Sanders Capital, LLC Activity Q4 2010-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FB	Sell	META PLATFORMS INCcl a	$4,270,583,617	+4.1%	14,225,321	-0.5%	9.02%	+5.3%
MSFT	Sell	MICROSOFT CORP	$3,988,764,290	-7.6%	12,632,666	-0.3%	8.43%	-6.5%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$3,738,940,195	-13.8%	43,025,779	+0.1%	7.90%	-12.8%
GOOG	Buy	ALPHABET INCcap stk cl c	$3,658,121,818	+9.4%	27,744,572	+0.3%	7.73%	+10.6%
AAPL	Buy	APPLE INC	$3,008,911,654	-11.3%	17,574,392	+0.5%	6.36%	-10.3%
UNH	Buy	UNITEDHEALTH GROUP INC	$2,902,828,548	+11.7%	5,757,410	+6.5%	6.13%	+13.0%
HCA	Buy	HCA HEALTHCARE INC	$2,692,808,245	-18.9%	10,947,265	+0.1%	5.69%	-18.0%
CI	Buy	THE CIGNA GROUP	$2,182,843,404	+2.0%	7,630,452	+0.1%	4.61%	+3.2%
SU	Sell	SUNCOR ENERGY INC NEW	$1,916,664,647	+17.2%	55,749,408	-0.0%	4.05%	+18.6%
ANTM	Buy	ELEVANCE HEALTH INC	$1,855,749,590	-0.6%	4,261,976	+1.4%	3.92%	+0.5%
MU	Buy	MICRON TECHNOLOGY INC	$1,502,063,283	+8.1%	22,079,425	+0.2%	3.17%	+9.3%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$1,303,636,104	+339.9%	15,029,238	+322.7%	2.76%	+345.1%
JPM	Buy	JPMORGAN CHASE & CO	$1,125,841,017	+0.2%	7,763,350	+0.5%	2.38%	+1.3%
KR	Buy	KROGER CO	$1,014,167,550	-2.6%	22,662,962	+2.3%	2.14%	-1.5%
WFC	Buy	WELLS FARGO CO NEW	$998,464,930	-4.2%	24,436,244	+0.0%	2.11%	-3.1%
STX	Buy	SEAGATE TECHNOLOGY HLDNGS PL	$992,045,291	+6.7%	15,042,385	+0.1%	2.10%	+7.9%
PG	Buy	PROCTER AND GAMBLE CO	$986,554,741	-3.6%	6,763,710	+0.2%	2.08%	-2.5%
NOC	Sell	NORTHROP GRUMMAN CORP	$964,270,970	-3.5%	2,190,579	-0.0%	2.04%	-2.3%
MDT	Buy	MEDTRONIC PLC	$962,850,067	-10.9%	12,287,520	+0.2%	2.04%	-9.8%
HAL	Buy	HALLIBURTON CO	$921,645,945	+23.0%	22,756,690	+0.2%	1.95%	+24.5%
GD	Buy	GENERAL DYNAMICS CORP	$887,649,085	+3.1%	4,017,057	+0.4%	1.88%	+4.3%
BKNG	Buy	BOOKING HOLDINGS INC	$819,568,964	+14.4%	265,753	+0.2%	1.73%	+15.7%
PEP	Buy	PEPSICO INC	$782,913,617	-8.2%	4,620,595	+0.3%	1.65%	-7.2%
VEU	Sell	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$744,282,837	-8.7%	14,349,004	-4.2%	1.57%	-7.6%
RTX	Buy	RTX CORPORATION	$719,478,188	-11.7%	9,996,918	+20.2%	1.52%	-10.6%
AZN	New	ASTRAZENECA PLCsponsored adr	$715,197,760	–	10,561,101	–	1.51%	–
C	Buy	CITIGROUP INC	$472,850,305	-10.4%	11,496,482	+0.3%	1.00%	-9.4%
SLB	Buy	SCHLUMBERGER LTD	$469,693,484	+60.1%	8,056,492	+34.9%	0.99%	+62.0%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$180,283,705	+4.3%	421,736	+8.2%	0.38%	+5.5%
NVS	Buy	NOVARTIS AGsponsored adr	$103,585,459	-4.3%	1,073,420	+0.1%	0.22%	-3.1%
BIDU	Buy	BAIDU INCspon adr rep a	$84,107,534	+7.9%	626,033	+10.0%	0.18%	+9.2%
APTV	Buy	APTIV PLC	$83,027,963	-3.4%	842,154	+0.0%	0.18%	-2.8%
ABBV	Buy	ABBVIE INC	$82,796,569	+10.7%	555,458	+0.1%	0.18%	+12.2%
BAC	Buy	BANK AMERICA CORP	$82,954,665	-4.0%	3,029,754	+0.6%	0.18%	-2.8%
TFC	Buy	TRUIST FINL CORP	$62,242,886	-5.6%	2,175,564	+0.1%	0.13%	-4.3%
UL	Buy	UNILEVER PLCspon adr new	$6,786,572	-4.2%	137,380	+1.1%	0.01%	-6.7%
HSBC	Buy	HSBC HLDGS PLCspon adr new	$3,751,857	+28.5%	95,080	+29.0%	0.01%	+33.3%
LW	Buy	LAMB WESTON HLDGS INC	$3,288,802	-19.1%	35,570	+0.6%	0.01%	-12.5%
ING	Buy	ING GROEP N.V.sponsored adr	$3,082,828	-0.3%	233,902	+1.9%	0.01%	+16.7%
	Buy	NATWEST GROUP PLCspons adr	$1,845,224	-3.5%	316,505	+1.3%	0.00%	0.0%
SMFG	Buy	SUMITOMO MITSUI FINL GROUP Isponsored adr	$1,382,576	+16.5%	140,363	+1.7%	0.00%	+50.0%
SYF	Buy	SYNCHRONY FINANCIAL	$1,062,919	-8.0%	34,770	+2.1%	0.00%	0.0%
MTH	Exit	MERITAGE HOMES CORP	$0	–	-9,921	–	-0.00%	–
GM	Exit	GENERAL MTRS CO	$0	–	-147,050	–	-0.01%	–
LEA	Exit	LEAR CORP	$0	–	-556,400	–	-0.17%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-2,149,344	–	-0.56%	–
DHI	Exit	D R HORTON INC	$0	–	-4,551,215	–	-1.16%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,803,314	–	-1.32%	–

Q2 2023

			Value		Shares		↓ Weighting
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$4,339,010,390	–	42,994,554	–	9.06%	–
MSFT	New	MICROSOFT CORP	$4,316,116,679	–	12,674,331	–	9.02%	–
FB	New	META PLATFORMS INCcl a	$4,103,713,270	–	14,299,649	–	8.57%	–
AAPL	New	APPLE INC	$3,391,339,863	–	17,483,837	–	7.08%	–
GOOG	New	ALPHABET INCcap stk cl c	$3,345,041,996	–	27,651,831	–	6.99%	–
HCA	New	HCA HEALTHCARE INC	$3,319,970,141	–	10,939,667	–	6.94%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,597,715,008	–	5,404,700	–	5.43%	–
CI	New	THE CIGNA GROUP	$2,139,193,384	–	7,623,640	–	4.47%	–
ANTM	New	ELEVANCE HEALTH INC	$1,867,778,721	–	4,203,963	–	3.90%	–
SU	New	SUNCOR ENERGY INC NEW	$1,635,148,399	–	55,769,045	–	3.42%	–
MU	New	MICRON TECHNOLOGY INC	$1,389,984,181	–	22,024,785	–	2.90%	–
JPM	New	JPMORGAN CHASE & CO	$1,123,923,233	–	7,727,745	–	2.35%	–
MDT	New	MEDTRONIC PLC	$1,080,252,158	–	12,261,659	–	2.26%	–
WFC	New	WELLS FARGO CO NEW	$1,042,622,678	–	24,428,835	–	2.18%	–
KR	New	KROGER CO	$1,041,706,449	–	22,163,967	–	2.18%	–
PG	New	PROCTER AND GAMBLE CO	$1,023,827,867	–	6,747,251	–	2.14%	–
NOC	New	NORTHROP GRUMMAN CORP	$998,875,217	–	2,191,477	–	2.09%	–
STX	New	SEAGATE TECHNOLOGY HLDNGS PL	$929,557,091	–	15,024,359	–	1.94%	–
GD	New	GENERAL DYNAMICS CORP	$860,599,139	–	3,999,996	–	1.80%	–
PEP	New	PEPSICO INC	$853,079,052	–	4,605,761	–	1.78%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$814,776,637	–	14,974,759	–	1.70%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$814,438,460	–	8,313,990	–	1.70%	–
HAL	New	HALLIBURTON CO	$749,261,193	–	22,711,767	–	1.56%	–
BKNG	New	BOOKING HOLDINGS INC	$716,427,253	–	265,311	–	1.50%	–
JNJ	New	JOHNSON & JOHNSON	$629,524,533	–	3,803,314	–	1.32%	–
DHI	New	D R HORTON INC	$553,837,353	–	4,551,215	–	1.16%	–
C	New	CITIGROUP INC	$527,893,765	–	11,465,981	–	1.10%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$296,360,927	–	3,555,620	–	0.62%	–
SLB	New	SCHLUMBERGER LTD	$293,294,832	–	5,970,986	–	0.61%	–
LEN	New	LENNAR CORPcl a	$269,334,297	–	2,149,344	–	0.56%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$172,828,666	–	389,886	–	0.36%	–
NVS	New	NOVARTIS AGsponsored adr	$108,247,166	–	1,072,710	–	0.23%	–
APTV	New	APTIV PLC	$85,943,854	–	841,844	–	0.18%	–
BAC	New	BANK AMERICA CORP	$86,376,237	–	3,010,674	–	0.18%	–
LEA	New	LEAR CORP	$79,871,220	–	556,400	–	0.17%	–
BIDU	New	BAIDU INCspon adr rep a	$77,944,643	–	569,313	–	0.16%	–
ABBV	New	ABBVIE INC	$74,789,701	–	555,108	–	0.16%	–
TFC	New	TRUIST FINL CORP	$65,962,204	–	2,173,384	–	0.14%	–
NVDA	New	NVIDIA CORPORATION	$19,205,108	–	45,400	–	0.04%	–
UL	New	UNILEVER PLCspon adr new	$7,082,382	–	135,860	–	0.02%	–
GM	New	GENERAL MTRS CO	$5,670,248	–	147,050	–	0.01%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$3,600,033	–	138,144	–	0.01%	–
LW	New	LAMB WESTON HLDGS INC	$4,065,782	–	35,370	–	0.01%	–
ING	New	ING GROEP N.V.sponsored adr	$3,092,739	–	229,602	–	0.01%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$2,919,994	–	73,700	–	0.01%	–
	New	NATWEST GROUP PLCspons adr	$1,912,531	–	312,505	–	0.00%	–
MTH	New	MERITAGE HOMES CORP	$1,411,461	–	9,921	–	0.00%	–
SYF	New	SYNCHRONY FINANCIAL	$1,155,654	–	34,070	–	0.00%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$1,186,482	–	137,963	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	NATWEST GROUP PLCspons adr	$0	–	-321,305	–	0.00%	–
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-281,126	–	-0.00%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-20,242	–	-0.00%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-70,340	–	-0.00%	–
ING	Exit	ING GROEP N.V.sponsored adr	$0	–	-407,804	–	-0.01%	–
LW	Exit	LAMB WESTON HLDGS INC	$0	–	-81,720	–	-0.01%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-298,188	–	-0.01%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-278,740	–	-0.02%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-850,800	–	-0.04%	–
GM	Exit	GENERAL MTRS CO	$0	–	-2,445,880	–	-0.11%	–
APTV	Exit	APTIV PLC	$0	–	-1,777,548	–	-0.19%	–
LEA	Exit	LEAR CORP	$0	–	-1,174,260	–	-0.19%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,174,556	–	-0.22%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-2,263,360	–	-0.24%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-6,189,964	–	-0.37%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-5,745,890	–	-0.59%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-315,468	–	-0.71%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-16,579,140	–	-0.74%	–
STX	Exit	SEAGATE TECHNOLOGY HLDNGS PL	$0	–	-11,544,680	–	-0.84%	–
DHI	Exit	D R HORTON INC	$0	–	-10,787,028	–	-1.00%	–
C	Exit	CITIGROUP INC	$0	–	-22,624,610	–	-1.30%	–
HAL	Exit	HALLIBURTON CO	$0	–	-42,733,316	–	-1.45%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,972,500	–	-1.46%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-7,184,982	–	-1.61%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-17,770,844	–	-2.55%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-68,140,716	–	-2.64%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-45,072,512	–	-2.75%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-50,083,152	–	-2.77%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-25,715,420	–	-2.86%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-17,192,424	–	-2.98%	–
PEP	Exit	PEPSICO INC	$0	–	-13,765,514	–	-3.09%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-6,115,532	–	-3.96%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-22,272,618	–	-4.16%	–
ANTM	Exit	ELEVANCE HEALTH INC	$0	–	-7,929,634	–	-4.95%	–
CI	Exit	CIGNA CORP NEW	$0	–	-14,729,942	–	-5.62%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-22,249,486	–	-5.62%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-84,262,106	–	-5.81%	–
AAPL	Exit	APPLE INC	$0	–	-33,115,208	–	-6.29%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-20,002,800	–	-6.41%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-85,868,660	–	-8.10%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-66,169,176	–	-8.75%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-13,807,148	–	-9.59%	–

Q3 2022

			Value		Shares		↓ Weighting
UNH	Buy	UNITEDHEALTH GROUP INC	$3,490,067,581	-1.4%	13,807,148	+100.3%	9.59%	+7.0%
GOOG	Buy	ALPHABET INCcap stk cl c	$3,184,264,083	-10.8%	66,169,176	+3954.4%	8.75%	-3.2%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$2,946,521,578	-13.1%	85,868,660	+107.0%	8.10%	-5.7%
MSFT	Buy	MICROSOFT CORP	$2,331,655,326	-7.8%	20,002,800	+103.2%	6.41%	+0.1%
AAPL	Buy	APPLE INC	$2,290,549,261	+2.7%	33,115,208	+102.9%	6.29%	+11.4%
MU	Buy	MICRON TECHNOLOGY INC	$2,112,876,766	-8.9%	84,262,106	+100.9%	5.81%	-1.1%
HCA	Buy	HCA HEALTHCARE INC	$2,046,661,617	+9.5%	22,249,486	+100.1%	5.62%	+18.9%
CI	Buy	CIGNA CORP NEW	$2,045,602,559	+4.1%	14,729,942	+97.6%	5.62%	+13.0%
ANTM	Buy	ELEVANCE HEALTH INC	$1,802,778,978	-8.4%	7,929,634	+94.4%	4.95%	-0.6%
FB	Buy	META PLATFORMS INCcl a	$1,512,484,974	-14.2%	22,272,618	+103.7%	4.16%	-6.9%
NOC	Buy	NORTHROP GRUMMAN CORP	$1,439,567,129	-3.4%	6,115,532	+95.1%	3.96%	+4.8%
PEP	Buy	PEPSICO INC	$1,124,802,679	+0.1%	13,765,514	+104.1%	3.09%	+8.6%
PG	Buy	PROCTER AND GAMBLE CO	$1,086,357,272	-10.5%	17,192,424	+103.6%	2.98%	-2.9%
MDT	Buy	MEDTRONIC PLC	$1,039,298,260	-8.4%	25,715,420	+103.4%	2.86%	-0.6%
WFC	Buy	WELLS FARGO CO NEW	$1,008,179,172	+4.5%	50,083,152	+103.4%	2.77%	+13.4%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$1,000,707,708	-4.1%	45,072,512	+115.8%	2.75%	+4.1%
SU	Buy	SUNCOR ENERGY INC NEW	$960,040,081	-36.0%	68,140,716	+105.2%	2.64%	-30.5%
JPM	Buy	JPMORGAN CHASE & CO	$929,455,527	-11.1%	17,770,844	+91.3%	2.55%	-3.5%
JNJ	Buy	JOHNSON & JOHNSON	$587,455,869	-7.0%	7,184,982	+101.9%	1.61%	+0.9%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$531,389,859	-5.1%	2,972,500	+100.3%	1.46%	+3.0%
HAL	Buy	HALLIBURTON CO	$526,573,047	-19.1%	42,733,316	+106.0%	1.45%	-12.1%
C	Buy	CITIGROUP INC	$471,855,384	-45.9%	22,624,610	+19.3%	1.30%	-41.3%
DHI	Buy	D R HORTON INC	$363,616,253	+3.6%	10,787,028	+103.5%	1.00%	+12.5%
STX	Buy	SEAGATE TECHNOLOGY HLDNGS PL	$307,569,262	-25.1%	11,544,680	+100.8%	0.84%	-18.8%
WDC	Buy	WESTERN DIGITAL CORP.	$270,095,826	-18.1%	16,579,140	+125.2%	0.74%	-11.1%
BKNG	Buy	BOOKING HOLDINGS INC	$259,449,190	-4.0%	315,468	+104.2%	0.71%	+4.2%
LEN	Buy	LENNAR CORPcl a	$214,392,178	+7.1%	5,745,890	+102.7%	0.59%	+16.2%
TFC	Buy	TRUIST FINL CORP	$134,890,756	-8.5%	6,189,964	+99.2%	0.37%	-0.5%
NVS	Buy	NOVARTIS AGsponsored adr	$86,105,019	-10.1%	2,263,360	+99.7%	0.24%	-2.5%
ABBV	Buy	ABBVIE INC	$78,897,819	-12.5%	1,174,556	+99.4%	0.22%	-4.8%
LEA	Buy	LEAR CORP	$70,344,274	-5.0%	1,174,260	+99.6%	0.19%	+2.7%
APTV	Buy	APTIV PLC	$69,580,511	-12.3%	1,777,548	+99.6%	0.19%	-5.0%
GM	Buy	GENERAL MTRS CO	$39,283,244	+0.1%	2,445,880	+97.9%	0.11%	+9.1%
BAC	Buy	BK OF AMERICA CORP	$12,859,847	-2.9%	850,800	+100.0%	0.04%	+2.9%
UL	Buy	UNILEVER PLCspon adr new	$6,116,110	-6.2%	278,740	+96.0%	0.02%	0.0%
LW	Buy	LAMB WESTON HLDGS INC	$3,165,162	+3.8%	81,720	+91.6%	0.01%	+12.5%
SHG	Buy	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$3,432,429	-21.7%	298,188	+94.3%	0.01%	-18.2%
ING	Buy	ING GROEP N.V.sponsored adr	$1,734,733	+25.9%	407,804	+193.6%	0.01%	+66.7%
SYF	Buy	SYNCHRONY FINANCIAL	$991,991	+0.4%	70,340	+96.6%	0.00%	0.0%
SMFG	Buy	SUMITOMO MITSUI FINL GROUP Isponsored adr	$773,773	-6.7%	281,126	+100.0%	0.00%	0.0%
MTH	Buy	MERITAGE HOMES CORP	$711,711	-3.0%	20,242	+100.0%	0.00%	0.0%
	New	NATWEST GROUP PLCspons adr	$1,603	–	321,305	–	0.00%	–
NWG	Exit	NATWEST GROUP PLCspons adr 2 ord	$0	–	-346,023	–	-0.01%	–

