MIDAS MANAGEMENT CORP Activity Q4 2000-Q2 2019

Q2 2019

			Value		Shares		↓ Weighting
CACC	New	Credit Acceptance Corp.	$5,564,000	–	11,500	–	2.41%	–
AZO	New	AutoZone, Inc.	$5,443,000	–	4,950	–	2.36%	–
PCAR	New	PACCAR, Inc.	$4,802,000	–	67,000	–	2.08%	–
AAPL	New	Apple, Inc.	$4,770,000	–	24,100	–	2.07%	–
TSCO	New	Tractor Supply Co.	$4,755,000	–	43,700	–	2.06%	–
TSN	New	Tyson Foods, Inc.cl a	$4,643,000	–	57,500	–	2.01%	–
TEL	New	TE Connectivity Ltd.	$4,196,000	–	43,800	–	1.82%	–
AVGO	New	Broadcom, Inc.	$4,015,000	–	13,950	–	1.74%	–
AYI	New	Acuity Brands, Inc.	$3,806,000	–	27,600	–	1.65%	–
DISCA	New	Discovery, Inc.	$3,776,000	–	123,000	–	1.64%	–
DIS	New	Walt Disney Co./The	$3,701,000	–	26,500	–	1.60%	–
PRU	New	Prudential Financial, Inc.	$3,656,000	–	36,200	–	1.59%	–
HD	New	Home Depot, Inc./The	$3,619,000	–	17,400	–	1.57%	–
WSM	New	Williams-Sonoma, Inc.	$3,608,000	–	55,500	–	1.56%	–
MA	New	MasterCard, Inc.cl a	$3,545,000	–	13,400	–	1.54%	–
SWKS	New	Skyworks Solutions, Inc.	$3,477,000	–	45,000	–	1.51%	–
TROW	New	T. Rowe Price Group, Inc.	$3,423,000	–	31,200	–	1.48%	–
VIAB	New	Viacom, Inc.cl b	$3,316,000	–	111,000	–	1.44%	–
INTC	New	Intel Corp.	$3,265,000	–	68,200	–	1.42%	–
UHAL	New	AMERCO	$3,142,000	–	8,300	–	1.36%	–
AMGN	New	Amgen, Inc.	$3,132,000	–	17,000	–	1.36%	–
RHI	New	Robert Half International, Inc.	$3,107,000	–	54,500	–	1.35%	–
OSK	New	Oshkosh Corp.	$3,097,000	–	37,100	–	1.34%	–
MGA	New	Magna International, Inc.	$3,056,000	–	61,500	–	1.33%	–
AMP	New	Ameriprise Financial, Inc.	$3,019,000	–	20,800	–	1.31%	–
LYB	New	Lyondellbasell Industries NV	$3,015,000	–	35,000	–	1.31%	–
SNA	New	Snap-on, Inc.	$2,981,000	–	18,000	–	1.29%	–
WLK	New	Westlake Chemical Corp.	$2,973,000	–	42,800	–	1.29%	–
CMCSA	New	Comcast Corp.cl a	$2,960,000	–	70,000	–	1.28%	–
CMI	New	Cummins, Inc.	$2,955,000	–	17,250	–	1.28%	–
TXN	New	Texas Instruments, Inc.	$2,938,000	–	25,600	–	1.27%	–
ALGT	New	Allegiant Travel Co.	$2,884,000	–	20,100	–	1.25%	–
DG	New	Dollar General Corp.	$2,784,000	–	20,600	–	1.21%	–
PKG	New	Packaging Corp. of America	$2,783,000	–	29,200	–	1.21%	–
DFS	New	Discover Financial Services	$2,766,000	–	35,650	–	1.20%	–
T	New	AT&T, Inc.	$2,764,000	–	82,500	–	1.20%	–
SEIC	New	SEI Investments Co.	$2,693,000	–	48,000	–	1.17%	–
ALK	New	Alaska Air Group, Inc.	$2,684,000	–	42,000	–	1.16%	–
LH	New	Laboratory Corp of America Holdings	$2,646,000	–	15,300	–	1.15%	–
LRCX	New	Lam Research Corp.	$2,630,000	–	14,000	–	1.14%	–
CE	New	Celanese Corp.	$2,588,000	–	24,000	–	1.12%	–
VVV	New	Valvoline, Inc.	$2,500,000	–	128,000	–	1.08%	–
SBNY	New	Signature Bank	$2,477,000	–	20,500	–	1.07%	–
HA	New	Hawaiian Holdings, Inc.	$2,468,000	–	90,000	–	1.07%	–
LCII	New	LCI Industries	$2,394,000	–	26,600	–	1.04%	–
BLK	New	BlackRock, Inc.	$2,394,000	–	5,100	–	1.04%	–
LUV	New	Southwest Airlines Co.	$2,386,000	–	47,000	–	1.04%	–
GOOGL	New	Alphabet, Inc.cap stk cl a	$2,350,000	–	2,170	–	1.02%	–
LEA	New	Lear Corp.	$2,326,000	–	16,700	–	1.01%	–
APOG	New	Apogee Enterprises, Inc.	$2,302,000	–	53,000	–	1.00%	–
ABC	New	AmerisourceBergen Corp.	$2,281,000	–	26,750	–	0.99%	–
PM	New	Philip Morris International, Inc.	$2,278,000	–	29,000	–	0.99%	–
AMAT	New	Applied Materials, Inc.	$2,246,000	–	50,000	–	0.97%	–
KSU	New	Kansas City Southern	$2,236,000	–	18,350	–	0.97%	–
CFG	New	Citizens Financial Group, Inc.	$2,210,000	–	62,500	–	0.96%	–
CINR	New	Ciner Resources LP	$2,158,000	–	111,302	–	0.94%	–
WBA	New	Walgreens Boots Alliance, Inc.	$2,135,000	–	39,050	–	0.93%	–
WFC	New	Wells Fargo & Co.	$2,129,000	–	45,000	–	0.92%	–
DLTR	New	Dollar Tree, Inc.	$2,083,000	–	19,400	–	0.90%	–
JBHT	New	JB Hunt Transport Services, Inc.	$2,048,000	–	22,400	–	0.89%	–
LOPE	New	Grand Canyon Education, Inc.	$2,048,000	–	17,500	–	0.89%	–
MO	New	Altria Group, Inc.	$2,048,000	–	43,250	–	0.89%	–
KR	New	Kroger Co./The	$2,041,000	–	94,000	–	0.88%	–
BTI	New	British American Tobacco PLCsponsored adr	$1,918,000	–	55,000	–	0.83%	–
TPR	New	Tapestry, Inc.	$1,904,000	–	60,000	–	0.83%	–
BRKB	New	Berkshire Hathaway, Inc.cl b new	$1,829,000	–	8,580	–	0.79%	–
AEM	New	Agnico Eagle Mines Ltd.	$1,793,000	–	35,000	–	0.78%	–
TSM	New	Taiwan Semiconductor Manufacturing Co. Ltd.sponsored ads	$1,763,000	–	45,000	–	0.76%	–
INGR	New	Ingredion, Inc.	$1,650,000	–	20,000	–	0.72%	–
GOLD	New	Barrick Gold Corp.	$1,546,000	–	98,048	–	0.67%	–
GLD	New	SPDR Gold Shares ETF	$1,545,000	–	11,600	–	0.67%	–
URI	New	United Rentals, Inc.	$1,539,000	–	11,600	–	0.67%	–
ETN	New	Eaton Corp. PLC	$1,499,000	–	18,000	–	0.65%	–
MEI	New	Methode Electronics, Inc.	$1,429,000	–	50,000	–	0.62%	–
LAZ	New	Lazard Ltd.	$1,427,000	–	41,500	–	0.62%	–
AGI	New	Alamos Gold, Inc.	$1,361,000	–	225,000	–	0.59%	–
CAH	New	Cardinal Health, Inc.	$1,272,000	–	27,000	–	0.55%	–
THO	New	Thor Industries, Inc.	$1,239,000	–	21,200	–	0.54%	–
EPD	New	Enterprise Products Partners LP	$1,155,000	–	40,000	–	0.50%	–
SSRM	New	SSR Mining, Inc.	$1,094,000	–	80,000	–	0.48%	–
HII	New	Huntington Ingalls Industries, Inc.	$1,056,000	–	4,700	–	0.46%	–
ENB	New	Enbridge, Inc.	$978,000	–	27,108	–	0.42%	–
SKT	New	Tanger Factory Outlet Centers, Inc.	$912,000	–	56,250	–	0.40%	–
JNJ	New	Johnson & Johnson	$877,000	–	6,300	–	0.38%	–
RIO	New	Rio Tinto PLCsponsored adr	$873,000	–	14,000	–	0.38%	–
FNV	New	Franco-Nevada Corp.	$849,000	–	10,000	–	0.37%	–
BTG	New	B2Gold Corp.	$833,000	–	275,000	–	0.36%	–
JPM	New	JPMorgan Chase & Co.	$760,000	–	6,800	–	0.33%	–
HCC	New	Warrior Met Coal, Inc.	$744,000	–	28,500	–	0.32%	–
KL	New	Kirkland Lake Gold Ltd.	$622,000	–	14,500	–	0.27%	–
RGLD	New	Royal Gold, Inc.	$543,000	–	5,300	–	0.24%	–
ESNT	New	Essent Group Ltd.	$540,000	–	11,500	–	0.23%	–
PVG	New	Pretium Resources, Inc.	$501,000	–	50,000	–	0.22%	–
MIK	New	Michaels Cos, Inc./The	$473,000	–	54,400	–	0.20%	–
MMI	New	Marcus & Millichap, Inc.	$463,000	–	15,000	–	0.20%	–
AEIS	New	Advanced Energy Industries, Inc.	$433,000	–	7,700	–	0.19%	–
MTX	New	Minerals Technologies, Inc.	$428,000	–	8,000	–	0.19%	–
SLV	New	iShares Silver Trustishares	$353,000	–	24,643	–	0.15%	–
BIIB	New	Biogen, Inc.	$327,000	–	1,400	–	0.14%	–
CHKP	New	Check Point Software Technologies Ltd.ord	$266,000	–	2,300	–	0.12%	–
IPGP	New	IPG Photonics Corp.	$231,000	–	1,500	–	0.10%	–
LGIH	New	LGI Homes, Inc.	$182,000	–	2,550	–	0.08%	–
OR	New	Osisko Gold Royalties Ltd.	$183,000	–	17,500	–	0.08%	–
DEX	New	Delaware Enhanced Global Dividend & Income	$158,000	–	16,000	–	0.07%	–
SAND	New	Sandstorm Gold, Ltd.	$150,000	–	27,000	–	0.06%	–
WPM	New	Wheaton Precious Metals Corp.	$145,000	–	6,000	–	0.06%	–
MMX	New	Maverix Metals, Inc.	$106,000	–	23,900	–	0.05%	–
HNNA	New	Hennessy Advisors, Inc.	$44,000	–	4,500	–	0.02%	–
PVL	New	Permianville Royalty Trusttr unit	$21,000	–	8,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
GSB	Exit	GlobalSCAPE, Inc.	$0	–	-1,649	–	-0.00%	–
PVL	Exit	Permianville Royalty Trusttr unit	$0	–	-8,000	–	-0.01%	–
HNNA	Exit	Hennessy Advisors, Inc.	$0	–	-4,500	–	-0.03%	–
PPC	Exit	Pilgrim's Pride Corp.	$0	–	-5,000	–	-0.04%	–
AN	Exit	AutoNation, Inc.	$0	–	-2,300	–	-0.04%	–
NGD	Exit	New Gold, Inc.	$0	–	-125,000	–	-0.04%	–
LGIH	Exit	LGI Homes, Inc.	$0	–	-2,550	–	-0.05%	–
SQM	Exit	Sociedad Quimica y Minera de Chile SAspon adr ser b	$0	–	-2,694	–	-0.06%	–
AMG	Exit	Affiliated Managers Group, Inc.	$0	–	-900	–	-0.06%	–
OR	Exit	Osisko Gold Royalties Ltd.	$0	–	-17,500	–	-0.06%	–
GBL	Exit	GAMCO Investors, Inc.	$0	–	-5,957	–	-0.06%	–
GM	Exit	General Motors Co.	$0	–	-4,250	–	-0.06%	–
IPGP	Exit	IPG Photonics Corp.	$0	–	-1,500	–	-0.10%	–
SLV	Exit	iShares Silver Trustishares	$0	–	-24,643	–	-0.15%	–
VIAB	Exit	Viacom, Inc.cl b	$0	–	-11,000	–	-0.17%	–
AEIS	Exit	Advanced Energy Industries, Inc.	$0	–	-7,700	–	-0.18%	–
BIIB	Exit	Biogen, Inc.	$0	–	-1,400	–	-0.22%	–
ESNT	Exit	Essent Group Ltd.	$0	–	-11,500	–	-0.23%	–
UTHR	Exit	United Therapeutics Corp.	$0	–	-4,025	–	-0.23%	–
MMI	Exit	Marcus & Millichap, Inc.	$0	–	-15,000	–	-0.23%	–
MTX	Exit	Minerals Technologies, Inc.	$0	–	-8,000	–	-0.24%	–
FNV	Exit	Franco-Nevada Corp.	$0	–	-10,000	–	-0.28%	–
BTG	Exit	B2Gold Corp.	$0	–	-275,000	–	-0.28%	–
SSRM	Exit	SSR Mining, Inc.	$0	–	-80,000	–	-0.31%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-6,800	–	-0.34%	–
MEI	Exit	Methode Electronics, Inc.	$0	–	-25,000	–	-0.40%	–
CFG	Exit	Citizens Financial Group, Inc.	$0	–	-25,000	–	-0.43%	–
SEP	Exit	Spectra Energy Partners LP	$0	–	-27,400	–	-0.44%	–
SBGI	Exit	Sinclair Broadcast Group, Inc.cl a	$0	–	-35,000	–	-0.44%	–
AGI	Exit	Alamos Gold, Inc.	$0	–	-225,000	–	-0.46%	–
DKS	Exit	Dick's Sporting Goods, Inc.	$0	–	-29,203	–	-0.46%	–
GOLD	Exit	Randgold Resources Ltd.adr	$0	–	-16,000	–	-0.51%	–
EPD	Exit	Enterprise Products Partners LP	$0	–	-40,000	–	-0.52%	–
AEM	Exit	Agnico Eagle Mines Ltd.	$0	–	-35,000	–	-0.54%	–
HII	Exit	Huntington Ingalls Industries, Inc.	$0	–	-4,700	–	-0.54%	–
LB	Exit	L Brands, Inc.	$0	–	-40,000	–	-0.54%	–
GPS	Exit	Gap, Inc./The	$0	–	-43,600	–	-0.56%	–
SWM	Exit	Schweitzer-Mauduit International, Inc.	$0	–	-33,343	–	-0.57%	–
SKT	Exit	Tanger Factory Outlet Centers, Inc.	$0	–	-56,250	–	-0.58%	–
NEM	Exit	Newmont Mining Corp.	$0	–	-43,000	–	-0.58%	–
GLD	Exit	SPDR Gold Shares	$0	–	-11,600	–	-0.59%	–
JNJ	Exit	Johnson & Johnson	$0	–	-9,500	–	-0.59%	–
AMP	Exit	Ameriprise Financial, Inc.	$0	–	-9,600	–	-0.64%	–
CAH	Exit	Cardinal Health, Inc.	$0	–	-27,000	–	-0.65%	–
MCK	Exit	McKesson Corp.	$0	–	-11,365	–	-0.68%	–
DLTR	Exit	Dollar Tree, Inc.	$0	–	-18,500	–	-0.68%	–
WBC	Exit	WABCO Holdings, Inc.	$0	–	-13,000	–	-0.69%	–
DLX	Exit	Deluxe Corp.	$0	–	-27,000	–	-0.69%	–
PFE	Exit	Pfizer, Inc.	$0	–	-35,000	–	-0.69%	–
ETN	Exit	Eaton Corp. PLC	$0	–	-18,000	–	-0.70%	–
WGO	Exit	Winnebago Industries, Inc.	$0	–	-47,500	–	-0.70%	–
DFS	Exit	Discover Financial Services	$0	–	-22,000	–	-0.75%	–
LUV	Exit	Southwest Airlines Co.	$0	–	-29,000	–	-0.81%	–
T	Exit	AT&T, Inc.	$0	–	-57,500	–	-0.86%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-37,000	–	-0.87%	–
THO	Exit	Thor Industries, Inc.	$0	–	-23,400	–	-0.88%	–
PBH	Exit	Prestige Consumer Healthcare, Inc.	$0	–	-52,000	–	-0.88%	–
LOPE	Exit	Grand Canyon Education, Inc.	$0	–	-17,500	–	-0.88%	–
TSM	Exit	Taiwan Semiconductor Manufacturing Co. Ltd.sponsored adr	$0	–	-45,000	–	-0.89%	–
LAZ	Exit	Lazard Ltd.	$0	–	-41,500	–	-0.89%	–
CPB	Exit	Campbell Soup Co.	$0	–	-55,000	–	-0.90%	–
SYF	Exit	Synchrony Financial	$0	–	-65,000	–	-0.90%	–
PKG	Exit	Packaging Corp. of America	$0	–	-19,000	–	-0.93%	–
BTI	Exit	British American Tobacco PLCsponsored adr	$0	–	-45,000	–	-0.94%	–
INGR	Exit	Ingredion, Inc.	$0	–	-20,000	–	-0.94%	–
SAFM	Exit	Sanderson Farms, Inc.	$0	–	-20,500	–	-0.95%	–
LRCX	Exit	Lam Research Corp.	$0	–	-14,000	–	-0.95%	–
JBHT	Exit	JB Hunt Transport Services, Inc.	$0	–	-18,000	–	-0.96%	–
APOG	Exit	Apogee Enterprises, Inc.	$0	–	-53,000	–	-0.98%	–
DG	Exit	Dollar General Corp.	$0	–	-20,600	–	-1.01%	–
WPP	Exit	WPP PLCadr	$0	–	-30,950	–	-1.02%	–
MO	Exit	Altria Group, Inc.	$0	–	-37,750	–	-1.02%	–
BIG	Exit	Big Lots, Inc.	$0	–	-55,000	–	-1.03%	–
EBAY	Exit	eBay, Inc.	$0	–	-70,000	–	-1.04%	–
TSN	Exit	Tyson Foods, Inc.cl a	$0	–	-39,000	–	-1.04%	–
SBNY	Exit	Signature Bank	$0	–	-20,500	–	-1.05%	–
PM	Exit	Philip Morris International, Inc.	$0	–	-29,000	–	-1.06%	–
DHIL	Exit	Diamond Hill Investment Group, Inc.	$0	–	-14,497	–	-1.07%	–
LEA	Exit	Lear Corp.	$0	–	-16,700	–	-1.08%	–
CBRL	Exit	Cracker Barrel Old Country Store, Inc.	$0	–	-16,500	–	-1.09%	–
ABC	Exit	AmerisourceBergen Corp.	$0	–	-26,750	–	-1.10%	–
CMCSA	Exit	Comcast Corp.cl a	$0	–	-70,000	–	-1.11%	–
MMS	Exit	MAXIMUS, Inc.	$0	–	-38,500	–	-1.12%	–
PCAR	Exit	PACCAR, Inc.	$0	–	-37,000	–	-1.13%	–
BRKB	Exit	Berkshire Hathaway, Inc.cl b new	$0	–	-11,830	–	-1.13%	–
ALGT	Exit	Allegiant Travel Co.	$0	–	-20,100	–	-1.14%	–
CRI	Exit	Carter's, Inc.	$0	–	-26,500	–	-1.17%	–
GOOGL	Exit	Alphabet, Inc.cap stk cl a	$0	–	-2,170	–	-1.17%	–
CNS	Exit	Cohen & Steers, Inc.	$0	–	-65,000	–	-1.18%	–
LH	Exit	Laboratory Corp of America Holdings	$0	–	-15,300	–	-1.19%	–
AYI	Exit	Acuity Brands, Inc.	$0	–	-17,000	–	-1.20%	–
OMC	Exit	Omnicom Group, Inc.	$0	–	-39,400	–	-1.20%	–
KR	Exit	Kroger Co./The	$0	–	-94,000	–	-1.23%	–
HA	Exit	Hawaiian Holdings, Inc.	$0	–	-69,500	–	-1.25%	–
TEL	Exit	TE Connectivity Ltd.	$0	–	-32,000	–	-1.26%	–
LYB	Exit	Lyondellbasell Industries NV	$0	–	-27,500	–	-1.26%	–
PRU	Exit	Prudential Financial, Inc.	$0	–	-27,900	–	-1.27%	–
FAF	Exit	First American Financial Corp.	$0	–	-55,000	–	-1.27%	–
WBA	Exit	Walgreens Boots Alliance, Inc.	$0	–	-39,050	–	-1.28%	–
SWKS	Exit	Skyworks Solutions, Inc.	$0	–	-31,500	–	-1.28%	–
ALK	Exit	Alaska Air Group, Inc.	$0	–	-42,000	–	-1.30%	–
UHAL	Exit	AMERCO	$0	–	-8,300	–	-1.33%	–
MA	Exit	MasterCard, Inc.cl a	$0	–	-13,400	–	-1.34%	–
AMGN	Exit	Amgen, Inc.	$0	–	-14,450	–	-1.34%	–
CINR	Exit	Ciner Resources LP	$0	–	-111,302	–	-1.36%	–
INTC	Exit	Intel Corp.	$0	–	-65,000	–	-1.38%	–
DIS	Exit	Walt Disney Co./The	$0	–	-26,500	–	-1.39%	–
HRL	Exit	Hormel Foods Corp.	$0	–	-80,000	–	-1.41%	–
WSM	Exit	Williams-Sonoma, Inc.	$0	–	-48,500	–	-1.43%	–
MGA	Exit	Magna International, Inc.	$0	–	-61,500	–	-1.45%	–
RHI	Exit	Robert Half International, Inc.	$0	–	-46,500	–	-1.47%	–
SNA	Exit	Snap-on, Inc.	$0	–	-18,000	–	-1.48%	–
AVGO	Exit	Broadcom, Inc.	$0	–	-13,950	–	-1.54%	–
AZO	Exit	AutoZone, Inc.	$0	–	-4,950	–	-1.72%	–
DISCA	Exit	Discovery, Inc.	$0	–	-123,000	–	-1.76%	–
TSCO	Exit	Tractor Supply Co.	$0	–	-43,700	–	-1.78%	–
CVS	Exit	CVS Health Corp.	$0	–	-52,500	–	-1.85%	–
CACC	Exit	Credit Acceptance Corp.	$0	–	-11,500	–	-2.26%	–
AAPL	Exit	Apple, Inc.	$0	–	-24,100	–	-2.44%	–

