YACKTMAN ASSET MANAGEMENT LP Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
CNQ	Sell	Canadian Natural Resources Ltd	$975,175,292	+14.7%	15,079,253	-0.2%	9.61%	+19.2%
MSFT	Sell	Microsoft Corp.	$559,823,171	-14.3%	1,772,995	-7.5%	5.52%	-10.9%
GOOG	Sell	Alphabet Inc.	$543,242,305	+8.6%	4,120,154	-0.4%	5.35%	+12.9%
PEP	Sell	PepsiCo, Inc.	$433,299,932	-8.6%	2,557,247	-0.1%	4.27%	-5.0%
	Buy	U-Haul Holding Company Class B	$388,092,913	+10.8%	7,407,767	+7.2%	3.82%	+15.2%
PG	Sell	Procter & Gamble	$387,917,004	-4.4%	2,659,516	-0.5%	3.82%	-0.6%
CTSH	Sell	Cognizant Technology Solutions	$362,955,865	+3.4%	5,358,073	-0.3%	3.58%	+7.5%
SCHW	Sell	Charles Schwab Corp	$348,950,604	-3.4%	6,356,113	-0.3%	3.44%	+0.4%
NWSA	Sell	News Corp Cl A	$339,571,788	+2.7%	16,927,806	-0.2%	3.35%	+6.7%
RS	Sell	Reliance Steel & Aluminum Co.	$322,678,473	-4.8%	1,230,517	-1.4%	3.18%	-1.0%
PXD	Buy	Pioneer Natural Resources	$292,778,629	+10.8%	1,275,446	+0.0%	2.88%	+15.2%
FOX	Sell	Fox Corp B	$251,728,583	-9.9%	8,716,364	-0.5%	2.48%	-6.4%
BRKB	Sell	Berkshire Hathaway B	$242,864,391	+0.7%	693,304	-2.0%	2.39%	+4.6%
JNJ	Sell	Johnson & Johnson	$237,209,917	-28.4%	1,523,017	-23.9%	2.34%	-25.6%
STT	Sell	State Street Corp	$233,134,766	-8.8%	3,481,702	-0.3%	2.30%	-5.2%
FANG	Buy	Diamondback Energy Inc	$225,338,474	+18.0%	1,454,923	+0.1%	2.22%	+22.6%
INGR	Sell	Ingredion Inc	$218,820,838	-7.6%	2,223,789	-0.5%	2.16%	-3.9%
COP	Sell	ConocoPhillips	$218,384,498	+15.6%	1,822,909	-0.0%	2.15%	+20.2%
EOG	Sell	EOG Resources Inc	$216,395,926	+10.7%	1,707,131	-0.1%	2.13%	+15.0%
OLN	Sell	Olin Corp	$214,756,463	-3.2%	4,296,848	-0.4%	2.12%	+0.6%
WFRD	Sell	Weatherford International PLC	$201,164,910	-20.7%	2,227,000	-41.7%	1.98%	-17.6%
NOC	Sell	Northrop Grumman Corp	$179,574,630	-3.9%	407,948	-0.5%	1.77%	-0.1%
BKNG	Sell	Booking Hldgs Inc. Com	$177,777,382	-44.2%	57,646	-51.2%	1.75%	-42.0%
ANTM	Sell	Elevance Health, Inc.	$168,673,870	-2.3%	387,382	-0.4%	1.66%	+1.5%
BK	Sell	BNY Mellon Corp.	$161,766,332	-4.5%	3,792,880	-0.3%	1.59%	-0.7%
TSN	Sell	Tyson Foods Inc	$154,216,807	-1.4%	3,054,403	-0.3%	1.52%	+2.6%
ORCL	Sell	Oracle Corporation	$145,819,958	-11.8%	1,376,699	-0.9%	1.44%	-8.4%
KO	Buy	Coca-Cola Co.	$145,497,730	-6.7%	2,599,102	+0.3%	1.43%	-3.0%
DVN	Buy	Devon Energy Corp	$145,209,246	-0.3%	3,044,219	+1.0%	1.43%	+3.6%
LMT	Buy	Lockheed Martin Corp.	$136,267,517	-11.1%	333,205	+0.1%	1.34%	-7.6%
DIS	Sell	Walt Disney Company	$134,667,981	-9.4%	1,661,542	-0.2%	1.33%	-5.8%
EBAY	Buy	Ebay Inc.	$130,029,787	+0.7%	2,949,190	+2.0%	1.28%	+4.6%
LHX	Buy	L3Harris Technologies	$113,978,778	-11.0%	654,599	+0.1%	1.12%	-7.5%
WFC	Sell	Wells Fargo & Co	$105,049,466	-4.8%	2,570,961	-0.5%	1.04%	-1.1%
SYY	Sell	Sysco Corporation	$100,445,009	-11.0%	1,520,742	-0.0%	0.99%	-7.5%
CL	Sell	Colgate-Palmolive	$92,798,550	-7.7%	1,305,000	-0.1%	0.91%	-4.2%
	Buy	Warner Bros Discovery Inc	$86,839,644	-13.4%	7,996,284	+0.0%	0.86%	-9.9%
AWI	Sell	Armstrong World Industries	$84,341,448	-2.6%	1,171,409	-0.7%	0.83%	+1.2%
FOXA	Sell	Fox Corp A	$81,760,910	-8.5%	2,620,542	-0.3%	0.81%	-4.8%
	New	Kenvue Inc	$75,783,165	–	3,774,062	–	0.75%	–
CSCO	Sell	Cisco Systems Inc.	$74,274,924	+3.1%	1,381,602	-0.8%	0.73%	+7.2%
CMCSA	Sell	Comcast Cl A	$64,195,452	+6.2%	1,447,800	-0.5%	0.63%	+10.5%
GS	Sell	Goldman Sachs Grp	$61,788,927	-0.0%	190,960	-0.3%	0.61%	+3.9%
	Buy	Embecta Corp	$39,896,662	-29.5%	2,650,941	+1.1%	0.39%	-26.8%
UHAL	Sell	U-Haul Holding Company	$36,768,011	-7.0%	673,777	-5.7%	0.36%	-3.5%
GLW	Sell	Corning Inc.	$36,122,185	-13.4%	1,185,500	-0.4%	0.36%	-9.9%
EAF	Buy	Graftech International LTD	$35,780,461	-23.3%	9,342,157	+0.9%	0.35%	-20.1%
FHB	Buy	First Hawaiian Inc.	$34,852,294	+0.6%	1,930,875	+0.4%	0.34%	+4.3%
MU	Sell	Micron Technology Inc	$27,242,273	-35.3%	400,445	-40.0%	0.27%	-32.8%
MAS	New	Masco Corporation	$19,542,336	–	365,619	–	0.19%	–
XOM	Sell	Exxon Mobil Corp.	$17,284,260	+7.6%	147,000	-1.9%	0.17%	+11.8%
UL	Sell	Unilever PLC ADRadr	$14,732,661	-7.0%	298,232	-1.9%	0.14%	-3.3%
NWS	Sell	News Corp CL B	$11,627,324	+5.0%	557,131	-0.8%	0.12%	+9.5%
BRKA	Sell	Berkshire Hathaway A	$7,440,678	-56.5%	14	-57.6%	0.07%	-54.9%
VZ	New	Verizon Commun.	$4,861,500	–	150,000	–	0.05%	–
CLX	Buy	Clorox Company	$4,075,966	-11.9%	31,100	+6.9%	0.04%	-9.1%
SPY	Buy	Spdr S&P 500 ETF	$3,484,389	+89.9%	8,151	+96.9%	0.03%	+100.0%
LEGH	Sell	Legacy Housing Corporation	$3,008,550	-20.2%	155,000	-4.6%	0.03%	-16.7%
CRMT	Sell	America's CAR MART Inc	$1,819,800	-32.5%	20,000	-25.9%	0.02%	-30.8%
AMPY	Sell	Amplify Energy Corp	$1,800,750	-8.3%	245,000	-15.5%	0.02%	-5.3%
AMRK	New	A-Mark Precious Metals, Inc.	$1,085,210	–	37,000	–	0.01%	–
RDI	Sell	Reading International, Inc.	$1,081,200	-21.5%	510,000	-1.9%	0.01%	-15.4%
NTRS	New	Northern Trust Corp.	$660,060	–	9,500	–	0.01%	–
USB	Sell	U.S. Bancorp	$231,420	-23.2%	7,000	-23.2%	0.00%	-33.3%
MSM	Exit	MSC Industrial Direct Co.	$0	–	-291,035	–	-0.26%	–
UNVR	Exit	Univar Solutions Inc.	$0	–	-1,999,040	–	-0.68%	–

Q2 2023

			Value		Shares		↓ Weighting
CNQ	New	Canadian Natural Resources Ltd	$850,001,678	–	15,108,455	–	8.06%	–
MSFT	New	Microsoft Corp.	$652,922,110	–	1,917,314	–	6.19%	–
GOOG	New	Alphabet Inc.	$500,265,386	–	4,135,450	–	4.74%	–
PEP	New	PepsiCo, Inc.	$474,265,441	–	2,560,552	–	4.50%	–
PG	New	Procter & Gamble	$405,760,195	–	2,674,049	–	3.85%	–
SCHW	New	Charles Schwab Corp	$361,330,012	–	6,374,912	–	3.43%	–
CTSH	New	Cognizant Technology Solutions	$350,972,436	–	5,376,416	–	3.33%	–
	New	U-Haul Holding Company Class B	$350,173,226	–	6,910,859	–	3.32%	–
RS	New	Reliance Steel & Aluminum Co.	$338,800,649	–	1,247,471	–	3.21%	–
JNJ	New	Johnson & Johnson	$331,364,088	–	2,001,958	–	3.14%	–
NWSA	New	News Corp Cl A	$330,648,318	–	16,956,324	–	3.14%	–
BKNG	New	Booking Hldgs Inc. Com	$318,771,256	–	118,049	–	3.02%	–
FOX	New	Fox Corp B	$279,486,118	–	8,764,068	–	2.65%	–
PXD	New	Pioneer Natural Resources	$264,236,336	–	1,275,395	–	2.50%	–
STT	New	State Street Corp	$255,620,960	–	3,493,044	–	2.42%	–
WFRD	New	Weatherford International PLC	$253,777,536	–	3,820,800	–	2.41%	–
BRKB	New	Berkshire Hathaway B	$241,219,990	–	707,390	–	2.29%	–
INGR	New	Ingredion Inc	$236,718,787	–	2,234,250	–	2.24%	–
OLN	New	Olin Corp	$221,775,035	–	4,315,529	–	2.10%	–
EOG	New	EOG Resources Inc	$195,533,443	–	1,708,611	–	1.85%	–
FANG	New	Diamondback Energy Inc	$190,992,974	–	1,453,966	–	1.81%	–
COP	New	ConocoPhillips	$188,896,053	–	1,823,145	–	1.79%	–
NOC	New	Northrop Grumman Corp	$186,804,616	–	409,839	–	1.77%	–
ANTM	New	Elevance Health, Inc.	$172,718,182	–	388,751	–	1.64%	–
BK	New	BNY Mellon Corp.	$169,398,199	–	3,804,991	–	1.61%	–
ORCL	New	Oracle Corporation	$165,409,698	–	1,388,947	–	1.57%	–
TSN	New	Tyson Foods Inc	$156,373,239	–	3,063,739	–	1.48%	–
KO	New	Coca-Cola Co.	$156,028,213	–	2,590,970	–	1.48%	–
LMT	New	Lockheed Martin Corp.	$153,254,517	–	332,887	–	1.45%	–
DIS	New	Walt Disney Company	$148,578,439	–	1,664,185	–	1.41%	–
DVN	New	Devon Energy Corp	$145,647,888	–	3,012,989	–	1.38%	–
EBAY	New	Ebay Inc.	$129,162,278	–	2,890,183	–	1.22%	–
LHX	New	L3Harris Technologies	$128,068,036	–	654,176	–	1.21%	–
SYY	New	Sysco Corporation	$112,869,478	–	1,521,152	–	1.07%	–
WFC	New	Wells Fargo & Co	$110,321,483	–	2,584,852	–	1.05%	–
CL	New	Colgate-Palmolive	$100,591,128	–	1,305,700	–	0.95%	–
	New	Warner Bros Discovery Inc	$100,253,764	–	7,994,718	–	0.95%	–
FOXA	New	Fox Corp A	$89,329,560	–	2,627,340	–	0.85%	–
AWI	New	Armstrong World Industries	$86,628,219	–	1,179,257	–	0.82%	–
CSCO	New	Cisco Systems Inc.	$72,049,295	–	1,392,526	–	0.68%	–
UNVR	New	Univar Solutions Inc.	$71,645,594	–	1,999,040	–	0.68%	–
GS	New	Goldman Sachs Grp	$61,794,148	–	191,586	–	0.59%	–
CMCSA	New	Comcast Cl A	$60,446,940	–	1,454,800	–	0.57%	–
	New	Embecta Corp	$56,626,322	–	2,621,589	–	0.54%	–
EAF	New	Graftech International LTD	$46,652,639	–	9,256,476	–	0.44%	–
MU	New	Micron Technology Inc	$42,105,162	–	667,171	–	0.40%	–
GLW	New	Corning Inc.	$41,697,600	–	1,190,000	–	0.40%	–
UHAL	New	U-Haul Holding Company	$39,532,446	–	714,614	–	0.38%	–
FHB	New	First Hawaiian Inc.	$34,653,167	–	1,924,107	–	0.33%	–
MSM	New	MSC Industrial Direct Co.	$27,729,815	–	291,035	–	0.26%	–
BRKA	New	Berkshire Hathaway A	$17,087,730	–	33	–	0.16%	–
XOM	New	Exxon Mobil Corp.	$16,066,050	–	149,800	–	0.15%	–
UL	New	Unilever PLC ADRadr	$15,847,676	–	304,003	–	0.15%	–
NWS	New	News Corp CL B	$11,075,699	–	561,648	–	0.10%	–
CLX	New	Clorox Company	$4,628,064	–	29,100	–	0.04%	–
MA	New	Mastercard Inc.	$4,377,429	–	11,130	–	0.04%	–
LEGH	New	Legacy Housing Corporation	$3,768,375	–	162,500	–	0.04%	–
CRMT	New	America's CAR MART Inc	$2,694,060	–	27,000	–	0.03%	–
MCO	New	Moody's Corp.	$2,667,012	–	7,670	–	0.02%	–
HSY	New	Hershey Co.	$2,546,940	–	10,200	–	0.02%	–
AMPY	New	Amplify Energy Corp	$1,963,300	–	290,000	–	0.02%	–
SPY	New	Spdr S&P 500 ETF	$1,835,179	–	4,140	–	0.02%	–
RDI	New	Reading International, Inc.	$1,378,000	–	520,000	–	0.01%	–
CATO	New	Cato Corp	$846,723	–	105,445	–	0.01%	–
PM	New	Philip Morris Intl	$712,724	–	7,301	–	0.01%	–
USB	New	U.S. Bancorp	$301,259	–	9,118	–	0.00%	–
MO	New	Altria Group Inc.	$262,740	–	5,800	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
MO	Exit	Altria Group Inc.	$0	–	-13,000	–	-0.01%	–
SPY	Exit	Spdr S&P 500 ETF	$0	–	-2,243	–	-0.01%	–
CATO	Exit	Cato Corp	$0	–	-105,445	–	-0.01%	–
EPM	Exit	Evolution Petroleum Corporatio	$0	–	-170,000	–	-0.01%	–
PM	Exit	Philip Morris Intl	$0	–	-17,001	–	-0.02%	–
MCO	Exit	Moody's Corp.	$0	–	-6,270	–	-0.02%	–
CRMT	Exit	America's CAR MART Inc	$0	–	-25,000	–	-0.02%	–
RDI	Exit	Reading International, Inc.	$0	–	-605,000	–	-0.02%	–
AMPY	Exit	Amplify Energy Corp	$0	–	-335,000	–	-0.02%	–
HSY	Exit	Hershey Co.	$0	–	-10,200	–	-0.02%	–
MA	Exit	Mastercard Inc.	$0	–	-9,980	–	-0.03%	–
CLX	Exit	Clorox Company	$0	–	-29,100	–	-0.04%	–
LEGH	Exit	Legacy Housing Corporation	$0	–	-235,000	–	-0.04%	–
NWS	Exit	News Corp CL B	$0	–	-562,426	–	-0.10%	–
UL	Exit	Unilever PLC ADRadr	$0	–	-314,762	–	-0.15%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-183,100	–	-0.17%	–
BRKA	Exit	Berkshire Hathaway A	$0	–	-45	–	-0.20%	–
ACA	Exit	Arcosa Inc.	$0	–	-374,976	–	-0.23%	–
MSM	Exit	MSC Industrial Direct Co.	$0	–	-365,635	–	-0.29%	–
EAF	Exit	Graftech International LTD	$0	–	-7,830,998	–	-0.37%	–
GLW	Exit	Corning Inc.	$0	–	-1,182,000	–	-0.37%	–
MU	Exit	Micron Technology Inc	$0	–	-695,208	–	-0.38%	–
CMCSA	Exit	Comcast Cl A	$0	–	-1,464,200	–	-0.47%	–
	Exit	Firstcash Holdings Inc	$0	–	-594,851	–	-0.48%	–
FHB	Exit	First Hawaiian Inc.	$0	–	-1,902,482	–	-0.51%	–
GS	Exit	Goldman Sachs Grp	$0	–	-194,050	–	-0.62%	–
	Exit	Warner Bros Discovery Inc	$0	–	-5,420,359	–	-0.68%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-1,564,246	–	-0.68%	–
EBAY	Exit	Ebay Inc.	$0	–	-1,801,050	–	-0.72%	–
	Exit	Embecta Corp	$0	–	-2,313,230	–	-0.73%	–
FOXA	Exit	Fox Corp A	$0	–	-2,669,660	–	-0.89%	–
ORCL	Exit	Oracle Corporation	$0	–	-1,432,074	–	-0.95%	–
AWI	Exit	Armstrong World Industries	$0	–	-1,114,952	–	-0.96%	–
CL	Exit	Colgate-Palmolive	$0	–	-1,297,400	–	-0.99%	–
WFC	Exit	Wells Fargo & Co	$0	–	-2,588,070	–	-1.14%	–
SYY	Exit	Sysco Corporation	$0	–	-1,927,290	–	-1.48%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-356,245	–	-1.50%	–
LHX	Exit	L3Harris Technologies	$0	–	-687,727	–	-1.56%	–
BK	Exit	BNY Mellon Corp.	$0	–	-3,802,772	–	-1.60%	–
KO	Exit	Coca-Cola Co.	$0	–	-2,625,017	–	-1.60%	–
PXD	Exit	Pioneer Natural Resources	$0	–	-686,869	–	-1.62%	–
FANG	Exit	Diamondback Energy Inc	$0	–	-1,262,012	–	-1.66%	–
DIS	Exit	Walt Disney Company	$0	–	-1,665,374	–	-1.71%	–
DVN	Exit	Devon Energy Corp	$0	–	-2,664,927	–	-1.75%	–
EOG	Exit	EOG Resources Inc	$0	–	-1,435,030	–	-1.75%	–
ANTM	Exit	Elevance Health, Inc.	$0	–	-385,532	–	-1.91%	–
COP	Exit	ConocoPhillips	$0	–	-1,766,770	–	-1.97%	–
WFRD	Exit	Weatherford International PLC	$0	–	-5,735,000	–	-2.02%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-707,956	–	-2.06%	–
INGR	Exit	Ingredion Inc	$0	–	-2,352,877	–	-2.06%	–
USB	Exit	U.S. Bancorp	$0	–	-4,748,133	–	-2.09%	–
TSN	Exit	Tyson Foods Inc	$0	–	-2,915,324	–	-2.10%	–
NOC	Exit	Northrop Grumman Corp	$0	–	-433,932	–	-2.22%	–
STT	Exit	State Street Corp	$0	–	-3,502,575	–	-2.32%	–
RS	Exit	Reliance Steel & Aluminum Co.	$0	–	-1,258,992	–	-2.39%	–
FOX	Exit	Fox Corp B	$0	–	-8,649,389	–	-2.69%	–
NWSA	Exit	News Corp Cl A	$0	–	-16,516,443	–	-2.72%	–
BKNG	Exit	Booking Hldgs Inc. Com	$0	–	-156,330	–	-2.80%	–
SCHW	Exit	Charles Schwab Corp	$0	–	-3,578,313	–	-2.80%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-5,512,773	–	-3.45%	–
JNJ	Exit	Johnson & Johnson	$0	–	-2,090,998	–	-3.72%	–
PG	Exit	Procter & Gamble	$0	–	-2,953,251	–	-4.06%	–
UHAL	Exit	Amerco	$0	–	-734,057	–	-4.07%	–
GOOG	Exit	Alphabet Inc.	$0	–	-4,146,399	–	-4.34%	–
MSFT	Exit	Microsoft Corp.	$0	–	-1,942,373	–	-4.93%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-3,736,659	–	-6.65%	–
CNQ	Exit	Canadian Natural Resources Ltd	$0	–	-15,807,564	–	-8.02%	–

