BENNICAS & ASSOCIATES, INC. Activity Q4 1999-Q4 2022

Q4 2022

			Value		Shares		↓ Weighting
PG	Buy	Procter & Gamble	$24,147,145	+29.9%	159,324	+8.2%	13.96%	+17.8%
STPZ	Sell	Pimco 1-5 Year U.S. TIPS Index	$7,920,603	-17.4%	158,825	-18.2%	4.58%	-25.1%
SH	Sell	ProShares Short S&P 500	$6,995,075	-7.4%	436,374	-0.2%	4.04%	-16.1%
NEM	Sell	Newmont Goldcorp (fmly.Newmo	$5,820,374	+9.9%	123,313	-2.1%	3.36%	-0.4%
ABBV	Sell	AbbVie, Inc.	$5,718,247	+17.3%	35,383	-2.5%	3.30%	+6.4%
CEF	Sell	Sprott Physical Gold & Silver	$4,312,653	+14.4%	240,527	-0.7%	2.49%	+3.7%
FNV	Sell	Franco-Nevada Corp.	$4,138,483	+12.7%	30,323	-1.3%	2.39%	+2.2%
MRK	Sell	Merck & Co.	$3,783,395	+26.4%	34,100	-1.9%	2.19%	+14.6%
AEM	Sell	Agnico Eagle Miners Limited	$3,602,803	+22.8%	69,298	-0.3%	2.08%	+11.3%
LMT	Sell	Lockheed Martin Corp.	$3,344,627	+21.9%	6,875	-3.2%	1.93%	+10.5%
CVX	Sell	Chevron Corporation (fmly. Che	$3,251,282	+23.9%	18,114	-0.8%	1.88%	+12.3%
AMGN	Sell	Amgen Inc.	$3,126,614	+15.1%	11,905	-1.2%	1.81%	+4.3%
CSX	Sell	CSX Corp.	$3,080,187	+15.8%	99,425	-0.4%	1.78%	+5.0%
TTE	Sell	TotalEnergies SE (frmly Total	$3,065,697	+33.2%	49,383	-0.2%	1.77%	+20.7%
MCHP	Sell	Microchip Technology, Inc.	$2,915,375	+14.3%	41,500	-0.7%	1.68%	+3.6%
BG	Sell	Bunge Ltd.	$2,883,353	+20.0%	28,900	-0.7%	1.67%	+8.8%
LLY	Sell	Lilly, Eli	$2,668,071	+5.0%	7,293	-7.2%	1.54%	-4.8%
PHYS	Sell	Sprott Physical Gold Trust	$2,531,049	+9.4%	179,507	-0.7%	1.46%	-0.8%
AXP	Sell	American Express	$2,356,613	+8.9%	15,950	-0.6%	1.36%	-1.3%
CPRT	Buy	Copart Inc.	$2,295,553	+14.4%	37,700	+100.0%	1.33%	+3.8%
AUY	Buy	Yamana Gold, Inc.	$2,278,941	+24.2%	410,620	+1.4%	1.32%	+12.6%
FCX	Sell	Freeport McMoRan Inc.	$2,215,400	+37.6%	58,300	-1.0%	1.28%	+24.7%
PEP	Sell	Pepsico Inc.	$2,122,394	+8.3%	11,748	-2.1%	1.23%	-1.8%
PBTP	Sell	Invesco PureBeta 0-5 Yr US TIP	$1,968,273	-16.0%	80,700	-16.1%	1.14%	-23.9%
CLX	Sell	Clorox Co.	$1,944,974	+8.1%	13,860	-1.1%	1.12%	-2.0%
SO	Sell	Southern Company	$1,932,783	+4.2%	27,066	-0.7%	1.12%	-5.5%
MINT	Sell	Pimco Enhanced Short Maturity	$1,881,749	-10.2%	19,075	-10.0%	1.09%	-18.6%
BMY	Sell	Bristol-Myers Squibb	$1,835,157	-0.2%	25,506	-1.4%	1.06%	-9.5%
PAAS	Sell	Pan American Silver Corp.	$1,781,567	+2.0%	109,031	-0.8%	1.03%	-7.5%
HE	Sell	Hawaiian Electric	$1,741,462	+20.2%	41,612	-0.5%	1.01%	+9.0%
COP	Sell	ConocoPhillips	$1,706,988	+14.5%	14,466	-0.7%	0.99%	+3.8%
GRX	Sell	The Gabelli Healthcare and Wel	$1,698,256	+7.4%	165,200	-0.7%	0.98%	-2.6%
	Sell	Sprott Physical Silver Trust	$1,636,876	+20.3%	198,650	-3.4%	0.95%	+9.0%
OXY	Sell	Occidental Petroleum	$1,579,915	-5.5%	25,082	-7.8%	0.91%	-14.4%
ABT	Sell	Abbott Laboratories	$1,552,540	+11.9%	14,141	-1.4%	0.90%	+1.4%
SPDN	Sell	Direxion Daily S&P 500 Bear 1X	$1,525,524	-9.1%	92,400	-1.6%	0.88%	-17.6%
GILD	Sell	Gilead Sciences, Inc.	$1,473,701	+38.4%	17,166	-0.6%	0.85%	+25.5%
VZ	Sell	Verizon Corporation	$1,374,942	-6.5%	34,897	-9.9%	0.80%	-15.2%
KMB	Sell	Kimberly-Clark	$1,370,804	+18.9%	10,098	-1.5%	0.79%	+7.8%
JNJ	Sell	Johnson & Johnson	$1,338,300	+6.7%	7,576	-1.3%	0.77%	-3.2%
BUD	Sell	Anheuser Busch InBev	$1,113,742	+30.1%	18,550	-2.1%	0.64%	+17.9%
AAPL	Sell	Apple Computer	$1,097,389	-7.6%	8,446	-1.7%	0.63%	-16.2%
T	Sell	AT&T Corp. (New)	$1,063,214	+11.1%	57,752	-7.4%	0.62%	+0.8%
UL	Sell	Unilever PLC	$1,051,006	+12.2%	20,874	-2.3%	0.61%	+1.8%
TGT	Sell	Target Stores	$1,006,020	-1.0%	6,750	-1.5%	0.58%	-10.2%
SCHP	Sell	Schwab US TIPS ETF	$1,006,124	-28.2%	19,427	-28.2%	0.58%	-34.9%
INTC	Sell	Intel Corp.	$983,989	-22.5%	37,230	-24.4%	0.57%	-29.7%
K	Sell	Kellogg Co.	$920,706	+0.7%	12,924	-1.5%	0.53%	-8.7%
VALE	Sell	Vale S.A.	$884,137	+15.9%	52,100	-9.1%	0.51%	+4.9%
VWDRY	Sell	Vestas Wind Systems A/S	$844,844	+57.0%	88,000	-0.3%	0.49%	+42.3%
BHP	Sell	BHP Billiton Ltd.	$827,747	+23.0%	13,340	-0.7%	0.48%	+11.4%
DNP	Sell	DNP Select Income Fund (fmly.	$721,496	+3.7%	64,133	-4.6%	0.42%	-6.1%
PSX	Sell	Phillips 66	$634,888	+27.0%	6,100	-1.6%	0.37%	+15.0%
SLB	Sell	Schlumberger, Ltd.	$604,098	+46.3%	11,300	-1.7%	0.35%	+32.7%
PBR	Sell	Petroleo Brasileiro S.A.	$594,270	-22.7%	55,800	-10.4%	0.34%	-29.8%
ASA	Sell	ASA (Bermuda) Limited	$565,317	+8.7%	39,505	-4.8%	0.33%	-1.5%
QCOM	Sell	Qualcomm Inc.	$560,694	-4.5%	5,100	-1.9%	0.32%	-13.4%
PLD	New	ProLogis (New)	$508,525	–	4,511	–	0.29%	–
PEAK	Sell	Healthpeak Properties Inc (frm	$487,210	+5.0%	19,434	-4.0%	0.28%	-4.7%
CWH	Sell	Camping World Holdings,Inc.	$419,616	-35.2%	18,800	-26.6%	0.24%	-41.2%
	Sell	Transocean, Ltd.	$414,139	+82.4%	90,820	-1.3%	0.24%	+64.8%
	New	Shell plc (formerly Royal Dutc	$367,328	–	6,450	–	0.21%	–
KGC	Sell	Kinross Gold Corporation	$348,124	+4.2%	85,116	-4.3%	0.20%	-5.6%
CARR	Sell	Carrier Global Corporation	$321,379	+14.4%	7,791	-1.3%	0.19%	+3.9%
RF	Sell	Regions Financial Corporation	$310,464	+6.0%	14,400	-1.4%	0.18%	-4.3%
OTIS	Sell	Otis Worldwide Corp.	$309,951	+21.1%	3,958	-1.2%	0.18%	+9.8%
CAT	New	Caterpillar Inc.	$251,538	–	1,050	–	0.14%	–
GOLD	New	Barrick Gold Corporation	$220,763	–	12,850	–	0.13%	–
UTX	New	Raytheon Technologies (frmly U	$222,024	–	2,200	–	0.13%	–
AVA	New	Avista (formerly Washington Wa	$208,398	–	4,700	–	0.12%	–
	Sell	Newcrest Mining Limited	$165,939	+7.1%	11,795	-17.5%	0.10%	-3.0%
NG	Sell	NovaGold Resources Inc.	$142,922	+18.1%	23,900	-7.7%	0.08%	+7.8%
IAG	Sell	IAMGOLD Corporation	$130,117	+97.1%	50,433	-18.3%	0.08%	+78.6%
OGZPY	Sell	Open Joint Stock Co. Gazprom	$0	–	128,500	-0.8%	0.00%	–
MJNA	Sell	Medical Marijuana, Inc.	$122	-87.8%	20,000	-66.7%	0.00%	-100.0%
NILSY	Sell	Norilsk Nickel Mining & Metall	$0	–	31,900	-0.6%	0.00%	–
	Exit	Warner Bros. Discovery	$0	–	-14,588	–	-0.11%	–
ELAN	Exit	Elanco Animal Health	$0	–	-15,353	–	-0.12%	–
	Exit	Fed Ex	$0	–	-2,350	–	-0.22%	–
DRE	Exit	Duke Realty Corp. (fmly. Duke-	$0	–	-9,500	–	-0.29%	–
GLDD	Exit	Great Lakes Dredge & Dock Corp	$0	–	-80,450	–	-0.39%	–

Q3 2022

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$18,583,000	-12.3%	147,191	-0.1%	11.85%	-4.2%
STPZ	Sell	Pimco 1-5 Year U.S. TIPS Index	$9,592,000	-7.1%	194,140	-1.6%	6.12%	+1.5%
SH	Buy	ProShares Short S&P 500	$7,554,000	+44.6%	437,124	+38.1%	4.82%	+58.0%
NEM	Sell	Newmont Goldcorp (fmly.Newmo	$5,296,000	-30.4%	125,999	-1.2%	3.38%	-24.0%
ABBV	Sell	AbbVie, Inc.	$4,873,000	-13.3%	36,308	-1.1%	3.11%	-5.3%
CEF	Sell	Sprott Physical Gold & Silver	$3,770,000	-7.5%	242,127	-0.0%	2.40%	+1.1%
FNV	Sell	Franco-Nevada Corp.	$3,671,000	-10.5%	30,723	-1.4%	2.34%	-2.2%
MRK	Sell	Merck & Co.	$2,993,000	-6.6%	34,750	-1.1%	1.91%	+2.0%
AEM	Sell	Agnico Eagle Miners Limited	$2,934,000	-8.2%	69,477	-0.5%	1.87%	+0.3%
LMT	Sell	Lockheed Martin Corp.	$2,743,000	-10.8%	7,100	-0.7%	1.75%	-2.5%
AMGN	Sell	Amgen Inc.	$2,717,000	-8.5%	12,055	-1.2%	1.73%	-0.1%
CSX	Sell	CSX Corp.	$2,659,000	-9.2%	99,825	-1.0%	1.70%	-0.9%
CVX	Sell	Chevron Corporation (fmly. Che	$2,624,000	-1.3%	18,264	-0.5%	1.67%	+7.8%
MCHP	Sell	Microchip Technology, Inc.	$2,551,000	+2.6%	41,800	-2.3%	1.63%	+12.1%
LLY	Sell	Lilly, Eli	$2,541,000	-1.2%	7,857	-0.9%	1.62%	+7.9%
BG	Sell	Bunge Ltd.	$2,403,000	-9.3%	29,100	-0.3%	1.53%	-0.9%
PBTP	Sell	Invesco PureBeta 0-5 Yr US TIP	$2,344,000	-5.6%	96,215	-1.0%	1.50%	+3.2%
PHYS	Sell	Sprott Physical Gold Trust	$2,313,000	-11.2%	180,707	-1.6%	1.48%	-3.0%
TTE	Sell	TotalEnergies SE (frmly Total	$2,302,000	-12.0%	49,483	-0.4%	1.47%	-3.8%
AXP	Sell	American Express	$2,165,000	-3.4%	16,050	-0.8%	1.38%	+5.4%
SLW	Sell	Wheaton Precious Metals (Silve	$2,104,000	-11.1%	65,016	-1.0%	1.34%	-2.8%
MINT	Sell	Pimco Enhanced Short Maturity	$2,096,000	-1.6%	21,200	-1.4%	1.34%	+7.4%
CPRT	Sell	Copart Inc.	$2,006,000	-4.3%	18,850	-2.3%	1.28%	+4.5%
PEP	Sell	Pepsico Inc.	$1,959,000	-3.8%	11,998	-1.8%	1.25%	+5.0%
PSA	Sell	Public Storage	$1,854,000	-7.1%	6,333	-0.8%	1.18%	+1.5%
SO	Sell	Southern Company	$1,854,000	-6.0%	27,266	-1.4%	1.18%	+2.6%
BMY	Sell	Bristol-Myers Squibb	$1,838,000	-8.2%	25,856	-0.6%	1.17%	+0.3%
AUY	Sell	Yamana Gold, Inc.	$1,835,000	-4.9%	405,120	-2.4%	1.17%	+3.8%
CLX	Sell	Clorox Co.	$1,799,000	-9.7%	14,010	-0.9%	1.15%	-1.4%
PAAS	Sell	Pan American Silver Corp.	$1,746,000	-20.7%	109,931	-1.8%	1.11%	-13.4%
SPDN	Sell	Direxion Daily S&P 500 Bear 1X	$1,679,000	+2.9%	93,900	-1.9%	1.07%	+12.5%
GRX	Sell	The Gabelli Healthcare and Wel	$1,581,000	-11.9%	166,400	-0.6%	1.01%	-3.8%
ESS	Sell	Essex Property Trust	$1,507,000	-8.2%	6,221	-0.9%	0.96%	+0.3%
COP	Sell	ConocoPhillips	$1,491,000	+13.2%	14,566	-0.7%	0.95%	+23.7%
VZ	Sell	Verizon Corporation	$1,470,000	-25.4%	38,723	-0.3%	0.94%	-18.5%
HE	Sell	Hawaiian Electric	$1,449,000	-15.5%	41,812	-0.2%	0.92%	-7.7%
SCHP	Sell	Schwab US TIPS ETF	$1,402,000	-8.5%	27,064	-1.5%	0.89%	0.0%
ABT	Sell	Abbott Laboratories	$1,388,000	-11.5%	14,341	-0.7%	0.88%	-3.4%
	Sell	Sprott Physical Silver Trust	$1,361,000	-5.6%	205,650	-1.6%	0.87%	+3.1%
WPC	Sell	W.P. Carey, Inc.	$1,340,000	-16.0%	19,195	-0.3%	0.85%	-8.3%
INTC	Sell	Intel Corp.	$1,269,000	-31.5%	49,230	-0.6%	0.81%	-25.2%
JNJ	Sell	Johnson & Johnson	$1,254,000	-10.0%	7,676	-2.2%	0.80%	-1.7%
AAPL	Sell	Apple Computer	$1,188,000	+0.1%	8,596	-1.0%	0.76%	+9.2%
KMB	Sell	Kimberly-Clark	$1,153,000	-17.6%	10,248	-1.0%	0.74%	-10.0%
GILD	Sell	Gilead Sciences, Inc.	$1,065,000	-5.0%	17,266	-4.8%	0.68%	+3.8%
TGT	Sell	Target Stores	$1,016,000	+4.3%	6,850	-0.7%	0.65%	+13.9%
UL	Sell	Unilever PLC	$937,000	-5.0%	21,374	-0.7%	0.60%	+3.6%
K	Sell	Kellogg Co.	$914,000	-4.2%	13,124	-1.9%	0.58%	+4.7%
SNY	Sell	Sanofi-Aventis SA	$912,000	-24.6%	23,995	-0.8%	0.58%	-17.6%
REGN	Sell	Regeneron Pharmaceuticals, Inc	$868,000	+8.0%	1,260	-7.4%	0.55%	+17.9%
BUD	Sell	Anheuser Busch InBev	$856,000	-17.1%	18,950	-1.0%	0.55%	-9.5%
BHP	Sell	BHP Billiton Ltd.	$673,000	-11.6%	13,440	-0.7%	0.43%	-3.4%
CWH	New	Camping World Holdings,Inc.	$648,000	–	25,600	–	0.41%	–
PSX	Sell	Phillips 66	$500,000	-3.3%	6,200	-1.6%	0.32%	+5.6%
LEG	Sell	Leggett & Platt, Inc.	$475,000	-4.6%	14,300	-0.7%	0.30%	+4.1%
AGI	Sell	Alamos Gold Inc	$475,000	+4.9%	64,100	-0.8%	0.30%	+14.8%
ORCL	Sell	Oracle Corp.	$464,000	-14.9%	7,600	-2.6%	0.30%	-6.9%
PEAK	Sell	Healthpeak Properties Inc (frm	$464,000	-12.3%	20,234	-1.0%	0.30%	-4.2%
DRE	Sell	Duke Realty Corp. (fmly. Duke-	$458,000	-14.1%	9,500	-2.1%	0.29%	-6.1%
KGC	Sell	Kinross Gold Corporation	$334,000	+2.8%	88,916	-2.2%	0.21%	+12.1%
NTAP	Sell	NetApp, Inc.	$297,000	-10.8%	4,800	-5.9%	0.19%	-2.6%
	Sell	Transocean, Ltd.	$227,000	-26.3%	92,020	-0.5%	0.14%	-19.4%
TRMB	Sell	Trimble Navigation Ltd.	$222,000	-7.9%	4,088	-1.2%	0.14%	+0.7%
ELAN	Sell	Elanco Animal Health	$191,000	-39.7%	15,353	-5.0%	0.12%	-34.1%
NG	Sell	NovaGold Resources Inc.	$121,000	-6.2%	25,900	-3.7%	0.08%	+2.7%
IAG	Sell	IAMGOLD Corporation	$66,000	-36.5%	61,766	-4.6%	0.04%	-31.1%
OGZPY	Sell	Open Joint Stock Co. Gazprom	$0	–	129,500	-0.8%	0.00%	–
NILSY	Sell	Norilsk Nickel Mining & Metall	$0	–	32,100	-0.9%	0.00%	–
MUX	Exit	McEwen Mining Inc.	$0	–	-19,000	–	-0.01%	–
AVA	Exit	Avista (formerly Washington Wa	$0	–	-4,700	–	-0.12%	–
CAT	Exit	Caterpillar Inc.	$0	–	-1,150	–	-0.12%	–
UTX	Exit	Raytheon Technologies (frmly U	$0	–	-2,200	–	-0.12%	–

Q2 2022

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$21,186,000	–	147,341	–	12.37%	–
STPZ	New	Pimco 1-5 Year U.S. TIPS Index	$10,322,000	–	197,390	–	6.02%	–
NEM	New	Newmont Goldcorp (fmly.Newmo	$7,610,000	–	127,531	–	4.44%	–
ABBV	New	AbbVie, Inc.	$5,622,000	–	36,708	–	3.28%	–
SH	New	ProShares Short S&P 500	$5,223,000	–	316,524	–	3.05%	–
FNV	New	Franco-Nevada Corp.	$4,102,000	–	31,173	–	2.39%	–
CEF	New	Sprott Physical Gold & Silver	$4,074,000	–	242,227	–	2.38%	–
MSFT	New	Microsoft	$3,673,000	–	14,300	–	2.14%	–
MRK	New	Merck & Co.	$3,205,000	–	35,150	–	1.87%	–
AEM	New	Agnico Eagle Miners Limited	$3,196,000	–	69,835	–	1.87%	–
LMT	New	Lockheed Martin Corp.	$3,074,000	–	7,150	–	1.79%	–
AMGN	New	Amgen Inc.	$2,969,000	–	12,205	–	1.73%	–
CSX	New	CSX Corp.	$2,930,000	–	100,825	–	1.71%	–
CVX	New	Chevron Corporation (fmly. Che	$2,659,000	–	18,364	–	1.55%	–
BG	New	Bunge Ltd.	$2,648,000	–	29,200	–	1.55%	–
TTE	New	TotalEnergies SE (frmly Total	$2,615,000	–	49,683	–	1.53%	–
PHYS	New	Sprott Physical Gold Trust	$2,605,000	–	183,707	–	1.52%	–
LLY	New	Lilly, Eli	$2,571,000	–	7,931	–	1.50%	–
MCHP	New	Microchip Technology, Inc.	$2,486,000	–	42,800	–	1.45%	–
PBTP	New	Invesco PureBeta 0-5 Yr US TIP	$2,482,000	–	97,215	–	1.45%	–
SLW	New	Wheaton Precious Metals (Silve	$2,366,000	–	65,666	–	1.38%	–
AXP	New	American Express	$2,242,000	–	16,175	–	1.31%	–
PAAS	New	Pan American Silver Corp.	$2,202,000	–	111,931	–	1.28%	–
MINT	New	Pimco Enhanced Short Maturity	$2,131,000	–	21,500	–	1.24%	–
CPRT	New	Copart Inc.	$2,097,000	–	19,300	–	1.22%	–
PEP	New	Pepsico Inc.	$2,037,000	–	12,223	–	1.19%	–
BMY	New	Bristol-Myers Squibb	$2,002,000	–	26,006	–	1.17%	–
PSA	New	Public Storage	$1,996,000	–	6,383	–	1.16%	–
CLX	New	Clorox Co.	$1,993,000	–	14,135	–	1.16%	–
SO	New	Southern Company	$1,973,000	–	27,666	–	1.15%	–
VZ	New	Verizon Corporation	$1,970,000	–	38,823	–	1.15%	–
AUY	New	Yamana Gold, Inc.	$1,930,000	–	415,120	–	1.13%	–
INTC	New	Intel Corp.	$1,853,000	–	49,530	–	1.08%	–
GRX	New	The Gabelli Healthcare and Wel	$1,795,000	–	167,400	–	1.05%	–
FCX	New	Freeport McMoRan Inc.	$1,723,000	–	58,900	–	1.01%	–
HE	New	Hawaiian Electric	$1,714,000	–	41,912	–	1.00%	–
ESS	New	Essex Property Trust	$1,642,000	–	6,280	–	0.96%	–
SPDN	New	Direxion Daily S&P 500 Bear 1X	$1,631,000	–	95,700	–	0.95%	–
OXY	New	Occidental Petroleum	$1,602,000	–	27,207	–	0.94%	–
WPC	New	W.P. Carey, Inc.	$1,595,000	–	19,245	–	0.93%	–
ABT	New	Abbott Laboratories	$1,569,000	–	14,441	–	0.92%	–
SCHP	New	Schwab US TIPS ETF	$1,532,000	–	27,464	–	0.89%	–
	New	Sprott Physical Silver Trust	$1,442,000	–	208,950	–	0.84%	–
KMB	New	Kimberly-Clark	$1,399,000	–	10,348	–	0.82%	–
JNJ	New	Johnson & Johnson	$1,394,000	–	7,851	–	0.81%	–
COP	New	ConocoPhillips	$1,317,000	–	14,666	–	0.77%	–
T	New	AT&T Corp. (New)	$1,307,000	–	62,374	–	0.76%	–
SNY	New	Sanofi-Aventis SA	$1,210,000	–	24,195	–	0.71%	–
AAPL	New	Apple Computer	$1,187,000	–	8,680	–	0.69%	–
NUE	New	Nucor Corporation	$1,185,000	–	11,350	–	0.69%	–
WY	New	Weyerhaeuser Co.	$1,147,000	–	34,632	–	0.67%	–
GILD	New	Gilead Sciences, Inc.	$1,121,000	–	18,141	–	0.65%	–
GLDD	New	Great Lakes Dredge & Dock Corp	$1,055,000	–	80,450	–	0.62%	–
BUD	New	Anheuser Busch InBev	$1,033,000	–	19,150	–	0.60%	–
UL	New	Unilever PLC	$986,000	–	21,524	–	0.58%	–
TGT	New	Target Stores	$974,000	–	6,900	–	0.57%	–
K	New	Kellogg Co.	$954,000	–	13,374	–	0.56%	–
EQNR	New	Equinor ASA (formerly Statoil	$890,000	–	25,600	–	0.52%	–
VALE	New	Vale S.A.	$838,000	–	57,300	–	0.49%	–
REGN	New	Regeneron Pharmaceuticals, Inc	$804,000	–	1,360	–	0.47%	–
BHP	New	BHP Billiton Ltd.	$761,000	–	13,540	–	0.44%	–
DNP	New	DNP Select Income Fund (fmly.	$728,000	–	67,195	–	0.42%	–
PBR	New	Petroleo Brasileiro S.A.	$728,000	–	62,300	–	0.42%	–
QCOM	New	Qualcomm Inc.	$664,000	–	5,200	–	0.39%	–
VWDRY	New	Vestas Wind Systems A/S	$619,000	–	88,300	–	0.36%	–
ASA	New	ASA (Bermuda) Limited	$609,000	–	41,480	–	0.36%	–
TEAM	New	Atlassian Corporation	$572,000	–	3,050	–	0.33%	–
RYN	New	Rayonier Inc.	$553,000	–	14,800	–	0.32%	–
ORCL	New	Oracle Corp.	$545,000	–	7,800	–	0.32%	–
	New	Fed Ex	$533,000	–	2,350	–	0.31%	–
DRE	New	Duke Realty Corp. (fmly. Duke-	$533,000	–	9,700	–	0.31%	–
PEAK	New	Healthpeak Properties Inc (frm	$529,000	–	20,434	–	0.31%	–
PSX	New	Phillips 66	$517,000	–	6,300	–	0.30%	–
LEG	New	Leggett & Platt, Inc.	$498,000	–	14,400	–	0.29%	–
AGI	New	Alamos Gold Inc	$453,000	–	64,600	–	0.26%	–
SLB	New	Schlumberger, Ltd.	$411,000	–	11,500	–	0.24%	–
NTAP	New	NetApp, Inc.	$333,000	–	5,100	–	0.19%	–
KGC	New	Kinross Gold Corporation	$325,000	–	90,916	–	0.19%	–
ELAN	New	Elanco Animal Health	$317,000	–	16,153	–	0.18%	–
	New	Transocean, Ltd.	$308,000	–	92,520	–	0.18%	–
GDX	New	Market Vectors Gold Miners ETF	$285,000	–	10,400	–	0.17%	–
OTIS	New	Otis Worldwide Corp.	$283,000	–	4,008	–	0.16%	–
CARR	New	Carrier Global Corporation	$281,000	–	7,891	–	0.16%	–
DUK	New	Duke Energy	$276,000	–	2,571	–	0.16%	–
RF	New	Regions Financial Corporation	$274,000	–	14,600	–	0.16%	–
CAH	New	Cardinal Health	$251,000	–	4,800	–	0.15%	–
TRMB	New	Trimble Navigation Ltd.	$241,000	–	4,138	–	0.14%	–
O	New	Realty Income Corp.	$235,000	–	3,450	–	0.14%	–
UTX	New	Raytheon Technologies (frmly U	$211,000	–	2,200	–	0.12%	–
CAT	New	Caterpillar Inc.	$206,000	–	1,150	–	0.12%	–
	New	Newcrest Mining Limited	$206,000	–	14,300	–	0.12%	–
AVA	New	Avista (formerly Washington Wa	$204,000	–	4,700	–	0.12%	–
	New	Warner Bros. Discovery	$196,000	–	14,588	–	0.11%	–
AU	New	AngloGold Ashanti Ltd.	$175,000	–	11,830	–	0.10%	–
NG	New	NovaGold Resources Inc.	$129,000	–	26,900	–	0.08%	–
HL	New	Hecla Mining	$121,000	–	30,782	–	0.07%	–
IAG	New	IAMGOLD Corporation	$104,000	–	64,766	–	0.06%	–
MUX	New	McEwen Mining Inc.	$8,000	–	19,000	–	0.01%	–
MJNA	New	Medical Marijuana, Inc.	$1,000	–	60,000	–	0.00%	–
OGZPY	New	Open Joint Stock Co. Gazprom	$0	–	130,500	–	0.00%	–
NILSY	New	Norilsk Nickel Mining & Metall	$0	–	32,400	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
MJNA	Exit	Medical Marijuana, Inc.	$0	–	-60,000	–	-0.00%	–
MUX	Exit	McEwen Mining Inc.	$0	–	-20,000	–	-0.01%	–
IAG	Exit	IAMGOLD Corporation	$0	–	-69,516	–	-0.09%	–
HL	Exit	Hecla Mining	$0	–	-29,782	–	-0.09%	–
PVG	Exit	Pretium Resources Inc.	$0	–	-17,700	–	-0.10%	–
AU	Exit	AngloGold Ashanti Ltd.	$0	–	-11,880	–	-0.11%	–
NG	Exit	NovaGold Resources Inc.	$0	–	-30,900	–	-0.12%	–
PPG	Exit	PPG Industries	$0	–	-1,512	–	-0.12%	–
O	Exit	Realty Income Corp.	$0	–	-3,650	–	-0.13%	–
DUK	Exit	Duke Energy	$0	–	-2,571	–	-0.14%	–
TRMB	Exit	Trimble Navigation Ltd.	$0	–	-3,738	–	-0.17%	–
RF	Exit	Regions Financial Corporation	$0	–	-14,600	–	-0.18%	–
GDX	Exit	Market Vectors Gold Miners ETF	$0	–	-10,700	–	-0.18%	–
OTIS	Exit	Otis Worldwide Corporation	$0	–	-4,008	–	-0.19%	–
PSX	Exit	Phillips 66	$0	–	-5,408	–	-0.21%	–
SLB	Exit	Schlumberger, Ltd.	$0	–	-13,600	–	-0.23%	–
CARR	Exit	Carrier Global Corporation	$0	–	-7,891	–	-0.23%	–
KGC	Exit	Kinross Gold Corporation	$0	–	-81,416	–	-0.24%	–
NTAP	Exit	NetApp, Inc.	$0	–	-5,150	–	-0.26%	–
DRE	Exit	Duke Realty Corp. (fmly. Duke-	$0	–	-9,700	–	-0.26%	–
AGI	Exit	Alamos Gold Inc	$0	–	-64,700	–	-0.26%	–
ELAN	Exit	Elanco Animal Health	$0	–	-15,770	–	-0.28%	–
RYN	Exit	Rayonier Inc.	$0	–	-15,000	–	-0.30%	–
PBR	Exit	Petroleo Brasileiro S.A.	$0	–	-62,300	–	-0.36%	–
LEG	Exit	Leggett & Platt, Inc.	$0	–	-14,500	–	-0.37%	–
EQNR	Exit	Equinor ASA (formerly Statoil	$0	–	-26,000	–	-0.37%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-5,225	–	-0.38%	–
PEAK	Exit	Healthpeak Properties Inc (frm	$0	–	-20,834	–	-0.39%	–
BHP	Exit	BHP Billiton Ltd.	$0	–	-13,440	–	-0.40%	–
DNP	Exit	DNP Select Income Fund (fmly.	$0	–	-67,820	–	-0.41%	–
ORCL	Exit	Oracle Corp.	$0	–	-8,300	–	-0.41%	–
ASA	Exit	ASA (Bermuda) Limited	$0	–	-41,480	–	-0.44%	–
AEM	Exit	Agnico Eagle Miners Limited	$0	–	-15,937	–	-0.46%	–
OXY	Exit	Occidental Petroleum	$0	–	-29,057	–	-0.48%	–
WIP	Exit	SPDR FTSE Int'l Gov't Inflt Pr	$0	–	-16,400	–	-0.50%	–
REGN	Exit	Regeneron Pharmaceuticals, Inc	$0	–	-1,485	–	-0.51%	–
COP	Exit	ConocoPhillips	$0	–	-14,378	–	-0.55%	–
NILSY	Exit	Norilsk Nickel Mining & Metall	$0	–	-33,000	–	-0.56%	–
NUE	Exit	Nucor Corporation	$0	–	-10,450	–	-0.58%	–
BUD	Exit	Anheuser Busch InBev	$0	–	-19,150	–	-0.61%	–
K	Exit	Kellogg Co.	$0	–	-17,475	–	-0.63%	–
JNJ	Exit	Johnson & Johnson	$0	–	-7,200	–	-0.65%	–
SNY	Exit	Sanofi-Aventis SA	$0	–	-24,425	–	-0.66%	–
TEAM	Exit	Atlassian Corporation	$0	–	-3,050	–	-0.67%	–
VWDRY	Exit	Vestas Wind Systems A/S	$0	–	-88,500	–	-0.67%	–
UL	Exit	Unilever PLC	$0	–	-22,225	–	-0.68%	–
GLDD	Exit	Great Lakes Dredge & Dock Corp	$0	–	-80,450	–	-0.68%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-3,525	–	-0.68%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-34,932	–	-0.70%	–
KMB	Exit	Kimberly-Clark	$0	–	-9,568	–	-0.71%	–
OGZPY	Exit	Open Joint Stock Co. Gazprom	$0	–	-130,700	–	-0.73%	–
GILD	Exit	Gilead Sciences, Inc.	$0	–	-18,891	–	-0.74%	–
CTT	Exit	Catchmark Timber Trust, Inc. C	$0	–	-115,810	–	-0.77%	–
AAPL	Exit	Apple Computer	$0	–	-9,842	–	-0.78%	–
WPC	Exit	W.P. Carey, Inc.	$0	–	-19,200	–	-0.79%	–
VTR	Exit	Ventas, Inc.	$0	–	-25,944	–	-0.81%	–
SCHP	Exit	Schwab US TIPS ETF	$0	–	-23,190	–	-0.82%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-26,069	–	-0.87%	–
T	Exit	AT&T Corp. (New)	$0	–	-59,668	–	-0.91%	–
SO	Exit	Southern Company	$0	–	-26,166	–	-0.91%	–
INTC	Exit	Intel Corp.	$0	–	-30,630	–	-0.92%	–
AUY	Exit	Yamana Gold, Inc.	$0	–	-416,925	–	-0.93%	–
	Exit	Sprott Physical Silver Trust	$0	–	-219,250	–	-0.95%	–
HE	Exit	Hawaiian Electric	$0	–	-42,432	–	-0.98%	–
CVX	Exit	Chevron Corporation (fmly. Che	$0	–	-17,529	–	-1.00%	–
ABT	Exit	Abbott Laboratories	$0	–	-15,041	–	-1.00%	–
VZ	Exit	Verizon Corporation	$0	–	-33,789	–	-1.03%	–
PEP	Exit	Pepsico Inc.	$0	–	-12,485	–	-1.06%	–
FCX	Exit	Freeport McMoRan Inc.	$0	–	-58,200	–	-1.06%	–
PSA	Exit	Public Storage	$0	–	-6,757	–	-1.13%	–
ESS	Exit	Essex Property Trust	$0	–	-6,440	–	-1.16%	–
VMW	Exit	VMWare, Inc.	$0	–	-13,950	–	-1.17%	–
KL	Exit	Kirkland Lake Gold Ltd.	$0	–	-52,210	–	-1.22%	–
MINT	Exit	Pimco Enhanced Short Maturity	$0	–	-21,500	–	-1.23%	–
GRX	Exit	The Gabelli Healthcare and Wel	$0	–	-167,400	–	-1.24%	–
LLY	Exit	Lilly, Eli	$0	–	-9,933	–	-1.29%	–
AMGN	Exit	Amgen Inc.	$0	–	-10,820	–	-1.30%	–
SPDN	Exit	Direxion Daily S&P 500 Bear 1X	$0	–	-150,450	–	-1.33%	–
CLX	Exit	Clorox Co.	$0	–	-14,410	–	-1.34%	–
TTE	Exit	TotalEnergies SE (frmly Total	$0	–	-51,058	–	-1.38%	–
BG	Exit	Bunge Ltd.	$0	–	-30,300	–	-1.39%	–
PBTP	Exit	Invesco PureBeta 0-5 Yr US TIP	$0	–	-93,400	–	-1.39%	–
SLW	Exit	Wheaton Precious Metals (Silve	$0	–	-66,166	–	-1.40%	–
PAAS	Exit	Pan American Silver Corp.	$0	–	-106,846	–	-1.40%	–
MRK	Exit	Merck & Co.	$0	–	-35,800	–	-1.51%	–
PHYS	Exit	Sprott Physical Gold Trust	$0	–	-195,927	–	-1.52%	–
AXP	Exit	American Express	$0	–	-16,412	–	-1.55%	–
CPRT	Exit	Copart Inc.	$0	–	-20,325	–	-1.59%	–
SH	Exit	ProShares Short S&P 500	$0	–	-189,623	–	-1.62%	–
CSX	Exit	CSX Corp.	$0	–	-106,999	–	-1.79%	–
MCHP	Exit	Microchip Technology, Inc.	$0	–	-22,112	–	-1.91%	–
TGT	Exit	Target Stores	$0	–	-15,355	–	-1.98%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-30,700	–	-2.24%	–
CEF	Exit	Sprott Physical Gold & Silver	$0	–	-240,773	–	-2.32%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-41,108	–	-2.50%	–
MSFT	Exit	Microsoft	$0	–	-19,546	–	-3.10%	–
NEM	Exit	Newmont Goldcorp (fmly.Newmo	$0	–	-125,168	–	-3.82%	–
STPZ	Exit	Pimco 1-5 Year U.S. TIPS Index	$0	–	-198,445	–	-6.13%	–
PG	Exit	Procter & Gamble	$0	–	-147,154	–	-11.58%	–