Q3 2018

			Value		Shares		↓ Weighting
AVGO	New	Broadcom, Inc.	$3,442,000	–	13,950	–	1.54%	–
MGA	Buy	Magna International, Inc.	$3,231,000	+4.9%	61,500	+16.0%	1.45%	-1.2%
ALK	Buy	Alaska Air Group, Inc.	$2,892,000	+36.8%	42,000	+20.0%	1.30%	+28.9%
SWKS	Buy	Skyworks Solutions, Inc.	$2,857,000	+9.5%	31,500	+16.7%	1.28%	+3.2%
PCAR	New	PACCAR, Inc.	$2,523,000	–	37,000	–	1.13%	–
MMS	Buy	MAXIMUS, Inc.	$2,505,000	+30.1%	38,500	+24.2%	1.12%	+22.6%
ABC	Buy	AmerisourceBergen Corp.	$2,467,000	+403.5%	26,750	+365.2%	1.10%	+374.2%
LEA	Buy	Lear Corp.	$2,422,000	+86.2%	16,700	+138.6%	1.08%	+75.6%
SBNY	Buy	Signature Bank	$2,354,000	+206.9%	20,500	+241.7%	1.05%	+189.6%
TSN	New	Tyson Foods, Inc.cl a	$2,322,000	–	39,000	–	1.04%	–
MO	New	Altria Group, Inc.	$2,277,000	–	37,750	–	1.02%	–
INGR	New	Ingredion, Inc.	$2,099,000	–	20,000	–	0.94%	–
BTI	New	British American Tobacco PLCsponsored adr	$2,098,000	–	45,000	–	0.94%	–
PKG	New	Packaging Corp. of America	$2,084,000	–	19,000	–	0.93%	–
PBH	New	Prestige Consumer Healthcare, Inc.	$1,970,000	–	52,000	–	0.88%	–
THO	New	Thor Industries, Inc.	$1,959,000	–	23,400	–	0.88%	–
T	Buy	AT&T, Inc.	$1,931,000	+20.2%	57,500	+15.0%	0.86%	+13.4%
PFE	New	Pfizer, Inc.	$1,542,000	–	35,000	–	0.69%	–
WBC	New	WABCO Holdings, Inc.	$1,533,000	–	13,000	–	0.69%	–
DLTR	Buy	Dollar Tree, Inc.	$1,509,000	+69.0%	18,500	+76.2%	0.68%	+59.4%
MCK	Buy	McKesson Corp.	$1,507,000	+77.5%	11,365	+78.6%	0.68%	+67.5%
CAH	Sell	Cardinal Health, Inc.	$1,458,000	-3.7%	27,000	-12.9%	0.65%	-9.2%
JNJ	Sell	Johnson & Johnson	$1,313,000	-1.6%	9,500	-13.6%	0.59%	-7.3%
NEM	Sell	Newmont Mining Corp.	$1,299,000	-23.5%	43,000	-4.4%	0.58%	-27.8%
LB	Buy	L Brands, Inc.	$1,212,000	-3.3%	40,000	+17.6%	0.54%	-8.9%
SBGI	New	Sinclair Broadcast Group, Inc.cl a	$992,000	–	35,000	–	0.44%	–
CFG	New	Citizens Financial Group, Inc.	$964,000	–	25,000	–	0.43%	–
JPM	Sell	JPMorgan Chase & Co.	$767,000	+5.2%	6,800	-2.9%	0.34%	-0.6%
BTG	Buy	B2Gold Corp.	$633,000	+22.7%	275,000	+37.5%	0.28%	+15.9%
ESNT	New	Essent Group Ltd.	$509,000	–	11,500	–	0.23%	–
AEIS	New	Advanced Energy Industries, Inc.	$398,000	–	7,700	–	0.18%	–
GM	Sell	General Motors Co.	$143,000	-92.1%	4,250	-90.7%	0.06%	-92.5%
GBL	Sell	GAMCO Investors, Inc.	$140,000	-93.4%	5,957	-92.4%	0.06%	-93.7%
PVL	New	Permianville Royalty Trusttr unit	$28,000	–	8,000	–	0.01%	–
GSB	Sell	GlobalSCAPE, Inc.	$7,000	-83.7%	1,649	-85.1%	0.00%	-85.0%
NDRO	Exit	Enduro Royalty Trusttr unit	$0	–	-8,000	–	-0.01%	–
WTM	Exit	White Mountains Insurance Group Ltd.	$0	–	-41	–	-0.02%	–
FTRCQ	Exit	Frontier Communications Corp.	$0	–	-25,328	–	-0.06%	–
NUE	Exit	Nucor Corp.	$0	–	-3,519	–	-0.10%	–
GG	Exit	Goldcorp, Inc. (Canada)	$0	–	-55,000	–	-0.36%	–
QCOM	Exit	QUALCOMM, Inc.	$0	–	-20,000	–	-0.53%	–
CRUS	Exit	Cirrus Logic, Inc.	$0	–	-45,807	–	-0.83%	–
ORCL	Exit	Oracle Corp.	$0	–	-45,000	–	-0.94%	–
GILD	Exit	Gilead Sciences, Inc.	$0	–	-30,500	–	-1.03%	–
EQM	Exit	EQT Midstream Partners LPunit ltd partn	$0	–	-44,500	–	-1.09%	–
TAP	Exit	Molson Coors Brewing Co.cl b	$0	–	-38,500	–	-1.24%	–
F	Exit	Ford Motor Co.	$0	–	-253,000	–	-1.33%	–
SCG	Exit	SCANA Corp.	$0	–	-82,250	–	-1.50%	–
HBI	Exit	Hanesbrands, Inc.	$0	–	-153,000	–	-1.60%	–

Q2 2018

			Value		Shares		↓ Weighting
AAPL	New	Apple, Inc.	$4,461,000	–	24,100	–	2.12%	–
CACC	New	Credit Acceptance Corp.	$4,064,000	–	11,500	–	1.93%	–
DISCA	New	Discovery, Inc.	$3,383,000	–	123,000	–	1.61%	–
CVS	New	CVS Health Corp.	$3,379,000	–	52,500	–	1.61%	–
HBI	New	Hanesbrands, Inc.	$3,369,000	–	153,000	–	1.60%	–
TSCO	New	Tractor Supply Co.	$3,343,000	–	43,700	–	1.59%	–
AZO	New	AutoZone, Inc.	$3,321,000	–	4,950	–	1.58%	–
INTC	New	Intel Corp.	$3,231,000	–	65,000	–	1.54%	–
SCG	New	SCANA Corp.	$3,168,000	–	82,250	–	1.50%	–
MGA	New	Magna International, Inc.	$3,081,000	–	53,000	–	1.46%	–
RHI	New	Robert Half International, Inc.	$3,027,000	–	46,500	–	1.44%	–
LYB	New	Lyondellbasell Industries NV	$3,021,000	–	27,500	–	1.44%	–
OMC	New	Omnicom Group, Inc.	$3,005,000	–	39,400	–	1.43%	–
HRL	New	Hormel Foods Corp.	$2,977,000	–	80,000	–	1.42%	–
WSM	New	Williams-Sonoma, Inc.	$2,977,000	–	48,500	–	1.42%	–
UHAL	New	AMERCO	$2,956,000	–	8,300	–	1.40%	–
CINR	New	Ciner Resources LP	$2,928,000	–	111,302	–	1.39%	–
SNA	New	Snap-on, Inc.	$2,893,000	–	18,000	–	1.38%	–
TEL	New	TE Connectivity Ltd.	$2,882,000	–	32,000	–	1.37%	–
CRI	New	Carter's, Inc.	$2,872,000	–	26,500	–	1.36%	–
FAF	New	First American Financial Corp.	$2,845,000	–	55,000	–	1.35%	–
DHIL	New	Diamond Hill Investment Group, Inc.	$2,818,000	–	14,497	–	1.34%	–
F	New	Ford Motor Co.	$2,801,000	–	253,000	–	1.33%	–
ALGT	New	Allegiant Travel Co.	$2,793,000	–	20,100	–	1.33%	–
DIS	New	Walt Disney Co./The	$2,778,000	–	26,500	–	1.32%	–
LH	New	Laboratory Corp of America Holdings	$2,746,000	–	15,300	–	1.30%	–
CNS	New	Cohen & Steers, Inc.	$2,711,000	–	65,000	–	1.29%	–
KR	New	Kroger Co./The	$2,674,000	–	94,000	–	1.27%	–
AMGN	New	Amgen, Inc.	$2,667,000	–	14,450	–	1.27%	–
MA	New	MasterCard, Inc.cl a	$2,633,000	–	13,400	–	1.25%	–
TAP	New	Molson Coors Brewing Co.cl b	$2,620,000	–	38,500	–	1.24%	–
PRU	New	Prudential Financial, Inc.	$2,609,000	–	27,900	–	1.24%	–
SWKS	New	Skyworks Solutions, Inc.	$2,610,000	–	27,000	–	1.24%	–
CBRL	New	Cracker Barrel Old Country Store, Inc.	$2,577,000	–	16,500	–	1.22%	–
APOG	New	Apogee Enterprises, Inc.	$2,553,000	–	53,000	–	1.21%	–
EBAY	New	eBay, Inc.	$2,538,000	–	70,000	–	1.21%	–
HA	New	Hawaiian Holdings, Inc.	$2,499,000	–	69,500	–	1.19%	–
GOOGL	New	Alphabet, Inc.cap stk cl a	$2,450,000	–	2,170	–	1.16%	–
WPP	New	WPP PLCadr	$2,432,000	–	30,950	–	1.16%	–
LRCX	New	Lam Research Corp.	$2,420,000	–	14,000	–	1.15%	–
WBA	New	Walgreens Boots Alliance, Inc.	$2,344,000	–	39,050	–	1.11%	–
PM	New	Philip Morris International, Inc.	$2,342,000	–	29,000	–	1.11%	–
CMCSA	New	Comcast Corp.cl a	$2,297,000	–	70,000	–	1.09%	–
BIG	New	Big Lots, Inc.	$2,298,000	–	55,000	–	1.09%	–
EQM	New	EQT Midstream Partners LPunit ltd partn	$2,296,000	–	44,500	–	1.09%	–
CPB	New	Campbell Soup Co.	$2,230,000	–	55,000	–	1.06%	–
BRKB	New	Berkshire Hathaway, Inc.cl b new	$2,208,000	–	11,830	–	1.05%	–
JBHT	New	JB Hunt Transport Services Inc	$2,188,000	–	18,000	–	1.04%	–
SYF	New	Synchrony Financial	$2,170,000	–	65,000	–	1.03%	–
GILD	New	Gilead Sciences, Inc.	$2,161,000	–	30,500	–	1.03%	–
SAFM	New	Sanderson Farms, Inc.	$2,156,000	–	20,500	–	1.02%	–
ALK	New	Alaska Air Group, Inc.	$2,114,000	–	35,000	–	1.00%	–
GBL	New	GAMCO Investors, Inc.	$2,108,000	–	78,777	–	1.00%	–
WFC	New	Wells Fargo & Co.	$2,051,000	–	37,000	–	0.98%	–
DG	New	Dollar General Corp.	$2,031,000	–	20,600	–	0.96%	–
LAZ	New	Lazard Ltd.	$2,030,000	–	41,500	–	0.96%	–
ORCL	New	Oracle Corp.	$1,983,000	–	45,000	–	0.94%	–
AYI	New	Acuity Brands, Inc.	$1,970,000	–	17,000	–	0.94%	–
LOPE	New	Grand Canyon Education, Inc.	$1,953,000	–	17,500	–	0.93%	–
WGO	New	Winnebago Industries, Inc.	$1,929,000	–	47,500	–	0.92%	–
MMS	New	MAXIMUS, Inc.	$1,925,000	–	31,000	–	0.92%	–
GM	New	General Motors Co.	$1,802,000	–	45,750	–	0.86%	–
DLX	New	Deluxe Corp.	$1,788,000	–	27,000	–	0.85%	–
CRUS	New	Cirrus Logic, Inc.	$1,756,000	–	45,807	–	0.83%	–
NEM	New	Newmont Mining Corp.	$1,697,000	–	45,000	–	0.81%	–
TSM	New	Taiwan Semiconductor Manufacturing Co. Ltd.sponsored adr	$1,645,000	–	45,000	–	0.78%	–
T	New	AT&T, Inc.	$1,606,000	–	50,000	–	0.76%	–
AEM	New	Agnico Eagle Mines Ltd.	$1,604,000	–	35,000	–	0.76%	–
DFS	New	Discover Financial Services	$1,549,000	–	22,000	–	0.74%	–
CAH	New	Cardinal Health, Inc.	$1,514,000	–	31,000	–	0.72%	–
LUV	New	Southwest Airlines Co.	$1,476,000	–	29,000	–	0.70%	–
SWM	New	Schweitzer-Mauduit International, Inc.	$1,457,000	–	33,343	–	0.69%	–
GPS	New	Gap, Inc./The	$1,413,000	–	43,600	–	0.67%	–
GLD	New	SPDR Gold Shares	$1,376,000	–	11,600	–	0.65%	–
ETN	New	Eaton Corp. PLC	$1,345,000	–	18,000	–	0.64%	–
AMP	New	Ameriprise Financial, Inc.	$1,343,000	–	9,600	–	0.64%	–
JNJ	New	Johnson & Johnson	$1,335,000	–	11,000	–	0.63%	–
SKT	New	Tanger Factory Outlet Centers, Inc.	$1,321,000	–	56,250	–	0.63%	–
LEA	New	Lear Corp.	$1,301,000	–	7,000	–	0.62%	–
AGI	New	Alamos Gold, Inc.	$1,280,000	–	225,000	–	0.61%	–
LB	New	L Brands, Inc.	$1,254,000	–	34,000	–	0.60%	–
GOLD	New	Randgold Resources Ltd.adr	$1,233,000	–	16,000	–	0.59%	–
QCOM	New	QUALCOMM, Inc.	$1,122,000	–	20,000	–	0.53%	–
EPD	New	Enterprise Products Partners LP	$1,107,000	–	40,000	–	0.53%	–
DKS	New	Dick's Sporting Goods, Inc.	$1,029,000	–	29,203	–	0.49%	–
HII	New	Huntington Ingalls Industries, Inc.	$1,019,000	–	4,700	–	0.48%	–
MEI	New	Methode Electronics, Inc.	$1,008,000	–	25,000	–	0.48%	–
SEP	New	Spectra Energy Partners LP	$970,000	–	27,400	–	0.46%	–
DLTR	New	Dollar Tree, Inc.	$893,000	–	10,500	–	0.42%	–
MCK	New	McKesson Corp.	$849,000	–	6,365	–	0.40%	–
SSRM	New	SSR Mining, Inc.	$790,000	–	80,000	–	0.38%	–
SBNY	New	Signature Bank	$767,000	–	6,000	–	0.36%	–
GG	New	Goldcorp, Inc. (Canada)	$754,000	–	55,000	–	0.36%	–
FNV	New	Franco-Nevada Corp.	$730,000	–	10,000	–	0.35%	–
JPM	New	JPMorgan Chase & Co.	$729,000	–	7,000	–	0.35%	–
MTX	New	Minerals Technologies, Inc.	$603,000	–	8,000	–	0.29%	–
MMI	New	Marcus & Millichap, Inc.	$585,000	–	15,000	–	0.28%	–
BTG	New	B2Gold Corp.	$516,000	–	200,000	–	0.24%	–
ABC	New	AmerisourceBergen Corp.	$490,000	–	5,750	–	0.23%	–
UTHR	New	United Therapeutics Corp.	$455,000	–	4,025	–	0.22%	–
BIIB	New	Biogen, Inc.	$406,000	–	1,400	–	0.19%	–
SLV	New	iShares Silver Trustishares	$373,000	–	24,643	–	0.18%	–
VIAB	New	Viacom, Inc.cl b	$332,000	–	11,000	–	0.16%	–
IPGP	New	IPG Photonics Corp.	$331,000	–	1,500	–	0.16%	–
NGD	New	New Gold, Inc.	$260,000	–	125,000	–	0.12%	–
NUE	New	Nucor Corp.	$220,000	–	3,519	–	0.10%	–
OR	New	Osisko Gold Royalties Ltd.	$166,000	–	17,500	–	0.08%	–
LGIH	New	LGI Homes, Inc.	$147,000	–	2,550	–	0.07%	–
FTRCQ	New	Frontier Communications Corp.	$136,000	–	25,328	–	0.06%	–
AMG	New	Affiliated Managers Group, Inc.	$134,000	–	900	–	0.06%	–
SQM	New	Sociedad Quimica y Minera de Chile SAspon adr ser b	$129,000	–	2,694	–	0.06%	–
AN	New	AutoNation, Inc.	$112,000	–	2,300	–	0.05%	–
PPC	New	Pilgrim's Pride Corp.	$101,000	–	5,000	–	0.05%	–
HNNA	New	Hennessy Advisors, Inc.	$78,000	–	4,500	–	0.04%	–
GSB	New	GlobalSCAPE, Inc.	$43,000	–	11,069	–	0.02%	–
WTM	New	White Mountains Insurance Group Ltd.	$37,000	–	41	–	0.02%	–
NDRO	New	Enduro Royalty Trusttr unit	$30,000	–	8,000	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
BIVV	Exit	BIOVERATIV INC	$0	–	-250	–	-0.01%	–
GSB	Exit	GLOBALSCAPE INC	$0	–	-11,069	–	-0.02%	–
MCK	Exit	MCKESSON CORP	$0	–	-365	–	-0.03%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-2,500	–	-0.03%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-150,000	–	-0.03%	–
HNNA	Exit	HENNESSY ADVISORS INC	$0	–	-4,500	–	-0.04%	–
AN	Exit	AUTONATION INC	$0	–	-2,300	–	-0.06%	–
NAK	Exit	NORTHERN DYNASTY MINERALS LT	$0	–	-60,000	–	-0.06%	–
PPC	Exit	PILGRIMS PRIDE CORP NEW	$0	–	-5,000	–	-0.08%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-2,694	–	-0.08%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-900	–	-0.09%	–
CPLA	Exit	CAPELLA EDUCATION COMPANY	$0	–	-2,500	–	-0.09%	–
NUE	Exit	NUCOR CORP	$0	–	-3,519	–	-0.10%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-17,500	–	-0.12%	–
TAHO	Exit	TAHOE RES INC	$0	–	-45,000	–	-0.12%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-3,900	–	-0.13%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-1,500	–	-0.15%	–
AOBC	Exit	AMERICAN OUTDOOR BRANDS CORP	$0	–	-20,200	–	-0.16%	–
THRM	Exit	GENTHERM INC	$0	–	-8,700	–	-0.17%	–
FTRPR	Exit	FRONTIER COMMUNICATIONS CORPpfd conv ser-a	$0	–	-19,000	–	-0.19%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-24,643	–	-0.20%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROU	$0	–	-1,897	–	-0.21%	–
MMI	Exit	MARCUS & MILLICHAP INC	$0	–	-15,000	–	-0.21%	–
AU	Exit	ANGLOGOLD ASHANTI LTDsponsored adr	$0	–	-44,600	–	-0.22%	–
BIIB	Exit	BIOGEN INC	$0	–	-1,400	–	-0.23%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-125,000	–	-0.24%	–
UTHR	Exit	UNITED THERAPEUTICS CORP DEL	$0	–	-4,025	–	-0.25%	–
BTG	Exit	B2GOLD CORP	$0	–	-200,000	–	-0.30%	–
MTX	Exit	MINERALS TECHNOLOGIES INC	$0	–	-8,000	–	-0.30%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-55,000	–	-0.38%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-10,000	–	-0.41%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-8,200	–	-0.41%	–
BHP	Exit	BHP BILLITON LTDsponsored adr	$0	–	-20,800	–	-0.44%	–
DKS	Exit	DICKS SPORTING GOODS INC	$0	–	-34,285	–	-0.49%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-13,625	–	-0.53%	–
GBX	Exit	GREENBRIER COS INC	$0	–	-21,150	–	-0.54%	–
QCOM	Exit	QUALCOMM INC	$0	–	-20,000	–	-0.55%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-40,000	–	-0.55%	–
MEI	Exit	METHODE ELECTRS INC	$0	–	-25,000	–	-0.56%	–
HII	Exit	HUNTINGTON INGALLS INDS INC	$0	–	-4,700	–	-0.56%	–
SKT	Exit	TANGER FACTORY OUTLET CTRS I	$0	–	-45,000	–	-0.58%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-13,500	–	-0.59%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-26,400	–	-0.62%	–
LEA	Exit	LEAR CORP	$0	–	-7,000	–	-0.64%	–
HF	Exit	HFF INCcl a	$0	–	-30,724	–	-0.64%	–
GPS	Exit	GAP INC DEL	$0	–	-43,600	–	-0.68%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-23,500	–	-0.71%	–
IVZ	Exit	INVESCO LTD	$0	–	-39,000	–	-0.72%	–
ETN	Exit	EATON CORP PLC	$0	–	-18,000	–	-0.73%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-29,749	–	-0.74%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-11,600	–	-0.74%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-22,000	–	-0.75%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-9,600	–	-0.75%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-11,000	–	-0.75%	–
ANDV	Exit	ANDEAVOR	$0	–	-13,998	–	-0.76%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-15,000	–	-0.77%	–
WBK	Exit	WESTPAC BKG CORPsponsored adr	$0	–	-60,000	–	-0.80%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-225,000	–	-0.80%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-23,650	–	-0.83%	–
DIS	Exit	DISNEY WALT CO	$0	–	-16,000	–	-0.83%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-35,000	–	-0.83%	–
LOPE	Exit	GRAND CANYON ED INC	$0	–	-17,500	–	-0.84%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-29,000	–	-0.86%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-18,500	–	-0.87%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-20,600	–	-0.88%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-45,000	–	-0.89%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-45,000	–	-0.89%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-20,200	–	-0.90%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-23,500	–	-0.91%	–
HBI	Exit	HANESBRANDS INC	$0	–	-71,000	–	-0.92%	–
MON	Exit	MONSANTO CO NEW	$0	–	-15,000	–	-0.95%	–
TSCO	Exit	TRACTOR SUPPLY CO	$0	–	-28,700	–	-0.96%	–
GM	Exit	GENERAL MTRS CO	$0	–	-45,750	–	-0.98%	–
LAZ	Exit	LAZARD LTD	$0	–	-41,500	–	-0.99%	–
KR	Exit	KROGER CO	$0	–	-94,000	–	-0.99%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-50,000	–	-1.00%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-13,500	–	-1.01%	–
F	Exit	FORD MTR CO DEL	$0	–	-160,000	–	-1.01%	–
DLX	Exit	DELUXE CORP	$0	–	-27,000	–	-1.04%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-14,100	–	-1.05%	–
KLAC	Exit	KLA-TENCOR CORP	$0	–	-19,000	–	-1.06%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-65,000	–	-1.06%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-15,482	–	-1.08%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-27,000	–	-1.09%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-31,000	–	-1.09%	–
ORCL	Exit	ORACLE CORP	$0	–	-45,000	–	-1.15%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-2,250	–	-1.16%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-45,000	–	-1.18%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-12,230	–	-1.18%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-25,000	–	-1.19%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-15,300	–	-1.22%	–
RHI	Exit	ROBERT HALF INTL INC	$0	–	-46,500	–	-1.23%	–
PII	Exit	POLARIS INDS INC	$0	–	-22,800	–	-1.26%	–
GBL	Exit	GAMCO INVESTORS INC	$0	–	-80,700	–	-1.27%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-48,500	–	-1.28%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-30,500	–	-1.30%	–
INTC	Exit	INTEL CORP	$0	–	-65,000	–	-1.30%	–
AMGN	Exit	AMGEN INC	$0	–	-13,500	–	-1.33%	–
CNS	Exit	COHEN & STEERS INC	$0	–	-65,000	–	-1.35%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-14,000	–	-1.37%	–
CRI	Exit	CARTER INC	$0	–	-26,500	–	-1.38%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-32,000	–	-1.40%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-20,000	–	-1.42%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-27,500	–	-1.44%	–
RGR	Exit	STURM RUGER & CO INC	$0	–	-52,850	–	-1.44%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-27,000	–	-1.45%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-40,000	–	-1.46%	–
HD	Exit	HOME DEPOT INC	$0	–	-17,000	–	-1.47%	–
CINR	Exit	CINER RES LP	$0	–	-111,302	–	-1.47%	–
MGA	Exit	MAGNA INTL INC	$0	–	-53,000	–	-1.49%	–
DST	Exit	DST SYS INC DEL	$0	–	-51,800	–	-1.50%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-98,000	–	-1.54%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-40,950	–	-1.69%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-29,000	–	-1.70%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-11,500	–	-1.70%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-65,000	–	-1.71%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-36,500	–	-1.74%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP	$0	–	-31,900	–	-1.77%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-313,000	–	-1.78%	–
CPRT	Exit	COPART INC	$0	–	-98,526	–	-1.79%	–
AAPL	Exit	APPLE INC	$0	–	-24,100	–	-1.96%	–

