National Mutual Insurance Federation of Agricultural Cooperatives Activity Q4 2004-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
IWB	Sell	ISHARES TRrus 1000 etf	$282,596,730	-22.2%	1,203,000	-19.3%	3.48%	-18.5%
AAPL	Sell	APPLE INC	$54,684,474	-15.7%	319,400	-4.5%	0.67%	-11.8%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$28,294,903	+7.2%	55,900	+10.5%	0.35%	+12.2%
EMR	Buy	EMERSON ELEC CO	$10,023,966	+50.3%	103,800	+40.7%	0.12%	+57.0%
MDT	Sell	MEDTRONIC PLC	$9,951,720	-28.1%	127,000	-19.1%	0.12%	-24.5%

Q2 2023

			Value		Shares		↓ Weighting
IVV	New	ISHARES TRcore s&p500 etf	$1,603,150,676	–	3,596,847	–	18.88%	–
VV	New	VANGUARD INDEX FDSlarge cap etf	$1,326,461,222	–	6,543,317	–	15.62%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,160,432,569	–	2,617,832	–	13.67%	–
VOO	New	VANGUARD INDEX FDS	$1,151,645,292	–	2,827,650	–	13.56%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,109,065,744	–	5,034,800	–	13.06%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$649,809,780	–	1,759,000	–	7.65%	–
LQD	New	ISHARES TRiboxx inv cp etf	$370,098,336	–	3,422,400	–	4.36%	–
IWB	New	ISHARES TRrus 1000 etf	$363,172,600	–	1,490,000	–	4.28%	–
AAPL	New	APPLE INC	$64,863,568	–	334,400	–	0.76%	–
MSFT	New	MICROSOFT CORP	$64,668,546	–	189,900	–	0.76%	–
GOOGL	New	ALPHABET INCcap stk cl a	$47,161,800	–	394,000	–	0.56%	–
AMZN	New	AMAZON COM INC	$35,197,200	–	270,000	–	0.41%	–
MA	New	MASTERCARD INCORPORATEDcl a	$31,110,030	–	79,100	–	0.37%	–
ISRG	New	INTUITIVE SURGICAL INC	$30,569,436	–	89,400	–	0.36%	–
V	New	VISA INC	$28,331,364	–	119,300	–	0.33%	–
JPM	New	JPMORGAN CHASE & CO	$26,891,856	–	184,900	–	0.32%	–
FB	New	META PLATFORMS INCcl a	$26,574,348	–	92,600	–	0.31%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$26,400,550	–	50,600	–	0.31%	–
WMT	New	WALMART INC	$24,787,286	–	157,700	–	0.29%	–
SPGI	New	S&P GLOBAL INC	$21,166,992	–	52,800	–	0.25%	–
BLK	New	BLACKROCK INC	$20,319,516	–	29,400	–	0.24%	–
NKE	New	NIKE INCcl b	$20,308,080	–	184,000	–	0.24%	–
MU	New	MICRON TECHNOLOGY INC	$19,690,320	–	312,000	–	0.23%	–
INTU	New	INTUIT	$19,656,351	–	42,900	–	0.23%	–
KO	New	COCA COLA CO	$18,577,870	–	308,500	–	0.22%	–
TRV	New	TRAVELERS COMPANIES INC	$18,060,640	–	104,000	–	0.21%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$18,092,800	–	160,000	–	0.21%	–
ETN	New	EATON CORP PLC	$16,952,730	–	84,300	–	0.20%	–
AZO	New	AUTOZONE INC	$16,954,848	–	6,800	–	0.20%	–
NSC	New	NORFOLK SOUTHN CORP	$16,417,424	–	72,400	–	0.19%	–
PFE	New	PFIZER INC	$16,212,560	–	442,000	–	0.19%	–
JNJ	New	JOHNSON & JOHNSON	$15,062,320	–	91,000	–	0.18%	–
HON	New	HONEYWELL INTL INC	$14,732,500	–	71,000	–	0.17%	–
DG	New	DOLLAR GEN CORP NEW	$13,921,960	–	82,000	–	0.16%	–
MDT	New	MEDTRONIC PLC	$13,831,700	–	157,000	–	0.16%	–
XOM	New	EXXON MOBIL CORP	$11,658,075	–	108,700	–	0.14%	–
PEP	New	PEPSICO INC	$11,298,420	–	61,000	–	0.13%	–
PYPL	New	PAYPAL HLDGS INC	$10,429,899	–	156,300	–	0.12%	–
DIS	New	DISNEY WALT CO	$9,865,440	–	110,500	–	0.12%	–
CVX	New	CHEVRON CORP NEW	$9,441,000	–	60,000	–	0.11%	–
ZBRA	New	ZEBRA TECHNOLOGIES CORPORATIcl a	$8,579,070	–	29,000	–	0.10%	–
EMR	New	EMERSON ELEC CO	$6,670,782	–	73,800	–	0.08%	–
PG	New	PROCTER AND GAMBLE CO	$3,398,066	–	22,394	–	0.04%	–

Q4 2022

			Value		Shares		↓ Weighting
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-165,000	–	-0.03%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-22,394	–	-0.03%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-73,800	–	-0.06%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-38,042	–	-0.06%	–
PEP	Exit	PEPSICO INC	$0	–	-41,000	–	-0.08%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-108,700	–	-0.11%	–
DIS	Exit	DISNEY WALT CO	$0	–	-110,500	–	-0.12%	–
ETN	Exit	EATON CORP PLC	$0	–	-84,300	–	-0.13%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-71,000	–	-0.13%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-92,600	–	-0.14%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-167,000	–	-0.15%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-156,300	–	-0.15%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE IN	$0	–	-160,000	–	-0.16%	–
AZO	Exit	AUTOZONE INC	$0	–	-6,800	–	-0.16%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-91,000	–	-0.17%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-72,400	–	-0.17%	–
NKE	Exit	NIKE INCcl b	$0	–	-184,000	–	-0.17%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-312,000	–	-0.18%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-104,000	–	-0.18%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-52,800	–	-0.18%	–
BLK	Exit	BLACKROCK INC	$0	–	-29,400	–	-0.18%	–
INTU	Exit	INTUIT	$0	–	-42,900	–	-0.19%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-89,400	–	-0.19%	–
KO	Exit	COCA COLA CO	$0	–	-308,500	–	-0.20%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-184,900	–	-0.22%	–
PFE	Exit	PFIZER INC	$0	–	-442,000	–	-0.22%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-82,000	–	-0.22%	–
WMT	Exit	WALMART INC	$0	–	-157,700	–	-0.23%	–
V	Exit	VISA INC	$0	–	-119,300	–	-0.24%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-79,100	–	-0.25%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-50,600	–	-0.29%	–
AMZN	Exit	AMAZON COM INC	$0	–	-270,000	–	-0.34%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-394,000	–	-0.42%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-199,900	–	-0.52%	–
AAPL	Exit	APPLE INC	$0	–	-353,400	–	-0.55%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-1,490,000	–	-3.32%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-3,422,400	–	-3.95%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-2,032,000	–	-6.12%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-3,621,650	–	-13.41%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-7,693,800	–	-15.57%	–
VV	Exit	VANGUARD INDEX FDSlarge cap etf	$0	–	-8,925,317	–	-16.46%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-4,125,832	–	-16.62%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-4,376,047	–	-17.70%	–

Q3 2022

			Value		Shares		↓ Weighting
VV	Sell	VANGUARD INDEX FDSlarge cap etf	$1,459,825,000	-13.1%	8,925,317	-8.4%	16.46%	-7.6%
VTI	Sell	VANGUARD INDEX FDStotal stk mkt	$1,380,806,000	-8.9%	7,693,800	-4.2%	15.57%	-3.1%
IWB	Buy	ISHARES TRrus 1000 etf	$294,022,000	+20.8%	1,490,000	+27.1%	3.32%	+28.4%
MSFT	Buy	MICROSOFT CORP	$46,557,000	-2.5%	199,900	+7.5%	0.52%	+3.8%
GOOGL	Buy	ALPHABET INCcap stk cl a	$37,686,000	-12.2%	394,000	+1900.0%	0.42%	-6.6%
DG	Buy	DOLLAR GEN CORP NEW	$19,669,000	+14.5%	82,000	+17.1%	0.22%	+22.0%
ISRG	Buy	INTUITIVE SURGICAL INC	$16,757,000	+7.9%	89,400	+15.5%	0.19%	+14.5%
BLK	Buy	BLACKROCK INC	$16,178,000	+54.4%	29,400	+70.9%	0.18%	+64.0%
TRV	Buy	TRAVELERS COMPANIES INC	$15,933,000	+81.2%	104,000	+100.0%	0.18%	+93.5%
MU	Buy	MICRON TECHNOLOGY INC	$15,631,000	+17.8%	312,000	+30.0%	0.18%	+24.8%
NKE	Buy	NIKE INCcl b	$15,294,000	+20.7%	184,000	+48.4%	0.17%	+28.4%
NSC	Buy	NORFOLK SOUTHN CORP	$15,179,000	+16.3%	72,400	+26.1%	0.17%	+23.9%
JNJ	Buy	JOHNSON & JOHNSON	$14,866,000	+249.0%	91,000	+279.2%	0.17%	+273.3%
AZO	Buy	AUTOZONE INC	$14,565,000	+25.5%	6,800	+25.9%	0.16%	+33.3%
PYPL	Buy	PAYPAL HLDGS INC	$13,453,000	+88.3%	156,300	+52.8%	0.15%	+100.0%
DIS	Buy	DISNEY WALT CO	$10,423,000	+99.0%	110,500	+99.1%	0.12%	+110.7%
XOM	Buy	EXXON MOBIL CORP	$9,491,000	+315.0%	108,700	+307.1%	0.11%	+345.8%
EMR	Buy	EMERSON ELEC CO	$5,404,000	+144.1%	73,800	+165.2%	0.06%	+165.2%
BAC	Exit	BK OF AMERICA CORP	$0	–	-132,125	–	-0.04%	–

