Historical Stock Holdings

Mason Hawkins - Longleaf Partners

PeriodPortfolio ValueTop 20 holdings history (left to right)
2024   Q2$1.03 B FDX
FedEx Corp.
8.79% of portfolio
 		AMG
Affiliated Managers Group
7.47% of portfolio
 		CNX
CNX Resources Corp.
7.20% of portfolio
 		FIS
Fidelity National Information Services
6.81% of portfolio
 		K
Kellanova
6.76% of portfolio
 		IAC
IAC Inc.
6.67% of portfolio
 		MGM
MGM Resorts International
6.44% of portfolio
 		MAT
Mattel Inc.
5.96% of portfolio
 		CNH
CNH Industrial NV
5.88% of portfolio
 		BIO
Bio-Rad Laboratories Inc.
5.23% of portfolio
 		LYV
Live Nation Inc.
4.80% of portfolio
 		WBD
Warner Bros. Discovery Inc.
4.70% of portfolio
 		WMG
Warner Music Group Corp. CL A
4.60% of portfolio
 		PVH
PVH Corp.
4.50% of portfolio
 		RTX
RTX Corp.
4.40% of portfolio
 		PYPL
PayPal Holdings Inc.
3.87% of portfolio
 		H
Hyatt Hotels Corp.
3.36% of portfolio
 		FI
Fiserv Inc.
2.58% of portfolio
2024   Q1$1.14 B CNX
CNX Resources Corp.
7.88% of portfolio
 		FDX
FedEx Corp.
7.69% of portfolio
 		AMG
Affiliated Managers Group
7.25% of portfolio
 		IAC
IAC Inc.
6.87% of portfolio
 		CNH
CNH Industrial NV
6.81% of portfolio
 		MAT
Mattel Inc.
6.58% of portfolio
 		LYV
Live Nation Inc.
6.21% of portfolio
 		K
Kellanova
6.08% of portfolio
 		FIS
Fidelity National Information Services
6.07% of portfolio
 		BIO
Bio-Rad Laboratories Inc.
5.99% of portfolio
 		RTX
RTX Corp.
5.45% of portfolio
 		MGM
MGM Resorts International
5.03% of portfolio
 		WBD
Warner Bros. Discovery Inc.
4.99% of portfolio
 		WMG
Warner Music Group Corp. CL A
4.49% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
3.84% of portfolio
 		H
Hyatt Hotels Corp.
3.20% of portfolio
 		PVH
PVH Corp.
3.07% of portfolio
 		FI
Fiserv Inc.
2.51% of portfolio
2023   Q4$1.19 B AMG
Affiliated Managers Group
6.25% of portfolio
 		CNH
CNH Industrial NV
6.11% of portfolio
 		MAT
Mattel Inc.
5.97% of portfolio
 		FIS
Fidelity National Information Services
5.92% of portfolio
 		CNX
CNX Resources Corp.
5.65% of portfolio
 		K
Kellanova
5.65% of portfolio
 		IAC
IAC Inc.
5.45% of portfolio
 		FDX
FedEx Corp.
5.43% of portfolio
 		BIO
Bio-Rad Laboratories Inc.
5.33% of portfolio
 		MGM
MGM Resorts International
5.28% of portfolio
 		LYV
Live Nation Inc.
5.24% of portfolio
 		WMG
Warner Music Group Corp. CL A
5.23% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
5.15% of portfolio
 		WBD
Warner Bros. Discovery Inc.
4.93% of portfolio
 		PVH
PVH Corp.
4.84% of portfolio
 		RTX
RTX Corp.
4.48% of portfolio
 		H
Hyatt Hotels Corp.
3.98% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
3.89% of portfolio
 		FI
Fiserv Inc.
3.66% of portfolio
 		FBIN
Fortune Brands Innovations Inc.
1.57% of portfolio
2023   Q3$1.23 B CNX
CNX Resources Corp.
6.82% of portfolio
 		MAT
Mattel Inc.
6.77% of portfolio
 		FDX
FedEx Corp.
6.77% of portfolio
 		WBD
Warner Bros. Discovery Inc.
5.72% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
5.67% of portfolio
 		WMG
Warner Music Group Corp. CL A
5.57% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.52% of portfolio
 		AMG
Affiliated Managers Group
5.23% of portfolio
 		IAC
IAC Inc.
5.09% of portfolio
 		BIO
Bio-Rad Laboratories Inc.
5.02% of portfolio
 		K
Kellanova
4.82% of portfolio
 		PVH
PVH Corp.
4.78% of portfolio
 		LYV
Live Nation Inc.
4.52% of portfolio
 		FBIN
Fortune Brands Innovations Inc.
4.32% of portfolio
 		MGM
MGM Resorts International
4.22% of portfolio
 		FIS
Fidelity National Information Services
4.19% of portfolio
 		H
Hyatt Hotels Corp.
4.13% of portfolio
 		CNH
CNH Industrial NV
4.08% of portfolio
 		RTX
RTX Corp.
3.73% of portfolio
 		FI
Fiserv Inc.
3.02% of portfolio
2023   Q2$1.32 B FDX
FedEx Corp.
6.60% of portfolio
 		CNX
CNX Resources Corp.
6.50% of portfolio
 		IAC
IAC Inc.
6.48% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.71% of portfolio
 		AMG
Affiliated Managers Group
5.60% of portfolio
 		MAT
Mattel Inc.
5.60% of portfolio
 		MGM
MGM Resorts International
5.14% of portfolio
 		BIO
Bio-Rad Laboratories Inc.
4.95% of portfolio
 		WBD
Warner Bros. Discovery Inc.
4.95% of portfolio
 		PVH
PVH Corp.
4.94% of portfolio
 		WMG
Warner Music Group Corp. CL A
4.67% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
4.64% of portfolio
 		LYV
Live Nation Inc.
4.62% of portfolio
 		H
Hyatt Hotels Corp.
4.59% of portfolio
 		CNH
CNH Industrial NV
4.50% of portfolio
 		GE
GE Aerospace
4.23% of portfolio
 		FI
Fiserv Inc.
3.82% of portfolio
 		FBIN
Fortune Brands Innovations Inc.
3.68% of portfolio
 		K
Kellanova
3.51% of portfolio
 		FIS
Fidelity National Information Services
3.40% of portfolio
2023   Q1$1.27 B MGM
MGM Resorts International
6.69% of portfolio
 		PVH
PVH Corp.
6.44% of portfolio
 		FDX
FedEx Corp.
6.34% of portfolio
 		WBD
Warner Bros. Discovery Inc.
6.21% of portfolio
 		CNX
CNX Resources Corp.
6.17% of portfolio
 		MAT
Mattel Inc.
6.07% of portfolio
 		AMG
Affiliated Managers Group
5.54% of portfolio
 		IAC
IAC Inc.
5.54% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.48% of portfolio
 		H
Hyatt Hotels Corp.
5.25% of portfolio
 		GE
GE Aerospace
5.03% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
5.00% of portfolio
 		FI
Fiserv Inc.
4.15% of portfolio
 		CNH
CNH Industrial NV
3.91% of portfolio
 		K
Kellanova
3.63% of portfolio
 		GOOG
Alphabet Inc. CL C
3.58% of portfolio
 		WMG
Warner Music Group Corp. CL A
3.20% of portfolio
 		FIS
Fidelity National Information Services
3.14% of portfolio
 		FBIN
Fortune Brands Innovations Inc.
3.13% of portfolio
 		LUMN
Lumen Technologies Inc.
2.53% of portfolio
2022   Q4$1.18 B GE
GE Aerospace
7.17% of portfolio
 		MAT
Mattel Inc.
6.66% of portfolio
 		AMG
Affiliated Managers Group
6.63% of portfolio
 		MGM
MGM Resorts International
6.52% of portfolio
 		LUMN
Lumen Technologies Inc.
6.48% of portfolio
 		FDX
FedEx Corp.
6.18% of portfolio
 		CNX
CNX Resources Corp.
5.88% of portfolio
 		H
Hyatt Hotels Corp.
5.75% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.71% of portfolio
 		FI
Fiserv Inc.
5.61% of portfolio
 		PVH
PVH Corp.
5.49% of portfolio
 		IAC
IAC Inc.
5.13% of portfolio
 		WBD
Warner Bros. Discovery Inc.
5.08% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
5.02% of portfolio
 		GOOG
Alphabet Inc. CL C
4.45% of portfolio
 		CNH
CNH Industrial NV
4.41% of portfolio
 		WMG
Warner Music Group Corp. CL A
3.61% of portfolio
 		SWK
Stanley Black & Decker Inc.
2.20% of portfolio
 		DEI
Douglas Emmett Inc.
2.06% of portfolio
2022   Q3$1.17 B LUMN
Lumen Technologies Inc.
9.73% of portfolio
 		GE
GE Aerospace
6.23% of portfolio
 		MAT
Mattel Inc.
6.22% of portfolio
 		H
Hyatt Hotels Corp.
6.11% of portfolio
 		AMG
Affiliated Managers Group
5.93% of portfolio
 		MGM
MGM Resorts International
5.82% of portfolio
 		CNX
CNX Resources Corp.
5.46% of portfolio
 		FDX
FedEx Corp.
5.33% of portfolio
 		FI
Fiserv Inc.
5.23% of portfolio
 		WBD
Warner Bros. Discovery Inc.
5.01% of portfolio
 		IAC
IAC Inc.
4.79% of portfolio
 		GOOG
Alphabet Inc. CL C
4.58% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
4.43% of portfolio
 		PVH
PVH Corp.
4.37% of portfolio
 		CNH
CNH Industrial NV
4.23% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
4.16% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
4.13% of portfolio
 		DEI
Douglas Emmett Inc.
