FLIPPIN BRUCE & PORTER INC Activity Q4 1999-Q1 2021

Q1 2021

			Value		Shares		↓ Weighting
AVGO	Sell	BROADCOM LTD SHS	$22,266,000	+3.7%	48,023	-2.0%	4.02%	-5.3%
JPM	Sell	JPMORGAN CHASE	$18,752,000	-2.7%	123,188	-18.8%	3.39%	-11.3%
NUE	Sell	NUCOR CORP	$16,707,000	+48.6%	208,137	-1.6%	3.02%	+35.5%
CSCO	Sell	CISCO SYSTEMS INC	$15,132,000	+14.0%	292,643	-1.3%	2.74%	+4.1%
IBM	Buy	INTL BUSINESS MACHINES	$14,839,000	+6.0%	111,359	+0.2%	2.68%	-3.2%
JNJ	Sell	JOHNSON & JOHNSON	$14,722,000	+3.7%	89,577	-0.7%	2.66%	-5.4%
HPQ	Sell	HP INC COM	$14,265,000	+0.9%	449,292	-21.8%	2.58%	-7.9%
CVS	Sell	CVS HEALTH CORP	$14,218,000	+8.3%	188,994	-1.7%	2.57%	-1.2%
VIAC	Sell	VIACOMCBS INC	$14,092,000	+2.0%	312,480	-15.7%	2.55%	-6.9%
MRK	Sell	MERCK & CO INC	$13,170,000	-7.3%	170,844	-1.6%	2.38%	-15.4%
K	Buy	KELLOGG CO	$12,979,000	+16.4%	205,052	+14.4%	2.35%	+6.2%
RTX	Sell	RAYTHEON TECHNOLOGIES COM	$12,184,000	+6.5%	157,688	-1.5%	2.20%	-2.8%
USB	Sell	US BANCORP DEL	$12,062,000	+16.2%	218,086	-2.1%	2.18%	+6.0%
TFC	Sell	TRUIST FINL CORP	$11,342,000	+19.2%	194,481	-2.1%	2.05%	+8.7%
DOW	Sell	DOW INC COM	$11,329,000	+13.4%	177,188	-1.6%	2.05%	+3.5%
PFE	Sell	PFIZER INC	$11,242,000	-2.1%	310,306	-0.6%	2.03%	-10.7%
MET	Sell	METLIFE INC COM	$10,954,000	+27.6%	180,202	-1.5%	1.98%	+16.4%
KEY	Sell	KEYCORP	$10,824,000	+19.3%	541,790	-2.0%	1.96%	+8.9%
TPR	Sell	TAPESTRY INC COM	$10,624,000	-16.6%	257,810	-37.1%	1.92%	-23.9%
DUK	Sell	DUKE ENERGY CORP	$10,303,000	+4.5%	106,738	-0.9%	1.86%	-4.6%
WFC	Buy	WELLS FARGO & CO	$10,129,000	+32.3%	259,256	+2.2%	1.83%	+20.7%
UPS	Sell	UNITED PARCEL SERVICE CL B	$10,027,000	-1.9%	58,990	-2.8%	1.81%	-10.5%
LNC	Sell	LINCOLN NATIONAL	$10,006,000	+22.2%	160,697	-1.3%	1.81%	+11.5%
SJM	Sell	SMUCKER J M CO	$9,949,000	+8.1%	78,631	-1.2%	1.80%	-1.3%
BMY	Sell	BRISTOL-MYERS SQUIBB	$9,692,000	+0.9%	153,528	-0.9%	1.75%	-8.0%
PM	Sell	PHILIP MORRIS INTL	$9,429,000	+5.1%	106,255	-1.9%	1.70%	-4.1%
SPG	Sell	SIMON PPTY GROUP	$9,395,000	+29.9%	82,583	-2.6%	1.70%	+18.5%
T	Sell	A T & T INC	$9,241,000	+4.6%	305,311	-0.6%	1.67%	-4.5%
GPC	Sell	GENUINE PARTS CO	$9,056,000	+11.8%	78,350	-2.8%	1.64%	+2.1%
INTC	Sell	INTEL CORP	$8,693,000	+27.6%	135,836	-0.7%	1.57%	+16.4%
CVX	Sell	CHEVRON CORP	$8,670,000	+22.4%	82,744	-1.3%	1.57%	+11.7%
RDSB	Sell	ROYAL DUTCH SHELL PLC SPON ADR	$8,502,000	+9.4%	230,864	-0.2%	1.54%	-0.2%
COP	Sell	CONOCOPHILLIPS	$8,190,000	+30.9%	154,630	-1.2%	1.48%	+19.5%
KSS	Sell	KOHL'S CORP	$7,858,000	-7.3%	131,836	-36.7%	1.42%	-15.4%
XOM	Buy	EXXON MOBIL	$7,753,000	+40.4%	138,876	+3.7%	1.40%	+28.2%
VTR	Sell	VENTAS INC COM	$7,584,000	+6.3%	142,192	-2.3%	1.37%	-3.0%
ADM	Sell	ARCHER DANIELS MIDLAND COMPAN	$7,540,000	-33.9%	132,292	-41.5%	1.36%	-39.7%
VZ	Buy	VERIZON COMMUNICATIONS	$7,441,000	+1634.5%	127,965	+1650.5%	1.34%	+1482.4%
MDLZ	Buy	MONDELEZ INTL INC CL A	$7,231,000	+2002.0%	123,557	+2000.6%	1.31%	+1822.1%
PRU	Sell	PRUDENTIAL FINL INC	$7,084,000	+16.0%	77,763	-0.6%	1.28%	+5.9%
BK	Buy	BANK NEW YORK MELLON CORP	$6,749,000	+266.2%	142,733	+228.6%	1.22%	+234.2%
PBCT	Sell	PEOPLES UTD FINL	$6,071,000	+37.9%	339,216	-0.4%	1.10%	+25.9%
EMR	Sell	EMERSON ELEC CO	$5,899,000	-31.4%	65,388	-38.9%	1.07%	-37.4%
BAC	Sell	BANK OF AMERICA	$5,691,000	+24.8%	147,104	-2.2%	1.03%	+13.8%
CMP	Sell	COMPASS MINLS INTL	$5,258,000	+1.1%	83,839	-0.5%	0.95%	-7.7%
PSA	Sell	PUBLIC STORAGE	$5,017,000	+5.9%	20,331	-0.9%	0.91%	-3.4%
FHN	New	FIRST HORIZON CORP	$4,819,000	–	285,010	–	0.87%	–
PPL	Sell	PPL CORP	$4,820,000	+1.8%	167,159	-0.5%	0.87%	-7.1%
LMT	New	LOCKHEED MARTIN CORP	$4,687,000	–	12,686	–	0.85%	–
NFG	Buy	NATIONAL FUEL GAS N J	$4,647,000	+22.1%	92,977	+0.5%	0.84%	+11.4%
TSN	Sell	TYSON FOODS CL A	$4,519,000	+14.0%	60,828	-1.1%	0.82%	+4.1%
DOX	Sell	AMDOCS LTD SHS	$4,320,000	-2.5%	61,586	-1.4%	0.78%	-10.9%
MDT	Buy	MEDTRONIC PLC SHS	$4,009,000	+0.9%	33,940	+0.1%	0.72%	-7.9%
FDX	Sell	FEDEX CORP	$3,937,000	+9.1%	13,864	-0.2%	0.71%	-0.4%
MSFT	Sell	MICROSOFT CORP	$3,872,000	+5.2%	16,426	-0.7%	0.70%	-4.0%
AAPL	Buy	APPLE INC	$3,650,000	-7.2%	29,884	+0.8%	0.66%	-15.4%
ETN	Sell	EATON CORP PLC SHS	$3,135,000	-74.5%	22,672	-77.8%	0.57%	-76.7%
COF	Sell	CAPITAL ONE FINANCIAL	$3,062,000	+27.8%	24,073	-0.7%	0.55%	+16.9%
WMT	Sell	WALMART INC	$2,489,000	-14.9%	18,329	-9.7%	0.45%	-22.3%
TRV	Sell	TRAVELERS COS INC	$2,343,000	+6.1%	15,582	-0.9%	0.42%	-3.0%
TGT	Sell	TARGET CORP	$1,921,000	+10.2%	9,703	-1.7%	0.35%	+0.6%
DVN	Sell	DEVON ENERGY	$1,844,000	-79.2%	84,417	-84.9%	0.33%	-81.0%
TT	Sell	TRANE TECHNOLOGIES PLC SHS	$1,705,000	+12.7%	10,304	-1.1%	0.31%	+2.7%
MOS	Sell	MOSAIC CO	$1,510,000	+37.0%	47,771	-0.2%	0.27%	+25.2%
F	Sell	FORD MTR CO	$1,438,000	+38.4%	117,426	-0.7%	0.26%	+26.2%
FCX	Sell	FREEPORT-MCMORAN	$1,329,000	+24.9%	40,365	-1.3%	0.24%	+13.7%
TJX	Sell	TJX COS INC NEW	$1,231,000	-3.5%	18,621	-0.3%	0.22%	-11.9%
PEP	Sell	PEPSICO INC	$1,185,000	-5.0%	8,379	-0.3%	0.21%	-13.4%
WU	Sell	WESTERN UNION CO	$1,080,000	+12.0%	43,814	-0.2%	0.20%	+2.1%
GE	Sell	GENERAL ELECTRIC	$1,061,000	-10.2%	80,809	-26.1%	0.19%	-17.9%
LUMN	New	LUMEN TECH INC	$1,057,000	–	79,227	–	0.19%	–
CCL	Sell	CARNIVAL CORP	$831,000	+10.2%	31,312	-10.1%	0.15%	+0.7%
CSX	Sell	CSX CORP	$241,000	+2.1%	2,500	-3.8%	0.04%	-6.4%
IR	New	INGERSOLL RAND INC COM	$208,000	–	4,234	–	0.04%	–
LUMN	Exit	LUMEN TECH INC	$0	–	-79,532	–	-0.15%	–
NOK	Exit	NOKIA CORP ADR	$0	–	-368,685	–	-0.29%	–

Q4 2020

			Value		Shares		↓ Weighting
AVGO	Sell	BROADCOM LTD SHS	$21,463,000	+17.8%	49,019	-2.0%	4.25%	+3.9%
JPM	Sell	JPMORGAN CHASE	$19,280,000	+28.8%	151,725	-2.4%	3.82%	+13.7%
JNJ	Sell	JOHNSON & JOHNSON	$14,201,000	+3.1%	90,234	-2.5%	2.81%	-9.1%
MRK	Sell	MERCK & CO INC	$14,200,000	-3.7%	173,596	-2.4%	2.81%	-15.1%
HPQ	Sell	HP INC COM	$14,136,000	+26.4%	574,887	-2.4%	2.80%	+11.5%
IBM	Sell	INTL BUSINESS MACHINES	$13,997,000	+0.2%	111,192	-3.1%	2.77%	-11.6%
VIAC	Sell	VIACOMCBS INC	$13,817,000	+30.0%	370,827	-2.3%	2.74%	+14.7%
CSCO	Sell	CISCO SYSTEMS INC	$13,270,000	+10.9%	296,544	-2.4%	2.63%	-2.2%
CVS	Sell	CVS HEALTH CORP	$13,131,000	+14.2%	192,253	-2.3%	2.60%	+0.8%
TPR	Sell	TAPESTRY INC COM	$12,739,000	+74.7%	409,887	-12.1%	2.52%	+54.2%
ETN	Sell	EATON CORP PLC SHS	$12,288,000	-7.4%	102,282	-21.4%	2.43%	-18.3%
PFE	Sell	PFIZER INC	$11,486,000	-2.4%	312,031	-2.7%	2.28%	-14.0%
RTX	Sell	RAYTHEON TECHNOLOGIES COM	$11,444,000	+21.7%	160,028	-2.0%	2.27%	+7.4%
ADM	Sell	ARCHER DANIELS MIDLAND COMPAN	$11,409,000	+5.6%	226,329	-2.6%	2.26%	-6.8%
NUE	Sell	NUCOR CORP	$11,246,000	+16.1%	211,436	-2.1%	2.23%	+2.4%
K	Sell	KELLOGG CO	$11,154,000	-5.7%	179,244	-2.2%	2.21%	-16.8%
USB	Sell	US BANCORP DEL	$10,381,000	+26.5%	222,811	-2.7%	2.06%	+11.6%
UPS	Sell	UNITED PARCEL SERVICE CL B	$10,223,000	-4.4%	60,708	-5.4%	2.02%	-15.6%
DOW	Sell	DOW INC COM	$9,992,000	+15.1%	180,032	-2.5%	1.98%	+1.5%
DUK	Sell	DUKE ENERGY CORP	$9,860,000	+1.0%	107,686	-2.3%	1.95%	-10.9%
BMY	Sell	BRISTOL-MYERS SQUIBB	$9,609,000	+0.9%	154,907	-2.0%	1.90%	-11.0%
TFC	Sell	TRUIST FINL CORP	$9,519,000	+22.6%	198,593	-2.7%	1.89%	+8.1%
SJM	Sell	SMUCKER J M CO	$9,204,000	-2.2%	79,620	-2.3%	1.82%	-13.8%
KEY	Sell	KEYCORP	$9,071,000	+33.7%	552,801	-2.8%	1.80%	+18.0%
PM	Sell	PHILIP MORRIS INTL	$8,970,000	+8.0%	108,352	-2.2%	1.78%	-4.7%
DVN	Sell	DEVON ENERGY	$8,862,000	+57.7%	560,541	-5.7%	1.76%	+39.1%
T	Sell	A T & T INC	$8,835,000	-2.8%	307,188	-3.6%	1.75%	-14.2%
EMR	Sell	EMERSON ELEC CO	$8,603,000	+19.7%	107,047	-2.4%	1.70%	+5.6%
MET	Sell	METLIFE INC COM	$8,586,000	+23.3%	182,871	-2.3%	1.70%	+8.8%
KSS	Sell	KOHL'S CORP	$8,473,000	+114.2%	208,243	-2.4%	1.68%	+89.1%
LNC	Sell	LINCOLN NATIONAL	$8,188,000	+55.5%	162,749	-3.1%	1.62%	+37.2%
GPC	Sell	GENUINE PARTS CO	$8,097,000	+3.7%	80,624	-1.7%	1.60%	-8.6%
RDSB	Sell	ROYAL DUTCH SHELL PLC SPON ADR	$7,773,000	+34.7%	231,256	-2.9%	1.54%	+18.9%
WFC	Sell	WELLS FARGO & CO	$7,657,000	+21.3%	253,710	-5.5%	1.52%	+7.0%
SPG	Sell	SIMON PPTY GROUP	$7,232,000	+27.1%	84,807	-3.6%	1.43%	+12.2%
VTR	Sell	VENTAS INC COM	$7,135,000	+13.8%	145,498	-2.7%	1.41%	+0.4%
CVX	Sell	CHEVRON CORP	$7,083,000	+14.8%	83,874	-2.1%	1.40%	+1.2%
INTC	Buy	INTEL CORP	$6,814,000	+15.7%	136,767	+20.3%	1.35%	+2.1%
COP	Sell	CONOCOPHILLIPS	$6,256,000	+19.2%	156,447	-2.1%	1.24%	+5.2%
PRU	Sell	PRUDENTIAL FINL INC	$6,109,000	+19.7%	78,256	-2.6%	1.21%	+5.6%
XOM	Buy	EXXON MOBIL	$5,522,000	+22.8%	133,957	+2.3%	1.09%	+8.4%
CMP	Sell	COMPASS MINLS INTL	$5,200,000	+3.5%	84,245	-0.5%	1.03%	-8.7%
PSA	Sell	PUBLIC STORAGE	$4,738,000	+1.1%	20,518	-2.5%	0.94%	-10.7%
PPL	Sell	PPL CORP	$4,736,000	+0.9%	167,949	-2.7%	0.94%	-11.1%
BAC	Buy	BANK OF AMERICA	$4,561,000	+26.0%	150,474	+0.2%	0.90%	+11.2%
DOX	Sell	AMDOCS LTD SHS	$4,429,000	+21.7%	62,446	-1.5%	0.88%	+7.3%
PBCT	Sell	PEOPLES UTD FINL	$4,402,000	+21.8%	340,431	-2.9%	0.87%	+7.4%
MDT	New	MEDTRONIC PLC SHS	$3,973,000	–	33,915	–	0.79%	–
TSN	Sell	TYSON FOODS CL A	$3,963,000	+6.4%	61,503	-1.8%	0.78%	-6.1%
AAPL	Sell	APPLE INC	$3,935,000	+11.3%	29,658	-2.8%	0.78%	-1.8%
NFG	New	NATIONAL FUEL GAS N J	$3,805,000	–	92,515	–	0.75%	–
MSFT	Sell	MICROSOFT CORP	$3,681,000	+2.1%	16,548	-3.4%	0.73%	-9.9%
FDX	Sell	FEDEX CORP	$3,608,000	+0.9%	13,897	-2.2%	0.72%	-11.0%
WMT	Sell	WALMART INC	$2,925,000	-69.6%	20,289	-70.5%	0.58%	-73.2%
COF	Sell	CAPITAL ONE FINANCIAL	$2,395,000	+36.7%	24,232	-0.6%	0.47%	+20.6%
TRV	Sell	TRAVELERS COS INC	$2,208,000	+28.0%	15,728	-1.3%	0.44%	+12.9%
BK	Sell	BANK NEW YORK MELLON CORP	$1,843,000	+19.9%	43,436	-3.0%	0.36%	+5.8%
TGT	Sell	TARGET CORP	$1,743,000	-18.7%	9,875	-27.5%	0.34%	-28.3%
TT	Sell	TRANE TECHNOLOGIES PLC SHS	$1,513,000	+16.0%	10,420	-3.1%	0.30%	+2.4%
NOK	Sell	NOKIA CORP ADR	$1,442,000	-5.1%	368,685	-5.1%	0.29%	-16.1%
TJX	Sell	TJX COS INC NEW	$1,275,000	+21.2%	18,673	-1.2%	0.25%	+7.2%
PEP	Sell	PEPSICO INC	$1,247,000	+3.1%	8,408	-3.6%	0.25%	-8.9%
GE	Sell	GENERAL ELECTRIC	$1,181,000	+67.0%	109,359	-3.7%	0.23%	+47.2%
MOS	Sell	MOSAIC CO	$1,102,000	+24.0%	47,882	-1.5%	0.22%	+9.0%
FCX	Sell	FREEPORT-MCMORAN	$1,064,000	+9.7%	40,888	-34.1%	0.21%	-3.2%
F	Sell	FORD MTR CO	$1,039,000	+19.7%	118,219	-9.3%	0.21%	+5.6%
WU	Sell	WESTERN UNION CO	$964,000	-0.6%	43,922	-3.0%	0.19%	-12.4%
LUMN	Sell	LUMEN TECH INC	$775,000	-6.7%	79,532	-3.4%	0.15%	-17.6%
CCL	Sell	CARNIVAL CORP	$754,000	+28.7%	34,816	-9.8%	0.15%	+12.9%
CSX	Sell	CSX CORP	$236,000	+8.8%	2,600	-7.1%	0.05%	-4.1%
D	Exit	DOMINION ENERGY	$0	–	-2,650	–	-0.05%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-27,480	–	-0.88%	–

Q3 2020

			Value		Shares		↓ Weighting
AVGO	Sell	BROADCOM LTD SHS	$18,222,000	+11.0%	50,017	-3.9%	4.09%	+11.1%
JPM	Sell	JPMORGAN CHASE	$14,968,000	-2.4%	155,480	-4.6%	3.36%	-2.3%
MRK	Sell	MERCK & CO INC	$14,753,000	+2.6%	177,858	-4.4%	3.31%	+2.7%
IBM	Sell	INTL BUSINESS MACHINES	$13,964,000	-3.5%	114,766	-4.2%	3.14%	-3.4%
JNJ	Sell	JOHNSON & JOHNSON	$13,776,000	+2.4%	92,531	-3.3%	3.09%	+2.5%
ETN	Sell	EATON CORP PLC SHS	$13,275,000	+10.1%	130,106	-5.6%	2.98%	+10.2%
CSCO	Sell	CISCO SYSTEMS INC	$11,965,000	-18.8%	303,767	-3.9%	2.69%	-18.7%
K	Sell	KELLOGG CO	$11,834,000	-5.7%	183,222	-3.5%	2.66%	-5.5%
PFE	Sell	PFIZER INC	$11,773,000	+8.3%	320,784	-3.5%	2.64%	+8.4%
CVS	Sell	CVS HEALTH CORP	$11,494,000	-14.3%	196,815	-4.6%	2.58%	-14.2%
HPQ	Sell	HP INC COM	$11,180,000	+5.4%	588,756	-3.3%	2.51%	+5.5%
ADM	Sell	ARCHER DANIELS MIDLAND COMPAN	$10,802,000	+12.6%	232,341	-3.4%	2.43%	+12.7%
UPS	Sell	UNITED PARCEL SERVICE CL B	$10,689,000	-14.3%	64,145	-42.8%	2.40%	-14.2%
VIAC	Sell	VIACOMCBS INC	$10,628,000	+14.3%	379,423	-4.9%	2.39%	+14.4%
DUK	Buy	DUKE ENERGY CORP	$9,764,000	+78.6%	110,258	+61.1%	2.19%	+78.9%
NUE	Sell	NUCOR CORP	$9,687,000	+4.7%	215,934	-3.4%	2.18%	+4.8%
WMT	Sell	WALMART INC	$9,614,000	+10.0%	68,715	-5.8%	2.16%	+10.2%
BMY	Sell	BRISTOL-MYERS SQUIBB	$9,526,000	-1.0%	158,008	-3.5%	2.14%	-0.9%
SJM	Sell	SMUCKER J M CO	$9,413,000	+4.0%	81,483	-4.8%	2.11%	+4.1%
RTX	Buy	RAYTHEON TECHNOLOGIES COM	$9,400,000	+127.1%	163,366	+143.2%	2.11%	+127.5%
T	Sell	A T & T INC	$9,086,000	-11.7%	318,704	-6.4%	2.04%	-11.6%
DOW	Buy	DOW INC COM	$8,684,000	+31.9%	184,559	+14.3%	1.95%	+32.1%
PM	Sell	PHILIP MORRIS INTL	$8,305,000	+1.7%	110,743	-5.0%	1.86%	+1.9%
USB	Sell	US BANCORP DEL	$8,209,000	-6.6%	228,970	-4.0%	1.84%	-6.4%
GPC	Sell	GENUINE PARTS CO	$7,809,000	+8.0%	82,052	-1.4%	1.75%	+8.1%
TFC	Sell	TRUIST FINL CORP	$7,766,000	-2.3%	204,092	-3.6%	1.74%	-2.1%
TPR	Buy	TAPESTRY INC COM	$7,292,000	+36.7%	466,555	+16.2%	1.64%	+36.9%
EMR	Buy	EMERSON ELEC CO	$7,188,000	+53.8%	109,630	+45.5%	1.61%	+54.0%
MET	Sell	METLIFE INC COM	$6,961,000	-1.8%	187,265	-3.5%	1.56%	-1.7%
KEY	Sell	KEYCORP	$6,784,000	-6.7%	568,653	-4.7%	1.52%	-6.6%
WFC	Buy	WELLS FARGO & CO	$6,314,000	+2.8%	268,584	+12.0%	1.42%	+3.0%
VTR	Sell	VENTAS INC COM	$6,272,000	+6.3%	149,474	-7.3%	1.41%	+6.3%
CVX	Sell	CHEVRON CORP	$6,170,000	-21.3%	85,696	-2.4%	1.39%	-21.1%
INTC	Buy	INTEL CORP	$5,889,000	0.0%	113,730	+15.5%	1.32%	+0.1%
RDSB	Sell	ROYAL DUTCH SHELL PLC SPON ADR	$5,769,000	-23.8%	238,198	-4.2%	1.30%	-23.7%
SPG	Buy	SIMON PPTY GROUP	$5,688,000	+38.5%	87,946	+46.4%	1.28%	+38.7%
DVN	Buy	DEVON ENERGY	$5,621,000	+271.8%	594,176	+345.7%	1.26%	+272.3%
LNC	Sell	LINCOLN NATIONAL	$5,264,000	-15.7%	168,023	-1.1%	1.18%	-15.6%
COP	Sell	CONOCOPHILLIPS	$5,248,000	-24.1%	159,801	-2.8%	1.18%	-24.0%
PRU	Sell	PRUDENTIAL FINL INC	$5,104,000	+0.2%	80,358	-4.0%	1.15%	+0.3%
CMP	Sell	COMPASS MINLS INTL	$5,024,000	-8.3%	84,654	-24.7%	1.13%	-8.2%
PPL	Sell	PPL CORP	$4,696,000	+1.6%	172,568	-3.6%	1.06%	+1.7%
PSA	Sell	PUBLIC STORAGE	$4,685,000	+10.5%	21,035	-4.8%	1.05%	+10.6%
XOM	Sell	EXXON MOBIL	$4,495,000	-27.6%	130,933	-5.7%	1.01%	-27.6%
KSS	Sell	KOHL'S CORP	$3,955,000	-15.9%	213,447	-5.7%	0.89%	-15.8%
TXN	Sell	TEXAS INSTRS INC	$3,924,000	+7.9%	27,480	-4.0%	0.88%	+8.1%
TSN	Sell	TYSON FOODS CL A	$3,725,000	-0.8%	62,626	-0.4%	0.84%	-0.7%
DOX	New	AMDOCS LTD SHS	$3,638,000	–	63,375	–	0.82%	–
BAC	Sell	BANK OF AMERICA	$3,619,000	-1.4%	150,219	-2.8%	0.81%	-1.2%
PBCT	Sell	PEOPLES UTD FINL	$3,615,000	-14.3%	350,617	-3.8%	0.81%	-14.2%
MSFT	Sell	MICROSOFT CORP	$3,604,000	-16.1%	17,137	-18.8%	0.81%	-16.0%
FDX	Sell	FEDEX CORP	$3,575,000	+74.1%	14,213	-3.0%	0.80%	+74.2%
AAPL	Buy	APPLE INC	$3,534,000	-22.5%	30,516	+144.2%	0.79%	-22.3%
TGT	Sell	TARGET CORP	$2,143,000	-3.1%	13,613	-26.2%	0.48%	-3.0%
COF	Sell	CAPITAL ONE FINANCIAL	$1,752,000	+11.6%	24,385	-2.8%	0.39%	+11.6%
TRV	Sell	TRAVELERS COS INC	$1,725,000	-8.5%	15,942	-3.5%	0.39%	-8.5%
BK	Sell	BANK NEW YORK MELLON CORP	$1,537,000	-30.5%	44,764	-21.8%	0.34%	-30.4%
NOK	Sell	NOKIA CORP ADR	$1,519,000	-13.4%	388,417	-2.6%	0.34%	-13.2%
TT	Sell	TRANE TECHNOLOGIES PLC SHS	$1,304,000	+33.3%	10,755	-2.1%	0.29%	+33.8%
PEP	Sell	PEPSICO INC	$1,209,000	+0.7%	8,720	-4.0%	0.27%	+0.7%
TJX	Sell	TJX COS INC NEW	$1,052,000	+7.3%	18,902	-2.5%	0.24%	+7.3%
FCX	Buy	FREEPORT-MCMORAN	$970,000	+35.3%	62,010	+0.1%	0.22%	+35.4%
WU	Sell	WESTERN UNION CO	$970,000	-3.6%	45,267	-2.7%	0.22%	-3.5%
MOS	Sell	MOSAIC CO	$889,000	+45.5%	48,635	-0.4%	0.20%	+46.0%
F	Sell	FORD MTR CO	$868,000	-79.0%	130,369	-80.8%	0.20%	-78.9%
LUMN	Sell	LUMEN TECH INC	$831,000	-7.5%	82,335	-8.1%	0.19%	-7.0%
GE	Buy	GENERAL ELECTRIC	$707,000	-7.6%	113,509	+1.4%	0.16%	-7.6%
CCL	Sell	CARNIVAL CORP	$586,000	-10.1%	38,586	-2.8%	0.13%	-9.6%
PG	Sell	PROCTER & GAMBLE	$535,000	+5.3%	3,850	-9.4%	0.12%	+5.3%
VZ	Sell	VERIZON COMMUNICATIONS	$435,000	+0.9%	7,310	-6.4%	0.10%	+1.0%
MO	Buy	ALTRIA GROUP INC	$344,000	+17.0%	8,901	+18.7%	0.08%	+16.7%
NSC	New	NORFOLK SOUTHERN	$241,000	–	1,125	–	0.05%	–
CSX	New	CSX CORP	$217,000	–	2,800	–	0.05%	–
D	Sell	DOMINION ENERGY	$209,000	-96.7%	2,650	-96.6%	0.05%	-96.7%
RDSA	Exit	ROYAL DUTCH SHELL A ADRF SPONS	$0	–	-19,835	–	-0.14%	–
OXY	Exit	OCCIDENTAL PETE	$0	–	-37,966	–	-0.16%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-39,507	–	-0.34%	–
HD	Exit	HOME DEPOT INC	$0	–	-20,218	–	-1.14%	–

