FOUNDATION RESOURCE MANAGEMENT INC Activity Q4 2002-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
XOM	Sell	EXXON MOBIL	$51,320,133	+108266.3%	436,470	-1.2%	8.52%	+8.0%
TECK	Sell	TECK RESOURCES LTD CL B	$45,538,012	+100954.1%	1,056,812	-1.3%	7.56%	+0.7%
CVX	Sell	CHEVRON	$39,818,433	+106349.3%	236,143	-0.7%	6.61%	+6.1%
COP	Sell	CONOCOPHILLIPS	$36,652,028	+114112.8%	305,943	-1.2%	6.08%	+13.8%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$36,114,178	+102168.8%	103,095	-0.4%	6.00%	+1.9%
CCJ	Sell	CAMECO CORP	$33,490,805	+124041.2%	844,874	-1.9%	5.56%	+23.7%
NEM	Buy	NEWMONT GOLDCORP	$24,766,810	+86953.8%	670,279	+0.5%	4.11%	-13.2%
MOS	Sell	MOSAIC	$22,166,527	+100734.9%	622,655	-0.9%	3.68%	+0.5%
MRK	Sell	MERCK AND CO. INC.	$20,571,778	+87521.5%	199,823	-1.8%	3.42%	-12.7%
VZ	Buy	VERIZON COMMUNICATIONS INC COM	$20,401,706	+116989.7%	629,488	+34.4%	3.39%	+16.7%
INTC	Buy	INTEL CORP.	$19,161,521	+106276.1%	539,002	+0.1%	3.18%	+6.0%
PFE	Sell	PFIZER INC COM	$15,604,727	+89887.5%	470,447	-0.5%	2.59%	-10.3%
GILD	Sell	GILEAD SCIENCES INC	$14,703,169	+96969.8%	196,199	-0.2%	2.44%	-3.3%
PBT	Sell	PERMIAN BASIN ROYALTY TRUST	$14,385,464	+84069.8%	676,963	-1.3%	2.39%	-16.1%
SNY	Sell	SANOFI	$14,289,374	+99021.6%	266,394	-0.4%	2.37%	-1.2%
BEN	Sell	FRANKLIN RESOURCES INC COM	$13,833,662	+91757.0%	562,802	-0.2%	2.30%	-8.5%
FHI	Sell	FEDERATED HERMES, INC	$13,822,260	+93999.4%	408,097	-0.4%	2.29%	-6.2%
AEM	Buy	AGNICO EAGLE MINES LTD	$13,531,874	+91362.5%	297,731	+0.6%	2.25%	-8.8%
VIAC	Buy	PARAMOUNT GLOBAL	$13,494,647	+80992.8%	1,046,097	+0.0%	2.24%	-19.2%
KHC	Sell	KRAFT HEINZ COMPANY	$10,788,684	+94256.2%	320,710	-0.4%	1.79%	-5.9%
GOLD	Sell	BARRICK GOLD CORP	$10,149,375	+84562.8%	697,552	-1.5%	1.68%	-15.6%
HPQ	Sell	HP INC	$9,586,485	+82935.8%	373,015	-0.8%	1.59%	-17.3%
FCX	Sell	FREEPORT-MCMORAN INC.	$8,885,424	+91986.5%	238,279	-1.2%	1.48%	-8.2%
CVE	Buy	CENOVUS ENERGY, INC.	$8,105,022	+124095.9%	389,290	+1.3%	1.34%	+23.7%
PSX	Sell	PHILLIPS 66	$8,011,602	+123421.5%	66,680	-1.9%	1.33%	+23.1%
CSCO	Sell	CISCO SYSTEMS	$7,807,619	+101947.0%	145,231	-1.8%	1.30%	+1.7%
TRC	Sell	TEJON RANCH CO	$7,637,803	+93695.9%	470,888	-0.5%	1.27%	-6.5%
L	Sell	LOEWS	$7,603,784	+104261.6%	120,104	-2.1%	1.26%	+4.0%
ABEV	Sell	AMBEV SA SPON ADR	$7,071,860	+80619.8%	2,741,031	-0.5%	1.17%	-19.5%
TNP	Sell	TSAKOS ENERGY NAVIGATION LTD	$6,413,768	+113922.5%	308,651	-2.2%	1.06%	+13.7%
EAF	Sell	GRAFTECH INTERNATIONAL LTD	$6,067,682	+74031.7%	1,584,251	-2.4%	1.01%	-26.1%
ABBV	Sell	ABBVIE INC	$5,952,562	+109141.4%	39,934	-1.3%	0.99%	+8.9%
APA	Buy	APACHE CORP	$5,734,476	+121213.2%	139,525	+0.8%	0.95%	+21.0%
LUMN	Sell	LUMEN TECHNOLOGIES	$4,442,422	+57466.7%	3,128,466	-8.4%	0.74%	-42.6%
OVV	Buy	OVINTIV INC	$3,932,374	+127907.0%	82,665	+2.4%	0.65%	+27.5%
DVN	Buy	DEVON ENERGY	$3,536,049	+99647.5%	74,131	+1.1%	0.59%	-0.5%
PKE	New	PARK AEROSPACE CORP	$3,454,431	–	222,436	–	0.57%	–
GLW	Sell	CORNING	$3,026,128	+85335.6%	99,315	-1.7%	0.50%	-14.9%
RIG	Sell	TRANSOCEAN, LTD	$1,601,484	+114784.1%	195,065	-1.9%	0.27%	+14.7%
WMT	Buy	WAL-MART STORES	$1,020,993	+126574.1%	6,384	+24.5%	0.17%	+26.1%
BKR	Sell	BAKER HUGHES A GE CO CL A	$973,066	+111490.1%	27,550	-0.1%	0.16%	+11.7%
GLT	Sell	GLATFELTER CORP	$965,304	+60649.2%	482,652	-8.2%	0.16%	-39.6%
AGI	Buy	ALAMOS GOLD INC FCLASS A	$462,201	+100160.5%	40,939	+5.9%	0.08%	0.0%
OGN	Sell	ORGANON & CO	$216,340	+73485.0%	12,462	-11.7%	0.04%	-26.5%
IBM	New	INTERNATIONAL BUSINESS MACHINE	$203,295	–	1,449	–	0.03%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-2,400	–	-0.03%	–

Q2 2023

			Value		Shares		↓ Weighting
XOM	New	EXXON MOBIL	$47,358	–	441,568	–	7.89%	–
TECK	New	TECK RESOURCES LTD CL B	$45,063	–	1,070,383	–	7.50%	–
CVX	New	CHEVRON	$37,406	–	237,724	–	6.23%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$35,313	–	103,558	–	5.88%	–
COP	New	CONOCOPHILLIPS	$32,091	–	309,724	–	5.34%	–
NEM	New	NEWMONT GOLDCORP	$28,450	–	666,893	–	4.74%	–
CCJ	New	CAMECO CORP	$26,978	–	861,087	–	4.49%	–
MRK	New	MERCK AND CO. INC.	$23,478	–	203,468	–	3.91%	–
MOS	New	MOSAIC	$21,983	–	628,092	–	3.66%	–
INTC	New	INTEL CORP.	$18,013	–	538,675	–	3.00%	–
VZ	New	VERIZON COMMUNICATIONS INC COM	$17,424	–	468,507	–	2.90%	–
PFE	New	PFIZER INC COM	$17,341	–	472,760	–	2.89%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$17,091	–	685,543	–	2.85%	–
VIAC	New	PARAMOUNT GLOBAL	$16,641	–	1,045,937	–	2.77%	–
GILD	New	GILEAD SCIENCES INC	$15,147	–	196,536	–	2.52%	–
BEN	New	FRANKLIN RESOURCES INC COM	$15,060	–	563,835	–	2.51%	–
AEM	New	AGNICO EAGLE MINES LTD	$14,795	–	296,014	–	2.46%	–
FHI	New	FEDERATED HERMES, INC	$14,689	–	409,721	–	2.45%	–
SNY	New	SANOFI	$14,416	–	267,457	–	2.40%	–
GOLD	New	BARRICK GOLD CORP	$11,988	–	708,066	–	2.00%	–
HPQ	New	HP INC	$11,545	–	375,930	–	1.92%	–
KHC	New	KRAFT HEINZ COMPANY	$11,434	–	322,090	–	1.90%	–
FCX	New	FREEPORT-MCMORAN INC.	$9,649	–	241,220	–	1.61%	–
ABEV	New	AMBEV SA SPON ADR	$8,761	–	2,755,180	–	1.46%	–
EAF	New	GRAFTECH INTERNATIONAL LTD	$8,185	–	1,623,918	–	1.36%	–
TRC	New	TEJON RANCH CO	$8,143	–	473,159	–	1.36%	–
LUMN	New	LUMEN TECHNOLOGIES	$7,717	–	3,414,391	–	1.28%	–
CSCO	New	CISCO SYSTEMS	$7,651	–	147,866	–	1.27%	–
L	New	LOEWS	$7,286	–	122,702	–	1.21%	–
CVE	New	CENOVUS ENERGY, INC.	$6,526	–	384,329	–	1.09%	–
PSX	New	PHILLIPS 66	$6,486	–	68,005	–	1.08%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$5,625	–	315,678	–	0.94%	–
ABBV	New	ABBVIE INC	$5,449	–	40,446	–	0.91%	–
APA	New	APACHE CORP	$4,727	–	138,352	–	0.79%	–
DVN	New	DEVON ENERGY	$3,545	–	73,335	–	0.59%	–
GLW	New	CORNING	$3,542	–	101,073	–	0.59%	–
OVV	New	OVINTIV INC	$3,072	–	80,694	–	0.51%	–
BRKA	New	BERKSHIRE HATHAWAY HLD A	$2,589	–	5	–	0.43%	–
GLT	New	GLATFELTER CORP	$1,589	–	526,038	–	0.26%	–
RIG	New	TRANSOCEAN, LTD	$1,394	–	198,896	–	0.23%	–
BKR	New	BAKER HUGHES A GE CO CL A	$872	–	27,590	–	0.14%	–
WMT	New	WAL-MART STORES	$806	–	5,126	–	0.13%	–
MPC	New	MARATHON PETROLEUM CORP	$575	–	4,929	–	0.10%	–
TRV	New	THE TRAVELERS COS., INC.	$480	–	2,765	–	0.08%	–
AGI	New	ALAMOS GOLD INC FCLASS A	$461	–	38,665	–	0.08%	–
CB	New	CHUBB LTD INC	$415	–	2,154	–	0.07%	–
IMO	New	IMPERIAL OIL LTD	$359	–	7,025	–	0.06%	–
OGN	New	ORGANON & CO	$294	–	14,115	–	0.05%	–
MUR	New	MURPHY OIL CORP	$232	–	6,050	–	0.04%	–
EMN	New	EASTMAN CHEMICAL	$201	–	2,400	–	0.03%	–
SJT	New	SAN JUAN BASIN ROYALTY TRUST	$120	–	16,125	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
SJT	Exit	SAN JUAN BASIN ROYALTY TRUST	$0	–	-16,125	–	-0.03%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-2,900	–	-0.04%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-6,050	–	-0.04%	–
OGN	Exit	ORGANON & CO	$0	–	-15,191	–	-0.07%	–
CB	Exit	CHUBB LTD INC	$0	–	-2,054	–	-0.07%	–
	Exit	CADENCE NTNL BANK GATESVILLE T	$0	–	-16,213	–	-0.08%	–
TRV	Exit	THE TRAVELERS COS., INC.	$0	–	-2,765	–	-0.08%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-10,025	–	-0.08%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-4,629	–	-0.09%	–
RIG	Exit	TRANSOCEAN, LTD	$0	–	-199,507	–	-0.09%	–
BKR	Exit	BAKER HUGHES A GE CO CL A	$0	–	-29,728	–	-0.12%	–
WMT	Exit	WAL-MART STORES	$0	–	-5,001	–	-0.12%	–
GLT	Exit	GLATFELTER CORP	$0	–	-481,202	–	-0.28%	–
BRKA	Exit	BERKSHIRE HATHAWAY HLD A	$0	–	-5	–	-0.39%	–
GLW	Exit	CORNING	$0	–	-101,327	–	-0.56%	–
OVV	Exit	OVINTIV INC	$0	–	-76,874	–	-0.67%	–
DVN	Exit	DEVON ENERGY	$0	–	-69,627	–	-0.80%	–
APA	Exit	APACHE CORP	$0	–	-128,754	–	-0.84%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-316,743	–	-0.92%	–
CVE	Exit	CENOVUS ENERGY, INC.	$0	–	-340,376	–	-1.00%	–
ABBV	Exit	ABBVIE INC	$0	–	-40,537	–	-1.03%	–
PSX	Exit	PHILLIPS 66	$0	–	-67,925	–	-1.04%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-148,420	–	-1.13%	–
TRC	Exit	TEJON RANCH CO	$0	–	-432,493	–	-1.18%	–
L	Exit	LOEWS	$0	–	-125,244	–	-1.19%	–
EAF	Exit	GRAFTECH INTERNATIONAL LTD	$0	–	-1,487,258	–	-1.22%	–
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-240,707	–	-1.25%	–
ABEV	Exit	AMBEV SA SPON ADR	$0	–	-2,601,714	–	-1.40%	–
HPQ	Exit	HP INC	$0	–	-317,155	–	-1.50%	–
SNY	Exit	SANOFI	$0	–	-256,815	–	-1.86%	–
KHC	Exit	KRAFT HEINZ COMPANY	$0	–	-317,138	–	-2.01%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-686,519	–	-2.02%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-693,113	–	-2.15%	–
BEN	Exit	FRANKLIN RESOURCES INC COM	$0	–	-534,477	–	-2.19%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-187,829	–	-2.20%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-278,373	–	-2.24%	–
VIAC	Exit	PARAMOUNT GLOBAL	$0	–	-640,436	–	-2.32%	–
INTC	Exit	INTEL CORP.	$0	–	-497,993	–	-2.44%	–
FHI	Exit	FEDERATED HERMES, INC	$0	–	-399,359	–	-2.52%	–
VZ	Exit	VERIZON COMMUNICATIONS INC COM	$0	–	-444,122	–	-3.21%	–
PFE	Exit	PFIZER INC COM	$0	–	-398,350	–	-3.31%	–
MRK	Exit	MERCK AND CO. INC.	$0	–	-205,695	–	-3.37%	–
CCJ	Exit	CAMECO CORP	$0	–	-853,562	–	-4.30%	–
LUMN	Exit	LUMEN TECHNOLOGIES	$0	–	-3,332,801	–	-4.61%	–
NEM	Exit	NEWMONT GOLDCORP	$0	–	-631,537	–	-5.05%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-103,678	–	-5.26%	–
MOS	Exit	MOSAIC	$0	–	-622,512	–	-5.72%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-315,121	–	-6.13%	–
TECK	Exit	TECK RESOURCES LTD CL B	$0	–	-1,061,487	–	-6.14%	–
CVX	Exit	CHEVRON	$0	–	-232,805	–	-6.36%	–
XOM	Exit	EXXON MOBIL	$0	–	-439,391	–	-7.29%	–

Q3 2022

			Value		Shares		↓ Weighting
XOM	Buy	EXXON MOBIL	$38,363,000	+4.0%	439,391	+2.0%	7.29%	+10.9%
CVX	Buy	CHEVRON	$33,447,000	+1.2%	232,805	+2.0%	6.36%	+7.9%
TECK	Buy	TECK RESOURCES LTD CL B	$32,280,000	+1.4%	1,061,487	+1.9%	6.14%	+8.1%
COP	Buy	CONOCOPHILLIPS	$32,250,000	+15.4%	315,121	+1.2%	6.13%	+23.0%
MOS	Sell	MOSAIC	$30,086,000	+1.6%	622,512	-0.8%	5.72%	+8.3%
BRKB	Buy	BERKSHIRE HATHAWAY CL B	$27,684,000	-1.6%	103,678	+0.6%	5.26%	+5.0%
NEM	Buy	NEWMONT GOLDCORP	$26,544,000	-27.7%	631,537	+2.7%	5.05%	-22.9%
LUMN	Buy	LUMEN TECHNOLOGIES	$24,263,000	-32.0%	3,332,801	+1.8%	4.61%	-27.5%
CCJ	Buy	CAMECO CORP	$22,628,000	+27.9%	853,562	+1.4%	4.30%	+36.4%
MRK	Buy	MERCK AND CO. INC.	$17,714,000	-4.4%	205,695	+1.2%	3.37%	+1.9%
PFE	Buy	PFIZER INC COM	$17,432,000	-15.8%	398,350	+0.9%	3.31%	-10.2%
VZ	Buy	VERIZON COMMUNICATIONS INC COM	$16,863,000	+11.5%	444,122	+49.1%	3.21%	+19.0%
FHI	Buy	FEDERATED HERMES, INC	$13,227,000	+5.6%	399,359	+1.4%	2.52%	+12.7%
INTC	Buy	INTEL CORP.	$12,833,000	-28.7%	497,993	+3.5%	2.44%	-24.0%
VIAC	Buy	PARAMOUNT GLOBAL	$12,194,000	-20.6%	640,436	+2.9%	2.32%	-15.4%
AEM	Buy	AGNICO EAGLE MINES LTD	$11,756,000	-5.6%	278,373	+2.3%	2.24%	+0.7%
GILD	Buy	GILEAD SCIENCES INC	$11,587,000	+4.8%	187,829	+5.0%	2.20%	+11.7%
BEN	Buy	FRANKLIN RESOURCES INC COM	$11,502,000	-4.6%	534,477	+3.4%	2.19%	+1.8%
PBT	Sell	PERMIAN BASIN ROYALTY TRUST	$11,319,000	-2.1%	693,113	-0.8%	2.15%	+4.4%
GOLD	Buy	BARRICK GOLD CORP	$10,641,000	-8.6%	686,519	+4.3%	2.02%	-2.5%
KHC	Buy	KRAFT HEINZ COMPANY	$10,577,000	-11.6%	317,138	+1.1%	2.01%	-5.7%
SNY	Buy	SANOFI	$9,764,000	-21.8%	256,815	+2.9%	1.86%	-16.6%
HPQ	Buy	HP INC	$7,904,000	-23.4%	317,155	+0.8%	1.50%	-18.3%
ABEV	Buy	AMBEV SA SPON ADR	$7,363,000	+14.1%	2,601,714	+1.2%	1.40%	+21.7%
FCX	Buy	FREEPORT-MCMORAN INC.	$6,579,000	-4.1%	240,707	+2.7%	1.25%	+2.3%
EAF	Buy	GRAFTECH INTERNATIONAL LTD	$6,410,000	-36.9%	1,487,258	+3.5%	1.22%	-32.7%
L	Sell	LOEWS	$6,242,000	-16.5%	125,244	-0.7%	1.19%	-10.9%
TRC	Buy	TEJON RANCH CO	$6,228,000	-5.7%	432,493	+1.7%	1.18%	+0.6%
CSCO	Buy	CISCO SYSTEMS	$5,937,000	-4.5%	148,420	+1.7%	1.13%	+1.8%
PSX	Buy	PHILLIPS 66	$5,483,000	+0.0%	67,925	+1.6%	1.04%	+6.7%
ABBV	Sell	ABBVIE INC	$5,440,000	-12.4%	40,537	-0.0%	1.03%	-6.7%
CVE	Buy	CENOVUS ENERGY, INC.	$5,232,000	-16.4%	340,376	+3.4%	1.00%	-10.8%
TNP	Buy	TSAKOS ENERGY NAVIGATION LTD	$4,837,000	+75.1%	316,743	+2.8%	0.92%	+86.6%
APA	Buy	APACHE CORP	$4,402,000	+1.5%	128,754	+3.6%	0.84%	+8.3%
DVN	Buy	DEVON ENERGY	$4,187,000	+13.4%	69,627	+3.9%	0.80%	+21.0%
OVV	Buy	OVINTIV INC	$3,536,000	+5.9%	76,874	+1.7%	0.67%	+12.9%
GLW	Buy	CORNING	$2,941,000	-7.3%	101,327	+0.6%	0.56%	-1.2%
BRKA	Buy	BERKSHIRE HATHAWAY HLD A	$2,032,000	+396.8%	5	+400.0%	0.39%	+428.8%
GLT	Buy	GLATFELTER CORP	$1,497,000	-51.5%	481,202	+7.3%	0.28%	-48.2%
WMT	Buy	WAL-MART STORES	$649,000	+61.4%	5,001	+51.3%	0.12%	+70.8%
BKR	Sell	BAKER HUGHES A GE CO CL A	$623,000	-34.3%	29,728	-9.5%	0.12%	-30.2%
RIG	Sell	TRANSOCEAN, LTD	$493,000	-28.6%	199,507	-3.7%	0.09%	-23.6%
TRV	Buy	THE TRAVELERS COS., INC.	$424,000	+2.4%	2,765	+12.9%	0.08%	+9.5%
	Sell	CADENCE NTNL BANK GATESVILLE T	$412,000	-33.0%	16,213	-38.1%	0.08%	-29.1%
CB	Buy	CHUBB LTD INC	$374,000	+23.8%	2,054	+33.6%	0.07%	+31.5%
OGN	Sell	ORGANON & CO	$355,000	-45.4%	15,191	-21.2%	0.07%	-42.2%
MUR	New	MURPHY OIL CORP	$213,000	–	6,050	–	0.04%	–
EMN	Sell	EASTMAN CHEMICAL	$206,000	-23.4%	2,900	-3.3%	0.04%	-18.8%
IBM	Exit	INTERNATIONAL BUSINESS MACHINE	$0	–	-1,449	–	-0.04%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-42,950	–	-0.27%	–