Q3 2017

			Value		Shares		↓ Weighting
RIG	Buy	TRANSOCEAN LTD	$3,368,000	+63.7%	313,000	+25.2%	1.78%	+62.6%
WMT	Buy	WAL-MART STORES INC	$3,200,000	+7.2%	40,950	+3.8%	1.69%	+6.5%
CINR	Buy	CINER RES LP	$2,788,000	+7.4%	111,302	+17.4%	1.47%	+6.7%
DWDP	New	DOWDUPONT INC	$2,769,000	–	40,000	–	1.46%	–
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$2,242,000	+11.9%	12,230	+3.4%	1.18%	+11.1%
GOOGL	Buy	ALPHABET INCcap stk cl a	$2,191,000	+7.1%	2,250	+2.3%	1.16%	+6.5%
ALGT	Buy	ALLEGIANT TRAVEL CO	$2,039,000	+9.7%	15,482	+13.0%	1.08%	+9.0%
SYF	New	SYNCHRONY FINL	$2,018,000	–	65,000	–	1.06%	–
KLAC	New	KLA-TENCOR CORP	$2,014,000	–	19,000	–	1.06%	–
TSCO	New	TRACTOR SUPPLY CO	$1,816,000	–	28,700	–	0.96%	–
HBI	New	HANESBRANDS INC	$1,750,000	–	71,000	–	0.92%	–
IDCC	New	INTERDIGITAL INC	$1,734,000	–	23,500	–	0.91%	–
ANDV	New	ANDEAVOR	$1,444,000	–	13,998	–	0.76%	–
GBX	Buy	GREENBRIER COS INC	$1,018,000	+21.2%	21,150	+16.5%	0.54%	+20.4%
AU	Sell	ANGLOGOLD ASHANTI LTDsponsored adr	$414,000	-22.6%	44,600	-18.9%	0.22%	-23.2%
FTRPR	New	FRONTIER COMMUNICATIONS CORPpfd conv ser-a	$366,000	–	19,000	–	0.19%	–
NAK	New	NORTHERN DYNASTY MINERALS LT	$108,000	–	60,000	–	0.06%	–
SYNT	Exit	SYNTEL INC	$0	–	-13,754	–	-0.12%	–
HIBB	Exit	HIBBETT SPORTS INC	$0	–	-12,200	–	-0.13%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-3,980	–	-0.26%	–
BWA	Exit	BORGWARNER INC	$0	–	-22,000	–	-0.50%	–
TSO	Exit	TESORO CORP	$0	–	-13,998	–	-0.70%	–
NKE	Exit	NIKE INCcl b	$0	–	-32,500	–	-1.02%	–
SNI	Exit	SCRIPPS NETWORKS INTERACT IN	$0	–	-33,000	–	-1.20%	–
SO	Exit	SOUTHERN CO	$0	–	-47,500	–	-1.21%	–
UBNT	Exit	UBIQUITI NETWORKS INC	$0	–	-46,950	–	-1.30%	–
DOW	Exit	DOW CHEM CO	$0	–	-40,000	–	-1.34%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-8,500	–	-1.58%	–
ILG	Exit	ILG INC	$0	–	-124,000	–	-1.81%	–

