	-19,377	–	-2.42%	–
MDT	Exit	Medtronic Inc	$0	–	-195,589	–	-2.62%	–
APOL	Exit	Apollo Education Group	$0	–	-483,933	–	-2.63%	–
JNJ	Exit	Johnson & Johnson	$0	–	-122,826	–	-2.83%	–
IBM	Exit	Int'l Business Machines	$0	–	-71,011	–	-2.91%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-125,337	–	-3.08%	–
INTC	Exit	Intel Corp	$0	–	-417,645	–	-3.14%	–
CMCSK	Exit	Comcast Corp	$0	–	-280,501	–	-3.24%	–
BP	Exit	BP PLC-Spons Adr	$0	–	-359,456	–	-3.42%	–
MSFT	Exit	Microsoft Corp	$0	–	-346,387	–	-3.47%	–
ORCL	Exit	Oracle Corp	$0	–	-429,619	–	-3.56%	–
NSRGY	Exit	Nestle Sa	$0	–	-230,604	–	-3.66%	–
KO	Exit	Coca-Cola Co	$0	–	-401,421	–	-3.70%	–
LM	Exit	Legg Mason Inc	$0	–	-404,062	–	-4.47%	–
PG	Exit	Proctor & Gamble	$0	–	-249,592	–	-4.52%	–
TSCDY	Exit	Tesco	$0	–	-2,486,137	–	-4.87%	–
PEP	Exit	Pepsico Inc	$0	–	-244,637	–	-4.92%	–
WMT	Exit	Wal-Mart Stores	$0	–	-298,123	–	-4.93%	–
PM	Exit	Philip Morris	$0	–	-278,945	–	-5.03%	–
C	Exit	Citigroup Inc	$0	–	-832,896	–	-9.33%	–

Q3 2014

			Value		Shares		↓ Weighting
C	Sell	Citigroup Inc	$43,160,000	+9.4%	832,896	-0.5%	9.33%	+15.6%
PM	Buy	Philip Morris	$23,263,000	-0.2%	278,945	+0.9%	5.03%	+5.4%
WMT	Buy	Wal-Mart Stores	$22,797,000	+2.2%	298,123	+0.3%	4.93%	+8.0%
PEP	Buy	Pepsico Inc	$22,773,000	+4.5%	244,637	+0.2%	4.92%	+10.4%
TSCDY	Buy	Tesco	$22,514,000	+201.1%	2,486,137	+384.7%	4.87%	+218.1%
PG	Buy	Proctor & Gamble	$20,900,000	+7.3%	249,592	+0.7%	4.52%	+13.4%
LM	Sell	Legg Mason Inc	$20,671,000	-0.8%	404,062	-0.5%	4.47%	+4.8%
KO	Buy	Coca-Cola Co	$17,124,000	+1.2%	401,421	+0.4%	3.70%	+6.9%
NSRGY	Buy	Nestle Sa	$16,954,000	-4.7%	230,604	+0.4%	3.66%	+0.7%
ORCL	Buy	Oracle Corp	$16,445,000	-4.1%	429,619	+1.6%	3.56%	+1.4%
MSFT	Sell	Microsoft Corp	$16,058,000	-28.7%	346,387	-35.9%	3.47%	-24.7%
BP	Buy	BP PLC-Spons Adr	$15,798,000	-6.3%	359,456	+12.4%	3.42%	-1.0%
CMCSK	Sell	Comcast Corp	$15,006,000	+0.1%	280,501	-0.2%	3.24%	+5.7%
INTC	Sell	Intel Corp	$14,542,000	-45.0%	417,645	-51.2%	3.14%	-41.9%
BDX	Sell	Becton Dickinson & Co	$14,264,000	-4.6%	125,337	-0.9%	3.08%	+0.8%
IBM	Buy	Int'l Business Machines	$13,479,000	+6.6%	71,011	+1.8%	2.91%	+12.6%
JNJ	Sell	Johnson & Johnson	$13,091,000	+1.7%	122,826	-0.1%	2.83%	+7.5%
APOL	Sell	Apollo Education Group	$12,170,000	-38.4%	483,933	-23.5%	2.63%	-34.9%
MDT	Sell	Medtronic Inc	$12,116,000	-50.8%	195,589	-49.4%	2.62%	-48.0%
GOOG	Sell	Google Class C Shares	$11,187,000	+0.2%	19,377	-0.2%	2.42%	+5.8%
IGT	Sell	Intl Game Technology	$10,261,000	+5.8%	608,251	-0.3%	2.22%	+11.7%
ZTS	Sell	Zoetis	$9,448,000	+14.3%	255,706	-0.2%	2.04%	+20.8%
TEVA	Sell	Teva Pharmaceutical	$9,272,000	+2.1%	172,512	-0.4%	2.00%	+7.9%
SLB	Sell	Schlumberger Ltd Com	$8,930,000	-14.2%	87,825	-0.5%	1.93%	-9.3%
MRK	Buy	Merck & Company	$7,758,000	+3.5%	130,880	+1.0%	1.68%	+9.3%
ABT	Sell	Abbott Laboratories	$7,707,000	+1.5%	185,323	-0.2%	1.67%	+7.2%
AFL	Buy	Aflac Inc	$7,636,000	+2.0%	131,099	+9.0%	1.65%	+7.8%
EXPD	Sell	Expeditors International	$7,501,000	-8.5%	184,857	-0.5%	1.62%	-3.3%
NOV	Sell	National-Oilwell Varco	$7,421,000	-7.8%	97,525	-0.3%	1.60%	-2.7%
	Sell	Heineken	$7,145,000	+4.0%	95,721	-0.1%	1.54%	+9.9%
GOOGL	Sell	Google Class A Shares	$4,569,000	+0.5%	7,765	-0.1%	0.99%	+6.2%
	Sell	Heineken	$2,346,000	+5.7%	31,357	-0.0%	0.51%	+11.7%
XOM	Buy	Exxon Mobil Corp	$1,728,000	-5.7%	18,380	+1.0%	0.37%	-0.3%
TRV	Buy	Travelers Cos Inc	$832,000	+1.1%	8,857	+1.1%	0.18%	+7.1%
DNOW	Sell	NOW Inc	$729,000	-16.4%	23,996	-0.5%	0.16%	-11.2%
HEINY	Sell	Heineken ADR	$640,000	+3.2%	17,122	-0.9%	0.14%	+8.7%
SPY	New	SPDR Trust Unit	$227,000	–	1,155	–	0.05%	–
T	New	ATT	$198,000	–	5,640	–	0.04%	–
GE	New	General Electric Co	$180,000	–	7,040	–	0.04%	–
COP	New	ConocoPhillips	$136,000	–	1,778	–	0.03%	–
PWRM	Exit	Power 3 Medical	$0	–	-270,000	–	0.00%	–
PVCT	Exit	Provectus Pharmaceutical Inc	$0	–	-20,000	–	-0.00%	–
HDVY	Exit	Health Discovery Corp	$0	–	-1,175,693	–	-0.01%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-307,553	–	-1.56%	–