3.53% of portfolio
 		WMG
Warner Music Group Corp. CL A
2.41% of portfolio
 		SWK
Stanley Black & Decker Inc.
2.22% of portfolio
2022   Q2$1.4 B LUMN
Lumen Technologies Inc.
12.16% of portfolio
 		FDX
FedEx Corp.
7.42% of portfolio
 		MAT
Mattel Inc.
6.96% of portfolio
 		IAC
IAC Inc.
5.49% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
5.43% of portfolio
 		GE
GE Aerospace
5.35% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.17% of portfolio
 		AMG
Affiliated Managers Group
5.15% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
5.06% of portfolio
 		WBD
Warner Bros. Discovery Inc.
4.88% of portfolio
 		CNX
CNX Resources Corp.
4.82% of portfolio
 		MGM
MGM Resorts International
4.73% of portfolio
 		H
Hyatt Hotels Corp.
4.67% of portfolio
 		GOOG
Alphabet Inc. CL C
4.35% of portfolio
 		FI
Fiserv Inc.
4.15% of portfolio
 		PVH
PVH Corp.
3.79% of portfolio
 		DEI
Douglas Emmett Inc.
3.67% of portfolio
 		CNH
CNH Industrial NV
2.98% of portfolio
 		SWK
Stanley Black & Decker Inc.
2.58% of portfolio
 		HCMLF
Holcim Ltd.
1.10% of portfolio
2022   Q1$1.68 B LUMN
Lumen Technologies Inc.
10.50% of portfolio
 		CNX
CNX Resources Corp.
7.31% of portfolio
 		FDX
FedEx Corp.
6.33% of portfolio
 		MAT
Mattel Inc.
5.79% of portfolio
 		MGM
MGM Resorts International
5.72% of portfolio
 		WBD
Warner Bros. Discovery Inc.
5.62% of portfolio
 		IAC
IAC Inc.
5.53% of portfolio
 		GE
GE Aerospace
5.50% of portfolio
 		AMG
Affiliated Managers Group
5.21% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
5.05% of portfolio
 		DEI
Douglas Emmett Inc.
5.04% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
4.88% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
4.66% of portfolio
 		H
Hyatt Hotels Corp.
4.53% of portfolio
 		BIIB
Biogen Inc.
4.24% of portfolio
 		FI
Fiserv Inc.
3.95% of portfolio
 		CNH
CNH Industrial NV
3.90% of portfolio
 		WMB
Williams Cos.
3.20% of portfolio
 		HCMLF
Holcim Ltd.
2.62% of portfolio
 		IVCGF
Iveco Group NV
0.31% of portfolio
2021   Q4$1.67 B LUMN
Lumen Technologies Inc.
11.77% of portfolio
 		FDX
FedEx Corp.
7.12% of portfolio
 		MAT
Mattel Inc.
6.98% of portfolio
 		MGM
MGM Resorts International
6.16% of portfolio
 		AMG
Affiliated Managers Group
6.12% of portfolio
 		GE
GE Aerospace
5.71% of portfolio
 		WBD
Warner Bros. Discovery Inc.
5.19% of portfolio
 		H
Hyatt Hotels Corp.
5.18% of portfolio
 		DEI
Douglas Emmett Inc.
5.08% of portfolio
 		IAC
IAC Inc.
5.08% of portfolio
 		CNX
CNX Resources Corp.
5.03% of portfolio
 		BIIB
Biogen Inc.
4.86% of portfolio
 		CNH
CNH Industrial NV
4.57% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
4.48% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
4.34% of portfolio
 		WMB
Williams Cos.
3.89% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
3.81% of portfolio
 		HCMLF
Holcim Ltd.
2.76% of portfolio
 		FI
Fiserv Inc.
1.74% of portfolio
 		LBRDA
Liberty Broadband Corp. CL A
0.14% of portfolio
2021   Q3$1.55 B LUMN
Lumen Technologies Inc.
12.47% of portfolio
 		AMG
Affiliated Managers Group
7.18% of portfolio
 		MAT
Mattel Inc.
6.80% of portfolio
 		MGM
MGM Resorts International
6.36% of portfolio
 		H
Hyatt Hotels Corp.
5.91% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.85% of portfolio
 		DEI
Douglas Emmett Inc.
5.76% of portfolio
 		CNH
CNH Industrial NV
5.48% of portfolio
 		CNX
CNX Resources Corp.
5.47% of portfolio
 		GE
GE Aerospace
5.29% of portfolio
 		FDX
FedEx Corp.
5.26% of portfolio
 		WBD
Warner Bros. Discovery Inc.
5.14% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
4.97% of portfolio
 		WMB
Williams Cos.
4.87% of portfolio
 		HCMLF
Holcim Ltd.
4.64% of portfolio
 		IAC
IAC Inc.
4.60% of portfolio
 		CMCSA
Comcast Corp.
3.97% of portfolio
2021   Q2$1.49 B LUMN
Lumen Technologies Inc.
12.82% of portfolio
 		MAT
Mattel Inc.
7.66% of portfolio
 		AMG
Affiliated Managers Group
7.61% of portfolio
 		CNH
CNH Industrial NV
7.28% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
6.61% of portfolio
 		MGM
MGM Resorts International
6.53% of portfolio
 		DEI
Douglas Emmett Inc.
6.37% of portfolio
 		CNX
CNX Resources Corp.
6.15% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
6.03% of portfolio
 		HCMLF
Holcim Ltd.
5.99% of portfolio
 		CMCSA
Comcast Corp.
5.91% of portfolio
 		GE
GE Aerospace
5.75% of portfolio
 		FDX
FedEx Corp.
5.38% of portfolio
 		WMB
Williams Cos.
5.18% of portfolio
 		H
Hyatt Hotels Corp.
4.75% of portfolio
2021   Q1$1.52 B LUMN
Lumen Technologies Inc.
12.36% of portfolio
 		MAT
Mattel Inc.
7.45% of portfolio
 		AMG
Affiliated Managers Group
7.22% of portfolio
 		CNH
CNH Industrial NV
6.70% of portfolio
 		CNX
CNX Resources Corp.
6.68% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
6.45% of portfolio
 		DEI
Douglas Emmett Inc.
5.84% of portfolio
 		HCMLF
Holcim Ltd.
5.79% of portfolio
 		MGM
MGM Resorts International
5.71% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
5.67% of portfolio
 		GE
GE Aerospace
5.51% of portfolio
 		CMCSA
Comcast Corp.
5.51% of portfolio
 		FDX
FedEx Corp.
5.02% of portfolio
 		H
Hyatt Hotels Corp.
4.96% of portfolio
 		BIIB
Biogen Inc.
4.59% of portfolio
 		WMB
Williams Cos.
4.53% of portfolio
2020   Q4$1.4 B LUMN
Lumen Technologies Inc.
9.79% of portfolio
 		MGM
MGM Resorts International
7.32% of portfolio
 		MAT
Mattel Inc.
7.31% of portfolio
 		AMG
Affiliated Managers Group
7.24% of portfolio
 		GE
GE Aerospace
7.11% of portfolio
 		CNH
CNH Industrial NV
6.64% of portfolio
 		DEI
Douglas Emmett Inc.
5.88% of portfolio
 		CNX
CNX Resources Corp.
5.85% of portfolio
 		HCMLF
Holcim Ltd.
5.81% of portfolio
 		CMCSA
Comcast Corp.
5.79% of portfolio
 		H
Hyatt Hotels Corp.
5.76% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.47% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
5.39% of portfolio
 		DD
DuPont de Nemours Inc.
5.10% of portfolio
 		FDX
FedEx Corp.
4.98% of portfolio
 		WMB
Williams Cos.
4.56% of portfolio
2020   Q3$1.11 B LUMN
Lumen Technologies Inc.
12.87% of portfolio
 		MAT
Mattel Inc.
8.82% of portfolio
 		FDX
FedEx Corp.
6.97% of portfolio
 		CMCSA
Comcast Corp.
6.60% of portfolio
 		CNH
CNH Industrial NV
6.55% of portfolio
 		CNX
CNX Resources Corp.
6.49% of portfolio
 		HCMLF
Holcim Ltd.
6.49% of portfolio
 		AMG
Affiliated Managers Group
6.18% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
6.00% of portfolio
 		GE
GE Aerospace
5.98% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
5.94% of portfolio
 		WMB
Williams Cos.
5.67% of portfolio
 		H
Hyatt Hotels Corp.
5.43% of portfolio
 		DD
DuPont de Nemours Inc.
5.05% of portfolio
 		MGM
MGM Resorts International
4.98% of portfolio
2020   Q2$1.1 B LUMN
Lumen Technologies Inc.
12.91% of portfolio
 		FDX
FedEx Corp.
7.90% of portfolio
 		MAT
Mattel Inc.
7.35% of portfolio
 		AMG
Affiliated Managers Group
6.80% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
6.35% of portfolio
 		HCMLF
Holcim Ltd.
6.22% of portfolio
 		CNX
CNX Resources Corp.
6.00% of portfolio
 		CNH
CNH Industrial NV
6.00% of portfolio
 		GE
GE Aerospace
5.75% of portfolio
 		CMCSA
Comcast Corp.
5.61% of portfolio
 		WMB
Williams Cos.
5.54% of portfolio
 		CARR
Carrier Global Corp.
5.16% of portfolio
 		H
Hyatt Hotels Corp.
5.16% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
5.11% of portfolio
 		DD
DuPont de Nemours Inc.
4.88% of portfolio
 		GOOG
Alphabet Inc. CL C
3.24% of portfolio
2020   Q1$1.09 B LUMN
Lumen Technologies Inc.
12.21% of portfolio
 		FDX
FedEx Corp.
