KEMPNER CAPITAL MANAGEMENT INC. Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
IFF	Buy	INTERNATIONAL FLAVORS&FRAGRA	$5,399,000	+52.7%	79,204	+78.3%	3.25%	+43.5%
DIS	Buy	DISNEY WALT CO	$5,078,000	+7.9%	62,653	+18.8%	3.06%	+1.3%
CFR	Sell	CULLEN FROST BANKERS INC	$4,654,000	-16.2%	51,026	-1.2%	2.80%	-21.2%
CTTAY	New	CONTINENTAL AGadr	$4,434,000	–	631,639	–	2.67%	–
HIG	Buy	HARTFORD FINL SVCS GROUP INC	$3,603,000	+105.9%	50,805	+109.1%	2.17%	+93.5%
LHX	New	L3HARRIS TECHNOLOGIES INC	$3,351,000	–	19,244	–	2.02%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$2,844,000	–	48,995	–	1.71%	–
	New	GSK PLCsponsored adr	$2,735,000	–	75,458	–	1.65%	–
CMCSA	Sell	COMCAST CORP NEWcl a	$2,056,000	-46.7%	46,363	-50.0%	1.24%	-49.9%
ST	New	SENSATA TECHNOLOGIES HLDG PL	$1,625,000	–	42,956	–	0.98%	–
DTEGY	New	DEUTSCHETELEKOMAGADRadr	$1,153,000	–	55,027	–	0.69%	–
	New	AWPAX AB SUST INTL THEMATIC Ammf	$416,000	–	24,540	–	0.25%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-9,943	–	-0.46%	–
	Exit	CRANE NXT CO	$0	–	-20,714	–	-0.75%	–
MMM	Exit	3M CO	$0	–	-16,673	–	-1.07%	–
	Exit	CRANE COMPANY	$0	–	-20,714	–	-1.18%	–
CAT	Exit	CATERPILLAR INC	$0	–	-7,842	–	-1.24%	–

Q2 2023

			Value		Shares		↓ Weighting
BSM	New	BLACK STONE MINERALS L P	$7,953,000	–	498,616	–	5.09%	–
GM	New	GENERAL MTRS CO	$6,941,000	–	180,005	–	4.45%	–
BP	New	BP PLCsponsored adr	$6,569,000	–	186,139	–	4.21%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$6,191,000	–	61,343	–	3.97%	–
MU	New	MICRON TECHNOLOGY INC	$5,993,000	–	94,967	–	3.84%	–
CFR	New	CULLEN FROST BANKERS INC	$5,551,000	–	51,626	–	3.56%	–
	New	SHELL PLCspon ads	$5,198,000	–	86,087	–	3.33%	–
CSCO	New	CISCO SYS INC	$5,027,000	–	97,157	–	3.22%	–
C	New	CITIGROUP INC	$4,907,000	–	106,586	–	3.14%	–
DIS	New	DISNEY WALT CO	$4,708,000	–	52,729	–	3.02%	–
TSN	New	TYSON FOODS INCcl a	$4,602,000	–	90,169	–	2.95%	–
PXD	New	PIONEER NAT RES CO	$4,598,000	–	22,195	–	2.94%	–
BAC	New	BANK AMERICA CORP	$4,537,000	–	158,141	–	2.91%	–
FIS	New	FIDELITY NATL INFORMATION SV	$4,452,000	–	81,397	–	2.85%	–
TER	New	TERADYNE INC	$4,364,000	–	39,197	–	2.80%	–
EQH	New	EQUITABLE HLDGS INC	$4,330,000	–	159,428	–	2.77%	–
LNC	New	LINCOLN NATL CORP IND	$4,095,000	–	158,964	–	2.62%	–
EBAY	New	EBAY INC.	$4,094,000	–	91,617	–	2.62%	–
VFC	New	V F CORP	$3,939,000	–	206,323	–	2.52%	–
CMCSA	New	COMCAST CORP NEWcl a	$3,856,000	–	92,797	–	2.47%	–
SLB	New	SCHLUMBERGER LTD	$3,850,000	–	78,387	–	2.47%	–
TFC	New	TRUIST FINL CORP	$3,810,000	–	125,528	–	2.44%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$3,535,000	–	44,419	–	2.26%	–
CFG	New	CITIZENS FINL GROUP INC	$3,467,000	–	132,951	–	2.22%	–
VTRS	New	VIATRIS INC	$2,671,000	–	267,671	–	1.71%	–
FANG	New	DIAMONDBACK ENERGY INC	$2,585,000	–	19,678	–	1.66%	–
JCI	New	JOHNSON CTLS INTL PLC	$2,429,000	–	35,647	–	1.56%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$2,423,000	–	26,385	–	1.55%	–
RE	New	EVEREST RE GROUP LTD	$2,216,000	–	6,481	–	1.42%	–
OGN	New	ORGANON & CO	$2,125,000	–	102,098	–	1.36%	–
FDX	New	FEDEX CORP	$2,119,000	–	8,547	–	1.36%	–
RIO	New	RIO TINTO PLCsponsored adr	$2,097,000	–	32,849	–	1.34%	–
AYI	New	ACUITY BRANDS INC	$1,988,000	–	12,192	–	1.27%	–
CAT	New	CATERPILLAR INC	$1,930,000	–	7,842	–	1.24%	–
	New	CRANE COMPANY	$1,846,000	–	20,714	–	1.18%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$1,750,000	–	24,293	–	1.12%	–
KGC	New	KINROSS GOLD CORP	$1,686,000	–	353,513	–	1.08%	–
MMM	New	3M CO	$1,669,000	–	16,673	–	1.07%	–
VIAC	New	PARAMOUNT GLOBAL	$1,264,000	–	79,444	–	0.81%	–
	New	CRANE NXT CO	$1,169,000	–	20,714	–	0.75%	–
INGR	New	INGREDION INC	$1,112,000	–	10,495	–	0.71%	–
AMGN	New	AMGEN INC	$1,042,000	–	4,693	–	0.67%	–
BHP	New	BHP GROUP LTDsponsored ads	$903,000	–	15,125	–	0.58%	–
T	New	AT&T INC	$737,000	–	46,195	–	0.47%	–
DD	New	DUPONT DE NEMOURS INC	$710,000	–	9,943	–	0.46%	–
ISRA	New	VANECK ETF TRUSTisrael etf	$688,000	–	19,500	–	0.44%	–
KMI	New	KINDER MORGAN INC DEL	$486,000	–	28,200	–	0.31%	–
EOSE	New	EOS ENERGY ENTERPRISES INC	$434,000	–	100,000	–	0.28%	–
SVC	New	SERVICE PPTYS TR	$430,000	–	49,450	–	0.28%	–
SBI	New	WESTERN ASSET INTER MUNI FD	$364,000	–	47,800	–	0.23%	–
PK	New	PARK HOTELS & RESORTS INC	$282,000	–	22,000	–	0.18%	–
UNG	New	UNITED STS NAT GAS FD LPunit par	$193,000	–	26,047	–	0.12%	–
	New	WARNER BROS DISCOVERY INC	$140,000	–	11,175	–	0.09%	–
ENZ	New	ENZO BIOCHEM INC	$47,000	–	25,475	–	0.03%	–
EMKR	New	EMCORE CORP	$11,000	–	15,000	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
EMKR	Exit	EMCORE CORP	$0	–	-15,000	–	-0.02%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-25,475	–	-0.04%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-11,175	–	-0.08%	–
	Exit	VITESCOTECHGRPAG ADRadr	$0	–	-21,353	–	-0.14%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-22,000	–	-0.16%	–
SVC	Exit	SERVICE PPTYS TR	$0	–	-49,450	–	-0.17%	–
SBI	Exit	WESTERN ASSET INTER MUNI FD	$0	–	-47,800	–	-0.23%	–
	Exit	AWPAX AB SUST INTL THEMATIC Ammf	$0	–	-24,416	–	-0.24%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-28,200	–	-0.31%	–
UNG	Exit	UNITED STS NAT GAS FD LPunit par	$0	–	-26,047	–	-0.40%	–
ISRA	Exit	VANECK ETF TRUSTisrael etf	$0	–	-19,500	–	-0.47%	–
T	Exit	AT&T INC	$0	–	-46,195	–	-0.47%	–
BHP	Exit	BHP GROUP LTDsponsored ads	$0	–	-15,198	–	-0.50%	–
VIACP	Exit	PARAMOUNT GLOBAL5.75% conv pfd a	$0	–	-28,302	–	-0.58%	–
LVMUY	Exit	LVMH MOETHNNSSYadr	$0	–	-7,714	–	-0.61%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-20,123	–	-0.67%	–
MGDDY	Exit	MICHELIN COMPAGNEadr	$0	–	-93,144	–	-0.70%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-6,084	–	-0.87%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-355,197	–	-0.88%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-42,594	–	-0.88%	–
DOW	Exit	DOW INC	$0	–	-33,133	–	-0.96%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-22,306	–	-0.98%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-24,413	–	-1.00%	–
ADDYY	Exit	ADIDAS AG SPON ADRadr	$0	–	-27,076	–	-1.04%	–
EBAY	Exit	EBAY INC.	$0	–	-43,188	–	-1.05%	–
INGR	Exit	INGREDION INC	$0	–	-21,142	–	-1.13%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-59,489	–	-1.15%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-33,008	–	-1.20%	–
	Exit	CRANE HLDGS CO	$0	–	-20,813	–	-1.20%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-26,514	–	-1.32%	–
AMGN	Exit	AMGEN INC	$0	–	-9,339	–	-1.39%	–
VFC	Exit	V F CORP	$0	–	-75,182	–	-1.49%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-68,313	–	-1.55%	–
OGN	Exit	ORGANON & CO	$0	–	-102,650	–	-1.59%	–
CAT	Exit	CATERPILLAR INC	$0	–	-15,792	–	-1.71%	–
TER	Exit	TERADYNE INC	$0	–	-35,110	–	-1.74%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-78,836	–	-1.87%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-40,133	–	-2.01%	–
VIAC	Exit	PARAMOUNT GLOBAL	$0	–	-159,713	–	-2.01%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-71,121	–	-2.05%	–
DTEGY	Exit	DEUTSCHETELEKOMAGADRadr	$0	–	-181,826	–	-2.06%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-48,513	–	-2.20%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-129,340	–	-2.25%	–
RE	Exit	EVEREST RE GROUP LTD	$0	–	-13,057	–	-2.27%	–
CTTAY	Exit	CONTINENTAL AGadr	$0	–	-763,804	–	-2.27%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-57,987	–	-2.28%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-71,751	–	-2.34%	–
FDX	Exit	FEDEX CORP	$0	–	-24,587	–	-2.41%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-45,062	–	-2.54%	–
AYI	Exit	ACUITY BRANDS INC	$0	–	-24,447	–	-2.55%	–
CSCO	Exit	CISCO SYS INC	$0	–	-97,623	–	-2.58%	–
	Exit	SHELL PLCspon ads	$0	–	-86,650	–	-2.85%	–
C	Exit	CITIGROUP INC	$0	–	-107,138	–	-2.95%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-95,433	–	-3.16%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-158,944	–	-3.17%	–
DIS	Exit	DISNEY WALT CO	$0	–	-52,976	–	-3.30%	–
BP	Exit	BP PLCsponsored adr	$0	–	-187,070	–	-3.53%	–
GM	Exit	GENERAL MTRS CO	$0	–	-180,914	–	-3.84%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-159,724	–	-4.64%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-54,206	–	-4.74%	–
BSM	Exit	BLACK STONE MINERALS L P	$0	–	-498,616	–	-5.16%	–

Q3 2022

			Value		Shares		↓ Weighting
CFR	Sell	CULLEN FROST BANKERS INC	$7,167,000	+11.9%	54,206	-1.5%	4.74%	+21.5%
MU	Buy	MICRON TECHNOLOGY INC	$4,781,000	+37.3%	95,433	+51.5%	3.16%	+49.1%
CSCO	Buy	CISCO SYS INC	$3,905,000	+10.7%	97,623	+18.0%	2.58%	+20.1%
FDX	Buy	FEDEX CORP	$3,650,000	-10.1%	24,587	+37.4%	2.41%	-2.3%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$3,326,000	+3.9%	48,513	+23.8%	2.20%	+12.8%
TER	New	TERADYNE INC	$2,639,000	–	35,110	–	1.74%	–
OGN	Buy	ORGANON & CO	$2,402,000	-15.0%	102,650	+22.6%	1.59%	-7.7%
CFG	Buy	CITIZENS FINL GROUP INC	$2,347,000	+40.8%	68,313	+46.3%	1.55%	+52.9%
VFC	New	V F CORP	$2,249,000	–	75,182	–	1.49%	–
RIO	New	RIO TINTO PLCsponsored adr	$1,817,000	–	33,008	–	1.20%	–
CMCSA	New	COMCAST CORP NEWcl a	$1,745,000	–	59,489	–	1.15%	–
ADDYY	Buy	ADIDAS AG SPON ADRadr	$1,577,000	+69.0%	27,076	+156.0%	1.04%	+83.6%
CAH	Sell	CARDINAL HEALTH INC	$1,487,000	-68.2%	22,306	-75.0%	0.98%	-65.5%
DOW	Buy	DOW INC	$1,456,000	+87.1%	33,133	+119.7%	0.96%	+103.2%
PXD	New	PIONEER NAT RES CO	$1,317,000	–	6,084	–	0.87%	–
BHP	New	BHP GROUP LTDsponsored ads	$761,000	–	15,198	–	0.50%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-13,597	–	-0.92%	–
RHHBY	Exit	ROCHE HOLDINGS LTDadr	$0	–	-36,447	–	-0.92%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-27,238	–	-1.28%	–
CTVA	Exit	CORTEVA INC	$0	–	-53,708	–	-1.77%	–
MRK	Exit	MERCK & CO INC	$0	–	-40,039	–	-2.22%	–
VTRS	Exit	VIATRIS INC	$0	–	-516,815	–	-3.30%	–

Q2 2022

			Value		Shares		↓ Weighting
LNC	New	LINCOLN NATL CORP IND	$7,470,000	–	159,724	–	4.55%	–
BSM	New	BLACK STONE MINERALS L P	$6,826,000	–	498,616	–	4.16%	–
CFR	New	CULLEN FROST BANKERS INC	$6,405,000	–	55,006	–	3.90%	–
GM	New	GENERAL MTRS CO	$5,746,000	–	180,914	–	3.50%	–
VTRS	New	VIATRIS INC	$5,411,000	–	516,815	–	3.30%	–
CTTAY	New	CONTINENTAL AGadr	$5,310,000	–	763,804	–	3.23%	–
BP	New	BP PLCsponsored adr	$5,303,000	–	187,070	–	3.23%	–
DIS	New	DISNEY WALT CO	$5,001,000	–	52,976	–	3.05%	–
BAC	New	BK OF AMERICA CORP	$4,948,000	–	158,944	–	3.01%	–
C	New	CITIGROUP INC	$4,927,000	–	107,138	–	3.00%	–
CAH	New	CARDINAL HEALTH INC	$4,673,000	–	89,400	–	2.85%	–
	New	SHELL PLCspon ads	$4,531,000	–	86,650	–	2.76%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$4,175,000	–	45,062	–	2.54%	–
FDX	New	FEDEX CORP	$4,058,000	–	17,900	–	2.47%	–
VIAC	New	PARAMOUNT GLOBAL	$3,942,000	–	159,713	–	2.40%	–
AYI	New	ACUITY BRANDS INC	$3,766,000	–	24,447	–	2.29%	–
FIS	New	FIDELITY NATL INFORMATION SV	$3,679,000	–	40,133	–	2.24%	–
RE	New	EVEREST RE GROUP LTD	$3,660,000	–	13,057	–	2.23%	–
MRK	New	MERCK & CO INC	$3,650,000	–	40,039	–	2.22%	–
DTEGY	New	DEUTSCHETELEKOMAGADRadr	$3,601,000	–	181,826	–	2.19%	–
CSCO	New	CISCO SYS INC	$3,529,000	–	82,751	–	2.15%	–
MU	New	MICRON TECHNOLOGY INC	$3,483,000	–	63,002	–	2.12%	–
JCI	New	JOHNSON CTLS INTL PLC	$3,435,000	–	71,751	–	2.09%	–
LENB	New	LENNAR CORPcl b	$3,404,000	–	57,987	–	2.07%	–
TFC	New	TRUIST FINL CORP	$3,373,000	–	71,121	–	2.05%	–
EQH	New	EQUITABLE HLDGS INC	$3,372,000	–	129,340	–	2.05%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$3,202,000	–	39,172	–	1.95%	–
CTVA	New	CORTEVA INC	$2,908,000	–	53,708	–	1.77%	–
OGN	New	ORGANON & CO	$2,826,000	–	83,726	–	1.72%	–
CAT	New	CATERPILLAR INC	$2,823,000	–	15,792	–	1.72%	–
SLB	New	SCHLUMBERGER LTD	$2,819,000	–	78,836	–	1.72%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$2,319,000	–	26,514	–	1.41%	–
AMGN	New	AMGEN INC	$2,272,000	–	9,339	–	1.38%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$2,097,000	–	27,238	–	1.28%	–
INGR	New	INGREDION INC	$1,864,000	–	21,142	–	1.14%	–
	New	CRANE HLDGS CO	$1,822,000	–	20,813	–	1.11%	–
EBAY	New	EBAY INC.	$1,800,000	–	43,188	–	1.10%	–
CFG	New	CITIZENS FINL GROUP INC	$1,667,000	–	46,697	–	1.02%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$1,614,000	–	42,594	–	0.98%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$1,597,000	–	24,413	–	0.97%	–
RHHBY	New	ROCHE HOLDINGS LTDadr	$1,516,000	–	36,447	–	0.92%	–
WSM	New	WILLIAMS SONOMA INC	$1,509,000	–	13,597	–	0.92%	–
KGC	New	KINROSS GOLD CORP	$1,272,000	–	355,197	–	0.78%	–
MGDDY	New	MICHELIN COMPAGNEadr	$1,265,000	–	93,144	–	0.77%	–
VIACP	New	PARAMOUNT GLOBAL5.75% conv pfd a	$1,131,000	–	28,302	–	0.69%	–
DD	New	DUPONT DE NEMOURS INC	$1,118,000	–	20,123	–	0.68%	–
T	New	AT&T INC	$968,000	–	46,195	–	0.59%	–
LVMUY	New	LVMH MOETHNNSSYadr	$938,000	–	7,714	–	0.57%	–
ADDYY	New	ADIDAS AG SPON ADRadr	$933,000	–	10,576	–	0.57%	–
DOW	New	DOW INC	$778,000	–	15,082	–	0.47%	–
ISRA	New	VANECK ETF TRUSTisrael etf	$726,000	–	19,500	–	0.44%	–
UNG	New	UNITED STS NAT GAS FD LPunit par	$495,000	–	26,047	–	0.30%	–
KMI	New	KINDER MORGAN INC DEL	$473,000	–	28,200	–	0.29%	–
	New	AWPAX AB SUST INTL THEMATIC Ammf	$402,000	–	24,416	–	0.24%	–
SBI	New	WESTERN ASSET INTER MUNI FD	$385,000	–	47,800	–	0.23%	–
PK	New	PARK HOTELS & RESORTS INC	$299,000	–	22,000	–	0.18%	–
SVC	New	SERVICE PPTYS TR	$259,000	–	49,450	–	0.16%	–
	New	VITESCOTECHGRPAG ADRadr	$165,000	–	21,353	–	0.10%	–
	New	WARNER BROS DISCOVERY INC	$150,000	–	11,175	–	0.09%	–
ENZ	New	ENZO BIOCHEM INC	$53,000	–	25,475	–	0.03%	–
EMKR	New	EMCORE CORP	$46,000	–	15,000	–	0.03%	–