Q2 2022

			Value		Shares		↓ Weighting
XOM	New	EXXON MOBIL	$36,896,000	–	430,830	–	6.58%	–
NEM	New	NEWMONT GOLDCORP	$36,705,000	–	615,130	–	6.54%	–
LUMN	New	LUMEN TECHNOLOGIES	$35,706,000	–	3,272,741	–	6.37%	–
CVX	New	CHEVRON	$33,051,000	–	228,282	–	5.89%	–
TECK	New	TECK RESOURCES LTD CL B	$31,836,000	–	1,041,419	–	5.68%	–
MOS	New	MOSAIC	$29,626,000	–	627,281	–	5.28%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$28,125,000	–	103,013	–	5.01%	–
COP	New	CONOCOPHILLIPS	$27,957,000	–	311,294	–	4.98%	–
PFE	New	PFIZER	$20,706,000	–	394,929	–	3.69%	–
MRK	New	MERCK AND CO. INC.	$18,533,000	–	203,276	–	3.30%	–
INTC	New	INTEL CORP.	$17,999,000	–	481,138	–	3.21%	–
CCJ	New	CAMECO CORP	$17,693,000	–	841,724	–	3.15%	–
VIAC	New	PARAMOUNT GLOBAL	$15,363,000	–	622,497	–	2.74%	–
VZ	New	VERIZON COMMUNICATIONS	$15,117,000	–	297,867	–	2.70%	–
FHI	New	FEDERATED HERMES, INC	$12,521,000	–	393,853	–	2.23%	–
SNY	New	SANOFI	$12,485,000	–	249,546	–	2.23%	–
AEM	New	AGNICO EAGLE MINES LTD	$12,449,000	–	272,040	–	2.22%	–
BEN	New	FRANKLIN RES INC	$12,053,000	–	517,092	–	2.15%	–
KHC	New	KRAFT HEINZ COMPANY	$11,965,000	–	313,723	–	2.13%	–
GOLD	New	BARRICK GOLD CORP	$11,640,000	–	658,016	–	2.08%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$11,563,000	–	698,653	–	2.06%	–
GILD	New	GILEAD SCIENCES INC	$11,058,000	–	178,898	–	1.97%	–
HPQ	New	HP INC	$10,318,000	–	314,759	–	1.84%	–
EAF	New	GRAFTECH INTERNATIONAL LTD	$10,162,000	–	1,437,406	–	1.81%	–
L	New	LOEWS	$7,472,000	–	126,082	–	1.33%	–
FCX	New	FREEPORT-MCMORAN INC.	$6,860,000	–	234,459	–	1.22%	–
TRC	New	TEJON RANCH CO	$6,602,000	–	425,370	–	1.18%	–
ABEV	New	AMBEV SA SPON ADR	$6,452,000	–	2,570,605	–	1.15%	–
CVE	New	CENOVUS ENERGY, INC.	$6,258,000	–	329,214	–	1.12%	–
CSCO	New	CISCO SYSTEMS	$6,220,000	–	145,874	–	1.11%	–
ABBV	New	ABBVIE INC	$6,212,000	–	40,557	–	1.11%	–
PSX	New	PHILLIPS 66	$5,481,000	–	66,853	–	0.98%	–
APA	New	APACHE CORP	$4,336,000	–	124,238	–	0.77%	–
DVN	New	DEVON ENERGY	$3,692,000	–	66,985	–	0.66%	–
OVV	New	OVINTIV INC	$3,340,000	–	75,575	–	0.60%	–
GLW	New	CORNING	$3,172,000	–	100,682	–	0.57%	–
GLT	New	GLATFELTER CORP	$3,085,000	–	448,446	–	0.55%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$2,763,000	–	308,015	–	0.49%	–
PBA	New	PEMBINA PIPELINE CORP	$1,518,000	–	42,950	–	0.27%	–
BKR	New	BAKER HUGHES A GE CO CL A	$948,000	–	32,831	–	0.17%	–
RIG	New	TRANSOCEAN, LTD	$690,000	–	207,077	–	0.12%	–
OGN	New	ORGANON & CO	$650,000	–	19,268	–	0.12%	–
	New	CADENCE NTNL BANK GATESVILLE T	$615,000	–	26,213	–	0.11%	–
IMO	New	IMPERIAL OIL LTD	$472,000	–	10,025	–	0.08%	–
TRV	New	THE TRAVELERS COS., INC.	$414,000	–	2,448	–	0.07%	–
BRKA	New	BERKSHIRE HATHAWAY HLD A	$409,000	–	1	–	0.07%	–
WMT	New	WAL-MART STORES	$402,000	–	3,306	–	0.07%	–
MPC	New	MARATHON PETROLEUM CORP	$381,000	–	4,629	–	0.07%	–
CB	New	CHUBB LTD INC	$302,000	–	1,537	–	0.05%	–
EMN	New	EASTMAN CHEMICAL	$269,000	–	3,000	–	0.05%	–
IBM	New	INTERNATIONAL BUSINESS MACHINE	$205,000	–	1,449	–	0.04%	–
SJT	New	SAN JUAN BASIN ROYALTY TRUST	$140,000	–	16,125	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
SJT	Exit	SAN JUAN BASIN ROYALTY TRUST	$0	–	-16,125	–	-0.02%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINE	$0	–	-1,524	–	-0.05%	–
CB	Exit	CHUBB LTD INC	$0	–	-1,537	–	-0.06%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-3,000	–	-0.07%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-10,725	–	-0.08%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-5,634	–	-0.08%	–
TRV	Exit	THE TRAVELERS COS., INC.	$0	–	-2,448	–	-0.08%	–
BRKA	Exit	BERKSHIRE HATHAWAY HLD A	$0	–	-1	–	-0.09%	–
WMT	Exit	WAL-MART STORES	$0	–	-3,890	–	-0.12%	–
OGN	Exit	ORGANON & CO	$0	–	-21,910	–	-0.16%	–
BXS	Exit	BANCORPSOUTH BANK	$0	–	-26,213	–	-0.18%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-21,383	–	-0.20%	–
BKR	Exit	BAKER HUGHES A GE CO CL A	$0	–	-39,267	–	-0.22%	–
RIG	Exit	TRANSOCEAN, LTD	$0	–	-281,981	–	-0.24%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-42,950	–	-0.31%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-136,036	–	-0.33%	–
DVN	Exit	DEVON ENERGY	$0	–	-64,613	–	-0.52%	–
APA	Exit	APACHE CORP	$0	–	-111,644	–	-0.54%	–
OVV	Exit	OVINTIV INC	$0	–	-84,552	–	-0.63%	–
CVE	Exit	CENOVUS ENERGY, INC.	$0	–	-314,763	–	-0.71%	–
GLW	Exit	CORNING	$0	–	-102,702	–	-0.84%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-738,620	–	-0.96%	–
ABBV	Exit	ABBVIE INC	$0	–	-41,111	–	-1.00%	–
PSX	Exit	PHILLIPS 66	$0	–	-66,967	–	-1.06%	–
INTC	Exit	INTEL CORP.	$0	–	-89,881	–	-1.08%	–
EAF	Exit	GRAFTECH INTERNATIONAL LTD	$0	–	-571,897	–	-1.33%	–
TRC	Exit	TEJON RANCH CO	$0	–	-407,601	–	-1.63%	–
L	Exit	LOEWS	$0	–	-137,249	–	-1.67%	–
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-237,662	–	-1.74%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-147,253	–	-1.81%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP INC	$0	–	-226,173	–	-1.89%	–
HPQ	Exit	HP INC	$0	–	-327,740	–	-2.02%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-158,152	–	-2.49%	–
KHC	Exit	KRAFT HEINZ COMPANY	$0	–	-304,968	–	-2.53%	–
SNY	Exit	SANOFI	$0	–	-234,397	–	-2.55%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-631,133	–	-2.57%	–
VIAC	Exit	VIACOMCBS INC	$0	–	-301,697	–	-2.69%	–
FHI	Exit	FEDERATED HERMES, INC	$0	–	-375,724	–	-2.75%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-454,079	–	-3.04%	–
MRK	Exit	MERCK AND CO. INC.	$0	–	-219,754	–	-3.72%	–
PFE	Exit	PFIZER	$0	–	-406,696	–	-3.94%	–
CCJ	Exit	CAMECO CORP	$0	–	-822,657	–	-4.03%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-322,013	–	-4.92%	–
CVX	Exit	CHEVRON	$0	–	-227,398	–	-5.20%	–
MOS	Exit	MOSAIC	$0	–	-656,571	–	-5.29%	–
XOM	Exit	EXXON MOBIL	$0	–	-421,096	–	-5.59%	–
LUMN	Exit	LUMEN TECHNOLOGIES	$0	–	-2,144,908	–	-5.99%	–
TECK	Exit	TECK RESOURCES LTD CL B	$0	–	-1,122,280	–	-6.31%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-116,488	–	-7.17%	–
NEM	Exit	NEWMONT GOLDCORP	$0	–	-610,938	–	-7.48%	–

Q3 2021

			Value		Shares		↓ Weighting
NEM	Buy	NEWMONT GOLDCORP	$33,174,000	-14.3%	610,938	+0.0%	7.48%	-13.9%
BRKB	Buy	BERKSHIRE HATHAWAY CL B	$31,794,000	+3.0%	116,488	+4.9%	7.17%	+3.5%
TECK	Buy	TECK RESOURCES LTD CL B	$27,956,000	+8.4%	1,122,280	+0.3%	6.31%	+9.0%
LUMN	Buy	LUMEN TECHNOLOGIES	$26,575,000	-8.6%	2,144,908	+0.2%	5.99%	-8.2%
XOM	Buy	EXXON MOBIL	$24,769,000	-6.0%	421,096	+0.8%	5.59%	-5.6%
MOS	Sell	MOSAIC	$23,453,000	+11.7%	656,571	-0.2%	5.29%	+12.3%
CVX	Buy	CHEVRON	$23,070,000	-1.2%	227,398	+2.0%	5.20%	-0.7%
COP	Sell	CONOCOPHILLIPS	$21,823,000	+11.1%	322,013	-0.1%	4.92%	+11.7%
CCJ	Sell	CAMECO CORP	$17,876,000	+12.9%	822,657	-0.4%	4.03%	+13.4%
PFE	Sell	PFIZER	$17,492,000	+9.4%	406,696	-0.3%	3.94%	+10.0%
MRK	Sell	MERCK AND CO. INC.	$16,506,000	-3.8%	219,754	-0.4%	3.72%	-3.3%
BEN	Buy	FRANKLIN RES INC	$13,495,000	-6.7%	454,079	+0.4%	3.04%	-6.3%
FHI	Sell	FEDERATED HERMES, INC	$12,211,000	-4.2%	375,724	-0.1%	2.75%	-3.7%
VIAC	Buy	VIACOMCBS INC	$11,920,000	+111.4%	301,697	+141.8%	2.69%	+112.4%
GOLD	Buy	BARRICK GOLD CORP	$11,392,000	-12.4%	631,133	+0.4%	2.57%	-12.0%
SNY	Buy	SANOFI	$11,300,000	-5.6%	234,397	+3.2%	2.55%	-5.1%
KHC	Buy	KRAFT HEINZ COMPANY	$11,229,000	-3.2%	304,968	+7.2%	2.53%	-2.7%
GILD	Buy	GILEAD SCIENCES INC	$11,047,000	+1.7%	158,152	+0.2%	2.49%	+2.2%
HPQ	Sell	HP INC	$8,967,000	-10.0%	327,740	-0.7%	2.02%	-9.6%
JEF	Sell	JEFFERIES FINANCIAL GROUP INC	$8,398,000	-47.0%	226,173	-51.2%	1.89%	-46.8%
CSCO	Sell	CISCO SYSTEMS	$8,015,000	+1.9%	147,253	-0.8%	1.81%	+2.4%
FCX	Sell	FREEPORT-MCMORAN INC.	$7,731,000	-13.0%	237,662	-0.7%	1.74%	-12.6%
TRC	Buy	TEJON RANCH CO	$7,239,000	+17.4%	407,601	+0.5%	1.63%	+18.0%
EAF	New	GRAFTECH INTERNATIONAL LTD	$5,902,000	–	571,897	–	1.33%	–
INTC	Sell	INTEL CORP.	$4,789,000	-5.7%	89,881	-0.6%	1.08%	-5.2%
PSX	Sell	PHILLIPS 66	$4,690,000	-18.4%	66,967	-0.0%	1.06%	-18.0%
ABBV	Sell	ABBVIE INC	$4,435,000	-4.7%	41,111	-0.5%	1.00%	-4.2%
PBT	Sell	PERMIAN BASIN ROYALTY TRUST	$4,232,000	+1.4%	738,620	-0.6%	0.96%	+1.9%
GLW	Sell	CORNING	$3,748,000	-11.1%	102,702	-0.4%	0.84%	-10.7%
CVE	Buy	CENOVUS ENERGY, INC.	$3,167,000	+6.0%	314,763	+0.9%	0.71%	+6.4%
OVV	Sell	OVINTIV INC	$2,780,000	+2.1%	84,552	-2.2%	0.63%	+2.6%
APA	Buy	APACHE CORP	$2,393,000	+5.5%	111,644	+6.5%	0.54%	+6.1%
DVN	Buy	DEVON ENERGY	$2,294,000	+23.1%	64,613	+1.2%	0.52%	+23.7%
TNP	Buy	TSAKOS ENERGY NAVIGATION LTD	$1,456,000	+38.3%	136,036	+11.1%	0.33%	+39.0%
RIG	Sell	TRANSOCEAN, LTD	$1,069,000	-16.3%	281,981	-0.2%	0.24%	-16.0%
PDS	Sell	PRECISION DRILLING CORP	$864,000	-3.8%	21,383	-0.7%	0.20%	-3.5%
OGN	Sell	ORGANON & CO	$718,000	+7.5%	21,910	-0.7%	0.16%	+8.0%
BRKA	Sell	BERKSHIRE HATHAWAY HLD A	$411,000	-80.4%	1	-80.0%	0.09%	-80.2%
NOK	Exit	NOKIA	$0	–	-13,790	–	-0.02%	–

Q2 2021

			Value		Shares		↓ Weighting
NEM	New	NEWMONT GOLDCORP	$38,707,000	–	610,716	–	8.69%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$30,856,000	–	111,024	–	6.93%	–
LUMN	New	LUMEN TECHNOLOGIES	$29,083,000	–	2,140,011	–	6.53%	–
XOM	New	EXXON MOBIL	$26,355,000	–	417,796	–	5.92%	–
TECK	New	TECK RESOURCES LTD CL B	$25,783,000	–	1,119,051	–	5.79%	–
CVX	New	CHEVRON	$23,339,000	–	222,832	–	5.24%	–
MOS	New	MOSAIC	$20,990,000	–	657,802	–	4.71%	–
COP	New	CONOCOPHILLIPS	$19,640,000	–	322,494	–	4.41%	–
MRK	New	MERCK AND CO. INC.	$17,160,000	–	220,654	–	3.85%	–
PFE	New	PFIZER	$15,982,000	–	408,110	–	3.59%	–
JEF	New	JEFFERIES FINANCIAL GROUP INC	$15,857,000	–	463,658	–	3.56%	–
CCJ	New	CAMECO CORP	$15,839,000	–	825,817	–	3.56%	–
BEN	New	FRANKLIN RES INC	$14,464,000	–	452,156	–	3.25%	–
GOLD	New	BARRICK GOLD CORP	$13,003,000	–	628,784	–	2.92%	–
FHI	New	FEDERATED HERMES, INC	$12,748,000	–	375,947	–	2.86%	–
SNY	New	SANOFI	$11,965,000	–	227,215	–	2.69%	–
KHC	New	KRAFT HEINZ COMPANY	$11,598,000	–	284,394	–	2.60%	–
GILD	New	GILEAD SCIENCES INC	$10,867,000	–	157,814	–	2.44%	–
HPQ	New	HP INC	$9,967,000	–	330,141	–	2.24%	–
FCX	New	FREEPORT-MCMORAN INC.	$8,886,000	–	239,438	–	2.00%	–
CSCO	New	CISCO SYSTEMS	$7,864,000	–	148,371	–	1.76%	–
L	New	LOEWS	$7,501,000	–	137,249	–	1.68%	–
TRC	New	TEJON RANCH CO	$6,168,000	–	405,536	–	1.38%	–
PSX	New	PHILLIPS 66	$5,749,000	–	66,993	–	1.29%	–
VIAC	New	VIACOMCBS INC	$5,639,000	–	124,760	–	1.27%	–
INTC	New	INTEL CORP.	$5,076,000	–	90,414	–	1.14%	–
ABBV	New	ABBVIE INC	$4,653,000	–	41,311	–	1.04%	–
GLW	New	CORNING	$4,216,000	–	103,072	–	0.95%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$4,175,000	–	742,920	–	0.94%	–
CVE	New	CENOVUS ENERGY, INC.	$2,988,000	–	311,948	–	0.67%	–
OVV	New	OVINTIV INC	$2,722,000	–	86,488	–	0.61%	–
APA	New	APACHE CORP	$2,268,000	–	104,864	–	0.51%	–
BRKA	New	BERKSHIRE HATHAWAY HLD A	$2,093,000	–	5	–	0.47%	–
DVN	New	DEVON ENERGY	$1,863,000	–	63,838	–	0.42%	–
PBA	New	PEMBINA PIPELINE CORP	$1,365,000	–	42,950	–	0.31%	–
RIG	New	TRANSOCEAN, LTD	$1,277,000	–	282,581	–	0.29%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$1,053,000	–	122,407	–	0.24%	–
PDS	New	PRECISION DRILLING CORP	$898,000	–	21,533	–	0.20%	–
BKR	New	BAKER HUGHES A GE CO CL A	$898,000	–	39,267	–	0.20%	–
BXS	New	BANCORPSOUTH BANK	$743,000	–	26,213	–	0.17%	–
OGN	New	ORGANON & CO	$668,000	–	22,060	–	0.15%	–
WMT	New	WAL-MART STORES	$549,000	–	3,890	–	0.12%	–
TRV	New	THE TRAVELERS COS., INC.	$366,000	–	2,448	–	0.08%	–
EMN	New	EASTMAN CHEMICAL	$350,000	–	3,000	–	0.08%	–
MPC	New	MARATHON PETROLEUM CORP	$340,000	–	5,634	–	0.08%	–
IMO	New	IMPERIAL OIL LTD	$326,000	–	10,725	–	0.07%	–
CB	New	CHUBB LTD INC	$244,000	–	1,537	–	0.06%	–
IBM	New	INTERNATIONAL BUSINESS MACHINE	$223,000	–	1,524	–	0.05%	–
SJT	New	SAN JUAN BASIN ROYALTY TRUST	$83,000	–	16,125	–	0.02%	–
NOK	New	NOKIA	$73,000	–	13,790	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
SJT	Exit	SAN JUAN BASIN ROYALTY TRUST	$0	–	-16,125	–	-0.01%	–
F	Exit	FORD MOTOR	$0	–	-16,080	–	-0.03%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-10,725	–	-0.04%	–
SFNC	Exit	SIMMONS FIRST NATIONAL	$0	–	-11,014	–	-0.05%	–
PPC	Exit	PILGRIM'S PRIDE	$0	–	-15,355	–	-0.07%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-3,000	–	-0.07%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-463,021	–	-0.09%	–
RIG	Exit	TRANSOCEAN, LTD	$0	–	-411,100	–	-0.10%	–
TRV	Exit	THE TRAVELERS COS., INC.	$0	–	-3,499	–	-0.12%	–
BXS	Exit	BANCORPSOUTH BANK	$0	–	-26,886	–	-0.16%	–
WMT	Exit	WAL-MART STORES	$0	–	-3,956	–	-0.17%	–
DVN	Exit	DEVON ENERGY	$0	–	-69,732	–	-0.20%	–
BKR	Exit	BAKER HUGHES A GE CO CL A	$0	–	-50,440	–	-0.20%	–
TSN	Exit	TYSON FOODS	$0	–	-11,513	–	-0.21%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-93,874	–	-0.23%	–
APA	Exit	APACHE CORP	$0	–	-80,466	–	-0.23%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-42,950	–	-0.28%	–
OVV	Exit	OVINTIV INC	$0	–	-133,682	–	-0.33%	–
CVE	Exit	CENOVUS ENERGY, INC.	$0	–	-327,653	–	-0.39%	–
NBL	Exit	NOBLE ENERGY	$0	–	-160,866	–	-0.42%	–
BRKA	Exit	BERKSHIRE HATHAWAY HLD A	$0	–	-5	–	-0.49%	–
NOK	Exit	NOKIA	$0	–	-441,323	–	-0.53%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-798,881	–	-0.60%	–
TRC	Exit	TEJON RANCH CO	$0	–	-164,109	–	-0.71%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-123,860	–	-1.10%	–
PSX	Exit	PHILLIPS 66	$0	–	-69,936	–	-1.11%	–
ABBV	Exit	ABBVIE INC	$0	–	-42,116	–	-1.13%	–
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-255,059	–	-1.22%	–
INTC	Exit	INTEL CORP.	$0	–	-94,045	–	-1.49%	–
L	Exit	LOEWS	$0	–	-142,999	–	-1.52%	–
FHI	Exit	FEDERATED HERMES, INC	$0	–	-241,035	–	-1.58%	–
CCJ	Exit	CAMECO CORP	$0	–	-536,524	–	-1.65%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-157,549	–	-1.89%	–
HPQ	Exit	HP INC	$0	–	-346,823	–	-2.01%	–
GLW	Exit	CORNING	$0	–	-234,837	–	-2.32%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-422,705	–	-2.62%	–
KHC	Exit	KRAFT HEINZ COMPANY	$0	–	-295,076	–	-2.70%	–
LUMN	Exit	LUMEN TECHNOLOGIES	$0	–	-912,514	–	-2.81%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-150,693	–	-2.90%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-315,530	–	-3.16%	–
CVX	Exit	CHEVRON	$0	–	-156,446	–	-3.44%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP INC	$0	–	-656,153	–	-3.60%	–
SNY	Exit	SANOFI	$0	–	-235,754	–	-3.61%	–
MOS	Exit	MOSAIC	$0	–	-651,598	–	-3.63%	–
PFE	Exit	PFIZER	$0	–	-389,151	–	-4.36%	–
XOM	Exit	EXXON MOBIL	$0	–	-430,482	–	-4.51%	–
VIAC	Exit	VIACOMCBS INC	$0	–	-539,273	–	-4.61%	–
TECK	Exit	TECK RESOURCES LIMITED FCLASS	$0	–	-1,102,922	–	-4.68%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-602,794	–	-5.17%	–
MRK	Exit	MERCK AND CO. INC.	$0	–	-234,458	–	-5.93%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-117,268	–	-7.62%	–
NEM	Exit	NEWMONT GOLDCORP	$0	–	-614,103	–	-11.89%	–

