Historical Stock Holdings

Charles Bobrinskoy - Ariel Focus Fund

PeriodPortfolio ValueTop 20 holdings history (left to right)
2023   Q4$66 M GS
Goldman Sachs Group
6.71% of portfolio
 		SNA
Snap-On Inc.
6.66% of portfolio
 		BOKF
BOK Financial Corp.
5.40% of portfolio
 		APA
APA Corp.
5.33% of portfolio
 		MHK
Mohawk Industries
4.98% of portfolio
 		ORCL
Oracle Corp.
4.95% of portfolio
 		LMT
Lockheed Martin Corp.
4.83% of portfolio
 		BAC
Bank of America Corp.
4.74% of portfolio
 		REZI
Resideo Technologies Inc.
4.61% of portfolio
 		MOS
Mosaic Co.
3.84% of portfolio
 		CVX
Chevron Corp.
3.77% of portfolio
 		GOLD
Barrick Gold Corp.
3.57% of portfolio
 		NTRS
Northern Trust Corp.
3.55% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.49% of portfolio
 		WU
Western Union Co.
3.46% of portfolio
 		PHIN
PHINIA Inc.
3.46% of portfolio
 		BWA
BorgWarner Inc.
3.28% of portfolio
 		BYD
Boyd Gaming Corp.
3.22% of portfolio
 		MSGS
Madison Square Garden Sports Corp.
3.15% of portfolio
 		FAF
First Amer'n Corp.
3.02% of portfolio
2023   Q3$60 M APA
APA Corp.
6.68% of portfolio
 		SNA
Snap-On Inc.
6.68% of portfolio
 		GS
Goldman Sachs Group
6.15% of portfolio
 		BOKF
BOK Financial Corp.
5.52% of portfolio
 		ORCL
Oracle Corp.
5.17% of portfolio
 		LMT
Lockheed Martin Corp.
4.77% of portfolio
 		MHK
Mohawk Industries
4.29% of portfolio
 		MOS
Mosaic Co.
4.19% of portfolio
 		WU
Western Union Co.
4.18% of portfolio
 		BWA
BorgWarner Inc.
4.04% of portfolio
 		REZI
Resideo Technologies Inc.
3.99% of portfolio
 		BAC
Bank of America Corp.
3.76% of portfolio
 		MSGS
Madison Square Garden Sports Corp.
3.61% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.38% of portfolio
 		JNJ
Johnson & Johnson
3.27% of portfolio
 		NTRS
Northern Trust Corp.
3.20% of portfolio
 		GOLD
Barrick Gold Corp.
3.14% of portfolio
 		FAF
First Amer'n Corp.
3.14% of portfolio
 		PHIN
PHINIA Inc.
3.12% of portfolio
 		BYD
Boyd Gaming Corp.
2.63% of portfolio
2023   Q2$65 M SNA
Snap-On Inc.
6.81% of portfolio
 		BWA
BorgWarner Inc.
6.43% of portfolio
 		GS
Goldman Sachs Group
5.68% of portfolio
 		ORCL
Oracle Corp.
5.67% of portfolio
 		BOKF
BOK Financial Corp.
5.16% of portfolio
 		APA
APA Corp.
5.14% of portfolio
 		LMT
Lockheed Martin Corp.
4.97% of portfolio
 		MHK
Mohawk Industries
4.28% of portfolio
 		JNJ
Johnson & Johnson
3.89% of portfolio
 		REZI
Resideo Technologies Inc.
3.85% of portfolio
 		MOS
Mosaic Co.
3.81% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.75% of portfolio
 		MSGS
Madison Square Garden Sports Corp.
3.56% of portfolio
 		BAC
Bank of America Corp.
3.41% of portfolio
 		GOLD
Barrick Gold Corp.
3.39% of portfolio
 		NTRS
Northern Trust Corp.
3.29% of portfolio
 		FAF
First Amer'n Corp.
2.94% of portfolio
 		WU
Western Union Co.
2.91% of portfolio
 		ZIMV
ZimVie Inc.
2.85% of portfolio
 		BYD
Boyd Gaming Corp.
2.78% of portfolio
2023   Q1$64 M BWA
BorgWarner Inc.
6.88% of portfolio
 		SNA
Snap-On Inc.
5.95% of portfolio
 		GS
Goldman Sachs Group
5.88% of portfolio
 		APA
APA Corp.
5.54% of portfolio
 		BOKF
BOK Financial Corp.
5.50% of portfolio
 		LMT
Lockheed Martin Corp.
5.21% of portfolio
 		ORCL
Oracle Corp.
5.15% of portfolio
 		MOS
Mosaic Co.
5.10% of portfolio
 		NTRS
Northern Trust Corp.
4.00% of portfolio
 		REZI
Resideo Technologies Inc.
3.88% of portfolio
 		GOLD
Barrick Gold Corp.
3.79% of portfolio
 		MSGS
Madison Square Garden Sports Corp.
3.77% of portfolio
 		JNJ
Johnson & Johnson
3.72% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.64% of portfolio
 		MHK
Mohawk Industries
3.57% of portfolio
 		MSGE
Madison Square Garden Entertainment Corp.
3.44% of portfolio
 		FAF
First Amer'n Corp.
2.93% of portfolio
 		BAC
Bank of America Corp.
2.91% of portfolio
 		BK
Bank of New York Mellon Corp.
2.90% of portfolio
 		BYD
Boyd Gaming Corp.
2.62% of portfolio
2022   Q4$62 M APA
APA Corp.
7.19% of portfolio
 		BOKF
BOK Financial Corp.
6.99% of portfolio
 		GS
Goldman Sachs Group
6.38% of portfolio
 		BWA
BorgWarner Inc.
6.05% of portfolio
 		LMT
Lockheed Martin Corp.
5.54% of portfolio
 		SNA
Snap-On Inc.
5.40% of portfolio
 		MOS
Mosaic Co.
4.91% of portfolio
 		ORCL
Oracle Corp.
4.68% of portfolio
 		NTRS
Northern Trust Corp.
4.14% of portfolio
 		JNJ
Johnson & Johnson
3.98% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.86% of portfolio
 		GOLD
Barrick Gold Corp.
3.63% of portfolio
 		LAZ
Lazard Inc.
3.60% of portfolio
 		MHK
Mohawk Industries
3.52% of portfolio
 		REZI
Resideo Technologies Inc.
3.29% of portfolio
 		WU
Western Union Co.
3.14% of portfolio
 		BK
Bank of New York Mellon Corp.
3.00% of portfolio
 		MSGS
Madison Square Garden Sports Corp.
2.98% of portfolio
 		SPHR
Sphere Entertainment Co.
2.71% of portfolio
 		BAC
Bank of America Corp.
2.64% of portfolio
2022   Q3$55 M APA
APA Corp.
6.76% of portfolio
 		BOKF
BOK Financial Corp.
6.67% of portfolio
 		GS
Goldman Sachs Group
6.06% of portfolio
 		MOS
Mosaic Co.
6.03% of portfolio
 		SNA
Snap-On Inc.
5.30% of portfolio
 		BWA
BorgWarner Inc.
5.26% of portfolio
 		REZI
Resideo Technologies Inc.
4.94% of portfolio
 		LMT
Lockheed Martin Corp.
4.90% of portfolio
 		NTRS
Northern Trust Corp.
4.46% of portfolio
 		JNJ
Johnson & Johnson
4.10% of portfolio
 		ORCL
Oracle Corp.
3.89% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.74% of portfolio
 		LAZ
Lazard Inc.
3.68% of portfolio
 		GOLD
Barrick Gold Corp.
3.64% of portfolio
 		MHK
Mohawk Industries
3.50% of portfolio
 		WU
Western Union Co.
3.43% of portfolio
 		SPHR
Sphere Entertainment Co.
2.96% of portfolio
 		BK
Bank of New York Mellon Corp.
2.83% of portfolio
 		MSGS
Madison Square Garden Sports Corp.
2.47% of portfolio
 		GNRC
Generac Holdings Inc.
2.42% of portfolio
2022   Q2$60 M APA
APA Corp.
6.38% of portfolio
 		GS
Goldman Sachs Group
5.68% of portfolio
 		MOS
Mosaic Co.
5.68% of portfolio
 		BOKF
BOK Financial Corp.
5.24% of portfolio
 		BWA
BorgWarner Inc.
5.16% of portfolio
 		LMT
Lockheed Martin Corp.
5.04% of portfolio
 		NTRS
Northern Trust Corp.
4.65% of portfolio
 		SNA
Snap-On Inc.
4.57% of portfolio
 		MHK
Mohawk Industries
4.40% of portfolio
 		REZI
Resideo Technologies Inc.
4.19% of portfolio
 		JNJ
Johnson & Johnson
4.12% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.96% of portfolio
 		WU
Western Union Co.
3.86% of portfolio
 		ORCL
Oracle Corp.
3.64% of portfolio
 		GOLD
Barrick Gold Corp.
3.53% of portfolio
 		LAZ
Lazard Inc.
3.46% of portfolio
 		SPHR
Sphere Entertainment Co.
3.26% of portfolio
 		BK
Bank of New York Mellon Corp.
2.83% of portfolio
 		ZIMV
ZimVie Inc.
2.76% of portfolio
 		ZBH
Zimmer Biomet Holdings
2.48% of portfolio
2022   Q1$71 M APA
APA Corp.
7.85% of portfolio
 		MOS
Mosaic Co.
7.12% of portfolio
 		BWA
BorgWarner Inc.
4.94% of portfolio
 		BOKF
BOK Financial Corp.
4.49% of portfolio
 		LMT
Lockheed Martin Corp.
4.36% of portfolio
 		SPHR
Sphere Entertainment Co.
4.35% of portfolio
 		GS
Goldman Sachs Group
4.35% of portfolio
 		GOLD
Barrick Gold Corp.
4.12% of portfolio
 		SNA
Snap-On Inc.
4.02% of portfolio
 		REZI
Resideo Technologies Inc.
3.80% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.75% of portfolio
 		WU
Western Union Co.
3.70% of portfolio
 		NTRS
Northern Trust Corp.
3.66% of portfolio
 		ORCL
Oracle Corp.
3.63% of portfolio
 		JNJ
Johnson & Johnson
3.46% of portfolio
 		MHK
Mohawk Industries
3.28% of portfolio
 		LAZ
Lazard Inc.
3.10% of portfolio
 		BK
Bank of New York Mellon Corp.
2.84% of portfolio
 		ZIMV
ZimVie Inc.
2.67% of portfolio
 		SJM
J.M. Smucker Co
2.61% of portfolio
2021   Q4$70 M APA
APA Corp.
5.95% of portfolio
 		MOS
Mosaic Co.
5.92% of portfolio
 		BOKF
BOK Financial Corp.
5.27% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
4.80% of portfolio
 		GS
Goldman Sachs Group
4.77% of portfolio
 		SJM
J.M. Smucker Co
4.75% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.53% of portfolio
 		BWA
BorgWarner Inc.