Q3 2022

			Value		Shares		↓ Weighting
CNQ	Sell	Canadian Natural Resources Ltd	$736,158,000	-18.8%	15,807,564	-6.4%	8.02%	-14.7%
PEP	Sell	PepsiCo, Inc.	$610,047,000	-14.0%	3,736,659	-12.2%	6.65%	-9.6%
MSFT	Sell	Microsoft Corp.	$452,379,000	-9.3%	1,942,373	-0.0%	4.93%	-4.8%
GOOG	Buy	Alphabet Inc.	$398,676,000	-12.1%	4,146,399	+1900.4%	4.34%	-7.6%
UHAL	Buy	Amerco	$373,797,000	+6.6%	734,057	+0.1%	4.07%	+12.0%
PG	Sell	Procter & Gamble	$372,848,000	-15.0%	2,953,251	-3.2%	4.06%	-10.7%
JNJ	Sell	Johnson & Johnson	$341,585,000	-10.0%	2,090,998	-2.2%	3.72%	-5.4%
CTSH	Buy	Cognizant Technology Solutions	$316,654,000	-14.7%	5,512,773	+0.2%	3.45%	-10.4%
SCHW	Buy	Charles Schwab Corp	$257,173,000	+16.7%	3,578,313	+2.6%	2.80%	+22.7%
BKNG	Buy	Booking Hldgs Inc. Com	$256,883,000	-5.4%	156,330	+0.7%	2.80%	-0.6%
NWSA	Buy	News Corp Cl A	$249,563,000	-2.6%	16,516,443	+0.4%	2.72%	+2.3%
FOX	Buy	Fox Corp B	$246,508,000	-3.9%	8,649,389	+0.2%	2.69%	+1.0%
RS	Sell	Reliance Steel & Aluminum Co.	$219,581,000	+2.5%	1,258,992	-0.2%	2.39%	+7.6%
STT	Buy	State Street Corp	$212,992,000	-1.2%	3,502,575	+0.1%	2.32%	+3.8%
NOC	Sell	Northrop Grumman Corp	$204,087,000	-2.1%	433,932	-0.4%	2.22%	+2.9%
TSN	Buy	Tyson Foods Inc	$192,207,000	-23.2%	2,915,324	+0.2%	2.10%	-19.4%
USB	Buy	U.S. Bancorp	$191,445,000	-12.0%	4,748,133	+0.5%	2.09%	-7.5%
INGR	Sell	Ingredion Inc	$189,454,000	-9.1%	2,352,877	-0.5%	2.06%	-4.5%
BRKB	Sell	Berkshire Hathaway B	$189,038,000	-2.4%	707,956	-0.2%	2.06%	+2.5%
COP	Buy	ConocoPhillips	$180,811,000	+651.1%	1,766,770	+559.1%	1.97%	+688.4%
ANTM	Sell	Elevance Health, Inc.	$175,124,000	-6.1%	385,532	-0.2%	1.91%	-1.3%
EOG	New	EOG Resources Inc	$160,336,000	–	1,435,030	–	1.75%	–
DVN	New	Devon Energy Corp	$160,242,000	–	2,664,927	–	1.75%	–
DIS	Sell	Walt Disney Company	$157,095,000	-0.2%	1,665,374	-0.1%	1.71%	+4.8%
FANG	New	Diamondback Energy Inc	$152,022,000	–	1,262,012	–	1.66%	–
PXD	New	Pioneer Natural Resources	$148,728,000	–	686,869	–	1.62%	–
KO	Sell	Coca-Cola Co.	$147,053,000	-57.7%	2,625,017	-52.5%	1.60%	-55.5%
BK	Buy	BNY Mellon Corp.	$146,483,000	-7.3%	3,802,772	+0.4%	1.60%	-2.6%
LHX	Sell	L3Harris Technologies	$142,930,000	-14.1%	687,727	-0.2%	1.56%	-9.8%
LMT	Sell	Lockheed Martin Corp.	$137,614,000	-10.3%	356,245	-0.2%	1.50%	-5.8%
SYY	Sell	Sysco Corporation	$136,279,000	-60.9%	1,927,290	-53.1%	1.48%	-58.9%
WFC	Sell	Wells Fargo & Co	$104,092,000	-40.9%	2,588,070	-42.4%	1.14%	-37.9%
CL	Buy	Colgate-Palmolive	$91,142,000	-12.1%	1,297,400	+0.3%	0.99%	-7.7%
AWI	Buy	Armstrong World Industries	$88,338,000	+5.9%	1,114,952	+0.2%	0.96%	+11.3%
ORCL	Buy	Oracle Corporation	$87,457,000	-12.4%	1,432,074	+0.2%	0.95%	-8.0%
FOXA	Sell	Fox Corp A	$81,905,000	-4.8%	2,669,660	-0.2%	0.89%	0.0%
	Buy	Embecta Corp	$66,598,000	+14.0%	2,313,230	+0.2%	0.73%	+19.8%
EBAY	Buy	Ebay Inc.	$66,297,000	-11.1%	1,801,050	+0.7%	0.72%	-6.5%
CSCO	Buy	Cisco Systems Inc.	$62,570,000	-4.6%	1,564,246	+1.7%	0.68%	+0.3%
	Buy	Warner Bros Discovery Inc	$62,334,000	-13.7%	5,420,359	+0.7%	0.68%	-9.3%
GS	Sell	Goldman Sachs Grp	$56,866,000	-1.7%	194,050	-0.4%	0.62%	+3.3%
FHB	Sell	First Hawaiian Inc.	$46,858,000	-5.6%	1,902,482	-12.9%	0.51%	-0.8%
	Sell	Firstcash Holdings Inc	$43,632,000	+4.5%	594,851	-1.0%	0.48%	+9.9%
CMCSA	Sell	Comcast Cl A	$42,945,000	-25.4%	1,464,200	-0.1%	0.47%	-21.6%
MU	Buy	Micron Technology Inc	$34,830,000	-8.1%	695,208	+1.4%	0.38%	-3.3%
EAF	Buy	Graftech International LTD	$33,752,000	-7.7%	7,830,998	+51.5%	0.37%	-2.9%
MSM	Sell	MSC Industrial Direct Co.	$26,622,000	-71.5%	365,635	-70.6%	0.29%	-70.1%
ACA	Sell	Arcosa Inc.	$21,441,000	+13.6%	374,976	-7.8%	0.23%	+19.4%
XOM	Sell	Exxon Mobil Corp.	$15,986,000	-20.1%	183,100	-21.7%	0.17%	-16.3%
UL	Buy	Unilever PLC ADRadr	$13,799,000	-1.3%	314,762	+3.2%	0.15%	+3.4%
NWS	Buy	News Corp CL B	$8,673,000	-1.3%	562,426	+1.7%	0.10%	+4.4%
LEGH	Sell	Legacy Housing Corporation	$4,030,000	+8.4%	235,000	-17.5%	0.04%	+12.8%
AMPY	Buy	Amplify Energy Corp	$2,201,000	+53.0%	335,000	+52.3%	0.02%	+60.0%
RDI	Sell	Reading International, Inc.	$1,990,000	-20.2%	605,000	-12.4%	0.02%	-15.4%
CRMT	Buy	America's CAR MART Inc	$1,525,000	-2.2%	25,000	+61.3%	0.02%	+6.2%
MCO	Buy	Moody's Corp.	$1,524,000	+31.3%	6,270	+46.8%	0.02%	+41.7%
SPY	Buy	Spdr S&P 500 ETF	$801,000	+102.3%	2,243	+113.8%	0.01%	+125.0%
HUN	Exit	Huntsman Corporation	$0	–	-180,000	–	-0.05%	–
ABEV	Exit	Ambev SSAadr	$0	–	-5,000,000	–	-0.13%	–

Q2 2022

			Value		Shares		↓ Weighting
CNQ	New	Canadian Natural Resources Ltd	$906,817,000	–	16,893,012	–	9.41%	–
PEP	New	PepsiCo, Inc.	$709,361,000	–	4,256,339	–	7.36%	–
MSFT	New	Microsoft Corp.	$499,028,000	–	1,943,030	–	5.18%	–
GOOG	New	Alphabet Inc.	$453,415,000	–	207,280	–	4.70%	–
PG	New	Procter & Gamble	$438,805,000	–	3,051,710	–	4.55%	–
JNJ	New	Johnson & Johnson	$379,392,000	–	2,137,299	–	3.94%	–
CTSH	New	Cognizant Technology Solutions	$371,376,000	–	5,502,687	–	3.85%	–
UHAL	New	Amerco	$350,781,000	–	733,498	–	3.64%	–
SYY	New	Sysco Corporation	$348,400,000	–	4,112,857	–	3.61%	–
KO	New	Coca-Cola Co.	$347,437,000	–	5,522,758	–	3.60%	–
BKNG	New	Booking Hldgs Inc. Com	$271,646,000	–	155,316	–	2.82%	–
FOX	New	Fox Corp B	$256,480,000	–	8,635,689	–	2.66%	–
NWSA	New	News Corp Cl A	$256,335,000	–	16,452,794	–	2.66%	–
TSN	New	Tyson Foods Inc	$250,421,000	–	2,909,846	–	2.60%	–
SCHW	New	Charles Schwab Corp	$220,287,000	–	3,486,660	–	2.28%	–
USB	New	U.S. Bancorp	$217,480,000	–	4,725,764	–	2.26%	–
STT	New	State Street Corp	$215,628,000	–	3,497,613	–	2.24%	–
RS	New	Reliance Steel & Aluminum Co.	$214,249,000	–	1,261,329	–	2.22%	–
INGR	New	Ingredion Inc	$208,443,000	–	2,364,368	–	2.16%	–
NOC	New	Northrop Grumman Corp	$208,408,000	–	435,481	–	2.16%	–
BRKB	New	Berkshire Hathaway B	$193,762,000	–	709,699	–	2.01%	–
ANTM	New	Elevance Health, Inc.	$186,430,000	–	386,320	–	1.93%	–
WFC	New	Wells Fargo & Co	$176,063,000	–	4,494,847	–	1.83%	–
LHX	New	L3Harris Technologies	$166,486,000	–	688,812	–	1.73%	–
BK	New	BNY Mellon Corp.	$158,007,000	–	3,788,227	–	1.64%	–
DIS	New	Walt Disney Company	$157,399,000	–	1,667,359	–	1.63%	–
LMT	New	Lockheed Martin Corp.	$153,457,000	–	356,910	–	1.59%	–
WFRD	New	Weatherford International PLC	$121,410,000	–	5,735,000	–	1.26%	–
CL	New	Colgate-Palmolive	$103,693,000	–	1,293,900	–	1.08%	–
ORCL	New	Oracle Corporation	$99,819,000	–	1,428,643	–	1.04%	–
MSM	New	MSC Industrial Direct Co.	$93,503,000	–	1,244,875	–	0.97%	–
FOXA	New	Fox Corp A	$86,039,000	–	2,675,353	–	0.89%	–
AWI	New	Armstrong World Industries	$83,414,000	–	1,112,786	–	0.86%	–
EBAY	New	Ebay Inc.	$74,547,000	–	1,788,990	–	0.77%	–
	New	Warner Bros Discovery Inc	$72,236,000	–	5,382,729	–	0.75%	–
CSCO	New	Cisco Systems Inc.	$65,592,000	–	1,538,282	–	0.68%	–
	New	Embecta Corp	$58,439,000	–	2,308,014	–	0.61%	–
GS	New	Goldman Sachs Grp	$57,870,000	–	194,835	–	0.60%	–
CMCSA	New	Comcast Cl A	$57,534,000	–	1,466,200	–	0.60%	–
FHB	New	First Hawaiian Inc.	$49,616,000	–	2,184,764	–	0.52%	–
	New	Firstcash Holdings Inc	$41,765,000	–	600,851	–	0.43%	–
MU	New	Micron Technology Inc	$37,900,000	–	685,606	–	0.39%	–
GLW	New	Corning Inc.	$37,245,000	–	1,182,000	–	0.39%	–
EAF	New	Graftech International LTD	$36,554,000	–	5,170,236	–	0.38%	–
COP	New	ConocoPhillips	$24,074,000	–	268,050	–	0.25%	–
XOM	New	Exxon Mobil Corp.	$20,014,000	–	233,700	–	0.21%	–
ACA	New	Arcosa Inc.	$18,876,000	–	406,549	–	0.20%	–
BRKA	New	Berkshire Hathaway A	$18,403,000	–	45	–	0.19%	–
UL	New	Unilever PLC ADRadr	$13,982,000	–	305,085	–	0.14%	–
ABEV	New	Ambev SSAadr	$12,550,000	–	5,000,000	–	0.13%	–
NWS	New	News Corp CL B	$8,787,000	–	552,999	–	0.09%	–
HUN	New	Huntsman Corporation	$5,103,000	–	180,000	–	0.05%	–
CLX	New	Clorox Company	$4,103,000	–	29,100	–	0.04%	–
LEGH	New	Legacy Housing Corporation	$3,719,000	–	285,000	–	0.04%	–
MA	New	Mastercard Inc.	$3,148,000	–	9,980	–	0.03%	–
RDI	New	Reading International, Inc.	$2,495,000	–	691,000	–	0.03%	–
HSY	New	Hershey Co.	$2,195,000	–	10,200	–	0.02%	–
PM	New	Philip Morris Intl	$1,679,000	–	17,001	–	0.02%	–
CRMT	New	America's CAR MART Inc	$1,559,000	–	15,500	–	0.02%	–
AMPY	New	Amplify Energy Corp	$1,439,000	–	220,000	–	0.02%	–
CATO	New	Cato Corp	$1,224,000	–	105,445	–	0.01%	–
MCO	New	Moody's Corp.	$1,161,000	–	4,270	–	0.01%	–
EPM	New	Evolution Petroleum Corporatio	$928,000	–	170,000	–	0.01%	–
MO	New	Altria Group Inc.	$543,000	–	13,000	–	0.01%	–
SPY	New	Spdr S&P 500 ETF	$396,000	–	1,049	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
LOV	Exit	Spark Networks SEadr	$0	–	-86,000	–	-0.00%	–
MO	Exit	Altria Group Inc.	$0	–	-14,500	–	-0.01%	–
AMPY	Exit	Amplify Energy Corp	$0	–	-170,000	–	-0.01%	–
EPM	Exit	Evolution Petroleum Corporatio	$0	–	-205,000	–	-0.01%	–
HSY	Exit	Hershey Co.	$0	–	-10,200	–	-0.02%	–
PM	Exit	Philip Morris Intl	$0	–	-22,127	–	-0.02%	–
CATO	Exit	Cato Corp	$0	–	-178,445	–	-0.03%	–
MA	Exit	Mastercard Inc.	$0	–	-9,280	–	-0.03%	–
CLX	Exit	Clorox Company	$0	–	-19,225	–	-0.03%	–
RDI	Exit	Reading International, Inc.	$0	–	-741,100	–	-0.04%	–
LEGH	Exit	Legacy Housing Corporation	$0	–	-232,100	–	-0.04%	–
SYK	Exit	Stryker Corporation	$0	–	-23,236	–	-0.06%	–
TREC	Exit	Trecora Resources	$0	–	-1,555,000	–	-0.12%	–
NWS	Exit	News Corp CL B	$0	–	-545,893	–	-0.12%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-235,699	–	-0.13%	–
UL	Exit	Unilever PLC ADRadr	$0	–	-311,114	–	-0.16%	–
COP	Exit	ConocoPhillips	$0	–	-264,950	–	-0.17%	–
ABEV	Exit	Ambev SSAadr	$0	–	-7,000,000	–	-0.19%	–
BRKA	Exit	Berkshire Hathaway A	$0	–	-52	–	-0.21%	–
ACA	Exit	Arcosa Inc.	$0	–	-434,984	–	-0.21%	–
GLW	Exit	Corning Inc.	$0	–	-1,193,000	–	-0.42%	–
MU	Exit	Micron Technology Inc	$0	–	-686,937	–	-0.47%	–
EAF	Exit	Graftech International LTD	$0	–	-5,205,501	–	-0.52%	–
FCFS	Exit	Firstcash Inc. Com	$0	–	-625,051	–	-0.53%	–
GS	Exit	Goldman Sachs Grp	$0	–	-199,885	–	-0.73%	–
FHB	Exit	First Hawaiian Inc.	$0	–	-2,765,985	–	-0.78%	–
CMCSA	Exit	Comcast Cl A	$0	–	-1,509,450	–	-0.81%	–
CL	Exit	Colgate-Palmolive	$0	–	-1,317,600	–	-0.96%	–
MSM	Exit	MSC Industrial Direct Co.	$0	–	-1,250,827	–	-0.96%	–
AWI	Exit	Armstrong World Industries	$0	–	-1,093,334	–	-1.00%	–
FOXA	Exit	Fox Corp A	$0	–	-2,720,058	–	-1.05%	–
WFRD	Exit	Weatherford International PLC	$0	–	-6,095,000	–	-1.15%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-2,257,250	–	-1.18%	–
LMT	Exit	Lockheed Martin Corp.	$0	–	-356,125	–	-1.18%	–
M	Exit	Macy's Inc.	$0	–	-5,582,318	–	-1.21%	–
ANTM	Exit	Anthem Inc.	$0	–	-402,308	–	-1.44%	–
LHX	Exit	L3Harris Technologies	$0	–	-688,414	–	-1.46%	–
NOC	Exit	Northrop Grumman Corp	$0	–	-437,931	–	-1.52%	–
ORCL	Exit	Oracle Corporation	$0	–	-1,832,770	–	-1.54%	–
BK	Exit	BNY Mellon Corp.	$0	–	-3,812,079	–	-1.90%	–
HUN	Exit	Huntsman Corporation	$0	–	-6,689,809	–	-1.90%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-734,846	–	-1.93%	–
WFC	Exit	Wells Fargo & Co	$0	–	-4,547,724	–	-2.03%	–
TSN	Exit	Tyson Foods Inc	$0	–	-2,720,814	–	-2.07%	–
INGR	Exit	Ingredion Inc	$0	–	-2,605,049	–	-2.23%	–
SCHW	Exit	Charles Schwab Corp	$0	–	-3,469,928	–	-2.43%	–
USB	Exit	U.S. Bancorp	$0	–	-4,699,793	–	-2.69%	–
UHAL	Exit	Amerco	$0	–	-444,927	–	-2.76%	–
STT	Exit	State Street Corp	$0	–	-3,509,773	–	-2.86%	–
FOX	Exit	Fox Corp B	$0	–	-8,569,128	–	-3.06%	–
KO	Exit	Coca-Cola Co.	$0	–	-6,363,956	–	-3.21%	–
JNJ	Exit	Johnson & Johnson	$0	–	-2,186,447	–	-3.40%	–
DIS	Exit	Walt Disney Company	$0	–	-2,132,676	–	-3.47%	–
BKNG	Exit	Booking Hldgs Inc. Com	$0	–	-157,844	–	-3.60%	–
NWSA	Exit	News Corp Cl A	$0	–	-16,031,924	–	-3.63%	–
SYY	Exit	Sysco Corporation	$0	–	-5,429,302	–	-4.10%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-5,816,135	–	-4.15%	–
PG	Exit	Procter & Gamble	$0	–	-3,208,833	–	-4.31%	–
MSFT	Exit	Microsoft Corp.	$0	–	-2,049,102	–	-5.56%	–
CNQ	Exit	Canadian Natural Resources Ltd	$0	–	-16,641,604	–	-5.85%	–
GOOG	Exit	Alphabet Inc.	$0	–	-229,560	–	-5.88%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-4,468,994	–	-6.46%	–