Q3 2020

			Value		Shares		↓ Weighting
NEM	Sell	NEWMONT GOLDCORP	$38,965,000	+0.9%	614,103	-1.8%	11.89%	+0.2%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$24,971,000	+17.0%	117,268	-1.9%	7.62%	+16.2%
MRK	Sell	MERCK AND CO. INC.	$19,448,000	+4.1%	234,458	-3.0%	5.93%	+3.3%
GOLD	Sell	BARRICK GOLD CORP	$16,945,000	+3.4%	602,794	-0.9%	5.17%	+2.7%
TECK	Buy	TECK RESOURCES LIMITED FCLASS	$15,353,000	+35.9%	1,102,922	+1.7%	4.68%	+34.9%
VIAC	Sell	VIACOMCBS INC	$15,105,000	+19.0%	539,273	-0.9%	4.61%	+18.2%
XOM	Buy	EXXON MOBIL	$14,778,000	-21.1%	430,482	+2.8%	4.51%	-21.7%
PFE	Sell	PFIZER	$14,282,000	+9.0%	389,151	-2.8%	4.36%	+8.2%
MOS	Buy	MOSAIC	$11,905,000	+48.0%	651,598	+1.3%	3.63%	+47.0%
SNY	Sell	SANOFI	$11,828,000	-4.0%	235,754	-2.3%	3.61%	-4.7%
JEF	Sell	JEFFERIES FINANCIAL GROUP INC	$11,811,000	+12.8%	656,153	-2.5%	3.60%	+12.0%
CVX	Buy	CHEVRON	$11,264,000	-15.4%	156,446	+4.8%	3.44%	-16.0%
COP	Buy	CONOCOPHILLIPS	$10,362,000	-21.6%	315,530	+0.4%	3.16%	-22.1%
GILD	Sell	GILEAD SCIENCES INC	$9,522,000	-18.4%	150,693	-0.6%	2.90%	-19.0%
LUMN	New	LUMEN TECHNOLOGIES	$9,207,000	–	912,514	–	2.81%	–
KHC	Sell	KRAFT HEINZ COMPANY	$8,838,000	-7.2%	295,076	-1.2%	2.70%	-7.9%
BEN	Buy	FRANKLIN RES INC	$8,602,000	-2.4%	422,705	+0.6%	2.62%	-3.1%
GLW	Sell	CORNING	$7,611,000	-42.8%	234,837	-54.3%	2.32%	-43.2%
HPQ	Sell	HP INC	$6,586,000	+6.6%	346,823	-2.2%	2.01%	+5.8%
CSCO	Sell	CISCO SYSTEMS	$6,206,000	-17.9%	157,549	-2.8%	1.89%	-18.5%
CCJ	Buy	CAMECO CORP	$5,419,000	-1.1%	536,524	+0.4%	1.65%	-1.8%
FHI	Sell	FEDERATED HERMES, INC	$5,185,000	-9.4%	241,035	-0.2%	1.58%	-10.1%
L	Sell	LOEWS	$4,969,000	-1.1%	142,999	-2.4%	1.52%	-1.8%
INTC	Sell	INTEL CORP.	$4,870,000	-15.9%	94,045	-2.9%	1.49%	-16.6%
FCX	Sell	FREEPORT-MCMORAN INC.	$3,989,000	+31.1%	255,059	-3.0%	1.22%	+30.2%
ABBV	Sell	ABBVIE INC	$3,689,000	-13.1%	42,116	-2.6%	1.13%	-13.7%
PSX	Sell	PHILLIPS 66	$3,625,000	-29.2%	69,936	-1.9%	1.11%	-29.8%
CKH	Sell	SEACOR HOLDINGS INC	$3,602,000	+1.1%	123,860	-1.5%	1.10%	+0.4%
TRC	Buy	TEJON RANCH CO	$2,322,000	-1.4%	164,109	+0.4%	0.71%	-1.9%
PBT	Sell	PERMIAN BASIN ROYALTY TRUST	$1,981,000	-25.9%	798,881	-1.4%	0.60%	-26.5%
NOK	Sell	NOKIA	$1,726,000	-14.0%	441,323	-3.3%	0.53%	-14.6%
NBL	Sell	NOBLE ENERGY	$1,375,000	-6.9%	160,866	-2.4%	0.42%	-7.5%
CVE	Sell	CENOVUS ENERGY, INC.	$1,275,000	-18.4%	327,653	-2.1%	0.39%	-19.0%
OVV	Sell	OVINTIV INC	$1,091,000	-16.3%	133,682	-2.0%	0.33%	-16.8%
APA	Buy	APACHE CORP	$762,000	-22.6%	80,466	+10.3%	0.23%	-23.1%
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$743,000	–	93,874	–	0.23%	–
BKR	Sell	BAKER HUGHES A GE CO CL A	$670,000	-22.7%	50,440	-10.5%	0.20%	-23.3%
DVN	Buy	DEVON ENERGY	$660,000	-15.5%	69,732	+1.3%	0.20%	-16.2%
WMT	Sell	WAL-MART STORES	$553,000	+16.7%	3,956	-0.0%	0.17%	+15.8%
RIG	Sell	TRANSOCEAN, LTD	$332,000	-57.2%	411,100	-2.9%	0.10%	-57.6%
PDS	Sell	PRECISION DRILLING CORP	$296,000	-17.5%	463,021	-2.0%	0.09%	-18.2%
F	Sell	FORD MOTOR	$107,000	0.0%	16,080	-9.0%	0.03%	0.0%
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING	$0	–	-265,555	–	-0.02%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-5,634	–	-0.06%	–
RRBI	Exit	RED RIVER BANCSHARES INC	$0	–	-4,898	–	-0.07%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-474,068	–	-0.29%	–

Q2 2020

			Value		Shares		↓ Weighting
NEM	New	NEWMONT GOLDCORP	$38,620,000	–	625,524	–	11.87%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$21,338,000	–	119,536	–	6.56%	–
XOM	New	EXXON MOBIL	$18,732,000	–	418,877	–	5.76%	–
MRK	New	MERCK AND CO. INC.	$18,683,000	–	241,600	–	5.74%	–
GOLD	New	BARRICK GOLD CORP	$16,381,000	–	608,067	–	5.04%	–
CVX	New	CHEVRON	$13,321,000	–	149,287	–	4.09%	–
GLW	New	CORNING	$13,299,000	–	513,464	–	4.09%	–
COP	New	CONOCOPHILLIPS	$13,209,000	–	314,355	–	4.06%	–
PFE	New	PFIZER	$13,099,000	–	400,567	–	4.03%	–
VIAC	New	VIACOMCBS INC	$12,688,000	–	544,078	–	3.90%	–
SNY	New	SANOFI	$12,320,000	–	241,337	–	3.79%	–
GILD	New	GILEAD SCIENCES INC	$11,664,000	–	151,603	–	3.58%	–
TECK	New	TECK RESOURCES LIMITED FCLASS	$11,296,000	–	1,084,045	–	3.47%	–
JEF	New	JEFFERIES FINANCIAL GROUP INC	$10,469,000	–	673,225	–	3.22%	–
KHC	New	KRAFT HEINZ COMPANY	$9,524,000	–	298,656	–	2.93%	–
BEN	New	FRANKLIN RES INC	$8,811,000	–	420,180	–	2.71%	–
MOS	New	MOSAIC	$8,044,000	–	643,028	–	2.47%	–
CSCO	New	CISCO SYSTEMS	$7,557,000	–	162,029	–	2.32%	–
HPQ	New	HP INC	$6,178,000	–	354,456	–	1.90%	–
INTC	New	INTEL CORP.	$5,794,000	–	96,836	–	1.78%	–
FHI	New	FEDERATED HERMES, INC	$5,724,000	–	241,515	–	1.76%	–
CCJ	New	CAMECO CORP	$5,479,000	–	534,512	–	1.68%	–
PSX	New	PHILLIPS 66	$5,123,000	–	71,255	–	1.58%	–
L	New	LOEWS	$5,024,000	–	146,516	–	1.54%	–
ABBV	New	ABBVIE INC	$4,246,000	–	43,251	–	1.30%	–
CKH	New	SEACOR HOLDINGS INC	$3,563,000	–	125,807	–	1.10%	–
FCX	New	FREEPORT-MCMORAN INC.	$3,042,000	–	262,897	–	0.94%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$2,673,000	–	810,146	–	0.82%	–
TRC	New	TEJON RANCH CO	$2,354,000	–	163,488	–	0.72%	–
NOK	New	NOKIA	$2,007,000	–	456,158	–	0.62%	–
CVE	New	CENOVUS ENERGY, INC.	$1,563,000	–	334,601	–	0.48%	–
NBL	New	NOBLE ENERGY	$1,477,000	–	164,803	–	0.45%	–
BRKA	New	BERKSHIRE HATHAWAY HLD A	$1,336,000	–	5	–	0.41%	–
OVV	New	OVINTIV INC	$1,303,000	–	136,442	–	0.40%	–
PBA	New	PEMBINA PIPELINE CORP	$1,074,000	–	42,950	–	0.33%	–
APA	New	APACHE CORP	$985,000	–	72,946	–	0.30%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$953,000	–	474,068	–	0.29%	–
BKR	New	BAKER HUGHES A GE CO CL A	$867,000	–	56,347	–	0.27%	–
DVN	New	DEVON ENERGY	$781,000	–	68,837	–	0.24%	–
RIG	New	TRANSOCEAN, LTD	$775,000	–	423,592	–	0.24%	–
TSN	New	TYSON FOODS	$687,000	–	11,513	–	0.21%	–
BXS	New	BANCORPSOUTH BANK	$611,000	–	26,886	–	0.19%	–
WMT	New	WAL-MART STORES	$474,000	–	3,957	–	0.15%	–
TRV	New	THE TRAVELERS COS., INC.	$399,000	–	3,499	–	0.12%	–
PDS	New	PRECISION DRILLING CORP	$359,000	–	472,608	–	0.11%	–
PPC	New	PILGRIM'S PRIDE	$259,000	–	15,355	–	0.08%	–
RRBI	New	RED RIVER BANCSHARES INC	$215,000	–	4,898	–	0.07%	–
MPC	New	MARATHON PETROLEUM CORP	$211,000	–	5,634	–	0.06%	–
EMN	New	EASTMAN CHEMICAL	$209,000	–	3,000	–	0.06%	–
SFNC	New	SIMMONS FIRST NATIONAL	$188,000	–	11,014	–	0.06%	–
IMO	New	IMPERIAL OIL LTD	$172,000	–	10,725	–	0.05%	–
F	New	FORD MOTOR	$107,000	–	17,680	–	0.03%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING	$68,000	–	265,555	–	0.02%	–
SJT	New	SAN JUAN BASIN ROYALTY TRUST	$37,000	–	16,125	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
F	Exit	FORD MOTOR	$0	–	-21,249	–	-0.04%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-3,000	–	-0.05%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINE	$0	–	-1,568	–	-0.05%	–
RRBI	Exit	RED RIVER BANCSHARES INC	$0	–	-5,400	–	-0.05%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,749	–	-0.05%	–
TDF	Exit	TEMPLETON DRAGON FUND	$0	–	-13,246	–	-0.05%	–
SFNC	Exit	SIMMONS FIRST NATIONAL	$0	–	-11,014	–	-0.06%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-10,875	–	-0.06%	–
CB	Exit	CHUBB LTD INC	$0	–	-1,967	–	-0.07%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-5,744	–	-0.08%	–
SJT	Exit	SAN JUAN BASIN ROYALTY TRUST	$0	–	-124,165	–	-0.08%	–
WMT	Exit	WAL-MART STORES	$0	–	-4,157	–	-0.11%	–
TRV	Exit	THE TRAVELERS COS., INC.	$0	–	-3,499	–	-0.11%	–
PPC	Exit	PILGRIM'S PRIDE	$0	–	-16,805	–	-0.12%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-519,900	–	-0.13%	–
APA	Exit	APACHE CORP	$0	–	-31,244	–	-0.18%	–
BXS	Exit	BANCORPSOUTH BANK	$0	–	-27,586	–	-0.18%	–
TSN	Exit	TYSON FOODS	$0	–	-11,513	–	-0.22%	–
BKR	Exit	BAKER HUGHES A GE CO CL A	$0	–	-59,839	–	-0.30%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-483,145	–	-0.31%	–
DVN	Exit	DEVON ENERGY	$0	–	-63,613	–	-0.34%	–
BRKA	Exit	BERKSHIRE HATHAWAY HLD A	$0	–	-5	–	-0.34%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-42,950	–	-0.35%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING	$0	–	-330,487	–	-0.40%	–
RIG	Exit	TRANSOCEAN, LTD	$0	–	-537,176	–	-0.52%	–
NOK	Exit	NOKIA	$0	–	-499,245	–	-0.55%	–
TRC	Exit	TEJON RANCH CO	$0	–	-152,056	–	-0.56%	–
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-274,919	–	-0.58%	–
ECA	Exit	ENCANA	$0	–	-759,709	–	-0.76%	–
NBL	Exit	NOBLE ENERGY	$0	–	-165,716	–	-0.81%	–
CVE	Exit	CENOVUS ENERGY, INC.	$0	–	-514,976	–	-1.06%	–
CCJ	Exit	CAMECO CORP	$0	–	-553,277	–	-1.15%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-1,036,948	–	-1.18%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-140,580	–	-1.45%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-417,525	–	-1.58%	–
L	Exit	LOEWS	$0	–	-153,943	–	-1.73%	–
FHI	Exit	FEDERATED INVS INC-CL B	$0	–	-284,668	–	-2.02%	–
PSX	Exit	PHILLIPS 66	$0	–	-91,753	–	-2.05%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-222,244	–	-2.40%	–
HPQ	Exit	HP INC	$0	–	-593,577	–	-2.46%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-226,009	–	-3.13%	–
INTC	Exit	INTEL CORP.	$0	–	-278,611	–	-3.14%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-502,029	–	-3.17%	–
BAYRY	Exit	BAYER AG-SPONSORED ADR	$0	–	-843,906	–	-3.26%	–
SNY	Exit	SANOFI	$0	–	-334,044	–	-3.38%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP INC	$0	–	-885,114	–	-3.56%	–
MOS	Exit	MOSAIC	$0	–	-819,469	–	-3.67%	–
PFE	Exit	PFIZER	$0	–	-508,294	–	-3.99%	–
GLW	Exit	CORNING	$0	–	-696,685	–	-4.34%	–
TECK	Exit	TECK RESOURCES LIMITED FCLASS	$0	–	-1,242,299	–	-4.41%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-374,192	–	-4.66%	–
CVX	Exit	CHEVRON	$0	–	-189,023	–	-4.90%	–
MRK	Exit	MERCK AND CO. INC.	$0	–	-325,703	–	-6.00%	–
XOM	Exit	EXXON MOBIL	$0	–	-454,925	–	-7.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-163,674	–	-7.44%	–
NEM	Exit	NEWMONT GOLDCORP	$0	–	-1,123,498	–	-9.32%	–

Q3 2019

			Value		Shares		↓ Weighting
NEM	Buy	NEWMONT GOLDCORP	$42,603,000	-0.4%	1,123,498	+1.0%	9.32%	+6.6%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$34,047,000	-4.1%	163,674	-1.7%	7.44%	+2.6%
XOM	Sell	EXXON MOBIL	$32,122,000	-8.1%	454,925	-0.3%	7.02%	-1.7%
MRK	Sell	MERCK AND CO. INC.	$27,418,000	-1.1%	325,703	-1.5%	6.00%	+5.8%
CVX	Buy	CHEVRON	$22,418,000	-2.5%	189,023	+2.3%	4.90%	+4.4%
COP	Buy	CONOCOPHILLIPS	$21,321,000	+4.1%	374,192	+11.5%	4.66%	+11.4%
TECK	Buy	TECK RESOURCES LIMITED FCLASS	$20,163,000	-25.1%	1,242,299	+6.4%	4.41%	-19.8%
GLW	Sell	CORNING	$19,869,000	-15.4%	696,685	-1.5%	4.34%	-9.5%
PFE	Sell	PFIZER	$18,263,000	-18.2%	508,294	-1.4%	3.99%	-12.5%
MOS	Sell	MOSAIC	$16,799,000	-18.7%	819,469	-0.7%	3.67%	-13.0%
JEF	Sell	JEFFERIES FINANCIAL GROUP INC	$16,286,000	-5.1%	885,114	-0.8%	3.56%	+1.6%
SNY	Sell	SANOFI	$15,476,000	+6.0%	334,044	-1.0%	3.38%	+13.4%
BAYRY	Buy	BAYER AG-SPONSORED ADR	$14,929,000	+8.2%	843,906	+6.7%	3.26%	+15.8%
BEN	Buy	FRANKLIN RES INC	$14,489,000	-14.7%	502,029	+2.8%	3.17%	-8.7%
INTC	Sell	INTEL CORP.	$14,357,000	+6.3%	278,611	-1.3%	3.14%	+13.7%
GILD	Sell	GILEAD SCIENCES INC	$14,324,000	-6.7%	226,009	-0.6%	3.13%	-0.2%
HPQ	Sell	HP INC	$11,230,000	-10.1%	593,577	-1.2%	2.46%	-3.8%
CSCO	Sell	CISCO SYSTEMS	$10,981,000	-11.1%	222,244	-1.5%	2.40%	-4.8%
PSX	Sell	PHILLIPS 66	$9,396,000	+8.5%	91,753	-0.9%	2.05%	+16.0%
FHI	Sell	FEDERATED INVS INC-CL B	$9,226,000	-1.4%	284,668	-1.2%	2.02%	+5.5%
L	Sell	LOEWS	$7,925,000	-6.8%	153,943	-1.0%	1.73%	-0.2%
GOLD	Sell	BARRICK GOLD CORP	$7,236,000	+8.8%	417,525	-1.0%	1.58%	+16.5%
CKH	Sell	SEACOR HOLDINGS INC	$6,617,000	-2.5%	140,580	-1.6%	1.45%	+4.3%
PBT	Sell	PERMIAN BASIN ROYALTY TRUST	$5,382,000	-15.2%	1,036,948	-0.5%	1.18%	-9.3%
CCJ	Sell	CAMECO CORP	$5,256,000	-12.5%	553,277	-1.2%	1.15%	-6.4%
CVE	Sell	CENOVUS ENERGY, INC.	$4,830,000	+6.1%	514,976	-0.2%	1.06%	+13.5%
NBL	Buy	NOBLE ENERGY	$3,722,000	+0.8%	165,716	+0.6%	0.81%	+8.0%
ECA	Sell	ENCANA	$3,495,000	-11.1%	759,709	-0.8%	0.76%	-4.9%
FCX	Sell	FREEPORT-MCMORAN INC.	$2,631,000	-18.9%	274,919	-1.6%	0.58%	-13.3%
TRC	Sell	TEJON RANCH CO	$2,580,000	+1.9%	152,056	-0.3%	0.56%	+9.1%
NOK	Sell	NOKIA	$2,526,000	-0.9%	499,245	-1.9%	0.55%	+6.0%
RIG	Sell	TRANSOCEAN, LTD	$2,401,000	-31.8%	537,176	-2.2%	0.52%	-27.0%
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING	$1,838,000	-36.3%	330,487	+1.6%	0.40%	-31.7%
DVN	Buy	DEVON ENERGY	$1,531,000	-15.6%	63,613	+0.1%	0.34%	-9.5%
TNP	Buy	TSAKOS ENERGY NAVIGATION LTD	$1,425,000	-9.9%	483,145	+0.5%	0.31%	-3.4%
APA	Buy	APACHE CORP	$800,000	-7.5%	31,244	+4.7%	0.18%	-1.1%
PDS	Sell	PRECISION DRILLING CORP	$593,000	-40.7%	519,900	-1.8%	0.13%	-36.3%
TRV	Sell	THE TRAVELERS COS., INC.	$520,000	-4.8%	3,499	-4.1%	0.11%	+1.8%
WMT	Sell	WAL-MART STORES	$493,000	-1.4%	4,157	-8.2%	0.11%	+5.9%
IMO	Sell	IMPERIAL OIL LTD	$283,000	-11.0%	10,875	-5.5%	0.06%	-4.6%
RRBI	New	RED RIVER BANCSHARES INC	$234,000	–	5,400	–	0.05%	–
IBM	Sell	INTERNATIONAL BUSINESS MACHINE	$228,000	-2.1%	1,568	-7.4%	0.05%	+4.2%
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-1,509	–	-0.04%	–