Q2 2020

			Value		Shares		↓ Weighting
AVGO	New	BROADCOM LTD SHS	$16,421,000	–	52,030	–	3.68%	–
JPM	New	JPMORGAN CHASE	$15,335,000	–	163,038	–	3.44%	–
CSCO	New	CISCO SYSTEMS INC	$14,743,000	–	316,104	–	3.31%	–
IBM	New	INTL BUSINESS MACHINES	$14,473,000	–	119,843	–	3.25%	–
MRK	New	MERCK & CO INC	$14,382,000	–	185,986	–	3.22%	–
JNJ	New	JOHNSON & JOHNSON	$13,459,000	–	95,705	–	3.02%	–
CVS	New	CVS HEALTH CORP	$13,410,000	–	206,402	–	3.01%	–
K	New	KELLOGG CO	$12,546,000	–	189,914	–	2.81%	–
UPS	New	UNITED PARCEL SERVICE CL B	$12,469,000	–	112,151	–	2.80%	–
ETN	New	EATON CORP PLC SHS	$12,060,000	–	137,857	–	2.70%	–
PFE	New	PFIZER INC	$10,874,000	–	332,543	–	2.44%	–
HPQ	New	HP INC COM	$10,608,000	–	608,613	–	2.38%	–
T	New	A T & T INC	$10,294,000	–	340,533	–	2.31%	–
BMY	New	BRISTOL-MYERS SQUIBB	$9,626,000	–	163,706	–	2.16%	–
ADM	New	ARCHER DANIELS MIDLAND COMPAN	$9,595,000	–	240,471	–	2.15%	–
VIAC	New	VIACOMCBS INC	$9,302,000	–	398,885	–	2.09%	–
NUE	New	NUCOR CORP	$9,256,000	–	223,511	–	2.08%	–
SJM	New	SMUCKER J M CO	$9,055,000	–	85,582	–	2.03%	–
USB	New	US BANCORP DEL	$8,786,000	–	238,619	–	1.97%	–
WMT	New	WALMART INC	$8,739,000	–	72,957	–	1.96%	–
PM	New	PHILIP MORRIS INTL	$8,165,000	–	116,550	–	1.83%	–
TFC	New	TRUIST FINL CORP	$7,948,000	–	211,667	–	1.78%	–
CVX	New	CHEVRON CORP	$7,837,000	–	87,830	–	1.76%	–
RDSB	New	ROYAL DUTCH SHELL PLC SPON ADR	$7,571,000	–	248,643	–	1.70%	–
KEY	New	KEYCORP	$7,269,000	–	596,757	–	1.63%	–
GPC	New	GENUINE PARTS CO	$7,233,000	–	83,180	–	1.62%	–
MET	New	METLIFE INC COM	$7,089,000	–	194,125	–	1.59%	–
COP	New	CONOCOPHILLIPS	$6,911,000	–	164,458	–	1.55%	–
DOW	New	DOW INC COM	$6,583,000	–	161,506	–	1.48%	–
D	New	DOMINION ENERGY	$6,265,000	–	77,176	–	1.40%	–
LNC	New	LINCOLN NATIONAL	$6,247,000	–	169,814	–	1.40%	–
XOM	New	EXXON MOBIL	$6,212,000	–	138,915	–	1.39%	–
WFC	New	WELLS FARGO & CO	$6,141,000	–	239,893	–	1.38%	–
VTR	New	VENTAS INC COM	$5,902,000	–	161,169	–	1.32%	–
INTC	New	INTEL CORP	$5,889,000	–	98,426	–	1.32%	–
CMP	New	COMPASS MINLS INTL	$5,479,000	–	112,390	–	1.23%	–
DUK	New	DUKE ENERGY CORP	$5,466,000	–	68,425	–	1.23%	–
TPR	New	TAPESTRY INC COM	$5,334,000	–	401,681	–	1.20%	–
PRU	New	PRUDENTIAL FINL INC	$5,096,000	–	83,679	–	1.14%	–
HD	New	HOME DEPOT INC	$5,065,000	–	20,218	–	1.14%	–
KSS	New	KOHL'S CORP	$4,703,000	–	226,412	–	1.06%	–
EMR	New	EMERSON ELEC CO	$4,675,000	–	75,369	–	1.05%	–
PPL	New	PPL CORP	$4,624,000	–	178,966	–	1.04%	–
AAPL	New	APPLE INC	$4,558,000	–	12,495	–	1.02%	–
MSFT	New	MICROSOFT CORP	$4,295,000	–	21,106	–	0.96%	–
PSA	New	PUBLIC STORAGE	$4,239,000	–	22,090	–	0.95%	–
PBCT	New	PEOPLES UTD FINL	$4,219,000	–	364,611	–	0.95%	–
RTX	New	RAYTHEON TECHNOLOGIES COM	$4,140,000	–	67,178	–	0.93%	–
F	New	FORD MTR CO	$4,124,000	–	678,309	–	0.92%	–
SPG	New	SIMON PPTY GROUP	$4,107,000	–	60,064	–	0.92%	–
TSN	New	TYSON FOODS CL A	$3,755,000	–	62,885	–	0.84%	–
BAC	New	BANK OF AMERICA	$3,670,000	–	154,514	–	0.82%	–
TXN	New	TEXAS INSTRS INC	$3,636,000	–	28,637	–	0.82%	–
TGT	New	TARGET CORP	$2,212,000	–	18,440	–	0.50%	–
BK	New	BANK NEW YORK MELLON CORP	$2,212,000	–	57,229	–	0.50%	–
FDX	New	FEDEX CORP	$2,054,000	–	14,650	–	0.46%	–
TRV	New	TRAVELERS COS INC	$1,885,000	–	16,527	–	0.42%	–
NOK	New	NOKIA CORP ADR	$1,754,000	–	398,717	–	0.39%	–
COF	New	CAPITAL ONE FINANCIAL	$1,570,000	–	25,080	–	0.35%	–
FE	New	FIRSTENERGY CORP	$1,532,000	–	39,507	–	0.34%	–
DVN	New	DEVON ENERGY	$1,512,000	–	133,325	–	0.34%	–
PEP	New	PEPSICO INC	$1,201,000	–	9,080	–	0.27%	–
WU	New	WESTERN UNION CO	$1,006,000	–	46,513	–	0.23%	–
TJX	New	TJX COS INC NEW	$980,000	–	19,380	–	0.22%	–
TT	New	TRANE TECHNOLOGIES PLC SHS	$978,000	–	10,991	–	0.22%	–
LUMN	New	CENTURYLINK INC	$898,000	–	89,560	–	0.20%	–
GE	New	GENERAL ELECTRIC	$765,000	–	111,989	–	0.17%	–
FCX	New	FREEPORT-MCMORAN	$717,000	–	61,960	–	0.16%	–
OXY	New	OCCIDENTAL PETE	$695,000	–	37,966	–	0.16%	–
CCL	New	CARNIVAL CORP	$652,000	–	39,706	–	0.15%	–
RDSA	New	ROYAL DUTCH SHELL A ADRF SPONS	$648,000	–	19,835	–	0.14%	–
KO	New	COCA COLA CO	$638,000	–	14,284	–	0.14%	–
MOS	New	MOSAIC CO	$611,000	–	48,820	–	0.14%	–
PG	New	PROCTER & GAMBLE	$508,000	–	4,250	–	0.11%	–
VZ	New	VERIZON COMMUNICATIONS	$431,000	–	7,810	–	0.10%	–
MDLZ	New	MONDELEZ INTL INC CL A	$301,000	–	5,882	–	0.07%	–
MO	New	ALTRIA GROUP INC	$294,000	–	7,500	–	0.07%	–
KING	New	KING RES INC COM	$0	–	10,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
KING	Exit	KING RES INC COM	$0	–	-10,000	–	0.00%	–
CSX	Exit	CSX CORP	$0	–	-2,900	–	-0.04%	–
NSC	Exit	NORFOLK SOUTHERN	$0	–	-1,125	–	-0.04%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,650	–	-0.06%	–
MDLZ	Exit	MONDELEZ INTL INC CL A	$0	–	-5,882	–	-0.06%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-7,810	–	-0.08%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-4,250	–	-0.09%	–
KO	Exit	COCA COLA CO	$0	–	-14,534	–	-0.14%	–
FCX	Exit	FREEPORT-MCMORAN	$0	–	-85,999	–	-0.15%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-125,936	–	-0.20%	–
MOS	Exit	MOSAIC CO	$0	–	-57,001	–	-0.21%	–
RDSA	Exit	ROYAL DUTCH SHELL A ADRF SPONS	$0	–	-22,138	–	-0.23%	–
BLMN	Exit	BLOOMIN BRANDS	$0	–	-70,008	–	-0.24%	–
HAL	Exit	HALLIBURTON CO	$0	–	-76,109	–	-0.26%	–
IR	Exit	INGERSOLL RAND CL A IRELAND	$0	–	-13,224	–	-0.29%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-32,984	–	-0.33%	–
DVN	Exit	DEVON ENERGY	$0	–	-78,101	–	-0.33%	–
CBS	Exit	CBS CORP CL B	$0	–	-49,290	–	-0.35%	–
FDX	Exit	FEDEX CORP	$0	–	-16,494	–	-0.43%	–
COF	Exit	CAPITAL ONE FINANCIAL	$0	–	-29,194	–	-0.47%	–
TRV	Exit	TRAVELERS COS INC	$0	–	-19,292	–	-0.51%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-68,362	–	-0.55%	–
VTR	Exit	VENTAS INC COM	$0	–	-52,473	–	-0.68%	–
LNC	Exit	LINCOLN NATIONAL	$0	–	-63,677	–	-0.68%	–
AAPL	Exit	APPLE INC	$0	–	-19,906	–	-0.79%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-21,569	–	-0.94%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-79,980	–	-0.95%	–
BAC	Exit	BANK OF AMERICA	$0	–	-184,820	–	-0.96%	–
D	Exit	DOMINION ENERGY	$0	–	-72,597	–	-1.05%	–
PBCT	Exit	PEOPLES UTD FINL	$0	–	-383,955	–	-1.07%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-483,179	–	-1.07%	–
PPL	Exit	PPL CORP	$0	–	-193,661	–	-1.08%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-123,024	–	-1.11%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-185,211	–	-1.12%	–
WSM	Exit	WILLIAMS SONOMA	$0	–	-96,094	–	-1.16%	–
HPQ	Exit	HP INC COM	$0	–	-346,044	–	-1.16%	–
AMGN	Exit	AMGEN INC	$0	–	-35,137	–	-1.21%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-75,629	–	-1.21%	–
NOK	Exit	NOKIA CORP ADR	$0	–	-1,345,712	–	-1.21%	–
F	Exit	FORD MTR CO	$0	–	-752,382	–	-1.23%	–
SPG	Exit	SIMON PPTY GROUP	$0	–	-45,076	–	-1.25%	–
TAP	Exit	MOLSON COORS BREWING CL B	$0	–	-126,022	–	-1.29%	–
PM	Exit	PHILIP MORRIS INTL	$0	–	-96,685	–	-1.30%	–
TPR	Exit	TAPESTRY INC COM	$0	–	-286,072	–	-1.32%	–
DOW	Exit	DOW INC COM	$0	–	-170,344	–	-1.44%	–
CMP	Exit	COMPASS MINLS INTL	$0	–	-144,305	–	-1.45%	–
PEP	Exit	PEPSICO INC	$0	–	-60,018	–	-1.46%	–
NUE	Exit	NUCOR CORP	$0	–	-164,685	–	-1.49%	–
OXY	Exit	OCCIDENTAL PETE	$0	–	-199,678	–	-1.58%	–
INTC	Exit	INTEL CORP	$0	–	-184,457	–	-1.69%	–
WMT	Exit	WALMART INC	$0	–	-81,232	–	-1.71%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-71,274	–	-1.73%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-196,539	–	-1.76%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-158,355	–	-1.78%	–
MET	Exit	METLIFE INC COM	$0	–	-212,206	–	-1.78%	–
CCL	Exit	CARNIVAL CORP	$0	–	-229,246	–	-1.78%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-72,116	–	-1.78%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC SPON ADR	$0	–	-167,603	–	-1.78%	–
XOM	Exit	EXXON MOBIL	$0	–	-145,553	–	-1.83%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-84,918	–	-1.95%	–
CVX	Exit	CHEVRON CORP	$0	–	-93,735	–	-1.98%	–
KEY	Exit	KEYCORP	$0	–	-636,807	–	-2.02%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-231,433	–	-2.03%	–
BBT	Exit	BB&T CORPORATION	$0	–	-221,744	–	-2.10%	–
KSS	Exit	KOHL'S CORP	$0	–	-240,321	–	-2.12%	–
PFE	Exit	PFIZER INC	$0	–	-335,369	–	-2.14%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-149,471	–	-2.21%	–
K	Exit	KELLOGG CO	$0	–	-199,825	–	-2.29%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-267,139	–	-2.29%	–
UPS	Exit	UNITED PARCEL SERVICE CL B	$0	–	-109,788	–	-2.34%	–
WU	Exit	WESTERN UNION CO	$0	–	-575,146	–	-2.37%	–
T	Exit	A T & T INC	$0	–	-359,074	–	-2.42%	–
AVGO	Exit	BROADCOM LTD SHS	$0	–	-49,481	–	-2.43%	–
USB	Exit	US BANCORP DEL	$0	–	-252,934	–	-2.49%	–
TGT	Exit	TARGET CORP	$0	–	-154,078	–	-2.93%	–
MRK	Exit	MERCK & CO INC	$0	–	-198,112	–	-2.97%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-124,972	–	-3.23%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-177,785	–	-3.72%	–

Q3 2019

			Value		Shares		↓ Weighting
JPM	Sell	JPMORGAN CHASE	$20,923,000	+2.3%	177,785	-2.8%	3.72%	+3.6%
IBM	Sell	INTL BUSINESS MACHINES	$18,173,000	+3.6%	124,972	-1.7%	3.23%	+4.9%
MRK	Sell	MERCK & CO INC	$16,677,000	-1.7%	198,112	-2.1%	2.97%	-0.5%
TGT	Sell	TARGET CORP	$16,473,000	+11.6%	154,078	-9.6%	2.93%	+12.9%
USB	Sell	US BANCORP DEL	$13,997,000	+3.2%	252,934	-2.3%	2.49%	+4.4%
AVGO	Sell	BROADCOM LTD SHS	$13,660,000	-4.9%	49,481	-0.8%	2.43%	-3.7%
T	Sell	A T & T INC	$13,587,000	+10.1%	359,074	-2.5%	2.42%	+11.5%
WU	Sell	WESTERN UNION CO	$13,326,000	+13.0%	575,146	-3.0%	2.37%	+14.4%
UPS	Sell	UNITED PARCEL SERVICE CL B	$13,155,000	+13.3%	109,788	-2.4%	2.34%	+14.7%
FE	Sell	FIRSTENERGY CORP	$12,884,000	+8.5%	267,139	-3.7%	2.29%	+9.8%
K	Buy	KELLOGG CO	$12,859,000	+60.8%	199,825	+33.9%	2.29%	+62.9%
ETN	Buy	EATON CORP PLC SHS	$12,429,000	+21.9%	149,471	+22.1%	2.21%	+23.4%
PFE	Sell	PFIZER INC	$12,050,000	-17.8%	335,369	-0.9%	2.14%	-16.7%
KSS	Buy	KOHL'S CORP	$11,934,000	+107.4%	240,321	+98.6%	2.12%	+109.9%
BBT	Sell	BB&T CORPORATION	$11,834,000	+6.1%	221,744	-2.3%	2.10%	+7.4%
CSCO	Sell	CISCO SYSTEMS INC	$11,435,000	-11.2%	231,433	-1.7%	2.03%	-10.1%
KEY	Sell	KEYCORP	$11,361,000	-1.6%	636,807	-2.1%	2.02%	-0.3%
CVX	Sell	CHEVRON CORP	$11,117,000	-6.7%	93,735	-2.1%	1.98%	-5.5%
JNJ	Sell	JOHNSON & JOHNSON	$10,987,000	-7.8%	84,918	-0.8%	1.95%	-6.7%
XOM	Sell	EXXON MOBIL	$10,278,000	-10.3%	145,553	-2.6%	1.83%	-9.1%
RDSB	Buy	ROYAL DUTCH SHELL PLC SPON ADR	$10,039,000	-6.8%	167,603	+2.3%	1.78%	-5.7%
MSFT	Sell	MICROSOFT CORP	$10,026,000	-0.1%	72,116	-3.8%	1.78%	+1.1%
CCL	Sell	CARNIVAL CORP	$10,020,000	-7.2%	229,246	-1.2%	1.78%	-6.1%
MET	Sell	METLIFE INC COM	$10,008,000	-6.6%	212,206	-1.6%	1.78%	-5.4%
CVS	Sell	CVS HEALTH CORP	$9,987,000	+13.2%	158,355	-2.2%	1.78%	+14.7%
WFC	Sell	WELLS FARGO & CO	$9,913,000	+4.4%	196,539	-2.1%	1.76%	+5.7%
UTX	Sell	UNITED TECHNOLOGIES CORP	$9,730,000	+2.8%	71,274	-2.0%	1.73%	+4.1%
WMT	Sell	WALMART INC	$9,641,000	+4.6%	81,232	-2.6%	1.71%	+5.9%
INTC	Buy	INTEL CORP	$9,505,000	+91.8%	184,457	+78.2%	1.69%	+94.3%
OXY	Buy	OCCIDENTAL PETE	$8,880,000	-11.4%	199,678	+0.1%	1.58%	-10.3%
NUE	Sell	NUCOR CORP	$8,384,000	-9.6%	164,685	-2.2%	1.49%	-8.5%
PEP	Sell	PEPSICO INC	$8,229,000	-0.8%	60,018	-5.1%	1.46%	+0.4%
CMP	Sell	COMPASS MINLS INTL	$8,152,000	+2.2%	144,305	-0.6%	1.45%	+3.5%
DOW	Sell	DOW INC COM	$8,117,000	-5.7%	170,344	-2.4%	1.44%	-4.6%
TPR	Sell	TAPESTRY INC COM	$7,452,000	-19.2%	286,072	-1.6%	1.32%	-18.3%
PM	Buy	PHILIP MORRIS INTL	$7,341,000	+953.2%	96,685	+989.4%	1.30%	+969.7%
TAP	Buy	MOLSON COORS BREWING CL B	$7,246,000	+60.7%	126,022	+56.6%	1.29%	+62.8%
SPG	New	SIMON PPTY GROUP	$7,016,000	–	45,076	–	1.25%	–
F	Sell	FORD MTR CO	$6,892,000	-11.8%	752,382	-1.5%	1.23%	-10.7%
NOK	Buy	NOKIA CORP ADR	$6,809,000	+311.4%	1,345,712	+307.5%	1.21%	+316.2%
PRU	Sell	PRUDENTIAL FINL INC	$6,803,000	-12.7%	75,629	-2.0%	1.21%	-11.6%
AMGN	Sell	AMGEN INC	$6,799,000	-0.4%	35,137	-5.2%	1.21%	+0.8%
HPQ	Sell	HP INC COM	$6,547,000	-10.5%	346,044	-1.7%	1.16%	-9.4%
WSM	Sell	WILLIAMS SONOMA	$6,533,000	-22.9%	96,094	-26.3%	1.16%	-22.0%
SLB	Sell	SCHLUMBERGER LTD	$6,329,000	-15.4%	185,211	-1.6%	1.12%	-14.3%
BMY	Sell	BRISTOL-MYERS SQUIBB	$6,239,000	+10.6%	123,024	-1.1%	1.11%	+11.9%
PPL	Sell	PPL CORP	$6,098,000	+0.2%	193,661	-1.3%	1.08%	+1.4%
LUMN	Sell	CENTURYLINK INC	$6,030,000	+4.0%	483,179	-2.0%	1.07%	+5.3%
PBCT	Sell	PEOPLES UTD FINL	$6,003,000	-8.8%	383,955	-2.1%	1.07%	-7.7%
D	Sell	DOMINION ENERGY	$5,883,000	+2.7%	72,597	-2.0%	1.05%	+4.0%
BAC	Sell	BANK OF AMERICA	$5,391,000	-1.0%	184,820	-1.6%	0.96%	+0.3%
EMR	Sell	EMERSON ELEC CO	$5,347,000	-1.8%	79,980	-2.0%	0.95%	-0.5%
PSA	Sell	PUBLIC STORAGE	$5,290,000	-1.2%	21,569	-4.1%	0.94%	0.0%
AAPL	Sell	APPLE INC	$4,458,000	-52.0%	19,906	-57.6%	0.79%	-51.4%
LNC	Sell	LINCOLN NATIONAL	$3,841,000	-9.1%	63,677	-2.8%	0.68%	-8.0%
VTR	Sell	VENTAS INC COM	$3,832,000	-40.3%	52,473	-44.2%	0.68%	-39.6%
BK	Sell	BANK NEW YORK MELLON CORP	$3,091,000	-0.9%	68,362	-3.2%	0.55%	+0.4%
TRV	Sell	TRAVELERS COS INC	$2,869,000	-2.8%	19,292	-2.3%	0.51%	-1.5%
COF	Sell	CAPITAL ONE FINANCIAL	$2,656,000	-0.2%	29,194	-0.4%	0.47%	+1.1%
FDX	Sell	FEDEX CORP	$2,401,000	-15.5%	16,494	-4.6%	0.43%	-14.4%
COP	Sell	CONOCOPHILLIPS	$1,879,000	-7.2%	32,984	-0.6%	0.33%	-5.9%
DVN	Sell	DEVON ENERGY	$1,879,000	-21.2%	78,101	-6.7%	0.33%	-20.3%
IR	Sell	INGERSOLL RAND CL A IRELAND	$1,629,000	-3.7%	13,224	-1.0%	0.29%	-2.4%
HAL	Sell	HALLIBURTON CO	$1,435,000	-17.7%	76,109	-0.7%	0.26%	-16.7%
BLMN	Sell	BLOOMIN BRANDS	$1,325,000	-0.5%	70,008	-0.6%	0.24%	+0.9%
RDSA	Sell	ROYAL DUTCH SHELL A ADRF SPONS	$1,303,000	-28.4%	22,138	-20.8%	0.23%	-27.3%
MOS	Sell	MOSAIC CO	$1,169,000	-18.9%	57,001	-1.0%	0.21%	-17.8%
FCX	Sell	FREEPORT-MCMORAN	$823,000	-18.7%	85,999	-1.4%	0.15%	-18.0%
KO	Sell	COCA COLA CO	$791,000	-86.8%	14,534	-87.6%	0.14%	-86.6%
PG	Sell	PROCTER & GAMBLE	$529,000	-94.4%	4,250	-95.1%	0.09%	-94.4%
CSX	Sell	CSX CORP	$201,000	-13.4%	2,900	-3.3%	0.04%	-12.2%
JWN	Exit	NORDSTROM INC	$0	–	-150,666	–	-0.84%	–
HSY	Exit	THE HERSHEY CO	$0	–	-57,231	–	-1.35%	–

