F&V Capital Management, LLC Activity Q4 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
CVX	Sell	CHEVRON CORP NEW	$19,705	+5.9%	116,861	-1.2%	6.75%	+12.4%
URI	Sell	UNITED RENTALS INC	$15,948	-2.2%	35,872	-2.0%	5.47%	+3.8%
FDX	Sell	FEDEX CORP	$15,365	+6.2%	57,997	-0.6%	5.27%	+12.7%
PSX	Sell	PHILLIPS 66	$15,270	+23.2%	127,095	-2.2%	5.23%	+30.8%
ORCL	Buy	ORACLE CORP	$15,236	-9.3%	143,840	+2.0%	5.22%	-3.8%
MRO	Sell	MARATHON OIL CORP	$14,442	+13.9%	539,902	-2.0%	4.95%	+20.9%
MDT	Sell	MEDTRONIC INC	$12,759	-11.5%	162,820	-0.4%	4.37%	-6.0%
RTX	Sell	RAYTHEON TECHNOLOGIES CORP	$10,378	-27.4%	144,194	-1.2%	3.56%	-22.9%
GILD	Sell	GILEAD SCIENCES INC	$10,163	-4.1%	135,615	-1.3%	3.48%	+1.8%
CSCO	Sell	CISCO SYS INC	$9,614	+3.1%	178,840	-0.7%	3.30%	+9.5%
CVS	Sell	CVS HEALTH CORP	$9,359	-0.6%	134,039	-1.6%	3.21%	+5.5%
CAG	Sell	CONAGRA BRANDS INC	$9,172	-18.8%	334,489	-0.2%	3.14%	-13.9%
ALL	Buy	ALLSTATE CORP	$9,000	+2.4%	80,784	+0.2%	3.08%	+8.7%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$8,915	-10.3%	153,603	-1.2%	3.06%	-4.9%
ADM	Sell	ARCHER DANIELS MIDLAND CO	$8,419	-0.9%	111,624	-0.7%	2.88%	+5.1%
QRVO	Sell	QORVO INC	$8,306	-8.0%	87,003	-1.7%	2.85%	-2.4%
AMAT	Sell	APPLIED MATLS INC	$8,259	-4.8%	59,651	-0.6%	2.83%	+1.1%
HPQ	Sell	HP INC	$7,884	-17.5%	306,789	-1.4%	2.70%	-12.5%
NEM	Sell	NEWMONT CORP	$7,650	-13.9%	207,030	-0.6%	2.62%	-8.6%
FOX	Sell	FOX CORP	$7,641	-10.7%	264,585	-1.3%	2.62%	-5.2%
PYPL	Sell	PAYPAL HLDGS INC	$7,547	-13.1%	129,095	-0.8%	2.59%	-7.8%
AEP	Buy	AMERICAN ELEC PWR INC	$7,178	+58.8%	95,430	+77.7%	2.46%	+68.5%
VZ	Sell	VERIZON COMMUNICATIONS INC	$7,032	-13.8%	216,971	-1.0%	2.41%	-8.5%
BKR	Sell	BAKER HUGHES COMPANYcl a	$6,792	+10.5%	192,290	-1.1%	2.33%	+17.3%
EBAY	Sell	EBAY INC	$6,527	-2.9%	148,030	-1.6%	2.24%	+3.0%
LITE	Sell	LUMENTUM HLDGS INC	$6,418	-21.5%	142,050	-1.4%	2.20%	-16.7%
MLI	Sell	MUELLER INDS INC	$6,197	-51.7%	82,445	-43.9%	2.12%	-48.8%
VMI	Buy	VALMONT INDS INC	$4,656	-17.4%	19,382	+0.1%	1.60%	-12.3%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$2,927	-5.2%	6,846	-1.7%	1.00%	+0.6%
DES	Sell	WISDOMTREE TRus smallcap divd	$854	-17.5%	30,295	-15.8%	0.29%	-12.3%
VWO	Sell	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$544	-17.3%	13,885	-14.2%	0.19%	-12.7%
SUN	Buy	SUNOCO LP/SUNOCO FIN CORP	$367	+40.6%	7,500	+25.0%	0.13%	+50.0%
NS	Buy	NUSTAR ENERGY LP	$346	+38.4%	19,850	+36.0%	0.12%	+46.9%
BSM	Buy	BLACK STONE MINERALS L P	$315	+31.8%	18,300	+22.0%	0.11%	+40.3%
PAA	Buy	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$300	+52.3%	19,600	+40.0%	0.10%	+60.9%
HESM	Buy	HESS MIDSTREAM LP	$262	+6.9%	9,000	+12.5%	0.09%	+13.9%
IJR	Buy	ISHARES TRcore s&p scp etf	$230	-5.0%	2,440	+0.6%	0.08%	+1.3%

Q2 2023

			Value		Shares		↓ Weighting
CVX	New	CHEVRON CORP NEW	$18,609	–	118,266	–	6.01%	–
ORCL	New	ORACLE CORP	$16,801	–	141,075	–	5.43%	–
URI	New	UNITED RENTALS INC	$16,306	–	36,612	–	5.27%	–
FDX	New	FEDEX CORP	$14,463	–	58,342	–	4.67%	–
MDT	New	MEDTRONIC INC	$14,409	–	163,555	–	4.65%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$14,292	–	145,899	–	4.62%	–
MLI	New	MUELLER INDS INC	$12,833	–	147,035	–	4.14%	–
MRO	New	MARATHON OIL CORP	$12,676	–	550,652	–	4.09%	–
PSX	New	PHILLIPS 66	$12,390	–	129,900	–	4.00%	–
CAG	New	CONAGRA BRANDS INC	$11,302	–	335,164	–	3.65%	–
GILD	New	GILEAD SCIENCES INC	$10,594	–	137,460	–	3.42%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$9,942	–	155,468	–	3.21%	–
HPQ	New	HP INC	$9,559	–	311,274	–	3.09%	–
CVS	New	CVS HEALTH CORP	$9,419	–	136,244	–	3.04%	–
CSCO	New	CISCO SYS INC	$9,321	–	180,150	–	3.01%	–
QRVO	New	QORVO INC	$9,030	–	88,503	–	2.92%	–
NEM	New	NEWMONT CORP	$8,882	–	208,205	–	2.87%	–
ALL	New	ALLSTATE CORP	$8,787	–	80,589	–	2.84%	–
PYPL	New	PAYPAL HLDGS INC	$8,685	–	130,150	–	2.80%	–
AMAT	New	APPLIED MATLS INC	$8,674	–	60,011	–	2.80%	–
FOX	New	FOX CORP	$8,553	–	268,205	–	2.76%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$8,498	–	112,464	–	2.74%	–
LITE	New	LUMENTUM HLDGS INC	$8,173	–	144,060	–	2.64%	–
VZ	New	VERIZON COMMUNICATIONS INC	$8,154	–	219,251	–	2.63%	–
EBAY	New	EBAY INC	$6,725	–	150,485	–	2.17%	–
BKR	New	BAKER HUGHES COMPANYcl a	$6,144	–	194,365	–	1.98%	–
VMI	New	VALMONT INDS INC	$5,635	–	19,362	–	1.82%	–
AEP	New	AMERICAN ELEC PWR INC	$4,521	–	53,695	–	1.46%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,088	–	6,966	–	1.00%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,466	–	23,755	–	0.47%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,422	–	53,959	–	0.46%	–
IDEV	New	ISHARES TRcore msci intl	$1,315	–	21,515	–	0.42%	–
IVV	New	ISHARES TRcore s&p500 etf	$1,123	–	2,519	–	0.36%	–
DES	New	WISDOMTREE TRus smallcap divd	$1,035	–	35,965	–	0.33%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$1,031	–	2,790	–	0.33%	–
EWG	New	ISHARES INCmsci germany etf	$695	–	24,330	–	0.22%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$658	–	16,179	–	0.21%	–
ET	New	ENERGY TRANSFER L P	$629	–	49,547	–	0.20%	–
EWGS	New	ISHARES TRmsci germny etf	$518	–	8,520	–	0.17%	–
CNYA	New	ISHARES TRmsci china a	$472	–	16,185	–	0.15%	–
EWJ	New	ISHARES INCmsci jpn etf new	$390	–	6,295	–	0.13%	–
AAPL	New	APPLE INC	$364	–	1,875	–	0.12%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$327	–	22,093	–	0.11%	–
INTC	New	INTEL CORP	$268	–	8,000	–	0.09%	–
SUN	New	SUNOCO LP/SUNOCO FIN CORP	$261	–	6,000	–	0.08%	–
NS	New	NUSTAR ENERGY LP	$250	–	14,600	–	0.08%	–
HESM	New	HESS MIDSTREAM LP	$245	–	8,000	–	0.08%	–
IJR	New	ISHARES TRcore s&p scp etf	$242	–	2,425	–	0.08%	–
BSM	New	BLACK STONE MINERALS L P	$239	–	15,000	–	0.08%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$197	–	14,000	–	0.06%	–
GORO	New	GOLD RESOURCE CORP	$13	–	20,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
GORO	Exit	GOLD RESOURCE CORP	$0	–	-20,000	–	-0.01%	–
BSM	Exit	BLACK STONE MINERALS L P	$0	–	-11,200	–	-0.07%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-14,600	–	-0.08%	–
KNOP	Exit	KNOT OFFSHORE PARTNERS LP	$0	–	-14,000	–	-0.08%	–
ARLP	Exit	ALLIANCE RESOURCE PARTNERS Lut ltd part	$0	–	-8,900	–	-0.08%	–
QCOM	Exit	QUALCOMM INC	$0	–	-1,975	–	-0.09%	–
AAPL	Exit	APPLE INC	$0	–	-2,030	–	-0.11%	–
CEQP	Exit	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$0	–	-10,391	–	-0.11%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-6,195	–	-0.12%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,780	–	-0.12%	–
SPH	Exit	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$0	–	-22,093	–	-0.13%	–
EWGS	Exit	ISHARES TRmsci germny etf	$0	–	-8,520	–	-0.14%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,507	–	-0.16%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-24,100	–	-0.18%	–
CNYA	Exit	ISHARES TRmsci china a	$0	–	-16,185	–	-0.19%	–
DES	Exit	WISDOMTREE TRus smallcap divd	$0	–	-20,965	–	-0.21%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-49,547	–	-0.21%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-16,179	–	-0.23%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-2,780	–	-0.29%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-2,329	–	-0.32%	–
IDEV	Exit	ISHARES TRcore msci intl	$0	–	-21,365	–	-0.40%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-22,930	–	-0.41%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-53,959	–	-0.50%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-6,926	–	-0.96%	–
CLF	Exit	CLEVELAND-CLIFFS INC NEW	$0	–	-215,745	–	-1.12%	–
BKR	Exit	BAKER HUGHES COMPANYcl a	$0	–	-188,190	–	-1.52%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-49,225	–	-1.64%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-56,416	–	-1.78%	–
VMI	Exit	VALMONT INDS INC	$0	–	-18,557	–	-1.92%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-62,310	–	-2.07%	–
EBAY	Exit	EBAY INC	$0	–	-148,110	–	-2.10%	–
LITE	Exit	LUMENTUM HLDGS INC	$0	–	-91,845	–	-2.43%	–
MDT	Exit	MEDTRONIC INC	$0	–	-78,330	–	-2.44%	–
QRVO	Exit	QORVO INC	$0	–	-84,198	–	-2.58%	–
HPQ	Exit	HP INC	$0	–	-273,179	–	-2.63%	–
CSCO	Exit	CISCO SYS INC	$0	–	-170,520	–	-2.63%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-190,445	–	-2.79%	–
FOX	Exit	FOX CORP	$0	–	-261,635	–	-2.88%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-83,105	–	-3.07%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-133,290	–	-3.17%	–
ORCL	Exit	ORACLE CORP	$0	–	-136,250	–	-3.21%	–
NEM	Exit	NEWMONT CORP	$0	–	-201,620	–	-3.27%	–
MLI	Exit	MUELLER INDS INC	$0	–	-143,795	–	-3.30%	–
FDX	Exit	FEDEX CORP	$0	–	-58,612	–	-3.36%	–
URI	Exit	UNITED RENTALS INC	$0	–	-35,552	–	-3.70%	–
ALL	Exit	ALLSTATE CORP	$0	–	-78,125	–	-3.75%	–
PSX	Exit	PHILLIPS 66	$0	–	-123,232	–	-3.84%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-311,554	–	-3.92%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-150,093	–	-4.12%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-140,677	–	-4.44%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-532,217	–	-4.64%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-130,389	–	-4.80%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-173,419	–	-5.38%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-113,888	–	-6.31%	–

Q3 2022

			Value		Shares		↓ Weighting
CVX	Buy	CHEVRON CORP NEW	$16,362,000	+0.5%	113,888	+1.3%	6.31%	+8.9%
ADM	Buy	ARCHER DANIELS MIDLAND CO	$13,952,000	+4.7%	173,419	+1.0%	5.38%	+13.5%
CVS	Buy	CVS HEALTH CORP	$12,435,000	+38.8%	130,389	+34.9%	4.80%	+50.5%
MRO	Buy	MARATHON OIL CORP	$12,017,000	+2.0%	532,217	+1.5%	4.64%	+10.6%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$11,516,000	-14.4%	140,677	+0.6%	4.44%	-7.1%
BMY	Buy	BRISTOL-MYERS SQUIBB CO	$10,670,000	-6.0%	150,093	+1.8%	4.12%	+2.0%
CAG	Buy	CONAGRA FOODS INC	$10,166,000	-4.1%	311,554	+0.6%	3.92%	+4.0%
PSX	Buy	PHILLIPS 66	$9,947,000	-0.5%	123,232	+1.0%	3.84%	+7.8%
ALL	Sell	ALLSTATE CORP	$9,729,000	-1.7%	78,125	-0.0%	3.75%	+6.6%
URI	Buy	UNITED RENTALS INC	$9,603,000	+12.2%	35,552	+0.9%	3.70%	+21.6%
FDX	Buy	FEDEX CORP	$8,702,000	-33.2%	58,612	+2.0%	3.36%	-27.6%
MLI	Buy	MUELLER INDS INC	$8,547,000	+12.3%	143,795	+0.7%	3.30%	+21.7%
NEM	Buy	NEWMONT CORP	$8,474,000	-25.7%	201,620	+5.5%	3.27%	-19.4%
ORCL	Buy	ORACLE CORP	$8,321,000	-10.9%	136,250	+1.9%	3.21%	-3.4%
GILD	Buy	GILEAD SCIENCES INC	$8,223,000	+0.1%	133,290	+0.3%	3.17%	+8.6%
GOOGL	Buy	ALPHABET INCcap stk cl a	$7,949,000	-12.7%	83,105	+1888.2%	3.07%	-5.4%
FOX	Buy	FOX CORP	$7,457,000	-3.6%	261,635	+0.4%	2.88%	+4.5%
VZ	Buy	VERIZON COMMUNICATIONS INC	$7,231,000	-24.6%	190,445	+0.8%	2.79%	-18.3%
CSCO	Buy	CISCO SYS INC	$6,821,000	-5.3%	170,520	+1.0%	2.63%	+2.7%
HPQ	Buy	HP INC	$6,808,000	-22.2%	273,179	+2.3%	2.63%	-15.7%
QRVO	Sell	QORVO INC	$6,686,000	-19.3%	84,198	-4.1%	2.58%	-12.5%
MDT	Sell	MEDTRONIC INC	$6,325,000	-12.3%	78,330	-2.6%	2.44%	-4.9%
LITE	Buy	LUMENTUM HLDGS INC	$6,298,000	-13.1%	91,845	+0.6%	2.43%	-5.8%
EBAY	Sell	EBAY INC	$5,452,000	-13.1%	148,110	-1.7%	2.10%	-5.8%
PYPL	New	PAYPAL HLDGS INC	$5,363,000	–	62,310	–	2.07%	–
VMI	Buy	VALMONT INDS INC	$4,985,000	+22.2%	18,557	+2.2%	1.92%	+32.5%
AMAT	Buy	APPLIED MATLS INC	$4,622,000	-9.1%	56,416	+1.0%	1.78%	-1.4%
AEP	Buy	AMERICAN ELEC PWR INC	$4,256,000	-9.6%	49,225	+0.3%	1.64%	-2.0%
BKR	Buy	BAKER HUGHES COMPANYcl a	$3,944,000	-25.7%	188,190	+2.4%	1.52%	-19.4%
CLF	Buy	CLEVELAND-CLIFFS INC NEW	$2,906,000	-9.4%	215,745	+3.4%	1.12%	-1.8%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$2,474,000	-7.3%	6,926	-2.1%	0.96%	+0.5%
VGK	Buy	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,058,000	-8.6%	22,930	+4.6%	0.41%	-1.0%
IVV	Buy	ISHARES TRcore s&p500 etf	$835,000	+10.7%	2,329	+17.1%	0.32%	+20.1%
QQQ	Sell	INVESCO QQQ TRunit ser 1	$743,000	-40.2%	2,780	-37.3%	0.29%	-35.1%
DES	Buy	WISDOMTREE TRus smallcap divd	$540,000	+0.9%	20,965	+10.6%	0.21%	+9.5%
EWG	Sell	ISHARES INCmsci germany etf	$476,000	-22.6%	24,100	-9.9%	0.18%	-16.0%
JNJ	New	JOHNSON & JOHNSON	$410,000	–	2,507	–	0.16%	–
AMZN	Sell	AMAZON COM INC	$314,000	+4.0%	2,780	-2.1%	0.12%	+13.1%
EWJ	Sell	ISHARES INCmsci jpn etf new	$303,000	-13.4%	6,195	-6.4%	0.12%	-6.4%
AAPL	Sell	APPLE INC	$281,000	-16.1%	2,030	-17.1%	0.11%	-9.2%
QCOM	Sell	QUALCOMM INC	$223,000	-18.0%	1,975	-7.3%	0.09%	-11.3%
ARLP	New	ALLIANCE RESOURCE PARTNERS Lut ltd part	$204,000	–	8,900	–	0.08%	–
NS	Sell	NUSTAR ENERGY LP	$197,000	-24.5%	14,600	-21.8%	0.08%	-18.3%
KNOP	New	KNOT OFFSHORE PARTNERS LP	$196,000	–	14,000	–	0.08%	–
BSM	New	BLACK STONE MINERALS L P	$175,000	–	11,200	–	0.07%	–
GLOP	Exit	GASLOG PARTNERS LPunit ltd ptnrp	$0	–	-10,000	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-37,151	–	-3.40%	–

