SKBA CAPITAL MANAGEMENT LLC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
COP	Sell	CONOCOPHILLIPS	$22,016,245	+12.1%	183,775	-3.0%	4.06%	+14.7%
MRK	Sell	MERCK & CO INC	$17,021,238	-10.8%	165,335	-0.1%	3.14%	-8.7%
PHG	Sell	KONINKLIJKE PHILIPS N V	$15,682,132	-8.1%	786,466	-0.0%	2.89%	-5.9%
KTB	Buy	KONTOOR BRANDS INC	$14,978,316	+10.9%	341,114	+6.3%	2.76%	+13.5%
DRI	Buy	DARDEN RESTAURANTS INC	$14,881,990	+3.3%	103,910	+20.5%	2.75%	+5.7%
RTX	Buy	RTX CORPORATION	$14,620,490	-21.5%	203,147	+6.8%	2.70%	-19.7%
CME	Buy	CME GROUP INC	$14,574,014	+9.5%	72,790	+1.4%	2.69%	+12.1%
T	Buy	AT&T INC	$14,466,513	-1.9%	963,150	+4.2%	2.67%	+0.4%
INGR	Buy	INGREDION INC	$13,414,380	+3.6%	136,325	+11.5%	2.48%	+6.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$13,331,530	+0.3%	300,666	-6.0%	2.46%	+2.7%
	Buy	COREBRIDGE FINL INC	$12,819,528	+12.0%	649,090	+0.1%	2.37%	+14.6%
PSX	Sell	PHILLIPS 66	$12,439,730	+25.6%	103,535	-0.3%	2.30%	+28.6%
CAH	Sell	CARDINAL HEALTH INC	$11,603,493	-17.0%	133,650	-9.5%	2.14%	-15.0%
NTAP	Sell	NETAPP INC	$11,598,258	-10.9%	152,850	-10.3%	2.14%	-8.9%
AIG	Sell	AMERICAN INTL GROUP INC	$11,452,491	-7.3%	188,985	-12.0%	2.11%	-5.2%
CSCO	Buy	CISCO SYS INC	$10,965,965	+4.1%	203,980	+0.1%	2.02%	+6.5%
MDT	Buy	MEDTRONIC PLC	$10,745,825	+4.2%	137,134	+17.1%	1.98%	+6.6%
KHC	Sell	KRAFT HEINZ CO	$10,651,770	-13.3%	316,640	-8.5%	1.97%	-11.2%
FDX	Buy	FEDEX CORP	$10,416,654	+7.1%	39,320	+0.3%	1.92%	+9.6%
KMI	Buy	KINDER MORGAN INC DEL	$10,331,330	+9.5%	623,120	+13.8%	1.91%	+12.1%
RDN	Sell	RADIAN GROUP INC	$10,259,946	-7.0%	408,600	-6.4%	1.89%	-4.9%
TAP	Buy	MOLSON COORS BEVERAGE COcl b	$10,168,677	-3.3%	159,910	+0.1%	1.88%	-1.0%
VICI	Buy	VICI PPTYS INC	$9,861,990	-1.1%	338,900	+6.8%	1.82%	+1.2%
WFC	Buy	WELLS FARGO CO NEW	$9,248,661	-3.8%	226,350	+0.5%	1.71%	-1.5%
RIO	Sell	RIO TINTO PLCsponsored adr	$8,801,412	-22.3%	138,300	-22.1%	1.62%	-20.5%
PKG	Buy	PACKAGING CORP AMER	$8,674,807	+68.8%	56,495	+45.3%	1.60%	+72.7%
C	Sell	CITIGROUP INC	$8,443,989	-12.1%	205,300	-1.6%	1.56%	-10.1%
O	Sell	REALTY INCOME CORP	$8,159,097	-16.8%	163,378	-0.4%	1.51%	-14.9%
WY	Buy	WEYERHAEUSER CO MTN BE	$7,889,738	+33.3%	257,330	+45.7%	1.46%	+36.5%
PNW	Buy	PINNACLE WEST CAP CORP	$7,839,552	-1.8%	106,400	+8.6%	1.45%	+0.5%
GPC	Sell	GENUINE PARTS CO	$6,974,998	-14.8%	48,310	-0.1%	1.29%	-12.8%
UNP	Sell	UNION PAC CORP	$6,372,601	-0.6%	31,295	-0.2%	1.18%	+1.6%
LOW	New	LOWES COS INC	$5,050,512	–	24,300	–	0.93%	–
VZ	Sell	VERIZON COMMUNICATIONS INC	$4,866,491	-13.1%	150,154	-0.3%	0.90%	-11.1%
OGE	Sell	OGE ENERGY CORP	$4,791,521	-10.2%	143,760	-3.2%	0.88%	-8.1%
GLW	Sell	CORNING INC	$4,628,241	-14.5%	151,895	-1.6%	0.85%	-12.5%
TGT	Buy	TARGET CORP	$4,594,736	+1554.9%	41,555	+1874.1%	0.85%	+1596.0%
JPM	Sell	JPMORGAN CHASE & CO	$831,255	-3.7%	5,732	-3.4%	0.15%	-1.9%
MS	Sell	MORGAN STANLEY	$338,931	-24.4%	4,150	-21.0%	0.06%	-22.2%
CMI	Sell	CUMMINS INC	$331,267	-17.6%	1,450	-11.6%	0.06%	-16.4%
	Buy	WARNER BROS DISCOVERY INC	$320,370	-11.0%	29,500	+2.8%	0.06%	-9.2%
GOOGL	Sell	ALPHABET INCcap stk cl a	$316,681	-2.7%	2,420	-11.0%	0.06%	-1.7%
LH	Sell	LABORATORY CORP AMER HLDGS	$279,460	-19.6%	1,390	-3.5%	0.05%	-17.5%
	Sell	BROOKFIELD CORPcl a ltd vt sh	$281,821	-10.8%	9,013	-4.0%	0.05%	-8.8%
CF	Sell	CF INDS HLDGS INC	$270,081	+21.6%	3,150	-1.6%	0.05%	+25.0%
WRB	New	BERKLEY W R CORP	$262,214	–	4,130	–	0.05%	–
BAC	Sell	BANK AMERICA CORP	$220,683	-8.0%	8,060	-3.6%	0.04%	-4.7%
SLB	New	SCHLUMBERGER LTD	$203,467	–	3,490	–	0.04%	–
	Exit	COHERENT CORP	$0	–	-4,610	–	-0.04%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-84,000	–	-0.86%	–
NEM	Exit	NEWMONT CORP	$0	–	-143,200	–	-1.10%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-89,900	–	-1.29%	–

Q2 2023

			Value		Shares		↓ Weighting
COP	New	CONOCOPHILLIPS	$19,636,685	–	189,525	–	3.54%	–
MRK	New	MERCK & CO INC	$19,089,545	–	165,435	–	3.44%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$18,631,698	–	190,197	–	3.36%	–
PHG	New	KONINKLIJKE PHILIPS N V	$17,058,482	–	786,468	–	3.08%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$16,579,059	–	123,900	–	2.99%	–
T	New	AT&T INC	$14,744,978	–	924,450	–	2.66%	–
DRI	New	DARDEN RESTAURANTS INC	$14,403,967	–	86,210	–	2.60%	–
NXPI	New	NXP SEMICONDUCTORS N V	$14,326,577	–	69,995	–	2.58%	–
CAH	New	CARDINAL HEALTH INC	$13,972,718	–	147,750	–	2.52%	–
KTB	New	KONTOOR BRANDS INC	$13,510,479	–	320,914	–	2.44%	–
CME	New	CME GROUP INC	$13,303,822	–	71,800	–	2.40%	–
CMCSA	New	COMCAST CORP NEWcl a	$13,286,277	–	319,766	–	2.40%	–
NTAP	New	NETAPP INC	$13,022,380	–	170,450	–	2.35%	–
INGR	New	INGREDION INC	$12,949,739	–	122,225	–	2.34%	–
AIG	New	AMERICAN INTL GROUP INC	$12,358,729	–	214,785	–	2.23%	–
KHC	New	KRAFT HEINZ CO	$12,278,740	–	345,880	–	2.21%	–
	New	COREBRIDGE FINL INC	$11,448,801	–	648,290	–	2.06%	–
RIO	New	RIO TINTO PLCsponsored adr	$11,331,600	–	177,500	–	2.04%	–
RDN	New	RADIAN GROUP INC	$11,034,720	–	436,500	–	1.99%	–
LEA	New	LEAR CORP	$10,664,330	–	74,290	–	1.92%	–
MET	New	METLIFE INC	$10,650,252	–	188,400	–	1.92%	–
CSCO	New	CISCO SYS INC	$10,538,403	–	203,680	–	1.90%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$10,515,306	–	159,710	–	1.90%	–
MDT	New	MEDTRONIC PLC	$10,316,868	–	117,104	–	1.86%	–
VICI	New	VICI PPTYS INC	$9,969,596	–	317,200	–	1.80%	–
PSX	New	PHILLIPS 66	$9,903,782	–	103,835	–	1.79%	–
O	New	REALTY INCOME CORP	$9,808,011	–	164,041	–	1.77%	–
FDX	New	FEDEX CORP	$9,722,638	–	39,220	–	1.75%	–
WFC	New	WELLS FARGO CO NEW	$9,609,402	–	225,150	–	1.73%	–
C	New	CITIGROUP INC	$9,608,548	–	208,700	–	1.73%	–
KMI	New	KINDER MORGAN INC DEL	$9,431,738	–	547,720	–	1.70%	–
AMGN	New	AMGEN INC	$9,160,708	–	41,261	–	1.65%	–
SCHW	New	SCHWAB CHARLES CORP	$9,134,549	–	161,160	–	1.65%	–
PH	New	PARKER-HANNIFIN CORP	$8,990,422	–	23,050	–	1.62%	–
AL	New	AIR LEASE CORPcl a	$8,611,265	–	205,765	–	1.55%	–
TXN	New	TEXAS INSTRS INC	$8,487,943	–	47,150	–	1.53%	–
GPC	New	GENUINE PARTS CO	$8,183,963	–	48,360	–	1.48%	–
CVX	New	CHEVRON CORP NEW	$8,079,923	–	51,350	–	1.46%	–
PNW	New	PINNACLE WEST CAP CORP	$7,983,080	–	98,000	–	1.44%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$7,155,141	–	89,900	–	1.29%	–
UNP	New	UNION PAC CORP	$6,413,814	–	31,345	–	1.16%	–
NEM	New	NEWMONT CORP	$6,108,912	–	143,200	–	1.10%	–
WY	New	WEYERHAEUSER CO MTN BE	$5,917,531	–	176,590	–	1.07%	–
PEP	New	PEPSICO INC	$5,824,243	–	31,445	–	1.05%	–
VZ	New	VERIZON COMMUNICATIONS INC	$5,602,822	–	150,654	–	1.01%	–
GLW	New	CORNING INC	$5,410,001	–	154,395	–	0.98%	–
OGE	New	OGE ENERGY CORP	$5,335,687	–	148,585	–	0.96%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$5,262,900	–	73,535	–	0.95%	–
PKG	New	PACKAGING CORP AMER	$5,140,363	–	38,895	–	0.93%	–
EQNR	New	EQUINOR ASAsponsored adr	$5,129,276	–	175,600	–	0.92%	–
NTR	New	NUTRIEN LTD	$5,039,327	–	85,340	–	0.91%	–
ABBV	New	ABBVIE INC	$4,893,933	–	36,324	–	0.88%	–
	New	BROOKFIELD ASSET MANAGMT LTD	$4,805,126	–	147,261	–	0.87%	–
PB	New	PROSPERITY BANCSHARES INC	$4,744,320	–	84,000	–	0.86%	–
AMP	New	AMERIPRISE FINL INC	$961,603	–	2,895	–	0.17%	–
JPM	New	JPMORGAN CHASE & CO	$862,750	–	5,932	–	0.16%	–
TPL	New	TEXAS PACIFIC LAND CORPORATI	$666,149	–	506	–	0.12%	–
NVT	New	NVENT ELECTRIC PLC	$589,555	–	11,410	–	0.11%	–
REGN	New	REGENERON PHARMACEUTICALS	$571,239	–	795	–	0.10%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$487,289	–	1,429	–	0.09%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$457,088	–	2,550	–	0.08%	–
MS	New	MORGAN STANLEY	$448,350	–	5,250	–	0.08%	–
CMI	New	CUMMINS INC	$402,062	–	1,640	–	0.07%	–
	New	WARNER BROS DISCOVERY INC	$359,898	–	28,700	–	0.06%	–
LH	New	LABORATORY CORP AMER HLDGS	$347,515	–	1,440	–	0.06%	–
GOOGL	New	ALPHABET INCcap stk cl a	$325,584	–	2,720	–	0.06%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$315,788	–	9,385	–	0.06%	–
MDLZ	New	MONDELEZ INTL INCcl a	$288,113	–	3,950	–	0.05%	–
AXP	New	AMERICAN EXPRESS CO	$287,430	–	1,650	–	0.05%	–
TEL	New	TE CONNECTIVITY LTD	$287,608	–	2,052	–	0.05%	–
TGT	New	TARGET CORP	$277,650	–	2,105	–	0.05%	–
BDX	New	BECTON DICKINSON & CO	$271,930	–	1,030	–	0.05%	–
APTV	New	APTIV PLC	$264,924	–	2,595	–	0.05%	–
BAC	New	BANK AMERICA CORP	$239,848	–	8,360	–	0.04%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$236,615	–	3,700	–	0.04%	–
	New	COHERENT CORP	$235,018	–	4,610	–	0.04%	–
CF	New	CF INDS HLDGS INC	$222,144	–	3,200	–	0.04%	–

Q4 2022

			Value		Shares		↓ Weighting
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-3,400	–	-0.04%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-920	–	-0.04%	–
APTV	Exit	APTIV PLC	$0	–	-2,595	–	-0.04%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,550	–	-0.04%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-3,950	–	-0.05%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-7,310	–	-0.05%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-3,700	–	-0.06%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-1,533	–	-0.06%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-9,200	–	-0.06%	–
PFE	Exit	PFIZER INC	$0	–	-7,000	–	-0.06%	–
TGT	Exit	TARGET CORP	$0	–	-2,105	–	-0.07%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-3,300	–	-0.07%	–
WY	Exit	WEYERHAEUSER CO MTN BE	$0	–	-11,370	–	-0.07%	–
NVT	Exit	NVENT ELECTRIC PLC	$0	–	-11,210	–	-0.08%	–
MS	Exit	MORGAN STANLEY	$0	–	-4,450	–	-0.08%	–
CMI	Exit	CUMMINS INC	$0	–	-1,750	–	-0.08%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,429	–	-0.08%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-9,566	–	-0.08%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-2,550	–	-0.09%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-845	–	-0.12%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-5,632	–	-0.12%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-2,995	–	-0.16%	–
TPL	Exit	TEXAS PACIFIC LAND CORPORATI	$0	–	-485	–	-0.18%	–
PHG	Exit	KONINKLIJKE PHILIPS N V	$0	–	-142,316	–	-0.46%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-75,406	–	-0.88%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-38,970	–	-0.93%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-42,182	–	-0.99%	–
PEP	Exit	PEPSICO INC	$0	–	-32,027	–	-1.11%	–
OGE	Exit	OGE ENERGY CORP	$0	–	-149,485	–	-1.16%	–
PH	Exit	PARKER-HANNIFIN CORP	$0	–	-23,050	–	-1.18%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-68,620	–	-1.24%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-67,547	–	-1.30%	–
GLW	Exit	CORNING INC	$0	–	-213,695	–	-1.32%	–
UNP	Exit	UNION PAC CORP	$0	–	-32,215	–	-1.33%	–
CME	Exit	CME GROUP INC	$0	–	-35,910	–	-1.35%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-347,900	–	-1.42%	–
TAP	Exit	MOLSON COORS BEVERAGE COcl b	$0	–	-147,160	–	-1.50%	–
LEA	Exit	LEAR CORP	$0	–	-59,300	–	-1.50%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-88,544	–	-1.52%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-46,850	–	-1.54%	–
CSCO	Exit	CISCO SYS INC	$0	–	-189,180	–	-1.60%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-52,850	–	-1.61%	–
T	Exit	AT&T INC	$0	–	-511,250	–	-1.66%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-273,326	–	-1.70%	–
O	Exit	REALTY INCOME CORP	$0	–	-139,692	–	-1.72%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-216,494	–	-1.74%	–
PSX	Exit	PHILLIPS 66	$0	–	-104,685	–	-1.79%	–
EQNR	Exit	EQUINOR ASAsponsored adr	$0	–	-265,500	–	-1.86%	–
NEM	Exit	NEWMONT CORP	$0	–	-214,535	–	-1.91%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-61,125	–	-1.94%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-227,700	–	-1.94%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-551,820	–	-1.95%	–
AMGN	Exit	AMGEN INC	$0	–	-40,911	–	-1.96%	–
VICI	Exit	VICI PPTYS INC	$0	–	-316,481	–	-2.00%	–
INGR	Exit	INGREDION INC	$0	–	-119,325	–	-2.04%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-157,998	–	-2.23%	–
C	Exit	CITIGROUP INC	$0	–	-253,750	–	-2.24%	–
NTR	Exit	NUTRIEN LTD	$0	–	-126,770	–	-2.24%	–
KTB	Exit	KONTOOR BRANDS INC	$0	–	-320,834	–	-2.29%	–
DRI	Exit	DARDEN RESTAURANTS INC	$0	–	-86,810	–	-2.32%	–
NTAP	Exit	NETAPP INC	$0	–	-180,850	–	-2.37%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-170,650	–	-2.41%	–
ABBV	Exit	ABBVIE INC	$0	–	-85,673	–	-2.44%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-346,820	–	-2.45%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-232,550	–	-2.72%	–
ATCO	Exit	ATLAS CORPshares	$0	–	-972,020	–	-2.86%	–
CB	Exit	CHUBB LIMITED	$0	–	-75,169	–	-2.90%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-115,480	–	-2.91%	–
MET	Exit	METLIFE INC	$0	–	-232,000	–	-2.99%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-190,997	–	-3.32%	–
MRK	Exit	MERCK & CO INC	$0	–	-188,225	–	-3.44%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-345,435	–	-3.48%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-204,830	–	-4.44%	–

Q3 2022

			Value		Shares		↓ Weighting
COP	Sell	CONOCOPHILLIPS	$20,962,000	+12.7%	204,830	-1.1%	4.44%	+19.5%
AIG	Sell	AMERICAN INTL GROUP INC	$16,401,000	-7.4%	345,435	-0.3%	3.48%	-1.8%
MRK	Buy	MERCK & CO INC	$16,210,000	-5.2%	188,225	+0.4%	3.44%	+0.6%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$15,635,000	-7.9%	190,997	+8.1%	3.32%	-2.4%
MET	Sell	METLIFE INC	$14,101,000	-3.5%	232,000	-0.3%	2.99%	+2.4%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$13,720,000	-0.2%	115,480	+18.6%	2.91%	+5.8%
CB	Buy	CHUBB LIMITED	$13,672,000	-7.3%	75,169	+0.2%	2.90%	-1.7%
ATCO	Sell	ATLAS CORPshares	$13,511,000	+19.1%	972,020	-8.2%	2.86%	+26.3%
RIO	Buy	RIO TINTO PLCsponsored adr	$12,804,000	+4.5%	232,550	+15.8%	2.72%	+10.8%
KHC	Buy	KRAFT HEINZ CO	$11,566,000	-12.5%	346,820	+0.0%	2.45%	-7.3%
ABBV	Sell	ABBVIE INC	$11,498,000	-22.1%	85,673	-11.1%	2.44%	-17.4%
CAH	Buy	CARDINAL HEALTH INC	$11,379,000	+28.3%	170,650	+0.6%	2.41%	+36.0%
NTAP	Sell	NETAPP INC	$11,186,000	-10.6%	180,850	-5.7%	2.37%	-5.2%
DRI	Buy	DARDEN RESTAURANTS INC	$10,966,000	+12.8%	86,810	+1.0%	2.32%	+19.5%
KTB	Sell	KONTOOR BRANDS INC	$10,783,000	+0.4%	320,834	-0.3%	2.29%	+6.5%
NTR	Sell	NUTRIEN LTD	$10,570,000	+4.0%	126,770	-0.6%	2.24%	+10.3%
C	Buy	CITIGROUP INC	$10,574,000	-7.7%	253,750	+1.9%	2.24%	-2.1%
PB	Buy	PROSPERITY BANCSHARES INC	$10,535,000	-1.3%	157,998	+1.0%	2.23%	+4.6%
INGR	Sell	INGREDION INC	$9,608,000	-9.1%	119,325	-0.5%	2.04%	-3.6%
VICI	Sell	VICI PPTYS INC	$9,447,000	-11.6%	316,481	-11.8%	2.00%	-6.3%
AMGN	Buy	AMGEN INC	$9,221,000	-7.2%	40,911	+0.2%	1.96%	-1.6%
KMI	Buy	KINDER MORGAN INC DEL	$9,182,000	+18.2%	551,820	+19.1%	1.95%	+25.4%
WFC	Sell	WELLS FARGO CO NEW	$9,158,000	+2.3%	227,700	-0.4%	1.94%	+8.4%
GPC	Sell	GENUINE PARTS CO	$9,127,000	+7.0%	61,125	-4.7%	1.94%	+13.5%
NEM	Buy	NEWMONT CORP	$9,017,000	-5.6%	214,535	+34.0%	1.91%	+0.1%
EQNR	Sell	EQUINOR ASAsponsored adr	$8,791,000	-11.9%	265,500	-7.6%	1.86%	-6.7%
PSX	Sell	PHILLIPS 66	$8,450,000	-1.6%	104,685	-0.0%	1.79%	+4.4%
VZ	Sell	VERIZON COMMUNICATIONS INC	$8,220,000	-31.6%	216,494	-8.6%	1.74%	-27.5%
O	Sell	REALTY INCOME CORP	$8,130,000	-24.0%	139,692	-10.8%	1.72%	-19.4%
CMCSA	Buy	COMCAST CORP NEWcl a	$8,017,000	-16.7%	273,326	+11.5%	1.70%	-11.6%
T	Buy	AT&T INC	$7,843,000	-23.9%	511,250	+4.0%	1.66%	-19.3%
CVX	Sell	CHEVRON CORP NEW	$7,593,000	-1.0%	52,850	-0.2%	1.61%	+5.0%
CSCO	Sell	CISCO SYS INC	$7,567,000	-7.1%	189,180	-1.0%	1.60%	-1.5%
MDT	Buy	MEDTRONIC PLC	$7,150,000	-8.8%	88,544	+1.3%	1.52%	-3.4%
LEA	Buy	LEAR CORP	$7,098,000	-4.8%	59,300	+0.2%	1.50%	+0.9%
TAP	Buy	MOLSON COORS BEVERAGE COcl b	$7,062,000	-9.5%	147,160	+2.8%	1.50%	-4.0%
RDN	Buy	RADIAN GROUP INC	$6,711,000	+160.9%	347,900	+165.8%	1.42%	+176.8%
CME	Buy	CME GROUP INC	$6,361,000	-12.5%	35,910	+1.1%	1.35%	-7.2%
UNP	Buy	UNION PAC CORP	$6,276,000	-8.3%	32,215	+0.4%	1.33%	-2.8%
GLW	Sell	CORNING INC	$6,201,000	-17.7%	213,695	-10.6%	1.32%	-12.7%
IFF	Buy	INTERNATIONAL FLAVORS&FRAGRA	$6,135,000	-8.7%	67,547	+19.7%	1.30%	-3.2%
NTRS	Sell	NORTHERN TR CORP	$5,871,000	-11.6%	68,620	-0.3%	1.24%	-6.2%
PH	Buy	PARKER-HANNIFIN CORP	$5,585,000	+48.3%	23,050	+50.7%	1.18%	+57.2%
OGE	Buy	OGE ENERGY CORP	$5,450,000	-5.4%	149,485	+0.1%	1.16%	+0.3%
PEP	Sell	PEPSICO INC	$5,229,000	-2.7%	32,027	-0.7%	1.11%	+3.2%
TEL	Buy	TE CONNECTIVITY LTD	$4,655,000	-1.8%	42,182	+0.7%	0.99%	+4.1%
PKG	Buy	PACKAGING CORP AMER	$4,376,000	-17.9%	38,970	+0.5%	0.93%	-12.9%
AZN	Sell	ASTRAZENECA PLCsponsored adr	$4,135,000	-17.2%	75,406	-0.2%	0.88%	-12.2%
PHG	New	KONINKLIJKE PHILIPS N V	$2,190,000	–	142,316	–	0.46%	–
TPL	Sell	TEXAS PACIFIC LAND CORPORATI	$862,000	+12.5%	485	-5.8%	0.18%	+19.6%
AMP	Sell	AMERIPRISE FINL INC	$755,000	+2.6%	2,995	-3.2%	0.16%	+8.8%
JPM	Sell	JPMORGAN CHASE & CO	$589,000	-11.0%	5,632	-4.3%	0.12%	-5.3%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$391,000	-16.1%	9,566	-8.6%	0.08%	-10.8%
CMI	Sell	CUMMINS INC	$356,000	-3.3%	1,750	-7.9%	0.08%	+1.4%
NVT	Sell	NVENT ELECTRIC PLC	$354,000	-8.3%	11,210	-8.9%	0.08%	-2.6%
MS	Sell	MORGAN STANLEY	$352,000	-9.3%	4,450	-12.7%	0.08%	-3.8%
WY	Sell	WEYERHAEUSER CO MTN BE	$325,000	-16.9%	11,370	-3.6%	0.07%	-11.5%
PFE	Sell	PFIZER INC	$306,000	-44.2%	7,000	-33.0%	0.06%	-40.9%
AL	Sell	AIR LEASE CORPcl a	$227,000	-15.3%	7,310	-8.7%	0.05%	-11.1%
MDLZ	Sell	MONDELEZ INTL INCcl a	$217,000	-23.3%	3,950	-13.2%	0.05%	-19.3%
AXP	Sell	AMERICAN EXPRESS CO	$209,000	-8.7%	1,550	-6.1%	0.04%	-4.3%
BDX	Sell	BECTON DICKINSON & CO	$205,000	-14.2%	920	-5.2%	0.04%	-10.4%
APTV	Sell	APTIV PLC	$203,000	-18.5%	2,595	-7.2%	0.04%	-14.0%
DVN	Sell	DEVON ENERGY CORP NEW	$204,000	-20.3%	3,400	-26.9%	0.04%	-15.7%
TPH	Exit	TRI POINTE HOMES INC	$0	–	-10,500	–	-0.04%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-33,500	–	-0.36%	–
MAN	Exit	MANPOWERGROUP INC WIS	$0	–	-117,265	–	-1.79%	–

