Berkshire Hathaway Activity Q4 1998-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
CVX	Sell	CHEVRON CORP NEW	$18,590,066,491	-4.0%	110,248,289	-10.5%	5.93%	+6.6%
HPQ	Sell	HP INC	$2,634,739,200	-29.1%	102,519,035	-15.2%	0.84%	-21.2%
AON	Sell	AON PLC	$1,329,302,000	-11.2%	4,100,000	-5.4%	0.42%	-1.4%
AMZN	Sell	AMAZON COM INC	$1,271,200,000	-7.6%	10,000,000	-5.2%	0.41%	+2.8%
	New	LIBERTY MEDIA CORP DEL	$1,100,083,089	–	43,208,291	–	0.35%	–
	New	LIBERTY MEDIA CORP DEL	$514,285,456	–	20,207,680	–	0.16%	–
	New	LIBERTY MEDIA CORP DEL	$357,356,140	–	11,132,590	–	0.11%	–
MKL	Sell	MARKEL CORP	$233,706,251	-64.2%	158,715	-66.3%	0.08%	-59.9%
	New	LIBERTY MEDIA CORP DEL	$161,257,223	–	5,051,918	–	0.05%	–
GL	Sell	GLOBE LIFE INC	$90,356,152	-67.2%	831,014	-67.0%	0.03%	-63.3%
SIRI	New	SIRIUS XM HOLDINGS INC	$43,768,172	–	9,683,224	–	0.01%	–
	New	ATLANTA BRAVES HLDGS INC	$7,990,835	–	223,645	–	0.00%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.00%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-315,400	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.02%	–
CE	Exit	CELANESE CORP DEL	$0	–	-5,358,535	–	-0.18%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-20,207,680	–	-0.19%	–
GM	Exit	GENERAL MTRS CO	$0	–	-22,000,000	–	-0.24%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-14,658,121	–	-0.36%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-43,208,291	–	-0.41%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$177,591,247,296	–	915,560,382	–	51.00%	–
BAC	New	BANK AMER CORP	$29,632,524,052	–	1,032,852,006	–	8.51%	–
AXP	New	AMERICAN EXPRESS CO	$26,410,583,940	–	151,610,700	–	7.58%	–
KO	New	COCA COLA CO	$24,088,000,000	–	400,000,000	–	6.92%	–
CVX	New	CHEVRON CORP NEW	$19,372,950,883	–	123,120,120	–	5.56%	–
OXY	New	OCCIDENTAL PETE CORP	$13,178,796,490	–	224,129,192	–	3.78%	–
KHC	New	KRAFT HEINZ CO	$11,560,036,039	–	325,634,818	–	3.32%	–
MCO	New	MOODYS CORP	$8,578,175,206	–	24,669,778	–	2.46%	–
HPQ	New	HP INC	$3,714,461,041	–	120,952,818	–	1.07%	–
DVA	New	DAVITA INC	$3,626,521,918	–	36,095,570	–	1.04%	–
VRSN	New	VERISIGN INC	$2,895,944,070	–	12,815,613	–	0.83%	–
C	New	CITIGROUP INC	$2,543,470,454	–	55,244,797	–	0.73%	–
KR	New	KROGER CO	$2,350,000,000	–	50,000,000	–	0.68%	–
V	New	VISA INC	$1,970,480,801	–	8,297,460	–	0.57%	–
MA	New	MASTERCARD INCcl a	$1,567,948,658	–	3,986,648	–	0.45%	–
AON	New	AON PLC	$1,496,442,000	–	4,335,000	–	0.43%	–
VIAC	New	PARAMOUNT GLOBAL	$1,491,259,813	–	93,730,975	–	0.43%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$1,414,207,364	–	43,208,291	–	0.41%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$1,406,638,055	–	3,828,941	–	0.40%	–
AMZN	New	AMAZON COM INC	$1,375,428,360	–	10,551,000	–	0.40%	–
COF	New	CAPITAL ONE FINL CORP	$1,363,956,551	–	12,471,030	–	0.39%	–
ATVI	New	ACTIVISION BLIZZARD INC	$1,235,679,601	–	14,658,121	–	0.36%	–
SNOW	New	SNOWFLAKE INCcl a	$1,077,943,668	–	6,125,376	–	0.31%	–
GM	New	GENERAL MTRS CO	$848,320,000	–	22,000,000	–	0.24%	–
	New	NU HLDGS LTD	$845,167,206	–	107,118,784	–	0.24%	–
ALLY	New	ALLY FINL INC	$783,290,001	–	29,000,000	–	0.22%	–
TMUS	New	T-MOBILE US INC	$728,113,800	–	5,242,000	–	0.21%	–
DHI	New	D R HORTON INC	$726,454,496	–	5,969,714	–	0.21%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$663,013,981	–	20,207,680	–	0.19%	–
MKL	New	MARKEL CORP	$652,392,063	–	471,661	–	0.19%	–
CE	New	CELANESE CORP DEL	$620,518,352	–	5,358,535	–	0.18%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$581,346,111	–	7,722,451	–	0.17%	–
LPX	New	LOUISIANA PAC CORP	$528,227,277	–	7,044,909	–	0.15%	–
FND	New	FLOOR & DECOR HLDGS INCcl a	$496,928,800	–	4,780,000	–	0.14%	–
GL	New	GLOBE LIFE INC	$275,757,222	–	2,515,574	–	0.08%	–
STNE	New	STONECO LTD	$136,260,008	–	10,695,448	–	0.04%	–
NVR	New	NVR INC	$70,568,089	–	11,112	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON	$54,141,592	–	327,100	–	0.02%	–
PG	New	PROCTER & GAMBLE CO	$47,858,796	–	315,400	–	0.01%	–
MDLZ	New	MONDELEZ INTL INCcl a	$42,159,320	–	578,000	–	0.01%	–
DEO	New	DIAGEO P L Cspon adr new	$39,510,070	–	227,750	–	0.01%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$23,019,430	–	2,630,792	–	0.01%	–
LENB	New	LENNAR CORPcl a	$17,237,585	–	152,572	–	0.01%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$17,465,232	–	39,400	–	0.01%	–
VOO	New	VANGUARD INDEX FDS	$17,513,040	–	43,000	–	0.01%	–
JEF	New	JEFFERIES FINL GROUP INC	$14,381,119	–	433,558	–	0.00%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$11,068,252	–	1,284,020	–	0.00%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$10,647,450	–	59,400	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.00%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,284,020	–	-0.00%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-433,558	–	-0.00%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-43,000	–	-0.01%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-39,400	–	-0.01%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-2,630,792	–	-0.01%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-315,400	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.02%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-404,911	–	-0.02%	–
STNE	Exit	STONECO LTD	$0	–	-10,695,448	–	-0.03%	–
LPX	Exit	LOUISIANA PAC CORP	$0	–	-5,795,906	–	-0.10%	–
FND	Exit	FLOOR & DECOR HLDGS INCcl a	$0	–	-4,780,000	–	-0.11%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-7,722,451	–	-0.15%	–
	Exit	NU HLDGS LTD	$0	–	-107,118,784	–	-0.16%	–
MKL	Exit	MARKEL CORP	$0	–	-467,611	–	-0.17%	–
RH	Exit	RH	$0	–	-2,360,000	–	-0.20%	–
GL	Exit	GLOBE LIFE INC	$0	–	-6,353,727	–	-0.21%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-5,242,000	–	-0.24%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-20,207,680	–	-0.26%	–
ALLY	Exit	ALLY FINL INC	$0	–	-30,000,000	–	-0.28%	–
CE	Exit	CELANESE CORP DEL	$0	–	-9,710,183	–	-0.30%	–
SNOW	Exit	SNOWFLAKE INCcl a	$0	–	-6,125,376	–	-0.35%	–
MCK	Exit	MCKESSON CORP	$0	–	-3,198,344	–	-0.37%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-3,986,648	–	-0.38%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-3,828,941	–	-0.39%	–
AON	Exit	AON PLC	$0	–	-4,396,000	–	-0.40%	–
AMZN	Exit	AMAZON COM INC	$0	–	-10,666,000	–	-0.41%	–
V	Exit	VISA INC	$0	–	-8,297,460	–	-0.50%	–
GM	Exit	GENERAL MTRS CO	$0	–	-50,000,000	–	-0.54%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-43,208,291	–	-0.55%	–
VIAC	Exit	PARAMOUNT GLOBAL	$0	–	-91,216,510	–	-0.59%	–
KR	Exit	KROGER CO	$0	–	-50,268,823	–	-0.74%	–
VRSN	Exit	VERISIGN INC	$0	–	-12,815,613	–	-0.75%	–
C	Exit	CITIGROUP INC	$0	–	-55,155,797	–	-0.78%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-62,210,878	–	-0.81%	–
HPQ	Exit	HP INC	$0	–	-104,476,035	–	-0.88%	–
DVA	Exit	DAVITA INC	$0	–	-36,095,570	–	-1.01%	–
USB	Exit	US BANCORP DEL	$0	–	-77,788,214	–	-1.06%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-60,060,880	–	-1.39%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-60,141,866	–	-1.51%	–
MCO	Exit	MOODYS CORP	$0	–	-24,669,778	–	-2.03%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-325,634,818	–	-3.67%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-194,351,650	–	-4.03%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-151,610,700	–	-6.91%	–
KO	Exit	COCA COLA CO	$0	–	-400,000,000	–	-7.57%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-165,359,318	–	-8.02%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,010,100,606	–	-10.30%	–
AAPL	Exit	APPLE INC	$0	–	-894,802,319	–	-41.76%	–