Q2 2022

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INCcap stk cl c	$3,569,922,000	–	1,632,039	–	9.04%	–
UNH	New	UNITEDHEALTH GROUP INC	$3,540,535,000	–	6,893,163	–	8.96%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$3,391,700,000	–	41,488,685	–	8.59%	–
MSFT	New	MICROSOFT CORP	$2,528,238,000	–	9,844,012	–	6.40%	–
MU	New	MICRON TECHNOLOGY INC	$2,318,471,000	–	41,940,500	–	5.87%	–
AAPL	New	APPLE INC	$2,230,995,000	–	16,317,986	–	5.65%	–
ANTM	New	ELEVANCE HEALTH INC	$1,968,005,000	–	4,078,091	–	4.98%	–
CI	New	CIGNA CORP NEW	$1,965,574,000	–	7,456,087	–	4.98%	–
HCA	New	HCA HEALTHCARE INC	$1,868,910,000	–	11,120,490	–	4.73%	–
FB	New	META PLATFORMS INCcl a	$1,762,979,000	–	10,933,204	–	4.46%	–
SU	New	SUNCOR ENERGY INC NEW	$1,499,801,000	–	33,210,831	–	3.80%	–
NOC	New	NORTHROP GRUMMAN CORP	$1,490,833,000	–	3,134,834	–	3.77%	–
PG	New	PROCTER AND GAMBLE CO	$1,214,347,000	–	8,445,283	–	3.07%	–
MDT	New	MEDTRONIC PLC	$1,134,534,000	–	12,641,046	–	2.87%	–
PEP	New	PEPSICO INC	$1,123,972,000	–	6,744,100	–	2.85%	–
JPM	New	JPMORGAN CHASE & CO	$1,046,070,000	–	9,289,316	–	2.65%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$1,043,694,000	–	20,890,591	–	2.64%	–
WFC	New	WELLS FARGO CO NEW	$964,577,000	–	24,625,405	–	2.44%	–
C	New	CITIGROUP INC	$872,518,000	–	18,971,916	–	2.21%	–
HAL	New	HALLIBURTON CO	$650,525,000	–	20,743,780	–	1.65%	–
JNJ	New	JOHNSON & JOHNSON	$631,646,000	–	3,558,370	–	1.60%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$559,903,000	–	1,484,170	–	1.42%	–
STX	New	SEAGATE TECHNOLOGY HLDNGS PL	$410,710,000	–	5,749,022	–	1.04%	–
DHI	New	D R HORTON INC	$350,823,000	–	5,300,244	–	0.89%	–
WDC	New	WESTERN DIGITAL CORP.	$329,987,000	–	7,360,849	–	0.84%	–
BKNG	New	BOOKING HOLDINGS INC	$270,250,000	–	154,518	–	0.68%	–
LEN	New	LENNAR CORPcl a	$200,092,000	–	2,835,375	–	0.51%	–
TFC	New	TRUIST FINL CORP	$147,388,000	–	3,107,482	–	0.37%	–
NVS	New	NOVARTIS AGsponsored adr	$95,808,000	–	1,133,420	–	0.24%	–
ABBV	New	ABBVIE INC	$90,199,000	–	588,918	–	0.23%	–
APTV	New	APTIV PLC	$79,339,000	–	890,754	–	0.20%	–
LEA	New	LEAR CORP	$74,071,000	–	588,380	–	0.19%	–
GM	New	GENERAL MTRS CO	$39,247,000	–	1,235,740	–	0.10%	–
BAC	New	BK OF AMERICA CORP	$13,243,000	–	425,400	–	0.03%	–
UL	New	UNILEVER PLCspon adr new	$6,519,000	–	142,240	–	0.02%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$4,384,000	–	153,494	–	0.01%	–
LW	New	LAMB WESTON HLDGS INC	$3,048,000	–	42,660	–	0.01%	–
NWG	New	NATWEST GROUP PLCspons adr 2 ord	$1,886,000	–	346,023	–	0.01%	–
ING	New	ING GROEP N.V.sponsored adr	$1,378,000	–	138,902	–	0.00%	–
SYF	New	SYNCHRONY FINANCIAL	$988,000	–	35,770	–	0.00%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$829,000	–	140,563	–	0.00%	–
MTH	New	MERITAGE HOMES CORP	$734,000	–	10,121	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-97,663	–	-0.00%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-7,241	–	-0.00%	–
NWG	Exit	NATWEST GROUP PLCspons adr 2 ord	$0	–	-318,423	–	-0.00%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-100,494	–	-0.01%	–
ING	Exit	ING GROEP NVsponsored adr	$0	–	-239,868	–	-0.01%	–
LEA	Exit	LEAR CORP	$0	–	-24,460	–	-0.01%	–
UL	Exit	UNILEVER PLCspon adr	$0	–	-128,090	–	-0.02%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-121,164	–	-0.02%	–
BAC	Exit	BK OF AMERICA CORP COM	$0	–	-425,400	–	-0.04%	–
MRK	Exit	MERCK CO INC	$0	–	-745,622	–	-0.13%	–
ABBV	Exit	ABBVIE INC	$0	–	-589,518	–	-0.14%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,257,695	–	-0.15%	–
STX	Exit	SEAGATE TECHNOLOGY	$0	–	-939,899	–	-0.18%	–
APTV	Exit	APTIV PLC	$0	–	-863,854	–	-0.29%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-3,097,522	–	-0.41%	–
SWK	Exit	STANLEY BLACK DECKER INC	$0	–	-1,107,349	–	-0.44%	–
TSN	Exit	TYSON FOODS INCcl a	$0	–	-2,642,157	–	-0.47%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-5,903,239	–	-0.66%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-5,551,665	–	-0.71%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-149,022	–	-0.80%	–
HAL	Exit	HALLIBURTON CO	$0	–	-20,386,397	–	-1.00%	–
SPY	Exit	SPDR SP 500 ETF TR TR Unit	$0	–	-1,173,650	–	-1.14%	–
JNJ	Exit	JOHNSON JOHNSON	$0	–	-3,607,940	–	-1.32%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-33,538,721	–	-1.58%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-1,986,024	–	-1.62%	–
PEP	Exit	PEPSICO INC	$0	–	-4,983,535	–	-1.70%	–
PFE	Exit	PFIZER INC	$0	–	-18,783,622	–	-1.83%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-6,866,199	–	-2.18%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-10,483,157	–	-2.23%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-16,613,122	–	-2.30%	–
DHI	Exit	D R HORTON INC	$0	–	-13,403,792	–	-2.55%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-27,816,475	–	-2.93%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-10,666,014	–	-3.03%	–
C	Exit	CITIGROUP INC	$0	–	-19,577,580	–	-3.12%	–
CI	Exit	CIGNA CORP NEW	$0	–	-7,394,259	–	-3.36%	–
ANTM	Exit	ANTHEM INC	$0	–	-3,977,162	–	-3.36%	–
JPM	Exit	JPMORGAN CHASE CO	$0	–	-9,072,784	–	-3.37%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-8,082,455	–	-4.45%	–
AAPL	Exit	APPLE INC	$0	–	-16,142,426	–	-5.18%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-6,783,234	–	-6.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-9,841,815	–	-6.30%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-40,391,375	–	-6.51%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-10,280,718	–	-7.92%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,634,574	–	-9.89%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-41,885,883	–	-10.61%	–

Q3 2021

			Value		Shares		↓ Weighting
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$4,676,559,000	-3.7%	41,885,883	+3.6%	10.61%	-3.6%
GOOG	Buy	ALPHABET INCcap stk cl c	$4,356,646,000	+8.7%	1,634,574	+2.2%	9.89%	+8.8%
FB	Buy	FACEBOOK INCcl a	$3,489,173,000	+2.0%	10,280,718	+4.5%	7.92%	+2.1%
MU	Buy	MICRON TECHNOLOGY INC	$2,866,980,000	-8.6%	40,391,375	+9.5%	6.51%	-8.5%
MSFT	Buy	MICROSOFT CORP	$2,774,604,000	+8.0%	9,841,815	+3.7%	6.30%	+8.1%
UNH	Buy	UNITEDHEALTH GROUP INC	$2,650,481,000	+2.0%	6,783,234	+4.5%	6.02%	+2.1%
AAPL	Buy	APPLE INC	$2,284,153,000	+7.0%	16,142,426	+3.5%	5.18%	+7.0%
HCA	Buy	HCA HEALTHCARE INC	$1,961,773,000	+17.7%	8,082,455	+0.3%	4.45%	+17.8%
JPM	Buy	JPMORGAN CHASE CO	$1,485,124,000	+8.6%	9,072,784	+3.2%	3.37%	+8.7%
ANTM	Buy	ANTHEM INC	$1,482,686,000	+6.5%	3,977,162	+9.1%	3.36%	+6.6%
CI	Buy	CIGNA CORP NEW	$1,480,035,000	-11.0%	7,394,259	+5.4%	3.36%	-10.9%
C	Buy	CITIGROUP INC	$1,373,955,000	+3.5%	19,577,580	+4.3%	3.12%	+3.6%
MDT	Buy	MEDTRONIC PLC	$1,336,985,000	+4.3%	10,666,014	+3.3%	3.03%	+4.4%
WFC	Sell	WELLS FARGO CO NEW	$1,290,963,000	-3.7%	27,816,475	-6.0%	2.93%	-3.6%
DHI	Sell	D R HORTON INC	$1,125,516,000	-22.0%	13,403,792	-16.1%	2.55%	-22.0%
VEU	Sell	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$1,012,736,000	-8.4%	16,613,122	-4.8%	2.30%	-8.4%
LEN	Sell	LENNAR CORPcl a	$982,062,000	-15.5%	10,483,157	-10.4%	2.23%	-15.4%
PG	Buy	PROCTER AND GAMBLE CO	$959,895,000	+8.0%	6,866,199	+4.2%	2.18%	+8.1%
PFE	Sell	PFIZER INC	$807,884,000	-38.4%	18,783,622	-43.9%	1.83%	-38.3%
PEP	Buy	PEPSICO INC	$749,573,000	+7.0%	4,983,535	+5.4%	1.70%	+7.0%
NOC	New	NORTHROP GRUMMAN CORP	$715,267,000	–	1,986,024	–	1.62%	–
SU	Buy	SUNCOR ENERGY INC NEW	$695,593,000	-11.2%	33,538,721	+2.6%	1.58%	-11.1%
JNJ	Sell	JOHNSON JOHNSON	$582,682,000	-19.3%	3,607,940	-17.7%	1.32%	-19.2%
SPY	Buy	SPDR SP 500 ETF TR TR Unit	$503,660,000	+1.4%	1,173,650	+1.1%	1.14%	+1.4%
HAL	Buy	HALLIBURTON CO	$440,754,000	-4.8%	20,386,397	+1.8%	1.00%	-4.7%
BKNG	Buy	BOOKING HOLDINGS INC	$353,759,000	+13.9%	149,022	+5.0%	0.80%	+14.1%
WDC	New	WESTERN DIGITAL CORP	$313,336,000	–	5,551,665	–	0.71%	–
SYF	Buy	SYNCHRONY FINANCIAL	$288,550,000	+4.3%	5,903,239	+3.5%	0.66%	+4.5%
TSN	Sell	TYSON FOODS INCcl a	$208,572,000	+4.4%	2,642,157	-2.4%	0.47%	+4.4%
SWK	Buy	STANLEY BLACK DECKER INC	$194,129,000	-14.1%	1,107,349	+0.5%	0.44%	-13.9%
TFC	Sell	TRUIST FINL CORP	$181,670,000	+4.3%	3,097,522	-1.3%	0.41%	+4.3%
APTV	Sell	APTIV PLC	$128,688,000	-6.2%	863,854	-0.9%	0.29%	-6.1%
STX	New	SEAGATE TECHNOLOGY	$77,560,000	–	939,899	–	0.18%	–
GM	Sell	GENERAL MTRS CO	$66,293,000	-90.4%	1,257,695	-89.2%	0.15%	-90.4%
ABBV	Sell	ABBVIE INC	$63,591,000	-4.6%	589,518	-0.4%	0.14%	-4.6%
MRK	Buy	MERCK CO INC	$56,004,000	-2.3%	745,622	+1.1%	0.13%	-2.3%
LENB	Sell	LENNAR CORPcl b	$9,401,000	-6.0%	121,164	-1.3%	0.02%	-8.7%
LEA	Sell	LEAR CORP	$3,828,000	-22.7%	24,460	-13.4%	0.01%	-18.2%
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-895	–	0.00%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-30,152	–	-0.00%	–
OGN	Exit	ORGANON CO	$0	–	-73,730	–	-0.01%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-554,803	–	-0.16%	–

Q2 2021

			Value		Shares		↓ Weighting
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$4,858,550,000	–	40,434,002	–	11.02%	–
GOOG	New	ALPHABET INCcap stk cl c	$4,007,816,000	–	1,599,084	–	9.09%	–
FB	New	FACEBOOK INCcl a	$3,421,088,000	–	9,838,911	–	7.76%	–
MU	New	MICRON TECHNOLOGY INC	$3,135,702,000	–	36,899,299	–	7.11%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,599,549,000	–	6,491,732	–	5.89%	–
MSFT	New	MICROSOFT CORP	$2,569,855,000	–	9,486,362	–	5.83%	–
AAPL	New	APPLE INC	$2,135,541,000	–	15,592,444	–	4.84%	–
HCA	New	HCA HEALTHCARE INC	$1,666,763,000	–	8,062,121	–	3.78%	–
CI	New	CIGNA CORP NEW	$1,663,355,000	–	7,016,305	–	3.77%	–
DHI	New	D R HORTON INC	$1,443,763,000	–	15,976,129	–	3.27%	–
ANTM	New	ANTHEM INC	$1,392,127,000	–	3,646,220	–	3.16%	–
JPM	New	JPMORGAN CHASE CO	$1,367,415,000	–	8,791,406	–	3.10%	–
WFC	New	WELLS FARGO CO NEW	$1,340,629,000	–	29,600,996	–	3.04%	–
C	New	CITIGROUP INC	$1,327,767,000	–	18,767,021	–	3.01%	–
PFE	New	PFIZER INC	$1,310,880,000	–	33,474,985	–	2.97%	–
MDT	New	MEDTRONIC PLC	$1,281,793,000	–	10,326,216	–	2.91%	–
LEN	New	LENNAR CORPcl a	$1,162,288,000	–	11,698,925	–	2.64%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$1,106,051,000	–	17,448,355	–	2.51%	–
PG	New	PROCTER AND GAMBLE CO	$888,769,000	–	6,586,889	–	2.02%	–
SU	New	SUNCOR ENERGY INC NEW	$783,200,000	–	32,674,165	–	1.78%	–
JNJ	New	JOHNSON JOHNSON	$721,769,000	–	4,381,263	–	1.64%	–
PEP	New	PEPSICO INC	$700,826,000	–	4,729,875	–	1.59%	–
GM	New	GENERAL MTRS CO	$690,091,000	–	11,662,858	–	1.56%	–
SPY	New	SPDR SP 500 ETF TR TR Unit	$496,928,000	–	1,160,884	–	1.13%	–
HAL	New	HALLIBURTON CO	$462,794,000	–	20,017,062	–	1.05%	–
BKNG	New	BOOKING HOLDINGS INC	$310,678,000	–	141,986	–	0.70%	–
SYF	New	SYNCHRONY FINANCIAL	$276,693,000	–	5,702,650	–	0.63%	–
SWK	New	STANLEY BLACK DECKER INC	$225,929,000	–	1,102,145	–	0.51%	–
TSN	New	TYSON FOODS INCcl a	$199,775,000	–	2,708,446	–	0.45%	–
TFC	New	TRUIST FINL CORP	$174,216,000	–	3,139,022	–	0.40%	–
APTV	New	APTIV PLC	$137,137,000	–	871,654	–	0.31%	–
GPC	New	GENUINE PARTS CO	$70,166,000	–	554,803	–	0.16%	–
ABBV	New	ABBVIE INC	$66,685,000	–	592,018	–	0.15%	–
MRK	New	MERCK CO INC	$57,343,000	–	737,342	–	0.13%	–
BAC	New	BK OF AMERICA CORP COM	$17,539,000	–	425,400	–	0.04%	–
LENB	New	LENNAR CORPcl b	$10,001,000	–	122,784	–	0.02%	–
UL	New	UNILEVER PLCspon adr	$7,493,000	–	128,090	–	0.02%	–
LEA	New	LEAR CORP	$4,953,000	–	28,260	–	0.01%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$3,603,000	–	100,494	–	0.01%	–
ING	New	ING GROEP NVsponsored adr	$3,176,000	–	239,868	–	0.01%	–
OGN	New	ORGANON CO	$2,231,000	–	73,730	–	0.01%	–
NWG	New	NATWEST GROUP PLCspons adr 2 ord	$1,796,000	–	318,423	–	0.00%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$673,000	–	97,663	–	0.00%	–
MTH	New	MERITAGE HOMES CORP	$681,000	–	7,241	–	0.00%	–
BCS	New	BARCLAYS PLCadr	$291,000	–	30,152	–	0.00%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$203,000	–	895	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
ING	Exit	ING GROEP N.V.sponsored adr	$0	–	-57,800	–	-0.00%	–
SMFG	Exit	SUMITOMO MITSUI FINL GROUP Isponsored adr	$0	–	-124,263	–	-0.00%	–
NWG	Exit	NATWEST GROUP PLCspons adr 2 ord	$0	–	-362,123	–	-0.00%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-9,291	–	-0.00%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-422,162	–	-0.01%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-95,594	–	-0.01%	–
LEA	Exit	LEAR CORP	$0	–	-29,700	–	-0.01%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-123,184	–	-0.03%	–
BAC	Exit	BK OF AMERICA CORP COM	$0	–	-425,400	–	-0.04%	–
TSN	Exit	TYSON FOODS INCcl a	$0	–	-515,851	–	-0.10%	–
MRK	Exit	MERCK & CO. INC	$0	–	-644,982	–	-0.18%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-591,493	–	-0.19%	–
ABBV	Exit	ABBVIE INC	$0	–	-670,558	–	-0.20%	–
APTV	Exit	APTIV PLC	$0	–	-939,894	–	-0.30%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-2,847,121	–	-0.37%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-4,521,455	–	-0.41%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-988,566	–	-0.55%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-116,263	–	-0.68%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-10,380,411	–	-0.84%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,625,062	–	-0.87%	–
HAL	Exit	HALLIBURTON CO	$0	–	-24,123,239	–	-1.00%	–
GM	Exit	GENERAL MTRS CO	$0	–	-9,843,440	–	-1.00%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-14,987,633	–	-1.10%	–
SPY	Exit	SPDR S&P 500 ETF TR TR Unit	$0	–	-979,208	–	-1.12%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-29,644,079	–	-1.24%	–
PEP	Exit	PEPSICO INC	$0	–	-3,978,122	–	-1.89%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-11,049,750	–	-1.91%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-7,666,411	–	-2.73%	–
ANTM	Exit	ANTHEM INC	$0	–	-3,068,920	–	-2.83%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-14,455,698	–	-2.95%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-10,686,499	–	-2.99%	–
C	Exit	CITIGROUP INC	$0	–	-20,273,576	–	-3.00%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-7,133,533	–	-3.05%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-6,281,573	–	-3.21%	–
CI	Exit	CIGNA CORP NEW	$0	–	-5,866,105	–	-3.41%	–
PFE	Exit	PFIZER INC	$0	–	-28,895,978	–	-3.64%	–
DHI	Exit	D R HORTON INC	$0	–	-15,379,656	–	-3.99%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-4,105,453	–	-4.14%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-29,258,834	–	-4.71%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-5,923,679	–	-5.32%	–
AAPL	Exit	APPLE INC	$0	–	-14,889,906	–	-5.92%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-5,600,237	–	-5.99%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,368,059	–	-6.90%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-13,382,761	–	-9.66%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-41,400,710	–	-11.51%	–

Q3 2020

			Value		Shares		↓ Weighting
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$3,356,356,000	+44.0%	41,400,710	+0.9%	11.51%	+32.2%
MSFT	Buy	MICROSOFT CORP	$2,814,796,000	+4.6%	13,382,761	+1.2%	9.66%	-4.0%
GOOG	Buy	ALPHABET INCcap stk cl c	$2,010,500,000	+7.8%	1,368,059	+3.7%	6.90%	-1.0%
UNH	Buy	UNITEDHEALTH GROUP INC	$1,745,986,000	+9.2%	5,600,237	+3.3%	5.99%	+0.2%
AAPL	Buy	APPLE INC	$1,724,400,000	-43.9%	14,889,906	+76.8%	5.92%	-48.5%
FB	Buy	FACEBOOK INCcl a	$1,551,412,000	+19.4%	5,923,679	+3.5%	5.32%	+9.6%
MU	Buy	MICRON TECHNOLOGY INC	$1,373,995,000	-0.5%	29,258,834	+9.2%	4.71%	-8.7%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$1,206,921,000	+42.2%	4,105,453	+4.3%	4.14%	+30.6%
DHI	Buy	D R HORTON INC	$1,163,163,000	+38.1%	15,379,656	+1.3%	3.99%	+26.8%
PFE	Buy	PFIZER INC	$1,060,482,000	+14.7%	28,895,978	+2.2%	3.64%	+5.3%
CI	Buy	CIGNA CORP NEW	$993,777,000	-5.8%	5,866,105	+4.3%	3.41%	-13.6%
CAT	Buy	CATERPILLAR INC DEL	$936,897,000	+20.1%	6,281,573	+1.9%	3.21%	+10.3%
HCA	Buy	HCA HEALTHCARE INC	$889,409,000	+33.3%	7,133,533	+3.8%	3.05%	+22.4%
C	Buy	CITIGROUP INC	$873,994,000	-12.9%	20,273,576	+3.3%	3.00%	-20.0%
LEN	Buy	LENNAR CORPcl a	$872,873,000	+35.2%	10,686,499	+2.0%	2.99%	+24.1%
VZ	Buy	VERIZON COMMUNICATIONS INC	$859,969,000	+10.4%	14,455,698	+2.3%	2.95%	+1.4%
ANTM	Buy	ANTHEM INC	$824,281,000	+10.7%	3,068,920	+8.4%	2.83%	+1.6%
MDT	Buy	MEDTRONIC PLC	$796,693,000	+15.4%	7,666,411	+1.9%	2.73%	+6.0%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$557,460,000	+20.8%	11,049,750	+14.0%	1.91%	+10.9%
PEP	Buy	PEPSICO INC	$551,368,000	+7.7%	3,978,122	+2.8%	1.89%	-1.2%
SU	Buy	SUNCOR ENERGY INC NEW	$362,547,000	-25.7%	29,644,079	+2.4%	1.24%	-31.8%
SPY	Sell	SPDR S&P 500 ETF TR TR Unit	$327,927,000	-2.2%	979,208	-9.9%	1.12%	-10.1%
FITB	Buy	FIFTH THIRD BANCORP	$319,536,000	+11.7%	14,987,633	+1.0%	1.10%	+2.5%
GM	Buy	GENERAL MTRS CO	$291,267,000	+11635.2%	9,843,440	+9934.1%	1.00%	+11000.0%
HAL	Buy	HALLIBURTON CO	$290,685,000	-5.5%	24,123,239	+1.8%	1.00%	-13.2%
JPM	Buy	JPMORGAN CHASE & CO	$252,715,000	+5.4%	2,625,062	+3.0%	0.87%	-3.2%
WFC	Buy	WELLS FARGO CO NEW	$244,043,000	-7.7%	10,380,411	+0.5%	0.84%	-15.3%
BKNG	New	BOOKING HOLDINGS INC	$198,889,000	–	116,263	–	0.68%	–
SWK	Sell	STANLEY BLACK & DECKER INC	$160,345,000	+8.6%	988,566	-6.7%	0.55%	-0.4%
SYF	Buy	SYNCHRONY FINANCIAL	$118,326,000	+22.9%	4,521,455	+4.1%	0.41%	+12.8%
TFC	Sell	TRUIST FINL CORP	$108,333,000	-2.9%	2,847,121	-4.1%	0.37%	-10.8%
APTV	Sell	APTIV PLC	$86,169,000	+3.3%	939,894	-12.2%	0.30%	-5.1%
ABBV	Sell	ABBVIE INC	$58,734,000	-14.6%	670,558	-4.3%	0.20%	-21.8%
GPC	Sell	GENUINE PARTS CO	$56,292,000	+5.0%	591,493	-4.1%	0.19%	-3.5%
MRK	Sell	MERCK & CO. INC	$53,501,000	-6.3%	644,982	-12.6%	0.18%	-13.6%
TSN	Buy	TYSON FOODS INCcl a	$30,683,000	+291.6%	515,851	+293.1%	0.10%	+262.1%
LENB	Sell	LENNAR CORPcl b	$8,088,000	+41.3%	123,184	-0.8%	0.03%	+33.3%
LEA	New	LEAR CORP	$3,239,000	–	29,700	–	0.01%	–
SHG	Sell	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$2,196,000	-5.5%	95,594	-1.0%	0.01%	-11.1%
BCS	Buy	BARCLAYS PLCadr	$2,115,000	-3.9%	422,162	+8.6%	0.01%	-12.5%
MTH	Buy	MERITAGE HOMES CORP	$1,026,000	+66.3%	9,291	+14.7%	0.00%	+100.0%
NWG	New	NATWEST GROUP PLCspons adr 2 ord	$974,000	–	362,123	–	0.00%	–
SMFG	Buy	SUMITOMO MITSUI FINL GROUP Isponsored adr	$695,000	+13.9%	124,263	+14.5%	0.00%	0.0%
ING	New	ING GROEP N.V.sponsored adr	$409,000	–	57,800	–	0.00%	–
RBS	Exit	ROYAL BK SCOTLAND GROUP PLCspons adr 2 ord	$0	–	-334,250	–	-0.00%	–