Q3 2021

			Value		Shares		↓ Weighting
PG	Buy	Procter & Gamble	$20,572,000	+4.5%	147,154	+0.8%	11.58%	+6.8%
STPZ	Sell	Pimco 1-5 Year U.S. TIPS Index	$10,887,000	-1.7%	198,445	-1.4%	6.13%	+0.5%
NEM	Buy	Newmont Goldcorp (fmly.Newmo	$6,797,000	-11.8%	125,168	+2.9%	3.82%	-9.8%
MSFT	Sell	Microsoft	$5,510,000	+3.5%	19,546	-0.5%	3.10%	+5.9%
ABBV	Sell	AbbVie, Inc.	$4,434,000	-4.9%	41,108	-0.7%	2.50%	-2.8%
CEF	Sell	Sprott Physical Gold & Silver	$4,124,000	-9.2%	240,773	-0.9%	2.32%	-7.1%
TGT	Sell	Target Stores	$3,513,000	-13.0%	15,355	-8.1%	1.98%	-11.0%
MCHP	Sell	Microchip Technology, Inc.	$3,394,000	-0.6%	22,112	-3.1%	1.91%	+1.6%
CSX	Sell	CSX Corp.	$3,182,000	-8.0%	106,999	-0.7%	1.79%	-5.9%
SH	Buy	ProShares Short S&P 500	$2,888,000	+91.6%	189,623	+93.6%	1.62%	+96.0%
CPRT	Sell	Copart Inc.	$2,819,000	-0.2%	20,325	-5.1%	1.59%	+2.1%
AXP	Sell	American Express	$2,750,000	+0.3%	16,412	-1.1%	1.55%	+2.6%
MRK	Sell	Merck & Co.	$2,689,000	-4.2%	35,800	-0.8%	1.51%	-2.0%
SLW	Sell	Wheaton Precious Metals (Silve	$2,487,000	-15.2%	66,166	-0.6%	1.40%	-13.3%
PAAS	Sell	Pan American Silver Corp.	$2,486,000	-18.7%	106,846	-0.2%	1.40%	-16.9%
PBTP	Sell	Invesco PureBeta 0-5 Yr US TIP	$2,477,000	-1.0%	93,400	-1.1%	1.39%	+1.2%
BG	Sell	Bunge Ltd.	$2,464,000	+3.4%	30,300	-0.7%	1.39%	+5.6%
TTE	Buy	TotalEnergies SE (frmly Total	$2,447,000	+17.1%	51,058	+10.6%	1.38%	+19.8%
CLX	Sell	Clorox Co.	$2,386,000	-11.3%	14,410	-3.6%	1.34%	-9.3%
SPDN	Sell	Direxion Daily S&P 500 Bear 1X	$2,359,000	-5.3%	150,450	-4.4%	1.33%	-3.2%
LLY	Sell	Lilly, Eli	$2,295,000	-5.6%	9,933	-6.2%	1.29%	-3.4%
GRX	Sell	The Gabelli Healthcare and Wel	$2,211,000	-2.7%	167,400	-0.6%	1.24%	-0.6%
MINT	Sell	Pimco Enhanced Short Maturity	$2,191,000	-3.6%	21,500	-3.6%	1.23%	-1.4%
KL	Buy	Kirkland Lake Gold Ltd.	$2,171,000	+22.7%	52,210	+13.7%	1.22%	+25.6%
VMW	Sell	VMWare, Inc.	$2,074,000	-7.4%	13,950	-0.4%	1.17%	-5.3%
ESS	Sell	Essex Property Trust	$2,059,000	+6.6%	6,440	-0.0%	1.16%	+9.0%
PSA	Sell	Public Storage	$2,008,000	-1.9%	6,757	-0.7%	1.13%	+0.4%
PEP	Sell	Pepsico Inc.	$1,878,000	-2.2%	12,485	-3.7%	1.06%	+0.1%
ABT	Sell	Abbott Laboratories	$1,777,000	+0.6%	15,041	-1.3%	1.00%	+2.9%
CVX	Sell	Chevron Corporation (fmly. Che	$1,778,000	-3.8%	17,529	-0.7%	1.00%	-1.7%
AUY	Sell	Yamana Gold, Inc.	$1,651,000	-6.2%	416,925	-0.1%	0.93%	-4.1%
T	Sell	AT&T Corp. (New)	$1,612,000	-6.3%	59,668	-0.2%	0.91%	-4.1%
AAPL	Sell	Apple Computer	$1,393,000	+0.8%	9,842	-2.5%	0.78%	+3.2%
OGZPY	New	Open Joint Stock Co. Gazprom	$1,301,000	–	130,700	–	0.73%	–
KMB	Sell	Kimberly-Clark	$1,267,000	-3.1%	9,568	-2.1%	0.71%	-1.0%
GLDD	Buy	Great Lakes Dredge & Dock Corp	$1,214,000	+23.2%	80,450	+19.3%	0.68%	+26.0%
JNJ	Sell	Johnson & Johnson	$1,163,000	-3.3%	7,200	-1.4%	0.65%	-1.2%
K	Sell	Kellogg Co.	$1,117,000	-0.9%	17,475	-0.3%	0.63%	+1.3%
NUE	Buy	Nucor Corporation	$1,029,000	+48.9%	10,450	+45.1%	0.58%	+52.4%
NILSY	New	Norilsk Nickel Mining & Metall	$987,000	–	33,000	–	0.56%	–
COP	Buy	ConocoPhillips	$974,000	+15.3%	14,378	+3.6%	0.55%	+17.8%
WIP	Sell	SPDR FTSE Int'l Gov't Inflt Pr	$892,000	-9.2%	16,400	-5.7%	0.50%	-7.0%
ASA	Sell	ASA (Bermuda) Limited	$784,000	-14.2%	41,480	-2.1%	0.44%	-12.3%
DNP	Sell	DNP Select Income Fund (fmly.	$723,000	+1.8%	67,820	-0.2%	0.41%	+4.1%
BHP	Sell	BHP Billiton Ltd.	$719,000	-27.4%	13,440	-1.2%	0.40%	-25.7%
PEAK	Sell	Healthpeak Properties Inc (frm	$698,000	-0.6%	20,834	-1.1%	0.39%	+1.8%
PBR	New	Petroleo Brasileiro S.A.	$644,000	–	62,300	–	0.36%	–
ELAN	Sell	Elanco Animal Health	$503,000	-8.0%	15,770	-0.0%	0.28%	-6.0%
SLB	Sell	Schlumberger, Ltd.	$403,000	-9.4%	13,600	-2.2%	0.23%	-7.3%
DUK	Sell	Duke Energy	$251,000	-7.0%	2,571	-6.1%	0.14%	-5.4%
AU	Sell	AngloGold Ashanti Ltd.	$190,000	-14.4%	11,880	-0.7%	0.11%	-12.3%
IAG	Sell	IAMGOLD Corporation	$157,000	-24.2%	69,516	-1.1%	0.09%	-22.8%
AVA	Exit	Avista (formerly Washington Wa	$0	–	-4,700	–	-0.11%	–
UTX	Exit	Raytheon Technologies (frmly U	$0	–	-8,555	–	-0.40%	–
PFE	Exit	Pfizer Inc.	$0	–	-51,298	–	-1.10%	–

Q2 2021

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$19,689,000	–	145,918	–	10.83%	–
STPZ	New	Pimco 1-5 Year U.S. TIPS Index	$11,077,000	–	201,185	–	6.09%	–
NEM	New	Newmont Goldcorp (fmly.Newmo	$7,709,000	–	121,638	–	4.24%	–
MSFT	New	Microsoft	$5,322,000	–	19,646	–	2.93%	–
ABBV	New	AbbVie, Inc.	$4,664,000	–	41,408	–	2.57%	–
CEF	New	Sprott Physical Gold & Silver	$4,540,000	–	243,048	–	2.50%	–
FNV	New	Franco-Nevada Corp.	$4,454,000	–	30,700	–	2.45%	–
TGT	New	Target Stores	$4,038,000	–	16,705	–	2.22%	–
CSX	New	CSX Corp.	$3,458,000	–	107,799	–	1.90%	–
MCHP	New	Microchip Technology, Inc.	$3,416,000	–	22,812	–	1.88%	–
PAAS	New	Pan American Silver Corp.	$3,059,000	–	107,086	–	1.68%	–
SLW	New	Wheaton Precious Metals (Silve	$2,934,000	–	66,566	–	1.61%	–
CPRT	New	Copart Inc.	$2,824,000	–	21,425	–	1.55%	–
MRK	New	Merck & Co.	$2,807,000	–	36,100	–	1.54%	–
PHYS	New	Sprott Physical Gold Trust	$2,749,000	–	195,927	–	1.51%	–
AXP	New	American Express	$2,741,000	–	16,587	–	1.51%	–
CLX	New	Clorox Co.	$2,690,000	–	14,950	–	1.48%	–
AMGN	New	Amgen Inc.	$2,637,000	–	10,820	–	1.45%	–
PBTP	New	Invesco PureBeta 0-5 Yr US TIP	$2,503,000	–	94,400	–	1.38%	–
SPDN	New	Direxion Daily S&P 500 Bear 1X	$2,491,000	–	157,450	–	1.37%	–
LLY	New	Lilly, Eli	$2,431,000	–	10,592	–	1.34%	–
BG	New	Bunge Ltd.	$2,384,000	–	30,500	–	1.31%	–
GRX	New	The Gabelli Healthcare and Wel	$2,273,000	–	168,400	–	1.25%	–
MINT	New	Pimco Enhanced Short Maturity	$2,274,000	–	22,300	–	1.25%	–
VMW	New	VMWare, Inc.	$2,240,000	–	14,000	–	1.23%	–
FCX	New	Freeport McMoRan Inc.	$2,160,000	–	58,200	–	1.19%	–
TTE	New	TotalEnergies SE (frmly Total	$2,089,000	–	46,158	–	1.15%	–
PSA	New	Public Storage	$2,047,000	–	6,807	–	1.13%	–
	New	Sprott Physical Silver Trust	$2,035,000	–	219,250	–	1.12%	–
PFE	New	Pfizer Inc.	$2,009,000	–	51,298	–	1.10%	–
ESS	New	Essex Property Trust	$1,932,000	–	6,441	–	1.06%	–
PEP	New	Pepsico Inc.	$1,920,000	–	12,960	–	1.06%	–
VZ	New	Verizon Corporation	$1,893,000	–	33,789	–	1.04%	–
CVX	New	Chevron Corporation (fmly. Che	$1,849,000	–	17,656	–	1.02%	–
HE	New	Hawaiian Electric	$1,794,000	–	42,432	–	0.99%	–
KL	New	Kirkland Lake Gold Ltd.	$1,769,000	–	45,910	–	0.97%	–
ABT	New	Abbott Laboratories	$1,767,000	–	15,241	–	0.97%	–
AUY	New	Yamana Gold, Inc.	$1,761,000	–	417,325	–	0.97%	–
BMY	New	Bristol-Myers Squibb	$1,742,000	–	26,069	–	0.96%	–
T	New	AT&T Corp. (New)	$1,720,000	–	59,769	–	0.95%	–
INTC	New	Intel Corp.	$1,720,000	–	30,630	–	0.95%	–
SO	New	Southern Company	$1,583,000	–	26,166	–	0.87%	–
SH	New	ProShares Short S&P 500	$1,507,000	–	97,950	–	0.83%	–
VTR	New	Ventas, Inc.	$1,481,000	–	25,944	–	0.82%	–
SCHP	New	Schwab US TIPS ETF	$1,450,000	–	23,190	–	0.80%	–
WPC	New	W.P. Carey, Inc.	$1,433,000	–	19,200	–	0.79%	–
AAPL	New	Apple Computer	$1,382,000	–	10,092	–	0.76%	–
BUD	New	Anheuser Busch InBev	$1,379,000	–	19,150	–	0.76%	–
CTT	New	Catchmark Timber Trust, Inc. C	$1,355,000	–	115,810	–	0.74%	–
LMT	New	Lockheed Martin Corp.	$1,334,000	–	3,525	–	0.73%	–
KMB	New	Kimberly-Clark	$1,308,000	–	9,778	–	0.72%	–
GILD	New	Gilead Sciences, Inc.	$1,301,000	–	18,891	–	0.72%	–
UL	New	Unilever PLC	$1,300,000	–	22,225	–	0.72%	–
SNY	New	Sanofi-Aventis SA	$1,286,000	–	24,425	–	0.71%	–
JNJ	New	Johnson & Johnson	$1,203,000	–	7,300	–	0.66%	–
WY	New	Weyerhaeuser Co.	$1,202,000	–	34,932	–	0.66%	–
VWDRY	New	Vestas Wind Systems A/S	$1,154,000	–	88,500	–	0.64%	–
K	New	Kellogg Co.	$1,127,000	–	17,525	–	0.62%	–
BHP	New	BHP Billiton Ltd.	$990,000	–	13,600	–	0.54%	–
GLDD	New	Great Lakes Dredge & Dock Corp	$985,000	–	67,450	–	0.54%	–
WIP	New	SPDR FTSE Int'l Gov't Inflt Pr	$982,000	–	17,400	–	0.54%	–
AEM	New	Agnico Eagle Miners Limited	$963,000	–	15,937	–	0.53%	–
ASA	New	ASA (Bermuda) Limited	$914,000	–	42,380	–	0.50%	–
OXY	New	Occidental Petroleum	$909,000	–	29,057	–	0.50%	–
COP	New	ConocoPhillips	$845,000	–	13,878	–	0.46%	–
REGN	New	Regeneron Pharmaceuticals, Inc	$829,000	–	1,485	–	0.46%	–
TEAM	New	Atlassian Corporation	$783,000	–	3,050	–	0.43%	–
LEG	New	Leggett & Platt, Inc.	$751,000	–	14,500	–	0.41%	–
QCOM	New	Qualcomm Inc.	$747,000	–	5,225	–	0.41%	–
UTX	New	Raytheon Technologies (frmly U	$730,000	–	8,555	–	0.40%	–
DNP	New	DNP Select Income Fund (fmly.	$710,000	–	67,945	–	0.39%	–
PEAK	New	Healthpeak Properties Inc (frm	$702,000	–	21,074	–	0.39%	–
NUE	New	Nucor Corporation	$691,000	–	7,200	–	0.38%	–
ORCL	New	Oracle Corp.	$646,000	–	8,300	–	0.36%	–
EQNR	New	Equinor ASA (formerly Statoil	$551,000	–	26,000	–	0.30%	–
ELAN	New	Elanco Animal Health	$547,000	–	15,772	–	0.30%	–
RYN	New	Rayonier Inc.	$539,000	–	15,000	–	0.30%	–
KGC	New	Kinross Gold Corporation	$517,000	–	81,416	–	0.28%	–
AGI	New	Alamos Gold Inc	$495,000	–	64,700	–	0.27%	–
PSX	New	Phillips 66	$464,000	–	5,408	–	0.26%	–
DRE	New	Duke Realty Corp. (fmly. Duke-	$459,000	–	9,700	–	0.25%	–
SLB	New	Schlumberger, Ltd.	$445,000	–	13,900	–	0.24%	–
NTAP	New	NetApp, Inc.	$421,000	–	5,150	–	0.23%	–
CARR	New	Carrier Global Corporation	$384,000	–	7,891	–	0.21%	–
GDX	New	Market Vectors Gold Miners ETF	$364,000	–	10,700	–	0.20%	–
OTIS	New	Otis Worldwide Corporation	$328,000	–	4,008	–	0.18%	–
TRMB	New	Trimble Navigation Ltd.	$306,000	–	3,738	–	0.17%	–
RF	New	Regions Financial Corporation	$295,000	–	14,600	–	0.16%	–
DUK	New	Duke Energy	$270,000	–	2,737	–	0.15%	–
PPG	New	PPG Industries	$257,000	–	1,512	–	0.14%	–
NG	New	NovaGold Resources Inc.	$248,000	–	30,900	–	0.14%	–
O	New	Realty Income Corp.	$244,000	–	3,650	–	0.13%	–
AU	New	AngloGold Ashanti Ltd.	$222,000	–	11,960	–	0.12%	–
HL	New	Hecla Mining	$222,000	–	29,782	–	0.12%	–
IAG	New	IAMGOLD Corporation	$207,000	–	70,316	–	0.11%	–
AVA	New	Avista (formerly Washington Wa	$201,000	–	4,700	–	0.11%	–
PVG	New	Pretium Resources Inc.	$169,000	–	17,700	–	0.09%	–
MUX	New	McEwen Mining Inc.	$28,000	–	20,000	–	0.02%	–
MJNA	New	Medical Marijuana, Inc.	$2,000	–	60,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
MJNA	Exit	Medical Marijuana, Inc.	$0	–	-60,000	–	-0.00%	–
MUX	Exit	McEwen Mining Inc.	$0	–	-20,000	–	-0.01%	–
CTT	Exit	Catchmark Timber Trust, Inc. C	$0	–	-12,110	–	-0.07%	–
OGZPY	Exit	Open Joint Stock Co. Gazprom	$0	–	-29,050	–	-0.08%	–
ENGIY	Exit	Engie (formerly GDF Suez S.A.)	$0	–	-10,700	–	-0.09%	–
PBR	Exit	Petroleo Brasileiro S.A.	$0	–	-20,200	–	-0.09%	–
HL	Exit	Hecla Mining	$0	–	-29,782	–	-0.09%	–
O	Exit	Realty Income Corp.	$0	–	-3,650	–	-0.14%	–
PVG	Exit	Pretium Resources Inc.	$0	–	-17,700	–	-0.14%	–
CARR	Exit	Carrier Global Corporation	$0	–	-7,981	–	-0.15%	–
OTIS	Exit	Otis Worldwide Corporation	$0	–	-4,052	–	-0.16%	–
SLB	Exit	Schlumberger, Ltd.	$0	–	-16,200	–	-0.16%	–
DUK	Exit	Duke Energy	$0	–	-2,937	–	-0.16%	–
AU	Exit	AngloGold Ashanti Ltd.	$0	–	-9,960	–	-0.16%	–
IAG	Exit	IAMGOLD Corporation	$0	–	-70,816	–	-0.17%	–
GOLD	Exit	Barrick Gold Corporation	$0	–	-9,650	–	-0.17%	–
PSX	Exit	Phillips 66	$0	–	-5,558	–	-0.18%	–
ONEQ	Exit	Fidelity Commonwealth TR Stk E	$0	–	-811	–	-0.22%	–
DRE	Exit	Duke Realty Corp. (fmly. Duke-	$0	–	-9,900	–	-0.23%	–
NG	Exit	NovaGold Resources Inc.	$0	–	-30,900	–	-0.23%	–
OXY	Exit	Occidental Petroleum	$0	–	-37,757	–	-0.24%	–
EQNR	Exit	Equinor ASA (formerly Statoil	$0	–	-27,567	–	-0.24%	–
RYN	Exit	Rayonier Inc.	$0	–	-15,000	–	-0.25%	–
COP	Exit	ConocoPhillips	$0	–	-12,802	–	-0.26%	–
GDX	Exit	Market Vectors Gold Miners ETF	$0	–	-11,100	–	-0.27%	–
INTC	Exit	Intel Corp.	$0	–	-9,430	–	-0.30%	–
UTX	Exit	Raytheon Technologies (frmly U	$0	–	-8,579	–	-0.31%	–
TEAM	Exit	Atlassian Corporation	$0	–	-3,053	–	-0.34%	–
ORCL	Exit	Oracle Corp.	$0	–	-9,400	–	-0.35%	–
PEAK	Exit	Healthpeak Properties Inc (frm	$0	–	-21,274	–	-0.36%	–
LEG	Exit	Leggett & Platt, Inc.	$0	–	-14,600	–	-0.37%	–
DNP	Exit	DNP Select Income Fund (fmly.	$0	–	-68,070	–	-0.42%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-5,825	–	-0.43%	–
BHP	Exit	BHP Billiton Ltd.	$0	–	-13,600	–	-0.44%	–
KGC	Exit	Kinross Gold Corporation	$0	–	-81,816	–	-0.45%	–
REGN	Exit	Regeneron Pharmaceuticals, Inc	$0	–	-1,485	–	-0.52%	–
AAPL	Exit	Apple Computer	$0	–	-7,192	–	-0.52%	–
WIP	Exit	SPDR FTSE Int'l Gov't Inflt Pr	$0	–	-16,300	–	-0.55%	–
FCX	Exit	Freeport McMoRan Inc.	$0	–	-58,400	–	-0.57%	–
ASA	Exit	ASA (Bermuda) Limited	$0	–	-44,280	–	-0.58%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-35,232	–	-0.62%	–
VWDRY	Exit	Vestas Wind Systems A/S	$0	–	-19,450	–	-0.65%	–
BUD	Exit	Anheuser Busch InBev	$0	–	-19,800	–	-0.66%	–
JNJ	Exit	Johnson & Johnson	$0	–	-7,300	–	-0.68%	–
VTR	Exit	Ventas, Inc.	$0	–	-26,444	–	-0.69%	–
K	Exit	Kellogg Co.	$0	–	-18,175	–	-0.73%	–
VZ	Exit	Verizon Corporation	$0	–	-20,469	–	-0.76%	–
CVX	Exit	Chevron Corporation (fmly. Che	$0	–	-17,372	–	-0.78%	–
SNY	Exit	Sanofi-Aventis SA	$0	–	-24,925	–	-0.78%	–
GILD	Exit	Gilead Sciences, Inc.	$0	–	-19,841	–	-0.78%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-3,325	–	-0.79%	–
WPC	Exit	W.P. Carey, Inc.	$0	–	-19,600	–	-0.79%	–
AEM	Exit	Agnico Eagle Miners Limited	$0	–	-16,311	–	-0.81%	–
ESS	Exit	Essex Property Trust	$0	–	-6,668	–	-0.83%	–
UL	Exit	Unilever PLC	$0	–	-22,325	–	-0.86%	–
SO	Exit	Southern Company	$0	–	-25,966	–	-0.88%	–
BG	Exit	Bunge Ltd.	$0	–	-30,800	–	-0.88%	–
HE	Exit	Hawaiian Electric	$0	–	-42,732	–	-0.88%	–
KMB	Exit	Kimberly-Clark	$0	–	-9,950	–	-0.91%	–
PSA	Exit	Public Storage	$0	–	-6,840	–	-0.95%	–
SCHP	Exit	Schwab US TIPS ETF	$0	–	-24,690	–	-0.95%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-26,593	–	-1.00%	–
TTE	Exit	Total S.A. ADR	$0	–	-46,858	–	-1.00%	–
LLY	Exit	Lilly, Eli	$0	–	-11,037	–	-1.02%	–
AXP	Exit	American Express	$0	–	-16,511	–	-1.03%	–
ABT	Exit	Abbott Laboratories	$0	–	-15,741	–	-1.06%	–
T	Exit	AT&T Corp. (New)	$0	–	-60,769	–	-1.08%	–
GRX	Exit	The Gabelli Healthcare and Wel	$0	–	-170,900	–	-1.10%	–
PBTP	Exit	Invesco PureBeta 0-5 Yr US TIP	$0	–	-71,200	–	-1.14%	–
PEP	Exit	Pepsico Inc.	$0	–	-13,308	–	-1.15%	–
	Exit	Sprott Physical Silver Trust	$0	–	-224,250	–	-1.15%	–
SBUX	Exit	Starbucks Corp.	$0	–	-21,711	–	-1.16%	–
PFE	Exit	Pfizer Inc.	$0	–	-51,298	–	-1.17%	–
KL	Exit	Kirkland Lake Gold Ltd.	$0	–	-45,310	–	-1.37%	–
MINT	Exit	Pimco Enhanced Short Maturity	$0	–	-22,300	–	-1.41%	–
DIS	Exit	Disney (Walt) Holding Co.	$0	–	-18,450	–	-1.42%	–
AUY	Exit	Yamana Gold, Inc.	$0	–	-423,325	–	-1.49%	–
CPRT	Exit	Copart Inc.	$0	–	-23,825	–	-1.56%	–
MCHP	Exit	Microchip Technology, Inc.	$0	–	-25,786	–	-1.65%	–
TGT	Exit	Target Stores	$0	–	-18,225	–	-1.78%	–
PHYS	Exit	Sprott Physical Gold Trust	$0	–	-198,427	–	-1.86%	–
CSX	Exit	CSX Corp.	$0	–	-39,116	–	-1.89%	–
MRK	Exit	Merck & Co.	$0	–	-36,983	–	-1.91%	–
CLX	Exit	Clorox Co.	$0	–	-15,250	–	-1.99%	–
SLW	Exit	Wheaton Precious Metals (Silve	$0	–	-67,366	–	-2.05%	–
PAAS	Exit	Pan American Silver Corp.	$0	–	-106,086	–	-2.12%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-44,058	–	-2.40%	–
MSFT	Exit	Microsoft	$0	–	-19,146	–	-2.50%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-31,100	–	-2.70%	–
CEF	Exit	Sprott Physical Gold & Silver	$0	–	-248,298	–	-2.83%	–
SH	Exit	ProShares Short S&P 500	$0	–	-238,878	–	-3.02%	–
NEM	Exit	Newmont Goldcorp (fmly.Newmo	$0	–	-121,606	–	-4.80%	–
STPZ	Exit	Pimco 1-5 Year U.S. TIPS Index	$0	–	-195,195	–	-6.54%	–
PG	Exit	Procter & Gamble	$0	–	-145,736	–	-12.59%	–