Q2 2022

			Value		Shares		↓ Weighting
CVX	New	CHEVRON CORP NEW	$16,285,000	–	112,478	–	5.80%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$13,446,000	–	139,902	–	4.78%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$13,323,000	–	171,684	–	4.74%	–
FDX	New	FEDEX CORP	$13,027,000	–	57,462	–	4.64%	–
MRO	New	MARATHON OIL CORP	$11,787,000	–	524,327	–	4.19%	–
NEM	New	NEWMONT CORP	$11,401,000	–	191,065	–	4.06%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$11,349,000	–	147,393	–	4.04%	–
CAG	New	CONAGRA FOODS INC	$10,601,000	–	309,604	–	3.77%	–
PSX	New	PHILLIPS 66	$10,002,000	–	121,990	–	3.56%	–
ALL	New	ALLSTATE CORP	$9,902,000	–	78,135	–	3.52%	–
VZ	New	VERIZON COMMUNICATIONS INC	$9,591,000	–	188,985	–	3.41%	–
MSFT	New	MICROSOFT CORP	$9,541,000	–	37,151	–	3.40%	–
ORCL	New	ORACLE CORP	$9,344,000	–	133,735	–	3.32%	–
GOOGL	New	ALPHABET INCcap stk cl a	$9,109,000	–	4,180	–	3.24%	–
CVS	New	CVS HEALTH CORP	$8,956,000	–	96,654	–	3.19%	–
HPQ	New	HP INC	$8,755,000	–	267,089	–	3.12%	–
URI	New	UNITED RENTALS INC	$8,559,000	–	35,237	–	3.05%	–
QRVO	New	QORVO INC	$8,283,000	–	87,813	–	2.95%	–
GILD	New	GILEAD SCIENCES INC	$8,211,000	–	132,835	–	2.92%	–
FOX	New	FOX CORP	$7,739,000	–	260,575	–	2.75%	–
MLI	New	MUELLER INDS INC	$7,613,000	–	142,855	–	2.71%	–
LITE	New	LUMENTUM HLDGS INC	$7,247,000	–	91,255	–	2.58%	–
MDT	New	MEDTRONIC INC	$7,215,000	–	80,390	–	2.57%	–
CSCO	New	CISCO SYS INC	$7,200,000	–	168,845	–	2.56%	–
EBAY	New	EBAY INC	$6,276,000	–	150,620	–	2.23%	–
BKR	New	BAKER HUGHES COMPANYcl a	$5,306,000	–	183,795	–	1.89%	–
AMAT	New	APPLIED MATLS INC	$5,083,000	–	55,871	–	1.81%	–
AEP	New	AMERICAN ELEC PWR INC	$4,709,000	–	49,085	–	1.68%	–
VMI	New	VALMONT INDS INC	$4,078,000	–	18,156	–	1.45%	–
CLF	New	CLEVELAND-CLIFFS INC NEW	$3,206,000	–	208,565	–	1.14%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,669,000	–	7,076	–	0.95%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,315,000	–	53,959	–	0.47%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$1,243,000	–	4,435	–	0.44%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,158,000	–	21,930	–	0.41%	–
IDEV	New	ISHARES TRcore msci intl	$1,148,000	–	21,365	–	0.41%	–
IVV	New	ISHARES TRcore s&p500 etf	$754,000	–	1,989	–	0.27%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$674,000	–	16,179	–	0.24%	–
EWG	New	ISHARES INCmsci germany etf	$615,000	–	26,740	–	0.22%	–
CNYA	New	ISHARES TRmsci china a	$616,000	–	16,185	–	0.22%	–
DES	New	WISDOMTREE TRus smallcap divd	$535,000	–	18,960	–	0.19%	–
ET	New	ENERGY TRANSFER L P	$494,000	–	49,547	–	0.18%	–
EWGS	New	ISHARES TRmsci germny etf	$470,000	–	8,520	–	0.17%	–
EWJ	New	ISHARES INCmsci jpn etf new	$350,000	–	6,620	–	0.12%	–
SPH	New	SUBURBAN PROPANE PARTNERS Lunit ltd partn	$337,000	–	22,093	–	0.12%	–
AAPL	New	APPLE INC	$335,000	–	2,450	–	0.12%	–
AMZN	New	AMAZON COM INC	$302,000	–	2,840	–	0.11%	–
QCOM	New	QUALCOMM INC	$272,000	–	2,130	–	0.10%	–
NS	New	NUSTAR ENERGY LP	$261,000	–	18,678	–	0.09%	–
CEQP	New	CRESTWOOD EQUITY PARTNERS LPunit ltd partner	$250,000	–	10,391	–	0.09%	–
GLOP	New	GASLOG PARTNERS LPunit ltd ptnrp	$56,000	–	10,000	–	0.02%	–
GORO	New	GOLD RESOURCE CORP	$33,000	–	20,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
TRVN	Exit	TREVENA INC	$0	–	-22,000	–	-0.01%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-54,000	–	-0.03%	–
GLOP	Exit	GASLOG PARTNERS LPunit ltd ptnrp	$0	–	-36,000	–	-0.07%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-2,450	–	-0.11%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-601	–	-0.11%	–
DES	Exit	WISDOMTREE TRus smallcap divd	$0	–	-9,020	–	-0.11%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,270	–	-0.14%	–
IBB	Exit	ISHARES TRishares biotech	$0	–	-2,148	–	-0.14%	–
QCOM	Exit	QUALCOMM INC	$0	–	-3,450	–	-0.18%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,797	–	-0.18%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-7,917	–	-0.22%	–
CNYA	Exit	ISHARES TRmsci china a	$0	–	-13,570	–	-0.23%	–
MS	Exit	MORGAN STANLEY	$0	–	-5,964	–	-0.23%	–
FB	Exit	FACEBOOKcl a	$0	–	-1,822	–	-0.25%	–
EWGS	Exit	ISHARES TRmsci germny etf	$0	–	-8,445	–	-0.28%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-3,412	–	-0.28%	–
AMZN	Exit	AMAZON COM INC	$0	–	-219	–	-0.29%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-15,034	–	-0.30%	–
AAPL	Exit	APPLE INC	$0	–	-5,820	–	-0.33%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-2,029	–	-0.35%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-26,665	–	-0.35%	–
IDEV	Exit	ISHARES TRcore msci intl	$0	–	-21,430	–	-0.57%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-23,100	–	-0.61%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-5,848	–	-0.84%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-7,769	–	-1.34%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-42,965	–	-1.40%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-110,833	–	-1.50%	–
VMI	Exit	VALMONT INDS INC	$0	–	-16,242	–	-1.53%	–
MLI	Exit	MUELLER INDS INC	$0	–	-130,115	–	-2.14%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-21,289	–	-2.22%	–
LITE	Exit	LUMENTUM HLDGS INC	$0	–	-77,945	–	-2.61%	–
HPQ	Exit	HP INC	$0	–	-242,300	–	-2.66%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-82,614	–	-2.81%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-106,400	–	-2.98%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-129,553	–	-3.07%	–
CSCO	Exit	CISCO SYS INC	$0	–	-149,055	–	-3.25%	–
EBAY	Exit	EBAY INC	$0	–	-117,935	–	-3.29%	–
FOX	Exit	FOX CORP	$0	–	-222,025	–	-3.30%	–
MDT	Exit	MEDTRONIC INC	$0	–	-67,550	–	-3.39%	–
ALL	Exit	ALLSTATE CORP	$0	–	-66,610	–	-3.40%	–
NEM	Exit	NEWMONT CORP	$0	–	-159,305	–	-3.46%	–
FDX	Exit	FEDEX CORP	$0	–	-39,570	–	-3.48%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-160,733	–	-3.48%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-652,255	–	-3.57%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-33,439	–	-3.78%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-3,597	–	-3.85%	–
ORCL	Exit	ORACLE CORP	$0	–	-113,240	–	-3.95%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-101,312	–	-4.12%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-121,323	–	-4.18%	–
URI	Exit	UNITED RENTALS INC	$0	–	-31,167	–	-4.38%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-192,755	–	-4.63%	–
QRVO	Exit	QORVO INC	$0	–	-71,835	–	-4.81%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-101,860	–	-5.25%	–

Q3 2021

			Value		Shares		↓ Weighting
AMAT	Buy	APPLIED MATLS INC	$13,112,000	-9.4%	101,860	+0.2%	5.25%	-1.2%
QRVO	Buy	QORVO INC	$12,010,000	-12.9%	71,835	+1.9%	4.81%	-5.1%
ADM	Sell	ARCHER DANIELS MIDLAND CO	$11,567,000	-4.0%	192,755	-3.1%	4.63%	+4.6%
URI	Sell	UNITED RENTALS INC	$10,937,000	+7.9%	31,167	-1.9%	4.38%	+17.6%
RTX	Sell	RAYTHEON TECHNOLOGIES CORP	$10,429,000	-1.0%	121,323	-1.8%	4.18%	+7.9%
CVX	Sell	CHEVRON CORP NEW	$10,278,000	-3.1%	101,312	-0.0%	4.12%	+5.6%
ORCL	Sell	ORACLE CORP	$9,867,000	+10.8%	113,240	-1.0%	3.95%	+20.8%
GOOGL	Sell	ALPHABET INCcap stk cl a	$9,617,000	+7.9%	3,597	-1.5%	3.85%	+17.6%
MSFT	Sell	MICROSOFT CORP	$9,427,000	+1.7%	33,439	-2.3%	3.78%	+10.8%
MRO	Sell	MARATHON OIL CORP	$8,916,000	-6.2%	652,255	-6.5%	3.57%	+2.2%
VZ	Sell	VERIZON COMMUNICATIONS INC	$8,681,000	-7.3%	160,733	-3.8%	3.48%	+1.0%
FDX	Buy	FEDEX CORP	$8,677,000	-22.9%	39,570	+4.9%	3.48%	-16.0%
NEM	Buy	NEWMONT CORP	$8,650,000	-11.8%	159,305	+2.9%	3.46%	-3.9%
ALL	Sell	ALLSTATE CORP	$8,480,000	-3.1%	66,610	-0.7%	3.40%	+5.6%
MDT	Buy	MEDTRONIC INC	$8,467,000	+1.4%	67,550	+0.5%	3.39%	+10.6%
FOX	Buy	FOX CORP	$8,242,000	+6.2%	222,025	+0.7%	3.30%	+15.8%
EBAY	Sell	EBAY INC	$8,217,000	-9.4%	117,935	-8.7%	3.29%	-1.3%
CSCO	Sell	CISCO SYS INC	$8,113,000	+0.1%	149,055	-2.5%	3.25%	+9.1%
BMY	Buy	BRISTOL MYERS SQUIBB CO	$7,666,000	-10.1%	129,553	+1.5%	3.07%	-2.0%
GILD	Sell	GILEAD SCIENCES INC	$7,432,000	-3.2%	106,400	-4.6%	2.98%	+5.5%
CVS	Sell	CVS HEALTH CORP	$7,011,000	-5.4%	82,614	-7.0%	2.81%	+3.2%
HPQ	Sell	HP INC	$6,629,000	-11.7%	242,300	-2.6%	2.66%	-3.8%
LITE	Sell	LUMENTUM HLDGS INC	$6,512,000	+1.1%	77,945	-0.8%	2.61%	+10.2%
PYPL	Buy	PAYPAL HLDGS INC	$5,540,000	-9.6%	21,289	+1.2%	2.22%	-1.5%
MLI	Buy	MUELLER INDS INC	$5,348,000	+112.3%	130,115	+123.7%	2.14%	+131.6%
VMI	Buy	VALMONT INDS INC	$3,819,000	-0.3%	16,242	+0.1%	1.53%	+8.7%
CAG	Buy	CONAGRA FOODS INC	$3,754,000	-0.0%	110,833	+7.4%	1.50%	+9.0%
AEP	Sell	AMERICAN ELEC PWR INC	$3,488,000	-8.9%	42,965	-5.1%	1.40%	-0.7%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$3,334,000	+1.4%	7,769	+1.2%	1.34%	+10.6%
VGK	Buy	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,516,000	-0.4%	23,100	+2.1%	0.61%	+8.6%
EWG	Buy	ISHARES INCmsci germany etf	$878,000	-3.2%	26,665	+1.8%	0.35%	+5.7%
IVV	Buy	ISHARES TRcore s&p500 etf	$874,000	+7.0%	2,029	+6.8%	0.35%	+16.7%
AAPL	Sell	APPLE INC	$824,000	-9.7%	5,820	-12.7%	0.33%	-1.5%
AMZN	Sell	AMAZON COM INC	$719,000	-10.7%	219	-6.4%	0.29%	-2.7%
NVDA	Buy	NVIDIA CORPORATION	$707,000	-8.2%	3,412	+254.3%	0.28%	0.0%
EWGS	Buy	ISHARES TRmsci germny etf	$686,000	+0.7%	8,445	+0.8%	0.28%	+10.0%
FB	Sell	FACEBOOKcl a	$618,000	-7.5%	1,822	-5.2%	0.25%	+0.8%
MS	Sell	MORGAN STANLEY	$580,000	-10.5%	5,964	-15.6%	0.23%	-2.5%
EWJ	Buy	ISHARES INCmsci jpn etf new	$556,000	+9.9%	7,917	+5.7%	0.22%	+19.9%
EBON	Exit	EBANG INTL HLDGS INC	$0	–	-10,000	–	-0.01%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-2,525	–	-0.11%	–
GLW	Exit	CORNING INC	$0	–	-146,335	–	-2.20%	–
CMI	Exit	CUMMINS INC	$0	–	-34,240	–	-3.07%	–

Q2 2021

			Value		Shares		↓ Weighting
AMAT	New	APPLIED MATLS INC	$14,471,000	–	101,620	–	5.32%	–
QRVO	New	QORVO INC	$13,796,000	–	70,515	–	5.07%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$12,055,000	–	198,925	–	4.43%	–
FDX	New	FEDEX CORP	$11,256,000	–	37,730	–	4.14%	–
CVX	New	CHEVRON CORP NEW	$10,612,000	–	101,317	–	3.90%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$10,535,000	–	123,488	–	3.87%	–
URI	New	UNITED RENTALS INC	$10,137,000	–	31,777	–	3.72%	–
NEM	New	NEWMONT CORP	$9,810,000	–	154,780	–	3.60%	–
MRO	New	MARATHON OIL CORP	$9,506,000	–	697,915	–	3.49%	–
VZ	New	VERIZON COMMUNICATIONS INC	$9,365,000	–	167,138	–	3.44%	–
MSFT	New	MICROSOFT CORP	$9,271,000	–	34,224	–	3.41%	–
EBAY	New	EBAY INC	$9,072,000	–	129,215	–	3.33%	–
GOOGL	New	ALPHABET INCcap stk cl a	$8,917,000	–	3,652	–	3.28%	–
ORCL	New	ORACLE CORP	$8,903,000	–	114,375	–	3.27%	–
ALL	New	ALLSTATE CORP	$8,752,000	–	67,095	–	3.22%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$8,526,000	–	127,598	–	3.13%	–
CMI	New	CUMMINS INC	$8,348,000	–	34,240	–	3.07%	–
MDT	New	MEDTRONIC INC	$8,347,000	–	67,240	–	3.07%	–
CSCO	New	CISCO SYS INC	$8,106,000	–	152,945	–	2.98%	–
FOX	New	FOX CORP	$7,758,000	–	220,390	–	2.85%	–
GILD	New	GILEAD SCIENCES INC	$7,677,000	–	111,480	–	2.82%	–
HPQ	New	HP INC	$7,510,000	–	248,750	–	2.76%	–
CVS	New	CVS HEALTH CORP	$7,411,000	–	88,819	–	2.72%	–
LITE	New	LUMENTUM HLDGS INC	$6,443,000	–	78,550	–	2.37%	–
PYPL	New	PAYPAL HLDGS INC	$6,130,000	–	21,029	–	2.25%	–
GLW	New	CORNING INC	$5,985,000	–	146,335	–	2.20%	–
VMI	New	VALMONT INDUSTRIES INC	$3,829,000	–	16,223	–	1.41%	–
AEP	New	AMERICAN ELEC PWR INC	$3,830,000	–	45,275	–	1.41%	–
CAG	New	CONAGRA FOODS INC	$3,755,000	–	103,228	–	1.38%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,287,000	–	7,679	–	1.21%	–
MLI	New	MUELLER INDS INC	$2,519,000	–	58,165	–	0.92%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$2,073,000	–	5,848	–	0.76%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,522,000	–	22,630	–	0.56%	–
IDEV	New	ISHARES TRcore msci intl	$1,445,000	–	21,430	–	0.53%	–
AAPL	New	APPLE INC	$913,000	–	6,664	–	0.34%	–
EWG	New	ISHARES INCmsci germany etf	$907,000	–	26,200	–	0.33%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$816,000	–	15,034	–	0.30%	–
IVV	New	ISHARES TRcore s&p500 etf	$817,000	–	1,900	–	0.30%	–
AMZN	New	AMAZON COM INC	$805,000	–	234	–	0.30%	–
NVDA	New	NVIDIA CORP	$770,000	–	963	–	0.28%	–
EWGS	New	ISHARES TRmsci germny etf	$681,000	–	8,380	–	0.25%	–
FB	New	FACEBOOKcl a	$668,000	–	1,922	–	0.24%	–
MS	New	MORGAN STANLEY	$648,000	–	7,064	–	0.24%	–
CNYA	New	ISHARES TRmsci china a	$602,000	–	13,570	–	0.22%	–
EWJ	New	ISHARES INCmsci jpn etf new	$506,000	–	7,492	–	0.19%	–
QCOM	New	QUALCOMM INC	$493,000	–	3,450	–	0.18%	–
JNJ	New	JOHNSON & JOHNSON	$461,000	–	2,797	–	0.17%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$353,000	–	1,270	–	0.13%	–
IBB	New	ISHARES TRishares biotech	$352,000	–	2,148	–	0.13%	–
NTES	New	NETEASE INCsponsored ads	$291,000	–	2,525	–	0.11%	–
DES	New	WISDOMTREE TRus smallcap divd	$288,000	–	9,020	–	0.11%	–
ROP	New	ROPER TECHNOLOGIES INC	$283,000	–	601	–	0.10%	–
IJR	New	ISHARES TRcore s&p scp etf	$277,000	–	2,450	–	0.10%	–
AXU	New	ALEXCO RESOURCE CORP	$135,000	–	54,000	–	0.05%	–
GLOP	New	GASLOG PARTNERS LPunit ltd ptnrp	$133,000	–	36,000	–	0.05%	–
TRVN	New	TREVENA INC	$37,000	–	22,000	–	0.01%	–
EBON	New	EBANG INTL HLDGS INC	$31,000	–	10,000	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-20,400	–	-0.02%	–
TRVN	Exit	TREVENA INC	$0	–	-22,000	–	-0.03%	–
HIX	Exit	WESTERN ASSET HIGH INCM FD I	$0	–	-13,637	–	-0.04%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-18,425	–	-0.05%	–
GLOP	Exit	GASLOG PARTNERS LPunit ltd ptnrp	$0	–	-36,000	–	-0.06%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-54,000	–	-0.07%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-3,329	–	-0.10%	–
MET	Exit	METLIFE INC	$0	–	-8,965	–	-0.16%	–
C	Exit	CITIGROUP INC	$0	–	-7,960	–	-0.17%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-1,586	–	-0.17%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-6,935	–	-0.20%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-10,730	–	-0.20%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-7,461	–	-0.21%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-10,125	–	-0.21%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-2,155	–	-0.22%	–
QCOM	Exit	QUALCOMM INC	$0	–	-4,005	–	-0.23%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-13,642	–	-0.26%	–
MS	Exit	MORGAN STANLEY	$0	–	-11,229	–	-0.26%	–
EWGS	Exit	ISHARES TRmsci germny etf	$0	–	-9,675	–	-0.30%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-3,580	–	-0.31%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,910	–	-0.31%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-25,485	–	-0.36%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,994	–	-0.36%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-1,708	–	-0.38%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-6,443	–	-0.42%	–
FB	Exit	FACEBOOKcl a	$0	–	-3,372	–	-0.43%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-2,425	–	-0.47%	–
IDEV	Exit	ISHARES TRcore msci intl	$0	–	-21,195	–	-0.56%	–
AMZN	Exit	AMAZON COM INC	$0	–	-383	–	-0.59%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-23,545	–	-0.60%	–
NVDA	Exit	NVIDIA CORP	$0	–	-2,544	–	-0.67%	–
AAPL	Exit	APPLE INC	$0	–	-12,584	–	-0.71%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-5,463	–	-0.74%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-372,330	–	-0.74%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-7,743	–	-1.26%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-17,855	–	-1.28%	–
VMI	Exit	VALMONT INDUSTRIES INC	$0	–	-22,600	–	-1.36%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-42,005	–	-1.67%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-60,362	–	-1.69%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-49,777	–	-1.74%	–
URI	Exit	UNITED RENTALS INC	$0	–	-24,940	–	-2.12%	–
HPQ	Exit	HP INC	$0	–	-242,320	–	-2.24%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-79,465	–	-2.26%	–
GLW	Exit	CORNING INC	$0	–	-144,115	–	-2.27%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-106,330	–	-2.43%	–
MRK	Exit	MERCK & CO INC	$0	–	-61,258	–	-2.47%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-3,723	–	-2.65%	–
CSCO	Exit	CISCO SYS INC	$0	–	-142,255	–	-2.72%	–
FOX	Exit	FOX CORP	$0	–	-204,710	–	-2.78%	–
ALL	Exit	ALLSTATE CORP	$0	–	-61,475	–	-2.82%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-99,685	–	-3.06%	–
EBAY	Exit	EBAY INC	$0	–	-122,510	–	-3.10%	–
ORCL	Exit	ORACLE CORP	$0	–	-108,395	–	-3.15%	–
MDT	Exit	MEDTRONIC INC	$0	–	-64,790	–	-3.28%	–
AMGN	Exit	AMGEN INC	$0	–	-26,885	–	-3.32%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-192,180	–	-3.34%	–
NEM	Exit	NEWMONT CORP	$0	–	-111,970	–	-3.46%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-38,071	–	-3.65%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-144,590	–	-4.18%	–
QRVO	Exit	QORVO INC	$0	–	-67,390	–	-4.23%	–
ADM	Exit	ARCHER-DANIELS-MIDLAND CO	$0	–	-192,215	–	-4.35%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-158,607	–	-4.59%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-57,738	–	-5.91%	–
FDX	Exit	FEDEX CORP	$0	–	-49,080	–	-6.00%	–