Q4 2021

			Value		Shares		↓ Weighting
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-25,475	–	-0.05%	–
EMKR	Exit	EMCORE CORP	$0	–	-15,000	–	-0.06%	–
	Exit	VITESCOTECHGRPAG ADRadr	$0	–	-21,826	–	-0.15%	–
UCO	Exit	UCO PROSHARESULTRABB CRUDE OILetf	$0	–	-3,495	–	-0.17%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-22,000	–	-0.24%	–
SBI	Exit	WESTERN ASSET INTER MUNI FD	$0	–	-47,800	–	-0.27%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-28,200	–	-0.27%	–
UNG	Exit	UNITED STS NAT GAS FD LPunit par	$0	–	-26,047	–	-0.30%	–
	Exit	AWPAX AB SUST INTL THEMATIC Ammf	$0	–	-23,026	–	-0.31%	–
SVC	Exit	SERVICE PPTYS TR	$0	–	-49,450	–	-0.32%	–
ISRA	Exit	VANECK ETF TRUSTisrael etf	$0	–	-19,500	–	-0.52%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-24,574	–	-0.98%	–
DOW	Exit	DOW INC	$0	–	-30,166	–	-0.99%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-26,828	–	-1.04%	–
VIACP	Exit	VIACOMCBS 5.75 CONVPFDpfd	$0	–	-29,250	–	-1.07%	–
INGR	Exit	INGREDION INC	$0	–	-21,180	–	-1.07%	–
CAT	Exit	CATERPILLAR INC	$0	–	-9,815	–	-1.07%	–
CR	Exit	CRANE CO	$0	–	-20,840	–	-1.13%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-6,302	–	-1.24%	–
CTVA	Exit	CORTEVA INC	$0	–	-53,756	–	-1.29%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-43,185	–	-1.33%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-40,262	–	-1.34%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-242,625	–	-1.36%	–
CTTAY	Exit	CONTINENTAL AGadr	$0	–	-218,315	–	-1.37%	–
DTEGY	Exit	DEUTSCHETELEKOMAGADRadr	$0	–	-120,407	–	-1.38%	–
FDX	Exit	FEDEX CORP	$0	–	-12,415	–	-1.55%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-96,399	–	-1.63%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-48,900	–	-1.65%	–
CSCO	Exit	CISCO SYS INC	$0	–	-54,731	–	-1.70%	–
MRK	Exit	MERCK & CO INC	$0	–	-39,913	–	-1.71%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-42,540	–	-1.71%	–
RE	Exit	EVEREST RE GROUP LTD	$0	–	-13,205	–	-1.89%	–
RHHBY	Exit	ROCHE HOLDINGS LTDadr	$0	–	-72,893	–	-1.90%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-34,955	–	-1.92%	–
VIAC	Exit	VIACOMCBS INCcl b	$0	–	-85,032	–	-1.92%	–
MCK	Exit	MCKESSON CORP	$0	–	-17,528	–	-1.99%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-83,649	–	-2.12%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-130,580	–	-2.20%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-86,285	–	-2.31%	–
BP	Exit	BP PLCsponsored adr	$0	–	-183,079	–	-2.85%	–
T	Exit	AT&T INC	$0	–	-198,390	–	-3.05%	–
OGN	Exit	ORGANON & CO	$0	–	-167,873	–	-3.14%	–
BSM	Exit	BLACK STONE MINERALS L P	$0	–	-472,021	–	-3.24%	–
VTRS	Exit	VIATRIS INC	$0	–	-420,495	–	-3.25%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-119,313	–	-3.36%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-89,814	–	-3.48%	–
AYI	Exit	ACUITY BRANDS INC	$0	–	-36,058	–	-3.56%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-154,144	–	-3.73%	–
DIS	Exit	DISNEY WALT CO	$0	–	-40,355	–	-3.89%	–
C	Exit	CITIGROUP INC	$0	–	-104,918	–	-4.20%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-75,926	–	-5.13%	–
GM	Exit	GENERAL MTRS CO	$0	–	-177,514	–	-5.33%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-159,694	–	-6.26%	–

Q3 2021

			Value		Shares		↓ Weighting
CFR	Sell	CULLEN FROST BANKERS INC	$9,006,000	-8.5%	75,926	-13.6%	5.13%	-8.2%
JCI	Sell	JOHNSON CTLS INTL PLC	$6,115,000	-25.6%	89,814	-25.0%	3.48%	-25.3%
BSM	Buy	BLACK STONE MINERALS L P	$5,688,000	+12.4%	472,021	+0.3%	3.24%	+12.9%
EQH	New	EQUITABLE HLDGS INC	$3,870,000	–	130,580	–	2.20%	–
LDOS	Buy	LEIDOS HOLDINGS INC	$3,360,000	+130.8%	34,955	+142.7%	1.92%	+131.8%
VIAC	Buy	VIACOMCBS INCcl b	$3,360,000	+58.4%	85,032	+81.2%	1.92%	+59.1%
RHHBY	Sell	ROCHE HOLDINGS LTDadr	$3,340,000	-27.1%	72,893	-25.0%	1.90%	-26.8%
CTTAY	Buy	CONTINENTAL AGadr	$2,398,000	+19.7%	218,315	+60.2%	1.37%	+20.1%
CR	New	CRANE CO	$1,976,000	–	20,840	–	1.13%	–
CAT	New	CATERPILLAR INC	$1,884,000	–	9,815	–	1.07%	–
ISRA	New	VANECK ETF TRUSTisrael etf	$921,000	–	19,500	–	0.52%	–
	New	VITESCOTECHGRPAG ADRadr	$258,000	–	21,826	–	0.15%	–
ISRA	Exit	ISRA VANECK VECTORS ETF TRetf	$0	–	-19,500	–	-0.53%	–
PFE	Exit	PFIZER INC	$0	–	-32,950	–	-0.73%	–
HMC	Exit	HONDA MOTOR LTD	$0	–	-81,363	–	-1.49%	–

Q2 2021

			Value		Shares		↓ Weighting
GM	New	GENERAL MTRS CO	$10,504,000	–	177,514	–	5.96%	–
LNC	New	LINCOLN NATL CORP IND	$10,035,000	–	159,694	–	5.69%	–
CFR	New	CULLEN FROST BANKERS INC	$9,848,000	–	87,926	–	5.59%	–
JCI	New	JOHNSON CTLS INTL PLC	$8,221,000	–	119,789	–	4.66%	–
C	New	CITIGROUP INC	$7,423,000	–	104,918	–	4.21%	–
DIS	New	DISNEY WALT CO	$7,093,000	–	40,355	–	4.02%	–
CAH	New	CARDINAL HEALTH INC	$6,812,000	–	119,313	–	3.87%	–
AYI	New	ACUITY BRANDS INC	$6,744,000	–	36,058	–	3.83%	–
BAC	New	BK OF AMERICA CORP	$6,355,000	–	154,144	–	3.61%	–
VTRS	New	VIATRIS INC	$6,009,000	–	420,495	–	3.41%	–
T	New	AT&T INC	$5,710,000	–	198,390	–	3.24%	–
OGN	New	ORGANON & CO	$5,080,000	–	167,873	–	2.88%	–
BSM	New	BLACK STONE MINERALS L P	$5,059,000	–	470,616	–	2.87%	–
BP	New	BP PLCsponsored adr	$4,837,000	–	183,079	–	2.74%	–
RHHBY	New	ROCHE HOLDINGS LTDadr	$4,582,000	–	97,203	–	2.60%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$4,539,000	–	86,285	–	2.58%	–
FDX	New	FEDEX CORP	$3,704,000	–	12,415	–	2.10%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$3,379,000	–	83,649	–	1.92%	–
MCK	New	MCKESSON CORP	$3,352,000	–	17,528	–	1.90%	–
RE	New	EVEREST RE GROUP LTD	$3,328,000	–	13,205	–	1.89%	–
VLO	New	VALERO ENERGY CORP	$3,322,000	–	42,540	–	1.88%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$3,267,000	–	48,900	–	1.85%	–
MRK	New	MERCK & CO INC	$3,104,000	–	39,913	–	1.76%	–
SLB	New	SCHLUMBERGER LTD	$3,086,000	–	96,399	–	1.75%	–
CSCO	New	CISCO SYS INC	$2,901,000	–	54,731	–	1.65%	–
HMC	New	HONDA MOTOR LTD	$2,618,000	–	81,363	–	1.49%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$2,545,000	–	242,625	–	1.44%	–
DTEGY	New	DEUTSCHETELEKOMAGADRadr	$2,543,000	–	120,407	–	1.44%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,420,000	–	43,185	–	1.37%	–
CTVA	New	CORTEVA INC	$2,384,000	–	53,756	–	1.35%	–
LMT	New	LOCKHEED MARTIN CORP	$2,384,000	–	6,302	–	1.35%	–
TFC	New	TRUIST FINL CORP	$2,235,000	–	40,262	–	1.27%	–
VIACP	New	VIACOMCBS 5.75 CONVPFDpfd	$2,134,000	–	29,250	–	1.21%	–
VIAC	New	VIACOMCBS INCcl b	$2,121,000	–	46,922	–	1.20%	–
DD	New	DUPONT DE NEMOURS INC	$2,077,000	–	26,828	–	1.18%	–
CTTAY	New	CONTINENTAL AGadr	$2,004,000	–	136,305	–	1.14%	–
INGR	New	INGREDION INC	$1,917,000	–	21,180	–	1.09%	–
DOW	New	DOW INC	$1,909,000	–	30,166	–	1.08%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$1,523,000	–	24,574	–	0.86%	–
LDOS	New	LEIDOS HOLDINGS INC	$1,456,000	–	14,400	–	0.83%	–
PFE	New	PFIZER INC	$1,290,000	–	32,950	–	0.73%	–
ISRA	New	ISRA VANECK VECTORS ETF TRetf	$933,000	–	19,500	–	0.53%	–
SVC	New	SERVICE PPTYS TR	$623,000	–	49,450	–	0.35%	–
	New	AWPAX AB SUST INTL THEMATIC Ammf	$547,000	–	23,026	–	0.31%	–
KMI	New	KINDER MORGAN INC DEL	$514,000	–	28,200	–	0.29%	–
SBI	New	WESTERN ASSET INTER MUNI FD	$467,000	–	47,800	–	0.26%	–
PK	New	PARK HOTELS & RESORTS INC	$453,000	–	22,000	–	0.26%	–
UNG	New	UNITED STS NAT GAS FD LPunit par	$341,000	–	26,047	–	0.19%	–
UCO	New	UCO PROSHARESULTRABB CRUDE OILetf	$273,000	–	3,495	–	0.16%	–
EMKR	New	EMCORE CORP	$138,000	–	15,000	–	0.08%	–
ENZ	New	ENZO BIOCHEM INC	$81,000	–	25,475	–	0.05%	–

Q4 2020

			Value		Shares		↓ Weighting
EMKR	Exit	Emcore Corporation	$0	–	-15,000	–	-0.04%	–
ENZ	Exit	Enzo Biochem Inc.	$0	–	-95,476	–	-0.16%	–
PK	Exit	Park Hotels&ResortsInc	$0	–	-22,000	–	-0.18%	–
UNG	Exit	UNG US Nat Gas Fd ETFetf	$0	–	-26,047	–	-0.24%	–
KMI	Exit	KMI Kinder Morgan Inc	$0	–	-28,200	–	-0.28%	–
SVC	Exit	Service Properties Trust	$0	–	-49,450	–	-0.31%	–
SBI	Exit	SBI Western Asset Interm Munimmf	$0	–	-47,800	–	-0.35%	–
	Exit	AWPAX AB Sust Intl Thematic Ammf	$0	–	-22,633	–	-0.36%	–
ISRA	Exit	ISRA Vaneck Vectors ETF Tretf	$0	–	-19,500	–	-0.56%	–
OXY	Exit	Occidental Petro Corp	$0	–	-72,676	–	-0.58%	–
JWN	Exit	Nordstrom Inc	$0	–	-100,754	–	-0.96%	–
DD	Exit	DuPont de Nemours Inc.	$0	–	-22,173	–	-0.98%	–
SLB	Exit	Schlumberger Ltdadr	$0	–	-96,399	–	-1.20%	–
TFC	Exit	Truist Fin'l Corp	$0	–	-40,262	–	-1.22%	–
VLO	Exit	Valero Energy Corp	$0	–	-42,540	–	-1.47%	–
COF	Exit	Capital One Fin'l Corp	$0	–	-25,706	–	-1.48%	–
BMY	Exit	Bristol-Myers Squibb Co	$0	–	-34,805	–	-1.68%	–
RDSA	Exit	Royal Dutch Shell A Plcadr	$0	–	-83,649	–	-1.68%	–
AMAT	Exit	Applied Materials	$0	–	-36,072	–	-1.72%	–
HIG	Exit	Hartford Finl Services	$0	–	-61,574	–	-1.82%	–
PFE	Exit	Pfizer, Inc.	$0	–	-62,785	–	-1.84%	–
VZ	Exit	VZ Verizon Comm. Inc.	$0	–	-43,185	–	-2.06%	–
BSM	Exit	BlackStoneMnls LP	$0	–	-425,116	–	-2.09%	–
RE	Exit	Everest Re Group Ltdadr	$0	–	-13,205	–	-2.09%	–
MCK	Exit	McKesson Corp	$0	–	-17,528	–	-2.09%	–
CTVA	Exit	Corteva Inc	$0	–	-95,586	–	-2.20%	–
DOW	Exit	Dow Incorporated	$0	–	-60,341	–	-2.27%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-78,271	–	-2.47%	–
WBA	Exit	WalgreensBootsAllnce	$0	–	-86,285	–	-2.48%	–
FDX	Exit	FedEx Corporation	$0	–	-12,415	–	-2.50%	–
BP	Exit	BP Plc ADSadr	$0	–	-183,079	–	-2.56%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-39,913	–	-2.65%	–
HMC	Exit	Honda Motor Co Ltd.adr	$0	–	-162,948	–	-3.09%	–
RHHBY	Exit	Roche Holdings Ltdadr	$0	–	-97,203	–	-3.33%	–
MOS	Exit	Mosaic Co. (The)	$0	–	-237,344	–	-3.47%	–
C	Exit	Citigroup Inc	$0	–	-104,918	–	-3.62%	–
JCI	Exit	JohnsonControlsIntl Plcadr	$0	–	-119,789	–	-3.91%	–
AYI	Exit	Acuity Brands, Inc.	$0	–	-48,098	–	-3.94%	–
BAC	Exit	Bank of America Corp.	$0	–	-205,499	–	-3.96%	–
LNC	Exit	Lincoln National Corp.	$0	–	-159,694	–	-4.00%	–
DIS	Exit	Disney (Walt) Company	$0	–	-40,355	–	-4.00%	–
VIAC	Exit	Viacomcbs Inc Cl B	$0	–	-184,417	–	-4.13%	–
GM	Exit	GM General Motors Co	$0	–	-177,514	–	-4.20%	–
CAH	Exit	Cardinal Health Inc	$0	–	-119,313	–	-4.48%	–
T	Exit	AT&T Inc.	$0	–	-198,390	–	-4.52%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-93,597	–	-4.79%	–

Q3 2020

			Value		Shares		↓ Weighting
C	Buy	Citigroup Inc	$4,523,000	-9.0%	104,918	+7.9%	3.62%	-7.2%
FDX	Sell	FedEx Corporation	$3,123,000	-6.3%	12,415	-47.8%	2.50%	-4.5%
RE	New	Everest Re Group Ltdadr	$2,609,000	–	13,205	–	2.09%	–
BMY	New	Bristol-Myers Squibb Co	$2,098,000	–	34,805	–	1.68%	–
UPS	Exit	United Parcel Svc Inc.	$0	–	-16,412	–	-1.43%	–
AXS	Exit	Axis Capital Hldgs Ltdadr	$0	–	-65,518	–	-2.09%	–