Q2 2022

			Value		Shares		↓ Weighting
VV	New	VANGUARD INDEX FDSlarge cap etf	$1,679,950,000	–	9,747,317	–	17.81%	–
IVV	New	ISHARES TRcore s&p500 etf	$1,659,179,000	–	4,376,047	–	17.59%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,556,470,000	–	4,125,832	–	16.50%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,515,147,000	–	8,032,800	–	16.06%	–
VOO	New	VANGUARD INDEX FDS	$1,256,278,000	–	3,621,650	–	13.32%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$569,529,000	–	2,032,000	–	6.04%	–
LQD	New	ISHARES TRiboxx inv cp etf	$376,567,000	–	3,422,400	–	3.99%	–
IWB	New	ISHARES TRrus 1000 etf	$243,495,000	–	1,172,000	–	2.58%	–
AAPL	New	APPLE INC	$48,317,000	–	353,400	–	0.51%	–
MSFT	New	MICROSOFT CORP	$47,745,000	–	185,900	–	0.51%	–
GOOGL	New	ALPHABET INCcap stk cl a	$42,931,000	–	19,700	–	0.46%	–
AMZN	New	AMAZON COM INC	$28,677,000	–	270,000	–	0.30%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$27,490,000	–	50,600	–	0.29%	–
MA	New	MASTERCARD INCORPORATEDcl a	$24,954,000	–	79,100	–	0.26%	–
V	New	VISA INC	$23,489,000	–	119,300	–	0.25%	–
PFE	New	PFIZER INC	$23,174,000	–	442,000	–	0.25%	–
JPM	New	JPMORGAN CHASE & CO	$20,822,000	–	184,900	–	0.22%	–
KO	New	COCA COLA CO	$19,408,000	–	308,500	–	0.21%	–
WMT	New	WALMART INC	$19,173,000	–	157,700	–	0.20%	–
SPGI	New	S&P GLOBAL INC	$17,797,000	–	52,800	–	0.19%	–
DG	New	DOLLAR GEN CORP NEW	$17,181,000	–	70,000	–	0.18%	–
INTU	New	INTUIT	$16,535,000	–	42,900	–	0.18%	–
ISRG	New	INTUITIVE SURGICAL INC	$15,535,000	–	77,400	–	0.16%	–
ICE	New	INTERCONTINENTAL EXCHANGE IN	$15,046,000	–	160,000	–	0.16%	–
MDT	New	MEDTRONIC PLC	$14,988,000	–	167,000	–	0.16%	–
FB	New	META PLATFORMS INCcl a	$14,932,000	–	92,600	–	0.16%	–
MU	New	MICRON TECHNOLOGY INC	$13,267,000	–	240,000	–	0.14%	–
NSC	New	NORFOLK SOUTHN CORP	$13,046,000	–	57,400	–	0.14%	–
NKE	New	NIKE INCcl b	$12,673,000	–	124,000	–	0.13%	–
HON	New	HONEYWELL INTL INC	$12,341,000	–	71,000	–	0.13%	–
AZO	New	AUTOZONE INC	$11,605,000	–	5,400	–	0.12%	–
ETN	New	EATON CORP PLC	$10,621,000	–	84,300	–	0.11%	–
BLK	New	BLACKROCK INC	$10,475,000	–	17,200	–	0.11%	–
TRV	New	TRAVELERS COMPANIES INC	$8,795,000	–	52,000	–	0.09%	–
PYPL	New	PAYPAL HLDGS INC	$7,145,000	–	102,300	–	0.08%	–
PEP	New	PEPSICO INC	$6,833,000	–	41,000	–	0.07%	–
CVX	New	CHEVRON CORP NEW	$5,508,000	–	38,042	–	0.06%	–
DIS	New	DISNEY WALT CO	$5,239,000	–	55,500	–	0.06%	–
JNJ	New	JOHNSON & JOHNSON	$4,260,000	–	24,000	–	0.04%	–
BAC	New	BK OF AMERICA CORP	$4,113,000	–	132,125	–	0.04%	–
PG	New	PROCTER AND GAMBLE CO	$3,220,000	–	22,394	–	0.03%	–
KMI	New	KINDER MORGAN INC DEL	$2,765,000	–	165,000	–	0.03%	–
XOM	New	EXXON MOBIL CORP	$2,287,000	–	26,700	–	0.02%	–
EMR	New	EMERSON ELEC CO	$2,214,000	–	27,829	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
XOM	Exit	EXXON MOBIL CORP	$0	–	-26,700	–	-0.01%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-9,370	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-27,829	–	-0.02%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-165,000	–	-0.02%	–
ETN	Exit	EATON CORP PLC	$0	–	-19,208	–	-0.02%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-22,394	–	-0.03%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-38,042	–	-0.03%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-24,000	–	-0.03%	–
AZO	Exit	AUTOZONE INC	$0	–	-2,342	–	-0.04%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-29,328	–	-0.04%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-132,125	–	-0.05%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-17,522	–	-0.05%	–
BLK	Exit	BLACKROCK INC	$0	–	-7,168	–	-0.05%	–
PEP	Exit	PEPSICO INC	$0	–	-41,000	–	-0.05%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-36,000	–	-0.07%	–
MMM	Exit	3M CO	$0	–	-50,000	–	-0.08%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-42,000	–	-0.08%	–
INTU	Exit	INTUIT	$0	–	-16,866	–	-0.08%	–
DIS	Exit	DISNEY WALT CO	$0	–	-55,500	–	-0.08%	–
NKE	Exit	NIKE INCcl b	$0	–	-70,000	–	-0.09%	–
SCHX	Exit	SCHWAB STRATEGIC TRus lrg cap etf	$0	–	-116,000	–	-0.10%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-52,300	–	-0.12%	–
KO	Exit	COCA COLA CO	$0	–	-364,000	–	-0.17%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-167,000	–	-0.18%	–
PFE	Exit	PFIZER INC	$0	–	-506,000	–	-0.19%	–
WMT	Exit	WALMART INC	$0	–	-157,700	–	-0.19%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-25,800	–	-0.22%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-63,000	–	-0.23%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-79,100	–	-0.24%	–
AAPL	Exit	APPLE INC	$0	–	-203,400	–	-0.25%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-50,600	–	-0.25%	–
V	Exit	VISA INC	$0	–	-133,300	–	-0.26%	–
AMZN	Exit	AMAZON COM INC	$0	–	-9,500	–	-0.27%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-227,900	–	-0.32%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-145,900	–	-0.36%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-17,400	–	-0.40%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-1,158,000	–	-2.43%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-3,422,400	–	-3.96%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-2,521,000	–	-7.84%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-3,300,650	–	-11.31%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-4,125,832	–	-15.38%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-4,336,847	–	-16.23%	–
VV	Exit	VANGUARD INDEX FDSlarge cap etf	$0	–	-10,753,317	–	-18.77%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-10,043,800	–	-19.38%	–

Q3 2021

			Value		Shares		↓ Weighting
IVV	Buy	ISHARES TRcore s&p 500 etf	$1,868,400,000	+566.5%	4,336,847	+274.5%	16.23%	+570.4%
IWB	Sell	ISHARES TRrus 1000 etf	$279,900,000	-85.0%	1,158,000	-73.3%	2.43%	-84.9%
MDT	Sell	MEDTRONIC PLC	$20,933,000	-13.5%	167,000	-14.3%	0.18%	-12.9%
KO	Sell	COCA COLA CO	$19,099,000	-22.7%	364,000	-20.3%	0.17%	-22.1%
PYPL	Buy	PAYPAL HLDGS INC	$13,609,000	+105.7%	52,300	+130.4%	0.12%	+107.0%
SCHX	Sell	SCHWAB STRATEGIC TRus lrg cap etf	$12,067,000	-87.8%	116,000	-87.8%	0.10%	-87.7%
DIS	Buy	DISNEY WALT CO	$9,389,000	+101.4%	55,500	+109.3%	0.08%	+105.0%
HON	Buy	HONEYWELL INTL INC	$7,642,000	+76.2%	36,000	+82.1%	0.07%	+78.4%
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-56,137	–	-0.03%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-17,958	–	-0.04%	–

Q2 2021

			Value		Shares		↓ Weighting
VTI	New	VANGUARD INDEX FDStotal stk mkt	$2,237,960,000	–	10,043,800	–	19.33%	–
VV	New	VANGUARD INDEX FDSlarge cap etf	$2,158,728,000	–	10,753,317	–	18.64%	–
IWB	New	ISHARES TRcore s&p500 etf	$1,864,497,000	–	4,336,847	–	16.10%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,766,104,000	–	4,125,832	–	15.25%	–
VOO	New	VANGUARD INDEX FDS	$1,298,872,000	–	3,300,650	–	11.22%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$893,518,000	–	2,521,000	–	7.72%	–
LQD	New	ISHARES TRiboxx inv cp etf	$459,834,000	–	3,422,400	–	3.97%	–
IVV	New	ISHARES TRrus 1000 etf	$280,329,000	–	1,158,000	–	2.42%	–
SCHX	New	SCHWAB STRATEGIC TRus lrg cap etf	$98,772,000	–	950,000	–	0.85%	–
GOOGL	New	ALPHABET INCcap stk cl a	$42,487,000	–	17,400	–	0.37%	–
MSFT	New	MICROSOFT CORP	$39,524,000	–	145,900	–	0.34%	–
JPM	New	JPMORGAN CHASE & CO	$35,448,000	–	227,900	–	0.31%	–
AMZN	New	AMAZON COM INC	$32,682,000	–	9,500	–	0.28%	–
V	New	VISA INC	$31,168,000	–	133,300	–	0.27%	–
MA	New	MASTERCARD INCORPORATEDcl a	$28,879,000	–	79,100	–	0.25%	–
AAPL	New	APPLE INC	$27,858,000	–	203,400	–	0.24%	–
SPGI	New	S&P GLOBAL INC	$25,858,000	–	63,000	–	0.22%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$25,526,000	–	50,600	–	0.22%	–
KO	New	COCA COLA CO	$24,717,000	–	456,800	–	0.21%	–
MDT	New	MEDTRONIC PLC	$24,193,000	–	194,900	–	0.21%	–
ISRG	New	INTUITIVE SURGICAL INC	$23,727,000	–	25,800	–	0.20%	–
WMT	New	WALMART INC	$22,239,000	–	157,700	–	0.19%	–
PFE	New	PFIZER INC	$19,815,000	–	506,000	–	0.17%	–
NKE	New	NIKE INCcl b	$10,814,000	–	70,000	–	0.09%	–
MMM	New	3M CO	$9,932,000	–	50,000	–	0.09%	–
DG	New	DOLLAR GEN CORP NEW	$9,088,000	–	42,000	–	0.08%	–
INTU	New	INTUIT	$8,267,000	–	16,866	–	0.07%	–
PYPL	New	PAYPAL HLDGS INC	$6,617,000	–	22,700	–	0.06%	–
BLK	New	BLACKROCK INC	$6,272,000	–	7,168	–	0.05%	–
FB	New	FACEBOOK INCcl a	$6,093,000	–	17,522	–	0.05%	–
PEP	New	PEPSICO INC	$6,075,000	–	41,000	–	0.05%	–
BAC	New	BK OF AMERICA CORP	$5,448,000	–	132,125	–	0.05%	–
DIS	New	DISNEY WALT CO	$4,661,000	–	26,517	–	0.04%	–
BDX	New	BECTON DICKINSON & CO	$4,367,000	–	17,958	–	0.04%	–
TRV	New	TRAVELERS COMPANIES INC	$4,391,000	–	29,328	–	0.04%	–
HON	New	HONEYWELL INTL INC	$4,337,000	–	19,771	–	0.04%	–
JNJ	New	JOHNSON & JOHNSON	$3,954,000	–	24,000	–	0.03%	–
CVX	New	CHEVRON CORP NEW	$3,985,000	–	38,042	–	0.03%	–
AZO	New	AUTOZONE INC	$3,495,000	–	2,342	–	0.03%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,145,000	–	56,137	–	0.03%	–
KMI	New	KINDER MORGAN INC DEL	$3,008,000	–	165,000	–	0.03%	–
PG	New	PROCTER AND GAMBLE CO	$3,022,000	–	22,394	–	0.03%	–
ETN	New	EATON CORP PLC	$2,846,000	–	19,208	–	0.02%	–
EMR	New	EMERSON ELEC CO	$2,678,000	–	27,829	–	0.02%	–
NSC	New	NORFOLK SOUTHN CORP	$2,487,000	–	9,370	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$1,684,000	–	26,700	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
CARR	Exit	CARRIER GLOBAL CORPORATION	$0	–	-16,866	–	-0.01%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-8,433	–	-0.01%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-65,000	–	-0.01%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-10,307	–	-0.01%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-16,866	–	-0.01%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-26,700	–	-0.01%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-20,333	–	-0.01%	–
C	Exit	CITIGROUP INC	$0	–	-34,165	–	-0.02%	–
MMM	Exit	3M CO	$0	–	-10,318	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-27,829	–	-0.02%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-9,370	–	-0.02%	–
ETN	Exit	EATON CORP PLC	$0	–	-19,208	–	-0.02%	–
LIN	Exit	LINDE PLC	$0	–	-8,339	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-17,000	–	-0.03%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-7,000	–	-0.03%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-38,042	–	-0.03%	–
AZO	Exit	AUTOZONE INC	$0	–	-2,342	–	-0.03%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-22,394	–	-0.03%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-29,328	–	-0.03%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-15,460	–	-0.03%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-19,771	–	-0.03%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-132,125	–	-0.03%	–
DIS	Exit	DISNEY WALT CO	$0	–	-26,517	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-56,137	–	-0.04%	–
PEP	Exit	PEPSICO INC	$0	–	-24,643	–	-0.04%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-4,800	–	-0.04%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-34,000	–	-0.04%	–
MRK	Exit	MERCK & CO. INC	$0	–	-44,882	–	-0.04%	–
WMT	Exit	WALMART INC	$0	–	-27,641	–	-0.04%	–
BLK	Exit	BLACKROCK INC	$0	–	-7,168	–	-0.04%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-17,958	–	-0.04%	–
KO	Exit	COCA COLA CO	$0	–	-86,766	–	-0.04%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-22,700	–	-0.05%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-47,881	–	-0.05%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-17,522	–	-0.05%	–
PFE	Exit	PFIZER INC	$0	–	-136,000	–	-0.05%	–
NKE	Exit	NIKE INCcl b	$0	–	-40,400	–	-0.05%	–
INTU	Exit	INTUIT	$0	–	-16,866	–	-0.06%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-4,310	–	-0.07%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-15,554	–	-0.07%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-22,075	–	-0.08%	–
V	Exit	VISA INC	$0	–	-38,301	–	-0.08%	–
AMZN	Exit	AMAZON COM INC	$0	–	-5,060	–	-0.17%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-75,897	–	-0.17%	–
AAPL	Exit	APPLE INC	$0	–	-170,400	–	-0.21%	–
SCHX	Exit	SCHWAB STRATEGIC TRus lrg cap etf	$0	–	-1,516,000	–	-1.30%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-3,778,400	–	-5.39%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-3,571,000	–	-7.08%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-2,521,000	–	-7.42%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-3,300,650	–	-10.76%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-4,125,832	–	-14.64%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-4,342,947	–	-15.46%	–
VV	Exit	VANGUARD INDEX FDSlarge cap etf	$0	–	-10,753,317	–	-17.82%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-10,043,800	–	-18.12%	–

