MRJ CAPITAL INC Activity Q4 2002-Q4 2021

Q4 2021

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$13,196,000	+18.6%	74,316	-5.5%	7.62%	+17.1%
MSFT	Sell	MICROSOFT CORP	$10,902,000	+12.1%	32,416	-6.0%	6.30%	+10.7%
FDX	Buy	GALLAGHER ARTHR J&CO	$8,492,000	+457.2%	46,586	+570.3%	4.90%	+450.4%
LOW	Sell	LOWES CO	$7,235,000	+20.3%	27,994	-5.6%	4.18%	+18.7%
BLL	Sell	BALL CORP	$6,585,000	+0.6%	68,407	-6.0%	3.80%	-0.7%
A	Sell	AGILENT TECHN INC	$6,524,000	-4.0%	40,869	-5.3%	3.77%	-5.3%
AON	Sell	AON PLC	$6,464,000	-5.8%	21,507	-10.5%	3.73%	-7.0%
PYPL	Buy	PAYPAL HLDGS INC	$5,471,000	-27.2%	29,015	+0.4%	3.16%	-28.2%
WH	Sell	WYNDHAM HOTELS & RES	$5,439,000	+8.0%	60,670	-7.0%	3.14%	+6.7%
DEO	Sell	DIAGEO P L Csp adr (4 ord)	$5,425,000	+8.5%	24,644	-4.9%	3.13%	+7.1%
JPM	Sell	JPMORGAN CHASE & CO	$5,307,000	-9.7%	33,518	-6.6%	3.06%	-10.8%
DE	Sell	DEERE & CO	$5,138,000	-3.5%	14,987	-5.7%	2.97%	-4.7%
ACN	Sell	ACCENTURE PLCclass a	$5,109,000	+19.9%	12,325	-7.5%	2.95%	+18.3%
EBAY	Sell	EBAY INC	$4,206,000	-11.3%	63,258	-7.0%	2.43%	-12.4%
ABC	Sell	AMERISOURCE-BERGEN	$4,198,000	+5.2%	31,595	-5.4%	2.42%	+3.9%
CVS	Sell	CVS HEALTH CORP	$4,025,000	+14.5%	39,018	-5.8%	2.32%	+13.0%
MS	Sell	MORGAN STANLEY	$3,893,000	-4.5%	39,666	-5.3%	2.25%	-5.7%
STZ	Sell	CONSTELLATION BRANDSclass a	$3,809,000	+11.4%	15,178	-6.5%	2.20%	+10.1%
WMT	Buy	WALMART INC	$3,613,000	+5.9%	24,972	+2.0%	2.09%	+4.5%
CTVA	Sell	CORTEVA INC	$3,526,000	+5.4%	74,583	-6.2%	2.04%	+4.0%
RTX	Buy	RAYTHEON TECHNOLOGIES	$3,481,000	+24.6%	40,460	+24.5%	2.01%	+23.0%
TMUS	Buy	T-MOBILE US INC	$3,408,000	-8.2%	29,390	+1.2%	1.97%	-9.4%
PFE	Sell	PFIZER INC	$3,163,000	+28.6%	53,575	-6.3%	1.83%	+27.0%
MGM	Sell	MGM RESORTS INTL	$2,940,000	-4.5%	65,511	-8.2%	1.70%	-5.8%
ETN	Sell	EATON CORPORATION	$2,881,000	+6.9%	16,675	-7.6%	1.66%	+5.6%
DOW	Sell	DOW INC	$2,778,000	-8.4%	48,990	-7.1%	1.60%	-9.6%
AMGN	Sell	AMGEN INC	$2,628,000	-1.4%	11,686	-6.8%	1.52%	-2.6%
CMA	Sell	COMERICA INC	$2,541,000	-11.3%	29,208	-18.0%	1.47%	-12.5%
BAC	Sell	BANK OF AMERICA CORP	$2,510,000	-3.8%	56,436	-8.2%	1.45%	-5.1%
USB	Sell	US BANCORP DEL	$2,412,000	-11.2%	42,953	-6.0%	1.39%	-12.3%
TRV	Sell	TRAVELERS CO(THE)	$2,338,000	-12.2%	14,952	-14.7%	1.35%	-13.4%
LAZ	Sell	LAZARD LTDshares a	$2,281,000	-8.9%	52,302	-4.4%	1.32%	-10.1%
GPK	Sell	GRAPHIC PACKGNG HLD	$2,279,000	-7.2%	116,896	-9.4%	1.32%	-8.4%
DD	Sell	DUPONT DE NEMOURS	$2,243,000	+14.0%	27,767	-4.1%	1.30%	+12.5%
LYB	Sell	LYONDELLBASELL INDUSshares a	$2,234,000	-36.7%	24,223	-35.6%	1.29%	-37.6%
SEE	Sell	SEALED AIR CORP	$2,197,000	+14.2%	32,577	-7.2%	1.27%	+12.8%
EMN	Sell	EASTMAN CHEM CO	$2,189,000	+9.0%	18,110	-9.2%	1.26%	+7.6%
AWI	Sell	ARMSTRONG WORLD INDS	$1,857,000	-2.7%	16,000	-20.0%	1.07%	-4.0%
ABBV	Sell	ABBVIE INC	$1,434,000	+16.7%	10,593	-7.1%	0.83%	+15.2%
AIG	Sell	AMERN INTL GROUP INC	$1,381,000	-3.2%	24,304	-6.5%	0.80%	-4.4%
OTIS	Sell	OTIS WORLDWIDE CORP	$1,340,000	-1.1%	15,395	-6.6%	0.77%	-2.4%
CVX	Sell	CHEVRON CORP	$1,050,000	+13.8%	8,952	-1.6%	0.61%	+12.2%
ZBH	Sell	ZIMMER BIOMET HLDS	$684,000	-48.7%	5,385	-40.9%	0.40%	-49.4%
PBCT	Sell	PEOPLES UNITED FINL	$392,000	-2.2%	22,010	-4.3%	0.23%	-3.8%
CARR	Sell	CARRIER GLOBAL CORP	$317,000	-11.2%	5,845	-15.4%	0.18%	-12.4%
PKG	Sell	PACKAGING CORP AMER	$258,000	-54.2%	1,900	-53.7%	0.15%	-54.7%
TNL	Sell	TRAVEL & LEISURE CO	$242,000	-11.0%	4,389	-12.2%	0.14%	-11.9%
PEP	New	PEPSICO INC	$243,000	–	1,400	–	0.14%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-3,640	–	-0.12%	–
AJG	Exit	GALLAGHER ARTHR J&CO	$0	–	-42,660	–	-3.71%	–

Q3 2021

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$11,127,000	+1.2%	78,637	-2.0%	6.51%	+1.8%
MSFT	Sell	MICROSOFT CORP	$9,722,000	+0.9%	34,486	-3.0%	5.69%	+1.4%
PYPL	Sell	PAYPAL HLDGS INC	$7,520,000	-12.8%	28,903	-2.4%	4.40%	-12.4%
AON	Sell	AON PLCcl a ordinary shares	$6,864,000	+16.8%	24,020	-2.5%	4.02%	+17.4%
A	Sell	AGILENT TECHN INC	$6,798,000	+4.3%	43,155	-2.1%	3.98%	+4.9%
BLL	Sell	BALL CORP	$6,546,000	+7.6%	72,760	-3.1%	3.83%	+8.2%
AJG	Sell	GALLAGHER ARTHR J&CO	$6,341,000	+5.1%	42,660	-1.0%	3.71%	+5.6%
LOW	Sell	LOWES CO	$6,016,000	+1.9%	29,660	-2.6%	3.52%	+2.4%
JPM	Sell	JPMORGAN CHASE & CO	$5,875,000	+2.7%	35,892	-2.4%	3.44%	+3.3%
DE	Sell	DEERE & CO	$5,323,000	-7.7%	15,888	-2.8%	3.11%	-7.2%
WH	Buy	WYNDHAM HOTELS & RES	$5,035,000	+6.9%	65,230	+0.1%	2.94%	+7.4%
DEO	Sell	DIAGEO P L Csp adr (4 ord)	$5,001,000	-1.6%	25,914	-2.3%	2.92%	-1.1%
EBAY	Sell	EBAY INC	$4,740,000	-3.4%	68,044	-2.6%	2.77%	-2.9%
ACN	Sell	ACCENTURE PLCclass a	$4,262,000	+6.3%	13,325	-2.1%	2.49%	+6.9%
MS	Sell	MORGAN STANLEY	$4,078,000	+0.9%	41,908	-4.9%	2.38%	+1.4%
ABC	Buy	AMERISOURCE-BERGEN	$3,991,000	+4.9%	33,415	+0.5%	2.33%	+5.4%
TMUS	Sell	T-MOBILE US INC	$3,712,000	-12.7%	29,055	-1.0%	2.17%	-12.2%
LYB	Sell	LYONDELLBASELL INDUSshares a	$3,532,000	-9.8%	37,640	-1.1%	2.07%	-9.3%
CVS	Buy	CVS HEALTH CORP	$3,516,000	+4.1%	41,435	+2.3%	2.06%	+4.6%
STZ	Buy	CONSTELLATION BRANDSclass a	$3,418,000	-6.9%	16,225	+3.3%	2.00%	-6.5%
WMT	Buy	WALMART INC	$3,413,000	-0.4%	24,488	+0.8%	2.00%	+0.1%
CTVA	Sell	CORTEVA INC	$3,345,000	-8.1%	79,493	-3.1%	1.96%	-7.6%
MGM	Sell	MGM RESORTS INTL	$3,080,000	-1.6%	71,400	-2.7%	1.80%	-1.0%
DOW	Sell	DOW INC	$3,033,000	-9.4%	52,707	-0.4%	1.77%	-8.9%
CMA	Sell	COMERICA INC	$2,865,000	+7.4%	35,600	-4.8%	1.68%	+8.0%
RTX	Buy	RAYTHEON TECHNOLOGIES	$2,794,000	+46.9%	32,510	+45.8%	1.63%	+47.6%
USB	Sell	US BANCORP DEL	$2,715,000	+0.4%	45,692	-3.8%	1.59%	+0.9%
AMGN	Sell	AMGEN INC	$2,666,000	-15.3%	12,540	-2.9%	1.56%	-14.9%
TRV	Sell	TRAVELERS CO(THE)	$2,663,000	-5.6%	17,520	-7.0%	1.56%	-5.1%
BAC	Buy	BANK OF AMERICA CORP	$2,610,000	+5.0%	61,486	+2.0%	1.53%	+5.5%
LAZ	Buy	LAZARD LTDshares a	$2,505,000	+4.5%	54,705	+3.3%	1.46%	+5.1%
PFE	Sell	PFIZER INC	$2,460,000	+6.6%	57,200	-3.0%	1.44%	+7.1%
GPK	Sell	GRAPHIC PACKGNG HLD	$2,457,000	+0.6%	129,050	-4.2%	1.44%	+1.1%
EMN	Sell	EASTMAN CHEM CO	$2,009,000	-16.7%	19,946	-3.5%	1.18%	-16.3%
DD	Buy	DUPONT DE NEMOURS	$1,968,000	-4.2%	28,948	+9.0%	1.15%	-3.8%
SEE	Sell	SEALED AIR CORP	$1,923,000	-11.6%	35,110	-4.4%	1.12%	-11.1%
AWI	Sell	ARMSTRONG WORLD INDS	$1,909,000	-20.5%	20,000	-10.6%	1.12%	-20.0%
FDX	Sell	FEDEX CORP	$1,524,000	-30.5%	6,950	-5.4%	0.89%	-30.1%
AIG	Sell	AMERN INTL GROUP INC	$1,426,000	+12.3%	25,980	-2.6%	0.83%	+12.9%
OTIS	Sell	OTIS WORLDWIDE CORP	$1,355,000	-5.8%	16,475	-6.4%	0.79%	-5.3%
ZBH	New	ZIMMER BIOMET HLDS	$1,333,000	–	9,110	–	0.78%	–
ABBV	Sell	ABBVIE INC	$1,229,000	-6.0%	11,400	-1.9%	0.72%	-5.5%
CVX	Sell	CHEVRON CORP	$923,000	-6.3%	9,102	-3.3%	0.54%	-5.8%
PKG	Sell	PACKAGING CORP AMER	$563,000	-32.9%	4,100	-33.9%	0.33%	-32.6%
TXT	Sell	TEXTRON INC	$558,000	-0.9%	8,000	-2.4%	0.33%	-0.6%
PBCT	Sell	PEOPLES UNITED FINL	$401,000	-19.5%	23,010	-20.9%	0.24%	-19.0%
CARR	Sell	CARRIER GLOBAL CORP	$357,000	-7.0%	6,910	-12.6%	0.21%	-6.3%
IP	Sell	INTERNATIONAL PAPER	$203,000	-71.2%	3,640	-68.3%	0.12%	-71.0%

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$10,991,000	–	80,252	–	6.40%	–
MSFT	New	MICROSOFT CORP	$9,635,000	–	35,567	–	5.61%	–
PYPL	New	PAYPAL HLDGS INC	$8,628,000	–	29,602	–	5.02%	–
A	New	AGILENT TECHN INC	$6,517,000	–	44,095	–	3.79%	–
BLL	New	BALL CORP	$6,082,000	–	75,074	–	3.54%	–
AJG	New	GALLAGHER ARTHR J&CO	$6,036,000	–	43,091	–	3.51%	–
LOW	New	LOWES CO	$5,903,000	–	30,437	–	3.44%	–
AON	New	AON PLC	$5,879,000	–	24,627	–	3.42%	–
DE	New	DEERE & CO	$5,766,000	–	16,350	–	3.36%	–
JPM	New	JPMORGAN CHASE & CO	$5,718,000	–	36,766	–	3.33%	–
DEO	New	DIAGEO P L Cspon adr new	$5,084,000	–	26,524	–	2.96%	–
EBAY	New	EBAY INC	$4,906,000	–	69,883	–	2.86%	–
WH	New	WYNDHAM HOTELS & RES	$4,710,000	–	65,159	–	2.74%	–
TMUS	New	T-MOBILE US INC	$4,252,000	–	29,361	–	2.47%	–
MS	New	MORGAN STANLEY	$4,040,000	–	44,069	–	2.35%	–
ACN	New	ACCENTURE PLCclass a	$4,010,000	–	13,605	–	2.33%	–
LYB	New	LYONDELLBASELL INDUS	$3,915,000	–	38,060	–	2.28%	–
ABC	New	AMERISOURCE-BERGEN	$3,806,000	–	33,250	–	2.22%	–
STZ	New	CONSTELLATION BRANDScl a	$3,672,000	–	15,700	–	2.14%	–
CTVA	New	CORTEVA INC	$3,638,000	–	82,039	–	2.12%	–
WMT	New	WALMART INC	$3,427,000	–	24,304	–	1.99%	–
CVS	New	CVS HEALTH CORP	$3,379,000	–	40,500	–	1.97%	–
DOW	New	DOW INC	$3,348,000	–	52,908	–	1.95%	–
AMGN	New	AMGEN INC	$3,149,000	–	12,920	–	1.83%	–
MGM	New	MGM RESORTS INTL	$3,130,000	–	73,400	–	1.82%	–
TRV	New	TRAVELERS CO(THE)	$2,820,000	–	18,840	–	1.64%	–
USB	New	US BANCORP DEL	$2,705,000	–	47,485	–	1.57%	–
ETN	New	EATON CORPORATION	$2,674,000	–	18,050	–	1.56%	–
CMA	New	COMERICA INC	$2,668,000	–	37,400	–	1.55%	–
BAC	New	BANK OF AMERICA CORP	$2,486,000	–	60,309	–	1.45%	–
GPK	New	GRAPHIC PACKGNG HLD	$2,443,000	–	134,691	–	1.42%	–
EMN	New	EASTMAN CHEM CO	$2,412,000	–	20,666	–	1.40%	–
AWI	New	ARMSTRONG WORLD INDS	$2,400,000	–	22,380	–	1.40%	–
LAZ	New	LAZARD LTD	$2,396,000	–	52,961	–	1.39%	–
PFE	New	PFIZER INC	$2,308,000	–	58,953	–	1.34%	–
FDX	New	FEDEX CORP	$2,192,000	–	7,350	–	1.28%	–
SEE	New	SEALED AIR CORP	$2,175,000	–	36,711	–	1.27%	–
DD	New	DUPONT DE NEMOURS	$2,055,000	–	26,559	–	1.20%	–
RTX	New	RAYTHEON TECHNOLOGIES	$1,902,000	–	22,300	–	1.11%	–
OTIS	New	OTIS WORLDWIDE CORP	$1,439,000	–	17,600	–	0.84%	–
ABBV	New	ABBVIE INC	$1,308,000	–	11,620	–	0.76%	–
AIG	New	AMERN INTL GROUP INC	$1,270,000	–	26,685	–	0.74%	–
CVX	New	CHEVRON CORP	$985,000	–	9,412	–	0.57%	–
PKG	New	PACKAGING CORP AMER	$839,000	–	6,200	–	0.49%	–
IP	New	INTERNATIONAL PAPER	$705,000	–	11,500	–	0.41%	–
TXT	New	TEXTRON INC	$563,000	–	8,200	–	0.33%	–
PBCT	New	PEOPLES UNITED FINL	$498,000	–	29,094	–	0.29%	–
CARR	New	CARRIER GLOBAL CORP	$384,000	–	7,910	–	0.22%	–
SLB	New	SCHLUMBERGER LTD	$316,000	–	9,900	–	0.18%	–
TNL	New	TRAVEL & LEISURE CO	$297,000	–	5,000	–	0.17%	–

