Mercer Investments LLC Activity Q1 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FMX	Sell	FOMENTO ECONOMICO MEX SPadr	$18,959,137	-8.5%	173,698	-7.1%	30.33%	+1.0%
FNV	Sell	FRANCO NEVADA CORP	$9,301,583	-14.9%	69,680	-9.1%	14.88%	-6.0%
VOO	Sell	Vanguard S&P 500 ETFetf	$8,580,050	-11.6%	21,849	-8.3%	13.73%	-2.4%
MELI	Sell	MERCADOLIBRE INC	$5,103,217	-3.4%	4,025	-9.7%	8.16%	+6.7%
CCU	Sell	CIA CERVECERIAS UNI SPONadr	$3,104,401	-29.3%	246,381	-8.9%	4.97%	-21.9%
ISRA	Buy	VanEck Israel ETFetf	$1,024,267	+25.2%	30,544	+31.7%	1.64%	+38.3%
ESGD	Sell	iShares ESG Aware MSCI EAFE ETFetf	$1,006,102	-6.4%	14,554	-1.3%	1.61%	+3.4%
VTWV	Buy	Vanguard Russell 2000 Value Index Fund ETFetf	$853,771	-2.8%	7,151	+0.7%	1.37%	+7.4%
STIP	Buy	iShares 0-5 Year TIPS Bond ETFetf	$119,619	+0.3%	1,234	+1.1%	0.19%	+10.4%

Q2 2023

			Value		Shares		↓ Weighting
FMX	New	FOMENTO ECONOMICO MEX SPadr	$20,724,863	–	186,980	–	30.02%	–
VIG	New	Vanguard Dividend Appreciation ETFetf	$15,088,285	–	92,891	–	21.86%	–
FNV	New	FRANCO NEVADA CORP	$10,934,568	–	76,680	–	15.84%	–
VOO	New	Vanguard S&P 500 ETFetf	$9,706,059	–	23,831	–	14.06%	–
MELI	New	MERCADOLIBRE INC	$5,280,947	–	4,458	–	7.65%	–
CCU	New	CIA CERVECERIAS UNI SPONadr	$4,389,582	–	270,461	–	6.36%	–
ESGD	New	iShares ESG Aware MSCI EAFE ETFetf	$1,074,971	–	14,740	–	1.56%	–
VTWV	New	Vanguard Russell 2000 Value Index Fund ETFetf	$878,392	–	7,104	–	1.27%	–
ISRA	New	VanEck Israel ETFetf	$817,827	–	23,193	–	1.18%	–
STIP	New	iShares 0-5 Year TIPS Bond ETFetf	$119,212	–	1,221	–	0.17%	–
IVV	New	iShares Core S&P 500 ETFetf	$19,166	–	43	–	0.03%	–

Q4 2022

			Value		Shares		↓ Weighting
IVV	Exit	iShares Core S&P 500 ETFetf	$0	–	-43	–	-0.03%	–
VTI	Exit	Vanguard Total Stock Market Index Fund ETFetf	$0	–	-655	–	-0.23%	–
VTWV	Exit	Vanguard Russell 2000 Value Index Fund ETFetf	$0	–	-6,948	–	-1.52%	–
ESGD	Exit	iShares ESG Aware MSCI EAFE ETFetf	$0	–	-14,616	–	-1.58%	–
CCU	Exit	CIA CERVECERIAS UNI SPONadr	$0	–	-271,420	–	-5.64%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-4,751	–	-7.58%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-55,580	–	-12.80%	–
VOO	Exit	Vanguard S&P 500 ETFetf	$0	–	-22,443	–	-14.20%	–
VIG	Exit	Vanguard Dividend Appreciation ETFetf	$0	–	-92,891	–	-24.19%	–
FMX	Exit	FOMENTO ECONOMICO MEX SPadr	$0	–	-266,626	–	-32.24%	–

Q3 2022

			Value		Shares		↓ Weighting
FMX	Buy	FOMENTO ECONOMICO MEX SPadr	$16,731,000	+15.9%	266,626	+24.7%	32.24%	+11.8%
VOO	Sell	Vanguard S&P 500 ETFetf	$7,368,000	-19.8%	22,443	-15.2%	14.20%	-22.6%
FNV	Buy	FRANCO NEVADA CORP	$6,641,000	+33.9%	55,580	+47.5%	12.80%	+29.2%
MELI	Buy	MERCADOLIBRE INC	$3,933,000	+34.8%	4,751	+3.7%	7.58%	+30.0%
CCU	Buy	CIA CERVECERIAS UNI SPONadr	$2,926,000	-6.5%	271,420	+9.6%	5.64%	-9.8%
VTWV	Sell	Vanguard Russell 2000 Value Index Fund ETFetf	$787,000	-25.5%	6,948	-21.7%	1.52%	-28.1%
VTI	Buy	Vanguard Total Stock Market Index Fund ETFetf	$118,000	-4.1%	655	+0.5%	0.23%	-7.7%

