KLCM Advisors, Inc. Activity Q4 2001-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
NVDA	Buy	Nvidia Corp.	$34,728,769	+707.1%	79,838	+685.0%	6.53%	+675.4%
ATI	Sell	Allegheny Technologies Inc.	$25,334,039	-9.6%	615,651	-2.9%	4.76%	-13.2%
BA	Sell	Boeing Co.	$22,349,499	-13.3%	116,598	-4.4%	4.20%	-16.7%
C	Buy	Citigroup Inc.	$21,887,965	-2.0%	532,165	+9.7%	4.12%	-5.9%
KMI	Sell	Kinder Morgan Inc.	$20,524,079	-4.4%	1,237,882	-0.8%	3.86%	-8.2%
HAL	Sell	Halliburton Co.	$18,577,188	+17.0%	458,696	-4.7%	3.49%	+12.4%
T	Buy	AT&T Inc.	$18,541,664	+5.2%	1,234,465	+11.7%	3.49%	+1.1%
BMY	Buy	Bristol-Myers Squibb Corp.	$18,221,738	-7.9%	313,951	+1.4%	3.43%	-11.5%
WFC	Buy	Wells Fargo & Co.	$17,525,460	-2.8%	428,915	+1.5%	3.30%	-6.6%
WBA	Buy	Walgreens Boots Alliance Inc.	$17,105,232	-13.4%	769,120	+11.0%	3.22%	-16.8%
MDT	Sell	Medtronic PLC	$16,602,368	-11.1%	211,873	-0.0%	3.12%	-14.6%
NEM	Buy	Newmont Corp.	$15,150,778	-7.5%	410,035	+6.8%	2.85%	-11.1%
IBM	Sell	IBM Corp.	$14,371,482	+4.0%	102,434	-0.8%	2.70%	-0.1%
VZ	Sell	Verizon Communications	$13,810,065	-17.3%	426,105	-5.1%	2.60%	-20.5%
CSCO	Sell	Cisco Systems Inc.	$13,638,447	-6.8%	253,691	-10.3%	2.56%	-10.5%
DOW	Buy	Dow Inc.	$13,236,265	-2.8%	256,716	+0.4%	2.49%	-6.6%
COG	Sell	Coterra Energy Inc.	$10,943,660	+5.9%	404,572	-1.0%	2.06%	+1.7%
OGN	Buy	Organon & Co.	$10,816,051	+48.3%	623,044	+77.7%	2.03%	+42.4%
GT	Buy	Goodyear Tire & Rubber	$10,019,686	-2.6%	806,089	+7.2%	1.88%	-6.4%
BAC	Sell	Bank of America Corp.	$9,974,518	-9.5%	364,299	-5.1%	1.88%	-13.0%
AAPL	Sell	Apple Inc.	$9,900,734	-11.9%	57,828	-0.2%	1.86%	-15.4%
	New	Kenvue Inc.	$9,607,075	–	478,440	–	1.81%	–
HBI	Buy	HanesBrands Inc.	$9,171,117	-6.5%	2,315,939	+7.2%	1.72%	-10.2%
MCS	Sell	Marcus Corp.	$8,710,457	+0.4%	561,965	-3.9%	1.64%	-3.5%
FLS	Sell	Flowserve Corp.	$8,690,620	+5.3%	218,522	-1.6%	1.63%	+1.2%
GTES	Sell	Gates Industrial Corp.	$8,279,730	-16.7%	713,155	-3.3%	1.56%	-20.0%
CMCSA	Sell	Comcast Corp. Cl A	$7,613,657	+3.0%	171,711	-3.4%	1.43%	-1.0%
LPX	New	Louisiana Pacific Corp.	$7,326,481	–	132,558	–	1.38%	–
DIS	Buy	The Walt Disney Co.	$7,282,148	-2.0%	89,848	+8.0%	1.37%	-5.8%
GM	Buy	General Motors Co.	$6,607,307	-13.6%	200,404	+1.0%	1.24%	-17.0%
REYN	Buy	Reynolds Consumer Products	$6,304,806	-7.7%	245,993	+1.7%	1.18%	-11.4%
USB	Buy	US BanCorp.	$4,355,324	+2.6%	131,740	+2.6%	0.82%	-1.3%
XOM	Buy	Exxon Mobil Corp.	$4,291,914	+10.9%	36,502	+1.1%	0.81%	+6.6%
MSFT	Buy	Microsoft Corp.	$4,091,839	-6.5%	12,959	+0.8%	0.77%	-10.3%
JPM	Buy	JP Morgan Chase & Co.	$3,798,436	+0.2%	26,192	+0.5%	0.71%	-3.8%
ABBV	Buy	Abbvie Inc.	$3,764,539	+16.3%	25,255	+5.1%	0.71%	+11.8%
LLY	Buy	Eli Lilly & Co.	$3,591,251	+17.1%	6,686	+2.3%	0.68%	+12.5%
PFE	Buy	Pfizer Inc.	$3,293,985	-4.3%	99,306	+5.8%	0.62%	-8.2%
CVX	Buy	Chevron Corp.	$2,992,464	+7.6%	17,747	+0.4%	0.56%	+3.5%
IP	Buy	International Paper Co.	$2,738,639	+17.1%	77,210	+5.0%	0.52%	+12.4%
WEC	Buy	WEC Energy Group Inc.	$2,707,244	-8.5%	33,609	+0.2%	0.51%	-12.1%
GOOG	Sell	Alphabet Inc. Cl C	$2,571,207	+6.8%	19,501	-2.0%	0.48%	+2.5%
MTG	Sell	MGIC Investment Corp.	$2,411,238	-35.0%	144,472	-38.5%	0.45%	-37.6%
FISV	Buy	Fiserv Inc.	$2,173,576	-9.5%	19,242	+1.1%	0.41%	-13.0%
KHC	Buy	Kraft Heinz Co.	$1,688,930	+2.8%	50,206	+8.5%	0.32%	-1.2%
JCI	Sell	Johnson Controls Intl.	$1,477,429	-26.3%	27,766	-5.6%	0.28%	-29.1%
PG	Buy	Procter & Gamble Co.	$1,438,524	-3.3%	9,862	+0.6%	0.27%	-7.2%
UNH	Sell	UnitedHealth Group Inc.	$1,418,791	+3.2%	2,814	-1.6%	0.27%	-0.7%
TSLA	Buy	Tesla Inc.	$1,399,981	-2.6%	5,595	+1.9%	0.26%	-6.4%
MRK	Buy	Merck & Co. Inc.	$1,320,674	-9.8%	12,828	+1.0%	0.25%	-13.6%
KSS	Sell	Kohls Corp.	$1,269,045	-13.5%	60,546	-4.8%	0.24%	-16.7%
PM	Sell	Philip Morris International In	$1,230,573	-15.9%	13,292	-11.3%	0.23%	-19.2%
INTC	Buy	Intel Corp.	$1,182,526	+15.5%	33,264	+8.6%	0.22%	+11.0%
JNJ	Sell	Johnson & Johnson	$1,161,018	-6.9%	7,454	-1.1%	0.22%	-10.7%
V	Buy	Visa Inc.	$1,126,819	+8.5%	4,899	+12.0%	0.21%	+4.4%
AMZN	Sell	Amazon Inc.	$1,129,715	-6.6%	8,887	-4.3%	0.21%	-10.5%
MCD	Buy	McDonalds Corp.	$1,076,174	-5.4%	4,085	+7.2%	0.20%	-9.0%
PEP	Buy	PepsiCo Inc.	$1,046,872	-4.6%	6,178	+4.2%	0.20%	-8.4%
ABT	Sell	Abbott Laboratories	$1,014,146	-11.7%	10,471	-0.6%	0.19%	-15.1%
BRKB	Sell	Berkshire Hathaway Cl B	$978,388	-4.1%	2,793	-6.7%	0.18%	-8.0%
MA	Buy	Mastercard Inc.	$969,188	+41.7%	2,448	+40.8%	0.18%	+35.8%
ITW	Buy	Illinois Tool Works Inc.	$963,387	+195.1%	4,183	+220.5%	0.18%	+182.8%
CAT	Buy	Caterpillar Inc.	$843,237	+106.8%	3,089	+86.4%	0.16%	+98.8%
	Buy	General Electric Co.	$834,779	+7.7%	7,551	+7.1%	0.16%	+3.3%
GOOGL	Sell	Alphabet Inc. Cl A	$832,008	-5.4%	6,358	-13.5%	0.16%	-9.3%
XEL	Buy	Xcel Energy Inc.	$772,584	+4.9%	13,502	+13.9%	0.14%	+0.7%
ETN	Buy	Eaton Corp.	$737,096	+6.2%	3,456	+0.2%	0.14%	+2.2%
HD	Sell	Home Depot Inc.	$719,456	-3.9%	2,381	-1.2%	0.14%	-8.2%
MO	Sell	Altria Group Inc.	$717,634	-11.3%	17,066	-4.4%	0.14%	-14.6%
COST	Sell	Costco Wholesale Corp.	$698,856	+3.1%	1,237	-1.7%	0.13%	-1.5%
MS	Buy	Morgan Stanley	$605,175	-3.8%	7,410	+0.6%	0.11%	-7.3%
NSC	Buy	Norfolk Southern Corp.	$604,404	+29.3%	3,069	+48.8%	0.11%	+25.3%
SLB	Buy	Schlumberger	$607,836	+21.7%	10,426	+2.6%	0.11%	+16.3%
MDLZ	Sell	Mondelez International Inc.	$587,749	-7.6%	8,469	-2.9%	0.11%	-11.3%
TXN	Sell	Texas Instruments Inc.	$569,369	-23.6%	3,581	-13.5%	0.11%	-26.7%
FIS	Sell	Fidelity National Information	$489,858	-4.1%	8,863	-5.0%	0.09%	-8.0%
BP	Buy	BP PLC	$482,282	+20.1%	12,456	+9.5%	0.09%	+15.2%
CRWD	Buy	Crowdstrike Holdings Inc.	$478,372	+15.9%	2,858	+1.7%	0.09%	+11.1%
DE	Buy	Deere & Co.	$478,518	-6.4%	1,268	+0.5%	0.09%	-10.0%
ACN	Sell	Accenture PLC	$472,642	-8.4%	1,539	-8.0%	0.09%	-11.9%
LMT	Sell	Lockheed Martin Corp.	$470,492	-28.5%	1,150	-19.5%	0.09%	-31.8%
EMR	Buy	Emerson Electric Co.	$432,023	+9.1%	4,474	+2.1%	0.08%	+5.2%
F	Buy	Ford Motor Co.	$431,598	-17.0%	34,750	+1.1%	0.08%	-20.6%
FB	Buy	Meta Platforms Inc.	$425,097	+16.3%	1,416	+11.1%	0.08%	+11.1%
HTLF	New	Heartland Financial Inc.	$409,077	–	13,900	–	0.08%	–
COP	Buy	ConocoPhillips	$395,939	+18.8%	3,305	+2.8%	0.07%	+13.8%
BCE	Buy	BCE Inc.	$360,417	-15.2%	9,435	+1.3%	0.07%	-18.1%
ORCL	Sell	Oracle Corp.	$331,286	-29.1%	3,128	-20.3%	0.06%	-31.9%
ROK	Buy	Rockwell Automation, Inc.	$324,748	+1.2%	1,136	+16.6%	0.06%	-3.2%
KO	Sell	Coca Cola Co.	$321,746	-10.3%	5,748	-3.5%	0.06%	-14.3%
MET	Buy	MetLife Inc.	$309,538	+15.3%	4,920	+3.6%	0.06%	+9.4%
AMAT	Buy	Applied Materials Inc.	$281,377	-0.1%	2,032	+4.3%	0.05%	-3.6%
VFC	Sell	VF Corp.	$278,451	-47.5%	15,758	-43.2%	0.05%	-50.0%
AMGN	Buy	Amgen Inc.	$270,910	+27.4%	1,008	+5.2%	0.05%	+21.4%
QCOM	New	Qualcomm Inc.	$248,663	–	2,239	–	0.05%	–
AJG	Buy	Arthur J. Gallagher & Co.	$241,184	+4.4%	1,058	+0.6%	0.04%	0.0%
WMT	New	Walmart Inc.	$232,820	–	1,456	–	0.04%	–
EXC	New	Exelon Corp.	$228,818	–	6,055	–	0.04%	–
NCBS	New	Nicolet Bankshares Inc.	$215,481	–	3,088	–	0.04%	–
ADI	Buy	Analog Devices	$217,462	-6.0%	1,242	+4.5%	0.04%	-8.9%
	New	Constellation Energy Corp.	$219,687	–	2,014	–	0.04%	–
TGT	Sell	Target Corp.	$211,410	-22.8%	1,912	-7.9%	0.04%	-25.9%
MBBC	New	Marathon Bancorp Inc	$215,000	–	25,000	–	0.04%	–
CVS	Buy	CVS Health Corp.	$214,372	+1.1%	3,070	+0.1%	0.04%	-4.8%
LOW	Buy	Lowes Companies Inc.	$205,127	-7.4%	987	+0.5%	0.04%	-9.3%
	Exit	Seqll Inc.	$0	–	-33,783	–	-0.00%	–
TROW	Exit	T. Rowe Price Group	$0	–	-1,809	–	-0.04%	–
OMC	Exit	Omnicom Group Inc.	$0	–	-2,176	–	-0.04%	–
O	Exit	Realty Income Corp.	$0	–	-3,587	–	-0.04%	–
MSI	Exit	Motorola Solutions Inc.	$0	–	-731	–	-0.04%	–
HON	Exit	Honeywell Inc.	$0	–	-1,050	–	-0.04%	–
AXP	Exit	American Express Co.	$0	–	-1,293	–	-0.04%	–
RTX	Exit	Raytheon Technologies Inc.	$0	–	-2,497	–	-0.05%	–
SLCA	Exit	US Silica Holdings, Inc.	$0	–	-25,000	–	-0.06%	–
LUV	Exit	Southwest Airlines Co.	$0	–	-10,135	–	-0.07%	–
ROST	Exit	Ross Stores Inc.	$0	–	-69,771	–	-1.53%	–

Q2 2023

			Value		Shares		↓ Weighting
ATI	New	Allegheny Technologies Inc.	$28,030,099	–	633,735	–	5.48%	–
BA	New	Boeing Co.	$25,766,371	–	122,023	–	5.04%	–
C	New	Citigroup Inc.	$22,339,241	–	485,214	–	4.37%	–
KMI	New	Kinder Morgan Inc.	$21,478,299	–	1,247,288	–	4.20%	–
BMY	New	Bristol-Myers Squibb Corp.	$19,792,618	–	309,501	–	3.87%	–
WBA	New	Walgreens Boots Alliance Inc.	$19,744,439	–	693,030	–	3.86%	–
MDT	New	Medtronic PLC	$18,667,597	–	211,891	–	3.65%	–
WFC	New	Wells Fargo & Co.	$18,034,110	–	422,542	–	3.53%	–
T	New	AT&T Inc.	$17,626,446	–	1,105,106	–	3.45%	–
VZ	New	Verizon Communications	$16,697,118	–	448,968	–	3.27%	–
NEM	New	Newmont Corp.	$16,375,108	–	383,852	–	3.20%	–
HAL	New	Halliburton Co.	$15,879,736	–	481,350	–	3.11%	–
CSCO	New	Cisco Systems Inc.	$14,635,181	–	282,860	–	2.86%	–
IBM	New	IBM Corp.	$13,820,197	–	103,282	–	2.70%	–
DOW	New	Dow Inc.	$13,614,380	–	255,621	–	2.66%	–
AAPL	New	Apple Inc.	$11,243,179	–	57,963	–	2.20%	–
BAC	New	Bank of America Corp.	$11,019,203	–	384,078	–	2.16%	–
COG	New	Coterra Energy Inc.	$10,335,572	–	408,521	–	2.02%	–
GT	New	Goodyear Tire & Rubber	$10,281,956	–	751,605	–	2.01%	–
GTES	New	Gates Industrial Corp.	$9,943,940	–	737,681	–	1.95%	–
HBI	New	HanesBrands Inc.	$9,807,301	–	2,160,199	–	1.92%	–
MCS	New	Marcus Corp.	$8,672,806	–	584,815	–	1.70%	–
FLS	New	Flowserve Corp.	$8,251,563	–	222,115	–	1.62%	–
ROST	New	Ross Stores Inc.	$7,823,422	–	69,771	–	1.53%	–
GM	New	General Motors Co.	$7,649,469	–	198,378	–	1.50%	–
DIS	New	The Walt Disney Co.	$7,427,882	–	83,198	–	1.45%	–
CMCSA	New	Comcast Corp. Cl A	$7,388,994	–	177,834	–	1.45%	–
OGN	New	Organon & Co.	$7,295,635	–	350,583	–	1.43%	–
REYN	New	Reynolds Consumer Products	$6,830,655	–	241,793	–	1.34%	–
MSFT	New	Microsoft Corp.	$4,377,091	–	12,853	–	0.86%	–
NVDA	New	NVIDIA Corp.	$4,302,663	–	10,171	–	0.84%	–
USB	New	US BanCorp.	$4,244,087	–	128,453	–	0.83%	–
UNP	New	Union Pacific Corp.	$4,168,519	–	20,372	–	0.82%	–
XOM	New	Exxon Mobil Corp.	$3,870,509	–	36,089	–	0.76%	–
JPM	New	JP Morgan Chase & Co.	$3,790,723	–	26,064	–	0.74%	–
MTG	New	MGIC Investment Corp.	$3,710,208	–	234,972	–	0.73%	–
PFE	New	Pfizer Inc.	$3,442,172	–	93,843	–	0.67%	–
ABBV	New	Abbvie Inc.	$3,236,375	–	24,021	–	0.63%	–
LLY	New	Eli Lilly & Co.	$3,066,191	–	6,538	–	0.60%	–
WEC	New	WEC Energy Group Inc.	$2,959,375	–	33,538	–	0.58%	–
CVX	New	Chevron Corp.	$2,781,128	–	17,675	–	0.54%	–
GOOG	New	Alphabet Inc. Cl C	$2,407,061	–	19,898	–	0.47%	–
FISV	New	Fiserv Inc.	$2,401,391	–	19,036	–	0.47%	–
IP	New	International Paper Co.	$2,338,830	–	73,525	–	0.46%	–
WRB	New	Berkley W R Corp.	$2,164,946	–	36,349	–	0.42%	–
JCI	New	Johnson Controls Intl.	$2,004,815	–	29,422	–	0.39%	–
KHC	New	Kraft Heinz Co.	$1,643,082	–	46,284	–	0.32%	–
PG	New	Procter & Gamble Co.	$1,488,169	–	9,807	–	0.29%	–
KSS	New	Kohls Corp.	$1,466,465	–	63,621	–	0.29%	–
MRK	New	Merck & Co. Inc.	$1,464,915	–	12,695	–	0.29%	–
PM	New	Philip Morris International In	$1,463,617	–	14,993	–	0.29%	–
TSLA	New	Tesla Inc.	$1,437,903	–	5,493	–	0.28%	–
UNH	New	UnitedHealth Group Inc.	$1,374,630	–	2,860	–	0.27%	–
JNJ	New	Johnson & Johnson	$1,247,193	–	7,535	–	0.24%	–
AMZN	New	Amazon Inc.	$1,210,132	–	9,283	–	0.24%	–
ABT	New	Abbott Laboratories	$1,148,401	–	10,534	–	0.22%	–
MCD	New	McDonalds Corp.	$1,137,008	–	3,810	–	0.22%	–
PEP	New	PepsiCo Inc.	$1,097,877	–	5,927	–	0.22%	–
FAST	New	Fastenal Co.	$1,066,008	–	18,071	–	0.21%	–
V	New	Visa Inc.	$1,038,975	–	4,375	–	0.20%	–
MGEE	New	MGE Energy Inc.	$1,026,452	–	12,975	–	0.20%	–
BRKB	New	Berkshire Hathaway Cl B	$1,020,613	–	2,993	–	0.20%	–
INTC	New	Intel Corp.	$1,023,996	–	30,622	–	0.20%	–
GOOGL	New	Alphabet Inc. Cl A	$879,556	–	7,348	–	0.17%	–
MO	New	Altria Group Inc.	$808,976	–	17,858	–	0.16%	–
	New	General Electric Co.	$774,788	–	7,053	–	0.15%	–
HD	New	Home Depot Inc.	$748,966	–	2,411	–	0.15%	–
TXN	New	Texas Instruments Inc.	$745,160	–	4,139	–	0.15%	–
XEL	New	Xcel Energy Inc.	$736,714	–	11,850	–	0.14%	–
ASB	New	Associated Banc-Corp.	$721,748	–	44,470	–	0.14%	–
ETN	New	Eaton Corp.	$693,795	–	3,450	–	0.14%	–
MA	New	Mastercard Inc.	$683,949	–	1,739	–	0.13%	–
COST	New	Costco Wholesale Corp.	$677,820	–	1,259	–	0.13%	–
LMT	New	Lockheed Martin Corp.	$657,573	–	1,428	–	0.13%	–
MDLZ	New	Mondelez International Inc.	$635,891	–	8,718	–	0.12%	–
MS	New	Morgan Stanley	$628,886	–	7,364	–	0.12%	–
KMB	New	Kimberly-Clark Corp.	$539,400	–	3,907	–	0.11%	–
	New	Coastalsouth Bancshares, Inc.	$531,610	–	37,046	–	0.10%	–
VFC	New	VF Corp.	$529,879	–	27,757	–	0.10%	–
F	New	Ford Motor Co.	$520,284	–	34,388	–	0.10%	–
ACN	New	Accenture PLC	$516,254	–	1,673	–	0.10%	–
DE	New	Deere & Co.	$511,350	–	1,262	–	0.10%	–
FIS	New	Fidelity National Information	$510,570	–	9,334	–	0.10%	–
SLB	New	Schlumberger	$499,354	–	10,166	–	0.10%	–
AEM	New	Agnico Eagle Mines Ltd.	$500,700	–	10,018	–	0.10%	–
ORCL	New	Oracle Corp.	$467,401	–	3,925	–	0.09%	–
NSC	New	Norfolk Southern Corp.	$467,579	–	2,062	–	0.09%	–
HP	New	Helmerich & Payne Inc.	$460,850	–	13,000	–	0.09%	–
DUK	New	Duke Energy Corp.	$455,879	–	5,080	–	0.09%	–
BCE	New	BCE Inc.	$424,808	–	9,318	–	0.08%	–
CRWD	New	Crowdstrike Holdings Inc.	$412,705	–	2,810	–	0.08%	–
CAT	New	Caterpillar Inc.	$407,801	–	1,657	–	0.08%	–
BP	New	BP PLC	$401,552	–	11,379	–	0.08%	–
LNT	New	Alliant Energy Corp.	$396,119	–	7,548	–	0.08%	–
HSY	New	Hershey Co.	$391,280	–	1,567	–	0.08%	–
EMR	New	Emerson Electric Co.	$395,999	–	4,381	–	0.08%	–
CL	New	Colgate-Palmolive Co.	$384,198	–	4,987	–	0.08%	–
EXAS	New	Exact Sciences Corp.	$374,379	–	3,987	–	0.07%	–
FB	New	Meta Platforms Inc.	$365,613	–	1,274	–	0.07%	–
LUV	New	Southwest Airlines Co.	$366,988	–	10,135	–	0.07%	–
KO	New	Coca Cola Co.	$358,714	–	5,957	–	0.07%	–
COP	New	ConocoPhillips	$333,210	–	3,216	–	0.06%	–
ITW	New	Illinois Tool Works Inc.	$326,459	–	1,305	–	0.06%	–
BMO	New	Bank Montreal	$326,742	–	3,618	–	0.06%	–
ROK	New	Rockwell Automation, Inc.	$320,884	–	974	–	0.06%	–
ANSS	New	Ansys Inc.	$311,445	–	943	–	0.06%	–
K	New	Kellogg Co.	$309,211	–	4,588	–	0.06%	–
SLCA	New	US Silica Holdings, Inc.	$303,250	–	25,000	–	0.06%	–
OXY	New	Occidental Petroleum Corp.	$290,440	–	4,939	–	0.06%	–
AMAT	New	Applied Materials Inc.	$281,708	–	1,949	–	0.06%	–
TGT	New	Target Corp.	$273,956	–	2,077	–	0.05%	–
MET	New	MetLife Inc.	$268,474	–	4,749	–	0.05%	–
WM	New	Waste Management Inc.	$245,389	–	1,415	–	0.05%	–
RTX	New	Raytheon Technologies Inc.	$244,570	–	2,497	–	0.05%	–
MCK	New	McKesson Corp.	$234,166	–	548	–	0.05%	–
ADI	New	Analog Devices	$231,434	–	1,188	–	0.04%	–
AJG	New	Arthur J. Gallagher & Co.	$230,976	–	1,052	–	0.04%	–
AXP	New	American Express Co.	$225,241	–	1,293	–	0.04%	–
LOW	New	Lowes Companies Inc.	$221,527	–	982	–	0.04%	–
HON	New	Honeywell Inc.	$217,875	–	1,050	–	0.04%	–
PSX	New	Phillips 66	$213,365	–	2,237	–	0.04%	–
CVS	New	CVS Health Corp.	$212,121	–	3,068	–	0.04%	–
MSI	New	Motorola Solutions Inc.	$214,342	–	731	–	0.04%	–
AMGN	New	Amgen Inc.	$212,695	–	958	–	0.04%	–
O	New	Realty Income Corp.	$214,461	–	3,587	–	0.04%	–
OMC	New	Omnicom Group Inc.	$207,046	–	2,176	–	0.04%	–
TROW	New	T. Rowe Price Group	$202,644	–	1,809	–	0.04%	–
AMBC	New	AMBAC Financial Group	$199,360	–	14,000	–	0.04%	–
ARCC	New	Ares Capital Corp.	$194,852	–	10,370	–	0.04%	–
VUZI	New	Vuzix Corp.	$113,730	–	22,300	–	0.02%	–
NOK	New	Nokia Corp.	$60,461	–	14,534	–	0.01%	–
TELL	New	Tellurian Inc.	$32,430	–	23,000	–	0.01%	–
NNDM	New	Nano Dimension Ltd.	$28,900	–	10,000	–	0.01%	–
OPK	New	OPKO Health Inc.	$21,700	–	10,000	–	0.00%	–
	New	Seqll Inc.	$13,665	–	33,783	–	0.00%	–
	New	Malachite Innovations Com	$12,025	–	74,000	–	0.00%	–
SRNE	New	Sorrento Therapeutics Inc.	$7,160	–	20,000	–	0.00%	–
SPZI	New	Spooz Inc.	$153	–	1,535,000	–	0.00%	–
OPMG	New	Options Media Group Hldgs.	$0	–	20,000	–	0.00%	–
UNRV	New	Unrivaled Brands Inc.	$737	–	38,000	–	0.00%	–
BEEI	New	Bald Eagle Energy	$0	–	14,000	–	0.00%	–
	New	Dotz Nano Ltde	$1,667	–	10,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
SPZI	Exit	Spooz Inc.	$0	–	-1,535,000	–	0.00%	–
BEEI	Exit	Bald Eagle Energy	$0	–	-14,000	–	0.00%	–
OPMG	Exit	Options Media Group Hldgs.	$0	–	-20,000	–	0.00%	–
UNRV	Exit	Unrivaled Brands Inc.	$0	–	-38,000	–	0.00%	–
	Exit	Malachite Innovations Com	$0	–	-74,000	–	-0.00%	–
OPK	Exit	OPKO Health Inc.	$0	–	-10,000	–	-0.00%	–
OESX	Exit	Orion Energy System Inc.	$0	–	-10,000	–	-0.00%	–
	Exit	Operaadora De Sites Mexicanos,	$0	–	-37,000	–	-0.01%	–
NOK	Exit	Nokia Corp.	$0	–	-12,521	–	-0.01%	–
TELL	Exit	Tellurian Inc.	$0	–	-23,000	–	-0.01%	–
VUZI	Exit	Vuzix Corp.	$0	–	-21,375	–	-0.03%	–
AMBC	Exit	AMBAC Financial Group	$0	–	-12,000	–	-0.04%	–
PSX	Exit	Phillips 66	$0	–	-2,491	–	-0.05%	–
MA	Exit	Mastercard Inc.	$0	–	-715	–	-0.05%	–
ANSS	Exit	Ansys Inc.	$0	–	-938	–	-0.05%	–
LUV	Exit	Southwest Airlines Co.	$0	–	-7,980	–	-0.06%	–
TGT	Exit	Target Corp.	$0	–	-1,789	–	-0.06%	–
SLCA	Exit	US Silica Holdings, Inc.	$0	–	-25,000	–	-0.06%	–
MET	Exit	MetLife Inc.	$0	–	-4,660	–	-0.07%	–
COP	Exit	ConocoPhillips	$0	–	-2,792	–	-0.07%	–
BMO	Exit	Bank Montreal	$0	–	-3,236	–	-0.07%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-4,779	–	-0.07%	–
CVS	Exit	CVS Health Corp.	$0	–	-3,223	–	-0.07%	–
F	Exit	Ford Motor Co.	$0	–	-28,224	–	-0.07%	–
ACN	Exit	Accenture PLC	$0	–	-1,245	–	-0.08%	–
BP	Exit	BP PLC	$0	–	-11,645	–	-0.08%	–
ESNT	Exit	Essent Group Ltd.	$0	–	-9,651	–	-0.08%	–
CAT	Exit	Caterpillar Inc.	$0	–	-2,081	–	-0.08%	–
	Exit	General Electric Co.	$0	–	-5,556	–	-0.08%	–
GOOGL	Exit	Alphabet Inc. Cl A	$0	–	-3,600	–	-0.08%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-4,987	–	-0.08%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-9,742	–	-0.08%	–
K	Exit	Kellogg Co.	$0	–	-5,071	–	-0.08%	–
HSY	Exit	Hershey Co.	$0	–	-1,667	–	-0.09%	–
MS	Exit	Morgan Stanley	$0	–	-4,647	–	-0.09%	–
TXN	Exit	Texas Instruments Inc.	$0	–	-2,447	–	-0.09%	–
LNT	Exit	Alliant Energy Corp.	$0	–	-7,312	–	-0.09%	–
BCE	Exit	BCE Inc.	$0	–	-9,318	–	-0.09%	–
HD	Exit	Home Depot Inc.	$0	–	-1,422	–	-0.09%	–
NSC	Exit	Norfolk Southern Corp.	$0	–	-1,862	–	-0.09%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-845	–	-0.09%	–
AMX	Exit	America Movil Sab ADR	$0	–	-25,000	–	-0.10%	–
ETN	Exit	Eaton Corp.	$0	–	-3,100	–	-0.10%	–
DE	Exit	Deere & Co.	$0	–	-1,262	–	-0.10%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-1,101	–	-0.10%	–
DUK	Exit	Duke Energy Corp.	$0	–	-4,702	–	-0.10%	–
EMR	Exit	Emerson Electric Co.	$0	–	-6,273	–	-0.11%	–
KMB	Exit	Kimberly-Clark Corp.	$0	–	-4,457	–	-0.12%	–
INTC	Exit	Intel Corp.	$0	–	-19,616	–	-0.12%	–
KO	Exit	Coca Cola Co.	$0	–	-9,373	–	-0.12%	–
	Exit	Coastalsouth Bancshares, Inc.	$0	–	-37,046	–	-0.12%	–
V	Exit	Visa Inc.	$0	–	-3,035	–	-0.13%	–
AEM	Exit	Agnico Eagle Mines Ltd.	$0	–	-13,000	–	-0.13%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-10,054	–	-0.13%	–
HP	Exit	Helmerich & Payne Inc.	$0	–	-15,500	–	-0.14%	–
AMZN	Exit	Amazon Inc.	$0	–	-5,170	–	-0.14%	–
MO	Exit	Altria Group Inc.	$0	–	-16,131	–	-0.15%	–
FIS	Exit	Fidelity National Information	$0	–	-8,666	–	-0.15%	–
XEL	Exit	Xcel Energy Inc.	$0	–	-11,850	–	-0.18%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-3,008	–	-0.19%	–
MGEE	Exit	MGE Energy Inc.	$0	–	-12,975	–	-0.20%	–
ABT	Exit	Abbott Laboratories	$0	–	-9,586	–	-0.22%	–
JNJ	Exit	Johnson & Johnson	$0	–	-5,705	–	-0.22%	–
MCD	Exit	McDonald's Corp.	$0	–	-4,120	–	-0.22%	–
GOOG	Exit	Alphabet Inc. Cl C	$0	–	-11,890	–	-0.27%	–
PEP	Exit	PepsiCo Inc.	$0	–	-7,210	–	-0.28%	–
FAST	Exit	Fastenal Co.	$0	–	-25,900	–	-0.28%	–
PG	Exit	Procter & Gamble Co.	$0	–	-9,635	–	-0.29%	–
PM	Exit	Philip Morris International In	$0	–	-14,991	–	-0.29%	–
PFE	Exit	Pfizer Inc.	$0	–	-29,624	–	-0.30%	–
CVX	Exit	Chevron Corp.	$0	–	-9,195	–	-0.31%	–
ABBV	Exit	Abbvie Inc.	$0	–	-10,262	–	-0.32%	–
TSLA	Exit	Tesla Inc.	$0	–	-5,298	–	-0.33%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-14,262	–	-0.35%	–
UNH	Exit	UnitedHealth Group Inc.	$0	–	-3,255	–	-0.39%	–
IP	Exit	International Paper Company	$0	–	-56,150	–	-0.42%	–
KSS	Exit	Kohls Corp.	$0	–	-72,915	–	-0.43%	–
LLY	Exit	Eli Lilly & Co.	$0	–	-6,089	–	-0.46%	–
JCI	Exit	Johnson Controls Intl.	$0	–	-43,622	–	-0.50%	–
MSFT	Exit	Microsoft Corp.	$0	–	-9,537	–	-0.52%	–
WRB	Exit	Berkley W R Corp.	$0	–	-36,349	–	-0.55%	–
WEC	Exit	WEC Energy Group Inc.	$0	–	-31,594	–	-0.66%	–
GILD	Exit	Gilead Sciences Inc.	$0	–	-47,240	–	-0.68%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-34,759	–	-0.71%	–
DIS	Exit	The Walt Disney Co.	$0	–	-34,452	–	-0.76%	–
FISV	Exit	Fiserv Inc.	$0	–	-37,550	–	-0.82%	–
MTG	Exit	MGIC Investment Corp.	$0	–	-282,072	–	-0.85%	–
UNP	Exit	Union Pacific Corp.	$0	–	-20,201	–	-0.92%	–
USB	Exit	US Bancorp	$0	–	-117,810	–	-1.12%	–
CMCSA	Exit	Comcast Corp. Cl A	$0	–	-172,335	–	-1.19%	–
GM	Exit	General Motors Co.	$0	–	-190,821	–	-1.44%	–
REYN	Exit	Reynolds Consumer Products	$0	–	-240,985	–	-1.47%	–
ROST	Exit	Ross Stores Inc.	$0	–	-74,721	–	-1.48%	–
AAPL	Exit	Apple Inc.	$0	–	-46,043	–	-1.49%	–
MDT	Exit	Medtronic PLC	$0	–	-79,179	–	-1.50%	–
GT	Exit	Goodyear Tire & Rubber	$0	–	-636,950	–	-1.51%	–
COG	Exit	Coterra Energy Inc.	$0	–	-246,867	–	-1.51%	–
GTES	Exit	Gates Industrial Corp.	$0	–	-749,086	–	-1.72%	–
NATI	Exit	National Instrs Corp.	$0	–	-193,910	–	-1.72%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-216,813	–	-2.04%	–
FLS	Exit	Flowserve Corp.	$0	–	-358,654	–	-2.05%	–
NEM	Exit	Newmont Corp.	$0	–	-215,359	–	-2.12%	–
MMM	Exit	3M Company	$0	–	-83,579	–	-2.17%	–
BAC	Exit	Bank of America Corp.	$0	–	-311,483	–	-2.21%	–
ALSN	Exit	Allison Transmission Holdings,	$0	–	-299,219	–	-2.37%	–
HBI	Exit	HanesBrands Inc.	$0	–	-1,461,185	–	-2.39%	–
VZ	Exit	Verizon Communications	$0	–	-282,930	–	-2.52%	–
DOW	Exit	Dow Inc.	$0	–	-256,579	–	-2.65%	–
IBM	Exit	IBM Corp.	$0	–	-103,958	–	-2.90%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-159,863	–	-3.23%	–
ORCL	Exit	Oracle Corp.	$0	–	-231,201	–	-3.32%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-378,118	–	-3.57%	–
BA	Exit	Boeing Co.	$0	–	-128,102	–	-3.64%	–
WBA	Exit	Walgreens Boots Alliance Inc.	$0	–	-524,056	–	-3.86%	–
T	Exit	AT&T Inc.	$0	–	-1,151,996	–	-4.15%	–
C	Exit	Citigroup Inc.	$0	–	-433,846	–	-4.24%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-1,208,428	–	-4.72%	–
BMY	Exit	Bristol-Myers Squibb Corp.	$0	–	-298,640	–	-4.98%	–
ATI	Exit	Allegheny Technologies Inc.	$0	–	-1,189,499	–	-7.43%	–

