CINCINNATI INSURANCE CO Activity Q4 2003-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT ORD	$381,425,053	-9.4%	1,207,997	-2.3%	7.55%	-5.7%
BAX	Buy	BAXTER INTERNATIONAL ORD	$25,361,280	+4.6%	672,000	+26.3%	0.50%	+8.9%
NEE	Buy	NEXTERA ENERGY ORD	$24,863,860	+9.9%	434,000	+42.3%	0.49%	+14.4%
MCHP	Buy	MICROCHIP TECHNOLOGY ORD	$9,725,030	+106.4%	124,600	+136.9%	0.19%	+113.3%

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT ORD	$421,059,661	–	1,236,447	–	8.01%	–
JPM	New	JPMORGAN CHASE ORD	$292,625,280	–	2,012,000	–	5.57%	–
BLK	New	BLACKROCK ORD	$267,402,066	–	386,900	–	5.09%	–
PEP	New	PEPSICO ORD	$229,765,410	–	1,240,500	–	4.37%	–
ACN	New	ACCENTURE CL A ORD	$208,033,836	–	674,165	–	3.96%	–
AVGO	New	BROADCOM ORD	$191,051,458	–	220,250	–	3.63%	–
ABBV	New	ABBVIE ORD	$189,322,596	–	1,405,200	–	3.60%	–
JNJ	New	JOHNSON & JOHNSON ORD	$176,444,320	–	1,066,000	–	3.36%	–
LRCX	New	LAM RESEARCH ORD	$160,207,783	–	249,211	–	3.05%	–
PG	New	PROCTER & GAMBLE ORD	$155,913,457	–	1,027,504	–	2.97%	–
CMI	New	CUMMINS ORD	$148,665,024	–	606,400	–	2.83%	–
APD	New	AIR PRODUCTS AND CHEMICALS ORD	$140,549,061	–	469,232	–	2.67%	–
PFE	New	PFIZER ORD	$127,709,673	–	3,481,725	–	2.43%	–
ABT	New	ABBOTT LABORATORIES ORD	$126,157,944	–	1,157,200	–	2.40%	–
XOM	New	EXXON MOBIL ORD	$125,718,450	–	1,172,200	–	2.39%	–
AAPL	New	APPLE ORD	$119,485,520	–	616,000	–	2.27%	–
MCD	New	MCDONALD'S ORD	$116,081,490	–	389,000	–	2.21%	–
ADI	New	ANALOG DEVICES ORD	$109,992,453	–	564,614	–	2.09%	–
RTX	New	RAYTHEON TECHNOLOGIES ORD	$109,902,891	–	1,121,916	–	2.09%	–
UNH	New	UNITEDHEALTH GRP ORD	$105,779,732	–	220,081	–	2.01%	–
CVX	New	CHEVRON ORD	$100,068,463	–	635,961	–	1.90%	–
RPM	New	RPM ORD	$92,718,278	–	1,033,303	–	1.76%	–
WEC	New	WEC ENERGY GROUP ORD	$86,325,192	–	978,300	–	1.64%	–
TJX	New	TJX ORD	$81,652,770	–	963,000	–	1.55%	–
CB	New	CHUBB ORD	$75,818,189	–	393,738	–	1.44%	–
USB	New	US BANCORP ORD	$72,671,480	–	2,199,500	–	1.38%	–
HD	New	HOME DEPOT ORD	$70,343,185	–	226,446	–	1.34%	–
CSCO	New	CISCO SYSTEMS ORD	$69,021,160	–	1,334,000	–	1.31%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$68,382,679	–	744,666	–	1.30%	–
HAS	New	HASBRO ORD	$67,812,117	–	1,046,968	–	1.29%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$64,234,500	–	510,000	–	1.22%	–
MDLZ	New	MONDELEZ INTERNATIONAL CL A ORD	$63,421,330	–	869,500	–	1.21%	–
ENB	New	ENBRIDGE ORD	$61,186,979	–	1,647,025	–	1.16%	–
NSC	New	NORFOLK SOUTHERN ORD	$59,955,344	–	264,400	–	1.14%	–
DOV	New	DOVER ORD	$54,450,367	–	368,780	–	1.04%	–
MMM	New	3M ORD	$52,216,953	–	521,700	–	0.99%	–
QCOM	New	QUALCOMM ORD	$50,889,600	–	427,500	–	0.97%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$50,837,500	–	245,000	–	0.97%	–
DUK	New	DUKE ENERGY ORD	$46,987,864	–	523,600	–	0.89%	–
CMCSA	New	COMCAST CL A ORD	$43,108,125	–	1,037,500	–	0.82%	–
VLO	New	VALERO ENERGY ORD	$41,821,907	–	356,538	–	0.80%	–
EL	New	ESTEE LAUDER CL A ORD	$40,748,850	–	207,500	–	0.78%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$39,792,980	–	181,050	–	0.76%	–
SNA	New	SNAP ON ORD	$35,706,741	–	123,900	–	0.68%	–
NSA	New	NATIONAL STORAGE AFFILIATES ORD	$31,125,969	–	893,654	–	0.59%	–
ADC	New	AGREE REALTY REIT ORD	$24,978,980	–	382,000	–	0.48%	–
BAX	New	BAXTER INTERNATIONAL ORD	$24,237,920	–	532,000	–	0.46%	–
PNW	New	PINNACLE WEST ORD	$24,180,423	–	296,838	–	0.46%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$23,666,505	–	242,435	–	0.45%	–
NEE	New	NEXTERA ENERGY ORD	$22,631,000	–	305,000	–	0.43%	–
PLD	New	PROLOGIS REIT	$20,601,840	–	168,000	–	0.39%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$15,073,144	–	405,301	–	0.29%	–
MA	New	MASTERCARD CL A ORD	$14,748,750	–	37,500	–	0.28%	–
T	New	AT&T ORD	$12,807,850	–	803,000	–	0.24%	–
AMT	New	AMERICAN TOWER REIT	$11,636,400	–	60,000	–	0.22%	–
VFC	New	VF ORD	$9,545,000	–	500,000	–	0.18%	–
CME	New	CME GROUP CL A ORD	$5,540,171	–	29,900	–	0.10%	–
MCHP	New	MICROCHIP TECHNOLOGY ORD	$4,712,434	–	52,600	–	0.09%	–
	New	KINGSTONE COMPANIES, INCwarrant	$22,500	–	90,000	–	0.00%	–
VSTWSA	New	VISTRA EQY WARRANTwarrant	$2,191	–	36,510	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
VSTWSA	Exit	VISTRA EQY WARRANT	$0	–	-36,510	–	0.00%	–
CME	Exit	CME GROUP CL A ORD	$0	–	-29,900	–	-0.12%	–
T	Exit	AT&T ORD	$0	–	-803,000	–	-0.28%	–
AMT	Exit	AMERICAN TOWER REIT	$0	–	-60,000	–	-0.30%	–
VFC	Exit	VF ORD	$0	–	-500,000	–	-0.34%	–
ADC	Exit	AGREE REALTY REIT ORD	$0	–	-222,000	–	-0.34%	–
VZ	Exit	VERIZON COMMUNICATIONS ORD	$0	–	-405,301	–	-0.35%	–
PLD	Exit	PROLOGIS REIT	$0	–	-168,000	–	-0.39%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES ORD	$0	–	-158,000	–	-0.43%	–
PNW	Exit	PINNACLE WEST ORD	$0	–	-296,838	–	-0.44%	–
AVB	Exit	AVALONBAY COMMUNITIES REIT ORD	$0	–	-106,000	–	-0.45%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL ORD	$0	–	-242,435	–	-0.46%	–
SNA	Exit	SNAP ON ORD	$0	–	-123,900	–	-0.57%	–
CMCSA	Exit	COMCAST CL A ORD	$0	–	-887,500	–	-0.60%	–
BAX	Exit	BAXTER INTERNATIONAL ORD	$0	–	-532,000	–	-0.66%	–
EL	Exit	ESTEE LAUDER CL A ORD	$0	–	-153,500	–	-0.76%	–
VLO	Exit	VALERO ENERGY ORD	$0	–	-356,538	–	-0.87%	–
HON	Exit	HONEYWELL INTERNATIONAL ORD	$0	–	-245,000	–	-0.94%	–
ADP	Exit	AUTOMATIC DATA PROCESSING ORD	$0	–	-181,050	–	-0.94%	–
DOV	Exit	DOVER ORD	$0	–	-368,780	–	-0.98%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL CL A ORD	$0	–	-869,500	–	-1.09%	–
QCOM	Exit	QUALCOMM ORD	$0	–	-427,500	–	-1.11%	–
DUK	Exit	DUKE ENERGY ORD	$0	–	-523,600	–	-1.12%	–
CSCO	Exit	CISCO SYSTEMS ORD	$0	–	-1,334,000	–	-1.22%	–
NSC	Exit	NORFOLK SOUTHERN ORD	$0	–	-264,400	–	-1.27%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES CL A ORD	$0	–	-744,666	–	-1.28%	–
MMM	Exit	3M ORD	$0	–	-521,700	–	-1.32%	–
TJX	Exit	TJX ORD	$0	–	-963,000	–	-1.37%	–
ENB	Exit	ENBRIDGE ORD	$0	–	-1,647,025	–	-1.40%	–
HD	Exit	HOME DEPOT ORD	$0	–	-226,446	–	-1.43%	–
LRCX	Exit	LAM RESEARCH ORD	$0	–	-187,461	–	-1.57%	–
HAS	Exit	HASBRO ORD	$0	–	-1,046,968	–	-1.62%	–
CB	Exit	CHUBB ORD	$0	–	-393,738	–	-1.64%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP ORD	$0	–	-510,000	–	-1.75%	–
ADI	Exit	ANALOG DEVICES ORD	$0	–	-564,614	–	-1.80%	–
AAPL	Exit	APPLE ORD	$0	–	-616,000	–	-1.95%	–
RPM	Exit	RPM ORD	$0	–	-1,033,303	–	-1.97%	–
RTX	Exit	RAYTHEON TECHNOLOGIES ORD	$0	–	-1,061,916	–	-1.99%	–
WEC	Exit	WEC ENERGY GROUP ORD	$0	–	-978,300	–	-2.00%	–
USB	Exit	US BANCORP ORD	$0	–	-2,199,500	–	-2.03%	–
MCD	Exit	MCDONALD'S ORD	$0	–	-389,000	–	-2.06%	–
CVX	Exit	CHEVRON ORD	$0	–	-635,961	–	-2.09%	–
AVGO	Exit	BROADCOM ORD	$0	–	-220,250	–	-2.24%	–
XOM	Exit	EXXON MOBIL ORD	$0	–	-1,172,200	–	-2.34%	–
APD	Exit	AIR PRODUCTS AND CHEMICALS ORD	$0	–	-454,832	–	-2.42%	–
UNH	Exit	UNITEDHEALTH GRP ORD	$0	–	-220,081	–	-2.55%	–
ABT	Exit	ABBOTT LABORATORIES ORD	$0	–	-1,157,200	–	-2.56%	–
CMI	Exit	CUMMINS ORD	$0	–	-606,400	–	-2.83%	–
PG	Exit	PROCTER & GAMBLE ORD	$0	–	-1,027,504	–	-2.97%	–
PFE	Exit	PFIZER ORD	$0	–	-3,481,725	–	-3.49%	–
ACN	Exit	ACCENTURE CL A ORD	$0	–	-674,165	–	-3.97%	–
JNJ	Exit	JOHNSON & JOHNSON ORD	$0	–	-1,066,000	–	-3.99%	–
ABBV	Exit	ABBVIE ORD	$0	–	-1,405,200	–	-4.32%	–
PEP	Exit	PEPSICO ORD	$0	–	-1,240,500	–	-4.64%	–
JPM	Exit	JPMORGAN CHASE ORD	$0	–	-2,012,000	–	-4.82%	–
BLK	Exit	BLACKROCK ORD	$0	–	-386,900	–	-4.88%	–
MSFT	Exit	MICROSOFT ORD	$0	–	-1,250,447	–	-6.67%	–

Q3 2022

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT ORD	$291,229,000	-11.9%	1,250,447	-2.8%	6.67%	-4.7%
USB	Buy	US BANCORP ORD	$88,684,000	-7.9%	2,199,500	+5.2%	2.03%	-0.3%
RTX	Buy	RAYTHEON TECHNOLOGIES ORD	$86,928,000	-11.8%	1,061,916	+3.6%	1.99%	-4.6%
LRCX	New	LAM RESEARCH ORD	$68,611,000	–	187,461	–	1.57%	–
EL	Buy	ESTEE LAUDER CL A ORD	$33,141,000	-9.6%	153,500	+6.6%	0.76%	-2.3%
BAX	Buy	BAXTER INTERNATIONAL ORD	$28,654,000	-8.6%	532,000	+9.0%	0.66%	-1.2%
AVB	Sell	AVALONBAY COMMUNITIES REIT ORD	$19,524,000	-22.7%	106,000	-18.5%	0.45%	-16.4%
IBM	Sell	INTERNATIONAL BUSINESS MACHINES ORD	$18,772,000	-47.9%	158,000	-38.0%	0.43%	-43.6%
ADC	Buy	AGREE REALTY REIT ORD	$15,003,000	+34.2%	222,000	+43.2%	0.34%	+45.1%
MILE	Exit	METROMILE ORD	$0	–	-8,290	–	0.00%	–
	Exit	EXCELERATE ENERGY CL A ORD	$0	–	-4,698	–	-0.00%	–
	Exit	KINETIK HOLDINGS CL A ORD	$0	–	-4,430	–	-0.00%	–
DTM	Exit	DT MIDSTREAM ORD	$0	–	-4,266	–	-0.00%	–
KMI	Exit	KINDER MORGAN CL P ORD	$0	–	-11,466	–	-0.00%	–
NEP	Exit	NEXTERA ENERGY PARTNERS UNT	$0	–	-3,406	–	-0.01%	–
HESM	Exit	HESS MIDSTREAM CL A ORD	$0	–	-8,724	–	-0.01%	–
PBA	Exit	PEMBINA PIPELINE ORD	$0	–	-13,633	–	-0.01%	–
WMB	Exit	WILLIAMS ORD	$0	–	-18,706	–	-0.01%	–
GEL	Exit	GENESIS ENERGY CL A UNT	$0	–	-107,032	–	-0.02%	–
CQP	Exit	CHENIERE ENERGY PARTNERS UNT	$0	–	-19,876	–	-0.02%	–
NS	Exit	NUSTAR ENERGY UNT	$0	–	-87,385	–	-0.03%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS UNT	$0	–	-58,947	–	-0.03%	–
OKE	Exit	ONEOK ORD	$0	–	-34,535	–	-0.04%	–
ENLC	Exit	ENLINK MIDSTREAM COM UNT	$0	–	-273,871	–	-0.05%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS UNT	$0	–	-96,023	–	-0.05%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS UNT	$0	–	-63,009	–	-0.06%	–
DCP	Exit	DCP MIDSTREAM UNT	$0	–	-109,096	–	-0.07%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE UNT	$0	–	-406,988	–	-0.08%	–
LNG	Exit	CHENIERE ENERGY ORD	$0	–	-31,694	–	-0.09%	–
MPLX	Exit	MPLX COM UNT	$0	–	-145,463	–	-0.09%	–
ET	Exit	ENERGY TRANSFER UNT	$0	–	-458,421	–	-0.10%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS COM UNT	$0	–	-190,053	–	-0.10%	–
TRGP	Exit	TARGA RESOURCES ORD	$0	–	-78,268	–	-0.10%	–

