NORTHROAD CAPITAL MANAGEMENT LLC Activity Q4 2002-Q3 2016

Q3 2016

			Value		Shares		↓ Weighting
TEL	Sell	TE Connectivity Ltd	$2,458,000	-49.5%	38,177	-55.2%	5.61%	+50.0%
ST	Sell	Sensata Technologies Holding N	$2,289,000	-49.9%	59,035	-54.9%	5.22%	+49.0%
DEO	Sell	Diageo PLC ADRadr	$1,863,000	-69.9%	16,051	-70.7%	4.25%	-10.4%
SAP	Sell	SAP SE - Sponsored ADRadr	$1,626,000	-63.4%	17,789	-69.9%	3.71%	+8.8%
NSRGY	Sell	Nestle SA - Spons ADRadr	$1,563,000	-69.1%	19,783	-69.8%	3.57%	-8.3%
NVS	Sell	Novartis AG ADRadr	$1,503,000	-72.5%	19,040	-71.2%	3.43%	-18.3%
RDSA	Sell	Royal Dutch Shell PLC - ADRadr	$1,483,000	-70.2%	29,624	-67.1%	3.38%	-11.4%
TEVA	Sell	Teva Pharmaceutical Industriesadr	$1,479,000	-58.1%	32,148	-54.2%	3.38%	+24.6%
PRGO	Sell	Perrigo Co PLC	$1,441,000	-54.2%	15,603	-55.1%	3.29%	+36.0%
WPP	Sell	WPP PLC - Spons ADRadr	$1,425,000	-65.0%	12,105	-69.0%	3.25%	+3.9%
BIDU	Sell	Baidu Inc - ADRadr	$1,421,000	-56.7%	7,807	-60.8%	3.24%	+28.5%
TTE	Sell	Total SA - Sponsored ADRadr	$1,260,000	-71.3%	26,408	-71.1%	2.88%	-14.7%
SOMLY	Sell	SECOM Co. Ltd. - Unsponsored Aadr	$1,257,000	-69.0%	67,354	-69.5%	2.87%	-7.9%
AKZOY	Sell	Akzo Nobel NV - Sponsored ADRadr	$1,206,000	-66.5%	53,380	-68.8%	2.75%	-0.6%
RHHBY	Sell	Roche Holdings AG - Spons ADRadr	$1,203,000	-71.7%	38,837	-69.9%	2.74%	-15.8%
LVMUY	Sell	LVMH Moet Hennessy Louis Vuittadr	$1,158,000	-59.0%	34,078	-63.4%	2.64%	+21.9%
SBGSY	Sell	Schneider Electric SE - ADRadr	$1,145,000	-66.2%	82,725	-71.2%	2.61%	+0.5%
CRH	Sell	CRH PLC - Sponsored ADRadr	$1,139,000	-67.6%	34,249	-71.2%	2.60%	-3.7%
CMPGY	Sell	Compass Group PLC - ADRadr	$1,104,000	-70.1%	56,856	-70.6%	2.52%	-11.0%
TKPPY	Sell	Technip SA ADRadr	$1,072,000	-58.3%	69,862	-63.2%	2.45%	+23.9%
GSK	Sell	GlaxoSmithKline PLC ADRadr	$1,068,000	-70.4%	24,764	-70.2%	2.44%	-12.0%
ING	Sell	ING Groep NVadr	$1,050,000	-57.7%	85,124	-64.6%	2.40%	+25.6%
MUFG	Sell	Mitsubishi UFJ Financial Groupadr	$1,019,000	-66.7%	201,767	-70.8%	2.32%	-1.1%
HTHIY	Sell	Hitachi Ltd. - ADRadr	$1,015,000	-60.6%	21,720	-64.9%	2.32%	+17.2%
TSCDY	Sell	Tesco PLC - Spons ADRadr	$995,000	-70.4%	140,607	-70.6%	2.27%	-12.0%
HSBC	Sell	HSBC Holdings PLC - Sponsoredadr	$971,000	-63.2%	25,828	-69.4%	2.22%	+9.4%
AXAHY	Sell	AXA SA - Spons ADRadr	$925,000	-69.1%	43,738	-70.6%	2.11%	-8.2%
ERIC	Sell	Telefonaktiebolaget LM Ericssoadr	$912,000	-72.6%	126,458	-70.8%	2.08%	-18.5%
SVNDY	Sell	Seven & I Holdings Co Ltd Unspadr	$872,000	-60.0%	38,384	-63.3%	1.99%	+18.9%
BHP	Sell	BHP Billiton Ltd - Spons ADRadr	$854,000	-64.9%	24,657	-71.1%	1.95%	+4.3%
SYT	Sell	Syngenta AG ADRadr	$796,000	-66.6%	9,084	-70.7%	1.82%	-0.7%
CABGY	Sell	Carlsberg A/S - B - Sponsoredadr	$770,000	-62.9%	40,019	-63.3%	1.76%	+10.3%
CS	Sell	Credit Suisse Group AG - Sp ADadr	$689,000	-65.0%	52,465	-71.5%	1.57%	+4.0%
BNPQY	Sell	BNP Paribas SA - ADRadr	$689,000	-58.0%	26,602	-63.4%	1.57%	+24.7%
DBSDY	Sell	DBS Group Holdings Limited - Sadr	$625,000	-64.2%	13,704	-63.1%	1.43%	+6.3%
RYCEY	Sell	Rolls-Royce Holdings PLC - Spoadr	$589,000	-64.9%	63,212	-63.6%	1.34%	+4.4%
BCS	Sell	Barclays PLCadr	$556,000	-59.9%	63,991	-64.9%	1.27%	+19.2%
SLB	Sell	Schlumberger Ltd	$336,000	-35.8%	4,269	-35.4%	0.77%	+90.8%
IBM	Exit	International Business Machine	$0	–	-2,163	–	-0.25%	–
NTRS	Exit	Northern Trust Corp	$0	–	-4,959	–	-0.25%	–
J	Exit	Jacobs Engineering Group Inc	$0	–	-7,243	–	-0.28%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-3,855	–	-0.28%	–
DISCK	Exit	Discovery Communications Inc -	$0	–	-15,236	–	-0.28%	–
GWW	Exit	WW Grainger Inc	$0	–	-1,627	–	-0.28%	–
MKL	Exit	Markel Corporation	$0	–	-398	–	-0.29%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-6,396	–	-0.30%	–
WRB	Exit	W.R. Berkley Corporation	$0	–	-7,058	–	-0.32%	–
ROST	Exit	Ross Stores Inc	$0	–	-8,101	–	-0.35%	–
MMM	Exit	3M Company	$0	–	-2,679	–	-0.36%	–
OMC	Exit	Omnicom Group Inc.	$0	–	-5,794	–	-0.36%	–
JNJ	Exit	Johnson & Johnson	$0	–	-3,959	–	-0.37%	–
ORCL	Exit	Oracle Corporation	$0	–	-12,417	–	-0.39%	–
ACN	Exit	Accenture PLC - Class A	$0	–	-5,406	–	-0.47%	–