Q3 2020

			Value		Shares		↓ Weighting
IVV	Sell	ISHARES TRcore s&p500 etf	$1,459,491,000	+8.2%	4,342,947	-0.3%	15.46%	-4.6%
QQQ	New	INVESCO QQQ TRunit ser 1	$700,435,000	–	2,521,000	–	7.42%	–
IWB	Sell	ISHARES TRrus 1000 etf	$668,313,000	-22.8%	3,571,000	-29.1%	7.08%	-31.9%
AAPL	Buy	APPLE INC	$19,734,000	+27.0%	170,400	+300.0%	0.21%	+11.8%
PFE	Buy	PFIZER INC	$4,991,000	+131.3%	136,000	+106.1%	0.05%	+103.8%
MDT	Buy	MEDTRONIC PLC	$3,533,000	+140.8%	34,000	+112.5%	0.04%	+105.6%
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-17,000	–	-0.01%	–

Q2 2020

			Value		Shares		↓ Weighting
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,572,156,000	–	10,043,800	–	18.89%	–
VV	New	VANGUARD INDEX FDSlarge cap etf	$1,537,724,000	–	10,753,317	–	18.48%	–
IVV	New	ISHARES TRcore s&p500 etf	$1,348,374,000	–	4,353,947	–	16.20%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,272,242,000	–	4,125,832	–	15.29%	–
VOO	New	VANGUARD INDEX FDS	$935,503,000	–	3,300,650	–	11.24%	–
IWB	New	ISHARES TRrus 1000 etf	$865,267,000	–	5,040,000	–	10.40%	–
LQD	New	ISHARES TRiboxx inv cp etf	$508,195,000	–	3,778,400	–	6.11%	–
SCHX	New	SCHWAB STRATEGIC TRus lrg cap etf	$112,336,000	–	1,516,000	–	1.35%	–
AAPL	New	APPLE INC	$15,540,000	–	42,600	–	0.19%	–
MSFT	New	MICROSOFT CORP	$15,446,000	–	75,897	–	0.19%	–
AMZN	New	AMAZON COM INC	$13,960,000	–	5,060	–	0.17%	–
V	New	VISA INC	$7,399,000	–	38,301	–	0.09%	–
MA	New	MASTERCARD INCORPORATEDcl a	$6,528,000	–	22,075	–	0.08%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,112,000	–	4,310	–	0.07%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$5,636,000	–	15,554	–	0.07%	–
INTU	New	INTUIT	$4,996,000	–	16,866	–	0.06%	–
JPM	New	JPMORGAN CHASE & CO	$4,504,000	–	47,881	–	0.05%	–
BDX	New	BECTON DICKINSON & CO	$4,297,000	–	17,958	–	0.05%	–
FB	New	FACEBOOK INCcl a	$3,979,000	–	17,522	–	0.05%	–
NKE	New	NIKE INCcl b	$3,961,000	–	40,400	–	0.05%	–
PYPL	New	PAYPAL HLDGS INC	$3,955,000	–	22,700	–	0.05%	–
KO	New	COCA COLA CO	$3,877,000	–	86,766	–	0.05%	–
BLK	New	BLACKROCK INC	$3,900,000	–	7,168	–	0.05%	–
MRK	New	MERCK & CO. INC	$3,471,000	–	44,882	–	0.04%	–
CVX	New	CHEVRON CORP NEW	$3,394,000	–	38,042	–	0.04%	–
WMT	New	WALMART INC	$3,311,000	–	27,641	–	0.04%	–
TRV	New	TRAVELERS COMPANIES INC	$3,345,000	–	29,328	–	0.04%	–
PEP	New	PEPSICO INC	$3,259,000	–	24,643	–	0.04%	–
BAC	New	BK OF AMERICA CORP	$3,138,000	–	132,125	–	0.04%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,095,000	–	56,137	–	0.04%	–
DIS	New	DISNEY WALT CO	$2,957,000	–	26,517	–	0.04%	–
DG	New	DOLLAR GEN CORP NEW	$2,945,000	–	15,460	–	0.04%	–
HON	New	HONEYWELL INTL INC	$2,859,000	–	19,771	–	0.03%	–
ISRG	New	INTUITIVE SURGICAL INC	$2,735,000	–	4,800	–	0.03%	–
AZO	New	AUTOZONE INC	$2,642,000	–	2,342	–	0.03%	–
PG	New	PROCTER AND GAMBLE CO	$2,678,000	–	22,394	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON	$2,391,000	–	17,000	–	0.03%	–
SPGI	New	S&P GLOBAL INC	$2,306,000	–	7,000	–	0.03%	–
PFE	New	PFIZER INC	$2,158,000	–	66,000	–	0.03%	–
EMR	New	EMERSON ELEC CO	$1,726,000	–	27,829	–	0.02%	–
C	New	CITIGROUP INC	$1,746,000	–	34,165	–	0.02%	–
LIN	New	LINDE PLC	$1,769,000	–	8,339	–	0.02%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,645,000	–	9,370	–	0.02%	–
ETN	New	EATON CORP PLC	$1,680,000	–	19,208	–	0.02%	–
MMM	New	3M CO	$1,610,000	–	10,318	–	0.02%	–
MDT	New	MEDTRONIC PLC	$1,467,000	–	16,000	–	0.02%	–
CVS	New	CVS HEALTH CORP	$1,321,000	–	20,333	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$1,194,000	–	26,700	–	0.01%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$1,039,000	–	16,866	–	0.01%	–
PXD	New	PIONEER NAT RES CO	$1,007,000	–	10,307	–	0.01%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$959,000	–	17,000	–	0.01%	–
KMI	New	KINDER MORGAN INC DEL	$986,000	–	65,000	–	0.01%	–
OTIS	New	OTIS WORLDWIDE CORP	$480,000	–	8,433	–	0.01%	–
CARR	New	CARRIER GLOBAL CORPORATION	$375,000	–	16,866	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-35,000	–	-0.01%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-10,090	–	-0.01%	–
CTVA	Exit	CORTEVA INC	$0	–	-27,090	–	-0.01%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-8,000	–	-0.01%	–
NFLX	Exit	NETFLIX INC	$0	–	-4,434	–	-0.02%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-10,307	–	-0.02%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-20,333	–	-0.02%	–
FDX	Exit	FEDEX CORP	$0	–	-9,370	–	-0.02%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-22,956	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-42,165	–	-0.02%	–
LIN	Exit	LINDE PLC	$0	–	-8,339	–	-0.02%	–
PFE	Exit	PFIZER INC	$0	–	-44,000	–	-0.02%	–
ETN	Exit	EATON CORP PLC	$0	–	-19,208	–	-0.02%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-9,370	–	-0.02%	–
MMM	Exit	3M CO	$0	–	-10,318	–	-0.02%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-7,000	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-27,829	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-17,000	–	-0.03%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-16,866	–	-0.03%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-22,700	–	-0.03%	–
C	Exit	CITIGROUP INC	$0	–	-34,165	–	-0.03%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-15,460	–	-0.03%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-35,257	–	-0.03%	–
AZO	Exit	AUTOZONE INC	$0	–	-2,342	–	-0.03%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-4,800	–	-0.03%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-22,394	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-47,637	–	-0.04%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-77,302	–	-0.04%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-17,522	–	-0.04%	–
BLK	Exit	BLACKROCK INC	$0	–	-7,168	–	-0.04%	–
WMT	Exit	WALMART INC	$0	–	-27,641	–	-0.04%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-19,771	–	-0.04%	–
PEP	Exit	PEPSICO INC	$0	–	-24,643	–	-0.04%	–
DIS	Exit	DISNEY WALT CO	$0	–	-26,517	–	-0.04%	–
NKE	Exit	NIKE INCcl b	$0	–	-40,400	–	-0.05%	–
MRK	Exit	MERCK & CO INC	$0	–	-44,882	–	-0.05%	–
BAC	Exit	BANK AMER CORP	$0	–	-132,125	–	-0.05%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-29,328	–	-0.06%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-15,554	–	-0.06%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-38,042	–	-0.06%	–
INTU	Exit	INTUIT	$0	–	-16,866	–	-0.06%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-17,958	–	-0.06%	–
KO	Exit	COCA COLA CO	$0	–	-86,766	–	-0.06%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-4,310	–	-0.07%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-47,881	–	-0.07%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-22,075	–	-0.08%	–
V	Exit	VISA INC	$0	–	-38,301	–	-0.08%	–
AMZN	Exit	AMAZON COM INC	$0	–	-5,060	–	-0.11%	–
AAPL	Exit	APPLE INC	$0	–	-42,600	–	-0.12%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-75,897	–	-0.13%	–
VYM	Exit	VANGUARD WHITEHALL FDS INChigh div yld	$0	–	-1,068,000	–	-1.20%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-524,000	–	-1.25%	–
XLP	Exit	SELECT SECTOR SPDR TRsbi cons stpls	$0	–	-1,639,000	–	-1.27%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-1,695,634	–	-1.39%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-2,294,000	–	-4.38%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-2,795,000	–	-5.81%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-3,778,400	–	-6.09%	–
SCHX	Exit	SCHWAB STRATEGIC TRus lrg cap etf	$0	–	-7,365,000	–	-6.60%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-4,336,847	–	-16.37%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-4,587,832	–	-17.21%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-5,256,650	–	-18.12%	–
VV	Exit	VANGUARD INDEX FDSlarge cap etf	$0	–	-10,598,000	–	-18.26%	–

Q3 2019

			Value		Shares		↓ Weighting
VOO	Sell	VANGUARD INDEX FDS	$1,432,963,000	-5.1%	5,256,650	-6.3%	18.12%	-4.2%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$1,361,531,000	-28.0%	4,587,832	-28.9%	17.21%	-27.3%
SCHX	Buy	SCHWAB STRATEGIC TRus lrg cap etf	$522,399,000	+293.4%	7,365,000	+289.3%	6.60%	+297.1%
VTI	New	VANGUARD INDEX FDStotal stk mkt	$346,394,000	–	2,294,000	–	4.38%	–
XLU	Buy	SELECT SECTOR SPDR TRsbi int-utils	$109,775,000	+9.6%	1,695,634	+1.0%	1.39%	+10.7%
QQQ	New	INVESCO QQQ TRunit ser 1	$98,936,000	–	524,000	–	1.25%	–
NKE	Sell	NIKE INCcl b	$3,794,000	-2.6%	40,400	-12.9%	0.05%	-2.0%
VZ	Buy	VERIZON COMMUNICATIONS INC	$2,875,000	+37.4%	47,637	+30.0%	0.04%	+38.5%
ISRG	Buy	INTUITIVE SURGICAL INC	$2,592,000	+208.9%	4,800	+200.0%	0.03%	+200.0%
XOM	Sell	EXXON MOBIL CORP	$2,489,000	-28.2%	35,257	-22.1%	0.03%	-27.9%
JNJ	Sell	JOHNSON & JOHNSON	$2,199,000	-47.2%	17,000	-43.1%	0.03%	-46.2%
SPGI	New	S&P GLOBAL INC	$1,715,000	–	7,000	–	0.02%	–
MMM	Sell	3M CO	$1,696,000	-25.4%	10,318	-21.3%	0.02%	-25.0%
NFLX	Sell	NETFLIX INC	$1,187,000	-53.4%	4,434	-36.1%	0.02%	-53.1%
CTVA	Buy	CORTEVA INC	$759,000	+154.7%	27,090	+168.5%	0.01%	+150.0%
KMI	New	KINDER MORGAN INC DEL	$721,000	–	35,000	–	0.01%	–
DOW	Exit	DOW INC	$0	–	-10,090	–	-0.01%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-8,527	–	-0.02%	–
	Exit	INVESCO QQQ TRunit ser 1	$0	–	-524,000	–	-1.22%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-1,745,000	–	-3.40%	–