8.47% of portfolio
 		WMB
Williams Cos.
6.83% of portfolio
 		MAT
Mattel Inc.
6.72% of portfolio
 		GE
GE Aerospace
6.70% of portfolio
 		RTX
RTX Corp.
6.58% of portfolio
 		AMG
Affiliated Managers Group
5.41% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
5.28% of portfolio
 		GOOG
Alphabet Inc. CL C
5.21% of portfolio
 		HCMLF
Holcim Ltd.
5.19% of portfolio
 		DD
DuPont de Nemours Inc.
5.15% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.07% of portfolio
 		CMCSA
Comcast Corp.
4.96% of portfolio
 		CNH
CNH Industrial NV
4.88% of portfolio
 		CNX
CNX Resources Corp.
4.66% of portfolio
 		H
Hyatt Hotels Corp.
4.59% of portfolio
 		PK
Park Hotels & Resorts Inc.
2.11% of portfolio
2019   Q4$1.62 B LUMN
Lumen Technologies Inc.
11.50% of portfolio
 		GE
GE Aerospace
9.04% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
8.65% of portfolio
 		MAT
Mattel Inc.
8.33% of portfolio
 		FDX
FedEx Corp.
6.99% of portfolio
 		CNH
CNH Industrial NV
6.63% of portfolio
 		CNX
CNX Resources Corp.
5.45% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.38% of portfolio
 		AMG
Affiliated Managers Group
5.11% of portfolio
 		CMCSA
Comcast Corp.
5.01% of portfolio
 		RTX
RTX Corp.
4.96% of portfolio
 		CHKGF
CK Asset Holdings Ltd
4.95% of portfolio
 		HCMLF
Holcim Ltd.
4.85% of portfolio
 		PK
Park Hotels & Resorts Inc.
4.64% of portfolio
 		GOOG
Alphabet Inc. CL C
4.37% of portfolio
 		WMB
Williams Cos.
4.12% of portfolio
2019   Q3$1.51 B LUMN
Lumen Technologies Inc.
11.62% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
8.57% of portfolio
 		GE
GE Aerospace
8.51% of portfolio
 		MAT
Mattel Inc.
7.50% of portfolio
 		FDX
FedEx Corp.
7.20% of portfolio
 		CNH
CNH Industrial NV
6.58% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.70% of portfolio
 		HCMLF
Holcim Ltd.
5.61% of portfolio
 		CNX
CNX Resources Corp.
5.44% of portfolio
 		AMG
Affiliated Managers Group
5.38% of portfolio
 		CMCSA
Comcast Corp.
5.37% of portfolio
 		CHKGF
CK Asset Holdings Ltd
4.98% of portfolio
 		RTX
RTX Corp.
4.84% of portfolio
 		PK
Park Hotels & Resorts Inc.
4.80% of portfolio
 		GOOG
Alphabet Inc. CL C
4.26% of portfolio
 		WYNN
Wynn Resorts Ltd.
3.65% of portfolio
2019   Q2$1.68 B LUMN
Lumen Technologies Inc.
9.85% of portfolio
 		GE
GE Aerospace
8.99% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
8.60% of portfolio
 		FDX
FedEx Corp.
7.31% of portfolio
 		MAT
Mattel Inc.
6.63% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
6.26% of portfolio
 		CNH
CNH Industrial NV
5.96% of portfolio
 		HCMLF
Holcim Ltd.
5.80% of portfolio
 		CMCSA
Comcast Corp.
5.35% of portfolio
 		AMG
Affiliated Managers Group
5.34% of portfolio
 		CHKGF
CK Asset Holdings Ltd
5.17% of portfolio
 		CNX
CNX Resources Corp.
4.92% of portfolio
 		AGN
Allergan Plc
4.16% of portfolio
 		RTX
RTX Corp.
4.15% of portfolio
 		GOOG
Alphabet Inc. CL C
4.02% of portfolio
 		PK
Park Hotels & Resorts Inc.
3.76% of portfolio
 		WYNN
Wynn Resorts Ltd.
3.74% of portfolio
2019   Q1$1.95 B LUMN
Lumen Technologies Inc.
8.67% of portfolio
 		GE
GE Aerospace
8.16% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
7.91% of portfolio
 		FDX
FedEx Corp.
6.97% of portfolio
 		MAT
Mattel Inc.
6.64% of portfolio
 		CNX
CNX Resources Corp.
5.86% of portfolio
 		AMG
Affiliated Managers Group
5.36% of portfolio
 		HCMLF
Holcim Ltd.
5.25% of portfolio
 		PK
Park Hotels & Resorts Inc.
5.24% of portfolio
 		RTX
RTX Corp.
5.16% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.10% of portfolio
 		CNH
CNH Industrial NV
5.10% of portfolio
 		AGN
Allergan Plc
5.09% of portfolio
 		CHKGF
CK Asset Holdings Ltd
5.07% of portfolio
 		WYNN
Wynn Resorts Ltd.
5.06% of portfolio
 		GOOG
Alphabet Inc. CL C
4.99% of portfolio
 		CMCSA
Comcast Corp.
4.36% of portfolio
2018   Q4$1.93 B LUMN
Lumen Technologies Inc.
11.04% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
7.80% of portfolio
 		GE
GE Aerospace
7.05% of portfolio
 		CNX
CNX Resources Corp.
6.26% of portfolio
 		HCMLF
Holcim Ltd.
6.05% of portfolio
 		FDX
FedEx Corp.
5.87% of portfolio
 		MAT
Mattel Inc.
5.87% of portfolio
 		AMG
Affiliated Managers Group
4.92% of portfolio
 		GOOG
Alphabet Inc. CL C
4.89% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
4.88% of portfolio
 		CNH
CNH Industrial NV
4.88% of portfolio
 		AGN
Allergan Plc
4.82% of portfolio
 		CHKGF
CK Asset Holdings Ltd
4.81% of portfolio
 		RTX
RTX Corp.
4.74% of portfolio
 		WYNN
Wynn Resorts Ltd.
4.52% of portfolio
 		PK
Park Hotels & Resorts Inc.
4.41% of portfolio
 		CMCSA
Comcast Corp.
3.75% of portfolio
 		DD
DuPont de Nemours Inc.
3.45% of portfolio
2018   Q3$2.54 B LUMN
Lumen Technologies Inc.
13.15% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
8.38% of portfolio
 		HCMLF
Holcim Ltd.
7.23% of portfolio
 		FDX
FedEx Corp.
7.08% of portfolio
 		MAT
Mattel Inc.
6.81% of portfolio
 		CNX
CNX Resources Corp.
6.07% of portfolio
 		GE
GE Aerospace
5.98% of portfolio
 		PK
Park Hotels & Resorts Inc.
5.50% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.43% of portfolio
 		AGN
Allergan Plc
5.38% of portfolio
 		GOOG
Alphabet Inc. CL C
5.38% of portfolio
 		CNH
CNH Industrial NV
5.25% of portfolio
 		CMCSA
Comcast Corp.
5.24% of portfolio
 		CHKGF
CK Asset Holdings Ltd
5.02% of portfolio
 		RTX
RTX Corp.
4.83% of portfolio
 		AMG
Affiliated Managers Group
3.26% of portfolio
2018   Q2$2.56 B LUMN
Lumen Technologies Inc.
11.61% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
7.65% of portfolio
 		CNX
CNX Resources Corp.
7.48% of portfolio
 		MAT
Mattel Inc.
7.07% of portfolio
 		HCMLF
Holcim Ltd.
7.05% of portfolio
 		CMCSA
Comcast Corp.
6.96% of portfolio
 		FDX
FedEx Corp.
6.63% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.72% of portfolio
 		RTX
RTX Corp.
5.69% of portfolio
 		AGN
Allergan Plc
5.52% of portfolio
 		PK
Park Hotels & Resorts Inc.
5.52% of portfolio
 		GOOG
Alphabet Inc. CL C
5.50% of portfolio
 		CNH
CNH Industrial NV
5.46% of portfolio
 		GE
GE Aerospace
5.33% of portfolio
 		CHKGF
CK Asset Holdings Ltd
5.27% of portfolio
 		CEIX
CONSOL Energy Inc.
1.55% of portfolio
2018   Q1$2.54 B LUMN
Lumen Technologies Inc.
10.31% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
8.74% of portfolio
 		HCMLF
Holcim Ltd.
7.99% of portfolio
 		FDX
FedEx Corp.
7.06% of portfolio
 		AGN
Allergan Plc
6.96% of portfolio
 		CNX
CNX Resources Corp.
6.54% of portfolio
 		PK
Park Hotels & Resorts Inc.
6.15% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
5.93% of portfolio
 		RTX
RTX Corp.
5.77% of portfolio
 		MAT
Mattel Inc.
5.71% of portfolio
 		CHKGF
CK Asset Holdings Ltd
5.64% of portfolio
 		GOOG
Alphabet Inc. CL C
5.62% of portfolio
 		CMCSA
Comcast Corp.
5.58% of portfolio
 		GE
GE Aerospace
5.49% of portfolio
 		CNH
CNH Industrial NV
4.88% of portfolio
 		CEIX
CONSOL Energy Inc.
1.62% of portfolio
2017   Q4$2.53 B LUMN
Lumen Technologies Inc.
10.51% of portfolio
 		FDX
FedEx Corp.
9.81% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
9.16% of portfolio
 		HCMLF
Holcim Ltd.
8.30% of portfolio
 		CHKGF
CK Asset Holdings Ltd
7.99% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
7.53% of portfolio
 		MAT
Mattel Inc.
6.81% of portfolio
 		RTX
RTX Corp.
6.34% of portfolio
 		GOOG
Alphabet Inc. CL C
6.27% of portfolio
 		CNX
CNX Resources Corp.