Q3 2022

			Value		Shares		↓ Weighting
ATI	Sell	Allegheny Technologies Inc.	$31,653,000	+14.9%	1,189,499	-2.0%	7.43%	+21.2%
BMY	Buy	Bristol-Myers Squibb Corp.	$21,230,000	-4.4%	298,640	+3.5%	4.98%	+0.8%
KMI	Buy	Kinder Morgan Inc.	$20,108,000	+1.3%	1,208,428	+2.0%	4.72%	+6.9%
C	Buy	Citigroup Inc.	$18,078,000	-7.8%	433,846	+1.8%	4.24%	-2.7%
T	Buy	AT&T Inc.	$17,672,000	-19.5%	1,151,996	+9.9%	4.15%	-15.1%
WBA	Buy	Walgreens Boots Alliance Inc.	$16,455,000	-11.2%	524,056	+7.2%	3.86%	-6.3%
BA	Sell	Boeing Co.	$15,511,000	-21.2%	128,102	-11.0%	3.64%	-16.8%
WFC	Buy	Wells Fargo & Co.	$15,208,000	+8.2%	378,118	+5.4%	3.57%	+14.2%
ORCL	Buy	Oracle Corp.	$14,119,000	-10.9%	231,201	+2.0%	3.32%	-6.0%
MRK	Sell	Merck & Co. Inc.	$13,767,000	-6.8%	159,863	-1.3%	3.23%	-1.6%
IBM	Buy	IBM Corp.	$12,351,000	-14.3%	103,958	+1.9%	2.90%	-9.5%
DOW	Buy	Dow Inc.	$11,272,000	-14.3%	256,579	+0.7%	2.65%	-9.5%
VZ	Sell	Verizon Communications	$10,743,000	-26.8%	282,930	-2.1%	2.52%	-22.7%
HBI	Buy	HanesBrands Inc.	$10,170,000	+38.8%	1,461,185	+105.3%	2.39%	+46.5%
ALSN	Buy	Allison Transmission Holdings,	$10,102,000	-11.4%	299,219	+0.9%	2.37%	-6.5%
BAC	Buy	Bank of America Corp.	$9,407,000	+1.2%	311,483	+4.3%	2.21%	+6.8%
MMM	Sell	3M Company	$9,235,000	-16.2%	83,579	-1.8%	2.17%	-11.5%
NEM	Buy	Newmont Corp.	$9,052,000	-9.8%	215,359	+28.0%	2.12%	-4.9%
FLS	Buy	Flowserve Corp.	$8,715,000	-13.8%	358,654	+1.5%	2.05%	-9.1%
CSCO	Buy	Cisco Systems Inc.	$8,673,000	+0.5%	216,813	+7.2%	2.04%	+6.1%
NATI	Buy	National Instrs Corp.	$7,318,000	+22.2%	193,910	+1.1%	1.72%	+29.0%
GTES	Buy	Gates Industrial Corp.	$7,311,000	-8.2%	749,086	+1.7%	1.72%	-3.1%
COG	Sell	Coterra Energy Inc.	$6,448,000	+0.1%	246,867	-1.2%	1.51%	+5.6%
GT	Buy	Goodyear Tire & Rubber	$6,427,000	-1.4%	636,950	+4.6%	1.51%	+4.0%
MDT	Buy	Medtronic PLC	$6,394,000	-7.7%	79,179	+2.6%	1.50%	-2.6%
AAPL	Buy	Apple Inc.	$6,363,000	+27.0%	46,043	+25.7%	1.49%	+34.0%
ROST	Buy	Ross Stores Inc.	$6,297,000	+22.4%	74,721	+2.0%	1.48%	+29.2%
REYN	Buy	Reynolds Consumer Products	$6,268,000	-2.3%	240,985	+2.4%	1.47%	+3.1%
GM	Buy	General Motors Co.	$6,123,000	+3.5%	190,821	+2.5%	1.44%	+9.3%
CMCSA	Sell	Comcast Corp. Cl A	$5,055,000	-55.9%	172,335	-41.1%	1.19%	-53.5%
USB	Buy	US Bancorp	$4,750,000	-6.8%	117,810	+6.4%	1.12%	-1.7%
UNP	Sell	Union Pacific Corp.	$3,936,000	-9.6%	20,201	-1.1%	0.92%	-4.6%
MTG	Sell	MGIC Investment Corp.	$3,616,000	-13.7%	282,072	-15.2%	0.85%	-9.0%
DIS	Buy	The Walt Disney Co.	$3,250,000	+3.2%	34,452	+3.2%	0.76%	+8.8%
XOM	Sell	Exxon Mobil Corp.	$3,035,000	-18.1%	34,759	-19.7%	0.71%	-13.6%
GILD	Buy	Gilead Sciences Inc.	$2,914,000	+3.7%	47,240	+4.0%	0.68%	+9.4%
WEC	Sell	WEC Energy Group Inc.	$2,825,000	-14.4%	31,594	-3.7%	0.66%	-9.7%
MSFT	Buy	Microsoft Corp.	$2,221,000	+7.9%	9,537	+19.0%	0.52%	+13.8%
JCI	New	Johnson Controls Intl.	$2,147,000	–	43,622	–	0.50%	–
LLY	Buy	Eli Lilly & Co.	$1,969,000	+0.5%	6,089	+0.7%	0.46%	+6.0%
KSS	Buy	Kohls Corp.	$1,834,000	-17.4%	72,915	+17.2%	0.43%	-12.8%
IP	Buy	International Paper Company	$1,780,000	-5.9%	56,150	+24.2%	0.42%	-0.7%
UNH	New	UnitedHealth Group Inc.	$1,644,000	–	3,255	–	0.39%	–
JPM	Buy	JPMorgan Chase & Co.	$1,490,000	+5.2%	14,262	+13.3%	0.35%	+11.1%
TSLA	Buy	Tesla Inc.	$1,405,000	+17.9%	5,298	+199.3%	0.33%	+24.5%
ABBV	Buy	Abbvie Inc.	$1,377,000	-1.8%	10,262	+12.1%	0.32%	+3.5%
CVX	Buy	Chevron Corp.	$1,321,000	+24.6%	9,195	+25.5%	0.31%	+31.4%
PFE	Buy	Pfizer Inc.	$1,296,000	-8.1%	29,624	+10.1%	0.30%	-3.2%
PM	Buy	Philip Morris International In	$1,244,000	-10.9%	14,991	+6.0%	0.29%	-6.1%
PG	Buy	Procter & Gamble Co.	$1,216,000	-11.9%	9,635	+0.3%	0.29%	-6.8%
PEP	Buy	PepsiCo Inc.	$1,177,000	+1.1%	7,210	+3.3%	0.28%	+6.6%
GOOG	Buy	Alphabet Inc. Cl C	$1,143,000	-2.7%	11,890	+2114.2%	0.27%	+2.7%
MCD	Sell	McDonald's Corp.	$951,000	-8.6%	4,120	-2.3%	0.22%	-3.9%
JNJ	Buy	Johnson & Johnson	$932,000	+14.5%	5,705	+24.5%	0.22%	+21.0%
ABT	Buy	Abbott Laboratories	$927,000	-5.6%	9,586	+6.0%	0.22%	0.0%
BRKB	Sell	Berkshire Hathaway Cl B	$803,000	-2.9%	3,008	-0.7%	0.19%	+2.7%
XEL	Sell	Xcel Energy Inc.	$758,000	-10.1%	11,850	-0.5%	0.18%	-5.3%
FIS	Buy	Fidelity National Information	$655,000	-14.6%	8,666	+3.6%	0.15%	-9.9%
MO	Buy	Altria Group Inc.	$651,000	-3.1%	16,131	+0.3%	0.15%	+2.0%
AMZN	Buy	Amazon Inc.	$584,000	+7.0%	5,170	+0.6%	0.14%	+13.2%
MDLZ	Buy	Mondelez International Inc.	$551,000	+0.2%	10,054	+13.6%	0.13%	+5.7%
V	Buy	Visa Inc.	$539,000	+12.8%	3,035	+25.0%	0.13%	+19.8%
	Buy	Coastalsouth Bancshares, Inc.	$531,000	+30.1%	37,046	+50.9%	0.12%	+37.4%
KO	Sell	Coca Cola Co.	$525,000	-19.5%	9,373	-9.6%	0.12%	-15.2%
INTC	Buy	Intel Corp.	$506,000	+35.3%	19,616	+96.0%	0.12%	+43.4%
DUK	Sell	Duke Energy Corp.	$437,000	-31.6%	4,702	-21.1%	0.10%	-27.5%
LMT	Buy	Lockheed Martin Corp.	$425,000	+17.1%	1,101	+30.3%	0.10%	+23.5%
ETN	Buy	Eaton Corp.	$413,000	+13.2%	3,100	+6.9%	0.10%	+19.8%
COST	Buy	Costco Wholesale Corp.	$399,000	+19.8%	845	+21.6%	0.09%	+27.0%
HD	Buy	Home Depot Inc.	$392,000	+42.0%	1,422	+41.4%	0.09%	+50.8%
BCE	New	BCE Inc.	$391,000	–	9,318	–	0.09%	–
LNT	Sell	Alliant Energy Corp.	$387,000	-10.6%	7,312	-1.0%	0.09%	-5.2%
TXN	Buy	Texas Instruments Inc.	$379,000	+69.2%	2,447	+67.5%	0.09%	+78.0%
HSY	Sell	Hershey Co.	$368,000	+1.4%	1,667	-1.2%	0.09%	+6.2%
K	Buy	Kellogg Co.	$353,000	-2.5%	5,071	+0.1%	0.08%	+2.5%
CL	Buy	Colgate-Palmolive Co.	$350,000	-10.7%	4,987	+1.9%	0.08%	-5.7%
GOOGL	Buy	Alphabet Inc. Cl A	$344,000	-12.2%	3,600	+1900.0%	0.08%	-6.9%
	Buy	General Electric Co.	$344,000	+9.2%	5,556	+12.3%	0.08%	+15.7%
ESNT	Buy	Essent Group Ltd.	$337,000	+52.5%	9,651	+70.0%	0.08%	+61.2%
BP	Sell	BP PLC	$332,000	-12.4%	11,645	-13.0%	0.08%	-7.1%
ACN	Buy	Accenture PLC	$320,000	-6.7%	1,245	+0.6%	0.08%	-1.3%
F	Buy	Ford Motor Co.	$316,000	+29.0%	28,224	+28.4%	0.07%	+34.5%
CVS	Buy	CVS Health Corp.	$307,000	+46.2%	3,223	+42.5%	0.07%	+53.2%
OXY	Buy	Occidental Petroleum Corp.	$294,000	+31.8%	4,779	+26.5%	0.07%	+38.0%
COP	New	ConocoPhillips	$286,000	–	2,792	–	0.07%	–
BMO	Buy	Bank Montreal	$284,000	-6.0%	3,236	+3.2%	0.07%	0.0%
MET	Buy	MetLife Inc.	$283,000	-3.1%	4,660	+0.1%	0.07%	+1.5%
SLCA	Buy	US Silica Holdings, Inc.	$274,000	+60.2%	25,000	+66.7%	0.06%	+68.4%
TGT	New	Target Corp.	$265,000	–	1,789	–	0.06%	–
VUZI	Buy	Vuzix Corp.	$124,000	-12.7%	21,375	+6.9%	0.03%	-9.4%
D	Exit	Dominion Energy Inc.	$0	–	-3,056	–	-0.05%	–
RTX	Exit	Raytheon Technologies Inc.	$0	–	-2,660	–	-0.06%	–
FDX	Exit	Fedex Corp.	$0	–	-2,500	–	-0.13%	–

Q2 2022

			Value		Shares		↓ Weighting
ATI	New	Allegheny Technologies Inc.	$27,552,000	–	1,213,201	–	6.13%	–
BMY	New	Bristol-Myers Squibb Corp.	$22,215,000	–	288,502	–	4.94%	–
T	New	AT&T Inc.	$21,962,000	–	1,047,791	–	4.89%	–
KMI	New	Kinder Morgan Inc.	$19,857,000	–	1,184,764	–	4.42%	–
BA	New	Boeing Co.	$19,683,000	–	143,968	–	4.38%	–
C	New	Citigroup Inc.	$19,601,000	–	426,202	–	4.36%	–
WBA	New	Walgreens Boots Alliance Inc.	$18,535,000	–	489,044	–	4.12%	–
ORCL	New	Oracle Corp.	$15,842,000	–	226,729	–	3.52%	–
MRK	New	Merck & Co. Inc.	$14,764,000	–	161,943	–	3.28%	–
VZ	New	Verizon Communications	$14,670,000	–	289,058	–	3.26%	–
IBM	New	IBM Corp.	$14,409,000	–	102,052	–	3.21%	–
WFC	New	Wells Fargo & Co.	$14,054,000	–	358,807	–	3.13%	–
DOW	New	Dow Inc.	$13,146,000	–	254,728	–	2.92%	–
CMCSA	New	Comcast Corp. Cl A	$11,472,000	–	292,356	–	2.55%	–
ALSN	New	Allison Transmission Holdings,	$11,398,000	–	296,433	–	2.54%	–
MMM	New	3M Company	$11,017,000	–	85,131	–	2.45%	–
FLS	New	Flowserve Corp.	$10,113,000	–	353,218	–	2.25%	–
NEM	New	Newmont Corp.	$10,040,000	–	168,259	–	2.23%	–
BAC	New	Bank of America Corp.	$9,300,000	–	298,746	–	2.07%	–
CSCO	New	Cisco Systems Inc.	$8,626,000	–	202,300	–	1.92%	–
GTES	New	Gates Industrial Corp.	$7,962,000	–	736,581	–	1.77%	–
HBI	New	HanesBrands Inc.	$7,325,000	–	711,850	–	1.63%	–
MDT	New	Medtronic PLC	$6,925,000	–	77,164	–	1.54%	–
GT	New	Goodyear Tire & Rubber	$6,519,000	–	608,650	–	1.45%	–
COG	New	Coterra Energy Inc.	$6,443,000	–	249,822	–	1.43%	–
REYN	New	Reynolds Consumer Products	$6,417,000	–	235,323	–	1.43%	–
NATI	New	National Instrs Corp.	$5,987,000	–	191,710	–	1.33%	–
GM	New	General Motors Co.	$5,914,000	–	186,196	–	1.32%	–
ROST	New	Ross Stores Inc.	$5,145,000	–	73,261	–	1.14%	–
USB	New	US Bancorp	$5,095,000	–	110,705	–	1.13%	–
AAPL	New	Apple Inc.	$5,009,000	–	36,640	–	1.12%	–
UNP	New	Union Pacific Corp.	$4,355,000	–	20,421	–	0.97%	–
MTG	New	MGIC Investment Corp.	$4,192,000	–	332,732	–	0.93%	–
XOM	New	Exxon Mobil Corp.	$3,706,000	–	43,273	–	0.82%	–
FISV	New	Fiserv Inc.	$3,341,000	–	37,550	–	0.74%	–
WEC	New	WEC Energy Group Inc.	$3,301,000	–	32,795	–	0.73%	–
DIS	New	The Walt Disney Co.	$3,150,000	–	33,368	–	0.70%	–
GILD	New	Gilead Sciences Inc.	$2,809,000	–	45,438	–	0.62%	–
WRB	New	Berkley W R Corp.	$2,481,000	–	36,349	–	0.55%	–
KSS	New	Kohls Corp.	$2,221,000	–	62,217	–	0.49%	–
MSFT	New	Microsoft Corp.	$2,058,000	–	8,015	–	0.46%	–
LLY	New	Eli Lilly & Co.	$1,960,000	–	6,044	–	0.44%	–
IP	New	International Paper Company	$1,891,000	–	45,215	–	0.42%	–
JPM	New	JPMorgan Chase & Co.	$1,417,000	–	12,586	–	0.32%	–
PFE	New	Pfizer Inc.	$1,410,000	–	26,899	–	0.31%	–
ABBV	New	Abbvie Inc.	$1,402,000	–	9,152	–	0.31%	–
PM	New	Philip Morris International In	$1,396,000	–	14,140	–	0.31%	–
PG	New	Procter & Gamble Co.	$1,381,000	–	9,604	–	0.31%	–
FAST	New	Fastenal Co.	$1,293,000	–	25,900	–	0.29%	–
TSLA	New	Tesla Inc.	$1,192,000	–	1,770	–	0.26%	–
GOOG	New	Alphabet Inc. Cl C	$1,175,000	–	537	–	0.26%	–
PEP	New	PepsiCo Inc.	$1,164,000	–	6,982	–	0.26%	–
CVX	New	Chevron Corp.	$1,060,000	–	7,325	–	0.24%	–
MCD	New	McDonald's Corp.	$1,041,000	–	4,215	–	0.23%	–
MGEE	New	MGE Energy Inc.	$1,010,000	–	12,975	–	0.22%	–
ABT	New	Abbott Laboratories	$982,000	–	9,040	–	0.22%	–
XEL	New	Xcel Energy Inc.	$843,000	–	11,913	–	0.19%	–
BRKB	New	Berkshire Hathaway Cl B	$827,000	–	3,028	–	0.18%	–
JNJ	New	Johnson & Johnson	$814,000	–	4,583	–	0.18%	–
FIS	New	Fidelity National Information	$767,000	–	8,366	–	0.17%	–
MO	New	Altria Group Inc.	$672,000	–	16,089	–	0.15%	–
HP	New	Helmerich & Payne Inc.	$667,000	–	15,500	–	0.15%	–
KO	New	Coca Cola Co.	$652,000	–	10,363	–	0.14%	–
DUK	New	Duke Energy Corp.	$639,000	–	5,962	–	0.14%	–
KMB	New	Kimberly-Clark Corp.	$602,000	–	4,457	–	0.13%	–
AEM	New	Agnico Eagle Mines Ltd.	$595,000	–	13,000	–	0.13%	–
FDX	New	Fedex Corp.	$567,000	–	2,500	–	0.13%	–
MDLZ	New	Mondelez International Inc.	$550,000	–	8,854	–	0.12%	–
AMZN	New	Amazon Inc.	$546,000	–	5,140	–	0.12%	–
AMX	New	America Movil Sab ADR	$511,000	–	25,000	–	0.11%	–
EMR	New	Emerson Electric Co.	$499,000	–	6,273	–	0.11%	–
V	New	Visa Inc.	$478,000	–	2,428	–	0.11%	–
LNT	New	Alliant Energy Corp.	$433,000	–	7,387	–	0.10%	–
NSC	New	Norfolk Southern Corp.	$423,000	–	1,862	–	0.09%	–
	New	Coastalsouth Bancshares, Inc.	$408,000	–	24,545	–	0.09%	–
GOOGL	New	Alphabet Inc. Cl A	$392,000	–	180	–	0.09%	–
CL	New	Colgate-Palmolive Co.	$392,000	–	4,893	–	0.09%	–
DE	New	Deere & Co.	$378,000	–	1,262	–	0.08%	–
BP	New	BP PLC	$379,000	–	13,378	–	0.08%	–
INTC	New	Intel Corp.	$374,000	–	10,007	–	0.08%	–
CAT	New	Caterpillar Inc.	$372,000	–	2,081	–	0.08%	–
ETN	New	Eaton Corp.	$365,000	–	2,900	–	0.08%	–
HSY	New	Hershey Co.	$363,000	–	1,688	–	0.08%	–
K	New	Kellogg Co.	$362,000	–	5,068	–	0.08%	–
LMT	New	Lockheed Martin Corp.	$363,000	–	845	–	0.08%	–
MS	New	Morgan Stanley	$353,000	–	4,647	–	0.08%	–
SLB	New	Schlumberger Ltd.	$348,000	–	9,742	–	0.08%	–
ACN	New	Accenture PLC	$343,000	–	1,237	–	0.08%	–
COST	New	Costco Wholesale Corp.	$333,000	–	695	–	0.07%	–
	New	General Electric Co.	$315,000	–	4,949	–	0.07%	–
BMO	New	Bank Montreal	$302,000	–	3,136	–	0.07%	–
MET	New	MetLife Inc.	$292,000	–	4,655	–	0.06%	–
LUV	New	Southwest Airlines Co.	$288,000	–	7,980	–	0.06%	–
HD	New	Home Depot Inc.	$276,000	–	1,006	–	0.06%	–
RTX	New	Raytheon Technologies Inc.	$256,000	–	2,660	–	0.06%	–
F	New	Ford Motor Co.	$245,000	–	21,974	–	0.06%	–
D	New	Dominion Energy Inc.	$244,000	–	3,056	–	0.05%	–
TXN	New	Texas Instruments Inc.	$224,000	–	1,461	–	0.05%	–
MA	New	Mastercard Inc.	$226,000	–	715	–	0.05%	–
OXY	New	Occidental Petroleum Corp.	$223,000	–	3,779	–	0.05%	–
ANSS	New	Ansys Inc.	$224,000	–	938	–	0.05%	–
ESNT	New	Essent Group Ltd.	$221,000	–	5,678	–	0.05%	–
CVS	New	CVS Health Corp.	$210,000	–	2,261	–	0.05%	–
PSX	New	Phillips 66	$204,000	–	2,491	–	0.04%	–
SLCA	New	US Silica Holdings, Inc.	$171,000	–	15,000	–	0.04%	–
VUZI	New	Vuzix Corp.	$142,000	–	20,000	–	0.03%	–
AMBC	New	AMBAC Financial Group	$136,000	–	12,000	–	0.03%	–
TELL	New	Tellurian Inc.	$69,000	–	23,000	–	0.02%	–
NOK	New	Nokia Corp.	$58,000	–	12,521	–	0.01%	–
	New	Operaadora De Sites Mexicanos,	$43,000	–	37,000	–	0.01%	–
OPK	New	OPKO Health Inc.	$25,000	–	10,000	–	0.01%	–
OESX	New	Orion Energy System Inc.	$20,000	–	10,000	–	0.00%	–
	New	Malachite Innovations Com	$15,000	–	74,000	–	0.00%	–
UNRV	New	Unrivaled Brands Inc.	$3,000	–	38,000	–	0.00%	–
BEEI	New	Bald Eagle Energy	$0	–	14,000	–	0.00%	–
OPMG	New	Options Media Group Hldgs.	$0	–	20,000	–	0.00%	–
SPZI	New	Spooz Inc.	$2,000	–	1,535,000	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
OPMG	Exit	Options Media Group Hldgs.	$0	–	-20,000	–	0.00%	–
CADMF	Exit	Chemesis Intl. Inc.	$0	–	-10,000	–	0.00%	–
	Exit	Puration Inc.	$0	–	-70,000	–	0.00%	–
SPZI	Exit	Spooz Inc.	$0	–	-1,535,000	–	-0.00%	–
UNRV	Exit	Unrivaled Brands Inc.	$0	–	-38,000	–	-0.00%	–
VBIO	Exit	Vitality Biopharma Inc.	$0	–	-74,000	–	-0.00%	–
OPK	Exit	OPKO Health Inc.	$0	–	-10,000	–	-0.01%	–
NOK	Exit	Nokia Corp.	$0	–	-12,726	–	-0.02%	–
TELL	Exit	Tellurian Inc.	$0	–	-20,000	–	-0.02%	–
VUZI	Exit	Vuzix Corp.	$0	–	-14,320	–	-0.03%	–
	Exit	Coastalsouth Bancshares, Inc.	$0	–	-10,878	–	-0.04%	–
HD	Exit	Home Depot Inc.	$0	–	-620	–	-0.04%	–
CI	Exit	Cigna Corp.	$0	–	-1,026	–	-0.04%	–
HTLF	Exit	Heartland Financial Inc.	$0	–	-4,216	–	-0.04%	–
DD	Exit	Dupont De Nemours Inc.	$0	–	-3,122	–	-0.05%	–
EXC	Exit	Exelon Corp.	$0	–	-4,549	–	-0.05%	–
PTEN	Exit	Patterson UTI Energy	$0	–	-24,500	–	-0.05%	–
JCI	Exit	Johnson Controls Intl.	$0	–	-3,190	–	-0.05%	–
LNC	Exit	Lincoln National Corp.	$0	–	-3,256	–	-0.05%	–
HUN	Exit	Huntsman Corp.	$0	–	-7,615	–	-0.05%	–
UNH	Exit	UnitedHealth Group Inc.	$0	–	-578	–	-0.05%	–
VLO	Exit	Valero Energy Corp.	$0	–	-3,250	–	-0.05%	–
PACW	Exit	Pacwest Bancorp	$0	–	-5,161	–	-0.05%	–
RTX	Exit	Raytheon Technologies Inc.	$0	–	-2,747	–	-0.05%	–
ESNT	Exit	Essent Group Ltd.	$0	–	-5,678	–	-0.05%	–
F	Exit	Ford Motor Co.	$0	–	-18,282	–	-0.06%	–
NVDA	Exit	NVIDIA Corp.	$0	–	-1,280	–	-0.06%	–
AMAT	Exit	Applied Materials Inc.	$0	–	-2,100	–	-0.06%	–
ROK	Exit	Rockwell Automation, Inc.	$0	–	-927	–	-0.06%	–
SBUX	Exit	Starbucks Corp.	$0	–	-2,577	–	-0.06%	–
LOW	Exit	Lowes Companies Inc.	$0	–	-1,439	–	-0.06%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-9,954	–	-0.06%	–
BP	Exit	BP PLC	$0	–	-11,339	–	-0.07%	–
ACN	Exit	Accenture PLC	$0	–	-988	–	-0.07%	–
MET	Exit	MetLife Inc.	$0	–	-5,218	–	-0.07%	–
WMB	Exit	Williams Companies Inc.	$0	–	-12,648	–	-0.07%	–
K	Exit	Kellogg Co.	$0	–	-5,068	–	-0.07%	–
BMO	Exit	Bank Montreal	$0	–	-3,262	–	-0.07%	–
ANSS	Exit	Ansys Inc.	$0	–	-993	–	-0.07%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-764	–	-0.07%	–
LNT	Exit	Alliant Energy Corp.	$0	–	-6,366	–	-0.08%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-5,003	–	-0.08%	–
TGT	Exit	Target Corp.	$0	–	-1,661	–	-0.08%	–
MA	Exit	Mastercard Inc.	$0	–	-1,175	–	-0.09%	–
DE	Exit	Deere & Co.	$0	–	-1,247	–	-0.09%	–
LUV	Exit	Southwest Airlines Co.	$0	–	-8,352	–	-0.09%	–
ETN	Exit	Eaton Corp.	$0	–	-3,005	–	-0.10%	–
DUK	Exit	Duke Energy Corp.	$0	–	-4,659	–	-0.10%	–
NSC	Exit	Norfolk Southern Corp.	$0	–	-1,952	–	-0.10%	–
MS	Exit	Morgan Stanley	$0	–	-4,778	–	-0.10%	–
EMR	Exit	Emerson Electric Co.	$0	–	-5,008	–	-0.10%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-8,304	–	-0.10%	–
TXN	Exit	Texas Instruments Inc.	$0	–	-2,540	–	-0.10%	–
V	Exit	Visa Inc.	$0	–	-2,305	–	-0.11%	–
GOOGL	Exit	Alphabet Inc. Cl A	$0	–	-195	–	-0.11%	–
GE	Exit	General Electric Co.	$0	–	-5,057	–	-0.11%	–
KMB	Exit	Kimberly-Clark Corp.	$0	–	-4,607	–	-0.13%	–
PPG	Exit	PPG Industries Inc.	$0	–	-4,543	–	-0.14%	–
MO	Exit	Altria Group Inc.	$0	–	-14,717	–	-0.14%	–
PEP	Exit	PepsiCo Inc.	$0	–	-4,638	–	-0.15%	–
XEL	Exit	Xcel Energy Inc.	$0	–	-11,250	–	-0.15%	–
FB	Exit	Facebook, Inc.	$0	–	-2,189	–	-0.16%	–
CVX	Exit	Chevron Corp.	$0	–	-8,416	–	-0.18%	–
AMZN	Exit	Amazon Inc.	$0	–	-261	–	-0.18%	–
ABBV	Exit	AbbVie Inc.	$0	–	-8,359	–	-0.19%	–
FDX	Exit	Fedex Corp.	$0	–	-4,155	–	-0.20%	–
MCD	Exit	McDonald's Corp.	$0	–	-3,805	–	-0.20%	–
MGEE	Exit	MGE Energy Inc.	$0	–	-12,975	–	-0.20%	–
AEM	Exit	Agnico Eagle Mines Ltd.	$0	–	-19,200	–	-0.21%	–
JNJ	Exit	Johnson & Johnson	$0	–	-6,221	–	-0.22%	–
FIS	Exit	Fidelity National Information	$0	–	-8,398	–	-0.22%	–
INTC	Exit	Intel Corp.	$0	–	-20,195	–	-0.23%	–
ABT	Exit	Abbott Laboratories	$0	–	-9,383	–	-0.24%	–
BAC	Exit	Bank of America Corp.	$0	–	-27,364	–	-0.25%	–
TSLA	Exit	Tesla Inc.	$0	–	-1,565	–	-0.26%	–
FAST	Exit	Fastenal Co.	$0	–	-25,600	–	-0.28%	–
LLY	Exit	Eli Lilly & Co.	$0	–	-5,739	–	-0.28%	–
PG	Exit	Procter & Gamble Co.	$0	–	-9,834	–	-0.30%	–
PM	Exit	Philip Morris International In	$0	–	-14,637	–	-0.30%	–
GOOG	Exit	Alphabet Inc. Cl C	$0	–	-523	–	-0.30%	–
WRB	Exit	Berkley W R Corp.	$0	–	-24,233	–	-0.38%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-12,731	–	-0.45%	–
MSFT	Exit	Microsoft Corp.	$0	–	-7,674	–	-0.46%	–
WEC	Exit	WEC Energy Group Inc.	$0	–	-25,434	–	-0.48%	–
FISV	Exit	Fiserv Inc.	$0	–	-24,254	–	-0.56%	–
VZ	Exit	Verizon Communications	$0	–	-60,520	–	-0.70%	–
NEM	Exit	Newmont Corp.	$0	–	-61,525	–	-0.72%	–
USB	Exit	US Bancorp	$0	–	-56,328	–	-0.72%	–
AAPL	Exit	Apple Inc.	$0	–	-26,653	–	-0.81%	–
UNP	Exit	Union Pacific Corp.	$0	–	-20,234	–	-0.85%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-78,042	–	-0.99%	–
DIS	Exit	The Walt Disney Co.	$0	–	-31,610	–	-1.15%	–
MTG	Exit	MGIC Investment Corp.	$0	–	-401,235	–	-1.29%	–
REYN	Exit	Reynolds Consumer Products	$0	–	-233,850	–	-1.37%	–
THS	Exit	TreeHouse Foods Inc.	$0	–	-164,888	–	-1.41%	–
FLS	Exit	Flowserve Corp.	$0	–	-191,320	–	-1.42%	–
CMCSA	Exit	Comcast Corp. Cl A	$0	–	-136,967	–	-1.65%	–
GM	Exit	General Motors Co.	$0	–	-153,972	–	-1.74%	–
PFE	Exit	Pfizer Inc.	$0	–	-197,547	–	-1.82%	–
COG	Exit	Coterra Energy Inc.	$0	–	-450,425	–	-2.10%	–
ALSN	Exit	Allison Transmission Holdings,	$0	–	-299,899	–	-2.28%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-40,503	–	-2.38%	–
GTES	Exit	Gates Industrial Corp.	$0	–	-681,982	–	-2.38%	–
MMM	Exit	3M Company	$0	–	-67,979	–	-2.56%	–
IBM	Exit	IBM Corp.	$0	–	-90,624	–	-2.70%	–
KO	Exit	Coca Cola Co.	$0	–	-241,544	–	-2.72%	–
BA	Exit	Boeing Co.	$0	–	-58,427	–	-2.76%	–
CTSH	Exit	Cognizant Tech. Solutions	$0	–	-200,241	–	-3.19%	–
DOW	Exit	Dow Inc.	$0	–	-278,547	–	-3.44%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-380,973	–	-3.80%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-341,418	–	-3.99%	–
BMY	Exit	Bristol-Myers Squibb Corp.	$0	–	-317,689	–	-4.04%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-1,176,501	–	-4.23%	–
ORCL	Exit	Oracle Corp.	$0	–	-227,150	–	-4.25%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-270,281	–	-4.36%	–
WBA	Exit	Walgreens Boots Alliance Inc.	$0	–	-439,526	–	-4.44%	–
C	Exit	Citigroup Inc.	$0	–	-340,738	–	-5.14%	–
ATI	Exit	Allegheny Technologies Inc.	$0	–	-1,626,185	–	-5.81%	–
T	Exit	AT&T Inc.	$0	–	-1,033,443	–	-6.00%	–