Q2 2014

			Value		Shares		↓ Weighting
C	New	Citigroup Inc	$39,436,000	–	837,288	–	8.07%	–
INTC	New	Intel Corp	$26,455,000	–	856,152	–	5.41%	–
MDT	New	Medtronic Inc	$24,623,000	–	386,193	–	5.04%	–
PM	New	Philip Morris	$23,315,000	–	276,547	–	4.77%	–
MSFT	New	Microsoft Corp	$22,525,000	–	540,169	–	4.61%	–
WMT	New	Wal-Mart Stores	$22,305,000	–	297,127	–	4.56%	–
PEP	New	Pepsico Inc	$21,802,000	–	244,040	–	4.46%	–
LM	New	Legg Mason Inc	$20,837,000	–	406,119	–	4.26%	–
APOL	New	Apollo Education Group	$19,759,000	–	632,295	–	4.04%	–
PG	New	Proctor & Gamble	$19,473,000	–	247,781	–	3.98%	–
NSRGY	New	Nestle Sa	$17,792,000	–	229,664	–	3.64%	–
ORCL	New	Oracle Corp	$17,141,000	–	422,939	–	3.51%	–
KO	New	Coca-Cola Co	$16,929,000	–	399,649	–	3.46%	–
BP	New	BP PLC-Spons Adr	$16,865,000	–	319,725	–	3.45%	–
CMCSK	New	Comcast Corp	$14,995,000	–	281,180	–	3.07%	–
BDX	New	Becton Dickinson & Co	$14,958,000	–	126,445	–	3.06%	–
JNJ	New	Johnson & Johnson	$12,868,000	–	123,001	–	2.63%	–
IBM	New	Int'l Business Machines	$12,647,000	–	69,773	–	2.59%	–
GOOG	New	Google Class C Shares	$11,170,000	–	19,418	–	2.29%	–
SLB	New	Schlumberger Ltd Com	$10,408,000	–	88,247	–	2.13%	–
IGT	New	Intl Game Technology	$9,702,000	–	609,847	–	1.98%	–
TEVA	New	Teva Pharmaceutical	$9,079,000	–	173,204	–	1.86%	–
ZTS	New	Zoetis	$8,264,000	–	256,114	–	1.69%	–
EXPD	New	Expeditors International	$8,202,000	–	185,754	–	1.68%	–
NOV	New	National-Oilwell Varco	$8,052,000	–	97,779	–	1.65%	–
CSCO	New	Cisco Systems Inc	$7,642,000	–	307,553	–	1.56%	–
ABT	New	Abbott Laboratories	$7,594,000	–	185,678	–	1.55%	–
MRK	New	Merck & Company	$7,497,000	–	129,606	–	1.53%	–
AFL	New	Aflac Inc	$7,489,000	–	120,318	–	1.53%	–
TSCDY	New	Tesco	$7,477,000	–	512,956	–	1.53%	–
	New	Heineken	$6,871,000	–	95,832	–	1.41%	–
GOOGL	New	Google Class A Shares	$4,545,000	–	7,774	–	0.93%	–
PRI	New	Primerica Inc	$3,202,000	–	66,936	–	0.66%	–
	New	Heineken	$2,219,000	–	31,366	–	0.45%	–
XOM	New	Exxon Mobil Corp	$1,832,000	–	18,205	–	0.38%	–
DNOW	New	NOW Inc	$872,000	–	24,109	–	0.18%	–
TRV	New	Travelers Cos Inc	$823,000	–	8,757	–	0.17%	–
HEINY	New	Heineken ADR	$620,000	–	17,274	–	0.13%	–
HAL	New	Halliburton Co	$381,000	–	5,377	–	0.08%	–
HDVY	New	Health Discovery Corp	$34,000	–	1,175,693	–	0.01%	–