4.43% of portfolio
 		SNA
Snap-On Inc.
4.27% of portfolio
 		LAZ
Lazard Inc.
3.98% of portfolio
 		ORCL
Oracle Corp.
3.88% of portfolio
 		SPHR
Sphere Entertainment Co.
3.72% of portfolio
 		MHK
Mohawk Industries
3.65% of portfolio
 		LMT
Lockheed Martin Corp.
3.56% of portfolio
 		JNJ
Johnson & Johnson
3.39% of portfolio
 		BK
Bank of New York Mellon Corp.
3.37% of portfolio
 		WU
Western Union Co.
3.34% of portfolio
 		GOLD
Barrick Gold Corp.
3.24% of portfolio
 		FAF
First Amer'n Corp.
2.97% of portfolio
 		ZBH
Zimmer Biomet Holdings
2.84% of portfolio
2021   Q3$61 M MOS
Mosaic Co.
6.11% of portfolio
 		APA
APA Corp.
5.43% of portfolio
 		GS
Goldman Sachs Group
5.09% of portfolio
 		BOKF
BOK Financial Corp.
5.01% of portfolio
 		BWA
BorgWarner Inc.
4.51% of portfolio
 		SJM
J.M. Smucker Co
4.47% of portfolio
 		LAZ
Lazard Inc.
4.46% of portfolio
 		WBA
Walgreens Boots Alliance
4.41% of portfolio
 		SNA
Snap-On Inc.
4.40% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
4.30% of portfolio
 		SPHR
Sphere Entertainment Co.
4.07% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.04% of portfolio
 		ORCL
Oracle Corp.
3.82% of portfolio
 		MHK
Mohawk Industries
3.77% of portfolio
 		LMT
Lockheed Martin Corp.
3.66% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.46% of portfolio
 		WU
Western Union Co.
3.42% of portfolio
 		JNJ
Johnson & Johnson
3.37% of portfolio
 		BK
Bank of New York Mellon Corp.
3.16% of portfolio
 		HNGR-OLD
Hanger Inc.
2.85% of portfolio
2021   Q2$66 M GS
Goldman Sachs Group
5.30% of portfolio
 		ORCL
Oracle Corp.
5.24% of portfolio
 		MOS
Mosaic Co.
5.15% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
4.95% of portfolio
 		BWA
BorgWarner Inc.
4.79% of portfolio
 		WBA
Walgreens Boots Alliance
4.65% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.59% of portfolio
 		SJM
J.M. Smucker Co
4.57% of portfolio
 		SPHR
Sphere Entertainment Co.
4.29% of portfolio
 		BOKF
BOK Financial Corp.
4.28% of portfolio
 		APA
APA Corp.
4.24% of portfolio
 		SNA
Snap-On Inc.
4.19% of portfolio
 		LAZ
Lazard Inc.
4.15% of portfolio
 		MHK
Mohawk Industries
3.87% of portfolio
 		LMT
Lockheed Martin Corp.
3.80% of portfolio
 		WU
Western Union Co.
3.67% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.62% of portfolio
 		JNJ
Johnson & Johnson
3.28% of portfolio
 		HNGR-OLD
Hanger Inc.
3.04% of portfolio
 		BK
Bank of New York Mellon Corp.
2.99% of portfolio
2021   Q1$61 M SNA
Snap-On Inc.
6.04% of portfolio
 		MOS
Mosaic Co.
5.50% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
5.13% of portfolio
 		ORCL
Oracle Corp.
4.87% of portfolio
 		GS
Goldman Sachs Group
4.82% of portfolio
 		WBA
Walgreens Boots Alliance
4.73% of portfolio
 		LAZ
Lazard Inc.
4.72% of portfolio
 		BWA
BorgWarner Inc.
4.71% of portfolio
 		SJM
J.M. Smucker Co
4.60% of portfolio
 		BOKF
BOK Financial Corp.
4.54% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.36% of portfolio
 		SPHR
Sphere Entertainment Co.
4.29% of portfolio
 		WU
Western Union Co.
4.07% of portfolio
 		MHK
Mohawk Industries
3.99% of portfolio
 		LMT
Lockheed Martin Corp.
3.82% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.81% of portfolio
 		APA
APA Corp.
3.27% of portfolio
 		JNJ
Johnson & Johnson
3.04% of portfolio
 		HNGR-OLD
Hanger Inc.
3.00% of portfolio
 		BK
Bank of New York Mellon Corp.
2.87% of portfolio
2020   Q4$53 M SPHR
Sphere Entertainment Co.
6.38% of portfolio
 		PARA
Paramount Global CL B
5.79% of portfolio
 		GS
Goldman Sachs Group
5.47% of portfolio
 		LAZ
Lazard Inc.
5.40% of portfolio
 		ORCL
Oracle Corp.
5.20% of portfolio
 		SNA
Snap-On Inc.
5.18% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
4.92% of portfolio
 		MOS
Mosaic Co.
4.47% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.24% of portfolio
 		WU
Western Union Co.
4.19% of portfolio
 		BWA
BorgWarner Inc.
4.05% of portfolio
 		BOKF
BOK Financial Corp.
3.56% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.53% of portfolio
 		MHK
Mohawk Industries
3.38% of portfolio
 		JNJ
Johnson & Johnson
3.37% of portfolio
 		HNGR-OLD
Hanger Inc.
3.34% of portfolio
 		LMT
Lockheed Martin Corp.
3.03% of portfolio
 		BK
Bank of New York Mellon Corp.
2.98% of portfolio
 		PGR
Progressive Corp.
2.88% of portfolio
 		SWK
Stanley Black & Decker Inc.
2.58% of portfolio
2020   Q3$44 M ORCL
Oracle Corp.
5.72% of portfolio
 		SNA
Snap-On Inc.
5.72% of portfolio
 		PARA
Paramount Global CL B
5.64% of portfolio
 		ZBH
Zimmer Biomet Holdings
5.51% of portfolio
 		LAZ
Lazard Inc.
5.03% of portfolio
 		GS
Goldman Sachs Group
4.98% of portfolio
 		WU
Western Union Co.
4.88% of portfolio
 		BWA
BorgWarner Inc.
4.84% of portfolio
 		SPHR
Sphere Entertainment Co.
4.72% of portfolio
 		MOS
Mosaic Co.
4.24% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
3.99% of portfolio
 		PGR
Progressive Corp.
3.92% of portfolio
 		LMT
Lockheed Martin Corp.
3.90% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.89% of portfolio
 		JNJ
Johnson & Johnson
3.81% of portfolio
 		HNGR-OLD
Hanger Inc.
2.87% of portfolio
 		KKR
KKR & Co. L.P.
2.85% of portfolio
 		SJM
J.M. Smucker Co
2.81% of portfolio
 		SWK
Stanley Black & Decker Inc.
2.80% of portfolio
 		MHK
Mohawk Industries
2.80% of portfolio
2020   Q2$45 M SNA
Snap-On Inc.
5.54% of portfolio
 		ORCL
Oracle Corp.
5.46% of portfolio
 		GS
Goldman Sachs Group
5.02% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.98% of portfolio
 		PARA
Paramount Global CL B
4.83% of portfolio
 		WU
Western Union Co.
4.83% of portfolio
 		BWA
BorgWarner Inc.
4.54% of portfolio
 		LAZ
Lazard Inc.
4.48% of portfolio
 		KKR
KKR & Co. L.P.
4.43% of portfolio
 		LMT
Lockheed Martin Corp.
3.85% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
3.82% of portfolio
 		JNJ
Johnson & Johnson
3.71% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.52% of portfolio
 		PGR
Progressive Corp.
3.41% of portfolio
 		SPHR
Sphere Entertainment Co.
3.35% of portfolio
 		ZBRA
Zebra Technologies Corp.
3.31% of portfolio
 		HNGR-OLD
Hanger Inc.
3.09% of portfolio
 		MOS
Mosaic Co.
2.98% of portfolio
 		BOKF
BOK Financial Corp.
2.97% of portfolio
 		SJM
J.M. Smucker Co
2.64% of portfolio
2020   Q1$40 M ORCL
Oracle Corp.
6.13% of portfolio
 		LMT
Lockheed Martin Corp.
5.65% of portfolio
 		KKR
KKR & Co. L.P.
5.59% of portfolio
 		SNA
Snap-On Inc.
5.26% of portfolio
 		WU
Western Union Co.
5.20% of portfolio
 		ZBH
Zimmer Biomet Holdings
5.19% of portfolio
 		JNJ
Johnson & Johnson
4.56% of portfolio
 		LAZ
Lazard Inc.
4.52% of portfolio
 		GS
Goldman Sachs Group
4.45% of portfolio
 		ZBRA
Zebra Technologies Corp.
4.32% of portfolio
 		PGR
Progressive Corp.
4.07% of portfolio
 		BWA
BorgWarner Inc.
3.80% of portfolio
 		HNGR-OLD
Hanger Inc.
3.55% of portfolio
 		PARA
Paramount Global CL B
3.53% of portfolio
 		SJM
J.M. Smucker Co
3.39% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.35% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
3.20% of portfolio
 		MOS
Mosaic Co.
3.18% of portfolio
 		FAF
First Amer'n Corp.
3.14% of portfolio
 		BOKF
BOK Financial Corp.
2.54% of portfolio
2019   Q4$61 M WU
Western Union Co.
5.56% of portfolio
 		KKR
KKR & Co. L.P.
5.48% of portfolio
 		PARA
Paramount Global CL B
5.40% of portfolio
 		SNA
Snap-On Inc.
5.36% of portfolio
 		ZBH
Zimmer Biomet Holdings
5.03% of portfolio
 		LAZ
Lazard Inc.
5.02% of portfolio
 		ORCL
Oracle Corp.
4.93% of portfolio
 		LMT
Lockheed Martin Corp.
4.44% of portfolio
 		BWA
BorgWarner Inc.
4.42% of portfolio
 		GS
Goldman Sachs Group
4.11% of portfolio
 		HNGR-OLD
Hanger Inc.
4.01% of portfolio
 		ZBRA
Zebra Technologies Corp.
3.94% of portfolio
 		MOS
Mosaic Co.
3.48% of portfolio
 		BOKF
BOK Financial Corp.
3.41% of portfolio
 		JNJ
Johnson & Johnson
3.33% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
3.24% of portfolio
 		BX
Blackstone Group
3.17% of portfolio
 		FAF
First Amer'n Corp.
3.03% of portfolio
 		LH
Laboratory Corp. of America Hldgs
2.94% of portfolio
 		SJM
J.M. Smucker Co
2.49% of portfolio
2019   Q3$55 M KKR
KKR & Co. L.P.
5.57% of portfolio
 		ORCL
Oracle Corp.
5.45% of portfolio
 		HNGR-OLD
Hanger Inc.
5.27% of portfolio
 		SNA
Snap-On Inc.
5.27% of portfolio
 		WU
Western Union Co.