Q2 2019

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,890,680,000	–	6,452,832	–	23.68%	–
VOO	New	VANGUARD INDEX FDS	$1,510,376,000	–	5,611,650	–	18.92%	–
VV	New	VANGUARD INDEX FDSlarge cap etf	$1,427,763,000	–	10,598,000	–	17.88%	–
IVV	New	ISHARES TRcore s&p 500 etf	$1,278,286,000	–	4,336,847	–	16.01%	–
LQD	New	ISHARES TRiboxx inv cp etf	$469,920,000	–	3,778,400	–	5.88%	–
IWB	New	ISHARES TRrus 1000 etf	$454,998,000	–	2,795,000	–	5.70%	–
IWM	New	ISHARES TRrussell 2000 etf	$271,348,000	–	1,745,000	–	3.40%	–
SCHX	New	SCHWAB STRATEGIC TRus lrg cap etf	$132,799,000	–	1,892,000	–	1.66%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$100,121,000	–	1,679,034	–	1.25%	–
	New	INVESCO QQQ TRunit ser 1	$97,852,000	–	524,000	–	1.22%	–
XLP	New	SELECT SECTOR SPDR TRsbi cons stpls	$95,177,000	–	1,639,000	–	1.19%	–
VYM	New	VANGUARD WHITEHALL FDS INChigh div yld	$93,322,000	–	1,068,000	–	1.17%	–
MSFT	New	MICROSOFT CORP	$10,167,000	–	75,897	–	0.13%	–
AMZN	New	AMAZON COM INC	$9,582,000	–	5,060	–	0.12%	–
AAPL	New	APPLE INC	$8,431,000	–	42,600	–	0.11%	–
V	New	VISA INC	$6,647,000	–	38,301	–	0.08%	–
MA	New	MASTERCARD INCcl a	$5,839,000	–	22,075	–	0.07%	–
JPM	New	JPMORGAN CHASE & CO	$5,353,000	–	47,881	–	0.07%	–
CVX	New	CHEVRON CORP NEW	$4,734,000	–	38,042	–	0.06%	–
GOOGL	New	ALPHABET INCcap stk cl a	$4,667,000	–	4,310	–	0.06%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$4,568,000	–	15,554	–	0.06%	–
BDX	New	BECTON DICKINSON & CO	$4,526,000	–	17,958	–	0.06%	–
INTU	New	INTUIT	$4,408,000	–	16,866	–	0.06%	–
TRV	New	TRAVELERS COMPANIES INC	$4,385,000	–	29,328	–	0.06%	–
KO	New	COCA COLA CO	$4,418,000	–	86,766	–	0.06%	–
JNJ	New	JOHNSON & JOHNSON	$4,163,000	–	29,890	–	0.05%	–
NKE	New	NIKE INCcl b	$3,894,000	–	46,381	–	0.05%	–
BAC	New	BANK AMER CORP	$3,832,000	–	132,125	–	0.05%	–
MRK	New	MERCK & CO INC	$3,763,000	–	44,882	–	0.05%	–
DIS	New	DISNEY WALT CO	$3,703,000	–	26,517	–	0.05%	–
XOM	New	EXXON MOBIL CORP	$3,468,000	–	45,257	–	0.04%	–
HON	New	HONEYWELL INTL INC	$3,452,000	–	19,771	–	0.04%	–
BLK	New	BLACKROCK INC	$3,364,000	–	7,168	–	0.04%	–
FB	New	FACEBOOK INCcl a	$3,382,000	–	17,522	–	0.04%	–
PEP	New	PEPSICO INC	$3,231,000	–	24,643	–	0.04%	–
WMT	New	WALMART INC	$3,054,000	–	27,641	–	0.04%	–
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$2,842,000	–	77,302	–	0.04%	–
PYPL	New	PAYPAL HLDGS INC	$2,598,000	–	22,700	–	0.03%	–
NFLX	New	NETFLIX INC	$2,547,000	–	6,934	–	0.03%	–
AZO	New	AUTOZONE INC	$2,575,000	–	2,342	–	0.03%	–
PG	New	PROCTER AND GAMBLE CO	$2,456,000	–	22,394	–	0.03%	–
C	New	CITIGROUP INC	$2,393,000	–	34,165	–	0.03%	–
UTX	New	UNITED TECHNOLOGIES CORP	$2,196,000	–	16,866	–	0.03%	–
MMM	New	3M CO	$2,274,000	–	13,118	–	0.03%	–
DG	New	DOLLAR GEN CORP NEW	$2,090,000	–	15,460	–	0.03%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,093,000	–	36,637	–	0.03%	–
PFE	New	PFIZER INC	$1,906,000	–	44,000	–	0.02%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,868,000	–	9,370	–	0.02%	–
EMR	New	EMERSON ELEC CO	$1,857,000	–	27,829	–	0.02%	–
GS	New	GOLDMAN SACHS GROUP INC	$1,745,000	–	8,527	–	0.02%	–
LIN	New	LINDE PLC	$1,674,000	–	8,339	–	0.02%	–
ETN	New	EATON CORP PLC	$1,600,000	–	19,208	–	0.02%	–
PXD	New	PIONEER NAT RES CO	$1,586,000	–	10,307	–	0.02%	–
FDX	New	FEDEX CORP	$1,538,000	–	9,370	–	0.02%	–
GILD	New	GILEAD SCIENCES INC	$1,551,000	–	22,956	–	0.02%	–
T	New	AT&T INC	$1,413,000	–	42,165	–	0.02%	–
CVS	New	CVS HEALTH CORP	$1,108,000	–	20,333	–	0.01%	–
ISRG	New	INTUITIVE SURGICAL INC	$839,000	–	1,600	–	0.01%	–
MDT	New	MEDTRONIC PLC	$779,000	–	8,000	–	0.01%	–
DD	New	DUPONT DE NEMOURS INC	$757,000	–	10,090	–	0.01%	–
DOW	New	DOW INC	$498,000	–	10,090	–	0.01%	–
CTVA	New	CORTEVA INC	$298,000	–	10,090	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
PX	Exit	PRAXAIR INC	$0	–	-8,900	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-45,000	–	-0.02%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-30,100	–	-0.02%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-21,700	–	-0.02%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-18,100	–	-0.02%	–
ETN	Exit	EATON CORP PLC	$0	–	-20,500	–	-0.02%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-10,000	–	-0.02%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-16,500	–	-0.02%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-24,500	–	-0.02%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-11,000	–	-0.02%	–
AZO	Exit	AUTOZONE INC	$0	–	-2,500	–	-0.02%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-23,900	–	-0.02%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-9,100	–	-0.03%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-32,306	–	-0.03%	–
ABBV	Exit	ABBVIE INC	$0	–	-24,000	–	-0.03%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-29,700	–	-0.03%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-18,000	–	-0.03%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-82,500	–	-0.03%	–
WMT	Exit	WALMART INC	$0	–	-29,500	–	-0.04%	–
FDX	Exit	FEDEX CORP	$0	–	-12,000	–	-0.04%	–
PEP	Exit	PEPSICO INC	$0	–	-26,300	–	-0.04%	–
MMM	Exit	3M CO	$0	–	-14,000	–	-0.04%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-18,700	–	-0.04%	–
KO	Exit	COCA COLA CO	$0	–	-69,600	–	-0.04%	–
C	Exit	CITIGROUP INC	$0	–	-45,000	–	-0.04%	–
DIS	Exit	DISNEY WALT CO	$0	–	-28,300	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-47,900	–	-0.04%	–
NFLX	Exit	NETFLIX INC	$0	–	-8,900	–	-0.04%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-21,100	–	-0.04%	–
BLK	Exit	BLACKROCK INC	$0	–	-7,650	–	-0.05%	–
BAC	Exit	BANK AMER CORP	$0	–	-125,000	–	-0.05%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-48,300	–	-0.05%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-16,600	–	-0.05%	–
INTU	Exit	INTUIT	$0	–	-18,000	–	-0.05%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-31,300	–	-0.05%	–
NKE	Exit	NIKE INCcl b	$0	–	-49,500	–	-0.05%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-31,900	–	-0.06%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-40,600	–	-0.06%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-102,000	–	-0.07%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-21,300	–	-0.07%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-4,600	–	-0.07%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-51,100	–	-0.07%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-30,800	–	-0.09%	–
V	Exit	VISA INC	$0	–	-47,600	–	-0.09%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-81,000	–	-0.12%	–
AMZN	Exit	AMAZON COM INC	$0	–	-5,400	–	-0.14%	–
AAPL	Exit	APPLE INC	$0	–	-49,200	–	-0.14%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-524,000	–	-1.24%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-6,052,200	–	-8.89%	–
VV	Exit	VANGUARD INDEX FDSlarge cap etf	$0	–	-10,248,000	–	-17.48%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-5,611,650	–	-19.15%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-6,118,847	–	-22.89%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-7,566,532	–	-28.11%	–

Q3 2018

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$2,199,743,000	-3.8%	7,566,532	-10.2%	28.11%	-2.2%
VOO	Sell	VANGUARD INDEX FDS	$1,498,591,000	-10.9%	5,611,650	-16.7%	19.15%	-9.5%
VV	Buy	VANGUARD INDEX FDSlarge cap etf	$1,368,210,000	+13.0%	10,248,000	+5.6%	17.48%	+14.9%
QQQ	New	INVESCO QQQ TRunit ser 1	$97,354,000	–	524,000	–	1.24%	–
MA	Sell	MASTERCARD INCORPORATEDcl a	$6,856,000	+5.7%	30,800	-6.7%	0.09%	+7.3%
XLU	Buy	SELECT SECTOR SPDR TRsbi int-utils	$5,370,000	+21.6%	102,000	+20.0%	0.07%	+23.2%
CVX	Buy	CHEVRON CORP NEW	$4,965,000	+7.6%	40,600	+11.2%	0.06%	+8.6%
FDX	Sell	FEDEX CORP	$2,889,000	-9.1%	12,000	-14.3%	0.04%	-7.5%
WMT	Buy	WALMART INC	$2,770,000	+37.6%	29,500	+25.5%	0.04%	+40.0%
EMR	Sell	EMERSON ELEC CO	$2,274,000	-5.2%	29,700	-14.4%	0.03%	-3.3%
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-524,000	–	-1.13%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-1,054,000	–	-2.01%	–