Q3 2020

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$20,256,000	+15.7%	145,736	-0.4%	12.59%	-4.2%
STPZ	New	Pimco 1-5 Year U.S. TIPS Index	$10,521,000	–	195,195	–	6.54%	–
NEM	Sell	Newmont Goldcorp (fmly.Newmo	$7,716,000	+2.6%	121,606	-0.2%	4.80%	-15.1%
SH	Sell	ProShares Short S&P 500	$4,854,000	-9.3%	238,878	-0.2%	3.02%	-24.9%
CEF	Sell	Sprott Physical Gold & Silver	$4,554,000	+7.9%	248,298	-0.5%	2.83%	-10.6%
FNV	Buy	Franco-Nevada Corp.	$4,341,000	+0.3%	31,100	+0.3%	2.70%	-17.0%
MSFT	Sell	Microsoft	$4,027,000	-38.3%	19,146	-40.3%	2.50%	-49.0%
ABBV	Sell	AbbVie, Inc.	$3,859,000	-11.2%	44,058	-0.5%	2.40%	-26.5%
PAAS	Sell	Pan American Silver Corp.	$3,411,000	+5.6%	106,086	-0.2%	2.12%	-12.5%
SLW	Sell	Wheaton Precious Metals (Silve	$3,306,000	+10.5%	67,366	-0.8%	2.05%	-8.5%
CLX	Sell	Clorox Co.	$3,205,000	-4.8%	15,250	-0.7%	1.99%	-21.2%
MRK	Sell	Merck & Co.	$3,068,000	+6.5%	36,983	-0.7%	1.91%	-11.8%
CSX	Sell	CSX Corp.	$3,038,000	+11.3%	39,116	-0.1%	1.89%	-7.9%
TGT	Sell	Target Stores	$2,869,000	+30.5%	18,225	-0.5%	1.78%	+8.1%
MCHP	Sell	Microchip Technology, Inc.	$2,650,000	-2.8%	25,786	-0.4%	1.65%	-19.5%
CPRT	Sell	Copart Inc.	$2,505,000	+25.2%	23,825	-0.8%	1.56%	+3.7%
AUY	Buy	Yamana Gold, Inc.	$2,404,000	+29.9%	423,325	+24.9%	1.49%	+7.6%
DIS	Sell	Disney (Walt) Holding Co.	$2,289,000	+10.6%	18,450	-0.5%	1.42%	-8.4%
MINT	New	Pimco Enhanced Short Maturity	$2,274,000	–	22,300	–	1.41%	–
KL	Buy	Kirkland Lake Gold Ltd.	$2,208,000	+21.4%	45,310	+2.7%	1.37%	+0.5%
PFE	Sell	Pfizer Inc.	$1,883,000	+11.6%	51,298	-0.6%	1.17%	-7.6%
SBUX	Sell	Starbucks Corp.	$1,865,000	+16.2%	21,711	-0.5%	1.16%	-3.8%
	Buy	Sprott Physical Silver Trust	$1,855,000	+936.3%	224,250	+726.0%	1.15%	+760.4%
PBTP	New	Invesco PureBeta 0-5 Yr US TIP	$1,837,000	–	71,200	–	1.14%	–
GRX	Sell	The Gabelli Healthcare and Wel	$1,764,000	+2.0%	170,900	-0.8%	1.10%	-15.6%
T	Buy	AT&T Corp. (New)	$1,733,000	-3.7%	60,769	+2.1%	1.08%	-20.3%
ABT	Buy	Abbott Laboratories	$1,713,000	+23.6%	15,741	+3.8%	1.06%	+2.3%
LLY	Sell	Lilly, Eli	$1,634,000	-10.6%	11,037	-0.9%	1.02%	-26.0%
TTE	Buy	Total S.A. ADR	$1,607,000	-7.2%	46,858	+4.1%	1.00%	-23.2%
BMY	Sell	Bristol-Myers Squibb	$1,603,000	+1.8%	26,593	-0.6%	1.00%	-15.7%
PSA	Sell	Public Storage	$1,523,000	+15.5%	6,840	-0.5%	0.95%	-4.4%
SCHP	New	Schwab US TIPS ETF	$1,522,000	–	24,690	–	0.95%	–
KMB	Sell	Kimberly-Clark	$1,469,000	+3.4%	9,950	-1.0%	0.91%	-14.4%
HE	Sell	Hawaiian Electric	$1,420,000	-8.4%	42,732	-0.6%	0.88%	-24.2%
BG	Buy	Bunge Ltd.	$1,408,000	+130.4%	30,800	+107.4%	0.88%	+90.6%
SO	Sell	Southern Company	$1,408,000	+3.7%	25,966	-0.9%	0.88%	-14.1%
ESS	Sell	Essex Property Trust	$1,339,000	-13.4%	6,668	-1.2%	0.83%	-28.3%
GILD	Buy	Gilead Sciences, Inc.	$1,254,000	-17.6%	19,841	+0.3%	0.78%	-31.8%
SNY	Sell	Sanofi-Aventis SA	$1,250,000	-3.0%	24,925	-1.2%	0.78%	-19.6%
CVX	Buy	Chevron Corporation (fmly. Che	$1,251,000	+5.9%	17,372	+31.3%	0.78%	-12.3%
VZ	Sell	Verizon Corporation	$1,218,000	+6.6%	20,469	-1.3%	0.76%	-11.8%
K	Sell	Kellogg Co.	$1,174,000	-13.8%	18,175	-11.9%	0.73%	-28.7%
BUD	New	Anheuser Busch InBev	$1,067,000	–	19,800	–	0.66%	–
VWDRY	Sell	Vestas Wind Systems A/S	$1,047,000	+55.3%	19,450	-1.5%	0.65%	+28.7%
WY	Sell	Weyerhaeuser Co.	$1,005,000	+24.5%	35,232	-2.0%	0.62%	+3.0%
FCX	New	Freeport McMoRan Inc.	$913,000	–	58,400	–	0.57%	–
WIP	New	SPDR FTSE Int'l Gov't Inflt Pr	$884,000	–	16,300	–	0.55%	–
AAPL	Buy	Apple Computer	$833,000	+27.0%	7,192	+300.0%	0.52%	+5.3%
KGC	Buy	Kinross Gold Corporation	$722,000	+41.8%	81,816	+16.0%	0.45%	+17.5%
BHP	New	BHP Billiton Ltd.	$703,000	–	13,600	–	0.44%	–
QCOM	Sell	Qualcomm Inc.	$685,000	+24.5%	5,825	-3.3%	0.43%	+3.1%
DNP	Sell	DNP Select Income Fund (fmly.	$683,000	-9.8%	68,070	-2.2%	0.42%	-25.4%
ORCL	Sell	Oracle Corp.	$561,000	+5.6%	9,400	-2.1%	0.35%	-12.5%
UTX	Sell	Raytheon Technologies (frmly U	$494,000	-8.7%	8,579	-2.3%	0.31%	-24.4%
COP	Sell	ConocoPhillips	$420,000	-22.8%	12,802	-1.0%	0.26%	-36.0%
RYN	New	Rayonier Inc.	$397,000	–	15,000	–	0.25%	–
EQNR	Buy	Equinor ASA (formerly Statoil	$388,000	+12.5%	27,567	+15.7%	0.24%	-6.9%
OXY	Sell	Occidental Petroleum	$378,000	-45.7%	37,757	-0.7%	0.24%	-55.0%
ONEQ	Buy	Fidelity Commonwealth TR Stk E	$352,000	+11.0%	811	+0.2%	0.22%	-8.0%
PSX	Sell	Phillips 66	$288,000	-28.7%	5,558	-1.2%	0.18%	-40.9%
IAG	Sell	IAMGOLD Corporation	$271,000	-3.6%	70,816	-0.5%	0.17%	-20.4%
GOLD	Buy	Barrick Gold Corporation	$271,000	+5.9%	9,650	+1.6%	0.17%	-12.5%
AU	Buy	AngloGold Ashanti Ltd.	$263,000	-5.4%	9,960	+5.8%	0.16%	-22.0%
DUK	Buy	Duke Energy	$260,000	+17.6%	2,937	+6.0%	0.16%	-2.4%
OTIS	Buy	Otis Worldwide Corporation	$253,000	+10.5%	4,052	+0.8%	0.16%	-8.7%
CARR	New	Carrier Global Corporation	$244,000	–	7,981	–	0.15%	–
PVG	Buy	Pretium Resources Inc.	$227,000	+66.9%	17,700	+9.3%	0.14%	+38.2%
O	Sell	Realty Income Corp.	$222,000	-5.5%	3,650	-7.6%	0.14%	-21.6%
ENGIY	Sell	Engie (formerly GDF Suez S.A.)	$142,000	+5.2%	10,700	-1.8%	0.09%	-12.9%
OGZPY	Sell	Open Joint Stock Co. Gazprom	$126,000	-21.2%	29,050	-1.7%	0.08%	-35.0%
CTT	New	Catchmark Timber Trust, Inc. C	$108,000	–	12,110	–	0.07%	–
MUX	New	McEwen Mining Inc.	$21,000	–	20,000	–	0.01%	–

Q2 2020

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$17,501,000	–	146,370	–	13.14%	–
NEM	New	Newmont Goldcorp (fmly.Newmo	$7,521,000	–	121,825	–	5.64%	–
MSFT	New	Microsoft	$6,532,000	–	32,096	–	4.90%	–
SH	New	ProShares Short S&P 500	$5,354,000	–	239,450	–	4.02%	–
ABBV	New	AbbVie, Inc.	$4,347,000	–	44,275	–	3.26%	–
FNV	New	Franco-Nevada Corp.	$4,329,000	–	31,000	–	3.25%	–
CEF	New	Sprott Physical Gold & Silver	$4,219,000	–	249,632	–	3.17%	–
CLX	New	Clorox Co.	$3,367,000	–	15,350	–	2.53%	–
PAAS	New	Pan American Silver Corp.	$3,229,000	–	106,254	–	2.42%	–
SLW	New	Wheaton Precious Metals (Silve	$2,991,000	–	67,900	–	2.24%	–
MRK	New	Merck & Co.	$2,881,000	–	37,250	–	2.16%	–
PHYS	New	Sprott Physical Gold Trust	$2,839,000	–	198,427	–	2.13%	–
CSX	New	CSX Corp.	$2,730,000	–	39,150	–	2.05%	–
MCHP	New	Microchip Technology, Inc.	$2,726,000	–	25,886	–	2.05%	–
TGT	New	Target Stores	$2,198,000	–	18,325	–	1.65%	–
DIS	New	Disney (Walt) Holding Co.	$2,069,000	–	18,550	–	1.55%	–
CPRT	New	Copart Inc.	$2,001,000	–	24,025	–	1.50%	–
AUY	New	Yamana Gold, Inc.	$1,851,000	–	339,025	–	1.39%	–
LLY	New	Lilly, Eli	$1,828,000	–	11,135	–	1.37%	–
KL	New	Kirkland Lake Gold Ltd.	$1,819,000	–	44,110	–	1.36%	–
T	New	AT&T Corp. (New)	$1,800,000	–	59,544	–	1.35%	–
PEP	New	Pepsico Inc.	$1,760,000	–	13,308	–	1.32%	–
TTE	New	Total S.A. ADR	$1,732,000	–	45,025	–	1.30%	–
GRX	New	The Gabelli Healthcare and Wel	$1,729,000	–	172,200	–	1.30%	–
PFE	New	Pfizer Inc.	$1,687,000	–	51,598	–	1.27%	–
SBUX	New	Starbucks Corp.	$1,605,000	–	21,811	–	1.20%	–
BMY	New	Bristol-Myers Squibb	$1,574,000	–	26,761	–	1.18%	–
AXP	New	American Express	$1,572,000	–	16,511	–	1.18%	–
HE	New	Hawaiian Electric	$1,551,000	–	43,000	–	1.16%	–
ESS	New	Essex Property Trust	$1,546,000	–	6,747	–	1.16%	–
GILD	New	Gilead Sciences, Inc.	$1,521,000	–	19,775	–	1.14%	–
KMB	New	Kimberly-Clark	$1,421,000	–	10,050	–	1.07%	–
ABT	New	Abbott Laboratories	$1,386,000	–	15,158	–	1.04%	–
K	New	Kellogg Co.	$1,362,000	–	20,625	–	1.02%	–
SO	New	Southern Company	$1,358,000	–	26,200	–	1.02%	–
WPC	New	W.P. Carey, Inc.	$1,326,000	–	19,600	–	1.00%	–
PSA	New	Public Storage	$1,319,000	–	6,874	–	0.99%	–
SNY	New	Sanofi-Aventis SA	$1,288,000	–	25,225	–	0.97%	–
UL	New	Unilever PLC	$1,225,000	–	22,325	–	0.92%	–
LMT	New	Lockheed Martin Corp.	$1,213,000	–	3,325	–	0.91%	–
CVX	New	Chevron Corporation (fmly. Che	$1,181,000	–	13,232	–	0.89%	–
VZ	New	Verizon Corporation	$1,143,000	–	20,737	–	0.86%	–
AEM	New	Agnico Eagle Miners Limited	$1,045,000	–	16,311	–	0.78%	–
JNJ	New	Johnson & Johnson	$1,027,000	–	7,300	–	0.77%	–
VTR	New	Ventas, Inc.	$968,000	–	26,444	–	0.73%	–
REGN	New	Regeneron Pharmaceuticals, Inc	$926,000	–	1,485	–	0.70%	–
WY	New	Weyerhaeuser Co.	$807,000	–	35,952	–	0.61%	–
ASA	New	ASA (Bermuda) Limited	$776,000	–	44,280	–	0.58%	–
DNP	New	DNP Select Income Fund (fmly.	$757,000	–	69,570	–	0.57%	–
OXY	New	Occidental Petroleum	$696,000	–	38,007	–	0.52%	–
VWDRY	New	Vestas Wind Systems A/S	$674,000	–	19,750	–	0.51%	–
AAPL	New	Apple Computer	$656,000	–	1,798	–	0.49%	–
BG	New	Bunge Ltd.	$611,000	–	14,850	–	0.46%	–
PEAK	New	Healthpeak Properties Inc (frm	$586,000	–	21,274	–	0.44%	–
INTC	New	Intel Corp.	$564,000	–	9,430	–	0.42%	–
QCOM	New	Qualcomm Inc.	$550,000	–	6,025	–	0.41%	–
TEAM	New	Atlassian Corporation	$550,000	–	3,053	–	0.41%	–
COP	New	ConocoPhillips	$544,000	–	12,936	–	0.41%	–
UTX	New	Raytheon Technologies (frmly U	$541,000	–	8,779	–	0.41%	–
ORCL	New	Oracle Corp.	$531,000	–	9,600	–	0.40%	–
LEG	New	Leggett & Platt, Inc.	$513,000	–	14,600	–	0.38%	–
KGC	New	Kinross Gold Corporation	$509,000	–	70,550	–	0.38%	–
GDX	New	Market Vectors Gold Miners ETF	$407,000	–	11,100	–	0.30%	–
PSX	New	Phillips 66	$404,000	–	5,625	–	0.30%	–
DRE	New	Duke Realty Corp. (fmly. Duke-	$350,000	–	9,900	–	0.26%	–
EQNR	New	Equinor ASA (formerly Statoil	$345,000	–	23,834	–	0.26%	–
ONEQ	New	Fidelity Commonwealth TR Stk E	$317,000	–	809	–	0.24%	–
SLB	New	Schlumberger, Ltd.	$298,000	–	16,200	–	0.22%	–
NG	New	NovaGold Resources Inc.	$283,000	–	30,900	–	0.21%	–
IAG	New	IAMGOLD Corporation	$281,000	–	71,150	–	0.21%	–
AU	New	AngloGold Ashanti Ltd.	$278,000	–	9,410	–	0.21%	–
GOLD	New	Barrick Gold Corporation	$256,000	–	9,500	–	0.19%	–
O	New	Realty Income Corp.	$235,000	–	3,950	–	0.18%	–
OTIS	New	Otis Worldwide Corporation	$229,000	–	4,019	–	0.17%	–
DUK	New	Duke Energy	$221,000	–	2,770	–	0.17%	–
	New	Sprott Physical Silver Trust	$179,000	–	27,150	–	0.13%	–
PBR	New	Petroleo Brasileiro S.A.	$167,000	–	20,200	–	0.12%	–
OGZPY	New	Open Joint Stock Co. Gazprom	$160,000	–	29,550	–	0.12%	–
PVG	New	Pretium Resources Inc.	$136,000	–	16,200	–	0.10%	–
ENGIY	New	Engie (formerly GDF Suez S.A.)	$135,000	–	10,900	–	0.10%	–
HL	New	Hecla Mining	$97,000	–	29,782	–	0.07%	–
MJNA	New	Medical Marijuana, Inc.	$1,000	–	60,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
MJNA	Exit	Medical Marijuana, Inc.	$0	–	-60,000	–	-0.00%	–
HL	Exit	Hecla Mining	$0	–	-29,782	–	-0.04%	–
PVG	Exit	Pretium Resources Inc.	$0	–	-13,200	–	-0.12%	–
OSTK	Exit	Overstock.com	$0	–	-14,450	–	-0.12%	–
ENGIY	Exit	Engie (formerly GDF Suez S.A.)	$0	–	-10,900	–	-0.14%	–
	Exit	Sprott Physical Silver Trust	$0	–	-29,150	–	-0.14%	–
SNH	Exit	Senior Housing Properties	$0	–	-19,780	–	-0.14%	–
OGZPY	Exit	Open Joint Stock Co. Gazprom	$0	–	-28,550	–	-0.15%	–
PPG	Exit	PPG Industries	$0	–	-1,882	–	-0.17%	–
EIX	Exit	Edison International (formerly	$0	–	-3,100	–	-0.18%	–
IAG	Exit	IAMGOLD Corporation	$0	–	-72,150	–	-0.19%	–
ONEQ	Exit	Fidelity Commonwealth TR Stk E	$0	–	-796	–	-0.19%	–
OHI	Exit	Omega Healthcare Investors, In	$0	–	-6,550	–	-0.21%	–
AVA	Exit	Avista (formerly Washington Wa	$0	–	-5,800	–	-0.22%	–
KGC	Exit	Kinross Gold Corporation	$0	–	-61,500	–	-0.22%	–
PBR	Exit	Petroleo Brasileiro S.A.	$0	–	-20,400	–	-0.23%	–
DUK	Exit	Duke Energy	$0	–	-3,103	–	-0.23%	–
BUD	Exit	Anheuser Busch InBev	$0	–	-3,500	–	-0.26%	–
O	Exit	Realty Income Corp.	$0	–	-4,450	–	-0.26%	–
GDX	Exit	Market Vectors Gold Miners ETF	$0	–	-13,400	–	-0.28%	–
TEAM	Exit	Atlassian Corporation	$0	–	-3,050	–	-0.30%	–
DRE	Exit	Duke Realty Corp. (fmly. Duke-	$0	–	-12,000	–	-0.32%	–
EQNR	Exit	Equinor ASA (formerly Statoil	$0	–	-24,200	–	-0.36%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-6,125	–	-0.36%	–
INTC	Exit	Intel Corp.	$0	–	-9,430	–	-0.38%	–
REGN	Exit	Regeneron Pharmaceuticals, Inc	$0	–	-1,785	–	-0.38%	–
ASA	Exit	ASA (Bermuda) Limited	$0	–	-48,080	–	-0.45%	–
VWDRY	Exit	Vestas Wind Systems A/S	$0	–	-23,200	–	-0.46%	–
LEG	Exit	Leggett & Platt, Inc.	$0	–	-14,700	–	-0.47%	–
PSX	Exit	Phillips 66	$0	–	-6,410	–	-0.51%	–
ORCL	Exit	Oracle Corp.	$0	–	-12,200	–	-0.52%	–
AUY	Exit	Yamana Gold, Inc.	$0	–	-225,075	–	-0.56%	–
COP	Exit	ConocoPhillips	$0	–	-13,670	–	-0.60%	–
PFE	Exit	Pfizer Inc.	$0	–	-22,075	–	-0.61%	–
BG	Exit	Bunge Ltd.	$0	–	-14,450	–	-0.63%	–
HCP	Exit	HCP, Inc.	$0	–	-23,074	–	-0.64%	–
AAPL	Exit	Apple Computer	$0	–	-3,798	–	-0.66%	–
AEM	Exit	Agnico Eagle Miners Limited	$0	–	-16,900	–	-0.70%	–
DNP	Exit	DNP Select Income Fund (fmly.	$0	–	-73,851	–	-0.74%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-39,066	–	-0.84%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,450	–	-0.85%	–
TTE	Exit	Total S.A. ADR	$0	–	-22,450	–	-0.90%	–
SNY	Exit	Sanofi-Aventis SA	$0	–	-26,709	–	-0.96%	–
T	Exit	AT&T Corp. (New)	$0	–	-33,763	–	-0.99%	–
VZ	Exit	Verizon Corporation	$0	–	-21,292	–	-1.00%	–
UTX	Exit	United Technologies	$0	–	-9,439	–	-1.00%	–
GILD	Exit	Gilead Sciences, Inc.	$0	–	-21,400	–	-1.05%	–
K	Exit	Kellogg Co.	$0	–	-21,825	–	-1.09%	–
GRX	Exit	The Gabelli Healthcare and Wel	$0	–	-137,500	–	-1.11%	–
ABT	Exit	Abbott Laboratories	$0	–	-17,543	–	-1.14%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-28,975	–	-1.14%	–
KMB	Exit	Kimberly-Clark	$0	–	-10,500	–	-1.16%	–
UL	Exit	Unilever PLC	$0	–	-25,065	–	-1.17%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-3,890	–	-1.18%	–
LLY	Exit	Lilly, Eli	$0	–	-14,402	–	-1.25%	–
CVX	Exit	Chevron Corporation (fmly. Che	$0	–	-13,882	–	-1.28%	–
SO	Exit	Southern Company	$0	–	-28,050	–	-1.34%	–
PAAS	Exit	Pan American Silver Corp.	$0	–	-111,269	–	-1.35%	–
WPC	Exit	W.P. Carey, Inc.	$0	–	-20,750	–	-1.44%	–
PSA	Exit	Public Storage	$0	–	-7,574	–	-1.44%	–
PEP	Exit	Pepsico Inc.	$0	–	-13,758	–	-1.46%	–
SLW	Exit	Wheaton Precious Metals (Silve	$0	–	-74,200	–	-1.51%	–
VTR	Exit	Ventas, Inc.	$0	–	-28,194	–	-1.60%	–
KL	Exit	Kirkland Lake Gold Ltd.	$0	–	-46,360	–	-1.61%	–
AXP	Exit	American Express	$0	–	-17,800	–	-1.63%	–
SBUX	Exit	Starbucks Corp.	$0	–	-24,875	–	-1.70%	–
HE	Exit	Hawaiian Electric	$0	–	-49,400	–	-1.74%	–
TGT	Exit	Target Stores	$0	–	-21,338	–	-1.77%	–
SH	Exit	ProShares Short S&P 500	$0	–	-87,900	–	-1.78%	–
CPRT	Exit	Copart Inc.	$0	–	-29,400	–	-1.83%	–
ESS	Exit	Essex Property Trust	$0	–	-7,488	–	-1.90%	–
PHYS	Exit	Sprott Physical Gold Trust	$0	–	-209,627	–	-1.92%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-27,650	–	-1.95%	–
MCHP	Exit	Microchip Technology, Inc.	$0	–	-28,933	–	-2.08%	–
DIS	Exit	Disney (Walt) Holding Co.	$0	–	-20,675	–	-2.09%	–
CLX	Exit	Clorox Co.	$0	–	-18,650	–	-2.19%	–
CSX	Exit	CSX Corp.	$0	–	-46,975	–	-2.52%	–
CEF	Exit	Sprott Physical Gold & Silver	$0	–	-242,347	–	-2.66%	–
MRK	Exit	Merck & Co.	$0	–	-46,783	–	-3.05%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-54,650	–	-3.20%	–
NEM	Exit	Newmont Goldcorp (fmly.Newmo	$0	–	-126,984	–	-3.73%	–
MSFT	Exit	Microsoft	$0	–	-41,823	–	-4.50%	–
PG	Exit	Procter & Gamble	$0	–	-153,628	–	-14.80%	–

Q3 2019

			Value		Shares		↓ Weighting
PG	Buy	Procter & Gamble	$19,108,000	+16.8%	153,628	+3.0%	14.80%	+8.4%
MSFT	Buy	Microsoft	$5,815,000	+3.8%	41,823	+0.0%	4.50%	-3.6%
NEM	Buy	Newmont Goldcorp (fmly.Newmo	$4,815,000	-0.2%	126,984	+1.2%	3.73%	-7.4%
ABBV	Buy	AbbVie, Inc.	$4,138,000	+286.4%	54,650	+270.9%	3.20%	+258.9%
CEF	Buy	Sprott Physical Gold & Silver	$3,434,000	+9.8%	242,347	+2.5%	2.66%	+2.0%
CSX	Sell	CSX Corp.	$3,254,000	-10.8%	46,975	-0.4%	2.52%	-17.2%
CLX	Sell	Clorox Co.	$2,832,000	-1.4%	18,650	-0.5%	2.19%	-8.4%
PHYS	Sell	Sprott Physical Gold Trust	$2,478,000	+4.1%	209,627	-0.2%	1.92%	-3.4%
CPRT	Sell	Copart Inc.	$2,362,000	+4.7%	29,400	-2.6%	1.83%	-2.9%
TGT	Sell	Target Stores	$2,281,000	+22.8%	21,338	-0.5%	1.77%	+14.1%
HE	Sell	Hawaiian Electric	$2,253,000	+4.3%	49,400	-0.4%	1.74%	-3.2%
SBUX	Sell	Starbucks Corp.	$2,199,000	+5.0%	24,875	-0.4%	1.70%	-2.5%
KL	Sell	Kirkland Lake Gold Ltd.	$2,077,000	+4.2%	46,360	-0.2%	1.61%	-3.2%
VTR	Sell	Ventas, Inc.	$2,059,000	+6.7%	28,194	-0.2%	1.60%	-0.9%
SLW	Sell	Wheaton Precious Metals (Silve	$1,947,000	+8.1%	74,200	-0.4%	1.51%	+0.4%
WPC	Sell	W.P. Carey, Inc.	$1,857,000	+9.7%	20,750	-0.5%	1.44%	+1.8%
PAAS	Buy	Pan American Silver Corp.	$1,745,000	+25.4%	111,269	+3.2%	1.35%	+16.6%
LLY	Buy	Lilly, Eli	$1,611,000	+1.4%	14,402	+0.4%	1.25%	-5.8%
UL	Sell	Unilever PLC	$1,506,000	-3.4%	25,065	-0.4%	1.17%	-10.3%
K	Sell	Kellogg Co.	$1,404,000	+19.3%	21,825	-0.7%	1.09%	+10.7%
GILD	Sell	Gilead Sciences, Inc.	$1,356,000	-6.9%	21,400	-0.7%	1.05%	-13.5%
VZ	Sell	Verizon Corporation	$1,285,000	+4.6%	21,292	-0.9%	1.00%	-2.8%
T	Buy	AT&T Corp. (New)	$1,278,000	+18.6%	33,763	+5.0%	0.99%	+10.1%
TTE	Buy	Total S.A. ADR	$1,167,000	-0.2%	22,450	+7.2%	0.90%	-7.3%
DNP	Sell	DNP Select Income Fund (fmly.	$950,000	+7.2%	73,851	-1.5%	0.74%	-0.4%
AEM	Sell	Agnico Eagle Miners Limited	$906,000	+4.0%	16,900	-0.6%	0.70%	-3.3%
AAPL	Sell	Apple Computer	$851,000	+12.4%	3,798	-0.7%	0.66%	+4.4%
HCP	Sell	HCP, Inc.	$822,000	+9.5%	23,074	-1.7%	0.64%	+1.8%
AUY	Buy	Yamana Gold, Inc.	$716,000	+27.9%	225,075	+1.4%	0.56%	+18.8%
ORCL	Sell	Oracle Corp.	$671,000	-17.1%	12,200	-14.1%	0.52%	-23.0%
BUD	Sell	Anheuser Busch InBev	$333,000	+5.4%	3,500	-2.1%	0.26%	-2.3%
AVA	Sell	Avista (formerly Washington Wa	$281,000	+6.8%	5,800	-1.7%	0.22%	-0.5%
OHI	Sell	Omega Healthcare Investors, In	$274,000	+10.5%	6,550	-3.0%	0.21%	+2.4%
ONEQ	Buy	Fidelity Commonwealth TR Stk E	$250,000	0.0%	796	+0.3%	0.19%	-7.2%
OGZPY	Sell	Open Joint Stock Co. Gazprom	$198,000	-6.6%	28,550	-0.9%	0.15%	-13.6%
	Buy	Sprott Physical Silver Trust	$182,000	+22.1%	29,150	+11.5%	0.14%	+13.7%
ENGIY	Sell	Engie (formerly GDF Suez S.A.)	$178,000	+7.2%	10,900	-0.9%	0.14%	0.0%
OSTK	Sell	Overstock.com	$153,000	-22.7%	14,450	-0.7%	0.12%	-27.9%