Q4 2020

			Value		Shares		↓ Weighting
DD	Exit	DUPONT DE NEMOURS	$0	–	-4,359	–	-0.19%	–
CARR	Exit	CARRIER GLOBAL CORP	$0	–	-11,860	–	-0.28%	–
TXT	Exit	TEXTRON INC	$0	–	-10,800	–	-0.30%	–
ALSN	Exit	ALLISON TRANSMISSION	$0	–	-12,100	–	-0.33%	–
UNVR	Exit	UNIVAR SOLUTIONS INC	$0	–	-30,100	–	-0.39%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-41,800	–	-0.50%	–
CVX	Exit	CHEVRON CORP	$0	–	-10,082	–	-0.56%	–
FOXA	Exit	FOX CORPORATION	$0	–	-28,100	–	-0.60%	–
AIG	Exit	AMERN INTL GROUP INC	$0	–	-29,085	–	-0.62%	–
DOW	Exit	DOW INC	$0	–	-21,558	–	-0.78%	–
ABBV	Exit	ABBVIE INC	$0	–	-11,620	–	-0.79%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-18,000	–	-0.87%	–
SEE	Exit	SEALED AIR CORP	$0	–	-36,911	–	-1.11%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-60,909	–	-1.14%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-15,100	–	-1.27%	–
USB	Exit	US BANCORP DEL	$0	–	-47,185	–	-1.31%	–
ETN	Exit	EATON CORPORATION	$0	–	-17,000	–	-1.34%	–
LAZ	Exit	LAZARD LTD	$0	–	-54,441	–	-1.39%	–
AWI	Exit	ARMSTRONG WORLD INDS	$0	–	-26,330	–	-1.40%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-44,978	–	-1.41%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-23,366	–	-1.41%	–
FDX	Exit	FEDEX CORP	$0	–	-7,700	–	-1.50%	–
GPK	Exit	GRAPHIC PACKGNG HLD	$0	–	-140,191	–	-1.53%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-34,600	–	-1.56%	–
WMT	Exit	WALMART INC	$0	–	-14,604	–	-1.58%	–
TRV	Exit	TRAVELERS CO(THE)	$0	–	-19,240	–	-1.61%	–
PFE	Exit	PFIZER INC	$0	–	-60,053	–	-1.70%	–
MGM	Exit	MGM RESORTS INTL	$0	–	-102,200	–	-1.72%	–
MS	Exit	MORGAN STANLEY	$0	–	-47,069	–	-1.76%	–
CTVA	Exit	CORTEVA INC	$0	–	-83,509	–	-1.86%	–
WH	Exit	WYNDHAM HOTELS & RES	$0	–	-52,859	–	-2.06%	–
LYB	Exit	LYONDELLBASELL INDUS	$0	–	-38,140	–	-2.08%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-19,659	–	-2.09%	–
STZ	Exit	CONSTELLATION BRANDScl a	$0	–	-14,500	–	-2.13%	–
HDS	Exit	HD SUPPLY INC	$0	–	-67,323	–	-2.15%	–
RTX	Exit	RAYTHEON TECHNOLOGIE	$0	–	-79,894	–	-2.31%	–
ACN	Exit	ACCENTURE PLC	$0	–	-13,350	–	-2.33%	–
AMGN	Exit	AMGEN INC	$0	–	-12,920	–	-2.54%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-29,441	–	-2.60%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-38,156	–	-2.84%	–
EBAY	Exit	EBAY INC	$0	–	-75,583	–	-3.05%	–
DE	Exit	DEERE & CO	$0	–	-18,950	–	-3.25%	–
A	Exit	AGILENT TECHN INC	$0	–	-45,725	–	-3.57%	–
AJG	Exit	GALLAGHER ARTHR J&CO	$0	–	-43,941	–	-3.59%	–
AON	Exit	AON PLC	$0	–	-24,927	–	-3.98%	–
LOW	Exit	LOWES CO	$0	–	-33,247	–	-4.27%	–
BLL	Exit	BALL CORP	$0	–	-67,424	–	-4.34%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-32,067	–	-4.89%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-35,732	–	-5.82%	–
AAPL	Exit	APPLE INC	$0	–	-81,262	–	-7.28%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$9,410,000	+17.6%	81,262	+270.3%	7.28%	+6.7%
MSFT	Sell	MICROSOFT CORP	$7,515,000	+0.9%	35,732	-2.4%	5.82%	-8.4%
PYPL	Sell	PAYPAL HLDGS INC	$6,318,000	-4.9%	32,067	-15.9%	4.89%	-13.7%
BLL	Sell	BALL CORP	$5,604,000	+16.8%	67,424	-2.3%	4.34%	+6.1%
LOW	Sell	LOWES CO	$5,514,000	+22.5%	33,247	-0.2%	4.27%	+11.3%
AJG	Sell	GALLAGHER ARTHR J&CO	$4,639,000	+8.1%	43,941	-0.2%	3.59%	-1.9%
EBAY	Sell	EBAY INC	$3,937,000	-3.0%	75,583	-2.3%	3.05%	-11.9%
JPM	Sell	JPMORGAN CHASE & CO	$3,673,000	-4.2%	38,156	-6.4%	2.84%	-13.0%
ACN	New	ACCENTURE PLC	$3,016,000	–	13,350	–	2.33%	–
RTX	Buy	RAYTHEON TECHNOLOGIE	$2,991,000	+28.1%	79,894	+110.8%	2.31%	+16.3%
HDS	Sell	HD SUPPLY INC	$2,776,000	+18.0%	67,323	-0.9%	2.15%	+7.1%
DEO	Buy	DIAGEO P L Cspon adr new	$2,706,000	+14.0%	19,659	+11.3%	2.09%	+3.6%
LYB	Buy	LYONDELLBASELL INDUS	$2,688,000	+9.8%	38,140	+2.4%	2.08%	-0.2%
WH	Buy	WYNDHAM HOTELS & RES	$2,669,000	+96.0%	52,859	+65.4%	2.06%	+77.9%
CTVA	Buy	CORTEVA INC	$2,405,000	+16.6%	83,509	+8.4%	1.86%	+5.9%
MGM	Buy	MGM RESORTS INTL	$2,222,000	+48.3%	102,200	+14.6%	1.72%	+34.6%
FDX	Sell	FEDEX CORP	$1,936,000	+62.6%	7,700	-9.4%	1.50%	+47.6%
IP	Sell	INTERNATIONAL PAPER	$1,823,000	+14.7%	44,978	-0.4%	1.41%	+4.1%
AWI	Sell	ARMSTRONG WORLD INDS	$1,811,000	-14.4%	26,330	-2.9%	1.40%	-22.3%
PKG	New	PACKAGING CORP AMER	$1,646,000	–	15,100	–	1.27%	–
DOW	New	DOW INC	$1,014,000	–	21,558	–	0.78%	–
AIG	Sell	AMERN INTL GROUP INC	$800,000	-14.1%	29,085	-2.7%	0.62%	-21.9%
FOXA	Sell	FOX CORPORATION	$782,000	-24.6%	28,100	-27.4%	0.60%	-31.6%
SLB	Sell	SCHLUMBERGER LTD	$650,000	-17.5%	41,800	-2.6%	0.50%	-25.1%
CARR	Sell	CARRIER GLOBAL CORP	$362,000	-8.4%	11,860	-33.4%	0.28%	-16.9%
PBCT	Exit	PEOPLES UNITED FINL	$0	–	-33,994	–	-0.34%	–
	Exit	PACKAGING CORP AMER	$0	–	-15,100	–	-1.28%	–
	Exit	ACCENTURE PLC	$0	–	-13,350	–	-2.44%	–

Q2 2020

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$8,005,000	–	21,944	–	6.82%	–
MSFT	New	MICROSOFT CORP	$7,446,000	–	36,592	–	6.35%	–
PYPL	New	PAYPAL HLDGS INC	$6,646,000	–	38,147	–	5.66%	–
AON	New	AON PLC	$4,800,000	–	24,927	–	4.09%	–
BLL	New	BALL CORP	$4,796,000	–	69,024	–	4.09%	–
LOW	New	LOWES CO	$4,500,000	–	33,307	–	3.84%	–
AJG	New	GALLAGHER ARTHR J&CO	$4,293,000	–	44,041	–	3.66%	–
EBAY	New	EBAY INC	$4,058,000	–	77,383	–	3.46%	–
A	New	AGILENT TECHN INC	$4,040,000	–	45,725	–	3.44%	–
JPM	New	JPMORGAN CHASE & CO	$3,833,000	–	40,756	–	3.27%	–
TMUS	New	T-MOBILE US INC	$3,066,000	–	29,441	–	2.61%	–
AMGN	New	AMGEN INC	$3,047,000	–	12,920	–	2.60%	–
DE	New	DEERE & CO	$2,977,000	–	18,950	–	2.54%	–
	New	ACCENTURE PLC	$2,866,000	–	13,350	–	2.44%	–
STZ	New	CONSTELLATION BRANDScl a	$2,536,000	–	14,500	–	2.16%	–
LYB	New	LYONDELLBASELL INDUS	$2,447,000	–	37,240	–	2.08%	–
DEO	New	DIAGEO P L Cspon adr new	$2,373,000	–	17,659	–	2.02%	–
HDS	New	HD SUPPLY INC	$2,353,000	–	67,923	–	2.00%	–
RTX	New	RAYTHEON TECHNOLOGIE	$2,335,000	–	37,900	–	1.99%	–
MS	New	MORGAN STANLEY	$2,273,000	–	47,069	–	1.94%	–
CVS	New	CVS HEALTH CORP	$2,247,000	–	34,600	–	1.92%	–
TRV	New	TRAVELERS CO(THE)	$2,194,000	–	19,240	–	1.87%	–
AWI	New	ARMSTRONG WORLD INDS	$2,115,000	–	27,130	–	1.80%	–
CTVA	New	CORTEVA INC	$2,063,000	–	77,009	–	1.76%	–
PFE	New	PFIZER INC	$1,963,000	–	60,053	–	1.67%	–
GPK	New	GRAPHIC PACKGNG HLD	$1,961,000	–	140,191	–	1.67%	–
WMT	New	WALMART INC	$1,749,000	–	14,604	–	1.49%	–
USB	New	US BANCORP DEL	$1,737,000	–	47,185	–	1.48%	–
EMN	New	EASTMAN CHEM CO	$1,627,000	–	23,366	–	1.39%	–
IP	New	INTERNATIONAL PAPER	$1,590,000	–	45,178	–	1.36%	–
LAZ	New	LAZARD LTD	$1,558,000	–	54,441	–	1.33%	–
	New	PACKAGING CORP AMER	$1,506,000	–	15,100	–	1.28%	–
MGM	New	MGM RESORTS INTL	$1,498,000	–	89,200	–	1.28%	–
ETN	New	EATON CORPORATION	$1,487,000	–	17,000	–	1.27%	–
BAC	New	BANK OF AMERICA CORP	$1,446,000	–	60,909	–	1.23%	–
WH	New	WYNDHAM HOTELS & RES	$1,362,000	–	31,959	–	1.16%	–
SEE	New	SEALED AIR CORP	$1,212,000	–	36,911	–	1.03%	–
FDX	New	FEDEX CORP	$1,191,000	–	8,500	–	1.02%	–
ABBV	New	ABBVIE INC	$1,140,000	–	11,620	–	0.97%	–
FOXA	New	FOX CORPORATION	$1,037,000	–	38,700	–	0.88%	–
OTIS	New	OTIS WORLDWIDE CORP	$1,023,000	–	18,000	–	0.87%	–
AIG	New	AMERN INTL GROUP INC	$931,000	–	29,885	–	0.79%	–
CVX	New	CHEVRON CORP	$899,000	–	10,082	–	0.77%	–
SLB	New	SCHLUMBERGER LTD	$788,000	–	42,900	–	0.67%	–
UNVR	New	UNIVAR SOLUTIONS INC	$507,000	–	30,100	–	0.43%	–
ALSN	New	ALLISON TRANSMISSION	$445,000	–	12,100	–	0.38%	–
CARR	New	CARRIER GLOBAL CORP	$395,000	–	17,800	–	0.34%	–
PBCT	New	PEOPLES UNITED FINL	$393,000	–	33,994	–	0.34%	–
TXT	New	TEXTRON INC	$355,000	–	10,800	–	0.30%	–
DD	New	DUPONT DE NEMOURS	$231,000	–	4,359	–	0.20%	–

Q4 2019

			Value		Shares		↓ Weighting
HI	Exit	HILLENBRAND INC	$0	–	-7,800	–	-0.14%	–
WYND	Exit	WYNDHAM DESTINATIONS	$0	–	-5,900	–	-0.16%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-6,270	–	-0.16%	–
AXTA	Exit	AXALTA COATING SYS	$0	–	-15,540	–	-0.27%	–
DOW	Exit	DOW INC	$0	–	-11,321	–	-0.32%	–
ALSN	Exit	ALLISON TRANSMISSION	$0	–	-12,700	–	-0.35%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-27,000	–	-0.37%	–
SERV	Exit	SERVICEMASTER GBL	$0	–	-11,900	–	-0.39%	–
ABBV	Exit	ABBVIE INC	$0	–	-11,620	–	-0.51%	–
PBCT	Exit	PEOPLES UNITED FINL	$0	–	-70,384	–	-0.64%	–
CMA	Exit	COMERICA INC	$0	–	-18,100	–	-0.70%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-40,400	–	-0.81%	–
UNVR	Exit	UNIVAR SOLUTIONS INC	$0	–	-76,600	–	-0.93%	–
SEE	Exit	SEALED AIR CORP	$0	–	-42,711	–	-1.04%	–
CVX	Exit	CHEVRON CORP	$0	–	-16,212	–	-1.12%	–
MGM	Exit	MGM RESORTS INTL	$0	–	-82,000	–	-1.33%	–
FOXA	Exit	FOX CORPORATION	$0	–	-72,600	–	-1.34%	–
USB	Exit	US BANCORP DEL	$0	–	-41,780	–	-1.35%	–
MS	Exit	MORGAN STANLEY	$0	–	-54,839	–	-1.37%	–
WH	Exit	WYNDHAM HOTELS & RES	$0	–	-46,068	–	-1.39%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-33,885	–	-1.46%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-61,478	–	-1.50%	–
FDX	Exit	FEDEX CORP	$0	–	-18,400	–	-1.56%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-25,400	–	-1.57%	–
CTVA	Exit	CORTEVA INC	$0	–	-97,942	–	-1.60%	–
PFE	Exit	PFIZER INC	$0	–	-79,753	–	-1.67%	–
LAZ	Exit	LAZARD LTD	$0	–	-82,241	–	-1.68%	–
DD	Exit	DUPONT DE NEMOURS	$0	–	-40,759	–	-1.70%	–
AIG	Exit	AMERN INTL GROUP INC	$0	–	-52,219	–	-1.70%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-47,700	–	-1.76%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-105,575	–	-1.80%	–
GPK	Exit	GRAPHIC PACKGNG HLD	$0	–	-229,291	–	-1.98%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-43,241	–	-1.99%	–
HDS	Exit	HD SUPPLY INC	$0	–	-89,423	–	-2.05%	–
LYB	Exit	LYONDELLBASELL INDUS	$0	–	-40,440	–	-2.11%	–
ACN	Exit	ACCENTURE PLC	$0	–	-18,900	–	-2.12%	–
AMGN	Exit	AMGEN INC	$0	–	-19,305	–	-2.18%	–
TXT	Exit	TEXTRON INC	$0	–	-78,797	–	-2.25%	–
STZ	Exit	CONSTELLATION BRANDScl a	$0	–	-19,450	–	-2.35%	–
WMT	Exit	WALMART INC	$0	–	-34,104	–	-2.36%	–
AWI	Exit	ARMSTONG WORLD INDS	$0	–	-43,930	–	-2.48%	–
DE	Exit	DEERE & CO	$0	–	-25,350	–	-2.50%	–
EBAY	Exit	EBAY INC	$0	–	-115,675	–	-2.63%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-27,756	–	-2.65%	–
A	Exit	AGILENT TECHN INC	$0	–	-61,324	–	-2.74%	–
TRV	Exit	TRAVELERS CO(THE)	$0	–	-31,690	–	-2.75%	–
LOW	Exit	LOWES CO	$0	–	-50,807	–	-3.26%	–
AJG	Exit	GALLAGHER ARTHR J&CO	$0	–	-63,441	–	-3.32%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-55,973	–	-3.39%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-50,702	–	-4.12%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-60,661	–	-4.17%	–
AON	Exit	AON PLC	$0	–	-37,277	–	-4.21%	–
BLL	Exit	BALL CORP	$0	–	-102,324	–	-4.35%	–
AAPL	Exit	APPLE INC	$0	–	-40,898	–	-5.35%	–