Q2 2020

			Value		Shares		↓ Weighting
CFR	New	Cullen Frost Bankers	$6,993,000	–	93,597	–	5.49%	–
CAH	New	Cardinal Health Inc	$6,227,000	–	119,313	–	4.89%	–
T	New	AT&T Inc.	$5,997,000	–	198,390	–	4.71%	–
LNC	New	Lincoln National Corp.	$5,875,000	–	159,694	–	4.61%	–
C	New	Citigroup Inc	$4,968,000	–	97,228	–	3.90%	–
BAC	New	Bank of America Corp.	$4,881,000	–	205,499	–	3.83%	–
AYI	New	Acuity Brands, Inc.	$4,605,000	–	48,098	–	3.62%	–
DIS	New	Disney (Walt) Company	$4,500,000	–	40,355	–	3.53%	–
GM	New	GM General Motors Co	$4,491,000	–	177,514	–	3.52%	–
VIAC	New	Viacomcbs Inc Cl B	$4,301,000	–	184,417	–	3.38%	–
BP	New	BP Plc ADSadr	$4,269,000	–	183,079	–	3.35%	–
RHHBY	New	Roche Holdings Ltdadr	$4,210,000	–	97,203	–	3.30%	–
HMC	New	Honda Motor Co Ltd.adr	$4,165,000	–	162,948	–	3.27%	–
JCI	New	JohnsonControlsIntl Plcadr	$4,090,000	–	119,789	–	3.21%	–
WBA	New	WalgreensBootsAllnce	$3,658,000	–	86,285	–	2.87%	–
CSCO	New	Cisco Systems Inc	$3,651,000	–	78,271	–	2.87%	–
FDX	New	FedEx Corporation	$3,332,000	–	23,763	–	2.62%	–
MRK	New	Merck & Co. Inc.	$3,086,000	–	39,913	–	2.42%	–
MOS	New	Mosaic Co. (The)	$2,969,000	–	237,344	–	2.33%	–
BSM	New	BlackStoneMnls LP	$2,763,000	–	425,116	–	2.17%	–
RDSA	New	Royal Dutch Shell A Plcadr	$2,734,000	–	83,649	–	2.15%	–
MCK	New	McKesson Corp	$2,689,000	–	17,528	–	2.11%	–
AXS	New	Axis Capital Hldgs Ltdadr	$2,657,000	–	65,518	–	2.09%	–
CTVA	New	Corteva Inc	$2,561,000	–	95,586	–	2.01%	–
VLO	New	Valero Energy Corp	$2,502,000	–	42,540	–	1.96%	–
DOW	New	Dow Chemical Co	$2,459,000	–	60,341	–	1.93%	–
VZ	New	VZ Verizon Comm. Inc.	$2,381,000	–	43,185	–	1.87%	–
HIG	New	Hartford Finl Services	$2,374,000	–	61,574	–	1.86%	–
AMAT	New	Applied Materials	$2,181,000	–	36,072	–	1.71%	–
PFE	New	Pfizer, Inc.	$2,053,000	–	62,785	–	1.61%	–
UPS	New	United Parcel Svc Inc.	$1,825,000	–	16,412	–	1.43%	–
SLB	New	Schlumberger Ltdadr	$1,773,000	–	96,399	–	1.39%	–
COF	New	Capital One Fin'l Corp	$1,609,000	–	25,706	–	1.26%	–
JWN	New	Nordstrom Inc	$1,561,000	–	100,754	–	1.22%	–
TFC	New	Truist Fin'l Corp	$1,512,000	–	40,262	–	1.19%	–
OXY	New	Occidental Petro Corp	$1,330,000	–	72,676	–	1.04%	–
DD	New	DuPont de Nemours Inc.	$1,178,000	–	22,173	–	0.92%	–
ISRA	New	ISRA Vaneck Vectors ETF Tretf	$641,000	–	19,500	–	0.50%	–
KMI	New	KMI Kinder Morgan Inc	$428,000	–	28,200	–	0.34%	–
SBI	New	SBI Western Asset Interm Munimmf	$409,000	–	47,800	–	0.32%	–
	New	AWPAX AB Sust Intl Thematic Ammf	$401,000	–	22,633	–	0.32%	–
SVC	New	Service Properties Trust	$351,000	–	49,450	–	0.28%	–
UNG	New	UNG US Nat Gas Fd ETFetf	$267,000	–	26,047	–	0.21%	–
PK	New	Park Hotels&ResortsInc	$218,000	–	22,000	–	0.17%	–
ENZ	New	Enzo Biochem Inc.	$214,000	–	95,476	–	0.17%	–
EMKR	New	Emcore Corporation	$48,000	–	15,000	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
EMKR	Exit	Emcore Corporation	$0	–	-15,000	–	-0.03%	–
ENZ	Exit	Enzo Biochem Inc.	$0	–	-95,476	–	-0.23%	–
	Exit	AWPAX AB Sust Intl Thematic Ammf	$0	–	-22,379	–	-0.25%	–
SBI	Exit	SBI Western Asset Interm Munimmf	$0	–	-47,800	–	-0.30%	–
UNG	Exit	UNG US Nat Gas Fd ETFetf	$0	–	-26,047	–	-0.35%	–
	Exit	FTABX Fidelity Tax-Free Bond Fmmf	$0	–	-43,557	–	-0.35%	–
KMI	Exit	KMI Kinder Morgan Inc	$0	–	-28,200	–	-0.39%	–
CTVA	Exit	Corteva Inc	$0	–	-22,264	–	-0.42%	–
ISRA	Exit	ISRA Vaneck Vectors ETF Tretf	$0	–	-19,500	–	-0.44%	–
VLO	Exit	Valero Energy Corp	$0	–	-9,740	–	-0.56%	–
PFE	Exit	Pfizer, Inc.	$0	–	-26,452	–	-0.64%	–
DOW	Exit	Dow Chemical Co	$0	–	-22,264	–	-0.72%	–
FDX	Exit	FedEx Corporation	$0	–	-7,837	–	-0.77%	–
MOS	Exit	Mosaic Co. (The)	$0	–	-61,551	–	-0.86%	–
UNP	Exit	Union Pacific Corp	$0	–	-7,860	–	-0.86%	–
SVC	Exit	Service Properties Trust	$0	–	-49,450	–	-0.86%	–
ALB	Exit	Albemarle Corporation	$0	–	-18,910	–	-0.89%	–
GSK	Exit	GSK GlxoSmKlnPlcADRadr	$0	–	-31,160	–	-0.90%	–
UCO	Exit	UCO ProSharesUltraBB Crude Oiletf	$0	–	-87,417	–	-0.96%	–
DD	Exit	DuPont de Nemours Inc.	$0	–	-22,264	–	-1.08%	–
BBT	Exit	BB&T Corporation	$0	–	-40,382	–	-1.46%	–
CBS	Exit	CBS Corporation Cl B	$0	–	-55,441	–	-1.52%	–
JWN	Exit	Nordstrom Inc	$0	–	-70,051	–	-1.60%	–
VZ	Exit	VZ Verizon Comm. Inc.	$0	–	-40,442	–	-1.66%	–
SWKS	Exit	Skyworks Solutions Inc	$0	–	-39,044	–	-2.10%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-38,257	–	-2.18%	–
OXY	Exit	Occidental Petro Corp	$0	–	-72,979	–	-2.20%	–
HMC	Exit	Honda Motor Co Ltd.adr	$0	–	-126,087	–	-2.23%	–
WRK	Exit	WestRock Company	$0	–	-90,600	–	-2.24%	–
SLB	Exit	Schlumberger Ltdadr	$0	–	-96,881	–	-2.24%	–
BSM	Exit	BSM BlackStoneMnlsLP	$0	–	-282,526	–	-2.73%	–
COF	Exit	Capital One Fin'l Corp	$0	–	-45,868	–	-2.83%	–
AMAT	Exit	Applied Materials	$0	–	-86,424	–	-2.92%	–
DIS	Exit	Disney (Walt) Company	$0	–	-33,618	–	-2.97%	–
AYI	Exit	Acuity Brands, Inc.	$0	–	-32,554	–	-2.98%	–
WBA	Exit	WalgreensBootsAllnce	$0	–	-82,649	–	-3.10%	–
RHHBY	Exit	Roche Holdings Ltdadr	$0	–	-133,934	–	-3.31%	–
RDSA	Exit	Royal Dutch Shell A Plcadr	$0	–	-83,844	–	-3.35%	–
CAH	Exit	Cardinal Health Inc	$0	–	-119,793	–	-3.83%	–
MCK	Exit	McKesson Corp	$0	–	-41,822	–	-3.88%	–
AXS	Exit	Axis Capital Hldgs Ltdadr	$0	–	-89,272	–	-4.04%	–
GM	Exit	GM General Motors Co	$0	–	-163,745	–	-4.16%	–
C	Exit	Citigroup Inc	$0	–	-90,530	–	-4.24%	–
JCI	Exit	JohnsonControlsIntl Plcadr	$0	–	-144,031	–	-4.29%	–
T	Exit	AT&T Inc.	$0	–	-178,519	–	-4.58%	–
BP	Exit	BP Plc ADSadr	$0	–	-184,175	–	-4.75%	–
BAC	Exit	Bank of America Corp.	$0	–	-257,746	–	-5.10%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-93,709	–	-5.63%	–

Q3 2019

			Value		Shares		↓ Weighting
CFR	Sell	Cullen Frost Bankers	$8,298,000	-6.6%	93,709	-1.2%	5.63%	-3.1%
BAC	Sell	Bank of America Corp.	$7,518,000	+0.6%	257,746	-0.0%	5.10%	+4.3%
BP	Buy	BP Plc ADSadr	$6,997,000	-7.4%	184,175	+1.7%	4.75%	-4.0%
T	Sell	AT&T Inc.	$6,755,000	+12.9%	178,519	-0.0%	4.58%	+17.1%
JCI	Sell	JohnsonControlsIntl Plcadr	$6,322,000	+6.3%	144,031	-0.0%	4.29%	+10.2%
C	Sell	Citigroup Inc	$6,254,000	-1.4%	90,530	-0.0%	4.24%	+2.3%
GM	Sell	GM General Motors Co	$6,137,000	-2.7%	163,745	-0.0%	4.16%	+0.8%
AXS	Sell	Axis Capital Hldgs Ltdadr	$5,956,000	+11.8%	89,272	-0.0%	4.04%	+16.0%
MCK	Sell	McKesson Corp	$5,715,000	+1.7%	41,822	-0.0%	3.88%	+5.4%
CAH	Sell	Cardinal Health Inc	$5,653,000	+0.2%	119,793	-0.0%	3.83%	+3.8%
RDSA	Sell	Royal Dutch Shell A Plcadr	$4,934,000	-9.6%	83,844	-0.0%	3.35%	-6.2%
RHHBY	Sell	Roche Holdings Ltdadr	$4,877,000	+3.4%	133,934	-0.0%	3.31%	+7.2%
WBA	Buy	WalgreensBootsAllnce	$4,571,000	+35.7%	82,649	+34.1%	3.10%	+40.7%
AYI	Sell	Acuity Brands, Inc.	$4,388,000	-2.3%	32,554	-0.0%	2.98%	+1.3%
DIS	Sell	Disney (Walt) Company	$4,381,000	-6.7%	33,618	-0.0%	2.97%	-3.3%
AMAT	Sell	Applied Materials	$4,313,000	-16.7%	86,424	-25.0%	2.92%	-13.6%
COF	Sell	Capital One Fin'l Corp	$4,173,000	+0.3%	45,868	-0.0%	2.83%	+3.9%
BSM	Buy	BSM BlackStoneMnlsLP	$4,023,000	+9.3%	282,526	+18.9%	2.73%	+13.3%
SLB	Sell	Schlumberger Ltdadr	$3,310,000	-14.0%	96,881	-0.0%	2.24%	-10.9%
WRK	Sell	WestRock Company	$3,302,000	-0.1%	90,600	-0.0%	2.24%	+3.7%
HMC	Sell	Honda Motor Co Ltd.adr	$3,288,000	+0.9%	126,087	-0.0%	2.23%	+4.6%
OXY	Sell	Occidental Petro Corp	$3,245,000	-11.6%	72,979	-0.0%	2.20%	-8.3%
MRK	Sell	Merck & Co. Inc.	$3,220,000	-24.7%	38,257	-25.0%	2.18%	-21.9%
SWKS	Sell	Skyworks Solutions Inc	$3,094,000	+2.6%	39,044	-0.0%	2.10%	+6.3%
VZ	Sell	VZ Verizon Comm. Inc.	$2,441,000	+1.6%	40,442	-3.8%	1.66%	+5.4%
JWN	Sell	Nordstrom Inc	$2,359,000	+5.7%	70,051	-0.0%	1.60%	+9.6%
CBS	Buy	CBS Corporation Cl B	$2,238,000	+74.0%	55,441	+115.1%	1.52%	+80.5%
BBT	Sell	BB&T Corporation	$2,155,000	+8.6%	40,382	-0.0%	1.46%	+12.6%
DD	Sell	DuPont de Nemours Inc.	$1,588,000	-5.0%	22,264	-0.0%	1.08%	-1.6%
ALB	New	Albemarle Corporation	$1,315,000	–	18,910	–	0.89%	–
SVC	New	Service Properties Trust	$1,275,000	–	49,450	–	0.86%	–
MOS	Sell	Mosaic Co. (The)	$1,262,000	-18.1%	61,551	-0.0%	0.86%	-15.1%
FDX	New	FedEx Corporation	$1,141,000	–	7,837	–	0.77%	–
DOW	New	Dow Chemical Co	$1,061,000	–	22,264	–	0.72%	–
CTVA	Sell	Corteva Inc	$623,000	-5.3%	22,264	-0.0%	0.42%	-1.6%
TEVA	Exit	Teva Phrm Ind Ltd ADRadr	$0	–	-77,210	–	-0.47%	–
DOW	Exit	Dow Chemical Co	$0	–	-22,266	–	-0.72%	–
HPT	Exit	HPT Hsptlty PrpREIT	$0	–	-49,450	–	-0.81%	–
WU	Exit	Western Union Co/The	$0	–	-68,465	–	-0.89%	–
AGN	Exit	Allergan Plcadr	$0	–	-14,340	–	-1.57%	–
KLAC	Exit	KLA-Tencor Corp	$0	–	-20,404	–	-1.58%	–

Q2 2019

			Value		Shares		↓ Weighting
CFR	New	Cullen Frost Bankers	$8,880,000	–	94,811	–	5.81%	–
BP	New	BP Plc ADSadr	$7,555,000	–	181,185	–	4.94%	–
BAC	New	Bank of America Corp.	$7,475,000	–	257,766	–	4.89%	–
C	New	Citigroup Inc	$6,340,000	–	90,535	–	4.15%	–
GM	New	GM General Motors Co	$6,310,000	–	163,756	–	4.13%	–
T	New	AT&T Inc.	$5,982,000	–	178,528	–	3.91%	–
JCI	New	JohnsonControlsIntl Plcadr	$5,950,000	–	144,040	–	3.89%	–
CAH	New	Cardinal Health Inc	$5,643,000	–	119,800	–	3.69%	–
MCK	New	McKesson Corp	$5,621,000	–	41,825	–	3.68%	–
RDSA	New	Royal Dutch Shell A Plcadr	$5,456,000	–	83,848	–	3.57%	–
AXS	New	Axis Capital Hldgs Ltdadr	$5,325,000	–	89,278	–	3.48%	–
AMAT	New	Applied Materials	$5,176,000	–	115,254	–	3.39%	–
RHHBY	New	Roche Holdings Ltdadr	$4,716,000	–	133,942	–	3.08%	–
DIS	New	Disney (Walt) Company	$4,695,000	–	33,620	–	3.07%	–
AYI	New	Acuity Brands, Inc.	$4,490,000	–	32,556	–	2.94%	–
MRK	New	Merck & Co. Inc.	$4,276,000	–	50,990	–	2.80%	–
COF	New	Capital One Fin'l Corp	$4,162,000	–	45,871	–	2.72%	–
SLB	New	Schlumberger Ltdadr	$3,850,000	–	96,887	–	2.52%	–
BSM	New	BSM BlackStoneMnlsLP	$3,682,000	–	237,526	–	2.41%	–
OXY	New	Occidental Petro Corp	$3,670,000	–	72,985	–	2.40%	–
WBA	New	WalgreensBootsAllnce	$3,369,000	–	61,619	–	2.20%	–
WRK	New	WestRock Company	$3,304,000	–	90,606	–	2.16%	–
HMC	New	Honda Motor Co Ltd.adr	$3,258,000	–	126,093	–	2.13%	–
SWKS	New	Skyworks Solutions Inc	$3,017,000	–	39,046	–	1.97%	–
KLAC	New	KLA-Tencor Corp	$2,412,000	–	20,404	–	1.58%	–
VZ	New	VZ Verizon Comm. Inc.	$2,402,000	–	42,042	–	1.57%	–
AGN	New	Allergan Plcadr	$2,401,000	–	14,340	–	1.57%	–
JWN	New	Nordstrom Inc	$2,232,000	–	70,055	–	1.46%	–
BBT	New	BB&T Corporation	$1,984,000	–	40,384	–	1.30%	–
UCO	New	UCO ProSharesUltraBB Crude Oiletf	$1,689,000	–	87,417	–	1.10%	–
DD	New	DuPont de Nemours Inc.	$1,672,000	–	22,266	–	1.09%	–
MOS	New	Mosaic Co. (The)	$1,541,000	–	61,553	–	1.01%	–
WU	New	Western Union Co/The	$1,362,000	–	68,465	–	0.89%	–
UNP	New	Union Pacific Corp	$1,329,000	–	7,860	–	0.87%	–
CBS	New	CBS Corporation Cl B	$1,286,000	–	25,770	–	0.84%	–
GSK	New	GSK GlxoSmKlnPlcADRadr	$1,247,000	–	31,160	–	0.82%	–
HPT	New	HPT Hsptlty PrpREIT	$1,236,000	–	49,450	–	0.81%	–
PFE	New	Pfizer, Inc.	$1,146,000	–	26,452	–	0.75%	–
DOW	New	Dow Chemical Co	$1,098,000	–	22,266	–	0.72%	–
VLO	New	Valero Energy Corp	$834,000	–	9,740	–	0.55%	–
TEVA	New	Teva Phrm Ind Ltd ADRadr	$713,000	–	77,210	–	0.47%	–
CTVA	New	Corteva Inc	$658,000	–	22,266	–	0.43%	–
ISRA	New	ISRA Vaneck Vectors ETF Tretf	$632,000	–	19,500	–	0.41%	–
KMI	New	KMI Kinder Morgan Inc	$589,000	–	28,200	–	0.38%	–
UNG	New	UNG US Nat Gas Fd ETFetf	$518,000	–	26,047	–	0.34%	–
	New	FTABX Fidelity Tax-Free Bond Fmmf	$514,000	–	43,557	–	0.34%	–
SBI	New	SBI Western Asset Interm Munimmf	$427,000	–	47,800	–	0.28%	–
	New	AWPAX AB Sust Intl Thematic Ammf	$368,000	–	22,379	–	0.24%	–
ENZ	New	Enzo Biochem Inc.	$322,000	–	95,476	–	0.21%	–
EMKR	New	Emcore Corporation	$49,000	–	15,000	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
EMKR	Exit	Emcore Corporation	$0	–	-15,000	–	-0.04%	–
MACK	Exit	Merrimack Pharma Inc	$0	–	-14,898	–	-0.05%	–
GME	Exit	Gamestop Corp	$0	–	-10,000	–	-0.10%	–
	Exit	AWPAX AB Sust Intl Thematic Ammf	$0	–	-19,580	–	-0.23%	–
ENZ	Exit	Enzo Biochem Inc.	$0	–	-95,476	–	-0.25%	–
SBI	Exit	SBI Western Asset Interm Munimmf	$0	–	-47,800	–	-0.26%	–
	Exit	FTABX Fidelity Tax-Free Bond Fmmf	$0	–	-43,557	–	-0.31%	–
KMI	Exit	KMI Kinder Morgan Inc	$0	–	-28,200	–	-0.32%	–
UNG	Exit	UNG US Nat Gas Fd ETFetf	$0	–	-26,047	–	-0.42%	–
ISRA	Exit	ISRA Vaneck Vectors ETF Tretf	$0	–	-19,500	–	-0.42%	–
PFE	Exit	Pfizer, Inc.	$0	–	-26,455	–	-0.75%	–
GSK	Exit	GSK GlxoSmKlnPlcADRadr	$0	–	-29,140	–	-0.75%	–
GIS	Exit	General Mills Inc	$0	–	-29,017	–	-0.80%	–
BBT	Exit	BB&T Corporation	$0	–	-26,608	–	-0.83%	–
HPT	Exit	HPT Hsptlty PrpREIT	$0	–	-47,530	–	-0.88%	–
ZBH	Exit	ZimmerBiometHldgsInc	$0	–	-10,863	–	-0.92%	–
AGN	Exit	Allergan Plcadr	$0	–	-8,586	–	-1.05%	–
TEVA	Exit	Teva Phrm Ind Ltd ADRadr	$0	–	-77,388	–	-1.07%	–
WBA	Exit	WalgreensBootsAllnce	$0	–	-29,201	–	-1.36%	–
BSM	Exit	BSM BlackStoneMnlsLP	$0	–	-130,109	–	-1.52%	–
UNP	Exit	Union Pacific Corp	$0	–	-15,681	–	-1.64%	–
WU	Exit	Western Union Co/The	$0	–	-136,967	–	-1.67%	–
UCO	Exit	UCO ProSharesUltraBB Crude Oiletf	$0	–	-87,417	–	-2.02%	–
GE	Exit	General Electric Co	$0	–	-289,979	–	-2.10%	–
MCK	Exit	McKesson Corp	$0	–	-25,227	–	-2.14%	–
DWDP	Exit	DowDuPont Inc	$0	–	-52,203	–	-2.15%	–
COF	Exit	Capital One Fin'l Corp	$0	–	-35,667	–	-2.17%	–
MOS	Exit	Mosaic Co. (The)	$0	–	-110,015	–	-2.29%	–
DIS	Exit	Disney (Walt) Company	$0	–	-30,823	–	-2.31%	–
AMAT	Exit	Applied Materials	$0	–	-98,073	–	-2.43%	–
HMC	Exit	Honda Motor Co Ltd.adr	$0	–	-126,486	–	-2.44%	–
RHHBY	Exit	Roche Holdings Ltdadr	$0	–	-133,980	–	-2.61%	–
AYI	Exit	Acuity Brands, Inc.	$0	–	-26,344	–	-2.65%	–
WRK	Exit	WestRock Company	$0	–	-82,228	–	-2.82%	–
VZ	Exit	VZ Verizon Comm. Inc.	$0	–	-84,109	–	-2.88%	–
RDSA	Exit	Royal Dutch Shell A Plcadr	$0	–	-68,852	–	-3.01%	–
JCI	Exit	JohnsonControlsIntl Plcadr	$0	–	-144,080	–	-3.23%	–
AXS	Exit	Axis Capital Hldgs Ltdadr	$0	–	-89,304	–	-3.30%	–
GM	Exit	GM General Motors Co	$0	–	-163,781	–	-3.53%	–
SLB	Exit	Schlumberger Ltdadr	$0	–	-96,638	–	-3.77%	–
T	Exit	AT&T Inc.	$0	–	-175,935	–	-3.79%	–
OXY	Exit	Occidental Petro Corp	$0	–	-73,181	–	-3.85%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-85,043	–	-3.87%	–
CAH	Exit	Cardinal Health Inc	$0	–	-119,832	–	-4.15%	–
C	Exit	Citigroup Inc	$0	–	-90,555	–	-4.16%	–
BAC	Exit	Bank of America Corp.	$0	–	-258,371	–	-4.88%	–
BP	Exit	BP Plc ADSadr	$0	–	-179,344	–	-5.30%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-97,709	–	-6.54%	–