Q2 2022

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT ORD	$330,437,000	–	1,286,600	–	7.00%	–
BLK	New	BLACKROCK ORD	$235,638,000	–	386,900	–	4.99%	–
JPM	New	JPMORGAN CHASE ORD	$226,571,000	–	2,012,000	–	4.80%	–
ABBV	New	ABBVIE ORD	$215,220,000	–	1,405,200	–	4.56%	–
PEP	New	PEPSICO ORD	$206,742,000	–	1,240,500	–	4.38%	–
JNJ	New	JOHNSON & JOHNSON ORD	$189,226,000	–	1,066,000	–	4.01%	–
ACN	New	ACCENTURE CL A ORD	$187,182,000	–	674,165	–	3.96%	–
PFE	New	PFIZER ORD	$182,547,000	–	3,481,725	–	3.87%	–
PG	New	PROCTER & GAMBLE ORD	$147,745,000	–	1,027,504	–	3.13%	–
ABT	New	ABBOTT LABORATORIES ORD	$125,730,000	–	1,157,200	–	2.66%	–
CMI	New	CUMMINS ORD	$117,357,000	–	606,400	–	2.48%	–
UNH	New	UNITEDHEALTH GRP ORD	$113,040,000	–	220,081	–	2.39%	–
APD	New	AIR PRODUCTS AND CHEMICALS ORD	$109,378,000	–	454,832	–	2.32%	–
AVGO	New	BROADCOM ORD	$107,000,000	–	220,250	–	2.27%	–
XOM	New	EXXON MOBIL ORD	$100,387,000	–	1,172,200	–	2.13%	–
RTX	New	RAYTHEON TECHNOLOGIES ORD	$98,505,000	–	1,024,916	–	2.09%	–
WEC	New	WEC ENERGY GROUP ORD	$98,456,000	–	978,300	–	2.08%	–
USB	New	US BANCORP ORD	$96,251,000	–	2,091,500	–	2.04%	–
MCD	New	MCDONALD'S ORD	$96,036,000	–	389,000	–	2.03%	–
CVX	New	CHEVRON ORD	$92,074,000	–	635,961	–	1.95%	–
HAS	New	HASBRO ORD	$85,726,000	–	1,046,968	–	1.82%	–
AAPL	New	APPLE ORD	$84,220,000	–	616,000	–	1.78%	–
ADI	New	ANALOG DEVICES ORD	$82,484,000	–	564,614	–	1.75%	–
RPM	New	RPM ORD	$81,342,000	–	1,033,303	–	1.72%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$80,463,000	–	510,000	–	1.70%	–
CB	New	CHUBB ORD	$77,401,000	–	393,738	–	1.64%	–
ENB	New	ENBRIDGE ORD	$69,603,000	–	1,647,025	–	1.47%	–
MMM	New	3M ORD	$67,513,000	–	521,700	–	1.43%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$65,128,000	–	744,666	–	1.38%	–
HD	New	HOME DEPOT ORD	$62,107,000	–	226,446	–	1.32%	–
NSC	New	NORFOLK SOUTHERN ORD	$60,095,000	–	264,400	–	1.27%	–
CSCO	New	CISCO SYSTEMS ORD	$56,882,000	–	1,334,000	–	1.20%	–
DUK	New	DUKE ENERGY ORD	$56,135,000	–	523,600	–	1.19%	–
QCOM	New	QUALCOMM ORD	$54,609,000	–	427,500	–	1.16%	–
MDLZ	New	MONDELEZ INTERNATIONAL CL A ORD	$53,987,000	–	869,500	–	1.14%	–
TJX	New	TJX ORD	$53,784,000	–	963,000	–	1.14%	–
DOV	New	DOVER ORD	$44,740,000	–	368,780	–	0.95%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$42,583,000	–	245,000	–	0.90%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$38,028,000	–	181,050	–	0.80%	–
VLO	New	VALERO ENERGY ORD	$37,893,000	–	356,538	–	0.80%	–
EL	New	ESTEE LAUDER CL A ORD	$36,672,000	–	144,000	–	0.78%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES ORD	$36,003,000	–	255,000	–	0.76%	–
CMCSA	New	COMCAST CL A ORD	$34,826,000	–	887,500	–	0.74%	–
BAX	New	BAXTER INTERNATIONAL ORD	$31,344,000	–	488,000	–	0.66%	–
AVB	New	AVALONBAY COMMUNITIES REIT ORD	$25,253,000	–	130,000	–	0.54%	–
SNA	New	SNAP ON ORD	$24,412,000	–	123,900	–	0.52%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$23,938,000	–	242,435	–	0.51%	–
VFC	New	VF ORD	$22,085,000	–	500,000	–	0.47%	–
PNW	New	PINNACLE WEST ORD	$21,705,000	–	296,838	–	0.46%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$20,569,000	–	405,301	–	0.44%	–
PLD	New	PROLOGIS REIT	$19,765,000	–	168,000	–	0.42%	–
T	New	AT&T ORD	$16,831,000	–	803,000	–	0.36%	–
AMT	New	AMERICAN TOWER REIT	$15,335,000	–	60,000	–	0.32%	–
ADC	New	AGREE REALTY REIT ORD	$11,180,000	–	155,000	–	0.24%	–
CME	New	CME GROUP CL A ORD	$6,121,000	–	29,900	–	0.13%	–
TRGP	New	TARGA RESOURCES ORD	$4,670,000	–	78,268	–	0.10%	–
WES	New	WESTERN MIDSTREAM PARTNERS COM UNT	$4,620,000	–	190,053	–	0.10%	–
ET	New	ENERGY TRANSFER UNT	$4,575,000	–	458,421	–	0.10%	–
MPLX	New	MPLX COM UNT	$4,240,000	–	145,463	–	0.09%	–
LNG	New	CHENIERE ENERGY ORD	$4,216,000	–	31,694	–	0.09%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE UNT	$3,997,000	–	406,988	–	0.08%	–
DCP	New	DCP MIDSTREAM UNT	$3,227,000	–	109,096	–	0.07%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS UNT	$3,009,000	–	63,009	–	0.06%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS UNT	$2,340,000	–	96,023	–	0.05%	–
ENLC	New	ENLINK MIDSTREAM COM UNT	$2,328,000	–	273,871	–	0.05%	–
OKE	New	ONEOK ORD	$1,917,000	–	34,535	–	0.04%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS UNT	$1,419,000	–	58,947	–	0.03%	–
NS	New	NUSTAR ENERGY UNT	$1,223,000	–	87,385	–	0.03%	–
CQP	New	CHENIERE ENERGY PARTNERS UNT	$892,000	–	19,876	–	0.02%	–
GEL	New	GENESIS ENERGY CL A UNT	$858,000	–	107,032	–	0.02%	–
WMB	New	WILLIAMS ORD	$584,000	–	18,706	–	0.01%	–
PBA	New	PEMBINA PIPELINE ORD	$482,000	–	13,633	–	0.01%	–
HESM	New	HESS MIDSTREAM CL A ORD	$244,000	–	8,724	–	0.01%	–
NEP	New	NEXTERA ENERGY PARTNERS UNT	$253,000	–	3,406	–	0.01%	–
DTM	New	DT MIDSTREAM ORD	$209,000	–	4,266	–	0.00%	–
KMI	New	KINDER MORGAN CL P ORD	$192,000	–	11,466	–	0.00%	–
	New	KINETIK HOLDINGS CL A ORD	$151,000	–	4,430	–	0.00%	–
	New	EXCELERATE ENERGY CL A ORD	$94,000	–	4,698	–	0.00%	–
VSTWSA	New	VISTRA EQY WARRANT	$10,000	–	36,510	–	0.00%	–
MILE	New	METROMILE ORD	$8,000	–	8,290	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
VSTWSA	Exit	VISTRA EQY WARRANT	$0	–	-36,510	–	0.00%	–
KMI	Exit	KINDER MORGAN CL P ORD	$0	–	-11,466	–	-0.00%	–
DTM	Exit	DT MIDSTREAM ORD	$0	–	-4,266	–	-0.00%	–
WMB	Exit	WILLIAMS ORD	$0	–	-7,873	–	-0.00%	–
NEP	Exit	NEXTERA ENERGY PARTNERS UNT	$0	–	-3,406	–	-0.01%	–
ENBL	Exit	ENABLE MIDSTREAM PARTNERS COM UNT	$0	–	-46,436	–	-0.01%	–
ENLC	Exit	ENLINK MIDSTREAM COM UNT	$0	–	-104,050	–	-0.01%	–
GEL	Exit	GENESIS ENERGY CL A UNT	$0	–	-75,234	–	-0.02%	–
CQP	Exit	CHENIERE ENERGY PARTNERS UNT	$0	–	-19,876	–	-0.02%	–
PSXP	Exit	PHILLIPS 66 PARTNERS COM UNT	$0	–	-32,053	–	-0.02%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS UNT	$0	–	-43,726	–	-0.02%	–
NS	Exit	NUSTAR ENERGY UNT	$0	–	-111,933	–	-0.04%	–
OKE	Exit	ONEOK ORD	$0	–	-31,782	–	-0.04%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS UNT	$0	–	-127,177	–	-0.06%	–
DCP	Exit	DCP MIDSTREAM UNT	$0	–	-103,385	–	-0.06%	–
LNG	Exit	CHENIERE ENERGY ORD	$0	–	-31,694	–	-0.06%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS UNT	$0	–	-68,544	–	-0.06%	–
ET	Exit	ENERGY TRANSFER UNT	$0	–	-389,789	–	-0.08%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE UNT	$0	–	-373,216	–	-0.08%	–
TRGP	Exit	TARGA RESOURCES ORD	$0	–	-76,428	–	-0.08%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS COM UNT	$0	–	-190,053	–	-0.08%	–
MPLX	Exit	MPLX COM UNT	$0	–	-145,463	–	-0.08%	–
VTRS	Exit	VIATRIS ORD	$0	–	-410,294	–	-0.11%	–
CME	Exit	CME GROUP CL A ORD	$0	–	-29,900	–	-0.12%	–
VFC	Exit	VF ORD	$0	–	-148,540	–	-0.20%	–
EL	Exit	ESTEE LAUDER CL A ORD	$0	–	-34,064	–	-0.21%	–
AMT	Exit	AMERICAN TOWER REIT	$0	–	-60,000	–	-0.32%	–
PNW	Exit	PINNACLE WEST ORD	$0	–	-253,838	–	-0.37%	–
PLD	Exit	PROLOGIS REIT	$0	–	-168,000	–	-0.43%	–
T	Exit	AT&T ORD	$0	–	-803,000	–	-0.44%	–
VZ	Exit	VERIZON COMMUNICATIONS ORD	$0	–	-405,301	–	-0.45%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL ORD	$0	–	-242,435	–	-0.47%	–
SNA	Exit	SNAP ON ORD	$0	–	-123,900	–	-0.53%	–
VLO	Exit	VALERO ENERGY ORD	$0	–	-380,738	–	-0.55%	–
AVB	Exit	AVALONBAY COMMUNITIES REIT ORD	$0	–	-130,000	–	-0.59%	–
ADP	Exit	AUTOMATIC DATA PROCESSING ORD	$0	–	-181,050	–	-0.74%	–
BAX	Exit	BAXTER INTERNATIONAL ORD	$0	–	-488,000	–	-0.80%	–
CMCSA	Exit	COMCAST CL A ORD	$0	–	-887,500	–	-1.01%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL CL A ORD	$0	–	-869,500	–	-1.03%	–
DUK	Exit	DUKE ENERGY ORD	$0	–	-523,600	–	-1.04%	–
HON	Exit	HONEYWELL INTERNATIONAL ORD	$0	–	-245,000	–	-1.06%	–
QCOM	Exit	QUALCOMM ORD	$0	–	-427,500	–	-1.12%	–
DOV	Exit	DOVER ORD	$0	–	-368,780	–	-1.17%	–
NSC	Exit	NORFOLK SOUTHERN ORD	$0	–	-264,400	–	-1.29%	–
TJX	Exit	TJX ORD	$0	–	-963,000	–	-1.29%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES ORD	$0	–	-463,655	–	-1.31%	–
CB	Exit	CHUBB ORD	$0	–	-393,738	–	-1.39%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES CL A ORD	$0	–	-744,666	–	-1.42%	–
ENB	Exit	ENBRIDGE ORD	$0	–	-1,819,525	–	-1.47%	–
CSCO	Exit	CISCO SYSTEMS ORD	$0	–	-1,334,000	–	-1.48%	–
CVX	Exit	CHEVRON ORD	$0	–	-716,000	–	-1.48%	–
HD	Exit	HOME DEPOT ORD	$0	–	-226,446	–	-1.51%	–
XOM	Exit	EXXON MOBIL ORD	$0	–	-1,290,200	–	-1.54%	–
RPM	Exit	RPM ORD	$0	–	-1,033,303	–	-1.63%	–
UNH	Exit	UNITEDHEALTH GRP ORD	$0	–	-220,081	–	-1.75%	–
WEC	Exit	WEC ENERGY GROUP ORD	$0	–	-978,300	–	-1.76%	–
AAPL	Exit	APPLE ORD	$0	–	-616,000	–	-1.77%	–
RTX	Exit	RAYTHEON TECHNOLOGIES ORD	$0	–	-1,024,916	–	-1.79%	–
MMM	Exit	3M ORD	$0	–	-521,700	–	-1.86%	–
ADI	Exit	ANALOG DEVICES ORD	$0	–	-549,114	–	-1.87%	–
MCD	Exit	MCDONALD'S ORD	$0	–	-389,000	–	-1.91%	–
HAS	Exit	HASBRO ORD	$0	–	-1,071,827	–	-1.95%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP ORD	$0	–	-510,000	–	-2.03%	–
AVGO	Exit	BROADCOM ORD	$0	–	-214,650	–	-2.12%	–
APD	Exit	AIR PRODUCTS AND CHEMICALS ORD	$0	–	-442,032	–	-2.30%	–
USB	Exit	US BANCORP ORD	$0	–	-2,091,500	–	-2.53%	–
CMI	Exit	CUMMINS ORD	$0	–	-606,400	–	-2.77%	–
ABT	Exit	ABBOTT LABORATORIES ORD	$0	–	-1,157,200	–	-2.78%	–
PG	Exit	PROCTER & GAMBLE ORD	$0	–	-1,027,504	–	-2.92%	–
ABBV	Exit	ABBVIE ORD	$0	–	-1,377,200	–	-3.02%	–
PFE	Exit	PFIZER ORD	$0	–	-3,481,725	–	-3.05%	–
JNJ	Exit	JOHNSON & JOHNSON ORD	$0	–	-1,066,000	–	-3.50%	–
PEP	Exit	PEPSICO ORD	$0	–	-1,240,500	–	-3.80%	–
ACN	Exit	ACCENTURE CL A ORD	$0	–	-674,165	–	-4.39%	–
BLK	Exit	BLACKROCK ORD	$0	–	-386,900	–	-6.61%	–
JPM	Exit	JPMORGAN CHASE ORD	$0	–	-2,012,000	–	-6.70%	–
MSFT	Exit	MICROSOFT ORD	$0	–	-1,286,600	–	-7.38%	–

Q3 2021

			Value		Shares		↓ Weighting
HAS	Sell	HASBRO ORD	$95,628,000	-7.8%	1,071,827	-2.3%	1.95%	-7.1%
VFC	Buy	VF ORD	$9,951,000	+6.8%	148,540	+30.8%	0.20%	+8.0%
TRGP	Buy	TARGA RESOURCES ORD	$3,761,000	+18.5%	76,428	+7.0%	0.08%	+20.3%
MMP	Sell	MAGELLAN MIDSTREAM PARTNERS UNT	$3,124,000	-10.8%	68,544	-4.3%	0.06%	-9.9%
LNG	Buy	CHENIERE ENERGY ORD	$3,096,000	+41.0%	31,694	+25.2%	0.06%	+43.2%
EPD	Sell	ENTERPRISE PRODUCTS PARTNERS UNT	$2,752,000	-24.9%	127,177	-16.2%	0.06%	-24.3%
CEQP	Buy	CRESTWOOD EQUITY PARTNERS UNT	$1,241,000	+105.1%	43,726	+116.7%	0.02%	+108.3%
CQP	Buy	CHENIERE ENERGY PARTNERS UNT	$808,000	+144.8%	19,876	+167.2%	0.02%	+128.6%
GEL	New	GENESIS ENERGY CL A UNT	$750,000	–	75,234	–	0.02%	–
ENLC	New	ENLINK MIDSTREAM COM UNT	$710,000	–	104,050	–	0.01%	–
ENBL	New	ENABLE MIDSTREAM PARTNERS COM UNT	$377,000	–	46,436	–	0.01%	–
WMB	Sell	WILLIAMS ORD	$204,000	-71.2%	7,873	-70.5%	0.00%	-71.4%
DTM	New	DT MIDSTREAM ORD	$197,000	–	4,266	–	0.00%	–
TRP	Exit	TC ENERGY ORD	$0	–	-4,041	–	-0.00%	–
BPMP	Exit	BP MIDSTREAM PARTNERS UNT	$0	–	-42,657	–	-0.01%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS UNT	$0	–	-86,992	–	-0.03%	–

Q2 2021

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT ORD	$348,540,000	–	1,286,600	–	7.04%	–
BLK	New	BLACKROCK ORD	$338,526,000	–	386,900	–	6.84%	–
JPM	New	JPMORGAN CHASE ORD	$312,946,000	–	2,012,000	–	6.32%	–
ACN	New	ACCENTURE CL A ORD	$198,737,000	–	674,165	–	4.02%	–
PEP	New	PEPSICO ORD	$183,805,000	–	1,240,500	–	3.71%	–
JNJ	New	JOHNSON & JOHNSON ORD	$175,613,000	–	1,066,000	–	3.55%	–
ABBV	New	ABBVIE ORD	$155,128,000	–	1,377,200	–	3.14%	–
CMI	New	CUMMINS ORD	$147,846,000	–	606,400	–	2.99%	–
PG	New	PROCTER & GAMBLE ORD	$138,641,000	–	1,027,504	–	2.80%	–
PFE	New	PFIZER ORD	$136,344,000	–	3,481,725	–	2.76%	–
ABT	New	ABBOTT LABORATORIES ORD	$134,154,000	–	1,157,200	–	2.71%	–
APD	New	AIR PRODUCTS AND CHEMICALS ORD	$127,164,000	–	442,032	–	2.57%	–
USB	New	US BANCORP ORD	$119,153,000	–	2,091,500	–	2.41%	–
HAS	New	HASBRO ORD	$103,711,000	–	1,097,243	–	2.10%	–
MMM	New	3M ORD	$103,625,000	–	521,700	–	2.09%	–
AVGO	New	BROADCOM ORD	$102,354,000	–	214,650	–	2.07%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$97,288,000	–	510,000	–	1.97%	–
ADI	New	ANALOG DEVICES ORD	$94,535,000	–	549,114	–	1.91%	–
RPM	New	RPM ORD	$91,633,000	–	1,033,303	–	1.85%	–
MCD	New	MCDONALD'S ORD	$89,855,000	–	389,000	–	1.82%	–
UNH	New	UNITEDHEALTH GRP ORD	$88,129,000	–	220,081	–	1.78%	–
RTX	New	RAYTHEON TECHNOLOGIES ORD	$87,436,000	–	1,024,916	–	1.77%	–
WEC	New	WEC ENERGY GROUP ORD	$87,020,000	–	978,300	–	1.76%	–
AAPL	New	APPLE ORD	$84,367,000	–	616,000	–	1.70%	–
XOM	New	EXXON MOBIL ORD	$81,386,000	–	1,290,200	–	1.64%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$76,604,000	–	744,666	–	1.55%	–
CVX	New	CHEVRON ORD	$74,994,000	–	716,000	–	1.52%	–
ENB	New	ENBRIDGE ORD	$72,854,000	–	1,819,525	–	1.47%	–
HD	New	HOME DEPOT ORD	$72,211,000	–	226,446	–	1.46%	–
CSCO	New	CISCO SYSTEMS ORD	$70,702,000	–	1,334,000	–	1.43%	–
NSC	New	NORFOLK SOUTHERN ORD	$70,174,000	–	264,400	–	1.42%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES ORD	$67,967,000	–	463,655	–	1.37%	–
TJX	New	TJX ORD	$64,925,000	–	963,000	–	1.31%	–
CB	New	CHUBB ORD	$62,581,000	–	393,738	–	1.26%	–
QCOM	New	QUALCOMM ORD	$61,103,000	–	427,500	–	1.24%	–
DOV	New	DOVER ORD	$55,538,000	–	368,780	–	1.12%	–
MDLZ	New	MONDELEZ INTERNATIONAL CL A ORD	$54,292,000	–	869,500	–	1.10%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$53,741,000	–	245,000	–	1.09%	–
DUK	New	DUKE ENERGY ORD	$51,690,000	–	523,600	–	1.04%	–
CMCSA	New	COMCAST CL A ORD	$50,605,000	–	887,500	–	1.02%	–
BAX	New	BAXTER INTERNATIONAL ORD	$39,284,000	–	488,000	–	0.79%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$35,960,000	–	181,050	–	0.73%	–
VLO	New	VALERO ENERGY ORD	$29,728,000	–	380,738	–	0.60%	–
SNA	New	SNAP ON ORD	$27,683,000	–	123,900	–	0.56%	–
AVB	New	AVALONBAY COMMUNITIES REIT ORD	$27,130,000	–	130,000	–	0.55%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$24,028,000	–	242,435	–	0.49%	–
T	New	AT&T ORD	$23,110,000	–	803,000	–	0.47%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$22,709,000	–	405,301	–	0.46%	–
PNW	New	PINNACLE WEST ORD	$20,807,000	–	253,838	–	0.42%	–
PLD	New	PROLOGIS REIT	$20,081,000	–	168,000	–	0.41%	–
AMT	New	AMERICAN TOWER REIT	$16,208,000	–	60,000	–	0.33%	–
EL	New	ESTEE LAUDER CL A ORD	$10,835,000	–	34,064	–	0.22%	–
VFC	New	VF ORD	$9,315,000	–	113,540	–	0.19%	–
CME	New	CME GROUP CL A ORD	$6,359,000	–	29,900	–	0.13%	–
VTRS	New	VIATRIS ORD	$5,863,000	–	410,294	–	0.12%	–
MPLX	New	MPLX COM UNT	$4,307,000	–	145,463	–	0.09%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE UNT	$4,240,000	–	373,216	–	0.09%	–
ET	New	ENERGY TRANSFER UNT	$4,143,000	–	389,789	–	0.08%	–
WES	New	WESTERN MIDSTREAM PARTNERS COM UNT	$4,071,000	–	190,053	–	0.08%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS UNT	$3,664,000	–	151,829	–	0.07%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS UNT	$3,502,000	–	71,603	–	0.07%	–
DCP	New	DCP MIDSTREAM UNT	$3,173,000	–	103,385	–	0.06%	–
TRGP	New	TARGA RESOURCES ORD	$3,174,000	–	71,401	–	0.06%	–
LNG	New	CHENIERE ENERGY ORD	$2,196,000	–	25,320	–	0.04%	–
NS	New	NUSTAR ENERGY UNT	$2,020,000	–	111,933	–	0.04%	–
OKE	New	ONEOK ORD	$1,768,000	–	31,782	–	0.04%	–
PSXP	New	PHILLIPS 66 PARTNERS COM UNT	$1,265,000	–	32,053	–	0.03%	–
SHLX	New	SHELL MIDSTREAM PARTNERS UNT	$1,285,000	–	86,992	–	0.03%	–
WMB	New	WILLIAMS ORD	$708,000	–	26,655	–	0.01%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS UNT	$605,000	–	20,174	–	0.01%	–
BPMP	New	BP MIDSTREAM PARTNERS UNT	$618,000	–	42,657	–	0.01%	–
CQP	New	CHENIERE ENERGY PARTNERS UNT	$330,000	–	7,440	–	0.01%	–
NEP	New	NEXTERA ENERGY PARTNERS UNT	$260,000	–	3,406	–	0.01%	–
KMI	New	KINDER MORGAN CL P ORD	$209,000	–	11,466	–	0.00%	–
TRP	New	TC ENERGY ORD	$200,000	–	4,041	–	0.00%	–
VSTWSA	New	VISTRA EQY WARRANT	$11,000	–	36,510	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
VSTWSA	Exit	VISTRA EQY WARRANT	$0	–	-36,510	–	-0.00%	–
SRE	Exit	SEMPRA ENERGY ORD	$0	–	-632	–	-0.00%	–
DCP	Exit	DCP MIDSTREAM UNT	$0	–	-11,234	–	-0.00%	–
NBLX	Exit	NOBLE MIDSTREAM PARTNERS UNT	$0	–	-14,521	–	-0.00%	–
TCP	Exit	TC PIPELINES UNT	$0	–	-4,516	–	-0.00%	–
CQP	Exit	CHENIERE ENERGY PARTNERS UNT	$0	–	-7,440	–	-0.01%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS UNT	$0	–	-20,174	–	-0.01%	–
OKE	Exit	ONEOK ORD	$0	–	-9,191	–	-0.01%	–
CWEN	Exit	CLEARWAY ENERGY CL C ORD	$0	–	-9,539	–	-0.01%	–
NEE	Exit	NEXTERA ENERGY ORD	$0	–	-1,482	–	-0.01%	–
BPMP	Exit	BP MIDSTREAM PARTNERS UNT	$0	–	-47,762	–	-0.01%	–
KMI	Exit	KINDER MORGAN CL P ORD	$0	–	-47,303	–	-0.02%	–
NS	Exit	NUSTAR ENERGY UNT	$0	–	-54,498	–	-0.02%	–
TRGP	Exit	TARGA RESOURCES ORD	$0	–	-55,348	–	-0.02%	–
PSXP	Exit	PHILLIPS 66 PARTNERS COM UNT	$0	–	-36,329	–	-0.02%	–
NEP	Exit	NEXTERA ENERGY PARTNERS UNT	$0	–	-14,233	–	-0.02%	–
ETRN	Exit	EQUITRANS MIDSTREAM ORD	$0	–	-100,621	–	-0.02%	–
LNG	Exit	CHENIERE ENERGY ORD	$0	–	-19,770	–	-0.02%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS COM UNT	$0	–	-125,594	–	-0.03%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS UNT	$0	–	-120,914	–	-0.03%	–
ET	Exit	ENERGY TRANSFER UNT	$0	–	-243,121	–	-0.03%	–
TRP	Exit	TC ENERGY ORD	$0	–	-34,414	–	-0.04%	–
WMB	Exit	WILLIAMS ORD	$0	–	-74,286	–	-0.04%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE UNT	$0	–	-315,709	–	-0.05%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS UNT	$0	–	-65,162	–	-0.06%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS UNT	$0	–	-149,872	–	-0.06%	–
MPLX	Exit	MPLX COM UNT	$0	–	-159,625	–	-0.06%	–
DIS	Exit	WALT DISNEY ORD	$0	–	-35,000	–	-0.11%	–
CME	Exit	CME GROUP CL A ORD	$0	–	-29,900	–	-0.13%	–
VFC	Exit	VF ORD	$0	–	-113,540	–	-0.20%	–
AMT	Exit	AMERICAN TOWER REIT	$0	–	-60,000	–	-0.37%	–
VLO	Exit	VALERO ENERGY ORD	$0	–	-380,738	–	-0.42%	–
PLD	Exit	PROLOGIS REIT	$0	–	-168,000	–	-0.43%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL ORD	$0	–	-242,435	–	-0.46%	–
SNA	Exit	SNAP ON ORD	$0	–	-123,900	–	-0.46%	–
PNW	Exit	PINNACLE WEST ORD	$0	–	-253,838	–	-0.48%	–
T	Exit	AT&T ORD	$0	–	-803,000	–	-0.58%	–
VZ	Exit	VERIZON COMMUNICATIONS ORD	$0	–	-405,301	–	-0.61%	–
ADP	Exit	AUTOMATIC DATA PROCESSING ORD	$0	–	-181,050	–	-0.64%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL CL A ORD	$0	–	-513,500	–	-0.75%	–
BAX	Exit	BAXTER INTERNATIONAL ORD	$0	–	-458,000	–	-0.94%	–
AVB	Exit	AVALONBAY COMMUNITIES REIT ORD	$0	–	-247,000	–	-0.94%	–
CMCSA	Exit	COMCAST CL A ORD	$0	–	-807,000	–	-0.95%	–
DOV	Exit	DOVER ORD	$0	–	-368,780	–	-1.02%	–
HON	Exit	HONEYWELL INTERNATIONAL ORD	$0	–	-245,000	–	-1.03%	–
XOM	Exit	EXXON MOBIL ORD	$0	–	-1,290,200	–	-1.13%	–
CB	Exit	CHUBB ORD	$0	–	-393,738	–	-1.16%	–
DUK	Exit	DUKE ENERGY ORD	$0	–	-523,600	–	-1.18%	–
QCOM	Exit	QUALCOMM ORD	$0	–	-427,500	–	-1.28%	–
CVX	Exit	CHEVRON ORD	$0	–	-716,000	–	-1.31%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES CL A ORD	$0	–	-744,666	–	-1.34%	–
CSCO	Exit	CISCO SYSTEMS ORD	$0	–	-1,334,000	–	-1.34%	–
ENB	Exit	ENBRIDGE ORD	$0	–	-1,819,525	–	-1.35%	–
TJX	Exit	TJX ORD	$0	–	-963,000	–	-1.36%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP ORD	$0	–	-510,000	–	-1.43%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES ORD	$0	–	-463,655	–	-1.44%	–
NSC	Exit	NORFOLK SOUTHERN ORD	$0	–	-264,400	–	-1.44%	–
RTX	Exit	RAYTHEON TECHNOLOGIES ORD	$0	–	-1,024,916	–	-1.50%	–
HD	Exit	HOME DEPOT ORD	$0	–	-226,446	–	-1.60%	–
ADI	Exit	ANALOG DEVICES ORD	$0	–	-549,114	–	-1.63%	–
UNH	Exit	UNITEDHEALTH GRP ORD	$0	–	-220,081	–	-1.75%	–
USB	Exit	US BANCORP ORD	$0	–	-1,981,500	–	-1.81%	–
AAPL	Exit	APPLE ORD	$0	–	-616,000	–	-1.82%	–
AVGO	Exit	BROADCOM ORD	$0	–	-214,650	–	-1.99%	–
MMM	Exit	3M ORD	$0	–	-521,700	–	-2.13%	–
MCD	Exit	MCDONALD'S ORD	$0	–	-389,000	–	-2.17%	–
RPM	Exit	RPM ORD	$0	–	-1,033,303	–	-2.18%	–
WEC	Exit	WEC ENERGY GROUP ORD	$0	–	-978,300	–	-2.41%	–
HAS	Exit	HASBRO ORD	$0	–	-1,259,607	–	-2.65%	–
ABBV	Exit	ABBVIE ORD	$0	–	-1,377,200	–	-3.07%	–
PFE	Exit	PFIZER ORD	$0	–	-3,306,725	–	-3.09%	–
ABT	Exit	ABBOTT LABORATORIES ORD	$0	–	-1,157,200	–	-3.21%	–
CMI	Exit	CUMMINS ORD	$0	–	-606,400	–	-3.26%	–
APD	Exit	AIR PRODUCTS AND CHEMICALS ORD	$0	–	-442,032	–	-3.35%	–
PG	Exit	PROCTER & GAMBLE ORD	$0	–	-1,027,504	–	-3.64%	–
ACN	Exit	ACCENTURE CL A ORD	$0	–	-674,165	–	-3.88%	–
JNJ	Exit	JOHNSON & JOHNSON ORD	$0	–	-1,066,000	–	-4.04%	–
PEP	Exit	PEPSICO ORD	$0	–	-1,240,500	–	-4.38%	–
JPM	Exit	JPMORGAN CHASE ORD	$0	–	-2,012,000	–	-4.93%	–
BLK	Exit	BLACKROCK ORD	$0	–	-386,900	–	-5.55%	–
MSFT	Exit	MICROSOFT ORD	$0	–	-1,316,600	–	-7.05%	–