Q3 2019

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$9,159,000	+12.0%	40,898	-1.1%	5.35%	+13.1%
BLL	Sell	BALL CORP	$7,450,000	-4.1%	102,324	-7.8%	4.35%	-3.1%
AON	Sell	AON PLC	$7,215,000	-1.3%	37,277	-1.6%	4.21%	-0.2%
JPM	Sell	JPMORGAN CHASE & CO	$7,139,000	+4.1%	60,661	-1.1%	4.17%	+5.1%
MSFT	Sell	MICROSOFT CORP	$7,049,000	+2.1%	50,702	-1.6%	4.12%	+3.2%
PYPL	Sell	PAYPAL HLDGS INC	$5,798,000	-15.5%	55,973	-6.7%	3.39%	-14.6%
AJG	Sell	GALLAGHER ARTHR J&CO	$5,682,000	+1.5%	63,441	-0.8%	3.32%	+2.5%
LOW	Sell	LOWES CO	$5,586,000	+8.1%	50,807	-0.8%	3.26%	+9.2%
TRV	Sell	TRAVELERS CO(THE)	$4,711,000	-3.6%	31,690	-3.1%	2.75%	-2.6%
A	Sell	AGILENT TECHN INC	$4,699,000	+0.0%	61,324	-2.5%	2.74%	+1.1%
DEO	Sell	DIAGEO P L Cspon adr new	$4,538,000	-6.5%	27,756	-1.4%	2.65%	-5.5%
EBAY	Sell	EBAY INC	$4,509,000	-2.6%	115,675	-1.3%	2.63%	-1.6%
DE	Sell	DEERE & CO	$4,276,000	+0.6%	25,350	-1.2%	2.50%	+1.7%
AWI	Sell	ARMSTONG WORLD INDS	$4,248,000	-3.4%	43,930	-2.9%	2.48%	-2.4%
WMT	Sell	WALMART INC	$4,047,000	+6.2%	34,104	-1.2%	2.36%	+7.3%
STZ	Sell	CONSTELLATION BRANDScl a	$4,031,000	+4.7%	19,450	-0.5%	2.35%	+5.8%
TXT	Sell	TEXTRON INC	$3,857,000	-12.3%	78,797	-4.9%	2.25%	-11.3%
AMGN	Sell	AMGEN INC	$3,735,000	+4.7%	19,305	-0.3%	2.18%	+5.8%
ACN	Sell	ACCENTURE PLC	$3,635,000	+3.0%	18,900	-1.0%	2.12%	+4.1%
LYB	Sell	LYONDELLBASELL INDUS	$3,618,000	-1.7%	40,440	-5.4%	2.11%	-0.7%
HDS	Sell	HD SUPPLY INC	$3,503,000	-4.8%	89,423	-2.1%	2.05%	-3.8%
TMUS	Sell	T-MOBILE US INC	$3,406,000	-25.2%	43,241	-29.6%	1.99%	-24.4%
GPK	Sell	GRAPHIC PACKGNG HLD	$3,382,000	+4.4%	229,291	-1.1%	1.98%	+5.5%
BAC	Sell	BANK OF AMERICA CORP	$3,079,000	-1.3%	105,575	-1.9%	1.80%	-0.3%
CVS	Sell	CVS HEALTH CORP	$3,008,000	+14.5%	47,700	-1.0%	1.76%	+15.7%
AIG	Buy	AMERN INTL GROUP INC	$2,908,000	+6.2%	52,219	+1.6%	1.70%	+7.3%
DD	Buy	DUPONT DE NEMOURS	$2,906,000	-4.5%	40,759	+0.5%	1.70%	-3.5%
LAZ	Sell	LAZARD LTD	$2,878,000	+0.6%	82,241	-1.2%	1.68%	+1.6%
CTVA	Buy	CORTEVA INC	$2,742,000	+23.3%	97,942	+30.2%	1.60%	+24.6%
PKG	Sell	PACKAGING CORP AMER	$2,694,000	+8.3%	25,400	-2.7%	1.57%	+9.5%
FDX	Sell	FEDEX CORP	$2,678,000	-13.2%	18,400	-2.1%	1.56%	-12.3%
IP	Sell	INTERNATIONAL PAPER	$2,571,000	-4.5%	61,478	-1.1%	1.50%	-3.5%
EMN	Sell	EASTMAN CHEM CO	$2,501,000	-9.9%	33,885	-5.0%	1.46%	-9.0%
WH	Sell	WYNDHAM HOTELS & RES	$2,383,000	-7.8%	46,068	-0.6%	1.39%	-6.8%
MS	Sell	MORGAN STANLEY	$2,339,000	-4.2%	54,839	-1.6%	1.37%	-3.2%
FOXA	New	FOX CORPORATION	$2,289,000	–	72,600	–	1.34%	–
MGM	Sell	MGM RESORTS INTL	$2,273,000	-5.7%	82,000	-2.8%	1.33%	-4.7%
CVX	Sell	CHEVRON CORP	$1,922,000	-6.4%	16,212	-1.8%	1.12%	-5.4%
SEE	Sell	SEALED AIR CORP	$1,772,000	-5.2%	42,711	-2.3%	1.04%	-4.2%
UNVR	Sell	UNIVAR SOLUTIONS INC	$1,590,000	-17.7%	76,600	-12.7%	0.93%	-16.8%
SLB	Buy	SCHLUMBERGER LTD	$1,380,000	+146.4%	40,400	+186.5%	0.81%	+148.8%
CMA	Sell	COMERICA INC	$1,194,000	-27.9%	18,100	-20.6%	0.70%	-27.2%
PBCT	Sell	PEOPLES UNITED FINL	$1,100,000	-7.5%	70,384	-0.7%	0.64%	-6.6%
ABBV	New	ABBVIE INC	$879,000	–	11,620	–	0.51%	–
SERV	Sell	SERVICEMASTER GBL	$665,000	-3.9%	11,900	-10.5%	0.39%	-3.0%
HUN	Sell	HUNTSMAN CORP	$628,000	-11.9%	27,000	-22.6%	0.37%	-10.9%
ALSN	Sell	ALLISON TRANSMISSION	$597,000	-3.1%	12,700	-4.5%	0.35%	-2.0%
DOW	Sell	DOW INC	$539,000	-62.3%	11,321	-61.0%	0.32%	-61.9%
AXTA	Sell	AXALTA COATING SYS	$468,000	-2.5%	15,540	-3.7%	0.27%	-1.4%
OXY	New	OCCIDENTAL PETE CORP	$278,000	–	6,270	–	0.16%	–
HI	New	HILLENBRAND INC	$240,000	–	7,800	–	0.14%	–
COMM	Exit	COMMSCOPE INC	$0	–	-34,600	–	-0.31%	–
APC	Exit	ANADARKO PETE	$0	–	-23,096	–	-0.94%	–

Q2 2019

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$8,181,000	–	41,338	–	4.73%	–
BLL	New	BALL CORP	$7,770,000	–	111,024	–	4.49%	–
AON	New	AON PLC	$7,309,000	–	37,877	–	4.22%	–
MSFT	New	MICROSOFT CORP	$6,904,000	–	51,541	–	3.99%	–
PYPL	New	PAYPAL HLDGS INC	$6,864,000	–	59,973	–	3.97%	–
JPM	New	JPMORGAN CHASE & CO	$6,860,000	–	61,361	–	3.96%	–
AJG	New	GALLAGHER ARTHR J&CO	$5,600,000	–	63,941	–	3.24%	–
LOW	New	LOWES CO	$5,167,000	–	51,207	–	2.99%	–
TRV	New	TRAVELERS CO(THE)	$4,887,000	–	32,690	–	2.82%	–
DEO	New	DIAGEO P L Cspon adr new	$4,851,000	–	28,156	–	2.80%	–
A	New	AGILENT TECHN INC	$4,698,000	–	62,924	–	2.72%	–
EBAY	New	EBAY INC	$4,628,000	–	117,175	–	2.68%	–
TMUS	New	T-MOBILE US INC	$4,555,000	–	61,441	–	2.63%	–
TXT	New	TEXTRON INC	$4,396,000	–	82,897	–	2.54%	–
AWI	New	ARMSTONG WORLD INDS	$4,396,000	–	45,230	–	2.54%	–
DE	New	DEERE & CO	$4,250,000	–	25,650	–	2.46%	–
STZ	New	CONSTELLATION BRANDScl a	$3,850,000	–	19,550	–	2.22%	–
WMT	New	WALMART INC	$3,812,000	–	34,504	–	2.20%	–
LYB	New	LYONDELLBASELL INDUS	$3,681,000	–	42,740	–	2.13%	–
HDS	New	HD SUPPLY INC	$3,678,000	–	91,323	–	2.13%	–
AMGN	New	AMGEN INC	$3,568,000	–	19,365	–	2.06%	–
ACN	New	ACCENTURE PLC	$3,529,000	–	19,100	–	2.04%	–
PFE	New	PFIZER INC	$3,454,000	–	79,753	–	2.00%	–
GPK	New	GRAPHIC PACKGNG HLD	$3,240,000	–	231,791	–	1.87%	–
BAC	New	BANK OF AMERICA CORP	$3,119,000	–	107,575	–	1.80%	–
FDX	New	FEDEX CORP	$3,086,000	–	18,800	–	1.78%	–
DD	New	DUPONT DE NEMOURS	$3,043,000	–	40,542	–	1.76%	–
LAZ	New	LAZARD LTD	$2,862,000	–	83,241	–	1.65%	–
EMN	New	EASTMAN CHEM CO	$2,777,000	–	35,685	–	1.60%	–
AIG	New	AMERN INTL GROUP INC	$2,739,000	–	51,419	–	1.58%	–
IP	New	INTERNATIONAL PAPER	$2,693,000	–	62,178	–	1.56%	–
CVS	New	CVS HEALTH CORP	$2,626,000	–	48,200	–	1.52%	–
WH	New	WYNDHAM HOTELS & RES	$2,584,000	–	46,368	–	1.49%	–
PKG	New	PACKAGING CORP AMER	$2,487,000	–	26,100	–	1.44%	–
MS	New	MORGAN STANLEY	$2,441,000	–	55,739	–	1.41%	–
MGM	New	MGM RESORTS INTL	$2,411,000	–	84,400	–	1.39%	–
CTVA	New	CORTEVA INC	$2,224,000	–	75,242	–	1.28%	–
USB	New	US BANCORP DEL	$2,189,000	–	41,780	–	1.26%	–
CVX	New	CHEVRON CORP	$2,054,000	–	16,512	–	1.19%	–
UNVR	New	UNIVAR INC	$1,932,000	–	87,700	–	1.12%	–
SEE	New	SEALED AIR CORP	$1,869,000	–	43,711	–	1.08%	–
CMA	New	COMERICA INC	$1,656,000	–	22,800	–	0.96%	–
APC	New	ANADARKO PETE	$1,629,000	–	23,096	–	0.94%	–
DOW	New	DOW INC	$1,431,000	–	29,038	–	0.83%	–
PBCT	New	PEOPLES UNITED FINL	$1,189,000	–	70,884	–	0.69%	–
HUN	New	HUNTSMAN CORP	$713,000	–	34,900	–	0.41%	–
SERV	New	SERVICEMASTER GBL	$692,000	–	13,300	–	0.40%	–
ALSN	New	ALLISON TRANSMISSION	$616,000	–	13,300	–	0.36%	–
SLB	New	SCHLUMBERGER LTD	$560,000	–	14,100	–	0.32%	–
COMM	New	COMMSCOPE INC	$544,000	–	34,600	–	0.31%	–
AXTA	New	AXALTA COATING SYS	$480,000	–	16,140	–	0.28%	–
WYND	New	WYNDHAM DESTINATIONS	$259,000	–	5,900	–	0.15%	–

Q4 2018

			Value		Shares		↓ Weighting
WYND	Exit	WYNDHAM DESTINATIONS	$0	–	-5,900	–	-0.14%	–
ALSN	Exit	ALLISON TRANSMISSION	$0	–	-16,900	–	-0.48%	–
F	Exit	FORD MOTOR CO	$0	–	-95,600	–	-0.48%	–
WH	Exit	WYNDHAM HOTELS & RES	$0	–	-18,959	–	-0.58%	–
PBCT	Exit	PEOPLES UNITED FINL	$0	–	-76,084	–	-0.71%	–
AXTA	Exit	AXALTA COATING SYS	$0	–	-61,640	–	-0.98%	–
CVX	Exit	CHEVRON CORP	$0	–	-17,112	–	-1.14%	–
USB	Exit	US BANCORP DEL	$0	–	-42,080	–	-1.22%	–
MGM	Exit	MGM RESORTS INTL	$0	–	-82,200	–	-1.25%	–
APC	Exit	ANADARKO PETE	$0	–	-34,396	–	-1.27%	–
SEE	Exit	SEALED AIR CORP	$0	–	-58,211	–	-1.28%	–
IBM	Exit	INTL BUSINESS MCHN	$0	–	-16,452	–	-1.36%	–
	Exit	MORGAN STANLEY	$0	–	-55,039	–	-1.40%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-93,686	–	-1.72%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-116,222	–	-1.73%	–
WMT	Exit	WALMART INC	$0	–	-33,804	–	-1.74%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-112,375	–	-1.81%	–
COMM	Exit	COMMSCOPE INC	$0	–	-109,701	–	-1.84%	–
AWI	Exit	ARMSTONG WORLD INDS	$0	–	-48,530	–	-1.85%	–
AIG	Exit	AMERN INTL GROUP INC	$0	–	-65,319	–	-1.90%	–
CMA	Exit	COMERICA INC	$0	–	-38,900	–	-1.92%	–
GPK	Exit	GRAPHIC PACKGNG HLD	$0	–	-250,691	–	-1.92%	–
PFE	Exit	PFIZER INC	$0	–	-84,253	–	-2.03%	–
EBAY	Exit	EBAY INC	$0	–	-116,645	–	-2.10%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-41,485	–	-2.17%	–
DE	Exit	DEERE & CO	$0	–	-26,950	–	-2.21%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-37,000	–	-2.22%	–
AMGN	Exit	AMGEN INC	$0	–	-19,965	–	-2.26%	–
DEO	Exit	DIAGEO P L Csp adr new	$0	–	-29,256	–	-2.26%	–
LAZ	Exit	LAZARD LTD	$0	–	-88,641	–	-2.33%	–
SERV	Exit	SERVICEMASTER GBL	$0	–	-71,987	–	-2.44%	–
HDS	Exit	HD SUPPLY INC	$0	–	-108,023	–	-2.53%	–
A	Exit	AGILENT TECHN INC	$0	–	-65,624	–	-2.53%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-67,941	–	-2.61%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-97,278	–	-2.61%	–
TRV	Exit	TRAVELERS CO(THE)	$0	–	-36,890	–	-2.62%	–
AJG	Exit	GALLAGHER ARTHR J&CO	$0	–	-67,641	–	-2.75%	–
BLL	Exit	BALL CORP	$0	–	-116,124	–	-2.79%	–
LYB	Exit	LYONDELLBASELL INDUS	$0	–	-53,640	–	-3.00%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-85,983	–	-3.02%	–
TXT	Exit	TEXTRON INC	$0	–	-82,997	–	-3.24%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-67,573	–	-3.24%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-54,091	–	-3.38%	–
AON	Exit	AON PLC	$0	–	-41,227	–	-3.46%	–
LOW	Exit	LOWES CO	$0	–	-59,407	–	-3.73%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-66,061	–	-4.07%	–
AAPL	Exit	APPLE INC	$0	–	-45,798	–	-5.65%	–