Q2 2018

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,285,543,000	–	8,425,032	–	28.74%	–
VOO	New	VANGUARD INDEX FDS	$1,681,860,000	–	6,740,650	–	21.15%	–
IVV	New	ISHARES TRcore s&p500 etf	$1,670,751,000	–	6,118,847	–	21.01%	–
VV	New	VANGUARD INDEX FDSlarge cap etf	$1,210,546,000	–	9,703,000	–	15.22%	–
LQD	New	ISHARES TRiboxx inv cp etf	$693,401,000	–	6,052,200	–	8.72%	–
IWB	New	ISHARES TRrus 1000 etf	$160,187,000	–	1,054,000	–	2.01%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$89,945,000	–	524,000	–	1.13%	–
AMZN	New	AMAZON COM INC	$9,179,000	–	5,400	–	0.12%	–
AAPL	New	APPLE INC	$9,107,000	–	49,200	–	0.12%	–
MSFT	New	MICROSOFT CORP	$7,987,000	–	81,000	–	0.10%	–
MA	New	MASTERCARD INCORPORATEDcl a	$6,485,000	–	33,000	–	0.08%	–
V	New	VISA INC	$6,305,000	–	47,600	–	0.08%	–
JPM	New	JPMORGAN CHASE & CO	$5,325,000	–	51,100	–	0.07%	–
GOOGL	New	ALPHABET INCcap stk cl a	$5,194,000	–	4,600	–	0.06%	–
BDX	New	BECTON DICKINSON & CO	$5,103,000	–	21,300	–	0.06%	–
CVX	New	CHEVRON CORP NEW	$4,615,000	–	36,500	–	0.06%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$4,417,000	–	85,000	–	0.06%	–
NKE	New	NIKE INCcl b	$3,944,000	–	49,500	–	0.05%	–
XOM	New	EXXON MOBIL CORP	$3,996,000	–	48,300	–	0.05%	–
JNJ	New	JOHNSON & JOHNSON	$3,871,000	–	31,900	–	0.05%	–
BLK	New	BLACKROCK INC	$3,818,000	–	7,650	–	0.05%	–
TRV	New	TRAVELERS COMPANIES INC	$3,829,000	–	31,300	–	0.05%	–
FB	New	FACEBOOK INCcl a	$3,634,000	–	18,700	–	0.05%	–
INTU	New	INTUIT	$3,678,000	–	18,000	–	0.05%	–
BAC	New	BANK AMER CORP	$3,524,000	–	125,000	–	0.04%	–
NFLX	New	NETFLIX INC	$3,484,000	–	8,900	–	0.04%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$3,439,000	–	16,600	–	0.04%	–
FDX	New	FEDEX CORP	$3,179,000	–	14,000	–	0.04%	–
KO	New	COCA COLA CO	$3,053,000	–	69,600	–	0.04%	–
C	New	CITIGROUP INC	$3,011,000	–	45,000	–	0.04%	–
HON	New	HONEYWELL INTL INC	$3,039,000	–	21,100	–	0.04%	–
DIS	New	DISNEY WALT CO	$2,966,000	–	28,300	–	0.04%	–
MRK	New	MERCK & CO INC	$2,908,000	–	47,900	–	0.04%	–
PEP	New	PEPSICO INC	$2,863,000	–	26,300	–	0.04%	–
MMM	New	3M CO	$2,754,000	–	14,000	–	0.04%	–
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$2,699,000	–	82,500	–	0.03%	–
EMR	New	EMERSON ELEC CO	$2,399,000	–	34,700	–	0.03%	–
UTX	New	UNITED TECHNOLOGIES CORP	$2,251,000	–	18,000	–	0.03%	–
ABBV	New	ABBVIE INC	$2,224,000	–	24,000	–	0.03%	–
DWDP	New	DOWDUPONT INC	$2,130,000	–	32,306	–	0.03%	–
PXD	New	PIONEER NAT RES CO	$2,082,000	–	11,000	–	0.03%	–
WMT	New	WALMART INC	$2,013,000	–	23,500	–	0.02%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,007,000	–	9,100	–	0.02%	–
PG	New	PROCTER AND GAMBLE CO	$1,866,000	–	23,900	–	0.02%	–
GILD	New	GILEAD SCIENCES INC	$1,736,000	–	24,500	–	0.02%	–
AZO	New	AUTOZONE INC	$1,677,000	–	2,500	–	0.02%	–
DG	New	DOLLAR GEN CORP NEW	$1,627,000	–	16,500	–	0.02%	–
ETN	New	EATON CORP PLC	$1,532,000	–	20,500	–	0.02%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,514,000	–	30,100	–	0.02%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,509,000	–	10,000	–	0.02%	–
PX	New	PRAXAIR INC	$1,408,000	–	8,900	–	0.02%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$1,398,000	–	18,100	–	0.02%	–
CVS	New	CVS HEALTH CORP	$1,396,000	–	21,700	–	0.02%	–
T	New	AT&T INC	$1,445,000	–	45,000	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
FFIV	Exit	F5 NETWORKS INC	$0	–	-7,000	–	-0.02%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-7,500	–	-0.02%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-18,100	–	-0.02%	–
PX	Exit	PRAXAIR INC	$0	–	-8,900	–	-0.02%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-10,000	–	-0.03%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-16,500	–	-0.03%	–
ETN	Exit	EATON CORP PLC	$0	–	-20,500	–	-0.03%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-33,600	–	-0.03%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-21,700	–	-0.04%	–
AZO	Exit	AUTOZONE INC	$0	–	-3,250	–	-0.04%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-24,500	–	-0.04%	–
T	Exit	AT&T INC	$0	–	-52,000	–	-0.04%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-18,000	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-24,000	–	-0.04%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-34,700	–	-0.04%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-9,100	–	-0.04%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-23,900	–	-0.04%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-32,306	–	-0.04%	–
NFLX	Exit	NETFLIX INC	$0	–	-14,100	–	-0.05%	–
INTU	Exit	INTUIT	$0	–	-18,000	–	-0.05%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-82,500	–	-0.05%	–
DIS	Exit	DISNEY WALT CO	$0	–	-28,300	–	-0.06%	–
PEP	Exit	PEPSICO INC	$0	–	-26,300	–	-0.06%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-21,100	–	-0.06%	–
MRK	Exit	MERCK & CO INC	$0	–	-47,900	–	-0.06%	–
KO	Exit	COCA COLA CO	$0	–	-69,600	–	-0.06%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-16,600	–	-0.06%	–
BAC	Exit	BANK AMER CORP	$0	–	-125,000	–	-0.06%	–
C	Exit	CITIGROUP INC	$0	–	-45,000	–	-0.07%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-28,600	–	-0.07%	–
MMM	Exit	3M CO	$0	–	-16,100	–	-0.07%	–
BLK	Exit	BLACKROCK INC	$0	–	-7,650	–	-0.07%	–
FDX	Exit	FEDEX CORP	$0	–	-16,000	–	-0.07%	–
NKE	Exit	NIKE INCcl b	$0	–	-71,500	–	-0.08%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-48,300	–	-0.08%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-31,900	–	-0.08%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-34,900	–	-0.09%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-85,000	–	-0.09%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-23,500	–	-0.09%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-51,100	–	-0.10%	–
V	Exit	VISA INC	$0	–	-47,600	–	-0.10%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-42,500	–	-0.12%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-81,000	–	-0.12%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-36,300	–	-0.13%	–
AMZN	Exit	AMAZON COM INC	$0	–	-7,800	–	-0.15%	–
AAPL	Exit	APPLE INC	$0	–	-52,100	–	-0.16%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-1,799,000	–	-0.94%	–
XLY	Exit	SELECT SECTOR SPDR TRsbi cons discr	$0	–	-557,000	–	-1.02%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-524,000	–	-1.54%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-1,220,000	–	-1.75%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-1,637,000	–	-1.96%	–
DIA	Exit	SPDR DOW JONES INDL AVRG ETFut ser 1	$0	–	-549,365	–	-2.49%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-1,054,000	–	-2.98%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-5,256,200	–	-12.90%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-4,361,032	–	-22.18%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-5,222,650	–	-24.40%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-4,860,737	–	-24.89%	–

Q3 2017

			Value		Shares		↓ Weighting
VOO	Buy	VANGUARD INDEX FDS	$1,205,179,000	+8.5%	5,222,650	+4.4%	24.40%	+10.9%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$1,095,622,000	-2.6%	4,361,032	-6.2%	22.18%	-0.4%
LQD	Sell	ISHARES TRiboxx inv cp etf	$637,209,000	-25.5%	5,256,200	-26.0%	12.90%	-23.9%
IWB	Sell	ISHARES TRrus 1000 etf	$147,434,000	-70.0%	1,054,000	-71.0%	2.98%	-69.4%
DIA	Buy	SPDR DOW JONES INDL AVRG ETFut ser 1	$122,959,000	+69.4%	549,365	+61.4%	2.49%	+73.2%
XLK	New	SELECT SECTOR SPDR TRtechnology	$96,747,000	–	1,637,000	–	1.96%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$86,620,000	–	1,220,000	–	1.75%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$50,175,000	–	557,000	–	1.02%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$46,522,000	–	1,799,000	–	0.94%	–
AAPL	Sell	APPLE INC	$8,030,000	-4.5%	52,100	-10.8%	0.16%	-2.4%
TRV	Sell	TRAVELERS COMPANIES INC	$4,276,000	-13.1%	34,900	-10.3%	0.09%	-10.3%
BLK	Buy	BLACKROCK INC	$3,420,000	+25.5%	7,650	+18.6%	0.07%	+27.8%
BAC	Buy	BANK AMER CORP	$3,168,000	+25.0%	125,000	+19.6%	0.06%	+28.0%
XLRE	Buy	SELECT SECTOR SPDR TRrl est sel sec	$2,660,000	+129.5%	82,500	+129.2%	0.05%	+134.8%
NFLX	Sell	NETFLIX INC	$2,557,000	+0.7%	14,100	-17.1%	0.05%	+4.0%
DWDP	New	DOWDUPONT INC	$2,237,000	–	32,306	–	0.04%	–
AZO	Sell	AUTOZONE INC	$1,934,000	-18.3%	3,250	-21.7%	0.04%	-17.0%
DG	Sell	DOLLAR GEN CORP NEW	$1,337,000	-19.4%	16,500	-28.3%	0.03%	-18.2%
PXD	New	PIONEER NAT RES CO	$1,107,000	–	7,500	–	0.02%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-25,200	–	-0.04%	–

Q2 2017

			Value		Shares		↓ Weighting
IVV	New	ISHARES TRcore s&p 500 etf	$1,183,152,000	–	4,860,737	–	23.43%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,124,620,000	–	4,651,032	–	22.27%	–
VOO	New	VANGUARD INDEX FDS	$1,110,666,000	–	5,001,650	–	22.00%	–
LQD	New	ISHARES TRiboxx inv cp etf	$855,693,000	–	7,100,600	–	16.95%	–
IWB	New	ISHARES TRrus 1000 etf	$491,977,000	–	3,637,000	–	9.74%	–
DIA	New	SPDR DOW JONES INDL AVRG ETFut ser 1	$72,579,000	–	340,365	–	1.44%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$72,123,000	–	524,000	–	1.43%	–
AAPL	New	APPLE INC	$8,411,000	–	58,400	–	0.17%	–
AMZN	New	AMAZON COM INC	$7,550,000	–	7,800	–	0.15%	–
MSFT	New	MICROSOFT CORP	$5,583,000	–	81,000	–	0.11%	–
FB	New	FACEBOOK INCcl a	$5,481,000	–	36,300	–	0.11%	–
MA	New	MASTERCARD INCORPORATEDcl a	$5,162,000	–	42,500	–	0.10%	–
TRV	New	TRAVELERS COMPANIES INC	$4,922,000	–	38,900	–	0.10%	–
JPM	New	JPMORGAN CHASE & CO	$4,671,000	–	51,100	–	0.09%	–
BDX	New	BECTON DICKINSON & CO	$4,585,000	–	23,500	–	0.09%	–
V	New	VISA INC	$4,464,000	–	47,600	–	0.09%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$4,417,000	–	85,000	–	0.09%	–
NKE	New	NIKE INCcl b	$4,219,000	–	71,500	–	0.08%	–
JNJ	New	JOHNSON & JOHNSON	$4,220,000	–	31,900	–	0.08%	–
XOM	New	EXXON MOBIL CORP	$3,899,000	–	48,300	–	0.08%	–
FDX	New	FEDEX CORP	$3,477,000	–	16,000	–	0.07%	–
MMM	New	3M CO	$3,352,000	–	16,100	–	0.07%	–
KO	New	COCA COLA CO	$3,122,000	–	69,600	–	0.06%	–
MRK	New	MERCK & CO INC	$3,070,000	–	47,900	–	0.06%	–
DIS	New	DISNEY WALT CO	$3,007,000	–	28,300	–	0.06%	–
C	New	CITIGROUP INC	$3,010,000	–	45,000	–	0.06%	–
PEP	New	PEPSICO INC	$3,037,000	–	26,300	–	0.06%	–
CVX	New	CHEVRON CORP NEW	$2,984,000	–	28,600	–	0.06%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$2,896,000	–	16,600	–	0.06%	–
HON	New	HONEYWELL INTL INC	$2,812,000	–	21,100	–	0.06%	–
BLK	New	BLACKROCK INC	$2,725,000	–	6,450	–	0.05%	–
NFLX	New	NETFLIX INC	$2,540,000	–	17,000	–	0.05%	–
BAC	New	BANK AMER CORP	$2,535,000	–	104,500	–	0.05%	–
INTU	New	INTUIT	$2,391,000	–	18,000	–	0.05%	–
AZO	New	AUTOZONE INC	$2,367,000	–	4,150	–	0.05%	–
UTX	New	UNITED TECHNOLOGIES CORP	$2,198,000	–	18,000	–	0.04%	–
EMR	New	EMERSON ELEC CO	$2,069,000	–	34,700	–	0.04%	–
PG	New	PROCTER AND GAMBLE CO	$2,083,000	–	23,900	–	0.04%	–
DD	New	DU PONT E I DE NEMOURS & CO	$2,034,000	–	25,200	–	0.04%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,019,000	–	9,100	–	0.04%	–
T	New	AT&T INC	$1,962,000	–	52,000	–	0.04%	–
CVS	New	CVS HEALTH CORP	$1,746,000	–	21,700	–	0.04%	–
ABBV	New	ABBVIE INC	$1,740,000	–	24,000	–	0.03%	–
GILD	New	GILEAD SCIENCES INC	$1,734,000	–	24,500	–	0.03%	–
DG	New	DOLLAR GEN CORP NEW	$1,658,000	–	23,000	–	0.03%	–
ETN	New	EATON CORP PLC	$1,596,000	–	20,500	–	0.03%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,501,000	–	33,600	–	0.03%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,217,000	–	10,000	–	0.02%	–
PX	New	PRAXAIR INC	$1,180,000	–	8,900	–	0.02%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$1,156,000	–	18,100	–	0.02%	–
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$1,159,000	–	36,000	–	0.02%	–
FFIV	New	F5 NETWORKS INC	$889,000	–	7,000	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
FFIV	Exit	F5 NETWORKS INC	$0	–	-7,000	–	-0.02%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-10,000	–	-0.02%	–
PX	Exit	PRAXAIR INC	$0	–	-8,900	–	-0.03%	–
ETN	Exit	EATON CORP PLC	$0	–	-20,500	–	-0.03%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-16,000	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-24,000	–	-0.04%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-23,000	–	-0.04%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-25,200	–	-0.04%	–
NFLX	Exit	NETFLIX INC	$0	–	-17,000	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-33,600	–	-0.04%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-18,000	–	-0.05%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-26,500	–	-0.05%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-34,700	–	-0.05%	–
INTU	Exit	INTUIT	$0	–	-18,000	–	-0.05%	–
T	Exit	AT&T INC	$0	–	-52,000	–	-0.05%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-23,900	–	-0.05%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-32,000	–	-0.06%	–
DIS	Exit	DISNEY WALT CO	$0	–	-28,300	–	-0.07%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-16,600	–	-0.07%	–
FDX	Exit	FEDEX CORP	$0	–	-16,000	–	-0.07%	–
MMM	Exit	3M CO	$0	–	-16,100	–	-0.07%	–
PEP	Exit	PEPSICO INC	$0	–	-26,300	–	-0.07%	–
KO	Exit	COCA COLA CO	$0	–	-69,600	–	-0.07%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-28,600	–	-0.07%	–
MRK	Exit	MERCK & CO INC	$0	–	-47,900	–	-0.08%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-75,000	–	-0.08%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-51,100	–	-0.08%	–
V	Exit	VISA INC	$0	–	-42,000	–	-0.09%	–
NKE	Exit	NIKE INCcl b	$0	–	-71,500	–	-0.09%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-31,900	–	-0.10%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-48,300	–	-0.11%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-89,000	–	-0.11%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-38,900	–	-0.11%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-81,000	–	-0.12%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-47,000	–	-0.12%	–
AZO	Exit	AUTOZONE INC	$0	–	-6,200	–	-0.12%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-40,000	–	-0.13%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-29,200	–	-0.13%	–
AMZN	Exit	AMAZON COM INC	$0	–	-8,900	–	-0.19%	–
AAPL	Exit	APPLE INC	$0	–	-70,000	–	-0.20%	–
EPI	Exit	WISDOMTREE TRindia erngs fd	$0	–	-1,407,000	–	-0.76%	–
DIA	Exit	SPDR DOW JONES INDL AVRG ETFut ser 1	$0	–	-340,365	–	-1.56%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-524,000	–	-1.56%	–
VYM	Exit	VANGUARD WHITEHALL FDS INChigh div yld	$0	–	-2,268,000	–	-4.11%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-1,542,000	–	-4.66%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,527,332	–	-8.29%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-5,015,650	–	-25.01%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-8,238,700	–	-25.47%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-4,674,709	–	-25.52%	–