Q3 2020

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT ORD	$276,920,000	-5.1%	1,316,600	-8.2%	7.05%	-9.7%
JNJ	Buy	JOHNSON & JOHNSON ORD	$158,706,000	+7.8%	1,066,000	+1.8%	4.04%	+2.6%
PFE	Buy	PFIZER ORD	$121,357,000	+14.7%	3,306,725	+2.2%	3.09%	+9.2%
AVGO	Buy	BROADCOM ORD	$78,201,000	+23.5%	214,650	+7.0%	1.99%	+17.6%
AAPL	Buy	APPLE ORD	$71,339,000	+19.2%	616,000	+275.6%	1.82%	+13.6%
ADI	Buy	ANALOG DEVICES ORD	$64,104,000	-1.4%	549,114	+3.6%	1.63%	-6.1%
LYB	Buy	LYONDELLBASELL INDUSTRIES CL A ORD	$52,492,000	+13.8%	744,666	+6.1%	1.34%	+8.4%
AVB	Buy	AVALONBAY COMMUNITIES REIT ORD	$36,887,000	+69.2%	247,000	+75.2%	0.94%	+61.1%
BAX	Buy	BAXTER INTERNATIONAL ORD	$36,832,000	+37.1%	458,000	+46.8%	0.94%	+30.6%
MDLZ	Buy	MONDELEZ INTERNATIONAL CL A ORD	$29,501,000	+70.4%	513,500	+51.7%	0.75%	+62.2%
ADP	Buy	AUTOMATIC DATA PROCESSING ORD	$25,255,000	-0.8%	181,050	+5.8%	0.64%	-5.6%
PNW	Buy	PINNACLE WEST ORD	$18,924,000	+54.1%	253,838	+51.5%	0.48%	+46.5%
DIS	Sell	WALT DISNEY ORD	$4,343,000	-90.5%	35,000	-91.5%	0.11%	-90.9%
MPLX	Sell	MPLX COM UNT	$2,512,000	-16.4%	159,625	-8.2%	0.06%	-20.0%
MMP	Buy	MAGELLAN MIDSTREAM PARTNERS UNT	$2,229,000	-18.5%	65,162	+2.9%	0.06%	-21.9%
WMB	Buy	WILLIAMS ORD	$1,460,000	+42.2%	74,286	+37.5%	0.04%	+37.0%
TRP	Buy	TC ENERGY ORD	$1,446,000	+112.3%	34,414	+116.7%	0.04%	+105.6%
ET	Sell	ENERGY TRANSFER UNT	$1,318,000	-48.7%	243,121	-32.6%	0.03%	-50.7%
WES	Sell	WESTERN MIDSTREAM PARTNERS COM UNT	$1,005,000	-24.9%	125,594	-5.8%	0.03%	-27.8%
LNG	Sell	CHENIERE ENERGY ORD	$915,000	-15.3%	19,770	-11.6%	0.02%	-20.7%
NEP	New	NEXTERA ENERGY PARTNERS UNT	$853,000	–	14,233	–	0.02%	–
PSXP	Sell	PHILLIPS 66 PARTNERS COM UNT	$837,000	-62.0%	36,329	-40.5%	0.02%	-64.4%
TRGP	Buy	TARGA RESOURCES ORD	$777,000	-18.7%	55,348	+16.3%	0.02%	-23.1%
KMI	Sell	KINDER MORGAN CL P ORD	$583,000	-26.7%	47,303	-9.8%	0.02%	-28.6%
NS	Buy	NUSTAR ENERGY UNT	$579,000	+45.1%	54,498	+94.9%	0.02%	+36.4%
NEE	Buy	NEXTERA ENERGY ORD	$411,000	+433.8%	1,482	+364.6%	0.01%	+400.0%
CWEN	New	CLEARWAY ENERGY CL C ORD	$257,000	–	9,539	–	0.01%	–
CQP	Buy	CHENIERE ENERGY PARTNERS UNT	$247,000	+43.6%	7,440	+51.6%	0.01%	+20.0%
OKE	Sell	ONEOK ORD	$239,000	-83.2%	9,191	-78.6%	0.01%	-84.2%
OTIS	Exit	OTIS WORLDWIDE ORD	$0	–	-115,453	–	-0.18%	–

Q2 2020

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT ORD	$291,945,000	–	1,434,550	–	7.81%	–
BLK	New	BLACKROCK ORD	$210,508,000	–	386,900	–	5.63%	–
JPM	New	JPMORGAN CHASE ORD	$189,249,000	–	2,012,000	–	5.06%	–
PEP	New	PEPSICO ORD	$164,069,000	–	1,240,500	–	4.39%	–
JNJ	New	JOHNSON & JOHNSON ORD	$147,240,000	–	1,047,000	–	3.94%	–
ACN	New	ACCENTURE CL A ORD	$144,757,000	–	674,165	–	3.87%	–
ABBV	New	ABBVIE ORD	$135,213,000	–	1,377,200	–	3.62%	–
PG	New	PROCTER & GAMBLE ORD	$122,859,000	–	1,027,504	–	3.29%	–
APD	New	AIR PRODUCTS AND CHEMICALS ORD	$106,733,000	–	442,032	–	2.86%	–
ABT	New	ABBOTT LABORATORIES ORD	$105,803,000	–	1,157,200	–	2.83%	–
PFE	New	PFIZER ORD	$105,808,000	–	3,235,725	–	2.83%	–
CMI	New	CUMMINS ORD	$105,065,000	–	606,400	–	2.81%	–
HAS	New	HASBRO ORD	$94,408,000	–	1,259,607	–	2.52%	–
WEC	New	WEC ENERGY GROUP ORD	$85,748,000	–	978,300	–	2.29%	–
MMM	New	3M ORD	$81,380,000	–	521,700	–	2.18%	–
RPM	New	RPM ORD	$77,560,000	–	1,033,303	–	2.07%	–
USB	New	US BANCORP ORD	$72,959,000	–	1,981,500	–	1.95%	–
MCD	New	MCDONALD'S ORD	$71,759,000	–	389,000	–	1.92%	–
ADI	New	ANALOG DEVICES ORD	$65,025,000	–	530,214	–	1.74%	–
UNH	New	UNITEDHEALTH GRP ORD	$64,913,000	–	220,081	–	1.74%	–
CVX	New	CHEVRON ORD	$63,889,000	–	716,000	–	1.71%	–
AVGO	New	BROADCOM ORD	$63,327,000	–	200,650	–	1.69%	–
RTX	New	RAYTHEON TECHNOLOGIES ORD	$63,155,000	–	1,024,916	–	1.69%	–
CSCO	New	CISCO SYSTEMS ORD	$62,218,000	–	1,334,000	–	1.66%	–
AAPL	New	APPLE ORD	$59,827,000	–	164,000	–	1.60%	–
XOM	New	EXXON MOBIL ORD	$57,698,000	–	1,290,200	–	1.54%	–
HD	New	HOME DEPOT ORD	$56,727,000	–	226,446	–	1.52%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES ORD	$55,996,000	–	463,655	–	1.50%	–
ENB	New	ENBRIDGE ORD	$55,350,000	–	1,819,525	–	1.48%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$53,657,000	–	510,000	–	1.44%	–
CB	New	CHUBB ORD	$49,855,000	–	393,738	–	1.33%	–
TJX	New	TJX ORD	$48,689,000	–	963,000	–	1.30%	–
NSC	New	NORFOLK SOUTHERN ORD	$46,421,000	–	264,400	–	1.24%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$46,113,000	–	701,666	–	1.23%	–
DIS	New	WALT DISNEY ORD	$45,831,000	–	411,000	–	1.23%	–
DUK	New	DUKE ENERGY ORD	$41,830,000	–	523,600	–	1.12%	–
QCOM	New	QUALCOMM ORD	$38,992,000	–	427,500	–	1.04%	–
DOV	New	DOVER ORD	$35,609,000	–	368,780	–	0.95%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$35,425,000	–	245,000	–	0.95%	–
CMCSA	New	COMCAST CL A ORD	$31,457,000	–	807,000	–	0.84%	–
BAX	New	BAXTER INTERNATIONAL ORD	$26,863,000	–	312,000	–	0.72%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$25,468,000	–	171,050	–	0.68%	–
T	New	AT&T ORD	$24,275,000	–	803,000	–	0.65%	–
VLO	New	VALERO ENERGY ORD	$22,395,000	–	380,738	–	0.60%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$22,344,000	–	405,301	–	0.60%	–
AVB	New	AVALONBAY COMMUNITIES REIT ORD	$21,804,000	–	141,000	–	0.58%	–
MDLZ	New	MONDELEZ INTERNATIONAL CL A ORD	$17,308,000	–	338,500	–	0.46%	–
SNA	New	SNAP ON ORD	$17,161,000	–	123,900	–	0.46%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$16,985,000	–	242,435	–	0.45%	–
PLD	New	PROLOGIS REIT	$15,679,000	–	168,000	–	0.42%	–
AMT	New	AMERICAN TOWER REIT	$15,512,000	–	60,000	–	0.42%	–
PNW	New	PINNACLE WEST ORD	$12,283,000	–	167,600	–	0.33%	–
VFC	New	VF ORD	$6,919,000	–	113,540	–	0.18%	–
OTIS	New	OTIS WORLDWIDE ORD	$6,565,000	–	115,453	–	0.18%	–
CME	New	CME GROUP CL A ORD	$4,860,000	–	29,900	–	0.13%	–
MPLX	New	MPLX COM UNT	$3,005,000	–	173,898	–	0.08%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE UNT	$2,791,000	–	315,709	–	0.08%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS UNT	$2,734,000	–	63,321	–	0.07%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS UNT	$2,723,000	–	149,872	–	0.07%	–
ET	New	ENERGY TRANSFER UNT	$2,570,000	–	360,973	–	0.07%	–
PSXP	New	PHILLIPS 66 PARTNERS COM UNT	$2,202,000	–	61,098	–	0.06%	–
SHLX	New	SHELL MIDSTREAM PARTNERS UNT	$1,484,000	–	120,914	–	0.04%	–
OKE	New	ONEOK ORD	$1,424,000	–	42,859	–	0.04%	–
WES	New	WESTERN MIDSTREAM PARTNERS COM UNT	$1,338,000	–	133,275	–	0.04%	–
LNG	New	CHENIERE ENERGY ORD	$1,080,000	–	22,357	–	0.03%	–
WMB	New	WILLIAMS ORD	$1,027,000	–	54,022	–	0.03%	–
TRGP	New	TARGA RESOURCES ORD	$956,000	–	47,610	–	0.03%	–
ETRN	New	EQUITRANS MIDSTREAM ORD	$836,000	–	100,621	–	0.02%	–
KMI	New	KINDER MORGAN CL P ORD	$795,000	–	52,423	–	0.02%	–
TRP	New	TC ENERGY ORD	$681,000	–	15,884	–	0.02%	–
BPMP	New	BP MIDSTREAM PARTNERS UNT	$548,000	–	47,762	–	0.02%	–
NS	New	NUSTAR ENERGY UNT	$399,000	–	27,969	–	0.01%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS UNT	$264,000	–	20,174	–	0.01%	–
CQP	New	CHENIERE ENERGY PARTNERS UNT	$172,000	–	4,907	–	0.01%	–
TCP	New	TC PIPELINES UNT	$140,000	–	4,516	–	0.00%	–
NBLX	New	NOBLE MIDSTREAM PARTNERS UNT	$123,000	–	14,521	–	0.00%	–
DCP	New	DCP MIDSTREAM UNT	$127,000	–	11,234	–	0.00%	–
NEE	New	NEXTERA ENERGY ORD	$77,000	–	319	–	0.00%	–
SRE	New	SEMPRA ENERGY ORD	$74,000	–	632	–	0.00%	–
VSTWSA	New	VISTRA EQY WARRANT	$20,000	–	36,510	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
VSTWSA	Exit	VISTRA ENERGY EQY WARRANT	$0	–	-36,510	–	-0.00%	–
RTLR	Exit	RATTLER MIDSTREAM PARTNERS UNT	$0	–	-11,695	–	-0.01%	–
DCP	Exit	DCP MIDSTREAM UNT	$0	–	-8,039	–	-0.01%	–
CQP	Exit	CHENIERE ENERGY PARTNERS UNT	$0	–	-4,907	–	-0.01%	–
NBLX	Exit	NOBLE MIDSTREAM PARTNERS UNT	$0	–	-10,200	–	-0.01%	–
BPMP	Exit	BP MIDSTREAM PARTNERS UNT	$0	–	-31,036	–	-0.01%	–
TGE	Exit	TALLGRASS ENERGY CL A ORD	$0	–	-25,165	–	-0.01%	–
NS	Exit	NUSTAR ENERGY UNT	$0	–	-19,948	–	-0.02%	–
TRP	Exit	TC ENERGY ORD	$0	–	-17,305	–	-0.02%	–
AM	Exit	ANTERO MIDSTREAM ORD	$0	–	-122,528	–	-0.02%	–
KMI	Exit	KINDER MORGAN CL P ORD	$0	–	-48,959	–	-0.03%	–
TRGP	Exit	TARGA RESOURCES ORD	$0	–	-30,587	–	-0.03%	–
LNG	Exit	CHENIERE ENERGY ORD	$0	–	-19,493	–	-0.03%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS UNT	$0	–	-69,674	–	-0.04%	–
EQM	Exit	EQM MIDSTREAM PARTNERS UNT	$0	–	-57,875	–	-0.05%	–
PSXP	Exit	PHILLIPS 66 PARTNERS COM UNT	$0	–	-42,769	–	-0.06%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS COM UNT	$0	–	-103,608	–	-0.07%	–
WMB	Exit	WILLIAMS ORD	$0	–	-117,951	–	-0.08%	–
OKE	Exit	ONEOK ORD	$0	–	-46,427	–	-0.09%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE UNT	$0	–	-191,150	–	-0.10%	–
MPLX	Exit	MPLX COM UNT	$0	–	-144,550	–	-0.11%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS UNT	$0	–	-63,321	–	-0.11%	–
ET	Exit	ENERGY TRANSFER UNT	$0	–	-328,934	–	-0.11%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS UNT	$0	–	-160,136	–	-0.12%	–
CME	Exit	CME GROUP CL A ORD	$0	–	-29,900	–	-0.17%	–
EL	Exit	ESTEE LAUDER CL A ORD	$0	–	-48,000	–	-0.25%	–
VFC	Exit	VF ORD	$0	–	-113,540	–	-0.27%	–
SNA	Exit	SNAP ON ORD	$0	–	-69,400	–	-0.29%	–
AMT	Exit	AMERICAN TOWER REIT	$0	–	-60,000	–	-0.35%	–
PLD	Exit	PROLOGIS REIT	$0	–	-168,000	–	-0.38%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL ORD	$0	–	-242,435	–	-0.48%	–
GILD	Exit	GILEAD SCIENCES ORD	$0	–	-343,500	–	-0.57%	–
AVB	Exit	AVALONBAY COMMUNITIES REIT ORD	$0	–	-107,000	–	-0.61%	–
VZ	Exit	VERIZON COMMUNICATIONS ORD	$0	–	-405,301	–	-0.64%	–
ADP	Exit	AUTOMATIC DATA PROCESSING ORD	$0	–	-171,050	–	-0.73%	–
T	Exit	AT&T ORD	$0	–	-803,000	–	-0.80%	–
VLO	Exit	VALERO ENERGY ORD	$0	–	-380,738	–	-0.85%	–
QCOM	Exit	QUALCOMM ORD	$0	–	-427,500	–	-0.86%	–
DOV	Exit	DOVER ORD	$0	–	-368,780	–	-0.97%	–
AAPL	Exit	APPLE ORD	$0	–	-164,000	–	-0.97%	–
HON	Exit	HONEYWELL INTERNATIONAL ORD	$0	–	-245,000	–	-1.09%	–
NSC	Exit	NORFOLK SOUTHERN ORD	$0	–	-264,400	–	-1.25%	–
UNH	Exit	UNITEDHEALTH GRP ORD	$0	–	-220,081	–	-1.26%	–
DUK	Exit	DUKE ENERGY ORD	$0	–	-523,600	–	-1.32%	–
HD	Exit	HOME DEPOT ORD	$0	–	-226,446	–	-1.38%	–
DIS	Exit	WALT DISNEY ORD	$0	–	-411,000	–	-1.41%	–
TJX	Exit	TJX ORD	$0	–	-963,000	–	-1.41%	–
AVGO	Exit	BROADCOM ORD	$0	–	-200,650	–	-1.46%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES CL A ORD	$0	–	-651,666	–	-1.54%	–
ADI	Exit	ANALOG DEVICES ORD	$0	–	-530,214	–	-1.56%	–
CSCO	Exit	CISCO SYSTEMS ORD	$0	–	-1,236,500	–	-1.61%	–
CB	Exit	CHUBB ORD	$0	–	-393,738	–	-1.67%	–
ENB	Exit	ENBRIDGE ORD	$0	–	-1,819,525	–	-1.68%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES ORD	$0	–	-463,655	–	-1.78%	–
RPM	Exit	RPM ORD	$0	–	-1,033,303	–	-1.87%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP ORD	$0	–	-510,000	–	-1.88%	–
MCD	Exit	MCDONALD'S ORD	$0	–	-389,000	–	-2.20%	–
CVX	Exit	CHEVRON ORD	$0	–	-716,000	–	-2.24%	–
MMM	Exit	3M ORD	$0	–	-521,700	–	-2.26%	–
XOM	Exit	EXXON MOBIL ORD	$0	–	-1,290,200	–	-2.40%	–
WEC	Exit	WEC ENERGY GROUP ORD	$0	–	-978,300	–	-2.45%	–
ABT	Exit	ABBOTT LABORATORIES ORD	$0	–	-1,157,200	–	-2.55%	–
APD	Exit	AIR PRODUCTS AND CHEMICALS ORD	$0	–	-442,032	–	-2.58%	–
CMI	Exit	CUMMINS ORD	$0	–	-606,400	–	-2.60%	–
ABBV	Exit	ABBVIE ORD	$0	–	-1,377,200	–	-2.75%	–
UTX	Exit	UNITED TECHNOLOGIES ORD	$0	–	-766,906	–	-2.76%	–
USB	Exit	US BANCORP ORD	$0	–	-1,981,500	–	-2.89%	–
PFE	Exit	PFIZER ORD	$0	–	-3,235,725	–	-3.06%	–
PG	Exit	PROCTER & GAMBLE ORD	$0	–	-1,027,504	–	-3.36%	–
ACN	Exit	ACCENTURE CL A ORD	$0	–	-674,165	–	-3.41%	–
JNJ	Exit	JOHNSON & JOHNSON ORD	$0	–	-1,047,000	–	-3.57%	–
HAS	Exit	HASBRO ORD	$0	–	-1,259,607	–	-3.94%	–
PEP	Exit	PEPSICO ORD	$0	–	-1,240,500	–	-4.48%	–
BLK	Exit	BLACKROCK ORD	$0	–	-386,900	–	-4.54%	–
MSFT	Exit	MICROSOFT ORD	$0	–	-1,434,550	–	-5.25%	–
JPM	Exit	JPMORGAN CHASE ORD	$0	–	-2,012,000	–	-6.23%	–