Q3 2021

			Value		Shares		↓ Weighting
PEP	Sell	PepsiCo, Inc.	$672,181,000	+1.3%	4,468,994	-0.2%	6.46%	+0.4%
GOOG	Sell	Alphabet Inc.	$611,849,000	+4.9%	229,560	-1.4%	5.88%	+4.0%
CNQ	Buy	Canadian Natural Resources Ltd	$608,084,000	+31.2%	16,641,604	+30.3%	5.85%	+30.1%
MSFT	Sell	Microsoft Corp.	$577,683,000	+1.9%	2,049,102	-2.1%	5.56%	+1.0%
PG	Sell	Procter & Gamble	$448,595,000	+2.8%	3,208,833	-0.8%	4.31%	+1.9%
CTSH	Buy	Cognizant Technology Solutions	$431,615,000	+41.0%	5,816,135	+31.6%	4.15%	+39.8%
SYY	Sell	Sysco Corporation	$426,200,000	+0.4%	5,429,302	-0.5%	4.10%	-0.4%
NWSA	Sell	News Corp Cl A	$377,231,000	-9.3%	16,031,924	-0.6%	3.63%	-10.1%
BKNG	Sell	Booking Hldgs Inc. Com	$374,701,000	+8.0%	157,844	-0.5%	3.60%	+7.0%
DIS	Sell	Walt Disney Company	$360,785,000	-4.1%	2,132,676	-0.4%	3.47%	-5.0%
JNJ	Sell	Johnson & Johnson	$353,111,000	-2.3%	2,186,447	-0.3%	3.40%	-3.1%
KO	Sell	Coca-Cola Co.	$333,917,000	-3.2%	6,363,956	-0.2%	3.21%	-4.1%
FOX	Sell	Fox Corp B	$318,086,000	+4.9%	8,569,128	-0.5%	3.06%	+4.0%
STT	Sell	State Street Corp	$297,348,000	+2.4%	3,509,773	-0.6%	2.86%	+1.5%
UHAL	Sell	Amerco	$287,436,000	+8.9%	444,927	-0.6%	2.76%	+8.0%
USB	Sell	U.S. Bancorp	$279,356,000	+3.8%	4,699,793	-0.5%	2.69%	+2.9%
SCHW	Sell	Charles Schwab Corp	$252,750,000	-0.3%	3,469,928	-0.3%	2.43%	-1.1%
INGR	Sell	Ingredion Inc	$231,875,000	-2.6%	2,605,049	-1.0%	2.23%	-3.5%
TSN	Sell	Tyson Foods Inc	$214,781,000	+6.8%	2,720,814	-0.3%	2.07%	+5.8%
WFC	Sell	Wells Fargo & Co	$211,060,000	+1.7%	4,547,724	-0.7%	2.03%	+0.8%
BRKB	Sell	Berkshire Hathaway B	$200,569,000	-2.8%	734,846	-1.0%	1.93%	-3.6%
HUN	Sell	Huntsman Corporation	$197,951,000	+11.1%	6,689,809	-0.4%	1.90%	+10.2%
BK	Sell	BNY Mellon Corp.	$197,618,000	+0.6%	3,812,079	-0.6%	1.90%	-0.3%
ORCL	Sell	Oracle Corporation	$159,689,000	+9.3%	1,832,770	-2.4%	1.54%	+8.3%
NOC	Sell	Northrop Grumman Corp	$157,721,000	-1.6%	437,931	-0.7%	1.52%	-2.5%
LHX	Sell	L3Harris Technologies	$151,616,000	+1.1%	688,414	-0.8%	1.46%	+0.2%
ANTM	Sell	Anthem Inc.	$149,980,000	-3.1%	402,308	-0.8%	1.44%	-4.0%
M	Sell	Macy's Inc.	$126,160,000	-19.7%	5,582,318	-32.6%	1.21%	-20.4%
CSCO	Sell	Cisco Systems Inc.	$122,862,000	-17.7%	2,257,250	-19.8%	1.18%	-18.4%
LMT	Buy	Lockheed Martin Corp.	$122,899,000	-8.7%	356,125	+0.1%	1.18%	-9.5%
WFRD	Sell	Weatherford International PLC	$119,889,000	-8.5%	6,095,000	-15.4%	1.15%	-9.4%
FOXA	Sell	Fox Corp A	$109,102,000	+6.8%	2,720,058	-1.1%	1.05%	+5.9%
AWI	Sell	Armstrong World Industries	$104,381,000	-12.0%	1,093,334	-1.1%	1.00%	-12.7%
MSM	Sell	MSC Industrial Direct Co.	$100,304,000	-10.7%	1,250,827	-0.1%	0.96%	-11.5%
CL	Sell	Colgate-Palmolive	$99,584,000	-7.8%	1,317,600	-0.8%	0.96%	-8.6%
CMCSA	Sell	Comcast Cl A	$84,424,000	-2.5%	1,509,450	-0.6%	0.81%	-3.3%
FHB	Sell	First Hawaiian Inc.	$81,182,000	+2.8%	2,765,985	-0.7%	0.78%	+2.0%
GS	Sell	Goldman Sachs Grp	$75,563,000	-22.2%	199,885	-21.9%	0.73%	-22.9%
FCFS	Sell	Firstcash Inc. Com	$54,692,000	+13.5%	625,051	-0.9%	0.53%	+12.4%
EAF	Sell	Graftech International LTD	$53,721,000	-12.4%	5,205,501	-1.3%	0.52%	-13.1%
MU	Buy	Micron Technology Inc	$48,759,000	-16.3%	686,937	+0.2%	0.47%	-17.0%
GLW	Sell	Corning Inc.	$43,533,000	-11.6%	1,193,000	-1.0%	0.42%	-12.3%
ACA	Sell	Arcosa Inc.	$21,823,000	-19.9%	434,984	-6.2%	0.21%	-20.5%
COP	Sell	ConocoPhillips	$17,956,000	-77.8%	264,950	-80.1%	0.17%	-78.0%
UL	Buy	Unilever PLC ADRadr	$16,869,000	+18.7%	311,114	+28.0%	0.16%	+17.4%
XOM	Sell	Exxon Mobil Corp.	$13,864,000	-81.6%	235,699	-80.2%	0.13%	-81.8%
TREC	Buy	Trecora Resources	$12,720,000	+35.1%	1,555,000	+37.4%	0.12%	+34.1%
NWS	Sell	News Corp CL B	$12,681,000	-5.4%	545,893	-0.9%	0.12%	-6.2%
SYK	Buy	Stryker Corporation	$6,128,000	+1.9%	23,236	+0.3%	0.06%	+1.7%
LEGH	Buy	Legacy Housing Corporation	$4,171,000	+35.2%	232,100	+27.2%	0.04%	+33.3%
PM	Sell	Philip Morris Intl	$2,097,000	-10.0%	22,127	-5.8%	0.02%	-13.0%
VMI	Exit	Valmont Industries Inc.	$0	–	-3,893	–	-0.01%	–
RL	Exit	Ralph Lauren Corp	$0	–	-65,962	–	-0.08%	–

Q2 2021

			Value		Shares		↓ Weighting
PEP	New	PepsiCo, Inc.	$663,606,000	–	4,478,683	–	6.44%	–
GOOG	New	Alphabet Inc.	$583,251,000	–	232,712	–	5.66%	–
MSFT	New	Microsoft Corp.	$566,745,000	–	2,092,081	–	5.50%	–
CNQ	New	Canadian Natural Resources Ltd	$463,340,000	–	12,771,226	–	4.50%	–
PG	New	Procter & Gamble	$436,356,000	–	3,233,942	–	4.23%	–
SYY	New	Sysco Corporation	$424,381,000	–	5,458,276	–	4.12%	–
NWSA	New	News Corp Cl A	$415,736,000	–	16,132,571	–	4.03%	–
DIS	New	Walt Disney Company	$376,284,000	–	2,140,775	–	3.65%	–
JNJ	New	Johnson & Johnson	$361,288,000	–	2,193,082	–	3.50%	–
BKNG	New	Booking Hldgs Inc. Com	$347,070,000	–	158,618	–	3.37%	–
KO	New	Coca-Cola Co.	$344,994,000	–	6,375,789	–	3.35%	–
CTSH	New	Cognizant Technology Solutions	$306,044,000	–	4,418,767	–	2.97%	–
FOX	New	Fox Corp B	$303,163,000	–	8,612,594	–	2.94%	–
STT	New	State Street Corp	$290,520,000	–	3,530,873	–	2.82%	–
USB	New	U.S. Bancorp	$269,163,000	–	4,724,653	–	2.61%	–
UHAL	New	Amerco	$263,858,000	–	447,673	–	2.56%	–
SCHW	New	Charles Schwab Corp	$253,491,000	–	3,481,541	–	2.46%	–
INGR	New	Ingredion Inc	$238,042,000	–	2,630,301	–	2.31%	–
WFC	New	Wells Fargo & Co	$207,492,000	–	4,581,416	–	2.01%	–
BRKB	New	Berkshire Hathaway B	$206,258,000	–	742,148	–	2.00%	–
TSN	New	Tyson Foods Inc	$201,192,000	–	2,727,657	–	1.95%	–
BK	New	BNY Mellon Corp.	$196,438,000	–	3,834,429	–	1.91%	–
HUN	New	Huntsman Corporation	$178,143,000	–	6,717,324	–	1.73%	–
NOC	New	Northrop Grumman Corp	$160,356,000	–	441,230	–	1.56%	–
M	New	Macy's Inc.	$157,108,000	–	8,286,276	–	1.52%	–
ANTM	New	Anthem Inc.	$154,764,000	–	405,354	–	1.50%	–
LHX	New	L3Harris Technologies	$149,978,000	–	693,861	–	1.46%	–
CSCO	New	Cisco Systems Inc.	$149,243,000	–	2,815,904	–	1.45%	–
ORCL	New	Oracle Corporation	$146,105,000	–	1,876,985	–	1.42%	–
LMT	New	Lockheed Martin Corp.	$134,606,000	–	355,772	–	1.31%	–
WFRD	New	Weatherford International PLC	$131,076,000	–	7,202,005	–	1.27%	–
AWI	New	Armstrong World Industries	$118,581,000	–	1,105,550	–	1.15%	–
MSM	New	MSC Industrial Direct Co.	$112,331,000	–	1,251,877	–	1.09%	–
CL	New	Colgate-Palmolive	$108,057,000	–	1,328,300	–	1.05%	–
FOXA	New	Fox Corp A	$102,110,000	–	2,750,063	–	0.99%	–
GS	New	Goldman Sachs Grp	$97,149,000	–	255,972	–	0.94%	–
CMCSA	New	Comcast Cl A	$86,593,000	–	1,518,650	–	0.84%	–
COP	New	ConocoPhillips	$80,990,000	–	1,329,884	–	0.79%	–
FHB	New	First Hawaiian Inc.	$78,940,000	–	2,785,458	–	0.77%	–
XOM	New	Exxon Mobil Corp.	$75,147,000	–	1,191,301	–	0.73%	–
EAF	New	Graftech International LTD	$61,314,000	–	5,276,575	–	0.60%	–
MU	New	Micron Technology Inc	$58,272,000	–	685,713	–	0.56%	–
GLW	New	Corning Inc.	$49,264,000	–	1,204,500	–	0.48%	–
FCFS	New	Firstcash Inc. Com	$48,199,000	–	630,551	–	0.47%	–
ACA	New	Arcosa Inc.	$27,254,000	–	463,977	–	0.26%	–
ABEV	New	Ambev SSAadr	$24,080,000	–	7,000,000	–	0.23%	–
BRKA	New	Berkshire Hathaway A	$21,767,000	–	52	–	0.21%	–
UL	New	Unilever PLC ADRadr	$14,216,000	–	243,005	–	0.14%	–
NWS	New	News Corp CL B	$13,408,000	–	550,641	–	0.13%	–
TREC	New	Trecora Resources	$9,418,000	–	1,132,000	–	0.09%	–
RL	New	Ralph Lauren Corp	$7,771,000	–	65,962	–	0.08%	–
SYK	New	Stryker Corporation	$6,016,000	–	23,161	–	0.06%	–
RDI	New	Reading International, Inc.	$5,165,000	–	741,100	–	0.05%	–
CLX	New	Clorox Company	$3,459,000	–	19,225	–	0.03%	–
MA	New	Mastercard Inc.	$3,388,000	–	9,280	–	0.03%	–
LEGH	New	Legacy Housing Corporation	$3,086,000	–	182,500	–	0.03%	–
CATO	New	Cato Corp	$3,010,000	–	178,445	–	0.03%	–
PM	New	Philip Morris Intl	$2,329,000	–	23,501	–	0.02%	–
HSY	New	Hershey Co.	$1,777,000	–	10,200	–	0.02%	–
EPM	New	Evolution Petroleum Corporatio	$1,017,000	–	205,000	–	0.01%	–
VMI	New	Valmont Industries Inc.	$919,000	–	3,893	–	0.01%	–
AMPY	New	Amplify Energy Corp	$688,000	–	170,000	–	0.01%	–
MO	New	Altria Group Inc.	$691,000	–	14,500	–	0.01%	–
LOV	New	Spark Networks SEadr	$445,000	–	86,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
SPY	Exit	Spdr S&P 500 ETF	$0	–	-701	–	-0.00%	–
LOV	Exit	Spark Networks SEadr	$0	–	-86,000	–	-0.01%	–
OTEL	Exit	Otelco Inc.	$0	–	-34,031	–	-0.01%	–
AMTD	Exit	TD Ameritrade Hldg Corp	$0	–	-15,700	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-22,500	–	-0.01%	–
LEGH	Exit	Legacy Housing Corporation	$0	–	-70,250	–	-0.01%	–
TLYS	Exit	Tilly's, Inc.	$0	–	-202,000	–	-0.02%	–
HSY	Exit	Hershey Co.	$0	–	-10,200	–	-0.02%	–
SCHW	Exit	Charles Schwab Corp	$0	–	-44,200	–	-0.02%	–
PM	Exit	Philip Morris Intl	$0	–	-23,501	–	-0.03%	–
VMI	Exit	Valmont Industries Inc.	$0	–	-14,520	–	-0.03%	–
TREC	Exit	Trecora Resources	$0	–	-418,000	–	-0.04%	–
RDI	Exit	Reading International, Inc.	$0	–	-862,000	–	-0.04%	–
MA	Exit	Mastercard Inc.	$0	–	-9,280	–	-0.05%	–
CLX	Exit	Clorox Company	$0	–	-19,225	–	-0.06%	–
SYK	Exit	Stryker Corporation	$0	–	-24,078	–	-0.07%	–
WDR	Exit	Waddell & Reed Financial Inc C	$0	–	-445,000	–	-0.10%	–
NWS	Exit	News Corp CL B	$0	–	-680,650	–	-0.14%	–
UN	Exit	Unilever N.V.adr	$0	–	-249,088	–	-0.22%	–
ABEV	Exit	Ambev SSAadr	$0	–	-7,000,000	–	-0.24%	–
BRKA	Exit	Berkshire Hath A	$0	–	-63	–	-0.30%	–
INFY	Exit	Infosys Ltdadr	$0	–	-1,497,421	–	-0.31%	–
ACA	Exit	Arcosa Inc.	$0	–	-509,086	–	-0.33%	–
FCFS	Exit	Firstcash Inc. Com	$0	–	-555,400	–	-0.47%	–
MU	Exit	Micron Technology Inc	$0	–	-692,419	–	-0.48%	–
EAF	Exit	Graftech International LTD	$0	–	-5,549,239	–	-0.56%	–
GLW	Exit	Corning Inc.	$0	–	-1,187,707	–	-0.57%	–
BRKB	Exit	Berkshire Hath B	$0	–	-198,623	–	-0.63%	–
FHB	Exit	First Hawaiian Inc.	$0	–	-2,962,227	–	-0.64%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-1,366,137	–	-0.70%	–
COP	Exit	ConocoPhillips	$0	–	-1,513,367	–	-0.74%	–
GS	Exit	Goldman Sachs Grp	$0	–	-261,619	–	-0.78%	–
RL	Exit	Ralph Lauren Corp	$0	–	-807,506	–	-0.81%	–
INGR	Exit	Ingredion Inc	$0	–	-891,712	–	-1.00%	–
CMCSA	Exit	Comcast Cl A	$0	–	-1,499,636	–	-1.03%	–
MSM	Exit	MSC Industrial Direct Co.	$0	–	-1,309,432	–	-1.23%	–
UHAL	Exit	Amerco	$0	–	-255,071	–	-1.35%	–
CL	Exit	Colgate-Palmolive	$0	–	-1,293,929	–	-1.48%	–
ANTM	Exit	Anthem Inc.	$0	–	-399,794	–	-1.59%	–
WFC	Exit	Wells Fargo & Co	$0	–	-4,573,103	–	-1.59%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-2,869,251	–	-1.68%	–
ORCL	Exit	Oracle Corporation	$0	–	-1,958,785	–	-1.73%	–
BK	Exit	BNY Mellon Corp.	$0	–	-3,800,898	–	-1.94%	–
HUN	Exit	Huntsman Corporation	$0	–	-6,843,665	–	-2.25%	–
USB	Exit	U.S. Bancorp	$0	–	-4,682,369	–	-2.49%	–
FOXA	Exit	Fox Corp A	$0	–	-7,030,114	–	-2.90%	–
M	Exit	Macy's Inc.	$0	–	-35,091,662	–	-2.97%	–
STT	Exit	State Street Corp	$0	–	-3,552,562	–	-3.12%	–
BKNG	Exit	Booking Hldgs Inc. Com	$0	–	-165,786	–	-4.20%	–
NWSA	Exit	News Corp Cl A	$0	–	-21,683,122	–	-4.51%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-4,403,093	–	-4.53%	–
FOX	Exit	Fox Corp B	$0	–	-11,212,149	–	-4.65%	–
KO	Exit	Coca-Cola Co.	$0	–	-6,490,586	–	-4.75%	–
JNJ	Exit	Johnson & Johnson	$0	–	-2,206,963	–	-4.87%	–
GOOG	Exit	Alphabet Inc.	$0	–	-234,486	–	-5.11%	–
SYY	Exit	Sysco Corporation	$0	–	-6,011,776	–	-5.55%	–
DIS	Exit	Walt Disney Company	$0	–	-3,059,557	–	-5.63%	–
MSFT	Exit	Microsoft Corp.	$0	–	-1,886,071	–	-5.88%	–
PG	Exit	Procter & Gamble	$0	–	-3,272,595	–	-6.74%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-3,304,176	–	-6.79%	–

Q3 2020

			Value		Shares		↓ Weighting
PEP	Buy	PepsiCo, Inc.	$457,959,000	+5.9%	3,304,176	+1.1%	6.79%	-1.5%
PG	Buy	Procter & Gamble	$454,858,000	+20.6%	3,272,595	+3.8%	6.74%	+12.2%
MSFT	Sell	Microsoft Corp.	$396,697,000	-0.1%	1,886,071	-3.4%	5.88%	-7.1%
DIS	Buy	Walt Disney Company	$379,630,000	+16.7%	3,059,557	+4.8%	5.63%	+8.5%
SYY	Buy	Sysco Corporation	$374,053,000	+19.1%	6,011,776	+4.6%	5.55%	+10.8%
GOOG	Buy	Alphabet Inc.	$344,601,000	+4.2%	234,486	+0.2%	5.11%	-3.1%
JNJ	Buy	Johnson & Johnson	$328,573,000	+7.9%	2,206,963	+1.9%	4.87%	+0.4%
KO	Buy	Coca-Cola Co.	$320,440,000	+16.6%	6,490,586	+5.5%	4.75%	+8.5%
FOX	Buy	Fox Corp B	$313,604,000	+12.1%	11,212,149	+7.5%	4.65%	+4.3%
CTSH	Buy	Cognizant Technology Solutions	$305,663,000	+26.9%	4,403,093	+3.8%	4.53%	+18.0%
NWSA	Buy	News Corp Cl A	$303,997,000	+21.7%	21,683,122	+3.0%	4.51%	+13.2%
BKNG	Sell	Booking Hldgs Inc. Com	$283,607,000	+4.7%	165,786	-2.5%	4.20%	-2.5%
STT	Buy	State Street Corp	$210,774,000	-2.5%	3,552,562	+4.4%	3.12%	-9.3%
M	Buy	Macy's Inc.	$200,022,000	-14.3%	35,091,662	+3.5%	2.97%	-20.2%
FOXA	Sell	Fox Corp A	$195,648,000	+3.5%	7,030,114	-0.3%	2.90%	-3.7%
USB	Buy	U.S. Bancorp	$167,863,000	+2.0%	4,682,369	+4.8%	2.49%	-5.1%
HUN	Buy	Huntsman Corporation	$151,998,000	+27.1%	6,843,665	+2.9%	2.25%	+18.3%
BK	Buy	BNY Mellon Corp.	$130,523,000	-5.3%	3,800,898	+6.6%	1.94%	-11.9%
ORCL	Sell	Oracle Corporation	$116,939,000	-4.3%	1,958,785	-11.4%	1.73%	-10.9%
CSCO	Sell	Cisco Systems Inc.	$113,020,000	-21.0%	2,869,251	-6.4%	1.68%	-26.5%
WFC	Buy	Wells Fargo & Co	$107,514,000	-4.9%	4,573,103	+3.5%	1.59%	-11.6%
ANTM	Buy	Anthem Inc.	$107,381,000	+6.2%	399,794	+4.0%	1.59%	-1.2%
CL	Buy	Colgate-Palmolive	$99,827,000	+10.2%	1,293,929	+4.7%	1.48%	+2.6%
UHAL	Buy	Amerco	$90,800,000	+44.7%	255,071	+22.9%	1.35%	+34.6%
MSM	Buy	MSC Industrial Direct Co.	$82,861,000	-8.2%	1,309,432	+5.7%	1.23%	-14.5%
CMCSA	Buy	Comcast Cl A	$69,373,000	+32.3%	1,499,636	+11.5%	1.03%	+23.1%
INGR	Buy	Ingredion Inc	$67,485,000	-0.3%	891,712	+9.3%	1.00%	-7.2%
RL	Buy	Ralph Lauren Corp	$54,886,000	+1.5%	807,506	+8.3%	0.81%	-5.6%
GS	Buy	Goldman Sachs Grp	$52,578,000	+15.2%	261,619	+13.2%	0.78%	+7.1%
COP	Buy	ConocoPhillips	$49,699,000	-15.1%	1,513,367	+8.6%	0.74%	-21.0%
XOM	Buy	Exxon Mobil Corp.	$46,899,000	-15.8%	1,366,137	+9.7%	0.70%	-21.7%
FHB	Buy	First Hawaiian Inc.	$42,863,000	-12.1%	2,962,227	+4.7%	0.64%	-18.3%
BRKB	Buy	Berkshire Hath B	$42,295,000	+86.2%	198,623	+56.1%	0.63%	+73.2%
GLW	Sell	Corning Inc.	$38,494,000	+25.1%	1,187,707	-0.0%	0.57%	+16.5%
EAF	Buy	Graftech International LTD	$37,957,000	-8.9%	5,549,239	+6.2%	0.56%	-15.2%
MU	Buy	Micron Technology Inc	$32,516,000	+40.8%	692,419	+54.4%	0.48%	+31.0%
FCFS	Buy	Firstcash Inc. Com	$31,774,000	-6.8%	555,400	+9.9%	0.47%	-13.3%
ACA	Buy	Arcosa Inc.	$22,446,000	+28.7%	509,086	+23.2%	0.33%	+19.8%
INFY	Sell	Infosys Ltdadr	$20,679,000	+35.2%	1,497,421	-5.4%	0.31%	+25.8%
UN	Sell	Unilever N.V.adr	$15,045,000	+10.6%	249,088	-2.4%	0.22%	+2.8%
NWS	Sell	News Corp CL B	$9,515,000	+12.0%	680,650	-4.3%	0.14%	+4.4%
SYK	Sell	Stryker Corporation	$5,017,000	+11.9%	24,078	-3.2%	0.07%	+4.2%
TREC	Buy	Trecora Resources	$2,567,000	+14.3%	418,000	+16.8%	0.04%	+5.6%
SCHW	Sell	Charles Schwab Corp	$1,601,000	-20.8%	44,200	-26.2%	0.02%	-25.0%
HSY	Buy	Hershey Co.	$1,462,000	+22.5%	10,200	+10.9%	0.02%	+15.8%
TLYS	Sell	Tilly's, Inc.	$1,218,000	-7.4%	202,000	-12.9%	0.02%	-14.3%
AMTD	New	TD Ameritrade Hldg Corp	$615,000	–	15,700	–	0.01%	–
LOV	Sell	Spark Networks SEadr	$421,000	-18.6%	86,000	-45.1%	0.01%	-25.0%
SPY	Sell	Spdr S&P 500 ETF	$235,000	-79.7%	701	-81.3%	0.00%	-83.3%
QRTEA	Exit	Qurate Retail Inc.	$0	–	-3,394,712	–	-0.51%	–