Q3 2018

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$10,338,000	+13.6%	45,798	-6.8%	5.65%	+12.1%
LOW	Sell	LOWES CO	$6,821,000	+18.4%	59,407	-1.5%	3.73%	+16.8%
AON	Buy	AON PLC	$6,339,000	+16.6%	41,227	+4.0%	3.46%	+15.1%
MSFT	Sell	MICROSOFT CORP	$6,186,000	+4.9%	54,091	-9.6%	3.38%	+3.5%
PYPL	Sell	PAYPAL HLDGS INC	$5,935,000	-10.8%	67,573	-15.4%	3.24%	-11.9%
TXT	Sell	TEXTRON INC	$5,931,000	+7.8%	82,997	-0.6%	3.24%	+6.4%
DWDP	Buy	DOWDUPONT INC	$5,529,000	-0.8%	85,983	+1.7%	3.02%	-2.1%
LYB	Sell	LYONDELLBASELL INDUS	$5,498,000	-9.7%	53,640	-3.2%	3.00%	-10.9%
BLL	Sell	BALL CORP	$5,108,000	+22.2%	116,124	-1.3%	2.79%	+20.6%
TRV	Sell	TRAVELERS CO(THE)	$4,785,000	+5.7%	36,890	-0.3%	2.62%	+4.4%
IP	Sell	INTERNATIONAL PAPER	$4,781,000	-11.8%	97,278	-6.5%	2.61%	-13.0%
TMUS	Sell	T-MOBILE US INC	$4,768,000	+16.6%	67,941	-0.7%	2.61%	+15.1%
A	Buy	AGILENT TECHN INC	$4,629,000	+42.1%	65,624	+24.6%	2.53%	+40.2%
SERV	Sell	SERVICEMASTER GBL	$4,465,000	+2.9%	71,987	-1.4%	2.44%	+1.5%
LAZ	Buy	LAZARD LTD	$4,266,000	+1.3%	88,641	+2.9%	2.33%	-0.0%
AMGN	Sell	AMGEN INC	$4,138,000	+10.8%	19,965	-1.3%	2.26%	+9.4%
PKG	New	PACKAGING CORP AMER	$4,058,000	–	37,000	–	2.22%	–
DE	Sell	DEERE & CO	$4,051,000	-3.2%	26,950	-10.0%	2.21%	-4.5%
EMN	Sell	EASTMAN CHEM CO	$3,970,000	-17.5%	41,485	-13.8%	2.17%	-18.6%
PFE	Sell	PFIZER INC	$3,713,000	+20.1%	84,253	-1.2%	2.03%	+18.6%
GPK	Sell	GRAPHIC PACKGNG HLD	$3,512,000	-4.8%	250,691	-1.4%	1.92%	-6.0%
CMA	New	COMERICA INC	$3,508,000	–	38,900	–	1.92%	–
AIG	Sell	AMERN INTL GROUP INC	$3,477,000	-1.1%	65,319	-1.5%	1.90%	-2.4%
COMM	New	COMMSCOPE INC	$3,374,000	–	109,701	–	1.84%	–
HUN	Buy	HUNTSMAN CORP	$3,164,000	+11.3%	116,222	+19.3%	1.73%	+9.8%
GM	Sell	GENERAL MOTORS CO	$3,154,000	-18.0%	93,686	-4.1%	1.72%	-19.1%
	New	MORGAN STANLEY	$2,563,000	–	55,039	–	1.40%	–
IBM	Sell	INTL BUSINESS MCHN	$2,487,000	-4.5%	16,452	-11.8%	1.36%	-5.8%
SEE	Sell	SEALED AIR CORP	$2,337,000	-29.1%	58,211	-25.1%	1.28%	-30.1%
MGM	New	MGM RESORTS INTL	$2,294,000	–	82,200	–	1.25%	–
AXTA	Sell	AXALTA COATING SYS	$1,797,000	-8.5%	61,640	-5.0%	0.98%	-9.7%
WH	Sell	WYNDHAM HOTELS & RES	$1,053,000	-34.3%	18,959	-30.4%	0.58%	-35.1%
F	Sell	FORD MOTOR CO	$884,000	-47.0%	95,600	-36.6%	0.48%	-47.7%
WYND	Sell	WYNDHAM DESTINATIONS	$255,000	-78.9%	5,900	-78.4%	0.14%	-79.2%
HRG	Exit	HRG GROUP INC	$0	–	-72,235	–	-0.52%	–
HBI	Exit	HANESBRANDS INC	$0	–	-52,100	–	-0.64%	–
MS	Exit	MORGAN STANLEY	$0	–	-55,039	–	-1.44%	–
	Exit	COMMSCOPE INC	$0	–	-112,201	–	-1.81%	–
ABBV	Exit	ABBVIE INC	$0	–	-43,562	–	-2.24%	–
STT	Exit	STATE STREET CORP	$0	–	-44,005	–	-2.27%	–

Q2 2018

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$9,099,000	–	49,158	–	5.04%	–
JPM	New	JPMORGAN CHASE & CO	$6,883,000	–	66,061	–	3.81%	–
PYPL	New	PAYPAL HLDGS INC	$6,651,000	–	79,873	–	3.68%	–
LYB	New	LYONDELLBASELL INDUS	$6,090,000	–	55,440	–	3.37%	–
MSFT	New	MICROSOFT CORP	$5,899,000	–	59,823	–	3.27%	–
LOW	New	LOWES CO	$5,763,000	–	60,307	–	3.19%	–
DWDP	New	DOWDUPONT INC	$5,575,000	–	84,583	–	3.09%	–
TXT	New	TEXTRON INC	$5,503,000	–	83,497	–	3.05%	–
AON	New	AON PLC	$5,435,000	–	39,627	–	3.01%	–
IP	New	INTERNATIONAL PAPER	$5,420,000	–	104,078	–	3.00%	–
EMN	New	EASTMAN CHEM CO	$4,812,000	–	48,140	–	2.66%	–
HDS	New	HD SUPPLY INC	$4,633,000	–	108,023	–	2.57%	–
TRV	New	TRAVELERS CO(THE)	$4,525,000	–	36,990	–	2.51%	–
AJG	New	GALLAGHER ARTHR J&CO	$4,415,000	–	67,641	–	2.44%	–
SERV	New	SERVICEMASTER GBL	$4,340,000	–	72,987	–	2.40%	–
EBAY	New	EBAY INC	$4,229,000	–	116,645	–	2.34%	–
DEO	New	DIAGEO P L Csp adr new	$4,213,000	–	29,256	–	2.33%	–
LAZ	New	LAZARD LTD	$4,213,000	–	86,141	–	2.33%	–
DE	New	DEERE & CO	$4,187,000	–	29,950	–	2.32%	–
BLL	New	BALL CORP	$4,181,000	–	117,624	–	2.32%	–
STT	New	STATE STREET CORP	$4,096,000	–	44,005	–	2.27%	–
TMUS	New	T-MOBILE US INC	$4,089,000	–	68,441	–	2.26%	–
ABBV	New	ABBVIE INC	$4,036,000	–	43,562	–	2.24%	–
GM	New	GENERAL MOTORS CO	$3,848,000	–	97,686	–	2.13%	–
AMGN	New	AMGEN INC	$3,733,000	–	20,225	–	2.07%	–
GPK	New	GRAPHIC PACKGNG HLD	$3,688,000	–	254,191	–	2.04%	–
AIG	New	AMERN INTL GROUP INC	$3,516,000	–	66,319	–	1.95%	–
SEE	New	SEALED AIR CORP	$3,298,000	–	77,711	–	1.83%	–
	New	COMMSCOPE INC	$3,276,000	–	112,201	–	1.81%	–
A	New	AGILENT TECHN INC	$3,257,000	–	52,674	–	1.80%	–
BAC	New	BANK OF AMERICA CORP	$3,167,000	–	112,375	–	1.75%	–
PFE	New	PFIZER INC	$3,092,000	–	85,253	–	1.71%	–
AWI	New	ARMSTONG WORLD INDS	$3,067,000	–	48,530	–	1.70%	–
WMT	New	WALMART INC	$2,895,000	–	33,804	–	1.60%	–
HUN	New	HUNTSMAN CORP	$2,844,000	–	97,422	–	1.58%	–
MS	New	MORGAN STANLEY	$2,608,000	–	55,039	–	1.44%	–
IBM	New	INTL BUSINESS MCHN	$2,605,000	–	18,652	–	1.44%	–
APC	New	ANADARKO PETE	$2,519,000	–	34,396	–	1.40%	–
CVX	New	CHEVRON CORP	$2,163,000	–	17,112	–	1.20%	–
USB	New	US BANCORP DEL	$2,104,000	–	42,080	–	1.16%	–
AXTA	New	AXALTA COATING SYS	$1,965,000	–	64,856	–	1.09%	–
F	New	FORD MOTOR CO	$1,669,000	–	150,800	–	0.92%	–
WH	New	WYNDHAM HOTELS & RES	$1,603,000	–	27,259	–	0.89%	–
PBCT	New	PEOPLES UNITED FINL	$1,376,000	–	76,084	–	0.76%	–
WYND	New	WYNDHAM DESTINATIONS	$1,206,000	–	27,259	–	0.67%	–
HBI	New	HANESBRANDS INC	$1,147,000	–	52,100	–	0.64%	–
HRG	New	HRG GROUP INC	$945,000	–	72,235	–	0.52%	–
ALSN	New	ALLISON TRANSMISSION	$684,000	–	16,900	–	0.38%	–

Q4 2017

			Value		Shares		↓ Weighting
TK	Exit	TEEKAY CORP	$0	–	-800	–	-0.00%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-3,950	–	-0.03%	–
NLSN	Exit	NIELSEN HOLDINGS PLC	$0	–	-2,800	–	-0.06%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-2,762	–	-0.07%	–
M	Exit	MACYS INC	$0	–	-17,820	–	-0.22%	–
ALSN	Exit	ALLISON TRANSMISSION	$0	–	-14,900	–	-0.31%	–
VIAB	Exit	VIACOM INCcl b	$0	–	-22,300	–	-0.35%	–
AWI	Exit	ARMSTONG WORLD INDS	$0	–	-13,400	–	-0.38%	–
HRG	Exit	HRG GROUP INC	$0	–	-77,400	–	-0.68%	–
PBCT	Exit	PEOPLES UNITED FINL	$0	–	-76,400	–	-0.78%	–
MON	Exit	MONSANTO CO	$0	–	-14,150	–	-0.95%	–
A	Exit	AGILENT TECHN INC	$0	–	-29,434	–	-1.06%	–
APC	Exit	ANADARKO PETE	$0	–	-41,196	–	-1.13%	–
CVX	Exit	CHEVRON CORP	$0	–	-17,302	–	-1.14%	–
USB	Exit	US BANCORP DEL	$0	–	-38,319	–	-1.15%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-85,197	–	-1.21%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-45,061	–	-1.40%	–
MS	Exit	MORGAN STANLEY	$0	–	-55,468	–	-1.50%	–
PFE	Exit	PFIZER INC	$0	–	-84,900	–	-1.70%	–
HBI	Exit	HANESBRANDS INC	$0	–	-125,500	–	-1.74%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-20,400	–	-1.76%	–
TWX	Exit	TIME WARNER INC	$0	–	-31,900	–	-1.84%	–
WYND	Exit	WYNDHAM WORLDWIDE CO	$0	–	-31,900	–	-1.89%	–
SERV	Exit	SERVICEMASTER GBL	$0	–	-72,000	–	-1.89%	–
GPK	Exit	GRAPHIC PACKGNG HLD	$0	–	-259,800	–	-2.04%	–
DEO	Exit	DIAGEO P L Csp adr new	$0	–	-28,000	–	-2.08%	–
COMM	Exit	COMMSCOPE INC	$0	–	-111,600	–	-2.08%	–
AMGN	Exit	AMGEN INC	$0	–	-20,147	–	-2.11%	–
ABBV	Exit	ABBVIE INC	$0	–	-42,500	–	-2.12%	–
AIG	Exit	AMERN INTL GROUP INC	$0	–	-61,900	–	-2.14%	–
LAZ	Exit	LAZARD LTD	$0	–	-84,100	–	-2.14%	–
DE	Exit	DEERE & CO	$0	–	-30,300	–	-2.14%	–
AXTA	Exit	AXALTA COATING SYS	$0	–	-133,700	–	-2.17%	–
HDS	Exit	HD SUPPLY INC	$0	–	-110,600	–	-2.24%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-100,800	–	-2.29%	–
BLL	Exit	BALL CORP	$0	–	-101,400	–	-2.35%	–
STT	Exit	STATE STREET CORP	$0	–	-43,933	–	-2.36%	–
TRV	Exit	TRAVELERS CO(THE)	$0	–	-34,900	–	-2.40%	–
SEE	Exit	SEALED AIR CORP	$0	–	-101,500	–	-2.44%	–
TXT	Exit	TEXTRON INC	$0	–	-82,000	–	-2.48%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-64,712	–	-2.52%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-49,500	–	-2.52%	–
EBAY	Exit	EBAY INC	$0	–	-117,486	–	-2.54%	–
LOW	Exit	LOWES CO	$0	–	-59,700	–	-2.68%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-65,514	–	-2.74%	–
AON	Exit	AON PLC	$0	–	-36,600	–	-3.00%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-41,600	–	-3.06%	–
LYB	Exit	LYONDELLBASELL INDUS	$0	–	-57,100	–	-3.18%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-104,967	–	-3.35%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-98,786	–	-3.55%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-67,179	–	-3.60%	–
CBS	Exit	CBS CORPORATIONcl b	$0	–	-111,900	–	-3.65%	–
AAPL	Exit	APPLE INC	$0	–	-55,305	–	-4.79%	–

