BEACH INVESTMENT COUNSEL INC/PA Activity Q4 1999-Q4 2023

Q4 2023

			Value		Shares		↓ Weighting
EPD	Sell	Enterprise Prod Partners	$60,794	-6.4%	2,307,189	-2.7%	7.50%	-7.5%
ET	Sell	Energy Transfer LP	$40,711	-2.7%	2,950,069	-1.1%	5.02%	-3.9%
NEP	Sell	NextEra Energy Partners	$38,398	-0.6%	1,262,672	-2.9%	4.74%	-1.9%
MPLX	Buy	MPLX LP	$33,015	+22.8%	899,089	+19.0%	4.07%	+21.2%
NEE	Buy	NextEra Energy, Inc.	$31,513	+107.0%	518,824	+95.3%	3.89%	+104.5%
AMZN	Buy	Amazon.com Inc.	$30,226	+125.1%	198,933	+88.3%	3.73%	+122.3%
	Buy	Healthcare Realty	$29,136	+180.5%	1,690,994	+148.6%	3.60%	+177.0%
MSFT	Buy	Microsoft	$25,964	+112.3%	69,047	+78.3%	3.20%	+109.5%
GOOGL	Buy	Alphabet, Inc. Cl A	$23,131	+16.3%	165,590	+9.0%	2.85%	+14.8%
MDLZ	Buy	Mondelez International Inc.	$22,894	+47.2%	316,087	+41.1%	2.82%	+45.4%
NSRGY	Buy	Nestle Spons ADR	$22,099	+17.7%	191,115	+15.2%	2.73%	+16.2%
AAPL	Sell	Apple Computer	$19,659	-4.0%	102,109	-14.6%	2.43%	-5.2%
KO	Buy	Coca Cola Co.	$19,555	+55.9%	331,832	+48.1%	2.41%	+54.0%
JPM	Sell	J.P. Morgan Chase	$18,688	+16.0%	109,866	-1.1%	2.31%	+14.6%
VST	Sell	Vistra Energy Corp	$15,847	-1.2%	411,392	-14.9%	1.96%	-2.4%
MA	Sell	MasterCard Inc.	$13,321	+7.2%	31,232	-0.5%	1.64%	+5.8%
	Sell	Howard Hughes Holdings	$13,110	-51.8%	153,239	-58.2%	1.62%	-52.4%
	Buy	CRH plc ADR	$12,509	+41.7%	180,874	+9.1%	1.54%	+40.0%
	Sell	Shell PLC ADR	$12,463	-4.6%	189,410	-6.7%	1.54%	-5.8%
	Sell	Apollo Global Management	$12,117	-42.0%	130,030	-44.2%	1.50%	-42.8%
CNP	Buy	CenterPoint Energy, Inc.	$11,912	+41.0%	416,957	+32.5%	1.47%	+39.2%
V	Sell	Visa	$11,289	+12.6%	43,362	-0.5%	1.39%	+11.2%
KW	Sell	Kennedy-Wilson Holdings Inc.	$11,157	-48.9%	901,176	-39.2%	1.38%	-49.5%
UNH	Buy	UnitedHealth Group	$10,033	+522.0%	19,058	+495.6%	1.24%	+512.9%
BSX	New	Boston Scientific	$9,844	–	170,282	–	1.22%	–
PCG	Buy	PG&E Corp.	$9,477	+60.4%	525,601	+43.5%	1.17%	+58.4%
DTE	Buy	DTE Energy	$9,274	+27.0%	84,112	+14.4%	1.14%	+25.3%
JNJ	Sell	Johnson & Johnson	$8,180	-10.3%	52,188	-10.9%	1.01%	-11.5%
FB	Buy	Meta Platforms, Inc.	$7,831	+542.4%	22,123	+444.9%	0.97%	+535.5%
WY	Sell	Weyerhaeuser	$7,621	+7.1%	219,170	-5.6%	0.94%	+5.6%
BAESY	Sell	BAE Systems PLC Sponsored ADR	$7,205	-31.9%	124,608	-41.8%	0.89%	-32.8%
IDA	New	IDACORP	$6,815	–	69,314	–	0.84%	–
EMR	Buy	Emerson Electric Co.	$6,599	+528.5%	67,805	+523.6%	0.81%	+521.4%
SPY	Sell	SPDR S&P 500 ETF	$6,374	+6.8%	13,410	-3.9%	0.79%	+5.5%
CAT	Buy	Caterpillar	$6,073	+1208.8%	20,539	+1109.6%	0.75%	+1191.4%
MRK	Sell	Merck	$6,066	-6.2%	55,640	-11.4%	0.75%	-7.3%
BX	Sell	Blackstone Inc.	$5,835	+8.2%	44,566	-11.5%	0.72%	+6.8%
PG	Sell	Procter & Gamble	$5,679	-15.7%	38,752	-16.1%	0.70%	-16.7%
AEE	Sell	Ameren Corp	$5,327	-34.3%	73,637	-32.0%	0.66%	-35.1%
KKR	Sell	KKR & Co. Inc.	$5,294	-5.9%	63,900	-30.0%	0.65%	-7.1%
BRKB	Sell	Berkshire Hathaway B	$5,278	-20.3%	14,798	-21.7%	0.65%	-21.4%
TMO	Sell	Thermo Fisher Scientific	$4,740	-17.6%	8,930	-21.5%	0.58%	-18.6%
FDX	Sell	Fedex	$4,606	-4.8%	18,208	-0.3%	0.57%	-6.1%
BIP	Sell	Brookfield Infrastructure Part	$4,574	-5.4%	145,243	-11.7%	0.56%	-6.6%
BUD	Sell	Anheuser-Busch InBev SA/NV	$3,967	+3.0%	61,470	-11.3%	0.49%	+1.9%
BAC	Buy	Bank of America	$3,844	+47.2%	114,171	+19.7%	0.47%	+45.4%
NVS	Sell	Novartis	$3,820	-2.9%	37,835	-2.0%	0.47%	-4.3%
NGG	Sell	National Grid	$3,603	+3.9%	52,991	-7.3%	0.44%	+2.8%
GOOG	Sell	Alphabet, Inc. Cl C	$3,480	-8.7%	24,695	-14.5%	0.43%	-9.9%
PEP	Sell	Pepsico	$3,447	-21.2%	20,296	-21.4%	0.42%	-22.3%
UNP	Sell	Union Pacific	$3,218	+18.4%	13,102	-1.8%	0.40%	+16.8%
RHHBY	Sell	Roche Holding AG	$3,182	-11.3%	87,841	-16.9%	0.39%	-12.3%
PNC	Sell	PNC Bank Corp.	$3,160	-16.8%	20,406	-34.0%	0.39%	-17.9%
PFE	Sell	Pfizer	$3,057	-24.6%	106,174	-13.1%	0.38%	-25.5%
UL	Sell	Unilever PLC	$2,976	-19.3%	61,396	-17.8%	0.37%	-20.4%
CCS	Sell	Century Communities, Inc.	$2,874	+20.6%	31,531	-11.7%	0.36%	+19.1%
MDT	Sell	Medtronic	$2,844	+3.9%	34,525	-1.1%	0.35%	+2.6%
FCX	Sell	Freeport McMoran Inc.	$2,822	-9.1%	66,289	-20.4%	0.35%	-10.3%
SIEGY	Sell	Siemens AG ADR	$2,715	-32.5%	29,021	-48.5%	0.34%	-33.4%
ENGIY	Sell	Engie SA ADR	$2,596	-3.4%	147,619	-15.7%	0.32%	-4.8%
ADP	Sell	Automatic Data Processing	$2,437	-37.7%	10,461	-35.7%	0.30%	-38.4%
CVS	Sell	CVS Health Corp	$2,342	-11.4%	29,656	-21.7%	0.29%	-12.4%
WMB	Sell	Williams Companies Inc	$2,189	+2.5%	62,834	-0.9%	0.27%	+1.1%
CSCO	Sell	Cisco Systems	$2,156	-24.3%	42,668	-19.4%	0.27%	-25.3%
SLB	Sell	Schlumberger	$2,149	-81.5%	41,299	-79.2%	0.26%	-81.7%
DIS	Sell	Walt Disney	$2,093	+1.5%	23,186	-8.9%	0.26%	0.0%
DTEGY	Sell	Deutsche Telekom AG ADR	$2,085	-9.7%	86,414	-21.5%	0.26%	-10.8%
PAGP	Sell	Plains GP Holdings LP	$1,947	-2.2%	122,065	-1.2%	0.24%	-3.6%
CVX	Sell	Chevron	$1,857	-76.6%	12,449	-73.6%	0.23%	-77.0%
C	Sell	Citigroup	$1,846	-3.9%	35,889	-23.1%	0.23%	-5.0%
NVDA	New	Nvidia Corporation	$1,605	–	3,240	–	0.20%	–
PLD	Sell	ProLogis Tr SBI	$1,532	-1.8%	11,491	-17.3%	0.19%	-3.1%
DPSGY	Sell	Deutsche Post DHL Group ADR	$1,507	+1.0%	30,423	-17.3%	0.19%	0.0%
IBDRY	Sell	Iberdrola SA ADR	$1,305	+13.3%	24,855	-3.5%	0.16%	+11.8%
OKE	Sell	Oneok Inc.	$1,215	-92.7%	17,307	-93.4%	0.15%	-92.8%
PEAK	Sell	Healthpeak Properties	$1,143	-71.9%	57,737	-74.0%	0.14%	-72.3%
KMI	Sell	Kinder Morgan Inc.	$886	-5.7%	50,235	-11.4%	0.11%	-6.8%
XRAY	Buy	Dentsply Sirona	$787	+5.6%	22,125	+1.4%	0.10%	+4.3%
IBM	Sell	IBM	$777	+9.6%	4,752	-6.0%	0.10%	+7.9%
SSREY	Sell	Swiss Re ADR	$779	+6.0%	27,671	-3.2%	0.10%	+4.3%
	Sell	Warner Bros. Discovery A	$683	-12.0%	60,015	-16.0%	0.08%	-13.4%
BNPQY	New	BNP Paribas ADR	$667	–	19,200	–	0.08%	–
BIPC	Sell	Brookfield Infrastructure Clas	$663	-10.3%	18,781	-10.2%	0.08%	-10.9%
KMB	Sell	Kimberly Clark	$566	-9.1%	4,659	-9.7%	0.07%	-10.3%
	Sell	Linde PLC	$513	-57.6%	1,250	-61.5%	0.06%	-58.3%
EL	Buy	Estee Lauder	$514	+2.6%	3,515	+1.4%	0.06%	0.0%
AIG	Sell	American Intl. Group	$484	-52.3%	7,142	-57.4%	0.06%	-52.8%
GPC	Sell	Genuine Parts	$461	-60.4%	3,330	-58.6%	0.06%	-60.7%
MMM	Sell	3M Company	$444	+15.3%	4,066	-1.0%	0.06%	+14.6%
MET	Sell	MetLife	$417	-20.1%	6,300	-24.1%	0.05%	-21.5%
APD	Sell	Air Products	$287	-42.8%	1,050	-40.7%	0.04%	-44.4%
ENLAY	Sell	Enel S.p.A. ADR	$268	+21.3%	36,190	-0.4%	0.03%	+17.9%
WFC	Sell	Wells Fargo	$258	-57.3%	5,233	-64.6%	0.03%	-57.3%
	New	Sandoz ADR	$242	–	7,549	–	0.03%	–
PSX	Sell	Phillips 66	$221	-26.8%	1,660	-33.9%	0.03%	-28.9%
	New	Liberty SiriusXM Series C	$215	–	7,480	–	0.03%	–
SONY	New	Sony Corp.	$211	–	2,225	–	0.03%	–
JUST	New	Goldman Sachs JUST	$211	–	3,100	–	0.03%	–
STAG	Sell	STAG Industrial	$212	-49.0%	5,400	-55.2%	0.03%	-50.0%
VTRS	Sell	Viatris	$130	+8.3%	12,032	-0.9%	0.02%	+6.7%
BTG	New	B2Gold Corp	$39	–	12,256	–	0.01%	–
ETRN	Exit	Equitrans Midstream Corp	$0	–	-15,309	–	-0.02%	–
GT	Exit	Goodyear Tire & Rubber Co.	$0	–	-17,253	–	-0.03%	–
MUSA	Exit	Murphy USA	$0	–	-868	–	-0.04%	–
ENB	Exit	Enbridge Inc.	$0	–	-9,375	–	-0.04%	–
ACN	Exit	Accenture PLC	$0	–	-1,100	–	-0.04%	–
DXGE	Exit	WisdomTree Germany Hedged Equi	$0	–	-10,500	–	-0.05%	–
ABB	Exit	ABB Ltd.	$0	–	-13,800	–	-0.06%	–
SRCPRA	Exit	Spirit Realty Pr A	$0	–	-140,948	–	-0.37%	–
SITCPRA	Exit	Site Centers Pr A	$0	–	-178,759	–	-0.51%	–
PSAPRP	Exit	Public Storage Pr P	$0	–	-235,183	–	-0.51%	–
RPTPRD	Exit	Ramco-Gerhenson Convert Pr D 7	$0	–	-100,454	–	-0.64%	–
EOG	Exit	EOG Res Inc	$0	–	-46,088	–	-0.73%	–
PXD	Exit	Pioneer Natural Resources	$0	–	-26,088	–	-0.75%	–
OXY	Exit	Occidental Petroleum	$0	–	-93,044	–	-0.76%	–
NLYPRF	Exit	Annaly Capital Pr F	$0	–	-250,699	–	-0.79%	–
HTPRE	Exit	Hersha Hospitality Pr E	$0	–	-285,086	–	-0.88%	–
XEL	Exit	XCEL Energy Inc.	$0	–	-146,102	–	-1.04%	–

Q3 2023

			Value		Shares		↓ Weighting
EPD	Buy	Enterprise Prod Partners	$64,918	+4.6%	2,371,879	+0.7%	8.11%	+9.9%
ET	Buy	Energy Transfer LP	$41,845	+10.6%	2,982,512	+0.1%	5.23%	+16.2%
NEP	Sell	NextEra Energy Partners	$38,639	-49.4%	1,300,972	-0.0%	4.83%	-46.8%
	New	Howard Hughes Holdings	$27,191	–	366,804	–	3.40%	–
MPLX	Sell	MPLX LP	$26,880	+4.7%	755,698	-0.1%	3.36%	+10.1%
KW	Buy	Kennedy-Wilson Holdings Inc.	$21,832	-9.1%	1,481,130	+0.8%	2.73%	-4.4%
	Buy	Apollo Global Management	$20,901	+243.8%	232,852	+194.2%	2.61%	+261.3%
AAPL	Sell	Apple Computer	$20,472	-15.6%	119,570	-4.3%	2.56%	-11.3%
GOOGL	Buy	Alphabet, Inc. Cl A	$19,889	+59.0%	151,985	+45.4%	2.49%	+67.1%
NSRGY	Buy	Nestle Spons ADR	$18,776	-3.5%	165,912	+2.6%	2.35%	+1.4%
OKE	New	Oneok Inc.	$16,713	–	263,486	–	2.09%	–
JPM	Buy	J.P. Morgan Chase	$16,105	+2.8%	111,052	+3.1%	2.01%	+8.0%
VST	Buy	Vistra Energy Corp	$16,042	+27.5%	483,472	+0.9%	2.00%	+33.9%
MDLZ	Sell	Mondelez International Inc.	$15,550	-4.9%	224,060	-0.1%	1.94%	-0.2%
NEE	Sell	NextEra Energy, Inc.	$15,221	-22.9%	265,687	-0.1%	1.90%	-19.0%
AMZN	Buy	Amazon.com Inc.	$13,427	+0.2%	105,628	+2.7%	1.68%	+5.2%
	Buy	Shell PLC ADR	$13,066	+103.0%	202,946	+90.3%	1.63%	+113.2%
KO	Sell	Coca Cola Co.	$12,541	-7.4%	224,021	-0.3%	1.57%	-2.7%
MSFT	Buy	Microsoft	$12,231	-4.3%	38,735	+3.2%	1.53%	+0.5%
SLB	Buy	Schlumberger	$11,595	+180.1%	198,886	+136.0%	1.45%	+194.5%
BAESY	Buy	BAE Systems PLC Sponsored ADR	$10,582	+5.9%	214,001	+2.8%	1.32%	+11.4%
	Buy	Healthcare Realty	$10,386	+21.0%	680,153	+49.5%	1.30%	+27.1%
JNJ	Buy	Johnson & Johnson	$9,122	-0.7%	58,566	+5.6%	1.14%	+4.4%
	New	CRH plc ADR	$8,827	–	165,766	–	1.10%	–
CNP	Sell	CenterPoint Energy, Inc.	$8,449	-8.1%	314,686	-0.2%	1.06%	-3.5%
XEL	Sell	XCEL Energy Inc.	$8,360	-10.4%	146,102	-2.7%	1.04%	-5.9%
AEE	Sell	Ameren Corp	$8,108	-9.5%	108,358	-1.2%	1.01%	-5.0%
CVX	Buy	Chevron	$7,952	+49.5%	47,160	+39.5%	0.99%	+57.0%
DTE	Sell	DTE Energy	$7,302	-11.9%	73,546	-2.4%	0.91%	-7.5%
WY	Buy	Weyerhaeuser	$7,118	-5.9%	232,170	+2.9%	0.89%	-1.1%
HTPRE	Sell	Hersha Hospitality Pr E	$7,053	+27.6%	285,086	-0.2%	0.88%	+34.0%
PG	Buy	Procter & Gamble	$6,733	+4.3%	46,163	+8.6%	0.84%	+9.6%
BRKB	Buy	Berkshire Hathaway B	$6,621	+15.2%	18,900	+12.2%	0.83%	+21.1%
MRK	Buy	Merck	$6,466	-5.4%	62,806	+6.1%	0.81%	-0.6%
NLYPRF	Sell	Annaly Capital Pr F	$6,350	-0.5%	250,699	-0.2%	0.79%	+4.6%
OXY	New	Occidental Petroleum	$6,037	–	93,044	–	0.76%	–
PXD	New	Pioneer Natural Resources	$5,989	–	26,088	–	0.75%	–
PCG	Sell	PG&E Corp.	$5,908	-6.9%	366,295	-0.3%	0.74%	-2.3%
EOG	New	EOG Res Inc	$5,842	–	46,088	–	0.73%	–
TMO	Buy	Thermo Fisher Scientific	$5,755	+8.7%	11,370	+12.0%	0.72%	+14.1%
KKR	Buy	KKR & Co. Inc.	$5,624	+28.6%	91,300	+16.9%	0.70%	+35.2%
BX	Buy	Blackstone Inc.	$5,393	+21.5%	50,336	+5.4%	0.67%	+27.7%
RPTPRD	Sell	Ramco-Gerhenson Convert Pr D 7	$5,109	+3.6%	100,454	-0.2%	0.64%	+8.9%
FDX	Sell	Fedex	$4,837	-27.4%	18,258	-32.1%	0.60%	-23.7%
BIP	Buy	Brookfield Infrastructure Part	$4,835	-14.5%	164,443	+6.2%	0.60%	-10.1%
CWEN	Sell	Clearway Energy, Inc.	$4,691	-28.3%	221,710	-3.2%	0.59%	-24.7%
PEP	Buy	Pepsico	$4,377	+2.5%	25,834	+12.0%	0.55%	+7.7%
PSAPRP	Sell	Public Storage Pr P	$4,080	-10.9%	235,183	-0.2%	0.51%	-6.4%
SITCPRA	Sell	Site Centers Pr A	$4,072	-5.3%	178,759	-0.1%	0.51%	-0.6%
PEAK	Buy	Healthpeak Properties	$4,072	+19.8%	221,795	+31.2%	0.51%	+26.0%
PFE	Buy	Pfizer	$4,052	-4.9%	122,146	+5.2%	0.51%	-0.2%
SIEGY	Buy	Siemens AG ADR	$4,023	+2.6%	56,301	+19.8%	0.50%	+7.9%
NVS	Buy	Novartis	$3,934	+1.8%	38,625	+0.9%	0.49%	+7.0%
ADP	Buy	Automatic Data Processing	$3,914	+30.2%	16,268	+19.0%	0.49%	+37.0%
BUD	Buy	Anheuser-Busch InBev SA/NV	$3,850	+3.9%	69,270	+5.7%	0.48%	+9.1%
GOOG	Buy	Alphabet, Inc. Cl C	$3,810	+17.6%	28,895	+7.8%	0.48%	+23.3%
PNC	Sell	PNC Bank Corp.	$3,797	-62.6%	30,931	-61.7%	0.48%	-60.7%
UL	Buy	Unilever PLC	$3,688	+2.6%	74,656	+8.3%	0.46%	+8.0%
RHHBY	Buy	Roche Holding AG	$3,586	-4.6%	105,692	+7.4%	0.45%	+0.2%
NGG	Buy	National Grid	$3,467	-6.5%	57,191	+3.8%	0.43%	-1.8%
FCX	Sell	Freeport McMoran Inc.	$3,104	-50.3%	83,243	-46.7%	0.39%	-47.8%
SRCPRA	Sell	Spirit Realty Pr A	$2,968	-5.8%	140,948	-0.1%	0.37%	-1.1%
CSCO	Buy	Cisco Systems	$2,847	+15.1%	52,950	+10.8%	0.36%	+21.1%
SYK	Sell	Stryker Corp	$2,801	-14.7%	10,250	-4.8%	0.35%	-10.5%
MDT	Buy	Medtronic	$2,737	-10.5%	34,925	+0.6%	0.34%	-6.0%
ENGIY	Buy	Engie SA ADR	$2,687	-0.3%	175,075	+8.0%	0.34%	+4.7%
CVS	Buy	CVS Health Corp	$2,644	+14.3%	37,873	+13.2%	0.33%	+20.0%
BAC	Sell	Bank of America	$2,611	-62.4%	95,368	-60.5%	0.33%	-60.5%
CCS	Sell	Century Communities, Inc.	$2,384	-54.0%	35,703	-47.2%	0.30%	-51.6%
DTEGY	Buy	Deutsche Telekom AG ADR	$2,308	+6.7%	110,114	+11.2%	0.29%	+12.1%
WMB	Sell	Williams Companies Inc	$2,135	+2.8%	63,386	-0.4%	0.27%	+8.1%
LLY	Sell	Eli Lilly	$2,132	+9.0%	3,970	-4.8%	0.27%	+14.2%
UBS	Sell	UBS Group AG	$2,071	+19.3%	84,012	-1.9%	0.26%	+25.1%
DIS	Buy	Walt Disney	$2,063	-4.2%	25,448	+5.5%	0.26%	+0.8%
PAGP	Sell	Plains GP Holdings LP	$1,991	+5.8%	123,513	-2.7%	0.25%	+11.2%
C	Buy	Citigroup	$1,920	-8.9%	46,689	+2.0%	0.24%	-4.4%
PLD	Buy	ProLogis Tr SBI	$1,560	+0.2%	13,899	+9.5%	0.20%	+5.4%
DPSGY	Buy	Deutsche Post DHL Group ADR	$1,492	-16.3%	36,773	+1.1%	0.19%	-12.3%
FB	Buy	Meta Platforms, Inc.	$1,219	+9.6%	4,060	+4.8%	0.15%	+15.2%
	Buy	Linde PLC	$1,210	+41.4%	3,250	+44.4%	0.15%	+48.0%
GPC	Buy	Genuine Parts	$1,163	+20.3%	8,052	+40.8%	0.14%	+26.1%
AIG	Buy	American Intl. Group	$1,015	+47.7%	16,754	+40.2%	0.13%	+54.9%
KMI	Buy	Kinder Morgan Inc.	$940	+1.3%	56,695	+5.2%	0.12%	+6.4%
	Buy	Warner Bros. Discovery A	$776	-13.0%	71,479	+0.5%	0.10%	-8.5%
CCK	Sell	Crown Holdings Inc .	$752	-73.6%	8,498	-74.1%	0.09%	-72.3%
XRAY	Sell	Dentsply Sirona	$745	-15.7%	21,819	-1.2%	0.09%	-11.4%
RTX	Sell	Raytheon Technologies	$744	-78.7%	10,335	-71.0%	0.09%	-77.6%
BIPC	Buy	Brookfield Infrastructure Clas	$739	-18.3%	20,907	+5.4%	0.09%	-14.8%
SSREY	Sell	Swiss Re ADR	$735	-0.5%	28,596	-2.3%	0.09%	+4.5%
IBM	Buy	IBM	$709	+8.1%	5,054	+3.1%	0.09%	+14.1%
WFC	Buy	Wells Fargo	$604	+39.2%	14,787	+45.5%	0.08%	+44.2%
MET	Buy	MetLife	$522	+26.4%	8,300	+13.7%	0.06%	+32.7%
APD	Buy	Air Products	$502	+18.7%	1,772	+25.6%	0.06%	+26.0%
EL	Buy	Estee Lauder	$501	-25.3%	3,465	+1.5%	0.06%	-21.2%
ABB	Buy	ABB Ltd.	$491	+71.1%	13,800	+89.0%	0.06%	+79.4%
STAG	Buy	STAG Industrial	$416	+32.9%	12,050	+38.1%	0.05%	+40.5%
MMM	Sell	3M Company	$385	-39.9%	4,109	-35.8%	0.05%	-36.8%
ACN	Buy	Accenture PLC	$338	+56.5%	1,100	+57.1%	0.04%	+61.5%
ENB	Buy	Enbridge Inc.	$311	+53.2%	9,375	+71.9%	0.04%	+62.5%
PSX	New	Phillips 66	$302	–	2,510	–	0.04%	–
MUSA	New	Murphy USA	$297	–	868	–	0.04%	–
	New	Brookfield Corp.	$288	–	9,200	–	0.04%	–
ENLAY	Sell	Enel S.p.A. ADR	$221	-13.7%	36,350	-4.9%	0.03%	-6.7%
GT	Buy	Goodyear Tire & Rubber Co.	$214	+50.7%	17,253	+65.8%	0.03%	+58.8%
PRU	New	Prudential Financial Inc	$209	–	2,200	–	0.03%	–
ETRN	Sell	Equitrans Midstream Corp	$143	-24.3%	15,309	-22.5%	0.02%	-18.2%
VTRS	Sell	Viatris	$120	-1.6%	12,142	-0.3%	0.02%	0.0%
SONY	Exit	Sony Corp.	$0	–	-2,225	–	-0.02%	–
PCH	Exit	PotlatchDeltic Corp.	$0	–	-4,025	–	-0.02%	–
GLW	Exit	Corning	$0	–	-6,500	–	-0.03%	–
LSXMK	Exit	Liberty Media Sirius XM C	$0	–	-7,480	–	-0.03%	–
VNOPRL	Exit	Vornado Realty Pr Lpreferred	$0	–	-17,559	–	-0.03%	–
T	Exit	AT&T	$0	–	-41,293	–	-0.08%	–
VZ	Exit	Verizon Comm	$0	–	-26,594	–	-0.12%	–
	Exit	Vornado Realty Pr Opreferred	$0	–	-227,274	–	-0.36%	–
CRH	Exit	CRH plc ADR	$0	–	-55,924	–	-0.37%	–
TMUS	Exit	T-Mobile US, Inc.	$0	–	-41,853	–	-0.69%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-224,781	–	-0.70%	–
PHM	Exit	Pulte Homes Inc.	$0	–	-110,671	–	-1.02%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-473,576	–	-3.51%	–
HHC	Exit	Howard Hughes Corp.	$0	–	-393,539	–	-3.70%	–

Q2 2023

			Value		Shares		↓ Weighting
NEP	New	NextEra Energy Partners	$76,299	–	1,301,140	–	9.08%	–
EPD	New	Enterprise Prod Partners	$62,083	–	2,356,103	–	7.38%	–
ET	New	Energy Transfer LP	$37,828	–	2,978,596	–	4.50%	–
HHC	New	Howard Hughes Corp.	$31,058	–	393,539	–	3.70%	–
MMP	New	Magellan Midstream Partners, L	$29,513	–	473,576	–	3.51%	–
MPLX	New	MPLX LP	$25,664	–	756,148	–	3.05%	–
AAPL	New	Apple Computer	$24,244	–	124,990	–	2.88%	–
KW	New	Kennedy-Wilson Holdings Inc.	$24,005	–	1,470,005	–	2.86%	–
NEE	New	NextEra Energy, Inc.	$19,736	–	265,989	–	2.35%	–
NSRGY	New	Nestle Spons ADR	$19,452	–	161,629	–	2.31%	–
MDLZ	New	Mondelez International Inc.	$16,358	–	224,261	–	1.95%	–
JPM	New	J.P. Morgan Chase	$15,670	–	107,739	–	1.86%	–
KO	New	Coca Cola Co.	$13,536	–	224,775	–	1.61%	–
AMZN	New	Amazon.com Inc.	$13,406	–	102,839	–	1.60%	–
MSFT	New	Microsoft	$12,783	–	37,536	–	1.52%	–
VST	New	Vistra Energy Corp	$12,582	–	479,305	–	1.50%	–
GOOGL	New	Alphabet, Inc. Cl A	$12,512	–	104,531	–	1.49%	–
MA	New	MasterCard Inc.	$12,348	–	31,397	–	1.47%	–
V	New	Visa	$10,351	–	43,585	–	1.23%	–
PNC	New	PNC Bank Corp.	$10,162	–	80,682	–	1.21%	–
BAESY	New	BAE Systems PLC Sponsored ADR	$9,988	–	208,260	–	1.19%	–
XEL	New	XCEL Energy Inc.	$9,334	–	150,133	–	1.11%	–
CNP	New	CenterPoint Energy, Inc.	$9,195	–	315,447	–	1.09%	–
JNJ	New	Johnson & Johnson	$9,183	–	55,480	–	1.09%	–
AEE	New	Ameren Corp	$8,958	–	109,690	–	1.07%	–
PHM	New	Pulte Homes Inc.	$8,597	–	110,671	–	1.02%	–
	New	Healthcare Realty	$8,580	–	455,026	–	1.02%	–
DTE	New	DTE Energy	$8,293	–	75,378	–	0.99%	–
WY	New	Weyerhaeuser	$7,562	–	225,670	–	0.90%	–
BAC	New	Bank of America	$6,935	–	241,717	–	0.82%	–
MRK	New	Merck	$6,834	–	59,223	–	0.81%	–
FDX	New	Fedex	$6,662	–	26,875	–	0.79%	–
CWEN	New	Clearway Energy, Inc.	$6,540	–	228,989	–	0.78%	–
PG	New	Procter & Gamble	$6,453	–	42,526	–	0.77%	–
	New	Shell PLC ADR	$6,438	–	106,618	–	0.77%	–
NLYPRF	New	Annaly Capital Pr F	$6,380	–	251,172	–	0.76%	–
PCG	New	PG&E Corp.	$6,347	–	367,314	–	0.76%	–
FCX	New	Freeport McMoran Inc.	$6,245	–	156,122	–	0.74%	–
SPY	New	SPDR S&P 500 ETF	$6,188	–	13,960	–	0.74%	–
	New	Apollo Global Management	$6,079	–	79,138	–	0.72%	–
FITB	New	Fifth Third Bancorp	$5,892	–	224,781	–	0.70%	–
TMUS	New	T-Mobile US, Inc.	$5,813	–	41,853	–	0.69%	–
BRKB	New	Berkshire Hathaway B	$5,746	–	16,850	–	0.68%	–
BIP	New	Brookfield Infrastructure Part	$5,652	–	154,843	–	0.67%	–
HTPRE	New	Hersha Hospitality Pr Epreferred	$5,528	–	285,562	–	0.66%	–
CVX	New	Chevron	$5,319	–	33,801	–	0.63%	–
TMO	New	Thermo Fisher Scientific	$5,296	–	10,150	–	0.63%	–
CCS	New	Century Communities, Inc.	$5,180	–	67,601	–	0.62%	–
RPTPRD	New	Ramco-Gerhenson Convert Pr D 7	$4,931	–	100,631	–	0.59%	–
PSAPRP	New	Public Storage Pr Ppreferred	$4,578	–	235,598	–	0.54%	–
BX	New	Blackstone Inc.	$4,438	–	47,736	–	0.53%	–
KKR	New	KKR & Co. Inc.	$4,374	–	78,100	–	0.52%	–
SITCPRA	New	Site Centers Pr Apreferred	$4,301	–	178,974	–	0.51%	–
PEP	New	Pepsico	$4,272	–	23,065	–	0.51%	–
PFE	New	Pfizer	$4,261	–	116,160	–	0.51%	–
SLB	New	Schlumberger	$4,139	–	84,257	–	0.49%	–
SIEGY	New	Siemens AG ADR	$3,920	–	46,998	–	0.47%	–
NVS	New	Novartis	$3,863	–	38,280	–	0.46%	–
RHHBY	New	Roche Holding AG	$3,760	–	98,426	–	0.45%	–
BUD	New	Anheuser-Busch InBev SA/NV	$3,706	–	65,520	–	0.44%	–
NGG	New	National Grid	$3,709	–	55,091	–	0.44%	–
UL	New	Unilever PLC	$3,593	–	68,932	–	0.43%	–
RTX	New	Raytheon Technologies	$3,489	–	35,617	–	0.42%	–
PEAK	New	Healthpeak Properties	$3,398	–	169,035	–	0.40%	–
SYK	New	Stryker Corp	$3,283	–	10,762	–	0.39%	–
GOOG	New	Alphabet, Inc. Cl C	$3,241	–	26,795	–	0.39%	–
SRCPRA	New	Spirit Realty Pr Apreferred	$3,152	–	141,153	–	0.38%	–
CRH	New	CRH plc ADR	$3,117	–	55,924	–	0.37%	–
	New	Vornado Realty Pr Opreferred	$3,064	–	227,274	–	0.36%	–
MDT	New	Medtronic	$3,059	–	34,725	–	0.36%	–
ADP	New	Automatic Data Processing	$3,005	–	13,672	–	0.36%	–
COST	New	Costco Wholesale	$2,950	–	5,480	–	0.35%	–
CCK	New	Crown Holdings Inc .	$2,851	–	32,823	–	0.34%	–
UNP	New	Union Pacific	$2,730	–	13,342	–	0.32%	–
ENGIY	New	Engie SA ADR	$2,696	–	162,115	–	0.32%	–
SYY	New	Sysco	$2,548	–	34,334	–	0.30%	–
CSCO	New	Cisco Systems	$2,474	–	47,809	–	0.29%	–
CVS	New	CVS Health Corp	$2,314	–	33,470	–	0.28%	–
DTEGY	New	Deutsche Telekom AG ADR	$2,164	–	99,060	–	0.26%	–
DIS	New	Walt Disney	$2,153	–	24,117	–	0.26%	–
C	New	Citigroup	$2,108	–	45,789	–	0.25%	–
WMB	New	Williams Companies Inc	$2,077	–	63,646	–	0.25%	–
LLY	New	Eli Lilly	$1,956	–	4,170	–	0.23%	–
PAGP	New	Plains GP Holdings LP	$1,882	–	126,900	–	0.22%	–
CDNS	New	Cadence Design	$1,858	–	7,924	–	0.22%	–
DPSGY	New	Deutsche Post AG ADR	$1,782	–	36,366	–	0.21%	–
UBS	New	UBS Group AG	$1,736	–	85,646	–	0.21%	–
VEOEY	New	Veolia Environnement ADR	$1,669	–	104,826	–	0.20%	–
BRKA	New	Berkshire Hathaway A	$1,553	–	3	–	0.18%	–
PLD	New	ProLogis Tr SBI	$1,557	–	12,695	–	0.18%	–
UNH	New	UnitedHealth Group	$1,538	–	3,200	–	0.18%	–
FMX	New	Fomento Economico Mexicano SA	$1,347	–	12,157	–	0.16%	–
IBDRY	New	Iberdrola SA ADR	$1,346	–	25,755	–	0.16%	–
AXP	New	American Express	$1,330	–	7,633	–	0.16%	–
XOM	New	Exxon Mobil	$1,261	–	11,755	–	0.15%	–
FB	New	Meta Platforms, Inc.	$1,112	–	3,875	–	0.13%	–
IYW	New	iShares US Technology	$1,067	–	9,800	–	0.13%	–
VZ	New	Verizon Comm	$989	–	26,594	–	0.12%	–
EMR	New	Emerson Electric Co.	$983	–	10,873	–	0.12%	–
GPC	New	Genuine Parts	$967	–	5,717	–	0.12%	–
KMI	New	Kinder Morgan Inc.	$928	–	53,871	–	0.11%	–
BIPC	New	Brookfield Infrastructure Clas	$905	–	19,844	–	0.11%	–
	New	Warner Bros. Discovery A	$892	–	71,121	–	0.11%	–
XRAY	New	Dentsply Sirona	$884	–	22,091	–	0.10%	–
	New	Linde PLC	$856	–	2,250	–	0.10%	–
DE	New	Deere & Co.	$827	–	2,041	–	0.10%	–
ORCL	New	Oracle	$798	–	6,700	–	0.10%	–
CB	New	Chubb Ltd.	$785	–	4,078	–	0.09%	–
SSREY	New	Swiss Re ADR	$739	–	29,275	–	0.09%	–
KMB	New	Kimberly Clark	$712	–	5,159	–	0.08%	–
AIG	New	American Intl. Group	$687	–	11,948	–	0.08%	–
EL	New	Estee Lauder	$671	–	3,415	–	0.08%	–
GWW	New	W. W. Grainger	$669	–	848	–	0.08%	–
IBM	New	IBM	$656	–	4,903	–	0.08%	–
T	New	AT&T	$659	–	41,293	–	0.08%	–
MMM	New	3M Company	$641	–	6,404	–	0.08%	–
SPGI	New	S&P Global Inc.	$641	–	1,600	–	0.08%	–
EONGY	New	E.ON SE ADR	$627	–	49,300	–	0.08%	–
ITW	New	Illinois Tool Works	$585	–	2,339	–	0.07%	–
CMCSA	New	Comcast Cl A	$542	–	13,036	–	0.06%	–
MCD	New	McDonald's Corp.	$488	–	1,635	–	0.06%	–
LDOS	New	Leidos Holdings Inc.	$480	–	5,420	–	0.06%	–
ABT	New	Abbott Laboratories	$465	–	4,268	–	0.06%	–
NOC	New	Northrup Grumman	$456	–	1,000	–	0.05%	–
WFC	New	Wells Fargo	$434	–	10,164	–	0.05%	–
	New	Thomason Reuters	$436	–	3,231	–	0.05%	–
AB	New	AllianceBernstein Holdings, LP	$429	–	13,325	–	0.05%	–
APD	New	Air Products	$423	–	1,411	–	0.05%	–
SCHW	New	Charles Schwab	$424	–	7,478	–	0.05%	–
CAT	New	Caterpillar	$418	–	1,698	–	0.05%	–
MET	New	MetLife	$413	–	7,300	–	0.05%	–
BDX	New	Becton Dickinson	$401	–	1,520	–	0.05%	–
STT	New	State Street Corp	$396	–	5,418	–	0.05%	–
BA	New	Boeing Company	$378	–	1,789	–	0.04%	–
DXGE	New	WisdomTree Germany Hedged Equi	$382	–	10,500	–	0.04%	–
INTC	New	Intel Corp.	$368	–	11,004	–	0.04%	–
MDY	New	SPDR S&P Midcap 400 EFT	$340	–	710	–	0.04%	–
IWF	New	iShares Russell 1000 Growth ET	$330	–	1,200	–	0.04%	–
	New	General Electric	$319	–	2,908	–	0.04%	–
STAG	New	STAG Industrial	$313	–	8,725	–	0.04%	–
IWN	New	iShares Russell 2000 Value ETF	$293	–	2,080	–	0.04%	–
ABB	New	ABB Ltd.	$287	–	7,300	–	0.03%	–
VNOPRL	New	Vornado Realty Pr Lpreferred	$274	–	17,559	–	0.03%	–
CMI	New	Cummins Inc.	$252	–	1,026	–	0.03%	–
ENLAY	New	Enel S.p.A. ADR	$256	–	38,221	–	0.03%	–
LSXMK	New	Liberty Media Sirius XM C	$245	–	7,480	–	0.03%	–
UBER	New	Uber Technologies, Inc.	$237	–	5,500	–	0.03%	–
GLW	New	Corning	$228	–	6,500	–	0.03%	–
ACN	New	Accenture PLC	$216	–	700	–	0.03%	–
PCH	New	PotlatchDeltic Corp.	$213	–	4,025	–	0.02%	–
SONY	New	Sony Corp.	$200	–	2,225	–	0.02%	–
ENB	New	Enbridge Inc.	$203	–	5,455	–	0.02%	–
ETRN	New	Equitrans Midstream Corp	$189	–	19,741	–	0.02%	–
GT	New	Goodyear Tire & Rubber Co.	$142	–	10,403	–	0.02%	–
VTRS	New	Viatris	$122	–	12,179	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
ENLAY	Exit	Enel S.p.A. ADR	$0	–	-19,700	–	-0.01%	–
VTRS	Exit	Viatris	$0	–	-14,695	–	-0.02%	–
BEP	Exit	Brookfield Renewable Partners	$0	–	-6,450	–	-0.03%	–
ENB	Exit	Enbridge Inc.	$0	–	-5,455	–	-0.03%	–
CMI	Exit	Cummins Inc.	$0	–	-1,026	–	-0.03%	–
BA	Exit	Boeing Company	$0	–	-1,789	–	-0.03%	–
GLW	Exit	Corning	$0	–	-7,700	–	-0.03%	–
STAG	Exit	STAG Industrial	$0	–	-8,725	–	-0.04%	–
UBS	Exit	UBS Group AG	$0	–	-17,650	–	-0.04%	–
IWN	Exit	iShares Russell 2000 Value ETF	$0	–	-2,080	–	-0.04%	–
BWEL	Exit	Boswell J G Co.	$0	–	-300	–	-0.04%	–
	Exit	General Electric	$0	–	-4,410	–	-0.04%	–
CAT	Exit	Caterpillar	$0	–	-1,713	–	-0.04%	–
CL	Exit	Colgate Palmolive	$0	–	-3,957	–	-0.04%	–
INTC	Exit	Intel Corp.	$0	–	-11,004	–	-0.04%	–
LSXMK	Exit	Liberty SiriusXM Series C	$0	–	-7,480	–	-0.04%	–
DXGE	Exit	WisdomTree Germany Hedged Equi	$0	–	-10,500	–	-0.04%	–
IWV	Exit	iShares Russell 3000 ETF	$0	–	-1,397	–	-0.04%	–
MDY	Exit	SPDR S&P Midcap 400 EFT	$0	–	-710	–	-0.04%	–
APD	Exit	Air Products	$0	–	-1,411	–	-0.05%	–
CCI	Exit	Crown Castle Intl.	$0	–	-2,300	–	-0.05%	–
STT	Exit	State Street Corp	$0	–	-5,418	–	-0.05%	–
TRI	Exit	Thomson Reuters Corp.	$0	–	-3,354	–	-0.05%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,635	–	-0.05%	–
CMCSA	Exit	Comcast Cl A	$0	–	-13,036	–	-0.05%	–
IWF	Exit	iShares Russell 1000 Growth ET	$0	–	-1,862	–	-0.06%	–
VIAC	Exit	Paramount Global B	$0	–	-21,194	–	-0.06%	–
ORCL	Exit	Oracle	$0	–	-6,700	–	-0.06%	–
GWW	Exit	W. W. Grainger	$0	–	-848	–	-0.06%	–
ITW	Exit	Illinois Tool Works	$0	–	-2,339	–	-0.06%	–
SSREY	Exit	Swiss Re ADR	$0	–	-23,915	–	-0.06%	–
LDOS	Exit	Leidos Holdings Inc.	$0	–	-5,220	–	-0.06%	–
MET	Exit	MetLife	$0	–	-7,800	–	-0.07%	–
ABT	Exit	Abbott Laboratories	$0	–	-4,968	–	-0.07%	–
SPGI	Exit	S&P Global Inc.	$0	–	-1,600	–	-0.07%	–
DPSGY	Exit	Deutsche Post AG ADR	$0	–	-17,456	–	-0.08%	–
WFC	Exit	Wells Fargo	$0	–	-13,164	–	-0.08%	–
SCHW	Exit	Charles Schwab	$0	–	-7,840	–	-0.08%	–
AIG	Exit	American Intl. Group	$0	–	-11,948	–	-0.08%	–
IBM	Exit	IBM	$0	–	-4,903	–	-0.08%	–
AB	Exit	AllianceBernstein Holdings, LP	$0	–	-16,740	–	-0.08%	–
LIN	Exit	Linde PLC	$0	–	-2,250	–	-0.09%	–
BDX	Exit	Becton Dickinson	$0	–	-2,770	–	-0.09%	–
KMB	Exit	Kimberly Clark	$0	–	-5,709	–	-0.09%	–
FB	Exit	Meta Platforms, Inc.	$0	–	-5,190	–	-0.10%	–
CCS	Exit	Century Communities, Inc.	$0	–	-16,555	–	-0.10%	–
IYW	Exit	iShares US Technology	$0	–	-9,800	–	-0.10%	–
T	Exit	AT&T	$0	–	-47,307	–	-0.10%	–
DE	Exit	Deere & Co.	$0	–	-2,206	–	-0.10%	–
BIPC	Exit	Brookfield Infrastructure Clas	$0	–	-20,258	–	-0.12%	–
EL	Exit	Estee Lauder	$0	–	-3,950	–	-0.12%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-53,871	–	-0.13%	–
GPC	Exit	Genuine Parts	$0	–	-6,117	–	-0.13%	–
XRAY	Exit	Dentsply Sirona	$0	–	-32,850	–	-0.13%	–
IBDRY	Exit	Iberdrola SA ADR	$0	–	-25,755	–	-0.14%	–
	Exit	Warner Bros. Discovery A	$0	–	-87,314	–	-0.14%	–
XOM	Exit	Exxon Mobil	$0	–	-11,755	–	-0.15%	–
AXP	Exit	American Express	$0	–	-7,733	–	-0.15%	–
EONGY	Exit	E.ON SE ADR	$0	–	-137,300	–	-0.15%	–
VEOEY	Exit	Veolia Environnement ADR	$0	–	-54,713	–	-0.15%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-17,100	–	-0.15%	–
MMM	Exit	3M Company	$0	–	-9,786	–	-0.15%	–
BRKA	Exit	Berkshire Hathaway A	$0	–	-3	–	-0.17%	–
PLD	Exit	ProLogis Tr SBI	$0	–	-12,125	–	-0.18%	–
CDNS	Exit	Cadence Design	$0	–	-7,924	–	-0.18%	–
LLY	Exit	Eli Lilly	$0	–	-4,170	–	-0.19%	–
MA	Exit	MasterCard Inc.	$0	–	-4,750	–	-0.19%	–
FDX	Exit	Fedex	$0	–	-10,156	–	-0.21%	–
PNC	Exit	PNC Bank Corp.	$0	–	-10,302	–	-0.22%	–
TFC	Exit	Truist Financial Corporation	$0	–	-37,736	–	-0.23%	–
PAGP	Exit	Plains GP Holdings LP	$0	–	-156,486	–	-0.24%	–
DTEGY	Exit	Deutsche Telekom AG ADR	$0	–	-102,860	–	-0.25%	–
VZ	Exit	Verizon Comm	$0	–	-46,800	–	-0.25%	–
WMB	Exit	Williams Companies Inc	$0	–	-63,646	–	-0.26%	–
EMR	Exit	Emerson Electric Co.	$0	–	-27,809	–	-0.29%	–
CSCO	Exit	Cisco Systems	$0	–	-53,459	–	-0.30%	–
C	Exit	Citigroup	$0	–	-57,887	–	-0.34%	–
FFIC	Exit	Flushing Financial	$0	–	-129,876	–	-0.36%	–
SYK	Exit	Stryker Corp	$0	–	-12,762	–	-0.37%	–
SYY	Exit	Sysco	$0	–	-36,834	–	-0.37%	–
UNP	Exit	Union Pacific	$0	–	-13,442	–	-0.37%	–
COST	Exit	Costco Wholesale	$0	–	-5,659	–	-0.38%	–
GOOG	Exit	Alphabet, Inc. Cl C	$0	–	-28,745	–	-0.39%	–
BAC	Exit	Bank of America	$0	–	-91,673	–	-0.39%	–
CB	Exit	Chubb Ltd.	$0	–	-15,367	–	-0.40%	–
SIVB	Exit	SVB Financial Group	$0	–	-8,345	–	-0.40%	–
DIS	Exit	Walt Disney	$0	–	-30,850	–	-0.41%	–
RTX	Exit	Raytheon Technologies	$0	–	-35,614	–	-0.42%	–
MDT	Exit	Medtronic	$0	–	-36,466	–	-0.42%	–
SIEGY	Exit	Siemens AG ADR	$0	–	-60,907	–	-0.42%	–
NGG	Exit	National Grid	$0	–	-59,480	–	-0.44%	–
UL	Exit	Unilever PLC	$0	–	-70,167	–	-0.44%	–
V	Exit	Visa	$0	–	-17,627	–	-0.44%	–
CVS	Exit	CVS Health Corp	$0	–	-34,400	–	-0.47%	–
ADP	Exit	Automatic Data Processing	$0	–	-14,732	–	-0.47%	–
NVS	Exit	Novartis	$0	–	-43,905	–	-0.48%	–
KKR	Exit	KKR & Co. Inc.	$0	–	-80,500	–	-0.49%	–
BUD	Exit	Anheuser-Busch InBev SA/NV	$0	–	-75,671	–	-0.49%	–
PEAK	Exit	Healthpeak Properties	$0	–	-161,235	–	-0.53%	–
PEP	Exit	Pepsico	$0	–	-24,470	–	-0.57%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-35,451	–	-0.57%	–
	Exit	Enviva Partners LP	$0	–	-66,850	–	-0.57%	–
BX	Exit	Blackstone Inc.	$0	–	-48,836	–	-0.58%	–
RHHBY	Exit	Roche Holding AG	$0	–	-103,466	–	-0.60%	–
CCK	Exit	Crown Holdings Inc .	$0	–	-59,173	–	-0.68%	–
GOOGL	Exit	Alphabet, Inc. Cl A	$0	–	-51,754	–	-0.70%	–
NOC	Exit	Northrup Grumman	$0	–	-10,552	–	-0.71%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-13,960	–	-0.71%	–
TMUS	Exit	T-Mobile US, Inc.	$0	–	-37,553	–	-0.72%	–
DTE	Exit	DTE Energy	$0	–	-45,099	–	-0.74%	–
MRK	Exit	Merck	$0	–	-63,413	–	-0.78%	–
UBER	Exit	Uber Technologies, Inc.	$0	–	-209,844	–	-0.79%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-11,550	–	-0.83%	–
PG	Exit	Procter & Gamble	$0	–	-46,636	–	-0.84%	–
PFE	Exit	Pfizer	$0	–	-135,860	–	-0.84%	–
BIP	Exit	Brookfield Infrastructure Part	$0	–	-168,193	–	-0.86%	–
	Exit	Shell PLC ADR	$0	–	-125,219	–	-0.89%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-24,463	–	-0.93%	–
WY	Exit	Weyerhaeuser	$0	–	-234,820	–	-0.95%	–
NFG	Exit	National Fuel Gas Co.	$0	–	-114,811	–	-1.00%	–
AEE	Exit	Ameren Corp	$0	–	-88,606	–	-1.02%	–
CNP	Exit	CenterPoint Energy, Inc.	$0	–	-255,490	–	-1.02%	–
XEL	Exit	XCEL Energy Inc.	$0	–	-123,215	–	-1.12%	–
FCX	Exit	Freeport McMoran Inc.	$0	–	-294,083	–	-1.14%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-159,436	–	-1.24%	–
CWEN	Exit	Clearway Energy, Inc.	$0	–	-276,475	–	-1.25%	–
MSFT	Exit	Microsoft	$0	–	-38,815	–	-1.29%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-88,220	–	-1.31%	–
D	Exit	Dominion Energy	$0	–	-137,311	–	-1.35%	–
BAESY	Exit	BAE Systems PLC Sponsored ADR	$0	–	-282,291	–	-1.41%	–
KW	Exit	Kennedy-Wilson Holdings Inc.	$0	–	-645,138	–	-1.42%	–
UNH	Exit	UnitedHealth Group	$0	–	-20,207	–	-1.45%	–
SLB	Exit	Schlumberger	$0	–	-284,697	–	-1.45%	–
KO	Exit	Coca Cola Co.	$0	–	-188,094	–	-1.50%	–
NSRGY	Exit	Nestle Spons ADR	$0	–	-122,700	–	-1.88%	–
VST	Exit	Vistra Energy Corp	$0	–	-661,180	–	-1.98%	–
CVX	Exit	Chevron	$0	–	-99,483	–	-2.03%	–
JNJ	Exit	Johnson & Johnson	$0	–	-95,166	–	-2.21%	–
HHC	Exit	Howard Hughes Corp.	$0	–	-347,232	–	-2.74%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-250,833	–	-2.80%	–
AAPL	Exit	Apple Computer	$0	–	-149,296	–	-2.93%	–
MPLX	Exit	MPLX LP	$0	–	-718,013	–	-3.06%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-480,083	–	-3.24%	–
ET	Exit	Energy Transfer LP	$0	–	-2,864,261	–	-4.49%	–
EPD	Exit	Enterprise Prod Partners	$0	–	-2,344,211	–	-7.93%	–
NEP	Exit	NextEra Energy Partners	$0	–	-1,300,906	–	-13.38%	–