Q2 2020

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$3,072,063,000	–	8,421,226	–	11.48%	–
MSFT	New	MICROSOFT CORP	$2,691,143,000	–	13,223,640	–	10.06%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$2,330,245,000	–	41,047,122	–	8.71%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,864,454,000	–	1,318,931	–	6.97%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,599,259,000	–	5,422,137	–	5.98%	–
MU	New	MICRON TECHNOLOGY INC	$1,380,919,000	–	26,803,557	–	5.16%	–
FB	New	FACEBOOK INCcl a	$1,299,337,000	–	5,722,186	–	4.86%	–
CI	New	CIGNA CORP NEW	$1,055,502,000	–	5,624,844	–	3.94%	–
C	New	CITIGROUP INC	$1,003,360,000	–	19,635,229	–	3.75%	–
PFE	New	PFIZER INC	$924,822,000	–	28,282,011	–	3.46%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$848,727,000	–	3,934,757	–	3.17%	–
DHI	New	D R HORTON INC	$842,038,000	–	15,185,537	–	3.15%	–
CAT	New	CATERPILLAR INC DEL	$780,070,000	–	6,166,565	–	2.92%	–
VZ	New	VERIZON COMMUNICATIONS INC	$778,696,000	–	14,124,719	–	2.91%	–
ANTM	New	ANTHEM INC	$744,589,000	–	2,831,352	–	2.78%	–
MDT	New	MEDTRONIC PLC	$690,117,000	–	7,525,813	–	2.58%	–
HCA	New	HCA HEALTHCARE INC	$667,186,000	–	6,873,951	–	2.49%	–
LEN	New	LENNAR CORPcl a	$645,807,000	–	10,480,472	–	2.41%	–
PEP	New	PEPSICO INC	$511,941,000	–	3,870,719	–	1.91%	–
SU	New	SUNCOR ENERGY INC NEW	$488,048,000	–	28,947,076	–	1.82%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$461,324,000	–	9,689,652	–	1.72%	–
SPY	New	SPDR S&P 500 ETF TR TR Unit	$335,189,000	–	1,087,005	–	1.25%	–
HAL	New	HALLIBURTON CO	$307,534,000	–	23,692,943	–	1.15%	–
FITB	New	FIFTH THIRD BANCORP	$286,077,000	–	14,837,995	–	1.07%	–
WFC	New	WELLS FARGO CO NEW	$264,311,000	–	10,324,635	–	0.99%	–
JPM	New	JPMORGAN CHASE & CO	$239,789,000	–	2,549,322	–	0.90%	–
SWK	New	STANLEY BLACK & DECKER INC	$147,715,000	–	1,059,804	–	0.55%	–
TFC	New	TRUIST FINL CORP	$111,522,000	–	2,969,948	–	0.42%	–
SYF	New	SYNCHRONY FINANCIAL	$96,247,000	–	4,343,283	–	0.36%	–
APTV	New	APTIV PLC	$83,434,000	–	1,070,762	–	0.31%	–
ABBV	New	ABBVIE INC	$68,777,000	–	700,523	–	0.26%	–
MRK	New	MERCK & CO. INC	$57,092,000	–	738,293	–	0.21%	–
GPC	New	GENUINE PARTS CO	$53,622,000	–	616,628	–	0.20%	–
BAC	New	BK OF AMERICA CORP COM	$10,103,000	–	425,400	–	0.04%	–
TSN	New	TYSON FOODS INCcl a	$7,835,000	–	131,214	–	0.03%	–
LENB	New	LENNAR CORPcl b	$5,724,000	–	124,184	–	0.02%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$2,324,000	–	96,594	–	0.01%	–
GM	New	GENERAL MTRS CO	$2,482,000	–	98,100	–	0.01%	–
BCS	New	BARCLAYS PLCadr	$2,201,000	–	388,909	–	0.01%	–
RBS	New	ROYAL BK SCOTLAND GROUP PLCspons adr 2 ord	$1,019,000	–	334,250	–	0.00%	–
SMFG	New	SUMITOMO MITSUI FINL GROUP Isponsored adr	$610,000	–	108,500	–	0.00%	–
MTH	New	MERITAGE HOMES CORP	$617,000	–	8,100	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
RBS	Exit	ROYAL BK SCOTLAND GROUP PLCspons adr 2 ord	$0	–	-294,000	–	-0.01%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-400,709	–	-0.01%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-140,394	–	-0.03%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-200,894	–	-0.03%	–
EOG	Exit	EOG RES INC	$0	–	-583,794	–	-0.20%	–
ABBV	Exit	ABBVIE INC	$0	–	-621,733	–	-0.21%	–
MRK	Exit	MERCK & CO INC	$0	–	-626,784	–	-0.24%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-628,577	–	-0.28%	–
APTV	Exit	APTIV PLC	$0	–	-883,421	–	-0.35%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-3,407,574	–	-0.52%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-815,468	–	-0.53%	–
KR	Exit	KROGER CO	$0	–	-6,681,939	–	-0.77%	–
RTN	Exit	RAYTHEON CO	$0	–	-1,098,171	–	-0.97%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-5,185,582	–	-1.00%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-4,815,048	–	-1.08%	–
BP	Exit	BP PLCsponsored adr	$0	–	-6,636,206	–	-1.13%	–
SPY	Exit	SPDR S&P 500 ETF TR TR Unit	$0	–	-1,331,623	–	-1.77%	–
HAL	Exit	HALLIBURTON CO	$0	–	-23,611,761	–	-2.00%	–
PEP	Exit	PEPSICO INC	$0	–	-3,281,347	–	-2.02%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-4,392,776	–	-2.32%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-18,987,765	–	-2.33%	–
ANTM	Exit	ANTHEM INC	$0	–	-2,295,671	–	-2.48%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-11,241,330	–	-2.82%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-6,117,877	–	-2.98%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-11,365,140	–	-3.08%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-3,876,280	–	-3.10%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-11,198,093	–	-3.19%	–
CI	Exit	CIGNA CORP NEW	$0	–	-4,685,643	–	-3.19%	–
C	Exit	CITIGROUP INC	$0	–	-10,645,595	–	-3.30%	–
BAC	Exit	BANK AMER CORP	$0	–	-25,509,528	–	-3.34%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-6,246,810	–	-3.54%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-26,109,084	–	-3.70%	–
PFE	Exit	PFIZER INC	$0	–	-23,582,620	–	-3.80%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-17,682,550	–	-4.00%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-4,638,364	–	-4.52%	–
DHI	Exit	D R HORTON INC	$0	–	-21,121,218	–	-5.00%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,252,913	–	-6.86%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-35,807,997	–	-7.47%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-12,217,263	–	-7.63%	–
AAPL	Exit	APPLE INC	$0	–	-8,153,641	–	-8.20%	–

Q3 2019

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$1,826,171,000	+10.2%	8,153,641	-2.7%	8.20%	+7.6%
MSFT	Sell	MICROSOFT CORP	$1,698,566,000	+3.2%	12,217,263	-0.5%	7.63%	+0.9%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,664,356,000	+15.1%	35,807,997	-3.0%	7.47%	+12.5%
GOOG	Sell	ALPHABET INCcap stk cl c	$1,527,301,000	+11.5%	1,252,913	-1.1%	6.86%	+8.9%
DHI	Sell	D R HORTON INC	$1,113,299,000	+15.9%	21,121,218	-5.2%	5.00%	+13.2%
UNH	Buy	UNITEDHEALTH GROUP INC	$1,008,009,000	-10.7%	4,638,364	+0.3%	4.52%	-12.8%
WFC	Buy	WELLS FARGO CO NEW	$891,908,000	+7.4%	17,682,550	+0.8%	4.00%	+5.0%
PFE	Buy	PFIZER INC	$847,324,000	+4.3%	23,582,620	+25.8%	3.80%	+1.9%
SU	Sell	SUNCOR ENERGY INC NEW	$824,525,000	+1.1%	26,109,084	-0.3%	3.70%	-1.2%
CAT	Buy	CATERPILLAR INC DEL	$789,035,000	-7.3%	6,246,810	+0.1%	3.54%	-9.4%
BAC	Buy	BANK AMER CORP	$744,113,000	+3.2%	25,509,528	+2.6%	3.34%	+0.9%
C	Buy	CITIGROUP INC	$735,398,000	+1.4%	10,645,595	+2.8%	3.30%	-0.9%
CI	Buy	CIGNA CORP NEW	$711,234,000	-1.6%	4,685,643	+2.1%	3.19%	-3.9%
GILD	Sell	GILEAD SCIENCES INC	$709,735,000	-8.9%	11,198,093	-2.8%	3.19%	-11.0%
FB	Sell	FACEBOOK INCcl a	$690,288,000	-8.0%	3,876,280	-0.3%	3.10%	-10.1%
VZ	Buy	VERIZON COMMUNICATIONS INC	$686,000,000	+8.1%	11,365,140	+2.3%	3.08%	+5.6%
MDT	Sell	MEDTRONIC PLC	$664,524,000	+11.2%	6,117,877	-0.3%	2.98%	+8.7%
LEN	Buy	LENNAR CORPcl a	$627,828,000	+15.9%	11,241,330	+0.6%	2.82%	+13.3%
ANTM	Buy	ANTHEM INC	$551,191,000	-11.1%	2,295,671	+4.5%	2.48%	-13.1%
FITB	Sell	FIFTH THIRD BANCORP	$519,885,000	-2.2%	18,987,765	-0.3%	2.33%	-4.4%
JPM	Sell	JPMORGAN CHASE & CO	$516,986,000	+5.3%	4,392,776	-0.0%	2.32%	+2.8%
PEP	Buy	PEPSICO INC	$449,873,000	+4.6%	3,281,347	+0.1%	2.02%	+2.3%
HAL	Sell	HALLIBURTON CO	$445,082,000	-18.2%	23,611,761	-1.3%	2.00%	-20.1%
SPY	Sell	SPDR S&P 500 ETF TR TR Unit	$395,186,000	+0.5%	1,331,623	-0.7%	1.77%	-1.8%
BP	Buy	BP PLCsponsored adr	$252,109,000	-6.6%	6,636,206	+2.6%	1.13%	-8.7%
VEU	Sell	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$240,271,000	-3.1%	4,815,048	-1.0%	1.08%	-5.3%
MU	Sell	MICRON TECHNOLOGY INC	$222,202,000	+10.8%	5,185,582	-0.3%	1.00%	+8.2%
KR	Sell	KROGER CO	$172,260,000	+18.6%	6,681,939	-0.1%	0.77%	+15.9%
SWK	Sell	STANLEY BLACK & DECKER INC	$117,762,000	-0.1%	815,468	-0.0%	0.53%	-2.4%
SYF	Sell	SYNCHRONY FINL	$116,164,000	-1.8%	3,407,574	-0.1%	0.52%	-3.9%
MRK	Sell	MERCK & CO INC	$52,763,000	-76.6%	626,784	-76.7%	0.24%	-77.1%
EOG	Buy	EOG RES INC	$43,329,000	-7.9%	583,794	+15.6%	0.20%	-9.7%
SHG	Sell	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$7,029,000	-14.8%	200,894	-5.3%	0.03%	-15.8%
LENB	Sell	LENNAR CORPcl b	$6,229,000	+14.5%	140,394	-0.6%	0.03%	+12.0%
BCS	Sell	BARCLAYS PLCadr	$2,941,000	-11.3%	400,709	-8.0%	0.01%	-13.3%
RBS	Buy	ROYAL BK SCOTLAND GROUP PLCspons adr 2 ord	$1,499,000	+4.0%	294,000	+15.9%	0.01%	0.0%

Q2 2019

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$1,657,800,000	–	8,376,114	–	7.62%	–
MSFT	New	MICROSOFT CORP	$1,645,549,000	–	12,283,882	–	7.56%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,445,957,000	–	36,914,907	–	6.64%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,369,756,000	–	1,267,225	–	6.29%	–
UNH	New	UNITEDHEALTH GROUP INC	$1,128,953,000	–	4,626,666	–	5.19%	–
DHI	New	D R HORTON INC	$960,878,000	–	22,278,637	–	4.42%	–
CAT	New	CATERPILLAR INC DEL	$850,927,000	–	6,243,500	–	3.91%	–
WFC	New	WELLS FARGO CO NEW	$830,312,000	–	17,546,738	–	3.82%	–
SU	New	SUNCOR ENERGY INC NEW	$815,726,000	–	26,178,616	–	3.75%	–
PFE	New	PFIZER INC	$812,210,000	–	18,749,080	–	3.73%	–
GILD	New	GILEAD SCIENCES INC	$778,699,000	–	11,526,033	–	3.58%	–
FB	New	FACEBOOK INCcl a	$750,538,000	–	3,888,800	–	3.45%	–
C	New	CITIGROUP INC	$725,157,000	–	10,354,948	–	3.33%	–
CI	New	CIGNA CORP NEW	$723,000,000	–	4,589,017	–	3.32%	–
BAC	New	BANK AMER CORP	$720,896,000	–	24,858,471	–	3.31%	–
VZ	New	VERIZON COMMUNICATIONS INC	$634,509,000	–	11,106,400	–	2.92%	–
ANTM	New	ANTHEM INC	$619,888,000	–	2,196,547	–	2.85%	–
MDT	New	MEDTRONIC PLC	$597,437,000	–	6,134,485	–	2.74%	–
HAL	New	HALLIBURTON CO	$544,132,000	–	23,928,402	–	2.50%	–
LEN	New	LENNAR CORPcl a	$541,630,000	–	11,176,856	–	2.49%	–
FITB	New	FIFTH THIRD BANCORP	$531,564,000	–	19,052,485	–	2.44%	–
JPM	New	JPMORGAN CHASE & CO	$491,195,000	–	4,393,517	–	2.26%	–
PEP	New	PEPSICO INC	$429,908,000	–	3,278,487	–	1.98%	–
SPY	New	SPDR S&P 500 ETF TR TR Unit	$393,096,000	–	1,341,623	–	1.81%	–
BP	New	BP PLCsponsored adr	$269,800,000	–	6,470,023	–	1.24%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$247,972,000	–	4,863,158	–	1.14%	–
MRK	New	MERCK & CO INC	$225,537,000	–	2,689,772	–	1.04%	–
MU	New	MICRON TECHNOLOGY INC	$200,622,000	–	5,198,802	–	0.92%	–
RTN	New	RAYTHEON CO	$190,950,000	–	1,098,171	–	0.88%	–
KR	New	KROGER CO	$145,252,000	–	6,690,569	–	0.67%	–
SYF	New	SYNCHRONY FINL	$118,250,000	–	3,410,724	–	0.54%	–
SWK	New	STANLEY BLACK & DECKER INC	$117,928,000	–	815,488	–	0.54%	–
APTV	New	APTIV PLC	$71,407,000	–	883,421	–	0.33%	–
GPC	New	GENUINE PARTS CO	$65,108,000	–	628,577	–	0.30%	–
EOG	New	EOG RES INC	$47,029,000	–	504,815	–	0.22%	–
ABBV	New	ABBVIE INC	$45,212,000	–	621,733	–	0.21%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$8,250,000	–	212,204	–	0.04%	–
LENB	New	LENNAR CORPcl b	$5,438,000	–	141,200	–	0.02%	–
BCS	New	BARCLAYS PLCadr	$3,316,000	–	435,706	–	0.02%	–
RBS	New	ROYAL BK SCOTLAND GROUP PLCspons adr 2 ord	$1,441,000	–	253,700	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
RBS	Exit	ROYAL BK SCOTLAND GROUP PLCspons adr 2 ord	$0	–	-249,500	–	-0.01%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-424,706	–	-0.02%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-141,944	–	-0.03%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-197,158	–	-0.05%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-288,794	–	-0.06%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-583,959	–	-0.12%	–
ABBV	Exit	ABBVIE INC	$0	–	-621,433	–	-0.30%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-622,577	–	-0.31%	–
APTV	Exit	APTIV PLC	$0	–	-884,821	–	-0.37%	–
SPY	Exit	SPDR S&P 500 ETF TR TR Unit	$0	–	-278,323	–	-0.41%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-3,144,530	–	-0.49%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-705,548	–	-0.52%	–
INTC	Exit	INTEL CORP	$0	–	-3,086,789	–	-0.74%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-2,545,342	–	-0.87%	–
KR	Exit	KROGER CO	$0	–	-5,988,549	–	-0.88%	–
EBAY	Exit	EBAY INC	$0	–	-5,997,268	–	-1.00%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-4,112,500	–	-1.11%	–
RTN	Exit	RAYTHEON CO	$0	–	-1,093,771	–	-1.14%	–
MRK	Exit	MERCK & CO INC	$0	–	-3,258,872	–	-1.16%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,533,300	–	-1.27%	–
BP	Exit	BP PLCsponsored adr	$0	–	-6,389,023	–	-1.48%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-11,165,717	–	-1.57%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-9,724,955	–	-2.29%	–
PEP	Exit	PEPSICO INC	$0	–	-4,169,487	–	-2.35%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-4,141,173	–	-2.36%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,807,407	–	-2.50%	–
BAC	Exit	BANK AMER CORP	$0	–	-18,036,564	–	-2.68%	–
C	Exit	CITIGROUP INC	$0	–	-8,207,330	–	-2.97%	–
DHI	Exit	D R HORTON INC	$0	–	-14,076,890	–	-2.99%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-6,364,985	–	-3.16%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-30,082,721	–	-3.41%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-18,556,830	–	-3.62%	–
CI	Exit	CIGNA CORPORATION	$0	–	-3,490,224	–	-3.66%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-5,487,184	–	-3.82%	–
HAL	Exit	HALLIBURTON CO	$0	–	-19,776,422	–	-4.04%	–
PFE	Exit	PFIZER INC	$0	–	-18,378,380	–	-4.08%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-10,515,600	–	-4.09%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,060,056	–	-4.10%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-15,640,230	–	-4.14%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-11,266,582	–	-6.49%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-33,060,656	–	-7.36%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,239,816	–	-7.46%	–
AAPL	Exit	APPLE INC	$0	–	-7,511,181	–	-8.54%	–