Q2 2019

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE	$20,450,000	–	182,914	–	3.59%	–
IBM	New	INTL BUSINESS MACHINES	$17,537,000	–	127,171	–	3.08%	–
MRK	New	MERCK & CO INC	$16,970,000	–	202,391	–	2.98%	–
TGT	New	TARGET CORP	$14,767,000	–	170,502	–	2.59%	–
PFE	New	PFIZER INC	$14,658,000	–	338,357	–	2.57%	–
AVGO	New	BROADCOM LTD SHS	$14,359,000	–	49,880	–	2.52%	–
USB	New	US BANCORP DEL	$13,567,000	–	258,907	–	2.38%	–
CSCO	New	CISCO SYSTEMS INC	$12,880,000	–	235,332	–	2.26%	–
T	New	A T & T INC	$12,338,000	–	368,180	–	2.17%	–
JNJ	New	JOHNSON & JOHNSON	$11,921,000	–	85,592	–	2.09%	–
CVX	New	CHEVRON CORP	$11,914,000	–	95,745	–	2.09%	–
FE	New	FIRSTENERGY CORP	$11,876,000	–	277,412	–	2.09%	–
WU	New	WESTERN UNION CO	$11,796,000	–	593,062	–	2.07%	–
UPS	New	UNITED PARCEL SERVICE CL B	$11,614,000	–	112,462	–	2.04%	–
KEY	New	KEYCORP	$11,541,000	–	650,207	–	2.03%	–
XOM	New	EXXON MOBIL	$11,452,000	–	149,448	–	2.01%	–
BBT	New	BB&T CORPORATION	$11,152,000	–	226,996	–	1.96%	–
CCL	New	CARNIVAL CORP	$10,803,000	–	232,069	–	1.90%	–
RDSB	New	ROYAL DUTCH SHELL PLC SPON ADR	$10,773,000	–	163,870	–	1.89%	–
MET	New	METLIFE INC COM	$10,715,000	–	215,714	–	1.88%	–
ETN	New	EATON CORP PLC SHS	$10,196,000	–	122,429	–	1.79%	–
MSFT	New	MICROSOFT CORP	$10,038,000	–	74,936	–	1.76%	–
OXY	New	OCCIDENTAL PETE	$10,028,000	–	199,451	–	1.76%	–
PG	New	PROCTER & GAMBLE	$9,526,000	–	86,881	–	1.67%	–
WFC	New	WELLS FARGO & CO	$9,497,000	–	200,702	–	1.67%	–
UTX	New	UNITED TECHNOLOGIES CORP	$9,465,000	–	72,695	–	1.66%	–
AAPL	New	APPLE INC	$9,291,000	–	46,944	–	1.63%	–
NUE	New	NUCOR CORP	$9,277,000	–	168,368	–	1.63%	–
TPR	New	TAPESTRY INC COM	$9,228,000	–	290,827	–	1.62%	–
WMT	New	WALMART INC	$9,215,000	–	83,402	–	1.62%	–
CVS	New	CVS HEALTH CORP	$8,821,000	–	161,877	–	1.55%	–
DOW	New	DOW INC COM	$8,607,000	–	174,543	–	1.51%	–
WSM	New	WILLIAMS SONOMA	$8,478,000	–	130,423	–	1.49%	–
PEP	New	PEPSICO INC	$8,297,000	–	63,272	–	1.46%	–
K	New	KELLOGG CO	$7,995,000	–	149,248	–	1.40%	–
CMP	New	COMPASS MINLS INTL	$7,975,000	–	145,123	–	1.40%	–
F	New	FORD MTR CO	$7,818,000	–	764,197	–	1.37%	–
PRU	New	PRUDENTIAL FINL INC	$7,797,000	–	77,203	–	1.37%	–
HSY	New	THE HERSHEY CO	$7,671,000	–	57,231	–	1.35%	–
SLB	New	SCHLUMBERGER LTD	$7,477,000	–	188,148	–	1.31%	–
HPQ	New	HP INC COM	$7,316,000	–	351,902	–	1.28%	–
AMGN	New	AMGEN INC	$6,828,000	–	37,052	–	1.20%	–
PBCT	New	PEOPLES UTD FINL	$6,582,000	–	392,274	–	1.16%	–
VTR	New	VENTAS INC COM	$6,423,000	–	93,971	–	1.13%	–
PPL	New	PPL CORP	$6,087,000	–	196,289	–	1.07%	–
KO	New	COCA COLA CO	$5,973,000	–	117,292	–	1.05%	–
LUMN	New	CENTURYLINK INC	$5,796,000	–	492,860	–	1.02%	–
KSS	New	KOHL'S CORP	$5,754,000	–	121,010	–	1.01%	–
D	New	DOMINION ENERGY	$5,726,000	–	74,061	–	1.01%	–
BMY	New	BRISTOL-MYERS SQUIBB	$5,643,000	–	124,424	–	0.99%	–
EMR	New	EMERSON ELEC CO	$5,446,000	–	81,629	–	0.96%	–
BAC	New	BANK OF AMERICA	$5,445,000	–	187,745	–	0.96%	–
PSA	New	PUBLIC STORAGE	$5,355,000	–	22,483	–	0.94%	–
INTC	New	INTEL CORP	$4,955,000	–	103,514	–	0.87%	–
JWN	New	NORDSTROM INC	$4,800,000	–	150,666	–	0.84%	–
TAP	New	MOLSON COORS BREWING CL B	$4,508,000	–	80,495	–	0.79%	–
LNC	New	LINCOLN NATIONAL	$4,224,000	–	65,532	–	0.74%	–
BK	New	BANK NEW YORK MELLON CORP	$3,119,000	–	70,637	–	0.55%	–
TRV	New	TRAVELERS COS INC	$2,952,000	–	19,742	–	0.52%	–
FDX	New	FEDEX CORP	$2,840,000	–	17,294	–	0.50%	–
COF	New	CAPITAL ONE FINANCIAL	$2,660,000	–	29,314	–	0.47%	–
CBS	New	CBS CORP CL B	$2,460,000	–	49,290	–	0.43%	–
DVN	New	DEVON ENERGY	$2,386,000	–	83,676	–	0.42%	–
COP	New	CONOCOPHILLIPS	$2,024,000	–	33,184	–	0.36%	–
RDSA	New	ROYAL DUTCH SHELL A ADRF SPONS	$1,819,000	–	27,948	–	0.32%	–
HAL	New	HALLIBURTON CO	$1,743,000	–	76,659	–	0.31%	–
IR	New	INGERSOLL RAND CL A IRELAND	$1,692,000	–	13,356	–	0.30%	–
NOK	New	NOKIA CORP ADR	$1,655,000	–	330,247	–	0.29%	–
MOS	New	MOSAIC CO	$1,442,000	–	57,601	–	0.25%	–
BLMN	New	BLOOMIN BRANDS	$1,331,000	–	70,408	–	0.23%	–
GE	New	GENERAL ELECTRIC	$1,322,000	–	125,936	–	0.23%	–
FCX	New	FREEPORT-MCMORAN	$1,012,000	–	87,189	–	0.18%	–
PM	New	PHILIP MORRIS INTL INC	$697,000	–	8,875	–	0.12%	–
VZ	New	VERIZON COMMUNICATIONS	$446,000	–	7,810	–	0.08%	–
MO	New	ALTRIA GROUP INC	$362,000	–	7,650	–	0.06%	–
MDLZ	New	MONDELEZ INTL INC CL A	$317,000	–	5,882	–	0.06%	–
CSX	New	CSX CORP	$232,000	–	3,000	–	0.04%	–
NSC	New	NORFOLK SOUTHERN	$224,000	–	1,125	–	0.04%	–
KING	New	KING RES INC COM	$0	–	10,000	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
KING	Exit	KING RES INC COM	$0	–	-10,000	–	0.00%	–
NSC	Exit	NORFOLK SOUTHERN	$0	–	-1,225	–	-0.04%	–
MDLZ	Exit	MONDELEZ INTL INC CL A	$0	–	-5,882	–	-0.05%	–
CSX	Exit	CSX CORP	$0	–	-3,500	–	-0.05%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,700	–	-0.09%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-9,766	–	-0.10%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-9,775	–	-0.15%	–
FCX	Exit	FREEPORT-MCMORAN	$0	–	-79,359	–	-0.20%	–
MOS	Exit	MOSAIC CO	$0	–	-35,959	–	-0.22%	–
BLMN	Exit	BLOOMIN BRANDS	$0	–	-72,128	–	-0.26%	–
CBS	Exit	CBS CORP CL B	$0	–	-27,607	–	-0.30%	–
NOK	Exit	NOKIA CORP ADR	$0	–	-334,500	–	-0.35%	–
RDSA	Exit	ROYAL DUTCH SHELL A ADRF SPONS	$0	–	-28,995	–	-0.37%	–
IR	Exit	INGERSOLL RAND CL A IRELAND	$0	–	-26,126	–	-0.50%	–
COF	Exit	CAPITAL ONE FINANCIAL	$0	–	-30,526	–	-0.54%	–
DVN	Exit	DEVON ENERGY	$0	–	-79,139	–	-0.59%	–
TRV	Exit	TRAVELERS COS INC	$0	–	-25,777	–	-0.62%	–
FDX	Exit	FEDEX CORP	$0	–	-14,129	–	-0.63%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-75,631	–	-0.72%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-60,070	–	-0.72%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-19,315	–	-0.72%	–
LNC	Exit	LINCOLN NATIONAL	$0	–	-66,144	–	-0.83%	–
D	Exit	DOMINION ENERGY	$0	–	-65,388	–	-0.85%	–
AVGO	Exit	BROADCOM LTD SHS	$0	–	-19,330	–	-0.89%	–
KO	Exit	COCA COLA CO	$0	–	-106,438	–	-0.91%	–
VTR	Exit	VENTAS INC COM	$0	–	-93,289	–	-0.94%	–
PPL	Exit	PPL CORP	$0	–	-178,221	–	-0.97%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-71,081	–	-1.01%	–
PBCT	Exit	PEOPLES UTD FINL	$0	–	-338,991	–	-1.08%	–
BAC	Exit	BANK OF AMERICA	$0	–	-197,676	–	-1.08%	–
HSY	Exit	THE HERSHEY CO	$0	–	-62,171	–	-1.18%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-594,999	–	-1.25%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-67,505	–	-1.27%	–
K	Exit	KELLOGG CO	$0	–	-99,488	–	-1.29%	–
F	Exit	FORD MTR CO	$0	–	-761,922	–	-1.31%	–
WSM	Exit	WILLIAMS SONOMA	$0	–	-110,888	–	-1.35%	–
PEP	Exit	PEPSICO INC	$0	–	-66,862	–	-1.39%	–
CMP	Exit	COMPASS MINLS INTL	$0	–	-112,105	–	-1.40%	–
JWN	Exit	NORDSTROM INC	$0	–	-129,399	–	-1.44%	–
UPS	Exit	UNITED PARCEL SERVICE CL B	$0	–	-67,217	–	-1.46%	–
KEY	Exit	KEYCORP	$0	–	-416,477	–	-1.54%	–
KSS	Exit	KOHL'S CORP	$0	–	-111,646	–	-1.55%	–
HPQ	Exit	HP INC COM	$0	–	-325,425	–	-1.56%	–
AMGN	Exit	AMGEN INC	$0	–	-40,710	–	-1.57%	–
WMT	Exit	WALMART INC	$0	–	-90,880	–	-1.58%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-174,347	–	-1.70%	–
OXY	Exit	OCCIDENTAL PETE	$0	–	-112,366	–	-1.72%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-66,151	–	-1.72%	–
NUE	Exit	NUCOR CORP	$0	–	-147,150	–	-1.73%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-442,570	–	-1.74%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-82,129	–	-1.74%	–
MET	Exit	METLIFE INC COM	$0	–	-201,256	–	-1.75%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-259,052	–	-1.79%	–
BBT	Exit	BB&T CORPORATION	$0	–	-199,600	–	-1.80%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-166,804	–	-1.89%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC SPON ADR	$0	–	-145,724	–	-1.92%	–
WU	Exit	WESTERN UNION CO	$0	–	-553,556	–	-1.96%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-136,355	–	-1.96%	–
T	Exit	A T & T INC	$0	–	-316,019	–	-1.97%	–
CVX	Exit	CHEVRON CORP	$0	–	-86,852	–	-1.97%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-128,262	–	-1.98%	–
LLY	Exit	LILLY ELI & COMPANY	$0	–	-101,889	–	-2.03%	–
TPR	Exit	TAPESTRY INC COM	$0	–	-218,360	–	-2.04%	–
XOM	Exit	EXXON MOBIL	$0	–	-129,727	–	-2.05%	–
AAPL	Exit	APPLE INC	$0	–	-49,911	–	-2.09%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-144,139	–	-2.11%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-83,461	–	-2.14%	–
USB	Exit	US BANCORP DEL	$0	–	-222,809	–	-2.19%	–
TGT	Exit	TARGET CORP	$0	–	-137,989	–	-2.26%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-141,636	–	-2.28%	–
MRK	Exit	MERCK & CO INC	$0	–	-181,809	–	-2.40%	–
PFE	Exit	PFIZER INC	$0	–	-313,510	–	-2.57%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-312,232	–	-2.82%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-115,947	–	-3.26%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-168,582	–	-3.53%	–

Q3 2018

			Value		Shares		↓ Weighting
JPM	Sell	JPMORGAN CHASE	$19,023,000	+7.2%	168,582	-1.0%	3.53%	-4.1%
IBM	Buy	INTL BUSINESS MACHINES	$17,532,000	+13.3%	115,947	+4.7%	3.26%	+1.3%
CSCO	Buy	CISCO SYSTEMS INC	$15,190,000	+16.3%	312,232	+2.9%	2.82%	+4.0%
PFE	Buy	PFIZER INC	$13,816,000	+23.5%	313,510	+1.7%	2.57%	+10.5%
MRK	Buy	MERCK & CO INC	$12,898,000	+21.2%	181,809	+3.7%	2.40%	+8.5%
ETN	Buy	EATON CORP PLC SHS	$12,284,000	+19.6%	141,636	+3.1%	2.28%	+7.0%
TGT	Sell	TARGET CORP	$12,172,000	-3.2%	137,989	-16.5%	2.26%	-13.4%
USB	Buy	US BANCORP DEL	$11,767,000	+12.5%	222,809	+6.6%	2.19%	+0.6%
JNJ	Buy	JOHNSON & JOHNSON	$11,532,000	+17.2%	83,461	+2.9%	2.14%	+4.8%
CVS	Buy	CVS HEALTH CORP	$11,347,000	+28.0%	144,139	+4.6%	2.11%	+14.5%
AAPL	Sell	APPLE INC	$11,267,000	+17.9%	49,911	-3.3%	2.09%	+5.5%
XOM	Buy	EXXON MOBIL	$11,029,000	+9.2%	129,727	+6.3%	2.05%	-2.3%
TPR	Buy	TAPESTRY INC COM	$10,977,000	+12.8%	218,360	+4.8%	2.04%	+0.8%
LLY	Sell	LILLY ELI & COMPANY	$10,934,000	+25.7%	101,889	-0.0%	2.03%	+12.5%
PG	Buy	PROCTER & GAMBLE	$10,675,000	+13.6%	128,262	+6.5%	1.98%	+1.6%
CVX	Buy	CHEVRON CORP	$10,620,000	+1.6%	86,852	+5.0%	1.97%	-9.1%
T	Buy	A T & T INC	$10,612,000	+11.5%	316,019	+6.6%	1.97%	-0.3%
COP	Sell	CONOCOPHILLIPS	$10,554,000	+10.8%	136,355	-0.3%	1.96%	-0.9%
WU	Buy	WESTERN UNION CO	$10,551,000	+55.4%	553,556	+65.7%	1.96%	+39.0%
RDSB	Buy	ROYAL DUTCH SHELL PLC SPON ADR	$10,336,000	+4.9%	145,724	+7.4%	1.92%	-6.2%
SLB	Buy	SCHLUMBERGER LTD	$10,162,000	-4.2%	166,804	+5.4%	1.89%	-14.3%
BBT	Buy	BB&T CORPORATION	$9,689,000	+1.7%	199,600	+5.7%	1.80%	-9.0%
FE	Buy	FIRSTENERGY CORP	$9,629,000	+7.8%	259,052	+4.2%	1.79%	-3.6%
MET	Buy	METLIFE INC COM	$9,403,000	+11.8%	201,256	+4.3%	1.75%	+0.1%
MSFT	Buy	MICROSOFT CORP	$9,393,000	+17.4%	82,129	+1.2%	1.74%	+5.1%
LUMN	Buy	CENTURYLINK INC	$9,382,000	+19.6%	442,570	+5.1%	1.74%	+6.9%
NUE	Buy	NUCOR CORP	$9,337,000	+8.1%	147,150	+6.4%	1.73%	-3.3%
UTX	Buy	UNITED TECHNOLOGIES CORP	$9,249,000	+15.1%	66,151	+2.9%	1.72%	+2.9%
OXY	Buy	OCCIDENTAL PETE	$9,233,000	+2.0%	112,366	+3.9%	1.72%	-8.7%
WFC	Buy	WELLS FARGO & CO	$9,164,000	+1.1%	174,347	+6.6%	1.70%	-9.6%
WMT	Buy	WALMART INC	$8,535,000	+12.6%	90,880	+2.7%	1.58%	+0.6%
AMGN	Buy	AMGEN INC	$8,439,000	+17.8%	40,710	+4.9%	1.57%	+5.4%
HPQ	Buy	HP INC COM	$8,386,000	+17.3%	325,425	+3.3%	1.56%	+4.9%
KSS	Sell	KOHL'S CORP	$8,323,000	-2.7%	111,646	-4.9%	1.55%	-13.0%
KEY	Buy	KEYCORP	$8,284,000	+10.0%	416,477	+8.1%	1.54%	-1.6%
UPS	Buy	UNITED PARCEL SERVICE CL B	$7,848,000	+17.5%	67,217	+6.9%	1.46%	+5.1%
JWN	Buy	NORDSTROM INC	$7,739,000	+22.5%	129,399	+6.1%	1.44%	+9.5%
CMP	Buy	COMPASS MINLS INTL	$7,533,000	+105.3%	112,105	+100.9%	1.40%	+83.6%
PEP	Buy	PEPSICO INC	$7,475,000	+8.7%	66,862	+5.9%	1.39%	-2.8%
WSM	Buy	WILLIAMS SONOMA	$7,288,000	+13.5%	110,888	+6.0%	1.35%	+1.6%
F	Buy	FORD MTR CO	$7,048,000	-5.0%	761,922	+13.6%	1.31%	-15.1%
K	Buy	KELLOGG CO	$6,966,000	+8.4%	99,488	+8.2%	1.29%	-3.0%
PRU	Buy	PRUDENTIAL FINL INC	$6,840,000	+14.8%	67,505	+5.9%	1.27%	+2.7%
GE	Buy	GENERAL ELECTRIC	$6,718,000	-8.9%	594,999	+9.8%	1.25%	-18.5%
HSY	Buy	THE HERSHEY CO	$6,341,000	+17.4%	62,171	+7.2%	1.18%	+5.1%
BAC	Sell	BANK OF AMERICA	$5,824,000	-0.0%	197,676	-4.4%	1.08%	-10.6%
PBCT	Buy	PEOPLES UTD FINL	$5,804,000	+1.5%	338,991	+7.3%	1.08%	-9.2%
EMR	Buy	EMERSON ELEC CO	$5,443,000	+15.5%	71,081	+4.3%	1.01%	+3.4%
PPL	Buy	PPL CORP	$5,215,000	+13.2%	178,221	+10.5%	0.97%	+1.4%
VTR	Buy	VENTAS INC COM	$5,073,000	+2.1%	93,289	+7.0%	0.94%	-8.6%
KO	Buy	COCA COLA CO	$4,916,000	+10.5%	106,438	+4.9%	0.91%	-1.2%
AVGO	New	BROADCOM LTD SHS	$4,769,000	–	19,330	–	0.89%	–
D	Buy	DOMINION ENERGY	$4,595,000	+10.7%	65,388	+7.5%	0.85%	-0.9%
LNC	Sell	LINCOLN NATIONAL	$4,475,000	+8.0%	66,144	-0.6%	0.83%	-3.4%
PSA	Buy	PUBLIC STORAGE	$3,894,000	+2.2%	19,315	+14.9%	0.72%	-8.7%
DWDP	New	DOWDUPONT INC	$3,863,000	–	60,070	–	0.72%	–
BK	Sell	BANK NEW YORK MELLON CORP	$3,856,000	-5.7%	75,631	-0.3%	0.72%	-15.7%
FDX	Buy	FEDEX CORP	$3,402,000	+14.8%	14,129	+8.2%	0.63%	+2.6%
TRV	Sell	TRAVELERS COS INC	$3,344,000	+5.5%	25,777	-0.5%	0.62%	-5.6%
DVN	Sell	DEVON ENERGY	$3,161,000	-14.2%	79,139	-5.6%	0.59%	-23.3%
COF	Sell	CAPITAL ONE FINANCIAL	$2,898,000	+3.0%	30,526	-0.3%	0.54%	-7.9%
IR	Sell	INGERSOLL RAND CL A IRELAND	$2,673,000	+10.8%	26,126	-2.8%	0.50%	-1.0%
RDSA	Sell	ROYAL DUTCH SHELL A ADRF SPONS	$1,976,000	-3.9%	28,995	-2.4%	0.37%	-14.1%
NOK	Buy	NOKIA CORP ADR	$1,867,000	-2.4%	334,500	+0.6%	0.35%	-12.6%
CBS	Buy	CBS CORP CL B	$1,586,000	+2.5%	27,607	+0.4%	0.30%	-8.1%
BLMN	Buy	BLOOMIN BRANDS	$1,427,000	+2.4%	72,128	+4.1%	0.26%	-8.3%
MOS	Sell	MOSAIC CO	$1,168,000	+15.1%	35,959	-0.6%	0.22%	+2.8%
FCX	Sell	FREEPORT-MCMORAN	$1,105,000	-28.4%	79,359	-11.2%	0.20%	-35.9%
PM	Sell	PHILIP MORRIS INTL INC	$797,000	+0.5%	9,775	-0.5%	0.15%	-10.3%
VZ	Sell	VERIZON COMMUNICATIONS	$521,000	+4.4%	9,766	-1.5%	0.10%	-6.7%
MO	Sell	ALTRIA GROUP INC	$464,000	+2.2%	7,700	-3.8%	0.09%	-8.5%
CSX	Sell	CSX CORP	$259,000	+12.6%	3,500	-2.8%	0.05%	0.0%
NSC	New	NORFOLK SOUTHERN	$221,000	–	1,225	–	0.04%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-59,684	–	-0.08%	–
RIO	Exit	RIO TINTO PLC ADR	$0	–	-101,348	–	-1.17%	–