Q3 2022

			Value		Shares		↓ Weighting
EPD	Sell	Enterprise Prod Partners	$55,745,000	-2.7%	2,344,211	-0.3%	7.93%	+10.5%
ET	Buy	Energy Transfer LP	$31,593,000	+10.8%	2,864,261	+0.2%	4.49%	+25.8%
MMP	Sell	Magellan Midstream Partners, L	$22,809,000	-0.8%	480,083	-0.3%	3.24%	+12.7%
AAPL	Sell	Apple Computer	$20,633,000	-3.0%	149,296	-4.0%	2.93%	+10.2%
NEE	Sell	NextEra Energy, Inc.	$19,668,000	-3.2%	250,833	-4.4%	2.80%	+9.9%
HHC	Buy	Howard Hughes Corp.	$19,233,000	-3.2%	347,232	+18.9%	2.74%	+9.9%
JNJ	Sell	Johnson & Johnson	$15,546,000	-24.0%	95,166	-17.4%	2.21%	-13.7%
CVX	Sell	Chevron	$14,293,000	-0.9%	99,483	-0.2%	2.03%	+12.5%
VST	Sell	Vistra Energy Corp	$13,885,000	-8.2%	661,180	-0.1%	1.98%	+4.3%
NSRGY	Sell	Nestle Spons ADR	$13,204,000	-19.5%	122,700	-12.9%	1.88%	-8.6%
KO	Sell	Coca Cola Co.	$10,537,000	-30.6%	188,094	-22.0%	1.50%	-21.2%
SLB	Buy	Schlumberger	$10,221,000	+26.3%	284,697	+25.8%	1.45%	+43.5%
UNH	Sell	UnitedHealth Group	$10,205,000	-57.7%	20,207	-57.0%	1.45%	-52.0%
KW	Sell	Kennedy-Wilson Holdings Inc.	$9,974,000	-19.3%	645,138	-1.2%	1.42%	-8.4%
BAESY	Buy	BAE Systems PLC Sponsored ADR	$9,899,000	-6.2%	282,291	+8.6%	1.41%	+6.6%
D	Sell	Dominion Energy	$9,490,000	-13.5%	137,311	-0.1%	1.35%	-1.8%
JPM	Sell	J.P. Morgan Chase	$9,219,000	-7.5%	88,220	-0.3%	1.31%	+5.0%
MSFT	Sell	Microsoft	$9,040,000	-9.9%	38,815	-0.7%	1.29%	+2.3%
CWEN	Buy	Clearway Energy, Inc.	$8,806,000	+19.2%	276,475	+30.4%	1.25%	+35.4%
MDLZ	Sell	Mondelez International Inc.	$8,742,000	-26.8%	159,436	-17.2%	1.24%	-17.0%
FCX	Sell	Freeport McMoran Inc.	$8,037,000	-17.9%	294,083	-12.0%	1.14%	-6.7%
NFG	Sell	National Fuel Gas Co.	$7,067,000	-24.1%	114,811	-18.6%	1.00%	-13.9%
WY	Sell	Weyerhaeuser	$6,706,000	-16.4%	234,820	-3.0%	0.95%	-5.1%
BRKB	Sell	Berkshire Hathaway B	$6,532,000	-10.3%	24,463	-8.3%	0.93%	+1.9%
	Sell	Shell PLC ADR	$6,231,000	-51.6%	125,219	-49.2%	0.89%	-45.1%
BIP	Sell	Brookfield Infrastructure Part	$6,038,000	-6.3%	168,193	-0.3%	0.86%	+6.4%
PFE	Sell	Pfizer	$5,945,000	-16.6%	135,860	-0.1%	0.84%	-5.4%
PG	Sell	Procter & Gamble	$5,888,000	-17.8%	46,636	-6.4%	0.84%	-6.7%
TMO	Sell	Thermo Fisher Scientific	$5,858,000	-10.6%	11,550	-4.2%	0.83%	+1.5%
UBER	New	Uber Technologies, Inc.	$5,561,000	–	209,844	–	0.79%	–
MRK	Sell	Merck	$5,461,000	-12.2%	63,413	-7.1%	0.78%	-0.3%
TMUS	Buy	T-Mobile US, Inc.	$5,038,000	+695.9%	37,553	+698.2%	0.72%	+806.3%
NOC	Buy	Northrup Grumman	$4,963,000	+936.1%	10,552	+955.2%	0.71%	+1076.7%
GOOGL	Buy	Alphabet, Inc. Cl A	$4,950,000	-24.4%	51,754	+1623.4%	0.70%	-14.1%
CCK	Buy	Crown Holdings Inc .	$4,795,000	+12.0%	59,173	+27.4%	0.68%	+27.2%
RHHBY	Sell	Roche Holding AG	$4,203,000	-7.2%	103,466	-4.7%	0.60%	+5.5%
BX	Sell	Blackstone Inc.	$4,088,000	-8.9%	48,836	-0.7%	0.58%	+3.4%
	New	Enviva Partners LP	$4,015,000	–	66,850	–	0.57%	–
AMZN	Sell	Amazon.com Inc.	$4,006,000	-24.9%	35,451	-29.4%	0.57%	-14.7%
PEP	Sell	Pepsico	$3,995,000	-8.4%	24,470	-6.5%	0.57%	+4.0%
PEAK	Sell	Healthpeak Properties	$3,696,000	-12.1%	161,235	-0.7%	0.53%	-0.2%
BUD	Sell	Anheuser-Busch InBev SA/NV	$3,463,000	-15.5%	75,671	-0.8%	0.49%	-4.1%
KKR	Sell	KKR & Co. Inc.	$3,461,000	-7.8%	80,500	-0.7%	0.49%	+4.7%
NVS	Sell	Novartis	$3,337,000	-23.4%	43,905	-14.9%	0.48%	-13.0%
ADP	Sell	Automatic Data Processing	$3,332,000	-5.6%	14,732	-12.4%	0.47%	+7.2%
CVS	Sell	CVS Health Corp	$3,281,000	-1.3%	34,400	-4.1%	0.47%	+12.3%
V	Sell	Visa	$3,131,000	-20.3%	17,627	-11.7%	0.44%	-9.6%
UL	Buy	Unilever PLC	$3,076,000	-3.3%	70,167	+1.1%	0.44%	+9.5%
NGG	Sell	National Grid	$3,065,000	-20.7%	59,480	-0.5%	0.44%	-9.9%
SIEGY	Buy	Siemens AG ADR	$2,981,000	+5.6%	60,907	+10.2%	0.42%	+19.8%
MDT	Sell	Medtronic	$2,945,000	-10.2%	36,466	-0.2%	0.42%	+1.9%
RTX	Sell	Raytheon Technologies	$2,915,000	-60.0%	35,614	-53.1%	0.42%	-54.6%
CB	Sell	Chubb Ltd.	$2,795,000	-50.8%	15,367	-46.8%	0.40%	-44.2%
BAC	Sell	Bank of America	$2,769,000	-3.1%	91,673	-0.1%	0.39%	+10.1%
GOOG	Buy	Alphabet, Inc. Cl C	$2,764,000	-11.7%	28,745	+1907.3%	0.39%	+0.3%
COST	Sell	Costco Wholesale	$2,673,000	-4.9%	5,659	-3.5%	0.38%	+8.0%
UNP	Sell	Union Pacific	$2,619,000	-13.1%	13,442	-4.9%	0.37%	-1.6%
SYK	Sell	Stryker Corp	$2,585,000	-6.3%	12,762	-7.9%	0.37%	+6.7%
FFIC	Sell	Flushing Financial	$2,516,000	-23.1%	129,876	-15.6%	0.36%	-12.7%
C	Sell	Citigroup	$2,412,000	-9.7%	57,887	-0.3%	0.34%	+2.7%
EMR	Sell	Emerson Electric Co.	$2,036,000	-42.3%	27,809	-37.3%	0.29%	-34.4%
VZ	Sell	Verizon Comm	$1,777,000	-61.0%	46,800	-47.9%	0.25%	-55.7%
DTEGY	Buy	Deutsche Telekom AG ADR	$1,755,000	+18.9%	102,860	+38.8%	0.25%	+35.1%
PAGP	Buy	Plains GP Holdings LP	$1,707,000	+655.3%	156,486	+614.5%	0.24%	+767.9%
TFC	Sell	Truist Financial Corporation	$1,643,000	-30.6%	37,736	-24.4%	0.23%	-20.9%
PNC	Sell	PNC Bank Corp.	$1,539,000	-29.2%	10,302	-25.3%	0.22%	-19.5%
FDX	Sell	Fedex	$1,508,000	-34.7%	10,156	-0.3%	0.21%	-26.0%
MA	New	MasterCard Inc.	$1,351,000	–	4,750	–	0.19%	–
CDNS	Sell	Cadence Design	$1,295,000	-6.4%	7,924	-14.1%	0.18%	+6.4%
MMM	Sell	3M Company	$1,081,000	-31.5%	9,786	-19.8%	0.15%	-22.2%
FMX	Sell	Fomento Economico Mexicano SA	$1,073,000	-8.4%	17,100	-1.4%	0.15%	+4.1%
EONGY	Sell	E.ON SE ADR	$1,046,000	-10.1%	137,300	-1.2%	0.15%	+2.1%
VEOEY	Sell	Veolia Environnement ADR	$1,045,000	-26.4%	54,713	-5.6%	0.15%	-16.3%
XOM	Sell	Exxon Mobil	$1,026,000	+0.2%	11,755	-1.7%	0.15%	+14.1%
IBDRY	Sell	Iberdrola SA ADR	$958,000	-10.4%	25,755	-0.3%	0.14%	+1.5%
XRAY	Sell	Dentsply Sirona	$931,000	-31.1%	32,850	-13.2%	0.13%	-21.9%
GPC	Sell	Genuine Parts	$913,000	+11.1%	6,117	-1.0%	0.13%	+26.2%
EL	Sell	Estee Lauder	$853,000	-26.0%	3,950	-12.7%	0.12%	-16.0%
BIPC	Sell	Brookfield Infrastructure Clas	$825,000	-4.5%	20,258	-0.3%	0.12%	+8.3%
DE	Sell	Deere & Co.	$737,000	-8.3%	2,206	-17.8%	0.10%	+4.0%
T	Sell	AT&T	$726,000	-37.4%	47,307	-14.5%	0.10%	-29.0%
KMB	Sell	Kimberly Clark	$642,000	-29.7%	5,709	-15.5%	0.09%	-20.2%
BDX	Sell	Becton Dickinson	$617,000	-47.0%	2,770	-41.3%	0.09%	-39.7%
DPSGY	Sell	Deutsche Post AG ADR	$525,000	-20.2%	17,456	-0.4%	0.08%	-8.5%
WFC	Sell	Wells Fargo	$529,000	+1.9%	13,164	-0.6%	0.08%	+15.4%
SSREY	Sell	Swiss Re ADR	$439,000	-5.8%	23,915	-0.7%	0.06%	+6.9%
GWW	Sell	W. W. Grainger	$415,000	-11.7%	848	-18.0%	0.06%	0.0%
VIAC	Sell	Paramount Global B	$404,000	-32.4%	21,194	-12.5%	0.06%	-24.0%
CMCSA	Buy	Comcast Cl A	$382,000	-23.4%	13,036	+2.5%	0.05%	-12.9%
STT	Sell	State Street Corp	$329,000	-15.4%	5,418	-14.2%	0.05%	-4.1%
CCI	Sell	Crown Castle Intl.	$332,000	-26.2%	2,300	-14.0%	0.05%	-16.1%
CL	Sell	Colgate Palmolive	$278,000	-48.2%	3,957	-40.9%	0.04%	-40.3%
CAT	Sell	Caterpillar	$281,000	-23.8%	1,713	-17.1%	0.04%	-13.0%
	Sell	General Electric	$273,000	-4.9%	4,410	-2.3%	0.04%	+8.3%
STAG	Buy	STAG Industrial	$248,000	+3.8%	8,725	+12.9%	0.04%	+16.7%
CMI	New	Cummins Inc.	$209,000	–	1,026	–	0.03%	–
ENB	Sell	Enbridge Inc.	$202,000	-13.7%	5,455	-1.3%	0.03%	0.0%
ENLAY	Buy	Enel S.p.A. ADR	$80,000	+42.9%	19,700	+93.1%	0.01%	+57.1%
BTG	Exit	B2Gold Corp	$0	–	-16,000	–	-0.01%	–
AUY	Exit	Yuman Gold Inc	$0	–	-13,900	–	-0.01%	–
CTT	Exit	CatchMark Timber Trust	$0	–	-17,500	–	-0.02%	–
PSX	Exit	Phillips 66	$0	–	-2,460	–	-0.02%	–
PRU	Exit	Prudential Financial Inc	$0	–	-2,200	–	-0.03%	–
HD	Exit	Home Depot	$0	–	-775	–	-0.03%	–
GM	Exit	General Motors	$0	–	-7,000	–	-0.03%	–
SONY	Exit	Sony Corp.	$0	–	-3,025	–	-0.03%	–
NWYF	Exit	Northway Financial	$0	–	-8,377	–	-0.03%	–
TSLA	Exit	Tesla, Inc.	$0	–	-381	–	-0.03%	–
TRTN	Exit	Triton International Ltd.	$0	–	-27,234	–	-0.18%	–
SIMO	Exit	Silicon Motion Technologies Co	$0	–	-17,576	–	-0.18%	–
EVA	Exit	Enviva Partners LP	$0	–	-102,643	–	-0.74%	–
NEM	Exit	Newmont Mining Corp.	$0	–	-102,688	–	-0.77%	–
TTE	Exit	TotalEnergies SE Sponsored ADR	$0	–	-245,556	–	-1.62%	–

Q2 2022

			Value		Shares		↓ Weighting
NEP	New	NextEra Energy Partners	$96,475,000	–	1,300,906	–	12.08%	–
EPD	New	Enterprise Prod Partners	$57,272,000	–	2,350,097	–	7.17%	–
ET	New	Energy Transfer LP	$28,518,000	–	2,857,531	–	3.57%	–
UNH	New	UnitedHealth Group	$24,146,000	–	47,010	–	3.02%	–
MMP	New	Magellan Midstream Partners, L	$22,988,000	–	481,333	–	2.88%	–
AAPL	New	Apple Computer	$21,266,000	–	155,541	–	2.66%	–
MPLX	New	MPLX LP	$20,930,000	–	718,013	–	2.62%	–
JNJ	New	Johnson & Johnson	$20,460,000	–	115,261	–	2.56%	–
NEE	New	NextEra Energy, Inc.	$20,318,000	–	262,308	–	2.54%	–
HHC	New	Howard Hughes Corp.	$19,872,000	–	292,022	–	2.49%	–
NSRGY	New	Nestle Spons ADR	$16,401,000	–	140,917	–	2.05%	–
KO	New	Coca Cola Co.	$15,178,000	–	241,264	–	1.90%	–
VST	New	Vistra Energy Corp	$15,118,000	–	661,617	–	1.89%	–
CVX	New	Chevron	$14,426,000	–	99,640	–	1.81%	–
TTE	New	TotalEnergies SE Sponsored ADR	$12,926,000	–	245,556	–	1.62%	–
	New	Shell PLC ADR	$12,887,000	–	246,454	–	1.61%	–
KW	New	Kennedy-Wilson Holdings Inc.	$12,362,000	–	652,688	–	1.55%	–
MDLZ	New	Mondelez International Inc.	$11,949,000	–	192,449	–	1.50%	–
D	New	Dominion Energy	$10,975,000	–	137,511	–	1.38%	–
BAESY	New	BAE Systems PLC Sponsored ADR	$10,550,000	–	259,842	–	1.32%	–
MSFT	New	Microsoft	$10,035,000	–	39,072	–	1.26%	–
JPM	New	J.P. Morgan Chase	$9,966,000	–	88,502	–	1.25%	–
FCX	New	Freeport McMoran Inc.	$9,784,000	–	334,369	–	1.22%	–
NFG	New	National Fuel Gas Co.	$9,317,000	–	141,063	–	1.17%	–
XEL	New	XCEL Energy Inc.	$8,719,000	–	123,215	–	1.09%	–
SLB	New	Schlumberger	$8,091,000	–	226,264	–	1.01%	–
WY	New	Weyerhaeuser	$8,021,000	–	242,190	–	1.00%	–
AEE	New	Ameren Corp	$8,006,000	–	88,606	–	1.00%	–
CNP	New	CenterPoint Energy, Inc.	$7,557,000	–	255,490	–	0.95%	–
CWEN	New	Clearway Energy, Inc.	$7,387,000	–	212,035	–	0.92%	–
RTX	New	Raytheon Technologies	$7,294,000	–	75,895	–	0.91%	–
BRKB	New	Berkshire Hathaway B	$7,283,000	–	26,676	–	0.91%	–
PG	New	Procter & Gamble	$7,163,000	–	49,819	–	0.90%	–
PFE	New	Pfizer	$7,127,000	–	135,935	–	0.89%	–
TMO	New	Thermo Fisher Scientific	$6,552,000	–	12,060	–	0.82%	–
GOOGL	New	Alphabet, Inc. Cl A	$6,544,000	–	3,003	–	0.82%	–
BIP	New	Brookfield Infrastructure Part	$6,446,000	–	168,645	–	0.81%	–
MRK	New	Merck	$6,221,000	–	68,239	–	0.78%	–
NEM	New	Newmont Mining Corp.	$6,127,000	–	102,688	–	0.77%	–
EVA	New	Enviva Partners LP	$5,873,000	–	102,643	–	0.74%	–
DTE	New	DTE Energy	$5,716,000	–	45,099	–	0.72%	–
CB	New	Chubb Ltd.	$5,678,000	–	28,884	–	0.71%	–
AMZN	New	Amazon.com Inc.	$5,332,000	–	50,200	–	0.67%	–
SPY	New	SPDR S&P 500 ETF	$5,266,000	–	13,960	–	0.66%	–
VZ	New	Verizon Comm	$4,557,000	–	89,792	–	0.57%	–
RHHBY	New	Roche Holding AG	$4,530,000	–	108,600	–	0.57%	–
BX	New	Blackstone Inc.	$4,485,000	–	49,160	–	0.56%	–
PEP	New	Pepsico	$4,361,000	–	26,165	–	0.55%	–
NVS	New	Novartis	$4,359,000	–	51,569	–	0.55%	–
CCK	New	Crown Holdings Inc .	$4,280,000	–	46,434	–	0.54%	–
PEAK	New	Healthpeak Properties	$4,207,000	–	162,360	–	0.53%	–
BUD	New	Anheuser-Busch InBev SA/NV	$4,097,000	–	76,271	–	0.51%	–
V	New	Visa	$3,928,000	–	19,952	–	0.49%	–
NGG	New	National Grid	$3,867,000	–	59,780	–	0.48%	–
KKR	New	KKR & Co. Inc.	$3,754,000	–	81,100	–	0.47%	–
ADP	New	Automatic Data Processing	$3,531,000	–	16,813	–	0.44%	–
EMR	New	Emerson Electric Co.	$3,529,000	–	44,366	–	0.44%	–
CVS	New	CVS Health Corp	$3,325,000	–	35,882	–	0.42%	–
SIVB	New	SVB Financial Group	$3,296,000	–	8,345	–	0.41%	–
MDT	New	Medtronic	$3,278,000	–	36,522	–	0.41%	–
FFIC	New	Flushing Financial	$3,272,000	–	153,900	–	0.41%	–
UL	New	Unilever PLC	$3,182,000	–	69,430	–	0.40%	–
GOOG	New	Alphabet, Inc. Cl C	$3,132,000	–	1,432	–	0.39%	–
SYY	New	Sysco	$3,120,000	–	36,834	–	0.39%	–
UNP	New	Union Pacific	$3,015,000	–	14,136	–	0.38%	–
DIS	New	Walt Disney	$2,912,000	–	30,850	–	0.36%	–
BAC	New	Bank of America	$2,858,000	–	91,809	–	0.36%	–
SIEGY	New	Siemens AG ADR	$2,824,000	–	55,284	–	0.35%	–
COST	New	Costco Wholesale	$2,811,000	–	5,866	–	0.35%	–
SYK	New	Stryker Corp	$2,758,000	–	13,862	–	0.34%	–
C	New	Citigroup	$2,670,000	–	58,062	–	0.33%	–
TFC	New	Truist Financial Corporation	$2,367,000	–	49,911	–	0.30%	–
FDX	New	Fedex	$2,309,000	–	10,183	–	0.29%	–
CSCO	New	Cisco Systems	$2,279,000	–	53,459	–	0.28%	–
PNC	New	PNC Bank Corp.	$2,175,000	–	13,789	–	0.27%	–
WMB	New	Williams Companies Inc	$1,986,000	–	63,646	–	0.25%	–
MMM	New	3M Company	$1,579,000	–	12,202	–	0.20%	–
DTEGY	New	Deutsche Telekom AG ADR	$1,476,000	–	74,110	–	0.18%	–
SIMO	New	Silicon Motion Technologies Co	$1,471,000	–	17,576	–	0.18%	–
TRTN	New	Triton International Ltd.	$1,434,000	–	27,234	–	0.18%	–
PLD	New	ProLogis Tr SBI	$1,427,000	–	12,125	–	0.18%	–
VEOEY	New	Veolia Environnement ADR	$1,419,000	–	57,938	–	0.18%	–
CDNS	New	Cadence Design	$1,384,000	–	9,224	–	0.17%	–
LLY	New	Eli Lilly	$1,352,000	–	4,170	–	0.17%	–
XRAY	New	Dentsply Sirona	$1,352,000	–	37,850	–	0.17%	–
BRKA	New	Berkshire Hathaway A	$1,227,000	–	3	–	0.15%	–
FMX	New	Fomento Economico Mexicano SA	$1,171,000	–	17,350	–	0.15%	–
	New	Warner Bros. Discovery A	$1,172,000	–	87,314	–	0.15%	–
EONGY	New	E.ON SE ADR	$1,164,000	–	138,950	–	0.15%	–
BDX	New	Becton Dickinson	$1,164,000	–	4,720	–	0.15%	–
T	New	AT&T	$1,160,000	–	55,342	–	0.14%	–
EL	New	Estee Lauder	$1,152,000	–	4,525	–	0.14%	–
IBDRY	New	Iberdrola SA ADR	$1,069,000	–	25,830	–	0.13%	–
AXP	New	American Express	$1,072,000	–	7,733	–	0.13%	–
XOM	New	Exxon Mobil	$1,024,000	–	11,955	–	0.13%	–
KMB	New	Kimberly Clark	$913,000	–	6,759	–	0.11%	–
KMI	New	Kinder Morgan Inc.	$903,000	–	53,871	–	0.11%	–
BIPC	New	Brookfield Infrastructure Clas	$864,000	–	20,325	–	0.11%	–
FB	New	Meta Platforms, Inc.	$837,000	–	5,190	–	0.10%	–
GPC	New	Genuine Parts	$822,000	–	6,177	–	0.10%	–
DE	New	Deere & Co.	$804,000	–	2,684	–	0.10%	–
IYW	New	iShares US Technology	$784,000	–	9,800	–	0.10%	–
CCS	New	Century Communities, Inc.	$744,000	–	16,555	–	0.09%	–
IBM	New	IBM	$692,000	–	4,903	–	0.09%	–
AB	New	AllianceBernstein Holdings, LP	$696,000	–	16,740	–	0.09%	–
DPSGY	New	Deutsche Post AG ADR	$658,000	–	17,525	–	0.08%	–
LIN	New	Linde PLC	$647,000	–	2,250	–	0.08%	–
TMUS	New	T-Mobile US, Inc.	$633,000	–	4,705	–	0.08%	–
AIG	New	American Intl. Group	$611,000	–	11,948	–	0.08%	–
VIAC	New	Paramount Global B	$598,000	–	24,213	–	0.08%	–
ABT	New	Abbott Laboratories	$540,000	–	4,968	–	0.07%	–
SPGI	New	S&P Global Inc.	$539,000	–	1,600	–	0.07%	–
CL	New	Colgate Palmolive	$537,000	–	6,697	–	0.07%	–
LDOS	New	Leidos Holdings Inc.	$526,000	–	5,220	–	0.07%	–
WFC	New	Wells Fargo	$519,000	–	13,239	–	0.06%	–
SCHW	New	Charles Schwab	$495,000	–	7,840	–	0.06%	–
CMCSA	New	Comcast Cl A	$499,000	–	12,717	–	0.06%	–
MET	New	MetLife	$490,000	–	7,800	–	0.06%	–
NOC	New	Northrup Grumman	$479,000	–	1,000	–	0.06%	–
GWW	New	W. W. Grainger	$470,000	–	1,034	–	0.06%	–
ORCL	New	Oracle	$468,000	–	6,700	–	0.06%	–
SSREY	New	Swiss Re ADR	$466,000	–	24,090	–	0.06%	–
CCI	New	Crown Castle Intl.	$450,000	–	2,675	–	0.06%	–
ITW	New	Illinois Tool Works	$426,000	–	2,339	–	0.05%	–
INTC	New	Intel Corp.	$412,000	–	11,004	–	0.05%	–
IWF	New	iShares Russell 1000 Growth ET	$407,000	–	1,862	–	0.05%	–
MCD	New	McDonald's Corp.	$404,000	–	1,635	–	0.05%	–
STT	New	State Street Corp	$389,000	–	6,314	–	0.05%	–
CAT	New	Caterpillar	$369,000	–	2,066	–	0.05%	–
TRI	New	Thomson Reuters Corp.	$350,000	–	3,354	–	0.04%	–
APD	New	Air Products	$339,000	–	1,411	–	0.04%	–
DXGE	New	WisdomTree Germany Hedged Equi	$314,000	–	10,500	–	0.04%	–
IWV	New	iShares Russell 3000 ETF	$304,000	–	1,397	–	0.04%	–
MDY	New	SPDR S&P Midcap 400 EFT	$294,000	–	710	–	0.04%	–
	New	General Electric	$287,000	–	4,512	–	0.04%	–
UBS	New	UBS Group AG	$286,000	–	17,650	–	0.04%	–
IWN	New	iShares Russell 2000 Value ETF	$283,000	–	2,080	–	0.04%	–
BWEL	New	Boswell J G Co.	$279,000	–	300	–	0.04%	–
LSXMK	New	Liberty SiriusXM Series C	$270,000	–	7,480	–	0.03%	–
TSLA	New	Tesla, Inc.	$257,000	–	381	–	0.03%	–
NWYF	New	Northway Financial	$252,000	–	8,377	–	0.03%	–
SONY	New	Sony Corp.	$247,000	–	3,025	–	0.03%	–
BA	New	Boeing Company	$245,000	–	1,789	–	0.03%	–
GLW	New	Corning	$243,000	–	7,700	–	0.03%	–
STAG	New	STAG Industrial	$239,000	–	7,725	–	0.03%	–
ENB	New	Enbridge Inc.	$234,000	–	5,529	–	0.03%	–
BEP	New	Brookfield Renewable Partners	$224,000	–	6,450	–	0.03%	–
GM	New	General Motors	$222,000	–	7,000	–	0.03%	–
PAGP	New	Plains GP Holdings LP	$226,000	–	21,902	–	0.03%	–
HD	New	Home Depot	$213,000	–	775	–	0.03%	–
PRU	New	Prudential Financial Inc	$210,000	–	2,200	–	0.03%	–
PSX	New	Phillips 66	$202,000	–	2,460	–	0.02%	–
CTT	New	CatchMark Timber Trust	$176,000	–	17,500	–	0.02%	–
VTRS	New	Viatris	$154,000	–	14,695	–	0.02%	–
AUY	New	Yuman Gold Inc	$65,000	–	13,900	–	0.01%	–
BTG	New	B2Gold Corp	$54,000	–	16,000	–	0.01%	–
ENLAY	New	Enel S.p.A. ADR	$56,000	–	10,200	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	American Century Value Fund	$0	–	-10,632	–	-0.01%	–
BIF	Exit	Boulder Growth & Income Fund	$0	–	-11,117	–	-0.01%	–
PAGP	Exit	Plains GP Holdings LP	$0	–	-16,587	–	-0.02%	–
	Exit	Dodge & Cox Income Fund	$0	–	-13,311	–	-0.02%	–
WMT	Exit	Wal-Mart Stores	$0	–	-1,453	–	-0.02%	–
VTRS	Exit	Viatris	$0	–	-15,313	–	-0.02%	–
CTT	Exit	CatchMark Timber Trust	$0	–	-17,500	–	-0.02%	–
IJR	Exit	iShares Core S&P Small-Cap 600	$0	–	-1,931	–	-0.02%	–
RDSA	Exit	Royal Dutch Shell	$0	–	-4,857	–	-0.02%	–
ACN	Exit	Accenture PLC	$0	–	-700	–	-0.02%	–
ENB	Exit	Enbridge Inc.	$0	–	-5,529	–	-0.02%	–
DISCA	Exit	Discovery Inc. A	$0	–	-8,757	–	-0.02%	–
PRU	Exit	Prudential Financial Inc	$0	–	-2,200	–	-0.02%	–
BEP	Exit	Brookfield Renewable Partners	$0	–	-6,450	–	-0.02%	–
HD	Exit	Home Depot	$0	–	-775	–	-0.02%	–
ABB	Exit	ABB Ltd.	$0	–	-7,500	–	-0.02%	–
NWYF	Exit	Northway Financial	$0	–	-8,377	–	-0.02%	–
	Exit	T. Rowe Price Growth Stock	$0	–	-2,457	–	-0.03%	–
LBRDK	Exit	Liberty Broadband C	$0	–	-1,639	–	-0.03%	–
UBS	Exit	UBS Group AG	$0	–	-17,650	–	-0.03%	–
RVT	Exit	Royce Value Tr	$0	–	-15,775	–	-0.03%	–
GLW	Exit	Corning	$0	–	-7,700	–	-0.03%	–
STAG	Exit	STAG Industrial	$0	–	-7,725	–	-0.03%	–
ENLAY	Exit	Enel S.p.A. ADR	$0	–	-42,650	–	-0.03%	–
IWN	Exit	iShares Russell 2000 Value ETF	$0	–	-2,080	–	-0.03%	–
SONY	Exit	Sony Corp.	$0	–	-3,025	–	-0.03%	–
MDY	Exit	SPDR S&P Midcap 400 EFT	$0	–	-710	–	-0.03%	–
LSXMK	Exit	Liberty SiriusXM Series C	$0	–	-7,480	–	-0.03%	–
IWV	Exit	iShares Russell 3000 ETF	$0	–	-1,397	–	-0.03%	–
NOC	Exit	Northrup Grumman	$0	–	-1,000	–	-0.03%	–
TRI	Exit	Thomson Reuters Corp.	$0	–	-3,354	–	-0.04%	–
DXGE	Exit	WisdomTree Germany Hedged Equi	$0	–	-10,500	–	-0.04%	–
APD	Exit	Air Products	$0	–	-1,436	–	-0.04%	–
GM	Exit	General Motors	$0	–	-7,000	–	-0.04%	–
	Exit	Vanguard Windsor II ADM	$0	–	-4,677	–	-0.04%	–
CAT	Exit	Caterpillar	$0	–	-1,961	–	-0.04%	–
BA	Exit	Boeing Company	$0	–	-1,789	–	-0.04%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,635	–	-0.04%	–
TCEHY	Exit	Tencent Holdings Ltd. ADR	$0	–	-6,620	–	-0.04%	–
GWW	Exit	W. W. Grainger	$0	–	-1,034	–	-0.04%	–
	Exit	Fidelity 500 Index Fund	$0	–	-2,689	–	-0.04%	–
SCHW	Exit	Charles Schwab	$0	–	-5,740	–	-0.04%	–
	Exit	General Electric	$0	–	-4,512	–	-0.04%	–
MET	Exit	MetLife	$0	–	-7,800	–	-0.05%	–
ITW	Exit	Illinois Tool Works	$0	–	-2,339	–	-0.05%	–
IWF	Exit	iShares Russell 1000 Growth ET	$0	–	-1,862	–	-0.05%	–
CMCSA	Exit	Comcast Cl A	$0	–	-9,524	–	-0.05%	–
CCI	Exit	Crown Castle Intl.	$0	–	-3,057	–	-0.05%	–
STT	Exit	State Street Corp	$0	–	-6,314	–	-0.05%	–
ORCL	Exit	Oracle	$0	–	-6,700	–	-0.06%	–
INTC	Exit	Intel Corp.	$0	–	-11,004	–	-0.06%	–
BWEL	Exit	Boswell J G Co.	$0	–	-600	–	-0.06%	–
LDOS	Exit	Leidos Holdings Inc.	$0	–	-6,345	–	-0.06%	–
WFC	Exit	Wells Fargo	$0	–	-13,239	–	-0.06%	–
TSLA	Exit	Tesla, Inc.	$0	–	-795	–	-0.06%	–
AIG	Exit	American Intl. Group	$0	–	-11,948	–	-0.06%	–
DPSGY	Exit	Deutsche Post AG ADR	$0	–	-10,450	–	-0.06%	–
LIN	Exit	Linde PLC	$0	–	-2,250	–	-0.06%	–
	Exit	T. Rowe Price Value	$0	–	-13,553	–	-0.06%	–
SPGI	Exit	S&P Global Inc.	$0	–	-1,600	–	-0.06%	–
IBM	Exit	IBM	$0	–	-4,903	–	-0.06%	–
XOM	Exit	Exxon Mobil	$0	–	-11,955	–	-0.07%	–
GPC	Exit	Genuine Parts	$0	–	-6,177	–	-0.07%	–
CL	Exit	Colgate Palmolive	$0	–	-10,401	–	-0.07%	–
BIPC	Exit	Brookfield Infrastructure Clas	$0	–	-13,552	–	-0.08%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-53,871	–	-0.08%	–
SSREY	Exit	Swiss Re ADR	$0	–	-42,315	–	-0.09%	–
AB	Exit	AllianceBernstein Holdings, LP	$0	–	-19,190	–	-0.09%	–
VIAC	Exit	ViacomCBS	$0	–	-24,613	–	-0.09%	–
LLY	Exit	Eli Lilly	$0	–	-4,210	–	-0.09%	–
IYW	Exit	iShares US Technology	$0	–	-9,800	–	-0.09%	–
DE	Exit	Deere & Co.	$0	–	-3,005	–	-0.10%	–
IBDRY	Exit	Iberdrola SA ADR	$0	–	-25,830	–	-0.10%	–
	Exit	Vanguard Cap Opp Inv ADM	$0	–	-5,061	–	-0.10%	–
DTEGY	Exit	Deutsche Telekom AG ADR	$0	–	-56,720	–	-0.11%	–
	Exit	Fidelity Investments Money Mar	$0	–	-1,174,890	–	-0.11%	–
ET	Exit	Energy Transfer LP	$0	–	-122,522	–	-0.11%	–
WMB	Exit	Williams Companies Inc	$0	–	-46,038	–	-0.11%	–
CVX	Exit	Chevron	$0	–	-11,899	–	-0.11%	–
BRKA	Exit	Berkshire Hathaway A	$0	–	-3	–	-0.12%	–
AXP	Exit	American Express	$0	–	-7,733	–	-0.12%	–
CDNS	Exit	Cadence Design	$0	–	-9,224	–	-0.13%	–
EL	Exit	Estee Lauder	$0	–	-4,815	–	-0.14%	–
SIEGY	Exit	Siemens AG ADR	$0	–	-17,920	–	-0.14%	–
	Exit	Vanguard Primecap Fund ADM	$0	–	-8,494	–	-0.14%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-17,350	–	-0.14%	–
PLD	Exit	ProLogis Tr SBI	$0	–	-12,425	–	-0.15%	–
KMB	Exit	Kimberly Clark	$0	–	-11,895	–	-0.15%	–
DISCK	Exit	Discovery Inc. C	$0	–	-65,770	–	-0.15%	–
EONGY	Exit	E.ON SE ADR	$0	–	-138,950	–	-0.16%	–
	Exit	T Rowe Price Growth Stk Fd	$0	–	-15,418	–	-0.16%	–
BDX	Exit	Becton Dickinson	$0	–	-7,070	–	-0.16%	–
T	Exit	AT&T	$0	–	-64,708	–	-0.17%	–
VEOEY	Exit	Veolia Environnement ADR	$0	–	-58,138	–	-0.18%	–
	Exit	Vanguard Total Stock Market In	$0	–	-17,248	–	-0.18%	–
FB	Exit	Facebook	$0	–	-5,570	–	-0.18%	–
XRAY	Exit	Dentsply Sirona	$0	–	-34,850	–	-0.19%	–
FDX	Exit	Fedex	$0	–	-9,998	–	-0.21%	–
MMM	Exit	3M Company	$0	–	-13,127	–	-0.22%	–
SHW	Exit	Sherwin Williams Co.	$0	–	-9,068	–	-0.24%	–
UNP	Exit	Union Pacific	$0	–	-14,136	–	-0.26%	–
SYY	Exit	Sysco	$0	–	-36,834	–	-0.27%	–
CSCO	Exit	Cisco Systems	$0	–	-53,559	–	-0.28%	–
CCS	Exit	Century Communities, Inc.	$0	–	-48,283	–	-0.28%	–
CMRE	Exit	Costamare Inc.	$0	–	-192,750	–	-0.28%	–
CVS	Exit	CVS Health Corp	$0	–	-35,982	–	-0.29%	–
COST	Exit	Costco Wholesale	$0	–	-7,516	–	-0.32%	–
FFIC	Exit	Flushing Financial	$0	–	-153,900	–	-0.33%	–
NGG	Exit	National Grid	$0	–	-60,130	–	-0.34%	–
SYK	Exit	Stryker Corp	$0	–	-13,862	–	-0.35%	–
GOOG	Exit	Alphabet, Inc. Cl C	$0	–	-1,408	–	-0.36%	–
ADP	Exit	Automatic Data Processing	$0	–	-19,138	–	-0.36%	–
UL	Exit	Unilever PLC	$0	–	-71,960	–	-0.37%	–
C	Exit	Citigroup	$0	–	-60,771	–	-0.40%	–
BUD	Exit	Anheuser-Busch InBev SA/NV	$0	–	-76,371	–	-0.41%	–
TMUS	Exit	T-Mobile US, Inc.	$0	–	-34,761	–	-0.42%	–
NVS	Exit	Novartis	$0	–	-56,034	–	-0.43%	–
CHTR	Exit	Charter Communications, Inc.	$0	–	-6,468	–	-0.45%	–
PEP	Exit	Pepsico	$0	–	-31,904	–	-0.46%	–
VZ	Exit	Verizon Comm	$0	–	-90,542	–	-0.46%	–
KKR	Exit	KKR & Co. Inc.	$0	–	-81,500	–	-0.47%	–
RHHBY	Exit	Roche Holding AG	$0	–	-111,100	–	-0.48%	–
MRK	Exit	Merck	$0	–	-68,994	–	-0.49%	–
DIS	Exit	Walt Disney	$0	–	-30,850	–	-0.49%	–
NFG	Exit	National Fuel Gas Co.	$0	–	-101,981	–	-0.51%	–
PEAK	Exit	Healthpeak Properties	$0	–	-162,810	–	-0.52%	–
SIVB	Exit	SVB Financial Group	$0	–	-8,435	–	-0.52%	–
EVA	Exit	Enviva Partners LP	$0	–	-102,643	–	-0.53%	–
BX	Exit	Blackstone Inc.	$0	–	-49,300	–	-0.54%	–
RTX	Exit	Raytheon Technologies	$0	–	-66,788	–	-0.54%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-99,995	–	-0.55%	–
PFE	Exit	Pfizer	$0	–	-135,935	–	-0.55%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-13,960	–	-0.57%	–
BIP	Exit	Brookfield Infrastructure Part	$0	–	-112,430	–	-0.60%	–
V	Exit	Visa	$0	–	-30,997	–	-0.65%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-27,984	–	-0.72%	–
PG	Exit	Procter & Gamble	$0	–	-55,388	–	-0.73%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-13,600	–	-0.74%	–
ABT	Exit	Abbott Laboratories	$0	–	-69,491	–	-0.78%	–
WY	Exit	Weyerhaeuser	$0	–	-246,390	–	-0.83%	–
CCK	Exit	Crown Holdings Inc .	$0	–	-88,922	–	-0.85%	–
EMR	Exit	Emerson Electric Co.	$0	–	-97,041	–	-0.87%	–
DTE	Exit	DTE Energy	$0	–	-92,409	–	-0.98%	–
BAESY	Exit	BAE Systems PLC Sponsored ADR	$0	–	-357,237	–	-1.04%	–
KO	Exit	Coca Cola Co.	$0	–	-246,615	–	-1.23%	–
MDT	Exit	Medtronic	$0	–	-106,975	–	-1.27%	–
TFC	Exit	Truist Financial Corporation	$0	–	-234,061	–	-1.30%	–
PNC	Exit	PNC Bank Corp.	$0	–	-70,150	–	-1.30%	–
VST	Exit	Vistra Energy Corp	$0	–	-804,151	–	-1.30%	–
PHM	Exit	Pulte Homes Inc.	$0	–	-300,266	–	-1.31%	–
D	Exit	Dominion Energy	$0	–	-189,762	–	-1.31%	–
AEE	Exit	Ameren Corp	$0	–	-171,633	–	-1.32%	–
LEN	Exit	Lennar Corporation Cl A	$0	–	-154,099	–	-1.37%	–
XEL	Exit	XCEL Energy Inc.	$0	–	-240,932	–	-1.43%	–
BAC	Exit	Bank of America	$0	–	-368,616	–	-1.48%	–
KW	Exit	Kennedy-Wilson Holdings Inc.	$0	–	-768,902	–	-1.52%	–
CB	Exit	Chubb Ltd.	$0	–	-95,429	–	-1.57%	–
NRG	Exit	NRG Energy	$0	–	-486,373	–	-1.88%	–
MPLX	Exit	MPLX LP	$0	–	-715,863	–	-1.93%	–
NSRGY	Exit	Nestle Spons ADR	$0	–	-173,944	–	-1.98%	–
UNH	Exit	UnitedHealth Group	$0	–	-53,936	–	-2.00%	–
FCX	Exit	Freeport McMoran Inc.	$0	–	-664,729	–	-2.05%	–
JNJ	Exit	Johnson & Johnson	$0	–	-138,298	–	-2.12%	–
MSFT	Exit	Microsoft	$0	–	-79,865	–	-2.13%	–
AAPL	Exit	Apple Computer	$0	–	-163,696	–	-2.19%	–
GOOGL	Exit	Alphabet, Inc. Cl A	$0	–	-9,100	–	-2.30%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-162,412	–	-2.52%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-587,807	–	-2.54%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-404,143	–	-3.01%	–
TGP	Exit	Teekay LNG Partners	$0	–	-2,170,621	–	-3.20%	–
HHC	Exit	Howard Hughes Corp.	$0	–	-389,760	–	-3.24%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-10,453	–	-3.25%	–
EPD	Exit	Enterprise Prod Partners	$0	–	-2,765,611	–	-5.67%	–
NEP	Exit	NextEra Energy Partners	$0	–	-1,442,225	–	-10.30%	–

Q3 2021

			Value		Shares		↓ Weighting
NEP	Sell	NextEra Energy Partners	$108,686,000	-1.9%	1,442,225	-0.6%	10.30%	+3.8%
AMZN	Buy	Amazon.com Inc.	$34,339,000	+33.0%	10,453	+39.2%	3.25%	+40.7%
HHC	Sell	Howard Hughes Corp.	$34,225,000	-10.4%	389,760	-0.6%	3.24%	-5.2%
TGP	Sell	Teekay LNG Partners	$33,753,000	+1.8%	2,170,621	-1.2%	3.20%	+7.7%
NEE	Sell	NextEra Energy, Inc.	$31,733,000	+7.1%	404,143	-0.0%	3.01%	+13.3%
MMP	Sell	Magellan Midstream Partners, L	$26,792,000	-7.0%	587,807	-0.2%	2.54%	-1.6%
JPM	Sell	J.P. Morgan Chase	$26,585,000	+5.0%	162,412	-0.2%	2.52%	+11.1%
GOOGL	Buy	Alphabet, Inc. Cl A	$24,329,000	+15.7%	9,100	+5.6%	2.30%	+22.4%
AAPL	Sell	Apple Computer	$23,163,000	+2.7%	163,696	-0.6%	2.19%	+8.7%
MSFT	Sell	Microsoft	$22,516,000	-2.3%	79,865	-6.1%	2.13%	+3.4%
JNJ	Sell	Johnson & Johnson	$22,335,000	-2.1%	138,298	-0.1%	2.12%	+3.6%
FCX	Sell	Freeport McMoran Inc.	$21,624,000	-18.1%	664,729	-6.6%	2.05%	-13.3%
UNH	Sell	UnitedHealth Group	$21,075,000	-4.5%	53,936	-2.2%	2.00%	+1.0%
NSRGY	Sell	Nestle Spons ADR	$20,910,000	-3.6%	173,944	-0.0%	1.98%	+2.0%
MPLX	Sell	MPLX LP	$20,381,000	-4.3%	715,863	-0.5%	1.93%	+1.3%
NRG	Buy	NRG Energy	$19,859,000	+330.3%	486,373	+324.7%	1.88%	+355.4%
CB	Sell	Chubb Ltd.	$16,555,000	-18.2%	95,429	-25.1%	1.57%	-13.5%
KW	Sell	Kennedy-Wilson Holdings Inc.	$16,085,000	+5.0%	768,902	-0.3%	1.52%	+11.2%
BAC	Sell	Bank of America	$15,648,000	-43.0%	368,616	-44.6%	1.48%	-39.7%
LEN	Buy	Lennar Corporation Cl A	$14,436,000	-1.2%	154,099	+4.8%	1.37%	+4.6%
PHM	Buy	Pulte Homes Inc.	$13,788,000	+4.1%	300,266	+23.7%	1.31%	+10.1%
VST	Buy	Vistra Energy Corp	$13,751,000	+393.4%	804,151	+435.1%	1.30%	+421.2%
PNC	Sell	PNC Bank Corp.	$13,724,000	-14.4%	70,150	-16.6%	1.30%	-9.5%
TFC	Sell	Truist Financial Corporation	$13,728,000	-12.0%	234,061	-16.8%	1.30%	-6.9%
MDT	Buy	Medtronic	$13,409,000	+1.3%	106,975	+0.4%	1.27%	+7.2%
KO	Buy	Coca Cola Co.	$12,940,000	+13.4%	246,615	+17.0%	1.23%	+20.1%
EMR	Sell	Emerson Electric Co.	$9,141,000	-2.3%	97,041	-0.2%	0.87%	+3.3%
ABT	Sell	Abbott Laboratories	$8,209,000	-2.0%	69,491	-3.8%	0.78%	+3.7%
TMO	Sell	Thermo Fisher Scientific	$7,770,000	-1.3%	13,600	-12.9%	0.74%	+4.4%
PG	Sell	Procter & Gamble	$7,743,000	+1.6%	55,388	-1.9%	0.73%	+7.6%
BRKB	Sell	Berkshire Hathaway B	$7,638,000	-10.1%	27,984	-8.5%	0.72%	-4.9%
BIP	Sell	Brookfield Infrastructure Part	$6,308,000	-1.6%	112,430	-2.6%	0.60%	+4.2%
MDLZ	Sell	Mondelez International Inc.	$5,818,000	-54.3%	99,995	-51.0%	0.55%	-51.7%
RTX	Sell	Raytheon Technologies	$5,741,000	-1.2%	66,788	-1.9%	0.54%	+4.6%
SIVB	Sell	SVB Financial Group	$5,456,000	+16.2%	8,435	-0.1%	0.52%	+23.1%
PEAK	Sell	Healthpeak Properties	$5,451,000	-1.2%	162,810	-1.8%	0.52%	+4.5%
DIS	Sell	Walt Disney	$5,219,000	-3.9%	30,850	-0.1%	0.49%	+1.6%
PEP	Sell	Pepsico	$4,799,000	-2.5%	31,904	-3.9%	0.46%	+3.4%
CHTR	Sell	Charter Communications, Inc.	$4,706,000	-48.8%	6,468	-49.2%	0.45%	-45.8%
TMUS	Sell	T-Mobile US, Inc.	$4,441,000	-54.7%	34,761	-48.6%	0.42%	-52.1%
BUD	Buy	Anheuser-Busch InBev SA/NV	$4,347,000	-15.1%	76,371	+7.6%	0.41%	-10.0%
UL	Sell	Unilever PLC	$3,902,000	-13.7%	71,960	-6.9%	0.37%	-8.6%
ADP	Sell	Automatic Data Processing	$3,826,000	-0.1%	19,138	-0.7%	0.36%	+5.5%
GOOG	Buy	Alphabet, Inc. Cl C	$3,753,000	+6.5%	1,408	+0.1%	0.36%	+13.0%
NGG	Sell	National Grid	$3,586,000	-22.7%	60,130	-17.2%	0.34%	-18.3%
COST	Sell	Costco Wholesale	$3,377,000	-16.9%	7,516	-26.8%	0.32%	-12.1%
CVS	Sell	CVS Health Corp	$3,053,000	-14.4%	35,982	-15.9%	0.29%	-9.4%
CSCO	Buy	Cisco Systems	$2,915,000	+2.9%	53,559	+0.2%	0.28%	+8.7%
UNP	Sell	Union Pacific	$2,771,000	-11.0%	14,136	-0.2%	0.26%	-5.7%
FDX	Sell	Fedex	$2,192,000	-87.1%	9,998	-82.4%	0.21%	-86.3%
FB	Sell	Facebook	$1,890,000	-81.0%	5,570	-80.5%	0.18%	-79.9%
	Buy	Vanguard Total Stock Market In	$1,864,000	-0.1%	17,248	+0.3%	0.18%	+6.0%
VEOEY	Sell	Veolia Environnement ADR	$1,849,000	-4.2%	58,138	-8.8%	0.18%	+1.2%
T	Sell	AT&T	$1,748,000	-6.4%	64,708	-0.3%	0.17%	-0.6%
DISCK	Buy	Discovery Inc. C	$1,596,000	-16.3%	65,770	+0.0%	0.15%	-11.7%
KMB	Sell	Kimberly Clark	$1,575,000	-10.1%	11,895	-9.2%	0.15%	-5.1%
	Sell	Fidelity Investments Money Mar	$1,175,000	-6.7%	1,174,890	-6.7%	0.11%	-1.8%
DTEGY	Buy	Deutsche Telekom AG ADR	$1,143,000	+21.2%	56,720	+27.8%	0.11%	+28.6%
	New	Vanguard Cap Opp Inv ADM	$1,045,000	–	5,061	–	0.10%	–
DE	Sell	Deere & Co.	$1,007,000	-6.4%	3,005	-1.5%	0.10%	-1.0%
LLY	Sell	Eli Lilly	$973,000	+0.1%	4,210	-0.6%	0.09%	+5.7%
SSREY	Sell	Swiss Re ADR	$903,000	-10.9%	42,315	-5.6%	0.09%	-5.5%
KMI	Sell	Kinder Morgan Inc.	$901,000	-30.4%	53,871	-24.2%	0.08%	-26.7%
BIPC	Buy	Brookfield Infrastructure Clas	$811,000	-20.6%	13,552	+0.0%	0.08%	-15.4%
CL	Buy	Colgate Palmolive	$786,000	-7.1%	10,401	+0.0%	0.07%	-2.6%
	Sell	T. Rowe Price Value	$664,000	-0.2%	13,553	-0.7%	0.06%	+5.0%
TSLA	Sell	Tesla, Inc.	$617,000	+4.9%	795	-8.1%	0.06%	+9.4%
CCI	Sell	Crown Castle Intl.	$530,000	-26.7%	3,057	-17.5%	0.05%	-23.1%
MET	Sell	MetLife	$481,000	+2.3%	7,800	-0.6%	0.05%	+9.5%
	New	General Electric	$465,000	–	4,512	–	0.04%	–
CAT	Sell	Caterpillar	$376,000	-13.0%	1,961	-1.1%	0.04%	-7.7%
RVT	Sell	Royce Value Tr	$284,000	-6.3%	15,775	-1.3%	0.03%	0.0%
RDSA	New	Royal Dutch Shell	$216,000	–	4,857	–	0.02%	–
VTRS	Sell	Viatris	$207,000	-6.8%	15,313	-1.5%	0.02%	0.0%
PSX	Exit	Phillips 66	$0	–	-2,460	–	-0.02%	–
GXC	Exit	SPDR Index Shs S&P China	$0	–	-2,100	–	-0.02%	–
GE	Exit	General Electric	$0	–	-36,134	–	-0.04%	–
	Exit	Vanguard Cap Opp Inv ADM	$0	–	-5,061	–	-0.10%	–
PXD	Exit	Pioneer Natural Resources	$0	–	-23,646	–	-0.34%	–
CSX	Exit	CSX Corp.	$0	–	-371,196	–	-1.07%	–