Q3 2017

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$8,523,000	-0.9%	55,305	-7.4%	4.79%	-5.9%
CBS	Sell	CBS CORPORATIONcl b	$6,490,000	-14.6%	111,900	-6.1%	3.65%	-18.9%
JPM	Buy	JPMORGAN CHASE & CO	$6,416,000	+5.1%	67,179	+0.6%	3.60%	-0.2%
PYPL	Sell	PAYPAL HLDGS INC	$6,325,000	+2.7%	98,786	-13.9%	3.55%	-2.5%
IP	Sell	INTERNATIONAL PAPER	$5,964,000	-0.4%	104,967	-0.8%	3.35%	-5.4%
COL	Sell	ROCKWELL COLLINS INC	$5,437,000	+11.8%	41,600	-10.2%	3.06%	+6.1%
MSFT	Sell	MICROSOFT CORP	$4,880,000	+5.7%	65,514	-2.2%	2.74%	+0.3%
LOW	Buy	LOWES CO	$4,772,000	+7.4%	59,700	+4.2%	2.68%	+2.0%
DWDP	New	DOWDUPONT INC	$4,480,000	–	64,712	–	2.52%	–
TXT	Buy	TEXTRON INC	$4,418,000	+23.1%	82,000	+7.6%	2.48%	+16.9%
SEE	Sell	SEALED AIR CORP	$4,336,000	-9.5%	101,500	-5.2%	2.44%	-14.1%
BLL	Buy	BALL CORP	$4,187,000	+14.0%	101,400	+16.6%	2.35%	+8.3%
GM	Sell	GENERAL MOTORS CO	$4,070,000	+15.0%	100,800	-0.5%	2.29%	+9.2%
HDS	Buy	HD SUPPLY INC	$3,989,000	+52.0%	110,600	+29.1%	2.24%	+44.3%
LAZ	New	LAZARD LTD	$3,803,000	–	84,100	–	2.14%	–
AIG	Sell	AMERN INTL GROUP INC	$3,800,000	-25.1%	61,900	-23.8%	2.14%	-28.9%
ABBV	Sell	ABBVIE INC	$3,776,000	+20.0%	42,500	-2.1%	2.12%	+14.0%
AMGN	Sell	AMGEN INC	$3,756,000	+6.9%	20,147	-1.2%	2.11%	+1.5%
COMM	Buy	COMMSCOPE INC	$3,706,000	-3.0%	111,600	+11.0%	2.08%	-8.0%
GPK	Sell	GRAPHIC PACKGNG HLD	$3,624,000	+1.1%	259,800	-0.2%	2.04%	-4.1%
SERV	New	SERVICEMASTER GBL	$3,364,000	–	72,000	–	1.89%	–
WYND	Sell	WYNDHAM WORLDWIDE CO	$3,362,000	-7.2%	31,900	-11.6%	1.89%	-11.9%
TWX	Sell	TIME WARNER INC	$3,268,000	+1.4%	31,900	-0.6%	1.84%	-3.7%
SHPG	Buy	SHIRE PLCsponsored adr	$3,124,000	+8.0%	20,400	+16.6%	1.76%	+2.5%
HBI	Sell	HANESBRANDS INC	$3,092,000	+4.8%	125,500	-1.5%	1.74%	-0.5%
BAC	Buy	BANK OF AMERICA CORP	$2,158,000	+5.9%	85,197	+1.4%	1.21%	+0.6%
MON	Sell	MONSANTO CO	$1,695,000	-2.9%	14,150	-4.1%	0.95%	-7.8%
HRG	Buy	HRG GROUP INC	$1,208,000	-4.7%	77,400	+8.1%	0.68%	-9.5%
VIAB	Sell	VIACOM INCcl b	$620,000	-65.7%	22,300	-58.6%	0.35%	-67.4%
DD	Exit	DU PONT E I DE NEMOU	$0	–	-17,800	–	-0.85%	–
DOW	Exit	DOW CHEMICAL COMPANY	$0	–	-41,900	–	-1.56%	–
	Exit	LAZARD LTD	$0	–	-75,500	–	-2.07%	–

Q2 2017

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$8,598,000	–	59,705	–	5.09%	–
CBS	New	CBS CORPORATIONcl b	$7,602,000	–	119,200	–	4.50%	–
PYPL	New	PAYPAL HLDGS INC	$6,160,000	–	114,786	–	3.65%	–
JPM	New	JPMORGAN CHASE & CO	$6,103,000	–	66,779	–	3.61%	–
IP	New	INTERNATIONAL PAPER	$5,987,000	–	105,767	–	3.54%	–
AIG	New	AMERN INTL GROUP INC	$5,076,000	–	81,200	–	3.00%	–
AON	New	AON PLC	$4,865,000	–	36,600	–	2.88%	–
COL	New	ROCKWELL COLLINS INC	$4,865,000	–	46,300	–	2.88%	–
LYB	New	LYONDELLBASELL INDUS	$4,818,000	–	57,100	–	2.85%	–
SEE	New	SEALED AIR CORP	$4,793,000	–	107,100	–	2.84%	–
MSFT	New	MICROSOFT CORP	$4,619,000	–	67,014	–	2.73%	–
LOW	New	LOWES CO	$4,442,000	–	57,300	–	2.63%	–
TRV	New	TRAVELERS CO(THE)	$4,415,000	–	34,900	–	2.61%	–
AXTA	New	AXALTA COATING SYS	$4,283,000	–	133,700	–	2.54%	–
EMN	New	EASTMAN CHEM CO	$4,157,000	–	49,500	–	2.46%	–
EBAY	New	EBAY INC	$4,102,000	–	117,486	–	2.43%	–
STT	New	STATE STREET CORP	$3,942,000	–	43,933	–	2.33%	–
COMM	New	COMMSCOPE INC	$3,822,000	–	100,500	–	2.26%	–
DE	New	DEERE & CO	$3,744,000	–	30,300	–	2.22%	–
BLL	New	BALL CORP	$3,672,000	–	87,000	–	2.17%	–
WYND	New	WYNDHAM WORLDWIDE CO	$3,624,000	–	36,100	–	2.14%	–
TXT	New	TEXTRON INC	$3,589,000	–	76,200	–	2.12%	–
GPK	New	GRAPHIC PACKGNG HLD	$3,586,000	–	260,300	–	2.12%	–
GM	New	GENERAL MOTORS CO	$3,538,000	–	101,300	–	2.09%	–
AMGN	New	AMGEN INC	$3,513,000	–	20,400	–	2.08%	–
	New	LAZARD LTD	$3,497,000	–	75,500	–	2.07%	–
DEO	New	DIAGEO P L Csp adr new	$3,355,000	–	28,000	–	1.99%	–
TWX	New	TIME WARNER INC	$3,223,000	–	32,100	–	1.91%	–
ABBV	New	ABBVIE INC	$3,146,000	–	43,400	–	1.86%	–
HBI	New	HANESBRANDS INC	$2,950,000	–	127,400	–	1.75%	–
SHPG	New	SHIRE PLCsponsored adr	$2,892,000	–	17,500	–	1.71%	–
PFE	New	PFIZER INC	$2,851,000	–	84,900	–	1.69%	–
DOW	New	DOW CHEMICAL COMPANY	$2,642,000	–	41,900	–	1.56%	–
HDS	New	HD SUPPLY INC	$2,624,000	–	85,700	–	1.55%	–
WFC	New	WELLS FARGO & CO	$2,496,000	–	45,061	–	1.48%	–
MS	New	MORGAN STANLEY	$2,471,000	–	55,468	–	1.46%	–
BAC	New	BANK OF AMERICA CORP	$2,037,000	–	83,997	–	1.21%	–
USB	New	US BANCORP DEL	$1,989,000	–	38,319	–	1.18%	–
APC	New	ANADARKO PETE	$1,867,000	–	41,196	–	1.10%	–
VIAB	New	VIACOM INCcl b	$1,807,000	–	53,850	–	1.07%	–
CVX	New	CHEVRON CORP	$1,805,000	–	17,302	–	1.07%	–
MON	New	MONSANTO CO	$1,745,000	–	14,750	–	1.03%	–
A	New	AGILENT TECHN INC	$1,745,000	–	29,434	–	1.03%	–
DD	New	DU PONT E I DE NEMOU	$1,436,000	–	17,800	–	0.85%	–
PBCT	New	PEOPLES UNITED FINL	$1,349,000	–	76,400	–	0.80%	–
HRG	New	HRG GROUP INC	$1,268,000	–	71,600	–	0.75%	–
AWI	New	ARMSTONG WORLD INDS	$616,000	–	13,400	–	0.36%	–
ALSN	New	ALLISON TRANSMISSION	$558,000	–	14,900	–	0.33%	–
M	New	MACYS INC	$414,000	–	17,820	–	0.24%	–
BEN	New	FRANKLIN RES INC	$123,000	–	2,762	–	0.07%	–
NLSN	New	NIELSEN HOLDINGS PLC	$108,000	–	2,800	–	0.06%	–
RDC	New	ROWAN COMPANIES PLC	$40,000	–	3,950	–	0.02%	–
TK	New	TEEKAY CORP	$5,000	–	800	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-3,950	–	-0.04%	–
APC	Exit	ANADARKO PETE	$0	–	-4,396	–	-0.18%	–
TK	Exit	TEEKAY CORP	$0	–	-58,000	–	-0.29%	–
ALSN	Exit	ALLISON TRANSMISSION	$0	–	-15,800	–	-0.30%	–
DD	Exit	DU PONT E I DE NEMOU	$0	–	-14,800	–	-0.65%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-28,962	–	-0.68%	–
PBCT	Exit	PEOPLES UNITED FINL	$0	–	-76,400	–	-0.80%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-84,797	–	-0.87%	–
A	Exit	AGILENT TECHN INC	$0	–	-30,734	–	-0.95%	–
USB	Exit	US BANCORP DEL	$0	–	-38,319	–	-1.08%	–
MS	Exit	MORGAN STANLEY	$0	–	-55,068	–	-1.16%	–
CVX	Exit	CHEVRON CORP	$0	–	-17,702	–	-1.20%	–
JBL	Exit	JABIL CIRCUIT INC	$0	–	-86,100	–	-1.24%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-44,661	–	-1.30%	–
F	Exit	FORD MOTOR CO	$0	–	-192,900	–	-1.53%	–
HDS	Exit	HD SUPPLY INC	$0	–	-72,800	–	-1.53%	–
MON	Exit	MONSANTO CO	$0	–	-23,850	–	-1.60%	–
VIAB	Exit	VIACOM INCcl b	$0	–	-66,550	–	-1.67%	–
DIS	Exit	WALT DISNEY CO	$0	–	-28,500	–	-1.74%	–
M	Exit	MACYS INC	$0	–	-73,967	–	-1.80%	–
STT	Exit	STATE STREET CORP	$0	–	-40,433	–	-1.85%	–
PFE	Exit	PFIZER INC	$0	–	-84,900	–	-1.89%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-16,200	–	-2.07%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-99,500	–	-2.08%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-38,600	–	-2.14%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-28,500	–	-2.18%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-49,800	–	-2.22%	–
COMM	Exit	COMMSCOPE INC	$0	–	-112,000	–	-2.22%	–
HBI	Exit	HANESBRANDS INC	$0	–	-133,600	–	-2.22%	–
NLSN	Exit	NIELSEN HOLDINGS PLC	$0	–	-65,900	–	-2.32%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG	$0	–	-50,400	–	-2.34%	–
TWX	Exit	TIME WARNER INC	$0	–	-45,900	–	-2.40%	–
ABBV	Exit	ABBVIE INC	$0	–	-58,400	–	-2.42%	–
AXTA	Exit	AXALTA COATING SYS	$0	–	-131,900	–	-2.45%	–
WYND	Exit	WYNDHAM WORLDWIDE CO	$0	–	-56,200	–	-2.49%	–
EBAY	Exit	EBAY INC	$0	–	-118,186	–	-2.56%	–
AMGN	Exit	AMGEN INC	$0	–	-23,900	–	-2.62%	–
GPK	Exit	GRAPHIC PACKGNG HLD	$0	–	-296,000	–	-2.72%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-72,568	–	-2.75%	–
TRV	Exit	TRAVELERS CO(THE)	$0	–	-36,800	–	-2.77%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-65,679	–	-2.88%	–
LOW	Exit	LOWES CO	$0	–	-60,800	–	-2.89%	–
AIG	Exit	AMERN INTL GROUP INC	$0	–	-81,900	–	-3.20%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-118,786	–	-3.20%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-109,667	–	-3.46%	–
LYB	Exit	LYONDELLBASELL INDUS	$0	–	-69,500	–	-3.69%	–
SEE	Exit	SEALED AIR CORP	$0	–	-137,400	–	-4.14%	–
AAPL	Exit	APPLE INC	$0	–	-60,205	–	-4.48%	–
CBS	Exit	CBS CORPORATIONcl b	$0	–	-130,600	–	-4.70%	–

Q3 2016

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$6,806,000	+20.2%	60,205	+1.7%	4.48%	+16.2%
SEE	Buy	SEALED AIR CORP	$6,295,000	+2.3%	137,400	+2.6%	4.14%	-1.1%
LYB	Sell	LYONDELLBASELL INDUS	$5,605,000	+3.6%	69,500	-4.4%	3.69%	+0.1%
IP	Sell	INTERNATIONAL PAPER	$5,261,000	+13.0%	109,667	-0.2%	3.46%	+9.2%
PYPL	Buy	PAYPAL HLDGS INC	$4,866,000	+12.5%	118,786	+0.3%	3.20%	+8.7%
LOW	Sell	LOWES CO	$4,390,000	-25.2%	60,800	-17.9%	2.89%	-27.7%
TRV	Sell	TRAVELERS CO(THE)	$4,215,000	-13.6%	36,800	-10.2%	2.77%	-16.5%
AMGN	Sell	AMGEN INC	$3,986,000	-19.1%	23,900	-26.2%	2.62%	-21.9%
AXTA	Buy	AXALTA COATING SYS	$3,728,000	-28.5%	131,900	+8.8%	2.45%	-30.9%
ABBV	Sell	ABBVIE INC	$3,683,000	-6.8%	58,400	-8.5%	2.42%	-9.9%
TWX	Buy	TIME WARNER INC	$3,654,000	+11.9%	45,900	+3.4%	2.40%	+8.2%
COL	Buy	ROCKWELL COLLINS INC	$3,255,000	+30.0%	38,600	+31.3%	2.14%	+25.7%
SHPG	Buy	SHIRE PLCsponsored adr	$3,140,000	+91.7%	16,200	+82.0%	2.07%	+85.3%
VIAB	Buy	VIACOM INCcl b	$2,535,000	+55.0%	66,550	+68.7%	1.67%	+49.7%
F	Sell	FORD MOTOR CO	$2,328,000	-17.1%	192,900	-13.7%	1.53%	-19.9%
HDS	New	HD SUPPLY INC	$2,328,000	–	72,800	–	1.53%	–
JBL	Sell	JABIL CIRCUIT INC	$1,878,000	-6.9%	86,100	-21.2%	1.24%	-10.0%
A	Sell	AGILENT TECHN INC	$1,447,000	-2.8%	30,734	-8.3%	0.95%	-6.0%
DD	Sell	DU PONT E I DE NEMOU	$991,000	0.0%	14,800	-3.3%	0.65%	-3.4%
APC	Sell	ANADARKO PETE	$278,000	+13.9%	4,396	-4.1%	0.18%	+10.2%
TNK	Exit	TEEKAY TANKERS LTDcl a	$0	–	-41,300	–	-0.08%	–
TOO	Exit	TEEKAY OFFSHRE PRTNRpartnership un	$0	–	-22,900	–	-0.09%	–
PEP	Exit	PEPSICO INC	$0	–	-1,400	–	-0.10%	–
DAL	Exit	DELTA AIR LINES	$0	–	-44,300	–	-1.10%	–