Q2 2022

			Value		Shares		↓ Weighting
FMX	New	FOMENTO ECONOMICO MEX SPadr	$14,435,000	–	213,880	–	28.83%	–
VIG	New	Vanguard Dividend Appreciation ETFetf	$13,327,000	–	92,891	–	26.62%	–
VOO	New	Vanguard S&P 500 ETFetf	$9,183,000	–	26,472	–	18.34%	–
FNV	New	FRANCO NEVADA CORP	$4,958,000	–	37,680	–	9.90%	–
CCU	New	CIA CERVECERIAS UNI SPONadr	$3,129,000	–	247,755	–	6.25%	–
MELI	New	MERCADOLIBRE INC	$2,918,000	–	4,581	–	5.83%	–
VTWV	New	Vanguard Russell 2000 Value Index Fund ETFetf	$1,057,000	–	8,873	–	2.11%	–
ESGD	New	iShares ESG Aware MSCI EAFE ETFetf	$917,000	–	14,616	–	1.83%	–
VTI	New	Vanguard Total Stock Market Index Fund ETFetf	$123,000	–	652	–	0.25%	–
IVV	New	iShares Core S&P 500 ETFetf	$16,000	–	43	–	0.03%	–

Q4 2021

			Value		Shares		↓ Weighting
VTI	Exit	Vanguard Total Stock Market Index Fund ETFetf	$0	–	-1,180	–	-0.57%	–
ESGD	Exit	iShares ESG Aware MSCI EAFE ETFetf	$0	–	-14,616	–	-2.48%	–
VTWV	Exit	Vanguard Russell 2000 Value Index Fund ETFetf	$0	–	-10,615	–	-3.22%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,505	–	-5.46%	–
CCU	Exit	CIA CERVECERIAS UNI SPON ADRadr	$0	–	-202,667	–	-7.57%	–
VOO	Exit	Vanguard S&P 500 ETFetf	$0	–	-26,445	–	-22.54%	–
FMX	Exit	FOMENTO ECONOMICO MEX SP ADRadr	$0	–	-135,872	–	-25.47%	–
VIG	Exit	Vanguard Dividend Appreciation ETFetf	$0	–	-98,477	–	-32.69%	–

Q3 2021

			Value		Shares		↓ Weighting
VIG	Buy	Vanguard Dividend Appreciation ETFetf	$15,126,000	-0.7%	98,477	+0.0%	32.69%	-5.0%
FMX	Buy	FOMENTO ECONOMICO MEX SP ADRadr	$11,783,000	+7.7%	135,872	+4.9%	25.47%	+3.1%
VOO	Buy	Vanguard S&P 500 ETFetf	$10,430,000	+0.6%	26,445	+0.3%	22.54%	-3.7%
MELI	New	MERCADOLIBRE INC	$2,527,000	–	1,505	–	5.46%	–
VTWV	New	Vanguard Russell 2000 Value Index Fund ETFetf	$1,491,000	–	10,615	–	3.22%	–
VTI	Buy	Vanguard Total Stock Market Index Fund ETFetf	$262,000	0.0%	1,180	+0.3%	0.57%	-4.2%
VWO	Exit	Vanguard FTSE Emerging Markets ETFetf	$0	–	-41,286	–	-5.06%	–

Q2 2021

			Value		Shares		↓ Weighting
VIG	New	Vanguard Dividend Appreciation ETFetf	$15,240,000	–	98,453	–	34.40%	–
FMX	New	FOMENTO ECONOMICO MEX SP ADRadr	$10,943,000	–	129,491	–	24.70%	–
VOO	New	Vanguard S&P 500 ETFetf	$10,372,000	–	26,357	–	23.42%	–
CCU	New	CIA CERVECERIAS UNI SPON ADRadr	$4,082,000	–	202,667	–	9.22%	–
VWO	New	Vanguard FTSE Emerging Markets ETFetf	$2,242,000	–	41,286	–	5.06%	–
ESGD	New	iShares ESG Aware MSCI EAFE ETFetf	$1,155,000	–	14,616	–	2.61%	–
VTI	New	Vanguard Total Stock Market Index Fund ETFetf	$262,000	–	1,177	–	0.59%	–

Q4 2020

			Value		Shares		↓ Weighting
VIG	Exit	VANGUARD DIVIDEND APPRECIATION ETFetf	$0	–	-8,803	–	-17.09%	–
VOO	Exit	VANGUARD S&P 500 ETFetf	$0	–	-17,862	–	-82.91%	–

Q3 2020

			Value		Shares		↓ Weighting
VOO	Buy	VANGUARD S&P 500 ETFetf	$5,495,000	+8.8%	17,862	+0.2%	82.91%	-0.3%
VIG	Buy	VANGUARD DIVIDEND APPRECIATION ETFetf	$1,133,000	+10.4%	8,803	+0.5%	17.09%	+1.2%

Q2 2020

			Value		Shares		↓ Weighting
VOO	New	VANGUARD S&P 500 ETFetf	$5,051,000	–	17,821	–	83.12%	–
VIG	New	VANGUARD DIVIDEND APPRECIATION ETFetf	$1,026,000	–	8,759	–	16.88%	–

Q4 2019

			Value		Shares		↓ Weighting
VIG	Exit	VANGUARD DIVIDEND APPRECIATION ETFetf	$0	–	-6,348	–	-15.67%	–
VOO	Exit	VANGUARD S&P 500 ETFetf	$0	–	-14,984	–	-84.33%	–

Q3 2019

			Value		Shares		↓ Weighting
VOO	Buy	VANGUARD S&P 500 ETFetf	$4,084,772,000	+2.0%	14,984	+0.7%	84.33%	-0.3%
VIG	Buy	VANGUARD DIVIDEND APPRECIATION ETFetf	$759,153,000	+4.3%	6,348	+0.5%	15.67%	+1.9%