Q2 2017

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$3,471,000	–	24,100	–	1.84%	–
ILG	New	ILG INC	$3,409,000	–	124,000	–	1.81%	–
PM	New	PHILIP MORRIS INTL INC	$3,406,000	–	29,000	–	1.81%	–
RGR	New	STURM RUGER & CO INC	$3,284,000	–	52,850	–	1.74%	–
WYND	New	WYNDHAM WORLDWIDE CORP	$3,203,000	–	31,900	–	1.70%	–
DST	New	DST SYS INC DEL	$3,196,000	–	51,800	–	1.70%	–
CPRT	New	COPART INC	$3,132,000	–	98,526	–	1.66%	–
WMT	New	WAL-MART STORES INC	$2,986,000	–	39,450	–	1.58%	–
SHW	New	SHERWIN WILLIAMS CO	$2,983,000	–	8,500	–	1.58%	–
CACC	New	CREDIT ACCEP CORP MICH	$2,957,000	–	11,500	–	1.57%	–
FAF	New	FIRST AMERN FINL CORP	$2,905,000	–	65,000	–	1.54%	–
FHI	New	FEDERATED INVS INC PAcl b	$2,768,000	–	98,000	–	1.47%	–
TROW	New	PRICE T ROWE GROUP INC	$2,709,000	–	36,500	–	1.44%	–
CNS	New	COHEN & STEERS INC	$2,635,000	–	65,000	–	1.40%	–
HD	New	HOME DEPOT INC	$2,608,000	–	17,000	–	1.38%	–
CINR	New	CINER RES LP	$2,597,000	–	94,802	–	1.38%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$2,591,000	–	27,000	–	1.38%	–
DOW	New	DOW CHEM CO	$2,523,000	–	40,000	–	1.34%	–
TEL	New	TE CONNECTIVITY LTD	$2,518,000	–	32,000	–	1.34%	–
ACN	New	ACCENTURE PLC IRELAND	$2,474,000	–	20,000	–	1.31%	–
MGA	New	MAGNA INTL INC	$2,455,000	–	53,000	–	1.30%	–
UBNT	New	UBIQUITI NETWORKS INC	$2,440,000	–	46,950	–	1.30%	–
ALK	New	ALASKA AIR GROUP INC	$2,424,000	–	27,000	–	1.29%	–
CAH	New	CARDINAL HEALTH INC	$2,416,000	–	31,000	–	1.28%	–
GBL	New	GAMCO INVESTORS INC	$2,389,000	–	80,700	–	1.27%	–
LH	New	LABORATORY CORP AMER HLDGS	$2,358,000	–	15,300	–	1.25%	–
CRI	New	CARTER INC	$2,357,000	–	26,500	–	1.25%	–
WSM	New	WILLIAMS SONOMA INC	$2,353,000	–	48,500	–	1.25%	–
AMGN	New	AMGEN INC	$2,325,000	–	13,500	–	1.23%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$2,321,000	–	27,500	–	1.23%	–
SO	New	SOUTHERN CO	$2,274,000	–	47,500	–	1.21%	–
ORCL	New	ORACLE CORP	$2,256,000	–	45,000	–	1.20%	–
SNI	New	SCRIPPS NETWORKS INTERACT IN	$2,254,000	–	33,000	–	1.20%	–
RHI	New	ROBERT HALF INTL INC	$2,229,000	–	46,500	–	1.18%	–
INTC	New	INTEL CORP	$2,193,000	–	65,000	–	1.16%	–
KR	New	KROGER CO	$2,192,000	–	94,000	–	1.16%	–
GILD	New	GILEAD SCIENCES INC	$2,159,000	–	30,500	–	1.15%	–
AXP	New	AMERICAN EXPRESS CO	$2,106,000	–	25,000	–	1.12%	–
PII	New	POLARIS INDS INC	$2,103,000	–	22,800	–	1.12%	–
AGO	New	ASSURED GUARANTY LTD	$2,087,000	–	50,000	–	1.11%	–
RIG	New	TRANSOCEAN LTD	$2,058,000	–	250,000	–	1.09%	–
GOOGL	New	ALPHABET INCcap stk cl a	$2,045,000	–	2,200	–	1.08%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,010,000	–	45,000	–	1.07%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$2,004,000	–	11,830	–	1.06%	–
LRCX	New	LAM RESEARCH CORP	$1,980,000	–	14,000	–	1.05%	–
LAZ	New	LAZARD LTD	$1,923,000	–	41,500	–	1.02%	–
NKE	New	NIKE INCcl b	$1,918,000	–	32,500	–	1.02%	–
DLX	New	DELUXE CORP	$1,869,000	–	27,000	–	0.99%	–
ALGT	New	ALLEGIANT TRAVEL CO	$1,858,000	–	13,700	–	0.99%	–
LUV	New	SOUTHWEST AIRLS CO	$1,802,000	–	29,000	–	0.96%	–
HON	New	HONEYWELL INTL INC	$1,799,000	–	13,500	–	0.96%	–
F	New	FORD MTR CO DEL	$1,790,000	–	160,000	–	0.95%	–
MON	New	MONSANTO CO NEW	$1,775,000	–	15,000	–	0.94%	–
MA	New	MASTERCARD INCcl a	$1,712,000	–	14,100	–	0.91%	–
DIS	New	DISNEY WALT CO	$1,700,000	–	16,000	–	0.90%	–
COF	New	CAPITAL ONE FINL CORP	$1,669,000	–	20,200	–	0.89%	–
AGI	New	ALAMOS GOLD INC NEW	$1,616,000	–	225,000	–	0.86%	–
GM	New	GENERAL MTRS CO	$1,598,000	–	45,750	–	0.85%	–
AEM	New	AGNICO EAGLE MINES LTD	$1,579,000	–	35,000	–	0.84%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$1,573,000	–	45,000	–	0.84%	–
SIG	New	SIGNET JEWELERS LIMITED	$1,496,000	–	23,650	–	0.79%	–
DG	New	DOLLAR GEN CORP NEW	$1,485,000	–	20,600	–	0.79%	–
NEM	New	NEWMONT MINING CORP	$1,458,000	–	45,000	–	0.77%	–
JNJ	New	JOHNSON & JOHNSON	$1,455,000	–	11,000	–	0.77%	–
TXN	New	TEXAS INSTRS INC	$1,423,000	–	18,500	–	0.76%	–
WBK	New	WESTPAC BKG CORPsponsored adr	$1,404,000	–	60,000	–	0.74%	–
ETN	New	EATON CORP PLC	$1,401,000	–	18,000	–	0.74%	–
LOPE	New	GRAND CANYON ED INC	$1,372,000	–	17,500	–	0.73%	–
IVZ	New	INVESCO LTD	$1,372,000	–	39,000	–	0.73%	–
GLD	New	SPDR GOLD TRUST	$1,369,000	–	11,600	–	0.73%	–
DFS	New	DISCOVER FINL SVCS	$1,368,000	–	22,000	–	0.73%	–
DKS	New	DICKS SPORTING GOODS INC	$1,365,000	–	34,285	–	0.72%	–
GOLD	New	RANDGOLD RES LTDadr	$1,327,000	–	15,000	–	0.70%	–
TSO	New	TESORO CORP	$1,310,000	–	13,998	–	0.70%	–
ABC	New	AMERISOURCEBERGEN CORP	$1,276,000	–	13,500	–	0.68%	–
RIO	New	RIO TINTO PLCsponsored adr	$1,259,000	–	29,749	–	0.67%	–
HXL	New	HEXCEL CORP NEW	$1,241,000	–	23,500	–	0.66%	–
AMP	New	AMERIPRISE FINL INC	$1,222,000	–	9,600	–	0.65%	–
SKT	New	TANGER FACTORY OUTLET CTRS I	$1,169,000	–	45,000	–	0.62%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$1,133,000	–	26,400	–	0.60%	–
OMC	New	OMNICOM GROUP INC	$1,129,000	–	13,625	–	0.60%	–
QCOM	New	QUALCOMM INC	$1,104,000	–	20,000	–	0.59%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,083,000	–	40,000	–	0.58%	–
HF	New	HFF INCcl a	$1,068,000	–	30,724	–	0.57%	–
MEI	New	METHODE ELECTRS INC	$1,030,000	–	25,000	–	0.55%	–
LEA	New	LEAR CORP	$995,000	–	7,000	–	0.53%	–
GPS	New	GAP INC DEL	$959,000	–	43,600	–	0.51%	–
BWA	New	BORGWARNER INC	$932,000	–	22,000	–	0.50%	–
HII	New	HUNTINGTON INGALLS INDS INC	$875,000	–	4,700	–	0.46%	–
GBX	New	GREENBRIER COS INC	$840,000	–	18,150	–	0.45%	–
JPM	New	JPMORGAN CHASE & CO	$749,000	–	8,200	–	0.40%	–
BHP	New	BHP BILLITON LTDsponsored adr	$740,000	–	20,800	–	0.39%	–
FNV	New	FRANCO NEVADA CORP	$722,000	–	10,000	–	0.38%	–
GG	New	GOLDCORP INC NEW	$710,000	–	55,000	–	0.38%	–
MTX	New	MINERALS TECHNOLOGIES INC	$586,000	–	8,000	–	0.31%	–
BTG	New	B2GOLD CORP	$562,000	–	200,000	–	0.30%	–
AU	New	ANGLOGOLD ASHANTI LTDsponsored adr	$535,000	–	55,000	–	0.28%	–
UTHR	New	UNITED THERAPEUTICS CORP DEL	$522,000	–	4,025	–	0.28%	–
UTX	New	UNITED TECHNOLOGIES CORP	$486,000	–	3,980	–	0.26%	–
AOBC	New	AMERICAN OUTDOOR BRANDS CORP	$448,000	–	20,200	–	0.24%	–
NGD	New	NEW GOLD INC CDA	$398,000	–	125,000	–	0.21%	–
MMI	New	MARCUS & MILLICHAP INC	$396,000	–	15,000	–	0.21%	–
TAHO	New	TAHOE RES INC	$388,000	–	45,000	–	0.21%	–
SLV	New	ISHARES SILVER TRUSTishares	$387,000	–	24,643	–	0.20%	–
BIIB	New	BIOGEN INC	$380,000	–	1,400	–	0.20%	–
DHIL	New	DIAMOND HILL INVESTMENT GROU	$379,000	–	1,897	–	0.20%	–
THRM	New	GENTHERM INC	$337,000	–	8,700	–	0.18%	–
CMP	New	COMPASS MINERALS INTL INC	$255,000	–	3,900	–	0.14%	–
HIBB	New	HIBBETT SPORTS INC	$253,000	–	12,200	–	0.13%	–
SYNT	New	SYNTEL INC	$233,000	–	13,754	–	0.12%	–
IPGP	New	IPG PHOTONICS CORP	$218,000	–	1,500	–	0.12%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$214,000	–	17,500	–	0.11%	–
CPLA	New	CAPELLA EDUCATION COMPANY	$214,000	–	2,500	–	0.11%	–
NUE	New	NUCOR CORP	$204,000	–	3,519	–	0.11%	–
AMG	New	AFFILIATED MANAGERS GROUP	$149,000	–	900	–	0.08%	–
PLG	New	PLATINUM GROUP METALS LTD	$125,000	–	150,000	–	0.07%	–
PPC	New	PILGRIMS PRIDE CORP NEW	$110,000	–	5,000	–	0.06%	–
AN	New	AUTONATION INC	$97,000	–	2,300	–	0.05%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$89,000	–	2,694	–	0.05%	–
BBBY	New	BED BATH & BEYOND INC	$76,000	–	2,500	–	0.04%	–
HNNA	New	HENNESSY ADVISORS INC	$68,000	–	4,500	–	0.04%	–
MCK	New	MCKESSON CORP	$60,000	–	365	–	0.03%	–
GSB	New	GLOBALSCAPE INC	$59,000	–	11,069	–	0.03%	–
BIVV	New	BIOVERATIV INC	$15,000	–	250	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
GSB	Exit	GLOBALSCAPE INC	$0	–	-11,069	–	-0.02%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-2,694	–	-0.04%	–
UTHR	Exit	UNITED THERAPEUTICS CORP DEL	$0	–	-675	–	-0.05%	–
PPC	Exit	PILGRIMS PRIDE CORP NEW	$0	–	-5,000	–	-0.06%	–
IM	Exit	INGRAM MICRO INCcl a	$0	–	-3,000	–	-0.07%	–
AN	Exit	AUTONATION INC	$0	–	-2,300	–	-0.07%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-900	–	-0.08%	–
NUE	Exit	NUCOR CORP	$0	–	-3,519	–	-0.11%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-17,500	–	-0.12%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROU	$0	–	-1,050	–	-0.12%	–
SYT	Exit	SYNGENTA AGsponsored adr	$0	–	-2,678	–	-0.14%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-3,900	–	-0.18%	–
CPLA	Exit	CAPELLA EDUCATION COMPANY	$0	–	-5,000	–	-0.18%	–
BWA	Exit	BORGWARNER INC	$0	–	-8,650	–	-0.19%	–
BKE	Exit	BUCKLE INC	$0	–	-12,650	–	-0.19%	–
MCK	Exit	MCKESSON CORP	$0	–	-1,895	–	-0.19%	–
IQNT	Exit	INTELIQUENT INC	$0	–	-20,000	–	-0.20%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-7,500	–	-0.20%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-5,000	–	-0.20%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-9,000	–	-0.22%	–
NAK	Exit	NORTHERN DYNASTY MINERALS LT	$0	–	-500,000	–	-0.22%	–
KORS	Exit	MICHAEL KORS HLDGS LTD	$0	–	-8,250	–	-0.24%	–
MMI	Exit	MARCUS & MILLICHAP INC	$0	–	-15,000	–	-0.24%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-3,980	–	-0.25%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-150,000	–	-0.25%	–
CMI	Exit	CUMMINS INC	$0	–	-3,400	–	-0.27%	–
BIIB	Exit	BIOGEN INC	$0	–	-1,400	–	-0.27%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-24,643	–	-0.28%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-6,500	–	-0.28%	–
ICON	Exit	ICONIX BRAND GROUP INC	$0	–	-58,400	–	-0.29%	–
HIBB	Exit	HIBBETT SPORTS INC	$0	–	-12,200	–	-0.30%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-115,000	–	-0.30%	–
BTG	Exit	B2GOLD CORP	$0	–	-200,000	–	-0.32%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-125,000	–	-0.33%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-10,951	–	-0.34%	–
MTX	Exit	MINERALS TECHNOLOGIES INC	$0	–	-8,000	–	-0.35%	–
SYNT	Exit	SYNTEL INC	$0	–	-13,754	–	-0.35%	–
TAHO	Exit	TAHOE RES INC	$0	–	-45,000	–	-0.35%	–
DHT	Exit	DHT HOLDINGS INC	$0	–	-140,000	–	-0.36%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-45,000	–	-0.38%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-8,000	–	-0.40%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-10,000	–	-0.41%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-10,000	–	-0.43%	–
LOPE	Exit	GRAND CANYON ED INC	$0	–	-17,500	–	-0.43%	–
CRI	Exit	CARTER INC	$0	–	-8,300	–	-0.44%	–
BHP	Exit	BHP BILLITON LTDsponsored adr	$0	–	-20,800	–	-0.44%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-8,000	–	-0.44%	–
HII	Exit	HUNTINGTON INGALLS INDS INC	$0	–	-4,700	–	-0.44%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-4,001	–	-0.48%	–
RBS	Exit	ROYAL BK SCOTLAND GROUP PLCspons adr 2 ord	$0	–	-166,800	–	-0.48%	–
LYG	Exit	LLOYDS BANKING GROUP PLCsponsored adr	$0	–	-287,800	–	-0.51%	–
CINR	Exit	CINER RES LP	$0	–	-27,000	–	-0.52%	–
LEA	Exit	LEAR CORP	$0	–	-7,000	–	-0.52%	–
DDS	Exit	DILLARDS INCcl a	$0	–	-13,800	–	-0.53%	–
MEI	Exit	METHODE ELECTRS INC	$0	–	-25,000	–	-0.54%	–
AU	Exit	ANGLOGOLD ASHANTI LTDsponsored adr	$0	–	-55,000	–	-0.54%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-225,000	–	-0.54%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-23,000	–	-0.54%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-55,000	–	-0.56%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-9,600	–	-0.59%	–
GPS	Exit	GAP INC DEL	$0	–	-43,600	–	-0.60%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-12,570	–	-0.61%	–
DOV	Exit	DOVER CORP	$0	–	-13,500	–	-0.61%	–
CMRE	Exit	COSTAMARE INC	$0	–	-110,000	–	-0.62%	–
HRB	Exit	BLOCK H & R INC	$0	–	-43,900	–	-0.62%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-23,500	–	-0.64%	–
WNR	Exit	WESTERN REFNG INC	$0	–	-40,000	–	-0.65%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-13,500	–	-0.67%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-40,000	–	-0.68%	–
FLS	Exit	FLOWSERVE CORP	$0	–	-23,000	–	-0.68%	–
DST	Exit	DST SYS INC DEL	$0	–	-9,450	–	-0.68%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-22,000	–	-0.70%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-26,400	–	-0.71%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-13,625	–	-0.71%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-17,500	–	-0.71%	–
ETN	Exit	EATON CORP PLC	$0	–	-18,000	–	-0.73%	–
DLX	Exit	DELUXE CORP	$0	–	-18,000	–	-0.74%	–
INTC	Exit	INTEL CORP	$0	–	-32,000	–	-0.74%	–
IVZ	Exit	INVESCO LTD	$0	–	-39,000	–	-0.75%	–
UNP	Exit	UNION PAC CORP	$0	–	-12,650	–	-0.76%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-22,000	–	-0.76%	–
KSS	Exit	KOHLS CORP	$0	–	-28,600	–	-0.77%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-10,300	–	-0.77%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-18,500	–	-0.80%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-11,000	–	-0.80%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-80,000	–	-0.80%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-36,700	–	-0.80%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-14,000	–	-0.81%	–
WBK	Exit	WESTPAC BKG CORPsponsored adr	$0	–	-60,000	–	-0.84%	–
QCOM	Exit	QUALCOMM INC	$0	–	-20,000	–	-0.84%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-32,500	–	-0.85%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-100,000	–	-0.85%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-50,000	–	-0.85%	–
PX	Exit	PRAXAIR INC	$0	–	-11,500	–	-0.85%	–
AVT	Exit	AVNET INC	$0	–	-34,000	–	-0.86%	–
GME	Exit	GAMESTOP CORP NEWcl a	$0	–	-51,500	–	-0.87%	–
F	Exit	FORD MTR CO DEL	$0	–	-120,000	–	-0.89%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-20,200	–	-0.89%	–
GM	Exit	GENERAL MTRS CO	$0	–	-45,750	–	-0.89%	–
ALGT	Exit	ALLEGIANT TRAVEL CO	$0	–	-11,000	–	-0.89%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-15,000	–	-0.89%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-11,600	–	-0.89%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-137,000	–	-0.90%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-27,000	–	-0.90%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-9,400	–	-0.92%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-15,000	–	-0.92%	–
LAZ	Exit	LAZARD LTD	$0	–	-41,500	–	-0.93%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-15,000	–	-0.94%	–
MON	Exit	MONSANTO CO NEW	$0	–	-15,000	–	-0.94%	–
MSM	Exit	MSC INDL DIRECT INCcl a	$0	–	-21,000	–	-0.94%	–
PCAR	Exit	PACCAR INC	$0	–	-26,300	–	-0.95%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-25,000	–	-0.98%	–
PSX	Exit	PHILLIPS 66	$0	–	-20,500	–	-1.01%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-29,000	–	-1.02%	–
USB	Exit	US BANCORP DEL	$0	–	-39,000	–	-1.03%	–
RHI	Exit	ROBERT HALF INTL INC	$0	–	-46,500	–	-1.08%	–
PII	Exit	POLARIS INDS INC	$0	–	-22,800	–	-1.08%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-2,200	–	-1.08%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-45,000	–	-1.08%	–
ORCL	Exit	ORACLE CORP	$0	–	-45,000	–	-1.08%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-12,300	–	-1.09%	–
AAPL	Exit	APPLE INC	$0	–	-16,100	–	-1.12%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-225,000	–	-1.13%	–
WU	Exit	WESTERN UN CO	$0	–	-90,000	–	-1.15%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-35,000	–	-1.16%	–
PEP	Exit	PEPSICO INC	$0	–	-18,000	–	-1.20%	–
AMGN	Exit	AMGEN INC	$0	–	-12,100	–	-1.24%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-27,000	–	-1.26%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-15,300	–	-1.29%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-64,749	–	-1.33%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-28,000	–	-1.45%	–
SO	Exit	SOUTHERN CO	$0	–	-47,500	–	-1.50%	–
UBNT	Exit	UBIQUITI NETWORKS INC	$0	–	-46,950	–	-1.54%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-65,000	–	-1.57%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-29,000	–	-1.73%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-39,450	–	-1.74%	–
DKS	Exit	DICKS SPORTING GOODS INC	$0	–	-50,600	–	-1.76%	–
GBX	Exit	GREENBRIER COS INC	$0	–	-82,650	–	-1.79%	–
CSX	Exit	CSX CORP	$0	–	-108,500	–	-2.03%	–
CSCO	Exit	CISCO SYS INC	$0	–	-114,000	–	-2.22%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-70,000	–	-2.48%	–

Q3 2016

			Value		Shares		↓ Weighting
WRB	Sell	BERKLEY W R CORP	$4,043,000	-12.4%	70,000	-9.1%	2.48%	-5.2%
LH	Sell	LABORATORY CORP AMER HLDGS	$2,104,000	-10.8%	15,300	-15.5%	1.29%	-3.4%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$2,056,000	+116.6%	27,000	+80.0%	1.26%	+134.4%
LAZ	New	LAZARD LTD	$1,509,000	–	41,500	–	0.93%	–
ALGT	New	ALLEGIANT TRAVEL CO	$1,453,000	–	11,000	–	0.89%	–
JNJ	Sell	JOHNSON & JOHNSON	$1,299,000	-68.6%	11,000	-67.7%	0.80%	-66.0%
CMRE	New	COSTAMARE INC	$1,005,000	–	110,000	–	0.62%	–
AMP	Sell	AMERIPRISE FINL INC	$958,000	-13.4%	9,600	-22.0%	0.59%	-6.2%
CINR	New	CINER RES LP	$841,000	–	27,000	–	0.52%	–
HII	New	HUNTINGTON INGALLS INDS INC	$721,000	–	4,700	–	0.44%	–
LOPE	New	GRAND CANYON ED INC	$707,000	–	17,500	–	0.43%	–
JPM	Sell	JPMORGAN CHASE & CO	$666,000	-60.3%	10,000	-63.0%	0.41%	-57.0%
DHT	New	DHT HOLDINGS INC	$587,000	–	140,000	–	0.36%	–
TAHO	New	TAHOE RES INC	$577,000	–	45,000	–	0.35%	–
BIIB	New	BIOGEN INC	$439,000	–	1,400	–	0.27%	–
MMI	New	MARCUS & MILLICHAP INC	$393,000	–	15,000	–	0.24%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$191,000	–	17,500	–	0.12%	–
KE	Exit	KIMBALL ELECTRONICS INC	$0	–	-42,255	–	-0.30%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-62,500	–	-0.36%	–
SSW	Exit	SEASPAN CORP	$0	–	-45,875	–	-0.36%	–
BAC	Exit	BANK AMER CORP	$0	–	-54,000	–	-0.41%	–
C	Exit	CITIGROUP INC	$0	–	-17,000	–	-0.41%	–
E103PS	Exit	WESTERN ASSET EMRG MKT INCM	$0	–	-67,500	–	-0.42%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-111,700	–	-0.48%	–
DB	Exit	DEUTSCHE BANK AGnamen akt	$0	–	-70,000	–	-0.54%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-91,100	–	-0.55%	–
AVVIY	Exit	AVIVA PLCadr	$0	–	-94,000	–	-0.57%	–
SAN	Exit	BANCO SANTANDER SAadr	$0	–	-260,300	–	-0.58%	–
ING	Exit	ING GROEP N Vsponsored adr	$0	–	-99,500	–	-0.58%	–
BBVA	Exit	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$0	–	-188,400	–	-0.61%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-37,100	–	-0.66%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-24,300	–	-0.68%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-139,100	–	-0.74%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-55,000	–	-0.76%	–
EXC	Exit	EXELON CORP	$0	–	-51,500	–	-1.06%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-22,000	–	-1.17%	–
ANTM	Exit	ANTHEM INC	$0	–	-17,100	–	-1.27%	–
CB	Exit	CHUBB LIMITED	$0	–	-20,000	–	-1.48%	–