Q2 2020

			Value		Shares		↓ Weighting
PEP	New	PepsiCo, Inc.	$432,438,000	–	3,269,602	–	6.89%	–
MSFT	New	Microsoft Corp.	$397,244,000	–	1,951,961	–	6.33%	–
PG	New	Procter & Gamble	$377,138,000	–	3,154,115	–	6.01%	–
GOOG	New	Alphabet Inc.	$330,718,000	–	233,953	–	5.27%	–
DIS	New	Walt Disney Company	$325,435,000	–	2,918,435	–	5.19%	–
SYY	New	Sysco Corporation	$314,115,000	–	5,746,714	–	5.01%	–
JNJ	New	Johnson & Johnson	$304,444,000	–	2,164,861	–	4.85%	–
FOX	New	Fox Corp B	$279,878,000	–	10,427,657	–	4.46%	–
KO	New	Coca-Cola Co.	$274,842,000	–	6,151,352	–	4.38%	–
BKNG	New	Booking Hldgs Inc. Com	$270,782,000	–	170,053	–	4.32%	–
NWSA	New	News Corp Cl A	$249,757,000	–	21,058,734	–	3.98%	–
CTSH	New	Cognizant Technology Solutions	$240,953,000	–	4,240,644	–	3.84%	–
M	New	Macy's Inc.	$233,268,000	–	33,905,300	–	3.72%	–
STT	New	State Street Corp	$216,280,000	–	3,403,298	–	3.45%	–
FOXA	New	Fox Corp A	$189,099,000	–	7,050,689	–	3.01%	–
USB	New	U.S. Bancorp	$164,532,000	–	4,468,548	–	2.62%	–
CSCO	New	Cisco Systems Inc.	$142,974,000	–	3,065,488	–	2.28%	–
BK	New	BNY Mellon Corp.	$137,828,000	–	3,566,060	–	2.20%	–
ORCL	New	Oracle Corporation	$122,145,000	–	2,209,969	–	1.95%	–
HUN	New	Huntsman Corporation	$119,562,000	–	6,653,401	–	1.90%	–
WFC	New	Wells Fargo & Co	$113,108,000	–	4,418,282	–	1.80%	–
ANTM	New	Anthem Inc.	$101,126,000	–	384,537	–	1.61%	–
CL	New	Colgate-Palmolive	$90,564,000	–	1,236,200	–	1.44%	–
MSM	New	MSC Industrial Direct Co.	$90,229,000	–	1,239,244	–	1.44%	–
INGR	New	Ingredion Inc	$67,709,000	–	815,770	–	1.08%	–
UHAL	New	Amerco	$62,740,000	–	207,618	–	1.00%	–
COP	New	ConocoPhillips	$58,531,000	–	1,392,929	–	0.93%	–
XOM	New	Exxon Mobil Corp.	$55,713,000	–	1,245,822	–	0.89%	–
RL	New	Ralph Lauren Corp	$54,081,000	–	745,734	–	0.86%	–
CMCSA	New	Comcast Cl A	$52,440,000	–	1,345,300	–	0.84%	–
FHB	New	First Hawaiian Inc.	$48,765,000	–	2,828,606	–	0.78%	–
GS	New	Goldman Sachs Grp	$45,660,000	–	231,049	–	0.73%	–
EAF	New	Graftech International LTD	$41,688,000	–	5,224,121	–	0.66%	–
FCFS	New	Firstcash Inc. Com	$34,104,000	–	505,400	–	0.54%	–
QRTEA	New	Qurate Retail Inc.	$32,250,000	–	3,394,712	–	0.51%	–
GLW	New	Corning Inc.	$30,776,000	–	1,188,277	–	0.49%	–
MU	New	Micron Technology Inc	$23,099,000	–	448,357	–	0.37%	–
BRKB	New	Berkshire Hath B	$22,710,000	–	127,218	–	0.36%	–
ABEV	New	Ambev SSAadr	$18,480,000	–	7,000,000	–	0.30%	–
ACA	New	Arcosa Inc.	$17,438,000	–	413,220	–	0.28%	–
BRKA	New	Berkshire Hath A	$16,840,000	–	63	–	0.27%	–
INFY	New	Infosys Ltdadr	$15,294,000	–	1,583,221	–	0.24%	–
UN	New	Unilever N.V.adr	$13,602,000	–	255,334	–	0.22%	–
NWS	New	News Corp CL B	$8,497,000	–	711,076	–	0.14%	–
WDR	New	Waddell & Reed Financial Inc C	$6,902,000	–	445,000	–	0.11%	–
SYK	New	Stryker Corporation	$4,483,000	–	24,878	–	0.07%	–
CLX	New	Clorox Company	$4,217,000	–	19,225	–	0.07%	–
RDI	New	Reading International, Inc.	$3,663,000	–	862,000	–	0.06%	–
MA	New	Mastercard Inc.	$2,744,000	–	9,280	–	0.04%	–
TREC	New	Trecora Resources	$2,245,000	–	358,000	–	0.04%	–
SCHW	New	Charles Schwab Corp	$2,021,000	–	59,900	–	0.03%	–
VMI	New	Valmont Industries Inc.	$1,650,000	–	14,520	–	0.03%	–
PM	New	Philip Morris Intl	$1,646,000	–	23,501	–	0.03%	–
TLYS	New	Tilly's, Inc.	$1,315,000	–	232,000	–	0.02%	–
HSY	New	Hershey Co.	$1,193,000	–	9,200	–	0.02%	–
SPY	New	Spdr S&P 500 ETF	$1,156,000	–	3,741	–	0.02%	–
LEGH	New	Legacy Housing Corporation	$999,000	–	70,250	–	0.02%	–
MO	New	Altria Group Inc.	$883,000	–	22,500	–	0.01%	–
LOV	New	Spark Networks SEadr	$517,000	–	156,600	–	0.01%	–
OTEL	New	Otelco Inc.	$383,000	–	34,031	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
CHRW	Exit	CH Robinson WW	$0	–	-3,900	–	-0.00%	–
CRMT	Exit	America's CAR MART Inc	$0	–	-3,300	–	-0.00%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-1,477	–	-0.01%	–
OTEL	Exit	Otelco Inc.	$0	–	-34,031	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-22,500	–	-0.01%	–
LOV	Exit	Spark Networks SEadr	$0	–	-220,000	–	-0.02%	–
HSY	Exit	Hershey Co.	$0	–	-9,500	–	-0.02%	–
SCHW	Exit	Charles Schwab Corp	$0	–	-34,700	–	-0.02%	–
PM	Exit	Philip Morris Intl	$0	–	-23,501	–	-0.02%	–
RDI	Exit	Reading International, Inc.	$0	–	-228,000	–	-0.03%	–
SYK	Exit	Stryker Corporation	$0	–	-25,810	–	-0.07%	–
CLX	Exit	Clorox Company	$0	–	-58,830	–	-0.11%	–
MSM	Exit	MSC Industrial Direct Co.	$0	–	-185,182	–	-0.16%	–
UN	Exit	Unilever N.V.adr	$0	–	-257,095	–	-0.19%	–
INFY	Exit	Infosys Ltdadr	$0	–	-1,600,034	–	-0.22%	–
BRKA	Exit	Berkshire Hath A	$0	–	-65	–	-0.25%	–
MU	Exit	Micron Technology Inc	$0	–	-503,638	–	-0.26%	–
ACA	Exit	ARCOSA INC	$0	–	-643,194	–	-0.27%	–
BRKB	Exit	Berkshire Hath B	$0	–	-126,892	–	-0.32%	–
EAF	Exit	Graftech International LTD	$0	–	-2,360,831	–	-0.37%	–
GLW	Exit	Corning Inc.	$0	–	-1,220,252	–	-0.43%	–
GS	Exit	Goldman Sachs Grp	$0	–	-256,900	–	-0.65%	–
UHAL	Exit	Amerco	$0	–	-178,249	–	-0.86%	–
FOXA	Exit	Fox Corp A	$0	–	-2,492,697	–	-0.97%	–
CMCSA	Exit	Comcast Cl A	$0	–	-1,821,300	–	-1.01%	–
CL	Exit	Colgate-Palmolive	$0	–	-1,257,600	–	-1.14%	–
WFC	Exit	Wells Fargo & Co	$0	–	-2,022,365	–	-1.25%	–
COP	Exit	ConocoPhillips	$0	–	-2,230,369	–	-1.56%	–
NWSA	Exit	News Corp Cl A	$0	–	-11,137,008	–	-1.91%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-2,295,836	–	-1.99%	–
BK	Exit	BNY Mellon Corp.	$0	–	-3,619,476	–	-2.01%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-2,715,515	–	-2.01%	–
ANTM	Exit	Anthem Inc.	$0	–	-740,224	–	-2.18%	–
GOOG	Exit	Alphabet Inc.	$0	–	-181,588	–	-2.72%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-4,494,438	–	-2.73%	–
FOX	Exit	Fox Corp B	$0	–	-7,723,034	–	-2.99%	–
STT	Exit	State Street Corp	$0	–	-4,298,033	–	-3.13%	–
USB	Exit	U.S. Bancorp	$0	–	-4,739,504	–	-3.22%	–
SYY	Exit	Sysco Corporation	$0	–	-4,034,313	–	-3.94%	–
M	Exit	Macy's Inc.	$0	–	-23,761,884	–	-4.54%	–
BKNG	Exit	Booking Hldgs Inc. Com	$0	–	-212,873	–	-5.14%	–
MSFT	Exit	Microsoft Corp.	$0	–	-3,062,273	–	-5.23%	–
ORCL	Exit	Oracle Corporation	$0	–	-8,023,341	–	-5.43%	–
KO	Exit	Coca-Cola Co.	$0	–	-10,087,543	–	-6.75%	–
DIS	Exit	Walt Disney Company	$0	–	-4,306,872	–	-6.90%	–
JNJ	Exit	Johnson & Johnson	$0	–	-4,616,467	–	-7.34%	–
PG	Exit	Procter & Gamble	$0	–	-6,372,961	–	-9.74%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-5,844,577	–	-9.85%	–

Q3 2019

			Value		Shares		↓ Weighting
PEP	Sell	PepsiCo, Inc.	$801,292,000	-8.5%	5,844,577	-12.5%	9.85%	-6.4%
PG	Sell	Procter & Gamble	$792,669,000	-23.8%	6,372,961	-32.8%	9.74%	-22.0%
JNJ	Sell	Johnson & Johnson	$597,279,000	-8.3%	4,616,467	-1.3%	7.34%	-6.1%
DIS	Sell	Walt Disney Company	$561,272,000	-8.3%	4,306,872	-1.8%	6.90%	-6.2%
KO	Sell	Coca-Cola Co.	$549,166,000	-17.6%	10,087,543	-22.9%	6.75%	-15.6%
ORCL	Sell	Oracle Corporation	$441,524,000	-8.4%	8,023,341	-5.1%	5.43%	-6.2%
MSFT	Sell	Microsoft Corp.	$425,748,000	-0.9%	3,062,273	-4.5%	5.23%	+1.5%
BKNG	Buy	Booking Hldgs Inc. Com	$417,787,000	+4.7%	212,873	+0.0%	5.14%	+7.2%
M	Buy	Macy's Inc.	$369,260,000	+55.6%	23,761,884	+114.9%	4.54%	+59.3%
SYY	Sell	Sysco Corporation	$320,324,000	+10.6%	4,034,313	-1.5%	3.94%	+13.3%
USB	Sell	U.S. Bancorp	$262,284,000	+5.4%	4,739,504	-0.2%	3.22%	+7.9%
STT	Buy	State Street Corp	$254,401,000	+72.2%	4,298,033	+63.0%	3.13%	+76.3%
FOX	Buy	Fox Corp B	$243,584,000	-10.3%	7,723,034	+3.8%	2.99%	-8.2%
CSCO	Sell	Cisco Systems Inc.	$222,070,000	-12.0%	4,494,438	-2.5%	2.73%	-9.9%
GOOG	Sell	Alphabet Inc.	$221,356,000	+12.8%	181,588	-0.0%	2.72%	+15.4%
ANTM	Sell	Anthem Inc.	$177,728,000	-15.0%	740,224	-0.1%	2.18%	-13.0%
BK	Buy	BNY Mellon Corp.	$163,637,000	+2.5%	3,619,476	+0.0%	2.01%	+4.9%
CTSH	Buy	Cognizant Technology Solutions	$163,651,000	-3.9%	2,715,515	+1.1%	2.01%	-1.6%
XOM	Sell	Exxon Mobil Corp.	$162,109,000	-7.9%	2,295,836	-0.1%	1.99%	-5.7%
NWSA	Buy	News Corp Cl A	$155,027,000	+659.4%	11,137,008	+636.0%	1.91%	+678.0%
COP	Sell	ConocoPhillips	$127,086,000	-6.7%	2,230,369	-0.1%	1.56%	-4.5%
WFC	Buy	Wells Fargo & Co	$102,008,000	+6.7%	2,022,365	+0.1%	1.25%	+9.2%
CMCSA	Sell	Comcast Cl A	$82,104,000	+4.8%	1,821,300	-1.7%	1.01%	+7.3%
FOXA	Buy	Fox Corp A	$78,607,000	+19.4%	2,492,697	+38.7%	0.97%	+22.1%
UHAL	Buy	Amerco	$69,524,000	+5.0%	178,249	+1.9%	0.86%	+7.5%
GLW	Sell	Corning Inc.	$34,802,000	-14.2%	1,220,252	-0.0%	0.43%	-12.1%
EAF	Buy	Graftech International LTD	$30,219,000	+71.1%	2,360,831	+53.7%	0.37%	+75.0%
BRKB	Buy	Berkshire Hath B	$26,396,000	+0.2%	126,892	+2.7%	0.32%	+2.5%
ACA	Sell	ARCOSA INC	$22,004,000	-9.5%	643,194	-0.5%	0.27%	-7.5%
MU	Sell	Micron Technology Inc	$21,581,000	+6.5%	503,638	-4.1%	0.26%	+9.1%
INFY	Buy	Infosys Ltdadr	$18,192,000	+6.3%	1,600,034	+0.1%	0.22%	+9.3%
UN	Sell	Unilever N.V.adr	$15,433,000	-1.7%	257,095	-0.5%	0.19%	+1.1%
MSM	New	MSC Industrial Direct Co.	$13,431,000	–	185,182	–	0.16%	–
CLX	Sell	Clorox Company	$8,935,000	-2.2%	58,830	-1.4%	0.11%	0.0%
SYK	Sell	Stryker Corporation	$5,583,000	+1.7%	25,810	-3.3%	0.07%	+4.5%
RDI	Buy	Reading International, Inc.	$2,727,000	-2.7%	228,000	+5.6%	0.03%	0.0%
LOV	New	Spark Networks SEadr	$1,217,000	–	220,000	–	0.02%	–
SPY	Buy	SPDR S&P 500 ETF	$438,000	+109.6%	1,477	+106.6%	0.01%	+66.7%