Q2 2019

			Value		Shares		↓ Weighting
VOO	New	VANGUARD S&P 500 ETFetf	$4,003,186,000	–	14,873	–	84.62%	–
VIG	New	VANGUARD DIVIDEND APPRECIATION ETFetf	$727,731,000	–	6,319	–	15.38%	–

Q4 2018

			Value		Shares		↓ Weighting
BND	Exit	VANGUARD TOTAL BOND MARKET ETFetf	$0	–	-887	–	-1.31%	–
VIG	Exit	VANGUARD DIVIDEND APPRECIATION ETFetf	$0	–	-4,870	–	-10.15%	–
IGE	Exit	ISHARES NORTH AMERICAN NATIONAL RESOURCES ETFetf	$0	–	-48,597	–	-32.81%	–
VOO	Exit	VANGUARD S&P 500 ETFetf	$0	–	-11,080	–	-55.72%	–

Q3 2018

			Value		Shares		↓ Weighting
VOO	Sell	VANGUARD S&P 500 ETFetf	$2,958,907,000	-11.1%	11,080	-17.0%	55.72%	+27.4%
IGE	Sell	ISHARES NORTH AMERICAN NATIONAL RESOURCES ETFetf	$1,742,202,000	-37.8%	48,597	-36.0%	32.81%	-10.8%
VIG	Sell	VANGUARD DIVIDEND APPRECIATION ETFetf	$539,067,000	+1.9%	4,870	-6.5%	10.15%	+46.1%
BND	Sell	VANGUARD TOTAL BOND MARKET ETFetf	$69,778,000	-92.7%	887	-92.6%	1.31%	-89.5%

Q2 2018

			Value		Shares		↓ Weighting
VOO	New	VANGUARD S&P 500 ETFetf	$3,329,999,000	–	13,346	–	43.75%	–
IGE	New	ISHARES NORTH AMERICAN NATIONAL RESOURCES ETFetf	$2,800,144,000	–	75,967	–	36.79%	–
BND	New	VANGUARD TOTAL BOND MARKET ETFetf	$952,928,000	–	12,033	–	12.52%	–
VIG	New	VANGUARD DIVIDEND APPRECIATION ETFetf	$529,003,000	–	5,206	–	6.95%	–

Q4 2017

			Value		Shares		↓ Weighting
VIG	Exit	VANGUARD DIVIDEND APPRECIATION ETFetf	$0	–	-15,066	–	-2.67%	–
VOO	Exit	VANGUARD S&P 500 ETFetf	$0	–	-20,402	–	-8.80%	–
IGE	Exit	ISHARES NORTH AMER NATL RES ETFetf	$0	–	-172,196	–	-10.83%	–
BND	Exit	VANGUARD TOTAL BOND MARKET ETFetf	$0	–	-185,740	–	-28.44%	–
HEFA	Exit	ISHARES CURRENCY HEDG MSCI EAFE ETFetf	$0	–	-911,009	–	-49.26%	–

Q3 2017

			Value		Shares		↓ Weighting
HEFA	Buy	ISHARES CURRENCY HEDG MSCI EAFE ETFetf	$26,364,594,000	+54.9%	911,009	+52.1%	49.26%	+29.1%
BND	Sell	VANGUARD TOTAL BOND MARKET ETFetf	$15,223,285,000	-6.2%	185,740	-6.3%	28.44%	-21.8%
IGE	Buy	ISHARES NORTH AMER NATL RES ETFetf	$5,797,831,000	+6.6%	172,196	+0.2%	10.83%	-11.2%
VOO	Buy	VANGUARD S&P 500 ETFetf	$4,707,865,000	+4.3%	20,402	+0.3%	8.80%	-13.1%
VIG	Buy	VANGUARD DIVIDEND APPRECIATION ETFetf	$1,428,072,000	+2.4%	15,066	+0.2%	2.67%	-14.7%

Q2 2017

			Value		Shares		↓ Weighting
HEFA	New	ISHARES CURRENCY HEDG MSCI EAFE ETFetf	$17,019,102,000	–	598,842	–	38.17%	–
BND	New	VANGUARD TOTAL BOND MARKET ETFetf	$16,223,341,000	–	198,257	–	36.38%	–
IGE	New	ISHARES NORTH AMER NATL RES ETFetf	$5,439,318,000	–	171,804	–	12.20%	–
VOO	New	VANGUARD S&P 500 ETFetf	$4,515,114,000	–	20,333	–	10.13%	–
VIG	New	VANGUARD DIVIDEND APPRECIATION ETFetf	$1,393,969,000	–	15,042	–	3.13%	–

Q4 2016

			Value		Shares		↓ Weighting
VGK	Exit	VANGUARD FTSE EUROPE ETFetf	$0	–	-14,184	–	-0.40%	–
VEA	Exit	VANGUARD FTSE DEVELOPED MARKETS ETFetf	$0	–	-19,641	–	-0.43%	–
VIG	Exit	VANGUARD DIVIDEND APPRECIATION ETFetf	$0	–	-123,361	–	-6.05%	–
VOO	Exit	VANGUARD S&P 500 ETFetf	$0	–	-52,725	–	-6.12%	–
SPY	Exit	SPDR S&P 500 ETF IVetf	$0	–	-67,129	–	-8.49%	–
BND	Exit	VANGUARD TOTAL BOND MARKET ETFetf	$0	–	-202,362	–	-9.96%	–
IGE	Exit	ISHARES NORTH AMER NATL RES ETF IVetf	$0	–	-1,240,322	–	-24.99%	–
HEFA	Exit	ISHARES CURRENCY HEDG MSCI EAFE ETFetf	$0	–	-3,002,092	–	-43.55%	–