Q2 2019

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$16,361,000	–	149,208	–	13.65%	–
MSFT	New	Microsoft	$5,601,000	–	41,809	–	4.67%	–
NEM	New	Newmont Goldcorp (fmly.New	$4,826,000	–	125,452	–	4.02%	–
MRK	New	Merck & Co.	$3,923,000	–	46,783	–	3.27%	–
CSX	New	CSX Corp.	$3,650,000	–	47,175	–	3.04%	–
CEF	New	Sprott Physical Gold & Silver	$3,128,000	–	236,457	–	2.61%	–
DIS	New	Disney (Walt) Holding Co.	$2,887,000	–	20,675	–	2.41%	–
CLX	New	Clorox Co.	$2,871,000	–	18,750	–	2.40%	–
MCHP	New	Microchip Technology, Inc.	$2,508,000	–	28,933	–	2.09%	–
PHYS	New	Sprott Physical Gold Trust	$2,381,000	–	210,127	–	1.99%	–
FNV	New	Franco-Nevada Corp.	$2,347,000	–	27,650	–	1.96%	–
SH	New	ProShares Short S&P 500	$2,339,000	–	87,900	–	1.95%	–
CPRT	New	Copart Inc.	$2,257,000	–	30,200	–	1.88%	–
AXP	New	American Express	$2,197,000	–	17,800	–	1.83%	–
ESS	New	Essex Property Trust	$2,186,000	–	7,488	–	1.82%	–
HE	New	Hawaiian Electric	$2,160,000	–	49,600	–	1.80%	–
SBUX	New	Starbucks Corp.	$2,094,000	–	24,975	–	1.75%	–
KL	New	Kirkland Lake Gold Ltd.	$1,994,000	–	46,460	–	1.66%	–
VTR	New	Ventas, Inc.	$1,930,000	–	28,244	–	1.61%	–
TGT	New	Target Stores	$1,857,000	–	21,438	–	1.55%	–
PEP	New	Pepsico Inc.	$1,804,000	–	13,758	–	1.50%	–
PSA	New	Public Storage	$1,804,000	–	7,574	–	1.50%	–
SLW	New	Wheaton Precious Metals (Silve	$1,801,000	–	74,500	–	1.50%	–
CVX	New	Chevron Corporation (fmly. Che	$1,727,000	–	13,882	–	1.44%	–
WPC	New	W.P. Carey, Inc.	$1,693,000	–	20,850	–	1.41%	–
LLY	New	Lilly, Eli	$1,589,000	–	14,345	–	1.32%	–
UL	New	Unilever PLC	$1,559,000	–	25,165	–	1.30%	–
SO	New	Southern Company	$1,551,000	–	28,050	–	1.29%	–
ABT	New	Abbott Laboratories	$1,475,000	–	17,543	–	1.23%	–
GILD	New	Gilead Sciences, Inc.	$1,456,000	–	21,550	–	1.21%	–
GRX	New	The Gabelli Healthcare and Wel	$1,449,000	–	137,500	–	1.21%	–
LMT	New	Lockheed Martin Corp.	$1,414,000	–	3,890	–	1.18%	–
KMB	New	Kimberly-Clark	$1,399,000	–	10,500	–	1.17%	–
PAAS	New	Pan American Silver Corp.	$1,391,000	–	107,769	–	1.16%	–
BMY	New	Bristol-Myers Squibb	$1,314,000	–	28,975	–	1.10%	–
UTX	New	United Technologies	$1,229,000	–	9,439	–	1.02%	–
VZ	New	Verizon Corporation	$1,228,000	–	21,492	–	1.02%	–
K	New	Kellogg Co.	$1,177,000	–	21,975	–	0.98%	–
JNJ	New	Johnson & Johnson	$1,177,000	–	8,450	–	0.98%	–
TTE	New	Total S.A. ADR	$1,169,000	–	20,950	–	0.98%	–
SNY	New	Sanofi-Aventis SA	$1,156,000	–	26,709	–	0.96%	–
T	New	AT&T Corp. (New)	$1,078,000	–	32,163	–	0.90%	–
ABBV	New	AbbVie, Inc.	$1,071,000	–	14,733	–	0.89%	–
WY	New	Weyerhaeuser Co.	$1,029,000	–	39,066	–	0.86%	–
PFE	New	Pfizer Inc.	$956,000	–	22,075	–	0.80%	–
DNP	New	DNP Select Income Fund (fmly.	$886,000	–	74,976	–	0.74%	–
AEM	New	Agnico Eagle Miners Limited	$871,000	–	17,000	–	0.73%	–
COP	New	ConocoPhillips	$834,000	–	13,670	–	0.70%	–
ORCL	New	Oracle Corp.	$809,000	–	14,200	–	0.68%	–
BG	New	Bunge Ltd.	$805,000	–	14,450	–	0.67%	–
AAPL	New	Apple Computer	$757,000	–	3,823	–	0.63%	–
HCP	New	HCP, Inc.	$751,000	–	23,474	–	0.63%	–
VWDRY	New	Vestas Wind Systems A/S	$668,000	–	23,200	–	0.56%	–
PSX	New	Phillips 66	$600,000	–	6,410	–	0.50%	–
LEG	New	Leggett & Platt, Inc.	$564,000	–	14,700	–	0.47%	–
AUY	New	Yamana Gold, Inc.	$560,000	–	222,075	–	0.47%	–
REGN	New	Regeneron Pharmaceuticals, Inc	$559,000	–	1,785	–	0.47%	–
ASA	New	ASA (Bermuda) Limited	$550,000	–	48,080	–	0.46%	–
EQNR	New	Equinor ASA (formerly Statoil	$479,000	–	24,200	–	0.40%	–
QCOM	New	Qualcomm Inc.	$466,000	–	6,125	–	0.39%	–
INTC	New	Intel Corp.	$451,000	–	9,430	–	0.38%	–
TEAM	New	Atlassian Corporation	$399,000	–	3,050	–	0.33%	–
DRE	New	Duke Realty Corp. (fmly. Duke-	$379,000	–	12,000	–	0.32%	–
GDX	New	Market Vectors Gold Miners ETF	$343,000	–	13,400	–	0.29%	–
PBR	New	Petroleo Brasileiro S.A.	$318,000	–	20,400	–	0.26%	–
BUD	New	Anheuser Busch InBev	$316,000	–	3,575	–	0.26%	–
O	New	Realty Income Corp.	$307,000	–	4,450	–	0.26%	–
DUK	New	Duke Energy	$274,000	–	3,103	–	0.23%	–
AVA	New	Avista (formerly Washington Wa	$263,000	–	5,900	–	0.22%	–
ONEQ	New	Fidelity Commonwealth TR Stk E	$250,000	–	794	–	0.21%	–
OHI	New	Omega Healthcare Investors, In	$248,000	–	6,750	–	0.21%	–
IAG	New	IAMGOLD Corporation	$244,000	–	72,150	–	0.20%	–
KGC	New	Kinross Gold Corporation	$239,000	–	61,500	–	0.20%	–
PPG	New	PPG Industries	$220,000	–	1,882	–	0.18%	–
OGZPY	New	Open Joint Stock Co. Gazprom	$212,000	–	28,800	–	0.18%	–
EIX	New	Edison International (formerly	$209,000	–	3,100	–	0.17%	–
OSTK	New	Overstock.com	$198,000	–	14,550	–	0.16%	–
ENGIY	New	Engie (formerly GDF Suez S.A.)	$166,000	–	11,000	–	0.14%	–
SNH	New	Senior Housing Properties	$164,000	–	19,780	–	0.14%	–
	New	Sprott Physical Silver Trust	$149,000	–	26,150	–	0.12%	–
PVG	New	Pretium Resources Inc.	$132,000	–	13,200	–	0.11%	–
HL	New	Hecla Mining	$54,000	–	29,782	–	0.04%	–
MJNA	New	Medical Marijuana, Inc.	$3,000	–	60,000	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
MJNA	Exit	Medical Marijuana, Inc.	$0	–	-60,000	–	-0.00%	–
CUBA	Exit	The Herzfeld Caribbean Basin F	$0	–	-12,050	–	-0.07%	–
HL	Exit	Hecla Mining	$0	–	-35,907	–	-0.09%	–
	Exit	Sprott Physical Silver Trust	$0	–	-26,900	–	-0.12%	–
GOLD	Exit	Barrick Gold Corporation	$0	–	-13,408	–	-0.13%	–
ENGIY	Exit	Engie (formerly GDF Suez S.A.)	$0	–	-11,600	–	-0.15%	–
OGZPY	Exit	Open Joint Stock Co. Gazprom	$0	–	-35,550	–	-0.15%	–
KGC	Exit	Kinross Gold Corporation	$0	–	-72,050	–	-0.17%	–
PPG	Exit	PPG Industries	$0	–	-1,882	–	-0.18%	–
EIX	Exit	Edison International (formerly	$0	–	-3,100	–	-0.18%	–
OHI	Exit	Omega Healthcare Investors, In	$0	–	-6,850	–	-0.19%	–
HCSG	Exit	Healthcare Services Group, Inc	$0	–	-6,050	–	-0.21%	–
PBR	Exit	Petroleo Brasileiro S.A.	$0	–	-20,400	–	-0.21%	–
DUK	Exit	Duke Energy	$0	–	-3,103	–	-0.22%	–
ONEQ	Exit	Fidelity Commonwealth TR Stk E	$0	–	-787	–	-0.22%	–
AMZN	Exit	Amazon.com, Inc.	$0	–	-130	–	-0.22%	–
GDX	Exit	Market Vectors Gold Miners ETF	$0	–	-14,200	–	-0.23%	–
O	Exit	Realty Income Corp.	$0	–	-4,700	–	-0.23%	–
IBM	Exit	International Business Machine	$0	–	-1,859	–	-0.24%	–
TEAM	Exit	Atlassian Corporation	$0	–	-3,075	–	-0.26%	–
AVA	Exit	Avista (formerly Washington Wa	$0	–	-5,900	–	-0.26%	–
IAG	Exit	IAMGOLD Corporation	$0	–	-83,650	–	-0.27%	–
DRE	Exit	Duke Realty Corp. (fmly. Duke-	$0	–	-12,300	–	-0.30%	–
GE	Exit	General Electric	$0	–	-32,617	–	-0.32%	–
OSTK	Exit	Overstock.com	$0	–	-15,750	–	-0.38%	–
PCG	Exit	PG&E Corporation	$0	–	-9,529	–	-0.38%	–
INTC	Exit	Intel Corp.	$0	–	-9,430	–	-0.39%	–
SNH	Exit	Senior Housing Properties	$0	–	-27,530	–	-0.42%	–
AUY	Exit	Yamana Gold, Inc.	$0	–	-208,625	–	-0.45%	–
VWDRY	Exit	Vestas Wind Systems A/S	$0	–	-23,900	–	-0.47%	–
ASA	Exit	ASA (Bermuda) Limited	$0	–	-63,580	–	-0.49%	–
BUD	Exit	Anheuser Busch InBev	$0	–	-6,850	–	-0.52%	–
HCP	Exit	HCP, Inc.	$0	–	-24,074	–	-0.55%	–
LEG	Exit	Leggett & Platt, Inc.	$0	–	-14,700	–	-0.56%	–
EQNR	Exit	Equinor ASA (formerly Statoil	$0	–	-24,850	–	-0.61%	–
PSX	Exit	Phillips 66	$0	–	-6,460	–	-0.63%	–
REGN	Exit	Regeneron Pharmaceuticals, Inc	$0	–	-1,805	–	-0.63%	–
AEM	Exit	Agnico Eagle Miners Limited	$0	–	-21,500	–	-0.64%	–
DNP	Exit	DNP Select Income Fund (fmly.	$0	–	-74,976	–	-0.72%	–
EVF	Exit	Eaton Vance Senior Income Trus	$0	–	-130,802	–	-0.73%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-11,950	–	-0.75%	–
EFF	Exit	Eaton Vance Floating-Rate Inco	$0	–	-56,300	–	-0.77%	–
ORCL	Exit	Oracle Corp.	$0	–	-18,500	–	-0.83%	–
BG	Exit	Bunge Ltd.	$0	–	-14,600	–	-0.87%	–
PFE	Exit	Pfizer Inc.	$0	–	-22,825	–	-0.87%	–
COP	Exit	ConocoPhillips	$0	–	-14,020	–	-0.94%	–
T	Exit	AT&T Corp. (New)	$0	–	-32,833	–	-0.96%	–
AAPL	Exit	Apple Computer	$0	–	-4,898	–	-0.96%	–
BKLN	Exit	Invesco Senior Loan ETF (fmly.	$0	–	-48,800	–	-0.98%	–
AFT	Exit	Apollo Senior Floating Rate Fu	$0	–	-71,100	–	-0.98%	–
KMB	Exit	Kimberly-Clark	$0	–	-10,500	–	-1.04%	–
GG	Exit	Goldcorp, Inc.	$0	–	-117,117	–	-1.04%	–
SNY	Exit	Sanofi-Aventis SA	$0	–	-26,984	–	-1.04%	–
UPS	Exit	United Parcel Service	$0	–	-10,375	–	-1.05%	–
VZ	Exit	Verizon Corporation	$0	–	-22,747	–	-1.05%	–
SO	Exit	Southern Company	$0	–	-28,050	–	-1.06%	–
PAAS	Exit	Pan American Silver Corp.	$0	–	-82,950	–	-1.06%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,875	–	-1.06%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-40,086	–	-1.12%	–
ABT	Exit	Abbott Laboratories	$0	–	-17,953	–	-1.14%	–
WPC	Exit	W.P. Carey, Inc.	$0	–	-21,000	–	-1.17%	–
TTE	Exit	Total S.A. ADR	$0	–	-21,150	–	-1.18%	–
UTX	Exit	United Technologies	$0	–	-9,789	–	-1.19%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-3,990	–	-1.20%	–
SLW	Exit	Wheaton Precious Metals (Silve	$0	–	-79,900	–	-1.21%	–
UL	Exit	Unilever PLC	$0	–	-25,765	–	-1.23%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-15,143	–	-1.24%	–
SBUX	Exit	Starbucks Corp.	$0	–	-25,500	–	-1.26%	–
PEP	Exit	Pepsico Inc.	$0	–	-13,796	–	-1.34%	–
PSA	Exit	Public Storage	$0	–	-7,724	–	-1.35%	–
VTR	Exit	Ventas, Inc.	$0	–	-28,844	–	-1.36%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-26,000	–	-1.41%	–
CPRT	Exit	Copart Inc.	$0	–	-31,650	–	-1.42%	–
K	Exit	Kellogg Co.	$0	–	-23,450	–	-1.42%	–
GILD	Exit	Gilead Sciences, Inc.	$0	–	-21,750	–	-1.46%	–
LLY	Exit	Lilly, Eli	$0	–	-16,225	–	-1.51%	–
SH	Exit	ProShares Short S&P 500	$0	–	-64,400	–	-1.53%	–
CVX	Exit	Chevron Corporation (fmly. Che	$0	–	-14,619	–	-1.55%	–
HE	Exit	Hawaiian Electric	$0	–	-50,350	–	-1.55%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-29,375	–	-1.58%	–
ESS	Exit	Essex Property Trust	$0	–	-7,721	–	-1.65%	–
TGT	Exit	Target Stores	$0	–	-22,163	–	-1.70%	–
AXP	Exit	American Express	$0	–	-18,700	–	-1.73%	–
PHYS	Exit	Sprott Physical Gold Trust	$0	–	-213,252	–	-1.77%	–
MCHP	Exit	Microchip Technology, Inc.	$0	–	-29,733	–	-2.04%	–
DIS	Exit	Disney (Walt) Holding Co.	$0	–	-21,225	–	-2.15%	–
NEM	Exit	Newmont Mining	$0	–	-89,976	–	-2.36%	–
CEF	Exit	Sprott Physical Gold & Silver	$0	–	-240,626	–	-2.44%	–
CLX	Exit	Clorox Co.	$0	–	-19,067	–	-2.49%	–
MRK	Exit	Merck & Co.	$0	–	-48,958	–	-3.01%	–
CSX	Exit	CSX Corp.	$0	–	-50,800	–	-3.26%	–
MSFT	Exit	Microsoft	$0	–	-43,490	–	-4.31%	–
PG	Exit	Procter & Gamble	$0	–	-154,919	–	-11.18%	–

Q3 2018

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$12,894,000	+5.6%	154,919	-0.9%	11.18%	+3.1%
MSFT	Buy	Microsoft	$4,974,000	+16.3%	43,490	+0.3%	4.31%	+13.5%
NEM	Sell	Newmont Mining	$2,717,000	-20.0%	89,976	-0.1%	2.36%	-21.9%
MCHP	Sell	Microchip Technology, Inc.	$2,346,000	-13.4%	29,733	-0.2%	2.04%	-15.5%
TGT	Buy	Target Stores	$1,955,000	+16.1%	22,163	+0.2%	1.70%	+13.4%
ESS	Sell	Essex Property Trust	$1,905,000	+3.0%	7,721	-0.2%	1.65%	+0.5%
HE	Sell	Hawaiian Electric	$1,792,000	+3.6%	50,350	-0.2%	1.55%	+1.1%
CVX	Buy	Chevron Corporation (fmly. Che	$1,788,000	-3.1%	14,619	+0.1%	1.55%	-5.4%
K	Sell	Kellogg Co.	$1,642,000	0.0%	23,450	-0.2%	1.42%	-2.4%
CPRT	Sell	Copart Inc.	$1,631,000	-9.2%	31,650	-0.3%	1.42%	-11.3%
VTR	Buy	Ventas, Inc.	$1,569,000	-4.4%	28,844	+0.1%	1.36%	-6.7%
SBUX	Sell	Starbucks Corp.	$1,449,000	+16.1%	25,500	-0.2%	1.26%	+13.3%
UTX	Buy	United Technologies	$1,369,000	+12.1%	9,789	+0.2%	1.19%	+9.4%
ABT	Buy	Abbott Laboratories	$1,317,000	+20.7%	17,953	+0.3%	1.14%	+17.9%
SO	Sell	Southern Company	$1,223,000	-6.0%	28,050	-0.2%	1.06%	-8.2%
VZ	Buy	Verizon Corporation	$1,214,000	+6.2%	22,747	+0.1%	1.05%	+3.6%
GG	Sell	Goldcorp, Inc.	$1,195,000	-25.8%	117,117	-0.3%	1.04%	-27.6%
AAPL	Buy	Apple Computer	$1,106,000	+25.1%	4,898	+2.6%	0.96%	+22.2%
PFE	Buy	Pfizer Inc.	$1,006,000	+21.8%	22,825	+0.3%	0.87%	+18.9%
ORCL	Sell	Oracle Corp.	$954,000	+5.6%	18,500	-9.8%	0.83%	+3.1%
AEM	Sell	Agnico Eagle Miners Limited	$735,000	-26.1%	21,500	-0.9%	0.64%	-27.9%
AUY	Sell	Yamana Gold, Inc.	$519,000	-14.4%	208,625	-0.2%	0.45%	-16.4%
PCG	Sell	PG&E Corporation	$438,000	+4.8%	9,529	-3.1%	0.38%	+2.4%
OSTK	Buy	Overstock.com	$436,000	-15.7%	15,750	+2.6%	0.38%	-17.6%
GE	Sell	General Electric	$368,000	-19.7%	32,617	-3.0%	0.32%	-21.6%
TEAM	New	Atlassian Corporation	$296,000	–	3,075	–	0.26%	–
IBM	Sell	International Business Machine	$281,000	+7.7%	1,859	-0.5%	0.24%	+5.2%
ONEQ	Buy	Fidelity Commonwealth TR Stk E	$248,000	+7.4%	787	+0.3%	0.22%	+4.9%
EIX	New	Edison International (formerly	$210,000	–	3,100	–	0.18%	–
PPG	New	PPG Industries	$205,000	–	1,882	–	0.18%	–

Q2 2018

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$12,206,000	–	156,372	–	10.84%	–
MSFT	New	Microsoft	$4,277,000	–	43,377	–	3.80%	–
NEM	New	Newmont Mining	$3,397,000	–	90,076	–	3.02%	–
CSX	New	CSX Corp.	$3,240,000	–	50,800	–	2.88%	–
CEF	New	Sprott Physical Gold & Silver	$3,015,000	–	240,626	–	2.68%	–
MRK	New	Merck & Co.	$2,972,000	–	48,958	–	2.64%	–
MCHP	New	Microchip Technology, Inc.	$2,709,000	–	29,783	–	2.41%	–
CLX	New	Clorox Co.	$2,579,000	–	19,067	–	2.29%	–
DIS	New	Disney (Walt) Holding Co.	$2,225,000	–	21,225	–	1.98%	–
PHYS	New	Sprott Physical Gold Trust	$2,171,000	–	213,252	–	1.93%	–
FNV	New	Franco-Nevada Corp.	$1,899,000	–	26,000	–	1.69%	–
SH	New	ProShares Short S&P 500	$1,889,000	–	64,400	–	1.68%	–
ESS	New	Essex Property Trust	$1,849,000	–	7,735	–	1.64%	–
CVX	New	Chevron Corporation (fmly. Che	$1,846,000	–	14,599	–	1.64%	–
AXP	New	American Express	$1,833,000	–	18,700	–	1.63%	–
CPRT	New	Copart Inc.	$1,796,000	–	31,750	–	1.60%	–
SLW	New	Wheaton Precious Metals (Silve	$1,763,000	–	79,900	–	1.57%	–
PSA	New	Public Storage	$1,752,000	–	7,724	–	1.56%	–
HE	New	Hawaiian Electric	$1,730,000	–	50,450	–	1.54%	–
TGT	New	Target Stores	$1,684,000	–	22,125	–	1.50%	–
K	New	Kellogg Co.	$1,642,000	–	23,500	–	1.46%	–
VTR	New	Ventas, Inc.	$1,641,000	–	28,806	–	1.46%	–
BMY	New	Bristol-Myers Squibb	$1,626,000	–	29,375	–	1.44%	–
GG	New	Goldcorp, Inc.	$1,611,000	–	117,517	–	1.43%	–
GILD	New	Gilead Sciences, Inc.	$1,541,000	–	21,750	–	1.37%	–
PEP	New	Pepsico Inc.	$1,502,000	–	13,796	–	1.34%	–
PAAS	New	Pan American Silver Corp.	$1,485,000	–	82,950	–	1.32%	–
WY	New	Weyerhaeuser Co.	$1,462,000	–	40,086	–	1.30%	–
UL	New	Unilever PLC	$1,424,000	–	25,765	–	1.26%	–
ABBV	New	AbbVie, Inc.	$1,403,000	–	15,143	–	1.25%	–
WPC	New	W.P. Carey, Inc.	$1,393,000	–	21,000	–	1.24%	–
LLY	New	Lilly, Eli	$1,384,000	–	16,225	–	1.23%	–
SO	New	Southern Company	$1,301,000	–	28,100	–	1.16%	–
TTE	New	Total S.A. ADR	$1,281,000	–	21,150	–	1.14%	–
SBUX	New	Starbucks Corp.	$1,248,000	–	25,550	–	1.11%	–
UTX	New	United Technologies	$1,221,000	–	9,765	–	1.08%	–
LMT	New	Lockheed Martin Corp.	$1,179,000	–	3,990	–	1.05%	–
AFT	New	Apollo Senior Floating Rate Fu	$1,161,000	–	71,100	–	1.03%	–
VZ	New	Verizon Corporation	$1,143,000	–	22,721	–	1.02%	–
BKLN	New	Invesco Senior Loan ETF (fmly.	$1,118,000	–	48,800	–	0.99%	–
KMB	New	Kimberly-Clark	$1,106,000	–	10,500	–	0.98%	–
UPS	New	United Parcel Service	$1,102,000	–	10,375	–	0.98%	–
ABT	New	Abbott Laboratories	$1,091,000	–	17,893	–	0.97%	–
SNY	New	Sanofi-Aventis SA	$1,080,000	–	26,984	–	0.96%	–
JNJ	New	Johnson & Johnson	$1,077,000	–	8,875	–	0.96%	–
T	New	AT&T Corp. (New)	$1,054,000	–	32,833	–	0.94%	–
BG	New	Bunge Ltd.	$1,018,000	–	14,600	–	0.90%	–
AEM	New	Agnico Eagle Miners Limited	$995,000	–	21,700	–	0.88%	–
COP	New	ConocoPhillips	$976,000	–	14,020	–	0.87%	–
EFF	New	Eaton Vance Floating-Rate Inco	$933,000	–	56,300	–	0.83%	–
ORCL	New	Oracle Corp.	$903,000	–	20,500	–	0.80%	–
AAPL	New	Apple Computer	$884,000	–	4,774	–	0.78%	–
EVF	New	Eaton Vance Senior Income Trus	$835,000	–	130,802	–	0.74%	–
PFE	New	Pfizer Inc.	$826,000	–	22,757	–	0.73%	–
DNP	New	DNP Select Income Fund (fmly.	$808,000	–	74,976	–	0.72%	–
PSX	New	Phillips 66	$726,000	–	6,460	–	0.64%	–
BUD	New	Anheuser Busch InBev	$690,000	–	6,850	–	0.61%	–
QCOM	New	Qualcomm Inc.	$671,000	–	11,950	–	0.60%	–
EQNR	New	Equinor ASA (formerly Statoil	$656,000	–	24,850	–	0.58%	–
LEG	New	Leggett & Platt, Inc.	$656,000	–	14,700	–	0.58%	–
ASA	New	ASA (Bermuda) Limited	$649,000	–	63,580	–	0.58%	–
REGN	New	Regeneron Pharmaceuticals, Inc	$623,000	–	1,805	–	0.55%	–
HCP	New	HCP, Inc.	$622,000	–	24,074	–	0.55%	–
AUY	New	Yamana Gold, Inc.	$606,000	–	209,125	–	0.54%	–
OSTK	New	Overstock.com	$517,000	–	15,350	–	0.46%	–
SNH	New	Senior Housing Properties	$498,000	–	27,530	–	0.44%	–
VWDRY	New	Vestas Wind Systems A/S	$491,000	–	23,900	–	0.44%	–
IAG	New	IAMGOLD Corporation	$486,000	–	83,650	–	0.43%	–
INTC	New	Intel Corp.	$469,000	–	9,430	–	0.42%	–
GE	New	General Electric	$458,000	–	33,617	–	0.41%	–
PCG	New	PG&E Corporation	$418,000	–	9,829	–	0.37%	–
DRE	New	Duke Realty Corp. (fmly. Duke-	$357,000	–	12,300	–	0.32%	–
GDX	New	Market Vectors Gold Miners ETF	$317,000	–	14,200	–	0.28%	–
AVA	New	Avista (formerly Washington Wa	$311,000	–	5,900	–	0.28%	–
KGC	New	Kinross Gold Corporation	$271,000	–	72,050	–	0.24%	–
IBM	New	International Business Machine	$261,000	–	1,869	–	0.23%	–
HCSG	New	Healthcare Services Group, Inc	$261,000	–	6,050	–	0.23%	–
O	New	Realty Income Corp.	$253,000	–	4,700	–	0.22%	–
DUK	New	Duke Energy	$245,000	–	3,103	–	0.22%	–
ONEQ	New	Fidelity Commonwealth TR Stk E	$231,000	–	785	–	0.20%	–
AMZN	New	Amazon.com, Inc.	$221,000	–	130	–	0.20%	–
OHI	New	Omega Healthcare Investors, In	$212,000	–	6,850	–	0.19%	–
PBR	New	Petroleo Brasileiro S.A.	$205,000	–	20,400	–	0.18%	–
ENGIY	New	Engie (formerly GDF Suez S.A.)	$178,000	–	11,600	–	0.16%	–
GOLD	New	Barrick Gold Corporation	$176,000	–	13,408	–	0.16%	–
	New	Sprott Physical Silver Trust	$158,000	–	26,900	–	0.14%	–
OGZPY	New	Open Joint Stock Co. Gazprom	$156,000	–	35,550	–	0.14%	–
HL	New	Hecla Mining	$125,000	–	35,907	–	0.11%	–
CUBA	New	The Herzfeld Caribbean Basin F	$80,000	–	12,050	–	0.07%	–
MJNA	New	Medical Marijuana, Inc.	$6,000	–	60,000	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
MJNA	Exit	Medical Marijuana, Inc.	$0	–	-60,000	–	-0.00%	–
RJI	Exit	Elements Rogers International	$0	–	-14,100	–	-0.06%	–
AU	Exit	AngloGold Ashanti Ltd.	$0	–	-10,000	–	-0.08%	–
CUBA	Exit	The Herzfeld Caribbean Basin F	$0	–	-18,050	–	-0.11%	–
NLY	Exit	Annaly Mortgage Management, In	$0	–	-15,483	–	-0.16%	–
	Exit	Sprott Physical Silver Trust E	$0	–	-31,350	–	-0.17%	–
PBR	Exit	Petroleo Brasileiro S.A.	$0	–	-22,500	–	-0.19%	–
PPG	Exit	PPG Industries	$0	–	-2,182	–	-0.20%	–
EIX	Exit	Edison International (formerly	$0	–	-3,100	–	-0.20%	–
OHI	Exit	Omega Healthcare Investors, In	$0	–	-7,800	–	-0.21%	–
HL	Exit	Hecla Mining	$0	–	-51,107	–	-0.22%	–
KGC	Exit	Kinross Gold Corporation	$0	–	-61,350	–	-0.22%	–
FCX	Exit	Freeport McMoRan Inc.	$0	–	-18,806	–	-0.22%	–
GOLD	Exit	Barrick Gold Corporation	$0	–	-18,208	–	-0.25%	–
O	Exit	Realty Income Corp.	$0	–	-5,133	–	-0.25%	–
DUK	Exit	Duke Energy	$0	–	-3,610	–	-0.26%	–
OGZPY	Exit	Open Joint Stock Co. Gazprom	$0	–	-75,500	–	-0.27%	–
HCSG	Exit	Healthcare Services Group, Inc	$0	–	-6,400	–	-0.29%	–
GDX	Exit	Market Vectors Gold Miners ETF	$0	–	-15,200	–	-0.30%	–
AVA	Exit	Avista (formerly Washington Wa	$0	–	-6,800	–	-0.30%	–
GE	Exit	General Electric	$0	–	-14,630	–	-0.30%	–
DRE	Exit	Duke Realty Corp. (fmly. Duke-	$0	–	-12,600	–	-0.31%	–
ENGIY	Exit	Engie (formerly GDF Suez S.A.)	$0	–	-22,200	–	-0.32%	–
CHEF	Exit	The Chef's Warehouse	$0	–	-19,850	–	-0.33%	–
IBM	Exit	International Business Machine	$0	–	-2,692	–	-0.33%	–
IAG	Exit	IAMGOLD Corporation	$0	–	-81,900	–	-0.43%	–
OSTK	Exit	Overstock.com	$0	–	-17,450	–	-0.44%	–
AUY	Exit	Yamana Gold, Inc.	$0	–	-200,675	–	-0.45%	–
SNH	Exit	Senior Housing Properties	$0	–	-31,830	–	-0.53%	–
PSX	Exit	Phillips 66	$0	–	-6,960	–	-0.54%	–
STO	Exit	Statoil ASA	$0	–	-32,600	–	-0.56%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-13,625	–	-0.60%	–
PCG	Exit	PG&E Corporation	$0	–	-10,379	–	-0.60%	–
HCP	Exit	HCP, Inc.	$0	–	-25,824	–	-0.61%	–
VWDRY	Exit	Vestas Wind Systems A/S	$0	–	-24,400	–	-0.63%	–
LEG	Exit	Leggett & Platt, Inc.	$0	–	-16,300	–	-0.66%	–
COP	Exit	ConocoPhillips	$0	–	-16,370	–	-0.70%	–
REGN	Exit	Regeneron Pharmaceuticals, Inc	$0	–	-1,900	–	-0.72%	–
AAPL	Exit	Apple Computer	$0	–	-5,638	–	-0.74%	–
BUD	Exit	Anheuser Busch InBev	$0	–	-7,591	–	-0.77%	–
PFE	Exit	Pfizer Inc.	$0	–	-25,596	–	-0.78%	–
ASA	Exit	ASA (Bermuda) Limited	$0	–	-81,430	–	-0.82%	–
AEM	Exit	Agnico Eagle Miners Limited	$0	–	-21,550	–	-0.83%	–
DNP	Exit	DNP Select Income Fund (fmly.	$0	–	-85,644	–	-0.84%	–
ABT	Exit	Abbott Laboratories	$0	–	-18,668	–	-0.85%	–
VTR	Exit	Ventas, Inc.	$0	–	-15,661	–	-0.87%	–
BG	Exit	Bunge Ltd.	$0	–	-15,250	–	-0.90%	–
ORCL	Exit	Oracle Corp.	$0	–	-22,600	–	-0.93%	–
TTE	Exit	Total S.A. ADR	$0	–	-21,650	–	-0.99%	–
VZ	Exit	Verizon Corporation	$0	–	-24,753	–	-1.04%	–
JNJ	Exit	Johnson & Johnson	$0	–	-9,500	–	-1.05%	–
UTX	Exit	United Technologies	$0	–	-11,265	–	-1.11%	–
UPS	Exit	United Parcel Service	$0	–	-10,975	–	-1.12%	–
TGT	Exit	Target Stores	$0	–	-22,475	–	-1.13%	–
KMB	Exit	Kimberly-Clark	$0	–	-11,450	–	-1.15%	–
SNY	Exit	Sanofi-Aventis SA	$0	–	-27,884	–	-1.18%	–
SBUX	Exit	Starbucks Corp.	$0	–	-26,175	–	-1.20%	–
PAAS	Exit	Pan American Silver Corp.	$0	–	-83,450	–	-1.21%	–
CPRT	Exit	Copart Inc.	$0	–	-42,550	–	-1.24%	–
SO	Exit	Southern Company	$0	–	-29,800	–	-1.25%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-44,338	–	-1.28%	–
LLY	Exit	Lilly, Eli	$0	–	-17,900	–	-1.30%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-4,965	–	-1.31%	–
K	Exit	Kellogg Co.	$0	–	-25,000	–	-1.33%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-17,643	–	-1.34%	–
GG	Exit	Goldcorp, Inc.	$0	–	-124,587	–	-1.38%	–
SLW	Exit	Wheaton Precious Metals (Silve	$0	–	-84,750	–	-1.38%	–
PEP	Exit	Pepsico Inc.	$0	–	-15,271	–	-1.45%	–
PSA	Exit	Public Storage	$0	–	-7,974	–	-1.45%	–
T	Exit	AT&T Corp. (New)	$0	–	-44,167	–	-1.47%	–
UL	Exit	Unilever PLC	$0	–	-30,015	–	-1.48%	–
HE	Exit	Hawaiian Electric	$0	–	-52,517	–	-1.49%	–
AXP	Exit	American Express	$0	–	-19,400	–	-1.49%	–
GILD	Exit	Gilead Sciences, Inc.	$0	–	-22,600	–	-1.56%	–
CVX	Exit	Chevron Corporation (fmly. Che	$0	–	-15,932	–	-1.59%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-24,600	–	-1.62%	–
ESS	Exit	Essex Property Trust	$0	–	-8,150	–	-1.76%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-32,725	–	-1.78%	–
DIS	Exit	Disney (Walt) Holding Co.	$0	–	-21,945	–	-1.84%	–
PHYS	Exit	Sprott Physical Gold Trust ETF	$0	–	-223,002	–	-1.98%	–
INTC	Exit	Intel Corp.	$0	–	-77,750	–	-2.52%	–
CLX	Exit	Clorox Co.	$0	–	-22,467	–	-2.52%	–
CEF	Exit	Central Fund of Canada Ltd.	$0	–	-237,371	–	-2.56%	–
MCHP	Exit	Microchip Technology, Inc.	$0	–	-35,600	–	-2.72%	–
MRK	Exit	Merck & Co.	$0	–	-53,615	–	-2.92%	–
NEM	Exit	Newmont Mining	$0	–	-92,526	–	-2.95%	–
CSX	Exit	CSX Corp.	$0	–	-67,150	–	-3.10%	–
MSFT	Exit	Microsoft	$0	–	-50,328	–	-3.19%	–
PG	Exit	Procter & Gamble	$0	–	-157,477	–	-12.19%	–