PVCT	New	Provectus Pharmaceutical Inc	$17,000	–	20,000	–	0.00%	–
PWRM	New	Power 3 Medical	$0	–	270,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
PWRM	Exit	Power 3 Medical	$0	–	-270,000	–	0.00%	–
PVCT	Exit	Provectus Pharmaceutical Inc	$0	–	-20,000	–	-0.00%	–
HDVY	Exit	Health Discovery Corp	$0	–	-1,175,693	–	-0.01%	–
WFT	Exit	Weatherford International	$0	–	-10,450	–	-0.04%	–
HAL	Exit	Halliburton Co	$0	–	-5,377	–	-0.06%	–
DNRCQ	Exit	Denbury Resources Inc	$0	–	-14,380	–	-0.07%	–
T	Exit	ATT	$0	–	-7,800	–	-0.07%	–
SPY	Exit	SPDR Trust Unit	$0	–	-1,690	–	-0.07%	–
KO	Exit	Coca-Cola Co	$0	–	-17,262	–	-0.16%	–
TRV	Exit	Travelers Cos Inc	$0	–	-9,000	–	-0.19%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-19,091	–	-0.42%	–
PRI	Exit	Primerica Inc	$0	–	-67,058	–	-0.68%	–
MRK	Exit	Merck & Company	$0	–	-132,738	–	-1.60%	–
ABT	Exit	Abbott Laboratories	$0	–	-190,703	–	-1.60%	–
TEVA	Exit	Teva Pharmaceutical	$0	–	-173,284	–	-1.66%	–
LUK	Exit	Leucadia National	$0	–	-245,842	–	-1.70%	–
PM	Exit	Philip Morris	$0	–	-80,235	–	-1.76%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-299,470	–	-1.78%	–
AFL	Exit	Aflac Inc	$0	–	-115,248	–	-1.81%	–
NOV	Exit	National-Oilwell Varco	$0	–	-100,299	–	-1.98%	–
EXPD	Exit	Expeditors International	$0	–	-181,029	–	-2.02%	–
SLB	Exit	Schlumberger Ltd Com	$0	–	-90,404	–	-2.02%	–
IBM	Exit	Int'l Business Machines	$0	–	-67,947	–	-3.18%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-130,661	–	-3.31%	–
BP	Exit	BP PLC-Spons Adr	$0	–	-321,197	–	-3.42%	–
ORCL	Exit	Oracle Corp	$0	–	-422,064	–	-3.54%	–
LM	Exit	Legg Mason Inc	$0	–	-462,666	–	-3.92%	–
APOL	Exit	Apollo Group Inc	$0	–	-748,965	–	-3.94%	–
NSRGY	Exit	Nestle Sa	$0	–	-231,149	–	-4.09%	–
GOOGL	Exit	Google Inc Cl A	$0	–	-20,003	–	-4.43%	–
CMCSK	Exit	Comcast Corp	$0	–	-415,141	–	-4.56%	–
PG	Exit	Proctor & Gamble	$0	–	-238,871	–	-4.57%	–
MSFT	Exit	Microsoft Corp	$0	–	-553,808	–	-4.66%	–
PEP	Exit	Pepsico Inc	$0	–	-239,660	–	-4.82%	–
JNJ	Exit	Johnson & Johnson	$0	–	-234,208	–	-5.14%	–
INTC	Exit	Intel Corp	$0	–	-907,644	–	-5.27%	–
MDT	Exit	Medtronic Inc	$0	–	-396,898	–	-5.35%	–
WMT	Exit	Wal-Mart Stores	$0	–	-291,633	–	-5.46%	–
C	Exit	Citigroup Inc	$0	–	-866,245	–	-10.64%	–