Q3 2021

			Value		Shares		↓ Weighting
T	Buy	AT&T Inc.	$27,913,000	+25.0%	1,033,443	+33.2%	6.00%	+21.4%
ATI	Buy	Allegheny Technologies Inc.	$27,043,000	-8.5%	1,626,185	+14.7%	5.81%	-11.2%
C	Buy	Citigroup Inc.	$23,913,000	+5.0%	340,738	+5.8%	5.14%	+1.9%
WBA	Buy	Walgreens Boots Alliance Inc.	$20,680,000	-10.0%	439,526	+0.7%	4.44%	-12.6%
MRK	Sell	Merck & Co. Inc.	$20,301,000	-4.9%	270,281	-1.5%	4.36%	-7.6%
ORCL	Sell	Oracle Corp.	$19,792,000	+9.0%	227,150	-2.6%	4.25%	+5.8%
KMI	Buy	Kinder Morgan Inc.	$19,683,000	-5.5%	1,176,501	+2.9%	4.23%	-8.3%
BMY	Buy	Bristol-Myers Squibb Corp.	$18,798,000	-7.8%	317,689	+4.1%	4.04%	-10.5%
CSCO	Sell	Cisco Systems Inc.	$18,583,000	+1.4%	341,418	-1.2%	3.99%	-1.5%
WFC	Sell	Wells Fargo & Co.	$17,681,000	+1.1%	380,973	-1.3%	3.80%	-1.8%
DOW	Buy	Dow Inc.	$16,033,000	-5.4%	278,547	+4.0%	3.44%	-8.2%
CTSH	Sell	Cognizant Tech. Solutions	$14,860,000	+5.2%	200,241	-1.9%	3.19%	+2.1%
BA	Sell	Boeing Co.	$12,850,000	-10.7%	58,427	-2.7%	2.76%	-13.3%
KO	Sell	Coca Cola Co.	$12,674,000	-4.7%	241,544	-1.7%	2.72%	-7.5%
IBM	Sell	IBM Corp.	$12,590,000	-5.5%	90,624	-0.3%	2.70%	-8.2%
MMM	Sell	3M Company	$11,925,000	-11.9%	67,979	-0.3%	2.56%	-14.5%
GTES	Buy	Gates Industrial Corp.	$11,096,000	+40.1%	681,982	+55.6%	2.38%	+36.0%
BRKB	Sell	Berkshire Hathaway Cl B	$11,055,000	-2.2%	40,503	-0.4%	2.38%	-5.0%
ALSN	Buy	Allison Transmission Holdings,	$10,592,000	+54.9%	299,899	+74.2%	2.28%	+50.3%
COG	Sell	Coterra Energy Inc.	$9,801,000	+17.8%	450,425	-5.5%	2.10%	+14.3%
PFE	Sell	Pfizer Inc.	$8,496,000	-48.7%	197,547	-53.3%	1.82%	-50.2%
GM	Sell	General Motors Co.	$8,116,000	-13.8%	153,972	-3.2%	1.74%	-16.3%
CMCSA	Sell	Comcast Corp. Cl A	$7,661,000	-6.0%	136,967	-4.2%	1.65%	-8.8%
FLS	New	Flowserve Corp.	$6,633,000	–	191,320	–	1.42%	–
THS	New	TreeHouse Foods Inc.	$6,576,000	–	164,888	–	1.41%	–
REYN	Buy	Reynolds Consumer Products	$6,393,000	-4.5%	233,850	+6.0%	1.37%	-7.3%
MTG	Buy	MGIC Investment Corp.	$6,002,000	+33.5%	401,235	+21.4%	1.29%	+29.5%
DIS	Sell	The Walt Disney Co.	$5,347,000	-4.1%	31,610	-0.4%	1.15%	-6.9%
XOM	Buy	Exxon Mobil Corp.	$4,590,000	+4.8%	78,042	+12.4%	0.99%	+1.8%
UNP	Sell	Union Pacific Corp.	$3,966,000	-11.3%	20,234	-0.4%	0.85%	-13.9%
AAPL	Buy	Apple Inc.	$3,771,000	+20.7%	26,653	+16.9%	0.81%	+17.2%
USB	Buy	US Bancorp	$3,348,000	+4.4%	56,328	+0.1%	0.72%	+1.4%
NEM	Buy	Newmont Corp.	$3,341,000	+566.9%	61,525	+678.8%	0.72%	+546.8%
VZ	Buy	Verizon Communications	$3,269,000	+11.7%	60,520	+15.8%	0.70%	+8.3%
MSFT	Buy	Microsoft Corp.	$2,164,000	+5.5%	7,674	+1.4%	0.46%	+2.4%
JPM	Sell	JPMorgan Chase & Co.	$2,084,000	+3.2%	12,731	-1.9%	0.45%	+0.2%
GOOG	Buy	Alphabet Inc. Cl C	$1,394,000	+525.1%	523	+487.6%	0.30%	+510.2%
PG	Sell	Procter & Gamble Co.	$1,375,000	+2.8%	9,834	-0.8%	0.30%	-0.3%
TSLA	Buy	Tesla Inc.	$1,214,000	+15.6%	1,565	+1.3%	0.26%	+12.5%
BAC	Sell	Bank of America Corp.	$1,162,000	-19.6%	27,364	-21.9%	0.25%	-21.9%
ABT	Buy	Abbott Laboratories	$1,108,000	+1.8%	9,383	+0.0%	0.24%	-1.2%
INTC	Buy	Intel Corp.	$1,076,000	-4.9%	20,195	+0.2%	0.23%	-7.6%
FIS	Sell	Fidelity National Information	$1,022,000	-14.2%	8,398	-0.1%	0.22%	-16.7%
JNJ	Buy	Johnson & Johnson	$1,005,000	-0.1%	6,221	+1.9%	0.22%	-3.1%
AEM	Buy	Agnico Eagle Mines Ltd.	$996,000	-13.8%	19,200	+0.5%	0.21%	-16.4%
FDX	New	Fedex Corp.	$911,000	–	4,155	–	0.20%	–
ABBV	Sell	AbbVie Inc.	$902,000	-8.3%	8,359	-4.3%	0.19%	-11.0%
AMZN	Buy	Amazon Inc.	$857,000	+20.4%	261	+26.1%	0.18%	+16.5%
CVX	Buy	Chevron Corp.	$854,000	-1.4%	8,416	+1.8%	0.18%	-4.7%
XEL	Buy	Xcel Energy Inc.	$703,000	-0.3%	11,250	+5.1%	0.15%	-3.2%
MO	Buy	Altria Group Inc.	$670,000	-3.9%	14,717	+0.7%	0.14%	-6.5%
KMB	Buy	Kimberly-Clark Corp.	$610,000	+4.1%	4,607	+5.1%	0.13%	+0.8%
GE	Sell	General Electric Co.	$521,000	+21.7%	5,057	-84.1%	0.11%	+17.9%
GOOGL	Buy	Alphabet Inc. Cl A	$521,000	+25.5%	195	+14.7%	0.11%	+21.7%
V	Sell	Visa Inc.	$513,000	-12.5%	2,305	-8.0%	0.11%	-15.4%
DUK	Buy	Duke Energy Corp.	$455,000	+7.8%	4,659	+8.9%	0.10%	+5.4%
MA	Buy	Mastercard Inc.	$409,000	+66.3%	1,175	+74.1%	0.09%	+63.0%
COST	Buy	Costco Wholesale Corp.	$343,000	+24.7%	764	+10.1%	0.07%	+21.3%
WMB	New	Williams Companies Inc.	$328,000	–	12,648	–	0.07%	–
K	Buy	Kellogg Co.	$324,000	+9.8%	5,068	+10.5%	0.07%	+7.7%
MET	Buy	MetLife Inc.	$322,000	+9.5%	5,218	+6.2%	0.07%	+6.2%
LOW	Buy	Lowes Companies Inc.	$292,000	+12.3%	1,439	+7.5%	0.06%	+8.6%
SLB	Buy	Schlumberger Ltd.	$295,000	-6.3%	9,954	+1.0%	0.06%	-10.0%
SBUX	Sell	Starbucks Corp.	$284,000	-17.4%	2,577	-16.2%	0.06%	-19.7%
AMAT	Sell	Applied Materials Inc.	$270,000	-20.4%	2,100	-11.8%	0.06%	-22.7%
NVDA	New	NVIDIA Corp.	$265,000	–	1,280	–	0.06%	–
F	Sell	Ford Motor Co.	$259,000	-6.8%	18,282	-2.1%	0.06%	-9.7%
ESNT	Sell	Essent Group Ltd.	$250,000	-44.9%	5,678	-43.8%	0.05%	-46.0%
RTX	Sell	Raytheon Technologies Inc.	$236,000	-4.5%	2,747	-5.1%	0.05%	-7.3%
PACW	New	Pacwest Bancorp	$234,000	–	5,161	–	0.05%	–
VLO	Buy	Valero Energy Corp.	$229,000	+6.5%	3,250	+18.2%	0.05%	+2.1%
HUN	New	Huntsman Corp.	$225,000	–	7,615	–	0.05%	–
EXC	New	Exelon Corp.	$220,000	–	4,549	–	0.05%	–
DD	Buy	Dupont De Nemours Inc.	$212,000	-12.0%	3,122	+0.2%	0.05%	-13.2%
HD	New	Home Depot Inc.	$204,000	–	620	–	0.04%	–
HTLF	New	Heartland Financial Inc.	$203,000	–	4,216	–	0.04%	–
TELL	Buy	Tellurian Inc.	$78,000	+69.6%	20,000	+100.0%	0.02%	+70.0%
NOK	Buy	Nokia Corp.	$69,000	+21.1%	12,726	+18.6%	0.02%	+15.4%
OPK	Sell	OPKO Health Inc.	$36,000	-55.6%	10,000	-50.0%	0.01%	-55.6%
VBIO	Sell	Vitality Biopharma Inc.	$20,000	-35.5%	74,000	-50.0%	0.00%	-42.9%
UNRV	Sell	Unrivaled Brands Inc.	$10,000	-52.4%	38,000	-50.0%	0.00%	-60.0%
CADMF	New	Chemesis Intl. Inc.	$1,000	–	10,000	–	0.00%	–
LRCX	Exit	Lam Research Corp.	$0	–	-317	–	-0.05%	–
AXP	Exit	American Express Co.	$0	–	-1,395	–	-0.05%	–
OGN	Exit	Organon & Co.	$0	–	-26,297	–	-0.18%	–

Q2 2021

			Value		Shares		↓ Weighting
ATI	New	Allegheny Technologies Inc.	$29,548,000	–	1,417,188	–	6.54%	–
WBA	New	Walgreens Boots Alliance Inc.	$22,968,000	–	436,569	–	5.08%	–
C	New	Citigroup Inc.	$22,781,000	–	321,990	–	5.04%	–
T	New	AT&T Inc.	$22,329,000	–	775,868	–	4.94%	–
MRK	New	Merck & Co. Inc.	$21,339,000	–	274,385	–	4.72%	–
KMI	New	Kinder Morgan Inc.	$20,836,000	–	1,142,951	–	4.61%	–
BMY	New	Bristol-Myers Squibb Corp.	$20,385,000	–	305,078	–	4.51%	–
CSCO	New	Cisco Systems Inc.	$18,320,000	–	345,663	–	4.05%	–
ORCL	New	Oracle Corp.	$18,156,000	–	233,254	–	4.02%	–
WFC	New	Wells Fargo & Co.	$17,481,000	–	385,978	–	3.87%	–
DOW	New	Dow Inc.	$16,944,000	–	267,768	–	3.75%	–
PFE	New	Pfizer Inc.	$16,564,000	–	422,976	–	3.66%	–
BA	New	Boeing Co.	$14,386,000	–	60,053	–	3.18%	–
CTSH	New	Cognizant Tech. Solutions	$14,131,000	–	204,026	–	3.13%	–
MMM	New	3M Company	$13,538,000	–	68,157	–	3.00%	–
IBM	New	IBM Corp.	$13,318,000	–	90,855	–	2.95%	–
KO	New	Coca Cola Co.	$13,300,000	–	245,788	–	2.94%	–
BRKB	New	Berkshire Hathaway Cl B	$11,298,000	–	40,653	–	2.50%	–
GM	New	General Motors Co.	$9,413,000	–	159,092	–	2.08%	–
COG	New	Cabot Oil & Gas Corp.	$8,320,000	–	476,500	–	1.84%	–
CMCSA	New	Comcast Corp. Cl A	$8,151,000	–	142,941	–	1.80%	–
GTES	New	Gates Industrial Corp.	$7,921,000	–	438,376	–	1.75%	–
ALSN	New	Allison Transmission Holdings,	$6,840,000	–	172,128	–	1.51%	–
REYN	New	Reynolds Consumer Products	$6,694,000	–	220,575	–	1.48%	–
DIS	New	The Walt Disney Co.	$5,578,000	–	31,735	–	1.23%	–
MTG	New	MGIC Investment Corp.	$4,496,000	–	330,605	–	1.00%	–
UNP	New	Union Pacific Corp.	$4,469,000	–	20,319	–	0.99%	–
XOM	New	Exxon Mobil Corp.	$4,380,000	–	69,430	–	0.97%	–
USB	New	US Bancorp	$3,206,000	–	56,280	–	0.71%	–
AAPL	New	Apple Inc.	$3,124,000	–	22,807	–	0.69%	–
VZ	New	Verizon Communications	$2,927,000	–	52,244	–	0.65%	–
FISV	New	Fiserv Inc.	$2,593,000	–	24,254	–	0.57%	–
WEC	New	WEC Energy Group Inc.	$2,262,000	–	25,434	–	0.50%	–
MSFT	New	Microsoft Corp.	$2,051,000	–	7,570	–	0.45%	–
JPM	New	JPMorgan Chase & Co.	$2,019,000	–	12,981	–	0.45%	–
WRB	New	Berkley W R Corp.	$1,804,000	–	24,233	–	0.40%	–
PM	New	Philip Morris International In	$1,451,000	–	14,637	–	0.32%	–
BAC	New	Bank of America Corp.	$1,445,000	–	35,043	–	0.32%	–
PG	New	Procter & Gamble Co.	$1,337,000	–	9,910	–	0.30%	–
FAST	New	Fastenal Co.	$1,331,000	–	25,600	–	0.30%	–
LLY	New	Eli Lilly & Co.	$1,317,000	–	5,739	–	0.29%	–
FIS	New	Fidelity National Information	$1,191,000	–	8,405	–	0.26%	–
AEM	New	Agnico Eagle Mines Ltd.	$1,155,000	–	19,100	–	0.26%	–
INTC	New	Intel Corp.	$1,131,000	–	20,146	–	0.25%	–
ABT	New	Abbott Laboratories	$1,088,000	–	9,382	–	0.24%	–
TSLA	New	Tesla Inc.	$1,050,000	–	1,545	–	0.23%	–
JNJ	New	Johnson & Johnson	$1,006,000	–	6,105	–	0.22%	–
ABBV	New	AbbVie Inc.	$984,000	–	8,738	–	0.22%	–
MGEE	New	MGE Energy Inc.	$966,000	–	12,975	–	0.21%	–
MCD	New	McDonald's Corp.	$879,000	–	3,805	–	0.20%	–
CVX	New	Chevron Corp.	$866,000	–	8,264	–	0.19%	–
OGN	New	Organon & Co.	$796,000	–	26,297	–	0.18%	–
PPG	New	PPG Industries Inc.	$771,000	–	4,543	–	0.17%	–
FB	New	Facebook, Inc.	$761,000	–	2,189	–	0.17%	–
AMZN	New	Amazon Inc.	$712,000	–	207	–	0.16%	–
XEL	New	Xcel Energy Inc.	$705,000	–	10,700	–	0.16%	–
MO	New	Altria Group Inc.	$697,000	–	14,612	–	0.15%	–
PEP	New	PepsiCo Inc.	$687,000	–	4,638	–	0.15%	–
V	New	Visa Inc.	$586,000	–	2,505	–	0.13%	–
KMB	New	Kimberly-Clark Corp.	$586,000	–	4,382	–	0.13%	–
MDLZ	New	Mondelez International Inc.	$519,000	–	8,304	–	0.12%	–
NSC	New	Norfolk Southern Corp.	$518,000	–	1,952	–	0.12%	–
NEM	New	Newmont Corp.	$501,000	–	7,900	–	0.11%	–
TXN	New	Texas Instruments Inc.	$488,000	–	2,540	–	0.11%	–
EMR	New	Emerson Electric Co.	$482,000	–	5,008	–	0.11%	–
ESNT	New	Essent Group Ltd.	$454,000	–	10,096	–	0.10%	–
ETN	New	Eaton Corp.	$445,000	–	3,005	–	0.10%	–
LUV	New	Southwest Airlines Co.	$443,000	–	8,352	–	0.10%	–
MS	New	Morgan Stanley	$438,000	–	4,778	–	0.10%	–
DE	New	Deere & Co.	$440,000	–	1,247	–	0.10%	–
GE	New	General Electric Co.	$428,000	–	31,809	–	0.10%	–
DUK	New	Duke Energy Corp.	$422,000	–	4,279	–	0.09%	–
GOOGL	New	Alphabet Inc. Cl A	$415,000	–	170	–	0.09%	–
CL	New	Colgate-Palmolive Co.	$407,000	–	5,003	–	0.09%	–
TGT	New	Target Corp.	$402,000	–	1,661	–	0.09%	–
LNT	New	Alliant Energy Corp.	$355,000	–	6,366	–	0.08%	–
SBUX	New	Starbucks Corp.	$344,000	–	3,077	–	0.08%	–
ANSS	New	Ansys Inc.	$345,000	–	993	–	0.08%	–
AMAT	New	Applied Materials Inc.	$339,000	–	2,380	–	0.08%	–
BMO	New	Bank Montreal	$335,000	–	3,262	–	0.07%	–
SLB	New	Schlumberger Ltd.	$315,000	–	9,854	–	0.07%	–
BP	New	BP PLC	$300,000	–	11,339	–	0.07%	–
MET	New	MetLife Inc.	$294,000	–	4,913	–	0.06%	–
K	New	Kellogg Co.	$295,000	–	4,585	–	0.06%	–
ACN	New	Accenture PLC	$291,000	–	988	–	0.06%	–
F	New	Ford Motor Co.	$278,000	–	18,682	–	0.06%	–
COST	New	Costco Wholesale Corp.	$275,000	–	694	–	0.06%	–
ROK	New	Rockwell Automation, Inc.	$265,000	–	927	–	0.06%	–
LOW	New	Lowes Companies Inc.	$260,000	–	1,338	–	0.06%	–
VUZI	New	Vuzix Corp.	$263,000	–	14,320	–	0.06%	–
RTX	New	Raytheon Technologies Inc.	$247,000	–	2,896	–	0.06%	–
MA	New	Mastercard Inc.	$246,000	–	675	–	0.05%	–
PTEN	New	Patterson UTI Energy	$244,000	–	24,500	–	0.05%	–
CI	New	Cigna Corp.	$243,000	–	1,026	–	0.05%	–
DD	New	Dupont De Nemours Inc.	$241,000	–	3,116	–	0.05%	–
AXP	New	American Express Co.	$230,000	–	1,395	–	0.05%	–
UNH	New	UnitedHealth Group Inc.	$232,000	–	578	–	0.05%	–
GOOG	New	Alphabet Inc. Cl C	$223,000	–	89	–	0.05%	–
JCI	New	Johnson Controls Intl.	$219,000	–	3,190	–	0.05%	–
VLO	New	Valero Energy Corp.	$215,000	–	2,750	–	0.05%	–
LRCX	New	Lam Research Corp.	$206,000	–	317	–	0.05%	–
LNC	New	Lincoln National Corp.	$205,000	–	3,256	–	0.04%	–
	New	Coastalsouth Bancshares, Inc.	$185,000	–	10,878	–	0.04%	–
OPK	New	OPKO Health Inc.	$81,000	–	20,000	–	0.02%	–
NOK	New	Nokia Corp.	$57,000	–	10,726	–	0.01%	–
TELL	New	Tellurian Inc.	$46,000	–	10,000	–	0.01%	–
VBIO	New	Vitality Biopharma Inc.	$31,000	–	148,000	–	0.01%	–
UNRV	New	Unrivaled Brands Inc.	$21,000	–	76,000	–	0.01%	–
SPZI	New	Spooz Inc.	$3,000	–	1,535,000	–	0.00%	–
OPMG	New	Options Media Group Hldgs.	$0	–	20,000	–	0.00%	–
	New	Puration Inc.	$1,000	–	70,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
	Exit	Puration Inc.	$0	–	-70,000	–	0.00%	–
SPZI	Exit	Spooz Inc.	$0	–	-1,535,000	–	0.00%	–
OPMG	Exit	Options Media Group Hldgs.	$0	–	-20,000	–	0.00%	–
TRTC	Exit	Terra Tech Corp.	$0	–	-76,000	–	-0.00%	–
TELL	Exit	Tellurian Inc.	$0	–	-10,000	–	-0.00%	–
	Exit	Vitality Biopharma Inc.	$0	–	-148,000	–	-0.01%	–
OPK	Exit	OPKO Health Inc.	$0	–	-10,000	–	-0.01%	–
VUZI	Exit	Vuzix Corp.	$0	–	-20,000	–	-0.03%	–
	Exit	Coastalsouth Bancshares, Inc.	$0	–	-10,878	–	-0.03%	–
OLN	Exit	Olin Corp.	$0	–	-10,000	–	-0.04%	–
F	Exit	Ford Motor Co.	$0	–	-20,387	–	-0.04%	–
	Exit	Schwab Money Market Pool	$0	–	-137,207	–	-0.04%	–
BP	Exit	BP PLC	$0	–	-10,817	–	-0.06%	–
AMGN	Exit	Amgen Inc.	$0	–	-788	–	-0.06%	–
ROK	Exit	Rockwell Automation, Inc.	$0	–	-908	–	-0.06%	–
MS	Exit	Morgan Stanley	$0	–	-4,167	–	-0.06%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-599	–	-0.06%	–
LOW	Exit	Lowes Companies Inc.	$0	–	-1,335	–	-0.06%	–
ACN	Exit	Accenture PLC	$0	–	-999	–	-0.07%	–
MA	Exit	Mastercard Inc.	$0	–	-675	–	-0.07%	–
GE	Exit	General Electric Co.	$0	–	-36,899	–	-0.07%	–
LRCX	Exit	Lam Research Corp.	$0	–	-692	–	-0.07%	–
TGT	Exit	Target Corp.	$0	–	-1,475	–	-0.07%	–
RRC	Exit	Range Resources Corp.	$0	–	-39,662	–	-0.08%	–
DE	Exit	Deere & Co.	$0	–	-1,247	–	-0.08%	–
ITW	Exit	Illinois Tool Works Inc.	$0	–	-1,489	–	-0.08%	–
AOUT	Exit	American Outdoor Brand	$0	–	-22,500	–	-0.08%	–
K	Exit	Kellogg Co.	$0	–	-4,585	–	-0.09%	–
ETN	Exit	Eaton Corp.	$0	–	-2,900	–	-0.09%	–
KSS	Exit	Kohls Corp.	$0	–	-16,969	–	-0.09%	–
LNT	Exit	Alliant Energy Corp.	$0	–	-6,366	–	-0.10%	–
CVX	Exit	Chevron Corp.	$0	–	-4,585	–	-0.10%	–
EMR	Exit	Emerson Electric Co.	$0	–	-5,106	–	-0.10%	–
DUK	Exit	Duke Energy Corp.	$0	–	-3,799	–	-0.10%	–
V	Exit	Visa Inc.	$0	–	-1,804	–	-0.10%	–
ANSS	Exit	Ansys Inc.	$0	–	-1,113	–	-0.11%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-4,932	–	-0.11%	–
GOOGL	Exit	Alphabet Inc. Cl A	$0	–	-265	–	-0.11%	–
KMB	Exit	Kimberly-Clark Corp.	$0	–	-2,657	–	-0.11%	–
INTC	Exit	Intel Corp.	$0	–	-7,794	–	-0.12%	–
NSC	Exit	Norfolk Southern Corp.	$0	–	-1,962	–	-0.12%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-8,184	–	-0.14%	–
TSLA	Exit	Tesla Inc.	$0	–	-1,160	–	-0.14%	–
MO	Exit	Altria Group Inc.	$0	–	-13,808	–	-0.16%	–
PPG	Exit	PPG Industries Inc.	$0	–	-4,502	–	-0.16%	–
TXN	Exit	Texas Instruments Inc.	$0	–	-3,889	–	-0.16%	–
WMT	Exit	Walmart Inc.	$0	–	-4,031	–	-0.16%	–
AMZN	Exit	Amazon Inc.	$0	–	-192	–	-0.18%	–
FB	Exit	Facebook, Inc.	$0	–	-2,424	–	-0.18%	–
XEL	Exit	Xcel Energy Inc.	$0	–	-10,700	–	-0.22%	–
MGEE	Exit	MGE Energy Inc.	$0	–	-12,975	–	-0.24%	–
LLY	Exit	Eli Lilly & Co.	$0	–	-5,613	–	-0.24%	–
ABBV	Exit	AbbVie Inc.	$0	–	-9,525	–	-0.24%	–
MCD	Exit	McDonald's Corp.	$0	–	-3,929	–	-0.25%	–
VZ	Exit	Verizon Communications	$0	–	-14,691	–	-0.25%	–
FDX	Exit	Fedex Corp.	$0	–	-3,655	–	-0.27%	–
CI	Exit	Cigna Corp.	$0	–	-5,573	–	-0.28%	–
JNJ	Exit	Johnson & Johnson	$0	–	-6,447	–	-0.28%	–
ABT	Exit	Abbott Laboratories	$0	–	-9,346	–	-0.30%	–
PM	Exit	Philip Morris International In	$0	–	-14,432	–	-0.32%	–
AEM	Exit	Agnico Eagle Mines Ltd.	$0	–	-14,000	–	-0.32%	–
FAST	Exit	Fastenal Co.	$0	–	-25,600	–	-0.34%	–
PG	Exit	Procter & Gamble Co.	$0	–	-9,716	–	-0.39%	–
PEP	Exit	PepsiCo Inc.	$0	–	-9,789	–	-0.40%	–
FIS	Exit	Fidelity National Information	$0	–	-9,405	–	-0.40%	–
SWBI	Exit	Smith & Wesson Brands Inc.	$0	–	-90,000	–	-0.41%	–
WRB	Exit	Berkley W R Corp.	$0	–	-24,233	–	-0.43%	–
MSFT	Exit	Microsoft Corp.	$0	–	-7,955	–	-0.49%	–
MMM	Exit	3M Company	$0	–	-10,844	–	-0.51%	–
IP	Exit	International Paper Company	$0	–	-43,196	–	-0.51%	–
MTG	Exit	MGIC Investment Corp.	$0	–	-216,185	–	-0.56%	–
MOD	Exit	Modine Manufacturing Co.	$0	–	-382,465	–	-0.70%	–
WEC	Exit	WEC Energy Group Inc.	$0	–	-25,434	–	-0.72%	–
FISV	Exit	Fiserv Inc.	$0	–	-24,160	–	-0.72%	–
AAPL	Exit	Apple Inc.	$0	–	-23,931	–	-0.81%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-88,344	–	-0.88%	–
USB	Exit	US Bancorp	$0	–	-95,524	–	-1.00%	–
CNK	Exit	Cinemark Holdings Inc.	$0	–	-385,200	–	-1.12%	–
UNP	Exit	Union Pacific Corp.	$0	–	-20,197	–	-1.16%	–
LUV	Exit	Southwest Airlines Co.	$0	–	-126,614	–	-1.38%	–
BA	Exit	Boeing Co.	$0	–	-32,348	–	-1.56%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-28,534	–	-1.77%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-63,933	–	-1.79%	–
GM	Exit	General Motors Co.	$0	–	-244,794	–	-2.11%	–
AXP	Exit	American Express Co.	$0	–	-80,428	–	-2.35%	–
WBA	Exit	Walgreens Boots Alliance Inc.	$0	–	-232,779	–	-2.44%	–
BAC	Exit	Bank of America Corp.	$0	–	-353,929	–	-2.48%	–
CTSH	Exit	Cognizant Tech. Solutions	$0	–	-138,729	–	-2.80%	–
IBM	Exit	IBM Corp.	$0	–	-86,069	–	-3.05%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-449,879	–	-3.08%	–
DIS	Exit	The Walt Disney Co.	$0	–	-85,567	–	-3.09%	–
MET	Exit	MetLife Inc.	$0	–	-288,253	–	-3.12%	–
UPS	Exit	United Parcel Service Inc.	$0	–	-64,678	–	-3.14%	–
C	Exit	Citigroup Inc.	$0	–	-284,676	–	-3.57%	–
DD	Exit	Dupont De Nemours Inc.	$0	–	-228,469	–	-3.69%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-1,052,055	–	-3.78%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-345,700	–	-3.96%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-168,316	–	-4.07%	–
DOW	Exit	Dow Inc.	$0	–	-304,922	–	-4.18%	–
ATI	Exit	Allegheny Technologies Inc.	$0	–	-1,669,540	–	-4.24%	–
PFE	Exit	Pfizer Inc.	$0	–	-411,491	–	-4.40%	–
ORCL	Exit	Oracle Corp.	$0	–	-283,133	–	-4.92%	–
BMY	Exit	Bristol-Myers Squibb Corp.	$0	–	-284,002	–	-4.99%	–
T	Exit	AT&T Inc.	$0	–	-647,709	–	-5.38%	–

Q3 2020

			Value		Shares		↓ Weighting
T	Buy	AT&T Inc.	$18,466,000	-5.2%	647,709	+0.5%	5.38%	-3.0%
BMY	Sell	Bristol-Myers Squibb Corp.	$17,122,000	-3.3%	284,002	-5.7%	4.99%	-1.0%
ORCL	Sell	Oracle Corp.	$16,903,000	-1.4%	283,133	-8.7%	4.92%	+0.9%
PFE	Sell	Pfizer Inc.	$15,102,000	+5.9%	411,491	-5.6%	4.40%	+8.4%
ATI	Sell	Allegheny Technologies Inc.	$14,558,000	-15.6%	1,669,540	-1.4%	4.24%	-13.6%
DOW	Sell	Dow Inc.	$14,347,000	+7.5%	304,922	-6.9%	4.18%	+10.1%
MRK	Sell	Merck & Co. Inc.	$13,962,000	-2.6%	168,316	-9.2%	4.07%	-0.3%
CSCO	Sell	Cisco Systems Inc.	$13,617,000	-19.3%	345,700	-4.5%	3.96%	-17.4%
KMI	Buy	Kinder Morgan Inc.	$12,972,000	-15.6%	1,052,055	+3.8%	3.78%	-13.6%
DD	Sell	Dupont De Nemours Inc.	$12,675,000	-4.8%	228,469	-8.8%	3.69%	-2.6%
C	Sell	Citigroup Inc.	$12,272,000	-16.9%	284,676	-1.4%	3.57%	-14.9%
UPS	Sell	United Parcel Service Inc.	$10,777,000	-8.2%	64,678	-38.7%	3.14%	-6.0%
MET	Sell	MetLife Inc.	$10,714,000	-10.2%	288,253	-11.7%	3.12%	-8.0%
DIS	Sell	The Walt Disney Co.	$10,617,000	+0.7%	85,567	-9.5%	3.09%	+3.1%
WFC	Sell	Wells Fargo & Co.	$10,577,000	-10.1%	449,879	-2.1%	3.08%	-8.0%
IBM	Sell	IBM Corp.	$10,472,000	-33.3%	86,069	-33.8%	3.05%	-31.7%
CTSH	Sell	Cognizant Tech. Solutions	$9,631,000	+11.2%	138,729	-9.0%	2.80%	+13.8%
BAC	Sell	Bank of America Corp.	$8,526,000	-3.4%	353,929	-4.8%	2.48%	-1.2%
WBA	Buy	Walgreens Boots Alliance Inc.	$8,361,000	+650.5%	232,779	+786.1%	2.44%	+668.1%
AXP	Sell	American Express Co.	$8,063,000	-1.4%	80,428	-6.4%	2.35%	+0.9%
GM	Sell	General Motors Co.	$7,243,000	+12.3%	244,794	-3.9%	2.11%	+15.0%
JPM	Sell	JPMorgan Chase & Co.	$6,155,000	+2.2%	63,933	-0.2%	1.79%	+4.6%
BRKB	Buy	Berkshire Hathaway Cl B	$6,076,000	+858.4%	28,534	+702.9%	1.77%	+882.8%
BA	Buy	Boeing Co.	$5,346,000	-9.7%	32,348	+0.1%	1.56%	-7.6%
LUV	Sell	Southwest Airlines Co.	$4,748,000	-1.6%	126,614	-10.3%	1.38%	+0.7%
CNK	Sell	Cinemark Holdings Inc.	$3,852,000	-19.6%	385,200	-7.2%	1.12%	-17.7%
USB	Buy	US Bancorp	$3,425,000	-1.6%	95,524	+1.0%	1.00%	+0.7%
XOM	Buy	Exxon Mobil Corp.	$3,033,000	-14.5%	88,344	+11.3%	0.88%	-12.5%
AAPL	Buy	Apple Inc.	$2,771,000	+7.2%	23,931	+237.6%	0.81%	+9.6%
FISV	Sell	Fiserv Inc.	$2,490,000	+5.2%	24,160	-0.3%	0.72%	+7.7%
MOD	Sell	Modine Manufacturing Co.	$2,390,000	-2.8%	382,465	-14.1%	0.70%	-0.4%
MTG	Buy	MGIC Investment Corp.	$1,915,000	+17.4%	216,185	+8.5%	0.56%	+20.3%
IP	Sell	International Paper Company	$1,751,000	+12.7%	43,196	-2.0%	0.51%	+15.4%
MMM	Sell	3M Company	$1,737,000	+0.7%	10,844	-1.9%	0.51%	+3.1%
MSFT	Sell	Microsoft Corp.	$1,673,000	-0.8%	7,955	-4.1%	0.49%	+1.5%
WRB	Buy	Berkley W R Corp.	$1,482,000	+7.9%	24,233	+1.1%	0.43%	+10.5%
SWBI	Buy	Smith & Wesson Brands Inc.	$1,397,000	+29.8%	90,000	+80.0%	0.41%	+33.0%
FIS	Sell	Fidelity National Information	$1,385,000	+5.3%	9,405	-4.1%	0.40%	+7.8%
PEP	Sell	PepsiCo Inc.	$1,357,000	+3.5%	9,789	-1.3%	0.40%	+5.9%
PG	Buy	Procter & Gamble Co.	$1,350,000	+17.5%	9,716	+1.1%	0.39%	+20.2%
AEM	Sell	Agnico Eagle Mines Ltd.	$1,115,000	+2.4%	14,000	-17.6%	0.32%	+4.8%
PM	Buy	Philip Morris International In	$1,082,000	+7.4%	14,432	+0.4%	0.32%	+10.1%
ABT	Sell	Abbott Laboratories	$1,017,000	+17.2%	9,346	-1.6%	0.30%	+19.8%
JNJ	Sell	Johnson & Johnson	$960,000	-49.8%	6,447	-52.6%	0.28%	-48.5%
FDX	Sell	Fedex Corp.	$919,000	+65.6%	3,655	-7.6%	0.27%	+69.6%
VZ	Sell	Verizon Communications	$874,000	+4.7%	14,691	-3.1%	0.25%	+6.7%
MCD	Sell	McDonald's Corp.	$862,000	+10.9%	3,929	-6.7%	0.25%	+13.6%
ABBV	Buy	AbbVie Inc.	$834,000	-10.5%	9,525	+0.4%	0.24%	-8.3%
FB	Sell	Facebook, Inc.	$635,000	+12.0%	2,424	-3.0%	0.18%	+14.9%
AMZN	Sell	Amazon Inc.	$605,000	-13.3%	192	-24.1%	0.18%	-11.6%
WMT	Sell	Walmart Inc.	$564,000	-9.3%	4,031	-22.3%	0.16%	-7.3%
TXN	Sell	Texas Instruments Inc.	$555,000	+3.5%	3,889	-7.9%	0.16%	+6.6%
MO	Sell	Altria Group Inc.	$534,000	-2.0%	13,808	-0.5%	0.16%	0.0%
TSLA	New	Tesla Inc.	$498,000	–	1,160	–	0.14%	–
MDLZ	Sell	Mondelez International Inc.	$470,000	+11.6%	8,184	-0.6%	0.14%	+14.2%
INTC	Sell	Intel Corp.	$404,000	-36.3%	7,794	-26.4%	0.12%	-34.4%
KMB	Sell	Kimberly-Clark Corp.	$392,000	-12.1%	2,657	-15.8%	0.11%	-10.2%
GOOGL	Buy	Alphabet Inc. Cl A	$388,000	+60.3%	265	+55.0%	0.11%	+63.8%
V	Sell	Visa Inc.	$361,000	+0.8%	1,804	-2.7%	0.10%	+2.9%
CVX	Sell	Chevron Corp.	$330,000	-21.6%	4,585	-2.9%	0.10%	-20.0%
KSS	Buy	Kohls Corp.	$314,000	+16.7%	16,969	+30.8%	0.09%	+18.2%
AOUT	New	American Outdoor Brand	$293,000	–	22,500	–	0.08%	–
DE	New	Deere & Co.	$276,000	–	1,247	–	0.08%	–
RRC	Sell	Range Resources Corp.	$263,000	+15.4%	39,662	-2.2%	0.08%	+18.5%
TGT	New	Target Corp.	$232,000	–	1,475	–	0.07%	–
GE	Sell	General Electric Co.	$230,000	-12.9%	36,899	-4.6%	0.07%	-10.7%
ACN	Sell	Accenture PLC	$226,000	-2.2%	999	-7.2%	0.07%	0.0%
MA	New	Mastercard Inc.	$228,000	–	675	–	0.07%	–
LOW	Sell	Lowes Companies Inc.	$221,000	-6.0%	1,335	-23.3%	0.06%	-4.5%
COST	Sell	Costco Wholesale Corp.	$213,000	+0.5%	599	-14.4%	0.06%	+3.3%
MS	New	Morgan Stanley	$201,000	–	4,167	–	0.06%	–
AMGN	New	Amgen Inc.	$200,000	–	788	–	0.06%	–
ROK	New	Rockwell Automation, Inc.	$200,000	–	908	–	0.06%	–
	Sell	Schwab Money Market Pool	$148,000	-6.3%	137,207	-6.0%	0.04%	-4.4%
F	Buy	Ford Motor Co.	$136,000	+18.3%	20,387	+7.8%	0.04%	+21.2%
OPK	Sell	OPKO Health Inc.	$37,000	-15.9%	10,000	-22.5%	0.01%	-15.4%
	Buy	Vitality Biopharma Inc.	$25,000	+400.0%	148,000	+100.0%	0.01%	+600.0%
TELL	New	Tellurian Inc.	$8,000	–	10,000	–	0.00%	–
TRTC	Buy	Terra Tech Corp.	$5,000	+25.0%	76,000	+100.0%	0.00%	0.0%
SPZI	New	Spooz Inc.	$0	–	1,535,000	–	0.00%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-10,499	–	-0.06%	–
HD	Exit	Home Depot Inc.	$0	–	-847	–	-0.06%	–
OI	Exit	O-I Glass Inc.	$0	–	-388,644	–	-0.99%	–