Q3 2018

			Value		Shares		↓ Weighting
CFR	Sell	Cullen Frost Bankers	$10,205,000	-4.4%	97,709	-1.0%	6.54%	-6.9%
BP	Buy	BP Plc ADSadr	$8,268,000	+16.9%	179,344	+15.7%	5.30%	+13.9%
BAC	Sell	Bank of America Corp.	$7,612,000	+4.5%	258,371	-0.0%	4.88%	+1.8%
C	Sell	Citigroup Inc	$6,496,000	+7.1%	90,555	-0.1%	4.16%	+4.4%
CAH	Buy	Cardinal Health Inc	$6,471,000	+42.4%	119,832	+28.8%	4.15%	+38.8%
MRK	Sell	Merck & Co. Inc.	$6,033,000	+16.8%	85,043	-0.1%	3.87%	+13.8%
OXY	Sell	Occidental Petro Corp	$6,013,000	-1.9%	73,181	-0.1%	3.85%	-4.4%
T	Buy	AT&T Inc.	$5,908,000	+29.6%	175,935	+24.0%	3.79%	+26.4%
SLB	Sell	Schlumberger Ltdadr	$5,887,000	-9.2%	96,638	-0.1%	3.77%	-11.5%
GM	Sell	GM General Motors Co	$5,515,000	-16.5%	163,781	-2.3%	3.53%	-18.6%
AXS	Sell	Axis Capital Hldgs Ltdadr	$5,154,000	+3.7%	89,304	-0.0%	3.30%	+1.1%
JCI	Sell	JohnsonControlsIntl Plcadr	$5,043,000	+4.6%	144,080	-0.0%	3.23%	+2.0%
RDSA	Buy	Royal Dutch Shell A Plcadr	$4,692,000	+28.5%	68,852	+30.5%	3.01%	+25.2%
VZ	Sell	VZ Verizon Comm. Inc.	$4,491,000	+6.1%	84,109	-0.0%	2.88%	+3.5%
WRK	Sell	WestRock Company	$4,394,000	-6.3%	82,228	-0.0%	2.82%	-8.7%
AYI	Sell	Acuity Brands, Inc.	$4,141,000	+35.6%	26,344	-0.1%	2.65%	+32.2%
RHHBY	Sell	Roche Holdings Ltdadr	$4,076,000	+9.5%	133,980	-0.1%	2.61%	+6.7%
HMC	Sell	Honda Motor Co Ltd.adr	$3,805,000	+2.7%	126,486	-0.1%	2.44%	+0.1%
AMAT	Sell	Applied Materials	$3,791,000	-16.4%	98,073	-0.1%	2.43%	-18.5%
DIS	Sell	Disney (Walt) Company	$3,604,000	+11.5%	30,823	-0.1%	2.31%	+8.7%
MOS	Sell	Mosaic Co. (The)	$3,573,000	-13.2%	110,015	-25.0%	2.29%	-15.4%
COF	Sell	Capital One Fin'l Corp	$3,386,000	+3.2%	35,667	-0.1%	2.17%	+0.6%
DWDP	Sell	DowDuPont Inc	$3,357,000	-2.6%	52,203	-0.1%	2.15%	-5.1%
MCK	New	McKesson Corp	$3,346,000	–	25,227	–	2.14%	–
GE	Sell	General Electric Co	$3,274,000	-18.6%	289,979	-1.9%	2.10%	-20.7%
UNP	Sell	Union Pacific Corp	$2,553,000	+14.8%	15,681	-0.0%	1.64%	+11.9%
BSM	Buy	BSM BlackStoneMnlsLP	$2,369,000	+75.5%	130,109	+78.2%	1.52%	+70.9%
WBA	Sell	WalgreensBootsAllnce	$2,129,000	+21.4%	29,201	-0.0%	1.36%	+18.3%
TEVA	Sell	Teva Phrm Ind Ltd ADRadr	$1,667,000	-11.5%	77,388	-0.1%	1.07%	-13.7%
AGN	Sell	Allergan Plcadr	$1,635,000	+14.2%	8,586	-0.0%	1.05%	+11.3%
ZBH	Sell	ZimmerBiometHldgsInc	$1,428,000	+17.9%	10,863	-0.0%	0.92%	+14.9%
HPT	Buy	HPT Hsptlty PrpREIT	$1,371,000	+331.1%	47,530	+328.2%	0.88%	+320.6%
BBT	Sell	BB&T Corporation	$1,292,000	-3.9%	26,608	-0.2%	0.83%	-6.3%
GIS	Sell	General Mills Inc	$1,245,000	-3.1%	29,017	-0.1%	0.80%	-5.6%
GSK	New	GSK GlxoSmKlnPlcADRadr	$1,171,000	–	29,140	–	0.75%	–
PFE	Sell	Pfizer, Inc.	$1,166,000	-43.6%	26,455	-53.6%	0.75%	-45.0%
KMI	Sell	KMI Kinder Morgan Inc	$500,000	-23.9%	28,200	-24.2%	0.32%	-25.9%
TCRD	Exit	TCRD THL Credit Inc	$0	–	-11,900	–	-0.06%	–
FSP	Exit	FSP FrnklnStPrpREIT	$0	–	-14,000	–	-0.08%	–
NYCB	Exit	NYCB NYCmtyBancorp	$0	–	-11,200	–	-0.08%	–
PNNT	Exit	PNNT PennantPark Inv	$0	–	-18,200	–	-0.08%	–
CMRE	Exit	CMRE Costamare Incadr	$0	–	-18,800	–	-0.10%	–
SFL	Exit	SFL Ship Fin Intl Ltdadr	$0	–	-10,300	–	-0.10%	–
NMFC	Exit	NMFC NewMtnFinCorp	$0	–	-12,400	–	-0.11%	–
HTGC	Exit	HTGC HerculesCapInc	$0	–	-14,200	–	-0.12%	–
GBDC	Exit	GBDC Golub Cap BDC	$0	–	-10,100	–	-0.12%	–
ARCC	Exit	ARCC Ares Capl Corp	$0	–	-11,700	–	-0.13%	–
WEC	Exit	WEC WEC EnrgyGrp Inc	$0	–	-3,100	–	-0.13%	–
LPT	Exit	LPT LibertyPrpTr REIT	$0	–	-4,600	–	-0.13%	–
MAIN	Exit	MAIN Main St CapCrp	$0	–	-5,500	–	-0.14%	–
B	Exit	Barnes Group Inc	$0	–	-3,800	–	-0.15%	–
XOM	Exit	ExxonMobil Crp XOM	$0	–	-2,800	–	-0.15%	–
PRK	Exit	PRK Park Natl Corp	$0	–	-2,200	–	-0.16%	–
NOV	Exit	Nat'l Oilwell Varco Inc	$0	–	-43,993	–	-1.26%	–
WSM	Exit	Williams-Sonoma, Inc	$0	–	-44,216	–	-1.78%	–

Q2 2018

			Value		Shares		↓ Weighting
CFR	New	Cullen Frost Bankers	$10,678,000	–	98,655	–	7.02%	–
BAC	New	Bank of America Corp.	$7,287,000	–	258,494	–	4.79%	–
BP	New	BP Plc ADSadr	$7,075,000	–	154,960	–	4.65%	–
GM	New	GM General Motors Co	$6,607,000	–	167,686	–	4.34%	–
SLB	New	Schlumberger Ltdadr	$6,481,000	–	96,692	–	4.26%	–
OXY	New	Occidental Petro Corp	$6,128,000	–	73,227	–	4.03%	–
C	New	Citigroup Inc	$6,063,000	–	90,603	–	3.99%	–
MRK	New	Merck & Co. Inc.	$5,165,000	–	85,087	–	3.40%	–
AXS	New	Axis Capital Hldgs Ltdadr	$4,969,000	–	89,333	–	3.27%	–
JCI	New	JohnsonControlsIntl Plcadr	$4,822,000	–	144,150	–	3.17%	–
WRK	New	WestRock Company	$4,691,000	–	82,263	–	3.08%	–
T	New	AT&T Inc.	$4,557,000	–	141,916	–	3.00%	–
CAH	New	Cardinal Health Inc	$4,543,000	–	93,038	–	2.99%	–
AMAT	New	Applied Materials	$4,533,000	–	98,131	–	2.98%	–
VZ	New	VZ Verizon Comm. Inc.	$4,232,000	–	84,125	–	2.78%	–
MOS	New	Mosaic Co. (The)	$4,117,000	–	146,783	–	2.71%	–
GE	New	GE General Electric Co	$4,022,000	–	295,508	–	2.64%	–
RHHBY	New	Roche Holdings Ltdadr	$3,722,000	–	134,053	–	2.45%	–
HMC	New	Honda Motor Co Ltd.adr	$3,704,000	–	126,562	–	2.44%	–
RDSA	New	Royal Dutch Shell A Plcadr	$3,652,000	–	52,754	–	2.40%	–
DWDP	New	DowDuPont Inc	$3,446,000	–	52,276	–	2.27%	–
COF	New	Capital One Fin'l Corp	$3,280,000	–	35,693	–	2.16%	–
DIS	New	Disney (Walt) Company	$3,232,000	–	30,840	–	2.12%	–
AYI	New	Acuity Brands, Inc.	$3,054,000	–	26,358	–	2.01%	–
UCO	New	UCO ProSharesUltraBB Crude Oiletf	$3,005,000	–	87,417	–	1.98%	–
WU	New	Western Union Co/The	$2,785,000	–	136,967	–	1.83%	–
WSM	New	Williams-Sonoma, Inc	$2,714,000	–	44,216	–	1.78%	–
UNP	New	Union Pacific Corp	$2,223,000	–	15,688	–	1.46%	–
PFE	New	Pfizer, Inc.	$2,067,000	–	56,982	–	1.36%	–
NOV	New	Nat'l Oilwell Varco Inc	$1,909,000	–	43,993	–	1.26%	–
TEVA	New	Teva Phrm Ind Ltd ADRadr	$1,883,000	–	77,429	–	1.24%	–
WBA	New	WalgreensBootsAllnce	$1,753,000	–	29,215	–	1.15%	–
AGN	New	Allergan Plcadr	$1,432,000	–	8,589	–	0.94%	–
BSM	New	BSM BlackStoneMnlsLP	$1,350,000	–	73,009	–	0.89%	–
BBT	New	BB&T Corporation	$1,344,000	–	26,649	–	0.88%	–
GIS	New	General Mills Inc	$1,285,000	–	29,032	–	0.84%	–
ZBH	New	ZimmerBiometHldgsInc	$1,211,000	–	10,865	–	0.80%	–
KMI	New	KMI Kinder Morgan Inc	$657,000	–	37,200	–	0.43%	–
UNG	New	UNG US Nat Gas Fd ETFetf	$617,000	–	26,047	–	0.41%	–
ISRA	New	ISRA Vaneck Vectors ETF Tretf	$614,000	–	19,500	–	0.40%	–
ENZ	New	Enzo Biochem Inc.	$496,000	–	95,476	–	0.33%	–
	New	FTABX Fidelity Tax-Free Bond Fmmf	$493,000	–	43,557	–	0.32%	–
SBI	New	SBI Western Asset Interm Munimmf	$414,000	–	47,800	–	0.27%	–
	New	AWPAX AB Sust Intl Thematic Ammf	$364,000	–	19,580	–	0.24%	–
HPT	New	HPT Hsptlty PrpREIT	$318,000	–	11,100	–	0.21%	–
PRK	New	PRK Park Natl Corp	$245,000	–	2,200	–	0.16%	–
XOM	New	ExxonMobil Crp XOM	$232,000	–	2,800	–	0.15%	–
B	New	Barnes Group Inc	$224,000	–	3,800	–	0.15%	–
MAIN	New	MAIN Main St CapCrp	$209,000	–	5,500	–	0.14%	–
LPT	New	LPT LibertyPrpTr REIT	$204,000	–	4,600	–	0.13%	–
WEC	New	WEC WEC EnrgyGrp Inc	$200,000	–	3,100	–	0.13%	–
ARCC	New	ARCC Ares Capl Corp	$192,000	–	11,700	–	0.13%	–
GBDC	New	GBDC Golub Cap BDC	$185,000	–	10,100	–	0.12%	–
HTGC	New	HTGC HerculesCapInc	$180,000	–	14,200	–	0.12%	–
NMFC	New	NMFC NewMtnFinCorp	$169,000	–	12,400	–	0.11%	–
SFL	New	SFL Ship Fin Intl Ltdadr	$154,000	–	10,300	–	0.10%	–
CMRE	New	CMRE Costamare Incadr	$150,000	–	18,800	–	0.10%	–
GME	New	Gamestop Corp	$146,000	–	10,000	–	0.10%	–
PNNT	New	PNNT PennantPark Inv	$127,000	–	18,200	–	0.08%	–
NYCB	New	NYCB NYCmtyBancorp	$124,000	–	11,200	–	0.08%	–
FSP	New	FSP FrnklnStPrpREIT	$120,000	–	14,000	–	0.08%	–
TCRD	New	TCRD THL Credit Inc	$93,000	–	11,900	–	0.06%	–
EMKR	New	Emcore Corporation	$76,000	–	15,000	–	0.05%	–
MACK	New	Merrimack Pharma Inc	$73,000	–	14,898	–	0.05%	–

Q4 2017

			Value		Shares		↓ Weighting
TCRD	Exit	TCRD THL Credit Inc	$0	–	-11,900	–	-0.07%	–
EMKR	Exit	Emcore Corporation	$0	–	-15,000	–	-0.08%	–
PNNT	Exit	PNNT PennantPark Inv	$0	–	-18,200	–	-0.09%	–
NYCB	Exit	NYCB NYCmtyBancorp	$0	–	-11,200	–	-0.10%	–
FSP	Exit	FSP FranklinStrPrpCrp REIT	$0	–	-14,000	–	-0.10%	–
SFL	Exit	SFL Ship Fin Intl Ltdadr	$0	–	-10,300	–	-0.10%	–
NMFC	Exit	NMFC NewMtnFinCorp	$0	–	-12,400	–	-0.12%	–
HTGC	Exit	HTGC HerculesCapInc	$0	–	-14,200	–	-0.12%	–
GBDC	Exit	GBDC Golub Cap BDC	$0	–	-10,100	–	-0.12%	–
ARCC	Exit	ARCC Ares Capl Corp	$0	–	-11,700	–	-0.13%	–
WPC	Exit	WPC WPCarey Inc REIT	$0	–	-3,000	–	-0.13%	–
MACK	Exit	Merrimack Pharma Inc	$0	–	-14,898	–	-0.14%	–
MAIN	Exit	MAIN Main St CapCrp	$0	–	-5,500	–	-0.14%	–
XOM	Exit	ExxonMobil Crp XOM	$0	–	-2,800	–	-0.15%	–
O	Exit	O Realty Incm Crp REIT	$0	–	-4,100	–	-0.15%	–
CNP	Exit	CNP CenterPointEnrgy	$0	–	-8,000	–	-0.15%	–
PRK	Exit	PRK Park Natl Corp	$0	–	-2,200	–	-0.16%	–
B	Exit	Barnes Group Inc	$0	–	-3,800	–	-0.18%	–
LPT	Exit	LPT Liberty Prp Tr REIT	$0	–	-6,700	–	-0.18%	–
	Exit	AWPAX AB Intl GrwthAmmf	$0	–	-19,580	–	-0.24%	–
HPT	Exit	HPT Hsptlty PrpREIT	$0	–	-14,300	–	-0.27%	–
IIF	Exit	IIF MS India Inv Fdmmf	$0	–	-12,600	–	-0.28%	–
SBI	Exit	SBI Western Asset Interm Munimmf	$0	–	-47,800	–	-0.31%	–
	Exit	FTABX Fidelity Tax-Free Bond Fmmf	$0	–	-43,557	–	-0.33%	–
ISRA	Exit	ISRA Vaneck Vectors ETF Tretf	$0	–	-19,500	–	-0.38%	–
BA	Exit	Boeing Company	$0	–	-2,529	–	-0.42%	–
UNG	Exit	UNG US Nat Gas Fd ETFetf	$0	–	-104,190	–	-0.45%	–
KMI	Exit	KMI Kinder Morgan Inc	$0	–	-37,200	–	-0.47%	–
ENZ	Exit	Enzo Biochem Inc.	$0	–	-95,476	–	-0.66%	–
BSM	Exit	BSM BlackStoneMnlsLP	$0	–	-73,009	–	-0.83%	–
ZBH	Exit	ZimmerBiometHldgsInc	$0	–	-10,962	–	-0.84%	–
CAH	Exit	Cardinal Health Inc	$0	–	-19,455	–	-0.86%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-21,059	–	-0.89%	–
UCO	Exit	UCO ProSharesUltraBB Crude Oiletf	$0	–	-87,417	–	-1.02%	–
KR	Exit	Kroger Company	$0	–	-81,482	–	-1.08%	–
RHHBY	Exit	Roche Holdings Ltdadr	$0	–	-54,220	–	-1.14%	–
RIO	Exit	Rio Tinto Plcadr	$0	–	-37,296	–	-1.16%	–
BBT	Exit	BB&T Corporation	$0	–	-38,325	–	-1.18%	–
LNC	Exit	Lincoln National Corp.	$0	–	-24,624	–	-1.19%	–
PFE	Exit	Pfizer, Inc.	$0	–	-57,323	–	-1.35%	–
WSM	Exit	Williams-Sonoma, Inc	$0	–	-59,333	–	-1.95%	–
COF	Exit	Capital One Fin'l Corp	$0	–	-35,884	–	-2.00%	–
JCI	Exit	JohnsonControlsIntl Plcadr	$0	–	-78,224	–	-2.08%	–
MOS	Exit	Mosaic Co. (The)	$0	–	-146,693	–	-2.08%	–
RDSA	Exit	Royal Dutch Shell A Plcadr	$0	–	-52,377	–	-2.09%	–
UNP	Exit	Union Pacific Corp	$0	–	-30,135	–	-2.30%	–
TEVA	Exit	Teva Phrm Ind Ltd ADRadr	$0	–	-208,957	–	-2.42%	–
HMC	Exit	Honda Motor Co Ltd.adr	$0	–	-126,693	–	-2.46%	–
VZ	Exit	VZ Verizon Comm. Inc.	$0	–	-84,813	–	-2.76%	–
NOV	Exit	Nat'l Oilwell Varco Inc	$0	–	-126,646	–	-2.98%	–
OXY	Exit	Occidental Petro Corp	$0	–	-73,721	–	-3.12%	–
DWDP	Exit	DowDuPont Inc	$0	–	-69,957	–	-3.19%	–
WU	Exit	Western Union Co/The	$0	–	-275,295	–	-3.48%	–
T	Exit	AT&T Inc.	$0	–	-142,740	–	-3.68%	–
BP	Exit	BP Plc ADSadr	$0	–	-153,992	–	-3.90%	–
SLB	Exit	Schlumberger Ltd	$0	–	-84,876	–	-3.90%	–
WRK	Exit	WestRock Company	$0	–	-110,609	–	-4.13%	–
XL	Exit	XL Group Ltd.adr	$0	–	-180,903	–	-4.70%	–
GM	Exit	GM General Motors Co	$0	–	-186,993	–	-4.97%	–
BAC	Exit	Bank of America Corp.	$0	–	-325,603	–	-5.43%	–
C	Exit	Citigroup Inc	$0	–	-113,955	–	-5.46%	–
AMAT	Exit	Applied Materials	$0	–	-164,613	–	-5.64%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-120,275	–	-7.51%	–