Q3 2022

			Value		Shares		↓ Weighting
CVX	Buy	CHEVRON CORP NEW	$23,757,173,000	+1.6%	165,359,318	+2.4%	8.02%	+3.0%
OXY	Buy	OCCIDENTAL PETE CORP	$11,942,909,000	+27.9%	194,351,650	+22.6%	4.03%	+29.7%
ATVI	Sell	ACTIVISION BLIZZARD INC	$4,470,946,000	-16.0%	60,141,866	-12.1%	1.51%	-14.9%
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$4,117,774,000	–	60,060,880	–	1.39%	–
USB	Sell	US BANCORP DEL	$3,136,420,000	-43.1%	77,788,214	-35.1%	1.06%	-42.4%
BK	Sell	BANK OF NEW YORK MELLON CORP	$2,396,364,000	-20.6%	62,210,878	-14.0%	0.81%	-19.6%
KR	Sell	KROGER CO	$2,199,260,000	-11.4%	50,268,823	-4.1%	0.74%	-10.2%
VIAC	Buy	PARAMOUNT GLOBAL	$1,736,763,000	-10.3%	91,216,510	+16.3%	0.59%	-9.0%
GM	Sell	GENERAL MTRS CO	$1,604,500,000	-4.5%	50,000,000	-5.4%	0.54%	-3.2%
CE	Buy	CELANESE CORP DEL	$877,219,000	-18.5%	9,710,183	+6.0%	0.30%	-17.5%
RH	Buy	RH	$580,724,000	+26.1%	2,360,000	+8.8%	0.20%	+28.1%
LPX	New	LOUISIANA PAC CORP	$296,692,000	–	5,795,906	–	0.10%	–
JEF	New	JEFFERIES FINL GROUP INC	$12,790,000	–	433,558	–	0.00%	–
STOR	Exit	STORE CAP CORP	$0	–	-6,928,413	–	-0.06%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$122,337,373,000	–	894,802,319	–	40.76%	–
BAC	New	BANK AMER CORP	$31,444,432,000	–	1,010,100,606	–	10.48%	–
KO	New	COCA COLA CO	$25,164,000,000	–	400,000,000	–	8.38%	–
CVX	New	CHEVRON CORP NEW	$23,373,304,000	–	161,440,149	–	7.79%	–
AXP	New	AMERICAN EXPRESS CO	$21,016,276,000	–	151,610,700	–	7.00%	–
KHC	New	KRAFT HEINZ CO	$12,419,712,000	–	325,634,818	–	4.14%	–
OXY	New	OCCIDENTAL PETE CORP	$9,335,408,000	–	158,549,729	–	3.11%	–
MCO	New	MOODYS CORP	$6,709,439,000	–	24,669,778	–	2.24%	–
USB	New	US BANCORP DEL	$5,513,432,000	–	119,805,135	–	1.84%	–
ATVI	New	ACTIVISION BLIZZARD INC	$5,325,713,000	–	68,401,150	–	1.77%	–
HPQ	New	HP INC	$3,424,725,000	–	104,476,035	–	1.14%	–
BK	New	BANK OF NEW YORK MELLON CORP	$3,018,027,000	–	72,357,453	–	1.01%	–
DVA	New	DAVITA INC	$2,886,202,000	–	36,095,570	–	0.96%	–
C	New	CITIGROUP INC	$2,536,616,000	–	55,155,797	–	0.84%	–
KR	New	KROGER CO	$2,481,858,000	–	52,437,295	–	0.83%	–
VRSN	New	VERISIGN INC	$2,144,436,000	–	12,815,613	–	0.72%	–
VIAC	New	PARAMOUNT GLOBAL	$1,935,448,000	–	78,421,645	–	0.64%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$1,793,974,000	–	3,828,941	–	0.60%	–
GM	New	GENERAL MTRS CO	$1,679,385,000	–	52,877,359	–	0.56%	–
V	New	VISA INC	$1,633,687,000	–	8,297,460	–	0.54%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$1,557,660,000	–	43,208,291	–	0.52%	–
MA	New	MASTERCARD INCcl a	$1,257,708,000	–	3,986,648	–	0.42%	–
AON	New	AON PLC	$1,185,514,000	–	4,396,000	–	0.40%	–
AMZN	New	AMAZON COM INC	$1,132,836,000	–	10,666,000	–	0.38%	–
CE	New	CELANESE CORP DEL	$1,076,922,000	–	9,156,714	–	0.36%	–
MCK	New	MCKESSON CORP	$1,043,331,000	–	3,198,344	–	0.35%	–
ALLY	New	ALLY FINL INC	$1,005,300,000	–	30,000,000	–	0.34%	–
SNOW	New	SNOWFLAKE INCcl a	$851,795,000	–	6,125,376	–	0.28%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$728,285,000	–	20,207,680	–	0.24%	–
TMUS	New	T-MOBILE US INC	$705,259,000	–	5,242,000	–	0.24%	–
GL	New	GLOBE LIFE INC	$619,297,000	–	6,353,727	–	0.21%	–
MKL	New	MARKEL CORP	$604,738,000	–	467,611	–	0.20%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$490,143,000	–	7,722,451	–	0.16%	–
RH	New	RH	$460,605,000	–	2,170,000	–	0.15%	–
	New	NU HLDGS LTD	$400,624,000	–	107,118,784	–	0.13%	–
FND	New	FLOOR & DECOR HLDGS INCcl a	$300,949,000	–	4,780,000	–	0.10%	–
STOR	New	STORE CAP CORP	$180,693,000	–	6,928,413	–	0.06%	–
STNE	New	STONECO LTD	$82,355,000	–	10,695,448	–	0.03%	–
MMC	New	MARSH & MCLENNAN COS INC	$62,862,000	–	404,911	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON	$58,064,000	–	327,100	–	0.02%	–
PG	New	PROCTER & GAMBLE CO	$45,351,000	–	315,400	–	0.02%	–
MDLZ	New	MONDELEZ INTL INCcl a	$35,888,000	–	578,000	–	0.01%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$20,520,000	–	2,630,792	–	0.01%	–
VOO	New	VANGUARD INDEX FDS	$14,916,000	–	43,000	–	0.01%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$14,864,000	–	39,400	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$10,843,000	–	59,400	–	0.00%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$10,003,000	–	1,284,020	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.00%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-39,400	–	-0.01%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,284,020	–	-0.01%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-43,000	–	-0.01%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-675,054	–	-0.01%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.01%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-2,630,792	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-315,400	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.02%	–
FND	Exit	FLOOR & DECOR HLDGS INCcl a	$0	–	-816,863	–	-0.03%	–
SIRI	Exit	SIRIUS XM HLDGS INC	$0	–	-43,658,800	–	-0.09%	–
STNE	Exit	STONECO LTD	$0	–	-10,695,448	–	-0.13%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-2,741,755	–	-0.14%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-42,789,295	–	-0.14%	–
RPRX	Exit	ROYALTY PHARMA PLC	$0	–	-13,145,902	–	-0.16%	–
GL	Exit	GLOBE LIFE INC	$0	–	-6,353,727	–	-0.19%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-5,242,000	–	-0.23%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-14,860,360	–	-0.24%	–
STOR	Exit	STORE CAP CORP	$0	–	-24,415,168	–	-0.27%	–
RH	Exit	RH	$0	–	-1,791,967	–	-0.41%	–
AON	Exit	AON PLC	$0	–	-4,396,000	–	-0.43%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-22,046,936	–	-0.44%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,288,648	–	-0.51%	–
ABBV	Exit	ABBVIE INC	$0	–	-14,398,488	–	-0.53%	–
AMZN	Exit	AMAZON COM INC	$0	–	-533,300	–	-0.60%	–
SNOW	Exit	SNOWFLAKE INCcl a	$0	–	-6,125,376	–	-0.63%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-43,208,291	–	-0.70%	–
V	Exit	VISA INC	$0	–	-9,562,460	–	-0.73%	–
KR	Exit	KROGER CO	$0	–	-61,787,910	–	-0.85%	–
VRSN	Exit	VERISIGN INC	$0	–	-12,815,613	–	-0.90%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-28,703,519	–	-0.99%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-4,200,626	–	-1.04%	–
GM	Exit	GENERAL MTRS CO	$0	–	-60,000,000	–	-1.08%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-72,357,453	–	-1.28%	–
DVA	Exit	DAVITA INC	$0	–	-36,095,570	–	-1.43%	–
USB	Exit	US BANCORP DEL	$0	–	-126,417,887	–	-2.56%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-158,824,575	–	-2.92%	–
MCO	Exit	MOODYS CORP	$0	–	-24,669,778	–	-2.98%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-325,634,818	–	-4.09%	–
KO	Exit	COCA COLA CO	$0	–	-400,000,000	–	-7.15%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-151,610,700	–	-8.66%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,010,100,606	–	-14.61%	–
AAPL	Exit	APPLE INC	$0	–	-887,135,554	–	-42.78%	–

Q3 2021

			Value		Shares		↓ Weighting
USB	Sell	US BANCORP DEL	$7,514,279,000	+2.3%	126,417,887	-1.9%	2.56%	+2.2%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$3,056,207,000	-18.7%	4,200,626	-19.4%	1.04%	-18.9%
CVX	Buy	CHEVRON CORP NEW	$2,911,972,000	+20.2%	28,703,519	+24.1%	0.99%	+20.0%
V	Sell	VISA INC	$2,130,038,000	-8.8%	9,562,460	-4.3%	0.73%	-8.9%
ABBV	Sell	ABBVIE INC	$1,553,165,000	-32.8%	14,398,488	-29.9%	0.53%	-33.0%
MA	Sell	MASTERCARD INCcl a	$1,491,077,000	-10.5%	4,288,648	-6.0%	0.51%	-10.7%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$1,304,517,000	-25.8%	22,046,936	-16.2%	0.44%	-25.8%
RPRX	New	ROYALTY PHARMA PLC	$475,093,000	–	13,145,902	–	0.16%	–
MMC	Sell	MARSH & MCLENNAN COS INC	$415,184,000	-29.7%	2,741,755	-34.7%	0.14%	-29.9%
FND	New	FLOOR & DECOR HLDGS INCcl a	$98,669,000	–	816,863	–	0.03%	–
OGN	Exit	ORGANON & CO	$0	–	-1,550,481	–	-0.02%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,876,522	–	-0.02%	–
MRK	Exit	MERCK & CO. INC	$0	–	-9,157,192	–	-0.24%	–