Q3 2020

			Value		Shares		↓ Weighting
FDX	Sell	FEDEX CORP	$12,345,000	+75.7%	49,080	-2.1%	6.00%	+68.7%
MSFT	Sell	MICROSOFT CORP	$12,144,000	-6.8%	57,738	-9.9%	5.91%	-10.5%
VZ	Buy	VERIZON COMMUNICATIONS INC	$9,436,000	+10.6%	158,607	+2.5%	4.59%	+6.2%
ADM	Sell	ARCHER-DANIELS-MIDLAND CO	$8,936,000	+15.0%	192,215	-1.3%	4.35%	+10.4%
QRVO	Sell	QORVO INC	$8,694,000	+15.6%	67,390	-1.0%	4.23%	+11.1%
AMAT	Buy	APPLIED MATLS INC	$8,596,000	-0.2%	144,590	+1.5%	4.18%	-4.1%
PYPL	Sell	PAYPAL HLDGS INC	$7,501,000	-21.0%	38,071	-30.1%	3.65%	-24.1%
NEM	Sell	NEWMONT CORP	$7,104,000	+1.9%	111,970	-0.9%	3.46%	-2.2%
CAG	Sell	CONAGRA FOODS INC	$6,863,000	-0.2%	192,180	-1.7%	3.34%	-4.1%
AMGN	Sell	AMGEN INC	$6,833,000	+5.4%	26,885	-2.2%	3.32%	+1.2%
MDT	Sell	MEDTRONIC INC	$6,733,000	+12.2%	64,790	-1.0%	3.28%	+7.8%
ORCL	Sell	ORACLE CORP	$6,471,000	+7.7%	108,395	-0.3%	3.15%	+3.5%
EBAY	Sell	EBAY INC	$6,383,000	-1.9%	122,510	-1.2%	3.10%	-5.7%
GILD	Buy	GILEAD SCIENCES INC	$6,299,000	-17.4%	99,685	+0.6%	3.06%	-20.6%
ALL	Buy	ALLSTATE CORP	$5,787,000	-2.1%	61,475	+0.8%	2.82%	-6.0%
FOX	Sell	FOX CORP	$5,726,000	+3.2%	204,710	-1.0%	2.78%	-0.9%
CSCO	Buy	CISCO SYS INC	$5,603,000	-15.5%	142,255	+0.1%	2.72%	-18.8%
GOOGL	Sell	ALPHABET INCcap stk cl a	$5,456,000	-16.6%	3,723	-19.3%	2.65%	-19.9%
MRK	Sell	MERCK & CO INC	$5,081,000	+7.2%	61,258	-0.0%	2.47%	+3.0%
MU	Buy	MICRON TECHNOLOGY INC	$4,993,000	+43.6%	106,330	+57.5%	2.43%	+37.9%
GLW	Sell	CORNING INC	$4,671,000	+22.8%	144,115	-1.9%	2.27%	+17.9%
CVS	Buy	CVS HEALTH CORP	$4,641,000	-6.5%	79,465	+4.1%	2.26%	-10.2%
HPQ	Sell	HP INC	$4,602,000	+8.5%	242,320	-0.4%	2.24%	+4.2%
URI	Buy	UNITED RENTALS INC	$4,352,000	+993.5%	24,940	+834.1%	2.12%	+948.0%
CVX	Sell	CHEVRON CORP NEW	$3,584,000	-19.8%	49,777	-0.6%	1.74%	-23.0%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$3,473,000	+2.2%	60,362	+9.5%	1.69%	-1.9%
AEP	Buy	AMERICAN ELEC PWR INC	$3,433,000	+3.2%	42,005	+0.6%	1.67%	-0.8%
VMI	Sell	VALMONT INDUSTRIES INC	$2,806,000	+6.0%	22,600	-2.9%	1.36%	+1.9%
KMB	Sell	KIMBERLY CLARK CORP	$2,636,000	-48.7%	17,855	-50.8%	1.28%	-50.7%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$2,593,000	+10.8%	7,743	+2.0%	1.26%	+6.4%
MRO	Sell	MARATHON OIL CORP	$1,523,000	-36.9%	372,330	-5.5%	0.74%	-39.3%
QQQ	Sell	INVESCO QQQ TRunit ser 1	$1,518,000	-1.6%	5,463	-12.4%	0.74%	-5.5%
AAPL	Buy	APPLE INC	$1,457,000	+3.7%	12,584	+226.8%	0.71%	-0.3%
NVDA	Sell	NVIDIA CORP	$1,377,000	+42.0%	2,544	-0.3%	0.67%	+36.5%
AMZN	Sell	AMAZON COM INC	$1,206,000	-3.8%	383	-15.6%	0.59%	-7.4%
ROP	Sell	ROPER TECHNOLOGIES INC	$958,000	-5.2%	2,425	-6.9%	0.47%	-9.0%
FB	Buy	FACEBOOKcl a	$883,000	+28.2%	3,372	+11.1%	0.43%	+22.9%
GLD	Sell	SPDR GOLD TRUST	$634,000	-12.7%	3,580	-17.5%	0.31%	-16.3%
GDX	Sell	VANECK VECTORS ETF TRgold miners etf	$534,000	-0.7%	13,642	-7.0%	0.26%	-4.4%
QCOM	Buy	QUALCOMM INC	$471,000	+30.1%	4,005	+0.9%	0.23%	+25.1%
BMY	New	BRISTOL MYERS SQUIBB CO	$201,000	–	3,329	–	0.10%	–

Q2 2020

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$13,035,000	–	64,053	–	6.60%	–
PYPL	New	PAYPAL HLDGS INC	$9,490,000	–	54,466	–	4.81%	–
AMAT	New	APPLIED MATLS INC	$8,610,000	–	142,435	–	4.36%	–
VZ	New	VERIZON COMMUNICATIONS INC	$8,533,000	–	154,787	–	4.32%	–
ADM	New	ARCHER-DANIELS-MIDLAND CO	$7,773,000	–	194,810	–	3.94%	–
GILD	New	GILEAD SCIENCES INC	$7,622,000	–	99,070	–	3.86%	–
QRVO	New	QORVO INC	$7,520,000	–	68,040	–	3.81%	–
FDX	New	FEDEX CORP	$7,028,000	–	50,120	–	3.56%	–
NEM	New	NEWMONT GOLDCORP CORPORATION	$6,973,000	–	112,945	–	3.53%	–
CAG	New	CONAGRA FOODS INC	$6,876,000	–	195,505	–	3.48%	–
CSCO	New	CISCO SYS INC	$6,628,000	–	142,120	–	3.36%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,544,000	–	4,615	–	3.31%	–
EBAY	New	EBAY INC	$6,506,000	–	124,050	–	3.29%	–
AMGN	New	AMGEN INC	$6,483,000	–	27,485	–	3.28%	–
ORCL	New	ORACLE CORP	$6,007,000	–	108,680	–	3.04%	–
MDT	New	MEDTRONIC INC	$6,000,000	–	65,430	–	3.04%	–
ALL	New	ALLSTATE CORP	$5,914,000	–	60,975	–	3.00%	–
FOX	New	FOX CORP	$5,548,000	–	206,695	–	2.81%	–
KMB	New	KIMBERLY CLARK CORP	$5,134,000	–	36,320	–	2.60%	–
CVS	New	CVS HEALTH CORP	$4,961,000	–	76,360	–	2.51%	–
MRK	New	MERCK & CO INC	$4,739,000	–	61,283	–	2.40%	–
CVX	New	CHEVRON CORP NEW	$4,470,000	–	50,092	–	2.26%	–
HPQ	New	HP INC	$4,240,000	–	243,270	–	2.15%	–
GLW	New	CORNING INC	$3,805,000	–	146,900	–	1.93%	–
MU	New	MICRON TECHNOLOGY INC	$3,478,000	–	67,505	–	1.76%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$3,398,000	–	55,138	–	1.72%	–
AEP	New	AMERICAN ELEC PWR INC	$3,326,000	–	41,765	–	1.68%	–
VMI	New	VALMONT INDUSTRIES INC	$2,646,000	–	23,285	–	1.34%	–
MRO	New	MARATHON OIL CORP	$2,412,000	–	394,175	–	1.22%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,340,000	–	7,588	–	1.18%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$1,543,000	–	6,233	–	0.78%	–
AAPL	New	APPLE INC	$1,405,000	–	3,851	–	0.71%	–
AMZN	New	AMAZON COM INC	$1,253,000	–	454	–	0.63%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,185,000	–	23,545	–	0.60%	–
IDEV	New	SHARES TRcore msci intl	$1,083,000	–	21,195	–	0.55%	–
ROP	New	ROPER TECHNOLOGIES INC	$1,011,000	–	2,605	–	0.51%	–
NVDA	New	NVIDIA CORP	$970,000	–	2,552	–	0.49%	–
IBB	New	ISHARES TRnasdaq biotech	$881,000	–	6,443	–	0.45%	–
NTES	New	NETEASE INCsponsored ads	$733,000	–	1,708	–	0.37%	–
GLD	New	SPDR GOLD TRUST	$726,000	–	4,340	–	0.37%	–
JNJ	New	JOHNSON & JOHNSON	$702,000	–	4,994	–	0.36%	–
EWG	New	ISHARES INCmsci germany etf	$691,000	–	25,485	–	0.35%	–
FB	New	FACEBOOKcl a	$689,000	–	3,035	–	0.35%	–
IVV	New	ISHARES TRcore s&p500 etf	$592,000	–	1,910	–	0.30%	–
EWGS	New	ISHARES TRmsci germny etf	$553,000	–	9,675	–	0.28%	–
MS	New	MORGAN STANLEY	$542,000	–	11,229	–	0.27%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$538,000	–	14,672	–	0.27%	–
MO	New	ALTRIA GROUP INC	$421,000	–	10,730	–	0.21%	–
C	New	CITIGROUP INC	$407,000	–	7,960	–	0.21%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$401,000	–	10,125	–	0.20%	–
URI	New	UNITED RENTALS INC	$398,000	–	2,670	–	0.20%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$385,000	–	2,155	–	0.20%	–
EWJ	New	ISHARES INCmsci jpn etf new	$381,000	–	6,935	–	0.19%	–
DFS	New	DISCOVER FINL SVCS	$374,000	–	7,461	–	0.19%	–
QCOM	New	QUALCOMM INC	$362,000	–	3,970	–	0.18%	–
MET	New	METLIFE INC	$327,000	–	8,965	–	0.17%	–
ULTA	New	ULTA BEAUTY INC	$323,000	–	1,586	–	0.16%	–
GLOP	New	GASLOG PARTNERS LPunit ltd ptnrp	$148,000	–	36,000	–	0.08%	–
ET	New	ENERGY TRANSFER LP	$131,000	–	18,425	–	0.07%	–
AXU	New	ALEXCO RESOURCE CORP	$122,000	–	54,000	–	0.06%	–
HIX	New	WESTERN ASSET HIGH INCM FD I	$85,000	–	13,637	–	0.04%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$48,000	–	20,400	–	0.02%	–
TRVN	New	TREVENA INC	$33,000	–	22,000	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
TRVN	Exit	TREVENA INC	$0	–	-22,000	–	-0.01%	–
HIX	Exit	WESTERN ASSET HIGH INCM FD I	$0	–	-13,637	–	-0.06%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-54,000	–	-0.06%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-20,400	–	-0.06%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-18,265	–	-0.15%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-4,285	–	-0.15%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-980	–	-0.15%	–
GOLD	Exit	BARRICK GOLD CORPORATION	$0	–	-16,368	–	-0.18%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-1,111	–	-0.18%	–
QCOM	Exit	QUALCOMM INC	$0	–	-3,920	–	-0.18%	–
RTN	Exit	RAYTHEON CO	$0	–	-1,637	–	-0.20%	–
CELG	Exit	CELGENE CORP	$0	–	-3,429	–	-0.21%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-13,325	–	-0.22%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-4,677	–	-0.24%	–
EOG	Exit	EOG RES INC	$0	–	-5,100	–	-0.24%	–
MS	Exit	MORGAN STANLEY	$0	–	-8,939	–	-0.24%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-10,125	–	-0.25%	–
MET	Exit	METLIFE INC	$0	–	-8,997	–	-0.26%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-3,060	–	-0.26%	–
EWG	Exit	ISHARES INCmsci germany etf	$0	–	-15,755	–	-0.26%	–
EWGS	Exit	ISHARES TRmsci germny etf	$0	–	-8,045	–	-0.26%	–
NVDA	Exit	NVIDIA CORP	$0	–	-2,553	–	-0.28%	–
FB	Exit	FACEBOOKcl a	$0	–	-3,015	–	-0.33%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,850	–	-0.34%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-6,443	–	-0.40%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,989	–	-0.40%	–
AIZ	Exit	ASSURANT INC	$0	–	-6,028	–	-0.47%	–
AMZN	Exit	AMAZON COM INC	$0	–	-450	–	-0.48%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-2,840	–	-0.63%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-19,440	–	-0.65%	–
IDEV	Exit	SHARES TRcore msci intl	$0	–	-20,365	–	-0.69%	–
AAPL	Exit	APPLE INC	$0	–	-5,091	–	-0.71%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-7,562	–	-1.39%	–
VMI	Exit	VALMONT INDUSTRIES INC	$0	–	-16,505	–	-1.42%	–
FOX	Exit	FOX CORP	$0	–	-84,010	–	-1.64%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-93,560	–	-2.08%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-275,865	–	-2.10%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-38,330	–	-2.23%	–
DHI	Exit	D R HORTON INC	$0	–	-82,620	–	-2.70%	–
EBAY	Exit	EBAY INC	$0	–	-114,210	–	-2.76%	–
HPQ	Exit	HP INC	$0	–	-240,115	–	-2.82%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-74,225	–	-2.92%	–
MRK	Exit	MERCK & CO INC	$0	–	-56,238	–	-2.93%	–
GLW	Exit	CORNING INC	$0	–	-167,500	–	-2.96%	–
FDX	Exit	FEDEX CORP	$0	–	-33,140	–	-2.99%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-34,580	–	-3.04%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-4,379	–	-3.31%	–
AMGN	Exit	AMGEN INC	$0	–	-27,851	–	-3.34%	–
ORCL	Exit	ORACLE CORP	$0	–	-98,835	–	-3.37%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-46,927	–	-3.45%	–
ADM	Exit	ARCHER-DANIELS-MIDLAND CO	$0	–	-139,145	–	-3.54%	–
CSCO	Exit	CISCO SYS INC	$0	–	-117,105	–	-3.59%	–
NEM	Exit	NEWMONT GOLDCORP CORPORATION	$0	–	-155,465	–	-3.65%	–
QRVO	Exit	QORVO INC	$0	–	-81,285	–	-3.74%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-62,673	–	-4.02%	–
MDT	Exit	MEDTRONIC INC	$0	–	-61,420	–	-4.13%	–
ALL	Exit	ALLSTATE CORP	$0	–	-62,770	–	-4.23%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-272,985	–	-5.19%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-63,963	–	-5.51%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-153,736	–	-5.75%	–

Q3 2019

			Value		Shares		↓ Weighting
VZ	Sell	VERIZON COMMUNICATIONS INC	$9,280,000	+4.9%	153,736	-0.7%	5.75%	+9.1%
MSFT	Sell	MICROSOFT CORP	$8,893,000	-23.1%	63,963	-25.9%	5.51%	-20.0%
CAG	Buy	CONAGRA FOODS INC	$8,375,000	+34.6%	272,985	+16.3%	5.19%	+40.0%
ALL	Sell	ALLSTATE CORP	$6,822,000	+4.2%	62,770	-2.6%	4.23%	+8.4%
MDT	Sell	MEDTRONIC INC	$6,671,000	+10.8%	61,420	-0.7%	4.13%	+15.2%
PYPL	Buy	PAYPAL HLDGS INC	$6,492,000	-9.4%	62,673	+0.1%	4.02%	-5.8%
QRVO	Sell	QORVO INC	$6,026,000	+7.9%	81,285	-3.1%	3.74%	+12.3%
NEM	Sell	NEWMONT GOLDCORP CORPORATION	$5,895,000	-3.6%	155,465	-2.2%	3.65%	+0.2%
CSCO	Buy	CISCO SYS INC	$5,786,000	-9.0%	117,105	+0.8%	3.59%	-5.3%
ADM	Sell	ARCHER-DANIELS-MIDLAND CO	$5,715,000	-7.5%	139,145	-8.1%	3.54%	-3.8%
CVX	Sell	CHEVRON CORP NEW	$5,566,000	-10.5%	46,927	-6.1%	3.45%	-6.8%
ORCL	Sell	ORACLE CORP	$5,439,000	-3.5%	98,835	-0.1%	3.37%	+0.4%
AMGN	Sell	AMGEN INC	$5,389,000	+4.4%	27,851	-0.6%	3.34%	+8.6%
GOOGL	Sell	ALPHABET INCcap stk cl a	$5,347,000	-12.9%	4,379	-22.8%	3.31%	-9.4%
KMB	Buy	KIMBERLY CLARK CORP	$4,912,000	+6.7%	34,580	+0.1%	3.04%	+11.0%
FDX	Sell	FEDEX CORP	$4,824,000	-13.3%	33,140	-2.2%	2.99%	-9.8%
GLW	Buy	CORNING INC	$4,777,000	-13.5%	167,500	+0.8%	2.96%	-10.0%
MRK	Sell	MERCK & CO INC	$4,734,000	-28.3%	56,238	-28.6%	2.93%	-25.4%
GILD	Sell	GILEAD SCIENCES INC	$4,704,000	-6.9%	74,225	-0.8%	2.92%	-3.2%
HPQ	Sell	HP INC	$4,543,000	-10.4%	240,115	-1.6%	2.82%	-6.8%
EBAY	Sell	EBAY INC	$4,452,000	-21.2%	114,210	-20.1%	2.76%	-18.0%
DHI	Sell	D R HORTON INC	$4,355,000	+21.9%	82,620	-0.2%	2.70%	+26.8%
AEP	Sell	AMERICAN ELEC PWR INC	$3,591,000	+5.2%	38,330	-1.2%	2.23%	+9.4%
MRO	Sell	MARATHON OIL CORP	$3,385,000	-17.4%	275,865	-4.4%	2.10%	-14.1%
HOG	Sell	HARLEY DAVIDSON INC	$3,365,000	-1.7%	93,560	-2.1%	2.08%	+2.2%
FOX	Buy	FOX CORP	$2,650,000	-13.5%	84,010	+0.2%	1.64%	-10.0%
VMI	Sell	VALMONT INDUSTRIES INC	$2,285,000	+8.9%	16,505	-0.2%	1.42%	+13.3%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$2,244,000	+3.8%	7,562	+2.5%	1.39%	+8.0%
IDEV	New	SHARES TRcore msci intl	$1,112,000	–	20,365	–	0.69%	–
VGK	Sell	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,042,000	-32.4%	19,440	-30.7%	0.65%	-29.6%
ROP	Sell	ROPER TECHNOLOGIES INC	$1,013,000	-3.1%	2,840	-0.4%	0.63%	+1.0%
NVDA	Sell	NVIDIA CORP	$444,000	-6.9%	2,553	-12.1%	0.28%	-3.2%
EWGS	New	ISHARES TRmsci germny etf	$427,000	–	8,045	–	0.26%	–
GLD	New	SPDR GOLD TRUST	$425,000	–	3,060	–	0.26%	–
EWG	Sell	ISHARES INCmsci germany etf	$424,000	-54.2%	15,755	-52.2%	0.26%	-52.3%
VWO	Sell	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$408,000	-20.9%	10,125	-16.5%	0.25%	-17.6%
GDX	New	VANECK VECTORS ETF TRgold miners etf	$356,000	–	13,325	–	0.22%	–
GOLD	New	BARRICK GOLD CORPORATION	$284,000	–	16,368	–	0.18%	–
ULTA	New	ULTA BEAUTY INC	$246,000	–	980	–	0.15%	–
EWJ	Sell	ISHARES INCmsci jpn etf new	$243,000	-52.3%	4,285	-54.0%	0.15%	-50.2%
AXU	Buy	ALEXCO RESOURCE CORP	$93,000	+78.8%	54,000	+17.4%	0.06%	+87.1%
C	Exit	CITIGROUP INC	$0	–	-11,062	–	-0.46%	–