Q2 2018

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE	$17,739,000	–	170,243	–	3.68%	–
IBM	New	INTL BUSINESS MACHINES	$15,477,000	–	110,787	–	3.21%	–
CSCO	New	CISCO SYSTEMS INC	$13,058,000	–	303,465	–	2.71%	–
TGT	New	TARGET CORP	$12,576,000	–	165,210	–	2.61%	–
PFE	New	PFIZER INC	$11,186,000	–	308,332	–	2.32%	–
MRK	New	MERCK & CO INC	$10,638,000	–	175,262	–	2.21%	–
SLB	New	SCHLUMBERGER LTD	$10,604,000	–	158,200	–	2.20%	–
USB	New	US BANCORP DEL	$10,458,000	–	209,067	–	2.17%	–
CVX	New	CHEVRON CORP	$10,453,000	–	82,681	–	2.17%	–
ETN	New	EATON CORP PLC SHS	$10,269,000	–	137,400	–	2.13%	–
XOM	New	EXXON MOBIL	$10,096,000	–	122,031	–	2.10%	–
RDSB	New	ROYAL DUTCH SHELL PLC SPON ADR	$9,854,000	–	135,636	–	2.05%	–
JNJ	New	JOHNSON & JOHNSON	$9,838,000	–	81,079	–	2.04%	–
TPR	New	TAPESTRY INC COM	$9,735,000	–	208,410	–	2.02%	–
AAPL	New	APPLE INC	$9,553,000	–	51,609	–	1.98%	–
BBT	New	BB&T CORPORATION	$9,526,000	–	188,854	–	1.98%	–
COP	New	CONOCOPHILLIPS	$9,523,000	–	136,787	–	1.98%	–
T	New	A T & T INC NEW	$9,518,000	–	296,411	–	1.98%	–
PG	New	PROCTER & GAMBLE	$9,399,000	–	120,411	–	1.95%	–
WFC	New	WELLS FARGO & CO	$9,068,000	–	163,560	–	1.88%	–
OXY	New	OCCIDENTAL PETE	$9,049,000	–	108,142	–	1.88%	–
FE	New	FIRSTENERGY CORP	$8,931,000	–	248,704	–	1.86%	–
CVS	New	CVS HEALTH CORP	$8,864,000	–	137,746	–	1.84%	–
LLY	New	LILLY ELI & COMPANY	$8,696,000	–	101,913	–	1.81%	–
NUE	New	NUCOR CORP	$8,641,000	–	138,263	–	1.79%	–
KSS	New	KOHL'S CORP	$8,557,000	–	117,377	–	1.78%	–
MET	New	METLIFE INC COM	$8,410,000	–	192,884	–	1.75%	–
UTX	New	UNITED TECHNOLOGIES CORP	$8,037,000	–	64,284	–	1.67%	–
MSFT	New	MICROSOFT CORP	$7,999,000	–	81,117	–	1.66%	–
LUMN	New	CENTURYLINK INC	$7,847,000	–	421,002	–	1.63%	–
WMT	New	WALMART INC	$7,582,000	–	88,524	–	1.58%	–
KEY	New	KEYCORP	$7,529,000	–	385,304	–	1.56%	–
F	New	FORD MTR CO	$7,422,000	–	670,487	–	1.54%	–
GE	New	GENERAL ELECTRIC	$7,372,000	–	541,687	–	1.53%	–
AMGN	New	AMGEN INC	$7,164,000	–	38,810	–	1.49%	–
HPQ	New	HP INC COM	$7,149,000	–	315,064	–	1.48%	–
PEP	New	PEPSICO INC	$6,875,000	–	63,145	–	1.43%	–
WU	New	WESTERN UNION CO	$6,790,000	–	333,996	–	1.41%	–
UPS	New	UNITED PARCEL SERVICE CL B	$6,679,000	–	62,875	–	1.39%	–
K	New	KELLOGG CO	$6,424,000	–	91,947	–	1.33%	–
WSM	New	WILLIAMS SONOMA INC COM	$6,420,000	–	104,587	–	1.33%	–
JWN	New	NORDSTROM INC	$6,317,000	–	122,003	–	1.31%	–
PRU	New	PRUDENTIAL FINL INC	$5,959,000	–	63,729	–	1.24%	–
BAC	New	BANK OF AMERICA	$5,826,000	–	206,673	–	1.21%	–
PBCT	New	PEOPLES UTD FINL	$5,717,000	–	316,012	–	1.19%	–
RIO	New	RIO TINTO PLC ADR	$5,623,000	–	101,348	–	1.17%	–
HSY	New	THE HERSHEY CO	$5,399,000	–	58,020	–	1.12%	–
VTR	New	VENTAS INC COM	$4,967,000	–	87,222	–	1.03%	–
EMR	New	EMERSON ELEC CO	$4,711,000	–	68,135	–	0.98%	–
PPL	New	PPL CORP	$4,605,000	–	161,295	–	0.96%	–
KO	New	COCA COLA CO	$4,449,000	–	101,438	–	0.92%	–
D	New	DOMINION ENERGY	$4,149,000	–	60,847	–	0.86%	–
LNC	New	LINCOLN NATIONAL	$4,142,000	–	66,534	–	0.86%	–
BK	New	BANK NEW YORK MELLON CORP	$4,089,000	–	75,821	–	0.85%	–
PSA	New	PUBLIC STORAGE	$3,812,000	–	16,805	–	0.79%	–
DVN	New	DEVON ENERGY	$3,684,000	–	83,804	–	0.76%	–
CMP	New	COMPASS MINLS INTL	$3,670,000	–	55,815	–	0.76%	–
TRV	New	TRAVELERS COS INC	$3,170,000	–	25,910	–	0.66%	–
FDX	New	FEDEX CORP	$2,964,000	–	13,054	–	0.62%	–
COF	New	CAPITAL ONE FINANCIAL	$2,813,000	–	30,614	–	0.58%	–
IR	New	INGERSOLL RAND CL A IRELAND	$2,412,000	–	26,876	–	0.50%	–
RDSA	New	ROYAL DUTCH SHELL A ADRF SPONS	$2,056,000	–	29,694	–	0.43%	–
NOK	New	NOKIA CORP ADR	$1,912,000	–	332,552	–	0.40%	–
CBS	New	CBS CORP NEW CL B	$1,547,000	–	27,509	–	0.32%	–
FCX	New	FREEPORT-MCMORAN	$1,543,000	–	89,374	–	0.32%	–
BLMN	New	BLOOMIN BRANDS	$1,393,000	–	69,303	–	0.29%	–
MOS	New	MOSAIC CO	$1,015,000	–	36,194	–	0.21%	–
PM	New	PHILIP MORRIS INTL INC	$793,000	–	9,825	–	0.16%	–
VZ	New	VERIZON COMMUNICATIONS	$499,000	–	9,916	–	0.10%	–
MO	New	ALTRIA GROUP INC	$454,000	–	8,000	–	0.09%	–
NEBLQ	New	NOBLE CORP PLC	$378,000	–	59,684	–	0.08%	–
MDLZ	New	MONDELEZ INTL INC CL A	$241,000	–	5,882	–	0.05%	–
CSX	New	CSX CORP	$230,000	–	3,600	–	0.05%	–
KING	New	KING RES INC COM	$0	–	10,000	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
MDLZ	Exit	MONDELEZ INTL INC CL A	$0	–	-5,882	–	-0.05%	–
CSX	Exit	CSX CORP	$0	–	-4,700	–	-0.06%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USD	$0	–	-73,324	–	-0.07%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-7,800	–	-0.11%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-10,516	–	-0.11%	–
BHF	Exit	BRIGHTHOUSE FINL INC COM	$0	–	-10,221	–	-0.14%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-10,375	–	-0.25%	–
FCX	Exit	FREEPORT-MCMORAN, INC	$0	–	-96,350	–	-0.30%	–
BKR	Exit	BAKER HUGHES A GE CO CL A	$0	–	-38,126	–	-0.31%	–
PEP	Exit	PEPSICO INC	$0	–	-13,908	–	-0.34%	–
RDSA	Exit	ROYAL DUTCH SHELL A ADRF SPONS	$0	–	-31,491	–	-0.42%	–
NOK	Exit	NOKIA CORP SPON ADR F 1 ADR RE	$0	–	-350,705	–	-0.46%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-63,908	–	-0.52%	–
IR	Exit	INGERSOLL RAND CL A IRELAND	$0	–	-29,637	–	-0.58%	–
BLMN	Exit	BLOOMIN BRANDS INC COM	$0	–	-153,863	–	-0.60%	–
COF	Exit	CAPITAL ONE FINANCIAL CP	$0	–	-32,200	–	-0.60%	–
FDX	Exit	FEDEX CORP	$0	–	-13,671	–	-0.68%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-14,875	–	-0.70%	–
MOS	Exit	MOSAIC CO	$0	–	-150,585	–	-0.72%	–
CMP	Exit	COMPASS MINLS INTL INC COM	$0	–	-51,325	–	-0.73%	–
TRV	Exit	TRAVELERS COS INC	$0	–	-27,459	–	-0.74%	–
MFC	Exit	MANULIFE FINANCIAL	$0	–	-168,270	–	-0.75%	–
WSM	Exit	WILLIAMS SONOMA INC COM	$0	–	-70,140	–	-0.77%	–
PPL	Exit	PPL CORP	$0	–	-98,374	–	-0.82%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-80,532	–	-0.94%	–
KO	Exit	COCA COLA CO	$0	–	-97,202	–	-0.96%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-238,120	–	-0.99%	–
NUE	Exit	NUCOR CORP	$0	–	-82,298	–	-1.02%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-70,875	–	-1.09%	–
LNC	Exit	LINCOLN NATIONAL CORP IND	$0	–	-70,463	–	-1.14%	–
JWN	Exit	NORDSTROM INC	$0	–	-112,622	–	-1.17%	–
INTC	Exit	INTEL CORP	$0	–	-139,514	–	-1.17%	–
VTR	Exit	VENTAS INC COM	$0	–	-81,733	–	-1.17%	–
UPS	Exit	UNITED PARCEL SERVICE CL B	$0	–	-44,830	–	-1.18%	–
PBCT	Exit	PEOPLES UTD FINL	$0	–	-300,925	–	-1.20%	–
PHG	Exit	ROYAL PHILIPS NV ADR	$0	–	-136,454	–	-1.24%	–
XOM	Exit	EXXON MOBIL	$0	–	-69,842	–	-1.26%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-226,440	–	-1.26%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-96,606	–	-1.36%	–
RIO	Exit	RIO TINTO PLC ADR	$0	–	-131,189	–	-1.36%	–
AMGN	Exit	AMGEN INC	$0	–	-33,360	–	-1.37%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-102,235	–	-1.41%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-60,952	–	-1.43%	–
WU	Exit	WESTERN UNION CO	$0	–	-343,806	–	-1.45%	–
T	Exit	A T & T INC NEW	$0	–	-174,876	–	-1.51%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-84,630	–	-1.52%	–
WMT	Exit	WAL-MART STORES	$0	–	-90,717	–	-1.56%	–
LYB	Exit	LYONDELLBASELL INDUSTR SHS A	$0	–	-75,643	–	-1.65%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-247,382	–	-1.68%	–
COH	Exit	COACH INC	$0	–	-191,155	–	-1.70%	–
F	Exit	FORD MTR CO	$0	–	-668,620	–	-1.76%	–
USB	Exit	US BANCORP DEL	$0	–	-153,107	–	-1.81%	–
LLY	Exit	LILLY ELI & COMPANY	$0	–	-96,998	–	-1.83%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC SPON ADR	$0	–	-133,045	–	-1.83%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-346,906	–	-1.85%	–
KEY	Exit	KEYCORP	$0	–	-448,897	–	-1.86%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-155,511	–	-1.89%	–
BBT	Exit	BB&T CORPORATION	$0	–	-184,979	–	-1.91%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-118,881	–	-1.95%	–
HPQ	Exit	HP INC COM	$0	–	-448,421	–	-1.97%	–
OXY	Exit	OCCIDENTAL PETE	$0	–	-140,041	–	-1.98%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-78,129	–	-2.00%	–
TGT	Exit	TARGET CORP	$0	–	-162,941	–	-2.12%	–
CVX	Exit	CHEVRON CORP	$0	–	-82,875	–	-2.14%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-195,924	–	-2.16%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-109,236	–	-2.19%	–
MET	Exit	METLIFE INC COM	$0	–	-192,079	–	-2.20%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-135,137	–	-2.28%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-80,129	–	-2.29%	–
KSS	Exit	KOHL'S CORP	$0	–	-234,836	–	-2.36%	–
PFE	Exit	PFIZER INC	$0	–	-312,656	–	-2.46%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-84,084	–	-2.68%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-373,883	–	-2.77%	–
AAPL	Exit	APPLE INC	$0	–	-97,582	–	-3.31%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-180,556	–	-3.80%	–

Q3 2017

			Value		Shares		↓ Weighting
JPM	Sell	JPMORGAN CHASE	$17,245,000	+0.7%	180,556	-3.6%	3.80%	-1.7%
AAPL	Sell	APPLE INC	$15,039,000	+2.3%	97,582	-4.4%	3.31%	-0.1%
CSCO	Sell	CISCO SYSTEMS INC	$12,574,000	+5.6%	373,883	-1.7%	2.77%	+3.1%
IBM	Sell	INTL BUSINESS MACHINES	$12,199,000	-7.1%	84,084	-1.5%	2.68%	-9.3%
PFE	Sell	PFIZER INC	$11,162,000	+4.5%	312,656	-1.7%	2.46%	+2.0%
KSS	Buy	KOHL'S CORP	$10,720,000	+44.2%	234,836	+22.1%	2.36%	+40.8%
JNJ	Sell	JOHNSON & JOHNSON	$10,418,000	-4.4%	80,129	-2.7%	2.29%	-6.6%
ETN	Sell	EATON CORP PLC SHS	$10,377,000	-2.0%	135,137	-0.7%	2.28%	-4.4%
MET	Sell	METLIFE INC COM	$9,978,000	-6.4%	192,079	-1.1%	2.20%	-8.7%
PG	Sell	PROCTER & GAMBLE	$9,938,000	-1.2%	109,236	-5.4%	2.19%	-3.5%
COP	Sell	CONOCOPHILLIPS	$9,806,000	+11.8%	195,924	-1.8%	2.16%	+9.2%
CVX	Sell	CHEVRON CORP	$9,738,000	+10.1%	82,875	-2.2%	2.14%	+7.6%
TGT	Sell	TARGET CORP	$9,615,000	+10.2%	162,941	-2.3%	2.12%	+7.6%
UTX	Sell	UNITED TECHNOLOGIES CORP	$9,069,000	-5.8%	78,129	-0.9%	2.00%	-8.1%
OXY	Sell	OCCIDENTAL PETE	$8,992,000	+4.8%	140,041	-2.3%	1.98%	+2.3%
HPQ	Sell	HP INC COM	$8,950,000	+12.5%	448,421	-1.5%	1.97%	+9.8%
MSFT	Sell	MICROSOFT CORP	$8,855,000	+5.0%	118,881	-2.8%	1.95%	+2.5%
BBT	Sell	BB&T CORPORATION	$8,683,000	+1.8%	184,979	-1.5%	1.91%	-0.6%
WFC	Sell	WELLS FARGO & CO	$8,576,000	-2.2%	155,511	-1.7%	1.89%	-4.5%
KEY	Sell	KEYCORP	$8,448,000	-0.2%	448,897	-0.7%	1.86%	-2.6%
GE	Sell	GENERAL ELECTRIC	$8,388,000	-11.5%	346,906	-1.2%	1.85%	-13.7%
RDSB	Buy	ROYAL DUTCH SHELL PLC SPON ADR	$8,321,000	+15.9%	133,045	+0.9%	1.83%	+13.2%
LLY	Sell	LILLY ELI & COMPANY	$8,297,000	+2.4%	96,998	-1.5%	1.83%	-0.1%
USB	Sell	US BANCORP DEL	$8,205,000	+2.1%	153,107	-1.1%	1.81%	-0.3%
F	Sell	FORD MTR CO	$8,003,000	+4.1%	668,620	-2.7%	1.76%	+1.7%
COH	Sell	COACH INC	$7,700,000	-15.9%	191,155	-1.2%	1.70%	-17.9%
FE	Sell	FIRSTENERGY CORP	$7,627,000	+3.0%	247,382	-2.6%	1.68%	+0.5%
LYB	Sell	LYONDELLBASELL INDUSTR SHS A	$7,492,000	+15.1%	75,643	-1.9%	1.65%	+12.3%
WMT	Sell	WAL-MART STORES	$7,089,000	+0.4%	90,717	-2.8%	1.56%	-2.1%
CVS	Sell	CVS HEALTH CORP	$6,882,000	-0.1%	84,630	-1.2%	1.52%	-2.4%
T	Sell	A T & T INC NEW	$6,850,000	+2.8%	174,876	-1.0%	1.51%	+0.4%
WU	Sell	WESTERN UNION CO	$6,601,000	-1.8%	343,806	-2.5%	1.45%	-4.1%
PRU	Sell	PRUDENTIAL FINL INC	$6,480,000	-2.0%	60,952	-0.3%	1.43%	-4.4%
EMR	Sell	EMERSON ELEC CO	$6,424,000	+4.0%	102,235	-1.3%	1.41%	+1.6%
AMGN	Sell	AMGEN INC	$6,220,000	+6.7%	33,360	-1.4%	1.37%	+4.2%
RIO	Sell	RIO TINTO PLC ADR	$6,191,000	+7.8%	131,189	-3.3%	1.36%	+5.3%
MRK	Sell	MERCK & CO INC NEW	$6,186,000	-0.8%	96,606	-0.7%	1.36%	-3.1%
BAC	Sell	BANK OF AMERICA CORP	$5,738,000	+2.2%	226,440	-2.2%	1.26%	-0.2%
XOM	Sell	EXXON MOBIL	$5,726,000	+0.6%	69,842	-0.9%	1.26%	-1.8%
PHG	Sell	ROYAL PHILIPS NV ADR	$5,622,000	+2.1%	136,454	-11.2%	1.24%	-0.2%
PBCT	Sell	PEOPLES UTD FINL	$5,459,000	+2.0%	300,925	-0.7%	1.20%	-0.3%
UPS	Sell	UNITED PARCEL SERVICE CL B	$5,384,000	+7.5%	44,830	-1.0%	1.18%	+5.0%
VTR	Sell	VENTAS INC COM	$5,323,000	-6.7%	81,733	-0.4%	1.17%	-8.9%
INTC	Sell	INTEL CORP	$5,313,000	+11.4%	139,514	-1.3%	1.17%	+8.7%
JWN	Buy	NORDSTROM INC	$5,310,000	-1.1%	112,622	+0.4%	1.17%	-3.4%
LNC	Sell	LINCOLN NATIONAL CORP IND	$5,178,000	+4.8%	70,463	-3.6%	1.14%	+2.3%
SLB	Sell	SCHLUMBERGER LTD	$4,944,000	+4.8%	70,875	-1.1%	1.09%	+2.3%
NUE	Buy	NUCOR CORP	$4,612,000	+1744.8%	82,298	+1802.0%	1.02%	+1712.5%
LUMN	Sell	CENTURYLINK INC	$4,500,000	-21.9%	238,120	-1.4%	0.99%	-23.8%
KO	Sell	COCA COLA CO	$4,375,000	-0.5%	97,202	-0.9%	0.96%	-2.8%
BK	Sell	BANK NEW YORK MELLON CORP	$4,270,000	+0.8%	80,532	-3.0%	0.94%	-1.7%
PPL	Sell	PPL CORP	$3,733,000	-6.1%	98,374	-4.3%	0.82%	-8.3%
WSM	New	WILLIAMS SONOMA INC COM	$3,497,000	–	70,140	–	0.77%	–
MFC	Sell	MANULIFE FINANCIAL	$3,414,000	+3.7%	168,270	-4.1%	0.75%	+1.2%
TRV	Sell	TRAVELERS COS INC	$3,364,000	-5.0%	27,459	-1.9%	0.74%	-7.4%
CMP	New	COMPASS MINLS INTL INC COM	$3,331,000	–	51,325	–	0.73%	–
MOS	Sell	MOSAIC CO	$3,251,000	-7.0%	150,585	-1.6%	0.72%	-9.1%
PSA	Buy	PUBLIC STORAGE	$3,183,000	+2.7%	14,875	+0.1%	0.70%	+0.3%
FDX	Sell	FEDEX CORP	$3,084,000	+0.6%	13,671	-3.1%	0.68%	-1.7%
COF	Sell	CAPITAL ONE FINANCIAL CP	$2,726,000	-1.2%	32,200	-3.6%	0.60%	-3.5%
BLMN	Sell	BLOOMIN BRANDS INC COM	$2,708,000	-18.6%	153,863	-1.8%	0.60%	-20.5%
IR	Sell	INGERSOLL RAND CL A IRELAND	$2,643,000	-5.2%	29,637	-2.9%	0.58%	-7.5%
DVN	Sell	DEVON ENERGY CORP	$2,346,000	+12.1%	63,908	-2.4%	0.52%	+9.3%
NOK	Sell	NOKIA CORP SPON ADR F 1 ADR RE	$2,097,000	-6.6%	350,705	-3.7%	0.46%	-8.7%
RDSA	Sell	ROYAL DUTCH SHELL A ADRF SPONS	$1,908,000	+2.0%	31,491	-10.4%	0.42%	-0.5%
PEP	Sell	PEPSICO INC	$1,550,000	-7.5%	13,908	-4.1%	0.34%	-9.8%
BKR	New	BAKER HUGHES A GE CO CL A	$1,396,000	–	38,126	–	0.31%	–
FCX	Sell	FREEPORT-MCMORAN, INC	$1,353,000	+13.2%	96,350	-3.2%	0.30%	+10.8%
PM	Sell	PHILIP MORRIS INTL INC	$1,152,000	-7.7%	10,375	-2.4%	0.25%	-9.6%
BHF	New	BRIGHTHOUSE FINL INC COM	$621,000	–	10,221	–	0.14%	–
VZ	Sell	VERIZON COMMUNICATIONS	$520,000	+2.0%	10,516	-7.9%	0.11%	-0.9%
MO	Sell	ALTRIA GROUP INC	$495,000	-22.7%	7,800	-9.3%	0.11%	-24.3%
NEBLQ	Sell	NOBLE CORP PLC SHS USD	$337,000	+20.8%	73,324	-4.7%	0.07%	+17.5%
CSX	Sell	CSX CORP	$255,000	-6.6%	4,700	-6.0%	0.06%	-9.7%
DD	Exit	DU PONT E I DE NEMOUR&CO	$0	–	-5,800	–	-0.11%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-39,262	–	-0.48%	–
SPLS	Exit	STAPLES INC	$0	–	-654,201	–	-1.48%	–