Q2 2022

			Value		Shares		↓ Weighting
COP	New	CONOCOPHILLIPS	$18,607,000	–	207,180	–	3.72%	–
AIG	New	AMERICAN INTL GROUP INC	$17,713,000	–	346,435	–	3.54%	–
MRK	New	MERCK & CO INC	$17,097,000	–	187,525	–	3.42%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$16,982,000	–	176,697	–	3.40%	–
ABBV	New	ABBVIE INC	$14,766,000	–	96,408	–	2.95%	–
CB	New	CHUBB LIMITED	$14,747,000	–	75,019	–	2.95%	–
MET	New	METLIFE INC	$14,605,000	–	232,600	–	2.92%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$13,749,000	–	97,380	–	2.75%	–
KHC	New	KRAFT HEINZ CO	$13,224,000	–	346,720	–	2.64%	–
NTAP	New	NETAPP INC	$12,507,000	–	191,700	–	2.50%	–
RIO	New	RIO TINTO PLCsponsored adr	$12,249,000	–	200,800	–	2.45%	–
VZ	New	VERIZON COMMUNICATIONS INC	$12,017,000	–	236,790	–	2.40%	–
C	New	CITIGROUP INC	$11,454,000	–	249,050	–	2.29%	–
ATCO	New	ATLAS CORPshares	$11,344,000	–	1,059,220	–	2.27%	–
KTB	New	KONTOOR BRANDS INC	$10,741,000	–	321,884	–	2.15%	–
O	New	REALTY INCOME CORP	$10,691,000	–	156,619	–	2.14%	–
VICI	New	VICI PPTYS INC	$10,687,000	–	358,750	–	2.14%	–
PB	New	PROSPERITY BANCSHARES INC	$10,677,000	–	156,400	–	2.14%	–
INGR	New	INGREDION INC	$10,573,000	–	119,925	–	2.12%	–
T	New	AT&T INC	$10,303,000	–	491,550	–	2.06%	–
NTR	New	NUTRIEN LTD	$10,162,000	–	127,520	–	2.03%	–
EQNR	New	EQUINOR ASAsponsored adr	$9,983,000	–	287,200	–	2.00%	–
AMGN	New	AMGEN INC	$9,935,000	–	40,836	–	1.99%	–
DRI	New	DARDEN RESTAURANTS INC	$9,723,000	–	85,950	–	1.94%	–
CMCSA	New	COMCAST CORP NEWcl a	$9,620,000	–	245,160	–	1.92%	–
NEM	New	NEWMONT CORP	$9,555,000	–	160,135	–	1.91%	–
MAN	New	MANPOWERGROUP INC WIS	$8,960,000	–	117,265	–	1.79%	–
WFC	New	WELLS FARGO CO NEW	$8,954,000	–	228,600	–	1.79%	–
CAH	New	CARDINAL HEALTH INC	$8,868,000	–	169,650	–	1.77%	–
PSX	New	PHILLIPS 66	$8,585,000	–	104,710	–	1.72%	–
GPC	New	GENUINE PARTS CO	$8,532,000	–	64,150	–	1.71%	–
CSCO	New	CISCO SYS INC	$8,146,000	–	191,030	–	1.63%	–
MDT	New	MEDTRONIC PLC	$7,844,000	–	87,394	–	1.57%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$7,801,000	–	143,110	–	1.56%	–
KMI	New	KINDER MORGAN INC DEL	$7,765,000	–	463,320	–	1.55%	–
CVX	New	CHEVRON CORP NEW	$7,666,000	–	52,950	–	1.53%	–
GLW	New	CORNING INC	$7,531,000	–	238,995	–	1.51%	–
LEA	New	LEAR CORP	$7,453,000	–	59,200	–	1.49%	–
CME	New	CME GROUP INC	$7,269,000	–	35,510	–	1.45%	–
TXN	New	TEXAS INSTRS INC	$7,199,000	–	46,850	–	1.44%	–
UNP	New	UNION PAC CORP	$6,844,000	–	32,090	–	1.37%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$6,722,000	–	56,430	–	1.34%	–
NTRS	New	NORTHERN TR CORP	$6,640,000	–	68,820	–	1.33%	–
OGE	New	OGE ENERGY CORP	$5,761,000	–	149,410	–	1.15%	–
PEP	New	PEPSICO INC	$5,373,000	–	32,240	–	1.08%	–
PKG	New	PACKAGING CORP AMER	$5,331,000	–	38,770	–	1.07%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$4,993,000	–	75,570	–	1.00%	–
TEL	New	TE CONNECTIVITY LTD	$4,739,000	–	41,882	–	0.95%	–
PH	New	PARKER-HANNIFIN CORP	$3,765,000	–	15,300	–	0.75%	–
RDN	New	RADIAN GROUP INC	$2,572,000	–	130,900	–	0.51%	–
FAF	New	FIRST AMERN FINL CORP	$1,773,000	–	33,500	–	0.36%	–
TPL	New	TEXAS PACIFIC LAND CORPORATI	$766,000	–	515	–	0.15%	–
AMP	New	AMERIPRISE FINL INC	$736,000	–	3,095	–	0.15%	–
JPM	New	JPMORGAN CHASE & CO	$662,000	–	5,882	–	0.13%	–
PFE	New	PFIZER INC	$548,000	–	10,450	–	0.11%	–
REGN	New	REGENERON PHARMACEUTICALS	$500,000	–	845	–	0.10%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$465,000	–	2,550	–	0.09%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$466,000	–	10,470	–	0.09%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$390,000	–	1,429	–	0.08%	–
WY	New	WEYERHAEUSER CO MTN BE	$391,000	–	11,800	–	0.08%	–
MS	New	MORGAN STANLEY	$388,000	–	5,100	–	0.08%	–
NVT	New	NVENT ELECTRIC PLC	$386,000	–	12,310	–	0.08%	–
CMI	New	CUMMINS INC	$368,000	–	1,900	–	0.07%	–
TGT	New	TARGET CORP	$297,000	–	2,105	–	0.06%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$289,000	–	1,533	–	0.06%	–
MDLZ	New	MONDELEZ INTL INCcl a	$283,000	–	4,550	–	0.06%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$285,000	–	3,700	–	0.06%	–
CF	New	CF INDS HLDGS INC	$283,000	–	3,300	–	0.06%	–
BAC	New	BK OF AMERICA CORP	$286,000	–	9,200	–	0.06%	–
AL	New	AIR LEASE CORPcl a	$268,000	–	8,010	–	0.05%	–
DVN	New	DEVON ENERGY CORP NEW	$256,000	–	4,650	–	0.05%	–
APTV	New	APTIV PLC	$249,000	–	2,795	–	0.05%	–
BDX	New	BECTON DICKINSON & CO	$239,000	–	970	–	0.05%	–
AXP	New	AMERICAN EXPRESS CO	$229,000	–	1,650	–	0.05%	–
TPH	New	TRI POINTE HOMES INC	$177,000	–	10,500	–	0.04%	–

Q4 2021

			Value		Shares		↓ Weighting
STLD	Exit	STEEL DYNAMICS INC	$0	–	-3,460	–	-0.04%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-645	–	-0.04%	–
TPH	Exit	TRI POINTE HOMES INC	$0	–	-10,800	–	-0.04%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-1,050	–	-0.05%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-970	–	-0.05%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-6,600	–	-0.05%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-5,450	–	-0.05%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-4,200	–	-0.05%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-970	–	-0.05%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,650	–	-0.06%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-6,530	–	-0.06%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-2,050	–	-0.06%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-4,790	–	-0.06%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-8,010	–	-0.06%	–
ETN	Exit	EATON CORP PLC	$0	–	-2,150	–	-0.06%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,329	–	-0.07%	–
APTV	Exit	APTIV PLC	$0	–	-2,595	–	-0.08%	–
WY	Exit	WEYERHAEUSER CO MTN BE	$0	–	-11,500	–	-0.08%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-18,750	–	-0.08%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,540	–	-0.09%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-2,650	–	-0.10%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-9,370	–	-0.10%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-845	–	-0.10%	–
TGT	Exit	TARGET CORP	$0	–	-2,380	–	-0.11%	–
PFE	Exit	PFIZER INC	$0	–	-13,250	–	-0.11%	–
TPL	Exit	TEXAS PACIFIC LAND CORPORATI	$0	–	-505	–	-0.12%	–
MS	Exit	MORGAN STANLEY	$0	–	-6,550	–	-0.13%	–
CMI	Exit	CUMMINS INC	$0	–	-3,680	–	-0.16%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-6,282	–	-0.20%	–
PH	Exit	PARKER-HANNIFIN CORP	$0	–	-15,400	–	-0.86%	–
MMM	Exit	3M CO	$0	–	-25,430	–	-0.89%	–
WRK	Exit	WESTROCK CO	$0	–	-93,900	–	-0.93%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-45,120	–	-0.97%	–
OGE	Exit	OGE ENERGY CORP	$0	–	-151,610	–	-1.00%	–
PHG	Exit	KONINKLIJKE PHILIPS N V	$0	–	-116,081	–	-1.03%	–
WMT	Exit	WALMART INC	$0	–	-37,200	–	-1.03%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-39,252	–	-1.07%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-20,730	–	-1.09%	–
PEP	Exit	PEPSICO INC	$0	–	-36,990	–	-1.11%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-30,450	–	-1.17%	–
LEA	Exit	LEAR CORP	$0	–	-42,600	–	-1.33%	–
PSX	Exit	PHILLIPS 66	$0	–	-95,660	–	-1.34%	–
T	Exit	AT&T INC	$0	–	-252,300	–	-1.36%	–
UNP	Exit	UNION PAC CORP	$0	–	-34,990	–	-1.37%	–
GLW	Exit	CORNING INC	$0	–	-188,095	–	-1.37%	–
VTRS	Exit	VIATRIS INC	$0	–	-509,261	–	-1.38%	–
CME	Exit	CME GROUP INC	$0	–	-35,800	–	-1.38%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-59,000	–	-1.43%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-122,070	–	-1.46%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-56,230	–	-1.50%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-74,850	–	-1.51%	–
MAN	Exit	MANPOWERGROUP INC WIS	$0	–	-70,245	–	-1.52%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-458,420	–	-1.53%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-128,500	–	-1.72%	–
NEM	Exit	NEWMONT CORP	$0	–	-169,695	–	-1.84%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-252,400	–	-1.85%	–
VICI	Exit	VICI PPTYS INC	$0	–	-327,150	–	-1.85%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-189,380	–	-1.87%	–
INGR	Exit	INGREDION INC	$0	–	-105,800	–	-1.88%	–
C	Exit	CITIGROUP INC	$0	–	-135,750	–	-1.90%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-134,950	–	-1.91%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-71,980	–	-1.99%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-80,096	–	-2.00%	–
VER	Exit	VEREIT INC	$0	–	-223,365	–	-2.02%	–
CSCO	Exit	CISCO SYS INC	$0	–	-205,830	–	-2.23%	–
KTB	Exit	KONTOOR BRANDS INC	$0	–	-227,714	–	-2.27%	–
EQNR	Exit	EQUINOR ASAsponsored adr	$0	–	-450,800	–	-2.29%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-174,000	–	-2.32%	–
MRK	Exit	MERCK & CO INC	$0	–	-157,725	–	-2.36%	–
MET	Exit	METLIFE INC	$0	–	-195,900	–	-2.41%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-227,680	–	-2.45%	–
CB	Exit	CHUBB LIMITED	$0	–	-73,219	–	-2.53%	–
AMGN	Exit	AMGEN INC	$0	–	-59,870	–	-2.54%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-154,197	–	-2.64%	–
ATCO	Exit	ATLAS CORPshares	$0	–	-887,320	–	-2.69%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-268,860	–	-3.00%	–
NTAP	Exit	NETAPP INC	$0	–	-171,900	–	-3.08%	–
ABBV	Exit	ABBVIE INC	$0	–	-145,458	–	-3.13%	–
NTR	Exit	NUTRIEN LTD	$0	–	-246,520	–	-3.19%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-311,295	–	-3.41%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-347,680	–	-4.70%	–

Q3 2021

			Value		Shares		↓ Weighting
COP	Buy	CONOCOPHILLIPS	$23,562,000	+38.5%	347,680	+24.5%	4.70%	+41.2%
AIG	Sell	AMERICAN INTL GROUP INC	$17,087,000	+0.9%	311,295	-12.5%	3.41%	+2.9%
NTR	Sell	NUTRIEN LTD	$15,982,000	+6.8%	246,520	-0.2%	3.19%	+8.8%
ABBV	Sell	ABBVIE INC	$15,691,000	-8.3%	145,458	-4.3%	3.13%	-6.6%
NTAP	Sell	NETAPP INC	$15,430,000	-2.2%	171,900	-10.8%	3.08%	-0.3%
CMCSA	Sell	COMCAST CORP NEWcl a	$15,037,000	-2.0%	268,860	-0.1%	3.00%	-0.1%
ATCO	Buy	ATLAS CORPshares	$13,478,000	+6.7%	887,320	+0.1%	2.69%	+8.8%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$13,255,000	+1.6%	154,197	+0.9%	2.64%	+3.6%
VZ	Sell	VERIZON COMMUNICATIONS INC	$12,297,000	-4.0%	227,680	-0.4%	2.45%	-2.2%
MRK	Buy	MERCK & CO INC	$11,847,000	-2.4%	157,725	+1.0%	2.36%	-0.6%
RIO	Buy	RIO TINTO PLCsponsored adr	$11,627,000	-3.9%	174,000	+20.7%	2.32%	-2.0%
KTB	Buy	KONTOOR BRANDS INC	$11,374,000	-1.4%	227,714	+11.4%	2.27%	+0.5%
CSCO	Sell	CISCO SYS INC	$11,203,000	-9.0%	205,830	-11.4%	2.23%	-7.3%
VER	Buy	VEREIT INC	$10,103,000	-1.2%	223,365	+0.4%	2.02%	+0.8%
MDT	Sell	MEDTRONIC PLC	$10,040,000	+0.8%	80,096	-0.2%	2.00%	+2.7%
PB	Sell	PROSPERITY BANCSHARES INC	$9,599,000	-1.4%	134,950	-0.4%	1.91%	+0.5%
CAH	Buy	CARDINAL HEALTH INC	$9,367,000	-6.1%	189,380	+8.4%	1.87%	-4.3%
KHC	Buy	KRAFT HEINZ CO	$9,293,000	-6.1%	252,400	+4.0%	1.85%	-4.3%
NEM	Buy	NEWMONT CORP	$9,214,000	-0.9%	169,695	+15.7%	1.84%	+1.0%
FAF	Sell	FIRST AMERN FINL CORP	$8,616,000	-7.3%	128,500	-13.8%	1.72%	-5.4%
KMI	Buy	KINDER MORGAN INC DEL	$7,669,000	-1.9%	458,420	+7.0%	1.53%	0.0%
MAN	Buy	MANPOWERGROUP INC WIS	$7,606,000	-7.6%	70,245	+1.4%	1.52%	-5.8%
IFF	Buy	INTERNATIONAL FLAVORS&FRAGRA	$7,519,000	+39.3%	56,230	+55.6%	1.50%	+42.0%
CME	Buy	CME GROUP INC	$6,923,000	+38.5%	35,800	+52.3%	1.38%	+41.1%
VTRS	Buy	VIATRIS INC	$6,900,000	-1.7%	509,261	+3.6%	1.38%	+0.1%
GLW	Buy	CORNING INC	$6,864,000	+1212.4%	188,095	+1370.1%	1.37%	+1242.2%
UNP	Sell	UNION PAC CORP	$6,858,000	-16.6%	34,990	-6.4%	1.37%	-15.0%
T	New	AT&T INC	$6,815,000	–	252,300	–	1.36%	–
PSX	Sell	PHILLIPS 66	$6,699,000	-45.7%	95,660	-33.5%	1.34%	-44.7%
LEA	Buy	LEAR CORP	$6,666,000	-1.0%	42,600	+10.9%	1.33%	+0.9%
PEP	Buy	PEPSICO INC	$5,564,000	+1.8%	36,990	+0.3%	1.11%	+3.8%
AMP	Sell	AMERIPRISE FINL INC	$5,475,000	-46.7%	20,730	-49.8%	1.09%	-45.7%
PHG	Sell	KONINKLIJKE PHILIPS N V	$5,159,000	-19.2%	116,081	-9.6%	1.03%	-17.5%
WRK	Sell	WESTROCK CO	$4,679,000	-35.8%	93,900	-31.4%	0.93%	-34.5%
MMM	Sell	3M CO	$4,461,000	-11.8%	25,430	-0.1%	0.89%	-10.0%
JPM	Sell	JPMORGAN CHASE & CO	$1,028,000	+3.5%	6,282	-1.6%	0.20%	+5.7%
CMI	Sell	CUMMINS INC	$826,000	-91.2%	3,680	-90.4%	0.16%	-91.0%
TPL	Buy	TEXAS PACIFIC LAND CORPORATI	$611,000	-19.6%	505	+6.3%	0.12%	-18.1%
PFE	Buy	PFIZER INC	$570,000	+10.7%	13,250	+0.8%	0.11%	+12.9%
TGT	Sell	TARGET CORP	$544,000	-21.8%	2,380	-17.4%	0.11%	-20.6%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$501,000	+3.7%	9,370	-1.1%	0.10%	+6.4%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$483,000	-71.8%	2,650	-67.8%	0.10%	-71.3%
RDN	Sell	RADIAN GROUP INC	$426,000	-9.2%	18,750	-11.1%	0.08%	-7.6%
WY	Sell	WEYERHAEUSER CO MTN BE	$409,000	-1.7%	11,500	-5.0%	0.08%	+1.2%
APTV	Sell	APTIV PLC	$387,000	-19.9%	2,595	-15.5%	0.08%	-18.1%
BAC	Sell	BK OF AMERICA CORP	$277,000	+1.5%	6,530	-1.5%	0.06%	+3.8%
FNF	Sell	FIDELITY NATIONAL FINANCIAL	$247,000	-2.8%	5,450	-6.8%	0.05%	-2.0%
DVN	New	DEVON ENERGY CORP NEW	$234,000	–	6,600	–	0.05%	–
ALB	New	ALBEMARLE CORP	$230,000	–	1,050	–	0.05%	–
TPH	Sell	TRI POINTE HOMES INC	$227,000	-8.8%	10,800	-6.9%	0.04%	-8.2%
GE	Exit	GENERAL ELECTRIC CO	$0	–	-10,700	–	-0.03%	–
CTVA	Exit	CORTEVA INC	$0	–	-9,750	–	-0.08%	–

Q2 2021

			Value		Shares		↓ Weighting
ABBV	New	ABBVIE INC	$17,119,000	–	151,978	–	3.35%	–
COP	New	CONOCOPHILLIPS	$17,008,000	–	279,280	–	3.33%	–
AIG	New	AMERICAN INTL GROUP INC	$16,931,000	–	355,695	–	3.31%	–
NTAP	New	NETAPP INC	$15,775,000	–	192,800	–	3.09%	–
CMCSA	New	COMCAST CORP NEWcl a	$15,345,000	–	269,110	–	3.00%	–
NTR	New	NUTRIEN LTD	$14,966,000	–	246,920	–	2.93%	–
AMGN	New	AMGEN INC	$14,593,000	–	59,870	–	2.86%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$13,044,000	–	152,897	–	2.55%	–
VZ	New	VERIZON COMMUNICATIONS INC	$12,813,000	–	228,680	–	2.51%	–
ATCO	New	ATLAS CORPshares	$12,627,000	–	886,120	–	2.47%	–
PSX	New	PHILLIPS 66	$12,342,000	–	143,810	–	2.41%	–
CSCO	New	CISCO SYS INC	$12,313,000	–	232,330	–	2.41%	–
MRK	New	MERCK & CO INC	$12,144,000	–	156,150	–	2.38%	–
RIO	New	RIO TINTO PLCsponsored adr	$12,093,000	–	144,150	–	2.37%	–
MET	New	METLIFE INC	$11,725,000	–	195,900	–	2.29%	–
CB	New	CHUBB LIMITED	$11,637,000	–	73,219	–	2.28%	–
KTB	New	KONTOOR BRANDS INC	$11,534,000	–	204,464	–	2.26%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$10,552,000	–	71,980	–	2.06%	–
AMP	New	AMERIPRISE FINL INC	$10,279,000	–	41,300	–	2.01%	–
VER	New	VEREIT INC	$10,222,000	–	222,565	–	2.00%	–
VICI	New	VICI PPTYS INC	$10,148,000	–	327,150	–	1.98%	–
CAH	New	CARDINAL HEALTH INC	$9,972,000	–	174,680	–	1.95%	–
MDT	New	MEDTRONIC PLC	$9,961,000	–	80,246	–	1.95%	–
KHC	New	KRAFT HEINZ CO	$9,897,000	–	242,700	–	1.94%	–
PB	New	PROSPERITY BANCSHARES INC	$9,732,000	–	135,550	–	1.90%	–
C	New	CITIGROUP INC	$9,604,000	–	135,750	–	1.88%	–
INGR	New	INGREDION INC	$9,575,000	–	105,800	–	1.87%	–
EQNR	New	EQUINOR ASAsponsored adr	$9,557,000	–	450,800	–	1.87%	–
CMI	New	CUMMINS INC	$9,392,000	–	38,520	–	1.84%	–
NEM	New	NEWMONT CORP	$9,299,000	–	146,725	–	1.82%	–
FAF	New	FIRST AMERN FINL CORP	$9,290,000	–	149,000	–	1.82%	–
MAN	New	MANPOWERGROUP INC WIS	$8,234,000	–	69,245	–	1.61%	–
UNP	New	UNION PAC CORP	$8,223,000	–	37,390	–	1.61%	–
CVX	New	CHEVRON CORP NEW	$7,840,000	–	74,850	–	1.53%	–
KMI	New	KINDER MORGAN INC DEL	$7,814,000	–	428,620	–	1.53%	–
GPC	New	GENUINE PARTS CO	$7,462,000	–	59,000	–	1.46%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$7,312,000	–	122,070	–	1.43%	–
WRK	New	WESTROCK CO	$7,283,000	–	136,850	–	1.42%	–
VTRS	New	VIATRIS INC	$7,022,000	–	491,391	–	1.37%	–
LEA	New	LEAR CORP	$6,731,000	–	38,400	–	1.32%	–
PHG	New	KONINKLIJKE PHILIPS N V	$6,381,000	–	128,382	–	1.25%	–
TXN	New	TEXAS INSTRS INC	$5,856,000	–	30,450	–	1.15%	–
PEP	New	PEPSICO INC	$5,466,000	–	36,890	–	1.07%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$5,398,000	–	36,130	–	1.06%	–
TEL	New	TE CONNECTIVITY LTD	$5,307,000	–	39,252	–	1.04%	–
WMT	New	WALMART INC	$5,246,000	–	37,200	–	1.03%	–
NTRS	New	NORTHERN TR CORP	$5,217,000	–	45,120	–	1.02%	–
OGE	New	OGE ENERGY CORP	$5,102,000	–	151,610	–	1.00%	–
MMM	New	3M CO	$5,057,000	–	25,460	–	0.99%	–
CME	New	CME GROUP INC	$4,998,000	–	23,500	–	0.98%	–
PH	New	PARKER-HANNIFIN CORP	$4,729,000	–	15,400	–	0.92%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$1,710,000	–	8,220	–	0.34%	–
JPM	New	JPMORGAN CHASE & CO	$993,000	–	6,382	–	0.19%	–
TPL	New	TEXAS PACIFIC LAND CORPORATI	$760,000	–	475	–	0.15%	–
TGT	New	TARGET CORP	$696,000	–	2,880	–	0.14%	–
MS	New	MORGAN STANLEY	$601,000	–	6,550	–	0.12%	–
GLW	New	CORNING INC	$523,000	–	12,795	–	0.10%	–
PFE	New	PFIZER INC	$515,000	–	13,150	–	0.10%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$483,000	–	9,470	–	0.09%	–
APTV	New	APTIV PLC	$483,000	–	3,070	–	0.09%	–
REGN	New	REGENERON PHARMACEUTICALS	$472,000	–	845	–	0.09%	–
RDN	New	RADIAN GROUP INC	$469,000	–	21,100	–	0.09%	–
DIS	New	DISNEY WALT CO	$446,000	–	2,540	–	0.09%	–
CTVA	New	CORTEVA INC	$432,000	–	9,750	–	0.08%	–
WY	New	WEYERHAEUSER CO MTN BE	$416,000	–	12,100	–	0.08%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$369,000	–	1,329	–	0.07%	–
AL	New	AIR LEASE CORPcl a	$334,000	–	8,010	–	0.06%	–
ETN	New	EATON CORP PLC	$319,000	–	2,150	–	0.06%	–
MDLZ	New	MONDELEZ INTL INCcl a	$299,000	–	4,790	–	0.06%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$281,000	–	4,200	–	0.06%	–
PKG	New	PACKAGING CORP AMER	$278,000	–	2,050	–	0.05%	–
AXP	New	AMERICAN EXPRESS CO	$273,000	–	1,650	–	0.05%	–
BAC	New	BK OF AMERICA CORP	$273,000	–	6,630	–	0.05%	–
LH	New	LABORATORY CORP AMER HLDGS	$268,000	–	970	–	0.05%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$254,000	–	5,850	–	0.05%	–
TPH	New	TRI POINTE HOMES INC	$249,000	–	11,600	–	0.05%	–
ANET	New	ARISTA NETWORKS INC	$234,000	–	645	–	0.05%	–
BDX	New	BECTON DICKINSON & CO	$236,000	–	970	–	0.05%	–
STLD	New	STEEL DYNAMICS INC	$206,000	–	3,460	–	0.04%	–
GE	New	GENERAL ELECTRIC CO	$144,000	–	10,700	–	0.03%	–

Q4 2020

			Value		Shares		↓ Weighting
GE	Exit	GENERAL ELECTRIC CO	$0	–	-10,700	–	-0.01%	–
RSG	Exit	REPUBLIC SVCS INC	$0	–	-2,200	–	-0.04%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-7,810	–	-0.05%	–
PFE	Exit	PFIZER INC	$0	–	-6,500	–	-0.05%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-7,600	–	-0.05%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-13,200	–	-0.05%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,209	–	-0.05%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-2,450	–	-0.05%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-8,670	–	-0.06%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,590	–	-0.06%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-590	–	-0.07%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-8,050	–	-0.07%	–
APTV	Exit	APTIV PLC	$0	–	-3,910	–	-0.07%	–
GLW	Exit	CORNING INC	$0	–	-12,395	–	-0.08%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-6,582	–	-0.13%	–
CB	Exit	CHUBB LIMITED	$0	–	-34,600	–	-0.80%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-56,420	–	-0.88%	–
OGE	Exit	OGE ENERGY CORP	$0	–	-152,310	–	-0.91%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-99,100	–	-0.93%	–
ETN	Exit	EATON CORP PLC	$0	–	-45,750	–	-0.93%	–
MMM	Exit	3M CO	$0	–	-30,260	–	-0.97%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-393,420	–	-0.97%	–
MRK	Exit	MERCK & CO. INC	$0	–	-58,600	–	-0.97%	–
INGR	Exit	INGREDION INC	$0	–	-65,100	–	-0.98%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-84,300	–	-0.98%	–
MS	Exit	MORGAN STANLEY	$0	–	-108,100	–	-1.04%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-36,020	–	-1.06%	–
INTC	Exit	INTEL CORP	$0	–	-103,770	–	-1.07%	–
PH	Exit	PARKER HANNIFIN CORP	$0	–	-28,200	–	-1.14%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-42,750	–	-1.22%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-110,790	–	-1.27%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-88,350	–	-1.27%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-108,400	–	-1.37%	–
WRK	Exit	WESTROCK CO	$0	–	-199,650	–	-1.38%	–
TAP	Exit	MOLSON COORS BEVERAGE COcl b	$0	–	-210,100	–	-1.41%	–
LEA	Exit	LEAR CORP	$0	–	-66,700	–	-1.45%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-143,700	–	-1.46%	–
VICI	Exit	VICI PPTYS INC	$0	–	-313,350	–	-1.46%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-44,470	–	-1.48%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-129,297	–	-1.48%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-510,700	–	-1.49%	–
WY	Exit	WEYERHAEUSER CO MTN BE	$0	–	-270,850	–	-1.54%	–
KTB	Exit	KONTOOR BRANDS INC	$0	–	-322,164	–	-1.56%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-142,570	–	-1.56%	–
PHG	Exit	KONINKLIJKE PHILIPS N Vny reg sh new	$0	–	-167,646	–	-1.58%	–
C	Exit	CITIGROUP INC	$0	–	-187,550	–	-1.61%	–
PSX	Exit	PHILLIPS 66	$0	–	-161,160	–	-1.67%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-89,200	–	-1.69%	–
EQNR	Exit	EQUINOR ASAsponsored adr	$0	–	-604,700	–	-1.70%	–
PEP	Exit	PEPSICO INC	$0	–	-61,490	–	-1.70%	–
ATCO	Exit	ATLAS CORP	$0	–	-969,420	–	-1.73%	–
VER	Exit	VEREIT INC	$0	–	-1,350,230	–	-1.75%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-288,380	–	-1.89%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-91,846	–	-1.90%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-188,050	–	-1.94%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-162,350	–	-1.96%	–
CTVA	Exit	CORTEVA INC	$0	–	-363,014	–	-2.09%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-109,152	–	-2.13%	–
WMT	Exit	WALMART INC	$0	–	-78,500	–	-2.19%	–
NTR	Exit	NUTRIEN LTD	$0	–	-290,430	–	-2.27%	–
MET	Exit	METLIFE INC	$0	–	-315,500	–	-2.34%	–
CSCO	Exit	CISCO SYS INC	$0	–	-309,530	–	-2.43%	–
NTAP	Exit	NETAPP INC	$0	–	-278,900	–	-2.44%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-79,550	–	-2.45%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-450,145	–	-2.47%	–
UNP	Exit	UNION PAC CORP	$0	–	-62,990	–	-2.48%	–
AMGN	Exit	AMGEN INC	$0	–	-57,270	–	-2.90%	–
CMI	Exit	CUMMINS INC	$0	–	-74,170	–	-3.13%	–
ABBV	Exit	ABBVIE INC	$0	–	-185,878	–	-3.25%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-357,160	–	-3.30%	–
TGT	Exit	TARGET CORP	$0	–	-112,430	–	-3.53%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-298,380	–	-3.54%	–