Q3 2017

			Value		Shares		↓ Weighting
CFR	Sell	Cullen Frost Bankers	$11,416,000	+0.1%	120,275	-0.9%	7.51%	+0.2%
AMAT	Buy	Applied Materials	$8,575,000	+29.2%	164,613	+2.5%	5.64%	+29.2%
C	Buy	Citigroup Inc	$8,289,000	+11.1%	113,955	+2.2%	5.46%	+11.2%
BAC	Buy	Bank of America Corp.	$8,251,000	+6.9%	325,603	+2.4%	5.43%	+7.0%
GM	Sell	GM General Motors Co	$7,551,000	+1.0%	186,993	-12.7%	4.97%	+1.0%
XL	Buy	XL Group Ltd.adr	$7,137,000	-8.4%	180,903	+1.7%	4.70%	-8.4%
WRK	Buy	WestRock Company	$6,275,000	+2.7%	110,609	+2.6%	4.13%	+2.7%
SLB	Buy	Schlumberger Ltd	$5,921,000	+9.4%	84,876	+3.3%	3.90%	+9.4%
BP	Buy	BP Plc ADSadr	$5,918,000	+15.1%	153,992	+3.8%	3.90%	+15.1%
T	Buy	AT&T Inc.	$5,591,000	+6.8%	142,740	+2.9%	3.68%	+6.9%
WU	Buy	Western Union Co/The	$5,286,000	+2.8%	275,295	+2.0%	3.48%	+2.8%
DWDP	New	DowDuPont Inc	$4,843,000	–	69,957	–	3.19%	–
OXY	Buy	Occidental Petro Corp	$4,734,000	+10.5%	73,721	+3.1%	3.12%	+10.6%
NOV	Buy	Nat'l Oilwell Varco Inc	$4,525,000	+116.2%	126,646	+99.3%	2.98%	+116.3%
VZ	Buy	VZ Verizon Comm. Inc.	$4,197,000	+129.3%	84,813	+107.0%	2.76%	+129.5%
HMC	Buy	Honda Motor Co Ltd.adr	$3,745,000	+9.4%	126,693	+1.4%	2.46%	+9.5%
TEVA	Buy	Teva Phrm Ind Ltd ADRadr	$3,678,000	-45.6%	208,957	+2.6%	2.42%	-45.6%
UNP	Buy	Union Pacific Corp	$3,495,000	+8.2%	30,135	+1.6%	2.30%	+8.2%
RDSA	Buy	Royal Dutch Shell A Plcadr	$3,173,000	+17.5%	52,377	+3.2%	2.09%	+17.6%
MOS	Buy	Mosaic Co. (The)	$3,167,000	-4.0%	146,693	+1.5%	2.08%	-4.0%
JCI	Buy	JohnsonControlsIntl Plcadr	$3,152,000	+185.2%	78,224	+207.0%	2.08%	+185.4%
COF	Sell	Capital One Fin'l Corp	$3,038,000	-15.9%	35,884	-17.9%	2.00%	-15.9%
WSM	Buy	Williams-Sonoma, Inc	$2,958,000	+5.9%	59,333	+3.0%	1.95%	+5.9%
PFE	Buy	Pfizer, Inc.	$2,046,000	+8.8%	57,323	+2.4%	1.35%	+8.9%
LNC	Buy	Lincoln National Corp.	$1,809,000	+9.9%	24,624	+1.1%	1.19%	+10.0%
BBT	Buy	BB&T Corporation	$1,799,000	+5.3%	38,325	+1.9%	1.18%	+5.3%
RIO	Sell	Rio Tinto Plcadr	$1,760,000	-15.1%	37,296	-23.9%	1.16%	-15.2%
RHHBY	Buy	Roche Holdings Ltdadr	$1,731,000	+3.3%	54,220	+3.2%	1.14%	+3.4%
KR	Buy	Kroger Company	$1,635,000	-11.7%	81,482	+2.6%	1.08%	-11.7%
MRK	Buy	Merck & Co. Inc.	$1,348,000	+1.8%	21,059	+2.0%	0.89%	+1.8%
CAH	New	Cardinal Health Inc	$1,302,000	–	19,455	–	0.86%	–
ZBH	Sell	ZimmerBiometHldgsInc	$1,284,000	-43.8%	10,962	-38.4%	0.84%	-43.8%
BA	Sell	Boeing Company	$643,000	-77.1%	2,529	-82.2%	0.42%	-77.1%
XOM	New	ExxonMobil Crp XOM	$230,000	–	2,800	–	0.15%	–
MACK	New	Merrimack Pharma Inc	$217,000	–	14,898	–	0.14%	–
WPC	New	WPC WPCarey Inc REIT	$202,000	–	3,000	–	0.13%	–
MACK	Exit	Merrimack Pharma Inc	$0	–	-148,985	–	-0.12%	–
NLY	Exit	AnnalyCapMgmtIncREIT	$0	–	-42,827	–	-0.34%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-18,039	–	-0.90%	–
ALL	Exit	Allstate Corp.	$0	–	-18,326	–	-1.07%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-66,890	–	-3.12%	–
DOW	Exit	Dow Chemical Co	$0	–	-79,182	–	-3.29%	–

Q2 2017

			Value		Shares		↓ Weighting
CFR	New	Cullen Frost Bankers	$11,402,000	–	121,413	–	7.50%	–
XL	New	XL Group Ltd.adr	$7,792,000	–	177,899	–	5.13%	–
BAC	New	Bank of America Corp.	$7,717,000	–	318,081	–	5.08%	–
GM	New	GM General Motors Co	$7,479,000	–	214,110	–	4.92%	–
C	New	Citigroup Inc	$7,459,000	–	111,530	–	4.91%	–
TEVA	New	Teva Phrm Ind Ltd ADRadr	$6,766,000	–	203,682	–	4.45%	–
AMAT	New	Applied Materials	$6,637,000	–	160,674	–	4.37%	–
WRK	New	WestRock Company	$6,110,000	–	107,840	–	4.02%	–
SLB	New	Schlumberger Ltd	$5,412,000	–	82,199	–	3.56%	–
T	New	AT&T Inc.	$5,234,000	–	138,713	–	3.44%	–
BP	New	BP Plc ADSadr	$5,142,000	–	148,384	–	3.38%	–
WU	New	Western Union Co/The	$5,142,000	–	269,936	–	3.38%	–
DOW	New	Dow Chemical Co	$4,994,000	–	79,182	–	3.29%	–
GILD	New	Gilead Sciences Inc	$4,734,000	–	66,890	–	3.12%	–
OXY	New	Occidental Petro Corp	$4,283,000	–	71,537	–	2.82%	–
COF	New	Capital One Fin'l Corp	$3,613,000	–	43,734	–	2.38%	–
HMC	New	Honda Motor Co Ltd.adr	$3,422,000	–	124,938	–	2.25%	–
MOS	New	Mosaic Co. (The)	$3,299,000	–	144,503	–	2.17%	–
UNP	New	Union Pacific Corp	$3,229,000	–	29,651	–	2.12%	–
BA	New	Boeing Company	$2,806,000	–	14,188	–	1.85%	–
WSM	New	Williams-Sonoma, Inc	$2,794,000	–	57,612	–	1.84%	–
RDSA	New	Royal Dutch Shell A Plcadr	$2,700,000	–	50,756	–	1.78%	–
ZBH	New	ZimmerBiometHldgsInc	$2,286,000	–	17,807	–	1.50%	–
NOV	New	Nat'l Oilwell Varco Inc	$2,093,000	–	63,534	–	1.38%	–
RIO	New	Rio Tinto Plcadr	$2,074,000	–	49,008	–	1.36%	–
PFE	New	Pfizer, Inc.	$1,880,000	–	55,958	–	1.24%	–
KR	New	Kroger Company	$1,852,000	–	79,415	–	1.22%	–
VZ	New	VZ Verizon Comm. Inc.	$1,830,000	–	40,980	–	1.20%	–
BBT	New	BB&T Corporation	$1,709,000	–	37,626	–	1.12%	–
RHHBY	New	Roche Holdings Ltdadr	$1,675,000	–	52,556	–	1.10%	–
LNC	New	Lincoln National Corp.	$1,646,000	–	24,356	–	1.08%	–
ALL	New	Allstate Corp.	$1,621,000	–	18,326	–	1.07%	–
WMT	New	Wal-Mart Stores Inc	$1,365,000	–	18,039	–	0.90%	–
MRK	New	Merck & Co. Inc.	$1,324,000	–	20,653	–	0.87%	–
UCO	New	ProSharesUltraBBCrdOil(UCO)etf	$1,299,000	–	87,417	–	0.86%	–
BSM	New	BSM BlackStoneMnlsLP	$1,151,000	–	73,009	–	0.76%	–
JCI	New	JohnsonControlsIntl Plcadr	$1,105,000	–	25,476	–	0.73%	–
ENZ	New	Enzo Biochem Inc.	$1,054,000	–	95,476	–	0.69%	–
KMI	New	KMI Kinder Morgan Inc	$713,000	–	37,200	–	0.47%	–
UNG	New	US Nat Gas Fd ETF UNG)etf	$706,000	–	104,190	–	0.46%	–
ISRA	New	Vaneck Vectors ETF Tr (ISRA)etf	$602,000	–	19,500	–	0.40%	–
NLY	New	AnnalyCapMgmtIncREIT	$516,000	–	42,827	–	0.34%	–
	New	FTABX Fidelity Tax-Free Bond Fmmf	$499,000	–	43,557	–	0.33%	–
SBI	New	SBI Western Asset Interm Munimmf	$470,000	–	47,800	–	0.31%	–
HPT	New	HPT Hsptlty PrpREIT	$417,000	–	14,300	–	0.27%	–
IIF	New	MS India Inv Fd (IIF)mmf	$408,000	–	12,600	–	0.27%	–
	New	AB Int'l Growth A(AWPAX)mmf	$348,000	–	19,580	–	0.23%	–
LPT	New	LPT Liberty Prp Tr REIT	$273,000	–	6,700	–	0.18%	–
PRK	New	PRK Park Natl Corp	$228,000	–	2,200	–	0.15%	–
O	New	O Realty Incm Crp REIT	$226,000	–	4,100	–	0.15%	–
B	New	Barnes Group Inc	$222,000	–	3,800	–	0.15%	–
CNP	New	CNP CenterPointEnrgy	$219,000	–	8,000	–	0.14%	–
MAIN	New	MAIN Main St CapCrp	$212,000	–	5,500	–	0.14%	–
GBDC	New	GBDC Golub Cap BDC	$193,000	–	10,100	–	0.13%	–
ARCC	New	ARCC Ares Capl Corp	$192,000	–	11,700	–	0.13%	–
HTGC	New	HTGC HerculesCapInc	$188,000	–	14,200	–	0.12%	–
MACK	New	Merrimack Pharma Inc	$185,000	–	148,985	–	0.12%	–
NMFC	New	NMFC NewMtnFinCorp	$180,000	–	12,400	–	0.12%	–
EMKR	New	Emcore Corporation	$160,000	–	15,000	–	0.10%	–
FSP	New	FSP FranklinStrPrpCrp REIT	$155,000	–	14,000	–	0.10%	–
NYCB	New	NYCB NYCmtyBancorp	$147,000	–	11,200	–	0.10%	–
SFL	New	SFL Ship Fin Intl Ltdadr	$140,000	–	10,300	–	0.09%	–
PNNT	New	PNNT PennantPark Inv	$134,000	–	18,200	–	0.09%	–
TCRD	New	TCRD THL Credit Inc	$118,000	–	11,900	–	0.08%	–

Q4 2016

			Value		Shares		↓ Weighting
RCPIQ	Exit	Rock Creek Pharma Inc	$0	–	-189,600	–	0.00%	–
EMKR	Exit	Emcore Corporation	$0	–	-12,500	–	-0.05%	–
TCRD	Exit	TCRD THL Credit Inc	$0	–	-11,900	–	-0.08%	–
PSEC	Exit	PSEC Prospect CapCorp	$0	–	-15,600	–	-0.09%	–
PNNT	Exit	PNNT PennantPark Inv	$0	–	-18,200	–	-0.09%	–
SFL	Exit	SFL Ship Fin Intl Ltdadr	$0	–	-10,300	–	-0.10%	–
NYCB	Exit	NYCB NYCmtyBancorp	$0	–	-11,200	–	-0.11%	–
OB	Exit	OB Onebeacon InsGrpadr	$0	–	-11,400	–	-0.11%	–
NMFC	Exit	NMFC NewMtnFinCorp	$0	–	-12,400	–	-0.12%	–
FSP	Exit	FSP FranklinStrPrpCrp REIT	$0	–	-14,000	–	-0.12%	–
ARCC	Exit	ARCC Ares Capl Corp	$0	–	-11,700	–	-0.12%	–
GBDC	Exit	GBDC Golub Cap BDC	$0	–	-10,100	–	-0.13%	–
HTGC	Exit	HTGC HerculesCapInc	$0	–	-14,200	–	-0.13%	–
MCY	Exit	MCY Mercury GenlCrp	$0	–	-3,800	–	-0.14%	–
PRK	Exit	PRK Park Natl Corp	$0	–	-2,200	–	-0.14%	–
HCP	Exit	HCP HCP Inc REIT	$0	–	-5,600	–	-0.15%	–
UNG	Exit	US Natural Gas Fd ETF (UNG)etf	$0	–	-27,300	–	-0.16%	–
ETR	Exit	ETR Entergy Corp	$0	–	-3,000	–	-0.16%	–
LPT	Exit	LPT Liberty Prp Tr REIT	$0	–	-6,700	–	-0.19%	–
O	Exit	O Realty Incm Crp REIT	$0	–	-4,100	–	-0.19%	–
SO	Exit	SO Southern Co/The	$0	–	-5,600	–	-0.20%	–
BSM	Exit	BSM BlackStoneMnlsLP	$0	–	-17,500	–	-0.22%	–
IIF	Exit	MS India Invstmnt Fd (IIF)mmf	$0	–	-11,100	–	-0.22%	–
	Exit	Alliance WW Priv Fd (AWPAX)mmf	$0	–	-19,580	–	-0.22%	–
PM	Exit	PM Philip Morris Intl	$0	–	-3,300	–	-0.22%	–
ENZ	Exit	Enzo Biochem Inc.	$0	–	-70,001	–	-0.24%	–
HPT	Exit	HPT Hsptlty PrpREIT	$0	–	-12,500	–	-0.26%	–
CNP	Exit	CNP CenterPointEnrgy	$0	–	-16,200	–	-0.26%	–
SBI	Exit	SBI Western Asset Interm Munimmf	$0	–	-47,800	–	-0.35%	–
	Exit	FTABX Fidelity Tax-Free Bond Fmmf	$0	–	-43,557	–	-0.36%	–
ISRA	Exit	Vaneck Vectors ETF Tr (ISRA)etf	$0	–	-19,500	–	-0.37%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-10,810	–	-0.59%	–
KMI	Exit	KMI Kinder Morgan Inc	$0	–	-37,200	–	-0.59%	–
ADM	Exit	ArcherDanielsMidland	$0	–	-27,548	–	-0.80%	–
JCI	Exit	JohnsonControlsIntl Plcadr	$0	–	-25,144	–	-0.81%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-21,485	–	-0.92%	–
BBT	Exit	BB&T Corporation	$0	–	-36,920	–	-0.96%	–
LNC	Exit	Lincoln National Corp.	$0	–	-30,034	–	-0.97%	–
UCO	Exit	ProShares Ultra BB Crude Oil (etf	$0	–	-145,000	–	-1.04%	–
ESV	Exit	Ensco Plc ADSadr	$0	–	-193,354	–	-1.13%	–
NLY	Exit	AnnalyCapMgmtIncREIT	$0	–	-170,860	–	-1.24%	–
DOV	Exit	Dover Corporation	$0	–	-29,412	–	-1.49%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-31,673	–	-1.58%	–
NOV	Exit	Nat'l Oilwell Varco Inc	$0	–	-62,468	–	-1.58%	–
RTN	Exit	Raytheon Company	$0	–	-17,371	–	-1.63%	–
RDSA	Exit	Royal Dutch Shell A Plcadr	$0	–	-52,859	–	-1.82%	–
RIO	Exit	Rio Tinto Plcadr	$0	–	-86,635	–	-2.00%	–
ERIC	Exit	Ericsson ADSadr	$0	–	-434,002	–	-2.16%	–
COF	Exit	Capital One Fin'l Corp	$0	–	-44,875	–	-2.22%	–
MOS	Exit	Mosaic Co. (The)	$0	–	-139,155	–	-2.35%	–
OXY	Exit	Occidental Petro Corp	$0	–	-49,647	–	-2.50%	–
TEVA	Exit	Teva Phrm Ind Ltd ADRadr	$0	–	-78,945	–	-2.50%	–
HMC	Exit	Honda Motor Co Ltd.adr	$0	–	-126,525	–	-2.52%	–
SNY	Exit	Sanofi ADSadr	$0	–	-114,753	–	-3.02%	–
SLB	Exit	Schlumberger Ltd	$0	–	-56,955	–	-3.09%	–
ALL	Exit	Allstate Corp.	$0	–	-68,138	–	-3.25%	–
WRK	Exit	WestRock Company	$0	–	-101,985	–	-3.41%	–
BP	Exit	BP Plc ADSadr	$0	–	-144,477	–	-3.50%	–
BAC	Exit	Bank of America Corp.	$0	–	-342,437	–	-3.70%	–
T	Exit	AT&T Inc.	$0	–	-135,358	–	-3.79%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-76,876	–	-3.81%	–
BA	Exit	Boeing Company	$0	–	-42,181	–	-3.83%	–
C	Exit	Citigroup Inc	$0	–	-117,760	–	-3.84%	–
WU	Exit	Western Union Co/The	$0	–	-267,696	–	-3.84%	–
UNP	Exit	Union Pacific Corp	$0	–	-60,750	–	-4.08%	–
XL	Exit	XL Group Ltd.adr	$0	–	-177,068	–	-4.11%	–
DOW	Exit	Dow Chemical Co	$0	–	-124,494	–	-4.45%	–
GM	Exit	General Motors Co	$0	–	-211,120	–	-4.62%	–
AMAT	Exit	Applied Materials	$0	–	-237,790	–	-4.94%	–