Q3 2016

			Value		Shares		↓ Weighting
HEFA	Buy	ISHARES CURRENCY HEDG MSCI EAFE ETFetf	$74,481,906,000	+36.0%	3,002,092	+31.4%	43.55%	-31.8%
IGE	Buy	ISHARES NORTH AMER NATL RES ETF IVetf	$42,741,496,000	+445.5%	1,240,322	+425.9%	24.99%	+173.8%
BND	Buy	VANGUARD TOTAL BOND MARKET ETFetf	$17,026,713,000	+18.9%	202,362	+19.1%	9.96%	-40.3%
SPY	Buy	SPDR S&P 500 ETF IVetf	$14,519,929,000	+138528.3%	67,129	+134158.0%	8.49%	+70650.0%
VOO	Buy	VANGUARD S&P 500 ETFetf	$10,475,970,000	+185.0%	52,725	+175.7%	6.12%	+43.1%
VIG	Buy	VANGUARD DIVIDEND APPRECIATION ETFetf	$10,353,701,000	+267.0%	123,361	+264.0%	6.05%	+84.2%
VEA	Buy	VANGUARD FTSE DEVELOPED MARKETS ETFetf	$734,770,000	+829.3%	19,641	+778.4%	0.43%	+367.4%
VGK	Buy	VANGUARD FTSE EUROPE ETFetf	$691,196,000	+5.0%	14,184	+0.5%	0.40%	-47.3%
VPL	Exit	VANGUARD FTSE PACIFIC ETFetf	$0	–	-7,326	–	-0.48%	–
	Exit	VULCAN VALUE PARTNERS FDetf	$0	–	-76,556	–	-1.46%	–

Q2 2016

			Value		Shares		↓ Weighting
HEFA	New	ISHARES CURRENCY HEDG MSCI EAFE ETFetf	$54,782,711,000	–	2,284,517	–	63.81%	–
BND	New	VANGUARD TOTAL BOND MARKET ETFetf	$14,325,151,000	–	169,931	–	16.69%	–
IGE	New	ISHARES NORTH AMER NATL RES ETF IVetf	$7,834,811,000	–	235,846	–	9.13%	–
VOO	New	VANGUARD S&P 500 ETFetf	$3,675,641,000	–	19,124	–	4.28%	–
VIG	New	VANGUARD DIVIDEND APPRECIATION ETFetf	$2,821,046,000	–	33,891	–	3.29%	–
	New	VULCAN VALUE PARTNERS FDetf	$1,256,283,000	–	76,556	–	1.46%	–
VGK	New	VANGUARD FTSE EUROPE ETFetf	$658,223,000	–	14,107	–	0.77%	–
VPL	New	VANGUARD FTSE PACIFIC ETFetf	$408,298,000	–	7,326	–	0.48%	–
VEA	New	VANGUARD FTSE DEVELOPED MARKETS ETFetf	$79,065,000	–	2,236	–	0.09%	–
SPY	New	SPDR S&P 500 ETF IVetf	$10,474,000	–	50	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
SPY	Exit	SPDR S&P 500 ETFetf	$0	–	-50	–	-0.01%	–
VEA	Exit	Vanguard FTSE Developed Markets ETFetf	$0	–	-2,236	–	-0.06%	–
VPL	Exit	VANGUARD FTSE PACIFIC ETFetf	$0	–	-4,451	–	-0.20%	–
VGK	Exit	VANGUARD FTSE EUROPE ETFetf	$0	–	-7,421	–	-0.30%	–
VOO	Exit	VANGUARD S&P 500 ETF NEWetf	$0	–	-17,483	–	-2.52%	–
VIG	Exit	VANGUARD DIV APPRCIATIONetf	$0	–	-47,179	–	-2.85%	–
VWO	Exit	VANGUARD FTSE EMERGING MARKETS ETFetf	$0	–	-209,073	–	-5.66%	–
IGE	Exit	ISHARES NORTH AMERICAN NATURAL RESOURCES ETFetf	$0	–	-261,740	–	-6.22%	–
BND	Exit	VANGUARD BOND INDEX FUND TOTAL BOND MARKET ETFetf	$0	–	-175,847	–	-11.80%	–
HEFA	Exit	ISHARES ETF CURRENCY HEDGED MSCI EAFEetf	$0	–	-3,497,668	–	-70.39%	–