Q2 2019

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$11,558,000	–	86,283	–	6.88%	–
VZ	New	VERIZON COMMUNICATIONS INC	$8,848,000	–	154,876	–	5.27%	–
PYPL	New	PAYPAL HLDGS INC	$7,168,000	–	62,628	–	4.27%	–
MRK	New	MERCK & CO INC	$6,606,000	–	78,778	–	3.94%	–
ALL	New	ALLSTATE CORP	$6,550,000	–	64,415	–	3.90%	–
CSCO	New	CISCO SYS INC	$6,357,000	–	116,145	–	3.79%	–
CAG	New	CONAGRA FOODS INC	$6,223,000	–	234,660	–	3.71%	–
CVX	New	CHEVRON CORP NEW	$6,217,000	–	49,962	–	3.70%	–
ADM	New	ARCHER-DANIELS-MIDLAND CO	$6,178,000	–	151,410	–	3.68%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,141,000	–	5,671	–	3.66%	–
NEM	New	NEWMONT GOLDCORP CORPORATION	$6,118,000	–	159,025	–	3.64%	–
MDT	New	MEDTRONIC INC	$6,022,000	–	61,830	–	3.59%	–
EBAY	New	EBAY INC	$5,648,000	–	142,995	–	3.36%	–
ORCL	New	ORACLE CORP	$5,637,000	–	98,945	–	3.36%	–
QRVO	New	QORVO INC	$5,586,000	–	83,860	–	3.33%	–
FDX	New	FEDEX CORP	$5,563,000	–	33,880	–	3.31%	–
GLW	New	CORNING INC	$5,523,000	–	166,200	–	3.29%	–
AMGN	New	AMGEN INC	$5,162,000	–	28,011	–	3.08%	–
HPQ	New	HP INC	$5,071,000	–	243,915	–	3.02%	–
GILD	New	GILEAD SCIENCES INC	$5,055,000	–	74,825	–	3.01%	–
KMB	New	KIMBERLY CLARK CORP	$4,603,000	–	34,540	–	2.74%	–
MRO	New	MARATHON OIL CORP	$4,100,000	–	288,545	–	2.44%	–
DHI	New	D R HORTON INC	$3,572,000	–	82,820	–	2.13%	–
HOG	New	HARLEY DAVIDSON INC	$3,424,000	–	95,570	–	2.04%	–
AEP	New	AMERICAN ELEC PWR INC	$3,414,000	–	38,795	–	2.03%	–
FOX	New	FOX CORP	$3,064,000	–	83,880	–	1.82%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,162,000	–	7,378	–	1.29%	–
VMI	New	VALMONT INDUSTRIES INC	$2,098,000	–	16,545	–	1.25%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,541,000	–	28,070	–	0.92%	–
ROP	New	ROPER TECHNOLOGIES INC	$1,045,000	–	2,852	–	0.62%	–
AAPL	New	APPLE INC	$1,008,000	–	5,091	–	0.60%	–
EWG	New	ISHARES INCmsci germany etf	$925,000	–	32,985	–	0.55%	–
AMZN	New	AMAZON COM INC	$852,000	–	450	–	0.51%	–
C	New	CITIGROUP INC	$775,000	–	11,062	–	0.46%	–
IBB	New	ISHARES TRnasdaq biotech	$703,000	–	6,443	–	0.42%	–
JNJ	New	JOHNSON & JOHNSON	$695,000	–	4,989	–	0.41%	–
AIZ	New	ASSURANT INC	$641,000	–	6,028	–	0.38%	–
FB	New	FACEBOOKcl a	$582,000	–	3,015	–	0.35%	–
IVV	New	ISHARES TRcore s&p500 etf	$545,000	–	1,850	–	0.32%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$516,000	–	12,125	–	0.31%	–
EWJ	New	ISHARES INCmsci jpn etf new	$509,000	–	9,320	–	0.30%	–
NVDA	New	NVIDIA CORP	$477,000	–	2,903	–	0.28%	–
EOG	New	EOG RES INC	$475,000	–	5,100	–	0.28%	–
MET	New	METLIFE INC	$447,000	–	8,997	–	0.27%	–
MS	New	MORGAN STANLEY	$392,000	–	8,939	–	0.23%	–
DFS	New	DISCOVER FINL SVCS	$363,000	–	4,677	–	0.22%	–
CELG	New	CELGENE CORP	$317,000	–	3,429	–	0.19%	–
QCOM	New	QUALCOMM INC	$298,000	–	3,920	–	0.18%	–
RTN	New	RAYTHEON CO	$285,000	–	1,637	–	0.17%	–
NTES	New	NETEASE INCsponsored adr	$284,000	–	1,111	–	0.17%	–
ET	New	ENERGY TRANSFER LP	$257,000	–	18,265	–	0.15%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$107,000	–	20,400	–	0.06%	–
HIX	New	WESTERN ASSET HIGH INCM FD I	$96,000	–	13,637	–	0.06%	–
AXU	New	ALEXCO RESOURCE CORP	$52,000	–	46,000	–	0.03%	–
TRVN	New	TREVENA INC	$23,000	–	22,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-46,000	–	-0.02%	–
HIX	Exit	WESTERN ASSET HIGH INCM FD I	$0	–	-13,637	–	-0.05%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-10,000	–	-0.06%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-20,000	–	-0.08%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-1,205	–	-0.15%	–
CELG	Exit	CELGENE CORP	$0	–	-3,089	–	-0.15%	–
RTN	Exit	RAYTHEON CO	$0	–	-1,662	–	-0.18%	–
BAC	Exit	BANK AMER CORP	$0	–	-13,800	–	-0.22%	–
MET	Exit	METLIFE INC	$0	–	-9,050	–	-0.23%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-4,855	–	-0.23%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-1,520	–	-0.23%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-364	–	-0.23%	–
URI	Exit	UNITED RENTALS INC	$0	–	-2,745	–	-0.24%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,505	–	-0.24%	–
PHM	Exit	PULTE GROUP INC	$0	–	-18,730	–	-0.25%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,787	–	-0.28%	–
NVDA	Exit	NVIDIA CORP	$0	–	-1,861	–	-0.28%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,850	–	-0.29%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-13,595	–	-0.30%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-10,290	–	-0.33%	–
AIZ	Exit	ASSURANT INC	$0	–	-6,038	–	-0.35%	–
IBB	Exit	ISHARES TRnasdq biotec etf	$0	–	-5,493	–	-0.36%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-9,277	–	-0.38%	–
FB	Exit	FACEBOOKcl a	$0	–	-4,735	–	-0.42%	–
C	Exit	CITIGROUP INC	$0	–	-11,095	–	-0.43%	–
AMZN	Exit	AMAZON COM INC	$0	–	-420	–	-0.45%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-3,242	–	-0.52%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-36,050	–	-0.58%	–
AAPL	Exit	APPLE INC	$0	–	-6,701	–	-0.81%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-32,010	–	-0.97%	–
VMI	Exit	VALMONT INDUSTRIES INC	$0	–	-16,173	–	-1.20%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-44,570	–	-1.70%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-12,126	–	-1.90%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-91,870	–	-2.24%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-127,290	–	-2.32%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-38,765	–	-2.37%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-101,160	–	-2.49%	–
ADM	Exit	ARCHER-DANIELS-MIDLAND CO	$0	–	-94,420	–	-2.55%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-165,810	–	-2.69%	–
EBAY	Exit	EBAY INC	$0	–	-153,270	–	-2.72%	–
ORCL	Exit	ORACLE CORP	$0	–	-106,875	–	-2.96%	–
MRK	Exit	MERCK & CO INC	$0	–	-84,233	–	-3.21%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-77,940	–	-3.24%	–
GLW	Exit	CORNING INC	$0	–	-172,105	–	-3.27%	–
AMGN	Exit	AMGEN INC	$0	–	-29,611	–	-3.30%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-70,185	–	-3.32%	–
MDT	Exit	MEDTRONIC INC	$0	–	-65,590	–	-3.47%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-5,429	–	-3.52%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-54,592	–	-3.59%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-492,195	–	-3.69%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-297,220	–	-3.72%	–
QRVO	Exit	QORVO INC	$0	–	-90,490	–	-3.74%	–
ALL	Exit	ALLSTATE CORP	$0	–	-70,495	–	-3.74%	–
DHI	Exit	D R HORTON INC	$0	–	-170,175	–	-3.86%	–
FDX	Exit	FEDEX CORP	$0	–	-34,360	–	-4.45%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-163,976	–	-4.71%	–
CSCO	Exit	CISCO SYS INC	$0	–	-188,280	–	-4.93%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-93,718	–	-5.76%	–

Q3 2018

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$10,719,000	+16.7%	93,718	+0.6%	5.76%	+9.4%
CSCO	Sell	CISCO SYS INC	$9,160,000	+12.7%	188,280	-0.3%	4.93%	+5.6%
VZ	Sell	VERIZON COMMUNICATIONS INC	$8,755,000	+5.3%	163,976	-0.7%	4.71%	-1.3%
FDX	Buy	FEDEX CORP	$8,274,000	+8.3%	34,360	+2.1%	4.45%	+1.5%
DHI	Buy	D R HORTON INC	$7,178,000	+4.4%	170,175	+1.5%	3.86%	-2.2%
ALL	Buy	ALLSTATE CORP	$6,958,000	+10.2%	70,495	+1.9%	3.74%	+3.3%
QRVO	Buy	QORVO INC	$6,958,000	+33.8%	90,490	+39.5%	3.74%	+25.4%
MRO	Buy	MARATHON OIL CORP	$6,919,000	+12.2%	297,220	+0.5%	3.72%	+5.2%
RIG	Buy	TRANSOCEAN LTD	$6,866,000	+5.6%	492,195	+1.7%	3.69%	-1.0%
CVX	Buy	CHEVRON CORP NEW	$6,676,000	-3.2%	54,592	+0.1%	3.59%	-9.2%
GOOGL	Sell	ALPHABET INCcap stk cl a	$6,553,000	+4.5%	5,429	-2.3%	3.52%	-2.1%
MDT	Buy	MEDTRONIC INC	$6,452,000	+15.0%	65,590	+0.1%	3.47%	+7.8%
PYPL	Buy	PAYPAL HLDGS INC	$6,165,000	+6.5%	70,185	+0.9%	3.32%	-0.2%
AMGN	Buy	AMGEN INC	$6,138,000	+12.8%	29,611	+0.5%	3.30%	+5.7%
GLW	Sell	CORNING INC	$6,075,000	-24.9%	172,105	-41.5%	3.27%	-29.6%
GILD	Buy	GILEAD SCIENCES INC	$6,018,000	+10.8%	77,940	+1.7%	3.24%	+3.9%
MRK	Sell	MERCK & CO INC	$5,975,000	+15.4%	84,233	-1.3%	3.21%	+8.1%
ORCL	Buy	ORACLE CORP	$5,510,000	+18.3%	106,875	+1.1%	2.96%	+10.8%
EBAY	Buy	EBAY INC	$5,061,000	+54.4%	153,270	+69.5%	2.72%	+44.7%
NEM	Buy	NEWMONT MINING CORP	$5,007,000	-19.3%	165,810	+0.8%	2.69%	-24.4%
ADM	Buy	ARCHER-DANIELS-MIDLAND CO	$4,746,000	+12.4%	94,420	+2.5%	2.55%	+5.4%
FOX	Buy	TWENTY FIRST CENTY FOX INCcl b	$4,635,000	-5.9%	101,160	+1.2%	2.49%	-11.8%
KMB	Sell	KIMBERLY CLARK CORP	$4,405,000	+4.1%	38,765	-3.5%	2.37%	-2.4%
CAG	Buy	CONAGRA FOODS INC	$4,324,000	-2.6%	127,290	+2.4%	2.32%	-8.8%
HOG	Buy	HARLEY DAVIDSON INC	$4,162,000	+11.3%	91,870	+3.4%	2.24%	+4.3%
AEP	Buy	AMERICAN ELEC PWR INC	$3,159,000	+2.9%	44,570	+0.5%	1.70%	-3.6%
VMI	Buy	VALMONT INDUSTRIES INC	$2,240,000	-6.2%	16,173	+2.1%	1.20%	-12.0%
AAPL	Sell	APPLE INC	$1,513,000	+11.0%	6,701	-9.0%	0.81%	+4.1%
ROP	Sell	ROPER TECHNOLOGIES INC	$960,000	-1.7%	3,242	-8.5%	0.52%	-8.0%
AMZN	Sell	AMAZON COM INC	$841,000	-11.8%	420	-25.1%	0.45%	-17.4%
C	Buy	CITIGROUP INC	$796,000	+25.2%	11,095	+16.8%	0.43%	+17.3%
FB	Sell	FACEBOOKcl a	$779,000	-24.9%	4,735	-11.2%	0.42%	-29.6%
DFS	Buy	DISCOVER FINL SVCS	$709,000	+33.0%	9,277	+22.5%	0.38%	+24.5%
IBB	Sell	ISHARES TRnasdq biotec etf	$670,000	+1.1%	5,493	-9.0%	0.36%	-5.3%
AIZ	Sell	ASSURANT INC	$652,000	-6.5%	6,038	-10.4%	0.35%	-12.2%
NVDA	New	NVIDIA CORP	$523,000	–	1,861	–	0.28%	–
JNJ	Sell	JOHNSON & JOHNSON	$523,000	-0.6%	3,787	-12.7%	0.28%	-7.0%
PHM	Sell	PULTE GROUP INC	$464,000	-25.0%	18,730	-13.0%	0.25%	-29.6%
MO	New	ALTRIA GROUP INC	$453,000	–	7,505	–	0.24%	–
URI	Buy	UNITED RENTALS INC	$449,000	+97.8%	2,745	+78.2%	0.24%	+85.4%
ULTA	Sell	ULTA BEAUTY INC	$429,000	+11.7%	1,520	-7.6%	0.23%	+5.0%
IJR	Buy	ISHARES TRcore s&p scp etf	$424,000	+22.2%	4,855	+16.8%	0.23%	+14.6%
MET	Sell	METLIFE INC	$423,000	-4.5%	9,050	-10.9%	0.23%	-10.6%
BAC	Sell	BANK AMER CORP	$407,000	-4.9%	13,800	-9.2%	0.22%	-11.0%
RTN	Sell	RAYTHEON CO	$343,000	-7.0%	1,662	-13.1%	0.18%	-13.2%
CELG	Sell	CELGENE CORP	$276,000	+1.1%	3,089	-10.2%	0.15%	-5.7%
NTES	Sell	NETEASE INCsponsored adr	$275,000	-20.3%	1,205	-11.7%	0.15%	-25.3%
GOLD	New	BARRICK GOLD CORP	$111,000	–	10,000	–	0.06%	–
PEP	Exit	PEPSICO INC	$0	–	-2,723	–	-0.17%	–
RHT	Exit	RED HAT INC	$0	–	-3,220	–	-0.25%	–

Q2 2018

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$9,187,000	–	93,163	–	5.27%	–
VZ	New	VERIZON COMMUNICATIONS INC	$8,311,000	–	165,196	–	4.77%	–
CSCO	New	CISCO SYS INC	$8,127,000	–	188,875	–	4.66%	–
GLW	New	CORNING INC	$8,087,000	–	293,975	–	4.64%	–
FDX	New	FEDEX CORP	$7,641,000	–	33,650	–	4.38%	–
CVX	New	CHEVRON CORP NEW	$6,894,000	–	54,532	–	3.96%	–
DHI	New	D R HORTON INC	$6,877,000	–	167,735	–	3.94%	–
RIG	New	TRANSOCEAN LTD	$6,503,000	–	483,875	–	3.73%	–
ALL	New	ALLSTATE CORP	$6,312,000	–	69,160	–	3.62%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,272,000	–	5,554	–	3.60%	–
NEM	New	NEWMONT MINING CORP	$6,205,000	–	164,540	–	3.56%	–
MRO	New	MARATHON OIL CORP	$6,166,000	–	295,605	–	3.54%	–
PYPL	New	PAYPAL HLDGS INC	$5,791,000	–	69,545	–	3.32%	–
MDT	New	MEDTRONIC INC	$5,612,000	–	65,555	–	3.22%	–
AMGN	New	AMGEN INC	$5,441,000	–	29,476	–	3.12%	–
GILD	New	GILEAD SCIENCES INC	$5,431,000	–	76,665	–	3.12%	–
QRVO	New	QORVO INC	$5,199,000	–	64,850	–	2.98%	–
MRK	New	MERCK & CO INC	$5,179,000	–	85,318	–	2.97%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$4,924,000	–	99,940	–	2.82%	–
ORCL	New	ORACLE CORP	$4,659,000	–	105,750	–	2.67%	–
CAG	New	CONAGRA FOODS INC	$4,441,000	–	124,290	–	2.55%	–
KMB	New	KIMBERLY CLARK CORP	$4,230,000	–	40,155	–	2.43%	–
ADM	New	ARCHER-DANIELS-MIDLAND CO	$4,222,000	–	92,115	–	2.42%	–
HOG	New	HARLEY DAVIDSON INC	$3,739,000	–	88,845	–	2.14%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,290,000	–	12,126	–	1.89%	–
EBAY	New	EBAY INC	$3,278,000	–	90,415	–	1.88%	–
AEP	New	AMERICAN ELEC PWR INC	$3,071,000	–	44,350	–	1.76%	–
VMI	New	VALMONT INDUSTRIES INC	$2,388,000	–	15,838	–	1.37%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,797,000	–	32,010	–	1.03%	–
AAPL	New	APPLE INC	$1,363,000	–	7,362	–	0.78%	–
EWG	New	ISHARESmsci germany etf	$1,081,000	–	36,050	–	0.62%	–
FB	New	FACEBOOKcl a	$1,037,000	–	5,335	–	0.60%	–
ROP	New	ROPER TECHNOLOGIES INC	$977,000	–	3,542	–	0.56%	–
AMZN	New	AMAZON COM INC	$954,000	–	561	–	0.55%	–
AIZ	New	ASSURANT INC	$697,000	–	6,738	–	0.40%	–
IBB	New	ISHARES TRnasdq biotec etf	$663,000	–	6,033	–	0.38%	–
C	New	CITIGROUP INC	$636,000	–	9,500	–	0.36%	–
PHM	New	PULTE GROUP INC	$619,000	–	21,540	–	0.36%	–
EWJ	New	ISHARES INCmsci jpn etf new	$596,000	–	10,290	–	0.34%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$574,000	–	13,595	–	0.33%	–
DFS	New	DISCOVER FINL SVCS	$533,000	–	7,572	–	0.31%	–
JNJ	New	JOHNSON & JOHNSON	$526,000	–	4,337	–	0.30%	–
IVV	New	ISHARES TRcore s&p500 etf	$505,000	–	1,850	–	0.29%	–
MET	New	METLIFE INC	$443,000	–	10,160	–	0.25%	–
RHT	New	RED HAT INC	$433,000	–	3,220	–	0.25%	–
BAC	New	BANK AMER CORP	$428,000	–	15,200	–	0.25%	–
GOOG	New	ALPHABET INCcap stk cl c	$406,000	–	364	–	0.23%	–
ULTA	New	ULTA BEAUTY INC	$384,000	–	1,645	–	0.22%	–
RTN	New	RAYTHEON CO	$369,000	–	1,912	–	0.21%	–
IJR	New	ISHARES TRcore s&p scp etf	$347,000	–	4,155	–	0.20%	–
NTES	New	NETEASE INCsponsored adr	$345,000	–	1,365	–	0.20%	–
PEP	New	PEPSICO INC	$296,000	–	2,723	–	0.17%	–
CELG	New	CELGENE CORP	$273,000	–	3,439	–	0.16%	–
URI	New	UNITED RENTALS INC	$227,000	–	1,540	–	0.13%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$170,000	–	20,000	–	0.10%	–
HIX	New	WESTERN ASSET HIGH INCM FD I	$88,000	–	13,637	–	0.05%	–
AXU	New	ALEXCO RESOURCE CORP	$61,000	–	46,000	–	0.04%	–