Q2 2016

			Value		Shares		↓ Weighting
WRB	New	BERKLEY W R CORP	$4,614,000	–	77,000	–	2.62%	–
JNJ	New	JOHNSON & JOHNSON	$4,136,000	–	34,100	–	2.34%	–
CSCO	New	CISCO SYS INC	$3,271,000	–	114,000	–	1.85%	–
PM	New	PHILIP MORRIS INTL INC	$2,950,000	–	29,000	–	1.67%	–
WMT	New	WAL-MART STORES INC	$2,880,000	–	39,450	–	1.63%	–
CSX	New	CSX CORP	$2,830,000	–	108,500	–	1.60%	–
FAF	New	FIRST AMERN FINL CORP	$2,614,000	–	65,000	–	1.48%	–
CB	New	CHUBB LIMITED	$2,614,000	–	20,000	–	1.48%	–
SO	New	SOUTHERN CO	$2,547,000	–	47,500	–	1.44%	–
GBX	New	GREENBRIER COS INC	$2,407,000	–	82,650	–	1.36%	–
LH	New	LABORATORY CORP AMER HLDGS	$2,358,000	–	18,100	–	1.34%	–
DKS	New	DICKS SPORTING GOODS INC	$2,280,000	–	50,600	–	1.29%	–
DGX	New	QUEST DIAGNOSTICS INC	$2,279,000	–	28,000	–	1.29%	–
ANTM	New	ANTHEM INC	$2,246,000	–	17,100	–	1.27%	–
XOM	New	EXXON MOBIL CORP	$2,063,000	–	22,000	–	1.17%	–
RIO	New	RIO TINTO PLCsponsored adr	$2,027,000	–	64,749	–	1.15%	–
AGI	New	ALAMOS GOLD INC NEW	$1,935,000	–	225,000	–	1.10%	–
PEP	New	PEPSICO INC	$1,907,000	–	18,000	–	1.08%	–
EXC	New	EXELON CORP	$1,873,000	–	51,500	–	1.06%	–
AEM	New	AGNICO EAGLE MINES LTD	$1,873,000	–	35,000	–	1.06%	–
PII	New	POLARIS INDS INC	$1,864,000	–	22,800	–	1.06%	–
ORCL	New	ORACLE CORP	$1,842,000	–	45,000	–	1.04%	–
AMGN	New	AMGEN INC	$1,841,000	–	12,100	–	1.04%	–
UBNT	New	UBIQUITI NETWORKS INC	$1,815,000	–	46,950	–	1.03%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,781,000	–	12,300	–	1.01%	–
RHI	New	ROBERT HALF INTL INC	$1,774,000	–	46,500	–	1.00%	–
NEM	New	NEWMONT MINING CORP	$1,760,000	–	45,000	–	1.00%	–
WU	New	WESTERN UN CO	$1,726,000	–	90,000	–	0.98%	–
GOLD	New	RANDGOLD RES LTDadr	$1,681,000	–	15,000	–	0.95%	–
JPM	New	JPMORGAN CHASE & CO	$1,678,000	–	27,000	–	0.95%	–
RIG	New	TRANSOCEAN LTD	$1,629,000	–	137,000	–	0.92%	–
PSX	New	PHILLIPS 66	$1,626,000	–	20,500	–	0.92%	–
USB	New	US BANCORP DEL	$1,573,000	–	39,000	–	0.89%	–
MON	New	MONSANTO CO NEW	$1,551,000	–	15,000	–	0.88%	–
GOOGL	New	ALPHABET INCcap stk cl a	$1,548,000	–	2,200	–	0.88%	–
AAPL	New	APPLE INC	$1,539,000	–	16,100	–	0.87%	–
AXP	New	AMERICAN EXPRESS CO	$1,519,000	–	25,000	–	0.86%	–
F	New	FORD MTR CO DEL	$1,508,000	–	120,000	–	0.86%	–
MSM	New	MSC INDL DIRECT INCcl a	$1,482,000	–	21,000	–	0.84%	–
GLD	New	SPDR GOLD TRUST	$1,468,000	–	11,600	–	0.83%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,427,000	–	9,400	–	0.81%	–
EMR	New	EMERSON ELEC CO	$1,408,000	–	27,000	–	0.80%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$1,384,000	–	100,000	–	0.78%	–
AVT	New	AVNET INC	$1,377,000	–	34,000	–	0.78%	–
GME	New	GAMESTOP CORP NEWcl a	$1,369,000	–	51,500	–	0.78%	–
PCAR	New	PACCAR INC	$1,363,000	–	26,300	–	0.77%	–
BX	New	BLACKSTONE GROUP L P	$1,350,000	–	55,000	–	0.76%	–
WBK	New	WESTPAC BKG CORPsponsored adr	$1,325,000	–	60,000	–	0.75%	–
MA	New	MASTERCARD INCcl a	$1,321,000	–	15,000	–	0.75%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$1,313,000	–	139,100	–	0.74%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$1,313,000	–	32,500	–	0.74%	–
POT	New	POTASH CORP SASK INC	$1,299,000	–	80,000	–	0.74%	–
PX	New	PRAXAIR INC	$1,293,000	–	11,500	–	0.73%	–
GM	New	GENERAL MTRS CO	$1,294,000	–	45,750	–	0.73%	–
COF	New	CAPITAL ONE FINL CORP	$1,283,000	–	20,200	–	0.73%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,277,000	–	15,000	–	0.72%	–
TROW	New	PRICE T ROWE GROUP INC	$1,277,000	–	17,500	–	0.72%	–
AGO	New	ASSURED GUARANTY LTD	$1,269,000	–	50,000	–	0.72%	–
LVS	New	LAS VEGAS SANDS CORP	$1,261,000	–	29,000	–	0.72%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$1,245,000	–	26,400	–	0.71%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,228,000	–	22,000	–	0.70%	–
BEN	New	FRANKLIN RES INC	$1,224,000	–	36,700	–	0.69%	–
DLX	New	DELUXE CORP	$1,195,000	–	18,000	–	0.68%	–
BNS	New	BANK N S HALIFAX	$1,191,000	–	24,300	–	0.68%	–
ROK	New	ROCKWELL AUTOMATION INC	$1,183,000	–	10,300	–	0.67%	–
DFS	New	DISCOVER FINL SVCS	$1,179,000	–	22,000	–	0.67%	–
LRCX	New	LAM RESEARCH CORP	$1,177,000	–	14,000	–	0.67%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,170,000	–	40,000	–	0.66%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$1,161,000	–	37,100	–	0.66%	–
TXN	New	TEXAS INSTRS INC	$1,159,000	–	18,500	–	0.66%	–
OMC	New	OMNICOM GROUP INC	$1,110,000	–	13,625	–	0.63%	–
AMP	New	AMERIPRISE FINL INC	$1,106,000	–	12,300	–	0.63%	–
UNP	New	UNION PAC CORP	$1,104,000	–	12,650	–	0.63%	–
DST	New	DST SYS INC DEL	$1,100,000	–	9,450	–	0.62%	–
KSS	New	KOHLS CORP	$1,085,000	–	28,600	–	0.62%	–
BBVA	New	BANCO BILBAO VIZCAYA ARGENTAsponsored adr	$1,082,000	–	188,400	–	0.61%	–
ETN	New	EATON CORP PLC	$1,075,000	–	18,000	–	0.61%	–
ABC	New	AMERISOURCEBERGEN CORP	$1,071,000	–	13,500	–	0.61%	–
QCOM	New	QUALCOMM INC	$1,071,000	–	20,000	–	0.61%	–
GG	New	GOLDCORP INC NEW	$1,052,000	–	55,000	–	0.60%	–
INTC	New	INTEL CORP	$1,050,000	–	32,000	–	0.60%	–
GILD	New	GILEAD SCIENCES INC	$1,049,000	–	12,570	–	0.59%	–
FLS	New	FLOWSERVE CORP	$1,039,000	–	23,000	–	0.59%	–
ING	New	ING GROEP N Vsponsored adr	$1,028,000	–	99,500	–	0.58%	–
SAN	New	BANCO SANTANDER SAadr	$1,021,000	–	260,300	–	0.58%	–
CALM	New	CAL MAINE FOODS INC	$1,019,000	–	23,000	–	0.58%	–
EGO	New	ELDORADO GOLD CORP NEW	$1,013,000	–	225,000	–	0.57%	–
HRB	New	BLOCK H & R INC	$1,010,000	–	43,900	–	0.57%	–
AVVIY	New	AVIVA PLCadr	$1,005,000	–	94,000	–	0.57%	–
IVZ	New	INVESCO LTD	$996,000	–	39,000	–	0.56%	–
AU	New	ANGLOGOLD ASHANTI LTDsponsored adr	$993,000	–	55,000	–	0.56%	–
HXL	New	HEXCEL CORP NEW	$979,000	–	23,500	–	0.56%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$975,000	–	91,100	–	0.55%	–
DB	New	DEUTSCHE BANK AGnamen akt	$960,000	–	70,000	–	0.54%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$949,000	–	15,000	–	0.54%	–
DOV	New	DOVER CORP	$936,000	–	13,500	–	0.53%	–
GPS	New	GAP INC DEL	$925,000	–	43,600	–	0.52%	–
CRI	New	CARTER INC	$884,000	–	8,300	–	0.50%	–
MEI	New	METHODE ELECTRS INC	$856,000	–	25,000	–	0.48%	–
LYG	New	LLOYDS BANKING GROUP PLCsponsored adr	$855,000	–	287,800	–	0.48%	–
BCS	New	BARCLAYS PLCadr	$849,000	–	111,700	–	0.48%	–
DDS	New	DILLARDS INCcl a	$836,000	–	13,800	–	0.47%	–
WNR	New	WESTERN REFNG INC	$825,000	–	40,000	–	0.47%	–
RBS	New	ROYAL BK SCOTLAND GROUP PLCspons adr 2 ord	$784,000	–	166,800	–	0.44%	–
FNV	New	FRANCO NEVADA CORP	$761,000	–	10,000	–	0.43%	–
SHPG	New	SHIRE PLCsponsored adr	$737,000	–	4,001	–	0.42%	–
E103PS	New	WESTERN ASSET EMRG MKT INCM	$732,000	–	67,500	–	0.42%	–
C	New	CITIGROUP INC	$721,000	–	17,000	–	0.41%	–
BAC	New	BANK AMER CORP	$717,000	–	54,000	–	0.41%	–
LEA	New	LEAR CORP	$712,000	–	7,000	–	0.40%	–
PNC	New	PNC FINL SVCS GROUP INC	$651,000	–	8,000	–	0.37%	–
SSW	New	SEASPAN CORP	$640,000	–	45,875	–	0.36%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$639,000	–	62,500	–	0.36%	–
SYNT	New	SYNTEL INC	$623,000	–	13,754	–	0.35%	–
AUY	New	YAMANA GOLD INC	$598,000	–	115,000	–	0.34%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$595,000	–	8,000	–	0.34%	–
BHP	New	BHP BILLITON LTDsponsored adr	$594,000	–	20,800	–	0.34%	–
WSM	New	WILLIAMS SONOMA INC	$571,000	–	10,951	–	0.32%	–
NGD	New	NEW GOLD INC CDA	$548,000	–	125,000	–	0.31%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$538,000	–	45,000	–	0.30%	–
KE	New	KIMBALL ELECTRONICS INC	$526,000	–	42,255	–	0.30%	–
PLG	New	PLATINUM GROUP METALS LTD	$509,000	–	150,000	–	0.29%	–
BTG	New	B2GOLD CORP	$502,000	–	200,000	–	0.28%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$493,000	–	6,500	–	0.28%	–
MTX	New	MINERALS TECHNOLOGIES INC	$454,000	–	8,000	–	0.26%	–
SLV	New	ISHARES SILVER TRUSTishares	$440,000	–	24,643	–	0.25%	–
HIBB	New	HIBBETT SPORTS INC	$424,000	–	12,200	–	0.24%	–
KORS	New	MICHAEL KORS HLDGS LTD	$408,000	–	8,250	–	0.23%	–
UTX	New	UNITED TECHNOLOGIES CORP	$408,000	–	3,980	–	0.23%	–
IQNT	New	INTELIQUENT INC	$398,000	–	20,000	–	0.23%	–
ICON	New	ICONIX BRAND GROUP INC	$394,000	–	58,400	–	0.22%	–
CMI	New	CUMMINS INC	$382,000	–	3,400	–	0.22%	–
MCK	New	MCKESSON CORP	$354,000	–	1,895	–	0.20%	–
LUV	New	SOUTHWEST AIRLS CO	$353,000	–	9,000	–	0.20%	–
BKE	New	BUCKLE INC	$329,000	–	12,650	–	0.19%	–
BBBY	New	BED BATH & BEYOND INC	$324,000	–	7,500	–	0.18%	–
ALK	New	ALASKA AIR GROUP INC	$291,000	–	5,000	–	0.16%	–
CMP	New	COMPASS MINERALS INTL INC	$289,000	–	3,900	–	0.16%	–
CPLA	New	CAPELLA EDUCATION COMPANY	$264,000	–	5,000	–	0.15%	–
BWA	New	BORGWARNER INC	$255,000	–	8,650	–	0.14%	–
SYT	New	SYNGENTA AGsponsored adr	$206,000	–	2,678	–	0.12%	–
DHIL	New	DIAMOND HILL INVESTMENT GROU	$198,000	–	1,050	–	0.11%	–
NUE	New	NUCOR CORP	$174,000	–	3,519	–	0.10%	–
NAK	New	NORTHERN DYNASTY MINERALS LT	$155,000	–	500,000	–	0.09%	–
PPC	New	PILGRIMS PRIDE CORP NEW	$127,000	–	5,000	–	0.07%	–
AMG	New	AFFILIATED MANAGERS GROUP	$127,000	–	900	–	0.07%	–
AN	New	AUTONATION INC	$108,000	–	2,300	–	0.06%	–
IM	New	INGRAM MICRO INCcl a	$104,000	–	3,000	–	0.06%	–
UTHR	New	UNITED THERAPEUTICS CORP DEL	$71,000	–	675	–	0.04%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$67,000	–	2,694	–	0.04%	–
GSB	New	GLOBALSCAPE INC	$41,000	–	11,069	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-2,694	–	-0.02%	–
PNRA	Exit	PANERA BREAD COcl a	$0	–	-400	–	-0.05%	–
IM	Exit	INGRAM MICRO INCcl a	$0	–	-3,000	–	-0.05%	–
CSD	Exit	CLAYMORE EXCHANGE TRD FD TRgugg spinoff etf	$0	–	-3,000	–	-0.07%	–
SYLD	Exit	CAMBRIA ETF TR	$0	–	-4,500	–	-0.08%	–
NUE	Exit	NUCOR CORP	$0	–	-3,519	–	-0.08%	–
PKW	Exit	POWERSHARES ETF TRUSTdyna buybk ach	$0	–	-3,050	–	-0.09%	–
FPX	Exit	FIRST TR US IPO INDEX FD	$0	–	-2,900	–	-0.09%	–
NAK	Exit	NORTHERN DYNASTY MINERALS LT	$0	–	-500,000	–	-0.10%	–
SYT	Exit	SYNGENTA AGsponsored adr	$0	–	-2,678	–	-0.11%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-115,000	–	-0.13%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-7,400	–	-0.13%	–
BTG	Exit	B2GOLD CORP	$0	–	-200,000	–	-0.14%	–
MYGN	Exit	MYRIAD GENETICS INC	$0	–	-6,000	–	-0.14%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-45,000	–	-0.17%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-20,000	–	-0.18%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-125,000	–	-0.18%	–
RYAM	Exit	RAYONIER ADVANCED MATLS INC	$0	–	-54,900	–	-0.22%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-24,643	–	-0.22%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-1,500,000	–	-0.22%	–
MTX	Exit	MINERALS TECHNOLOGIES INC	$0	–	-8,000	–	-0.25%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-27,500	–	-0.26%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-10,000	–	-0.28%	–
AU	Exit	ANGLOGOLD ASHANTI LTDsponsored adr	$0	–	-55,000	–	-0.29%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-6,500	–	-0.34%	–
MAT	Exit	MATTEL INC	$0	–	-25,000	–	-0.34%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-15,000	–	-0.36%	–
BHP	Exit	BHP BILLITON LTDsponsored adr	$0	–	-20,800	–	-0.42%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-55,000	–	-0.44%	–
SSW	Exit	SEASPAN CORP	$0	–	-45,875	–	-0.45%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-45,000	–	-0.47%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-225,000	–	-0.47%	–
DOV	Exit	DOVER CORP	$0	–	-13,500	–	-0.50%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-225,000	–	-0.54%	–
BXLT	Exit	BAXALTA INC	$0	–	-27,000	–	-0.55%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-35,000	–	-0.57%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-15,000	–	-0.57%	–
BAX	Exit	BAXTER INTL INC	$0	–	-27,000	–	-0.57%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-15,000	–	-0.59%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-45,000	–	-0.60%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-65,000	–	-0.60%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-40,000	–	-0.64%	–
CPN	Exit	CALPINE CORP	$0	–	-70,000	–	-0.66%	–
QCOM	Exit	QUALCOMM INC	$0	–	-20,000	–	-0.69%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-43,000	–	-0.70%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-35,000	–	-0.70%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-29,000	–	-0.71%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-32,500	–	-0.72%	–
COH	Exit	COACH INC	$0	–	-39,000	–	-0.73%	–
WDR	Exit	WADDELL & REED FINL INCcl a	$0	–	-33,000	–	-0.74%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-15,000	–	-0.74%	–
PFE	Exit	PFIZER INC	$0	–	-37,924	–	-0.77%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-27,000	–	-0.77%	–
IVZ	Exit	INVESCO LTD	$0	–	-39,000	–	-0.78%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-11,600	–	-0.80%	–
WBK	Exit	WESTPAC BKG CORPsponsored adr	$0	–	-60,000	–	-0.82%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-25,000	–	-0.82%	–
MON	Exit	MONSANTO CO NEW	$0	–	-15,000	–	-0.82%	–
MSM	Exit	MSC INDL DIRECT INCcl a	$0	–	-21,000	–	-0.83%	–
HCP	Exit	HCP INC	$0	–	-34,500	–	-0.83%	–
DE	Exit	DEERE & CO	$0	–	-17,500	–	-0.84%	–
KE	Exit	KIMBALL ELECTRONICS INC	$0	–	-108,750	–	-0.84%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-100,000	–	-0.84%	–
KSS	Exit	KOHLS CORP	$0	–	-28,600	–	-0.85%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-78,400	–	-0.87%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-15,000	–	-0.87%	–
KBAL	Exit	KIMBALL INTL INCcl b	$0	–	-145,000	–	-0.88%	–
GM	Exit	GENERAL MTRS CO	$0	–	-45,750	–	-0.89%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-12,000	–	-0.91%	–
WNR	Exit	WESTERN REFNG INC	$0	–	-32,500	–	-0.92%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-260,000	–	-0.93%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-20,200	–	-0.94%	–
GPS	Exit	GAP INC DEL	$0	–	-51,350	–	-0.94%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-2,300	–	-0.95%	–
TWX	Exit	TIME WARNER INC	$0	–	-21,400	–	-0.95%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-20,000	–	-0.96%	–
L	Exit	LOEWS CORP	$0	–	-41,000	–	-0.96%	–
UN	Exit	UNILEVER N V	$0	–	-37,500	–	-0.97%	–
HCN	Exit	HEALTH CARE REIT INC	$0	–	-22,500	–	-0.98%	–
EXC	Exit	EXELON CORP	$0	–	-51,500	–	-0.99%	–
PSX	Exit	PHILLIPS 66	$0	–	-20,500	–	-1.02%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-22,000	–	-1.02%	–
USB	Exit	US BANCORP DEL	$0	–	-39,000	–	-1.03%	–
ORCL	Exit	ORACLE CORP	$0	–	-45,000	–	-1.05%	–
F	Exit	FORD MTR CO DEL	$0	–	-120,000	–	-1.05%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-22,000	–	-1.05%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-20,000	–	-1.06%	–
WU	Exit	WESTERN UN CO	$0	–	-90,000	–	-1.07%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-11,400	–	-1.07%	–
AMGN	Exit	AMGEN INC	$0	–	-12,100	–	-1.08%	–
PEP	Exit	PEPSICO INC	$0	–	-18,000	–	-1.09%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-26,500	–	-1.11%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-28,000	–	-1.11%	–
AGCO	Exit	AGCO CORP	$0	–	-37,000	–	-1.11%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-55,000	–	-1.12%	–
AVT	Exit	AVNET INC	$0	–	-41,000	–	-1.13%	–
SYY	Exit	SYSCO CORP	$0	–	-45,000	–	-1.13%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-13,500	–	-1.14%	–
SKT	Exit	TANGER FACTORY OUTLET CTRS I	$0	–	-54,000	–	-1.15%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-13,700	–	-1.17%	–
CA	Exit	CA INC	$0	–	-69,750	–	-1.23%	–
CLX	Exit	CLOROX CO DEL	$0	–	-17,000	–	-1.27%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-18,100	–	-1.27%	–
ACE	Exit	ACE LTD	$0	–	-20,000	–	-1.33%	–
ALTR	Exit	ALTERA CORP	$0	–	-42,000	–	-1.36%	–
MCD	Exit	MCDONALDS CORP	$0	–	-21,500	–	-1.37%	–
SO	Exit	SOUTHERN CO	$0	–	-47,500	–	-1.37%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-42,000	–	-1.39%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-64,749	–	-1.41%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-44,800	–	-1.43%	–
ORAN	Exit	ORANGEsponsored adr	$0	–	-150,000	–	-1.46%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-47,900	–	-1.46%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-25,000	–	-1.53%	–
ANTM	Exit	ANTHEM INC	$0	–	-17,100	–	-1.54%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-65,000	–	-1.64%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-34,000	–	-1.74%	–
CSX	Exit	CSX CORP	$0	–	-108,500	–	-1.88%	–
CSCO	Exit	CISCO SYS INC	$0	–	-114,000	–	-1.93%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-34,100	–	-2.05%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-147,900	–	-2.40%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-77,000	–	-2.70%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$1,760,000	-45.0%	13,500	-42.6%	1.14%	-34.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$1,653,000	-23.9%	11,400	-14.6%	1.07%	-8.7%
PG	Sell	PROCTER & GAMBLE CO	$1,583,000	-18.7%	22,000	-11.6%	1.02%	-2.6%
MA	Sell	MASTERCARD INCcl a	$1,352,000	-51.8%	15,000	-50.0%	0.87%	-42.2%
APO	Sell	APOLLO GLOBAL MGMT LLC	$1,348,000	-23.9%	78,400	-2.0%	0.87%	-8.9%
JPM	Sell	JPMORGAN CHASE & CO	$915,000	-30.4%	15,000	-22.7%	0.59%	-16.7%
AEM	Buy	AGNICO EAGLE MINES LTD	$886,000	+21.5%	35,000	+36.1%	0.57%	+45.7%
BXLT	New	BAXALTA INC	$851,000	–	27,000	–	0.55%	–
AGI	Buy	ALAMOS GOLD INC	$830,000	+46.6%	225,000	+125.0%	0.54%	+75.4%
EGO	Buy	ELDORADO GOLD CORP NEW	$725,000	+40.0%	225,000	+80.0%	0.47%	+67.4%
NEM	Buy	NEWMONT MINING CORP	$723,000	-0.3%	45,000	+44.9%	0.47%	+19.5%
SSW	Sell	SEASPAN CORP	$703,000	-25.5%	45,875	-8.2%	0.45%	-10.8%
FNV	New	FRANCO NEVADA CORP	$440,000	–	10,000	–	0.28%	–
LNCOQ	Exit	LINNCO LLC	$0	–	-75,000	–	-0.38%	–
CCL	Exit	CARNIVAL CORPpaired ctf	$0	–	-23,800	–	-0.63%	–
VIAB	Exit	VIACOM INC NEWcl b	$0	–	-26,000	–	-0.90%	–
CTRX	Exit	CATAMARAN CORP	$0	–	-32,500	–	-1.07%	–
PHG	Exit	KONINKLIJKE PHILIPS N Vny reg sh new	$0	–	-86,000	–	-1.18%	–
JNPR	Exit	JUNIPER NETWORKS INC	$0	–	-90,750	–	-1.27%	–