Q3 2020

			Value		Shares		↓ Weighting
VZ	Sell	VERIZON COMMUNICATIONS INC	$17,751,000	+1.3%	298,380	-6.1%	3.54%	+4.1%
TGT	Sell	TARGET CORP	$17,699,000	+11.0%	112,430	-15.4%	3.53%	+14.1%
CMCSA	Sell	COMCAST CORP NEWcl a	$16,522,000	+7.2%	357,160	-9.7%	3.30%	+10.2%
ABBV	Sell	ABBVIE INC	$16,281,000	-17.1%	185,878	-7.1%	3.25%	-14.8%
CMI	Sell	CUMMINS INC	$15,662,000	-13.7%	74,170	-29.2%	3.13%	-11.3%
AMGN	Sell	AMGEN INC	$14,556,000	+1.8%	57,270	-5.6%	2.90%	+4.6%
UNP	Sell	UNION PAC CORP	$12,401,000	+9.7%	62,990	-5.8%	2.48%	+12.7%
AIG	Sell	AMERICAN INTL GROUP INC	$12,392,000	-16.7%	450,145	-5.6%	2.47%	-14.4%
AMP	Sell	AMERIPRISE FINL INC	$12,259,000	-2.8%	79,550	-5.4%	2.45%	-0.1%
NTAP	Buy	NETAPP INC	$12,227,000	+12.5%	278,900	+13.9%	2.44%	+15.6%
CSCO	Sell	CISCO SYS INC	$12,192,000	-29.0%	309,530	-16.0%	2.43%	-27.1%
MET	Sell	METLIFE INC	$11,727,000	-4.3%	315,500	-5.9%	2.34%	-1.6%
NTR	Sell	NUTRIEN LTD	$11,394,000	+14.9%	290,430	-6.0%	2.27%	+18.1%
WMT	Sell	WALMART INC	$10,983,000	-5.0%	78,500	-18.7%	2.19%	-2.4%
TEL	Sell	TE CONNECTIVITY LTD	$10,669,000	+13.0%	109,152	-5.7%	2.13%	+16.1%
CTVA	Sell	CORTEVA INC	$10,458,000	+1.3%	363,014	-5.8%	2.09%	+4.1%
RIO	New	RIO TINTO PLCsponsored adr	$9,804,000	–	162,350	–	1.96%	–
PB	Buy	PROSPERITY BANCSHARES INC	$9,747,000	-8.5%	188,050	+4.9%	1.94%	-5.9%
MDT	Sell	MEDTRONIC PLC	$9,545,000	+6.8%	91,846	-5.7%	1.90%	+9.7%
COP	Sell	CONOCOPHILLIPS	$9,470,000	-26.0%	288,380	-5.3%	1.89%	-23.9%
VER	Sell	VEREIT INC	$8,776,000	-4.6%	1,350,230	-5.6%	1.75%	-1.9%
ATCO	Sell	ATLAS CORP	$8,667,000	+11.0%	969,420	-5.7%	1.73%	+14.0%
PEP	Sell	PEPSICO INC	$8,523,000	-0.8%	61,490	-5.4%	1.70%	+1.9%
EQNR	Sell	EQUINOR ASAsponsored adr	$8,502,000	-20.9%	604,700	-18.6%	1.70%	-18.8%
GPC	Sell	GENUINE PARTS CO	$8,489,000	+3.4%	89,200	-5.6%	1.69%	+6.2%
PSX	Buy	PHILLIPS 66	$8,355,000	+16.8%	161,160	+62.0%	1.67%	+20.1%
C	Sell	CITIGROUP INC	$8,085,000	-44.5%	187,550	-34.2%	1.61%	-42.9%
PHG	Sell	KONINKLIJKE PHILIPS N Vny reg sh new	$7,905,000	-3.5%	167,646	-4.1%	1.58%	-0.8%
AZN	Sell	ASTRAZENECA PLCsponsored adr	$7,813,000	-2.8%	142,570	-6.2%	1.56%	-0.1%
KTB	Sell	KONTOOR BRANDS INC	$7,796,000	+27.8%	322,164	-5.9%	1.56%	+31.3%
WY	Sell	WEYERHAEUSER CO MTN BE	$7,725,000	-4.5%	270,850	-24.8%	1.54%	-1.8%
RDN	Sell	RADIAN GROUP INC	$7,461,000	-6.0%	510,700	-0.2%	1.49%	-3.4%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$7,440,000	-4.4%	129,297	+2.4%	1.48%	-1.7%
UPS	New	UNITED PARCEL SERVICE INCcl b	$7,410,000	–	44,470	–	1.48%	–
VICI	Buy	VICI PPTYS INC	$7,323,000	+36.7%	313,350	+18.1%	1.46%	+40.6%
FAF	New	FIRST AMERN FINL CORP	$7,316,000	–	143,700	–	1.46%	–
LEA	Sell	LEAR CORP	$7,274,000	-19.6%	66,700	-19.6%	1.45%	-17.4%
TAP	Sell	MOLSON COORS BEVERAGE COcl b	$7,051,000	-9.0%	210,100	-6.8%	1.41%	-6.5%
WRK	Buy	WESTROCK CO	$6,936,000	+40.0%	199,650	+13.9%	1.38%	+43.9%
GILD	Sell	GILEAD SCIENCES INC	$6,850,000	-22.9%	108,400	-6.2%	1.37%	-20.8%
MDLZ	Sell	MONDELEZ INTL INCcl a	$6,365,000	+6.4%	110,790	-5.3%	1.27%	+9.3%
CVX	Sell	CHEVRON CORP NEW	$6,361,000	-23.7%	88,350	-5.4%	1.27%	-21.6%
TXN	Sell	TEXAS INSTRS INC	$6,104,000	+6.2%	42,750	-5.5%	1.22%	+9.1%
PH	Sell	PARKER HANNIFIN CORP	$5,706,000	+3.8%	28,200	-6.0%	1.14%	+6.6%
INTC	Sell	INTEL CORP	$5,373,000	-35.9%	103,770	-25.9%	1.07%	-34.2%
KMB	Sell	KIMBERLY CLARK CORP	$5,319,000	-2.2%	36,020	-6.4%	1.06%	+0.6%
MS	Sell	MORGAN STANLEY	$5,227,000	-5.1%	108,100	-5.2%	1.04%	-2.4%
INGR	New	INGREDION INC	$4,927,000	–	65,100	–	0.98%	–
CVS	Sell	CVS HEALTH CORP	$4,923,000	-35.6%	84,300	-28.4%	0.98%	-33.8%
MRK	New	MERCK & CO. INC	$4,861,000	–	58,600	–	0.97%	–
KMI	Buy	KINDER MORGAN INC DEL	$4,851,000	-9.5%	393,420	+11.3%	0.97%	-7.1%
MMM	Sell	3M CO	$4,847,000	-2.2%	30,260	-4.7%	0.97%	+0.5%
ETN	Sell	EATON CORP PLC	$4,668,000	-50.5%	45,750	-57.6%	0.93%	-49.1%
CAH	Sell	CARDINAL HEALTH INC	$4,653,000	-15.4%	99,100	-6.0%	0.93%	-13.0%
OGE	New	OGE ENERGY CORP	$4,568,000	–	152,310	–	0.91%	–
NTRS	Sell	NORTHERN TR CORP	$4,399,000	-7.7%	56,420	-6.0%	0.88%	-5.1%
CB	New	CHUBB LIMITED	$4,018,000	–	34,600	–	0.80%	–
JPM	Sell	JPMORGAN CHASE & CO	$634,000	+0.8%	6,582	-1.5%	0.13%	+4.1%
APTV	Sell	APTIV PLC	$358,000	+14.7%	3,910	-2.5%	0.07%	+16.4%
VLO	Sell	VALERO ENERGY CORP	$349,000	-96.7%	8,050	-95.5%	0.07%	-96.6%
REGN	Sell	REGENERON PHARMACEUTICALS	$330,000	-16.0%	590	-6.3%	0.07%	-13.2%
DIS	Buy	DISNEY WALT CO	$321,000	+33.8%	2,590	+20.5%	0.06%	+36.2%
PKG	Sell	PACKAGING CORP AMER	$267,000	+5.1%	2,450	-3.9%	0.05%	+8.2%
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$257,000	–	1,209	–	0.05%	–
PFE	New	PFIZER INC	$239,000	–	6,500	–	0.05%	–
RSG	New	REPUBLIC SVCS INC	$205,000	–	2,200	–	0.04%	–
DISCK	Exit	DISCOVERY INC	$0	–	-10,750	–	-0.04%	–
EXC	Exit	EXELON CORP	$0	–	-6,400	–	-0.04%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-10,530	–	-0.05%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-6,650	–	-0.06%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,250	–	-0.13%	–
BOKF	Exit	BOK FINL CORP	$0	–	-101,540	–	-1.11%	–
D	Exit	DOMINION ENERGY INC	$0	–	-112,600	–	-1.78%	–

Q2 2020

			Value		Shares		↓ Weighting
ABBV	New	ABBVIE INC	$19,647,000	–	200,108	–	3.82%	–
CMI	New	CUMMINS INC	$18,144,000	–	104,720	–	3.52%	–
VZ	New	VERIZON COMMUNICATIONS INC	$17,519,000	–	317,780	–	3.40%	–
CSCO	New	CISCO SYS INC	$17,181,000	–	368,380	–	3.34%	–
TGT	New	TARGET CORP	$15,939,000	–	132,900	–	3.10%	–
CMCSA	New	COMCAST CORP NEWcl a	$15,410,000	–	395,330	–	2.99%	–
AIG	New	AMERICAN INTL GROUP INC	$14,871,000	–	476,945	–	2.89%	–
C	New	CITIGROUP INC	$14,561,000	–	284,950	–	2.83%	–
AMGN	New	AMGEN INC	$14,305,000	–	60,650	–	2.78%	–
COP	New	CONOCOPHILLIPS	$12,794,000	–	304,480	–	2.48%	–
AMP	New	AMERIPRISE FINL INC	$12,611,000	–	84,050	–	2.45%	–
MET	New	METLIFE INC	$12,249,000	–	335,400	–	2.38%	–
WMT	New	WALMART INC	$11,559,000	–	96,500	–	2.24%	–
UNP	New	UNION PAC CORP	$11,309,000	–	66,890	–	2.20%	–
NTAP	New	NETAPP INC	$10,864,000	–	244,850	–	2.11%	–
EQNR	New	EQUINOR ASAsponsored adr	$10,754,000	–	742,700	–	2.09%	–
PB	New	PROSPERITY BANCSHARES INC	$10,650,000	–	179,350	–	2.07%	–
VLO	New	VALERO ENERGY CORP	$10,538,000	–	179,150	–	2.05%	–
CTVA	New	CORTEVA INC	$10,322,000	–	385,280	–	2.00%	–
NTR	New	NUTRIEN LTD	$9,913,000	–	308,810	–	1.92%	–
TEL	New	TE CONNECTIVITY LTD	$9,440,000	–	115,752	–	1.83%	–
ETN	New	EATON CORP PLC	$9,435,000	–	107,850	–	1.83%	–
VER	New	VEREIT INC	$9,197,000	–	1,430,330	–	1.79%	–
D	New	DOMINION ENERGY INC	$9,141,000	–	112,600	–	1.78%	–
LEA	New	LEAR CORP	$9,049,000	–	83,000	–	1.76%	–
MDT	New	MEDTRONIC PLC	$8,936,000	–	97,446	–	1.74%	–
GILD	New	GILEAD SCIENCES INC	$8,890,000	–	115,550	–	1.73%	–
PEP	New	PEPSICO INC	$8,596,000	–	64,990	–	1.67%	–
INTC	New	INTEL CORP	$8,383,000	–	140,120	–	1.63%	–
CVX	New	CHEVRON CORP NEW	$8,337,000	–	93,430	–	1.62%	–
GPC	New	GENUINE PARTS CO	$8,213,000	–	94,450	–	1.60%	–
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$8,188,000	–	174,810	–	1.59%	–
WY	New	WEYERHAEUSER CO MTN BE	$8,087,000	–	360,050	–	1.57%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$8,038,000	–	151,970	–	1.56%	–
RDN	New	RADIAN GROUP INC	$7,940,000	–	511,900	–	1.54%	–
ATCO	New	ATLAS CORP	$7,809,000	–	1,027,500	–	1.52%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$7,782,000	–	126,297	–	1.51%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$7,748,000	–	225,500	–	1.50%	–
CVS	New	CVS HEALTH CORP	$7,647,000	–	117,700	–	1.48%	–
PSX	New	PHILLIPS 66	$7,151,000	–	99,460	–	1.39%	–
KTB	New	KONTOOR BRANDS INC	$6,099,000	–	342,464	–	1.18%	–
MDLZ	New	MONDELEZ INTL INCcl a	$5,982,000	–	117,000	–	1.16%	–
TXN	New	TEXAS INSTRS INC	$5,745,000	–	45,250	–	1.12%	–
BOKF	New	BOK FINL CORP	$5,731,000	–	101,540	–	1.11%	–
MS	New	MORGAN STANLEY	$5,506,000	–	114,000	–	1.07%	–
CAH	New	CARDINAL HEALTH INC	$5,501,000	–	105,400	–	1.07%	–
PH	New	PARKER HANNIFIN CORP	$5,498,000	–	30,000	–	1.07%	–
KMB	New	KIMBERLY CLARK CORP	$5,438,000	–	38,470	–	1.06%	–
KMI	New	KINDER MORGAN INC DEL	$5,363,000	–	353,500	–	1.04%	–
VICI	New	VICI PPTYS INC	$5,356,000	–	265,300	–	1.04%	–
WRK	New	WESTROCK CO	$4,953,000	–	175,250	–	0.96%	–
MMM	New	3M CO	$4,954,000	–	31,760	–	0.96%	–
NTRS	New	NORTHERN TR CORP	$4,764,000	–	60,050	–	0.92%	–
MSFT	New	MICROSOFT CORP	$661,000	–	3,250	–	0.13%	–
JPM	New	JPMORGAN CHASE & CO	$629,000	–	6,682	–	0.12%	–
REGN	New	REGENERON PHARMACEUTICALS	$393,000	–	630	–	0.08%	–
DFS	New	DISCOVER FINL SVCS	$333,000	–	6,650	–	0.06%	–
GLW	New	CORNING INC	$321,000	–	12,395	–	0.06%	–
APTV	New	APTIV PLC	$312,000	–	4,010	–	0.06%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$285,000	–	8,670	–	0.06%	–
BAC	New	BK OF AMERICA CORP	$250,000	–	10,530	–	0.05%	–
PKG	New	PACKAGING CORP AMER	$254,000	–	2,550	–	0.05%	–
DIS	New	DISNEY WALT CO	$240,000	–	2,150	–	0.05%	–
EXC	New	EXELON CORP	$232,000	–	6,400	–	0.04%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$233,000	–	7,600	–	0.04%	–
AL	New	AIR LEASE CORPcl a	$229,000	–	7,810	–	0.04%	–
DISCK	New	DISCOVERY INC	$207,000	–	10,750	–	0.04%	–
TPH	New	TRI POINTE GROUP INC	$194,000	–	13,200	–	0.04%	–
GE	New	GENERAL ELECTRIC CO	$73,000	–	10,700	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
RDN	Exit	RADIAN GROUP INC	$0	–	-10,000	–	-0.04%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-5,190	–	-0.04%	–
DISCK	Exit	DISCOVERY INC	$0	–	-11,150	–	-0.04%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,150	–	-0.04%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-3,550	–	-0.05%	–
BAC	Exit	BANK AMER CORP	$0	–	-10,330	–	-0.05%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-7,310	–	-0.05%	–
EXC	Exit	EXELON CORP	$0	–	-6,800	–	-0.05%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-6,275	–	-0.05%	–
GLW	Exit	CORNING INC	$0	–	-11,595	–	-0.05%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-23,000	–	-0.06%	–
RTN	Exit	RAYTHEON CO	$0	–	-2,350	–	-0.07%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,300	–	-0.07%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-10,000	–	-0.08%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-6,150	–	-0.08%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-6,650	–	-0.09%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-4,950	–	-0.10%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-7,382	–	-0.14%	–
SSW	Exit	SEASPAN CORP	$0	–	-448,400	–	-0.76%	–
KTB	Exit	KONTOOR BRANDS INC	$0	–	-160,114	–	-0.89%	–
HPQ	Exit	HP INC	$0	–	-303,150	–	-0.91%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-94,300	–	-0.95%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-134,400	–	-0.95%	–
BP	Exit	BP PLCsponsored adr	$0	–	-158,600	–	-0.96%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-84,562	–	-0.96%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-42,770	–	-0.97%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-129,300	–	-0.97%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-506,850	–	-1.01%	–
DOW	Exit	DOW INC	$0	–	-136,894	–	-1.04%	–
CTVA	Exit	CORTEVA INC	$0	–	-233,962	–	-1.04%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-242,000	–	-1.07%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-63,950	–	-1.08%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-186,000	–	-1.18%	–
USB	Exit	US BANCORP DEL	$0	–	-155,700	–	-1.37%	–
BOKF	Exit	BOK FINL CORP	$0	–	-116,690	–	-1.47%	–
MS	Exit	MORGAN STANLEY	$0	–	-220,000	–	-1.49%	–
VER	Exit	VEREIT INC	$0	–	-972,600	–	-1.51%	–
PEP	Exit	PEPSICO INC	$0	–	-70,640	–	-1.54%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-176,400	–	-1.55%	–
BPR	Exit	BROOKFIELD PROPERTY REIT INCcl a	$0	–	-483,350	–	-1.57%	–
NTAP	Exit	NETAPP INC	$0	–	-189,850	–	-1.58%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-108,854	–	-1.61%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-231,670	–	-1.64%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-70,350	–	-1.65%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-201,980	–	-1.83%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-344,450	–	-1.87%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-73,340	–	-1.89%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-272,888	–	-1.90%	–
ETN	Exit	EATON CORP PLC	$0	–	-145,250	–	-1.92%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-191,500	–	-1.93%	–
AMGN	Exit	AMGEN INC	$0	–	-64,650	–	-1.99%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-220,400	–	-2.02%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-182,400	–	-2.05%	–
ABBV	Exit	ABBVIE INC	$0	–	-170,935	–	-2.06%	–
D	Exit	DOMINION ENERGY INC	$0	–	-160,200	–	-2.06%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-120,546	–	-2.08%	–
INTC	Exit	INTEL CORP	$0	–	-261,420	–	-2.14%	–
NTR	Exit	NUTRIEN LTD	$0	–	-275,050	–	-2.18%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-321,580	–	-2.31%	–
LEA	Exit	LEAR CORP	$0	–	-132,000	–	-2.48%	–
PSX	Exit	PHILLIPS 66	$0	–	-152,700	–	-2.49%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-141,280	–	-2.66%	–
MET	Exit	METLIFE INC	$0	–	-364,000	–	-2.73%	–
PHG	Exit	KONINKLIJKE PHILIPS N Vny reg sh new	$0	–	-380,710	–	-2.79%	–
TGT	Exit	TARGET CORP	$0	–	-174,000	–	-2.96%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-328,780	–	-3.16%	–
WMT	Exit	WALMART INC	$0	–	-170,900	–	-3.23%	–
CMI	Exit	CUMMINS INC	$0	–	-131,320	–	-3.40%	–
C	Exit	CITIGROUP INC	$0	–	-311,650	–	-3.42%	–
CSCO	Exit	CISCO SYS INC	$0	–	-438,830	–	-3.45%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-466,045	–	-4.13%	–

Q3 2019

			Value		Shares		↓ Weighting
AIG	Sell	AMERICAN INTL GROUP INC	$25,959,000	+4.0%	466,045	-0.5%	4.13%	+3.5%
CSCO	Sell	CISCO SYS INC	$21,683,000	-9.9%	438,830	-0.3%	3.45%	-10.4%
C	Buy	CITIGROUP INC	$21,529,000	+13.8%	311,650	+15.3%	3.42%	+13.2%
CMI	Buy	CUMMINS INC	$21,362,000	-0.4%	131,320	+5.0%	3.40%	-0.8%
WMT	Sell	WALMART INC	$20,282,000	+5.6%	170,900	-1.7%	3.23%	+5.0%
VZ	Buy	VERIZON COMMUNICATIONS INC	$19,845,000	+31.7%	328,780	+24.7%	3.16%	+31.1%
TGT	Sell	TARGET CORP	$18,602,000	+0.5%	174,000	-18.6%	2.96%	0.0%
PHG	Sell	KONINKLIJKE PHILIPS N Vny reg sh new	$17,562,000	-12.9%	380,710	-17.7%	2.79%	-13.3%
MET	Buy	METLIFE INC	$17,166,000	+2.2%	364,000	+7.6%	2.73%	+1.7%
CVX	Buy	CHEVRON CORP NEW	$16,756,000	+4.4%	141,280	+9.5%	2.66%	+3.9%
PSX	Buy	PHILLIPS 66	$15,636,000	+64.5%	152,700	+50.2%	2.49%	+63.7%
LEA	Buy	LEAR CORP	$15,563,000	-2.4%	132,000	+15.3%	2.48%	-2.9%
CMCSA	Buy	COMCAST CORP NEWcl a	$14,497,000	+6.6%	321,580	+0.0%	2.31%	+6.1%
NTR	Sell	NUTRIEN LTD	$13,719,000	-6.9%	275,050	-0.3%	2.18%	-7.4%
INTC	Sell	INTEL CORP	$13,471,000	+6.5%	261,420	-1.1%	2.14%	+5.9%
MDT	Sell	MEDTRONIC PLC	$13,094,000	+1.1%	120,546	-9.4%	2.08%	+0.5%
D	Sell	DOMINION ENERGY INC	$12,983,000	+4.0%	160,200	-0.7%	2.06%	+3.6%
ABBV	Sell	ABBVIE INC	$12,943,000	+3.1%	170,935	-0.9%	2.06%	+2.6%
PB	Buy	PROSPERITY BANCSHARES INC	$12,883,000	+13.1%	182,400	+5.8%	2.05%	+12.6%
TAP	Buy	MOLSON COORS BREWING COcl b	$12,673,000	+3.1%	220,400	+0.4%	2.02%	+2.6%
AMGN	Buy	AMGEN INC	$12,510,000	+24.7%	64,650	+18.7%	1.99%	+24.1%
GILD	Buy	GILEAD SCIENCES INC	$12,137,000	+5.9%	191,500	+12.9%	1.93%	+5.4%
ETN	Sell	EATON CORP PLC	$12,078,000	-0.6%	145,250	-0.5%	1.92%	-1.1%
JCI	Sell	JOHNSON CTLS INTL PLC	$11,977,000	-1.1%	272,888	-6.9%	1.90%	-1.6%
UNP	Sell	UNION PACIFIC CORP	$11,880,000	-4.5%	73,340	-0.3%	1.89%	-4.9%
SLB	Buy	SCHLUMBERGER LTD	$11,770,000	+7.4%	344,450	+24.9%	1.87%	+6.8%
COP	Buy	CONOCOPHILLIPS	$11,509,000	+74.6%	201,980	+86.9%	1.83%	+73.6%
AMP	Buy	AMERIPRISE FINL INC	$10,348,000	+76.2%	70,350	+73.9%	1.65%	+75.5%
AZN	Sell	ASTRAZENECA PLCsponsored adr	$10,326,000	+7.7%	231,670	-0.3%	1.64%	+7.1%
TEL	Sell	TE CONNECTIVITY LTD	$10,143,000	-3.0%	108,854	-0.3%	1.61%	-3.5%
NTAP	Buy	NETAPP INC	$9,969,000	+269.8%	189,850	+334.4%	1.58%	+267.7%
BPR	Buy	BROOKFIELD PROPERTY REIT INCcl a	$9,856,000	+17.6%	483,350	+9.0%	1.57%	+17.0%
MDLZ	Sell	MONDELEZ INTL INCcl a	$9,758,000	-5.4%	176,400	-7.8%	1.55%	-5.8%
PEP	Sell	PEPSICO INC	$9,685,000	+4.3%	70,640	-0.3%	1.54%	+3.8%
VER	Buy	VEREIT INC	$9,512,000	+42.3%	972,600	+31.1%	1.51%	+41.7%
MS	Sell	MORGAN STANLEY	$9,387,000	-15.5%	220,000	-13.2%	1.49%	-15.9%
BOKF	Sell	BOK FINL CORP	$9,236,000	-12.8%	116,690	-16.8%	1.47%	-13.2%
USB	Sell	US BANCORP DEL	$8,616,000	-3.4%	155,700	-8.5%	1.37%	-3.9%
HP	Sell	HELMERICH & PAYNE INC	$7,453,000	-21.2%	186,000	-0.5%	1.18%	-21.6%
PKG	Sell	PACKAGING CORP AMER	$6,785,000	-5.2%	63,950	-14.8%	1.08%	-5.6%
WY	Sell	WEYERHAEUSER CO	$6,703,000	-23.9%	242,000	-27.6%	1.07%	-24.2%
CTVA	Buy	CORTEVA INC	$6,551,000	+27.8%	233,962	+35.0%	1.04%	+27.2%
DOW	Buy	DOW INC	$6,523,000	+30.0%	136,894	+34.5%	1.04%	+29.3%
LUMN	Sell	CENTURYLINK INC	$6,325,000	-24.9%	506,850	-29.2%	1.01%	-25.2%
CAH	New	CARDINAL HEALTH INC	$6,102,000	–	129,300	–	0.97%	–
KMB	Sell	KIMBERLY CLARK CORP	$6,075,000	-7.8%	42,770	-13.5%	0.97%	-8.3%
DD	Buy	DUPONT DE NEMOURS INC	$6,030,000	+18.4%	84,562	+24.6%	0.96%	+17.8%
BP	Sell	BP PLCsponsored adr	$6,025,000	-9.1%	158,600	-0.3%	0.96%	-9.6%
FNF	Sell	FIDELITY NATIONAL FINANCIAL	$5,969,000	-14.4%	134,400	-22.4%	0.95%	-14.9%
CVS	New	CVS HEALTH CORP	$5,948,000	–	94,300	–	0.95%	–
HPQ	Sell	HP INC	$5,736,000	-24.5%	303,150	-17.0%	0.91%	-24.9%
KTB	New	KONTOOR BRANDS INC	$5,620,000	–	160,114	–	0.89%	–
SSW	New	SEASPAN CORP	$4,766,000	–	448,400	–	0.76%	–
VLO	Buy	VALERO ENERGY CORP NEW	$524,000	+18.8%	6,150	+19.4%	0.08%	+18.6%
MSFT	Sell	MICROSOFT CORP	$459,000	-24.8%	3,300	-27.5%	0.07%	-24.7%
RTN	Sell	RAYTHEON CO	$461,000	+10.6%	2,350	-2.1%	0.07%	+9.0%
TPH	Sell	TRI POINTE GROUP INC	$346,000	+22.7%	23,000	-2.5%	0.06%	+22.2%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$333,000	+49.3%	6,275	+34.2%	0.05%	+47.2%
GLW	Buy	CORNING INC	$331,000	-10.5%	11,595	+4.1%	0.05%	-10.2%
EXC	Sell	EXELON CORP	$329,000	-17.8%	6,800	-18.6%	0.05%	-18.8%
AL	Sell	AIR LEASE CORPcl a	$306,000	-1.3%	7,310	-2.7%	0.05%	-2.0%
CHRW	Sell	C H ROBINSON WORLDWIDE INC	$301,000	-4.7%	3,550	-5.3%	0.05%	-5.9%
DISCK	Sell	DISCOVERY INC	$275,000	-14.1%	11,150	-0.9%	0.04%	-13.7%
ST	Sell	SENSATA TECHNOLOGIES HLDNG P	$260,000	-5.1%	5,190	-7.2%	0.04%	-6.8%
MOS	Exit	MOSAIC CO NEW	$0	–	-10,080	–	-0.04%	–
LLY	Exit	LILLY ELI & CO	$0	–	-2,800	–	-0.05%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-60,620	–	-1.34%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-179,100	–	-1.44%	–
TPR	Exit	TAPESTRY INC	$0	–	-292,480	–	-1.48%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-227,800	–	-1.49%	–
MTB	Exit	M & T BK CORP	$0	–	-72,020	–	-1.96%	–