Q2 2021

			Value		Shares		↓ Weighting
NEP	New	NextEra Energy Partners	$110,747,000	–	1,450,327	–	9.92%	–
EPD	New	Enterprise Prod Partners	$66,734,000	–	2,765,611	–	5.97%	–
HHC	New	Howard Hughes Corp.	$38,203,000	–	391,990	–	3.42%	–
TGP	New	Teekay LNG Partners	$33,164,000	–	2,197,742	–	2.97%	–
NEE	New	NextEra Energy, Inc.	$29,628,000	–	404,313	–	2.65%	–
MMP	New	Magellan Midstream Partners, L	$28,800,000	–	588,827	–	2.58%	–
BAC	New	Bank of America	$27,452,000	–	665,814	–	2.46%	–
FCX	New	Freeport McMoran Inc.	$26,400,000	–	711,394	–	2.36%	–
AMZN	New	Amazon.com Inc.	$25,825,000	–	7,507	–	2.31%	–
JPM	New	J.P. Morgan Chase	$25,314,000	–	162,748	–	2.27%	–
MSFT	New	Microsoft	$23,048,000	–	85,080	–	2.06%	–
JNJ	New	Johnson & Johnson	$22,816,000	–	138,497	–	2.04%	–
AAPL	New	Apple Computer	$22,547,000	–	164,626	–	2.02%	–
UNH	New	UnitedHealth Group	$22,079,000	–	55,137	–	1.98%	–
NSRGY	New	Nestle Spons ADR	$21,701,000	–	173,969	–	1.94%	–
MPLX	New	MPLX LP	$21,300,000	–	719,343	–	1.91%	–
GOOGL	New	Alphabet, Inc. Cl A	$21,036,000	–	8,615	–	1.88%	–
CB	New	Chubb Ltd.	$20,243,000	–	127,362	–	1.81%	–
FDX	New	Fedex	$16,985,000	–	56,934	–	1.52%	–
PNC	New	PNC Bank Corp.	$16,042,000	–	84,095	–	1.44%	–
XEL	New	XCEL Energy Inc.	$15,873,000	–	240,932	–	1.42%	–
TFC	New	Truist Financial Corporation	$15,606,000	–	281,195	–	1.40%	–
KW	New	Kennedy-Wilson Holdings Inc.	$15,319,000	–	770,962	–	1.37%	–
LEN	New	Lennar Corporation Cl A	$14,612,000	–	147,073	–	1.31%	–
D	New	Dominion Resources	$13,961,000	–	189,762	–	1.25%	–
AEE	New	Ameren Corp	$13,738,000	–	171,633	–	1.23%	–
PHM	New	Pulte Homes Inc.	$13,250,000	–	242,809	–	1.19%	–
MDT	New	Medtronic	$13,231,000	–	106,592	–	1.18%	–
MDLZ	New	Mondelez International Inc.	$12,734,000	–	203,942	–	1.14%	–
DTE	New	DTE Energy	$11,976,000	–	92,409	–	1.07%	–
CSX	New	CSX Corp.	$11,908,000	–	371,196	–	1.07%	–
KO	New	Coca Cola Co.	$11,406,000	–	210,794	–	1.02%	–
BAESY	New	BAE Systems PLC Sponsored ADR	$10,456,000	–	357,237	–	0.94%	–
FB	New	Facebook	$9,956,000	–	28,633	–	0.89%	–
TMUS	New	T-Mobile US, Inc.	$9,804,000	–	67,690	–	0.88%	–
EMR	New	Emerson Electric Co.	$9,358,000	–	97,238	–	0.84%	–
CHTR	New	Charter Communications, Inc.	$9,193,000	–	12,742	–	0.82%	–
CCK	New	Crown Holdings Inc .	$9,089,000	–	88,922	–	0.81%	–
BRKB	New	Berkshire Hathaway B	$8,500,000	–	30,586	–	0.76%	–
WY	New	Weyerhaeuser	$8,481,000	–	246,390	–	0.76%	–
ABT	New	Abbott Laboratories	$8,373,000	–	72,223	–	0.75%	–
TMO	New	Thermo Fisher Scientific	$7,875,000	–	15,610	–	0.70%	–
PG	New	Procter & Gamble	$7,622,000	–	56,487	–	0.68%	–
V	New	Visa	$7,248,000	–	30,997	–	0.65%	–
BIP	New	Brookfield Infrastructure Part	$6,412,000	–	115,430	–	0.57%	–
SPY	New	SPDR S&P 500 ETF	$5,976,000	–	13,960	–	0.54%	–
RTX	New	Raytheon Technologies	$5,809,000	–	68,089	–	0.52%	–
PEAK	New	Healthpeak Properties	$5,520,000	–	165,810	–	0.49%	–
DIS	New	Walt Disney	$5,428,000	–	30,880	–	0.49%	–
EVA	New	Enviva Partners LP	$5,380,000	–	102,643	–	0.48%	–
MRK	New	Merck	$5,366,000	–	68,994	–	0.48%	–
PFE	New	Pfizer	$5,323,000	–	135,935	–	0.48%	–
NFG	New	National Fuel Gas Co.	$5,329,000	–	101,981	–	0.48%	–
RHHBY	New	Roche Holding AG	$5,221,000	–	111,100	–	0.47%	–
NVS	New	Novartis	$5,113,000	–	56,034	–	0.46%	–
BUD	New	Anheuser-Busch InBev SA/NV	$5,120,000	–	71,009	–	0.46%	–
VZ	New	Verizon Comm	$5,073,000	–	90,542	–	0.45%	–
PEP	New	Pepsico	$4,920,000	–	33,205	–	0.44%	–
KKR	New	KKR & Co. Inc.	$4,828,000	–	81,500	–	0.43%	–
BX	New	Blackstone Group Inc.	$4,789,000	–	49,300	–	0.43%	–
SIVB	New	SVB Financial Group	$4,696,000	–	8,440	–	0.42%	–
NGG	New	National Grid	$4,642,000	–	72,595	–	0.42%	–
NRG	New	NRG Energy	$4,615,000	–	114,512	–	0.41%	–
UL	New	Unilever PLC	$4,519,000	–	77,255	–	0.40%	–
C	New	Citigroup	$4,300,000	–	60,771	–	0.38%	–
COST	New	Costco Wholesale	$4,062,000	–	10,266	–	0.36%	–
PXD	New	Pioneer Natural Resources	$3,843,000	–	23,646	–	0.34%	–
ADP	New	Automatic Data Processing	$3,828,000	–	19,272	–	0.34%	–
SYK	New	Stryker Corp	$3,600,000	–	13,862	–	0.32%	–
CVS	New	CVS Health Corp	$3,568,000	–	42,767	–	0.32%	–
GOOG	New	Alphabet, Inc. Cl C	$3,524,000	–	1,406	–	0.32%	–
FFIC	New	Flushing Financial	$3,298,000	–	153,900	–	0.30%	–
CCS	New	Century Communities, Inc.	$3,213,000	–	48,283	–	0.29%	–
UNP	New	Union Pacific	$3,114,000	–	14,160	–	0.28%	–
SYY	New	Sysco	$2,864,000	–	36,834	–	0.26%	–
CSCO	New	Cisco Systems	$2,833,000	–	53,459	–	0.25%	–
VST	New	Vistra Energy Corp	$2,787,000	–	150,268	–	0.25%	–
MMM	New	3M Company	$2,607,000	–	13,127	–	0.23%	–
SHW	New	Sherwin Williams Co.	$2,471,000	–	9,068	–	0.22%	–
CMRE	New	Costamare Inc.	$2,276,000	–	192,750	–	0.20%	–
XRAY	New	Dentsply Sirona	$2,205,000	–	34,850	–	0.20%	–
VEOEY	New	Veolia Environnement ADR	$1,930,000	–	63,760	–	0.17%	–
DISCK	New	Discovery Inc. C	$1,906,000	–	65,769	–	0.17%	–
T	New	AT&T	$1,868,000	–	64,909	–	0.17%	–
	New	Vanguard Total Stock Market In	$1,865,000	–	17,195	–	0.17%	–
KMB	New	Kimberly Clark	$1,752,000	–	13,095	–	0.16%	–
	New	T Rowe Price Growth Stk Fd	$1,727,000	–	15,418	–	0.16%	–
BDX	New	Becton Dickinson	$1,719,000	–	7,070	–	0.15%	–
EONGY	New	E.ON SE ADR	$1,615,000	–	138,950	–	0.14%	–
	New	Vanguard Primecap Fund ADM	$1,540,000	–	8,494	–	0.14%	–
EL	New	Estee Lauder	$1,532,000	–	4,815	–	0.14%	–
PLD	New	ProLogis Tr SBI	$1,485,000	–	12,425	–	0.13%	–
FMX	New	Fomento Economico Mexicano SA	$1,466,000	–	17,350	–	0.13%	–
SIEGY	New	Siemens AG ADR	$1,427,000	–	17,920	–	0.13%	–
ET	New	Energy Transfer LP	$1,302,000	–	122,522	–	0.12%	–
KMI	New	Kinder Morgan Inc.	$1,295,000	–	71,049	–	0.12%	–
AXP	New	American Express	$1,278,000	–	7,733	–	0.11%	–
IBDRY	New	Iberdrola SA ADR	$1,262,000	–	25,830	–	0.11%	–
	New	Fidelity Investments Money Mar	$1,259,000	–	1,258,890	–	0.11%	–
CDNS	New	Cadence Design	$1,262,000	–	9,224	–	0.11%	–
CVX	New	Chevron	$1,246,000	–	11,899	–	0.11%	–
BRKA	New	Berkshire Hathaway A	$1,256,000	–	3	–	0.11%	–
WMB	New	Williams Companies Inc	$1,222,000	–	46,038	–	0.11%	–
VIAC	New	ViacomCBS	$1,113,000	–	24,613	–	0.10%	–
DE	New	Deere & Co.	$1,076,000	–	3,050	–	0.10%	–
	New	Vanguard Cap Opp Inv ADM	$1,064,000	–	5,061	–	0.10%	–
BIPC	New	Brookfield Infrastructure Clas	$1,022,000	–	13,550	–	0.09%	–
SSREY	New	Swiss Re ADR	$1,013,000	–	44,815	–	0.09%	–
LLY	New	Eli Lilly	$972,000	–	4,235	–	0.09%	–
IYW	New	iShares US Technology	$974,000	–	9,800	–	0.09%	–
DTEGY	New	Deutsche Telekom AG ADR	$943,000	–	44,370	–	0.08%	–
AB	New	AllianceBernstein Holdings, LP	$893,000	–	19,190	–	0.08%	–
CL	New	Colgate Palmolive	$846,000	–	10,400	–	0.08%	–
GPC	New	Genuine Parts	$781,000	–	6,177	–	0.07%	–
XOM	New	Exxon Mobil	$754,000	–	11,955	–	0.07%	–
CCI	New	Crown Castle Intl.	$723,000	–	3,705	–	0.06%	–
DPSGY	New	Deutsche Post AG ADR	$712,000	–	10,450	–	0.06%	–
IBM	New	IBM	$719,000	–	4,903	–	0.06%	–
	New	T. Rowe Price Value	$665,000	–	13,653	–	0.06%	–
SPGI	New	S&P Global Inc.	$657,000	–	1,600	–	0.06%	–
LIN	New	Linde PLC	$650,000	–	2,250	–	0.06%	–
LDOS	New	Leidos Holdings Inc.	$641,000	–	6,345	–	0.06%	–
INTC	New	Intel Corp.	$618,000	–	11,004	–	0.06%	–
WFC	New	Wells Fargo	$600,000	–	13,239	–	0.05%	–
TSLA	New	Tesla, Inc.	$588,000	–	865	–	0.05%	–
AIG	New	American Intl. Group	$569,000	–	11,948	–	0.05%	–
CMCSA	New	Comcast Cl A	$543,000	–	9,524	–	0.05%	–
STT	New	State Street Corp	$520,000	–	6,314	–	0.05%	–
ORCL	New	Oracle	$522,000	–	6,700	–	0.05%	–
ITW	New	Illinois Tool Works	$523,000	–	2,339	–	0.05%	–
TCEHY	New	Tencent Holdings Ltd. ADR	$498,000	–	6,620	–	0.04%	–
IWF	New	iShares Russell 1000 Growth ET	$505,000	–	1,862	–	0.04%	–
BWEL	New	Boswell J G Co.	$486,000	–	600	–	0.04%	–
GE	New	General Electric	$486,000	–	36,134	–	0.04%	–
MET	New	MetLife	$470,000	–	7,850	–	0.04%	–
GWW	New	W. W. Grainger	$453,000	–	1,034	–	0.04%	–
CAT	New	Caterpillar	$432,000	–	1,983	–	0.04%	–
BA	New	Boeing Company	$429,000	–	1,789	–	0.04%	–
GM	New	General Motors	$414,000	–	7,000	–	0.04%	–
APD	New	Air Products	$413,000	–	1,436	–	0.04%	–
SCHW	New	Charles Schwab	$418,000	–	5,740	–	0.04%	–
	New	Fidelity 500 Index Fund	$402,000	–	2,689	–	0.04%	–
ENLAY	New	Enel S.p.A. ADR	$395,000	–	42,650	–	0.04%	–
MCD	New	McDonald's Corp.	$378,000	–	1,635	–	0.03%	–
	New	Vanguard Windsor II ADM	$379,000	–	4,677	–	0.03%	–
DXGE	New	WisdomTree Germany Hedged Equi	$372,000	–	10,500	–	0.03%	–
IWV	New	iShares Russell 3000 ETF	$358,000	–	1,397	–	0.03%	–
NOC	New	Northrup Grumman	$363,000	–	1,000	–	0.03%	–
IWN	New	iShares Russell 2000 Value ETF	$345,000	–	2,080	–	0.03%	–
LSXMK	New	Liberty SiriusXM Series C	$347,000	–	7,480	–	0.03%	–
MDY	New	SPDR S&P Midcap 400 EFT	$349,000	–	710	–	0.03%	–
TRI	New	Thomson Reuters Corp.	$333,000	–	3,354	–	0.03%	–
GLW	New	Corning	$315,000	–	7,700	–	0.03%	–
RVT	New	Royce Value Tr	$303,000	–	15,989	–	0.03%	–
LBRDK	New	Liberty Broadband C	$285,000	–	1,639	–	0.03%	–
STAG	New	STAG Industrial	$289,000	–	7,725	–	0.03%	–
SONY	New	Sony Corp.	$294,000	–	3,025	–	0.03%	–
	New	T. Rowe Price Growth Stock	$276,000	–	2,457	–	0.02%	–
GXC	New	SPDR Index Shs S&P China	$279,000	–	2,100	–	0.02%	–
DISCA	New	Discovery Inc. A	$269,000	–	8,757	–	0.02%	–
UBS	New	UBS Group AG	$271,000	–	17,650	–	0.02%	–
NWYF	New	Northway Financial	$261,000	–	8,377	–	0.02%	–
ABB	New	ABB Ltd.	$255,000	–	7,500	–	0.02%	–
BEP	New	Brookfield Renewable Partners	$249,000	–	6,450	–	0.02%	–
HD	New	Home Depot	$247,000	–	775	–	0.02%	–
IJR	New	iShares Core S&P Small-Cap 600	$218,000	–	1,931	–	0.02%	–
VTRS	New	Viatris	$222,000	–	15,548	–	0.02%	–
ENB	New	Enbridge Inc.	$221,000	–	5,529	–	0.02%	–
PRU	New	Prudential Financial Inc	$225,000	–	2,200	–	0.02%	–
PSX	New	Phillips 66	$211,000	–	2,460	–	0.02%	–
CTT	New	CatchMark Timber Trust	$205,000	–	17,500	–	0.02%	–
ACN	New	Accenture PLC	$206,000	–	700	–	0.02%	–
WMT	New	Wal-Mart Stores	$205,000	–	1,453	–	0.02%	–
PAGP	New	Plains GP Holdings LP	$198,000	–	16,587	–	0.02%	–
	New	Dodge & Cox Income Fund	$191,000	–	13,311	–	0.02%	–
BIF	New	Boulder Growth & Income Fund	$151,000	–	11,117	–	0.01%	–
	New	American Century Value Fund	$103,000	–	10,632	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
PAA	Exit	Plains All American Pipeline L	$0	–	-11,050	–	-0.01%	–
NBL	Exit	Noble Energy	$0	–	-10,500	–	-0.01%	–
IVZ	Exit	Invesco	$0	–	-11,196	–	-0.02%	–
CTT	Exit	CatchMark Timber Trust	$0	–	-17,500	–	-0.02%	–
IWN	Exit	iShares Russell 2000 Value ETF	$0	–	-2,080	–	-0.02%	–
CNC	Exit	Centene Corp	$0	–	-3,524	–	-0.02%	–
DISCA	Exit	Discovery Inc. A	$0	–	-9,381	–	-0.02%	–
WMT	Exit	Wal-Mart Stores	$0	–	-1,453	–	-0.02%	–
SCHW	Exit	Charles Schwab	$0	–	-5,740	–	-0.02%	–
RTX	Exit	Raytheon Technologies	$0	–	-3,760	–	-0.02%	–
IVW	Exit	iShares S&P 500 Growth Index F	$0	–	-940	–	-0.03%	–
BEP	Exit	Brookfield Renewable Partners	$0	–	-4,300	–	-0.03%	–
GE	Exit	General Electric	$0	–	-38,414	–	-0.03%	–
MDY	Exit	SPDR S&P Midcap 400 EFT	$0	–	-710	–	-0.03%	–
GXC	Exit	SPDR Index Shs S&P China	$0	–	-2,100	–	-0.03%	–
GLW	Exit	Corning	$0	–	-7,700	–	-0.03%	–
LBRDK	Exit	Liberty Broadband C	$0	–	-1,731	–	-0.03%	–
LSXMK	Exit	Liberty SiriusXM Series C	$0	–	-7,898	–	-0.03%	–
IWV	Exit	iShares Russell 3000 ETF	$0	–	-1,397	–	-0.03%	–
TRI	Exit	Thomson Reuters Corp.	$0	–	-3,604	–	-0.03%	–
WFC	Exit	Wells Fargo	$0	–	-12,439	–	-0.03%	–
UBS	Exit	UBS Group AG	$0	–	-26,400	–	-0.04%	–
CAT	Exit	Caterpillar	$0	–	-1,983	–	-0.04%	–
BA	Exit	Boeing Company	$0	–	-1,789	–	-0.04%	–
DXGE	Exit	WisdomTree Germany Hedged Equi	$0	–	-10,500	–	-0.04%	–
NOC	Exit	Northrup Grumman	$0	–	-1,000	–	-0.04%	–
MET	Exit	MetLife	$0	–	-9,000	–	-0.04%	–
AIG	Exit	American Intl. Group	$0	–	-11,948	–	-0.04%	–
GWW	Exit	W. W. Grainger	$0	–	-1,034	–	-0.04%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,710	–	-0.04%	–
TSLA	Exit	Tesla, Inc.	$0	–	-865	–	-0.04%	–
STT	Exit	State Street Corp	$0	–	-6,314	–	-0.04%	–
ORCL	Exit	Oracle	$0	–	-6,700	–	-0.05%	–
IWF	Exit	iShares Russell 1000 Growth ET	$0	–	-1,862	–	-0.05%	–
APD	Exit	Air Products	$0	–	-1,436	–	-0.05%	–
XOM	Exit	Exxon Mobil	$0	–	-12,855	–	-0.05%	–
CMCSA	Exit	Comcast Cl A	$0	–	-9,524	–	-0.05%	–
ITW	Exit	Illinois Tool Works	$0	–	-2,339	–	-0.05%	–
TCEHY	Exit	Tencent Holdings Ltd. ADR	$0	–	-6,620	–	-0.05%	–
CB	Exit	Chubb Ltd.	$0	–	-3,946	–	-0.05%	–
WMB	Exit	Williams Companies Inc	$0	–	-26,101	–	-0.06%	–
AB	Exit	AllianceBernstein Holdings, LP	$0	–	-19,890	–	-0.06%	–
LIN	Exit	Linde PLC	$0	–	-2,250	–	-0.06%	–
INTC	Exit	Intel Corp.	$0	–	-11,004	–	-0.07%	–
SPGI	Exit	S&P Global Inc.	$0	–	-1,600	–	-0.07%	–
LLY	Exit	Eli Lilly	$0	–	-4,260	–	-0.07%	–
CCI	Exit	Crown Castle Intl.	$0	–	-3,860	–	-0.08%	–
GPC	Exit	Genuine Parts	$0	–	-6,852	–	-0.08%	–
SIEGY	Exit	Siemens AG ADR	$0	–	-9,650	–	-0.08%	–
DE	Exit	Deere & Co.	$0	–	-3,231	–	-0.08%	–
IYW	Exit	iShares US Technology	$0	–	-2,450	–	-0.09%	–
IBM	Exit	IBM	$0	–	-6,044	–	-0.09%	–
AXP	Exit	American Express	$0	–	-7,733	–	-0.09%	–
BIPC	Exit	Brookfield Infrastructure Clas	$0	–	-14,271	–	-0.09%	–
EMR	Exit	Emerson Electric Co.	$0	–	-12,738	–	-0.10%	–
CVX	Exit	Chevron	$0	–	-12,400	–	-0.10%	–
BRKA	Exit	Berkshire Hathaway A	$0	–	-3	–	-0.11%	–
CDNS	Exit	Cadence Design	$0	–	-9,224	–	-0.12%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-17,855	–	-0.12%	–
CL	Exit	Colgate Palmolive	$0	–	-13,780	–	-0.12%	–
EL	Exit	Estee Lauder	$0	–	-5,715	–	-0.15%	–
PLD	Exit	ProLogis Tr SBI	$0	–	-12,425	–	-0.15%	–
IBDRY	Exit	Iberdrola SA ADR	$0	–	-26,975	–	-0.16%	–
DISCK	Exit	Discovery Inc. C	$0	–	-71,906	–	-0.17%	–
VEOEY	Exit	Veolia Environnement ADR	$0	–	-65,150	–	-0.17%	–
XRAY	Exit	Dentsply Sirona	$0	–	-43,400	–	-0.22%	–
BABA	Exit	Alibaba Group Holdings Ltd	$0	–	-6,440	–	-0.22%	–
GOOG	Exit	Alphabet, Inc. Cl C	$0	–	-1,306	–	-0.23%	–
MMM	Exit	3M Company	$0	–	-13,127	–	-0.25%	–
CSCO	Exit	Cisco Systems	$0	–	-55,859	–	-0.26%	–
SIVB	Exit	SVB Financial Group	$0	–	-9,340	–	-0.26%	–
SYY	Exit	Sysco	$0	–	-36,834	–	-0.27%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-187,609	–	-0.27%	–
KMB	Exit	Kimberly Clark	$0	–	-15,855	–	-0.28%	–
SHW	Exit	Sherwin Williams Co.	$0	–	-3,650	–	-0.30%	–
C	Exit	Citigroup	$0	–	-60,594	–	-0.31%	–
FDX	Exit	Fedex	$0	–	-10,533	–	-0.31%	–
UNP	Exit	Union Pacific	$0	–	-13,660	–	-0.32%	–
T	Exit	AT&T	$0	–	-97,921	–	-0.33%	–
KKR	Exit	KKR & Co. Inc.	$0	–	-83,100	–	-0.34%	–
CVS	Exit	CVS Health Corp	$0	–	-50,153	–	-0.34%	–
ADP	Exit	Automatic Data Processing	$0	–	-20,992	–	-0.34%	–
BX	Exit	Blackstone Group Inc.	$0	–	-59,075	–	-0.36%	–
CCS	Exit	Century Communities, Inc.	$0	–	-89,099	–	-0.44%	–
BUD	Exit	Anheuser-Busch InBev SA/NV	$0	–	-82,120	–	-0.45%	–
DIS	Exit	Walt Disney	$0	–	-31,745	–	-0.46%	–
COST	Exit	Costco Wholesale	$0	–	-11,453	–	-0.48%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-20,484	–	-0.51%	–
EVA	Exit	Enviva Partners LP	$0	–	-109,350	–	-0.52%	–
KW	Exit	Kennedy-Wilson Holdings Inc.	$0	–	-310,926	–	-0.53%	–
PEP	Exit	Pepsico	$0	–	-33,205	–	-0.54%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-13,960	–	-0.55%	–
RHHBY	Exit	Roche Holding AG	$0	–	-112,410	–	-0.57%	–
TFC	Exit	Truist Financial Corporation	$0	–	-127,207	–	-0.57%	–
PEAK	Exit	Healthpeak Properties	$0	–	-183,630	–	-0.59%	–
PFE	Exit	Pfizer	$0	–	-138,575	–	-0.60%	–
UN	Exit	Unilever NV NY	$0	–	-84,830	–	-0.60%	–
NGG	Exit	National Grid	$0	–	-89,160	–	-0.61%	–
NVS	Exit	Novartis	$0	–	-61,732	–	-0.63%	–
PHM	Exit	Pulte Homes Inc.	$0	–	-120,334	–	-0.66%	–
VZ	Exit	Verizon Comm	$0	–	-94,292	–	-0.66%	–
SYK	Exit	Stryker Corp	$0	–	-28,368	–	-0.70%	–
BIP	Exit	Brookfield Infrastructure Part	$0	–	-127,145	–	-0.71%	–
BDX	Exit	Becton Dickinson	$0	–	-26,222	–	-0.72%	–
MRK	Exit	Merck	$0	–	-73,564	–	-0.72%	–
BMY	Exit	Bristol Myers Squibb	$0	–	-103,424	–	-0.73%	–
NFG	Exit	National Fuel Gas Co.	$0	–	-173,091	–	-0.83%	–
PNC	Exit	PNC Bank Corp.	$0	–	-64,651	–	-0.84%	–
V	Exit	Visa	$0	–	-37,821	–	-0.89%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-17,909	–	-0.93%	–
TMUS	Exit	T-Mobile US, Inc.	$0	–	-71,306	–	-0.96%	–
LEN	Exit	Lennar Corporation Cl A	$0	–	-103,436	–	-1.00%	–
PG	Exit	Procter & Gamble	$0	–	-61,027	–	-1.00%	–
CHTR	Exit	Charter Communications, Inc.	$0	–	-14,071	–	-1.03%	–
WY	Exit	Weyerhaeuser	$0	–	-314,659	–	-1.06%	–
QCOM	Exit	Qualcomm	$0	–	-84,495	–	-1.17%	–
KO	Exit	Coca Cola Co.	$0	–	-214,255	–	-1.24%	–
BAC	Exit	Bank of America	$0	–	-439,090	–	-1.24%	–
GOOGL	Exit	Alphabet, Inc. Cl A	$0	–	-8,258	–	-1.42%	–
DHI	Exit	D. R. Horton	$0	–	-161,482	–	-1.44%	–
XEL	Exit	XCEL Energy Inc.	$0	–	-183,095	–	-1.49%	–
AEE	Exit	Ameren Corp	$0	–	-165,897	–	-1.54%	–
MDT	Exit	Medtronic	$0	–	-132,306	–	-1.62%	–
UNH	Exit	UnitedHealth Group	$0	–	-46,525	–	-1.71%	–
FB	Exit	Facebook	$0	–	-59,914	–	-1.85%	–
ABT	Exit	Abbott Laboratories	$0	–	-144,571	–	-1.85%	–
MSFT	Exit	Microsoft	$0	–	-81,885	–	-2.03%	–
ET	Exit	Energy Transfer LP	$0	–	-3,266,703	–	-2.08%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-192,996	–	-2.19%	–
AAPL	Exit	Apple Computer	$0	–	-181,397	–	-2.47%	–
NRG	Exit	NRG Energy	$0	–	-693,065	–	-2.51%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-633,185	–	-2.55%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-6,904	–	-2.56%	–
TGP	Exit	Teekay LNG Partners	$0	–	-2,194,336	–	-2.71%	–
VST	Exit	Vistra Energy Corp	$0	–	-1,226,703	–	-2.72%	–
NSRGY	Exit	Nestle Spons ADR	$0	–	-194,884	–	-2.74%	–
HHC	Exit	Howard Hughes Corporation	$0	–	-408,158	–	-2.77%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-411,267	–	-2.78%	–
JNJ	Exit	Johnson & Johnson	$0	–	-191,716	–	-3.36%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-103,480	–	-3.38%	–
EPD	Exit	Enterprise Prod Partners	$0	–	-2,187,814	–	-4.07%	–
NEP	Exit	NextEra Energy Partners	$0	–	-1,603,060	–	-11.32%	–

Q3 2020

			Value		Shares		↓ Weighting
NEP	Buy	NextEra Energy Partners	$96,119,000	+38.5%	1,603,060	+18.4%	11.32%	+21.9%
EPD	Buy	Enterprise Prod Partners	$34,545,000	-7.9%	2,187,814	+6.0%	4.07%	-18.9%
NEE	Buy	NextEra Energy, Inc.	$28,722,000	+35.0%	103,480	+16.8%	3.38%	+18.8%
JNJ	Buy	Johnson & Johnson	$28,543,000	+8.1%	191,716	+2.1%	3.36%	-4.9%
MDLZ	Buy	Mondelez International Inc.	$23,627,000	+4426.2%	411,267	+3932.0%	2.78%	+3872.9%
HHC	Buy	Howard Hughes Corporation	$23,510,000	+2409.1%	408,158	+2162.3%	2.77%	+2114.4%
NSRGY	Buy	Nestle Spons ADR	$23,241,000	+9.3%	194,884	+1.2%	2.74%	-3.9%
VST	Buy	Vistra Energy Corp	$23,136,000	+5.6%	1,226,703	+4.2%	2.72%	-7.1%
TGP	Buy	Teekay LNG Partners	$23,040,000	-6.5%	2,194,336	+3.8%	2.71%	-17.8%
AMZN	Sell	Amazon.com Inc.	$21,739,000	-22.2%	6,904	-31.8%	2.56%	-31.6%
MMP	Sell	Magellan Midstream Partners, L	$21,655,000	-22.5%	633,185	-2.1%	2.55%	-31.8%
NRG	Buy	NRG Energy	$21,305,000	-1.6%	693,065	+4.2%	2.51%	-13.4%
AAPL	Buy	Apple Computer	$21,008,000	+18.2%	181,397	+272.4%	2.47%	+4.0%
JPM	Buy	J.P. Morgan Chase	$18,580,000	+34.0%	192,996	+30.9%	2.19%	+17.8%
ET	Buy	Energy Transfer LP	$17,705,000	-23.2%	3,266,703	+0.9%	2.08%	-32.4%
MSFT	Sell	Microsoft	$17,223,000	-25.7%	81,885	-28.1%	2.03%	-34.7%
ABT	Sell	Abbott Laboratories	$15,733,000	+6.2%	144,571	-10.8%	1.85%	-6.6%
FB	Sell	Facebook	$15,692,000	-15.6%	59,914	-26.9%	1.85%	-25.8%
UNH	Buy	UnitedHealth Group	$14,505,000	+10.6%	46,525	+4.7%	1.71%	-2.6%
MDT	Buy	Medtronic	$13,749,000	+42.5%	132,306	+25.7%	1.62%	+25.4%
AEE	Buy	Ameren Corp	$13,119,000	+58.2%	165,897	+40.7%	1.54%	+39.1%
XEL	Buy	XCEL Energy Inc.	$12,635,000	+65.9%	183,095	+50.2%	1.49%	+45.9%
DHI	Sell	D. R. Horton	$12,213,000	+17.9%	161,482	-13.6%	1.44%	+3.8%
GOOGL	Sell	Alphabet, Inc. Cl A	$12,103,000	+1.7%	8,258	-1.5%	1.42%	-10.5%
BAC	Buy	Bank of America	$10,578,000	+70.9%	439,090	+68.5%	1.24%	+50.4%
KO	Buy	Coca Cola Co.	$10,578,000	+52.3%	214,255	+37.9%	1.24%	+34.0%
QCOM	Buy	Qualcomm	$9,943,000	+33.6%	84,495	+3.5%	1.17%	+17.5%
WY	Sell	Weyerhaeuser	$8,974,000	+22.3%	314,659	-3.7%	1.06%	+7.5%
CHTR	Sell	Charter Communications, Inc.	$8,785,000	-0.9%	14,071	-19.0%	1.03%	-12.8%
PG	Sell	Procter & Gamble	$8,482,000	+15.9%	61,027	-0.3%	1.00%	+1.9%
LEN	New	Lennar Corporation Cl A	$8,449,000	–	103,436	–	1.00%	–
TMUS	Sell	T-Mobile US, Inc.	$8,155,000	-10.4%	71,306	-18.4%	0.96%	-21.1%
TMO	Sell	Thermo Fisher Scientific	$7,907,000	+13.8%	17,909	-6.6%	0.93%	+0.1%
V	Buy	Visa	$7,563,000	+8.7%	37,821	+5.0%	0.89%	-4.4%
PNC	Buy	PNC Bank Corp.	$7,106,000	+33.4%	64,651	+27.7%	0.84%	+17.4%
NFG	New	National Fuel Gas Co.	$7,026,000	–	173,091	–	0.83%	–
BMY	Buy	Bristol Myers Squibb	$6,235,000	+4.0%	103,424	+1.4%	0.73%	-8.5%
BDX	Sell	Becton Dickinson	$6,101,000	-5.2%	26,222	-2.5%	0.72%	-16.6%
MRK	Sell	Merck	$6,102,000	+4.4%	73,564	-2.6%	0.72%	-8.2%
BIP	Sell	Brookfield Infrastructure Part	$6,055,000	+13.3%	127,145	-2.2%	0.71%	-0.3%
SYK	Sell	Stryker Corp	$5,911,000	-27.6%	28,368	-37.4%	0.70%	-36.3%
VZ	Sell	Verizon Comm	$5,609,000	+5.6%	94,292	-2.2%	0.66%	-7.2%
PHM	Buy	Pulte Homes Inc.	$5,570,000	+44.5%	120,334	+6.2%	0.66%	+27.1%
NVS	Sell	Novartis	$5,368,000	-2.5%	61,732	-2.1%	0.63%	-14.2%
NGG	Sell	National Grid	$5,153,000	-8.9%	89,160	-4.2%	0.61%	-19.8%
UN	Sell	Unilever NV NY	$5,124,000	+12.7%	84,830	-0.6%	0.60%	-0.8%
PFE	Sell	Pfizer	$5,086,000	+10.6%	138,575	-1.4%	0.60%	-2.6%
PEAK	Sell	Healthpeak Properties	$4,986,000	-7.5%	183,630	-6.1%	0.59%	-18.6%
TFC	Buy	Truist Financial Corporation	$4,840,000	+46.3%	127,207	+44.4%	0.57%	+28.7%
SPY	Sell	SPDR S&P 500 ETF	$4,675,000	+7.8%	13,960	-0.7%	0.55%	-5.2%
KW	Buy	Kennedy-Wilson Holdings Inc.	$4,515,000	+78.2%	310,926	+86.8%	0.53%	+56.9%
EVA	Buy	Enviva Partners LP	$4,402,000	+37.7%	109,350	+23.3%	0.52%	+21.0%
COST	Sell	Costco Wholesale	$4,066,000	+12.2%	11,453	-4.2%	0.48%	-1.2%
DIS	Sell	Walt Disney	$3,939,000	+9.0%	31,745	-2.1%	0.46%	-4.1%
BUD	Sell	Anheuser-Busch InBev SA/NV	$3,835,000	-6.1%	82,120	-0.8%	0.45%	-17.4%
CCS	Buy	Century Communities, Inc.	$3,772,000	+40.3%	89,099	+1.6%	0.44%	+23.3%
BX	Sell	Blackstone Group Inc.	$3,084,000	-13.4%	59,075	-6.0%	0.36%	-23.9%
ADP	Sell	Automatic Data Processing	$2,928,000	-6.4%	20,992	-0.1%	0.34%	-17.7%
CVS	Sell	CVS Health Corp	$2,929,000	-12.8%	50,153	-3.0%	0.34%	-23.3%
KKR	Sell	KKR & Co. Inc.	$2,854,000	+5.5%	83,100	-5.1%	0.34%	-7.2%
T	Sell	AT&T	$2,792,000	-12.7%	97,921	-7.4%	0.33%	-23.1%
FDX	Sell	Fedex	$2,649,000	+53.2%	10,533	-14.6%	0.31%	+35.1%
C	Buy	Citigroup	$2,612,000	-9.3%	60,594	+7.5%	0.31%	-20.5%
KMI	Sell	Kinder Morgan Inc.	$2,313,000	-33.1%	187,609	-17.7%	0.27%	-41.3%
SIVB	Sell	SVB Financial Group	$2,247,000	+1.8%	9,340	-8.8%	0.26%	-10.2%
CSCO	Sell	Cisco Systems	$2,200,000	-39.6%	55,859	-28.5%	0.26%	-46.8%
GOOG	Sell	Alphabet, Inc. Cl C	$1,919,000	-0.6%	1,306	-4.4%	0.23%	-12.4%
BABA	New	Alibaba Group Holdings Ltd	$1,893,000	–	6,440	–	0.22%	–
DISCK	Sell	Discovery Inc. C	$1,409,000	-7.3%	71,906	-8.9%	0.17%	-18.2%
VEOEY	Sell	Veolia Environnement ADR	$1,413,000	-5.3%	65,150	-1.5%	0.17%	-17.0%
IBDRY	Sell	Iberdrola SA ADR	$1,335,000	+1.0%	26,975	-5.3%	0.16%	-11.3%
PLD	Sell	ProLogis Tr SBI	$1,250,000	+7.4%	12,425	-0.4%	0.15%	-5.8%
EL	Sell	Estee Lauder	$1,247,000	+2.5%	5,715	-11.4%	0.15%	-9.8%
CVX	Sell	Chevron	$893,000	-30.5%	12,400	-13.9%	0.10%	-39.0%
EMR	Sell	Emerson Electric Co.	$835,000	+4.0%	12,738	-1.5%	0.10%	-8.4%
BIPC	Sell	Brookfield Infrastructure Clas	$790,000	+19.2%	14,271	-1.9%	0.09%	+4.5%
IYW	Sell	iShares US Technology	$738,000	+1.4%	2,450	-9.3%	0.09%	-10.3%
DE	Sell	Deere & Co.	$716,000	+37.7%	3,231	-2.3%	0.08%	+20.0%
SIEGY	Sell	Siemens AG ADR	$672,000	+7.0%	9,650	-9.4%	0.08%	-6.0%
GPC	Sell	Genuine Parts	$652,000	-16.9%	6,852	-24.1%	0.08%	-26.7%
CCI	Sell	Crown Castle Intl.	$643,000	-31.8%	3,860	-31.5%	0.08%	-39.7%
LLY	Sell	Eli Lilly	$631,000	-20.9%	4,260	-12.3%	0.07%	-30.8%
WMB	Sell	Williams Companies Inc	$512,000	-23.8%	26,101	-26.1%	0.06%	-33.3%
XOM	Sell	Exxon Mobil	$441,000	-27.0%	12,855	-4.8%	0.05%	-35.8%
APD	Sell	Air Products	$428,000	+17.3%	1,436	-5.0%	0.05%	+2.0%
IWF	Sell	iShares Russell 1000 Growth ET	$404,000	-12.7%	1,862	-22.8%	0.05%	-22.6%
TSLA	New	Tesla, Inc.	$371,000	–	865	–	0.04%	–
AIG	Sell	American Intl. Group	$329,000	-26.9%	11,948	-17.3%	0.04%	-35.0%
MET	Sell	MetLife	$335,000	-10.2%	9,000	-11.8%	0.04%	-22.0%
UBS	Sell	UBS Group AG	$294,000	-25.6%	26,400	-22.8%	0.04%	-34.0%
DXGE	Sell	WisdomTree Germany Hedged Equi	$301,000	-15.4%	10,500	-17.3%	0.04%	-27.1%
GLW	New	Corning	$250,000	–	7,700	–	0.03%	–
BEP	Sell	Brookfield Renewable Partners	$226,000	-20.1%	4,300	-27.1%	0.03%	-28.9%
IVW	Sell	iShares S&P 500 Growth Index F	$217,000	-24.4%	940	-32.0%	0.03%	-31.6%
RTX	Sell	Raytheon Technologies	$216,000	-96.8%	3,760	-96.5%	0.02%	-97.2%
SCHW	New	Charles Schwab	$208,000	–	5,740	–	0.02%	–
DISCA	New	Discovery Inc. A	$204,000	–	9,381	–	0.02%	–
WMT	New	Wal-Mart Stores	$203,000	–	1,453	–	0.02%	–
IVZ	Sell	Invesco	$128,000	-10.5%	11,196	-15.8%	0.02%	-21.1%
NBL	Sell	Noble Energy	$90,000	-11.8%	10,500	-7.9%	0.01%	-21.4%
PAA	Sell	Plains All American Pipeline L	$66,000	-61.2%	11,050	-42.6%	0.01%	-65.2%
PSX	Exit	Phillips 66	$0	–	-2,811	–	-0.03%	–
RDSA	Exit	Royal Dutch Shell	$0	–	-6,532	–	-0.03%	–
ENB	Exit	Enbridge Inc.	$0	–	-12,932	–	-0.05%	–
LYFT	Exit	Lyft, Inc.	$0	–	-22,790	–	-0.10%	–
UBER	Exit	Uber Technologies, Inc.	$0	–	-130,949	–	-0.54%	–
BSX	Exit	Boston Scientific	$0	–	-142,236	–	-0.67%	–

Q2 2020

			Value		Shares		↓ Weighting
NEP	New	NextEra Energy Partners	$69,401,000	–	1,353,367	–	9.29%	–
EPD	New	Enterprise Prod Partners	$37,488,000	–	2,063,199	–	5.02%	–
AMZN	New	Amazon.com Inc.	$27,947,000	–	10,130	–	3.74%	–
MMP	New	Magellan Midstream Partners, L	$27,926,000	–	646,877	–	3.74%	–
JNJ	New	Johnson & Johnson	$26,401,000	–	187,734	–	3.53%	–
TGP	New	Teekay LNG Partners	$24,653,000	–	2,114,324	–	3.30%	–
MSFT	New	Microsoft	$23,192,000	–	113,962	–	3.10%	–
ET	New	Energy Transfer LP	$23,043,000	–	3,236,316	–	3.08%	–
VST	New	Vistra Energy Corp	$21,915,000	–	1,176,938	–	2.93%	–
NRG	New	NRG Energy	$21,648,000	–	664,852	–	2.90%	–
NSRGY	New	Nestle Spons ADR	$21,267,000	–	192,570	–	2.85%	–
NEE	New	NextEra Energy, Inc.	$21,273,000	–	88,574	–	2.85%	–
FB	New	Facebook	$18,601,000	–	81,919	–	2.49%	–
AAPL	New	Apple Computer	$17,768,000	–	48,705	–	2.38%	–
ABT	New	Abbott Laboratories	$14,814,000	–	162,021	–	1.98%	–
JPM	New	J.P. Morgan Chase	$13,867,000	–	147,428	–	1.86%	–
UNH	New	UnitedHealth Group	$13,112,000	–	44,454	–	1.75%	–
GOOGL	New	Alphabet, Inc. Cl A	$11,895,000	–	8,388	–	1.59%	–
DHI	New	D. R. Horton	$10,360,000	–	186,837	–	1.39%	–
MDT	New	Medtronic	$9,651,000	–	105,243	–	1.29%	–
TMUS	New	T-Mobile US, Inc.	$9,098,000	–	87,359	–	1.22%	–
CHTR	New	Charter Communications, Inc.	$8,866,000	–	17,382	–	1.19%	–
AEE	New	Ameren Corp	$8,295,000	–	117,888	–	1.11%	–
SYK	New	Stryker Corp	$8,165,000	–	45,313	–	1.09%	–
XEL	New	XCEL Energy Inc.	$7,618,000	–	121,891	–	1.02%	–
QCOM	New	Qualcomm	$7,444,000	–	81,613	–	1.00%	–
WY	New	Weyerhaeuser	$7,337,000	–	326,659	–	0.98%	–
PG	New	Procter & Gamble	$7,321,000	–	61,227	–	0.98%	–
V	New	Visa	$6,957,000	–	36,015	–	0.93%	–
TMO	New	Thermo Fisher Scientific	$6,948,000	–	19,174	–	0.93%	–
KO	New	Coca Cola Co.	$6,944,000	–	155,409	–	0.93%	–
RTX	New	Raytheon Technologies	$6,710,000	–	108,893	–	0.90%	–
BDX	New	Becton Dickinson	$6,433,000	–	26,887	–	0.86%	–
BAC	New	Bank of America	$6,188,000	–	260,531	–	0.83%	–
BMY	New	Bristol Myers Squibb	$5,995,000	–	101,958	–	0.80%	–
MRK	New	Merck	$5,843,000	–	75,564	–	0.78%	–
NGG	New	National Grid	$5,656,000	–	93,115	–	0.76%	–
NVS	New	Novartis	$5,505,000	–	63,032	–	0.74%	–
PEAK	New	Healthpeak Properties	$5,388,000	–	195,515	–	0.72%	–
BIP	New	Brookfield Infrastructure Part	$5,342,000	–	129,945	–	0.72%	–
PNC	New	PNC Bank Corp.	$5,325,000	–	50,613	–	0.71%	–
VZ	New	Verizon Comm	$5,314,000	–	96,392	–	0.71%	–
BSX	New	Boston Scientific	$4,994,000	–	142,236	–	0.67%	–
RHHBY	New	Roche Holding AG	$4,876,000	–	112,410	–	0.65%	–
PFE	New	Pfizer	$4,597,000	–	140,575	–	0.62%	–
UN	New	Unilever NV NY	$4,546,000	–	85,330	–	0.61%	–
PEP	New	Pepsico	$4,392,000	–	33,205	–	0.59%	–
SPY	New	SPDR S&P 500 ETF	$4,336,000	–	14,060	–	0.58%	–
BUD	New	Anheuser-Busch InBev SA/NV	$4,083,000	–	82,820	–	0.55%	–
UBER	New	Uber Technologies, Inc.	$4,070,000	–	130,949	–	0.54%	–
PHM	New	Pulte Homes Inc.	$3,856,000	–	113,322	–	0.52%	–
BRKB	New	Berkshire Hathaway B	$3,657,000	–	20,484	–	0.49%	–
CSCO	New	Cisco Systems	$3,642,000	–	78,084	–	0.49%	–
COST	New	Costco Wholesale	$3,624,000	–	11,953	–	0.48%	–
DIS	New	Walt Disney	$3,614,000	–	32,410	–	0.48%	–
BX	New	Blackstone Group Inc.	$3,562,000	–	62,875	–	0.48%	–
KMI	New	Kinder Morgan Inc.	$3,457,000	–	227,907	–	0.46%	–
CVS	New	CVS Health Corp	$3,360,000	–	51,722	–	0.45%	–
TFC	New	Truist Financial Corporation	$3,309,000	–	88,123	–	0.44%	–
T	New	AT&T	$3,197,000	–	105,769	–	0.43%	–
EVA	New	Enviva Partners LP	$3,197,000	–	88,701	–	0.43%	–
ADP	New	Automatic Data Processing	$3,128,000	–	21,012	–	0.42%	–
C	New	Citigroup	$2,881,000	–	56,371	–	0.39%	–
KKR	New	KKR & Co. Inc.	$2,705,000	–	87,600	–	0.36%	–
CCS	New	Century Communities, Inc.	$2,689,000	–	87,704	–	0.36%	–
KW	New	Kennedy-Wilson Holdings Inc.	$2,533,000	–	166,425	–	0.34%	–
UNP	New	Union Pacific	$2,309,000	–	13,660	–	0.31%	–
KMB	New	Kimberly Clark	$2,241,000	–	15,855	–	0.30%	–
SIVB	New	SVB Financial Group	$2,207,000	–	10,240	–	0.30%	–
SHW	New	Sherwin Williams Co.	$2,109,000	–	3,650	–	0.28%	–
MMM	New	3M Company	$2,048,000	–	13,127	–	0.27%	–
SYY	New	Sysco	$2,013,000	–	36,834	–	0.27%	–
GOOG	New	Alphabet, Inc. Cl C	$1,931,000	–	1,366	–	0.26%	–
XRAY	New	Dentsply Sirona	$1,912,000	–	43,400	–	0.26%	–
FDX	New	Fedex	$1,729,000	–	12,333	–	0.23%	–
DISCK	New	Discovery Inc. C	$1,520,000	–	78,906	–	0.20%	–
VEOEY	New	Veolia Environnement ADR	$1,492,000	–	66,150	–	0.20%	–
IBDRY	New	Iberdrola SA ADR	$1,322,000	–	28,475	–	0.18%	–
CVX	New	Chevron	$1,285,000	–	14,400	–	0.17%	–
EL	New	Estee Lauder	$1,217,000	–	6,450	–	0.16%	–
PLD	New	ProLogis Tr SBI	$1,164,000	–	12,475	–	0.16%	–
FMX	New	Fomento Economico Mexicano SA	$1,107,000	–	17,855	–	0.15%	–
CL	New	Colgate Palmolive	$1,010,000	–	13,780	–	0.14%	–
CCI	New	Crown Castle Intl.	$943,000	–	5,635	–	0.13%	–
HHC	New	Howard Hughes Corporation	$937,000	–	18,042	–	0.12%	–
CDNS	New	Cadence Design	$885,000	–	9,224	–	0.12%	–
BRKA	New	Berkshire Hathaway A	$802,000	–	3	–	0.11%	–
LLY	New	Eli Lilly	$798,000	–	4,860	–	0.11%	–
EMR	New	Emerson Electric Co.	$803,000	–	12,938	–	0.11%	–
GPC	New	Genuine Parts	$785,000	–	9,027	–	0.10%	–
LYFT	New	Lyft, Inc.	$752,000	–	22,790	–	0.10%	–
AXP	New	American Express	$736,000	–	7,733	–	0.10%	–
IBM	New	IBM	$730,000	–	6,044	–	0.10%	–
IYW	New	iShares US Technology	$728,000	–	2,700	–	0.10%	–
WMB	New	Williams Companies Inc	$672,000	–	35,330	–	0.09%	–
BIPC	New	Brookfield Infrastructure Clas	$663,000	–	14,548	–	0.09%	–
INTC	New	Intel Corp.	$658,000	–	11,004	–	0.09%	–
SIEGY	New	Siemens AG ADR	$628,000	–	10,650	–	0.08%	–
XOM	New	Exxon Mobil	$604,000	–	13,505	–	0.08%	–
AB	New	AllianceBernstein Holdings, LP	$542,000	–	19,890	–	0.07%	–
SPGI	New	S&P Global Inc.	$527,000	–	1,600	–	0.07%	–
MDLZ	New	Mondelez International Inc.	$522,000	–	10,200	–	0.07%	–
DE	New	Deere & Co.	$520,000	–	3,306	–	0.07%	–
CB	New	Chubb Ltd.	$500,000	–	3,946	–	0.07%	–
LIN	New	Linde PLC	$477,000	–	2,250	–	0.06%	–
IWF	New	iShares Russell 1000 Growth ET	$463,000	–	2,412	–	0.06%	–
AIG	New	American Intl. Group	$450,000	–	14,448	–	0.06%	–
TCEHY	New	Tencent Holdings Ltd. ADR	$424,000	–	6,620	–	0.06%	–
ITW	New	Illinois Tool Works	$409,000	–	2,339	–	0.06%	–
STT	New	State Street Corp	$401,000	–	6,314	–	0.05%	–
ENB	New	Enbridge Inc.	$393,000	–	12,932	–	0.05%	–
UBS	New	UBS Group AG	$395,000	–	34,200	–	0.05%	–
ORCL	New	Oracle	$370,000	–	6,700	–	0.05%	–
CMCSA	New	Comcast Cl A	$371,000	–	9,524	–	0.05%	–
MET	New	MetLife	$373,000	–	10,200	–	0.05%	–
APD	New	Air Products	$365,000	–	1,511	–	0.05%	–
DXGE	New	WisdomTree Germany Hedged Equi	$356,000	–	12,700	–	0.05%	–
BA	New	Boeing Company	$328,000	–	1,789	–	0.04%	–
GWW	New	W. W. Grainger	$325,000	–	1,034	–	0.04%	–
WFC	New	Wells Fargo	$318,000	–	12,439	–	0.04%	–
MCD	New	McDonald's Corp.	$315,000	–	1,710	–	0.04%	–
NOC	New	Northrup Grumman	$307,000	–	1,000	–	0.04%	–
IVW	New	iShares S&P 500 Growth Index F	$287,000	–	1,383	–	0.04%	–
BEP	New	Brookfield Renewable Partners	$283,000	–	5,900	–	0.04%	–
LSXMK	New	Liberty SiriusXM Series C	$272,000	–	7,898	–	0.04%	–
GE	New	General Electric	$262,000	–	38,414	–	0.04%	–
CAT	New	Caterpillar	$251,000	–	1,983	–	0.03%	–
IWV	New	iShares Russell 3000 ETF	$252,000	–	1,397	–	0.03%	–
TRI	New	Thomson Reuters Corp.	$245,000	–	3,604	–	0.03%	–
MDY	New	SPDR S&P Midcap 400 EFT	$230,000	–	710	–	0.03%	–
CNC	New	Centene Corp	$224,000	–	3,524	–	0.03%	–
LBRDK	New	Liberty Broadband C	$215,000	–	1,731	–	0.03%	–
GXC	New	SPDR Index Shs S&P China	$220,000	–	2,100	–	0.03%	–
RDSA	New	Royal Dutch Shell	$214,000	–	6,532	–	0.03%	–
PSX	New	Phillips 66	$202,000	–	2,811	–	0.03%	–
IWN	New	iShares Russell 2000 Value ETF	$203,000	–	2,080	–	0.03%	–
PAA	New	Plains All American Pipeline L	$170,000	–	19,250	–	0.02%	–
CTT	New	CatchMark Timber Trust	$155,000	–	17,500	–	0.02%	–
IVZ	New	Invesco	$143,000	–	13,296	–	0.02%	–
NBL	New	Noble Energy	$102,000	–	11,400	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
CTT	Exit	CatchMark Timber Trust	$0	–	-12,000	–	-0.02%	–
TROW	Exit	T. Rowe Price Group	$0	–	-1,800	–	-0.02%	–
IWV	Exit	iShares Russell 3000 ETF	$0	–	-1,397	–	-0.03%	–
SCHW	Exit	Charles Schwab	$0	–	-5,825	–	-0.03%	–
IVW	Exit	iShares S&P 500 Growth Index F	$0	–	-1,383	–	-0.03%	–
IWN	Exit	iShares Russell 2000 Value ETF	$0	–	-2,080	–	-0.03%	–
MDY	Exit	SPDR S&P Midcap 400 EFT	$0	–	-710	–	-0.03%	–
GLW	Exit	Corning	$0	–	-8,700	–	-0.03%	–
DISCA	Exit	Discovery Inc. A	$0	–	-9,831	–	-0.03%	–
WPP	Exit	WPP Plc ADR	$0	–	-4,100	–	-0.03%	–
CAT	Exit	Caterpillar	$0	–	-2,150	–	-0.03%	–
TRI	Exit	Thomson Reuters Corp.	$0	–	-3,974	–	-0.03%	–
NWYF	Exit	Northway Financial	$0	–	-8,952	–	-0.03%	–
LSXMK	Exit	Liberty Sirius Group C	$0	–	-6,948	–	-0.03%	–
GWW	Exit	W. W. Grainger	$0	–	-1,034	–	-0.04%	–
GE	Exit	General Electric	$0	–	-40,119	–	-0.04%	–
APD	Exit	Air Products	$0	–	-1,661	–	-0.04%	–
ORCL	Exit	Oracle	$0	–	-6,700	–	-0.04%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,710	–	-0.04%	–
NOC	Exit	Northrup Grumman	$0	–	-1,000	–	-0.04%	–
AGN	Exit	Allergan Inc.	$0	–	-2,300	–	-0.04%	–
IWF	Exit	iShares Russell 1000 Growth ET	$0	–	-2,412	–	-0.04%	–
SPGI	Exit	S&P Global Inc.	$0	–	-1,600	–	-0.04%	–
STT	Exit	State Street Corp	$0	–	-6,664	–	-0.04%	–
CMCSA	Exit	Comcast Cl A	$0	–	-9,524	–	-0.05%	–
LIN	Exit	Linde PLC	$0	–	-2,300	–	-0.05%	–
CCL	Exit	Carnival Corporation	$0	–	-10,350	–	-0.05%	–
DXGE	Exit	WisdomTree Germany Hedged Equi	$0	–	-15,350	–	-0.05%	–
GXC	Exit	SPDR Index Shs S&P China	$0	–	-5,200	–	-0.05%	–
MET	Exit	MetLife	$0	–	-10,330	–	-0.06%	–
UTX	Exit	United Technologies	$0	–	-3,760	–	-0.06%	–
HBAN	Exit	Huntington Bancshares Inc.	$0	–	-37,350	–	-0.06%	–
LLY	Exit	Eli Lilly	$0	–	-4,860	–	-0.06%	–
AER	Exit	AerCap Holdings N.V.	$0	–	-10,150	–	-0.06%	–
IVZ	Exit	Invesco	$0	–	-33,096	–	-0.06%	–
INTC	Exit	Intel Corp.	$0	–	-11,004	–	-0.06%	–
DE	Exit	Deere & Co.	$0	–	-3,366	–	-0.06%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-10,200	–	-0.06%	–
UBS	Exit	UBS Group AG	$0	–	-50,850	–	-0.07%	–
CDNS	Exit	Cadence Design	$0	–	-9,224	–	-0.07%	–
AB	Exit	AllianceBernstein Holdings, LP	$0	–	-20,625	–	-0.07%	–
CB	Exit	Chubb Ltd.	$0	–	-3,946	–	-0.07%	–
UNH	Exit	UnitedHealth Group	$0	–	-3,000	–	-0.08%	–
BA	Exit	Boeing Company	$0	–	-1,789	–	-0.08%	–
IYW	Exit	iShares US Technology	$0	–	-3,400	–	-0.08%	–
ITW	Exit	Illinois Tool Works	$0	–	-4,864	–	-0.09%	–
TIF	Exit	Tiffany & Co.	$0	–	-8,469	–	-0.09%	–
WFC	Exit	Wells Fargo	$0	–	-15,739	–	-0.09%	–
DISCK	Exit	Discovery Inc. C	$0	–	-33,011	–	-0.09%	–
WLH	Exit	William Lyon Home	$0	–	-39,890	–	-0.09%	–
AIG	Exit	American Intl. Group	$0	–	-14,748	–	-0.09%	–
EMR	Exit	Emerson Electric Co.	$0	–	-12,938	–	-0.10%	–
AXP	Exit	American Express	$0	–	-7,733	–	-0.10%	–
BRKA	Exit	Brkshire Hathaway A	$0	–	-3	–	-0.11%	–
IBM	Exit	IBM	$0	–	-6,562	–	-0.11%	–
GPC	Exit	Genuine Parts	$0	–	-9,577	–	-0.11%	–
CCS	Exit	Century Communities, Inc.	$0	–	-32,310	–	-0.11%	–
WMB	Exit	Williams Companies Inc	$0	–	-42,650	–	-0.12%	–
NBL	Exit	Noble Energy	$0	–	-47,694	–	-0.12%	–
FTAI	Exit	Fortress Transportation Infr I	$0	–	-71,040	–	-0.12%	–
PBA	Exit	Pembina Pipeline Corp.	$0	–	-34,630	–	-0.15%	–
GOOG	Exit	Alphabet, Inc. Cl C	$0	–	-1,060	–	-0.15%	–
RDSA	Exit	Royal Dutch Shell	$0	–	-23,052	–	-0.16%	–
EL	Exit	Estee Lauder	$0	–	-6,850	–	-0.16%	–
AAP	Exit	Advance Auto Parts	$0	–	-8,238	–	-0.16%	–
CL	Exit	Colgate Palmolive	$0	–	-19,865	–	-0.17%	–
EVRG	Exit	Evergy, Inc.	$0	–	-25,423	–	-0.19%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-18,600	–	-0.20%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-61,834	–	-0.20%	–
SIVB	Exit	SVB Financial Group	$0	–	-8,590	–	-0.21%	–
PSX	Exit	Phillips 66	$0	–	-18,138	–	-0.21%	–
LUV	Exit	Southwest Airlines	$0	–	-37,106	–	-0.23%	–
SHW	Exit	Sherwin Williams Co.	$0	–	-3,730	–	-0.24%	–
COP	Exit	ConocoPhillips	$0	–	-36,831	–	-0.24%	–
FDX	Exit	Fedex	$0	–	-15,378	–	-0.26%	–
PAA	Exit	Plains All American Pipeline L	$0	–	-110,550	–	-0.26%	–
MMM	Exit	3M Company	$0	–	-14,287	–	-0.27%	–
XOM	Exit	Exxon Mobil	$0	–	-33,840	–	-0.28%	–
XRAY	Exit	Dentsply Sirona	$0	–	-46,840	–	-0.29%	–
KMB	Exit	Kimberly Clark	$0	–	-18,400	–	-0.30%	–
MTB	Exit	M&T Bank Corp	$0	–	-17,162	–	-0.31%	–
CVX	Exit	Chevron	$0	–	-23,931	–	-0.33%	–
KKR	Exit	KKR & Co. Inc.	$0	–	-106,400	–	-0.33%	–
CWEN	Exit	Clearway Energy, Inc.	$0	–	-158,504	–	-0.33%	–
ABB	Exit	ABB Ltd.	$0	–	-147,100	–	-0.33%	–
SYK	Exit	Stryker Corp	$0	–	-13,862	–	-0.34%	–
SYY	Exit	Sysco	$0	–	-39,369	–	-0.36%	–
	Exit	Kuehne&Nagel Intl AG	$0	–	-21,805	–	-0.37%	–
CVS	Exit	CVS Health Corp	$0	–	-51,987	–	-0.38%	–
CSCO	Exit	Cisco Systems	$0	–	-66,634	–	-0.38%	–
ADP	Exit	Automatic Data Processing	$0	–	-21,410	–	-0.40%	–
ENB	Exit	Enbridge Inc.	$0	–	-98,411	–	-0.40%	–
PHM	Exit	Pulte Homes Inc.	$0	–	-104,025	–	-0.44%	–
BX	Exit	Blackstone Group Inc.	$0	–	-80,400	–	-0.45%	–
RHHBY	Exit	Roche Holding AG	$0	–	-113,910	–	-0.48%	–
DHI	Exit	D. R. Horton	$0	–	-78,820	–	-0.48%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-14,410	–	-0.49%	–
BAC	Exit	Bank of America	$0	–	-154,625	–	-0.52%	–
AL	Exit	Air Lease	$0	–	-111,102	–	-0.53%	–
NSC	Exit	Norfolk Southern	$0	–	-26,445	–	-0.55%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-233,776	–	-0.55%	–
DAL	Exit	Delta Airlines	$0	–	-90,690	–	-0.60%	–
UN	Exit	Unilever NV NY	$0	–	-87,585	–	-0.60%	–
PFE	Exit	Pfizer	$0	–	-148,730	–	-0.61%	–
LPT	Exit	Liberty Property Tr	$0	–	-104,683	–	-0.62%	–
COST	Exit	Costco Wholesale	$0	–	-19,892	–	-0.66%	–
NVS	Exit	Novartis	$0	–	-65,943	–	-0.66%	–
VZ	Exit	Verizon Comm	$0	–	-95,492	–	-0.66%	–
MRK	Exit	Merck	$0	–	-77,329	–	-0.75%	–
BIP	Exit	Brookfield Infrastructure Part	$0	–	-133,450	–	-0.76%	–
UNP	Exit	Union Pacific	$0	–	-42,696	–	-0.80%	–
HCP	Exit	HCP, Inc.	$0	–	-205,950	–	-0.84%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-26,667	–	-0.89%	–
BUD	Exit	Anheuser-Busch InBev SA/NV	$0	–	-84,645	–	-0.93%	–
KO	Exit	Coca Cola Co.	$0	–	-155,141	–	-0.97%	–
PG	Exit	Procter & Gamble	$0	–	-69,682	–	-1.00%	–
PEP	Exit	Pepsico	$0	–	-67,462	–	-1.06%	–
T	Exit	AT&T	$0	–	-270,680	–	-1.18%	–
DIS	Exit	Walt Disney	$0	–	-79,309	–	-1.19%	–
FB	Exit	Facebook	$0	–	-58,210	–	-1.19%	–
C	Exit	Citigroup	$0	–	-158,191	–	-1.26%	–
AEE	Exit	Ameren Corp	$0	–	-151,690	–	-1.40%	–
AAPL	Exit	Apple Computer	$0	–	-57,262	–	-1.47%	–
GOOGL	Exit	Alphabet, Inc. Cl A	$0	–	-10,983	–	-1.54%	–
VST	Exit	Vistra Energy Corp	$0	–	-521,970	–	-1.60%	–
NRG	Exit	NRG Energy	$0	–	-422,369	–	-1.92%	–
TGP	Exit	Teekay LNG Partners	$0	–	-1,231,921	–	-1.93%	–
BDX	Exit	Becton Dickinson	$0	–	-67,095	–	-1.95%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-144,484	–	-1.96%	–
MDT	Exit	Medtronic	$0	–	-162,929	–	-2.03%	–
ABT	Exit	Abbott Laboratories	$0	–	-219,103	–	-2.11%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-10,879	–	-2.17%	–
BRKB	Exit	Brkshire Hathaway B	$0	–	-95,359	–	-2.28%	–
V	Exit	Visa	$0	–	-116,965	–	-2.31%	–
MSFT	Exit	Microsoft	$0	–	-152,178	–	-2.43%	–
NSRGY	Exit	Nestle Spons ADR	$0	–	-201,938	–	-2.52%	–
JNJ	Exit	Johnson & Johnson	$0	–	-219,693	–	-3.27%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-153,419	–	-4.11%	–
ET	Exit	Energy Transfer LP	$0	–	-2,822,754	–	-4.24%	–
PEGI	Exit	Pattern Energy Group, Inc.	$0	–	-1,448,763	–	-4.48%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-661,422	–	-5.04%	–
EPD	Exit	Enterprise Prod Partners	$0	–	-2,240,023	–	-7.36%	–
NEP	Exit	NextEra Energy Partners	$0	–	-1,297,414	–	-7.88%	–