Q2 2016

			Value		Shares		↓ Weighting
DEO	New	Diageo PLC ADRadr	$6,182,000	–	54,770	–	4.75%	–
NVS	New	Novartis AG ADRadr	$5,464,000	–	66,223	–	4.20%	–
NSRGY	New	Nestle SA - Spons ADRadr	$5,064,000	–	65,500	–	3.89%	–
RDSA	New	Royal Dutch Shell PLC - ADRadr	$4,973,000	–	90,057	–	3.82%	–
TEL	New	TE Connectivity Ltd	$4,871,000	–	85,292	–	3.74%	–
ST	New	Sensata Technologies Holding N	$4,565,000	–	130,829	–	3.50%	–
SAP	New	SAP SE - Sponsored ADRadr	$4,441,000	–	59,194	–	3.41%	–
TTE	New	Total SA - Sponsored ADRadr	$4,390,000	–	91,272	–	3.37%	–
RHHBY	New	Roche Holdings AG - Spons ADRadr	$4,246,000	–	128,851	–	3.26%	–
WPP	New	WPP PLC - Spons ADRadr	$4,077,000	–	39,007	–	3.13%	–
SOMLY	New	SECOM Co. Ltd. - Unsponsored Aadr	$4,058,000	–	220,783	–	3.12%	–
CMPGY	New	Compass Group PLC - ADRadr	$3,688,000	–	193,086	–	2.83%	–
AKZOY	New	Akzo Nobel NV - Sponsored ADRadr	$3,605,000	–	171,334	–	2.77%	–
GSK	New	GlaxoSmithKline PLC ADRadr	$3,606,000	–	83,213	–	2.77%	–
TEVA	New	Teva Pharmaceutical Industriesadr	$3,529,000	–	70,250	–	2.71%	–
CRH	New	CRH PLC - Sponsored ADRadr	$3,514,000	–	118,813	–	2.70%	–
SBGSY	New	Schneider Electric SE - ADRadr	$3,387,000	–	286,759	–	2.60%	–
TSCDY	New	Tesco PLC - Spons ADRadr	$3,360,000	–	478,574	–	2.58%	–
ERIC	New	Telefonaktiebolaget LM Ericssoadr	$3,327,000	–	433,227	–	2.55%	–
BIDU	New	Baidu Inc - ADRadr	$3,285,000	–	19,891	–	2.52%	–
PRGO	New	Perrigo Co PLC	$3,149,000	–	34,728	–	2.42%	–
MUFG	New	Mitsubishi UFJ Financial Groupadr	$3,062,000	–	691,159	–	2.35%	–
AXAHY	New	AXA SA - Spons ADRadr	$2,995,000	–	148,849	–	2.30%	–
LVMUY	New	LVMH Moet Hennessy Louis Vuittadr	$2,823,000	–	93,034	–	2.17%	–
HSBC	New	HSBC Holdings PLC - Sponsoredadr	$2,639,000	–	84,299	–	2.03%	–
HTHIY	New	Hitachi Ltd. - ADRadr	$2,574,000	–	61,927	–	1.98%	–
TKPPY	New	Technip SA ADRadr	$2,571,000	–	189,831	–	1.97%	–
ING	New	ING Groep NVadr	$2,484,000	–	240,439	–	1.91%	–
BHP	New	BHP Billiton Ltd - Spons ADRadr	$2,435,000	–	85,263	–	1.87%	–
SYT	New	Syngenta AG ADRadr	$2,381,000	–	31,009	–	1.83%	–
SVNDY	New	Seven & I Holdings Co Ltd Unspadr	$2,179,000	–	104,490	–	1.67%	–
CABGY	New	Carlsberg A/S - B - Sponsoredadr	$2,075,000	–	108,934	–	1.59%	–
CS	New	Credit Suisse Group AG - Sp ADadr	$1,968,000	–	183,907	–	1.51%	–
DBSDY	New	DBS Group Holdings Limited - Sadr	$1,748,000	–	37,172	–	1.34%	–
RYCEY	New	Rolls-Royce Holdings PLC - Spoadr	$1,676,000	–	173,636	–	1.29%	–
BNPQY	New	BNP Paribas SA - ADRadr	$1,642,000	–	72,732	–	1.26%	–
BCS	New	Barclays PLCadr	$1,387,000	–	182,447	–	1.06%	–
ACN	New	Accenture PLC - Class A	$612,000	–	5,406	–	0.47%	–
SLB	New	Schlumberger Ltd	$523,000	–	6,608	–	0.40%	–
ORCL	New	Oracle Corporation	$508,000	–	12,417	–	0.39%	–
JNJ	New	Johnson & Johnson	$480,000	–	3,959	–	0.37%	–
OMC	New	Omnicom Group Inc.	$472,000	–	5,794	–	0.36%	–
MMM	New	3M Company	$469,000	–	2,679	–	0.36%	–
ROST	New	Ross Stores Inc	$459,000	–	8,101	–	0.35%	–
WRB	New	W.R. Berkley Corporation	$423,000	–	7,058	–	0.32%	–
JPM	New	JPMorgan Chase & Co.	$397,000	–	6,396	–	0.30%	–
MKL	New	Markel Corporation	$379,000	–	398	–	0.29%	–
GWW	New	WW Grainger Inc	$370,000	–	1,627	–	0.28%	–
DISCK	New	Discovery Communications Inc -	$363,000	–	15,236	–	0.28%	–
XOM	New	Exxon Mobil Corporation	$361,000	–	3,855	–	0.28%	–
J	New	Jacobs Engineering Group Inc	$361,000	–	7,243	–	0.28%	–
NTRS	New	Northern Trust Corp	$329,000	–	4,959	–	0.25%	–
IBM	New	International Business Machine	$328,000	–	2,163	–	0.25%	–

Q4 2015

			Value		Shares		↓ Weighting
BAX	Exit	Baxter International Inc.	$0	–	-6,176	–	-0.12%	–
J	Exit	Jacobs Engineering Group Inc	$0	–	-8,425	–	-0.19%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-4,351	–	-0.19%	–
IBM	Exit	International Business Machine	$0	–	-2,544	–	-0.22%	–
NTRS	Exit	Northern Trust Corp	$0	–	-5,828	–	-0.23%	–
GWW	Exit	WW Grainger Inc	$0	–	-1,903	–	-0.24%	–
DISCK	Exit	Discovery Communications Inc -	$0	–	-17,676	–	-0.25%	–
MMM	Exit	3M Company	$0	–	-3,137	–	-0.26%	–
WRB	Exit	W.R. Berkley Corporation	$0	–	-8,247	–	-0.26%	–
OMC	Exit	Omnicom Group Inc.	$0	–	-6,894	–	-0.27%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-7,453	–	-0.27%	–
SLB	Exit	Schlumberger Ltdadr	$0	–	-6,616	–	-0.27%	–
JNJ	Exit	Johnson & Johnson	$0	–	-5,493	–	-0.30%	–
ROST	Exit	Ross Stores Inc	$0	–	-10,817	–	-0.31%	–
ORCL	Exit	Oracle Corporation	$0	–	-14,696	–	-0.31%	–
MSFT	Exit	Microsoft Corporation	$0	–	-12,122	–	-0.32%	–
MKL	Exit	Markel Corporation	$0	–	-775	–	-0.37%	–
ACN	Exit	Accenture PLC - Class Aadr	$0	–	-6,362	–	-0.37%	–
COGNY	Exit	Kroton Educacional SA - Sponsoadr	$0	–	-523,139	–	-0.62%	–
DBSDY	Exit	DBS Group Holdings Limited - Sadr	$0	–	-46,224	–	-1.24%	–
RYCEY	Exit	Rolls-Royce Holdings - Spons Aadr	$0	–	-214,835	–	-1.29%	–
BNPQY	Exit	BNP Paribas ADRadr	$0	–	-87,690	–	-1.53%	–
HTHIY	Exit	Hitachi Ltd. - ADRadr	$0	–	-53,796	–	-1.60%	–
TKPPY	Exit	Technip SA ADRadr	$0	–	-234,978	–	-1.63%	–
SVNDY	Exit	Seven & I Holdings Co Ltd Unspadr	$0	–	-129,517	–	-1.74%	–
BCS	Exit	Barclays PLCadr	$0	–	-224,517	–	-1.96%	–
ABB	Exit	ABB Ltd - Spon ADRadr	$0	–	-193,860	–	-2.02%	–
CABGY	Exit	Carlsberg A/S - B - Sponsoredadr	$0	–	-225,484	–	-2.04%	–
BHP	Exit	BHP Billition LTD - Spon ADRadr	$0	–	-110,080	–	-2.05%	–
BRGYY	Exit	BG Group PLC-Spon ADRadr	$0	–	-251,654	–	-2.16%	–
CS	Exit	Credit Suisse Group Sp ADRadr	$0	–	-168,774	–	-2.39%	–
CMPGY	Exit	Compass Group PLC - ADRadr	$0	–	-254,338	–	-2.41%	–
HSBC	Exit	HSBC Holdings PLC - Sponsoredadr	$0	–	-108,215	–	-2.42%	–
CRH	Exit	CRH PLC - Sponsored ADRadr	$0	–	-154,572	–	-2.42%	–
LVMUY	Exit	LVMH Moet Hennessy Louis Vuittadr	$0	–	-120,573	–	-2.42%	–
GSK	Exit	GlaxoSmithKline PLC ADRadr	$0	–	-107,863	–	-2.44%	–
SBGSY	Exit	Schneider Electric SA - ADRadr	$0	–	-373,350	–	-2.46%	–
ING	Exit	ING Groep ADRadr	$0	–	-296,013	–	-2.46%	–
RDSA	Exit	Royal Dutch Shell PLC-ADRadr	$0	–	-89,914	–	-2.51%	–
SOMLY	Exit	SECOM Co. Ltd. - Unsponsored Aadr	$0	–	-288,895	–	-2.56%	–
AKZOY	Exit	Akzo Sponsored ADRadr	$0	–	-205,090	–	-2.60%	–
ERIC	Exit	Ericsson (LM) Tel-SP ADRadr	$0	–	-455,306	–	-2.62%	–
SYT	Exit	Syngenta AG ADRadr	$0	–	-72,936	–	-2.74%	–
AXAHY	Exit	AXA Sponsored ADRadr	$0	–	-193,409	–	-2.77%	–
TEVA	Exit	Teva Pharmaceutical Industries	$0	–	-89,037	–	-2.96%	–
SAP	Exit	SAP SE - Sponsored ADRadr	$0	–	-77,629	–	-2.96%	–
TSCDY	Exit	Tesco PLC Sponsored ADRadr	$0	–	-618,202	–	-3.02%	–
SNY	Exit	Sanofi-ADRadr	$0	–	-111,053	–	-3.11%	–
WPP	Exit	WPP plc - Sponsored ADRadr	$0	–	-50,839	–	-3.12%	–
TTE	Exit	Total SA - Sponsored ADRadr	$0	–	-118,809	–	-3.13%	–
MUFG	Exit	Mitsubishi UFJ Financial Groupadr	$0	–	-896,787	–	-3.22%	–
RHHBY	Exit	Roche Holdings Ltd - Spons ADRadr	$0	–	-166,148	–	-3.23%	–
NVS	Exit	Novartis AG ADRadr	$0	–	-61,315	–	-3.32%	–
NSRGY	Exit	Nestle SA Spons ADRadr	$0	–	-84,577	–	-3.75%	–
TEL	Exit	TE Connectivity Limited	$0	–	-107,830	–	-3.80%	–
DEO	Exit	Diageo PLC ADRadr	$0	–	-71,282	–	-4.53%	–