Q3 2016

			Value		Shares		↓ Weighting
AMAT	Sell	Applied Materials	$7,169,000	+21.5%	237,790	-3.4%	4.94%	+30.5%
GM	Sell	General Motors Co	$6,707,000	+8.6%	211,120	-3.3%	4.62%	+16.6%
DOW	Sell	Dow Chemical Co	$6,453,000	-0.1%	124,494	-4.2%	4.45%	+7.3%
XL	New	XL Group Ltd.adr	$5,955,000	–	177,068	–	4.11%	–
UNP	Sell	Union Pacific Corp	$5,925,000	+7.9%	60,750	-3.5%	4.08%	+15.9%
WU	Sell	Western Union Co/The	$5,573,000	-29.9%	267,696	-35.4%	3.84%	-24.7%
C	Sell	Citigroup Inc	$5,562,000	+7.6%	117,760	-3.4%	3.84%	+15.5%
BA	Sell	Boeing Company	$5,557,000	-2.0%	42,181	-3.4%	3.83%	+5.2%
T	Sell	AT&T Inc.	$5,497,000	-9.5%	135,358	-3.7%	3.79%	-2.8%
BAC	Sell	Bank of America Corp.	$5,359,000	+13.8%	342,437	-3.5%	3.70%	+22.2%
BP	Sell	BP Plc ADSadr	$5,080,000	-4.4%	144,477	-3.5%	3.50%	+2.7%
WRK	Sell	WestRock Company	$4,944,000	+20.1%	101,985	-3.7%	3.41%	+29.0%
ALL	Sell	Allstate Corp.	$4,714,000	-4.6%	68,138	-3.5%	3.25%	+2.5%
SLB	Sell	Schlumberger Ltd	$4,479,000	-3.9%	56,955	-3.4%	3.09%	+3.2%
SNY	Sell	Sanofi ADSadr	$4,382,000	-12.5%	114,753	-4.1%	3.02%	-6.0%
HMC	Sell	Honda Motor Co Ltd.adr	$3,659,000	+9.9%	126,525	-3.7%	2.52%	+18.1%
TEVA	Sell	Teva Phrm Ind Ltd ADRadr	$3,632,000	-11.5%	78,945	-3.4%	2.50%	-5.0%
OXY	Sell	Occidental Petro Corp	$3,620,000	-6.9%	49,647	-3.5%	2.50%	+0.0%
MOS	Sell	Mosaic Co. (The)	$3,404,000	-9.8%	139,155	-3.5%	2.35%	-3.1%
COF	Sell	Capital One Fin'l Corp	$3,223,000	+9.2%	44,875	-3.4%	2.22%	+17.3%
ERIC	Sell	Ericsson ADSadr	$3,129,000	-9.4%	434,002	-3.4%	2.16%	-2.7%
RIO	Sell	Rio Tinto Plcadr	$2,894,000	+2.8%	86,635	-3.7%	2.00%	+10.4%
RDSA	Sell	Royal Dutch Shell A Plcadr	$2,647,000	-12.5%	52,859	-3.5%	1.82%	-6.0%
RTN	Sell	Raytheon Company	$2,365,000	-3.2%	17,371	-3.3%	1.63%	+4.0%
NOV	Sell	Nat'l Oilwell Varco Inc	$2,295,000	+5.5%	62,468	-3.4%	1.58%	+13.2%
WMT	Sell	Wal-Mart Stores Inc	$2,284,000	-33.2%	31,673	-32.4%	1.58%	-28.3%
DOV	Sell	Dover Corporation	$2,166,000	+2.4%	29,412	-3.6%	1.49%	+9.9%
NLY	Sell	AnnalyCapMgmtIncREIT	$1,794,000	-8.2%	170,860	-3.2%	1.24%	-1.4%
ESV	Sell	Ensco Plc ADSadr	$1,644,000	-15.5%	193,354	-3.5%	1.13%	-9.2%
UCO	Buy	ProShares Ultra BB Crude Oil (etf	$1,505,000	-6.0%	145,000	+10.7%	1.04%	+1.0%
LNC	Sell	Lincoln National Corp.	$1,411,000	+16.5%	30,034	-3.8%	0.97%	+25.2%
BBT	Sell	BB&T Corporation	$1,393,000	+2.4%	36,920	-3.4%	0.96%	+9.8%
MRK	Sell	Merck & Co. Inc.	$1,341,000	-48.0%	21,485	-52.0%	0.92%	-44.1%
JCI	New	JohnsonControlsIntl Plcadr	$1,170,000	–	25,144	–	0.81%	–
ADM	Sell	ArcherDanielsMidland	$1,162,000	-34.2%	27,548	-33.1%	0.80%	-29.3%
GILD	New	Gilead Sciences Inc	$855,000	–	10,810	–	0.59%	–
HCP	New	HCP HCP Inc REIT	$213,000	–	5,600	–	0.15%	–
WPC	Exit	WPC WPCarey Inc REIT	$0	–	-3,000	–	-0.13%	–
DGX	Exit	Quest Diagnostics Inc	$0	–	-15,975	–	-0.84%	–
JCI	Exit	Johnson Controls Inc	$0	–	-30,090	–	-0.86%	–
XL	Exit	XL Group Ltd.adr	$0	–	-183,668	–	-3.93%	–
IBM	Exit	IBM Corporation	$0	–	-41,075	–	-4.00%	–

Q2 2016

			Value		Shares		↓ Weighting
WU	New	Western Union Co/The	$7,948,000	–	414,396	–	5.10%	–
DOW	New	Dow Chemical Co	$6,462,000	–	129,994	–	4.15%	–
IBM	New	IBM Corporation	$6,234,000	–	41,075	–	4.00%	–
GM	New	General Motors Co	$6,178,000	–	218,320	–	3.97%	–
XL	New	XL Group Ltd.adr	$6,118,000	–	183,668	–	3.93%	–
T	New	AT&T Inc.	$6,074,000	–	140,558	–	3.90%	–
AMAT	New	Applied Materials	$5,901,000	–	246,190	–	3.79%	–
BA	New	Boeing Company	$5,673,000	–	43,681	–	3.64%	–
UNP	New	Union Pacific Corp	$5,492,000	–	62,950	–	3.52%	–
BP	New	BP Plc ADSadr	$5,315,000	–	149,677	–	3.41%	–
C	New	Citigroup Inc	$5,170,000	–	121,960	–	3.32%	–
SNY	New	Sanofi ADSadr	$5,007,000	–	119,653	–	3.21%	–
ALL	New	Allstate Corp.	$4,941,000	–	70,638	–	3.17%	–
CFR	New	Cullen Frost Bankers	$4,899,000	–	76,876	–	3.14%	–
BAC	New	Bank of America Corp.	$4,710,000	–	354,937	–	3.02%	–
SLB	New	Schlumberger Ltd	$4,662,000	–	58,955	–	2.99%	–
WRK	New	WestRock Company	$4,116,000	–	105,885	–	2.64%	–
TEVA	New	Teva Phrm Ind Ltd ADRadr	$4,106,000	–	81,745	–	2.64%	–
OXY	New	Occidental Petro Corp	$3,887,000	–	51,447	–	2.50%	–
MOS	New	Mosaic Co. (The)	$3,774,000	–	144,155	–	2.42%	–
ERIC	New	Ericsson ADSadr	$3,452,000	–	449,502	–	2.22%	–
WMT	New	Wal-Mart Stores Inc	$3,421,000	–	46,845	–	2.20%	–
HMC	New	Honda Motor Co Ltd.adr	$3,329,000	–	131,425	–	2.14%	–
RDSA	New	Royal Dutch Shell A Plcadr	$3,024,000	–	54,759	–	1.94%	–
COF	New	Capital One Fin'l Corp	$2,952,000	–	46,475	–	1.90%	–
RIO	New	Rio Tinto Plcadr	$2,815,000	–	89,935	–	1.81%	–
MRK	New	Merck & Co. Inc.	$2,579,000	–	44,768	–	1.66%	–
RTN	New	Raytheon Company	$2,443,000	–	17,971	–	1.57%	–
NOV	New	Nat'l Oilwell Varco Inc	$2,176,000	–	64,668	–	1.40%	–
DOV	New	Dover Corporation	$2,115,000	–	30,512	–	1.36%	–
NLY	New	AnnalyCapMgmtIncREIT	$1,955,000	–	176,560	–	1.26%	–
ESV	New	Ensco Plc ADSadr	$1,946,000	–	200,454	–	1.25%	–
ADM	New	ArcherDanielsMidland	$1,765,000	–	41,148	–	1.13%	–
UCO	New	ProShares Ultra BB Crude Oiletf	$1,601,000	–	131,000	–	1.03%	–
BBT	New	BB&T Corporation	$1,361,000	–	38,220	–	0.87%	–
JCI	New	Johnson Controls Inc	$1,332,000	–	30,090	–	0.86%	–
DGX	New	Quest Diagnostics Inc	$1,301,000	–	15,975	–	0.84%	–
LNC	New	Lincoln National Corp.	$1,211,000	–	31,234	–	0.78%	–
KMI	New	KMI Kinder Morgan Inc	$696,000	–	37,200	–	0.45%	–
	New	FTABX Fidelity Tax-Free Bond Fmmf	$526,000	–	43,557	–	0.34%	–
ISRA	New	Vaneck Vectors ETF Tr (ISRA)etf	$517,000	–	19,500	–	0.33%	–
SBI	New	SBI Western Asset Interm Munimmf	$506,000	–	47,800	–	0.32%	–
ENZ	New	Enzo Biochem Inc.	$418,000	–	70,001	–	0.27%	–
CNP	New	CNP CenterPointEnrgy	$389,000	–	16,200	–	0.25%	–
HPT	New	HPT Hsptlty PrpREIT	$360,000	–	12,500	–	0.23%	–
PM	New	PM Philip Morris Intl	$336,000	–	3,300	–	0.22%	–
	New	Alliance WW Priv Fd (AWPAX)mmf	$301,000	–	19,580	–	0.19%	–
SO	New	SO Southern Co/The	$300,000	–	5,600	–	0.19%	–
IIF	New	MS India Invstmnt Fd (IIF)mmf	$296,000	–	11,100	–	0.19%	–
O	New	O Realty Incm Crp REIT	$284,000	–	4,100	–	0.18%	–
BSM	New	BSM BlackStoneMnlsLP	$271,000	–	17,500	–	0.17%	–
LPT	New	LPT Liberty Prp Tr REIT	$266,000	–	6,700	–	0.17%	–
ETR	New	ETR Entergy Corp	$244,000	–	3,000	–	0.16%	–
UNG	New	US Natural Gas Fd ETF (UNG)etf	$236,000	–	27,300	–	0.15%	–
WPC	New	WPC WPCarey Inc REIT	$208,000	–	3,000	–	0.13%	–
MCY	New	MCY Mercury GenlCrp	$202,000	–	3,800	–	0.13%	–
PRK	New	PRK Park Natl Corp	$202,000	–	2,200	–	0.13%	–
GBDC	New	GBDC Golub Cap BDC	$183,000	–	10,100	–	0.12%	–
HTGC	New	HTGC HerculesCapInc	$176,000	–	14,200	–	0.11%	–
FSP	New	FSP Franklin Str PrpCrp	$172,000	–	14,000	–	0.11%	–
NYCB	New	NYCB NYCmtyBancorp	$168,000	–	11,200	–	0.11%	–
ARCC	New	ARCC Ares Capl Corp	$166,000	–	11,700	–	0.11%	–
NMFC	New	NMFC NewMtnFinCorp	$160,000	–	12,400	–	0.10%	–
OB	New	OB Onebeacon InsGrpadr	$157,000	–	11,400	–	0.10%	–
SFL	New	SFL Ship Fin Intl Ltdadr	$152,000	–	10,300	–	0.10%	–
TCRD	New	TCRD THL Credit Inc	$132,000	–	11,900	–	0.08%	–
PNNT	New	PNNT PennantPark Inv	$124,000	–	18,200	–	0.08%	–
PSEC	New	PSEC Prospect CapCorp	$122,000	–	15,600	–	0.08%	–
EMKR	New	Emcore Corporation	$74,000	–	12,500	–	0.05%	–
RCPIQ	New	Rock Creek Pharma Inc	$2,000	–	189,600	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
EMKR	Exit	Emcore Corporation	$0	–	-12,500	–	-0.05%	–
PSEC	Exit	PSEC Prospect CapCorp	$0	–	-15,600	–	-0.06%	–
PNNT	Exit	PNNT PennantPark Inv	$0	–	-18,200	–	-0.07%	–
TCRD	Exit	TCRD THL Credit Inc	$0	–	-11,900	–	-0.07%	–
IRC	Exit	IRC Inland RE Corp	$0	–	-16,900	–	-0.08%	–
HTGC	Exit	HTGC HerculesTchGr	$0	–	-14,200	–	-0.08%	–
FSP	Exit	FSP Franklin Str PrpCrp	$0	–	-14,000	–	-0.08%	–
UNG	Exit	US Natural Gas Fd ETF (UNG)etf	$0	–	-13,650	–	-0.09%	–
OB	Exit	OB Onebeacon InsGrpadr	$0	–	-11,400	–	-0.09%	–
GBDC	Exit	GBDC Golub Cap BDC	$0	–	-10,100	–	-0.09%	–
SFL	Exit	SFL Ship Fin Intl Ltdadr	$0	–	-10,300	–	-0.10%	–
ARCC	Exit	ARCC Ares Capl Corp	$0	–	-11,700	–	-0.10%	–
NMFC	Exit	NMFC NewMtnFinCorp	$0	–	-12,400	–	-0.10%	–
BSM	Exit	BSM BlackStoneMnlsLP	$0	–	-13,900	–	-0.11%	–
NPX	Exit	NEA Nuveen AMT-Free Muni Inc Fmmf	$0	–	-15,011	–	-0.11%	–
CNP	Exit	CNP CenterPointEnrgy	$0	–	-11,000	–	-0.11%	–
SO	Exit	SO Southern Co/The	$0	–	-4,500	–	-0.11%	–
NYCB	Exit	NYCB NYCmtyBancorp	$0	–	-11,200	–	-0.11%	–
HPT	Exit	HPT Hsptlty PrpREIT	$0	–	-8,100	–	-0.12%	–
PM	Exit	PM Philip Morris Intl	$0	–	-2,700	–	-0.12%	–
RAI	Exit	RAI Reynolds Amer Inc	$0	–	-5,000	–	-0.12%	–
ENZ	Exit	Enzo Biochem Inc.	$0	–	-70,001	–	-0.13%	–
ISRA	Exit	Mrk Vectors Israel ETF (ISRA)etf	$0	–	-9,500	–	-0.16%	–
NIO	Exit	NIO Nuveen Insd Muni Opport Fummf	$0	–	-20,000	–	-0.16%	–
IIF	Exit	MS India Invstmnt Fd (IIF)mmf	$0	–	-11,100	–	-0.17%	–
	Exit	Alliance WW Priv Fd (AWPAX)mmf	$0	–	-19,580	–	-0.17%	–
SBI	Exit	SBI Western Asset Interm Munimmf	$0	–	-47,800	–	-0.27%	–
	Exit	FTABX Fidelity Tax-Free Bond Fmmf	$0	–	-43,557	–	-0.29%	–
UCO	Exit	ProShares Ultra BB Crude Oil (etf	$0	–	-37,100	–	-0.48%	–
DGX	Exit	Quest Diagnostics Inc	$0	–	-16,320	–	-0.57%	–
JCI	Exit	Johnson Controls Inc	$0	–	-31,390	–	-0.74%	–
BBT	Exit	BB&T Corporation	$0	–	-39,890	–	-0.80%	–
LNC	Exit	Lincoln National Corp.	$0	–	-32,677	–	-0.88%	–
QCOM	Exit	Qualcomm Inc	$0	–	-31,935	–	-0.97%	–
COH	Exit	Coach Inc.	$0	–	-59,983	–	-0.98%	–
ADM	Exit	ArcherDanielsMidland	$0	–	-42,805	–	-1.00%	–
DOV	Exit	Dover Corporation	$0	–	-31,865	–	-1.03%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-46,932	–	-1.31%	–
TEVA	Exit	Teva Phrm Ind Ltd ADRadr	$0	–	-41,465	–	-1.33%	–
MMC	Exit	Marsh & McLennan	$0	–	-47,090	–	-1.39%	–
NOV	Exit	Nat'l Oilwell Varco Inc	$0	–	-67,121	–	-1.43%	–
RDSA	Exit	Royal Dutch Shell A Plcadr	$0	–	-55,902	–	-1.50%	–
BCS	Exit	Barclays Plc ADRadr	$0	–	-184,875	–	-1.55%	–
BBOX	Exit	Black Box Corporation	$0	–	-187,316	–	-1.56%	–
TGT	Exit	Target Corporation	$0	–	-36,853	–	-1.64%	–
ESV	Exit	Ensco Plc ADSadr	$0	–	-213,954	–	-1.71%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-48,845	–	-1.80%	–
EMC	Exit	EMC Corporation	$0	–	-131,725	–	-1.80%	–
RIO	Exit	Rio Tinto Plcadr	$0	–	-94,155	–	-1.80%	–
C	Exit	Citigroup Inc	$0	–	-67,320	–	-1.89%	–
OXY	Exit	Occidental Petro Corp	$0	–	-53,747	–	-2.02%	–
RTN	Exit	Raytheon Company	$0	–	-32,782	–	-2.03%	–
NLY	Exit	AnnalyCapMgmtIncREIT	$0	–	-368,115	–	-2.06%	–
AMAT	Exit	Applied Materials	$0	–	-256,990	–	-2.14%	–
HMC	Exit	Honda Motor Co Ltd.adr	$0	–	-137,545	–	-2.33%	–
ALL	Exit	Allstate Corp.	$0	–	-72,635	–	-2.40%	–
SLB	Exit	Schlumberger Ltd	$0	–	-61,555	–	-2.41%	–
UNP	Exit	Union Pacific Corp	$0	–	-48,320	–	-2.42%	–
MON	Exit	Monsanto Company	$0	–	-52,145	–	-2.52%	–
ERIC	Exit	Ericsson ADSadr	$0	–	-469,302	–	-2.60%	–
MOS	Exit	Mosaic Co. (The)	$0	–	-150,455	–	-2.65%	–
BP	Exit	BP Plc ADSadr	$0	–	-155,740	–	-2.70%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-76,876	–	-2.77%	–
BAC	Exit	Bank of America Corp.	$0	–	-336,462	–	-2.97%	–
WRK	Exit	WestRock Company	$0	–	-108,160	–	-3.15%	–
DOW	Exit	Dow Chemical Co	$0	–	-136,404	–	-3.28%	–
BA	Exit	Boeing Company	$0	–	-45,540	–	-3.38%	–
SNY	Exit	Sanofi ADSadr	$0	–	-125,840	–	-3.39%	–
IBM	Exit	IBM Corporation	$0	–	-43,175	–	-3.55%	–
GM	Exit	General Motors Co	$0	–	-218,130	–	-3.71%	–
XL	Exit	XL Group Ltd.adr	$0	–	-185,570	–	-3.82%	–
T	Exit	AT&T Inc.	$0	–	-265,842	–	-4.91%	–
WU	Exit	Western Union Co/The	$0	–	-509,766	–	-5.30%	–

Q3 2015

			Value		Shares		↓ Weighting
WRK	New	WestRock Company	$5,564,000	–	108,160	–	3.15%	–
MOS	Buy	Mosaic Co. (The)	$4,681,000	+12.6%	150,455	+69.5%	2.65%	+22.5%
MON	Buy	Monsanto Company	$4,450,000	-1.9%	52,145	+22.5%	2.52%	+6.7%
UNP	New	Union Pacific Corp	$4,272,000	–	48,320	–	2.42%	–
SLB	Buy	Schlumberger Ltd	$4,245,000	+14.2%	61,555	+42.7%	2.41%	+24.2%
AMAT	Buy	Applied Materials	$3,775,000	+0.8%	256,990	+31.9%	2.14%	+9.7%
OXY	Buy	Occidental Petro Corp	$3,555,000	+122.5%	53,747	+161.6%	2.02%	+142.2%
TEVA	Sell	Teva Phrm Ind Ltd ADRadr	$2,341,000	-42.7%	41,465	-40.0%	1.33%	-37.6%
COH	Sell	Coach Inc.	$1,735,000	-58.3%	59,983	-50.0%	0.98%	-54.6%
UCO	New	ProShares Ultra BB Crude Oil (etf	$841,000	–	37,100	–	0.48%	–
RAI	New	RAI Reynolds Amer Inc	$221,000	–	5,000	–	0.12%	–
SO	New	SO Southern Co/The	$201,000	–	4,500	–	0.11%	–
CNP	New	CNP CenterPointEnrgy	$198,000	–	11,000	–	0.11%	–
BSM	New	BSM BlackStoneMnlsLP	$192,000	–	13,900	–	0.11%	–
CRC	Exit	California Resources Crp	$0	–	-22,668	–	-0.07%	–
EXL	Exit	EXL Excel Trust Inc	$0	–	-11,400	–	-0.09%	–
TE	Exit	TE Teco Energy Inc	$0	–	-10,300	–	-0.10%	–
MCY	Exit	MCY Mercury GenlCrp	$0	–	-3,800	–	-0.11%	–
UCO	Exit	ProShares Ultra BB Crude Oil (etf	$0	–	-21,000	–	-0.49%	–
9207PS	Exit	Rock-Tenn Company	$0	–	-108,160	–	-3.39%	–