Q2 2019

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$1,040,419,000	–	9,488,547	–	12.49%	–
PEP	New	PepsiCo, Inc.	$876,174,000	–	6,681,723	–	10.52%	–
KO	New	Coca-Cola Co.	$666,548,000	–	13,090,104	–	8.00%	–
JNJ	New	Johnson & Johnson	$651,240,000	–	4,675,761	–	7.82%	–
DIS	New	Walt Disney Company	$612,353,000	–	4,385,227	–	7.35%	–
ORCL	New	Oracle Corporation	$481,823,000	–	8,457,482	–	5.78%	–
MSFT	New	Microsoft Corp.	$429,564,000	–	3,206,658	–	5.16%	–
BKNG	New	Booking Hldgs Inc. Com	$398,993,000	–	212,829	–	4.79%	–
SYY	New	Sysco Corporation	$289,574,000	–	4,094,660	–	3.48%	–
FOX	New	Fox Corp B	$271,702,000	–	7,437,772	–	3.26%	–
CSCO	New	Cisco Systems Inc.	$252,313,000	–	4,610,142	–	3.03%	–
USB	New	U.S. Bancorp	$248,804,000	–	4,748,169	–	2.99%	–
M	New	Macy's Inc.	$237,280,000	–	11,056,832	–	2.85%	–
ANTM	New	Anthem Inc.	$209,212,000	–	741,333	–	2.51%	–
GOOG	New	Alphabet Inc.	$196,293,000	–	181,600	–	2.36%	–
XOM	New	Exxon Mobil Corp.	$176,094,000	–	2,297,976	–	2.11%	–
CTSH	New	Cognizant Technology Solutions	$170,273,000	–	2,686,111	–	2.04%	–
BK	New	BNY Mellon Corp.	$159,722,000	–	3,617,712	–	1.92%	–
STT	New	State Street Corp	$147,777,000	–	2,636,045	–	1.77%	–
COP	New	ConocoPhillips	$136,257,000	–	2,233,717	–	1.64%	–
WFC	New	Wells Fargo & Co	$95,628,000	–	2,020,871	–	1.15%	–
CL	New	Colgate-Palmolive	$90,132,000	–	1,257,600	–	1.08%	–
CMCSA	New	Comcast Cl A	$78,324,000	–	1,852,500	–	0.94%	–
UHAL	New	Amerco	$66,213,000	–	174,912	–	0.80%	–
FOXA	New	Fox Corp A	$65,843,000	–	1,797,025	–	0.79%	–
GS	New	Goldman Sachs Grp	$52,562,000	–	256,900	–	0.63%	–
GLW	New	Corning Inc.	$40,550,000	–	1,220,297	–	0.49%	–
BRKB	New	Berkshire Hath B	$26,335,000	–	123,541	–	0.32%	–
ACA	New	ARCOSA INC	$24,314,000	–	646,135	–	0.29%	–
BRKA	New	Berkshire Hath A	$20,693,000	–	65	–	0.25%	–
NWSA	New	News Corp Cl A	$20,414,000	–	1,513,275	–	0.24%	–
MU	New	Micron Technology Inc	$20,261,000	–	525,045	–	0.24%	–
EAF	New	Graftech Internationsl LTD	$17,661,000	–	1,535,754	–	0.21%	–
INFY	New	Infosys Ltdadr	$17,108,000	–	1,598,915	–	0.20%	–
UN	New	Unilever N.V.adr	$15,695,000	–	258,487	–	0.19%	–
CLX	New	Clorox Company	$9,139,000	–	59,691	–	0.11%	–
SYK	New	Stryker Corporation	$5,487,000	–	26,692	–	0.07%	–
RDI	New	Reading International, Inc.	$2,802,000	–	215,850	–	0.03%	–
PM	New	Philip Morris Intl	$1,846,000	–	23,501	–	0.02%	–
SCHW	New	Charles Schwab Corp	$1,395,000	–	34,700	–	0.02%	–
HSY	New	Hershey Co.	$1,273,000	–	9,500	–	0.02%	–
MO	New	Altria Group Inc.	$1,065,000	–	22,500	–	0.01%	–
OTEL	New	Otelco Inc.	$547,000	–	34,031	–	0.01%	–
CHRW	New	CH Robinson WW	$329,000	–	3,900	–	0.00%	–
SPY	New	SPDR S&P 500 ETF	$209,000	–	715	–	0.00%	–
CRMT	New	America's CAR MART Inc	$284,000	–	3,300	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
ABT	Exit	Abbott Laboratories	$0	–	-2,800	–	-0.00%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-755	–	-0.00%	–
MMM	Exit	3M Company	$0	–	-1,000	–	-0.00%	–
ABBV	Exit	AbbVie Inc.	$0	–	-2,800	–	-0.00%	–
EAF	Exit	GRAFTECH INTERNATIONAL LTD	$0	–	-20,000	–	-0.01%	–
CHRW	Exit	CH Robinson WW	$0	–	-3,900	–	-0.01%	–
CRMT	Exit	America's CAR MART Inc	$0	–	-7,000	–	-0.01%	–
OTEL	Exit	Otelco Inc.	$0	–	-34,031	–	-0.01%	–
HSY	Exit	Hershey Co.	$0	–	-9,500	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-25,000	–	-0.02%	–
RDI	Exit	Reading International, Inc.	$0	–	-110,000	–	-0.02%	–
PM	Exit	Philip Morris Intl	$0	–	-27,801	–	-0.03%	–
SYK	Exit	Stryker Corporation	$0	–	-38,927	–	-0.08%	–
BRKA	Exit	Berkshire Hath A	$0	–	-30	–	-0.12%	–
CLX	Exit	Clorox Company	$0	–	-64,724	–	-0.12%	–
MU	Exit	Micron Technology Inc	$0	–	-257,513	–	-0.14%	–
UN	Exit	Unilever N.V.adr	$0	–	-266,876	–	-0.18%	–
BRKB	Exit	Berkshire Hath B	$0	–	-115,957	–	-0.30%	–
GS	Exit	Goldman Sachs Grp	$0	–	-140,000	–	-0.38%	–
AVP	Exit	Avon Products, Inc.	$0	–	-18,856,884	–	-0.50%	–
GLW	Exit	Corning Inc.	$0	–	-1,247,082	–	-0.53%	–
UHAL	Exit	Amerco	$0	–	-130,889	–	-0.56%	–
CMCSA	Exit	Comcast Cl A	$0	–	-1,744,200	–	-0.74%	–
STT	Exit	State Street Corp	$0	–	-983,800	–	-0.99%	–
CL	Exit	Colgate-Palmolive	$0	–	-1,245,300	–	-1.00%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-1,286,833	–	-1.19%	–
WFC	Exit	Wells Fargo & Co	$0	–	-1,901,295	–	-1.20%	–
INFY	Exit	Infosys Ltdadr	$0	–	-11,464,665	–	-1.40%	–
COP	Exit	ConocoPhillips	$0	–	-2,183,128	–	-2.03%	–
BK	Exit	BNY Mellon Corp.	$0	–	-3,419,110	–	-2.09%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-2,214,098	–	-2.26%	–
ANTM	Exit	Anthem Inc.	$0	–	-819,152	–	-2.69%	–
USB	Exit	U.S. Bancorp	$0	–	-4,497,860	–	-2.85%	–
SYY	Exit	Sysco Corporation	$0	–	-4,047,072	–	-3.55%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-6,546,170	–	-3.82%	–
FOXA	Exit	TwentyFirst Cen Fox A	$0	–	-7,074,640	–	-3.93%	–
MSFT	Exit	Microsoft Corp.	$0	–	-4,256,991	–	-5.84%	–
KO	Exit	Coca-Cola Co.	$0	–	-14,196,107	–	-7.86%	–
JNJ	Exit	Johnson & Johnson	$0	–	-4,846,668	–	-8.03%	–
ORCL	Exit	Oracle Corporation	$0	–	-13,282,018	–	-8.21%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-7,623,073	–	-10.22%	–
FOX	Exit	TwentyFirst Cen Fox B	$0	–	-21,281,413	–	-11.69%	–
PG	Exit	Procter & Gamble	$0	–	-15,465,829	–	-15.43%	–

Q3 2018

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$1,287,221,000	+6.5%	15,465,829	-0.1%	15.43%	+2.7%
FOX	Buy	TwentyFirst Cen Fox B	$975,114,000	-6.7%	21,281,413	+0.3%	11.69%	-10.0%
PEP	Sell	PepsiCo, Inc.	$852,260,000	-0.3%	7,623,073	-2.9%	10.22%	-3.8%
ORCL	Sell	Oracle Corporation	$684,821,000	+10.3%	13,282,018	-5.8%	8.21%	+6.4%
JNJ	Sell	Johnson & Johnson	$669,664,000	+7.6%	4,846,668	-5.5%	8.03%	+3.8%
KO	Buy	Coca-Cola Co.	$655,718,000	+5.3%	14,196,107	+0.0%	7.86%	+1.6%
MSFT	Sell	Microsoft Corp.	$486,872,000	+15.5%	4,256,991	-0.4%	5.84%	+11.5%
FOXA	Sell	TwentyFirst Cen Fox A	$327,768,000	-7.4%	7,074,640	-0.6%	3.93%	-10.6%
CSCO	Sell	Cisco Systems Inc.	$318,471,000	+6.1%	6,546,170	-6.2%	3.82%	+2.3%
SYY	Sell	Sysco Corporation	$296,448,000	-1.5%	4,047,072	-8.1%	3.55%	-4.9%
USB	Sell	U.S. Bancorp	$237,532,000	+5.4%	4,497,860	-0.2%	2.85%	+1.7%
ANTM	Sell	Anthem Inc.	$224,489,000	+14.9%	819,152	-0.2%	2.69%	+10.8%
XOM	Sell	Exxon Mobil Corp.	$188,243,000	+2.7%	2,214,098	-0.0%	2.26%	-0.9%
BK	Sell	BNY Mellon Corp.	$174,340,000	-5.5%	3,419,110	-0.0%	2.09%	-8.8%
COP	Sell	ConocoPhillips	$168,974,000	+10.6%	2,183,128	-0.5%	2.03%	+6.7%
INFY	Buy	Infosys Ltdadr	$116,596,000	+3.6%	11,464,665	+98.0%	1.40%	0.0%
WFC	Sell	Wells Fargo & Co	$99,932,000	-5.3%	1,901,295	-0.1%	1.20%	-8.7%
CTSH	Buy	Cognizant Technology Solutions	$99,279,000	-1.4%	1,286,833	+1.0%	1.19%	-4.9%
UHAL	Buy	Amerco	$46,682,000	+9.0%	130,889	+8.8%	0.56%	+5.3%
GLW	Sell	Corning Inc.	$44,022,000	+27.7%	1,247,082	-0.5%	0.53%	+23.4%
AVP	Buy	Avon Products, Inc.	$41,485,000	+36.0%	18,856,884	+0.1%	0.50%	+31.1%
BRKB	Buy	Berkshire Hath B	$24,828,000	+39.0%	115,957	+21.2%	0.30%	+34.2%
UN	Sell	Unilever N.V.adr	$14,825,000	-1.6%	266,876	-1.3%	0.18%	-4.8%
MU	New	Micron Technology Inc	$11,647,000	–	257,513	–	0.14%	–
CLX	Sell	Clorox Company	$9,735,000	+8.4%	64,724	-2.5%	0.12%	+4.5%
SYK	Sell	Stryker Corporation	$6,917,000	-3.0%	38,927	-7.9%	0.08%	-6.7%
PM	Sell	Philip Morris Intl	$2,267,000	+0.3%	27,801	-0.7%	0.03%	-3.6%
CRMT	Sell	America's CAR MART Inc	$547,000	-82.7%	7,000	-86.3%	0.01%	-82.1%
EAF	New	GRAFTECH INTERNATIONAL LTD	$390,000	–	20,000	–	0.01%	–
MMM	New	3M Company	$211,000	–	1,000	–	0.00%	–
ABT	New	Abbott Laboratories	$205,000	–	2,800	–	0.00%	–

Q2 2018

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$1,209,015,000	–	15,488,275	–	15.02%	–
FOX	New	TwentyFirst Cen Fox B	$1,045,343,000	–	21,216,622	–	12.99%	–
PEP	New	PepsiCo, Inc.	$854,914,000	–	7,852,617	–	10.62%	–
KO	New	Coca-Cola Co.	$622,534,000	–	14,193,664	–	7.74%	–
JNJ	New	Johnson & Johnson	$622,348,000	–	5,128,961	–	7.73%	–
ORCL	New	Oracle Corporation	$621,033,000	–	14,095,176	–	7.72%	–
MSFT	New	Microsoft Corp.	$421,409,000	–	4,273,489	–	5.24%	–
FOXA	New	TwentyFirst Cen Fox A	$353,788,000	–	7,119,896	–	4.40%	–
SYY	New	Sysco Corporation	$300,833,000	–	4,405,225	–	3.74%	–
CSCO	New	Cisco Systems Inc.	$300,302,000	–	6,978,898	–	3.73%	–
USB	New	U.S. Bancorp	$225,367,000	–	4,505,541	–	2.80%	–
ANTM	New	Anthem Inc.	$195,436,000	–	821,056	–	2.43%	–
BK	New	BNY Mellon Corp.	$184,453,000	–	3,420,236	–	2.29%	–
XOM	New	Exxon Mobil Corp.	$183,245,000	–	2,214,977	–	2.28%	–
COP	New	ConocoPhillips	$152,792,000	–	2,194,660	–	1.90%	–
INFY	New	Infosys Ltdadr	$112,516,000	–	5,790,857	–	1.40%	–
WFC	New	Wells Fargo & Co	$105,557,000	–	1,903,990	–	1.31%	–
CTSH	New	Cognizant Technology Solutions	$100,690,000	–	1,274,717	–	1.25%	–
STT	New	State Street Corp	$91,582,000	–	983,800	–	1.14%	–
CL	New	Colgate-Palmolive	$80,708,000	–	1,245,300	–	1.00%	–
CMCSA	New	Comcast Cl A	$57,227,000	–	1,744,200	–	0.71%	–
UHAL	New	Amerco	$42,828,000	–	120,253	–	0.53%	–
GLW	New	Corning Inc.	$34,465,000	–	1,252,812	–	0.43%	–
GS	New	Goldman Sachs Grp	$30,880,000	–	140,000	–	0.38%	–
AVP	New	Avon Products, Inc.	$30,506,000	–	18,830,847	–	0.38%	–
BRKB	New	Berkshire Hath B	$17,856,000	–	95,665	–	0.22%	–
UN	New	Unilever N.V.adr	$15,073,000	–	270,517	–	0.19%	–
CLX	New	Clorox Company	$8,981,000	–	66,403	–	0.11%	–
BRKA	New	Berkshire Hath A	$8,461,000	–	30	–	0.10%	–
SYK	New	Stryker Corporation	$7,134,000	–	42,246	–	0.09%	–
CRMT	New	America's CAR MART Inc	$3,166,000	–	51,150	–	0.04%	–
PM	New	Philip Morris Intl	$2,261,000	–	28,001	–	0.03%	–
RDI	New	Reading International, Inc.	$1,754,000	–	110,000	–	0.02%	–
MO	New	Altria Group Inc.	$1,420,000	–	25,000	–	0.02%	–
HSY	New	Hershey Co.	$884,000	–	9,500	–	0.01%	–
OTEL	New	Otelco Inc.	$509,000	–	34,031	–	0.01%	–
CHRW	New	CH Robinson WW	$326,000	–	3,900	–	0.00%	–
SPY	New	SPDR S&P 500 ETF	$205,000	–	755	–	0.00%	–
ABBV	New	AbbVie Inc.	$259,000	–	2,800	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
MMM	Exit	3M Company	$0	–	-1,000	–	-0.00%	–
ABBV	Exit	AbbVie Inc.	$0	–	-2,800	–	-0.00%	–
DG	Exit	Dollar General Corp.	$0	–	-3,250	–	-0.00%	–
TBBK	Exit	Bancorp Inc., The	$0	–	-83,000	–	-0.01%	–
RDI	Exit	Reading International, Inc.	$0	–	-51,000	–	-0.01%	–
VIAB	Exit	Viacom Inc Cl B	$0	–	-34,150	–	-0.01%	–
ESRX	Exit	Express Scripts	$0	–	-15,200	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-25,000	–	-0.02%	–
PM	Exit	Philip Morris Intl	$0	–	-28,401	–	-0.03%	–
BRKB	Exit	Berkshire Hath B	$0	–	-23,167	–	-0.04%	–
BRKA	Exit	Berkshire Hath A	$0	–	-30	–	-0.08%	–
CLX	Exit	Clorox Company	$0	–	-64,108	–	-0.08%	–
MFGP	Exit	Micro Focus Intl ADRadr	$0	–	-274,809	–	-0.08%	–
CRMT	Exit	America's CAR MART Inc	$0	–	-428,143	–	-0.17%	–
BAC	Exit	Bank of America Corp	$0	–	-1,105,000	–	-0.27%	–
HPE	Exit	Hewlett Packard Enterprise	$0	–	-2,001,365	–	-0.28%	–
GS	Exit	Goldman Sachs Grp	$0	–	-144,000	–	-0.33%	–
HPQ	Exit	HP Inc.	$0	–	-1,891,998	–	-0.36%	–
INTC	Exit	Intel Corporation	$0	–	-1,053,000	–	-0.39%	–
AVP	Exit	Avon Products, Inc.	$0	–	-19,132,384	–	-0.43%	–
GLW	Exit	Corning Inc.	$0	–	-1,551,239	–	-0.45%	–
UN	Exit	Unilever N.V.adr	$0	–	-1,110,671	–	-0.63%	–
CHRW	Exit	CH Robinson WW	$0	–	-932,525	–	-0.69%	–
CMCSA	Exit	Comcast Cl A	$0	–	-1,976,700	–	-0.74%	–
WMT	Exit	Wal-Mart Stores	$0	–	-1,049,995	–	-0.79%	–
INFY	Exit	Infosys Ltdadr	$0	–	-6,031,017	–	-0.85%	–
CL	Exit	Colgate-Palmolive	$0	–	-1,248,300	–	-0.88%	–
STT	Exit	State Street Corp	$0	–	-1,005,000	–	-0.93%	–
CTSH	Exit	Cognizant Technology Solutions	$0	–	-1,339,969	–	-0.94%	–
SYK	Exit	Stryker Corporation	$0	–	-712,605	–	-0.98%	–
WFC	Exit	Wells Fargo & Co	$0	–	-1,968,835	–	-1.05%	–
COP	Exit	ConocoPhillips	$0	–	-3,512,214	–	-1.70%	–
ANTM	Exit	Anthem Inc.	$0	–	-1,022,503	–	-1.88%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-2,442,861	–	-1.94%	–
BK	Exit	BNY Mellon Corp.	$0	–	-3,791,468	–	-1.94%	–
USB	Exit	U.S. Bancorp	$0	–	-4,932,318	–	-2.56%	–
SYY	Exit	Sysco Corporation	$0	–	-10,933,113	–	-5.70%	–
MSFT	Exit	Microsoft Corp.	$0	–	-8,714,673	–	-6.27%	–
FOX	Exit	TwentyFirst Cen Fox B	$0	–	-27,514,056	–	-6.86%	–
ORCL	Exit	Oracle Corporation	$0	–	-14,842,152	–	-6.94%	–
KO	Exit	Coca-Cola Co.	$0	–	-16,229,548	–	-7.06%	–
JNJ	Exit	Johnson & Johnson	$0	–	-5,653,623	–	-7.10%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-22,506,751	–	-7.32%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-8,013,823	–	-8.63%	–
FOXA	Exit	TwentyFirst Cen Fox A	$0	–	-35,466,695	–	-9.04%	–
PG	Exit	Procter & Gamble	$0	–	-15,397,511	–	-13.54%	–

Q3 2017

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$1,400,866,000	+4.0%	15,397,511	-0.4%	13.54%	+3.3%
FOXA	Sell	TwentyFirst Cen Fox A	$935,611,000	-7.5%	35,466,695	-0.6%	9.04%	-8.1%
PEP	Sell	PepsiCo, Inc.	$892,980,000	-4.2%	8,013,823	-0.7%	8.63%	-4.9%
CSCO	Sell	Cisco Systems Inc.	$756,902,000	+6.9%	22,506,751	-0.5%	7.32%	+6.2%
JNJ	Sell	Johnson & Johnson	$735,028,000	-2.1%	5,653,623	-0.4%	7.10%	-2.8%
KO	Sell	Coca-Cola Co.	$730,492,000	-0.3%	16,229,548	-0.6%	7.06%	-1.0%
ORCL	Sell	Oracle Corporation	$717,618,000	-6.8%	14,842,152	-3.3%	6.94%	-7.4%
FOX	Buy	TwentyFirst Cen Fox B	$709,588,000	-6.7%	27,514,056	+0.8%	6.86%	-7.4%
MSFT	Sell	Microsoft Corp.	$649,156,000	+7.6%	8,714,673	-0.5%	6.27%	+6.8%
SYY	Sell	Sysco Corporation	$589,841,000	+6.8%	10,933,113	-0.4%	5.70%	+6.1%
USB	Sell	U.S. Bancorp	$264,323,000	+2.7%	4,932,318	-0.5%	2.56%	+2.0%
BK	Sell	BNY Mellon Corp.	$201,024,000	+3.5%	3,791,468	-0.4%	1.94%	+2.8%
XOM	Sell	Exxon Mobil Corp.	$200,266,000	+1.2%	2,442,861	-0.4%	1.94%	+0.5%
ANTM	Sell	Anthem Inc.	$194,153,000	+0.3%	1,022,503	-0.6%	1.88%	-0.4%
COP	Sell	ConocoPhillips	$175,786,000	+13.5%	3,512,214	-0.3%	1.70%	+12.7%
WFC	Sell	Wells Fargo & Co	$108,581,000	-0.7%	1,968,835	-0.3%	1.05%	-1.4%
SYK	Sell	Stryker Corporation	$101,204,000	+1.6%	712,605	-0.7%	0.98%	+0.9%
CTSH	Sell	Cognizant Technology Solutions	$97,201,000	+8.9%	1,339,969	-0.3%	0.94%	+8.1%
STT	Sell	State Street Corp	$96,018,000	+6.3%	1,005,000	-0.2%	0.93%	+5.6%
CL	Sell	Colgate-Palmolive	$90,939,000	-1.9%	1,248,300	-0.2%	0.88%	-2.5%
INFY	Buy	Infosys Ltdadr	$87,993,000	+52.3%	6,031,017	+56.8%	0.85%	+51.2%
WMT	Sell	Wal-Mart Stores	$82,047,000	+2.7%	1,049,995	-0.5%	0.79%	+2.1%
CHRW	Sell	CH Robinson WW	$70,965,000	+10.1%	932,525	-0.6%	0.69%	+9.4%
UN	New	Unilever N.V.adr	$65,574,000	–	1,110,671	–	0.63%	–
GLW	Sell	Corning Inc.	$46,413,000	-1.4%	1,551,239	-1.0%	0.45%	-2.0%
AVP	Buy	Avon Products, Inc.	$44,578,000	-38.5%	19,132,384	+0.3%	0.43%	-39.0%
INTC	Sell	Intel Corporation	$40,098,000	+12.6%	1,053,000	-0.2%	0.39%	+12.1%
HPQ	Sell	HP Inc.	$37,764,000	+13.7%	1,891,998	-0.4%	0.36%	+13.0%
HPE	Sell	Hewlett Packard Enterprise	$29,440,000	-11.9%	2,001,365	-0.6%	0.28%	-12.3%
BAC	Sell	Bank of America Corp	$28,001,000	+4.0%	1,105,000	-0.5%	0.27%	+3.4%
CRMT	Sell	America's CAR MART Inc	$17,607,000	+2.5%	428,143	-3.1%	0.17%	+1.8%
MFGP	New	Micro Focus Intl ADRadr	$8,766,000	–	274,809	–	0.08%	–
CLX	Sell	Clorox Company	$8,456,000	-2.7%	64,108	-1.8%	0.08%	-3.5%
RDI	Buy	Reading International, Inc.	$802,000	+107.2%	51,000	+112.5%	0.01%	+100.0%
DG	New	Dollar General Corp.	$263,000	–	3,250	–	0.00%	–
SPLS	Exit	Staples Inc.	$0	–	-2,225,000	–	-0.22%	–