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$121,502,087,000	–	887,135,554	–	41.46%	–
BAC	New	BANK AMER CORP	$41,646,448,000	–	1,010,100,606	–	14.21%	–
AXP	New	AMERICAN EXPRESS CO	$25,050,635,000	–	151,610,700	–	8.55%	–
KO	New	COCA COLA CO	$21,644,001,000	–	400,000,000	–	7.39%	–
KHC	New	KRAFT HEINZ CO	$13,279,388,000	–	325,634,818	–	4.53%	–
MCO	New	MOODYS CORP	$8,939,587,000	–	24,669,778	–	3.05%	–
VZ	New	VERIZON COMMUNICATIONS INC	$8,898,941,000	–	158,824,575	–	3.04%	–
USB	New	US BANCORP DEL	$7,342,802,000	–	128,888,906	–	2.51%	–
DVA	New	DAVITA INC	$4,346,990,000	–	36,095,570	–	1.48%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$3,761,251,000	–	5,213,461	–	1.28%	–
BK	New	BANK OF NEW YORK MELLON CORP	$3,706,871,000	–	72,357,453	–	1.26%	–
GM	New	GENERAL MTRS CO	$3,550,200,000	–	60,000,000	–	1.21%	–
VRSN	New	VERISIGN INC	$2,917,987,000	–	12,815,613	–	1.00%	–
CVX	New	CHEVRON CORP NEW	$2,421,999,000	–	23,123,920	–	0.83%	–
KR	New	KROGER CO	$2,367,094,000	–	61,787,910	–	0.81%	–
V	New	VISA INC	$2,335,268,000	–	9,987,460	–	0.80%	–
ABBV	New	ABBVIE INC	$2,312,258,000	–	20,527,861	–	0.79%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$2,004,432,000	–	43,208,291	–	0.68%	–
AMZN	New	AMAZON COM INC	$1,834,637,000	–	533,300	–	0.63%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$1,756,983,000	–	26,294,266	–	0.60%	–
MA	New	MASTERCARD INCcl a	$1,666,547,000	–	4,564,756	–	0.57%	–
SNOW	New	SNOWFLAKE INCcl a	$1,481,116,000	–	6,125,376	–	0.50%	–
RH	New	RH	$1,216,746,000	–	1,791,967	–	0.42%	–
AON	New	AON PLC	$1,049,589,000	–	4,396,000	–	0.36%	–
STOR	New	STORE CAP CORP	$842,568,000	–	24,415,168	–	0.29%	–
TMUS	New	T-MOBILE US INC	$759,199,000	–	5,242,000	–	0.26%	–
STNE	New	STONECO LTD	$717,237,000	–	10,695,448	–	0.24%	–
MRK	New	MERCK & CO. INC	$712,155,000	–	9,157,192	–	0.24%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$692,195,000	–	14,860,360	–	0.24%	–
GL	New	GLOBE LIFE INC	$605,193,000	–	6,353,727	–	0.21%	–
MMC	New	MARSH & MCLENNAN COS INC	$590,391,000	–	4,196,692	–	0.20%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$423,615,000	–	42,789,295	–	0.14%	–
SIRI	New	SIRIUS XM HLDGS INC	$285,529,000	–	43,658,800	–	0.10%	–
JNJ	New	JOHNSON & JOHNSON	$53,886,000	–	327,100	–	0.02%	–
LBTYK	New	LIBERTY GLOBAL PLC	$50,741,000	–	1,876,522	–	0.02%	–
OGN	New	ORGANON & CO	$46,918,000	–	1,550,481	–	0.02%	–
PG	New	PROCTER & GAMBLE CO	$42,557,000	–	315,400	–	0.02%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$36,463,000	–	2,630,792	–	0.01%	–
MDLZ	New	MONDELEZ INTL INCcl a	$36,090,000	–	578,000	–	0.01%	–
WFC	New	WELLS FARGO & CO NEW	$30,573,000	–	675,054	–	0.01%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$16,866,000	–	39,400	–	0.01%	–
VOO	New	VANGUARD INDEX FDS	$16,921,000	–	43,000	–	0.01%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$18,105,000	–	1,284,020	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$12,353,000	–	59,400	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.00%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,430,197	–	-0.01%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-43,000	–	-0.01%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-39,400	–	-0.01%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-2,630,792	–	-0.01%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-315,400	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.02%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-967,267	–	-0.04%	–
PFE	Exit	PFIZER INC	$0	–	-3,711,780	–	-0.06%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-7,346,968	–	-0.06%	–
BIIB	Exit	BIOGEN INC	$0	–	-643,022	–	-0.08%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-1,919,827	–	-0.09%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-19,201,525	–	-0.10%	–
MTB	Exit	M & T BK CORP	$0	–	-2,919,613	–	-0.11%	–
SIRI	Exit	SIRIUS XM HLDGS INC	$0	–	-50,000,000	–	-0.11%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-2,413,156	–	-0.12%	–
GOLD	Exit	BARRICK GOLD CORPORATION	$0	–	-12,000,000	–	-0.14%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-18,010,000	–	-0.16%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-42,789,295	–	-0.16%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-3,366,507	–	-0.16%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-14,860,360	–	-0.21%	–
GL	Exit	GLOBE LIFE INC	$0	–	-6,353,727	–	-0.22%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-23,420,000	–	-0.22%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-20,128,000	–	-0.22%	–
RH	Exit	RH	$0	–	-1,708,348	–	-0.28%	–
STOR	Exit	STORE CAP CORP	$0	–	-24,415,168	–	-0.28%	–
STNE	Exit	STONECO LTD	$0	–	-14,166,748	–	-0.32%	–
KR	Exit	KROGER CO	$0	–	-24,978,439	–	-0.36%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-43,208,291	–	-0.61%	–
SNOW	Exit	SNOWFLAKE INCcl a	$0	–	-6,125,376	–	-0.65%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,564,756	–	-0.65%	–
AMZN	Exit	AMAZON COM INC	$0	–	-533,300	–	-0.71%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-29,971,194	–	-0.77%	–
MRK	Exit	MERCK & CO. INC	$0	–	-22,403,102	–	-0.79%	–
ABBV	Exit	ABBVIE INC	$0	–	-21,264,316	–	-0.79%	–
V	Exit	VISA INC	$0	–	-9,987,460	–	-0.85%	–
GM	Exit	GENERAL MTRS CO	$0	–	-80,000,000	–	-1.00%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-72,357,453	–	-1.05%	–
VRSN	Exit	VERISIGN INC	$0	–	-12,815,613	–	-1.11%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-127,380,440	–	-1.27%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-36,095,570	–	-1.31%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-44,272,770	–	-1.35%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-5,213,461	–	-1.38%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-58,347,767	–	-1.47%	–
USB	Exit	US BANCORP DEL	$0	–	-131,961,832	–	-2.00%	–
MCO	Exit	MOODYS CORP	$0	–	-24,669,778	–	-3.03%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-325,634,818	–	-4.13%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-151,610,700	–	-6.44%	–
KO	Exit	COCA COLA CO	$0	–	-400,000,000	–	-8.37%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,010,100,606	–	-10.31%	–
AAPL	Exit	APPLE INC	$0	–	-944,295,554	–	-46.35%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$109,358,868,000	+22.3%	944,295,554	+285.2%	46.35%	+4.9%
BAC	Buy	BANK AMER CORP	$24,333,323,000	+10.8%	1,010,100,606	+9.2%	10.31%	-5.0%
VZ	New	VERIZON COMMUNICATIONS INC	$3,471,109,000	–	58,347,767	–	1.47%	–
CVX	New	CHEVRON CORP NEW	$3,187,639,000	–	44,272,770	–	1.35%	–
DVA	Sell	DAVITA HEALTHCARE PARTNERS I	$3,091,586,000	+2.5%	36,095,570	-5.2%	1.31%	-12.0%
WFC	Sell	WELLS FARGO & CO NEW	$2,994,716,000	-50.8%	127,380,440	-46.4%	1.27%	-57.8%
GM	Buy	GENERAL MTRS CO	$2,367,201,000	+25.3%	80,000,000	+7.1%	1.00%	+7.5%
ABBV	New	ABBVIE INC	$1,862,541,000	–	21,264,316	–	0.79%	–
MRK	New	MERCK & CO. INC	$1,858,337,000	–	22,403,102	–	0.79%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$1,806,963,000	–	29,971,194	–	0.77%	–
SNOW	New	SNOWFLAKE INCcl a	$1,537,469,000	–	6,125,376	–	0.65%	–
KR	Buy	KROGER CO	$847,019,000	+14.1%	24,978,439	+13.8%	0.36%	-2.2%
AXTA	Sell	AXALTA COATING SYS LTD	$519,222,000	-4.3%	23,420,000	-2.7%	0.22%	-17.9%
MMC	New	MARSH & MCLENNAN COS INC	$386,138,000	–	3,366,507	–	0.16%	–
LBTYA	Sell	LIBERTY GLOBAL PLC	$378,390,000	-10.4%	18,010,000	-6.7%	0.16%	-23.4%
GOLD	Sell	BARRICK GOLD CORPORATION	$337,320,000	-40.1%	12,000,000	-42.6%	0.14%	-48.6%
TMUS	New	T-MOBILE US INC	$275,968,000	–	2,413,156	–	0.12%	–
MTB	Sell	M & T BK CORP	$268,867,000	-43.0%	2,919,613	-35.6%	0.11%	-51.1%
PNC	Sell	PNC FINL SVCS GROUP INC	$211,008,000	-62.5%	1,919,827	-64.1%	0.09%	-68.0%
PFE	New	PFIZER INC	$136,222,000	–	3,711,780	–	0.06%	–
JPM	Sell	JPMORGAN CHASE & CO	$93,119,000	-95.5%	967,267	-95.6%	0.04%	-96.2%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$11,642,000	-4.0%	1,430,197	+11.4%	0.01%	-16.7%
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,333,363	–	-0.65%	–

Q2 2020

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$89,432,750,000	–	245,155,566	–	44.18%	–
BAC	New	BANK AMER CORP	$21,968,954,000	–	925,008,600	–	10.85%	–
KO	New	COCA COLA CO	$17,871,999,000	–	400,000,000	–	8.83%	–
AXP	New	AMERICAN EXPRESS CO	$14,433,339,000	–	151,610,700	–	7.13%	–
KHC	New	KRAFT HEINZ CO	$10,384,494,000	–	325,634,818	–	5.13%	–
MCO	New	MOODYS CORP	$6,777,528,000	–	24,669,778	–	3.35%	–
WFC	New	WELLS FARGO & CO NEW	$6,082,118,000	–	237,582,705	–	3.00%	–
USB	New	US BANCORP DEL	$4,858,836,000	–	131,961,832	–	2.40%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$3,014,883,000	–	38,095,570	–	1.49%	–
BK	New	BANK OF NEW YORK MELLON CORP	$2,796,615,000	–	72,357,453	–	1.38%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$2,659,074,000	–	5,213,461	–	1.31%	–
VRSN	New	VERISIGN INC	$2,650,654,000	–	12,815,613	–	1.31%	–
JPM	New	JPMORGAN CHASE & CO	$2,088,925,000	–	22,208,427	–	1.03%	–
V	New	VISA INC	$1,929,278,000	–	9,987,460	–	0.95%	–
GM	New	GENERAL MTRS CO	$1,889,429,000	–	74,681,000	–	0.93%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$1,488,525,000	–	43,208,291	–	0.74%	–
AMZN	New	AMAZON COM INC	$1,471,279,000	–	533,300	–	0.73%	–
MA	New	MASTERCARD INCcl a	$1,349,798,000	–	4,564,756	–	0.67%	–
COST	New	COSTCO WHSL CORP NEW	$1,313,919,000	–	4,333,363	–	0.65%	–
KR	New	KROGER CO	$742,672,000	–	21,940,079	–	0.37%	–
STOR	New	STORE CAP CORP	$581,325,000	–	24,415,168	–	0.29%	–
PNC	New	PNC FINL SVCS GROUP INC	$562,935,000	–	5,350,586	–	0.28%	–
GOLD	New	BARRICK GOLD CORPORATION	$563,550,000	–	20,918,701	–	0.28%	–
STNE	New	STONECO LTD	$549,103,000	–	14,166,748	–	0.27%	–
AXTA	New	AXALTA COATING SYS LTD	$542,779,000	–	24,070,000	–	0.27%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$527,592,000	–	42,789,295	–	0.26%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$512,980,000	–	14,860,360	–	0.25%	–
GL	New	GLOBE LIFE INC	$471,636,000	–	6,353,727	–	0.23%	–
MTB	New	M & T BK CORP	$471,626,000	–	4,536,174	–	0.23%	–
SYF	New	SYNCHRONY FINL	$446,036,000	–	20,128,000	–	0.22%	–
RH	New	RH	$425,208,000	–	1,708,348	–	0.21%	–
LBTYA	New	LIBERTY GLOBAL PLC	$422,117,000	–	19,310,000	–	0.21%	–
SU	New	SUNCOR ENERGY INC NEW	$323,738,000	–	19,201,525	–	0.16%	–
SIRI	New	SIRIUS XM HLDGS INC	$293,500,000	–	50,000,000	–	0.14%	–
BIIB	New	BIOGEN INC	$172,041,000	–	643,022	–	0.08%	–
LBTYK	New	LIBERTY GLOBAL PLC	$158,033,000	–	7,346,968	–	0.08%	–
JNJ	New	JOHNSON & JOHNSON	$46,000,000	–	327,100	–	0.02%	–
PG	New	PROCTER & GAMBLE CO	$37,712,000	–	315,400	–	0.02%	–
MDLZ	New	MONDELEZ INTL INCcl a	$29,553,000	–	578,000	–	0.02%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$25,572,000	–	2,630,792	–	0.01%	–
VOO	New	VANGUARD INDEX FDS	$12,187,000	–	43,000	–	0.01%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$12,149,000	–	39,400	–	0.01%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$12,121,000	–	1,284,020	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$6,604,000	–	59,400	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.00%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,284,020	–	-0.01%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.02%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-315,400	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.02%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-2,714,854	–	-0.02%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-7,346,968	–	-0.08%	–
RH	Exit	RH	$0	–	-1,207,844	–	-0.10%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-43,249,295	–	-0.14%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-7,467,508	–	-0.16%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-10,758,000	–	-0.16%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-19,791,000	–	-0.23%	–
STNE	Exit	STONECO LTD	$0	–	-14,166,748	–	-0.23%	–
PSX	Exit	PHILLIPS 66	$0	–	-5,182,637	–	-0.25%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-8,438,225	–	-0.28%	–
GL	Exit	GLOBE LIFE INC	$0	–	-6,353,727	–	-0.28%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-14,860,360	–	-0.29%	–
STOR	Exit	STORE CAP CORP	$0	–	-18,621,674	–	-0.32%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-20,803,000	–	-0.33%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-24,264,000	–	-0.34%	–
MTB	Exit	M & T BK CORP	$0	–	-5,382,040	–	-0.40%	–
SIRI	Exit	SIRIUS XM HLDGS INC	$0	–	-136,275,729	–	-0.40%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-5,958,391	–	-0.41%	–
AMZN	Exit	AMAZON COM INC	$0	–	-537,300	–	-0.43%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-43,700,000	–	-0.55%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-8,671,054	–	-0.57%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,333,363	–	-0.58%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-31,090,985	–	-0.61%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,934,756	–	-0.62%	–
V	Exit	VISA INC	$0	–	-10,562,460	–	-0.85%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-21,938,642	–	-0.90%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-38,565,570	–	-1.02%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-5,426,609	–	-1.04%	–
VRSN	Exit	VERISIGN INC	$0	–	-12,952,745	–	-1.14%	–
GM	Exit	GENERAL MTRS CO	$0	–	-72,269,696	–	-1.26%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-53,649,213	–	-1.35%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-80,937,250	–	-1.70%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-18,353,635	–	-1.77%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-70,910,456	–	-1.90%	–
MCO	Exit	MOODYS CORP	$0	–	-24,669,778	–	-2.35%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-59,514,932	–	-3.26%	–
USB	Exit	US BANCORP DEL	$0	–	-132,459,618	–	-3.42%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-325,634,818	–	-4.24%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-151,610,700	–	-8.35%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-378,369,018	–	-8.89%	–
KO	Exit	COCA COLA CO	$0	–	-400,000,000	–	-10.14%	–
BAC	Exit	BANK AMER CORP	$0	–	-927,248,600	–	-12.60%	–
AAPL	Exit	APPLE INC	$0	–	-248,838,679	–	-25.96%	–