4.99% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.90% of portfolio
 		LAZ
Lazard Inc.
4.67% of portfolio
 		LMT
Lockheed Martin Corp.
4.56% of portfolio
 		CBS
CBS Corp.
4.31% of portfolio
 		GS
Goldman Sachs Group
3.94% of portfolio
 		BWA
BorgWarner Inc.
3.76% of portfolio
 		ZBRA
Zebra Technologies Corp.
3.33% of portfolio
 		FAF
First Amer'n Corp.
3.26% of portfolio
 		MOS
Mosaic Co.
3.21% of portfolio
 		JNJ
Johnson & Johnson
3.12% of portfolio
 		BX
Blackstone Group
2.95% of portfolio
 		LH
Laboratory Corp. of America Hldgs
2.89% of portfolio
 		SJM
J.M. Smucker Co
2.81% of portfolio
 		PGR
Progressive Corp.
2.78% of portfolio
 		VIAB
Viacom Inc.
2.41% of portfolio
2019   Q2$57 M BX
Blackstone Group
6.09% of portfolio
 		ORCL
Oracle Corp.
5.51% of portfolio
 		SNA
Snap-On Inc.
5.45% of portfolio
 		HNGR-OLD
Hanger Inc.
5.28% of portfolio
 		CBS
CBS Corp.
5.20% of portfolio
 		KKR
KKR & Co. L.P.
5.12% of portfolio
 		BWA
BorgWarner Inc.
4.20% of portfolio
 		LMT
Lockheed Martin Corp.
4.15% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.10% of portfolio
 		WU
Western Union Co.
3.94% of portfolio
 		LAZ
Lazard Inc.
3.93% of portfolio
 		MOS
Mosaic Co.
3.83% of portfolio
 		GS
Goldman Sachs Group
3.80% of portfolio
 		ZBRA
Zebra Technologies Corp.
3.30% of portfolio
 		JNJ
Johnson & Johnson
3.27% of portfolio
 		FAF
First Amer'n Corp.
2.90% of portfolio
 		LH
Laboratory Corp. of America Hldgs
2.90% of portfolio
 		SJM
J.M. Smucker Co
2.87% of portfolio
 		PGR
Progressive Corp.
2.81% of portfolio
 		VIAB
Viacom Inc.
2.67% of portfolio
2019   Q1$53 M ORCL
Oracle Corp.
5.50% of portfolio
 		SNA
Snap-On Inc.
5.45% of portfolio
 		BX
Blackstone Group
5.21% of portfolio
 		HNGR-OLD
Hanger Inc.
5.17% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.71% of portfolio
 		MOS
Mosaic Co.
4.42% of portfolio
 		CBS
CBS Corp.
4.23% of portfolio
 		BWA
BorgWarner Inc.
4.07% of portfolio
 		WU
Western Union Co.
3.87% of portfolio
 		LAZ
Lazard Inc.
3.75% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.69% of portfolio
 		LMT
Lockheed Martin Corp.
3.63% of portfolio
 		GS
Goldman Sachs Group
3.52% of portfolio
 		KKR
KKR & Co. L.P.
3.51% of portfolio
 		ZBRA
Zebra Technologies Corp.
3.49% of portfolio
 		JNJ
Johnson & Johnson
3.48% of portfolio
 		SRCL
Stericycle Inc.
3.29% of portfolio
 		SJM
J.M. Smucker Co
3.07% of portfolio
 		FAF
First Amer'n Corp.
2.94% of portfolio
 		XOM
Exxon Mobil Corp.
2.80% of portfolio
2018   Q4$47 M HNGR-OLD
Hanger Inc.
5.56% of portfolio
 		SNA
Snap-On Inc.
5.45% of portfolio
 		ORCL
Oracle Corp.
5.27% of portfolio
 		MOS
Mosaic Co.
4.91% of portfolio
 		BX
Blackstone Group
4.80% of portfolio
 		CBS
CBS Corp.
4.44% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.36% of portfolio
 		LAZ
Lazard Inc.
4.36% of portfolio
 		BWA
BorgWarner Inc.
4.19% of portfolio
 		WU
Western Union Co.
4.07% of portfolio
 		JNJ
Johnson & Johnson
3.66% of portfolio
 		LMT
Lockheed Martin Corp.
3.60% of portfolio
 		GS
Goldman Sachs Group
3.49% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.47% of portfolio
 		KKR
KKR & Co. L.P.
3.34% of portfolio
 		XOM
Exxon Mobil Corp.
3.21% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
3.08% of portfolio
 		ZBRA
Zebra Technologies Corp.
3.02% of portfolio
 		FAF
First Amer'n Corp.
2.90% of portfolio
 		BK
Bank of New York Mellon Corp.
2.81% of portfolio
2018   Q3$64 M SNA
Snap-On Inc.
5.76% of portfolio
 		ORCL
Oracle Corp.
4.95% of portfolio
 		LAZ
Lazard Inc.
4.80% of portfolio
 		BX
Blackstone Group
4.76% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.66% of portfolio
 		HNGR-OLD
Hanger Inc.
4.59% of portfolio
 		CBS
CBS Corp.
4.26% of portfolio
 		MOS
Mosaic Co.
4.19% of portfolio
 		BWA
BorgWarner Inc.
4.16% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.06% of portfolio
 		LMT
Lockheed Martin Corp.
4.05% of portfolio
 		WU
Western Union Co.
3.86% of portfolio
 		KKR
KKR & Co. L.P.
3.71% of portfolio
 		JNJ
Johnson & Johnson
3.58% of portfolio
 		XOM
Exxon Mobil Corp.
3.47% of portfolio
 		ZBRA
Zebra Technologies Corp.
3.19% of portfolio
 		APA
APA Corp.
2.96% of portfolio
 		NOV
Nov Inc.
2.94% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
2.91% of portfolio
 		VIAB
Viacom Inc.
2.90% of portfolio
2018   Q2$59 M KKR
KKR & Co. L.P.
5.66% of portfolio
 		LH
Laboratory Corp. of America Hldgs
5.56% of portfolio
 		SNA
Snap-On Inc.
4.87% of portfolio
 		ORCL
Oracle Corp.
4.54% of portfolio
 		HNGR-OLD
Hanger Inc.
4.41% of portfolio
 		GOLD
Barrick Gold Corp.
4.39% of portfolio
 		BWA
BorgWarner Inc.
4.24% of portfolio
 		WU
Western Union Co.
4.15% of portfolio
 		LAZ
Lazard Inc.
4.13% of portfolio
 		MOS
Mosaic Co.
3.88% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.86% of portfolio
 		NOV
Nov Inc.
3.75% of portfolio
 		LMT
Lockheed Martin Corp.
3.71% of portfolio
 		XOM
Exxon Mobil Corp.
3.62% of portfolio
 		JNJ
Johnson & Johnson
3.37% of portfolio
 		APA
APA Corp.
3.12% of portfolio
 		NLSN-OLD
Nielsen Holdings plc
2.93% of portfolio
 		ZBRA
Zebra Technologies Corp.
2.77% of portfolio
 		SJM
J.M. Smucker Co
2.77% of portfolio
 		BK
Bank of New York Mellon Corp.
2.76% of portfolio
2018   Q1$56 M LH
Laboratory Corp. of America Hldgs
5.30% of portfolio
 		BWA
BorgWarner Inc.
5.22% of portfolio
 		ORCL
Oracle Corp.
4.98% of portfolio
 		KKR
KKR & Co. L.P.
4.89% of portfolio
 		LAZ
Lazard Inc.
4.70% of portfolio
 		LMT
Lockheed Martin Corp.
4.49% of portfolio
 		HNGR-OLD
Hanger Inc.
4.40% of portfolio
 		GOLD
Barrick Gold Corp.
4.40% of portfolio
 		WU
Western Union Co.
4.15% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.00% of portfolio
 		JNJ
Johnson & Johnson
3.76% of portfolio
 		MOS
Mosaic Co.
3.55% of portfolio
 		XOM
Exxon Mobil Corp.
3.45% of portfolio
 		SJM
J.M. Smucker Co
3.38% of portfolio
 		NOV
Nov Inc.
3.36% of portfolio
 		FAF
First Amer'n Corp.
3.15% of portfolio
 		SNA
Snap-On Inc.
3.13% of portfolio
 		GS
Goldman Sachs Group
2.87% of portfolio
 		ZBRA
Zebra Technologies Corp.
2.85% of portfolio
 		BK
Bank of New York Mellon Corp.
2.79% of portfolio
2017   Q4$56 M KKR
KKR & Co. L.P.
5.31% of portfolio
 		BWA
BorgWarner Inc.
5.29% of portfolio
 		LH
Laboratory Corp. of America Hldgs
5.20% of portfolio
 		ORCL
Oracle Corp.
5.13% of portfolio
 		LAZ
Lazard Inc.
5.11% of portfolio
 		GOLD
Barrick Gold Corp.
5.09% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.40% of portfolio
 		LMT
Lockheed Martin Corp.
4.24% of portfolio
 		JNJ
Johnson & Johnson
4.08% of portfolio
 		HNGR-OLD
Hanger Inc.
4.05% of portfolio
 		XOM
Exxon Mobil Corp.
3.85% of portfolio
 		WU
Western Union Co.
3.84% of portfolio
 		JPM
JPMorgan Chase & Co.
3.79% of portfolio
 		MOS
Mosaic Co.
3.74% of portfolio
 		IBM
International Business Machines
3.72% of portfolio
 		NOV
Nov Inc.
3.27% of portfolio
 		SWK
Stanley Black & Decker Inc.
3.04% of portfolio
 		FAF
First Amer'n Corp.
3.00% of portfolio
 		BK
Bank of New York Mellon Corp.
2.90% of portfolio
 		GS
Goldman Sachs Group
2.89% of portfolio
2017   Q3$55 M BWA
BorgWarner Inc.
5.94% of portfolio
 		KKR
KKR & Co. L.P.
5.29% of portfolio
 		ORCL
Oracle Corp.
5.12% of portfolio
 		CVS
CVS Health Corp.
5.06% of portfolio
 		GOLD
Barrick Gold Corp.
5.01% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.69% of portfolio
 		LMT
Lockheed Martin Corp.
4.45% of portfolio
 		LAZ
Lazard Inc.
4.39% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.34% of portfolio
 		WU
Western Union Co.
4.00% of portfolio
 		JNJ
Johnson & Johnson
3.92% of portfolio
 		XOM
Exxon Mobil Corp.
3.89% of portfolio
 		JPM
JPMorgan Chase & Co.
3.71% of portfolio
 		SWK
Stanley Black & Decker Inc.
3.69% of portfolio
 		IBM
International Business Machines
3.63% of portfolio
 		NOV
Nov Inc.
3.35% of portfolio
 		MOS
Mosaic Co.
3.24% of portfolio
 		GS
Goldman Sachs Group
3.03% of portfolio
 		BK
Bank of New York Mellon Corp.
2.94% of portfolio
 		FAF
First Amer'n Corp.