Q3 2015

			Value		Shares		↓ Weighting
HEFA	Sell	ISHARES ETF CURRENCY HEDGED MSCI EAFEetf	$85,972,680,000	-10.9%	3,497,668	-1.0%	70.39%	+10.7%
BND	Sell	VANGUARD BOND INDEX FUND TOTAL BOND MARKET ETFetf	$14,407,153,000	-33.3%	175,847	-33.8%	11.80%	-17.1%
IGE	Buy	ISHARES NORTH AMERICAN NATURAL RESOURCES ETFetf	$7,600,940,000	-19.5%	261,740	+0.5%	6.22%	+0.0%
VWO	Sell	VANGUARD FTSE EMERGING MARKETS ETFetf	$6,918,229,000	-54.9%	209,073	-44.3%	5.66%	-44.0%
VIG	Sell	VANGUARD DIV APPRCIATIONetf	$3,479,009,000	-6.9%	47,179	-0.8%	2.85%	+15.6%
VOO	Buy	VANGUARD S&P 500 ETF NEWetf	$3,071,860,000	-0.8%	17,483	+6.6%	2.52%	+23.3%
VGK	Buy	VANGUARD FTSE EUROPE ETFetf	$364,944,000	-7.4%	7,421	+1.7%	0.30%	+15.0%
VPL	Buy	VANGUARD FTSE PACIFIC ETFetf	$239,000,000	-11.4%	4,451	+0.7%	0.20%	+10.1%
VEA	New	Vanguard FTSE Developed Markets ETFetf	$79,691,000	–	2,236	–	0.06%	–
RWO	Exit	SPDR INDEX SHARES FUND DOW JONES GLOBAL REAL ESTATE ETFetf	$0	–	-30,040	–	-0.91%	–

Q2 2015

			Value		Shares		↓ Weighting
HEFA	New	ISHARES ETF CURRENCY HEDGED MSCI EAFEetf	$96,524,110,000	–	3,534,387	–	63.58%	–
BND	New	VANGUARD BOND INDEX FUND TOTAL BOND MARKET ETFetf	$21,592,592,000	–	265,722	–	14.22%	–
VWO	New	VANGUARD FTSE EMERGING MARKETS ETFetf	$15,355,461,000	–	375,623	–	10.12%	–
IGE	New	ISHARES NORTH AMERICAN NATURAL RESOURCES ETFetf	$9,445,922,000	–	260,362	–	6.22%	–
VIG	New	VANGUARD DIV APPRCIATIONetf	$3,738,576,000	–	47,577	–	2.46%	–
VOO	New	VANGUARD S&P 500 ETF NEWetf	$3,096,141,000	–	16,403	–	2.04%	–
RWO	New	SPDR INDEX SHARES FUND DOW JONES GLOBAL REAL ESTATE ETFetf	$1,376,433,000	–	30,040	–	0.91%	–
VGK	New	VANGUARD FTSE EUROPE ETFetf	$394,046,000	–	7,300	–	0.26%	–
VPL	New	VANGUARD FTSE PACIFIC ETFetf	$269,676,000	–	4,419	–	0.18%	–
SPY	New	SPDR S&P 500 ETFetf	$10,293,000	–	50	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
IGE	Exit	ISHARES S&P NA NAT RES S I Fexchange traded fund	$0	–	-72	–	-0.01%	–
TGT	Exit	TARGET CORPequity	$0	–	-2,372	–	-0.34%	–
BAX	Exit	BAXTER INTL STKequity	$0	–	-2,374	–	-0.35%	–
XOM	Exit	EXXON MOBIL CORPORATIONequity	$0	–	-1,829	–	-0.36%	–
KO	Exit	COCA COLA STKequity	$0	–	-4,173	–	-0.36%	–
SO	Exit	SOUTHERN STKequity	$0	–	-3,859	–	-0.36%	–
CVS	Exit	CVS/CAREMARK CORPequity	$0	–	-2,834	–	-0.36%	–
ABT	Exit	ABBOTT LABS STKequity	$0	–	-4,847	–	-0.36%	–
PG	Exit	PROCTER & GAMBLE STKequity	$0	–	-2,134	–	-0.37%	–
KMB	Exit	KIMBERLY CLARK STKequity	$0	–	-1,724	–	-0.37%	–