Q4 2017

			Value		Shares		↓ Weighting
NVAX	Exit	NOVAVAX INC	$0	–	-15,000	–	-0.01%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-40,000	–	-0.03%	–
HIX	Exit	WESTERN ASSET HIGH INCM FD I	$0	–	-13,637	–	-0.06%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-20,000	–	-0.06%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-3,372	–	-0.13%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-3,337	–	-0.14%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-3,550	–	-0.15%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,686	–	-0.16%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-1,183	–	-0.16%	–
QCOM	Exit	QUALCOMM INC	$0	–	-5,310	–	-0.16%	–
EWGS	Exit	SHARES TRmsci germny etf	$0	–	-4,590	–	-0.16%	–
PEP	Exit	PEPSICO INC	$0	–	-2,723	–	-0.18%	–
RTN	Exit	RAYTHEON CO	$0	–	-1,912	–	-0.21%	–
RHT	Exit	RED HAT INC	$0	–	-3,240	–	-0.21%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-1,365	–	-0.21%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-466	–	-0.26%	–
EWJ	Exit	ISHARES INCmsci jpn etf new	$0	–	-9,200	–	-0.30%	–
MET	Exit	METLIFE INC	$0	–	-10,160	–	-0.31%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-12,265	–	-0.31%	–
ALV	Exit	AUTOLIV INC	$0	–	-4,353	–	-0.32%	–
AMZN	Exit	AMAZON COM INC	$0	–	-562	–	-0.32%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,337	–	-0.33%	–
BAC	Exit	BANK AMER CORP	$0	–	-22,370	–	-0.33%	–
PHM	Exit	PULTE GROUP INC	$0	–	-21,680	–	-0.35%	–
IBB	Exit	ISHARES TRnasdq biotec etf	$0	–	-2,061	–	-0.40%	–
C	Exit	CITIGROUP INC	$0	–	-9,500	–	-0.40%	–
CELG	Exit	CELGENE CORP	$0	–	-5,915	–	-0.50%	–
EWG	Exit	ISHARESmsci germany etf	$0	–	-27,465	–	-0.52%	–
FB	Exit	FACEBOOKcl a	$0	–	-5,375	–	-0.54%	–
AIZ	Exit	ASSURANT INC	$0	–	-11,037	–	-0.62%	–
AAPL	Exit	APPLE INC	$0	–	-7,472	–	-0.67%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-5,096	–	-0.72%	–
VGK	Exit	VANGUARD INTL EQUITY INDEX Fftse europe etf	$0	–	-28,715	–	-0.98%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-8,954	–	-1.32%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-176,890	–	-1.40%	–
VMI	Exit	VALMONT INDUSTRIES INC	$0	–	-16,403	–	-1.52%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-106,655	–	-1.61%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-45,825	–	-1.88%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-140,125	–	-1.98%	–
EBAY	Exit	EBAY INC	$0	–	-91,360	–	-2.06%	–
QRVO	Exit	QORVO INC	$0	–	-50,740	–	-2.10%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-138,605	–	-2.35%	–
ADM	Exit	ARCHER-DANIELS-MIDLAND CO	$0	–	-98,325	–	-2.44%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-129,260	–	-2.55%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-37,577	–	-2.58%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-92,400	–	-2.61%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-40,595	–	-2.79%	–
MDT	Exit	MEDTRONIC INC	$0	–	-71,600	–	-3.26%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-5,725	–	-3.26%	–
MRK	Exit	MERCK & CO INC	$0	–	-89,118	–	-3.34%	–
AMGN	Exit	AMGEN INC	$0	–	-30,611	–	-3.34%	–
INTC	Exit	INTEL CORP	$0	–	-157,310	–	-3.50%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-76,980	–	-3.65%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-167,740	–	-3.68%	–
ALL	Exit	ALLSTATE CORP	$0	–	-72,680	–	-3.91%	–
CSCO	Exit	CISCO SYS INC	$0	–	-201,210	–	-3.96%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-107,290	–	-4.02%	–
DHI	Exit	D R HORTON INC	$0	–	-177,285	–	-4.14%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-161,401	–	-4.67%	–
FDX	Exit	FEDEX CORP	$0	–	-39,455	–	-5.20%	–
GLW	Exit	CORNING INC	$0	–	-299,855	–	-5.25%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-124,603	–	-5.43%	–

Q3 2017

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$9,282,000	+3.9%	124,603	-3.9%	5.43%	+7.1%
GLW	Sell	CORNING INC	$8,972,000	-1.6%	299,855	-1.2%	5.25%	+1.4%
FDX	Sell	FEDEX CORP	$8,900,000	+2.5%	39,455	-1.3%	5.20%	+5.6%
VZ	Sell	VERIZON COMMUNICATIONS INC	$7,988,000	+8.4%	161,401	-2.2%	4.67%	+11.7%
DHI	Sell	D R HORTON INC	$7,079,000	+13.6%	177,285	-1.7%	4.14%	+17.0%
PYPL	Sell	PAYPAL HLDGS INC	$6,870,000	+16.0%	107,290	-2.8%	4.02%	+19.6%
CSCO	Sell	CISCO SYS INC	$6,767,000	+5.8%	201,210	-1.6%	3.96%	+9.0%
ALL	Sell	ALLSTATE CORP	$6,680,000	+3.2%	72,680	-0.7%	3.91%	+6.3%
NEM	Sell	NEWMONT MINING CORP	$6,292,000	+14.2%	167,740	-1.4%	3.68%	+17.7%
GILD	Sell	GILEAD SCIENCES INC	$6,237,000	+10.7%	76,980	-3.3%	3.65%	+14.1%
INTC	Sell	INTEL CORP	$5,990,000	+11.1%	157,310	-1.5%	3.50%	+14.6%
AMGN	Sell	AMGEN INC	$5,707,000	+5.9%	30,611	-2.1%	3.34%	+9.2%
MRK	Sell	MERCK & CO INC	$5,706,000	-1.2%	89,118	-1.1%	3.34%	+1.8%
GOOGL	Sell	ALPHABET INCcap stk cl a	$5,575,000	-32.9%	5,725	-35.9%	3.26%	-30.8%
MDT	Buy	MEDTRONIC INC	$5,568,000	-12.3%	71,600	+0.0%	3.26%	-9.6%
KMB	Buy	KIMBERLY CLARK CORP	$4,777,000	-8.5%	40,595	+0.4%	2.79%	-5.6%
HOG	Sell	HARLEY DAVIDSON INC	$4,455,000	-11.4%	92,400	-0.7%	2.61%	-8.6%
CVX	Sell	CHEVRON CORP NEW	$4,415,000	+11.6%	37,577	-0.9%	2.58%	+15.0%
CAG	Sell	CONAGRA FOODS INC	$4,361,000	-7.0%	129,260	-1.4%	2.55%	-4.1%
ADM	Sell	ARCHER-DANIELS-MIDLAND CO	$4,180,000	+2.6%	98,325	-0.1%	2.44%	+5.8%
LHO	Sell	LASALLE HOTEL PPTYS	$4,022,000	-3.0%	138,605	-0.4%	2.35%	0.0%
QRVO	Sell	QORVO INC	$3,586,000	+10.9%	50,740	-0.6%	2.10%	+14.3%
EBAY	Sell	EBAY INC	$3,514,000	+8.6%	91,360	-1.4%	2.06%	+11.9%
GE	Sell	GENERAL ELECTRIC CO	$3,388,000	-11.9%	140,125	-1.6%	1.98%	-9.2%
AEP	Sell	AMERICAN ELEC PWR INC	$3,219,000	-0.4%	45,825	-1.5%	1.88%	+2.7%
FOX	Sell	TWENTY FIRST CENTY FOX INCcl b	$2,751,000	-7.9%	106,655	-0.5%	1.61%	-5.1%
VMI	Sell	VALMONT INDUSTRIES INC	$2,593,000	+3.6%	16,403	-2.0%	1.52%	+6.8%
MRO	Sell	MARATHON OIL CORP	$2,399,000	+14.0%	176,890	-0.4%	1.40%	+17.5%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$2,250,000	+30.5%	8,954	+25.6%	1.32%	+34.6%
VGK	Buy	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,675,000	+48.0%	28,715	+39.9%	0.98%	+52.6%
AAPL	Sell	APPLE INC	$1,152,000	-5.6%	7,472	-11.8%	0.67%	-2.6%
EWG	Buy	ISHARESmsci germany etf	$891,000	+30.6%	27,465	+21.9%	0.52%	+34.6%
BAC	Sell	BANK AMER CORP	$567,000	-89.9%	22,370	-90.3%	0.33%	-89.6%
AMZN	Sell	AMAZON COM INC	$540,000	-15.8%	562	-15.1%	0.32%	-13.2%
VWO	Buy	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$534,000	+50.4%	12,265	+41.0%	0.31%	+55.2%
EWJ	Buy	ISHARES INCmsci jpn etf new	$513,000	+50.4%	9,200	+44.9%	0.30%	+55.4%
GOOG	Sell	ALPHABET INCcap stk cl c	$447,000	-14.5%	466	-19.1%	0.26%	-12.1%
EWGS	New	SHARES TRmsci germny etf	$278,000	–	4,590	–	0.16%	–
QCOM	Sell	QUALCOMM INC	$275,000	-7.1%	5,310	-0.9%	0.16%	-4.2%
IJR	Sell	ISHARES TRcore s&p scp etf	$263,000	-3.7%	3,550	-9.0%	0.15%	-0.6%
GOLD	Exit	BARRICK GOLD CORP	$0	–	-10,100	–	-0.09%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-3,500	–	-0.12%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-10,300	–	-0.13%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-56,915	–	-1.76%	–

Q2 2017

			Value		Shares		↓ Weighting
GLW	New	CORNING INC	$9,119,000	–	303,460	–	5.17%	–
MSFT	New	MICROSOFT CORP	$8,934,000	–	129,613	–	5.07%	–
FDX	New	FEDEX CORP	$8,685,000	–	39,960	–	4.93%	–
GOOGL	New	ALPHABET INCcap stk cl a	$8,308,000	–	8,936	–	4.71%	–
VZ	New	VERIZON COMMUNICATIONS INC	$7,371,000	–	165,036	–	4.18%	–
ALL	New	ALLSTATE CORP	$6,476,000	–	73,220	–	3.67%	–
CSCO	New	CISCO SYS INC	$6,398,000	–	204,410	–	3.63%	–
MDT	New	MEDTRONIC INC	$6,352,000	–	71,575	–	3.60%	–
DHI	New	D R HORTON INC	$6,233,000	–	180,315	–	3.54%	–
PYPL	New	PAYPAL HLDGS INC	$5,921,000	–	110,330	–	3.36%	–
MRK	New	MERCK & CO INC	$5,776,000	–	90,128	–	3.28%	–
GILD	New	GILEAD SCIENCES INC	$5,632,000	–	79,570	–	3.20%	–
BAC	New	BANK AMER CORP	$5,606,000	–	231,100	–	3.18%	–
NEM	New	NEWMONT MINING CORP	$5,509,000	–	170,090	–	3.13%	–
INTC	New	INTEL CORP	$5,390,000	–	159,750	–	3.06%	–
AMGN	New	AMGEN INC	$5,388,000	–	31,281	–	3.06%	–
KMB	New	KIMBERLY CLARK CORP	$5,219,000	–	40,425	–	2.96%	–
HOG	New	HARLEY DAVIDSON INC	$5,027,000	–	93,065	–	2.85%	–
CAG	New	CONAGRA FOODS INC	$4,690,000	–	131,145	–	2.66%	–
LHO	New	LASALLE HOTEL PPTYS	$4,146,000	–	139,135	–	2.35%	–
ADM	New	ARCHER-DANIELS-MIDLAND CO	$4,073,000	–	98,435	–	2.31%	–
CVX	New	CHEVRON CORP NEW	$3,956,000	–	37,922	–	2.24%	–
GE	New	GENERAL ELECTRIC CO	$3,845,000	–	142,350	–	2.18%	–
EBAY	New	EBAY INC	$3,236,000	–	92,660	–	1.84%	–
QRVO	New	QORVO INC	$3,233,000	–	51,065	–	1.83%	–
AEP	New	AMERICAN ELEC PWR INC	$3,233,000	–	46,540	–	1.83%	–
BHI	New	BAKER HUGHES INC	$3,102,000	–	56,915	–	1.76%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$2,987,000	–	107,190	–	1.70%	–
VMI	New	VALMONT INDUSTRIES INC	$2,503,000	–	16,733	–	1.42%	–
MRO	New	MARATHON OIL CORP	$2,104,000	–	177,525	–	1.19%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,724,000	–	7,129	–	0.98%	–
AAPL	New	APPLE INC	$1,220,000	–	8,472	–	0.69%	–
ROP	New	ROPER TECHNOLOGIES INC	$1,180,000	–	5,096	–	0.67%	–
AIZ	New	ASSURANT INC	$1,144,000	–	11,037	–	0.65%	–
VGK	New	VANGUARD INTL EQUITY INDEX Fftse europe etf	$1,132,000	–	20,525	–	0.64%	–
FB	New	FACEBOOKcl a	$812,000	–	5,375	–	0.46%	–
CELG	New	CELGENE CORP	$768,000	–	5,915	–	0.44%	–
EWG	New	ISHARESmsci germany etf	$682,000	–	22,540	–	0.39%	–
AMZN	New	AMAZON COM INC	$641,000	–	662	–	0.36%	–
IBB	New	ISHARES TRnasdq biotec etf	$639,000	–	2,061	–	0.36%	–
C	New	CITIGROUP INC	$635,000	–	9,500	–	0.36%	–
JNJ	New	JOHNSON & JOHNSON	$574,000	–	4,337	–	0.33%	–
MET	New	METLIFE INC	$558,000	–	10,160	–	0.32%	–
PHM	New	PULTE GROUP INC	$532,000	–	21,680	–	0.30%	–
GOOG	New	ALPHABET INCcap stk cl c	$523,000	–	576	–	0.30%	–
ALV	New	AUTOLIV INC	$478,000	–	4,353	–	0.27%	–
NTES	New	NETEASE INCsponsored adr	$410,000	–	1,365	–	0.23%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$355,000	–	8,700	–	0.20%	–
ULTA	New	ULTA BEAUTY INC	$340,000	–	1,183	–	0.19%	–
EWJ	New	ISHARES INCmsci jpn etf new	$341,000	–	6,350	–	0.19%	–
PEP	New	PEPSICO INC	$314,000	–	2,723	–	0.18%	–
RHT	New	RED HAT INC	$310,000	–	3,240	–	0.18%	–
RTN	New	RAYTHEON CO	$309,000	–	1,912	–	0.18%	–
QCOM	New	QUALCOMM INC	$296,000	–	5,360	–	0.17%	–
DIS	New	DISNEY WALT CO	$285,000	–	2,686	–	0.16%	–
IJR	New	ISHARES TRcore s&p scp etf	$273,000	–	3,900	–	0.16%	–
MOS	New	MOSAIC CO NEW	$235,000	–	10,300	–	0.13%	–
SLB	New	SCHLUMBERGER LTD	$220,000	–	3,337	–	0.12%	–
AIG	New	AMERICAN INTL GROUP INC	$219,000	–	3,500	–	0.12%	–
DFS	New	DISCOVER FINL SVCS	$210,000	–	3,372	–	0.12%	–
GOLD	New	BARRICK GOLD CORP	$161,000	–	10,100	–	0.09%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$104,000	–	20,000	–	0.06%	–
HIX	New	WESTERN ASSET HIGH INCM FD I	$98,000	–	13,637	–	0.06%	–
AXU	New	ALEXCO RESOURCE CORP	$53,000	–	40,000	–	0.03%	–
NVAX	New	NOVAVAX INC	$17,000	–	15,000	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
NVAX	Exit	NOVAVAX INC	$0	–	-10,000	–	-0.02%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-40,000	–	-0.05%	–
HIX	Exit	WESTERN ASSET HIGH INCM FD I	$0	–	-13,637	–	-0.07%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-17,000	–	-0.07%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-3,500	–	-0.14%	–
MCD	Exit	MCDONALDS CORP	$0	–	-1,895	–	-0.15%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,700	–	-0.17%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-3,337	–	-0.18%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-4,232	–	-0.19%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-10,975	–	-0.19%	–
MET	Exit	METLIFE INC	$0	–	-6,370	–	-0.20%	–
ILMN	Exit	ILLUMINA INC	$0	–	-1,568	–	-0.20%	–
AMZN	Exit	AMAZON COM INC	$0	–	-352	–	-0.20%	–
PEP	Exit	PEPSICO INC	$0	–	-2,723	–	-0.20%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-19,340	–	-0.24%	–
QCOM	Exit	QUALCOMM INC	$0	–	-5,750	–	-0.27%	–
PHM	Exit	PULTE GROUP INC	$0	–	-21,480	–	-0.30%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-571	–	-0.31%	–
ALV	Exit	AUTOLIV INC	$0	–	-4,353	–	-0.32%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,512	–	-0.37%	–
IBB	Exit	ISHARES TRnasdq biotec etf	$0	–	-1,956	–	-0.39%	–
CELG	Exit	CELGENE CORP	$0	–	-5,915	–	-0.43%	–
FB	Exit	FACEBOOKcl a	$0	–	-5,375	–	-0.48%	–
HELE	Exit	HELEN OF TROY CORP LTD	$0	–	-9,500	–	-0.57%	–
AIZ	Exit	ASSURANT INC	$0	–	-11,007	–	-0.70%	–
AAPL	Exit	APPLE INC	$0	–	-9,330	–	-0.73%	–
ROP	Exit	ROPER INDUSTRIES INC NEW	$0	–	-6,720	–	-0.85%	–
VMI	Exit	VALMONT INDUSTRIES INC	$0	–	-13,073	–	-1.22%	–
MLI	Exit	MUELLER INDUSTRIES INC	$0	–	-66,625	–	-1.49%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-162,075	–	-1.77%	–
EBAY	Exit	EBAY INC	$0	–	-78,395	–	-1.78%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-71,915	–	-2.04%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-130,250	–	-2.15%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-134,840	–	-2.28%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-33,217	–	-2.36%	–
MDT	Exit	MEDTRONIC INC	$0	–	-43,180	–	-2.58%	–
CSCO	Exit	CISCO SYS INC	$0	–	-118,375	–	-2.60%	–
ADM	Exit	ARCHER-DANIELS-MIDLAND CO	$0	–	-89,950	–	-2.62%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-72,775	–	-2.65%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-50,380	–	-2.71%	–
INTC	Exit	INTEL CORP	$0	–	-114,205	–	-2.98%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-38,260	–	-3.34%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-76,325	–	-3.39%	–
DHI	Exit	D R HORTON INC	$0	–	-169,630	–	-3.54%	–
MRK	Exit	MERCK & CO INC	$0	–	-82,595	–	-3.56%	–
ALL	Exit	ALLSTATE CORP	$0	–	-79,695	–	-3.81%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-125,490	–	-4.09%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-78,410	–	-4.29%	–
FDX	Exit	FEDEX CORP	$0	–	-36,660	–	-4.43%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-173,015	–	-4.70%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-8,760	–	-4.87%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-123,758	–	-4.93%	–
AMGN	Exit	AMGEN INC	$0	–	-43,455	–	-5.01%	–
GLW	Exit	CORNING INC	$0	–	-324,635	–	-5.31%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-152,653	–	-5.49%	–

Q3 2016

			Value		Shares		↓ Weighting
VZ	Buy	VERIZON COMMUNICATIONS INC	$7,935,000	-4.8%	152,653	+2.3%	5.49%	-11.6%
GLW	Sell	CORNING INC	$7,678,000	+14.5%	324,635	-0.9%	5.31%	+6.3%
AMGN	Buy	AMGEN INC	$7,249,000	+9.8%	43,455	+0.1%	5.01%	+1.9%
MSFT	Buy	MICROSOFT CORP	$7,128,000	+13.2%	123,758	+0.6%	4.93%	+5.1%
GOOGL	Buy	ALPHABET INCcap stk cl a	$7,044,000	+15.4%	8,760	+0.9%	4.87%	+7.1%
NEM	Buy	NEWMONT MINING CORP	$6,798,000	+7.1%	173,015	+6.6%	4.70%	-0.6%
FDX	Buy	FEDEX CORP	$6,404,000	+17.1%	36,660	+1.7%	4.43%	+8.7%
GILD	Buy	GILEAD SCIENCES INC	$6,204,000	-1.7%	78,410	+3.7%	4.29%	-8.7%
CAG	Buy	CONAGRA FOODS INC	$5,912,000	+0.9%	125,490	+2.4%	4.09%	-6.4%
ALL	Buy	ALLSTATE CORP	$5,513,000	+1.2%	79,695	+2.3%	3.81%	-6.0%
MRK	Buy	MERCK & CO INC	$5,155,000	+9.7%	82,595	+1.2%	3.56%	+1.8%
DHI	Buy	D R HORTON INC	$5,123,000	-1.8%	169,630	+2.4%	3.54%	-8.8%
AEP	Buy	AMERICAN ELEC PWR INC	$4,901,000	-6.0%	76,325	+2.6%	3.39%	-12.7%
KMB	Buy	KIMBERLY CLARK CORP	$4,826,000	-6.8%	38,260	+1.6%	3.34%	-13.5%
INTC	Buy	INTEL CORP	$4,311,000	+15.4%	114,205	+0.3%	2.98%	+7.2%
AVY	Sell	AVERY DENNISON CORP	$3,919,000	+3.8%	50,380	-0.3%	2.71%	-3.7%
HOG	Buy	HARLEY DAVIDSON INC	$3,827,000	+16.7%	72,775	+0.5%	2.65%	+8.4%
ADM	Buy	ARCHER-DANIELS-MIDLAND CO	$3,793,000	-1.4%	89,950	+0.3%	2.62%	-8.4%
CSCO	Buy	CISCO SYS INC	$3,755,000	+13.0%	118,375	+2.2%	2.60%	+4.9%
MDT	Buy	MEDTRONIC INC	$3,731,000	+0.2%	43,180	+0.6%	2.58%	-7.0%
CVX	Buy	CHEVRON CORP NEW	$3,419,000	+1.4%	33,217	+3.3%	2.36%	-5.9%
MOS	Buy	MOSAIC CO NEW	$3,298,000	-2.8%	134,840	+4.0%	2.28%	-9.8%
LHO	New	LASALLE HOTEL PPTYS	$3,109,000	–	130,250	–	2.15%	–
PYPL	Buy	PAYPAL HLDGS INC	$2,946,000	+13.5%	71,915	+1.1%	2.04%	+5.4%
EBAY	Sell	EBAY INC	$2,579,000	+39.0%	78,395	-1.1%	1.78%	+29.1%
MRO	Buy	MARATHON OIL CORP	$2,562,000	+10.7%	162,075	+5.1%	1.77%	+2.8%
MLI	Buy	MUELLER INDUSTRIES INC	$2,160,000	+2.6%	66,625	+0.8%	1.49%	-4.8%
VMI	Buy	VALMONT INDUSTRIES INC	$1,759,000	+0.1%	13,073	+0.6%	1.22%	-7.1%
AIZ	Sell	ASSURANT INC	$1,015,000	-4.0%	11,007	-10.2%	0.70%	-10.9%
HELE	Buy	HELEN OF TROY CORP LTD	$819,000	-15.6%	9,500	+0.6%	0.57%	-21.7%
FB	Buy	FACEBOOKcl a	$689,000	+52.8%	5,375	+36.1%	0.48%	+42.0%
CELG	Buy	CELGENE CORP	$618,000	+7.1%	5,915	+1.0%	0.43%	-0.7%
JNJ	Buy	JOHNSON & JOHNSON	$533,000	-1.5%	4,512	+1.1%	0.37%	-8.4%
PHM	Buy	PULTE GROUP INC	$430,000	+3.9%	21,480	+0.9%	0.30%	-3.6%
MU	Sell	MICRON TECHNOLOGY INC	$344,000	+23.7%	19,340	-4.4%	0.24%	+15.0%
AMZN	New	AMAZON COM INC	$295,000	–	352	–	0.20%	–
SLB	Buy	SCHLUMBERGER LTD	$262,000	+1.6%	3,337	+2.1%	0.18%	-5.7%
AIG	New	AMERICAN INTL GROUP INC	$208,000	–	3,500	–	0.14%	–
HWCC	Sell	HOUSTON WIRE & CABLE CO	$105,000	-7.1%	17,000	-21.5%	0.07%	-13.1%
EWU	Exit	ISHARES TRmsci utd kngdm	$0	–	-11,410	–	-0.13%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-3,872	–	-0.15%	–
TGNA	Exit	TEGNA INC	$0	–	-9,000	–	-0.16%	–
MDVN	Exit	MEDIVATION INC	$0	–	-6,260	–	-0.28%	–