Q3 2017

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$14,327,000	+2.8%	157,477	-1.5%	12.19%	-2.4%
MSFT	Sell	Microsoft	$3,749,000	+4.2%	50,328	-3.6%	3.19%	-1.0%
CSX	Sell	CSX Corp.	$3,644,000	-10.9%	67,150	-10.4%	3.10%	-15.4%
NEM	Buy	Newmont Mining	$3,471,000	+22.6%	92,526	+5.9%	2.95%	+16.4%
MRK	Sell	Merck & Co.	$3,433,000	-2.7%	53,615	-2.6%	2.92%	-7.6%
MCHP	Sell	Microchip Technology, Inc.	$3,196,000	+14.2%	35,600	-1.8%	2.72%	+8.5%
CEF	Buy	Central Fund of Canada Ltd.	$3,007,000	+4.0%	237,371	+1.2%	2.56%	-1.2%
CLX	Sell	Clorox Co.	$2,964,000	-4.4%	22,467	-3.4%	2.52%	-9.1%
INTC	Sell	Intel Corp.	$2,961,000	+12.3%	77,750	-0.5%	2.52%	+6.6%
PHYS	Sell	Sprott Physical Gold Trust ETF	$2,328,000	+2.6%	223,002	-0.4%	1.98%	-2.6%
BMY	Sell	Bristol-Myers Squibb	$2,086,000	+12.3%	32,725	-1.8%	1.78%	+6.7%
ESS	Sell	Essex Property Trust	$2,070,000	-3.0%	8,150	-1.8%	1.76%	-7.8%
FNV	New	Franco-Nevada Corp.	$1,906,000	–	24,600	–	1.62%	–
CVX	Buy	Chevron Corporation (fmly. Che	$1,872,000	+14.4%	15,932	+1.6%	1.59%	+8.7%
HE	Sell	Hawaiian Electric	$1,752,000	+2.5%	52,517	-0.6%	1.49%	-2.7%
UL	Sell	Unilever PLC	$1,740,000	+1.4%	30,015	-5.4%	1.48%	-3.7%
T	Sell	AT&T Corp. (New)	$1,730,000	+3.3%	44,167	-0.5%	1.47%	-1.9%
PSA	Buy	Public Storage	$1,706,000	+3.1%	7,974	+0.5%	1.45%	-2.0%
PEP	Sell	Pepsico Inc.	$1,702,000	-7.4%	15,271	-4.1%	1.45%	-12.1%
SLW	Sell	Wheaton Precious Metals (Silve	$1,618,000	-5.7%	84,750	-1.7%	1.38%	-10.5%
GG	Buy	Goldcorp, Inc.	$1,615,000	+7.5%	124,587	+7.1%	1.38%	+2.2%
ABBV	Sell	AbbVie, Inc.	$1,568,000	+19.9%	17,643	-2.2%	1.34%	+13.9%
LLY	Sell	Lilly, Eli	$1,531,000	+2.8%	17,900	-1.1%	1.30%	-2.4%
WY	Sell	Weyerhaeuser Co.	$1,509,000	+0.5%	44,338	-1.0%	1.28%	-4.5%
CPRT	Sell	Copart Inc.	$1,462,000	+1.7%	42,550	-6.0%	1.24%	-3.5%
PAAS	Buy	Pan American Silver Corp.	$1,423,000	+6.5%	83,450	+5.0%	1.21%	+1.2%
TGT	New	Target Stores	$1,326,000	–	22,475	–	1.13%	–
UTX	Sell	United Technologies	$1,308,000	-7.0%	11,265	-2.2%	1.11%	-11.7%
VZ	Buy	Verizon Corporation	$1,225,000	+11.9%	24,753	+1.0%	1.04%	+6.3%
TTE	Buy	Total S.A. ADR	$1,159,000	+8.3%	21,650	+0.3%	0.99%	+2.8%
ORCL	Sell	Oracle Corp.	$1,093,000	-6.2%	22,600	-2.7%	0.93%	-10.9%
DNP	Sell	DNP Select Income Fund (fmly.	$983,000	+4.1%	85,644	-0.1%	0.84%	-1.1%
AEM	New	Agnico Eagle Miners Limited	$974,000	–	21,550	–	0.83%	–
ASA	Sell	ASA (Bermuda) Limited	$967,000	-7.0%	81,430	-8.5%	0.82%	-11.7%
PFE	Sell	Pfizer Inc.	$914,000	+5.5%	25,596	-0.8%	0.78%	+0.3%
BUD	Sell	Anheuser Busch InBev	$906,000	+7.5%	7,591	-0.7%	0.77%	+2.1%
COP	Buy	ConocoPhillips	$819,000	+14.9%	16,370	+0.9%	0.70%	+9.1%
LEG	Sell	Leggett & Platt, Inc.	$778,000	-9.6%	16,300	-0.6%	0.66%	-14.1%
PCG	Sell	PG&E Corporation	$707,000	-0.7%	10,379	-3.3%	0.60%	-5.6%
AUY	Buy	Yamana Gold, Inc.	$532,000	+24.0%	200,675	+13.6%	0.45%	+18.0%
IAG	Sell	IAMGOLD Corporation	$500,000	+5.0%	81,900	-11.2%	0.43%	-0.2%
IBM	Sell	International Business Machine	$391,000	-38.3%	2,692	-34.6%	0.33%	-41.4%
ENGIY	Sell	Engie (formerly GDF Suez S.A.)	$377,000	-35.3%	22,200	-42.3%	0.32%	-38.5%
GE	Sell	General Electric	$354,000	-11.7%	14,630	-1.3%	0.30%	-16.2%
AVA	Sell	Avista (formerly Washington Wa	$352,000	+16.9%	6,800	-4.2%	0.30%	+11.1%
GDX	New	Market Vectors Gold Miners ETF	$349,000	–	15,200	–	0.30%	–
OGZPY	Sell	Open Joint Stock Co. Gazprom	$315,000	-11.3%	75,500	-15.2%	0.27%	-15.7%
GOLD	Sell	Barrick Gold Corporation	$293,000	-25.8%	18,208	-26.7%	0.25%	-29.7%
FCX	Sell	Freeport McMoRan Inc.	$264,000	+12.3%	18,806	-4.1%	0.22%	+6.6%
KGC	Sell	Kinross Gold Corporation	$260,000	-10.0%	61,350	-13.5%	0.22%	-14.7%
HL	Sell	Hecla Mining	$257,000	-17.6%	51,107	-16.4%	0.22%	-21.8%
	Sell	Sprott Physical Silver Trust E	$197,000	-4.8%	31,350	-4.6%	0.17%	-9.2%
NLY	Sell	Annaly Mortgage Management, In	$189,000	-6.9%	15,483	-8.2%	0.16%	-11.5%
AU	Sell	AngloGold Ashanti Ltd.	$93,000	-47.2%	10,000	-44.8%	0.08%	-50.0%
RJI	Sell	Elements Rogers International	$72,000	-8.9%	14,100	-12.4%	0.06%	-14.1%
MJNA	Buy	Medical Marijuana, Inc.	$5,000	+25.0%	60,000	+50.0%	0.00%	0.0%
FTRCQ	Exit	Frontier Communications	$0	–	-28,760	–	-0.03%	–
TEF	Exit	Telefonica de Espana S.A. ADR	$0	–	-10,550	–	-0.10%	–
HR	Exit	Healthcare Realty Trust	$0	–	-6,200	–	-0.19%	–
MAT	Exit	Mattel, Inc.	$0	–	-25,200	–	-0.49%	–

Q2 2017

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$13,937,000	–	159,919	–	12.49%	–
CSX	New	CSX Corp.	$4,089,000	–	74,950	–	3.66%	–
MSFT	New	Microsoft	$3,597,000	–	52,183	–	3.22%	–
MRK	New	Merck & Co.	$3,529,000	–	55,065	–	3.16%	–
CLX	New	Clorox Co.	$3,099,000	–	23,257	–	2.78%	–
CEF	New	Central Fund of Canada Ltd.	$2,891,000	–	234,504	–	2.59%	–
NEM	New	Newmont Mining	$2,831,000	–	87,393	–	2.54%	–
MCHP	New	Microchip Technology, Inc.	$2,798,000	–	36,250	–	2.51%	–
INTC	New	Intel Corp.	$2,637,000	–	78,150	–	2.36%	–
DIS	New	Disney (Walt) Holding Co.	$2,332,000	–	21,945	–	2.09%	–
PHYS	New	Sprott Physical Gold Trust ETF	$2,269,000	–	224,002	–	2.03%	–
ESS	New	Essex Property Trust	$2,134,000	–	8,296	–	1.91%	–
BMY	New	Bristol-Myers Squibb	$1,857,000	–	33,325	–	1.66%	–
PEP	New	Pepsico Inc.	$1,839,000	–	15,921	–	1.65%	–
K	New	Kellogg Co.	$1,737,000	–	25,000	–	1.56%	–
SLW	New	Wheaton Precious Metals (Silve	$1,716,000	–	86,250	–	1.54%	–
UL	New	Unilever PLC	$1,716,000	–	31,715	–	1.54%	–
HE	New	Hawaiian Electric	$1,710,000	–	52,817	–	1.53%	–
T	New	AT&T Corp. (New)	$1,675,000	–	44,405	–	1.50%	–
PSA	New	Public Storage	$1,654,000	–	7,931	–	1.48%	–
CVX	New	Chevron Corporation (fmly. Che	$1,636,000	–	15,682	–	1.47%	–
AXP	New	American Express	$1,634,000	–	19,400	–	1.46%	–
GILD	New	Gilead Sciences, Inc.	$1,600,000	–	22,600	–	1.43%	–
SBUX	New	Starbucks Corp.	$1,526,000	–	26,175	–	1.37%	–
GG	New	Goldcorp, Inc.	$1,502,000	–	116,360	–	1.35%	–
WY	New	Weyerhaeuser Co.	$1,501,000	–	44,798	–	1.34%	–
LLY	New	Lilly, Eli	$1,490,000	–	18,100	–	1.34%	–
KMB	New	Kimberly-Clark	$1,478,000	–	11,450	–	1.32%	–
CPRT	New	Copart Inc.	$1,438,000	–	45,250	–	1.29%	–
SO	New	Southern Company	$1,427,000	–	29,800	–	1.28%	–
UTX	New	United Technologies	$1,406,000	–	11,515	–	1.26%	–
LMT	New	Lockheed Martin Corp.	$1,378,000	–	4,965	–	1.24%	–
PAAS	New	Pan American Silver Corp.	$1,336,000	–	79,450	–	1.20%	–
SNY	New	Sanofi-Aventis SA	$1,336,000	–	27,884	–	1.20%	–
ABBV	New	AbbVie, Inc.	$1,308,000	–	18,043	–	1.17%	–
JNJ	New	Johnson & Johnson	$1,257,000	–	9,500	–	1.13%	–
UPS	New	United Parcel Service	$1,214,000	–	10,975	–	1.09%	–
ORCL	New	Oracle Corp.	$1,165,000	–	23,235	–	1.04%	–
BG	New	Bunge Ltd.	$1,138,000	–	15,250	–	1.02%	–
VZ	New	Verizon Corporation	$1,095,000	–	24,513	–	0.98%	–
VTR	New	Ventas, Inc.	$1,088,000	–	15,661	–	0.98%	–
TTE	New	Total S.A. ADR	$1,070,000	–	21,576	–	0.96%	–
ASA	New	ASA (Bermuda) Limited	$1,040,000	–	88,980	–	0.93%	–
DNP	New	DNP Select Income Fund (fmly.	$944,000	–	85,769	–	0.85%	–
REGN	New	Regeneron Pharmaceuticals, Inc	$933,000	–	1,900	–	0.84%	–
ABT	New	Abbott Laboratories	$907,000	–	18,668	–	0.81%	–
PFE	New	Pfizer Inc.	$866,000	–	25,796	–	0.78%	–
LEG	New	Leggett & Platt, Inc.	$861,000	–	16,400	–	0.77%	–
BUD	New	Anheuser Busch InBev	$843,000	–	7,641	–	0.76%	–
HCP	New	HCP, Inc.	$825,000	–	25,824	–	0.74%	–
AAPL	New	Apple Computer	$812,000	–	5,638	–	0.73%	–
QCOM	New	Qualcomm Inc.	$752,000	–	13,625	–	0.67%	–
VWDRY	New	Vestas Wind Systems A/S	$751,000	–	24,400	–	0.67%	–
COP	New	ConocoPhillips	$713,000	–	16,216	–	0.64%	–
PCG	New	PG&E Corporation	$712,000	–	10,729	–	0.64%	–
SNH	New	Senior Housing Properties	$651,000	–	31,830	–	0.58%	–
IBM	New	International Business Machine	$634,000	–	4,119	–	0.57%	–
ENGIY	New	Engie (formerly GDF Suez S.A.)	$583,000	–	38,450	–	0.52%	–
PSX	New	Phillips 66	$576,000	–	6,960	–	0.52%	–
MAT	New	Mattel, Inc.	$543,000	–	25,200	–	0.49%	–
STO	New	Statoil ASA	$539,000	–	32,600	–	0.48%	–
IAG	New	IAMGOLD Corporation	$476,000	–	92,200	–	0.43%	–
AUY	New	Yamana Gold, Inc.	$429,000	–	176,725	–	0.38%	–
GE	New	General Electric	$401,000	–	14,830	–	0.36%	–
GOLD	New	Barrick Gold Corporation	$395,000	–	24,850	–	0.35%	–
OGZPY	New	Open Joint Stock Co. Gazprom	$355,000	–	89,000	–	0.32%	–
DRE	New	Duke Realty Corp. (fmly. Duke-	$352,000	–	12,600	–	0.32%	–
HL	New	Hecla Mining	$312,000	–	61,107	–	0.28%	–
DUK	New	Duke Energy	$302,000	–	3,610	–	0.27%	–
AVA	New	Avista (formerly Washington Wa	$301,000	–	7,100	–	0.27%	–
HCSG	New	Healthcare Services Group, Inc	$300,000	–	6,400	–	0.27%	–
KGC	New	Kinross Gold Corporation	$289,000	–	70,950	–	0.26%	–
O	New	Realty Income Corp.	$283,000	–	5,133	–	0.25%	–
OSTK	New	Overstock.com	$284,000	–	17,450	–	0.25%	–
OHI	New	Omega Healthcare Investors, In	$258,000	–	7,800	–	0.23%	–
CHEF	New	The Chef's Warehouse	$258,000	–	19,850	–	0.23%	–
EIX	New	Edison International (formerly	$242,000	–	3,100	–	0.22%	–
PPG	New	PPG Industries	$240,000	–	2,182	–	0.22%	–
FCX	New	Freeport McMoRan Inc.	$235,000	–	19,606	–	0.21%	–
HR	New	Healthcare Realty Trust	$212,000	–	6,200	–	0.19%	–
	New	Sprott Physical Silver Trust E	$207,000	–	32,850	–	0.18%	–
NLY	New	Annaly Mortgage Management, In	$203,000	–	16,866	–	0.18%	–
PBR	New	Petroleo Brasileiro S.A.	$180,000	–	22,500	–	0.16%	–
AU	New	AngloGold Ashanti Ltd.	$176,000	–	18,100	–	0.16%	–
CUBA	New	The Herzfeld Caribbean Basin F	$130,000	–	18,050	–	0.12%	–
TEF	New	Telefonica de Espana S.A. ADR	$110,000	–	10,550	–	0.10%	–
RJI	New	Elements Rogers International	$79,000	–	16,100	–	0.07%	–
FTRCQ	New	Frontier Communications	$33,000	–	28,760	–	0.03%	–
MJNA	New	Medical Marijuana, Inc.	$4,000	–	40,000	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
RJI	Exit	Elements Rogers International	$0	–	-17,100	–	-0.08%	–
CUBA	Exit	The Herzfeld Caribbean Basin F	$0	–	-17,550	–	-0.10%	–
TEF	Exit	Telefonica de Espana S.A. ADR	$0	–	-11,068	–	-0.10%	–
FTR	Exit	Frontier Communications	$0	–	-34,940	–	-0.13%	–
HR	Exit	Healthcare Realty Trust	$0	–	-6,200	–	-0.19%	–
NLY	Exit	Annaly Mortgage Management, In	$0	–	-20,666	–	-0.20%	–
PBR	Exit	Petroleo Brasileiro S.A.	$0	–	-23,800	–	-0.20%	–
CHEF	Exit	The Chef's Warehouse	$0	–	-20,300	–	-0.21%	–
PPG	Exit	PPG Industries	$0	–	-2,182	–	-0.21%	–
FCX	Exit	Freeport McMoRan Inc.	$0	–	-21,406	–	-0.21%	–
HCSG	Exit	Healthcare Services Group, Inc	$0	–	-6,600	–	-0.24%	–
OSTK	Exit	Overstock.com	$0	–	-17,800	–	-0.25%	–
DUK	Exit	Duke Energy	$0	–	-3,610	–	-0.26%	–
AVA	Exit	Avista (formerly Washington Wa	$0	–	-7,100	–	-0.27%	–
	Exit	Sprott Physical Silver Trust E	$0	–	-40,350	–	-0.27%	–
AU	Exit	AngloGold Ashanti Ltd.	$0	–	-19,100	–	-0.28%	–
KGC	Exit	Kinross Gold Corporation	$0	–	-72,550	–	-0.28%	–
EIX	Exit	Edison International (formerly	$0	–	-4,800	–	-0.32%	–
HL	Exit	Hecla Mining	$0	–	-61,107	–	-0.32%	–
GOLD	Exit	Barrick Gold Corporation	$0	–	-19,750	–	-0.32%	–
O	Exit	Realty Income Corp.	$0	–	-5,300	–	-0.32%	–
IAG	Exit	IAMGOLD Corporation	$0	–	-88,700	–	-0.33%	–
DRE	Exit	Duke Realty Corp. (fmly. Duke-	$0	–	-13,800	–	-0.34%	–
OGZPY	Exit	Open Joint Stock Co. Gazprom	$0	–	-94,800	–	-0.36%	–
GE	Exit	General Electric	$0	–	-14,665	–	-0.40%	–
AAPL	Exit	Apple Computer	$0	–	-4,985	–	-0.51%	–
PSX	Exit	Phillips 66	$0	–	-7,060	–	-0.52%	–
STO	Exit	Statoil ASA	$0	–	-34,700	–	-0.53%	–
PCG	Exit	PG&E Corporation	$0	–	-11,229	–	-0.62%	–
IBM	Exit	International Business Machine	$0	–	-4,374	–	-0.63%	–
SNH	Exit	Senior Housing Properties	$0	–	-32,830	–	-0.68%	–
LEG	Exit	Leggett & Platt, Inc.	$0	–	-16,400	–	-0.68%	–
COP	Exit	ConocoPhillips	$0	–	-17,220	–	-0.68%	–
MAT	Exit	Mattel, Inc.	$0	–	-25,200	–	-0.69%	–
AUY	Exit	Yamana Gold, Inc.	$0	–	-177,425	–	-0.70%	–
ABT	Exit	Abbott Laboratories	$0	–	-18,974	–	-0.73%	–
ENGIY	Exit	Engie (formerly GDF Suez S.A.)	$0	–	-53,500	–	-0.76%	–
BG	Exit	Bunge Ltd.	$0	–	-15,250	–	-0.82%	–
PFE	Exit	Pfizer Inc.	$0	–	-26,657	–	-0.82%	–
SNY	Exit	Sanofi-Aventis SA	$0	–	-23,634	–	-0.82%	–
DNP	Exit	DNP Select Income Fund (fmly.	$0	–	-90,729	–	-0.85%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-13,650	–	-0.85%	–
ORCL	Exit	Oracle Corp.	$0	–	-24,800	–	-0.89%	–
HCP	Exit	HCP, Inc.	$0	–	-26,324	–	-0.91%	–
BUD	Exit	Anheuser Busch InBev	$0	–	-7,700	–	-0.92%	–
TTE	Exit	Total S.A. ADR	$0	–	-22,050	–	-0.96%	–
VTR	Exit	Ventas, Inc.	$0	–	-15,700	–	-1.01%	–
JNJ	Exit	Johnson & Johnson	$0	–	-9,425	–	-1.01%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-4,925	–	-1.08%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-18,910	–	-1.09%	–
UPS	Exit	United Parcel Service	$0	–	-11,300	–	-1.12%	–
AXP	Exit	American Express	$0	–	-19,350	–	-1.13%	–
UTX	Exit	United Technologies	$0	–	-12,241	–	-1.13%	–
CPRT	Exit	Copart Inc.	$0	–	-23,275	–	-1.14%	–
VZ	Exit	Verizon Corporation	$0	–	-24,487	–	-1.16%	–
PAAS	Exit	Pan American Silver Corp.	$0	–	-76,550	–	-1.23%	–
ASA	Exit	ASA (Bermuda) Limited	$0	–	-93,580	–	-1.26%	–
SBUX	Exit	Starbucks Corp.	$0	–	-26,175	–	-1.29%	–
KMB	Exit	Kimberly-Clark	$0	–	-11,600	–	-1.33%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-47,678	–	-1.39%	–
LLY	Exit	Lilly, Eli	$0	–	-19,200	–	-1.40%	–
UL	Exit	Unilever PLC	$0	–	-32,865	–	-1.42%	–
SO	Exit	Southern Company	$0	–	-30,400	–	-1.42%	–
CVX	Exit	Chevron Corporation (fmly. Che	$0	–	-15,897	–	-1.49%	–
HE	Exit	Hawaiian Electric	$0	–	-55,517	–	-1.51%	–
PEP	Exit	Pepsico Inc.	$0	–	-16,023	–	-1.59%	–
PSA	Exit	Public Storage	$0	–	-8,024	–	-1.63%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-34,625	–	-1.70%	–
T	Exit	AT&T Corp. (New)	$0	–	-46,253	–	-1.71%	–
ESS	Exit	Essex Property Trust	$0	–	-8,577	–	-1.74%	–
GG	Exit	Goldcorp, Inc.	$0	–	-117,660	–	-1.77%	–
DIS	Exit	Disney (Walt) Holding Co.	$0	–	-21,650	–	-1.83%	–
SLW	Exit	Silver Wheaton Corp.	$0	–	-86,750	–	-2.13%	–
CSX	Exit	CSX Corp.	$0	–	-78,250	–	-2.17%	–
MCHP	Exit	Microchip Technology, Inc.	$0	–	-38,850	–	-2.20%	–
PHYS	Exit	Sprott Physical Gold Trust ETF	$0	–	-232,202	–	-2.31%	–
	Exit	UnitedHealth Group Inc.	$0	–	-19,175	–	-2.44%	–
CLX	Exit	Clorox Co.	$0	–	-23,807	–	-2.71%	–
INTC	Exit	Intel Corp.	$0	–	-79,600	–	-2.74%	–
MSFT	Exit	Microsoft	$0	–	-54,600	–	-2.86%	–
CEF	Exit	Central Fund of Canada Ltd.	$0	–	-233,364	–	-2.94%	–
NEM	Exit	Newmont Mining	$0	–	-84,668	–	-3.03%	–
MRK	Exit	Merck & Co.	$0	–	-56,408	–	-3.20%	–
PG	Exit	Procter & Gamble	$0	–	-170,840	–	-13.95%	–