Q2 2015

			Value		Shares		↓ Weighting
WRB	New	BERKLEY W R CORP	$3,999,000	–	77,000	–	2.15%	–
GE	New	GENERAL ELECTRIC CO	$3,930,000	–	147,900	–	2.12%	–
CSX	New	CSX CORP	$3,543,000	–	108,500	–	1.91%	–
JNJ	New	JOHNSON & JOHNSON	$3,323,000	–	34,100	–	1.79%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,198,000	–	23,500	–	1.72%	–
CSCO	New	CISCO SYS INC	$3,130,000	–	114,000	–	1.68%	–
ANTM	New	ANTHEM INC	$2,807,000	–	17,100	–	1.51%	–
MA	New	MASTERCARD INCcl a	$2,804,000	–	30,000	–	1.51%	–
PM	New	PHILIP MORRIS INTL INC	$2,726,000	–	34,000	–	1.47%	–
RIO	New	RIO TINTO PLCsponsored adr	$2,668,000	–	64,749	–	1.44%	–
HON	New	HONEYWELL INTL INC	$2,549,000	–	25,000	–	1.37%	–
MRK	New	MERCK & CO INC NEW	$2,550,000	–	44,800	–	1.37%	–
FAF	New	FIRST AMERN FINL CORP	$2,419,000	–	65,000	–	1.30%	–
SNY	New	SANOFIsponsored adr	$2,374,000	–	47,900	–	1.28%	–
WFC	New	WELLS FARGO & CO NEW	$2,361,000	–	42,000	–	1.27%	–
JNPR	New	JUNIPER NETWORKS INC	$2,357,000	–	90,750	–	1.27%	–
ORAN	New	ORANGEsponsored adr	$2,304,000	–	150,000	–	1.24%	–
BX	New	BLACKSTONE GROUP L P	$2,248,000	–	55,000	–	1.21%	–
LH	New	LABORATORY CORP AMER HLDGS	$2,194,000	–	18,100	–	1.18%	–
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$2,189,000	–	86,000	–	1.18%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,171,000	–	13,350	–	1.17%	–
ALTR	New	ALTERA CORP	$2,150,000	–	42,000	–	1.16%	–
AGCO	New	AGCO CORP	$2,101,000	–	37,000	–	1.13%	–
MCD	New	MCDONALDS CORP	$2,044,000	–	21,500	–	1.10%	–
CA	New	CA INC	$2,043,000	–	69,750	–	1.10%	–
ACE	New	ACE LTD	$2,034,000	–	20,000	–	1.10%	–
DGX	New	QUEST DIAGNOSTICS INC	$2,031,000	–	28,000	–	1.09%	–
SO	New	SOUTHERN CO	$1,990,000	–	47,500	–	1.07%	–
CTRX	New	CATAMARAN CORP	$1,985,000	–	32,500	–	1.07%	–
GPS	New	GAP INC DEL	$1,960,000	–	51,350	–	1.06%	–
PG	New	PROCTER & GAMBLE CO	$1,948,000	–	24,900	–	1.05%	–
BDX	New	BECTON DICKINSON & CO	$1,941,000	–	13,700	–	1.04%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$1,898,000	–	260,000	–	1.02%	–
BAX	New	BAXTER INTL INC	$1,888,000	–	27,000	–	1.02%	–
WMT	New	WAL-MART STORES INC	$1,880,000	–	26,500	–	1.01%	–
TWX	New	TIME WARNER INC	$1,871,000	–	21,400	–	1.01%	–
AMGN	New	AMGEN INC	$1,858,000	–	12,100	–	1.00%	–
XOM	New	EXXON MOBIL CORP	$1,830,000	–	22,000	–	0.98%	–
WU	New	WESTERN UN CO	$1,829,000	–	90,000	–	0.98%	–
ORCL	New	ORACLE CORP	$1,814,000	–	45,000	–	0.98%	–
F	New	FORD MTR CO DEL	$1,801,000	–	120,000	–	0.97%	–
KSS	New	KOHLS CORP	$1,791,000	–	28,600	–	0.96%	–
COF	New	CAPITAL ONE FINL CORP	$1,777,000	–	20,200	–	0.96%	–
APO	New	APOLLO GLOBAL MGMT LLC	$1,772,000	–	80,000	–	0.95%	–
CLX	New	CLOROX CO DEL	$1,768,000	–	17,000	–	0.95%	–
KBAL	New	KIMBALL INTL INCcl b	$1,764,000	–	145,000	–	0.95%	–
SKT	New	TANGER FACTORY OUTLET CTRS I	$1,711,000	–	54,000	–	0.92%	–
DE	New	DEERE & CO	$1,698,000	–	17,500	–	0.91%	–
USB	New	US BANCORP DEL	$1,693,000	–	39,000	–	0.91%	–
AVT	New	AVNET INC	$1,686,000	–	41,000	–	0.91%	–
VIAB	New	VIACOM INC NEWcl b	$1,681,000	–	26,000	–	0.90%	–
PEP	New	PEPSICO INC	$1,680,000	–	18,000	–	0.90%	–
PSX	New	PHILLIPS 66	$1,651,000	–	20,500	–	0.89%	–
MOS	New	MOSAIC CO NEW	$1,640,000	–	35,000	–	0.88%	–
SYY	New	SYSCO CORP	$1,625,000	–	45,000	–	0.88%	–
EXC	New	EXELON CORP	$1,618,000	–	51,500	–	0.87%	–
MKC	New	MCCORMICK & CO INC	$1,619,000	–	20,000	–	0.87%	–
MON	New	MONSANTO CO NEW	$1,599,000	–	15,000	–	0.86%	–
RL	New	RALPH LAUREN CORPcl a	$1,588,000	–	12,000	–	0.86%	–
KE	New	KIMBALL ELECTRONICS INC	$1,587,000	–	108,750	–	0.85%	–
L	New	LOEWS CORP	$1,579,000	–	41,000	–	0.85%	–
UN	New	UNILEVER N V	$1,569,000	–	37,500	–	0.84%	–
WDR	New	WADDELL & REED FINL INCcl a	$1,561,000	–	33,000	–	0.84%	–
AXP	New	AMERICAN EXPRESS CO	$1,555,000	–	20,000	–	0.84%	–
LVS	New	LAS VEGAS SANDS CORP	$1,525,000	–	29,000	–	0.82%	–
GM	New	GENERAL MTRS CO	$1,525,000	–	45,750	–	0.82%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$1,524,000	–	100,000	–	0.82%	–
EMR	New	EMERSON ELEC CO	$1,496,000	–	27,000	–	0.80%	–
WBK	New	WESTPAC BKG CORPsponsored adr	$1,484,000	–	60,000	–	0.80%	–
HCN	New	HEALTH CARE REIT INC	$1,477,000	–	22,500	–	0.80%	–
MSM	New	MSC INDL DIRECT INCcl a	$1,465,000	–	21,000	–	0.79%	–
IVZ	New	INVESCO LTD	$1,462,000	–	39,000	–	0.79%	–
WNR	New	WESTERN REFNG INC	$1,418,000	–	32,500	–	0.76%	–
POT	New	POTASH CORP SASK INC	$1,394,000	–	45,000	–	0.75%	–
COH	New	COACH INC	$1,350,000	–	39,000	–	0.73%	–
JPM	New	JPMORGAN CHASE & CO	$1,315,000	–	19,400	–	0.71%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,310,000	–	15,000	–	0.70%	–
GLD	New	SPDR GOLD TRUST	$1,303,000	–	11,600	–	0.70%	–
PFE	New	PFIZER INC	$1,272,000	–	37,924	–	0.68%	–
LUMN	New	CENTURYLINK INC	$1,263,000	–	43,000	–	0.68%	–
CPN	New	CALPINE CORP	$1,259,000	–	70,000	–	0.68%	–
HCP	New	HCP INC	$1,258,000	–	34,500	–	0.68%	–
QCOM	New	QUALCOMM INC	$1,253,000	–	20,000	–	0.67%	–
GOOGL	New	GOOGLE INCcl a	$1,242,000	–	2,300	–	0.67%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$1,202,000	–	65,000	–	0.65%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,196,000	–	40,000	–	0.64%	–
CPB	New	CAMPBELL SOUP CO	$1,191,000	–	25,000	–	0.64%	–
CCL	New	CARNIVAL CORPpaired ctf	$1,175,000	–	23,800	–	0.63%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$1,155,000	–	32,500	–	0.62%	–
GOLD	New	RANDGOLD RES LTDadr	$1,004,000	–	15,000	–	0.54%	–
JOY	New	JOY GLOBAL INC	$996,000	–	27,500	–	0.54%	–
DOV	New	DOVER CORP	$947,000	–	13,500	–	0.51%	–
SSW	New	SEASPAN CORP	$944,000	–	50,000	–	0.51%	–
RYAM	New	RAYONIER ADVANCED MATLS INC	$893,000	–	54,900	–	0.48%	–
GG	New	GOLDCORP INC NEW	$891,000	–	55,000	–	0.48%	–
BHP	New	BHP BILLITON LTDsponsored adr	$846,000	–	20,800	–	0.46%	–
BEN	New	FRANKLIN RES INC	$735,000	–	15,000	–	0.40%	–
AEM	New	AGNICO EAGLE MINES LTD	$729,000	–	25,712	–	0.39%	–
NEM	New	NEWMONT MINING CORP	$725,000	–	31,050	–	0.39%	–
LNCOQ	New	LINNCO LLC	$709,000	–	75,000	–	0.38%	–
MAT	New	MATTEL INC	$642,000	–	25,000	–	0.35%	–
PLG	New	PLATINUM GROUP METALS LTD	$600,000	–	1,500,000	–	0.32%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$578,000	–	6,500	–	0.31%	–
AGI	New	ALAMOS GOLD INC	$566,000	–	100,000	–	0.30%	–
MTX	New	MINERALS TECHNOLOGIES INC	$545,000	–	8,000	–	0.29%	–
EGO	New	ELDORADO GOLD CORP NEW	$518,000	–	125,000	–	0.28%	–
AU	New	ANGLOGOLD ASHANTI LTDsponsored adr	$492,000	–	55,000	–	0.26%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$467,000	–	45,000	–	0.25%	–
MLCO	New	MELCO CROWN ENTMT LTDadr	$393,000	–	20,000	–	0.21%	–
SLV	New	ISHARES SILVER TRUSTishares	$370,000	–	24,643	–	0.20%	–
AUY	New	YAMANA GOLD INC	$345,000	–	115,000	–	0.19%	–
NGD	New	NEW GOLD INC CDA	$336,000	–	125,000	–	0.18%	–
BTG	New	B2GOLD CORP	$306,000	–	200,000	–	0.16%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$241,000	–	7,400	–	0.13%	–
SYT	New	SYNGENTA AGsponsored adr	$219,000	–	2,678	–	0.12%	–
MYGN	New	MYRIAD GENETICS INC	$204,000	–	6,000	–	0.11%	–
NAK	New	NORTHERN DYNASTY MINERALS LT	$170,000	–	500,000	–	0.09%	–
FPX	New	FIRST TR US IPO INDEX FD	$158,000	–	2,900	–	0.08%	–
NUE	New	NUCOR CORP	$155,000	–	3,519	–	0.08%	–
PKW	New	POWERSHARES ETF TRUSTdyna buybk ach	$148,000	–	3,050	–	0.08%	–
SYLD	New	CAMBRIA ETF TR	$141,000	–	4,500	–	0.08%	–
CSD	New	CLAYMORE EXCHANGE TRD FD TRgugg spinoff etf	$138,000	–	3,000	–	0.07%	–
IM	New	INGRAM MICRO INCcl a	$75,000	–	3,000	–	0.04%	–
PNRA	New	PANERA BREAD COcl a	$70,000	–	400	–	0.04%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$43,000	–	2,694	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
IAG	Exit	IAMGOLD CORP	$0	–	-20,874	–	-0.03%	–
VALE	Exit	VALE S Aadr	$0	–	-5,500	–	-0.03%	–
TIME	Exit	TIME INC NEW	$0	–	-2,675	–	-0.04%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-2,694	–	-0.04%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-750	–	-0.07%	–
DNOW	Exit	NOW INC	$0	–	-4,800	–	-0.08%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-11,253	–	-0.09%	–
SYT	Exit	SYNGENTA AGsponsored adr	$0	–	-2,678	–	-0.09%	–
KN	Exit	KNOWLES CORP	$0	–	-6,750	–	-0.10%	–
NUE	Exit	NUCOR CORP	$0	–	-3,519	–	-0.11%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-3,935	–	-0.13%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-10,000	–	-0.13%	–
MYGN	Exit	MYRIAD GENETICS INC	$0	–	-6,000	–	-0.13%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-10,000	–	-0.13%	–
NAK	Exit	NORTHERN DYNASTY MINERALS LT	$0	–	-500,000	–	-0.15%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-3,000	–	-0.16%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-3,000	–	-0.16%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,500	–	-0.17%	–
CLDPQ	Exit	CLOUD PEAK ENERGY INC	$0	–	-25,000	–	-0.18%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-100,000	–	-0.18%	–
CERN	Exit	CERNER CORP	$0	–	-5,600	–	-0.19%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-24,643	–	-0.22%	–
BTG	Exit	B2GOLD CORP	$0	–	-200,000	–	-0.23%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-8,700	–	-0.24%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-5,300	–	-0.24%	–
PSX	Exit	PHILLIPS 66	$0	–	-5,500	–	-0.25%	–
GFI	Exit	GOLD FIELDS LTD NEWsponsored adr	$0	–	-116,521	–	-0.25%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-6,500	–	-0.26%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-45,000	–	-0.29%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-18,600	–	-0.35%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-125,000	–	-0.35%	–
HD	Exit	HOME DEPOT INC	$0	–	-7,000	–	-0.36%	–
AU	Exit	ANGLOGOLD ASHANTI LTDsponsored adr	$0	–	-55,000	–	-0.37%	–
SSEIQ	Exit	SEVENTY SEVEN ENERGY INC	$0	–	-28,214	–	-0.37%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-115,000	–	-0.38%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-25,712	–	-0.42%	–
QCOM	Exit	QUALCOMM INC	$0	–	-10,000	–	-0.42%	–
DCMYY	Exit	NTT DOCOMO INCspons adr	$0	–	-45,600	–	-0.42%	–
MAT	Exit	MATTEL INC	$0	–	-25,000	–	-0.43%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-21,800	–	-0.44%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-100,000	–	-0.44%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-25,000	–	-0.45%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-15,000	–	-0.46%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-10,000	–	-0.46%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-11,000	–	-0.47%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-125,000	–	-0.47%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-11,000	–	-0.47%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-60,000	–	-0.48%	–
CCL	Exit	CARNIVAL CORPpaired ctf	$0	–	-23,800	–	-0.53%	–
BSBR	Exit	BANCO SANTANDER BRASIL S Aads rep 1 unit	$0	–	-149,000	–	-0.54%	–
TGT	Exit	TARGET CORP	$0	–	-16,000	–	-0.56%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-15,000	–	-0.56%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-25,000	–	-0.59%	–
SSW	Exit	SEASPAN CORP	$0	–	-50,000	–	-0.60%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-33,700	–	-0.60%	–
DOV	Exit	DOVER CORP	$0	–	-13,500	–	-0.60%	–
PFE	Exit	PFIZER INC	$0	–	-37,924	–	-0.62%	–
AGCO	Exit	AGCO CORP	$0	–	-25,000	–	-0.63%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-65,000	–	-0.64%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-50,000	–	-0.64%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-200,000	–	-0.65%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-19,400	–	-0.65%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-65,000	–	-0.66%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-32,500	–	-0.68%	–
BHP	Exit	BHP BILLITON LTDsponsored adr	$0	–	-20,800	–	-0.68%	–
MDT	Exit	MEDTRONIC INC	$0	–	-20,200	–	-0.70%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-10,000	–	-0.70%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-55,000	–	-0.70%	–
GM	Exit	GENERAL MTRS CO	$0	–	-41,500	–	-0.74%	–
WU	Exit	WESTERN UN CO	$0	–	-83,000	–	-0.74%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-1,500,000	–	-0.74%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-20,000	–	-0.74%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-2,300	–	-0.75%	–
HCP	Exit	HCP INC	$0	–	-34,500	–	-0.76%	–
COH	Exit	COACH INC	$0	–	-39,000	–	-0.77%	–
HCN	Exit	HEALTH CARE REIT INC	$0	–	-22,500	–	-0.78%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-100,000	–	-0.79%	–
DE	Exit	DEERE & CO	$0	–	-17,500	–	-0.80%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-19,200	–	-0.81%	–
MAA	Exit	MID-AMER APT CMNTYS INC	$0	–	-22,650	–	-0.83%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-27,500	–	-0.83%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-45,000	–	-0.86%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-13,700	–	-0.87%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-27,900	–	-0.88%	–
PCG	Exit	PG&E CORP	$0	–	-35,000	–	-0.88%	–
TWX	Exit	TIME WARNER INC	$0	–	-21,400	–	-0.89%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-41,000	–	-0.90%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-42,000	–	-0.90%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-40,000	–	-0.90%	–
USB	Exit	US BANCORP DEL	$0	–	-39,000	–	-0.91%	–
CLX	Exit	CLOROX CO DEL	$0	–	-17,000	–	-0.91%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-20,200	–	-0.92%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-15,000	–	-0.93%	–
PEP	Exit	PEPSICO INC	$0	–	-18,000	–	-0.93%	–
WBK	Exit	WESTPAC BKG CORPsponsored adr	$0	–	-60,000	–	-0.94%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-14,550	–	-0.94%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-28,000	–	-0.94%	–
AMGN	Exit	AMGEN INC	$0	–	-12,100	–	-0.94%	–
SYY	Exit	SYSCO CORP	$0	–	-45,000	–	-0.95%	–
ORCL	Exit	ORACLE CORP	$0	–	-45,000	–	-0.96%	–
KSS	Exit	KOHLS CORP	$0	–	-28,600	–	-0.97%	–
EXC	Exit	EXELON CORP	$0	–	-51,500	–	-0.98%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-43,000	–	-0.98%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-65,000	–	-0.98%	–
F	Exit	FORD MTR CO DEL	$0	–	-120,000	–	-0.99%	–
XRX	Exit	XEROX CORP	$0	–	-135,000	–	-0.99%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-22,000	–	-1.02%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-40,000	–	-1.06%	–
KO	Exit	COCA COLA CO	$0	–	-45,000	–	-1.07%	–
APA	Exit	APACHE CORP	$0	–	-20,500	–	-1.07%	–
BAX	Exit	BAXTER INTL INC	$0	–	-27,000	–	-1.08%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-42,994	–	-1.11%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-26,500	–	-1.13%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-21,600	–	-1.13%	–
MCD	Exit	MCDONALDS CORP	$0	–	-21,500	–	-1.13%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-30,000	–	-1.14%	–
V107SC	Exit	WELLPOINT INC	$0	–	-17,100	–	-1.14%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-21,400	–	-1.14%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-31,150	–	-1.15%	–
SO	Exit	SOUTHERN CO	$0	–	-47,500	–	-1.15%	–
ACE	Exit	ACE LTD	$0	–	-20,000	–	-1.17%	–
RYAM	Exit	RAYONIER ADVANCED MATLS INC	$0	–	-64,900	–	-1.19%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-17,900	–	-1.19%	–
MET	Exit	METLIFE INC	$0	–	-40,000	–	-1.20%	–
ENB	Exit	ENBRIDGE INC	$0	–	-45,000	–	-1.20%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-42,000	–	-1.21%	–
KBAL	Exit	KIMBALL INTL INCcl b	$0	–	-145,000	–	-1.21%	–
ORAN	Exit	ORANGEsponsored adr	$0	–	-150,000	–	-1.23%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-30,000	–	-1.23%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-25,000	–	-1.29%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-40,300	–	-1.33%	–
CSCO	Exit	CISCO SYS INC	$0	–	-114,000	–	-1.60%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-75,000	–	-1.62%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-64,749	–	-1.77%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-23,500	–	-1.80%	–
CSX	Exit	CSX CORP	$0	–	-108,500	–	-1.93%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-34,100	–	-2.02%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-147,900	–	-2.11%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$3,246,000	+28.2%	23,500	+17.5%	1.80%	+10.5%
RIO	Buy	RIO TINTO PLCsponsored adr	$3,184,000	-6.2%	64,749	+3.6%	1.77%	-19.1%
CNQ	New	CANADIAN NAT RES LTD	$2,913,000	–	75,000	–	1.62%	–
CSCO	Buy	CISCO SYS INC	$2,869,000	+10.0%	114,000	+8.6%	1.60%	-5.2%
ORAN	New	ORANGEsponsored adr	$2,211,000	–	150,000	–	1.23%	–
KBAL	New	KIMBALL INTL INCcl b	$2,183,000	–	145,000	–	1.21%	–
WFC	Buy	WELLS FARGO & CO NEW	$2,178,000	+38.1%	42,000	+40.0%	1.21%	+19.0%
RYAM	New	RAYONIER ADVANCED MATLS INC	$2,136,000	–	64,900	–	1.19%	–
CVX	Buy	CHEVRON CORP NEW	$2,136,000	+9.1%	17,900	+19.3%	1.19%	-6.0%
CHRW	New	C H ROBINSON WORLDWIDE INC	$2,066,000	–	31,150	–	1.15%	–
OXY	Buy	OCCIDENTAL PETE CORP DEL	$2,058,000	+0.2%	21,400	+7.0%	1.14%	-13.7%
MCD	Buy	MCDONALDS CORP	$2,038,000	+9.3%	21,500	+16.2%	1.13%	-5.8%
XOM	Buy	EXXON MOBIL CORP	$2,032,000	+22.3%	21,600	+30.9%	1.13%	+5.3%
WMT	Buy	WAL-MART STORES INC	$2,027,000	+39.2%	26,500	+36.6%	1.13%	+20.0%
MSFT	Buy	MICROSOFT CORP	$1,993,000	+59.3%	42,994	+43.3%	1.11%	+37.3%
APA	Buy	APACHE CORP	$1,925,000	+19.6%	20,500	+28.1%	1.07%	+3.0%
WRB	New	BERKLEY W R CORP	$1,912,000	–	40,000	–	1.06%	–
PG	Buy	PROCTER & GAMBLE CO	$1,842,000	+30.2%	22,000	+22.2%	1.02%	+12.2%
FAF	New	FIRST AMERN FINL CORP	$1,763,000	–	65,000	–	0.98%	–
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$1,612,000	+2.9%	40,000	+100.0%	0.90%	-11.3%
BDX	Buy	BECTON DICKINSON & CO	$1,559,000	+23.1%	13,700	+28.0%	0.87%	+6.1%
ORI	New	OLD REP INTL CORP	$1,428,000	–	100,000	–	0.79%	–
COH	Buy	COACH INC	$1,389,000	+35.4%	39,000	+30.0%	0.77%	+16.6%
GOOGL	New	GOOGLE INCcl a	$1,353,000	–	2,300	–	0.75%	–
WU	New	WESTERN UN CO	$1,331,000	–	83,000	–	0.74%	–
BHP	Buy	BHP BILLITON LTDsponsored adr	$1,225,000	-5.8%	20,800	+9.5%	0.68%	-18.8%
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$1,197,000	–	65,000	–	0.66%	–
NRF	Sell	NORTHSTAR RLTY FIN CORP	$1,149,000	-44.9%	65,000	-45.8%	0.64%	-52.5%
AGCO	New	AGCO CORP	$1,137,000	–	25,000	–	0.63%	–
GOLD	New	RANDGOLD RES LTDadr	$1,014,000	–	15,000	–	0.56%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$868,000	–	60,000	–	0.48%	–
BEN	New	FRANKLIN RES INC	$819,000	–	15,000	–	0.46%	–
FCX	Sell	FREEPORT-MCMORAN INCcl b	$816,000	-55.3%	25,000	-50.0%	0.45%	-61.5%
AUY	Buy	YAMANA GOLD INC	$690,000	+81.1%	115,000	+148.3%	0.38%	+56.1%
SSEIQ	New	SEVENTY SEVEN ENERGY INC	$670,000	–	28,214	–	0.37%	–
AU	Buy	ANGLOGOLD ASHANTI LTDsponsored adr	$660,000	+27.9%	55,000	+83.3%	0.37%	+10.2%
HD	New	HOME DEPOT INC	$642,000	–	7,000	–	0.36%	–
NGD	New	NEW GOLD INC CDA	$631,000	–	125,000	–	0.35%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$521,000	–	45,000	–	0.29%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$460,000	–	6,500	–	0.26%	–
GFI	New	GOLD FIELDS LTD NEWsponsored adr	$454,000	–	116,521	–	0.25%	–
PSX	New	PHILLIPS 66	$447,000	–	5,500	–	0.25%	–
ACN	New	ACCENTURE PLC IRELAND	$431,000	–	5,300	–	0.24%	–
FNV	New	FRANCO NEVADA CORP	$425,000	–	8,700	–	0.24%	–
BTG	Sell	B2GOLD CORP	$406,000	-68.7%	200,000	-55.0%	0.23%	-73.0%
CERN	New	CERNER CORP	$334,000	–	5,600	–	0.19%	–
KGC	New	KINROSS GOLD CORP	$330,000	–	100,000	–	0.18%	–
UNH	New	UNITEDHEALTH GROUP INC	$302,000	–	3,500	–	0.17%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$295,000	–	3,000	–	0.16%	–
NVS	New	NOVARTIS A Gsponsored adr	$282,000	–	3,000	–	0.16%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$231,000	–	3,935	–	0.13%	–
MYGN	New	MYRIAD GENETICS INC	$231,000	–	6,000	–	0.13%	–
NUE	New	NUCOR CORP	$191,000	–	3,519	–	0.11%	–
KN	New	KNOWLES CORP	$179,000	–	6,750	–	0.10%	–
SYT	New	SYNGENTA AGsponsored adr	$170,000	–	2,678	–	0.09%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$156,000	–	11,253	–	0.09%	–
DNOW	New	NOW INC	$146,000	–	4,800	–	0.08%	–
CEO	New	CNOOC LTDsponsored adr	$129,000	–	750	–	0.07%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$70,000	–	2,694	–	0.04%	–
TIME	New	TIME INC NEW	$63,000	–	2,675	–	0.04%	–
VALE	New	VALE S Aadr	$61,000	–	5,500	–	0.03%	–
IAG	New	IAMGOLD CORP	$58,000	–	20,874	–	0.03%	–
OPRFCL	Exit	REALTY INCOME CORP	$0	–	-15,000	–	-0.25%	–
CUBEPRA	Exit	CUBESMART	$0	–	-15,000	–	-0.26%	–
KIM	Exit	KIMCO REALTY	$0	–	-27,000	–	-0.40%	–
KRC	Exit	KILROY REALTY	$0	–	-11,000	–	-0.44%	–
CUBE	Exit	CUBESMART	$0	–	-40,000	–	-0.47%	–
RTRAF	Exit	ROMARCO MINERALS	$0	–	-1,000,000	–	-0.54%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-12,000	–	-0.60%	–
EXR	Exit	EXTRA SPACE STOR	$0	–	-20,000	–	-0.69%	–