Q3 2015

			Value		Shares		↓ Weighting
DEO	Sell	Diageo PLC ADRadr	$7,683,000	-11.5%	71,282	-4.8%	4.53%	+1.4%
TEL	Buy	TE Connectivity Limited	$6,458,000	+7.0%	107,830	+14.9%	3.80%	+22.7%
NSRGY	Sell	Nestle SA Spons ADRadr	$6,364,000	-0.7%	84,577	-4.8%	3.75%	+13.8%
NVS	Sell	Novartis AG ADRadr	$5,636,000	-26.0%	61,315	-20.8%	3.32%	-15.2%
RHHBY	Sell	Roche Holdings Ltd - Spons ADRadr	$5,475,000	-10.3%	166,148	-4.5%	3.23%	+2.9%
MUFG	Sell	Mitsubishi UFJ Financial Groupadr	$5,461,000	-19.3%	896,787	-4.3%	3.22%	-7.4%
TTE	Sell	Total SA - Sponsored ADRadr	$5,312,000	-12.8%	118,809	-4.2%	3.13%	-0.1%
WPP	Sell	WPP plc - Sponsored ADRadr	$5,289,000	-12.1%	50,839	-4.7%	3.12%	+0.8%
SNY	Sell	Sanofi-ADRadr	$5,272,000	-8.4%	111,053	-4.4%	3.11%	+5.0%
TSCDY	Sell	Tesco PLC Sponsored ADRadr	$5,119,000	-20.6%	618,202	-4.1%	3.02%	-9.0%
SAP	Sell	SAP SE - Sponsored ADRadr	$5,030,000	-11.9%	77,629	-4.5%	2.96%	+1.0%
TEVA	Sell	Teva Pharmaceutical Industries	$5,027,000	-8.3%	89,037	-4.0%	2.96%	+5.1%
AXAHY	Sell	AXA Sponsored ADRadr	$4,706,000	-8.0%	193,409	-4.5%	2.77%	+5.5%
SYT	Sell	Syngenta AG ADRadr	$4,652,000	-25.4%	72,936	-4.5%	2.74%	-14.5%
ERIC	Buy	Ericsson (LM) Tel-SP ADRadr	$4,453,000	+14.0%	455,306	+21.7%	2.62%	+30.7%
AKZOY	Sell	Akzo Sponsored ADRadr	$4,416,000	-15.2%	205,090	-4.2%	2.60%	-2.8%
SOMLY	Sell	SECOM Co. Ltd. - Unsponsored Aadr	$4,342,000	-11.5%	288,895	-4.4%	2.56%	+1.5%
RDSA	Sell	Royal Dutch Shell PLC-ADRadr	$4,261,000	-20.5%	89,914	-4.4%	2.51%	-8.9%
ING	Sell	ING Groep ADRadr	$4,183,000	-18.9%	296,013	-4.8%	2.46%	-7.0%
SBGSY	Sell	Schneider Electric SA - ADRadr	$4,174,000	-22.9%	373,350	-4.4%	2.46%	-11.6%
GSK	Sell	GlaxoSmithKline PLC ADRadr	$4,147,000	-11.9%	107,863	-4.6%	2.44%	+1.0%
LVMUY	Sell	LVMH Moet Hennessy Louis Vuittadr	$4,101,000	-8.2%	120,573	-5.1%	2.42%	+5.3%
CRH	Sell	CRH PLC - Sponsored ADRadr	$4,102,000	-9.6%	154,572	-4.2%	2.42%	+3.6%
HSBC	Sell	HSBC Holdings PLC - Sponsoredadr	$4,099,000	-19.2%	108,215	-4.4%	2.42%	-7.4%
CMPGY	Sell	Compass Group PLC - ADRadr	$4,092,000	-8.3%	254,338	-4.6%	2.41%	+5.1%
CS	Sell	Credit Suisse Group Sp ADRadr	$4,056,000	-16.7%	168,774	-4.3%	2.39%	-4.5%
BRGYY	Sell	BG Group PLC-Spon ADRadr	$3,667,000	-17.4%	251,654	-4.8%	2.16%	-5.3%
BHP	Buy	BHP Billition LTD - Spon ADRadr	$3,481,000	+3.4%	110,080	+33.1%	2.05%	+18.5%
CABGY	Sell	Carlsberg A/S - B - Sponsoredadr	$3,463,000	-19.9%	225,484	-4.9%	2.04%	-8.1%
ABB	Sell	ABB Ltd - Spon ADRadr	$3,426,000	-19.2%	193,860	-4.5%	2.02%	-7.3%
BCS	Sell	Barclays PLCadr	$3,318,000	-14.4%	224,517	-4.8%	1.96%	-1.9%
SVNDY	Sell	Seven & I Holdings Co Ltd Unspadr	$2,952,000	-18.7%	129,517	-23.4%	1.74%	-6.9%
TKPPY	Buy	Technip SA ADRadr	$2,770,000	-8.6%	234,978	+20.8%	1.63%	+4.7%
HTHIY	New	Hitachi Ltd. - ADRadr	$2,720,000	–	53,796	–	1.60%	–
BNPQY	New	BNP Paribas ADRadr	$2,594,000	–	87,690	–	1.53%	–
RYCEY	Buy	Rolls-Royce Holdings - Spons Aadr	$2,192,000	-29.2%	214,835	+376.1%	1.29%	-18.8%
DBSDY	Sell	DBS Group Holdings Limited - Sadr	$2,105,000	-29.6%	46,224	-4.8%	1.24%	-19.3%
COGNY	Sell	Kroton Educacional SA - Sponsoadr	$1,057,000	-51.2%	523,139	-5.7%	0.62%	-44.0%
ACN	Sell	Accenture PLC - Class Aadr	$625,000	-3.0%	6,362	-4.4%	0.37%	+11.2%
MKL	Sell	Markel Corporation	$621,000	-3.3%	775	-3.4%	0.37%	+10.9%
MSFT	Sell	Microsoft Corporation	$537,000	-3.1%	12,122	-3.4%	0.32%	+10.9%
ORCL	Sell	Oracle Corporation	$531,000	-13.9%	14,696	-4.1%	0.31%	-1.3%
ROST	Sell	Ross Stores Inc	$524,000	-3.9%	10,817	-3.5%	0.31%	+10.4%
JNJ	Sell	Johnson & Johnson	$513,000	-7.7%	5,493	-3.7%	0.30%	+5.6%
SLB	Sell	Schlumberger Ltdadr	$456,000	-21.5%	6,616	-1.9%	0.27%	-10.0%
JPM	Sell	JPMorgan Chase & Co.	$454,000	-14.0%	7,453	-4.3%	0.27%	-1.1%
OMC	Sell	Omnicom Group Inc.	$454,000	-8.8%	6,894	-3.8%	0.27%	+4.7%
WRB	Sell	W.R. Berkley Corporation	$448,000	+0.9%	8,247	-3.5%	0.26%	+15.8%
MMM	Sell	3M Company	$445,000	-11.2%	3,137	-3.4%	0.26%	+1.6%
DISCK	Sell	Discovery Communications Inc -	$429,000	-24.6%	17,676	-3.4%	0.25%	-13.4%
GWW	Sell	WW Grainger Inc	$409,000	-12.6%	1,903	-3.8%	0.24%	0.0%
NTRS	Sell	Northern Trust Corp	$397,000	-14.6%	5,828	-4.1%	0.23%	-2.1%
IBM	Sell	International Business Machine	$369,000	-14.0%	2,544	-3.6%	0.22%	-1.8%
XOM	New	Exxon Mobil Corporation	$323,000	–	4,351	–	0.19%	–
J	Sell	Jacobs Engineering Group Inc	$315,000	-11.0%	8,425	-3.3%	0.19%	+2.2%
BAX	Sell	Baxter International Inc.	$203,000	-54.8%	6,176	-3.7%	0.12%	-48.1%
MCD	Exit	McDonald's Corporation	$0	–	-4,032	–	-0.20%	–
EBAY	Exit	eBay Inc.	$0	–	-7,372	–	-0.23%	–
MKTAY	Exit	Makita Corporation - Sponsoredadr	$0	–	-58,510	–	-1.64%	–