Q2 2019

			Value		Shares		↓ Weighting
AIG	New	AMERICAN INTL GROUP INC	$24,964,000	–	468,545	–	3.99%	–
CSCO	New	CISCO SYS INC	$24,077,000	–	439,930	–	3.85%	–
CMI	New	CUMMINS INC	$21,438,000	–	125,120	–	3.43%	–
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$20,165,000	–	462,710	–	3.22%	–
WMT	New	WALMART INC	$19,214,000	–	173,900	–	3.07%	–
C	New	CITIGROUP INC	$18,922,000	–	270,200	–	3.02%	–
TGT	New	TARGET CORP	$18,509,000	–	213,700	–	2.96%	–
MET	New	METLIFE INC	$16,803,000	–	338,300	–	2.68%	–
CVX	New	CHEVRON CORP NEW	$16,050,000	–	128,980	–	2.56%	–
LEA	New	LEAR CORP	$15,946,000	–	114,500	–	2.55%	–
VZ	New	VERIZON COMMUNICATIONS INC	$15,068,000	–	263,750	–	2.41%	–
NTR	New	NUTRIEN LTD	$14,742,000	–	275,750	–	2.36%	–
CMCSA	New	COMCAST CORP NEWcl a	$13,595,000	–	321,540	–	2.17%	–
MDT	New	MEDTRONIC PLC	$12,956,000	–	133,036	–	2.07%	–
INTC	New	INTEL CORP	$12,653,000	–	264,320	–	2.02%	–
ABBV	New	ABBVIE INC	$12,548,000	–	172,555	–	2.00%	–
D	New	DOMINION ENERGY INC	$12,479,000	–	161,400	–	1.99%	–
UNP	New	UNION PACIFIC CORP	$12,436,000	–	73,540	–	1.99%	–
TAP	New	MOLSON COORS BREWING COcl b	$12,292,000	–	219,500	–	1.96%	–
MTB	New	M & T BK CORP	$12,248,000	–	72,020	–	1.96%	–
ETN	New	EATON CORP PLC	$12,155,000	–	145,950	–	1.94%	–
JCI	New	JOHNSON CTLS INTL PLC	$12,107,000	–	293,088	–	1.94%	–
GILD	New	GILEAD SCIENCES INC	$11,458,000	–	169,600	–	1.83%	–
PB	New	PROSPERITY BANCSHARES INC	$11,387,000	–	172,400	–	1.82%	–
MS	New	MORGAN STANLEY	$11,106,000	–	253,500	–	1.78%	–
SLB	New	SCHLUMBERGER LTD	$10,962,000	–	275,850	–	1.75%	–
BOKF	New	BOK FINL CORP	$10,589,000	–	140,290	–	1.69%	–
TEL	New	TE CONNECTIVITY LTD	$10,455,000	–	109,154	–	1.67%	–
MDLZ	New	MONDELEZ INTL INCcl a	$10,311,000	–	191,300	–	1.65%	–
AMGN	New	AMGEN INC	$10,034,000	–	54,450	–	1.60%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$9,592,000	–	232,370	–	1.53%	–
PSX	New	PHILLIPS 66	$9,508,000	–	101,650	–	1.52%	–
HP	New	HELMERICH & PAYNE INC	$9,461,000	–	186,900	–	1.51%	–
TCO	New	TAUBMAN CTRS INC	$9,301,000	–	227,800	–	1.49%	–
PEP	New	PEPSICO INC	$9,289,000	–	70,840	–	1.48%	–
TPR	New	TAPESTRY INC	$9,280,000	–	292,480	–	1.48%	–
OXY	New	OCCIDENTAL PETE CORP	$9,005,000	–	179,100	–	1.44%	–
USB	New	US BANCORP DEL	$8,918,000	–	170,200	–	1.42%	–
WY	New	WEYERHAEUSER CO	$8,803,000	–	334,200	–	1.41%	–
LUMN	New	CENTURYLINK INC	$8,417,000	–	715,700	–	1.34%	–
BPR	New	BROOKFIELD PROPERTY REIT INCcl a	$8,379,000	–	443,550	–	1.34%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$8,359,000	–	60,620	–	1.34%	–
HPQ	New	HP INC	$7,596,000	–	365,350	–	1.21%	–
PKG	New	PACKAGING CORP AMER	$7,154,000	–	75,050	–	1.14%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$6,976,000	–	173,100	–	1.12%	–
VER	New	VEREIT INC	$6,683,000	–	741,700	–	1.07%	–
BP	New	BP PLCsponsored adr	$6,630,000	–	159,000	–	1.06%	–
COP	New	CONOCOPHILLIPS	$6,593,000	–	108,080	–	1.05%	–
KMB	New	KIMBERLY CLARK CORP	$6,587,000	–	49,420	–	1.05%	–
AMP	New	AMERIPRISE FINL INC	$5,872,000	–	40,450	–	0.94%	–
CTVA	New	CORTEVA INC	$5,126,000	–	173,363	–	0.82%	–
DD	New	DUPONT DE NEMOURS INC	$5,095,000	–	67,864	–	0.81%	–
DOW	New	DOW INC	$5,019,000	–	101,794	–	0.80%	–
NTAP	New	NETAPP INC	$2,696,000	–	43,700	–	0.43%	–
JPM	New	JPMORGAN CHASE & CO	$825,000	–	7,382	–	0.13%	–
MSFT	New	MICROSOFT CORP	$610,000	–	4,550	–	0.10%	–
TXN	New	TEXAS INSTRS INC	$568,000	–	4,950	–	0.09%	–
DFS	New	DISCOVER FINL SVCS	$516,000	–	6,650	–	0.08%	–
CF	New	CF INDS HLDGS INC	$467,000	–	10,000	–	0.08%	–
VLO	New	VALERO ENERGY CORP NEW	$441,000	–	5,150	–	0.07%	–
RTN	New	RAYTHEON CO	$417,000	–	2,400	–	0.07%	–
EXC	New	EXELON CORP	$400,000	–	8,350	–	0.06%	–
GLW	New	CORNING INC	$370,000	–	11,135	–	0.06%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$316,000	–	3,750	–	0.05%	–
DISCK	New	DISCOVERY INC	$320,000	–	11,250	–	0.05%	–
AL	New	AIR LEASE CORPcl a	$310,000	–	7,510	–	0.05%	–
LLY	New	LILLY ELI & CO	$310,000	–	2,800	–	0.05%	–
DIS	New	DISNEY WALT CO	$300,000	–	2,150	–	0.05%	–
BAC	New	BANK AMER CORP	$300,000	–	10,330	–	0.05%	–
TPH	New	TRI POINTE GROUP INC	$282,000	–	23,600	–	0.04%	–
ST	New	SENSATA TECHNOLOGIES HLDNG P	$274,000	–	5,590	–	0.04%	–
MOS	New	MOSAIC CO NEW	$252,000	–	10,080	–	0.04%	–
RDN	New	RADIAN GROUP INC	$229,000	–	10,000	–	0.04%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$223,000	–	4,675	–	0.04%	–

Q4 2018

			Value		Shares		↓ Weighting
ABT	Exit	ABBOTT LABS	$0	–	-2,750	–	-0.03%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-10,500	–	-0.03%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-5,625	–	-0.03%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-5,040	–	-0.03%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,000	–	-0.03%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-22,400	–	-0.04%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-6,410	–	-0.04%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-9,880	–	-0.04%	–
DISCK	Exit	DISCOVERY INC	$0	–	-11,250	–	-0.04%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,500	–	-0.04%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-3,350	–	-0.05%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-3,750	–	-0.05%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-3,850	–	-0.05%	–
GLW	Exit	CORNING INC	$0	–	-11,275	–	-0.05%	–
BAC	Exit	BANK AMER CORP	$0	–	-14,230	–	-0.05%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-9,430	–	-0.06%	–
PSX	Exit	PHILLIPS 66	$0	–	-3,850	–	-0.06%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-5,054	–	-0.06%	–
RTN	Exit	RAYTHEON CO	$0	–	-2,400	–	-0.06%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-6,650	–	-0.07%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-9,500	–	-0.07%	–
IP	Exit	INTL PAPER CO	$0	–	-10,700	–	-0.07%	–
LLY	Exit	LILLY ELI & CO	$0	–	-4,950	–	-0.07%	–
EHC	Exit	ENCOMPASS HEALTH CORP	$0	–	-8,310	–	-0.08%	–
BA	Exit	BOEING CO	$0	–	-1,850	–	-0.09%	–
WRK	Exit	WESTROCK CO	$0	–	-102,500	–	-0.71%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-62,450	–	-0.87%	–
LB	Exit	L BRANDS INC	$0	–	-232,680	–	-0.91%	–
BBT	Exit	BB&T CORP	$0	–	-146,300	–	-0.92%	–
PB	Exit	PROSPERITY BANCSHARES INC	$0	–	-105,950	–	-0.95%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-177,300	–	-0.99%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-68,650	–	-1.01%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-377,400	–	-1.04%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-72,450	–	-1.07%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-120,800	–	-1.08%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-762,600	–	-1.12%	–
EXC	Exit	EXELON CORP	$0	–	-198,650	–	-1.12%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-155,450	–	-1.24%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-159,100	–	-1.33%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-321,750	–	-1.35%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-285,670	–	-1.47%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-299,950	–	-1.53%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-103,920	–	-1.53%	–
BP	Exit	BP PLCsponsored adr	$0	–	-258,300	–	-1.54%	–
PEP	Exit	PEPSICO INC	$0	–	-121,240	–	-1.76%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-398,088	–	-1.81%	–
TGT	Exit	TARGET CORP	$0	–	-161,500	–	-1.85%	–
ABBV	Exit	ABBVIE INC	$0	–	-154,175	–	-1.89%	–
CB	Exit	CHUBB LIMITED	$0	–	-109,284	–	-1.89%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-248,000	–	-1.92%	–
UNP	Exit	UNION PAC CORP	$0	–	-91,420	–	-1.93%	–
MET	Exit	METLIFE INC	$0	–	-319,200	–	-1.93%	–
ETN	Exit	EATON CORP PLC	$0	–	-172,550	–	-1.94%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-282,750	–	-1.96%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-197,650	–	-1.98%	–
HPQ	Exit	HP INC	$0	–	-609,050	–	-2.04%	–
CMI	Exit	CUMMINS INC	$0	–	-108,850	–	-2.06%	–
AMGN	Exit	AMGEN INC	$0	–	-77,500	–	-2.08%	–
TPR	Exit	TAPESTRY INC	$0	–	-321,330	–	-2.09%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-145,532	–	-2.13%	–
BOKF	Exit	BOK FINL CORP	$0	–	-169,860	–	-2.14%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-295,450	–	-2.33%	–
MS	Exit	MORGAN STANLEY	$0	–	-389,950	–	-2.36%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-349,975	–	-2.42%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-166,580	–	-2.64%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-207,536	–	-2.65%	–
INTC	Exit	INTEL CORP	$0	–	-459,420	–	-2.82%	–
MTB	Exit	M & T BK CORP	$0	–	-133,410	–	-2.85%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-148,110	–	-2.90%	–
NTR	Exit	NUTRIEN LTD	$0	–	-389,420	–	-2.91%	–
USB	Exit	US BANCORP DEL	$0	–	-432,600	–	-2.96%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-298,700	–	-3.18%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-318,830	–	-3.20%	–
WMT	Exit	WALMART INC	$0	–	-266,200	–	-3.24%	–
PHG	Exit	KONINKLIJKE PHILIPS N Vny reg sh new	$0	–	-564,380	–	-3.33%	–
CSCO	Exit	CISCO SYS INC	$0	–	-592,630	–	-3.74%	–

Q3 2018

			Value		Shares		↓ Weighting
CSCO	Sell	CISCO SYS INC	$28,831,000	+12.9%	592,630	-0.2%	3.74%	+8.5%
PHG	Sell	KONINKLIJKE PHILIPS N Vny reg sh new	$25,685,000	+7.5%	564,380	-0.1%	3.33%	+3.4%
COP	Sell	CONOCOPHILLIPS	$24,677,000	+6.9%	318,830	-3.9%	3.20%	+2.8%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$24,544,000	-1.9%	298,700	-0.1%	3.18%	-5.7%
USB	Sell	US BANCORP DEL	$22,846,000	+5.5%	432,600	-0.1%	2.96%	+1.4%
NTR	Sell	NUTRIEN LTD	$22,470,000	+5.9%	389,420	-0.2%	2.91%	+1.8%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$22,396,000	+8.8%	148,110	+0.5%	2.90%	+4.6%
MTB	Sell	M & T BK CORP	$21,951,000	-3.4%	133,410	-0.1%	2.85%	-7.1%
INTC	Sell	INTEL CORP	$21,726,000	-5.3%	459,420	-0.4%	2.82%	-9.0%
MDT	Buy	MEDTRONIC PLC	$20,415,000	+32.6%	207,536	+15.4%	2.65%	+27.4%
CVX	Sell	CHEVRON CORP NEW	$20,369,000	-9.4%	166,580	-6.4%	2.64%	-12.9%
AIG	Sell	AMERICAN INTL GROUP INC	$18,633,000	+0.0%	349,975	-0.4%	2.42%	-3.8%
MS	Buy	MORGAN STANLEY	$18,160,000	-1.6%	389,950	+0.2%	2.36%	-5.4%
SLB	Buy	SCHLUMBERGER LTD	$17,999,000	+0.5%	295,450	+10.6%	2.33%	-3.4%
JPM	Sell	JPMORGAN CHASE & CO	$16,422,000	+7.9%	145,532	-0.3%	2.13%	+3.7%
TPR	Buy	TAPESTRY INC	$16,153,000	+7.7%	321,330	+0.0%	2.09%	+3.5%
AMGN	Buy	AMGEN INC	$16,065,000	+53.8%	77,500	+36.9%	2.08%	+47.8%
CMI	New	CUMMINS INC	$15,900,000	–	108,850	–	2.06%	–
HPQ	Sell	HP INC	$15,695,000	+13.1%	609,050	-0.5%	2.04%	+8.6%
VZ	Buy	VERIZON COMMUNICATIONS INC	$15,096,000	+137.2%	282,750	+123.5%	1.96%	+128.1%
MET	Sell	METLIFE INC	$14,913,000	+7.1%	319,200	-0.1%	1.93%	+3.0%
UNP	Buy	UNION PAC CORP	$14,886,000	+15.0%	91,420	+0.1%	1.93%	+10.5%
TCO	Buy	TAUBMAN CTRS INC	$14,838,000	+28.4%	248,000	+26.1%	1.92%	+23.5%
CB	Sell	CHUBB LIMITED	$14,605,000	+5.1%	109,284	-0.1%	1.89%	+1.1%
ABBV	Buy	ABBVIE INC	$14,582,000	+42.2%	154,175	+39.3%	1.89%	+36.7%
TGT	Buy	TARGET CORP	$14,246,000	+17.2%	161,500	+1.1%	1.85%	+12.6%
JCI	Sell	JOHNSON CTLS INTL PLC	$13,933,000	+4.4%	398,088	-0.2%	1.81%	+0.4%
KMB	Buy	KIMBERLY CLARK CORP	$11,809,000	+8.9%	103,920	+1.0%	1.53%	+4.7%
AZN	Buy	ASTRAZENECA PLCsponsored adr	$11,304,000	+45.9%	285,670	+29.5%	1.47%	+40.3%
WY	Sell	WEYERHAEUSER CO	$10,383,000	-11.9%	321,750	-0.4%	1.35%	-15.3%
TAP	New	MOLSON COORS BREWING COcl b	$9,560,000	–	155,450	–	1.24%	–
EXC	Sell	EXELON CORP	$8,673,000	+2.1%	198,650	-0.4%	1.12%	-1.7%
GE	Sell	GENERAL ELECTRIC CO	$8,610,000	-17.3%	762,600	-0.4%	1.12%	-20.6%
MSFT	Sell	MICROSOFT CORP	$8,286,000	-27.7%	72,450	-37.6%	1.07%	-30.5%
LUMN	New	CENTURYLINK INC	$8,001,000	–	377,400	–	1.04%	–
VLO	Sell	VALERO ENERGY CORP NEW	$7,809,000	-44.4%	68,650	-45.8%	1.01%	-46.5%
MDLZ	New	MONDELEZ INTL INCcl a	$7,617,000	–	177,300	–	0.99%	–
PB	Buy	PROSPERITY BANCSHARES INC	$7,348,000	+1.8%	105,950	+0.4%	0.95%	-2.1%
BBT	Sell	BB&T CORP	$7,101,000	-3.8%	146,300	-0.1%	0.92%	-7.5%
LB	Sell	L BRANDS INC	$7,050,000	-53.5%	232,680	-43.4%	0.91%	-55.3%
TXN	Buy	TEXAS INSTRS INC	$6,700,000	-2.5%	62,450	+0.2%	0.87%	-6.3%
BA	Sell	BOEING CO	$688,000	-90.5%	1,850	-91.4%	0.09%	-90.9%
EHC	Sell	ENCOMPASS HEALTH CORP	$648,000	-95.0%	8,310	-95.6%	0.08%	-95.2%
CF	Buy	CF INDS HLDGS INC	$517,000	+47.3%	9,500	+20.3%	0.07%	+42.6%
AL	Sell	AIR LEASE CORPcl a	$433,000	-2.9%	9,430	-11.3%	0.06%	-6.7%
BAC	Sell	BANK AMER CORP	$419,000	-7.3%	14,230	-11.2%	0.05%	-11.5%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$367,000	+29.2%	3,750	+10.3%	0.05%	+26.3%
DISCK	Sell	DISCOVERY INC	$333,000	+8.5%	11,250	-6.6%	0.04%	+4.9%
MOS	Sell	MOSAIC CO NEW	$321,000	+6.3%	9,880	-8.3%	0.04%	+2.4%
NVO	Sell	NOVO-NORDISK A Sadr	$302,000	-97.0%	6,410	-97.1%	0.04%	-97.1%
TPH	Buy	TRI POINTE GROUP INC	$278,000	-23.4%	22,400	+0.9%	0.04%	-26.5%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$250,000	+2.5%	5,625	-6.6%	0.03%	-3.0%
ST	Buy	SENSATA TECHNOLOGIES HLDNG P	$250,000	+22.5%	5,040	+17.5%	0.03%	+14.3%
RDN	Sell	RADIAN GROUP INC	$217,000	+8.5%	10,500	-14.6%	0.03%	+3.7%
ABT	New	ABBOTT LABS	$202,000	–	2,750	–	0.03%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,250	–	-0.03%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-5,300	–	-0.03%	–
HRS	Exit	HARRIS CORP DEL	$0	–	-53,200	–	-1.04%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-309,180	–	-1.29%	–

Q2 2018

			Value		Shares		↓ Weighting
CSCO	New	CISCO SYS INC	$25,544,000	–	593,630	–	3.45%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$25,029,000	–	299,100	–	3.38%	–
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$23,882,000	–	564,980	–	3.22%	–
COP	New	CONOCOPHILLIPS	$23,088,000	–	331,630	–	3.11%	–
INTC	New	INTEL CORP	$22,937,000	–	461,420	–	3.09%	–
WMT	New	WALMART INC	$22,800,000	–	266,200	–	3.08%	–
MTB	New	M & T BK CORP	$22,717,000	–	133,510	–	3.06%	–
CVX	New	CHEVRON CORP NEW	$22,489,000	–	177,880	–	3.03%	–
USB	New	US BANCORP DEL	$21,664,000	–	433,100	–	2.92%	–
NTR	New	NUTRIEN LTD	$21,209,000	–	390,020	–	2.86%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$20,579,000	–	147,310	–	2.78%	–
AIG	New	AMERICAN INTL GROUP INC	$18,625,000	–	351,275	–	2.51%	–
MS	New	MORGAN STANLEY	$18,455,000	–	389,350	–	2.49%	–
SLB	New	SCHLUMBERGER LTD	$17,907,000	–	267,150	–	2.42%	–
BOKF	New	BOK FINL CORP	$15,969,000	–	169,860	–	2.15%	–
MDT	New	MEDTRONIC PLC	$15,400,000	–	179,886	–	2.08%	–
JPM	New	JPMORGAN CHASE & CO	$15,217,000	–	146,032	–	2.05%	–
LB	New	L BRANDS INC	$15,164,000	–	411,180	–	2.04%	–
TPR	New	TAPESTRY INC	$15,005,000	–	321,230	–	2.02%	–
VLO	New	VALERO ENERGY CORP NEW	$14,037,000	–	126,650	–	1.89%	–
GILD	New	GILEAD SCIENCES INC	$14,002,000	–	197,650	–	1.89%	–
MET	New	METLIFE INC	$13,926,000	–	319,400	–	1.88%	–
CB	New	CHUBB LIMITED	$13,894,000	–	109,384	–	1.87%	–
HPQ	New	HP INC	$13,883,000	–	611,850	–	1.87%	–
JCI	New	JOHNSON CTLS INTL PLC	$13,347,000	–	399,026	–	1.80%	–
PEP	New	PEPSICO INC	$13,199,000	–	121,240	–	1.78%	–
UNP	New	UNION PAC CORP	$12,945,000	–	91,370	–	1.75%	–
ETN	New	EATON CORP PLC	$12,896,000	–	172,550	–	1.74%	–
EHC	New	ENCOMPASS HEALTH CORP	$12,847,000	–	189,710	–	1.73%	–
TGT	New	TARGET CORP	$12,156,000	–	159,700	–	1.64%	–
BP	New	BP PLCsponsored adr	$11,794,000	–	258,300	–	1.59%	–
WY	New	WEYERHAEUSER CO	$11,782,000	–	323,150	–	1.59%	–
TCO	New	TAUBMAN CTRS INC	$11,552,000	–	196,600	–	1.56%	–
MSFT	New	MICROSOFT CORP	$11,455,000	–	116,160	–	1.54%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$11,284,000	–	299,950	–	1.52%	–
KMB	New	KIMBERLY CLARK CORP	$10,842,000	–	102,920	–	1.46%	–
DWDP	New	DOWDUPONT INC	$10,488,000	–	159,100	–	1.42%	–
AMGN	New	AMGEN INC	$10,448,000	–	56,600	–	1.41%	–
GE	New	GENERAL ELECTRIC CO	$10,417,000	–	765,400	–	1.40%	–
ABBV	New	ABBVIE INC	$10,254,000	–	110,675	–	1.38%	–
NVO	New	NOVO-NORDISK A Sadr	$10,066,000	–	218,260	–	1.36%	–
NLSN	New	NIELSEN HLDGS PLC	$9,563,000	–	309,180	–	1.29%	–
EXC	New	EXELON CORP	$8,492,000	–	199,350	–	1.14%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$7,748,000	–	220,670	–	1.04%	–
HP	New	HELMERICH & PAYNE INC	$7,702,000	–	120,800	–	1.04%	–
HRS	New	HARRIS CORP DEL	$7,690,000	–	53,200	–	1.04%	–
BBT	New	BB&T CORP	$7,384,000	–	146,400	–	1.00%	–
BA	New	BOEING CO	$7,247,000	–	21,600	–	0.98%	–
PB	New	PROSPERITY BANCSHARES INC	$7,215,000	–	105,550	–	0.97%	–
TXN	New	TEXAS INSTRS INC	$6,869,000	–	62,300	–	0.93%	–
VZ	New	VERIZON COMMUNICATIONS INC	$6,364,000	–	126,500	–	0.86%	–
WRK	New	WESTROCK CO	$5,845,000	–	102,500	–	0.79%	–
IP	New	INTL PAPER CO	$557,000	–	10,700	–	0.08%	–
RTN	New	RAYTHEON CO	$464,000	–	2,400	–	0.06%	–
DFS	New	DISCOVER FINL SVCS	$468,000	–	6,650	–	0.06%	–
TEL	New	TE CONNECTIVITY LTD	$455,000	–	5,054	–	0.06%	–
BAC	New	BANK AMER CORP	$452,000	–	16,030	–	0.06%	–
AL	New	AIR LEASE CORPcl a	$446,000	–	10,630	–	0.06%	–
PSX	New	PHILLIPS 66	$432,000	–	3,850	–	0.06%	–
LLY	New	LILLY ELI & CO	$422,000	–	4,950	–	0.06%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$423,000	–	3,850	–	0.06%	–
PKG	New	PACKAGING CORP AMER	$374,000	–	3,350	–	0.05%	–
TPH	New	TRI POINTE GROUP INC	$363,000	–	22,200	–	0.05%	–
CF	New	CF INDS HLDGS INC	$351,000	–	7,900	–	0.05%	–
GLW	New	CORNING INC	$310,000	–	11,275	–	0.04%	–
MOS	New	MOSAIC CO NEW	$302,000	–	10,780	–	0.04%	–
JNJ	New	JOHNSON & JOHNSON	$303,000	–	2,500	–	0.04%	–
DISCK	New	DISCOVERY INC	$307,000	–	12,050	–	0.04%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$284,000	–	3,400	–	0.04%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$244,000	–	6,025	–	0.03%	–
BDX	New	BECTON DICKINSON & CO	$240,000	–	1,000	–	0.03%	–
DVN	New	DEVON ENERGY CORP NEW	$233,000	–	5,300	–	0.03%	–
AXP	New	AMERICAN EXPRESS CO	$221,000	–	2,250	–	0.03%	–
ST	New	SENSATA TECHNOLOGIES HLDNG P	$204,000	–	4,290	–	0.03%	–
RDN	New	RADIAN GROUP INC	$200,000	–	12,300	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
ST	Exit	SENSATA TECHNOLOGIES HLDG NV	$0	–	-4,190	–	-0.03%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-10,900	–	-0.03%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-8,500	–	-0.03%	–
PNR	Exit	PENTAIR PLC	$0	–	-3,570	–	-0.04%	–
AN	Exit	AUTONATION INC	$0	–	-5,320	–	-0.04%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-12,400	–	-0.04%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-3,300	–	-0.04%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-3,396	–	-0.04%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,400	–	-0.04%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,250	–	-0.04%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-7,900	–	-0.04%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-2,200	–	-0.04%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-4,855	–	-0.04%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-7,625	–	-0.04%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-7,994	–	-0.05%	–
PSX	Exit	PHILLIPS 66	$0	–	-3,750	–	-0.05%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-27,320	–	-0.05%	–
GLW	Exit	CORNING INC	$0	–	-12,875	–	-0.06%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-9,080	–	-0.06%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-5,204	–	-0.06%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-6,650	–	-0.06%	–
RTN	Exit	RAYTHEON CO	$0	–	-2,550	–	-0.07%	–
BAC	Exit	BANK AMER CORP	$0	–	-21,930	–	-0.08%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-29,533	–	-0.26%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-24,800	–	-0.46%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-128,200	–	-0.91%	–
RSG	Exit	REPUBLIC SVCS INC	$0	–	-99,900	–	-0.95%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-102,440	–	-0.98%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-76,900	–	-0.99%	–
BBT	Exit	BB&T CORP	$0	–	-148,200	–	-1.00%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-61,350	–	-1.01%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-47,800	–	-1.04%	–
HRS	Exit	HARRIS CORP DEL	$0	–	-56,700	–	-1.07%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-225,170	–	-1.10%	–
COH	Exit	COACH INC	$0	–	-214,800	–	-1.24%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-172,700	–	-1.29%	–
HLS	Exit	HEALTHSOUTH CORP	$0	–	-211,660	–	-1.41%	–
AMGN	Exit	AMGEN INC	$0	–	-53,200	–	-1.42%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-115,720	–	-1.51%	–
BP	Exit	BP PLCsponsored adr	$0	–	-276,500	–	-1.53%	–
UNP	Exit	UNION PAC CORP	$0	–	-95,120	–	-1.58%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-279,780	–	-1.67%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-180,000	–	-1.80%	–
ABBV	Exit	ABBVIE INC	$0	–	-142,125	–	-1.82%	–
ETN	Exit	EATON CORP PLC	$0	–	-166,850	–	-1.84%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-162,150	–	-1.89%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-277,560	–	-1.92%	–
PEP	Exit	PEPSICO INC	$0	–	-120,890	–	-1.94%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-93,810	–	-1.96%	–
CB	Exit	CHUBB LIMITED	$0	–	-96,034	–	-1.97%	–
HPQ	Exit	HP INC	$0	–	-694,300	–	-1.99%	–
EXC	Exit	EXELON CORP	$0	–	-370,000	–	-2.00%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-187,310	–	-2.00%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-142,900	–	-2.03%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-303,450	–	-2.07%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-152,232	–	-2.09%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-193,400	–	-2.14%	–
BOKF	Exit	BOK FINL CORP	$0	–	-170,410	–	-2.18%	–
QCOM	Exit	QUALCOMM INC	$0	–	-293,750	–	-2.19%	–
LB	Exit	L BRANDS INC	$0	–	-413,680	–	-2.47%	–
BA	Exit	BOEING CO	$0	–	-68,550	–	-2.50%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-821,880	–	-2.55%	–
LLY	Exit	LILLY ELI & CO	$0	–	-208,100	–	-2.56%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-359,830	–	-2.59%	–
INTC	Exit	INTEL CORP	$0	–	-482,920	–	-2.64%	–
MS	Exit	MORGAN STANLEY	$0	–	-393,000	–	-2.72%	–
MET	Exit	METLIFE INC	$0	–	-364,720	–	-2.72%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-168,930	–	-2.85%	–
USB	Exit	US BANCORP DEL	$0	–	-380,900	–	-2.93%	–
MTB	Exit	M & T BK CORP	$0	–	-140,960	–	-3.26%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-358,550	–	-3.31%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-294,800	–	-3.31%	–
CSCO	Exit	CISCO SYS INC	$0	–	-696,630	–	-3.37%	–
PHG	Exit	KONINKLIJKE PHILIPS N Vny reg sh new	$0	–	-656,170	–	-3.88%	–