Q2 2019

			Value		Shares		↓ Weighting
NEM	New	NEWMONT GOLDCORP	$42,787,000	–	1,112,209	–	8.74%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$35,507,000	–	166,566	–	7.25%	–
XOM	New	EXXON MOBIL	$34,960,000	–	456,216	–	7.14%	–
MRK	New	MERCK AND CO. INC.	$27,732,000	–	330,729	–	5.66%	–
TECK	New	TECK RESOURCES LIMITED FCLASS	$26,914,000	–	1,167,124	–	5.50%	–
GLW	New	CORNING	$23,492,000	–	706,939	–	4.80%	–
CVX	New	CHEVRON	$22,991,000	–	184,752	–	4.70%	–
PFE	New	PFIZER	$22,331,000	–	515,500	–	4.56%	–
MOS	New	MOSAIC	$20,659,000	–	825,378	–	4.22%	–
COP	New	CONOCOPHILLIPS	$20,481,000	–	335,748	–	4.18%	–
JEF	New	JEFFERIES FINANCIAL GROUP INC	$17,161,000	–	892,385	–	3.51%	–
BEN	New	FRANKLIN RES INC	$16,990,000	–	488,231	–	3.47%	–
GILD	New	GILEAD SCIENCES INC	$15,357,000	–	227,316	–	3.14%	–
SNY	New	SANOFI	$14,602,000	–	337,462	–	2.98%	–
BAYRY	New	BAYER AG-SPONSORED ADR	$13,801,000	–	790,869	–	2.82%	–
INTC	New	INTEL CORP.	$13,508,000	–	282,187	–	2.76%	–
HPQ	New	HP INC	$12,485,000	–	600,528	–	2.55%	–
CSCO	New	CISCO SYSTEMS	$12,348,000	–	225,615	–	2.52%	–
FHI	New	FEDERATED INVS INC-CL B	$9,361,000	–	288,031	–	1.91%	–
PSX	New	PHILLIPS 66	$8,663,000	–	92,611	–	1.77%	–
L	New	LOEWS	$8,504,000	–	155,547	–	1.74%	–
CKH	New	SEACOR HOLDINGS INC	$6,789,000	–	142,887	–	1.39%	–
GOLD	New	BARRICK GOLD CORP	$6,648,000	–	421,586	–	1.36%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$6,348,000	–	1,042,327	–	1.30%	–
CCJ	New	CAMECO CORP	$6,010,000	–	560,104	–	1.23%	–
CVE	New	CENOVUS ENERGY, INC.	$4,553,000	–	516,236	–	0.93%	–
ECA	New	ENCANA	$3,930,000	–	766,033	–	0.80%	–
NBL	New	NOBLE ENERGY	$3,691,000	–	164,766	–	0.75%	–
RIG	New	TRANSOCEAN, LTD	$3,520,000	–	549,211	–	0.72%	–
FCX	New	FREEPORT-MCMORAN INC.	$3,243,000	–	279,310	–	0.66%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING	$2,885,000	–	325,276	–	0.59%	–
NOK	New	NOKIA	$2,550,000	–	508,913	–	0.52%	–
TRC	New	TEJON RANCH CO	$2,531,000	–	152,561	–	0.52%	–
DVN	New	DEVON ENERGY	$1,813,000	–	63,573	–	0.37%	–
PBA	New	PEMBINA PIPELINE CORP	$1,598,000	–	42,950	–	0.33%	–
BRKA	New	BERKSHIRE HATHAWAY HLD A	$1,592,000	–	5	–	0.32%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$1,582,000	–	480,816	–	0.32%	–
BKR	New	BAKER HUGHES A GE CO CL A	$1,474,000	–	59,839	–	0.30%	–
PDS	New	PRECISION DRILLING CORP	$1,000,000	–	529,167	–	0.20%	–
TSN	New	TYSON FOODS	$930,000	–	11,513	–	0.19%	–
APA	New	APACHE CORP	$865,000	–	29,844	–	0.18%	–
BXS	New	BANCORPSOUTH BANK	$801,000	–	27,586	–	0.16%	–
TRV	New	THE TRAVELERS COS., INC.	$546,000	–	3,649	–	0.11%	–
WMT	New	WAL-MART STORES	$500,000	–	4,529	–	0.10%	–
SJT	New	SAN JUAN BASIN ROYALTY TRUST	$476,000	–	124,165	–	0.10%	–
PPC	New	PILGRIM'S PRIDE	$427,000	–	16,805	–	0.09%	–
MPC	New	MARATHON PETROLEUM CORP	$321,000	–	5,744	–	0.07%	–
IMO	New	IMPERIAL OIL LTD	$318,000	–	11,505	–	0.06%	–
CB	New	CHUBB LTD INC	$290,000	–	1,967	–	0.06%	–
TDF	New	TEMPLETON DRAGON FUND	$255,000	–	13,246	–	0.05%	–
SFNC	New	SIMMONS FIRST NATIONAL	$256,000	–	11,014	–	0.05%	–
IBM	New	INTERNATIONAL BUSINESS MACHINE	$233,000	–	1,693	–	0.05%	–
EMN	New	EASTMAN CHEMICAL	$233,000	–	3,000	–	0.05%	–
UTX	New	UNITED TECHNOLOGIES	$228,000	–	1,749	–	0.05%	–
F	New	FORD MOTOR	$217,000	–	21,249	–	0.04%	–
JNJ	New	JOHNSON AND JOHNSON	$210,000	–	1,509	–	0.04%	–

Q4 2018

			Value		Shares		↓ Weighting
F	Exit	FORD MOTOR	$0	–	-21,249	–	-0.04%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-6,000	–	-0.04%	–
BP	Exit	BP PLC	$0	–	-4,379	–	-0.04%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-1,509	–	-0.04%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,749	–	-0.05%	–
CB	Exit	CHUBB LTD INC	$0	–	-1,967	–	-0.05%	–
TDF	Exit	TEMPLETON DRAGON FUND	$0	–	-13,246	–	-0.05%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINE	$0	–	-1,795	–	-0.05%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-3,000	–	-0.06%	–
SFNC	Exit	SIMMONS FIRST NATIONAL	$0	–	-11,014	–	-0.06%	–
PPC	Exit	PILGRIM'S PRIDE	$0	–	-18,505	–	-0.06%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-45,868	–	-0.07%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-11,505	–	-0.07%	–
WMT	Exit	WAL-MART STORES	$0	–	-4,529	–	-0.08%	–
TRV	Exit	THE TRAVELERS COS., INC.	$0	–	-3,649	–	-0.09%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-5,944	–	-0.09%	–
SJT	Exit	SAN JUAN BASIN ROYALTY TRUST	$0	–	-124,165	–	-0.12%	–
TSN	Exit	TYSON FOODS	$0	–	-11,513	–	-0.13%	–
BXS	Exit	BANCORPSOUTH BANK	$0	–	-27,586	–	-0.17%	–
APA	Exit	APACHE CORP	$0	–	-19,884	–	-0.18%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-42,950	–	-0.28%	–
BRKA	Exit	BERKSHIRE HATHAWAY HLD A	$0	–	-5	–	-0.31%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-548,278	–	-0.36%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-599,806	–	-0.40%	–
DVN	Exit	DEVON ENERGY	$0	–	-58,845	–	-0.45%	–
SMHI	Exit	SEACOR MARINE	$0	–	-104,396	–	-0.46%	–
RIG	Exit	TRANSOCEAN, LTD	$0	–	-182,981	–	-0.49%	–
BKR	Exit	BAKER HUGHES A GE CO CL A	$0	–	-82,434	–	-0.54%	–
NOK	Exit	NOKIA	$0	–	-562,470	–	-0.61%	–
TRC	Exit	TEJON RANCH CO	$0	–	-155,688	–	-0.65%	–
NBL	Exit	NOBLE ENERGY	$0	–	-140,866	–	-0.85%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING	$0	–	-222,753	–	-0.86%	–
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-320,445	–	-0.86%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-429,045	–	-0.92%	–
FHI	Exit	FEDERATED INVS INC-CL B	$0	–	-229,766	–	-1.07%	–
CVE	Exit	CENOVUS ENERGY, INC.	$0	–	-585,341	–	-1.14%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-212,341	–	-1.25%	–
CCJ	Exit	CAMECO CORP	$0	–	-594,764	–	-1.31%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-153,384	–	-1.46%	–
GG	Exit	GOLDCORP INC	$0	–	-756,264	–	-1.49%	–
L	Exit	LOEWS	$0	–	-167,143	–	-1.62%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-1,121,699	–	-1.73%	–
ECA	Exit	ENCANA	$0	–	-800,828	–	-2.03%	–
PSX	Exit	PHILLIPS 66	$0	–	-96,776	–	-2.11%	–
INTC	Exit	INTEL CORP.	$0	–	-293,887	–	-2.69%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-316,439	–	-2.98%	–
SNY	Exit	SANOFI	$0	–	-353,164	–	-3.05%	–
HPQ	Exit	HP INC	$0	–	-624,918	–	-3.11%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-235,843	–	-3.52%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP INC	$0	–	-957,359	–	-4.06%	–
CVX	Exit	CHEVRON	$0	–	-191,020	–	-4.52%	–
PFE	Exit	PFIZER	$0	–	-538,918	–	-4.59%	–
MRK	Exit	MERCK AND CO. INC.	$0	–	-347,780	–	-4.77%	–
GLW	Exit	CORNING	$0	–	-744,958	–	-5.08%	–
NEM	Exit	NEWMONT MINING	$0	–	-909,949	–	-5.31%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-358,215	–	-5.36%	–
MOS	Exit	MOSAIC	$0	–	-867,187	–	-5.44%	–
TECK	Exit	TECK RESOURCES LIMITED FCLASS	$0	–	-1,214,529	–	-5.66%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-174,662	–	-7.23%	–
XOM	Exit	EXXON MOBIL	$0	–	-476,001	–	-7.82%	–

Q3 2018

			Value		Shares		↓ Weighting
XOM	Sell	EXXON MOBIL	$40,470,000	+2.6%	476,001	-0.2%	7.82%	+2.2%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$37,397,000	+13.9%	174,662	-0.7%	7.23%	+13.6%
TECK	Sell	TECK RESOURCES LIMITED FCLASS	$29,270,000	-5.6%	1,214,529	-0.3%	5.66%	-5.8%
MOS	Sell	MOSAIC	$28,166,000	+15.4%	867,187	-0.3%	5.44%	+15.0%
COP	Sell	CONOCOPHILLIPS	$27,726,000	+9.6%	358,215	-1.4%	5.36%	+9.3%
NEM	Sell	NEWMONT MINING	$27,480,000	-20.0%	909,949	-0.1%	5.31%	-20.3%
GLW	Sell	CORNING	$26,297,000	+27.4%	744,958	-0.7%	5.08%	+27.0%
MRK	Sell	MERCK AND CO. INC.	$24,672,000	-14.7%	347,780	-27.0%	4.77%	-14.9%
PFE	Sell	PFIZER	$23,750,000	-12.7%	538,918	-28.1%	4.59%	-13.0%
CVX	Sell	CHEVRON	$23,358,000	-4.0%	191,020	-0.8%	4.52%	-4.3%
JEF	Sell	JEFFERIES FINANCIAL GROUP INC	$21,024,000	-4.0%	957,359	-0.6%	4.06%	-4.3%
GILD	Sell	GILEAD SCIENCES INC	$18,209,000	+8.6%	235,843	-0.4%	3.52%	+8.3%
HPQ	Sell	HP INC	$16,104,000	+12.9%	624,918	-0.6%	3.11%	+12.6%
SNY	Sell	SANOFI	$15,776,000	+11.3%	353,164	-0.3%	3.05%	+11.0%
CSCO	Sell	CISCO SYSTEMS	$15,395,000	+9.5%	316,439	-3.1%	2.98%	+9.2%
INTC	Sell	INTEL CORP.	$13,898,000	-5.3%	293,887	-0.5%	2.69%	-5.6%
PSX	Sell	PHILLIPS 66	$10,909,000	-1.0%	96,776	-1.3%	2.11%	-1.3%
ECA	Sell	ENCANA	$10,499,000	-0.2%	800,828	-0.7%	2.03%	-0.5%
PBT	Buy	PERMIAN BASIN ROYALTY TRUST	$8,929,000	-14.7%	1,121,699	+0.0%	1.73%	-14.9%
L	Sell	LOEWS	$8,396,000	+3.5%	167,143	-0.5%	1.62%	+3.2%
GG	Buy	GOLDCORP INC	$7,714,000	-24.1%	756,264	+2.0%	1.49%	-24.3%
CKH	Sell	SEACOR HOLDINGS INC	$7,579,000	-14.3%	153,384	-0.7%	1.46%	-14.6%
CCJ	Sell	CAMECO CORP	$6,780,000	+0.9%	594,764	-0.4%	1.31%	+0.7%
BEN	Buy	FRANKLIN RES INC	$6,457,000	-4.8%	212,341	+0.3%	1.25%	-5.1%
CVE	Sell	CENOVUS ENERGY, INC.	$5,871,000	-3.5%	585,341	-0.1%	1.14%	-3.7%
FHI	New	FEDERATED INVS INC-CL B	$5,542,000	–	229,766	–	1.07%	–
GOLD	Buy	BARRICK GOLD CORP	$4,754,000	-15.4%	429,045	+0.2%	0.92%	-15.7%
FCX	Sell	FREEPORT-MCMORAN INC.	$4,461,000	-20.1%	320,445	-0.9%	0.86%	-20.3%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING	$4,455,000	-4.6%	222,753	-0.4%	0.86%	-4.9%
NBL	Buy	NOBLE ENERGY	$4,394,000	-11.4%	140,866	+0.2%	0.85%	-11.7%
TRC	Sell	TEJON RANCH CO	$3,380,000	-11.0%	155,688	-0.4%	0.65%	-11.4%
NOK	Sell	NOKIA	$3,139,000	-4.6%	562,470	-1.7%	0.61%	-4.9%
BKR	Sell	BAKER HUGHES A GE CO CL A	$2,789,000	+1.0%	82,434	-1.4%	0.54%	+0.7%
RIG	Sell	TRANSOCEAN, LTD	$2,553,000	+3.7%	182,981	-0.1%	0.49%	+3.4%
SMHI	Sell	SEACOR MARINE	$2,362,000	-2.7%	104,396	-0.7%	0.46%	-3.0%
DVN	Buy	DEVON ENERGY	$2,350,000	-8.6%	58,845	+0.7%	0.45%	-8.8%
PDS	Sell	PRECISION DRILLING CORP	$2,075,000	+4.0%	599,806	-0.3%	0.40%	+3.6%
TNP	Sell	TSAKOS ENERGY NAVIGATION LTD	$1,859,000	-8.9%	548,278	-0.1%	0.36%	-9.3%
APA	Buy	APACHE CORP	$948,000	+5.0%	19,884	+3.0%	0.18%	+4.6%
LPG	Sell	DORIAN LPG LTD	$366,000	+4.0%	45,868	-0.3%	0.07%	+4.4%
JNJ	New	JOHNSON AND JOHNSON	$208,000	–	1,509	–	0.04%	–
BP	New	BP PLC	$202,000	–	4,379	–	0.04%	–

Q2 2018

			Value		Shares		↓ Weighting
XOM	New	EXXON MOBIL	$39,460,000	–	476,979	–	7.65%	–
NEM	New	NEWMONT MINING	$34,358,000	–	911,121	–	6.66%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$32,820,000	–	175,838	–	6.36%	–
TECK	New	TECK RESOURCES LIMITED FCLASS	$30,998,000	–	1,218,014	–	6.01%	–
MRK	New	MERCK AND CO. INC.	$28,909,000	–	476,260	–	5.60%	–
PFE	New	PFIZER	$27,204,000	–	749,841	–	5.27%	–
COP	New	CONOCOPHILLIPS	$25,300,000	–	363,400	–	4.90%	–
MOS	New	MOSAIC	$24,407,000	–	870,120	–	4.73%	–
CVX	New	CHEVRON	$24,341,000	–	192,524	–	4.72%	–
JEF	New	JEFFERIES FINANCIAL GROUP INC	$21,905,000	–	963,276	–	4.25%	–
GLW	New	CORNING	$20,640,000	–	750,259	–	4.00%	–
GILD	New	GILEAD SCIENCES INC	$16,766,000	–	236,673	–	3.25%	–
INTC	New	INTEL CORP.	$14,680,000	–	295,306	–	2.85%	–
HPQ	New	HP INC	$14,262,000	–	628,565	–	2.76%	–
SNY	New	SANOFI	$14,171,000	–	354,174	–	2.75%	–
CSCO	New	CISCO SYSTEMS	$14,059,000	–	326,718	–	2.73%	–
PSX	New	PHILLIPS 66	$11,016,000	–	98,088	–	2.14%	–
ECA	New	ENCANA	$10,521,000	–	806,233	–	2.04%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$10,464,000	–	1,121,534	–	2.03%	–
GG	New	GOLDCORP INC	$10,164,000	–	741,390	–	1.97%	–
CKH	New	SEACOR HOLDINGS INC	$8,848,000	–	154,492	–	1.72%	–
L	New	LOEWS	$8,112,000	–	168,025	–	1.57%	–
BEN	New	FRANKLIN RES INC	$6,783,000	–	211,649	–	1.32%	–
CCJ	New	CAMECO CORP	$6,718,000	–	597,189	–	1.30%	–
CVE	New	CENOVUS ENERGY, INC.	$6,082,000	–	585,959	–	1.18%	–
GOLD	New	BARRICK GOLD CORP	$5,621,000	–	428,137	–	1.09%	–
FCX	New	FREEPORT-MCMORAN INC.	$5,583,000	–	323,485	–	1.08%	–
NBL	New	NOBLE ENERGY	$4,962,000	–	140,640	–	0.96%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING	$4,668,000	–	223,758	–	0.90%	–
TRC	New	TEJON RANCH CO	$3,799,000	–	156,355	–	0.74%	–
NOK	New	NOKIA	$3,290,000	–	572,195	–	0.64%	–
BKR	New	BAKER HUGHES A GE CO CL A	$2,761,000	–	83,576	–	0.54%	–
DVN	New	DEVON ENERGY	$2,570,000	–	58,454	–	0.50%	–
RIG	New	TRANSOCEAN, LTD	$2,463,000	–	183,253	–	0.48%	–
SMHI	New	SEACOR MARINE	$2,427,000	–	105,129	–	0.47%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$2,041,000	–	548,587	–	0.40%	–
PDS	New	PRECISION DRILLING CORP	$1,996,000	–	601,311	–	0.39%	–
PBA	New	PEMBINA PIPELINE CORP	$1,486,000	–	42,950	–	0.29%	–
BRKA	New	BERKSHIRE HATHAWAY HLD A	$1,410,000	–	5	–	0.27%	–
BXS	New	BANCORPSOUTH BANK	$909,000	–	27,586	–	0.18%	–
APA	New	APACHE CORP	$903,000	–	19,309	–	0.18%	–
TSN	New	TYSON FOODS	$793,000	–	11,513	–	0.15%	–
SJT	New	SAN JUAN BASIN ROYALTY TRUST	$719,000	–	124,165	–	0.14%	–
TRV	New	THE TRAVELERS COS., INC.	$446,000	–	3,649	–	0.09%	–
MPC	New	MARATHON PETROLEUM CORP	$417,000	–	5,944	–	0.08%	–
WMT	New	WAL-MART STORES	$388,000	–	4,529	–	0.08%	–
IMO	New	IMPERIAL OIL LTD	$383,000	–	11,505	–	0.07%	–
PPC	New	PILGRIM'S PRIDE	$373,000	–	18,505	–	0.07%	–
LPG	New	DORIAN LPG LTD	$352,000	–	46,011	–	0.07%	–
SFNC	New	SIMMONS FIRST NATIONAL	$329,000	–	11,014	–	0.06%	–
EMN	New	EASTMAN CHEMICAL	$300,000	–	3,000	–	0.06%	–
TDF	New	TEMPLETON DRAGON FUND	$282,000	–	13,246	–	0.06%	–
IBM	New	INTERNATIONAL BUSINESS MACHINE	$251,000	–	1,795	–	0.05%	–
CB	New	CHUBB LTD INC	$250,000	–	1,967	–	0.05%	–
F	New	FORD MOTOR	$235,000	–	21,249	–	0.05%	–
UTX	New	UNITED TECHNOLOGIES	$219,000	–	1,749	–	0.04%	–
MUR	New	MURPHY OIL CORP	$203,000	–	6,000	–	0.04%	–