Q2 2014

			Value		Shares		↓ Weighting
GE	New	GENERAL ELECTRIC	$3,887,000	–	147,900	–	2.51%	–
JNJ	New	JOHNSON&JOHNSON	$3,568,000	–	34,100	–	2.30%	–
RIO	New	RIO TINTO- ADRsponsored adr	$3,393,000	–	62,500	–	2.19%	–
CSX	New	CSX CORP	$3,343,000	–	108,500	–	2.16%	–
CSCO	New	CISCO SYSTEMS	$2,609,000	–	105,000	–	1.68%	–
BRKB	New	BERKSHIRE HATH-B	$2,531,000	–	20,000	–	1.63%	–
DVN	New	DEVON ENERGY CO	$2,382,000	–	30,000	–	1.54%	–
MRK	New	MERCK & CO	$2,331,000	–	40,300	–	1.50%	–
HON	New	HONEYWELL INTL	$2,324,000	–	25,000	–	1.50%	–
MET	New	METLIFE INC	$2,222,000	–	40,000	–	1.43%	–
MA	New	MASTERCARD INC-A	$2,204,000	–	30,000	–	1.42%	–
SO	New	SOUTHERN CO	$2,156,000	–	47,500	–	1.39%	–
ENB	New	ENBRIDGE INC	$2,136,000	–	45,000	–	1.38%	–
NRF	New	NORTHSTAR REALTY	$2,086,000	–	120,000	–	1.35%	–
ACE	New	ACE LTD	$2,074,000	–	20,000	–	1.34%	–
F	New	FORD MOTOR CO	$2,069,000	–	120,000	–	1.34%	–
OXY	New	OCCIDENTAL PETE	$2,053,000	–	20,000	–	1.32%	–
CVX	New	CHEVRON CORP	$1,958,000	–	15,000	–	1.26%	–
BAX	New	BAXTER INTL INC	$1,952,000	–	27,000	–	1.26%	–
WBK	New	WESTPAC BANKING CORPsponsored adr	$1,927,000	–	60,000	–	1.24%	–
KO	New	COCA-COLA CO	$1,906,000	–	45,000	–	1.23%	–
EXC	New	EXELON CORP	$1,879,000	–	51,500	–	1.21%	–
MCD	New	MCDONALDS CORP	$1,864,000	–	18,500	–	1.20%	–
GLD	New	SPDR GOLD TRUST	$1,863,000	–	14,550	–	1.20%	–
V107SC	New	WELLPOINT INC	$1,840,000	–	17,100	–	1.19%	–
FCX	New	FREEPORT-MCMORAN	$1,825,000	–	50,000	–	1.18%	–
ORCL	New	ORACLE CORP	$1,824,000	–	45,000	–	1.18%	–
PLG	New	PLATINUM GROUP METALS	$1,785,000	–	1,500,000	–	1.15%	–
POT	New	POTASH CORP SAS	$1,708,000	–	45,000	–	1.10%	–
JOY	New	JOY GLOBAL INC	$1,693,000	–	27,500	–	1.09%	–
USB	New	US BANCORP	$1,689,000	–	39,000	–	1.09%	–
SYY	New	SYSCO CORP	$1,685,000	–	45,000	–	1.09%	–
PCG	New	PG&E CORP	$1,681,000	–	35,000	–	1.08%	–
XRX	New	XEROX CORP	$1,679,000	–	135,000	–	1.08%	–
COF	New	CAPITAL ONE FINA	$1,669,000	–	20,200	–	1.08%	–
XOM	New	EXXON MOBIL CORP	$1,661,000	–	16,500	–	1.07%	–
MAA	New	MID-AMERICA APPT COMM	$1,655,000	–	22,650	–	1.07%	–
DGX	New	QUEST DIAGNOSTICS INC	$1,643,000	–	28,000	–	1.06%	–
APA	New	APACHE CORP	$1,610,000	–	16,000	–	1.04%	–
PEP	New	PEPSICO INC	$1,608,000	–	18,000	–	1.04%	–
DE	New	DEERE & CO	$1,585,000	–	17,500	–	1.02%	–
NOV	New	NATL OILWELL VAR	$1,581,000	–	19,200	–	1.02%	–
WFC	New	WELLS FARGO & CO	$1,577,000	–	30,000	–	1.02%	–
EPD	New	ENTERPRISE PRODUCTS	$1,566,000	–	20,000	–	1.01%	–
LUMN	New	CENTURYLINK INC	$1,557,000	–	43,000	–	1.00%	–
CLX	New	CLOROX CO	$1,554,000	–	17,000	–	1.00%	–
NSC	New	NORFOLK SOUTHERN	$1,545,000	–	15,000	–	1.00%	–
GG	New	GOLDCORP INC	$1,535,000	–	55,000	–	0.99%	–
KMI	New	KINDER MORGAN IN	$1,523,000	–	42,000	–	0.98%	–
RIG	New	TRANSOCEAN LTD	$1,518,000	–	33,700	–	0.98%	–
KSS	New	KOHLS CORP	$1,507,000	–	28,600	–	0.97%	–
GM	New	GENERAL MOTORS C	$1,506,000	–	41,500	–	0.97%	–
TWX	New	TIME WARNER INC	$1,503,000	–	21,400	–	0.97%	–
SNY	New	SANOFI-AVENT-ADRsponsored adr	$1,483,000	–	27,900	–	0.96%	–
SE	New	SPECTRA ENERG	$1,472,000	–	41,000	–	0.95%	–
WMT	New	WAL-MART STORES	$1,456,000	–	19,400	–	0.94%	–
MKC	New	MCCORMICK-N/V	$1,432,000	–	20,000	–	0.92%	–
AMGN	New	AMGEN INC	$1,432,000	–	12,100	–	0.92%	–
HCP	New	HCP INC	$1,428,000	–	34,500	–	0.92%	–
PG	New	PROCTER & GAMBLE	$1,415,000	–	18,000	–	0.91%	–
HCN	New	HEALTH CARE REIT	$1,410,000	–	22,500	–	0.91%	–
RCI	New	ROGERS COMMUNI-B	$1,308,000	–	32,500	–	0.84%	–
BHP	New	BHP Billiton, Ltd.sponsored adr	$1,301,000	–	19,000	–	0.84%	–
BTG	New	B2GOLD CORP	$1,296,000	–	444,000	–	0.84%	–
MDT	New	MEDTRONIC INC	$1,288,000	–	20,200	–	0.83%	–
NEM	New	NEWMONT MINING	$1,272,000	–	50,000	–	0.82%	–
BDX	New	BECTON DICKINSON	$1,266,000	–	10,700	–	0.82%	–
NRZ	New	NEW RESIDENTIAL INVMT	$1,260,000	–	200,000	–	0.81%	–
MSFT	New	MICROSOFT CORP	$1,251,000	–	30,000	–	0.81%	–
DOV	New	DOVER CORP	$1,228,000	–	13,500	–	0.79%	–
SSW	New	SEASPAN CORP	$1,171,000	–	50,000	–	0.76%	–
COST	New	COSTCO WHOLESALE	$1,152,000	–	10,000	–	0.74%	–
CPB	New	CAMPBELL SOUP CO	$1,145,000	–	25,000	–	0.74%	–
PFE	New	PFIZER INC	$1,126,000	–	37,924	–	0.73%	–
JPM	New	JPMORGAN CHASE	$1,118,000	–	19,400	–	0.72%	–
AGI	New	ALAMOS GOLD INC	$1,079,000	–	100,000	–	0.70%	–
EXR	New	EXTRA SPACE STOR	$1,065,000	–	20,000	–	0.69%	–
BSBR	New	BANCO SANTANDERadr rep 1 unit	$1,031,000	–	149,000	–	0.66%	–
COH	New	COACH INC	$1,026,000	–	30,000	–	0.66%	–
AEM	New	AGNICO-EAGLE	$985,000	–	25,712	–	0.64%	–
MAT	New	MATTEL INC	$974,000	–	25,000	–	0.63%	–
EGO	New	ELDORADO GOLD	$955,000	–	125,000	–	0.62%	–
COP	New	CONOCOPHILLIPS	$943,000	–	11,000	–	0.61%	–
SU	New	SUNCOR ENERGY	$929,000	–	21,800	–	0.60%	–
SSS	New	SOVRAN SELF STORAGE INC	$927,000	–	12,000	–	0.60%	–
TGT	New	TARGET CORP	$927,000	–	16,000	–	0.60%	–
ETR	New	ENTERGY CORP	$903,000	–	11,000	–	0.58%	–
CCL	New	CARNIVAL CORP	$896,000	–	23,800	–	0.58%	–
PM	New	PHILIP MORRIS	$843,000	–	10,000	–	0.54%	–
RTRAF	New	ROMARCO MINERALS	$832,000	–	1,000,000	–	0.54%	–
QCOM	New	QUALCOMM INC	$792,000	–	10,000	–	0.51%	–
DCMYY	New	NTT DOCOMO INC-SPON ADRsponsored adr	$779,000	–	45,600	–	0.50%	–
CUBE	New	CUBESMART	$733,000	–	40,000	–	0.47%	–
KRC	New	KILROY REALTY	$685,000	–	11,000	–	0.44%	–
FE	New	FIRSTENERGY CORP	$646,000	–	18,600	–	0.42%	–
KIM	New	KIMCO REALTY	$620,000	–	27,000	–	0.40%	–
AU	New	ANGLOGOLD AS-ADRsponsored adr	$516,000	–	30,000	–	0.33%	–
SLV	New	ISHARES SILVER Tishares	$499,000	–	24,643	–	0.32%	–
CLDPQ	New	CLOUD PEAK ENERG	$461,000	–	25,000	–	0.30%	–
NAK	New	NORTHERN DYN MNL	$419,000	–	500,000	–	0.27%	–
CUBEPRA	New	CUBESMART	$395,000	–	15,000	–	0.26%	–
OPRFCL	New	REALTY INCOME CORP	$392,000	–	15,000	–	0.25%	–
AUY	New	YAMANA GOLD INC	$381,000	–	46,324	–	0.25%	–
CHK	New	CHESAPEAKE ENERG	$311,000	–	10,000	–	0.20%	–
UPLMQ	New	ULTRA PETROLEUM	$297,000	–	10,000	–	0.19%	–