Q3 2017

			Value		Shares		↓ Weighting
PHG	Sell	KONINKLIJKE PHILIPS N Vny reg sh new	$27,034,000	+13.9%	656,170	-1.0%	3.88%	+8.2%
CSCO	Sell	CISCO SYS INC	$23,428,000	+7.4%	696,630	-0.1%	3.37%	+2.0%
WMT	Buy	WAL-MART STORES INC	$23,036,000	+6.1%	294,800	+2.8%	3.31%	+0.8%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$23,022,000	-6.5%	358,550	-12.8%	3.31%	-11.2%
MTB	Sell	M & T BK CORP	$22,700,000	-4.8%	140,960	-4.3%	3.26%	-9.6%
USB	Sell	US BANCORP DEL	$20,412,000	+2.9%	380,900	-0.3%	2.93%	-2.2%
CVX	Buy	CHEVRON CORP NEW	$19,849,000	+29.4%	168,930	+14.9%	2.85%	+22.9%
MET	Sell	METLIFE INC	$18,947,000	-5.6%	364,720	-0.2%	2.72%	-10.3%
MS	Buy	MORGAN STANLEY	$18,931,000	+14.3%	393,000	+5.8%	2.72%	+8.6%
INTC	Buy	INTEL CORP	$18,390,000	+14.1%	482,920	+1.1%	2.64%	+8.4%
COP	Buy	CONOCOPHILLIPS	$18,009,000	+21.3%	359,830	+6.5%	2.59%	+15.2%
LLY	Sell	LILLY ELI & CO	$17,801,000	+2.1%	208,100	-1.7%	2.56%	-3.0%
MOS	Sell	MOSAIC CO NEW	$17,744,000	-6.7%	821,880	-1.4%	2.55%	-11.4%
BA	Sell	BOEING CO	$17,426,000	-9.0%	68,550	-29.2%	2.50%	-13.6%
LB	Buy	L BRANDS INC	$17,213,000	+7.4%	413,680	+39.1%	2.47%	+2.1%
QCOM	Sell	QUALCOMM INC	$15,228,000	-6.4%	293,750	-0.3%	2.19%	-11.1%
BOKF	Sell	BOK FINL CORP	$15,180,000	+5.8%	170,410	-0.1%	2.18%	+0.5%
VLO	Sell	VALERO ENERGY CORP NEW	$14,878,000	+13.3%	193,400	-0.6%	2.14%	+7.7%
JPM	Sell	JPMORGAN CHASE & CO	$14,540,000	+3.7%	152,232	-0.8%	2.09%	-1.5%
FNF	Sell	FIDELITY NATIONAL FINANCIAL	$14,402,000	-1.7%	303,450	-7.1%	2.07%	-6.6%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$14,154,000	+16.2%	142,900	-1.0%	2.03%	+10.4%
MSFT	Sell	MICROSOFT CORP	$13,953,000	+7.8%	187,310	-0.3%	2.00%	+2.4%
EXC	Sell	EXELON CORP	$13,938,000	+4.1%	370,000	-0.3%	2.00%	-1.1%
CB	Sell	CHUBB LIMITED	$13,690,000	-2.0%	96,034	-0.1%	1.97%	-7.0%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$13,610,000	+18.9%	93,810	+26.1%	1.96%	+13.0%
PEP	Buy	PEPSICO INC	$13,471,000	-3.4%	120,890	+0.1%	1.94%	-8.2%
NVO	Buy	NOVO-NORDISK A Sadr	$13,365,000	+23.0%	277,560	+9.6%	1.92%	+16.8%
GILD	Buy	GILEAD SCIENCES INC	$13,137,000	+30.2%	162,150	+13.8%	1.89%	+23.7%
ETN	Buy	EATON CORP PLC	$12,812,000	+29.7%	166,850	+31.4%	1.84%	+23.1%
ABBV	Sell	ABBVIE INC	$12,629,000	+21.5%	142,125	-0.8%	1.82%	+15.5%
SLB	Buy	SCHLUMBERGER LTD	$12,557,000	+42.6%	180,000	+34.6%	1.80%	+35.5%
NLSN	Buy	NIELSEN HLDGS PLC	$11,597,000	+42.1%	279,780	+32.5%	1.67%	+34.9%
UNP	Buy	UNION PAC CORP	$11,031,000	+6.6%	95,120	+0.1%	1.58%	+1.3%
BP	Sell	BP PLCsponsored adr	$10,626,000	+10.5%	276,500	-0.3%	1.53%	+5.0%
PG	Sell	PROCTER AND GAMBLE CO	$10,528,000	-19.7%	115,720	-23.1%	1.51%	-23.7%
AMGN	Buy	AMGEN INC	$9,919,000	+46.2%	53,200	+35.0%	1.42%	+38.9%
HLS	Sell	HEALTHSOUTH CORP	$9,810,000	-4.5%	211,660	-0.2%	1.41%	-9.2%
HP	Sell	HELMERICH & PAYNE INC	$8,999,000	-8.2%	172,700	-4.3%	1.29%	-12.8%
COH	Buy	COACH INC	$8,652,000	-14.6%	214,800	+0.4%	1.24%	-18.9%
AZN	Buy	ASTRAZENECA PLCsponsored adr	$7,629,000	+18.1%	225,170	+18.8%	1.10%	+12.2%
HRS	Sell	HARRIS CORP DEL	$7,466,000	+18.2%	56,700	-2.1%	1.07%	+12.4%
SWK	Sell	STANLEY BLACK & DECKER INC	$7,216,000	-2.1%	47,800	-8.8%	1.04%	-7.0%
PKG	Sell	PACKAGING CORP AMER	$7,036,000	+2.6%	61,350	-0.3%	1.01%	-2.5%
BBT	Buy	BB&T CORP	$6,957,000	+4.3%	148,200	+0.9%	1.00%	-0.9%
TXN	Sell	TEXAS INSTRS INC	$6,893,000	+14.6%	76,900	-1.7%	0.99%	+8.9%
CAH	Buy	CARDINAL HEALTH INC	$6,855,000	-5.2%	102,440	+10.3%	0.98%	-10.0%
RSG	Sell	REPUBLIC SVCS INC	$6,599,000	+3.4%	99,900	-0.2%	0.95%	-1.8%
VZ	Sell	VERIZON COMMUNICATIONS INC	$6,345,000	-1.7%	128,200	-11.3%	0.91%	-6.6%
JNJ	Sell	JOHNSON & JOHNSON	$3,224,000	-53.0%	24,800	-52.1%	0.46%	-55.4%
BHF	New	BRIGHTHOUSE FINL INC	$1,796,000	–	29,533	–	0.26%	–
PSX	Buy	PHILLIPS 66	$344,000	+27.9%	3,750	+15.4%	0.05%	+19.5%
JCI	Sell	JOHNSON CTLS INTL PLC	$322,000	-11.5%	7,994	-4.7%	0.05%	-16.4%
AIG	Buy	AMERICAN INTL GROUP INC	$298,000	+0.3%	4,855	+2.1%	0.04%	-4.4%
MDT	Buy	MEDTRONIC PLC	$264,000	+2.7%	3,396	+17.3%	0.04%	-2.6%
AN	Sell	AUTONATION INC	$252,000	-20.5%	5,320	-29.3%	0.04%	-25.0%
COG	New	CABOT OIL & GAS CORP	$227,000	–	8,500	–	0.03%	–
RDN	Buy	RADIAN GROUP INC	$204,000	+20.0%	10,900	+4.8%	0.03%	+11.5%
ST	New	SENSATA TECHNOLOGIES HLDG NV	$201,000	–	4,190	–	0.03%	–
MAT	Exit	MATTEL INC	$0	–	-327,200	–	-1.07%	–

Q2 2017

			Value		Shares		↓ Weighting
OXY	New	OCCIDENTAL PETE CORP DEL	$24,631,000	–	411,400	–	3.72%	–
MTB	New	M & T BK CORP	$23,849,000	–	147,260	–	3.61%	–
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$23,737,000	–	662,670	–	3.59%	–
CSCO	New	CISCO SYS INC	$21,820,000	–	697,130	–	3.30%	–
WMT	New	WAL-MART STORES INC	$21,713,000	–	286,900	–	3.28%	–
MET	New	METLIFE INC	$20,076,000	–	365,420	–	3.04%	–
USB	New	US BANCORP DEL	$19,833,000	–	382,000	–	3.00%	–
BA	New	BOEING CO	$19,152,000	–	96,850	–	2.90%	–
MOS	New	MOSAIC CO NEW	$19,024,000	–	833,280	–	2.88%	–
LLY	New	LILLY ELI & CO	$17,431,000	–	211,800	–	2.64%	–
MS	New	MORGAN STANLEY	$16,558,000	–	371,600	–	2.50%	–
QCOM	New	QUALCOMM INC	$16,271,000	–	294,650	–	2.46%	–
INTC	New	INTEL CORP	$16,122,000	–	477,820	–	2.44%	–
LB	New	L BRANDS INC	$16,026,000	–	297,380	–	2.42%	–
CVX	New	CHEVRON CORP NEW	$15,340,000	–	147,030	–	2.32%	–
COP	New	CONOCOPHILLIPS	$14,851,000	–	337,830	–	2.25%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$14,648,000	–	326,750	–	2.22%	–
BOKF	New	BOK FINL CORP	$14,353,000	–	170,610	–	2.17%	–
JPM	New	JPMORGAN CHASE & CO	$14,024,000	–	153,432	–	2.12%	–
CB	New	CHUBB LIMITED	$13,976,000	–	96,134	–	2.11%	–
PEP	New	PEPSICO INC	$13,950,000	–	120,790	–	2.11%	–
EXC	New	EXELON CORP	$13,386,000	–	371,100	–	2.02%	–
VLO	New	VALERO ENERGY CORP NEW	$13,128,000	–	194,600	–	1.99%	–
PG	New	PROCTER AND GAMBLE CO	$13,109,000	–	150,420	–	1.98%	–
MSFT	New	MICROSOFT CORP	$12,946,000	–	187,810	–	1.96%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$12,177,000	–	144,300	–	1.84%	–
HPQ	New	HP INC	$12,136,000	–	694,300	–	1.84%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$11,446,000	–	74,410	–	1.73%	–
NVO	New	NOVO-NORDISK A Sadr	$10,867,000	–	253,360	–	1.64%	–
ABBV	New	ABBVIE INC	$10,392,000	–	143,325	–	1.57%	–
UNP	New	UNION PAC CORP	$10,349,000	–	95,020	–	1.56%	–
HLS	New	HEALTHSOUTH CORP	$10,269,000	–	212,160	–	1.55%	–
COH	New	COACH INC	$10,126,000	–	213,900	–	1.53%	–
GILD	New	GILEAD SCIENCES INC	$10,086,000	–	142,500	–	1.53%	–
ETN	New	EATON CORP PLC	$9,881,000	–	126,950	–	1.50%	–
HP	New	HELMERICH & PAYNE INC	$9,808,000	–	180,500	–	1.48%	–
BP	New	BP PLCsponsored adr	$9,612,000	–	277,400	–	1.45%	–
SLB	New	SCHLUMBERGER LTD	$8,803,000	–	133,700	–	1.33%	–
NLSN	New	NIELSEN HLDGS PLC	$8,163,000	–	211,160	–	1.24%	–
SWK	New	STANLEY BLACK & DECKER INC	$7,374,000	–	52,400	–	1.12%	–
CAH	New	CARDINAL HEALTH INC	$7,234,000	–	92,840	–	1.09%	–
MAT	New	MATTEL INC	$7,045,000	–	327,200	–	1.07%	–
PKG	New	PACKAGING CORP AMER	$6,856,000	–	61,550	–	1.04%	–
JNJ	New	JOHNSON & JOHNSON	$6,853,000	–	51,800	–	1.04%	–
AMGN	New	AMGEN INC	$6,786,000	–	39,400	–	1.03%	–
BBT	New	BB&T CORP	$6,671,000	–	146,900	–	1.01%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$6,462,000	–	189,570	–	0.98%	–
VZ	New	VERIZON COMMUNICATIONS INC	$6,453,000	–	144,500	–	0.98%	–
RSG	New	REPUBLIC SVCS INC	$6,379,000	–	100,100	–	0.96%	–
HRS	New	HARRIS CORP DEL	$6,316,000	–	57,900	–	0.96%	–
TXN	New	TEXAS INSTRS INC	$6,016,000	–	78,200	–	0.91%	–
BAC	New	BANK AMER CORP	$532,000	–	21,930	–	0.08%	–
DFS	New	DISCOVER FINL SVCS	$414,000	–	6,650	–	0.06%	–
RTN	New	RAYTHEON CO	$412,000	–	2,550	–	0.06%	–
TEL	New	TE CONNECTIVITY LTD	$409,000	–	5,204	–	0.06%	–
GLW	New	CORNING INC	$387,000	–	12,875	–	0.06%	–
JCI	New	JOHNSON CTLS INTL PLC	$364,000	–	8,389	–	0.06%	–
TPH	New	TRI POINTE GROUP INC	$360,000	–	27,320	–	0.05%	–
AL	New	AIR LEASE CORPcl a	$339,000	–	9,080	–	0.05%	–
AN	New	AUTONATION INC	$317,000	–	7,520	–	0.05%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$313,000	–	12,400	–	0.05%	–
AIG	New	AMERICAN INTL GROUP INC	$297,000	–	4,755	–	0.04%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$299,000	–	7,625	–	0.04%	–
PSX	New	PHILLIPS 66	$269,000	–	3,250	–	0.04%	–
AXP	New	AMERICAN EXPRESS CO	$274,000	–	3,250	–	0.04%	–
BDX	New	BECTON DICKINSON & CO	$273,000	–	1,400	–	0.04%	–
MDT	New	MEDTRONIC PLC	$257,000	–	2,896	–	0.04%	–
DVN	New	DEVON ENERGY CORP NEW	$253,000	–	7,900	–	0.04%	–
PNR	New	PENTAIR PLC	$238,000	–	3,570	–	0.04%	–
ALB	New	ALBEMARLE CORP	$232,000	–	2,200	–	0.04%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$227,000	–	3,300	–	0.03%	–
RDN	New	RADIAN GROUP INC	$170,000	–	10,400	–	0.03%	–

Q4 2016

			Value		Shares		↓ Weighting
ADI	Exit	ANALOG DEVICES INC	$0	–	-3,300	–	-0.02%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-2,820	–	-0.02%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-5,200	–	-0.02%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-8,780	–	-0.03%	–
ORCL	Exit	ORACLE CORP	$0	–	-6,650	–	-0.03%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-20,800	–	-0.03%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-9,615	–	-0.04%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-14,380	–	-0.04%	–
USG	Exit	U S G CORP	$0	–	-14,215	–	-0.04%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-6,650	–	-0.04%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-2,613	–	-0.04%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-10,825	–	-0.04%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-15,600	–	-0.04%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,900	–	-0.05%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-6,950	–	-0.05%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-16,180	–	-0.05%	–
DVA	Exit	DAVITA INC	$0	–	-7,135	–	-0.05%	–
RTN	Exit	RAYTHEON CO	$0	–	-3,650	–	-0.06%	–
GLW	Exit	CORNING INC	$0	–	-22,845	–	-0.06%	–
AN	Exit	AUTONATION INC	$0	–	-11,280	–	-0.06%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-12,070	–	-0.06%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-13,500	–	-0.07%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-10,475	–	-0.07%	–
BAC	Exit	BANK AMER CORP	$0	–	-39,930	–	-0.07%	–
STRZA	Exit	STARZ	$0	–	-21,725	–	-0.08%	–
BAX	Exit	BAXTER INTL INC	$0	–	-144,950	–	-0.77%	–
PSX	Exit	PHILLIPS 66	$0	–	-106,400	–	-0.96%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-163,200	–	-0.97%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-75,100	–	-0.99%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-126,000	–	-0.99%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-538,600	–	-0.99%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-133,800	–	-1.05%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-110,350	–	-1.05%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-107,900	–	-1.07%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-54,320	–	-1.09%	–
UNP	Exit	UNION PAC CORP	$0	–	-104,390	–	-1.14%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-165,350	–	-1.24%	–
EXC	Exit	EXELON CORP	$0	–	-349,000	–	-1.30%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-318,700	–	-1.31%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-157,900	–	-1.39%	–
MAT	Exit	MATTEL INC	$0	–	-412,600	–	-1.40%	–
IVZ	Exit	INVESCO LTD	$0	–	-417,000	–	-1.46%	–
ETN	Exit	EATON CORP PLC	$0	–	-198,650	–	-1.46%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-314,230	–	-1.53%	–
BOKF	Exit	BOK FINL CORP	$0	–	-198,890	–	-1.53%	–
PHG	Exit	KONINKLIJKE PHILIPS N Vny reg sh new	$0	–	-466,500	–	-1.54%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-316,000	–	-1.56%	–
TGT	Exit	TARGET CORP	$0	–	-204,550	–	-1.57%	–
F	Exit	FORD MTR CO DEL	$0	–	-1,165,120	–	-1.57%	–
CB	Exit	CHUBB LIMITED	$0	–	-121,638	–	-1.71%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-626,480	–	-1.71%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-242,032	–	-1.80%	–
BBT	Exit	BB&T CORP	$0	–	-473,100	–	-1.99%	–
HLS	Exit	HEALTHSOUTH CORP	$0	–	-441,580	–	-2.00%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-147,520	–	-2.03%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-225,600	–	-2.03%	–
HRS	Exit	HARRIS CORP DEL	$0	–	-200,200	–	-2.05%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-115,720	–	-2.05%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-287,360	–	-2.07%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-237,490	–	-2.16%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-413,865	–	-2.40%	–
RSG	Exit	REPUBLIC SVCS INC	$0	–	-430,080	–	-2.42%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-301,100	–	-2.43%	–
BP	Exit	BP PLCsponsored adr	$0	–	-636,400	–	-2.50%	–
LLY	Exit	LILLY ELI & CO	$0	–	-281,500	–	-2.52%	–
ABBV	Exit	ABBVIE INC	$0	–	-358,775	–	-2.53%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-253,390	–	-2.54%	–
PEP	Exit	PEPSICO INC	$0	–	-212,190	–	-2.58%	–
MET	Exit	METLIFE INC	$0	–	-534,180	–	-2.65%	–
QCOM	Exit	QUALCOMM INC	$0	–	-349,680	–	-2.68%	–
BA	Exit	BOEING CO	$0	–	-192,950	–	-2.84%	–
USB	Exit	US BANCORP DEL	$0	–	-596,650	–	-2.86%	–
MTB	Exit	M & T BK CORP	$0	–	-227,870	–	-2.96%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-257,530	–	-2.96%	–
CSCO	Exit	CISCO SYS INC	$0	–	-936,730	–	-3.32%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-528,630	–	-3.40%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-457,167	–	-3.72%	–

Q3 2016

			Value		Shares		↓ Weighting
OXY	Sell	OCCIDENTAL PETE CORP DEL	$33,337,000	-4.4%	457,167	-0.9%	3.72%	+9.3%
MSFT	Sell	MICROSOFT CORP	$30,449,000	-12.4%	528,630	-22.1%	3.40%	+0.2%
CSCO	Sell	CISCO SYS INC	$29,713,000	-5.4%	936,730	-14.4%	3.32%	+8.1%
CVX	Sell	CHEVRON CORP NEW	$26,505,000	-12.2%	257,530	-10.6%	2.96%	+0.3%
MTB	Sell	M & T BK CORP	$26,456,000	-8.7%	227,870	-7.0%	2.96%	+4.4%
USB	Sell	US BANCORP DEL	$25,590,000	-4.1%	596,650	-9.8%	2.86%	+9.6%
BA	Sell	BOEING CO	$25,419,000	-13.4%	192,950	-14.6%	2.84%	-1.0%
QCOM	Sell	QUALCOMM INC	$23,953,000	+12.0%	349,680	-12.4%	2.68%	+28.0%
MET	Sell	METLIFE INC	$23,734,000	-5.7%	534,180	-15.4%	2.65%	+7.9%
PEP	Sell	PEPSICO INC	$23,080,000	-13.6%	212,190	-15.9%	2.58%	-1.3%
PG	Sell	PROCTER AND GAMBLE CO	$22,742,000	-13.1%	253,390	-18.0%	2.54%	-0.6%
ABBV	Sell	ABBVIE INC	$22,628,000	-14.2%	358,775	-15.8%	2.53%	-2.0%
LLY	Sell	LILLY ELI & CO	$22,593,000	-13.5%	281,500	-15.1%	2.52%	-1.1%
BP	Sell	BP PLCsponsored adr	$22,376,000	-6.2%	636,400	-5.3%	2.50%	+7.2%
WMT	Sell	WAL-MART STORES INC	$21,715,000	-15.6%	301,100	-14.5%	2.43%	-3.5%
RSG	Sell	REPUBLIC SVCS INC	$21,698,000	-16.9%	430,080	-15.5%	2.42%	-5.0%
VZ	Sell	VERIZON COMMUNICATIONS INC	$21,513,000	-20.5%	413,865	-14.6%	2.40%	-9.1%
PKG	Sell	PACKAGING CORP AMER	$19,298,000	+2.4%	237,490	-15.7%	2.16%	+17.1%
TEL	Sell	TE CONNECTIVITY LTD	$18,500,000	-0.6%	287,360	-11.8%	2.07%	+13.6%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$18,382,000	-11.5%	115,720	-15.5%	2.05%	+1.1%
HRS	Sell	HARRIS CORP DEL	$18,340,000	-8.5%	200,200	-16.7%	2.05%	+4.6%
LYB	Buy	LYONDELLBASELL INDUSTRIES N	$18,197,000	+42.2%	225,600	+31.2%	2.03%	+62.5%
SWK	Sell	STANLEY BLACK & DECKER INC	$18,142,000	-17.3%	147,520	-25.2%	2.03%	-5.5%
HLS	Sell	HEALTHSOUTH CORP	$17,915,000	-11.3%	441,580	-15.1%	2.00%	+1.4%
BBT	Sell	BB&T CORP	$17,845,000	-9.1%	473,100	-14.2%	1.99%	+3.9%
JPM	Buy	JPMORGAN CHASE & CO	$16,117,000	+18.8%	242,032	+10.9%	1.80%	+35.8%
MOS	Buy	MOSAIC CO NEW	$15,324,000	+12.4%	626,480	+20.3%	1.71%	+28.5%
CB	Sell	CHUBB LIMITED	$15,284,000	-18.4%	121,638	-15.2%	1.71%	-6.8%
F	Sell	FORD MTR CO DEL	$14,063,000	-19.0%	1,165,120	-15.7%	1.57%	-7.4%
TGT	Sell	TARGET CORP	$14,048,000	-17.0%	204,550	-15.6%	1.57%	-5.1%
WFC	Sell	WELLS FARGO & CO NEW	$13,992,000	-21.5%	316,000	-16.1%	1.56%	-10.3%
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$13,804,000	–	466,500	–	1.54%	–
BOKF	Sell	BOK FINL CORP	$13,717,000	+3.0%	198,890	-6.4%	1.53%	+17.7%
COP	Buy	CONOCOPHILLIPS	$13,660,000	+35.9%	314,230	+36.2%	1.53%	+55.4%
ETN	Sell	EATON CORP PLC	$13,053,000	-32.6%	198,650	-38.7%	1.46%	-22.9%
IVZ	Sell	INVESCO LTD	$13,040,000	-11.3%	417,000	-27.5%	1.46%	+1.5%
MAT	Sell	MATTEL INC	$12,494,000	-6.1%	412,600	-3.0%	1.40%	+7.4%
SLB	Sell	SCHLUMBERGER LTD	$12,417,000	-16.2%	157,900	-15.7%	1.39%	-4.2%
FNF	Sell	FIDELITY NATIONAL FINANCIAL	$11,763,000	-16.7%	318,700	-15.4%	1.31%	-4.7%
EXC	Sell	EXELON CORP	$11,618,000	-23.0%	349,000	-15.9%	1.30%	-12.0%
HP	Buy	HELMERICH & PAYNE INC	$11,128,000	+151.0%	165,350	+150.3%	1.24%	+187.1%
UNP	Sell	UNION PAC CORP	$10,181,000	-4.6%	104,390	-14.6%	1.14%	+9.1%
BDX	Sell	BECTON DICKINSON & CO	$9,763,000	-64.4%	54,320	-66.4%	1.09%	-59.3%
CAT	Sell	CATERPILLAR INC DEL	$9,578,000	-1.0%	107,900	-15.4%	1.07%	+13.2%
ALB	Sell	ALBEMARLE CORP	$9,434,000	-39.6%	110,350	-44.0%	1.05%	-30.9%
TXN	Sell	TEXAS INSTRS INC	$9,390,000	-9.8%	133,800	-19.5%	1.05%	+3.1%
GG	Sell	GOLDCORP INC NEW	$8,898,000	-28.5%	538,600	-17.2%	0.99%	-18.2%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$8,878,000	+74.3%	126,000	+83.7%	0.99%	+99.2%
JNJ	Sell	JOHNSON & JOHNSON	$8,872,000	-60.4%	75,100	-59.3%	0.99%	-54.7%
VLO	Buy	VALERO ENERGY CORP NEW	$8,650,000	+3849.8%	163,200	+3695.3%	0.97%	+4500.0%
PSX	Sell	PHILLIPS 66	$8,571,000	-13.8%	106,400	-15.1%	0.96%	-1.4%
BAX	Sell	BAXTER INTL INC	$6,900,000	-44.7%	144,950	-47.4%	0.77%	-36.7%
STRZA	Sell	STARZ	$678,000	-7.8%	21,725	-11.6%	0.08%	+5.6%
BAC	Sell	BANK AMER CORP	$625,000	+14.1%	39,930	-3.4%	0.07%	+29.6%
AIG	Sell	AMERICAN INTL GROUP INC	$622,000	+7.2%	10,475	-4.6%	0.07%	+21.1%
DVN	Sell	DEVON ENERGY CORP NEW	$595,000	-4.6%	13,500	-21.5%	0.07%	+8.2%
JCI	New	JOHNSON CTLS INTL PLC	$562,000	–	12,070	–	0.06%	–
AN	Sell	AUTONATION INC	$549,000	-2.5%	11,280	-5.8%	0.06%	+10.9%
GLW	Buy	CORNING INC	$540,000	+18.9%	22,845	+3.2%	0.06%	+36.4%
RTN	Sell	RAYTHEON CO	$497,000	-7.4%	3,650	-7.6%	0.06%	+7.7%
DVA	Buy	DAVITA INC	$471,000	-8.2%	7,135	+7.5%	0.05%	+6.0%
AL	Sell	AIR LEASE CORPcl a	$462,000	+4.8%	16,180	-1.8%	0.05%	+20.9%
AXP	Buy	AMERICAN EXPRESS CO	$445,000	+15.3%	6,950	+9.4%	0.05%	+31.6%
XOM	Sell	EXXON MOBIL CORP	$428,000	-98.3%	4,900	-98.2%	0.05%	-98.1%
COG	Buy	CABOT OIL & GAS CORP	$402,000	+2.0%	15,600	+2.0%	0.04%	+18.4%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$381,000	-0.5%	10,825	-6.5%	0.04%	+16.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$378,000	-23.5%	2,613	-23.4%	0.04%	-12.5%
USG	Buy	U S G CORP	$367,000	+3.4%	14,215	+7.9%	0.04%	+17.1%
FOX	Sell	TWENTY FIRST CENTY FOX INCcl b	$356,000	-12.7%	14,380	-4.0%	0.04%	0.0%
NOV	Sell	NATIONAL OILWELL VARCO INC	$353,000	-96.5%	9,615	-96.8%	0.04%	-96.1%
RDN	New	RADIAN GROUP INC	$282,000	–	20,800	–	0.03%	–
ORCL	Sell	ORACLE CORP	$261,000	-12.1%	6,650	-8.3%	0.03%	0.0%
DISCK	New	DISCOVERY COMMUNICATNS NEW	$231,000	–	8,780	–	0.03%	–
GILD	Buy	GILEAD SCIENCES INC	$223,000	+1.8%	2,820	+7.6%	0.02%	+19.0%
SE	New	SPECTRA ENERGY CORP	$222,000	–	5,200	–	0.02%	–
ADI	New	ANALOG DEVICES INC	$213,000	–	3,300	–	0.02%	–
AINV	Exit	APOLLO INVT CORP	$0	–	-11,490	–	-0.01%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-1,500	–	-0.02%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,800	–	-0.02%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-2,400	–	-0.02%	–
RWX	Exit	SPDR INDEX SHS FDSdj in tl rl etf	$0	–	-7,855	–	-0.03%	–
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-18,100	–	-0.03%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-6,040	–	-0.04%	–
TYC	Exit	TYCO INTL PLC	$0	–	-11,239	–	-0.05%	–