Q2 2017

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE	$17,126,000	–	187,377	–	3.86%	–
AAPL	New	APPLE INC	$14,698,000	–	102,057	–	3.31%	–
IBM	New	INTL BUSINESS MACHINES	$13,134,000	–	85,378	–	2.96%	–
CSCO	New	CISCO SYSTEMS INC	$11,910,000	–	380,527	–	2.68%	–
JNJ	New	JOHNSON & JOHNSON	$10,894,000	–	82,349	–	2.46%	–
PFE	New	PFIZER INC	$10,685,000	–	318,106	–	2.41%	–
MET	New	METLIFE INC COM	$10,665,000	–	194,129	–	2.40%	–
ETN	New	EATON CORP PLC SHS	$10,594,000	–	136,112	–	2.39%	–
PG	New	PROCTER & GAMBLE	$10,059,000	–	115,420	–	2.27%	–
UTX	New	UNITED TECHNOLOGIES CORP	$9,631,000	–	78,869	–	2.17%	–
GE	New	GENERAL ELECTRIC	$9,483,000	–	351,076	–	2.14%	–
COH	New	COACH INC	$9,156,000	–	193,410	–	2.06%	–
CVX	New	CHEVRON CORP	$8,841,000	–	84,745	–	1.99%	–
COP	New	CONOCOPHILLIPS	$8,771,000	–	199,519	–	1.98%	–
WFC	New	WELLS FARGO & CO	$8,768,000	–	158,241	–	1.98%	–
TGT	New	TARGET CORP	$8,722,000	–	166,806	–	1.97%	–
OXY	New	OCCIDENTAL PETE	$8,583,000	–	143,366	–	1.94%	–
BBT	New	BB&T CORPORATION	$8,530,000	–	187,839	–	1.92%	–
KEY	New	KEYCORP	$8,468,000	–	451,881	–	1.91%	–
MSFT	New	MICROSOFT CORP	$8,430,000	–	122,302	–	1.90%	–
LLY	New	LILLY ELI & COMPANY	$8,102,000	–	98,445	–	1.83%	–
USB	New	US BANCORP DEL	$8,038,000	–	154,812	–	1.81%	–
HPQ	New	HP INC COM	$7,955,000	–	455,111	–	1.79%	–
F	New	FORD MTR CO	$7,686,000	–	686,860	–	1.73%	–
KSS	New	KOHL'S CORP	$7,435,000	–	192,271	–	1.68%	–
FE	New	FIRSTENERGY CORP	$7,405,000	–	253,947	–	1.67%	–
RDSB	New	ROYAL DUTCH SHELL PLC SPON ADR	$7,177,000	–	131,860	–	1.62%	–
WMT	New	WAL-MART STORES	$7,064,000	–	93,335	–	1.59%	–
CVS	New	CVS HEALTH CORP	$6,890,000	–	85,635	–	1.55%	–
WU	New	WESTERN UNION CO	$6,721,000	–	352,791	–	1.52%	–
T	New	A T & T INC NEW	$6,662,000	–	176,571	–	1.50%	–
PRU	New	PRUDENTIAL FINL INC	$6,614,000	–	61,165	–	1.49%	–
SPLS	New	STAPLES INC	$6,588,000	–	654,201	–	1.48%	–
LYB	New	LYONDELLBASELL INDUSTR SHS - A	$6,510,000	–	77,138	–	1.47%	–
MRK	New	MERCK & CO INC NEW	$6,233,000	–	97,256	–	1.40%	–
EMR	New	EMERSON ELEC CO	$6,176,000	–	103,595	–	1.39%	–
AMGN	New	AMGEN INC	$5,827,000	–	33,830	–	1.31%	–
LUMN	New	CENTURYLINK INC	$5,765,000	–	241,405	–	1.30%	–
RIO	New	RIO TINTO PLC ADR	$5,742,000	–	135,704	–	1.30%	–
VTR	New	VENTAS INC COM	$5,703,000	–	82,088	–	1.29%	–
XOM	New	EXXON MOBIL	$5,690,000	–	70,482	–	1.28%	–
BAC	New	BANK OF AMERICA CORP	$5,616,000	–	231,490	–	1.27%	–
PHG	New	ROYAL PHILIPS NV ADR	$5,504,000	–	153,653	–	1.24%	–
JWN	New	NORDSTROM INC	$5,368,000	–	112,227	–	1.21%	–
PBCT	New	PEOPLES UTD FINL	$5,350,000	–	302,940	–	1.21%	–
UPS	New	UNITED PARCEL SERVICE CL B	$5,007,000	–	45,280	–	1.13%	–
LNC	New	LINCOLN NATIONAL CORP IND	$4,940,000	–	73,093	–	1.11%	–
INTC	New	INTEL CORP	$4,771,000	–	141,409	–	1.08%	–
SLB	New	SCHLUMBERGER LTD	$4,717,000	–	71,650	–	1.06%	–
KO	New	COCA COLA CO	$4,397,000	–	98,037	–	0.99%	–
BK	New	BANK NEW YORK MELLON CORP	$4,238,000	–	83,057	–	0.96%	–
PPL	New	PPL CORP	$3,974,000	–	102,788	–	0.90%	–
TRV	New	TRAVELERS COS INC	$3,542,000	–	27,997	–	0.80%	–
MOS	New	MOSAIC CO	$3,494,000	–	153,055	–	0.79%	–
BLMN	New	BLOOMIN BRANDS INC COM	$3,326,000	–	156,674	–	0.75%	–
MFC	New	MANULIFE FINANCIAL	$3,293,000	–	175,510	–	0.74%	–
PSA	New	PUBLIC STORAGE	$3,099,000	–	14,863	–	0.70%	–
FDX	New	FEDEX CORP	$3,066,000	–	14,106	–	0.69%	–
IR	New	INGERSOLL RAND CL A IRELAND	$2,789,000	–	30,517	–	0.63%	–
COF	New	CAPITAL ONE FINANCIAL CP	$2,760,000	–	33,400	–	0.62%	–
NOK	New	NOKIA CORP SPON ADR F 1 ADR RE	$2,244,000	–	364,205	–	0.51%	–
BHI	New	BAKER HUGHES INC	$2,140,000	–	39,262	–	0.48%	–
DVN	New	DEVON ENERGY CORP	$2,093,000	–	65,483	–	0.47%	–
RDSA	New	ROYAL DUTCH SHELL A ADRF SPONS	$1,870,000	–	35,165	–	0.42%	–
PEP	New	PEPSICO INC	$1,676,000	–	14,508	–	0.38%	–
PM	New	PHILIP MORRIS INTL INC	$1,248,000	–	10,625	–	0.28%	–
FCX	New	FREEPORT-MCMORAN, INC	$1,195,000	–	99,500	–	0.27%	–
MO	New	ALTRIA GROUP INC	$640,000	–	8,600	–	0.14%	–
VZ	New	VERIZON COMMUNICATIONS	$510,000	–	11,416	–	0.12%	–
DD	New	DU PONT E I DE NEMOUR&CO	$468,000	–	5,800	–	0.11%	–
NEBLQ	New	NOBLE CORP PLC SHS USD	$279,000	–	76,941	–	0.06%	–
CSX	New	CSX CORP	$273,000	–	5,000	–	0.06%	–
MDLZ	New	MONDELEZ INTL INC CL A	$254,000	–	5,882	–	0.06%	–
NUE	New	NUCOR CORP	$250,000	–	4,327	–	0.06%	–

Q4 2016

			Value		Shares		↓ Weighting
RIG	Exit	TRANSOCEAN INC ORD	$0	–	-12,150	–	-0.04%	–
CSX	Exit	CSX CORP	$0	–	-6,900	–	-0.06%	–
D	Exit	DOMINION RES INC VA NEW	$0	–	-2,800	–	-0.06%	–
SEMUF	Exit	SIEM INDS INC COM	$0	–	-3,900	–	-0.06%	–
MDLZ	Exit	MONDELEZ INTL INC CL A	$0	–	-5,882	–	-0.07%	–
EGN	Exit	ENERGEN CORP COM	$0	–	-9,000	–	-0.14%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-8,600	–	-0.15%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-11,966	–	-0.17%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USD	$0	–	-111,484	–	-0.20%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-11,030	–	-0.30%	–
FCX	Exit	FREEPORT-MCMORAN, INC	$0	–	-119,186	–	-0.36%	–
NOK	Exit	NOKIA CORP SPON ADR F 1 ADR RE	$0	–	-228,931	–	-0.37%	–
DD	Exit	DU PONT E I DE NEMOUR&CO	$0	–	-23,000	–	-0.43%	–
PEP	Exit	PEPSICO INC	$0	–	-16,498	–	-0.50%	–
MFC	Exit	MANULIFE FINANCIAL CORP	$0	–	-133,705	–	-0.52%	–
NSC	Exit	NORFOLK SOUTHERN	$0	–	-19,459	–	-0.52%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-21,365	–	-0.53%	–
RDSA	Exit	ROYAL DUTCH SHELL A ADRF SPONS	$0	–	-40,806	–	-0.57%	–
BLMN	Exit	BLOOMIN BRANDS INC COM	$0	–	-122,809	–	-0.59%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-42,094	–	-0.59%	–
IR	Exit	INGERSOLL RAND CL A IRELAND	$0	–	-33,448	–	-0.63%	–
UPS	Exit	UNITED PARCEL SERVICE CL B	$0	–	-22,690	–	-0.69%	–
COF	Exit	CAPITAL ONE FINANCIAL CP	$0	–	-35,585	–	-0.71%	–
FDX	Exit	FEDEX CORP	$0	–	-15,358	–	-0.74%	–
VTR	Exit	VENTAS INC COM	$0	–	-41,110	–	-0.81%	–
MOS	Exit	MOSAIC CO NEW COM	$0	–	-122,934	–	-0.83%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-72,390	–	-0.89%	–
JWN	Exit	NORDSTROM INC	$0	–	-62,795	–	-0.90%	–
PPL	Exit	PPL CORP	$0	–	-94,712	–	-0.91%	–
TRV	Exit	TRAVELERS COS INC	$0	–	-30,556	–	-0.97%	–
KO	Exit	COCA COLA COMPANY	$0	–	-82,842	–	-0.97%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-90,189	–	-1.00%	–
PBCT	Exit	PEOPLES UTD FINL INC COM	$0	–	-239,050	–	-1.05%	–
LNC	Exit	LINCOLN NATIONAL CORP IND	$0	–	-81,631	–	-1.06%	–
BBY	Exit	BEST BUY COMPANY INC	$0	–	-103,991	–	-1.10%	–
NUE	Exit	NUCOR CORP	$0	–	-83,013	–	-1.14%	–
RIO	Exit	RIO TINTO PLC ADR	$0	–	-123,382	–	-1.14%	–
INTC	Exit	INTEL CORP	$0	–	-109,573	–	-1.15%	–
T	Exit	A T & T INC NEW	$0	–	-102,369	–	-1.15%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-267,632	–	-1.16%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-51,632	–	-1.17%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE	$0	–	-196,712	–	-1.24%	–
KEY	Exit	KEYCORP	$0	–	-368,235	–	-1.24%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-85,125	–	-1.29%	–
SPLS	Exit	STAPLES INC	$0	–	-572,857	–	-1.36%	–
XOM	Exit	EXXON MOBIL CORPORATION	$0	–	-58,100	–	-1.41%	–
USB	Exit	US BANCORP DEL	$0	–	-126,070	–	-1.50%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC SPON ADR	$0	–	-105,410	–	-1.54%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-203,395	–	-1.55%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-129,891	–	-1.60%	–
BBT	Exit	BB&T CORPORATION	$0	–	-156,825	–	-1.64%	–
COH	Exit	COACH INC	$0	–	-164,464	–	-1.67%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-82,862	–	-1.68%	–
HPQ	Exit	HP INC COM	$0	–	-393,517	–	-1.70%	–
KSS	Exit	KOHL'S CORP	$0	–	-145,156	–	-1.76%	–
TGT	Exit	TARGET CORP	$0	–	-96,094	–	-1.83%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-68,838	–	-1.94%	–
PHG	Exit	ROYAL PHILIPS NV ADR	$0	–	-241,228	–	-1.98%	–
F	Exit	FORD MTR CO	$0	–	-599,636	–	-2.01%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-100,797	–	-2.02%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-223,920	–	-2.06%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-176,657	–	-2.13%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-76,189	–	-2.18%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-119,934	–	-2.19%	–
MET	Exit	METLIFE INC COM	$0	–	-177,516	–	-2.19%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-128,688	–	-2.23%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-95,101	–	-2.37%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-299,081	–	-2.46%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-77,591	–	-2.54%	–
WU	Exit	WESTERN UNION CO	$0	–	-456,292	–	-2.64%	–
PFE	Exit	PFIZER INC	$0	–	-283,212	–	-2.66%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-192,404	–	-3.08%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-71,923	–	-3.17%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-367,280	–	-3.23%	–
AAPL	Exit	APPLE INC	$0	–	-116,585	–	-3.66%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-210,585	–	-3.89%	–

Q3 2016

			Value		Shares		↓ Weighting
JPM	Buy	JPMORGAN CHASE & CO	$14,023,000	+11.1%	210,585	+3.6%	3.89%	+3.8%
AAPL	Buy	APPLE INC	$13,180,000	+23.9%	116,585	+4.8%	3.66%	+15.8%
CSCO	Sell	CISCO SYSTEMS INC	$11,650,000	-0.8%	367,280	-10.3%	3.23%	-7.3%
IBM	Buy	INTL BUSINESS MACHINES	$11,425,000	+26.3%	71,923	+20.7%	3.17%	+18.1%
MSFT	Sell	MICROSOFT CORP	$11,082,000	+11.5%	192,404	-0.9%	3.08%	+4.3%
PFE	Buy	PFIZER INC	$9,592,000	+0.5%	283,212	+4.4%	2.66%	-6.1%
WU	Buy	WESTERN UNION CO	$9,500,000	+14.0%	456,292	+5.0%	2.64%	+6.6%
JNJ	Sell	JOHNSON & JOHNSON	$9,166,000	-11.5%	77,591	-9.2%	2.54%	-17.3%
GE	Buy	GENERAL ELECTRIC CO	$8,859,000	-0.5%	299,081	+5.8%	2.46%	-7.0%
PG	Buy	PROCTER & GAMBLE	$8,535,000	+11.9%	95,101	+5.6%	2.37%	+4.6%
MRK	Buy	MERCK & CO INC NEW	$8,031,000	+14.5%	128,688	+5.7%	2.23%	+7.0%
MET	Buy	METLIFE INC COM	$7,887,000	+16.9%	177,516	+4.8%	2.19%	+9.3%
ETN	Buy	EATON CORP PLC SHS	$7,881,000	+14.5%	119,934	+4.1%	2.19%	+7.1%
CVX	Buy	CHEVRON CORPORATION	$7,841,000	+3.3%	76,189	+5.2%	2.18%	-3.5%
COP	Buy	CONOCOPHILLIPS	$7,679,000	+43.9%	176,657	+44.3%	2.13%	+34.5%
FE	Buy	FIRSTENERGY CORP	$7,407,000	-0.6%	223,920	+4.9%	2.06%	-7.1%
WMT	Buy	WAL-MART STORES INC	$7,269,000	+2.8%	100,797	+4.1%	2.02%	-3.9%
F	Buy	FORD MTR CO	$7,238,000	+21.7%	599,636	+26.8%	2.01%	+13.8%
PHG	Buy	ROYAL PHILIPS NV ADR	$7,138,000	+22.8%	241,228	+3.5%	1.98%	+14.7%
UTX	Buy	UNITED TECHNOLOGIES CORP	$6,994,000	+91.5%	68,838	+93.3%	1.94%	+79.1%
TGT	Buy	TARGET CORP	$6,600,000	+26.6%	96,094	+28.7%	1.83%	+18.3%
KSS	Buy	KOHL'S CORP	$6,351,000	+28.3%	145,156	+11.2%	1.76%	+19.9%
HPQ	Buy	HP INC COM	$6,111,000	+31.4%	393,517	+6.2%	1.70%	+22.8%
OXY	Buy	OCCIDENTAL PETE CORP	$6,042,000	+2.6%	82,862	+6.3%	1.68%	-4.1%
COH	Buy	COACH INC	$6,013,000	-6.2%	164,464	+4.6%	1.67%	-12.3%
BBT	Buy	BB&T CORPORATION	$5,915,000	+19.4%	156,825	+12.7%	1.64%	+11.6%
WFC	Buy	WELLS FARGO & CO NEW	$5,752,000	+36.0%	129,891	+45.4%	1.60%	+27.2%
LUMN	Buy	CENTURYLINK INC	$5,579,000	+2.0%	203,395	+7.8%	1.55%	-4.7%
RDSB	Buy	ROYAL DUTCH SHELL PLC SPON ADR	$5,569,000	+8.3%	105,410	+14.8%	1.54%	+1.2%
USB	Buy	US BANCORP DEL	$5,407,000	+16.4%	126,070	+9.5%	1.50%	+8.8%
XOM	Buy	EXXON MOBIL CORPORATION	$5,071,000	+1.1%	58,100	+8.6%	1.41%	-5.5%
SPLS	Buy	STAPLES INC	$4,898,000	+6.6%	572,857	+7.5%	1.36%	-0.4%
EMR	Buy	EMERSON ELEC CO	$4,640,000	+13.7%	85,125	+8.8%	1.29%	+6.2%
KEY	Buy	KEYCORP	$4,481,000	+120.8%	368,235	+100.6%	1.24%	+106.5%
HPE	Sell	HEWLETT PACKARD ENTERPRISE	$4,475,000	+20.4%	196,712	-3.3%	1.24%	+12.6%
PRU	Buy	PRUDENTIAL FINL INC	$4,216,000	+25.3%	51,632	+9.5%	1.17%	+17.1%
BAC	Sell	BANK OF AMERICA CORP	$4,188,000	+15.4%	267,632	-2.1%	1.16%	+7.9%
T	Sell	A T & T INC NEW	$4,157,000	-37.8%	102,369	-33.9%	1.15%	-41.9%
INTC	Buy	INTEL CORP	$4,136,000	+25.7%	109,573	+9.2%	1.15%	+17.5%
RIO	Sell	RIO TINTO PLC ADR	$4,121,000	-15.5%	123,382	-20.8%	1.14%	-21.0%
NUE	Buy	NUCOR CORP	$4,105,000	+5.7%	83,013	+5.7%	1.14%	-1.1%
BBY	Sell	BEST BUY COMPANY INC	$3,970,000	-19.6%	103,991	-35.5%	1.10%	-24.8%
LNC	Sell	LINCOLN NATIONAL CORP IND	$3,835,000	+18.3%	81,631	-2.4%	1.06%	+10.6%
PBCT	Buy	PEOPLES UTD FINL INC COM	$3,782,000	+17.0%	239,050	+8.4%	1.05%	+9.4%
BK	Sell	BANK NEW YORK MELLON CORP	$3,597,000	+0.1%	90,189	-2.5%	1.00%	-6.5%
KO	Buy	COCA COLA COMPANY	$3,506,000	-1.0%	82,842	+6.0%	0.97%	-7.5%
TRV	Sell	TRAVELERS COS INC	$3,500,000	-6.1%	30,556	-2.4%	0.97%	-12.2%
PPL	Buy	PPL CORP	$3,274,000	-2.3%	94,712	+6.7%	0.91%	-8.7%
JWN	New	NORDSTROM INC	$3,258,000	–	62,795	–	0.90%	–
DVN	Sell	DEVON ENERGY CORP	$3,193,000	+19.5%	72,390	-1.8%	0.89%	+11.7%
MOS	Buy	MOSAIC CO NEW COM	$3,007,000	-1.0%	122,934	+5.9%	0.83%	-7.5%
VTR	Buy	VENTAS INC COM	$2,904,000	-2.2%	41,110	+0.9%	0.81%	-8.5%
FDX	Sell	FEDEX CORP	$2,683,000	+13.0%	15,358	-1.9%	0.74%	+5.5%
COF	Sell	CAPITAL ONE FINANCIAL CP	$2,556,000	+10.7%	35,585	-2.1%	0.71%	+3.5%
UPS	Buy	UNITED PARCEL SERVICE CL B	$2,481,000	+11.0%	22,690	+9.4%	0.69%	+3.8%
IR	Sell	INGERSOLL RAND CL A IRELAND	$2,272,000	+0.4%	33,448	-5.9%	0.63%	-6.2%
BHI	Sell	BAKER HUGHES INC	$2,124,000	+10.6%	42,094	-1.1%	0.59%	+3.3%
BLMN	Sell	BLOOMIN BRANDS INC COM	$2,117,000	-4.2%	122,809	-0.7%	0.59%	-10.5%
RDSA	Sell	ROYAL DUTCH SHELL A ADRF SPONS	$2,043,000	-17.8%	40,806	-9.4%	0.57%	-23.2%
CVS	Sell	CVS HEALTH CORP	$1,901,000	-8.5%	21,365	-1.5%	0.53%	-14.6%
MFC	Buy	MANULIFE FINANCIAL CORP	$1,887,000	+16.8%	133,705	+13.2%	0.52%	+9.4%
NSC	Sell	NORFOLK SOUTHERN	$1,889,000	+12.5%	19,459	-1.3%	0.52%	+5.2%
PEP	Sell	PEPSICO INC	$1,794,000	-65.9%	16,498	-66.8%	0.50%	-68.1%
DD	Sell	DU PONT E I DE NEMOUR&CO	$1,540,000	+1.9%	23,000	-1.4%	0.43%	-4.9%
NOK	New	NOKIA CORP SPON ADR F 1 ADR RE	$1,326,000	–	228,931	–	0.37%	–
FCX	Sell	FREEPORT-MCMORAN, INC	$1,294,000	-4.1%	119,186	-1.6%	0.36%	-10.2%
PM	Sell	PHILIP MORRIS INTL INC	$1,072,000	-4.5%	11,030	-0.1%	0.30%	-10.8%
NEBLQ	Sell	NOBLE CORP PLC SHS USD	$707,000	-23.7%	111,484	-0.8%	0.20%	-28.7%
EGN	Sell	ENERGEN CORP COM	$519,000	-10.4%	9,000	-25.0%	0.14%	-16.3%
SEMUF	New	SIEM INDS INC COM	$215,000	–	3,900	–	0.06%	–
CSX	New	CSX CORP	$210,000	–	6,900	–	0.06%	–
D	Sell	DOMINION RES INC VA NEW	$208,000	-11.1%	2,800	-6.7%	0.06%	-15.9%
RIG	Sell	TRANSOCEAN INC ORD	$130,000	-16.7%	12,150	-7.6%	0.04%	-21.7%
IVE	Exit	ISHARES TR S&P500/BAR VAL	$0	–	-7,588	–	-0.21%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-88,750	–	-0.45%	–
EMC	Exit	EMC CORP	$0	–	-55,629	–	-0.45%	–
SPY	Exit	SPDR TR UNIT SER 1	$0	–	-9,075	–	-0.56%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-81,250	–	-0.58%	–
FNFG	Exit	FIRST NIAGARA FINL GP COM	$0	–	-222,932	–	-0.64%	–

Q2 2016

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE & CO	$12,627,000	–	203,195	–	3.75%	–
CSCO	New	CISCO SYSTEMS INC	$11,748,000	–	409,480	–	3.49%	–
AAPL	New	APPLE INC	$10,639,000	–	111,287	–	3.16%	–
JNJ	New	JOHNSON & JOHNSON	$10,362,000	–	85,427	–	3.08%	–
MSFT	New	MICROSOFT CORP	$9,936,000	–	194,182	–	2.95%	–
PFE	New	PFIZER INC	$9,549,000	–	271,188	–	2.84%	–
IBM	New	INTL BUSINESS MACHINES	$9,045,000	–	59,595	–	2.68%	–
GE	New	GENERAL ELECTRIC CO	$8,902,000	–	282,786	–	2.64%	–
WU	New	WESTERN UNION CO	$8,332,000	–	434,388	–	2.47%	–
PG	New	PROCTER & GAMBLE	$7,626,000	–	90,066	–	2.26%	–
CVX	New	CHEVRON CORPORATION	$7,593,000	–	72,427	–	2.25%	–
FE	New	FIRSTENERGY CORP	$7,452,000	–	213,474	–	2.21%	–
WMT	New	WAL-MART STORES INC	$7,072,000	–	96,856	–	2.10%	–
MRK	New	MERCK & CO INC NEW	$7,013,000	–	121,738	–	2.08%	–
ETN	New	EATON CORP PLC SHS	$6,880,000	–	115,181	–	2.04%	–
MET	New	METLIFE INC COM	$6,745,000	–	169,337	–	2.00%	–
T	New	A T & T INC NEW	$6,688,000	–	154,769	–	1.98%	–
COH	New	COACH INC	$6,409,000	–	157,304	–	1.90%	–
F	New	FORD MTR CO	$5,947,000	–	473,078	–	1.76%	–
OXY	New	OCCIDENTAL PETE CORP	$5,887,000	–	77,916	–	1.75%	–
PHG	New	ROYAL PHILIPS NV ADR	$5,814,000	–	233,102	–	1.73%	–
LUMN	New	CENTURYLINK INC	$5,471,000	–	188,595	–	1.62%	–
COP	New	CONOCOPHILLIPS	$5,336,000	–	122,395	–	1.58%	–
PEP	New	PEPSICO INC	$5,265,000	–	49,702	–	1.56%	–
TGT	New	TARGET CORP	$5,214,000	–	74,674	–	1.55%	–
RDSB	New	ROYAL DUTCH SHELL PLC SPON ADR	$5,141,000	–	91,800	–	1.53%	–
XOM	New	EXXON MOBIL CORPORATION	$5,015,000	–	53,500	–	1.49%	–
BBT	New	BB&T CORPORATION	$4,954,000	–	139,125	–	1.47%	–
KSS	New	KOHL'S CORP	$4,951,000	–	130,574	–	1.47%	–
BBY	New	BEST BUY COMPANY INC	$4,936,000	–	161,301	–	1.46%	–
RIO	New	RIO TINTO PLC ADR	$4,875,000	–	155,737	–	1.45%	–
HPQ	New	HP INC COM	$4,652,000	–	370,701	–	1.38%	–
USB	New	US BANCORP DEL	$4,645,000	–	115,170	–	1.38%	–
SPLS	New	STAPLES INC	$4,594,000	–	532,993	–	1.36%	–
WFC	New	WELLS FARGO & CO NEW	$4,229,000	–	89,341	–	1.26%	–
EMR	New	EMERSON ELEC CO	$4,082,000	–	78,250	–	1.21%	–
NUE	New	NUCOR CORP	$3,882,000	–	78,563	–	1.15%	–
TRV	New	TRAVELERS COS INC	$3,727,000	–	31,313	–	1.11%	–
HPE	New	HEWLETT PACKARD ENTERPRISE	$3,717,000	–	203,460	–	1.10%	–
UTX	New	UNITED TECHNOLOGIES CORP	$3,652,000	–	35,615	–	1.08%	–
BAC	New	BANK OF AMERICA CORP	$3,629,000	–	273,510	–	1.08%	–
BK	New	BANK NEW YORK MELLON CORP	$3,595,000	–	92,544	–	1.07%	–
KO	New	COCA COLA COMPANY	$3,543,000	–	78,157	–	1.05%	–
PRU	New	PRUDENTIAL FINL INC	$3,364,000	–	47,157	–	1.00%	–
PPL	New	PPL CORP	$3,351,000	–	88,764	–	1.00%	–
INTC	New	INTEL CORP	$3,291,000	–	100,323	–	0.98%	–
LNC	New	LINCOLN NATIONAL CORP IND	$3,242,000	–	83,613	–	0.96%	–
PBCT	New	PEOPLES UTD FINL INC COM	$3,232,000	–	220,450	–	0.96%	–
MOS	New	MOSAIC CO NEW COM	$3,038,000	–	116,040	–	0.90%	–
VTR	New	VENTAS INC COM	$2,968,000	–	40,760	–	0.88%	–
DVN	New	DEVON ENERGY CORP	$2,671,000	–	73,696	–	0.79%	–
RDSA	New	ROYAL DUTCH SHELL A ADRF SPONS	$2,486,000	–	45,018	–	0.74%	–
FDX	New	FEDEX CORP	$2,375,000	–	15,649	–	0.70%	–
COF	New	CAPITAL ONE FINANCIAL CP	$2,309,000	–	36,357	–	0.68%	–
IR	New	INGERSOLL RAND CL A IRELAND	$2,264,000	–	35,556	–	0.67%	–
UPS	New	UNITED PARCEL SERVICE CL B	$2,235,000	–	20,745	–	0.66%	–
BLMN	New	BLOOMIN BRANDS INC COM	$2,209,000	–	123,629	–	0.66%	–
FNFG	New	FIRST NIAGARA FINL GP COM	$2,171,000	–	222,932	–	0.64%	–
CVS	New	CVS HEALTH CORP	$2,077,000	–	21,689	–	0.62%	–
KEY	New	KEYCORP	$2,029,000	–	183,600	–	0.60%	–
AMAT	New	APPLIED MATLS INC	$1,948,000	–	81,250	–	0.58%	–
BHI	New	BAKER HUGHES INC	$1,921,000	–	42,570	–	0.57%	–
SPY	New	SPDR TR UNIT SER 1	$1,901,000	–	9,075	–	0.56%	–
NSC	New	NORFOLK SOUTHERN	$1,679,000	–	19,717	–	0.50%	–
MFC	New	MANULIFE FINANCIAL CORP	$1,615,000	–	118,155	–	0.48%	–
DD	New	DU PONT E I DE NEMOUR&CO	$1,512,000	–	23,337	–	0.45%	–
EMC	New	EMC CORP	$1,511,000	–	55,629	–	0.45%	–
RRD	New	DONNELLEY R R & SONS CO	$1,502,000	–	88,750	–	0.45%	–
FCX	New	FREEPORT-MCMORAN, INC	$1,349,000	–	121,112	–	0.40%	–
PM	New	PHILIP MORRIS INTL INC	$1,123,000	–	11,040	–	0.33%	–
NEBLQ	New	NOBLE CORP PLC SHS USD	$926,000	–	112,422	–	0.28%	–
IVE	New	ISHARES TR S&P500/BAR VAL	$705,000	–	7,588	–	0.21%	–
VZ	New	VERIZON COMMUNICATIONS	$668,000	–	11,966	–	0.20%	–
MO	New	ALTRIA GROUP INC	$593,000	–	8,600	–	0.18%	–
EGN	New	ENERGEN CORP COM	$579,000	–	12,000	–	0.17%	–
MDLZ	New	MONDELEZ INTL INC CL A	$268,000	–	5,882	–	0.08%	–
D	New	DOMINION RES INC VA NEW	$234,000	–	3,000	–	0.07%	–
RIG	New	TRANSOCEAN INC ORD	$156,000	–	13,150	–	0.05%	–