Q2 2016

			Value		Shares		↓ Weighting
CBS	New	CBS CORPORATIONcl b	$7,110,000	–	130,600	–	4.84%	–
SEE	New	SEALED AIR CORP	$6,155,000	–	133,900	–	4.19%	–
LOW	New	LOWES CO	$5,866,000	–	74,100	–	3.99%	–
AAPL	New	APPLE INC	$5,660,000	–	59,205	–	3.85%	–
LYB	New	LYONDELLBASELL INDUS	$5,410,000	–	72,700	–	3.68%	–
AXTA	New	AXALTA COATING SYS	$5,215,000	–	121,200	–	3.55%	–
AMGN	New	AMGEN INC	$4,930,000	–	32,400	–	3.36%	–
TRV	New	TRAVELERS CO(THE)	$4,881,000	–	41,000	–	3.32%	–
IP	New	INTERNATIONAL PAPER	$4,656,000	–	109,867	–	3.17%	–
AIG	New	AMERN INTL GROUP INC	$4,332,000	–	81,900	–	2.95%	–
PYPL	New	PAYPAL HLDGS INC	$4,326,000	–	118,486	–	2.95%	–
JPM	New	JPMORGAN CHASE & CO	$4,081,000	–	65,679	–	2.78%	–
WYND	New	WYNDHAM WORLDWIDE CO	$4,003,000	–	56,200	–	2.73%	–
ABBV	New	ABBVIE INC	$3,950,000	–	63,800	–	2.69%	–
ESRX	New	EXPRESS SCRIPTS HLDG	$3,820,000	–	50,400	–	2.60%	–
MSFT	New	MICROSOFT CORP	$3,713,000	–	72,568	–	2.53%	–
GPK	New	GRAPHIC PACKGNG HLD	$3,712,000	–	296,000	–	2.53%	–
COMM	New	COMMSCOPE INC	$3,475,000	–	112,000	–	2.37%	–
NLSN	New	NIELSEN HOLDINGS PLC	$3,425,000	–	65,900	–	2.33%	–
EMN	New	EASTMAN CHEM CO	$3,381,000	–	49,800	–	2.30%	–
HBI	New	HANESBRANDS INC	$3,357,000	–	133,600	–	2.29%	–
TWX	New	TIME WARNER INC	$3,265,000	–	44,400	–	2.22%	–
DEO	New	DIAGEO P L Cspon adr new	$3,217,000	–	28,500	–	2.19%	–
PFE	New	PFIZER INC	$2,989,000	–	84,900	–	2.04%	–
GM	New	GENERAL MOTORS CO	$2,816,000	–	99,500	–	1.92%	–
F	New	FORD MOTOR CO	$2,808,000	–	223,400	–	1.91%	–
DIS	New	WALT DISNEY CO	$2,788,000	–	28,500	–	1.90%	–
EBAY	New	EBAY INC	$2,767,000	–	118,186	–	1.88%	–
COL	New	ROCKWELL COLLINS INC	$2,503,000	–	29,400	–	1.70%	–
M	New	MACYS INC	$2,486,000	–	73,967	–	1.69%	–
MON	New	MONSANTO CO	$2,466,000	–	23,850	–	1.68%	–
STT	New	STATE STREET CORP	$2,180,000	–	40,433	–	1.48%	–
WFC	New	WELLS FARGO & CO	$2,114,000	–	44,661	–	1.44%	–
JBL	New	JABIL CIRCUIT INC	$2,017,000	–	109,200	–	1.37%	–
CVX	New	CHEVRON CORP	$1,856,000	–	17,702	–	1.26%	–
SHPG	New	SHIRE PLCsponsored adr	$1,638,000	–	8,900	–	1.12%	–
VIAB	New	VIACOM INCcl b	$1,636,000	–	39,450	–	1.11%	–
DAL	New	DELTA AIR LINES	$1,614,000	–	44,300	–	1.10%	–
USB	New	US BANCORP DEL	$1,545,000	–	38,319	–	1.05%	–
A	New	AGILENT TECHN INC	$1,488,000	–	33,534	–	1.01%	–
MS	New	MORGAN STANLEY	$1,431,000	–	55,068	–	0.97%	–
BAC	New	BANK OF AMERICA CORP	$1,125,000	–	84,797	–	0.77%	–
PBCT	New	PEOPLES UNITED FINL	$1,120,000	–	76,400	–	0.76%	–
DD	New	DU PONT E I DE NEMOU	$991,000	–	15,300	–	0.68%	–
BEN	New	FRANKLIN RES INC	$966,000	–	28,962	–	0.66%	–
ALSN	New	ALLISON TRANSMISSION	$446,000	–	15,800	–	0.30%	–
TK	New	TEEKAY CORP	$414,000	–	58,000	–	0.28%	–
APC	New	ANADARKO PETE	$244,000	–	4,582	–	0.17%	–
PEP	New	PEPSICO INC	$148,000	–	1,400	–	0.10%	–
TOO	New	TEEKAY OFFSHRE PRTNRpartnership un	$136,000	–	22,900	–	0.09%	–
TNK	New	TEEKAY TANKERS LTDcl a	$123,000	–	41,300	–	0.08%	–
RDC	New	ROWAN COMPANIES PLC	$70,000	–	3,950	–	0.05%	–

Q4 2015

			Value		Shares		↓ Weighting
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-4,550	–	-0.05%	–
AON	Exit	AON PLC	$0	–	-3,400	–	-0.19%	–
APC	Exit	ANADARKO PETE	$0	–	-5,082	–	-0.19%	–
VIA	Exit	VIACOM INCcl a	$0	–	-8,300	–	-0.23%	–
TEX	Exit	TEREX CORP	$0	–	-47,600	–	-0.54%	–
DD	Exit	DU PONT E I DE NEMOU	$0	–	-20,100	–	-0.61%	–
ALSN	Exit	ALLISON TRANSMISSI	$0	–	-38,300	–	-0.65%	–
SNDK	Exit	SANDISK CORP	$0	–	-22,700	–	-0.78%	–
PBCT	Exit	PEOPLES UNITED FINL	$0	–	-83,400	–	-0.83%	–
A	Exit	AGILENT TECHN INC	$0	–	-38,534	–	-0.84%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-35,762	–	-0.84%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-89,798	–	-0.88%	–
ETN	Exit	EATON CORPORATION	$0	–	-30,384	–	-0.98%	–
VIAB	Exit	VIACOM INCcl b	$0	–	-38,750	–	-1.06%	–
USB	Exit	US BANCORP DEL	$0	–	-40,819	–	-1.06%	–
C	Exit	CITIGROUP INC	$0	–	-39,400	–	-1.24%	–
MS	Exit	MORGAN STANLEY	$0	–	-62,768	–	-1.25%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-19,700	–	-1.34%	–
PFE	Exit	PFIZER INC	$0	–	-80,400	–	-1.60%	–
IBM	Exit	INTL BUSINESS MCHN	$0	–	-17,914	–	-1.64%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-51,861	–	-1.68%	–
JBL	Exit	JABIL CIRCUIT INC	$0	–	-125,600	–	-1.78%	–
M	Exit	MACYS INC	$0	–	-54,765	–	-1.78%	–
CVX	Exit	CHEVRON CORP	$0	–	-37,071	–	-1.85%	–
EBAY	Exit	EBAY INC	$0	–	-120,086	–	-1.85%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-100,800	–	-1.86%	–
NLSN	Exit	NIELSEN HOLDINGS PLC	$0	–	-73,000	–	-2.05%	–
COMM	Exit	COMMSCOPE INC	$0	–	-113,200	–	-2.15%	–
TK	Exit	TEEKAY CORP	$0	–	-115,166	–	-2.16%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-81,638	–	-2.28%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-56,300	–	-2.30%	–
GPK	Exit	GRAPHIC PACKGNG HLD	$0	–	-301,700	–	-2.44%	–
F	Exit	FORD MOTOR CO	$0	–	-291,300	–	-2.50%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-127,686	–	-2.50%	–
VAL	Exit	VALSPAR CORP	$0	–	-56,700	–	-2.58%	–
PCP	Exit	PRECISION CASTPARTS	$0	–	-18,093	–	-2.63%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-110,567	–	-2.64%	–
DAL	Exit	DELTA AIR LINES	$0	–	-93,900	–	-2.66%	–
WYND	Exit	WYNDHAM WORLDWIDE CO	$0	–	-60,100	–	-2.73%	–
STT	Exit	STATE STREET CORP	$0	–	-65,933	–	-2.80%	–
TRV	Exit	TRAVELERS CO(THE)	$0	–	-45,150	–	-2.84%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG	$0	–	-57,800	–	-2.96%	–
AIG	Exit	AMERN INTL GROUP INC	$0	–	-86,600	–	-3.11%	–
LOW	Exit	LOWES CO	$0	–	-77,800	–	-3.39%	–
CBS	Exit	CBS CORPORATIONcl b	$0	–	-137,000	–	-3.45%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-90,333	–	-3.48%	–
LYB	Exit	LYONDELLBASELL INDUS	$0	–	-66,625	–	-3.51%	–
ABBV	Exit	ABBVIE INC	$0	–	-102,300	–	-3.52%	–
AMGN	Exit	AMGEN INC	$0	–	-42,183	–	-3.69%	–
AAPL	Exit	APPLE INC	$0	–	-57,733	–	-4.02%	–
SEE	Exit	SEALED AIR CORP	$0	–	-136,900	–	-4.06%	–

Q3 2015

			Value		Shares		↓ Weighting
SEE	Sell	SEALED AIR CORP	$6,417,000	-9.0%	136,900	-0.3%	4.06%	+3.1%
AAPL	Buy	APPLE INC	$6,367,000	-5.1%	57,733	+8.0%	4.02%	+7.6%
ABBV	Buy	ABBVIE INC	$5,566,000	-16.0%	102,300	+3.8%	3.52%	-4.8%
LYB	Buy	LYONDELLBASELL INDUS	$5,553,000	-16.9%	66,625	+3.3%	3.51%	-5.8%
JPM	Buy	JPMORGAN CHASE & CO	$5,507,000	-8.8%	90,333	+1.3%	3.48%	+3.4%
CBS	Buy	CBS CORPORATIONcl b	$5,466,000	-16.2%	137,000	+16.6%	3.45%	-5.0%
LOW	Sell	LOWES CO	$5,361,000	+2.6%	77,800	-0.3%	3.39%	+16.3%
AIG	Buy	AMERN INTL GROUP INC	$4,920,000	-7.9%	86,600	+0.2%	3.11%	+4.4%
ESRX	Buy	EXPRESS SCRIPTS HLDG	$4,679,000	-7.9%	57,800	+1.2%	2.96%	+4.4%
WYND	Buy	WYNDHAM WORLDWIDE CO	$4,321,000	-11.3%	60,100	+1.0%	2.73%	+0.5%
DAL	Buy	DELTA AIR LINES	$4,213,000	+24.5%	93,900	+14.0%	2.66%	+41.1%
IP	Buy	INTERNATIONAL PAPER	$4,178,000	-20.4%	110,567	+0.3%	2.64%	-9.7%
PCP	Sell	PRECISION CASTPARTS	$4,156,000	-3.1%	18,093	-15.7%	2.63%	+9.8%
VAL	Sell	VALSPAR CORP	$4,075,000	-18.4%	56,700	-7.0%	2.58%	-7.5%
PYPL	New	PAYPAL HLDGS INC	$3,963,000	–	127,686	–	2.50%	–
F	Buy	FORD MOTOR CO	$3,952,000	-7.8%	291,300	+2.0%	2.50%	+4.4%
GPK	Buy	GRAPHIC PACKGNG HLD	$3,858,000	+5.8%	301,700	+15.2%	2.44%	+19.9%
EMN	Buy	EASTMAN CHEM CO	$3,643,000	-16.8%	56,300	+5.2%	2.30%	-5.7%
MSFT	Sell	MICROSOFT CORP	$3,613,000	-0.4%	81,638	-0.6%	2.28%	+12.9%
TK	Buy	TEEKAY CORP	$3,413,000	-19.8%	115,166	+15.9%	2.16%	-9.1%
COMM	Buy	COMMSCOPE INC	$3,399,000	+151.6%	113,200	+155.5%	2.15%	+185.3%
NLSN	New	NIELSEN HOLDINGS PLC	$3,246,000	–	73,000	–	2.05%	–
GM	Buy	GENERAL MOTORS CO	$2,939,000	-7.8%	100,800	+5.4%	1.86%	+4.6%
EBAY	Buy	EBAY INC	$2,934,000	-53.3%	120,086	+15.0%	1.85%	-47.1%
JBL	Buy	JABIL CIRCUIT INC	$2,809,000	+15.9%	125,600	+10.3%	1.78%	+31.4%
M	Sell	MACYS INC	$2,810,000	-24.2%	54,765	-0.4%	1.78%	-14.1%
IBM	Sell	INTL BUSINESS MCHN	$2,596,000	-12.4%	17,914	-1.6%	1.64%	-0.7%
PFE	Buy	PFIZER INC	$2,525,000	-5.1%	80,400	+1.3%	1.60%	+7.5%
DEO	Sell	DIAGEO P L Cspon adr new	$2,123,000	-7.6%	19,700	-0.5%	1.34%	+4.7%
C	Buy	CITIGROUP INC	$1,954,000	-5.1%	39,400	+5.6%	1.24%	+7.5%
VIAB	Sell	VIACOM INCcl b	$1,672,000	-50.7%	38,750	-26.1%	1.06%	-44.1%
ETN	Buy	EATON CORPORATION	$1,558,000	-22.2%	30,384	+2.4%	0.98%	-11.9%
BEN	Sell	FRANKLIN RES INC	$1,332,000	-25.9%	35,762	-2.5%	0.84%	-16.0%
A	Sell	AGILENT TECHN INC	$1,322,000	-11.5%	38,534	-0.5%	0.84%	+0.2%
SNDK	Sell	SANDISK CORP	$1,233,000	-21.0%	22,700	-15.3%	0.78%	-10.5%
TEX	Buy	TEREX CORP	$853,000	-20.4%	47,600	+3.3%	0.54%	-9.7%
VIA	Sell	VIACOM INCcl a	$367,000	-50.3%	8,300	-27.2%	0.23%	-43.7%
AON	New	AON PLC	$301,000	–	3,400	–	0.19%	–
	Exit	AON PLC	$0	–	-3,400	–	-0.19%	–
SEAS	Exit	SEAWORLD ENTERTAIN	$0	–	-44,300	–	-0.46%	–
NAV	Exit	NAVISTAR INTL CORP	$0	–	-37,600	–	-0.47%	–
POT	Exit	POTASH CORP OF SASK	$0	–	-31,750	–	-0.55%	–
NLSN	Exit	NIELSEN N.V.	$0	–	-73,000	–	-1.82%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-12,685	–	-1.94%	–

Q2 2015

			Value		Shares		↓ Weighting
SEE	New	SEALED AIR CORP	$7,054,000	–	137,300	–	3.93%	–
AAPL	New	APPLE INC	$6,706,000	–	53,473	–	3.74%	–
LYB	New	LYONDELLBASELL INDUS	$6,679,000	–	64,525	–	3.72%	–
ABBV	New	ABBVIE INC	$6,624,000	–	98,600	–	3.69%	–
CBS	New	CBS CORPORATIONcl b	$6,521,000	–	117,500	–	3.64%	–
AMGN	New	AMGEN INC	$6,475,000	–	42,183	–	3.61%	–
EBAY	New	EBAY INC	$6,288,000	–	104,386	–	3.51%	–
JPM	New	JPMORGAN CHASE & CO	$6,039,000	–	89,133	–	3.37%	–
AIG	New	AMERN INTL GROUP INC	$5,341,000	–	86,400	–	2.98%	–
IP	New	INTERNATIONAL PAPER	$5,247,000	–	110,267	–	2.92%	–
LOW	New	LOWES CO	$5,223,000	–	78,000	–	2.91%	–
ESRX	New	EXPRESS SCRIPTS HLDG	$5,078,000	–	57,100	–	2.83%	–
STT	New	STATE STREET CORP	$5,076,000	–	65,933	–	2.83%	–
VAL	New	VALSPAR CORP	$4,991,000	–	61,000	–	2.78%	–
WYND	New	WYNDHAM WORLDWIDE CO	$4,873,000	–	59,500	–	2.72%	–
EMN	New	EASTMAN CHEM CO	$4,377,000	–	53,500	–	2.44%	–
TRV	New	TRAVELERS CO(THE)	$4,364,000	–	45,150	–	2.43%	–
F	New	FORD MOTOR CO	$4,288,000	–	285,700	–	2.39%	–
PCP	New	PRECISION CASTPARTS	$4,289,000	–	21,463	–	2.39%	–
TK	New	TEEKAY CORP	$4,254,000	–	99,366	–	2.37%	–
M	New	MACYS INC	$3,708,000	–	54,965	–	2.07%	–
GPK	New	GRAPHIC PACKGNG HLD	$3,646,000	–	261,800	–	2.03%	–
MSFT	New	MICROSOFT CORP	$3,626,000	–	82,138	–	2.02%	–
CVX	New	CHEVRON CORP	$3,576,000	–	37,071	–	1.99%	–
SHW	New	SHERWIN WILLIAMS CO	$3,488,000	–	12,685	–	1.94%	–
VIAB	New	VIACOM INCcl b	$3,390,000	–	52,450	–	1.89%	–
DAL	New	DELTA AIR LINES	$3,384,000	–	82,400	–	1.89%	–
NLSN	New	NIELSEN N.V.	$3,268,000	–	73,000	–	1.82%	–
GM	New	GENERAL MOTORS CO	$3,186,000	–	95,600	–	1.78%	–
IBM	New	INTL BUSINESS MCHN	$2,962,000	–	18,214	–	1.65%	–
WFC	New	WELLS FARGO & CO	$2,916,000	–	51,861	–	1.63%	–
PFE	New	PFIZER INC	$2,662,000	–	79,400	–	1.48%	–
MS	New	MORGAN STANLEY	$2,434,000	–	62,768	–	1.36%	–
JBL	New	JABIL CIRCUIT INC	$2,424,000	–	113,900	–	1.35%	–
DEO	New	DIAGEO P L Cspon adr new	$2,297,000	–	19,800	–	1.28%	–
C	New	CITIGROUP INC	$2,060,000	–	37,300	–	1.15%	–
ETN	New	EATON CORPORATION	$2,003,000	–	29,684	–	1.12%	–
BEN	New	FRANKLIN RES INC	$1,797,000	–	36,662	–	1.00%	–
USB	New	US BANCORP DEL	$1,771,000	–	40,819	–	0.99%	–
SNDK	New	SANDISK CORP	$1,560,000	–	26,800	–	0.87%	–
BAC	New	BANK OF AMERICA CORP	$1,528,000	–	89,798	–	0.85%	–
A	New	AGILENT TECHN INC	$1,494,000	–	38,734	–	0.83%	–
COMM	New	COMMSCOPE INC	$1,351,000	–	44,300	–	0.75%	–
PBCT	New	PEOPLES UNITED FINL	$1,351,000	–	83,400	–	0.75%	–
DD	New	DU PONT E I DE NEMOU	$1,285,000	–	20,100	–	0.72%	–
ALSN	New	ALLISON TRANSMISSI	$1,120,000	–	38,300	–	0.62%	–
TEX	New	TEREX CORP	$1,071,000	–	46,100	–	0.60%	–
POT	New	POTASH CORP OF SASK	$983,000	–	31,750	–	0.55%	–
NAV	New	NAVISTAR INTL CORP	$850,000	–	37,600	–	0.47%	–
SEAS	New	SEAWORLD ENTERTAIN	$816,000	–	44,300	–	0.46%	–
VIA	New	VIACOM INCcl a	$739,000	–	11,400	–	0.41%	–
APC	New	ANADARKO PETE	$396,000	–	5,082	–	0.22%	–
	New	AON PLC	$338,000	–	3,400	–	0.19%	–
RDC	New	ROWAN COMPANIES PLC	$96,000	–	4,550	–	0.05%	–