6.22% of portfolio
 		CNH
CNH Industrial NV
5.31% of portfolio
 		AGN
Allergan Plc
5.15% of portfolio
 		WYNN
Wynn Resorts Ltd.
3.37% of portfolio
 		GE
GE Aerospace
2.53% of portfolio
 		EXE
Expand Energy Corp.
2.48% of portfolio
 		CEIX
CONSOL Energy Inc.
2.22% of portfolio
2017   Q3$2.42 B LVLT
Level 3 Communications Inc.
13.67% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
9.76% of portfolio
 		FDX
FedEx Corp.
9.28% of portfolio
 		GOOG
Alphabet Inc. CL C
8.37% of portfolio
 		CNX
CNX Resources Corp.
8.07% of portfolio
 		CHKGF
CK Asset Holdings Ltd
7.92% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
7.69% of portfolio
 		RTX
RTX Corp.
6.78% of portfolio
 		HCMLF
Holcim Ltd.
6.76% of portfolio
 		CNH
CNH Industrial NV
6.54% of portfolio
 		WYNN
Wynn Resorts Ltd.
6.13% of portfolio
 		TROW
T. Rowe Price Group
4.32% of portfolio
 		EXE
Expand Energy Corp.
3.88% of portfolio
 		MAT
Mattel Inc.
0.85% of portfolio
2017   Q2$2.51 B LVLT
Level 3 Communications Inc.
14.06% of portfolio
 		FDX
FedEx Corp.
10.26% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
9.23% of portfolio
 		GOOG
Alphabet Inc. CL C
7.64% of portfolio
 		CHKGF
CK Asset Holdings Ltd
7.22% of portfolio
 		RTX
RTX Corp.
7.13% of portfolio
 		CNX
CNX Resources Corp.
6.86% of portfolio
 		HCMLF
Holcim Ltd.
6.40% of portfolio
 		CNH
CNH Industrial NV
6.34% of portfolio
 		WYNN
Wynn Resorts Ltd.
6.31% of portfolio
 		FRFHF
Fairfax Financial Holdings Ltd.
6.17% of portfolio
 		SNI
Scripps Networks Interactive Inc.
4.65% of portfolio
 		EXE
Expand Energy Corp.
4.32% of portfolio
 		TROW
T. Rowe Price Group
3.41% of portfolio
2017   Q1$2.57 B FDX
FedEx Corp.
13.32% of portfolio
 		LVLT
Level 3 Communications Inc.
13.28% of portfolio
 		GOOG
Alphabet Inc. CL C
9.28% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
8.86% of portfolio
 		WYNN
Wynn Resorts Ltd.
8.84% of portfolio
 		CNX
CNX Resources Corp.
7.54% of portfolio
 		HCMLF
Holcim Ltd.
6.47% of portfolio
 		RTX
RTX Corp.
6.41% of portfolio
 		CNH
CNH Industrial NV
6.29% of portfolio
 		CHKGF
CK Asset Holdings Ltd
6.08% of portfolio
 		SNI
Scripps Networks Interactive Inc.
5.52% of portfolio
 		EXE
Expand Energy Corp.
5.05% of portfolio
 		TROW
T. Rowe Price Group
3.07% of portfolio
2016   Q4$2.82 B LVLT
Level 3 Communications Inc.
11.89% of portfolio
 		FDX
FedEx Corp.
11.56% of portfolio
 		GOOG
Alphabet Inc. CL C
7.85% of portfolio
 		CNX
CNX Resources Corp.
7.45% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
7.42% of portfolio
 		WYNN
Wynn Resorts Ltd.
7.22% of portfolio
 		CNH
CNH Industrial NV
7.02% of portfolio
 		SNI
Scripps Networks Interactive Inc.
5.88% of portfolio
 		RTX
RTX Corp.
5.86% of portfolio
 		HCMLF
Holcim Ltd.
5.82% of portfolio
 		EXE
Expand Energy Corp.
5.43% of portfolio
 		CHKGF
CK Asset Holdings Ltd
5.03% of portfolio
 		RL
Ralph Lauren Corp.
4.31% of portfolio
 		DD-OLD
Du Pont (E.I.) OLD
4.18% of portfolio
 		TROW
T. Rowe Price Group
3.08% of portfolio
2016   Q3$2.7 B FDX
FedEx Corp.
11.36% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
8.77% of portfolio
 		LVLT
Level 3 Communications Inc.
8.46% of portfolio
 		WYNN
Wynn Resorts Ltd.
8.32% of portfolio
 		GOOG
Alphabet Inc. CL C
8.29% of portfolio
 		CNX
CNX Resources Corp.
8.22% of portfolio
 		EXE
Expand Energy Corp.
7.12% of portfolio
 		HCMLF
Holcim Ltd.
6.41% of portfolio
 		CHKGF
CK Asset Holdings Ltd
6.32% of portfolio
 		SNI
Scripps Networks Interactive Inc.
6.22% of portfolio
 		RTX
RTX Corp.
6.08% of portfolio
 		CNH
CNH Industrial NV
6.07% of portfolio
 		RL
Ralph Lauren Corp.
4.37% of portfolio
 		DD-OLD
Du Pont (E.I.) OLD
3.99% of portfolio
2016   Q2$2.65 B LVLT
Level 3 Communications Inc.
11.25% of portfolio
 		FDX
FedEx Corp.
10.03% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
9.70% of portfolio
 		WYNN
Wynn Resorts Ltd.
7.87% of portfolio
 		GOOG
Alphabet Inc. CL C
7.50% of portfolio
 		CNX
CNX Resources Corp.
7.00% of portfolio
 		RTX
RTX Corp.
6.24% of portfolio
 		CNH
CNH Industrial NV
6.21% of portfolio
 		SNI
Scripps Networks Interactive Inc.
6.20% of portfolio
 		CHKGF
CK Asset Holdings Ltd
6.19% of portfolio
 		DD-OLD
Du Pont (E.I.) OLD
6.18% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
5.98% of portfolio
 		HCMLF
Holcim Ltd.
5.73% of portfolio
 		RL
Ralph Lauren Corp.
3.93% of portfolio
2016   Q1$2.76 B LVLT
Level 3 Communications Inc.
11.09% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
10.99% of portfolio
 		FDX
FedEx Corp.
10.33% of portfolio
 		WYNN
Wynn Resorts Ltd.
7.93% of portfolio
 		GOOG
Alphabet Inc. CL C
7.75% of portfolio
 		SNI
Scripps Networks Interactive Inc.
6.68% of portfolio
 		CHKGF
CK Asset Holdings Ltd
6.37% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
6.37% of portfolio
 		HCMLF
Holcim Ltd.
6.29% of portfolio
 		DD-OLD
Du Pont (E.I.) OLD
6.13% of portfolio
 		CNH
CNH Industrial NV
6.10% of portfolio
 		RTX
RTX Corp.
5.93% of portfolio
 		CNX
CNX Resources Corp.
5.01% of portfolio
 		EXE
Expand Energy Corp.
3.02% of portfolio
2015   Q4$3.36 B CKHUY
CK Hutchison Hldgs Ltd.
11.58% of portfolio
 		LVLT
Level 3 Communications Inc.
11.02% of portfolio
 		GOOG
Alphabet Inc. CL C
10.42% of portfolio
 		WYNN
Wynn Resorts Ltd.
8.05% of portfolio
 		FDX
FedEx Corp.
7.78% of portfolio
 		SNI
Scripps Networks Interactive Inc.
7.49% of portfolio
 		HCMLF
Holcim Ltd.
5.57% of portfolio
 		CHKGF
CK Asset Holdings Ltd
5.55% of portfolio
 		AON
Aon Plc
5.45% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
5.42% of portfolio
 		CNH
CNH Industrial NV
5.39% of portfolio
 		DD-OLD
Du Pont (E.I.) OLD
5.30% of portfolio
 		MCD
McDonald's Corp.
3.29% of portfolio
 		RTX
RTX Corp.
2.94% of portfolio
 		CNX
CNX Resources Corp.
2.89% of portfolio
 		EXE
Expand Energy Corp.
1.87% of portfolio
2015   Q3$3.92 B LVLT
Level 3 Communications Inc.
13.27% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
9.60% of portfolio
 		AON
Aon Plc
8.32% of portfolio
 		GOOG
Alphabet Inc. CL C
7.16% of portfolio
 		FDX
FedEx Corp.
7.14% of portfolio
 		MCD
McDonald's Corp.
6.10% of portfolio
 		SNI
Scripps Networks Interactive Inc.
5.72% of portfolio
 		L
Loews Corp.
5.64% of portfolio
 		CHKGF
CK Asset Holdings Ltd
5.58% of portfolio
 		CNH
CNH Industrial NV
5.57% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
5.46% of portfolio
 		WYNN
Wynn Resorts Ltd.
5.45% of portfolio
 		DD-OLD
Du Pont (E.I.) OLD
4.66% of portfolio
 		HCMLF
Holcim Ltd.
4.65% of portfolio
 		CNX
CNX Resources Corp.
3.07% of portfolio
 		EXE
Expand Energy Corp.
2.61% of portfolio
2015   Q2$5.5 B LVLT
Level 3 Communications Inc.
11.95% of portfolio
 		AON
Aon Plc
8.88% of portfolio
 		L
Loews Corp.
8.18% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
7.72% of portfolio
 		CNH
CNH Industrial NV
6.39% of portfolio
 		MCD
McDonald's Corp.
5.46% of portfolio
 		FDX
FedEx Corp.
5.43% of portfolio
 		SNI
Scripps Networks Interactive Inc.
5.41% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
5.17% of portfolio
 		WYNN
Wynn Resorts Ltd.