Q2 2015

			Value		Shares		↓ Weighting
DEO	New	Diageo ADRadr	$8,685,000	–	74,846	–	4.46%	–
NVS	New	Novartis Ag ADRadr	$7,617,000	–	77,457	–	3.92%	–
MUFG	New	Mitsubishi UFJ Financial Groupadr	$6,764,000	–	936,911	–	3.48%	–
TSCDY	New	Tesco PLC Sponsored ADRadr	$6,451,000	–	644,806	–	3.32%	–
NSRGY	New	Nestle SA Spons ADRadr	$6,410,000	–	88,832	–	3.30%	–
SYT	New	Syngenta ADRadr	$6,234,000	–	76,387	–	3.20%	–
RHHBY	New	Roche Holdings Ltd - Spons ADRadr	$6,101,000	–	173,967	–	3.14%	–
TTE	New	Total SA - Sponsored ADRadr	$6,095,000	–	123,965	–	3.13%	–
TEL	New	TE Connectivity Limited	$6,034,000	–	93,846	–	3.10%	–
WPP	New	WPP plc - Sponsored ADRadr	$6,014,000	–	53,351	–	3.09%	–
SNY	New	Sanofi-ADRadr	$5,756,000	–	116,203	–	2.96%	–
SAP	New	SAP SE - Sponsored ADRadr	$5,711,000	–	81,318	–	2.94%	–
TEVA	New	Teva Pharmaceutical Industries	$5,481,000	–	92,733	–	2.82%	–
SBGSY	New	Schneider Electric SA - ADRadr	$5,416,000	–	390,613	–	2.78%	–
RDSA	New	Royal Dutch Shell PLC-ADRadr	$5,360,000	–	94,027	–	2.76%	–
AKZOY	New	Akzo Sponsored ADRadr	$5,209,000	–	214,189	–	2.68%	–
ING	New	ING Groep ADRadr	$5,155,000	–	310,896	–	2.65%	–
AXAHY	New	AXA Sponsored ADRadr	$5,113,000	–	202,482	–	2.63%	–
HSBC	New	HSBC Holdings PLC - Sponsoredadr	$5,073,000	–	113,211	–	2.61%	–
SOMLY	New	SECOM Co. Ltd. - Unsponsored Aadr	$4,906,000	–	302,119	–	2.52%	–
CS	New	Credit Suisse Group Sp ADRadr	$4,868,000	–	176,362	–	2.50%	–
GSK	New	GlaxoSmithKline PLC ADRadr	$4,709,000	–	113,071	–	2.42%	–
CRH	New	CRH PLC - Sponsored ADRadr	$4,536,000	–	161,349	–	2.33%	–
LVMUY	New	LVMH Moet Hennessy Louis Vuittadr	$4,466,000	–	127,046	–	2.30%	–
CMPGY	New	Compass Group PLC - ADRadr	$4,462,000	–	266,574	–	2.29%	–
BRGYY	New	BG Group PLC-Spon ADRadr	$4,438,000	–	264,471	–	2.28%	–
CABGY	New	Carlsberg A/S - B - Sponsoredadr	$4,322,000	–	237,063	–	2.22%	–
ABB	New	ABB Ltd - Spon ADRadr	$4,238,000	–	202,967	–	2.18%	–
ERIC	New	Ericsson (LM) Tel-SP ADRadr	$3,906,000	–	374,172	–	2.01%	–
BCS	New	Barclays PLCadr	$3,877,000	–	235,823	–	1.99%	–
SVNDY	New	Seven & I Holdings Co Ltd Unspadr	$3,632,000	–	169,109	–	1.87%	–
BHP	New	BHP Billition LTD - Spon ADRadr	$3,367,000	–	82,707	–	1.73%	–
MKTAY	New	Makita Corporation - Sponsoredadr	$3,191,000	–	58,510	–	1.64%	–
RYCEY	New	Rolls-Royce Holdings - Spons Aadr	$3,096,000	–	45,123	–	1.59%	–
TKPPY	New	Technip SA ADRadr	$3,032,000	–	194,494	–	1.56%	–
DBSDY	New	DBS Group Holdings Limited - Sadr	$2,990,000	–	48,546	–	1.54%	–
COGNY	New	Kroton Educacional SA - Sponsoadr	$2,164,000	–	554,854	–	1.11%	–
ACN	New	Accenture PLC - Class Aadr	$644,000	–	6,653	–	0.33%	–
MKL	New	Markel Corporation	$642,000	–	802	–	0.33%	–
ORCL	New	Oracle Corporation	$617,000	–	15,321	–	0.32%	–
SLB	New	Schlumberger Ltdadr	$581,000	–	6,741	–	0.30%	–
DISCK	New	Discovery Communications Inc -	$569,000	–	18,292	–	0.29%	–
JNJ	New	Johnson & Johnson	$556,000	–	5,704	–	0.29%	–
MSFT	New	Microsoft Corporation	$554,000	–	12,547	–	0.28%	–
ROST	New	Ross Stores Inc	$545,000	–	11,210	–	0.28%	–
JPM	New	JPMorgan Chase & Co.	$528,000	–	7,790	–	0.27%	–
MMM	New	3M Company	$501,000	–	3,248	–	0.26%	–
OMC	New	Omnicom Group Inc.	$498,000	–	7,168	–	0.26%	–
GWW	New	WW Grainger Inc	$468,000	–	1,978	–	0.24%	–
NTRS	New	Northern Trust Corp	$465,000	–	6,077	–	0.24%	–
BAX	New	Baxter International Inc.	$449,000	–	6,416	–	0.23%	–
EBAY	New	eBay Inc.	$444,000	–	7,372	–	0.23%	–
WRB	New	W.R. Berkley Corporation	$444,000	–	8,547	–	0.23%	–
IBM	New	International Business Machine	$429,000	–	2,640	–	0.22%	–
MCD	New	McDonald's Corporation	$383,000	–	4,032	–	0.20%	–
J	New	Jacobs Engineering Group Inc	$354,000	–	8,715	–	0.18%	–

Q4 2014

			Value		Shares		↓ Weighting
MCD	Exit	McDonald's Corporation	$0	–	-5,117	–	-0.19%	–
WRB	Exit	W.R. Berkley Corporation	$0	–	-10,783	–	-0.20%	–
NTRS	Exit	Northern Trust Corp	$0	–	-7,669	–	-0.20%	–
EBAY	Exit	eBay Inc.	$0	–	-9,317	–	-0.20%	–
MMM	Exit	3M Company	$0	–	-4,093	–	-0.22%	–
BAX	Exit	Baxter International Inc.adr	$0	–	-8,099	–	-0.22%	–
JPM	Exit	JPMorgan Chase & Co.adr	$0	–	-9,861	–	-0.23%	–
OMC	Exit	Omnicom Group Inc.adr	$0	–	-9,098	–	-0.24%	–
IBM	Exit	International Business Machine	$0	–	-3,331	–	-0.24%	–
MKL	Exit	Markel Corporation	$0	–	-1,015	–	-0.25%	–
ROST	Exit	Ross Stores, Inc.	$0	–	-8,830	–	-0.26%	–
ACN	Exit	Accenture PLC - Class Aadr	$0	–	-8,425	–	-0.26%	–
MSFT	Exit	Microsoft Corporation	$0	–	-15,817	–	-0.28%	–
ORCL	Exit	Oracle Corporation	$0	–	-19,415	–	-0.29%	–
SLB	Exit	Schlumberger Ltdadr	$0	–	-7,487	–	-0.29%	–
JNJ	Exit	Johnson & Johnson	$0	–	-7,223	–	-0.30%	–
LVMUY	Exit	LVMH Moet Hennessy Louis Vuittadr	$0	–	-130,240	–	-1.63%	–
TSCDY	Exit	Tesco PLC Sponsored ADRadr	$0	–	-474,703	–	-1.66%	–
MKTAY	Exit	Makita Corporation - Sponsoredadr	$0	–	-82,705	–	-1.81%	–
DBSDY	Exit	DBS Group Holdings Limited - Sadr	$0	–	-82,130	–	-1.83%	–
SVNDY	Exit	Seven & I Holdings Co., Ltd. Uadr	$0	–	-61,383	–	-1.84%	–
BCS	Exit	Barclays PLCadr	$0	–	-334,071	–	-1.91%	–
TKPPY	Exit	Technip SA ADRadr	$0	–	-236,467	–	-1.91%	–
ING	Exit	ING Groep ADRadr	$0	–	-364,312	–	-1.99%	–
CS	Exit	Credit Suisse Group Sp ADRadr	$0	–	-193,326	–	-2.06%	–
RUK	Exit	Reed Elsevier PLC - Spon ADRadr	$0	–	-83,414	–	-2.07%	–
PBR	Exit	Petroleo Brasileiro SA Petrobradr	$0	–	-395,335	–	-2.16%	–
CMPGY	Exit	Compass Group PLC - ADRadr	$0	–	-362,695	–	-2.25%	–
CRH	Exit	CRH PLC - Sponsored ADRadr	$0	–	-256,664	–	-2.26%	–
ABB	Exit	ABB Ltd - Spon ADRadr	$0	–	-266,054	–	-2.30%	–
SOMLY	Exit	SECOM Co. Ltd. - Unsponsored Aadr	$0	–	-402,079	–	-2.30%	–
ERIC	Exit	Ericsson (LM) Tel-SP ADRadr	$0	–	-476,610	–	-2.32%	–
CAJ	Exit	Canon Inc. ADRadr	$0	–	-187,831	–	-2.36%	–
MUFG	Exit	Mitsubishi UFJ Financial Groupadr	$0	–	-1,112,626	–	-2.41%	–
BHP	Exit	BHP Billition LTD - Spon ADRadr	$0	–	-106,322	–	-2.42%	–
GVDNY	Exit	Givaudan SA - Unsponsored ADRadr	$0	–	-203,707	–	-2.50%	–
HSBC	Exit	HSBC Holdings PLC - Sponsoredadr	$0	–	-127,894	–	-2.51%	–
AKZOY	Exit	Akzo Sponsored ADRadr	$0	–	-291,251	–	-2.55%	–
AXAHY	Exit	AXA Sponsored ADRadr	$0	–	-270,527	–	-2.57%	–
SYT	Exit	Syngenta ADRadr	$0	–	-106,316	–	-2.60%	–
ITYBY	Exit	Imperial Tobacco Group PLC - Aadr	$0	–	-80,215	–	-2.68%	–
GSK	Exit	GlaxoSmithKline PLC ADRadr	$0	–	-151,701	–	-2.69%	–
WPP	Exit	WPP plc - Sponsored ADRadr	$0	–	-75,507	–	-2.93%	–
SBGSY	Exit	Schneider Electric SA - ADRadr	$0	–	-509,989	–	-3.00%	–
TEVA	Exit	Teva Pharmaceutical Industries	$0	–	-146,871	–	-3.04%	–
SAP	Exit	SAP SE - Sponsored ADRadr	$0	–	-109,597	–	-3.05%	–
SNY	Exit	Sanofi-ADRadr	$0	–	-153,659	–	-3.34%	–
RHHBY	Exit	Roche Holdings Ltd - Spons ADRadr	$0	–	-239,436	–	-3.42%	–
TTE	Exit	Total SA - Sponsored ADRadr	$0	–	-141,404	–	-3.52%	–
NSRGY	Exit	Nestle SA Spons ADRadr	$0	–	-124,125	–	-3.53%	–
RDSA	Exit	Royal Dutch Shell PLC-ADRadr	$0	–	-123,046	–	-3.61%	–
DEO	Exit	Diageo ADRadr	$0	–	-94,530	–	-4.21%	–
NVS	Exit	Novartis Ag ADRadr	$0	–	-134,291	–	-4.88%	–