Q3 2019

			Value		Shares		↓ Weighting
NEP	Buy	NextEra Energy Partners	$68,555,000	+12.0%	1,297,414	+2.3%	7.88%	+12.1%
EPD	Sell	Enterprise Prod Partners	$64,020,000	-3.5%	2,240,023	-2.5%	7.36%	-3.5%
MMP	Sell	Magellan Midstream Partners, L	$43,832,000	-3.3%	661,422	-6.6%	5.04%	-3.3%
PEGI	Sell	Pattern Energy Group, Inc.	$39,015,000	+10.0%	1,448,763	-5.7%	4.48%	+10.0%
ET	Sell	Energy Transfer LP	$36,922,000	-9.5%	2,822,754	-2.6%	4.24%	-9.5%
NEE	Buy	NextEra Energy, Inc.	$35,745,000	+14.0%	153,419	+0.2%	4.11%	+14.0%
JNJ	Sell	Johnson & Johnson	$28,424,000	-8.7%	219,693	-1.7%	3.27%	-8.7%
NSRGY	Sell	Nestle Spons ADR	$21,890,000	+3.8%	201,938	-1.0%	2.52%	+3.8%
MSFT	Sell	Microsoft	$21,157,000	-5.7%	152,178	-9.1%	2.43%	-5.7%
V	Buy	Visa	$20,119,000	+3.2%	116,965	+4.1%	2.31%	+3.2%
BRKB	Buy	Brkshire Hathaway B	$19,837,000	+328.6%	95,359	+339.3%	2.28%	+328.6%
AMZN	Sell	Amazon.com Inc.	$18,885,000	-17.8%	10,879	-10.4%	2.17%	-17.8%
ABT	Sell	Abbott Laboratories	$18,332,000	-1.2%	219,103	-0.7%	2.11%	-1.2%
MDT	Buy	Medtronic	$17,697,000	+15.7%	162,929	+3.7%	2.03%	+15.7%
JPM	Sell	J.P. Morgan Chase	$17,004,000	-35.7%	144,484	-38.9%	1.96%	-35.6%
BDX	Buy	Becton Dickinson	$16,972,000	+104.0%	67,095	+103.3%	1.95%	+104.1%
TGP	Sell	Teekay LNG Partners	$16,816,000	-5.7%	1,231,921	-2.6%	1.93%	-5.7%
NRG	Buy	NRG Energy	$16,726,000	+33.5%	422,369	+18.4%	1.92%	+33.5%
VST	Buy	Vistra Energy Corp	$13,952,000	+44.1%	521,970	+22.1%	1.60%	+44.1%
GOOGL	Buy	Alphabet, Inc. Cl A	$13,412,000	+14.6%	10,983	+1.6%	1.54%	+14.6%
AAPL	Sell	Apple Computer	$12,825,000	+12.8%	57,262	-0.3%	1.47%	+12.8%
C	Sell	Citigroup	$10,928,000	-10.9%	158,191	-9.7%	1.26%	-10.9%
FB	Buy	Facebook	$10,366,000	+44.1%	58,210	+56.1%	1.19%	+44.1%
DIS	Sell	Walt Disney	$10,336,000	-34.0%	79,309	-29.3%	1.19%	-34.0%
T	Buy	AT&T	$10,243,000	+258.6%	270,680	+217.6%	1.18%	+258.8%
PEP	Sell	Pepsico	$9,249,000	+3.1%	67,462	-1.4%	1.06%	+3.1%
PG	Sell	Procter & Gamble	$8,667,000	+12.2%	69,682	-1.1%	1.00%	+12.2%
KO	Buy	Coca Cola Co.	$8,446,000	+12.9%	155,141	+5.6%	0.97%	+12.9%
BUD	Sell	Anheuser-Busch InBev SA/NV	$8,054,000	+6.3%	84,645	-1.2%	0.93%	+6.3%
TMO	Sell	Thermo Fisher Scientific	$7,767,000	-1.6%	26,667	-0.7%	0.89%	-1.5%
HCP	Sell	HCP, Inc.	$7,338,000	+8.7%	205,950	-2.5%	0.84%	+8.8%
UNP	Buy	Union Pacific	$6,916,000	+17.9%	42,696	+23.1%	0.80%	+18.0%
MRK	Sell	Merck	$6,510,000	-0.2%	77,329	-0.6%	0.75%	-0.3%
COST	Sell	Costco Wholesale	$5,731,000	+7.9%	19,892	-1.0%	0.66%	+8.0%
LPT	Sell	Liberty Property Tr	$5,373,000	+0.1%	104,683	-2.4%	0.62%	+0.2%
PFE	Sell	Pfizer	$5,344,000	-19.8%	148,730	-3.3%	0.61%	-19.7%
UN	Sell	Unilever NV NY	$5,258,000	-1.2%	87,585	-0.1%	0.60%	-1.3%
DAL	Sell	Delta Airlines	$5,224,000	-32.0%	90,690	-33.0%	0.60%	-31.9%
NSC	Buy	Norfolk Southern	$4,751,000	+29.3%	26,445	+43.4%	0.55%	+29.4%
AL	Sell	Air Lease	$4,646,000	+0.8%	111,102	-0.3%	0.53%	+0.8%
BAC	Sell	Bank of America	$4,510,000	-55.9%	154,625	-56.2%	0.52%	-56.0%
SPY	Buy	SPDR S&P 500 ETF	$4,276,000	+2.0%	14,410	+0.7%	0.49%	+2.1%
DHI	Buy	D. R. Horton	$4,155,000	+37.4%	78,820	+12.4%	0.48%	+37.4%
BX	New	Blackstone Group Inc.	$3,927,000	–	80,400	–	0.45%	–
PHM	Buy	Pulte Homes Inc.	$3,802,000	+31.6%	104,025	+13.8%	0.44%	+31.6%
ENB	Sell	Enbridge Inc.	$3,452,000	-4.1%	98,411	-1.3%	0.40%	-4.1%
ADP	Sell	Automatic Data Processing	$3,456,000	-4.1%	21,410	-1.7%	0.40%	-4.1%
CVS	Sell	CVS Health Corp	$3,279,000	+12.5%	51,987	-2.8%	0.38%	+12.5%
ABB	Sell	ABB Ltd.	$2,893,000	-6.3%	147,100	-4.5%	0.33%	-6.2%
MTB	Sell	M&T Bank Corp	$2,711,000	-72.9%	17,162	-70.8%	0.31%	-72.8%
XOM	Sell	Exxon Mobil	$2,389,000	-8.2%	33,840	-0.3%	0.28%	-8.0%
MMM	Sell	3M Company	$2,349,000	-5.8%	14,287	-0.7%	0.27%	-5.9%
FDX	Sell	Fedex	$2,239,000	-14.6%	15,378	-3.8%	0.26%	-14.6%
SHW	Buy	Sherwin Williams Co.	$2,051,000	+56.0%	3,730	+30.0%	0.24%	+56.3%
LUV	Sell	Southwest Airlines	$2,004,000	+4.3%	37,106	-1.9%	0.23%	+4.1%
SIVB	Buy	SVB Financial Group	$1,795,000	+0.1%	8,590	+7.5%	0.21%	0.0%
FMX	Sell	Fomento Economico Mexicano SA	$1,703,000	-9.0%	18,600	-3.9%	0.20%	-8.8%
RDSA	Sell	Royal Dutch Shell	$1,357,000	-89.7%	23,052	-88.6%	0.16%	-89.7%
PBA	Buy	Pembina Pipeline Corp.	$1,284,000	+101.6%	34,630	+102.2%	0.15%	+102.7%
FTAI	New	Fortress Transportation Infr I	$1,076,000	–	71,040	–	0.12%	–
IBM	Sell	IBM	$954,000	-0.7%	6,562	-5.9%	0.11%	0.0%
WFC	Sell	Wells Fargo	$794,000	+5.4%	15,739	-1.1%	0.09%	+4.6%
ITW	Sell	Illinois Tool Works	$761,000	-29.5%	4,864	-32.1%	0.09%	-29.8%
AER	Sell	AerCap Holdings N.V.	$556,000	-28.7%	10,150	-32.3%	0.06%	-28.9%
MET	Sell	MetLife	$487,000	-7.8%	10,330	-2.8%	0.06%	-8.2%
GXC	Sell	SPDR Index Shs S&P China	$469,000	-25.7%	5,200	-21.2%	0.05%	-26.0%
DXGE	Sell	WisdomTree Germany Hedged Equi	$456,000	-6.0%	15,350	-6.1%	0.05%	-7.1%
MCD	Sell	McDonald's Corp.	$367,000	-7.6%	1,710	-10.5%	0.04%	-8.7%
WPP	Sell	WPP Plc ADR	$257,000	-9.2%	4,100	-8.9%	0.03%	-9.1%
TROW	New	T. Rowe Price Group	$206,000	–	1,800	–	0.02%	–
FOXA	Exit	Fox Corp. Class A	$0	–	-5,623	–	-0.02%	–
VIAB	Exit	Viacom Class B	$0	–	-8,116	–	-0.03%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-3,800	–	-0.03%	–
BX	Exit	Blackstone Group Inc.	$0	–	-80,400	–	-0.41%	–
RCL	Exit	Royal Caribbean Cruise Ltd.	$0	–	-51,155	–	-0.71%	–
BP	Exit	BP Amoco ADR	$0	–	-186,005	–	-0.89%	–

Q2 2019

			Value		Shares		↓ Weighting
EPD	New	Enterprise Prod Partners	$66,361,000	–	2,298,623	–	7.63%	–
NEP	New	NextEra Energy Partners	$61,195,000	–	1,268,284	–	7.03%	–
MMP	New	Magellan Midstream Partners, L	$45,340,000	–	708,432	–	5.21%	–
ET	New	Energy Transfer LP	$40,800,000	–	2,897,754	–	4.69%	–
PEGI	New	Pattern Energy Group, Inc.	$35,475,000	–	1,536,387	–	4.08%	–
NEE	New	NextEra Energy, Inc.	$31,359,000	–	153,074	–	3.60%	–
JNJ	New	Johnson & Johnson	$31,132,000	–	223,523	–	3.58%	–
JPM	New	J.P. Morgan Chase	$26,428,000	–	236,384	–	3.04%	–
AMZN	New	Amazon.com Inc.	$22,987,000	–	12,139	–	2.64%	–
MSFT	New	Microsoft	$22,438,000	–	167,498	–	2.58%	–
NSRGY	New	Nestle Spons ADR	$21,088,000	–	203,943	–	2.42%	–
V	New	Visa	$19,497,000	–	112,345	–	2.24%	–
ABT	New	Abbott Laboratories	$18,557,000	–	220,654	–	2.13%	–
TGP	New	Teekay LNG Partners	$17,831,000	–	1,264,611	–	2.05%	–
DIS	New	Walt Disney	$15,662,000	–	112,158	–	1.80%	–
MDT	New	Medtronic	$15,295,000	–	157,049	–	1.76%	–
RDSA	New	Royal Dutch Shell	$13,180,000	–	202,552	–	1.52%	–
NRG	New	NRG Energy	$12,532,000	–	356,829	–	1.44%	–
C	New	Citigroup	$12,269,000	–	175,191	–	1.41%	–
GOOGL	New	Alphabet, Inc. Cl A	$11,708,000	–	10,813	–	1.35%	–
AEE	New	Ameren Corp	$11,393,000	–	151,690	–	1.31%	–
AAPL	New	Apple Computer	$11,373,000	–	57,462	–	1.31%	–
BAC	New	Bank of America	$10,235,000	–	352,945	–	1.18%	–
MTB	New	M&T Bank Corp	$9,997,000	–	58,782	–	1.15%	–
VST	New	Vistra Energy Corp	$9,681,000	–	427,610	–	1.11%	–
PEP	New	Pepsico	$8,970,000	–	68,407	–	1.03%	–
BDX	New	Becton Dickinson	$8,318,000	–	33,005	–	0.96%	–
TMO	New	Thermo Fisher Scientific	$7,890,000	–	26,867	–	0.91%	–
BP	New	BP Amoco ADR	$7,756,000	–	186,005	–	0.89%	–
PG	New	Procter & Gamble	$7,728,000	–	70,482	–	0.89%	–
DAL	New	Delta Airlines	$7,681,000	–	135,340	–	0.88%	–
BUD	New	Anheuser-Busch InBev SA/NV	$7,580,000	–	85,645	–	0.87%	–
KO	New	Coca Cola Co.	$7,482,000	–	146,941	–	0.86%	–
FB	New	Facebook	$7,195,000	–	37,280	–	0.83%	–
HCP	New	HCP, Inc.	$6,753,000	–	211,150	–	0.78%	–
PFE	New	Pfizer	$6,660,000	–	153,730	–	0.76%	–
MRK	New	Merck	$6,526,000	–	77,829	–	0.75%	–
RCL	New	Royal Caribbean Cruise Ltd.	$6,200,000	–	51,155	–	0.71%	–
NVS	New	Novartis	$6,021,000	–	65,943	–	0.69%	–
UNP	New	Union Pacific	$5,864,000	–	34,676	–	0.67%	–
BIP	New	Brookfield Infrastructure Part	$5,730,000	–	133,450	–	0.66%	–
VZ	New	Verizon Comm	$5,455,000	–	95,492	–	0.63%	–
LPT	New	Liberty Property Tr	$5,368,000	–	107,283	–	0.62%	–
UN	New	Unilever NV NY	$5,324,000	–	87,685	–	0.61%	–
COST	New	Costco Wholesale	$5,310,000	–	20,092	–	0.61%	–
KMI	New	Kinder Morgan Inc.	$4,881,000	–	233,776	–	0.56%	–
BRKB	New	Brkshire Hathaway B	$4,628,000	–	21,709	–	0.53%	–
AL	New	Air Lease	$4,609,000	–	111,492	–	0.53%	–
SPY	New	SPDR S&P 500 ETF	$4,193,000	–	14,310	–	0.48%	–
RHHBY	New	Roche Holding AG	$3,998,000	–	113,910	–	0.46%	–
NSC	New	Norfolk Southern	$3,675,000	–	18,435	–	0.42%	–
CSCO	New	Cisco Systems	$3,647,000	–	66,634	–	0.42%	–
ADP	New	Automatic Data Processing	$3,602,000	–	21,785	–	0.41%	–
ENB	New	Enbridge Inc.	$3,599,000	–	99,751	–	0.41%	–
BX	New	Blackstone Group Inc.	$3,571,000	–	80,400	–	0.41%	–
	New	Kuehne&Nagel Intl AG	$3,239,000	–	21,805	–	0.37%	–
ABB	New	ABB Ltd.	$3,087,000	–	154,100	–	0.36%	–
DHI	New	D. R. Horton	$3,024,000	–	70,110	–	0.35%	–
CVX	New	Chevron	$2,978,000	–	23,931	–	0.34%	–
CVS	New	CVS Health Corp	$2,915,000	–	53,487	–	0.34%	–
PHM	New	Pulte Homes Inc.	$2,890,000	–	91,395	–	0.33%	–
T	New	AT&T	$2,856,000	–	85,220	–	0.33%	–
SYK	New	Stryker Corp	$2,850,000	–	13,862	–	0.33%	–
SYY	New	Sysco	$2,784,000	–	39,369	–	0.32%	–
XRAY	New	Dentsply Sirona	$2,734,000	–	46,840	–	0.31%	–
KKR	New	KKR & Co. Inc.	$2,689,000	–	106,400	–	0.31%	–
PAA	New	Plains All American Pipeline L	$2,692,000	–	110,550	–	0.31%	–
CWEN	New	Clearway Energy, Inc.	$2,672,000	–	158,504	–	0.31%	–
FDX	New	Fedex	$2,623,000	–	15,978	–	0.30%	–
XOM	New	Exxon Mobil	$2,601,000	–	33,940	–	0.30%	–
MMM	New	3M Company	$2,494,000	–	14,387	–	0.29%	–
KMB	New	Kimberly Clark	$2,452,000	–	18,400	–	0.28%	–
COP	New	ConocoPhillips	$2,247,000	–	36,831	–	0.26%	–
LUV	New	Southwest Airlines	$1,921,000	–	37,836	–	0.22%	–
FMX	New	Fomento Economico Mexicano SA	$1,872,000	–	19,350	–	0.22%	–
SIVB	New	SVB Financial Group	$1,794,000	–	7,990	–	0.21%	–
PSX	New	Phillips 66	$1,697,000	–	18,138	–	0.20%	–
WY	New	Weyerhaeuser Co.	$1,629,000	–	61,834	–	0.19%	–
EVRG	New	Evergy, Inc.	$1,529,000	–	25,423	–	0.18%	–
CL	New	Colgate Palmolive	$1,424,000	–	19,865	–	0.16%	–
SHW	New	Sherwin Williams Co.	$1,315,000	–	2,870	–	0.15%	–
AAP	New	Advance Auto Parts	$1,270,000	–	8,238	–	0.15%	–
EL	New	Estee Lauder	$1,254,000	–	6,850	–	0.14%	–
WMB	New	Williams Companies Inc	$1,196,000	–	42,650	–	0.14%	–
GOOG	New	Alphabet, Inc. Cl C	$1,146,000	–	1,060	–	0.13%	–
ITW	New	Illinois Tool Works	$1,080,000	–	7,164	–	0.12%	–
NBL	New	Noble Energy	$1,068,000	–	47,694	–	0.12%	–
GPC	New	Genuine Parts	$992,000	–	9,577	–	0.11%	–
BRKA	New	Brkshire Hathaway A	$955,000	–	3	–	0.11%	–
AXP	New	American Express	$955,000	–	7,733	–	0.11%	–
IBM	New	IBM	$961,000	–	6,972	–	0.11%	–
DISCK	New	Discovery Inc. C	$939,000	–	33,011	–	0.11%	–
EMR	New	Emerson Electric Co.	$863,000	–	12,938	–	0.10%	–
CCS	New	Century Communities, Inc.	$859,000	–	32,310	–	0.10%	–
TIF	New	Tiffany & Co.	$793,000	–	8,469	–	0.09%	–
AER	New	AerCap Holdings N.V.	$780,000	–	15,000	–	0.09%	–
AIG	New	American Intl. Group	$786,000	–	14,748	–	0.09%	–
WFC	New	Wells Fargo	$753,000	–	15,907	–	0.09%	–
WLH	New	William Lyon Home	$727,000	–	39,890	–	0.08%	–
UNH	New	UnitedHealth Group	$732,000	–	3,000	–	0.08%	–
IVZ	New	Invesco	$677,000	–	33,096	–	0.08%	–
IYW	New	iShares US Technology	$673,000	–	3,400	–	0.08%	–
CDNS	New	Cadence Design	$653,000	–	9,224	–	0.08%	–
BA	New	Boeing Company	$651,000	–	1,789	–	0.08%	–
PBA	New	Pembina Pipeline Corp.	$637,000	–	17,130	–	0.07%	–
GXC	New	SPDR Index Shs S&P China	$631,000	–	6,600	–	0.07%	–
AB	New	AllianceBernstein Holdings, LP	$613,000	–	20,625	–	0.07%	–
UBS	New	UBS Group AG	$603,000	–	50,850	–	0.07%	–
CB	New	Chubb Ltd.	$581,000	–	3,946	–	0.07%	–
DE	New	Deere & Co.	$558,000	–	3,366	–	0.06%	–
MDLZ	New	Mondelez International Inc.	$550,000	–	10,200	–	0.06%	–
LLY	New	Eli Lilly	$538,000	–	4,860	–	0.06%	–
INTC	New	Intel Corp.	$527,000	–	11,004	–	0.06%	–
MET	New	MetLife	$528,000	–	10,630	–	0.06%	–
HBAN	New	Huntington Bancshares Inc.	$516,000	–	37,350	–	0.06%	–
DXGE	New	WisdomTree Germany Hedged Equi	$485,000	–	16,350	–	0.06%	–
UTX	New	United Technologies	$490,000	–	3,760	–	0.06%	–
CCL	New	Carnival Corporation	$482,000	–	10,350	–	0.06%	–
LIN	New	Linde PLC	$462,000	–	2,300	–	0.05%	–
GE	New	General Electric	$421,000	–	40,119	–	0.05%	–
CMCSA	New	Comcast Cl A	$403,000	–	9,524	–	0.05%	–
MCD	New	McDonald's Corp.	$397,000	–	1,910	–	0.05%	–
AGN	New	Allergan Inc.	$385,000	–	2,300	–	0.04%	–
ORCL	New	Oracle	$382,000	–	6,700	–	0.04%	–
IWF	New	iShares Russell 1000 Growth ET	$380,000	–	2,412	–	0.04%	–
APD	New	Air Products	$376,000	–	1,661	–	0.04%	–
STT	New	State Street Corp	$374,000	–	6,664	–	0.04%	–
SPGI	New	S&P Global Inc.	$364,000	–	1,600	–	0.04%	–
NOC	New	Northrup Grumman	$323,000	–	1,000	–	0.04%	–
DISCA	New	Discovery Inc. A	$302,000	–	9,831	–	0.04%	–
CAT	New	Caterpillar	$293,000	–	2,150	–	0.03%	–
WPP	New	WPP Plc ADR	$283,000	–	4,500	–	0.03%	–
GLW	New	Corning	$289,000	–	8,700	–	0.03%	–
GWW	New	W. W. Grainger	$277,000	–	1,034	–	0.03%	–
NWYF	New	Northway Financial	$268,000	–	8,952	–	0.03%	–
LSXMK	New	Liberty Sirius Group C	$264,000	–	6,948	–	0.03%	–
TRI	New	Thomson Reuters Corp.	$256,000	–	3,974	–	0.03%	–
IVW	New	iShares S&P 500 Growth Index F	$248,000	–	1,383	–	0.03%	–
IWN	New	iShares Russell 2000 Value ETF	$251,000	–	2,080	–	0.03%	–
MDY	New	SPDR S&P Midcap 400 EFT	$252,000	–	710	–	0.03%	–
CTSH	New	Cognizant Technology Solutions	$241,000	–	3,800	–	0.03%	–
IWV	New	iShares Russell 3000 ETF	$241,000	–	1,397	–	0.03%	–
VIAB	New	Viacom Class B	$242,000	–	8,116	–	0.03%	–
SCHW	New	Charles Schwab	$234,000	–	5,825	–	0.03%	–
FOXA	New	Fox Corp. Class A	$206,000	–	5,623	–	0.02%	–
CTT	New	CatchMark Timber Trust	$125,000	–	12,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	A.Schluman Inc.CVR com	$0	–	-15,124	–	0.00%	–
EEP	Exit	Enbridge Energy Partners L.P.	$0	–	-14,300	–	-0.02%	–
TRI	Exit	Thomson Reuters Corp.	$0	–	-4,379	–	-0.02%	–
GRA	Exit	W.R.Grace& Co.	$0	–	-3,103	–	-0.02%	–
CNC	Exit	Centene Corp	$0	–	-1,762	–	-0.02%	–
MDY	Exit	SPDR S&P Midcap 400 EFT	$0	–	-710	–	-0.03%	–
VIAB	Exit	Viacom Class B	$0	–	-8,116	–	-0.03%	–
GBL	Exit	Gamco Investors A	$0	–	-11,888	–	-0.03%	–
IWN	Exit	iShares Russell 2000 Value ETF	$0	–	-2,080	–	-0.03%	–
SCHW	Exit	Charles Schwab	$0	–	-5,825	–	-0.03%	–
NWYF	Exit	Northway Financial	$0	–	-8,952	–	-0.03%	–
MSB	Exit	Mesabi Trust	$0	–	-10,762	–	-0.03%	–
APD	Exit	Air Products	$0	–	-1,711	–	-0.03%	–
LSXMK	Exit	Liberty Sirius Group C	$0	–	-6,948	–	-0.03%	–
GLW	Exit	Corning	$0	–	-8,700	–	-0.03%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,910	–	-0.03%	–
SPGI	Exit	S&P Global Inc.	$0	–	-1,600	–	-0.03%	–
DISCA	Exit	Discovery Inc. A	$0	–	-9,831	–	-0.03%	–
NOC	Exit	Northrup Grumman	$0	–	-1,000	–	-0.03%	–
IWF	Exit	iShares Russell 1000 Growth ET	$0	–	-2,100	–	-0.03%	–
CAT	Exit	Caterpillar	$0	–	-2,150	–	-0.03%	–
ABB	Exit	ABB Ltd.	$0	–	-13,800	–	-0.03%	–
CMCSA	Exit	Comcast Cl A	$0	–	-9,524	–	-0.03%	–
SUN	Exit	Sunoco LP	$0	–	-11,428	–	-0.03%	–
ORCL	Exit	Oracle	$0	–	-6,700	–	-0.03%	–
GOOG	Exit	Alphabet, Inc. Cl C	$0	–	-295	–	-0.04%	–
ASH	Exit	Ashland Inc.	$0	–	-4,490	–	-0.04%	–
GWW	Exit	W. W. Grainger	$0	–	-1,173	–	-0.04%	–
CDNS	Exit	Cadence Design	$0	–	-9,224	–	-0.04%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-10,200	–	-0.04%	–
DWDP	Exit	DowDuPont	$0	–	-6,903	–	-0.04%	–
UTX	Exit	United Technologies	$0	–	-3,258	–	-0.04%	–
TGP	Exit	Teekay LNG Partners	$0	–	-27,277	–	-0.04%	–
DE	Exit	Deere & Co.	$0	–	-3,366	–	-0.05%	–
PBA	Exit	Pembina Pipeline Corp.	$0	–	-14,930	–	-0.05%	–
INTC	Exit	Intel Corp.	$0	–	-11,004	–	-0.05%	–
LLY	Exit	Eli Lilly	$0	–	-4,860	–	-0.05%	–
CB	Exit	Chubb Ltd.	$0	–	-3,946	–	-0.05%	–
LKQ	Exit	LKQ Corporation	$0	–	-16,800	–	-0.05%	–
ETP	Exit	Energy Transfer Partners LP	$0	–	-24,228	–	-0.05%	–
STT	Exit	State Street Corp	$0	–	-6,664	–	-0.06%	–
MPLX	Exit	MPLX LP	$0	–	-16,915	–	-0.06%	–
AB	Exit	AllianceBernstein Holdings, LP	$0	–	-20,625	–	-0.06%	–
IYW	Exit	iShares US Technology	$0	–	-3,400	–	-0.06%	–
UBS	Exit	UBS Group AG	$0	–	-42,850	–	-0.07%	–
BA	Exit	Boeing Company	$0	–	-1,894	–	-0.07%	–
EEQ	Exit	Enbridge Energy Mgmt.	$0	–	-63,927	–	-0.07%	–
GXC	Exit	SPDR Index Shs S&P China	$0	–	-7,400	–	-0.07%	–
KO	Exit	Coca Cola Co.	$0	–	-15,566	–	-0.07%	–
GE	Exit	General Electric	$0	–	-67,483	–	-0.08%	–
FOXA	Exit	Twenty-First Century Fox	$0	–	-16,897	–	-0.08%	–
UNH	Exit	UnitedHealth Group	$0	–	-3,000	–	-0.08%	–
AXP	Exit	American Express	$0	–	-7,733	–	-0.08%	–
DXGE	Exit	WisdomTree Germany Hedged Equi	$0	–	-29,050	–	-0.09%	–
WFC	Exit	Wells Fargo	$0	–	-16,537	–	-0.09%	–
IVZ	Exit	Invesco	$0	–	-39,496	–	-0.09%	–
BRKA	Exit	Brkshire Hathaway A	$0	–	-3	–	-0.09%	–
GPC	Exit	Genuine Parts	$0	–	-9,677	–	-0.10%	–
DISCK	Exit	Discovery Inc. C	$0	–	-33,011	–	-0.10%	–
EMR	Exit	Emerson Electric Co.	$0	–	-12,938	–	-0.10%	–
ITW	Exit	Illinois Tool Works	$0	–	-7,389	–	-0.10%	–
EL	Exit	Estee Lauder	$0	–	-7,250	–	-0.10%	–
TIF	Exit	Tiffany & Co.	$0	–	-8,469	–	-0.11%	–
IBM	Exit	IBM	$0	–	-7,448	–	-0.11%	–
MET	Exit	MetLife	$0	–	-26,580	–	-0.12%	–
AAP	Exit	Advance Auto Parts	$0	–	-8,238	–	-0.14%	–
WPP	Exit	WPP Plc ADR	$0	–	-19,330	–	-0.14%	–
DIS	Exit	Walt Disney	$0	–	-12,604	–	-0.14%	–
NBL	Exit	Noble Energy	$0	–	-51,330	–	-0.16%	–
CSCO	Exit	Cisco Systems	$0	–	-32,909	–	-0.16%	–
RDSA	Exit	Royal Dutch Shell	$0	–	-25,086	–	-0.17%	–
XRAY	Exit	Dentsply Sirona	$0	–	-47,140	–	-0.18%	–
PSX	Exit	Phillips 66	$0	–	-18,202	–	-0.20%	–
KMB	Exit	Kimberly Clark	$0	–	-18,400	–	-0.21%	–
SHW	Exit	Sherwin Williams Co.	$0	–	-4,865	–	-0.22%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-125,508	–	-0.22%	–
AIG	Exit	American Intl. Group	$0	–	-43,606	–	-0.23%	–
ENB	Exit	Enbridge Inc.	$0	–	-74,184	–	-0.24%	–
HSIC	Exit	Henry Schein	$0	–	-28,640	–	-0.24%	–
BABA	Exit	Alibaba Group Holdings Ltd	$0	–	-14,878	–	-0.24%	–
SYK	Exit	Stryker Corp	$0	–	-13,862	–	-0.24%	–
AER	Exit	AerCap Holdings N.V.	$0	–	-43,400	–	-0.25%	–
WMB	Exit	Williams Companies Inc	$0	–	-94,540	–	-0.25%	–
AGN	Exit	Allergan Inc.	$0	–	-14,365	–	-0.27%	–
PAA	Exit	Plains All American Pipeline L	$0	–	-111,050	–	-0.27%	–
T	Exit	AT&T	$0	–	-85,220	–	-0.28%	–
SYY	Exit	Sysco	$0	–	-39,569	–	-0.28%	–
KKR	Exit	KKR & Co. Inc.	$0	–	-106,400	–	-0.29%	–
COP	Exit	ConocoPhillips	$0	–	-37,531	–	-0.29%	–
XOM	Exit	Exxon Mobil	$0	–	-34,690	–	-0.29%	–
CVX	Exit	Chevron	$0	–	-24,256	–	-0.29%	–
BX	Exit	Blackstone Group	$0	–	-80,400	–	-0.30%	–
MMM	Exit	3M Company	$0	–	-14,761	–	-0.31%	–
ADP	Exit	Automatic Data Processing	$0	–	-21,785	–	-0.32%	–
RHHBY	Exit	Roche Holding AG	$0	–	-114,210	–	-0.34%	–
CL	Exit	Colgate Palmolive	$0	–	-52,136	–	-0.34%	–
SLB	Exit	Schlumberger	$0	–	-60,972	–	-0.36%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-39,120	–	-0.38%	–
PEP	Exit	Pepsico	$0	–	-36,132	–	-0.40%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-14,310	–	-0.41%	–
CVS	Exit	CVS Health Corp	$0	–	-56,588	–	-0.44%	–
BRKB	Exit	Brkshire Hathaway B	$0	–	-21,859	–	-0.46%	–
LPT	Exit	Liberty Property Tr	$0	–	-111,083	–	-0.46%	–
COST	Exit	Costco Wholesale	$0	–	-20,092	–	-0.46%	–
FB	Exit	Facebook	$0	–	-29,093	–	-0.47%	–
VZ	Exit	Verizon Comm	$0	–	-95,492	–	-0.50%	–
UN	Exit	Unilever NV NY	$0	–	-92,635	–	-0.51%	–
MRK	Exit	Merck	$0	–	-79,029	–	-0.55%	–
NVS	Exit	Novartis	$0	–	-65,993	–	-0.56%	–
DLTR	Exit	Dollar Tree Inc.	$0	–	-72,070	–	-0.58%	–
DG	Exit	Dollar General	$0	–	-56,580	–	-0.61%	–
PG	Exit	Procter & Gamble	$0	–	-75,096	–	-0.62%	–
HCP	Exit	HCP, Inc.	$0	–	-243,150	–	-0.63%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-26,917	–	-0.65%	–
PX	Exit	Praxair	$0	–	-41,551	–	-0.66%	–
PFE	Exit	Pfizer	$0	–	-153,828	–	-0.67%	–
BUD	Exit	Anheuser-Busch InBev SA/NV	$0	–	-86,345	–	-0.74%	–
NSRGY	Exit	Nestle Spons ADR	$0	–	-114,203	–	-0.94%	–
LUV	Exit	Southwest Airlines	$0	–	-157,091	–	-0.96%	–
HBAN	Exit	Huntington Bancshares Inc.	$0	–	-682,598	–	-1.00%	–
EVRG	Exit	Evergy, Inc.	$0	–	-203,203	–	-1.10%	–
PPL	Exit	PPL Corporation	$0	–	-389,023	–	-1.12%	–
CCL	Exit	Carnival Corporation	$0	–	-182,196	–	-1.14%	–
JNJ	Exit	Johnson & Johnson	$0	–	-85,194	–	-1.16%	–
HD	Exit	Home Depot	$0	–	-59,618	–	-1.22%	–
NRG	Exit	NRG Energy	$0	–	-340,792	–	-1.25%	–
CSX	Exit	CSX Corp.	$0	–	-189,790	–	-1.38%	–
BDX	Exit	Becton Dickinson	$0	–	-58,403	–	-1.50%	–
RCL	Exit	Royal Caribbean Cruise Ltd.	$0	–	-120,607	–	-1.54%	–
DAL	Exit	Delta Airlines	$0	–	-282,431	–	-1.61%	–
AL	Exit	Air Lease	$0	–	-356,185	–	-1.61%	–
BAC	Exit	Bank of America	$0	–	-565,755	–	-1.64%	–
MDT	Exit	Medtronic	$0	–	-172,329	–	-1.67%	–
UNP	Exit	Union Pacific	$0	–	-107,436	–	-1.72%	–
ABT	Exit	Abbott Laboratories	$0	–	-261,060	–	-1.88%	–
V	Exit	Visa	$0	–	-128,695	–	-1.90%	–
FDX	Exit	Fedex	$0	–	-82,520	–	-1.96%	–
AEE	Exit	Ameren Corp	$0	–	-341,980	–	-2.13%	–
C	Exit	Citigroup	$0	–	-310,038	–	-2.19%	–
CWEN	Exit	Clearway Energy, Inc.	$0	–	-1,170,847	–	-2.22%	–
GOOGL	Exit	Alphabet, Inc. Cl A	$0	–	-22,258	–	-2.64%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-164,286	–	-2.71%	–
AAPL	Exit	Apple Computer	$0	–	-125,913	–	-2.80%	–
MSFT	Exit	Microsoft	$0	–	-251,252	–	-2.83%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-15,857	–	-3.13%	–
PEGI	Exit	Pattern Energy Group, Inc.	$0	–	-1,736,606	–	-3.40%	–
	Exit	Energy Transfer Equity LP	$0	–	-2,232,106	–	-3.83%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-353,836	–	-3.93%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-754,281	–	-5.03%	–
NEP	Exit	NextEra Energy Partners	$0	–	-1,294,807	–	-6.18%	–
EPD	Exit	Enterprise Prod Partners	$0	–	-2,348,433	–	-6.64%	–

Q3 2018

			Value		Shares		↓ Weighting
EPD	Buy	Enterprise Prod Partners	$67,470,000	+12.6%	2,348,433	+8.4%	6.64%	+6.1%
NEP	Buy	NextEra Energy Partners	$62,798,000	+4.8%	1,294,807	+0.9%	6.18%	-1.2%
MMP	Buy	Magellan Midstream Partners, L	$51,080,000	-0.8%	754,281	+1.2%	5.03%	-6.5%
JPM	Sell	J.P. Morgan Chase	$39,927,000	-19.5%	353,836	-25.7%	3.93%	-24.1%
	New	Energy Transfer Equity LP	$38,906,000	–	2,232,106	–	3.83%	–
PEGI	Buy	Pattern Energy Group, Inc.	$34,506,000	+7.1%	1,736,606	+1.0%	3.40%	+1.0%
AMZN	Sell	Amazon.com Inc.	$31,762,000	+17.2%	15,857	-0.5%	3.13%	+10.5%
MSFT	Buy	Microsoft	$28,736,000	+19.7%	251,252	+3.2%	2.83%	+12.8%
AAPL	Buy	Apple Computer	$28,424,000	+22.4%	125,913	+0.3%	2.80%	+15.4%
NEE	Buy	NextEra Energy, Inc.	$27,534,000	+0.8%	164,286	+0.5%	2.71%	-5.0%
GOOGL	Buy	Alphabet, Inc. Cl A	$26,867,000	+18.9%	22,258	+11.2%	2.64%	+12.1%
CWEN	New	Clearway Energy, Inc.	$22,539,000	–	1,170,847	–	2.22%	–
C	Buy	Citigroup	$22,242,000	+19.3%	310,038	+11.3%	2.19%	+12.5%
AEE	Buy	Ameren Corp	$21,620,000	+4.9%	341,980	+1.0%	2.13%	-1.1%
FDX	Sell	Fedex	$19,870,000	-18.5%	82,520	-23.1%	1.96%	-23.2%
V	Sell	Visa	$19,316,000	+5.0%	128,695	-7.3%	1.90%	-0.9%
ABT	Buy	Abbott Laboratories	$19,151,000	+43.6%	261,060	+19.4%	1.88%	+35.4%
UNP	Buy	Union Pacific	$17,494,000	+57.5%	107,436	+37.1%	1.72%	+48.6%
MDT	Sell	Medtronic	$16,952,000	+3.2%	172,329	-10.2%	1.67%	-2.7%
BAC	Sell	Bank of America	$16,667,000	-20.8%	565,755	-24.2%	1.64%	-25.4%
AL	Buy	Air Lease	$16,342,000	+47.0%	356,185	+34.5%	1.61%	+38.6%
DAL	Buy	Delta Airlines	$16,333,000	+88.3%	282,431	+61.3%	1.61%	+77.6%
RCL	Buy	Royal Caribbean Cruise Ltd.	$15,672,000	+259.9%	120,607	+186.9%	1.54%	+238.9%
BDX	Buy	Becton Dickinson	$15,243,000	+457.3%	58,403	+411.5%	1.50%	+426.3%
CSX	Buy	CSX Corp.	$14,054,000	+43.4%	189,790	+23.5%	1.38%	+35.2%
NRG	Sell	NRG Energy	$12,746,000	+21.7%	340,792	-0.1%	1.25%	+14.7%
HD	Buy	Home Depot	$12,350,000	+27.1%	59,618	+19.7%	1.22%	+19.8%
JNJ	Sell	Johnson & Johnson	$11,771,000	+13.6%	85,194	-0.2%	1.16%	+7.1%
CCL	Buy	Carnival Corporation	$11,619,000	+177.0%	182,196	+148.9%	1.14%	+161.0%
PPL	Buy	PPL Corporation	$11,383,000	+29.0%	389,023	+25.8%	1.12%	+21.6%
EVRG	Buy	Evergy, Inc.	$11,160,000	-1.2%	203,203	+1.0%	1.10%	-6.9%
HBAN	New	Huntington Bancshares Inc.	$10,184,000	–	682,598	–	1.00%	–
LUV	Buy	Southwest Airlines	$9,810,000	+23.9%	157,091	+1.0%	0.96%	+16.8%
NSRGY	Sell	Nestle Spons ADR	$9,502,000	+7.4%	114,203	-0.1%	0.94%	+1.2%
DG	New	Dollar General	$6,184,000	–	56,580	–	0.61%	–
DLTR	New	Dollar Tree Inc.	$5,877,000	–	72,070	–	0.58%	–
UN	Sell	Unilever NV NY	$5,146,000	-0.5%	92,635	-0.2%	0.51%	-6.3%
FB	Sell	Facebook	$4,785,000	-78.4%	29,093	-74.5%	0.47%	-79.7%
COST	Sell	Costco Wholesale	$4,719,000	+12.3%	20,092	-0.1%	0.46%	+5.7%
CVS	Buy	CVS Health Corp	$4,455,000	+150.4%	56,588	+104.7%	0.44%	+135.5%
SLB	New	Schlumberger	$3,714,000	–	60,972	–	0.36%	–
T	Sell	AT&T	$2,862,000	+4.6%	85,220	-0.0%	0.28%	-1.4%
PAA	Sell	Plains All American Pipeline L	$2,777,000	+5.6%	111,050	-0.2%	0.27%	-0.4%
AGN	Sell	Allergan Inc.	$2,736,000	+14.0%	14,365	-0.2%	0.27%	+7.6%
BABA	Sell	Alibaba Group Holdings Ltd	$2,451,000	-83.1%	14,878	-80.9%	0.24%	-84.1%
AIG	Sell	American Intl. Group	$2,322,000	-1.1%	43,606	-1.6%	0.23%	-6.9%
KMI	Sell	Kinder Morgan Inc.	$2,225,000	-2.1%	125,508	-2.4%	0.22%	-7.6%
RDSA	Sell	Royal Dutch Shell	$1,709,000	-90.0%	25,086	-89.8%	0.17%	-90.6%
IBM	Sell	IBM	$1,126,000	+7.5%	7,448	-0.7%	0.11%	+1.8%
EL	Sell	Estee Lauder	$1,054,000	+1.2%	7,250	-0.7%	0.10%	-4.6%
ITW	Sell	Illinois Tool Works	$1,043,000	+0.5%	7,389	-1.3%	0.10%	-4.6%
KO	Sell	Coca Cola Co.	$719,000	+4.7%	15,566	-0.6%	0.07%	-1.4%
EEQ	Buy	Enbridge Energy Mgmt.	$698,000	+9.9%	63,927	+3.3%	0.07%	+4.5%
MPLX	Sell	MPLX LP	$587,000	-20.5%	16,915	-21.7%	0.06%	-24.7%
ETP	Sell	Energy Transfer Partners LP	$539,000	-1.6%	24,228	-15.8%	0.05%	-7.0%
LKQ	Sell	LKQ Corporation	$532,000	-2.7%	16,800	-2.0%	0.05%	-8.8%
TGP	Sell	Teekay LNG Partners	$456,000	-24.4%	27,277	-23.8%	0.04%	-28.6%
DWDP	Sell	DowDuPont	$444,000	-95.1%	6,903	-95.0%	0.04%	-95.4%
ASH	Sell	Ashland Inc.	$377,000	-17.3%	4,490	-23.1%	0.04%	-22.9%
SUN	Sell	Sunoco LP	$338,000	-26.0%	11,428	-37.5%	0.03%	-31.2%
MSB	Sell	Mesabi Trust	$285,000	-18.1%	10,762	-24.1%	0.03%	-22.2%
GRA	Sell	W.R.Grace& Co.	$222,000	-25.0%	3,103	-23.1%	0.02%	-29.0%
TRI	New	Thomson Reuters Corp.	$200,000	–	4,379	–	0.02%	–
	New	A.Schluman Inc.CVR com	$0	–	15,124	–	0.00%	–
TROW	Exit	T. Rowe Price Group	$0	–	-1,800	–	-0.02%	–
EQT	Exit	EQT Corporation	$0	–	-4,496	–	-0.03%	–
EVER	Exit	EverQuote	$0	–	-16,000	–	-0.03%	–
FQVLF	Exit	First Quantum Minerals, Ltd.	$0	–	-38,160	–	-0.06%	–
SHLM	Exit	A. Schulman	$0	–	-21,082	–	-0.10%	–
DHI	Exit	D. R. Horton	$0	–	-100,210	–	-0.43%	–
LEN	Exit	Lennar Corporation Cl A	$0	–	-80,660	–	-0.44%	–
FCX	Exit	Freeport McMoran Inc.	$0	–	-470,144	–	-0.85%	–
GLNCY	Exit	Glencore PC ADR	$0	–	-1,701,944	–	-1.69%	–
NYLD	Exit	NRG Yield, Inc.Class C	$0	–	-1,165,247	–	-2.09%	–
ET	Exit	Energy Transfer Equity LP	$0	–	-1,369,089	–	-2.46%	–