Q3 2016

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$15,333,000	+4.8%	170,840	-1.1%	13.95%	+6.2%
MRK	Buy	Merck & Co.	$3,520,000	+8.5%	56,408	+0.2%	3.20%	+9.9%
NEM	Sell	Newmont Mining	$3,327,000	-1.2%	84,668	-1.6%	3.03%	+0.1%
CEF	Sell	Central Fund of Canada Ltd.	$3,227,000	-2.9%	233,364	-2.4%	2.94%	-1.6%
MSFT	Sell	Microsoft	$3,145,000	+10.6%	54,600	-1.8%	2.86%	+12.0%
INTC	Sell	Intel Corp.	$3,005,000	+12.8%	79,600	-2.0%	2.74%	+14.3%
CLX	Sell	Clorox Co.	$2,980,000	-13.4%	23,807	-4.2%	2.71%	-12.3%
	Sell	UnitedHealth Group Inc.	$2,685,000	-2.4%	19,175	-1.5%	2.44%	-1.1%
PHYS	Sell	Sprott Physical Gold Trust ETF	$2,543,000	-4.0%	232,202	-3.8%	2.31%	-2.8%
MCHP	Sell	Microchip Technology, Inc.	$2,414,000	+19.6%	38,850	-2.3%	2.20%	+21.2%
CSX	Sell	CSX Corp.	$2,387,000	+12.3%	78,250	-4.0%	2.17%	+13.7%
SLW	Sell	Silver Wheaton Corp.	$2,345,000	+13.2%	86,750	-1.5%	2.13%	+14.6%
DIS	New	Disney (Walt) Holding Co.	$2,010,000	–	21,650	–	1.83%	–
GG	Sell	Goldcorp, Inc.	$1,944,000	-15.0%	117,660	-1.6%	1.77%	-14.0%
ESS	Sell	Essex Property Trust	$1,910,000	-4.4%	8,577	-2.0%	1.74%	-3.1%
T	Sell	AT&T Corp. (New)	$1,878,000	-7.6%	46,253	-1.7%	1.71%	-6.5%
BMY	Sell	Bristol-Myers Squibb	$1,867,000	-27.5%	34,625	-1.1%	1.70%	-26.6%
PSA	Sell	Public Storage	$1,790,000	-13.8%	8,024	-1.2%	1.63%	-12.7%
PEP	Sell	Pepsico Inc.	$1,743,000	-0.4%	16,023	-3.0%	1.59%	+0.9%
HE	Sell	Hawaiian Electric	$1,657,000	-11.4%	55,517	-2.6%	1.51%	-10.2%
CVX	Sell	Chevron Corporation (fmly. Che	$1,636,000	-15.2%	15,897	-13.6%	1.49%	-14.1%
SO	Sell	Southern Company	$1,560,000	-6.3%	30,400	-2.1%	1.42%	-5.1%
UL	Sell	Unilever PLC	$1,558,000	-3.9%	32,865	-3.0%	1.42%	-2.7%
LLY	Sell	Lilly, Eli	$1,541,000	-2.7%	19,200	-4.5%	1.40%	-1.4%
WY	Sell	Weyerhaeuser Co.	$1,523,000	+7.0%	47,678	-0.3%	1.39%	+8.4%
KMB	Sell	Kimberly-Clark	$1,463,000	-8.7%	11,600	-0.4%	1.33%	-7.5%
SBUX	Sell	Starbucks Corp.	$1,417,000	-8.0%	26,175	-3.0%	1.29%	-6.9%
ASA	Sell	ASA (Bermuda) Limited	$1,387,000	-1.9%	93,580	-2.2%	1.26%	-0.6%
PAAS	Sell	Pan American Silver Corp.	$1,349,000	+4.4%	76,550	-2.5%	1.23%	+5.8%
CPRT	Sell	Copart Inc.	$1,247,000	+1.1%	23,275	-7.5%	1.14%	+2.3%
AXP	Sell	American Express	$1,239,000	+2.7%	19,350	-2.5%	1.13%	+4.1%
UPS	Sell	United Parcel Service	$1,236,000	-1.1%	11,300	-2.6%	1.12%	+0.2%
ABBV	Sell	AbbVie, Inc.	$1,193,000	+0.8%	18,910	-1.0%	1.09%	+2.2%
LMT	Sell	Lockheed Martin Corp.	$1,181,000	-8.0%	4,925	-4.8%	1.08%	-6.8%
VTR	Sell	Ventas, Inc.	$1,109,000	-6.6%	15,700	-3.7%	1.01%	-5.4%
TTE	Sell	Total S.A. ADR	$1,052,000	-3.0%	22,050	-2.2%	0.96%	-1.8%
BUD	Sell	Anheuser Busch InBev	$1,012,000	-1.5%	7,700	-1.3%	0.92%	-0.2%
HCP	Sell	HCP, Inc.	$999,000	+2.3%	26,324	-4.7%	0.91%	+3.5%
QCOM	Sell	Qualcomm Inc.	$935,000	+21.9%	13,650	-4.6%	0.85%	+23.5%
DNP	Sell	DNP Select Income Fund (fmly.	$931,000	-5.1%	90,729	-1.8%	0.85%	-3.9%
SNY	Sell	Sanofi-Aventis SA	$903,000	-11.3%	23,634	-2.9%	0.82%	-10.2%
PFE	Sell	Pfizer Inc.	$903,000	-4.8%	26,657	-1.1%	0.82%	-3.6%
ENGIY	Sell	Engie (formerly GDF Suez S.A.)	$837,000	-5.4%	53,500	-2.0%	0.76%	-4.2%
ABT	Sell	Abbott Laboratories	$802,000	+6.4%	18,974	-1.0%	0.73%	+7.8%
AUY	Sell	Yamana Gold, Inc.	$765,000	-20.1%	177,425	-3.7%	0.70%	-19.2%
MAT	Sell	Mattel, Inc.	$763,000	-4.7%	25,200	-1.6%	0.69%	-3.6%
COP	Sell	ConocoPhillips	$749,000	-3.6%	17,220	-3.4%	0.68%	-2.3%
LEG	Sell	Leggett & Platt, Inc.	$748,000	-13.4%	16,400	-3.0%	0.68%	-12.2%
SNH	Sell	Senior Housing Properties	$746,000	+6.1%	32,830	-2.7%	0.68%	+7.4%
IBM	Sell	International Business Machine	$695,000	-2.1%	4,374	-6.6%	0.63%	-0.8%
PCG	Sell	PG&E Corporation	$687,000	-6.4%	11,229	-2.2%	0.62%	-5.2%
STO	Sell	Statoil ASA	$583,000	-4.3%	34,700	-1.4%	0.53%	-2.9%
PSX	Sell	Phillips 66	$569,000	-1.2%	7,060	-2.8%	0.52%	0.0%
AAPL	Buy	Apple Computer	$564,000	+31.5%	4,985	+11.1%	0.51%	+33.2%
GE	Sell	General Electric	$434,000	-34.2%	14,665	-30.1%	0.40%	-33.4%
OGZPY	Sell	Open Joint Stock Co. Gazprom	$398,000	-4.3%	94,800	-1.0%	0.36%	-3.2%
IAG	Sell	IAMGOLD Corporation	$359,000	-6.8%	88,700	-4.6%	0.33%	-5.5%
GOLD	Sell	Barrick Gold Corporation	$350,000	-21.3%	19,750	-5.2%	0.32%	-20.2%
HL	Sell	Hecla Mining	$348,000	+6.7%	61,107	-4.4%	0.32%	+8.2%
KGC	Sell	Kinross Gold Corporation	$305,000	-18.9%	72,550	-5.6%	0.28%	-17.8%
	Sell	Sprott Physical Silver Trust E	$298,000	-1.3%	40,350	-3.1%	0.27%	0.0%
OSTK	Sell	Overstock.com	$273,000	-7.8%	17,800	-3.3%	0.25%	-6.8%
CHEF	Sell	The Chef's Warehouse	$226,000	-33.7%	20,300	-4.7%	0.21%	-32.7%
NLY	Sell	Annaly Mortgage Management, In	$217,000	-7.3%	20,666	-2.4%	0.20%	-6.2%
FTR	Sell	Frontier Communications	$145,000	-18.5%	34,940	-2.8%	0.13%	-17.5%
RJI	Sell	Elements Rogers International	$86,000	-2.3%	17,100	-1.2%	0.08%	-1.3%
XOM	Exit	ExxonMobil	$0	–	-3,000	–	-0.25%	–
ARMH	Exit	ARM Holdings plc	$0	–	-24,950	–	-1.02%	–

Q2 2016

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$14,628,000	–	172,770	–	13.14%	–
CLX	New	Clorox Co.	$3,440,000	–	24,857	–	3.09%	–
NEM	New	Newmont Mining	$3,367,000	–	86,068	–	3.02%	–
CEF	New	Central Fund of Canada Ltd.	$3,323,000	–	239,064	–	2.99%	–
MRK	New	Merck & Co.	$3,244,000	–	56,308	–	2.92%	–
MSFT	New	Microsoft	$2,844,000	–	55,588	–	2.56%	–
	New	UnitedHealth Group Inc.	$2,750,000	–	19,475	–	2.47%	–
INTC	New	Intel Corp.	$2,663,000	–	81,200	–	2.39%	–
PHYS	New	Sprott Physical Gold Trust ETF	$2,649,000	–	241,302	–	2.38%	–
BMY	New	Bristol-Myers Squibb	$2,576,000	–	35,025	–	2.32%	–
GG	New	Goldcorp, Inc.	$2,288,000	–	119,600	–	2.06%	–
CSX	New	CSX Corp.	$2,126,000	–	81,500	–	1.91%	–
PSA	New	Public Storage	$2,076,000	–	8,124	–	1.86%	–
SLW	New	Silver Wheaton Corp.	$2,072,000	–	88,050	–	1.86%	–
T	New	AT&T Corp. (New)	$2,033,000	–	47,053	–	1.83%	–
MCHP	New	Microchip Technology, Inc.	$2,018,000	–	39,750	–	1.81%	–
ESS	New	Essex Property Trust	$1,997,000	–	8,754	–	1.79%	–
CVX	New	Chevron Corporation (fmly. Che	$1,929,000	–	18,397	–	1.73%	–
HE	New	Hawaiian Electric	$1,870,000	–	57,017	–	1.68%	–
PEP	New	Pepsico Inc.	$1,750,000	–	16,523	–	1.57%	–
SO	New	Southern Company	$1,665,000	–	31,050	–	1.50%	–
UL	New	Unilever PLC	$1,622,000	–	33,865	–	1.46%	–
KMB	New	Kimberly-Clark	$1,602,000	–	11,650	–	1.44%	–
LLY	New	Lilly, Eli	$1,583,000	–	20,100	–	1.42%	–
SBUX	New	Starbucks Corp.	$1,541,000	–	26,975	–	1.38%	–
WY	New	Weyerhaeuser Co.	$1,424,000	–	47,838	–	1.28%	–
ASA	New	ASA (Bermuda) Limited	$1,414,000	–	95,680	–	1.27%	–
VZ	New	Verizon Corporation	$1,367,000	–	24,487	–	1.23%	–
PAAS	New	Pan American Silver Corp.	$1,292,000	–	78,550	–	1.16%	–
LMT	New	Lockheed Martin Corp.	$1,284,000	–	5,175	–	1.15%	–
UTX	New	United Technologies	$1,255,000	–	12,241	–	1.13%	–
UPS	New	United Parcel Service	$1,250,000	–	11,600	–	1.12%	–
CPRT	New	Copart Inc.	$1,234,000	–	25,175	–	1.11%	–
AXP	New	American Express	$1,206,000	–	19,850	–	1.08%	–
VTR	New	Ventas, Inc.	$1,187,000	–	16,300	–	1.07%	–
ABBV	New	AbbVie, Inc.	$1,183,000	–	19,110	–	1.06%	–
JNJ	New	Johnson & Johnson	$1,143,000	–	9,425	–	1.03%	–
ARMH	New	ARM Holdings plc	$1,135,000	–	24,950	–	1.02%	–
TTE	New	Total S.A. ADR	$1,085,000	–	22,550	–	0.98%	–
BUD	New	Anheuser Busch InBev	$1,027,000	–	7,800	–	0.92%	–
SNY	New	Sanofi-Aventis SA	$1,018,000	–	24,334	–	0.92%	–
ORCL	New	Oracle Corp.	$1,015,000	–	24,800	–	0.91%	–
DNP	New	DNP Select Income Fund (fmly.	$981,000	–	92,416	–	0.88%	–
HCP	New	HCP, Inc.	$977,000	–	27,624	–	0.88%	–
AUY	New	Yamana Gold, Inc.	$958,000	–	184,225	–	0.86%	–
PFE	New	Pfizer Inc.	$949,000	–	26,957	–	0.85%	–
BG	New	Bunge Ltd.	$902,000	–	15,250	–	0.81%	–
ENGIY	New	Engie (formerly GDF Suez S.A.)	$885,000	–	54,600	–	0.80%	–
LEG	New	Leggett & Platt, Inc.	$864,000	–	16,900	–	0.78%	–
MAT	New	Mattel, Inc.	$801,000	–	25,600	–	0.72%	–
COP	New	ConocoPhillips	$777,000	–	17,820	–	0.70%	–
QCOM	New	Qualcomm Inc.	$767,000	–	14,314	–	0.69%	–
ABT	New	Abbott Laboratories	$754,000	–	19,174	–	0.68%	–
PCG	New	PG&E Corporation	$734,000	–	11,479	–	0.66%	–
IBM	New	International Business Machine	$710,000	–	4,681	–	0.64%	–
SNH	New	Senior Housing Properties	$703,000	–	33,730	–	0.63%	–
GE	New	General Electric	$660,000	–	20,965	–	0.59%	–
STO	New	Statoil ASA	$609,000	–	35,200	–	0.55%	–
PSX	New	Phillips 66	$576,000	–	7,260	–	0.52%	–
GOLD	New	Barrick Gold Corporation	$445,000	–	20,825	–	0.40%	–
AAPL	New	Apple Computer	$429,000	–	4,485	–	0.38%	–
OGZPY	New	Open Joint Stock Co. Gazprom	$416,000	–	95,800	–	0.37%	–
IAG	New	IAMGOLD Corporation	$385,000	–	92,950	–	0.35%	–
KGC	New	Kinross Gold Corporation	$376,000	–	76,850	–	0.34%	–
EIX	New	Edison International (formerly	$373,000	–	4,800	–	0.34%	–
O	New	Realty Income Corp.	$368,000	–	5,300	–	0.33%	–
DRE	New	Duke Realty Corp. (fmly. Duke-	$368,000	–	13,800	–	0.33%	–
AU	New	AngloGold Ashanti Ltd.	$345,000	–	19,100	–	0.31%	–
CHEF	New	The Chef's Warehouse	$341,000	–	21,300	–	0.31%	–
HL	New	Hecla Mining	$326,000	–	63,907	–	0.29%	–
AVA	New	Avista (formerly Washington Wa	$318,000	–	7,100	–	0.29%	–
DUK	New	Duke Energy	$310,000	–	3,610	–	0.28%	–
	New	Sprott Physical Silver Trust E	$302,000	–	41,650	–	0.27%	–
OSTK	New	Overstock.com	$296,000	–	18,400	–	0.27%	–
XOM	New	ExxonMobil	$281,000	–	3,000	–	0.25%	–
HCSG	New	Healthcare Services Group, Inc	$273,000	–	6,600	–	0.24%	–
FCX	New	Freeport McMoRan Inc.	$238,000	–	21,406	–	0.21%	–
NLY	New	Annaly Mortgage Management, In	$234,000	–	21,166	–	0.21%	–
PPG	New	PPG Industries	$227,000	–	2,182	–	0.20%	–
HR	New	Healthcare Realty Trust	$217,000	–	6,200	–	0.20%	–
FTR	New	Frontier Communications	$178,000	–	35,940	–	0.16%	–
PBR	New	Petroleo Brasileiro S.A.	$170,000	–	23,800	–	0.15%	–
CUBA	New	The Herzfeld Caribbean Basin F	$107,000	–	17,550	–	0.10%	–
TEF	New	Telefonica de Espana S.A. ADR	$105,000	–	11,068	–	0.09%	–
RJI	New	Elements Rogers International	$88,000	–	17,300	–	0.08%	–

Q4 2015

			Value		Shares		↓ Weighting
RJI	Exit	Elements Rogers International	$0	–	-17,300	–	-0.08%	–
PBR	Exit	Petroleo Brasileiro S.A.	$0	–	-25,300	–	-0.10%	–
TEF	Exit	Telefonica de Espana S.A. ADR	$0	–	-11,336	–	-0.13%	–
HL	Exit	Hecla Mining	$0	–	-70,807	–	-0.13%	–
KGC	Exit	Kinross Gold Corporation	$0	–	-88,450	–	-0.14%	–
GOLD	Exit	Barrick Gold Corporation	$0	–	-24,925	–	-0.15%	–
AU	Exit	AngloGold Ashanti Ltd.	$0	–	-20,900	–	-0.16%	–
FTR	Exit	Frontier Communications	$0	–	-38,840	–	-0.17%	–
PPG	Exit	PPG Industries	$0	–	-2,282	–	-0.19%	–
	Exit	Sprott Physical Silver Trust E	$0	–	-35,950	–	-0.19%	–
HCSG	Exit	Healthcare Services Group, Inc	$0	–	-6,600	–	-0.21%	–
IAG	Exit	IAMGOLD Corporation	$0	–	-136,900	–	-0.21%	–
AVA	Exit	Avista (formerly Washington Wa	$0	–	-7,200	–	-0.22%	–
NLY	Exit	Annaly Mortgage Management, In	$0	–	-24,966	–	-0.23%	–
FCX	Exit	Freeport McMoRan Inc.	$0	–	-26,474	–	-0.24%	–
DUK	Exit	Duke Energy	$0	–	-3,610	–	-0.24%	–
O	Exit	Realty Income Corp.	$0	–	-5,500	–	-0.24%	–
DRE	Exit	Duke-Weeks Realty Corp.	$0	–	-13,800	–	-0.24%	–
AUY	Exit	Yamana Gold, Inc.	$0	–	-163,425	–	-0.26%	–
XOM	Exit	ExxonMobil	$0	–	-3,800	–	-0.26%	–
CAT	Exit	Caterpillar Inc.	$0	–	-4,400	–	-0.27%	–
EIX	Exit	Edison International (formerly	$0	–	-4,800	–	-0.28%	–
CHEF	Exit	The Chef's Warehouse	$0	–	-21,700	–	-0.29%	–
OSTK	Exit	Overstock.com	$0	–	-23,700	–	-0.38%	–
OGZPY	Exit	Open Joint Stock Co. Gazprom	$0	–	-103,200	–	-0.39%	–
AAPL	Exit	Apple Computer	$0	–	-4,135	–	-0.42%	–
PAAS	Exit	Pan American Silver Corp.	$0	–	-74,400	–	-0.44%	–
STO	Exit	Statoil ASA	$0	–	-35,800	–	-0.48%	–
SNH	Exit	Senior Housing Properties	$0	–	-34,030	–	-0.51%	–
MAT	Exit	Mattel, Inc.	$0	–	-26,200	–	-0.51%	–
PCG	Exit	PG&E Corporation	$0	–	-12,479	–	-0.61%	–
LEG	Exit	Leggett & Platt, Inc.	$0	–	-17,100	–	-0.66%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-15,414	–	-0.77%	–
ASA	Exit	ASA (Bermuda) Limited	$0	–	-112,480	–	-0.82%	–
BUD	Exit	Anheuser Busch InBev	$0	–	-8,400	–	-0.83%	–
ORCL	Exit	Oracle Corp.	$0	–	-25,000	–	-0.84%	–
	Exit	Pepco Holdings, Inc.	$0	–	-37,650	–	-0.85%	–
DNP	Exit	DNP Select Income Fund (fmly.	$0	–	-101,978	–	-0.85%	–
CPRT	Exit	Copart Inc.	$0	–	-27,975	–	-0.86%	–
PFE	Exit	Pfizer Inc.	$0	–	-29,457	–	-0.86%	–
PSX	Exit	Phillips 66	$0	–	-12,510	–	-0.90%	–
ENGIY	Exit	Engie (formerly GDF Suez S.A.)	$0	–	-59,800	–	-0.90%	–
VTR	Exit	Ventas, Inc.	$0	–	-17,500	–	-0.91%	–
HCP	Exit	HCP, Inc.	$0	–	-28,574	–	-0.99%	–
TTE	Exit	Total S.A. ADR	$0	–	-23,850	–	-0.99%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-5,250	–	-1.01%	–
IBM	Exit	International Business Machine	$0	–	-7,710	–	-1.04%	–
ARMH	Exit	ARM Holdings plc	$0	–	-26,450	–	-1.07%	–
VZ	Exit	Verizon Corporation	$0	–	-26,459	–	-1.07%	–
SLW	Exit	Silver Wheaton Corp.	$0	–	-99,400	–	-1.11%	–
UPS	Exit	United Parcel Service	$0	–	-12,200	–	-1.12%	–
SNY	Exit	Sanofi-Aventis SA	$0	–	-25,434	–	-1.12%	–
BG	Exit	Bunge Ltd.	$0	–	-16,750	–	-1.14%	–
PCL	Exit	Plum Creek Timber Company, Inc	$0	–	-31,300	–	-1.15%	–
JNJ	Exit	Johnson & Johnson	$0	–	-14,200	–	-1.24%	–
NEM	Exit	Newmont Mining	$0	–	-82,568	–	-1.24%	–
COP	Exit	ConocoPhillips	$0	–	-28,120	–	-1.26%	–
GE	Exit	General Electric	$0	–	-56,390	–	-1.32%	–
UL	Exit	Unilever PLC	$0	–	-35,290	–	-1.34%	–
UTX	Exit	United Technologies	$0	–	-16,491	–	-1.37%	–
SO	Exit	Southern Company	$0	–	-33,150	–	-1.38%	–
AXP	Exit	American Express	$0	–	-20,700	–	-1.43%	–
PEP	Exit	Pepsico Inc.	$0	–	-17,273	–	-1.52%	–
GG	Exit	Goldcorp, Inc.	$0	–	-134,760	–	-1.57%	–
KMB	Exit	Kimberly-Clark	$0	–	-15,620	–	-1.59%	–
CB	Exit	Chubb Corporation	$0	–	-14,000	–	-1.60%	–
ABT	Exit	Abbott Laboratories	$0	–	-42,974	–	-1.61%	–
CVX	Exit	Chevron Corporation (fmly. Che	$0	–	-22,609	–	-1.66%	–
MSFT	Exit	Microsoft	$0	–	-40,835	–	-1.68%	–
HE	Exit	Hawaiian Electric	$0	–	-63,517	–	-1.70%	–
MCHP	Exit	Microchip Technology, Inc.	$0	–	-44,350	–	-1.78%	–
PSA	Exit	Public Storage	$0	–	-9,174	–	-1.81%	–
LLY	Exit	Lilly, Eli	$0	–	-23,350	–	-1.82%	–
T	Exit	AT&T Corp. (New)	$0	–	-61,533	–	-1.87%	–
ESS	Exit	Essex Property Trust	$0	–	-9,187	–	-1.91%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-40,710	–	-2.06%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-38,725	–	-2.14%	–
PHYS	Exit	Sprott Physical Gold Trust ETF	$0	–	-252,902	–	-2.16%	–
CSX	Exit	CSX Corp.	$0	–	-86,800	–	-2.18%	–
	Exit	UnitedHealth Group Inc.	$0	–	-21,100	–	-2.28%	–
INTC	Exit	Intel Corp.	$0	–	-88,700	–	-2.49%	–
CEF	Exit	Central Fund of Canada Ltd.	$0	–	-271,864	–	-2.68%	–
MRK	Exit	Merck & Co.	$0	–	-60,308	–	-2.78%	–
SH	Exit	ProShares Short S&P 500	$0	–	-137,935	–	-2.89%	–
CLX	Exit	Clorox Co.	$0	–	-34,207	–	-3.68%	–
PG	Exit	Procter & Gamble	$0	–	-174,150	–	-11.67%	–

Q3 2015

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$12,528,000	-9.4%	174,150	-1.5%	11.67%	+3.1%
CLX	Sell	Clorox Co.	$3,952,000	-0.2%	34,207	-10.1%	3.68%	+13.6%
SH	New	ProShares Short S&P 500	$3,105,000	–	137,935	–	2.89%	–
MRK	Sell	Merck & Co.	$2,979,000	-21.5%	60,308	-9.5%	2.78%	-10.7%
CEF	Sell	Central Fund of Canada Ltd.	$2,879,000	-12.1%	271,864	-3.2%	2.68%	+0.0%
INTC	Sell	Intel Corp.	$2,673,000	-5.1%	88,700	-4.2%	2.49%	+8.0%
	Sell	UnitedHealth Group Inc.	$2,448,000	-13.5%	21,100	-9.1%	2.28%	-1.6%
CSX	Sell	CSX Corp.	$2,335,000	-23.7%	86,800	-7.4%	2.18%	-13.2%
PHYS	Sell	Sprott Physical Gold Trust ETF	$2,322,000	-6.6%	252,902	-1.7%	2.16%	+6.3%
BMY	Sell	Bristol-Myers Squibb	$2,293,000	-23.6%	38,725	-14.1%	2.14%	-13.0%
ABBV	Sell	AbbVie, Inc.	$2,215,000	-21.1%	40,710	-2.5%	2.06%	-10.2%
ESS	Sell	Essex Property Trust	$2,053,000	-4.9%	9,187	-9.5%	1.91%	+8.3%
T	Sell	AT&T Corp. (New)	$2,005,000	-9.8%	61,533	-1.7%	1.87%	+2.6%
LLY	Sell	Lilly, Eli	$1,954,000	-11.1%	23,350	-11.3%	1.82%	+1.2%
PSA	Sell	Public Storage	$1,941,000	+11.1%	9,174	-3.2%	1.81%	+26.4%
MCHP	Sell	Microchip Technology, Inc.	$1,911,000	-11.9%	44,350	-3.1%	1.78%	+0.2%
HE	Sell	Hawaiian Electric	$1,822,000	-9.5%	63,517	-6.2%	1.70%	+3.0%
MSFT	Sell	Microsoft	$1,807,000	-8.7%	40,835	-8.9%	1.68%	+4.0%
CVX	Sell	Chevron Corporation (fmly. Che	$1,783,000	-26.8%	22,609	-10.5%	1.66%	-16.8%
ABT	Sell	Abbott Laboratories	$1,728,000	-19.0%	42,974	-1.2%	1.61%	-7.8%
CB	Sell	Chubb Corporation	$1,717,000	+12.8%	14,000	-12.5%	1.60%	+28.4%
KMB	Sell	Kimberly-Clark	$1,703,000	-4.2%	15,620	-6.9%	1.59%	+9.1%
GG	Sell	Goldcorp, Inc.	$1,687,000	-25.2%	134,760	-3.2%	1.57%	-14.9%
PEP	Sell	Pepsico Inc.	$1,629,000	-5.5%	17,273	-6.5%	1.52%	+7.5%
AXP	Sell	American Express	$1,534,000	-10.9%	20,700	-6.5%	1.43%	+1.4%
SO	Sell	Southern Company	$1,482,000	+3.6%	33,150	-2.9%	1.38%	+17.8%
UTX	Sell	United Technologies	$1,468,000	-21.2%	16,491	-1.8%	1.37%	-10.3%
UL	Sell	Unilever PLC	$1,439,000	-7.6%	35,290	-2.6%	1.34%	+5.2%
GE	Sell	General Electric	$1,422,000	-5.5%	56,390	-0.4%	1.32%	+7.5%
COP	Sell	ConocoPhillips	$1,349,000	-22.2%	28,120	-0.4%	1.26%	-11.4%
NEM	Sell	Newmont Mining	$1,327,000	-33.9%	82,568	-3.9%	1.24%	-24.7%
JNJ	Sell	Johnson & Johnson	$1,326,000	-44.9%	14,200	-42.5%	1.24%	-37.3%
PCL	Sell	Plum Creek Timber Company, Inc	$1,237,000	-5.6%	31,300	-3.1%	1.15%	+7.5%
BG	Sell	Bunge Ltd.	$1,228,000	-20.1%	16,750	-4.3%	1.14%	-9.1%
SNY	Sell	Sanofi-Aventis SA	$1,207,000	-7.7%	25,434	-3.6%	1.12%	+5.1%
UPS	Sell	United Parcel Service	$1,204,000	-5.5%	12,200	-7.2%	1.12%	+7.6%
SLW	Sell	Silver Wheaton Corp.	$1,194,000	-33.5%	99,400	-4.0%	1.11%	-24.3%
VZ	Sell	Verizon Corporation	$1,151,000	-11.1%	26,459	-4.7%	1.07%	+1.2%
ARMH	Sell	ARM Holdings plc	$1,144,000	-16.0%	26,450	-4.3%	1.07%	-4.4%
IBM	Sell	International Business Machine	$1,118,000	-14.0%	7,710	-3.5%	1.04%	-2.1%
LMT	Sell	Lockheed Martin Corp.	$1,088,000	+1.8%	5,250	-8.7%	1.01%	+15.9%
TTE	Sell	Total S.A. ADR	$1,066,000	-12.4%	23,850	-3.6%	0.99%	-0.4%
HCP	Sell	HCP, Inc.	$1,064,000	-3.8%	28,574	-5.8%	0.99%	+9.4%
VTR	Sell	Ventas, Inc.	$981,000	-16.2%	17,500	-7.2%	0.91%	-4.6%
ENGIY	New	Engie (formerly GDF Suez S.A.)	$963,000	–	59,800	–	0.90%	–
PFE	Sell	Pfizer Inc.	$925,000	-6.7%	29,457	-0.3%	0.86%	+6.3%
CPRT	Sell	Copart Inc.	$920,000	-13.9%	27,975	-7.1%	0.86%	-2.1%
DNP	Sell	DNP Select Income Fund (fmly.	$916,000	-16.8%	101,978	-6.3%	0.85%	-5.3%
	Sell	Pepco Holdings, Inc.	$912,000	-13.3%	37,650	-3.6%	0.85%	-1.3%
BUD	Sell	Anheuser Busch InBev	$893,000	-18.2%	8,400	-7.2%	0.83%	-6.9%
ASA	Sell	ASA (Bermuda) Limited	$880,000	-21.7%	112,480	-2.8%	0.82%	-10.9%
QCOM	Sell	Qualcomm Inc.	$828,000	-19.9%	15,414	-6.7%	0.77%	-8.9%
LEG	Sell	Leggett & Platt, Inc.	$705,000	-18.2%	17,100	-3.4%	0.66%	-6.9%
PCG	Sell	PG&E Corporation	$659,000	+5.8%	12,479	-1.6%	0.61%	+20.4%
MAT	Sell	Mattel, Inc.	$552,000	-27.2%	26,200	-11.2%	0.51%	-17.2%
SNH	Sell	Senior Housing Properties	$551,000	-8.5%	34,030	-0.9%	0.51%	+4.1%
STO	Sell	Statoil ASA	$521,000	-24.1%	35,800	-6.5%	0.48%	-13.7%
PAAS	Sell	Pan American Silver Corp.	$472,000	-28.0%	74,400	-2.6%	0.44%	-18.1%
AAPL	Sell	Apple Computer	$456,000	-25.0%	4,135	-14.7%	0.42%	-14.7%
OGZPY	Sell	Open Joint Stock Co. Gazprom	$419,000	-57.3%	103,200	-44.6%	0.39%	-51.5%
OSTK	Sell	Overstock.com	$407,000	-29.5%	23,700	-7.4%	0.38%	-19.7%
CHEF	Sell	The Chef's Warehouse	$307,000	-44.2%	21,700	-16.2%	0.29%	-36.4%
AUY	Sell	Yamana Gold, Inc.	$278,000	-47.1%	163,425	-6.8%	0.26%	-39.9%
NLY	Sell	Annaly Mortgage Management, In	$246,000	-41.4%	24,966	-45.4%	0.23%	-33.4%
HCSG	Sell	Healthcare Services Group, Inc	$222,000	-1.3%	6,600	-2.9%	0.21%	+12.5%
PPG	Sell	PPG Industries	$200,000	-25.4%	2,282	-2.4%	0.19%	-15.1%
FTR	Sell	Frontier Communications	$184,000	-4.7%	38,840	-0.6%	0.17%	+8.2%
AU	Sell	AngloGold Ashanti Ltd.	$171,000	-11.9%	20,900	-3.7%	0.16%	0.0%
GOLD	Sell	Barrick Gold Corporation	$159,000	-41.3%	24,925	-2.0%	0.15%	-33.3%
KGC	Sell	Kinross Gold Corporation	$152,000	-28.3%	88,450	-3.3%	0.14%	-18.4%
HL	Sell	Hecla Mining	$139,000	-26.5%	70,807	-1.4%	0.13%	-16.1%
TEF	Sell	Telefonica de Espana S.A. ADR	$136,000	-17.6%	11,336	-2.6%	0.13%	-5.9%
PBR	Sell	Petroleo Brasileiro S.A.	$110,000	-78.5%	25,300	-55.3%	0.10%	-75.4%
RJI	Sell	Elements Rogers International	$90,000	-51.4%	17,300	-41.8%	0.08%	-44.4%
PGHEF	Exit	Pengrowth Energy Corporation	$0	–	-12,072	–	-0.02%	–
SBLK	Exit	Star Bulk Carriers Corp.	$0	–	-18,400	–	-0.04%	–
3616PS	Exit	GDF Suez S.A.	$0	–	-65,200	–	-0.99%	–

