Monday, December 18, 2017

Trump Tax Bill Initial Tax Benefits For All 1,187 US Corps With Stock Market Caps Above $3 Bil Included 618 Companies With Total Deferred Tax Liabilities (DTLs) of $1.125 Trillion, With Roughly 40% of This, or $450 Bil, Resulting In US Corp Debt Forgiven By the US Government With No Economic Stimulus Provided By It Since It Is On the Books Because of a Decision Made in Previous Years ......................................................................................There Were 444 US Companies With Their Total Deferred Income Tax Assets (DTAs) Exceeding Their DTLs By a Total of $346 Bil, Which Results in a Huge Writeoff of Roughly 40% of This $346 Bil or $138 Bil ..................................................................................... Texas 112 Corps Total Net Deferred Income Tax Liabilities (DTLs) in Excess of Total Net Deferred Income Tax Assets (DTAs) of $174.6 Bil Were 96% More Than California 168 Corps Total DTLs Over Total DTAs of $89.0 Bil: Remember, the Higher the Excess of DTLs Over DTAs, the Higher the Tax Benefits Received From the Trump Tax Bill ...................................................................................... Nebraska 4 Corps Total DTLs Over DTAs of $93.1 Bil Were 5% Above California 168 Corps Total Net DTLs Over DTAs of $89.1 Bil .... No, That's Not a Typo, Warren Buffett Doesn't Just Understand Economics and Finance, He Also Understands Accounting: With the Tax Benefits From the Trump Tax Bill, Berkshire Hathaway's 4Q 2017 Earnings Should Probably Surpass That of Apple ...................................................................................... Instead of Net Tax Benefit From DTLs Over DTAs, Michigan 28 Corps Get Just the Horrible Opposite of Total DTAs Over DTLs of a Massive $44.2 Bil and so, Donald Trump Won Michigan and Now Nails Michigan Like This in His Trump Tax Bill? ...................................................................................... Pennsylvania 59 Corps Excess DTLs Over DTAs Were 4th Highest at $74.2 Bil ...................................................................................... New Jersey 43 Corps Excess DTLs Over DTAs Were 5th Highest at $51.6 Bil And Then There's a Huge Gap Down To Illinois 65 Corps $32.6 Bil Excess DTLs Over DTAs ..................................................................................... Just Like in Michigan, the Trump Tax Bill Nails New York With the Huge Detrimental DTAs Related to Citigroup and AIG, Which Still Have Massive Unused NOL Carryovers From the 2008 Financial Meltdown ..................................................................................... In Fact, New York Came In 9th on the DTLs Over DTAs With Not Just Illinois Topping Them But Also So Did Virginia and Florida ..................................................................................... Fossil Fuel Clearly Trumps Clean Energy in the Trump Tax Bill With Texas DTLs Over DTAs Being Nearly 6 Times That of New York and Almost Double That of California: And Texas Fossil Fuel Partner Oklahoma's 13 Corps Had Total DTLs Over DTAs of $13.3 Bil, Topping Clean Energy States Colorado's 33 Corps $11.6 Bil, Massachusetts' 57 Corps $9.4 Bil and Washington State's 22 Corps $5.5 Bil ....................................................................................... The 2 Industries Clearly Outperforming all Others in the Trump Tax Bill Are Oil & Gas and Utilities: It's All About Accelerated Tax Depreciation and Other Tax Loopholes in the Case of Oil & Gas

From a review of income tax and other footnotes in their most recent audited annual financial statements in their SEC filings and much help from the MSN Money Stock Screener, below here are the audited Net Deferred Income Tax (Liabilities) Assets mostly at December 31, 2016 for the 1,187 largest US Companies with stock market caps above $3 Bil recently.  Also Included in these 1.187 US Companies are a handful of Privately-Held US Companies With Total Equity of at least $3 Bil.