Q2 2016

			Value		Shares		↓ Weighting
OXY	New	OCCIDENTAL PETE CORP DEL	$34,868,000	–	461,467	–	3.41%	–
MSFT	New	MICROSOFT CORP	$34,746,000	–	679,030	–	3.40%	–
CSCO	New	CISCO SYS INC	$31,411,000	–	1,094,830	–	3.07%	–
CVX	New	CHEVRON CORP NEW	$30,205,000	–	288,130	–	2.95%	–
BA	New	BOEING CO	$29,357,000	–	226,050	–	2.87%	–
MTB	New	M & T BK CORP	$28,963,000	–	244,970	–	2.83%	–
BDX	New	BECTON DICKINSON & CO	$27,409,000	–	161,620	–	2.68%	–
VZ	New	VERIZON COMMUNICATIONS INC	$27,058,000	–	484,565	–	2.64%	–
PEP	New	PEPSICO INC	$26,722,000	–	252,240	–	2.61%	–
USB	New	US BANCORP DEL	$26,688,000	–	661,750	–	2.61%	–
ABBV	New	ABBVIE INC	$26,384,000	–	426,175	–	2.58%	–
PG	New	PROCTER & GAMBLE CO	$26,162,000	–	308,990	–	2.56%	–
LLY	New	LILLY ELI & CO	$26,106,000	–	331,500	–	2.55%	–
RSG	New	REPUBLIC SVCS INC	$26,106,000	–	508,780	–	2.55%	–
WMT	New	WAL-MART STORES INC	$25,725,000	–	352,300	–	2.51%	–
XOM	New	EXXON MOBIL CORP	$25,310,000	–	270,000	–	2.47%	–
MET	New	METLIFE INC	$25,156,000	–	631,580	–	2.46%	–
BP	New	BP PLCspons ored adr	$23,866,000	–	672,100	–	2.33%	–
JNJ	New	JOHNSON & JOHNSON	$22,392,000	–	184,600	–	2.19%	–
SWK	New	STANLEY BLACK & DECKER INC	$21,946,000	–	197,320	–	2.14%	–
QCOM	New	QUALCOMM INC	$21,389,000	–	399,280	–	2.09%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$20,782,000	–	136,920	–	2.03%	–
HLS	New	HEALTHSOUTH CORP	$20,193,000	–	520,180	–	1.97%	–
HRS	New	HARRIS CORP DEL	$20,051,000	–	240,300	–	1.96%	–
BBT	New	BB&T CORP	$19,635,000	–	551,400	–	1.92%	–
ETN	New	EATON CORP PLC	$19,356,000	–	324,050	–	1.89%	–
PKG	New	PACKAGING CORP AMER	$18,847,000	–	281,590	–	1.84%	–
CB	New	CHUBB LIMITED	$18,741,000	–	143,375	–	1.83%	–
TEL	New	TE CONNECTIVITY LTD	$18,616,000	–	325,960	–	1.82%	–
WFC	New	WELLS FARGO & CO NEW	$17,829,000	–	376,700	–	1.74%	–
F	New	FORD MTR CO DEL	$17,363,000	–	1,381,320	–	1.70%	–
TGT	New	TARGET CORP	$16,929,000	–	242,470	–	1.65%	–
ALB	New	ALBEMARLE CORP	$15,615,000	–	196,890	–	1.53%	–
EXC	New	EXELON CORP	$15,097,000	–	415,200	–	1.48%	–
SLB	New	SCHLUMBERGER LTD	$14,820,000	–	187,400	–	1.45%	–
IVZ	New	INVESCO LTD	$14,693,000	–	575,300	–	1.44%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$14,119,000	–	376,500	–	1.38%	–
MOS	New	MOSAIC CO NEW	$13,629,000	–	520,580	–	1.33%	–
JPM	New	JPMORGAN CHASE & CO	$13,561,000	–	218,232	–	1.32%	–
BOKF	New	BOK FINL CORP	$13,323,000	–	212,490	–	1.30%	–
MAT	New	MATTEL INC	$13,308,000	–	425,300	–	1.30%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$12,800,000	–	172,000	–	1.25%	–
BAX	New	BAXTER INTL INC	$12,471,000	–	275,781	–	1.22%	–
GG	New	GOLDCORP INC NEW	$12,438,000	–	650,200	–	1.22%	–
UNP	New	UNION PAC CORP	$10,670,000	–	122,290	–	1.04%	–
TXN	New	TEXAS INSTRS INC	$10,412,000	–	166,200	–	1.02%	–
NOV	New	NATIONAL OILWELL VARCO INC	$10,230,000	–	304,015	–	1.00%	–
COP	New	CONOCOPHILLIPS	$10,055,000	–	230,630	–	0.98%	–
PSX	New	PHILLIPS 66	$9,941,000	–	125,300	–	0.97%	–
CAT	New	CATERPILLAR INC DEL	$9,673,000	–	127,600	–	0.94%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$5,094,000	–	68,600	–	0.50%	–
HP	New	HELMERICH & PAYNE INC	$4,434,000	–	66,050	–	0.43%	–
STRZA	New	STARZ	$735,000	–	24,575	–	0.07%	–
DVN	New	DEVON ENERGY CORP NEW	$624,000	–	17,200	–	0.06%	–
AIG	New	AMERICAN INTL GROUP INC	$580,000	–	10,975	–	0.06%	–
AN	New	AUTONATION INC	$563,000	–	11,980	–	0.06%	–
BAC	New	BANK AMER CORP	$548,000	–	41,330	–	0.05%	–
RTN	New	RAYTHEON CO	$537,000	–	3,950	–	0.05%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$513,000	–	6,635	–	0.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$494,000	–	3,413	–	0.05%	–
TYC	New	TYCO INTL PLC	$479,000	–	11,239	–	0.05%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$458,000	–	6,040	–	0.04%	–
GLW	New	CORNING INC	$454,000	–	22,145	–	0.04%	–
AL	New	AIR LEASE CORPcl a	$441,000	–	16,480	–	0.04%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$408,000	–	14,980	–	0.04%	–
COG	New	CABOT OIL & GAS CORP	$394,000	–	15,300	–	0.04%	–
AXP	New	AMERICAN EXPRESS CO	$386,000	–	6,350	–	0.04%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$383,000	–	11,575	–	0.04%	–
DFS	New	DISCOVER FINL SVCS	$356,000	–	6,650	–	0.04%	–
USG	New	U S G CORP	$355,000	–	13,175	–	0.04%	–
KW	New	KENNEDY-WILSON HLDGS INC	$343,000	–	18,100	–	0.03%	–
RWX	New	SPDR INDEX SHS FDSdj in tl rl etf	$326,000	–	7,855	–	0.03%	–
ORCL	New	ORACLE CORP	$297,000	–	7,250	–	0.03%	–
HD	New	HOME DEPOT INC	$230,000	–	1,800	–	0.02%	–
CVS	New	CVS HEALTH CORP	$230,000	–	2,400	–	0.02%	–
VLO	New	VALERO ENERGY CORP NEW	$219,000	–	4,300	–	0.02%	–
GILD	New	GILEAD SCIENCES INC	$219,000	–	2,620	–	0.02%	–
KMB	New	KIMBERLY CLARK CORP	$206,000	–	1,500	–	0.02%	–
AINV	New	APOLLO INVT CORP	$64,000	–	11,490	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-1,950	–	-0.02%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-5,000	–	-0.02%	–
BRCM	Exit	BROADCOM CORPcl a	$0	–	-4,600	–	-0.02%	–
ESL	Exit	ESTERLINE TECHNOLOGIES CORP	$0	–	-3,300	–	-0.02%	–
	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-3,060	–	-0.02%	–
	Exit	ANALOG DEVICES INC	$0	–	-4,400	–	-0.02%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-3,300	–	-0.02%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-10,500	–	-0.02%	–
CME	Exit	CME GROUP INC	$0	–	-3,200	–	-0.02%	–
HD	Exit	HOME DEPOT INC	$0	–	-2,500	–	-0.02%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-6,650	–	-0.03%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-6,700	–	-0.04%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-4,200	–	-0.04%	–
RTN	Exit	RAYTHEON CO	$0	–	-4,650	–	-0.04%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-540,560	–	-0.21%	–
IPHS	Exit	INNOPHOS HOLDINGS INC	$0	–	-65,340	–	-0.22%	–
CPN	Exit	CALPINE CORP	$0	–	-183,390	–	-0.23%	–
WAIR	Exit	WESCO AIRCRAFT HLDGS INC	$0	–	-228,180	–	-0.24%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-81,175	–	-0.33%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-59,000	–	-0.35%	–
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-183,700	–	-0.35%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-42,320	–	-0.36%	–
	Exit	ALBEMARLE CORP	$0	–	-105,000	–	-0.40%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-154,325	–	-0.42%	–
TYC	Exit	TYCO INTL PLC	$0	–	-153,001	–	-0.44%	–
	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-39,839	–	-0.45%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-175,400	–	-0.46%	–
ORCL	Exit	ORACLE CORP	$0	–	-152,150	–	-0.47%	–
GLW	Exit	CORNING INC	$0	–	-327,465	–	-0.48%	–
	Exit	AMERICAN EXPRESS CO	$0	–	-76,110	–	-0.48%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-152,940	–	-0.49%	–
AN	Exit	AUTONATION INC	$0	–	-98,440	–	-0.49%	–
JCI	Exit	JOHNSON CTLS INC	$0	–	-141,950	–	-0.50%	–
USG	Exit	U S G CORP	$0	–	-242,415	–	-0.55%	–
STRZA	Exit	STARZ	$0	–	-186,055	–	-0.60%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-86,340	–	-0.60%	–
STM	Exit	STMICROELECTRONICS N Vny registry	$0	–	-1,027,400	–	-0.60%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-97,835	–	-0.61%	–
HCC	Exit	HCC INS HLDGS INC	$0	–	-97,150	–	-0.65%	–
MAT	Exit	MATTEL INC	$0	–	-358,600	–	-0.65%	–
	Exit	BANK AMER CORP	$0	–	-517,930	–	-0.69%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-128,000	–	-0.72%	–
	Exit	AMERICAN INTL GROUP INC	$0	–	-156,575	–	-0.76%	–
BOKF	Exit	BOK FINL CORP	$0	–	-145,250	–	-0.81%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-384,900	–	-0.90%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-865,200	–	-0.93%	–
CC	Exit	CHEMOURS CO	$0	–	-1,787,629	–	-0.99%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-162,500	–	-1.04%	–
EXC	Exit	EXELON CORP	$0	–	-412,700	–	-1.05%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-327,175	–	-1.06%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-154,300	–	-1.10%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-174,765	–	-1.15%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-380,400	–	-1.16%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-221,632	–	-1.16%	–
HRS	Exit	HARRIS CORP DEL	$0	–	-191,400	–	-1.20%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-168,500	–	-1.20%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-178,480	–	-1.21%	–
BXLT	Exit	BAXALTA INC	$0	–	-493,060	–	-1.33%	–
IVZ	Exit	INVESCO LTD	$0	–	-523,500	–	-1.40%	–
PSX	Exit	PHILLIPS 66	$0	–	-218,056	–	-1.44%	–
	Exit	BAXTER INTL INC	$0	–	-531,260	–	-1.50%	–
	Exit	BOEING CO	$0	–	-135,700	–	-1.52%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-197,100	–	-1.58%	–
QCOM	Exit	QUALCOMM INC	$0	–	-348,140	–	-1.60%	–
	Exit	BP PLCsponsored adr	$0	–	-669,200	–	-1.76%	–
SYA	Exit	SYMETRA FINL CORP	$0	–	-656,570	–	-1.78%	–
ABBV	Exit	ABBVIE INC	$0	–	-396,795	–	-1.85%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-223,820	–	-1.86%	–
CB	Exit	CHUBB CORP	$0	–	-183,800	–	-1.93%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-440,200	–	-1.94%	–
TGT	Exit	TARGET CORP	$0	–	-296,670	–	-2.00%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-360,900	–	-2.01%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-363,167	–	-2.06%	–
	Exit	BECTON DICKINSON & CO	$0	–	-186,020	–	-2.12%	–
F	Exit	FORD MTR CO DEL	$0	–	-1,875,460	–	-2.18%	–
RSG	Exit	REPUBLIC SVCS INC	$0	–	-671,580	–	-2.37%	–
USB	Exit	US BANCORP DEL	$0	–	-676,950	–	-2.38%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-198,420	–	-2.47%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-418,440	–	-2.58%	–
CSCO	Exit	CISCO SYS INC	$0	–	-1,152,230	–	-2.60%	–
PEP	Exit	PEPSICO INC	$0	–	-325,940	–	-2.64%	–
ETN	Exit	EATON CORP PLC	$0	–	-602,650	–	-2.65%	–
MTB	Exit	M & T BK CORP	$0	–	-254,570	–	-2.66%	–
	Exit	BB&T CORP	$0	–	-881,995	–	-2.69%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-575,160	–	-2.96%	–
LLY	Exit	LILLY ELI & CO	$0	–	-428,100	–	-3.07%	–
MET	Exit	METLIFE INC	$0	–	-796,380	–	-3.22%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-865,330	–	-3.29%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-912,488	–	-3.41%	–

Q3 2015

			Value		Shares		↓ Weighting
VZ	Sell	VERIZON COMMUNICATIONS INC	$39,702,000	-8.2%	912,488	-1.6%	3.41%	+0.7%
MSFT	Sell	MICROSOFT CORP	$38,300,000	-0.6%	865,330	-0.9%	3.29%	+9.1%
MET	Sell	METLIFE INC	$37,549,000	-17.4%	796,380	-1.9%	3.22%	-9.4%
LLY	Sell	LILLY ELI & CO	$35,828,000	-1.8%	428,100	-2.0%	3.07%	+7.8%
TEL	Buy	TE CONNECTIVITY LTD	$34,446,000	-3.2%	575,160	+3.9%	2.96%	+6.2%
	Buy	BB&T CORP	$31,399,000	-9.7%	881,995	+2.2%	2.69%	-0.9%
MTB	Buy	M & T BK CORP	$31,045,000	+6.3%	254,570	+8.9%	2.66%	+16.6%
ETN	Buy	EATON CORP PLC	$30,916,000	-20.0%	602,650	+5.2%	2.65%	-12.2%
PEP	Sell	PEPSICO INC	$30,736,000	+0.3%	325,940	-0.7%	2.64%	+10.1%
CSCO	Buy	CISCO SYS INC	$30,246,000	+0.6%	1,152,230	+5.2%	2.60%	+10.3%
PG	Sell	PROCTER & GAMBLE CO	$30,103,000	-9.9%	418,440	-2.0%	2.58%	-1.1%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$28,765,000	-10.2%	198,420	+0.8%	2.47%	-1.5%
USB	Sell	US BANCORP DEL	$27,762,000	-6.3%	676,950	-0.8%	2.38%	+2.8%
RSG	Sell	REPUBLIC SVCS INC	$27,669,000	+4.5%	671,580	-0.7%	2.37%	+14.6%
F	Buy	FORD MTR CO DEL	$25,450,000	-8.2%	1,875,460	+1.5%	2.18%	+0.7%
	Buy	BECTON DICKINSON & CO	$24,677,000	-0.7%	186,020	+6.1%	2.12%	+9.0%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$24,023,000	-3.8%	363,167	+13.1%	2.06%	+5.5%
WMT	Buy	WAL-MART STORES INC	$23,401,000	-8.4%	360,900	+0.2%	2.01%	+0.5%
TGT	Sell	TARGET CORP	$23,336,000	-5.4%	296,670	-1.9%	2.00%	+3.7%
WFC	Sell	WELLS FARGO & CO NEW	$22,604,000	-9.6%	440,200	-1.0%	1.94%	-0.8%
CB	Sell	CHUBB CORP	$22,543,000	+20.5%	183,800	-6.5%	1.93%	+32.2%
SWK	Sell	STANLEY BLACK & DECKER INC	$21,706,000	-37.7%	223,820	-32.4%	1.86%	-31.7%
ABBV	Sell	ABBVIE INC	$21,590,000	-21.3%	396,795	-2.8%	1.85%	-13.6%
SYA	Sell	SYMETRA FINL CORP	$20,774,000	+5.8%	656,570	-19.2%	1.78%	+16.2%
	Buy	BP PLCsponsored adr	$20,451,000	-3.0%	669,200	+26.8%	1.76%	+6.4%
QCOM	Buy	QUALCOMM INC	$18,706,000	-7.6%	348,140	+7.7%	1.60%	+1.4%
JNJ	Sell	JOHNSON & JOHNSON	$18,399,000	-5.2%	197,100	-1.0%	1.58%	+4.0%
	Buy	BOEING CO	$17,770,000	+29.3%	135,700	+36.9%	1.52%	+41.9%
	Buy	BAXTER INTL INC	$17,452,000	-49.7%	531,260	+7.0%	1.50%	-44.8%
PSX	Sell	PHILLIPS 66	$16,755,000	-5.4%	218,056	-0.8%	1.44%	+3.8%
IVZ	Buy	INVESCO LTD	$16,349,000	-14.8%	523,500	+2.2%	1.40%	-6.6%
BXLT	New	BAXALTA INC	$15,536,000	–	493,060	–	1.33%	–
CVX	Sell	CHEVRON CORP NEW	$14,079,000	-18.8%	178,480	-0.7%	1.21%	-10.9%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$14,046,000	-20.3%	168,500	-1.0%	1.20%	-12.6%
HRS	Sell	HARRIS CORP DEL	$14,001,000	-9.8%	191,400	-5.2%	1.20%	-1.1%
JPM	Buy	JPMORGAN CHASE & CO	$13,513,000	+16.6%	221,632	+29.6%	1.16%	+28.0%
FNF	Sell	FIDELITY NATIONAL FINANCIAL	$13,493,000	-19.8%	380,400	-16.4%	1.16%	-12.0%
CAH	Sell	CARDINAL HEALTH INC	$13,425,000	-9.0%	174,765	-0.9%	1.15%	-0.1%
TAP	Sell	MOLSON COORS BREWING COcl b	$12,810,000	+3.7%	154,300	-12.8%	1.10%	+13.8%
NOV	Buy	NATIONAL OILWELL VARCO INC	$12,318,000	-12.1%	327,175	+12.8%	1.06%	-3.5%
EXC	Sell	EXELON CORP	$12,257,000	-16.1%	412,700	-11.2%	1.05%	-8.0%
XOM	Sell	EXXON MOBIL CORP	$12,082,000	-11.1%	162,500	-0.5%	1.04%	-2.4%
CC	New	CHEMOURS CO	$11,566,000	–	1,787,629	–	0.99%	–
GG	Sell	GOLDCORP INC NEW	$10,832,000	-23.5%	865,200	-1.0%	0.93%	-16.0%
WY	Sell	WEYERHAEUSER CO	$10,523,000	-53.9%	384,900	-46.8%	0.90%	-49.4%
BOKF	Buy	BOK FINL CORP	$9,399,000	+155.5%	145,250	+174.8%	0.81%	+180.2%
	Sell	AMERICAN INTL GROUP INC	$8,897,000	-8.3%	156,575	-0.2%	0.76%	+0.7%
CAT	Sell	CATERPILLAR INC DEL	$8,366,000	-23.7%	128,000	-0.9%	0.72%	-16.2%
MAT	Buy	MATTEL INC	$7,552,000	+46.9%	358,600	+79.2%	0.65%	+61.2%
HCC	Sell	HCC INS HLDGS INC	$7,526,000	-0.8%	97,150	-1.6%	0.65%	+8.9%
DVA	Buy	DAVITA HEALTHCARE PARTNERS I	$7,076,000	-6.1%	97,835	+3.2%	0.61%	+3.1%
STM	Sell	STMICROELECTRONICS N Vny registry	$7,007,000	-16.8%	1,027,400	-0.9%	0.60%	-8.7%
ESRX	Buy	EXPRESS SCRIPTS HLDG CO	$6,990,000	-4.0%	86,340	+5.5%	0.60%	+5.4%
STRZA	Sell	STARZ	$6,947,000	-17.7%	186,055	-1.4%	0.60%	-9.7%
USG	Buy	U S G CORP	$6,453,000	+1.0%	242,415	+5.5%	0.55%	+10.8%
JCI	Buy	JOHNSON CTLS INC	$5,871,000	+0.1%	141,950	+19.8%	0.50%	+9.8%
DVN	Buy	DEVON ENERGY CORP NEW	$5,673,000	-6.9%	152,940	+49.3%	0.49%	+2.1%
	Buy	AMERICAN EXPRESS CO	$5,642,000	+83.7%	76,110	+92.6%	0.48%	+101.7%
GLW	Buy	CORNING INC	$5,606,000	+4.9%	327,465	+20.9%	0.48%	+15.1%
AL	New	AIR LEASE CORPcl a	$5,423,000	–	175,400	–	0.46%	–
TYC	Buy	TYCO INTL PLC	$5,119,000	-9.0%	153,001	+4.7%	0.44%	-0.2%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$4,852,000	-10.0%	154,325	-0.1%	0.42%	-1.4%
	New	ALBEMARLE CORP	$4,631,000	–	105,000	–	0.40%	–
KW	Buy	KENNEDY-WILSON HLDGS INC	$4,073,000	-1.8%	183,700	+8.9%	0.35%	+8.0%
SLB	New	SCHLUMBERGER LTD	$4,069,000	–	59,000	–	0.35%	–
COP	Buy	CONOCOPHILLIPS	$3,893,000	-9.9%	81,175	+15.3%	0.33%	-1.2%
WAIR	Buy	WESCO AIRCRAFT HLDGS INC	$2,784,000	-13.3%	228,180	+7.7%	0.24%	-4.8%
CPN	Sell	CALPINE CORP	$2,677,000	-24.3%	183,390	-6.8%	0.23%	-17.0%
IPHS	Buy	INNOPHOS HOLDINGS INC	$2,590,000	-18.5%	65,340	+8.3%	0.22%	-10.5%
VLO	Buy	VALERO ENERGY CORP NEW	$403,000	-2.4%	6,700	+1.5%	0.04%	+9.4%
CME	Sell	CME GROUP INC	$297,000	-94.2%	3,200	-94.2%	0.02%	-93.8%
SE	Sell	SPECTRA ENERGY CORP	$276,000	-98.2%	10,500	-97.8%	0.02%	-98.0%
	Exit	ABBOTT LABS	$0	–	-4,150	–	-0.02%	–
HSP	Exit	HOSPIRA INC	$0	–	-4,200	–	-0.03%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-383,945	–	-1.92%	–