Q4 2017

			Value		Shares		↓ Weighting
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-17,749	–	-0.02%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,749	–	-0.03%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-1,635	–	-0.04%	–
F	Exit	FORD MOTOR	$0	–	-21,249	–	-0.04%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINE	$0	–	-1,795	–	-0.04%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-3,600	–	-0.05%	–
TWIN	Exit	TWIN DISC	$0	–	-17,881	–	-0.06%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-5,944	–	-0.06%	–
WMT	Exit	WAL-MART STORES	$0	–	-4,529	–	-0.06%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-11,505	–	-0.06%	–
HBI	Exit	HANESBRANDS INC	$0	–	-16,697	–	-0.07%	–
PPC	Exit	PILGRIM'S PRIDE	$0	–	-20,727	–	-0.10%	–
CB	Exit	CHUBB LTD INC	$0	–	-5,717	–	-0.14%	–
TSN	Exit	TYSON FOODS	$0	–	-13,144	–	-0.15%	–
SJT	Exit	SAN JUAN BASIN ROYALTY TRUST	$0	–	-124,165	–	-0.16%	–
TRV	Exit	THE TRAVELERS COS., INC.	$0	–	-9,649	–	-0.20%	–
TDF	Exit	TEMPLETON DRAGON FUND	$0	–	-65,046	–	-0.22%	–
BXS	Exit	BANCORPSOUTH	$0	–	-42,436	–	-0.22%	–
DVN	Exit	DEVON ENERGY	$0	–	-37,413	–	-0.23%	–
BRKA	Exit	BERKSHIRE HATHAWAY HLD A	$0	–	-5	–	-0.23%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-42,950	–	-0.25%	–
MFCB	Exit	MFC BANCORP LTD	$0	–	-182,884	–	-0.28%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-617,580	–	-0.32%	–
SFNC	Exit	SIMMONS FIRST NATIONAL	$0	–	-39,700	–	-0.38%	–
RIG	Exit	TRANSOCEAN, LTD	$0	–	-225,873	–	-0.40%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-636,341	–	-0.47%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING	$0	–	-212,857	–	-0.51%	–
SMHI	Exit	SEACOR MARINE	$0	–	-206,384	–	-0.54%	–
TRC	Exit	TEJON RANCH CO	$0	–	-157,211	–	-0.55%	–
BKR	Exit	BAKER HUGHES A GE CO CL A	$0	–	-90,498	–	-0.55%	–
NBL	Exit	NOBLE ENERGY	$0	–	-135,406	–	-0.64%	–
FOR	Exit	FORESTAR REAL ESTATE GROUP INC	$0	–	-299,248	–	-0.77%	–
NOK	Exit	NOKIA	$0	–	-997,009	–	-0.99%	–
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-455,282	–	-1.06%	–
CVE	Exit	CENOVUS ENERGY, INC.	$0	–	-662,020	–	-1.10%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-475,291	–	-1.27%	–
L	Exit	LOEWS	$0	–	-162,265	–	-1.29%	–
CCJ	Exit	CAMECO CORP	$0	–	-836,154	–	-1.34%	–
GG	Exit	GOLDCORP INC	$0	–	-744,075	–	-1.60%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-211,593	–	-1.62%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-1,210,111	–	-1.75%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-344,500	–	-1.92%	–
INTC	Exit	INTEL CORP.	$0	–	-312,038	–	-1.97%	–
HPQ	Exit	HP INC	$0	–	-638,384	–	-2.11%	–
ECA	Exit	ENCANA	$0	–	-1,321,925	–	-2.58%	–
SNY	Exit	SANOFI	$0	–	-374,535	–	-3.09%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-232,589	–	-3.12%	–
MOS	Exit	MOSAIC	$0	–	-931,703	–	-3.33%	–
PSX	Exit	PHILLIPS 66	$0	–	-232,907	–	-3.53%	–
CVX	Exit	CHEVRON	$0	–	-186,250	–	-3.62%	–
LUK	Exit	LEUCADIA NATIONAL	$0	–	-893,635	–	-3.74%	–
XOM	Exit	EXXON MOBIL	$0	–	-286,058	–	-3.88%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-309,425	–	-3.94%	–
GLW	Exit	CORNING	$0	–	-940,677	–	-4.66%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-563,994	–	-4.68%	–
TECK	Exit	TECK RESOURCES LIMITED FCLASS	$0	–	-1,586,571	–	-5.54%	–
NEM	Exit	NEWMONT MINING	$0	–	-991,953	–	-6.16%	–
MRK	Exit	MERCK AND CO. INC.	$0	–	-604,449	–	-6.41%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-242,830	–	-7.37%	–
PFE	Exit	PFIZER	$0	–	-1,436,868	–	-8.50%	–

Q3 2017

			Value		Shares		↓ Weighting
PFE	Sell	PFIZER	$51,296,000	+4.7%	1,436,868	-1.5%	8.50%	-3.2%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$44,516,000	+6.6%	242,830	-1.5%	7.37%	-1.5%
MRK	Sell	MERCK AND CO. INC.	$38,703,000	-1.3%	604,449	-1.3%	6.41%	-8.8%
NEM	Sell	NEWMONT MINING	$37,208,000	+14.8%	991,953	-0.8%	6.16%	+6.1%
TECK	Sell	TECK RESOURCES LIMITED FCLASS	$33,461,000	+19.9%	1,586,571	-1.5%	5.54%	+10.8%
COP	Sell	CONOCOPHILLIPS	$28,228,000	+13.4%	563,994	-0.4%	4.68%	+4.8%
GLW	Sell	CORNING	$28,145,000	-1.9%	940,677	-1.4%	4.66%	-9.3%
VLO	Sell	VALERO ENERGY CORP NEW	$23,804,000	+11.1%	309,425	-2.6%	3.94%	+2.7%
XOM	Buy	EXXON MOBIL	$23,451,000	+3.9%	286,058	+2.3%	3.88%	-4.0%
LUK	Sell	LEUCADIA NATIONAL	$22,564,000	-4.4%	893,635	-1.0%	3.74%	-11.7%
CVX	Buy	CHEVRON	$21,884,000	+13.6%	186,250	+0.9%	3.62%	+5.0%
PSX	Sell	PHILLIPS 66	$21,337,000	+9.5%	232,907	-1.2%	3.53%	+1.2%
MOS	Buy	MOSAIC	$20,115,000	+44.6%	931,703	+52.9%	3.33%	+33.7%
GILD	Sell	GILEAD SCIENCES INC	$18,844,000	+14.0%	232,589	-0.4%	3.12%	+5.4%
SNY	Buy	SANOFI	$18,648,000	+4.0%	374,535	+0.0%	3.09%	-3.9%
ECA	Sell	ENCANA	$15,572,000	+33.0%	1,321,925	-0.6%	2.58%	+22.9%
HPQ	Sell	HP INC	$12,742,000	+12.7%	638,384	-1.3%	2.11%	+4.2%
INTC	Sell	INTEL CORP.	$11,882,000	+12.3%	312,038	-0.5%	1.97%	+3.9%
CSCO	Sell	CISCO SYSTEMS	$11,586,000	+6.4%	344,500	-1.0%	1.92%	-1.6%
PBT	Buy	PERMIAN BASIN ROYALTY TRUST	$10,540,000	+0.5%	1,210,111	+0.4%	1.75%	-7.1%
CKH	Buy	SEACOR HOLDINGS INC	$9,757,000	+35.1%	211,593	+0.5%	1.62%	+24.9%
GG	Buy	GOLDCORP INC	$9,643,000	+3.7%	744,075	+3.3%	1.60%	-4.1%
CCJ	Sell	CAMECO CORP	$8,086,000	+5.8%	836,154	-0.5%	1.34%	-2.3%
L	Buy	LOEWS	$7,766,000	+3.4%	162,265	+1.2%	1.29%	-4.5%
GOLD	Sell	BARRICK GOLD CORP	$7,647,000	+0.1%	475,291	-1.0%	1.27%	-7.5%
CVE	Buy	CENOVUS ENERGY, INC.	$6,633,000	+36.8%	662,020	+0.6%	1.10%	+26.5%
FCX	Sell	FREEPORT-MCMORAN INC.	$6,392,000	+14.9%	455,282	-1.7%	1.06%	+6.2%
NOK	Sell	NOKIA	$5,962,000	-3.3%	997,009	-0.4%	0.99%	-10.6%
FOR	Sell	FORESTAR REAL ESTATE GROUP INC	$4,668,000	-9.2%	299,248	-0.2%	0.77%	-16.1%
NBL	Buy	NOBLE ENERGY	$3,840,000	+2.6%	135,406	+2.4%	0.64%	-5.1%
TRC	Buy	TEJON RANCH CO	$3,317,000	+4.8%	157,211	+2.6%	0.55%	-3.2%
BKR	New	BAKER HUGHES A GE CO CL A	$3,314,000	–	90,498	–	0.55%	–
SMHI	Sell	SEACOR MARINE	$3,228,000	-24.5%	206,384	-1.7%	0.54%	-30.2%
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING	$3,086,000	+36.5%	212,857	+2.0%	0.51%	+26.2%
TNP	Buy	TSAKOS ENERGY NAVIGATION LTD	$2,857,000	-5.1%	636,341	+1.5%	0.47%	-12.2%
RIG	Sell	TRANSOCEAN, LTD	$2,430,000	+28.8%	225,873	-1.5%	0.40%	+19.2%
PDS	Buy	PRECISION DRILLING CORP	$1,927,000	-6.7%	617,580	+2.0%	0.32%	-13.8%
MFCB	New	MFC BANCORP LTD	$1,718,000	–	182,884	–	0.28%	–
DVN	Sell	DEVON ENERGY	$1,373,000	+8.2%	37,413	-5.8%	0.23%	0.0%
BXS	Buy	BANCORPSOUTH	$1,360,000	+5.6%	42,436	+0.5%	0.22%	-2.6%
TDF	Sell	TEMPLETON DRAGON FUND	$1,353,000	+2.6%	65,046	-0.5%	0.22%	-5.1%
TRV	Buy	THE TRAVELERS COS., INC.	$1,182,000	-3.2%	9,649	+0.0%	0.20%	-10.5%
SJT	Buy	SAN JUAN BASIN ROYALTY TRUST	$973,000	+15.6%	124,165	+0.5%	0.16%	+6.6%
HBI	Sell	HANESBRANDS INC	$411,000	-52.4%	16,697	-55.3%	0.07%	-56.1%
IBM	Sell	INTERNATIONAL BUSINESS MACHINE	$260,000	-22.4%	1,795	-17.5%	0.04%	-28.3%
F	Sell	FORD MOTOR	$254,000	+5.0%	21,249	-1.6%	0.04%	-2.3%
RFP	Sell	RESOLUTE FOREST PRODUCTS	$90,000	+13.9%	17,749	-0.7%	0.02%	+7.1%
MFCB	Exit	MFC BANCORP LTD	$0	–	-925,879	–	-0.30%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-91,563	–	-0.89%	–

Q2 2017

			Value		Shares		↓ Weighting
PFE	New	PFIZER	$48,977,000	–	1,458,081	–	8.78%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$41,775,000	–	246,651	–	7.49%	–
MRK	New	MERCK AND CO. INC.	$39,232,000	–	612,145	–	7.03%	–
NEM	New	NEWMONT MINING	$32,399,000	–	1,000,286	–	5.81%	–
GLW	New	CORNING	$28,680,000	–	954,398	–	5.14%	–
TECK	New	TECK RESOURCES LIMITED FCLASS	$27,915,000	–	1,610,813	–	5.00%	–
COP	New	CONOCOPHILLIPS	$24,893,000	–	566,259	–	4.46%	–
LUK	New	LEUCADIA NATIONAL	$23,613,000	–	902,636	–	4.23%	–
XOM	New	EXXON MOBIL	$22,581,000	–	279,705	–	4.05%	–
VLO	New	VALERO ENERGY CORP NEW	$21,433,000	–	317,710	–	3.84%	–
PSX	New	PHILLIPS 66	$19,491,000	–	235,714	–	3.49%	–
CVX	New	CHEVRON	$19,264,000	–	184,647	–	3.45%	–
SNY	New	SANOFI	$17,936,000	–	374,359	–	3.21%	–
GILD	New	GILEAD SCIENCES INC	$16,530,000	–	233,539	–	2.96%	–
MOS	New	MOSAIC	$13,913,000	–	609,436	–	2.49%	–
ECA	New	ENCANA	$11,705,000	–	1,330,163	–	2.10%	–
HPQ	New	HP INC	$11,303,000	–	646,621	–	2.02%	–
CSCO	New	CISCO SYSTEMS	$10,890,000	–	347,917	–	1.95%	–
INTC	New	INTEL CORP.	$10,577,000	–	313,491	–	1.90%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$10,483,000	–	1,204,944	–	1.88%	–
GG	New	GOLDCORP INC	$9,298,000	–	720,195	–	1.67%	–
CCJ	New	CAMECO CORP	$7,646,000	–	840,214	–	1.37%	–
GOLD	New	BARRICK GOLD CORP	$7,639,000	–	480,143	–	1.37%	–
L	New	LOEWS	$7,509,000	–	160,414	–	1.35%	–
CKH	New	SEACOR HOLDINGS INC	$7,222,000	–	210,543	–	1.29%	–
NOK	New	NOKIA	$6,164,000	–	1,000,646	–	1.10%	–
FCX	New	FREEPORT-MCMORAN INC.	$5,565,000	–	463,370	–	1.00%	–
FOR	New	FORESTAR REAL ESTATE GROUP INC	$5,142,000	–	299,818	–	0.92%	–
BHI	New	BAKER HUGHES INC COM	$4,991,000	–	91,563	–	0.89%	–
CVE	New	CENOVUS ENERGY, INC.	$4,849,000	–	657,997	–	0.87%	–
SMHI	New	SEACOR MARINE	$4,274,000	–	209,900	–	0.77%	–
NBL	New	NOBLE ENERGY	$3,741,000	–	132,206	–	0.67%	–
TRC	New	TEJON RANCH CO	$3,164,000	–	153,288	–	0.57%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$3,009,000	–	626,916	–	0.54%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING	$2,261,000	–	208,731	–	0.40%	–
SFNC	New	SIMMONS FIRST NATIONAL	$2,100,000	–	39,700	–	0.38%	–
PDS	New	PRECISION DRILLING CORP	$2,066,000	–	605,754	–	0.37%	–
RIG	New	TRANSOCEAN, LTD	$1,887,000	–	229,263	–	0.34%	–
MFCB	New	MFC BANCORP LTD	$1,648,000	–	925,879	–	0.30%	–
PBA	New	PEMBINA PIPELINE CORP	$1,423,000	–	42,950	–	0.26%	–
TDF	New	TEMPLETON DRAGON FUND	$1,319,000	–	65,376	–	0.24%	–
BXS	New	BANCORPSOUTH	$1,288,000	–	42,236	–	0.23%	–
BRKA	New	BERKSHIRE HATHAWAY HLD A	$1,273,000	–	5	–	0.23%	–
DVN	New	DEVON ENERGY	$1,269,000	–	39,708	–	0.23%	–
TRV	New	THE TRAVELERS COS., INC.	$1,221,000	–	9,647	–	0.22%	–
HBI	New	HANESBRANDS INC	$864,000	–	37,319	–	0.16%	–
SJT	New	SAN JUAN BASIN ROYALTY TRUST	$842,000	–	123,605	–	0.15%	–
CB	New	CHUBB LTD INC	$831,000	–	5,717	–	0.15%	–
TSN	New	TYSON FOODS	$823,000	–	13,144	–	0.15%	–
PPC	New	PILGRIM'S PRIDE	$454,000	–	20,727	–	0.08%	–
WMT	New	WAL-MART STORES	$343,000	–	4,529	–	0.06%	–
IMO	New	IMPERIAL OIL LTD	$336,000	–	11,505	–	0.06%	–
IBM	New	INTERNATIONAL BUSINESS MACHINE	$335,000	–	2,177	–	0.06%	–
MPC	New	MARATHON PETROLEUM CORP	$311,000	–	5,944	–	0.06%	–
EMN	New	EASTMAN CHEMICAL	$302,000	–	3,600	–	0.05%	–
TWIN	New	TWIN DISC	$289,000	–	17,881	–	0.05%	–
F	New	FORD MOTOR	$242,000	–	21,588	–	0.04%	–
JNJ	New	JOHNSON AND JOHNSON	$216,000	–	1,635	–	0.04%	–
UTX	New	UNITED TECHNOLOGIES	$214,000	–	1,749	–	0.04%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$79,000	–	17,873	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-21,146	–	-0.02%	–
TWIN	Exit	TWIN DISC	$0	–	-17,881	–	-0.04%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-5,944	–	-0.04%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-3,600	–	-0.04%	–
JOY	Exit	JOY GLOBAL	$0	–	-11,812	–	-0.06%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINE	$0	–	-2,127	–	-0.06%	–
WMT	Exit	WAL-MART STORES	$0	–	-4,729	–	-0.06%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-12,705	–	-0.07%	–
PPC	Exit	PILGRIM'S PRIDE	$0	–	-20,727	–	-0.08%	–
F	Exit	FORD MOTOR	$0	–	-38,813	–	-0.08%	–
VEC	Exit	VECTRUS INC	$0	–	-32,249	–	-0.09%	–
TCPTF	Exit	THOMPSON CREEK METALS	$0	–	-1,046,728	–	-0.10%	–
CB	Exit	CHUBB LTD INC	$0	–	-5,717	–	-0.13%	–
SJT	Exit	SAN JUAN BASIN ROYALTY TRUST	$0	–	-124,605	–	-0.13%	–
HBI	Exit	HANESBRANDS INC	$0	–	-37,319	–	-0.17%	–
MOS	Exit	MOSAIC	$0	–	-39,880	–	-0.17%	–
TSN	Exit	TYSON FOODS	$0	–	-13,144	–	-0.18%	–
BXS	Exit	BANCORPSOUTH	$0	–	-42,236	–	-0.18%	–
BRKA	Exit	BERKSHIRE HATHAWAY HLD A	$0	–	-5	–	-0.19%	–
TRV	Exit	THE TRAVELERS COS., INC.	$0	–	-9,647	–	-0.20%	–
TDF	Exit	TEMPLETON DRAGON FUND	$0	–	-65,376	–	-0.21%	–
DVN	Exit	DEVON ENERGY	$0	–	-28,994	–	-0.23%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-42,950	–	-0.23%	–
SFNC	Exit	SIMMONS FIRST NATIONAL	$0	–	-39,700	–	-0.35%	–
MFCB	Exit	MFC BANCORP LTD	$0	–	-1,063,727	–	-0.39%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-580,660	–	-0.43%	–
RIG	Exit	TRANSOCEAN, LTD	$0	–	-230,058	–	-0.44%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-589,385	–	-0.51%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING	$0	–	-196,533	–	-0.62%	–
TRC	Exit	TEJON RANCH CO	$0	–	-147,118	–	-0.64%	–
FOR	Exit	FORESTAR REAL ESTATE GROUP INC	$0	–	-342,850	–	-0.72%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-97,863	–	-0.88%	–
NBL	Exit	NOBLE ENERGY	$0	–	-150,386	–	-0.96%	–
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-574,580	–	-1.11%	–
L	Exit	LOEWS	$0	–	-163,202	–	-1.20%	–
NOK	Exit	NOKIA	$0	–	-1,186,321	–	-1.23%	–
CCJ	Exit	CAMECO CORP	$0	–	-869,744	–	-1.33%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-1,238,587	–	-1.54%	–
CVE	Exit	CENOVUS ENERGY, INC.	$0	–	-639,848	–	-1.64%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-523,236	–	-1.66%	–
GG	Exit	GOLDCORP INC	$0	–	-622,901	–	-1.84%	–
HPQ	Exit	HP INC	$0	–	-677,887	–	-1.88%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-368,726	–	-2.09%	–
INTC	Exit	INTEL CORP.	$0	–	-333,196	–	-2.24%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-216,937	–	-2.30%	–
LXK	Exit	LEXMARK INTL INC CL A	$0	–	-329,573	–	-2.35%	–
SNY	Exit	SANOFI	$0	–	-375,255	–	-2.56%	–
ECA	Exit	ENCANA	$0	–	-1,435,507	–	-2.68%	–
LUK	Exit	LEUCADIA NATIONAL	$0	–	-950,864	–	-3.23%	–
CVX	Exit	CHEVRON	$0	–	-188,776	–	-3.47%	–
PSX	Exit	PHILLIPS 66	$0	–	-250,742	–	-3.60%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-406,545	–	-3.85%	–
GLW	Exit	CORNING	$0	–	-1,021,208	–	-4.31%	–
XOM	Exit	EXXON MOBIL	$0	–	-280,054	–	-4.36%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-584,640	–	-4.54%	–
TECK	Exit	TECK RESOURCES LIMITED	$0	–	-1,695,607	–	-5.46%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-261,541	–	-6.74%	–
MRK	Exit	MERCK AND CO. INC.	$0	–	-652,982	–	-7.28%	–
NEM	Exit	NEWMONT MINING	$0	–	-1,049,424	–	-7.36%	–
PFE	Exit	PFIZER	$0	–	-1,564,567	–	-9.46%	–