Total


Net
Net


Deferred 
Deferred 


Income
Income


Tax  Total Tax 


Assets # of Assets
US Companies
(Liabilities) Corps (Liabilities)
Sorted By US State State Mostly in in
Stock Market Caps > $3 Bil HQs 12-31-16 US State US State


bils $s






Protective Life AL            (1.600)

Vulcan Materials AL            (0.703)

Energen AL            (0.496)

Medical Properties Trust AL                    -  

ProAssurance AL              0.010

Healthsouth AL              0.076

Regions Financial AL              0.308 7            (2.405)
Tyson Foods AR            (2.971)

Wal-Mart AR            (2.768)

JB Hunt Transport AR            (0.791)

Uniti Group AR            (0.069)

Home BancShares AR              0.061

Bank of the Ozarks AR              0.104

Murphy Oil AR              0.297 7            (6.137)
Freeport-McMoran AZ            (3.765)

Freeport-McMoran AZ            (3.765)

Pinnacle West Capital AZ            (2.945)

Republic Services AZ            (1.171)

Knight-Swift Transportation AZ            (0.428)

Microchip Technology AZ            (0.340)

Cable One AZ            (0.276)

ON Semiconductor AZ            (0.150)

Carlisle Cos AZ            (0.114)

Avnet AZ            (0.038)

Grand Canyon Education AZ            (0.024)

Versum Materials AZ            (0.019)

Sprouts Farmers Market AZ            (0.019)

Healthcare Trust of America AZ                    -  

STORE Capital Corp AZ                    -  

Carvana AZ                    -  

GoDaddy AZ              0.005

VEREIT AZ              0.012

Western Alliance Bancorp AZ              0.095

First Solar AZ              0.235

Southern Copper Corp AZ              0.565 21          (12.142)
Apple CA          (27.588)

Chevron CA          (12.867)

PG&E Corp CA          (10.213)

Broadcom CA            (9.979)

America Honda Finance Corp CA            (8.792)

Edison Intl CA            (8.239)

Wells Fargo CA            (7.051)

Visa CA            (5.899)

Walt Disney CA            (4.311)

McKesson CA            (3.650)

Sempra Energy CA            (3.511)

Amgen CA            (2.383)

Symantec CA            (2.358)

Paypal CA            (1.194)

salesforce.com CA            (0.907)

HP Inc CA            (0.862)

Intel CA            (0.823)

Air Lease CA            (0.667)

Reliance Steel & Aluminum CA            (0.627)

Jazz Pharmaceuticals CA            (0.542)

Aercap Holdings NV CA            (0.364)

Xilinx CA            (0.254)

First American Financial CA            (0.222)

Adobe Systems CA            (0.218)

Equinix CA            (0.212)

Bio-Rad Laboratories CA            (0.190)

Live Nation Entertainment CA            (0.188)

Franklin Resources CA            (0.155)

Digital Realty Trust CA            (0.154)

Lam Research CA            (0.153)

Western Digital CA            (0.153)

Nvidia CA            (0.134)

Ross Stores CA            (0.121)

CoreLogic CA            (0.119)

Trinet Group CA            (0.092)

On Assignment CA            (0.074)

Linear Technology CA            (0.068)

Tower Seniconductor Ltd CA            (0.054)

Microsemi Corp CA            (0.037)

j2 Global CA            (0.035)

Houlihan Lokey CA            (0.031)

Autodesk CA            (0.028)

Clorox CA            (0.023)

Teledyne Technologies CA            (0.021)

Cavium CA            (0.018)

Marvell Technology Group CA            (0.012)

NuVasive CA            (0.012)

Trimble CA            (0.009)

Zynga CA            (0.006)

Ellie Mae CA            (0.006)

Molina Healthcare CA            (0.005)

Cypress Semiconductor CA            (0.002)

Proofpoint CA            (0.002)

Juniper Networks CA            (0.001)