5.06% of portfolio
 		CNX
CNX Resources Corp.
4.84% of portfolio
 		CHKGF
CK Asset Holdings Ltd
4.49% of portfolio
 		GOOG
Alphabet Inc. CL C
4.36% of portfolio
 		VIVEF
Vivendi Universal S.A.
4.27% of portfolio
 		MUR
Murphy Oil
3.91% of portfolio
 		BEN
Franklin Resources
3.86% of portfolio
 		EXE
Expand Energy Corp.
2.83% of portfolio
 		LFGEF
Lafarge S.A.
1.77% of portfolio
2015   Q1$5.86 B LVLT
Level 3 Communications Inc.
12.48% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
11.90% of portfolio
 		L
Loews Corp.
9.65% of portfolio
 		VIVEF
Vivendi Universal S.A.
6.47% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
6.47% of portfolio
 		CNH
CNH Industrial NV
5.88% of portfolio
 		MCD
McDonald's Corp.
5.86% of portfolio
 		CNX
CNX Resources Corp.
5.84% of portfolio
 		SNI
Scripps Networks Interactive Inc.
5.33% of portfolio
 		WYNN
Wynn Resorts Ltd.
5.32% of portfolio
 		FDX
FedEx Corp.
4.95% of portfolio
 		MUR
Murphy Oil
4.12% of portfolio
 		BEN
Franklin Resources
3.79% of portfolio
 		GOOG
Alphabet Inc. CL C
3.42% of portfolio
 		EXE
Expand Energy Corp.
3.37% of portfolio
 		BK
Bank of New York Mellon Corp.
2.55% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.32% of portfolio
 		AON
Aon Plc
1.27% of portfolio
2014   Q4$6.44 B LVLT
Level 3 Communications Inc.
11.53% of portfolio
 		L
Loews Corp.
9.05% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
8.87% of portfolio
 		EXE
Expand Energy Corp.
6.99% of portfolio
 		CNX
CNX Resources Corp.
6.14% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
6.02% of portfolio
 		VIVEF
Vivendi Universal S.A.
5.91% of portfolio
 		MCD
McDonald's Corp.
5.50% of portfolio
 		SNI
Scripps Networks Interactive Inc.
5.33% of portfolio
 		MDLZ
Mondelez International
5.24% of portfolio
 		CNH
CNH Industrial NV
4.81% of portfolio
 		FDX
FedEx Corp.
4.73% of portfolio
 		ABT
Abbott Labs
4.32% of portfolio
 		MUR
Murphy Oil
4.07% of portfolio
 		BEN
Franklin Resources
3.73% of portfolio
 		TRV
Travelers Companies Inc.
3.06% of portfolio
 		BK
Bank of New York Mellon Corp.
2.34% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.23% of portfolio
 		AON
Aon Plc
1.14% of portfolio
2014   Q3$6.77 B LVLT
Level 3 Communications Inc.
10.16% of portfolio
 		L
Loews Corp.
8.53% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
8.29% of portfolio
 		FDX
FedEx Corp.
7.38% of portfolio
 		CNX
CNX Resources Corp.
6.54% of portfolio
 		EXE
Expand Energy Corp.
6.32% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
6.31% of portfolio
 		MDLZ
Mondelez International
5.71% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.60% of portfolio
 		ABT
Abbott Labs
5.46% of portfolio
 		VIVEF
Vivendi Universal S.A.
5.46% of portfolio
 		MCD
McDonald's Corp.
4.78% of portfolio
 		BK
Bank of New York Mellon Corp.
4.68% of portfolio
 		TRV
Travelers Companies Inc.
4.43% of portfolio
 		MUR
Murphy Oil
4.36% of portfolio
 		SNI
Scripps Networks Interactive Inc.
2.95% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.28% of portfolio
 		AON
Aon Plc
1.00% of portfolio
 		BEN
Franklin Resources
0.75% of portfolio
2014   Q2$6.3 B LVLT
Level 3 Communications Inc.
10.47% of portfolio
 		FDX
FedEx Corp.
9.94% of portfolio
 		L
Loews Corp.
9.68% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
9.59% of portfolio
 		EXE
Expand Energy Corp.
9.18% of portfolio
 		CNX
CNX Resources Corp.
8.55% of portfolio
 		BK
Bank of New York Mellon Corp.
6.75% of portfolio
 		MDLZ
Mondelez International
6.73% of portfolio
 		ABT
Abbott Labs
6.29% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.51% of portfolio
 		MUR
Murphy Oil
5.46% of portfolio
 		TRV
Travelers Companies Inc.
4.76% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.60% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.38% of portfolio
 		AON
Aon Plc
1.11% of portfolio
2014   Q1$5.83 B L
Loews Corp.
10.47% of portfolio
 		LVLT
Level 3 Communications Inc.
10.09% of portfolio
 		FDX
FedEx Corp.
9.41% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
9.41% of portfolio
 		EXE
Expand Energy Corp.
8.18% of portfolio
 		CNX
CNX Resources Corp.
8.02% of portfolio
 		MDLZ
Mondelez International
6.97% of portfolio
 		BK
Bank of New York Mellon Corp.
6.87% of portfolio
 		ABT
Abbott Labs
6.41% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.88% of portfolio
 		MUR
Murphy Oil
5.59% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
5.32% of portfolio
 		TRV
Travelers Companies Inc.
4.66% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.60% of portfolio
 		AON
Aon Plc
1.12% of portfolio
2013   Q4$6.57 B L
Loews Corp.
10.18% of portfolio
 		FDX
FedEx Corp.
9.06% of portfolio
 		EXE
Expand Energy Corp.
7.69% of portfolio
 		BK
Bank of New York Mellon Corp.
7.59% of portfolio
 		LVLT
Level 3 Communications Inc.
7.59% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
7.08% of portfolio
 		CNX
CNX Resources Corp.
6.77% of portfolio
 		DTV
DIRECTV Group Inc.
6.50% of portfolio
 		MDLZ
Mondelez International
6.42% of portfolio
 		ABT
Abbott Labs
5.66% of portfolio
 		MUR
Murphy Oil
5.12% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.95% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.92% of portfolio
 		TRV
Travelers Companies Inc.
4.41% of portfolio
 		VMC
Vulcan Materials
3.58% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.49% of portfolio
 		AON
Aon Plc
0.99% of portfolio
2013   Q3$6.74 B L
Loews Corp.
9.61% of portfolio
 		EXE
Expand Energy Corp.
9.14% of portfolio
 		FDX
FedEx Corp.
8.62% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
6.65% of portfolio
 		BK
Bank of New York Mellon Corp.
6.39% of portfolio
 		DTV
DIRECTV Group Inc.
6.31% of portfolio
 		LVLT
Level 3 Communications Inc.
5.95% of portfolio
 		TRV
Travelers Companies Inc.
5.89% of portfolio
 		AON
Aon Plc
5.86% of portfolio
 		CNX
CNX Resources Corp.
5.84% of portfolio
 		MDLZ
Mondelez International
5.57% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
5.11% of portfolio
 		ABT
Abbott Labs
4.77% of portfolio
 		MUR
Murphy Oil
4.63% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.61% of portfolio
 		VMC
Vulcan Materials
3.76% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.29% of portfolio
2013   Q2$6.71 B L
Loews Corp.
9.17% of portfolio
 		EXE
Expand Energy Corp.
8.33% of portfolio
 		FDX
FedEx Corp.
7.49% of portfolio
 		DTV
DIRECTV Group Inc.
6.54% of portfolio
 		BK
Bank of New York Mellon Corp.
5.96% of portfolio
 		CKHUY
CK Hutchison Hldgs Ltd.
5.95% of portfolio
 		TRV
Travelers Companies Inc.
5.68% of portfolio
 		AON
Aon Plc
5.66% of portfolio
 		DELL-OLD
Dell Inc.
5.56% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
5.52% of portfolio
 		CNX
CNX Resources Corp.
5.08% of portfolio
 		MDLZ
Mondelez International
5.08% of portfolio
 		ABT
Abbott Labs
5.04% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.88% of portfolio
 		LVLT
Level 3 Communications Inc.
4.72% of portfolio
 		MUR
Murphy Oil
4.70% of portfolio
 		VMC
Vulcan Materials
3.53% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.09% of portfolio
2013   Q1$6.47 B L
Loews Corp.
9.44% of portfolio
 		EXE
Expand Energy Corp.
8.65% of portfolio
 		DTV
DIRECTV Group Inc.
8.06% of portfolio
 		FDX
FedEx Corp.
7.73% of portfolio
 		DELL-OLD
Dell Inc.
6.84% of portfolio
 		CNX
CNX Resources Corp.
6.54% of portfolio
 		TRV
Travelers Companies Inc.
6.24% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
6.22% of portfolio
 		AON
Aon Plc
6.21% of portfolio
 		BK
Bank of New York Mellon Corp.
6.17% of portfolio
 		MDLZ
Mondelez International
5.65% of portfolio
 		ABT
Abbott Labs
5.29% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.71% of portfolio
 		LVLT
Level 3 Communications Inc.
4.71% of portfolio
 		VMC
Vulcan Materials
4.10% of portfolio
 		MUR
Murphy Oil
2.22% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.23% of portfolio
2012   Q4$6.57 B L
Loews Corp.
8.59% of portfolio
 		DTV
DIRECTV Group Inc.
7.03% of portfolio
 		ABT
Abbott Labs
6.98% of portfolio
 		EXE
Expand Energy Corp.
6.93% of portfolio
 		FDX
FedEx Corp.
6.87% of portfolio
 		CNX
CNX Resources Corp.
6.15% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
6.00% of portfolio
 		BK
Bank of New York Mellon Corp.
5.78% of portfolio
 		TRV
Travelers Companies Inc.