Q2 2016

			Value		Shares		↓ Weighting
VZ	New	VERIZON COMMUNICATIONS INC	$8,334,000	–	149,258	–	6.21%	–
GLW	New	CORNING INC	$6,706,000	–	327,455	–	5.00%	–
AMGN	New	AMGEN INC	$6,604,000	–	43,410	–	4.92%	–
NEM	New	NEWMONT MINING CORP	$6,350,000	–	162,335	–	4.73%	–
GILD	New	GILEAD SCIENCES INC	$6,309,000	–	75,635	–	4.70%	–
MSFT	New	MICROSOFT CORP	$6,295,000	–	123,033	–	4.69%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,105,000	–	8,678	–	4.55%	–
CAG	New	CONAGRA FOODS INC	$5,861,000	–	122,595	–	4.37%	–
FDX	New	FEDEX CORP	$5,471,000	–	36,050	–	4.08%	–
ALL	New	ALLSTATE CORP	$5,447,000	–	77,875	–	4.06%	–
DHI	New	D R HORTON INC	$5,216,000	–	165,705	–	3.89%	–
AEP	New	AMERICAN ELEC PWR INC	$5,212,000	–	74,365	–	3.88%	–
KMB	New	KIMBERLY CLARK CORP	$5,178,000	–	37,670	–	3.86%	–
MRK	New	MERCK & CO INC	$4,699,000	–	81,580	–	3.50%	–
ADM	New	ARCHER-DANIELS-MIDLAND CO	$3,845,000	–	89,670	–	2.86%	–
AVY	New	AVERY DENNISON CORP	$3,777,000	–	50,530	–	2.81%	–
INTC	New	INTEL CORP	$3,735,000	–	113,885	–	2.78%	–
MDT	New	MEDTRONIC INC	$3,724,000	–	42,920	–	2.78%	–
MOS	New	MOSAIC CO NEW	$3,393,000	–	129,635	–	2.53%	–
CVX	New	CHEVRON CORP NEW	$3,371,000	–	32,157	–	2.51%	–
CSCO	New	CISCO SYS INC	$3,322,000	–	115,810	–	2.48%	–
HOG	New	HARLEY DAVIDSON INC	$3,279,000	–	72,405	–	2.44%	–
PYPL	New	PAYPAL HLDGS INC	$2,596,000	–	71,130	–	1.93%	–
MRO	New	MARATHON OIL CORP	$2,314,000	–	154,205	–	1.72%	–
MLI	New	MUELLER INDUSTRIES INC	$2,106,000	–	66,065	–	1.57%	–
EBAY	New	EBAY INC	$1,855,000	–	79,270	–	1.38%	–
VMI	New	VALMONT INDUSTRIES INC	$1,758,000	–	12,998	–	1.31%	–
ROP	New	ROPER INDUSTRIES INC NEW	$1,146,000	–	6,720	–	0.85%	–
AIZ	New	ASSURANT INC	$1,057,000	–	12,257	–	0.79%	–
HELE	New	HELEN OF TROY CORP LTD	$970,000	–	9,440	–	0.72%	–
AAPL	New	APPLE INC	$891,000	–	9,330	–	0.66%	–
CELG	New	CELGENE CORP	$577,000	–	5,855	–	0.43%	–
JNJ	New	JOHNSON & JOHNSON	$541,000	–	4,462	–	0.40%	–
IBB	New	ISHARES TRnasdq bio indx	$503,000	–	1,956	–	0.38%	–
ALV	New	AUTOLIV INC	$467,000	–	4,353	–	0.35%	–
FB	New	FACEBOOKcl a	$451,000	–	3,950	–	0.34%	–
PHM	New	PULTE GROUP INC	$414,000	–	21,280	–	0.31%	–
GOOG	New	ALPHABET INCcap stk cl c	$395,000	–	571	–	0.29%	–
MDVN	New	MEDIVATION INC	$377,000	–	6,260	–	0.28%	–
QCOM	New	QUALCOMM INC	$308,000	–	5,750	–	0.23%	–
PEP	New	PEPSICO INC	$288,000	–	2,723	–	0.22%	–
MU	New	MICRON TECHNOLOGY INC	$278,000	–	20,240	–	0.21%	–
BX	New	BLACKSTONE GROUP L P	$269,000	–	10,975	–	0.20%	–
DIS	New	DISNEY WALT CO	$264,000	–	2,700	–	0.20%	–
ARW	New	ARROW ELECTRS INC	$261,000	–	4,232	–	0.19%	–
SLB	New	SCHLUMBERGER LTD	$258,000	–	3,267	–	0.19%	–
MET	New	METLIFE INC	$253,000	–	6,370	–	0.19%	–
MCD	New	MCDONALDS CORP	$228,000	–	1,895	–	0.17%	–
ILMN	New	ILLUMINA INC	$220,000	–	1,568	–	0.16%	–
TGNA	New	TEGNA INC	$208,000	–	9,000	–	0.16%	–
DFS	New	DISCOVER FINL SVCS	$207,000	–	3,872	–	0.15%	–
EWU	New	ISHARES TRmsci utd kngdm	$175,000	–	11,410	–	0.13%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$113,000	–	21,660	–	0.08%	–
HIX	New	WESTERN ASSET HIGH INCM FD I	$95,000	–	13,637	–	0.07%	–
NVAX	New	NOVAVAX INC	$73,000	–	10,000	–	0.05%	–
AXU	New	ALEXCO RESOURCE CORP	$65,000	–	40,000	–	0.05%	–

Q4 2015

			Value		Shares		↓ Weighting
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-20,000	–	-0.01%	–
HIX	Exit	WESTERN ASSET HIGH INCM FD I	$0	–	-13,637	–	-0.06%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-19,701	–	-0.14%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-3,872	–	-0.14%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-2,967	–	-0.14%	–
TGNA	Exit	TEGNA INC	$0	–	-9,670	–	-0.15%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-2,790	–	-0.16%	–
DES	Exit	WISDOMTREE TRsmallcap divid	$0	–	-3,570	–	-0.16%	–
EOG	Exit	EOG RES INC	$0	–	-3,465	–	-0.18%	–
FTR	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-55,650	–	-0.19%	–
TM	Exit	TOYOTA MOTOR CORPORATION	$0	–	-2,301	–	-0.19%	–
HES	Exit	HESS CORPORATION	$0	–	-5,564	–	-0.20%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,529	–	-0.21%	–
DIS	Exit	DISNEY WALT CO	$0	–	-3,000	–	-0.22%	–
MDVN	Exit	MEDIVATION INC	$0	–	-7,220	–	-0.22%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-49,983	–	-0.22%	–
EWW	Exit	ISHARES INCmsci mexico cap	$0	–	-6,155	–	-0.22%	–
QCOM	Exit	QUALCOMM INC	$0	–	-6,350	–	-0.24%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-6,232	–	-0.24%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-11,900	–	-0.27%	–
C	Exit	CITIGROUP INC	$0	–	-7,775	–	-0.27%	–
PEP	Exit	PEPSICO INC	$0	–	-4,095	–	-0.27%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-644	–	-0.28%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-27,210	–	-0.28%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,387	–	-0.29%	–
PHM	Exit	PULTE GROUP INC	$0	–	-21,830	–	-0.29%	–
ALV	Exit	AUTOLIV INC	$0	–	-3,968	–	-0.31%	–
HELE	Exit	HELEN OF TROY CORP LTD	$0	–	-6,760	–	-0.43%	–
IBB	Exit	ISHARES TRnasdq bio indx	$0	–	-2,141	–	-0.46%	–
CELG	Exit	CELGENE CORP	$0	–	-6,075	–	-0.47%	–
MET	Exit	METLIFE INC	$0	–	-14,060	–	-0.47%	–
AAPL	Exit	APPLE INC	$0	–	-9,878	–	-0.77%	–
VMI	Exit	VALMONT INDUSTRIES INC	$0	–	-14,065	–	-0.95%	–
AIZ	Exit	ASSURANT INC	$0	–	-16,910	–	-0.95%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-86,720	–	-0.99%	–
ROP	Exit	ROPER INDUSTRIES INC NEW	$0	–	-10,172	–	-1.13%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-136,265	–	-1.37%	–
EBAY	Exit	EBAY INC	$0	–	-81,865	–	-1.42%	–
MLI	Exit	MUELLER INDUSTRIES INC	$0	–	-69,340	–	-1.46%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-46,245	–	-1.58%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-80,305	–	-1.77%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-34,245	–	-1.92%	–
CSCO	Exit	CISCO SYS INC	$0	–	-115,455	–	-2.15%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-56,790	–	-2.28%	–
MDT	Exit	MEDTRONIC INC	$0	–	-48,150	–	-2.29%	–
HIG	Exit	HARTFORD FINANCIAL SERVICES	$0	–	-73,100	–	-2.38%	–
EMC	Exit	EMC CORP-MASS	$0	–	-159,810	–	-2.74%	–
ADM	Exit	ARCHER-DANIELS-MIDLAND CO	$0	–	-94,080	–	-2.77%	–
MRK	Exit	MERCK & CO INC	$0	–	-82,420	–	-2.89%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-33,050	–	-3.12%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-41,270	–	-3.20%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-79,330	–	-3.20%	–
MS	Exit	MORGAN STANLEY	$0	–	-147,269	–	-3.30%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-114,778	–	-3.55%	–
ALL	Exit	ALLSTATE CORP	$0	–	-89,615	–	-3.71%	–
FDX	Exit	FEDEX CORP	$0	–	-36,505	–	-3.73%	–
DHI	Exit	D R HORTON INC	$0	–	-180,215	–	-3.76%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-133,170	–	-3.83%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-98,555	–	-3.84%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-9,110	–	-4.13%	–
INTC	Exit	INTEL CORP	$0	–	-193,115	–	-4.14%	–
GLW	Exit	CORNING INC	$0	–	-342,935	–	-4.17%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-61,195	–	-4.27%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-136,980	–	-4.31%	–
AMGN	Exit	AMGEN INC	$0	–	-46,230	–	-4.54%	–

Q3 2015

			Value		Shares		↓ Weighting
AMGN	Buy	AMGEN INC	$6,394,000	-5.6%	46,230	+4.8%	4.54%	-1.2%
MSFT	Buy	MICROSOFT CORP	$6,062,000	+4.0%	136,980	+3.8%	4.31%	+8.8%
GILD	Buy	GILEAD SCIENCES INC	$6,008,000	+29.2%	61,195	+54.0%	4.27%	+35.1%
GLW	Buy	CORNING INC	$5,871,000	-9.1%	342,935	+4.7%	4.17%	-4.9%
INTC	Buy	INTEL CORP	$5,820,000	+42.6%	193,115	+44.0%	4.14%	+49.2%
GOOGL	Buy	GOOGLE INCcl a	$5,815,000	+1610.3%	9,110	+1343.7%	4.13%	+1688.7%
HOG	Buy	HARLEY DAVIDSON INC	$5,410,000	+0.2%	98,555	+2.9%	3.84%	+4.9%
CAG	Buy	CONAGRA FOODS INC	$5,394,000	-2.1%	133,170	+5.7%	3.83%	+2.5%
DHI	Buy	D R HORTON INC	$5,291,000	+31.1%	180,215	+22.1%	3.76%	+37.1%
FDX	Buy	FEDEX CORP	$5,255,000	-9.1%	36,505	+7.6%	3.73%	-4.9%
ALL	Buy	ALLSTATE CORP	$5,219,000	+9.8%	89,615	+22.3%	3.71%	+14.8%
VZ	Buy	VERIZON COMMUNICATIONS INC	$4,993,000	+17.7%	114,778	+26.1%	3.55%	+23.2%
MS	Buy	MORGAN STANLEY	$4,638,000	-15.4%	147,269	+4.1%	3.30%	-11.5%
AEP	Buy	AMERICAN ELEC PWR INC	$4,510,000	+36.4%	79,330	+27.1%	3.20%	+42.8%
KMB	Buy	KIMBERLY CLARK CORP	$4,500,000	+9.1%	41,270	+6.0%	3.20%	+14.1%
BDX	Buy	BECTON DICKINSON & CO	$4,384,000	-2.1%	33,050	+4.5%	3.12%	+2.4%
MRK	Buy	MERCK & CO INC	$4,070,000	-12.5%	82,420	+0.9%	2.89%	-8.4%
ADM	Sell	ARCHER-DANIELS-MIDLAND CO	$3,899,000	-43.2%	94,080	-34.0%	2.77%	-40.6%
EMC	Buy	EMC CORP-MASS	$3,861,000	-8.4%	159,810	+0.1%	2.74%	-4.2%
HIG	Sell	HARTFORD FINANCIAL SERVICES	$3,346,000	+9.7%	73,100	-0.4%	2.38%	+14.7%
MDT	Buy	MEDTRONIC INC	$3,223,000	+16.3%	48,150	+28.7%	2.29%	+21.7%
AVY	Sell	AVERY DENNISON CORP	$3,212,000	-41.3%	56,790	-36.8%	2.28%	-38.6%
CSCO	Buy	CISCO SYS INC	$3,030,000	+14.5%	115,455	+19.8%	2.15%	+19.7%
CVX	Buy	CHEVRON CORP NEW	$2,701,000	-7.8%	34,245	+12.7%	1.92%	-3.6%
PYPL	New	PAYPAL HLDGS INC	$2,492,000	–	80,305	–	1.77%	–
COP	Buy	CONOCOPHILLIPS	$2,217,000	-18.2%	46,245	+4.8%	1.58%	-14.4%
MLI	Buy	MUELLER INDUSTRIES INC	$2,051,000	-14.1%	69,340	+0.8%	1.46%	-10.2%
EBAY	Buy	EBAY INC	$2,000,000	-57.5%	81,865	+4.8%	1.42%	-55.5%
ATI	Buy	ALLEGHENY TECHNOLOGIES INC	$1,932,000	-52.3%	136,265	+1.5%	1.37%	-50.1%
NEM	Buy	NEWMONT MINING CORP	$1,393,000	-31.1%	86,720	+0.1%	0.99%	-27.9%
AIZ	Buy	ASSURANT INC	$1,336,000	+19.0%	16,910	+0.8%	0.95%	+24.4%
VMI	Buy	VALMONT INDUSTRIES INC	$1,334,000	-20.1%	14,065	+0.1%	0.95%	-16.4%
MET	Buy	METLIFE INC	$662,000	-15.1%	14,060	+0.9%	0.47%	-11.3%
HELE	Buy	HELEN OF TROY CORP LTD	$603,000	+153.4%	6,760	+176.5%	0.43%	+164.2%
ALV	Sell	AUTOLIV INC	$432,000	-7.1%	3,968	-0.4%	0.31%	-2.8%
C	New	CITIGROUP INC	$385,000	–	7,775	–	0.27%	–
HWCC	Sell	HOUSTON WIRE & CABLE CO	$316,000	-36.7%	49,983	-0.8%	0.22%	-33.6%
EWW	Sell	ISHARES INCmsci mexico cap	$317,000	-12.4%	6,155	-3.1%	0.22%	-8.5%
MDVN	Buy	MEDIVATION INC	$306,000	-25.7%	7,220	+100.0%	0.22%	-22.5%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$293,000	+10.2%	1,529	+18.2%	0.21%	+14.9%
HES	Buy	HESS CORPORATION	$278,000	+21.9%	5,564	+62.7%	0.20%	+27.7%
DES	Buy	WISDOMTREE TRsmallcap divid	$224,000	-1.8%	3,570	+9.8%	0.16%	+2.6%
TGNA	Sell	TEGNA INC	$216,000	-31.6%	9,670	-2.0%	0.15%	-28.8%
DFS	New	DISCOVER FINL SVCS	$201,000	–	3,872	–	0.14%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$190,000	–	19,701	–	0.14%	–
AXU	New	ALEXCO RESOURCE CORP	$8,000	–	20,000	–	0.01%	–
ARMH	Exit	ARM HLDGS PLCsponsored adr	$0	–	-4,405	–	-0.15%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-3,500	–	-0.15%	–
SCZ	Exit	ISHARES TRmsci eafe small cap	$0	–	-4,370	–	-0.15%	–
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-4,075	–	-0.16%	–
EWY	Exit	ISHARES TRmsci sth kor etf	$0	–	-4,527	–	-0.17%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-3,450	–	-0.47%	–
TEX	Exit	TEREX CORP NEW	$0	–	-80,295	–	-1.27%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-56,905	–	-2.48%	–