Q3 2019

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$55,732,400,000	+12.8%	248,838,679	-0.3%	25.96%	+9.4%
WFC	Sell	WELLS FARGO & CO NEW	$19,084,935,000	-1.6%	378,369,018	-7.7%	8.89%	-4.6%
SIRI	Sell	SIRIUS XM HLDGS INC	$852,404,000	+10.8%	136,275,729	-1.2%	0.40%	+7.3%
GL	New	GLOBE LIFE INC	$608,433,000	–	6,353,727	–	0.28%	–
PSX	Sell	PHILLIPS 66	$530,702,000	+2.2%	5,182,637	-6.7%	0.25%	-1.2%
OXY	New	OCCIDENTAL PETE CORP	$332,079,000	–	7,467,508	–	0.16%	–
RH	New	RH	$206,336,000	–	1,207,844	–	0.10%	–
TMK	Exit	TORCHMARK CORP	$0	–	-6,353,727	–	-0.27%	–
RHT	Exit	RED HAT INC	$0	–	-5,171,890	–	-0.47%	–

Q2 2019

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$49,398,720,000	–	249,589,329	–	23.74%	–
BAC	New	BANK AMER CORP	$26,890,210,000	–	927,248,600	–	12.92%	–
KO	New	COCA COLA CO	$20,368,000,000	–	400,000,000	–	9.79%	–
WFC	New	WELLS FARGO & CO NEW	$19,391,913,000	–	409,803,773	–	9.32%	–
AXP	New	AMERICAN EXPRESS CO	$18,714,825,000	–	151,610,700	–	8.99%	–
KHC	New	KRAFT HEINZ CO	$10,107,705,000	–	325,634,818	–	4.86%	–
USB	New	US BANCORP DEL	$6,940,884,000	–	132,459,618	–	3.34%	–
JPM	New	JPMORGAN CHASE & CO	$6,653,769,000	–	59,514,932	–	3.20%	–
MCO	New	MOODYS CORP	$4,818,254,000	–	24,669,778	–	2.32%	–
DAL	New	DELTA AIR LINES INC DEL	$4,024,169,000	–	70,910,456	–	1.93%	–
GS	New	GOLDMAN SACHS GROUP INC	$3,755,154,000	–	18,353,635	–	1.80%	–
BK	New	BANK OF NEW YORK MELLON CORP	$3,573,379,000	–	80,937,250	–	1.72%	–
GM	New	GENERAL MTRS CO	$2,784,551,000	–	72,269,696	–	1.34%	–
LUV	New	SOUTHWEST AIRLS CO	$2,724,307,000	–	53,649,213	–	1.31%	–
VRSN	New	VERISIGN INC	$2,709,196,000	–	12,952,745	–	1.30%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$2,169,698,000	–	38,565,570	–	1.04%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$2,144,487,000	–	5,426,609	–	1.03%	–
UAL	New	UNITED CONTL HLDGS INC	$1,920,728,000	–	21,938,642	–	0.92%	–
V	New	VISA INC	$1,833,115,000	–	10,562,460	–	0.88%	–
AAL	New	AMERICAN AIRLS GROUP INC	$1,425,057,000	–	43,700,000	–	0.68%	–
MA	New	MASTERCARD INCcl a	$1,305,391,000	–	4,934,756	–	0.63%	–
PNC	New	PNC FINL SVCS GROUP INC	$1,190,362,000	–	8,671,054	–	0.57%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$1,180,836,000	–	31,090,985	–	0.57%	–
COST	New	COSTCO WHSL CORP NEW	$1,145,135,000	–	4,333,363	–	0.55%	–
AMZN	New	AMAZON COM INC	$1,017,447,000	–	537,300	–	0.49%	–
RHT	New	RED HAT INC	$971,074,000	–	5,171,890	–	0.47%	–
MTB	New	M & T BK CORP	$915,324,000	–	5,382,040	–	0.44%	–
TRV	New	TRAVELERS COMPANIES INC	$890,899,000	–	5,958,391	–	0.43%	–
SIRI	New	SIRIUS XM HLDGS INC	$769,570,000	–	137,915,729	–	0.37%	–
AXTA	New	AXALTA COATING SYS LTD	$722,339,000	–	24,264,000	–	0.35%	–
SYF	New	SYNCHRONY FINL	$721,240,000	–	20,803,000	–	0.35%	–
STOR	New	STORE CAP CORP	$618,053,000	–	18,621,674	–	0.30%	–
QSR	New	RESTAURANT BRANDS INTL INC	$586,794,000	–	8,438,225	–	0.28%	–
TMK	New	TORCHMARK CORP	$568,405,000	–	6,353,727	–	0.27%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$561,871,000	–	14,860,360	–	0.27%	–
LBTYA	New	LIBERTY GLOBAL PLC	$534,159,000	–	19,791,000	–	0.26%	–
PSX	New	PHILLIPS 66	$519,401,000	–	5,552,715	–	0.25%	–
STNE	New	STONECO LTD	$419,052,000	–	14,166,748	–	0.20%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$399,191,000	–	43,249,295	–	0.19%	–
SU	New	SUNCOR ENERGY INC NEW	$335,219,000	–	10,758,000	–	0.16%	–
LBTYK	New	LIBERTY GLOBAL PLC	$194,915,000	–	7,346,968	–	0.09%	–
JNJ	New	JOHNSON & JOHNSON	$45,558,000	–	327,100	–	0.02%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$46,777,000	–	2,714,854	–	0.02%	–
PG	New	PROCTER & GAMBLE CO	$34,584,000	–	315,400	–	0.02%	–
MDLZ	New	MONDELEZ INTL INCcl a	$31,154,000	–	578,000	–	0.02%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$22,072,000	–	1,284,020	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$6,134,000	–	59,400	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-928	–	0.00%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.00%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-315,400	–	-0.01%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,284,020	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.02%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-2,714,854	–	-0.03%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-7,346,968	–	-0.09%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-3,543,688	–	-0.21%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-8,438,225	–	-0.23%	–
STOR	Exit	STORE CAP CORP	$0	–	-18,621,674	–	-0.23%	–
TMK	Exit	TORCHMARK CORP	$0	–	-6,353,727	–	-0.25%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-19,791,000	–	-0.26%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-14,860,360	–	-0.29%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-20,803,000	–	-0.29%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-24,264,000	–	-0.32%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-6,087,319	–	-0.38%	–
SIRI	Exit	SIRIUS XM HLDGS INC	$0	–	-137,915,729	–	-0.39%	–
MTB	Exit	M & T BK CORP	$0	–	-5,382,040	–	-0.40%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-43,249,295	–	-0.42%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,333,363	–	-0.46%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,934,756	–	-0.50%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-31,090,985	–	-0.61%	–
V	Exit	VISA INC	$0	–	-10,562,460	–	-0.72%	–
USG	Exit	U S G CORP	$0	–	-39,002,016	–	-0.76%	–
PSX	Exit	PHILLIPS 66	$0	–	-15,433,024	–	-0.79%	–
GM	Exit	GENERAL MTRS CO	$0	–	-52,461,411	–	-0.80%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-43,700,000	–	-0.82%	–
VRSN	Exit	VERISIGN INC	$0	–	-12,952,745	–	-0.94%	–
ORCL	Exit	ORACLE CORP	$0	–	-41,404,791	–	-0.97%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-25,984,542	–	-1.05%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-7,340,985	–	-1.08%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-38,565,570	–	-1.25%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-56,047,399	–	-1.58%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-65,535,000	–	-1.72%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-77,849,476	–	-1.80%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-35,664,767	–	-1.82%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-18,353,635	–	-1.86%	–
MCO	Exit	MOODYS CORP	$0	–	-24,669,778	–	-1.87%	–
USB	Exit	US BANCORP DEL	$0	–	-124,923,092	–	-2.98%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-151,610,700	–	-7.30%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-325,634,818	–	-8.12%	–
KO	Exit	COCA COLA CO	$0	–	-400,000,000	–	-8.36%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-442,361,700	–	-10.52%	–
BAC	Exit	BANK AMER CORP	$0	–	-877,248,600	–	-11.69%	–
AAPL	Exit	APPLE INC	$0	–	-252,478,779	–	-25.79%	–

Q3 2018

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$56,994,561,000	+22.2%	252,478,779	+0.2%	25.79%	+8.2%
BAC	Buy	BANK AMER CORP	$25,843,745,000	+35.0%	877,248,600	+29.2%	11.69%	+19.5%
WFC	Sell	WELLS FARGO & CO NEW	$23,250,531,000	-7.2%	442,361,700	-2.1%	10.52%	-17.9%
USB	Buy	US BANCORP DEL	$6,597,189,000	+31.0%	124,923,092	+24.1%	2.98%	+15.9%
GS	Buy	GOLDMAN SACHS GROUP INC	$4,115,619,000	+40.8%	18,353,635	+38.5%	1.86%	+24.5%
JPM	New	JPMORGAN CHASE & CO	$4,024,412,000	–	35,664,767	–	1.82%	–
BK	Buy	BANK OF NEW YORK MELLON CORP	$3,969,546,000	+13.6%	77,849,476	+20.1%	1.80%	+0.5%
DAL	Buy	DELTA AIR LINES INC DEL	$3,789,889,000	+20.2%	65,535,000	+2.9%	1.72%	+6.4%
LUV	Sell	SOUTHWEST AIRLS CO	$3,500,160,000	+21.7%	56,047,399	-0.9%	1.58%	+7.7%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$2,392,280,000	+8.7%	7,340,985	-2.2%	1.08%	-3.8%
UAL	Sell	UNITED CONTL HLDGS INC	$2,314,183,000	+24.4%	25,984,542	-2.6%	1.05%	+10.1%
ORCL	New	ORACLE CORP	$2,134,832,000	–	41,404,791	–	0.97%	–
AAL	Sell	AMERICAN AIRLS GROUP INC	$1,806,121,000	+6.4%	43,700,000	-2.2%	0.82%	-5.8%
GM	Buy	GENERAL MTRS CO	$1,766,376,000	-12.8%	52,461,411	+2.1%	0.80%	-22.8%
PSX	Sell	PHILLIPS 66	$1,739,611,000	-55.4%	15,433,024	-55.6%	0.79%	-60.5%
PNC	New	PNC FINL SVCS GROUP INC	$829,032,000	–	6,087,319	–	0.38%	–
TRV	New	TRAVELERS COMPANIES INC	$459,652,000	–	3,543,688	–	0.21%	–
WMT	Exit	WAL MART STORES INC	$0	–	-1,393,513	–	-0.06%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-3,701,012	–	-0.08%	–