Q3 2018

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$1,695,574,000	+14.2%	7,511,181	-6.4%	8.54%	+7.3%
GOOG	Sell	ALPHABET INCcap stk cl c	$1,479,683,000	+3.3%	1,239,816	-3.4%	7.46%	-2.9%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$1,459,959,000	+21.2%	33,060,656	+0.3%	7.36%	+13.9%
MSFT	Sell	MICROSOFT CORP	$1,288,559,000	+11.3%	11,266,582	-4.0%	6.49%	+4.6%
WFC	Sell	WELLS FARGO CO NEW	$822,050,000	-5.6%	15,640,230	-0.4%	4.14%	-11.3%
UNH	Sell	UNITEDHEALTH GROUP INC	$814,097,000	+7.0%	3,060,056	-1.4%	4.10%	+0.5%
GILD	Sell	GILEAD SCIENCES INC	$811,909,000	+8.3%	10,515,600	-0.6%	4.09%	+1.8%
PFE	Sell	PFIZER INC	$809,935,000	+11.1%	18,378,380	-8.5%	4.08%	+4.4%
HAL	Buy	HALLIBURTON CO	$801,538,000	+12.3%	19,776,422	+24.8%	4.04%	+5.5%
JNJ	Buy	JOHNSON & JOHNSON	$758,164,000	+15.8%	5,487,184	+1.7%	3.82%	+8.8%
CI	Buy	CIGNA CORPORATION	$726,839,000	+28.1%	3,490,224	+4.6%	3.66%	+20.4%
SU	Buy	SUNCOR ENERGY INC NEW	$717,964,000	+49.6%	18,556,830	+57.3%	3.62%	+40.6%
COG	Buy	CABOT OIL & GAS CORP	$677,463,000	-4.9%	30,082,721	+0.5%	3.41%	-10.7%
MDT	Sell	MEDTRONIC PLC	$626,124,000	-2.5%	6,364,985	-15.1%	3.16%	-8.4%
DHI	Buy	D R HORTON INC	$593,763,000	+3.6%	14,076,890	+0.7%	2.99%	-2.7%
C	Sell	CITIGROUP INC	$588,794,000	+3.7%	8,207,330	-3.2%	2.97%	-2.5%
BAC	Buy	BANK AMER CORP	$531,357,000	+4.6%	18,036,564	+0.1%	2.68%	-1.7%
ANTM	Sell	ANTHEM INC	$495,320,000	+10.9%	1,807,407	-3.7%	2.50%	+4.2%
JPM	Buy	JPMORGAN CHASE & CO	$467,290,000	+8.8%	4,141,173	+0.4%	2.36%	+2.2%
PEP	Buy	PEPSICO INC	$466,149,000	+2.8%	4,169,487	+0.1%	2.35%	-3.4%
LEN	Buy	LENNAR CORPcl a	$454,058,000	-9.7%	9,724,955	+1.6%	2.29%	-15.1%
FITB	Buy	FIFTH THIRD BANCORP	$311,747,000	-2.7%	11,165,717	+0.0%	1.57%	-8.6%
BP	Sell	BP PLCsponsored adr	$294,534,000	-0.1%	6,389,023	-1.1%	1.48%	-6.1%
FB	New	FACEBOOK INCcl a	$252,167,000	–	1,533,300	–	1.27%	–
MRK	Sell	MERCK & CO INC	$231,184,000	+6.5%	3,258,872	-8.9%	1.16%	+0.1%
RTN	Sell	RAYTHEON CO	$226,039,000	+6.6%	1,093,771	-0.4%	1.14%	+0.2%
VZ	New	VERIZON COMMUNICATIONS INC	$219,566,000	–	4,112,500	–	1.11%	–
EBAY	Buy	EBAY INC	$198,030,000	-8.4%	5,997,268	+0.6%	1.00%	-13.9%
KR	Sell	KROGER CO	$174,327,000	-37.2%	5,988,549	-38.6%	0.88%	-41.0%
OMC	Sell	OMNICOM GROUP INC	$173,134,000	-11.1%	2,545,342	-0.4%	0.87%	-16.6%
INTC	Sell	INTEL CORP	$145,974,000	-76.8%	3,086,789	-75.6%	0.74%	-78.2%
SWK	Buy	STANLEY BLACK & DECKER INC	$103,320,000	+11.2%	705,548	+0.9%	0.52%	+4.6%
SYF	Buy	SYNCHRONY FINL	$97,732,000	-5.4%	3,144,530	+1.6%	0.49%	-11.2%
SPY	Sell	SPDR S&P 500 ETF TR TR Unit	$80,914,000	-54.0%	278,323	-57.1%	0.41%	-56.7%
APTV	Sell	APTIV PLC	$74,236,000	-8.5%	884,821	-0.1%	0.37%	-14.0%
GPC	Sell	GENUINE PARTS CO	$61,884,000	+7.8%	622,577	-0.5%	0.31%	+1.3%
ABBV	Sell	ABBVIE INC	$58,775,000	+1.8%	621,433	-0.3%	0.30%	-4.5%
MTH	Sell	MERITAGE HOMES CORP	$23,300,000	-9.5%	583,959	-0.3%	0.12%	-15.2%
SHG	Buy	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$11,589,000	+35.1%	288,794	+29.6%	0.06%	+26.1%
VEU	Sell	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$10,262,000	-61.5%	197,158	-61.6%	0.05%	-63.6%
LENB	Sell	LENNAR CORPcl b	$5,465,000	-10.0%	141,944	-0.3%	0.03%	-15.2%
BCS	Sell	BARCLAYS PLCadr	$3,801,000	-33.0%	424,706	-24.9%	0.02%	-36.7%
RBS	New	ROYAL BK SCOTLAND GROUP PLCspons adr 2 ord	$1,629,000	–	249,500	–	0.01%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-106,481	–	-0.02%	–

Q2 2018

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$1,484,777,000	–	8,021,053	–	7.96%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,432,392,000	–	1,283,908	–	7.68%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$1,204,953,000	–	32,958,241	–	6.46%	–
MSFT	New	MICROSOFT CORP	$1,157,300,000	–	11,736,136	–	6.21%	–
WFC	New	WELLS FARGO CO NEW	$870,791,000	–	15,706,900	–	4.67%	–
UNH	New	UNITEDHEALTH GROUP INC	$761,166,000	–	3,102,493	–	4.08%	–
GILD	New	GILEAD SCIENCES INC	$749,457,000	–	10,579,575	–	4.02%	–
PFE	New	PFIZER INC	$728,810,000	–	20,088,477	–	3.91%	–
HAL	New	HALLIBURTON CO	$713,949,000	–	15,844,408	–	3.83%	–
COG	New	CABOT OIL & GAS CORP	$712,545,000	–	29,938,869	–	3.82%	–
JNJ	New	JOHNSON & JOHNSON	$654,933,000	–	5,397,505	–	3.51%	–
MDT	New	MEDTRONIC PLC	$642,022,000	–	7,499,383	–	3.44%	–
INTC	New	INTEL CORP	$630,101,000	–	12,675,542	–	3.38%	–
DHI	New	D R HORTON INC	$573,271,000	–	13,982,216	–	3.07%	–
C	New	CITIGROUP INC	$567,618,000	–	8,482,040	–	3.04%	–
CI	New	CIGNA CORPORATION	$567,336,000	–	3,338,253	–	3.04%	–
BAC	New	BANK AMER CORP	$507,934,000	–	18,018,232	–	2.72%	–
LEN	New	LENNAR CORPcl a	$502,723,000	–	9,575,681	–	2.70%	–
SU	New	SUNCOR ENERGY INC NEW	$479,878,000	–	11,796,414	–	2.57%	–
PEP	New	PEPSICO INC	$453,305,000	–	4,163,725	–	2.43%	–
ANTM	New	ANTHEM INC	$446,788,000	–	1,877,022	–	2.40%	–
JPM	New	JPMORGAN CHASE & CO	$429,680,000	–	4,123,611	–	2.30%	–
FITB	New	FIFTH THIRD BANCORP	$320,413,000	–	11,164,212	–	1.72%	–
BP	New	BP PLCsponsored adr	$294,914,000	–	6,458,923	–	1.58%	–
KR	New	KROGER CO	$277,699,000	–	9,760,942	–	1.49%	–
MRK	New	MERCK & CO INC	$217,097,000	–	3,576,556	–	1.16%	–
EBAY	New	EBAY INC	$216,229,000	–	5,963,300	–	1.16%	–
RTN	New	RAYTHEON CO	$212,048,000	–	1,097,671	–	1.14%	–
OMC	New	OMNICOM GROUP INC	$194,850,000	–	2,554,742	–	1.04%	–
SPY	New	SPDR S&P 500 ETF TR TR Unit	$175,904,000	–	648,423	–	0.94%	–
SYF	New	SYNCHRONY FINL	$103,332,000	–	3,095,640	–	0.55%	–
SWK	New	STANLEY BLACK & DECKER INC	$92,880,000	–	699,348	–	0.50%	–
APTV	New	APTIV PLC	$81,131,000	–	885,421	–	0.44%	–
ABBV	New	ABBVIE INC	$57,752,000	–	623,333	–	0.31%	–
GPC	New	GENUINE PARTS CO	$57,422,000	–	625,577	–	0.31%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$26,630,000	–	513,688	–	0.14%	–
MTH	New	MERITAGE HOMES CORP	$25,753,000	–	585,959	–	0.14%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$8,577,000	–	222,894	–	0.05%	–
LENB	New	LENNAR CORPcl b	$6,075,000	–	142,304	–	0.03%	–
BCS	New	BARCLAYS PLCadr	$5,671,000	–	565,406	–	0.03%	–
HMC	New	HONDA MOTOR LTD	$3,117,000	–	106,481	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
HMC	Exit	HONDA MOTOR LTD	$0	–	-162,481	–	-0.03%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-517,447	–	-0.03%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-213,694	–	-0.06%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-481,136	–	-0.15%	–
ABBV	Exit	ABBVIE INC	$0	–	-627,533	–	-0.34%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-631,477	–	-0.36%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-2,750,040	–	-0.52%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-893,721	–	-0.53%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-822,648	–	-0.75%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-3,178,579	–	-0.85%	–
BP	Exit	BP PLCsponsored adr	$0	–	-3,916,753	–	-0.91%	–
CAA	Exit	CALATLANTIC GROUP INC	$0	–	-4,380,539	–	-0.97%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-2,578,442	–	-1.15%	–
RTN	Exit	RAYTHEON CO COMnew	$0	–	-1,106,791	–	-1.24%	–
SPY	Exit	SPDR S&P 500 ETF TR TR Unit	$0	–	-850,242	–	-1.29%	–
EBAY	Exit	EBAY INC	$0	–	-5,599,900	–	-1.30%	–
RRC	Exit	RANGE RES CORP	$0	–	-15,485,365	–	-1.83%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,839,822	–	-2.11%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-13,152,538	–	-2.22%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-7,075,091	–	-2.25%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-4,884,478	–	-2.39%	–
PEP	Exit	PEPSICO INC	$0	–	-3,999,825	–	-2.69%	–
CI	Exit	CIGNA CORPORATION	$0	–	-2,962,993	–	-3.34%	–
INTC	Exit	INTEL CORP	$0	–	-14,732,795	–	-3.38%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-7,382,483	–	-3.46%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-6,148,011	–	-3.54%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,100,993	–	-3.66%	–
MRK	Exit	MERCK & CO INC	$0	–	-9,726,447	–	-3.76%	–
PFE	Exit	PFIZER INC	$0	–	-17,518,677	–	-3.77%	–
DHI	Exit	D R HORTON INC	$0	–	-16,552,857	–	-3.98%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-5,107,593	–	-4.00%	–
BAC	Exit	BANK AMER CORP	$0	–	-29,888,232	–	-4.57%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-29,212,930	–	-4.71%	–
C	Exit	CITIGROUP INC	$0	–	-12,485,062	–	-5.48%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-12,488,096	–	-5.61%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,278,871	–	-7.40%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-33,140,101	–	-7.50%	–
AAPL	Exit	APPLE INC	$0	–	-8,483,585	–	-7.88%	–

Q3 2017

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$1,307,490,000	+10.9%	8,483,585	+3.7%	7.88%	+4.1%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$1,244,411,000	+11.3%	33,140,101	+3.6%	7.50%	+4.4%
GOOG	Buy	ALPHABET INCcap stk cl c	$1,226,578,000	+9.5%	1,278,871	+3.8%	7.40%	+2.8%
MSFT	Buy	MICROSOFT CORP	$930,238,000	+11.1%	12,488,096	+2.8%	5.61%	+4.3%
C	Buy	CITIGROUP INC	$908,163,000	+16.2%	12,485,062	+6.8%	5.48%	+9.0%
COG	Buy	CABOT OIL & GAS CORP	$781,446,000	+14.3%	29,212,930	+7.2%	4.71%	+7.2%
BAC	Buy	BANK AMER CORP	$757,368,000	+7.6%	29,888,232	+3.0%	4.57%	+0.9%
JNJ	Buy	JOHNSON & JOHNSON	$664,038,000	+12.1%	5,107,593	+14.1%	4.00%	+5.2%
DHI	Sell	D R HORTON INC	$660,956,000	-3.3%	16,552,857	-16.2%	3.98%	-9.3%
PFE	Buy	PFIZER INC	$625,417,000	+10.0%	17,518,677	+3.5%	3.77%	+3.1%
MRK	Sell	MERCK & CO INC	$622,784,000	-19.4%	9,726,447	-19.3%	3.76%	-24.4%
UNH	Buy	UNITEDHEALTH GROUP INC	$607,329,000	+8.2%	3,100,993	+2.5%	3.66%	+1.6%
JPM	Buy	JPMORGAN CHASE & CO	$587,197,000	+7.0%	6,148,011	+2.4%	3.54%	+0.3%
MDT	Buy	MEDTRONIC PLC	$574,136,000	-3.0%	7,382,483	+10.7%	3.46%	-9.0%
INTC	Buy	INTEL CORP	$561,025,000	+16.4%	14,732,795	+3.1%	3.38%	+9.2%
CI	Sell	CIGNA CORPORATION	$553,902,000	-6.8%	2,962,993	-16.5%	3.34%	-12.5%
PEP	Buy	PEPSICO INC	$445,700,000	+0.0%	3,999,825	+3.7%	2.69%	-6.1%
GILD	New	GILEAD SCIENCES INC	$395,740,000	–	4,884,478	–	2.39%	–
LEN	Sell	LENNAR CORPcl a	$373,565,000	-14.2%	7,075,091	-13.3%	2.25%	-19.5%
FITB	Buy	FIFTH THIRD BANCORP	$368,008,000	+9.7%	13,152,538	+1.7%	2.22%	+2.9%
ANTM	Sell	ANTHEM INC	$349,345,000	-7.9%	1,839,822	-8.8%	2.11%	-13.7%
RRC	Buy	RANGE RES CORP	$303,049,000	-11.7%	15,485,365	+4.5%	1.83%	-17.2%
EBAY	Buy	EBAY INC	$215,372,000	+119.4%	5,599,900	+99.2%	1.30%	+105.9%
SPY	Buy	SPDR S&P 500 ETF TR TR Unit	$213,606,000	+6.8%	850,242	+2.8%	1.29%	+0.2%
RTN	Sell	RAYTHEON CO COMnew	$206,505,000	+14.9%	1,106,791	-0.6%	1.24%	+7.8%
OMC	Buy	OMNICOM GROUP INC	$190,985,000	-10.5%	2,578,442	+0.2%	1.15%	-16.0%
CAA	Buy	CALATLANTIC GROUP INC	$160,459,000	+8.9%	4,380,539	+5.1%	0.97%	+2.1%
MTH	Sell	MERITAGE HOMES CORP	$141,129,000	+5.1%	3,178,579	-0.1%	0.85%	-1.4%
SWK	Buy	STANLEY BLACK & DECKER INC	$124,195,000	+10.2%	822,648	+2.7%	0.75%	+3.5%
3106PS	Sell	DELPHI AUTOMOTIVE PLC	$87,942,000	-55.0%	893,721	-60.0%	0.53%	-57.8%
SYF	Buy	SYNCHRONY FINL	$85,389,000	+6.8%	2,750,040	+2.6%	0.52%	+0.2%
GPC	Sell	GENUINE PARTS CO	$60,401,000	-35.9%	631,477	-37.8%	0.36%	-39.8%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$25,361,000	+94.7%	481,136	+84.8%	0.15%	+82.1%
SHG	Buy	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$9,467,000	+14.8%	213,694	+12.7%	0.06%	+7.5%
GE	Exit	GENERAL ELECTRIC CO	$0	–	-4,942,038	–	-0.86%	–

Q2 2017

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$1,178,775,000	–	8,184,799	–	7.58%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,119,714,000	–	1,232,175	–	7.20%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$1,118,152,000	–	31,983,753	–	7.19%	–
MSFT	New	MICROSOFT CORP	$837,058,000	–	12,143,596	–	5.38%	–
C	New	CITIGROUP INC	$781,683,000	–	11,687,844	–	5.02%	–
MRK	New	MERCK & CO INC	$772,451,000	–	12,052,595	–	4.96%	–
BAC	New	BANK AMER CORP	$704,099,000	–	29,023,032	–	4.53%	–
COG	New	CABOT OIL & GAS CORP	$683,706,000	–	27,261,023	–	4.39%	–
DHI	New	D R HORTON INC	$683,251,000	–	19,764,284	–	4.39%	–
CI	New	CIGNA CORPORATION	$594,214,000	–	3,549,876	–	3.82%	–
JNJ	New	JOHNSON & JOHNSON	$592,148,000	–	4,476,132	–	3.81%	–
MDT	New	MEDTRONIC PLC	$592,047,000	–	6,670,948	–	3.80%	–
PFE	New	PFIZER INC	$568,782,000	–	16,933,077	–	3.66%	–
UNH	New	UNITEDHEALTH GROUP INC	$561,043,000	–	3,025,793	–	3.61%	–
JPM	New	JPMORGAN CHASE & CO	$549,004,000	–	6,006,611	–	3.53%	–
INTC	New	INTEL CORP	$482,020,000	–	14,286,295	–	3.10%	–
PEP	New	PEPSICO INC	$445,494,000	–	3,857,425	–	2.86%	–
LEN	New	LENNAR CORPcl a	$435,217,000	–	8,162,361	–	2.80%	–
ANTM	New	ANTHEM INC	$379,497,000	–	2,017,208	–	2.44%	–
RRC	New	RANGE RES CORP	$343,198,000	–	14,812,151	–	2.21%	–
FITB	New	FIFTH THIRD BANCORP	$335,604,000	–	12,927,738	–	2.16%	–
OMC	New	OMNICOM GROUP INC	$213,338,000	–	2,573,442	–	1.37%	–
SPY	New	SPDR S&P 500 ETF TR TR Unit	$200,051,000	–	827,342	–	1.29%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$195,638,000	–	2,232,036	–	1.26%	–
RTN	New	RAYTHEON CO COMnew	$179,742,000	–	1,113,091	–	1.16%	–
CAA	New	CALATLANTIC GROUP INC	$147,311,000	–	4,167,200	–	0.95%	–
BP	New	BP PLCsponsored adr	$135,715,000	–	3,916,753	–	0.87%	–
MTH	New	MERITAGE HOMES CORP	$134,309,000	–	3,182,679	–	0.86%	–
GE	New	GENERAL ELECTRIC CO	$133,484,000	–	4,942,038	–	0.86%	–
SWK	New	STANLEY BLACK & DECKER INC	$112,675,000	–	800,648	–	0.72%	–
EBAY	New	EBAY INC	$98,181,000	–	2,811,600	–	0.63%	–
GPC	New	GENUINE PARTS CO	$94,159,000	–	1,015,077	–	0.60%	–
SYF	New	SYNCHRONY FINL	$79,927,000	–	2,680,323	–	0.51%	–
ABBV	New	ABBVIE INC	$45,502,000	–	627,533	–	0.29%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$13,025,000	–	260,336	–	0.08%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$8,245,000	–	189,594	–	0.05%	–
BCS	New	BARCLAYS PLCadr	$5,480,000	–	517,447	–	0.04%	–
HMC	New	HONDA MOTOR LTD	$4,450,000	–	162,481	–	0.03%	–

Q4 2016

			Value		Shares		↓ Weighting
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-1,900	–	-0.00%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-76,497	–	-0.02%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-520,347	–	-0.04%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-177,501	–	-0.04%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-190,026	–	-0.06%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-20,653	–	-0.13%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-437,384	–	-0.16%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-459,816	–	-0.30%	–
ABBV	Exit	ABBVIE INC	$0	–	-627,433	–	-0.31%	–
SPY	Exit	SPDR S&P 500 ETF TR TR Unit	$0	–	-216,130	–	-0.37%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-1,012,778	–	-0.38%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-566,989	–	-0.55%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-2,545,220	–	-0.56%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-1,734,464	–	-0.59%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-1,764,528	–	-0.61%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-1,012,639	–	-0.80%	–
BP	Exit	BP PLCsponsored adr	$0	–	-3,210,739	–	-0.89%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-3,406,136	–	-0.93%	–
CAA	Exit	CALATLANTIC GROUP INC	$0	–	-3,708,315	–	-0.98%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-4,681,749	–	-1.10%	–
RTN	Exit	RAYTHEON CO COMnew	$0	–	-1,126,391	–	-1.21%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,138,857	–	-1.45%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-2,590,742	–	-1.74%	–
MET	Exit	METLIFE INC	$0	–	-5,428,913	–	-1.90%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-13,180,022	–	-2.13%	–
ANTM	Exit	ANTHEM INC	$0	–	-2,355,920	–	-2.33%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-8,511,852	–	-2.85%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-5,368,356	–	-3.02%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-4,528,038	–	-3.09%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-2,871,233	–	-3.18%	–
INTC	Exit	INTEL CORP	$0	–	-10,998,517	–	-3.28%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-17,933,061	–	-3.66%	–
PFE	Exit	PFIZER INC	$0	–	-14,063,233	–	-3.76%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,203,405	–	-3.92%	–
CI	Exit	CIGNA CORPORATION	$0	–	-4,155,167	–	-4.28%	–
RRC	Exit	RANGE RES CORP	$0	–	-14,437,151	–	-4.42%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-9,290,326	–	-4.89%	–
DHI	Exit	D R HORTON INC	$0	–	-20,925,135	–	-4.99%	–
BAC	Exit	BANK AMER CORP	$0	–	-40,654,628	–	-5.03%	–
MRK	Exit	MERCK & CO INC	$0	–	-11,055,943	–	-5.45%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-12,728,302	–	-5.79%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-24,962,222	–	-6.03%	–
C	Exit	CITIGROUP INC	$0	–	-16,521,439	–	-6.16%	–
AAPL	Exit	APPLE INC	$0	–	-7,417,476	–	-6.62%	–