MSFT	Exit	MICROSOFT CORPequity	$0	–	-4,884	–	-0.37%	–
HD	Exit	HOME DEPOT INCequity	$0	–	-2,146	–	-0.37%	–
PEP	Exit	PEPSICO INCequity	$0	–	-2,045	–	-0.37%	–
WMT	Exit	WAL MART STORES STKequity	$0	–	-2,209	–	-0.37%	–
MCD	Exit	MCDONALDS - MCDequity	$0	–	-1,701	–	-0.37%	–
JNJ	Exit	JOHNSON & JOHNS STKequity	$0	–	-1,905	–	-0.37%	–
UNP	Exit	UNION PACIFIC STKequity	$0	–	-1,071	–	-0.38%	–
CAT	Exit	CATERPILLAR STKequity	$0	–	-1,994	–	-0.38%	–
CVX	Exit	CHEVRON CORPequity	$0	–	-1,375	–	-0.38%	–
EMLC	Exit	Market Vectors Emerging Market Local ETFexchange traded fund	$0	–	-6,975	–	-0.38%	–
DIS	Exit	WALT DISNEY STKequity	$0	–	-2,616	–	-0.38%	–
MDT	Exit	MEDTRONIC - MDTequity	$0	–	-3,205	–	-0.39%	–
GE	Exit	GENERAL ELECTRIC COequity	$0	–	-7,197	–	-0.39%	–
COST	Exit	COSTCO WHOLESALE COROequity	$0	–	-1,493	–	-0.39%	–
HON	Exit	HONEYWELL INTERNATIONAL INCequity	$0	–	-2,084	–	-0.39%	–
MON	Exit	MONSANTO CO/ NEWequity	$0	–	-1,667	–	-0.39%	–
DHR	Exit	DANAHER STKequity	$0	–	-2,529	–	-0.40%	–
UNH	Exit	UNITED HEALTH GROUP INCequity	$0	–	-2,486	–	-0.40%	–
MMM	Exit	3M COequity	$0	–	-1,496	–	-0.40%	–
CMCSA	Exit	COMCAST CORP - CL Aequity	$0	–	-3,966	–	-0.41%	–
ORCL	Exit	ORACLE CORPORATIONequity	$0	–	-5,461	–	-0.41%	–
DD	Exit	DU PONT (E.I.) DE NEMOURSequity	$0	–	-3,155	–	-0.42%	–
TJX	Exit	TJX COMPANIES INCequity	$0	–	-3,292	–	-0.42%	–
LOW	Exit	LOWES COMPANIESequity	$0	–	-3,906	–	-0.42%	–
UTX	Exit	UNITED TECHNOLOGIES CORPequity	$0	–	-1,733	–	-0.42%	–
QCOM	Exit	QUALCOMM INCequity	$0	–	-2,842	–	-0.43%	–
EMR	Exit	EMERSON ELECTRIC CO.equity	$0	–	-2,960	–	-0.43%	–
NKE	Exit	NIKE STKequity	$0	–	-2,666	–	-0.44%	–
WAG	Exit	WALGREEN STKequity	$0	–	-3,672	–	-0.45%	–
VGK	Exit	Vanguard MSCI European ETFexchange traded fund	$0	–	-6,353	–	-0.78%	–
VUG	Exit	Vanguard Growth Index ETFexchange traded fund	$0	–	-4,293	–	-0.82%	–
VPL	Exit	Vanguard MSCI Pacific ETFexchange traded fund	$0	–	-6,496	–	-0.89%	–
GBDC	Exit	GOLUB CAPITAL BDC INCequity	$0	–	-38,224	–	-1.50%	–
ARCC	Exit	ARES CAPITAL CORPequity	$0	–	-72,123	–	-2.83%	–
VOO	Exit	Vanguard S&P 500 ETFexchange traded fund	$0	–	-8,926	–	-3.12%	–
VWO	Exit	Vanguard FTSE Emerging Markets ETFexchange traded fund	$0	–	-107,006	–	-9.73%	–
VIG	Exit	Vanguard Dividend Appreciation ETFexchange traded fund	$0	–	-65,727	–	-10.37%	–
EWC	Exit	iShares MSCI Canada ETFexchange traded fund	$0	–	-397,392	–	-25.50%	–
EWJ	Exit	iShares MSCI Japan ETFexchange traded fund	$0	–	-1,054,432	–	-29.68%	–