Q2 2018

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$46,639,553,000	–	251,955,877	–	23.84%	–
WFC	New	WELLS FARGO & CO NEW	$25,059,643,000	–	452,013,758	–	12.81%	–
KHC	New	KRAFT HEINZ CO	$20,456,379,000	–	325,634,818	–	10.46%	–
BAC	New	BANK AMER CORP	$19,141,009,000	–	679,000,000	–	9.78%	–
KO	New	COCA COLA CO	$17,544,001,000	–	400,000,000	–	8.97%	–
AXP	New	AMERICAN EXPRESS CO	$14,857,849,000	–	151,610,700	–	7.60%	–
USB	New	US BANCORP DEL	$5,036,709,000	–	100,693,874	–	2.58%	–
MCO	New	MOODYS CORP	$4,207,677,000	–	24,669,778	–	2.15%	–
PSX	New	PHILLIPS 66	$3,900,471,000	–	34,729,514	–	1.99%	–
BK	New	BANK OF NEW YORK MELLON CORP	$3,494,685,000	–	64,800,376	–	1.79%	–
DAL	New	DELTA AIR LINES INC DEL	$3,154,005,000	–	63,665,840	–	1.61%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,923,543,000	–	13,254,490	–	1.50%	–
LUV	New	SOUTHWEST AIRLS CO	$2,877,132,000	–	56,547,399	–	1.47%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$2,677,993,000	–	38,565,570	–	1.37%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$2,200,303,000	–	7,504,185	–	1.12%	–
GM	New	GENERAL MTRS CO	$2,024,908,000	–	51,393,611	–	1.04%	–
UAL	New	UNITED CONTL HLDGS INC	$1,860,714,000	–	26,684,542	–	0.95%	–
VRSN	New	VERISIGN INC	$1,779,966,000	–	12,952,745	–	0.91%	–
AAL	New	AMERICAN AIRLS GROUP INC	$1,696,812,000	–	44,700,000	–	0.87%	–
USG	New	U S G CORP	$1,681,767,000	–	39,002,016	–	0.86%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$1,410,288,000	–	31,090,985	–	0.72%	–
V	New	VISA INC	$1,398,998,000	–	10,562,460	–	0.72%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$1,051,823,000	–	43,249,295	–	0.54%	–
MA	New	MASTERCARD INCcl a	$969,778,000	–	4,934,756	–	0.50%	–
SIRI	New	SIRIUS XM HLDGS INC	$933,690,000	–	137,915,729	–	0.48%	–
MTB	New	M & T BK CORP	$915,754,000	–	5,382,040	–	0.47%	–
COST	New	COSTCO WHSL CORP NEW	$905,586,000	–	4,333,363	–	0.46%	–
AXTA	New	AXALTA COATING SYS LTD	$735,441,000	–	24,264,000	–	0.38%	–
SYF	New	SYNCHRONY FINL	$694,404,000	–	20,803,000	–	0.36%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$669,460,000	–	14,860,360	–	0.34%	–
LBTYA	New	LIBERTY GLOBAL PLC	$545,044,000	–	19,791,000	–	0.28%	–
TMK	New	TORCHMARK CORP	$517,257,000	–	6,353,727	–	0.26%	–
STOR	New	STORE CAP CORP	$510,234,000	–	18,621,674	–	0.26%	–
QSR	New	RESTAURANT BRANDS INTL INC	$508,825,000	–	8,438,225	–	0.26%	–
LBTYK	New	LIBERTY GLOBAL PLC	$195,503,000	–	7,346,968	–	0.10%	–
SNY	New	SANOFIsponsored adr	$148,078,000	–	3,701,012	–	0.08%	–
WMT	New	WAL MART STORES INC	$119,354,000	–	1,393,513	–	0.06%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$51,908,000	–	2,714,854	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON	$39,690,000	–	327,100	–	0.02%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$24,884,000	–	1,284,020	–	0.01%	–
PG	New	PROCTER & GAMBLE CO	$24,620,000	–	315,400	–	0.01%	–
MDLZ	New	MONDELEZ INTL INCcl a	$23,698,000	–	578,000	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$6,310,000	–	59,400	–	0.00%	–
VZ	New	VERIZON COMMUNICATIONS INC	$47,000	–	928	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-928	–	0.00%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.00%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-315,400	–	-0.02%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,284,020	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.02%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-107,575	–	-0.04%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,714,854	–	-0.04%	–
WMT	Exit	WAL MART STORES INC	$0	–	-1,393,513	–	-0.06%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-1,563,434	–	-0.07%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-3,905,875	–	-0.11%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-7,346,968	–	-0.14%	–
STOR	Exit	STORE CAP CORP	$0	–	-18,621,674	–	-0.26%	–
TMK	Exit	TORCHMARK CORP	$0	–	-6,353,727	–	-0.29%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-8,438,225	–	-0.30%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-14,860,360	–	-0.35%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-20,803,000	–	-0.36%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-23,324,000	–	-0.38%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-20,180,897	–	-0.38%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,934,756	–	-0.39%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,333,363	–	-0.40%	–
SIRI	Exit	SIRIUS XM HLDGS INC	$0	–	-137,915,729	–	-0.43%	–
MTB	Exit	M & T BK CORP	$0	–	-5,382,040	–	-0.49%	–
MON	Exit	MOSANTO CO NEW	$0	–	-8,873,469	–	-0.60%	–
V	Exit	VISA INC	$0	–	-10,562,460	–	-0.63%	–
USG	Exit	U S G CORP	$0	–	-39,002,016	–	-0.72%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-31,090,985	–	-0.73%	–
VRSN	Exit	VERISIGN INC	$0	–	-12,952,745	–	-0.78%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-28,211,563	–	-0.97%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-47,000,000	–	-1.26%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-38,565,570	–	-1.29%	–
GM	Exit	GENERAL MTRS CO	$0	–	-60,000,000	–	-1.36%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-53,110,395	–	-1.44%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-10,959,519	–	-1.46%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-50,229,588	–	-1.50%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-47,659,456	–	-1.50%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-8,489,391	–	-1.74%	–
MCO	Exit	MOODYS CORP	$0	–	-24,669,778	–	-1.93%	–
USB	Exit	US BANCORP DEL	$0	–	-85,063,167	–	-2.57%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-37,026,698	–	-3.02%	–
PSX	Exit	PHILLIPS 66	$0	–	-80,689,892	–	-4.16%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-151,610,700	–	-7.72%	–
BAC	Exit	BANK AMER CORP	$0	–	-679,000,000	–	-9.68%	–
KO	Exit	COCA COLA CO	$0	–	-400,000,000	–	-10.13%	–
AAPL	Exit	APPLE INC	$0	–	-134,092,782	–	-11.63%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-325,634,818	–	-14.21%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-464,232,268	–	-14.41%	–

Q3 2017

			Value		Shares		↓ Weighting
WFC	Sell	WELLS FARGO & CO NEW	$25,602,410,000	-1.3%	464,232,268	-0.8%	14.41%	-9.9%
AAPL	Buy	APPLE INC	$20,666,379,000	+10.2%	134,092,782	+3.0%	11.63%	+0.6%
BAC	New	BANK AMER CORP	$17,205,859,000	–	679,000,000	–	9.68%	–
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$5,371,833,000	-35.4%	37,026,698	-31.5%	3.02%	-41.1%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$3,085,214,000	-3.0%	8,489,391	-10.1%	1.74%	-11.5%
MON	Buy	MOSANTO CO NEW	$1,063,219,000	+11.7%	8,873,469	+10.3%	0.60%	+1.9%
SYF	Buy	SYNCHRONY FINL	$645,933,000	+24.0%	20,803,000	+19.1%	0.36%	+13.4%
WBC	Exit	WABCO HLDGS INC	$0	–	-63,195	–	-0.01%	–

Q2 2017

			Value		Shares		↓ Weighting
KHC	New	KRAFT HEINZ CO	$27,887,366,000	–	325,634,818	–	17.20%	–
WFC	New	WELLS FARGO & CO NEW	$25,931,175,000	–	467,987,270	–	15.99%	–
AAPL	New	APPLE INC	$18,750,246,000	–	130,191,960	–	11.56%	–
KO	New	COCA COLA CO	$17,939,999,000	–	400,000,000	–	11.06%	–
AXP	New	AMERICAN EXPRESS CO	$12,771,685,000	–	151,610,700	–	7.88%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$8,319,845,000	–	54,084,673	–	5.13%	–
PSX	New	PHILLIPS 66	$6,672,247,000	–	80,689,892	–	4.12%	–
USB	New	US BANCORP DEL	$4,416,478,000	–	85,063,167	–	2.72%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$3,181,040,000	–	9,443,491	–	1.96%	–
MCO	New	MOODYS CORP	$3,001,819,000	–	24,669,778	–	1.85%	–
LUV	New	SOUTHWEST AIRLS CO	$2,961,559,000	–	47,659,456	–	1.83%	–
DAL	New	DELTA AIR LINES INC DEL	$2,854,152,000	–	53,110,395	–	1.76%	–
BK	New	BANK OF NEW YORK MELLON CORP	$2,562,715,000	–	50,229,588	–	1.58%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$2,497,506,000	–	38,565,570	–	1.54%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,431,917,000	–	10,959,519	–	1.50%	–
AAL	New	AMERICAN AIRLS GROUP INC	$2,365,039,000	–	47,000,000	–	1.46%	–
UAL	New	UNITED CONTL HLDGS INC	$2,122,920,000	–	28,211,563	–	1.31%	–
GM	New	GENERAL MTRS CO	$2,095,800,000	–	60,000,000	–	1.29%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$1,296,494,000	–	31,090,985	–	0.80%	–
VRSN	New	VERISIGN INC	$1,204,088,000	–	12,952,745	–	0.74%	–
USG	New	U S G CORP	$1,131,838,000	–	39,002,016	–	0.70%	–
V	New	VISA INC	$990,547,000	–	10,562,460	–	0.61%	–
MON	New	MOSANTO CO NEW	$951,826,000	–	8,041,784	–	0.59%	–
MTB	New	M & T BK CORP	$871,622,000	–	5,382,040	–	0.54%	–
SIRI	New	SIRIUS XM HLDGS INC	$754,399,000	–	137,915,729	–	0.46%	–
AXTA	New	AXALTA COATING SYS LTD	$747,301,000	–	23,324,000	–	0.46%	–
COST	New	COSTCO WHSL CORP NEW	$693,035,000	–	4,333,363	–	0.43%	–
LBTYA	New	LIBERTY GLOBAL PLC	$648,210,000	–	20,180,897	–	0.40%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$623,838,000	–	14,860,360	–	0.38%	–
MA	New	MASTERCARD INCcl a	$599,326,000	–	4,934,756	–	0.37%	–
QSR	New	RESTAURANT BRANDS INTL INC	$527,727,000	–	8,438,225	–	0.32%	–
SYF	New	SYNCHRONY FINL	$520,747,000	–	17,463,000	–	0.32%	–
TMK	New	TORCHMARK CORP	$486,059,000	–	6,353,727	–	0.30%	–
STOR	New	STORE CAP CORP	$418,057,000	–	18,621,674	–	0.26%	–
LBTYK	New	LIBERTY GLOBAL PLC	$229,078,000	–	7,346,968	–	0.14%	–
SNY	New	SANOFIsponsored adr	$187,130,000	–	3,905,875	–	0.12%	–
VRSK	New	VERISK ANALYTICS INCcl a	$131,907,000	–	1,563,434	–	0.08%	–
WMT	New	WAL MART STORES INC	$105,461,000	–	1,393,513	–	0.06%	–
GHC	New	GRAHAM HLDGS CO	$64,507,000	–	107,575	–	0.04%	–
LILA	New	LIBERTY GLOBAL PLC	$59,102,000	–	2,714,854	–	0.04%	–
JNJ	New	JOHNSON & JOHNSON	$43,272,000	–	327,100	–	0.03%	–
LILAK	New	LIBERTY GLOBAL PLC	$27,491,000	–	1,284,020	–	0.02%	–
PG	New	PROCTER & GAMBLE CO	$27,487,000	–	315,400	–	0.02%	–
MDLZ	New	MONDELEZ INTL INCcl a	$24,964,000	–	578,000	–	0.02%	–
WBC	New	WABCO HLDGS INC	$8,058,000	–	63,195	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$6,569,000	–	59,400	–	0.00%	–
VZ	New	VERIZON COMMUNICATIONS INC	$41,000	–	928	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
LEE	Exit	LEE ENTERPRISES INC	$0	–	-88,863	–	0.00%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.01%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.02%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-315,400	–	-0.02%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,284,020	–	-0.03%	–
FWONA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-1,296,013	–	-0.03%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.03%	–
DNOW	Exit	NOW INC	$0	–	-1,825,569	–	-0.03%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-107,575	–	-0.04%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-2,714,854	–	-0.06%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-3,189,041	–	-0.07%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-1,563,434	–	-0.10%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-3,905,875	–	-0.12%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-8,951,869	–	-0.17%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-4,533,013	–	-0.18%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-7,346,968	–	-0.19%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-6,333,923	–	-0.19%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-10,585,502	–	-0.24%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-10,058,800	–	-0.26%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-8,438,225	–	-0.29%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-3,368,394	–	-0.30%	–
TMK	Exit	TORCHMARK CORP	$0	–	-6,353,727	–	-0.32%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-20,000,000	–	-0.36%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,934,756	–	-0.39%	–
MTB	Exit	M & T BK CORP	$0	–	-5,382,040	–	-0.48%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-23,324,000	–	-0.51%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,333,363	–	-0.51%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-20,180,897	–	-0.54%	–
LSXMK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-22,236,109	–	-0.58%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-15,000,928	–	-0.60%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-21,770,555	–	-0.62%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-21,136,712	–	-0.66%	–
V	Exit	VISA INC	$0	–	-10,562,460	–	-0.68%	–
WMT	Exit	WAL MART STORES INC	$0	–	-12,971,574	–	-0.73%	–
USG	Exit	U S G CORP	$0	–	-39,002,016	–	-0.78%	–
VRSN	Exit	VERISIGN INC	$0	–	-12,952,745	–	-0.79%	–
GM	Exit	GENERAL MTRS CO	$0	–	-50,000,000	–	-1.23%	–
AAPL	Exit	APPLE INC	$0	–	-15,227,702	–	-1.34%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-10,959,519	–	-1.37%	–
DE	Exit	DEERE & CO	$0	–	-21,085,061	–	-1.40%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-38,565,570	–	-1.98%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-9,443,491	–	-1.98%	–
MCO	Exit	MOODYS CORP	$0	–	-24,669,778	–	-2.07%	–
USB	Exit	US BANCORP DEL	$0	–	-85,063,167	–	-2.83%	–
PSX	Exit	PHILLIPS 66	$0	–	-80,689,892	–	-5.05%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-151,610,700	–	-7.54%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-81,232,303	–	-10.02%	–
KO	Exit	COCA COLA CO	$0	–	-400,000,000	–	-13.14%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-479,704,270	–	-16.49%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-325,634,818	–	-22.63%	–