Q4 2013

			Value		Shares		↓ Weighting
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-10,230	–	-0.09%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-10,639	–	-0.10%	–
PSB	Exit	PS BUSINESS PKS INC CALIF	$0	–	-2,825	–	-0.14%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-2,100	–	-0.14%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-3,000	–	-0.14%	–
SYT	Exit	SYNGENTA AGsponsored adr	$0	–	-2,678	–	-0.14%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-3,935	–	-0.14%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-3,000	–	-0.15%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-3,500	–	-0.16%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-10,000	–	-0.17%	–
GFI	Exit	GOLD FIELDS LTD NEWsponsored adr	$0	–	-62,000	–	-0.18%	–
CERN	Exit	CERNER CORP	$0	–	-5,600	–	-0.19%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,900	–	-0.19%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-10,000	–	-0.20%	–
PSX	Exit	PHILLIPS 66	$0	–	-5,500	–	-0.20%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-5,300	–	-0.20%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-13,000	–	-0.22%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-11,952	–	-0.24%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-36,000	–	-0.24%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-5,300	–	-0.25%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-8,700	–	-0.25%	–
AU	Exit	ANGLOGOLD ASHANTI LTDsponsored adr	$0	–	-30,000	–	-0.25%	–
PAYX	Exit	PAYCHEX INC	$0	–	-10,000	–	-0.26%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-8,000	–	-0.26%	–
HL	Exit	HECLA MNG CO	$0	–	-134,366	–	-0.27%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,500	–	-0.30%	–
MCK	Exit	MCKESSON CORP	$0	–	-3,800	–	-0.31%	–
EXC	Exit	EXELON CORP	$0	–	-17,000	–	-0.32%	–
ECL	Exit	ECOLAB INC	$0	–	-5,100	–	-0.32%	–
CLF	Exit	CLIFFS NAT RES INC	$0	–	-25,000	–	-0.33%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-24,643	–	-0.33%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-7,100	–	-0.34%	–
HD	Exit	HOME DEPOT INC	$0	–	-7,000	–	-0.34%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-15,000	–	-0.40%	–
NYX	Exit	NYSE EURONEXT	$0	–	-15,000	–	-0.40%	–
IVZ	Exit	INVESCO LTD	$0	–	-20,000	–	-0.41%	–
QCOM	Exit	QUALCOMM INC	$0	–	-10,000	–	-0.43%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-18,600	–	-0.43%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-11,000	–	-0.44%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-20,000	–	-0.45%	–
NAK	Exit	NORTHERN DYNASTY MINERALS LT	$0	–	-500,000	–	-0.47%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-40,000	–	-0.48%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-15,000	–	-0.48%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-8,160	–	-0.49%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-11,000	–	-0.49%	–
DOW	Exit	DOW CHEM CO	$0	–	-20,000	–	-0.49%	–
CCL	Exit	CARNIVAL CORPpaired ctf	$0	–	-23,800	–	-0.50%	–
PCG	Exit	PG&E CORP	$0	–	-19,100	–	-0.50%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-25,000	–	-0.50%	–
PEP	Exit	PEPSICO INC	$0	–	-10,000	–	-0.51%	–
WU	Exit	WESTERN UN CO	$0	–	-42,900	–	-0.51%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-16,000	–	-0.51%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-125,000	–	-0.54%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-34,000	–	-0.54%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-60,000	–	-0.55%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-10,000	–	-0.55%	–
SYY	Exit	SYSCO CORP	$0	–	-27,500	–	-0.56%	–
CSX	Exit	CSX CORP	$0	–	-34,100	–	-0.56%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-25,000	–	-0.57%	–
CLX	Exit	CLOROX CO DEL	$0	–	-11,700	–	-0.61%	–
CSCO	Exit	CISCO SYS INC	$0	–	-41,300	–	-0.62%	–
USB	Exit	US BANCORP DEL	$0	–	-27,000	–	-0.63%	–
ABT	Exit	ABBOTT LABS	$0	–	-30,000	–	-0.64%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-25,000	–	-0.65%	–
TGT	Exit	TARGET CORP	$0	–	-16,000	–	-0.66%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-30,000	–	-0.66%	–
BAX	Exit	BAXTER INTL INC	$0	–	-15,700	–	-0.66%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-30,000	–	-0.66%	–
MAT	Exit	MATTEL INC	$0	–	-25,000	–	-0.67%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-5,700	–	-0.68%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-15,000	–	-0.69%	–
MDT	Exit	MEDTRONIC INC	$0	–	-20,200	–	-0.69%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-10,000	–	-0.69%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-23,000	–	-0.69%	–
PFE	Exit	PFIZER INC	$0	–	-37,924	–	-0.70%	–
PCAR	Exit	PACCAR INC	$0	–	-19,600	–	-0.70%	–
PH	Exit	PARKER HANNIFIN CORP	$0	–	-10,100	–	-0.70%	–
BTG	Exit	B2GOLD CORP	$0	–	-444,000	–	-0.70%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-21,900	–	-0.71%	–
NCT	Exit	NEWCASTLE INVT CORP	$0	–	-200,000	–	-0.72%	–
KO	Exit	COCA COLA CO	$0	–	-30,000	–	-0.73%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-10,700	–	-0.73%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-10,000	–	-0.74%	–
MCD	Exit	MCDONALDS CORP	$0	–	-12,000	–	-0.74%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-22,000	–	-0.74%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-15,000	–	-0.74%	–
STM	Exit	STMICROELECTRONICS N Vny registry	$0	–	-127,300	–	-0.75%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-20,000	–	-0.75%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-12,500	–	-0.75%	–
GIS	Exit	GENERAL MLS INC	$0	–	-25,000	–	-0.77%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-16,000	–	-0.77%	–
DOV	Exit	DOVER CORP	$0	–	-13,500	–	-0.78%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-20,000	–	-0.78%	–
SSW	Exit	SEASPAN CORP	$0	–	-50,000	–	-0.78%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-10,100	–	-0.78%	–
SO	Exit	SOUTHERN CO	$0	–	-30,000	–	-0.79%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-20,000	–	-0.83%	–
KR	Exit	KROGER CO	$0	–	-32,300	–	-0.83%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-200,000	–	-0.85%	–
LPS	Exit	LENDER PROCESSING SVCS INC	$0	–	-40,000	–	-0.85%	–
PHG	Exit	KONINKLIJKE PHILIPS N Vny reg sh new	$0	–	-41,400	–	-0.85%	–
ABBV	Exit	ABBVIE INC	$0	–	-30,000	–	-0.86%	–
AMGN	Exit	AMGEN INC	$0	–	-12,100	–	-0.87%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-13,700	–	-0.88%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-15,000	–	-0.88%	–
BHP	Exit	BHP BILLITON LTDsponsored adr	$0	–	-20,800	–	-0.88%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-50,000	–	-0.90%	–
TWX	Exit	TIME WARNER INC	$0	–	-21,400	–	-0.90%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-35,000	–	-0.90%	–
MAA	Exit	MID-AMER APT CMNTYS INC	$0	–	-22,650	–	-0.90%	–
PPG	Exit	PPG INDS INC	$0	–	-8,501	–	-0.91%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-55,000	–	-0.92%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-42,994	–	-0.92%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-175,000	–	-0.92%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-29,749	–	-0.93%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-17,179	–	-0.94%	–
T	Exit	AT&T INC	$0	–	-45,000	–	-0.97%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-100,000	–	-0.98%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-100,000	–	-1.00%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-1,500,000	–	-1.03%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-319,369	–	-1.03%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-35,000	–	-1.04%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-12,850	–	-1.04%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-50,000	–	-1.06%	–
ACE	Exit	ACE LTD	$0	–	-20,000	–	-1.20%	–
MET	Exit	METLIFE INC	$0	–	-40,000	–	-1.20%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-40,300	–	-1.23%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-48,140	–	-1.27%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-2,300	–	-1.29%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-39,000	–	-1.30%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-25,000	–	-1.33%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-16,871	–	-1.38%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-55,000	–	-1.63%	–
MMM	Exit	3M CO	$0	–	-22,000	–	-1.68%	–
INTC	Exit	INTEL CORP	$0	–	-120,000	–	-1.76%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-56,200	–	-1.86%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-34,100	–	-1.89%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-28,500	–	-2.07%	–
LB	Exit	L BRANDS INC	$0	–	-54,000	–	-2.11%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-147,900	–	-2.26%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-5,475	–	-2.36%	–

Q3 2013

			Value		Shares		↓ Weighting
SLW	Buy	SILVER WHEATON CORP	$842,000	+131.3%	34,000	+83.8%	0.54%	+122.3%
BEN	Buy	FRANKLIN RES INC	$758,000	+11.5%	15,000	+200.0%	0.48%	+7.1%
WMT	Buy	WAL-MART STORES INC	$525,000	-0.8%	7,100	+4.4%	0.34%	-4.5%
FNV	New	FRANCO NEVADA CORP	$394,000	–	8,700	–	0.25%	–
AUY	New	YAMANA GOLD INC	$374,000	–	36,000	–	0.24%	–
AEM	New	AGNICO EAGLE MINES LTD	$344,000	–	13,000	–	0.22%	–
CERN	Buy	CERNER CORP	$294,000	+9.3%	5,600	+100.0%	0.19%	+5.0%
GFI	New	GOLD FIELDS LTD NEWsponsored adr	$283,000	–	62,000	–	0.18%	–
SPLS	Exit	STAPLES INC	$0	–	-53,200	–	-0.56%	–
SVM	Exit	SILVERCORP METALS INC	$0	–	-300,000	–	-0.56%	–

Q2 2013

			Value		Shares		↓ Weighting
GE	New	GENERAL ELECTRIC CO	$3,430,000	–	147,900	–	2.28%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,190,000	–	28,500	–	2.12%	–
MA	New	MASTERCARD INCcl a	$3,145,000	–	5,475	–	2.10%	–
JPM	New	JPMORGAN CHASE & CO	$2,967,000	–	56,200	–	1.98%	–
JNJ	New	JOHNSON & JOHNSON	$2,927,000	–	34,100	–	1.95%	–
INTC	New	INTEL CORP	$2,906,000	–	120,000	–	1.94%	–
LB	New	L BRANDS INC	$2,660,000	–	54,000	–	1.77%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$2,458,000	–	55,000	–	1.64%	–
MMM	New	3M CO	$2,406,000	–	22,000	–	1.60%	–
GOOGL	New	GOOGLE INCcl a	$2,025,000	–	2,300	–	1.35%	–
GLD	New	SPDR GOLD TRUST	$2,010,000	–	16,871	–	1.34%	–
WFC	New	WELLS FARGO & CO NEW	$1,987,000	–	48,140	–	1.32%	–
HON	New	HONEYWELL INTL INC	$1,984,000	–	25,000	–	1.32%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$1,971,000	–	39,000	–	1.31%	–
MRK	New	MERCK & CO INC NEW	$1,872,000	–	40,300	–	1.25%	–
MET	New	METLIFE INC	$1,830,000	–	40,000	–	1.22%	–
ACE	New	ACE LTD	$1,790,000	–	20,000	–	1.19%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,762,000	–	35,000	–	1.17%	–
AVB	New	AVALONBAY CMNTYS INC	$1,734,000	–	12,850	–	1.16%	–
KGC	New	KINROSS GOLD CORP	$1,629,000	–	319,369	–	1.08%	–
T	New	AT&T INC	$1,593,000	–	45,000	–	1.06%	–
XOM	New	EXXON MOBIL CORP	$1,553,000	–	17,179	–	1.04%	–
MAA	New	MID-AMER APT CMNTYS INC	$1,535,000	–	22,650	–	1.02%	–
NEM	New	NEWMONT MINING CORP	$1,498,000	–	50,000	–	1.00%	–
MSFT	New	MICROSOFT CORP	$1,485,000	–	42,994	–	0.99%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$1,381,000	–	50,000	–	0.92%	–
GG	New	GOLDCORP INC NEW	$1,360,000	–	55,000	–	0.91%	–
BDX	New	BECTON DICKINSON & CO	$1,353,000	–	13,700	–	0.90%	–
PLG	New	PLATINUM GROUP METALS LTD	$1,350,000	–	1,500,000	–	0.90%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$1,348,000	–	200,000	–	0.90%	–
SO	New	SOUTHERN CO	$1,324,000	–	30,000	–	0.88%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$1,304,000	–	35,000	–	0.87%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$1,297,000	–	15,000	–	0.86%	–
LPS	New	LENDER PROCESSING SVCS INC	$1,294,000	–	40,000	–	0.86%	–
ORI	New	OLD REP INTL CORP	$1,287,000	–	100,000	–	0.86%	–
PPG	New	PPG INDS INC	$1,245,000	–	8,501	–	0.83%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,243,000	–	20,000	–	0.83%	–
ABBV	New	ABBVIE INC	$1,240,000	–	30,000	–	0.83%	–
TWX	New	TIME WARNER INC	$1,237,000	–	21,400	–	0.82%	–
PG	New	PROCTER & GAMBLE CO	$1,232,000	–	16,000	–	0.82%	–
KRFT	New	KRAFT FOODS GROUP INC	$1,229,000	–	22,000	–	0.82%	–
RIO	New	RIO TINTO PLCsponsored adr	$1,222,000	–	29,749	–	0.81%	–
KMB	New	KIMBERLY CLARK CORP	$1,214,000	–	12,500	–	0.81%	–
GIS	New	GENERAL MLS INC	$1,213,000	–	25,000	–	0.81%	–
AGI	New	ALAMOS GOLD INC	$1,208,000	–	100,000	–	0.80%	–
KO	New	COCA COLA CO	$1,203,000	–	30,000	–	0.80%	–
BHP	New	BHP BILLITON LTDsponsored adr	$1,199,000	–	20,800	–	0.80%	–
CVX	New	CHEVRON CORP NEW	$1,195,000	–	10,100	–	0.80%	–
AMGN	New	AMGEN INC	$1,194,000	–	12,100	–	0.80%	–
MCD	New	MCDONALDS CORP	$1,188,000	–	12,000	–	0.79%	–
HBM	New	HUDBAY MINERALS INC	$1,155,000	–	175,000	–	0.77%	–
STM	New	STMICROELECTRONICS N Vny registry	$1,144,000	–	127,300	–	0.76%	–
MAT	New	MATTEL INC	$1,133,000	–	25,000	–	0.76%	–
SNY	New	SANOFIsponsored adr	$1,128,000	–	21,900	–	0.75%	–
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$1,126,000	–	41,400	–	0.75%	–
CPB	New	CAMPBELL SOUP CO	$1,120,000	–	25,000	–	0.75%	–
KR	New	KROGER CO	$1,116,000	–	32,300	–	0.74%	–
COST	New	COSTCO WHSL CORP NEW	$1,106,000	–	10,000	–	0.74%	–
TGT	New	TARGET CORP	$1,102,000	–	16,000	–	0.73%	–
EMR	New	EMERSON ELEC CO	$1,091,000	–	20,000	–	0.73%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,090,000	–	15,000	–	0.73%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,089,000	–	5,700	–	0.72%	–
BAX	New	BAXTER INTL INC	$1,088,000	–	15,700	–	0.72%	–
PFE	New	PFIZER INC	$1,062,000	–	37,924	–	0.71%	–
PCAR	New	PACCAR INC	$1,052,000	–	19,600	–	0.70%	–
DD	New	DU PONT E I DE NEMOURS & CO	$1,050,000	–	20,000	–	0.70%	–
MO	New	ALTRIA GROUP INC	$1,050,000	–	30,000	–	0.70%	–
DOV	New	DOVER CORP	$1,048,000	–	13,500	–	0.70%	–
ABT	New	ABBOTT LABS	$1,046,000	–	30,000	–	0.70%	–
NCT	New	NEWCASTLE INVT CORP	$1,046,000	–	200,000	–	0.70%	–
NAK	New	NORTHERN DYNASTY MINERALS LT	$1,045,000	–	500,000	–	0.70%	–
MDT	New	MEDTRONIC INC	$1,040,000	–	20,200	–	0.69%	–
SSW	New	SEASPAN CORP	$1,038,000	–	50,000	–	0.69%	–
ADI	New	ANALOG DEVICES INC	$1,036,000	–	23,000	–	0.69%	–
SE	New	SPECTRA ENERGY CORP	$1,034,000	–	30,000	–	0.69%	–
CSCO	New	CISCO SYS INC	$1,004,000	–	41,300	–	0.67%	–
USB	New	US BANCORP DEL	$976,000	–	27,000	–	0.65%	–
CLX	New	CLOROX CO DEL	$973,000	–	11,700	–	0.65%	–
PH	New	PARKER HANNIFIN CORP	$964,000	–	10,100	–	0.64%	–
GOLD	New	RANDGOLD RES LTDadr	$961,000	–	15,000	–	0.64%	–
KMI	New	KINDER MORGAN INC DEL	$954,000	–	25,000	–	0.64%	–
BTG	New	B2GOLD CORP	$943,000	–	444,000	–	0.63%	–
SYY	New	SYSCO CORP	$939,000	–	27,500	–	0.63%	–
UTX	New	UNITED TECHNOLOGIES CORP	$929,000	–	10,000	–	0.62%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$894,000	–	60,000	–	0.60%	–
ROK	New	ROCKWELL AUTOMATION INC	$890,000	–	10,700	–	0.59%	–
LUMN	New	CENTURYLINK INC	$884,000	–	25,000	–	0.59%	–
PCG	New	PG&E CORP	$873,000	–	19,100	–	0.58%	–
PM	New	PHILIP MORRIS INTL INC	$866,000	–	10,000	–	0.58%	–
SVM	New	SILVERCORP METALS INC	$846,000	–	300,000	–	0.56%	–
SPLS	New	STAPLES INC	$844,000	–	53,200	–	0.56%	–
PEP	New	PEPSICO INC	$818,000	–	10,000	–	0.54%	–
CCL	New	CARNIVAL CORPpaired ctf	$816,000	–	23,800	–	0.54%	–
CSX	New	CSX CORP	$791,000	–	34,100	–	0.53%	–
EGO	New	ELDORADO GOLD CORP NEW	$773,000	–	125,000	–	0.52%	–
TAP	New	MOLSON COORS BREWING COcl b	$766,000	–	16,000	–	0.51%	–
ETR	New	ENTERGY CORP NEW	$766,000	–	11,000	–	0.51%	–
WU	New	WESTERN UN CO	$734,000	–	42,900	–	0.49%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$728,000	–	8,160	–	0.48%	–
FE	New	FIRSTENERGY CORP	$695,000	–	18,600	–	0.46%	–
BEN	New	FRANKLIN RES INC	$680,000	–	5,000	–	0.45%	–
COP	New	CONOCOPHILLIPS	$666,000	–	11,000	–	0.44%	–
DOW	New	DOW CHEM CO	$643,000	–	20,000	–	0.43%	–
IVZ	New	INVESCO LTD	$636,000	–	20,000	–	0.42%	–
GOLD	New	BARRICK GOLD CORP	$630,000	–	40,000	–	0.42%	–
NYX	New	NYSE EURONEXT	$621,000	–	15,000	–	0.41%	–
QCOM	New	QUALCOMM INC	$611,000	–	10,000	–	0.41%	–
WM	New	WASTE MGMT INC DEL	$605,000	–	15,000	–	0.40%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$575,000	–	20,000	–	0.38%	–
HD	New	HOME DEPOT INC	$542,000	–	7,000	–	0.36%	–
WMT	New	WAL-MART STORES INC	$529,000	–	6,800	–	0.35%	–
EXC	New	EXELON CORP	$525,000	–	17,000	–	0.35%	–
SLV	New	ISHARES SILVER TRUSTishares	$467,000	–	24,643	–	0.31%	–
MCK	New	MCKESSON CORP	$435,000	–	3,800	–	0.29%	–
ECL	New	ECOLAB INC	$434,000	–	5,100	–	0.29%	–
AU	New	ANGLOGOLD ASHANTI LTDsponsored adr	$429,000	–	30,000	–	0.29%	–
AMZN	New	AMAZON COM INC	$417,000	–	1,500	–	0.28%	–
CLF	New	CLIFFS NAT RES INC	$406,000	–	25,000	–	0.27%	–
HL	New	HECLA MNG CO	$400,000	–	134,366	–	0.27%	–
ACN	New	ACCENTURE PLC-CL A	$381,000	–	5,300	–	0.25%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$378,000	–	8,000	–	0.25%	–
ZTS	New	ZOETIS INCcl a	$369,000	–	11,952	–	0.25%	–
PAYX	New	PAYCHEX INC	$365,000	–	10,000	–	0.24%	–
SLW	New	SILVER WHEATON CORP	$364,000	–	18,500	–	0.24%	–
CHD	New	CHURCH & DWIGHT INC	$327,000	–	5,300	–	0.22%	–
PSX	New	PHILLIPS 66	$324,000	–	5,500	–	0.22%	–
GS	New	GOLDMAN SACHS GROUP INC	$287,000	–	1,900	–	0.19%	–
MDLZ	New	MONDELEZ INTERNATIONALcl a	$285,000	–	10,000	–	0.19%	–
CERN	New	CERNER CORP	$269,000	–	2,800	–	0.18%	–
UNH	New	UNITEDHEALTH GROUP INC	$229,000	–	3,500	–	0.15%	–
NVS	New	NOVARTIS A Gsponsored adr	$212,000	–	3,000	–	0.14%	–
SYT	New	SYNGENTA AGsponsored adr	$209,000	–	2,678	–	0.14%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$207,000	–	3,000	–	0.14%	–
PSB	New	PS BUSINESS PKS INC CALIF	$204,000	–	2,825	–	0.14%	–
CHK	New	CHESAPEAKE ENERGY CORP	$204,000	–	10,000	–	0.14%	–
CNI	New	CANADIAN NATL RY CO	$204,000	–	2,100	–	0.14%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$204,000	–	3,935	–	0.14%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$138,000	–	10,639	–	0.09%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$132,000	–	10,230	–	0.09%	–

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