Q3 2014

			Value		Shares		↓ Weighting
NVS	Sell	Novartis Ag ADRadr	$12,641,000	+3.1%	134,291	-0.9%	4.88%	+13.9%
DEO	Buy	Diageo ADRadr	$10,909,000	+0.6%	94,530	+10.9%	4.21%	+11.1%
RDSA	Sell	Royal Dutch Shell PLC-ADRadr	$9,367,000	-8.4%	123,046	-0.9%	3.61%	+1.1%
NSRGY	Buy	Nestle SA Spons ADRadr	$9,139,000	-5.0%	124,125	+0.3%	3.53%	+5.0%
TTE	Sell	Total SA - Sponsored ADRadr	$9,113,000	-11.6%	141,404	-1.0%	3.52%	-2.4%
RHHBY	Sell	Roche Holdings Ltd - Spons ADRadr	$8,857,000	-1.8%	239,436	-0.9%	3.42%	+8.5%
SNY	Sell	Sanofi-ADRadr	$8,671,000	+5.1%	153,659	-1.0%	3.34%	+16.1%
SAP	Buy	SAP SE - Sponsored ADRadr	$7,909,000	-5.4%	109,597	+1.0%	3.05%	+4.6%
TEVA	Sell	Teva Pharmaceutical Industries	$7,894,000	-3.8%	146,871	-6.2%	3.04%	+6.3%
SBGSY	Sell	Schneider Electric SA - ADRadr	$7,775,000	-19.6%	509,989	-0.9%	3.00%	-11.2%
WPP	Sell	WPP plc - Sponsored ADRadr	$7,584,000	-8.5%	75,507	-0.7%	2.93%	+1.1%
GSK	Sell	GlaxoSmithKline PLC ADRadr	$6,974,000	-18.0%	151,701	-4.6%	2.69%	-9.4%
ITYBY	Sell	Imperial Tobacco Group PLC - Aadr	$6,960,000	-8.1%	80,215	-4.3%	2.68%	+1.5%
SYT	Sell	Syngenta ADRadr	$6,737,000	-15.8%	106,316	-0.6%	2.60%	-7.0%
AXAHY	Sell	AXA Sponsored ADRadr	$6,660,000	+1.7%	270,527	-1.0%	2.57%	+12.3%
AKZOY	Buy	Akzo Sponsored ADRadr	$6,603,000	-7.8%	291,251	+1.5%	2.55%	+1.9%
HSBC	Sell	HSBC Holdings PLC - Sponsoredadr	$6,507,000	-0.8%	127,894	-1.0%	2.51%	+9.6%
GVDNY	Buy	Givaudan SA - Unsponsored ADRadr	$6,478,000	-4.2%	203,707	+0.4%	2.50%	+5.8%
BHP	Sell	BHP Billition LTD - Spon ADRadr	$6,260,000	-14.7%	106,322	-0.9%	2.42%	-5.8%
MUFG	Sell	Mitsubishi UFJ Financial Groupadr	$6,242,000	-9.7%	1,112,626	-1.0%	2.41%	-0.2%
CAJ	Sell	Canon Inc. ADRadr	$6,121,000	-1.3%	187,831	-0.8%	2.36%	+9.1%
ERIC	Sell	Ericsson (LM) Tel-SP ADRadr	$6,001,000	+3.1%	476,610	-1.0%	2.32%	+14.0%
SOMLY	Sell	SECOM Co. Ltd. - Unsponsored Aadr	$5,971,000	-3.4%	402,079	-0.7%	2.30%	+6.7%
ABB	Sell	ABB Ltd - Spon ADRadr	$5,962,000	-3.4%	266,054	-0.7%	2.30%	+6.8%
CRH	Buy	CRH PLC - Sponsored ADRadr	$5,855,000	+11.8%	256,664	+26.7%	2.26%	+23.6%
CMPGY	Sell	Compass Group PLC - ADRadr	$5,829,000	-15.2%	362,695	-6.6%	2.25%	-6.3%
PBR	Sell	Petroleo Brasileiro SA Petrobradr	$5,610,000	-32.9%	395,335	-30.8%	2.16%	-25.8%
RUK	Sell	Reed Elsevier PLC - Spon ADRadr	$5,374,000	-34.1%	83,414	-33.9%	2.07%	-27.2%
CS	Buy	Credit Suisse Group Sp ADRadr	$5,344,000	-1.0%	193,326	+1.6%	2.06%	+9.4%
ING	New	ING Groep ADRadr	$5,170,000	–	364,312	–	1.99%	–
TKPPY	Sell	Technip SA ADRadr	$4,959,000	-23.9%	236,467	-0.6%	1.91%	-15.9%
BCS	New	Barclays PLCadr	$4,948,000	–	334,071	–	1.91%	–
SVNDY	Buy	Seven & I Holdings Co., Ltd. Uadr	$4,766,000	-6.0%	61,383	+2.2%	1.84%	+4.0%
DBSDY	Sell	DBS Group Holdings Limited - Sadr	$4,747,000	+6.3%	82,130	-0.7%	1.83%	+17.4%
MKTAY	Sell	Makita Corporation - Sponsoredadr	$4,689,000	-9.0%	82,705	-0.6%	1.81%	+0.5%
TSCDY	Sell	Tesco PLC Sponsored ADRadr	$4,313,000	-38.5%	474,703	-0.9%	1.66%	-32.1%
LVMUY	Sell	LVMH Moet Hennessy Louis Vuittadr	$4,218,000	-16.5%	130,240	-0.6%	1.63%	-7.8%
JNJ	Sell	Johnson & Johnson	$770,000	-2.5%	7,223	-4.3%	0.30%	+7.6%
SLB	Sell	Schlumberger Ltdadr	$761,000	-42.3%	7,487	-33.1%	0.29%	-36.2%
ORCL	Sell	Oracle Corporation	$743,000	-9.6%	19,415	-4.2%	0.29%	0.0%
MSFT	Sell	Microsoft Corporation	$733,000	-19.8%	15,817	-27.9%	0.28%	-11.3%
ACN	Sell	Accenture PLC - Class Aadr	$685,000	-3.7%	8,425	-4.3%	0.26%	+6.5%
ROST	Sell	Ross Stores, Inc.	$667,000	+9.3%	8,830	-4.3%	0.26%	+20.7%
MKL	Sell	Markel Corporation	$646,000	-7.2%	1,015	-4.4%	0.25%	+2.5%
IBM	Sell	International Business Machine	$632,000	+0.2%	3,331	-4.3%	0.24%	+10.9%
OMC	Sell	Omnicom Group Inc.adr	$626,000	-7.7%	9,098	-4.4%	0.24%	+1.7%
JPM	Sell	JPMorgan Chase & Co.adr	$594,000	0.0%	9,861	-4.3%	0.23%	+10.6%
BAX	Sell	Baxter International Inc.adr	$581,000	-4.9%	8,099	-4.2%	0.22%	+5.2%
MMM	Sell	3M Company	$580,000	-4.9%	4,093	-3.9%	0.22%	+5.2%
EBAY	Sell	eBay Inc.	$528,000	+8.4%	9,317	-4.2%	0.20%	+20.0%
NTRS	Sell	Northern Trust Corp	$522,000	+1.6%	7,669	-4.2%	0.20%	+12.3%
WRB	Sell	W.R. Berkley Corporation	$515,000	-1.0%	10,783	-4.1%	0.20%	+9.3%
MCD	Sell	McDonald's Corporation	$485,000	-10.0%	5,117	-4.4%	0.19%	-0.5%
TGT	Exit	Target Corporation	$0	–	-8,747	–	-0.18%	–
AZSEY	Exit	Allianz SE ADRadr	$0	–	-357,532	–	-2.10%	–
UL	Exit	Unilever Plc-Sponsored ADRadr	$0	–	-149,192	–	-2.36%	–