Q4 2014

			Value		Shares		↓ Weighting
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-7,850	–	-0.11%	–
CSTM	Exit	CONSTELLIUM HOLDCO Bcl a	$0	–	-10,700	–	-0.15%	–
AON	Exit	AON PLC	$0	–	-3,400	–	-0.17%	–
ALSN	Exit	ALLISON TRANSMISSI	$0	–	-18,700	–	-0.31%	–
APC	Exit	ANADARKO PETE	$0	–	-5,282	–	-0.31%	–
C	Exit	CITIGROUP INC	$0	–	-18,000	–	-0.54%	–
VRX	Exit	VALEANT PHARMACEUTIC	$0	–	-8,600	–	-0.65%	–
PBCT	Exit	PEOPLES UNITED FINL	$0	–	-85,000	–	-0.71%	–
POT	Exit	POTASH CORP OF SASK	$0	–	-35,750	–	-0.71%	–
SEAS	Exit	SEAWORLD ENTERTAIN	$0	–	-66,100	–	-0.73%	–
NLSN	Exit	NIELSEN N.V.	$0	–	-34,300	–	-0.88%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-47,600	–	-0.90%	–
USB	Exit	US BANCORP DEL	$0	–	-40,819	–	-0.98%	–
NAV	Exit	NAVISTAR INTL CORP	$0	–	-56,300	–	-1.07%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-44,130	–	-1.13%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-115,787	–	-1.14%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-21,500	–	-1.19%	–
PFE	Exit	PFIZER INC	$0	–	-71,400	–	-1.22%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-39,062	–	-1.23%	–
JBL	Exit	JABIL CIRCUIT INC	$0	–	-106,900	–	-1.24%	–
	Exit	DU PONT E I DE NEMOU	$0	–	-30,100	–	-1.25%	–
MS	Exit	MORGAN STANLEY	$0	–	-62,768	–	-1.25%	–
A	Exit	AGILENT TECHN INC	$0	–	-42,634	–	-1.40%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-22,700	–	-1.51%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-51,861	–	-1.55%	–
TRV	Exit	TRAVELERS CO(THE)	$0	–	-34,400	–	-1.86%	–
M	Exit	MACYS INC	$0	–	-56,267	–	-1.89%	–
F	Exit	FORD MOTOR CO	$0	–	-250,700	–	-2.14%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-81,758	–	-2.19%	–
VIAB	Exit	VIACOM INCcl b	$0	–	-50,450	–	-2.24%	–
DRC	Exit	DRESSER-RAND GROUP	$0	–	-50,500	–	-2.40%	–
IBM	Exit	INTL BUSINESS MCHN	$0	–	-22,314	–	-2.44%	–
MSI	Exit	MOTOROLA SOLUTIONS	$0	–	-67,100	–	-2.45%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-53,000	–	-2.47%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-19,985	–	-2.52%	–
LOW	Exit	LOWES CO	$0	–	-83,100	–	-2.54%	–
CVX	Exit	CHEVRON CORP	$0	–	-37,243	–	-2.56%	–
AIG	Exit	AMERN INTL GROUP INC	$0	–	-82,400	–	-2.57%	–
TK	Exit	TEEKAY CORP'	$0	–	-68,066	–	-2.61%	–
CBS	Exit	CBS CORPORATIONcl b	$0	–	-84,900	–	-2.62%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-76,729	–	-2.67%	–
BLL	Exit	BALL CORP	$0	–	-73,204	–	-2.67%	–
SEE	Exit	SEALED AIR CORP	$0	–	-133,700	–	-2.69%	–
WYND	Exit	WYNDHAM WORLDWIDE CO	$0	–	-57,000	–	-2.71%	–
VAL	Exit	VALSPAR CORP	$0	–	-61,200	–	-2.79%	–
STT	Exit	STATE STREET CORP	$0	–	-65,733	–	-2.79%	–
HBI	Exit	HANESBRANDS INC	$0	–	-46,700	–	-2.90%	–
ABBV	Exit	ABBVIE INC	$0	–	-88,800	–	-2.96%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-109,567	–	-3.02%	–
LYB	Exit	LYONDELLBASELL INDUS	$0	–	-48,325	–	-3.03%	–
AAPL	Exit	APPLE INC	$0	–	-55,070	–	-3.20%	–
PCP	Exit	PRECISION CASTPARTS	$0	–	-23,763	–	-3.25%	–
AMGN	Exit	AMGEN INC	$0	–	-45,800	–	-3.71%	–
EBAY	Exit	EBAY INC	$0	–	-115,586	–	-3.78%	–

Q3 2014

			Value		Shares		↓ Weighting
EBAY	Sell	EBAY INC	$6,545,000	+12.6%	115,586	-0.4%	3.78%	+12.6%
AMGN	Sell	AMGEN INC	$6,433,000	+11.4%	45,800	-6.1%	3.71%	+11.4%
PCP	Sell	PRECISION CASTPARTS	$5,628,000	-6.3%	23,763	-0.2%	3.25%	-6.4%
AAPL	Sell	APPLE INC	$5,548,000	+0.2%	55,070	-7.6%	3.20%	+0.2%
IP	Sell	INTERNATIONAL PAPER	$5,230,000	-5.6%	109,567	-0.2%	3.02%	-5.6%
HBI	Sell	HANESBRANDS INC	$5,017,000	-9.8%	46,700	-17.3%	2.90%	-9.8%
STT	Buy	STATE STREET CORP	$4,838,000	+10.5%	65,733	+0.9%	2.79%	+10.4%
WYND	Sell	WYNDHAM WORLDWIDE CO	$4,689,000	+7.3%	57,000	-1.2%	2.71%	+7.3%
SEE	Buy	SEALED AIR CORP	$4,663,000	+8.9%	133,700	+6.7%	2.69%	+8.9%
CBS	Buy	CBS CORPORATIONcl b	$4,542,000	-5.4%	84,900	+9.8%	2.62%	-5.4%
CVX	Sell	CHEVRON CORP	$4,443,000	-11.5%	37,243	-3.1%	2.56%	-11.5%
LOW	Sell	LOWES CO	$4,397,000	+10.0%	83,100	-0.2%	2.54%	+10.0%
SHW	Sell	SHERWIN WILLIAMS CO	$4,376,000	+5.2%	19,985	-0.6%	2.52%	+5.3%
EMN	Buy	EASTMAN CHEM CO	$4,287,000	-5.4%	53,000	+2.1%	2.47%	-5.4%
MSI	Sell	MOTOROLA SOLUTIONS	$4,246,000	-12.0%	67,100	-7.4%	2.45%	-12.0%
DRC	Sell	DRESSER-RAND GROUP	$4,154,000	-15.8%	50,500	-34.8%	2.40%	-15.8%
VIAB	Sell	VIACOM INCcl b	$3,881,000	-19.7%	50,450	-9.5%	2.24%	-19.7%
MSFT	Sell	MICROSOFT CORP	$3,790,000	+10.9%	81,758	-0.2%	2.19%	+10.9%
F	Buy	FORD MOTOR CO	$3,707,000	-11.9%	250,700	+2.7%	2.14%	-11.9%
M	Sell	MACYS INC	$3,273,000	-2.5%	56,267	-2.8%	1.89%	-2.5%
DEO	Sell	DIAGEO P L Cspon adr new	$2,619,000	-13.2%	22,700	-4.2%	1.51%	-13.2%
	New	DU PONT E I DE NEMOU	$2,159,000	–	30,100	–	1.25%	–
JBL	Buy	JABIL CIRCUIT INC	$2,156,000	+7.9%	106,900	+11.8%	1.24%	+7.9%
BEN	Sell	FRANKLIN RES INC	$2,133,000	-7.7%	39,062	-2.3%	1.23%	-7.7%
OXY	Sell	OCCIDENTAL PETE CORP	$2,067,000	-12.0%	21,500	-6.1%	1.19%	-12.0%
BAC	Buy	BANK OF AMERICA CORP	$1,974,000	+21.5%	115,787	+9.5%	1.14%	+21.4%
NLSN	Buy	NIELSEN N.V.	$1,520,000	+265.4%	34,300	+298.8%	0.88%	+265.4%
SEAS	New	SEAWORLD ENTERTAIN	$1,271,000	–	66,100	–	0.73%	–
PBCT	Sell	PEOPLES UNITED FINL	$1,229,000	-9.0%	85,000	-4.5%	0.71%	-9.0%
VRX	Sell	VALEANT PHARMACEUTIC	$1,128,000	-32.2%	8,600	-34.8%	0.65%	-32.2%
C	Buy	CITIGROUP INC	$932,000	+19.9%	18,000	+9.1%	0.54%	+20.1%
ALSN	New	ALLISON TRANSMISSI	$532,000	–	18,700	–	0.31%	–
CSTM	Sell	CONSTELLIUM HOLDCO Bcl a	$263,000	-26.7%	10,700	-4.5%	0.15%	-26.6%
RDC	Sell	ROWAN COMPANIES PLC	$198,000	-25.6%	7,850	-6.0%	0.11%	-25.5%
MCD	Exit	MCDONALDS CORP	$0	–	-5,400	–	-0.31%	–
DD	Exit	DU PONT E I DE NEMOU	$0	–	-38,000	–	-1.44%	–

Q2 2014

			Value		Shares		↓ Weighting
PCP	New	PRECISION CASTPARTS	$6,009,000	–	23,809	–	3.47%	–
EBAY	New	EBAY INC	$5,811,000	–	116,086	–	3.35%	–
AMGN	New	AMGEN INC	$5,776,000	–	48,800	–	3.33%	–
HBI	New	HANESBRANDS INC	$5,561,000	–	56,500	–	3.21%	–
IP	New	INTERNATIONAL PAPER	$5,539,000	–	109,767	–	3.20%	–
AAPL	New	APPLE INC	$5,535,000	–	59,570	–	3.19%	–
CVX	New	CHEVRON CORP	$5,018,000	–	38,443	–	2.90%	–
ABBV	New	ABBVIE INC	$5,011,000	–	88,800	–	2.89%	–
DRC	New	DRESSER-RAND GROUP	$4,932,000	–	77,400	–	2.85%	–
VIAB	New	VIACOM INCcl b	$4,835,000	–	55,750	–	2.79%	–
MSI	New	MOTOROLA SOLUTIONS	$4,826,000	–	72,500	–	2.78%	–
CBS	New	CBS CORPORATIONcl b	$4,803,000	–	77,300	–	2.77%	–
LYB	New	LYONDELLBASELL INDUS	$4,718,000	–	48,325	–	2.72%	–
VAL	New	VALSPAR CORP	$4,662,000	–	61,200	–	2.69%	–
BLL	New	BALL CORP	$4,588,000	–	73,204	–	2.65%	–
EMN	New	EASTMAN CHEM CO	$4,533,000	–	51,900	–	2.62%	–
AIG	New	AMERN INTL GROUP INC	$4,497,000	–	82,400	–	2.60%	–
JPM	New	JPMORGAN CHASE & CO	$4,421,000	–	76,729	–	2.55%	–
STT	New	STATE STREET CORP	$4,380,000	–	65,133	–	2.53%	–
WYND	New	WYNDHAM WORLDWIDE CO	$4,369,000	–	57,700	–	2.52%	–
SEE	New	SEALED AIR CORP	$4,281,000	–	125,300	–	2.47%	–
TK	New	TEEKAY CORP	$4,237,000	–	68,066	–	2.44%	–
F	New	FORD MOTOR CO	$4,208,000	–	244,100	–	2.43%	–
SHW	New	SHERWIN WILLIAMS CO	$4,158,000	–	20,100	–	2.40%	–
IBM	New	INTL BUSINESS MCHN	$4,044,000	–	22,314	–	2.33%	–
LOW	New	LOWES CO	$3,997,000	–	83,300	–	2.31%	–
MSFT	New	MICROSOFT CORP	$3,417,000	–	81,958	–	1.97%	–
M	New	MACYS INC	$3,357,000	–	57,867	–	1.94%	–
TRV	New	TRAVELERS CO(THE)	$3,236,000	–	34,400	–	1.87%	–
DEO	New	DIAGEO P L Cspon adr new	$3,016,000	–	23,700	–	1.74%	–
WFC	New	WELLS FARGO & CO	$2,725,000	–	51,861	–	1.57%	–
DD	New	DU PONT E I DE NEMOU	$2,486,000	–	38,000	–	1.44%	–
A	New	AGILENT TECHN INC	$2,448,000	–	42,634	–	1.41%	–
OXY	New	OCCIDENTAL PETE CORP	$2,350,000	–	22,900	–	1.36%	–
BEN	New	FRANKLIN RES INC	$2,311,000	–	39,962	–	1.33%	–
CCK	New	CROWN HOLDINGS INC	$2,195,000	–	44,130	–	1.27%	–
PFE	New	PFIZER INC	$2,119,000	–	71,400	–	1.22%	–
NAV	New	NAVISTAR INTL CORP	$2,110,000	–	56,300	–	1.22%	–
MS	New	MORGAN STANLEY	$2,029,000	–	62,768	–	1.17%	–
JBL	New	JABIL CIRCUIT INC	$1,998,000	–	95,600	–	1.15%	–
USB	New	US BANCORP DEL	$1,768,000	–	40,819	–	1.02%	–
FCX	New	FREEPORT-MCMORAN INC	$1,737,000	–	47,600	–	1.00%	–
VRX	New	VALEANT PHARMACEUTIC	$1,664,000	–	13,200	–	0.96%	–
BAC	New	BANK OF AMERICA CORP	$1,625,000	–	105,787	–	0.94%	–
POT	New	POTASH CORP OF SASK	$1,357,000	–	35,750	–	0.78%	–
PBCT	New	PEOPLES UNITED FINL	$1,350,000	–	89,000	–	0.78%	–
C	New	CITIGROUP INC	$777,000	–	16,500	–	0.45%	–
APC	New	ANADARKO PETE	$578,000	–	5,282	–	0.33%	–
MCD	New	MCDONALDS CORP	$543,000	–	5,400	–	0.31%	–
NLSN	New	NIELSEN N.V.	$416,000	–	8,600	–	0.24%	–
CSTM	New	CONSTELLIUM HOLDCO Bcl a	$359,000	–	11,200	–	0.21%	–
AON	New	AON PLC	$306,000	–	3,400	–	0.18%	–
RDC	New	ROWAN COMPANIES PLC	$266,000	–	8,350	–	0.15%	–