Q3 2019

			Value		Shares		↓ Weighting
IBM	Buy	INTERNATIONAL BUSINESS MACHINES ORD	$67,425,000	+8.7%	463,655	+3.1%	1.78%	+7.1%
DIS	Buy	WALT DISNEY ORD	$53,562,000	+2.3%	411,000	+9.6%	1.41%	+0.7%
AAPL	Buy	APPLE ORD	$36,731,000	+20.5%	164,000	+6.5%	0.97%	+18.7%
AVB	Buy	AVALONBAY COMMUNITIES REIT ORD	$23,040,000	+74.5%	107,000	+64.6%	0.61%	+72.0%
PLD	Buy	PROLOGIS REIT	$14,317,000	+27.7%	168,000	+20.0%	0.38%	+25.7%
SNA	Buy	SNAP ON ORD	$10,864,000	+25.2%	69,400	+32.4%	0.29%	+23.3%
EL	New	ESTEE LAUDER CL A ORD	$9,550,000	–	48,000	–	0.25%	–
EPD	Sell	ENTERPRISE PRODUCTS PARTNERS UNT	$4,577,000	-40.7%	160,136	-40.1%	0.12%	-41.3%
ET	Sell	ENERGY TRANSFER UNT	$4,302,000	-33.5%	328,934	-28.4%	0.11%	-34.7%
MMP	Sell	MAGELLAN MIDSTREAM PARTNERS UNT	$4,196,000	-35.9%	63,321	-38.1%	0.11%	-37.1%
MPLX	Sell	MPLX COM UNT	$4,049,000	-18.9%	144,550	-6.8%	0.11%	-19.5%
PAA	Sell	PLAINS ALL AMERICAN PIPELINE UNT	$3,966,000	-31.5%	191,150	-19.7%	0.10%	-32.9%
OKE	New	ONEOK ORD	$3,421,000	–	46,427	–	0.09%	–
WMB	New	WILLIAMS ORD	$2,838,000	–	117,951	–	0.08%	–
WES	Buy	WESTERN MIDSTREAM PARTNERS COM UNT	$2,579,000	-3.3%	103,608	+19.6%	0.07%	-4.2%
PSXP	New	PHILLIPS 66 PARTNERS COM UNT	$2,422,000	–	42,769	–	0.06%	–
EQM	Buy	EQM MIDSTREAM PARTNERS UNT	$1,893,000	+27.6%	57,875	+74.2%	0.05%	+25.0%
SHLX	Buy	SHELL MIDSTREAM PARTNERS UNT	$1,425,000	+38.3%	69,674	+40.1%	0.04%	+35.7%
TRGP	New	TARGA RESOURCES ORD	$1,229,000	–	30,587	–	0.03%	–
LNG	New	CHENIERE ENERGY ORD	$1,229,000	–	19,493	–	0.03%	–
KMI	New	KINDER MORGAN CL P ORD	$1,009,000	–	48,959	–	0.03%	–
AM	New	ANTERO MIDSTREAM ORD	$907,000	–	122,528	–	0.02%	–
TRP	New	TC ENERGY ORD	$896,000	–	17,305	–	0.02%	–
NS	Sell	NUSTAR ENERGY UNT	$565,000	-53.6%	19,948	-55.5%	0.02%	-54.5%
TGE	New	TALLGRASS ENERGY CL A ORD	$507,000	–	25,165	–	0.01%	–
BPMP	New	BP MIDSTREAM PARTNERS UNT	$453,000	–	31,036	–	0.01%	–
NBLX	New	NOBLE MIDSTREAM PARTNERS UNT	$246,000	–	10,200	–	0.01%	–
DCP	Sell	DCP MIDSTREAM UNT	$211,000	-85.9%	8,039	-84.2%	0.01%	-85.0%
CQP	New	CHENIERE ENERGY PARTNERS UNT	$223,000	–	4,907	–	0.01%	–
RTLR	New	RATTLER MIDSTREAM PARTNERS UNT	$208,000	–	11,695	–	0.01%	–
ENLC	Exit	ENLINK MIDSTREAM COM UNT	$0	–	-105,188	–	-0.03%	–
TCP	Exit	TC PIPELINES UNT	$0	–	-29,359	–	-0.03%	–
GEL	Exit	GENESIS ENERGY UNT	$0	–	-60,879	–	-0.04%	–
ANDX	Exit	ANDEAVOR LOGISTICS UNT	$0	–	-41,550	–	-0.04%	–
BPL	Exit	BUCKEYE PARTNERS UNT	$0	–	-79,294	–	-0.09%	–
PSA	Exit	PUBLIC STORAGE REIT ORD	$0	–	-40,000	–	-0.26%	–

Q2 2019

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE ORD	$224,942,000	–	2,012,000	–	6.01%	–
MSFT	New	MICROSOFT ORD	$192,172,000	–	1,434,550	–	5.14%	–
BLK	New	BLACKROCK ORD	$181,572,000	–	386,900	–	4.85%	–
PEP	New	PEPSICO ORD	$162,667,000	–	1,240,500	–	4.35%	–
JNJ	New	JOHNSON & JOHNSON ORD	$145,826,000	–	1,047,000	–	3.90%	–
PFE	New	PFIZER ORD	$140,172,000	–	3,235,725	–	3.75%	–
HAS	New	HASBRO ORD	$133,115,000	–	1,259,607	–	3.56%	–
ACN	New	ACCENTURE CL A ORD	$124,565,000	–	674,165	–	3.33%	–
PG	New	PROCTER & GAMBLE ORD	$112,666,000	–	1,027,504	–	3.01%	–
CMI	New	CUMMINS ORD	$103,901,000	–	606,400	–	2.78%	–
USB	New	US BANCORP ORD	$103,831,000	–	1,981,500	–	2.78%	–
ABBV	New	ABBVIE ORD	$100,150,000	–	1,377,200	–	2.68%	–
APD	New	AIR PRODUCTS AND CHEMICALS ORD	$100,063,000	–	442,032	–	2.68%	–
UTX	New	UNITED TECHNOLOGIES ORD	$99,851,000	–	766,906	–	2.67%	–
XOM	New	EXXON MOBIL ORD	$98,868,000	–	1,290,200	–	2.64%	–
ABT	New	ABBOTT LABORATORIES ORD	$97,321,000	–	1,157,200	–	2.60%	–
MMM	New	3M ORD	$90,431,000	–	521,700	–	2.42%	–
CVX	New	CHEVRON ORD	$89,099,000	–	716,000	–	2.38%	–
WEC	New	WEC ENERGY GROUP ORD	$81,561,000	–	978,300	–	2.18%	–
MCD	New	MCDONALD'S ORD	$80,780,000	–	389,000	–	2.16%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$70,013,000	–	510,000	–	1.87%	–
CSCO	New	CISCO SYSTEMS ORD	$67,674,000	–	1,236,500	–	1.81%	–
ENB	New	ENBRIDGE ORD	$65,648,000	–	1,819,525	–	1.76%	–
RPM	New	RPM ORD	$63,145,000	–	1,033,303	–	1.69%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES ORD	$62,007,000	–	449,655	–	1.66%	–
ADI	New	ANALOG DEVICES ORD	$59,845,000	–	530,214	–	1.60%	–
CB	New	CHUBB ORD	$57,994,000	–	393,738	–	1.55%	–
AVGO	New	BROADCOM ORD	$57,759,000	–	200,650	–	1.54%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$56,128,000	–	651,666	–	1.50%	–
UNH	New	UNITEDHEALTH GRP ORD	$53,702,000	–	220,081	–	1.44%	–
NSC	New	NORFOLK SOUTHERN ORD	$52,703,000	–	264,400	–	1.41%	–
DIS	New	WALT DISNEY ORD	$52,365,000	–	375,000	–	1.40%	–
TJX	New	TJX ORD	$50,923,000	–	963,000	–	1.36%	–
HD	New	HOME DEPOT ORD	$47,094,000	–	226,446	–	1.26%	–
DUK	New	DUKE ENERGY ORD	$46,202,000	–	523,600	–	1.24%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$42,775,000	–	245,000	–	1.14%	–
DOV	New	DOVER ORD	$36,952,000	–	368,780	–	0.99%	–
VLO	New	VALERO ENERGY ORD	$32,595,000	–	380,738	–	0.87%	–
QCOM	New	QUALCOMM ORD	$32,520,000	–	427,500	–	0.87%	–
AAPL	New	APPLE ORD	$30,480,000	–	154,000	–	0.82%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$28,280,000	–	171,050	–	0.76%	–
T	New	AT&T ORD	$26,909,000	–	803,000	–	0.72%	–
GILD	New	GILEAD SCIENCES ORD	$23,207,000	–	343,500	–	0.62%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$23,155,000	–	405,301	–	0.62%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$19,038,000	–	242,435	–	0.51%	–
AVB	New	AVALONBAY COMMUNITIES REIT ORD	$13,207,000	–	65,000	–	0.35%	–
AMT	New	AMERICAN TOWER REIT	$12,267,000	–	60,000	–	0.33%	–
PLD	New	PROLOGIS REIT	$11,214,000	–	140,000	–	0.30%	–
VFC	New	VF ORD	$9,918,000	–	113,540	–	0.26%	–
PSA	New	PUBLIC STORAGE REIT ORD	$9,527,000	–	40,000	–	0.26%	–
SNA	New	SNAP ON ORD	$8,680,000	–	52,400	–	0.23%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS UNT	$7,723,000	–	267,497	–	0.21%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS UNT	$6,545,000	–	102,266	–	0.18%	–
ET	New	ENERGY TRANSFER UNT	$6,473,000	–	459,720	–	0.17%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE UNT	$5,794,000	–	237,941	–	0.16%	–
CME	New	CME GROUP CL A ORD	$5,804,000	–	29,900	–	0.16%	–
MPLX	New	MPLX COM UNT	$4,991,000	–	155,044	–	0.13%	–
BPL	New	BUCKEYE PARTNERS UNT	$3,255,000	–	79,294	–	0.09%	–
WES	New	WESTERN MIDSTREAM PARTNERS COM UNT	$2,667,000	–	86,662	–	0.07%	–
DCP	New	DCP MIDSTREAM UNT	$1,494,000	–	50,973	–	0.04%	–
EQM	New	EQM MIDSTREAM PARTNERS UNT	$1,484,000	–	33,220	–	0.04%	–
ANDX	New	ANDEAVOR LOGISTICS UNT	$1,510,000	–	41,550	–	0.04%	–
GEL	New	GENESIS ENERGY UNT	$1,333,000	–	60,879	–	0.04%	–
NS	New	NUSTAR ENERGY UNT	$1,218,000	–	44,870	–	0.03%	–
TCP	New	TC PIPELINES UNT	$1,104,000	–	29,359	–	0.03%	–
ENLC	New	ENLINK MIDSTREAM COM UNT	$1,061,000	–	105,188	–	0.03%	–
SHLX	New	SHELL MIDSTREAM PARTNERS UNT	$1,030,000	–	49,719	–	0.03%	–
VSTWSA	New	VISTRA ENERGY EQY WARRANT	$70,000	–	36,510	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
VSTWSA	Exit	VISTRA ENERGY EQY WARRANT	$0	–	-36,510	–	-0.00%	–
TCP	Exit	TC PIPELINES UNT	$0	–	-29,359	–	-0.02%	–
SHLX	Exit	SHELL MIDSTREAM PARTNERS UNT	$0	–	-49,719	–	-0.03%	–
NS	Exit	NUSTAR ENERGY UNT	$0	–	-44,870	–	-0.04%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS CL A UNT	$0	–	-122,183	–	-0.04%	–
GEL	Exit	GENESIS ENERGY UNT	$0	–	-60,879	–	-0.04%	–
SEP	Exit	SPECTRA ENERGY PARTNERS UNT	$0	–	-44,271	–	-0.04%	–
ENLK	Exit	ENLINK MIDSTREAM PARTNERS COM UNT	$0	–	-91,468	–	-0.05%	–
EQM	Exit	EQT MIDSTREAM PARTNERS UNT	$0	–	-33,220	–	-0.05%	–
ANDX	Exit	ANDEAVOR LOGISTICS UNT	$0	–	-41,550	–	-0.06%	–
DCP	Exit	DCP MIDSTREAM UNT	$0	–	-50,973	–	-0.06%	–
WES	Exit	WESTERN GAS PARTNERS UNT	$0	–	-56,828	–	-0.07%	–
BPL	Exit	BUCKEYE PARTNERS UNT	$0	–	-79,294	–	-0.08%	–
CME	Exit	CME GROUP CL A ORD	$0	–	-29,900	–	-0.14%	–
MPLX	Exit	MPLX COM UNT	$0	–	-155,044	–	-0.15%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE UNT	$0	–	-237,941	–	-0.17%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS UNT	$0	–	-102,266	–	-0.19%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS UNT	$0	–	-267,497	–	-0.22%	–
ETP	Exit	ENERGY TRANSFER PARTNERS UNT	$0	–	-359,157	–	-0.22%	–
AMT	Exit	AMERICAN TOWER REIT	$0	–	-60,000	–	-0.24%	–
PLD	Exit	PROLOGIS REIT	$0	–	-140,000	–	-0.27%	–
VFC	Exit	VF ORD	$0	–	-113,540	–	-0.30%	–
PII	Exit	POLARIS INDUSTRIES ORD	$0	–	-125,000	–	-0.35%	–
PSA	Exit	PUBLIC STORAGE REIT ORD	$0	–	-96,000	–	-0.54%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL ORD	$0	–	-242,435	–	-0.55%	–
VZ	Exit	VERIZON COMMUNICATIONS ORD	$0	–	-405,301	–	-0.61%	–
ADP	Exit	AUTOMATIC DATA PROCESSING ORD	$0	–	-171,050	–	-0.72%	–
GILD	Exit	GILEAD SCIENCES ORD	$0	–	-343,500	–	-0.74%	–
T	Exit	AT&T ORD	$0	–	-803,000	–	-0.76%	–
HD	Exit	HOME DEPOT ORD	$0	–	-133,446	–	-0.77%	–
QCOM	Exit	QUALCOMM ORD	$0	–	-427,500	–	-0.86%	–
DOV	Exit	DOVER ORD	$0	–	-368,780	–	-0.92%	–
AAPL	Exit	APPLE ORD	$0	–	-154,000	–	-0.97%	–
VLO	Exit	VALERO ENERGY ORD	$0	–	-315,738	–	-1.01%	–
HON	Exit	HONEYWELL INTERNATIONAL ORD	$0	–	-245,000	–	-1.14%	–
TJX	Exit	TJX ORD	$0	–	-368,500	–	-1.16%	–
DUK	Exit	DUKE ENERGY ORD	$0	–	-523,600	–	-1.17%	–
DIS	Exit	WALT DISNEY ORD	$0	–	-375,000	–	-1.23%	–
NSC	Exit	NORFOLK SOUTHERN ORD	$0	–	-264,400	–	-1.34%	–
ADI	Exit	ANALOG DEVICES ORD	$0	–	-530,214	–	-1.37%	–
AVGO	Exit	BROADCOM ORD	$0	–	-200,650	–	-1.39%	–
CB	Exit	CHUBB ORD	$0	–	-393,738	–	-1.47%	–
ENB	Exit	ENBRIDGE ORD	$0	–	-1,729,409	–	-1.56%	–
UNH	Exit	UNITEDHEALTH GRP ORD	$0	–	-220,081	–	-1.64%	–
CSCO	Exit	CISCO SYSTEMS ORD	$0	–	-1,236,500	–	-1.68%	–
MCD	Exit	MCDONALD'S ORD	$0	–	-389,000	–	-1.82%	–
WEC	Exit	WEC ENERGY GROUP ORD	$0	–	-978,300	–	-1.83%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES CL A ORD	$0	–	-651,666	–	-1.87%	–
RPM	Exit	RPM ORD	$0	–	-1,033,303	–	-1.88%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES ORD	$0	–	-449,655	–	-1.90%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP ORD	$0	–	-510,000	–	-1.95%	–
PX	Exit	PRAXAIR ORD	$0	–	-441,872	–	-1.99%	–
ABT	Exit	ABBOTT LABORATORIES ORD	$0	–	-1,157,200	–	-2.38%	–
PG	Exit	PROCTER & GAMBLE ORD	$0	–	-1,027,504	–	-2.40%	–
CVX	Exit	CHEVRON ORD	$0	–	-716,000	–	-2.45%	–
CMI	Exit	CUMMINS ORD	$0	–	-666,500	–	-2.73%	–
USB	Exit	US BANCORP ORD	$0	–	-1,981,500	–	-2.93%	–
UTX	Exit	UNITED TECHNOLOGIES ORD	$0	–	-766,906	–	-3.00%	–
XOM	Exit	EXXON MOBIL ORD	$0	–	-1,290,200	–	-3.07%	–
MMM	Exit	3M ORD	$0	–	-521,700	–	-3.08%	–
ACN	Exit	ACCENTURE CL A ORD	$0	–	-674,165	–	-3.22%	–
ABBV	Exit	ABBVIE ORD	$0	–	-1,377,200	–	-3.65%	–
HAS	Exit	HASBRO ORD	$0	–	-1,259,607	–	-3.71%	–
PEP	Exit	PEPSICO ORD	$0	–	-1,240,500	–	-3.88%	–
JNJ	Exit	JOHNSON & JOHNSON ORD	$0	–	-1,010,000	–	-3.91%	–
PFE	Exit	PFIZER ORD	$0	–	-3,235,725	–	-4.00%	–
MSFT	Exit	MICROSOFT ORD	$0	–	-1,434,550	–	-4.60%	–
BLK	Exit	BLACKROCK ORD	$0	–	-374,800	–	-4.95%	–
JPM	Exit	JPMORGAN CHASE ORD	$0	–	-2,012,000	–	-6.36%	–