Q2 2017

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$1,347,051,000	–	15,456,696	–	13.11%	–
FOXA	New	TwentyFirst Cen Fox A	$1,011,485,000	–	35,691,087	–	9.84%	–
PEP	New	PepsiCo, Inc.	$931,901,000	–	8,069,108	–	9.07%	–
ORCL	New	Oracle Corporation	$769,826,000	–	15,353,537	–	7.49%	–
FOX	New	TwentyFirst Cen Fox B	$760,691,000	–	27,294,255	–	7.40%	–
JNJ	New	Johnson & Johnson	$750,794,000	–	5,675,362	–	7.31%	–
KO	New	Coca-Cola Co.	$732,510,000	–	16,332,432	–	7.13%	–
CSCO	New	Cisco Systems Inc.	$707,735,000	–	22,611,331	–	6.89%	–
MSFT	New	Microsoft Corp.	$603,453,000	–	8,754,583	–	5.87%	–
SYY	New	Sysco Corporation	$552,236,000	–	10,972,313	–	5.38%	–
USB	New	U.S. Bancorp	$257,257,000	–	4,954,878	–	2.50%	–
XOM	New	Exxon Mobil Corp.	$197,952,000	–	2,452,021	–	1.93%	–
BK	New	BNY Mellon Corp.	$194,192,000	–	3,806,188	–	1.89%	–
ANTM	New	Anthem Inc.	$193,490,000	–	1,028,492	–	1.88%	–
COP	New	ConocoPhillips	$154,871,000	–	3,522,999	–	1.51%	–
WFC	New	Wells Fargo & Co	$109,369,000	–	1,973,805	–	1.06%	–
SYK	New	Stryker Corporation	$99,573,000	–	717,491	–	0.97%	–
CL	New	Colgate-Palmolive	$92,685,000	–	1,250,300	–	0.90%	–
STT	New	State Street Corp	$90,367,000	–	1,007,100	–	0.88%	–
CTSH	New	Cognizant Technology Solutions	$89,259,000	–	1,344,261	–	0.87%	–
WMT	New	Wal-Mart Stores	$79,878,000	–	1,055,470	–	0.78%	–
CMCSA	New	Comcast Cl A	$76,933,000	–	1,976,700	–	0.75%	–
AVP	New	Avon Products, Inc.	$72,508,000	–	19,081,029	–	0.71%	–
CHRW	New	CH Robinson WW	$64,430,000	–	938,118	–	0.63%	–
INFY	New	Infosys Ltdadr	$57,772,000	–	3,846,371	–	0.56%	–
GLW	New	Corning Inc.	$47,089,000	–	1,567,010	–	0.46%	–
INTC	New	Intel Corporation	$35,596,000	–	1,055,000	–	0.35%	–
HPE	New	Hewlett Packard Enterprise	$33,415,000	–	2,014,188	–	0.32%	–
HPQ	New	HP Inc.	$33,212,000	–	1,900,028	–	0.32%	–
GS	New	Goldman Sachs Grp	$31,954,000	–	144,000	–	0.31%	–
BAC	New	Bank of America Corp	$26,929,000	–	1,110,000	–	0.26%	–
SPLS	New	Staples Inc.	$22,406,000	–	2,225,000	–	0.22%	–
CRMT	New	America's CAR MART Inc	$17,182,000	–	441,684	–	0.17%	–
CLX	New	Clorox Company	$8,694,000	–	65,253	–	0.08%	–
BRKA	New	Berkshire Hath A	$7,641,000	–	30	–	0.07%	–
BRKB	New	Berkshire Hath B	$3,924,000	–	23,167	–	0.04%	–
PM	New	Philip Morris Intl	$3,336,000	–	28,401	–	0.03%	–
MO	New	Altria Group Inc.	$1,862,000	–	25,000	–	0.02%	–
VIAB	New	Viacom Inc Cl B	$1,146,000	–	34,150	–	0.01%	–
ESRX	New	Express Scripts	$970,000	–	15,200	–	0.01%	–
TBBK	New	Bancorp Inc., The	$629,000	–	83,000	–	0.01%	–
RDI	New	Reading International, Inc.	$387,000	–	24,000	–	0.00%	–
MMM	New	3M Company	$208,000	–	1,000	–	0.00%	–
ABBV	New	AbbVie Inc.	$203,000	–	2,800	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
RDI	Exit	Reading International, Inc.	$0	–	-18,474	–	-0.00%	–
RAVN	Exit	Raven Industries Inc.	$0	–	-10,000	–	-0.00%	–
VMI	Exit	Valmont Industries Inc.	$0	–	-1,800	–	-0.00%	–
MOCO	Exit	MOCON Inc.	$0	–	-34,000	–	-0.01%	–
TBBK	Exit	Bancorp Inc., The	$0	–	-109,000	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-25,900	–	-0.01%	–
PM	Exit	Philip Morris Intl	$0	–	-28,501	–	-0.02%	–
BRKB	Exit	Berkshire Hath B	$0	–	-23,279	–	-0.03%	–
BRKA	Exit	Berkshire Hath A	$0	–	-30	–	-0.06%	–
CLX	Exit	Clorox Company	$0	–	-75,300	–	-0.08%	–
APOL	Exit	Apollo Education Grp	$0	–	-2,118,054	–	-0.15%	–
CRMT	Exit	America's CAR MART Inc	$0	–	-523,921	–	-0.17%	–
SPLS	Exit	Staples Inc.	$0	–	-2,255,000	–	-0.17%	–
LANC	Exit	Lancaster Colony	$0	–	-260,000	–	-0.30%	–
HPQ	Exit	HP Inc.	$0	–	-2,287,905	–	-0.31%	–
INTC	Exit	Intel Corporation	$0	–	-1,156,000	–	-0.38%	–
BAC	Exit	Bank of America Corp	$0	–	-2,800,000	–	-0.38%	–
GS	Exit	Goldman Sachs Grp	$0	–	-281,000	–	-0.39%	–
HPE	Exit	Hewlett Packard Enterprise	$0	–	-2,287,470	–	-0.45%	–
CHRW	Exit	CH Robinson WW	$0	–	-1,032,067	–	-0.63%	–
GLW	Exit	Corning Inc.	$0	–	-3,126,682	–	-0.64%	–
WMT	Exit	Wal-Mart Stores	$0	–	-1,096,927	–	-0.69%	–
WFC	Exit	Wells Fargo & Co	$0	–	-2,135,604	–	-0.82%	–
CL	Exit	Colgate-Palmolive	$0	–	-1,355,000	–	-0.87%	–
UN	Exit	Unilever N.V.	$0	–	-2,304,877	–	-0.92%	–
STT	Exit	State Street Corp	$0	–	-1,689,100	–	-1.02%	–
AVP	Exit	Avon Products, Inc.	$0	–	-22,933,251	–	-1.13%	–
CMCSA	Exit	Comcast Cl A	$0	–	-1,990,350	–	-1.15%	–
ANTM	Exit	Anthem Inc.	$0	–	-1,055,235	–	-1.15%	–
SYK	Exit	Stryker Corporation	$0	–	-1,264,330	–	-1.28%	–
VIAB	Exit	Viacom Inc Cl B	$0	–	-4,347,650	–	-1.44%	–
BCR	Exit	Bard, Inc., C.R.	$0	–	-738,964	–	-1.44%	–
COP	Exit	ConocoPhillips	$0	–	-4,305,229	–	-1.63%	–
BK	Exit	BNY Mellon Corp.	$0	–	-5,870,692	–	-2.03%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-3,334,970	–	-2.53%	–
USB	Exit	U.S. Bancorp	$0	–	-6,954,083	–	-2.59%	–
MSFT	Exit	Microsoft Corp.	$0	–	-11,659,480	–	-5.84%	–
FOX	Exit	TwentyFirst Cen Fox B	$0	–	-27,874,093	–	-5.99%	–
SYY	Exit	Sysco Corporation	$0	–	-14,293,893	–	-6.09%	–
KO	Exit	Coca-Cola Co.	$0	–	-16,823,205	–	-6.18%	–
JNJ	Exit	Johnson & Johnson	$0	–	-6,143,753	–	-6.30%	–
ORCL	Exit	Oracle Corporation	$0	–	-19,941,583	–	-6.80%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-25,699,440	–	-7.08%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-8,801,906	–	-8.32%	–
FOXA	Exit	TwentyFirst Cen Fox A	$0	–	-47,597,094	–	-10.02%	–
PG	Exit	Procter & Gamble	$0	–	-16,032,753	–	-12.50%	–

Q3 2016

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$1,438,940,000	-9.5%	16,032,753	-14.6%	12.50%	-5.0%
FOXA	Buy	TwentyFirst Cen Fox A	$1,152,802,000	+6.4%	47,597,094	+18.8%	10.02%	+11.6%
PEP	Sell	PepsiCo, Inc.	$957,383,000	-14.9%	8,801,906	-17.1%	8.32%	-10.6%
CSCO	Sell	Cisco Systems Inc.	$815,186,000	+0.9%	25,699,440	-8.7%	7.08%	+5.9%
ORCL	Sell	Oracle Corporation	$783,305,000	-5.1%	19,941,583	-1.1%	6.80%	-0.4%
JNJ	Sell	Johnson & Johnson	$725,762,000	-10.3%	6,143,753	-7.9%	6.30%	-5.9%
KO	Sell	Coca-Cola Co.	$711,958,000	-6.9%	16,823,205	-0.3%	6.18%	-2.3%
SYY	Sell	Sysco Corporation	$700,544,000	-6.9%	14,293,893	-3.6%	6.09%	-2.3%
FOX	Sell	TwentyFirst Cen Fox B	$689,605,000	-9.5%	27,874,093	-0.4%	5.99%	-5.1%
MSFT	Sell	Microsoft Corp.	$671,586,000	+4.8%	11,659,480	-6.9%	5.84%	+10.0%
USB	Sell	U.S. Bancorp	$298,261,000	+5.4%	6,954,083	-0.9%	2.59%	+10.6%
XOM	Sell	Exxon Mobil Corp.	$291,076,000	-10.0%	3,334,970	-3.4%	2.53%	-5.6%
BK	Sell	BNY Mellon Corp.	$234,123,000	+0.8%	5,870,692	-1.8%	2.03%	+5.8%
COP	Buy	ConocoPhillips	$187,148,000	-0.2%	4,305,229	+0.1%	1.63%	+4.7%
BCR	Sell	Bard, Inc., C.R.	$165,735,000	-12.6%	738,964	-8.4%	1.44%	-8.3%
VIAB	Sell	Viacom Inc Cl B	$165,645,000	-8.4%	4,347,650	-0.3%	1.44%	-3.8%
SYK	Sell	Stryker Corporation	$147,181,000	-12.4%	1,264,330	-9.9%	1.28%	-8.1%
ANTM	Sell	Anthem Inc.	$132,231,000	-4.7%	1,055,235	-0.1%	1.15%	+0.1%
CMCSA	Sell	Comcast Cl A	$132,040,000	+1.4%	1,990,350	-0.4%	1.15%	+6.4%
AVP	Sell	Avon Products, Inc.	$129,802,000	+34.1%	22,933,251	-10.4%	1.13%	+40.8%
STT	Sell	State Street Corp	$117,612,000	+29.0%	1,689,100	-0.1%	1.02%	+35.4%
UN	Sell	Unilever N.V.	$106,255,000	-2.6%	2,304,877	-0.8%	0.92%	+2.2%
CL	Buy	Colgate-Palmolive	$100,460,000	+1.6%	1,355,000	+0.3%	0.87%	+6.6%
WFC	Buy	Wells Fargo & Co	$94,565,000	-6.1%	2,135,604	+0.4%	0.82%	-1.4%
WMT	Sell	Wal-Mart Stores	$79,110,000	-10.4%	1,096,927	-9.3%	0.69%	-6.0%
GLW	Sell	Corning Inc.	$73,946,000	+7.0%	3,126,682	-7.3%	0.64%	+12.2%
CHRW	Sell	CH Robinson WW	$72,719,000	-5.8%	1,032,067	-0.8%	0.63%	-1.1%
HPE	Sell	Hewlett Packard Enterprise	$52,040,000	+0.4%	2,287,470	-19.4%	0.45%	+5.4%
GS	Sell	Goldman Sachs Grp	$45,317,000	+8.4%	281,000	-0.1%	0.39%	+13.9%
BAC	Buy	Bank of America Corp	$43,820,000	+18.7%	2,800,000	+0.6%	0.38%	+24.5%
INTC	Sell	Intel Corporation	$43,639,000	-34.4%	1,156,000	-43.0%	0.38%	-31.2%
HPQ	Sell	HP Inc.	$35,531,000	-0.2%	2,287,905	-19.3%	0.31%	+4.7%
LANC	Sell	Lancaster Colony	$34,343,000	-11.9%	260,000	-14.9%	0.30%	-7.7%
SPLS	Buy	Staples Inc.	$19,280,000	-0.7%	2,255,000	+0.1%	0.17%	+3.7%
CRMT	Sell	America's CAR MART Inc	$19,065,000	+16.2%	523,921	-9.8%	0.17%	+22.1%
APOL	Sell	Apollo Education Grp	$16,839,000	-12.9%	2,118,054	-0.1%	0.15%	-8.8%
CLX	Sell	Clorox Company	$9,426,000	-13.4%	75,300	-4.2%	0.08%	-8.9%
BRKB	Buy	Berkshire Hath B	$3,363,000	+2.0%	23,279	+2.2%	0.03%	+7.4%
RAVN	Sell	Raven Industries Inc.	$230,000	-55.0%	10,000	-63.0%	0.00%	-50.0%
RDI	New	Reading International, Inc.	$247,000	–	18,474	–	0.00%	–

Q2 2016

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$1,589,946,000	–	18,778,145	–	13.16%	–
PEP	New	PepsiCo, Inc.	$1,124,450,000	–	10,614,023	–	9.31%	–
FOXA	New	TwentyFirst Cen Fox A	$1,083,723,000	–	40,063,686	–	8.97%	–
ORCL	New	Oracle Corporation	$825,216,000	–	20,161,631	–	6.83%	–
JNJ	New	Johnson & Johnson	$809,235,000	–	6,671,349	–	6.70%	–
CSCO	New	Cisco Systems Inc.	$807,567,000	–	28,148,032	–	6.68%	–
KO	New	Coca-Cola Co.	$765,000,000	–	16,876,233	–	6.33%	–
FOX	New	TwentyFirst Cen Fox B	$762,336,000	–	27,975,629	–	6.31%	–
SYY	New	Sysco Corporation	$752,558,000	–	14,831,661	–	6.23%	–
MSFT	New	Microsoft Corp.	$640,856,000	–	12,524,050	–	5.30%	–
XOM	New	Exxon Mobil Corp.	$323,574,000	–	3,451,825	–	2.68%	–
USB	New	U.S. Bancorp	$283,061,000	–	7,018,632	–	2.34%	–
BK	New	BNY Mellon Corp.	$232,329,000	–	5,980,155	–	1.92%	–
BCR	New	Bard, Inc., C.R.	$189,610,000	–	806,300	–	1.57%	–
COP	New	ConocoPhillips	$187,606,000	–	4,302,886	–	1.55%	–
VIAB	New	Viacom Inc Cl B	$180,779,000	–	4,359,268	–	1.50%	–
SYK	New	Stryker Corporation	$168,086,000	–	1,402,704	–	1.39%	–
ANTM	New	Anthem Inc.	$138,722,000	–	1,056,204	–	1.15%	–
CMCSA	New	Comcast Cl A	$130,220,000	–	1,997,550	–	1.08%	–
UN	New	Unilever N.V.	$109,103,000	–	2,324,301	–	0.90%	–
WFC	New	Wells Fargo & Co	$100,709,000	–	2,127,795	–	0.83%	–
CL	New	Colgate-Palmolive	$98,922,000	–	1,351,400	–	0.82%	–
AVP	New	Avon Products, Inc.	$96,790,000	–	25,605,741	–	0.80%	–
STT	New	State Street Corp	$91,168,000	–	1,690,800	–	0.76%	–
WMT	New	Wal-Mart Stores	$88,331,000	–	1,209,684	–	0.73%	–
CHRW	New	CH Robinson WW	$77,227,000	–	1,040,092	–	0.64%	–
GLW	New	Corning Inc.	$69,091,000	–	3,373,580	–	0.57%	–
INTC	New	Intel Corporation	$66,522,000	–	2,028,100	–	0.55%	–
HPE	New	Hewlett Packard Enterprise	$51,821,000	–	2,836,380	–	0.43%	–
GS	New	Goldman Sachs Grp	$41,796,000	–	281,300	–	0.35%	–
LANC	New	Lancaster Colony	$38,972,000	–	305,400	–	0.32%	–
BAC	New	Bank of America Corp	$36,929,000	–	2,782,900	–	0.31%	–
HPQ	New	HP Inc.	$35,596,000	–	2,836,360	–	0.30%	–
SPLS	New	Staples Inc.	$19,415,000	–	2,252,300	–	0.16%	–
APOL	New	Apollo Education Grp	$19,340,000	–	2,120,584	–	0.16%	–
CRMT	New	America's CAR MART Inc	$16,406,000	–	580,959	–	0.14%	–
CLX	New	Clorox Company	$10,881,000	–	78,625	–	0.09%	–
BRKA	New	Berkshire Hath A	$6,509,000	–	30	–	0.05%	–
BRKB	New	Berkshire Hath B	$3,298,000	–	22,779	–	0.03%	–
PM	New	Philip Morris Intl	$2,899,000	–	28,501	–	0.02%	–
MO	New	Altria Group Inc.	$1,786,000	–	25,900	–	0.02%	–
TBBK	New	Bancorp Inc., The	$656,000	–	109,000	–	0.01%	–
MOCO	New	MOCON Inc.	$481,000	–	34,000	–	0.00%	–
RAVN	New	Raven Industries Inc.	$511,000	–	27,000	–	0.00%	–
VMI	New	Valmont Industries Inc.	$243,000	–	1,800	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
PYPL	Exit	Paypal Hldgs Inc	$0	–	-7,000	–	-0.00%	–
PLPC	Exit	PREFORMED LINE PRODS COM	$0	–	-5,894	–	-0.00%	–
VMI	Exit	Valmont Industries Inc.	$0	–	-4,000	–	-0.00%	–
CRMT	Exit	America's CAR MART Inc	$0	–	-19,200	–	-0.00%	–
MOCO	Exit	MOCON Inc.	$0	–	-41,700	–	-0.00%	–
RAVN	Exit	Raven Industries Inc.	$0	–	-33,000	–	-0.00%	–
TBBK	Exit	Bancorp Inc., The	$0	–	-130,000	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-25,900	–	-0.01%	–
BRKB	Exit	Berkshire Hath B	$0	–	-15,079	–	-0.01%	–
PM	Exit	Philip Morris Intl	$0	–	-28,784	–	-0.02%	–
BRKA	Exit	Berkshire Hath A	$0	–	-30	–	-0.04%	–
SIAL	Exit	Sigma-Aldrich Corp.	$0	–	-92,627	–	-0.08%	–
APOL	Exit	Apollo Education Grp	$0	–	-2,147,391	–	-0.16%	–
SPLS	Exit	Staples Inc.	$0	–	-2,255,000	–	-0.17%	–
GS	Exit	Goldman Sachs Grp	$0	–	-281,000	–	-0.32%	–
LANC	Exit	Lancaster Colony	$0	–	-518,000	–	-0.33%	–
GLW	Exit	Corning Inc.	$0	–	-3,453,266	–	-0.39%	–
BAC	Exit	Bank of America Corp	$0	–	-4,280,000	–	-0.44%	–
INTC	Exit	Intel Corporation	$0	–	-2,367,000	–	-0.47%	–
HPQ	Exit	Hewlett-Packard	$0	–	-2,950,077	–	-0.50%	–
CLX	Exit	Clorox Company	$0	–	-670,389	–	-0.51%	–
CL	Exit	Colgate-Palmolive	$0	–	-1,464,000	–	-0.61%	–
WFC	Exit	Wells Fargo & Co	$0	–	-2,345,736	–	-0.79%	–
AVP	Exit	Avon Products, Inc.	$0	–	-38,081,692	–	-0.81%	–
WMT	Exit	Wal-Mart Stores	$0	–	-1,927,191	–	-0.82%	–
STT	Exit	State Street Corp	$0	–	-1,943,500	–	-0.86%	–
ANTM	Exit	Anthem Inc.	$0	–	-1,080,860	–	-0.99%	–
UN	Exit	Unilever N.V.	$0	–	-4,193,954	–	-1.11%	–
CMCSK	Exit	Comcast Cl A	$0	–	-3,110,350	–	-1.17%	–
BK	Exit	BNY Mellon Corp.	$0	–	-6,586,596	–	-1.69%	–
BCR	Exit	Bard, Inc., C.R.	$0	–	-1,464,225	–	-1.79%	–
COP	Exit	ConocoPhillips	$0	–	-5,721,812	–	-1.80%	–
SYK	Exit	Stryker Corporation	$0	–	-3,143,750	–	-1.94%	–
CHRW	Exit	CH Robinson WW	$0	–	-4,982,623	–	-2.22%	–
VIAB	Exit	Viacom Inc Cl B	$0	–	-8,307,450	–	-2.35%	–
USB	Exit	U.S. Bancorp	$0	–	-8,876,261	–	-2.39%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-5,893,790	–	-2.88%	–
JNJ	Exit	Johnson & Johnson	$0	–	-7,560,334	–	-4.63%	–
MSFT	Exit	Microsoft Corp.	$0	–	-17,111,829	–	-4.97%	–
FOX	Exit	TwentyFirst Cen Fox B	$0	–	-32,334,835	–	-5.74%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-36,114,148	–	-6.22%	–
ORCL	Exit	Oracle Corporation	$0	–	-26,359,856	–	-6.25%	–
KO	Exit	Coca-Cola Co.	$0	–	-24,890,739	–	-6.55%	–
SYY	Exit	Sysco Corporation	$0	–	-25,815,789	–	-6.60%	–
FOXA	Exit	TwentyFirst Cen Fox A	$0	–	-40,611,243	–	-7.19%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-17,796,881	–	-11.01%	–
PG	Exit	Procter & Gamble	$0	–	-27,848,644	–	-13.15%	–