Q3 2016

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$838,546,000	+186.9%	7,417,476	+142.6%	6.62%	+173.2%
C	Buy	CITIGROUP INC	$780,308,000	+15.0%	16,521,439	+3.2%	6.16%	+9.5%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$763,594,000	+17.9%	24,962,222	+1.1%	6.03%	+12.2%
MSFT	Sell	MICROSOFT CORP	$733,150,000	-0.9%	12,728,302	-11.9%	5.79%	-5.6%
MRK	Buy	MERCK & CO INC	$690,001,000	+9.1%	11,055,943	+0.7%	5.45%	+3.8%
BAC	Buy	BANK AMER CORP	$636,245,000	+24.1%	40,654,628	+5.2%	5.03%	+18.1%
DHI	Sell	D R HORTON INC	$631,939,000	-7.2%	20,925,135	-3.3%	4.99%	-11.6%
JPM	Buy	JPMORGAN CHASE & CO	$618,643,000	+8.1%	9,290,326	+0.9%	4.89%	+2.9%
RRC	Sell	RANGE RES CORP	$559,440,000	-10.9%	14,437,151	-0.8%	4.42%	-15.2%
CI	Buy	CIGNA CORPORATION	$541,501,000	+5.4%	4,155,167	+3.5%	4.28%	+0.4%
JNJ	Buy	JOHNSON & JOHNSON	$496,548,000	+0.6%	4,203,405	+3.3%	3.92%	-4.2%
PFE	Sell	PFIZER INC	$476,322,000	-5.2%	14,063,233	-1.4%	3.76%	-9.7%
COG	Buy	CABOT OIL & GAS CORP	$462,673,000	+46.5%	17,933,061	+46.1%	3.66%	+39.5%
INTC	Buy	INTEL CORP	$415,194,000	+36.0%	10,998,517	+18.2%	3.28%	+29.5%
UNH	Sell	UNITEDHEALTH GROUP INC	$401,973,000	-0.9%	2,871,233	-0.0%	3.18%	-5.6%
MDT	Buy	MEDTRONIC PLC	$391,222,000	+2.5%	4,528,038	+3.0%	3.09%	-2.4%
3106PS	Buy	DELPHI AUTOMOTIVE PLC	$382,871,000	+27.8%	5,368,356	+12.2%	3.02%	+21.6%
LEN	Buy	LENNAR CORPcl a	$360,392,000	-7.3%	8,511,852	+0.9%	2.85%	-11.8%
ANTM	Sell	ANTHEM INC	$295,220,000	-21.3%	2,355,920	-17.5%	2.33%	-25.1%
FITB	Buy	FIFTH THIRD BANCORP	$269,663,000	+137.8%	13,180,022	+104.4%	2.13%	+126.4%
MET	Buy	METLIFE INC	$241,207,000	+12.4%	5,428,913	+0.8%	1.90%	+7.0%
OMC	Sell	OMNICOM GROUP INC	$220,213,000	+4.2%	2,590,742	-0.1%	1.74%	-0.8%
GS	Buy	GOLDMAN SACHS GROUP INC	$183,663,000	+9.6%	1,138,857	+1.0%	1.45%	+4.3%
RTN	Sell	RAYTHEON CO COMnew	$153,336,000	-0.3%	1,126,391	-0.4%	1.21%	-5.1%
GE	Buy	GENERAL ELECTRIC CO	$138,673,000	-4.9%	4,681,749	+1.0%	1.10%	-9.5%
CAA	Buy	CALATLANTIC GROUP INC	$124,006,000	-3.3%	3,708,315	+6.1%	0.98%	-7.9%
MTH	Sell	MERITAGE HOMES CORP	$118,193,000	-8.4%	3,406,136	-0.9%	0.93%	-12.8%
BP	Sell	BP PLCsponsored adr	$112,890,000	-1.1%	3,210,739	-0.1%	0.89%	-5.8%
GPC	Sell	GENUINE PARTS CO	$101,720,000	-0.9%	1,012,639	-0.1%	0.80%	-5.6%
STI	Sell	SUNTRUST BKS INC	$77,286,000	-41.6%	1,764,528	-45.2%	0.61%	-44.3%
BBBY	Sell	BED BATH & BEYOND INC	$74,773,000	-1.4%	1,734,464	-1.1%	0.59%	-6.0%
SYF	Buy	SYNCHRONY FINL	$71,266,000	+12.1%	2,545,220	+1.2%	0.56%	+6.8%
SWK	Buy	STANLEY BLACK & DECKER INC	$69,728,000	+13.8%	566,989	+2.9%	0.55%	+8.5%
ABBV	Sell	ABBVIE INC	$39,572,000	+1.8%	627,433	-0.1%	0.31%	-3.1%
VEU	Sell	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$19,870,000	-7.0%	437,384	-12.3%	0.16%	-11.3%
GOOG	New	ALPHABET INCcap stk cl c	$16,053,000	–	20,653	–	0.13%	–
SHG	Sell	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$6,925,000	+10.9%	190,026	-0.4%	0.06%	+5.8%
HMC	Buy	HONDA MOTOR LTD	$5,133,000	+125.4%	177,501	+97.4%	0.04%	+115.8%
BCS	Buy	BARCLAYS PLCadr	$4,522,000	+23.4%	520,347	+7.9%	0.04%	+20.0%
SNY	Sell	SANOFIsponsored adr	$2,921,000	-10.9%	76,497	-2.3%	0.02%	-14.8%
NVS	Sell	NOVARTIS A Gsponsored adr	$150,000	-49.5%	1,900	-47.2%	0.00%	-50.0%
TTE	Exit	TOTAL S Asponsored adr	$0	–	-2,400	–	-0.00%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-598,366	–	-0.69%	–
GLW	Exit	CORNING INC	$0	–	-10,345,525	–	-1.76%	–
STJ	Exit	ST JUDE MED INC	$0	–	-4,922,450	–	-3.19%	–

Q2 2016

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$739,611,000	–	14,454,002	–	6.14%	–
DHI	New	D R HORTON INC	$680,936,000	–	21,630,735	–	5.65%	–
C	New	CITIGROUP INC	$678,504,000	–	16,006,239	–	5.63%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$647,800,000	–	24,696,922	–	5.38%	–
MRK	New	MERCK & CO INC	$632,618,000	–	10,981,043	–	5.25%	–
RRC	New	RANGE RES CORP	$627,961,000	–	14,556,351	–	5.21%	–
JPM	New	JPMORGAN CHASE & CO	$572,118,000	–	9,206,926	–	4.75%	–
CI	New	CIGNA CORPORATION	$513,699,000	–	4,013,588	–	4.26%	–
BAC	New	BANK AMER CORP	$512,820,000	–	38,645,028	–	4.26%	–
PFE	New	PFIZER INC	$502,314,000	–	14,266,233	–	4.17%	–
JNJ	New	JOHNSON & JOHNSON	$493,413,000	–	4,067,705	–	4.09%	–
UNH	New	UNITEDHEALTH GROUP INC	$405,588,000	–	2,872,433	–	3.36%	–
LEN	New	LENNAR CORPcl a	$388,874,000	–	8,435,452	–	3.23%	–
STJ	New	ST JUDE MED INC	$383,951,000	–	4,922,450	–	3.19%	–
MDT	New	MEDTRONIC PLC	$381,626,000	–	4,398,138	–	3.17%	–
ANTM	New	ANTHEM INC	$375,221,000	–	2,856,865	–	3.11%	–
COG	New	CABOT OIL & GAS CORP	$315,908,000	–	12,273,055	–	2.62%	–
INTC	New	INTEL CORP	$305,328,000	–	9,308,792	–	2.53%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$299,620,000	–	4,786,256	–	2.49%	–
AAPL	New	APPLE INC	$292,247,000	–	3,056,976	–	2.42%	–
MET	New	METLIFE INC	$214,605,000	–	5,388,013	–	1.78%	–
GLW	New	CORNING INC	$211,876,000	–	10,345,525	–	1.76%	–
OMC	New	OMNICOM GROUP INC	$211,356,000	–	2,593,642	–	1.75%	–
GS	New	GOLDMAN SACHS GROUP INC	$167,592,000	–	1,127,957	–	1.39%	–
RTN	New	RAYTHEON CO COMnew	$153,772,000	–	1,131,091	–	1.28%	–
GE	New	GENERAL ELECTRIC CO	$145,892,000	–	4,634,449	–	1.21%	–
STI	New	SUNTRUST BKS INC	$132,249,000	–	3,219,295	–	1.10%	–
MTH	New	MERITAGE HOMES CORP	$129,056,000	–	3,437,836	–	1.07%	–
CAA	New	CALATLANTIC GROUP INC	$128,251,000	–	3,493,615	–	1.06%	–
BP	New	BP PLCsponsored adr	$114,095,000	–	3,213,039	–	0.95%	–
FITB	New	FIFTH THIRD BANCORP	$113,417,000	–	6,447,822	–	0.94%	–
GPC	New	GENUINE PARTS CO	$102,641,000	–	1,013,739	–	0.85%	–
GD	New	GENERAL DYNAMICS CORP	$83,316,000	–	598,366	–	0.69%	–
BBBY	New	BED BATH & BEYOND INC	$75,832,000	–	1,754,564	–	0.63%	–
SYF	New	SYNCHRONY FINL	$63,572,000	–	2,514,720	–	0.53%	–
SWK	New	STANLEY BLACK & DECKER INC	$61,259,000	–	550,789	–	0.51%	–
SPY	New	SPDR S&P 500 ETF TR TR Unit	$45,286,000	–	216,130	–	0.38%	–
LNC	New	LINCOLN NATL CORP IND	$39,265,000	–	1,012,778	–	0.33%	–
ABBV	New	ABBVIE INC	$38,882,000	–	628,033	–	0.32%	–
PRU	New	PRUDENTIAL FINL INC	$32,803,000	–	459,816	–	0.27%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$21,364,000	–	498,584	–	0.18%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$6,244,000	–	190,726	–	0.05%	–
BCS	New	BARCLAYS PLCadr	$3,665,000	–	482,247	–	0.03%	–
SNY	New	SANOFIsponsored adr	$3,277,000	–	78,297	–	0.03%	–
HMC	New	HONDA MOTOR LTD	$2,277,000	–	89,901	–	0.02%	–
NVS	New	NOVARTIS A Gsponsored adr	$297,000	–	3,600	–	0.00%	–
TTE	New	TOTAL S Asponsored adr	$115,000	–	2,400	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
SNP	Exit	CHINA PETE & CHEM CORP	$0	–	-1,170	–	-0.00%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-2,800	–	-0.00%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-2,400	–	-0.00%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-4,500	–	-0.00%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-81,800	–	-0.02%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-75,300	–	-0.04%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-418,489	–	-0.06%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-196,226	–	-0.07%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-687,838	–	-0.30%	–
SPY	Exit	SPDR S&P 500 ETF TR TR Unit	$0	–	-181,730	–	-0.35%	–
ABBV	Exit	ABBVIE INC	$0	–	-643,523	–	-0.35%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-470,640	–	-0.36%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-1,034,946	–	-0.49%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-532,528	–	-0.52%	–
SNDK	Exit	SANDISK CORP	$0	–	-1,355,875	–	-0.74%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-1,156,712	–	-0.96%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-1,697,040	–	-0.97%	–
BP	Exit	BP PLCsponsored adr	$0	–	-3,322,664	–	-1.02%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-3,272,546	–	-1.20%	–
RYL	Exit	RYLAND GROUP INC	$0	–	-3,018,023	–	-1.24%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-6,608,800	–	-1.26%	–
RTN	Exit	RAYTHEON CO COMnew	$0	–	-1,158,520	–	-1.27%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-3,462,443	–	-1.33%	–
GLW	Exit	CORNING INC	$0	–	-9,704,805	–	-1.67%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,149,623	–	-1.68%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-2,666,004	–	-1.76%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,041,810	–	-1.82%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-7,280,103	–	-1.84%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-3,138,570	–	-2.04%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-4,518,761	–	-2.18%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-1,734,769	–	-2.40%	–
CI	Exit	CIGNA CORPORATION	$0	–	-1,814,795	–	-2.46%	–
MET	Exit	METLIFE INC	$0	–	-5,219,314	–	-2.47%	–
RRC	Exit	RANGE RES CORP	$0	–	-7,773,800	–	-2.51%	–
INTC	Exit	INTEL CORP	$0	–	-8,768,634	–	-2.66%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-4,136,436	–	-2.78%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,993,581	–	-2.80%	–
STJ	Exit	ST JUDE MED INC	$0	–	-4,879,215	–	-3.09%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-4,053,604	–	-3.10%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-2,865,594	–	-3.34%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-19,675,125	–	-4.10%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,560,189	–	-4.28%	–
BAC	Exit	BANK AMER CORP	$0	–	-27,455,679	–	-4.30%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-9,248,100	–	-4.59%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-8,313,738	–	-5.09%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-12,684,299	–	-5.64%	–
C	Exit	CITIGROUP INC	$0	–	-11,712,691	–	-5.84%	–
DHI	Exit	D R HORTON INC	$0	–	-20,463,627	–	-6.04%	–
AAPL	Exit	APPLE INC	$0	–	-6,257,842	–	-6.94%	–

Q3 2015

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$690,240,000	-10.1%	6,257,842	+2.2%	6.94%	-4.1%
DHI	Buy	D R HORTON INC	$600,812,000	+9.1%	20,463,627	+1.6%	6.04%	+16.3%
C	Buy	CITIGROUP INC	$581,067,000	-9.8%	11,712,691	+0.4%	5.84%	-3.8%
MSFT	Buy	MICROSOFT CORP	$561,407,000	+1.1%	12,684,299	+0.9%	5.64%	+7.8%
JPM	Buy	JPMORGAN CHASE & CO	$506,889,000	-9.7%	8,313,738	+0.4%	5.09%	-3.7%
MRK	Buy	MERCK & CO INC NEW	$456,764,000	-10.5%	9,248,100	+3.2%	4.59%	-4.5%
BAC	Buy	BANK AMER CORP	$427,759,000	-8.3%	27,455,679	+0.1%	4.30%	-2.3%
JNJ	Buy	JOHNSON & JOHNSON	$425,694,000	-1.8%	4,560,189	+2.5%	4.28%	+4.7%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$408,259,000	+36.1%	19,675,125	+49.0%	4.10%	+45.2%
UNH	Buy	UNITEDHEALTH GROUP INC	$332,438,000	-4.9%	2,865,594	+0.1%	3.34%	+1.4%
3106PS	Buy	DELPHI AUTOMOTIVE PLC	$308,236,000	-10.0%	4,053,604	+0.7%	3.10%	-4.1%
STJ	Buy	ST JUDE MED INC	$307,830,000	-13.3%	4,879,215	+0.4%	3.09%	-7.5%
ANTM	Buy	ANTHEM INC	$279,101,000	-14.6%	1,993,581	+0.1%	2.80%	-9.0%
MDT	Buy	MEDTRONIC PLC	$276,893,000	-9.1%	4,136,436	+0.7%	2.78%	-3.0%
INTC	Sell	INTEL CORP	$264,287,000	-31.4%	8,768,634	-30.7%	2.66%	-26.8%
RRC	New	RANGE RES CORP	$249,694,000	–	7,773,800	–	2.51%	–
MET	Sell	METLIFE INC	$246,091,000	-15.9%	5,219,314	-0.2%	2.47%	-10.3%
CI	Buy	CIGNA CORPORATION	$245,034,000	+97.1%	1,814,795	+136.5%	2.46%	+110.1%
GD	Buy	GENERAL DYNAMICS CORP	$239,311,000	-2.6%	1,734,769	+0.1%	2.40%	+3.9%
LEN	Buy	LENNAR CORPcl a	$217,488,000	+11.7%	4,518,761	+18.4%	2.18%	+19.1%
WMT	Sell	WAL-MART STORES INC	$203,505,000	-8.9%	3,138,570	-0.3%	2.04%	-2.9%
GE	Sell	GENERAL ELECTRIC CO	$183,604,000	-5.5%	7,280,103	-0.5%	1.84%	+0.7%
GS	Sell	GOLDMAN SACHS GROUP INC	$181,025,000	-24.3%	1,041,810	-9.0%	1.82%	-19.3%
OMC	Sell	OMNICOM GROUP INC	$175,690,000	-7.2%	2,666,004	-2.1%	1.76%	-1.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$166,661,000	-12.7%	1,149,623	-2.0%	1.68%	-6.9%
GLW	Buy	CORNING INC	$166,146,000	-13.2%	9,704,805	+0.0%	1.67%	-7.5%
STI	Sell	SUNTRUST BKS INC	$132,404,000	-16.1%	3,462,443	-5.6%	1.33%	-10.6%
RTN	Sell	RAYTHEON CO COMnew	$126,580,000	+11.9%	1,158,520	-2.0%	1.27%	+19.3%
FITB	Sell	FIFTH THIRD BANCORP	$124,972,000	-10.2%	6,608,800	-1.2%	1.26%	-4.3%
RYL	Sell	RYLAND GROUP INC	$123,226,000	-25.2%	3,018,023	-15.1%	1.24%	-20.3%
MTH	Buy	MERITAGE HOMES CORP	$119,513,000	-21.6%	3,272,546	+1.1%	1.20%	-16.4%
BP	Sell	BP PLCsponsored adr	$101,541,000	-24.7%	3,322,664	-1.6%	1.02%	-19.7%
BBBY	Sell	BED BATH & BEYOND INC	$96,765,000	-17.4%	1,697,040	-0.0%	0.97%	-11.9%
GPC	Sell	GENUINE PARTS CO	$95,880,000	-8.7%	1,156,712	-1.4%	0.96%	-2.7%
SNDK	Sell	SANDISK CORP	$73,665,000	-6.7%	1,355,875	-0.1%	0.74%	-0.5%
SWK	Sell	STANLEY BLACK & DECKER INC	$51,645,000	-9.1%	532,528	-1.4%	0.52%	-3.0%
LNC	Sell	LINCOLN NATL CORP IND	$49,119,000	-20.6%	1,034,946	-1.0%	0.49%	-15.3%
PRU	Sell	PRUDENTIAL FINL INC	$35,867,000	-13.8%	470,640	-1.0%	0.36%	-8.2%
ABBV	Sell	ABBVIE INC	$35,014,000	-20.2%	643,523	-1.4%	0.35%	-14.8%
SPY	Sell	SPDR S&P 500 ETF TR TR Unit	$34,825,000	-77.1%	181,730	-75.4%	0.35%	-75.6%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$29,323,000	+28.8%	687,838	+46.6%	0.30%	+37.2%
SHG	Sell	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$6,829,000	-7.1%	196,226	-1.1%	0.07%	0.0%
BCS	Buy	BARCLAYS PLCadr	$6,185,000	+17.5%	418,489	+30.7%	0.06%	+24.0%
SNY	Sell	SANOFIsponsored adr	$3,574,000	-8.3%	75,300	-4.3%	0.04%	-2.7%
HMC	Buy	HONDA MOTOR LTD	$2,446,000	+43.0%	81,800	+54.9%	0.02%	+56.2%
WUBA	New	58 COM INCspon adr rep a	$87,000	–	2,800	–	0.00%	–
APA	Exit	APACHE CORP	$0	–	-1,931,865	–	-1.05%	–