Q3 2018

			Value		Shares		↓ Weighting
RPM	Sell	RPM ORD	$67,103,000	-3.6%	1,033,303	-13.4%	1.88%	-9.6%
LYB	Buy	LYONDELLBASELL INDUSTRIES CL A ORD	$66,802,000	+8.7%	651,666	+16.4%	1.87%	+1.8%
TJX	New	TJX ORD	$41,279,000	–	368,500	–	1.16%	–
GILD	Buy	GILEAD SCIENCES ORD	$26,522,000	+392.6%	343,500	+352.0%	0.74%	+361.5%
ADP	Sell	AUTOMATIC DATA PROCESSING ORD	$25,770,000	-37.0%	171,050	-43.9%	0.72%	-41.0%
PLD	Buy	PROLOGIS REIT	$9,491,000	+312.8%	140,000	+300.0%	0.27%	+285.5%
VSTWSA	New	VISTRA ENERGY EQY WARRANT	$54,000	–	36,510	–	0.00%	–
APY	Exit	APERGY CORPORATION	$0	–	-79,390	–	-0.10%	–
WPZ	Exit	WILLIAMS PARTNERS UNT	$0	–	-143,438	–	-0.17%	–
GPC	Exit	GENUINE PARTS ORD	$0	–	-404,860	–	-1.11%	–

Q2 2018

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE ORD	$209,650,000	–	2,012,000	–	6.27%	–
BLK	New	BLACKROCK ORD	$187,040,000	–	374,800	–	5.59%	–
MSFT	New	MICROSOFT ORD	$141,461,000	–	1,434,550	–	4.23%	–
PEP	New	PEPSICO ORD	$135,053,000	–	1,240,500	–	4.04%	–
ABBV	New	ABBVIE ORD	$127,598,000	–	1,377,200	–	3.81%	–
JNJ	New	JOHNSON & JOHNSON ORD	$122,553,000	–	1,010,000	–	3.66%	–
PFE	New	PFIZER ORD	$117,392,000	–	3,235,725	–	3.51%	–
HAS	New	HASBRO ORD	$116,274,000	–	1,259,607	–	3.48%	–
ACN	New	ACCENTURE CL A ORD	$110,287,000	–	674,165	–	3.30%	–
XOM	New	EXXON MOBIL ORD	$106,738,000	–	1,290,200	–	3.19%	–
MMM	New	3M ORD	$102,629,000	–	521,700	–	3.07%	–
USB	New	US BANCORP ORD	$99,115,000	–	1,981,500	–	2.96%	–
UTX	New	UNITED TECHNOLOGIES ORD	$95,886,000	–	766,906	–	2.87%	–
CVX	New	CHEVRON ORD	$90,524,000	–	716,000	–	2.71%	–
CMI	New	CUMMINS ORD	$88,645,000	–	666,500	–	2.65%	–
PG	New	PROCTER & GAMBLE ORD	$80,207,000	–	1,027,504	–	2.40%	–
ABT	New	ABBOTT LABORATORIES ORD	$70,578,000	–	1,157,200	–	2.11%	–
PX	New	PRAXAIR ORD	$69,882,000	–	441,872	–	2.09%	–
RPM	New	RPM ORD	$69,593,000	–	1,193,303	–	2.08%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$68,901,000	–	510,000	–	2.06%	–
WEC	New	WEC ENERGY GROUP ORD	$63,247,000	–	978,300	–	1.89%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES ORD	$62,817,000	–	449,655	–	1.88%	–
ENB	New	ENBRIDGE ORD	$61,723,000	–	1,729,409	–	1.84%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$61,479,000	–	559,666	–	1.84%	–
MCD	New	MCDONALD'S ORD	$60,952,000	–	389,000	–	1.82%	–
UNH	New	UNITEDHEALTH GRP ORD	$53,995,000	–	220,081	–	1.61%	–
CSCO	New	CISCO SYSTEMS ORD	$53,207,000	–	1,236,500	–	1.59%	–
ADI	New	ANALOG DEVICES ORD	$50,858,000	–	530,214	–	1.52%	–
CB	New	CHUBB ORD	$50,013,000	–	393,738	–	1.50%	–
AVGO	New	BROADCOM ORD	$48,686,000	–	200,650	–	1.46%	–
DUK	New	DUKE ENERGY ORD	$41,406,000	–	523,600	–	1.24%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$40,919,000	–	305,050	–	1.22%	–
NSC	New	NORFOLK SOUTHERN ORD	$39,890,000	–	264,400	–	1.19%	–
DIS	New	WALT DISNEY ORD	$39,304,000	–	375,000	–	1.18%	–
GPC	New	GENUINE PARTS ORD	$37,162,000	–	404,860	–	1.11%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$35,292,000	–	245,000	–	1.06%	–
VLO	New	VALERO ENERGY ORD	$34,993,000	–	315,738	–	1.05%	–
AAPL	New	APPLE ORD	$28,507,000	–	154,000	–	0.85%	–
DOV	New	DOVER ORD	$26,995,000	–	368,780	–	0.81%	–
HD	New	HOME DEPOT ORD	$26,035,000	–	133,446	–	0.78%	–
T	New	AT&T ORD	$25,784,000	–	803,000	–	0.77%	–
QCOM	New	QUALCOMM ORD	$23,991,000	–	427,500	–	0.72%	–
PSA	New	PUBLIC STORAGE REIT ORD	$21,779,000	–	96,000	–	0.65%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$20,391,000	–	405,301	–	0.61%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$19,574,000	–	242,435	–	0.58%	–
PII	New	POLARIS INDUSTRIES ORD	$15,273,000	–	125,000	–	0.46%	–
VFC	New	VF ORD	$9,256,000	–	113,540	–	0.28%	–
AMT	New	AMERICAN TOWER REIT	$8,650,000	–	60,000	–	0.26%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS UNT	$7,402,000	–	267,497	–	0.22%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS UNT	$7,065,000	–	102,266	–	0.21%	–
ETP	New	ENERGY TRANSFER PARTNERS UNT	$6,838,000	–	359,157	–	0.20%	–
WPZ	New	WILLIAMS PARTNERS UNT	$5,822,000	–	143,438	–	0.17%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE UNT	$5,625,000	–	237,941	–	0.17%	–
GILD	New	GILEAD SCIENCES ORD	$5,384,000	–	76,000	–	0.16%	–
MPLX	New	MPLX COM UNT	$5,293,000	–	155,044	–	0.16%	–
CME	New	CME GROUP CL A ORD	$4,901,000	–	29,900	–	0.15%	–
APY	New	APERGY CORPORATION	$3,315,000	–	79,390	–	0.10%	–
BPL	New	BUCKEYE PARTNERS UNT	$2,787,000	–	79,294	–	0.08%	–
WES	New	WESTERN GAS PARTNERS UNT	$2,750,000	–	56,828	–	0.08%	–
PLD	New	PROLOGIS REIT	$2,299,000	–	35,000	–	0.07%	–
DCP	New	DCP MIDSTREAM UNT	$2,016,000	–	50,973	–	0.06%	–
ANDX	New	ANDEAVOR LOGISTICS UNT	$1,767,000	–	41,550	–	0.05%	–
EQM	New	EQT MIDSTREAM PARTNERS UNT	$1,714,000	–	33,220	–	0.05%	–
SEP	New	SPECTRA ENERGY PARTNERS UNT	$1,568,000	–	44,271	–	0.05%	–
ENLK	New	ENLINK MIDSTREAM PARTNERS COM UNT	$1,420,000	–	91,468	–	0.04%	–
GEL	New	GENESIS ENERGY UNT	$1,334,000	–	60,879	–	0.04%	–
EEP	New	ENBRIDGE ENERGY PARTNERS CL A UNT	$1,335,000	–	122,183	–	0.04%	–
SHLX	New	SHELL MIDSTREAM PARTNERS UNT	$1,103,000	–	49,719	–	0.03%	–
NS	New	NUSTAR ENERGY UNT	$1,016,000	–	44,870	–	0.03%	–
TCP	New	TC PIPELINES UNT	$762,000	–	29,359	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
SHLX	Exit	SHELL MIDSTREAM PARTNERS LP	$0	–	-49,719	–	-0.04%	–
TCP	Exit	TC PIPELINES LP	$0	–	-29,359	–	-0.05%	–
ENLK	Exit	ENLINK MIDSTREAM PARTNERS LP	$0	–	-91,468	–	-0.05%	–
GEL	Exit	GENESIS ENERGY L.P.	$0	–	-60,879	–	-0.05%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-50,973	–	-0.05%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-44,870	–	-0.05%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LP	$0	–	-122,183	–	-0.06%	–
SEP	Exit	SPECTRA ENERGY PARTNERS	$0	–	-44,271	–	-0.06%	–
ANDX	Exit	ANDEAVOR LOGISTICS LP	$0	–	-41,550	–	-0.06%	–
EQM	Exit	EQT MIDSTREAM PARTNERS MLP	$0	–	-33,220	–	-0.07%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-56,828	–	-0.09%	–
CME	Exit	CME GROUP INC	$0	–	-29,900	–	-0.12%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-79,294	–	-0.14%	–
NYCBPRU	Exit	NEW YORK COMMUNITY BANCORPconvertible pfd	$0	–	-95,000	–	-0.14%	–
PAA	Exit	PLAINS ALL AMER PIPELINE LP	$0	–	-237,941	–	-0.15%	–
MPLX	Exit	MPLX LP	$0	–	-155,044	–	-0.16%	–
WPZ	Exit	WILLIAMS PARTNERS MLP	$0	–	-143,438	–	-0.17%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-76,000	–	-0.18%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-359,157	–	-0.20%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS	$0	–	-267,497	–	-0.21%	–
VFC	Exit	VF CORP	$0	–	-113,540	–	-0.22%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS	$0	–	-102,266	–	-0.22%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-123,068	–	-0.28%	–
PII	Exit	POLARIS INDUSTRIES INC	$0	–	-125,000	–	-0.39%	–
HBANP	Exit	HUNTINGTON BANCSHARES INCconvertible pfd	$0	–	-9,754	–	-0.42%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-615,800	–	-0.44%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-71,000	–	-0.45%	–
HD	Exit	HOME DEPOT INC	$0	–	-105,000	–	-0.51%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-350,000	–	-0.52%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-405,301	–	-0.60%	–
QCOM	Exit	QUALCOMM INC	$0	–	-427,500	–	-0.66%	–
AAPL	Exit	APPLE INC	$0	–	-154,000	–	-0.71%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-242,435	–	-0.80%	–
T	Exit	AT&T INC	$0	–	-803,000	–	-0.94%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-295,300	–	-0.96%	–
DOV	Exit	DOVER CORP	$0	–	-368,780	–	-1.01%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-245,000	–	-1.04%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-264,400	–	-1.04%	–
DIS	Exit	THE WALT DISNEY CO.	$0	–	-375,000	–	-1.10%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-429,860	–	-1.23%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-1,236,500	–	-1.24%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-220,081	–	-1.29%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-523,600	–	-1.31%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-513,214	–	-1.32%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-675,526	–	-1.35%	–
NUE	Exit	NUCOR CORP	$0	–	-915,512	–	-1.53%	–
LYB	Exit	LYONDELLBASELL	$0	–	-549,666	–	-1.63%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-379,855	–	-1.65%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-1,077,585	–	-1.67%	–
CB	Exit	CHUBB LTD	$0	–	-393,738	–	-1.68%	–
MCD	Exit	MCDONALD'S CORP	$0	–	-389,000	–	-1.82%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-1,193,303	–	-1.83%	–
WEC	Exit	WEC ENERGY GROUP INC	$0	–	-978,300	–	-1.84%	–
PX	Exit	PRAXAIR INC	$0	–	-441,872	–	-1.84%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-1,157,200	–	-1.84%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-510,000	–	-2.05%	–
ENB	Exit	ENBRIDGE INC	$0	–	-1,654,409	–	-2.07%	–
CVX	Exit	CHEVRON CORP	$0	–	-716,000	–	-2.51%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-766,906	–	-2.66%	–
ACN	Exit	ACCENTURE PLC-CL A	$0	–	-674,165	–	-2.72%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-1,027,504	–	-2.79%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,290,200	–	-3.16%	–
USB	Exit	US BANCORP	$0	–	-1,981,500	–	-3.17%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,426,600	–	-3.17%	–
MMM	Exit	3M CO	$0	–	-521,700	–	-3.27%	–
CMI	Exit	CUMMINS INC	$0	–	-666,500	–	-3.34%	–
PFE	Exit	PFIZER INC	$0	–	-3,235,725	–	-3.45%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,377,200	–	-3.66%	–
HAS	Exit	HASBRO INC	$0	–	-1,259,607	–	-3.68%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,010,000	–	-3.92%	–
PEP	Exit	PEPSICO INC	$0	–	-1,240,500	–	-4.13%	–
BLK	Exit	BLACKROCK INC	$0	–	-374,800	–	-5.01%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-2,012,000	–	-5.74%	–

Q3 2017

			Value		Shares		↓ Weighting
LYB	Buy	LYONDELLBASELL	$54,444,000	+22.1%	549,666	+4.1%	1.63%	+17.6%
NUE	Sell	NUCOR CORP	$51,305,000	-6.2%	915,512	-3.2%	1.53%	-9.7%
ADI	Buy	ANALOG DEVICES INC	$44,224,000	+25.4%	513,214	+13.2%	1.32%	+20.7%
PSA	New	PUBLIC STORAGE	$15,193,000	–	71,000	–	0.45%	–
MMP	Buy	MAGELLAN MIDSTREAM PARTNERS	$7,267,000	+28.9%	102,266	+29.3%	0.22%	+24.0%
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS	$6,974,000	+4.4%	267,497	+8.4%	0.21%	+0.5%
ETP	Buy	ENERGY TRANSFER PARTNERS LP	$6,569,000	-5.8%	359,157	+5.0%	0.20%	-9.3%
WPZ	Buy	WILLIAMS PARTNERS MLP	$5,580,000	+17.9%	143,438	+21.6%	0.17%	+13.6%
MPLX	Buy	MPLX LP	$5,428,000	+50.6%	155,044	+43.7%	0.16%	+44.6%
PAA	Buy	PLAINS ALL AMER PIPELINE LP	$5,042,000	+54.9%	237,941	+92.0%	0.15%	+49.5%
BPL	Buy	BUCKEYE PARTNERS LP	$4,520,000	+35.7%	79,294	+52.2%	0.14%	+31.1%
WES	Buy	WESTERN GAS PARTNERS LP	$2,914,000	+18.1%	56,828	+28.9%	0.09%	+13.0%
EQM	Buy	EQT MIDSTREAM PARTNERS MLP	$2,491,000	+47.7%	33,220	+47.0%	0.07%	+42.3%
ANDX	New	ANDEAVOR LOGISTICS LP	$2,080,000	–	41,550	–	0.06%	–
SEP	New	SPECTRA ENERGY PARTNERS	$1,965,000	–	44,271	–	0.06%	–
EEP	Buy	ENBRIDGE ENERGY PARTNERS LP	$1,952,000	+19.0%	122,183	+19.2%	0.06%	+13.7%
NS	Buy	NUSTAR ENERGY LP	$1,821,000	+4.2%	44,870	+19.7%	0.05%	0.0%
GEL	Buy	GENESIS ENERGY L.P.	$1,604,000	+11.4%	60,879	+34.2%	0.05%	+6.7%
TCP	Buy	TC PIPELINES LP	$1,536,000	+4.5%	29,359	+9.8%	0.05%	0.0%
ENLK	New	ENLINK MIDSTREAM PARTNERS LP	$1,533,000	–	91,468	–	0.05%	–
SHLX	New	SHELL MIDSTREAM PARTNERS LP	$1,384,000	–	49,719	–	0.04%	–