2.76% of portfolio
2017   Q2$54 M KKR
KKR & Co. L.P.
5.41% of portfolio
 		LH
Laboratory Corp. of America Hldgs
5.40% of portfolio
 		ORCL
Oracle Corp.
5.31% of portfolio
 		CVS
CVS Health Corp.
5.07% of portfolio
 		BWA
BorgWarner Inc.
5.01% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.86% of portfolio
 		LMT
Lockheed Martin Corp.
4.82% of portfolio
 		LAZ
Lazard Inc.
4.32% of portfolio
 		SWK
Stanley Black & Decker Inc.
4.14% of portfolio
 		JPM
JPMorgan Chase & Co.
4.14% of portfolio
 		JNJ
Johnson & Johnson
4.07% of portfolio
 		WU
Western Union Co.
4.05% of portfolio
 		GOLD
Barrick Gold Corp.
3.94% of portfolio
 		IBM
International Business Machines
3.93% of portfolio
 		XOM
Exxon Mobil Corp.
3.67% of portfolio
 		MOS
Mosaic Co.
3.50% of portfolio
 		NOV
Nov Inc.
3.15% of portfolio
 		BK
Bank of New York Mellon Corp.
3.11% of portfolio
 		HNGR-OLD
Hanger Inc.
2.91% of portfolio
 		GS
Goldman Sachs Group
2.89% of portfolio
2017   Q1$56 M SWK
Stanley Black & Decker Inc.
5.11% of portfolio
 		BWA
BorgWarner Inc.
5.11% of portfolio
 		KKR
KKR & Co. L.P.
5.02% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.83% of portfolio
 		IBM
International Business Machines
4.83% of portfolio
 		CVS
CVS Health Corp.
4.75% of portfolio
 		LMT
Lockheed Martin Corp.
4.75% of portfolio
 		ORCL
Oracle Corp.
4.72% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.63% of portfolio
 		GOLD
Barrick Gold Corp.
4.27% of portfolio
 		WU
Western Union Co.
4.15% of portfolio
 		JPM
JPMorgan Chase & Co.
3.82% of portfolio
 		JNJ
Johnson & Johnson
3.68% of portfolio
 		NOV
Nov Inc.
3.68% of portfolio
 		XOM
Exxon Mobil Corp.
3.58% of portfolio
 		MOS
Mosaic Co.
3.45% of portfolio
 		CAH
Cardinal Health Inc.
3.28% of portfolio
 		HNGR-OLD
Hanger Inc.
3.13% of portfolio
 		GS
Goldman Sachs Group
2.88% of portfolio
 		BK
Bank of New York Mellon Corp.
2.76% of portfolio
2016   Q4$50 M KKR
KKR & Co. L.P.
5.21% of portfolio
 		ZBH
Zimmer Biomet Holdings
5.16% of portfolio
 		WU
Western Union Co.
5.06% of portfolio
 		IBM
International Business Machines
5.01% of portfolio
 		BWA
BorgWarner Inc.
4.97% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.62% of portfolio
 		LMT
Lockheed Martin Corp.
4.61% of portfolio
 		ORCL
Oracle Corp.
4.55% of portfolio
 		SWK
Stanley Black & Decker Inc.
4.52% of portfolio
 		JPM
JPMorgan Chase & Co.
4.01% of portfolio
 		GS
Goldman Sachs Group
3.88% of portfolio
 		MOS
Mosaic Co.
3.74% of portfolio
 		NOV
Nov Inc.
3.64% of portfolio
 		GOLD
Barrick Gold Corp.
3.58% of portfolio
 		XOM
Exxon Mobil Corp.
3.43% of portfolio
 		BK
Bank of New York Mellon Corp.
3.10% of portfolio
 		AXE
Anixter International
2.84% of portfolio
 		MS
Morgan Stanley
2.79% of portfolio
 		APA
APA Corp.
2.78% of portfolio
 		PGR
Progressive Corp.
2.61% of portfolio
2016   Q3$47 M ZBH
Zimmer Biomet Holdings
5.22% of portfolio
 		WU
Western Union Co.
5.13% of portfolio
 		SWK
Stanley Black & Decker Inc.
5.13% of portfolio
 		KKR
KKR & Co. L.P.
5.11% of portfolio
 		IBM
International Business Machines
5.07% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.91% of portfolio
 		ORCL
Oracle Corp.
4.91% of portfolio
 		MS
Morgan Stanley
4.75% of portfolio
 		LMT
Lockheed Martin Corp.
4.67% of portfolio
 		STJ
St Jude Medical
4.30% of portfolio
 		BWA
BorgWarner Inc.
4.15% of portfolio
 		NOV
Nov Inc.
3.78% of portfolio
 		XOM
Exxon Mobil Corp.
3.51% of portfolio
 		GS
Goldman Sachs Group
3.34% of portfolio
 		GOLD
Barrick Gold Corp.
3.34% of portfolio
 		JPM
JPMorgan Chase & Co.
3.27% of portfolio
 		MOS
Mosaic Co.
3.06% of portfolio
 		APA
APA Corp.
2.96% of portfolio
 		BK
Bank of New York Mellon Corp.
2.76% of portfolio
 		JNJ
Johnson & Johnson
2.67% of portfolio
2016   Q2$44 M SWK
Stanley Black & Decker Inc.
5.69% of portfolio
 		ORCL
Oracle Corp.
5.48% of portfolio
 		IBM
International Business Machines
5.46% of portfolio
 		LMT
Lockheed Martin Corp.
5.28% of portfolio
 		WU
Western Union Co.
5.26% of portfolio
 		ZBH
Zimmer Biomet Holdings
5.18% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.99% of portfolio
 		STJ
St Jude Medical
4.24% of portfolio
 		MS
Morgan Stanley
4.12% of portfolio
 		GOLD
Barrick Gold Corp.
4.11% of portfolio
 		XOM
Exxon Mobil Corp.
4.03% of portfolio
 		KKR
KKR & Co. L.P.
3.70% of portfolio
 		NOV
Nov Inc.
3.70% of portfolio
 		MOS
Mosaic Co.
3.62% of portfolio
 		GS
Goldman Sachs Group
3.30% of portfolio
 		JPM
JPMorgan Chase & Co.
3.26% of portfolio
 		BWA
BorgWarner Inc.
3.03% of portfolio
 		JNJ
Johnson & Johnson
2.94% of portfolio
 		BK
Bank of New York Mellon Corp.
2.88% of portfolio
 		PGR
Progressive Corp.
2.79% of portfolio
2016   Q1$43 M WU
Western Union Co.
5.78% of portfolio
 		ORCL
Oracle Corp.
5.69% of portfolio
 		IBM
International Business Machines
5.66% of portfolio
 		SWK
Stanley Black & Decker Inc.
5.59% of portfolio
 		LMT
Lockheed Martin Corp.
5.16% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.51% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.41% of portfolio
 		XOM
Exxon Mobil Corp.
3.97% of portfolio
 		MOS
Mosaic Co.
3.87% of portfolio
 		GOLD
Barrick Gold Corp.
3.83% of portfolio
 		JNJ
Johnson & Johnson
3.79% of portfolio
 		KKR
KKR & Co. L.P.
3.76% of portfolio
 		GS
Goldman Sachs Group
3.62% of portfolio
 		NOV
Nov Inc.
3.55% of portfolio
 		MS
Morgan Stanley
3.33% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
3.25% of portfolio
 		JPM
JPMorgan Chase & Co.
3.23% of portfolio
 		PGR
Progressive Corp.
3.04% of portfolio
 		BWA
BorgWarner Inc.
2.94% of portfolio
 		MSFT
Microsoft Corp.
2.91% of portfolio
2015   Q4$43 M SWK
Stanley Black & Decker Inc.
6.20% of portfolio
 		LMT
Lockheed Martin Corp.
5.72% of portfolio
 		WU
Western Union Co.
5.71% of portfolio
 		ORCL
Oracle Corp.
5.52% of portfolio
 		IBM
International Business Machines
5.15% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.65% of portfolio
 		XOM
Exxon Mobil Corp.
4.42% of portfolio
 		JNJ
Johnson & Johnson
4.30% of portfolio
 		GS
Goldman Sachs Group
4.15% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.10% of portfolio
 		MOS
Mosaic Co.
3.96% of portfolio
 		NOV
Nov Inc.
3.83% of portfolio
 		MS
Morgan Stanley
3.61% of portfolio
 		JPM
JPMorgan Chase & Co.
3.60% of portfolio
 		MSFT
Microsoft Corp.
3.18% of portfolio
 		BK
Bank of New York Mellon Corp.
3.17% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
3.15% of portfolio
 		HNGR-OLD
Hanger Inc.
2.80% of portfolio
 		PGR
Progressive Corp.
2.75% of portfolio
 		AXE
Anixter International
2.71% of portfolio
2015   Q3$43 M LMT
Lockheed Martin Corp.
6.23% of portfolio
 		SWK
Stanley Black & Decker Inc.
6.05% of portfolio
 		WU
Western Union Co.
5.90% of portfolio
 		ORCL
Oracle Corp.
5.53% of portfolio
 		IBM
International Business Machines
5.50% of portfolio
 		NOV
Nov Inc.
4.49% of portfolio
 		NWL
Newell Brands Inc.
4.32% of portfolio
 		XOM
Exxon Mobil Corp.
4.23% of portfolio
 		LH
Laboratory Corp. of America Hldgs
4.11% of portfolio
 		GS
Goldman Sachs Group
3.97% of portfolio
 		JNJ
Johnson & Johnson
3.91% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.76% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
3.70% of portfolio
 		MOS
Mosaic Co.
3.53% of portfolio
 		MS
Morgan Stanley
3.36% of portfolio
 		JPM
JPMorgan Chase & Co.
3.34% of portfolio
 		MSFT
Microsoft Corp.
3.14% of portfolio
 		KMT
Kennametal Inc.
3.02% of portfolio
 		BK
Bank of New York Mellon Corp.
3.01% of portfolio
 		PGR
Progressive Corp.
2.66% of portfolio
2015   Q2$61 M SWK
Stanley Black & Decker Inc.
5.78% of portfolio
 		WU
Western Union Co.
5.35% of portfolio
 		ORCL
Oracle Corp.
4.93% of portfolio
 		IBM
International Business Machines
4.84% of portfolio
 		CVS
CVS Health Corp.
4.76% of portfolio
 		LMT
Lockheed Martin Corp.
4.71% of portfolio
 		NOV
Nov Inc.
4.45% of portfolio
 		MOS
Mosaic Co.
4.14% of portfolio
 		NWL
Newell Brands Inc.
4.12% of portfolio
 		GS
Goldman Sachs Group
3.88% of portfolio
 		XOM
Exxon Mobil Corp.
3.86% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.75% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
3.65% of portfolio
 		JNJ
Johnson & Johnson
3.51% of portfolio
 		KMT
Kennametal Inc.