Q2 2020

			Value		Shares		↓ Weighting
T	New	AT&T Inc.	$19,484,000	–	644,517	–	5.54%	–
BMY	New	Bristol Myers Squibb	$17,710,000	–	301,182	–	5.04%	–
ATI	New	Allegheny Technologies Inc.	$17,249,000	–	1,692,766	–	4.91%	–
ORCL	New	Oracle Corp.	$17,148,000	–	310,257	–	4.88%	–
CSCO	New	Cisco Systems	$16,877,000	–	361,851	–	4.80%	–
IBM	New	IBM	$15,695,000	–	129,956	–	4.46%	–
KMI	New	Kinder Morgan Inc.	$15,378,000	–	1,013,693	–	4.37%	–
C	New	Citigroup Inc.	$14,760,000	–	288,849	–	4.20%	–
MRK	New	Merck & Co Inc.	$14,333,000	–	185,354	–	4.08%	–
PFE	New	Pfizer Inc.	$14,258,000	–	436,032	–	4.06%	–
DOW	New	Dow Inc.	$13,344,000	–	327,387	–	3.80%	–
DD	New	Du Pont E I De Nemours	$13,317,000	–	250,646	–	3.79%	–
MET	New	MetLife Inc.	$11,927,000	–	326,588	–	3.39%	–
WFC	New	Wells Fargo & Co.	$11,765,000	–	459,564	–	3.35%	–
UPS	New	United Parcel Service Cl'B	$11,734,000	–	105,540	–	3.34%	–
DIS	New	Walt Disney Hldg. Co.	$10,541,000	–	94,527	–	3.00%	–
BAC	New	Bank of America	$8,830,000	–	371,782	–	2.51%	–
CTSH	New	Cognizant Tech Solutions	$8,659,000	–	152,392	–	2.46%	–
AXP	New	American Express Co.	$8,178,000	–	85,908	–	2.33%	–
GM	New	General Motors Corp.	$6,447,000	–	254,806	–	1.83%	–
JPM	New	J P Morgan Chase	$6,025,000	–	64,052	–	1.71%	–
BA	New	Boeing Co.	$5,923,000	–	32,311	–	1.68%	–
LUV	New	Southwest Airlines Co	$4,825,000	–	141,174	–	1.37%	–
CNK	New	Cinemark Holdings Inc.	$4,794,000	–	415,025	–	1.36%	–
XOM	New	Exxon Mobil Corp.	$3,548,000	–	79,340	–	1.01%	–
OI	New	O-I Glass Inc.	$3,490,000	–	388,644	–	0.99%	–
USB	New	US Bancorp	$3,482,000	–	94,558	–	0.99%	–
UNP	New	Union Pacific Corp.	$3,415,000	–	20,197	–	0.97%	–
AAPL	New	Apple Inc.	$2,586,000	–	7,088	–	0.74%	–
MOD	New	Modine Manufacturing Co.	$2,459,000	–	445,390	–	0.70%	–
FISV	New	Fiserv Inc.	$2,366,000	–	24,240	–	0.67%	–
WEC	New	WEC Energy Group Inc.	$2,229,000	–	25,434	–	0.63%	–
JNJ	New	Johnson & Johnson	$1,911,000	–	13,590	–	0.54%	–
MMM	New	3M Company	$1,725,000	–	11,056	–	0.49%	–
MSFT	New	Microsoft Corp.	$1,687,000	–	8,292	–	0.48%	–
MTG	New	MGIC Investment Corp.	$1,631,000	–	199,185	–	0.46%	–
IP	New	International Paper Company	$1,553,000	–	44,096	–	0.44%	–
WRB	New	Berkley W R Corp.	$1,374,000	–	23,976	–	0.39%	–
FIS	New	Fidelity National Information	$1,315,000	–	9,805	–	0.37%	–
PEP	New	Pepsico Inc.	$1,311,000	–	9,913	–	0.37%	–
PG	New	Procter & Gamble Co.	$1,149,000	–	9,613	–	0.33%	–
WBA	New	Walgreens Boots Alliance Inc.	$1,114,000	–	26,269	–	0.32%	–
FAST	New	Fastenal Company	$1,097,000	–	25,600	–	0.31%	–
AEM	New	Agnico-Eagle Mines Ltd.	$1,089,000	–	17,000	–	0.31%	–
SWBI	New	Smith & Wesson Brands Inc.	$1,076,000	–	50,000	–	0.31%	–
CI	New	Cigna Corp.	$1,046,000	–	5,573	–	0.30%	–
PM	New	Philip Morris International In	$1,007,000	–	14,372	–	0.29%	–
ABBV	New	AbbVie Inc.	$932,000	–	9,490	–	0.26%	–
LLY	New	Eli Lilly & Co.	$922,000	–	5,613	–	0.26%	–
ABT	New	Abbott Labs	$868,000	–	9,496	–	0.25%	–
MGEE	New	MGE Energy Inc.	$837,000	–	12,975	–	0.24%	–
VZ	New	Verizon Communications	$835,000	–	15,154	–	0.24%	–
MCD	New	McDonalds Corp.	$777,000	–	4,212	–	0.22%	–
AMZN	New	Amazon Inc.	$698,000	–	253	–	0.20%	–
XEL	New	Xcel Energy Inc.	$669,000	–	10,700	–	0.19%	–
BRKB	New	Berkshire Hathaway Cl B	$634,000	–	3,554	–	0.18%	–
INTC	New	Intel Corp.	$634,000	–	10,596	–	0.18%	–
WMT	New	WalMart Inc.	$622,000	–	5,189	–	0.18%	–
FB	New	Facebook, Inc.	$567,000	–	2,499	–	0.16%	–
FDX	New	Fedex Corp.	$555,000	–	3,955	–	0.16%	–
MO	New	Altria Group Inc.	$545,000	–	13,881	–	0.16%	–
TXN	New	Texas Instruments Inc.	$536,000	–	4,224	–	0.15%	–
PPG	New	PPG Industries Inc.	$477,000	–	4,502	–	0.14%	–
KMB	New	Kimberly-Clark Corporation	$446,000	–	3,157	–	0.13%	–
MDLZ	New	Mondelez International Inc.	$421,000	–	8,234	–	0.12%	–
CVX	New	Chevron Corp.	$421,000	–	4,723	–	0.12%	–
CL	New	Colgate-Palmolive Co.	$361,000	–	4,932	–	0.10%	–
V	New	Visa Inc. Cl A	$358,000	–	1,854	–	0.10%	–
NSC	New	Norfolk Southern Corp.	$344,000	–	1,962	–	0.10%	–
ANSS	New	Ansys Inc.	$325,000	–	1,113	–	0.09%	–
EMR	New	Emerson Electric Co.	$317,000	–	5,106	–	0.09%	–
LNT	New	Alliant Energy Corp.	$305,000	–	6,366	–	0.09%	–
DUK	New	Duke Energy Corp.	$304,000	–	3,799	–	0.09%	–
K	New	Kellogg Co.	$303,000	–	4,585	–	0.09%	–
KSS	New	Kohls Corp.	$269,000	–	12,969	–	0.08%	–
GE	New	General Electric Co.	$264,000	–	38,669	–	0.08%	–
ITW	New	Illinois Tool Works Inc.	$260,000	–	1,489	–	0.07%	–
ETN	New	Eaton Corp.	$254,000	–	2,900	–	0.07%	–
BP	New	BP PLC	$252,000	–	10,817	–	0.07%	–
GOOGL	New	Alphabet Inc. Cl A	$242,000	–	171	–	0.07%	–
LOW	New	Lowes Companies Inc.	$235,000	–	1,741	–	0.07%	–
ACN	New	Accenture PLC	$231,000	–	1,077	–	0.07%	–
RRC	New	Range Resources Corp.	$228,000	–	40,562	–	0.06%	–
LRCX	New	Lam Research Corp.	$224,000	–	692	–	0.06%	–
HD	New	Home Depot Inc.	$212,000	–	847	–	0.06%	–
COST	New	Costco Wholesale Corp.	$212,000	–	700	–	0.06%	–
SLB	New	Schlumberger Ltd.	$193,000	–	10,499	–	0.06%	–
	New	Schwab Money Market Pool	$158,000	–	146,016	–	0.04%	–
OLN	New	Olin Corp.	$115,000	–	10,000	–	0.03%	–
F	New	Ford Motor Company	$115,000	–	18,916	–	0.03%	–
	New	CoastalSouth Bancshares, Inc.	$106,000	–	10,878	–	0.03%	–
VUZI	New	Vuzix Corp.	$48,000	–	20,000	–	0.01%	–
OPK	New	Opko Health Inc.	$44,000	–	12,905	–	0.01%	–
TRTC	New	Terra Tech Corp.	$4,000	–	38,000	–	0.00%	–
	New	Vitality Biopharma Inc.	$5,000	–	74,000	–	0.00%	–
	New	Puration Inc.	$1,000	–	70,000	–	0.00%	–
OPMG	New	Options Media Group	$0	–	20,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
OPMG	Exit	Options Media Group	$0	–	-60,000	–	0.00%	–
	Exit	Puration Inc.	$0	–	-210,000	–	-0.00%	–
	Exit	Vitality Biopharma Inc.	$0	–	-222,000	–	-0.00%	–
TRTC	Exit	Terra Tech Corp.	$0	–	-114,900	–	-0.00%	–
MDRIQ	Exit	McDermott Intl. Inc.	$0	–	-30,000	–	-0.01%	–
VUZI	Exit	Vuzix Corp.	$0	–	-30,000	–	-0.01%	–
OPK	Exit	Opko Health Inc.	$0	–	-38,715	–	-0.01%	–
BGGSQ	Exit	Briggs & Stratton Corp.	$0	–	-49,200	–	-0.03%	–
TMST	Exit	Timkensteel Corp.	$0	–	-55,000	–	-0.03%	–
F	Exit	Ford Motor Company	$0	–	-52,260	–	-0.04%	–
	Exit	Schwab Money Market Pool	$0	–	-483,291	–	-0.05%	–
GOOGL	Exit	Alphabet Inc. Cl A	$0	–	-507	–	-0.06%	–
MA	Exit	Mastercard Inc.	$0	–	-2,337	–	-0.06%	–
ACN	Exit	Accenture PLC CL A	$0	–	-3,366	–	-0.06%	–
DE	Exit	Deere & Co.	$0	–	-3,957	–	-0.06%	–
ITW	Exit	Illinois Tool Works Inc.	$0	–	-4,425	–	-0.06%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-2,391	–	-0.06%	–
UTX	Exit	United Technologies	$0	–	-5,111	–	-0.06%	–
HTLF	Exit	Heartland Financial Inc.	$0	–	-15,648	–	-0.06%	–
CCL	Exit	Carnival Corp	$0	–	-16,137	–	-0.06%	–
ETN	Exit	Eaton Corp.	$0	–	-8,700	–	-0.06%	–
BMO	Exit	Bank Montreal Que	$0	–	-10,257	–	-0.07%	–
ANSS	Exit	Ansys Inc.	$0	–	-3,591	–	-0.07%	–
KMB	Exit	Kimberly-Clark Corporation	$0	–	-5,671	–	-0.07%	–
FDX	Exit	Fedex Corp.	$0	–	-5,565	–	-0.07%	–
CVS	Exit	CVS Corp.	$0	–	-13,032	–	-0.07%	–
LTS	Exit	Ladenburg Thalmann	$0	–	-368,241	–	-0.08%	–
K	Exit	Kellogg Co.	$0	–	-13,755	–	-0.08%	–
FB	Exit	Facebook, Inc.	$0	–	-5,068	–	-0.08%	–
KSS	Exit	Kohls Corp.	$0	–	-18,675	–	-0.08%	–
MO	Exit	Altria Group Inc.	$0	–	-23,413	–	-0.09%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-28,449	–	-0.09%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-17,650	–	-0.09%	–
EMR	Exit	Emerson Electric Co.	$0	–	-15,000	–	-0.09%	–
HOG	Exit	Harley Davidson Inc.	$0	–	-28,206	–	-0.09%	–
NSC	Exit	Norfolk Southern Corp.	$0	–	-5,868	–	-0.09%	–
GE	Exit	General Electric Co.	$0	–	-119,415	–	-0.10%	–
V	Exit	Visa Inc. Cl A	$0	–	-6,393	–	-0.10%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-15,348	–	-0.10%	–
FLR	Exit	Fluor Corp.	$0	–	-60,000	–	-0.10%	–
MMM	Exit	3M Company	$0	–	-7,138	–	-0.10%	–
CAT	Exit	Caterpillar Inc.	$0	–	-10,035	–	-0.11%	–
BP	Exit	BP PLC	$0	–	-33,918	–	-0.12%	–
AMZN	Exit	Amazon Inc.	$0	–	-744	–	-0.12%	–
CVX	Exit	Chevron Corp.	$0	–	-10,890	–	-0.12%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-32,097	–	-0.13%	–
SEE	Exit	Sealed Air Corp.	$0	–	-35,100	–	-0.13%	–
INTC	Exit	Intel Corp.	$0	–	-29,493	–	-0.14%	–
TXN	Exit	Texas Instruments Inc.	$0	–	-12,087	–	-0.14%	–
PPG	Exit	PPG Industries Inc.	$0	–	-14,022	–	-0.15%	–
GOOG	Exit	Alphabet Inc. Cl C	$0	–	-1,479	–	-0.16%	–
IP	Exit	International Paper Company	$0	–	-42,870	–	-0.16%	–
LLY	Exit	Eli Lilly & Co.	$0	–	-17,817	–	-0.18%	–
AOBC	Exit	American Outdoor Brand Corp.	$0	–	-345,000	–	-0.18%	–
VZ	Exit	Verizon Communications	$0	–	-34,122	–	-0.18%	–
ABBV	Exit	AbbVie Inc.	$0	–	-30,415	–	-0.21%	–
PM	Exit	Philip Morris International In	$0	–	-31,056	–	-0.21%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-11,442	–	-0.21%	–
ABT	Exit	Abbott Labs	$0	–	-29,456	–	-0.22%	–
FAST	Exit	Fastenal Company	$0	–	-76,800	–	-0.22%	–
CI	Exit	Cigna Corp.	$0	–	-16,719	–	-0.23%	–
MCD	Exit	McDonalds Corp.	$0	–	-12,966	–	-0.25%	–
PG	Exit	Procter & Gamble Co.	$0	–	-28,587	–	-0.32%	–
MSFT	Exit	Microsoft Corp.	$0	–	-26,257	–	-0.33%	–
AEM	Exit	Agnico-Eagle Mines Ltd.	$0	–	-69,300	–	-0.33%	–
WEC	Exit	WEC Energy Group Inc.	$0	–	-39,426	–	-0.34%	–
FIS	Exit	Fidelity National Information	$0	–	-29,712	–	-0.35%	–
PEP	Exit	Pepsico Inc.	$0	–	-29,301	–	-0.36%	–
BA	Exit	Boeing Co.	$0	–	-12,418	–	-0.42%	–
WBA	Exit	Walgreens Boots Alliance Inc.	$0	–	-87,492	–	-0.43%	–
WRB	Exit	Berkley W R Corp.	$0	–	-71,928	–	-0.46%	–
JNJ	Exit	Johnson & Johnson	$0	–	-41,963	–	-0.49%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-118,239	–	-0.53%	–
RRC	Exit	Range Resources Corp.	$0	–	-1,744,305	–	-0.60%	–
FISV	Exit	Fiserv Inc.	$0	–	-74,520	–	-0.69%	–
AAPL	Exit	Apple Inc.	$0	–	-34,905	–	-0.70%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-120,355	–	-0.76%	–
MTG	Exit	MGIC Investment Corp.	$0	–	-682,676	–	-0.77%	–
USB	Exit	US Bancorp	$0	–	-158,229	–	-0.78%	–
UNP	Exit	Union Pacific Corp.	$0	–	-60,501	–	-0.88%	–
OI	Exit	Owens-Illinois Inc.	$0	–	-1,296,439	–	-1.19%	–
MOD	Exit	Modine Manufacturing Co.	$0	–	-1,321,625	–	-1.34%	–
DD	Exit	Du Pont E I De Nemours	$0	–	-260,204	–	-1.66%	–
COG	Exit	Cabot Oil & Gas Corp.	$0	–	-1,351,512	–	-2.13%	–
LUV	Exit	Southwest Airlines Co	$0	–	-441,487	–	-2.13%	–
GM	Exit	General Motors Corp.	$0	–	-660,121	–	-2.22%	–
CSCO	Exit	Cisco Systems	$0	–	-584,686	–	-2.59%	–
BAC	Exit	Bank of America	$0	–	-1,114,665	–	-2.91%	–
UPS	Exit	United Parcel Service Cl'B	$0	–	-277,513	–	-2.98%	–
WMT	Exit	WalMart Inc.	$0	–	-286,880	–	-3.05%	–
DOW	Exit	Dow Inc.	$0	–	-754,121	–	-3.22%	–
DIS	Exit	Walt Disney Hldg. Co.	$0	–	-298,264	–	-3.48%	–
JPM	Exit	J P Morgan Chase	$0	–	-371,103	–	-3.91%	–
PFE	Exit	Pfizer Inc.	$0	–	-1,275,017	–	-4.10%	–
MRK	Exit	Merck & Co Inc.	$0	–	-578,130	–	-4.36%	–
BMY	Exit	Bristol Myers Squibb	$0	–	-962,840	–	-4.37%	–
MET	Exit	MetLife Inc.	$0	–	-1,046,419	–	-4.42%	–
ORCL	Exit	Oracle Corp.	$0	–	-955,393	–	-4.71%	–
IBM	Exit	IBM	$0	–	-362,591	–	-4.72%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-2,778,630	–	-5.13%	–
C	Exit	Citigroup Inc.	$0	–	-1,026,929	–	-6.35%	–
T	Exit	AT&T Inc.	$0	–	-1,919,928	–	-6.50%	–
ATI	Exit	Allegheny Technologies Inc.	$0	–	-3,834,867	–	-6.95%	–

Q3 2019

			Value		Shares		↓ Weighting
ATI	Buy	Allegheny Technologies Inc.	$77,656,000	+140.8%	3,834,867	+199.7%	6.95%	-12.4%
T	Buy	AT&T Inc.	$72,651,000	+151.9%	1,919,928	+123.1%	6.50%	-8.4%
C	Buy	Citigroup Inc.	$70,941,000	+173.5%	1,026,929	+177.2%	6.35%	-0.5%
KMI	Buy	Kinder Morgan Inc.	$57,268,000	+205.1%	2,778,630	+209.1%	5.13%	+11.0%
IBM	Buy	IBM	$52,728,000	+200.5%	362,591	+184.9%	4.72%	+9.3%
ORCL	Buy	Oracle Corp.	$52,575,000	+172.5%	955,393	+182.1%	4.71%	-0.9%
MET	Buy	MetLife Inc.	$49,349,000	+168.6%	1,046,419	+182.9%	4.42%	-2.3%
BMY	Buy	Bristol Myers Squibb	$48,825,000	+241.6%	962,840	+205.5%	4.37%	+24.2%
MRK	Buy	Merck & Co Inc.	$48,667,000	+181.6%	578,130	+180.5%	4.36%	+2.4%
PFE	Buy	Pfizer Inc.	$45,811,000	+186.1%	1,275,017	+245.0%	4.10%	+4.1%
JPM	Buy	J P Morgan Chase	$43,675,000	+202.9%	371,103	+187.7%	3.91%	+10.1%
DIS	Buy	Walt Disney Hldg. Co.	$38,870,000	+159.4%	298,264	+177.9%	3.48%	-5.7%
DOW	Buy	Dow Inc.	$35,934,000	+236.7%	754,121	+248.5%	3.22%	+22.5%
WMT	Buy	WalMart Inc.	$34,047,000	+131.1%	286,880	+115.1%	3.05%	-15.9%
UPS	Buy	United Parcel Service Cl'B	$33,251,000	+220.2%	277,513	+176.0%	2.98%	+16.4%
BAC	Buy	Bank of America	$32,515,000	+181.7%	1,114,665	+180.1%	2.91%	+2.4%
CSCO	Buy	Cisco Systems	$28,889,000	+162.0%	584,686	+190.2%	2.59%	-4.7%
GM	Buy	General Motors Corp.	$24,741,000	+167.4%	660,121	+174.9%	2.22%	-2.7%
LUV	Buy	Southwest Airlines Co	$23,845,000	+208.4%	441,487	+189.9%	2.13%	+12.1%
COG	Buy	Cabot Oil & Gas Corp.	$23,746,000	+134.5%	1,351,512	+206.5%	2.13%	-14.7%
DD	Buy	Du Pont E I De Nemours	$18,555,000	+193.0%	260,204	+208.5%	1.66%	+6.5%
MOD	Buy	Modine Manufacturing Co.	$15,026,000	+200.4%	1,321,625	+278.1%	1.34%	+9.3%
OI	Buy	Owens-Illinois Inc.	$13,314,000	+81.2%	1,296,439	+204.7%	1.19%	-34.1%
UNP	Buy	Union Pacific Corp.	$9,801,000	+187.4%	60,501	+200.0%	0.88%	+4.5%
USB	Buy	US Bancorp	$8,757,000	+216.3%	158,229	+199.4%	0.78%	+15.0%
MTG	Buy	MGIC Investment Corp.	$8,588,000	+178.8%	682,676	+191.3%	0.77%	+1.5%
XOM	Buy	Exxon Mobil Corp.	$8,498,000	+296.4%	120,355	+330.1%	0.76%	+44.1%
AAPL	Buy	Apple Inc.	$7,818,000	+251.7%	34,905	+210.7%	0.70%	+28.0%
FISV	Buy	Fiserv Inc.	$7,719,000	+243.7%	74,520	+202.4%	0.69%	+25.0%
RRC	Buy	Range Resources Corp.	$6,663,000	+48.0%	1,744,305	+170.5%	0.60%	-46.2%
WFC	Buy	Wells Fargo & Co.	$5,964,000	+387.7%	118,239	+357.5%	0.53%	+77.4%
JNJ	Buy	Johnson & Johnson	$5,429,000	+183.6%	41,963	+205.4%	0.49%	+3.2%
WRB	Buy	Berkley W R Corp.	$5,196,000	+228.7%	71,928	+200.0%	0.46%	+19.5%
WBA	Buy	Walgreens Boots Alliance Inc.	$4,839,000	+308.7%	87,492	+303.9%	0.43%	+48.8%
BA	Buy	Boeing Co.	$4,724,000	+216.0%	12,418	+202.4%	0.42%	+14.9%
PEP	Buy	Pepsico Inc.	$4,017,000	+203.9%	29,301	+190.6%	0.36%	+10.8%
FIS	Buy	Fidelity National Information	$3,945,000	+224.7%	29,712	+200.0%	0.35%	+18.1%
WEC	Buy	WEC Energy Group Inc.	$3,750,000	+221.9%	39,426	+182.1%	0.34%	+17.1%
AEM	Buy	Agnico-Eagle Mines Ltd.	$3,714,000	+211.1%	69,300	+197.4%	0.33%	+12.9%
MSFT	Buy	Microsoft Corp.	$3,650,000	+218.5%	26,257	+207.0%	0.33%	+16.0%
PG	Buy	Procter & Gamble Co.	$3,555,000	+240.5%	28,587	+200.3%	0.32%	+23.7%
MCD	Buy	McDonalds Corp.	$2,784,000	+210.0%	12,966	+200.0%	0.25%	+12.7%
CI	Buy	Cigna Corp.	$2,538,000	+189.1%	16,719	+200.0%	0.23%	+5.1%
FAST	Buy	Fastenal Company	$2,508,000	+200.7%	76,800	+200.0%	0.22%	+9.3%
ABT	Buy	Abbott Labs	$2,464,000	+209.9%	29,456	+211.4%	0.22%	+12.8%
BRKB	Buy	Berkshire Hathaway Cl B	$2,379,000	+185.3%	11,442	+192.3%	0.21%	+3.9%
PM	Buy	Philip Morris International In	$2,358,000	+200.4%	31,056	+210.8%	0.21%	+9.3%
ABBV	Buy	AbbVie Inc.	$2,302,000	+214.9%	30,415	+202.5%	0.21%	+14.4%
VZ	Buy	Verizon Communications	$2,060,000	+209.8%	34,122	+193.0%	0.18%	+12.2%
AOBC	Buy	American Outdoor Brand Corp.	$2,019,000	+94.9%	345,000	+200.0%	0.18%	-29.0%
LLY	Buy	Eli Lilly & Co.	$1,992,000	+202.7%	17,817	+200.0%	0.18%	+9.9%
IP	Buy	International Paper Company	$1,794,000	+467.7%	42,870	+488.1%	0.16%	+106.4%
GOOG	Buy	Alphabet Inc. Cl C	$1,803,000	+238.3%	1,479	+200.0%	0.16%	+22.9%
PPG	Buy	PPG Industries Inc.	$1,662,000	+217.8%	14,022	+213.0%	0.15%	+15.5%
TXN	Buy	Texas Instruments Inc.	$1,563,000	+256.8%	12,087	+216.3%	0.14%	+29.6%
INTC	Buy	Intel Corp.	$1,521,000	+235.8%	29,493	+211.5%	0.14%	+22.5%
SEE	Buy	Sealed Air Corp.	$1,458,000	+191.0%	35,100	+200.0%	0.13%	+6.5%
OXY	Buy	Occidental Petroleum Corp.	$1,428,000	+322.5%	32,097	+378.0%	0.13%	+54.2%
AMZN	Buy	Amazon Inc.	$1,291,000	+234.5%	744	+264.7%	0.12%	+22.1%
CVX	Buy	Chevron Corp.	$1,293,000	+219.3%	10,890	+234.3%	0.12%	+16.0%
BP	Buy	BP PLC	$1,290,000	+173.9%	33,918	+200.0%	0.12%	-0.9%
CAT	Buy	Caterpillar Inc.	$1,269,000	+178.3%	10,035	+200.0%	0.11%	+1.8%
MMM	Buy	3M Company	$1,174,000	+225.2%	7,138	+243.0%	0.10%	+18.0%
FLR	New	Fluor Corp.	$1,149,000	–	60,000	–	0.10%	–
CL	Buy	Colgate-Palmolive Co.	$1,128,000	+206.5%	15,348	+199.1%	0.10%	+11.0%
V	Buy	Visa Inc. Cl A	$1,101,000	+197.6%	6,393	+200.0%	0.10%	+8.8%
GE	Buy	General Electric Co.	$1,068,000	+160.5%	119,415	+205.8%	0.10%	-5.0%
NSC	Buy	Norfolk Southern Corp.	$1,053,000	+170.0%	5,868	+200.0%	0.09%	-2.1%
HOG	Buy	Harley Davidson Inc.	$1,014,000	+200.9%	28,206	+200.0%	0.09%	+9.6%
EMR	Buy	Emerson Electric Co.	$1,002,000	+200.0%	15,000	+200.0%	0.09%	+9.8%
MDLZ	Buy	Mondelez International Inc.	$975,000	+216.6%	17,650	+208.5%	0.09%	+14.5%
SLB	Buy	Schlumberger Ltd.	$972,000	+152.5%	28,449	+193.8%	0.09%	-8.4%
MO	Buy	Altria Group Inc.	$957,000	+164.4%	23,413	+206.4%	0.09%	-3.4%
KSS	Buy	Kohls Corp.	$927,000	+213.2%	18,675	+200.0%	0.08%	+13.7%
FB	Buy	Facebook, Inc.	$903,000	+262.7%	5,068	+292.9%	0.08%	+32.8%
K	Buy	Kellogg Co.	$885,000	+259.8%	13,755	+200.0%	0.08%	+29.5%
LTS	Buy	Ladenburg Thalmann	$873,000	+107.4%	368,241	+200.0%	0.08%	-25.0%
CVS	Buy	CVS Corp.	$822,000	+257.4%	13,032	+208.2%	0.07%	+29.8%
FDX	New	Fedex Corp.	$810,000	–	5,565	–	0.07%	–
KMB	Buy	Kimberly-Clark Corporation	$806,000	+244.4%	5,671	+222.8%	0.07%	+24.1%
ANSS	Buy	Ansys Inc.	$795,000	+224.5%	3,591	+200.0%	0.07%	+18.3%
BMO	Buy	Bank Montreal Que	$756,000	+193.0%	10,257	+200.0%	0.07%	+6.2%
ETN	Buy	Eaton Corp.	$723,000	+198.8%	8,700	+200.0%	0.06%	+8.3%
CCL	Buy	Carnival Corp	$705,000	+245.6%	16,137	+268.5%	0.06%	+26.0%
HTLF	Buy	Heartland Financial Inc.	$699,000	+200.0%	15,648	+200.0%	0.06%	+10.5%
UTX	New	United Technologies	$698,000	–	5,111	–	0.06%	–
COST	New	Costco Wholesale Corp.	$689,000	–	2,391	–	0.06%	–
ITW	Buy	Illinois Tool Works Inc.	$693,000	+173.9%	4,425	+164.2%	0.06%	0.0%
DE	Buy	Deere & Co.	$666,000	+218.7%	3,957	+214.0%	0.06%	+17.6%
ACN	New	Accenture PLC CL A	$648,000	–	3,366	–	0.06%	–
MA	Buy	Mastercard Inc.	$636,000	+208.7%	2,337	+200.0%	0.06%	+11.8%
GOOGL	New	Alphabet Inc. Cl A	$618,000	–	507	–	0.06%	–
	Buy	Schwab Money Market Pool	$522,000	+201.7%	483,291	+199.1%	0.05%	+9.3%
F	Buy	Ford Motor Company	$480,000	+162.3%	52,260	+191.6%	0.04%	-4.4%
BGGSQ	Buy	Briggs & Stratton Corp.	$297,000	+76.8%	49,200	+200.0%	0.03%	-34.1%
OPK	Buy	Opko Health Inc.	$81,000	+161.3%	38,715	+200.0%	0.01%	-12.5%
VUZI	Buy	Vuzix Corp.	$69,000	+68.3%	30,000	+200.0%	0.01%	-40.0%
MDRIQ	New	McDermott Intl. Inc.	$60,000	–	30,000	–	0.01%	–
TRTC	Buy	Terra Tech Corp.	$42,000	+75.0%	114,900	+177.1%	0.00%	-33.3%
	Buy	Vitality Biopharma Inc.	$27,000	+22.7%	222,000	+200.0%	0.00%	-60.0%
	Buy	Puration Inc.	$12,000	+140.0%	210,000	+200.0%	0.00%	0.0%
MJNA	Exit	Medical Marijuana Inc.	$0	–	-15,000	–	0.00%	–
OPMG	Buy	Options Media Group	$0	–	60,000	+200.0%	0.00%	–
AEGY	Exit	Alternative Energy	$0	–	-260,000	–	0.00%	–
	Exit	CoastalSouth Bancshares, Inc.	$0	–	-16,571	–	-0.05%	–
LNC	Exit	LInc.oln National Corp.	$0	–	-3,256	–	-0.05%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-4,500	–	-0.08%	–
KHC	Exit	Kraft Heinz Co.	$0	–	-10,314	–	-0.08%	–
MCK	Exit	McKesson Corp.	$0	–	-52,380	–	-1.73%	–