Q2 2017

			Value		Shares		↓ Weighting
JPM	New	JP MORGAN CHASE	$183,897,000	–	2,012,000	–	5.71%	–
BLK	New	BLACKROCK INC	$158,319,000	–	374,800	–	4.91%	–
PEP	New	PEPSICO INC	$143,265,000	–	1,240,500	–	4.45%	–
HAS	New	HASBRO INC	$140,459,000	–	1,259,607	–	4.36%	–
JNJ	New	JOHNSON & JOHNSON	$133,613,000	–	1,010,000	–	4.15%	–
PFE	New	PFIZER INC	$108,688,000	–	3,235,725	–	3.37%	–
MMM	New	3M CO	$108,613,000	–	521,700	–	3.37%	–
CMI	New	CUMMINS INC	$108,120,000	–	666,500	–	3.36%	–
XOM	New	EXXON MOBIL CORP	$104,158,000	–	1,290,200	–	3.23%	–
USB	New	US BANCORP	$102,879,000	–	1,981,500	–	3.19%	–
ABBV	New	ABBVIE INC	$99,861,000	–	1,377,200	–	3.10%	–
MSFT	New	MICROSOFT CORP	$98,336,000	–	1,426,600	–	3.05%	–
UTX	New	UNITED TECHNOLOGIES CORP	$93,647,000	–	766,906	–	2.91%	–
PG	New	PROCTER & GAMBLE CO/THE	$89,547,000	–	1,027,504	–	2.78%	–
ACN	New	ACCENTURE PLC-CL A	$83,381,000	–	674,165	–	2.59%	–
CVX	New	CHEVRON CORP	$74,700,000	–	716,000	–	2.32%	–
ENB	New	ENBRIDGE INC	$65,862,000	–	1,654,409	–	2.04%	–
RPM	New	RPM INTERNATIONAL INC	$65,095,000	–	1,193,303	–	2.02%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$63,684,000	–	510,000	–	1.98%	–
WEC	New	WEC ENERGY GROUP INC	$60,048,000	–	978,300	–	1.86%	–
GIS	New	GENERAL MILLS INC	$59,698,000	–	1,077,585	–	1.85%	–
MCD	New	MCDONALD'S CORP	$59,579,000	–	389,000	–	1.85%	–
PX	New	PRAXAIR INC	$58,570,000	–	441,872	–	1.82%	–
IBM	New	INTL BUSINESS MACHINES CORP	$58,433,000	–	379,855	–	1.81%	–
CB	New	CHUBB LTD	$57,242,000	–	393,738	–	1.78%	–
ABT	New	ABBOTT LABORATORIES	$56,251,000	–	1,157,200	–	1.75%	–
NUE	New	NUCOR CORP	$54,717,000	–	945,512	–	1.70%	–
CAH	New	CARDINAL HEALTH INC	$52,637,000	–	675,526	–	1.63%	–
LYB	New	LYONDELLBASELL	$44,572,000	–	528,166	–	1.38%	–
DUK	New	DUKE ENERGY CORP	$43,768,000	–	523,600	–	1.36%	–
UNH	New	UNITEDHEALTH GROUP INC	$40,807,000	–	220,081	–	1.27%	–
DIS	New	THE WALT DISNEY CO.	$39,844,000	–	375,000	–	1.24%	–
GPC	New	GENUINE PARTS CO	$39,874,000	–	429,860	–	1.24%	–
CSCO	New	CISCO SYSTEMS INC	$38,702,000	–	1,236,500	–	1.20%	–
ADI	New	ANALOG DEVICES INC	$35,260,000	–	453,214	–	1.09%	–
HON	New	HONEYWELL INTERNATIONAL INC	$32,656,000	–	245,000	–	1.01%	–
NSC	New	NORFOLK SOUTHERN CORP	$32,177,000	–	264,400	–	1.00%	–
T	New	AT&T INC	$30,297,000	–	803,000	–	0.94%	–
ADP	New	AUTOMATIC DATA PROCESSING	$30,256,000	–	295,300	–	0.94%	–
DOV	New	DOVER CORP	$29,584,000	–	368,780	–	0.92%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$28,474,000	–	242,435	–	0.88%	–
QCOM	New	QUALCOMM INC	$23,607,000	–	427,500	–	0.73%	–
AAPL	New	APPLE INC	$22,179,000	–	154,000	–	0.69%	–
VZ	New	VERIZON COMMUNICATIONS INC	$18,101,000	–	405,301	–	0.56%	–
GE	New	GENERAL ELECTRIC CO	$16,633,000	–	615,800	–	0.52%	–
HD	New	HOME DEPOT INC	$16,107,000	–	105,000	–	0.50%	–
COP	New	CONOCOPHILLIPS	$15,386,000	–	350,000	–	0.48%	–
HBANP	New	HUNTINGTON BANCSHARES INCconvertible pfd	$13,851,000	–	9,754	–	0.43%	–
PII	New	POLARIS INDUSTRIES INC	$11,529,000	–	125,000	–	0.36%	–
VLO	New	VALERO ENERGY CORP	$8,302,000	–	123,068	–	0.26%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$6,976,000	–	342,137	–	0.22%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS	$6,681,000	–	246,730	–	0.21%	–
VFC	New	VF CORP	$6,540,000	–	113,540	–	0.20%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS	$5,636,000	–	79,074	–	0.18%	–
GILD	New	GILEAD SCIENCES INC	$5,379,000	–	76,000	–	0.17%	–
NYCBPRU	New	NEW YORK COMMUNITY BANCORPconvertible pfd	$4,893,000	–	95,000	–	0.15%	–
WPZ	New	WILLIAMS PARTNERS MLP	$4,731,000	–	117,952	–	0.15%	–
CME	New	CME GROUP INC	$3,745,000	–	29,900	–	0.12%	–
MPLX	New	MPLX LP	$3,604,000	–	107,904	–	0.11%	–
BPL	New	BUCKEYE PARTNERS LP	$3,331,000	–	52,103	–	0.10%	–
PAA	New	PLAINS ALL AMER PIPELINE LP	$3,255,000	–	123,898	–	0.10%	–
WES	New	WESTERN GAS PARTNERS LP	$2,467,000	–	44,102	–	0.08%	–
NS	New	NUSTAR ENERGY LP	$1,747,000	–	37,475	–	0.05%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$1,724,000	–	50,973	–	0.05%	–
EQM	New	EQT MIDSTREAM PARTNERS MLP	$1,686,000	–	22,596	–	0.05%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LP	$1,641,000	–	102,538	–	0.05%	–
TCP	New	TC PIPELINES LP	$1,470,000	–	26,730	–	0.05%	–
GEL	New	GENESIS ENERGY L.P.	$1,440,000	–	45,380	–	0.04%	–

Q4 2016

			Value		Shares		↓ Weighting
TCP	Exit	TC PIPELINES LP	$0	–	-26,730	–	-0.05%	–
EQM	Exit	EQT MIDSTREAM PARTNERS MLP	$0	–	-22,596	–	-0.06%	–
GEL	Exit	GENESIS ENERGY L.P.	$0	–	-45,380	–	-0.06%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-50,973	–	-0.06%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-37,475	–	-0.06%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-44,102	–	-0.08%	–
SXL	Exit	SUNOCO LOGISTICS PARTNERS LP	$0	–	-88,141	–	-0.08%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LP	$0	–	-102,538	–	-0.08%	–
CME	Exit	CME GROUP INC	$0	–	-29,900	–	-0.10%	–
OKS	Exit	ONEOK PARTNERS LP	$0	–	-90,587	–	-0.12%	–
MPLX	Exit	MPLX LP	$0	–	-107,904	–	-0.12%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-52,103	–	-0.12%	–
PAA	Exit	PLAINS ALL AMER PIPELINE LP	$0	–	-123,898	–	-0.13%	–
WPZ	Exit	WILLIAMS PARTNERS MLP	$0	–	-117,952	–	-0.14%	–
NYCBPRU	Exit	NEW YORK COMMUNITY BANCORPconvertible pfd	$0	–	-95,000	–	-0.16%	–
KEYPRG	Exit	KEYCORP INC.convertible pfd	$0	–	-35,000	–	-0.16%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS	$0	–	-79,074	–	-0.18%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-169,331	–	-0.20%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS	$0	–	-246,730	–	-0.22%	–
HBANP	Exit	HUNTINGTON BANCSHARES INCconvertible pfd	$0	–	-9,754	–	-0.46%	–
VFC	Exit	VF CORP	$0	–	-262,000	–	-0.48%	–
AAPL	Exit	APPLE INC	$0	–	-154,000	–	-0.57%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-615,800	–	-0.59%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-405,301	–	-0.69%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-242,435	–	-0.77%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-557,000	–	-0.79%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-264,400	–	-0.84%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-295,300	–	-0.85%	–
DOV	Exit	DOVER CORP	$0	–	-368,780	–	-0.88%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-245,000	–	-0.93%	–
QCOM	Exit	QUALCOMM INC	$0	–	-427,500	–	-0.95%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-220,081	–	-1.00%	–
LYB	Exit	LYONDELLBASELL	$0	–	-404,000	–	-1.06%	–
T	Exit	AT&T INC	$0	–	-803,000	–	-1.06%	–
DIS	Exit	THE WALT DISNEY CO.	$0	–	-375,000	–	-1.13%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-486,200	–	-1.14%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-1,236,500	–	-1.28%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-523,600	–	-1.36%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-429,860	–	-1.41%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-575,526	–	-1.46%	–
MCD	Exit	MCDONALD'S CORP	$0	–	-389,000	–	-1.46%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-510,000	–	-1.50%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-1,157,200	–	-1.59%	–
CB	Exit	CHUBB LTD	$0	–	-393,738	–	-1.61%	–
PII	Exit	POLARIS INDUSTRIES INC	$0	–	-652,000	–	-1.64%	–
PX	Exit	PRAXAIR INC	$0	–	-441,872	–	-1.74%	–
NUE	Exit	NUCOR CORP	$0	–	-1,117,512	–	-1.80%	–
WEC	Exit	WEC ENERGY GROUP INC	$0	–	-978,300	–	-1.91%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-1,004,800	–	-1.94%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-379,855	–	-1.96%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-805,200	–	-2.08%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-1,193,303	–	-2.09%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-1,077,585	–	-2.24%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-1,681,310	–	-2.34%	–
CVX	Exit	CHEVRON CORP	$0	–	-716,000	–	-2.40%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-766,906	–	-2.54%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,426,600	–	-2.68%	–
ACN	Exit	ACCENTURE PLC-CL A	$0	–	-674,165	–	-2.68%	–
USB	Exit	US BANCORP	$0	–	-1,981,500	–	-2.77%	–
CMI	Exit	CUMMINS INC	$0	–	-666,500	–	-2.78%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,377,200	–	-2.83%	–
MMM	Exit	3M CO	$0	–	-521,700	–	-2.99%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-1,027,504	–	-3.00%	–
HAS	Exit	HASBRO INC	$0	–	-1,259,607	–	-3.25%	–
PFE	Exit	PFIZER INC	$0	–	-3,235,725	–	-3.57%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,290,200	–	-3.67%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,010,000	–	-3.88%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-2,012,000	–	-4.36%	–
PEP	Exit	PEPSICO INC	$0	–	-1,240,500	–	-4.39%	–
BLK	Exit	BLACKROCK INC	$0	–	-374,800	–	-4.42%	–

Q3 2016

			Value		Shares		↓ Weighting
SE	Sell	SPECTRA ENERGY CORP	$71,876,000	+11.2%	1,681,310	-4.7%	2.34%	+10.4%
RPM	Sell	RPM INTERNATIONAL INC	$64,104,000	+1.3%	1,193,303	-5.8%	2.09%	+0.5%
GILD	Buy	GILEAD SCIENCES INC	$63,707,000	+1.8%	805,200	+7.3%	2.08%	+1.0%
PII	Buy	POLARIS INDUSTRIES INC	$50,491,000	-2.7%	652,000	+2.7%	1.64%	-3.5%
PNC	Buy	PNC FINANCIAL SERVICES GROUP	$45,946,000	+16.4%	510,000	+5.2%	1.50%	+15.5%
DIS	Buy	THE WALT DISNEY CO.	$34,823,000	-1.1%	375,000	+4.2%	1.13%	-1.9%
LYB	Buy	LYONDELLBASELL	$32,587,000	+24.8%	404,000	+15.1%	1.06%	+23.8%
KMI	Exit	KINDER MORGAN INC	$0	–	-210,000	–	-0.13%	–
GAS	Exit	AGL RESOURCES INC	$0	–	-580,300	–	-1.26%	–

Q2 2016

			Value		Shares		↓ Weighting
PEP	New	PEPSICO INC	$131,419,000	–	1,240,500	–	4.31%	–
BLK	New	BLACKROCK INC	$128,380,000	–	374,800	–	4.21%	–
JPM	New	JP MORGAN CHASE	$125,026,000	–	2,012,000	–	4.10%	–
JNJ	New	JOHNSON & JOHNSON	$122,513,000	–	1,010,000	–	4.02%	–
XOM	New	EXXON MOBIL CORP	$120,943,000	–	1,290,200	–	3.97%	–
PFE	New	PFIZER INC	$113,930,000	–	3,235,725	–	3.74%	–
HAS	New	HASBRO INC	$105,794,000	–	1,259,607	–	3.47%	–
MMM	New	3M CO	$91,360,000	–	521,700	–	3.00%	–
PG	New	PROCTER & GAMBLE CO/THE	$86,999,000	–	1,027,504	–	2.86%	–
ABBV	New	ABBVIE INC	$85,262,000	–	1,377,200	–	2.80%	–
USB	New	US BANCORP	$79,914,000	–	1,981,500	–	2.62%	–
UTX	New	UNITED TECHNOLOGIES CORP	$78,646,000	–	766,906	–	2.58%	–
GIS	New	GENERAL MILLS INC	$76,853,000	–	1,077,585	–	2.52%	–
ACN	New	ACCENTURE PLC-CL A	$76,376,000	–	674,165	–	2.51%	–
CVX	New	CHEVRON CORP	$75,058,000	–	716,000	–	2.46%	–
CMI	New	CUMMINS INC	$74,941,000	–	666,500	–	2.46%	–
MSFT	New	MICROSOFT CORP	$72,999,000	–	1,426,600	–	2.40%	–
SE	New	SPECTRA ENERGY CORP	$64,622,000	–	1,764,194	–	2.12%	–
WEC	New	WEC ENERGY GROUP INC	$63,883,000	–	978,300	–	2.10%	–
RPM	New	RPM INTERNATIONAL INC	$63,302,000	–	1,267,303	–	2.08%	–
GILD	New	GILEAD SCIENCES INC	$62,582,000	–	750,200	–	2.05%	–
IBM	New	INTL BUSINESS MACHINES CORP	$57,654,000	–	379,855	–	1.89%	–
NUE	New	NUCOR CORP	$55,216,000	–	1,117,512	–	1.81%	–
PII	New	POLARIS INDUSTRIES INC	$51,918,000	–	635,000	–	1.70%	–
CB	New	CHUBB LTD	$51,465,000	–	393,738	–	1.69%	–
PX	New	PRAXAIR INC	$49,662,000	–	441,872	–	1.63%	–
MCD	New	MCDONALD'S CORP	$46,812,000	–	389,000	–	1.54%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$46,753,000	–	1,004,800	–	1.53%	–
ABT	New	ABBOTT LABORATORIES	$45,490,000	–	1,157,200	–	1.49%	–
DUK	New	DUKE ENERGY CORP	$44,920,000	–	523,600	–	1.47%	–
CAH	New	CARDINAL HEALTH INC	$44,897,000	–	575,526	–	1.47%	–
GPC	New	GENUINE PARTS CO	$43,523,000	–	429,860	–	1.43%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$39,474,000	–	485,000	–	1.30%	–
GAS	New	AGL RESOURCES INC	$38,282,000	–	580,300	–	1.26%	–
WMT	New	WAL-MART STORES INC	$35,502,000	–	486,200	–	1.16%	–
CSCO	New	CISCO SYSTEMS INC	$35,475,000	–	1,236,500	–	1.16%	–
DIS	New	THE WALT DISNEY CO.	$35,215,000	–	360,000	–	1.16%	–
T	New	AT&T INC	$34,698,000	–	803,000	–	1.14%	–
UNH	New	UNITEDHEALTH GROUP INC	$31,075,000	–	220,081	–	1.02%	–
HON	New	HONEYWELL INTERNATIONAL INC	$28,498,000	–	245,000	–	0.94%	–
ADP	New	AUTOMATIC DATA PROCESSING	$27,129,000	–	295,300	–	0.89%	–
LYB	New	LYONDELLBASELL	$26,121,000	–	351,000	–	0.86%	–
DOV	New	DOVER CORP	$25,564,000	–	368,780	–	0.84%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$24,660,000	–	242,435	–	0.81%	–
COP	New	CONOCOPHILLIPS	$24,285,000	–	557,000	–	0.80%	–
QCOM	New	QUALCOMM INC	$22,901,000	–	427,500	–	0.75%	–
VZ	New	VERIZON COMMUNICATIONS INC	$22,632,000	–	405,301	–	0.74%	–
NSC	New	NORFOLK SOUTHERN CORP	$22,508,000	–	264,400	–	0.74%	–
GE	New	GENERAL ELECTRIC CO	$19,385,000	–	615,800	–	0.64%	–
VFC	New	VF CORP	$16,110,000	–	262,000	–	0.53%	–
AAPL	New	APPLE INC	$14,722,000	–	154,000	–	0.48%	–
HBANP	New	HUNTINGTON BANCSHARES INCconvertible pfd	$13,851,000	–	9,754	–	0.46%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS	$7,219,000	–	246,730	–	0.24%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$6,446,000	–	169,331	–	0.21%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS	$6,010,000	–	79,074	–	0.20%	–
NYCBPRU	New	NEW YORK COMMUNITY BANCORPconvertible pfd	$4,763,000	–	95,000	–	0.16%	–
KEYPRG	New	KEYCORP INC.convertible pfd	$4,690,000	–	35,000	–	0.15%	–
WPZ	New	WILLIAMS PARTNERS MLP	$4,086,000	–	117,952	–	0.13%	–
KMI	New	KINDER MORGAN INC	$3,931,000	–	210,000	–	0.13%	–
BPL	New	BUCKEYE PARTNERS LP	$3,664,000	–	52,103	–	0.12%	–
MPLX	New	MPLX LP	$3,629,000	–	107,904	–	0.12%	–
OKS	New	ONEOK PARTNERS LP	$3,629,000	–	90,587	–	0.12%	–
PAA	New	PLAINS ALL AMER PIPELINE LP	$3,406,000	–	123,898	–	0.11%	–
CME	New	CME GROUP INC	$2,912,000	–	29,900	–	0.10%	–
SXL	New	SUNOCO LOGISTICS PARTNERS LP	$2,534,000	–	88,141	–	0.08%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LP	$2,379,000	–	102,538	–	0.08%	–
WES	New	WESTERN GAS PARTNERS LP	$2,223,000	–	44,102	–	0.07%	–
NS	New	NUSTAR ENERGY LP	$1,866,000	–	37,475	–	0.06%	–
EQM	New	EQT MIDSTREAM PARTNERS MLP	$1,814,000	–	22,596	–	0.06%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$1,758,000	–	50,973	–	0.06%	–
GEL	New	GENESIS ENERGY L.P.	$1,741,000	–	45,380	–	0.06%	–
TCP	New	TC PIPELINES LP	$1,531,000	–	26,730	–	0.05%	–