Q2 2018

			Value		Shares		↓ Weighting
EPD	New	Enterprise Prod Partners	$59,946,000	–	2,166,454	–	6.26%	–
NEP	New	NextEra Energy Partners	$59,914,000	–	1,283,779	–	6.25%	–
MMP	New	Magellan Midstream Partners, L	$51,510,000	–	745,651	–	5.38%	–
JPM	New	J.P. Morgan Chase	$49,611,000	–	476,109	–	5.18%	–
PEGI	New	Pattern Energy Group, Inc. Cla	$32,230,000	–	1,718,921	–	3.36%	–
NEE	New	NextEra Energy, Inc.	$27,317,000	–	163,547	–	2.85%	–
AMZN	New	Amazon.com Inc.	$27,102,000	–	15,944	–	2.83%	–
FDX	New	Fedex	$24,374,000	–	107,344	–	2.54%	–
MSFT	New	Microsoft	$24,013,000	–	243,517	–	2.51%	–
ET	New	Energy Transfer Equity LP	$23,617,000	–	1,369,089	–	2.46%	–
AAPL	New	Apple Computer	$23,229,000	–	125,485	–	2.42%	–
GOOGL	New	Alphabet, Inc. Cl A	$22,596,000	–	20,011	–	2.36%	–
FB	New	Facebook	$22,187,000	–	114,177	–	2.32%	–
BAC	New	Bank of America	$21,052,000	–	746,801	–	2.20%	–
AEE	New	Ameren Corp	$20,606,000	–	338,630	–	2.15%	–
NYLD	New	NRG Yield, Inc.Class C	$20,042,000	–	1,165,247	–	2.09%	–
C	New	Citigroup	$18,638,000	–	278,507	–	1.94%	–
V	New	Visa	$18,389,000	–	138,839	–	1.92%	–
RDSA	New	Royal Dutch Shell	$17,042,000	–	246,171	–	1.78%	–
MDT	New	Medtronic	$16,422,000	–	191,829	–	1.71%	–
GLNCY	New	Glencore PC ADR	$16,168,000	–	1,701,944	–	1.69%	–
BABA	New	Alibaba Group Holdings Ltd	$14,482,000	–	78,056	–	1.51%	–
ABT	New	Abbott Laboratories	$13,334,000	–	218,621	–	1.39%	–
EVRG	New	Evergy, Inc.	$11,298,000	–	201,214	–	1.18%	–
AL	New	Air Lease	$11,114,000	–	264,809	–	1.16%	–
UNP	New	Union Pacific	$11,106,000	–	78,386	–	1.16%	–
NRG	New	NRG Energy	$10,469,000	–	341,007	–	1.09%	–
JNJ	New	Johnson & Johnson	$10,361,000	–	85,389	–	1.08%	–
CSX	New	CSX Corp.	$9,798,000	–	153,620	–	1.02%	–
HD	New	Home Depot	$9,718,000	–	49,808	–	1.01%	–
DWDP	New	DowDuPont	$9,098,000	–	138,015	–	0.95%	–
NSRGY	New	Nestle Spons ADR	$8,850,000	–	114,303	–	0.92%	–
PPL	New	PPL Corporation	$8,826,000	–	309,138	–	0.92%	–
BUD	New	Anheuser-Busch InBev SA/NV	$8,700,000	–	86,345	–	0.91%	–
DAL	New	Delta Airlines	$8,673,000	–	175,070	–	0.90%	–
FCX	New	Freeport McMoran Inc.	$8,115,000	–	470,144	–	0.85%	–
LUV	New	Southwest Airlines	$7,916,000	–	155,591	–	0.83%	–
PX	New	Praxair	$6,571,000	–	41,551	–	0.69%	–
HCP	New	HCP, Inc.	$6,278,000	–	243,150	–	0.66%	–
PG	New	Procter & Gamble	$5,862,000	–	75,096	–	0.61%	–
PFE	New	Pfizer	$5,581,000	–	153,828	–	0.58%	–
TMO	New	Thermo Fisher Scientific	$5,576,000	–	26,917	–	0.58%	–
UN	New	Unilever NV NY	$5,173,000	–	92,835	–	0.54%	–
NVS	New	Novartis	$4,985,000	–	65,993	–	0.52%	–
LPT	New	Liberty Property Tr	$4,924,000	–	111,083	–	0.51%	–
VZ	New	Verizon Comm	$4,804,000	–	95,492	–	0.50%	–
MRK	New	Merck	$4,797,000	–	79,029	–	0.50%	–
RCL	New	Royal Caribbean Cruise Ltd.	$4,355,000	–	42,037	–	0.46%	–
LEN	New	Lennar Corporation Cl A	$4,235,000	–	80,660	–	0.44%	–
COST	New	Costco Wholesale	$4,204,000	–	20,117	–	0.44%	–
CCL	New	Carnival Corporation	$4,195,000	–	73,207	–	0.44%	–
DHI	New	D. R. Horton	$4,109,000	–	100,210	–	0.43%	–
BRKB	New	Brkshire Hathaway B	$4,080,000	–	21,859	–	0.43%	–
PEP	New	Pepsico	$3,934,000	–	36,132	–	0.41%	–
SPY	New	SPDR S&P 500 ETF	$3,882,000	–	14,310	–	0.40%	–
FMX	New	Fomento Economico Mexicano SA	$3,434,000	–	39,120	–	0.36%	–
CL	New	Colgate Palmolive	$3,379,000	–	52,136	–	0.35%	–
RHHBY	New	Roche Holding AG	$3,156,000	–	114,210	–	0.33%	–
CVX	New	Chevron	$3,067,000	–	24,256	–	0.32%	–
ADP	New	Automatic Data Processing	$2,922,000	–	21,785	–	0.30%	–
MMM	New	3M Company	$2,904,000	–	14,761	–	0.30%	–
XOM	New	Exxon Mobil	$2,870,000	–	34,690	–	0.30%	–
T	New	AT&T	$2,737,000	–	85,234	–	0.29%	–
BDX	New	Becton Dickinson	$2,735,000	–	11,418	–	0.28%	–
SYY	New	Sysco	$2,702,000	–	39,569	–	0.28%	–
KKR	New	KKR & Co. Inc.	$2,644,000	–	106,400	–	0.28%	–
ENB	New	Enbridge Inc.	$2,648,000	–	74,184	–	0.28%	–
PAA	New	Plains All American Pipeline L	$2,630,000	–	111,250	–	0.27%	–
COP	New	ConocoPhillips	$2,613,000	–	37,531	–	0.27%	–
BX	New	Blackstone Group	$2,586,000	–	80,400	–	0.27%	–
WMB	New	Williams Companies Inc	$2,563,000	–	94,540	–	0.27%	–
AGN	New	Allergan Inc.	$2,399,000	–	14,390	–	0.25%	–
AIG	New	American Intl. Group	$2,349,000	–	44,306	–	0.24%	–
AER	New	AerCap Holdings N.V.	$2,350,000	–	43,400	–	0.24%	–
SYK	New	Stryker Corp	$2,341,000	–	13,862	–	0.24%	–
KMI	New	Kinder Morgan Inc.	$2,273,000	–	128,622	–	0.24%	–
HSIC	New	Henry Schein	$2,080,000	–	28,640	–	0.22%	–
XRAY	New	Dentsply Sirona	$2,063,000	–	47,140	–	0.22%	–
PSX	New	Phillips 66	$2,044,000	–	18,202	–	0.21%	–
SHW	New	Sherwin Williams Co.	$1,983,000	–	4,865	–	0.21%	–
KMB	New	Kimberly Clark	$1,938,000	–	18,400	–	0.20%	–
NBL	New	Noble Energy	$1,811,000	–	51,330	–	0.19%	–
CVS	New	CVS Health Corp	$1,779,000	–	27,638	–	0.19%	–
WPP	New	WPP Plc ADR	$1,519,000	–	19,330	–	0.16%	–
CSCO	New	Cisco Systems	$1,416,000	–	32,909	–	0.15%	–
DIS	New	Walt Disney	$1,321,000	–	12,604	–	0.14%	–
MET	New	MetLife	$1,159,000	–	26,580	–	0.12%	–
AAP	New	Advance Auto Parts	$1,118,000	–	8,238	–	0.12%	–
TIF	New	Tiffany & Co.	$1,115,000	–	8,469	–	0.12%	–
EL	New	Estee Lauder	$1,042,000	–	7,300	–	0.11%	–
IBM	New	IBM	$1,047,000	–	7,498	–	0.11%	–
IVZ	New	Invesco	$1,049,000	–	39,496	–	0.11%	–
ITW	New	Illinois Tool Works	$1,038,000	–	7,489	–	0.11%	–
SHLM	New	A. Schulman	$938,000	–	21,082	–	0.10%	–
WFC	New	Wells Fargo	$917,000	–	16,537	–	0.10%	–
GE	New	General Electric	$918,000	–	67,483	–	0.10%	–
GPC	New	Genuine Parts	$888,000	–	9,677	–	0.09%	–
EMR	New	Emerson Electric Co.	$895,000	–	12,938	–	0.09%	–
DXGE	New	WisdomTree Germany Hedged Equi	$865,000	–	29,050	–	0.09%	–
BRKA	New	Brkshire Hathaway A	$846,000	–	3	–	0.09%	–
DISCK	New	Discovery Inc. C	$842,000	–	33,011	–	0.09%	–
FOXA	New	Twenty-First Century Fox	$840,000	–	16,897	–	0.09%	–
GXC	New	SPDR Index Shs S&P China	$775,000	–	7,400	–	0.08%	–
AXP	New	American Express	$758,000	–	7,733	–	0.08%	–
MPLX	New	MPLX LP	$738,000	–	21,603	–	0.08%	–
UNH	New	UnitedHealth Group	$736,000	–	3,000	–	0.08%	–
KO	New	Coca Cola Co.	$687,000	–	15,666	–	0.07%	–
UBS	New	UBS Group AG	$657,000	–	42,850	–	0.07%	–
BA	New	Boeing Company	$635,000	–	1,894	–	0.07%	–
EEQ	New	Enbridge Energy Mgmt.	$635,000	–	61,894	–	0.07%	–
STT	New	State Street Corp	$620,000	–	6,664	–	0.06%	–
TGP	New	Teekay LNG Partners	$603,000	–	35,785	–	0.06%	–
IYW	New	iShares US Technology	$606,000	–	3,400	–	0.06%	–
AB	New	AllianceBernstein Holdings, LP	$589,000	–	20,625	–	0.06%	–
FQVLF	New	First Quantum Minerals, Ltd.	$562,000	–	38,160	–	0.06%	–
LKQ	New	LKQ Corporation	$547,000	–	17,150	–	0.06%	–
INTC	New	Intel Corp.	$547,000	–	11,004	–	0.06%	–
ETP	New	Energy Transfer Partners LP	$548,000	–	28,774	–	0.06%	–
PBA	New	Pembina Pipeline Corp.	$517,000	–	14,930	–	0.05%	–
CB	New	Chubb Ltd.	$501,000	–	3,946	–	0.05%	–
DE	New	Deere & Co.	$471,000	–	3,366	–	0.05%	–
SUN	New	Sunoco LP	$457,000	–	18,294	–	0.05%	–
ASH	New	Ashland Inc.	$456,000	–	5,838	–	0.05%	–
MDLZ	New	Mondelez International Inc.	$418,000	–	10,200	–	0.04%	–
LLY	New	Eli Lilly	$415,000	–	4,860	–	0.04%	–
UTX	New	United Technologies	$407,000	–	3,258	–	0.04%	–
CDNS	New	Cadence Design	$399,000	–	9,224	–	0.04%	–
GWW	New	W. W. Grainger	$362,000	–	1,173	–	0.04%	–
MSB	New	Mesabi Trust	$348,000	–	14,178	–	0.04%	–
SPGI	New	S&P Global Inc.	$326,000	–	1,600	–	0.03%	–
GOOG	New	Alphabet, Inc. Cl C	$329,000	–	295	–	0.03%	–
LSXMK	New	Liberty Sirius Group C	$315,000	–	6,948	–	0.03%	–
GBL	New	Gamco Investors A	$318,000	–	11,888	–	0.03%	–
CMCSA	New	Comcast Cl A	$312,000	–	9,524	–	0.03%	–
NOC	New	Northrup Grumman	$308,000	–	1,000	–	0.03%	–
IWF	New	iShares Russell 1000 Growth ET	$302,000	–	2,100	–	0.03%	–
GRA	New	W.R.Grace& Co.	$296,000	–	4,034	–	0.03%	–
ORCL	New	Oracle	$295,000	–	6,700	–	0.03%	–
MCD	New	McDonald's Corp.	$299,000	–	1,910	–	0.03%	–
SCHW	New	Charles Schwab	$298,000	–	5,825	–	0.03%	–
ABB	New	ABB Ltd.	$300,000	–	13,800	–	0.03%	–
EVER	New	EverQuote	$290,000	–	16,000	–	0.03%	–
CAT	New	Caterpillar	$292,000	–	2,150	–	0.03%	–
NWYF	New	Northway Financial	$278,000	–	8,952	–	0.03%	–
IWN	New	iShares Russell 2000 Value ETF	$274,000	–	2,080	–	0.03%	–
APD	New	Air Products	$266,000	–	1,711	–	0.03%	–
DISCA	New	Discovery Inc. A	$270,000	–	9,831	–	0.03%	–
EQT	New	EQT Corporation	$248,000	–	4,496	–	0.03%	–
VIAB	New	Viacom Class B	$245,000	–	8,116	–	0.03%	–
MDY	New	SPDR S&P Midcap 400 EFT	$252,000	–	710	–	0.03%	–
GLW	New	Corning	$239,000	–	8,700	–	0.02%	–
CNC	New	Centene Corp	$217,000	–	1,762	–	0.02%	–
TROW	New	T. Rowe Price Group	$209,000	–	1,800	–	0.02%	–
EEP	New	Enbridge Energy Partners L.P.	$156,000	–	14,300	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
	Exit	JPM China Region Fund Escrow	$0	–	-35,209	–	0.00%	–
TRI	Exit	Thomson Reuters Corp.	$0	–	-4,379	–	-0.02%	–
DISCA	Exit	Discovery Holding A	$0	–	-9,831	–	-0.02%	–
UVSP	Exit	Univest Corporation	$0	–	-6,461	–	-0.02%	–
FOE	Exit	Ferro Corp	$0	–	-9,897	–	-0.02%	–
MDY	Exit	SPDR Midcap Index	$0	–	-710	–	-0.02%	–
VIAB	Exit	Viacom Class B	$0	–	-8,116	–	-0.02%	–
DEO	Exit	Diageo PLC Spon ADR	$0	–	-1,753	–	-0.02%	–
KEY	Exit	Key Corp.	$0	–	-12,871	–	-0.02%	–
APD	Exit	Air Products	$0	–	-1,661	–	-0.03%	–
EEP	Exit	Enbridge Energy Partners L.P.	$0	–	-15,300	–	-0.03%	–
SPGI	Exit	S&P Global Inc.	$0	–	-1,600	–	-0.03%	–
IWN	Exit	iShares Russell 2000 Value	$0	–	-2,080	–	-0.03%	–
SCHW	Exit	Charles Schwab	$0	–	-5,825	–	-0.03%	–
GLW	Exit	Corning	$0	–	-8,700	–	-0.03%	–
NWYF	Exit	Northway Financial	$0	–	-8,952	–	-0.03%	–
GWW	Exit	W. W. Grainger	$0	–	-1,473	–	-0.03%	–
CAT	Exit	Caterpillar	$0	–	-2,150	–	-0.03%	–
NOC	Exit	Northrup Grumman	$0	–	-1,000	–	-0.03%	–
SEP	Exit	Spectra Energy Partners LP	$0	–	-6,397	–	-0.03%	–
GOOG	Exit	Alphabet, Inc. Cl C	$0	–	-295	–	-0.03%	–
IWF	Exit	iShares Russell 1000 Growth In	$0	–	-2,400	–	-0.03%	–
LSXMK	Exit	Liberty Sirius Group C	$0	–	-7,348	–	-0.03%	–
GNRC	Exit	Generac Holdings, Inc.	$0	–	-6,647	–	-0.03%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,935	–	-0.03%	–
ORCL	Exit	Oracle	$0	–	-6,700	–	-0.03%	–
ABB	Exit	ABB Ltd.	$0	–	-13,800	–	-0.04%	–
GBL	Exit	Gamco Investors A	$0	–	-11,888	–	-0.04%	–
WHR	Exit	Whirlpool Corp.	$0	–	-1,900	–	-0.04%	–
CMCSA	Exit	Comcast Cl A	$0	–	-9,524	–	-0.04%	–
CDNS	Exit	Cadence Design	$0	–	-9,224	–	-0.04%	–
SUN	Exit	Sunoco LP	$0	–	-11,802	–	-0.04%	–
PSXP	Exit	Phillips 66 Partners LP	$0	–	-7,340	–	-0.04%	–
UTX	Exit	United Technologies	$0	–	-3,558	–	-0.04%	–
MSB	Exit	Mesabi Trust	$0	–	-17,940	–	-0.04%	–
DE	Exit	Deere & Co.	$0	–	-3,366	–	-0.04%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-10,200	–	-0.04%	–
LLY	Exit	Eli Lilly	$0	–	-4,860	–	-0.04%	–
INTC	Exit	Intel Corp.	$0	–	-11,004	–	-0.04%	–
AC	Exit	Associated Capital Group	$0	–	-11,888	–	-0.04%	–
FOXA	Exit	Twenty-First Century Fox	$0	–	-16,897	–	-0.05%	–
AB	Exit	AllianceBernstein Holdings, LP	$0	–	-20,625	–	-0.05%	–
IYW	Exit	iShares US Technology	$0	–	-3,400	–	-0.05%	–
PBA	Exit	Pembina Pipeline Corp.	$0	–	-14,930	–	-0.06%	–
BA	Exit	Boeing Company	$0	–	-2,169	–	-0.06%	–
CB	Exit	Chubb Ltd.	$0	–	-3,946	–	-0.06%	–
UNH	Exit	UnitedHealth Group	$0	–	-3,000	–	-0.06%	–
TGP	Exit	Teekay LNG Partners	$0	–	-34,108	–	-0.06%	–
RSO	Exit	Resource Capital	$0	–	-57,743	–	-0.06%	–
STT	Exit	State Street Corp	$0	–	-6,664	–	-0.07%	–
DISCK	Exit	Discovery Comm C	$0	–	-33,011	–	-0.07%	–
ETP	Exit	Energy Transfer Partners LP	$0	–	-37,270	–	-0.07%	–
UBS	Exit	UBS Group AG	$0	–	-42,850	–	-0.08%	–
AXP	Exit	American Express	$0	–	-8,054	–	-0.08%	–
KO	Exit	Coca Cola Co.	$0	–	-16,416	–	-0.08%	–
GXC	Exit	SPDR Index Shs S&P China	$0	–	-7,400	–	-0.08%	–
LKQ	Exit	LKQ Corporation	$0	–	-21,700	–	-0.08%	–
TIF	Exit	Tiffany & Co.	$0	–	-8,469	–	-0.08%	–
EL	Exit	Estee Lauder	$0	–	-7,300	–	-0.08%	–
EMR	Exit	Emerson Electric Co.	$0	–	-12,938	–	-0.08%	–
BRKA	Exit	Brkshire Hathaway A	$0	–	-3	–	-0.09%	–
EEQ	Exit	Enbridge Energy Mgmt.	$0	–	-56,778	–	-0.09%	–
DXGE	Exit	WisdomTree Germany Hedged Equi	$0	–	-29,050	–	-0.10%	–
WFC	Exit	Wells Fargo	$0	–	-18,227	–	-0.11%	–
DST	Exit	DST Systems	$0	–	-19,290	–	-0.11%	–
CSCO	Exit	Cisco Systems	$0	–	-32,909	–	-0.12%	–
ITW	Exit	Illinois Tool Works	$0	–	-7,489	–	-0.12%	–
GPC	Exit	Genuine Parts	$0	–	-11,627	–	-0.12%	–
MPLX	Exit	MPLX LP	$0	–	-31,730	–	-0.12%	–
AAP	Exit	Advance Auto Parts	$0	–	-11,338	–	-0.12%	–
IBM	Exit	IBM	$0	–	-7,723	–	-0.12%	–
T	Exit	AT&T	$0	–	-30,008	–	-0.12%	–
WLH	Exit	William Lyon Home	$0	–	-55,487	–	-0.13%	–
TBBK	Exit	Bancorp Inc	$0	–	-155,020	–	-0.14%	–
DIS	Exit	Walt Disney	$0	–	-13,204	–	-0.14%	–
IVZ	Exit	Invesco	$0	–	-39,496	–	-0.15%	–
MET	Exit	MetLife	$0	–	-26,780	–	-0.15%	–
NBL	Exit	Noble Energy	$0	–	-51,330	–	-0.15%	–
WMB	Exit	Williams Companies Inc	$0	–	-49,136	–	-0.16%	–
RDSA	Exit	Royal Dutch Shell	$0	–	-25,612	–	-0.16%	–
UNP	Exit	Union Pacific	$0	–	-14,656	–	-0.18%	–
SHLM	Exit	A. Schulman	$0	–	-50,074	–	-0.18%	–
PSX	Exit	Phillips 66	$0	–	-20,480	–	-0.20%	–
SYK	Exit	Stryker Corp	$0	–	-13,862	–	-0.21%	–
HCP	Exit	HCP, Inc.	$0	–	-71,750	–	-0.21%	–
BDX	Exit	Becton Dickinson	$0	–	-11,368	–	-0.23%	–
KMB	Exit	Kimberly Clark	$0	–	-18,900	–	-0.23%	–
SHW	Exit	Sherwin Williams Co.	$0	–	-6,275	–	-0.24%	–
CVS	Exit	CVS Health Corp	$0	–	-27,638	–	-0.24%	–
WPP	Exit	WPP Plc American Depository Sh	$0	–	-24,855	–	-0.24%	–
COP	Exit	ConocoPhillips	$0	–	-46,291	–	-0.24%	–
HSIC	Exit	Henry Schein	$0	–	-28,640	–	-0.25%	–
PAA	Exit	Plains All American Pipeline L	$0	–	-111,250	–	-0.25%	–
SYY	Exit	Sysco	$0	–	-43,662	–	-0.25%	–
ADP	Exit	Automatic Data Processing	$0	–	-22,160	–	-0.26%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-138,206	–	-0.28%	–
AIG	Exit	American Intl. Group	$0	–	-44,306	–	-0.29%	–
XRAY	Exit	Dentsply Sirona	$0	–	-47,140	–	-0.30%	–
CVX	Exit	Chevron	$0	–	-24,803	–	-0.31%	–
XOM	Exit	Exxon Mobil	$0	–	-35,515	–	-0.31%	–
MDT	Exit	Medtronic	$0	–	-39,819	–	-0.33%	–
MMM	Exit	3M Company	$0	–	-15,203	–	-0.34%	–
ENB	Exit	Enbridge Inc.	$0	–	-80,222	–	-0.35%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-14,310	–	-0.38%	–
COST	Exit	Costco Wholesale	$0	–	-22,317	–	-0.38%	–
RHHBY	Exit	Roche Holding AG	$0	–	-116,028	–	-0.39%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-39,120	–	-0.39%	–
CL	Exit	Colgate Palmolive	$0	–	-53,336	–	-0.41%	–
TWX	Exit	Time Warner Inc.	$0	–	-38,433	–	-0.41%	–
BRKB	Exit	Brkshire Hathaway B	$0	–	-21,909	–	-0.42%	–
LPT	Exit	Liberty Property Tr	$0	–	-115,483	–	-0.50%	–
AAL	Exit	American Airlines Group	$0	–	-100,617	–	-0.50%	–
VZ	Exit	Verizon Comm	$0	–	-96,742	–	-0.50%	–
CCL	Exit	Carnival Corporation	$0	–	-75,750	–	-0.51%	–
ACN	Exit	Accenture PLC	$0	–	-36,327	–	-0.52%	–
GE	Exit	General Electric	$0	–	-203,132	–	-0.52%	–
MRK	Exit	Merck	$0	–	-80,128	–	-0.54%	–
RCL	Exit	Royal Caribbean Cruise Ltd.	$0	–	-45,190	–	-0.56%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-28,807	–	-0.57%	–
PFE	Exit	Pfizer	$0	–	-155,230	–	-0.58%	–
UN	Exit	Unilever NV NY	$0	–	-94,285	–	-0.58%	–
NVS	Exit	Novartis	$0	–	-66,993	–	-0.60%	–
PX	Exit	Praxair	$0	–	-41,426	–	-0.61%	–
PG	Exit	Procter & Gamble	$0	–	-79,054	–	-0.76%	–
MS	Exit	Morgan Stanley	$0	–	-182,540	–	-0.92%	–
LUV	Exit	Southwest Airlines	$0	–	-161,541	–	-0.95%	–
KKR	Exit	KKR & Co. LP	$0	–	-467,892	–	-1.00%	–
AGN	Exit	Allergan Inc.	$0	–	-47,740	–	-1.03%	–
NSRGY	Exit	Nestle Spons ADR	$0	–	-122,389	–	-1.08%	–
CAFD	Exit	8point3 Energy Partners, LP	$0	–	-690,808	–	-1.09%	–
BUD	Exit	Anheuser-Busch InBev SA/NV	$0	–	-90,811	–	-1.14%	–
GLNCY	Exit	Glencore PC ADR	$0	–	-1,202,170	–	-1.16%	–
HD	Exit	Home Depot	$0	–	-68,016	–	-1.17%	–
PEP	Exit	Pepsico	$0	–	-112,100	–	-1.31%	–
ET	Exit	Energy Transfer Equity LP	$0	–	-727,678	–	-1.33%	–
IP	Exit	International Paper	$0	–	-240,250	–	-1.44%	–
SRE	Exit	Sempra Energy	$0	–	-124,618	–	-1.50%	–
BX	Exit	Blackstone Group	$0	–	-427,451	–	-1.50%	–
DAL	Exit	Delta Airlines	$0	–	-310,300	–	-1.57%	–
V	Exit	Visa	$0	–	-143,689	–	-1.59%	–
ABT	Exit	Abbott Laboratories	$0	–	-301,472	–	-1.69%	–
FDX	Exit	Fedex	$0	–	-75,763	–	-1.80%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-17,899	–	-1.81%	–
BAC	Exit	Bank of America	$0	–	-688,228	–	-1.83%	–
CELG	Exit	Celgne Corp	$0	–	-124,728	–	-1.91%	–
MSFT	Exit	Microsoft	$0	–	-250,261	–	-1.96%	–
DWDP	Exit	DowDuPont	$0	–	-271,335	–	-1.98%	–
GOOGL	Exit	Alphabet, Inc. Cl A	$0	–	-19,414	–	-1.99%	–
FB	Exit	Facebook	$0	–	-111,785	–	-2.01%	–
AAPL	Exit	Apple Computer	$0	–	-153,449	–	-2.49%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-163,693	–	-2.52%	–
C	Exit	Citigroup	$0	–	-362,104	–	-2.77%	–
NYLD	Exit	NRG Yield, Inc.Class C	$0	–	-1,369,618	–	-2.78%	–
JNJ	Exit	Johnson & Johnson	$0	–	-285,938	–	-3.91%	–
PEGI	Exit	Pattern Energy Group, Inc. Cla	$0	–	-1,967,642	–	-4.99%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-504,641	–	-5.07%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-754,531	–	-5.64%	–
NEP	Exit	NextEra Energy Partners	$0	–	-1,331,380	–	-5.64%	–
EPD	Exit	Enterprise Prod Partners	$0	–	-2,112,099	–	-5.79%	–

Q3 2017

			Value		Shares		↓ Weighting
EPD	Buy	Enterprise Prod Partners	$55,062,000	+5.9%	2,112,099	+10.0%	5.79%	+8.6%
NEP	Buy	NextEra Energy Partners	$53,641,000	+9.0%	1,331,380	+0.1%	5.64%	+11.8%
MMP	Sell	Magellan Midstream Partners, L	$53,617,000	-1.3%	754,531	-1.0%	5.64%	+1.2%
JPM	Sell	J.P. Morgan Chase	$48,198,000	-5.7%	504,641	-9.8%	5.07%	-3.3%
PEGI	Sell	Pattern Energy Group, Inc. Cla	$47,420,000	+0.7%	1,967,642	-0.4%	4.99%	+3.3%
JNJ	Sell	Johnson & Johnson	$37,175,000	-2.0%	285,938	-0.2%	3.91%	+0.5%
NYLD	Sell	NRG Yield, Inc.Class C	$26,434,000	+9.3%	1,369,618	-0.3%	2.78%	+12.1%
C	Buy	Citigroup	$26,339,000	+12.6%	362,104	+3.6%	2.77%	+15.5%
NEE	Buy	NextEra Energy, Inc.	$23,989,000	+4.7%	163,693	+0.1%	2.52%	+7.3%
AAPL	Sell	Apple Computer	$23,650,000	-7.8%	153,449	-13.8%	2.49%	-5.5%
FB	Sell	Facebook	$19,101,000	+4.0%	111,785	-8.1%	2.01%	+6.7%
GOOGL	Sell	Alphabet, Inc. Cl A	$18,904,000	-20.3%	19,414	-23.9%	1.99%	-18.2%
DWDP	New	DowDuPont	$18,785,000	–	271,335	–	1.98%	–
MSFT	Sell	Microsoft	$18,642,000	-3.2%	250,261	-10.5%	1.96%	-0.8%
CELG	Sell	Celgne Corp	$18,188,000	+11.0%	124,728	-1.2%	1.91%	+13.8%
BAC	Sell	Bank of America	$17,440,000	-18.4%	688,228	-21.9%	1.83%	-16.3%
AMZN	Sell	Amazon.com Inc.	$17,207,000	-19.3%	17,899	-18.8%	1.81%	-17.3%
FDX	Buy	Fedex	$17,091,000	+42.7%	75,763	+37.5%	1.80%	+46.3%
ABT	Sell	Abbott Laboratories	$16,087,000	+9.4%	301,472	-0.4%	1.69%	+12.2%
V	Sell	Visa	$15,122,000	+11.9%	143,689	-0.3%	1.59%	+14.7%
DAL	Sell	Delta Airlines	$14,963,000	-21.0%	310,300	-11.9%	1.57%	-19.0%
BX	Sell	Blackstone Group	$14,264,000	-0.2%	427,451	-0.2%	1.50%	+2.3%
SRE	Sell	Sempra Energy	$14,223,000	+0.8%	124,618	-0.4%	1.50%	+3.4%
IP	New	International Paper	$13,651,000	–	240,250	–	1.44%	–
ET	Sell	Energy Transfer Equity LP	$12,647,000	-3.3%	727,678	-0.1%	1.33%	-0.8%
PEP	Sell	Pepsico	$12,491,000	-3.8%	112,100	-0.3%	1.31%	-1.4%
HD	Sell	Home Depot	$11,125,000	+5.9%	68,016	-0.7%	1.17%	+8.5%
GLNCY	New	Glencore PC ADR	$10,988,000	–	1,202,170	–	1.16%	–
BUD	Sell	Anheuser-Busch InBev SA/NV	$10,834,000	+6.9%	90,811	-1.1%	1.14%	+9.6%
CAFD	Sell	8point3 Energy Partners, LP	$10,383,000	-41.3%	690,808	-41.0%	1.09%	-39.8%
NSRGY	Sell	Nestle Spons ADR	$10,282,000	-60.1%	122,389	-58.6%	1.08%	-59.1%
AGN	Sell	Allergan Inc.	$9,784,000	-56.8%	47,740	-48.8%	1.03%	-55.7%
KKR	Sell	KKR & Co. LP	$9,512,000	+9.1%	467,892	-0.2%	1.00%	+11.9%
LUV	Sell	Southwest Airlines	$9,043,000	-49.3%	161,541	-43.7%	0.95%	-48.0%
MS	New	Morgan Stanley	$8,793,000	–	182,540	–	0.92%	–
PG	Sell	Procter & Gamble	$7,192,000	+3.6%	79,054	-0.8%	0.76%	+6.2%
TMO	Sell	Thermo Fisher Scientific	$5,450,000	-56.4%	28,807	-59.8%	0.57%	-55.3%
RCL	New	Royal Caribbean Cruise Ltd.	$5,357,000	–	45,190	–	0.56%	–
ACN	Sell	Accenture PLC	$4,907,000	+8.6%	36,327	-0.6%	0.52%	+11.4%
CCL	New	Carnival Corporation	$4,891,000	–	75,750	–	0.51%	–
AAL	Sell	American Airlines Group	$4,778,000	-46.0%	100,617	-42.8%	0.50%	-44.7%
RHHBY	Sell	Roche Holding AG	$3,713,000	+0.1%	116,028	-0.5%	0.39%	+2.6%
ENB	Sell	Enbridge Inc.	$3,356,000	-57.0%	80,222	-59.1%	0.35%	-55.9%
KMI	Sell	Kinder Morgan Inc.	$2,651,000	+0.0%	138,206	-0.1%	0.28%	+2.6%
PAA	Sell	Plains All American Pipeline L	$2,357,000	-24.6%	111,250	-6.6%	0.25%	-22.7%
HSIC	Buy	Henry Schein	$2,348,000	-10.6%	28,640	+99.7%	0.25%	-8.2%
SHW	Sell	Sherwin Williams Co.	$2,247,000	-0.3%	6,275	-2.3%	0.24%	+2.2%
HCP	New	HCP, Inc.	$1,997,000	–	71,750	–	0.21%	–
SHLM	Buy	A. Schulman	$1,710,000	+381.7%	50,074	+351.1%	0.18%	+400.0%
UNP	Sell	Union Pacific	$1,700,000	-83.2%	14,656	-84.2%	0.18%	-82.8%
WMB	Sell	Williams Companies Inc	$1,475,000	-3.3%	49,136	-2.5%	0.16%	-1.3%
DIS	Sell	Walt Disney	$1,302,000	-76.7%	13,204	-74.9%	0.14%	-76.1%
MPLX	Sell	MPLX LP	$1,111,000	+4.7%	31,730	-0.1%	0.12%	+7.3%
EEQ	Buy	Enbridge Energy Mgmt.	$878,000	+2.6%	56,778	+2.3%	0.09%	+4.5%
LKQ	Sell	LKQ Corporation	$781,000	+4.4%	21,700	-4.4%	0.08%	+6.5%
ETP	Buy	Energy Transfer Partners LP	$682,000	+82.8%	37,270	+103.7%	0.07%	+89.5%
AB	Sell	AllianceBernstein Holdings, LP	$501,000	-13.9%	20,625	-16.2%	0.05%	-11.7%
MSB	New	Mesabi Trust	$413,000	–	17,940	–	0.04%	–
WHR	New	Whirlpool Corp.	$350,000	–	1,900	–	0.04%	–
GNRC	New	Generac Holdings, Inc.	$305,000	–	6,647	–	0.03%	–
SEP	Sell	Spectra Energy Partners LP	$284,000	-4.7%	6,397	-7.9%	0.03%	-3.2%
FOE	Sell	Ferro Corp	$221,000	-35.8%	9,897	-47.5%	0.02%	-34.3%
UVSP	Sell	Univest Corporation	$207,000	-11.2%	6,461	-17.0%	0.02%	-8.3%
	New	JPM China Region Fund Escrow	$0	–	35,209	–	0.00%	–
D	Exit	Dominion Resources	$0	–	-2,950	–	-0.02%	–
MOS	Exit	Mosaic Co.	$0	–	-10,000	–	-0.02%	–
UAL	Exit	United Continental Holdings, I	$0	–	-3,020	–	-0.02%	–
PAGP	Exit	Plains GP Holdings LP	$0	–	-13,273	–	-0.04%	–
BWP	Exit	Boardwalk Pipeline Partners, L	$0	–	-19,904	–	-0.04%	–
STON	Exit	StoneMor Partners LP	$0	–	-48,370	–	-0.05%	–
DBD	Exit	Diebold	$0	–	-19,823	–	-0.06%	–
JFC	Exit	JPMorgan China Region Fund	$0	–	-35,209	–	-0.07%	–
SJM	Exit	J.M. Smucker	$0	–	-6,170	–	-0.08%	–
DHR	Exit	Danaher Corp	$0	–	-53,460	–	-0.46%	–
DOW	Exit	Dow Chemical	$0	–	-221,781	–	-1.44%	–

Q2 2017

			Value		Shares		↓ Weighting
MMP	New	Magellan Midstream Partners, L	$54,331,000	–	762,331	–	5.57%	–
EPD	New	Enterprise Prod Partners	$52,002,000	–	1,920,324	–	5.33%	–
JPM	New	J.P. Morgan Chase	$51,108,000	–	559,171	–	5.24%	–
NEP	New	Next Era Energy Partners	$49,195,000	–	1,329,958	–	5.04%	–
PEGI	New	Pattern Energy Group, Inc. Cla	$47,074,000	–	1,974,586	–	4.83%	–
JNJ	New	Johnson & Johnson	$37,921,000	–	286,648	–	3.89%	–
NSRGY	New	Nestle Spons ADR	$25,772,000	–	295,549	–	2.64%	–
AAPL	New	Apple Computer	$25,651,000	–	178,109	–	2.63%	–
NYLD	New	NRG Yield, Inc.Class C	$24,174,000	–	1,373,543	–	2.48%	–
GOOGL	New	Alphabet, Inc. Cl A	$23,705,000	–	25,498	–	2.43%	–
C	New	Citigroup	$23,382,000	–	349,614	–	2.40%	–
NEE	New	NextEra Energy, Inc.	$22,923,000	–	163,583	–	2.35%	–
AGN	New	Allergan Inc.	$22,655,000	–	93,195	–	2.32%	–
BAC	New	Bank of America	$21,371,000	–	880,908	–	2.19%	–
AMZN	New	Amazon.com Inc.	$21,330,000	–	22,035	–	2.19%	–
MSFT	New	Microsoft	$19,268,000	–	279,537	–	1.98%	–
DAL	New	Delta Airlines	$18,934,000	–	352,330	–	1.94%	–
FB	New	Facebook	$18,364,000	–	121,630	–	1.88%	–
LUV	New	Southwest Airlines	$17,831,000	–	286,941	–	1.83%	–
CAFD	New	8point3 Energy Partners, LP	$17,700,000	–	1,169,875	–	1.82%	–
CELG	New	Celgne Corp	$16,388,000	–	126,188	–	1.68%	–
ABT	New	Abbott Laboratories	$14,708,000	–	302,577	–	1.51%	–
BX	New	Blackstone Group	$14,290,000	–	428,476	–	1.47%	–
SRE	New	Sempra Energy	$14,110,000	–	125,148	–	1.45%	–
DOW	New	Dow Chemical	$13,988,000	–	221,781	–	1.44%	–
V	New	Visa	$13,513,000	–	144,089	–	1.39%	–
ET	New	Energy Transfer Equity LP	$13,079,000	–	728,208	–	1.34%	–
PEP	New	Pepsico	$12,981,000	–	112,400	–	1.33%	–
TMO	New	Thermo Fisher Scientific	$12,503,000	–	71,661	–	1.28%	–
FDX	New	Fedex	$11,976,000	–	55,103	–	1.23%	–
HD	New	Home Depot	$10,510,000	–	68,511	–	1.08%	–
BUD	New	Anheuser-Busch InBev SA/NV	$10,132,000	–	91,811	–	1.04%	–
UNP	New	Union Pacific	$10,118,000	–	92,900	–	1.04%	–
AAL	New	American Airlines Group	$8,845,000	–	175,777	–	0.91%	–
KKR	New	KKR & Co. LP	$8,720,000	–	468,792	–	0.89%	–
ENB	New	Enbridge Inc.	$7,804,000	–	196,038	–	0.80%	–
PG	New	Procter & Gamble	$6,942,000	–	79,654	–	0.71%	–
NVS	New	Novartis	$5,592,000	–	66,993	–	0.57%	–
DIS	New	Walt Disney	$5,587,000	–	52,587	–	0.57%	–
PX	New	Praxair	$5,491,000	–	41,426	–	0.56%	–
GE	New	General Electric	$5,487,000	–	203,132	–	0.56%	–
PFE	New	Pfizer	$5,214,000	–	155,230	–	0.54%	–
UN	New	Unilever NV NY	$5,211,000	–	94,285	–	0.53%	–
MRK	New	Merck	$5,135,000	–	80,128	–	0.53%	–
LPT	New	Liberty Property Tr	$4,701,000	–	115,483	–	0.48%	–
ACN	New	Accenture PLC	$4,519,000	–	36,537	–	0.46%	–
DHR	New	Danaher Corp	$4,511,000	–	53,460	–	0.46%	–
VZ	New	Verizon Comm	$4,320,000	–	96,742	–	0.44%	–
CL	New	Colgate Palmolive	$3,954,000	–	53,336	–	0.41%	–
TWX	New	Time Warner Inc.	$3,859,000	–	38,433	–	0.40%	–
FMX	New	Fomento Economico Mexicano SA	$3,847,000	–	39,120	–	0.40%	–
BRKB	New	Brkshire Hathaway B	$3,711,000	–	21,909	–	0.38%	–
RHHBY	New	Roche Holding AG	$3,709,000	–	116,622	–	0.38%	–
COST	New	Costco Wholesale	$3,569,000	–	22,317	–	0.37%	–
MDT	New	Medtronic	$3,534,000	–	39,819	–	0.36%	–
SPY	New	SPDR S&P 500 ETF	$3,460,000	–	14,310	–	0.36%	–
MMM	New	3M Company	$3,165,000	–	15,203	–	0.32%	–
PAA	New	Plains All American Pipeline L	$3,127,000	–	119,050	–	0.32%	–
XRAY	New	Dentsply Sirona	$3,057,000	–	47,140	–	0.31%	–
XOM	New	Exxon Mobil	$2,867,000	–	35,515	–	0.29%	–
AIG	New	American Intl. Group	$2,770,000	–	44,306	–	0.28%	–
KMI	New	Kinder Morgan Inc.	$2,650,000	–	138,296	–	0.27%	–
WPP	New	WPP Plc American Depository Sh	$2,620,000	–	24,855	–	0.27%	–
HSIC	New	Henry Schein	$2,625,000	–	14,345	–	0.27%	–
CVX	New	Chevron	$2,588,000	–	24,803	–	0.26%	–
KMB	New	Kimberly Clark	$2,440,000	–	18,900	–	0.25%	–
ADP	New	Automatic Data Processing	$2,271,000	–	22,160	–	0.23%	–
SHW	New	Sherwin Williams Co.	$2,253,000	–	6,420	–	0.23%	–
CVS	New	CVS Health Corp	$2,224,000	–	27,638	–	0.23%	–
BDX	New	Becton Dickinson	$2,218,000	–	11,368	–	0.23%	–
SYY	New	Sysco	$2,198,000	–	43,662	–	0.22%	–
COP	New	ConocoPhillips	$2,035,000	–	46,291	–	0.21%	–
SYK	New	Stryker Corp	$1,924,000	–	13,862	–	0.20%	–
PSX	New	Phillips 66	$1,693,000	–	20,480	–	0.17%	–
WMB	New	Williams Companies Inc	$1,526,000	–	50,391	–	0.16%	–
MET	New	MetLife	$1,471,000	–	26,780	–	0.15%	–
NBL	New	Noble Energy	$1,453,000	–	51,330	–	0.15%	–
IVZ	New	Invesco	$1,390,000	–	39,496	–	0.14%	–
RDSA	New	Royal Dutch Shell	$1,362,000	–	25,612	–	0.14%	–
WLH	New	William Lyon Home	$1,339,000	–	55,487	–	0.14%	–
AAP	New	Advance Auto Parts	$1,322,000	–	11,338	–	0.14%	–
IBM	New	IBM	$1,188,000	–	7,723	–	0.12%	–
DST	New	DST Systems	$1,190,000	–	19,290	–	0.12%	–
TBBK	New	Bancorp Inc	$1,175,000	–	155,020	–	0.12%	–
T	New	AT&T	$1,132,000	–	30,008	–	0.12%	–
GPC	New	Genuine Parts	$1,079,000	–	11,627	–	0.11%	–
ITW	New	Illinois Tool Works	$1,073,000	–	7,489	–	0.11%	–
MPLX	New	MPLX LP	$1,061,000	–	31,762	–	0.11%	–
CSCO	New	Cisco Systems	$1,030,000	–	32,909	–	0.11%	–
WFC	New	Wells Fargo	$1,010,000	–	18,227	–	0.10%	–
DXGE	New	WisdomTree Germany Hedged Equi	$877,000	–	29,050	–	0.09%	–
EEQ	New	Enbridge Energy Mgmt.	$856,000	–	55,523	–	0.09%	–
DISCK	New	Discovery Comm C	$832,000	–	33,011	–	0.08%	–
TIF	New	Tiffany & Co.	$795,000	–	8,469	–	0.08%	–
EMR	New	Emerson Electric Co.	$771,000	–	12,938	–	0.08%	–
BRKA	New	Brkshire Hathaway A	$764,000	–	3	–	0.08%	–
LKQ	New	LKQ Corporation	$748,000	–	22,700	–	0.08%	–
KO	New	Coca Cola Co.	$736,000	–	16,416	–	0.08%	–
UBS	New	UBS Group AG	$728,000	–	42,850	–	0.08%	–
SJM	New	J.M. Smucker	$730,000	–	6,170	–	0.08%	–
JFC	New	JPMorgan China Region Fund	$707,000	–	35,209	–	0.07%	–
EL	New	Estee Lauder	$701,000	–	7,300	–	0.07%	–
AXP	New	American Express	$678,000	–	8,054	–	0.07%	–
GXC	New	SPDR Index Shs S&P China	$661,000	–	7,400	–	0.07%	–
STT	New	State Street Corp	$598,000	–	6,664	–	0.06%	–
RSO	New	Resource Capital	$587,000	–	57,743	–	0.06%	–
AB	New	AllianceBernstein Holdings, LP	$582,000	–	24,625	–	0.06%	–
CB	New	Chubb Ltd.	$574,000	–	3,946	–	0.06%	–
UNH	New	UnitedHealth Group	$556,000	–	3,000	–	0.06%	–
DBD	New	Diebold	$555,000	–	19,823	–	0.06%	–
TGP	New	Teekay LNG Partners	$524,000	–	34,108	–	0.05%	–
PBA	New	Pembina Pipeline Corp.	$494,000	–	14,930	–	0.05%	–
FOXA	New	Twenty-First Century Fox	$479,000	–	16,897	–	0.05%	–
IYW	New	iShares US Technology	$475,000	–	3,400	–	0.05%	–
STON	New	StoneMor Partners LP	$457,000	–	48,370	–	0.05%	–
UTX	New	United Technologies	$434,000	–	3,558	–	0.04%	–
MDLZ	New	Mondelez International Inc.	$441,000	–	10,200	–	0.04%	–
BA	New	Boeing Company	$429,000	–	2,169	–	0.04%	–
DE	New	Deere & Co.	$416,000	–	3,366	–	0.04%	–
AC	New	Associated Capital Group	$404,000	–	11,888	–	0.04%	–
LLY	New	Eli Lilly	$400,000	–	4,860	–	0.04%	–
ETP	New	Energy Transfer Partners LP	$373,000	–	18,300	–	0.04%	–
CMCSA	New	Comcast Cl A	$371,000	–	9,524	–	0.04%	–
INTC	New	Intel Corp.	$371,000	–	11,004	–	0.04%	–
SUN	New	Sunoco LP	$361,000	–	11,802	–	0.04%	–
PSXP	New	Phillips 66 Partners LP	$363,000	–	7,340	–	0.04%	–
BWP	New	Boardwalk Pipeline Partners, L	$358,000	–	19,904	–	0.04%	–
PAGP	New	Plains GP Holdings LP	$347,000	–	13,273	–	0.04%	–
GBL	New	Gamco Investors A	$352,000	–	11,888	–	0.04%	–
SHLM	New	A. Schulman	$355,000	–	11,101	–	0.04%	–
ABB	New	ABB Ltd.	$344,000	–	13,800	–	0.04%	–
FOE	New	Ferro Corp	$344,000	–	18,834	–	0.04%	–
ORCL	New	Oracle	$336,000	–	6,700	–	0.03%	–
CDNS	New	Cadence Design	$309,000	–	9,224	–	0.03%	–
SEP	New	Spectra Energy Partners LP	$298,000	–	6,949	–	0.03%	–
LSXMK	New	Liberty Sirius Group C	$306,000	–	7,348	–	0.03%	–
MCD	New	McDonald's Corp.	$296,000	–	1,935	–	0.03%	–
IWF	New	iShares Russell 1000 Growth In	$286,000	–	2,400	–	0.03%	–
VIAB	New	Viacom Class B	$272,000	–	8,116	–	0.03%	–
GOOG	New	Alphabet, Inc. Cl C	$268,000	–	295	–	0.03%	–
GLW	New	Corning	$261,000	–	8,700	–	0.03%	–
GWW	New	W. W. Grainger	$266,000	–	1,473	–	0.03%	–
NOC	New	Northrup Grumman	$257,000	–	1,000	–	0.03%	–
SCHW	New	Charles Schwab	$250,000	–	5,825	–	0.03%	–
DISCA	New	Discovery Holding A	$254,000	–	9,831	–	0.03%	–
NWYF	New	Northway Financial	$248,000	–	8,952	–	0.02%	–
EEP	New	Enbridge Energy Partners L.P.	$245,000	–	15,300	–	0.02%	–
KEY	New	Key Corp.	$241,000	–	12,871	–	0.02%	–
IWN	New	iShares Russell 2000 Value	$247,000	–	2,080	–	0.02%	–
UVSP	New	Univest Corporation	$233,000	–	7,786	–	0.02%	–
APD	New	Air Products	$238,000	–	1,661	–	0.02%	–
CAT	New	Caterpillar	$231,000	–	2,150	–	0.02%	–
SPGI	New	S&P Global Inc.	$234,000	–	1,600	–	0.02%	–
UAL	New	United Continental Holdings, I	$227,000	–	3,020	–	0.02%	–
D	New	Dominion Resources	$226,000	–	2,950	–	0.02%	–
MOS	New	Mosaic Co.	$228,000	–	10,000	–	0.02%	–
MDY	New	SPDR Midcap Index	$226,000	–	710	–	0.02%	–
DEO	New	Diageo PLC Spon ADR	$210,000	–	1,753	–	0.02%	–
TRI	New	Thomson Reuters Corp.	$203,000	–	4,379	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
	Exit	Lehman Note	$0	–	-12,800	–	0.00%	–
OHRP	Exit	Ohr Pharmaceutical Inc.	$0	–	-43,368	–	-0.01%	–
KEY	Exit	Key Corp.	$0	–	-14,750	–	-0.02%	–
GLW	Exit	Corning	$0	–	-8,700	–	-0.02%	–
SPGI	Exit	S&P Global Inc.	$0	–	-1,600	–	-0.02%	–
NSH	Exit	Nustar GP Holdings LLC	$0	–	-7,900	–	-0.02%	–
DEO	Exit	Diageo PLC Spon ADR	$0	–	-1,753	–	-0.02%	–
MDY	Exit	SPDR Midcap Index	$0	–	-710	–	-0.02%	–
CAT	Exit	Caterpillar	$0	–	-2,350	–	-0.02%	–
NOC	Exit	Northrup Grumman	$0	–	-1,000	–	-0.02%	–
SLB	Exit	Schlumberger	$0	–	-2,722	–	-0.02%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,935	–	-0.02%	–
IWN	Exit	iShares Russell 2000 Value	$0	–	-2,080	–	-0.02%	–
EXC	Exit	Exelon Corp.	$0	–	-6,523	–	-0.02%	–
GOOG	Exit	Alphabet, Inc. Cl C	$0	–	-295	–	-0.03%	–
D	Exit	Dominion Resources	$0	–	-3,250	–	-0.03%	–
CDNS	Exit	Cadence Design	$0	–	-9,224	–	-0.03%	–
APD	Exit	Air Products	$0	–	-1,661	–	-0.03%	–
LSXMK	Exit	Liberty Sirius Group C	$0	–	-7,348	–	-0.03%	–
ORCL	Exit	Oracle	$0	–	-6,700	–	-0.03%	–
GILD	Exit	Gilead Science	$0	–	-3,376	–	-0.03%	–
BA	Exit	Boeing Company	$0	–	-2,169	–	-0.03%	–
DBD	Exit	Diebold	$0	–	-11,770	–	-0.03%	–
DISCA	Exit	Discovery Holding A	$0	–	-10,704	–	-0.03%	–
GIS	Exit	General Mills	$0	–	-4,500	–	-0.03%	–
SHLM	Exit	A. Schulman	$0	–	-10,372	–	-0.03%	–
PAGP	Exit	Plains GP Holdings LP	$0	–	-23,082	–	-0.03%	–
VIAB	Exit	Viacom Class B	$0	–	-8,116	–	-0.04%	–
ABB	Exit	ABB Ltd.	$0	–	-13,800	–	-0.04%	–
IWF	Exit	iShares Russell 1000 Growth In	$0	–	-3,000	–	-0.04%	–
CMCSA	Exit	Comcast Cl A	$0	–	-4,762	–	-0.04%	–
UVSP	Exit	Univest Corporation	$0	–	-13,932	–	-0.04%	–
MSFT	Exit	Microsoft	$0	–	-5,834	–	-0.04%	–
GBL	Exit	Gamco Investors A	$0	–	-11,888	–	-0.04%	–
DE	Exit	Deere & Co.	$0	–	-3,875	–	-0.04%	–
TGP	Exit	Teekay LNG Partners	$0	–	-22,557	–	-0.04%	–
PSXP	Exit	Phillips 66 Partners LP	$0	–	-7,617	–	-0.04%	–
UTX	Exit	United Technologies	$0	–	-3,608	–	-0.04%	–
SHLX	Exit	Shell Midstream Partners LP	$0	–	-11,505	–	-0.04%	–
FOE	Exit	Ferro Corp	$0	–	-27,470	–	-0.04%	–
EEP	Exit	Enbridge Energy Partners L.P.	$0	–	-15,300	–	-0.04%	–
LLY	Exit	Eli Lilly	$0	–	-4,860	–	-0.04%	–
IYW	Exit	iShares US Technology	$0	–	-3,400	–	-0.05%	–
INTC	Exit	Intel Corp.	$0	–	-11,004	–	-0.05%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-6,505	–	-0.05%	–
UNH	Exit	UnitedHealth Group	$0	–	-3,000	–	-0.05%	–
AC	Exit	Associated Capital Group	$0	–	-11,888	–	-0.05%	–
SUN	Exit	Sunoco LP	$0	–	-15,172	–	-0.05%	–
GWW	Exit	W. W. Grainger	$0	–	-2,041	–	-0.05%	–
STT	Exit	State Street Corp	$0	–	-6,664	–	-0.05%	–
SYNA	Exit	Synaptics Incorporated	$0	–	-8,381	–	-0.06%	–
AXP	Exit	American Express	$0	–	-8,204	–	-0.06%	–
CB	Exit	Chubb Ltd.	$0	–	-4,286	–	-0.06%	–
DOW	Exit	Dow Chemical	$0	–	-10,674	–	-0.06%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-13,483	–	-0.07%	–
AB	Exit	AllianceBernstein Holdings, LP	$0	–	-27,128	–	-0.07%	–
TIF	Exit	Tiffany & Co.	$0	–	-8,469	–	-0.07%	–
JFC	Exit	JPMorgan China Region Fund	$0	–	-37,208	–	-0.07%	–
BRKA	Exit	Brkshire Hathaway A	$0	–	-3	–	-0.07%	–
ETP	Exit	Energy Transfer Partners LP	$0	–	-17,800	–	-0.08%	–
EL	Exit	Estee Lauder	$0	–	-7,600	–	-0.08%	–
EMR	Exit	Emerson Electric Co.	$0	–	-13,188	–	-0.08%	–
SEMI	Exit	SunEdison Semiconductor, Inc.	$0	–	-65,837	–	-0.08%	–
GSK	Exit	GlaxoSmithKline PLC	$0	–	-17,400	–	-0.08%	–
RSO	Exit	Resource Capital	$0	–	-58,760	–	-0.09%	–
FOXA	Exit	Twenty-First Century Fox	$0	–	-31,497	–	-0.09%	–
BUD	Exit	Anheuser-Busch Inbev ADR	$0	–	-5,900	–	-0.09%	–
GXC	Exit	SPDR Index Shs S&P China	$0	–	-9,750	–	-0.09%	–
WFC	Exit	Wells Fargo	$0	–	-17,936	–	-0.09%	–
SJM	Exit	J.M. Smucker	$0	–	-6,170	–	-0.10%	–
DISCK	Exit	Discovery Comm C	$0	–	-33,290	–	-0.10%	–
ITW	Exit	Illinois Tool Works	$0	–	-7,559	–	-0.10%	–
TBBK	Exit	Bancorp Inc	$0	–	-155,020	–	-0.11%	–
STON	Exit	StoneMor Partners LP	$0	–	-40,621	–	-0.12%	–
MPLX	Exit	MPLX LP	$0	–	-31,271	–	-0.12%	–
CSCO	Exit	Cisco Systems	$0	–	-34,142	–	-0.12%	–
DST	Exit	DST Systems	$0	–	-9,645	–	-0.13%	–
IVZ	Exit	Invesco	$0	–	-39,496	–	-0.14%	–
DIS	Exit	Walt Disney	$0	–	-13,504	–	-0.14%	–
T	Exit	AT&T	$0	–	-30,809	–	-0.14%	–
MET	Exit	MetLife	$0	–	-28,379	–	-0.14%	–
GPC	Exit	Genuine Parts	$0	–	-13,127	–	-0.15%	–
DXGE	Exit	WisdomTree Germany Hedged Equi	$0	–	-51,450	–	-0.15%	–
RDSA	Exit	Royal Dutch Shell	$0	–	-27,112	–	-0.15%	–
WMB	Exit	Williams Companies Inc	$0	–	-45,462	–	-0.16%	–
UNP	Exit	Union Pacific	$0	–	-14,656	–	-0.16%	–
IBM	Exit	IBM	$0	–	-9,060	–	-0.16%	–
KKR	Exit	KKR & Co. LP	$0	–	-111,500	–	-0.18%	–
SYK	Exit	Stryker Corp	$0	–	-13,862	–	-0.18%	–
PSX	Exit	Phillips 66	$0	–	-20,600	–	-0.19%	–
AAP	Exit	Advance Auto Parts	$0	–	-11,338	–	-0.19%	–
EEQ	Exit	Enbridge Energy Mgmt.	$0	–	-67,392	–	-0.20%	–
KO	Exit	Coca Cola Co.	$0	–	-41,081	–	-0.20%	–
SHW	Exit	Sherwin Williams Co.	$0	–	-6,420	–	-0.20%	–
LKQ	Exit	LKQ Corporation	$0	–	-52,349	–	-0.21%	–
NBL	Exit	Noble Energy	$0	–	-52,130	–	-0.21%	–
ADP	Exit	Automatic Data Processing	$0	–	-22,360	–	-0.22%	–
BDN	Exit	Brandywine Realty	$0	–	-131,799	–	-0.23%	–
COP	Exit	ConocoPhillips	$0	–	-47,662	–	-0.24%	–
BDX	Exit	Becton Dickinson	$0	–	-11,618	–	-0.24%	–
SYY	Exit	Sysco	$0	–	-44,961	–	-0.25%	–
BX	Exit	Blackstone Group	$0	–	-92,299	–	-0.27%	–
KMB	Exit	Kimberly Clark	$0	–	-19,716	–	-0.28%	–
HSIC	Exit	Henry Schein	$0	–	-15,316	–	-0.28%	–
NVS	Exit	Novartis	$0	–	-32,900	–	-0.30%	–
UBS	Exit	UBS Group AG	$0	–	-191,399	–	-0.30%	–
AIG	Exit	American Intl. Group	$0	–	-45,105	–	-0.30%	–
	Exit	Bayer AG	$0	–	-26,750	–	-0.30%	–
MMM	Exit	3M Company	$0	–	-15,353	–	-0.31%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-117,146	–	-0.31%	–
CVX	Exit	Chevron	$0	–	-26,609	–	-0.31%	–
CVS	Exit	CVS Health Corp	$0	–	-30,988	–	-0.31%	–
FTV	Exit	Fortive Corp.	$0	–	-54,122	–	-0.31%	–
XRAY	Exit	Dentsply Sirona	$0	–	-47,640	–	-0.32%	–
WPP	Exit	WPP Plc American Depository Sh	$0	–	-25,105	–	-0.34%	–
LUV	Exit	Southwest Airlines	$0	–	-76,951	–	-0.34%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-14,310	–	-0.35%	–
TWX	Exit	Time Warner Inc.	$0	–	-39,099	–	-0.35%	–
XOM	Exit	Exxon Mobil	$0	–	-36,327	–	-0.36%	–
BRKB	Exit	Brkshire Hathaway B	$0	–	-22,395	–	-0.37%	–
PFE	Exit	Pfizer	$0	–	-96,804	–	-0.37%	–
COST	Exit	Costco Wholesale	$0	–	-22,767	–	-0.39%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-39,220	–	-0.41%	–
RHHBY	Exit	Roche Holding AG	$0	–	-118,420	–	-0.42%	–
MRK	Exit	Merck	$0	–	-66,927	–	-0.48%	–
CL	Exit	Colgate Palmolive	$0	–	-63,874	–	-0.54%	–
UN	Exit	Unilever NV NY	$0	–	-106,543	–	-0.56%	–
PX	Exit	Praxair	$0	–	-41,426	–	-0.57%	–
LPT	Exit	Liberty Property Tr	$0	–	-127,746	–	-0.59%	–
AAPL	Exit	Apple Computer	$0	–	-60,121	–	-0.77%	–
PAA	Exit	Plains All American Pipeline L	$0	–	-226,044	–	-0.81%	–
V	Exit	Visa	$0	–	-94,330	–	-0.89%	–
JCI	Exit	Johnson Controls International	$0	–	-172,192	–	-0.91%	–
DHR	Exit	Danaher Corp	$0	–	-108,244	–	-0.96%	–
MKC	Exit	McCormick & Co.	$0	–	-86,178	–	-0.98%	–
PG	Exit	Procter & Gamble	$0	–	-97,543	–	-1.00%	–
ABT	Exit	Abbott Laboratories	$0	–	-211,393	–	-1.02%	–
VZ	Exit	Verizon Comm	$0	–	-188,191	–	-1.11%	–
C	Exit	Citigroup	$0	–	-221,558	–	-1.19%	–
SEP	Exit	Spectra Energy Partners LP	$0	–	-246,546	–	-1.22%	–
	Exit	Anheuser-Busch InBev SA/NV	$0	–	-88,640	–	-1.32%	–
ET	Exit	Energy Transfer Equity LP	$0	–	-721,221	–	-1.38%	–
GOOGL	Exit	Alphabet, Inc. Cl A	$0	–	-17,513	–	-1.60%	–
SE	Exit	Spectra Energy	$0	–	-360,378	–	-1.75%	–
PEP	Exit	Pepsico	$0	–	-143,853	–	-1.78%	–
NLSN	Exit	Nielsen Holdings PLC	$0	–	-305,563	–	-1.86%	–
NYLD	Exit	NRG Yield, Inc.Class C	$0	–	-1,046,506	–	-2.02%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-281,438	–	-2.13%	–
FB	Exit	Facebook	$0	–	-147,662	–	-2.15%	–
SRE	Exit	Sempra Energy	$0	–	-188,472	–	-2.30%	–
GE	Exit	General Electric	$0	–	-698,631	–	-2.35%	–
CAFD	Exit	8point3 Energy Partners, LP	$0	–	-1,575,644	–	-2.58%	–
HD	Exit	Home Depot	$0	–	-185,522	–	-2.71%	–
MDT	Exit	Medtronic	$0	–	-282,436	–	-2.77%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-156,435	–	-2.83%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-30,534	–	-2.90%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-226,917	–	-3.15%	–
AGN	Exit	Allergan Inc.	$0	–	-130,739	–	-3.42%	–
NEP	Exit	Next Era Energy Partners	$0	–	-1,183,252	–	-3.76%	–
PEGI	Exit	Pattern Energy Group, Inc. Cla	$0	–	-1,583,093	–	-4.04%	–
NSRGY	Exit	Nestle Spons ADR	$0	–	-467,455	–	-4.19%	–
JNJ	Exit	Johnson & Johnson	$0	–	-353,076	–	-4.74%	–
EPD	Exit	Enterprise Prod Partners	$0	–	-1,895,574	–	-5.95%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-829,425	–	-6.67%	–