Q3 2016

			Value		Shares		↓ Weighting
PFE	Sell	PFIZER	$52,992,000	-4.3%	1,564,567	-0.5%	9.46%	-8.2%
NEM	Sell	NEWMONT MINING	$41,232,000	+0.1%	1,049,424	-0.4%	7.36%	-4.0%
MRK	Sell	MERCK AND CO. INC.	$40,753,000	+7.6%	652,982	-0.6%	7.28%	+3.2%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$37,785,000	-0.5%	261,541	-0.3%	6.74%	-4.6%
TECK	Sell	TECK RESOURCES LIMITED	$30,572,000	+33.2%	1,695,607	-2.7%	5.46%	+27.8%
COP	Sell	CONOCOPHILLIPS	$25,414,000	-0.5%	584,640	-0.2%	4.54%	-4.6%
XOM	Sell	EXXON MOBIL	$24,443,000	-7.1%	280,054	-0.2%	4.36%	-10.9%
GLW	Sell	CORNING	$24,152,000	+15.2%	1,021,208	-0.3%	4.31%	+10.5%
VLO	Sell	VALERO ENERGY CORP NEW	$21,547,000	+3.4%	406,545	-0.5%	3.85%	-0.9%
PSX	Sell	PHILLIPS 66	$20,197,000	+1.2%	250,742	-0.3%	3.60%	-2.9%
CVX	Sell	CHEVRON	$19,429,000	-2.0%	188,776	-0.2%	3.47%	-6.0%
LUK	Sell	LEUCADIA NATIONAL	$18,104,000	+9.6%	950,864	-0.2%	3.23%	+5.1%
ECA	Sell	ENCANA	$15,030,000	+34.0%	1,435,507	-0.3%	2.68%	+28.5%
SNY	Buy	SANOFI	$14,331,000	-3.6%	375,255	+5.6%	2.56%	-7.6%
LXK	Sell	LEXMARK INTL INC CL A	$13,170,000	+5.5%	329,573	-0.3%	2.35%	+1.2%
CKH	Sell	SEACOR HOLDINGS INC	$12,906,000	+2.4%	216,937	-0.2%	2.30%	-1.7%
INTC	Sell	INTEL CORP.	$12,578,000	+14.7%	333,196	-0.3%	2.24%	+10.0%
CSCO	Sell	CISCO SYSTEMS	$11,696,000	+10.2%	368,726	-0.3%	2.09%	+5.7%
HPQ	Sell	HP INC	$10,528,000	+23.5%	677,887	-0.2%	1.88%	+18.4%
GG	Sell	GOLDCORP INC	$10,290,000	-14.8%	622,901	-1.3%	1.84%	-18.2%
GOLD	Buy	BARRICK GOLD CORP	$9,272,000	-16.7%	523,236	+0.4%	1.66%	-20.1%
CVE	Sell	CENOVUS ENERGY, INC.	$9,195,000	+3.8%	639,848	-0.2%	1.64%	-0.5%
PBT	Sell	PERMIAN BASIN ROYALTY TRUST	$8,633,000	-5.1%	1,238,587	-0.2%	1.54%	-9.0%
CCJ	New	CAMECO CORP	$7,445,000	–	869,744	–	1.33%	–
NOK	Sell	NOKIA	$6,869,000	+1.7%	1,186,321	-0.0%	1.23%	-2.5%
FCX	Sell	FREEPORT-MCMORAN INC.	$6,240,000	-2.7%	574,580	-0.2%	1.11%	-6.7%
BHI	Sell	BAKER HUGHES INC COM	$4,939,000	+11.5%	97,863	-0.2%	0.88%	+7.0%
TRC	Sell	TEJON RANCH CO	$3,578,000	+2.6%	147,118	-0.2%	0.64%	-1.5%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING	$3,461,000	-27.9%	196,533	-0.4%	0.62%	-30.9%
TNP	Sell	TSAKOS ENERGY NAVIGATION LTD	$2,841,000	+2.3%	589,385	-0.4%	0.51%	-1.9%
PDS	Sell	PRECISION DRILLING CORP	$2,427,000	-21.2%	580,660	-0.1%	0.43%	-24.4%
MFCB	Sell	MFC BANCORP LTD	$2,181,000	-6.8%	1,063,727	-0.4%	0.39%	-10.8%
DVN	Sell	DEVON ENERGY	$1,279,000	+20.2%	28,994	-1.2%	0.23%	+15.2%
MOS	New	MOSAIC	$975,000	–	39,880	–	0.17%	–
HBI	Sell	HANESBRANDS INC	$942,000	-1.7%	37,319	-2.1%	0.17%	-5.6%
TCPTF	Sell	THOMPSON CREEK METALS	$548,000	+24.0%	1,046,728	-0.4%	0.10%	+19.5%
VEC	Sell	VECTRUS INC	$491,000	-46.7%	32,249	-0.4%	0.09%	-48.8%

Q2 2016

			Value		Shares		↓ Weighting
PFE	New	PFIZER	$55,373,000	–	1,572,651	–	10.31%	–
NEM	New	NEWMONT MINING	$41,202,000	–	1,053,215	–	7.67%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$37,992,000	–	262,391	–	7.07%	–
MRK	New	MERCK AND CO. INC.	$37,858,000	–	657,137	–	7.05%	–
XOM	New	EXXON MOBIL	$26,301,000	–	280,571	–	4.90%	–
COP	New	CONOCOPHILLIPS	$25,550,000	–	586,000	–	4.76%	–
TECK	New	TECK RESOURCES LIMITED	$22,948,000	–	1,742,457	–	4.27%	–
GLW	New	CORNING	$20,969,000	–	1,023,883	–	3.90%	–
VLO	New	VALERO ENERGY CORP NEW	$20,837,000	–	408,565	–	3.88%	–
PSX	New	PHILLIPS 66	$19,950,000	–	251,454	–	3.71%	–
CVX	New	CHEVRON	$19,828,000	–	189,140	–	3.69%	–
LUK	New	LEUCADIA NATIONAL	$16,517,000	–	953,064	–	3.08%	–
SNY	New	SANOFI	$14,872,000	–	355,353	–	2.77%	–
CKH	New	SEACOR HOLDINGS INC	$12,600,000	–	217,437	–	2.34%	–
LXK	New	LEXMARK INTL INC CL A	$12,483,000	–	330,673	–	2.32%	–
GG	New	GOLDCORP INC	$12,073,000	–	631,091	–	2.25%	–
ECA	New	ENCANA	$11,216,000	–	1,439,807	–	2.09%	–
GOLD	New	BARRICK GOLD CORP	$11,130,000	–	521,326	–	2.07%	–
INTC	New	INTEL CORP.	$10,962,000	–	334,196	–	2.04%	–
CSCO	New	CISCO SYSTEMS	$10,611,000	–	369,851	–	1.98%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$9,093,000	–	1,240,487	–	1.69%	–
CVE	New	CENOVUS ENERGY, INC.	$8,857,000	–	640,898	–	1.65%	–
HPQ	New	HP INC	$8,526,000	–	679,387	–	1.59%	–
NOK	New	NOKIA	$6,753,000	–	1,186,821	–	1.26%	–
L	New	LOEWS	$6,706,000	–	163,202	–	1.25%	–
FCX	New	FREEPORT-MCMORAN INC.	$6,413,000	–	575,680	–	1.19%	–
NBL	New	NOBLE ENERGY	$5,394,000	–	150,386	–	1.00%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING	$4,803,000	–	197,403	–	0.89%	–
BHI	New	BAKER HUGHES INC COM	$4,428,000	–	98,107	–	0.82%	–
FOR	New	FORESTAR REAL ESTATE GROUP INC	$4,076,000	–	342,850	–	0.76%	–
TRC	New	TEJON RANCH CO	$3,486,000	–	147,448	–	0.65%	–
PDS	New	PRECISION DRILLING CORP	$3,080,000	–	581,060	–	0.57%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$2,776,000	–	591,985	–	0.52%	–
RIG	New	TRANSOCEAN, LTD	$2,735,000	–	230,058	–	0.51%	–
MFCB	New	MFC BANCORP LTD	$2,340,000	–	1,068,327	–	0.44%	–
SFNC	New	SIMMONS FIRST NATIONAL	$1,834,000	–	39,700	–	0.34%	–
PBA	New	PEMBINA PIPELINE CORP	$1,303,000	–	42,950	–	0.24%	–
TRV	New	THE TRAVELERS COS., INC.	$1,148,000	–	9,647	–	0.21%	–
TDF	New	TEMPLETON DRAGON FUND	$1,133,000	–	65,376	–	0.21%	–
BRKA	New	BERKSHIRE HATHAWAY HLD A	$1,085,000	–	5	–	0.20%	–
DVN	New	DEVON ENERGY	$1,064,000	–	29,344	–	0.20%	–
HBI	New	HANESBRANDS INC	$958,000	–	38,135	–	0.18%	–
BXS	New	BANCORPSOUTH	$958,000	–	42,236	–	0.18%	–
VEC	New	VECTRUS INC	$922,000	–	32,370	–	0.17%	–
SJT	New	SAN JUAN BASIN ROYALTY TRUST	$906,000	–	124,605	–	0.17%	–
TSN	New	TYSON FOODS	$878,000	–	13,144	–	0.16%	–
CB	New	CHUBB LTD INC	$747,000	–	5,717	–	0.14%	–
PPC	New	PILGRIM'S PRIDE	$528,000	–	20,727	–	0.10%	–
F	New	FORD MOTOR	$488,000	–	38,813	–	0.09%	–
TCPTF	New	THOMPSON CREEK METALS	$442,000	–	1,051,328	–	0.08%	–
IMO	New	IMPERIAL OIL LTD	$401,000	–	12,705	–	0.08%	–
WMT	New	WAL-MART STORES	$345,000	–	4,729	–	0.06%	–
IBM	New	INTERNATIONAL BUSINESS MACHINE	$323,000	–	2,127	–	0.06%	–
JOY	New	JOY GLOBAL	$250,000	–	11,812	–	0.05%	–
EMN	New	EASTMAN CHEMICAL	$244,000	–	3,600	–	0.04%	–
MPC	New	MARATHON PETROLEUM CORP	$226,000	–	5,944	–	0.04%	–
TWIN	New	TWIN DISC	$192,000	–	17,881	–	0.04%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$112,000	–	21,146	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
BTU	Exit	PEABODY ENERGY CORP COM	$0	–	-70,050	–	-0.02%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-24,714	–	-0.04%	–
TWIN	Exit	TWIN DISC	$0	–	-17,881	–	-0.05%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-3,600	–	-0.05%	–
ACIIQ	Exit	ARCH COAL INC	$0	–	-75,950	–	-0.05%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-5,944	–	-0.06%	–
WMT	Exit	WAL-MART STORES	$0	–	-4,729	–	-0.07%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINE	$0	–	-2,220	–	-0.07%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-12,705	–	-0.09%	–
PPC	Exit	PILGRIM'S PRIDE	$0	–	-20,727	–	-0.09%	–
TSN	Exit	TYSON FOODS	$0	–	-13,144	–	-0.12%	–
ACE	Exit	ACE LIMITED	$0	–	-6,967	–	-0.16%	–
VEC	Exit	VECTRUS INC	$0	–	-34,390	–	-0.16%	–
TCPTF	Exit	THOMPSON CREEK METALS	$0	–	-1,774,531	–	-0.17%	–
F	Exit	FORD MOTOR	$0	–	-58,813	–	-0.17%	–
BRKA	Exit	BERKSHIRE HATHAWAY HLD A	$0	–	-5	–	-0.21%	–
BXS	Exit	BANCORPSOUTH	$0	–	-42,236	–	-0.22%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-42,950	–	-0.22%	–
SJT	Exit	SAN JUAN BASIN ROYALTY TRUST	$0	–	-124,605	–	-0.25%	–
HBI	Exit	HANESBRANDS INC	$0	–	-40,800	–	-0.25%	–
TDF	Exit	TEMPLETON DRAGON FUND	$0	–	-65,376	–	-0.26%	–
XOM	Exit	EXXON MOBIL	$0	–	-18,062	–	-0.29%	–
TRV	Exit	THE TRAVELERS COS., INC.	$0	–	-14,147	–	-0.30%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-548,576	–	-0.44%	–
SFNC	Exit	SIMMONS FIRST NATIONAL	$0	–	-44,700	–	-0.46%	–
DVN	Exit	DEVON ENERGY	$0	–	-60,582	–	-0.48%	–
MFCB	Exit	MFC INDUSTRIAL LTD	$0	–	-1,077,336	–	-0.66%	–
RIG	Exit	TRANSOCEAN, LTD	$0	–	-244,658	–	-0.68%	–
TRC	Exit	TEJON RANCH CO	$0	–	-149,691	–	-0.70%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING	$0	–	-198,637	–	-0.74%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-585,152	–	-0.80%	–
NBL	Exit	NOBLE ENERGY	$0	–	-155,997	–	-1.01%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-591,878	–	-1.04%	–
L	Exit	LOEWS	$0	–	-136,985	–	-1.06%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-98,922	–	-1.11%	–
FOR	Exit	FORESTAR REAL ESTATE GROUP INC	$0	–	-428,550	–	-1.21%	–
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-627,212	–	-1.31%	–
TECK	Exit	TECK RESOURCES LIMITED	$0	–	-1,484,361	–	-1.53%	–
GG	Exit	GOLDCORP INC	$0	–	-602,585	–	-1.62%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-1,259,994	–	-1.66%	–
NOK	Exit	NOKIA	$0	–	-1,224,263	–	-1.78%	–
HPQ	Exit	HEWLETT PACKARD	$0	–	-359,169	–	-1.98%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-366,245	–	-2.07%	–
CVE	Exit	CENOVUS ENERGY, INC.	$0	–	-639,050	–	-2.08%	–
LXK	Exit	LEXMARK INTL INC CL A	$0	–	-336,985	–	-2.10%	–
ECA	Exit	ENCANA	$0	–	-1,538,133	–	-2.13%	–
INTC	Exit	INTEL CORP.	$0	–	-339,996	–	-2.20%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-225,863	–	-2.90%	–
CVX	Exit	CHEVRON	$0	–	-189,210	–	-3.21%	–
LUK	Exit	LEUCADIA NATIONAL	$0	–	-805,704	–	-3.51%	–
SNY	Exit	SANOFI	$0	–	-350,464	–	-3.58%	–
NEM	Exit	NEWMONT MINING	$0	–	-1,087,613	–	-3.76%	–
GLW	Exit	CORNING	$0	–	-1,044,644	–	-3.84%	–
PSX	Exit	PHILLIPS 66	$0	–	-258,001	–	-4.26%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-592,744	–	-6.11%	–
MRK	Exit	MERCK AND CO. INC.	$0	–	-676,176	–	-7.18%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-269,005	–	-7.54%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-692,729	–	-8.95%	–
PFE	Exit	PFIZER	$0	–	-1,617,186	–	-10.92%	–

Q3 2015

			Value		Shares		↓ Weighting
PFE	Sell	PFIZER	$50,796,000	-7.0%	1,617,186	-0.7%	10.92%	+10.4%
VLO	Sell	VALERO ENERGY CORP NEW	$41,633,000	-4.7%	692,729	-0.8%	8.95%	+13.1%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$35,078,000	-4.5%	269,005	-0.3%	7.54%	+13.4%
MRK	Sell	MERCK AND CO. INC.	$33,396,000	-14.3%	676,176	-1.2%	7.18%	+1.8%
COP	Buy	CONOCOPHILLIPS	$28,428,000	-21.6%	592,744	+0.3%	6.11%	-6.9%
PSX	Sell	PHILLIPS 66	$19,825,000	-5.9%	258,001	-1.4%	4.26%	+11.7%
GLW	Sell	CORNING	$17,884,000	-13.5%	1,044,644	-0.3%	3.84%	+2.7%
NEM	Buy	NEWMONT MINING	$17,478,000	-30.3%	1,087,613	+1.3%	3.76%	-17.3%
SNY	Sell	SANOFI	$16,637,000	-4.3%	350,464	-0.1%	3.58%	+13.7%
LUK	Sell	LEUCADIA NATIONAL	$16,324,000	-16.9%	805,704	-0.4%	3.51%	-1.3%
CVX	Buy	CHEVRON	$14,925,000	-12.1%	189,210	+7.5%	3.21%	+4.4%
CKH	Sell	SEACOR HOLDINGS INC	$13,509,000	-16.0%	225,863	-0.3%	2.90%	-0.2%
INTC	Sell	INTEL CORP.	$10,247,000	-1.6%	339,996	-0.7%	2.20%	+16.8%
ECA	Sell	ENCANA	$9,906,000	-42.5%	1,538,133	-1.6%	2.13%	-31.7%
LXK	Buy	LEXMARK INTL INC CL A	$9,766,000	-32.7%	336,985	+2.7%	2.10%	-20.1%
CVE	Buy	CENOVUS ENERGY, INC.	$9,688,000	-5.0%	639,050	+0.3%	2.08%	+12.8%
CSCO	Sell	CISCO SYSTEMS	$9,614,000	-5.1%	366,245	-0.8%	2.07%	+12.6%
HPQ	Sell	HEWLETT PACKARD	$9,198,000	-15.8%	359,169	-1.3%	1.98%	+0.1%
NOK	Sell	NOKIA	$8,301,000	-2.3%	1,224,263	-1.3%	1.78%	+16.1%
PBT	Buy	PERMIAN BASIN ROYALTY TRUST	$7,699,000	-22.3%	1,259,994	+2.5%	1.66%	-7.7%
GG	Buy	GOLDCORP INC	$7,544,000	+237.7%	602,585	+337.0%	1.62%	+301.5%
TECK	Buy	TECK RESOURCES LIMITED	$7,125,000	-48.2%	1,484,361	+6.9%	1.53%	-38.5%
FCX	Buy	FREEPORT-MCMORAN INC.	$6,078,000	-46.3%	627,212	+3.3%	1.31%	-36.2%
BHI	Sell	BAKER HUGHES INC COM	$5,148,000	-15.8%	98,922	-0.1%	1.11%	0.0%
L	Buy	LOEWS	$4,951,000	-3.9%	136,985	+2.4%	1.06%	+14.2%
TNP	Sell	TSAKOS ENERGY NAVIGATION LTD	$4,812,000	-15.7%	591,878	-1.2%	1.04%	+0.1%
NBL	Sell	NOBLE ENERGY	$4,708,000	-31.8%	155,997	-3.6%	1.01%	-19.1%
GOLD	Sell	BARRICK GOLD CORP	$3,722,000	-60.3%	585,152	-33.5%	0.80%	-52.9%
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING	$3,436,000	-26.5%	198,637	+9.7%	0.74%	-12.6%
TRC	Buy	TEJON RANCH CO	$3,265,000	-15.0%	149,691	+0.3%	0.70%	+1.0%
RIG	Sell	TRANSOCEAN, LTD	$3,161,000	-22.6%	244,658	-3.4%	0.68%	-8.0%
MFCB	Buy	MFC INDUSTRIAL LTD	$3,081,000	-27.8%	1,077,336	+2.3%	0.66%	-14.2%
DVN	Sell	DEVON ENERGY	$2,247,000	-43.3%	60,582	-9.0%	0.48%	-32.6%
SFNC	Sell	SIMMONS FIRST NATIONAL	$2,142,000	+0.4%	44,700	-2.2%	0.46%	+19.4%
PDS	Buy	PRECISION DRILLING CORP	$2,041,000	-43.6%	548,576	+1.9%	0.44%	-33.0%
XOM	Buy	EXXON MOBIL	$1,343,000	-6.9%	18,062	+4.2%	0.29%	+10.7%
TDF	Sell	TEMPLETON DRAGON FUND	$1,221,000	-25.3%	65,376	-0.8%	0.26%	-11.1%
HBI	Sell	HANESBRANDS INC	$1,181,000	-17.2%	40,800	-4.7%	0.25%	-1.6%
BXS	Sell	BANCORPSOUTH	$1,004,000	-9.0%	42,236	-1.4%	0.22%	+8.0%
TCPTF	Sell	THOMPSON CREEK METALS	$775,000	-55.6%	1,774,531	-16.6%	0.17%	-47.2%
VEC	Sell	VECTRUS INC	$758,000	-11.7%	34,390	-0.4%	0.16%	+5.2%
ACIIQ	New	ARCH COAL INC	$251,000	–	75,950	–	0.05%	–
BTU	Sell	PEABODY ENERGY CORP COM	$82,000	-49.1%	70,050	-4.7%	0.02%	-37.9%
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-4,124	–	-0.04%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-6,000	–	-0.04%	–
ACI	Exit	ARCH COAL INC	$0	–	-828,848	–	-0.05%	–
TECU	Exit	TECUMSEH PRODUCTS CO	$0	–	-509,338	–	-0.23%	–