Q4 2015

			Value		Shares		↓ Weighting
BTUUQ	Exit	PEABODY ENERGY CORP COM	$0	–	-26,475	–	-0.01%	–
D	Exit	DOMINION RES INC VA NEW	$0	–	-3,100	–	-0.08%	–
SEMUF	Exit	SIEM INDS INC COM	$0	–	-3,900	–	-0.08%	–
MDLZ	Exit	MONDELEZ INTL INC CL A	$0	–	-5,882	–	-0.09%	–
RIG	Exit	TRANSOCEAN INC ORD	$0	–	-23,525	–	-0.11%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-8,700	–	-0.17%	–
AVP	Exit	AVON PRODUCTS	$0	–	-153,962	–	-0.18%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-14,023	–	-0.22%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-11,445	–	-0.32%	–
MOS	Exit	MOSAIC CO NEW COM	$0	–	-33,007	–	-0.36%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-28,850	–	-0.40%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-82,875	–	-0.43%	–
FCX	Exit	FREEPORT-MCMORAN, INC	$0	–	-145,265	–	-0.50%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-27,473	–	-0.51%	–
EMC	Exit	EMC CORP	$0	–	-59,864	–	-0.51%	–
UPS	Exit	UNITED PARCEL SERVICE CL B	$0	–	-15,125	–	-0.53%	–
NSC	Exit	NORFOLK SOUTHERN	$0	–	-20,132	–	-0.55%	–
VTR	Exit	VENTAS INC COM	$0	–	-30,680	–	-0.61%	–
MFC	Exit	MANULIFE FINANCIAL CORP	$0	–	-116,575	–	-0.64%	–
FNFG	Exit	FIRST NIAGARA FINL GP COM	$0	–	-181,150	–	-0.66%	–
TGT	Exit	TARGET CORP	$0	–	-23,907	–	-0.67%	–
CMA	Exit	COMERICA INC	$0	–	-45,879	–	-0.67%	–
IR	Exit	INGERSOLL RAND CL A IRELAND	$0	–	-37,245	–	-0.67%	–
COF	Exit	CAPITAL ONE FINANCIAL CP	$0	–	-26,788	–	-0.69%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-22,344	–	-0.76%	–
INTC	Exit	INTEL CORP	$0	–	-74,707	–	-0.80%	–
FDX	Exit	FEDEX CORP	$0	–	-16,355	–	-0.84%	–
NUE	Exit	NUCOR CORP	$0	–	-63,430	–	-0.84%	–
POT	Exit	POTASH CORP	$0	–	-116,525	–	-0.85%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-65,787	–	-0.87%	–
COH	Exit	COACH INC	$0	–	-88,024	–	-0.90%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-59,459	–	-0.93%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-30,162	–	-0.95%	–
HSBC	Exit	HSBC HLDGS PLC SPON ADR NEW	$0	–	-75,830	–	-1.02%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-38,050	–	-1.03%	–
XOM	Exit	EXXON MOBIL CORPORATION	$0	–	-39,260	–	-1.04%	–
DD	Exit	DU PONT E I DE NEMOUR&CO	$0	–	-63,219	–	-1.08%	–
PBCT	Exit	PEOPLES UTD FINL INC COM	$0	–	-194,425	–	-1.08%	–
NEBLQ	Exit	NOBLE CORP PLC SHS USD	$0	–	-301,923	–	-1.17%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-131,722	–	-1.17%	–
TRV	Exit	TRAVELERS COS INC	$0	–	-33,637	–	-1.19%	–
USB	Exit	US BANCORP DEL	$0	–	-86,550	–	-1.26%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-244,142	–	-1.26%	–
BBT	Exit	BB&T CORPORATION	$0	–	-104,709	–	-1.32%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-100,339	–	-1.39%	–
SPLS	Exit	STAPLES INC	$0	–	-347,129	–	-1.44%	–
PEP	Exit	PEPSICO INC	$0	–	-44,248	–	-1.48%	–
T	Exit	A T & T INC NEW	$0	–	-131,314	–	-1.52%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-65,639	–	-1.54%	–
KO	Exit	COCA COLA COMPANY	$0	–	-108,702	–	-1.55%	–
LNC	Exit	LINCOLN NATIONAL CORP IND	$0	–	-93,517	–	-1.58%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-290,390	–	-1.60%	–
RIO	Exit	RIO TINTO PLC ADR	$0	–	-135,100	–	-1.62%	–
PHG	Exit	ROYAL PHILIPS NV ADR	$0	–	-203,649	–	-1.70%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-98,423	–	-1.72%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-61,716	–	-1.73%	–
PPL	Exit	PPL CORP	$0	–	-148,683	–	-1.74%	–
KSS	Exit	KOHL'S CORP	$0	–	-106,336	–	-1.75%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-106,550	–	-1.81%	–
ETN	Exit	EATON CORP PLC SHS	$0	–	-100,573	–	-1.83%	–
BBY	Exit	BEST BUY COMPANY INC	$0	–	-141,349	–	-1.86%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-73,521	–	-1.88%	–
HPQ	Exit	HEWLETT-PACKARD CO	$0	–	-207,051	–	-1.88%	–
F	Exit	FORD MTR CO	$0	–	-410,490	–	-1.98%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-188,390	–	-2.09%	–
RDSA	Exit	ROYAL DUTCH SHELL A ADRF SPONS	$0	–	-129,780	–	-2.18%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-260,749	–	-2.33%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-109,725	–	-2.52%	–
WU	Exit	WESTERN UNION CO	$0	–	-388,688	–	-2.53%	–
MET	Exit	METLIFE INC COM	$0	–	-155,195	–	-2.60%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-50,618	–	-2.60%	–
AAPL	Exit	APPLE INC	$0	–	-71,238	–	-2.79%	–
PFE	Exit	PFIZER INC	$0	–	-258,767	–	-2.88%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-188,691	–	-2.96%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-91,708	–	-3.04%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-401,264	–	-3.74%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-189,417	–	-4.10%	–

Q3 2015

			Value		Shares		↓ Weighting
JPM	Sell	JPMORGAN CHASE & CO	$11,549,000	-10.8%	189,417	-0.9%	4.10%	-6.4%
CSCO	Buy	CISCO SYSTEMS INC	$10,533,000	-3.8%	401,264	+0.7%	3.74%	+1.1%
JNJ	Buy	JOHNSON & JOHNSON	$8,561,000	-1.7%	91,708	+2.6%	3.04%	+3.2%
MSFT	Buy	MICROSOFT CORP	$8,351,000	+2.7%	188,691	+2.4%	2.96%	+7.8%
PFE	Buy	PFIZER INC	$8,128,000	-4.1%	258,767	+2.4%	2.88%	+0.7%
AAPL	Buy	APPLE INC	$7,858,000	-7.0%	71,238	+5.7%	2.79%	-2.4%
IBM	Buy	INTL BUSINESS MACHINES	$7,338,000	+8.4%	50,618	+21.6%	2.60%	+13.8%
MET	Buy	METLIFE INC COM	$7,317,000	-12.4%	155,195	+4.0%	2.60%	-8.0%
WU	Buy	WESTERN UNION CO	$7,136,000	-7.5%	388,688	+2.5%	2.53%	-2.8%
WMT	Buy	WAL-MART STORES INC	$7,115,000	+23.7%	109,725	+35.3%	2.52%	+29.9%
GE	Buy	GENERAL ELECTRIC CO	$6,576,000	-0.0%	260,749	+5.3%	2.33%	+5.0%
RDSA	Buy	ROYAL DUTCH SHELL A ADRF SPONS	$6,150,000	-13.0%	129,780	+4.6%	2.18%	-8.7%
FE	Buy	FIRSTENERGY CORP	$5,898,000	+1.3%	188,390	+5.3%	2.09%	+6.4%
F	Buy	FORD MTR CO	$5,570,000	-4.4%	410,490	+5.7%	1.98%	+0.4%
HPQ	Buy	HEWLETT-PACKARD CO	$5,303,000	-11.1%	207,051	+4.2%	1.88%	-6.6%
PG	Buy	PROCTER & GAMBLE	$5,289,000	+0.9%	73,521	+9.7%	1.88%	+5.9%
BBY	Sell	BEST BUY COMPANY INC	$5,247,000	+9.0%	141,349	-4.2%	1.86%	+14.4%
ETN	Buy	EATON CORP PLC SHS	$5,159,000	+53.3%	100,573	+101.7%	1.83%	+60.9%
COP	Buy	CONOCOPHILLIPS	$5,110,000	+21.7%	106,550	+55.8%	1.81%	+27.8%
KSS	Buy	KOHL'S CORP	$4,924,000	+12.4%	106,336	+52.1%	1.75%	+18.0%
PPL	Buy	PPL CORP	$4,890,000	+16.2%	148,683	+4.1%	1.74%	+21.9%
CVX	Buy	CHEVRON CORPORATION	$4,868,000	-11.9%	61,716	+7.7%	1.73%	-7.5%
MRK	Buy	MERCK & CO INC NEW	$4,861,000	-7.3%	98,423	+6.8%	1.72%	-2.7%
PHG	Sell	ROYAL PHILIPS NV ADR	$4,778,000	-9.4%	203,649	-1.7%	1.70%	-4.8%
RIO	Buy	RIO TINTO PLC ADR	$4,569,000	-12.9%	135,100	+6.1%	1.62%	-8.6%
BAC	Sell	BANK OF AMERICA CORP	$4,524,000	-9.0%	290,390	-0.5%	1.60%	-4.4%
LNC	Sell	LINCOLN NATIONAL CORP IND	$4,438,000	-20.2%	93,517	-0.5%	1.58%	-16.2%
KO	Buy	COCA COLA COMPANY	$4,361,000	+10.0%	108,702	+7.5%	1.55%	+15.5%
OXY	Buy	OCCIDENTAL PETE CORP	$4,342,000	-8.2%	65,639	+7.9%	1.54%	-3.6%
T	Buy	A T & T INC NEW	$4,278,000	-1.0%	131,314	+7.9%	1.52%	+4.0%
PEP	Buy	PEPSICO INC	$4,173,000	+4.5%	44,248	+3.4%	1.48%	+9.7%
SPLS	Buy	STAPLES INC	$4,072,000	-20.3%	347,129	+4.0%	1.44%	-16.3%
BK	Sell	BANK NEW YORK MELLON CORP	$3,928,000	-7.6%	100,339	-0.9%	1.39%	-3.0%
BBT	Buy	BB&T CORPORATION	$3,728,000	-3.2%	104,709	+9.6%	1.32%	+1.7%
RRD	Buy	DONNELLEY R R & SONS CO	$3,555,000	-14.9%	244,142	+1.8%	1.26%	-10.6%
USB	Buy	US BANCORP DEL	$3,549,000	+70.5%	86,550	+80.4%	1.26%	+78.8%
TRV	Sell	TRAVELERS COS INC	$3,348,000	-0.5%	33,637	-3.4%	1.19%	+4.4%
LUMN	Buy	CENTURYLINK INC	$3,309,000	-8.0%	131,722	+7.6%	1.17%	-3.5%
NEBLQ	Buy	NOBLE CORP PLC SHS USD	$3,294,000	-25.2%	301,923	+5.5%	1.17%	-21.5%
PBCT	Buy	PEOPLES UTD FINL INC COM	$3,058,000	-1.2%	194,425	+1.8%	1.08%	+3.7%
DD	Buy	DU PONT E I DE NEMOUR&CO	$3,047,000	-20.9%	63,219	+4.9%	1.08%	-17.0%
XOM	Buy	EXXON MOBIL CORPORATION	$2,919,000	+133.7%	39,260	+161.6%	1.04%	+145.5%
PRU	Buy	PRUDENTIAL FINL INC	$2,900,000	-5.5%	38,050	+8.6%	1.03%	-0.8%
HSBC	Buy	HSBC HLDGS PLC SPON ADR NEW	$2,872,000	-6.0%	75,830	+11.3%	1.02%	-1.3%
UTX	New	UNITED TECHNOLOGIES CORP	$2,684,000	–	30,162	–	0.95%	–
EMR	Buy	EMERSON ELEC CO	$2,626,000	-14.3%	59,459	+7.6%	0.93%	-10.0%
COH	New	COACH INC	$2,547,000	–	88,024	–	0.90%	–
DVN	Sell	DEVON ENERGY CORP	$2,440,000	-38.6%	65,787	-1.5%	0.87%	-35.5%
POT	Buy	POTASH CORP	$2,395,000	-17.5%	116,525	+24.3%	0.85%	-13.4%
NUE	Buy	NUCOR CORP	$2,382,000	-4.6%	63,430	+11.9%	0.84%	+0.1%
FDX	Buy	FEDEX CORP	$2,355,000	-13.1%	16,355	+2.8%	0.84%	-8.7%
INTC	Buy	INTEL CORP	$2,252,000	+10.2%	74,707	+11.2%	0.80%	+15.8%
CVS	Sell	CVS HEALTH CORP	$2,156,000	-12.3%	22,344	-4.7%	0.76%	-7.9%
COF	Buy	CAPITAL ONE FINANCIAL CP	$1,943,000	-17.5%	26,788	+0.0%	0.69%	-13.4%
IR	Sell	INGERSOLL RAND CL A IRELAND	$1,891,000	-25.0%	37,245	-0.5%	0.67%	-21.3%
CMA	Sell	COMERICA INC	$1,886,000	-20.4%	45,879	-0.6%	0.67%	-16.4%
TGT	Sell	TARGET CORP	$1,881,000	-70.5%	23,907	-69.3%	0.67%	-69.0%
FNFG	Sell	FIRST NIAGARA FINL GP COM	$1,850,000	-34.0%	181,150	-39.0%	0.66%	-30.7%
MFC	Buy	MANULIFE FINANCIAL CORP	$1,805,000	-9.7%	116,575	+8.5%	0.64%	-5.0%
VTR	New	VENTAS INC COM	$1,720,000	–	30,680	–	0.61%	–
NSC	Buy	NORFOLK SOUTHERN	$1,538,000	+3.4%	20,132	+18.2%	0.55%	+8.5%
UPS	New	UNITED PARCEL SERVICE CL B	$1,493,000	–	15,125	–	0.53%	–
EMC	Buy	EMC CORP	$1,446,000	-8.1%	59,864	+0.5%	0.51%	-3.6%
BHI	Sell	BAKER HUGHES INC	$1,430,000	-15.7%	27,473	-0.1%	0.51%	-11.7%
FCX	Sell	FREEPORT-MCMORAN, INC	$1,408,000	-48.5%	145,265	-1.1%	0.50%	-45.9%
AMAT	Buy	APPLIED MATLS INC	$1,217,000	-16.5%	82,875	+9.3%	0.43%	-12.2%
SYY	Sell	SYSCO CORPORATION	$1,124,000	-7.3%	28,850	-14.2%	0.40%	-2.7%
MOS	Buy	MOSAIC CO NEW COM	$1,027,000	-33.4%	33,007	+0.3%	0.36%	-30.1%
PM	Buy	PHILIP MORRIS INTL INC	$908,000	-0.7%	11,445	+0.4%	0.32%	+4.2%
VZ	Sell	VERIZON COMMUNICATIONS	$610,000	-9.9%	14,023	-3.4%	0.22%	-5.7%
AVP	Sell	AVON PRODUCTS	$500,000	-48.2%	153,962	-0.1%	0.18%	-45.7%
MO	Sell	ALTRIA GROUP INC	$473,000	+8.7%	8,700	-2.2%	0.17%	+14.3%
BTUUQ	New	PEABODY ENERGY CORP COM	$37,000	–	26,475	–	0.01%	–
CSX	Exit	CSX CORP	$0	–	-7,300	–	-0.08%	–
BTU	Exit	PEABODY ENERGY CORP COM	$0	–	-131,506	–	-0.10%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-28,621	–	-0.59%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-39,698	–	-0.69%	–

Q2 2015

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE & CO	$12,951,000	–	191,126	–	4.38%	–
CSCO	New	CISCO SYSTEMS INC	$10,945,000	–	398,576	–	3.70%	–
JNJ	New	JOHNSON & JOHNSON	$8,711,000	–	89,385	–	2.94%	–
PFE	New	PFIZER INC	$8,476,000	–	252,785	–	2.86%	–
AAPL	New	APPLE INC	$8,453,000	–	67,396	–	2.86%	–
MET	New	METLIFE INC COM	$8,353,000	–	149,192	–	2.82%	–
MSFT	New	MICROSOFT CORP	$8,134,000	–	184,240	–	2.75%	–
WU	New	WESTERN UNION CO	$7,712,000	–	379,331	–	2.61%	–
RDSA	New	ROYAL DUTCH SHELL A ADRF SPONS	$7,070,000	–	124,017	–	2.39%	–
IBM	New	INTL BUSINESS MACHINES	$6,772,000	–	41,630	–	2.29%	–
GE	New	GENERAL ELECTRIC CO	$6,579,000	–	247,615	–	2.22%	–
TGT	New	TARGET CORP	$6,366,000	–	77,987	–	2.15%	–
HPQ	New	HEWLETT-PACKARD CO	$5,966,000	–	198,792	–	2.02%	–
F	New	FORD MTR CO	$5,829,000	–	388,350	–	1.97%	–
FE	New	FIRSTENERGY CORP	$5,822,000	–	178,878	–	1.97%	–
WMT	New	WAL-MART STORES INC	$5,752,000	–	81,096	–	1.94%	–
LNC	New	LINCOLN NATIONAL CORP IND	$5,564,000	–	93,959	–	1.88%	–
CVX	New	CHEVRON CORPORATION	$5,526,000	–	57,283	–	1.87%	–
PHG	New	ROYAL PHILIPS NV ADR	$5,274,000	–	207,143	–	1.78%	–
RIO	New	RIO TINTO PLC ADR	$5,247,000	–	127,327	–	1.77%	–
MRK	New	MERCK & CO INC NEW	$5,245,000	–	92,137	–	1.77%	–
PG	New	PROCTER & GAMBLE	$5,243,000	–	67,006	–	1.77%	–
SPLS	New	STAPLES INC	$5,109,000	–	333,689	–	1.73%	–
BAC	New	BANK OF AMERICA CORP	$4,969,000	–	291,945	–	1.68%	–
BBY	New	BEST BUY COMPANY INC	$4,813,000	–	147,593	–	1.63%	–
OXY	New	OCCIDENTAL PETE CORP	$4,732,000	–	60,841	–	1.60%	–
NEBLQ	New	NOBLE CORP PLC SHS USD	$4,405,000	–	286,202	–	1.49%	–
KSS	New	KOHL'S CORP	$4,379,000	–	69,934	–	1.48%	–
T	New	A T & T INC NEW	$4,321,000	–	121,648	–	1.46%	–
BK	New	BANK NEW YORK MELLON CORP	$4,252,000	–	101,299	–	1.44%	–
PPL	New	PPL CORP	$4,210,000	–	142,849	–	1.42%	–
COP	New	CONOCOPHILLIPS	$4,199,000	–	68,384	–	1.42%	–
RRD	New	DONNELLEY R R & SONS CO	$4,178,000	–	239,710	–	1.41%	–
PEP	New	PEPSICO INC	$3,994,000	–	42,792	–	1.35%	–
DVN	New	DEVON ENERGY CORP	$3,972,000	–	66,774	–	1.34%	–
KO	New	COCA COLA COMPANY	$3,966,000	–	101,102	–	1.34%	–
DD	New	DU PONT E I DE NEMOUR&CO	$3,854,000	–	60,268	–	1.30%	–
BBT	New	BB&T CORPORATION	$3,851,000	–	95,534	–	1.30%	–
LUMN	New	CENTURYLINK INC	$3,597,000	–	122,447	–	1.22%	–
TRV	New	TRAVELERS COS INC	$3,366,000	–	34,828	–	1.14%	–
ETN	New	EATON CORP PLC SHS	$3,366,000	–	49,871	–	1.14%	–
PBCT	New	PEOPLES UTD FINL INC COM	$3,095,000	–	190,950	–	1.05%	–
PRU	New	PRUDENTIAL FINL INC	$3,068,000	–	35,050	–	1.04%	–
EMR	New	EMERSON ELEC CO	$3,064,000	–	55,284	–	1.04%	–
HSBC	New	HSBC HLDGS PLC SPON ADR NEW	$3,054,000	–	68,155	–	1.03%	–
POT	New	POTASH CORP	$2,903,000	–	93,725	–	0.98%	–
FNFG	New	FIRST NIAGARA FINL GP COM	$2,803,000	–	296,925	–	0.95%	–
FCX	New	FREEPORT-MCMORAN, INC	$2,736,000	–	146,946	–	0.92%	–
FDX	New	FEDEX CORP	$2,711,000	–	15,912	–	0.92%	–
IR	New	INGERSOLL RAND CL A IRELAND	$2,523,000	–	37,428	–	0.85%	–
NUE	New	NUCOR CORP	$2,498,000	–	56,680	–	0.84%	–
CVS	New	CVS HEALTH CORP	$2,459,000	–	23,447	–	0.83%	–
CMA	New	COMERICA INC	$2,368,000	–	46,149	–	0.80%	–
COF	New	CAPITAL ONE FINANCIAL CP	$2,356,000	–	26,786	–	0.80%	–
USB	New	US BANCORP DEL	$2,082,000	–	47,975	–	0.70%	–
INTC	New	INTEL CORP	$2,043,000	–	67,182	–	0.69%	–
SEE	New	SEALED AIR CORP NEW	$2,040,000	–	39,698	–	0.69%	–
MFC	New	MANULIFE FINANCIAL CORP	$1,998,000	–	107,475	–	0.68%	–
AVY	New	AVERY DENNISON CORP	$1,744,000	–	28,621	–	0.59%	–
BHI	New	BAKER HUGHES INC	$1,697,000	–	27,501	–	0.57%	–
EMC	New	EMC CORP	$1,573,000	–	59,593	–	0.53%	–
MOS	New	MOSAIC CO NEW COM	$1,542,000	–	32,907	–	0.52%	–
NSC	New	NORFOLK SOUTHERN	$1,487,000	–	17,025	–	0.50%	–
AMAT	New	APPLIED MATLS INC	$1,457,000	–	75,825	–	0.49%	–
XOM	New	EXXON MOBIL CORPORATION	$1,249,000	–	15,010	–	0.42%	–
SYY	New	SYSCO CORPORATION	$1,213,000	–	33,609	–	0.41%	–
AVP	New	AVON PRODUCTS	$965,000	–	154,162	–	0.33%	–
PM	New	PHILIP MORRIS INTL INC	$914,000	–	11,395	–	0.31%	–
VZ	New	VERIZON COMMUNICATIONS	$677,000	–	14,523	–	0.23%	–
MO	New	ALTRIA GROUP INC	$435,000	–	8,900	–	0.15%	–
RIG	New	TRANSOCEAN INC ORD	$379,000	–	23,525	–	0.13%	–
BTU	New	PEABODY ENERGY CORP COM	$288,000	–	131,506	–	0.10%	–
SEMUF	New	SIEM INDS INC COM	$261,000	–	3,900	–	0.09%	–
MDLZ	New	MONDELEZ INTL INC CL A	$242,000	–	5,882	–	0.08%	–
CSX	New	CSX CORP	$238,000	–	7,300	–	0.08%	–
D	New	DOMINION RES INC VA NEW	$207,000	–	3,100	–	0.07%	–