Q2 2019

			Value		Shares		↓ Weighting
ATI	New	Allegheny Technologies Inc.	$32,248,000	–	1,279,697	–	7.94%	–
T	New	AT&T Inc.	$28,837,000	–	860,536	–	7.10%	–
C	New	Citigroup Inc.	$25,941,000	–	370,422	–	6.38%	–
ORCL	New	Oracle Corp.	$19,295,000	–	338,682	–	4.75%	–
KMI	New	Kinder Morgan Inc.	$18,768,000	–	898,837	–	4.62%	–
MET	New	MetLife Inc.	$18,375,000	–	369,934	–	4.52%	–
IBM	New	IBM	$17,549,000	–	127,256	–	4.32%	–
MRK	New	Merck & Co Inc.	$17,284,000	–	206,125	–	4.25%	–
PFE	New	Pfizer Inc.	$16,010,000	–	369,575	–	3.94%	–
DIS	New	Walt Disney Hldg. Co.	$14,987,000	–	107,326	–	3.69%	–
WMT	New	WalMart Inc.	$14,733,000	–	133,340	–	3.63%	–
JPM	New	J P Morgan Chase	$14,419,000	–	128,968	–	3.55%	–
BMY	New	Bristol Myers Squibb	$14,293,000	–	315,170	–	3.52%	–
BAC	New	Bank of America	$11,541,000	–	397,966	–	2.84%	–
CSCO	New	Cisco Systems	$11,026,000	–	201,458	–	2.71%	–
DOW	New	Dow Inc.	$10,672,000	–	216,419	–	2.63%	–
UPS	New	United Parcel Service Cl'B	$10,384,000	–	100,556	–	2.56%	–
COG	New	Cabot Oil & Gas Corp.	$10,125,000	–	440,982	–	2.49%	–
GM	New	General Motors Corp.	$9,251,000	–	240,109	–	2.28%	–
LUV	New	Southwest Airlines Co	$7,732,000	–	152,266	–	1.90%	–
OI	New	Owens-Illinois Inc.	$7,349,000	–	425,539	–	1.81%	–
MCK	New	McKesson Corp.	$7,039,000	–	52,380	–	1.73%	–
DD	New	Du Pont E I De Nemours	$6,332,000	–	84,345	–	1.56%	–
MOD	New	Modine Manufacturing Co.	$5,002,000	–	349,575	–	1.23%	–
RRC	New	Range Resources Corp.	$4,501,000	–	644,895	–	1.11%	–
UNP	New	Union Pacific Corp.	$3,410,000	–	20,167	–	0.84%	–
MTG	New	MGIC Investment Corp.	$3,080,000	–	234,392	–	0.76%	–
USB	New	US Bancorp	$2,769,000	–	52,843	–	0.68%	–
FISV	New	Fiserv Inc.	$2,246,000	–	24,640	–	0.55%	–
AAPL	New	Apple Inc.	$2,223,000	–	11,233	–	0.55%	–
XOM	New	Exxon Mobil Corp.	$2,144,000	–	27,981	–	0.53%	–
JNJ	New	Johnson & Johnson	$1,914,000	–	13,740	–	0.47%	–
WRB	New	Berkley W R Corp.	$1,581,000	–	23,976	–	0.39%	–
BA	New	Boeing Co.	$1,495,000	–	4,106	–	0.37%	–
PEP	New	Pepsico Inc.	$1,322,000	–	10,082	–	0.32%	–
WFC	New	Wells Fargo & Co.	$1,223,000	–	25,845	–	0.30%	–
FIS	New	Fidelity National Information	$1,215,000	–	9,904	–	0.30%	–
AEM	New	Agnico-Eagle Mines Ltd.	$1,194,000	–	23,300	–	0.29%	–
WBA	New	Walgreens Boots Alliance Inc.	$1,184,000	–	21,664	–	0.29%	–
WEC	New	WEC Energy Group Inc.	$1,165,000	–	13,978	–	0.29%	–
MSFT	New	Microsoft Corp.	$1,146,000	–	8,553	–	0.28%	–
PG	New	Procter & Gamble Co.	$1,044,000	–	9,520	–	0.26%	–
AOBC	New	American Outdoor Brand Corp.	$1,036,000	–	115,000	–	0.26%	–
MCD	New	McDonalds Corp.	$898,000	–	4,322	–	0.22%	–
CI	New	Cigna Corp.	$878,000	–	5,573	–	0.22%	–
BRKB	New	Berkshire Hathaway Cl B	$834,000	–	3,914	–	0.20%	–
FAST	New	Fastenal Company	$834,000	–	25,600	–	0.20%	–
ABT	New	Abbott Labs	$795,000	–	9,458	–	0.20%	–
PM	New	Philip Morris International In	$785,000	–	9,991	–	0.19%	–
ABBV	New	AbbVie Inc.	$731,000	–	10,055	–	0.18%	–
VZ	New	Verizon Communications	$665,000	–	11,646	–	0.16%	–
LLY	New	Eli Lilly & Co.	$658,000	–	5,939	–	0.16%	–
GOOG	New	Alphabet Inc. Cl C	$533,000	–	493	–	0.13%	–
PPG	New	PPG Industries Inc.	$523,000	–	4,480	–	0.13%	–
SEE	New	Sealed Air Corp.	$501,000	–	11,700	–	0.12%	–
BP	New	BP PLC	$471,000	–	11,306	–	0.12%	–
CAT	New	Caterpillar Inc.	$456,000	–	3,345	–	0.11%	–
INTC	New	Intel Corp.	$453,000	–	9,468	–	0.11%	–
TMST	New	Timkensteel Corp.	$447,000	–	55,000	–	0.11%	–
TXN	New	Texas Instruments Inc.	$438,000	–	3,821	–	0.11%	–
LTS	New	Ladenburg Thalmann	$421,000	–	122,747	–	0.10%	–
GE	New	General Electric Co.	$410,000	–	39,055	–	0.10%	–
CVX	New	Chevron Corp.	$405,000	–	3,258	–	0.10%	–
NSC	New	Norfolk Southern Corp.	$390,000	–	1,956	–	0.10%	–
SLB	New	Schlumberger Ltd.	$385,000	–	9,683	–	0.10%	–
AMZN	New	Amazon Inc.	$386,000	–	204	–	0.10%	–
CL	New	Colgate-Palmolive Co.	$368,000	–	5,132	–	0.09%	–
V	New	Visa Inc. Cl A	$370,000	–	2,131	–	0.09%	–
MO	New	Altria Group Inc.	$362,000	–	7,641	–	0.09%	–
MMM	New	3M Company	$361,000	–	2,081	–	0.09%	–
OXY	New	Occidental Petroleum Corp.	$338,000	–	6,715	–	0.08%	–
HOG	New	Harley Davidson Inc.	$337,000	–	9,402	–	0.08%	–
EMR	New	Emerson Electric Co.	$334,000	–	5,000	–	0.08%	–
KHC	New	Kraft Heinz Co.	$320,000	–	10,314	–	0.08%	–
APC	New	Anadarko Petroleum Corp.	$318,000	–	4,500	–	0.08%	–
IP	New	International Paper Company	$316,000	–	7,290	–	0.08%	–
MDLZ	New	Mondelez International Inc.	$308,000	–	5,721	–	0.08%	–
KSS	New	Kohls Corp.	$296,000	–	6,225	–	0.07%	–
BMO	New	Bank Montreal Que	$258,000	–	3,419	–	0.06%	–
ITW	New	Illinois Tool Works Inc.	$253,000	–	1,675	–	0.06%	–
K	New	Kellogg Co.	$246,000	–	4,585	–	0.06%	–
FB	New	Facebook, Inc.	$249,000	–	1,290	–	0.06%	–
ETN	New	Eaton Corp.	$242,000	–	2,900	–	0.06%	–
ANSS	New	Ansys Inc.	$245,000	–	1,197	–	0.06%	–
KMB	New	Kimberly-Clark Corporation	$234,000	–	1,757	–	0.06%	–
HTLF	New	Heartland Financial Inc.	$233,000	–	5,216	–	0.06%	–
CVS	New	CVS Corp.	$230,000	–	4,228	–	0.06%	–
LNC	New	LInc.oln National Corp.	$210,000	–	3,256	–	0.05%	–
DE	New	Deere & Co.	$209,000	–	1,260	–	0.05%	–
MA	New	Mastercard Inc.	$206,000	–	779	–	0.05%	–
CCL	New	Carnival Corp	$204,000	–	4,379	–	0.05%	–
	New	CoastalSouth Bancshares, Inc.	$204,000	–	16,571	–	0.05%	–
F	New	Ford Motor Company	$183,000	–	17,920	–	0.04%	–
	New	Schwab Money Market Pool	$173,000	–	161,561	–	0.04%	–
BGGSQ	New	Briggs & Stratton Corp.	$168,000	–	16,400	–	0.04%	–
VUZI	New	Vuzix Corp.	$41,000	–	10,000	–	0.01%	–
OPK	New	Opko Health Inc.	$31,000	–	12,905	–	0.01%	–
TRTC	New	Terra Tech Corp.	$24,000	–	41,467	–	0.01%	–
	New	Vitality Biopharma Inc.	$22,000	–	74,000	–	0.01%	–
	New	Puration Inc.	$5,000	–	70,000	–	0.00%	–
MJNA	New	Medical Marijuana Inc.	$1,000	–	15,000	–	0.00%	–
OPMG	New	Options Media Group	$0	–	20,000	–	0.00%	–
AEGY	New	Alternative Energy	$0	–	260,000	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
AEGY	Exit	Alternative Energy	$0	–	-260,000	–	0.00%	–
OPMG	Exit	Options Media Group	$0	–	-20,000	–	0.00%	–
MJNA	Exit	Medical Marijuana Inc.	$0	–	-15,000	–	0.00%	–
	Exit	Puration Inc.	$0	–	-100,000	–	-0.00%	–
DBD	Exit	Diebold Inc.	$0	–	-17,000	–	-0.02%	–
TRTC	Exit	Terra Tech Corp.	$0	–	-41,467	–	-0.02%	–
CHK	Exit	Chesapeake Energy Corp.	$0	–	-22,318	–	-0.02%	–
	Exit	Vitality Biopharma Inc.	$0	–	-74,000	–	-0.04%	–
	Exit	CoastalSouth Bancshares, Inc.	$0	–	-16,571	–	-0.04%	–
HBI	Exit	Hanesbrands Inc.	$0	–	-10,200	–	-0.05%	–
PTEN	Exit	Patterson UTI Energy	$0	–	-11,200	–	-0.05%	–
FB	Exit	Facebook, Inc.	$0	–	-1,290	–	-0.05%	–
BWA	Exit	Borgwarner Inc.	$0	–	-5,000	–	-0.05%	–
LNC	Exit	LInc.oln National Corp.	$0	–	-3,256	–	-0.05%	–
DE	Exit	Deere & Co.	$0	–	-1,540	–	-0.06%	–
DWDP	Exit	DowDuPont Inc.	$0	–	-3,801	–	-0.06%	–
ETN	Exit	Eaton Corp.	$0	–	-2,900	–	-0.06%	–
KHC	Exit	Kraft Heinz Co.	$0	–	-4,764	–	-0.06%	–
SLCA	Exit	U S Silica Holdings, Inc.	$0	–	-14,000	–	-0.06%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-3,383	–	-0.07%	–
HOG	Exit	Harley Davidson Inc.	$0	–	-6,081	–	-0.07%	–
SEE	Exit	Sealed Air Corp.	$0	–	-7,000	–	-0.07%	–
BMO	Exit	Bank Montreal Que	$0	–	-3,406	–	-0.07%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-1,250	–	-0.07%	–
KMB	Exit	Kimberly-Clark Corporation	$0	–	-2,557	–	-0.07%	–
MMM	Exit	3M Company	$0	–	-1,390	–	-0.07%	–
TGT	Exit	Target Corp.	$0	–	-3,375	–	-0.07%	–
NSC	Exit	Norfolk Southern Corp.	$0	–	-1,665	–	-0.07%	–
CVX	Exit	Chevron Corp.	$0	–	-2,457	–	-0.07%	–
HAL	Exit	Halliburton Co.	$0	–	-7,521	–	-0.08%	–
V	Exit	Visa Inc. Cl A	$0	–	-2,035	–	-0.08%	–
HTLF	Exit	Heartland Financial Inc.	$0	–	-5,216	–	-0.08%	–
K	Exit	Kellogg Co.	$0	–	-4,518	–	-0.08%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-7,957	–	-0.08%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-5,067	–	-0.08%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-5,125	–	-0.08%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-5,934	–	-0.09%	–
TXN	Exit	Texas Instruments Inc.	$0	–	-3,454	–	-0.09%	–
AMZN	Exit	Amazon Inc.	$0	–	-207	–	-0.10%	–
MO	Exit	Altria Group Inc.	$0	–	-7,203	–	-0.11%	–
F	Exit	Ford Motor Company	$0	–	-47,874	–	-0.11%	–
LTS	Exit	Ladenburg Thalmann	$0	–	-172,747	–	-0.12%	–
PPG	Exit	PPG Industries Inc.	$0	–	-4,491	–	-0.12%	–
BP	Exit	BP PLC	$0	–	-10,778	–	-0.12%	–
LUV	Exit	Southwest Airlines Co.	$0	–	-8,008	–	-0.12%	–
INTC	Exit	Intel Corp.	$0	–	-10,816	–	-0.13%	–
GOOG	Exit	Alphabet Inc. Cl C	$0	–	-488	–	-0.14%	–
ABT	Exit	Abbott Labs	$0	–	-8,063	–	-0.14%	–
EMR	Exit	Emerson Electric Co.	$0	–	-8,000	–	-0.15%	–
LLY	Exit	Eli Lilly & Co.	$0	–	-5,972	–	-0.16%	–
PM	Exit	Philip Morris International In	$0	–	-9,119	–	-0.18%	–
MCD	Exit	McDonalds Corp.	$0	–	-4,503	–	-0.18%	–
TMST	Exit	Timkensteel Corp.	$0	–	-55,000	–	-0.20%	–
FAST	Exit	Fastenal Company	$0	–	-14,800	–	-0.21%	–
MSFT	Exit	Microsoft Corp.	$0	–	-7,734	–	-0.22%	–
PG	Exit	Procter & Gamble Co.	$0	–	-10,662	–	-0.22%	–
ABBV	Exit	AbbVie Inc.	$0	–	-9,444	–	-0.22%	–
FIS	Exit	Fidelity National Information	$0	–	-8,242	–	-0.22%	–
AEM	Exit	Agnico-Eagle Mines Ltd.	$0	–	-28,300	–	-0.24%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-4,764	–	-0.25%	–
PEP	Exit	Pepsico Inc.	$0	–	-9,812	–	-0.27%	–
CI	Exit	Cigna Corp.	$0	–	-5,419	–	-0.28%	–
BA	Exit	Boeing Co.	$0	–	-3,076	–	-0.28%	–
WEC	Exit	WEC Energy Group Inc.	$0	–	-18,089	–	-0.30%	–
WBA	Exit	Walgreens Boots Alliance Inc.	$0	–	-17,364	–	-0.31%	–
WRB	Exit	Berkley W R Corp.	$0	–	-15,984	–	-0.31%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-26,339	–	-0.34%	–
JNJ	Exit	Johnson & Johnson	$0	–	-12,634	–	-0.43%	–
FISV	Exit	Fiserv Inc.	$0	–	-24,640	–	-0.50%	–
AOBC	Exit	American Outdoor Brand Corp.	$0	–	-160,000	–	-0.61%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-29,424	–	-0.62%	–
USB	Exit	US Bancorp	$0	–	-52,477	–	-0.68%	–
AAPL	Exit	Apple Inc.	$0	–	-13,003	–	-0.72%	–
UNP	Exit	Union Pacific Corp.	$0	–	-20,033	–	-0.80%	–
MTG	Exit	MGIC Investment Corp.	$0	–	-282,568	–	-0.92%	–
MOD	Exit	Modine Manufacturing Co.	$0	–	-405,000	–	-1.48%	–
NWL	Exit	Newell Brands Inc.	$0	–	-299,712	–	-1.50%	–
OI	Exit	Owens-Illinois Inc.	$0	–	-395,740	–	-1.83%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-420,091	–	-1.83%	–
GM	Exit	General Motors Corp.	$0	–	-235,164	–	-1.95%	–
MCK	Exit	McKesson Corp.	$0	–	-61,534	–	-2.01%	–
RRC	Exit	Range Resources Corp.	$0	–	-495,569	–	-2.07%	–
GE	Exit	General Electric Co.	$0	–	-746,038	–	-2.07%	–
COG	Exit	Cabot Oil & Gas Corp.	$0	–	-441,782	–	-2.45%	–
UPS	Exit	United Parcel Service Cl'B	$0	–	-87,198	–	-2.50%	–
BAC	Exit	Bank of America	$0	–	-373,751	–	-2.71%	–
IPG	Exit	Interpublic Group Companies	$0	–	-505,498	–	-2.84%	–
DIS	Exit	Walt Disney Hldg. Co.	$0	–	-103,772	–	-2.98%	–
WMT	Exit	WalMart Inc.	$0	–	-139,024	–	-3.21%	–
JPM	Exit	J P Morgan Chase	$0	–	-122,001	–	-3.39%	–
PFE	Exit	Pfizer Inc.	$0	–	-363,662	–	-3.94%	–
MET	Exit	MetLife Inc.	$0	–	-343,668	–	-3.95%	–
ORCL	Exit	Oracle Corp.	$0	–	-331,168	–	-4.20%	–
IBM	Exit	IBM	$0	–	-120,460	–	-4.48%	–
T	Exit	AT&T Inc.	$0	–	-574,910	–	-4.75%	–
VZ	Exit	Verizon Communications	$0	–	-372,992	–	-4.90%	–
MRK	Exit	Merck & Co Inc.	$0	–	-296,523	–	-5.17%	–
CSCO	Exit	Cisco Systems	$0	–	-469,569	–	-5.62%	–
C	Exit	Citigroup Inc.	$0	–	-349,041	–	-6.16%	–
ATI	Exit	Allegheny Technologies Inc.	$0	–	-1,214,360	–	-8.82%	–

Q3 2018

			Value		Shares		↓ Weighting
ATI	Buy	Allegheny Technologies Inc.	$35,884,000	+17.7%	1,214,360	+0.0%	8.82%	+9.8%
C	Sell	Citigroup Inc.	$25,040,000	+4.5%	349,041	-2.5%	6.16%	-2.5%
CSCO	Sell	Cisco Systems	$22,845,000	+11.3%	469,569	-1.5%	5.62%	+3.9%
MRK	Sell	Merck & Co Inc.	$21,035,000	+14.1%	296,523	-2.4%	5.17%	+6.4%
VZ	Sell	Verizon Communications	$19,914,000	+4.4%	372,992	-1.7%	4.90%	-2.6%
T	Buy	AT&T Inc.	$19,305,000	+6.8%	574,910	+2.1%	4.75%	-0.4%
IBM	Buy	IBM	$18,215,000	+8.4%	120,460	+0.2%	4.48%	+1.1%
ORCL	Sell	Oracle Corp.	$17,075,000	+15.6%	331,168	-1.2%	4.20%	+7.8%
MET	Buy	MetLife Inc.	$16,056,000	+8.4%	343,668	+1.1%	3.95%	+1.1%
PFE	Sell	Pfizer Inc.	$16,027,000	+14.6%	363,662	-5.7%	3.94%	+6.9%
JPM	Sell	J P Morgan Chase	$13,767,000	+5.5%	122,001	-2.5%	3.39%	-1.5%
WMT	Buy	WalMart Inc.	$13,056,000	+10.6%	139,024	+0.9%	3.21%	+3.2%
DIS	Sell	Walt Disney Hldg. Co.	$12,135,000	+11.1%	103,772	-0.4%	2.98%	+3.6%
IPG	Sell	Interpublic Group Companies	$11,561,000	-3.1%	505,498	-0.7%	2.84%	-9.6%
BAC	Sell	Bank of America	$11,011,000	+0.5%	373,751	-3.8%	2.71%	-6.2%
UPS	Sell	United Parcel Service Cl'B	$10,180,000	+8.8%	87,198	-1.0%	2.50%	+1.5%
COG	Buy	Cabot Oil & Gas Corp.	$9,949,000	-3.9%	441,782	+1.5%	2.45%	-10.4%
GE	Buy	General Electric Co.	$8,423,000	-16.4%	746,038	+0.8%	2.07%	-22.0%
RRC	Sell	Range Resources Corp.	$8,420,000	-2.5%	495,569	-4.0%	2.07%	-9.0%
MCK	Sell	McKesson Corp.	$8,162,000	-0.9%	61,534	-0.3%	2.01%	-7.5%
GM	Buy	General Motors Corp.	$7,918,000	-13.1%	235,164	+1.7%	1.95%	-19.0%
KMI	Buy	Kinder Morgan Inc.	$7,448,000	+4084.3%	420,091	+4073.4%	1.83%	+3797.9%
OI	Buy	Owens-Illinois Inc.	$7,436,000	+16.0%	395,740	+3.8%	1.83%	+8.3%
NWL	Buy	Newell Brands Inc.	$6,084,000	+42.7%	299,712	+81.3%	1.50%	+33.1%
MOD	Buy	Modine Manufacturing Co.	$6,034,000	-14.2%	405,000	+5.1%	1.48%	-20.0%
MTG	Sell	MGIC Investment Corp.	$3,761,000	+14.1%	282,568	-8.1%	0.92%	+6.4%
UNP	Buy	Union Pacific Corp.	$3,262,000	+15.1%	20,033	+0.2%	0.80%	+7.4%
AAPL	Buy	Apple Inc.	$2,935,000	+27.6%	13,003	+4.6%	0.72%	+19.1%
XOM	Buy	Exxon Mobil Corp.	$2,502,000	+22.3%	29,424	+19.0%	0.62%	+14.1%
AOBC	New	American Outdoor Brand Corp.	$2,485,000	–	160,000	–	0.61%	–
JNJ	Sell	Johnson & Johnson	$1,746,000	+12.4%	12,634	-1.4%	0.43%	+4.6%
WFC	Sell	Wells Fargo & Co.	$1,384,000	-11.5%	26,339	-6.6%	0.34%	-17.5%
WBA	Buy	Walgreens Boots Alliance Inc.	$1,266,000	+60.3%	17,364	+31.9%	0.31%	+49.5%
BA	Sell	Boeing Co.	$1,144,000	+7.7%	3,076	-2.8%	0.28%	+0.4%
CI	Buy	Cigna Corp.	$1,129,000	+23.0%	5,419	+0.4%	0.28%	+14.9%
PEP	Sell	Pepsico Inc.	$1,097,000	-25.2%	9,812	-27.2%	0.27%	-30.2%
BRKB	Sell	Berkshire Hathaway Cl B	$1,020,000	-0.2%	4,764	-13.0%	0.25%	-6.7%
AEM	Buy	Agnico-Eagle Mines Ltd.	$968,000	+0.1%	28,300	+34.1%	0.24%	-6.7%
FIS	Sell	Fidelity National Information	$899,000	-3.0%	8,242	-5.7%	0.22%	-9.4%
ABBV	Sell	AbbVie Inc.	$893,000	+2.1%	9,444	-0.0%	0.22%	-4.8%
MSFT	Buy	Microsoft Corp.	$885,000	+41.8%	7,734	+22.2%	0.22%	+32.1%
PG	Sell	Procter & Gamble Co.	$887,000	+4.2%	10,662	-2.2%	0.22%	-2.7%
FAST	Sell	Fastenal Company	$859,000	+0.2%	14,800	-16.9%	0.21%	-6.6%
TMST	Buy	Timkensteel Corp.	$818,000	+43.0%	55,000	+57.1%	0.20%	+33.1%
MCD	Buy	McDonalds Corp.	$753,000	+7.7%	4,503	+1.0%	0.18%	+0.5%
PM	Buy	Philip Morris International In	$744,000	+31.4%	9,119	+30.0%	0.18%	+22.8%
ABT	Sell	Abbott Labs	$591,000	-1.2%	8,063	-17.7%	0.14%	-8.2%
GOOG	Sell	Alphabet Inc. Cl C	$582,000	-1.0%	488	-7.4%	0.14%	-7.7%
INTC	Buy	Intel Corp.	$511,000	+12.3%	10,816	+18.2%	0.13%	+5.0%
LUV	New	Southwest Airlines Co.	$500,000	–	8,008	–	0.12%	–
BP	Buy	BP PLC	$497,000	+49.7%	10,778	+48.1%	0.12%	+38.6%
LTS	Buy	Ladenburg Thalmann	$466,000	-7.2%	172,747	+16.9%	0.12%	-12.9%
F	Buy	Ford Motor Company	$443,000	+230.6%	47,874	+295.2%	0.11%	+211.4%
MO	Buy	Altria Group Inc.	$434,000	+59.0%	7,203	+49.6%	0.11%	+48.6%
AMZN	Buy	Amazon Inc.	$415,000	+40.2%	207	+19.0%	0.10%	+30.8%
TXN	Buy	Texas Instruments Inc.	$371,000	+1.4%	3,454	+4.0%	0.09%	-5.2%
SLB	Buy	Schlumberger Ltd.	$362,000	-5.2%	5,934	+4.1%	0.09%	-11.9%
CL	Sell	Colgate-Palmolive Co.	$343,000	-0.6%	5,125	-3.8%	0.08%	-7.7%
MDLZ	Buy	Mondelez International Inc.	$342,000	+31.0%	7,957	+25.2%	0.08%	+21.7%
V	Buy	Visa Inc. Cl A	$305,000	+50.2%	2,035	+32.6%	0.08%	+38.9%
CVX	Buy	Chevron Corp.	$300,000	+4.2%	2,457	+7.7%	0.07%	-2.6%
TGT	Sell	Target Corp.	$298,000	-49.7%	3,375	-56.7%	0.07%	-53.2%
MMM	Sell	3M Company	$293,000	+2.4%	1,390	-4.4%	0.07%	-4.0%
KMB	New	Kimberly-Clark Corporation	$291,000	–	2,557	–	0.07%	–
COST	Buy	Costco Wholesale Corp.	$294,000	+40.7%	1,250	+25.0%	0.07%	+30.9%
SEE	New	Sealed Air Corp.	$281,000	–	7,000	–	0.07%	–
OXY	Buy	Occidental Petroleum Corp.	$278,000	0.0%	3,383	+1.9%	0.07%	-6.8%
HOG	Buy	Harley Davidson Inc.	$275,000	+9.1%	6,081	+1.4%	0.07%	+3.0%
SLCA	New	U S Silica Holdings, Inc.	$264,000	–	14,000	–	0.06%	–
KHC	Buy	Kraft Heinz Co.	$263,000	+29.6%	4,764	+47.4%	0.06%	+20.4%
DWDP	New	DowDuPont Inc.	$244,000	–	3,801	–	0.06%	–
BWA	New	Borgwarner Inc.	$214,000	–	5,000	–	0.05%	–
FB	Buy	Facebook, Inc.	$212,000	+6.0%	1,290	+25.2%	0.05%	-1.9%
PTEN	New	Patterson UTI Energy	$192,000	–	11,200	–	0.05%	–
HBI	Sell	Hanesbrands Inc.	$188,000	-23.6%	10,200	-8.6%	0.05%	-29.2%
	New	Vitality Biopharma Inc.	$158,000	–	74,000	–	0.04%	–
TRTC	New	Terra Tech Corp.	$86,000	–	41,467	–	0.02%	–
DBD	New	Diebold Inc.	$76,000	–	17,000	–	0.02%	–
WFTIQ	Exit	Weatherford Intl. Inc.	$0	–	-13,232	–	-0.01%	–
CYS	Exit	CYS Investments REIT	$0	–	-10,900	–	-0.02%	–
STT	Exit	State Street Corp.	$0	–	-2,283	–	-0.06%	–
	Exit	Berkshire Hathaway Inc. CL A	$0	–	-100	–	-0.07%	–
BIIB	Exit	Biogen Inc.	$0	–	-996	–	-0.08%	–
LRCX	Exit	Lam Research Corp.	$0	–	-2,032	–	-0.09%	–
KR	Exit	Kroger Co.	$0	–	-375,567	–	-2.82%	–

Q2 2018

			Value		Shares		↓ Weighting
ATI	New	Allegheny Technologies Inc.	$30,491,000	–	1,213,811	–	8.04%	–
C	New	Citigroup Inc.	$23,959,000	–	358,031	–	6.32%	–
CSCO	New	Cisco Systems	$20,519,000	–	476,857	–	5.41%	–
VZ	New	Verizon Communications	$19,081,000	–	379,260	–	5.03%	–
MRK	New	Merck & Co Inc.	$18,440,000	–	303,786	–	4.86%	–
T	New	AT&T Inc.	$18,082,000	–	563,135	–	4.77%	–
IBM	New	IBM	$16,800,000	–	120,255	–	4.43%	–
MET	New	MetLife Inc.	$14,814,000	–	339,768	–	3.90%	–
ORCL	New	Oracle Corp.	$14,773,000	–	335,283	–	3.90%	–
PFE	New	Pfizer Inc.	$13,990,000	–	385,623	–	3.69%	–
JPM	New	J P Morgan Chase	$13,044,000	–	125,185	–	3.44%	–
IPG	New	Interpublic Group Companies	$11,927,000	–	508,850	–	3.14%	–
WMT	New	WalMart Inc.	$11,805,000	–	137,827	–	3.11%	–
BAC	New	Bank of America	$10,953,000	–	388,540	–	2.89%	–
DIS	New	Walt Disney Hldg. Co.	$10,922,000	–	104,203	–	2.88%	–
KR	New	Kroger Co.	$10,685,000	–	375,567	–	2.82%	–
COG	New	Cabot Oil & Gas Corp.	$10,354,000	–	435,056	–	2.73%	–
GE	New	General Electric Co.	$10,072,000	–	740,025	–	2.66%	–
UPS	New	United Parcel Service Cl'B	$9,354,000	–	88,053	–	2.47%	–
GM	New	General Motors Corp.	$9,115,000	–	231,341	–	2.40%	–
RRC	New	Range Resources Corp.	$8,633,000	–	516,046	–	2.28%	–
MCK	New	McKesson Corp.	$8,233,000	–	61,720	–	2.17%	–
MOD	New	Modine Manufacturing Co.	$7,034,000	–	385,425	–	1.85%	–
OI	New	Owens-Illinois Inc.	$6,408,000	–	381,217	–	1.69%	–
NWL	New	Newell Brands Inc.	$4,262,000	–	165,275	–	1.12%	–
MTG	New	MGIC Investment Corp.	$3,297,000	–	307,568	–	0.87%	–
UNP	New	Union Pacific Corp.	$2,834,000	–	20,000	–	0.75%	–
USB	New	US Bancorp	$2,625,000	–	52,477	–	0.69%	–
AAPL	New	Apple Inc.	$2,300,000	–	12,427	–	0.61%	–
XOM	New	Exxon Mobil Corp.	$2,045,000	–	24,723	–	0.54%	–
FISV	New	Fiserv Inc.	$1,826,000	–	24,640	–	0.48%	–
WFC	New	Wells Fargo & Co.	$1,564,000	–	28,210	–	0.41%	–
JNJ	New	Johnson & Johnson	$1,554,000	–	12,809	–	0.41%	–
PEP	New	Pepsico Inc.	$1,467,000	–	13,476	–	0.39%	–
WEC	New	WEC Energy Group Inc.	$1,169,000	–	18,089	–	0.31%	–
WRB	New	Berkley W R Corp.	$1,157,000	–	15,984	–	0.30%	–
BA	New	Boeing Co.	$1,062,000	–	3,165	–	0.28%	–
BRKB	New	Berkshire Hathaway Cl B	$1,022,000	–	5,476	–	0.27%	–
AEM	New	Agnico-Eagle Mines Ltd.	$967,000	–	21,100	–	0.26%	–
FIS	New	Fidelity National Information	$927,000	–	8,742	–	0.24%	–
CI	New	Cigna Corp.	$918,000	–	5,400	–	0.24%	–
ABBV	New	AbbVie Inc.	$875,000	–	9,447	–	0.23%	–
FAST	New	Fastenal Company	$857,000	–	17,800	–	0.23%	–
PG	New	Procter & Gamble Co.	$851,000	–	10,898	–	0.22%	–
WBA	New	Walgreens Boots Alliance Inc.	$790,000	–	13,164	–	0.21%	–
MCD	New	McDonalds Corp.	$699,000	–	4,459	–	0.18%	–
MSFT	New	Microsoft Corp.	$624,000	–	6,327	–	0.16%	–
ABT	New	Abbott Labs	$598,000	–	9,802	–	0.16%	–
TGT	New	Target Corp.	$593,000	–	7,795	–	0.16%	–
GOOG	New	Alphabet Inc. Cl C	$588,000	–	527	–	0.16%	–
TMST	New	Timkensteel Corp.	$572,000	–	35,000	–	0.15%	–
PM	New	Philip Morris International In	$566,000	–	7,015	–	0.15%	–
EMR	New	Emerson Electric Co.	$553,000	–	8,000	–	0.15%	–
LLY	New	Eli Lilly & Co.	$510,000	–	5,972	–	0.13%	–
LTS	New	Ladenburg Thalmann	$502,000	–	147,747	–	0.13%	–
PPG	New	PPG Industries Inc.	$466,000	–	4,491	–	0.12%	–
INTC	New	Intel Corp.	$455,000	–	9,150	–	0.12%	–
SLB	New	Schlumberger Ltd.	$382,000	–	5,699	–	0.10%	–
APC	New	Anadarko Petroleum Corp.	$371,000	–	5,067	–	0.10%	–
TXN	New	Texas Instruments Inc.	$366,000	–	3,320	–	0.10%	–
LRCX	New	Lam Research Corp.	$351,000	–	2,032	–	0.09%	–
CL	New	Colgate-Palmolive Co.	$345,000	–	5,328	–	0.09%	–
HAL	New	Halliburton Co.	$339,000	–	7,521	–	0.09%	–
BP	New	BP PLC	$332,000	–	7,279	–	0.09%	–
K	New	Kellogg Co.	$316,000	–	4,518	–	0.08%	–
AMZN	New	Amazon Inc.	$296,000	–	174	–	0.08%	–
BIIB	New	Biogen Inc.	$289,000	–	996	–	0.08%	–
CVX	New	Chevron Corp.	$288,000	–	2,281	–	0.08%	–
HTLF	New	Heartland Financial Inc.	$286,000	–	5,216	–	0.08%	–
MMM	New	3M Company	$286,000	–	1,454	–	0.08%	–
	New	Berkshire Hathaway Inc. CL A	$282,000	–	100	–	0.07%	–
OXY	New	Occidental Petroleum Corp.	$278,000	–	3,319	–	0.07%	–
MO	New	Altria Group Inc.	$273,000	–	4,816	–	0.07%	–
MDLZ	New	Mondelez International Inc.	$261,000	–	6,356	–	0.07%	–
BMO	New	Bank Montreal Que	$263,000	–	3,406	–	0.07%	–
HOG	New	Harley Davidson Inc.	$252,000	–	6,000	–	0.07%	–
NSC	New	Norfolk Southern Corp.	$251,000	–	1,665	–	0.07%	–
HBI	New	Hanesbrands Inc.	$246,000	–	11,160	–	0.06%	–
DE	New	Deere & Co.	$215,000	–	1,540	–	0.06%	–
ETN	New	Eaton Corp.	$217,000	–	2,900	–	0.06%	–
STT	New	State Street Corp.	$213,000	–	2,283	–	0.06%	–
COST	New	Costco Wholesale Corp.	$209,000	–	1,000	–	0.06%	–
LNC	New	Lincoln National Corp.	$203,000	–	3,256	–	0.05%	–
KHC	New	Kraft Heinz Co.	$203,000	–	3,233	–	0.05%	–
V	New	Visa Inc. Cl A	$203,000	–	1,535	–	0.05%	–
FB	New	Facebook, Inc.	$200,000	–	1,030	–	0.05%	–
KMI	New	Kinder Morgan Inc.	$178,000	–	10,066	–	0.05%	–
	New	CoastalSouth Bancshares, Inc.	$162,000	–	16,571	–	0.04%	–
F	New	Ford Motor Company	$134,000	–	12,114	–	0.04%	–
CHK	New	Chesapeake Energy Corp.	$117,000	–	22,318	–	0.03%	–
CYS	New	CYS Investments REIT	$82,000	–	10,900	–	0.02%	–
WFTIQ	New	Weatherford Intl. Inc.	$44,000	–	13,232	–	0.01%	–
	New	Puration Inc.	$3,000	–	100,000	–	0.00%	–
MJNA	New	Medical Marijuana Inc.	$2,000	–	15,000	–	0.00%	–
OPMG	New	Options Media Group	$0	–	20,000	–	0.00%	–
AEGY	New	Alternative Energy	$0	–	260,000	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
AEGY	Exit	Alternative Energy	$0	–	-260,000	–	0.00%	–
MJNA	Exit	Medical Marijuana Inc.	$0	–	-15,000	–	0.00%	–
OPMG	Exit	Options Media Group	$0	–	-20,000	–	0.00%	–
OESX	Exit	Orion Energy System Inc.	$0	–	-10,000	–	-0.00%	–
TRTC	Exit	Terra Tech Corp.	$0	–	-47,500	–	-0.00%	–
	Exit	Coastal South Bancshares	$0	–	-11,850	–	-0.00%	–
CYS	Exit	CYS Investments REIT	$0	–	-10,900	–	-0.02%	–
MTW	Exit	Manitowoc Inc.	$0	–	-12,000	–	-0.03%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-10,066	–	-0.05%	–
CHK	Exit	Chesapeake Energy Corp.	$0	–	-44,900	–	-0.05%	–
ITW	Exit	Illinois Tool Works Inc.	$0	–	-1,400	–	-0.05%	–
STT	Exit	State Street Corp.	$0	–	-2,283	–	-0.06%	–
HD	Exit	Home Depot Inc.	$0	–	-1,327	–	-0.06%	–
LNC	Exit	Lincoln National Corp.	$0	–	-3,213	–	-0.06%	–
	Exit	Berkshire Hathaway Inc. CL A	$0	–	-100	–	-0.07%	–
HOG	Exit	Harley Davidson Inc.	$0	–	-6,000	–	-0.08%	–
GOOGL	Exit	Alphabet Inc. Cl A	$0	–	-294	–	-0.08%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-5,967	–	-0.08%	–
KFT	Exit	Mondelez International Inc.	$0	–	-8,018	–	-0.08%	–
MO	Exit	Altria Group Inc.	$0	–	-5,265	–	-0.09%	–
DIS	Exit	Walt Disney Hldg. Co.	$0	–	-3,378	–	-0.09%	–
BP	Exit	BP PLC	$0	–	-8,689	–	-0.09%	–
V	Exit	Visa Inc. Cl A	$0	–	-3,209	–	-0.09%	–
HBI	Exit	Hanesbrands Inc.	$0	–	-13,861	–	-0.09%	–
MSFT	Exit	Microsoft Corp.	$0	–	-4,638	–	-0.09%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-4,784	–	-0.09%	–
INTC	Exit	Intel Corp.	$0	–	-9,301	–	-0.09%	–
HP	Exit	Helmerich & Payne Inc.	$0	–	-7,000	–	-0.10%	–
LRCX	Exit	Lam Research Corp.	$0	–	-2,025	–	-0.10%	–
AMZN	Exit	Amazon Inc.	$0	–	-398	–	-0.10%	–
CERN	Exit	Cerner Corp.	$0	–	-5,600	–	-0.10%	–
WEC	Exit	WEC Energy Group Inc.	$0	–	-6,437	–	-0.11%	–
HTLF	Exit	Heartland Financial Inc.	$0	–	-8,686	–	-0.11%	–
EMR	Exit	Emerson Electric Co.	$0	–	-7,000	–	-0.12%	–
LLY	Exit	Eli Lilly & Co.	$0	–	-5,600	–	-0.12%	–
LTS	Exit	Ladenburg Thalmann	$0	–	-172,747	–	-0.13%	–
AMGN	Exit	Amgen Inc.	$0	–	-2,705	–	-0.13%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-7,262	–	-0.13%	–
PG	Exit	Procter & Gamble Co.	$0	–	-5,584	–	-0.13%	–
BMY	Exit	Bristol Myers Squibb	$0	–	-8,032	–	-0.13%	–
TXN	Exit	Texas Instruments Inc.	$0	–	-6,428	–	-0.15%	–
MCD	Exit	McDonalds Corp.	$0	–	-3,696	–	-0.15%	–
PPG	Exit	PPG Industries Inc.	$0	–	-5,350	–	-0.15%	–
FAST	Exit	Fastenal Company	$0	–	-12,800	–	-0.15%	–
WBA	Exit	Walgreens Boots Alliance Inc.	$0	–	-8,161	–	-0.16%	–
PM	Exit	Philip Morris International In	$0	–	-6,165	–	-0.18%	–
BIIB	Exit	Biogen Inc.	$0	–	-2,196	–	-0.18%	–
ABT	Exit	Abbott Labs	$0	–	-14,519	–	-0.20%	–
GOOG	Exit	Alphabet Inc. Cl C	$0	–	-830	–	-0.21%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-4,509	–	-0.22%	–
T	Exit	AT&T Inc.	$0	–	-22,047	–	-0.23%	–
AEM	Exit	Agnico-Eagle Mines Ltd.	$0	–	-19,800	–	-0.23%	–
CI	Exit	Cigna Corp.	$0	–	-5,400	–	-0.26%	–
BHF	Exit	Brighthouse Financial Inc.	$0	–	-16,900	–	-0.27%	–
WRB	Exit	Berkley W R Corp.	$0	–	-15,984	–	-0.28%	–
ABBV	Exit	AbbVie Inc.	$0	–	-12,750	–	-0.30%	–
BA	Exit	Boeing Co.	$0	–	-4,584	–	-0.30%	–
PEP	Exit	Pepsico Inc.	$0	–	-11,490	–	-0.33%	–
AAPL	Exit	Apple Inc.	$0	–	-8,516	–	-0.34%	–
JNJ	Exit	Johnson & Johnson	$0	–	-11,236	–	-0.38%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-28,192	–	-0.41%	–
FISV	Exit	Fiserv Inc.	$0	–	-12,820	–	-0.43%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-24,528	–	-0.52%	–
UNP	Exit	Union Pacific Corp.	$0	–	-20,020	–	-0.61%	–
WFTIQ	Exit	Weatherford Intl. Inc.	$0	–	-533,058	–	-0.64%	–
USB	Exit	US Bancorp	$0	–	-53,241	–	-0.74%	–
MTG	Exit	MGIC Investment Corp.	$0	–	-439,500	–	-1.44%	–
NWL	Exit	Newell Rubbermaid Inc.	$0	–	-153,025	–	-1.70%	–
KR	Exit	Kroger Co.	$0	–	-409,900	–	-2.15%	–
MOD	Exit	Modine Manufacturing Co.	$0	–	-431,730	–	-2.17%	–
WERN	Exit	Werner Enterprises Inc.	$0	–	-243,755	–	-2.33%	–
MCK	Exit	McKesson Corp.	$0	–	-61,349	–	-2.46%	–
OI	Exit	Owens-Illinois Inc.	$0	–	-400,297	–	-2.63%	–
IBM	Exit	IBM	$0	–	-71,487	–	-2.71%	–
MET	Exit	MetLife Inc.	$0	–	-200,681	–	-2.72%	–
GM	Exit	General Motors Corp.	$0	–	-279,899	–	-2.95%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-180,633	–	-3.03%	–
WMT	Exit	Wal Mart Stores Inc.	$0	–	-149,363	–	-3.05%	–
COG	Exit	Cabot Oil & Gas Corp.	$0	–	-463,298	–	-3.24%	–
JPM	Exit	J P Morgan Chase	$0	–	-130,115	–	-3.24%	–
RRC	Exit	Range Resources Corp.	$0	–	-686,677	–	-3.51%	–
PFE	Exit	Pfizer Inc.	$0	–	-393,937	–	-3.67%	–
ORCL	Exit	Oracle Corp.	$0	–	-332,043	–	-4.19%	–
GE	Exit	General Electric Co.	$0	–	-738,063	–	-4.66%	–
MRK	Exit	Merck & Co Inc.	$0	–	-293,260	–	-4.90%	–
VZ	Exit	Verizon Communications	$0	–	-397,062	–	-5.13%	–
BAC	Exit	Bank of America	$0	–	-792,647	–	-5.24%	–
CSCO	Exit	Cisco Systems	$0	–	-700,319	–	-6.15%	–
C	Exit	Citigroup Inc.	$0	–	-379,223	–	-7.20%	–
ATI	Exit	Allegheny Technologies Inc.	$0	–	-1,357,758	–	-8.47%	–