Square CA                    -  

Snap Inc CA                    -  

Advanced Micro Devices CA                    -  

Public Storage CA                    -  

Essex Property Trust CA                    -  

Realty Income CA                    -  

Alexandria Real Estate Equities CA                    -  

American Homes 4 Rent CA                    -  

DexCom CA                    -  

Douglas Emmett CA                    -  

Exelixis CA                    -  

Exelixis CA                    -  

Hudson Pacific Properties CA                    -  

Ionis Pharmaceuticals CA                    -  

Kilroy Realty CA                    -  

Kite Pharma CA                    -  

Nektar Therapeutics CA                    -  

Neurocrine Biosciences CA                    -  

Synnex CA                    -  

Roku CA                    -  

Puma Biotechnology CA                    -  

Sunstone Hotel Investors CA                    -  

RingCentral CA                    -  

FibroGen CA                    -  

ACADIA Pharmaceuticals CA                    -  

Sabra Health Care REIT CA                    -  

PS Business Parks CA                    -  

FibroGen CA                    -  

MaxLinear CA                    -  

MuleSoft CA                    -  

New Relic CA                    -  

Splunk CA              0.001

Nutanix CA              0.001

Zendesk CA              0.001

Green Dot Corp CA              0.001

Monolithic Power Systems CA              0.001

Yelp Inc CA              0.002

Workday CA              0.004

Veeva Systems CA              0.004

Lumentum Holdings CA              0.004

Palo Alto Networks CA              0.005

Twitter CA              0.006

Ares Management LP CA              0.007

Colony NorthStar CA              0.010

ServiceNow CA              0.011

Brocade Communication Systems CA              0.013

Cooper Cos CA              0.016

ICU Medical Medical CA              0.021

Penumbra CA              0.022

Mellanox Technologies Ltd CA              0.022

Tesla CA              0.026

Skechers USA CA              0.026

CBRG Group CA              0.035

HCP Inc CA              0.036

Coherent CA              0.037

Guideware Software CA              0.037

Macerich CA              0.038

Masimo Corp CA              0.039

Maxim Integrated Products CA              0.041

ResMed CA              0.048

Fair Isaac CA              0.048

Stamps.com CA              0.049

Prologis CA              0.052

Logitech Intl CA              0.056

Alphabet CA              0.062

Align Technology CA              0.068

Arista Networks CA              0.070

Cathay General Bancorp CA              0.071

SVB Financial Group CA              0.072

Integrated Device Technology CA              0.072

PacWest Bancorp CA              0.094

Check Point Software CA              0.101

Robert Half Intl CA              0.118

Varian Medical Systems CA              0.119

Atlassian Corp plc CA              0.121

Illumina CA              0.122

Intuit CA              0.125

East West Bancorp CA              0.130

Viasat CA              0.133

Williams-Sonoma CA              0.135

Herbalife Ltd CA              0.140

Charles Schwab CA              0.143

Flex Ltd CA              0.148

Intuitive Surgical CA              0.150

Aecom CA              0.151

Monster Beverage CA              0.160

Fortinet CA              0.183

Dolby Labs CA              0.191

Edwards Lifescience CA              0.195

Netflix CA              0.227

First Republic Bank CA              0.234

Activision Blizzard CA              0.239

Gap Inc CA              0.249

Cadence Design Systems CA              0.257

Synopsys CA              0.281

Electronic Arts CA              0.285

KLA-Tencor CA              0.290

Avery Dennison CA              0.303

Agilent Technologies CA              0.321

CalAtlantic Group CA              0.330

Applied Materials CA              0.371

Keysight Technologies CA              0.391

Oaktree Capital Group LLC CA              0.405

BioMarin Pharma CA              0.447

Mattel CA              0.451

VMware CA              0.462

NetApp CA              0.524

Seagate Technology CA              0.604

Facebook CA              0.854

Gilead Sciences CA              1.255

Qualcomm CA              2.667

eBay CA              3.155

Cisco Systems CA              3.968

Hewlett Packard Enterprise CA              4.287 168          (88.985)

Liberty Interactive CO            (3.636)

DISH Network CO            (2.595)

Liberty Media Corp CO            (2.025)

Molson Coors Brewing CO            (1.624)

Antero Rersources Corp CO            (1.371)

.IHS Markit Ltd CO            (0.980)

DaVita CO            (0.809)

Echostar CO            (0.744)

Liberty Broadband CO            (0.505)

Antero Midstream GP LP CO            (0.368)

Vail Resorts CO            (0.162)

Pilgrim's Pride CO            (0.143)

Cimarex Energy CO            (0.127)

Digitalglobe CO            (0.124)

Royal Gold CO            (0.107)

Western Union CO            (0.076)

Janus Henderson Group plc CO            (0.062)

Chipotle Mexican Grill CO            (0.019)

Woodward CO            (0.013)

Zayo Group Holdings CO            (0.002)