Q2 2015

			Value		Shares		↓ Weighting
ADM	New	ARCHER-DANIELS-MIDLAND CO	$6,869,000	–	142,455	–	4.66%	–
AMGN	New	AMGEN INC	$6,772,000	–	44,115	–	4.60%	–
GLW	New	CORNING INC	$6,459,000	–	327,405	–	4.39%	–
MSFT	New	MICROSOFT CORP	$5,827,000	–	131,985	–	3.96%	–
FDX	New	FEDEX CORP	$5,779,000	–	33,920	–	3.92%	–
CAG	New	CONAGRA FOODS INC	$5,508,000	–	126,005	–	3.74%	–
MS	New	MORGAN STANLEY	$5,485,000	–	141,424	–	3.72%	–
AVY	New	AVERY DENNISON CORP	$5,473,000	–	89,810	–	3.72%	–
HOG	New	HARLEY DAVIDSON INC	$5,398,000	–	95,810	–	3.67%	–
ALL	New	ALLSTATE CORP	$4,754,000	–	73,295	–	3.23%	–
EBAY	New	EBAY INC	$4,705,000	–	78,115	–	3.20%	–
GILD	New	GILEAD SCIENCES INC	$4,651,000	–	39,725	–	3.16%	–
MRK	New	MERCK & CO INC	$4,649,000	–	81,670	–	3.16%	–
BDX	New	BECTON DICKINSON & CO	$4,478,000	–	31,615	–	3.04%	–
VZ	New	VERIZON COMMUNICATIONS INC	$4,242,000	–	91,027	–	2.88%	–
EMC	New	EMC CORP-MASS	$4,214,000	–	159,705	–	2.86%	–
KMB	New	KIMBERLY CLARK CORP	$4,125,000	–	38,930	–	2.80%	–
INTC	New	INTEL CORP	$4,080,000	–	134,145	–	2.77%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$4,054,000	–	134,245	–	2.75%	–
DHI	New	D R HORTON INC	$4,037,000	–	147,580	–	2.74%	–
ADI	New	ANALOG DEVICES INC	$3,652,000	–	56,905	–	2.48%	–
AEP	New	AMERICAN ELEC PWR INC	$3,306,000	–	62,415	–	2.24%	–
HIG	New	HARTFORD FINANCIAL SERVICES	$3,051,000	–	73,405	–	2.07%	–
CVX	New	CHEVRON CORP NEW	$2,930,000	–	30,380	–	1.99%	–
MDT	New	MEDTRONIC INC	$2,771,000	–	37,400	–	1.88%	–
COP	New	CONOCOPHILLIPS	$2,710,000	–	44,140	–	1.84%	–
CSCO	New	CISCO SYS INC	$2,647,000	–	96,410	–	1.80%	–
MLI	New	MUELLER INDUSTRIES INC	$2,389,000	–	68,815	–	1.62%	–
NEM	New	NEWMONT MINING CORP	$2,023,000	–	86,610	–	1.37%	–
TEX	New	TEREX CORP NEW	$1,866,000	–	80,295	–	1.27%	–
ROP	New	ROPER INDUSTRIES INC NEW	$1,754,000	–	10,172	–	1.19%	–
VMI	New	VALMONT INDUSTRIES INC	$1,670,000	–	14,050	–	1.13%	–
AAPL	New	APPLE INC	$1,238,000	–	9,878	–	0.84%	–
AIZ	New	ASSURANT INC	$1,123,000	–	16,770	–	0.76%	–
IBB	New	ISHARES TRnasdq bio indx	$789,000	–	2,141	–	0.54%	–
MET	New	METLIFE INC	$780,000	–	13,935	–	0.53%	–
CELG	New	CELGENE CORP	$703,000	–	6,075	–	0.48%	–
BIDU	New	BAIDU INCspon adr rep a	$686,000	–	3,450	–	0.47%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$499,000	–	50,373	–	0.34%	–
BX	New	BLACKSTONE GROUP L P	$486,000	–	11,900	–	0.33%	–
RRD	New	DONNELLEY R R & SONS CO	$474,000	–	27,210	–	0.32%	–
ALV	New	AUTOLIV INC	$465,000	–	3,985	–	0.32%	–
PHM	New	PULTE GROUP INC	$439,000	–	21,830	–	0.30%	–
JNJ	New	JOHNSON & JOHNSON	$427,000	–	4,387	–	0.29%	–
MDVN	New	MEDIVATION INC	$412,000	–	3,610	–	0.28%	–
QCOM	New	QUALCOMM INC	$397,000	–	6,350	–	0.27%	–
PEP	New	PEPSICO INC	$382,000	–	4,095	–	0.26%	–
EWW	New	ISHARES INCmsci mexico cap	$362,000	–	6,355	–	0.25%	–
ARW	New	ARROW ELECTRS INC	$347,000	–	6,232	–	0.24%	–
DIS	New	DISNEY WALT CO	$342,000	–	3,000	–	0.23%	–
GOOGL	New	GOOGLE INCcl a	$340,000	–	631	–	0.23%	–
GOOG	New	GOOGLE INCcl c	$335,000	–	644	–	0.23%	–
TGNA	New	TEGNA INC	$316,000	–	9,870	–	0.22%	–
TM	New	TOYOTA MOTOR CORPORATION	$307,000	–	2,301	–	0.21%	–
EOG	New	EOG RES INC	$303,000	–	3,465	–	0.21%	–
FTR	New	FRONTIER COMMUNICATIONS CORP	$275,000	–	55,650	–	0.19%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$266,000	–	1,294	–	0.18%	–
SLB	New	SCHLUMBERGER LTD	$255,000	–	2,967	–	0.17%	–
EWY	New	ISHARES TRmsci sth kor etf	$249,000	–	4,527	–	0.17%	–
HELE	New	HELEN OF TROY CORP LTD	$238,000	–	2,445	–	0.16%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$233,000	–	4,075	–	0.16%	–
HES	New	HESS CORPORATION	$228,000	–	3,420	–	0.16%	–
DES	New	WISDOMTREE TRsmallcap divid	$228,000	–	3,250	–	0.16%	–
SCZ	New	ISHARES TRmsci eafe small cap	$222,000	–	4,370	–	0.15%	–
PM	New	PHILIP MORRIS INTL INC	$223,000	–	2,790	–	0.15%	–
AIG	New	AMERICAN INTL GROUP INC	$216,000	–	3,500	–	0.15%	–
ARMH	New	ARM HLDGS PLCsponsored adr	$217,000	–	4,405	–	0.15%	–
HIX	New	WESTERN ASSET HIGH INCM FD I	$102,000	–	13,637	–	0.07%	–

Q4 2014

			Value		Shares		↓ Weighting
MAG	Exit	MAG SILVER CORP	$0	–	-10,000	–	-0.06%	–
HIX	Exit	WESTERN ASSET HIGH INCM FD I	$0	–	-13,637	–	-0.09%	–
TM	Exit	TOYOTA MOTOR CORPORATION	$0	–	-2,345	–	-0.20%	–
EWY	Exit	ISHARES TRmsci sth kor etf	$0	–	-4,585	–	-0.21%	–
SCZ	Exit	ISHARES TRmsci eafe small cap	$0	–	-5,970	–	-0.21%	–
FCX	Exit	FREEPORT MCMORAN COPPER & GOLD	$0	–	-9,205	–	-0.22%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-3,730	–	-0.23%	–
FTR	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-51,500	–	-0.25%	–
ARMH	Exit	ARM HLDGS PLCsponsored adr	$0	–	-8,440	–	-0.27%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-644	–	-0.28%	–
PEP	Exit	PEPSICO INC	$0	–	-4,095	–	-0.28%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-651	–	-0.28%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-7,232	–	-0.30%	–
MDVN	Exit	MEDIVATION INC	$0	–	-4,110	–	-0.30%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-13,470	–	-0.32%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-27,510	–	-0.34%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,387	–	-0.35%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-4,597	–	-0.35%	–
QCOM	Exit	QUALCOMM INC	$0	–	-6,400	–	-0.36%	–
HWCC	Exit	HOUSTON WIRE & CABLE CO	$0	–	-41,585	–	-0.37%	–
EWW	Exit	ISHARES INCmsci mexico cap	$0	–	-7,835	–	-0.40%	–
GCI	Exit	GANNETT CO INC	$0	–	-18,180	–	-0.40%	–
EOG	Exit	EOG RES INC	$0	–	-5,520	–	-0.40%	–
IBB	Exit	ISHARES TRnasdq bio indx	$0	–	-2,146	–	-0.44%	–
ALV	Exit	AUTOLIV INC	$0	–	-6,488	–	-0.44%	–
ORCL	Exit	ORACLE CORP	$0	–	-16,210	–	-0.46%	–
PHM	Exit	PULTE GROUP INC	$0	–	-39,830	–	-0.52%	–
MET	Exit	METLIFE INC	$0	–	-14,070	–	-0.56%	–
DXJ	Exit	WISDOMTREE TRUSTjapn hedge eqt	$0	–	-14,495	–	-0.56%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-3,810	–	-0.62%	–
AIZ	Exit	ASSURANT INC	$0	–	-16,865	–	-0.80%	–
AAPL	Exit	APPLE INC	$0	–	-12,530	–	-0.94%	–
VMI	Exit	VALMONT INDUSTRIES INC	$0	–	-11,815	–	-1.18%	–
ROP	Exit	ROPER INDUSTRIES INC NEW	$0	–	-11,250	–	-1.22%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-82,475	–	-1.41%	–
TEX	Exit	TEREX CORP NEW	$0	–	-65,900	–	-1.55%	–
HIG	Exit	HARTFORD FINANCIAL SERVICES	$0	–	-56,290	–	-1.56%	–
DHI	Exit	D R HORTON INC	$0	–	-117,945	–	-1.80%	–
MLI	Exit	MUELLER INDUSTRIES INC	$0	–	-88,695	–	-1.88%	–
PSX	Exit	PHILLIPS 66	$0	–	-31,947	–	-1.93%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-54,615	–	-2.00%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-43,735	–	-2.11%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-76,775	–	-2.11%	–
VAR	Exit	VARIAN MEDICAL SYSTEMS INC	$0	–	-35,740	–	-2.12%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-25,075	–	-2.22%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-39,540	–	-2.24%	–
AA	Exit	ALCOA INC	$0	–	-188,185	–	-2.25%	–
TQNT	Exit	TRIQUINT SEMICONDUCTOR INC	$0	–	-166,710	–	-2.36%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-29,375	–	-2.48%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-81,050	–	-2.68%	–
HES	Exit	HESS CORPORATION	$0	–	-38,975	–	-2.73%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-61,660	–	-2.76%	–
ALL	Exit	ALLSTATE CORP	$0	–	-60,845	–	-2.77%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-35,550	–	-2.84%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-77,006	–	-2.86%	–
EBAY	Exit	EBAY INC	$0	–	-71,835	–	-3.02%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-79,430	–	-3.08%	–
EMC	Exit	EMC CORP-MASS	$0	–	-141,915	–	-3.08%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-71,765	–	-3.10%	–
MS	Exit	MORGAN STANLEY	$0	–	-122,006	–	-3.13%	–
MRK	Exit	MERCK & CO INC	$0	–	-71,490	–	-3.14%	–
GLW	Exit	CORNING INC	$0	–	-225,455	–	-3.24%	–
FDX	Exit	FEDEX CORP	$0	–	-32,535	–	-3.90%	–
AMGN	Exit	AMGEN INC	$0	–	-39,620	–	-4.13%	–
CELG	Exit	CELGENE CORP	$0	–	-64,295	–	-4.52%	–
ADM	Exit	ARCHER-DANIELS-MIDLAND CO	$0	–	-126,920	–	-4.81%	–

Q3 2014

			Value		Shares		↓ Weighting
ADM	Sell	ARCHER-DANIELS-MIDLAND CO	$6,485,000	+11.5%	126,920	-3.7%	4.81%	+11.9%
CELG	Buy	CELGENE CORP	$6,093,000	+11.4%	64,295	+0.9%	4.52%	+11.8%
AMGN	Sell	AMGEN INC	$5,565,000	+11.0%	39,620	-6.5%	4.13%	+11.3%
FDX	Buy	FEDEX CORP	$5,252,000	+8.9%	32,535	+2.1%	3.90%	+9.3%
GLW	Sell	CORNING INC	$4,360,000	-12.5%	225,455	-0.7%	3.24%	-12.3%
MRK	Sell	MERCK & CO INC	$4,237,000	-0.7%	71,490	-3.1%	3.14%	-0.4%
MS	Buy	MORGAN STANLEY	$4,217,000	+7.3%	122,006	+0.4%	3.13%	+7.6%
HOG	Buy	HARLEY DAVIDSON INC	$4,176,000	-12.6%	71,765	+4.9%	3.10%	-12.3%
EMC	Buy	EMC CORP-MASS	$4,152,000	+12.1%	141,915	+0.9%	3.08%	+12.4%
AEP	Buy	AMERICAN ELEC PWR INC	$4,147,000	-6.1%	79,430	+0.2%	3.08%	-5.8%
EBAY	Sell	EBAY INC	$4,068,000	+10.5%	71,835	-2.3%	3.02%	+10.9%
VZ	Sell	VERIZON COMMUNICATIONS INC	$3,849,000	+0.4%	77,006	-1.7%	2.86%	+0.7%
KMB	Sell	KIMBERLY CLARK CORP	$3,824,000	-4.7%	35,550	-1.5%	2.84%	-4.3%
ALL	Buy	ALLSTATE CORP	$3,734,000	+5.8%	60,845	+1.3%	2.77%	+6.2%
JPM	Buy	JPMORGAN CHASE & CO	$3,714,000	+6.7%	61,660	+2.1%	2.76%	+7.1%
HES	Sell	HESS CORPORATION	$3,676,000	-33.8%	38,975	-30.6%	2.73%	-33.5%
AVY	Buy	AVERY DENNISON CORP	$3,618,000	-12.5%	81,050	+0.4%	2.68%	-12.2%
BDX	Sell	BECTON DICKINSON & CO	$3,343,000	-8.7%	29,375	-5.1%	2.48%	-8.4%
TQNT	Sell	TRIQUINT SEMICONDUCTOR INC	$3,179,000	+18.6%	166,710	-1.7%	2.36%	+19.0%
AA	Buy	ALCOA INC	$3,027,000	+9.4%	188,185	+1.3%	2.25%	+9.7%
COP	Buy	CONOCOPHILLIPS	$3,025,000	-9.6%	39,540	+1.3%	2.24%	-9.3%
CVX	Buy	CHEVRON CORP NEW	$2,991,000	-6.9%	25,075	+1.9%	2.22%	-6.6%
VAR	Sell	VARIAN MEDICAL SYSTEMS INC	$2,863,000	-13.4%	35,740	-10.1%	2.12%	-13.1%
ATI	Buy	ALLEGHENY TECHNOLOGIES INC	$2,848,000	+7.4%	76,775	+30.5%	2.11%	+7.7%
BHI	Buy	BAKER HUGHES INC	$2,845,000	-10.6%	43,735	+2.3%	2.11%	-10.3%
ADI	Buy	ANALOG DEVICES INC	$2,702,000	-6.9%	54,615	+1.7%	2.00%	-6.6%
PSX	Buy	PHILLIPS 66	$2,597,000	+4.5%	31,947	+3.4%	1.93%	+4.8%
MLI	Buy	MUELLER INDUSTRIES INC	$2,531,000	+0.2%	88,695	+3.3%	1.88%	+0.5%
DHI	Buy	D R HORTON INC	$2,420,000	-15.2%	117,945	+1.6%	1.80%	-14.9%
HIG	Buy	HARTFORD FINANCIAL SERVICES	$2,096,000	+6.4%	56,290	+2.4%	1.56%	+6.8%
TEX	New	TEREX CORP NEW	$2,093,000	–	65,900	–	1.55%	–
NEM	Sell	NEWMONT MINING CORP	$1,901,000	-9.9%	82,475	-0.6%	1.41%	-9.6%
VMI	Buy	VALMONT INDUSTRIES INC	$1,594,000	-5.8%	11,815	+6.1%	1.18%	-5.4%
BIDU	Sell	BAIDU INCspon adr rep a	$831,000	+12.4%	3,810	-3.8%	0.62%	+12.8%
DXJ	Sell	WISDOMTREE TRUSTjapn hedge eqt	$758,000	+5.4%	14,495	-0.5%	0.56%	+5.6%
MET	Sell	METLIFE INC	$755,000	-6.0%	14,070	-2.8%	0.56%	-5.7%
PHM	Sell	PULTE GROUP INC	$703,000	-21.9%	39,830	-10.8%	0.52%	-21.6%
ALV	Sell	AUTOLIV INC	$596,000	-14.0%	6,488	-0.3%	0.44%	-13.8%
EOG	Buy	EOG RES INC	$546,000	+45.2%	5,520	+71.4%	0.40%	+45.7%
GCI	Sell	GANNETT CO INC	$539,000	-8.8%	18,180	-3.7%	0.40%	-8.5%
EWW	Sell	ISHARES INCmsci mexico cap	$538,000	-4.8%	7,835	-6.0%	0.40%	-4.5%
HWCC	Buy	HOUSTON WIRE & CABLE CO	$498,000	-3.1%	41,585	+0.3%	0.37%	-2.6%
RRD	Sell	DONNELLEY R R & SONS CO	$452,000	-10.7%	27,510	-7.9%	0.34%	-10.4%
BX	Buy	BLACKSTONE GROUP L P	$424,000	+0.7%	13,470	+6.9%	0.32%	+1.3%
MDVN	Sell	MEDIVATION INC	$406,000	+28.1%	4,110	-0.2%	0.30%	+28.6%
PEP	Sell	PEPSICO INC	$381,000	+3.5%	4,095	-0.7%	0.28%	+4.0%
GOOG	Sell	GOOGLE INCcl c	$371,000	-0.8%	644	-1.1%	0.28%	-0.7%
ARMH	Sell	ARM HLDGS PLCsponsored adr	$368,000	-4.2%	8,440	-0.6%	0.27%	-3.9%
FTR	Sell	FRONTIER COMMUNICATIONS CORP	$335,000	-0.6%	51,500	-10.9%	0.25%	0.0%
SCZ	Buy	ISHARES TRmsci eafe small cap	$289,000	0.0%	5,970	+9.1%	0.21%	0.0%
TM	Sell	TOYOTA MOTOR CORPORATION	$275,000	-3.5%	2,345	-1.9%	0.20%	-3.3%
BPT	Exit	BP PRUDHOE BAY RTY TRunit ben int	$0	–	-2,050	–	-0.15%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-8,530	–	-0.34%	–

Q2 2014

			Value		Shares		↓ Weighting
ADM	New	ARCHER-DANIELS-MIDLAND CO	$5,815,000	–	131,845	–	4.30%	–
HES	New	HESS CORPORATION	$5,549,000	–	56,120	–	4.10%	–
CELG	New	CELGENE CORP	$5,469,000	–	63,690	–	4.04%	–
AMGN	New	AMGEN INC	$5,014,000	–	42,365	–	3.71%	–
GLW	New	CORNING INC	$4,985,000	–	227,120	–	3.69%	–
FDX	New	FEDEX CORP	$4,823,000	–	31,865	–	3.57%	–
HOG	New	HARLEY DAVIDSON INC	$4,779,000	–	68,425	–	3.54%	–
AEP	New	AMERICAN ELEC PWR INC	$4,418,000	–	79,235	–	3.27%	–
MRK	New	MERCK & CO INC	$4,267,000	–	73,760	–	3.16%	–
AVY	New	AVERY DENNISON CORP	$4,136,000	–	80,705	–	3.06%	–
KMB	New	KIMBERLY CLARK CORP	$4,012,000	–	36,075	–	2.97%	–
MS	New	MORGAN STANLEY	$3,930,000	–	121,576	–	2.91%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,833,000	–	78,356	–	2.84%	–
EMC	New	EMC CORP-MASS	$3,705,000	–	140,695	–	2.74%	–
EBAY	New	EBAY INC	$3,681,000	–	73,535	–	2.72%	–
BDX	New	BECTON DICKINSON & CO	$3,661,000	–	30,955	–	2.71%	–
ALL	New	ALLSTATE CORP	$3,528,000	–	60,090	–	2.61%	–
JPM	New	JPMORGAN CHASE & CO	$3,480,000	–	60,400	–	2.57%	–
COP	New	CONOCOPHILLIPS	$3,346,000	–	39,040	–	2.48%	–
VAR	New	VARIAN MEDICAL SYSTEMS INC	$3,305,000	–	39,760	–	2.44%	–
CVX	New	CHEVRON CORP NEW	$3,212,000	–	24,605	–	2.38%	–
BHI	New	BAKER HUGHES INC	$3,183,000	–	42,755	–	2.35%	–
ADI	New	ANALOG DEVICES INC	$2,902,000	–	53,685	–	2.15%	–
DHI	New	D R HORTON INC	$2,854,000	–	116,135	–	2.11%	–
AA	New	ALCOA INC	$2,767,000	–	185,850	–	2.05%	–
TQNT	New	TRIQUINT SEMICONDUCTOR INC	$2,681,000	–	169,580	–	1.98%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$2,652,000	–	58,810	–	1.96%	–
MLI	New	MUELLER INDUSTRIES INC	$2,525,000	–	85,860	–	1.87%	–
PSX	New	PHILLIPS 66	$2,485,000	–	30,899	–	1.84%	–
NEM	New	NEWMONT MINING CORP	$2,111,000	–	83,005	–	1.56%	–
HIG	New	HARTFORD FINANCIAL SERVICES	$1,969,000	–	54,995	–	1.46%	–
VMI	New	VALMONT INDUSTRIES INC	$1,692,000	–	11,140	–	1.25%	–
ROP	New	ROPER INDUSTRIES INC NEW	$1,642,000	–	11,250	–	1.21%	–
AAPL	New	APPLE INC	$1,153,000	–	12,530	–	0.85%	–
AIZ	New	ASSURANT INC	$1,105,000	–	16,865	–	0.82%	–
PHM	New	PULTE GROUP INC	$900,000	–	44,660	–	0.67%	–
MET	New	METLIFE INC	$803,000	–	14,470	–	0.59%	–
BIDU	New	BAIDU INCspon adr rep a	$739,000	–	3,960	–	0.55%	–
DXJ	New	WISDOMTREE TRUSTjapn hedge eqt	$719,000	–	14,575	–	0.53%	–
ALV	New	AUTOLIV INC	$693,000	–	6,508	–	0.51%	–
ORCL	New	ORACLE CORP	$656,000	–	16,210	–	0.48%	–
GCI	New	GANNETT CO INC	$591,000	–	18,880	–	0.44%	–
EWW	New	ISHARES INCmsci mexico cap	$565,000	–	8,335	–	0.42%	–
IBB	New	ISHARES TRnasdq bio indx	$551,000	–	2,146	–	0.41%	–
SLB	New	SCHLUMBERGER LTD	$542,000	–	4,597	–	0.40%	–
HWCC	New	HOUSTON WIRE & CABLE CO	$514,000	–	41,475	–	0.38%	–
QCOM	New	QUALCOMM INC	$506,000	–	6,400	–	0.37%	–
RRD	New	DONNELLEY R R & SONS CO	$506,000	–	29,870	–	0.37%	–
JNJ	New	JOHNSON & JOHNSON	$458,000	–	4,387	–	0.34%	–
SNY	New	SANOFIsponsored adr	$453,000	–	8,530	–	0.34%	–
ARW	New	ARROW ELECTRS INC	$436,000	–	7,232	–	0.32%	–
BX	New	BLACKSTONE GROUP L P	$421,000	–	12,600	–	0.31%	–
ARMH	New	ARM HLDGS PLCsponsored adr	$384,000	–	8,490	–	0.28%	–
GOOGL	New	GOOGLE INCcl a	$380,000	–	651	–	0.28%	–
EOG	New	EOG RES INC	$376,000	–	3,220	–	0.28%	–
GOOG	New	GOOGLE INCcl c	$374,000	–	651	–	0.28%	–
PEP	New	PEPSICO INC	$368,000	–	4,125	–	0.27%	–
FTR	New	FRONTIER COMMUNICATIONS CORP	$337,000	–	57,800	–	0.25%	–
FCX	New	FREEPORT MCMORAN COPPER & GOLD	$335,000	–	9,205	–	0.25%	–
MDVN	New	MEDIVATION INC	$317,000	–	4,120	–	0.23%	–
PM	New	PHILIP MORRIS INTL INC	$313,000	–	3,730	–	0.23%	–
EWY	New	ISHARES TRmsci sth kor etf	$298,000	–	4,585	–	0.22%	–
SCZ	New	ISHARES TRmsci eafe small cap	$289,000	–	5,470	–	0.21%	–
TM	New	TOYOTA MOTOR CORPORATION	$285,000	–	2,390	–	0.21%	–
BPT	New	BP PRUDHOE BAY RTY TRunit ben int	$202,000	–	2,050	–	0.15%	–
HIX	New	WESTERN ASSET HIGH INCM FD I	$128,000	–	13,637	–	0.10%	–
MAG	New	MAG SILVER CORP	$94,000	–	10,000	–	0.07%	–