Q3 2016

			Value		Shares		↓ Weighting
IVV	Buy	ISHARES TRcore s&p 500 etf	$1,017,030,000	+102.9%	4,674,709	+96.3%	25.52%	+60.6%
LQD	Buy	ISHARES TRiboxx inv cp etf	$1,014,843,000	+24.1%	8,238,700	+23.7%	25.47%	-1.8%
VYM	New	VANGUARD WHITEHALL FDS INChigh div yld	$163,614,000	–	2,268,000	–	4.11%	–
DIA	Sell	SPDR DOW JONES INDL AVRG ETFut ser 1	$62,212,000	-62.7%	340,365	-63.5%	1.56%	-70.5%
AAPL	Sell	APPLE INC	$7,914,000	+11.3%	70,000	-5.9%	0.20%	-11.9%
XOM	Buy	EXXON MOBIL CORP	$4,216,000	+5.6%	48,300	+13.4%	0.11%	-16.5%
NKE	Sell	NIKE INCcl b	$3,764,000	-14.8%	71,500	-10.6%	0.09%	-32.9%
CVX	Buy	CHEVRON CORP NEW	$2,944,000	+18.0%	28,600	+20.2%	0.07%	-6.3%
T	Buy	AT&T INC	$2,112,000	+22.2%	52,000	+30.0%	0.05%	-3.6%
VZ	Buy	VERIZON COMMUNICATIONS INC	$1,747,000	+32.5%	33,600	+42.4%	0.04%	+4.8%
EMC	Exit	E M C CORP MASS	$0	–	-80,000	–	-0.07%	–

Q2 2016

			Value		Shares		↓ Weighting
VOO	New	VANGUARD INDEX FDS	$964,007,000	–	5,015,650	–	30.57%	–
LQD	New	ISHARES TRiboxx inv cp etf	$817,562,000	–	6,661,200	–	25.92%	–
IVV	New	ISHARES TRcore s&p 500 etf	$501,216,000	–	2,381,078	–	15.89%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$319,937,000	–	1,527,332	–	10.14%	–
IWB	New	ISHARES TRrus 1000 etf	$180,244,000	–	1,542,000	–	5.72%	–
DIA	New	SPDR DOW JONES INDL AVRG ETFut ser 1	$166,893,000	–	932,365	–	5.29%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$56,350,000	–	524,000	–	1.79%	–
EPI	New	WISDOMTREE TRindia erngs fd	$28,407,000	–	1,407,000	–	0.90%	–
AAPL	New	APPLE INC	$7,113,000	–	74,400	–	0.23%	–
AMZN	New	AMAZON COM INC	$6,369,000	–	8,900	–	0.20%	–
BDX	New	BECTON DICKINSON & CO	$4,952,000	–	29,200	–	0.16%	–
AZO	New	AUTOZONE INC	$4,922,000	–	6,200	–	0.16%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$4,670,000	–	89,000	–	0.15%	–
TRV	New	TRAVELERS COMPANIES INC	$4,631,000	–	38,900	–	0.15%	–
FB	New	FACEBOOK INCcl a	$4,571,000	–	40,000	–	0.14%	–
NKE	New	NIKE INCcl b	$4,416,000	–	80,000	–	0.14%	–
MSFT	New	MICROSOFT CORP	$4,145,000	–	81,000	–	0.13%	–
MA	New	MASTERCARD INCcl a	$4,139,000	–	47,000	–	0.13%	–
XOM	New	EXXON MOBIL CORP	$3,993,000	–	42,600	–	0.13%	–
JNJ	New	JOHNSON & JOHNSON	$3,869,000	–	31,900	–	0.12%	–
WFC	New	WELLS FARGO & CO NEW	$3,550,000	–	75,000	–	0.11%	–
JPM	New	JPMORGAN CHASE & CO	$3,175,000	–	51,100	–	0.10%	–
KO	New	COCA COLA CO	$3,155,000	–	69,600	–	0.10%	–
V	New	VISA INC	$3,115,000	–	42,000	–	0.10%	–
MMM	New	3M CO	$2,819,000	–	16,100	–	0.09%	–
DIS	New	DISNEY WALT CO	$2,768,000	–	28,300	–	0.09%	–
PEP	New	PEPSICO INC	$2,786,000	–	26,300	–	0.09%	–
MRK	New	MERCK & CO INC	$2,760,000	–	47,900	–	0.09%	–
GILD	New	GILEAD SCIENCES INC	$2,669,000	–	32,000	–	0.08%	–
CVX	New	CHEVRON CORP NEW	$2,495,000	–	23,800	–	0.08%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$2,453,000	–	16,600	–	0.08%	–
FDX	New	FEDEX CORP	$2,428,000	–	16,000	–	0.08%	–
DG	New	DOLLAR GEN CORP NEW	$2,162,000	–	23,000	–	0.07%	–
EMC	New	E M C CORP MASS	$2,174,000	–	80,000	–	0.07%	–
INTU	New	INTUIT	$2,009,000	–	18,000	–	0.06%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$2,009,000	–	26,500	–	0.06%	–
PG	New	PROCTER & GAMBLE CO	$2,024,000	–	23,900	–	0.06%	–
UTX	New	UNITED TECHNOLOGIES CORP	$1,846,000	–	18,000	–	0.06%	–
EMR	New	EMERSON ELEC CO	$1,810,000	–	34,700	–	0.06%	–
T	New	AT&T INC	$1,728,000	–	40,000	–	0.06%	–
DD	New	DU PONT E I DE NEMOURS & CO	$1,633,000	–	25,200	–	0.05%	–
CVS	New	CVS HEALTH CORP	$1,532,000	–	16,000	–	0.05%	–
NFLX	New	NETFLIX INC	$1,555,000	–	17,000	–	0.05%	–
ABBV	New	ABBVIE INC	$1,486,000	–	24,000	–	0.05%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,318,000	–	23,600	–	0.04%	–
ETN	New	EATON CORP PLC	$1,224,000	–	20,500	–	0.04%	–
PX	New	PRAXAIR INC	$1,000,000	–	8,900	–	0.03%	–
NSC	New	NORFOLK SOUTHERN CORP	$851,000	–	10,000	–	0.03%	–
FFIV	New	F5 NETWORKS INC	$797,000	–	7,000	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-11,600	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-17,000	–	-0.02%	–
MCD	Exit	MCDONALDS CORP	$0	–	-8,400	–	-0.03%	–
PX	Exit	PRAXAIR INC	$0	–	-8,900	–	-0.03%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-28,800	–	-0.04%	–
ETN	Exit	EATON CORP PLC	$0	–	-20,500	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-24,000	–	-0.05%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-34,700	–	-0.06%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-16,000	–	-0.06%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-18,000	–	-0.06%	–
INTU	Exit	INTUIT	$0	–	-18,000	–	-0.06%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-23,000	–	-0.06%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-23,900	–	-0.06%	–
NFLX	Exit	NETFLIX INC	$0	–	-17,000	–	-0.06%	–
F	Exit	FORD MTR CO DEL	$0	–	-130,000	–	-0.06%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-23,800	–	-0.07%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-23,800	–	-0.07%	–
EMC	Exit	E M C CORP MASS	$0	–	-80,000	–	-0.07%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-16,600	–	-0.07%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-26,500	–	-0.08%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-45,200	–	-0.08%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-30,000	–	-0.08%	–
MMM	Exit	3M CO	$0	–	-16,100	–	-0.08%	–
FDX	Exit	FEDEX CORP	$0	–	-16,000	–	-0.08%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-47,900	–	-0.09%	–
PEP	Exit	PEPSICO INC	$0	–	-26,300	–	-0.09%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-60,000	–	-0.10%	–
KO	Exit	COCA COLA CO	$0	–	-69,600	–	-0.10%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-65,000	–	-0.10%	–
V	Exit	VISA INC	$0	–	-42,000	–	-0.11%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-31,900	–	-0.11%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-51,100	–	-0.11%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-32,000	–	-0.12%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-42,600	–	-0.12%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-40,000	–	-0.13%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-75,000	–	-0.14%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-29,200	–	-0.14%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-38,900	–	-0.14%	–
DIS	Exit	DISNEY WALT CO	$0	–	-38,300	–	-0.14%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-47,000	–	-0.16%	–
AZO	Exit	AUTOZONE INC	$0	–	-6,200	–	-0.16%	–
NKE	Exit	NIKE INCcl b	$0	–	-40,000	–	-0.18%	–
AMZN	Exit	AMAZON COM INC	$0	–	-11,400	–	-0.21%	–
AAPL	Exit	APPLE INC	$0	–	-74,400	–	-0.30%	–
EPHE	Exit	ISHARES TRmsci philips etf	$0	–	-553,000	–	-0.70%	–
EPI	Exit	WISDOMTREE TRindia erngs fd	$0	–	-1,206,000	–	-0.88%	–
EWW	Exit	ISHARESmsci mex cap etf	$0	–	-888,786	–	-1.68%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-524,000	–	-1.95%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-1,542,000	–	-6.05%	–
DIA	Exit	SPDR DOW JONES INDL AVRG ETFut ser 1	$0	–	-1,177,365	–	-7.01%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-1,026,123	–	-7.24%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-3,060,150	–	-19.70%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-3,528,832	–	-24.77%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-6,079,200	–	-25.86%	–

Q3 2015

			Value		Shares		↓ Weighting
LQD	Buy	ISHARES TRiboxx inv cp etf	$705,734,000	+8.0%	6,079,200	+7.6%	25.86%	+4.9%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$676,229,000	+61.4%	3,528,832	+73.4%	24.77%	+56.8%
VOO	Buy	VANGUARD INDEX FDS	$537,698,000	+33.0%	3,060,150	+42.9%	19.70%	+29.2%
IVV	Sell	ISHARES TRcore s&p 500 etf	$197,744,000	-65.4%	1,026,123	-62.8%	7.24%	-66.4%
IWB	Buy	ISHARES TRrus 1000 etf	$165,071,000	+78.7%	1,542,000	+93.7%	6.05%	+73.6%
EWW	Buy	ISHARESmsci mex cap etf	$45,825,000	-0.0%	888,786	+10.7%	1.68%	-2.9%
EPHE	Buy	ISHARES TRmsci philips etf	$19,017,000	+0.4%	553,000	+12.4%	0.70%	-2.4%
AAPL	Buy	APPLE INC	$8,206,000	-8.4%	74,400	+4.2%	0.30%	-10.9%
AMZN	Sell	AMAZON COM INC	$5,836,000	+8.4%	11,400	-8.1%	0.21%	+5.4%
NKE	Sell	NIKE INCcl b	$4,919,000	-8.9%	40,000	-20.0%	0.18%	-11.8%
FDX	Buy	FEDEX CORP	$2,304,000	+12.7%	16,000	+33.3%	0.08%	+9.1%
DD	Buy	DU PONT E I DE NEMOURS & CO	$2,179,000	-20.8%	45,200	+5.1%	0.08%	-23.1%
NFLX	New	NETFLIX INC	$1,755,000	–	17,000	–	0.06%	–
QCOM	Exit	QUALCOMM INC	$0	–	-13,000	–	-0.03%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-16,900	–	-0.05%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-1,387,564	–	-0.63%	–
EIDO	Exit	ISHARES TRmsci indonia etf	$0	–	-788,723	–	-0.69%	–