Q2 2015

			Value		Shares		↓ Weighting
MET	New	METLIFE INC	$45,452,000	–	811,780	–	3.56%	–
VZ	New	VERIZON COMMUNICATIONS INC	$43,240,000	–	927,688	–	3.38%	–
ETN	New	EATON CORP PLC	$38,648,000	–	572,650	–	3.02%	–
MSFT	New	MICROSOFT CORP	$38,540,000	–	872,930	–	3.01%	–
LLY	New	LILLY ELI & CO	$36,468,000	–	436,800	–	2.85%	–
TEL	New	TE CONNECTIVITY LTD	$35,594,000	–	553,560	–	2.78%	–
SWK	New	STANLEY BLACK & DECKER INC	$34,860,000	–	331,240	–	2.73%	–
	New	BB&T CORP	$34,771,000	–	862,595	–	2.72%	–
	New	BAXTER INTL INC	$34,710,000	–	496,360	–	2.72%	–
PG	New	PROCTER & GAMBLE CO	$33,412,000	–	427,040	–	2.61%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$32,031,000	–	196,920	–	2.50%	–
PEP	New	PEPSICO INC	$30,638,000	–	328,240	–	2.40%	–
CSCO	New	CISCO SYS INC	$30,067,000	–	1,094,930	–	2.35%	–
USB	New	US BANCORP DEL	$29,614,000	–	682,350	–	2.32%	–
MTB	New	M & T BK CORP	$29,202,000	–	233,750	–	2.28%	–
F	New	FORD MTR CO DEL	$27,727,000	–	1,847,260	–	2.17%	–
ABBV	New	ABBVIE INC	$27,420,000	–	408,095	–	2.14%	–
RSG	New	REPUBLIC SVCS INC	$26,478,000	–	675,980	–	2.07%	–
WMT	New	WAL-MART STORES INC	$25,542,000	–	360,100	–	2.00%	–
WFC	New	WELLS FARGO & CO NEW	$25,010,000	–	444,700	–	1.96%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$24,969,000	–	321,067	–	1.95%	–
	New	BECTON DICKINSON & CO	$24,845,000	–	175,400	–	1.94%	–
TGT	New	TARGET CORP	$24,674,000	–	302,270	–	1.93%	–
DD	New	DU PONT E I DE NEMOURS & CO	$24,553,000	–	383,945	–	1.92%	–
WY	New	WEYERHAEUSER CO	$22,802,000	–	723,885	–	1.78%	–
	New	BP PLCsponsored adr	$21,083,000	–	527,600	–	1.65%	–
QCOM	New	QUALCOMM INC	$20,238,000	–	323,140	–	1.58%	–
SYA	New	SYMETRA FINL CORP	$19,633,000	–	812,270	–	1.54%	–
JNJ	New	JOHNSON & JOHNSON	$19,404,000	–	199,100	–	1.52%	–
IVZ	New	INVESCO LTD	$19,199,000	–	512,100	–	1.50%	–
CB	New	CHUBB CORP	$18,705,000	–	196,600	–	1.46%	–
PSX	New	PHILLIPS 66	$17,704,000	–	219,756	–	1.38%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$17,619,000	–	170,200	–	1.38%	–
CVX	New	CHEVRON CORP NEW	$17,343,000	–	179,780	–	1.36%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$16,822,000	–	454,760	–	1.32%	–
HRS	New	HARRIS CORP DEL	$15,520,000	–	201,800	–	1.21%	–
SE	New	SPECTRA ENERGY CORP	$15,240,000	–	467,495	–	1.19%	–
CAH	New	CARDINAL HEALTH INC	$14,745,000	–	176,265	–	1.15%	–
EXC	New	EXELON CORP	$14,610,000	–	465,000	–	1.14%	–
GG	New	GOLDCORP INC NEW	$14,152,000	–	873,600	–	1.11%	–
NOV	New	NATIONAL OILWELL VARCO INC	$14,007,000	–	290,125	–	1.10%	–
	New	BOEING CO	$13,747,000	–	99,100	–	1.08%	–
XOM	New	EXXON MOBIL CORP	$13,587,000	–	163,300	–	1.06%	–
TAP	New	MOLSON COORS BREWING COcl b	$12,356,000	–	177,000	–	0.97%	–
JPM	New	JPMORGAN CHASE & CO	$11,589,000	–	171,032	–	0.91%	–
CAT	New	CATERPILLAR INC DEL	$10,959,000	–	129,200	–	0.86%	–
	New	AMERICAN INTL GROUP INC	$9,698,000	–	156,875	–	0.76%	–
	New	BANK AMER CORP	$8,815,000	–	517,930	–	0.69%	–
STRZA	New	STARZ	$8,441,000	–	188,755	–	0.66%	–
STM	New	STMICROELECTRONICS N Vny registry	$8,418,000	–	1,036,700	–	0.66%	–
HCC	New	HCC INS HLDGS INC	$7,588,000	–	98,750	–	0.59%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$7,537,000	–	94,835	–	0.59%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$7,279,000	–	81,840	–	0.57%	–
USG	New	U S G CORP	$6,387,000	–	229,815	–	0.50%	–
AN	New	AUTONATION INC	$6,200,000	–	98,440	–	0.48%	–
ORCL	New	ORACLE CORP	$6,132,000	–	152,150	–	0.48%	–
DVN	New	DEVON ENERGY CORP NEW	$6,094,000	–	102,440	–	0.48%	–
JCI	New	JOHNSON CTLS INC	$5,867,000	–	118,450	–	0.46%	–
TYC	New	TYCO INTL PLC	$5,626,000	–	146,201	–	0.44%	–
	New	BERKSHIRE HATHAWAY INC DELcl b new	$5,422,000	–	39,839	–	0.42%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$5,394,000	–	154,425	–	0.42%	–
GLW	New	CORNING INC	$5,343,000	–	270,825	–	0.42%	–
CME	New	CME GROUP INC	$5,165,000	–	55,500	–	0.40%	–
MAT	New	MATTEL INC	$5,141,000	–	200,100	–	0.40%	–
GILD	New	GILEAD SCIENCES INC	$4,955,000	–	42,320	–	0.39%	–
COP	New	CONOCOPHILLIPS	$4,322,000	–	70,375	–	0.34%	–
KW	New	KENNEDY-WILSON HLDGS INC	$4,148,000	–	168,700	–	0.32%	–
GNW	New	GENWORTH FINL INC	$4,092,000	–	540,560	–	0.32%	–
BOKF	New	BOK FINL CORP	$3,678,000	–	52,865	–	0.29%	–
CPN	New	CALPINE CORP	$3,538,000	–	196,690	–	0.28%	–
WAIR	New	WESCO AIRCRAFT HLDGS INC	$3,210,000	–	211,880	–	0.25%	–
IPHS	New	INNOPHOS HOLDINGS INC	$3,176,000	–	60,340	–	0.25%	–
	New	AMERICAN EXPRESS CO	$3,071,000	–	39,510	–	0.24%	–
RTN	New	RAYTHEON CO	$445,000	–	4,650	–	0.04%	–
CVS	New	CVS HEALTH CORP	$440,000	–	4,200	–	0.03%	–
VLO	New	VALERO ENERGY CORP NEW	$413,000	–	6,600	–	0.03%	–
DFS	New	DISCOVER FINL SVCS	$383,000	–	6,650	–	0.03%	–
HSP	New	HOSPIRA INC	$373,000	–	4,200	–	0.03%	–
ESL	New	ESTERLINE TECHNOLOGIES CORP	$315,000	–	3,300	–	0.02%	–
COF	New	CAPITAL ONE FINL CORP	$290,000	–	3,300	–	0.02%	–
HD	New	HOME DEPOT INC	$278,000	–	2,500	–	0.02%	–
	New	ANALOG DEVICES INC	$282,000	–	4,400	–	0.02%	–
BRCM	New	BROADCOM CORPcl a	$237,000	–	4,600	–	0.02%	–
PDCO	New	PATTERSON COMPANIES INC	$243,000	–	5,000	–	0.02%	–
	New	AUTOMATIC DATA PROCESSING IN	$246,000	–	3,060	–	0.02%	–
KMB	New	KIMBERLY CLARK CORP	$207,000	–	1,950	–	0.02%	–
	New	ABBOTT LABS	$204,000	–	4,150	–	0.02%	–

Q4 2014

			Value		Shares		↓ Weighting
TWI	Exit	TITAN INTL INC ILL	$0	–	-13,700	–	-0.01%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-4,900	–	-0.02%	–
INTC	Exit	INTEL CORP	$0	–	-5,749	–	-0.02%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-4,900	–	-0.02%	–
HD	Exit	HOME DEPOT INC	$0	–	-2,600	–	-0.02%	–
HSP	Exit	HOSPIRA INC	$0	–	-4,700	–	-0.02%	–
TWX	Exit	TIME WARNER INC	$0	–	-3,200	–	-0.02%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-2,900	–	-0.02%	–
D	Exit	DOMINION RES INC VA NEW	$0	–	-3,900	–	-0.02%	–
IPHS	Exit	INNOPHOS HOLDINGS INC	$0	–	-5,100	–	-0.02%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-3,400	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-4,750	–	-0.02%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-2,800	–	-0.02%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,780	–	-0.03%	–
	Exit	ANALOG DEVICES INC	$0	–	-7,420	–	-0.03%	–
NRG	Exit	NRG ENERGY INC	$0	–	-12,900	–	-0.03%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-6,650	–	-0.04%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-7,500	–	-0.05%	–
OC	Exit	OWENS CORNING NEW	$0	–	-35,845	–	-0.09%	–
	Exit	ARROW ELECTRS INC	$0	–	-21,100	–	-0.10%	–
RWT	Exit	REDWOOD TR INC	$0	–	-71,300	–	-0.10%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-18,520	–	-0.12%	–
NU	Exit	NORTHEAST UTILS	$0	–	-61,430	–	-0.23%	–
JCI	Exit	JOHNSON CTLS INC	$0	–	-63,930	–	-0.23%	–
	Exit	AMERICAN EXPRESS CO	$0	–	-35,730	–	-0.26%	–
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-132,100	–	-0.26%	–
TYC	Exit	TYCO INTERNATIONAL LTD	$0	–	-70,981	–	-0.26%	–
PCAR	Exit	PACCAR INC	$0	–	-57,380	–	-0.27%	–
CPN	Exit	CALPINE CORP	$0	–	-151,690	–	-0.27%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-35,030	–	-0.30%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-244,855	–	-0.30%	–
BRCM	Exit	BROADCOM CORPcl a	$0	–	-95,780	–	-0.32%	–
USG	Exit	U S G CORP	$0	–	-156,815	–	-0.36%	–
	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,285	–	-0.36%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-96,750	–	-0.36%	–
HCC	Exit	HCC INS HLDGS INC	$0	–	-90,750	–	-0.36%	–
ORCL	Exit	ORACLE CORP	$0	–	-114,550	–	-0.36%	–
GLW	Exit	CORNING INC	$0	–	-228,825	–	-0.37%	–
STM	Exit	STMICROELECTRONICS N Vny registry	$0	–	-651,800	–	-0.42%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-388,860	–	-0.42%	–
STRZA	Exit	STARZ	$0	–	-164,205	–	-0.45%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-74,735	–	-0.45%	–
	Exit	BANK AMER CORP	$0	–	-328,030	–	-0.46%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-168,980	–	-0.49%	–
	Exit	AMERICAN INTL GROUP INC	$0	–	-119,775	–	-0.54%	–
HRS	Exit	HARRIS CORP DEL	$0	–	-146,600	–	-0.81%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-426,400	–	-0.82%	–
	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-123,350	–	-0.85%	–
CME	Exit	CME GROUP INC	$0	–	-133,600	–	-0.89%	–
ESV	Exit	ENSCO PLC	$0	–	-271,600	–	-0.93%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-110,600	–	-1.00%	–
POR	Exit	PORTLAND GEN ELEC CO	$0	–	-413,280	–	-1.10%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-136,100	–	-1.12%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-183,900	–	-1.14%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-185,465	–	-1.15%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-147,667	–	-1.18%	–
IVZ	Exit	INVESCO LTD	$0	–	-366,900	–	-1.20%	–
QCOM	Exit	QUALCOMM INC	$0	–	-221,800	–	-1.38%	–
SYA	Exit	SYMETRA FINL CORP	$0	–	-743,670	–	-1.44%	–
	Exit	BP PLCsponsored adr	$0	–	-418,805	–	-1.53%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-271,645	–	-1.62%	–
RTN	Exit	RAYTHEON CO	$0	–	-198,050	–	-1.67%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-334,832	–	-1.67%	–
CB	Exit	CHUBB CORP	$0	–	-233,615	–	-1.77%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-218,760	–	-1.78%	–
PSX	Exit	PHILLIPS 66	$0	–	-264,956	–	-1.79%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-297,145	–	-1.88%	–
F	Exit	FORD MTR CO DEL	$0	–	-1,557,560	–	-1.91%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-591,295	–	-1.93%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-734,105	–	-1.94%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-856,360	–	-1.97%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-126,820	–	-2.00%	–
MTB	Exit	M & T BK CORP	$0	–	-201,950	–	-2.07%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-484,400	–	-2.08%	–
EXC	Exit	EXELON CORP	$0	–	-739,400	–	-2.09%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-489,800	–	-2.25%	–
CSCO	Exit	CISCO SYS INC	$0	–	-1,103,230	–	-2.30%	–
USB	Exit	US BANCORP DEL	$0	–	-683,950	–	-2.37%	–
LLY	Exit	LILLY ELI & CO	$0	–	-450,300	–	-2.42%	–
	Exit	BAXTER INTL INC	$0	–	-422,260	–	-2.52%	–
MET	Exit	METLIFE INC	$0	–	-564,500	–	-2.52%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-347,440	–	-2.56%	–
ABBV	Exit	ABBVIE INC	$0	–	-540,495	–	-2.59%	–
ETN	Exit	EATON CORP PLC	$0	–	-525,150	–	-2.76%	–
PEP	Exit	PEPSICO INC	$0	–	-361,540	–	-2.79%	–
	Exit	BECTON DICKINSON & CO	$0	–	-296,870	–	-2.80%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-443,818	–	-2.82%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-752,630	–	-2.90%	–
	Exit	BB&T CORP	$0	–	-950,395	–	-2.94%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-435,940	–	-3.03%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-368,700	–	-3.26%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-849,148	–	-3.52%	–

Q3 2014

			Value		Shares		↓ Weighting
VZ	Buy	VERIZON COMMUNICATIONS INC	$42,449,000	+3.8%	849,148	+1.6%	3.52%	-2.9%
JNJ	Sell	JOHNSON & JOHNSON	$39,300,000	-3.4%	368,700	-5.2%	3.26%	-9.6%
PG	Buy	PROCTER & GAMBLE CO	$36,506,000	+62.3%	435,940	+52.3%	3.03%	+51.8%
	Buy	BB&T CORP	$35,364,000	+12.8%	950,395	+19.5%	2.94%	+5.5%
MSFT	Sell	MICROSOFT CORP	$34,892,000	+7.3%	752,630	-3.5%	2.90%	+0.4%
COP	Buy	CONOCOPHILLIPS	$33,961,000	-5.3%	443,818	+6.1%	2.82%	-11.4%
	Buy	BECTON DICKINSON & CO	$33,787,000	+3.9%	296,870	+8.0%	2.80%	-2.8%
PEP	Buy	PEPSICO INC	$33,656,000	+8.5%	361,540	+4.1%	2.79%	+1.5%
ETN	Buy	EATON CORP PLC	$33,279,000	+1.0%	525,150	+23.0%	2.76%	-5.6%
ABBV	Sell	ABBVIE INC	$31,219,000	-8.8%	540,495	-10.9%	2.59%	-14.7%
SWK	Buy	STANLEY BLACK & DECKER INC	$30,849,000	+9.5%	347,440	+8.3%	2.56%	+2.4%
MET	Sell	METLIFE INC	$30,325,000	-6.3%	564,500	-3.1%	2.52%	-12.4%
	Buy	BAXTER INTL INC	$30,306,000	+10.7%	422,260	+11.5%	2.52%	+3.5%
LLY	Buy	LILLY ELI & CO	$29,202,000	+189.9%	450,300	+178.0%	2.42%	+171.3%
USB	Buy	US BANCORP DEL	$28,610,000	-1.5%	683,950	+2.1%	2.37%	-7.8%
CSCO	Buy	CISCO SYS INC	$27,768,000	+9.4%	1,103,230	+8.0%	2.30%	+2.3%
TEL	Sell	TE CONNECTIVITY LTD	$27,081,000	-10.8%	489,800	-0.2%	2.25%	-16.6%
EXC	Buy	EXELON CORP	$25,206,000	-4.7%	739,400	+2.0%	2.09%	-10.8%
WFC	Sell	WELLS FARGO & CO NEW	$25,126,000	-1.5%	484,400	-0.2%	2.08%	-7.8%
MTB	Buy	M & T BK CORP	$24,898,000	-0.5%	201,950	+0.1%	2.07%	-6.9%
IBM	New	INTERNATIONAL BUSINESS MACHS	$24,074,000	–	126,820	–	2.00%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$23,755,000	–	856,360	–	1.97%	–
WY	Buy	WEYERHAEUSER CO	$23,389,000	-3.5%	734,105	+0.2%	1.94%	-9.7%
SE	Sell	SPECTRA ENERGY CORP	$23,214,000	-24.5%	591,295	-18.3%	1.93%	-29.3%
F	Buy	FORD MTR CO DEL	$23,036,000	-6.1%	1,557,560	+9.4%	1.91%	-12.2%
NOV	Buy	NATIONAL OILWELL VARCO INC	$22,613,000	+770.4%	297,145	+842.0%	1.88%	+715.7%
PSX	Buy	PHILLIPS 66	$21,544,000	+127.3%	264,956	+124.8%	1.79%	+112.6%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$21,502,000	+0.8%	218,760	+5.2%	1.78%	-5.8%
CB	Buy	CHUBB CORP	$21,278,000	+3.7%	233,615	+5.0%	1.77%	-2.9%
JPM	Sell	JPMORGAN CHASE & CO	$20,170,000	-0.3%	334,832	-4.6%	1.67%	-6.7%
RTN	Sell	RAYTHEON CO	$20,126,000	+10.0%	198,050	-0.1%	1.67%	+3.0%
DD	Buy	DU PONT E I DE NEMOURS & CO	$19,493,000	+22.7%	271,645	+11.9%	1.62%	+14.8%
	Buy	BP PLCsponsored adr	$18,406,000	-11.9%	418,805	+5.8%	1.53%	-17.6%
SYA	Buy	SYMETRA FINL CORP	$17,350,000	+20.3%	743,670	+17.2%	1.44%	+12.5%
QCOM	New	QUALCOMM INC	$16,584,000	–	221,800	–	1.38%	–
IVZ	New	INVESCO LTD	$14,485,000	–	366,900	–	1.20%	–
OXY	Sell	OCCIDENTAL PETE CORP DEL	$14,198,000	-7.2%	147,667	-0.9%	1.18%	-13.2%
CAH	Buy	CARDINAL HEALTH INC	$13,895,000	+17.4%	185,465	+7.5%	1.15%	+9.9%
TAP	Sell	MOLSON COORS BREWING COcl b	$13,690,000	-45.0%	183,900	-45.2%	1.14%	-48.6%
CAT	Buy	CATERPILLAR INC DEL	$13,478,000	-8.7%	136,100	+0.2%	1.12%	-14.6%
POR	Buy	PORTLAND GEN ELEC CO	$13,275,000	+19.7%	413,280	+29.2%	1.10%	+12.0%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$12,018,000	-6.3%	110,600	-15.8%	1.00%	-12.3%
ESV	Sell	ENSCO PLC	$11,220,000	-27.5%	271,600	-2.4%	0.93%	-32.1%
CME	Sell	CME GROUP INC	$10,682,000	-16.4%	133,600	-25.9%	0.89%	-21.9%
	Sell	AUTOMATIC DATA PROCESSING IN	$10,248,000	+4.5%	123,350	-0.2%	0.85%	-2.3%
GG	Sell	GOLDCORP INC NEW	$9,820,000	-44.7%	426,400	-33.0%	0.82%	-48.3%
HRS	Buy	HARRIS CORP DEL	$9,734,000	-8.1%	146,600	+4.8%	0.81%	-14.0%
	Buy	AMERICAN INTL GROUP INC	$6,470,000	+89.5%	119,775	+91.4%	0.54%	+77.2%
SWN	Buy	SOUTHWESTERN ENERGY CO	$5,906,000	+68.6%	168,980	+119.5%	0.49%	+57.6%
	Buy	BANK AMER CORP	$5,593,000	+103.6%	328,030	+83.5%	0.46%	+90.2%
DVA	Buy	DAVITA HEALTHCARE PARTNERS I	$5,466,000	+94.6%	74,735	+92.4%	0.45%	+82.3%
STRZA	Buy	STARZ	$5,432,000	+94.2%	164,205	+74.9%	0.45%	+81.9%
GNW	Buy	GENWORTH FINL INC	$5,094,000	+49.8%	388,860	+98.9%	0.42%	+40.1%
STM	New	STMICROELECTRONICS N Vny registry	$5,012,000	–	651,800	–	0.42%	–
GLW	Buy	CORNING INC	$4,425,000	+93.1%	228,825	+119.1%	0.37%	+80.8%
ORCL	New	ORACLE CORP	$4,385,000	–	114,550	–	0.36%	–
HCC	Buy	HCC INS HLDGS INC	$4,382,000	+94.0%	90,750	+96.6%	0.36%	+82.0%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$4,350,000	+98.3%	96,750	+94.1%	0.36%	+85.1%
	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$4,322,000	+83.3%	31,285	+67.9%	0.36%	+71.8%
USG	New	U S G CORP	$4,311,000	–	156,815	–	0.36%	–
BRCM	Buy	BROADCOM CORPcl a	$3,871,000	+97.6%	95,780	+81.5%	0.32%	+84.5%
DNRCQ	Buy	DENBURY RES INC	$3,680,000	+85.5%	244,855	+127.9%	0.30%	+73.3%
LH	Buy	LABORATORY CORP AMER HLDGS	$3,564,000	+63.9%	35,030	+65.0%	0.30%	+53.4%
CPN	New	CALPINE CORP	$3,292,000	–	151,690	–	0.27%	–
PCAR	Buy	PACCAR INC	$3,263,000	+94.7%	57,380	+115.1%	0.27%	+81.9%
KW	Buy	KENNEDY-WILSON HLDGS INC	$3,165,000	+174.7%	132,100	+207.5%	0.26%	+157.8%
TYC	Buy	TYCO INTERNATIONAL LTD	$3,164,000	+62.2%	70,981	+65.9%	0.26%	+52.0%
	Buy	AMERICAN EXPRESS CO	$3,128,000	+84.9%	35,730	+100.4%	0.26%	+73.3%
JCI	Buy	JOHNSON CTLS INC	$2,813,000	+52.1%	63,930	+72.6%	0.23%	+42.1%
NU	Buy	NORTHEAST UTILS	$2,721,000	+19.3%	61,430	+27.3%	0.23%	+11.9%
WLL	Buy	WHITING PETE CORP NEW	$1,436,000	+4.5%	18,520	+8.2%	0.12%	-2.5%
RWT	Sell	REDWOOD TR INC	$1,182,000	-92.3%	71,300	-90.9%	0.10%	-92.8%
	Sell	ARROW ELECTRS INC	$1,168,000	-26.9%	21,100	-20.2%	0.10%	-31.7%
OC	Sell	OWENS CORNING NEW	$1,138,000	-58.7%	35,845	-49.7%	0.09%	-61.6%
CVS	Buy	CVS HEALTH CORP	$597,000	+21.8%	7,500	+15.4%	0.05%	+16.3%
NRG	Buy	NRG ENERGY INC	$393,000	+6.8%	12,900	+30.3%	0.03%	0.0%
	Sell	ANALOG DEVICES INC	$367,000	-96.8%	7,420	-96.5%	0.03%	-97.0%
KMB	Sell	KIMBERLY CLARK CORP	$301,000	-97.4%	2,800	-97.3%	0.02%	-97.6%
IPHS	Buy	INNOPHOS HOLDINGS INC	$281,000	+31.9%	5,100	+37.8%	0.02%	+21.1%
COF	Sell	CAPITAL ONE FINL CORP	$278,000	-44.0%	3,400	-43.3%	0.02%	-47.7%
HSP	Sell	HOSPIRA INC	$245,000	-34.7%	4,700	-35.6%	0.02%	-39.4%
VLO	Sell	VALERO ENERGY CORP NEW	$227,000	-98.2%	4,900	-98.0%	0.02%	-98.3%
PDCO	New	PATTERSON COMPANIES INC	$203,000	–	4,900	–	0.02%	–
INTC	New	INTEL CORP	$200,000	–	5,749	–	0.02%	–
TWI	Sell	TITAN INTL INC ILL	$162,000	-84.1%	13,700	-77.4%	0.01%	-85.6%
GE	Exit	GENERAL ELECTRIC CO	$0	–	-8,700	–	-0.02%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-7,100	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-7,700	–	-0.02%	–
	Exit	BARRICK GOLD CORP	$0	–	-21,300	–	-0.04%	–
RDEN	Exit	ELIZABETH ARDEN INC	$0	–	-42,050	–	-0.08%	–
CIT	Exit	CIT GROUP INC	$0	–	-47,270	–	-0.19%	–
XRX	Exit	XEROX CORP	$0	–	-177,200	–	-0.20%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-28,592	–	-0.23%	–
BPY	Exit	BROOKFIELD PPTY PARTNERS L Punit ltd partn	$0	–	-160,150	–	-0.30%	–
COH	Exit	COACH INC	$0	–	-265,800	–	-0.81%	–
WEC	Exit	WISCONSIN ENERGY CORP	$0	–	-196,000	–	-0.82%	–
FNF	Exit	FIDELITY NATIONAL FINANCIALcl a	$0	–	-493,460	–	-1.43%	–