Q3 2017

			Value		Shares		↓ Weighting
ATI	Sell	Allegheny Technologies Inc.	$32,450,000	+33.1%	1,357,758	-5.3%	8.47%	+27.4%
C	Sell	Citigroup Inc.	$27,585,000	+4.4%	379,223	-4.0%	7.20%	-0.1%
CSCO	Buy	Cisco Systems	$23,552,000	+32.9%	700,319	+23.7%	6.15%	+27.2%
BAC	Sell	Bank of America	$20,086,000	+0.2%	792,647	-4.1%	5.24%	-4.1%
VZ	Sell	Verizon Communications	$19,651,000	+7.7%	397,062	-2.8%	5.13%	+3.0%
MRK	Sell	Merck & Co Inc.	$18,777,000	-3.3%	293,260	-3.2%	4.90%	-7.5%
GE	Buy	General Electric Co.	$17,846,000	-10.4%	738,063	+0.0%	4.66%	-14.3%
ORCL	Buy	Oracle Corp.	$16,054,000	-1.9%	332,043	+1.8%	4.19%	-6.1%
PFE	Sell	Pfizer Inc.	$14,064,000	+3.2%	393,937	-2.9%	3.67%	-1.2%
RRC	Buy	Range Resources Corp.	$13,438,000	+31.8%	686,677	+56.1%	3.51%	+26.1%
JPM	Sell	J P Morgan Chase	$12,427,000	+2.0%	130,115	-2.4%	3.24%	-2.4%
COG	Sell	Cabot Oil & Gas Corp.	$12,393,000	+0.3%	463,298	-5.9%	3.24%	-4.0%
WMT	Sell	Wal Mart Stores Inc.	$11,671,000	-2.0%	149,363	-5.0%	3.05%	-6.2%
OXY	Sell	Occidental Petroleum Corp.	$11,598,000	+4.8%	180,633	-2.3%	3.03%	+0.3%
GM	Sell	General Motors Corp.	$11,302,000	+6.4%	279,899	-8.0%	2.95%	+1.8%
MET	Buy	MetLife Inc.	$10,425,000	-5.0%	200,681	+0.5%	2.72%	-9.1%
IBM	Buy	IBM	$10,371,000	-5.7%	71,487	+0.0%	2.71%	-9.8%
OI	Sell	Owens-Illinois Inc.	$10,071,000	-3.7%	400,297	-8.4%	2.63%	-7.8%
MCK	Sell	McKesson Corp.	$9,424,000	-7.4%	61,349	-0.8%	2.46%	-11.3%
WERN	Sell	Werner Enterprises Inc.	$8,909,000	+17.5%	243,755	-5.7%	2.33%	+12.4%
MOD	Sell	Modine Manufacturing Co.	$8,311,000	-34.5%	431,730	-43.7%	2.17%	-37.4%
KR	Buy	Kroger Co.	$8,223,000	+2445.8%	409,900	+2859.6%	2.15%	+2339.8%
NWL	Buy	Newell Rubbermaid Inc.	$6,530,000	-12.2%	153,025	+10.3%	1.70%	-16.0%
MTG	Sell	MGIC Investment Corp.	$5,507,000	+11.4%	439,500	-0.5%	1.44%	+6.5%
WFTIQ	Sell	Weatherford Intl. Inc.	$2,441,000	+17.0%	533,058	-1.2%	0.64%	+11.8%
XOM	Buy	Exxon Mobil Corp.	$2,011,000	+9.4%	24,528	+7.7%	0.52%	+4.6%
FISV	Sell	Fiserv Inc.	$1,653,000	+4.2%	12,820	-1.2%	0.43%	-0.2%
WFC	Sell	Wells Fargo & Co.	$1,555,000	-5.6%	28,192	-5.2%	0.41%	-9.6%
JNJ	Buy	Johnson & Johnson	$1,461,000	+18.3%	11,236	+20.4%	0.38%	+13.4%
AAPL	Buy	Apple Inc.	$1,313,000	+46.2%	8,516	+36.6%	0.34%	+40.0%
BA	Sell	Boeing Co.	$1,165,000	+8.0%	4,584	-16.0%	0.30%	+3.4%
ABBV	Sell	AbbVie Inc.	$1,133,000	+15.3%	12,750	-5.9%	0.30%	+10.4%
BHF	New	Brighthouse Financial Inc.	$1,028,000	–	16,900	–	0.27%	–
AEM	Sell	Agnico-Eagle Mines Ltd.	$895,000	-17.0%	19,800	-17.2%	0.23%	-20.4%
T	Buy	AT&T Inc.	$864,000	+5.8%	22,047	+1.8%	0.23%	+1.3%
BRKB	Buy	Berkshire Hathaway Cl B	$827,000	+34.7%	4,509	+24.3%	0.22%	+28.6%
GOOG	Sell	Alphabet Inc. Cl C	$796,000	-8.2%	830	-13.0%	0.21%	-12.2%
ABT	Sell	Abbott Labs	$775,000	-4.6%	14,519	-13.1%	0.20%	-9.0%
PM	Buy	Philip Morris International In	$684,000	-2.0%	6,165	+3.7%	0.18%	-5.8%
WBA	New	Walgreens Boots Alliance Inc.	$630,000	–	8,161	–	0.16%	–
PPG	New	PPG Industries Inc.	$581,000	–	5,350	–	0.15%	–
MCD	Buy	McDonalds Corp.	$579,000	+8.4%	3,696	+6.0%	0.15%	+3.4%
TXN	Buy	Texas Instruments Inc.	$576,000	+20.3%	6,428	+3.3%	0.15%	+14.5%
BMY	Sell	Bristol Myers Squibb	$512,000	-9.4%	8,032	-20.7%	0.13%	-13.0%
PG	Buy	Procter & Gamble Co.	$508,000	+14.2%	5,584	+9.4%	0.13%	+9.9%
AMGN	Buy	Amgen Inc.	$504,000	+22.0%	2,705	+12.7%	0.13%	+16.8%
EMR	Sell	Emerson Electric Co.	$440,000	-18.1%	7,000	-22.2%	0.12%	-21.8%
WEC	Sell	WEC Energy Group Inc.	$404,000	-6.5%	6,437	-8.5%	0.11%	-10.2%
AMZN	Buy	Amazon Inc.	$383,000	+55.1%	398	+56.1%	0.10%	+49.3%
HP	Sell	Helmerich & Payne Inc.	$365,000	-25.4%	7,000	-22.2%	0.10%	-28.6%
INTC	Buy	Intel Corp.	$354,000	+28.3%	9,301	+13.5%	0.09%	+22.7%
CL	Buy	Colgate-Palmolive Co.	$349,000	+2.3%	4,784	+4.0%	0.09%	-2.2%
MSFT	Buy	Microsoft Corp.	$345,000	+39.1%	4,638	+28.7%	0.09%	+32.4%
HBI	Sell	Hanesbrands Inc.	$342,000	-30.2%	13,861	-34.5%	0.09%	-33.6%
V	Buy	Visa Inc. Cl A	$338,000	+17.8%	3,209	+4.8%	0.09%	+12.8%
DIS	Buy	Walt Disney Hldg. Co.	$333,000	+15.6%	3,378	+24.8%	0.09%	+10.1%
BP	Buy	BP PLC	$334,000	+22.8%	8,689	+10.8%	0.09%	+17.6%
MO	Buy	Altria Group Inc.	$334,000	-11.4%	5,265	+4.0%	0.09%	-15.5%
KFT	Buy	Mondelez International Inc.	$326,000	+50.2%	8,018	+59.8%	0.08%	+44.1%
GOOGL	Buy	Alphabet Inc. Cl A	$286,000	+30.6%	294	+24.6%	0.08%	+25.0%
HOG	Buy	Harley Davidson Inc.	$289,000	+33.8%	6,000	+50.0%	0.08%	+27.1%
HD	New	Home Depot Inc.	$217,000	–	1,327	–	0.06%	–
CHK	Sell	Chesapeake Energy Corp.	$193,000	-27.2%	44,900	-15.9%	0.05%	-30.6%
MTW	Sell	Manitowoc Inc.	$108,000	+44.0%	12,000	-3.2%	0.03%	+40.0%
PPMD	Exit	Protide Pharmaceutical	$0	–	-10,000	–	0.00%	–
IJJ	Exit	Ishares S&P MC 400 ETF	$0	–	-1,396	–	-0.06%	–
IVV	Exit	Ishares Tr. S&P 500 Index	$0	–	-1,200	–	-0.08%	–
UPS	Exit	United Parcel Service Cl'B	$0	–	-2,765	–	-0.08%	–
SH	Exit	Proshares Tr Pshs Shrt S&P 500	$0	–	-11,600	–	-0.11%	–
CCL	Exit	Carnival Corp	$0	–	-120,009	–	-2.15%	–

Q2 2017

			Value		Shares		↓ Weighting
C	New	Citigroup Inc.	$26,415,000	–	394,955	–	7.21%	–
ATI	New	Allegheny Technologies Inc.	$24,377,000	–	1,433,108	–	6.65%	–
BAC	New	Bank of America	$20,046,000	–	826,307	–	5.47%	–
GE	New	General Electric Co.	$19,926,000	–	737,726	–	5.44%	–
MRK	New	Merck & Co Inc.	$19,416,000	–	302,944	–	5.30%	–
VZ	New	Verizon Communications	$18,251,000	–	408,657	–	4.98%	–
CSCO	New	Cisco Systems	$17,720,000	–	566,129	–	4.84%	–
ORCL	New	Oracle Corp.	$16,360,000	–	326,281	–	4.46%	–
PFE	New	Pfizer Inc.	$13,625,000	–	405,626	–	3.72%	–
MOD	New	Modine Manufacturing Co.	$12,697,000	–	767,205	–	3.46%	–
COG	New	Cabot Oil & Gas Corp.	$12,352,000	–	492,498	–	3.37%	–
JPM	New	J P Morgan Chase	$12,188,000	–	133,353	–	3.33%	–
WMT	New	Wal Mart Stores Inc.	$11,904,000	–	157,293	–	3.25%	–
OXY	New	Occidental Petroleum Corp.	$11,070,000	–	184,908	–	3.02%	–
IBM	New	IBM	$10,995,000	–	71,473	–	3.00%	–
MET	New	MetLife Inc.	$10,974,000	–	199,746	–	3.00%	–
GM	New	General Motors Corp.	$10,625,000	–	304,168	–	2.90%	–
OI	New	Owens-Illinois Inc.	$10,458,000	–	437,222	–	2.85%	–
RRC	New	Range Resources Corp.	$10,193,000	–	439,902	–	2.78%	–
MCK	New	McKesson Corp.	$10,173,000	–	61,829	–	2.78%	–
CCL	New	Carnival Corp	$7,869,000	–	120,009	–	2.15%	–
WERN	New	Werner Enterprises Inc.	$7,583,000	–	258,375	–	2.07%	–
NWL	New	Newell Rubbermaid Inc.	$7,438,000	–	138,725	–	2.03%	–
MTG	New	MGIC Investment Corp.	$4,945,000	–	441,500	–	1.35%	–
USB	New	US Bancorp	$2,764,000	–	53,241	–	0.75%	–
UNP	New	Union Pacific Corp.	$2,180,000	–	20,020	–	0.60%	–
WFTIQ	New	Weatherford Intl. Inc.	$2,087,000	–	539,333	–	0.57%	–
XOM	New	Exxon Mobil Corp.	$1,838,000	–	22,770	–	0.50%	–
WFC	New	Wells Fargo & Co.	$1,647,000	–	29,724	–	0.45%	–
FISV	New	Fiserv Inc.	$1,587,000	–	12,971	–	0.43%	–
PEP	New	Pepsico Inc.	$1,327,000	–	11,490	–	0.36%	–
JNJ	New	Johnson & Johnson	$1,235,000	–	9,334	–	0.34%	–
WRB	New	Berkley W R Corp.	$1,106,000	–	15,984	–	0.30%	–
BA	New	Boeing Co.	$1,079,000	–	5,454	–	0.29%	–
AEM	New	Agnico-Eagle Mines Ltd.	$1,078,000	–	23,900	–	0.29%	–
ABBV	New	AbbVie Inc.	$983,000	–	13,550	–	0.27%	–
CI	New	Cigna Corp.	$904,000	–	5,400	–	0.25%	–
AAPL	New	Apple Computer Inc.	$898,000	–	6,234	–	0.24%	–
GOOG	New	Alphabet Inc. Cl C	$867,000	–	954	–	0.24%	–
T	New	AT&T Inc.	$817,000	–	21,662	–	0.22%	–
ABT	New	Abbott Labs	$812,000	–	16,712	–	0.22%	–
PM	New	Philip Morris International In	$698,000	–	5,945	–	0.19%	–
BRKB	New	Berkshire Hathaway Cl B	$614,000	–	3,627	–	0.17%	–
BIIB	New	Biogen Inc.	$596,000	–	2,196	–	0.16%	–
BMY	New	Bristol Myers Squibb	$565,000	–	10,132	–	0.15%	–
FAST	New	Fastenal Company	$557,000	–	12,800	–	0.15%	–
EMR	New	Emerson Electric Co.	$537,000	–	9,000	–	0.15%	–
MCD	New	McDonalds Corp.	$534,000	–	3,488	–	0.15%	–
HBI	New	Hanesbrands Inc.	$490,000	–	21,160	–	0.13%	–
HP	New	Helmerich & Payne Inc.	$489,000	–	9,000	–	0.13%	–
TXN	New	Texas Instruments Inc.	$479,000	–	6,220	–	0.13%	–
SLB	New	Schlumberger Ltd.	$478,000	–	7,262	–	0.13%	–
LLY	New	Eli Lilly & Co.	$461,000	–	5,600	–	0.13%	–
PG	New	Procter & Gamble Co.	$445,000	–	5,105	–	0.12%	–
WEC	New	WEC Energy Group Inc.	$432,000	–	7,037	–	0.12%	–
LTS	New	Ladenburg Thalmann	$422,000	–	172,747	–	0.12%	–
AMGN	New	Amgen Inc.	$413,000	–	2,400	–	0.11%	–
HTLF	New	Heartland Financial Inc.	$409,000	–	8,686	–	0.11%	–
SH	New	Proshares Tr Pshs Shrt S&P 500	$389,000	–	11,600	–	0.11%	–
MO	New	Altria Group Inc.	$377,000	–	5,064	–	0.10%	–
CERN	New	Cerner Corp.	$372,000	–	5,600	–	0.10%	–
CL	New	Colgate-Palmolive Co.	$341,000	–	4,600	–	0.09%	–
KR	New	Kroger Co.	$323,000	–	13,850	–	0.09%	–
UPS	New	United Parcel Service Cl'B	$306,000	–	2,765	–	0.08%	–
IVV	New	Ishares Tr. S&P 500 Index	$292,000	–	1,200	–	0.08%	–
DIS	New	Disney Walt Hldg. Co.	$288,000	–	2,706	–	0.08%	–
LRCX	New	Lam Research Corp.	$286,000	–	2,025	–	0.08%	–
V	New	Visa Inc. Cl A	$287,000	–	3,063	–	0.08%	–
INTC	New	Intel Corp.	$276,000	–	8,194	–	0.08%	–
BP	New	BP PLC	$272,000	–	7,843	–	0.07%	–
APC	New	Anadarko Petroleum Corp.	$271,000	–	5,967	–	0.07%	–
CHK	New	Chesapeake Energy Corp.	$265,000	–	53,400	–	0.07%	–
	New	Berkshire Hathaway Inc. CL A	$255,000	–	100	–	0.07%	–
MSFT	New	Microsoft Corp.	$248,000	–	3,604	–	0.07%	–
AMZN	New	Amazon Inc.	$247,000	–	255	–	0.07%	–
GOOGL	New	Alphabet Inc. Cl A	$219,000	–	236	–	0.06%	–
LNC	New	Lincoln National Corp.	$217,000	–	3,213	–	0.06%	–
KFT	New	Mondelez International Inc.	$217,000	–	5,018	–	0.06%	–
HOG	New	Harley Davidson Inc.	$216,000	–	4,000	–	0.06%	–
IJJ	New	Ishares S&P MC 400 ETF	$207,000	–	1,396	–	0.06%	–
STT	New	State Street Corp.	$205,000	–	2,283	–	0.06%	–
ITW	New	Illinois Tool Works Inc.	$201,000	–	1,400	–	0.06%	–
KMI	New	Kinder Morgan Inc.	$193,000	–	10,066	–	0.05%	–
CYS	New	CYS Investments REIT	$92,000	–	10,900	–	0.02%	–
MTW	New	Manitowoc Inc.	$75,000	–	12,400	–	0.02%	–
	New	Coastal South Bancshares	$20,000	–	11,850	–	0.01%	–
OESX	New	Orion Energy System Inc.	$13,000	–	10,000	–	0.00%	–
TRTC	New	Terra Tech Corp.	$9,000	–	47,500	–	0.00%	–
MJNA	New	Medical Marijuana Inc.	$2,000	–	15,000	–	0.00%	–
OPMG	New	Options Media Group	$0	–	20,000	–	0.00%	–
PPMD	New	Protide Pharmaceutical	$0	–	10,000	–	0.00%	–
AEGY	New	Alternative Energy	$0	–	260,000	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
AEGY	Exit	Alternative Energy	$0	–	-260,000	–	0.00%	–
GDPMQ	Exit	Goodrich Pete Corp.	$0	–	-10,000	–	0.00%	–
OPMG	Exit	Options Media Group	$0	–	-20,000	–	0.00%	–
MJNA	Exit	Medical Marijuana Inc.	$0	–	-15,000	–	0.00%	–
PPMD	Exit	Protide Pharmaceutical	$0	–	-10,000	–	0.00%	–
	Exit	Coastal South Bancshares	$0	–	-11,850	–	-0.01%	–
OESX	Exit	Orion Energy System Inc.	$0	–	-13,640	–	-0.01%	–
MTW	Exit	Manitowoc Inc.	$0	–	-12,400	–	-0.02%	–
CYS	Exit	CYS Investments REIT	$0	–	-10,900	–	-0.03%	–
WAG	Exit	Walgreens Boots Alliance Inc.	$0	–	-2,494	–	-0.06%	–
HOG	Exit	Harley Davidson Inc.	$0	–	-4,000	–	-0.07%	–
ABT	Exit	Abbott Labs	$0	–	-5,026	–	-0.07%	–
BP	Exit	BP PLC	$0	–	-6,128	–	-0.07%	–
BIIB	Exit	Biogen Inc.	$0	–	-696	–	-0.07%	–
YUM	Exit	Yum Brands Inc.	$0	–	-2,424	–	-0.07%	–
HAL	Exit	Halliburton Co.	$0	–	-4,950	–	-0.07%	–
HFC	Exit	Holly Frontier Corp.	$0	–	-9,925	–	-0.08%	–
MSFT	Exit	Microsoft Corp.	$0	–	-4,228	–	-0.08%	–
IVV	Exit	Ishares Tr. S&P 500 Index	$0	–	-1,200	–	-0.08%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-13,292	–	-0.10%	–
HTLF	Exit	Heartland Financial Inc.	$0	–	-8,996	–	-0.10%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-4,400	–	-0.10%	–
POT	Exit	Potash Corp.	$0	–	-20,148	–	-0.10%	–
MCD	Exit	McDonalds Corp.	$0	–	-2,972	–	-0.11%	–
PG	Exit	Procter & Gamble Co.	$0	–	-3,801	–	-0.11%	–
ETN	Exit	Eaton Corp.	$0	–	-5,300	–	-0.11%	–
ABBV	Exit	AbbVie Inc.	$0	–	-5,630	–	-0.11%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-5,827	–	-0.12%	–
WEC	Exit	WEC Energy Group Inc.	$0	–	-6,299	–	-0.12%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-2,671	–	-0.12%	–
EMR	Exit	Emerson Electric Co.	$0	–	-7,070	–	-0.12%	–
BMY	Exit	Bristol Myers Squibb	$0	–	-7,335	–	-0.13%	–
LTS	Exit	Ladenburg Thalmann	$0	–	-172,747	–	-0.13%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-5,633	–	-0.13%	–
LLY	Exit	Eli Lilly & Co.	$0	–	-5,600	–	-0.14%	–
DIS	Exit	Disney Walt Hldg. Co.	$0	–	-5,697	–	-0.17%	–
FAST	Exit	Fastenal Company	$0	–	-12,800	–	-0.17%	–
AEM	Exit	Agnico-Eagle Mines Ltd.	$0	–	-10,000	–	-0.17%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-7,232	–	-0.18%	–
SH	Exit	Proshares Tr Pshs Shrt S&P 500	$0	–	-15,600	–	-0.19%	–
	Exit	Goldentree Offshore C 5 F	$0	–	-409	–	-0.20%	–
MRK	Exit	Merck & Co Inc.	$0	–	-10,330	–	-0.20%	–
	Exit	GoldenTree Offshore Cl C Exemp	$0	–	-213	–	-0.22%	–
CI	Exit	Cigna Corp.	$0	–	-5,400	–	-0.22%	–
T	Exit	AT&T Inc.	$0	–	-22,272	–	-0.29%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,434	–	-0.32%	–
WRB	Exit	Berkshire Hathaway Inc. CL A	$0	–	-16,084	–	-0.36%	–
FISV	Exit	Fiserv Inc.	$0	–	-11,700	–	-0.37%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-35,436	–	-0.50%	–
PEP	Exit	Pepsico Inc.	$0	–	-14,580	–	-0.50%	–
AAPL	Exit	Apple Computer Inc.	$0	–	-16,791	–	-0.60%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-21,963	–	-0.61%	–
UNP	Exit	Union Pacific Corp.	$0	–	-20,000	–	-0.62%	–
	Exit	Chataqua Partners LLC	$0	–	-2,076,176	–	-0.66%	–
USB	Exit	US Bancorp	$0	–	-53,041	–	-0.72%	–
CHK	Exit	Chesapeake Energy Corp.	$0	–	-424,725	–	-0.85%	–
MTG	Exit	MGIC Investment Corp.	$0	–	-469,146	–	-1.19%	–
WFTIQ	Exit	Weatherford Intl. Inc.	$0	–	-1,086,856	–	-1.94%	–
ORCL	Exit	Oracle Corp.	$0	–	-156,324	–	-1.95%	–
PFE	Exit	Pfizer Inc.	$0	–	-190,961	–	-2.06%	–
COG	Exit	Cabot Oil & Gas Corp.	$0	–	-251,950	–	-2.07%	–
ARW	Exit	Arrow Electronics Inc.	$0	–	-107,182	–	-2.18%	–
KSS	Exit	Kohls Corp.	$0	–	-186,432	–	-2.60%	–
RRC	Exit	Range Resources Corp.	$0	–	-211,498	–	-2.61%	–
MCK	Exit	McKesson Corp.	$0	–	-57,199	–	-3.04%	–
WMT	Exit	Wal Mart Stores Inc.	$0	–	-149,541	–	-3.43%	–
IBM	Exit	IBM	$0	–	-69,355	–	-3.51%	–
CSX	Exit	CSX Corp.	$0	–	-363,151	–	-3.52%	–
VZ	Exit	Verizon Communications	$0	–	-214,758	–	-3.55%	–
OI	Exit	Owens-Illinois Inc.	$0	–	-630,061	–	-3.69%	–
CCL	Exit	Carnival Corp	$0	–	-239,707	–	-3.72%	–
MOD	Exit	Modine Manufacturing Co.	$0	–	-1,077,783	–	-4.07%	–
JPM	Exit	J P Morgan Chase	$0	–	-212,100	–	-4.50%	–
GE	Exit	General Electric Co.	$0	–	-484,171	–	-4.56%	–
GM	Exit	General Motors Corp.	$0	–	-478,966	–	-4.84%	–
CSCO	Exit	Cisco Systems	$0	–	-519,272	–	-5.24%	–
MET	Exit	Metlife Inc.	$0	–	-391,069	–	-5.53%	–
C	Exit	Citigroup Inc.	$0	–	-400,525	–	-6.02%	–
BAC	Exit	Bank of America	$0	–	-1,227,419	–	-6.11%	–
ATI	Exit	Allegheny Technologies Inc.	$0	–	-1,265,992	–	-7.28%	–

Q3 2016

			Value		Shares		↓ Weighting
ATI	Sell	Allegheny Technologies Inc.	$22,876,000	+39.2%	1,265,992	-1.8%	7.28%	+28.2%
BAC	Sell	Bank of America	$19,209,000	+14.7%	1,227,419	-2.7%	6.11%	+5.6%
C	Sell	Citigroup Inc.	$18,917,000	+9.0%	400,525	-2.2%	6.02%	+0.4%
MET	Sell	Metlife Inc.	$17,375,000	+8.1%	391,069	-3.0%	5.53%	-0.5%
CSCO	Sell	Cisco Systems	$16,471,000	+7.5%	519,272	-2.7%	5.24%	-1.0%
GM	Sell	General Motors Corp.	$15,217,000	+7.0%	478,966	-4.6%	4.84%	-1.5%
GE	Sell	General Electric Co.	$14,341,000	-6.7%	484,171	-0.8%	4.56%	-14.1%
JPM	Sell	J P Morgan Chase	$14,124,000	+3.3%	212,100	-3.6%	4.50%	-4.9%
MOD	Sell	Modine Manufacturing Co.	$12,783,000	+31.6%	1,077,783	-2.3%	4.07%	+21.2%
CCL	Sell	Carnival Corp	$11,702,000	+8.4%	239,707	-1.8%	3.72%	-0.2%
OI	Buy	Owens-Illinois Inc.	$11,587,000	+7.1%	630,061	+4.9%	3.69%	-1.4%
VZ	Sell	Verizon Communications	$11,163,000	-9.4%	214,758	-2.7%	3.55%	-16.6%
CSX	Sell	CSX Corp.	$11,076,000	+13.2%	363,151	-3.2%	3.52%	+4.2%
IBM	Sell	IBM	$11,017,000	+1.6%	69,355	-2.9%	3.51%	-6.5%
WMT	Sell	Wal Mart Stores Inc.	$10,785,000	-7.4%	149,541	-6.2%	3.43%	-14.7%
MCK	Buy	McKesson Corp.	$9,538,000	-9.6%	57,199	+1.2%	3.04%	-16.8%
RRC	Buy	Range Resources Corp.	$8,196,000	-8.6%	211,498	+1.7%	2.61%	-15.9%
KSS	Sell	Kohls Corp.	$8,156,000	+9.8%	186,432	-4.8%	2.60%	+1.1%
ARW	Sell	Arrow Electronics Inc.	$6,856,000	+0.6%	107,182	-2.6%	2.18%	-7.4%
COG	New	Cabot Oil & Gas Corp.	$6,500,000	–	251,950	–	2.07%	–
PFE	Buy	Pfizer Inc.	$6,468,000	+1.0%	190,961	+5.0%	2.06%	-7.0%
ORCL	Buy	Oracle Corp.	$6,140,000	-0.6%	156,324	+3.6%	1.95%	-8.5%
WFTIQ	Sell	Weatherford Intl. Inc.	$6,108,000	+1.0%	1,086,856	-0.2%	1.94%	-7.0%
CHK	Sell	Chesapeake Energy Corp.	$2,663,000	+32.2%	424,725	-9.7%	0.85%	+21.8%
	Buy	Chataqua Partners LLC	$2,076,000	+4.4%	2,076,176	+4.4%	0.66%	-3.9%
XOM	Buy	Exxon Mobil Corp.	$1,917,000	-4.0%	21,963	+3.2%	0.61%	-11.6%
AAPL	Buy	Apple Computer Inc.	$1,898,000	+58.4%	16,791	+34.0%	0.60%	+45.9%
PEP	Buy	Pepsico Inc.	$1,586,000	+81.1%	14,580	+76.3%	0.50%	+66.7%
WFC	Buy	Wells Fargo & Co.	$1,569,000	+40.1%	35,436	+49.8%	0.50%	+28.9%
JNJ	Sell	Johnson & Johnson	$996,000	-20.3%	8,434	-18.1%	0.32%	-26.6%
T	Sell	AT&T Inc.	$904,000	-7.6%	22,272	-1.6%	0.29%	-14.8%
MRK	Sell	Merck & Co Inc.	$645,000	-23.4%	10,330	-29.3%	0.20%	-29.6%
SLB	Buy	Schlumberger Ltd.	$569,000	+8.0%	7,232	+8.6%	0.18%	-0.5%
DIS	Sell	Disney Walt Hldg. Co.	$529,000	-6.4%	5,697	-1.3%	0.17%	-13.8%
OXY	Buy	Occidental Petroleum Corp.	$411,000	+39.3%	5,633	+44.1%	0.13%	+28.4%
BMY	New	Bristol Myers Squibb	$395,000	–	7,335	–	0.13%	–
BRKB	Buy	Berkshire Hathaway Cl B	$386,000	+6.3%	2,671	+6.6%	0.12%	-2.4%
WEC	Buy	WEC Energy Group Inc.	$377,000	+7.4%	6,299	+17.2%	0.12%	-0.8%
APC	Sell	Anadarko Petroleum Corp.	$369,000	-5.9%	5,827	-20.9%	0.12%	-14.0%
ABBV	Buy	AbbVie Inc.	$355,000	+25.0%	5,630	+22.9%	0.11%	+15.3%
ETN	Sell	Eaton Corp.	$348,000	+2.4%	5,300	-7.0%	0.11%	-5.9%
MCD	Sell	McDonalds Corp.	$343,000	-16.1%	2,972	-12.5%	0.11%	-22.7%
PG	Sell	Procter & Gamble Co.	$341,000	+4.0%	3,801	-1.9%	0.11%	-3.5%
KMI	Buy	Kinder Morgan Inc.	$307,000	+29.5%	13,292	+4.9%	0.10%	+19.5%
MSFT	New	Microsoft Corp.	$244,000	–	4,228	–	0.08%	–
HFC	New	Holly Frontier Corp.	$243,000	–	9,925	–	0.08%	–
HAL	Sell	Halliburton Co.	$222,000	-16.2%	4,950	-15.4%	0.07%	-22.8%
YUM	New	Yum Brands Inc.	$220,000	–	2,424	–	0.07%	–
BIIB	New	Biogen Inc.	$218,000	–	696	–	0.07%	–
ABT	New	Abbott Labs	$213,000	–	5,026	–	0.07%	–
BP	New	BP PLC	$215,000	–	6,128	–	0.07%	–
HOG	New	Harley Davidson Inc.	$210,000	–	4,000	–	0.07%	–
WAG	New	Walgreens Boots Alliance Inc.	$201,000	–	2,494	–	0.06%	–
SOGCQ	Exit	Sabine Oil & Gas Corp.	$0	–	-30,000	–	0.00%	–
GDPMQ	Sell	Goodrich Pete Corp.	$0	-100.0%	10,000	-50.0%	0.00%	–
PVAHQ	Exit	Penn VA Corp.	$0	–	-10,000	–	0.00%	–
IVDA	Exit	Iveda Solutions Inc.	$0	–	-10,000	–	-0.00%	–
CMLS	Exit	Cumulus Media Inc.	$0	–	-10,450	–	-0.00%	–
F	Exit	Ford Motor Company	$0	–	-11,568	–	-0.05%	–
ASB	Exit	Associated Banc Corp.	$0	–	-13,867	–	-0.08%	–
M	Exit	Macys Inc.	$0	–	-9,718	–	-0.11%	–
EMC	Exit	E M C Corp.	$0	–	-18,851	–	-0.18%	–
JCI	Exit	Johnson Controls Inc.	$0	–	-16,376	–	-0.25%	–
LRCX	Exit	Lam Research Corp.	$0	–	-9,310	–	-0.27%	–
AMGN	Exit	Amgen Inc.	$0	–	-5,853	–	-0.31%	–