Q3 2016

			Value		Shares		↓ Weighting
MMP	Sell	Magellan Midstream Partners, L	$58,674,000	-7.6%	829,425	-0.7%	6.67%	-10.9%
EPD	Buy	Enterprise Prod Partners	$52,375,000	-5.5%	1,895,574	+0.1%	5.95%	-8.9%
JNJ	Sell	Johnson & Johnson	$41,709,000	-2.6%	353,076	-0.0%	4.74%	-6.1%
NSRGY	Sell	Nestle Spons ADR	$36,913,000	+2.1%	467,455	-0.3%	4.19%	-1.5%
PEGI	Buy	Pattern Energy Group, Inc. Cla	$35,604,000	+10.4%	1,583,093	+12.7%	4.04%	+6.4%
NEP	Buy	Next Era Energy Partners	$33,096,000	-7.3%	1,183,252	+0.7%	3.76%	-10.6%
AGN	Buy	Allergan Inc.	$30,110,000	+8.9%	130,739	+9.3%	3.42%	+5.0%
NEE	Sell	NextEra Energy, Inc.	$27,756,000	-6.8%	226,917	-0.7%	3.15%	-10.1%
AMZN	Buy	Amazon.com Inc.	$25,566,000	+47.3%	30,534	+25.9%	2.90%	+42.1%
TMO	Sell	Thermo Fisher Scientific	$24,883,000	+7.1%	156,435	-0.5%	2.83%	+3.3%
HD	Buy	Home Depot	$23,873,000	+7.6%	185,522	+6.8%	2.71%	+3.8%
CAFD	Buy	8point3 Energy Partners, LP	$22,689,000	-2.8%	1,575,644	+6.7%	2.58%	-6.2%
GE	Buy	General Electric	$20,693,000	+270.7%	698,631	+294.0%	2.35%	+257.3%
SRE	Sell	Sempra Energy	$20,202,000	-7.1%	188,472	-1.2%	2.30%	-10.4%
FB	Buy	Facebook	$18,941,000	+79.1%	147,662	+59.5%	2.15%	+72.7%
JPM	Sell	J.P. Morgan Chase	$18,741,000	+7.2%	281,438	-0.0%	2.13%	+3.3%
NYLD	Buy	NRG Yield, Inc.Class C	$17,749,000	+22.1%	1,046,506	+12.3%	2.02%	+17.8%
NLSN	Sell	Nielsen Holdings PLC	$16,369,000	-34.7%	305,563	-36.7%	1.86%	-37.1%
PEP	Buy	Pepsico	$15,647,000	+16.8%	143,853	+13.7%	1.78%	+12.6%
SE	Sell	Spectra Energy	$15,406,000	+16.7%	360,378	-0.0%	1.75%	+12.5%
GOOGL	Buy	Alphabet, Inc. Cl A	$14,082,000	+58.6%	17,513	+38.7%	1.60%	+53.0%
	New	Anheuser-Busch InBev SA/NV	$11,575,000	–	88,640	–	1.32%	–
SEP	Sell	Spectra Energy Partners LP	$10,772,000	-8.6%	246,546	-1.3%	1.22%	-11.9%
C	Sell	Citigroup	$10,464,000	+11.4%	221,558	-0.0%	1.19%	+7.4%
VZ	Buy	Verizon Comm	$9,782,000	+65.8%	188,191	+78.1%	1.11%	+59.9%
ABT	Buy	Abbott Laboratories	$8,940,000	+3198.9%	211,393	+2966.8%	1.02%	+3075.0%
PG	Sell	Procter & Gamble	$8,754,000	+5.9%	97,543	-0.1%	1.00%	+2.2%
JCI	New	Johnson Controls International	$8,012,000	–	172,192	–	0.91%	–
PAA	Sell	Plains All American Pipeline L	$7,100,000	+1.3%	226,044	-11.3%	0.81%	-2.3%
AAPL	Sell	Apple Computer	$6,797,000	+18.2%	60,121	-0.0%	0.77%	+14.0%
LPT	Sell	Liberty Property Tr	$5,155,000	+1.6%	127,746	-0.0%	0.59%	-2.0%
UN	Sell	Unilever NV NY	$4,912,000	-1.8%	106,543	-0.0%	0.56%	-5.3%
MRK	Sell	Merck	$4,177,000	+8.3%	66,927	-0.0%	0.48%	+4.6%
RHHBY	Sell	Roche Holding AG	$3,680,000	-5.4%	118,420	-0.0%	0.42%	-8.7%
COST	Sell	Costco Wholesale	$3,472,000	-3.3%	22,767	-0.4%	0.39%	-6.9%
XOM	Sell	Exxon Mobil	$3,171,000	-7.3%	36,327	-0.5%	0.36%	-10.7%
LUV	Sell	Southwest Airlines	$2,993,000	-19.8%	76,951	-19.1%	0.34%	-22.7%
CVS	Sell	CVS Health Corp	$2,758,000	-17.1%	30,988	-10.8%	0.31%	-20.2%
FTV	New	Fortive Corp.	$2,755,000	–	54,122	–	0.31%	–
KMI	Sell	Kinder Morgan Inc.	$2,710,000	+23.3%	117,146	-0.2%	0.31%	+18.9%
	Buy	Bayer AG	$2,688,000	+6.0%	26,750	+5.5%	0.30%	+2.0%
AIG	Sell	American Intl. Group	$2,677,000	+11.0%	45,105	-1.1%	0.30%	+7.0%
UBS	Buy	UBS Group AG	$2,607,000	+6.0%	191,399	+0.9%	0.30%	+2.1%
HSIC	Sell	Henry Schein	$2,496,000	-51.7%	15,316	-47.6%	0.28%	-53.4%
KMB	Sell	Kimberly Clark	$2,487,000	-66.3%	19,716	-63.2%	0.28%	-67.4%
BX	Buy	Blackstone Group	$2,356,000	+84.1%	92,299	+77.0%	0.27%	+77.5%
SYY	Sell	Sysco	$2,204,000	-3.4%	44,961	-0.0%	0.25%	-7.1%
COP	Sell	ConocoPhillips	$2,072,000	-1.1%	47,662	-0.8%	0.24%	-4.9%
BDN	Sell	Brandywine Realty	$2,059,000	-10.4%	131,799	-3.7%	0.23%	-13.7%
LKQ	Sell	LKQ Corporation	$1,856,000	-18.3%	52,349	-26.9%	0.21%	-21.3%
SHW	New	Sherwin Williams Co.	$1,776,000	–	6,420	–	0.20%	–
EEQ	Buy	Enbridge Energy Mgmt.	$1,714,000	+43.1%	67,392	+29.5%	0.20%	+38.3%
PSX	Sell	Phillips 66	$1,659,000	+1.5%	20,600	-0.0%	0.19%	-2.6%
KKR	Buy	KKR & Co. LP	$1,590,000	+538.6%	111,500	+452.0%	0.18%	+524.1%
IBM	Sell	IBM	$1,439,000	-1.8%	9,060	-6.2%	0.16%	-5.8%
WMB	Buy	Williams Companies Inc	$1,397,000	+65.1%	45,462	+16.2%	0.16%	+59.0%
MET	Sell	MetLife	$1,261,000	+11.6%	28,379	-0.0%	0.14%	+7.5%
CSCO	Sell	Cisco Systems	$1,083,000	+10.5%	34,142	-0.0%	0.12%	+7.0%
MPLX	Sell	MPLX LP	$1,059,000	+0.6%	31,271	-0.1%	0.12%	-3.2%
STON	Sell	StoneMor Partners LP	$1,017,000	-0.1%	40,621	-0.1%	0.12%	-3.3%
SJM	New	J.M. Smucker	$836,000	–	6,170	–	0.10%	–
WFC	Sell	Wells Fargo	$794,000	-6.5%	17,936	-0.0%	0.09%	-10.0%
FOXA	Sell	Twenty-First Century Fox	$763,000	-11.6%	31,497	-1.3%	0.09%	-14.7%
RSO	Sell	Resource Capital	$753,000	-1.8%	58,760	-1.5%	0.09%	-4.4%
SEMI	Sell	SunEdison Semiconductor, Inc.	$750,000	+91.8%	65,837	-0.1%	0.08%	+84.8%
EMR	Sell	Emerson Electric Co.	$719,000	+0.7%	13,188	-3.6%	0.08%	-2.4%
JFC	Sell	JPMorgan China Region Fund	$641,000	+13.3%	37,208	-0.0%	0.07%	+9.0%
DOW	Sell	Dow Chemical	$553,000	+4.1%	10,674	-0.1%	0.06%	0.0%
CB	Sell	Chubb Ltd.	$539,000	-5.6%	4,286	-1.8%	0.06%	-9.0%
SYNA	New	Synaptics Incorporated	$491,000	–	8,381	–	0.06%	–
SUN	Buy	Sunoco LP	$440,000	+31.7%	15,172	+36.2%	0.05%	+28.2%
ABBV	Sell	AbbVie, Inc.	$410,000	+1.7%	6,505	-0.1%	0.05%	0.0%
FOE	Sell	Ferro Corp	$379,000	-41.1%	27,470	-42.8%	0.04%	-43.4%
PSXP	New	Phillips 66 Partners LP	$370,000	–	7,617	–	0.04%	–
SHLX	New	Shell Midstream Partners LP	$369,000	–	11,505	–	0.04%	–
TGP	Sell	Teekay LNG Partners	$341,000	+34.3%	22,557	-0.1%	0.04%	+30.0%
UVSP	Sell	Univest Corporation	$325,000	-13.3%	13,932	-22.0%	0.04%	-15.9%
SHLM	New	A. Schulman	$302,000	–	10,372	–	0.03%	–
PAGP	Sell	Plains GP Holdings LP	$299,000	+24.1%	23,082	-0.1%	0.03%	+21.4%
DBD	Sell	Diebold	$292,000	0.0%	11,770	-0.1%	0.03%	-2.9%
GILD	Sell	Gilead Science	$267,000	-5.3%	3,376	-0.1%	0.03%	-9.1%
LSXMK	Sell	Liberty Sirius Group C	$245,000	+7.0%	7,348	-0.9%	0.03%	+3.7%
EXC	Sell	Exelon Corp.	$217,000	-8.4%	6,523	-0.1%	0.02%	-10.7%
CAT	New	Caterpillar	$209,000	–	2,350	–	0.02%	–
SPGI	New	S&P Global Inc.	$202,000	–	1,600	–	0.02%	–
DEO	New	Diageo PLC Spon ADR	$203,000	–	1,753	–	0.02%	–
GLW	New	Corning	$206,000	–	8,700	–	0.02%	–
MDY	New	SPDR Midcap Index	$200,000	–	710	–	0.02%	–
KEY	Sell	Key Corp.	$180,000	+10.4%	14,750	-0.1%	0.02%	+5.3%
OHRP	Sell	Ohr Pharmaceutical Inc.	$123,000	+3.4%	43,368	-0.1%	0.01%	0.0%
	Exit	SAB Miller PLC/GBP/	$0	–	-7,104	–	-0.05%	–
GAS	Exit	AGL Resources	$0	–	-20,604	–	-0.16%	–
UAL	Exit	United Continental Holdings, I	$0	–	-155,699	–	-0.75%	–
DAL	Exit	Delta Airlines	$0	–	-217,007	–	-0.93%	–
MA	Exit	MasterCard Inc.	$0	–	-110,560	–	-1.15%	–
	Exit	Anheuser-Busch InBev	$0	–	-88,741	–	-1.37%	–

Q2 2016

			Value		Shares		↓ Weighting
MMP	New	Magellan Midstream Partners, L	$63,473,000	–	835,167	–	7.48%	–
EPD	New	Enterprise Prod Partners	$55,418,000	–	1,894,001	–	6.53%	–
JNJ	New	Johnson & Johnson	$42,828,000	–	353,077	–	5.05%	–
NSRGY	New	Nestle Spons ADR	$36,155,000	–	468,686	–	4.26%	–
NEP	New	Next Era Energy Partners	$35,692,000	–	1,174,851	–	4.20%	–
PEGI	New	Pattern Energy Group, Inc. Cla	$32,261,000	–	1,404,478	–	3.80%	–
NEE	New	NextEra Energy, Inc.	$29,790,000	–	228,451	–	3.51%	–
AGN	New	Allergan Inc.	$27,640,000	–	119,608	–	3.26%	–
NLSN	New	Nielsen Holdings PLC	$25,076,000	–	482,518	–	2.96%	–
MDT	New	Medtronic	$24,507,000	–	282,436	–	2.89%	–
CAFD	New	8point3 Energy Partners, LP	$23,336,000	–	1,476,993	–	2.75%	–
TMO	New	Thermo Fisher Scientific	$23,238,000	–	157,270	–	2.74%	–
HD	New	Home Depot	$22,179,000	–	173,692	–	2.61%	–
SRE	New	Sempra Energy	$21,747,000	–	190,727	–	2.56%	–
JPM	New	J.P. Morgan Chase	$17,489,000	–	281,442	–	2.06%	–
AMZN	New	Amazon.com Inc.	$17,354,000	–	24,250	–	2.04%	–
NYLD	New	NRG Yield, Inc.Class C	$14,534,000	–	932,261	–	1.71%	–
PEP	New	Pepsico	$13,402,000	–	126,505	–	1.58%	–
SE	New	Spectra Energy	$13,201,000	–	360,380	–	1.56%	–
SEP	New	Spectra Energy Partners LP	$11,790,000	–	249,886	–	1.39%	–
	New	Anheuser-Busch InBev	$11,619,000	–	88,741	–	1.37%	–
DHR	New	Danaher Corp	$10,933,000	–	108,244	–	1.29%	–
FB	New	Facebook	$10,577,000	–	92,552	–	1.25%	–
ET	New	Energy Transfer Equity LP	$10,364,000	–	721,221	–	1.22%	–
MA	New	MasterCard Inc.	$9,736,000	–	110,560	–	1.15%	–
C	New	Citigroup	$9,392,000	–	221,562	–	1.11%	–
MKC	New	McCormick & Co.	$9,193,000	–	86,178	–	1.08%	–
GOOGL	New	Alphabet, Inc. Cl A	$8,881,000	–	12,623	–	1.05%	–
PG	New	Procter & Gamble	$8,268,000	–	97,652	–	0.97%	–
DAL	New	Delta Airlines	$7,906,000	–	217,007	–	0.93%	–
KMB	New	Kimberly Clark	$7,374,000	–	53,636	–	0.87%	–
PAA	New	Plains All American Pipeline L	$7,008,000	–	254,946	–	0.83%	–
V	New	Visa	$6,996,000	–	94,330	–	0.82%	–
UAL	New	United Continental Holdings, I	$6,390,000	–	155,699	–	0.75%	–
VZ	New	Verizon Comm	$5,899,000	–	105,650	–	0.70%	–
AAPL	New	Apple Computer	$5,748,000	–	60,122	–	0.68%	–
GE	New	General Electric	$5,582,000	–	177,332	–	0.66%	–
HSIC	New	Henry Schein	$5,168,000	–	29,231	–	0.61%	–
LPT	New	Liberty Property Tr	$5,074,000	–	127,748	–	0.60%	–
UN	New	Unilever NV NY	$5,001,000	–	106,545	–	0.59%	–
CL	New	Colgate Palmolive	$4,676,000	–	63,874	–	0.55%	–
PX	New	Praxair	$4,656,000	–	41,426	–	0.55%	–
RHHBY	New	Roche Holding AG	$3,891,000	–	118,422	–	0.46%	–
MRK	New	Merck	$3,856,000	–	66,928	–	0.45%	–
LUV	New	Southwest Airlines	$3,731,000	–	95,161	–	0.44%	–
FMX	New	Fomento Economico Mexicano SA	$3,627,000	–	39,220	–	0.43%	–
COST	New	Costco Wholesale	$3,591,000	–	22,867	–	0.42%	–
XOM	New	Exxon Mobil	$3,421,000	–	36,497	–	0.40%	–
PFE	New	Pfizer	$3,408,000	–	96,804	–	0.40%	–
CVS	New	CVS Health Corp	$3,326,000	–	34,735	–	0.39%	–
BRKB	New	Brkshire Hathaway B	$3,243,000	–	22,395	–	0.38%	–
SPY	New	SPDR S&P 500 ETF	$2,998,000	–	14,310	–	0.35%	–
XRAY	New	Dentsply Sirona	$2,956,000	–	47,640	–	0.35%	–
TWX	New	Time Warner Inc.	$2,875,000	–	39,099	–	0.34%	–
CVX	New	Chevron	$2,789,000	–	26,609	–	0.33%	–
NVS	New	Novartis	$2,715,000	–	32,900	–	0.32%	–
MMM	New	3M Company	$2,689,000	–	15,353	–	0.32%	–
WPP	New	WPP Plc American Depository Sh	$2,624,000	–	25,105	–	0.31%	–
	New	Bayer AG	$2,535,000	–	25,350	–	0.30%	–
UBS	New	UBS Group AG	$2,459,000	–	189,700	–	0.29%	–
AIG	New	American Intl. Group	$2,412,000	–	45,606	–	0.28%	–
BDN	New	Brandywine Realty	$2,298,000	–	136,800	–	0.27%	–
SYY	New	Sysco	$2,281,000	–	44,962	–	0.27%	–
LKQ	New	LKQ Corporation	$2,271,000	–	71,650	–	0.27%	–
KMI	New	Kinder Morgan Inc.	$2,198,000	–	117,402	–	0.26%	–
COP	New	ConocoPhillips	$2,096,000	–	48,062	–	0.25%	–
ADP	New	Automatic Data Processing	$2,054,000	–	22,360	–	0.24%	–
BDX	New	Becton Dickinson	$1,970,000	–	11,618	–	0.23%	–
NBL	New	Noble Energy	$1,870,000	–	52,130	–	0.22%	–
KO	New	Coca Cola Co.	$1,862,000	–	41,081	–	0.22%	–
AAP	New	Advance Auto Parts	$1,833,000	–	11,338	–	0.22%	–
SYK	New	Stryker Corp	$1,661,000	–	13,862	–	0.20%	–
PSX	New	Phillips 66	$1,634,000	–	20,601	–	0.19%	–
RDSA	New	Royal Dutch Shell	$1,497,000	–	27,112	–	0.18%	–
IBM	New	IBM	$1,466,000	–	9,661	–	0.17%	–
GAS	New	AGL Resources	$1,359,000	–	20,604	–	0.16%	–
GPC	New	Genuine Parts	$1,329,000	–	13,127	–	0.16%	–
T	New	AT&T	$1,331,000	–	30,809	–	0.16%	–
DIS	New	Walt Disney	$1,321,000	–	13,504	–	0.16%	–
UNP	New	Union Pacific	$1,279,000	–	14,656	–	0.15%	–
BX	New	Blackstone Group	$1,280,000	–	52,150	–	0.15%	–
DXGE	New	WisdomTree Germany Hedged Equi	$1,251,000	–	51,450	–	0.15%	–
EEQ	New	Enbridge Energy Mgmt.	$1,198,000	–	52,058	–	0.14%	–
MET	New	MetLife	$1,130,000	–	28,380	–	0.13%	–
DST	New	DST Systems	$1,123,000	–	9,645	–	0.13%	–
MPLX	New	MPLX LP	$1,053,000	–	31,301	–	0.12%	–
STON	New	StoneMor Partners LP	$1,018,000	–	40,652	–	0.12%	–
IVZ	New	Invesco	$1,009,000	–	39,496	–	0.12%	–
CSCO	New	Cisco Systems	$980,000	–	34,144	–	0.12%	–
TBBK	New	Bancorp Inc	$933,000	–	155,020	–	0.11%	–
FOXA	New	Twenty-First Century Fox	$863,000	–	31,897	–	0.10%	–
WMB	New	Williams Companies Inc	$846,000	–	39,120	–	0.10%	–
WFC	New	Wells Fargo	$849,000	–	17,937	–	0.10%	–
DISCK	New	Discovery Comm C	$794,000	–	33,290	–	0.09%	–
ITW	New	Illinois Tool Works	$787,000	–	7,559	–	0.09%	–
BUD	New	Anheuser-Busch Inbev ADR	$777,000	–	5,900	–	0.09%	–
RSO	New	Resource Capital	$767,000	–	59,649	–	0.09%	–
GSK	New	GlaxoSmithKline PLC	$754,000	–	17,400	–	0.09%	–
EMR	New	Emerson Electric Co.	$714,000	–	13,687	–	0.08%	–
EL	New	Estee Lauder	$692,000	–	7,600	–	0.08%	–
ETP	New	Energy Transfer Partners LP	$678,000	–	17,800	–	0.08%	–
GXC	New	SPDR Index Shs S&P China	$681,000	–	9,750	–	0.08%	–
BRKA	New	Brkshire Hathaway A	$651,000	–	3	–	0.08%	–
FOE	New	Ferro Corp	$643,000	–	48,047	–	0.08%	–
AB	New	AllianceBernstein Holdings, LP	$632,000	–	27,128	–	0.07%	–
MDLZ	New	Mondelez International Inc.	$614,000	–	13,483	–	0.07%	–
CB	New	Chubb Ltd.	$571,000	–	4,366	–	0.07%	–
JFC	New	JPMorgan China Region Fund	$566,000	–	37,209	–	0.07%	–
DOW	New	Dow Chemical	$531,000	–	10,683	–	0.06%	–
TIF	New	Tiffany & Co.	$514,000	–	8,469	–	0.06%	–
AXP	New	American Express	$498,000	–	8,204	–	0.06%	–
GWW	New	W. W. Grainger	$464,000	–	2,041	–	0.06%	–
UNH	New	UnitedHealth Group	$424,000	–	3,000	–	0.05%	–
	New	SAB Miller PLC/GBP/	$415,000	–	7,104	–	0.05%	–
ABBV	New	AbbVie, Inc.	$403,000	–	6,510	–	0.05%	–
SEMI	New	SunEdison Semiconductor, Inc.	$391,000	–	65,882	–	0.05%	–
GBL	New	Gamco Investors A	$390,000	–	11,888	–	0.05%	–
LLY	New	Eli Lilly	$383,000	–	4,860	–	0.04%	–
UTX	New	United Technologies	$370,000	–	3,608	–	0.04%	–
UVSP	New	Univest Corporation	$375,000	–	17,856	–	0.04%	–
INTC	New	Intel Corp.	$361,000	–	11,004	–	0.04%	–
STT	New	State Street Corp	$359,000	–	6,664	–	0.04%	–
IYW	New	iShares US Technology	$358,000	–	3,400	–	0.04%	–
EEP	New	Enbridge Energy Partners L.P.	$355,000	–	15,300	–	0.04%	–
AC	New	Associated Capital Group	$341,000	–	11,888	–	0.04%	–
VIAB	New	Viacom Class B	$337,000	–	8,116	–	0.04%	–
SUN	New	Sunoco LP	$334,000	–	11,137	–	0.04%	–
GIS	New	General Mills	$321,000	–	4,500	–	0.04%	–
DE	New	Deere & Co.	$314,000	–	3,875	–	0.04%	–
CMCSA	New	Comcast Cl A	$310,000	–	4,762	–	0.04%	–
MSFT	New	Microsoft	$299,000	–	5,834	–	0.04%	–
IWF	New	iShares Russell 1000 Growth In	$301,000	–	3,000	–	0.04%	–
DBD	New	Diebold	$292,000	–	11,780	–	0.03%	–
BA	New	Boeing Company	$282,000	–	2,169	–	0.03%	–
GILD	New	Gilead Science	$282,000	–	3,381	–	0.03%	–
ABB	New	ABB Ltd.	$274,000	–	13,800	–	0.03%	–
ORCL	New	Oracle	$274,000	–	6,700	–	0.03%	–
DISCA	New	Discovery Holding A	$270,000	–	10,704	–	0.03%	–
ABT	New	Abbott Laboratories	$271,000	–	6,893	–	0.03%	–
D	New	Dominion Resources	$253,000	–	3,250	–	0.03%	–
TGP	New	Teekay LNG Partners	$254,000	–	22,576	–	0.03%	–
KKR	New	KKR & Co. LP	$249,000	–	20,200	–	0.03%	–
APD	New	Air Products	$236,000	–	1,661	–	0.03%	–
PAGP	New	Plains GP Holdings LP	$241,000	–	23,102	–	0.03%	–
EXC	New	Exelon Corp.	$237,000	–	6,528	–	0.03%	–
LSXMK	New	Liberty Sirius Group C	$229,000	–	7,412	–	0.03%	–
MCD	New	McDonald's Corp.	$233,000	–	1,935	–	0.03%	–
NOC	New	Northrup Grumman	$222,000	–	1,000	–	0.03%	–
CDNS	New	Cadence Design	$224,000	–	9,224	–	0.03%	–
SLB	New	Schlumberger	$215,000	–	2,722	–	0.02%	–
NSH	New	Nustar GP Holdings LLC	$203,000	–	7,900	–	0.02%	–
IWN	New	iShares Russell 2000 Value	$202,000	–	2,080	–	0.02%	–
GOOG	New	Alphabet, Inc. Cl C	$204,000	–	295	–	0.02%	–
KEY	New	Key Corp.	$163,000	–	14,762	–	0.02%	–
OHRP	New	Ohr Pharmaceutical Inc.	$119,000	–	43,410	–	0.01%	–
	New	Lehman Note	$0	–	12,800	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
	Exit	Lehman Note	$0	–	-12,800	–	0.00%	–
CEQP	Exit	Crestwood Equity Partners LP	$0	–	-36,336	–	-0.01%	–
CMLP	Exit	Crestwood Midstream Partners L	$0	–	-15,698	–	-0.01%	–
AEG	Exit	Aegon	$0	–	-24,000	–	-0.02%	–
OHRP	Exit	Ohr Pharmaceutical Inc.	$0	–	-51,872	–	-0.02%	–
BZC	Exit	Breeze Eastern	$0	–	-11,704	–	-0.02%	–
MCD	Exit	McDonald's Corp.	$0	–	-2,035	–	-0.02%	–
APD	Exit	Air Products	$0	–	-1,661	–	-0.03%	–
D	Exit	Dominion Resources	$0	–	-3,250	–	-0.03%	–
UVSP	Exit	Univest Corporation	$0	–	-12,422	–	-0.03%	–
ORCL	Exit	Oracle	$0	–	-6,700	–	-0.03%	–
LMCK	Exit	Liberty Media Series C	$0	–	-7,412	–	-0.03%	–
GIS	Exit	General Mills	$0	–	-4,544	–	-0.03%	–
CLMT	Exit	Calumet Specialty Products Par	$0	–	-10,574	–	-0.03%	–
CMCSA	Exit	Comcast Cl A	$0	–	-4,762	–	-0.03%	–
IWF	Exit	iShares Russell 1000 Growth In	$0	–	-3,000	–	-0.03%	–
DISCA	Exit	Discovery Holding A	$0	–	-10,704	–	-0.03%	–
FOE	Exit	Ferro Corp	$0	–	-25,371	–	-0.03%	–
ABT	Exit	Abbott Laboratories	$0	–	-6,893	–	-0.03%	–
BA	Exit	Boeing Company	$0	–	-2,169	–	-0.04%	–
DE	Exit	Deere & Co.	$0	–	-3,875	–	-0.04%	–
OXY	Exit	Occidental Petroleum	$0	–	-4,809	–	-0.04%	–
ABB	Exit	ABB Ltd.	$0	–	-17,700	–	-0.04%	–
UTX	Exit	United Technologies	$0	–	-3,608	–	-0.04%	–
NSH	Exit	Nustar GP Holdings LLC	$0	–	-13,052	–	-0.04%	–
UNH	Exit	UnitedHealth Group	$0	–	-3,000	–	-0.04%	–
VIAB	Exit	Viacom Class B	$0	–	-8,116	–	-0.04%	–
LLY	Exit	Eli Lilly	$0	–	-4,260	–	-0.04%	–
LUMN	Exit	Centurylink Inc	$0	–	-14,144	–	-0.04%	–
GILD	Exit	Gilead Science	$0	–	-3,705	–	-0.04%	–
CNNX	Exit	CONE Midstream Partners LP	$0	–	-38,247	–	-0.05%	–
EEP	Exit	Enbridge Energy Partners L.P.	$0	–	-15,300	–	-0.05%	–
SIMO	Exit	Silicon Motion Technologies Co	$0	–	-14,435	–	-0.05%	–
WPZ	Exit	Williams Partners, LP	$0	–	-12,793	–	-0.05%	–
RWR	Exit	SPDR Dow Jones REIT ETF	$0	–	-4,780	–	-0.05%	–
INTC	Exit	Intel Corp.	$0	–	-14,004	–	-0.05%	–
GWW	Exit	W. W. Grainger	$0	–	-2,041	–	-0.05%	–
SU	Exit	Suncor Energy Inc.	$0	–	-16,800	–	-0.06%	–
STT	Exit	State Street Corp	$0	–	-6,664	–	-0.06%	–
NGLS	Exit	Targa Resource Partners LP	$0	–	-16,547	–	-0.06%	–
FXI	Exit	Xinhua China 25 Index Fund	$0	–	-13,792	–	-0.06%	–
IYW	Exit	iShares US Technology	$0	–	-5,000	–	-0.06%	–
TWO	Exit	Two Harbors Investment Corp.	$0	–	-59,920	–	-0.06%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-13,683	–	-0.07%	–
BRKA	Exit	Brkshire Hathaway A	$0	–	-3	–	-0.07%	–
EMR	Exit	Emerson Electric Co.	$0	–	-13,687	–	-0.07%	–
ETP	Exit	Energy Transfer Partners LP	$0	–	-14,600	–	-0.07%	–
SYNA	Exit	Synaptics Incorporated	$0	–	-7,267	–	-0.07%	–
ITW	Exit	Illinois Tool Works	$0	–	-7,359	–	-0.08%	–
TGP	Exit	Teekay LNG Partners	$0	–	-26,032	–	-0.08%	–
AXP	Exit	American Express	$0	–	-8,604	–	-0.08%	–
TIF	Exit	Tiffany & Co.	$0	–	-8,469	–	-0.08%	–
GBL	Exit	Gamco Investors A	$0	–	-11,888	–	-0.08%	–
EL	Exit	Estee Lauder	$0	–	-8,200	–	-0.08%	–
GSK	Exit	GlaxoSmithKline PLC	$0	–	-17,700	–	-0.08%	–
BUD	Exit	Anheuser-Busch Inbev ADR	$0	–	-6,400	–	-0.08%	–
OMG	Exit	OM Group Inc.	$0	–	-21,293	–	-0.09%	–
KO	Exit	Coca Cola Co.	$0	–	-17,566	–	-0.09%	–
EXC	Exit	Exelon Corp.	$0	–	-24,468	–	-0.09%	–
AB	Exit	AllianceBernstein Holdings, LP	$0	–	-27,128	–	-0.09%	–
CSCO	Exit	Cisco Systems	$0	–	-30,344	–	-0.10%	–
JFC	Exit	JPMorgan China Region Fund	$0	–	-56,009	–	-0.10%	–
DISCK	Exit	Discovery Comm C	$0	–	-33,290	–	-0.10%	–
SEMI	Exit	SunEdison Semiconductor, Inc.	$0	–	-80,055	–	-0.10%	–
WMB	Exit	Williams Companies Inc	$0	–	-23,609	–	-0.11%	–
STON	Exit	StoneMor Partners LP	$0	–	-32,316	–	-0.11%	–
WFC	Exit	Wells Fargo	$0	–	-17,956	–	-0.11%	–
T	Exit	AT&T	$0	–	-30,809	–	-0.12%	–
DST	Exit	DST Systems	$0	–	-9,645	–	-0.12%	–
DRE	Exit	Duke Realty	$0	–	-54,000	–	-0.13%	–
SE	Exit	Spectra Energy	$0	–	-40,400	–	-0.13%	–
GPC	Exit	Genuine Parts	$0	–	-13,127	–	-0.13%	–
BEN	Exit	Franklin Resources	$0	–	-29,130	–	-0.13%	–
EEQ	Exit	Enbridge Energy Mgmt.	$0	–	-47,887	–	-0.14%	–
	Exit	SAB Miller PLC/GBP/	$0	–	-21,499	–	-0.15%	–
IVZ	Exit	Invesco	$0	–	-39,496	–	-0.15%	–
UNP	Exit	Union Pacific	$0	–	-14,356	–	-0.16%	–
DXGE	Exit	WisdomTree Germany Hedged Equi	$0	–	-50,450	–	-0.16%	–
RDSA	Exit	Royal Dutch Shell	$0	–	-27,512	–	-0.16%	–
SYK	Exit	Stryker Corp	$0	–	-13,862	–	-0.16%	–
CB	Exit	Chubb	$0	–	-10,735	–	-0.16%	–
BMR	Exit	BioMed Realty Trust	$0	–	-67,250	–	-0.16%	–
MWE	Exit	MarkWest Energy Partners LP	$0	–	-31,564	–	-0.17%	–
KKR	Exit	KKR & Co. LP	$0	–	-82,400	–	-0.17%	–
GAS	Exit	AGL Resources	$0	–	-22,800	–	-0.17%	–
DIS	Exit	Walt Disney	$0	–	-13,604	–	-0.17%	–
BDX	Exit	Becton Dickinson	$0	–	-11,618	–	-0.19%	–
NBL	Exit	Noble Energy	$0	–	-52,130	–	-0.19%	–
PSX	Exit	Phillips 66	$0	–	-20,601	–	-0.20%	–
SYY	Exit	Sysco	$0	–	-44,962	–	-0.22%	–
HT	Exit	Hersha Hospitality Trust Class	$0	–	-77,979	–	-0.22%	–
BX	Exit	Blackstone Group	$0	–	-55,750	–	-0.22%	–
ADP	Exit	Automatic Data Processing	$0	–	-22,360	–	-0.22%	–
COF	Exit	Capital One Financial	$0	–	-25,298	–	-0.23%	–
FOXA	Exit	Twenty-First Century Fox	$0	–	-68,297	–	-0.23%	–
CELG	Exit	Celgne Corp	$0	–	-17,710	–	-0.24%	–
ALXN	Exit	Alexion Pharmaceutical	$0	–	-12,835	–	-0.25%	–
WPP	Exit	WPP Plc American Depository Sh	$0	–	-19,355	–	-0.25%	–
LKQ	Exit	LKQ Corporation	$0	–	-71,650	–	-0.25%	–
TWX	Exit	Time Warner Inc.	$0	–	-29,899	–	-0.25%	–
IBM	Exit	IBM	$0	–	-14,411	–	-0.26%	–
KMB	Exit	Kimberly Clark	$0	–	-19,766	–	-0.26%	–
MMM	Exit	3M Company	$0	–	-15,353	–	-0.27%	–
CVX	Exit	Chevron	$0	–	-28,894	–	-0.28%	–
COP	Exit	ConocoPhillips	$0	–	-48,462	–	-0.29%	–
RSO	Exit	Resource Capital	$0	–	-211,812	–	-0.29%	–
XRAY	Exit	Dentsply Intl	$0	–	-47,640	–	-0.30%	–
GXC	Exit	SPDR Index Shs S&P China	$0	–	-34,850	–	-0.30%	–
NVS	Exit	Novartis	$0	–	-26,650	–	-0.30%	–
XOM	Exit	Exxon Mobil	$0	–	-36,741	–	-0.34%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-14,310	–	-0.34%	–
BRKB	Exit	Brkshire Hathaway B	$0	–	-22,395	–	-0.36%	–
	Exit	Bayerische Motoren Werke AG	$0	–	-34,340	–	-0.37%	–
PFE	Exit	Pfizer	$0	–	-96,804	–	-0.37%	–
MRK	Exit	Merck	$0	–	-61,928	–	-0.38%	–
PX	Exit	Praxair	$0	–	-30,501	–	-0.38%	–
COST	Exit	Costco Wholesale	$0	–	-22,917	–	-0.41%	–
BAYRY	Exit	Bayer AG	$0	–	-27,500	–	-0.43%	–
MET	Exit	MetLife	$0	–	-75,263	–	-0.44%	–
PEP	Exit	Pepsico	$0	–	-39,278	–	-0.46%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-42,370	–	-0.46%	–
VZ	Exit	Verizon Comm	$0	–	-88,272	–	-0.47%	–
HSIC	Exit	Henry Schein	$0	–	-31,406	–	-0.51%	–
CL	Exit	Colgate Palmolive	$0	–	-67,517	–	-0.53%	–
UN	Exit	Unilever NV NY	$0	–	-111,045	–	-0.55%	–
RHHBY	Exit	Roche Holding AG	$0	–	-136,190	–	-0.55%	–
GE	Exit	General Electric	$0	–	-179,532	–	-0.56%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-166,485	–	-0.57%	–
REXI	Exit	Resource America	$0	–	-747,269	–	-0.61%	–
MSFT	Exit	Microsoft	$0	–	-119,685	–	-0.65%	–
TBBK	Exit	Bancorp Inc	$0	–	-700,509	–	-0.66%	–
UBS	Exit	UBS Group AG	$0	–	-325,830	–	-0.74%	–
AAPL	Exit	Apple Computer	$0	–	-59,950	–	-0.81%	–
BDN	Exit	Brandywine Realty	$0	–	-539,925	–	-0.82%	–
PG	Exit	Procter & Gamble	$0	–	-98,052	–	-0.87%	–
MKC	Exit	McCormick & Co.	$0	–	-99,490	–	-1.01%	–
FB	Exit	Facebook	$0	–	-93,720	–	-1.04%	–
LPT	Exit	Liberty Property Tr	$0	–	-275,709	–	-1.07%	–
NVR	Exit	NVR, Inc.	$0	–	-6,210	–	-1.17%	–
SRE	Exit	Sempra Energy	$0	–	-99,670	–	-1.19%	–
DCP	Exit	DCP Midstream Partners, LP	$0	–	-419,381	–	-1.25%	–
	Exit	Anheuser-Busch InBev	$0	–	-98,964	–	-1.27%	–
AAP	Exit	Advance Auto Parts	$0	–	-54,849	–	-1.28%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-93,447	–	-1.41%	–
C	Exit	Citigroup	$0	–	-260,047	–	-1.59%	–
DHR	Exit	Danaher Corp	$0	–	-156,850	–	-1.64%	–
AGN	Exit	Allergan Inc.	$0	–	-50,215	–	-1.68%	–
NLSN	Exit	Nielsen Holdings PLC	$0	–	-327,133	–	-1.79%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-259,601	–	-1.95%	–
CVS	Exit	CVS Health Corp	$0	–	-166,878	–	-1.98%	–
AIG	Exit	American Intl. Group	$0	–	-290,238	–	-2.03%	–
NEP	Exit	Next Era Energy Partners	$0	–	-764,545	–	-2.05%	–
UAL	Exit	United Continental Holdings, I	$0	–	-328,057	–	-2.14%	–
AAL	Exit	American Airlines Group	$0	–	-460,504	–	-2.20%	–
DAL	Exit	Delta Airlines	$0	–	-411,913	–	-2.27%	–
ALK	Exit	Alaska Airlines	$0	–	-237,760	–	-2.32%	–
MA	Exit	MasterCard Inc.	$0	–	-213,450	–	-2.37%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-206,046	–	-2.47%	–
PAA	Exit	Plains All American Pipeline L	$0	–	-683,186	–	-2.55%	–
MDT	Exit	Medtronic	$0	–	-311,044	–	-2.56%	–
HD	Exit	Home Depot	$0	–	-211,830	–	-3.01%	–
JNJ	Exit	Johnson & Johnson	$0	–	-369,962	–	-4.25%	–
NSRGY	Exit	Nestle Spons ADR	$0	–	-523,677	–	-4.83%	–
ET	Exit	Energy Transfer Equity LP	$0	–	-1,982,496	–	-5.08%	–
EPD	Exit	Enterprise Prod Partners	$0	–	-1,890,418	–	-5.79%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-930,303	–	-6.88%	–

Q3 2015

			Value		Shares		↓ Weighting
EPD	Buy	Enterprise Prod Partners	$47,071,000	-15.7%	1,890,418	+1.2%	5.79%	+4.6%
ET	Buy	Energy Transfer Equity LP	$41,256,000	-34.9%	1,982,496	+100.8%	5.08%	-19.2%
NSRGY	Sell	Nestle Spons ADR	$39,258,000	+3.4%	523,677	-0.3%	4.83%	+28.3%
JNJ	Sell	Johnson & Johnson	$34,536,000	-6.1%	369,962	-2.0%	4.25%	+16.4%
HD	New	Home Depot	$24,464,000	–	211,830	–	3.01%	–
MDT	Sell	Medtronic	$20,821,000	-37.3%	311,044	-30.6%	2.56%	-22.2%
PAA	Sell	Plains All American Pipeline L	$20,755,000	-41.4%	683,186	-15.9%	2.55%	-27.3%
MA	Buy	MasterCard Inc.	$19,236,000	+53.1%	213,450	+58.8%	2.37%	+90.0%
ALK	Buy	Alaska Airlines	$18,890,000	+24.9%	237,760	+1.3%	2.32%	+54.9%
DAL	Buy	Delta Airlines	$18,483,000	+78.2%	411,913	+63.2%	2.27%	+121.0%
AAL	Buy	American Airlines Group	$17,881,000	+74.6%	460,504	+79.5%	2.20%	+116.5%
UAL	Buy	United Continental Holdings, I	$17,403,000	+61.9%	328,057	+61.8%	2.14%	+100.9%
NEP	Buy	Next Era Energy Partners	$16,667,000	+402.3%	764,545	+813.0%	2.05%	+523.4%
AIG	Buy	American Intl. Group	$16,491,000	-8.1%	290,238	+0.0%	2.03%	+14.1%
CVS	Sell	CVS Health Corp	$16,100,000	-53.1%	166,878	-49.0%	1.98%	-41.8%
JPM	Sell	J.P. Morgan Chase	$15,828,000	-49.8%	259,601	-44.3%	1.95%	-37.8%
NLSN	New	Nielsen Holdings PLC	$14,548,000	–	327,133	–	1.79%	–
AGN	New	Allergan Inc.	$13,649,000	–	50,215	–	1.68%	–
DHR	New	Danaher Corp	$13,365,000	–	156,850	–	1.64%	–
C	Sell	Citigroup	$12,901,000	-41.5%	260,047	-34.9%	1.59%	-27.4%
TMO	Sell	Thermo Fisher Scientific	$11,427,000	-42.8%	93,447	-39.3%	1.41%	-29.0%
AAP	Buy	Advance Auto Parts	$10,396,000	+19.1%	54,849	+0.1%	1.28%	+47.7%
	Sell	Anheuser-Busch InBev	$10,284,000	-16.1%	98,964	-1.8%	1.27%	+4.1%
DCP	Sell	DCP Midstream Partners, LP	$10,141,000	-34.1%	419,381	-16.4%	1.25%	-18.3%
SRE	New	Sempra Energy	$9,640,000	–	99,670	–	1.19%	–
NVR	Buy	NVR, Inc.	$9,472,000	+211.4%	6,210	+173.6%	1.17%	+286.1%
LPT	Buy	Liberty Property Tr	$8,688,000	+149.2%	275,709	+154.9%	1.07%	+209.0%
FB	Sell	Facebook	$8,425,000	-41.2%	93,720	-43.9%	1.04%	-27.1%
MKC	Sell	McCormick & Co.	$8,176,000	-26.3%	99,490	-27.4%	1.01%	-8.6%
PG	Sell	Procter & Gamble	$7,054,000	-9.0%	98,052	-1.0%	0.87%	+12.9%
BDN	Buy	Brandywine Realty	$6,652,000	+244.0%	539,925	+270.8%	0.82%	+326.6%
AAPL	Sell	Apple Computer	$6,612,000	-86.7%	59,950	-84.9%	0.81%	-83.5%
UBS	Sell	UBS Group AG	$6,034,000	-38.3%	325,830	-29.3%	0.74%	-23.3%
MSFT	Sell	Microsoft	$5,297,000	-18.0%	119,685	-18.2%	0.65%	+1.7%
REXI	Sell	Resource America	$4,969,000	-24.9%	747,269	-5.0%	0.61%	-6.9%
KMI	Sell	Kinder Morgan Inc.	$4,608,000	-58.2%	166,485	-42.1%	0.57%	-48.2%
RHHBY	Sell	Roche Holding AG	$4,478,000	-43.5%	136,190	-39.8%	0.55%	-29.9%
UN	Sell	Unilever NV NY	$4,464,000	-41.9%	111,045	-39.5%	0.55%	-28.0%
CL	Sell	Colgate Palmolive	$4,285,000	-3.7%	67,517	-0.7%	0.53%	+19.5%
HSIC	Sell	Henry Schein	$4,168,000	-7.3%	31,406	-0.7%	0.51%	+15.0%
VZ	Buy	Verizon Comm	$3,841,000	+6.1%	88,272	+13.7%	0.47%	+31.8%
PEP	Sell	Pepsico	$3,704,000	+0.8%	39,278	-0.3%	0.46%	+24.9%
MET	Buy	MetLife	$3,549,000	-14.6%	75,263	+1.4%	0.44%	+6.1%
PX	Buy	Praxair	$3,107,000	-9.9%	30,501	+5.7%	0.38%	+11.7%
MRK	Buy	Merck	$3,059,000	-9.4%	61,928	+4.4%	0.38%	+12.2%
PFE	Sell	Pfizer	$3,041,000	-20.3%	96,804	-14.9%	0.37%	-1.1%
	New	Bayerische Motoren Werke AG	$3,020,000	–	34,340	–	0.37%	–
SPY	Sell	SPDR S&P 500 ETF	$2,742,000	-8.1%	14,310	-1.3%	0.34%	+13.9%
GXC	Buy	SPDR Index Shs S&P China	$2,403,000	-18.1%	34,850	+5.6%	0.30%	+1.7%
RSO	New	Resource Capital	$2,366,000	–	211,812	–	0.29%	–
MMM	Sell	3M Company	$2,177,000	-8.4%	15,353	-0.3%	0.27%	+13.6%
KMB	Sell	Kimberly Clark	$2,155,000	+2.4%	19,766	-0.5%	0.26%	+26.8%
IBM	Sell	IBM	$2,089,000	-12.9%	14,411	-2.3%	0.26%	+8.0%
LKQ	Buy	LKQ Corporation	$2,032,000	-2.8%	71,650	+3.6%	0.25%	+20.8%
WPP	New	WPP Plc American Depository Sh	$2,014,000	–	19,355	–	0.25%	–
ALXN	Sell	Alexion Pharmaceutical	$2,007,000	-84.5%	12,835	-82.0%	0.25%	-80.7%
CELG	Sell	Celgne Corp	$1,916,000	-86.8%	17,710	-85.8%	0.24%	-83.6%
HT	Sell	Hersha Hospitality Trust Class	$1,767,000	-53.5%	77,979	-47.3%	0.22%	-42.4%
BX	Buy	Blackstone Group	$1,766,000	-21.8%	55,750	+0.9%	0.22%	-3.1%
SYY	Sell	Sysco	$1,752,000	-3.2%	44,962	-10.3%	0.22%	+20.7%
GAS	Sell	AGL Resources	$1,392,000	+20.5%	22,800	-8.1%	0.17%	+48.7%
KKR	Buy	KKR & Co. LP	$1,383,000	-24.7%	82,400	+2.5%	0.17%	-6.6%
BMR	Buy	BioMed Realty Trust	$1,344,000	+12.5%	67,250	+8.8%	0.16%	+38.7%
DXGE	Buy	WisdomTree Germany Hedged Equi	$1,275,000	-4.8%	50,450	+7.2%	0.16%	+18.0%
IVZ	Buy	Invesco	$1,233,000	-6.0%	39,496	+12.9%	0.15%	+16.9%
	Sell	SAB Miller PLC/GBP/	$1,217,000	+2.3%	21,499	-6.1%	0.15%	+27.1%
EEQ	Buy	Enbridge Energy Mgmt.	$1,139,000	-26.6%	47,887	+1.9%	0.14%	-9.1%
GPC	Buy	Genuine Parts	$1,088,000	+10.7%	13,127	+19.6%	0.13%	+36.7%
SE	Buy	Spectra Energy	$1,061,000	+291.5%	40,400	+386.7%	0.13%	+385.2%
T	Buy	AT&T	$1,004,000	+140.8%	30,809	+162.4%	0.12%	+202.4%
STON	Buy	StoneMor Partners LP	$882,000	-8.5%	32,316	+1.1%	0.11%	+13.5%
SEMI	Sell	SunEdison Semiconductor, Inc.	$844,000	-58.1%	80,055	-31.4%	0.10%	-48.0%
CSCO	Buy	Cisco Systems	$797,000	+7.7%	30,344	+12.6%	0.10%	+34.2%
EXC	Buy	Exelon Corp.	$727,000	+1.1%	24,468	+6.9%	0.09%	+25.4%
KO	Sell	Coca Cola Co.	$705,000	+0.6%	17,566	-1.7%	0.09%	+24.3%
BUD	Sell	Anheuser-Busch Inbev ADR	$680,000	-85.9%	6,400	-84.0%	0.08%	-82.4%
TGP	Buy	Teekay LNG Partners	$623,000	-1.0%	26,032	+33.3%	0.08%	+24.2%
ITW	Buy	Illinois Tool Works	$606,000	+0.7%	7,359	+12.2%	0.08%	+25.0%
ETP	New	Energy Transfer Partners LP	$600,000	–	14,600	–	0.07%	–
SYNA	Sell	Synaptics Incorporated	$599,000	-5.1%	7,267	-0.1%	0.07%	+17.5%
STT	Sell	State Street Corp	$448,000	-14.0%	6,664	-1.5%	0.06%	+5.8%
INTC	Sell	Intel Corp.	$422,000	-6.8%	14,004	-6.0%	0.05%	+15.6%
SIMO	Buy	Silicon Motion Technologies Co	$394,000	-10.3%	14,435	+13.9%	0.05%	+9.1%
GILD	Sell	Gilead Science	$364,000	-95.9%	3,705	-95.1%	0.04%	-94.9%
LLY	Sell	Eli Lilly	$357,000	-95.0%	4,260	-95.0%	0.04%	-93.7%
ABB	Sell	ABB Ltd.	$313,000	-38.3%	17,700	-27.2%	0.04%	-22.0%
DE	Sell	Deere & Co.	$287,000	-26.2%	3,875	-3.3%	0.04%	-10.3%
BA	Sell	Boeing Company	$284,000	-13.7%	2,169	-8.4%	0.04%	+6.1%
FOE	Sell	Ferro Corp	$278,000	-72.6%	25,371	-58.0%	0.03%	-66.0%
IWF	Sell	iShares Russell 1000 Growth In	$279,000	-11.1%	3,000	-5.4%	0.03%	+9.7%
ORCL	Sell	Oracle	$242,000	-36.8%	6,700	-29.4%	0.03%	-21.1%
MCD	Sell	McDonald's Corp.	$201,000	-48.6%	2,035	-50.5%	0.02%	-35.9%
OHRP	Buy	Ohr Pharmaceutical Inc.	$143,000	+123.4%	51,872	+102.9%	0.02%	+200.0%
DEO	Exit	Diageo PLC Spon ADR	$0	–	-1,753	–	-0.02%	–
ARG	Exit	Airgas Inc.	$0	–	-1,907	–	-0.02%	–
YUM	Exit	YUM Brands Inc.	$0	–	-2,380	–	-0.02%	–
IWN	Exit	iShares Russell 2000 Value	$0	–	-2,080	–	-0.02%	–
SLB	Exit	Schlumberger	$0	–	-2,722	–	-0.02%	–
EEM	Exit	MFC Ishares TR MSCI Emerging M	$0	–	-6,430	–	-0.02%	–
FMC	Exit	F M C Corp	$0	–	-5,079	–	-0.03%	–
EXAS	Exit	Exact Sciences Corporation	$0	–	-18,575	–	-0.06%	–
QRVO	Exit	Qorvo Inc.	$0	–	-8,362	–	-0.07%	–
A309PS	Exit	DirectTV	$0	–	-10,082	–	-0.09%	–
DBD	Exit	Diebold	$0	–	-27,684	–	-0.10%	–
GM	Exit	General Motors	$0	–	-38,190	–	-0.13%	–
NRF	Exit	Northstar Realty Finance Corp.	$0	–	-101,535	–	-0.16%	–
TRGP	Exit	Targa Resources Corp	$0	–	-27,330	–	-0.24%	–
ENB	Exit	Enbridge Inc.	$0	–	-76,703	–	-0.36%	–
DD	Exit	duPont	$0	–	-56,076	–	-0.36%	–
RSO	Exit	Resource Capital	$0	–	-962,371	–	-0.37%	–
DOW	Exit	Dow Chemical	$0	–	-77,490	–	-0.39%	–
	Exit	Volkswagen AG Pref	$0	–	-20,690	–	-0.47%	–
MAR	Exit	Marriott Intl Class A	$0	–	-76,070	–	-0.56%	–
MS	Exit	Morgan Stanley	$0	–	-213,706	–	-0.82%	–
NLSN	Exit	Nielsen, N.V.	$0	–	-225,163	–	-1.00%	–
LUV	Exit	Southwest Airlines	$0	–	-322,850	–	-1.06%	–
AMG	Exit	Affiliated Managers Group, Inc	$0	–	-63,550	–	-1.38%	–