3.39% of portfolio
 		MS
Morgan Stanley
3.38% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.32% of portfolio
 		JPM
JPMorgan Chase & Co.
3.02% of portfolio
 		PIR
Pier 1 Imports
2.94% of portfolio
 		HNGR-OLD
Hanger Inc.
2.79% of portfolio
2015   Q1$64 M WU
Western Union Co.
6.25% of portfolio
 		SWK
Stanley Black & Decker Inc.
6.04% of portfolio
 		ORCL
Oracle Corp.
5.24% of portfolio
 		LMT
Lockheed Martin Corp.
5.09% of portfolio
 		IBM
International Business Machines
4.72% of portfolio
 		CVS
CVS Health Corp.
4.63% of portfolio
 		NOV
Nov Inc.
4.36% of portfolio
 		MOS
Mosaic Co.
4.11% of portfolio
 		NWL
Newell Brands Inc.
3.94% of portfolio
 		XOM
Exxon Mobil Corp.
3.93% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.89% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.59% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
3.59% of portfolio
 		GS
Goldman Sachs Group
3.48% of portfolio
 		JNJ
Johnson & Johnson
3.43% of portfolio
 		PIR
Pier 1 Imports
3.31% of portfolio
 		KMT
Kennametal Inc.
3.17% of portfolio
 		MS
Morgan Stanley
3.13% of portfolio
 		JPM
JPMorgan Chase & Co.
2.74% of portfolio
 		BK
Bank of New York Mellon Corp.
2.57% of portfolio
2014   Q4$67 M SWK
Stanley Black & Decker Inc.
5.87% of portfolio
 		ORCL
Oracle Corp.
5.27% of portfolio
 		WU
Western Union Co.
5.19% of portfolio
 		NOV
Nov Inc.
4.68% of portfolio
 		LMT
Lockheed Martin Corp.
4.66% of portfolio
 		CVS
CVS Health Corp.
4.63% of portfolio
 		IBM
International Business Machines
4.36% of portfolio
 		XOM
Exxon Mobil Corp.
4.13% of portfolio
 		MOS
Mosaic Co.
3.93% of portfolio
 		NWL
Newell Brands Inc.
3.71% of portfolio
 		PIR
Pier 1 Imports
3.52% of portfolio
 		GS
Goldman Sachs Group
3.47% of portfolio
 		JNJ
Johnson & Johnson
3.44% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
3.43% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.34% of portfolio
 		MS
Morgan Stanley
3.28% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.21% of portfolio
 		KMT
Kennametal Inc.
2.98% of portfolio
 		HNGR-OLD
Hanger Inc.
2.87% of portfolio
 		MSFT
Microsoft Corp.
2.76% of portfolio
2014   Q3$66 M SWK
Stanley Black & Decker Inc.
5.50% of portfolio
 		LMT
Lockheed Martin Corp.
5.28% of portfolio
 		IBM
International Business Machines
5.22% of portfolio
 		NOV
Nov Inc.
4.92% of portfolio
 		WU
Western Union Co.
4.80% of portfolio
 		ORCL
Oracle Corp.
4.67% of portfolio
 		XOM
Exxon Mobil Corp.
4.25% of portfolio
 		CVS
CVS Health Corp.
4.05% of portfolio
 		MOS
Mosaic Co.
3.96% of portfolio
 		MSFT
Microsoft Corp.
3.62% of portfolio
 		JNJ
Johnson & Johnson
3.55% of portfolio
 		NWL
Newell Brands Inc.
3.39% of portfolio
 		TGT
Target Corp.
3.33% of portfolio
 		GS
Goldman Sachs Group
3.32% of portfolio
 		KMT
Kennametal Inc.
3.19% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.17% of portfolio
 		APA
APA Corp.
3.07% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.00% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
3.00% of portfolio
 		MS
Morgan Stanley
2.96% of portfolio
2014   Q2$65 M SWK
Stanley Black & Decker Inc.
5.53% of portfolio
 		NOV
Nov Inc.
5.42% of portfolio
 		WU
Western Union Co.
5.29% of portfolio
 		MSFT
Microsoft Corp.
5.21% of portfolio
 		LMT
Lockheed Martin Corp.
5.00% of portfolio
 		IBM
International Business Machines
4.82% of portfolio
 		XOM
Exxon Mobil Corp.
4.32% of portfolio
 		MOS
Mosaic Co.
4.30% of portfolio
 		CVS
CVS Health Corp.
3.92% of portfolio
 		JNJ
Johnson & Johnson
3.84% of portfolio
 		CHK
Chesapeake Energy
3.68% of portfolio
 		ORCL
Oracle Corp.
3.46% of portfolio
 		TGT
Target Corp.
3.37% of portfolio
 		APA
APA Corp.
3.35% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.25% of portfolio
 		GOLD
Barrick Gold Corp.
3.17% of portfolio
 		IGT
International Game Technology
3.15% of portfolio
 		NWL
Newell Brands Inc.
3.11% of portfolio
 		GS
Goldman Sachs Group
3.08% of portfolio
 		MS
Morgan Stanley
2.81% of portfolio
2014   Q1$61 M IBM
International Business Machines
5.47% of portfolio
 		MSFT
Microsoft Corp.
5.46% of portfolio
 		LMT
Lockheed Martin Corp.
5.42% of portfolio
 		NOV
Nov Inc.
5.14% of portfolio
 		WU
Western Union Co.
5.01% of portfolio
 		DTV
DIRECTV Group Inc.
5.00% of portfolio
 		SWK
Stanley Black & Decker Inc.
4.75% of portfolio
 		XOM
Exxon Mobil Corp.
4.47% of portfolio
 		CVS
CVS Health Corp.
4.15% of portfolio
 		JNJ
Johnson & Johnson
3.84% of portfolio
 		TGT
Target Corp.
3.76% of portfolio
 		LH
Laboratory Corp. of America Hldgs
3.32% of portfolio
 		CHK
Chesapeake Energy
3.24% of portfolio
 		MOS
Mosaic Co.
3.23% of portfolio
 		ORCL
Oracle Corp.
3.19% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.04% of portfolio
 		APA
APA Corp.
2.94% of portfolio
 		JPM
JPMorgan Chase & Co.
2.91% of portfolio
 		MS
Morgan Stanley
2.89% of portfolio
 		IGT
International Game Technology
2.69% of portfolio
2013   Q4$57 M LMT
Lockheed Martin Corp.
5.87% of portfolio
 		IBM
International Business Machines
5.39% of portfolio
 		MSFT
Microsoft Corp.
5.24% of portfolio
 		NOV
Nov Inc.
5.15% of portfolio
 		DTV
DIRECTV Group Inc.
5.05% of portfolio
 		WU
Western Union Co.
4.82% of portfolio
 		SWK
Stanley Black & Decker Inc.
4.77% of portfolio
 		CVS
CVS Health Corp.
4.24% of portfolio
 		TGT
Target Corp.
4.16% of portfolio
 		JNJ
Johnson & Johnson
3.83% of portfolio
 		XOM
Exxon Mobil Corp.
3.66% of portfolio
 		CHK
Chesapeake Energy
3.46% of portfolio
 		HSP
Hospira Inc.
3.33% of portfolio
 		SNA
Snap-On Inc.
3.09% of portfolio
 		MOS
Mosaic Co.
3.05% of portfolio
 		JPM
JPMorgan Chase & Co.
2.99% of portfolio
 		GS
Goldman Sachs Group
2.97% of portfolio
 		ZBH
Zimmer Biomet Holdings
2.96% of portfolio
 		APOL
Apollo Education Group Inc.
2.91% of portfolio
 		MS
Morgan Stanley
2.84% of portfolio
2013   Q3$51 M SWK
Stanley Black & Decker Inc.
5.90% of portfolio
 		IBM
International Business Machines
5.86% of portfolio
 		NOV
Nov Inc.
5.83% of portfolio
 		WU
Western Union Co.
5.78% of portfolio
 		MSFT
Microsoft Corp.
5.64% of portfolio
 		LMT
Lockheed Martin Corp.
5.55% of portfolio
 		TGT
Target Corp.
4.03% of portfolio
 		JNJ
Johnson & Johnson
3.99% of portfolio
 		SNA
Snap-On Inc.
3.65% of portfolio
 		WBA
Walgreens Boots Alliance
3.64% of portfolio
 		CHK
Chesapeake Energy
3.63% of portfolio
 		HSP
Hospira Inc.
3.48% of portfolio
 		GS
Goldman Sachs Group
3.44% of portfolio
 		XOM
Exxon Mobil Corp.
3.43% of portfolio
 		MS
Morgan Stanley
3.31% of portfolio
 		APOL
Apollo Education Group Inc.
3.27% of portfolio
 		DTV
DIRECTV Group Inc.
3.17% of portfolio
 		JPM
JPMorgan Chase & Co.
2.91% of portfolio
 		ZBH
Zimmer Biomet Holdings
2.87% of portfolio
 		ITW
Illinois Tool Works
2.74% of portfolio
2013   Q2$48 M WU
Western Union Co.
6.48% of portfolio
 		MSFT
Microsoft Corp.
6.26% of portfolio
 		NOV
Nov Inc.
5.53% of portfolio
 		SWK
Stanley Black & Decker Inc.
5.42% of portfolio
 		JNJ
Johnson & Johnson
5.28% of portfolio
 		WBA
Walgreens Boots Alliance
5.11% of portfolio
 		LMT
Lockheed Martin Corp.
5.08% of portfolio
 		OMC
Omnicom Group
4.69% of portfolio
 		TGT
Target Corp.
4.67% of portfolio
 		IBM
International Business Machines
4.28% of portfolio
 		XOM
Exxon Mobil Corp.
3.87% of portfolio
 		MS
Morgan Stanley
3.71% of portfolio
 		GS
Goldman Sachs Group
3.54% of portfolio
 		SNA
Snap-On Inc.
3.53% of portfolio
 		APOL
Apollo Education Group Inc.
3.29% of portfolio
 		JPM
JPMorgan Chase & Co.
3.20% of portfolio
 		HSP
Hospira Inc.
3.11% of portfolio
 		CHK
Chesapeake Energy
3.08% of portfolio
 		BX
Blackstone Group
2.92% of portfolio
 		ITW
Illinois Tool Works
2.68% of portfolio
2013   Q1$46 M MSFT
Microsoft Corp.
6.14% of portfolio
 		WBA
Walgreens Boots Alliance
5.72% of portfolio
 		JNJ
Johnson & Johnson
5.45% of portfolio
 		WU
Western Union Co.
4.90% of portfolio
 		TGT
Target Corp.
4.81% of portfolio
 		LMT
Lockheed Martin Corp.
4.69% of portfolio
 		OMC
Omnicom Group
4.56% of portfolio
 		NOV
Nov Inc.
4.10% of portfolio
 		XOM
Exxon Mobil Corp.
4.01% of portfolio
 		JPM
JPMorgan Chase & Co.