Q2 2016

			Value		Shares		↓ Weighting
C	New	Citigroup Inc.	$17,351,000	–	409,330	–	6.00%	–
BAC	New	Bank of America	$16,746,000	–	1,261,918	–	5.79%	–
ATI	New	Allegheny Technologies Inc.	$16,430,000	–	1,288,634	–	5.68%	–
MET	New	Metlife Inc.	$16,066,000	–	403,371	–	5.56%	–
GE	New	General Electric Co.	$15,366,000	–	488,135	–	5.31%	–
CSCO	New	Cisco Systems	$15,317,000	–	533,886	–	5.30%	–
GM	New	General Motors Corp.	$14,215,000	–	502,285	–	4.92%	–
JPM	New	J P Morgan Chase	$13,677,000	–	220,103	–	4.73%	–
VZ	New	Verizon Communications	$12,321,000	–	220,655	–	4.26%	–
WMT	New	Wal Mart Stores Inc.	$11,641,000	–	159,417	–	4.02%	–
IBM	New	IBM	$10,843,000	–	71,436	–	3.75%	–
OI	New	Owens-Illinois Inc.	$10,822,000	–	600,865	–	3.74%	–
CCL	New	Carnival Corp	$10,794,000	–	244,218	–	3.73%	–
MCK	New	McKesson Corp.	$10,552,000	–	56,535	–	3.65%	–
CSX	New	CSX Corp.	$9,783,000	–	375,127	–	3.38%	–
MOD	New	Modine Manufacturing Co.	$9,711,000	–	1,103,535	–	3.36%	–
RRC	New	Range Resources Corp.	$8,972,000	–	207,975	–	3.10%	–
KSS	New	Kohls Corp.	$7,428,000	–	195,891	–	2.57%	–
ARW	New	Arrow Electronics Inc.	$6,815,000	–	110,092	–	2.36%	–
PFE	New	Pfizer Inc.	$6,406,000	–	181,945	–	2.22%	–
ORCL	New	Oracle Corp.	$6,176,000	–	150,885	–	2.14%	–
WFTIQ	New	Weatherford Intl. Inc.	$6,046,000	–	1,089,387	–	2.09%	–
MTG	New	MGIC Investment Corp.	$2,791,000	–	469,146	–	0.96%	–
USB	New	US Bancorp	$2,139,000	–	53,041	–	0.74%	–
CHK	New	Chesapeake Energy Corp.	$2,014,000	–	470,550	–	0.70%	–
XOM	New	Exxon Mobil Corp.	$1,996,000	–	21,290	–	0.69%	–
	New	Chataqua Partners LLC	$1,989,000	–	1,989,448	–	0.69%	–
UNP	New	Union Pacific Corp.	$1,745,000	–	20,000	–	0.60%	–
FISV	New	Fiserv Inc.	$1,272,000	–	11,700	–	0.44%	–
JNJ	New	Johnson & Johnson	$1,250,000	–	10,303	–	0.43%	–
AAPL	New	Apple Computer Inc.	$1,198,000	–	12,535	–	0.41%	–
WRB	New	Berkshire Hathaway Inc. CL A	$1,175,000	–	16,084	–	0.41%	–
WFC	New	Wells Fargo & Co.	$1,120,000	–	23,661	–	0.39%	–
T	New	AT&T Inc.	$978,000	–	22,639	–	0.34%	–
AMGN	New	Amgen Inc.	$891,000	–	5,853	–	0.31%	–
PEP	New	Pepsico Inc.	$876,000	–	8,272	–	0.30%	–
MRK	New	Merck & Company	$842,000	–	14,615	–	0.29%	–
LRCX	New	Lam Research Corp.	$783,000	–	9,310	–	0.27%	–
JCI	New	Johnson Controls Inc.	$725,000	–	16,376	–	0.25%	–
CI	New	Cigna Corp.	$691,000	–	5,400	–	0.24%	–
	New	GoldenTree Offshore Cl C Exemp	$680,000	–	213	–	0.24%	–
SH	New	Proshares Tr Pshs Shrt S&P 500	$619,000	–	15,600	–	0.21%	–
	New	Goldentree Offshore C 5 F	$610,000	–	409	–	0.21%	–
FAST	New	Fastenal Company	$568,000	–	12,800	–	0.20%	–
DIS	New	Disney Walt Hldg. Co.	$565,000	–	5,773	–	0.20%	–
AEM	New	Agnico-Eagle Mines Ltd.	$535,000	–	10,000	–	0.18%	–
SLB	New	Schlumberger Ltd.	$527,000	–	6,662	–	0.18%	–
EMC	New	E M C Corp.	$512,000	–	18,851	–	0.18%	–
LLY	New	Eli Lilly & Co.	$441,000	–	5,600	–	0.15%	–
LTS	New	Ladenburg Thalmann	$408,000	–	172,747	–	0.14%	–
MCD	New	McDonalds Corp.	$409,000	–	3,397	–	0.14%	–
APC	New	Anadarko Petroleum Corp.	$392,000	–	7,367	–	0.14%	–
EMR	New	Emerson Electric Co.	$369,000	–	7,070	–	0.13%	–
BRKB	New	Berkshire Hathaway Cl B	$363,000	–	2,506	–	0.13%	–
WEC	New	WEC Energy Group Inc.	$351,000	–	5,374	–	0.12%	–
ETN	New	Eaton Corp.	$340,000	–	5,700	–	0.12%	–
M	New	Macys Inc.	$327,000	–	9,718	–	0.11%	–
POT	New	Potash Corp.	$327,000	–	20,148	–	0.11%	–
PG	New	Procter & Gamble Co.	$328,000	–	3,874	–	0.11%	–
CL	New	Colgate-Palmolive Co.	$322,000	–	4,400	–	0.11%	–
HTLF	New	Heartland Financial Inc.	$317,000	–	8,996	–	0.11%	–
OXY	New	Occidental Petroleum Corp.	$295,000	–	3,908	–	0.10%	–
ABBV	New	AbbVie Inc.	$284,000	–	4,582	–	0.10%	–
HAL	New	Halliburton Co.	$265,000	–	5,850	–	0.09%	–
IVV	New	Ishares Tr. S&P 500 Index	$253,000	–	1,200	–	0.09%	–
ASB	New	Associated Banc Corp.	$238,000	–	13,867	–	0.08%	–
KMI	New	Kinder Morgan Inc.	$237,000	–	12,667	–	0.08%	–
F	New	Ford Motor Company	$145,000	–	11,568	–	0.05%	–
CYS	New	CYS Investments REIT	$91,000	–	10,900	–	0.03%	–
MTW	New	Manitowoc Inc.	$68,000	–	12,400	–	0.02%	–
	New	Coastal South Bancshares	$20,000	–	11,850	–	0.01%	–
OESX	New	Orion Energy System Inc.	$16,000	–	13,640	–	0.01%	–
CMLS	New	Cumulus Media Inc.	$3,000	–	10,450	–	0.00%	–
IVDA	New	Iveda Solutions Inc.	$4,000	–	10,000	–	0.00%	–
PVAHQ	New	Penn VA Corp.	$1,000	–	10,000	–	0.00%	–
SOGCQ	New	Sabine Oil & Gas Corp.	$0	–	30,000	–	0.00%	–
GDPMQ	New	Goodrich Pete Corp.	$1,000	–	20,000	–	0.00%	–
AEGY	New	Alternative Energy	$0	–	260,000	–	0.00%	–
OPMG	New	Options Media Group	$0	–	20,000	–	0.00%	–
MJNA	New	Medical Marijuana Inc.	$1,000	–	15,000	–	0.00%	–
PPMD	New	Protide Pharmaceutical	$0	–	10,000	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
AEGY	Exit	Alternative Energy	$0	–	-260,000	–	0.00%	–
	Exit	WA Funding Tr III Escrow Posit	$0	–	-32,000	–	0.00%	–
PPMD	Exit	Protide Pharmaceutical	$0	–	-10,000	–	0.00%	–
MJNA	Exit	Medical Marijuana Inc.	$0	–	-15,000	–	0.00%	–
OPMG	Exit	Options Media Group	$0	–	-20,000	–	0.00%	–
SOGCQ	Exit	Sabine Oil & Gas Corp.	$0	–	-30,000	–	0.00%	–
CMLS	Exit	Cumulus Media Inc.	$0	–	-10,450	–	-0.00%	–
PVAHQ	Exit	Penn VA Corp.	$0	–	-10,000	–	-0.00%	–
GDPMQ	Exit	Goodrich Pete Corp.	$0	–	-20,000	–	-0.00%	–
	Exit	Coastal South Bankshares	$0	–	-11,850	–	-0.01%	–
OESX	Exit	Orion Energy System Inc.	$0	–	-15,640	–	-0.01%	–
CYS	Exit	CYS Investments REIT	$0	–	-10,900	–	-0.03%	–
CPST	Exit	Capstone Turbine Corp.	$0	–	-260,008	–	-0.03%	–
ABEO	Exit	Abeona Therapeutics	$0	–	-28,612	–	-0.04%	–
BDBD	Exit	Boulder Brands Inc.	$0	–	-23,000	–	-0.07%	–
NFLX	Exit	Netflix Inc.	$0	–	-2,000	–	-0.07%	–
GOOG	Exit	Alphabet Inc. Cl C	$0	–	-366	–	-0.08%	–
IVV	Exit	Ishares Tr. S&P 500 Index	$0	–	-1,200	–	-0.08%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-3,633	–	-0.08%	–
SYY	Exit	Sysco Corp.	$0	–	-6,200	–	-0.09%	–
ETN	Exit	Eaton Corp.	$0	–	-4,908	–	-0.09%	–
KMI	Exit	Kinder Morgan Inc.	$0	–	-9,292	–	-0.09%	–
AMZN	Exit	Amazon Inc.	$0	–	-505	–	-0.09%	–
PG	Exit	Procter & Gamble Co.	$0	–	-3,705	–	-0.09%	–
CSX	Exit	CSX Corp.	$0	–	-10,000	–	-0.10%	–
MRK	Exit	Merck & Company	$0	–	-5,565	–	-0.10%	–
WEC	Exit	WEC Energy Group Inc.	$0	–	-5,312	–	-0.10%	–
MCD	Exit	McDonalds Corp.	$0	–	-2,822	–	-0.10%	–
BIIB	Exit	Biogen Idec Inc.	$0	–	-946	–	-0.10%	–
SIAL	Exit	Sigma Aldrich Corp.	$0	–	-2,000	–	-0.10%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-4,400	–	-0.10%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-4,967	–	-0.11%	–
EMR	Exit	Emerson Electric Co.	$0	–	-7,000	–	-0.11%	–
HTLF	Exit	Heartland Financial Inc.	$0	–	-9,008	–	-0.12%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-2,566	–	-0.12%	–
LTS	Exit	Ladenburg Thalmann	$0	–	-172,747	–	-0.13%	–
FB	Exit	Facebook, Inc.	$0	–	-4,500	–	-0.14%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-6,662	–	-0.16%	–
FAST	Exit	Fastenal Company	$0	–	-12,800	–	-0.17%	–
LLY	Exit	Eli Lilly & Co.	$0	–	-5,913	–	-0.18%	–
AEM	Exit	Agnico-Eagle Mines Ltd.	$0	–	-19,600	–	-0.18%	–
HAL	Exit	Halliburton Co.	$0	–	-15,250	–	-0.19%	–
T	Exit	AT&T Inc.	$0	–	-17,388	–	-0.20%	–
	Exit	Goldentree Offshore C 5 F	$0	–	-409	–	-0.21%	–
	Exit	GoldenTree Offshore Cl C Exemp	$0	–	-209	–	-0.23%	–
PFE	Exit	Pfizer Inc.	$0	–	-21,747	–	-0.24%	–
IBM	Exit	IBM	$0	–	-4,768	–	-0.24%	–
PEP	Exit	Pepsico Inc.	$0	–	-7,740	–	-0.26%	–
JNJ	Exit	Johnson & Johnson	$0	–	-7,884	–	-0.26%	–
WRB	Exit	Berkley W R Corp.	$0	–	-15,984	–	-0.31%	–
SH	Exit	Proshares Tr Pshs Shrt S&P 500	$0	–	-40,800	–	-0.32%	–
FISV	Exit	Fiserv Inc.	$0	–	-13,000	–	-0.40%	–
AAPL	Exit	Apple Computer Inc.	$0	–	-12,988	–	-0.51%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-31,537	–	-0.57%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-22,762	–	-0.60%	–
	Exit	Chataqua Partners LLC	$0	–	-1,748,660	–	-0.62%	–
UNP	Exit	Union Pacific Corp.	$0	–	-20,284	–	-0.64%	–
USB	Exit	US Bancorp	$0	–	-63,364	–	-0.92%	–
MTG	Exit	MGIC Investment Corp.	$0	–	-367,335	–	-1.20%	–
CHK	Exit	Chesapeake Energy Corp.	$0	–	-671,675	–	-1.74%	–
RRC	Exit	Range Resources Corp.	$0	–	-191,305	–	-2.18%	–
ARW	Exit	Arrow Electronics Inc.	$0	–	-126,335	–	-2.47%	–
KSS	Exit	Kohls Corp.	$0	–	-168,606	–	-2.76%	–
MOD	Exit	Modine Manufacturing Co.	$0	–	-1,116,550	–	-3.11%	–
WFTIQ	Exit	Weatherford Intl. Inc.	$0	–	-1,042,800	–	-3.13%	–
VZ	Exit	Verizon Communications	$0	–	-211,671	–	-3.26%	–
WMT	Exit	Wal Mart Stores Inc.	$0	–	-153,056	–	-3.51%	–
TGT	Exit	Target Corp.	$0	–	-127,589	–	-3.55%	–
EMC	Exit	E M C Corp.	$0	–	-466,033	–	-3.98%	–
CCL	Exit	Carnival Corp	$0	–	-238,675	–	-4.20%	–
JPM	Exit	J P Morgan Chase	$0	–	-220,092	–	-4.75%	–
OI	Exit	Owens-Illinois Inc.	$0	–	-658,145	–	-4.83%	–
ATI	Exit	Allegheny Technologies Inc.	$0	–	-1,127,635	–	-5.66%	–
JCI	Exit	Johnson Controls Inc.	$0	–	-396,575	–	-5.80%	–
GE	Exit	General Electric Co.	$0	–	-704,297	–	-6.29%	–
MET	Exit	Metlife Inc.	$0	–	-398,326	–	-6.65%	–
BAC	Exit	Bank of America	$0	–	-1,261,576	–	-6.96%	–
C	Exit	Citigroup Inc.	$0	–	-400,057	–	-7.02%	–
GM	Exit	General Motors Corp.	$0	–	-675,518	–	-7.18%	–

Q3 2015

			Value		Shares		↓ Weighting
GM	Sell	General Motors Corp.	$20,279,000	-24.3%	675,518	-15.9%	7.18%	+6.3%
C	Sell	Citigroup Inc.	$19,847,000	-24.2%	400,057	-15.6%	7.02%	+6.4%
BAC	Sell	Bank of America	$19,655,000	-22.2%	1,261,576	-15.0%	6.96%	+9.2%
MET	Sell	Metlife Inc.	$18,781,000	-23.4%	398,326	-9.1%	6.65%	+7.4%
GE	Sell	General Electric Co.	$17,762,000	-19.8%	704,297	-15.5%	6.29%	+12.5%
JCI	Sell	Johnson Controls Inc.	$16,402,000	-29.9%	396,575	-16.1%	5.80%	-1.7%
ATI	Buy	Allegheny Technologies Inc.	$15,990,000	-36.9%	1,127,635	+34.5%	5.66%	-11.4%
OI	Sell	Owens-Illinois Inc.	$13,637,000	-23.4%	658,145	-15.1%	4.83%	+7.5%
JPM	Sell	J P Morgan Chase	$13,419,000	-24.3%	220,092	-15.9%	4.75%	+6.2%
CCL	Sell	Carnival Corp	$11,862,000	-48.4%	238,675	-48.7%	4.20%	-27.5%
EMC	Sell	E M C Corp.	$11,259,000	-21.2%	466,033	-13.9%	3.98%	+10.6%
TGT	Sell	Target Corp.	$10,036,000	-18.6%	127,589	-15.5%	3.55%	+14.2%
WMT	Sell	Wal Mart Stores Inc.	$9,924,000	-20.9%	153,056	-13.4%	3.51%	+11.0%
VZ	Buy	Verizon Communications	$9,210,000	+1641.0%	211,671	+1764.1%	3.26%	+2350.4%
WFTIQ	Sell	Weatherford Intl. Inc.	$8,843,000	-42.6%	1,042,800	-16.9%	3.13%	-19.5%
MOD	Sell	Modine Manufacturing Co.	$8,787,000	-38.0%	1,116,550	-15.5%	3.11%	-13.0%
KSS	New	Kohls Corp.	$7,808,000	–	168,606	–	2.76%	–
ARW	Sell	Arrow Electronics Inc.	$6,984,000	-21.1%	126,335	-20.4%	2.47%	+10.7%
RRC	Sell	Range Resources Corp.	$6,145,000	-44.5%	191,305	-14.7%	2.18%	-22.1%
CHK	Sell	Chesapeake Energy Corp.	$4,923,000	-44.3%	671,675	-15.1%	1.74%	-21.9%
MTG	Buy	MGIC Investment Corp.	$3,402,000	-11.1%	367,335	+9.3%	1.20%	+24.8%
USB	Sell	US Bancorp	$2,599,000	-13.8%	63,364	-8.8%	0.92%	+21.1%
UNP	Sell	Union Pacific Corp.	$1,793,000	-7.5%	20,284	-0.2%	0.64%	+29.9%
	Sell	Chataqua Partners LLC	$1,749,000	-8.6%	1,748,660	-8.6%	0.62%	+28.2%
XOM	Sell	Exxon Mobil Corp.	$1,692,000	-19.6%	22,762	-10.0%	0.60%	+12.8%
WFC	Sell	Wells Fargo & Co.	$1,619,000	-13.5%	31,537	-5.2%	0.57%	+21.4%
AAPL	Sell	Apple Computer Inc.	$1,433,000	-49.1%	12,988	-42.1%	0.51%	-28.6%
FISV	Sell	Fiserv Inc.	$1,126,000	-15.0%	13,000	-18.8%	0.40%	+19.2%
SH	Buy	Proshares Tr Pshs Shrt S&P 500	$918,000	+29.7%	40,800	+22.9%	0.32%	+81.6%
WRB	New	Berkley W R Corp.	$869,000	–	15,984	–	0.31%	–
JNJ	Sell	Johnson & Johnson	$736,000	-36.4%	7,884	-33.6%	0.26%	-11.0%
PEP	Sell	Pepsico Inc.	$730,000	-9.1%	7,740	-10.0%	0.26%	+27.1%
IBM	Sell	IBM	$691,000	-19.7%	4,768	-9.9%	0.24%	+12.9%
PFE	Sell	Pfizer Inc.	$683,000	-21.8%	21,747	-16.4%	0.24%	+10.0%
	Buy	GoldenTree Offshore Cl C Exemp	$659,000	-1.9%	209	+1.0%	0.23%	+37.9%
T	Sell	AT&T Inc.	$567,000	-28.9%	17,388	-22.6%	0.20%	0.0%
HAL	Sell	Halliburton Co.	$539,000	-49.2%	15,250	-38.0%	0.19%	-28.5%
AEM	Sell	Agnico-Eagle Mines Ltd.	$496,000	-29.7%	19,600	-21.3%	0.18%	-1.1%
FAST	Sell	Fastenal Company	$469,000	-25.7%	12,800	-14.4%	0.17%	+4.4%
SLB	Sell	Schlumberger Ltd.	$459,000	-46.6%	6,662	-33.2%	0.16%	-25.3%
FB	Sell	Facebook, Inc.	$405,000	-50.3%	4,500	-52.6%	0.14%	-30.6%
BRKB	Sell	Berkshire Hathaway Cl B	$335,000	-58.2%	2,566	-56.4%	0.12%	-41.1%
HTLF	New	Heartland Financial Inc.	$327,000	–	9,008	–	0.12%	–
EMR	Sell	Emerson Electric Co.	$309,000	-21.4%	7,000	-1.3%	0.11%	+10.1%
APC	Buy	Anadarko Petroleum Corp.	$300,000	-16.7%	4,967	+7.7%	0.11%	+16.5%
CL	Sell	Colgate-Palmolive Co.	$279,000	-14.2%	4,400	-11.5%	0.10%	+20.7%
WEC	Sell	WEC Energy Group Inc.	$277,000	-16.3%	5,312	-27.9%	0.10%	+18.1%
BIIB	Sell	Biogen Idec Inc.	$276,000	-32.7%	946	-6.9%	0.10%	-4.9%
MCD	Sell	McDonalds Corp.	$278,000	-62.3%	2,822	-63.6%	0.10%	-47.3%
MRK	Sell	Merck & Company	$275,000	-28.6%	5,565	-17.6%	0.10%	0.0%
CSX	Sell	CSX Corp.	$269,000	-33.4%	10,000	-19.2%	0.10%	-6.9%
PG	Sell	Procter & Gamble Co.	$267,000	-41.6%	3,705	-36.5%	0.09%	-18.3%
AMZN	New	Amazon Inc.	$259,000	–	505	–	0.09%	–
KMI	New	Kinder Morgan Inc.	$257,000	–	9,292	–	0.09%	–
ETN	Sell	Eaton Corp.	$252,000	-47.9%	4,908	-31.6%	0.09%	-27.0%
OXY	Sell	Occidental Petroleum Corp.	$240,000	-16.1%	3,633	-1.4%	0.08%	+18.1%
IVV	New	Ishares Tr. S&P 500 Index	$231,000	–	1,200	–	0.08%	–
GOOG	New	Alphabet Inc. Cl C	$223,000	–	366	–	0.08%	–
NFLX	New	Netflix Inc.	$207,000	–	2,000	–	0.07%	–
ABEO	Buy	Abeona Therapeutics	$116,000	+4.5%	28,612	+31.0%	0.04%	+46.4%
CYS	New	CYS Investments REIT	$79,000	–	10,900	–	0.03%	–
OESX	Sell	Orion Energy System Inc.	$28,000	-79.9%	15,640	-71.7%	0.01%	-71.4%
GDPMQ	Sell	Goodrich Pete Corp.	$12,000	-79.7%	20,000	-37.4%	0.00%	-73.3%
CMLS	Sell	Cumulus Media Inc.	$7,000	-83.3%	10,450	-48.9%	0.00%	-81.8%
	New	WA Funding Tr III Escrow Posit	$0	–	32,000	–	0.00%	–
MJNA	New	Medical Marijuana Inc.	$0	–	15,000	–	0.00%	–
AEGY	New	Alternative Energy	$0	–	260,000	–	0.00%	–
	Exit	Monitise PLC Ord F	$0	–	-20,000	–	-0.00%	–
EMMS	Exit	Emmis Comm. Corp.	$0	–	-18,500	–	-0.01%	–
AXAS	Exit	Abraxax Pete Corp.	$0	–	-10,000	–	-0.01%	–
GERN	Exit	Geron Corp.	$0	–	-20,000	–	-0.02%	–
CSIQ	Exit	Canadian Solar Inc.	$0	–	-7,000	–	-0.05%	–
MO	Exit	Altria Group Inc.	$0	–	-4,163	–	-0.05%	–
PFF	Exit	Ishares S&P US Pfd Stock Index	$0	–	-5,144	–	-0.05%	–
BAX	Exit	Baxter International Inc.	$0	–	-2,892	–	-0.05%	–
BBT	Exit	BB&T Corp.	$0	–	-5,140	–	-0.05%	–
HP	Exit	Helmerich & Payne Inc.	$0	–	-3,000	–	-0.05%	–
ROK	Exit	Rockwell Automation, Inc.	$0	–	-1,691	–	-0.05%	–
KMB	Exit	Kimberly-Clark Corporation	$0	–	-1,990	–	-0.05%	–
AMGN	Exit	Amgen Inc.	$0	–	-1,410	–	-0.05%	–
DVN	Exit	Devon Energy Corp.	$0	–	-3,576	–	-0.05%	–
ORCL	Exit	Oracle Corp.	$0	–	-5,428	–	-0.06%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-3,481	–	-0.06%	–
ADP	Exit	Automatic Data Processing, Inc	$0	–	-2,747	–	-0.06%	–
DEO	Exit	Diageo PLC ADR	$0	–	-1,909	–	-0.06%	–
MPC	Exit	Marathon Petroleum Corp.	$0	–	-4,230	–	-0.06%	–
FDX	Exit	Fedex Corp.	$0	–	-1,335	–	-0.06%	–
NTRS	Exit	Northern Trust Corp.	$0	–	-2,995	–	-0.06%	–
DHR	Exit	Danaher Corp.	$0	–	-2,750	–	-0.06%	–
CMCSA	Exit	Comcast Corp. Cl A	$0	–	-4,072	–	-0.06%	–
SJM	Exit	JM Smuckers Co.	$0	–	-2,286	–	-0.06%	–
PM	Exit	Philip Morris International In	$0	–	-3,128	–	-0.06%	–
HON	Exit	Honeywell Intl. Inc.	$0	–	-2,526	–	-0.06%	–
GOOGL	Exit	Google Inc. Cl A	$0	–	-476	–	-0.06%	–
UPS	Exit	United Parcel Service Cl'B	$0	–	-2,676	–	-0.06%	–
UTX	Exit	United Technologies Corp.	$0	–	-2,387	–	-0.07%	–
TV	Exit	Grupo Televisa Sponsored ADR	$0	–	-6,883	–	-0.07%	–
SBUX	Exit	Starbucks Corp.	$0	–	-4,936	–	-0.07%	–
GIS	Exit	General Mills Inc.	$0	–	-4,816	–	-0.07%	–
FINL	Exit	Finish Line	$0	–	-9,690	–	-0.07%	–
LUV	Exit	Southwest Airlines Co.	$0	–	-8,214	–	-0.07%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-1,500	–	-0.07%	–
WAG	Exit	Walgreens Boots Alliance Inc.	$0	–	-3,309	–	-0.07%	–
ASB	Exit	Associated Banc Corp.	$0	–	-13,867	–	-0.07%	–
MMM	Exit	3M Company	$0	–	-1,830	–	-0.07%	–
APA	Exit	Apache Corp.	$0	–	-4,899	–	-0.07%	–
ABBV	Exit	AbbVie Inc.	$0	–	-4,231	–	-0.07%	–
MKL	Exit	Markel Corp.	$0	–	-355	–	-0.07%	–
CVX	Exit	Chevron Corp.	$0	–	-3,059	–	-0.07%	–
ESRX	Exit	Express Scripts Holdings	$0	–	-3,320	–	-0.07%	–
COL	Exit	Rockwell Collins Inc.	$0	–	-3,212	–	-0.08%	–
PNR	Exit	Pentair Ltd.	$0	–	-4,452	–	-0.08%	–
TEL	Exit	Tyco Electronics Ltd.	$0	–	-4,779	–	-0.08%	–
CTSH	Exit	Cognizant Tech Solutions	$0	–	-5,116	–	-0.08%	–
PX	Exit	Praxair Inc.	$0	–	-2,759	–	-0.08%	–
NVS	Exit	Novartis A G ADR	$0	–	-3,373	–	-0.08%	–
LVS	Exit	Las Vegas Sands Corp.	$0	–	-6,600	–	-0.09%	–
PCAR	Exit	Paccar Inc.	$0	–	-5,530	–	-0.09%	–
COST	Exit	Costco Wholesale Corp.	$0	–	-2,756	–	-0.09%	–
NSRGY	Exit	Nestle S A ADR	$0	–	-5,556	–	-0.10%	–
HD	Exit	Home Depot Inc.	$0	–	-3,652	–	-0.10%	–
GOOG	Exit	Google Inc. Cl C	$0	–	-835	–	-0.11%	–
MSFT	Exit	Microsoft Corp.	$0	–	-10,114	–	-0.11%	–
OMC	Exit	Omnicom Group Inc.	$0	–	-6,558	–	-0.12%	–
V	Exit	Visa Inc. Cl A	$0	–	-6,826	–	-0.12%	–
CVS	Exit	CVS Corp.	$0	–	-4,499	–	-0.12%	–
PNC	Exit	PNC Financial Services Group,	$0	–	-5,054	–	-0.12%	–
UNH	Exit	Unitedhealth Group Inc.	$0	–	-3,950	–	-0.12%	–
DIS	Exit	Disney Walt Hldg. Co.	$0	–	-4,872	–	-0.14%	–
ACN	Exit	Accenture Ltd Bermuda CL A	$0	–	-6,361	–	-0.16%	–
CAT	Exit	Caterpillar Inc.	$0	–	-8,280	–	-0.18%	–
BGGSQ	Exit	Computer Services Inc.	$0	–	-552,350	–	-2.71%	–

Q2 2015

			Value		Shares		↓ Weighting
GM	New	General Motors Corp.	$26,771,000	–	803,215	–	6.75%	–
C	New	Citigroup Inc.	$26,169,000	–	473,733	–	6.60%	–
ATI	New	Allegheny Technologies Inc.	$25,323,000	–	838,518	–	6.39%	–
BAC	New	Bank of America	$25,248,000	–	1,483,430	–	6.37%	–
MET	New	Metlife Inc.	$24,530,000	–	438,113	–	6.19%	–
JCI	New	Johnson Controls Inc.	$23,407,000	–	472,573	–	5.90%	–
CCL	New	Carnival Corp	$22,969,000	–	465,050	–	5.79%	–
GE	New	General Electric Co.	$22,147,000	–	833,545	–	5.59%	–
OI	New	Owens-Illinois Inc.	$17,792,000	–	775,587	–	4.49%	–
JPM	New	J P Morgan Chase	$17,734,000	–	261,720	–	4.47%	–
WFTIQ	New	Weatherford Intl. Inc.	$15,407,000	–	1,255,626	–	3.89%	–
EMC	New	E M C Corp.	$14,285,000	–	541,291	–	3.60%	–
MOD	New	Modine Manufacturing Co.	$14,170,000	–	1,320,600	–	3.57%	–
WMT	New	Wal Mart Stores Inc.	$12,541,000	–	176,809	–	3.16%	–
TGT	New	Target Corp.	$12,325,000	–	150,991	–	3.11%	–
RRC	New	Range Resources Corp.	$11,075,000	–	224,284	–	2.79%	–
BGGSQ	New	Computer Services Inc.	$10,758,000	–	552,350	–	2.71%	–
ARW	New	Arrow Electronics Inc.	$8,857,000	–	158,729	–	2.23%	–
CHK	New	Chesapeake Energy Corp.	$8,841,000	–	791,525	–	2.23%	–
MTG	New	MGIC Investment Corp.	$3,826,000	–	336,192	–	0.96%	–
USB	New	US Bancorp	$3,014,000	–	69,444	–	0.76%	–
AAPL	New	Apple Computer Inc.	$2,814,000	–	22,436	–	0.71%	–
XOM	New	Exxon Mobil Corp.	$2,104,000	–	25,293	–	0.53%	–
UNP	New	Union Pacific Corp.	$1,939,000	–	20,333	–	0.49%	–
	New	Chataqua Partners LLC	$1,914,000	–	1,913,869	–	0.48%	–
WFC	New	Wells Fargo & Co.	$1,872,000	–	33,278	–	0.47%	–
FISV	New	Fiserv Inc.	$1,325,000	–	16,000	–	0.33%	–
JNJ	New	Johnson & Johnson	$1,158,000	–	11,881	–	0.29%	–
HAL	New	Halliburton Co.	$1,060,000	–	24,607	–	0.27%	–
PFE	New	Pfizer Inc.	$873,000	–	26,027	–	0.22%	–
SLB	New	Schlumberger Ltd.	$860,000	–	9,975	–	0.22%	–
IBM	New	IBM	$860,000	–	5,289	–	0.22%	–
FB	New	Facebook, Inc.	$815,000	–	9,499	–	0.21%	–
PEP	New	Pepsico Inc.	$803,000	–	8,599	–	0.20%	–
BRKB	New	Berkshire Hathaway Cl B	$802,000	–	5,891	–	0.20%	–
T	New	AT&T Inc.	$798,000	–	22,468	–	0.20%	–
MCD	New	McDonalds Corp.	$737,000	–	7,753	–	0.19%	–
SH	New	Proshares Tr Pshs Shrt S&P 500	$708,000	–	33,200	–	0.18%	–
AEM	New	Agnico-Eagle Mines Ltd.	$706,000	–	24,900	–	0.18%	–
CAT	New	Caterpillar Inc.	$702,000	–	8,280	–	0.18%	–
	New	GoldenTree Offshore Cl C Exemp	$672,000	–	207	–	0.17%	–
FAST	New	Fastenal Company	$631,000	–	14,960	–	0.16%	–
	New	Goldentree Offshore C 5 F	$619,000	–	409	–	0.16%	–
ACN	New	Accenture Ltd Bermuda CL A	$616,000	–	6,361	–	0.16%	–
LTS	New	Ladenburg Thalmann	$605,000	–	172,747	–	0.15%	–
DIS	New	Disney Walt Hldg. Co.	$556,000	–	4,872	–	0.14%	–
VZ	New	Verizon Communications	$529,000	–	11,355	–	0.13%	–
LLY	New	Eli Lilly & Co.	$494,000	–	5,913	–	0.12%	–
ETN	New	Eaton Corp.	$484,000	–	7,175	–	0.12%	–
UNH	New	Unitedhealth Group Inc.	$482,000	–	3,950	–	0.12%	–
PNC	New	PNC Financial Services Group,	$483,000	–	5,054	–	0.12%	–
CVS	New	CVS Corp.	$472,000	–	4,499	–	0.12%	–
V	New	Visa Inc. Cl A	$458,000	–	6,826	–	0.12%	–
OMC	New	Omnicom Group Inc.	$456,000	–	6,558	–	0.12%	–
PG	New	Procter & Gamble Co.	$457,000	–	5,836	–	0.12%	–
MSFT	New	Microsoft Corp.	$447,000	–	10,114	–	0.11%	–
GOOG	New	Google Inc. Cl C	$435,000	–	835	–	0.11%	–
BIIB	New	Biogen Idec Inc.	$410,000	–	1,016	–	0.10%	–
CSX	New	CSX Corp.	$404,000	–	12,383	–	0.10%	–
HD	New	Home Depot Inc.	$406,000	–	3,652	–	0.10%	–
NSRGY	New	Nestle S A ADR	$401,000	–	5,556	–	0.10%	–
EMR	New	Emerson Electric Co.	$393,000	–	7,095	–	0.10%	–
MRK	New	Merck & Company	$385,000	–	6,757	–	0.10%	–
COST	New	Costco Wholesale Corp.	$372,000	–	2,756	–	0.09%	–
APC	New	Anadarko Petroleum Corp.	$360,000	–	4,614	–	0.09%	–
PCAR	New	Paccar Inc.	$353,000	–	5,530	–	0.09%	–
LVS	New	Las Vegas Sands Corp.	$347,000	–	6,600	–	0.09%	–
NVS	New	Novartis A G ADR	$332,000	–	3,373	–	0.08%	–
PX	New	Praxair Inc.	$330,000	–	2,759	–	0.08%	–
WEC	New	WEC Energy Group Inc.	$331,000	–	7,370	–	0.08%	–
CL	New	Colgate-Palmolive Co.	$325,000	–	4,970	–	0.08%	–
CTSH	New	Cognizant Tech Solutions	$313,000	–	5,116	–	0.08%	–
PNR	New	Pentair Ltd.	$306,000	–	4,452	–	0.08%	–
TEL	New	Tyco Electronics Ltd.	$307,000	–	4,779	–	0.08%	–
COL	New	Rockwell Collins Inc.	$297,000	–	3,212	–	0.08%	–
CVX	New	Chevron Corp.	$295,000	–	3,059	–	0.07%	–
ESRX	New	Express Scripts Holdings	$295,000	–	3,320	–	0.07%	–
ABBV	New	AbbVie Inc.	$284,000	–	4,231	–	0.07%	–
MKL	New	Markel Corp.	$284,000	–	355	–	0.07%	–
OXY	New	Occidental Petroleum Corp.	$286,000	–	3,683	–	0.07%	–
ASB	New	Associated Banc Corp.	$281,000	–	13,867	–	0.07%	–
APA	New	Apache Corp.	$282,000	–	4,899	–	0.07%	–
MMM	New	3M Company	$282,000	–	1,830	–	0.07%	–
LMT	New	Lockheed Martin Corp.	$279,000	–	1,500	–	0.07%	–
SIAL	New	Sigma Aldrich Corp.	$279,000	–	2,000	–	0.07%	–
WAG	New	Walgreens Boots Alliance Inc.	$279,000	–	3,309	–	0.07%	–
LUV	New	Southwest Airlines Co.	$272,000	–	8,214	–	0.07%	–
GIS	New	General Mills Inc.	$268,000	–	4,816	–	0.07%	–
FINL	New	Finish Line	$270,000	–	9,690	–	0.07%	–
SBUX	New	Starbucks Corp.	$265,000	–	4,936	–	0.07%	–
UTX	New	United Technologies Corp.	$265,000	–	2,387	–	0.07%	–
TV	New	Grupo Televisa Sponsored ADR	$267,000	–	6,883	–	0.07%	–
UPS	New	United Parcel Service Cl'B	$259,000	–	2,676	–	0.06%	–
GOOGL	New	Google Inc. Cl A	$257,000	–	476	–	0.06%	–
HON	New	Honeywell Intl. Inc.	$258,000	–	2,526	–	0.06%	–
SJM	New	JM Smuckers Co.	$248,000	–	2,286	–	0.06%	–
PM	New	Philip Morris International In	$251,000	–	3,128	–	0.06%	–
CMCSA	New	Comcast Corp. Cl A	$245,000	–	4,072	–	0.06%	–
DHR	New	Danaher Corp.	$235,000	–	2,750	–	0.06%	–
NTRS	New	Northern Trust Corp.	$229,000	–	2,995	–	0.06%	–
FDX	New	Fedex Corp.	$227,000	–	1,335	–	0.06%	–
DEO	New	Diageo PLC ADR	$222,000	–	1,909	–	0.06%	–
MPC	New	Marathon Petroleum Corp.	$221,000	–	4,230	–	0.06%	–
SYY	New	Sysco Corp.	$224,000	–	6,200	–	0.06%	–
QCOM	New	Qualcomm Inc.	$218,000	–	3,481	–	0.06%	–
ORCL	New	Oracle Corp.	$219,000	–	5,428	–	0.06%	–
ADP	New	Automatic Data Processing, Inc	$220,000	–	2,747	–	0.06%	–
AMGN	New	Amgen Inc.	$216,000	–	1,410	–	0.05%	–
DVN	New	Devon Energy Corp.	$213,000	–	3,576	–	0.05%	–
HP	New	Helmerich & Payne Inc.	$211,000	–	3,000	–	0.05%	–
ROK	New	Rockwell Automation, Inc.	$211,000	–	1,691	–	0.05%	–
KMB	New	Kimberly-Clark Corporation	$211,000	–	1,990	–	0.05%	–
BBT	New	BB&T Corp.	$207,000	–	5,140	–	0.05%	–
BAX	New	Baxter International Inc.	$202,000	–	2,892	–	0.05%	–
MO	New	Altria Group Inc.	$204,000	–	4,163	–	0.05%	–
PFF	New	Ishares S&P US Pfd Stock Index	$201,000	–	5,144	–	0.05%	–
CSIQ	New	Canadian Solar Inc.	$200,000	–	7,000	–	0.05%	–
BDBD	New	Boulder Brands Inc.	$160,000	–	23,000	–	0.04%	–
OESX	New	Orion Energy System Inc.	$139,000	–	55,280	–	0.04%	–
ABEO	New	Abeona Therapeutics	$111,000	–	21,839	–	0.03%	–
CPST	New	Capstone Turbine Corp.	$107,000	–	260,008	–	0.03%	–
GERN	New	Geron Corp.	$86,000	–	20,000	–	0.02%	–
GDPMQ	New	Goodrich Pete Corp.	$59,000	–	31,925	–	0.02%	–
PVAHQ	New	Penn VA Corp.	$44,000	–	10,000	–	0.01%	–
CMLS	New	Cumulus Media Inc.	$42,000	–	20,450	–	0.01%	–
AXAS	New	Abraxax Pete Corp.	$29,000	–	10,000	–	0.01%	–
	New	Coastal South Bankshares	$18,000	–	11,850	–	0.01%	–
EMMS	New	Emmis Comm. Corp.	$18,000	–	18,500	–	0.01%	–
	New	Monitise PLC Ord F	$3,000	–	20,000	–	0.00%	–
SOGCQ	New	Sabine Oil & Gas Corp.	$2,000	–	30,000	–	0.00%	–
PPMD	New	Protide Pharmaceutical	$0	–	10,000	–	0.00%	–
OPMG	New	Options Media Group	$0	–	20,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
OPMG	Exit	Options Media Group	$0	–	-20,000	–	0.00%	–
PPMD	Exit	Protide Pharmaceutical	$0	–	-10,000	–	0.00%	–
	Exit	Coastal South Bankshares	$0	–	-11,850	–	-0.01%	–
FSTO	Exit	Forest Oil Corp.	$0	–	-30,000	–	-0.01%	–
GERN	Exit	Geron Corp.	$0	–	-20,000	–	-0.01%	–
CMLS	Exit	Cumulus Media Inc.	$0	–	-10,450	–	-0.01%	–
OESX	Exit	Orion Energy System Inc.	$0	–	-20,040	–	-0.03%	–
JRN	Exit	Journal Comm. CL'A	$0	–	-12,988	–	-0.03%	–
HAL	Exit	Halliburton Co.	$0	–	-3,200	–	-0.06%	–
RIG	Exit	Transocean Ltd.	$0	–	-6,529	–	-0.06%	–
CPST	Exit	Capstone Turbine Corp.	$0	–	-195,008	–	-0.06%	–
GDPMQ	Exit	Goodrich Pete Corp.	$0	–	-14,000	–	-0.06%	–
HFC	Exit	Holly Frontier Corp.	$0	–	-4,800	–	-0.06%	–
KSS	Exit	Kohls Corp.	$0	–	-3,770	–	-0.06%	–
BIIB	Exit	Biogen Idec Inc.	$0	–	-696	–	-0.06%	–
ASB	Exit	Associated Banc Corp.	$0	–	-13,867	–	-0.06%	–
SIAL	Exit	Sigma Aldrich Corp.	$0	–	-1,800	–	-0.06%	–
KMB	Exit	Kimberly-Clark Corporation	$0	–	-2,440	–	-0.07%	–
WMT	Exit	Wal Mart Stores Inc.	$0	–	-3,609	–	-0.07%	–
VZ	Exit	Verizon Communications	$0	–	-5,593	–	-0.07%	–
PNR	Exit	Pentair Ltd.	$0	–	-4,340	–	-0.08%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-4,400	–	-0.08%	–
BDBD	Exit	Boulder Brands Inc.	$0	–	-22,000	–	-0.08%	–
EMR	Exit	Emerson Electric Co.	$0	–	-5,000	–	-0.08%	–
ETN	Exit	Eaton Corp.	$0	–	-5,000	–	-0.08%	–
FB	Exit	Facebook, Inc.	$0	–	-4,060	–	-0.08%	–
MRK	Exit	Merck & Company	$0	–	-5,525	–	-0.09%	–
LLY	Exit	Eli Lilly & Co.	$0	–	-5,600	–	-0.10%	–
PG	Exit	Procter & Gamble Co.	$0	–	-4,566	–	-0.10%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-4,567	–	-0.12%	–
AEM	Exit	Agnico-Eagle Mines Ltd.	$0	–	-17,800	–	-0.14%	–
T	Exit	AT&T Inc.	$0	–	-16,035	–	-0.15%	–
FAST	Exit	Fastenal Company	$0	–	-12,800	–	-0.15%	–
	Exit	Goldentree Offshore C 5 F	$0	–	-409	–	-0.15%	–
	Exit	GoldenTree Offshore Cl C Exemp	$0	–	-203	–	-0.16%	–
PEP	Exit	Pepsico Inc.	$0	–	-6,690	–	-0.16%	–
SH	Exit	Proshares Tr Pshs Shrt S&P 500	$0	–	-28,100	–	-0.17%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-6,352	–	-0.17%	–
WAG	Exit	Walgreen Co.	$0	–	-10,900	–	-0.17%	–
MCD	Exit	McDonalds Corp.	$0	–	-7,272	–	-0.18%	–
LTS	Exit	Ladenburg Thalmann	$0	–	-172,747	–	-0.19%	–
PFE	Exit	Pfizer Inc.	$0	–	-24,729	–	-0.19%	–
FISV	Exit	Fiserv Inc.	$0	–	-11,400	–	-0.20%	–
IBM	Exit	IBM	$0	–	-4,100	–	-0.21%	–
AAPL	Exit	Apple Computer Inc.	$0	–	-9,033	–	-0.24%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,784	–	-0.25%	–
WRB	Exit	Berkley W R Corp.	$0	–	-31,968	–	-0.40%	–
	Exit	Chataqua Partners LLC	$0	–	-1,763,074	–	-0.47%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-22,426	–	-0.56%	–
UNP	Exit	Union Pacific Corp.	$0	–	-20,000	–	-0.57%	–
MTG	Exit	MGIC Investment Corp.	$0	–	-279,945	–	-0.58%	–
SIRI	Exit	Sirius XM Radio Inc.	$0	–	-662,183	–	-0.61%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-63,810	–	-0.88%	–
USB	Exit	US Bancorp	$0	–	-149,148	–	-1.65%	–
ARW	Exit	Arrow Electronics Inc.	$0	–	-154,649	–	-2.27%	–
FINL	Exit	Finish Line	$0	–	-398,400	–	-2.64%	–
BGGSQ	Exit	Briggs & Stratton Corp.	$0	–	-554,075	–	-2.64%	–
MOD	Exit	Modine Manufacturing Co.	$0	–	-858,325	–	-2.70%	–
SWN	Exit	Southwestern Energy Co.	$0	–	-302,150	–	-2.80%	–
IPG	Exit	Interpublic Group Companies	$0	–	-584,479	–	-2.84%	–
CCL	Exit	Carnival Corp	$0	–	-338,350	–	-3.60%	–
TGT	Exit	Target Corp.	$0	–	-223,000	–	-3.70%	–
ATI	Exit	Allegheny Technologies Inc.	$0	–	-427,562	–	-4.20%	–
OI	Exit	Owens-Illinois Inc.	$0	–	-712,312	–	-4.91%	–
BHI	Exit	Baker Hughes Inc.	$0	–	-287,349	–	-4.95%	–
GM	Exit	General Motors Corp.	$0	–	-605,586	–	-5.12%	–
GE	Exit	General Electric Co.	$0	–	-766,327	–	-5.20%	–
JCI	Exit	Johnson Controls Inc.	$0	–	-452,245	–	-5.27%	–
MET	Exit	Metlife Inc.	$0	–	-421,676	–	-6.00%	–
CSCO	Exit	Cisco Systems	$0	–	-905,949	–	-6.04%	–
C	Exit	Citigroup Inc.	$0	–	-447,079	–	-6.13%	–
JPM	Exit	J P Morgan Chase	$0	–	-388,124	–	-6.19%	–
WFTIQ	Exit	Weatherford Intl. Inc.	$0	–	-1,126,150	–	-6.20%	–
BAC	Exit	Bank of America	$0	–	-1,387,870	–	-6.26%	–