Q3 2016

			Value		Shares		↓ Weighting
PSX	Buy	PHILLIPS 66	$6,499,571,000	+4.0%	80,689,892	+2.4%	5.05%	+4.7%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$2,549,459,000	+19.4%	9,443,491	+1.1%	1.98%	+20.3%
DE	Sell	DEERE & CO	$1,799,610,000	+1.1%	21,085,061	-4.0%	1.40%	+1.8%
WMT	Sell	WAL MART STORES INC	$935,510,000	-68.2%	12,971,574	-67.8%	0.73%	-67.9%
V	Buy	VISA INC	$873,516,000	+15.0%	10,562,460	+3.2%	0.68%	+15.7%
BK	Buy	BANK OF NEW YORK MELLON CORP	$842,932,000	+4.2%	21,136,712	+1.5%	0.66%	+5.0%
AAL	New	AMERICAN AIRLS GROUP INC	$797,020,000	–	21,770,555	–	0.62%	–
LSXMK	Buy	LIBERTY MEDIA CORP DELAWARE	$742,909,000	+20.3%	22,236,109	+11.2%	0.58%	+21.2%
LBTYA	Buy	LIBERTY GLOBAL PLC	$689,783,000	+22.6%	20,180,897	+4.2%	0.54%	+23.5%
KMI	Sell	KINDER MORGAN INC DEL	$462,600,000	-6.9%	20,000,000	-24.6%	0.36%	-6.3%
WBC	Buy	WABCO HLDGS INC	$382,414,000	+29.0%	3,368,394	+4.1%	0.30%	+29.7%
LSXMA	Buy	LIBERTY MEDIA CORP DELAWARE	$341,799,000	+9.0%	10,058,800	+0.6%	0.26%	+9.5%
DAL	New	DELTA AIR LINES INC DEL	$249,303,000	–	6,333,923	–	0.19%	–
UAL	New	UNITED CONTL HLDGS INC	$237,847,000	–	4,533,013	–	0.18%	–
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$89,740,000	-5.4%	3,189,041	-36.2%	0.07%	-4.1%
FWONA	Sell	LIBERTY MEDIA CORP DELAWARE	$37,131,000	-22.4%	1,296,013	-48.2%	0.03%	-21.6%
MEG	Exit	MEDIA GEN INC NEW	$0	–	-3,471,309	–	-0.05%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-22,275,381	–	-0.48%	–

Q2 2016

			Value		Shares		↓ Weighting
KHC	New	KRAFT HEINZ CO	$28,812,169,000	–	325,634,818	–	22.21%	–
WFC	New	WELLS FARGO & CO NEW	$22,704,405,000	–	479,704,270	–	17.50%	–
KO	New	COCA COLA CO	$18,132,000,000	–	400,000,000	–	13.98%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$12,329,439,000	–	81,232,303	–	9.51%	–
AXP	New	AMERICAN EXPRESS CO	$9,211,866,000	–	151,610,700	–	7.10%	–
PSX	New	PHILLIPS 66	$6,250,563,000	–	78,782,000	–	4.82%	–
USB	New	US BANCORP DEL	$3,430,598,000	–	85,063,167	–	2.64%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$2,981,889,000	–	38,565,570	–	2.30%	–
WMT	New	WAL MART STORES INC	$2,937,332,000	–	40,226,402	–	2.26%	–
MCO	New	MOODYS CORP	$2,311,805,000	–	24,669,778	–	1.78%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$2,134,924,000	–	9,337,491	–	1.65%	–
DE	New	DEERE & CO	$1,779,577,000	–	21,959,246	–	1.37%	–
GS	New	GOLDMAN SACHS GROUP INC	$1,628,365,000	–	10,959,519	–	1.26%	–
AAPL	New	APPLE INC	$1,455,768,000	–	15,227,702	–	1.12%	–
GM	New	GENERAL MTRS CO	$1,415,000,000	–	50,000,000	–	1.09%	–
VRSN	New	VERISIGN INC	$1,119,894,000	–	12,952,745	–	0.86%	–
USG	New	U S G CORP	$1,051,494,000	–	39,002,016	–	0.81%	–
VZ	New	VERIZON COMMUNICATIONS INC	$837,652,000	–	15,000,928	–	0.65%	–
BK	New	BANK OF NEW YORK MELLON CORP	$809,137,000	–	20,827,212	–	0.62%	–
V	New	VISA INC	$759,438,000	–	10,239,160	–	0.59%	–
COST	New	COSTCO WHSL CORP NEW	$680,511,000	–	4,333,363	–	0.52%	–
MTB	New	M & T BK CORP	$636,319,000	–	5,382,040	–	0.49%	–
AXTA	New	AXALTA COATING SYS LTD	$618,786,000	–	23,324,000	–	0.48%	–
SU	New	SUNCOR ENERGY INC NEW	$617,696,000	–	22,275,381	–	0.48%	–
LSXMK	New	LIBERTY MEDIA CORP DELAWARE	$617,399,000	–	20,000,000	–	0.48%	–
LBTYA	New	LIBERTY GLOBAL PLC	$562,802,000	–	19,366,897	–	0.43%	–
KMI	New	KINDER MORGAN INC DEL	$496,708,000	–	26,533,525	–	0.38%	–
MA	New	MASTERCARD INCcl a	$434,555,000	–	4,934,756	–	0.34%	–
TMK	New	TORCHMARK CORP	$392,788,000	–	6,353,727	–	0.30%	–
QSR	New	RESTAURANT BRANDS INTL INC	$351,030,000	–	8,438,225	–	0.27%	–
GE	New	GENERAL ELECTRIC CO	$333,233,000	–	10,585,502	–	0.26%	–
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$313,600,000	–	10,000,000	–	0.24%	–
WBC	New	WABCO HLDGS INC	$296,420,000	–	3,237,094	–	0.23%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$242,148,000	–	8,951,869	–	0.19%	–
LBTYK	New	LIBERTY GLOBAL PLC	$210,491,000	–	7,346,968	–	0.16%	–
SNY	New	SANOFIsponsored adr	$163,461,000	–	3,905,875	–	0.13%	–
VRSK	New	VERISK ANALYTICS INCcl a	$126,763,000	–	1,563,434	–	0.10%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$94,850,000	–	4,999,998	–	0.07%	–
LILA	New	LIBERTY GLOBAL PLC	$87,581,000	–	2,714,854	–	0.07%	–
MEG	New	MEDIA GEN INC NEW	$59,672,000	–	3,471,309	–	0.05%	–
GHC	New	GRAHAM HLDGS CO	$52,663,000	–	107,575	–	0.04%	–
FWONA	New	LIBERTY MEDIA CORP DELAWARE	$47,850,000	–	2,499,998	–	0.04%	–
LILAK	New	LIBERTY GLOBAL PLC	$41,718,000	–	1,284,020	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON	$39,677,000	–	327,100	–	0.03%	–
DNOW	New	NOW INC	$33,116,000	–	1,825,569	–	0.03%	–
PG	New	PROCTER & GAMBLE CO	$26,705,000	–	315,400	–	0.02%	–
MDLZ	New	MONDELEZ INTL INCcl a	$26,305,000	–	578,000	–	0.02%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$6,399,000	–	59,400	–	0.01%	–
LEE	New	LEE ENTERPRISES INC	$170,000	–	88,863	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
LEE	Exit	LEE ENTERPRISES INC	$0	–	-88,863	–	0.00%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.01%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-367,348	–	-0.01%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-517,139	–	-0.01%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.02%	–
DNOW	Exit	NOW INC	$0	–	-1,825,569	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.02%	–
MEG	Exit	MEDIA GEN INC NEW	$0	–	-3,471,309	–	-0.04%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-107,575	–	-0.05%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N Vn y registry sh	$0	–	-1,983,190	–	-0.06%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-1,563,434	–	-0.09%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-3,905,875	–	-0.15%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-8,951,869	–	-0.19%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-10,585,502	–	-0.21%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-7,800,000	–	-0.22%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-7,346,968	–	-0.24%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-8,438,225	–	-0.24%	–
TMK	Exit	TORCHMARK CORP	$0	–	-6,353,727	–	-0.28%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-3,559,189	–	-0.29%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-5,229,756	–	-0.37%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-11,957,285	–	-0.40%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-15,386,257	–	-0.42%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-23,199,474	–	-0.46%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,333,363	–	-0.49%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-15,000,928	–	-0.51%	–
MTB	Exit	M & T BK CORP	$0	–	-5,382,040	–	-0.52%	–
V	Exit	VISA INC	$0	–	-9,885,160	–	-0.54%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-20,112,212	–	-0.62%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-30,000,000	–	-0.63%	–
VRSN	Exit	VERISIGN INC	$0	–	-12,985,000	–	-0.72%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-4,200,792	–	-0.76%	–
USG	Exit	U S G CORP	$0	–	-39,002,016	–	-0.82%	–
DE	Exit	DEERE & CO	$0	–	-17,052,110	–	-0.99%	–
GM	Exit	GENERAL MTRS CO	$0	–	-50,000,000	–	-1.18%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-10,281,603	–	-1.42%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-10,959,519	–	-1.50%	–
T	Exit	AT&T INC	$0	–	-59,320,756	–	-1.52%	–
MCO	Exit	MOODYS CORP	$0	–	-24,669,778	–	-1.90%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-38,565,570	–	-2.19%	–
USB	Exit	US BANCORP DEL	$0	–	-85,063,167	–	-2.74%	–
WMT	Exit	WAL MART STORES INC	$0	–	-56,185,293	–	-2.86%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-52,793,078	–	-2.98%	–
PSX	Exit	PHILLIPS 66	$0	–	-61,486,926	–	-3.71%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-151,610,700	–	-8.82%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-81,033,450	–	-9.22%	–
KO	Exit	COCA COLA CO	$0	–	-400,000,000	–	-12.60%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-325,634,818	–	-18.04%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-470,292,359	–	-18.96%	–

Q3 2015

			Value		Shares		↓ Weighting
KHC	New	KRAFT HEINZ CO	$22,983,305,000	–	325,634,818	–	18.04%	–
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$11,747,419,000	-9.2%	81,033,450	+1.8%	9.22%	-21.9%
PSX	Buy	PHILLIPS 66	$4,724,655,000	+97.5%	61,486,926	+107.0%	3.71%	+69.9%
WMT	Sell	WAL MART STORES INC	$3,643,055,000	-14.9%	56,185,293	-7.0%	2.86%	-26.9%
T	New	AT&T INC	$1,932,670,000	–	59,320,756	–	1.52%	–
GS	Sell	GOLDMAN SACHS GROUP INC	$1,904,326,000	-27.8%	10,959,519	-13.2%	1.50%	-37.9%
CHTR	Buy	CHARTER COMMUNICATIONS INC Dcl a new	$1,808,020,000	+24.0%	10,281,603	+20.8%	1.42%	+6.6%
GM	Buy	GENERAL MTRS CO	$1,501,000,000	+9.8%	50,000,000	+22.0%	1.18%	-5.5%
DE	Sell	DEERE & CO	$1,261,857,000	-24.9%	17,052,110	-1.5%	0.99%	-35.4%
SU	Buy	SUNCOR ENERGY INC NEW	$801,600,000	+30.3%	30,000,000	+34.2%	0.63%	+12.1%
BK	Sell	BANK OF NEW YORK MELLON CORP	$787,393,000	-9.3%	20,112,212	-2.7%	0.62%	-22.0%
AXTA	Buy	AXALTA COATING SYS LTD	$587,875,000	-11.1%	23,199,474	+16.0%	0.46%	-23.7%
LMCK	Buy	LIBERTY MEDIA CORP DELAWARE	$530,210,000	+84.6%	15,386,257	+92.3%	0.42%	+58.8%
LBTYA	Buy	LIBERTY GLOBAL PLC	$513,446,000	-8.2%	11,957,285	+15.6%	0.40%	-21.0%
WBC	Sell	WABCO HLDGS INC	$373,110,000	-20.2%	3,559,189	-5.8%	0.29%	-31.2%
LMCA	Buy	LIBERTY MEDIA CORP DELAWAREcl a	$278,617,000	+93.3%	7,800,000	+95.0%	0.22%	+65.9%
FOXA	Buy	TWENTY FIRST CENTY FOX INCcl a	$241,522,000	+19.2%	8,951,869	+43.7%	0.19%	+2.7%
CBI	Sell	CHICAGO BRIDGE & IRON CO N Vn y registry sh	$78,653,000	-83.1%	1,983,190	-78.7%	0.06%	-85.4%
MEG	Sell	MEDIA GEN INC NEW	$48,564,000	-36.7%	3,471,309	-25.3%	0.04%	-45.7%
LILA	New	LIBERTY GLOBAL PLC	$17,422,000	–	517,139	–	0.01%	–
LILAK	New	LIBERTY GLOBAL PLC	$12,578,000	–	367,348	–	0.01%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-192,666	–	-0.02%	–
VIAB	Exit	VIACOM INC NEWcl b	$0	–	-5,646,721	–	-0.33%	–
A309PS	Exit	DIRECTV	$0	–	-31,353,468	–	-2.66%	–