Q4 2013

			Value		Shares		↓ Weighting
OCZTQ	Exit	OCZ TECHNOLOGY GROUP INC	$0	–	-22,000	–	-0.03%	–
NES	Exit	NUVERRA ENVIRONMENTAL	$0	–	-15,000	–	-0.03%	–
ONVO	Exit	ORGANOVO HOLDINGS INC	$0	–	-16,200	–	-0.08%	–
MAG	Exit	MAG SILVER CORP	$0	–	-20,000	–	-0.10%	–
EWJ	Exit	ISHARES INCmsci japan	$0	–	-14,100	–	-0.14%	–
EWZ	Exit	ISHARES INCishares msci brazil capped index	$0	–	-4,450	–	-0.18%	–
HIX	Exit	WESTERN ASSET HIGH INCM FD I	$0	–	-23,637	–	-0.19%	–
BPT	Exit	BP PRUDHOE BAY RTY TRunit ben int	$0	–	-2,600	–	-0.19%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-8,235	–	-0.21%	–
NE	Exit	NOBLE CORPORATION BAARnamen -akt	$0	–	-7,953	–	-0.25%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-3,557	–	-0.27%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-3,760	–	-0.28%	–
FCX	Exit	FREEPORT MCMORAN COPPER & GOLD	$0	–	-9,821	–	-0.28%	–
PEP	Exit	PEPSICO INC	$0	–	-4,125	–	-0.28%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-13,250	–	-0.28%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,353	–	-0.32%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS L P	$0	–	-12,858	–	-0.33%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-8,232	–	-0.34%	–
WGO	Exit	WINNEBAGO INDUSTRIES INC	$0	–	-15,620	–	-0.34%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-8,005	–	-0.34%	–
ARMH	Exit	ARM HOLDINGS PLCsponsored adr	$0	–	-8,450	–	-0.34%	–
QCOM	Exit	QUALCOMM INC	$0	–	-6,445	–	-0.37%	–
IBB	Exit	ISHARES TRnasdq bio indx	$0	–	-2,136	–	-0.38%	–
GCI	Exit	GANNETT CO INC	$0	–	-17,735	–	-0.40%	–
	Exit	WISDOMTREE TRUSTjapn hedge eqt	$0	–	-9,910	–	-0.40%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-13,486	–	-0.43%	–
EWW	Exit	ISHARES INCmsci mexico cap	$0	–	-8,238	–	-0.45%	–
ORCL	Exit	ORACLE CORP	$0	–	-16,310	–	-0.46%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-3,650	–	-0.48%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-651	–	-0.48%	–
MET	Exit	METLIFE INC	$0	–	-14,420	–	-0.57%	–
AAPL	Exit	APPLE INC	$0	–	-1,805	–	-0.73%	–
ALV	Exit	AUTOLIV INC	$0	–	-10,188	–	-0.75%	–
AIZ	Exit	ASSURANT INC	$0	–	-16,845	–	-0.77%	–
PHM	Exit	PULTE GROUP INC	$0	–	-61,300	–	-0.86%	–
VMI	Exit	VALMONT INDUSTRIES INC	$0	–	-10,670	–	-1.26%	–
ROP	Exit	ROPER INDUSTRIES INC NEW	$0	–	-11,260	–	-1.27%	–
PSX	Exit	PHILLIPS 66	$0	–	-30,215	–	-1.48%	–
AA	Exit	ALCOA INC	$0	–	-231,663	–	-1.59%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-71,460	–	-1.70%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-47,335	–	-1.97%	–
MLI	Exit	MUELLER INDUSTRIES INC	$0	–	-47,720	–	-2.25%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-56,870	–	-2.27%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-41,250	–	-2.43%	–
VAR	Exit	VARIAN MEDICAL SYSTEMS INC	$0	–	-40,246	–	-2.55%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-58,940	–	-2.58%	–
COH	Exit	COACH INC	$0	–	-56,045	–	-2.59%	–
ALL	Exit	ALLSTATE CORP	$0	–	-61,185	–	-2.62%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-35,560	–	-2.84%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-34,115	–	-2.89%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-83,385	–	-3.07%	–
GLW	Exit	CORNING INC	$0	–	-251,000	–	-3.10%	–
EMC	Exit	EMC CORP-MASS	$0	–	-149,724	–	-3.24%	–
AEP	Exit	AMERICAN ELECTRIC POWER CO INC	$0	–	-88,840	–	-3.26%	–
CELG	Exit	CELGENE CORP	$0	–	-26,430	–	-3.45%	–
T	Exit	AT&T INC	$0	–	-120,540	–	-3.45%	–
MRK	Exit	MERCK & CO INC	$0	–	-86,740	–	-3.50%	–
MS	Exit	MORGAN STANLEY	$0	–	-154,941	–	-3.54%	–
EBAY	Exit	EBAY INC	$0	–	-75,880	–	-3.59%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-66,645	–	-3.63%	–
AMGN	Exit	AMGEN INC	$0	–	-41,425	–	-3.93%	–
ADM	Exit	ARCHER-DANIELS-MIDLAND CO	$0	–	-139,275	–	-4.35%	–
HES	Exit	HESS CORPORATION	$0	–	-67,320	–	-4.41%	–
YHOO	Exit	YAHOO INC	$0	–	-157,710	–	-4.43%	–
FDX	Exit	FEDEX CORP	$0	–	-45,975	–	-4.44%	–

Q3 2013

			Value		Shares		↓ Weighting
FDX	Buy	FEDEX CORP	$5,246,000	+17.8%	45,975	+1.8%	4.44%	+4.4%
YHOO	Buy	YAHOO INC	$5,231,000	+34.3%	157,710	+1.7%	4.43%	+18.9%
HES	Buy	HESS CORPORATION	$5,206,000	+32.1%	67,320	+13.6%	4.41%	+17.0%
ADM	Buy	ARCHER-DANIELS-MIDLAND CO	$5,130,000	+11.4%	139,275	+2.6%	4.35%	-1.3%
AMGN	Sell	AMGEN INC	$4,636,000	+11.3%	41,425	-1.9%	3.93%	-1.4%
HOG	Sell	HARLEY DAVIDSON INC	$4,281,000	+13.2%	66,645	-3.4%	3.63%	+0.3%
EBAY	Buy	EBAY INC	$4,233,000	+13.2%	75,880	+4.9%	3.59%	+0.3%
MS	Buy	MORGAN STANLEY	$4,175,000	+20.6%	154,941	+9.4%	3.54%	+6.8%
MRK	Buy	MERCK & CO INC	$4,129,000	+5.9%	86,740	+3.3%	3.50%	-6.2%
T	Buy	AT&T INC	$4,076,000	+7.9%	120,540	+12.9%	3.45%	-4.4%
CELG	Buy	CELGENE CORP	$4,073,000	+32.2%	26,430	+0.3%	3.45%	+17.1%
AEP	Buy	AMERICAN ELECTRIC POWER CO INC	$3,851,000	+44.6%	88,840	+49.3%	3.26%	+28.1%
EMC	Buy	EMC CORP-MASS	$3,826,000	+10.8%	149,724	+2.4%	3.24%	-1.8%
GLW	Buy	CORNING INC	$3,662,000	+34.1%	251,000	+30.8%	3.10%	+18.8%
AVY	Buy	AVERY DENNISON CORP	$3,628,000	+48.0%	83,385	+45.4%	3.07%	+31.1%
BDX	Sell	BECTON DICKINSON & CO	$3,412,000	+0.5%	34,115	-0.7%	2.89%	-10.9%
KMB	Buy	KIMBERLY CLARK CORP	$3,350,000	-0.4%	35,560	+2.7%	2.84%	-11.8%
ALL	Buy	ALLSTATE CORP	$3,092,000	+11.1%	61,185	+5.8%	2.62%	-1.6%
COH	Buy	COACH INC	$3,056,000	+1.3%	56,045	+6.1%	2.59%	-10.3%
JPM	Buy	JPMORGAN CHASE & CO	$3,046,000	+1.0%	58,940	+3.2%	2.58%	-10.5%
VAR	Sell	VARIAN MEDICAL SYSTEMS INC	$3,007,000	+10.0%	40,246	-0.7%	2.55%	-2.6%
COP	Buy	CONOCOPHILLIPS	$2,867,000	+15.1%	41,250	+0.2%	2.43%	+1.9%
ADI	Buy	ANALOG DEVICES INC	$2,675,000	+6.1%	56,870	+1.6%	2.27%	-6.0%
MLI	Buy	MUELLER INDUSTRIES INC	$2,656,000	+12.3%	47,720	+1.7%	2.25%	-0.6%
BHI	Buy	BAKER HUGHES INC	$2,324,000	+10.2%	47,335	+3.6%	1.97%	-2.3%
NEM	Buy	NEWMONT MINING CORP	$2,008,000	+43.4%	71,460	+52.9%	1.70%	+27.0%
AA	Buy	ALCOA INC	$1,881,000	+8.3%	231,663	+4.3%	1.59%	-4.1%
PSX	Buy	PHILLIPS 66	$1,747,000	-1.0%	30,215	+0.9%	1.48%	-12.3%
VMI	Sell	VALMONT INDUSTRIES INC	$1,482,000	-36.4%	10,670	-34.5%	1.26%	-43.7%
PHM	Buy	PULTE GROUP INC	$1,011,000	+25.9%	61,300	+44.8%	0.86%	+11.6%
AAPL	Sell	APPLE INC	$860,000	+1.3%	1,805	-15.7%	0.73%	-10.2%
GOOGL	Sell	GOOGLE INCcl a	$570,000	-3.6%	651	-3.0%	0.48%	-14.5%
BIDU	Sell	BAIDU INCspon adr rep a	$566,000	+31.6%	3,650	-19.8%	0.48%	+16.8%
ORCL	Sell	ORACLE CORP	$541,000	-62.2%	16,310	-65.0%	0.46%	-66.5%
EWW	Buy	ISHARES INCmsci mexico cap	$526,000	+5.8%	8,238	+8.3%	0.45%	-6.1%
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTDadr	$509,000	+6.0%	13,486	+10.1%	0.43%	-6.1%
GCI	Sell	GANNETT CO INC	$475,000	+1.7%	17,735	-7.2%	0.40%	-10.1%
ARMH	Buy	ARM HOLDINGS PLCsponsored adr	$406,000	+35.8%	8,450	+2.4%	0.34%	+20.3%
WGO	New	WINNEBAGO INDUSTRIES INC	$405,000	–	15,620	–	0.34%	–
EEP	Buy	ENBRIDGE ENERGY PARTNERS L P	$391,000	+11.4%	12,858	+11.5%	0.33%	-1.5%
BX	New	BLACKSTONE GROUP L P	$329,000	–	13,250	–	0.28%	–
CVE	Sell	CENOVUS ENERGY INC	$245,000	-3.2%	8,235	-7.3%	0.21%	-14.0%
EWZ	New	ISHARES INCishares msci brazil capped index	$213,000	–	4,450	–	0.18%	–
EWJ	Buy	ISHARES INCmsci japan	$168,000	+47.4%	14,100	+38.2%	0.14%	+30.3%
ONVO	New	ORGANOVO HOLDINGS INC	$93,000	–	16,200	–	0.08%	–
NES	New	NUVERRA ENVIRONMENTAL	$34,000	–	15,000	–	0.03%	–
OIBR	Exit	OI S.A.spn adr rep pfd	$0	–	-10,704	–	-0.02%	–
EMKR	Exit	EMCORE CORP	$0	–	-38,750	–	-0.13%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,280	–	-0.24%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-3,625	–	-0.29%	–

Q2 2013

			Value		Shares		↓ Weighting
ADM	New	ARCHER-DANIELS-MIDLAND CO	$4,603,000	–	135,750	–	4.40%	–
FDX	New	FEDEX CORP	$4,453,000	–	45,175	–	4.26%	–
AMGN	New	AMGEN INC	$4,166,000	–	42,225	–	3.98%	–
HES	New	HESS CORPORATION	$3,940,000	–	59,250	–	3.77%	–
MRK	New	MERCK & CO INC	$3,899,000	–	83,950	–	3.73%	–
YHOO	New	YAHOO INC	$3,896,000	–	155,025	–	3.73%	–
HOG	New	HARLEY DAVIDSON INC	$3,781,000	–	68,970	–	3.62%	–
T	New	AT&T INC	$3,778,000	–	106,720	–	3.61%	–
EBAY	New	EBAY INC	$3,740,000	–	72,315	–	3.58%	–
MS	New	MORGAN STANLEY	$3,461,000	–	141,686	–	3.31%	–
EMC	New	EMC CORP-MASS	$3,453,000	–	146,199	–	3.30%	–
BDX	New	BECTON DICKINSON & CO	$3,394,000	–	34,340	–	3.25%	–
KMB	New	KIMBERLY CLARK CORP	$3,364,000	–	34,635	–	3.22%	–
CELG	New	CELGENE CORP	$3,082,000	–	26,350	–	2.95%	–
COH	New	COACH INC	$3,017,000	–	52,840	–	2.89%	–
JPM	New	JPMORGAN CHASE & CO	$3,015,000	–	57,115	–	2.88%	–
ALL	New	ALLSTATE CORP	$2,783,000	–	57,825	–	2.66%	–
VAR	New	VARIAN MEDICAL SYSTEMS INC	$2,734,000	–	40,531	–	2.62%	–
GLW	New	CORNING INC	$2,730,000	–	191,870	–	2.61%	–
AEP	New	AMERICAN ELECTRIC POWER CO INC	$2,664,000	–	59,490	–	2.55%	–
ADI	New	ANALOG DEVICES INC	$2,522,000	–	55,975	–	2.41%	–
COP	New	CONOCOPHILLIPS	$2,491,000	–	41,170	–	2.38%	–
AVY	New	AVERY DENNISON CORP	$2,452,000	–	57,350	–	2.34%	–
MLI	New	MUELLER INDUSTRIES INC	$2,366,000	–	46,910	–	2.26%	–
VMI	New	VALMONT INDUSTRIES INC	$2,332,000	–	16,295	–	2.23%	–
BHI	New	BAKER HUGHES INC	$2,108,000	–	45,705	–	2.02%	–
PSX	New	PHILLIPS 66	$1,764,000	–	29,940	–	1.69%	–
AA	New	ALCOA INC	$1,737,000	–	222,062	–	1.66%	–
ORCL	New	ORACLE CORP	$1,431,000	–	46,610	–	1.37%	–
NEM	New	NEWMONT MINING CORP	$1,400,000	–	46,745	–	1.34%	–
ROP	New	ROPER INDUSTRIES INC NEW	$1,399,000	–	11,260	–	1.34%	–
AIZ	New	ASSURANT INC	$858,000	–	16,845	–	0.82%	–
AAPL	New	APPLE INC	$849,000	–	2,140	–	0.81%	–
PHM	New	PULTE GROUP INC	$803,000	–	42,320	–	0.77%	–
ALV	New	AUTOLIV INC	$788,000	–	10,188	–	0.75%	–
MET	New	METLIFE INC	$660,000	–	14,420	–	0.63%	–
GOOGL	New	GOOGLE INCcl a	$591,000	–	671	–	0.56%	–
EWW	New	ISHARES INCmsci mexico cap	$497,000	–	7,610	–	0.48%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$480,000	–	12,246	–	0.46%	–
GCI	New	GANNETT CO INC	$467,000	–	19,110	–	0.45%	–
	New	WISDOMTREE TRUSTjapn hedge eqt	$452,000	–	9,910	–	0.43%	–
BIDU	New	BAIDU INCspon adr rep a	$430,000	–	4,550	–	0.41%	–
SNY	New	SANOFIsponsored adr	$412,000	–	8,005	–	0.39%	–
QCOM	New	QUALCOMM INC	$394,000	–	6,445	–	0.38%	–
JNJ	New	JOHNSON & JOHNSON	$374,000	–	4,353	–	0.36%	–
IBB	New	ISHARES TRnasdq bio indx	$371,000	–	2,136	–	0.36%	–
EEP	New	ENBRIDGE ENERGY PARTNERS L P	$351,000	–	11,528	–	0.34%	–
PEP	New	PEPSICO INC	$337,000	–	4,125	–	0.32%	–
ARW	New	ARROW ELECTRS INC	$328,000	–	8,232	–	0.31%	–
PM	New	PHILIP MORRIS INTL INC	$326,000	–	3,760	–	0.31%	–
CAT	New	CATERPILLAR INC DEL	$299,000	–	3,625	–	0.29%	–
ARMH	New	ARM HOLDINGS PLCsponsored adr	$299,000	–	8,250	–	0.29%	–
NE	New	NOBLE CORPORATION BAARnamen -akt	$299,000	–	7,953	–	0.29%	–
FCX	New	FREEPORT MCMORAN COPPER & GOLD	$271,000	–	9,821	–	0.26%	–
MO	New	ALTRIA GROUP INC	$255,000	–	7,280	–	0.24%	–
SLB	New	SCHLUMBERGER LTD	$255,000	–	3,557	–	0.24%	–
CVE	New	CENOVUS ENERGY INC	$253,000	–	8,885	–	0.24%	–
BPT	New	BP PRUDHOE BAY RTY TRunit ben int	$250,000	–	2,600	–	0.24%	–
HIX	New	WESTERN ASSET HIGH INCM FD I	$218,000	–	23,637	–	0.21%	–
EMKR	New	EMCORE CORP	$140,000	–	38,750	–	0.13%	–
MAG	New	MAG SILVER CORP	$117,000	–	20,000	–	0.11%	–
EWJ	New	ISHARES INCmsci japan	$114,000	–	10,200	–	0.11%	–
OCZTQ	New	OCZ TECHNOLOGY GROUP INC	$32,000	–	22,000	–	0.03%	–
OIBR	New	OI S.A.spn adr rep pfd	$19,000	–	10,704	–	0.02%	–

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