Q3 2015

			Value		Shares		↓ Weighting
PG	Sell	Procter & Gamble	$2,003,431,000	-10.6%	27,848,644	-2.8%	13.15%	+10.0%
PEP	Sell	PepsiCo, Inc.	$1,678,246,000	-19.6%	17,796,881	-20.4%	11.01%	-1.1%
FOXA	Buy	TwentyFirst Cen Fox A	$1,095,691,000	-11.8%	40,611,243	+6.4%	7.19%	+8.5%
SYY	Sell	Sysco Corporation	$1,006,041,000	-17.9%	25,815,789	-24.0%	6.60%	+0.9%
KO	Sell	Coca-Cola Co.	$998,616,000	-16.5%	24,890,739	-18.4%	6.55%	+2.7%
ORCL	Sell	Oracle Corporation	$952,118,000	-21.4%	26,359,856	-12.3%	6.25%	-3.3%
CSCO	Sell	Cisco Systems Inc.	$947,996,000	-18.0%	36,114,148	-14.2%	6.22%	+0.9%
FOX	Buy	TwentyFirst Cen Fox B	$875,304,000	-4.0%	32,334,835	+14.2%	5.74%	+18.0%
MSFT	Sell	Microsoft Corp.	$757,370,000	-5.4%	17,111,829	-5.6%	4.97%	+16.4%
JNJ	Buy	Johnson & Johnson	$705,757,000	-2.7%	7,560,334	+1.6%	4.63%	+19.7%
XOM	Sell	Exxon Mobil Corp.	$438,203,000	-12.3%	5,893,790	-1.8%	2.88%	+7.9%
USB	Sell	U.S. Bancorp	$364,015,000	-12.5%	8,876,261	-7.4%	2.39%	+7.6%
VIAB	Sell	Viacom Inc Cl B	$358,466,000	-40.2%	8,307,450	-10.4%	2.35%	-26.4%
CHRW	Sell	CH Robinson WW	$337,722,000	-0.9%	4,982,623	-8.8%	2.22%	+21.9%
SYK	Sell	Stryker Corporation	$295,827,000	-36.6%	3,143,750	-35.6%	1.94%	-22.0%
COP	Sell	ConocoPhillips	$274,418,000	-23.5%	5,721,812	-2.1%	1.80%	-6.0%
BCR	Sell	Bard, Inc., C.R.	$272,800,000	-42.4%	1,464,225	-47.2%	1.79%	-29.1%
BK	Sell	BNY Mellon Corp.	$257,865,000	-10.7%	6,586,596	-4.3%	1.69%	+9.8%
CMCSK	Sell	Comcast Cl A	$178,036,000	-9.1%	3,110,350	-4.8%	1.17%	+11.8%
UN	Sell	Unilever N.V.	$168,597,000	-5.4%	4,193,954	-1.6%	1.11%	+16.3%
ANTM	Sell	Anthem Inc.	$151,320,000	-16.4%	1,080,860	-2.0%	0.99%	+2.8%
STT	Sell	State Street Corp	$130,623,000	-15.2%	1,943,500	-2.8%	0.86%	+4.4%
WMT	Sell	Wal-Mart Stores	$124,959,000	-15.2%	1,927,191	-7.2%	0.82%	+4.3%
AVP	Sell	Avon Products, Inc.	$123,766,000	-48.4%	38,081,692	-0.7%	0.81%	-36.6%
WFC	Sell	Wells Fargo & Co	$120,454,000	-12.9%	2,345,736	-4.6%	0.79%	+7.0%
CL	Sell	Colgate-Palmolive	$92,905,000	-3.7%	1,464,000	-0.7%	0.61%	+18.4%
CLX	Sell	Clorox Company	$77,450,000	-30.9%	670,389	-37.7%	0.51%	-15.1%
HPQ	Sell	Hewlett-Packard	$75,551,000	-15.5%	2,950,077	-1.0%	0.50%	+4.0%
INTC	Sell	Intel Corporation	$71,341,000	-1.5%	2,367,000	-0.6%	0.47%	+20.9%
BAC	Sell	Bank of America Corp	$66,682,000	-9.5%	4,280,000	-1.2%	0.44%	+11.5%
GLW	Sell	Corning Inc.	$59,120,000	-15.0%	3,453,266	-2.0%	0.39%	+4.6%
LANC	Sell	Lancaster Colony	$50,495,000	+5.9%	518,000	-1.3%	0.33%	+30.3%
GS	Sell	Goldman Sachs Grp	$48,827,000	-17.9%	281,000	-1.4%	0.32%	+0.9%
SPLS	Sell	Staples Inc.	$26,451,000	-23.9%	2,255,000	-0.7%	0.17%	-5.9%
APOL	Sell	Apollo Education Grp	$23,750,000	-14.7%	2,147,391	-0.7%	0.16%	+4.7%
SIAL	Sell	Sigma-Aldrich Corp.	$12,868,000	-93.4%	92,627	-93.4%	0.08%	-92.0%
TBBK	Sell	Bancorp Inc., The	$991,000	-18.7%	130,000	-1.0%	0.01%	0.0%
MOCO	Buy	MOCON Inc.	$563,000	-2.9%	41,700	+14.7%	0.00%	+33.3%
CRMT	Buy	America's CAR MART Inc	$635,000	-11.8%	19,200	+31.5%	0.00%	0.0%
RAVN	Buy	Raven Industries Inc.	$559,000	-11.3%	33,000	+6.5%	0.00%	+33.3%
PYPL	New	Paypal Hldgs Inc	$217,000	–	7,000	–	0.00%	–
PLPC	New	PREFORMED LINE PRODS COM	$219,000	–	5,894	–	0.00%	–
MSO	Exit	Martha Stewart Living Omnimedi	$0	–	-25,000	–	-0.00%	–
EBAY	Exit	Ebay Inc.	$0	–	-6,170,639	–	-1.98%	–

Q2 2015

			Value		Shares		↓ Weighting
PG	New	Procter & Gamble	$2,240,707,000	–	28,638,888	–	11.96%	–
PEP	New	PepsiCo, Inc.	$2,086,095,000	–	22,349,418	–	11.13%	–
FOXA	New	TwentyFirst Cen Fox A	$1,242,428,000	–	38,175,697	–	6.63%	–
SYY	New	Sysco Corporation	$1,225,957,000	–	33,960,032	–	6.54%	–
ORCL	New	Oracle Corporation	$1,211,221,000	–	30,055,101	–	6.46%	–
KO	New	Coca-Cola Co.	$1,196,342,000	–	30,495,596	–	6.38%	–
CSCO	New	Cisco Systems Inc.	$1,156,088,000	–	42,100,813	–	6.17%	–
FOX	New	TwentyFirst Cen Fox B	$912,201,000	–	28,311,645	–	4.87%	–
MSFT	New	Microsoft Corp.	$800,411,000	–	18,129,351	–	4.27%	–
JNJ	New	Johnson & Johnson	$725,292,000	–	7,441,948	–	3.87%	–
VIAB	New	Viacom Inc Cl B	$599,246,000	–	9,270,516	–	3.20%	–
XOM	New	Exxon Mobil Corp.	$499,420,000	–	6,002,640	–	2.66%	–
BCR	New	Bard, Inc., C.R.	$473,393,000	–	2,773,248	–	2.53%	–
SYK	New	Stryker Corporation	$466,752,000	–	4,883,871	–	2.49%	–
USB	New	U.S. Bancorp	$416,234,000	–	9,590,640	–	2.22%	–
EBAY	New	Ebay Inc.	$371,719,000	–	6,170,639	–	1.98%	–
COP	New	ConocoPhillips	$358,856,000	–	5,843,605	–	1.92%	–
CHRW	New	CH Robinson WW	$340,821,000	–	5,462,748	–	1.82%	–
BK	New	BNY Mellon Corp.	$288,819,000	–	6,881,548	–	1.54%	–
AVP	New	Avon Products, Inc.	$240,020,000	–	38,341,852	–	1.28%	–
SIAL	New	Sigma-Aldrich Corp.	$196,337,000	–	1,408,946	–	1.05%	–
CMCSK	New	Comcast Cl A	$195,836,000	–	3,267,200	–	1.04%	–
ANTM	New	Anthem Inc.	$181,050,000	–	1,103,020	–	0.97%	–
UN	New	Unilever N.V.	$178,264,000	–	4,260,621	–	0.95%	–
STT	New	State Street Corp	$153,961,000	–	1,999,500	–	0.82%	–
WMT	New	Wal-Mart Stores	$147,359,000	–	2,077,532	–	0.79%	–
WFC	New	Wells Fargo & Co	$138,275,000	–	2,458,660	–	0.74%	–
CLX	New	Clorox Company	$112,009,000	–	1,076,804	–	0.60%	–
CL	New	Colgate-Palmolive	$96,480,000	–	1,475,000	–	0.52%	–
HPQ	New	Hewlett-Packard	$89,405,000	–	2,979,164	–	0.48%	–
BAC	New	Bank of America Corp	$73,697,000	–	4,330,000	–	0.39%	–
INTC	New	Intel Corporation	$72,449,000	–	2,382,000	–	0.39%	–
GLW	New	Corning Inc.	$69,521,000	–	3,523,631	–	0.37%	–
GS	New	Goldman Sachs Grp	$59,505,000	–	285,000	–	0.32%	–
LANC	New	Lancaster Colony	$47,696,000	–	525,000	–	0.25%	–
SPLS	New	Staples Inc.	$34,754,000	–	2,270,000	–	0.18%	–
APOL	New	Apollo Education Grp	$27,842,000	–	2,161,625	–	0.15%	–
BRKA	New	Berkshire Hath A	$6,145,000	–	30	–	0.03%	–
PM	New	Philip Morris Intl	$2,308,000	–	28,784	–	0.01%	–
BRKB	New	Berkshire Hath B	$2,052,000	–	15,079	–	0.01%	–
MO	New	Altria Group Inc.	$1,267,000	–	25,900	–	0.01%	–
TBBK	New	Bancorp Inc., The	$1,219,000	–	131,350	–	0.01%	–
CRMT	New	America's CAR MART Inc	$720,000	–	14,600	–	0.00%	–
VMI	New	Valmont Industries Inc.	$475,000	–	4,000	–	0.00%	–
MOCO	New	MOCON Inc.	$580,000	–	36,364	–	0.00%	–
RAVN	New	Raven Industries Inc.	$630,000	–	31,000	–	0.00%	–
MSO	New	Martha Stewart Living Omnimedi	$156,000	–	25,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
DWA	Exit	DreamWorks Animation SKG Inc.	$0	–	-8,150	–	-0.00%	–
MSO	Exit	Martha Stewart Living Omnimedi	$0	–	-44,000	–	-0.00%	–
MOCO	Exit	MOCON Inc.	$0	–	-37,300	–	-0.00%	–
VMI	Exit	Valmont Industries Inc.	$0	–	-3,650	–	-0.00%	–
CRMT	Exit	America's CAR MART Inc	$0	–	-26,500	–	-0.00%	–
MO	Exit	Altria Group Inc.	$0	–	-26,400	–	-0.01%	–
CSVI	Exit	Computer Services Inc.	$0	–	-34,168	–	-0.01%	–
TBBK	Exit	Bancorp Inc., The	$0	–	-161,050	–	-0.01%	–
BRKB	Exit	Berkshire Hath B	$0	–	-16,079	–	-0.01%	–
PM	Exit	Philip Morris Intl	$0	–	-29,689	–	-0.01%	–
BRKA	Exit	Berkshire Hath A	$0	–	-30	–	-0.03%	–
REXI	Exit	Resource America	$0	–	-972,176	–	-0.04%	–
SPLS	Exit	Staples Inc.	$0	–	-2,275,000	–	-0.12%	–
LANC	Exit	Lancaster Colony	$0	–	-525,000	–	-0.19%	–
APOL	Exit	Apollo Education Grp	$0	–	-2,412,959	–	-0.25%	–
GS	Exit	Goldman Sachs Grp	$0	–	-403,000	–	-0.31%	–
QRTEA	Exit	Liberty Media Int. A	$0	–	-2,941,301	–	-0.35%	–
GLW	Exit	Corning Inc.	$0	–	-4,501,907	–	-0.36%	–
INTC	Exit	Intel Corporation	$0	–	-2,640,000	–	-0.38%	–
	Exit	Bank of America Corp	$0	–	-5,665,000	–	-0.40%	–
CL	Exit	Colgate-Palmolive	$0	–	-1,540,000	–	-0.42%	–
HPQ	Exit	Hewlett-Packard	$0	–	-3,355,169	–	-0.50%	–
PDCO	Exit	Patterson Companies	$0	–	-3,047,000	–	-0.53%	–
WFC	Exit	Wells Fargo & Co	$0	–	-2,805,725	–	-0.61%	–
BDX	Exit	Becton Dickinson	$0	–	-1,303,596	–	-0.62%	–
STT	Exit	State Street Corp	$0	–	-2,224,500	–	-0.68%	–
SIAL	Exit	Sigma-Aldrich Corp.	$0	–	-1,786,911	–	-1.02%	–
WMT	Exit	Wal-Mart Stores	$0	–	-3,272,616	–	-1.04%	–
BK	Exit	BNY Mellon Corp.	$0	–	-7,750,709	–	-1.25%	–
CMCSK	Exit	Comcast Corp. Spl A	$0	–	-6,219,550	–	-1.39%	–
AVP	Exit	Avon Products, Inc.	$0	–	-26,990,234	–	-1.42%	–
V107SC	Exit	WellPoint, Inc.	$0	–	-3,131,978	–	-1.56%	–
CHRW	Exit	CH Robinson WW	$0	–	-6,436,500	–	-1.78%	–
CLX	Exit	Clorox Company	$0	–	-4,675,497	–	-1.88%	–
EBAY	Exit	Ebay Inc.	$0	–	-8,108,199	–	-1.92%	–
COP	Exit	ConocoPhillips	$0	–	-6,015,335	–	-1.92%	–
USB	Exit	U.S. Bancorp	$0	–	-12,645,201	–	-2.21%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-7,007,786	–	-2.75%	–
VIAB	Exit	Viacom Inc Cl B	$0	–	-9,378,152	–	-3.01%	–
FOX	Exit	TwentyFirst Cen Fox B	$0	–	-22,823,300	–	-3.17%	–
SYK	Exit	Stryker Corporation	$0	–	-9,596,895	–	-3.24%	–
BCR	Exit	Bard, Inc., C.R.	$0	–	-6,443,334	–	-3.84%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,651,258	–	-3.85%	–
ORCL	Exit	Oracle Corporation	$0	–	-30,927,060	–	-4.94%	–
SYY	Exit	Sysco Corporation	$0	–	-31,713,072	–	-5.02%	–
MSFT	Exit	Microsoft Corp.	$0	–	-28,228,587	–	-5.46%	–
FOXA	Exit	TwentyFirst Cen Fox A	$0	–	-41,664,484	–	-5.96%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-61,101,962	–	-6.42%	–
KO	Exit	Coca-Cola Co.	$0	–	-42,906,057	–	-7.64%	–
PG	Exit	Procter & Gamble	$0	–	-28,942,742	–	-10.12%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-29,207,369	–	-11.35%	–

Q3 2014

			Value		Shares		↓ Weighting
PEP	Sell	PepsiCo, Inc.	$2,718,914,000	-3.4%	29,207,369	-7.3%	11.35%	-0.9%
PG	Buy	Procter & Gamble	$2,423,665,000	+9.4%	28,942,742	+2.7%	10.12%	+12.3%
KO	Sell	Coca-Cola Co.	$1,830,372,000	-2.6%	42,906,057	-3.3%	7.64%	-0.0%
CSCO	Sell	Cisco Systems Inc.	$1,537,936,000	-0.6%	61,101,962	-1.9%	6.42%	+2.0%
FOXA	Sell	TwentyFirst Cen Fox A	$1,428,675,000	-8.1%	41,664,484	-5.8%	5.96%	-5.6%
MSFT	Sell	Microsoft Corp.	$1,308,677,000	-4.7%	28,228,587	-14.3%	5.46%	-2.2%
SYY	Sell	Sysco Corporation	$1,203,511,000	+0.6%	31,713,072	-0.7%	5.02%	+3.3%
ORCL	Buy	Oracle Corporation	$1,183,888,000	+5.4%	30,927,060	+11.6%	4.94%	+8.2%
JNJ	Sell	Johnson & Johnson	$922,138,000	-2.6%	8,651,258	-4.4%	3.85%	+0.1%
BCR	Sell	Bard, Inc., C.R.	$919,528,000	-4.0%	6,443,334	-3.8%	3.84%	-1.5%
SYK	Sell	Stryker Corporation	$774,949,000	-9.7%	9,596,895	-5.7%	3.24%	-7.3%
FOX	Buy	TwentyFirst Cen Fox B	$760,244,000	+18.8%	22,823,300	+22.0%	3.17%	+21.9%
VIAB	Buy	Viacom Inc Cl B	$721,555,000	-11.0%	9,378,152	+0.3%	3.01%	-8.7%
XOM	Sell	Exxon Mobil Corp.	$659,082,000	-8.1%	7,007,786	-1.6%	2.75%	-5.7%
USB	Sell	U.S. Bancorp	$528,949,000	-3.5%	12,645,201	-0.1%	2.21%	-1.0%
COP	Sell	ConocoPhillips	$460,293,000	-12.6%	6,015,335	-2.1%	1.92%	-10.3%
EBAY	Sell	Ebay Inc.	$459,167,000	+11.4%	8,108,199	-1.5%	1.92%	+14.4%
CLX	Sell	Clorox Company	$449,035,000	-12.7%	4,675,497	-16.9%	1.88%	-10.3%
CHRW	Sell	CH Robinson WW	$426,869,000	+1.9%	6,436,500	-2.0%	1.78%	+4.6%
V107SC	Sell	WellPoint, Inc.	$374,647,000	+3.5%	3,131,978	-6.9%	1.56%	+6.3%
AVP	Sell	Avon Products, Inc.	$340,077,000	-14.0%	26,990,234	-0.2%	1.42%	-11.6%
CMCSK	Sell	Comcast Corp. Spl A	$332,746,000	-26.9%	6,219,550	-27.2%	1.39%	-25.0%
BK	Sell	BNY Mellon Corp.	$300,185,000	+3.2%	7,750,709	-0.1%	1.25%	+5.9%
WMT	Buy	Wal-Mart Stores	$250,257,000	+1.9%	3,272,616	+0.0%	1.04%	+4.6%
SIAL	Sell	Sigma-Aldrich Corp.	$243,038,000	-0.1%	1,786,911	-25.5%	1.02%	+2.5%
BDX	Sell	Becton Dickinson	$148,362,000	-3.8%	1,303,596	-0.0%	0.62%	-1.3%
WFC	Sell	Wells Fargo & Co	$145,533,000	-35.0%	2,805,725	-34.1%	0.61%	-33.2%
PDCO	Buy	Patterson Companies	$126,237,000	+5.0%	3,047,000	+0.2%	0.53%	+7.8%
HPQ	Sell	Hewlett-Packard	$119,008,000	+5.1%	3,355,169	-0.3%	0.50%	+7.8%
CL	Buy	Colgate-Palmolive	$100,439,000	-4.0%	1,540,000	+0.3%	0.42%	-1.6%
INTC	Buy	Intel Corporation	$91,925,000	+12.9%	2,640,000	+0.2%	0.38%	+16.0%
GLW	Sell	Corning Inc.	$87,067,000	-12.1%	4,501,907	-0.2%	0.36%	-9.9%
APOL	Sell	Apollo Education Grp	$60,686,000	-48.2%	2,412,959	-35.7%	0.25%	-47.0%
REXI	Sell	Resource America	$9,051,000	-28.8%	972,176	-28.5%	0.04%	-26.9%
CSVI	New	Computer Services Inc.	$1,260,000	–	34,168	–	0.01%	–
CRMT	New	America's CAR MART Inc	$1,049,000	–	26,500	–	0.00%	–
VMI	New	Valmont Industries Inc.	$492,000	–	3,650	–	0.00%	–
MOCO	New	MOCON Inc.	$557,000	–	37,300	–	0.00%	–
MSO	New	Martha Stewart Living Omnimedi	$158,000	–	44,000	–	0.00%	–
DWA	New	DreamWorks Animation SKG Inc.	$222,000	–	8,150	–	0.00%	–
	Exit	Samsung Electronics Co LTD	$0	–	-1,200	–	-0.01%	–
NTRS	Exit	Northern Trust Corp.	$0	–	-555,700	–	-0.14%	–