Q3 2014

			Value		Shares		↓ Weighting
BAC	Buy	Bank of America	$23,663,000	+16.3%	1,387,870	+4.8%	6.26%	+31.9%
WFTIQ	Buy	Weatherford Intl. Inc.	$23,424,000	-8.5%	1,126,150	+1.2%	6.20%	+3.8%
JPM	Buy	J P Morgan Chase	$23,381,000	+4.7%	388,124	+0.2%	6.19%	+18.8%
C	Buy	Citigroup Inc.	$23,168,000	+10.7%	447,079	+0.6%	6.13%	+25.6%
CSCO	Sell	Cisco Systems	$22,803,000	-2.5%	905,949	-3.7%	6.04%	+10.6%
MET	Buy	Metlife Inc.	$22,652,000	-3.1%	421,676	+0.2%	6.00%	+9.9%
JCI	Sell	Johnson Controls Inc.	$19,899,000	-13.4%	452,245	-1.7%	5.27%	-1.7%
GE	Buy	General Electric Co.	$19,633,000	-2.4%	766,327	+0.1%	5.20%	+10.7%
GM	Buy	General Motors Corp.	$19,342,000	-9.3%	605,586	+3.1%	5.12%	+2.9%
BHI	Buy	Baker Hughes Inc.	$18,695,000	-9.7%	287,349	+3.3%	4.95%	+2.4%
OI	Buy	Owens-Illinois Inc.	$18,556,000	-13.6%	712,312	+14.8%	4.91%	-2.0%
ATI	Buy	Allegheny Technologies Inc.	$15,863,000	-13.7%	427,562	+4.9%	4.20%	-2.1%
TGT	Buy	Target Corp.	$13,978,000	+8.6%	223,000	+0.4%	3.70%	+23.2%
CCL	Buy	Carnival Corp	$13,592,000	+7.5%	338,350	+0.8%	3.60%	+22.0%
IPG	Sell	Interpublic Group Companies	$10,708,000	-8.1%	584,479	-2.2%	2.84%	+4.2%
SWN	Buy	Southwestern Energy Co.	$10,560,000	-21.0%	302,150	+2.8%	2.80%	-10.4%
MOD	Buy	Modine Manufacturing Co.	$10,188,000	-18.7%	858,325	+7.8%	2.70%	-7.8%
BGGSQ	Sell	Briggs & Stratton Corp.	$9,984,000	-15.6%	554,075	-4.2%	2.64%	-4.3%
FINL	Sell	Finish Line	$9,972,000	-18.0%	398,400	-2.6%	2.64%	-7.0%
ARW	Sell	Arrow Electronics Inc.	$8,560,000	-32.0%	154,649	-25.8%	2.27%	-22.9%
WFC	Sell	Wells Fargo & Co.	$3,310,000	-14.4%	63,810	-13.3%	0.88%	-3.0%
SIRI	Buy	Sirius XM Radio Inc.	$2,311,000	+18.4%	662,183	+17.4%	0.61%	+34.2%
MTG	Sell	MGIC Investment Corp.	$2,186,000	-16.8%	279,945	-1.6%	0.58%	-5.5%
XOM	Buy	Exxon Mobil Corp.	$2,109,000	-4.1%	22,426	+2.7%	0.56%	+8.8%
	Sell	Chataqua Partners LLC	$1,763,000	-3.6%	1,763,074	-3.5%	0.47%	+9.4%
AAPL	Sell	Apple Computer Inc.	$910,000	-50.5%	9,033	-54.3%	0.24%	-43.8%
PFE	Buy	Pfizer Inc.	$731,000	+5.8%	24,729	+6.2%	0.19%	+20.5%
LTS	New	Ladenburg Thalmann	$732,000	–	172,747	–	0.19%	–
MCD	Sell	McDonalds Corp.	$689,000	-27.7%	7,272	-23.1%	0.18%	-18.0%
SH	Buy	Proshares Tr Pshs Shrt S&P 500	$647,000	+16.4%	28,100	+18.1%	0.17%	+31.5%
WAG	New	Walgreen Co.	$646,000	–	10,900	–	0.17%	–
PEP	New	Pepsico Inc.	$623,000	–	6,690	–	0.16%	–
T	Buy	AT&T Inc.	$565,000	+69.7%	16,035	+70.4%	0.15%	+92.3%
AEM	Sell	Agnico-Eagle Mines Ltd.	$517,000	-30.8%	17,800	-8.7%	0.14%	-21.3%
PG	Sell	Procter & Gamble Co.	$382,000	-22.0%	4,566	-26.8%	0.10%	-11.4%
FB	Buy	Facebook, Inc.	$321,000	+46.6%	4,060	+24.9%	0.08%	+66.7%
EMR	Sell	Emerson Electric Co.	$313,000	-33.4%	5,000	-29.5%	0.08%	-24.5%
CL	Sell	Colgate-Palmolive Co.	$287,000	-8.9%	4,400	-4.6%	0.08%	+2.7%
VZ	New	Verizon Communications	$280,000	–	5,593	–	0.07%	–
WMT	New	Wal Mart Stores Inc.	$276,000	–	3,609	–	0.07%	–
KMB	Sell	Kimberly-Clark Corporation	$262,000	-38.9%	2,440	-36.8%	0.07%	-31.0%
SIAL	New	Sigma Aldrich Corp.	$245,000	–	1,800	–	0.06%	–
ASB	Sell	Associated Banc Corp.	$242,000	-6.2%	13,867	-2.8%	0.06%	+6.7%
KSS	Sell	Kohls Corp.	$230,000	-59.4%	3,770	-65.0%	0.06%	-53.8%
HFC	Sell	Holly Frontier Corp.	$210,000	-63.6%	4,800	-63.6%	0.06%	-58.5%
RIG	Sell	Transocean Ltd.	$209,000	-38.3%	6,529	-13.3%	0.06%	-30.4%
CPST	Buy	Capstone Turbine Corp.	$209,000	+10.6%	195,008	+56.0%	0.06%	+25.0%
GDPMQ	New	Goodrich Pete Corp.	$207,000	–	14,000	–	0.06%	–
OESX	Sell	Orion Energy System Inc.	$107,000	+24.4%	20,040	-4.8%	0.03%	+40.0%
SPLS	Exit	Staples Inc.	$0	–	-16,000	–	-0.04%	–
MAR	Exit	Marriott Intl. Inc. Cl A	$0	–	-3,395	–	-0.05%	–
CSX	Exit	CSX Corp.	$0	–	-10,900	–	-0.08%	–
MDAS	Exit	MedAssets Inc.	$0	–	-340,062	–	-1.81%	–
INTC	Exit	Intel Corp.	$0	–	-313,161	–	-2.26%	–
PTEN	Exit	Patterson UTI Energy	$0	–	-296,437	–	-2.42%	–

Q2 2014

			Value		Shares		↓ Weighting
WFTIQ	New	Weatherford Intl. Inc.	$25,601,000	–	1,113,100	–	5.98%	–
CSCO	New	Cisco Systems	$23,381,000	–	940,899	–	5.46%	–
MET	New	Metlife Inc.	$23,377,000	–	420,751	–	5.46%	–
JCI	New	Johnson Controls Inc.	$22,965,000	–	459,945	–	5.36%	–
JPM	New	J P Morgan Chase	$22,326,000	–	387,474	–	5.21%	–
OI	New	Owens-Illinois Inc.	$21,486,000	–	620,262	–	5.01%	–
GM	New	General Motors Corp.	$21,322,000	–	587,386	–	4.98%	–
C	New	Citigroup Inc.	$20,931,000	–	444,404	–	4.88%	–
BHI	New	Baker Hughes Inc.	$20,714,000	–	278,224	–	4.83%	–
BAC	New	Bank of America	$20,353,000	–	1,324,220	–	4.75%	–
GE	New	General Electric Co.	$20,116,000	–	765,458	–	4.70%	–
ATI	New	Allegheny Technologies Inc.	$18,374,000	–	407,412	–	4.29%	–
SWN	New	Southwestern Energy Co.	$13,367,000	–	293,850	–	3.12%	–
TGT	New	Target Corp.	$12,871,000	–	222,100	–	3.00%	–
CCL	New	Carnival Corp	$12,640,000	–	335,725	–	2.95%	–
ARW	New	Arrow Electronics Inc.	$12,597,000	–	208,524	–	2.94%	–
MOD	New	Modine Manufacturing Co.	$12,527,000	–	795,875	–	2.92%	–
FINL	New	Finish Line	$12,160,000	–	408,875	–	2.84%	–
BGGSQ	New	Briggs & Stratton Corp.	$11,836,000	–	578,500	–	2.76%	–
IPG	New	Interpublic Group Companies	$11,656,000	–	597,424	–	2.72%	–
PTEN	New	Patterson UTI Energy	$10,358,000	–	296,437	–	2.42%	–
INTC	New	Intel Corp.	$9,677,000	–	313,161	–	2.26%	–
MDAS	New	MedAssets Inc.	$7,767,000	–	340,062	–	1.81%	–
USB	New	US Bancorp	$6,461,000	–	149,148	–	1.51%	–
WFC	New	Wells Fargo & Co.	$3,869,000	–	73,610	–	0.90%	–
MTG	New	MGIC Investment Corp.	$2,628,000	–	284,426	–	0.61%	–
XOM	New	Exxon Mobil Corp.	$2,199,000	–	21,844	–	0.51%	–
UNP	New	Union Pacific Corp.	$1,995,000	–	20,000	–	0.47%	–
SIRI	New	Sirius XM Radio Inc.	$1,952,000	–	564,148	–	0.46%	–
AAPL	New	Apple Computer Inc.	$1,838,000	–	19,782	–	0.43%	–
	New	Chataqua Partners LLC	$1,828,000	–	1,827,680	–	0.43%	–
WRB	New	Berkley W R Corp.	$1,480,000	–	31,968	–	0.34%	–
MCD	New	McDonalds Corp.	$953,000	–	9,461	–	0.22%	–
JNJ	New	Johnson & Johnson	$919,000	–	8,784	–	0.21%	–
SLB	New	Schlumberger Ltd.	$749,000	–	6,352	–	0.18%	–
AEM	New	Agnico-Eagle Mines Ltd.	$747,000	–	19,500	–	0.17%	–
IBM	New	IBM	$743,000	–	4,100	–	0.17%	–
FISV	New	Fiserv Inc.	$688,000	–	11,400	–	0.16%	–
PFE	New	Pfizer Inc.	$691,000	–	23,277	–	0.16%	–
FAST	New	Fastenal Company	$633,000	–	12,800	–	0.15%	–
	New	GoldenTree Offshore Cl C Exemp	$616,000	–	203	–	0.14%	–
	New	Goldentree Offshore C 5 F	$579,000	–	409	–	0.14%	–
HFC	New	Holly Frontier Corp.	$577,000	–	13,200	–	0.14%	–
KSS	New	Kohls Corp.	$567,000	–	10,770	–	0.13%	–
SH	New	Proshares Tr Pshs Shrt S&P 500	$556,000	–	23,800	–	0.13%	–
APC	New	Anadarko Petroleum Corp.	$500,000	–	4,567	–	0.12%	–
PG	New	Procter & Gamble Co.	$490,000	–	6,240	–	0.11%	–
EMR	New	Emerson Electric Co.	$470,000	–	7,088	–	0.11%	–
KMB	New	Kimberly-Clark Corporation	$429,000	–	3,861	–	0.10%	–
ETN	New	Eaton Corp.	$386,000	–	5,000	–	0.09%	–
LLY	New	Eli Lilly & Co.	$348,000	–	5,600	–	0.08%	–
RIG	New	Transocean Ltd.	$339,000	–	7,529	–	0.08%	–
T	New	AT&T Inc.	$333,000	–	9,410	–	0.08%	–
CSX	New	CSX Corp.	$336,000	–	10,900	–	0.08%	–
MRK	New	Merck & Company	$320,000	–	5,525	–	0.08%	–
CL	New	Colgate-Palmolive Co.	$315,000	–	4,613	–	0.07%	–
PNR	New	Pentair Ltd.	$313,000	–	4,340	–	0.07%	–
BDBD	New	Boulder Brands Inc.	$312,000	–	22,000	–	0.07%	–
ASB	New	Associated Banc Corp.	$258,000	–	14,267	–	0.06%	–
HAL	New	Halliburton Co.	$227,000	–	3,200	–	0.05%	–
FB	New	Facebook, Inc.	$219,000	–	3,250	–	0.05%	–
MAR	New	Marriott Intl. Inc. Cl A	$218,000	–	3,395	–	0.05%	–
BIIB	New	Biogen Idec Inc.	$219,000	–	696	–	0.05%	–
CPST	New	Capstone Turbine Corp.	$189,000	–	125,000	–	0.04%	–
SPLS	New	Staples Inc.	$173,000	–	16,000	–	0.04%	–
JRN	New	Journal Comm. CL'A	$115,000	–	12,988	–	0.03%	–
OESX	New	Orion Energy System Inc.	$86,000	–	21,040	–	0.02%	–
FSTO	New	Forest Oil Corp.	$68,000	–	30,000	–	0.02%	–
CMLS	New	Cumulus Media Inc.	$69,000	–	10,450	–	0.02%	–
GERN	New	Geron Corp.	$64,000	–	20,000	–	0.02%	–
	New	Coastal South Bankshares	$18,000	–	11,850	–	0.00%	–
PPMD	New	Protide Pharmaceutical	$1,000	–	10,000	–	0.00%	–
OPMG	New	Options Media Group	$0	–	20,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
PPMD	Exit	Protide Pharmaceutical	$0	–	-10,000	–	0.00%	–
OPMG	Exit	Options Media Group	$0	–	-20,000	–	0.00%	–
	Exit	Coastal South Bankshares	$0	–	-11,850	–	-0.01%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-10,000	–	-0.01%	–
CMLS	Exit	Cumulus Media Inc.	$0	–	-10,850	–	-0.02%	–
OESX	Exit	Orion Energy System Inc.	$0	–	-30,240	–	-0.03%	–
JRN	Exit	Journal Comm. CL'A	$0	–	-14,988	–	-0.04%	–
KSS	Exit	Kohls Corp.	$0	–	-4,770	–	-0.07%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-4,613	–	-0.08%	–
PNR	Exit	Pentair Ltd.	$0	–	-4,355	–	-0.08%	–
SCHW	Exit	Charles Schwab Corp.	$0	–	-13,550	–	-0.08%	–
MRK	Exit	Merck & Company	$0	–	-6,154	–	-0.08%	–
CSX	Exit	CSX Corp.	$0	–	-11,900	–	-0.09%	–
SH	Exit	Proshares Tr Pshs Shrt S&P 500	$0	–	-11,400	–	-0.09%	–
LLY	Exit	Eli Lilly & Co.	$0	–	-6,600	–	-0.10%	–
BDBD	Exit	Boulder Brands Inc.	$0	–	-22,000	–	-0.10%	–
T	Exit	AT&T Inc.	$0	–	-10,772	–	-0.10%	–
ASB	Exit	Associated Banc Corp.	$0	–	-24,320	–	-0.11%	–
TWX	Exit	Time Warner Inc.	$0	–	-5,757	–	-0.11%	–
MSFT	Exit	Microsoft Corp.	$0	–	-11,711	–	-0.11%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-4,459	–	-0.12%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-4,567	–	-0.12%	–
KMB	Exit	Kimberly-Clark Corporation	$0	–	-4,596	–	-0.12%	–
EMR	Exit	Emerson Electric Co.	$0	–	-7,088	–	-0.13%	–
PG	Exit	Procter & Gamble Co.	$0	–	-6,240	–	-0.14%	–
	Exit	Goldentree Offshore C 5 F	$0	–	-407	–	-0.15%	–
DRI	Exit	Darden Restaurants Inc.	$0	–	-11,400	–	-0.15%	–
JPM	Exit	J P Morgan Chase	$0	–	-10,352	–	-0.15%	–
	Exit	GoldenTree Offshore Cl C Exemp	$0	–	-195	–	-0.15%	–
AEM	Exit	Agnico-Eagle Mines Ltd.	$0	–	-20,600	–	-0.16%	–
FISV	Exit	Fiserv Inc.	$0	–	-5,700	–	-0.16%	–
FAST	Exit	Fastenal Company	$0	–	-12,824	–	-0.18%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-7,352	–	-0.18%	–
PFE	Exit	Pfizer Inc.	$0	–	-23,531	–	-0.19%	–
AAPL	Exit	Apple Computer Inc.	$0	–	-1,499	–	-0.20%	–
JNJ	Exit	Johnson & Johnson	$0	–	-9,035	–	-0.22%	–
IBM	Exit	IBM	$0	–	-4,620	–	-0.24%	–
MCD	Exit	McDonalds Corp.	$0	–	-9,422	–	-0.26%	–
WRB	Exit	Berkley W R Corp.	$0	–	-31,968	–	-0.39%	–
UNP	Exit	Union Pacific Corp.	$0	–	-10,000	–	-0.44%	–
MTG	Exit	MGIC Investment Corp.	$0	–	-262,195	–	-0.54%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-23,440	–	-0.58%	–
	Exit	Chataqua Partners LLC	$0	–	-2,114,519	–	-0.60%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-80,758	–	-0.95%	–
USB	Exit	US Bancorp	$0	–	-149,148	–	-1.56%	–
RRC	Exit	Range Resources Corp.	$0	–	-78,186	–	-1.69%	–
GM	Exit	General Motors Corp.	$0	–	-209,570	–	-2.15%	–
SYY	Exit	Sysco Corp.	$0	–	-262,899	–	-2.39%	–
INTC	Exit	Intel Corp.	$0	–	-365,724	–	-2.39%	–
MDAS	Exit	MedAssets Inc.	$0	–	-341,450	–	-2.48%	–
WSH	Exit	Willis Group Holdings	$0	–	-225,150	–	-2.78%	–
SWN	Exit	Southwestern Energy Co.	$0	–	-290,650	–	-3.01%	–
WFT	Exit	Weatherford Intl. Inc.	$0	–	-708,325	–	-3.10%	–
HBI	Exit	Hanesbrands Inc.	$0	–	-174,975	–	-3.11%	–
SEE	Exit	Sealed Air Corp.	$0	–	-424,053	–	-3.29%	–
ATI	Exit	Allegheny Technologies Inc.	$0	–	-440,350	–	-3.83%	–
CSCO	Exit	Cisco Systems	$0	–	-617,176	–	-4.12%	–
PTEN	Exit	Patterson UTI Energy	$0	–	-682,750	–	-4.16%	–
IPG	Exit	Interpublic Group Companies	$0	–	-903,481	–	-4.42%	–
FINL	Exit	Finish Line	$0	–	-636,175	–	-4.51%	–
BAC	Exit	Bank of America	$0	–	-1,156,068	–	-4.55%	–
MOD	Exit	Modine Manufacturing Co.	$0	–	-1,122,600	–	-4.68%	–
ARW	Exit	Arrow Electronics Inc.	$0	–	-354,690	–	-4.91%	–
GE	Exit	General Electric Co.	$0	–	-769,776	–	-5.24%	–
OI	Exit	Owens-Illinois Inc.	$0	–	-629,100	–	-5.38%	–
MET	Exit	Metlife Inc.	$0	–	-414,364	–	-5.55%	–
BHI	Exit	Baker Hughes Inc.	$0	–	-418,594	–	-5.86%	–
JCI	Exit	Johnson Controls Inc.	$0	–	-591,494	–	-7.00%	–

Q3 2013

			Value		Shares		↓ Weighting
JCI	Sell	Johnson Controls Inc.	$24,547,000	+14.0%	591,494	-1.7%	7.00%	+3.1%
BHI	Buy	Baker Hughes Inc.	$20,553,000	+7.4%	418,594	+0.9%	5.86%	-2.9%
MET	Sell	Metlife Inc.	$19,454,000	-0.1%	414,364	-2.6%	5.55%	-9.6%
OI	Sell	Owens-Illinois Inc.	$18,886,000	+7.6%	629,100	-0.4%	5.38%	-2.6%
GE	Buy	General Electric Co.	$18,390,000	+4.3%	769,776	+1.3%	5.24%	-5.6%
ARW	Sell	Arrow Electronics Inc.	$17,213,000	+20.5%	354,690	-1.1%	4.91%	+9.0%
MOD	Sell	Modine Manufacturing Co.	$16,424,000	+31.3%	1,122,600	-2.4%	4.68%	+18.8%
BAC	Sell	Bank of America	$15,954,000	+7.0%	1,156,068	-0.3%	4.55%	-3.2%
FINL	Buy	Finish Line	$15,822,000	+14.6%	636,175	+0.7%	4.51%	+3.7%
IPG	Sell	Interpublic Group Companies	$15,522,000	+14.2%	903,481	-3.3%	4.42%	+3.4%
PTEN	Buy	Patterson UTI Energy	$14,597,000	+19.8%	682,750	+8.5%	4.16%	+8.4%
CSCO	Buy	Cisco Systems	$14,461,000	-2.8%	617,176	+1.0%	4.12%	-12.0%
ATI	Buy	Allegheny Technologies Inc.	$13,439,000	+18.1%	440,350	+1.8%	3.83%	+6.8%
SEE	Sell	Sealed Air Corp.	$11,530,000	-26.9%	424,053	-35.6%	3.29%	-33.9%
HBI	Sell	Hanesbrands Inc.	$10,903,000	-17.6%	174,975	-32.0%	3.11%	-25.4%
WFT	Buy	Weatherford Intl. Inc.	$10,859,000	+13.9%	708,325	+1.8%	3.10%	+3.1%
SWN	New	Southwestern Energy Co.	$10,574,000	–	290,650	–	3.01%	–
WSH	Sell	Willis Group Holdings	$9,756,000	+5.3%	225,150	-0.9%	2.78%	-4.7%
MDAS	Buy	MedAssets Inc.	$8,680,000	+44.0%	341,450	+0.5%	2.48%	+30.3%
INTC	Buy	Intel Corp.	$8,383,000	-1.5%	365,724	+4.2%	2.39%	-10.8%
SYY	Buy	Sysco Corp.	$8,368,000	+1.5%	262,899	+8.9%	2.39%	-8.2%
GM	Buy	General Motors Corp.	$7,538,000	+18.3%	209,570	+9.5%	2.15%	+7.0%
RRC	Sell	Range Resources Corp.	$5,934,000	-3.7%	78,186	-1.9%	1.69%	-12.8%
USB	Sell	US Bancorp	$5,456,000	-1.6%	149,148	-2.7%	1.56%	-11.0%
WFC	Buy	Wells Fargo & Co.	$3,337,000	+0.2%	80,758	+0.1%	0.95%	-9.3%
	Buy	Chataqua Partners LLC	$2,115,000	+9.1%	2,114,519	+9.1%	0.60%	-1.3%
XOM	Sell	Exxon Mobil Corp.	$2,017,000	-7.1%	23,440	-2.5%	0.58%	-15.9%
MTG	Buy	MGIC Investment Corp.	$1,909,000	+22.3%	262,195	+1.9%	0.54%	+10.6%
IBM	Buy	IBM	$856,000	+2.9%	4,620	+6.1%	0.24%	-6.9%
JNJ	Buy	Johnson & Johnson	$783,000	+2.5%	9,035	+1.6%	0.22%	-7.5%
AAPL	Sell	Apple Computer Inc.	$715,000	+1.7%	1,499	-15.5%	0.20%	-7.7%
PFE	Buy	Pfizer Inc.	$676,000	+3.7%	23,531	+1.1%	0.19%	-5.9%
SLB	Sell	Schlumberger Ltd.	$650,000	-7.9%	7,352	-25.4%	0.18%	-16.7%
FAST	Buy	Fastenal Company	$645,000	+10.1%	12,824	+0.2%	0.18%	-0.5%
FISV	Sell	Fiserv Inc.	$576,000	+9.9%	5,700	-5.0%	0.16%	-0.6%
AEM	Buy	Agnico-Eagle Mines Ltd.	$545,000	+3.6%	20,600	+7.9%	0.16%	-6.6%
JPM	Buy	J P Morgan Chase	$535,000	+9.9%	10,352	+12.2%	0.15%	0.0%
DRI	New	Darden Restaurants Inc.	$528,000	–	11,400	–	0.15%	–
	New	Goldentree Offshore C 5 F	$520,000	–	407	–	0.15%	–
PG	Buy	Procter & Gamble Co.	$472,000	+0.4%	6,240	+2.2%	0.14%	-8.8%
KMB	Buy	Kimberly-Clark Corporation	$433,000	+15.5%	4,596	+19.0%	0.12%	+4.2%
OXY	New	Occidental Petroleum Corp.	$417,000	–	4,459	–	0.12%	–
MSFT	Buy	Microsoft Corp.	$390,000	+51.8%	11,711	+57.3%	0.11%	+37.0%
TWX	Sell	Time Warner Inc.	$379,000	+13.1%	5,757	-0.6%	0.11%	+1.9%
ASB	Sell	Associated Banc Corp.	$377,000	-5.3%	24,320	-4.9%	0.11%	-14.4%
T	Buy	AT&T Inc.	$364,000	+21.7%	10,772	+27.6%	0.10%	+10.6%
SH	Buy	Proshares Tr Pshs Shrt S&P 500	$319,000	+25.6%	11,400	+33.3%	0.09%	+13.8%
CSX	New	CSX Corp.	$306,000	–	11,900	–	0.09%	–
MRK	Buy	Merck & Company	$293,000	+13.6%	6,154	+10.6%	0.08%	+3.7%
PNR	Buy	Pentair Ltd.	$283,000	+13.2%	4,355	+0.3%	0.08%	+2.5%
CL	Buy	Colgate-Palmolive Co.	$274,000	+8.7%	4,613	+4.8%	0.08%	-1.3%
KSS	Sell	Kohls Corp.	$247,000	-57.0%	4,770	-58.0%	0.07%	-61.3%
JRN	Sell	Journal Comm. CL'A	$128,000	-30.4%	14,988	-39.1%	0.04%	-37.9%
OESX	Sell	Orion Energy System Inc.	$114,000	+31.0%	30,240	-14.2%	0.03%	+18.5%
GDPMQ	Exit	Goodrich Pete Corp.	$0	–	-10,000	–	-0.04%	–
DOW	Exit	Dow Chemical Company	$0	–	-14,500	–	-0.15%	–
	Exit	Goldentree Offshore C 5 F	$0	–	-407	–	-0.15%	–

Q2 2013

			Value		Shares		↓ Weighting
JCI	New	Johnson Controls Inc.	$21,535,000	–	601,708	–	6.78%	–
MET	New	Metlife Inc.	$19,468,000	–	425,439	–	6.13%	–
BHI	New	Baker Hughes Inc.	$19,143,000	–	414,969	–	6.03%	–
GE	New	General Electric Co.	$17,628,000	–	760,142	–	5.55%	–
OI	New	Owens-Illinois Inc.	$17,547,000	–	631,425	–	5.53%	–
SEE	New	Sealed Air Corp.	$15,775,000	–	658,653	–	4.97%	–
BAC	New	Bank of America	$14,905,000	–	1,158,993	–	4.70%	–
CSCO	New	Cisco Systems	$14,875,000	–	611,260	–	4.69%	–
ARW	New	Arrow Electronics Inc.	$14,286,000	–	358,502	–	4.50%	–
FINL	New	Finish Line	$13,811,000	–	631,775	–	4.35%	–
IPG	New	Interpublic Group Companies	$13,587,000	–	933,831	–	4.28%	–
HBI	New	Hanesbrands Inc.	$13,234,000	–	257,375	–	4.17%	–
MOD	New	Modine Manufacturing Co.	$12,513,000	–	1,150,050	–	3.94%	–
PTEN	New	Patterson UTI Energy	$12,183,000	–	629,450	–	3.84%	–
ATI	New	Allegheny Technologies Inc.	$11,381,000	–	432,575	–	3.59%	–
WFT	New	Weatherford Intl. Inc.	$9,533,000	–	695,850	–	3.00%	–
WSH	New	Willis Group Holdings	$9,266,000	–	227,225	–	2.92%	–
INTC	New	Intel Corp.	$8,508,000	–	351,147	–	2.68%	–
SYY	New	Sysco Corp.	$8,248,000	–	241,449	–	2.60%	–
GM	New	General Motors Corp.	$6,373,000	–	191,336	–	2.01%	–
RRC	New	Range Resources Corp.	$6,161,000	–	79,686	–	1.94%	–
MDAS	New	MedAssets Inc.	$6,029,000	–	339,875	–	1.90%	–
USB	New	US Bancorp	$5,544,000	–	153,348	–	1.75%	–
WFC	New	Wells Fargo & Co.	$3,329,000	–	80,655	–	1.05%	–
XOM	New	Exxon Mobil Corp.	$2,172,000	–	24,040	–	0.68%	–
	New	Chataqua Partners LLC	$1,938,000	–	1,938,030	–	0.61%	–
MTG	New	MGIC Investment Corp.	$1,561,000	–	257,195	–	0.49%	–
UNP	New	Union Pacific Corp.	$1,543,000	–	10,000	–	0.49%	–
WRB	New	Berkley W R Corp.	$1,306,000	–	31,968	–	0.41%	–
MCD	New	McDonalds Corp.	$933,000	–	9,422	–	0.29%	–
IBM	New	IBM	$832,000	–	4,353	–	0.26%	–
JNJ	New	Johnson & Johnson	$764,000	–	8,897	–	0.24%	–
SLB	New	Schlumberger Ltd.	$706,000	–	9,852	–	0.22%	–
AAPL	New	Apple Computer Inc.	$703,000	–	1,774	–	0.22%	–
PFE	New	Pfizer Inc.	$652,000	–	23,277	–	0.20%	–
FAST	New	Fastenal Company	$586,000	–	12,800	–	0.18%	–
KSS	New	Kohls Corp.	$574,000	–	11,370	–	0.18%	–
AEM	New	Agnico-Eagle Mines Ltd.	$526,000	–	19,100	–	0.17%	–
FISV	New	Fiserv Inc.	$524,000	–	6,000	–	0.16%	–
	New	GoldenTree Offshore Cl C Exemp	$504,000	–	195	–	0.16%	–
JPM	New	J P Morgan Chase	$487,000	–	9,225	–	0.15%	–
	New	Goldentree Offshore C 5 F	$481,000	–	407	–	0.15%	–
PG	New	Procter & Gamble Co.	$470,000	–	6,106	–	0.15%	–
DOW	New	Dow Chemical Company	$466,000	–	14,500	–	0.15%	–
ASB	New	Associated Banc Corp.	$398,000	–	25,570	–	0.12%	–
APC	New	Anadarko Petroleum Corp.	$392,000	–	4,567	–	0.12%	–
EMR	New	Emerson Electric Co.	$387,000	–	7,088	–	0.12%	–
KMB	New	Kimberly-Clark Corporation	$375,000	–	3,861	–	0.12%	–
TWX	New	Time Warner Inc.	$335,000	–	5,790	–	0.11%	–
LLY	New	Eli Lilly & Co.	$324,000	–	6,600	–	0.10%	–
T	New	AT&T Inc.	$299,000	–	8,442	–	0.09%	–
SCHW	New	Charles Schwab Corp.	$288,000	–	13,550	–	0.09%	–
BDBD	New	Boulder Brands Inc.	$265,000	–	22,000	–	0.08%	–
MRK	New	Merck & Company	$258,000	–	5,564	–	0.08%	–
MSFT	New	Microsoft Corp.	$257,000	–	7,443	–	0.08%	–
SH	New	Proshares Tr Pshs Shrt S&P 500	$254,000	–	8,550	–	0.08%	–
PNR	New	Pentair Ltd.	$250,000	–	4,340	–	0.08%	–
CL	New	Colgate-Palmolive Co.	$252,000	–	4,400	–	0.08%	–
JRN	New	Journal Comm. CL'A	$184,000	–	24,600	–	0.06%	–
GDPMQ	New	Goodrich Pete Corp.	$128,000	–	10,000	–	0.04%	–
OESX	New	Orion Energy System Inc.	$87,000	–	35,240	–	0.03%	–
CMLS	New	Cumulus Media Inc.	$37,000	–	10,850	–	0.01%	–
SNV	New	Synovus Financial Corp.	$29,000	–	10,000	–	0.01%	–
	New	Coastal South Bankshares	$18,000	–	11,850	–	0.01%	–
OPMG	New	Options Media Group	$0	–	20,000	–	0.00%	–
PPMD	New	Protide Pharmaceutical	$0	–	10,000	–	0.00%	–

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