Q2 2015

			Value		Shares		↓ Weighting
LQD	New	ISHARES TRiboxx inv cp etf	$653,493,000	–	5,647,200	–	24.65%	–
IVV	New	ISHARES TRcore s&p 500 etf	$572,015,000	–	2,760,425	–	21.57%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$418,870,000	–	2,034,832	–	15.80%	–
VOO	New	VANGUARD INDEX FDS	$404,363,000	–	2,141,300	–	15.25%	–
DIA	New	SPDR DOW JONES INDL AVRG ETFut ser 1	$207,004,000	–	1,177,365	–	7.81%	–
IWB	New	ISHARES TRrus 1000 etf	$92,367,000	–	796,000	–	3.48%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$56,104,000	–	524,000	–	2.12%	–
EWW	New	ISHARESmsci mex cap etf	$45,847,000	–	802,786	–	1.73%	–
EPI	New	WISDOMTREE TRindia erngs fd	$26,134,000	–	1,206,000	–	0.99%	–
EPHE	New	ISHARES TRmsci philips etf	$18,942,000	–	492,000	–	0.71%	–
EIDO	New	ISHARES TRmsci indonia etf	$18,274,000	–	788,723	–	0.69%	–
EWM	New	ISHARESmsci malaysi etf	$16,803,000	–	1,387,564	–	0.63%	–
AAPL	New	APPLE INC	$8,955,000	–	71,400	–	0.34%	–
NKE	New	NIKE INCcl b	$5,401,000	–	50,000	–	0.20%	–
AMZN	New	AMAZON COM INC	$5,383,000	–	12,400	–	0.20%	–
MA	New	MASTERCARD INCcl a	$4,394,000	–	47,000	–	0.17%	–
DIS	New	DISNEY WALT CO	$4,372,000	–	38,300	–	0.16%	–
WFC	New	WELLS FARGO & CO NEW	$4,218,000	–	75,000	–	0.16%	–
BDX	New	BECTON DICKINSON & CO	$4,136,000	–	29,200	–	0.16%	–
AZO	New	AUTOZONE INC	$4,135,000	–	6,200	–	0.16%	–
TRV	New	TRAVELERS COMPANIES INC	$3,760,000	–	38,900	–	0.14%	–
GILD	New	GILEAD SCIENCES INC	$3,747,000	–	32,000	–	0.14%	–
XOM	New	EXXON MOBIL CORP	$3,544,000	–	42,600	–	0.13%	–
JPM	New	JPMORGAN CHASE & CO	$3,463,000	–	51,100	–	0.13%	–
FB	New	FACEBOOK INCcl a	$3,431,000	–	40,000	–	0.13%	–
JNJ	New	JOHNSON & JOHNSON	$3,109,000	–	31,900	–	0.12%	–
MSFT	New	MICROSOFT CORP	$2,870,000	–	65,000	–	0.11%	–
V	New	VISA INC	$2,820,000	–	42,000	–	0.11%	–
DD	New	DU PONT E I DE NEMOURS & CO	$2,750,000	–	43,000	–	0.10%	–
KO	New	COCA COLA CO	$2,730,000	–	69,600	–	0.10%	–
MRK	New	MERCK & CO INC NEW	$2,727,000	–	47,900	–	0.10%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$2,488,000	–	60,000	–	0.09%	–
MMM	New	3M CO	$2,484,000	–	16,100	–	0.09%	–
PEP	New	PEPSICO INC	$2,455,000	–	26,300	–	0.09%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$2,357,000	–	26,500	–	0.09%	–
AXP	New	AMERICAN EXPRESS CO	$2,332,000	–	30,000	–	0.09%	–
CVX	New	CHEVRON CORP NEW	$2,296,000	–	23,800	–	0.09%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$2,154,000	–	16,600	–	0.08%	–
EMC	New	E M C CORP MASS	$2,111,000	–	80,000	–	0.08%	–
NSC	New	NORFOLK SOUTHERN CORP	$2,079,000	–	23,800	–	0.08%	–
FDX	New	FEDEX CORP	$2,045,000	–	12,000	–	0.08%	–
UTX	New	UNITED TECHNOLOGIES CORP	$1,997,000	–	18,000	–	0.08%	–
F	New	FORD MTR CO DEL	$1,951,000	–	130,000	–	0.07%	–
EMR	New	EMERSON ELEC CO	$1,923,000	–	34,700	–	0.07%	–
PG	New	PROCTER & GAMBLE CO	$1,870,000	–	23,900	–	0.07%	–
INTU	New	INTUIT	$1,814,000	–	18,000	–	0.07%	–
DG	New	DOLLAR GEN CORP NEW	$1,788,000	–	23,000	–	0.07%	–
CVS	New	CVS HEALTH CORP	$1,678,000	–	16,000	–	0.06%	–
ABBV	New	ABBVIE INC	$1,613,000	–	24,000	–	0.06%	–
BEN	New	FRANKLIN RES INC	$1,412,000	–	28,800	–	0.05%	–
ETN	New	EATON CORP PLC	$1,384,000	–	20,500	–	0.05%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$1,356,000	–	16,900	–	0.05%	–
PX	New	PRAXAIR INC	$1,064,000	–	8,900	–	0.04%	–
QCOM	New	QUALCOMM INC	$814,000	–	13,000	–	0.03%	–
MCD	New	MCDONALDS CORP	$799,000	–	8,400	–	0.03%	–
T	New	AT&T INC	$604,000	–	17,000	–	0.02%	–
VZ	New	VERIZON COMMUNICATIONS INC	$541,000	–	11,600	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-11,600	–	-0.03%	–
T	Exit	AT&T INC	$0	–	-17,000	–	-0.03%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-8,000	–	-0.04%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-7,000	–	-0.04%	–
MCD	Exit	MCDONALDS CORP	$0	–	-8,400	–	-0.04%	–
PX	Exit	PRAXAIR INC	$0	–	-8,900	–	-0.06%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-16,000	–	-0.06%	–
ETN	Exit	EATON CORP PLC	$0	–	-20,500	–	-0.06%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-23,000	–	-0.07%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-16,900	–	-0.07%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-21,600	–	-0.07%	–
INTU	Exit	INTUIT	$0	–	-18,000	–	-0.08%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-28,800	–	-0.08%	–
V	Exit	VISA INC	$0	–	-8,000	–	-0.08%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-40,000	–	-0.09%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-26,500	–	-0.09%	–
GIS	Exit	GENERAL MLS INC	$0	–	-37,200	–	-0.09%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-18,000	–	-0.09%	–
F	Exit	FORD MTR CO DEL	$0	–	-130,000	–	-0.10%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-23,900	–	-0.10%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-16,600	–	-0.10%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-34,700	–	-0.11%	–
MMM	Exit	3M CO	$0	–	-16,100	–	-0.11%	–
EMC	Exit	E M C CORP MASS	$0	–	-80,000	–	-0.12%	–
PEP	Exit	PEPSICO INC	$0	–	-26,300	–	-0.12%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-60,000	–	-0.12%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-26,900	–	-0.14%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-23,800	–	-0.14%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-47,900	–	-0.14%	–
KO	Exit	COCA COLA CO	$0	–	-69,600	–	-0.15%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-51,100	–	-0.15%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-43,000	–	-0.15%	–
AZO	Exit	AUTOZONE INC	$0	–	-6,200	–	-0.16%	–
QCOM	Exit	QUALCOMM INC	$0	–	-43,000	–	-0.16%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-29,200	–	-0.16%	–
DIS	Exit	DISNEY WALT CO	$0	–	-38,300	–	-0.17%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-31,900	–	-0.17%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-47,000	–	-0.17%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-19,000	–	-0.18%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-38,900	–	-0.18%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-75,000	–	-0.19%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-35,800	–	-0.20%	–
AMZN	Exit	AMAZON COM INC	$0	–	-12,400	–	-0.20%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-42,600	–	-0.20%	–
NKE	Exit	NIKE INCcl b	$0	–	-50,000	–	-0.22%	–
AAPL	Exit	APPLE INC	$0	–	-71,400	–	-0.36%	–
EPHE	Exit	ISHARES TRmsci philips etf	$0	–	-389,000	–	-0.73%	–
EPI	Exit	WISDOMTREE TRindia erngs fd	$0	–	-703,000	–	-0.76%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-1,387,564	–	-1.06%	–
EIDO	Exit	ISHARES TRmsci indonia etf	$0	–	-1,008,373	–	-1.36%	–
EWW	Exit	ISHARESmsci mex cap etf	$0	–	-663,786	–	-2.26%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-524,000	–	-2.57%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-796,000	–	-4.34%	–
DIA	Exit	SPDR DOW JONES INDL AVRG ETFut ser 1	$0	–	-1,177,365	–	-9.93%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-2,449,400	–	-14.36%	–
IVV	Exit	ISHARES TRcore s&p 500 etf	$0	–	-1,473,794	–	-14.49%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,036,832	–	-19.90%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-2,523,300	–	-22.60%	–

Q3 2014

			Value		Shares		↓ Weighting
VOO	Buy	VANGUARD INDEX FDS	$455,683,000	+359.2%	2,523,300	+356.3%	22.60%	+268.3%
LQD	Buy	ISHARES TRiboxx inv cp etf	$289,568,000	+9.7%	2,449,400	+10.7%	14.36%	-12.0%
EWW	Buy	ISHARESmsci mex cap etf	$45,622,000	+54.4%	663,786	+52.3%	2.26%	+23.7%
EIDO	Buy	ISHARES TRmsci indonia etf	$27,448,000	+88.4%	1,008,373	+82.6%	1.36%	+51.1%
EWM	Sell	ISHARESmsci malaysi etf	$21,368,000	-66.3%	1,387,564	-65.3%	1.06%	-73.0%
EPI	New	WISDOMTREE TRindia erngs fd	$15,403,000	–	703,000	–	0.76%	–
EPHE	Buy	ISHARES TRmsci philips etf	$14,805,000	+54.6%	389,000	+49.6%	0.73%	+24.0%
AMZN	Buy	AMAZON COM INC	$3,998,000	+127.9%	12,400	+129.6%	0.20%	+83.3%
ESRX	Sell	EXPRESS SCRIPTS HLDG CO	$1,872,000	-37.9%	26,500	-39.1%	0.09%	-50.3%
DG	Sell	DOLLAR GEN CORP NEW	$1,406,000	-38.7%	23,000	-42.5%	0.07%	-50.7%
GILD	New	GILEAD SCIENCES INC	$745,000	–	7,000	–	0.04%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-8,400	–	-0.04%	–