Q3 2013

			Value		Shares		↓ Weighting
C	Sell	Citigroup Inc	$42,021,000	+0.0%	866,245	-1.1%	10.64%	-1.1%
WMT	Sell	Wal-Mart Stores	$21,569,000	-1.2%	291,633	-0.5%	5.46%	-2.3%
MDT	Sell	Medtronic Inc	$21,134,000	+2.9%	396,898	-0.5%	5.35%	+1.8%
INTC	Buy	Intel Corp	$20,804,000	-5.3%	907,644	+0.1%	5.27%	-6.3%
JNJ	Sell	Johnson & Johnson	$20,303,000	-0.1%	234,208	-1.0%	5.14%	-1.2%
PEP	Sell	Pepsico Inc	$19,052,000	-4.9%	239,660	-2.2%	4.82%	-5.9%
MSFT	Buy	Microsoft Corp	$18,430,000	-1.7%	553,808	+2.0%	4.66%	-2.8%
PG	Sell	Proctor & Gamble	$18,056,000	-3.9%	238,871	-2.2%	4.57%	-5.0%
CMCSK	Sell	Comcast Corp	$17,996,000	+8.8%	415,141	-0.4%	4.56%	+7.6%
GOOGL	Sell	Google Inc Cl A	$17,520,000	-1.0%	20,003	-0.5%	4.43%	-2.1%
NSRGY	Buy	Nestle Sa	$16,168,000	+7.5%	231,149	+0.7%	4.09%	+6.3%
APOL	Sell	Apollo Group Inc	$15,585,000	+16.6%	748,965	-0.7%	3.94%	+15.4%
LM	Sell	Legg Mason Inc	$15,471,000	+7.8%	462,666	-0.0%	3.92%	+6.6%
ORCL	Buy	Oracle Corp	$13,999,000	+21.3%	422,064	+12.3%	3.54%	+19.9%
BP	Buy	BP PLC-Spons Adr	$13,499,000	+1.5%	321,197	+0.8%	3.42%	+0.4%
BDX	Sell	Becton Dickinson & Co	$13,068,000	-2.6%	130,661	-3.8%	3.31%	-3.7%
IBM	Buy	Int'l Business Machines	$12,582,000	-1.3%	67,947	+1.8%	3.18%	-2.4%
SLB	Sell	Schlumberger Ltd Com	$7,988,000	+22.9%	90,404	-0.4%	2.02%	+21.5%
EXPD	Sell	Expeditors International	$7,976,000	+15.4%	181,029	-0.4%	2.02%	+14.1%
NOV	Sell	National-Oilwell Varco	$7,834,000	+12.9%	100,299	-0.4%	1.98%	+11.7%
AFL	Sell	Aflac Inc	$7,144,000	+6.2%	115,248	-0.4%	1.81%	+5.1%
CSCO	Sell	Cisco Systems Inc	$7,016,000	-3.8%	299,470	-0.1%	1.78%	-4.8%
PM	New	Philip Morris	$6,947,000	–	80,235	–	1.76%	–
LUK	Buy	Leucadia National	$6,696,000	+5.1%	245,842	+1.1%	1.70%	+3.9%
TEVA	Buy	Teva Pharmaceutical	$6,546,000	-2.2%	173,284	+1.4%	1.66%	-3.3%
ABT	Sell	Abbott Laboratories	$6,329,000	-5.2%	190,703	-0.4%	1.60%	-6.3%
MRK	Sell	Merck & Company	$6,319,000	+2.0%	132,738	-0.5%	1.60%	+0.8%
PRI	Buy	Primerica Inc	$2,705,000	+22.8%	67,058	+14.0%	0.68%	+21.5%
XOM	Sell	Exxon Mobil Corp	$1,642,000	-6.2%	19,091	-1.4%	0.42%	-7.1%
TRV	Sell	Travelers Cos Inc	$762,000	-9.9%	9,000	-15.1%	0.19%	-11.1%
KO	Buy	Coca-Cola Co	$653,000	-2.8%	17,262	+3.0%	0.16%	-4.1%
T	New	ATT	$263,000	–	7,800	–	0.07%	–
HAL	Buy	Halliburton Co	$258,000	+20.0%	5,377	+3.9%	0.06%	+18.2%
WFT	New	Weatherford International	$160,000	–	10,450	–	0.04%	–
PVCT	New	Provectus Pharmaceutical Inc	$15,000	–	20,000	–	0.00%	–
MHFI	Exit	McGraw-Hill Co	$0	–	-224,780	–	-3.06%	–