Q2 2015

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$767,684,000	–	6,120,662	–	7.24%	–
C	New	CITIGROUP INC	$644,319,000	–	11,663,991	–	6.07%	–
JPM	New	JPMORGAN CHASE & CO	$561,211,000	–	8,282,338	–	5.29%	–
MSFT	New	MICROSOFT CORP	$555,063,000	–	12,572,199	–	5.23%	–
DHI	New	D R HORTON INC	$550,911,000	–	20,135,627	–	5.19%	–
MRK	New	MERCK & CO INC NEW	$510,195,000	–	8,961,800	–	4.81%	–
BAC	New	BANK AMER CORP	$466,615,000	–	27,415,679	–	4.40%	–
JNJ	New	JOHNSON & JOHNSON	$433,443,000	–	4,447,389	–	4.08%	–
INTC	New	INTEL CORP	$385,079,000	–	12,660,834	–	3.63%	–
STJ	New	ST JUDE MED INC	$354,990,000	–	4,858,215	–	3.34%	–
UNH	New	UNITEDHEALTH GROUP INC	$349,407,000	–	2,863,994	–	3.29%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$342,666,000	–	4,027,104	–	3.23%	–
ANTM	New	ANTHEM INC	$326,849,000	–	1,991,281	–	3.08%	–
MDT	New	MEDTRONIC PLC	$304,480,000	–	4,109,036	–	2.87%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$299,898,000	–	13,205,555	–	2.83%	–
MET	New	METLIFE INC	$292,700,000	–	5,227,714	–	2.76%	–
GD	New	GENERAL DYNAMICS CORP	$245,587,000	–	1,733,269	–	2.31%	–
GS	New	GOLDMAN SACHS GROUP INC	$239,028,000	–	1,144,826	–	2.25%	–
WMT	New	WAL-MART STORES INC	$223,321,000	–	3,148,470	–	2.10%	–
LEN	New	LENNAR CORPcl a	$194,737,000	–	3,815,376	–	1.84%	–
GE	New	GENERAL ELECTRIC CO	$194,365,000	–	7,315,203	–	1.83%	–
GLW	New	CORNING INC	$191,381,000	–	9,700,005	–	1.80%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$190,856,000	–	1,173,343	–	1.80%	–
OMC	New	OMNICOM GROUP INC	$189,242,000	–	2,723,304	–	1.78%	–
RYL	New	RYLAND GROUP INC	$164,804,000	–	3,554,119	–	1.55%	–
STI	New	SUNTRUST BKS INC	$157,816,000	–	3,668,443	–	1.49%	–
MTH	New	MERITAGE HOMES CORP	$152,489,000	–	3,238,246	–	1.44%	–
SPY	New	SPDR S&P 500 ETF TR TR Unit	$152,068,000	–	738,732	–	1.43%	–
FITB	New	FIFTH THIRD BANCORP	$139,236,000	–	6,687,600	–	1.31%	–
BP	New	BP PLCsponsored adr	$134,896,000	–	3,375,764	–	1.27%	–
CI	New	CIGNA CORPORATION	$124,318,000	–	767,395	–	1.17%	–
BBBY	New	BED BATH & BEYOND INC	$117,089,000	–	1,697,440	–	1.10%	–
RTN	New	RAYTHEON CO COMnew	$113,115,000	–	1,182,220	–	1.07%	–
APA	New	APACHE CORP	$111,333,000	–	1,931,865	–	1.05%	–
GPC	New	GENUINE PARTS CO	$105,020,000	–	1,173,012	–	0.99%	–
SNDK	New	SANDISK CORP	$78,991,000	–	1,356,775	–	0.74%	–
LNC	New	LINCOLN NATL CORP IND	$61,888,000	–	1,045,046	–	0.58%	–
SWK	New	STANLEY BLACK & DECKER INC	$56,811,000	–	539,828	–	0.54%	–
ABBV	New	ABBVIE INC	$43,850,000	–	652,623	–	0.41%	–
PRU	New	PRUDENTIAL FINL INC	$41,619,000	–	475,540	–	0.39%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$22,772,000	–	469,038	–	0.22%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$7,350,000	–	198,326	–	0.07%	–
BCS	New	BARCLAYS PLCadr	$5,262,000	–	320,100	–	0.05%	–
SNY	New	SANOFIsponsored adr	$3,898,000	–	78,700	–	0.04%	–
HMC	New	HONDA MOTOR LTD	$1,711,000	–	52,800	–	0.02%	–
NVS	New	NOVARTIS A Gsponsored adr	$443,000	–	4,500	–	0.00%	–
TTE	New	TOTAL S Asponsored adr	$118,000	–	2,400	–	0.00%	–
SNP	New	CHINA PETE & CHEM CORP	$100,000	–	1,170	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
SNP	Exit	CHINA PETE & CHEM CORP	$0	–	-1,170	–	-0.00%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-1,098	–	-0.00%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-2,400	–	-0.00%	–
EWY	Exit	ISHARESmsci sth kor etf	$0	–	-5,354	–	-0.00%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-5,967	–	-0.00%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,171	–	-0.00%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-4,500	–	-0.01%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-33,600	–	-0.02%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-57,000	–	-0.02%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-60,400	–	-0.03%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-211,100	–	-0.04%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-75,800	–	-0.05%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-305,625	–	-0.05%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-151,874	–	-0.08%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-191,826	–	-0.09%	–
ABBV	Exit	ABBVIE INC	$0	–	-776,785	–	-0.48%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-402,638	–	-0.51%	–
SPY	Exit	SPDR S&P 500 ETF TR TR Unit	$0	–	-245,332	–	-0.52%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-625,728	–	-0.59%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-649,239	–	-0.61%	–
CI	Exit	CIGNA CORPORATION	$0	–	-763,994	–	-0.74%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-1,242,412	–	-1.16%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-5,518,800	–	-1.19%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-1,735,850	–	-1.22%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-3,366,730	–	-1.28%	–
RTN	Exit	RAYTHEON CO COMnew	$0	–	-1,248,220	–	-1.36%	–
RYL	Exit	RYLAND GROUP INC	$0	–	-3,820,080	–	-1.36%	–
SNDK	Exit	SANDISK CORP	$0	–	-1,369,848	–	-1.43%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-3,747,195	–	-1.52%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-3,085,130	–	-1.53%	–
BP	Exit	BP PLCsponsored adr	$0	–	-3,478,964	–	-1.64%	–
APA	Exit	APACHE CORP	$0	–	-1,975,216	–	-1.98%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-7,412,139	–	-2.03%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-2,882,104	–	-2.12%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-4,038,946	–	-2.31%	–
AET	Exit	AETNA INC NEW	$0	–	-2,703,902	–	-2.34%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,207,584	–	-2.45%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,266,954	–	-2.49%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-1,911,063	–	-2.60%	–
V107SC	Exit	WELLPOINT INC	$0	–	-2,048,515	–	-2.62%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-3,221,750	–	-2.63%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-4,040,436	–	-2.65%	–
MDT	Exit	MEDTRONIC INC	$0	–	-4,231,733	–	-2.80%	–
DHI	Exit	D R HORTON INC	$0	–	-12,908,571	–	-2.83%	–
MET	Exit	METLIFE INC	$0	–	-5,362,479	–	-3.08%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,344,584	–	-3.08%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,724,534	–	-3.10%	–
STJ	Exit	ST JUDE MED INC	$0	–	-4,926,754	–	-3.17%	–
GLW	Exit	CORNING INC	$0	–	-17,649,938	–	-3.65%	–
BAC	Exit	BANK AMER CORP	$0	–	-26,088,726	–	-4.76%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-8,194,216	–	-5.28%	–
C	Exit	CITIGROUP INC	$0	–	-10,693,816	–	-5.92%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-12,226,697	–	-6.06%	–
INTC	Exit	INTEL CORP	$0	–	-16,530,999	–	-6.15%	–
AAPL	Exit	APPLE INC	$0	–	-5,889,679	–	-6.34%	–

Q3 2014

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$593,385,000	+5.5%	5,889,679	-2.7%	6.34%	+1.3%
INTC	Sell	INTEL CORP	$575,609,000	+10.8%	16,530,999	-1.7%	6.15%	+6.4%
MSFT	Buy	MICROSOFT CORP	$566,830,000	+13.1%	12,226,697	+1.7%	6.06%	+8.6%
C	Sell	CITIGROUP INC	$554,154,000	+8.4%	10,693,816	-1.4%	5.92%	+4.1%
JPM	Buy	JPMORGAN CHASE & CO	$493,620,000	+7.4%	8,194,216	+2.7%	5.28%	+3.1%
BAC	Buy	BANK AMER CORP	$444,813,000	+14.0%	26,088,726	+2.7%	4.76%	+9.4%
GLW	Buy	CORNING INC	$341,350,000	-9.4%	17,649,938	+2.8%	3.65%	-13.0%
STJ	Buy	ST JUDE MED INC	$296,246,000	-3.0%	4,926,754	+11.7%	3.17%	-6.9%
JNJ	Buy	JOHNSON & JOHNSON	$290,408,000	+3.4%	2,724,534	+1.5%	3.10%	-0.7%
UNH	Buy	UNITEDHEALTH GROUP INC	$288,470,000	+7.1%	3,344,584	+1.5%	3.08%	+2.8%
MET	Buy	METLIFE INC	$288,072,000	-1.3%	5,362,479	+2.0%	3.08%	-5.3%
DHI	Buy	D R HORTON INC	$264,884,000	+12.5%	12,908,571	+34.8%	2.83%	+8.1%
MDT	Buy	MEDTRONIC INC	$262,156,000	-0.4%	4,231,733	+2.5%	2.80%	-4.3%
3106PS	Buy	DELPHI AUTOMOTIVE PLC	$247,840,000	-8.5%	4,040,436	+2.5%	2.65%	-12.1%
WMT	Buy	WAL-MART STORES INC	$246,367,000	+3.4%	3,221,750	+1.5%	2.63%	-0.8%
V107SC	Sell	WELLPOINT INC	$245,043,000	+1.2%	2,048,515	-8.9%	2.62%	-2.8%
GD	Buy	GENERAL DYNAMICS CORP	$242,877,000	+10.9%	1,911,063	+1.7%	2.60%	+6.4%
GS	Buy	GOLDMAN SACHS GROUP INC	$232,575,000	+11.9%	1,266,954	+2.1%	2.49%	+7.4%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$229,236,000	+7.1%	1,207,584	+2.3%	2.45%	+2.9%
AET	Buy	AETNA INC NEW	$219,016,000	+2.2%	2,703,902	+2.3%	2.34%	-1.8%
GE	Buy	GENERAL ELECTRIC CO	$189,899,000	-0.4%	7,412,139	+2.1%	2.03%	-4.4%
APA	Buy	APACHE CORP	$185,414,000	-4.4%	1,975,216	+2.5%	1.98%	-8.2%
VLO	Buy	VALERO ENERGY CORP NEW	$142,749,000	-5.1%	3,085,130	+2.8%	1.53%	-8.9%
STI	Buy	SUNTRUST BKS INC	$142,506,000	-3.1%	3,747,195	+2.0%	1.52%	-7.0%
SNDK	Sell	SANDISK CORP	$134,177,000	-18.4%	1,369,848	-13.0%	1.43%	-21.7%
RYL	Buy	RYLAND GROUP INC	$126,979,000	+26.9%	3,820,080	+50.6%	1.36%	+21.8%
RTN	Sell	RAYTHEON CO COMnew	$126,844,000	+9.8%	1,248,220	-0.4%	1.36%	+5.4%
MTH	Buy	MERITAGE HOMES CORP	$119,519,000	+51.6%	3,366,730	+80.2%	1.28%	+45.6%
BBBY	Buy	BED BATH & BEYOND INC	$114,271,000	+17.1%	1,735,850	+2.1%	1.22%	+12.5%
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$111,369,000	–	5,518,800	–	1.19%	–
GPC	Sell	GENUINE PARTS CO	$108,972,000	-11.5%	1,242,412	-11.4%	1.16%	-15.0%
CI	Buy	CIGNA CORPORATION	$69,287,000	+4.5%	763,994	+6.0%	0.74%	+0.4%
SWK	Sell	STANLEY BLACK & DECKER INC	$55,558,000	-3.0%	625,728	-4.0%	0.59%	-6.8%
SPY	Sell	SPDR S&P 500 ETF TR TR Unit	$48,335,000	-38.9%	245,332	-39.3%	0.52%	-41.2%
CVX	Sell	CHEVRON CORP NEW	$48,043,000	-9.2%	402,638	-0.6%	0.51%	-12.7%
SHG	Buy	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$8,720,000	+27.0%	191,826	+28.1%	0.09%	+22.4%
VEU	Sell	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$7,478,000	-81.2%	151,874	-80.1%	0.08%	-81.9%
BCS	Buy	BARCLAYS PLCadr	$4,526,000	+1.6%	305,625	+0.3%	0.05%	-4.0%
WFC	Sell	WELLS FARGO & CO NEW	$3,133,000	-2.9%	60,400	-1.6%	0.03%	-8.3%
EWY	Sell	ISHARESmsci sth kor etf	$324,000	-73.9%	5,354	-72.0%	0.00%	-78.6%
EWZ	Sell	ISHARESmsci brz cap etf	$259,000	-16.2%	5,967	-7.7%	0.00%	0.0%
EFA	Sell	ISHARES TRmsci eafe etf	$70,000	-99.3%	1,098	-99.2%	0.00%	-99.1%
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-387,500	–	-0.16%	–

Q2 2014

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$562,427,000	–	6,052,161	–	6.26%	–
INTC	New	INTEL CORP	$519,409,000	–	16,809,341	–	5.78%	–
C	New	CITIGROUP INC	$511,023,000	–	10,849,750	–	5.69%	–
MSFT	New	MICROSOFT CORP	$501,092,000	–	12,016,594	–	5.58%	–
JPM	New	JPMORGAN CHASE & CO	$459,812,000	–	7,980,079	–	5.12%	–
BAC	New	BANK OF AMERICA CORPORATION	$390,298,000	–	25,393,525	–	4.34%	–
GLW	New	CORNING INC	$376,946,000	–	17,172,947	–	4.20%	–
STJ	New	ST JUDE MED INC	$305,519,000	–	4,411,820	–	3.40%	–
MET	New	METLIFE INC	$291,990,000	–	5,255,407	–	3.25%	–
JNJ	New	JOHNSON & JOHNSON	$280,885,000	–	2,684,814	–	3.13%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$270,945,000	–	3,941,592	–	3.02%	–
UNH	New	UNITEDHEALTH GROUP INC	$269,394,000	–	3,295,344	–	3.00%	–
MDT	New	MEDTRONIC INC	$263,183,000	–	4,127,711	–	2.93%	–
V107SC	New	WELLPOINT INC	$242,044,000	–	2,249,274	–	2.70%	–
WMT	New	WAL-MART STORES INC	$238,371,000	–	3,175,312	–	2.65%	–
DHI	New	D R HORTON INC	$235,442,000	–	9,578,600	–	2.62%	–
GD	New	GENERAL DYNAMICS CORP	$219,056,000	–	1,879,499	–	2.44%	–
AET	New	AETNA INC NEW	$214,208,000	–	2,641,934	–	2.38%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$213,947,000	–	1,180,267	–	2.38%	–
GS	New	GOLDMAN SACHS GROUP INC	$207,839,000	–	1,241,276	–	2.31%	–
LNC	New	LINCOLN NATL CORP IND	$207,763,000	–	4,038,946	–	2.31%	–
OMC	New	OMNICOM GROUP INC	$205,263,000	–	2,882,104	–	2.28%	–
APA	New	APACHE CORP	$193,857,000	–	1,926,627	–	2.16%	–
GE	New	GENERAL ELECTRIC CO	$190,753,000	–	7,258,486	–	2.12%	–
BP	New	BP PLCsponsored adr	$183,515,000	–	3,478,964	–	2.04%	–
SNDK	New	SANDISK CORP	$164,431,000	–	1,574,561	–	1.83%	–
VLO	New	VALERO ENERGY CORP NEW	$150,415,000	–	3,002,299	–	1.68%	–
STI	New	SUNTRUST BKS INC	$147,130,000	–	3,672,734	–	1.64%	–
GPC	New	GENUINE PARTS CO	$123,132,000	–	1,402,409	–	1.37%	–
RTN	New	RAYTHEON CO COMnew	$115,554,000	–	1,252,620	–	1.29%	–
RYL	New	RYLAND GROUP INC	$100,040,000	–	2,536,509	–	1.11%	–
BBBY	New	BED BATH & BEYOND INC	$97,545,000	–	1,699,982	–	1.09%	–
SPY	New	SPDR S&P 500 ETF TR TR Unit	$79,067,000	–	403,982	–	0.88%	–
MTH	New	MERITAGE HOMES CORP	$78,849,000	–	1,868,018	–	0.88%	–
CI	New	CIGNA CORPORATION	$66,284,000	–	720,709	–	0.74%	–
PRU	New	PRUDENTIAL FINL INC	$57,633,000	–	649,239	–	0.64%	–
SWK	New	STANLEY BLACK & DECKER INC	$57,256,000	–	651,968	–	0.64%	–
CVX	New	CHEVRON CORP NEW	$52,900,000	–	405,207	–	0.59%	–
ABBV	New	ABBVIE INC	$43,842,000	–	776,785	–	0.49%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$39,813,000	–	761,384	–	0.44%	–
MDLZ	New	MONDELEZ INTL INCcl a	$14,574,000	–	387,500	–	0.16%	–
EFA	New	ISHARESmsci eafe etf	$9,510,000	–	139,098	–	0.11%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$6,865,000	–	149,700	–	0.08%	–
BCS	New	BARCLAYS PLCadr	$4,453,000	–	304,825	–	0.05%	–
FITB	New	FIFTH THIRD BANCORP	$4,507,000	–	211,100	–	0.05%	–
SNY	New	SANOFIsponsored adr	$4,030,000	–	75,800	–	0.04%	–
WFC	New	WELLS FARGO & CO NEW	$3,227,000	–	61,400	–	0.04%	–
HMC	New	HONDA MOTOR LTD	$1,994,000	–	57,000	–	0.02%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$1,797,000	–	33,600	–	0.02%	–
EWY	New	ISHARESmsci sth kor etf	$1,243,000	–	19,116	–	0.01%	–
XOM	New	EXXON MOBIL CORP	$420,000	–	4,171	–	0.01%	–
NVS	New	NOVARTIS A Gsponsored adr	$407,000	–	4,500	–	0.01%	–
EWZ	New	ISHARESmsci brz cap etf	$309,000	–	6,467	–	0.00%	–
TTE	New	TOTAL S Asponsored adr	$173,000	–	2,400	–	0.00%	–
SNP	New	CHINA PETE & CHEM CORP	$111,000	–	1,170	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
SNP	Exit	CHINA PETE & CHEM CORP	$0	–	-1,170	–	-0.00%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-2,800	–	-0.00%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-4,200	–	-0.00%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-6,467	–	-0.00%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-4,400	–	-0.01%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-11,471	–	-0.01%	–
EWY	Exit	ISHARESmsci sth kor etf	$0	–	-31,515	–	-0.03%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-53,400	–	-0.03%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-61,400	–	-0.04%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-54,300	–	-0.04%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-212,500	–	-0.05%	–
SHG	Exit	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$0	–	-98,900	–	-0.06%	–
CST	Exit	CST BRANDS INC	$0	–	-258,494	–	-0.11%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-61,300	–	-0.17%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-317,484	–	-0.21%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-272,305	–	-0.25%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-598,500	–	-0.26%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-292,482	–	-0.31%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-356,868	–	-0.44%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-514,333	–	-0.45%	–
ABBV	Exit	ABBVIE INC	$0	–	-783,839	–	-0.48%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-410,707	–	-0.68%	–
CI	Exit	CIGNA CORPORATION	$0	–	-695,209	–	-0.73%	–
SPY	Exit	SPDR S&P 500 ETF TR TR Unit	$0	–	-509,210	–	-1.18%	–
SNDK	Exit	SANDISK CORP	$0	–	-1,759,161	–	-1.44%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-1,526,924	–	-1.64%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-1,477,657	–	-1.64%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-3,739,099	–	-1.75%	–
RTN	Exit	RAYTHEON CO COMnew	$0	–	-1,706,320	–	-1.80%	–
AET	Exit	AETNA INC NEW	$0	–	-2,324,334	–	-2.04%	–
BP	Exit	BP PLCsponsored adr	$0	–	-3,616,458	–	-2.09%	–
APA	Exit	APACHE CORP	$0	–	-1,836,227	–	-2.15%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-6,610,486	–	-2.17%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-4,097,946	–	-2.36%	–
AAPL	Exit	APPLE INC	$0	–	-363,000	–	-2.38%	–
NE	Exit	NOBLE CORPORATION BAARnamen -akt	$0	–	-4,654,496	–	-2.41%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-5,528,734	–	-2.46%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-2,836,404	–	-2.47%	–
ESV	Exit	ENSCO PLC SHSclass a	$0	–	-3,442,712	–	-2.54%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,191,576	–	-2.59%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-3,663,092	–	-2.94%	–
MDT	Exit	MEDTRONIC INC	$0	–	-4,087,111	–	-2.99%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-2,994,912	–	-3.04%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,593,314	–	-3.09%	–
GLW	Exit	CORNING INC	$0	–	-16,553,847	–	-3.32%	–
V107SC	Exit	WELLPOINT INC	$0	–	-2,910,336	–	-3.34%	–
STJ	Exit	ST JUDE MED INC	$0	–	-4,671,656	–	-3.44%	–
MET	Exit	METLIFE INC	$0	–	-5,402,907	–	-3.48%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,403,647	–	-3.57%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,792,444	–	-3.73%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-3,147,499	–	-3.78%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-22,392,325	–	-4.24%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-5,991,479	–	-4.25%	–
INTC	Exit	INTEL CORP	$0	–	-15,899,341	–	-5.00%	–
C	Exit	CITIGROUP INC	$0	–	-7,670,150	–	-5.11%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-11,449,094	–	-5.24%	–