Q3 2013

			Value		Shares		↓ Weighting
EWJ	Buy	iShares MSCI Japan ETFexchange traded fund	$13,091,921,000	+111008.6%	1,054,432	+0.4%	29.68%	+26.5%
EWC	Buy	iShares MSCI Canada ETFexchange traded fund	$11,250,165,000	+154925.0%	397,392	+43.2%	25.50%	+76.5%
VIG	Sell	Vanguard Dividend Appreciation ETFexchange traded fund	$4,575,241,000	+80421.7%	65,727	-23.4%	10.37%	-8.3%
VWO	Buy	Vanguard FTSE Emerging Markets ETFexchange traded fund	$4,294,138,000	+134301.8%	107,006	+29.9%	9.73%	+53.0%
VOO	New	Vanguard S&P 500 ETFexchange traded fund	$1,374,645,000	–	8,926	–	3.12%	–
VPL	Buy	Vanguard MSCI Pacific ETFexchange traded fund	$394,573,000	+109808.9%	6,496	+1.1%	0.89%	+25.0%
VUG	Sell	Vanguard Growth Index ETFexchange traded fund	$363,194,000	+97796.0%	4,293	-9.7%	0.82%	+11.5%
VGK	Sell	Vanguard MSCI European ETFexchange traded fund	$346,213,000	+95275.5%	6,353	-15.8%	0.78%	+8.6%
WAG	Sell	WALGREEN STKequity	$197,554,000	+75302.3%	3,672	-38.0%	0.45%	-14.2%
NKE	Sell	NIKE STKequity	$193,658,000	+74671.4%	2,666	-34.3%	0.44%	-14.9%
EMR	Sell	EMERSON ELECTRIC CO.equity	$191,512,000	+88563.0%	2,960	-25.3%	0.43%	+0.9%
QCOM	New	QUALCOMM INCequity	$191,323,000	–	2,842	–	0.43%	–
UTX	Sell	UNITED TECHNOLOGIES CORPequity	$186,852,000	+79411.5%	1,733	-31.4%	0.42%	-9.4%
LOW	Sell	LOWES COMPANIESequity	$185,965,000	+80404.3%	3,906	-31.0%	0.42%	-8.3%
TJX	New	TJX COMPANIES INCequity	$185,636,000	–	3,292	–	0.42%	–
DD	Sell	DU PONT (E.I.) DE NEMOURSequity	$184,757,000	+77856.5%	3,155	-30.0%	0.42%	-11.2%
ORCL	New	ORACLE CORPORATIONequity	$181,141,000	–	5,461	–	0.41%	–
CMCSA	New	COMCAST CORP - CL Aequity	$178,926,000	–	3,966	–	0.41%	–
MMM	Sell	3M COequity	$178,637,000	+75593.6%	1,496	-30.5%	0.40%	-13.8%
UNH	Sell	UNITED HEALTH GROUP INCequity	$178,022,000	+74699.2%	2,486	-31.7%	0.40%	-14.8%
DHR	New	DANAHER STKequity	$175,310,000	–	2,529	–	0.40%	–
MON	Sell	MONSANTO CO/ NEWequity	$173,985,000	+79345.2%	1,667	-24.6%	0.39%	-9.6%
HON	Sell	HONEYWELL INTERNATIONAL INCequity	$173,055,000	+68301.2%	2,084	-34.7%	0.39%	-22.2%
COST	Sell	COSTCO WHOLESALE COROequity	$171,949,000	+76662.9%	1,493	-26.2%	0.39%	-12.6%
GE	New	GENERAL ELECTRIC COequity	$171,936,000	–	7,197	–	0.39%	–
MDT	Sell	MEDTRONIC - MDTequity	$170,666,000	+70132.9%	3,205	-32.0%	0.39%	-20.0%
DIS	Sell	WALT DISNEY STKequity	$168,706,000	+66059.2%	2,616	-35.1%	0.38%	-24.8%
EMLC	New	Market Vectors Emerging Market Local ETFexchange traded fund	$168,035,000	–	6,975	–	0.38%	–
CVX	Sell	CHEVRON CORPequity	$167,063,000	+79076.8%	1,375	-23.0%	0.38%	-9.8%
CAT	New	CATERPILLAR STKequity	$166,300,000	–	1,994	–	0.38%	–
UNP	Sell	UNION PACIFIC STKequity	$166,369,000	+66182.5%	1,071	-34.1%	0.38%	-24.6%
JNJ	Sell	JOHNSON & JOHNS STKequity	$165,144,000	+69288.2%	1,905	-31.2%	0.37%	-21.1%
MCD	Sell	MCDONALDS - MCDequity	$163,653,000	+72634.7%	1,701	-25.1%	0.37%	-17.2%
WMT	Sell	WAL MART STORES STKequity	$163,378,000	+77699.0%	2,209	-21.6%	0.37%	-11.5%
HD	Sell	HOME DEPOT INCequity	$162,774,000	+68292.4%	2,146	-30.2%	0.37%	-22.2%
PEP	Sell	PEPSICO INCequity	$162,578,000	+74136.5%	2,045	-23.8%	0.37%	-15.4%
MSFT	Sell	MICROSOFT CORPequity	$162,540,000	+64916.0%	4,884	-32.4%	0.37%	-26.1%
KMB	Sell	KIMBERLY CLARK STKequity	$162,435,000	+71143.4%	1,724	-26.7%	0.37%	-18.9%
PG	Sell	PROCTER & GAMBLE STKequity	$161,309,000	+73222.3%	2,134	-25.3%	0.37%	-16.4%
CVS	Sell	CVS/CAREMARK CORPequity	$160,830,000	+65813.9%	2,834	-33.7%	0.36%	-24.9%
ABT	New	ABBOTT LABS STKequity	$160,872,000	–	4,847	–	0.36%	–
SO	New	SOUTHERN STKequity	$158,914,000	–	3,859	–	0.36%	–
KO	Sell	COCA COLA STKequity	$158,073,000	+75896.6%	4,173	-19.5%	0.36%	-13.5%
XOM	Sell	EXXON MOBIL CORPORATIONequity	$157,367,000	+78192.0%	1,829	-17.7%	0.36%	-10.8%
BAX	Sell	BAXTER INTL STKequity	$155,948,000	+75972.2%	2,374	-19.9%	0.35%	-13.5%
TGT	Sell	TARGET CORPequity	$151,761,000	+71824.6%	2,372	-22.4%	0.34%	-18.1%
IGE	Sell	ISHARES S&P NA NAT RES S I Fexchange traded fund	$2,987,000	+38.7%	72	-99.9%	0.01%	-99.8%
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-7,455	–	-0.42%	–
APA	Exit	APACHE CORP	$0	–	-2,537	–	-0.42%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-2,558	–	-0.45%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-3,703	–	-0.46%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-14,632	–	-0.72%	–
IN	Exit	INTERMEC INC	$0	–	-62,179	–	-1.22%	–
ASCA	Exit	AMERISTAR CASINOS INC	$0	–	-23,777	–	-1.24%	–
NTSP	Exit	NETSPEND HLDGS INC	$0	–	-39,362	–	-1.25%	–
ALC	Exit	ASSISTED LIVING CONCPT NEV Ncl a new	$0	–	-53,487	–	-1.27%	–
AM	Exit	AMERICAN GREETINGS CORPcl a	$0	–	-35,242	–	-1.28%	–
GDI	Exit	GARDNER DENVER INC	$0	–	-8,590	–	-1.29%	–
BMC	Exit	BMC SOFTWARE INC	$0	–	-14,853	–	-1.33%	–
TRLG	Exit	TRUE RELIGION APPAREL INC	$0	–	-21,367	–	-1.35%	–
VOO	Exit	VANGUARD INDEX FDSs&p 500 etf sh	$0	–	-19,342	–	-2.82%	–
ADX	Exit	ADAMS EXPRESS CO	$0	–	-242,040	–	-5.76%	–