Q2 2015

			Value		Shares		↓ Weighting
PFE	New	PFIZER	$54,613,000	–	1,628,786	–	9.89%	–
VLO	New	VALERO ENERGY CORP NEW	$43,700,000	–	698,081	–	7.91%	–
MRK	New	MERCK AND CO. INC.	$38,959,000	–	684,324	–	7.05%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$36,724,000	–	269,813	–	6.65%	–
COP	New	CONOCOPHILLIPS	$36,274,000	–	590,687	–	6.57%	–
NEM	New	NEWMONT MINING	$25,086,000	–	1,073,882	–	4.54%	–
PSX	New	PHILLIPS 66	$21,071,000	–	261,555	–	3.82%	–
GLW	New	CORNING	$20,681,000	–	1,048,197	–	3.74%	–
LUK	New	LEUCADIA NATIONAL	$19,651,000	–	809,339	–	3.56%	–
SNY	New	SANOFI	$17,380,000	–	350,893	–	3.15%	–
ECA	New	ENCANA	$17,234,000	–	1,563,899	–	3.12%	–
CVX	New	CHEVRON	$16,980,000	–	176,017	–	3.07%	–
CKH	New	SEACOR HOLDINGS INC	$16,073,000	–	226,565	–	2.91%	–
LXK	New	LEXMARK INTL INC CL A	$14,507,000	–	328,222	–	2.63%	–
TECK	New	TECK RESOURCES LIMITED	$13,761,000	–	1,388,574	–	2.49%	–
FCX	New	FREEPORT-MCMORAN INC.	$11,308,000	–	607,308	–	2.05%	–
HPQ	New	HEWLETT PACKARD	$10,918,000	–	363,825	–	1.98%	–
INTC	New	INTEL CORP.	$10,418,000	–	342,528	–	1.89%	–
CVE	New	CENOVUS ENERGY, INC.	$10,196,000	–	636,850	–	1.85%	–
CSCO	New	CISCO SYSTEMS	$10,136,000	–	369,122	–	1.84%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$9,906,000	–	1,229,038	–	1.79%	–
GOLD	New	BARRICK GOLD CORP	$9,379,000	–	879,794	–	1.70%	–
NOK	New	NOKIA	$8,497,000	–	1,240,435	–	1.54%	–
NBL	New	NOBLE ENERGY	$6,908,000	–	161,847	–	1.25%	–
BHI	New	BAKER HUGHES INC COM	$6,112,000	–	99,052	–	1.11%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$5,710,000	–	599,201	–	1.03%	–
FOR	New	FORESTAR REAL ESTATE GROUP INC	$5,640,000	–	428,550	–	1.02%	–
L	New	LOEWS	$5,150,000	–	133,740	–	0.93%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING	$4,674,000	–	181,077	–	0.85%	–
MFCB	New	MFC INDUSTRIAL LTD	$4,266,000	–	1,053,243	–	0.77%	–
RIG	New	TRANSOCEAN, LTD	$4,084,000	–	253,321	–	0.74%	–
DVN	New	DEVON ENERGY	$3,960,000	–	66,570	–	0.72%	–
TRC	New	TEJON RANCH CO	$3,839,000	–	149,316	–	0.70%	–
PDS	New	PRECISION DRILLING CORP	$3,618,000	–	538,460	–	0.66%	–
GG	New	GOLDCORP INC	$2,234,000	–	137,906	–	0.40%	–
SFNC	New	SIMMONS FIRST NATIONAL	$2,133,000	–	45,700	–	0.39%	–
TCPTF	New	THOMPSON CREEK METALS	$1,746,000	–	2,128,864	–	0.32%	–
TDF	New	TEMPLETON DRAGON FUND	$1,634,000	–	65,876	–	0.30%	–
XOM	New	EXXON MOBIL	$1,442,000	–	17,332	–	0.26%	–
HBI	New	HANESBRANDS INC	$1,426,000	–	42,800	–	0.26%	–
PBA	New	PEMBINA PIPELINE CORP	$1,387,000	–	42,950	–	0.25%	–
TRV	New	THE TRAVELERS COS., INC.	$1,367,000	–	14,147	–	0.25%	–
SJT	New	SAN JUAN BASIN ROYALTY TRUST	$1,338,000	–	124,605	–	0.24%	–
TECU	New	TECUMSEH PRODUCTS CO	$1,258,000	–	509,338	–	0.23%	–
BXS	New	BANCORPSOUTH	$1,103,000	–	42,836	–	0.20%	–
BRKA	New	BERKSHIRE HATHAWAY HLD A	$1,024,000	–	5	–	0.18%	–
F	New	FORD MOTOR	$883,000	–	58,813	–	0.16%	–
VEC	New	VECTRUS INC	$858,000	–	34,515	–	0.16%	–
ACE	New	ACE LIMITED	$708,000	–	6,967	–	0.13%	–
TSN	New	TYSON FOODS	$560,000	–	13,144	–	0.10%	–
IMO	New	IMPERIAL OIL LTD	$491,000	–	12,705	–	0.09%	–
PPC	New	PILGRIM'S PRIDE	$476,000	–	20,727	–	0.09%	–
IBM	New	INTERNATIONAL BUSINESS MACHINE	$361,000	–	2,220	–	0.06%	–
WMT	New	WAL-MART STORES	$335,000	–	4,729	–	0.06%	–
TWIN	New	TWIN DISC	$333,000	–	17,881	–	0.06%	–
MPC	New	MARATHON PETROLEUM CORP	$311,000	–	5,944	–	0.06%	–
EMN	New	EASTMAN CHEMICAL	$295,000	–	3,600	–	0.05%	–
ACI	New	ARCH COAL INC	$282,000	–	828,848	–	0.05%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$278,000	–	24,714	–	0.05%	–
MUR	New	MURPHY OIL CORP	$249,000	–	6,000	–	0.04%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$215,000	–	4,124	–	0.04%	–
BTU	New	PEABODY ENERGY CORP COM	$161,000	–	73,485	–	0.03%	–

Q4 2014

			Value		Shares		↓ Weighting
BP	Exit	BP PLC	$0	–	-5,125	–	-0.03%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-2,972	–	-0.03%	–
BPT	Exit	BP PRUDHOE BAY ROYALTY TRUST	$0	–	-3,000	–	-0.04%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-3,600	–	-0.04%	–
RGP	Exit	REGENCY ENERGY PARTNERS LP	$0	–	-10,000	–	-0.04%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-6,000	–	-0.04%	–
WMT	Exit	WAL-MART STORES	$0	–	-4,897	–	-0.05%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-25,687	–	-0.05%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINE	$0	–	-2,320	–	-0.06%	–
TWIN	Exit	TWIN DISC	$0	–	-17,881	–	-0.06%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-4,735	–	-0.07%	–
TSN	Exit	TYSON FOODS	$0	–	-13,144	–	-0.07%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-13,305	–	-0.08%	–
PPC	Exit	PILGRIM'S PRIDE	$0	–	-20,727	–	-0.08%	–
ACE	Exit	ACE LIMITED	$0	–	-6,967	–	-0.10%	–
VEC	Exit	VECTRUS INC	$0	–	-40,772	–	-0.10%	–
MRO	Exit	MARATHON OIL	$0	–	-22,445	–	-0.11%	–
BXS	Exit	BANCORPSOUTH	$0	–	-42,836	–	-0.11%	–
F	Exit	FORD MOTOR	$0	–	-59,713	–	-0.12%	–
BRKA	Exit	BERKSHIRE HATHAWAY HLD A	$0	–	-5	–	-0.14%	–
HBI	Exit	HANESBRANDS INC	$0	–	-11,300	–	-0.16%	–
TRV	Exit	THE TRAVELERS COS., INC.	$0	–	-14,147	–	-0.17%	–
SFNC	Exit	SIMMONS FIRST NATIONAL	$0	–	-39,700	–	-0.20%	–
TDF	Exit	TEMPLETON DRAGON FUND	$0	–	-65,876	–	-0.22%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-42,950	–	-0.24%	–
XOM	Exit	EXXON MOBIL	$0	–	-22,594	–	-0.28%	–
TECU	Exit	TECUMSEH PRODUCTS CO	$0	–	-547,940	–	-0.31%	–
TRC	Exit	TEJON RANCH CO	$0	–	-87,818	–	-0.32%	–
SJT	Exit	SAN JUAN BASIN ROYALTY TRUST	$0	–	-143,405	–	-0.36%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING	$0	–	-113,307	–	-0.51%	–
ACI	Exit	ARCH COAL INC	$0	–	-2,049,854	–	-0.57%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-713,328	–	-0.59%	–
DVN	Exit	DEVON ENERGY	$0	–	-78,501	–	-0.70%	–
TCPTF	Exit	THOMPSON CREEK METALS	$0	–	-2,440,566	–	-0.70%	–
L	Exit	LOEWS	$0	–	-155,968	–	-0.85%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-615,473	–	-0.87%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-116,192	–	-0.99%	–
FOR	Exit	FORESTAR REAL ESTATE GROUP INC	$0	–	-466,750	–	-1.08%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-125,112	–	-1.22%	–
MFCB	Exit	MFC INDUSTRIAL LTD	$0	–	-1,334,450	–	-1.24%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-433,404	–	-1.42%	–
RIG	Exit	TRANSOCEAN, LTD	$0	–	-362,264	–	-1.51%	–
XLS	Exit	EXELIS INC	$0	–	-737,300	–	-1.59%	–
NOK	Exit	NOKIA	$0	–	-1,452,287	–	-1.60%	–
NBL	Exit	NOBLE ENERGY	$0	–	-187,182	–	-1.67%	–
INTC	Exit	INTEL CORP.	$0	–	-402,369	–	-1.83%	–
HPQ	Exit	HEWLETT PACKARD	$0	–	-417,574	–	-1.94%	–
LXK	Exit	LEXMARK INTL INC CL A	$0	–	-391,467	–	-2.17%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-1,224,779	–	-2.34%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-1,378,420	–	-2.44%	–
CVE	Exit	CENOVUS ENERGY, INC.	$0	–	-700,674	–	-2.46%	–
SNY	Exit	SANOFI	$0	–	-391,300	–	-2.88%	–
CVX	Exit	CHEVRON	$0	–	-186,445	–	-2.91%	–
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-681,472	–	-2.91%	–
LUK	Exit	LEUCADIA NATIONAL	$0	–	-947,562	–	-2.95%	–
GLW	Exit	CORNING	$0	–	-1,235,332	–	-3.12%	–
PSX	Exit	PHILLIPS 66	$0	–	-302,985	–	-3.22%	–
TECK	Exit	TECK RESOURCES LIMITED	$0	–	-1,388,414	–	-3.43%	–
NEM	Exit	NEWMONT MINING	$0	–	-1,278,526	–	-3.85%	–
LLY	Exit	ELI LILLY	$0	–	-560,930	–	-4.75%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-806,254	–	-4.87%	–
ECA	Exit	ENCANA	$0	–	-1,865,321	–	-5.17%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-313,597	–	-5.66%	–
MRK	Exit	MERCK AND CO. INC.	$0	–	-803,546	–	-6.22%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-686,216	–	-6.86%	–
PFE	Exit	PFIZER	$0	–	-1,869,601	–	-7.22%	–

Q3 2014

			Value		Shares		↓ Weighting
PFE	Sell	PFIZER	$55,284,000	-2.6%	1,869,601	-2.2%	7.22%	+4.3%
COP	Sell	CONOCOPHILLIPS	$52,509,000	-11.8%	686,216	-1.2%	6.86%	-5.6%
MRK	Sell	MERCK AND CO. INC.	$47,634,000	-1.8%	803,546	-4.2%	6.22%	+5.1%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$43,320,000	+7.6%	313,597	-1.4%	5.66%	+15.2%
ECA	Sell	ENCANA	$39,563,000	-11.0%	1,865,321	-0.5%	5.17%	-4.7%
VLO	Sell	VALERO ENERGY CORP NEW	$37,305,000	-8.1%	806,254	-0.5%	4.87%	-1.6%
LLY	Sell	ELI LILLY	$36,376,000	+0.5%	560,930	-3.6%	4.75%	+7.6%
NEM	Buy	NEWMONT MINING	$29,470,000	-8.6%	1,278,526	+0.8%	3.85%	-2.2%
TECK	Sell	TECK RESOURCES LIMITED	$26,227,000	-17.5%	1,388,414	-0.2%	3.43%	-11.6%
PSX	Sell	PHILLIPS 66	$24,636,000	-0.4%	302,985	-1.4%	3.22%	+6.7%
GLW	Sell	CORNING	$23,891,000	-13.3%	1,235,332	-1.6%	3.12%	-7.2%
LUK	Sell	LEUCADIA NATIONAL	$22,590,000	-9.3%	947,562	-0.3%	2.95%	-3.0%
FCX	Sell	FREEPORT-MCMORAN INC.	$22,250,000	-11.3%	681,472	-0.8%	2.91%	-5.0%
CVX	Sell	CHEVRON	$22,247,000	-9.0%	186,445	-0.5%	2.91%	-2.6%
SNY	Sell	SANOFI	$22,081,000	+5.8%	391,300	-0.3%	2.88%	+13.2%
CVE	Sell	CENOVUS ENERGY, INC.	$18,834,000	-17.6%	700,674	-0.8%	2.46%	-11.8%
PBT	Buy	PERMIAN BASIN ROYALTY TRUST	$18,719,000	-4.0%	1,378,420	+0.7%	2.44%	+2.7%
GOLD	Buy	BARRICK GOLD CORP	$17,955,000	-19.6%	1,224,779	+0.3%	2.34%	-14.0%
LXK	Sell	LEXMARK INTL INC CL A	$16,637,000	-13.1%	391,467	-1.6%	2.17%	-7.0%
HPQ	Sell	HEWLETT PACKARD	$14,811,000	+3.7%	417,574	-1.6%	1.94%	+11.0%
INTC	Sell	INTEL CORP.	$14,010,000	+11.3%	402,369	-1.3%	1.83%	+19.1%
NBL	Sell	NOBLE ENERGY	$12,796,000	-12.9%	187,182	-1.3%	1.67%	-6.7%
NOK	Sell	NOKIA	$12,286,000	+11.5%	1,452,287	-0.4%	1.60%	+19.3%
XLS	Sell	EXELIS INC	$12,195,000	-3.0%	737,300	-0.4%	1.59%	+3.9%
RIG	Buy	TRANSOCEAN, LTD	$11,582,000	-28.8%	362,264	+0.3%	1.51%	-23.8%
CSCO	Sell	CISCO SYSTEMS	$10,909,000	+0.8%	433,404	-0.5%	1.42%	+7.9%
MFCB	Buy	MFC INDUSTRIAL LTD	$9,488,000	-6.6%	1,334,450	+0.5%	1.24%	-0.1%
CKH	Buy	SEACOR HOLDINGS INC	$9,358,000	+649.2%	125,112	+724.2%	1.22%	+703.9%
BHI	Sell	BAKER HUGHES INC COM	$7,559,000	-14.3%	116,192	-1.9%	0.99%	-8.4%
PDS	Sell	PRECISION DRILLING CORP	$6,641,000	-24.2%	615,473	-0.5%	0.87%	-18.8%
L	Buy	LOEWS	$6,498,000	-4.0%	155,968	+1.4%	0.85%	+2.8%
TCPTF	Buy	THOMPSON CREEK METALS	$5,369,000	-25.4%	2,440,566	+0.4%	0.70%	-20.2%
DVN	Sell	DEVON ENERGY	$5,352,000	-20.7%	78,501	-7.6%	0.70%	-15.1%
TNP	Sell	TSAKOS ENERGY NAVIGATION LTD	$4,551,000	-5.0%	713,328	-0.4%	0.59%	+1.7%
ACI	Buy	ARCH COAL INC	$4,346,000	-41.2%	2,049,854	+1.2%	0.57%	-37.0%
DOFSQ	Buy	DIAMOND OFFSHORE DRILLING	$3,883,000	-11.0%	113,307	+28.9%	0.51%	-4.7%
TRC	New	TEJON RANCH CO	$2,462,000	–	87,818	–	0.32%	–
TECU	Sell	TECUMSEH PRODUCTS CO	$2,356,000	-16.2%	547,940	-0.8%	0.31%	-10.2%
XOM	Buy	EXXON MOBIL	$2,125,000	-6.1%	22,594	+0.5%	0.28%	+0.7%
VEC	New	VECTRUS INC	$796,000	–	40,772	–	0.10%	–
PPC	Sell	PILGRIM'S PRIDE	$633,000	+6.6%	20,727	-4.5%	0.08%	+15.3%
TSN	Sell	TYSON FOODS	$517,000	-0.2%	13,144	-4.8%	0.07%	+7.9%
RFP	Sell	RESOLUTE FOREST PRODUCTS	$402,000	-6.7%	25,687	-0.1%	0.05%	0.0%
MUR	Sell	MURPHY OIL CORP	$341,000	-16.2%	6,000	-2.0%	0.04%	-10.0%
EMN	Sell	EASTMAN CHEMICAL	$291,000	-73.6%	3,600	-71.4%	0.04%	-71.6%
BP	Sell	BP PLC	$225,000	-30.3%	5,125	-16.3%	0.03%	-25.6%
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-1,749	–	-0.02%	–
HSH	Exit	HILLSHIRE BRANDS CO	$0	–	-4,042	–	-0.03%	–
CST	Exit	CST BRANDS	$0	–	-86,270	–	-0.36%	–