Q2 2015

			Value		Shares		↓ Weighting
WFC	New	WELLS FARGO & CO NEW	$26,449,243,000	–	470,292,359	–	24.14%	–
KO	New	COCA COLA CO	$15,692,001,000	–	400,000,000	–	14.32%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$12,942,062,000	–	79,565,115	–	11.81%	–
AXP	New	AMERICAN EXPRESS CO	$11,783,184,000	–	151,610,700	–	10.75%	–
WMT	New	WAL MART STORES INC	$4,283,129,000	–	60,385,293	–	3.91%	–
PG	New	PROCTER & GAMBLE CO	$4,130,531,000	–	52,793,078	–	3.77%	–
USB	New	US BANCORP DEL	$3,691,742,000	–	85,063,167	–	3.37%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$3,064,805,000	–	38,565,570	–	2.80%	–
A309PS	New	DIRECTV	$2,909,288,000	–	31,353,468	–	2.66%	–
MCO	New	MOODYS CORP	$2,663,349,000	–	24,669,778	–	2.43%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,637,337,000	–	12,631,531	–	2.41%	–
PSX	New	PHILLIPS 66	$2,392,467,000	–	29,697,948	–	2.18%	–
DE	New	DEERE & CO	$1,679,944,000	–	17,310,090	–	1.53%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$1,458,139,000	–	8,514,678	–	1.33%	–
GM	New	GENERAL MTRS CO	$1,366,530,000	–	41,000,000	–	1.25%	–
USG	New	U S G CORP	$1,083,866,000	–	39,002,016	–	0.99%	–
BK	New	BANK OF NEW YORK MELLON CORP	$867,957,000	–	20,680,420	–	0.79%	–
PCP	New	PRECISION CASTPARTS CORP	$839,612,000	–	4,200,792	–	0.77%	–
VRSN	New	VERISIGN INC	$801,434,000	–	12,985,000	–	0.73%	–
VZ	New	VERIZON COMMUNICATIONS INC	$699,193,000	–	15,000,928	–	0.64%	–
MTB	New	M & T BK CORP	$672,379,000	–	5,382,040	–	0.61%	–
V	New	VISA INC	$663,788,000	–	9,885,160	–	0.61%	–
AXTA	New	AXALTA COATING SYS LTD	$661,600,000	–	20,000,000	–	0.60%	–
SU	New	SUNCOR ENERGY INC NEW	$615,191,000	–	22,354,294	–	0.56%	–
COST	New	COSTCO WHSL CORP NEW	$585,264,000	–	4,333,363	–	0.53%	–
LBTYA	New	LIBERTY GLOBAL PLC	$559,234,000	–	10,342,793	–	0.51%	–
MA	New	MASTERCARD INCcl a	$488,878,000	–	5,229,756	–	0.45%	–
WBC	New	WABCO HLDGS INC	$467,315,000	–	3,777,195	–	0.43%	–
CBI	New	CHICAGO BRIDGE & IRON CO N Vn y registry sh	$466,719,000	–	9,326,921	–	0.43%	–
LBTYK	New	LIBERTY GLOBAL PLC	$371,977,000	–	7,346,968	–	0.34%	–
TMK	New	TORCHMARK CORP	$369,915,000	–	6,353,727	–	0.34%	–
VIAB	New	VIACOM INC NEWcl b	$365,004,000	–	5,646,721	–	0.33%	–
QSR	New	RESTAURANT BRANDS INTL INC	$322,425,000	–	8,438,225	–	0.29%	–
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$287,200,000	–	8,000,000	–	0.26%	–
GE	New	GENERAL ELECTRIC CO	$281,257,000	–	10,585,502	–	0.26%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$202,693,000	–	6,228,097	–	0.18%	–
SNY	New	SANOFIsponsored adr	$193,458,000	–	3,905,875	–	0.18%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$144,160,000	–	4,000,000	–	0.13%	–
GHC	New	GRAHAM HLDGS CO	$115,649,000	–	107,575	–	0.11%	–
VRSK	New	VERISK ANALYTICS INCcl a	$113,755,000	–	1,563,434	–	0.10%	–
MEG	New	MEDIA GEN INC NEW	$76,756,000	–	4,646,220	–	0.07%	–
DNOW	New	NOW INC	$36,348,000	–	1,825,569	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON	$31,879,000	–	327,100	–	0.03%	–
MDLZ	New	MONDELEZ INTL INCcl a	$23,779,000	–	578,000	–	0.02%	–
KRFT	New	KRAFT FOODS GROUP INC	$16,404,000	–	192,666	–	0.02%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$5,756,000	–	59,400	–	0.01%	–
LEE	New	LEE ENTERPRISES INC	$296,000	–	88,863	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
LEE	Exit	LEE ENTERPRISES INC	$0	–	-88,863	–	0.00%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.01%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-192,666	–	-0.01%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.02%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-449,489	–	-0.03%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.03%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-471,994	–	-0.03%	–
DNOW	Exit	NOW INC	$0	–	-1,825,569	–	-0.05%	–
MEG	Exit	MEDIA GEN INCcl a	$0	–	-4,646,220	–	-0.06%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-107,575	–	-0.07%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-1,563,434	–	-0.09%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-4,000,000	–	-0.17%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-3,905,875	–	-0.20%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-10,585,502	–	-0.25%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-7,346,968	–	-0.28%	–
TMK	Exit	TORCHMARK CORP	$0	–	-6,353,727	–	-0.31%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,715,400	–	-0.32%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-4,076,325	–	-0.34%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,000,000	–	-0.35%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-10,401,007	–	-0.41%	–
V	Exit	VISA INC	$0	–	-2,146,290	–	-0.42%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-6,382,360	–	-0.45%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-2,082,222	–	-0.46%	–
PSX	Exit	PHILLIPS 66	$0	–	-6,202,400	–	-0.46%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,333,363	–	-0.50%	–
VIAB	Exit	VIACOM INC NEWcl b	$0	–	-7,708,200	–	-0.55%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N Vn y registry sh	$0	–	-10,701,110	–	-0.57%	–
DE	Exit	DEERE & CO	$0	–	-7,567,397	–	-0.57%	–
MTB	Exit	M & T BK CORP	$0	–	-5,382,040	–	-0.61%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-18,477,730	–	-0.62%	–
VRSN	Exit	VERISIGN INC	$0	–	-12,985,000	–	-0.66%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-4,950,096	–	-0.69%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-15,000,928	–	-0.69%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-23,377,603	–	-0.84%	–
USG	Exit	U S G CORP	$0	–	-39,002,016	–	-0.99%	–
GM	Exit	GENERAL MTRS CO	$0	–	-40,000,000	–	-1.18%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-12,631,531	–	-2.14%	–
MCO	Exit	MOODYS CORP	$0	–	-24,669,778	–	-2.15%	–
A309PS	Exit	DIRECTV	$0	–	-30,000,000	–	-2.39%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-37,621,152	–	-2.54%	–
USB	Exit	US BANCORP DEL	$0	–	-80,094,497	–	-3.09%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-41,129,643	–	-3.57%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-52,793,078	–	-4.08%	–
WMT	Exit	WAL MART STORES INC	$0	–	-60,385,293	–	-4.26%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-151,610,700	–	-12.24%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-70,478,012	–	-12.34%	–
KO	Exit	COCA COLA CO	$0	–	-400,000,000	–	-15.74%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-463,458,123	–	-22.18%	–

Q3 2014

			Value		Shares		↓ Weighting
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$13,378,840,000	+5.2%	70,478,012	+0.4%	12.34%	+4.4%
WMT	Buy	WAL MART STORES INC	$4,617,663,000	+4.6%	60,385,293	+2.7%	4.26%	+3.8%
A309PS	Buy	DIRECTV	$2,595,600,000	+30.1%	30,000,000	+27.8%	2.39%	+29.1%
GM	Buy	GENERAL MTRS CO	$1,277,600,000	+6.8%	40,000,000	+21.4%	1.18%	+6.0%
BK	Sell	BANK OF NEW YORK MELLON CORP	$905,413,000	-2.0%	23,377,603	-5.2%	0.84%	-2.8%
CHTR	Buy	CHARTER COMMUNICATIONS INC Dcl a new	$749,296,000	+104.9%	4,950,096	+114.4%	0.69%	+103.2%
SU	Buy	SUNCOR ENERGY INC NEW	$667,970,000	-4.8%	18,477,730	+12.3%	0.62%	-5.5%
DE	Buy	DEERE & CO	$620,451,000	+72.2%	7,567,397	+90.2%	0.57%	+70.7%
VIAB	Buy	VIACOM INC NEWcl b	$593,069,000	-10.1%	7,708,200	+1.3%	0.55%	-10.8%
PSX	Sell	PHILLIPS 66	$504,317,000	-3.5%	6,202,400	-4.5%	0.46%	-4.3%
PCP	Buy	PRECISION CASTPARTS CORP	$493,237,000	+4.1%	2,082,222	+11.0%	0.46%	+3.4%
NOV	Sell	NATIONAL OILWELL VARCO INC	$485,698,000	-19.2%	6,382,360	-12.6%	0.45%	-19.9%
V	Buy	VISA INC	$457,954,000	+20.8%	2,146,290	+19.3%	0.42%	+19.5%
LBTYA	Buy	LIBERTY GLOBAL PLC	$442,459,000	+1.4%	10,401,007	+5.4%	0.41%	+0.5%
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$375,920,000	–	8,000,000	–	0.35%	–
MA	Buy	MASTERCARD INCcl a	$348,562,000	+17.1%	4,715,400	+16.4%	0.32%	+16.2%
TMK	Buy	TORCHMARK CORP	$332,745,000	-4.1%	6,353,727	+50.0%	0.31%	-5.0%
COP	Sell	CONOCOPHILLIPS	$36,117,000	-68.9%	471,994	-65.2%	0.03%	-69.4%
ESRX	New	EXPRESS SCRIPTS HLDG CO	$31,747,000	–	449,489	–	0.03%	–