Q2 2013

			Value		Shares		↓ Weighting
EWJ	New	ISHARES INCmsci japan	$11,783,000	–	1,050,188	–	23.45%	–
EWC	New	ISHARES INCmsci cda index	$7,257,000	–	277,504	–	14.44%	–
VIG	New	VANGUARD SPECIALIZED PORTFOLdiv app etf	$5,682,000	–	85,839	–	11.31%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fmsci emr mkt etf	$3,195,000	–	82,381	–	6.36%	–
ADX	New	ADAMS EXPRESS CO	$2,895,000	–	242,040	–	5.76%	–
IGE	New	ISHARES TRs&p na nat res	$2,153,000	–	82,345	–	4.29%	–
VOO	New	VANGUARD INDEX FDSs&p 500 etf sh	$1,419,000	–	19,342	–	2.82%	–
ARCC	New	ARES CAP CORP	$1,241,000	–	72,123	–	2.47%	–
TRLG	New	TRUE RELIGION APPAREL INC	$676,000	–	21,367	–	1.35%	–
BMC	New	BMC SOFTWARE INC	$670,000	–	14,853	–	1.33%	–
GBDC	New	GOLUB CAP BDC INC	$669,000	–	38,224	–	1.33%	–
GDI	New	GARDNER DENVER INC	$646,000	–	8,590	–	1.29%	–
AM	New	AMERICAN GREETINGS CORPcl a	$642,000	–	35,242	–	1.28%	–
ALC	New	ASSISTED LIVING CONCPT NEV Ncl a new	$640,000	–	53,487	–	1.27%	–
NTSP	New	NETSPEND HLDGS INC	$629,000	–	39,362	–	1.25%	–
ASCA	New	AMERISTAR CASINOS INC	$625,000	–	23,777	–	1.24%	–
IN	New	INTERMEC INC	$611,000	–	62,179	–	1.22%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$371,000	–	4,753	–	0.74%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$363,000	–	7,542	–	0.72%	–
HPQ	New	HEWLETT PACKARD CO	$363,000	–	14,632	–	0.72%	–
VPL	New	VANGUARD INTL EQUITY INDEX Fmega cap gro etf	$359,000	–	6,428	–	0.72%	–
WAG	New	WALGREEN CO	$262,000	–	5,927	–	0.52%	–
NKE	New	NIKE INCcl b	$259,000	–	4,060	–	0.52%	–
DIS	New	DISNEY WALT CO	$255,000	–	4,031	–	0.51%	–
HON	New	HONEYWELL INTL INC	$253,000	–	3,193	–	0.50%	–
UNP	New	UNION PAC CORP	$251,000	–	1,625	–	0.50%	–
MSFT	New	MICROSOFT CORP	$250,000	–	7,226	–	0.50%	–
CVS	New	CVS CAREMARK CORPORATION	$244,000	–	4,275	–	0.49%	–
MDT	New	MEDTRONIC INC	$243,000	–	4,716	–	0.48%	–
JNJ	New	JOHNSON & JOHNSON	$238,000	–	2,767	–	0.47%	–
UNH	New	UNITEDHEALTH GROUP INC	$238,000	–	3,638	–	0.47%	–
HD	New	HOME DEPOT INC	$238,000	–	3,073	–	0.47%	–
DD	New	DU PONT E I DE NEMOURS & CO	$237,000	–	4,506	–	0.47%	–
MMM	New	3M CO	$236,000	–	2,154	–	0.47%	–
UTX	New	UNITED TECHNOLOGIES CORP	$235,000	–	2,525	–	0.47%	–
LOW	New	LOWES COS INC	$231,000	–	5,659	–	0.46%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$229,000	–	3,703	–	0.46%	–
KMB	New	KIMBERLY CLARK CORP	$228,000	–	2,352	–	0.45%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$228,000	–	2,558	–	0.45%	–
MCD	New	MC DONALDS CORP	$225,000	–	2,270	–	0.45%	–
COST	New	COSTCO WHSL CORP NEW	$224,000	–	2,024	–	0.45%	–
PG	New	PROCTER & GAMBLE CO	$220,000	–	2,857	–	0.44%	–
PEP	New	PEPSICO INC	$219,000	–	2,682	–	0.44%	–
MON	New	MONSANTO CO NEW	$219,000	–	2,212	–	0.44%	–
EMR	New	EMERSON ELEC CO	$216,000	–	3,961	–	0.43%	–
APA	New	APACHE CORP	$213,000	–	2,537	–	0.42%	–
MDLZ	New	MONDELEZ INTL INCcl a	$213,000	–	7,455	–	0.42%	–
CVX	New	CHEVRON CORP NEW	$211,000	–	1,785	–	0.42%	–
TGT	New	TARGET CORP	$211,000	–	3,057	–	0.42%	–
WMT	New	WAL-MART STORES INC	$210,000	–	2,817	–	0.42%	–
KO	New	COCA COLA CO	$208,000	–	5,187	–	0.41%	–
BAX	New	BAXTER INTL INC	$205,000	–	2,964	–	0.41%	–
XOM	New	EXXON MOBIL CORP	$201,000	–	2,222	–	0.40%	–

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