Q2 2014

			Value		Shares		↓ Weighting
NVS	New	Novartis Ag ADRadr	$12,264,000	–	135,474	–	4.28%	–
DEO	New	Diageo ADRadr	$10,846,000	–	85,220	–	3.79%	–
TTE	New	Total SA - Sponsored ADRadr	$10,312,000	–	142,829	–	3.60%	–
RDSA	New	Royal Dutch Shell PLC-ADRadr	$10,230,000	–	124,201	–	3.57%	–
SBGSY	New	Schneider Electric SA - ADRadr	$9,672,000	–	514,449	–	3.38%	–
NSRGY	New	Nestle SA Spons ADRadr	$9,616,000	–	123,810	–	3.36%	–
RHHBY	New	Roche Holdings Ltd - Spons ADRadr	$9,016,000	–	241,718	–	3.15%	–
GSK	New	GlaxoSmithKline PLC ADRadr	$8,501,000	–	158,948	–	2.97%	–
SAP	New	SAP SE - Sponsored ADRadr	$8,357,000	–	108,535	–	2.92%	–
PBR	New	Petroleo Brasileiro SA Petrobradr	$8,356,000	–	571,135	–	2.92%	–
WPP	New	WPP plc - Sponsored ADRadr	$8,286,000	–	76,029	–	2.89%	–
SNY	New	Sanofi-ADRadr	$8,251,000	–	155,185	–	2.88%	–
TEVA	New	Teva Pharmaceutical Industries	$8,206,000	–	156,542	–	2.86%	–
RUK	New	Reed Elsevier PLC - Spon ADRadr	$8,160,000	–	126,146	–	2.85%	–
SYT	New	Syngenta ADRadr	$8,001,000	–	106,970	–	2.79%	–
ITYBY	New	Imperial Tobacco Group PLC - Aadr	$7,575,000	–	83,780	–	2.64%	–
BHP	New	BHP Billition LTD - Spon ADRadr	$7,342,000	–	107,254	–	2.56%	–
AKZOY	New	Akzo Sponsored ADRadr	$7,158,000	–	286,897	–	2.50%	–
TSCDY	New	Tesco PLC Sponsored ADRadr	$7,014,000	–	478,794	–	2.45%	–
MUFG	New	Mitsubishi UFJ Financial Group	$6,912,000	–	1,123,947	–	2.41%	–
CMPGY	New	Compass Group PLC - ADRadr	$6,877,000	–	388,285	–	2.40%	–
GVDNY	New	Givaudan SA - Unsponsored ADRadr	$6,763,000	–	202,903	–	2.36%	–
UL	New	Unilever Plc-Sponsored ADRadr	$6,760,000	–	149,192	–	2.36%	–
HSBC	New	HSBC Holdings PLC - Sponsoredadr	$6,562,000	–	129,179	–	2.29%	–
AXAHY	New	AXA Sponsored ADRadr	$6,551,000	–	273,203	–	2.29%	–
TKPPY	New	Technip SA ADRadr	$6,520,000	–	237,895	–	2.28%	–
CAJ	New	Canon Inc. ADRadr	$6,202,000	–	189,369	–	2.16%	–
SOMLY	New	SECOM Co. Ltd. - Unsponsored Aadr	$6,182,000	–	404,974	–	2.16%	–
ABB	New	ABB Ltd - Spon ADRadr	$6,169,000	–	267,966	–	2.15%	–
AZSEY	New	Allianz SE ADRadr	$6,003,000	–	357,532	–	2.10%	–
ERIC	New	Ericsson (LM) Tel-SP ADRadr	$5,818,000	–	481,628	–	2.03%	–
CS	New	Credit Suisse Group Sp ADRadr	$5,398,000	–	190,278	–	1.88%	–
CRH	New	CRH PLC - Sponsored ADRadr	$5,237,000	–	202,606	–	1.83%	–
MKTAY	New	Makita Corporation - Sponsoredadr	$5,154,000	–	83,230	–	1.80%	–
SVNDY	New	Seven & I Holdings Co., Ltd. Uadr	$5,068,000	–	60,072	–	1.77%	–
LVMUY	New	LVMH Moet Hennessy Louis Vuittadr	$5,054,000	–	130,992	–	1.76%	–
DBSDY	New	DBS Group Holdings Limited - Sadr	$4,464,000	–	82,745	–	1.56%	–
SLB	New	Schlumberger Ltd	$1,319,000	–	11,184	–	0.46%	–
MSFT	New	Microsoft Corporation	$914,000	–	21,928	–	0.32%	–
ORCL	New	Oracle Corporation	$822,000	–	20,271	–	0.29%	–
JNJ	New	Johnson & Johnson	$790,000	–	7,549	–	0.28%	–
ACN	New	Accenture PLC - Class Aadr	$711,000	–	8,801	–	0.25%	–
MKL	New	Markel Corporation	$696,000	–	1,062	–	0.24%	–
OMC	New	Omnicom Group Inc.	$678,000	–	9,519	–	0.24%	–
IBM	New	International Business Machine	$631,000	–	3,479	–	0.22%	–
BAX	New	Baxter International Inc.	$611,000	–	8,451	–	0.21%	–
MMM	New	3M Company	$610,000	–	4,261	–	0.21%	–
ROST	New	Ross Stores, Inc.	$610,000	–	9,227	–	0.21%	–
JPM	New	JPMorgan Chase & Co.	$594,000	–	10,302	–	0.21%	–
MCD	New	McDonald's Corporation	$539,000	–	5,351	–	0.19%	–
WRB	New	W.R. Berkley Corporation	$520,000	–	11,239	–	0.18%	–
NTRS	New	Northern Trust Corp	$514,000	–	8,008	–	0.18%	–
TGT	New	Target Corporation	$507,000	–	8,747	–	0.18%	–
EBAY	New	eBay Inc.	$487,000	–	9,730	–	0.17%	–