Q3 2013

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$381,369,000	-14.2%	11,449,094	-11.1%	5.24%	-13.7%
C	Buy	CITIGROUP INC	$372,079,000	+2.1%	7,670,150	+0.9%	5.11%	+2.7%
INTC	Sell	INTEL CORP	$364,413,000	-7.0%	15,899,341	-1.7%	5.00%	-6.4%
JPM	Buy	JPMORGAN CHASE & CO	$309,700,000	-1.4%	5,991,479	+0.7%	4.25%	-0.7%
BAC	Buy	BANK OF AMERICA CORPORATION	$309,014,000	+7.9%	22,392,325	+0.5%	4.24%	+8.6%
GD	Sell	GENERAL DYNAMICS CORP	$275,469,000	-13.5%	3,147,499	-22.6%	3.78%	-13.0%
UNH	Buy	UNITEDHEALTH GROUP INC	$271,577,000	+16.3%	3,792,444	+6.3%	3.73%	+17.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$259,927,000	-3.2%	1,403,647	-0.1%	3.57%	-2.6%
MET	Sell	METLIFE INC	$253,666,000	+2.2%	5,402,907	-0.4%	3.48%	+2.9%
STJ	Sell	ST JUDE MED INC	$250,588,000	+17.4%	4,671,656	-0.1%	3.44%	+18.2%
V107SC	Sell	WELLPOINT INC	$243,333,000	-3.9%	2,910,336	-5.9%	3.34%	-3.2%
GLW	Sell	CORNING INC	$241,521,000	+2.5%	16,553,847	-0.1%	3.32%	+3.1%
JNJ	Sell	JOHNSON & JOHNSON	$224,814,000	+0.9%	2,593,314	-0.0%	3.09%	+1.6%
WMT	Buy	WAL-MART STORES INC	$221,504,000	+1.3%	2,994,912	+2.1%	3.04%	+2.0%
MDT	Sell	MEDTRONIC INC	$217,639,000	+3.3%	4,087,111	-0.1%	2.99%	+4.0%
3106PS	Buy	DELPHI AUTOMOTIVE PLC	$213,998,000	+15.7%	3,663,092	+0.4%	2.94%	+16.5%
GS	Buy	GOLDMAN SACHS GROUP INC	$188,519,000	+4.9%	1,191,576	+0.3%	2.59%	+5.6%
ESV	Buy	ENSCO PLC SHSclass a	$185,046,000	-6.1%	3,442,712	+1.5%	2.54%	-5.5%
OMC	Sell	OMNICOM GROUP INC	$179,941,000	+0.8%	2,836,404	-0.1%	2.47%	+1.4%
STI	Sell	SUNTRUST BKS INC	$179,242,000	+2.6%	5,528,734	-0.1%	2.46%	+3.3%
NE	Buy	NOBLE CORPORATION BAARnamen -akt	$175,800,000	+2.2%	4,654,496	+1.7%	2.41%	+2.9%
AAPL	New	APPLE INC	$173,060,000	–	363,000	–	2.38%	–
LNC	Sell	LINCOLN NATL CORP IND	$172,073,000	+14.8%	4,097,946	-0.3%	2.36%	+15.5%
GE	Sell	GENERAL ELECTRIC CO	$157,925,000	+2.8%	6,610,486	-0.2%	2.17%	+3.5%
APA	Sell	APACHE CORP	$156,336,000	+1.4%	1,836,227	-0.2%	2.15%	+2.0%
BP	Sell	BP PLCsponsored adr	$152,000,000	-16.0%	3,616,458	-16.5%	2.09%	-15.4%
AET	Buy	AETNA INC NEW	$148,804,000	+1.2%	2,324,334	+0.4%	2.04%	+1.9%
RTN	Sell	RAYTHEON CO COMnew	$131,506,000	+2.8%	1,706,320	-11.8%	1.80%	+3.5%
VLO	Buy	VALERO ENERGY CORP NEW	$127,690,000	-1.6%	3,739,099	+0.2%	1.75%	-0.9%
PRU	Sell	PRUDENTIAL FINL INC	$119,070,000	+6.7%	1,526,924	-0.0%	1.64%	+7.5%
SNDK	Sell	SANDISK CORP	$104,688,000	-2.6%	1,759,161	-0.0%	1.44%	-2.0%
SPY	Sell	SPDR S&P 500 ETF TR TR Unit	$85,598,000	-58.0%	509,210	-60.1%	1.18%	-57.8%
CI	Sell	CIGNA CORPORATION	$53,434,000	+5.6%	695,209	-0.1%	0.73%	+6.4%
CVX	Sell	CHEVRON CORP NEW	$49,901,000	+2.3%	410,707	-0.4%	0.68%	+3.0%
WDC	Sell	WESTERN DIGITAL CORP	$32,609,000	-77.1%	514,333	-77.6%	0.45%	-76.9%
SWK	Sell	STANLEY BLACK & DECKER INC	$32,322,000	+16.7%	356,868	-0.4%	0.44%	+17.5%
MDLZ	Sell	MONDELEZ INTL INCcl a	$18,805,000	+9.9%	598,500	-0.2%	0.26%	+10.7%
RDSA	Sell	ROYAL DUTCH SHELL PLCspons adr a	$17,885,000	+0.5%	272,305	-2.4%	0.25%	+1.2%
VEU	Sell	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$15,430,000	-26.5%	317,484	-33.0%	0.21%	-25.9%
CEO	New	CNOOC LTDsponsored adr	$12,370,000	–	61,300	–	0.17%	–
CST	Sell	CST BRANDS INC	$7,703,000	-22.4%	258,494	-19.7%	0.11%	-21.5%
SHG	Buy	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$4,005,000	+25.1%	98,900	+0.5%	0.06%	+25.0%
SNY	Buy	SANOFIsponsored adr	$2,749,000	+0.3%	54,300	+2.1%	0.04%	+2.7%
SNP	Buy	CHINA PETE & CHEM CORP	$92,000	+12.2%	1,170	+30.0%	0.00%	0.0%
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-2,109	–	-0.00%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-365,078	–	-0.44%	–

Q2 2013

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$444,664,000	–	12,877,620	–	6.06%	–
INTC	New	INTEL CORP	$391,907,000	–	16,181,141	–	5.34%	–
C	New	CITIGROUP INC	$364,565,000	–	7,599,850	–	4.97%	–
GD	New	GENERAL DYNAMICS CORP	$318,576,000	–	4,067,099	–	4.34%	–
JPM	New	JPMORGAN CHASE & CO	$313,989,000	–	5,947,879	–	4.28%	–
BAC	New	BANK OF AMERICA CORPORATION	$286,430,000	–	22,272,925	–	3.91%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$268,652,000	–	1,405,747	–	3.66%	–
V107SC	New	WELLPOINT INC	$253,118,000	–	3,092,836	–	3.45%	–
MET	New	METLIFE INC	$248,157,000	–	5,423,007	–	3.38%	–
GLW	New	CORNING INC	$235,709,000	–	16,564,247	–	3.22%	–
UNH	New	UNITEDHEALTH GROUP INC	$233,512,000	–	3,566,160	–	3.18%	–
JNJ	New	JOHNSON & JOHNSON	$222,765,000	–	2,594,514	–	3.04%	–
WMT	New	WAL-MART STORES INC	$218,569,000	–	2,934,212	–	2.98%	–
STJ	New	ST JUDE MED INC	$213,368,000	–	4,676,056	–	2.91%	–
MDT	New	MEDTRONIC INC	$210,616,000	–	4,092,011	–	2.87%	–
SPY	New	SPDR S&P 500 ETF TR TR Unit	$204,030,000	–	1,275,110	–	2.78%	–
ESV	New	ENSCO PLC SHSclass a	$197,115,000	–	3,391,512	–	2.69%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$184,902,000	–	3,647,692	–	2.52%	–
BP	New	BP PLCsponsored adr	$180,862,000	–	4,333,066	–	2.47%	–
GS	New	GOLDMAN SACHS GROUP INC	$179,712,000	–	1,188,176	–	2.45%	–
OMC	New	OMNICOM GROUP INC	$178,526,000	–	2,839,604	–	2.44%	–
STI	New	SUNTRUST BKS INC	$174,631,000	–	5,531,534	–	2.38%	–
NE	New	NOBLE CORPORATION BAARnamen -akt	$172,015,000	–	4,577,296	–	2.35%	–
APA	New	APACHE CORP	$154,208,000	–	1,839,527	–	2.10%	–
GE	New	GENERAL ELECTRIC CO	$153,564,000	–	6,621,986	–	2.09%	–
LNC	New	LINCOLN NATL CORP IND	$149,937,000	–	4,111,246	–	2.04%	–
AET	New	AETNA INC NEW	$147,027,000	–	2,313,934	–	2.00%	–
WDC	New	WESTERN DIGITAL CORP	$142,344,000	–	2,292,537	–	1.94%	–
VLO	New	VALERO ENERGY CORP NEW	$129,713,000	–	3,730,599	–	1.77%	–
RTN	New	RAYTHEON CO COMnew	$127,901,000	–	1,934,380	–	1.74%	–
GPC	New	GENUINE PARTS CO	$115,361,000	–	1,477,657	–	1.57%	–
PRU	New	PRUDENTIAL FINL INC	$111,548,000	–	1,527,424	–	1.52%	–
SNDK	New	SANDISK CORP	$107,528,000	–	1,759,861	–	1.47%	–
CI	New	CIGNA CORPORATION	$50,580,000	–	696,009	–	0.69%	–
CVX	New	CHEVRON CORP NEW	$48,781,000	–	412,207	–	0.66%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$32,576,000	–	365,078	–	0.44%	–
ABBV	New	ABBVIE INC	$32,404,000	–	783,839	–	0.44%	–
SWK	New	STANLEY BLACK & DECKER INC	$27,694,000	–	358,268	–	0.38%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$21,003,000	–	473,784	–	0.29%	–
BBBY	New	BED BATH & BEYOND INC	$20,737,000	–	292,482	–	0.28%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$17,801,000	–	279,005	–	0.24%	–
MDLZ	New	MONDELEZ INTL INCcl a	$17,118,000	–	600,000	–	0.23%	–
CST	New	CST BRANDS INC	$9,922,000	–	322,031	–	0.14%	–
BCS	New	BARCLAYS PLCadr	$3,638,000	–	212,500	–	0.05%	–
SHG	New	SHINHAN FINANCIAL GROUP CO Lspn adr restrd	$3,201,000	–	98,400	–	0.04%	–
SNY	New	SANOFIsponsored adr	$2,740,000	–	53,200	–	0.04%	–
WFC	New	WELLS FARGO & CO NEW	$2,534,000	–	61,400	–	0.04%	–
HMC	New	HONDA MOTOR LTD	$1,989,000	–	53,400	–	0.03%	–
EWY	New	ISHARES INCmsci sth kor cap	$1,681,000	–	31,515	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$1,036,000	–	11,471	–	0.01%	–
NVS	New	NOVARTIS A Gsponsored adr	$311,000	–	4,400	–	0.00%	–
EWZ	New	ISHARES INCmsci brazil capp	$284,000	–	6,467	–	0.00%	–
TTE	New	TOTAL S Asponsored adr	$205,000	–	4,200	–	0.00%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$140,000	–	2,800	–	0.00%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$61,000	–	2,109	–	0.00%	–
SNP	New	CHINA PETE & CHEM CORP	$82,000	–	900	–	0.00%	–

Q4 2012

			Value		Shares		↓ Weighting
SNP	Exit	CHINA PETE & CHEM CORP	$0	–	-900	–	-0.00%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-2,800	–	-0.00%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-4,200	–	-0.00%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-4,400	–	-0.01%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-17,971	–	-0.03%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-61,800	–	-0.03%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-49,200	–	-0.04%	–
EWZ	Exit	ISHARES INCmsci brazil	$0	–	-42,800	–	-0.04%	–
EWY	Exit	ISHARES INCmsci s korea	$0	–	-43,609	–	-0.05%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-89,100	–	-0.06%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-235,800	–	-0.06%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-183,200	–	-0.25%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-549,194	–	-0.30%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-416,833	–	-0.32%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-279,005	–	-0.35%	–
DELL	Exit	DELL INC	$0	–	-2,424,800	–	-0.43%	–
SPY	Exit	SPDR S&P 500 ETF TR TR Unit	$0	–	-236,460	–	-0.61%	–
UNM	Exit	UNUM GROUP	$0	–	-1,857,000	–	-0.64%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-413,901	–	-0.86%	–
ESV	Exit	ENSCO PLC SHSclass a	$0	–	-949,171	–	-0.93%	–
ABT	Exit	ABBOTT LABS	$0	–	-783,239	–	-0.96%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-1,977,600	–	-1.01%	–
KFT	Exit	KRAFT FOODS INCcl a	$0	–	-1,438,300	–	-1.07%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-1,067,800	–	-1.23%	–
SNDK	Exit	SANDISK CORP	$0	–	-1,597,500	–	-1.24%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-1,896,400	–	-1.32%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-2,318,758	–	-1.32%	–
AET	Exit	AETNA INC NEW	$0	–	-1,974,300	–	-1.40%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-1,535,200	–	-1.50%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-1,469,848	–	-1.61%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-4,076,061	–	-1.77%	–
C	Exit	CITIGROUP INC	$0	–	-3,035,900	–	-1.78%	–
RTN	Exit	RAYTHEON CO COMnew	$0	–	-1,788,748	–	-1.83%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-5,589,552	–	-2.28%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-4,528,967	–	-2.29%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-1,502,487	–	-2.32%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,182,298	–	-2.41%	–
NE	Exit	NOBLE CORPORATION BAARnamen -akt	$0	–	-3,813,333	–	-2.44%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-1,852,000	–	-2.45%	–
V107SC	Exit	WELLPOINT INC	$0	–	-2,412,953	–	-2.51%	–
APA	Exit	APACHE CORP	$0	–	-1,669,165	–	-2.59%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-2,817,000	–	-2.60%	–
MDT	Exit	MEDTRONIC INC	$0	–	-3,531,235	–	-2.73%	–
GLW	Exit	CORNING INC	$0	–	-12,885,879	–	-3.04%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,477,761	–	-3.06%	–
STJ	Exit	ST JUDE MED INC	$0	–	-4,066,612	–	-3.07%	–
MET	Exit	METLIFE INC	$0	–	-5,138,490	–	-3.17%	–
BP	Exit	BP PLCsponsored adr	$0	–	-4,421,966	–	-3.36%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,491,550	–	-3.47%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-3,201,734	–	-3.79%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-5,446,000	–	-3.95%	–
INTC	Exit	INTEL CORP	$0	–	-11,905,771	–	-4.84%	–
PFE	Exit	PFIZER INC	$0	–	-11,023,630	–	-4.91%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-6,180,627	–	-5.00%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,420,016	–	-5.28%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-10,145,791	–	-5.41%	–

Q3 2012

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$302,142,000	+7.4%	10,145,791	+10.3%	5.41%	-4.2%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$294,582,000	+11.9%	1,420,016	+5.5%	5.28%	-0.2%
MRK	Buy	MERCK & CO INC NEW	$278,746,000	+13.5%	6,180,627	+5.1%	5.00%	+1.3%
PFE	Buy	PFIZER INC	$273,937,000	+11.3%	11,023,630	+3.0%	4.91%	-0.7%
INTC	Buy	INTEL CORP	$270,023,000	-7.8%	11,905,771	+8.3%	4.84%	-17.7%
JPM	Buy	JPMORGAN CHASE & CO	$220,454,000	+21.3%	5,446,000	+7.0%	3.95%	+8.2%
GD	Buy	GENERAL DYNAMICS CORP	$211,699,000	+8.3%	3,201,734	+8.0%	3.79%	-3.4%
UNH	Buy	UNITEDHEALTH GROUP INC	$193,467,000	+0.7%	3,491,550	+6.4%	3.47%	-10.1%
MET	Buy	METLIFE INC	$177,072,000	+30.1%	5,138,490	+16.5%	3.17%	+16.1%
STJ	Buy	ST JUDE MED INC	$171,326,000	+13.0%	4,066,612	+7.1%	3.07%	+0.9%
JNJ	Buy	JOHNSON & JOHNSON	$170,743,000	+5.7%	2,477,761	+3.6%	3.06%	-5.7%
GLW	Buy	CORNING INC	$169,449,000	+10.7%	12,885,879	+8.9%	3.04%	-1.2%
MDT	Buy	MEDTRONIC INC	$152,267,000	+19.3%	3,531,235	+7.1%	2.73%	+6.4%
OMC	Sell	OMNICOM GROUP INC	$145,245,000	+6.1%	2,817,000	-0.0%	2.60%	-5.3%
APA	Buy	APACHE CORP	$144,333,000	+5.2%	1,669,165	+6.9%	2.59%	-6.2%
V107SC	Buy	WELLPOINT INC	$139,975,000	-1.5%	2,412,953	+8.3%	2.51%	-12.1%
WMT	Sell	WAL-MART STORES INC	$136,678,000	-14.7%	1,852,000	-19.5%	2.45%	-23.9%
NE	Buy	NOBLE CORPORATION BAARnamen -akt	$136,441,000	+18.5%	3,813,333	+7.8%	2.44%	+5.8%
GS	Buy	GOLDMAN SACHS GROUP INC	$134,404,000	+26.9%	1,182,298	+7.0%	2.41%	+13.2%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$129,304,000	+7.4%	1,502,487	+7.1%	2.32%	-4.2%
STI	Buy	SUNTRUST BKS INC	$128,034,000	+27.5%	4,528,967	+9.3%	2.29%	+13.8%
GE	Buy	GENERAL ELECTRIC CO	$126,939,000	+16.0%	5,589,552	+6.5%	2.28%	+3.6%
RTN	Sell	RAYTHEON CO COMnew	$102,245,000	+0.9%	1,788,748	-0.1%	1.83%	-10.0%
C	New	CITIGROUP INC	$99,335,000	–	3,035,900	–	1.78%	–
LNC	Buy	LINCOLN NATL CORP IND	$98,600,000	+17.2%	4,076,061	+5.9%	1.77%	+4.6%
GPC	Sell	GENUINE PARTS CO	$89,705,000	-7.7%	1,469,848	-8.8%	1.61%	-17.6%
PRU	Buy	PRUDENTIAL FINL INC	$83,684,000	+80.0%	1,535,200	+59.9%	1.50%	+60.6%
AET	New	AETNA INC NEW	$78,182,000	–	1,974,300	–	1.40%	–
VLO	Buy	VALERO ENERGY CORP NEW	$73,458,000	+43.4%	2,318,758	+9.3%	1.32%	+27.9%
WDC	Buy	WESTERN DIGITAL CORP	$73,448,000	+102.1%	1,896,400	+59.0%	1.32%	+80.3%
SNDK	Buy	SANDISK CORP	$69,379,000	+29.3%	1,597,500	+8.6%	1.24%	+15.4%
SRE	Sell	SEMPRA ENERGY	$68,862,000	-6.4%	1,067,800	-0.0%	1.23%	-16.5%
VOD	Sell	VODAFONE GROUP PLC NEWspons adr new	$56,352,000	+1.0%	1,977,600	-0.1%	1.01%	-9.8%
ABT	Sell	ABBOTT LABS	$53,699,000	+4.2%	783,239	-2.0%	0.96%	-7.1%
ESV	New	ENSCO PLC SHSclass a	$51,787,000	–	949,171	–	0.93%	–
CVX	Sell	CHEVRON CORP NEW	$48,244,000	+10.4%	413,901	-0.1%	0.86%	-1.6%
UNM	Sell	UNUM GROUP	$35,692,000	+0.4%	1,857,000	-0.1%	0.64%	-10.4%
SPY	Sell	SPDR S&P 500 ETF TR TR Unit	$34,034,000	-30.6%	236,460	-34.3%	0.61%	-38.1%
RDSA	Sell	ROYAL DUTCH SHELL PLCspons adr a	$19,366,000	-57.3%	279,005	-58.5%	0.35%	-61.9%
VEU	Buy	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$18,045,000	+60.9%	416,833	+52.2%	0.32%	+43.6%
3106PS	Buy	DELPHI AUTOMOTIVE PLC	$17,025,000	+39.4%	549,194	+14.7%	0.30%	+24.5%
SWK	Buy	STANLEY BLACK & DECKER INC	$13,969,000	+430.7%	183,200	+347.9%	0.25%	+371.7%
EWY	Sell	ISHARES INCmsci s korea	$2,579,000	-71.8%	43,609	-73.9%	0.05%	-75.0%
EWZ	Sell	ISHARES INCmsci brazil	$2,313,000	-46.3%	42,800	-48.5%	0.04%	-52.3%
HMC	Buy	HONDA MOTOR LTD	$1,910,000	-4.6%	61,800	+6.9%	0.03%	-15.0%
XOM	Sell	EXXON MOBIL CORP	$1,643,000	-11.4%	17,971	-17.1%	0.03%	-21.6%
NWPRCCL	Exit	NATIONAL WESTMINSTER BK PLCspon	$0	–	-3,030	–	-0.00%	–
SAN	Exit	BANCO SANTANDER SA ADRadr	$0	–	-27,291	–	-0.00%	–
BCSPRCL	Exit	BARCLAYS BK PLCadr 2	$0	–	-12,500	–	-0.01%	–
RBSPRHCL	Exit	ROYAL BK SCOTLAND GROUP PLCspon	$0	–	-72,559	–	-0.03%	–
RBSPRFCL	Exit	ROYAL BK SCOTLAND GROUP PLCspon	$0	–	-70,286	–	-0.03%	–
VOO	Exit	VANGUARD INDEX FDSs&p 5	$0	–	-39,600	–	-0.05%	–
BCSPRACL	Exit	BARCLAYS BANK PLCsp ad	$0	–	-160,900	–	-0.08%	–
PRE	Exit	PARTNERRE LTD	$0	–	-943,729	–	-1.43%	–