Q2 2015

			Value		Shares		↓ Weighting
MMP	New	Magellan Midstream Partners, L	$68,266,000	–	930,303	–	6.77%	–
ET	New	Energy Transfer Equity LP	$63,361,000	–	987,398	–	6.28%	–
EPD	New	Enterprise Prod Partners	$55,835,000	–	1,868,018	–	5.54%	–
AAPL	New	Apple Computer	$49,655,000	–	395,895	–	4.93%	–
NSRGY	New	Nestle Spons ADR	$37,956,000	–	525,514	–	3.76%	–
JNJ	New	Johnson & Johnson	$36,792,000	–	377,512	–	3.65%	–
PAA	New	Plains All American Pipeline L	$35,406,000	–	812,626	–	3.51%	–
CVS	New	CVS Health Corp	$34,295,000	–	326,994	–	3.40%	–
MDT	New	Medtronic	$33,204,000	–	448,099	–	3.29%	–
JPM	New	J.P. Morgan Chase	$31,561,000	–	465,771	–	3.13%	–
C	New	Citigroup	$22,055,000	–	399,260	–	2.19%	–
NEE	New	NextEra Energy, Inc.	$20,199,000	–	206,046	–	2.00%	–
TMO	New	Thermo Fisher Scientific	$19,964,000	–	153,857	–	1.98%	–
AIG	New	American Intl. Group	$17,937,000	–	290,144	–	1.78%	–
DCP	New	DCP Midstream Partners, LP	$15,396,000	–	501,667	–	1.53%	–
ALK	New	Alaska Airlines	$15,128,000	–	234,790	–	1.50%	–
CELG	New	Celgne Corp	$14,481,000	–	125,120	–	1.44%	–
FB	New	Facebook	$14,334,000	–	167,130	–	1.42%	–
AMG	New	Affiliated Managers Group, Inc	$13,892,000	–	63,550	–	1.38%	–
ALXN	New	Alexion Pharmaceutical	$12,916,000	–	71,450	–	1.28%	–
MA	New	MasterCard Inc.	$12,563,000	–	134,390	–	1.25%	–
	New	Anheuser-Busch InBev	$12,256,000	–	100,789	–	1.22%	–
MKC	New	McCormick & Co.	$11,097,000	–	137,080	–	1.10%	–
KMI	New	Kinder Morgan Inc.	$11,033,000	–	287,385	–	1.09%	–
UAL	New	United Continental Holdings, I	$10,748,000	–	202,762	–	1.07%	–
LUV	New	Southwest Airlines	$10,683,000	–	322,850	–	1.06%	–
DAL	New	Delta Airlines	$10,371,000	–	252,448	–	1.03%	–
AAL	New	American Airlines Group	$10,244,000	–	256,521	–	1.02%	–
NLSN	New	Nielsen, N.V.	$10,081,000	–	225,163	–	1.00%	–
UBS	New	UBS Group AG	$9,772,000	–	460,960	–	0.97%	–
GILD	New	Gilead Science	$8,875,000	–	75,800	–	0.88%	–
AAP	New	Advance Auto Parts	$8,732,000	–	54,819	–	0.87%	–
MS	New	Morgan Stanley	$8,290,000	–	213,706	–	0.82%	–
RHHBY	New	Roche Holding AG	$7,923,000	–	226,102	–	0.79%	–
PG	New	Procter & Gamble	$7,750,000	–	99,052	–	0.77%	–
UN	New	Unilever NV NY	$7,682,000	–	183,605	–	0.76%	–
LLY	New	Eli Lilly	$7,091,000	–	84,930	–	0.70%	–
REXI	New	Resource America	$6,618,000	–	786,879	–	0.66%	–
TBBK	New	Bancorp Inc	$6,501,000	–	700,509	–	0.64%	–
MSFT	New	Microsoft	$6,462,000	–	146,364	–	0.64%	–
MAR	New	Marriott Intl Class A	$5,659,000	–	76,070	–	0.56%	–
BUD	New	Anheuser-Busch Inbev ADR	$4,821,000	–	39,951	–	0.48%	–
GE	New	General Electric	$4,770,000	–	179,532	–	0.47%	–
	New	Volkswagen AG Pref	$4,744,000	–	20,690	–	0.47%	–
HSIC	New	Henry Schein	$4,495,000	–	31,625	–	0.45%	–
CL	New	Colgate Palmolive	$4,449,000	–	68,017	–	0.44%	–
MET	New	MetLife	$4,158,000	–	74,258	–	0.41%	–
DOW	New	Dow Chemical	$3,965,000	–	77,490	–	0.39%	–
BAYRY	New	Bayer AG	$3,847,000	–	27,500	–	0.38%	–
PFE	New	Pfizer	$3,814,000	–	113,757	–	0.38%	–
HT	New	Hersha Hospitality Trust Class	$3,797,000	–	148,107	–	0.38%	–
FMX	New	Fomento Economico Mexicano SA	$3,775,000	–	42,370	–	0.37%	–
RSO	New	Resource Capital	$3,724,000	–	962,371	–	0.37%	–
PEP	New	Pepsico	$3,676,000	–	39,378	–	0.36%	–
VZ	New	Verizon Comm	$3,619,000	–	77,642	–	0.36%	–
ENB	New	Enbridge Inc.	$3,589,000	–	76,703	–	0.36%	–
DD	New	duPont	$3,586,000	–	56,076	–	0.36%	–
LPT	New	Liberty Property Tr	$3,486,000	–	108,183	–	0.35%	–
PX	New	Praxair	$3,449,000	–	28,851	–	0.34%	–
MRK	New	Merck	$3,378,000	–	59,328	–	0.34%	–
NEP	New	Next Era Energy Partners	$3,318,000	–	83,739	–	0.33%	–
COST	New	Costco Wholesale	$3,095,000	–	22,917	–	0.31%	–
XOM	New	Exxon Mobil	$3,057,000	–	36,741	–	0.30%	–
BRKB	New	Brkshire Hathaway B	$3,048,000	–	22,395	–	0.30%	–
NVR	New	NVR, Inc.	$3,042,000	–	2,270	–	0.30%	–
SPY	New	SPDR S&P 500 ETF	$2,985,000	–	14,500	–	0.30%	–
COP	New	ConocoPhillips	$2,976,000	–	48,462	–	0.30%	–
GXC	New	SPDR Index Shs S&P China	$2,935,000	–	33,000	–	0.29%	–
CVX	New	Chevron	$2,787,000	–	28,894	–	0.28%	–
NVS	New	Novartis	$2,621,000	–	26,650	–	0.26%	–
TWX	New	Time Warner Inc.	$2,613,000	–	29,899	–	0.26%	–
XRAY	New	Dentsply Intl	$2,456,000	–	47,640	–	0.24%	–
TRGP	New	Targa Resources Corp	$2,438,000	–	27,330	–	0.24%	–
IBM	New	IBM	$2,398,000	–	14,744	–	0.24%	–
MMM	New	3M Company	$2,377,000	–	15,403	–	0.24%	–
BX	New	Blackstone Group	$2,258,000	–	55,250	–	0.22%	–
FOXA	New	Twenty-First Century Fox	$2,223,000	–	68,297	–	0.22%	–
NBL	New	Noble Energy	$2,225,000	–	52,130	–	0.22%	–
COF	New	Capital One Financial	$2,225,000	–	25,298	–	0.22%	–
KMB	New	Kimberly Clark	$2,105,000	–	19,866	–	0.21%	–
LKQ	New	LKQ Corporation	$2,091,000	–	69,150	–	0.21%	–
SEMI	New	SunEdison Semiconductor, Inc.	$2,014,000	–	116,615	–	0.20%	–
BDN	New	Brandywine Realty	$1,934,000	–	145,600	–	0.19%	–
KKR	New	KKR & Co. LP	$1,837,000	–	80,400	–	0.18%	–
SYY	New	Sysco	$1,809,000	–	50,118	–	0.18%	–
ADP	New	Automatic Data Processing	$1,794,000	–	22,360	–	0.18%	–
MWE	New	MarkWest Energy Partners LP	$1,780,000	–	31,564	–	0.18%	–
PSX	New	Phillips 66	$1,660,000	–	20,601	–	0.16%	–
BDX	New	Becton Dickinson	$1,646,000	–	11,618	–	0.16%	–
NRF	New	Northstar Realty Finance Corp.	$1,614,000	–	101,535	–	0.16%	–
RDSA	New	Royal Dutch Shell	$1,568,000	–	27,512	–	0.16%	–
DIS	New	Walt Disney	$1,553,000	–	13,604	–	0.15%	–
EEQ	New	Enbridge Energy Mgmt.	$1,551,000	–	46,996	–	0.15%	–
BEN	New	Franklin Resources	$1,428,000	–	29,130	–	0.14%	–
UNP	New	Union Pacific	$1,369,000	–	14,356	–	0.14%	–
WMB	New	Williams Companies Inc	$1,355,000	–	23,609	–	0.13%	–
DXGE	New	WisdomTree Germany Hedged Equi	$1,339,000	–	47,050	–	0.13%	–
SYK	New	Stryker Corp	$1,325,000	–	13,862	–	0.13%	–
IVZ	New	Invesco	$1,312,000	–	34,996	–	0.13%	–
GM	New	General Motors	$1,273,000	–	38,190	–	0.13%	–
DST	New	DST Systems	$1,215,000	–	9,645	–	0.12%	–
BMR	New	BioMed Realty Trust	$1,195,000	–	61,800	–	0.12%	–
	New	SAB Miller PLC/GBP/	$1,190,000	–	22,899	–	0.12%	–
GAS	New	AGL Resources	$1,155,000	–	24,800	–	0.12%	–
JFC	New	JPMorgan China Region Fund	$1,055,000	–	56,009	–	0.10%	–
DISCK	New	Discovery Comm C	$1,035,000	–	33,290	–	0.10%	–
CB	New	Chubb	$1,021,000	–	10,735	–	0.10%	–
FOE	New	Ferro Corp	$1,013,000	–	60,357	–	0.10%	–
WFC	New	Wells Fargo	$1,010,000	–	17,956	–	0.10%	–
DRE	New	Duke Realty	$1,003,000	–	54,000	–	0.10%	–
GPC	New	Genuine Parts	$983,000	–	10,977	–	0.10%	–
DBD	New	Diebold	$969,000	–	27,684	–	0.10%	–
STON	New	StoneMor Partners LP	$964,000	–	31,966	–	0.10%	–
A309PS	New	DirectTV	$936,000	–	10,082	–	0.09%	–
GBL	New	Gamco Investors A	$817,000	–	11,888	–	0.08%	–
AB	New	AllianceBernstein Holdings, LP	$801,000	–	27,128	–	0.08%	–
TIF	New	Tiffany & Co.	$777,000	–	8,469	–	0.08%	–
EMR	New	Emerson Electric Co.	$759,000	–	13,687	–	0.08%	–
CSCO	New	Cisco Systems	$740,000	–	26,959	–	0.07%	–
GSK	New	GlaxoSmithKline PLC	$737,000	–	17,700	–	0.07%	–
OMG	New	OM Group Inc.	$715,000	–	21,293	–	0.07%	–
EXC	New	Exelon Corp.	$719,000	–	22,898	–	0.07%	–
EL	New	Estee Lauder	$711,000	–	8,200	–	0.07%	–
KO	New	Coca Cola Co.	$701,000	–	17,866	–	0.07%	–
QRVO	New	Qorvo Inc.	$671,000	–	8,362	–	0.07%	–
CNNX	New	CONE Midstream Partners LP	$677,000	–	38,247	–	0.07%	–
AXP	New	American Express	$669,000	–	8,604	–	0.07%	–
NGLS	New	Targa Resource Partners LP	$639,000	–	16,547	–	0.06%	–
FXI	New	Xinhua China 25 Index Fund	$636,000	–	13,792	–	0.06%	–
SYNA	New	Synaptics Incorporated	$631,000	–	7,277	–	0.06%	–
WPZ	New	Williams Partners, LP	$620,000	–	12,793	–	0.06%	–
TGP	New	Teekay LNG Partners	$629,000	–	19,530	–	0.06%	–
BRKA	New	Brkshire Hathaway A	$615,000	–	3	–	0.06%	–
ITW	New	Illinois Tool Works	$602,000	–	6,559	–	0.06%	–
TWO	New	Two Harbors Investment Corp.	$584,000	–	59,920	–	0.06%	–
MDLZ	New	Mondelez International Inc.	$563,000	–	13,683	–	0.06%	–
EXAS	New	Exact Sciences Corporation	$552,000	–	18,575	–	0.06%	–
IYW	New	iShares US Technology	$523,000	–	5,000	–	0.05%	–
VIAB	New	Viacom Class B	$525,000	–	8,116	–	0.05%	–
STT	New	State Street Corp	$521,000	–	6,764	–	0.05%	–
EEP	New	Enbridge Energy Partners L.P.	$510,000	–	15,300	–	0.05%	–
ABB	New	ABB Ltd.	$507,000	–	24,300	–	0.05%	–
NSH	New	Nustar GP Holdings LLC	$497,000	–	13,052	–	0.05%	–
GWW	New	W. W. Grainger	$483,000	–	2,041	–	0.05%	–
SU	New	Suncor Energy Inc.	$462,000	–	16,800	–	0.05%	–
INTC	New	Intel Corp.	$453,000	–	14,904	–	0.04%	–
SIMO	New	Silicon Motion Technologies Co	$439,000	–	12,675	–	0.04%	–
LUMN	New	Centurylink Inc	$416,000	–	14,144	–	0.04%	–
T	New	AT&T	$417,000	–	11,742	–	0.04%	–
UTX	New	United Technologies	$400,000	–	3,608	–	0.04%	–
RWR	New	SPDR Dow Jones REIT ETF	$403,000	–	4,780	–	0.04%	–
DE	New	Deere & Co.	$389,000	–	4,008	–	0.04%	–
MCD	New	McDonald's Corp.	$391,000	–	4,115	–	0.04%	–
ORCL	New	Oracle	$383,000	–	9,495	–	0.04%	–
OXY	New	Occidental Petroleum	$374,000	–	4,809	–	0.04%	–
UNH	New	UnitedHealth Group	$366,000	–	3,000	–	0.04%	–
DISCA	New	Discovery Holding A	$356,000	–	10,704	–	0.04%	–
ABT	New	Abbott Laboratories	$338,000	–	6,893	–	0.03%	–
BA	New	Boeing Company	$329,000	–	2,369	–	0.03%	–
IWF	New	iShares Russell 1000 Growth In	$314,000	–	3,170	–	0.03%	–
CMCSA	New	Comcast Cl A	$286,000	–	4,762	–	0.03%	–
CLMT	New	Calumet Specialty Products Par	$269,000	–	10,574	–	0.03%	–
SE	New	Spectra Energy	$271,000	–	8,300	–	0.03%	–
LMCK	New	Liberty Media Series C	$266,000	–	7,412	–	0.03%	–
FMC	New	F M C Corp	$267,000	–	5,079	–	0.03%	–
EEM	New	MFC Ishares TR MSCI Emerging M	$255,000	–	6,430	–	0.02%	–
UVSP	New	Univest Corporation	$253,000	–	12,422	–	0.02%	–
GIS	New	General Mills	$253,000	–	4,544	–	0.02%	–
SLB	New	Schlumberger	$235,000	–	2,722	–	0.02%	–
APD	New	Air Products	$227,000	–	1,661	–	0.02%	–
D	New	Dominion Resources	$217,000	–	3,250	–	0.02%	–
IWN	New	iShares Russell 2000 Value	$212,000	–	2,080	–	0.02%	–
YUM	New	YUM Brands Inc.	$214,000	–	2,380	–	0.02%	–
DEO	New	Diageo PLC Spon ADR	$203,000	–	1,753	–	0.02%	–
ARG	New	Airgas Inc.	$202,000	–	1,907	–	0.02%	–
AEG	New	Aegon	$178,000	–	24,000	–	0.02%	–
CMLP	New	Crestwood Midstream Partners L	$176,000	–	15,698	–	0.02%	–
CEQP	New	Crestwood Equity Partners LP	$150,000	–	36,336	–	0.02%	–
BZC	New	Breeze Eastern	$135,000	–	11,704	–	0.01%	–
OHRP	New	Ohr Pharmaceutical Inc.	$64,000	–	25,561	–	0.01%	–
	New	Lehman Note	$0	–	12,800	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
	Exit	Lehman Note	$0	–	-12,800	–	0.00%	–
AEG	Exit	Aegon	$0	–	-24,000	–	-0.02%	–
TGP	Exit	Teekay LNG Partners	$0	–	-4,780	–	-0.02%	–
DEO	Exit	Diageo PLC Spon ADR	$0	–	-1,753	–	-0.02%	–
ARG	Exit	Airgas Inc.	$0	–	-1,907	–	-0.02%	–
APD	Exit	Air Products	$0	–	-1,661	–	-0.02%	–
CAT	Exit	Caterpillar	$0	–	-2,350	–	-0.02%	–
GIS	Exit	General Mills	$0	–	-4,744	–	-0.02%	–
D	Exit	Dominion Resources	$0	–	-3,350	–	-0.02%	–
UNH	Exit	UnitedHealth Group	$0	–	-3,000	–	-0.02%	–
CMCSA	Exit	Comcast Cl A	$0	–	-4,762	–	-0.02%	–
ABT	Exit	Abbott Laboratories	$0	–	-6,368	–	-0.02%	–
SE	Exit	Spectra Energy	$0	–	-8,300	–	-0.03%	–
EXAS	Exit	Exact Sciences Corporation	$0	–	-16,925	–	-0.03%	–
DE	Exit	Deere & Co.	$0	–	-4,008	–	-0.03%	–
UTX	Exit	United Technologies	$0	–	-3,233	–	-0.03%	–
LMCK	Exit	Liberty Media Series C	$0	–	-7,412	–	-0.03%	–
CMLP	Exit	Crestwood Midstream Partners L	$0	–	-15,698	–	-0.03%	–
ORCL	Exit	Oracle	$0	–	-9,495	–	-0.03%	–
APA	Exit	Apache Corp	$0	–	-3,906	–	-0.03%	–
CEQP	Exit	Crestwood Equity Partners LP	$0	–	-36,336	–	-0.04%	–
NSH	Exit	Nustar GP Holdings LLC	$0	–	-8,900	–	-0.04%	–
TROX	Exit	Tronox Inc.	$0	–	-15,274	–	-0.04%	–
CSCO	Exit	Cisco Systems	$0	–	-15,959	–	-0.04%	–
DISCA	Exit	Discovery Holding A	$0	–	-10,704	–	-0.04%	–
FNB	Exit	F.N.B. Corp.	$0	–	-34,968	–	-0.04%	–
GMLP	Exit	Golar LNG Partners LP	$0	–	-12,941	–	-0.04%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-14,083	–	-0.04%	–
MCD	Exit	McDonald's Corp.	$0	–	-5,386	–	-0.05%	–
SEMI	Exit	SunEdison Semiconductor, Inc.	$0	–	-26,322	–	-0.05%	–
FXI	Exit	Xinhua China 25 Index Fund	$0	–	-13,792	–	-0.05%	–
GWW	Exit	W. W. Grainger	$0	–	-2,066	–	-0.05%	–
MSFT	Exit	Microsoft	$0	–	-11,590	–	-0.05%	–
INTC	Exit	Intel Corp.	$0	–	-15,304	–	-0.05%	–
TWC	Exit	Time Warner Cable, Inc.	$0	–	-3,818	–	-0.05%	–
ITW	Exit	Illinois Tool Works	$0	–	-6,559	–	-0.05%	–
MDT	Exit	Medtronic	$0	–	-9,369	–	-0.05%	–
STON	Exit	StoneMor Partners LP	$0	–	-22,776	–	-0.06%	–
EEP	Exit	Enbridge Energy Partners L.P.	$0	–	-15,300	–	-0.06%	–
EL	Exit	Estee Lauder	$0	–	-8,200	–	-0.06%	–
EXXIQ	Exit	Energy XXI Limited	$0	–	-53,869	–	-0.06%	–
VIAB	Exit	Viacom Class B	$0	–	-8,116	–	-0.06%	–
SPH	Exit	Surburban Propane Partners LP	$0	–	-14,024	–	-0.06%	–
BRKA	Exit	Brkshire Hathaway A	$0	–	-3	–	-0.06%	–
STT	Exit	State Street Corp	$0	–	-8,764	–	-0.06%	–
ABB	Exit	ABB Ltd.	$0	–	-29,100	–	-0.06%	–
EMR	Exit	Emerson Electric Co.	$0	–	-11,187	–	-0.06%	–
CHMT	Exit	Chemtura Corporation	$0	–	-30,496	–	-0.07%	–
AB	Exit	AllianceBernstein Holdings, LP	$0	–	-28,328	–	-0.07%	–
EXC	Exit	Exelon Corp.	$0	–	-21,632	–	-0.07%	–
RWR	Exit	SPDR Dow Jones REIT ETF	$0	–	-9,560	–	-0.07%	–
AXP	Exit	American Express	$0	–	-8,754	–	-0.07%	–
WPZ	Exit	Williams Partners, LP	$0	–	-14,665	–	-0.07%	–
LKQ	Exit	LKQ Corporation	$0	–	-30,200	–	-0.08%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-20,963	–	-0.08%	–
TIF	Exit	Tiffany & Co.	$0	–	-8,469	–	-0.08%	–
DST	Exit	DST Systems	$0	–	-9,645	–	-0.08%	–
COSWF	Exit	Canadian Oil Sands Trust Ltd	$0	–	-45,056	–	-0.08%	–
JFC	Exit	JPMorgan China Region Fund	$0	–	-56,009	–	-0.08%	–
ATLS	Exit	Altas Energy L.P.	$0	–	-19,414	–	-0.08%	–
A309PS	Exit	DirectTV	$0	–	-10,182	–	-0.08%	–
GBL	Exit	Gamco Investors A	$0	–	-13,088	–	-0.09%	–
ENB	Exit	Enbridge Inc.	$0	–	-19,360	–	-0.09%	–
GPC	Exit	Genuine Parts	$0	–	-10,627	–	-0.09%	–
APL	Exit	Atlas Pipeline Partners LP	$0	–	-26,785	–	-0.09%	–
CB	Exit	Chubb	$0	–	-10,735	–	-0.09%	–
SU	Exit	Suncor Energy Inc.	$0	–	-27,277	–	-0.09%	–
DRE	Exit	Duke Realty	$0	–	-58,100	–	-0.09%	–
NAO	Exit	Nordic Offshore Ltd.	$0	–	-57,911	–	-0.10%	–
DBD	Exit	Diebold	$0	–	-28,984	–	-0.10%	–
TQNT	Exit	TriQuint Semiconductor Inc.	$0	–	-55,836	–	-0.10%	–
SYK	Exit	Stryker Corp	$0	–	-13,412	–	-0.10%	–
TWO	Exit	Two Harbors Investment Corp.	$0	–	-119,850	–	-0.11%	–
DIS	Exit	Walt Disney	$0	–	-13,194	–	-0.11%	–
WMB	Exit	Williams Companies Inc	$0	–	-22,175	–	-0.12%	–
DISCK	Exit	Discovery Comm C	$0	–	-33,290	–	-0.12%	–
	Exit	SAB Miller PLC/GBP/	$0	–	-22,899	–	-0.12%	–
GAS	Exit	AGL Resources	$0	–	-25,500	–	-0.12%	–
NRF	Exit	Northstar Realty Finance Corp.	$0	–	-74,400	–	-0.12%	–
BDX	Exit	Becton Dickinson	$0	–	-11,643	–	-0.12%	–
IVZ	Exit	Invesco	$0	–	-34,296	–	-0.13%	–
OXY	Exit	Occidental Petroleum	$0	–	-15,259	–	-0.14%	–
SIMO	Exit	Silicon Motion Technologies Co	$0	–	-58,288	–	-0.15%	–
FOE	Exit	Ferro Corp	$0	–	-112,544	–	-0.15%	–
EEQ	Exit	Enbridge Energy Mgmt.	$0	–	-44,907	–	-0.16%	–
PSX	Exit	Phillips 66	$0	–	-20,600	–	-0.16%	–
GSK	Exit	GlaxoSmithkline PLC	$0	–	-36,550	–	-0.16%	–
BEN	Exit	Franklin Resources	$0	–	-32,490	–	-0.17%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-9,310	–	-0.17%	–
TOO	Exit	Teekay Offshore Partners, L.P.	$0	–	-54,591	–	-0.17%	–
SYY	Exit	Sysco	$0	–	-51,068	–	-0.18%	–
BX	Exit	Blackstone Group	$0	–	-62,450	–	-0.18%	–
KKR	Exit	KKR & Co. LP	$0	–	-88,300	–	-0.18%	–
SPXU	Exit	ProShares UltrShort S&P 500	$0	–	-44,806	–	-0.19%	–
RDSA	Exit	Royal Dutch Shell	$0	–	-27,512	–	-0.20%	–
MMM	Exit	3M Company	$0	–	-15,017	–	-0.20%	–
KMB	Exit	Kimberly Clark	$0	–	-19,866	–	-0.20%	–
XRAY	Exit	Dentsply Intl	$0	–	-47,640	–	-0.20%	–
TWX	Exit	Time Warner Inc.	$0	–	-29,898	–	-0.21%	–
NVS	Exit	Novartis	$0	–	-26,654	–	-0.23%	–
ADP	Exit	Automatic Data Processing	$0	–	-30,136	–	-0.23%	–
GXC	Exit	SPDR Index Shs S&P China	$0	–	-33,000	–	-0.24%	–
LPT	Exit	Liberty Property Tr	$0	–	-78,333	–	-0.24%	–
COST	Exit	Costco Wholesale	$0	–	-23,117	–	-0.27%	–
MWE	Exit	MarkWest Energy Partners LP	$0	–	-38,594	–	-0.28%	–
BRKB	Exit	Brkshire Hathaway B	$0	–	-22,395	–	-0.29%	–
TWM	Exit	ProShares UltraShort Russell 2	$0	–	-64,971	–	-0.30%	–
MRK	Exit	Merck	$0	–	-55,928	–	-0.31%	–
PFE	Exit	Pfizer	$0	–	-115,693	–	-0.32%	–
CVX	Exit	Chevron	$0	–	-29,172	–	-0.32%	–
XOM	Exit	Exxon Mobil	$0	–	-37,442	–	-0.33%	–
NBL	Exit	Noble Energy	$0	–	-52,330	–	-0.33%	–
PEP	Exit	Pepsico	$0	–	-39,585	–	-0.34%	–
COP	Exit	ConocoPhillips	$0	–	-48,462	–	-0.35%	–
PX	Exit	Praxair	$0	–	-28,851	–	-0.35%	–
HSIC	Exit	Henry Schein	$0	–	-31,925	–	-0.35%	–
IBM	Exit	IBM	$0	–	-19,905	–	-0.35%	–
BAYRY	Exit	Bayer AG	$0	–	-27,500	–	-0.36%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-42,470	–	-0.36%	–
DD	Exit	duPont	$0	–	-56,476	–	-0.38%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-33,387	–	-0.38%	–
1338PS	Exit	UBS AG	$0	–	-239,740	–	-0.39%	–
MET	Exit	MetLife	$0	–	-81,753	–	-0.41%	–
UN	Exit	Unilever NV NY	$0	–	-111,645	–	-0.41%	–
KMR	Exit	Kinder Morgan Mgmt	$0	–	-47,274	–	-0.42%	–
CL	Exit	Colgate Palmolive	$0	–	-69,177	–	-0.42%	–
RSO	Exit	Resource Capital	$0	–	-947,221	–	-0.43%	–
C	Exit	Citigroup	$0	–	-89,626	–	-0.43%	–
BAC	Exit	Bank of America	$0	–	-278,590	–	-0.44%	–
GE	Exit	General Electric	$0	–	-190,257	–	-0.46%	–
DOW	Exit	Dow Chemical	$0	–	-98,405	–	-0.48%	–
ALK	Exit	Alaska Airlines	$0	–	-119,450	–	-0.49%	–
TBBK	Exit	Bancorp Inc	$0	–	-668,449	–	-0.54%	–
NEE	Exit	NextEra Energy	$0	–	-61,596	–	-0.54%	–
MU	Exit	Micron Technology Inc.	$0	–	-176,211	–	-0.56%	–
WFC	Exit	Wells Fargo	$0	–	-117,946	–	-0.57%	–
FOXA	Exit	Twenty-First Century Fox	$0	–	-203,528	–	-0.65%	–
REXI	Exit	Resource America	$0	–	-785,779	–	-0.68%	–
MAR	Exit	Marriott Intl Class A	$0	–	-118,910	–	-0.78%	–
PG	Exit	Procter & Gamble	$0	–	-99,722	–	-0.78%	–
ALXN	Exit	Alexion Pharmaceutical	$0	–	-54,860	–	-0.85%	–
COF	Exit	Capital One Financial	$0	–	-112,708	–	-0.86%	–
CELG	Exit	Celgne Corp	$0	–	-112,620	–	-1.00%	–
BUD	Exit	Anheuser-Busch Inbev ADR	$0	–	-98,241	–	-1.02%	–
UNP	Exit	Union Pacific	$0	–	-103,962	–	-1.05%	–
	Exit	Anheuser-Busch InBev	$0	–	-102,439	–	-1.06%	–
AAL	Exit	American Airlines Group	$0	–	-333,493	–	-1.10%	–
MS	Exit	Morgan Stanley	$0	–	-343,626	–	-1.11%	–
DAL	Exit	Delta Airlines	$0	–	-359,179	–	-1.21%	–
CVS	Exit	CVS Health Corp	$0	–	-165,344	–	-1.23%	–
AAP	Exit	Advance Auto Parts	$0	–	-106,228	–	-1.29%	–
KO	Exit	Coca Cola Co.	$0	–	-333,686	–	-1.33%	–
GILD	Exit	Gilead Science	$0	–	-138,470	–	-1.38%	–
BLK	Exit	BlackRock, Inc.	$0	–	-53,508	–	-1.64%	–
SLB	Exit	Schlumberger	$0	–	-188,280	–	-1.79%	–
GOOGL	Exit	Google Cl A	$0	–	-32,961	–	-1.81%	–
RHHBY	Exit	Roche Holding AG	$0	–	-551,303	–	-1.91%	–
GOOG	Exit	Google Cl C	$0	–	-37,175	–	-2.00%	–
UAL	Exit	United Continental Holdings, I	$0	–	-467,480	–	-2.04%	–
VZ	Exit	Verizon Comm	$0	–	-484,647	–	-2.26%	–
AIG	Exit	American Intl. Group	$0	–	-560,054	–	-2.82%	–
NSRGY	Exit	Nestle Spons ADR	$0	–	-511,797	–	-3.51%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-637,941	–	-3.59%	–
DCP	Exit	DCP Midstream Partners, LP	$0	–	-742,435	–	-3.77%	–
JNJ	Exit	Johnson & Johnson	$0	–	-444,308	–	-4.42%	–
PAA	Exit	Plains All American Pipeline L	$0	–	-858,854	–	-4.72%	–
AAPL	Exit	Apple Computer	$0	–	-520,348	–	-4.89%	–
ET	Exit	Energy Transfer Equity LP	$0	–	-972,398	–	-5.60%	–
EPD	Exit	Enterprise Prod Partners	$0	–	-1,812,729	–	-6.82%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-890,076	–	-7.00%	–

Q3 2014

			Value		Shares		↓ Weighting
MMP	Sell	Magellan Midstream Partners, L	$74,927,000	-3.3%	890,076	-3.5%	7.00%	+1.6%
EPD	Buy	Enterprise Prod Partners	$73,053,000	-0.0%	1,812,729	+94.3%	6.82%	+5.1%
ET	Sell	Energy Transfer Equity LP	$59,987,000	+0.9%	972,398	-3.6%	5.60%	+6.0%
AAPL	Buy	Apple Computer	$52,425,000	+30.7%	520,348	+20.6%	4.89%	+37.3%
PAA	Sell	Plains All American Pipeline L	$50,552,000	-6.3%	858,854	-4.4%	4.72%	-1.6%
JNJ	Buy	Johnson & Johnson	$47,359,000	+2.0%	444,308	+0.2%	4.42%	+7.2%
DCP	Sell	DCP Midstream Partners, LP	$40,426,000	-8.5%	742,435	-4.3%	3.77%	-3.9%
JPM	Buy	J.P. Morgan Chase	$38,430,000	+229.3%	637,941	+215.0%	3.59%	+246.0%
NSRGY	Sell	Nestle Spons ADR	$37,628,000	-5.8%	511,797	-0.7%	3.51%	-1.0%
AIG	Sell	American Intl. Group	$30,254,000	-4.1%	560,054	-3.1%	2.82%	+0.8%
VZ	Buy	Verizon Comm	$24,228,000	+119.6%	484,647	+115.0%	2.26%	+130.8%
UAL	Sell	United Continental Holdings, I	$21,873,000	-10.9%	467,480	-21.8%	2.04%	-6.4%
GOOG	Buy	Google Cl C	$21,463,000	+80.4%	37,175	+79.8%	2.00%	+89.6%
RHHBY	Sell	Roche Holding AG	$20,418,000	-11.5%	551,303	-10.9%	1.91%	-7.0%
GOOGL	Sell	Google Cl A	$19,395,000	-1.6%	32,961	-2.2%	1.81%	+3.4%
SLB	Buy	Schlumberger	$19,146,000	+26.4%	188,280	+46.6%	1.79%	+32.8%
BLK	Sell	BlackRock, Inc.	$17,568,000	-22.8%	53,508	-24.9%	1.64%	-18.9%
GILD	Sell	Gilead Science	$14,740,000	+8.3%	138,470	-15.7%	1.38%	+13.7%
KO	Buy	Coca Cola Co.	$14,235,000	+1604.8%	333,686	+1592.5%	1.33%	+1695.9%
AAP	Buy	Advance Auto Parts	$13,842,000	+804.7%	106,228	+836.9%	1.29%	+850.0%
CVS	Sell	CVS Health Corp	$13,160,000	+3.8%	165,344	-1.7%	1.23%	+9.1%
DAL	Sell	Delta Airlines	$12,984,000	-42.1%	359,179	-38.0%	1.21%	-39.2%
MS	Buy	Morgan Stanley	$11,879,000	+37.9%	343,626	+29.0%	1.11%	+44.8%
AAL	Sell	American Airlines Group	$11,832,000	-65.4%	333,493	-58.2%	1.10%	-63.7%
	Sell	Anheuser-Busch InBev	$11,351,000	-4.3%	102,439	-0.9%	1.06%	+0.6%
UNP	Sell	Union Pacific	$11,272,000	-20.2%	103,962	-26.6%	1.05%	-16.2%
BUD	Sell	Anheuser-Busch Inbev ADR	$10,890,000	-4.1%	98,241	-0.5%	1.02%	+0.8%
CELG	New	Celgne Corp	$10,674,000	–	112,620	–	1.00%	–
ALXN	New	Alexion Pharmaceutical	$9,097,000	–	54,860	–	0.85%	–
MAR	Sell	Marriott Intl Class A	$8,312,000	+1.7%	118,910	-6.7%	0.78%	+6.9%
REXI	Buy	Resource America	$7,316,000	+172.9%	785,779	+174.0%	0.68%	+187.0%
FOXA	Buy	Twenty-First Century Fox	$6,979,000	+190.7%	203,528	+198.0%	0.65%	+206.1%
WFC	Sell	Wells Fargo	$6,118,000	-59.7%	117,946	-59.1%	0.57%	-57.6%
MU	Sell	Micron Technology Inc.	$6,037,000	-3.2%	176,211	-6.9%	0.56%	+1.8%
TBBK	Sell	Bancorp Inc	$5,742,000	-28.0%	668,449	-0.2%	0.54%	-24.4%
ALK	New	Alaska Airlines	$5,201,000	–	119,450	–	0.49%	–
DOW	Buy	Dow Chemical	$5,160,000	+364.4%	98,405	+355.9%	0.48%	+386.9%
GE	Sell	General Electric	$4,874,000	-60.3%	190,257	-59.3%	0.46%	-58.3%
BAC	Sell	Bank of America	$4,750,000	-11.4%	278,590	-20.2%	0.44%	-7.1%
C	Sell	Citigroup	$4,644,000	-17.6%	89,626	-25.1%	0.43%	-13.4%
CL	Sell	Colgate Palmolive	$4,512,000	-6.0%	69,177	-1.7%	0.42%	-1.2%
KMR	Buy	Kinder Morgan Mgmt	$4,451,000	+21.3%	47,274	+1.7%	0.42%	+27.6%
MET	Sell	MetLife	$4,392,000	-80.7%	81,753	-80.1%	0.41%	-79.7%
1338PS	Buy	UBS AG	$4,164,000	-4.5%	239,740	+0.7%	0.39%	+0.3%
TMO	Sell	Thermo Fisher Scientific	$4,063,000	+1.5%	33,387	-1.6%	0.38%	+6.5%
FMX	Sell	Fomento Economico Mexicano SA	$3,909,000	-4.0%	42,470	-2.3%	0.36%	+0.8%
IBM	Buy	IBM	$3,779,000	+4.9%	19,905	+0.2%	0.35%	+10.3%
HSIC	Sell	Henry Schein	$3,718,000	-3.7%	31,925	-1.8%	0.35%	+1.2%
COP	Sell	ConocoPhillips	$3,708,000	-16.2%	48,462	-6.1%	0.35%	-12.0%
PEP	Sell	Pepsico	$3,685,000	+3.9%	39,585	-0.3%	0.34%	+9.2%
XOM	Buy	Exxon Mobil	$3,521,000	-6.0%	37,442	+0.6%	0.33%	-1.2%
TWM	Buy	ProShares UltraShort Russell 2	$3,198,000	+199.4%	64,971	+161.6%	0.30%	+214.7%
BRKB	Buy	Brkshire Hathaway B	$3,094,000	+11.7%	22,395	+2.3%	0.29%	+17.5%
NVS	Sell	Novartis	$2,509,000	+3.6%	26,654	-0.4%	0.23%	+8.8%
TWX	Sell	Time Warner Inc.	$2,249,000	+7.1%	29,898	-0.0%	0.21%	+12.3%
KMB	Buy	Kimberly Clark	$2,137,000	+0.1%	19,866	+3.5%	0.20%	+5.3%
MMM	Buy	3M Company	$2,128,000	+1.2%	15,017	+2.3%	0.20%	+6.4%
RDSA	Buy	Royal Dutch Shell	$2,094,000	-6.2%	27,512	+1.5%	0.20%	-1.5%
SPXU	Buy	ProShares UltrShort S&P 500	$2,033,000	+179.3%	44,806	+192.8%	0.19%	+192.3%
KKR	Sell	KKR & Co. LP	$1,969,000	-85.8%	88,300	-84.5%	0.18%	-85.0%
BX	Sell	Blackstone Group	$1,966,000	-85.8%	62,450	-84.9%	0.18%	-85.0%
SYY	Sell	Sysco	$1,938,000	-1.9%	51,068	-3.2%	0.18%	+2.8%
SPY	Sell	SPDR S&P 500 ETF	$1,834,000	+0.1%	9,310	-0.5%	0.17%	+4.9%
EEQ	Sell	Enbridge Energy Mgmt.	$1,671,000	-9.0%	44,907	-13.8%	0.16%	-4.3%
FOE	Sell	Ferro Corp	$1,631,000	-21.0%	112,544	-31.5%	0.15%	-16.9%
SIMO	Sell	Silicon Motion Technologies Co	$1,570,000	-11.7%	58,288	-33.1%	0.15%	-7.0%
NRF	New	Northstar Realty Finance Corp.	$1,315,000	–	74,400	–	0.12%	–
DISCK	Buy	Discovery Comm C	$1,241,000	+51.3%	33,290	+194.8%	0.12%	+58.9%
TQNT	Sell	TriQuint Semiconductor Inc.	$1,065,000	-3.7%	55,836	-20.2%	0.10%	+1.0%
SU	Sell	Suncor Energy Inc.	$986,000	-44.7%	27,277	-34.8%	0.09%	-42.1%
GBL	Sell	Gamco Investors A	$926,000	-26.1%	13,088	-13.3%	0.09%	-22.5%
KMI	New	Kinder Morgan Inc.	$804,000	–	20,963	–	0.08%	–
AXP	Sell	American Express	$766,000	-8.5%	8,754	-0.8%	0.07%	-2.7%
CHMT	Sell	Chemtura Corporation	$711,000	-43.7%	30,496	-36.9%	0.07%	-41.1%
EXXIQ	New	Energy XXI Limited	$611,000	–	53,869	–	0.06%	–
SEMI	New	SunEdison Semiconductor, Inc.	$509,000	–	26,322	–	0.05%	–
TROX	Sell	Tronox Inc.	$398,000	-37.2%	15,274	-35.2%	0.04%	-33.9%
CEQP	Sell	Crestwood Equity Partners LP	$384,000	-62.6%	36,336	-47.4%	0.04%	-60.4%
APA	Sell	Apache Corp	$367,000	-51.5%	3,906	-48.1%	0.03%	-49.3%
CMLP	Sell	Crestwood Midstream Partners L	$356,000	-48.2%	15,698	-49.5%	0.03%	-45.9%
UTX	Buy	United Technologies	$341,000	+16.0%	3,233	+26.8%	0.03%	+23.1%
LMCK	New	Liberty Media Series C	$348,000	–	7,412	–	0.03%	–
EXAS	New	Exact Sciences Corporation	$328,000	–	16,925	–	0.03%	–
DE	Buy	Deere & Co.	$329,000	-5.5%	4,008	+4.3%	0.03%	0.0%
DEO	Buy	Diageo PLC Spon ADR	$202,000	-1.9%	1,753	+8.2%	0.02%	+5.6%
EROC	Exit	Eagle Rock Energy Partners, LP	$0	–	-50,251	–	-0.02%	–
LMCA	Exit	Liberty Media	$0	–	-3,706	–	-0.04%	–
RGP	Exit	Regency Energy Partners, LP	$0	–	-18,688	–	-0.05%	–
WCIC	Exit	WCI Communities, Inc.	$0	–	-63,710	–	-0.11%	–
	Exit	Volkswagen AG Pref	$0	–	-8,240	–	-0.19%	–
NRF	Exit	Northstar Realty Finance Corp.	$0	–	-148,800	–	-0.23%	–
RJETQ	Exit	Republic Airways Holdings Inc.	$0	–	-297,630	–	-0.29%	–
NSC	Exit	Norfolk Southern	$0	–	-61,690	–	-0.56%	–
J	Exit	Jacobs Engineering Group	$0	–	-126,391	–	-0.60%	–
CBI	Exit	Chicago Bridge & Iron	$0	–	-112,316	–	-0.68%	–
BHI	Exit	Baker Hughes Inc.	$0	–	-135,960	–	-0.90%	–
BA	Exit	Boeing Company	$0	–	-102,350	–	-1.16%	–
QCOM	Exit	Qualcomm	$0	–	-168,278	–	-1.18%	–