3.98% of portfolio
 		GS
Goldman Sachs Group
3.83% of portfolio
 		MS
Morgan Stanley
3.74% of portfolio
 		KKR
KKR & Co. L.P.
3.59% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.49% of portfolio
 		IBM
International Business Machines
3.47% of portfolio
 		SNA
Snap-On Inc.
3.39% of portfolio
 		CHK
Chesapeake Energy
3.20% of portfolio
 		BX
Blackstone Group
3.15% of portfolio
 		SWK
Stanley Black & Decker Inc.
3.07% of portfolio
 		NTRS
Northern Trust Corp.
2.91% of portfolio
2012   Q4$42 M MSFT
Microsoft Corp.
5.19% of portfolio
 		MS
Morgan Stanley
5.10% of portfolio
 		LMT
Lockheed Martin Corp.
4.95% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.93% of portfolio
 		WBA
Walgreens Boots Alliance
4.90% of portfolio
 		GS
Goldman Sachs Group
4.64% of portfolio
 		TGT
Target Corp.
4.59% of portfolio
 		WU
Western Union Co.
4.28% of portfolio
 		OMC
Omnicom Group
4.27% of portfolio
 		JNJ
Johnson & Johnson
4.24% of portfolio
 		XOM
Exxon Mobil Corp.
4.24% of portfolio
 		JPM
JPMorgan Chase & Co.
4.07% of portfolio
 		DELL-OLD
Dell Inc.
3.87% of portfolio
 		SNA
Snap-On Inc.
3.57% of portfolio
 		KKR
KKR & Co. L.P.
3.53% of portfolio
 		IBM
International Business Machines
3.44% of portfolio
 		BK
Bank of New York Mellon Corp.
3.21% of portfolio
 		CHK
Chesapeake Energy
2.99% of portfolio
 		NTRS
Northern Trust Corp.
2.95% of portfolio
 		ATGE
Adtalem Global Education
2.82% of portfolio
2012   Q3$44 M MSFT
Microsoft Corp.
5.53% of portfolio
 		TGT
Target Corp.
5.24% of portfolio
 		ZBH
Zimmer Biomet Holdings
5.03% of portfolio
 		WBA
Walgreens Boots Alliance
4.86% of portfolio
 		XOM
Exxon Mobil Corp.
4.83% of portfolio
 		LMT
Lockheed Martin Corp.
4.78% of portfolio
 		OMC
Omnicom Group
4.46% of portfolio
 		MS
Morgan Stanley
4.39% of portfolio
 		KKR
KKR & Co. L.P.
4.36% of portfolio
 		JNJ
Johnson & Johnson
3.99% of portfolio
 		GS
Goldman Sachs Group
3.95% of portfolio
 		WU
Western Union Co.
3.88% of portfolio
 		DELL-OLD
Dell Inc.
3.60% of portfolio
 		JPM
JPMorgan Chase & Co.
3.58% of portfolio
 		IBM
International Business Machines
3.56% of portfolio
 		CHK
Chesapeake Energy
3.51% of portfolio
 		BK
Bank of New York Mellon Corp.
3.49% of portfolio
 		SNA
Snap-On Inc.
3.11% of portfolio
 		AFL
AFLAC Inc.
2.99% of portfolio
 		NTRS
Northern Trust Corp.
2.61% of portfolio
2012   Q2$43 M MSFT
Microsoft Corp.
6.66% of portfolio
 		TGT
Target Corp.
5.76% of portfolio
 		ZBH
Zimmer Biomet Holdings
5.17% of portfolio
 		WBA
Walgreens Boots Alliance
5.11% of portfolio
 		DELL-OLD
Dell Inc.
5.09% of portfolio
 		LMT
Lockheed Martin Corp.
4.84% of portfolio
 		XOM
Exxon Mobil Corp.
4.82% of portfolio
 		MS
Morgan Stanley
4.62% of portfolio
 		JNJ
Johnson & Johnson
4.48% of portfolio
 		OMC
Omnicom Group
4.39% of portfolio
 		NTRS
Northern Trust Corp.
3.82% of portfolio
 		KKR
KKR & Co. L.P.
3.76% of portfolio
 		CHK
Chesapeake Energy
3.51% of portfolio
 		JPM
JPMorgan Chase & Co.
3.43% of portfolio
 		BK
Bank of New York Mellon Corp.
3.43% of portfolio
 		IBM
International Business Machines
3.40% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.19% of portfolio
 		ACN
Accenture
3.08% of portfolio
 		ATGE
Adtalem Global Education
3.06% of portfolio
 		APOL
Apollo Education Group Inc.
2.90% of portfolio
2012   Q1$46 M MSFT
Microsoft Corp.
6.56% of portfolio
 		TGT
Target Corp.
5.85% of portfolio
 		DELL-OLD
Dell Inc.
5.67% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.83% of portfolio
 		LMT
Lockheed Martin Corp.
4.67% of portfolio
 		XOM
Exxon Mobil Corp.
4.56% of portfolio
 		TYC
Tyco International
4.49% of portfolio
 		OMC
Omnicom Group
4.28% of portfolio
 		GS
Goldman Sachs Group
4.20% of portfolio
 		CHK
Chesapeake Energy
4.08% of portfolio
 		JNJ
Johnson & Johnson
4.08% of portfolio
 		MS
Morgan Stanley
3.78% of portfolio
 		NTRS
Northern Trust Corp.
3.68% of portfolio
 		BK
Bank of New York Mellon Corp.
3.52% of portfolio
 		IBM
International Business Machines
3.39% of portfolio
 		WBA
Walgreens Boots Alliance
3.28% of portfolio
 		KKR
KKR & Co. L.P.
3.15% of portfolio
 		ATGE
Adtalem Global Education
3.13% of portfolio
 		ACN
Accenture
3.08% of portfolio
 		HSP
Hospira Inc.
3.08% of portfolio
2011   Q4$43 M MSFT
Microsoft Corp.
6.16% of portfolio
 		DELL-OLD
Dell Inc.
5.71% of portfolio
 		XOM
Exxon Mobil Corp.
5.47% of portfolio
 		TGT
Target Corp.
5.03% of portfolio
 		OMC
Omnicom Group
4.63% of portfolio
 		JNJ
Johnson & Johnson
4.39% of portfolio
 		ZBH
Zimmer Biomet Holdings
4.34% of portfolio
 		LMT
Lockheed Martin Corp.
4.12% of portfolio
 		TYC
Tyco International
4.03% of portfolio
 		IBM
International Business Machines
3.87% of portfolio
 		HSP
Hospira Inc.
3.83% of portfolio
 		GS
Goldman Sachs Group
3.79% of portfolio
 		MS
Morgan Stanley
3.71% of portfolio
 		CCL
Carnival Corp.
3.43% of portfolio
 		ATGE
Adtalem Global Education
3.40% of portfolio
 		AFL
AFLAC Inc.
3.32% of portfolio
 		CHK
Chesapeake Energy
3.29% of portfolio
 		BK
Bank of New York Mellon Corp.
3.14% of portfolio
 		ACN
Accenture
3.09% of portfolio
 		WBA
Walgreens Boots Alliance
3.01% of portfolio
2011   Q3$43 M MSFT
Microsoft Corp.
6.36% of portfolio
 		IBM
International Business Machines
5.80% of portfolio
 		DELL-OLD
Dell Inc.
5.75% of portfolio
 		TGT
Target Corp.
5.23% of portfolio
 		XOM
Exxon Mobil Corp.
5.15% of portfolio
 		ABT
Abbott Labs
4.47% of portfolio
 		JNJ
Johnson & Johnson
4.28% of portfolio
 		CCL
Carnival Corp.
4.26% of portfolio
 		OMC
Omnicom Group
4.12% of portfolio
 		WBA
Walgreens Boots Alliance
4.03% of portfolio
 		GS
Goldman Sachs Group
3.97% of portfolio
 		LMT
Lockheed Martin Corp.
3.96% of portfolio
 		ZBH
Zimmer Biomet Holdings
3.82% of portfolio
 		CHK
Chesapeake Energy
3.79% of portfolio
 		TYC
Tyco International
3.73% of portfolio
 		MS
Morgan Stanley
3.32% of portfolio
 		BAX
Baxter International Inc.
3.09% of portfolio
 		ACN
Accenture
3.07% of portfolio
 		BK
Bank of New York Mellon Corp.
2.94% of portfolio
 		JPM
JPMorgan Chase & Co.
2.89% of portfolio
2011   Q2$50 M MSFT
Microsoft Corp.
6.17% of portfolio
 		IBM
International Business Machines
6.17% of portfolio
 		ZBH
Zimmer Biomet Holdings
5.49% of portfolio
 		JNJ
Johnson & Johnson
5.33% of portfolio
 		DELL-OLD
Dell Inc.
5.13% of portfolio
 		BAX
Baxter International Inc.
4.99% of portfolio
 		XOM
Exxon Mobil Corp.
4.96% of portfolio
 		OMC
Omnicom Group
4.63% of portfolio
 		WBA
Walgreens Boots Alliance
4.47% of portfolio
 		GS
Goldman Sachs Group
4.17% of portfolio
 		MS
Morgan Stanley
3.99% of portfolio
 		ABT
Abbott Labs
3.95% of portfolio
 		TYC
Tyco International
3.89% of portfolio
 		BK
Bank of New York Mellon Corp.
3.87% of portfolio
 		LMT
Lockheed Martin Corp.
3.79% of portfolio
 		CHK
Chesapeake Energy
3.78% of portfolio
 		JPM
JPMorgan Chase & Co.
3.76% of portfolio
 		APOL
Apollo Education Group Inc.
3.76% of portfolio
 		ACN
Accenture
3.62% of portfolio
 		CCL
Carnival Corp.
3.59% of portfolio
2011   Q1$55 M XOM
Exxon Mobil Corp.
6.31% of portfolio
 		IBM
International Business Machines
5.98% of portfolio
 		ZBH
Zimmer Biomet Holdings
5.65% of portfolio
 		WBA
Walgreens Boots Alliance
5.23% of portfolio
 		MSFT
Microsoft Corp.
5.13% of portfolio
 		JNJ
Johnson & Johnson
4.82% of portfolio
 		OMC
Omnicom Group
4.80% of portfolio
 		APOL
Apollo Education Group Inc.
4.75% of portfolio
 		BK
Bank of New York Mellon Corp.
4.73% of portfolio
 		TYC
Tyco International
4.70% of portfolio
 		BAX
Baxter International Inc.
4.69% of portfolio
 		DELL-OLD
Dell Inc.
4.66% of portfolio
 		JPM
JPMorgan Chase & Co.
4.43% of portfolio
 		MS
Morgan Stanley
4.35% of portfolio
 		ACN
Accenture
4.27% of portfolio
 		GS
Goldman Sachs Group
3.89% of portfolio
 		LMT
Lockheed Martin Corp.
3.84% of portfolio
 		ABT
Abbott Labs
3.80% of portfolio
 		CCL
Carnival Corp.