Q2 2013

			Value		Shares		↓ Weighting
C	New	Citigroup Inc	$42,016,000	–	875,894	–	10.75%	–
INTC	New	Intel Corp	$21,969,000	–	906,686	–	5.62%	–
WMT	New	Wal-Mart Stores	$21,833,000	–	293,108	–	5.59%	–
MDT	New	Medtronic Inc	$20,534,000	–	398,957	–	5.26%	–
JNJ	New	Johnson & Johnson	$20,314,000	–	236,594	–	5.20%	–
PEP	New	Pepsico Inc	$20,033,000	–	244,933	–	5.13%	–
PG	New	Proctor & Gamble	$18,796,000	–	244,136	–	4.81%	–
MSFT	New	Microsoft Corp	$18,755,000	–	542,933	–	4.80%	–
GOOGL	New	Google Inc Cl A	$17,695,000	–	20,100	–	4.53%	–
CMCSK	New	Comcast Corp	$16,535,000	–	416,828	–	4.23%	–
NSRGY	New	Nestle Sa	$15,035,000	–	229,641	–	3.85%	–
LM	New	Legg Mason Inc	$14,348,000	–	462,703	–	3.67%	–
BDX	New	Becton Dickinson & Co	$13,421,000	–	135,801	–	3.44%	–
APOL	New	Apollo Group Inc	$13,361,000	–	754,020	–	3.42%	–
BP	New	BP PLC-Spons Adr	$13,297,000	–	318,570	–	3.40%	–
IBM	New	Int'l Business Machines	$12,752,000	–	66,726	–	3.26%	–
MHFI	New	McGraw-Hill Co	$11,956,000	–	224,780	–	3.06%	–
ORCL	New	Oracle Corp	$11,541,000	–	375,813	–	2.95%	–
CSCO	New	Cisco Systems Inc	$7,291,000	–	299,642	–	1.87%	–
NOV	New	National-Oilwell Varco, Inc.	$6,936,000	–	100,678	–	1.78%	–
EXPD	New	Expeditors International	$6,913,000	–	181,745	–	1.77%	–
AFL	New	Aflac Inc	$6,725,000	–	115,721	–	1.72%	–
TEVA	New	Teva Pharmaceutical	$6,696,000	–	170,839	–	1.71%	–
ABT	New	Abbott Laboratories	$6,678,000	–	191,464	–	1.71%	–
SLB	New	Schlumberger Ltd Com	$6,502,000	–	90,746	–	1.66%	–
LUK	New	Leucadia National	$6,374,000	–	243,130	–	1.63%	–
MRK	New	Merck & Company	$6,198,000	–	133,455	–	1.59%	–
PRI	New	Primerica Inc	$2,202,000	–	58,824	–	0.56%	–
XOM	New	Exxon Mobil Corp	$1,750,000	–	19,371	–	0.45%	–
TRV	New	Travelers Cos Inc	$846,000	–	10,597	–	0.22%	–
KO	New	Coca-Cola Co	$672,000	–	16,762	–	0.17%	–
SPY	New	SPDR Trust Unit	$271,000	–	1,690	–	0.07%	–
DNRCQ	New	Denbury Resources Inc	$249,000	–	14,380	–	0.06%	–
HAL	New	Halliburton Co	$215,000	–	5,177	–	0.06%	–
HDVY	New	Health Discovery Corp	$38,000	–	1,175,693	–	0.01%	–
PWRM	New	Power 3 Medical	$1,000	–	270,000	–	0.00%	–

Compare quarters

Export ACADEMY CAPITAL MANAGEMENT INC/TX's holdings