Q4 2014

			Value		Shares		↓ Weighting
MDLZ	Exit	MONDELEZ INTL INC CL A	$0	–	-5,882	–	-0.07%	–
D	Exit	DOMINION RES INC VA NEW	$0	–	-3,100	–	-0.07%	–
CSX	Exit	CSX CORP	$0	–	-7,500	–	-0.08%	–
SEMUF	Exit	SIEM INDS INC COM	$0	–	-3,900	–	-0.11%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-2,209	–	-0.13%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-8,900	–	-0.14%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-5,950	–	-0.21%	–
SON	Exit	SONOCO PRODS CO	$0	–	-16,850	–	-0.22%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-15,023	–	-0.25%	–
ALLE	Exit	ALLEGION PUB LTD CO ORD SHS	$0	–	-17,293	–	-0.27%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-11,525	–	-0.32%	–
AVP	Exit	AVON PRODUCTS	$0	–	-100,604	–	-0.42%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-33,875	–	-0.43%	–
MOS	Exit	MOSAIC CO NEW COM	$0	–	-33,085	–	-0.49%	–
XOM	Exit	EXXON MOBIL CORPORATION	$0	–	-15,847	–	-0.49%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-76,000	–	-0.54%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-20,525	–	-0.60%	–
BTU	Exit	PEABODY ENERGY CORP COM	$0	–	-150,934	–	-0.62%	–
NSC	Exit	NORFOLK SOUTHERN	$0	–	-17,308	–	-0.64%	–
MFC	Exit	MANULIFE FINANCIAL CORP	$0	–	-105,575	–	-0.67%	–
COF	Exit	CAPITAL ONE FINANCIAL CP	$0	–	-25,598	–	-0.69%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-27,798	–	-0.70%	–
IR	Exit	INGERSOLL RAND CL A IRELAND	$0	–	-38,802	–	-0.72%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-65,650	–	-0.75%	–
FNFG	Exit	FIRST NIAGARA FINL GP COM	$0	–	-296,550	–	-0.82%	–
CMA	Exit	COMERICA INC	$0	–	-50,579	–	-0.84%	–
ADM	Exit	ARCHER DANIELS MIDLAND COMPAN	$0	–	-49,850	–	-0.84%	–
HSBC	Exit	HSBC HLDGS PLC SPON ADR NEW	$0	–	-50,775	–	-0.86%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-67,225	–	-0.91%	–
PBCT	Exit	PEOPLES UTD FINL INC COM	$0	–	-190,000	–	-0.91%	–
FDX	Exit	FEDEX CORP	$0	–	-17,373	–	-0.93%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-37,270	–	-0.98%	–
NUE	Exit	NUCOR CORP	$0	–	-55,630	–	-1.00%	–
FCX	Exit	FREEPORT-MCMORAN, INC	$0	–	-94,343	–	-1.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-55,050	–	-1.14%	–
BBT	Exit	BB&T CORPORATION	$0	–	-93,700	–	-1.15%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-55,735	–	-1.20%	–
TRV	Exit	TRAVELERS COS INC	$0	–	-38,633	–	-1.20%	–
RIG	Exit	TRANSOCEAN INC ORD	$0	–	-115,557	–	-1.22%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-116,850	–	-1.28%	–
INTC	Exit	INTEL CORP	$0	–	-113,212	–	-1.30%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-240,310	–	-1.31%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-43,277	–	-1.38%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-49,931	–	-1.38%	–
KO	Exit	COCA COLA COMPANY	$0	–	-99,459	–	-1.40%	–
T	Exit	A T & T INC NEW	$0	–	-120,731	–	-1.41%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-97,881	–	-1.45%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-23,881	–	-1.50%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-118,817	–	-1.52%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-67,721	–	-1.53%	–
PPL	Exit	PPL CORP	$0	–	-143,711	–	-1.56%	–
RIO	Exit	RIO TINTO PLC SPONSORED ADR	$0	–	-96,196	–	-1.57%	–
SPLS	Exit	STAPLES INC	$0	–	-393,654	–	-1.58%	–
TGT	Exit	TARGET CORP	$0	–	-79,476	–	-1.65%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-295,461	–	-1.67%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-86,782	–	-1.70%	–
LNC	Exit	LINCOLN NATIONAL CORP IND	$0	–	-96,326	–	-1.71%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-67,600	–	-1.71%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-156,684	–	-1.81%	–
PEP	Exit	PEPSICO INC	$0	–	-59,460	–	-1.83%	–
PHG	Exit	ROYAL PHILIPS NV ADR	$0	–	-181,225	–	-1.90%	–
DD	Exit	DU PONT E I DE NEMOUR&CO	$0	–	-81,959	–	-1.95%	–
KSS	Exit	KOHL'S CORP	$0	–	-99,621	–	-2.01%	–
WU	Exit	WESTERN UNION CO	$0	–	-384,118	–	-2.04%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-188,334	–	-2.09%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-248,567	–	-2.11%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-56,332	–	-2.22%	–
MET	Exit	METLIFE INC COM	$0	–	-126,457	–	-2.25%	–
BBY	Exit	BEST BUY COMPANY INC	$0	–	-206,227	–	-2.29%	–
PFE	Exit	PFIZER INC	$0	–	-257,002	–	-2.52%	–
HPQ	Exit	HEWLETT-PACKARD CO	$0	–	-231,165	–	-2.71%	–
AAPL	Exit	APPLE INC	$0	–	-84,047	–	-2.80%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-183,353	–	-2.81%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-85,989	–	-3.03%	–
RDSA	Exit	ROYAL DUTCH SHELL A ADRF SPONS	$0	–	-123,516	–	-3.11%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-406,598	–	-3.39%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-193,997	–	-3.87%	–

Q3 2014

			Value		Shares		↓ Weighting
JPM	Buy	JPMORGAN CHASE & CO	$11,686,000	+4.7%	193,997	+0.2%	3.87%	+4.1%
CSCO	Buy	CISCO SYSTEMS INC	$10,234,000	+1.4%	406,598	+0.1%	3.39%	+0.9%
RDSA	Buy	ROYAL DUTCH SHELL A ADRF SPONS	$9,403,000	-6.8%	123,516	+0.8%	3.11%	-7.3%
JNJ	Sell	JOHNSON & JOHNSON	$9,166,000	+1.8%	85,989	-0.1%	3.03%	+1.3%
MSFT	Sell	MICROSOFT CORP	$8,500,000	+8.4%	183,353	-2.5%	2.81%	+7.9%
AAPL	Buy	APPLE INC	$8,468,000	+9.1%	84,047	+0.6%	2.80%	+8.5%
HPQ	Sell	HEWLETT-PACKARD CO	$8,199,000	+5.1%	231,165	-0.2%	2.71%	+4.5%
PFE	Buy	PFIZER INC	$7,600,000	+0.0%	257,002	+0.4%	2.52%	-0.5%
BBY	Buy	BEST BUY COMPANY INC	$6,927,000	+8.6%	206,227	+0.3%	2.29%	+8.0%
MET	Buy	METLIFE INC COM	$6,793,000	+16.4%	126,457	+20.4%	2.25%	+15.8%
CVX	Buy	CHEVRON CORPORATION	$6,722,000	-7.5%	56,332	+1.2%	2.22%	-8.0%
GE	Buy	GENERAL ELECTRIC CO	$6,368,000	-1.2%	248,567	+1.4%	2.11%	-1.7%
FE	Buy	FIRSTENERGY CORP	$6,322,000	-2.6%	188,334	+0.7%	2.09%	-3.1%
WU	Buy	WESTERN UNION CO	$6,161,000	-6.5%	384,118	+1.0%	2.04%	-7.0%
KSS	Sell	KOHL'S CORP	$6,080,000	+15.4%	99,621	-0.4%	2.01%	+14.8%
DD	Buy	DU PONT E I DE NEMOUR&CO	$5,881,000	+9.7%	81,959	+0.0%	1.95%	+9.1%
PHG	Buy	ROYAL PHILIPS NV ADR	$5,747,000	+0.6%	181,225	+0.8%	1.90%	+0.1%
PEP	Buy	PEPSICO INC	$5,535,000	+5.1%	59,460	+0.9%	1.83%	+4.6%
SEE	Sell	SEALED AIR CORP NEW	$5,465,000	-1.4%	156,684	-3.4%	1.81%	-1.8%
COP	Buy	CONOCOPHILLIPS	$5,173,000	-9.0%	67,600	+1.9%	1.71%	-9.5%
LNC	Sell	LINCOLN NATIONAL CORP IND	$5,161,000	+2.4%	96,326	-1.7%	1.71%	+1.8%
MRK	Sell	MERCK & CO INC NEW	$5,144,000	+2.1%	86,782	-0.3%	1.70%	+1.6%
BAC	Sell	BANK OF AMERICA CORP	$5,038,000	+9.2%	295,461	-1.6%	1.67%	+8.6%
TGT	Buy	TARGET CORP	$4,982,000	+9.8%	79,476	+1.5%	1.65%	+9.2%
SPLS	Buy	STAPLES INC	$4,763,000	+12.7%	393,654	+1.0%	1.58%	+12.1%
RIO	Buy	RIO TINTO PLC SPONSORED ADR	$4,731,000	-9.1%	96,196	+0.3%	1.57%	-9.6%
PPL	Buy	PPL CORP	$4,719,000	-6.8%	143,711	+0.9%	1.56%	-7.2%
DVN	Sell	DEVON ENERGY CORP	$4,617,000	-17.8%	67,721	-4.3%	1.53%	-18.2%
BK	Sell	BANK NEW YORK MELLON CORP	$4,602,000	+1.0%	118,817	-2.3%	1.52%	+0.5%
IBM	Buy	INTL BUSINESS MACHINES	$4,533,000	+5.9%	23,881	+1.1%	1.50%	+5.3%
AVY	Sell	AVERY DENNISON CORP	$4,370,000	-13.2%	97,881	-0.4%	1.45%	-13.7%
T	Buy	A T & T INC NEW	$4,255,000	+0.9%	120,731	+1.2%	1.41%	+0.4%
KO	Buy	COCA COLA COMPANY	$4,243,000	+1.8%	99,459	+1.1%	1.40%	+1.3%
PG	Buy	PROCTER & GAMBLE	$4,181,000	+7.7%	49,931	+1.1%	1.38%	+7.2%
OXY	Buy	OCCIDENTAL PETE CORP	$4,161,000	-5.5%	43,277	+0.9%	1.38%	-6.0%
RRD	Buy	DONNELLEY R R & SONS CO	$3,956,000	+33.5%	240,310	+37.5%	1.31%	+32.8%
INTC	Sell	INTEL CORP	$3,942,000	+12.6%	113,212	-0.1%	1.30%	+12.0%
CAG	Buy	CONAGRA FOODS INC	$3,861,000	+12.0%	116,850	+0.6%	1.28%	+11.4%
RIG	Buy	TRANSOCEAN INC ORD	$3,694,000	-27.2%	115,557	+2.5%	1.22%	-27.6%
TRV	Sell	TRAVELERS COS INC	$3,629,000	-1.5%	38,633	-1.4%	1.20%	-2.0%
BHI	Sell	BAKER HUGHES INC	$3,626,000	-12.8%	55,735	-0.2%	1.20%	-13.2%
BBT	Buy	BB&T CORPORATION	$3,487,000	-1.7%	93,700	+4.2%	1.15%	-2.2%
EMR	Buy	EMERSON ELEC CO	$3,445,000	-3.8%	55,050	+2.0%	1.14%	-4.4%
FCX	Buy	FREEPORT-MCMORAN, INC	$3,080,000	-9.7%	94,343	+1.0%	1.02%	-10.2%
NUE	Buy	NUCOR CORP	$3,020,000	+10.9%	55,630	+0.6%	1.00%	+10.3%
CVS	Sell	CVS HEALTH CORP	$2,966,000	+3.7%	37,270	-1.8%	0.98%	+3.2%
FDX	Sell	FEDEX CORP	$2,805,000	+5.2%	17,373	-1.4%	0.93%	+4.6%
LUMN	Buy	CENTURYLINK INC	$2,749,000	+14.1%	67,225	+1.0%	0.91%	+13.5%
PBCT	Buy	PEOPLES UTD FINL INC COM	$2,749,000	-3.8%	190,000	+0.9%	0.91%	-4.3%
HSBC	Buy	HSBC HLDGS PLC SPON ADR NEW	$2,583,000	+3.5%	50,775	+3.4%	0.86%	+3.0%
ADM	Sell	ARCHER DANIELS MIDLAND COMPAN	$2,547,000	+12.6%	49,850	-2.7%	0.84%	+12.1%
CMA	Sell	COMERICA INC	$2,522,000	-5.0%	50,579	-4.4%	0.84%	-5.4%
FNFG	New	FIRST NIAGARA FINL GP COM	$2,470,000	–	296,550	–	0.82%	–
POT	Buy	POTASH CORP SASK INC	$2,269,000	+35.3%	65,650	+48.6%	0.75%	+34.6%
IR	Sell	INGERSOLL RAND CL A IRELAND	$2,187,000	-10.5%	38,802	-0.7%	0.72%	-10.9%
WMT	Buy	WAL-MART STORES INC	$2,126,000	+2.2%	27,798	+0.3%	0.70%	+1.7%
COF	Sell	CAPITAL ONE FINANCIAL CP	$2,089,000	-2.0%	25,598	-0.8%	0.69%	-2.5%
MFC	Buy	MANULIFE FINANCIAL CORP	$2,032,000	-1.2%	105,575	+2.0%	0.67%	-1.8%
NSC	Sell	NORFOLK SOUTHERN	$1,932,000	+7.8%	17,308	-0.5%	0.64%	+7.2%
BTU	Buy	PEABODY ENERGY CORP COM	$1,869,000	+20.5%	150,934	+59.1%	0.62%	+20.0%
PRU	Sell	PRUDENTIAL FINL INC	$1,805,000	-39.5%	20,525	-39.0%	0.60%	-39.9%
AMAT	Sell	APPLIED MATLS INC	$1,642,000	-47.6%	76,000	-45.3%	0.54%	-47.9%
XOM	Sell	EXXON MOBIL CORPORATION	$1,490,000	-7.5%	15,847	-0.9%	0.49%	-8.0%
MOS	Sell	MOSAIC CO NEW COM	$1,469,000	-10.4%	33,085	-0.2%	0.49%	-10.8%
SYY	Buy	SYSCO CORPORATION	$1,286,000	+3.5%	33,875	+2.1%	0.43%	+3.1%
AVP	Sell	AVON PRODUCTS	$1,268,000	-13.9%	100,604	-0.2%	0.42%	-14.3%
PM	Buy	PHILIP MORRIS INTL INC	$961,000	-0.6%	11,525	+0.4%	0.32%	-1.2%
ALLE	Sell	ALLEGION PUB LTD CO ORD SHS	$824,000	-16.5%	17,293	-0.7%	0.27%	-16.8%
KMB	Sell	KIMBERLY-CLARK CORP	$640,000	-12.1%	5,950	-9.2%	0.21%	-12.4%
MO	Sell	ALTRIA GROUP INC	$409,000	+3.8%	8,900	-5.3%	0.14%	+3.1%
LMT	Sell	LOCKHEED MARTIN CORP	$404,000	-73.9%	2,209	-77.1%	0.13%	-74.0%
SEMUF	Sell	SIEM INDS INC COM	$340,000	-12.8%	3,900	-6.0%	0.11%	-13.1%
CSX	Sell	CSX CORP	$240,000	0.0%	7,500	-3.8%	0.08%	-1.2%
MRO	Exit	MARATHON OIL CORP	$0	–	-5,300	–	-0.07%	–

Q2 2014

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE & CO	$11,160,000	–	193,684	–	3.71%	–
RDSA	New	ROYAL DUTCH SHELL A ADRF SPONS	$10,091,000	–	122,509	–	3.36%	–
CSCO	New	CISCO SYSTEMS INC	$10,091,000	–	406,071	–	3.36%	–
JNJ	New	JOHNSON & JOHNSON	$9,002,000	–	86,046	–	3.00%	–
MSFT	New	MICROSOFT CORP	$7,838,000	–	187,969	–	2.61%	–
HPQ	New	HEWLETT-PACKARD CO	$7,799,000	–	231,552	–	2.60%	–
AAPL	New	APPLE INC	$7,761,000	–	83,514	–	2.58%	–
PFE	New	PFIZER INC	$7,597,000	–	255,955	–	2.53%	–
CVX	New	CHEVRON CORPORATION	$7,269,000	–	55,678	–	2.42%	–
WU	New	WESTERN UNION CO	$6,592,000	–	380,161	–	2.19%	–
FE	New	FIRSTENERGY CORP	$6,492,000	–	186,989	–	2.16%	–
GE	New	GENERAL ELECTRIC CO	$6,444,000	–	245,195	–	2.14%	–
BBY	New	BEST BUY COMPANY INC	$6,377,000	–	205,636	–	2.12%	–
MET	New	METLIFE INC COM	$5,837,000	–	105,052	–	1.94%	–
PHG	New	ROYAL PHILIPS NV ADR	$5,710,000	–	179,785	–	1.90%	–
COP	New	CONOCOPHILLIPS	$5,686,000	–	66,325	–	1.89%	–
DVN	New	DEVON ENERGY CORP	$5,617,000	–	70,741	–	1.87%	–
SEE	New	SEALED AIR CORP NEW	$5,540,000	–	162,125	–	1.84%	–
DD	New	DU PONT E I DE NEMOUR&CO	$5,362,000	–	81,933	–	1.78%	–
KSS	New	KOHL'S CORP	$5,267,000	–	99,989	–	1.75%	–
PEP	New	PEPSICO INC	$5,264,000	–	58,921	–	1.75%	–
RIO	New	RIO TINTO PLC SPONSORED ADR	$5,205,000	–	95,884	–	1.73%	–
RIG	New	TRANSOCEAN INC ORD	$5,077,000	–	112,753	–	1.69%	–
PPL	New	PPL CORP	$5,061,000	–	142,435	–	1.68%	–
LNC	New	LINCOLN NATIONAL CORP IND	$5,041,000	–	97,999	–	1.68%	–
MRK	New	MERCK & CO INC NEW	$5,036,000	–	87,057	–	1.68%	–
AVY	New	AVERY DENNISON CORP	$5,036,000	–	98,258	–	1.68%	–
BAC	New	BANK OF AMERICA CORP	$4,613,000	–	300,151	–	1.54%	–
BK	New	BANK NEW YORK MELLON CORP	$4,557,000	–	121,598	–	1.52%	–
TGT	New	TARGET CORP	$4,539,000	–	78,323	–	1.51%	–
OXY	New	OCCIDENTAL PETE CORP	$4,402,000	–	42,891	–	1.46%	–
IBM	New	INTL BUSINESS MACHINES	$4,282,000	–	23,623	–	1.42%	–
SPLS	New	STAPLES INC	$4,225,000	–	389,723	–	1.41%	–
T	New	A T & T INC NEW	$4,218,000	–	119,281	–	1.40%	–
KO	New	COCA COLA COMPANY	$4,166,000	–	98,359	–	1.39%	–
BHI	New	BAKER HUGHES INC	$4,157,000	–	55,842	–	1.38%	–
PG	New	PROCTER & GAMBLE	$3,881,000	–	49,381	–	1.29%	–
TRV	New	TRAVELERS COS INC	$3,685,000	–	39,172	–	1.23%	–
EMR	New	EMERSON ELEC CO	$3,582,000	–	53,975	–	1.19%	–
BBT	New	BB&T CORPORATION	$3,546,000	–	89,925	–	1.18%	–
INTC	New	INTEL CORP	$3,501,000	–	113,312	–	1.16%	–
CAG	New	CONAGRA FOODS INC	$3,447,000	–	116,150	–	1.15%	–
FCX	New	FREEPORT-MCMORAN, INC	$3,411,000	–	93,455	–	1.14%	–
AMAT	New	APPLIED MATLS INC	$3,134,000	–	139,000	–	1.04%	–
PRU	New	PRUDENTIAL FINL INC	$2,985,000	–	33,625	–	0.99%	–
RRD	New	DONNELLEY R R & SONS CO	$2,964,000	–	174,735	–	0.99%	–
CVS	New	C V S CAREMARK CORP	$2,860,000	–	37,944	–	0.95%	–
PBCT	New	PEOPLES UTD FINL INC COM	$2,857,000	–	188,350	–	0.95%	–
NUE	New	NUCOR CORP	$2,723,000	–	55,280	–	0.91%	–
FDX	New	FEDEX CORP	$2,667,000	–	17,621	–	0.89%	–
CMA	New	COMERICA INC	$2,655,000	–	52,924	–	0.88%	–
HSBC	New	HSBC HLDGS PLC SPON ADR NEW	$2,496,000	–	49,125	–	0.83%	–
IR	New	INGERSOLL RAND CL A IRELAND	$2,444,000	–	39,095	–	0.81%	–
LUMN	New	CENTURYLINK INC	$2,409,000	–	66,550	–	0.80%	–
ADM	New	ARCHER DANIELS MIDLAND COMPAN	$2,261,000	–	51,253	–	0.75%	–
COF	New	CAPITAL ONE FINANCIAL CP	$2,131,000	–	25,796	–	0.71%	–
WMT	New	WAL-MART STORES INC	$2,081,000	–	27,727	–	0.69%	–
MFC	New	MANULIFE FINANCIAL CORP	$2,057,000	–	103,525	–	0.68%	–
NSC	New	NORFOLK SOUTHERN	$1,792,000	–	17,395	–	0.60%	–
POT	New	POTASH CORP SASK INC	$1,677,000	–	44,175	–	0.56%	–
MOS	New	MOSAIC CO NEW COM	$1,639,000	–	33,150	–	0.54%	–
XOM	New	EXXON MOBIL CORPORATION	$1,611,000	–	15,997	–	0.54%	–
LMT	New	LOCKHEED MARTIN CORP	$1,550,000	–	9,641	–	0.52%	–
BTU	New	PEABODY ENERGY CORP COM	$1,551,000	–	94,855	–	0.52%	–
AVP	New	AVON PRODUCTS	$1,472,000	–	100,784	–	0.49%	–
SYY	New	SYSCO CORPORATION	$1,242,000	–	33,175	–	0.41%	–
ALLE	New	ALLEGION PUB LTD CO ORD SHS	$987,000	–	17,414	–	0.33%	–
PM	New	PHILIP MORRIS INTL INC	$967,000	–	11,475	–	0.32%	–
SON	New	SONOCO PRODS CO	$740,000	–	16,850	–	0.25%	–
VZ	New	VERIZON COMMUNICATIONS	$735,000	–	15,023	–	0.24%	–
KMB	New	KIMBERLY-CLARK CORP	$728,000	–	6,550	–	0.24%	–
MO	New	ALTRIA GROUP INC	$394,000	–	9,400	–	0.13%	–
SEMUF	New	SIEM INDS INC COM	$390,000	–	4,150	–	0.13%	–
CSX	New	CSX CORP	$240,000	–	7,800	–	0.08%	–
D	New	DOMINION RES INC VA NEW	$222,000	–	3,100	–	0.07%	–
MDLZ	New	MONDELEZ INTL INC CL A	$221,000	–	5,882	–	0.07%	–
MRO	New	MARATHON OIL CORP	$212,000	–	5,300	–	0.07%	–