Q2 2012

			Value		Shares		↓ Weighting
INTC	New	INTEL CORP	$292,936,000	–	10,991,971	–	5.88%	–
MSFT	New	MICROSOFT CORP	$281,256,000	–	9,194,391	–	5.65%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$263,234,000	–	1,345,916	–	5.29%	–
PFE	New	PFIZER INC	$246,119,000	–	10,700,830	–	4.94%	–
MRK	New	MERCK & CO INC NEW	$245,608,000	–	5,882,827	–	4.93%	–
GD	New	GENERAL DYNAMICS CORP	$195,514,000	–	2,964,134	–	3.93%	–
UNH	New	UNITEDHEALTH GROUP INC	$192,053,000	–	3,282,950	–	3.86%	–
JPM	New	JPMORGAN CHASE & CO	$181,773,000	–	5,087,400	–	3.65%	–
BP	New	BP PLCspons	$179,267,000	–	4,421,966	–	3.60%	–
JNJ	New	JOHNSON & JOHNSON	$161,547,000	–	2,391,161	–	3.24%	–
WMT	New	WAL MART STORES INC	$160,307,000	–	2,299,300	–	3.22%	–
GLW	New	CORNING INC	$153,057,000	–	11,837,374	–	3.07%	–
STJ	New	ST JUDE MED INC	$151,583,000	–	3,798,112	–	3.04%	–
V107SC	New	WELLPOINT INC	$142,083,000	–	2,227,353	–	2.85%	–
APA	New	APACHE CORP	$137,237,000	–	1,561,465	–	2.76%	–
OMC	New	OMNICOM GROUP INC	$136,926,000	–	2,817,400	–	2.75%	–
MET	New	METLIFE INC	$136,073,000	–	4,410,790	–	2.73%	–
MDT	New	MEDTRONIC INC	$127,640,000	–	3,295,635	–	2.56%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$120,377,000	–	1,403,487	–	2.42%	–
NE	New	NOBLE CORPORATION BAARnamen	$115,121,000	–	3,538,933	–	2.31%	–
GE	New	GENERAL ELECTRIC CO	$109,394,000	–	5,249,252	–	2.20%	–
GS	New	GOLDMAN SACHS GROUP INC	$105,887,000	–	1,104,598	–	2.13%	–
RTN	New	RAYTHEON CO	$101,299,000	–	1,790,048	–	2.04%	–
STI	New	SUNTRUST BKS INC	$100,396,000	–	4,143,467	–	2.02%	–
GPC	New	GENUINE PARTS CO	$97,156,000	–	1,612,548	–	1.95%	–
LNC	New	LINCOLN NATL CORP IND	$84,146,000	–	3,847,561	–	1.69%	–
SRE	New	SEMPRA ENERGY	$73,578,000	–	1,068,200	–	1.48%	–
PRE	New	PARTNERRE LTD	$71,412,000	–	943,729	–	1.43%	–
VOD	New	VODAFONE GROUP PLC NEWspons	$55,774,000	–	1,979,200	–	1.12%	–
KFT	New	KRAFT FOODS INCcl a	$55,547,000	–	1,438,300	–	1.12%	–
SNDK	New	SANDISK CORP	$53,644,000	–	1,470,500	–	1.08%	–
ABT	New	ABBOTT LABS	$51,527,000	–	799,239	–	1.04%	–
VLO	New	VALERO ENERGY CORP NEW	$51,231,000	–	2,121,358	–	1.03%	–
SPY	New	SPDR S&P 500 ETF TRtr un	$49,030,000	–	359,800	–	0.98%	–
PRU	New	PRUDENTIAL FINL INC	$46,483,000	–	959,800	–	0.93%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons	$45,382,000	–	673,023	–	0.91%	–
CVX	New	CHEVRON CORP NEW	$43,698,000	–	414,201	–	0.88%	–
WDC	New	WESTERN DIGITAL CORP	$36,350,000	–	1,192,600	–	0.73%	–
UNM	New	UNUM GROUP	$35,547,000	–	1,858,200	–	0.71%	–
DELL	New	DELL INC	$30,358,000	–	2,424,800	–	0.61%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$12,212,000	–	478,894	–	0.24%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwr	$11,218,000	–	273,793	–	0.22%	–
EWY	New	ISHARES INCmsci	$9,148,000	–	166,900	–	0.18%	–
EWZ	New	ISHARES INCmsci	$4,305,000	–	83,100	–	0.09%	–
BCSPRACL	New	BARCLAYS BANK PLCsp ad	$3,990,000	–	160,900	–	0.08%	–
WFC	New	WELLS FARGO & CO NEW	$2,980,000	–	89,100	–	0.06%	–
SWK	New	STANLEY BLACK & DECKER INC	$2,632,000	–	40,900	–	0.05%	–
VOO	New	VANGUARD INDEX FDSs&p 5	$2,466,000	–	39,600	–	0.05%	–
BCS	New	BARCLAYS PLC ADRadr	$2,429,000	–	235,800	–	0.05%	–
HMC	New	HONDA MOTOR LTDamern	$2,003,000	–	57,800	–	0.04%	–
SNY	New	SANOFIspons	$1,859,000	–	49,200	–	0.04%	–
XOM	New	EXXON MOBIL CORP	$1,854,000	–	21,671	–	0.04%	–
RBSPRHCL	New	ROYAL BK SCOTLAND GROUP PLCspon	$1,590,000	–	72,559	–	0.03%	–
RBSPRFCL	New	ROYAL BK SCOTLAND GROUP PLCspon	$1,614,000	–	70,286	–	0.03%	–
BCSPRCL	New	BARCLAYS BK PLCadr 2	$301,000	–	12,500	–	0.01%	–
NVS	New	NOVARTIS A Gspons	$246,000	–	4,400	–	0.01%	–
TTE	New	TOTAL S Aspons	$189,000	–	4,200	–	0.00%	–
SAN	New	BANCO SANTANDER SA ADRadr	$179,000	–	27,291	–	0.00%	–
GSK	New	GLAXOSMITHKLINE PLCspons	$128,000	–	2,800	–	0.00%	–
SNP	New	CHINA PETE & CHEM CORP SPON	$80,000	–	900	–	0.00%	–
NWPRCCL	New	NATIONAL WESTMINSTER BK PLCspon	$68,000	–	3,030	–	0.00%	–

Q4 2011

			Value		Shares		↓ Weighting
GSK	Exit	GLAXOSMITHKLINE PLCspo	$0	–	-2,800	–	-0.00%	–
SNP	Exit	CHINA PETE & CHEM CORPspo	$0	–	-1,100	–	-0.00%	–
SAN	Exit	BANCO SANTANDER SAadr	$0	–	-15,700	–	-0.00%	–
NVS	Exit	NOVARTIS A Gspo	$0	–	-4,400	–	-0.01%	–
BCSPRCL	Exit	BARCLAYS BK PLCadr	$0	–	-12,500	–	-0.01%	–
HMC	Exit	HONDA MOTOR LTDame	$0	–	-61,400	–	-0.05%	–
WFC	Exit	WELLS FARGO & COnew	$0	–	-89,100	–	-0.06%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-227,400	–	-0.06%	–
TTE	Exit	TOTAL S Aspo	$0	–	-67,400	–	-0.09%	–
SNY	Exit	SANOFIspo	$0	–	-100,800	–	-0.10%	–
BCSPRACL	Exit	BARCLAYS BANK PLCsp	$0	–	-160,900	–	-0.10%	–
VLO	Exit	VALERO ENERGY CORPnew	$0	–	-1,426,800	–	-0.74%	–
DELL	Exit	DELL INC	$0	–	-1,798,500	–	-0.74%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-1,179,000	–	-0.88%	–
PRE	Exit	PARTNERRE LTD	$0	–	-686,500	–	-1.04%	–
UNM	Exit	UNUM GROUP	$0	–	-1,778,500	–	-1.08%	–
LNC	Exit	LINCOLN NATL CORPind	$0	–	-2,479,961	–	-1.13%	–
KFT	Exit	KRAFT FOODS INCcl	$0	–	-1,366,800	–	-1.34%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-2,135,579	–	-1.40%	–
VOD	Exit	VODAFONE GROUP PLCnew	$0	–	-1,967,100	–	-1.47%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-1,001,800	–	-1.50%	–
MDT	Exit	MEDTRONIC INC	$0	–	-1,598,200	–	-1.55%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL COMdel	$0	–	-779,400	–	-1.62%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-1,157,000	–	-1.64%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-778,200	–	-1.65%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-3,861,500	–	-1.71%	–
EIX	Exit	EDISON INTL	$0	–	-1,602,100	–	-1.78%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,184,900	–	-1.92%	–
MET	Exit	METLIFE INC COM	$0	–	-2,405,800	–	-1.96%	–
RTN	Exit	RAYTHEON CO	$0	–	-1,703,748	–	-2.03%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-1,276,000	–	-2.11%	–
NE	Exit	NOBLE CORPORATION BAARnam	$0	–	-2,600,400	–	-2.22%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-1,572,548	–	-2.32%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-856,300	–	-2.36%	–
APA	Exit	APACHE CORP	$0	–	-1,149,128	–	-2.68%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspo	$0	–	-1,570,491	–	-2.84%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-2,697,200	–	-2.89%	–
CVX	Exit	CHEVRON CORPnew	$0	–	-1,080,600	–	-2.91%	–
V107SC	Exit	WELLPOINT INC	$0	–	-1,542,350	–	-2.93%	–
WMT	Exit	WAL MART STORES INC	$0	–	-2,031,500	–	-3.07%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-2,304,500	–	-3.09%	–
GLW	Exit	CORNING INC	$0	–	-8,719,400	–	-3.14%	–
ABT	Exit	ABBOTT LABS	$0	–	-2,302,900	–	-3.43%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,939,300	–	-3.60%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,822,100	–	-3.85%	–
INTC	Exit	INTEL CORP	$0	–	-6,705,018	–	-4.16%	–
MRK	Exit	MERCK & CO INCnew	$0	–	-4,431,900	–	-4.22%	–
BP	Exit	BP PLCspo	$0	–	-4,283,866	–	-4.50%	–
PFE	Exit	PFIZER INC	$0	–	-8,960,689	–	-4.61%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-6,834,100	–	-4.95%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,264,005	–	-6.44%	–

Q3 2011

			Value		Shares		↓ Weighting
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$221,239,000	-7.9%	1,264,005	-9.8%	6.44%	+6.9%
MSFT	Buy	MICROSOFT CORP	$170,101,000	+1.3%	6,834,100	+5.8%	4.95%	+17.6%
PFE	Buy	PFIZER INC	$158,425,000	-12.2%	8,960,689	+2.3%	4.61%	+1.9%
BP	Buy	BP PLCspo	$154,519,000	-13.4%	4,283,866	+6.4%	4.50%	+0.6%
MRK	Buy	MERCK & CO INCnew	$144,967,000	-5.2%	4,431,900	+2.3%	4.22%	+10.0%
INTC	Buy	INTEL CORP	$143,018,000	-1.1%	6,705,018	+2.7%	4.16%	+14.7%
XOM	Buy	EXXON MOBIL CORP	$132,339,000	-8.9%	1,822,100	+2.0%	3.85%	+5.7%
JNJ	Buy	JOHNSON & JOHNSON	$123,553,000	-1.7%	1,939,300	+2.6%	3.60%	+14.1%
ABT	Buy	ABBOTT LABS	$117,770,000	-0.5%	2,302,900	+2.4%	3.43%	+15.5%
GLW	Buy	CORNING INC	$107,772,000	-9.5%	8,719,400	+32.8%	3.14%	+5.0%
UNH	Buy	UNITEDHEALTH GROUP INC	$106,284,000	-4.0%	2,304,500	+7.4%	3.09%	+11.5%
WMT	Buy	WAL MART STORES INC	$105,435,000	+0.2%	2,031,500	+2.6%	3.07%	+16.3%
V107SC	Buy	WELLPOINT INC	$100,685,000	-15.3%	1,542,350	+2.3%	2.93%	-1.6%
CVX	Sell	CHEVRON CORPnew	$99,977,000	-10.1%	1,080,600	-0.0%	2.91%	+4.4%
OMC	Buy	OMNICOM GROUP INC	$99,365,000	-22.3%	2,697,200	+1.5%	2.89%	-9.8%
RDSB	Buy	ROYAL DUTCH SHELL PLCspo	$97,449,000	-11.2%	1,570,491	+2.6%	2.84%	+3.0%
APA	Buy	APACHE CORP	$92,206,000	-33.3%	1,149,128	+2.6%	2.68%	-22.6%
GS	Buy	GOLDMAN SACHS GROUP INC	$80,963,000	-27.2%	856,300	+2.5%	2.36%	-15.5%
GPC	Buy	GENUINE PARTS CO	$79,885,000	-5.6%	1,572,548	+1.1%	2.32%	+9.5%
NE	Buy	NOBLE CORPORATION BAARnam	$76,322,000	+96.2%	2,600,400	+163.5%	2.22%	+127.7%
GD	Buy	GENERAL DYNAMICS CORP	$72,592,000	-21.9%	1,276,000	+2.3%	2.11%	-9.4%
RTN	Buy	RAYTHEON CO	$69,632,000	-16.0%	1,703,748	+2.5%	2.03%	-2.5%
MET	Buy	METLIFE INC COM	$67,386,000	-34.5%	2,405,800	+2.6%	1.96%	-24.0%
EIX	Buy	EDISON INTL	$61,280,000	+1.2%	1,602,100	+2.5%	1.78%	+17.4%
GE	Buy	GENERAL ELECTRIC CO	$58,849,000	-17.7%	3,861,500	+1.9%	1.71%	-4.5%
LMT	Buy	LOCKHEED MARTIN CORP	$56,528,000	-7.9%	778,200	+2.6%	1.65%	+6.9%
TRV	Buy	TRAVELERS COMPANIES INC	$56,381,000	-14.6%	1,157,000	+2.3%	1.64%	-0.9%
OXY	Buy	OCCIDENTAL PETE CORP DEL COMdel	$55,727,000	-23.6%	779,400	+11.2%	1.62%	-11.4%
MDT	Buy	MEDTRONIC INC	$53,124,000	-13.5%	1,598,200	+0.2%	1.55%	+0.3%
SRE	Buy	SEMPRA ENERGY	$51,593,000	+0.2%	1,001,800	+2.9%	1.50%	+16.3%
VOD	Buy	VODAFONE GROUP PLCnew	$50,456,000	-3.4%	1,967,100	+0.6%	1.47%	+12.1%
HPQ	Sell	HEWLETT PACKARD CO	$47,944,000	-43.4%	2,135,579	-8.3%	1.40%	-34.3%
KFT	Sell	KRAFT FOODS INCcl	$45,897,000	-34.4%	1,366,800	-31.2%	1.34%	-23.9%
LNC	Buy	LINCOLN NATL CORPind	$38,762,000	-43.5%	2,479,961	+2.9%	1.13%	-34.5%
UNM	Buy	UNUM GROUP	$37,277,000	-15.9%	1,778,500	+2.3%	1.08%	-2.4%
PRE	Buy	PARTNERRE LTD	$35,883,000	-21.6%	686,500	+3.3%	1.04%	-8.9%
WDC	Buy	WESTERN DIGITAL CORP	$30,324,000	-29.1%	1,179,000	+0.3%	0.88%	-17.7%
DELL	Buy	DELL INC	$25,449,000	-12.9%	1,798,500	+2.6%	0.74%	+1.1%
VLO	Buy	VALERO ENERGY CORPnew	$25,369,000	-28.5%	1,426,800	+2.8%	0.74%	-17.0%
BCSPRACL	New	BARCLAYS BANK PLCsp	$3,401,000	–	160,900	–	0.10%	–
BCS	Buy	BARCLAYS PLCadr	$2,224,000	-38.1%	227,400	+4.0%	0.06%	-27.8%
WFC	New	WELLS FARGO & COnew	$2,149,000	–	89,100	–	0.06%	–
BCSPRCL	New	BARCLAYS BK PLCadr	$244,000	–	12,500	–	0.01%	–
CHKLQ	Exit	CHESAPEAKE ENERGY CORPpfd	$0	–	-12,044	–	-0.03%	–
CSCO	Exit	CISCO SYS INC	$0	–	-87,700	–	-0.03%	–
WFCPRL	Exit	WELLS FARGO & CO NEWper	$0	–	-1,487	–	-0.04%	–
SPY	Exit	SPDR S&P 500 ETF TRtr	$0	–	-13,900	–	-0.05%	–
RIG	Exit	TRANSOCEAN LTDreg	$0	–	-779,466	–	-1.26%	–

Q2 2011

			Value		Shares		↓ Weighting
IBM	New	INTERNATIONAL BUSINESS MACHS	$240,274,000	–	1,400,605	–	6.03%	–
PFE	New	PFIZER INC	$180,462,000	–	8,760,289	–	4.53%	–
BP	New	BP PLC SPONSOREDspo	$178,332,000	–	4,026,466	–	4.47%	–
MSFT	New	MICROSOFT CORP	$167,905,000	–	6,457,900	–	4.21%	–
MRK	New	MERCK & CO INCnew	$152,912,000	–	4,333,000	–	3.84%	–
XOM	New	EXXON MOBIL CORP	$145,320,000	–	1,785,700	–	3.64%	–
INTC	New	INTEL CORP	$144,632,000	–	6,526,718	–	3.63%	–
APA	New	APACHE CORP	$138,176,000	–	1,119,828	–	3.47%	–
OMC	New	OMNICOM GROUP INC	$127,937,000	–	2,656,500	–	3.21%	–
JNJ	New	JOHNSON & JOHNSON	$125,683,000	–	1,889,400	–	3.15%	–
GLW	New	CORNING INC	$119,137,000	–	6,564,000	–	2.99%	–
V107SC	New	WELLPOINT INC	$118,813,000	–	1,508,350	–	2.98%	–
ABT	New	ABBOTT LABS	$118,369,000	–	2,249,500	–	2.97%	–
GS	New	GOLDMAN SACHS GROUP INC	$111,183,000	–	835,400	–	2.79%	–
CVX	New	CHEVRON CORPnew	$111,170,000	–	1,081,000	–	2.79%	–
UNH	New	UNITEDHEALTH GROUP INC	$110,670,000	–	2,145,600	–	2.78%	–
RDSB	New	ROYAL DUTCH SHELL PLCspo	$109,791,000	–	1,530,191	–	2.75%	–
WMT	New	WAL MART STORES INC	$105,201,000	–	1,979,700	–	2.64%	–
MET	New	METLIFE INC	$102,884,000	–	2,345,200	–	2.58%	–
GD	New	GENERAL DYNAMICS CORP	$92,994,000	–	1,247,900	–	2.33%	–
JPM	New	JPMORGAN CHASE & CO	$89,450,000	–	2,184,900	–	2.24%	–
HPQ	New	HEWLETT PACKARD CO	$84,757,000	–	2,328,500	–	2.13%	–
GPC	New	GENUINE PARTS CO	$84,633,000	–	1,555,748	–	2.12%	–
RTN	New	RAYTHEON CO	$82,883,000	–	1,662,648	–	2.08%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$72,953,000	–	701,200	–	1.83%	–
GE	New	GENERAL ELECTRIC CO	$71,485,000	–	3,790,300	–	1.79%	–
KFT	New	KRAFT FOODS INCcl	$69,981,000	–	1,986,400	–	1.76%	–
LNC	New	LINCOLN NATL CORP IND	$68,654,000	–	2,409,761	–	1.72%	–
TRV	New	TRAVELERS COMPANIES INC	$66,045,000	–	1,131,300	–	1.66%	–
MDT	New	MEDTRONIC INC	$61,448,000	–	1,594,800	–	1.54%	–
LMT	New	LOCKHEED MARTIN CORP	$61,408,000	–	758,400	–	1.54%	–
EIX	New	EDISON INTL	$60,582,000	–	1,563,400	–	1.52%	–
VOD	New	VODAFONE GROUP PLC NEWspo	$52,230,000	–	1,954,700	–	1.31%	–
SRE	New	SEMPRA ENERGY	$51,473,000	–	973,400	–	1.29%	–
RIG	New	TRANSOCEAN LTDreg	$50,322,000	–	779,466	–	1.26%	–
PRE	New	PARTNERRE LTD	$45,744,000	–	664,400	–	1.15%	–
UNM	New	UNUM GROUP	$44,317,000	–	1,739,300	–	1.11%	–
WDC	New	WESTERN DIGITAL CORP	$42,768,000	–	1,175,600	–	1.07%	–
NE	New	NOBLE CORPORATION BAARnam	$38,898,000	–	987,000	–	0.98%	–
VLO	New	VALERO ENERGY CORPnew	$35,483,000	–	1,387,700	–	0.89%	–
DELL	New	DELL INC	$29,231,000	–	1,753,500	–	0.73%	–
SNY	New	SANOFIspo	$4,049,000	–	100,800	–	0.10%	–
TTE	New	TOTAL S A SPONSOREDspo	$3,898,000	–	67,400	–	0.10%	–
BCS	New	BARCLAYS PLCadr	$3,592,000	–	218,600	–	0.09%	–
HMC	New	HONDA MOTOR LTDame	$2,371,000	–	61,400	–	0.06%	–
SPY	New	SPDR S&P 500 ETF TRtr	$1,834,000	–	13,900	–	0.05%	–
WFCPRL	New	WELLS FARGO & CO NEWper	$1,576,000	–	1,487	–	0.04%	–
CSCO	New	CISCO SYS INC	$1,369,000	–	87,700	–	0.03%	–
CHKLQ	New	CHESAPEAKE ENERGY CORPpfd	$1,105,000	–	12,044	–	0.03%	–
NVS	New	NOVARTIS A Gspo	$269,000	–	4,400	–	0.01%	–
SAN	New	BANCO SANTANDER SAadr	$181,000	–	15,700	–	0.01%	–
GSK	New	GLAXOSMITHKLINE PLCspo	$120,000	–	2,800	–	0.00%	–
SNP	New	CHINA PETE & CHEM CORPspo	$112,000	–	1,100	–	0.00%	–

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Export Sanders Capital, LLC's holdings