5.71% of portfolio
 		VMC
Vulcan Materials
5.65% of portfolio
 		AON
Aon Plc
5.63% of portfolio
 		LVLT
Level 3 Communications Inc.
5.29% of portfolio
 		DIS
Walt Disney Co.
4.90% of portfolio
 		DELL-OLD
Dell Inc.
4.76% of portfolio
 		MDLZ
Mondelez International
4.63% of portfolio
 		BEN
Franklin Resources
4.02% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.99% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.09% of portfolio
2012   Q3$7 B L
Loews Corp.
8.17% of portfolio
 		EXE
Expand Energy Corp.
7.39% of portfolio
 		AON
Aon Plc
7.20% of portfolio
 		DTV
DIRECTV Group Inc.
6.90% of portfolio
 		VMC
Vulcan Materials
6.84% of portfolio
 		FDX
FedEx Corp.
5.95% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
5.71% of portfolio
 		BK
Bank of New York Mellon Corp.
5.61% of portfolio
 		TRV
Travelers Companies Inc.
5.51% of portfolio
 		CNX
CNX Resources Corp.
5.40% of portfolio
 		LVLT
Level 3 Communications Inc.
4.93% of portfolio
 		ABT
Abbott Labs
4.83% of portfolio
 		DIS
Walt Disney Co.
4.83% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.46% of portfolio
 		DELL-OLD
Dell Inc.
4.35% of portfolio
 		BEN
Franklin Resources
3.76% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.69% of portfolio
 		IHG
Intercontinental Hotels Group plc
1.76% of portfolio
 		MDLZ
Mondelez International
1.58% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.15% of portfolio
2012   Q2$7.32 B L
Loews Corp.
7.74% of portfolio
 		DTV
DIRECTV Group Inc.
7.12% of portfolio
 		EXE
Expand Energy Corp.
6.97% of portfolio
 		AON
Aon Plc
6.67% of portfolio
 		FDX
FedEx Corp.
5.91% of portfolio
 		VMC
Vulcan Materials
5.49% of portfolio
 		BK
Bank of New York Mellon Corp.
5.36% of portfolio
 		DELL-OLD
Dell Inc.
5.28% of portfolio
 		DIS
Walt Disney Co.
5.22% of portfolio
 		CNX
CNX Resources Corp.
5.20% of portfolio
 		ABT
Abbott Labs
5.05% of portfolio
 		TRV
Travelers Companies Inc.
4.95% of portfolio
 		IHG
Intercontinental Hotels Group plc
4.92% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.61% of portfolio
 		LVLT
Level 3 Communications Inc.
4.55% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.10% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.33% of portfolio
 		BEN
Franklin Resources
3.19% of portfolio
 		CX
Cemex
1.74% of portfolio
 		VIVEF
Vivendi Universal S.A.
0.99% of portfolio
2012   Q1$7.27 B EXE
Expand Energy Corp.
8.74% of portfolio
 		L
Loews Corp.
7.60% of portfolio
 		DTV
DIRECTV Group Inc.
7.24% of portfolio
 		AON
Aon Plc
7.05% of portfolio
 		DELL-OLD
Dell Inc.
7.05% of portfolio
 		VMC
Vulcan Materials
6.29% of portfolio
 		TRV
Travelers Companies Inc.
6.06% of portfolio
 		DIS
Walt Disney Co.
6.04% of portfolio
 		IHG
Intercontinental Hotels Group plc
6.01% of portfolio
 		FDX
FedEx Corp.
5.97% of portfolio
 		BK
Bank of New York Mellon Corp.
5.94% of portfolio
 		ABT
Abbott Labs
5.61% of portfolio
 		LVLT
Level 3 Communications Inc.
5.32% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.68% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.43% of portfolio
 		CX
Cemex
2.18% of portfolio
 		CNX
CNX Resources Corp.
1.12% of portfolio
 		BEN
Franklin Resources
1.11% of portfolio
 		PHG
Koninklijke Philips Electronics NV
0.91% of portfolio
 		WTW
Willis Towers Watson plc
0.65% of portfolio
2011   Q4$7.08 B EXE
Expand Energy Corp.
8.62% of portfolio
 		L
Loews Corp.
7.36% of portfolio
 		DELL-OLD
Dell Inc.
6.98% of portfolio
 		AON
Aon Plc
6.90% of portfolio
 		DTV
DIRECTV Group Inc.
6.44% of portfolio
 		TRV
Travelers Companies Inc.
6.34% of portfolio
 		VMC
Vulcan Materials
5.95% of portfolio
 		DIS
Walt Disney Co.
5.94% of portfolio
 		FDX
FedEx Corp.
5.57% of portfolio
 		ABT
Abbott Labs
5.28% of portfolio
 		IHG
Intercontinental Hotels Group plc
5.19% of portfolio
 		BK
Bank of New York Mellon Corp.
5.03% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.99% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.91% of portfolio
 		CX
Cemex
3.95% of portfolio
 		YUM
Yum! Brands Inc.
3.75% of portfolio
 		LVLT
Level 3 Communications Inc.
2.30% of portfolio
 		WTW
Willis Towers Watson plc
1.53% of portfolio
 		ANK
NKSJ Holdings Inc.
1.13% of portfolio
 		PHG
Koninklijke Philips Electronics NV
0.96% of portfolio
2011   Q3$6.9 B EXE
Expand Energy Corp.
10.14% of portfolio
 		DELL-OLD
Dell Inc.
6.93% of portfolio
 		L
Loews Corp.
6.93% of portfolio
 		DTV
DIRECTV Group Inc.
6.53% of portfolio
 		AON
Aon Plc
6.35% of portfolio
 		ABT
Abbott Labs
5.48% of portfolio
 		TRV
Travelers Companies Inc.
5.36% of portfolio
 		DIS
Walt Disney Co.
5.05% of portfolio
 		NWSA
News Corp.
5.01% of portfolio
 		BK
Bank of New York Mellon Corp.
4.81% of portfolio
 		IHG
Intercontinental Hotels Group plc
4.81% of portfolio
 		FDX
FedEx Corp.
4.63% of portfolio
 		YUM
Yum! Brands Inc.
4.59% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.58% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.36% of portfolio
 		VMC
Vulcan Materials
4.27% of portfolio
 		LVLT
Level 3 Communications Inc.
3.06% of portfolio
 		CX
Cemex
2.38% of portfolio
 		ANK
NKSJ Holdings Inc.
2.34% of portfolio
 		WTW
Willis Towers Watson plc
1.39% of portfolio
2011   Q2$8.3 B EXE
Expand Energy Corp.
9.81% of portfolio
 		DTV
DIRECTV Group Inc.
6.89% of portfolio
 		DELL-OLD
Dell Inc.
6.79% of portfolio
 		AON
Aon Plc
6.46% of portfolio
 		NWSA
News Corp.
5.97% of portfolio
 		YUM
Yum! Brands Inc.
5.44% of portfolio
 		L
Loews Corp.
5.36% of portfolio
 		TRV
Travelers Companies Inc.
5.34% of portfolio
 		CX
Cemex
5.18% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.94% of portfolio
 		BK
Bank of New York Mellon Corp.
4.67% of portfolio
 		ANK
NKSJ Holdings Inc.
4.49% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.27% of portfolio
 		FDX
FedEx Corp.
4.19% of portfolio
 		LVLT
Level 3 Communications Inc.
4.18% of portfolio
 		DIS
Walt Disney Co.
4.03% of portfolio
 		CPB
Campbell Soup
3.99% of portfolio
 		VMC
Vulcan Materials
2.50% of portfolio
 		TDS.S
Telephone & Data Systems Special
1.42% of portfolio
 		WTW
Willis Towers Watson plc
1.39% of portfolio
2011   Q1$8.29 B EXE
Expand Energy Corp.
10.35% of portfolio
 		DTV
DIRECTV Group Inc.
8.17% of portfolio
 		AON
Aon Plc
6.67% of portfolio
 		NWSA
News Corp.
5.93% of portfolio
 		DELL-OLD
Dell Inc.
5.92% of portfolio
 		TRV
Travelers Companies Inc.
5.45% of portfolio
 		BK
Bank of New York Mellon Corp.
5.14% of portfolio
 		YUM
Yum! Brands Inc.
5.07% of portfolio
 		L
Loews Corp.
5.03% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.73% of portfolio
 		DIS
Walt Disney Co.
4.45% of portfolio
 		ANK
NKSJ Holdings Inc.
4.44% of portfolio
 		CX
Cemex
4.44% of portfolio
 		FDX
FedEx Corp.
4.14% of portfolio
 		CPB
Campbell Soup
3.83% of portfolio
 		PXD-OLD
Pioneer Natural Resources
3.31% of portfolio
 		VMC
Vulcan Materials
2.96% of portfolio
 		LVLT
Level 3 Communications Inc.
2.52% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.00% of portfolio
 		WTW
Willis Towers Watson plc
1.36% of portfolio
2010   Q4$7.97 B EXE
Expand Energy Corp.
8.32% of portfolio
 		DTV
DIRECTV Group Inc.
7.58% of portfolio
 		PXD-OLD
Pioneer Natural Resources
6.09% of portfolio
 		AON
Aon Plc
6.03% of portfolio
 		DELL-OLD
Dell Inc.
5.75% of portfolio
 		BK
Bank of New York Mellon Corp.
5.41% of portfolio
 		CX
Cemex
5.32% of portfolio
 		DIS
Walt Disney Co.
5.22% of portfolio
 		ANK
NKSJ Holdings Inc.
5.21% of portfolio
 		YUM
Yum! Brands Inc.
5.03% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.84% of portfolio
 		NWSA
News Corp.