Q4 2013

			Value		Shares		↓ Weighting
MOS	Exit	Mosaic Co/The	$0	–	-13,045	–	-0.22%	–
NTRS	Exit	Northern Tr Corp	$0	–	-12,573	–	-0.26%	–
COH	Exit	Coach Inc.	$0	–	-13,105	–	-0.27%	–
MCD	Exit	McDonald's Corporation	$0	–	-8,370	–	-0.31%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-16,005	–	-0.32%	–
MKL	Exit	Markel Corporation	$0	–	-1,661	–	-0.33%	–
TGT	Exit	Target Corporation	$0	–	-13,617	–	-0.33%	–
BDX	Exit	Becton, Dickinson	$0	–	-9,015	–	-0.35%	–
OMC	Exit	Omnicom Group Inc.	$0	–	-14,872	–	-0.36%	–
PEP	Exit	PepsiCo Inc.	$0	–	-12,339	–	-0.38%	–
IBM	Exit	International Business Machine	$0	–	-5,436	–	-0.39%	–
ACN	Exit	Accenture PLC - Class A	$0	–	-13,778	–	-0.39%	–
JNJ	Exit	Johnson & Johnson	$0	–	-11,892	–	-0.40%	–
ORCL	Exit	Oracle Corporation	$0	–	-31,835	–	-0.40%	–
MSFT	Exit	Microsoft Corporation	$0	–	-34,296	–	-0.44%	–
MMM	Exit	3M Company	$0	–	-9,705	–	-0.44%	–
SLB	Exit	Schlumberger Ltd	$0	–	-14,700	–	-0.50%	–
CRRFY	Exit	Carrefour SA - Sponsored ADRadr	$0	–	-525,515	–	-1.37%	–
LVMUY	Exit	LVMH Moet Hennessy Louis Vuitt	$0	–	-103,765	–	-1.57%	–
DCMYY	Exit	NTT Docomo Inc	$0	–	-260,493	–	-1.62%	–
DBSDY	Exit	DBS Group Holdings Limited - Sadr	$0	–	-82,005	–	-1.65%	–
TEVA	Exit	Teva Pharmaceutical Industries	$0	–	-124,605	–	-1.81%	–
PBR	Exit	Petroleo Brasileiro SA Petrobradr	$0	–	-312,049	–	-1.85%	–
CAJ	Exit	Canon Inc. ADRadr	$0	–	-151,848	–	-1.86%	–
CMPGY	Exit	Compass Group PLC - ADRadr	$0	–	-365,140	–	-1.92%	–
AZSEY	Exit	Allianz SE ADRadr	$0	–	-351,533	–	-2.13%	–
CS	Exit	Credit Suisse Group Sp ADRadr	$0	–	-183,247	–	-2.15%	–
BHP	Exit	BHP Billition LTD - Spon ADRadr	$0	–	-85,541	–	-2.18%	–
UL	Exit	Unilever Plc-Sponsored ADRadr	$0	–	-149,621	–	-2.21%	–
GVDNY	Exit	Givaudan SA - Unsponsored ADRadr	$0	–	-207,239	–	-2.33%	–
SOMLY	Exit	SECOM Co. Ltd. - Unsponsored Aadr	$0	–	-390,666	–	-2.35%	–
ITYBY	Exit	Imperial Tobacco Group PLC - Aadr	$0	–	-83,634	–	-2.38%	–
ABB	Exit	ABB Ltd - Spon ADRadr	$0	–	-263,986	–	-2.39%	–
AKZOY	Exit	Akzo Sponsored ADRadr	$0	–	-287,798	–	-2.42%	–
ERIC	Exit	Ericsson (LM) Tel-SP ADRadr	$0	–	-481,539	–	-2.47%	–
CRH	Exit	CRH PLC - Sponsored ADRadr	$0	–	-267,065	–	-2.48%	–
AXAHY	Exit	AXA Sponsored ADRadr	$0	–	-279,525	–	-2.48%	–
E	Exit	Eni S.p.A. - Sponsored ADRadr	$0	–	-144,433	–	-2.55%	–
RUK	Exit	Reed Elsevier PLC - Spon ADRadr	$0	–	-124,965	–	-2.58%	–
SYT	Exit	Syngenta ADRadr	$0	–	-84,303	–	-2.63%	–
TSCDY	Exit	Tesco PLC Sponsored ADRadr	$0	–	-411,305	–	-2.77%	–
MUFG	Exit	Mitsubishi UFJ Financial Group	$0	–	-1,127,730	–	-2.77%	–
HSBC	Exit	HSBC Holdings	$0	–	-133,649	–	-2.78%	–
WPP	Exit	WPP plc - Sponsored ADRadr	$0	–	-73,481	–	-2.90%	–
SAP	Exit	SAP AG - Sponsored ADRadr	$0	–	-105,628	–	-3.00%	–
SNY	Exit	Sanofi-ADRadr	$0	–	-157,217	–	-3.05%	–
GSK	Exit	GlaxoSmithkline ADRadr	$0	–	-160,121	–	-3.08%	–
DEO	Exit	Diageo ADRadr	$0	–	-64,276	–	-3.13%	–
RDSA	Exit	Royal Dutch Shell PLC-ADRadr	$0	–	-125,343	–	-3.16%	–
RHHBY	Exit	Roche Holdings Ltd - Spons ADRadr	$0	–	-122,914	–	-3.18%	–
TTE	Exit	Total SA - Sponsored ADRadr	$0	–	-146,441	–	-3.25%	–
SBGSY	Exit	Schneider Electric SA - ADRadr	$0	–	-510,996	–	-3.31%	–
NSRGY	Exit	Nestle SA Spons ADRadr	$0	–	-127,052	–	-3.39%	–
NVS	Exit	Novartis Ag ADRadr	$0	–	-161,954	–	-4.76%	–

Q3 2013

			Value		Shares		↓ Weighting
NVS	Sell	Novartis Ag ADRadr	$12,423,000	+3.7%	161,954	-4.4%	4.76%	+2.5%
NSRGY	Sell	Nestle SA Spons ADRadr	$8,843,000	+0.9%	127,052	-4.7%	3.39%	-0.2%
SBGSY	Buy	Schneider Electric SA - ADRadr	$8,626,000	+22.8%	510,996	+5.0%	3.31%	+21.4%
TTE	Sell	Total SA - Sponsored ADRadr	$8,482,000	+13.2%	146,441	-4.8%	3.25%	+11.9%
RHHBY	Sell	Roche Holdings Ltd - Spons ADRadr	$8,300,000	-22.2%	122,914	-28.7%	3.18%	-23.0%
RDSA	Buy	Royal Dutch Shell PLC-ADRadr	$8,233,000	+13.8%	125,343	+10.5%	3.16%	+12.5%
DEO	Buy	Diageo ADRadr	$8,168,000	+18.3%	64,276	+7.0%	3.13%	+17.0%
GSK	Sell	GlaxoSmithkline ADRadr	$8,033,000	-4.3%	160,121	-4.7%	3.08%	-5.4%
SNY	Sell	Sanofi-ADRadr	$7,960,000	-6.5%	157,217	-4.8%	3.05%	-7.5%
SAP	Buy	SAP AG - Sponsored ADRadr	$7,808,000	+15.0%	105,628	+13.3%	3.00%	+13.7%
WPP	Sell	WPP plc - Sponsored ADRadr	$7,564,000	+16.0%	73,481	-3.7%	2.90%	+14.8%
HSBC	Sell	HSBC Holdings	$7,252,000	-0.6%	133,649	-4.9%	2.78%	-1.7%
MUFG	Sell	Mitsubishi UFJ Financial Group	$7,229,000	-1.9%	1,127,730	-5.0%	2.77%	-3.0%
TSCDY	Sell	Tesco PLC Sponsored ADRadr	$7,223,000	+10.9%	411,305	-3.7%	2.77%	+9.7%
SYT	Sell	Syngenta ADRadr	$6,854,000	+0.6%	84,303	-3.7%	2.63%	-0.5%
RUK	Sell	Reed Elsevier PLC - Spon ADRadr	$6,737,000	+14.1%	124,965	-3.4%	2.58%	+12.8%
E	Sell	Eni S.p.A. - Sponsored ADRadr	$6,648,000	+7.0%	144,433	-4.6%	2.55%	+5.8%
AXAHY	Sell	AXA Sponsored ADRadr	$6,460,000	+11.8%	279,525	-4.7%	2.48%	+10.6%
CRH	Sell	CRH PLC - Sponsored ADRadr	$6,455,000	+13.2%	267,065	-4.9%	2.48%	+11.9%
ERIC	Sell	Ericsson (LM) Tel-SP ADRadr	$6,429,000	+12.5%	481,539	-5.0%	2.47%	+11.2%
AKZOY	Sell	Akzo Sponsored ADRadr	$6,303,000	+12.1%	287,798	-3.7%	2.42%	+10.9%
ABB	Sell	ABB Ltd - Spon ADRadr	$6,227,000	+4.8%	263,986	-3.7%	2.39%	+3.7%
ITYBY	Sell	Imperial Tobacco Group PLC - Aadr	$6,201,000	+0.7%	83,634	-5.4%	2.38%	-0.5%
SOMLY	Sell	SECOM Co. Ltd. - Unsponsored Aadr	$6,130,000	+10.6%	390,666	-3.6%	2.35%	+9.4%
GVDNY	Sell	Givaudan SA - Unsponsored ADRadr	$6,066,000	+7.9%	207,239	-4.9%	2.33%	+6.7%
UL	Sell	Unilever Plc-Sponsored ADRadr	$5,772,000	-9.2%	149,621	-4.8%	2.21%	-10.2%
BHP	Buy	BHP Billition LTD - Spon ADRadr	$5,688,000	+31.0%	85,541	+13.6%	2.18%	+29.6%
CS	Sell	Credit Suisse Group Sp ADRadr	$5,598,000	+11.2%	183,247	-3.7%	2.15%	+10.0%
AZSEY	Sell	Allianz SE ADRadr	$5,561,000	+4.3%	351,533	-3.7%	2.13%	+3.1%
CMPGY	Sell	Compass Group PLC - ADRadr	$5,006,000	+2.7%	365,140	-3.7%	1.92%	+1.5%
CAJ	Sell	Canon Inc. ADRadr	$4,859,000	-7.0%	151,848	-4.4%	1.86%	-8.0%
PBR	Sell	Petroleo Brasileiro SA Petrobradr	$4,834,000	+9.9%	312,049	-4.9%	1.85%	+8.7%
TEVA	Sell	Teva Pharmaceutical Industries	$4,708,000	-7.1%	124,605	-3.6%	1.81%	-8.1%
DBSDY	New	DBS Group Holdings Limited - Sadr	$4,301,000	–	82,005	–	1.65%	–
DCMYY	Sell	NTT Docomo Inc	$4,225,000	-0.0%	260,493	-3.5%	1.62%	-1.2%
LVMUY	Sell	LVMH Moet Hennessy Louis Vuitt	$4,085,000	+15.6%	103,765	-4.8%	1.57%	+14.4%
CRRFY	Sell	Carrefour SA - Sponsored ADRadr	$3,574,000	+20.6%	525,515	-3.7%	1.37%	+19.2%
SLB	Sell	Schlumberger Ltd	$1,299,000	+12.9%	14,700	-8.5%	0.50%	+11.7%
MMM	Sell	3M Company	$1,159,000	-4.5%	9,705	-12.5%	0.44%	-5.3%
MSFT	Sell	Microsoft Corporation	$1,141,000	-15.7%	34,296	-12.4%	0.44%	-16.6%
ORCL	Sell	Oracle Corporation	$1,056,000	-5.4%	31,835	-12.4%	0.40%	-6.5%
JNJ	Sell	Johnson & Johnson	$1,031,000	-11.7%	11,892	-12.6%	0.40%	-12.8%
ACN	Sell	Accenture PLC - Class A	$1,015,000	-10.1%	13,778	-12.2%	0.39%	-11.2%
IBM	Buy	International Business Machine	$1,007,000	+7.4%	5,436	+10.7%	0.39%	+6.0%
PEP	Sell	PepsiCo Inc.	$981,000	-14.9%	12,339	-12.5%	0.38%	-15.9%
OMC	Sell	Omnicom Group Inc.	$943,000	-11.8%	14,872	-12.5%	0.36%	-12.8%
BDX	Sell	Becton, Dickinson	$902,000	-11.2%	9,015	-12.3%	0.35%	-12.2%
TGT	Sell	Target Corporation	$871,000	-18.4%	13,617	-12.1%	0.33%	-19.3%
MKL	Buy	Markel Corporation	$860,000	+12.3%	1,661	+14.2%	0.33%	+11.1%
JPM	Sell	JPMorgan Chase & Co.	$827,000	-14.2%	16,005	-12.3%	0.32%	-15.2%
MCD	Sell	McDonald's Corporation	$805,000	-14.9%	8,370	-12.4%	0.31%	-15.8%
COH	Sell	Coach Inc.	$715,000	-16.2%	13,105	-12.3%	0.27%	-17.2%
NTRS	Sell	Northern Tr Corp	$684,000	-17.3%	12,573	-12.0%	0.26%	-18.4%
MOS	New	Mosaic Co/The	$561,000	–	13,045	–	0.22%	–
	Exit	LVMH Moet Hennessy Louis Vuitt	$0	–	-3,610	–	-0.23%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-43,103	–	-0.41%	–
BIDU	Exit	Baidu Inc - ADRadr	$0	–	-59,845	–	-2.20%	–
VOD	Exit	Vodafone Group ADRadr	$0	–	-208,306	–	-2.32%	–