Q2 2015

			Value		Shares		↓ Weighting
WU	New	Western Union Co/The	$10,364,000	–	509,766	–	5.40%	–
T	New	AT&T Inc.	$9,443,000	–	265,842	–	4.92%	–
GM	New	General Motors Co	$7,270,000	–	218,130	–	3.79%	–
IBM	New	IBM Corporation	$7,023,000	–	43,175	–	3.66%	–
DOW	New	Dow Chemical Co	$6,980,000	–	136,404	–	3.64%	–
XL	New	XL Group Ltd.adr	$6,903,000	–	185,570	–	3.60%	–
9207PS	New	Rock-Tenn Company	$6,511,000	–	108,160	–	3.39%	–
BA	New	Boeing Company	$6,317,000	–	45,540	–	3.29%	–
SNY	New	Sanofi ADSadr	$6,233,000	–	125,840	–	3.25%	–
BP	New	BP Plc ADSadr	$6,223,000	–	155,740	–	3.24%	–
CFR	New	Cullen Frost Bankers	$6,041,000	–	76,876	–	3.15%	–
BAC	New	Bank of America Corp.	$5,727,000	–	336,462	–	2.98%	–
ERIC	New	Ericsson ADSadr	$4,900,000	–	469,302	–	2.55%	–
ESV	New	Ensco Plc ADSadr	$4,765,000	–	213,954	–	2.48%	–
ALL	New	Allstate Corp.	$4,712,000	–	72,635	–	2.45%	–
MON	New	Monsanto Company	$4,538,000	–	42,570	–	2.36%	–
HMC	New	Honda Motor Co Ltd.adr	$4,456,000	–	137,545	–	2.32%	–
MOS	New	Mosaic Co. (The)	$4,158,000	–	88,760	–	2.17%	–
COH	New	Coach Inc.	$4,156,000	–	120,070	–	2.16%	–
TEVA	New	Teva Phrm Ind Ltd ADRadr	$4,086,000	–	69,145	–	2.13%	–
RIO	New	Rio Tinto Plcadr	$3,880,000	–	94,155	–	2.02%	–
AMAT	New	Applied Materials	$3,745,000	–	194,840	–	1.95%	–
BBOX	New	Black Box Corporation	$3,746,000	–	187,316	–	1.95%	–
SLB	New	Schlumberger Ltd	$3,718,000	–	43,140	–	1.94%	–
C	New	Citigroup Inc	$3,719,000	–	67,320	–	1.94%	–
EMC	New	EMC Corporation	$3,476,000	–	131,725	–	1.81%	–
WMT	New	Wal-Mart Stores Inc	$3,465,000	–	48,845	–	1.80%	–
NLY	New	AnnalyCapMgmtIncREIT	$3,383,000	–	368,115	–	1.76%	–
NOV	New	Nat'l Oilwell Varco Inc	$3,241,000	–	67,121	–	1.69%	–
RDSA	New	Royal Dutch Shell A Plcadr	$3,187,000	–	55,902	–	1.66%	–
RTN	New	Raytheon Company	$3,137,000	–	32,782	–	1.63%	–
BCS	New	Barclays Plc ADRadr	$3,039,000	–	184,875	–	1.58%	–
TGT	New	Target Corporation	$3,008,000	–	36,853	–	1.57%	–
MRK	New	Merck & Co. Inc.	$2,672,000	–	46,932	–	1.39%	–
MMC	New	Marsh & McLennan	$2,670,000	–	47,090	–	1.39%	–
DOV	New	Dover Corporation	$2,236,000	–	31,865	–	1.16%	–
ADM	New	ArcherDanielsMidland	$2,064,000	–	42,805	–	1.08%	–
QCOM	New	Qualcomm Inc	$2,000,000	–	31,935	–	1.04%	–
LNC	New	Lincoln National Corp.	$1,935,000	–	32,677	–	1.01%	–
BBT	New	BB&T Corporation	$1,608,000	–	39,890	–	0.84%	–
OXY	New	Occidental Petro Corp	$1,598,000	–	20,547	–	0.83%	–
JCI	New	Johnson Controls Inc	$1,555,000	–	31,390	–	0.81%	–
DGX	New	Quest Diagnostics Inc	$1,184,000	–	16,320	–	0.62%	–
UCO	New	ProShares Ultra BB Crude Oil (etf	$949,000	–	21,000	–	0.49%	–
	New	FTABX Fidelity Tax-Free Bond Fmmf	$500,000	–	43,557	–	0.26%	–
SBI	New	SBI Western Asset Interm Munimmf	$464,000	–	47,800	–	0.24%	–
	New	Alliance WW Priv Fd (AWPAX)mmf	$328,000	–	19,580	–	0.17%	–
ISRA	New	Mrk Vectors Israel ETF (ISRA)etf	$309,000	–	9,500	–	0.16%	–
IIF	New	MS India Invstmnt Fd (IIF)mmf	$305,000	–	11,100	–	0.16%	–
NIO	New	NIO Nuveen Insd Muni Opport Fummf	$272,000	–	20,000	–	0.14%	–
HPT	New	Hospitality Prp Tr REIT	$233,000	–	8,100	–	0.12%	–
PM	New	PM Philip Morris Intl	$216,000	–	2,700	–	0.11%	–
ENZ	New	Enzo Biochem Inc.	$212,000	–	70,001	–	0.11%	–
MCY	New	MCY Mercury GenlCrp	$211,000	–	3,800	–	0.11%	–
NYCB	New	NYCB NYCmtyBancorp	$206,000	–	11,200	–	0.11%	–
ARCC	New	ARCC Ares Capl Corp	$193,000	–	11,700	–	0.10%	–
NPX	New	NEA Nuveen AMT-Free Muni Inc Fmmf	$191,000	–	15,011	–	0.10%	–
UNG	New	US Natural Gas Fd ETF (UNG)etf	$185,000	–	13,650	–	0.10%	–
TE	New	TE Teco Energy Inc	$182,000	–	10,300	–	0.10%	–
EXL	New	EXL Excel Trust Inc	$180,000	–	11,400	–	0.09%	–
NMFC	New	NMFC NewMtnFinCorp	$180,000	–	12,400	–	0.09%	–
SFL	New	SFL Ship Fin Intl Ltdadr	$168,000	–	10,300	–	0.09%	–
GBDC	New	GBDC Golub Cap BDC	$167,000	–	10,100	–	0.09%	–
OB	New	OB Onebeacon InsGrpadr	$165,000	–	11,400	–	0.09%	–
HTGC	New	HTGC HerculesTchGr	$164,000	–	14,200	–	0.08%	–
IRC	New	IRC Inland RE Corp	$159,000	–	16,900	–	0.08%	–
PNNT	New	PNNT PennantPark Inv	$160,000	–	18,200	–	0.08%	–
FSP	New	FSP Franklin Str PrpCrp	$158,000	–	14,000	–	0.08%	–
TCRD	New	TCRD THL Credit Inc	$137,000	–	11,900	–	0.07%	–
CRC	New	California Resources Crp	$137,000	–	22,668	–	0.07%	–
PSEC	New	PSEC Prospect CapCorp	$115,000	–	15,600	–	0.06%	–
EMKR	New	Emcore Corporation	$75,000	–	12,500	–	0.04%	–

Q4 2014

			Value		Shares		↓ Weighting
RCPI	Exit	Rock Creek Pharma Inc	$0	–	-240,000	–	-0.03%	–
EMKR	Exit	Emcore Corporation	$0	–	-12,500	–	-0.03%	–
EXL	Exit	EXL Excel Trust Inc	$0	–	-10,700	–	-0.05%	–
TCRD	Exit	TCRD THL Credit Inc	$0	–	-11,000	–	-0.06%	–
FSP	Exit	FSP Franklin Str PrpCrp	$0	–	-13,200	–	-0.06%	–
PSEC	Exit	PSEC Prospect CapCorp	$0	–	-15,600	–	-0.07%	–
IRC	Exit	IRC Inland RE Corp	$0	–	-16,000	–	-0.07%	–
NYCB	Exit	NYCB NYCmtyBancorp	$0	–	-10,600	–	-0.07%	–
OB	Exit	OB Onebeacon InsGrpadr	$0	–	-10,800	–	-0.07%	–
NMFC	Exit	NMFC NewMtnFinCorp	$0	–	-11,700	–	-0.07%	–
ARCC	Exit	ARCC Ares Capl Corp	$0	–	-11,100	–	-0.08%	–
PNNT	Exit	PNNT PennantPark Inv	$0	–	-17,100	–	-0.08%	–
NPX	Exit	NEA Nuveen AMT-Free Muni Inc Fdmmf	$0	–	-15,011	–	-0.09%	–
HTGC	Exit	HTGC HerculesTchGr	$0	–	-14,200	–	-0.09%	–
HPT	Exit	Hospitality Prp Tr REIT	$0	–	-7,800	–	-0.09%	–
NIO	Exit	NIO Nuveen Insd Muni Opport Fdmmf	$0	–	-20,000	–	-0.12%	–
UNG	Exit	US Natural Gas Fd ETF	$0	–	-13,650	–	-0.13%	–
	Exit	Alliance WW Priv Fd (AWPAX)mmf	$0	–	-19,580	–	-0.14%	–
ENZ	Exit	Enzo Biochem Inc.	$0	–	-70,001	–	-0.15%	–
USBPRH	Exit	US Bancorp Del Pfd B 1/1000DPpfd	$0	–	-17,700	–	-0.17%	–
IIF	Exit	MS India Invstmnt Fd (IIF)mmf	$0	–	-18,500	–	-0.20%	–
SBI	Exit	SBI Western Asset Interm Munimmf	$0	–	-47,800	–	-0.20%	–
	Exit	FTABX Fidelity Tax-Free Bond Fmmf	$0	–	-43,557	–	-0.22%	–
GCI	Exit	Gannett Company Inc	$0	–	-30,659	–	-0.39%	–
BDX	Exit	Becton Dickinson & Co.	$0	–	-9,464	–	-0.46%	–
OXY	Exit	Occidental Petro Corp	$0	–	-15,352	–	-0.63%	–
MXIM	Exit	Maxim Intgrd Products	$0	–	-51,000	–	-0.66%	–
BBT	Exit	BB&T Corporation	$0	–	-42,290	–	-0.67%	–
ERIC	Exit	Ericsson ADSadr	$0	–	-140,465	–	-0.75%	–
LNC	Exit	Lincoln National Corp.	$0	–	-34,777	–	-0.79%	–
DGX	Exit	Quest Diagnostics Inc	$0	–	-35,035	–	-0.90%	–
SPLS	Exit	Staples Inc	$0	–	-180,775	–	-0.93%	–
AMAT	Exit	Applied Materials	$0	–	-113,675	–	-1.05%	–
QCOM	Exit	Qualcomm Inc	$0	–	-33,735	–	-1.07%	–
DOV	Exit	Dover Corporation	$0	–	-33,865	–	-1.16%	–
BCS	Exit	Barclays Plc ADRadr	$0	–	-197,375	–	-1.24%	–
JCI	Exit	Johnson Controls Inc	$0	–	-66,575	–	-1.25%	–
RDSA	Exit	Royal Dutch Shell A Plcadr	$0	–	-39,777	–	-1.29%	–
C	Exit	Citigroup Inc	$0	–	-71,620	–	-1.58%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-66,645	–	-1.68%	–
MMC	Exit	Marsh & McLennan	$0	–	-75,530	–	-1.68%	–
9207PS	Exit	Rock-Tenn Company	$0	–	-84,790	–	-1.72%	–
EMC	Exit	EMC Corporation	$0	–	-139,325	–	-1.74%	–
SNY	Exit	Sanofi ADSadr	$0	–	-73,095	–	-1.76%	–
RIO	Exit	Rio Tinto Plcadr	$0	–	-84,655	–	-1.77%	–
MOS	Exit	Mosaic Co. (The)	$0	–	-94,060	–	-1.78%	–
BAC	Exit	Bank of America Corp.	$0	–	-247,547	–	-1.80%	–
HMC	Exit	Honda Motor Co Ltd.adr	$0	–	-125,745	–	-1.84%	–
ADM	Exit	ArcherDanielsMidland	$0	–	-89,055	–	-1.94%	–
BBOX	Exit	Black Box Corporation	$0	–	-198,416	–	-1.97%	–
NOV	Exit	Nat'l Oilwell Varco Inc	$0	–	-62,586	–	-2.03%	–
RTN	Exit	Raytheon Company	$0	–	-49,710	–	-2.15%	–
GM	Exit	General Motors Co	$0	–	-158,615	–	-2.16%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-68,915	–	-2.24%	–
COH	Exit	Coach Inc.	$0	–	-154,770	–	-2.34%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-76,876	–	-2.50%	–
XL	Exit	XL Group Ltd.adr	$0	–	-197,270	–	-2.78%	–
BP	Exit	BP Plc ADSadr	$0	–	-151,830	–	-2.84%	–
ESV	Exit	Ensco Plc ADSadr	$0	–	-163,169	–	-2.87%	–
ALL	Exit	Allstate Corp.	$0	–	-110,320	–	-2.88%	–
TGT	Exit	Target Corporation	$0	–	-117,635	–	-3.14%	–
TEVA	Exit	Teva Phrm Ind Ltd ADRadr	$0	–	-139,335	–	-3.19%	–
DOW	Exit	Dow Chemical Co	$0	–	-146,104	–	-3.26%	–
BHI	Exit	Baker Hughes Inc.	$0	–	-123,960	–	-3.43%	–
BA	Exit	Boeing Company	$0	–	-64,290	–	-3.48%	–
NLY	Exit	AnnalyCapMgmtIncREIT	$0	–	-776,375	–	-3.53%	–
T	Exit	AT&T Inc.	$0	–	-283,542	–	-4.25%	–
WU	Exit	Western Union Co/The	$0	–	-636,216	–	-4.34%	–
HPQ	Exit	Hewlett-Packard Co	$0	–	-318,645	–	-4.81%	–
IBM	Exit	IBM Corporation	$0	–	-61,515	–	-4.97%	–

Q3 2014

			Value		Shares		↓ Weighting
IBM	Sell	IBM Corporation	$11,677,000	+1.1%	61,515	-3.5%	4.97%	+8.8%
HPQ	Sell	Hewlett-Packard Co	$11,302,000	+1.2%	318,645	-3.9%	4.81%	+8.8%
WU	Sell	Western Union Co/The	$10,205,000	-11.8%	636,216	-4.7%	4.34%	-5.2%
T	Sell	AT&T Inc.	$9,992,000	-5.2%	283,542	-4.9%	4.25%	+2.0%
NLY	Sell	AnnalyCapMgmtIncREIT	$8,292,000	-10.4%	776,375	-4.1%	3.53%	-3.6%
BA	Sell	Boeing Company	$8,189,000	-3.7%	64,290	-3.8%	3.48%	+3.6%
BHI	Sell	Baker Hughes Inc.	$8,065,000	-16.3%	123,960	-4.2%	3.43%	-10.0%
DOW	Sell	Dow Chemical Co	$7,662,000	-1.4%	146,104	-3.2%	3.26%	+6.0%
TEVA	Sell	Teva Phrm Ind Ltd ADRadr	$7,489,000	-2.1%	139,335	-4.5%	3.19%	+5.3%
TGT	Sell	Target Corporation	$7,373,000	+2.5%	117,635	-5.2%	3.14%	+10.3%
ALL	Sell	Allstate Corp.	$6,770,000	-25.0%	110,320	-28.3%	2.88%	-19.3%
ESV	Buy	Ensco Plc ADSadr	$6,741,000	+31.8%	163,169	+77.3%	2.87%	+41.8%
BP	Sell	BP Plc ADSadr	$6,673,000	-20.0%	151,830	-4.0%	2.84%	-14.0%
XL	Sell	XL Group Ltd.adr	$6,543,000	-1.5%	197,270	-2.9%	2.78%	+5.9%
COH	Sell	Coach Inc.	$5,511,000	-0.7%	154,770	-4.6%	2.34%	+6.8%
WMT	Sell	Wal-Mart Stores Inc	$5,270,000	-2.5%	68,915	-4.3%	2.24%	+4.9%
GM	Buy	General Motors Co	$5,066,000	+15.1%	158,615	+30.8%	2.16%	+23.8%
RTN	Sell	Raytheon Company	$5,052,000	+5.9%	49,710	-3.9%	2.15%	+13.9%
NOV	Sell	Nat'l Oilwell Varco Inc	$4,763,000	-11.4%	62,586	-4.1%	2.03%	-4.7%
BBOX	Sell	Black Box Corporation	$4,627,000	-4.5%	198,416	-4.0%	1.97%	+2.8%
ADM	Sell	ArcherDanielsMidland	$4,551,000	-50.3%	89,055	-57.1%	1.94%	-46.5%
HMC	Sell	Honda Motor Co Ltd.adr	$4,311,000	-6.6%	125,745	-4.7%	1.84%	+0.4%
BAC	Sell	Bank of America Corp.	$4,221,000	+8.0%	247,547	-2.7%	1.80%	+16.1%
MOS	Sell	Mosaic Co. (The)	$4,177,000	-13.6%	94,060	-3.8%	1.78%	-7.1%
RIO	Sell	Rio Tinto Plcadr	$4,163,000	-13.1%	84,655	-4.0%	1.77%	-6.4%
SNY	Sell	Sanofi ADSadr	$4,125,000	+0.8%	73,095	-5.1%	1.76%	+8.4%
EMC	Sell	EMC Corporation	$4,077,000	+6.4%	139,325	-4.3%	1.74%	+14.4%
9207PS	Buy	Rock-Tenn Company	$4,034,000	+161.6%	84,790	+480.6%	1.72%	+181.5%
MMC	Sell	Marsh & McLennan	$3,953,000	-1.8%	75,530	-2.8%	1.68%	+5.7%
MRK	Sell	Merck & Co. Inc.	$3,951,000	-2.5%	66,645	-4.9%	1.68%	+4.9%
C	Sell	Citigroup Inc	$3,711,000	+4.6%	71,620	-4.9%	1.58%	+12.5%
RDSA	Sell	Royal Dutch Shell A Plcadr	$3,028,000	-10.5%	39,777	-3.2%	1.29%	-3.7%
JCI	Sell	Johnson Controls Inc	$2,929,000	-15.4%	66,575	-4.0%	1.25%	-9.0%
BCS	Sell	Barclays Plc ADRadr	$2,923,000	-2.2%	197,375	-3.6%	1.24%	+5.2%
DOV	Sell	Dover Corporation	$2,720,000	-15.4%	33,865	-4.2%	1.16%	-9.0%
QCOM	Sell	Qualcomm Inc	$2,522,000	-9.6%	33,735	-4.3%	1.07%	-2.8%
AMAT	Sell	Applied Materials	$2,457,000	-8.4%	113,675	-4.4%	1.05%	-1.4%
SPLS	Sell	Staples Inc	$2,187,000	-46.4%	180,775	-52.0%	0.93%	-42.4%
DGX	Sell	Quest Diagnostics Inc	$2,126,000	-1.9%	35,035	-5.1%	0.90%	+5.5%
LNC	Sell	Lincoln National Corp.	$1,863,000	+1.4%	34,777	-2.7%	0.79%	+9.1%
ERIC	Sell	Ericsson ADSadr	$1,768,000	-1.7%	140,465	-5.6%	0.75%	+5.8%
BBT	Sell	BB&T Corporation	$1,574,000	-9.6%	42,290	-4.3%	0.67%	-2.8%
MXIM	Sell	Maxim Intgrd Products	$1,542,000	-14.4%	51,000	-4.3%	0.66%	-8.0%
OXY	Sell	Occidental Petro Corp	$1,476,000	-10.3%	15,352	-4.2%	0.63%	-3.5%
BDX	Sell	Becton Dickinson & Co.	$1,077,000	-7.5%	9,464	-3.8%	0.46%	-0.7%
GCI	Sell	Gannett Company Inc	$910,000	-71.7%	30,659	-70.1%	0.39%	-69.6%
	New	FTABX Fidelity Tax-Free Bond Fmmf	$505,000	–	43,557	–	0.22%	–
SBI	Sell	SBI Western Asset Interm Munimmf	$464,000	-31.6%	47,800	-31.2%	0.20%	-26.5%
HPT	Buy	Hospitality Prp Tr REIT	$209,000	+1.0%	7,800	+14.7%	0.09%	+8.5%
HTGC	Buy	HTGC HerculesTchGr	$205,000	+4.1%	14,200	+16.4%	0.09%	+11.5%
PNNT	Buy	PNNT PennantPark Inv	$187,000	+12.0%	17,100	+17.1%	0.08%	+21.2%
ARCC	New	ARCC Ares Capl Corp	$179,000	–	11,100	–	0.08%	–
NMFC	New	NMFC NewMtnFinCorp	$172,000	–	11,700	–	0.07%	–
OB	New	OB Onebeacon InsGrpadr	$166,000	–	10,800	–	0.07%	–
NYCB	New	NYCB NYCmtyBancorp	$168,000	–	10,600	–	0.07%	–
IRC	Buy	IRC Inland RE Corp	$159,000	+14.4%	16,000	+22.1%	0.07%	+23.6%
PSEC	Buy	PSEC Prospect CapCorp	$154,000	+14.1%	15,600	+22.8%	0.07%	+24.5%
FSP	Buy	FSP Franklin Str PrpCrp	$148,000	+9.6%	13,200	+23.4%	0.06%	+18.9%
TCRD	New	TCRD THL Credit Inc	$142,000	–	11,000	–	0.06%	–
EXL	New	EXL Excel Trust Inc	$126,000	–	10,700	–	0.05%	–
MSPRA	Exit	Morgan Stanley PFD A 1/1000 61pfd	$0	–	-19,300	–	-0.15%	–
BBY	Exit	Best Buy Company Inc	$0	–	-19,460	–	-0.24%	–
MSFT	Exit	Microsoft Corporation	$0	–	-18,335	–	-0.30%	–