4.75% of portfolio
 		TRV
Travelers Companies Inc.
4.73% of portfolio
 		L
Loews Corp.
4.59% of portfolio
 		FDX
FedEx Corp.
4.28% of portfolio
 		CPB
Campbell Soup
4.18% of portfolio
 		VMC
Vulcan Materials
2.99% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.24% of portfolio
 		LVLT
Level 3 Communications Inc.
1.75% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
1.31% of portfolio
2010   Q3$7.43 B DTV
DIRECTV Group Inc.
9.37% of portfolio
 		EXE
Expand Energy Corp.
7.80% of portfolio
 		DELL-OLD
Dell Inc.
7.72% of portfolio
 		DIS
Walt Disney Co.
6.46% of portfolio
 		PXD-OLD
Pioneer Natural Resources
6.24% of portfolio
 		YUM
Yum! Brands Inc.
5.57% of portfolio
 		AON
Aon Plc
5.49% of portfolio
 		L
Loews Corp.
4.79% of portfolio
 		BK
Bank of New York Mellon Corp.
4.77% of portfolio
 		ANK
NKSJ Holdings Inc.
4.76% of portfolio
 		TRV
Travelers Companies Inc.
4.74% of portfolio
 		CPB
Campbell Soup
4.61% of portfolio
 		CX
Cemex
4.53% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.51% of portfolio
 		FDX
FedEx Corp.
4.22% of portfolio
 		IHG
Intercontinental Hotels Group plc
3.61% of portfolio
 		VMC
Vulcan Materials
2.24% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.16% of portfolio
 		LVLT
Level 3 Communications Inc.
1.79% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
1.44% of portfolio
2010   Q2$6.31 B DTV
DIRECTV Group Inc.
10.42% of portfolio
 		EXE
Expand Energy Corp.
8.50% of portfolio
 		DELL-OLD
Dell Inc.
8.46% of portfolio
 		YUM
Yum! Brands Inc.
8.40% of portfolio
 		PXD-OLD
Pioneer Natural Resources
8.15% of portfolio
 		DIS
Walt Disney Co.
7.24% of portfolio
 		CX
Cemex
6.07% of portfolio
 		ANK
NKSJ Holdings Inc.
5.43% of portfolio
 		AON
Aon Plc
5.42% of portfolio
 		BK
Bank of New York Mellon Corp.
5.31% of portfolio
 		IHG
Intercontinental Hotels Group plc
3.76% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
3.61% of portfolio
 		FDX
FedEx Corp.
3.26% of portfolio
 		CPB
Campbell Soup
3.01% of portfolio
 		LVLT
Level 3 Communications Inc.
2.45% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.38% of portfolio
 		L
Loews Corp.
1.95% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
1.61% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.48% of portfolio
 		WTW
Willis Towers Watson plc
1.33% of portfolio
2010   Q1$7.02 B DTV
DIRECTV Group Inc.
11.51% of portfolio
 		DELL-OLD
Dell Inc.
9.08% of portfolio
 		EXE
Expand Energy Corp.
8.62% of portfolio
 		DIS
Walt Disney Co.
8.47% of portfolio
 		YUM
Yum! Brands Inc.
7.42% of portfolio
 		PXD-OLD
Pioneer Natural Resources
6.95% of portfolio
 		NPPKF
NipponKoa Insurance
5.62% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
5.59% of portfolio
 		CX
Cemex
5.54% of portfolio
 		AON
Aon Plc
4.76% of portfolio
 		FDX
FedEx Corp.
3.90% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
3.50% of portfolio
 		IHG
Intercontinental Hotels Group plc
3.36% of portfolio
 		LVLT
Level 3 Communications Inc.
3.28% of portfolio
 		BK
Bank of New York Mellon Corp.
3.25% of portfolio
 		MAR
Marriott Int'l.
3.20% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.41% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.55% of portfolio
 		WTW
Willis Towers Watson plc
1.25% of portfolio
 		TDS
Telephone & Data Systems
0.74% of portfolio
2009   Q4$6.86 B DTV
DIRECTV Group Inc.
12.64% of portfolio
 		EXE
Expand Energy Corp.
9.65% of portfolio
 		DELL-OLD
Dell Inc.
8.88% of portfolio
 		DIS
Walt Disney Co.
8.00% of portfolio
 		PXD-OLD
Pioneer Natural Resources
6.08% of portfolio
 		YUM
Yum! Brands Inc.
5.81% of portfolio
 		NPPKF
NipponKoa Insurance
5.28% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
5.12% of portfolio
 		CX
Cemex
5.07% of portfolio
 		MAR
Marriott Int'l.
4.61% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.14% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.10% of portfolio
 		AON
Aon Plc
3.58% of portfolio
 		FDX
FedEx Corp.
3.56% of portfolio
 		LVLT
Level 3 Communications Inc.
3.17% of portfolio
 		BK
Bank of New York Mellon Corp.
3.01% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.49% of portfolio
 		IHG
Intercontinental Hotels Group plc
1.52% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.46% of portfolio
 		WTW
Willis Towers Watson plc
1.08% of portfolio
2009   Q3$6.82 B EXE
Expand Energy Corp.
10.66% of portfolio
 		DTV
DIRECTV Group Inc.
10.61% of portfolio
 		DELL-OLD
Dell Inc.
9.49% of portfolio
 		DIS
Walt Disney Co.
6.86% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
6.16% of portfolio
 		LMDIA
Liberty Media Ent. OLD
6.01% of portfolio
 		NPPKF
NipponKoa Insurance
5.85% of portfolio
 		MAR
Marriott Int'l.
5.65% of portfolio
 		YUM
Yum! Brands Inc.
5.65% of portfolio
 		CX
Cemex
5.58% of portfolio
 		PXD-OLD
Pioneer Natural Resources
4.61% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.34% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.24% of portfolio
 		AON
Aon Plc
3.80% of portfolio
 		FDX
FedEx Corp.
3.23% of portfolio
 		LVLT
Level 3 Communications Inc.
2.89% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.47% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.22% of portfolio
 		TDS
Telephone & Data Systems
0.70% of portfolio
2009   Q2$5.77 B DELL-OLD
Dell Inc.
13.10% of portfolio
 		LMDIA
Liberty Media Ent. OLD
9.46% of portfolio
 		DTV
DIRECTV Group Inc.
8.88% of portfolio
 		EXE
Expand Energy Corp.
8.80% of portfolio
 		DIS
Walt Disney Co.
6.89% of portfolio
 		NPPKF
NipponKoa Insurance
6.42% of portfolio
 		YUM
Yum! Brands Inc.
5.71% of portfolio
 		MAR
Marriott Int'l.
5.32% of portfolio
 		CX
Cemex
4.77% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.47% of portfolio
 		AON
Aon Plc
4.08% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.02% of portfolio
 		PXD-OLD
Pioneer Natural Resources
3.83% of portfolio
 		LVLT
Level 3 Communications Inc.
3.72% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
3.33% of portfolio
 		FDX
FedEx Corp.
2.83% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.55% of portfolio
 		PHG
Koninklijke Philips Electronics NV
1.09% of portfolio
 		TDS
Telephone & Data Systems
0.75% of portfolio
2009   Q1$5.17 B LMDIA
Liberty Media Ent. OLD
14.01% of portfolio
 		DELL-OLD
Dell Inc.
10.10% of portfolio
 		EXE
Expand Energy Corp.
8.45% of portfolio
 		JAVA
Sun Microsystems
7.58% of portfolio
 		NPPKF
NipponKoa Insurance
7.14% of portfolio
 		YUM
Yum! Brands Inc.
5.48% of portfolio
 		MAR
Marriott Int'l.
5.00% of portfolio
 		EBAY
eBay Inc.
4.91% of portfolio
 		DIS
Walt Disney Co.
4.90% of portfolio
 		BRK.A
Berkshire Hathaway CL A
4.80% of portfolio
 		DTV
DIRECTV Group Inc.
4.37% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
3.60% of portfolio
 		CX
Cemex
3.43% of portfolio
 		PXD-OLD
Pioneer Natural Resources
2.76% of portfolio
 		LVLT
Level 3 Communications Inc.
2.73% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.59% of portfolio
 		WBA
Walgreens Boots Alliance
2.47% of portfolio
 		FDX
FedEx Corp.
2.28% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
2.15% of portfolio
 		TDS
Telephone & Data Systems
0.79% of portfolio
2008   Q4$5.27 B LMDIA
Liberty Media Ent. OLD
13.42% of portfolio
 		DELL-OLD
Dell Inc.
9.43% of portfolio
 		NPPKF
NipponKoa Insurance
9.41% of portfolio
 		YUM
Yum! Brands Inc.
7.81% of portfolio
 		EXE
Expand Energy Corp.
7.32% of portfolio
 		WBA
Walgreens Boots Alliance
5.39% of portfolio
 		DIS
Walt Disney Co.
5.27% of portfolio
 		EBAY
eBay Inc.
5.17% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.73% of portfolio
 		CX
Cemex
4.46% of portfolio
 		DTV
DIRECTV Group Inc.
4.31% of portfolio
 		FDX
FedEx Corp.
4.03% of portfolio
 		JAVA
Sun Microsystems
3.88% of portfolio
 		MAR
Marriott Int'l.
3.86% of portfolio
 		TDS.S
Telephone & Data Systems Special
3.02% of portfolio
 		PXD-OLD
Pioneer Natural Resources
2.66% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
2.27% of portfolio
 		LVLT
Level 3 Communications Inc.
2.04% of portfolio
 		TDS
Telephone & Data Systems
0.92% of portfolio
 		PHG
Koninklijke Philips Electronics NV
0.60% of portfolio
2008   Q3$8.65 B LMDIA
Liberty Media Ent. OLD
9.85% of portfolio
 		DELL-OLD
Dell Inc.