Q2 2013

			Value		Shares		↓ Weighting
NVS	New	Novartis Ag ADRadr	$11,982,000	–	169,450	–	4.65%	–
RHHBY	New	Roche Holdings Ltd - Spons ADRadr	$10,664,000	–	172,376	–	4.14%	–
NSRGY	New	Nestle SA Spons ADRadr	$8,767,000	–	133,277	–	3.40%	–
SNY	New	Sanofi-ADRadr	$8,511,000	–	165,228	–	3.30%	–
GSK	New	GlaxoSmithkline ADRadr	$8,394,000	–	167,981	–	3.26%	–
TTE	New	Total SA - Sponsored ADRadr	$7,493,000	–	153,869	–	2.91%	–
MUFG	New	Mitsubishi UFJ Financial Group	$7,371,000	–	1,186,889	–	2.86%	–
HSBC	New	HSBC Holdings	$7,294,000	–	140,540	–	2.83%	–
RDSA	New	Royal Dutch Shell PLC-ADRadr	$7,235,000	–	113,396	–	2.81%	–
SBGSY	New	Schneider Electric SA - ADRadr	$7,025,000	–	486,474	–	2.72%	–
DEO	New	Diageo ADRadr	$6,904,000	–	60,061	–	2.68%	–
SYT	New	Syngenta ADRadr	$6,813,000	–	87,507	–	2.64%	–
SAP	New	SAP AG - Sponsored ADRadr	$6,788,000	–	93,209	–	2.63%	–
WPP	New	WPP plc - Sponsored ADRadr	$6,518,000	–	76,334	–	2.53%	–
TSCDY	New	Tesco PLC Sponsored ADRadr	$6,511,000	–	426,926	–	2.52%	–
UL	New	Unilever Plc-Sponsored ADRadr	$6,358,000	–	157,188	–	2.47%	–
E	New	Eni S.p.A. - Sponsored ADRadr	$6,213,000	–	151,388	–	2.41%	–
ITYBY	New	Imperial Tobacco Group PLC - Aadr	$6,159,000	–	88,380	–	2.39%	–
VOD	New	Vodafone Group ADRadr	$5,988,000	–	208,306	–	2.32%	–
ABB	New	ABB Ltd - Spon ADRadr	$5,939,000	–	274,174	–	2.30%	–
RUK	New	Reed Elsevier PLC - Spon ADRadr	$5,904,000	–	129,395	–	2.29%	–
AXAHY	New	AXA Sponsored ADRadr	$5,777,000	–	293,418	–	2.24%	–
ERIC	New	Ericsson (LM) Tel-SP ADRadr	$5,715,000	–	506,657	–	2.22%	–
CRH	New	CRH PLC - Sponsored ADRadr	$5,704,000	–	280,848	–	2.21%	–
BIDU	New	Baidu Inc - ADRadr	$5,661,000	–	59,845	–	2.20%	–
AKZOY	New	Akzo Sponsored Adradr	$5,624,000	–	298,982	–	2.18%	–
GVDNY	New	Givaudan SA - Unsponsored ADRadr	$5,624,000	–	217,818	–	2.18%	–
SOMLY	New	SECOM Co. Ltd. - Unsponsored Aadr	$5,540,000	–	405,278	–	2.15%	–
AZSEY	New	Allianz SE ADRadr	$5,332,000	–	364,968	–	2.07%	–
CAJ	New	Canon Inc. ADRadr	$5,223,000	–	158,893	–	2.03%	–
TEVA	New	Teva Pharmaceutical Industriesadr	$5,069,000	–	129,321	–	1.97%	–
CS	New	Credit Suisse Group Sp ADRadr	$5,033,000	–	190,216	–	1.95%	–
CMPGY	New	Compass Group PLC - ADRadr	$4,876,000	–	379,180	–	1.89%	–
PBR	New	Petroleo Brasileiro SA Petrobradr	$4,399,000	–	328,040	–	1.71%	–
BHP	New	BHP Billition LTD - Spon ADRadr	$4,343,000	–	75,324	–	1.68%	–
DCMYY	New	NTT Docomo Inc	$4,226,000	–	270,019	–	1.64%	–
LVMUY	New	LVMH Moet Hennessy Louis Vuittadr	$3,533,000	–	108,970	–	1.37%	–
CRRFY	New	Carrefour SA - Sponsored ADRadr	$2,964,000	–	545,884	–	1.15%	–
MSFT	New	Microsoft Corporation	$1,353,000	–	39,166	–	0.52%	–
MMM	New	3M Company	$1,213,000	–	11,089	–	0.47%	–
JNJ	New	Johnson & Johnson	$1,168,000	–	13,608	–	0.45%	–
PEP	New	PepsiCo Inc.	$1,153,000	–	14,100	–	0.45%	–
SLB	New	Schlumberger Ltd	$1,151,000	–	16,060	–	0.45%	–
ACN	New	Accenture PLC - Class A	$1,129,000	–	15,693	–	0.44%	–
ORCL	New	Oracle Corporation	$1,116,000	–	36,355	–	0.43%	–
OMC	New	Omnicom Group Inc.	$1,069,000	–	16,996	–	0.42%	–
TGT	New	Target Corporation	$1,067,000	–	15,491	–	0.41%	–
CSCO	New	Cisco Systems Inc.	$1,049,000	–	43,103	–	0.41%	–
BDX	New	Becton, Dickinson	$1,016,000	–	10,277	–	0.39%	–
JPM	New	JPMorgan Chase & Co.	$964,000	–	18,255	–	0.37%	–
MCD	New	McDonald's Corporation	$946,000	–	9,556	–	0.37%	–
IBM	New	International Business Machine	$938,000	–	4,910	–	0.36%	–
COH	New	Coach Inc.	$853,000	–	14,945	–	0.33%	–
NTRS	New	Northern Tr Corp	$827,000	–	14,286	–	0.32%	–
MKL	New	Markel Corporation	$766,000	–	1,454	–	0.30%	–
	New	LVMH Moet Hennessy Louis Vuitt	$584,000	–	3,610	–	0.23%	–

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