Q2 2014

			Value		Shares		↓ Weighting
WU	New	Western Union Co/The	$11,575,000	–	667,516	–	4.58%	–
IBM	New	IBM Corporation	$11,550,000	–	63,715	–	4.57%	–
HPQ	New	Hewlett-Packard Co	$11,170,000	–	331,645	–	4.42%	–
T	New	AT&T Inc.	$10,540,000	–	298,082	–	4.17%	–
BHI	New	Baker Hughes Inc.	$9,638,000	–	129,460	–	3.81%	–
NLY	New	AnnalyCapMgmtIncREIT	$9,250,000	–	809,275	–	3.66%	–
ADM	New	ArcherDanielsMidland	$9,148,000	–	207,395	–	3.62%	–
ALL	New	Allstate Corp.	$9,029,000	–	153,770	–	3.57%	–
BA	New	Boeing Company	$8,504,000	–	66,840	–	3.36%	–
BP	New	BP Plc ADSadr	$8,344,000	–	158,180	–	3.30%	–
DOW	New	Dow Chemical Co	$7,771,000	–	151,004	–	3.08%	–
TEVA	New	Teva Phrm Ind Ltd ADRadr	$7,650,000	–	145,935	–	3.03%	–
TGT	New	Target Corporation	$7,194,000	–	124,135	–	2.85%	–
XL	New	XL Group Ltd.adr	$6,646,000	–	203,070	–	2.63%	–
CFR	New	Cullen Frost Bankers	$6,105,000	–	76,876	–	2.42%	–
COH	New	Coach Inc.	$5,548,000	–	162,270	–	2.20%	–
WMT	New	Wal-Mart Stores Inc	$5,406,000	–	72,015	–	2.14%	–
NOV	New	Nat'l Oilwell Varco Inc	$5,376,000	–	65,286	–	2.13%	–
ESV	New	Ensco Plc ADSadr	$5,113,000	–	92,004	–	2.02%	–
BBOX	New	Black Box Corporation	$4,843,000	–	206,616	–	1.92%	–
MOS	New	Mosaic Co. (The)	$4,834,000	–	97,760	–	1.91%	–
RIO	New	Rio Tinto Plcadr	$4,788,000	–	88,205	–	1.89%	–
RTN	New	Raytheon Company	$4,770,000	–	51,710	–	1.89%	–
HMC	New	Honda Motor Co Ltd.adr	$4,617,000	–	131,945	–	1.83%	–
GM	New	General Motors Co	$4,402,000	–	121,265	–	1.74%	–
SNY	New	Sanofi ADSadr	$4,094,000	–	76,995	–	1.62%	–
SPLS	New	Staples Inc	$4,081,000	–	376,460	–	1.62%	–
MRK	New	Merck & Co. Inc.	$4,052,000	–	70,045	–	1.60%	–
MMC	New	Marsh & McLennan	$4,025,000	–	77,680	–	1.59%	–
BAC	New	Bank of America Corp.	$3,910,000	–	254,411	–	1.55%	–
EMC	New	EMC Corporation	$3,833,000	–	145,525	–	1.52%	–
C	New	Citigroup Inc	$3,548,000	–	75,320	–	1.40%	–
JCI	New	Johnson Controls Inc	$3,464,000	–	69,375	–	1.37%	–
RDSA	New	Royal Dutch Shell A Plcadr	$3,384,000	–	41,087	–	1.34%	–
DOV	New	Dover Corporation	$3,216,000	–	35,365	–	1.27%	–
GCI	New	Gannett Company Inc	$3,215,000	–	102,695	–	1.27%	–
BCS	New	Barclays Plc ADRadr	$2,990,000	–	204,675	–	1.18%	–
QCOM	New	Qualcomm Inc	$2,791,000	–	35,235	–	1.10%	–
AMAT	New	Applied Materials	$2,681,000	–	118,875	–	1.06%	–
DGX	New	Quest Diagnostics Inc	$2,168,000	–	36,935	–	0.86%	–
LNC	New	Lincoln National Corp.	$1,838,000	–	35,734	–	0.73%	–
MXIM	New	Maxim Intgrd Products	$1,802,000	–	53,300	–	0.71%	–
ERIC	New	Ericsson ADSadr	$1,798,000	–	148,865	–	0.71%	–
BBT	New	BB&T Corporation	$1,742,000	–	44,190	–	0.69%	–
OXY	New	Occidental Petro Corp	$1,645,000	–	16,027	–	0.65%	–
9207PS	New	Rock-Tenn Company	$1,542,000	–	14,605	–	0.61%	–
BDX	New	Becton Dickinson & Co.	$1,164,000	–	9,839	–	0.46%	–
MSFT	New	Microsoft Corporation	$765,000	–	18,335	–	0.30%	–
SBI	New	SBI Western Asset Interm Munimmf	$678,000	–	69,427	–	0.27%	–
BBY	New	Best Buy Company Inc	$603,000	–	19,460	–	0.24%	–
IIF	New	MS India Invstmnt Fd (IIF)mmf	$428,000	–	18,500	–	0.17%	–
USBPRH	New	US Bancorp Del Pfd B 1/1000DPpfd	$393,000	–	17,700	–	0.16%	–
MSPRA	New	Morgan Stanley PFD A 1/1000 61pfd	$390,000	–	19,300	–	0.15%	–
ENZ	New	Enzo Biochem Inc.	$368,000	–	70,001	–	0.15%	–
	New	Alliance WW Priv Fd (AWPAX)mmf	$338,000	–	19,580	–	0.13%	–
UNG	New	US Natural Gas Fd ETF	$336,000	–	13,650	–	0.13%	–
NIO	New	NIO Nveen Insd Muni Opport Funmmf	$282,000	–	20,000	–	0.11%	–
HPT	New	Hospitality Prp Tr REIT	$207,000	–	6,800	–	0.08%	–
NPX	New	NEA Nuveen AMT-Free Muni Inc Fmmf	$202,000	–	15,011	–	0.08%	–
HTGC	New	HTGC HerculesTchGr	$197,000	–	12,200	–	0.08%	–
PNNT	New	PNNT PennantPark Inv	$167,000	–	14,600	–	0.07%	–
RCPI	New	Rock Creek Pharma Inc	$142,000	–	240,000	–	0.06%	–
IRC	New	IRC Inland RE Corp	$139,000	–	13,100	–	0.06%	–
PSEC	New	PSEC Prospect CapCorp	$135,000	–	12,700	–	0.05%	–
FSP	New	FSP Franklin Str PrpCrp	$135,000	–	10,700	–	0.05%	–
EMKR	New	Emcore Corporation	$51,000	–	12,500	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
EMKR	Exit	Emcore Corporation	$0	–	-12,500	–	-0.02%	–
	Exit	Phoenix Group Hldgs (PHNX LN)intl	$0	–	-13,206	–	-0.06%	–
ENZ	Exit	Enzo Biochem Inc.	$0	–	-70,001	–	-0.07%	–
BCSRT	Exit	BCS.RT Barclays Rights	$0	–	-50,975	–	-0.11%	–
IIF	Exit	MrgnStnly India Invstmnt Fdmmf	$0	–	-18,500	–	-0.11%	–
	Exit	Alliance Worldwide Privatizatimmf	$0	–	-19,580	–	-0.12%	–
STSI	Exit	Star Scientific Inc	$0	–	-200,000	–	-0.16%	–
APF	Exit	MrgnStnly AsiaPacific Fdmmf	$0	–	-37,000	–	-0.25%	–
UNG	Exit	US Natural Gas Fd ETF	$0	–	-35,650	–	-0.26%	–
AA	Exit	Alcoa Inc	$0	–	-137,630	–	-0.45%	–
MSFT	Exit	Microsoft Corporation	$0	–	-38,665	–	-0.52%	–
BBY	Exit	Best Buy Company Inc	$0	–	-41,170	–	-0.63%	–
BBT	Exit	BB&T Corporation	$0	–	-46,760	–	-0.64%	–
HMC	Exit	Honda Motor Co Ltd.adr	$0	–	-43,700	–	-0.68%	–
MXIM	Exit	Maxim Intgrd Products	$0	–	-56,375	–	-0.68%	–
OXY	Exit	Occidental Petro Corp	$0	–	-18,780	–	-0.71%	–
LNC	Exit	Lincoln National Corp.	$0	–	-49,884	–	-0.85%	–
BDX	Exit	Becton Dickinson & Co.	$0	–	-21,285	–	-0.86%	–
QCOM	Exit	Qualcomm Inc	$0	–	-37,235	–	-1.02%	–
GCI	Exit	Gannett Company Inc	$0	–	-108,595	–	-1.18%	–
AMAT	Exit	Applied Materials	$0	–	-169,100	–	-1.20%	–
ESV	Exit	Ensco Plc ADSadr	$0	–	-55,975	–	-1.22%	–
JCI	Exit	Johnson Controls Inc	$0	–	-73,075	–	-1.23%	–
RDSA	Exit	Royal Dutch Shell A Plcadr	$0	–	-46,560	–	-1.24%	–
BAC	Exit	Bank of America Corp.	$0	–	-267,103	–	-1.50%	–
BCS	Exit	Barclays Plc ADRadr	$0	–	-216,875	–	-1.50%	–
EMC	Exit	EMC Corporation	$0	–	-153,925	–	-1.60%	–
VOD	Exit	Vodafone Group Plcadr	$0	–	-125,105	–	-1.79%	–
MOS	Exit	Mosaic Co. (The)	$0	–	-102,785	–	-1.80%	–
RIO	Exit	Rio Tinto Plcadr	$0	–	-92,955	–	-1.84%	–
MMC	Exit	Marsh & McLennan	$0	–	-108,995	–	-1.93%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-76,876	–	-2.20%	–
RTN	Exit	Raytheon Company	$0	–	-72,975	–	-2.28%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-76,465	–	-2.30%	–
NOV	Exit	Nat'l Oilwell Varco Inc	$0	–	-76,405	–	-2.42%	–
T	Exit	AT&T Inc.	$0	–	-176,824	–	-2.43%	–
DOW	Exit	Dow Chemical Co	$0	–	-159,804	–	-2.49%	–
XL	Exit	XL Group Ltd.adr	$0	–	-213,070	–	-2.67%	–
BBOX	Exit	Black Box Corporation	$0	–	-217,616	–	-2.71%	–
DOV	Exit	Dover Corporation	$0	–	-77,335	–	-2.82%	–
COH	Exit	Coach Inc.	$0	–	-127,580	–	-2.82%	–
HPQ	Exit	Hewlett-Packard Co	$0	–	-349,145	–	-2.98%	–
BP	Exit	BP Plc ADSadr	$0	–	-184,960	–	-3.16%	–
NTTYY	Exit	Nippon Telgrph&Telphnadr	$0	–	-302,615	–	-3.20%	–
NLY	Exit	AnnalyCapMgmtIncREIT	$0	–	-740,090	–	-3.48%	–
TEVA	Exit	Teva Phrm Ind Ltd ADRadr	$0	–	-241,705	–	-3.71%	–
BHI	Exit	Baker Hughes Inc.	$0	–	-200,205	–	-3.99%	–
ADM	Exit	ArcherDanielsMidland	$0	–	-275,995	–	-4.13%	–
ALL	Exit	Allstate Corp.	$0	–	-203,745	–	-4.18%	–
BA	Exit	Boeing Company	$0	–	-88,270	–	-4.21%	–
SPLS	Exit	Staples Inc	$0	–	-794,000	–	-4.72%	–
IBM	Exit	IBM Corporation	$0	–	-65,735	–	-4.94%	–
WU	Exit	Western Union Co/The	$0	–	-783,416	–	-5.93%	–

Q3 2013

			Value		Shares		↓ Weighting
IBM	Buy	IBM Corporation	$12,173,000	-0.7%	65,735	+2.5%	4.94%	-3.7%
BA	Sell	Boeing Company	$10,372,000	-22.1%	88,270	-32.0%	4.21%	-24.4%
ALL	Sell	Allstate Corp.	$10,299,000	-5.5%	203,745	-10.0%	4.18%	-8.4%
NLY	Buy	AnnalyCapMgmtIncREIT	$8,570,000	+83.9%	740,090	+99.7%	3.48%	+78.3%
CFR	Sell	Cullen Frost Bankers	$5,424,000	-10.3%	76,876	-15.1%	2.20%	-13.1%
MMC	Sell	Marsh & McLennan	$4,747,000	-18.2%	108,995	-25.0%	1.93%	-20.7%
MOS	Buy	Mosaic Co. (The)	$4,422,000	+115.9%	102,785	+170.1%	1.80%	+109.2%
ESV	New	Ensco Plc ADSadr	$3,009,000	–	55,975	–	1.22%	–
AMAT	Sell	Applied Materials	$2,964,000	-6.0%	169,100	-20.0%	1.20%	-8.9%
QCOM	Buy	Qualcomm Inc	$2,507,000	+11.0%	37,235	+0.7%	1.02%	+7.6%
MXIM	New	Maxim Intgrd Products	$1,681,000	–	56,375	–	0.68%	–
BBY	Sell	Best Buy Company Inc	$1,544,000	-79.4%	41,170	-85.0%	0.63%	-80.1%
BCSRT	New	BCS.RT Barclays Rights	$274,000	–	50,975	–	0.11%	–

Q2 2013

			Value		Shares		↓ Weighting
WU	New	Western Union Co/The	$13,404,000	–	783,416	–	5.61%	–
BA	New	Boeing Company	$13,307,000	–	129,900	–	5.57%	–
SPLS	New	Staples Inc	$12,601,000	–	794,000	–	5.28%	–
IBM	New	IBM Corporation	$12,257,000	–	64,135	–	5.13%	–
ALL	New	Allstate Corp.	$10,894,000	–	226,385	–	4.56%	–
TEVA	New	Teva Phrm Ind Ltd ADRadr	$9,475,000	–	241,705	–	3.97%	–
ADM	New	ArcherDanielsMidland	$9,359,000	–	275,995	–	3.92%	–
BHI	New	Baker Hughes Inc.	$9,235,000	–	200,205	–	3.87%	–
HPQ	New	Hewlett-Packard Co	$8,659,000	–	349,145	–	3.63%	–
NTTYY	New	Nippon Telgrph&Telphnadr	$7,871,000	–	302,615	–	3.30%	–
BP	New	BP Plc ADSadr	$7,720,000	–	184,960	–	3.23%	–
BBY	New	Best Buy Company Inc	$7,512,000	–	274,857	–	3.15%	–
COH	New	Coach Inc.	$7,284,000	–	127,580	–	3.05%	–
XL	New	XL Group Ltd.adr	$6,460,000	–	213,070	–	2.70%	–
T	New	AT&T Inc.	$6,260,000	–	176,824	–	2.62%	–
CFR	New	Cullen Frost Bankers	$6,048,000	–	90,576	–	2.53%	–
DOV	New	Dover Corporation	$6,006,000	–	77,335	–	2.52%	–
MMC	New	Marsh & McLennan	$5,803,000	–	145,360	–	2.43%	–
WMT	New	Wal-Mart Stores Inc	$5,696,000	–	76,465	–	2.38%	–
BBOX	New	Black Box Corporation	$5,510,000	–	217,616	–	2.31%	–
NOV	New	Nat'l Oilwell Varco Inc	$5,264,000	–	76,405	–	2.20%	–
DOW	New	Dow Chemical Co	$5,141,000	–	159,804	–	2.15%	–
RTN	New	Raytheon Company	$4,825,000	–	72,975	–	2.02%	–
NLY	New	AnnalyCapMgmtIncREIT	$4,659,000	–	370,630	–	1.95%	–
RIO	New	Rio Tinto Plcadr	$3,819,000	–	92,955	–	1.60%	–
BCS	New	Barclays Plc ADRadr	$3,713,000	–	216,875	–	1.56%	–
EMC	New	EMC Corporation	$3,636,000	–	153,925	–	1.52%	–
VOD	New	Vodafone Group Plcadr	$3,596,000	–	125,105	–	1.51%	–
BAC	New	Bank of America Corp.	$3,435,000	–	267,103	–	1.44%	–
AMAT	New	Applied Materials	$3,154,000	–	211,375	–	1.32%	–
RDSA	New	Royal Dutch Shell A Plcadr	$2,971,000	–	46,560	–	1.24%	–
GCI	New	Gannett Company Inc	$2,656,000	–	108,595	–	1.11%	–
JCI	New	Johnson Controls Inc	$2,615,000	–	73,075	–	1.10%	–
QCOM	New	Qualcomm Inc	$2,258,000	–	36,960	–	0.95%	–
BDX	New	Becton Dickinson & Co.	$2,104,000	–	21,285	–	0.88%	–
MOS	New	Mosaic Co. (The)	$2,048,000	–	38,060	–	0.86%	–
LNC	New	Lincoln National Corp.	$1,819,000	–	49,884	–	0.76%	–
OXY	New	Occidental Petro Corp	$1,676,000	–	18,780	–	0.70%	–
HMC	New	Honda Motor Co Ltd.adr	$1,628,000	–	43,700	–	0.68%	–
BBT	New	BB&T Corporation	$1,584,000	–	46,760	–	0.66%	–
MSFT	New	Microsoft Corporation	$1,336,000	–	38,665	–	0.56%	–
AA	New	Alcoa Inc	$1,076,000	–	137,630	–	0.45%	–
UNG	New	US Natural Gas Fd ETF	$676,000	–	35,650	–	0.28%	–
APF	New	MrgnStnly AsiaPacific Fdmmf	$580,000	–	37,000	–	0.24%	–
	New	Alliance Worldwide Privatizatimmf	$287,000	–	19,580	–	0.12%	–
IIF	New	MrgnStnly India Invstmnt Fdmmf	$285,000	–	18,500	–	0.12%	–
STSI	New	Star Scientific Inc	$278,000	–	200,000	–	0.12%	–
ENZ	New	Enzo Biochem Inc.	$146,000	–	70,001	–	0.06%	–
	New	Phoenix Group Hldgs (PHNX LN)intl	$128,000	–	13,206	–	0.05%	–
EMKR	New	Emcore Corporation	$45,000	–	12,500	–	0.02%	–

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