Q2 2014

			Value		Shares		↓ Weighting
COP	New	CONOCOPHILLIPS	$59,545,000	–	694,560	–	7.27%	–
PFE	New	PFIZER	$56,762,000	–	1,912,457	–	6.93%	–
MRK	New	MERCK AND CO. INC.	$48,498,000	–	838,343	–	5.92%	–
ECA	New	ENCANA	$44,446,000	–	1,874,559	–	5.42%	–
VLO	New	VALERO ENERGY CORP NEW	$40,594,000	–	810,262	–	4.95%	–
BRKB	New	BERKSHIRE HATHAWAY CL B	$40,254,000	–	318,066	–	4.91%	–
LLY	New	ELI LILLY	$36,191,000	–	582,125	–	4.42%	–
NEM	New	NEWMONT MINING	$32,257,000	–	1,267,977	–	3.94%	–
TECK	New	TECK RESOURCES LIMITED	$31,773,000	–	1,391,738	–	3.88%	–
GLW	New	CORNING	$27,567,000	–	1,255,892	–	3.36%	–
FCX	New	FREEPORT-MCMORAN INC.	$25,073,000	–	686,940	–	3.06%	–
LUK	New	LEUCADIA NATIONAL	$24,918,000	–	950,326	–	3.04%	–
PSX	New	PHILLIPS 66	$24,723,000	–	307,380	–	3.02%	–
CVX	New	CHEVRON	$24,457,000	–	187,340	–	2.98%	–
CVE	New	CENOVUS ENERGY, INC.	$22,863,000	–	706,290	–	2.79%	–
GOLD	New	BARRICK GOLD CORP	$22,345,000	–	1,221,050	–	2.73%	–
SNY	New	SANOFI	$20,869,000	–	392,500	–	2.55%	–
PBT	New	PERMIAN BASIN ROYALTY TRUST	$19,503,000	–	1,368,660	–	2.38%	–
LXK	New	LEXMARK INTL INC CL A	$19,152,000	–	397,667	–	2.34%	–
RIG	New	TRANSOCEAN, LTD	$16,270,000	–	361,313	–	1.98%	–
NBL	New	NOBLE ENERGY	$14,687,000	–	189,604	–	1.79%	–
HPQ	New	HEWLETT PACKARD	$14,288,000	–	424,240	–	1.74%	–
INTC	New	INTEL CORP.	$12,591,000	–	407,481	–	1.54%	–
XLS	New	EXELIS INC	$12,566,000	–	740,034	–	1.53%	–
NOK	New	NOKIA	$11,021,000	–	1,457,853	–	1.34%	–
CSCO	New	CISCO SYSTEMS	$10,825,000	–	435,628	–	1.32%	–
MFCB	New	MFC INDUSTRIAL LTD	$10,162,000	–	1,328,374	–	1.24%	–
FOR	New	FORESTAR REAL ESTATE GROUP INC	$8,910,000	–	466,750	–	1.09%	–
BHI	New	BAKER HUGHES INC COM	$8,822,000	–	118,496	–	1.08%	–
PDS	New	PRECISION DRILLING CORP	$8,758,000	–	618,507	–	1.07%	–
ACI	New	ARCH COAL INC	$7,395,000	–	2,025,927	–	0.90%	–
TCPTF	New	THOMPSON CREEK METALS	$7,193,000	–	2,430,052	–	0.88%	–
L	New	LOEWS	$6,770,000	–	153,834	–	0.83%	–
DVN	New	DEVON ENERGY	$6,745,000	–	84,951	–	0.82%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$4,789,000	–	715,842	–	0.58%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING	$4,363,000	–	87,919	–	0.53%	–
CST	New	CST BRANDS	$2,976,000	–	86,270	–	0.36%	–
TECU	New	TECUMSEH PRODUCTS CO	$2,813,000	–	552,617	–	0.34%	–
SJT	New	SAN JUAN BASIN ROYALTY TRUST	$2,766,000	–	143,405	–	0.34%	–
XOM	New	EXXON MOBIL	$2,264,000	–	22,483	–	0.28%	–
PBA	New	PEMBINA PIPELINE CORP	$1,847,000	–	42,950	–	0.22%	–
TDF	New	TEMPLETON DRAGON FUND	$1,703,000	–	65,876	–	0.21%	–
SFNC	New	SIMMONS FIRST NATIONAL	$1,564,000	–	39,700	–	0.19%	–
TRV	New	THE TRAVELERS COS., INC.	$1,331,000	–	14,147	–	0.16%	–
CKH	New	SEACOR HOLDINGS INC	$1,249,000	–	15,180	–	0.15%	–
HBI	New	HANESBRANDS INC	$1,112,000	–	11,300	–	0.14%	–
EMN	New	EASTMAN CHEMICAL	$1,101,000	–	12,600	–	0.13%	–
BXS	New	BANCORPSOUTH	$1,052,000	–	42,836	–	0.13%	–
F	New	FORD MOTOR	$1,029,000	–	59,713	–	0.13%	–
BRKA	New	BERKSHIRE HATHAWAY HLD A	$950,000	–	5	–	0.12%	–
MRO	New	MARATHON OIL	$896,000	–	22,445	–	0.11%	–
ACE	New	ACE LIMITED	$722,000	–	6,967	–	0.09%	–
IMO	New	IMPERIAL OIL LTD	$700,000	–	13,305	–	0.08%	–
TWIN	New	TWIN DISC	$591,000	–	17,881	–	0.07%	–
PPC	New	PILGRIM'S PRIDE	$594,000	–	21,711	–	0.07%	–
TSN	New	TYSON FOODS	$518,000	–	13,810	–	0.06%	–
JNJ	New	JOHNSON AND JOHNSON	$495,000	–	4,735	–	0.06%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$431,000	–	25,703	–	0.05%	–
IBM	New	INTERNATIONAL BUSINESS MACHINE	$421,000	–	2,320	–	0.05%	–
MUR	New	MURPHY OIL CORP	$407,000	–	6,124	–	0.05%	–
WMT	New	WAL-MART STORES	$368,000	–	4,897	–	0.04%	–
BP	New	BP PLC	$323,000	–	6,125	–	0.04%	–
RGP	New	REGENCY ENERGY PARTNERS LP	$322,000	–	10,000	–	0.04%	–
BPT	New	BP PRUDHOE BAY ROYALTY TRUST	$297,000	–	3,000	–	0.04%	–
HSH	New	HILLSHIRE BRANDS CO	$252,000	–	4,042	–	0.03%	–
MPC	New	MARATHON PETROLEUM CORP	$232,000	–	2,972	–	0.03%	–
UTX	New	UNITED TECHNOLOGIES	$202,000	–	1,749	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
BPT	Exit	BP PRUDHOE BAY ROYALTY TRUST	$0	–	-3,000	–	-0.03%	–
RGP	Exit	REGENCY ENERGY PARTNERS LP	$0	–	-10,000	–	-0.04%	–
WMT	Exit	WAL-MART STORES	$0	–	-4,897	–	-0.05%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-6,000	–	-0.05%	–
PPC	Exit	PILGRIM'S PRIDE	$0	–	-21,792	–	-0.05%	–
TSN	Exit	TYSON FOODS	$0	–	-13,873	–	-0.05%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-30,486	–	-0.05%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-4,735	–	-0.05%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINE	$0	–	-2,331	–	-0.06%	–
TWIN	Exit	TWIN DISC	$0	–	-17,881	–	-0.06%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-13,305	–	-0.08%	–
ACE	Exit	ACE LIMITED	$0	–	-6,967	–	-0.08%	–
HBI	Exit	HANESBRANDS INC	$0	–	-11,300	–	-0.09%	–
MRO	Exit	MARATHON OIL	$0	–	-22,445	–	-0.10%	–
BRKA	Exit	BERKSHIRE HATHAWAY HLD A	$0	–	-5	–	-0.11%	–
BXS	Exit	BANCORPSOUTH	$0	–	-43,236	–	-0.11%	–
CKH	Exit	SEACOR HOLDINGS INC	$0	–	-10,570	–	-0.12%	–
EMN	Exit	EASTMAN CHEMICAL	$0	–	-12,900	–	-0.13%	–
F	Exit	FORD MOTOR	$0	–	-64,279	–	-0.14%	–
TRV	Exit	THE TRAVELERS COS., INC.	$0	–	-14,147	–	-0.15%	–
SFNC	Exit	SIMMONS FIRST NATIONAL	$0	–	-39,700	–	-0.16%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING	$0	–	-22,155	–	-0.18%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-42,950	–	-0.18%	–
TDF	Exit	TEMPLETON DRAGON FUND	$0	–	-65,876	–	-0.22%	–
XOM	Exit	EXXON MOBIL	$0	–	-21,859	–	-0.24%	–
SJT	Exit	SAN JUAN BASIN ROYALTY TRUST	$0	–	-143,405	–	-0.29%	–
CST	Exit	CST BRANDS	$0	–	-91,505	–	-0.35%	–
RSHCQ	Exit	RADIOSHACK CORP	$0	–	-1,023,973	–	-0.45%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-754,612	–	-0.50%	–
DVN	Exit	DEVON ENERGY	$0	–	-86,757	–	-0.64%	–
TECUA	Exit	TECUMSEH PRODS CL A	$0	–	-607,150	–	-0.70%	–
BHI	Exit	BAKER HUGHES INC COM	$0	–	-130,563	–	-0.82%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-708,357	–	-0.90%	–
L	Exit	LOEWS	$0	–	-151,367	–	-0.91%	–
ACI	Exit	ARCH COAL INC	$0	–	-1,981,118	–	-1.04%	–
TCPTF	Exit	THOMPSON CREEK METALS	$0	–	-2,363,158	–	-1.09%	–
HPQ	Exit	HEWLETT PACKARD	$0	–	-442,970	–	-1.19%	–
NOK	Exit	NOKIA	$0	–	-1,580,366	–	-1.32%	–
MFCB	Exit	MFC INDUSTRIAL LTD	$0	–	-1,232,455	–	-1.33%	–
FOR	Exit	FORESTAR REAL ESTATE GROUP INC	$0	–	-542,634	–	-1.50%	–
XLS	Exit	EXELIS INC	$0	–	-801,384	–	-1.62%	–
RTN	Exit	RAYTHEON	$0	–	-168,162	–	-1.66%	–
NBL	Exit	NOBLE ENERGY	$0	–	-198,896	–	-1.71%	–
LXK	Exit	LEXMARK INTL INC CL A	$0	–	-418,635	–	-1.77%	–
GLW	Exit	CORNING	$0	–	-966,516	–	-1.81%	–
RIG	Exit	TRANSOCEAN, LTD	$0	–	-362,360	–	-2.07%	–
DELL	Exit	DELL COMPUTER	$0	–	-1,184,727	–	-2.09%	–
PSX	Exit	PHILLIPS 66	$0	–	-323,997	–	-2.40%	–
PBT	Exit	PERMIAN BASIN ROYALTY TRUST	$0	–	-1,350,330	–	-2.47%	–
CVE	Exit	CENOVUS ENERGY, INC.	$0	–	-668,128	–	-2.56%	–
SNY	Exit	SANOFI	$0	–	-407,096	–	-2.65%	–
CVX	Exit	CHEVRON	$0	–	-187,960	–	-2.93%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GOLD	$0	–	-701,773	–	-2.98%	–
NEM	Exit	NEWMONT MINING	$0	–	-894,740	–	-3.23%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-1,428,523	–	-3.42%	–
LUK	Exit	LEUCADIA NATIONAL	$0	–	-1,008,551	–	-3.53%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-870,966	–	-3.82%	–
LLY	Exit	ELI LILLY	$0	–	-600,877	–	-3.88%	–
ECA	Exit	ENCANA	$0	–	-1,935,196	–	-4.31%	–
TECK	Exit	TECK RESOURCES LIMITED	$0	–	-1,371,897	–	-4.73%	–
DOW	Exit	DOW CHEMICAL	$0	–	-959,058	–	-4.73%	–
BRKB	Exit	BERKSHIRE HATHAWAY CL B	$0	–	-330,332	–	-4.81%	–
MRK	Exit	MERCK AND CO. INC.	$0	–	-877,249	–	-5.36%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-713,181	–	-6.36%	–
PFE	Exit	PFIZER	$0	–	-2,022,831	–	-7.46%	–

Q3 2013

			Value		Shares		↓ Weighting
PFE	Sell	PFIZER	$58,106,000	+2.0%	2,022,831	-0.5%	7.46%	+0.4%
COP	Buy	CONOCOPHILLIPS	$49,573,000	+15.2%	713,181	+0.2%	6.36%	+13.3%
MRK	Sell	MERCK AND CO. INC.	$41,765,000	+2.3%	877,249	-0.2%	5.36%	+0.7%
BRKB	Sell	BERKSHIRE HATHAWAY CL B	$37,496,000	+0.3%	330,332	-1.1%	4.81%	-1.3%
DOW	Sell	DOW CHEMICAL	$36,828,000	+16.0%	959,058	-2.8%	4.73%	+14.2%
TECK	Buy	TECK RESOURCES LIMITED	$36,822,000	+28.1%	1,371,897	+2.0%	4.73%	+26.1%
ECA	Buy	ENCANA	$33,537,000	+7.5%	1,935,196	+5.1%	4.31%	+5.8%
LLY	Sell	ELI LILLY	$30,242,000	+1.4%	600,877	-1.0%	3.88%	-0.2%
VLO	Sell	VALERO ENERGY CORP NEW	$29,743,000	-2.9%	870,966	-1.2%	3.82%	-4.5%
LUK	Sell	LEUCADIA NATIONAL	$27,473,000	+2.0%	1,008,551	-1.8%	3.53%	+0.4%
GOLD	Buy	BARRICK GOLD CORP	$26,599,000	+68.0%	1,428,523	+42.0%	3.42%	+65.4%
NEM	Sell	NEWMONT MINING	$25,142,000	-24.9%	894,740	-20.0%	3.23%	-26.1%
FCX	Buy	FREEPORT-MCMORAN COPPER & GOLD	$23,215,000	+41.8%	701,773	+18.4%	2.98%	+39.6%
CVX	Sell	CHEVRON	$22,837,000	+0.0%	187,960	-2.6%	2.93%	-1.6%
SNY	Sell	SANOFI	$20,611,000	-5.3%	407,096	-3.6%	2.65%	-6.8%
CVE	Buy	CENOVUS ENERGY, INC.	$19,944,000	+6.8%	668,128	+2.0%	2.56%	+5.1%
PBT	Buy	PERMIAN BASIN ROYALTY TRUST	$19,242,000	+24.0%	1,350,330	+15.7%	2.47%	+22.1%
PSX	Sell	PHILLIPS 66	$18,734,000	-4.5%	323,997	-2.7%	2.40%	-6.1%
DELL	Sell	DELL COMPUTER	$16,291,000	+2.9%	1,184,727	-0.3%	2.09%	+1.3%
RIG	Buy	TRANSOCEAN, LTD	$16,125,000	-0.5%	362,360	+7.3%	2.07%	-2.1%
GLW	Buy	CORNING	$14,101,000	+24.2%	966,516	+21.2%	1.81%	+22.3%
LXK	Sell	LEXMARK INTL INC CL A	$13,815,000	+6.3%	418,635	-1.6%	1.77%	+4.6%
XLS	Sell	EXELIS INC	$12,590,000	+9.7%	801,384	-3.7%	1.62%	+7.9%
MFCB	Buy	MFC INDUSTRIAL LTD	$10,353,000	+12.0%	1,232,455	+7.6%	1.33%	+10.2%
NOK	Sell	NOKIA	$10,287,000	+73.8%	1,580,366	-0.1%	1.32%	+71.1%
HPQ	Sell	HEWLETT PACKARD	$9,298,000	-15.5%	442,970	-0.1%	1.19%	-16.8%
TCPTF	Sell	THOMPSON CREEK METALS	$8,484,000	+18.5%	2,363,158	-0.0%	1.09%	+16.6%
ACI	Sell	ARCH COAL INC	$8,142,000	+7.1%	1,981,118	-1.5%	1.04%	+5.3%
L	Buy	LOEWS	$7,075,000	+7.1%	151,367	+1.7%	0.91%	+5.3%
PDS	Sell	PRECISION DRILLING CORP	$7,027,000	+11.5%	708,357	-3.9%	0.90%	+9.7%
BHI	Buy	BAKER HUGHES INC COM	$6,411,000	+10.5%	130,563	+3.8%	0.82%	+8.7%
DVN	Sell	DEVON ENERGY	$5,011,000	+8.1%	86,757	-2.9%	0.64%	+6.3%
TNP	Sell	TSAKOS ENERGY NAVIGATION LTD	$3,932,000	+4.9%	754,612	-3.9%	0.50%	+3.3%
RSHCQ	Sell	RADIOSHACK CORP	$3,492,000	+7.8%	1,023,973	-0.1%	0.45%	+5.9%
CST	Sell	CST BRANDS	$2,727,000	-6.7%	91,505	-3.5%	0.35%	-8.1%
XOM	Sell	EXXON MOBIL	$1,881,000	-6.9%	21,859	-2.3%	0.24%	-8.3%
CKH	Sell	SEACOR HOLDINGS INC	$956,000	+7.5%	10,570	-1.2%	0.12%	+6.0%
HBI	Sell	HANESBRANDS INC	$704,000	+13.0%	11,300	-6.8%	0.09%	+11.1%
RFP	Sell	RESOLUTE FOREST PRODUCTS	$403,000	-8.2%	30,486	-8.6%	0.05%	-8.8%
MPC	Exit	MARATHON PETE CORP	$0	–	-2,972	–	-0.03%	–
AA	Exit	ALCOA, INC.	$0	–	-321,532	–	-0.33%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-40,422	–	-0.44%	–
GT	Exit	GOODYEAR TIRE RUBBER	$0	–	-949,863	–	-1.90%	–
PHG	Exit	KONINKLIJKE PHILIPS ELECTRSny reg sh new	$0	–	-744,118	–	-2.64%	–

Q2 2013

			Value		Shares		↓ Weighting
PFE	New	PFIZER INC	$56,960,000	–	2,033,553	–	7.43%	–
COP	New	CONOCOPHILLIPS	$43,050,000	–	711,564	–	5.62%	–
MRK	New	MERCK & CO. INC NEW	$40,819,000	–	878,769	–	5.33%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b	$37,395,000	–	334,121	–	4.88%	–
NEM	New	NEWMONT MINING CORP.	$33,476,000	–	1,117,732	–	4.37%	–
DOW	New	DOW CHEMICAL CO.	$31,744,000	–	986,748	–	4.14%	–
ECA	New	ENCANA CORPORATION	$31,204,000	–	1,842,003	–	4.07%	–
VLO	New	VALERO ENERGY CORP NEW	$30,646,000	–	881,389	–	4.00%	–
LLY	New	LILLY ELI & CO	$29,817,000	–	607,032	–	3.89%	–
TECK	New	TECK RESOURCES LTDcl b	$28,737,000	–	1,344,751	–	3.75%	–
LUK	New	LEUCADIA NATIONAL CORP.	$26,928,000	–	1,027,002	–	3.51%	–
CVX	New	CHEVRON CORP NEW	$22,835,000	–	192,960	–	2.98%	–
SNY	New	SANOFI AVENTISsponsored adr	$21,754,000	–	422,321	–	2.84%	–
PHG	New	KONINKLIJKE PHILIPS ELECTRSny reg sh new	$20,233,000	–	744,118	–	2.64%	–
PSX	New	PHILLIPS 66	$19,617,000	–	333,007	–	2.56%	–
CVE	New	CENOVUS ENERGY, INC	$18,678,000	–	654,921	–	2.44%	–
FCX	New	FREEPORT MCMORAN CPR & GOLDcl b	$16,367,000	–	592,793	–	2.14%	–
RIG	New	TRANSOCEAN, LTD	$16,200,000	–	337,854	–	2.11%	–
DELL	New	DELL COMPUTER	$15,832,000	–	1,188,127	–	2.07%	–
GOLD	New	BARRICK GOLD CORP	$15,829,000	–	1,005,660	–	2.06%	–
PBT	New	PERMIAN BASIN RTY TRunit ben int	$15,514,000	–	1,167,364	–	2.02%	–
GT	New	GOODYEAR TIRE RUBBER	$14,532,000	–	949,863	–	1.90%	–
LXK	New	LEXMARK INTL INC CL Acl a	$13,000,000	–	425,246	–	1.70%	–
NBL	New	NOBLE ENERGY	$11,942,000	–	198,896	–	1.56%	–
XLS	New	EXELIS INC	$11,480,000	–	832,459	–	1.50%	–
GLW	New	CORNING INC	$11,349,000	–	797,570	–	1.48%	–
RTN	New	RAYTHEON COMPANY	$11,119,000	–	168,162	–	1.45%	–
HPQ	New	HEWLETT PACKARD	$11,000,000	–	443,545	–	1.44%	–
FOR	New	FORESTAR REAL ESTATE GROUP	$10,885,000	–	542,634	–	1.42%	–
MFCB	New	MFC INDUSTRIAL LTD	$9,242,000	–	1,145,235	–	1.21%	–
ACI	New	ARCH COAL INC	$7,602,000	–	2,011,234	–	0.99%	–
TCPTF	New	THOMPSON CREEK METALS	$7,161,000	–	2,363,516	–	0.93%	–
TECUA	New	TECUMSEH PRODS COcl a	$6,636,000	–	607,150	–	0.87%	–
L	New	LOEWS CORP COM	$6,605,000	–	148,767	–	0.86%	–
PDS	New	PRECISION DRILLING CORP	$6,300,000	–	736,897	–	0.82%	–
NOK	New	NOKIA	$5,919,000	–	1,582,566	–	0.77%	–
BHI	New	BAKER HUGES INC.	$5,802,000	–	125,770	–	0.76%	–
DVN	New	DEVON ENERGY CORP NEW	$4,637,000	–	89,379	–	0.60%	–
TNP	New	TSAKOS ENERGY NAVIGATION	$3,747,000	–	785,580	–	0.49%	–
NOC	New	NORTHROP GRUMMAN	$3,347,000	–	40,422	–	0.44%	–
RSHCQ	New	RADIOSHACK CORP	$3,239,000	–	1,024,973	–	0.42%	–
CST	New	CST BRANDS INC	$2,922,000	–	94,826	–	0.38%	–
AA	New	ALCOA, INC.	$2,514,000	–	321,532	–	0.33%	–
SJT	New	SAN JUAN BASIN RTY TRunit ben int	$2,302,000	–	143,405	–	0.30%	–
XOM	New	EXXON MOBIL CORP.	$2,021,000	–	22,374	–	0.26%	–
TDF	New	TEMPLETON DRAGON FUND	$1,653,000	–	65,876	–	0.22%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING	$1,524,000	–	22,155	–	0.20%	–
PBA	New	PEMBINA PIPELINE CORP	$1,315,000	–	42,950	–	0.17%	–
TRV	New	TRAVELERS COMPANIES INC	$1,131,000	–	14,147	–	0.15%	–
SFNC	New	SIMMONS FIRST NATL CORPcl a $1 par	$1,036,000	–	39,700	–	0.14%	–
F	New	FORD MOTOR	$994,000	–	64,279	–	0.13%	–
EMN	New	EASTMAN CHEMICAL CO	$903,000	–	12,900	–	0.12%	–
CKH	New	SEACOR HOLDINGS INC	$889,000	–	10,700	–	0.12%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$843,000	–	5	–	0.11%	–
MRO	New	MARATHON OIL CORP	$776,000	–	22,445	–	0.10%	–
BXS	New	BANCORPSOUTH INC COM	$765,000	–	43,236	–	0.10%	–
HBI	New	HANESBRANDS INC	$623,000	–	12,125	–	0.08%	–
ACE	New	ACE LTD	$623,000	–	6,967	–	0.08%	–
IMO	New	IMPERIAL OIL LTD	$508,000	–	13,305	–	0.07%	–
IBM	New	INTL BUS MACHINES	$445,000	–	2,331	–	0.06%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$439,000	–	33,368	–	0.06%	–
TWIN	New	TWIN DISC INC.	$424,000	–	17,881	–	0.06%	–
JNJ	New	JOHNSON AND JOHNSON	$407,000	–	4,735	–	0.05%	–
MUR	New	MURPHY OIL CORP	$365,000	–	6,000	–	0.05%	–
WMT	New	WAL-MART STORES	$365,000	–	4,897	–	0.05%	–
TSN	New	TYSON FOODS INC CL Acl a	$356,000	–	13,873	–	0.05%	–
PPC	New	PILGRIM'S PRIDE	$326,000	–	21,792	–	0.04%	–
BPT	New	BP PRUDHOE BAY RTY TRunit ben int	$289,000	–	3,000	–	0.04%	–
RGP	New	REGENCY ENERGY PARTNERS LP	$270,000	–	10,000	–	0.04%	–
MPC	New	MARATHON PETE CORP	$211,000	–	2,972	–	0.03%	–

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