Q2 2014

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$398,648,000	–	2,036,832	–	24.65%	–
IVV	New	ISHAREScore s&p 500 etf	$290,337,000	–	1,473,794	–	17.96%	–
LQD	New	ISHARESiboxx inv cp etf	$263,970,000	–	2,213,400	–	16.32%	–
DIA	New	SPDR DOW JONES INDL AVRG ETFut ser 1	$197,668,000	–	1,177,365	–	12.22%	–
VOO	New	VANGUARD INDEX FDS	$99,225,000	–	553,000	–	6.14%	–
IWB	New	ISHARESrus 1000 etf	$87,648,000	–	796,000	–	5.42%	–
EWM	New	ISHARESmsci malaysi etf	$63,433,000	–	3,994,530	–	3.92%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$49,209,000	–	524,000	–	3.04%	–
EWW	New	ISHARESmsci mex cap etf	$29,551,000	–	435,786	–	1.83%	–
EIDO	New	ISHARES TRmsci indonia etf	$14,572,000	–	552,373	–	0.90%	–
EPHE	New	ISHARES TRmsci philips etf	$9,576,000	–	260,000	–	0.59%	–
AAPL	New	APPLE INC	$6,635,000	–	71,400	–	0.41%	–
XOM	New	EXXON MOBIL CORP	$4,289,000	–	42,600	–	0.26%	–
WFC	New	WELLS FARGO & CO NEW	$3,942,000	–	75,000	–	0.24%	–
NKE	New	NIKE INCcl b	$3,878,000	–	50,000	–	0.24%	–
NSC	New	NORFOLK SOUTHERN CORP	$3,688,000	–	35,800	–	0.23%	–
TRV	New	TRAVELERS COMPANIES INC	$3,659,000	–	38,900	–	0.23%	–
MA	New	MASTERCARD INCcl a	$3,453,000	–	47,000	–	0.21%	–
BDX	New	BECTON DICKINSON & CO	$3,454,000	–	29,200	–	0.21%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$3,444,000	–	19,000	–	0.21%	–
QCOM	New	QUALCOMM INC	$3,406,000	–	43,000	–	0.21%	–
AZO	New	AUTOZONE INC	$3,325,000	–	6,200	–	0.21%	–
JNJ	New	JOHNSON & JOHNSON	$3,337,000	–	31,900	–	0.21%	–
DIS	New	DISNEY WALT CO	$3,284,000	–	38,300	–	0.20%	–
SLB	New	SCHLUMBERGER LTD	$3,173,000	–	26,900	–	0.20%	–
CVX	New	CHEVRON CORP NEW	$3,107,000	–	23,800	–	0.19%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$3,016,000	–	43,500	–	0.19%	–
KO	New	COCA COLA CO	$2,948,000	–	69,600	–	0.18%	–
JPM	New	JPMORGAN CHASE & CO	$2,944,000	–	51,100	–	0.18%	–
DD	New	DU PONT E I DE NEMOURS & CO	$2,814,000	–	43,000	–	0.17%	–
MRK	New	MERCK & CO INC NEW	$2,771,000	–	47,900	–	0.17%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$2,656,000	–	60,000	–	0.16%	–
PEP	New	PEPSICO INC	$2,350,000	–	26,300	–	0.14%	–
MMM	New	3M CO	$2,306,000	–	16,100	–	0.14%	–
DG	New	DOLLAR GEN CORP NEW	$2,294,000	–	40,000	–	0.14%	–
EMR	New	EMERSON ELEC CO	$2,303,000	–	34,700	–	0.14%	–
F	New	FORD MTR CO DEL	$2,241,000	–	130,000	–	0.14%	–
EMC	New	E M C CORP MASS	$2,107,000	–	80,000	–	0.13%	–
UTX	New	UNITED TECHNOLOGIES CORP	$2,078,000	–	18,000	–	0.13%	–
GIS	New	GENERAL MLS INC	$1,954,000	–	37,200	–	0.12%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$1,959,000	–	16,600	–	0.12%	–
PG	New	PROCTER & GAMBLE CO	$1,878,000	–	23,900	–	0.12%	–
AMZN	New	AMAZON COM INC	$1,754,000	–	5,400	–	0.11%	–
V	New	VISA INC	$1,686,000	–	8,000	–	0.10%	–
BEN	New	FRANKLIN RES INC	$1,666,000	–	28,800	–	0.10%	–
MSFT	New	MICROSOFT CORP	$1,668,000	–	40,000	–	0.10%	–
ETN	New	EATON CORP PLC	$1,582,000	–	20,500	–	0.10%	–
CAM	New	CAMERON INTERNATIONAL CORP	$1,463,000	–	21,600	–	0.09%	–
INTU	New	INTUIT	$1,450,000	–	18,000	–	0.09%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$1,340,000	–	16,900	–	0.08%	–
CVS	New	CVS CAREMARK CORPORATION	$1,206,000	–	16,000	–	0.08%	–
PX	New	PRAXAIR INC	$1,182,000	–	8,900	–	0.07%	–
MCD	New	MCDONALDS CORP	$846,000	–	8,400	–	0.05%	–
AXP	New	AMERICAN EXPRESS CO	$759,000	–	8,000	–	0.05%	–
PM	New	PHILIP MORRIS INTL INC	$708,000	–	8,400	–	0.04%	–
T	New	AT&T INC	$601,000	–	17,000	–	0.04%	–
VZ	New	VERIZON COMMUNICATIONS INC	$568,000	–	11,600	–	0.04%	–

Q4 2013

			Value		Shares		↓ Weighting
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-11,600	–	-0.04%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-4,000	–	-0.04%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,400	–	-0.05%	–
MCD	Exit	MCDONALDS CORP	$0	–	-8,400	–	-0.05%	–
PX	Exit	PRAXAIR INC	$0	–	-8,900	–	-0.07%	–
INTU	Exit	INTUIT	$0	–	-18,000	–	-0.08%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-16,900	–	-0.08%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-21,600	–	-0.08%	–
NE	Exit	NOBLE CORPORATION BAARnamen -akt	$0	–	-34,700	–	-0.09%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-40,000	–	-0.09%	–
ETN	Exit	EATON CORP PLC	$0	–	-20,500	–	-0.10%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-28,800	–	-0.10%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-16,600	–	-0.10%	–
T	Exit	AT&T INC	$0	–	-52,000	–	-0.12%	–
GIS	Exit	GENERAL MLS INC	$0	–	-37,200	–	-0.12%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-23,900	–	-0.12%	–
MMM	Exit	3M CO	$0	–	-16,100	–	-0.13%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-33,000	–	-0.13%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-18,000	–	-0.13%	–
EMC	Exit	E M C CORP MASS	$0	–	-80,000	–	-0.14%	–
PEP	Exit	PEPSICO INC	$0	–	-26,300	–	-0.14%	–
F	Exit	FORD MTR CO DEL	$0	–	-130,000	–	-0.15%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-34,700	–	-0.15%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-60,000	–	-0.15%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-40,000	–	-0.15%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-47,900	–	-0.15%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-26,400	–	-0.15%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-26,900	–	-0.16%	–
DIS	Exit	DISNEY WALT CO	$0	–	-38,300	–	-0.17%	–
KO	Exit	COCA COLA CO	$0	–	-69,600	–	-0.18%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-51,100	–	-0.18%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-31,600	–	-0.18%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-31,900	–	-0.19%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-35,800	–	-0.19%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-23,800	–	-0.20%	–
QCOM	Exit	QUALCOMM INC	$0	–	-43,000	–	-0.20%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-29,200	–	-0.20%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-75,000	–	-0.21%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-51,000	–	-0.21%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,700	–	-0.21%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-38,900	–	-0.22%	–
AZO	Exit	AUTOZONE INC	$0	–	-8,200	–	-0.23%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-19,000	–	-0.24%	–
NKE	Exit	NIKE INCcl b	$0	–	-62,500	–	-0.30%	–
AAPL	Exit	APPLE INC	$0	–	-10,200	–	-0.33%	–
QQQ	Exit	POWERSHARES QQQ TRUSTunit ser 1	$0	–	-524,000	–	-2.78%	–
EIDO	Exit	ISHARESmsci indonia etf	$0	–	-1,752,680	–	-2.78%	–
EWM	Exit	ISHARESmsci malaysi etf	$0	–	-4,637,300	–	-4.69%	–
THD	Exit	ISHARESmsci thi cap etf	$0	–	-946,100	–	-4.74%	–
IWB	Exit	ISHARESrus 1000 etf	$0	–	-796,000	–	-5.04%	–
DIA	Exit	SPDR DOW JONES INDL AVRG ETFut ser 1	$0	–	-1,177,365	–	-11.96%	–
LQD	Exit	ISHARESiboxx inv cp etf	$0	–	-1,693,400	–	-12.93%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,634,832	–	-18.48%	–
IVV	Exit	ISHAREScore s&p 500 etf	$0	–	-2,632,577	–	-29.91%	–

Q3 2013

			Value		Shares		↓ Weighting
THD	Sell	ISHARESmsci thi cap etf	$70,541,000	-18.5%	946,100	-14.3%	4.74%	-15.2%
EWM	Sell	ISHARESmsci malaysi etf	$69,745,000	-17.4%	4,637,300	-14.7%	4.69%	-14.1%
EIDO	Sell	ISHARESmsci indonia etf	$41,346,000	-51.5%	1,752,680	-35.9%	2.78%	-49.5%
WFC	Buy	WELLS FARGO & CO NEW	$3,099,000	+63.3%	75,000	+63.0%	0.21%	+69.1%
F	Buy	FORD MTR CO DEL	$2,193,000	+102.5%	130,000	+85.7%	0.15%	+111.4%
BEN	Buy	FRANKLIN RES INC	$1,456,000	+11.5%	28,800	+200.0%	0.10%	+16.7%
INTU	Sell	INTUIT	$1,194,000	-54.0%	18,000	-57.6%	0.08%	-52.4%
GS	Sell	GOLDMAN SACHS GROUP INC	$633,000	-70.1%	4,000	-71.4%	0.04%	-68.6%
EWZ	Exit	ISHARES INCmsci brazil capp	$0	–	-754,000	–	-2.14%	–

Q2 2013

			Value		Shares		↓ Weighting
IVV	New	ISHARES TRcore s&p 500 etf	$423,529,000	–	2,632,577	–	27.37%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$262,260,000	–	1,634,832	–	16.95%	–
LQD	New	ISHARES TRiboxx inv cpbd	$192,455,000	–	1,693,400	–	12.44%	–
DIA	New	SPDR DOW JONES INDL AVRG ETFut ser 1	$174,898,000	–	1,177,365	–	11.30%	–
THD	New	ISHARES INCmsci thai capped	$86,606,000	–	1,104,100	–	5.60%	–
EIDO	New	ISHARES TRindo invs mrkt	$85,271,000	–	2,735,680	–	5.51%	–
EWM	New	ISHARES INCmsci malaysia	$84,488,000	–	5,433,300	–	5.46%	–
IWB	New	ISHARES TRrussell 1000	$71,584,000	–	796,000	–	4.63%	–
QQQ	New	POWERSHARES QQQ TRUSTunit ser 1	$37,345,000	–	524,000	–	2.41%	–
EWZ	New	ISHARES INCmsci brazil capp	$33,070,000	–	754,000	–	2.14%	–
AAPL	New	APPLE INC	$4,045,000	–	10,200	–	0.26%	–
NKE	New	NIKE INCcl b	$3,980,000	–	62,500	–	0.26%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$3,631,000	–	19,000	–	0.24%	–
AZO	New	AUTOZONE INC	$3,474,000	–	8,200	–	0.22%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$3,149,000	–	51,000	–	0.20%	–
TRV	New	TRAVELERS COMPANIES INC	$3,109,000	–	38,900	–	0.20%	–
BDX	New	BECTON DICKINSON & CO	$2,886,000	–	29,200	–	0.19%	–
XOM	New	EXXON MOBIL CORP	$2,855,000	–	31,600	–	0.18%	–
CVX	New	CHEVRON CORP NEW	$2,816,000	–	23,800	–	0.18%	–
KO	New	COCA COLA CO	$2,792,000	–	69,600	–	0.18%	–
JNJ	New	JOHNSON & JOHNSON	$2,739,000	–	31,900	–	0.18%	–
MA	New	MASTERCARD INCcl a	$2,700,000	–	4,700	–	0.17%	–
JPM	New	JPMORGAN CHASE & CO	$2,698,000	–	51,100	–	0.17%	–
QCOM	New	QUALCOMM INC	$2,627,000	–	43,000	–	0.17%	–
NSC	New	NORFOLK SOUTHERN CORP	$2,601,000	–	35,800	–	0.17%	–
INTU	New	INTUIT	$2,594,000	–	42,500	–	0.17%	–
DIS	New	DISNEY WALT CO	$2,419,000	–	38,300	–	0.16%	–
PM	New	PHILIP MORRIS INTL INC	$2,287,000	–	26,400	–	0.15%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$2,258,000	–	60,000	–	0.15%	–
MRK	New	MERCK & CO INC NEW	$2,225,000	–	47,900	–	0.14%	–
PEP	New	PEPSICO INC	$2,151,000	–	26,300	–	0.14%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,118,000	–	14,000	–	0.14%	–
DG	New	DOLLAR GEN CORP NEW	$2,017,000	–	40,000	–	0.13%	–
SLB	New	SCHLUMBERGER LTD	$1,928,000	–	26,900	–	0.12%	–
WFC	New	WELLS FARGO & CO NEW	$1,898,000	–	46,000	–	0.12%	–
EMC	New	E M C CORP MASS	$1,890,000	–	80,000	–	0.12%	–
EMR	New	EMERSON ELEC CO	$1,893,000	–	34,700	–	0.12%	–
T	New	AT&T INC	$1,841,000	–	52,000	–	0.12%	–
PG	New	PROCTER & GAMBLE CO	$1,840,000	–	23,900	–	0.12%	–
GIS	New	GENERAL MLS INC	$1,805,000	–	37,200	–	0.12%	–
MMM	New	3M CO	$1,761,000	–	16,100	–	0.11%	–
DD	New	DU PONT E I DE NEMOURS & CO	$1,733,000	–	33,000	–	0.11%	–
UTX	New	UNITED TECHNOLOGIES CORP	$1,673,000	–	18,000	–	0.11%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$1,405,000	–	16,600	–	0.09%	–
MSFT	New	MICROSOFT CORP	$1,382,000	–	40,000	–	0.09%	–
ETN	New	EATON CORP PLC	$1,349,000	–	20,500	–	0.09%	–
CAM	New	CAMERON INTERNATIONAL CORP	$1,321,000	–	21,600	–	0.08%	–
BEN	New	FRANKLIN RES INC	$1,306,000	–	9,600	–	0.08%	–
NE	New	NOBLE CORPORATION BAARnamen -akt	$1,304,000	–	34,700	–	0.08%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$1,164,000	–	16,900	–	0.08%	–
F	New	FORD MTR CO DEL	$1,083,000	–	70,000	–	0.07%	–
PX	New	PRAXAIR INC	$1,025,000	–	8,900	–	0.07%	–
MCD	New	MCDONALDS CORP	$832,000	–	8,400	–	0.05%	–
AMZN	New	AMAZON COM INC	$666,000	–	2,400	–	0.04%	–
VZ	New	VERIZON COMMUNICATIONS INC	$584,000	–	11,600	–	0.04%	–

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