Q4 2013

			Value		Shares		↓ Weighting
AEO	Exit	AMERICAN EAGLE OUTFT	$0	–	-11,700	–	-0.11%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-2,900	–	-0.14%	–
CSX	Exit	CSX CORP	$0	–	-9,600	–	-0.17%	–
CVE	Exit	CENOVUS ENERGY	$0	–	-12,680	–	-0.26%	–
AAP	Exit	ADVANCE AUTO PARTS	$0	–	-4,592	–	-0.26%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-3,500	–	-0.31%	–
NOC	Exit	NORTHROP GRUMMAN CO	$0	–	-5,300	–	-0.35%	–
APC	Exit	ANADARKO PETE	$0	–	-5,716	–	-0.37%	–
LSI	Exit	LSI CORPORATION	$0	–	-76,000	–	-0.41%	–
TYC	Exit	TYCO INTL LTD	$0	–	-18,700	–	-0.45%	–
CIT	Exit	CIT GROUP INC	$0	–	-13,800	–	-0.47%	–
C	Exit	CITIGROUP INC	$0	–	-16,000	–	-0.54%	–
MCD	Exit	MCDONALDS CORP	$0	–	-9,000	–	-0.60%	–
POT	Exit	POTASH CORP OF SASK	$0	–	-28,500	–	-0.62%	–
LOW	Exit	LOWES CO	$0	–	-20,500	–	-0.68%	–
ADT	Exit	ADT CORP	$0	–	-29,600	–	-0.84%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-91,187	–	-0.87%	–
PBCT	Exit	PEOPLES UNITED FINL	$0	–	-89,000	–	-0.89%	–
FCX	Exit	FREEPORT-MCMORAN C&G	$0	–	-43,300	–	-1.00%	–
AON	Exit	AON PLC	$0	–	-20,000	–	-1.03%	–
PFE	Exit	PFIZER INC	$0	–	-52,900	–	-1.06%	–
MS	Exit	MORGAN STANLEY	$0	–	-62,668	–	-1.17%	–
SHPG	Exit	SHIRE PLC	$0	–	-15,526	–	-1.29%	–
USB	Exit	US BANCORP DEL	$0	–	-53,819	–	-1.37%	–
T	Exit	AT&T INC	$0	–	-59,280	–	-1.39%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-22,800	–	-1.48%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-51,761	–	-1.48%	–
A	Exit	AGILENT TECHN INC	$0	–	-42,834	–	-1.52%	–
TK	Exit	TEEKAY CORP	$0	–	-54,616	–	-1.62%	–
TRV	Exit	TRAVELERS CO(THE)	$0	–	-32,100	–	-1.89%	–
M	Exit	MACYS INC	$0	–	-63,367	–	-1.90%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-82,558	–	-1.91%	–
WYND	Exit	WYNDHAM WORLDWIDE CO	$0	–	-48,300	–	-2.04%	–
DEO	Exit	DIAGEO P L C	$0	–	-23,800	–	-2.10%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-60,462	–	-2.12%	–
DD	Exit	DU PONT E I DE NEMOU	$0	–	-53,100	–	-2.16%	–
VRX	Exit	VALEANT PHARMACEUTIC	$0	–	-34,100	–	-2.47%	–
HBI	Exit	HANESBRANDS INC	$0	–	-58,100	–	-2.52%	–
AIG	Exit	AMERN INTL GROUP INC	$0	–	-76,000	–	-2.57%	–
A309PS	Exit	DIRECTV	$0	–	-63,200	–	-2.62%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-21,100	–	-2.67%	–
VAL	Exit	VALSPAR CORP	$0	–	-61,500	–	-2.71%	–
IBM	Exit	INTL BUSINESS MCHN	$0	–	-21,174	–	-2.72%	–
EMN	Exit	EASTMAN CHEM CO	$0	–	-51,500	–	-2.79%	–
STT	Exit	STATE STREET CORP	$0	–	-61,433	–	-2.81%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-79,429	–	-2.85%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-98,034	–	-2.88%	–
ABBV	Exit	ABBVIE INC	$0	–	-94,100	–	-2.92%	–
MSI	Exit	MOTOROLA SOLUTIONS	$0	–	-71,700	–	-2.96%	–
VIAB	Exit	VIACOM INC	$0	–	-53,700	–	-3.12%	–
EBAY	Exit	EBAY INC	$0	–	-81,886	–	-3.17%	–
IP	Exit	INTERNATIONAL PAPER	$0	–	-102,567	–	-3.19%	–
BLL	Exit	BALL CORP	$0	–	-102,804	–	-3.20%	–
DRC	Exit	DRESSER-RAND GROUP	$0	–	-78,100	–	-3.38%	–
CVX	Exit	CHEVRON CORP	$0	–	-42,043	–	-3.55%	–
AMGN	Exit	AMGEN INC	$0	–	-48,000	–	-3.73%	–
PCP	Exit	PRECISION CASTPARTS	$0	–	-26,999	–	-4.26%	–

Q3 2013

			Value		Shares		↓ Weighting
PCP	Sell	PRECISION CASTPARTS	$6,135,000	-0.8%	26,999	-1.3%	4.26%	-3.8%
AMGN	Sell	AMGEN INC	$5,372,000	+13.2%	48,000	-0.2%	3.73%	+9.8%
CVX	Sell	CHEVRON CORP	$5,108,000	+1.9%	42,043	-0.7%	3.55%	-1.2%
BLL	Sell	BALL CORP	$4,613,000	-4.8%	102,804	-11.9%	3.20%	-7.6%
IP	Sell	INTERNATIONAL PAPER	$4,595,000	+0.9%	102,567	-0.2%	3.19%	-2.1%
EBAY	Sell	EBAY INC	$4,568,000	+7.2%	81,886	-0.6%	3.17%	+4.0%
VIAB	Buy	VIACOM INC	$4,488,000	+190.7%	53,700	+136.6%	3.12%	+181.9%
MSI	Buy	MOTOROLA SOLUTIONS	$4,257,000	+14.2%	71,700	+11.0%	2.96%	+10.7%
ABBV	Buy	ABBVIE INC	$4,209,000	+8.9%	94,100	+0.6%	2.92%	+5.6%
CCK	Sell	CROWN HOLDINGS INC	$4,144,000	-7.8%	98,034	-10.3%	2.88%	-10.6%
JPM	Sell	JPMORGAN CHASE & CO	$4,105,000	-15.3%	79,429	-13.5%	2.85%	-17.9%
STT	Sell	STATE STREET CORP	$4,039,000	-1.0%	61,433	-1.8%	2.81%	-3.9%
EMN	Buy	EASTMAN CHEM CO	$4,011,000	+11.4%	51,500	+0.2%	2.79%	+8.1%
IBM	Sell	INTL BUSINESS MCHN	$3,921,000	-3.6%	21,174	-0.5%	2.72%	-6.5%
VAL	Buy	VALSPAR CORP	$3,900,000	+21.3%	61,500	+23.7%	2.71%	+17.7%
A309PS	Sell	DIRECTV	$3,778,000	-4.5%	63,200	-1.6%	2.62%	-7.4%
AIG	Buy	AMERN INTL GROUP INC	$3,695,000	+9.2%	76,000	+0.4%	2.57%	+5.9%
HBI	Sell	HANESBRANDS INC	$3,620,000	+20.3%	58,100	-0.7%	2.52%	+16.7%
VRX	New	VALEANT PHARMACEUTIC	$3,557,000	–	34,100	–	2.47%	–
DD	Sell	DU PONT E I DE NEMOU	$3,109,000	+10.1%	53,100	-1.3%	2.16%	+6.7%
BEN	Buy	FRANKLIN RES INC	$3,056,000	+9.8%	60,462	+195.6%	2.12%	+6.5%
DEO	Sell	DIAGEO P L C	$3,024,000	+4.8%	23,800	-5.2%	2.10%	+1.6%
WYND	Buy	WYNDHAM WORLDWIDE CO	$2,944,000	+37.9%	48,300	+29.5%	2.04%	+33.7%
MSFT	Buy	MICROSOFT CORP	$2,747,000	-3.2%	82,558	+0.5%	1.91%	-6.1%
TK	Sell	TEEKAY CORP	$2,334,000	+4.4%	54,616	-0.7%	1.62%	+1.2%
A	Sell	AGILENT TECHN INC	$2,195,000	+18.7%	42,834	-0.9%	1.52%	+15.2%
OXY	Buy	OCCIDENTAL PETE CORP	$2,132,000	+6.7%	22,800	+1.8%	1.48%	+3.4%
T	Sell	AT&T INC	$2,004,000	-6.6%	59,280	-2.1%	1.39%	-9.4%
USB	Sell	US BANCORP DEL	$1,968,000	+0.5%	53,819	-0.7%	1.37%	-2.6%
SHPG	Sell	SHIRE PLC	$1,861,000	+15.4%	15,526	-8.4%	1.29%	+11.9%
MS	Sell	MORGAN STANLEY	$1,688,000	+9.9%	62,668	-0.3%	1.17%	+6.6%
PFE	Sell	PFIZER INC	$1,519,000	+1.5%	52,900	-0.9%	1.06%	-1.6%
PBCT	Sell	PEOPLES UNITED FINL	$1,279,000	-4.4%	89,000	-0.9%	0.89%	-7.2%
BAC	Buy	BANK OF AMERICA CORP	$1,258,000	+7.4%	91,187	+0.1%	0.87%	+4.2%
LOW	Buy	LOWES CO	$976,000	+19.3%	20,500	+2.5%	0.68%	+15.7%
POT	New	POTASH CORP OF SASK	$891,000	–	28,500	–	0.62%	–
MCD	Sell	MCDONALDS CORP	$865,000	-5.0%	9,000	-2.2%	0.60%	-8.0%
CIT	Sell	CIT GROUP INC	$673,000	-56.4%	13,800	-58.3%	0.47%	-57.6%
CVE	Sell	CENOVUS ENERGY	$378,000	-8.9%	12,680	-12.8%	0.26%	-11.4%
CSX	Sell	CSX CORP	$247,000	-5.0%	9,600	-14.3%	0.17%	-7.5%
COP	New	CONOCOPHILLIPS	$201,000	–	2,900	–	0.14%	–
AEO	Sell	AMERICAN EAGLE OUTFT	$163,000	-47.2%	11,700	-30.8%	0.11%	-48.9%
BLTA	Exit	Baltia Air Lines Inc	$0	–	-197,950	–	-0.00%	–
CVS	Exit	CVS Caremark Corp	$0	–	-3,500	–	-0.14%	–
MMM	Exit	3M Co	$0	–	-2,000	–	-0.16%	–
KMB	Exit	Kimberly-Clark Corp	$0	–	-8,900	–	-0.62%	–
TEVA	Exit	Teva Pharmaceutical Industries Ltd	$0	–	-24,000	–	-0.67%	–
BDX	Exit	Becton Dickinson and Co	$0	–	-13,590	–	-0.96%	–
PKG	Exit	Packaging Corp of America	$0	–	-84,866	–	-2.98%	–

Q2 2013

			Value		Shares		↓ Weighting
PCP	New	Precision Castparts Corp	$6,185,000	–	27,366	–	4.43%	–
CVX	New	Chevron Corp	$5,013,000	–	42,359	–	3.59%	–
JPM	New	JPMorgan Chase & Co	$4,848,000	–	91,829	–	3.47%	–
BLL	New	Ball Corp	$4,845,000	–	116,634	–	3.47%	–
AMGN	New	Amgen Inc	$4,746,000	–	48,100	–	3.40%	–
DRC	New	Dresser-Rand Group Inc	$4,684,000	–	78,100	–	3.36%	–
IP	New	International Paper Co	$4,554,000	–	102,767	–	3.26%	–
CCK	New	Crown Holdings Inc	$4,497,000	–	109,334	–	3.22%	–
EBAY	New	eBay Inc	$4,261,000	–	82,386	–	3.05%	–
PKG	New	Packaging Corp of America	$4,155,000	–	84,866	–	2.98%	–
STT	New	State Street Corp	$4,078,000	–	62,533	–	2.92%	–
IBM	New	International Business Machines Corp	$4,066,000	–	21,274	–	2.91%	–
A309PS	New	DIRECTV	$3,957,000	–	64,200	–	2.83%	–
ABBV	New	AbbVie Inc	$3,865,000	–	93,500	–	2.77%	–
MSI	New	Motorola Solutions Inc	$3,729,000	–	64,600	–	2.67%	–
SHW	New	Sherwin-Williams Co/The	$3,726,000	–	21,100	–	2.67%	–
EMN	New	Eastman Chemical Co	$3,599,000	–	51,400	–	2.58%	–
AIG	New	American International Group Inc	$3,384,000	–	75,700	–	2.42%	–
VAL	New	Valspar Corp	$3,214,000	–	49,700	–	2.30%	–
M	New	Macy's Inc	$3,042,000	–	63,367	–	2.18%	–
HBI	New	Hanesbrands Inc	$3,008,000	–	58,500	–	2.16%	–
DEO	New	Diageo PLC	$2,885,000	–	25,100	–	2.07%	–
MSFT	New	Microsoft Corp	$2,838,000	–	82,158	–	2.03%	–
DD	New	EI du Pont de Nemours & Co	$2,825,000	–	53,800	–	2.02%	–
BEN	New	Franklin Resources Inc	$2,782,000	–	20,454	–	1.99%	–
TRV	New	Travelers Cos Inc/The	$2,565,000	–	32,100	–	1.84%	–
TK	New	Teekay Corp	$2,235,000	–	55,016	–	1.60%	–
T	New	AT&T Inc	$2,145,000	–	60,580	–	1.54%	–
WFC	New	Wells Fargo & Co	$2,136,000	–	51,761	–	1.53%	–
WYND	New	Wyndham Worldwide Corp	$2,135,000	–	37,300	–	1.53%	–
OXY	New	Occidental Petroleum Corp	$1,999,000	–	22,400	–	1.43%	–
USB	New	US Bancorp	$1,959,000	–	54,198	–	1.40%	–
A	New	Agilent Technologies Inc	$1,849,000	–	43,234	–	1.32%	–
SHPG	New	Shire PLC	$1,612,000	–	16,951	–	1.16%	–
VIAB	New	Viacom Inc	$1,544,000	–	22,700	–	1.11%	–
CIT	New	CIT Group Inc	$1,542,000	–	33,066	–	1.10%	–
MS	New	Morgan Stanley	$1,536,000	–	62,868	–	1.10%	–
PFE	New	Pfizer Inc	$1,496,000	–	53,400	–	1.07%	–
BDX	New	Becton Dickinson and Co	$1,343,000	–	13,590	–	0.96%	–
PBCT	New	People's United Financial Inc	$1,338,000	–	89,800	–	0.96%	–
AON	New	Aon PLC	$1,287,000	–	20,000	–	0.92%	–
FCX	New	Freeport-McMoRan Copper & Gold Inc	$1,196,000	–	43,300	–	0.86%	–
ADT	New	ADT Corp/The	$1,180,000	–	29,600	–	0.84%	–
BAC	New	Bank of America Corp	$1,171,000	–	91,087	–	0.84%	–
TEVA	New	Teva Pharmaceutical Industries Ltd	$941,000	–	24,000	–	0.67%	–
MCD	New	McDonald's Corp	$911,000	–	9,200	–	0.65%	–
KMB	New	Kimberly-Clark Corp	$865,000	–	8,900	–	0.62%	–
LOW	New	Lowe's Cos Inc	$818,000	–	20,000	–	0.59%	–
C	New	Citigroup Inc	$768,000	–	16,000	–	0.55%	–
TYC	New	Tyco International Ltd	$616,000	–	18,700	–	0.44%	–
LSI	New	LSI Corp	$543,000	–	76,000	–	0.39%	–
APC	New	Anadarko Petroleum Corp	$491,000	–	5,716	–	0.35%	–
NOC	New	Northrop Grumman Corp	$439,000	–	5,300	–	0.31%	–
CVE	New	Cenovus Energy Inc	$415,000	–	14,544	–	0.30%	–
LMT	New	Lockheed Martin Corp	$380,000	–	3,500	–	0.27%	–
AAP	New	Advance Auto Parts Inc	$373,000	–	4,592	–	0.27%	–
AEO	New	American Eagle Outfitters Inc	$309,000	–	16,900	–	0.22%	–
CSX	New	CSX Corp	$260,000	–	11,200	–	0.19%	–
MMM	New	3M Co	$219,000	–	2,000	–	0.16%	–
CVS	New	CVS Caremark Corp	$200,000	–	3,500	–	0.14%	–
BLTA	New	Baltia Air Lines Inc	$4,000	–	197,950	–	0.00%	–

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