Q2 2014

			Value		Shares		↓ Weighting
PEP	New	PepsiCo, Inc.	$2,815,818,000	–	31,517,996	–	11.45%	–
PG	New	Procter & Gamble	$2,215,602,000	–	28,191,905	–	9.01%	–
KO	New	Coca-Cola Co.	$1,879,890,000	–	44,378,906	–	7.64%	–
FOXA	New	TwentyFirst Cen Fox A	$1,554,457,000	–	44,223,525	–	6.32%	–
CSCO	New	Cisco Systems Inc.	$1,547,798,000	–	62,285,649	–	6.29%	–
MSFT	New	Microsoft Corp.	$1,373,464,000	–	32,936,787	–	5.58%	–
SYY	New	Sysco Corporation	$1,195,991,000	–	31,935,685	–	4.86%	–
ORCL	New	Oracle Corporation	$1,123,087,000	–	27,710,005	–	4.57%	–
BCR	New	Bard, Inc., C.R.	$958,340,000	–	6,701,207	–	3.90%	–
JNJ	New	Johnson & Johnson	$946,382,000	–	9,045,902	–	3.85%	–
SYK	New	Stryker Corporation	$858,287,000	–	10,178,928	–	3.49%	–
VIAB	New	Viacom Inc Cl B	$811,170,000	–	9,352,815	–	3.30%	–
XOM	New	Exxon Mobil Corp.	$717,205,000	–	7,123,611	–	2.92%	–
FOX	New	TwentyFirst Cen Fox B	$640,187,000	–	18,702,500	–	2.60%	–
USB	New	U.S. Bancorp	$548,345,000	–	12,658,004	–	2.23%	–
COP	New	ConocoPhillips	$526,801,000	–	6,144,890	–	2.14%	–
CLX	New	Clorox Company	$514,260,000	–	5,626,481	–	2.09%	–
CMCSK	New	Comcast Corp. Spl A	$455,373,000	–	8,538,783	–	1.85%	–
CHRW	New	CH Robinson WW	$419,017,000	–	6,568,700	–	1.70%	–
EBAY	New	Ebay Inc.	$412,121,000	–	8,232,534	–	1.68%	–
AVP	New	Avon Products, Inc.	$395,268,000	–	27,054,646	–	1.61%	–
V107SC	New	WellPoint, Inc.	$361,850,000	–	3,362,604	–	1.47%	–
BK	New	BNY Mellon Corp.	$290,845,000	–	7,760,010	–	1.18%	–
WMT	New	Wal-Mart Stores	$245,570,000	–	3,271,212	–	1.00%	–
SIAL	New	Sigma-Aldrich Corp.	$243,368,000	–	2,398,185	–	0.99%	–
WFC	New	Wells Fargo & Co	$223,788,000	–	4,257,755	–	0.91%	–
BDX	New	Becton Dickinson	$154,290,000	–	1,304,228	–	0.63%	–
STT	New	State Street Corp	$149,620,000	–	2,224,500	–	0.61%	–
PDCO	New	Patterson Companies	$120,189,000	–	3,042,000	–	0.49%	–
APOL	New	Apollo Education Grp	$117,262,000	–	3,752,372	–	0.48%	–
HPQ	New	Hewlett-Packard	$113,286,000	–	3,363,606	–	0.46%	–
CL	New	Colgate-Palmolive	$104,656,000	–	1,535,000	–	0.43%	–
GLW	New	Corning Inc.	$99,062,000	–	4,513,066	–	0.40%	–
	New	Bank of America Corp	$87,071,000	–	5,665,000	–	0.35%	–
QRTEA	New	Liberty Media Int. A	$86,357,000	–	2,941,301	–	0.35%	–
INTC	New	Intel Corporation	$81,421,000	–	2,635,000	–	0.33%	–
GS	New	Goldman Sachs Grp	$67,478,000	–	403,000	–	0.27%	–
LANC	New	Lancaster Colony	$49,959,000	–	525,000	–	0.20%	–
NTRS	New	Northern Trust Corp.	$35,681,000	–	555,700	–	0.14%	–
SPLS	New	Staples Inc.	$24,661,000	–	2,275,000	–	0.10%	–
REXI	New	Resource America	$12,717,000	–	1,360,076	–	0.05%	–
BRKA	New	Berkshire Hath A	$5,697,000	–	30	–	0.02%	–
PM	New	Philip Morris Intl	$2,503,000	–	29,689	–	0.01%	–
TBBK	New	Bancorp Inc., The	$1,918,000	–	161,050	–	0.01%	–
BRKB	New	Berkshire Hath B	$2,035,000	–	16,079	–	0.01%	–
	New	Samsung Electronics Co LTD	$1,568,000	–	1,200	–	0.01%	–
MO	New	Altria Group Inc.	$1,107,000	–	26,400	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
PFE	Exit	Pfizer Inc.	$0	–	-41,700	–	-0.01%	–
MO	Exit	Altria Group Inc.	$0	–	-35,400	–	-0.01%	–
BRKB	Exit	Berkshire Hath B	$0	–	-16,079	–	-0.01%	–
NWS	Exit	News Corp CL B	$0	–	-106,500	–	-0.01%	–
PM	Exit	Philip Morris Intl	$0	–	-38,689	–	-0.02%	–
BRKA	Exit	Berkshire Hath A	$0	–	-30	–	-0.02%	–
REXI	Exit	Resource America	$0	–	-1,509,476	–	-0.05%	–
FOX	Exit	TwentyFirst Cen Fox B	$0	–	-426,000	–	-0.06%	–
TBBK	Exit	Bancorp Inc., The	$0	–	-814,442	–	-0.06%	–
NTRS	Exit	Northern Trust Corp.	$0	–	-557,200	–	-0.14%	–
SPLS	Exit	Staples Inc.	$0	–	-2,280,000	–	-0.15%	–
JNS	Exit	Janus Capital Grp	$0	–	-4,705,000	–	-0.18%	–
LANC	Exit	Lancaster Colony	$0	–	-525,000	–	-0.18%	–
BB	Exit	Blackberry Ltd	$0	–	-5,905,078	–	-0.21%	–
INTC	Exit	Intel Corporation	$0	–	-2,625,000	–	-0.27%	–
QRTEA	Exit	Liberty Int. Corp.	$0	–	-2,943,551	–	-0.31%	–
BAC	Exit	Bank of America Corp	$0	–	-5,695,000	–	-0.35%	–
EBAY	Exit	Ebay Inc.	$0	–	-1,425,000	–	-0.36%	–
CL	Exit	Colgate-Palmolive	$0	–	-1,525,000	–	-0.40%	–
GS	Exit	Goldman Sachs Grp	$0	–	-657,400	–	-0.46%	–
F113PS	Exit	Covidien Plc.	$0	–	-1,795,975	–	-0.49%	–
PDCO	Exit	Patterson Companies	$0	–	-3,029,500	–	-0.54%	–
HPQ	Exit	Hewlett-Packard	$0	–	-5,897,819	–	-0.55%	–
STT	Exit	State Street Corp	$0	–	-2,236,900	–	-0.66%	–
APOL	Exit	Apollo Group Inc.	$0	–	-7,603,130	–	-0.71%	–
BDX	Exit	Becton Dickinson	$0	–	-1,758,947	–	-0.78%	–
WFC	Exit	Wells Fargo & Co	$0	–	-4,784,668	–	-0.88%	–
NWSA	Exit	News Corp Cl A	$0	–	-12,355,801	–	-0.88%	–
SIAL	Exit	Sigma-Aldrich Corp.	$0	–	-2,404,546	–	-0.92%	–
GLW	Exit	Corning Inc.	$0	–	-14,589,044	–	-0.95%	–
BK	Exit	BNY Mellon Corp.	$0	–	-7,761,417	–	-1.04%	–
WMT	Exit	Wal-Mart Stores	$0	–	-3,250,864	–	-1.07%	–
DELL	Exit	Dell Inc.	$0	–	-21,094,431	–	-1.30%	–
V107SC	Exit	WellPoint, Inc.	$0	–	-3,618,166	–	-1.35%	–
CMCSK	Exit	Comcast Corp. A	$0	–	-8,545,844	–	-1.65%	–
AVP	Exit	Avon Products, Inc.	$0	–	-18,778,080	–	-1.72%	–
CHRW	Exit	CH Robinson WW	$0	–	-6,526,627	–	-1.73%	–
COP	Exit	ConocoPhillips	$0	–	-6,224,236	–	-1.93%	–
USB	Exit	U.S. Bancorp	$0	–	-12,698,721	–	-2.07%	–
CLX	Exit	Clorox Company	$0	–	-6,149,242	–	-2.24%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-7,276,782	–	-2.79%	–
VIAB	Exit	Viacom Inc Cl B	$0	–	-9,476,166	–	-3.53%	–
ORCL	Exit	Oracle Corporation	$0	–	-24,416,925	–	-3.61%	–
SYK	Exit	Stryker Corporation	$0	–	-11,986,101	–	-3.61%	–
JNJ	Exit	Johnson & Johnson	$0	–	-9,619,720	–	-3.72%	–
SYY	Exit	Sysco Corporation	$0	–	-33,069,530	–	-4.70%	–
BCR	Exit	Bard, Inc., C.R.	$0	–	-9,874,124	–	-5.07%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-50,273,165	–	-5.25%	–
MSFT	Exit	Microsoft Corp.	$0	–	-35,747,708	–	-5.31%	–
KO	Exit	Coca-Cola Co.	$0	–	-39,816,732	–	-6.73%	–
PG	Exit	Procter & Gamble	$0	–	-25,107,262	–	-8.46%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-27,937,091	–	-9.91%	–
FOXA	Exit	TwentyFirst Cen Fox A	$0	–	-70,753,947	–	-10.57%	–

Q3 2013

			Value		Shares		↓ Weighting
FOXA	New	TwentyFirst Cen Fox A	$2,370,257,000	–	70,753,947	–	10.57%	–
PEP	Buy	PepsiCo, Inc.	$2,220,999,000	+18.3%	27,937,091	+21.7%	9.91%	+11.6%
PG	Sell	Procter & Gamble	$1,897,858,000	-2.9%	25,107,262	-1.1%	8.46%	-8.4%
KO	Buy	Coca-Cola Co.	$1,508,258,000	+33.8%	39,816,732	+41.7%	6.73%	+26.3%
MSFT	Sell	Microsoft Corp.	$1,190,756,000	-4.6%	35,747,708	-1.1%	5.31%	-10.0%
CSCO	Sell	Cisco Systems Inc.	$1,177,398,000	-8.4%	50,273,165	-4.9%	5.25%	-13.6%
BCR	Sell	Bard, Inc., C.R.	$1,137,499,000	+4.9%	9,874,124	-1.0%	5.07%	-1.0%
SYY	Buy	Sysco Corporation	$1,052,603,000	-5.7%	33,069,530	+1.2%	4.70%	-11.0%
JNJ	Sell	Johnson & Johnson	$833,934,000	-0.5%	9,619,720	-1.4%	3.72%	-6.1%
SYK	Sell	Stryker Corporation	$810,141,000	+3.6%	11,986,101	-0.8%	3.61%	-2.2%
ORCL	Buy	Oracle Corporation	$809,909,000	+31.4%	24,416,925	+21.7%	3.61%	+24.0%
VIAB	Sell	Viacom Inc Cl B	$792,018,000	+16.2%	9,476,166	-5.4%	3.53%	+9.7%
XOM	Buy	Exxon Mobil Corp.	$626,094,000	+23.8%	7,276,782	+30.0%	2.79%	+16.9%
CLX	Sell	Clorox Company	$502,516,000	-2.5%	6,149,242	-0.8%	2.24%	-8.0%
USB	Sell	U.S. Bancorp	$464,519,000	+0.6%	12,698,721	-0.6%	2.07%	-5.1%
COP	Sell	ConocoPhillips	$432,647,000	+11.1%	6,224,236	-3.3%	1.93%	+4.9%
CHRW	Buy	CH Robinson WW	$388,726,000	+11.7%	6,526,627	+5.6%	1.73%	+5.5%
AVP	Sell	Avon Products, Inc.	$386,828,000	-2.9%	18,778,080	-0.9%	1.72%	-8.4%
CMCSK	Sell	Comcast Corp. A	$370,633,000	+8.5%	8,545,844	-0.8%	1.65%	+2.4%
V107SC	Sell	WellPoint, Inc.	$302,515,000	+1.5%	3,618,166	-0.7%	1.35%	-4.3%
DELL	Buy	Dell Inc.	$290,470,000	+46.2%	21,094,431	+41.7%	1.30%	+38.0%
WMT	Sell	Wal-Mart Stores	$240,434,000	-0.8%	3,250,864	-0.1%	1.07%	-6.5%
BK	Sell	BNY Mellon Corp.	$234,317,000	+6.8%	7,761,417	-0.8%	1.04%	+0.8%
GLW	Sell	Corning Inc.	$212,854,000	+1.9%	14,589,044	-0.6%	0.95%	-3.9%
SIAL	Sell	Sigma-Aldrich Corp.	$205,108,000	+5.5%	2,404,546	-0.7%	0.92%	-0.4%
NWSA	Sell	News Corp Cl A	$198,434,000	-91.6%	12,355,801	-82.9%	0.88%	-92.1%
WFC	Sell	Wells Fargo & Co	$197,702,000	-0.7%	4,784,668	-0.8%	0.88%	-6.3%
BDX	Sell	Becton Dickinson	$175,930,000	+0.6%	1,758,947	-0.6%	0.78%	-5.1%
APOL	Sell	Apollo Group Inc.	$158,221,000	+17.0%	7,603,130	-0.3%	0.71%	+10.5%
STT	Sell	State Street Corp	$147,076,000	+0.7%	2,236,900	-0.1%	0.66%	-4.9%
HPQ	Sell	Hewlett-Packard	$123,736,000	-45.8%	5,897,819	-35.9%	0.55%	-48.8%
PDCO	Sell	Patterson Companies	$121,786,000	+6.0%	3,029,500	-0.8%	0.54%	0.0%
F113PS	Sell	Covidien Plc.	$109,447,000	-3.6%	1,795,975	-0.6%	0.49%	-9.0%
CL	Sell	Colgate-Palmolive	$90,432,000	+2.5%	1,525,000	-1.0%	0.40%	-3.4%
EBAY	Sell	Ebay Inc.	$79,501,000	+6.4%	1,425,000	-1.4%	0.36%	+0.6%
BAC	Sell	Bank of America Corp	$78,591,000	+6.8%	5,695,000	-0.4%	0.35%	+0.9%
INTC	Sell	Intel Corporation	$60,165,000	-6.1%	2,625,000	-0.8%	0.27%	-11.6%
BB	New	Blackberry Ltd	$46,945,000	–	5,905,078	–	0.21%	–
LANC	Sell	Lancaster Colony	$41,102,000	-0.9%	525,000	-1.3%	0.18%	-6.6%
SPLS	Sell	Staples Inc.	$33,402,000	-7.8%	2,280,000	-0.2%	0.15%	-12.9%
NTRS	Sell	Northern Trust Corp.	$30,306,000	-6.1%	557,200	-0.0%	0.14%	-11.8%
TBBK	Sell	Bancorp Inc., The	$14,432,000	-59.9%	814,442	-66.1%	0.06%	-62.4%
FOX	New	TwentyFirst Cen Fox B	$14,228,000	–	426,000	–	0.06%	–
PM	Sell	Philip Morris Intl	$3,350,000	-2.6%	38,689	-2.5%	0.02%	-6.2%
NWS	New	News Corp CL B	$1,750,000	–	106,500	–	0.01%	–
NWS	Exit	News Corp CL B	$0	–	-426,000	–	-0.07%	–
BBRY	Exit	Research in Motion	$0	–	-5,871,352	–	-0.29%	–

Q2 2013

			Value		Shares		↓ Weighting
NWSA	New	News Corp Cl A	$2,356,711,000	–	72,291,747	–	11.14%	–
PG	New	Procter & Gamble	$1,955,011,000	–	25,393,047	–	9.24%	–
PEP	New	PepsiCo, Inc.	$1,877,368,000	–	22,953,521	–	8.87%	–
CSCO	New	Cisco Systems Inc.	$1,285,773,000	–	52,890,691	–	6.08%	–
MSFT	New	Microsoft Corp.	$1,247,947,000	–	36,140,945	–	5.90%	–
KO	New	Coca-Cola Co.	$1,127,365,000	–	28,106,827	–	5.33%	–
SYY	New	Sysco Corporation	$1,116,700,000	–	32,690,269	–	5.28%	–
BCR	New	Bard, Inc., C.R.	$1,083,886,000	–	9,973,185	–	5.12%	–
JNJ	New	Johnson & Johnson	$838,032,000	–	9,760,443	–	3.96%	–
SYK	New	Stryker Corporation	$781,896,000	–	12,088,680	–	3.70%	–
VIAB	New	Viacom Inc Cl B	$681,668,000	–	10,017,159	–	3.22%	–
ORCL	New	Oracle Corporation	$616,277,000	–	20,061,099	–	2.91%	–
CLX	New	Clorox Company	$515,604,000	–	6,201,641	–	2.44%	–
XOM	New	Exxon Mobil Corp.	$505,637,000	–	5,596,426	–	2.39%	–
USB	New	U.S. Bancorp	$461,971,000	–	12,779,292	–	2.18%	–
AVP	New	Avon Products, Inc.	$398,374,000	–	18,943,112	–	1.88%	–
COP	New	ConocoPhillips	$389,259,000	–	6,434,041	–	1.84%	–
CHRW	New	CH Robinson WW	$347,927,000	–	6,178,781	–	1.64%	–
CMCSK	New	Comcast Corp. A	$341,590,000	–	8,610,781	–	1.62%	–
V107SC	New	WellPoint, Inc.	$298,128,000	–	3,642,814	–	1.41%	–
WMT	New	Wal-Mart Stores	$242,479,000	–	3,255,189	–	1.15%	–
HPQ	New	Hewlett-Packard	$228,160,000	–	9,199,982	–	1.08%	–
BK	New	BNY Mellon Corp.	$219,355,000	–	7,820,146	–	1.04%	–
GLW	New	Corning Inc.	$208,801,000	–	14,673,303	–	0.99%	–
WFC	New	Wells Fargo & Co	$199,107,000	–	4,824,487	–	0.94%	–
DELL	New	Dell Inc.	$198,746,000	–	14,887,331	–	0.94%	–
SIAL	New	Sigma-Aldrich Corp.	$194,507,000	–	2,420,445	–	0.92%	–
BDX	New	Becton Dickinson	$174,913,000	–	1,769,836	–	0.83%	–
STT	New	State Street Corp	$145,999,000	–	2,238,900	–	0.69%	–
APOL	New	Apollo Group Inc.	$135,193,000	–	7,629,389	–	0.64%	–
PDCO	New	Patterson Companies	$114,849,000	–	3,054,500	–	0.54%	–
F113PS	New	Covidien Plc.	$113,494,000	–	1,806,075	–	0.54%	–
GS	New	Goldman Sachs Grp	$99,432,000	–	657,400	–	0.47%	–
CL	New	Colgate-Palmolive	$88,227,000	–	1,540,000	–	0.42%	–
EBAY	New	Ebay Inc.	$74,735,000	–	1,445,000	–	0.35%	–
BAC	New	Bank of America Corp	$73,559,000	–	5,720,000	–	0.35%	–
QRTEA	New	Liberty Int. Corp.	$67,731,000	–	2,943,551	–	0.32%	–
INTC	New	Intel Corporation	$64,062,000	–	2,645,000	–	0.30%	–
BBRY	New	Research in Motion	$61,473,000	–	5,871,352	–	0.29%	–
LANC	New	Lancaster Colony	$41,491,000	–	532,000	–	0.20%	–
JNS	New	Janus Capital Grp	$40,040,000	–	4,705,000	–	0.19%	–
SPLS	New	Staples Inc.	$36,240,000	–	2,285,000	–	0.17%	–
TBBK	New	Bancorp Inc., The	$36,013,000	–	2,402,442	–	0.17%	–
NTRS	New	Northern Trust Corp.	$32,268,000	–	557,300	–	0.15%	–
NWS	New	News Corp CL B	$13,981,000	–	426,000	–	0.07%	–
REXI	New	Resource America	$12,831,000	–	1,509,476	–	0.06%	–
BRKA	New	Berkshire Hath A	$5,058,000	–	30	–	0.02%	–
PM	New	Philip Morris Intl	$3,438,000	–	39,689	–	0.02%	–
BRKB	New	Berkshire Hath B	$1,800,000	–	16,079	–	0.01%	–
PFE	New	Pfizer Inc.	$1,168,000	–	41,700	–	0.01%	–
MO	New	Altria Group Inc.	$1,239,000	–	35,400	–	0.01%	–

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