Q4 2015

			Value		Shares		↓ Weighting
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-50,973	–	-0.05%	–
TCP	Exit	TC PIPELINES LP	$0	–	-26,730	–	-0.05%	–
EQM	Exit	EQT MIDSTREAM PARTNERS MLP	$0	–	-22,596	–	-0.06%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-37,475	–	-0.06%	–
NGLS	Exit	TARGA RESOURCES PARTNERS LP	$0	–	-58,944	–	-0.06%	–
GEL	Exit	GENESIS ENERGY L.P.	$0	–	-45,380	–	-0.07%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-44,102	–	-0.08%	–
SXL	Exit	SUNOCO LOGISTICS PARTNERS LP	$0	–	-88,141	–	-0.10%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LP	$0	–	-102,538	–	-0.10%	–
OKS	Exit	ONEOK PARTNERS LP	$0	–	-90,587	–	-0.10%	–
	Exit	OMNICARE INCconvertible deb	$0	–	-2,131,000	–	-0.10%	–
CME	Exit	CME GROUP INC	$0	–	-29,900	–	-0.11%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-52,103	–	-0.12%	–
PAA	Exit	PLAINS ALL AMER PIPELINE LP	$0	–	-123,898	–	-0.14%	–
WPZ	Exit	WILLIAMS PARTNERS MLP	$0	–	-117,952	–	-0.14%	–
MWE	Exit	MARKWEST ENERGY PARTNERS LP	$0	–	-98,995	–	-0.16%	–
KEYPRG	Exit	KEYCORP INC.convertible pfd	$0	–	-35,000	–	-0.18%	–
NYCBPRU	Exit	NEW YORK COMMUNITY BANCORPconvertible pfd	$0	–	-95,000	–	-0.18%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS	$0	–	-79,074	–	-0.18%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS	$0	–	-246,730	–	-0.24%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-169,331	–	-0.27%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-312,177	–	-0.33%	–
HBANP	Exit	HUNTINGTON BANCSHARES INCconvertible pfd	$0	–	-9,754	–	-0.50%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-615,800	–	-0.59%	–
AAPL	Exit	APPLE INC	$0	–	-154,000	–	-0.65%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-249,400	–	-0.73%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-242,435	–	-0.74%	–
VFC	Exit	VF CORP	$0	–	-287,000	–	-0.75%	–
DOV	Exit	DOVER CORP	$0	–	-368,780	–	-0.81%	–
QCOM	Exit	QUALCOMM INC	$0	–	-427,500	–	-0.88%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-245,000	–	-0.89%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-545,301	–	-0.91%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-220,081	–	-0.98%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-263,800	–	-0.99%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-557,000	–	-1.02%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-486,200	–	-1.20%	–
T	Exit	AT&T INC	$0	–	-983,000	–	-1.22%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-1,236,500	–	-1.24%	–
GAS	Exit	AGL RESOURCES INC	$0	–	-580,300	–	-1.35%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-429,860	–	-1.36%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-523,600	–	-1.44%	–
MCD	Exit	MCDONALD'S CORP	$0	–	-389,000	–	-1.46%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-1,004,800	–	-1.55%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-470,000	–	-1.60%	–
NUE	Exit	NUCOR CORP	$0	–	-1,117,512	–	-1.60%	–
PX	Exit	PRAXAIR INC	$0	–	-441,872	–	-1.72%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-1,764,194	–	-1.77%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-1,157,200	–	-1.78%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-1,056,100	–	-1.78%	–
PII	Exit	POLARIS INDUSTRIES INC	$0	–	-420,000	–	-1.92%	–
WEC	Exit	WEC ENERGY GROUP INC	$0	–	-978,300	–	-1.95%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-379,855	–	-2.10%	–
CVX	Exit	CHEVRON CORP	$0	–	-716,000	–	-2.16%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-1,077,585	–	-2.31%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,157,200	–	-2.40%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,426,600	–	-2.41%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-1,573,318	–	-2.52%	–
ACN	Exit	ACCENTURE PLC-CL A	$0	–	-674,165	–	-2.53%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-766,906	–	-2.61%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-1,027,504	–	-2.82%	–
MMM	Exit	3M CO	$0	–	-521,700	–	-2.82%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-932,900	–	-2.86%	–
CB	Exit	CHUBB CORP	$0	–	-654,160	–	-3.06%	–
USB	Exit	US BANCORP	$0	–	-1,981,500	–	-3.10%	–
HAS	Exit	HASBRO INC	$0	–	-1,259,607	–	-3.47%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,010,000	–	-3.60%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,290,200	–	-3.66%	–
PFE	Exit	PFIZER INC	$0	–	-3,235,725	–	-3.88%	–
BLK	Exit	BLACKROCK INC	$0	–	-374,800	–	-4.26%	–
PEP	Exit	PEPSICO INC	$0	–	-1,240,500	–	-4.47%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-2,012,000	–	-4.69%	–

Q3 2015

			Value		Shares		↓ Weighting
UTX	Buy	UNITED TECHNOLOGIES CORP	$68,247,000	-18.7%	766,906	+1.3%	2.61%	-15.2%
IBM	Buy	INTL BUSINESS MACHINES CORP	$55,068,000	-8.7%	379,855	+2.4%	2.10%	-4.8%
PII	New	POLARIS INDUSTRIES INC	$50,345,000	–	420,000	–	1.92%	–
EMR	Buy	EMERSON ELECTRIC CO	$46,648,000	-18.8%	1,056,100	+2.0%	1.78%	-15.3%
PX	Buy	PRAXAIR INC	$45,009,000	-13.1%	441,872	+2.0%	1.72%	-9.3%
NUE	Buy	NUCOR CORP	$41,963,000	-13.1%	1,117,512	+2.0%	1.60%	-9.3%
PNC	Buy	PNC FINANCIAL SERVICES GROUP	$41,924,000	+3.1%	470,000	+10.6%	1.60%	+7.5%
MCD	Buy	MCDONALD'S CORP	$38,328,000	+6.4%	389,000	+2.6%	1.46%	+10.9%
GPC	Buy	GENUINE PARTS CO	$35,631,000	-4.9%	429,860	+2.7%	1.36%	-0.8%
WMT	Buy	WAL-MART STORES INC	$31,525,000	-5.7%	486,200	+3.2%	1.20%	-1.6%
GILD	New	GILEAD SCIENCES INC	$25,903,000	–	263,800	–	0.99%	–
UNH	Buy	UNITEDHEALTH GROUP INC	$25,532,000	+2.5%	220,081	+7.8%	0.98%	+6.9%
QCOM	Buy	QUALCOMM INC	$22,970,000	-7.7%	427,500	+7.5%	0.88%	-3.8%
DOV	Buy	DOVER CORP	$21,087,000	-14.9%	368,780	+4.4%	0.81%	-11.2%
VFC	Buy	VF CORP	$19,576,000	+3.2%	287,000	+5.5%	0.75%	+7.6%
NSC	Buy	NORFOLK SOUTHERN CORP	$19,054,000	-8.0%	249,400	+5.2%	0.73%	-4.1%
GE	Buy	GENERAL ELECTRIC CO	$15,530,000	+1.2%	615,800	+6.7%	0.59%	+5.5%

Q2 2015

			Value		Shares		↓ Weighting
JPM	New	JP MORGAN CHASE	$136,333,000	–	2,012,000	–	4.99%	–
BLK	New	BLACKROCK INC	$129,673,000	–	374,800	–	4.75%	–
PEP	New	PEPSICO INC	$115,788,000	–	1,240,500	–	4.24%	–
PFE	New	PFIZER INC	$108,494,000	–	3,235,725	–	3.97%	–
XOM	New	EXXON MOBIL CORP	$107,345,000	–	1,290,200	–	3.93%	–
JNJ	New	JOHNSON & JOHNSON	$98,435,000	–	1,010,000	–	3.60%	–
HAS	New	HASBRO INC	$94,206,000	–	1,259,607	–	3.45%	–
USB	New	US BANCORP	$85,997,000	–	1,981,500	–	3.15%	–
UTX	New	UNITED TECHNOLOGIES CORP	$83,952,000	–	756,806	–	3.07%	–
MMM	New	3M CO	$80,498,000	–	521,700	–	2.95%	–
PG	New	PROCTER & GAMBLE CO/THE	$80,392,000	–	1,027,504	–	2.94%	–
ABBV	New	ABBVIE INC	$77,752,000	–	1,157,200	–	2.85%	–
RPM	New	RPM INTERNATIONAL INC	$77,045,000	–	1,573,318	–	2.82%	–
ADP	New	AUTOMATIC DATA PROCESSING	$74,847,000	–	932,900	–	2.74%	–
CVX	New	CHEVRON CORP	$69,073,000	–	716,000	–	2.53%	–
ACN	New	ACCENTURE PLC-CL A	$65,246,000	–	674,165	–	2.39%	–
MSFT	New	MICROSOFT CORP	$62,984,000	–	1,426,600	–	2.31%	–
CB	New	CHUBB CORP	$62,237,000	–	654,160	–	2.28%	–
IBM	New	INTL BUSINESS MACHINES CORP	$60,323,000	–	370,855	–	2.21%	–
GIS	New	GENERAL MILLS INC	$60,043,000	–	1,077,585	–	2.20%	–
SE	New	SPECTRA ENERGY CORP	$57,513,000	–	1,764,194	–	2.11%	–
EMR	New	EMERSON ELECTRIC CO	$57,414,000	–	1,035,800	–	2.10%	–
ABT	New	ABBOTT LABORATORIES	$56,795,000	–	1,157,200	–	2.08%	–
PX	New	PRAXAIR INC	$51,774,000	–	433,072	–	1.90%	–
NUE	New	NUCOR CORP	$48,266,000	–	1,095,212	–	1.77%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$44,442,000	–	1,004,800	–	1.63%	–
WEC	New	WEC ENERGY GROUP INC	$43,994,000	–	978,300	–	1.61%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$40,651,000	–	425,000	–	1.49%	–
GPC	New	GENUINE PARTS CO	$37,456,000	–	418,360	–	1.37%	–
DUK	New	DUKE ENERGY CORP	$36,977,000	–	523,600	–	1.35%	–
MCD	New	MCDONALD'S CORP	$36,032,000	–	379,000	–	1.32%	–
T	New	AT&T INC	$34,916,000	–	983,000	–	1.28%	–
COP	New	CONOCOPHILLIPS	$34,205,000	–	557,000	–	1.25%	–
CSCO	New	CISCO SYSTEMS INC	$33,954,000	–	1,236,500	–	1.24%	–
WMT	New	WAL-MART STORES INC	$33,422,000	–	471,200	–	1.22%	–
GAS	New	AGL RESOURCES INC	$27,019,000	–	580,300	–	0.99%	–
VZ	New	VERIZON COMMUNICATIONS INC	$25,416,000	–	545,301	–	0.93%	–
HON	New	HONEYWELL INTERNATIONAL INC	$24,983,000	–	245,000	–	0.92%	–
QCOM	New	QUALCOMM INC	$24,895,000	–	397,500	–	0.91%	–
UNH	New	UNITEDHEALTH GROUP INC	$24,898,000	–	204,081	–	0.91%	–
DOV	New	DOVER CORP	$24,793,000	–	353,280	–	0.91%	–
NSC	New	NORFOLK SOUTHERN CORP	$20,713,000	–	237,100	–	0.76%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$19,436,000	–	242,435	–	0.71%	–
AAPL	New	APPLE INC	$19,315,000	–	154,000	–	0.71%	–
VFC	New	VF CORP	$18,969,000	–	272,000	–	0.70%	–
GE	New	GENERAL ELECTRIC CO	$15,339,000	–	577,300	–	0.56%	–
HBANP	New	HUNTINGTON BANCSHARES INCconvertible pfd	$13,070,000	–	9,754	–	0.48%	–
KMI	New	KINDER MORGAN INC	$11,984,000	–	312,177	–	0.44%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$8,839,000	–	169,331	–	0.32%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS	$7,375,000	–	246,730	–	0.27%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS	$5,802,000	–	79,074	–	0.21%	–
WPZ	New	WILLIAMS PARTNERS MLP	$5,712,000	–	117,952	–	0.21%	–
MWE	New	MARKWEST ENERGY PARTNERS LP	$5,581,000	–	98,995	–	0.20%	–
PAA	New	PLAINS ALL AMER PIPELINE LP	$5,398,000	–	123,898	–	0.20%	–
NYCBPRU	New	NEW YORK COMMUNITY BANCORPconvertible pfd	$4,798,000	–	95,000	–	0.18%	–
KEYPRG	New	KEYCORP INC.convertible pfd	$4,585,000	–	35,000	–	0.17%	–
BPL	New	BUCKEYE PARTNERS LP	$3,852,000	–	52,103	–	0.14%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LP	$3,418,000	–	102,538	–	0.12%	–
SXL	New	SUNOCO LOGISTICS PARTNERS LP	$3,352,000	–	88,141	–	0.12%	–
OKS	New	ONEOK PARTNERS LP	$3,080,000	–	90,587	–	0.11%	–
WES	New	WESTERN GAS PARTNERS LP	$2,795,000	–	44,102	–	0.10%	–
CME	New	CME GROUP INC	$2,782,000	–	29,900	–	0.10%	–
	New	OMNICARE INCconvertible deb	$2,622,000	–	2,131,000	–	0.10%	–
NGLS	New	TARGA RESOURCES PARTNERS LP	$2,275,000	–	58,944	–	0.08%	–
NS	New	NUSTAR ENERGY LP	$2,224,000	–	37,475	–	0.08%	–
GEL	New	GENESIS ENERGY L.P.	$1,992,000	–	45,380	–	0.07%	–
EQM	New	EQT MIDSTREAM PARTNERS MLP	$1,842,000	–	22,596	–	0.07%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$1,564,000	–	50,973	–	0.06%	–
TCP	New	TC PIPELINES LP	$1,524,000	–	26,730	–	0.06%	–

Q4 2014

			Value		Shares		↓ Weighting
APU	Exit	AMERIGAS PARTNERS-LP	$0	–	-7,900	–	-0.01%	–
TCP	Exit	TC PIPELINES LP	$0	–	-7,100	–	-0.02%	–
CMLP	Exit	CRESTWOOD MIDSTREAM LP	$0	–	-21,755	–	-0.02%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS	$0	–	-50,355	–	-0.02%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS LP	$0	–	-19,366	–	-0.03%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-17,600	–	-0.03%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-22,812	–	-0.06%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-27,030	–	-0.06%	–
RGP	Exit	REGENCY ENERGY PARTNERS LP	$0	–	-60,585	–	-0.07%	–
WPZ	Exit	WILLIAMS PARTNERS LP	$0	–	-40,973	–	-0.08%	–
2108SC	Exit	EL PASO PIPELINE PARTNERS LP	$0	–	-53,980	–	-0.08%	–
	Exit	OMNICARE INCconvertible deb	$0	–	-2,131,000	–	-0.08%	–
CME	Exit	CME GROUP INC	$0	–	-29,900	–	-0.09%	–
NGLS	Exit	TARGA RESOURCES PARTNERS LP	$0	–	-34,979	–	-0.09%	–
LINEQ	Exit	LINN ENERGY LLC-UNITS	$0	–	-92,265	–	-0.10%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-39,201	–	-0.11%	–
SXL	Exit	SUNOCO LOGISTICS PARTNERS LP	$0	–	-64,432	–	-0.11%	–
OKS	Exit	ONEOK PARTNERS LP	$0	–	-58,531	–	-0.12%	–
MWE	Exit	MARKWEST ENERGY PARTNERS LP	$0	–	-44,515	–	-0.12%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LP	$0	–	-88,279	–	-0.12%	–
KEYPRG	Exit	KEYCORP INC.convertible pfd	$0	–	-35,000	–	-0.16%	–
NYCBPRU	Exit	NEW YORK COMMUNITY BANCORPconvertible pfd	$0	–	-95,000	–	-0.17%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-81,355	–	-0.19%	–
PAA	Exit	PLAINS ALL AMER PIPELINE LP	$0	–	-139,818	–	-0.30%	–
ET	Exit	ENERGY TRANSFER EQUITY LP	$0	–	-137,548	–	-0.30%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS	$0	–	-106,204	–	-0.32%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-123,935	–	-0.37%	–
4945SC	Exit	KINDER MORGAN ENERGY PRTNRS	$0	–	-114,695	–	-0.38%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-126,581	–	-0.39%	–
HBANP	Exit	HUNTINGTON BANCSHARES INCconvertible pfd	$0	–	-9,754	–	-0.46%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-130,100	–	-0.52%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-577,300	–	-0.53%	–
AAPL	Exit	APPLE INC	$0	–	-154,000	–	-0.56%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS	$0	–	-516,730	–	-0.75%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-250,000	–	-0.77%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-245,000	–	-0.82%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-545,301	–	-0.98%	–
DOV	Exit	DOVER CORP	$0	–	-353,280	–	-1.02%	–
QCOM	Exit	QUALCOMM INC	$0	–	-397,500	–	-1.07%	–
GAS	Exit	AGL RESOURCES INC	$0	–	-580,300	–	-1.07%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-403,000	–	-1.11%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-1,236,500	–	-1.12%	–
T	Exit	AT&T INC	$0	–	-983,000	–	-1.24%	–
MCD	Exit	MCDONALD'S CORP	$0	–	-379,000	–	-1.29%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-471,200	–	-1.29%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-418,360	–	-1.32%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-523,600	–	-1.40%	–
WEC	Exit	WISCONSIN ENERGY CORP	$0	–	-978,300	–	-1.51%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-849,550	–	-1.54%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-1,004,800	–	-1.60%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-1,157,200	–	-1.73%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-255,000	–	-1.74%	–
PX	Exit	PRAXAIR INC	$0	–	-390,072	–	-1.81%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-1,128,000	–	-1.91%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-865,800	–	-1.94%	–
ACN	Exit	ACCENTURE PLC-CL A	$0	–	-674,165	–	-1.97%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,226,600	–	-2.04%	–
NUE	Exit	NUCOR CORP	$0	–	-1,095,212	–	-2.13%	–
CB	Exit	CHUBB CORP	$0	–	-654,160	–	-2.14%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-1,624,194	–	-2.29%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-890,000	–	-2.29%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,157,200	–	-2.40%	–
HAS	Exit	HASBRO INC	$0	–	-1,259,607	–	-2.49%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-2,058,800	–	-2.58%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-1,573,318	–	-2.58%	–
MMM	Exit	3M CO	$0	–	-521,700	–	-2.65%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-932,900	–	-2.78%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-756,806	–	-2.87%	–
USB	Exit	US BANCORP	$0	–	-1,981,500	–	-2.97%	–
CVX	Exit	CHEVRON CORP	$0	–	-716,000	–	-3.07%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-1,027,504	–	-3.09%	–
PFE	Exit	PFIZER INC	$0	–	-3,235,725	–	-3.43%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,010,000	–	-3.86%	–
PEP	Exit	PEPSICO INC	$0	–	-1,240,500	–	-4.14%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-2,012,000	–	-4.35%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,290,200	–	-4.35%	–
BLK	Exit	BLACKROCK INC	$0	–	-374,800	–	-4.42%	–

Q3 2014

			Value		Shares		↓ Weighting
CB	Buy	CHUBB CORP	$59,581,000	+17.0%	654,160	+18.4%	2.14%	+16.5%
ACN	New	ACCENTURE PLC-CL A	$54,823,000	–	674,165	–	1.97%	–
DUK	Sell	DUKE ENERGY CORP	$39,150,000	-3.8%	523,600	-4.6%	1.40%	-4.2%
COP	Buy	CONOCOPHILLIPS	$30,838,000	+2.8%	403,000	+15.1%	1.11%	+2.4%
GAS	Sell	AGL RESOURCES INC	$29,793,000	-29.3%	580,300	-24.2%	1.07%	-29.5%
VZ	Sell	VERIZON COMMUNICATIONS INC	$27,260,000	-27.6%	545,301	-29.2%	0.98%	-27.9%
PNC	New	PNC FINANCIAL SERVICES GROUP	$21,395,000	–	250,000	–	0.77%	–
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS	$20,824,000	+3.0%	516,730	+100.0%	0.75%	+2.5%
GE	Buy	GENERAL ELECTRIC CO	$14,790,000	+389.4%	577,300	+402.0%	0.53%	+387.2%
UNH	New	UNITEDHEALTH GROUP INC	$10,918,000	–	126,581	–	0.39%	–
INTC	Exit	INTEL CORP	$0	–	-2,119,300	–	-2.36%	–