9.36% of portfolio
 		EXE
Expand Energy Corp.
6.60% of portfolio
 		FDX
FedEx Corp.
5.80% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
5.72% of portfolio
 		PXD-OLD
Pioneer Natural Resources
5.23% of portfolio
 		DIS
Walt Disney Co.
4.93% of portfolio
 		YUM
Yum! Brands Inc.
4.92% of portfolio
 		WBA
Walgreens Boots Alliance
4.88% of portfolio
 		EBAY
eBay Inc.
4.83% of portfolio
 		LVLT
Level 3 Communications Inc.
4.80% of portfolio
 		JAVA
Sun Microsystems
4.70% of portfolio
 		CX
Cemex
4.24% of portfolio
 		NPPKF
NipponKoa Insurance
4.14% of portfolio
 		DTV
DIRECTV Group Inc.
3.96% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
3.77% of portfolio
 		AON
Aon Plc
3.59% of portfolio
 		UBS
UBS AG
2.93% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.35% of portfolio
 		MAR
Marriott Int'l.
2.25% of portfolio
2008   Q2$10.7 B DELL-OLD
Dell Inc.
9.32% of portfolio
 		EXE
Expand Energy Corp.
8.62% of portfolio
 		LMDIA
Liberty Media Ent. OLD
7.76% of portfolio
 		PXD-OLD
Pioneer Natural Resources
6.36% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
5.31% of portfolio
 		NPPKF
NipponKoa Insurance
5.19% of portfolio
 		AON
Aon Plc
5.03% of portfolio
 		FDX
FedEx Corp.
4.70% of portfolio
 		JAVA
Sun Microsystems
4.59% of portfolio
 		EBAY
eBay Inc.
4.59% of portfolio
 		DIS
Walt Disney Co.
4.54% of portfolio
 		CX
Cemex
4.48% of portfolio
 		YUM
Yum! Brands Inc.
4.38% of portfolio
 		LVLT
Level 3 Communications Inc.
4.25% of portfolio
 		WBA
Walgreens Boots Alliance
3.91% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
3.77% of portfolio
 		DTV
DIRECTV Group Inc.
3.19% of portfolio
 		UBS
UBS AG
2.80% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.35% of portfolio
 		GEN
Gen Digital Inc.
2.14% of portfolio
2008   Q1$10 B DELL-OLD
Dell Inc.
8.40% of portfolio
 		EXE
Expand Energy Corp.
6.39% of portfolio
 		DTV
DIRECTV Group Inc.
5.63% of portfolio
 		LMDIA
Liberty Media Ent. OLD
5.62% of portfolio
 		EBAY
eBay Inc.
5.32% of portfolio
 		FDX
FedEx Corp.
5.15% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
5.14% of portfolio
 		YUM
Yum! Brands Inc.
4.92% of portfolio
 		WBA
Walgreens Boots Alliance
4.86% of portfolio
 		DIS
Walt Disney Co.
4.84% of portfolio
 		NPPKF
NipponKoa Insurance
4.83% of portfolio
 		CX
Cemex
4.83% of portfolio
 		AON
Aon Plc
4.67% of portfolio
 		JAVA
Sun Microsystems
4.53% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.49% of portfolio
 		PXD-OLD
Pioneer Natural Resources
4.23% of portfolio
 		UBS
UBS AG
3.94% of portfolio
 		LVLT
Level 3 Communications Inc.
3.24% of portfolio
 		GM
General Motors
2.70% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.10% of portfolio
2007   Q4$11.2 B DELL-OLD
Dell Inc.
8.26% of portfolio
 		FWONA
Liberty Media Corp Formula One Series A
6.51% of portfolio
 		EXE
Expand Energy Corp.
6.27% of portfolio
 		NPPKF
NipponKoa Insurance
5.19% of portfolio
 		EBAY
eBay Inc.
5.02% of portfolio
 		AON
Aon Plc
4.98% of portfolio
 		DTV
DIRECTV Group Inc.
4.72% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.65% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.56% of portfolio
 		YUM
Yum! Brands Inc.
4.56% of portfolio
 		UBS
UBS AG
4.53% of portfolio
 		DIS
Walt Disney Co.
4.48% of portfolio
 		CX
Cemex
4.30% of portfolio
 		JAVA
Sun Microsystems
4.30% of portfolio
 		LVLT
Level 3 Communications Inc.
4.18% of portfolio
 		PXD-OLD
Pioneer Natural Resources
3.79% of portfolio
 		WBA
Walgreens Boots Alliance
3.35% of portfolio
 		FDX
FedEx Corp.
3.19% of portfolio
 		GM
General Motors
3.17% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.92% of portfolio
2007   Q3$11.8 B DELL-OLD
Dell Inc.
10.03% of portfolio
 		FWONA
Liberty Media Corp Formula One Series A
6.62% of portfolio
 		LVLT
Level 3 Communications Inc.
6.07% of portfolio
 		EBAY
eBay Inc.
5.60% of portfolio
 		AON
Aon Plc
5.57% of portfolio
 		EXE
Expand Energy Corp.
5.35% of portfolio
 		YUM
Yum! Brands Inc.
5.08% of portfolio
 		JAVA
Sun Microsystems
5.05% of portfolio
 		CX
Cemex
4.73% of portfolio
 		DTV
DIRECTV Group Inc.
4.71% of portfolio
 		NPPKF
NipponKoa Insurance
4.71% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.53% of portfolio
 		DIS
Walt Disney Co.
4.53% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.44% of portfolio
 		GM
General Motors
4.44% of portfolio
 		FDX
FedEx Corp.
3.56% of portfolio
 		PXD-OLD
Pioneer Natural Resources
3.36% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.98% of portfolio
 		S-OLD
Sprint Corp.
2.60% of portfolio
 		CMCSA
Comcast Corp.
1.97% of portfolio
2007   Q2$11.4 B DELL-OLD
Dell Inc.
10.68% of portfolio
 		LVLT
Level 3 Communications Inc.
7.86% of portfolio
 		AON
Aon Plc
5.45% of portfolio
 		EXE
Expand Energy Corp.
5.40% of portfolio
 		YUM
Yum! Brands Inc.
5.36% of portfolio
 		CX
Cemex
5.10% of portfolio
 		NPPKF
NipponKoa Insurance
5.02% of portfolio
 		S-OLD
Sprint Corp.
4.86% of portfolio
 		FWONA
Liberty Media Corp Formula One Series A
4.78% of portfolio
 		GM
General Motors
4.71% of portfolio
 		DIS
Walt Disney Co.
4.62% of portfolio
 		DTV
DIRECTV Group Inc.
4.61% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.41% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.41% of portfolio
 		FDX
FedEx Corp.
3.88% of portfolio
 		VIVEF
Vivendi Universal S.A.
3.83% of portfolio
 		PXD-OLD
Pioneer Natural Resources
3.74% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.85% of portfolio
 		EBAY
eBay Inc.
2.58% of portfolio
 		CMCSA
Comcast Corp.
2.37% of portfolio
2007   Q1$10.4 B DELL-OLD
Dell Inc.
9.54% of portfolio
 		LVLT
Level 3 Communications Inc.
9.00% of portfolio
 		AON
Aon Plc
5.33% of portfolio
 		EXE
Expand Energy Corp.
5.29% of portfolio
 		NPPKF
NipponKoa Insurance
5.24% of portfolio
 		YUM
Yum! Brands Inc.
5.20% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
5.17% of portfolio
 		DIS
Walt Disney Co.
5.12% of portfolio
 		DTV
DIRECTV Group Inc.
5.05% of portfolio
 		S-OLD
Sprint Corp.
4.88% of portfolio
 		CX
Cemex
4.85% of portfolio
 		FWONA
Liberty Media Corp Formula One Series A
4.48% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.33% of portfolio
 		VIVEF
Vivendi Universal S.A.
4.21% of portfolio
 		GM
General Motors
4.19% of portfolio
 		FDX
FedEx Corp.
4.13% of portfolio
 		PXD-OLD
Pioneer Natural Resources
3.64% of portfolio
 		TDS.S
Telephone & Data Systems Special
3.04% of portfolio
 		CMCSA
Comcast Corp.
2.37% of portfolio
 		EBAY
eBay Inc.
1.56% of portfolio
2006   Q4$9.88 B DELL-OLD
Dell Inc.
10.38% of portfolio
 		DTV
DIRECTV Group Inc.
6.08% of portfolio
 		YUM
Yum! Brands Inc.
5.58% of portfolio
 		DIS
Walt Disney Co.
5.37% of portfolio
 		CX
Cemex
5.28% of portfolio
 		AON
Aon Plc
5.23% of portfolio
 		NPPKF
NipponKoa Insurance
5.23% of portfolio
 		S-OLD
Sprint Corp.
5.13% of portfolio
 		VIVEF
Vivendi Universal S.A.
4.96% of portfolio
 		QRTEA
Qurate Retail Group Inc. CL A
4.93% of portfolio
 		LVLT
Level 3 Communications Inc.
4.59% of portfolio
 		PHGFF
KONINKLIJKE PHILIPS
4.51% of portfolio
 		GM
General Motors
4.43% of portfolio
 		FDX
FedEx Corp.
4.40% of portfolio
 		CMCSA
Comcast Corp.
4.26% of portfolio
 		EXE
Expand Energy Corp.
4.21% of portfolio
 		FWONA
Liberty Media Corp Formula One Series A
4.00% of portfolio
 		PXD-OLD
Pioneer Natural Resources
3.53% of portfolio
 		TDS.S
Telephone & Data Systems Special
2.84% of portfolio
 		EBAY
eBay Inc.
1.50% of portfolio