3.78% of portfolio
 		AFL
AFLAC Inc.
3.76% of portfolio
2010   Q4$54 M WBA
Walgreens Boots Alliance
5.86% of portfolio
 		XOM
Exxon Mobil Corp.
5.77% of portfolio
 		IBM
International Business Machines
5.42% of portfolio
 		JNJ
Johnson & Johnson
5.20% of portfolio
 		ZBH
Zimmer Biomet Holdings
5.05% of portfolio
 		TYC
Tyco International
5.00% of portfolio
 		BK
Bank of New York Mellon Corp.
4.82% of portfolio
 		OMC
Omnicom Group
4.62% of portfolio
 		CCL
Carnival Corp.
4.58% of portfolio
 		MS
Morgan Stanley
4.52% of portfolio
 		GS
Goldman Sachs Group
4.48% of portfolio
 		BAX
Baxter International Inc.
4.45% of portfolio
 		JPM
JPMorgan Chase & Co.
4.27% of portfolio
 		MSFT
Microsoft Corp.
4.26% of portfolio
 		DELL-OLD
Dell Inc.
4.09% of portfolio
 		AFL
AFLAC Inc.
4.06% of portfolio
 		ACN
Accenture
4.05% of portfolio
 		ATGE
Adtalem Global Education
3.84% of portfolio
 		C
Citigroup Inc.
3.57% of portfolio
 		TM
Toyota Motor Corp.
3.08% of portfolio
2010   Q3$53 M JNJ
Johnson & Johnson
6.06% of portfolio
 		IBM
International Business Machines
5.77% of portfolio
 		WBA
Walgreens Boots Alliance
5.71% of portfolio
 		OMC
Omnicom Group
5.41% of portfolio
 		XOM
Exxon Mobil Corp.
5.40% of portfolio
 		BK
Bank of New York Mellon Corp.
4.56% of portfolio
 		TYC
Tyco International
4.53% of portfolio
 		BAX
Baxter International Inc.
4.49% of portfolio
 		APOL
Apollo Education Group Inc.
4.42% of portfolio
 		DELL-OLD
Dell Inc.
4.33% of portfolio
 		MS
Morgan Stanley
4.27% of portfolio
 		CCL
Carnival Corp.
4.22% of portfolio
 		AFL
AFLAC Inc.
4.19% of portfolio
 		GS
Goldman Sachs Group
4.15% of portfolio
 		JPM
JPMorgan Chase & Co.
4.11% of portfolio
 		ACN
Accenture
4.01% of portfolio
 		COV-OLD
Covidien Plc.
3.91% of portfolio
 		IPG
Interpublic Group
3.84% of portfolio
 		DIS
Walt Disney Co.
3.70% of portfolio
 		MSFT
Microsoft Corp.
3.47% of portfolio
2010   Q2$48 M JNJ
Johnson & Johnson
6.38% of portfolio
 		HEW
Hewitt Associates Inc.
5.61% of portfolio
 		IBM
International Business Machines
5.40% of portfolio
 		MRK
Merck & Co.
5.17% of portfolio
 		XOM
Exxon Mobil Corp.
5.00% of portfolio
 		TYC
Tyco International
4.79% of portfolio
 		OMC
Omnicom Group
4.75% of portfolio
 		LMT
Lockheed Martin Corp.
4.46% of portfolio
 		DELL-OLD
Dell Inc.
4.45% of portfolio
 		MS
Morgan Stanley
4.44% of portfolio
 		DIS
Walt Disney Co.
4.35% of portfolio
 		BAX
Baxter International Inc.
4.25% of portfolio
 		BK
Bank of New York Mellon Corp.
4.22% of portfolio
 		APOL
Apollo Education Group Inc.
4.04% of portfolio
 		ACN
Accenture
4.03% of portfolio
 		JPM
JPMorgan Chase & Co.
3.84% of portfolio
 		IPG
Interpublic Group
3.84% of portfolio
 		AFL
AFLAC Inc.
3.82% of portfolio
 		HES
Hess Corp.
3.82% of portfolio
 		COV-OLD
Covidien Plc.
3.74% of portfolio
2010   Q1$40 M JNJ
Johnson & Johnson
5.75% of portfolio
 		OMC
Omnicom Group
5.38% of portfolio
 		ACN
Accenture
5.15% of portfolio
 		TYC
Tyco International
4.98% of portfolio
 		AFL
AFLAC Inc.
4.94% of portfolio
 		APOL
Apollo Education Group Inc.
4.94% of portfolio
 		IBM
International Business Machines
4.81% of portfolio
 		DELL-OLD
Dell Inc.
4.69% of portfolio
 		MS
Morgan Stanley
4.68% of portfolio
 		DIS
Walt Disney Co.
4.56% of portfolio
 		BK
Bank of New York Mellon Corp.
4.53% of portfolio
 		XOM
Exxon Mobil Corp.
4.44% of portfolio
 		HEW
Hewitt Associates Inc.
4.35% of portfolio
 		MRK
Merck & Co.
4.21% of portfolio
 		LMT
Lockheed Martin Corp.
4.21% of portfolio
 		HES
Hess Corp.
4.05% of portfolio
 		CCL
Carnival Corp.
4.01% of portfolio
 		COV-OLD
Covidien Plc.
3.99% of portfolio
 		IPG
Interpublic Group
3.84% of portfolio
 		JPM
JPMorgan Chase & Co.
3.37% of portfolio
2009   Q4$37 M JNJ
Johnson & Johnson
6.32% of portfolio
 		ACN
Accenture
5.67% of portfolio
 		OMC
Omnicom Group
5.23% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.00% of portfolio
 		TYC
Tyco International
4.97% of portfolio
 		AFL
AFLAC Inc.
4.94% of portfolio
 		XOM
Exxon Mobil Corp.
4.83% of portfolio
 		DELL-OLD
Dell Inc.
4.80% of portfolio
 		APOL
Apollo Education Group Inc.
4.75% of portfolio
 		IBM
International Business Machines
4.62% of portfolio
 		MS
Morgan Stanley
4.55% of portfolio
 		DIS
Walt Disney Co.
4.51% of portfolio
 		MRK
Merck & Co.
4.41% of portfolio
 		HES
Hess Corp.
4.19% of portfolio
 		LMT
Lockheed Martin Corp.
4.08% of portfolio
 		COV-OLD
Covidien Plc.
4.06% of portfolio
 		BK
Bank of New York Mellon Corp.
3.62% of portfolio
 		CCL
Carnival Corp.
3.49% of portfolio
 		JPM
JPMorgan Chase & Co.
3.36% of portfolio
 		BAX
Baxter International Inc.
3.19% of portfolio
2009   Q3$34 M BRK.B
Berkshire Hathaway CL B
6.47% of portfolio
 		JNJ
Johnson & Johnson
6.44% of portfolio
 		IMS
IMS Health Holdings
5.91% of portfolio
 		ACN
Accenture
5.75% of portfolio
 		OMC
Omnicom Group
5.33% of portfolio
 		DELL-OLD
Dell Inc.
5.19% of portfolio
 		TYC
Tyco International
5.18% of portfolio
 		MS
Morgan Stanley
5.12% of portfolio
 		AFL
AFLAC Inc.
4.92% of portfolio
 		XOM
Exxon Mobil Corp.
4.83% of portfolio
 		CCL
Carnival Corp.
4.78% of portfolio
 		DIS
Walt Disney Co.
4.14% of portfolio
 		MRK
Merck & Co.
4.12% of portfolio
 		COV-OLD
Covidien Plc.
3.96% of portfolio
 		JPM
JPMorgan Chase & Co.
3.81% of portfolio
 		HES
Hess Corp.
3.42% of portfolio
 		IBM
International Business Machines
3.30% of portfolio
 		EBAY
eBay Inc.
3.20% of portfolio
 		TIF
Tiffany & Co.
3.08% of portfolio
 		WM
Waste Management Inc.
2.99% of portfolio
2009   Q2$29 M JNJ
Johnson & Johnson
6.61% of portfolio
 		DELL-OLD
Dell Inc.
6.25% of portfolio
 		ACN
Accenture
6.19% of portfolio
 		EBAY
eBay Inc.
5.55% of portfolio
 		OMC
Omnicom Group
5.45% of portfolio
 		IMS
IMS Health Holdings
4.90% of portfolio
 		TYC
Tyco International
4.68% of portfolio
 		ITW
Illinois Tool Works
4.63% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.55% of portfolio
 		CCL
Carnival Corp.
4.43% of portfolio
 		AFL
AFLAC Inc.
4.29% of portfolio
 		DIS
Walt Disney Co.
4.22% of portfolio
 		COV-OLD
Covidien Plc.
4.10% of portfolio
 		XOM
Exxon Mobil Corp.
3.90% of portfolio
 		BEN
Franklin Resources
3.76% of portfolio
 		HES
Hess Corp.
3.69% of portfolio
 		JPM
JPMorgan Chase & Co.
3.55% of portfolio
 		IBM
International Business Machines
3.45% of portfolio
 		WM
Waste Management Inc.
3.38% of portfolio
 		TIF
Tiffany & Co.
3.22% of portfolio
2009   Q1$23 M JNJ
Johnson & Johnson
6.54% of portfolio
 		IMS
IMS Health Holdings
6.04% of portfolio
 		DELL-OLD
Dell Inc.
5.84% of portfolio
 		ITW
Illinois Tool Works
5.76% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.64% of portfolio
 		ACN
Accenture
5.59% of portfolio
 		EBAY
eBay Inc.
5.37% of portfolio
 		CCL
Carnival Corp.
4.74% of portfolio
 		OMC
Omnicom Group
4.73% of portfolio
 		TM
Toyota Motor Corp.
4.66% of portfolio
 		AFL
AFLAC Inc.
4.20% of portfolio
 		TYC
Tyco International
4.13% of portfolio
 		IBM
International Business Machines
4.08% of portfolio
 		COV-OLD
Covidien Plc.
3.98% of portfolio
 		XOM
Exxon Mobil Corp.
3.78% of portfolio
 		BEN
Franklin Resources
3.59% of portfolio
 		JPM
JPMorgan Chase & Co.
3.53% of portfolio
 		WM
Waste Management Inc.
3.52% of portfolio
 		TIF
Tiffany & Co.
3.49% of portfolio
 		DIS
Walt Disney Co.
3.43% of portfolio
2008   Q4$27 M BRK.B
Berkshire Hathaway CL B
7.39% of portfolio
 		JNJ
Johnson & Johnson
6.76% of portfolio
 		ITW
Illinois Tool Works
6.42% of portfolio
 		IMS
IMS Health Holdings
6.23% of portfolio
 		AFL
AFLAC Inc.
6.21% of portfolio
 		ACN
Accenture
5.96% of portfolio
 		EBAY
eBay Inc.
5.06% of portfolio
 		OMC
Omnicom Group
5.04% of portfolio
 		CCL
Carnival Corp.
4.96% of portfolio
 		DELL-OLD
Dell Inc.