Q2 2015

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$13,830,000	–	176,770	–	11.32%	–
CLX	New	Clorox Co.	$3,960,000	–	38,065	–	3.24%	–
MRK	New	Merck & Co.	$3,795,000	–	66,659	–	3.11%	–
CEF	New	Central Fund of Canada Ltd.	$3,275,000	–	280,864	–	2.68%	–
CSX	New	CSX Corp.	$3,062,000	–	93,775	–	2.51%	–
BMY	New	Bristol-Myers Squibb	$3,000,000	–	45,092	–	2.46%	–
	New	UnitedHealth Group Inc.	$2,830,000	–	23,200	–	2.32%	–
INTC	New	Intel Corp.	$2,816,000	–	92,600	–	2.31%	–
ABBV	New	AbbVie, Inc.	$2,806,000	–	41,760	–	2.30%	–
PHYS	New	Sprott Physical Gold Trust ETF	$2,487,000	–	257,402	–	2.04%	–
CVX	New	Chevron Corporation (fmly. Che	$2,437,000	–	25,263	–	2.00%	–
JNJ	New	Johnson & Johnson	$2,407,000	–	24,700	–	1.97%	–
GG	New	Goldcorp, Inc.	$2,256,000	–	139,240	–	1.85%	–
T	New	AT&T Corp. (New)	$2,223,000	–	62,575	–	1.82%	–
LLY	New	Lilly, Eli	$2,197,000	–	26,310	–	1.80%	–
MCHP	New	Microchip Technology, Inc.	$2,170,000	–	45,750	–	1.78%	–
ESS	New	Essex Property Trust	$2,158,000	–	10,153	–	1.77%	–
ABT	New	Abbott Laboratories	$2,134,000	–	43,474	–	1.75%	–
HE	New	Hawaiian Electric	$2,013,000	–	67,717	–	1.65%	–
NEM	New	Newmont Mining	$2,007,000	–	85,918	–	1.64%	–
MSFT	New	Microsoft	$1,979,000	–	44,835	–	1.62%	–
UTX	New	United Technologies	$1,863,000	–	16,791	–	1.52%	–
SLW	New	Silver Wheaton Corp.	$1,795,000	–	103,500	–	1.47%	–
KMB	New	Kimberly-Clark	$1,777,000	–	16,770	–	1.46%	–
PSA	New	Public Storage	$1,747,000	–	9,474	–	1.43%	–
COP	New	ConocoPhillips	$1,733,000	–	28,220	–	1.42%	–
PEP	New	Pepsico Inc.	$1,724,000	–	18,473	–	1.41%	–
AXP	New	American Express	$1,721,000	–	22,150	–	1.41%	–
UL	New	Unilever PLC	$1,557,000	–	36,250	–	1.28%	–
BG	New	Bunge Ltd.	$1,537,000	–	17,500	–	1.26%	–
CB	New	Chubb Corporation	$1,522,000	–	16,000	–	1.25%	–
GE	New	General Electric	$1,504,000	–	56,590	–	1.23%	–
SO	New	Southern Company	$1,431,000	–	34,150	–	1.17%	–
ARMH	New	ARM Holdings plc	$1,362,000	–	27,650	–	1.12%	–
PCL	New	Plum Creek Timber Company, Inc	$1,310,000	–	32,300	–	1.07%	–
SNY	New	Sanofi-Aventis SA	$1,307,000	–	26,384	–	1.07%	–
IBM	New	International Business Machine	$1,300,000	–	7,991	–	1.06%	–
VZ	New	Verizon Corporation	$1,294,000	–	27,766	–	1.06%	–
UPS	New	United Parcel Service	$1,274,000	–	13,150	–	1.04%	–
TTE	New	Total S.A. ADR	$1,217,000	–	24,750	–	1.00%	–
3616PS	New	GDF Suez S.A.	$1,214,000	–	65,200	–	0.99%	–
VTR	New	Ventas, Inc.	$1,170,000	–	18,850	–	0.96%	–
ASA	New	ASA (Bermuda) Limited	$1,124,000	–	115,730	–	0.92%	–
HCP	New	HCP, Inc.	$1,106,000	–	30,324	–	0.91%	–
DNP	New	DNP Select Income Fund (fmly.	$1,101,000	–	108,876	–	0.90%	–
BUD	New	Anheuser Busch InBev	$1,092,000	–	9,050	–	0.89%	–
CPRT	New	Copart Inc.	$1,069,000	–	30,125	–	0.88%	–
LMT	New	Lockheed Martin Corp.	$1,069,000	–	5,750	–	0.88%	–
	New	Pepco Holdings, Inc.	$1,052,000	–	39,050	–	0.86%	–
QCOM	New	Qualcomm Inc.	$1,034,000	–	16,514	–	0.85%	–
ORCL	New	Oracle Corp.	$1,008,000	–	25,000	–	0.82%	–
PSX	New	Phillips 66	$1,008,000	–	12,510	–	0.82%	–
PFE	New	Pfizer Inc.	$991,000	–	29,557	–	0.81%	–
OGZPY	New	Open Joint Stock Co. Gazprom	$982,000	–	186,250	–	0.80%	–
LEG	New	Leggett & Platt, Inc.	$862,000	–	17,700	–	0.71%	–
MAT	New	Mattel, Inc.	$758,000	–	29,500	–	0.62%	–
STO	New	Statoil ASA	$686,000	–	38,300	–	0.56%	–
PAAS	New	Pan American Silver Corp.	$656,000	–	76,400	–	0.54%	–
PCG	New	PG&E Corporation	$623,000	–	12,679	–	0.51%	–
AAPL	New	Apple Computer	$608,000	–	4,845	–	0.50%	–
SNH	New	Senior Housing Properties	$602,000	–	34,330	–	0.49%	–
OSTK	New	Overstock.com	$577,000	–	25,600	–	0.47%	–
CHEF	New	The Chef's Warehouse	$550,000	–	25,900	–	0.45%	–
AUY	New	Yamana Gold, Inc.	$526,000	–	175,425	–	0.43%	–
PBR	New	Petroleo Brasileiro S.A.	$512,000	–	56,600	–	0.42%	–
FCX	New	Freeport McMoRan Inc.	$493,000	–	26,474	–	0.40%	–
NLY	New	Annaly Mortgage Management, In	$420,000	–	45,733	–	0.34%	–
CAT	New	Caterpillar Inc.	$373,000	–	4,400	–	0.30%	–
XOM	New	ExxonMobil	$316,000	–	3,800	–	0.26%	–
IAG	New	IAMGOLD Corporation	$274,000	–	136,900	–	0.22%	–
GOLD	New	Barrick Gold Corporation	$271,000	–	25,425	–	0.22%	–
PPG	New	PPG Industries	$268,000	–	2,338	–	0.22%	–
EIX	New	Edison International (formerly	$267,000	–	4,800	–	0.22%	–
DRE	New	Duke-Weeks Realty Corp.	$256,000	–	13,800	–	0.21%	–
DUK	New	Duke Energy	$255,000	–	3,610	–	0.21%	–
O	New	Realty Income Corp.	$244,000	–	5,500	–	0.20%	–
HCSG	New	Healthcare Services Group, Inc	$225,000	–	6,800	–	0.18%	–
	New	Sprott Physical Silver Trust E	$222,000	–	35,950	–	0.18%	–
AVA	New	Avista (formerly Washington Wa	$221,000	–	7,200	–	0.18%	–
KGC	New	Kinross Gold Corporation	$212,000	–	91,450	–	0.17%	–
AU	New	AngloGold Ashanti Ltd.	$194,000	–	21,700	–	0.16%	–
FTR	New	Frontier Communications	$193,000	–	39,090	–	0.16%	–
HL	New	Hecla Mining	$189,000	–	71,807	–	0.16%	–
RJI	New	Elements Rogers International	$185,000	–	29,750	–	0.15%	–
TEF	New	Telefonica de Espana S.A. ADR	$165,000	–	11,644	–	0.14%	–
SBLK	New	Star Bulk Carriers Corp.	$54,000	–	18,400	–	0.04%	–
PGHEF	New	Pengrowth Energy Corporation	$30,000	–	12,072	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
TEF	Exit	Telefonica de Espana S.A. ADR	$0	–	-13,662	–	-0.17%	–
AVA	Exit	Avista (formerly Washington Wa	$0	–	-7,200	–	-0.18%	–
GDXJ	Exit	Market Vectors Junior Gold Min	$0	–	-6,750	–	-0.19%	–
HL	Exit	Hecla Mining	$0	–	-97,053	–	-0.20%	–
BHP	Exit	BHP Billiton Ltd.	$0	–	-4,100	–	-0.20%	–
DRE	Exit	Duke-Weeks Realty Corp.	$0	–	-15,000	–	-0.21%	–
PBI	Exit	Pitney Bowes, Inc.	$0	–	-10,314	–	-0.21%	–
O	Exit	Realty Income Corp.	$0	–	-6,500	–	-0.22%	–
EIX	Exit	Edison International (formerly	$0	–	-4,900	–	-0.22%	–
FTR	Exit	Frontier Communications	$0	–	-43,890	–	-0.24%	–
	Exit	Sprott Physical Silver Trust E	$0	–	-42,350	–	-0.24%	–
PPG	Exit	PPG Industries	$0	–	-1,497	–	-0.24%	–
RYAM	Exit	Rayonier Advanced Materials In	$0	–	-9,504	–	-0.26%	–
RJI	Exit	Elements Rogers International	$0	–	-42,500	–	-0.26%	–
DUK	Exit	Duke Energy	$0	–	-4,414	–	-0.27%	–
IAG	Exit	IAMGOLD Corporation	$0	–	-128,850	–	-0.29%	–
XOM	Exit	ExxonMobil	$0	–	-4,300	–	-0.33%	–
AU	Exit	AngloGold Ashanti Ltd.	$0	–	-35,900	–	-0.35%	–
GOLD	Exit	Barrick Gold Corporation	$0	–	-29,679	–	-0.36%	–
KGC	Exit	Kinross Gold Corporation	$0	–	-138,850	–	-0.38%	–
AAPL	Exit	Apple Computer	$0	–	-4,654	–	-0.39%	–
NLY	Exit	Annaly Mortgage Management, In	$0	–	-51,009	–	-0.45%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-3,293	–	-0.50%	–
PCG	Exit	PG&E Corporation	$0	–	-13,779	–	-0.51%	–
PSX	Exit	Phillips 66	$0	–	-8,760	–	-0.59%	–
LEG	Exit	Leggett & Platt, Inc.	$0	–	-20,509	–	-0.59%	–
SNH	Exit	Senior Housing Properties	$0	–	-36,750	–	-0.63%	–
GE	Exit	General Electric	$0	–	-32,595	–	-0.69%	–
RYN	Exit	Rayonier Inc.	$0	–	-28,536	–	-0.73%	–
PAAS	Exit	Pan American Silver Corp.	$0	–	-85,534	–	-0.77%	–
FCX	Exit	Freeport McMoRan Inc.	$0	–	-30,076	–	-0.81%	–
PFE	Exit	Pfizer Inc.	$0	–	-34,804	–	-0.85%	–
ORCL	Exit	Oracle Corp.	$0	–	-27,300	–	-0.86%	–
CB	Exit	Chubb Corporation	$0	–	-11,500	–	-0.86%	–
DNP	Exit	DNP Select Income Fund (fmly.	$0	–	-105,290	–	-0.88%	–
IBM	Exit	International Business Machine	$0	–	-5,686	–	-0.89%	–
STO	Exit	Statoil ASA	$0	–	-40,041	–	-0.90%	–
CPRT	Exit	Copart Inc.	$0	–	-34,900	–	-0.90%	–
	Exit	Pepco Holdings, Inc.	$0	–	-43,670	–	-0.96%	–
AUY	Exit	Yamana Gold, Inc.	$0	–	-200,162	–	-0.99%	–
HCP	Exit	HCP, Inc.	$0	–	-30,900	–	-1.01%	–
VTR	Exit	Ventas, Inc.	$0	–	-20,500	–	-1.04%	–
VZ	Exit	Verizon Corporation	$0	–	-27,389	–	-1.13%	–
PCL	Exit	Plum Creek Timber Company, Inc	$0	–	-35,167	–	-1.13%	–
ARMH	Exit	ARM Holdings plc	$0	–	-32,100	–	-1.15%	–
UTX	Exit	United Technologies	$0	–	-14,021	–	-1.22%	–
ABT	Exit	Abbott Laboratories	$0	–	-36,010	–	-1.23%	–
SNY	Exit	Sanofi-Aventis SA	$0	–	-27,084	–	-1.26%	–
UL	Exit	Unilever PLC	$0	–	-37,530	–	-1.29%	–
ASA	Exit	ASA (Bermuda) Limited	$0	–	-135,850	–	-1.31%	–
COP	Exit	ConocoPhillips	$0	–	-20,920	–	-1.32%	–
BG	Exit	Bunge Ltd.	$0	–	-19,389	–	-1.34%	–
SO	Exit	Southern Company	$0	–	-37,600	–	-1.35%	–
PSA	Exit	Public Storage	$0	–	-10,079	–	-1.38%	–
OGZPY	Exit	Open Joint Stock Co. Gazprom	$0	–	-242,600	–	-1.39%	–
TTE	Exit	Total S.A. ADR	$0	–	-26,400	–	-1.40%	–
3616PS	Exit	GDF Suez S.A.	$0	–	-70,800	–	-1.46%	–
KMB	Exit	Kimberly-Clark	$0	–	-17,050	–	-1.51%	–
HE	Exit	Hawaiian Electric	$0	–	-69,325	–	-1.51%	–
PEP	Exit	Pepsico Inc.	$0	–	-19,817	–	-1.52%	–
ESS	Exit	Essex Property Trust	$0	–	-10,512	–	-1.54%	–
LLY	Exit	Lilly, Eli	$0	–	-30,410	–	-1.62%	–
T	Exit	AT&T Corp. (New)	$0	–	-56,314	–	-1.63%	–
SLW	Exit	Silver Wheaton Corp.	$0	–	-100,655	–	-1.65%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-35,310	–	-1.68%	–
JNJ	Exit	Johnson & Johnson	$0	–	-20,400	–	-1.79%	–
	Exit	UnitedHealth Group Inc.	$0	–	-25,704	–	-1.82%	–
NEM	Exit	Newmont Mining	$0	–	-97,619	–	-1.85%	–
MCHP	Exit	Microchip Technology, Inc.	$0	–	-48,065	–	-1.87%	–
MSFT	Exit	Microsoft	$0	–	-50,314	–	-1.92%	–
PHYS	Exit	Sprott Physical Gold Trust ETF	$0	–	-237,652	–	-1.95%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-52,417	–	-2.21%	–
GG	Exit	Goldcorp, Inc.	$0	–	-130,661	–	-2.48%	–
CVX	Exit	Chevron Corporation (fmly. Che	$0	–	-26,812	–	-2.63%	–
CEF	Exit	Central Fund of Canada Ltd.	$0	–	-267,447	–	-2.71%	–
CLX	Exit	Clorox Co.	$0	–	-35,146	–	-2.78%	–
CSX	Exit	CSX Corp.	$0	–	-110,721	–	-2.92%	–
INTC	Exit	Intel Corp.	$0	–	-102,110	–	-2.92%	–
MRK	Exit	Merck & Co.	$0	–	-76,842	–	-3.75%	–
PG	Exit	Procter & Gamble	$0	–	-182,785	–	-12.59%	–

Q3 2014

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$15,306,000	+5.3%	182,785	-1.1%	12.59%	+10.9%
MRK	Sell	Merck & Co.	$4,555,000	+1.7%	76,842	-0.7%	3.75%	+7.1%
INTC	Sell	Intel Corp.	$3,555,000	+12.6%	102,110	-0.1%	2.92%	+18.5%
CSX	Sell	CSX Corp.	$3,550,000	+3.2%	110,721	-0.8%	2.92%	+8.6%
CLX	Sell	Clorox Co.	$3,375,000	+4.6%	35,146	-0.4%	2.78%	+10.1%
CEF	Sell	Central Fund of Canada Ltd.	$3,292,000	-15.7%	267,447	-0.4%	2.71%	-11.2%
CVX	Sell	Chevron Corporation (fmly. Che	$3,199,000	-9.1%	26,812	-0.6%	2.63%	-4.4%
GG	Sell	Goldcorp, Inc.	$3,009,000	-18.0%	130,661	-0.6%	2.48%	-13.7%
BMY	Sell	Bristol-Myers Squibb	$2,683,000	+4.6%	52,417	-0.9%	2.21%	+10.1%
PHYS	Sell	Sprott Physical Gold Trust ETF	$2,369,000	-9.5%	237,652	-0.1%	1.95%	-4.8%
MSFT	Sell	Microsoft	$2,333,000	+9.7%	50,314	-1.4%	1.92%	+15.5%
MCHP	Sell	Microchip Technology, Inc.	$2,270,000	-3.4%	48,065	-0.2%	1.87%	+1.6%
NEM	Sell	Newmont Mining	$2,250,000	-9.7%	97,619	-0.3%	1.85%	-4.9%
	Buy	UnitedHealth Group Inc.	$2,217,000	+5.5%	25,704	+0.0%	1.82%	+11.0%
JNJ	Sell	Johnson & Johnson	$2,174,000	+0.4%	20,400	-1.4%	1.79%	+5.6%
ABBV	Sell	AbbVie, Inc.	$2,040,000	-3.4%	35,310	-5.6%	1.68%	+1.7%
SLW	Sell	Silver Wheaton Corp.	$2,006,000	-24.5%	100,655	-0.5%	1.65%	-20.5%
T	Sell	AT&T Corp. (New)	$1,985,000	-1.0%	56,314	-0.7%	1.63%	+4.1%
LLY	Sell	Lilly, Eli	$1,972,000	+3.3%	30,410	-1.0%	1.62%	+8.7%
ESS	Sell	Essex Property Trust	$1,879,000	-4.8%	10,512	-1.5%	1.54%	+0.1%
PEP	Sell	Pepsico Inc.	$1,845,000	+3.9%	19,817	-0.3%	1.52%	+9.4%
HE	Sell	Hawaiian Electric	$1,841,000	+4.0%	69,325	-0.8%	1.51%	+9.5%
TTE	Sell	Total S.A. ADR	$1,701,000	-11.5%	26,400	-0.8%	1.40%	-6.8%
OGZPY	Sell	Open Joint Stock Co. Gazprom	$1,693,000	-20.1%	242,600	-0.2%	1.39%	-15.9%
PSA	Buy	Public Storage	$1,672,000	-3.2%	10,079	+0.0%	1.38%	+1.9%
BG	Sell	Bunge Ltd.	$1,633,000	+9.7%	19,389	-1.5%	1.34%	+15.4%
ASA	Sell	ASA (Bermuda) Limited	$1,598,000	-20.5%	135,850	-0.9%	1.31%	-16.3%
ABT	Sell	Abbott Laboratories	$1,498,000	-1.3%	36,010	-3.0%	1.23%	+3.9%
UTX	Sell	United Technologies	$1,481,000	-9.1%	14,021	-0.7%	1.22%	-4.4%
ARMH	Sell	ARM Holdings plc	$1,402,000	-4.4%	32,100	-0.9%	1.15%	+0.6%
VZ	Sell	Verizon Corporation	$1,369,000	+0.7%	27,389	-1.4%	1.13%	+6.0%
HCP	Sell	HCP, Inc.	$1,227,000	-5.3%	30,900	-1.3%	1.01%	-0.3%
AUY	Sell	Yamana Gold, Inc.	$1,201,000	-27.1%	200,162	-0.1%	0.99%	-23.2%
	Sell	Pepco Holdings, Inc.	$1,169,000	-3.2%	43,670	-0.7%	0.96%	+1.9%
CPRT	Sell	Copart Inc.	$1,093,000	-13.9%	34,900	-1.1%	0.90%	-9.4%
STO	Buy	Statoil ASA	$1,088,000	-11.8%	40,041	+0.0%	0.90%	-7.2%
IBM	Sell	International Business Machine	$1,079,000	+4.7%	5,686	-0.1%	0.89%	+10.0%
DNP	Sell	DNP Select Income Fund (fmly.	$1,064,000	-6.1%	105,290	-2.3%	0.88%	-1.1%
CB	Sell	Chubb Corporation	$1,047,000	-12.6%	11,500	-11.5%	0.86%	-8.0%
ORCL	Sell	Oracle Corp.	$1,045,000	-12.0%	27,300	-6.8%	0.86%	-7.3%
PFE	Sell	Pfizer Inc.	$1,029,000	-0.7%	34,804	-0.3%	0.85%	+4.4%
FCX	Buy	Freeport McMoRan Inc.	$982,000	-8.1%	30,076	+2.7%	0.81%	-3.2%
PAAS	Buy	Pan American Silver Corp.	$939,000	-28.5%	85,534	+0.0%	0.77%	-24.8%
RYN	Buy	Rayonier Inc.	$889,000	-12.3%	28,536	+0.1%	0.73%	-7.7%
GE	Buy	General Electric	$835,000	-2.5%	32,595	+0.0%	0.69%	+2.7%
SNH	Sell	Senior Housing Properties	$769,000	-14.7%	36,750	-0.9%	0.63%	-10.1%
LEG	Buy	Leggett & Platt, Inc.	$716,000	+1.8%	20,509	+0.0%	0.59%	+7.3%
PCG	Sell	PG&E Corporation	$621,000	-7.5%	13,779	-1.4%	0.51%	-2.5%
LMT	Sell	Lockheed Martin Corp.	$602,000	-3.8%	3,293	-15.4%	0.50%	+1.2%
NLY	Sell	Annaly Mortgage Management, In	$545,000	-10.8%	51,009	-4.6%	0.45%	-6.1%
AAPL	Sell	Apple Computer	$469,000	+7.3%	4,654	-1.1%	0.39%	+13.2%
GOLD	Buy	Barrick Gold Corporation	$435,000	-19.9%	29,679	+0.0%	0.36%	-15.6%
AU	Sell	AngloGold Ashanti Ltd.	$431,000	-30.5%	35,900	-0.3%	0.35%	-26.9%
IAG	Sell	IAMGOLD Corporation	$356,000	-33.5%	128,850	-0.8%	0.29%	-29.9%
RJI	Sell	Elements Rogers International	$320,000	-13.3%	42,500	-1.2%	0.26%	-8.7%
RYAM	Sell	Rayonier Advanced Materials In	$313,000	-14.9%	9,504	-0.0%	0.26%	-10.8%
FTR	Sell	Frontier Communications	$286,000	+10.9%	43,890	-0.6%	0.24%	+16.3%
PBI	Buy	Pitney Bowes, Inc.	$258,000	-9.5%	10,314	+0.1%	0.21%	-4.9%
HL	Buy	Hecla Mining	$241,000	-28.1%	97,053	+0.0%	0.20%	-24.4%
AVA	Sell	Avista (formerly Washington Wa	$220,000	-12.4%	7,200	-4.0%	0.18%	-7.7%
HCSG	Exit	Healthcare Services Group, Inc	$0	–	-6,950	–	-0.16%	–
MOS	Exit	Mosaic Company (The)	$0	–	-4,402	–	-0.17%	–