Q2 2014

			Value		Shares		↓ Weighting
WFC	New	WELLS FARGO & CO NEW	$24,359,359,000	–	463,458,123	–	22.64%	–
KO	New	COCA COLA CO	$16,944,000,000	–	400,000,000	–	15.75%	–
AXP	New	AMERICAN EXPRESS CO	$14,383,308,000	–	151,610,700	–	13.37%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$12,720,437,000	–	70,173,978	–	11.82%	–
WMT	New	WAL MART STORES INC	$4,413,910,000	–	58,797,259	–	4.10%	–
PG	New	PROCTER & GAMBLE CO	$4,149,008,000	–	52,793,078	–	3.86%	–
XOM	New	EXXON MOBIL CORP	$4,140,932,000	–	41,129,643	–	3.85%	–
USB	New	US BANCORP DEL	$3,469,692,000	–	80,094,497	–	3.22%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$2,720,762,000	–	37,621,152	–	2.53%	–
MCO	New	MOODYS CORP	$2,162,553,000	–	24,669,778	–	2.01%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,115,024,000	–	12,631,531	–	1.97%	–
A309PS	New	DIRECTV	$1,995,014,000	–	23,467,995	–	1.85%	–
GM	New	GENERAL MTRS CO	$1,196,451,000	–	32,960,056	–	1.11%	–
USG	New	U S G CORP	$1,175,131,000	–	39,002,016	–	1.09%	–
BK	New	BANK OF NEW YORK MELLON CORP	$923,989,000	–	24,652,836	–	0.86%	–
VZ	New	VERIZON COMMUNICATIONS INC	$733,996,000	–	15,000,928	–	0.68%	–
CBI	New	CHICAGO BRIDGE & IRON CO N Vn y registry sh	$729,816,000	–	10,701,110	–	0.68%	–
SU	New	SUNCOR ENERGY INC NEW	$701,619,000	–	16,458,330	–	0.65%	–
MTB	New	M & T BK CORP	$667,642,000	–	5,382,040	–	0.62%	–
VIAB	New	VIACOM INC NEWcl b	$659,772,000	–	7,607,200	–	0.61%	–
VRSN	New	VERISIGN INC	$633,798,000	–	12,985,000	–	0.59%	–
NOV	New	NATIONAL OILWELL VARCO INC	$601,342,000	–	7,302,278	–	0.56%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$546,720,000	–	4,000,000	–	0.51%	–
PSX	New	PHILLIPS 66	$522,457,000	–	6,495,800	–	0.49%	–
COST	New	COSTCO WHSL CORP NEW	$499,030,000	–	4,333,363	–	0.46%	–
PCP	New	PRECISION CASTPARTS CORP	$473,659,000	–	1,876,622	–	0.44%	–
LBTYA	New	LIBERTY GLOBAL PLC	$436,299,000	–	9,866,546	–	0.41%	–
WBC	New	WABCO HLDGS INC	$435,433,000	–	4,076,325	–	0.40%	–
V	New	VISA INC	$379,225,000	–	1,799,749	–	0.35%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$365,701,000	–	2,309,013	–	0.34%	–
DE	New	DEERE & CO	$360,277,000	–	3,978,767	–	0.34%	–
TMK	New	TORCHMARK CORP	$346,998,000	–	4,235,818	–	0.32%	–
LBTYK	New	LIBERTY GLOBAL PLC	$310,850,000	–	7,346,968	–	0.29%	–
MA	New	MASTERCARD INCcl a	$297,554,000	–	4,050,000	–	0.28%	–
GE	New	GENERAL ELECTRIC CO	$278,186,000	–	10,585,502	–	0.26%	–
SNY	New	SANOFIsponsored adr	$207,676,000	–	3,905,875	–	0.19%	–
COP	New	CONOCOPHILLIPS	$116,184,000	–	1,355,228	–	0.11%	–
MEG	New	MEDIA GEN INCcl a	$95,387,000	–	4,646,220	–	0.09%	–
VRSK	New	VERISK ANALYTICS INCcl a	$93,837,000	–	1,563,434	–	0.09%	–
GHC	New	GRAHAM HLDGS CO	$77,251,000	–	107,575	–	0.07%	–
DNOW	New	NOW INC	$66,104,000	–	1,825,569	–	0.06%	–
JNJ	New	JOHNSON & JOHNSON	$34,221,000	–	327,100	–	0.03%	–
MDLZ	New	MONDELEZ INTL INCcl a	$21,739,000	–	578,000	–	0.02%	–
KRFT	New	KRAFT FOODS GROUP INC	$11,550,000	–	192,666	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$6,098,000	–	59,400	–	0.01%	–
LEE	New	LEE ENTERPRISES INC	$395,000	–	88,863	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
LEE	Exit	LEE ENTERPRISES INC	$0	–	-88,863	–	0.00%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-59,400	–	-0.01%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-192,666	–	-0.01%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-588,900	–	-0.02%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-345,819	–	-0.02%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-578,000	–	-0.02%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-547,312	–	-0.03%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-327,100	–	-0.03%	–
MEG	Exit	MEDIA GEN INCcl a	$0	–	-4,646,220	–	-0.07%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-1,563,434	–	-0.11%	–
STRZA	Exit	STARZ	$0	–	-5,622,340	–	-0.17%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-3,905,875	–	-0.22%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-405,000	–	-0.30%	–
V	Exit	VISA INC	$0	–	-1,555,459	–	-0.32%	–
TMK	Exit	TORCHMARK CORP	$0	–	-4,235,818	–	-0.33%	–
DE	Exit	DEERE & CO	$0	–	-3,978,767	–	-0.35%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-4,076,325	–	-0.37%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-1,977,336	–	-0.49%	–
USG	Exit	U S G CORP	$0	–	-17,072,192	–	-0.53%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,333,363	–	-0.54%	–
VRSN	Exit	VERISIGN INC	$0	–	-10,961,520	–	-0.61%	–
MTB	Exit	M & T BK CORP	$0	–	-5,382,040	–	-0.65%	–
VIAB	Exit	VIACOM INC NEWcl b	$0	–	-7,607,200	–	-0.69%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-18,009,957	–	-0.70%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N Vn y registry sh	$0	–	-9,550,755	–	-0.70%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-8,880,000	–	-0.75%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-24,652,836	–	-0.81%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-5,622,340	–	-0.90%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-13,529,270	–	-1.02%	–
WPO	Exit	WASHINGTON POST COcl b	$0	–	-1,727,765	–	-1.15%	–
GM	Exit	GENERAL MTRS CO	$0	–	-40,000,000	–	-1.56%	–
PSX	Exit	PHILLIPS 66	$0	–	-27,163,918	–	-1.71%	–
MCO	Exit	MOODYS CORP	$0	–	-24,922,178	–	-1.90%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-31,446,830	–	-1.94%	–
A309PS	Exit	DIRECTV	$0	–	-36,514,700	–	-2.37%	–
USB	Exit	US BANCORP DEL	$0	–	-79,117,501	–	-3.14%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-40,089,371	–	-3.75%	–
WMT	Exit	WAL MART STORES INC	$0	–	-49,247,235	–	-3.96%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-52,793,078	–	-4.34%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-151,610,700	–	-12.44%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-68,121,984	–	-13.71%	–
KO	Exit	COCA COLA CO	$0	–	-400,000,000	–	-16.46%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-463,131,623	–	-20.79%	–

Q3 2013

			Value		Shares		↓ Weighting
XOM	Buy	EXXON MOBIL CORP	$3,449,290,000	+22.2%	40,089,371	+28.3%	3.75%	+22.0%
USB	Buy	US BANCORP DEL	$2,894,119,000	+2.3%	79,117,501	+1.1%	3.14%	+2.1%
A309PS	Sell	DIRECTV	$2,182,848,000	-5.0%	36,514,700	-2.0%	2.37%	-5.2%
DVA	Buy	DAVITA HEALTHCARE PARTNERS I	$1,789,325,000	-1.1%	31,446,830	+110.0%	1.94%	-1.3%
COP	Sell	CONOCOPHILLIPS	$940,419,000	-35.6%	13,529,270	-43.9%	1.02%	-35.7%
BK	Buy	BANK OF NEW YORK MELLON CORP	$744,269,000	+7.7%	24,652,836	+0.0%	0.81%	+7.4%
SU	Buy	SUNCOR ENERGY INC NEW	$644,396,000	+23.0%	18,009,957	+1.4%	0.70%	+22.8%
VRSN	Buy	VERISIGN INC	$557,832,000	+14.6%	10,961,520	+0.6%	0.61%	+14.3%
SNY	Sell	SANOFIsponsored adr	$197,754,000	-5.5%	3,905,875	-3.9%	0.22%	-5.7%
GSK	Sell	GLAXOSMITHKLINE PLCsponsored adr	$17,350,000	-76.5%	345,819	-76.6%	0.02%	-76.2%

Q2 2013

			Value		Shares		↓ Weighting
WFC	New	WELLS FARGO & CO NEW	$19,113,442,000	–	463,131,623	–	20.81%	–
KO	New	COCA COLA CO	$16,044,001,000	–	400,000,000	–	17.47%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$13,018,792,000	–	68,121,984	–	14.17%	–
AXP	New	AMERICAN EXPRESS CO	$11,334,417,000	–	151,610,700	–	12.34%	–
PG	New	PROCTER & GAMBLE CO	$4,064,539,000	–	52,793,078	–	4.42%	–
WMT	New	WAL MART STORES INC	$3,668,426,000	–	49,247,235	–	3.99%	–
USB	New	US BANCORP DEL	$2,829,725,000	–	78,277,301	–	3.08%	–
XOM	New	EXXON MOBIL CORP	$2,822,906,000	–	31,244,110	–	3.07%	–
A309PS	New	DIRECTV	$2,297,655,000	–	37,275,400	–	2.50%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$1,808,848,000	–	14,973,906	–	1.97%	–
PSX	New	PHILLIPS 66	$1,600,226,000	–	27,163,918	–	1.74%	–
MCO	New	MOODYS CORP	$1,518,508,000	–	24,922,178	–	1.65%	–
COP	New	CONOCOPHILLIPS	$1,459,497,000	–	24,123,911	–	1.59%	–
GM	New	GENERAL MTRS CO	$1,332,400,000	–	40,000,000	–	1.45%	–
WPO	New	WASHINGTON POST COcl b	$835,840,000	–	1,727,765	–	0.91%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$712,688,000	–	5,622,340	–	0.78%	–
BK	New	BANK OF NEW YORK MELLON CORP	$691,264,000	–	24,644,029	–	0.75%	–
NOV	New	NATIONAL OILWELL VARCO INC	$611,832,000	–	8,880,000	–	0.67%	–
MTB	New	M & T BK CORP	$601,444,000	–	5,382,040	–	0.66%	–
CBI	New	CHICAGO BRIDGE & IRON CO N Vn y registry sh	$569,798,000	–	9,550,755	–	0.62%	–
SU	New	SUNCOR ENERGY INC NEW	$524,021,000	–	17,769,457	–	0.57%	–
VIAB	New	VIACOM INC NEWcl b	$517,518,000	–	7,607,200	–	0.56%	–
VRSN	New	VERISIGN INC	$486,679,000	–	10,897,420	–	0.53%	–
COST	New	COSTCO WHSL CORP NEW	$479,140,000	–	4,333,363	–	0.52%	–
PCP	New	PRECISION CASTPARTS CORP	$446,898,000	–	1,977,336	–	0.49%	–
USG	New	U S G CORP	$393,514,000	–	17,072,192	–	0.43%	–
DE	New	DEERE & CO	$323,275,000	–	3,978,767	–	0.35%	–
WBC	New	WABCO HLDGS INC	$304,461,000	–	4,076,325	–	0.33%	–
V	New	VISA INC	$284,260,000	–	1,555,459	–	0.31%	–
TMK	New	TORCHMARK CORP	$275,921,000	–	4,235,818	–	0.30%	–
MA	New	MASTERCARD INCcl a	$232,673,000	–	405,000	–	0.25%	–
SNY	New	SANOFIsponsored adr	$209,321,000	–	4,063,675	–	0.23%	–
STRZA	New	STARZ	$124,254,000	–	5,622,340	–	0.14%	–
VRSK	New	VERISK ANALYTICS INCcl a	$93,337,000	–	1,563,434	–	0.10%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$73,757,000	–	1,476,021	–	0.08%	–
MEG	New	MEDIA GEN INCcl a	$51,248,000	–	4,646,220	–	0.06%	–
JNJ	New	JOHNSON & JOHNSON	$28,085,000	–	327,100	–	0.03%	–
DISH	New	DISH NETWORK CORPcl a	$23,272,000	–	547,312	–	0.02%	–
MDLZ	New	MONDELEZ INTL INCcl a	$16,490,000	–	578,000	–	0.02%	–
GE	New	GENERAL ELECTRIC CO	$13,657,000	–	588,900	–	0.02%	–
KRFT	New	KRAFT FOODS GROUP INC	$10,764,000	–	192,666	–	0.01%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$5,137,000	–	59,400	–	0.01%	–
LEE	New	LEE ENTERPRISES INC	$181,000	–	88,863	–	0.00%	–

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