4.76% of portfolio
 		TM
Toyota Motor Corp.
4.70% of portfolio
 		IBM
International Business Machines
4.63% of portfolio
 		COV-OLD
Covidien Plc.
3.68% of portfolio
 		DIS
Walt Disney Co.
3.64% of portfolio
 		BEN
Franklin Resources
3.60% of portfolio
 		JPM
JPMorgan Chase & Co.
3.55% of portfolio
 		TIF
Tiffany & Co.
3.24% of portfolio
 		TYC
Tyco International
3.12% of portfolio
 		BDK
Black & Decker Corp.
2.91% of portfolio
 		UBS
UBS AG
2.70% of portfolio
2008   Q3$36 M JNJ
Johnson & Johnson
6.57% of portfolio
 		BRK.B
Berkshire Hathaway CL B
6.53% of portfolio
 		JPM
JPMorgan Chase & Co.
5.82% of portfolio
 		ACN
Accenture
5.81% of portfolio
 		AFL
AFLAC Inc.
5.72% of portfolio
 		TM
Toyota Motor Corp.
5.71% of portfolio
 		ITW
Illinois Tool Works
5.62% of portfolio
 		IBM
International Business Machines
5.10% of portfolio
 		CCL
Carnival Corp.
4.96% of portfolio
 		OMC
Omnicom Group
4.90% of portfolio
 		DELL-OLD
Dell Inc.
4.86% of portfolio
 		IMS
IMS Health Holdings
4.63% of portfolio
 		BDK
Black & Decker Corp.
4.57% of portfolio
 		COV-OLD
Covidien Plc.
4.49% of portfolio
 		TYC
Tyco International
3.76% of portfolio
 		DIS
Walt Disney Co.
3.65% of portfolio
 		TIF
Tiffany & Co.
3.62% of portfolio
 		EBAY
eBay Inc.
3.34% of portfolio
 		AXP
American Express
3.07% of portfolio
 		BEN
Franklin Resources
2.71% of portfolio
2008   Q2$38 M TM
Toyota Motor Corp.
6.88% of portfolio
 		IBM
International Business Machines
6.75% of portfolio
 		ACN
Accenture
6.32% of portfolio
 		DELL-OLD
Dell Inc.
5.95% of portfolio
 		IMS
IMS Health Holdings
5.89% of portfolio
 		JNJ
Johnson & Johnson
5.81% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.67% of portfolio
 		COV-OLD
Covidien Plc.
5.11% of portfolio
 		CCL
Carnival Corp.
5.00% of portfolio
 		OMC
Omnicom Group
4.99% of portfolio
 		ITW
Illinois Tool Works
4.79% of portfolio
 		DIS
Walt Disney Co.
4.28% of portfolio
 		JPM
JPMorgan Chase & Co.
4.07% of portfolio
 		TYC
Tyco International
3.78% of portfolio
 		HEW
Hewitt Associates Inc.
3.72% of portfolio
 		BDK
Black & Decker Corp.
3.49% of portfolio
 		TIF
Tiffany & Co.
3.35% of portfolio
 		MS
Morgan Stanley
3.31% of portfolio
 		LOW
Lowe's Cos.
3.13% of portfolio
 		USG
USG Corp.
2.73% of portfolio
2008   Q1$39 M BRK.B
Berkshire Hathaway CL B
7.62% of portfolio
 		IBM
International Business Machines
7.40% of portfolio
 		TM
Toyota Motor Corp.
6.89% of portfolio
 		IMS
IMS Health Holdings
5.36% of portfolio
 		JNJ
Johnson & Johnson
5.29% of portfolio
 		ACN
Accenture
4.91% of portfolio
 		DELL-OLD
Dell Inc.
4.80% of portfolio
 		JPM
JPMorgan Chase & Co.
4.54% of portfolio
 		AFL
AFLAC Inc.
4.53% of portfolio
 		COV-OLD
Covidien Plc.
4.52% of portfolio
 		CCL
Carnival Corp.
4.50% of portfolio
 		OMC
Omnicom Group
4.19% of portfolio
 		HEW
Hewitt Associates Inc.
3.69% of portfolio
 		BDK
Black & Decker Corp.
3.61% of portfolio
 		TYC
Tyco International
3.55% of portfolio
 		TIF
Tiffany & Co.
3.28% of portfolio
 		ITW
Illinois Tool Works
3.24% of portfolio
 		LOW
Lowe's Cos.
3.10% of portfolio
 		DIS
Walt Disney Co.
3.08% of portfolio
 		USG
USG Corp.
3.07% of portfolio
2007   Q4$41 M TM
Toyota Motor Corp.
6.97% of portfolio
 		IBM
International Business Machines
6.68% of portfolio
 		BRK.B
Berkshire Hathaway CL B
6.20% of portfolio
 		DELL-OLD
Dell Inc.
5.69% of portfolio
 		JNJ
Johnson & Johnson
5.23% of portfolio
 		ACN
Accenture
4.84% of portfolio
 		IMS
IMS Health Holdings
4.79% of portfolio
 		CCL
Carnival Corp.
4.76% of portfolio
 		UBS
UBS AG
4.54% of portfolio
 		JPM
JPMorgan Chase & Co.
4.44% of portfolio
 		COV-OLD
Covidien Plc.
4.36% of portfolio
 		BDK
Black & Decker Corp.
4.29% of portfolio
 		AFL
AFLAC Inc.
4.21% of portfolio
 		C
Citigroup Inc.
3.86% of portfolio
 		OMC
Omnicom Group
3.83% of portfolio
 		HD
Home Depot
3.79% of portfolio
 		HRB
H&R Block Inc.
3.60% of portfolio
 		ITW
Illinois Tool Works
3.47% of portfolio
 		HEW
Hewitt Associates Inc.
3.41% of portfolio
 		TYC
Tyco International
3.08% of portfolio
2007   Q3$42 M BRK.B
Berkshire Hathaway Inc. CL B
7.82% of portfolio
 		IBM
International Business Machines
7.05% of portfolio
 		TM
Toyota Motor Corp.
6.33% of portfolio
 		STZ
Constellation Brands Inc.
5.89% of portfolio
 		DELL-OLD
Dell Inc.
5.58% of portfolio
 		CCL
Carnival Corp.
5.02% of portfolio
 		BDK
Black & Decker Corp.
4.97% of portfolio
 		AFL
Aflac Inc.
4.78% of portfolio
 		JNJ
Johnson & Johnson
4.63% of portfolio
 		JPM
JPMorgan Chase & Co.
4.51% of portfolio
 		UBS
UBS AG
4.40% of portfolio
 		HRB
H&R Block Inc.
3.98% of portfolio
 		COV-OLD
Covidien Plc.
3.95% of portfolio
 		IMS
IMS Health Holdings
3.94% of portfolio
 		HD
Home Depot Inc.
3.93% of portfolio
 		OMC
Omnicom Group Inc.
3.76% of portfolio
 		C
Citigroup Inc.
3.68% of portfolio
 		ACN
Accenture Ltd. CL A
3.40% of portfolio
 		ITW
Illinois Tool Works Inc.
2.79% of portfolio
 		HEW
Hewitt Associates Inc. CL A
2.61% of portfolio
2007   Q2$41 M BRK.B
Berkshire Hathaway CL B
7.25% of portfolio
 		IBM
International Business Machines
7.18% of portfolio
 		TYC
Tyco International
6.45% of portfolio
 		DELL-OLD
Dell Inc.
6.05% of portfolio
 		STZ
Constellation Brands
5.86% of portfolio
 		TM
Toyota Motor Corp.
5.77% of portfolio
 		HEW
Hewitt Associates Inc.
4.86% of portfolio
 		CCL
Carnival Corp.
4.78% of portfolio
 		BDK
Black & Decker Corp.
4.63% of portfolio
 		HRB
H&R Block Inc.
4.52% of portfolio
 		JNJ
Johnson & Johnson
4.47% of portfolio
 		AFL
AFLAC Inc.
4.43% of portfolio
 		HD
Home Depot
4.35% of portfolio
 		JPM
JPMorgan Chase & Co.
4.26% of portfolio
 		OMC
Omnicom Group
4.25% of portfolio
 		C
Citigroup Inc.
4.16% of portfolio
 		IMS
IMS Health Holdings
3.94% of portfolio
 		ACN
Accenture
3.73% of portfolio
 		USG
USG Corp.
3.25% of portfolio
 		PFE
Pfizer Inc.
2.92% of portfolio
2007   Q1$35 M BRK.B
Berkshire Hathaway Class B
8.02% of portfolio
 		IBM
International Business Machines
7.13% of portfolio
 		TYC
Tyco International
6.70% of portfolio
 		HRB
H&R Block Inc.
6.58% of portfolio
 		TM
Toyota Motor Corp.
6.55% of portfolio
 		DELL-OLD
Dell Inc.
5.42% of portfolio
 		CCL
Carnival Corp.
5.07% of portfolio
 		HEW
Hewitt Associates Inc.
4.97% of portfolio
 		BDK
Black & Decker Corp.
4.95% of portfolio
 		STZ
Constellation Brands
4.88% of portfolio
 		JPM
JPMorgan Chase & Co.
4.78% of portfolio
 		JNJ
Johnson & Johnson
4.74% of portfolio
 		ACN
Accenture
4.64% of portfolio
 		C
Citigroup Inc.
4.49% of portfolio
 		HD
Home Depot
4.47% of portfolio
 		AFL
AFLAC Inc.
4.31% of portfolio
 		IMS
IMS Health Holdings
4.01% of portfolio
 		PFE
Pfizer Inc.
3.12% of portfolio
 		MS
Morgan Stanley
3.07% of portfolio
 		OMC
Omnicom Group
2.11% of portfolio
2006   Q4$33 M BRK.B
Berkshire Hathaway Class B
7.91% of portfolio
 		IBM
International Business Machines
6.98% of portfolio
 		TM
Toyota Motor Corp.
6.73% of portfolio
 		TYC
Tyco International
6.39% of portfolio
 		HRB
H&R Block Inc.
6.09% of portfolio
 		HEW
Hewitt Associates Inc.
6.05% of portfolio
 		DELL-OLD
Dell Inc.
5.81% of portfolio
 		C
Citigroup Inc.
4.99% of portfolio
 		BDK
Black & Decker Corp.
4.94% of portfolio
 		ACN
Accenture
4.82% of portfolio
 		HD
Home Depot
4.81% of portfolio
 		PFE
Pfizer Inc.
4.80% of portfolio
 		JPM
JPMorgan Chase & Co.
4.58% of portfolio
 		CCL
Carnival Corp.
4.57% of portfolio
 		AFL
AFLAC Inc.
4.37% of portfolio
 		MS
Morgan Stanley
4.23% of portfolio
 		GCI
Gannett Co.
4.19% of portfolio
 		OMC
Omnicom Group
4.15% of portfolio
 		IMS
IMS Health Holdings
3.59% of portfolio