Q2 2014

			Value		Shares		↓ Weighting
MMP	New	Magellan Midstream Partners, L	$77,484,000	–	921,986	–	6.88%	–
EPD	New	Enterprise Prod Partners	$73,058,000	–	933,174	–	6.49%	–
ET	New	Energy Transfer Equity LP	$59,477,000	–	1,009,108	–	5.28%	–
PAA	New	Plains All American Pipeline L	$53,953,000	–	898,474	–	4.79%	–
JNJ	New	Johnson & Johnson	$46,414,000	–	443,642	–	4.12%	–
DCP	New	DCP Midstream Partners, LP	$44,200,000	–	775,435	–	3.93%	–
AAPL	New	Apple Computer	$40,105,000	–	431,560	–	3.56%	–
NSRGY	New	Nestle Spons ADR	$39,942,000	–	515,587	–	3.55%	–
AAL	New	American Airlines Group	$34,241,000	–	797,033	–	3.04%	–
AIG	New	American Intl. Group	$31,533,000	–	577,744	–	2.80%	–
UAL	New	United Continental Holdings, I	$24,541,000	–	597,530	–	2.18%	–
RHHBY	New	Roche Holding AG	$23,070,000	–	618,783	–	2.05%	–
MET	New	MetLife	$22,782,000	–	410,048	–	2.02%	–
BLK	New	BlackRock, Inc.	$22,758,000	–	71,208	–	2.02%	–
DAL	New	Delta Airlines	$22,443,000	–	579,614	–	1.99%	–
GOOGL	New	Google Cl A	$19,704,000	–	33,701	–	1.75%	–
WFC	New	Wells Fargo	$15,168,000	–	288,586	–	1.35%	–
SLB	New	Schlumberger	$15,146,000	–	128,410	–	1.35%	–
UNP	New	Union Pacific	$14,125,000	–	141,602	–	1.26%	–
KKR	New	KKR & Co. LP	$13,847,000	–	569,150	–	1.23%	–
BX	New	Blackstone Group	$13,805,000	–	412,820	–	1.23%	–
GILD	New	Gilead Science	$13,615,000	–	164,220	–	1.21%	–
QCOM	New	Qualcomm	$13,328,000	–	168,278	–	1.18%	–
BA	New	Boeing Company	$13,022,000	–	102,350	–	1.16%	–
CVS	New	CVS/Caremark	$12,681,000	–	168,244	–	1.13%	–
GE	New	General Electric	$12,276,000	–	467,137	–	1.09%	–
GOOG	New	Google Cl C	$11,897,000	–	20,681	–	1.06%	–
	New	Anheuser-Busch InBev	$11,859,000	–	103,339	–	1.05%	–
JPM	New	J.P. Morgan Chase	$11,671,000	–	202,547	–	1.04%	–
BUD	New	Anheuser-Busch Inbev ADR	$11,354,000	–	98,781	–	1.01%	–
VZ	New	Verizon Comm	$11,031,000	–	225,443	–	0.98%	–
BHI	New	Baker Hughes Inc.	$10,122,000	–	135,960	–	0.90%	–
COF	New	Capital One Financial	$9,310,000	–	112,708	–	0.83%	–
MS	New	Morgan Stanley	$8,615,000	–	266,456	–	0.77%	–
MAR	New	Marriott Intl Class A	$8,170,000	–	127,460	–	0.73%	–
TBBK	New	Bancorp Inc	$7,976,000	–	669,648	–	0.71%	–
PG	New	Procter & Gamble	$7,837,000	–	99,722	–	0.70%	–
CBI	New	Chicago Bridge & Iron	$7,660,000	–	112,316	–	0.68%	–
J	New	Jacobs Engineering Group	$6,734,000	–	126,391	–	0.60%	–
NSC	New	Norfolk Southern	$6,356,000	–	61,690	–	0.56%	–
NEE	New	NextEra Energy	$6,312,000	–	61,596	–	0.56%	–
MU	New	Micron Technology Inc.	$6,236,000	–	189,263	–	0.55%	–
C	New	Citigroup	$5,633,000	–	119,586	–	0.50%	–
BAC	New	Bank of America	$5,363,000	–	348,946	–	0.48%	–
RSO	New	Resource Capital	$5,333,000	–	947,221	–	0.47%	–
UN	New	Unilever NV NY	$4,886,000	–	111,645	–	0.43%	–
CL	New	Colgate Palmolive	$4,798,000	–	70,377	–	0.43%	–
COP	New	ConocoPhillips	$4,423,000	–	51,592	–	0.39%	–
1338PS	New	UBS AG	$4,361,000	–	238,040	–	0.39%	–
FMX	New	Fomento Economico Mexicano SA	$4,071,000	–	43,470	–	0.36%	–
NBL	New	Noble Energy	$4,053,000	–	52,330	–	0.36%	–
TMO	New	Thermo Fisher Scientific	$4,003,000	–	33,927	–	0.36%	–
BAYRY	New	Bayer AG	$3,884,000	–	27,500	–	0.34%	–
HSIC	New	Henry Schein	$3,859,000	–	32,525	–	0.34%	–
PX	New	Praxair	$3,833,000	–	28,851	–	0.34%	–
CVX	New	Chevron	$3,808,000	–	29,172	–	0.34%	–
XOM	New	Exxon Mobil	$3,746,000	–	37,209	–	0.33%	–
DD	New	duPont	$3,696,000	–	56,476	–	0.33%	–
KMR	New	Kinder Morgan Mgmt	$3,669,000	–	46,484	–	0.33%	–
IBM	New	IBM	$3,602,000	–	19,872	–	0.32%	–
PEP	New	Pepsico	$3,545,000	–	39,685	–	0.32%	–
PFE	New	Pfizer	$3,434,000	–	115,693	–	0.30%	–
MRK	New	Merck	$3,235,000	–	55,928	–	0.29%	–
RJETQ	New	Republic Airways Holdings Inc.	$3,226,000	–	297,630	–	0.29%	–
LPT	New	Liberty Property Tr	$2,971,000	–	78,333	–	0.26%	–
MWE	New	MarkWest Energy Partners LP	$2,763,000	–	38,594	–	0.25%	–
BRKB	New	Brkshire Hathaway B	$2,771,000	–	21,895	–	0.25%	–
REXI	New	Resource America	$2,681,000	–	286,760	–	0.24%	–
COST	New	Costco Wholesale	$2,662,000	–	23,117	–	0.24%	–
NRF	New	Northstar Realty Finance Corp.	$2,586,000	–	148,800	–	0.23%	–
GXC	New	SPDR Index Shs S&P China	$2,483,000	–	33,000	–	0.22%	–
NVS	New	Novartis	$2,422,000	–	26,754	–	0.22%	–
FOXA	New	Twenty-First Century Fox	$2,401,000	–	68,297	–	0.21%	–
ADP	New	Automatic Data Processing	$2,389,000	–	30,136	–	0.21%	–
XRAY	New	Dentsply Intl	$2,256,000	–	47,640	–	0.20%	–
RDSA	New	Royal Dutch Shell	$2,233,000	–	27,112	–	0.20%	–
	New	Volkswagen AG Pref	$2,159,000	–	8,240	–	0.19%	–
KMB	New	Kimberly Clark	$2,135,000	–	19,200	–	0.19%	–
MMM	New	3M Company	$2,103,000	–	14,684	–	0.19%	–
TWX	New	Time Warner Inc.	$2,100,000	–	29,899	–	0.19%	–
FOE	New	Ferro Corp	$2,064,000	–	164,343	–	0.18%	–
SYY	New	Sysco	$1,976,000	–	52,768	–	0.18%	–
TOO	New	Teekay Offshore Partners, L.P.	$1,971,000	–	54,591	–	0.18%	–
GSK	New	GlaxoSmithkline PLC	$1,955,000	–	36,550	–	0.17%	–
BEN	New	Franklin Resources	$1,879,000	–	32,490	–	0.17%	–
SPY	New	SPDR S&P 500 ETF	$1,832,000	–	9,360	–	0.16%	–
EEQ	New	Enbridge Energy Mgmt.	$1,836,000	–	52,073	–	0.16%	–
SU	New	Suncor Energy Inc.	$1,784,000	–	41,842	–	0.16%	–
SIMO	New	Silicon Motion Technologies Co	$1,779,000	–	87,063	–	0.16%	–
PSX	New	Phillips 66	$1,657,000	–	20,600	–	0.15%	–
OXY	New	Occidental Petroleum	$1,566,000	–	15,259	–	0.14%	–
AAP	New	Advance Auto Parts	$1,530,000	–	11,338	–	0.14%	–
GAS	New	AGL Resources	$1,403,000	–	25,500	–	0.12%	–
BDX	New	Becton Dickinson	$1,377,000	–	11,643	–	0.12%	–
	New	SAB Miller PLC/GBP/	$1,327,000	–	22,899	–	0.12%	–
WMB	New	Williams Companies Inc	$1,291,000	–	22,175	–	0.12%	–
IVZ	New	Invesco	$1,295,000	–	34,296	–	0.12%	–
TWO	New	Two Harbors Investment Corp.	$1,256,000	–	119,850	–	0.11%	–
CHMT	New	Chemtura Corporation	$1,263,000	–	48,348	–	0.11%	–
GBL	New	Gamco Investors A	$1,253,000	–	15,088	–	0.11%	–
WCIC	New	WCI Communities, Inc.	$1,230,000	–	63,710	–	0.11%	–
DBD	New	Diebold	$1,164,000	–	28,984	–	0.10%	–
SYK	New	Stryker Corp	$1,131,000	–	13,412	–	0.10%	–
DIS	New	Walt Disney	$1,131,000	–	13,194	–	0.10%	–
DOW	New	Dow Chemical	$1,111,000	–	21,584	–	0.10%	–
TQNT	New	TriQuint Semiconductor Inc.	$1,106,000	–	69,963	–	0.10%	–
NAO	New	Nordic Offshore Ltd.	$1,108,000	–	57,911	–	0.10%	–
TWM	New	ProShares UltraShort Russell 2	$1,068,000	–	24,837	–	0.10%	–
DRE	New	Duke Realty	$1,055,000	–	58,100	–	0.09%	–
COSWF	New	Canadian Oil Sands Trust Ltd	$1,021,000	–	45,056	–	0.09%	–
CEQP	New	Crestwood Equity Partners LP	$1,026,000	–	69,022	–	0.09%	–
CB	New	Chubb	$989,000	–	10,735	–	0.09%	–
GPC	New	Genuine Parts	$933,000	–	10,627	–	0.08%	–
ENB	New	Enbridge Inc.	$919,000	–	19,360	–	0.08%	–
APL	New	Atlas Pipeline Partners LP	$921,000	–	26,785	–	0.08%	–
DST	New	DST Systems	$889,000	–	9,645	–	0.08%	–
A309PS	New	DirectTV	$866,000	–	10,182	–	0.08%	–
ATLS	New	Altas Energy L.P.	$871,000	–	19,414	–	0.08%	–
JFC	New	JPMorgan China Region Fund	$850,000	–	56,009	–	0.08%	–
TIF	New	Tiffany & Co.	$849,000	–	8,469	–	0.08%	–
AXP	New	American Express	$837,000	–	8,821	–	0.07%	–
KO	New	Coca Cola Co.	$835,000	–	19,716	–	0.07%	–
DISCK	New	Discovery Comm C	$820,000	–	11,293	–	0.07%	–
LKQ	New	LKQ Corporation	$806,000	–	30,200	–	0.07%	–
DISCA	New	Discovery Holding A	$795,000	–	10,704	–	0.07%	–
WPZ	New	Williams Partners, LP	$796,000	–	14,665	–	0.07%	–
EXC	New	Exelon Corp.	$789,000	–	21,632	–	0.07%	–
RWR	New	SPDR Dow Jones REIT ETF	$793,000	–	9,560	–	0.07%	–
APA	New	Apache Corp	$757,000	–	7,519	–	0.07%	–
EMR	New	Emerson Electric Co.	$742,000	–	11,187	–	0.07%	–
AB	New	AllianceBernstein Holdings, LP	$733,000	–	28,328	–	0.06%	–
SPXU	New	ProShares UltrShort S&P 500	$728,000	–	15,301	–	0.06%	–
VIAB	New	Viacom Class B	$704,000	–	8,116	–	0.06%	–
CMLP	New	Crestwood Midstream Partners L	$687,000	–	31,112	–	0.06%	–
ABB	New	ABB Ltd.	$670,000	–	29,100	–	0.06%	–
SPH	New	Surburban Propane Partners LP	$645,000	–	14,024	–	0.06%	–
TROX	New	Tronox Inc.	$634,000	–	23,566	–	0.06%	–
EL	New	Estee Lauder	$609,000	–	8,200	–	0.05%	–
RGP	New	Regency Energy Partners, LP	$602,000	–	18,688	–	0.05%	–
MDT	New	Medtronic	$597,000	–	9,369	–	0.05%	–
STT	New	State Street Corp	$589,000	–	8,764	–	0.05%	–
ITW	New	Illinois Tool Works	$574,000	–	6,559	–	0.05%	–
BRKA	New	Brkshire Hathaway A	$570,000	–	3	–	0.05%	–
EEP	New	Enbridge Energy Partners L.P.	$565,000	–	15,300	–	0.05%	–
TWC	New	Time Warner Cable, Inc.	$562,000	–	3,818	–	0.05%	–
STON	New	StoneMor Partners LP	$552,000	–	22,776	–	0.05%	–
MCD	New	McDonald's Corp.	$543,000	–	5,386	–	0.05%	–
MDLZ	New	Mondelez International Inc.	$530,000	–	14,083	–	0.05%	–
GWW	New	W. W. Grainger	$525,000	–	2,066	–	0.05%	–
FXI	New	Xinhua China 25 Index Fund	$511,000	–	13,792	–	0.04%	–
LMCA	New	Liberty Media	$507,000	–	3,706	–	0.04%	–
MSFT	New	Microsoft	$483,000	–	11,590	–	0.04%	–
GMLP	New	Golar LNG Partners LP	$477,000	–	12,941	–	0.04%	–
INTC	New	Intel Corp.	$473,000	–	15,304	–	0.04%	–
FNB	New	F.N.B. Corp.	$448,000	–	34,968	–	0.04%	–
CSCO	New	Cisco Systems	$397,000	–	15,959	–	0.04%	–
ORCL	New	Oracle	$385,000	–	9,495	–	0.03%	–
SE	New	Spectra Energy	$353,000	–	8,300	–	0.03%	–
DE	New	Deere & Co.	$348,000	–	3,842	–	0.03%	–
NSH	New	Nustar GP Holdings LLC	$348,000	–	8,900	–	0.03%	–
UTX	New	United Technologies	$294,000	–	2,550	–	0.03%	–
CMCSA	New	Comcast Cl A	$256,000	–	4,762	–	0.02%	–
ABT	New	Abbott Laboratories	$260,000	–	6,368	–	0.02%	–
CAT	New	Caterpillar	$255,000	–	2,350	–	0.02%	–
EROC	New	Eagle Rock Energy Partners, LP	$250,000	–	50,251	–	0.02%	–
UNH	New	UnitedHealth Group	$245,000	–	3,000	–	0.02%	–
GIS	New	General Mills	$249,000	–	4,744	–	0.02%	–
D	New	Dominion Resources	$240,000	–	3,350	–	0.02%	–
TGP	New	Teekay LNG Partners	$221,000	–	4,780	–	0.02%	–
APD	New	Air Products	$214,000	–	1,661	–	0.02%	–
AEG	New	Aegon	$210,000	–	24,000	–	0.02%	–
ARG	New	Airgas Inc.	$208,000	–	1,907	–	0.02%	–
DEO	New	Diageo PLC Spon ADR	$206,000	–	1,620	–	0.02%	–
	New	Lehman Note	$0	–	12,800	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	Lehman Note	$0	–	-12,800	–	0.00%	–
TLAB	Exit	Tellabs	$0	–	-15,200	–	-0.00%	–
AEG	Exit	Aegon	$0	–	-24,000	–	-0.02%	–
TGP	Exit	Teekay LNG Partners	$0	–	-4,780	–	-0.02%	–
UNH	Exit	UnitedHealth Group	$0	–	-3,000	–	-0.02%	–
ACGL	Exit	Arch Capital Group	$0	–	-4,000	–	-0.02%	–
GIS	Exit	General Mills	$0	–	-4,744	–	-0.02%	–
WAG	Exit	Walgreen	$0	–	-4,300	–	-0.02%	–
4945SC	Exit	Kinder Morgan Energy Partners	$0	–	-3,315	–	-0.03%	–
APC	Exit	Anadarko Petroleum	$0	–	-2,850	–	-0.03%	–
UTX	Exit	United Technologies	$0	–	-2,550	–	-0.03%	–
SE	Exit	Spectra Energy	$0	–	-8,300	–	-0.03%	–
DE	Exit	Deere & Co.	$0	–	-3,709	–	-0.03%	–
ORCL	Exit	Oracle	$0	–	-9,495	–	-0.03%	–
D	Exit	Dominion Resources	$0	–	-5,250	–	-0.04%	–
ZAGG	Exit	ZAGG Inc.	$0	–	-74,257	–	-0.04%	–
NS	Exit	Nustar Energy LP	$0	–	-8,550	–	-0.04%	–
ARG	Exit	Airgas Inc.	$0	–	-3,457	–	-0.04%	–
TQNT	Exit	TriQuint Semiconductor Inc.	$0	–	-46,838	–	-0.04%	–
STT	Exit	State Street Corp	$0	–	-5,864	–	-0.04%	–
JBL	Exit	Jabil Circuits Inc.	$0	–	-18,299	–	-0.04%	–
APL	Exit	Atlas Pipeline Partners LP	$0	–	-10,259	–	-0.04%	–
GMLP	Exit	Golar LNG Partners LP	$0	–	-12,441	–	-0.04%	–
KLIC	Exit	Kulicke & Soffa Industries, In	$0	–	-35,020	–	-0.04%	–
CSCO	Exit	Cisco Systems	$0	–	-17,157	–	-0.04%	–
VWO	Exit	Vanguard FTSE Emerging Markets	$0	–	-10,254	–	-0.04%	–
FNB	Exit	F.N.B. Corp.	$0	–	-34,968	–	-0.04%	–
MSFT	Exit	Microsoft	$0	–	-12,840	–	-0.04%	–
CMCSA	Exit	Comcast Cl A	$0	–	-9,819	–	-0.05%	–
TWC	Exit	Time Warner Cable, Inc.	$0	–	-3,968	–	-0.05%	–
INTC	Exit	Intel Corp.	$0	–	-19,504	–	-0.05%	–
EROC	Exit	Eagle Rock Energy Partners, LP	$0	–	-65,038	–	-0.05%	–
EEP	Exit	Enbridge Energy Partners L.P.	$0	–	-15,700	–	-0.05%	–
CMRE	Exit	Costamare Inc.	$0	–	-28,404	–	-0.05%	–
BRKA	Exit	Brkshire Hathaway A	$0	–	-3	–	-0.05%	–
STON	Exit	StoneMor Partners LP	$0	–	-21,841	–	-0.06%	–
MDT	Exit	Medtronic	$0	–	-9,719	–	-0.06%	–
ITW	Exit	Illinois Tool Works	$0	–	-6,859	–	-0.06%	–
MCD	Exit	McDonald's Corp.	$0	–	-5,457	–	-0.06%	–
AB	Exit	AllianceBernstein Holdings, LP	$0	–	-26,402	–	-0.06%	–
LMCA	Exit	Liberty Media	$0	–	-3,782	–	-0.06%	–
GWW	Exit	W. W. Grainger	$0	–	-2,116	–	-0.06%	–
EL	Exit	Estee Lauder	$0	–	-8,200	–	-0.06%	–
A309PS	Exit	DirectTV	$0	–	-10,465	–	-0.07%	–
AXP	Exit	American Express	$0	–	-8,871	–	-0.07%	–
TIF	Exit	Tiffany & Co.	$0	–	-8,669	–	-0.07%	–
NRGM	Exit	Inergy Midstream LP	$0	–	-30,140	–	-0.07%	–
VIAB	Exit	Viacom Class B	$0	–	-8,116	–	-0.07%	–
SPH	Exit	Surburban Propane Partners LP	$0	–	-14,697	–	-0.07%	–
APA	Exit	Apache Corp	$0	–	-8,031	–	-0.07%	–
ABB	Exit	ABB Ltd.	$0	–	-29,300	–	-0.07%	–
EMR	Exit	Emerson Electric Co.	$0	–	-11,149	–	-0.08%	–
DST	Exit	DST Systems	$0	–	-9,645	–	-0.08%	–
WPZ	Exit	Williams Partners, LP	$0	–	-14,665	–	-0.08%	–
WMB	Exit	Williams Companies Inc	$0	–	-22,275	–	-0.09%	–
LKQ	Exit	LKQ Corporation	$0	–	-26,300	–	-0.09%	–
SPLS	Exit	Staples	$0	–	-57,769	–	-0.09%	–
DIS	Exit	Walt Disney	$0	–	-13,194	–	-0.09%	–
GPC	Exit	Genuine Parts	$0	–	-10,627	–	-0.09%	–
UNP	Exit	Union Pacific	$0	–	-5,803	–	-0.10%	–
DISCK	Exit	Discovery Comm C	$0	–	-11,479	–	-0.10%	–
SYK	Exit	Stryker Corp	$0	–	-13,412	–	-0.10%	–
DISCA	Exit	Discovery Holding A	$0	–	-10,890	–	-0.10%	–
KKR	Exit	KKR & Co. LP	$0	–	-45,000	–	-0.10%	–
AAP	Exit	Advance Auto Parts	$0	–	-11,338	–	-0.10%	–
DRE	Exit	Duke Realty	$0	–	-60,850	–	-0.10%	–
NRGY	Exit	Inergy L.P.	$0	–	-69,802	–	-0.10%	–
IVZ	Exit	Invesco	$0	–	-30,796	–	-0.10%	–
NSH	Exit	Nustar GP Holdings LLC	$0	–	-45,136	–	-0.11%	–
CB	Exit	Chubb	$0	–	-11,374	–	-0.11%	–
EIHI	Exit	Eastern Insurance Holdings	$0	–	-44,032	–	-0.12%	–
WCIC	Exit	WCI Communities, Inc.	$0	–	-63,710	–	-0.12%	–
KO	Exit	Coca Cola Co.	$0	–	-29,933	–	-0.12%	–
SIMO	Exit	Silicon Motion Technologies Co	$0	–	-87,063	–	-0.12%	–
GBL	Exit	Gamco Investors A	$0	–	-15,088	–	-0.12%	–
TWO	Exit	Two Harbors Investment Corp.	$0	–	-119,850	–	-0.12%	–
JFC	Exit	JF China Region Fund	$0	–	-79,909	–	-0.12%	–
BDX	Exit	Becton Dickinson	$0	–	-11,843	–	-0.13%	–
GAS	Exit	AGL Resources	$0	–	-25,824	–	-0.13%	–
	Exit	SAB Miller PLC/GBP/	$0	–	-23,719	–	-0.13%	–
GSK	Exit	GlaxoSmithkline PLC	$0	–	-24,823	–	-0.13%	–
PVR	Exit	PVR Partners LP	$0	–	-58,003	–	-0.14%	–
FXI	Exit	Xinhua China 25 Index Fund	$0	–	-38,194	–	-0.15%	–
EEQ	Exit	Enbridge Energy Mgmt.	$0	–	-49,911	–	-0.15%	–
SU	Exit	Suncor Energy Inc.	$0	–	-41,842	–	-0.16%	–
FOE	Exit	Ferro Corp	$0	–	-168,298	–	-0.16%	–
OXY	Exit	Occidental Petroleum	$0	–	-16,559	–	-0.16%	–
ABT	Exit	Abbott Laboratories	$0	–	-48,708	–	-0.17%	–
BEN	Exit	Franklin Resources	$0	–	-33,429	–	-0.18%	–
LPT	Exit	Liberty Property Tr	$0	–	-47,783	–	-0.18%	–
PSX	Exit	Phillips 66	$0	–	-29,495	–	-0.18%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-10,660	–	-0.19%	–
MU	Exit	Micron Technology Inc.	$0	–	-103,858	–	-0.19%	–
TOO	Exit	Teekay Offshore Partners, L.P.	$0	–	-54,591	–	-0.19%	–
MMM	Exit	3M Company	$0	–	-15,356	–	-0.20%	–
KMB	Exit	Kimberly Clark	$0	–	-19,498	–	-0.20%	–
TWX	Exit	Time Warner Inc.	$0	–	-29,299	–	-0.20%	–
COSWF	Exit	Canadian Oil Sands Trust Ltd	$0	–	-99,406	–	-0.20%	–
RDSA	Exit	Royal Dutch Shell	$0	–	-29,862	–	-0.21%	–
SYY	Exit	Sysco	$0	–	-66,557	–	-0.23%	–
GXC	Exit	SPDR Index Shs S&P China	$0	–	-28,700	–	-0.23%	–
XRAY	Exit	Dentsply Intl	$0	–	-49,140	–	-0.23%	–
NVS	Exit	Novartis	$0	–	-28,933	–	-0.24%	–
REXI	Exit	Resource America	$0	–	-286,765	–	-0.24%	–
ADP	Exit	Automatic Data Processing	$0	–	-32,786	–	-0.25%	–
PSE	Exit	Pioneer Southwest Energy Partn	$0	–	-53,840	–	-0.25%	–
TROX	Exit	Tronox Inc.	$0	–	-97,606	–	-0.25%	–
MWE	Exit	MarkWest Energy Partners LP	$0	–	-33,353	–	-0.26%	–
BRKB	Exit	Brkshire Hathaway B	$0	–	-22,541	–	-0.27%	–
MRK	Exit	Merck	$0	–	-55,313	–	-0.28%	–
COST	Exit	Costco Wholesale	$0	–	-23,117	–	-0.28%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-89,042	–	-0.30%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-34,097	–	-0.34%	–
DD	Exit	duPont	$0	–	-56,037	–	-0.35%	–
PFE	Exit	Pfizer	$0	–	-115,037	–	-0.35%	–
PEP	Exit	Pepsico	$0	–	-41,654	–	-0.35%	–
BAYRY	Exit	Bayer AG	$0	–	-28,600	–	-0.36%	–
MS	Exit	Morgan Stanley	$0	–	-127,220	–	-0.36%	–
PX	Exit	Praxair	$0	–	-28,751	–	-0.37%	–
HSIC	Exit	Henry Schein	$0	–	-34,125	–	-0.38%	–
NRF	Exit	Northstar Realty Finance Corp.	$0	–	-381,000	–	-0.38%	–
XOM	Exit	Exxon Mobil	$0	–	-41,787	–	-0.38%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-70,468	–	-0.39%	–
GE	Exit	General Electric	$0	–	-152,857	–	-0.39%	–
KMR	Exit	Kinder Morgan Mgmt	$0	–	-49,583	–	-0.40%	–
COP	Exit	ConocoPhillips	$0	–	-54,412	–	-0.40%	–
AAPL	Exit	Apple Computer	$0	–	-8,242	–	-0.42%	–
NBL	Exit	Noble Energy	$0	–	-62,130	–	-0.44%	–
FMX	Exit	Fomento Economico Mexicano SA	$0	–	-43,670	–	-0.45%	–
CVX	Exit	Chevron	$0	–	-35,733	–	-0.46%	–
CL	Exit	Colgate Palmolive	$0	–	-73,335	–	-0.46%	–
IBM	Exit	IBM	$0	–	-24,213	–	-0.48%	–
NEE	Exit	NextEra Energy	$0	–	-64,388	–	-0.55%	–
VOD	Exit	Vodafone Group PLC	$0	–	-168,190	–	-0.63%	–
RSO	Exit	Resource Capital	$0	–	-1,062,971	–	-0.67%	–
UN	Exit	Unilever NV NY	$0	–	-203,393	–	-0.82%	–
PG	Exit	Procter & Gamble	$0	–	-103,482	–	-0.83%	–
BUD	Exit	Anheuser-Busch Inbev ADR	$0	–	-84,075	–	-0.89%	–
NOV	Exit	National Oilwell Varco	$0	–	-118,520	–	-0.99%	–
BLK	Exit	BlackRock, Inc.	$0	–	-35,010	–	-1.01%	–
	Exit	Anheuser-Busch InBev	$0	–	-108,389	–	-1.14%	–
CCK	Exit	Crown Holdings Inc .	$0	–	-256,961	–	-1.16%	–
MET	Exit	MetLife	$0	–	-249,460	–	-1.25%	–
TBBK	Exit	Bancorp Inc	$0	–	-671,648	–	-1.26%	–
WFC	Exit	Wells Fargo	$0	–	-313,726	–	-1.38%	–
COF	Exit	Capital One Financial	$0	–	-196,420	–	-1.44%	–
F	Exit	Ford Motor Co.	$0	–	-836,420	–	-1.50%	–
MA	Exit	MasterCard Inc.	$0	–	-21,765	–	-1.56%	–
QCOM	Exit	Qualcomm	$0	–	-228,957	–	-1.64%	–
BA	Exit	Boeing Company	$0	–	-136,442	–	-1.71%	–
BAC	Exit	Bank of America	$0	–	-1,261,340	–	-1.85%	–
CVS	Exit	CVS/Caremark	$0	–	-321,557	–	-1.94%	–
V	Exit	Visa	$0	–	-98,275	–	-2.00%	–
SLB	Exit	Schlumberger	$0	–	-244,592	–	-2.30%	–
UAL	Exit	United Continental Holdings, I	$0	–	-767,770	–	-2.51%	–
RHHBY	Exit	Roche Holding AG	$0	–	-380,668	–	-2.73%	–
C	Exit	Citigroup	$0	–	-531,535	–	-2.75%	–
NSRGY	Exit	Nestle Spons ADR	$0	–	-373,769	–	-2.78%	–
GOOGL	Exit	Google	$0	–	-36,001	–	-3.36%	–
AIG	Exit	American Intl. Group	$0	–	-664,577	–	-3.44%	–
ET	Exit	Energy Transfer Equity LP	$0	–	-514,705	–	-3.61%	–
DCP	Exit	DCP Midstream Partners, LP	$0	–	-737,724	–	-3.90%	–
DAL	Exit	Delta Airlines	$0	–	-1,597,550	–	-4.01%	–
PAA	Exit	Plains All American Pipeline L	$0	–	-887,728	–	-4.98%	–
JNJ	Exit	Johnson & Johnson	$0	–	-548,543	–	-5.06%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-1,007,900	–	-6.06%	–
EPD	Exit	Enterprise Prod Partners	$0	–	-980,974	–	-6.38%	–

Q3 2013

			Value		Shares		↓ Weighting
EPD	Sell	Enterprise Prod Partners	$59,879,000	-1.8%	980,974	-0.0%	6.38%	-2.1%
MMP	Sell	Magellan Midstream Partners, L	$56,876,000	+3.4%	1,007,900	-0.1%	6.06%	+3.1%
JNJ	Sell	Johnson & Johnson	$47,553,000	-1.5%	548,543	-2.4%	5.06%	-1.7%
PAA	Buy	Plains All American Pipeline L	$46,748,000	-4.4%	887,728	+1.4%	4.98%	-4.6%
DAL	Buy	Delta Airlines	$37,686,000	+59.8%	1,597,550	+26.7%	4.01%	+59.3%
DCP	Buy	DCP Midstream Partners, LP	$36,635,000	-8.1%	737,724	+0.1%	3.90%	-8.4%
ET	Buy	Energy Transfer Equity LP	$33,857,000	+10.6%	514,705	+0.6%	3.61%	+10.3%
AIG	Sell	American Intl. Group	$32,318,000	-23.9%	664,577	-30.1%	3.44%	-24.1%
GOOGL	Buy	Google	$31,534,000	+20.1%	36,001	+20.7%	3.36%	+19.8%
NSRGY	Buy	Nestle Spons ADR	$26,144,000	+16.7%	373,769	+9.2%	2.78%	+16.4%
C	Sell	Citigroup	$25,785,000	-42.7%	531,535	-43.3%	2.75%	-42.9%
RHHBY	Buy	Roche Holding AG	$25,669,000	+31.3%	380,668	+20.9%	2.73%	+30.9%
UAL	Buy	United Continental Holdings, I	$23,578,000	+0.2%	767,770	+2.1%	2.51%	-0.1%
SLB	Buy	Schlumberger	$21,612,000	+6370.7%	244,592	+5146.5%	2.30%	+6294.4%
V	Buy	Visa	$18,780,000	+9.6%	98,275	+4.8%	2.00%	+9.3%
CVS	Sell	CVS/Caremark	$18,248,000	-6.2%	321,557	-5.4%	1.94%	-6.4%
BAC	Buy	Bank of America	$17,406,000	+25.3%	1,261,340	+16.7%	1.85%	+24.9%
BA	Buy	Boeing Company	$16,032,000	+2683.3%	136,442	+2326.5%	1.71%	+2654.8%
QCOM	Buy	Qualcomm	$15,413,000	+4613.5%	228,957	+4179.6%	1.64%	+4591.4%
MA	Buy	MasterCard Inc.	$14,643,000	+51.8%	21,765	+29.6%	1.56%	+51.3%
F	Buy	Ford Motor Co.	$14,110,000	+39.8%	836,420	+28.2%	1.50%	+39.4%
COF	Buy	Capital One Financial	$13,502,000	+41.8%	196,420	+29.5%	1.44%	+41.4%
WFC	Sell	Wells Fargo	$12,963,000	-29.4%	313,726	-29.5%	1.38%	-29.6%
TBBK	Sell	Bancorp Inc	$11,881,000	+17.7%	671,648	-0.2%	1.26%	+17.3%
MET	Buy	MetLife	$11,712,000	+2435.1%	249,460	+2369.9%	1.25%	+2444.9%
CCK	Buy	Crown Holdings Inc .	$10,864,000	+34.4%	256,961	+30.8%	1.16%	+34.1%
	Sell	Anheuser-Busch InBev	$10,738,000	-12.4%	108,389	-20.0%	1.14%	-12.6%
BLK	Sell	BlackRock, Inc.	$9,474,000	-45.5%	35,010	-48.3%	1.01%	-45.7%
NOV	New	National Oilwell Varco	$9,258,000	–	118,520	–	0.99%	–
BUD	Sell	Anheuser-Busch Inbev ADR	$8,340,000	-34.9%	84,075	-40.8%	0.89%	-35.1%
PG	Sell	Procter & Gamble	$7,822,000	-7.1%	103,482	-5.4%	0.83%	-7.3%
UN	Buy	Unilever NV NY	$7,672,000	+60.1%	203,393	+66.8%	0.82%	+59.6%
RSO	Buy	Resource Capital	$6,314,000	+27.5%	1,062,971	+32.0%	0.67%	+27.2%
IBM	Sell	IBM	$4,484,000	-32.2%	24,213	-30.0%	0.48%	-32.3%
CL	Sell	Colgate Palmolive	$4,349,000	-5.8%	73,335	-9.0%	0.46%	-6.1%
FMX	Sell	Fomento Economico Mexicano SA	$4,240,000	-10.1%	43,670	-4.5%	0.45%	-10.3%
NBL	Sell	Noble Energy	$4,163,000	+6.0%	62,130	-5.0%	0.44%	+5.5%
AAPL	Sell	Apple Computer	$3,929,000	+9.7%	8,242	-8.7%	0.42%	+9.4%
COP	Sell	ConocoPhillips	$3,782,000	+0.2%	54,412	-12.8%	0.40%	0.0%
KMR	Buy	Kinder Morgan Mgmt	$3,717,000	-8.9%	49,583	+1.5%	0.40%	-9.2%
GE	Sell	General Electric	$3,652,000	-59.6%	152,857	-60.7%	0.39%	-59.6%
JPM	Sell	J.P. Morgan Chase	$3,642,000	-86.4%	70,468	-86.1%	0.39%	-86.4%
HSIC	Sell	Henry Schein	$3,541,000	-1.2%	34,125	-8.8%	0.38%	-1.6%
MS	New	Morgan Stanley	$3,429,000	–	127,220	–	0.36%	–
BAYRY	New	Bayer AG	$3,374,000	–	28,600	–	0.36%	–
PEP	Sell	Pepsico	$3,311,000	-3.5%	41,654	-0.7%	0.35%	-3.6%
PFE	Sell	Pfizer	$3,304,000	-19.7%	115,037	-21.7%	0.35%	-19.8%
DD	Sell	duPont	$3,282,000	+8.4%	56,037	-2.8%	0.35%	+8.4%
TMO	Sell	Thermo Fisher Scientific	$3,142,000	+7.0%	34,097	-1.7%	0.34%	+6.7%
MDLZ	Sell	Mondelez International Inc.	$2,798,000	-44.1%	89,042	-49.2%	0.30%	-44.2%
MRK	Sell	Merck	$2,633,000	-8.2%	55,313	-10.4%	0.28%	-8.5%
MWE	Buy	MarkWest Energy Partners LP	$2,409,000	+8.2%	33,353	+0.1%	0.26%	+8.0%
TROX	Sell	Tronox Inc.	$2,388,000	+17.1%	97,606	-3.6%	0.25%	+16.5%
PSE	Sell	Pioneer Southwest Energy Partn	$2,381,000	-42.1%	53,840	-55.1%	0.25%	-42.1%
NVS	Sell	Novartis	$2,219,000	-4.7%	28,933	-12.1%	0.24%	-5.2%
SYY	Sell	Sysco	$2,119,000	-36.8%	66,557	-32.2%	0.23%	-36.9%
GXC	Buy	SPDR Index Shs S&P China	$2,125,000	+15.9%	28,700	+0.3%	0.23%	+15.3%
KMB	Sell	Kimberly Clark	$1,837,000	-3.8%	19,498	-0.8%	0.20%	-3.9%
MU	Buy	Micron Technology Inc.	$1,814,000	+76.1%	103,858	+44.5%	0.19%	+75.5%
LPT	Sell	Liberty Property Tr	$1,701,000	-36.8%	47,783	-34.3%	0.18%	-36.9%
BEN	Buy	Franklin Resources	$1,690,000	+11.5%	33,429	+200.0%	0.18%	+11.1%
ABT	Sell	Abbott Laboratories	$1,617,000	-79.6%	48,708	-78.6%	0.17%	-79.7%
OXY	Sell	Occidental Petroleum	$1,549,000	-9.1%	16,559	-13.3%	0.16%	-9.3%
FOE	Sell	Ferro Corp	$1,533,000	-12.3%	168,298	-33.1%	0.16%	-12.8%
SU	Sell	Suncor Energy Inc.	$1,497,000	+18.1%	41,842	-2.7%	0.16%	+17.8%
EEQ	Buy	Enbridge Energy Mgmt.	$1,436,000	-3.4%	49,911	+1.7%	0.15%	-3.8%
FXI	Sell	Xinhua China 25 Index Fund	$1,416,000	-4.6%	38,194	-16.3%	0.15%	-4.4%
PVR	Buy	PVR Partners LP	$1,341,000	+15.4%	58,003	+36.3%	0.14%	+15.3%
GSK	New	GlaxoSmithkline PLC	$1,245,000	–	24,823	–	0.13%	–
SIMO	Buy	Silicon Motion Technologies Co	$1,137,000	+93.4%	87,063	+56.9%	0.12%	+92.1%
KO	Sell	Coca Cola Co.	$1,134,000	-24.6%	29,933	-20.1%	0.12%	-24.8%
WCIC	New	WCI Communities, Inc.	$1,100,000	–	63,710	–	0.12%	–
NSH	Sell	Nustar GP Holdings LLC	$1,013,000	-19.0%	45,136	-3.6%	0.11%	-19.4%
SPLS	Sell	Staples	$846,000	-9.1%	57,769	-1.5%	0.09%	-9.1%
WMB	Buy	Williams Companies Inc	$810,000	+224.0%	22,275	+189.2%	0.09%	+218.5%
WPZ	Buy	Williams Partners, LP	$775,000	+11.7%	14,665	+9.0%	0.08%	+12.2%
EMR	Sell	Emerson Electric Co.	$721,000	+6.2%	11,149	-10.4%	0.08%	+5.5%
APA	New	Apache Corp	$684,000	–	8,031	–	0.07%	–
AXP	Sell	American Express	$670,000	-2.0%	8,871	-3.0%	0.07%	-2.7%
EL	Sell	Estee Lauder	$573,000	-38.1%	8,200	-41.8%	0.06%	-38.4%
AB	Buy	AllianceBernstein Holdings, LP	$524,000	+6.3%	26,402	+11.4%	0.06%	+5.7%
MDT	Sell	Medtronic	$518,000	-1.5%	9,719	-4.9%	0.06%	-1.8%
STON	Buy	StoneMor Partners LP	$517,000	+21.1%	21,841	+28.7%	0.06%	+19.6%
CMRE	Buy	Costamare Inc.	$501,000	+10.4%	28,404	+7.8%	0.05%	+10.4%
EROC	Buy	Eagle Rock Energy Partners, LP	$462,000	+26.6%	65,038	+40.1%	0.05%	+25.6%
CMCSA	Sell	Comcast Cl A	$443,000	-25.3%	9,819	-30.9%	0.05%	-25.4%
KLIC	New	Kulicke & Soffa Industries, In	$404,000	–	35,020	–	0.04%	–
APL	Buy	Atlas Pipeline Partners LP	$398,000	+2.3%	10,259	+0.6%	0.04%	0.0%
TQNT	New	TriQuint Semiconductor Inc.	$380,000	–	46,838	–	0.04%	–
NS	Sell	Nustar Energy LP	$343,000	-16.9%	8,550	-5.5%	0.04%	-15.9%
D	Sell	Dominion Resources	$328,000	+7.9%	5,250	-1.9%	0.04%	+9.4%
ORCL	Sell	Oracle	$315,000	-48.0%	9,495	-51.9%	0.03%	-47.7%
UTX	Sell	United Technologies	$275,000	-37.6%	2,550	-46.3%	0.03%	-38.3%
WAG	New	Walgreen	$231,000	–	4,300	–	0.02%	–
UNH	Sell	UnitedHealth Group	$215,000	-74.8%	3,000	-77.0%	0.02%	-74.7%
ACGL	Sell	Arch Capital Group	$217,000	-6.1%	4,000	-11.1%	0.02%	-8.0%
TYC	Exit	Tyco International	$0	–	-6,600	–	-0.02%	–
ESRX	Exit	Express Scripts Holding	$0	–	-3,532	–	-0.02%	–
CELG	Exit	Celgne Corp	$0	–	-1,900	–	-0.02%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-14,010	–	-0.03%	–
FDX	Exit	Fedex	$0	–	-2,663	–	-0.03%	–
ABBV	Exit	AbbVie, Inc.	$0	–	-7,380	–	-0.03%	–
CMI	Exit	Cummins Inc.	$0	–	-3,410	–	-0.04%	–
CMLP	Exit	Crestwood Midstream Partners L	$0	–	-14,819	–	-0.04%	–
EW	Exit	Edwards Lifesciences	$0	–	-5,850	–	-0.04%	–
KRFT	Exit	Kraft Foods Group, Inc.	$0	–	-7,248	–	-0.04%	–
F113PS	Exit	Covidien Ltd.	$0	–	-6,400	–	-0.04%	–
SBUX	Exit	Starbucks Corp.	$0	–	-6,990	–	-0.05%	–
MON	Exit	Monsanto	$0	–	-4,820	–	-0.05%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-1,715	–	-0.05%	–
CMA	Exit	Comerica Inc.	$0	–	-12,480	–	-0.05%	–
ROK	Exit	Rockwell International	$0	–	-5,920	–	-0.05%	–
BIIB	Exit	Biogen Idec Inc.	$0	–	-2,800	–	-0.06%	–
GILD	Exit	Gilead Science	$0	–	-12,780	–	-0.07%	–
RRC	Exit	Range Resources Corp.	$0	–	-9,090	–	-0.08%	–
MKC	Exit	McCormick & Co.	$0	–	-10,150	–	-0.08%	–
PCP	Exit	Precision Castparts	$0	–	-3,200	–	-0.08%	–
	Exit	Kunlun Energy	$0	–	-476,000	–	-0.08%	–
LNKD	Exit	LinkedIn	$0	–	-4,470	–	-0.08%	–
PM	Exit	Philip Morris	$0	–	-105,100	–	-0.97%	–
AGN	Exit	Allergan Inc.	$0	–	-137,810	–	-1.24%	–
GS	Exit	Goldman Sachs Inc.	$0	–	-83,180	–	-1.34%	–

Q2 2013

			Value		Shares		↓ Weighting
EPD	New	Enterprise Prod Partners	$60,990,000	–	981,334	–	6.51%	–
MMP	New	Magellan Midstream Partners, L	$54,994,000	–	1,009,070	–	5.87%	–
PAA	New	Plains All American Pipeline L	$48,883,000	–	875,888	–	5.22%	–
JNJ	New	Johnson & Johnson	$48,260,000	–	562,081	–	5.15%	–
C	New	Citigroup	$45,009,000	–	938,265	–	4.81%	–
AIG	New	American Intl. Group	$42,478,000	–	950,297	–	4.54%	–
DCP	New	DCP Midstream Partners, LP	$39,884,000	–	737,234	–	4.26%	–
ET	New	Energy Transfer Equity LP	$30,616,000	–	511,795	–	3.27%	–
JPM	New	J.P. Morgan Chase	$26,747,000	–	506,673	–	2.86%	–
GOOGL	New	Google	$26,248,000	–	29,815	–	2.80%	–
DAL	New	Delta Airlines	$23,588,000	–	1,260,690	–	2.52%	–
UAL	New	United Continental Holdings, I	$23,539,000	–	752,280	–	2.51%	–
NSRGY	New	Nestle Spons ADR	$22,406,000	–	342,209	–	2.39%	–
RHHBY	New	Roche Holding AG	$19,548,000	–	314,815	–	2.09%	–
CVS	New	CVS/Caremark	$19,444,000	–	340,047	–	2.08%	–
WFC	New	Wells Fargo	$18,365,000	–	444,996	–	1.96%	–
BLK	New	BlackRock, Inc.	$17,396,000	–	67,730	–	1.86%	–
V	New	Visa	$17,137,000	–	93,775	–	1.83%	–
BAC	New	Bank of America	$13,896,000	–	1,080,560	–	1.48%	–
BUD	New	Anheuser-Busch Inbev ADR	$12,815,000	–	141,980	–	1.37%	–
GS	New	Goldman Sachs Inc.	$12,581,000	–	83,180	–	1.34%	–
	New	Anheuser-Busch InBev	$12,259,000	–	135,464	–	1.31%	–
AGN	New	Allergan Inc.	$11,609,000	–	137,810	–	1.24%	–
F	New	Ford Motor Co.	$10,096,000	–	652,600	–	1.08%	–
TBBK	New	Bancorp Inc	$10,092,000	–	673,248	–	1.08%	–
MA	New	MasterCard Inc.	$9,649,000	–	16,795	–	1.03%	–
COF	New	Capital One Financial	$9,523,000	–	151,620	–	1.02%	–
PM	New	Philip Morris	$9,104,000	–	105,100	–	0.97%	–
GE	New	General Electric	$9,030,000	–	389,387	–	0.96%	–
PG	New	Procter & Gamble	$8,418,000	–	109,334	–	0.90%	–
CCK	New	Crown Holdings Inc .	$8,083,000	–	196,521	–	0.86%	–
ABT	New	Abbott Laboratories	$7,945,000	–	227,788	–	0.85%	–
IBM	New	IBM	$6,613,000	–	34,603	–	0.71%	–
NEE	New	NextEra Energy	$5,246,000	–	64,388	–	0.56%	–
MDLZ	New	Mondelez International Inc.	$5,001,000	–	175,282	–	0.53%	–
RSO	New	Resource Capital	$4,953,000	–	805,331	–	0.53%	–
VOD	New	Vodafone Group PLC	$4,835,000	–	168,190	–	0.52%	–
UN	New	Unilever NV NY	$4,792,000	–	121,909	–	0.51%	–
FMX	New	Fomento Economico Mexicano SA	$4,718,000	–	45,720	–	0.50%	–
CL	New	Colgate Palmolive	$4,619,000	–	80,628	–	0.49%	–
CVX	New	Chevron	$4,229,000	–	35,733	–	0.45%	–
PSE	New	Pioneer Southwest Energy Partn	$4,114,000	–	120,005	–	0.44%	–
PFE	New	Pfizer	$4,114,000	–	146,888	–	0.44%	–
KMR	New	Kinder Morgan Mgmt	$4,082,000	–	48,839	–	0.44%	–
NBL	New	Noble Energy	$3,928,000	–	65,430	–	0.42%	–
XOM	New	Exxon Mobil	$3,775,000	–	41,787	–	0.40%	–
COP	New	ConocoPhillips	$3,776,000	–	62,412	–	0.40%	–
HSIC	New	Henry Schein	$3,583,000	–	37,425	–	0.38%	–
AAPL	New	Apple Computer	$3,581,000	–	9,031	–	0.38%	–
NRF	New	Northstar Realty Finance Corp.	$3,467,000	–	381,000	–	0.37%	–
PEP	New	Pepsico	$3,431,000	–	41,954	–	0.37%	–
SYY	New	Sysco	$3,354,000	–	98,191	–	0.36%	–
PX	New	Praxair	$3,311,000	–	28,751	–	0.35%	–
DD	New	duPont	$3,027,000	–	57,649	–	0.32%	–
TMO	New	Thermo Fisher Scientific	$2,936,000	–	34,697	–	0.31%	–
MRK	New	Merck	$2,869,000	–	61,763	–	0.31%	–
LPT	New	Liberty Property Tr	$2,690,000	–	72,783	–	0.29%	–
COST	New	Costco Wholesale	$2,556,000	–	23,117	–	0.27%	–
BRKB	New	Brkshire Hathaway B	$2,523,000	–	22,541	–	0.27%	–
REXI	New	Resource America	$2,438,000	–	286,765	–	0.26%	–
NVS	New	Novartis	$2,329,000	–	32,934	–	0.25%	–
ADP	New	Automatic Data Processing	$2,258,000	–	32,786	–	0.24%	–
MWE	New	MarkWest Energy Partners LP	$2,227,000	–	33,318	–	0.24%	–
TROX	New	Tronox Inc.	$2,039,000	–	101,206	–	0.22%	–
XRAY	New	Dentsply Intl	$2,013,000	–	49,140	–	0.22%	–
KMB	New	Kimberly Clark	$1,909,000	–	19,648	–	0.20%	–
RDSA	New	Royal Dutch Shell	$1,905,000	–	29,862	–	0.20%	–
COSWF	New	Canadian Oil Sands Trust Ltd	$1,845,000	–	99,406	–	0.20%	–
GXC	New	SPDR Index Shs S&P China	$1,833,000	–	28,600	–	0.20%	–
TOO	New	Teekay Offshore Partners, L.P.	$1,773,000	–	54,591	–	0.19%	–
FOE	New	Ferro Corp	$1,749,000	–	251,673	–	0.19%	–
PSX	New	Phillips 66	$1,738,000	–	29,495	–	0.19%	–
SPY	New	SPDR S&P 500 ETF	$1,710,000	–	10,660	–	0.18%	–
OXY	New	Occidental Petroleum	$1,705,000	–	19,110	–	0.18%	–
TWX	New	Time Warner Inc.	$1,694,000	–	29,299	–	0.18%	–
MMM	New	3M Company	$1,679,000	–	15,356	–	0.18%	–
BEN	New	Franklin Resources	$1,516,000	–	11,143	–	0.16%	–
KO	New	Coca Cola Co.	$1,503,000	–	37,476	–	0.16%	–
EEQ	New	Enbridge Energy Mgmt.	$1,486,000	–	49,077	–	0.16%	–
FXI	New	Xinhua China 25 Index Fund	$1,484,000	–	45,624	–	0.16%	–
SU	New	Suncor Energy Inc.	$1,268,000	–	43,012	–	0.14%	–
NSH	New	Nustar GP Holdings LLC	$1,251,000	–	46,820	–	0.13%	–
TWO	New	Two Harbors Investment Corp.	$1,228,000	–	119,850	–	0.13%	–
BDX	New	Becton Dickinson	$1,170,000	–	11,843	–	0.12%	–
PVR	New	PVR Partners LP	$1,162,000	–	42,558	–	0.12%	–
	New	SAB Miller PLC/GBP/	$1,134,000	–	23,719	–	0.12%	–
NRGY	New	Inergy L.P.	$1,118,000	–	69,802	–	0.12%	–
GAS	New	AGL Resources	$1,107,000	–	25,824	–	0.12%	–
JFC	New	JF China Region Fund	$1,053,000	–	79,909	–	0.11%	–
MU	New	Micron Technology Inc.	$1,030,000	–	71,888	–	0.11%	–
IVZ	New	Invesco	$979,000	–	30,796	–	0.10%	–
CB	New	Chubb	$963,000	–	11,374	–	0.10%	–
DRE	New	Duke Realty	$949,000	–	60,850	–	0.10%	–
SPLS	New	Staples	$931,000	–	58,659	–	0.10%	–
EL	New	Estee Lauder	$926,000	–	14,080	–	0.10%	–
AAP	New	Advance Auto Parts	$920,000	–	11,338	–	0.10%	–
UNP	New	Union Pacific	$895,000	–	5,803	–	0.10%	–
KKR	New	KKR & Co. LP	$885,000	–	45,000	–	0.10%	–
SYK	New	Stryker Corp	$867,000	–	13,412	–	0.09%	–
UNH	New	UnitedHealth Group	$853,000	–	13,020	–	0.09%	–
DISCA	New	Discovery Holding A	$841,000	–	10,890	–	0.09%	–
GBL	New	Gamco Investors A	$836,000	–	15,088	–	0.09%	–
DIS	New	Walt Disney	$833,000	–	13,194	–	0.09%	–
GPC	New	Genuine Parts	$830,000	–	10,627	–	0.09%	–
EIHI	New	Eastern Insurance Holdings	$826,000	–	44,032	–	0.09%	–
DISCK	New	Discovery Comm C	$801,000	–	11,479	–	0.09%	–
	New	Kunlun Energy	$800,000	–	476,000	–	0.08%	–
LNKD	New	LinkedIn	$797,000	–	4,470	–	0.08%	–
PCP	New	Precision Castparts	$723,000	–	3,200	–	0.08%	–
MKC	New	McCormick & Co.	$714,000	–	10,150	–	0.08%	–
RRC	New	Range Resources Corp.	$703,000	–	9,090	–	0.08%	–
WPZ	New	Williams Partners, LP	$694,000	–	13,456	–	0.07%	–
EMR	New	Emerson Electric Co.	$679,000	–	12,450	–	0.07%	–
SPH	New	Surburban Propane Partners LP	$683,000	–	14,697	–	0.07%	–
AXP	New	American Express	$684,000	–	9,150	–	0.07%	–
LKQ	New	LKQ Corporation	$677,000	–	26,300	–	0.07%	–
NRGM	New	Inergy Midstream LP	$670,000	–	30,140	–	0.07%	–
GILD	New	Gilead Science	$655,000	–	12,780	–	0.07%	–
A309PS	New	DirectTV	$645,000	–	10,465	–	0.07%	–
ABB	New	ABB Ltd.	$635,000	–	29,300	–	0.07%	–
TIF	New	Tiffany & Co.	$631,000	–	8,669	–	0.07%	–
DST	New	DST Systems	$630,000	–	9,645	–	0.07%	–
ORCL	New	Oracle	$606,000	–	19,745	–	0.06%	–
BIIB	New	Biogen Idec Inc.	$603,000	–	2,800	–	0.06%	–
CMCSA	New	Comcast Cl A	$593,000	–	14,213	–	0.06%	–
SIMO	New	Silicon Motion Technologies Co	$588,000	–	55,481	–	0.06%	–
BA	New	Boeing Company	$576,000	–	5,623	–	0.06%	–
VIAB	New	Viacom Class B	$552,000	–	8,116	–	0.06%	–
MCD	New	McDonald's Corp.	$540,000	–	5,457	–	0.06%	–
GWW	New	W. W. Grainger	$534,000	–	2,116	–	0.06%	–
MDT	New	Medtronic	$526,000	–	10,219	–	0.06%	–
BRKA	New	Brkshire Hathaway A	$506,000	–	3	–	0.05%	–
CMA	New	Comerica Inc.	$497,000	–	12,480	–	0.05%	–
ROK	New	Rockwell International	$492,000	–	5,920	–	0.05%	–
AB	New	AllianceBernstein Holdings, LP	$493,000	–	23,702	–	0.05%	–
AMZN	New	Amazon.com Inc.	$476,000	–	1,715	–	0.05%	–
EEP	New	Enbridge Energy Partners L.P.	$479,000	–	15,700	–	0.05%	–
MON	New	Monsanto	$476,000	–	4,820	–	0.05%	–
ITW	New	Illinois Tool Works	$474,000	–	6,859	–	0.05%	–
LMCA	New	Liberty Media	$479,000	–	3,782	–	0.05%	–
INTC	New	Intel Corp.	$473,000	–	19,504	–	0.05%	–
SBUX	New	Starbucks Corp.	$458,000	–	6,990	–	0.05%	–
MET	New	MetLife	$462,000	–	10,100	–	0.05%	–
CMRE	New	Costamare Inc.	$454,000	–	26,339	–	0.05%	–
TWC	New	Time Warner Cable, Inc.	$446,000	–	3,968	–	0.05%	–
UTX	New	United Technologies	$441,000	–	4,745	–	0.05%	–
MSFT	New	Microsoft	$444,000	–	12,840	–	0.05%	–
STON	New	StoneMor Partners LP	$427,000	–	16,966	–	0.05%	–
CSCO	New	Cisco Systems	$418,000	–	17,157	–	0.04%	–
GMLP	New	Golar LNG Partners LP	$424,000	–	12,441	–	0.04%	–
FNB	New	F.N.B. Corp.	$422,000	–	34,968	–	0.04%	–
NS	New	Nustar Energy LP	$413,000	–	9,050	–	0.04%	–
F113PS	New	Covidien Ltd.	$402,000	–	6,400	–	0.04%	–
KRFT	New	Kraft Foods Group, Inc.	$405,000	–	7,248	–	0.04%	–
VWO	New	Vanguard FTSE Emerging Markets	$398,000	–	10,254	–	0.04%	–
EW	New	Edwards Lifesciences	$393,000	–	5,850	–	0.04%	–
APL	New	Atlas Pipeline Partners LP	$389,000	–	10,194	–	0.04%	–
ZAGG	New	ZAGG Inc.	$397,000	–	74,257	–	0.04%	–
STT	New	State Street Corp	$382,000	–	5,864	–	0.04%	–
JBL	New	Jabil Circuits Inc.	$373,000	–	18,299	–	0.04%	–
CMLP	New	Crestwood Midstream Partners L	$370,000	–	14,819	–	0.04%	–
CMI	New	Cummins Inc.	$370,000	–	3,410	–	0.04%	–
EROC	New	Eagle Rock Energy Partners, LP	$365,000	–	46,421	–	0.04%	–
SLB	New	Schlumberger	$334,000	–	4,662	–	0.04%	–
QCOM	New	Qualcomm	$327,000	–	5,350	–	0.04%	–
ARG	New	Airgas Inc.	$330,000	–	3,457	–	0.04%	–
ABBV	New	AbbVie, Inc.	$305,000	–	7,380	–	0.03%	–
DE	New	Deere & Co.	$301,000	–	3,709	–	0.03%	–
D	New	Dominion Resources	$304,000	–	5,350	–	0.03%	–
SE	New	Spectra Energy	$286,000	–	8,300	–	0.03%	–
4945SC	New	Kinder Morgan Energy Partners	$283,000	–	3,315	–	0.03%	–
FDX	New	Fedex	$263,000	–	2,663	–	0.03%	–
WMB	New	Williams Companies Inc	$250,000	–	7,702	–	0.03%	–
FITB	New	Fifth Third Bancorp	$253,000	–	14,010	–	0.03%	–
APC	New	Anadarko Petroleum	$245,000	–	2,850	–	0.03%	–
ACGL	New	Arch Capital Group	$231,000	–	4,500	–	0.02%	–
GIS	New	General Mills	$230,000	–	4,744	–	0.02%	–
CELG	New	Celgne Corp	$222,000	–	1,900	–	0.02%	–
TYC	New	Tyco International	$217,000	–	6,600	–	0.02%	–
ESRX	New	Express Scripts Holding	$218,000	–	3,532	–	0.02%	–
TGP	New	Teekay LNG Partners	$209,000	–	4,780	–	0.02%	–
AEG	New	Aegon	$162,000	–	24,000	–	0.02%	–
TLAB	New	Tellabs	$30,000	–	15,200	–	0.00%	–
	New	Lehman Note	$0	–	12,800	–	0.00%	–

Compare quarters

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