Q4 2013

			Value		Shares		↓ Weighting
FTR	Exit	FRONTIER COMMUNICATIONS	$0	–	-15,530	–	-0.02%	–
GNW	Exit	GENWORTH FINL INC COM CL A (Ho	$0	–	-15,000	–	-0.07%	–
D	Exit	DOMINION RES INC VA NEW	$0	–	-3,350	–	-0.07%	–
CSX	Exit	CSX CORP	$0	–	-9,300	–	-0.08%	–
ADSK	Exit	AUTODESK INC	$0	–	-6,000	–	-0.08%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-4,350	–	-0.10%	–
MCK	Exit	MCKESSON HBOC INC	$0	–	-2,368	–	-0.10%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-9,475	–	-0.11%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-9,212	–	-0.13%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-11,300	–	-0.14%	–
MLM	Exit	MARTIN MARIETTA MATL INC	$0	–	-4,270	–	-0.14%	–
AXP	Exit	AMERICAN EXPRESS COMPANY	$0	–	-5,953	–	-0.16%	–
M	Exit	MACY'S INC	$0	–	-10,600	–	-0.16%	–
KBH	Exit	KB HOME	$0	–	-27,800	–	-0.17%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC SPON ADR	$0	–	-7,450	–	-0.18%	–
SEMUF	Exit	SIEM INDS INC COM	$0	–	-6,400	–	-0.18%	–
MAS	Exit	MASCO CORP	$0	–	-29,700	–	-0.22%	–
V107SC	Exit	WELLPOINT INC	$0	–	-8,500	–	-0.24%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-9,100	–	-0.30%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-23,616	–	-0.38%	–
BOH	Exit	BANK OF HAWAII CORP	$0	–	-25,450	–	-0.48%	–
SYY	Exit	SYSCO CORPORATION	$0	–	-44,775	–	-0.49%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-45,925	–	-0.50%	–
RIG	Exit	TRANSOCEAN INC ORD	$0	–	-32,634	–	-0.50%	–
MOS	Exit	MOSAIC CO NEW COM	$0	–	-34,517	–	-0.51%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-17,364	–	-0.52%	–
MMM	Exit	3M COMPANY	$0	–	-12,845	–	-0.53%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-111,900	–	-0.61%	–
XOM	Exit	EXXON MOBIL CORPORATION	$0	–	-20,618	–	-0.61%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-14,120	–	-0.62%	–
COF	Exit	CAPITAL ONE FINANCIAL CP	$0	–	-26,252	–	-0.62%	–
MFC	Exit	MANULIFE FINANCIAL CORPF	$0	–	-115,775	–	-0.66%	–
WAG	Exit	WALGREEN CO	$0	–	-36,390	–	-0.68%	–
PBCT	Exit	PEOPLES UTD FINL INC COM	$0	–	-145,075	–	-0.72%	–
AVP	Exit	AVON PRODUCTS	$0	–	-111,578	–	-0.79%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-79,125	–	-0.83%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-141,400	–	-0.86%	–
INTC	Exit	INTEL CORP	$0	–	-109,993	–	-0.87%	–
SON	Exit	SONOCO PRODS CO	$0	–	-65,550	–	-0.88%	–
NUE	Exit	NUCOR CORP	$0	–	-52,780	–	-0.89%	–
CMA	Exit	COMERICA INC	$0	–	-67,595	–	-0.92%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-41,650	–	-0.93%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-36,900	–	-0.99%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-39,044	–	-1.00%	–
KO	Exit	COCA COLA COMPANY	$0	–	-78,489	–	-1.02%	–
FDX	Exit	FEDEX CORP	$0	–	-26,552	–	-1.04%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-62,964	–	-1.07%	–
BBT	Exit	BB&T CORPORATION	$0	–	-92,550	–	-1.08%	–
FCX	Exit	FREEPORT-MCMORAN COP&G CL B	$0	–	-95,310	–	-1.09%	–
NSC	Exit	NORFOLK SOUTHERN	$0	–	-41,416	–	-1.10%	–
WU	Exit	WESTERN UNION CO	$0	–	-175,455	–	-1.13%	–
DELL	Exit	DELL INC	$0	–	-252,703	–	-1.20%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-46,868	–	-1.22%	–
T	Exit	A T & T INC NEW	$0	–	-105,815	–	-1.23%	–
ADM	Exit	ARCHER DANIELS MIDLAND COMPAN	$0	–	-98,659	–	-1.25%	–
CVS	Exit	C V S CAREMARK CORP	$0	–	-65,170	–	-1.28%	–
BBY	Exit	BEST BUY COMPANY INC	$0	–	-102,150	–	-1.32%	–
TRV	Exit	TRAVELERS COS INC	$0	–	-46,033	–	-1.34%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-42,450	–	-1.37%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-21,773	–	-1.39%	–
IR	Exit	INGERSOLL RAND CL A IRELAND	$0	–	-64,983	–	-1.46%	–
PPL	Exit	PPL CORP	$0	–	-141,838	–	-1.48%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-63,025	–	-1.51%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-76,880	–	-1.53%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-95,218	–	-1.56%	–
PEP	Exit	PEPSICO INC	$0	–	-57,730	–	-1.58%	–
RIO	Exit	RIO TINTO PLC SPONSORED ADR	$0	–	-95,606	–	-1.61%	–
SPLS	Exit	STAPLES INC	$0	–	-322,564	–	-1.63%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-129,818	–	-1.63%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-353,557	–	-1.68%	–
DD	Exit	DU PONT E I DE NEMOUR&CO	$0	–	-83,399	–	-1.68%	–
LNC	Exit	LINCOLN NATIONAL CORP IND	$0	–	-121,154	–	-1.75%	–
KSS	Exit	KOHL'S CORP	$0	–	-101,116	–	-1.80%	–
CSC	Exit	COMPUTER SCIENCES CORP	$0	–	-101,503	–	-1.81%	–
MET	Exit	METLIFE INC COM	$0	–	-119,736	–	-1.94%	–
AAPL	Exit	APPLE INC	$0	–	-12,229	–	-2.01%	–
AVY	Exit	AVERY DENNISON CORP	$0	–	-134,095	–	-2.01%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-199,929	–	-2.08%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-258,976	–	-2.13%	–
PHG	Exit	ROYAL PHILIPS NV ADR	$0	–	-200,244	–	-2.23%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-54,822	–	-2.30%	–
HPQ	Exit	HEWLETT-PACKARD CO	$0	–	-318,460	–	-2.30%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-271,080	–	-2.54%	–
PFE	Exit	PFIZER INC	$0	–	-275,772	–	-2.73%	–
RDSA	Exit	ROYAL DUTCH SHELL A ADRF SPONS	$0	–	-124,979	–	-2.83%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-252,207	–	-2.89%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-384,876	–	-3.11%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-110,414	–	-3.30%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-207,891	–	-3.70%	–

Q3 2013

			Value		Shares		↓ Weighting
JPM	Sell	JPMORGAN CHASE & CO	$10,746,000	-2.4%	207,891	-0.3%	3.70%	-5.9%
JNJ	Sell	JOHNSON & JOHNSON	$9,572,000	-2.8%	110,414	-3.7%	3.30%	-6.2%
CSCO	Sell	CISCO SYSTEMS INC	$9,018,000	-4.4%	384,876	-0.7%	3.11%	-7.8%
MSFT	Buy	MICROSOFT CORP	$8,393,000	-2.0%	252,207	+1.7%	2.89%	-5.5%
RDSA	Buy	ROYAL DUTCH SHELL A ADRF SPONS	$8,209,000	+10.7%	124,979	+7.5%	2.83%	+6.8%
PFE	Sell	PFIZER INC	$7,922,000	+2.3%	275,772	-0.3%	2.73%	-1.3%
SEE	Sell	SEALED AIR CORP NEW	$7,371,000	+8.0%	271,080	-4.9%	2.54%	+4.1%
HPQ	Buy	HEWLETT-PACKARD CO	$6,684,000	-9.7%	318,460	+6.7%	2.30%	-12.9%
CVX	Sell	CHEVRON CORPORATION	$6,661,000	+2.5%	54,822	-0.1%	2.30%	-1.1%
PHG	Sell	ROYAL PHILIPS NV ADR	$6,458,000	+16.7%	200,244	-1.6%	2.23%	+12.5%
GE	Buy	GENERAL ELECTRIC CO	$6,187,000	+17.2%	258,976	+13.7%	2.13%	+13.0%
BK	Sell	BANK NEW YORK MELLON CORP	$6,036,000	+5.0%	199,929	-2.5%	2.08%	+1.2%
AVY	Sell	AVERY DENNISON CORP	$5,836,000	-3.0%	134,095	-4.7%	2.01%	-6.4%
AAPL	Buy	APPLE INC	$5,830,000	+20.6%	12,229	+0.3%	2.01%	+16.3%
MET	Sell	METLIFE INC COM	$5,622,000	-0.7%	119,736	-3.2%	1.94%	-4.2%
CSC	Sell	COMPUTER SCIENCES CORP	$5,252,000	+5.7%	101,503	-10.6%	1.81%	+1.9%
KSS	Sell	KOHL'S CORP	$5,233,000	+1.7%	101,116	-0.7%	1.80%	-1.8%
LNC	Sell	LINCOLN NATIONAL CORP IND	$5,087,000	+8.2%	121,154	-6.0%	1.75%	+4.3%
DD	Sell	DU PONT E I DE NEMOUR&CO	$4,884,000	+10.3%	83,399	-1.1%	1.68%	+6.4%
BAC	Sell	BANK OF AMERICA CORP	$4,879,000	+4.2%	353,557	-2.9%	1.68%	+0.5%
FE	Buy	FIRSTENERGY CORP	$4,732,000	+135.1%	129,818	+140.8%	1.63%	+126.8%
SPLS	Sell	STAPLES INC	$4,726,000	-8.0%	322,564	-0.4%	1.63%	-11.3%
RIO	Sell	RIO TINTO PLC SPONSORED ADR	$4,662,000	+18.7%	95,606	-0.0%	1.61%	+14.5%
PEP	Buy	PEPSICO INC	$4,590,000	-2.6%	57,730	+0.2%	1.58%	-6.1%
MRK	Buy	MERCK & CO INC NEW	$4,533,000	+2.6%	95,218	+0.1%	1.56%	-1.0%
DVN	Sell	DEVON ENERGY CORP	$4,441,000	+4.0%	76,880	-6.6%	1.53%	+0.3%
COP	Sell	CONOCOPHILLIPS	$4,381,000	+14.8%	63,025	-0.0%	1.51%	+10.7%
PPL	Sell	PPL CORP	$4,309,000	0.0%	141,838	-0.4%	1.48%	-3.6%
IR	Sell	INGERSOLL RAND CL A IRELAND	$4,220,000	+12.8%	64,983	-3.6%	1.46%	+8.8%
IBM	Buy	INTL BUSINESS MACHINES	$4,032,000	+43.7%	21,773	+48.3%	1.39%	+38.6%
OXY	Sell	OCCIDENTAL PETE CORP	$3,971,000	+4.4%	42,450	-0.5%	1.37%	+0.7%
TRV	Sell	TRAVELERS COS INC	$3,902,000	-2.7%	46,033	-8.3%	1.34%	-6.2%
BBY	Sell	BEST BUY COMPANY INC	$3,831,000	+6.5%	102,150	-22.4%	1.32%	+2.7%
CVS	Sell	C V S CAREMARK CORP	$3,698,000	-4.6%	65,170	-3.8%	1.28%	-7.9%
ADM	Sell	ARCHER DANIELS MIDLAND COMPAN	$3,635,000	+7.1%	98,659	-1.5%	1.25%	+3.3%
T	Buy	A T & T INC NEW	$3,579,000	+4.5%	105,815	+9.4%	1.23%	+0.8%
PG	Buy	PROCTER & GAMBLE	$3,543,000	-1.1%	46,868	+0.7%	1.22%	-4.6%
DELL	Sell	DELL INC	$3,475,000	-16.8%	252,703	-19.4%	1.20%	-19.8%
WU	Sell	WESTERN UNION CO	$3,274,000	+5.5%	175,455	-3.3%	1.13%	+1.8%
NSC	Sell	NORFOLK SOUTHERN	$3,204,000	+6.2%	41,416	-0.3%	1.10%	+2.3%
FCX	Sell	FREEPORT-MCMORAN COP&G CL B	$3,153,000	+19.5%	95,310	-0.3%	1.09%	+15.3%
BBT	Sell	BB&T CORPORATION	$3,124,000	-2.3%	92,550	-2.0%	1.08%	-5.8%
BHI	Sell	BAKER HUGHES INC	$3,092,000	+4.8%	62,964	-1.5%	1.07%	+1.1%
FDX	Sell	FEDEX CORP	$3,030,000	+13.0%	26,552	-2.4%	1.04%	+8.9%
KO	Buy	COCA COLA COMPANY	$2,973,000	+52.6%	78,489	+61.6%	1.02%	+47.3%
WMT	Sell	WAL-MART STORES INC	$2,888,000	-1.7%	39,044	-1.0%	1.00%	-5.1%
PRU	Sell	PRUDENTIAL FINL INC	$2,877,000	+6.5%	36,900	-0.3%	0.99%	+2.7%
EMR	Sell	EMERSON ELEC CO	$2,695,000	+18.1%	41,650	-0.5%	0.93%	+13.8%
CMA	Sell	COMERICA INC	$2,657,000	-9.4%	67,595	-8.2%	0.92%	-12.7%
NUE	Buy	NUCOR CORP	$2,587,000	+14.0%	52,780	+0.8%	0.89%	+10.0%
INTC	Buy	INTEL CORP	$2,521,000	-2.6%	109,993	+3.0%	0.87%	-6.1%
AMAT	Buy	APPLIED MATLS INC	$2,479,000	+18.2%	141,400	+0.6%	0.86%	+14.0%
CAG	Buy	CONAGRA FOODS INC	$2,401,000	+42.5%	79,125	+64.0%	0.83%	+37.5%
AVP	Sell	AVON PRODUCTS	$2,299,000	-36.6%	111,578	-35.3%	0.79%	-38.9%
PBCT	Buy	PEOPLES UTD FINL INC COM	$2,086,000	-2.6%	145,075	+0.9%	0.72%	-6.1%
WAG	Sell	WALGREEN CO	$1,958,000	+20.4%	36,390	-1.1%	0.68%	+16.2%
COF	Sell	CAPITAL ONE FINANCIAL CP	$1,805,000	+8.9%	26,252	-0.5%	0.62%	+5.1%
LMT	Sell	LOCKHEED MARTIN CORP	$1,801,000	-42.5%	14,120	-51.1%	0.62%	-44.5%
XOM	Sell	EXXON MOBIL CORPORATION	$1,774,000	-6.3%	20,618	-1.6%	0.61%	-9.6%
RRD	Sell	DONNELLEY R R & SONS CO	$1,766,000	-18.7%	111,900	-27.8%	0.61%	-21.5%
MMM	Sell	3M COMPANY	$1,534,000	-3.2%	12,845	-11.4%	0.53%	-6.7%
PM	Sell	PHILIP MORRIS INTL INC	$1,504,000	-4.3%	17,364	-4.3%	0.52%	-7.8%
MOS	New	MOSAIC CO NEW COM	$1,485,000	–	34,517	–	0.51%	–
RIG	New	TRANSOCEAN INC ORD	$1,452,000	–	32,634	–	0.50%	–
POT	New	POTASH CORP SASK INC	$1,437,000	–	45,925	–	0.50%	–
SYY	Buy	SYSCO CORPORATION	$1,425,000	-2.6%	44,775	+4.6%	0.49%	-6.1%
KMB	Sell	KIMBERLY-CLARK CORP	$857,000	-26.5%	9,100	-24.2%	0.30%	-29.3%
MAS	Sell	MASCO CORP	$632,000	-50.7%	29,700	-54.9%	0.22%	-52.4%
SEMUF	New	SIEM INDS INC COM	$538,000	–	6,400	–	0.18%	–
KBH	Buy	KB HOME	$501,000	-1.0%	27,800	+7.8%	0.17%	-4.4%
M	Sell	MACY'S INC	$459,000	-49.0%	10,600	-43.5%	0.16%	-50.9%
AXP	Buy	AMERICAN EXPRESS COMPANY	$450,000	+7.4%	5,953	+6.3%	0.16%	+3.3%
MLM	Sell	MARTIN MARIETTA MATL INC	$419,000	-75.3%	4,270	-75.2%	0.14%	-76.2%
MRO	Sell	MARATHON OIL CORP	$394,000	0.0%	11,300	-0.9%	0.14%	-3.5%
WFC	Buy	WELLS FARGO & CO NEW	$381,000	+6.7%	9,212	+6.5%	0.13%	+2.3%
MCK	New	MCKESSON HBOC INC	$304,000	–	2,368	–	0.10%	–
MPC	Buy	MARATHON PETE CORP	$280,000	+17.6%	4,350	+29.9%	0.10%	+14.1%
ADSK	New	AUTODESK INC	$247,000	–	6,000	–	0.08%	–
CSX	New	CSX CORP	$239,000	–	9,300	–	0.08%	–
D	Sell	DOMINION RES INC VA NEW	$209,000	-0.5%	3,350	-9.5%	0.07%	-4.0%
FLEX	Exit	FLEXTRONICS INTL LTD F	$0	–	-179,083	–	-0.50%	–
HRB	Exit	BLOCK H&R INC	$0	–	-80,550	–	-0.80%	–

Q2 2013

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE & CO	$11,011,000	–	208,575	–	3.94%	–
JNJ	New	JOHNSON & JOHNSON	$9,845,000	–	114,666	–	3.52%	–
CSCO	New	CISCO SYSTEMS INC	$9,435,000	–	387,716	–	3.37%	–
MSFT	New	MICROSOFT CORP	$8,563,000	–	247,871	–	3.06%	–
PFE	New	PFIZER INC	$7,744,000	–	276,479	–	2.77%	–
RDSA	New	ROYAL DUTCH SHELL A ADRF SPONS	$7,416,000	–	116,234	–	2.65%	–
HPQ	New	HEWLETT-PACKARD CO	$7,400,000	–	298,380	–	2.64%	–
SEE	New	SEALED AIR CORP NEW	$6,826,000	–	285,019	–	2.44%	–
CVX	New	CHEVRON CORPORATION	$6,496,000	–	54,890	–	2.32%	–
AVY	New	AVERY DENNISON CORP	$6,014,000	–	140,640	–	2.15%	–
BK	New	BANK NEW YORK MELLON CORP	$5,751,000	–	205,009	–	2.06%	–
MET	New	METLIFE INC COM	$5,660,000	–	123,689	–	2.02%	–
PHG	New	ROYAL PHILIPS NV ADR	$5,534,000	–	203,533	–	1.98%	–
GE	New	GENERAL ELECTRIC CO	$5,280,000	–	227,683	–	1.89%	–
KSS	New	KOHL'S CORP	$5,143,000	–	101,824	–	1.84%	–
SPLS	New	STAPLES INC	$5,138,000	–	323,754	–	1.84%	–
CSC	New	COMPUTER SCIENCES CORP	$4,970,000	–	113,543	–	1.78%	–
AAPL	New	APPLE INC	$4,834,000	–	12,192	–	1.73%	–
PEP	New	PEPSICO INC	$4,711,000	–	57,603	–	1.68%	–
LNC	New	LINCOLN NATIONAL CORP IND	$4,702,000	–	128,927	–	1.68%	–
BAC	New	BANK OF AMERICA CORP	$4,682,000	–	364,047	–	1.67%	–
DD	New	DU PONT E I DE NEMOUR&CO	$4,428,000	–	84,345	–	1.58%	–
MRK	New	MERCK & CO INC NEW	$4,416,000	–	95,079	–	1.58%	–
PPL	New	PPL CORP	$4,309,000	–	142,386	–	1.54%	–
DVN	New	DEVON ENERGY CORP	$4,269,000	–	82,295	–	1.53%	–
DELL	New	DELL INC	$4,176,000	–	313,387	–	1.49%	–
TRV	New	TRAVELERS COS INC	$4,011,000	–	50,191	–	1.43%	–
RIO	New	RIO TINTO PLC SPONSORED ADR	$3,929,000	–	95,634	–	1.40%	–
CVS	New	C V S CAREMARK CORP	$3,875,000	–	67,760	–	1.38%	–
COP	New	CONOCOPHILLIPS	$3,815,000	–	63,050	–	1.36%	–
OXY	New	OCCIDENTAL PETE CORP	$3,805,000	–	42,646	–	1.36%	–
IR	New	INGERSOLL RAND CL A IRELAND	$3,741,000	–	67,388	–	1.34%	–
AVP	New	AVON PRODUCTS	$3,627,000	–	172,458	–	1.30%	–
BBY	New	BEST BUY COMPANY INC	$3,598,000	–	131,650	–	1.29%	–
PG	New	PROCTER & GAMBLE	$3,582,000	–	46,531	–	1.28%	–
T	New	A T & T INC NEW	$3,424,000	–	96,712	–	1.22%	–
ADM	New	ARCHER DANIELS MIDLAND COMPAN	$3,395,000	–	100,119	–	1.21%	–
BBT	New	BB&T CORPORATION	$3,199,000	–	94,418	–	1.14%	–
LMT	New	LOCKHEED MARTIN CORP	$3,131,000	–	28,868	–	1.12%	–
WU	New	WESTERN UNION CO	$3,103,000	–	181,375	–	1.11%	–
NSC	New	NORFOLK SOUTHERN	$3,018,000	–	41,540	–	1.08%	–
BHI	New	BAKER HUGHES INC	$2,950,000	–	63,946	–	1.05%	–
WMT	New	WAL-MART STORES INC	$2,938,000	–	39,444	–	1.05%	–
CMA	New	COMERICA INC	$2,934,000	–	73,665	–	1.05%	–
IBM	New	INTL BUSINESS MACHINES	$2,805,000	–	14,679	–	1.00%	–
PRU	New	PRUDENTIAL FINL INC	$2,702,000	–	37,000	–	0.97%	–
FDX	New	FEDEX CORP	$2,682,000	–	27,210	–	0.96%	–
FCX	New	FREEPORT-MCMORAN COP&G CL B	$2,639,000	–	95,581	–	0.94%	–
INTC	New	INTEL CORP	$2,589,000	–	106,837	–	0.92%	–
EMR	New	EMERSON ELEC CO	$2,282,000	–	41,850	–	0.82%	–
NUE	New	NUCOR CORP	$2,269,000	–	52,380	–	0.81%	–
SON	New	SONOCO PRODS CO	$2,266,000	–	65,550	–	0.81%	–
HRB	New	BLOCK H&R INC	$2,235,000	–	80,550	–	0.80%	–
RRD	New	DONNELLEY R R & SONS CO	$2,172,000	–	155,050	–	0.78%	–
PBCT	New	PEOPLES UTD FINL INC COM	$2,142,000	–	143,775	–	0.77%	–
AMAT	New	APPLIED MATLS INC	$2,098,000	–	140,600	–	0.75%	–
FE	New	FIRSTENERGY CORP	$2,013,000	–	53,900	–	0.72%	–
KO	New	COCA COLA COMPANY	$1,948,000	–	48,564	–	0.70%	–
XOM	New	EXXON MOBIL CORPORATION	$1,893,000	–	20,957	–	0.68%	–
MFC	New	MANULIFE FINANCIAL CORPF	$1,855,000	–	115,775	–	0.66%	–
MLM	New	MARTIN MARIETTA MATL INC	$1,694,000	–	17,207	–	0.60%	–
CAG	New	CONAGRA FOODS INC	$1,685,000	–	48,250	–	0.60%	–
COF	New	CAPITAL ONE FINANCIAL CP	$1,657,000	–	26,375	–	0.59%	–
WAG	New	WALGREEN CO	$1,626,000	–	36,798	–	0.58%	–
MMM	New	3M COMPANY	$1,585,000	–	14,495	–	0.57%	–
PM	New	PHILIP MORRIS INTL INC	$1,572,000	–	18,150	–	0.56%	–
SYY	New	SYSCO CORPORATION	$1,463,000	–	42,825	–	0.52%	–
FLEX	New	FLEXTRONICS INTL LTD F	$1,386,000	–	179,083	–	0.50%	–
BOH	New	BANK OF HAWAII CORP	$1,281,000	–	25,450	–	0.46%	–
MAS	New	MASCO CORP	$1,282,000	–	65,800	–	0.46%	–
VZ	New	VERIZON COMMUNICATIONS	$1,189,000	–	23,616	–	0.42%	–
KMB	New	KIMBERLY-CLARK CORP	$1,166,000	–	12,000	–	0.42%	–
M	New	MACY'S INC	$900,000	–	18,750	–	0.32%	–
V107SC	New	WELLPOINT INC	$696,000	–	8,500	–	0.25%	–
KBH	New	KB HOME	$506,000	–	25,800	–	0.18%	–
RDSB	New	ROYAL DUTCH SHELL PLC SPON ADR	$494,000	–	7,450	–	0.18%	–
AXP	New	AMERICAN EXPRESS COMPANY	$419,000	–	5,600	–	0.15%	–
MRO	New	MARATHON OIL CORP	$394,000	–	11,400	–	0.14%	–
WFC	New	WELLS FARGO & CO NEW	$357,000	–	8,653	–	0.13%	–
MO	New	ALTRIA GROUP INC	$332,000	–	9,475	–	0.12%	–
MPC	New	MARATHON PETE CORP	$238,000	–	3,350	–	0.08%	–
D	New	DOMINION RES INC VA NEW	$210,000	–	3,700	–	0.08%	–
GNW	New	GENWORTH FINL INC COM CL A (Ho	$171,000	–	15,000	–	0.06%	–
FTR	New	FRONTIER COMMUNICATIONS	$63,000	–	15,530	–	0.02%	–

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