Q2 2014

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$14,532,000	–	184,910	–	11.36%	–
MRK	New	Merck & Co.	$4,477,000	–	77,385	–	3.50%	–
CEF	New	Central Fund of Canada Ltd.	$3,903,000	–	268,447	–	3.05%	–
GG	New	Goldcorp, Inc.	$3,669,000	–	131,456	–	2.87%	–
CVX	New	Chevron Corporation (fmly. Che	$3,520,000	–	26,962	–	2.75%	–
CSX	New	CSX Corp.	$3,440,000	–	111,661	–	2.69%	–
CLX	New	Clorox Co.	$3,226,000	–	35,290	–	2.52%	–
INTC	New	Intel Corp.	$3,158,000	–	102,200	–	2.47%	–
SLW	New	Silver Wheaton Corp.	$2,657,000	–	101,153	–	2.08%	–
PHYS	New	Sprott Physical Gold Trust ETF	$2,619,000	–	237,852	–	2.05%	–
BMY	New	Bristol-Myers Squibb	$2,565,000	–	52,867	–	2.00%	–
NEM	New	Newmont Mining	$2,491,000	–	97,918	–	1.95%	–
MCHP	New	Microchip Technology, Inc.	$2,351,000	–	48,158	–	1.84%	–
JNJ	New	Johnson & Johnson	$2,166,000	–	20,700	–	1.69%	–
MSFT	New	Microsoft	$2,127,000	–	51,008	–	1.66%	–
OGZPY	New	Open Joint Stock Co. Gazprom	$2,119,000	–	243,100	–	1.66%	–
ABBV	New	AbbVie, Inc.	$2,111,000	–	37,410	–	1.65%	–
	New	UnitedHealth Group Inc.	$2,101,000	–	25,702	–	1.64%	–
ASA	New	ASA (Bermuda) Limited	$2,009,000	–	137,100	–	1.57%	–
T	New	AT&T Corp. (New)	$2,006,000	–	56,729	–	1.57%	–
ESS	New	Essex Property Trust	$1,974,000	–	10,674	–	1.54%	–
3616PS	New	GDF Suez S.A.	$1,960,000	–	70,800	–	1.53%	–
TTE	New	Total S.A. ADR	$1,921,000	–	26,600	–	1.50%	–
LLY	New	Lilly, Eli	$1,909,000	–	30,710	–	1.49%	–
KMB	New	Kimberly-Clark	$1,896,000	–	17,050	–	1.48%	–
COP	New	ConocoPhillips	$1,793,000	–	20,920	–	1.40%	–
PEP	New	Pepsico Inc.	$1,775,000	–	19,867	–	1.39%	–
HE	New	Hawaiian Electric	$1,770,000	–	69,913	–	1.38%	–
PSA	New	Public Storage	$1,727,000	–	10,076	–	1.35%	–
SO	New	Southern Company	$1,706,000	–	37,600	–	1.33%	–
UL	New	Unilever PLC	$1,700,000	–	37,530	–	1.33%	–
AUY	New	Yamana Gold, Inc.	$1,647,000	–	200,400	–	1.29%	–
UTX	New	United Technologies	$1,630,000	–	14,121	–	1.27%	–
PCL	New	Plum Creek Timber Company, Inc	$1,586,000	–	35,167	–	1.24%	–
ABT	New	Abbott Laboratories	$1,518,000	–	37,110	–	1.19%	–
BG	New	Bunge Ltd.	$1,489,000	–	19,686	–	1.16%	–
ARMH	New	ARM Holdings plc	$1,466,000	–	32,400	–	1.15%	–
SNY	New	Sanofi-Aventis SA	$1,440,000	–	27,084	–	1.12%	–
VZ	New	Verizon Corporation	$1,359,000	–	27,777	–	1.06%	–
VTR	New	Ventas, Inc.	$1,314,000	–	20,500	–	1.03%	–
PAAS	New	Pan American Silver Corp.	$1,313,000	–	85,517	–	1.03%	–
HCP	New	HCP, Inc.	$1,295,000	–	31,300	–	1.01%	–
CPRT	New	Copart Inc.	$1,269,000	–	35,300	–	0.99%	–
STO	New	Statoil ASA	$1,234,000	–	40,032	–	0.96%	–
	New	Pepco Holdings, Inc.	$1,208,000	–	43,960	–	0.94%	–
CB	New	Chubb Corporation	$1,198,000	–	13,000	–	0.94%	–
ORCL	New	Oracle Corp.	$1,188,000	–	29,300	–	0.93%	–
DNP	New	DNP Select Income Fund (fmly.	$1,133,000	–	107,797	–	0.88%	–
FCX	New	Freeport McMoRan Copper & Gold	$1,069,000	–	29,274	–	0.84%	–
PFE	New	Pfizer Inc.	$1,036,000	–	34,900	–	0.81%	–
IBM	New	International Business Machine	$1,031,000	–	5,690	–	0.81%	–
RYN	New	Rayonier Inc.	$1,014,000	–	28,519	–	0.79%	–
SNH	New	Senior Housing Properties	$901,000	–	37,100	–	0.70%	–
GE	New	General Electric	$856,000	–	32,590	–	0.67%	–
PSX	New	Phillips 66	$705,000	–	8,760	–	0.55%	–
LEG	New	Leggett & Platt, Inc.	$703,000	–	20,500	–	0.55%	–
PCG	New	PG&E Corporation	$671,000	–	13,979	–	0.52%	–
LMT	New	Lockheed Martin Corp.	$626,000	–	3,893	–	0.49%	–
AU	New	AngloGold Ashanti Ltd.	$620,000	–	36,000	–	0.48%	–
NLY	New	Annaly Mortgage Management, In	$611,000	–	53,483	–	0.48%	–
KGC	New	Kinross Gold Corporation	$575,000	–	138,850	–	0.45%	–
GOLD	New	Barrick Gold Corporation	$543,000	–	29,677	–	0.42%	–
IAG	New	IAMGOLD Corporation	$535,000	–	129,850	–	0.42%	–
AAPL	New	Apple Computer	$437,000	–	4,704	–	0.34%	–
XOM	New	ExxonMobil	$433,000	–	4,300	–	0.34%	–
RJI	New	Elements Rogers International	$369,000	–	43,000	–	0.29%	–
RYAM	New	Rayonier Advanced Materials In	$368,000	–	9,505	–	0.29%	–
	New	Sprott Physical Silver Trust E	$359,000	–	42,350	–	0.28%	–
HL	New	Hecla Mining	$335,000	–	97,052	–	0.26%	–
DUK	New	Duke Energy	$327,000	–	4,414	–	0.26%	–
PPG	New	PPG Industries	$315,000	–	1,497	–	0.25%	–
O	New	Realty Income Corp.	$289,000	–	6,500	–	0.23%	–
PBI	New	Pitney Bowes, Inc.	$285,000	–	10,307	–	0.22%	–
GDXJ	New	Market Vectors Junior Gold Min	$285,000	–	6,750	–	0.22%	–
EIX	New	Edison International (formerly	$285,000	–	4,900	–	0.22%	–
BHP	New	BHP Billiton Ltd.	$281,000	–	4,100	–	0.22%	–
DRE	New	Duke-Weeks Realty Corp.	$272,000	–	15,000	–	0.21%	–
FTR	New	Frontier Communications	$258,000	–	44,140	–	0.20%	–
AVA	New	Avista (formerly Washington Wa	$251,000	–	7,500	–	0.20%	–
TEF	New	Telefonica de Espana S.A. ADR	$234,000	–	13,662	–	0.18%	–
MOS	New	Mosaic Company (The)	$218,000	–	4,402	–	0.17%	–
HCSG	New	Healthcare Services Group, Inc	$205,000	–	6,950	–	0.16%	–

Q4 2013

			Value		Shares		↓ Weighting
CY	Exit	Cypress Semiconductor	$0	–	-11,500	–	-0.08%	–
IAU	Exit	iShares Comex Gold Trust	$0	–	-10,659	–	-0.10%	–
SFE	Exit	Safeguard Scientifics	$0	–	-10,851	–	-0.12%	–
PBI	Exit	Pitney Bowes, Inc.	$0	–	-10,300	–	-0.14%	–
AVA	Exit	Avista (formerly Washington Wa	$0	–	-7,600	–	-0.14%	–
HCSG	Exit	Healthcare Services Group, Inc	$0	–	-8,250	–	-0.15%	–
HR	Exit	Healthcare Realty Trust	$0	–	-9,500	–	-0.16%	–
ED	Exit	Consolidated Edison, Inc.	$0	–	-4,200	–	-0.17%	–
DRE	Exit	Duke-Weeks Realty Corp.	$0	–	-15,000	–	-0.17%	–
EIX	Exit	Edison International (formerly	$0	–	-5,602	–	-0.19%	–
FTR	Exit	Frontier Communications	$0	–	-65,715	–	-0.20%	–
TEF	Exit	Telefonica de Espana S.A. ADR	$0	–	-18,264	–	-0.20%	–
O	Exit	Realty Income Corp.	$0	–	-7,300	–	-0.21%	–
	Exit	Sprott Physical Silver Trust E	$0	–	-35,150	–	-0.22%	–
MOS	Exit	Mosaic Company (The)	$0	–	-7,700	–	-0.24%	–
UNP	Exit	Union Pacific Corp.	$0	–	-2,210	–	-0.25%	–
HL	Exit	Hecla Mining	$0	–	-113,450	–	-0.26%	–
AAPL	Exit	Apple Computer	$0	–	-747	–	-0.26%	–
DUK	Exit	Duke Energy	$0	–	-5,344	–	-0.26%	–
BHP	Exit	BHP Billiton Ltd.	$0	–	-5,600	–	-0.27%	–
PPG	Exit	PPG Industries	$0	–	-2,751	–	-0.33%	–
GDXJ	Exit	Market Vectors Junior Gold Min	$0	–	-11,325	–	-0.33%	–
RJI	Exit	Elements Rogers International	$0	–	-56,600	–	-0.34%	–
XOM	Exit	ExxonMobil	$0	–	-5,700	–	-0.35%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-3,893	–	-0.36%	–
AU	Exit	AngloGold Ashanti Ltd.	$0	–	-44,000	–	-0.42%	–
PSX	Exit	Phillips 66	$0	–	-10,560	–	-0.44%	–
GOLD	Exit	Barrick Gold Corporation	$0	–	-37,925	–	-0.51%	–
IAG	Exit	IAMGOLD Corporation	$0	–	-157,850	–	-0.54%	–
PCG	Exit	PG&E Corporation	$0	–	-19,479	–	-0.58%	–
LEG	Exit	Leggett & Platt, Inc.	$0	–	-27,300	–	-0.59%	–
KGC	Exit	Kinross Gold Corporation	$0	–	-174,150	–	-0.63%	–
NLY	Exit	Annaly Mortgage Management, In	$0	–	-86,400	–	-0.72%	–
GE	Exit	General Electric	$0	–	-42,240	–	-0.73%	–
	Exit	Pepco Holdings, Inc.	$0	–	-57,050	–	-0.76%	–
ORCL	Exit	Oracle Corp.	$0	–	-32,600	–	-0.78%	–
PAAS	Exit	Pan American Silver Corp.	$0	–	-103,625	–	-0.79%	–
STO	Exit	Statoil ASA	$0	–	-50,500	–	-0.83%	–
DNP	Exit	DNP Select Income Fund (fmly.	$0	–	-127,484	–	-0.88%	–
CB	Exit	Chubb Corporation	$0	–	-14,000	–	-0.90%	–
FCX	Exit	Freeport McMoRan Copper & Gold	$0	–	-38,368	–	-0.92%	–
ABT	Exit	Abbott Laboratories	$0	–	-40,910	–	-0.98%	–
PFE	Exit	Pfizer Inc.	$0	–	-48,011	–	-1.00%	–
IBM	Exit	International Business Machine	$0	–	-7,626	–	-1.02%	–
HCP	Exit	HCP, Inc.	$0	–	-35,700	–	-1.06%	–
CPRT	Exit	Copart Inc.	$0	–	-46,800	–	-1.07%	–
VZ	Exit	Verizon Corporation	$0	–	-33,111	–	-1.12%	–
COP	Exit	ConocoPhillips	$0	–	-25,070	–	-1.26%	–
SNY	Exit	Sanofi-Aventis SA	$0	–	-35,534	–	-1.30%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-41,110	–	-1.33%	–
PEP	Exit	Pepsico Inc.	$0	–	-23,167	–	-1.33%	–
LLY	Exit	Lilly, Eli	$0	–	-36,660	–	-1.33%	–
UL	Exit	Unilever PLC	$0	–	-48,280	–	-1.34%	–
UTX	Exit	United Technologies	$0	–	-17,321	–	-1.35%	–
BG	Exit	Bunge Ltd.	$0	–	-24,684	–	-1.35%	–
TTE	Exit	Total S.A. ADR	$0	–	-32,900	–	-1.38%	–
RYN	Exit	Rayonier Inc.	$0	–	-34,637	–	-1.39%	–
KMB	Exit	Kimberly-Clark	$0	–	-20,950	–	-1.42%	–
SO	Exit	Southern Company	$0	–	-48,450	–	-1.44%	–
PCL	Exit	Plum Creek Timber Company, Inc	$0	–	-43,567	–	-1.47%	–
ARMH	Exit	ARM Holdings plc	$0	–	-43,600	–	-1.51%	–
JNJ	Exit	Johnson & Johnson	$0	–	-24,450	–	-1.53%	–
HE	Exit	Hawaiian Electric	$0	–	-85,800	–	-1.55%	–
ASA	Exit	ASA (Bermuda) Limited	$0	–	-163,300	–	-1.56%	–
MSFT	Exit	Microsoft	$0	–	-66,783	–	-1.60%	–
BRE	Exit	BRE Properties	$0	–	-43,847	–	-1.61%	–
	Exit	UnitedHealth Group Inc.	$0	–	-31,500	–	-1.63%	–
T	Exit	AT&T Corp. (New)	$0	–	-67,715	–	-1.65%	–
AUY	Exit	Yamana Gold, Inc.	$0	–	-238,575	–	-1.79%	–
MCHP	Exit	Microchip Technology, Inc.	$0	–	-62,650	–	-1.82%	–
TRP	Exit	TransCanada PL	$0	–	-59,034	–	-1.87%	–
DD	Exit	Du Pont	$0	–	-44,830	–	-1.89%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-62,092	–	-2.07%	–
INTC	Exit	Intel Corp.	$0	–	-125,525	–	-2.08%	–
SLW	Exit	Silver Wheaton Corp.	$0	–	-124,350	–	-2.22%	–
PHYS	Exit	Sprott Physical Gold Trust ETF	$0	–	-294,777	–	-2.34%	–
NEM	Exit	Newmont Mining	$0	–	-117,768	–	-2.39%	–
CSX	Exit	CSX Corp.	$0	–	-136,850	–	-2.54%	–
CLX	Exit	Clorox Co.	$0	–	-44,290	–	-2.61%	–
GG	Exit	Goldcorp, Inc.	$0	–	-148,218	–	-2.78%	–
CVX	Exit	Chevron Corporation (fmly. Che	$0	–	-35,662	–	-3.13%	–
CEF	Exit	Central Fund of Canada Ltd.	$0	–	-313,328	–	-3.32%	–
MRK	Exit	Merck & Co.	$0	–	-98,060	–	-3.37%	–
PG	Exit	Procter & Gamble	$0	–	-195,658	–	-10.67%	–

Q3 2013

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$14,790,000	-2.9%	195,658	-1.1%	10.67%	+1.4%
MRK	Sell	Merck & Co.	$4,669,000	-1.0%	98,060	-3.4%	3.37%	+3.4%
CEF	Sell	Central Fund of Canada Ltd.	$4,606,000	+5.4%	313,328	-2.5%	3.32%	+10.1%
CVX	Buy	Chevron Corporation (fmly. Che	$4,333,000	+2.8%	35,662	+0.1%	3.13%	+7.3%
GG	Sell	Goldcorp, Inc.	$3,855,000	+4.1%	148,218	-1.0%	2.78%	+8.8%
CLX	Sell	Clorox Co.	$3,619,000	-7.6%	44,290	-5.9%	2.61%	-3.4%
CSX	Sell	CSX Corp.	$3,523,000	+7.9%	136,850	-2.8%	2.54%	+12.7%
PHYS	Sell	Sprott Physical Gold Trust ETF	$3,250,000	+4.5%	294,777	-3.0%	2.34%	+9.1%
SLW	Sell	Silver Wheaton Corp.	$3,080,000	+22.8%	124,350	-2.5%	2.22%	+28.3%
INTC	Sell	Intel Corp.	$2,877,000	-7.9%	125,525	-2.6%	2.08%	-3.8%
BMY	Sell	Bristol-Myers Squibb	$2,874,000	-0.5%	62,092	-3.9%	2.07%	+4.0%
DD	Sell	Du Pont	$2,625,000	+10.3%	44,830	-1.1%	1.89%	+15.2%
TRP	Sell	TransCanada PL	$2,594,000	-2.2%	59,034	-4.1%	1.87%	+2.1%
MCHP	Sell	Microchip Technology, Inc.	$2,524,000	+5.1%	62,650	-2.8%	1.82%	+9.8%
AUY	Sell	Yamana Gold, Inc.	$2,481,000	+6.3%	238,575	-2.9%	1.79%	+11.0%
T	Sell	AT&T Corp. (New)	$2,290,000	-6.5%	67,715	-2.2%	1.65%	-2.4%
	Sell	UnitedHealth Group Inc.	$2,256,000	+4.4%	31,500	-4.5%	1.63%	+9.0%
BRE	Sell	BRE Properties	$2,226,000	+1.3%	43,847	-0.2%	1.61%	+5.7%
MSFT	Sell	Microsoft	$2,223,000	-8.1%	66,783	-4.6%	1.60%	-4.0%
ASA	Sell	ASA (Bermuda) Limited	$2,164,000	+3.1%	163,300	-1.2%	1.56%	+7.7%
HE	Sell	Hawaiian Electric	$2,154,000	-4.2%	85,800	-3.4%	1.55%	+0.1%
JNJ	Sell	Johnson & Johnson	$2,120,000	-1.0%	24,450	-2.0%	1.53%	+3.4%
ARMH	Sell	ARM Holdings plc	$2,098,000	+26.5%	43,600	-4.8%	1.51%	+32.1%
PCL	Sell	Plum Creek Timber Company, Inc	$2,040,000	-5.5%	43,567	-5.8%	1.47%	-1.3%
SO	Sell	Southern Company	$1,995,000	-10.4%	48,450	-4.0%	1.44%	-6.4%
KMB	Sell	Kimberly-Clark	$1,974,000	-8.7%	20,950	-5.8%	1.42%	-4.6%
RYN	Sell	Rayonier Inc.	$1,928,000	-4.5%	34,637	-4.9%	1.39%	-0.2%
TTE	Sell	Total S.A. ADR	$1,906,000	+14.1%	32,900	-4.1%	1.38%	+19.2%
BG	Sell	Bunge Ltd.	$1,874,000	+1.3%	24,684	-5.5%	1.35%	+5.8%
UTX	Sell	United Technologies	$1,868,000	+11.5%	17,321	-3.9%	1.35%	+16.5%
UL	Sell	Unilever PLC	$1,863,000	-8.2%	48,280	-3.8%	1.34%	-4.1%
LLY	Sell	Lilly, Eli	$1,845,000	-0.3%	36,660	-2.7%	1.33%	+4.1%
PEP	Sell	Pepsico Inc.	$1,842,000	-3.6%	23,167	-0.9%	1.33%	+0.7%
ABBV	Sell	AbbVie, Inc.	$1,839,000	+4.7%	41,110	-3.2%	1.33%	+9.3%
SNY	Sell	Sanofi-Aventis SA	$1,799,000	-6.9%	35,534	-5.3%	1.30%	-2.8%
COP	Sell	ConocoPhillips	$1,743,000	+10.9%	25,070	-3.5%	1.26%	+15.9%
CPRT	Sell	Copart Inc.	$1,488,000	-3.0%	46,800	-6.0%	1.07%	+1.3%
HCP	Sell	HCP, Inc.	$1,462,000	-13.7%	35,700	-4.3%	1.06%	-9.9%
IBM	Sell	International Business Machine	$1,412,000	-7.7%	7,626	-4.7%	1.02%	-3.5%
PFE	Sell	Pfizer Inc.	$1,379,000	+2.1%	48,011	-0.4%	1.00%	+6.6%
ABT	Sell	Abbott Laboratories	$1,358,000	-8.4%	40,910	-3.8%	0.98%	-4.4%
FCX	Sell	Freeport McMoRan Copper & Gold	$1,269,000	+13.8%	38,368	-5.0%	0.92%	+19.0%
CB	Sell	Chubb Corporation	$1,250,000	-1.6%	14,000	-6.7%	0.90%	+2.9%
DNP	Sell	DNP Select Income Fund (fmly.	$1,225,000	-2.5%	127,484	-0.4%	0.88%	+1.8%
STO	Sell	Statoil ASA	$1,145,000	+5.4%	50,500	-3.8%	0.83%	+10.1%
PAAS	Sell	Pan American Silver Corp.	$1,093,000	-14.7%	103,625	-5.9%	0.79%	-10.9%
ORCL	Sell	Oracle Corp.	$1,081,000	+7.3%	32,600	-0.6%	0.78%	+12.1%
	Sell	Pepco Holdings, Inc.	$1,053,000	-11.2%	57,050	-3.1%	0.76%	-7.2%
GE	Sell	General Electric	$1,009,000	+1.8%	42,240	-1.2%	0.73%	+6.3%
NLY	Sell	Annaly Mortgage Management, In	$1,001,000	-13.3%	86,400	-6.0%	0.72%	-9.5%
KGC	Sell	Kinross Gold Corporation	$879,000	-3.1%	174,150	-2.0%	0.63%	+1.1%
LEG	Sell	Leggett & Platt, Inc.	$823,000	-7.4%	27,300	-4.5%	0.59%	-3.3%
PCG	Sell	PG&E Corporation	$797,000	-13.5%	19,479	-3.3%	0.58%	-9.6%
IAG	Sell	IAMGOLD Corporation	$750,000	+5.3%	157,850	-4.0%	0.54%	+10.0%
GOLD	Sell	Barrick Gold Corporation	$706,000	+11.0%	37,925	-6.2%	0.51%	+15.9%
PSX	Sell	Phillips 66	$611,000	-7.8%	10,560	-6.2%	0.44%	-3.7%
AU	Sell	AngloGold Ashanti Ltd.	$584,000	-12.2%	44,000	-5.4%	0.42%	-8.3%
LMT	Buy	Lockheed Martin Corp.	$497,000	+144.8%	3,893	+107.7%	0.36%	+156.4%
XOM	Sell	ExxonMobil	$490,000	-7.0%	5,700	-2.3%	0.35%	-2.7%
RJI	Sell	Elements Rogers International	$468,000	+2.0%	56,600	-1.7%	0.34%	+6.6%
GDXJ	Sell	Market Vectors Junior Gold Min	$461,000	+7.5%	11,325	-75.8%	0.33%	+12.5%
PPG	Sell	PPG Industries	$460,000	+10.6%	2,751	-3.3%	0.33%	+15.7%
BHP	Sell	BHP Billiton Ltd.	$372,000	+11.4%	5,600	-3.4%	0.27%	+16.0%
HL	Sell	Hecla Mining	$356,000	0.0%	113,450	-5.0%	0.26%	+4.5%
	Sell	Sprott Physical Silver Trust E	$307,000	+11.6%	35,150	-1.4%	0.22%	+16.8%
TEF	Sell	Telefonica de Espana S.A. ADR	$283,000	+16.5%	18,264	-3.7%	0.20%	+21.4%
FTR	Sell	Frontier Communications	$275,000	-5.2%	65,715	-8.4%	0.20%	-1.0%
AVA	Sell	Avista (formerly Washington Wa	$201,000	-3.4%	7,600	-1.3%	0.14%	+0.7%
SFE	Sell	Safeguard Scientifics	$170,000	-2.9%	10,851	-0.8%	0.12%	+1.7%
IAU	Buy	iShares Comex Gold Trust	$137,000	+14.2%	10,659	+6.6%	0.10%	+19.3%
CY	Sell	Cypress Semiconductor	$107,000	-26.2%	11,500	-14.8%	0.08%	-23.0%
	Exit	Endeavour Mining Corporation	$0	–	-10,000	–	-0.00%	–
POT	Exit	Potash Corp. of Saskatche	$0	–	-6,700	–	-0.18%	–
GIM	Exit	Templeton Global Income Fund	$0	–	-32,700	–	-0.20%	–
STPZ	Exit	Pimco 1-5 Year U.S. TIPS Index	$0	–	-6,700	–	-0.24%	–
MINT	Exit	Pimco Enhanced Short Maturity	$0	–	-9,600	–	-0.67%	–
GSK	Exit	GlaxoSmithKline PLC	$0	–	-39,400	–	-1.36%	–
FAX	Exit	Aberdeen Asia-Pacific Income F	$0	–	-345,600	–	-1.48%	–

Q2 2013

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$15,229,000	–	197,800	–	10.52%	–
MRK	New	Merck & Co.	$4,717,000	–	101,560	–	3.26%	–
CEF	New	Central Fund of Canada Ltd.	$4,370,000	–	321,328	–	3.02%	–
CVX	New	Chevron Corporation (fmly. Che	$4,216,000	–	35,622	–	2.91%	–
CLX	New	Clorox Co.	$3,915,000	–	47,090	–	2.70%	–
GG	New	Goldcorp, Inc.	$3,702,000	–	149,678	–	2.56%	–
NEM	New	Newmont Mining	$3,527,000	–	117,768	–	2.44%	–
CSX	New	CSX Corp.	$3,266,000	–	140,850	–	2.26%	–
INTC	New	Intel Corp.	$3,124,000	–	128,925	–	2.16%	–
PHYS	New	Sprott Physical Gold Trust ETF	$3,111,000	–	303,777	–	2.15%	–
BMY	New	Bristol-Myers Squibb	$2,887,000	–	64,592	–	2.00%	–
TRP	New	TransCanada PL	$2,653,000	–	61,534	–	1.83%	–
SLW	New	Silver Wheaton Corp.	$2,509,000	–	127,550	–	1.73%	–
T	New	AT&T Corp. (New)	$2,450,000	–	69,215	–	1.69%	–
MSFT	New	Microsoft	$2,418,000	–	69,983	–	1.67%	–
MCHP	New	Microchip Technology, Inc.	$2,401,000	–	64,450	–	1.66%	–
DD	New	Du Pont	$2,380,000	–	45,330	–	1.64%	–
AUY	New	Yamana Gold, Inc.	$2,335,000	–	245,575	–	1.61%	–
HE	New	Hawaiian Electric	$2,248,000	–	88,800	–	1.55%	–
SO	New	Southern Company	$2,226,000	–	50,450	–	1.54%	–
BRE	New	BRE Properties	$2,198,000	–	43,947	–	1.52%	–
KMB	New	Kimberly-Clark	$2,161,000	–	22,250	–	1.49%	–
	New	UnitedHealth Group Inc.	$2,161,000	–	33,000	–	1.49%	–
PCL	New	Plum Creek Timber Company, Inc	$2,159,000	–	46,267	–	1.49%	–
FAX	New	Aberdeen Asia-Pacific Income F	$2,143,000	–	345,600	–	1.48%	–
JNJ	New	Johnson & Johnson	$2,142,000	–	24,950	–	1.48%	–
ASA	New	ASA (Bermuda) Limited	$2,099,000	–	165,300	–	1.45%	–
UL	New	Unilever PLC	$2,029,000	–	50,170	–	1.40%	–
RYN	New	Rayonier Inc.	$2,018,000	–	36,437	–	1.39%	–
GSK	New	GlaxoSmithKline PLC	$1,969,000	–	39,400	–	1.36%	–
SNY	New	Sanofi-Aventis SA	$1,933,000	–	37,534	–	1.34%	–
PEP	New	Pepsico Inc.	$1,911,000	–	23,367	–	1.32%	–
LLY	New	Lilly, Eli	$1,850,000	–	37,660	–	1.28%	–
BG	New	Bunge Ltd.	$1,850,000	–	26,134	–	1.28%	–
ABBV	New	AbbVie, Inc.	$1,757,000	–	42,490	–	1.21%	–
HCP	New	HCP, Inc.	$1,695,000	–	37,300	–	1.17%	–
UTX	New	United Technologies	$1,675,000	–	18,021	–	1.16%	–
TTE	New	Total S.A. ADR	$1,670,000	–	34,300	–	1.15%	–
VZ	New	Verizon Corporation	$1,667,000	–	33,111	–	1.15%	–
ARMH	New	ARM Holdings plc	$1,659,000	–	45,800	–	1.15%	–
COP	New	ConocoPhillips	$1,571,000	–	25,970	–	1.08%	–
CPRT	New	Copart Inc.	$1,534,000	–	49,800	–	1.06%	–
IBM	New	International Business Machine	$1,529,000	–	8,001	–	1.06%	–
ABT	New	Abbott Laboratories	$1,483,000	–	42,510	–	1.02%	–
PFE	New	Pfizer Inc.	$1,350,000	–	48,211	–	0.93%	–
PAAS	New	Pan American Silver Corp.	$1,282,000	–	110,125	–	0.89%	–
CB	New	Chubb Corporation	$1,270,000	–	15,000	–	0.88%	–
DNP	New	DNP Select Income Fund (fmly.	$1,256,000	–	127,934	–	0.87%	–
	New	Pepco Holdings, Inc.	$1,186,000	–	58,850	–	0.82%	–
NLY	New	Annaly Mortgage Management, In	$1,155,000	–	91,900	–	0.80%	–
FCX	New	Freeport McMoRan Copper & Gold	$1,115,000	–	40,368	–	0.77%	–
STO	New	Statoil ASA	$1,086,000	–	52,500	–	0.75%	–
ORCL	New	Oracle Corp.	$1,007,000	–	32,800	–	0.70%	–
GE	New	General Electric	$991,000	–	42,740	–	0.68%	–
MINT	New	Pimco Enhanced Short Maturity	$972,000	–	9,600	–	0.67%	–
PCG	New	PG&E Corporation	$921,000	–	20,142	–	0.64%	–
KGC	New	Kinross Gold Corporation	$907,000	–	177,750	–	0.63%	–
LEG	New	Leggett & Platt, Inc.	$889,000	–	28,600	–	0.61%	–
IAG	New	IAMGOLD Corporation	$712,000	–	164,350	–	0.49%	–
AU	New	AngloGold Ashanti Ltd.	$665,000	–	46,500	–	0.46%	–
PSX	New	Phillips 66	$663,000	–	11,260	–	0.46%	–
GOLD	New	Barrick Gold Corporation	$636,000	–	40,425	–	0.44%	–
XOM	New	ExxonMobil	$527,000	–	5,835	–	0.36%	–
RJI	New	Elements Rogers International	$459,000	–	57,600	–	0.32%	–
GDXJ	New	Market Vectors Junior Gold Min	$429,000	–	46,800	–	0.30%	–
PPG	New	PPG Industries	$416,000	–	2,844	–	0.29%	–
MOS	New	Mosaic Company (The)	$414,000	–	7,700	–	0.29%	–
DUK	New	Duke Energy	$361,000	–	5,344	–	0.25%	–
HL	New	Hecla Mining	$356,000	–	119,450	–	0.25%	–
STPZ	New	Pimco 1-5 Year U.S. TIPS Index	$353,000	–	6,700	–	0.24%	–
UNP	New	Union Pacific Corp.	$341,000	–	2,210	–	0.24%	–
BHP	New	BHP Billiton Ltd.	$334,000	–	5,800	–	0.23%	–
O	New	Realty Income Corp.	$306,000	–	7,300	–	0.21%	–
AAPL	New	Apple Computer	$296,000	–	747	–	0.20%	–
FTR	New	Frontier Communications	$290,000	–	71,715	–	0.20%	–
GIM	New	Templeton Global Income Fund	$283,000	–	32,700	–	0.20%	–
	New	Sprott Physical Silver Trust E	$275,000	–	35,650	–	0.19%	–
EIX	New	Edison International (formerly	$270,000	–	5,602	–	0.19%	–
POT	New	Potash Corp. of Saskatche	$255,000	–	6,700	–	0.18%	–
ED	New	Consolidated Edison, Inc.	$245,000	–	4,200	–	0.17%	–
TEF	New	Telefonica de Espana S.A. ADR	$243,000	–	18,969	–	0.17%	–
HR	New	Healthcare Realty Trust	$242,000	–	9,500	–	0.17%	–
DRE	New	Duke-Weeks Realty Corp.	$234,000	–	15,000	–	0.16%	–
AVA	New	Avista (formerly Washington Wa	$208,000	–	7,700	–	0.14%	–
LMT	New	Lockheed Martin Corp.	$203,000	–	1,874	–	0.14%	–
HCSG	New	Healthcare Services Group, Inc	$202,000	–	8,250	–	0.14%	–
SFE	New	Safeguard Scientifics	$175,000	–	10,934	–	0.12%	–
PBI	New	Pitney Bowes, Inc.	$151,000	–	10,300	–	0.10%	–
CY	New	Cypress Semiconductor	$145,000	–	13,500	–	0.10%	–
IAU	New	iShares Comex Gold Trust	$120,000	–	10,000	–	0.08%	–
	New	Endeavour Mining Corporation	$5,000	–	10,000	–	0.00%	–

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Export BENNICAS & ASSOCIATES, INC.'s holdings