Q2 2014

			Value		Shares		↓ Weighting
XOM	New	EXXON MOBIL CORP	$129,897,000	–	1,290,200	–	4.68%	–
BLK	New	BLACKROCK INC	$119,786,000	–	374,800	–	4.32%	–
JPM	New	JPMORGAN CHASE & CO	$115,931,000	–	2,012,000	–	4.18%	–
PEP	New	PEPSICO INC	$110,826,000	–	1,240,500	–	3.99%	–
JNJ	New	JOHNSON & JOHNSON	$105,666,000	–	1,010,000	–	3.81%	–
PFE	New	PFIZER INC	$96,036,000	–	3,235,725	–	3.46%	–
CVX	New	CHEVRON CORP NEW	$93,474,000	–	716,000	–	3.37%	–
UTX	New	UNITED TECHNOLOGIES CORP	$87,373,000	–	756,806	–	3.15%	–
USB	New	US BANCORP DEL	$85,839,000	–	1,981,500	–	3.09%	–
PG	New	PROCTER & GAMBLE CO	$80,752,000	–	1,027,504	–	2.91%	–
MMM	New	3M CO	$74,728,000	–	521,700	–	2.69%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$73,960,000	–	932,900	–	2.66%	–
RPM	New	RPM INTL INC	$72,656,000	–	1,573,318	–	2.62%	–
LEG	New	LEGGETT & PLATT INC	$70,576,000	–	2,058,800	–	2.54%	–
SE	New	SPECTRA ENERGY CORP	$68,996,000	–	1,624,194	–	2.49%	–
HAS	New	HASBRO INC	$66,822,000	–	1,259,607	–	2.41%	–
INTC	New	INTEL CORP	$65,486,000	–	2,119,300	–	2.36%	–
ABBV	New	ABBVIE INC	$65,312,000	–	1,157,200	–	2.35%	–
BAX	New	BAXTER INTL INC	$64,347,000	–	890,000	–	2.32%	–
EMR	New	EMERSON ELEC CO	$57,454,000	–	865,800	–	2.07%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$55,058,000	–	1,128,000	–	1.98%	–
NUE	New	NUCOR CORP	$53,939,000	–	1,095,212	–	1.94%	–
PX	New	PRAXAIR INC	$51,817,000	–	390,072	–	1.87%	–
MSFT	New	MICROSOFT CORP	$51,149,000	–	1,226,600	–	1.84%	–
CB	New	CHUBB CORP	$50,929,000	–	552,550	–	1.84%	–
ABT	New	ABBOTT LABS	$47,329,000	–	1,157,200	–	1.70%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$47,296,000	–	1,004,800	–	1.70%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$46,224,000	–	255,000	–	1.66%	–
WEC	New	WISCONSIN ENERGY CORP	$45,902,000	–	978,300	–	1.65%	–
GIS	New	GENERAL MLS INC	$44,635,000	–	849,550	–	1.61%	–
GAS	New	AGL RES INC	$42,114,000	–	765,300	–	1.52%	–
DUK	New	DUKE ENERGY CORP NEW	$40,701,000	–	548,600	–	1.47%	–
MCD	New	MCDONALDS CORP	$38,180,000	–	379,000	–	1.38%	–
VZ	New	VERIZON COMMUNICATIONS INC	$37,676,000	–	770,000	–	1.36%	–
GPC	New	GENUINE PARTS CO	$36,732,000	–	418,360	–	1.32%	–
WMT	New	WAL-MART STORES INC	$35,373,000	–	471,200	–	1.28%	–
T	New	AT&T INC	$34,759,000	–	983,000	–	1.25%	–
DOV	New	DOVER CORP	$32,131,000	–	353,280	–	1.16%	–
QCOM	New	QUALCOMM INC	$31,482,000	–	397,500	–	1.13%	–
CSCO	New	CISCO SYS INC	$30,727,000	–	1,236,500	–	1.11%	–
COP	New	CONOCOPHILLIPS	$30,006,000	–	350,000	–	1.08%	–
HON	New	HONEYWELL INTL INC	$22,773,000	–	245,000	–	0.82%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$20,227,000	–	258,365	–	0.73%	–
AAPL	New	APPLE INC	$14,311,000	–	154,000	–	0.52%	–
NSC	New	NORFOLK SOUTHERN CORP	$13,404,000	–	130,100	–	0.48%	–
HBANP	New	HUNTINGTON BANCSHARES INCconvertible pfd	$12,853,000	–	9,754	–	0.46%	–
PM	New	PHILIP MORRIS INTL INC	$10,449,000	–	123,935	–	0.38%	–
4945SC	New	KINDER MORGAN ENERGY PARTNER	$9,429,000	–	114,695	–	0.34%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$8,925,000	–	106,204	–	0.32%	–
PAA	New	PLAINS ALL AMERN PIPELINE L	$8,396,000	–	139,818	–	0.30%	–
ET	New	ENERGY TRANSFER EQUITY L P	$8,107,000	–	137,548	–	0.29%	–
ETP	New	ENERGY TRANSFER PRTNRS L P	$4,716,000	–	81,355	–	0.17%	–
NYCBPRU	New	NEW YORK CMNTY CAP TR Vconvertible pfd	$4,671,000	–	95,000	–	0.17%	–
KEYPRG	New	KEYCORP NEWconvertible pfd	$4,585,000	–	35,000	–	0.16%	–
OKS	New	ONEOK PARTNERS LP	$3,430,000	–	58,531	–	0.12%	–
BPL	New	BUCKEYE PARTNERS L P	$3,256,000	–	39,201	–	0.12%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$3,260,000	–	88,279	–	0.12%	–
MWE	New	MARKWEST ENERGY PARTNERS L P	$3,186,000	–	44,515	–	0.12%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$3,035,000	–	64,432	–	0.11%	–
GE	New	GENERAL ELECTRIC CO	$3,022,000	–	115,000	–	0.11%	–
LINEQ	New	LINN ENERGY LLC	$2,985,000	–	92,265	–	0.11%	–
NGLS	New	TARGA RESOURCES PARTNERS LP	$2,516,000	–	34,979	–	0.09%	–
	New	OMNICARE INCconvertible deb	$2,267,000	–	2,131,000	–	0.08%	–
WPZ	New	WILLIAMS PARTNERS L P	$2,224,000	–	40,973	–	0.08%	–
CME	New	CME GROUP INC	$2,121,000	–	29,900	–	0.08%	–
2108SC	New	EL PASO PIPELINE PARTNERS L	$1,956,000	–	53,980	–	0.07%	–
RGP	New	REGENCY ENERGY PARTNERS L P	$1,951,000	–	60,585	–	0.07%	–
WES	New	WESTERN GAS PARTNERS LP	$1,745,000	–	22,812	–	0.06%	–
NS	New	NUSTAR ENERGY LP	$1,676,000	–	27,030	–	0.06%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$1,003,000	–	17,600	–	0.04%	–
SPH	New	SUBURBAN PROPANE PARTNERS L	$891,000	–	19,366	–	0.03%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS LP	$749,000	–	50,355	–	0.03%	–
CMLP	New	CRESTWOOD MIDSTREAM PARTNERS	$480,000	–	21,755	–	0.02%	–
TCP	New	TC PIPELINES LP	$367,000	–	7,100	–	0.01%	–
APU	New	AMERIGAS PARTNERS L P	$359,000	–	7,900	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
TCP	Exit	TC PIPELINES LP	$0	–	-7,100	–	-0.01%	–
APU	Exit	AMERIGAS PARTNERS-LP	$0	–	-7,900	–	-0.01%	–
NRGM	Exit	INERGY MIDSTREAM LP	$0	–	-21,755	–	-0.02%	–
NRGY	Exit	INERGY LP	$0	–	-50,355	–	-0.03%	–
DCP	Exit	DCP MIDSTREAM PARTNERS LP	$0	–	-17,600	–	-0.04%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS LP	$0	–	-19,366	–	-0.04%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-27,030	–	-0.04%	–
BWP	Exit	BOARDWALK PIPELINE PARTNERS	$0	–	-37,838	–	-0.05%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-22,812	–	-0.06%	–
RGP	Exit	REGENCY ENERGY PARTNERS LP	$0	–	-60,585	–	-0.07%	–
NGLS	Exit	TARGA RESOURCES PARTNERS LP	$0	–	-34,979	–	-0.07%	–
SXL	Exit	SUNOCO LOGISTICS PARTNERS LP	$0	–	-32,216	–	-0.09%	–
WPZ	Exit	WILLIAMS PARTNERS LP	$0	–	-40,973	–	-0.09%	–
CME	Exit	CME GROUP INC	$0	–	-29,900	–	-0.09%	–
	Exit	OMNICARE INCconvertible deb	$0	–	-2,131,000	–	-0.09%	–
2108SC	Exit	EL PASO PIPELINE PARTNERS LP	$0	–	-53,980	–	-0.09%	–
LINEQ	Exit	LINN ENERGY LLC-UNITS	$0	–	-92,265	–	-0.10%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-39,201	–	-0.10%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LP	$0	–	-88,279	–	-0.11%	–
OKS	Exit	ONEOK PARTNERS LP	$0	–	-58,531	–	-0.13%	–
MWE	Exit	MARKWEST ENERGY PARTNERS LP	$0	–	-44,515	–	-0.13%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-81,355	–	-0.17%	–
KEYPRG	Exit	KEYCORP INC.convertible pfd	$0	–	-35,000	–	-0.18%	–
ET	Exit	ENERGY TRANSFER EQUITY LP	$0	–	-68,774	–	-0.18%	–
NYCBPRU	Exit	NEW YORK COMMUNITY BANCORP 6% CV TR PFDconvertible pfd	$0	–	-95,000	–	-0.19%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS	$0	–	-106,204	–	-0.24%	–
PAA	Exit	PLAINS ALL AMER PIPELINE LP	$0	–	-139,818	–	-0.30%	–
4945SC	Exit	KINDER MORGAN ENERGY PRTNRS	$0	–	-114,695	–	-0.37%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-130,100	–	-0.41%	–
AAPL	Exit	APPLE INC	$0	–	-22,000	–	-0.42%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-123,935	–	-0.44%	–
HBANP	Exit	HUNTINGTON BANCSHARES INCconvertible pfd	$0	–	-9,754	–	-0.49%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS	$0	–	-258,365	–	-0.64%	–
VIVO	Exit	MERIDIAN BIOSCIENCE INC	$0	–	-820,000	–	-0.78%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-245,000	–	-0.82%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-350,000	–	-0.99%	–
QCOM	Exit	QUALCOMM INC	$0	–	-397,500	–	-1.08%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-1,236,500	–	-1.17%	–
DOV	Exit	DOVER CORP	$0	–	-353,280	–	-1.29%	–
T	Exit	AT&T INC	$0	–	-983,000	–	-1.35%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-418,360	–	-1.37%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-471,200	–	-1.41%	–
GAS	Exit	AGL RESOURCES INC	$0	–	-765,300	–	-1.43%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-770,000	–	-1.46%	–
MCD	Exit	MCDONALD'S CORP	$0	–	-379,000	–	-1.48%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-548,600	–	-1.48%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-1,157,200	–	-1.56%	–
WEC	Exit	WISCONSIN ENERGY CORP	$0	–	-978,300	–	-1.60%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-1,004,800	–	-1.62%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-849,550	–	-1.65%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,226,600	–	-1.65%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-1,128,000	–	-1.84%	–
PX	Exit	PRAXAIR INC	$0	–	-390,072	–	-1.90%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-255,000	–	-1.91%	–
INTC	Exit	INTEL CORP	$0	–	-2,119,300	–	-1.97%	–
CB	Exit	CHUBB CORP	$0	–	-552,550	–	-2.00%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,157,200	–	-2.10%	–
NUE	Exit	NUCOR CORP	$0	–	-1,095,212	–	-2.18%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-1,624,194	–	-2.25%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-865,800	–	-2.27%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-1,573,318	–	-2.31%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-890,000	–	-2.37%	–
HAS	Exit	HASBRO INC	$0	–	-1,259,607	–	-2.41%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-2,058,800	–	-2.52%	–
MMM	Exit	3M CO	$0	–	-521,700	–	-2.52%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-932,900	–	-2.74%	–
USB	Exit	US BANCORP	$0	–	-1,981,500	–	-2.94%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-1,027,504	–	-3.15%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-756,806	–	-3.31%	–
CVX	Exit	CHEVRON CORP	$0	–	-716,000	–	-3.52%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,010,000	–	-3.55%	–
PFE	Exit	PFIZER INC	$0	–	-3,235,725	–	-3.77%	–
PEP	Exit	PEPSICO INC	$0	–	-1,240,500	–	-4.00%	–
BLK	Exit	BLACKROCK INC	$0	–	-374,800	–	-4.11%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-2,012,000	–	-4.21%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,290,200	–	-4.50%	–

Q3 2013

			Value		Shares		↓ Weighting
XOM	Sell	EXXON MOBIL CORP	$111,009,000	-12.5%	1,290,200	-8.1%	4.50%	-14.2%
CVX	Sell	CHEVRON CORP	$86,994,000	-3.2%	716,000	-5.7%	3.52%	-5.1%
PM	Buy	PHILIP MORRIS INTERNATIONAL	$10,732,000	+628.6%	123,935	+629.0%	0.44%	+613.1%
NRGM	Sell	INERGY MIDSTREAM LP	$480,000	-0.8%	21,755	-0.0%	0.02%	-5.0%

Q2 2013

			Value		Shares		↓ Weighting
XOM	New	EXXON MOBIL CORP	$126,806,000	–	1,403,500	–	5.24%	–
JPM	New	JP MORGAN CHASE	$106,213,000	–	2,012,000	–	4.39%	–
PEP	New	PEPSICO INC	$101,460,000	–	1,240,500	–	4.19%	–
BLK	New	BLACKROCK INC	$96,267,000	–	374,800	–	3.98%	–
PFE	New	PFIZER INC	$90,633,000	–	3,235,725	–	3.75%	–
CVX	New	CHEVRON CORP	$89,867,000	–	759,400	–	3.71%	–
JNJ	New	JOHNSON & JOHNSON	$86,719,000	–	1,010,000	–	3.58%	–
PG	New	PROCTER & GAMBLE CO/THE	$79,108,000	–	1,027,504	–	3.27%	–
USB	New	US BANCORP	$71,631,000	–	1,981,500	–	2.96%	–
UTX	New	UNITED TECHNOLOGIES CORP	$70,338,000	–	756,806	–	2.91%	–
ADP	New	AUTOMATIC DATA PROCESSING	$64,239,000	–	932,900	–	2.66%	–
LEG	New	LEGGETT & PLATT INC	$64,008,000	–	2,058,800	–	2.65%	–
BAX	New	BAXTER INTERNATIONAL INC	$61,650,000	–	890,000	–	2.55%	–
MMM	New	3M CO	$57,048,000	–	521,700	–	2.36%	–
HAS	New	HASBRO INC	$56,468,000	–	1,259,607	–	2.33%	–
SE	New	SPECTRA ENERGY CORP	$55,970,000	–	1,624,194	–	2.31%	–
INTC	New	INTEL CORP	$51,351,000	–	2,119,300	–	2.12%	–
RPM	New	RPM INTERNATIONAL INC	$50,252,000	–	1,573,318	–	2.08%	–
IBM	New	INTL BUSINESS MACHINES CORP	$48,733,000	–	255,000	–	2.01%	–
ABBV	New	ABBVIE INC	$47,839,000	–	1,157,200	–	1.98%	–
NUE	New	NUCOR CORP	$47,445,000	–	1,095,212	–	1.96%	–
EMR	New	EMERSON ELECTRIC CO	$47,221,000	–	865,800	–	1.95%	–
CB	New	CHUBB CORP	$46,773,000	–	552,550	–	1.93%	–
PX	New	PRAXAIR INC	$44,921,000	–	390,072	–	1.86%	–
MSFT	New	MICROSOFT CORP	$42,373,000	–	1,226,600	–	1.75%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$42,018,000	–	1,128,000	–	1.74%	–
GIS	New	GENERAL MILLS INC	$41,229,000	–	849,550	–	1.70%	–
ABT	New	ABBOTT LABORATORIES	$40,363,000	–	1,157,200	–	1.67%	–
WEC	New	WISCONSIN ENERGY CORP	$40,101,000	–	978,300	–	1.66%	–
VZ	New	VERIZON COMMUNICATIONS INC	$38,762,000	–	770,000	–	1.60%	–
MCD	New	MCDONALD'S CORP	$37,521,000	–	379,000	–	1.55%	–
DUK	New	DUKE ENERGY CORP	$37,031,000	–	548,600	–	1.53%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$37,017,000	–	1,004,800	–	1.53%	–
WMT	New	WAL-MART STORES INC	$35,100,000	–	471,200	–	1.45%	–
T	New	AT&T INC	$34,798,000	–	983,000	–	1.44%	–
GAS	New	AGL RESOURCES INC	$32,801,000	–	765,300	–	1.36%	–
GPC	New	GENUINE PARTS CO	$32,661,000	–	418,360	–	1.35%	–
CSCO	New	CISCO SYSTEMS INC	$30,090,000	–	1,236,500	–	1.24%	–
DOV	New	DOVER CORP	$27,436,000	–	353,280	–	1.13%	–
QCOM	New	QUALCOMM INC	$24,283,000	–	397,500	–	1.00%	–
COP	New	CONOCOPHILLIPS	$21,175,000	–	350,000	–	0.88%	–
HON	New	HONEYWELL INTERNATIONAL INC	$19,438,000	–	245,000	–	0.80%	–
VIVO	New	MERIDIAN BIOSCIENCE INC	$17,630,000	–	820,000	–	0.73%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS	$16,057,000	–	258,365	–	0.66%	–
HBANP	New	HUNTINGTON BANCSHARES INCconvertible pfd	$11,949,000	–	9,754	–	0.49%	–
4945SC	New	KINDER MORGAN ENERGY PRTNRS	$9,795,000	–	114,695	–	0.40%	–
NSC	New	NORFOLK SOUTHERN CORP	$9,452,000	–	130,100	–	0.39%	–
AAPL	New	APPLE INC	$8,724,000	–	22,000	–	0.36%	–
PAA	New	PLAINS ALL AMER PIPELINE LP	$7,803,000	–	139,818	–	0.32%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS	$5,788,000	–	106,204	–	0.24%	–
NYCBPRU	New	NEW YORK COMMUNITY BANCORPconvertible pfd	$4,494,000	–	95,000	–	0.19%	–
KEYPRG	New	KEYCORP INC.convertible pfd	$4,359,000	–	35,000	–	0.18%	–
ET	New	ENERGY TRANSFER EQUITY LP	$4,114,000	–	68,774	–	0.17%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$4,112,000	–	81,355	–	0.17%	–
LINEQ	New	LINN ENERGY LLC-UNITS	$3,061,000	–	92,265	–	0.13%	–
MWE	New	MARKWEST ENERGY PARTNERS LP	$2,976,000	–	44,515	–	0.12%	–
OKS	New	ONEOK PARTNERS LP	$2,898,000	–	58,531	–	0.12%	–
BPL	New	BUCKEYE PARTNERS LP	$2,750,000	–	39,201	–	0.11%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LP	$2,692,000	–	88,279	–	0.11%	–
2108SC	New	EL PASO PIPELINE PARTNERS LP	$2,357,000	–	53,980	–	0.10%	–
CME	New	CME GROUP INC	$2,271,000	–	29,900	–	0.09%	–
	New	OMNICARE INCconvertible deb	$2,195,000	–	2,131,000	–	0.09%	–
WPZ	New	WILLIAMS PARTNERS LP	$2,114,000	–	40,973	–	0.09%	–
SXL	New	SUNOCO LOGISTICS PARTNERS LP	$2,060,000	–	32,216	–	0.08%	–
NGLS	New	TARGA RESOURCES PARTNERS LP	$1,765,000	–	34,979	–	0.07%	–
RGP	New	REGENCY ENERGY PARTNERS LP	$1,634,000	–	60,585	–	0.07%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$1,473,000	–	17,000	–	0.06%	–
WES	New	WESTERN GAS PARTNERS LP	$1,480,000	–	22,812	–	0.06%	–
NS	New	NUSTAR ENERGY LP	$1,234,000	–	27,030	–	0.05%	–
BWP	New	BOARDWALK PIPELINE PARTNERS	$1,143,000	–	37,838	–	0.05%	–
DCP	New	DCP MIDSTREAM PARTNERS LP	$952,000	–	17,600	–	0.04%	–
SPH	New	SUBURBAN PROPANE PARTNERS LP	$900,000	–	19,366	–	0.04%	–
NRGY	New	INERGY LP	$807,000	–	50,355	–	0.03%	–
NRGM	New	INERGY MIDSTREAM LP	$484,000	–	21,756	–	0.02%	–
APU	New	AMERIGAS PARTNERS-LP	$390,000	–	7,900	–	0.02%	–
TCP	New	TC PIPELINES LP	$343,000	–	7,100	–	0.01%	–

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