Q2 2014

			Value		Shares		↓ Weighting
VZ	New	VERIZON COMMUNICATIONS INC	$40,895,000	–	835,788	–	3.63%	–
JNJ	New	JOHNSON & JOHNSON	$40,676,000	–	388,800	–	3.61%	–
COP	New	CONOCOPHILLIPS	$35,871,000	–	418,418	–	3.18%	–
ABBV	New	ABBVIE INC	$34,231,000	–	606,495	–	3.04%	–
ETN	New	EATON CORP PLC	$32,960,000	–	427,050	–	2.92%	–
	New	BECTON DICKINSON & CO	$32,517,000	–	274,870	–	2.88%	–
MSFT	New	MICROSOFT CORP	$32,506,000	–	779,530	–	2.88%	–
MET	New	METLIFE INC	$32,364,000	–	582,500	–	2.87%	–
	New	BB&T CORP	$31,355,000	–	795,195	–	2.78%	–
PEP	New	PEPSICO INC	$31,022,000	–	347,240	–	2.75%	–
SE	New	SPECTRA ENERGY CORP	$30,734,000	–	723,495	–	2.73%	–
TEL	New	TE CONNECTIVITY LTD	$30,363,000	–	491,000	–	2.69%	–
USB	New	US BANCORP DEL	$29,031,000	–	670,150	–	2.58%	–
SWK	New	STANLEY BLACK & DECKER INC	$28,185,000	–	320,940	–	2.50%	–
	New	BAXTER INTL INC	$27,384,000	–	378,760	–	2.43%	–
EXC	New	EXELON CORP	$26,437,000	–	724,700	–	2.34%	–
WFC	New	WELLS FARGO & CO NEW	$25,502,000	–	485,200	–	2.26%	–
CSCO	New	CISCO SYS INC	$25,392,000	–	1,021,830	–	2.25%	–
MTB	New	M & T BK CORP	$25,027,000	–	201,750	–	2.22%	–
TAP	New	MOLSON COORS BREWING COcl b	$24,903,000	–	335,800	–	2.21%	–
F	New	FORD MTR CO DEL	$24,542,000	–	1,423,560	–	2.18%	–
WY	New	WEYERHAEUSER CO	$24,232,000	–	732,305	–	2.15%	–
PG	New	PROCTER & GAMBLE CO	$22,496,000	–	286,240	–	2.00%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$21,339,000	–	207,860	–	1.89%	–
	New	BP PLCsponsored adr	$20,889,000	–	396,000	–	1.85%	–
CB	New	CHUBB CORP	$20,509,000	–	222,515	–	1.82%	–
JPM	New	JPMORGAN CHASE & CO	$20,226,000	–	351,032	–	1.79%	–
RTN	New	RAYTHEON CO	$18,289,000	–	198,250	–	1.62%	–
GG	New	GOLDCORP INC NEW	$17,751,000	–	636,000	–	1.58%	–
FNF	New	FIDELITY NATIONAL FINANCIALcl a	$16,166,000	–	493,460	–	1.43%	–
DD	New	DU PONT E I DE NEMOURS & CO	$15,892,000	–	242,845	–	1.41%	–
ESV	New	ENSCO PLC	$15,468,000	–	278,350	–	1.37%	–
RWT	New	REDWOOD TR INC	$15,327,000	–	787,190	–	1.36%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$15,299,000	–	149,067	–	1.36%	–
CAT	New	CATERPILLAR INC DEL	$14,757,000	–	135,800	–	1.31%	–
SYA	New	SYMETRA FINL CORP	$14,426,000	–	634,370	–	1.28%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$12,821,000	–	131,300	–	1.14%	–
CME	New	CME GROUP INC	$12,785,000	–	180,200	–	1.13%	–
VLO	New	VALERO ENERGY CORP NEW	$12,570,000	–	250,900	–	1.12%	–
CAH	New	CARDINAL HEALTH INC	$11,831,000	–	172,565	–	1.05%	–
KMB	New	KIMBERLY CLARK CORP	$11,522,000	–	103,600	–	1.02%	–
	New	ANALOG DEVICES INC	$11,388,000	–	210,620	–	1.01%	–
POR	New	PORTLAND GEN ELEC CO	$11,089,000	–	319,840	–	0.98%	–
HRS	New	HARRIS CORP DEL	$10,597,000	–	139,900	–	0.94%	–
LLY	New	LILLY ELI & CO	$10,072,000	–	162,000	–	0.89%	–
	New	AUTOMATIC DATA PROCESSING IN	$9,803,000	–	123,650	–	0.87%	–
PSX	New	PHILLIPS 66	$9,479,000	–	117,856	–	0.84%	–
WEC	New	WISCONSIN ENERGY CORP	$9,196,000	–	196,000	–	0.82%	–
COH	New	COACH INC	$9,088,000	–	265,800	–	0.81%	–
SWN	New	SOUTHWESTERN ENERGY CO	$3,502,000	–	76,980	–	0.31%	–
	New	AMERICAN INTL GROUP INC	$3,415,000	–	62,575	–	0.30%	–
GNW	New	GENWORTH FINL INC	$3,401,000	–	195,460	–	0.30%	–
BPY	New	BROOKFIELD PPTY PARTNERS L Punit ltd partn	$3,342,000	–	160,150	–	0.30%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$2,809,000	–	38,835	–	0.25%	–
STRZA	New	STARZ	$2,797,000	–	93,905	–	0.25%	–
OC	New	OWENS CORNING NEW	$2,757,000	–	71,275	–	0.24%	–
	New	BANK OF AMERICA CORPORATION	$2,747,000	–	178,730	–	0.24%	–
NOV	New	NATIONAL OILWELL VARCO INC	$2,598,000	–	31,545	–	0.23%	–
F113PS	New	COVIDIEN PLC	$2,578,000	–	28,592	–	0.23%	–
	New	BERKSHIRE HATHAWAY INC DELcl b new	$2,358,000	–	18,635	–	0.21%	–
GLW	New	CORNING INC	$2,292,000	–	104,425	–	0.20%	–
NU	New	NORTHEAST UTILS	$2,281,000	–	48,250	–	0.20%	–
HCC	New	HCC INS HLDGS INC	$2,259,000	–	46,150	–	0.20%	–
XRX	New	XEROX CORP	$2,204,000	–	177,200	–	0.20%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$2,194,000	–	49,850	–	0.20%	–
LH	New	LABORATORY CORP AMER HLDGS	$2,174,000	–	21,230	–	0.19%	–
CIT	New	CIT GROUP INC	$2,163,000	–	47,270	–	0.19%	–
DNRCQ	New	DENBURY RES INC	$1,984,000	–	107,455	–	0.18%	–
BRCM	New	BROADCOM CORPcl a	$1,959,000	–	52,780	–	0.17%	–
TYC	New	TYCO INTERNATIONAL LTD	$1,951,000	–	42,781	–	0.17%	–
JCI	New	JOHNSON CTLS INC	$1,849,000	–	37,030	–	0.16%	–
	New	AMERICAN EXPRESS CO	$1,692,000	–	17,830	–	0.15%	–
PCAR	New	PACCAR INC	$1,676,000	–	26,680	–	0.15%	–
	New	ARROW ELECTRS INC	$1,597,000	–	26,440	–	0.14%	–
WLL	New	WHITING PETE CORP NEW	$1,374,000	–	17,120	–	0.12%	–
KW	New	KENNEDY-WILSON HLDGS INC	$1,152,000	–	42,960	–	0.10%	–
TWI	New	TITAN INTL INC ILL	$1,017,000	–	60,490	–	0.09%	–
RDEN	New	ELIZABETH ARDEN INC	$901,000	–	42,050	–	0.08%	–
COF	New	CAPITAL ONE FINL CORP	$496,000	–	6,000	–	0.04%	–
CVS	New	CVS CAREMARK CORPORATION	$490,000	–	6,500	–	0.04%	–
DFS	New	DISCOVER FINL SVCS	$412,000	–	6,650	–	0.04%	–
	New	BARRICK GOLD CORP	$390,000	–	21,300	–	0.04%	–
HSP	New	HOSPIRA INC	$375,000	–	7,300	–	0.03%	–
NRG	New	NRG ENERGY INC	$368,000	–	9,900	–	0.03%	–
CVX	New	CHEVRON CORP NEW	$363,000	–	2,780	–	0.03%	–
EMR	New	EMERSON ELEC CO	$315,000	–	4,750	–	0.03%	–
D	New	DOMINION RES INC VA NEW	$279,000	–	3,900	–	0.02%	–
T	New	AT&T INC	$272,000	–	7,700	–	0.02%	–
GPC	New	GENUINE PARTS CO	$255,000	–	2,900	–	0.02%	–
NEBLQ	New	NOBLE CORP PLC	$238,000	–	7,100	–	0.02%	–
TWX	New	TIME WARNER INC	$225,000	–	3,200	–	0.02%	–
GE	New	GENERAL ELECTRIC CO	$229,000	–	8,700	–	0.02%	–
HD	New	HOME DEPOT INC	$210,000	–	2,600	–	0.02%	–
IPHS	New	INNOPHOS HOLDINGS INC	$213,000	–	3,700	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
HD	Exit	HOME DEPOT INC	$0	–	-3,400	–	-0.03%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-6,650	–	-0.04%	–
HSP	Exit	HOSPIRA INC	$0	–	-10,600	–	-0.05%	–
NE	Exit	NOBLE CORPORATION BAARnamen -akt	$0	–	-11,500	–	-0.05%	–
TWX	Exit	TIME WARNER INC	$0	–	-6,800	–	-0.05%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-13,500	–	-0.06%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-12,600	–	-0.07%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-13,800	–	-0.12%	–
PSX	Exit	PHILLIPS 66	$0	–	-21,506	–	-0.15%	–
TWI	Exit	TITAN INTL INC ILL	$0	–	-100,390	–	-0.18%	–
TYC	Exit	TYCO INTERNATIONAL LTD	$0	–	-46,731	–	-0.20%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-28,520	–	-0.21%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-23,130	–	-0.21%	–
RDEN	Exit	ELIZABETH ARDEN INC	$0	–	-50,450	–	-0.23%	–
JCI	Exit	JOHNSON CTLS INC	$0	–	-49,630	–	-0.25%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-60,365	–	-0.26%	–
NU	Exit	NORTHEAST UTILS	$0	–	-54,250	–	-0.27%	–
OC	Exit	OWENS CORNING NEW	$0	–	-59,045	–	-0.27%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-122,415	–	-0.27%	–
HCC	Exit	HCC INS HLDGS INC	$0	–	-53,250	–	-0.28%	–
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-59,260	–	-0.29%	–
GLW	Exit	CORNING INC	$0	–	-166,165	–	-0.29%	–
BAX	Exit	BAXTER INTL INC	$0	–	-38,330	–	-0.30%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-43,042	–	-0.32%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-198,490	–	-0.33%	–
PCAR	Exit	PACCAR INC	$0	–	-50,210	–	-0.34%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-24,957	–	-0.34%	–
STRZA	Exit	STARZ	$0	–	-102,705	–	-0.35%	–
CIT	Exit	CIT GROUP INC	$0	–	-59,770	–	-0.35%	–
MCK	Exit	MCKESSON CORP	$0	–	-22,832	–	-0.36%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-236,120	–	-0.37%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-81,490	–	-0.37%	–
XRX	Exit	XEROX CORP	$0	–	-301,420	–	-0.38%	–
LH	Exit	LABORATORY CORP AMER HLDGS	$0	–	-31,330	–	-0.38%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-91,480	–	-0.40%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-79,775	–	-0.47%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-79,780	–	-0.47%	–
BPO	Exit	BROOKFIELD OFFICE PPTYS INC	$0	–	-219,850	–	-0.51%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-73,100	–	-0.84%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-151,500	–	-0.86%	–
D	Exit	DOMINION RES INC VA NEW	$0	–	-113,600	–	-0.86%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-101,150	–	-0.89%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-178,350	–	-0.89%	–
COH	Exit	COACH INC	$0	–	-143,420	–	-0.95%	–
INTC	Exit	INTEL CORP	$0	–	-342,504	–	-0.95%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-445,600	–	-1.01%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-171,065	–	-1.08%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-123,800	–	-1.10%	–
PFE	Exit	PFIZER INC	$0	–	-367,344	–	-1.28%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-225,320	–	-1.29%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-123,720	–	-1.36%	–
CME	Exit	CME GROUP INC	$0	–	-159,030	–	-1.42%	–
MHFI	Exit	MCGRAW HILL FINL INC	$0	–	-185,100	–	-1.47%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-246,600	–	-1.50%	–
FNF	Exit	FIDELITY NATIONAL FINANCIALcl a	$0	–	-470,560	–	-1.52%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-474,370	–	-1.56%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-220,945	–	-1.57%	–
ESV	Exit	ENSCO PLC	$0	–	-244,950	–	-1.60%	–
RWT	Exit	REDWOOD TR INC	$0	–	-682,590	–	-1.63%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-111,830	–	-1.65%	–
T	Exit	AT&T INC	$0	–	-403,500	–	-1.66%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-193,800	–	-1.66%	–
F	Exit	FORD MTR CO DEL	$0	–	-812,160	–	-1.66%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-576,313	–	-1.67%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-173,200	–	-1.70%	–
TFX	Exit	TELEFLEX INC	$0	–	-173,100	–	-1.73%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-482,950	–	-1.75%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-155,467	–	-1.76%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-434,795	–	-1.80%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-539,165	–	-1.87%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-169,360	–	-1.88%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-244,765	–	-1.92%	–
RTN	Exit	RAYTHEON CO	$0	–	-214,350	–	-2.00%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-320,432	–	-2.01%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-417,300	–	-2.09%	–
CSCO	Exit	CISCO SYS INC	$0	–	-765,120	–	-2.17%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-538,901	–	-2.18%	–
MET	Exit	METLIFE INC	$0	–	-392,400	–	-2.23%	–
MTB	Exit	M & T BK CORP	$0	–	-174,350	–	-2.37%	–
ETN	Exit	EATON CORP PLC	$0	–	-287,450	–	-2.40%	–
USB	Exit	US BANCORP DEL	$0	–	-554,250	–	-2.46%	–
PEP	Exit	PEPSICO INC	$0	–	-257,249	–	-2.48%	–
BBT	Exit	BB&T CORP	$0	–	-607,495	–	-2.49%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-311,538	–	-2.63%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-223,470	–	-2.71%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-441,200	–	-2.77%	–
CB	Exit	CHUBB CORP	$0	–	-259,735	–	-2.81%	–
ABBV	Exit	ABBVIE INC	$0	–	-546,395	–	-2.96%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-290,200	–	-3.05%	–

Q3 2013

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON & JOHNSON	$25,157,000	-0.5%	290,200	-1.5%	3.05%	+2.4%
ABBV	Buy	ABBVIE INC	$24,440,000	+17.7%	546,395	+8.8%	2.96%	+21.2%
CB	Sell	CHUBB CORP	$23,184,000	+4.0%	259,735	-1.3%	2.81%	+7.1%
TEL	Sell	TE CONNECTIVITY LTD	$22,845,000	+2.4%	441,200	-9.9%	2.77%	+5.4%
BDX	Buy	BECTON DICKINSON & CO	$22,351,000	+1.9%	223,470	+0.7%	2.71%	+4.9%
COP	Sell	CONOCOPHILLIPS	$21,655,000	+6.9%	311,538	-7.0%	2.63%	+10.1%
BBT	Sell	BB&T CORP	$20,503,000	-8.4%	607,495	-8.1%	2.49%	-5.7%
PEP	Buy	PEPSICO INC	$20,451,000	+4.4%	257,249	+7.4%	2.48%	+7.5%
USB	Sell	US BANCORP DEL	$20,274,000	-0.5%	554,250	-1.7%	2.46%	+2.5%
ETN	Sell	EATON CORP PLC	$19,788,000	-8.7%	287,450	-12.7%	2.40%	-6.0%
MTB	Sell	M & T BK CORP	$19,513,000	-1.4%	174,350	-1.6%	2.37%	+1.5%
MET	Buy	METLIFE INC	$18,423,000	+1202.9%	392,400	+1169.9%	2.23%	+1237.7%
MSFT	Sell	MICROSOFT CORP	$17,935,000	-9.5%	538,901	-6.0%	2.18%	-6.8%
CSCO	Sell	CISCO SYS INC	$17,928,000	-12.1%	765,120	-8.7%	2.17%	-9.6%
WFC	Sell	WELLS FARGO & CO NEW	$17,243,000	-2.2%	417,300	-2.3%	2.09%	+0.7%
JPM	Sell	JPMORGAN CHASE & CO	$16,563,000	-3.9%	320,432	-1.8%	2.01%	-1.0%
RTN	Buy	RAYTHEON CO	$16,520,000	+42.0%	214,350	+21.8%	2.00%	+46.1%
EMR	Sell	EMERSON ELEC CO	$15,836,000	+10.8%	244,765	-6.6%	1.92%	+14.0%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$15,474,000	+2.5%	169,360	-3.0%	1.88%	+5.5%
WY	Buy	WEYERHAEUSER CO	$15,436,000	+13.2%	539,165	+12.6%	1.87%	+16.5%
SE	Sell	SPECTRA ENERGY CORP	$14,883,000	-13.4%	434,795	-12.8%	1.80%	-10.9%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$14,542,000	+8.7%	155,467	+3.7%	1.76%	+11.9%
CVE	Buy	CENOVUS ENERGY INC	$14,416,000	+44.8%	482,950	+38.3%	1.75%	+49.0%
TFX	Sell	TELEFLEX INC	$14,243,000	-4.6%	173,100	-10.1%	1.73%	-1.8%
GPC	Sell	GENUINE PARTS CO	$14,010,000	+1.4%	173,200	-2.1%	1.70%	+4.4%
GE	Sell	GENERAL ELECTRIC CO	$13,768,000	+0.3%	576,313	-2.6%	1.67%	+3.3%
F	Sell	FORD MTR CO DEL	$13,701,000	-2.7%	812,160	-10.7%	1.66%	+0.2%
CFR	Sell	CULLEN FROST BANKERS INC	$13,673,000	-3.6%	193,800	-8.8%	1.66%	-0.8%
T	Buy	AT&T INC	$13,646,000	+6.4%	403,500	+11.4%	1.66%	+9.6%
CVX	Sell	CHEVRON CORP NEW	$13,587,000	+0.8%	111,830	-1.8%	1.65%	+3.8%
RWT	Sell	REDWOOD TR INC	$13,440,000	+9.8%	682,590	-5.2%	1.63%	+13.1%
ESV	Buy	ENSCO PLC	$13,166,000	-0.3%	244,950	+7.8%	1.60%	+2.6%
DD	Sell	DU PONT E I DE NEMOURS & CO	$12,939,000	-0.2%	220,945	-10.5%	1.57%	+2.8%
SEE	Sell	SEALED AIR CORP NEW	$12,898,000	-26.3%	474,370	-35.1%	1.56%	-24.2%
FNF	Sell	FIDELITY NATIONAL FINANCIALcl a	$12,517,000	-9.3%	470,560	-18.8%	1.52%	-6.6%
TAP	Buy	MOLSON COORS BREWING COcl b	$12,362,000	+5.6%	246,600	+0.9%	1.50%	+8.7%
MHFI	Sell	MCGRAW HILL FINL INC	$12,141,000	+10.1%	185,100	-10.8%	1.47%	+13.2%
CME	Sell	CME GROUP INC	$11,749,000	-36.5%	159,030	-34.7%	1.42%	-34.6%
SWK	New	STANLEY BLACK & DECKER INC	$11,205,000	–	123,720	–	1.36%	–
ADI	Sell	ANALOG DEVICES INC	$10,601,000	+1.6%	225,320	-2.7%	1.29%	+4.6%
PFE	Sell	PFIZER INC	$10,552,000	-18.6%	367,344	-20.7%	1.28%	-16.2%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$9,066,000	+8.7%	123,800	-1.7%	1.10%	+11.8%
CAH	Sell	CARDINAL HEALTH INC	$8,921,000	+0.9%	171,065	-8.7%	1.08%	+3.9%
GOLD	Sell	BARRICK GOLD CORP	$8,297,000	+2.0%	445,600	-13.8%	1.01%	+5.0%
INTC	Sell	INTEL CORP	$7,851,000	-34.7%	342,504	-31.0%	0.95%	-32.8%
COH	New	COACH INC	$7,821,000	–	143,420	–	0.95%	–
WM	Sell	WASTE MGMT INC DEL	$7,355,000	+1.5%	178,350	-0.7%	0.89%	+4.6%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$7,321,000	+1.0%	101,150	-3.9%	0.89%	+4.0%
D	Sell	DOMINION RES INC VA NEW	$7,098,000	+8.6%	113,600	-1.2%	0.86%	+11.8%
VZ	Buy	VERIZON COMMUNICATIONS INC	$7,071,000	+2.9%	151,500	+11.0%	0.86%	+5.9%
KMB	Sell	KIMBERLY CLARK CORP	$6,887,000	-5.1%	73,100	-2.1%	0.84%	-2.3%
BPO	Sell	BROOKFIELD OFFICE PPTYS INC	$4,193,000	-53.7%	219,850	-59.5%	0.51%	-52.4%
ARW	Sell	ARROW ELECTRS INC	$3,872,000	-21.1%	79,780	-35.2%	0.47%	-18.7%
AIG	Sell	AMERICAN INTL GROUP INC	$3,879,000	-29.8%	79,775	-35.4%	0.47%	-27.8%
SWN	Sell	SOUTHWESTERN ENERGY CO	$3,328,000	-32.5%	91,480	-32.3%	0.40%	-30.5%
LH	Sell	LABORATORY CORP AMER HLDGS	$3,106,000	-29.4%	31,330	-28.7%	0.38%	-27.2%
XRX	Sell	XEROX CORP	$3,102,000	-12.7%	301,420	-23.0%	0.38%	-10.3%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$3,048,000	-33.1%	81,490	-35.6%	0.37%	-31.1%
GNW	Sell	GENWORTH FINL INC	$3,022,000	-22.7%	236,120	-31.0%	0.37%	-20.4%
MCK	Sell	MCKESSON CORP	$2,929,000	-25.5%	22,832	-33.5%	0.36%	-23.3%
CIT	Sell	CIT GROUP INC	$2,915,000	-32.5%	59,770	-35.5%	0.35%	-30.6%
STRZA	Sell	STARZ	$2,889,000	+14.8%	102,705	-9.8%	0.35%	+17.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$2,833,000	-27.8%	24,957	-28.8%	0.34%	-25.5%
PCAR	Sell	PACCAR INC	$2,795,000	-28.4%	50,210	-30.9%	0.34%	-26.3%
BAC	Sell	BANK OF AMERICA CORPORATION	$2,739,000	-18.1%	198,490	-23.6%	0.33%	-15.7%
F113PS	Sell	COVIDIEN PLC	$2,623,000	-27.7%	43,042	-25.5%	0.32%	-25.7%
BAX	Sell	BAXTER INTL INC	$2,518,000	-22.7%	38,330	-18.5%	0.30%	-20.6%
GLW	Sell	CORNING INC	$2,424,000	-29.9%	166,165	-31.7%	0.29%	-27.9%
PDCO	Sell	PATTERSON COMPANIES INC	$2,381,000	-23.1%	59,260	-28.0%	0.29%	-20.8%
HCC	Sell	HCC INS HLDGS INC	$2,333,000	-32.1%	53,250	-33.2%	0.28%	-30.1%
DNRCQ	Sell	DENBURY RES INC	$2,254,000	-17.1%	122,415	-22.0%	0.27%	-14.7%
OC	Sell	OWENS CORNING NEW	$2,243,000	-27.2%	59,045	-25.1%	0.27%	-25.1%
NU	Sell	NORTHEAST UTILS	$2,238,000	-28.2%	54,250	-26.8%	0.27%	-26.2%
VOD	Sell	VODAFONE GROUP PLC NEWspons adr new	$2,124,000	-16.4%	60,365	-31.7%	0.26%	-13.7%
JCI	Sell	JOHNSON CTLS INC	$2,060,000	-7.7%	49,630	-20.4%	0.25%	-4.9%
RDEN	Sell	ELIZABETH ARDEN INC	$1,863,000	-26.2%	50,450	-10.0%	0.23%	-23.9%
AXP	Sell	AMERICAN EXPRESS CO	$1,747,000	-31.7%	23,130	-32.4%	0.21%	-29.6%
WLL	Sell	WHITING PETE CORP NEW	$1,707,000	-3.1%	28,520	-25.4%	0.21%	-0.5%
TYC	Sell	TYCO INTERNATIONAL LTD	$1,635,000	-21.2%	46,731	-25.7%	0.20%	-18.9%
TWI	Sell	TITAN INTL INC ILL	$1,470,000	-40.0%	100,390	-30.9%	0.18%	-38.4%
PSX	Sell	PHILLIPS 66	$1,243,000	-26.9%	21,506	-25.5%	0.15%	-24.5%
RIG	Buy	TRANSOCEAN LTD	$561,000	+9.4%	12,600	+17.8%	0.07%	+13.3%
TWX	Sell	TIME WARNER INC	$448,000	-95.0%	6,800	-95.6%	0.05%	-94.9%
HSP	New	HOSPIRA INC	$416,000	–	10,600	–	0.05%	–
HD	Sell	HOME DEPOT INC	$258,000	-97.3%	3,400	-97.2%	0.03%	-97.2%
POT	Exit	POTASH CORP SASK INC	$0	–	-17,350	–	-0.08%	–
CFN	Exit	CAREFUSION CORP	$0	–	-43,182	–	-0.19%	–
KO	Exit	COCA COLA CO	$0	–	-170,500	–	-0.81%	–

Q2 2013

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$25,286,000	–	294,500	–	2.98%	–
BBT	New	BB&T CORP	$22,384,000	–	660,695	–	2.64%	–
TEL	New	TE CONNECTIVITY LTD	$22,305,000	–	489,800	–	2.63%	–
CB	New	CHUBB CORP	$22,283,000	–	263,235	–	2.62%	–
BDX	New	BECTON DICKINSON & CO	$21,936,000	–	221,960	–	2.58%	–
ETN	New	EATON CORP PLC	$21,681,000	–	329,450	–	2.55%	–
ABBV	New	ABBVIE INC	$20,761,000	–	502,195	–	2.45%	–
CSCO	New	CISCO SYS INC	$20,403,000	–	838,420	–	2.40%	–
USB	New	US BANCORP DEL	$20,376,000	–	563,650	–	2.40%	–
COP	New	CONOCOPHILLIPS	$20,258,000	–	334,838	–	2.39%	–
MSFT	New	MICROSOFT CORP	$19,815,000	–	573,601	–	2.33%	–
MTB	New	M & T BK CORP	$19,797,000	–	177,150	–	2.33%	–
PEP	New	PEPSICO INC	$19,585,000	–	239,449	–	2.31%	–
CME	New	CME GROUP INC	$18,489,000	–	243,430	–	2.18%	–
WFC	New	WELLS FARGO & CO NEW	$17,631,000	–	427,200	–	2.08%	–
SEE	New	SEALED AIR CORP NEW	$17,501,000	–	730,710	–	2.06%	–
JPM	New	JPMORGAN CHASE & CO	$17,232,000	–	326,432	–	2.03%	–
SE	New	SPECTRA ENERGY CORP	$17,192,000	–	498,895	–	2.02%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$15,096,000	–	174,560	–	1.78%	–
TFX	New	TELEFLEX INC	$14,925,000	–	192,600	–	1.76%	–
EMR	New	EMERSON ELEC CO	$14,293,000	–	262,065	–	1.68%	–
CFR	New	CULLEN FROST BANKERS INC	$14,182,000	–	212,400	–	1.67%	–
F	New	FORD MTR CO DEL	$14,077,000	–	909,960	–	1.66%	–
GPC	New	GENUINE PARTS CO	$13,818,000	–	177,000	–	1.63%	–
FNF	New	FIDELITY NATIONAL FINANCIALcl a	$13,793,000	–	579,280	–	1.62%	–
GE	New	GENERAL ELECTRIC CO	$13,722,000	–	591,713	–	1.62%	–
WY	New	WEYERHAEUSER CO	$13,639,000	–	478,730	–	1.61%	–
CVX	New	CHEVRON CORP NEW	$13,482,000	–	113,930	–	1.59%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$13,373,000	–	149,867	–	1.58%	–
ESV	New	ENSCO PLC	$13,208,000	–	227,250	–	1.56%	–
PFE	New	PFIZER INC	$12,970,000	–	463,044	–	1.53%	–
DD	New	DU PONT E I DE NEMOURS & CO	$12,965,000	–	246,945	–	1.53%	–
T	New	AT&T INC	$12,822,000	–	362,200	–	1.51%	–
RWT	New	REDWOOD TR INC	$12,236,000	–	719,790	–	1.44%	–
INTC	New	INTEL CORP	$12,025,000	–	496,304	–	1.42%	–
TAP	New	MOLSON COORS BREWING COcl b	$11,702,000	–	244,500	–	1.38%	–
RTN	New	RAYTHEON CO	$11,634,000	–	175,950	–	1.37%	–
MHFI	New	MCGRAW HILL FINL INC	$11,032,000	–	207,400	–	1.30%	–
ADI	New	ANALOG DEVICES INC	$10,435,000	–	231,570	–	1.23%	–
CVE	New	CENOVUS ENERGY INC	$9,958,000	–	349,150	–	1.17%	–
HD	New	HOME DEPOT INC	$9,569,000	–	123,520	–	1.13%	–
BPO	New	BROOKFIELD OFFICE PPTYS INC	$9,055,000	–	542,850	–	1.07%	–
TWX	New	TIME WARNER INC	$9,029,000	–	156,152	–	1.06%	–
CAH	New	CARDINAL HEALTH INC	$8,839,000	–	187,265	–	1.04%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$8,342,000	–	125,900	–	0.98%	–
GOLD	New	BARRICK GOLD CORP	$8,134,000	–	516,800	–	0.96%	–
KMB	New	KIMBERLY CLARK CORP	$7,256,000	–	74,700	–	0.86%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$7,248,000	–	105,250	–	0.85%	–
WM	New	WASTE MGMT INC DEL	$7,245,000	–	179,650	–	0.85%	–
VZ	New	VERIZON COMMUNICATIONS INC	$6,869,000	–	136,450	–	0.81%	–
KO	New	COCA COLA CO	$6,839,000	–	170,500	–	0.81%	–
D	New	DOMINION RES INC VA NEW	$6,534,000	–	115,000	–	0.77%	–
AIG	New	AMERICAN INTL GROUP INC	$5,524,000	–	123,575	–	0.65%	–
SWN	New	SOUTHWESTERN ENERGY CO	$4,934,000	–	135,080	–	0.58%	–
ARW	New	ARROW ELECTRS INC	$4,909,000	–	123,180	–	0.58%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$4,556,000	–	126,490	–	0.54%	–
LH	New	LABORATORY CORP AMER HLDGS	$4,397,000	–	43,930	–	0.52%	–
CIT	New	CIT GROUP INC	$4,321,000	–	92,670	–	0.51%	–
MCK	New	MCKESSON CORP	$3,931,000	–	34,332	–	0.46%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,924,000	–	35,057	–	0.46%	–
PCAR	New	PACCAR INC	$3,902,000	–	72,710	–	0.46%	–
GNW	New	GENWORTH FINL INC	$3,907,000	–	342,420	–	0.46%	–
F113PS	New	COVIDIEN PLC	$3,629,000	–	57,742	–	0.43%	–
XRX	New	XEROX CORP	$3,553,000	–	391,700	–	0.42%	–
GLW	New	CORNING INC	$3,460,000	–	243,165	–	0.41%	–
HCC	New	HCC INS HLDGS INC	$3,438,000	–	79,750	–	0.40%	–
BAC	New	BANK OF AMERICA CORPORATION	$3,343,000	–	259,970	–	0.39%	–
BAX	New	BAXTER INTL INC	$3,258,000	–	47,030	–	0.38%	–
NU	New	NORTHEAST UTILS	$3,116,000	–	74,150	–	0.37%	–
PDCO	New	PATTERSON COMPANIES INC	$3,097,000	–	82,360	–	0.36%	–
OC	New	OWENS CORNING NEW	$3,081,000	–	78,845	–	0.36%	–
DNRCQ	New	DENBURY RES INC	$2,718,000	–	156,915	–	0.32%	–
AXP	New	AMERICAN EXPRESS CO	$2,559,000	–	34,230	–	0.30%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$2,540,000	–	88,365	–	0.30%	–
STRZA	New	STARZ	$2,517,000	–	113,870	–	0.30%	–
RDEN	New	ELIZABETH ARDEN INC	$2,524,000	–	56,030	–	0.30%	–
TWI	New	TITAN INTL INC ILL	$2,451,000	–	145,290	–	0.29%	–
JCI	New	JOHNSON CTLS INC	$2,231,000	–	62,330	–	0.26%	–
TYC	New	TYCO INTERNATIONAL LTD	$2,074,000	–	62,931	–	0.24%	–
WLL	New	WHITING PETE CORP NEW	$1,762,000	–	38,220	–	0.21%	–
PSX	New	PHILLIPS 66	$1,700,000	–	28,856	–	0.20%	–
CFN	New	CAREFUSION CORP	$1,591,000	–	43,182	–	0.19%	–
MET	New	METLIFE INC	$1,414,000	–	30,900	–	0.17%	–
COF	New	CAPITAL ONE FINL CORP	$867,000	–	13,800	–	0.10%	–
POT	New	POTASH CORP SASK INC	$662,000	–	17,350	–	0.08%	–
RIG	New	TRANSOCEAN LTD	$513,000	–	10,700	–	0.06%	–
VLO	New	VALERO ENERGY CORP NEW	$469,000	–	13,500	–	0.06%	–
NE	New	NOBLE CORPORATION BAARnamen -akt	$432,000	–	11,500	–	0.05%	–
DFS	New	DISCOVER FINL SVCS	$317,000	–	6,650	–	0.04%	–

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