Centennial Resource Development CO                    -  

CoreSite Realty CO                    -  

Pure Storage CO                    -  

Jagged Peak Energy CO                    -  

Clovis Oncology CO                    -  

UDR Inc CO              0.001

DCT Industrial Trust CO              0.002

Ball Corp CO              0.004

Summit Materials CO              0.004

Apartment Investment & Mgt CO              0.005

Arrow Electronics CO              0.016

Newmont Mining CO              0.739

Level 3 Parent CO              3.122 33          (11.599)
Charter Communications CT          (26.665)

United Rentals CT            (1.896)

Genesee & Wyoming CT            (1.160)

Praxair CT            (1.024)

Priceline Group CT            (0.799)

Stanley Black & Decker CT            (0.588)

XPO Logistics CT            (0.570)

SS&C Technologies CT            (0.451)

Alexion Pharmaceuticals CT            (0.378)

Silgan Holdings CT            (0.277)

WR Berkley CT            (0.134)

EMCOR Group CT            (0.117)

Hexcel CT            (0.114)

Amphenol CT            (0.048)

Barnes Group CT            (0.041)

United Technologies CT            (0.035)

Hubbell CT            (0.031)

Fact Set Research Systems CT            (0.017)

Blue Buffalo Pet Products CT            (0.011)

Aetna CT            (0.004)

Gartner CT              0.005

People's United Financial CT              0.009

Starwood Property Trust CT              0.031

Webster Financial CT              0.084

Crane CT              0.169

Terex CT              0.182

XL Group Ltd CT              0.233

Interactive Brokers Group CT              0.294

Cigna CT              0.304

Synchrony Financial CT              0.633

Xerox CT              1.433

Hartford Financial Group CT              3.281 32          (27.702)
Danaher DC            (2.852)

WGL Holdings DC            (0.868)

DuPont Fabros Technology DC                    -  

CoStar Group DC              0.005

Carlyle DC              0.158

Fannie Mae DC            33.530 6            29.973
Chemours DE            (0.091)

SLM Corp DE            (0.009)

Incyte Corp DE                    -  

Navient DE              0.802

DuPont DE              2.877 5              3.579
Next Era Energy FL          (10.640)

CSX Corp FL            (9.596)

Fidelity Natl Info Services FL            (2.362)

Restaurant Brands Intl FL            (1.705)

Ryder System FL            (1.680)

Tampa Electric Co FL            (1.407)

Roper Technologies FL            (1.148)

Fidelity National Financial FL            (0.629)

Affiliated Managers Group FL            (0.566)

Publix Super Markets FL            (0.396)

Hilton Grand Vacations FL            (0.389)

Brown & Brown FL            (0.358)

Mednax FL            (0.208)

MasTec FL            (0.167)

ILG Inc FL            (0.152)

Darden Restaurants FL            (0.146)

Marriott Vacations Worldwide FL            (0.142)

Welbilt FL            (0.131)

B/E Aerospace FL            (0.126)

Vector Group Ltd FL            (0.093)

AutoNation FL            (0.092)

Heico FL            (0.064)

Watsco FL            (0.063)

WellCare Health Plans FL            (0.063)

Dycom Industries FL            (0.054)

Landstar System FL            (0.052)

SBA Comminications FL            (0.027)

National Beverage Corp FL            (0.012)

Rayonier FL            (0.010)

Black Knight FL            (0.008)

Royal Caribbean Cruises FL                    -  

Norwegian Cruise Line Hldgs FL                    -  

Regency Centers Corp FL                    -  

Carnival FL                    -  

Corporate Capital Trust FL                    -  

National Retail Properties FL                    -  

Tech Data FL              0.043

BankUnited FL              0.063

Ultimate Software FL              0.079

KLX Inc FL              0.142

Jabil Circuit FL              0.156

Citrix Systems FL              0.250

Lennar Group FL              0.277

Raymond James Financial FL              0.313

Harris Corp FL              0.375

Tupperware Brands FL              0.523 46          (30.265)
Southern Co GA          (14.092)

AFLAC GA            (5.056)

Coca Cola GA            (4.039)

WestRock GA            (3.378)

InterContinental Exchange GA            (2.954)

FleetCor Technologies GA            (0.666)

Global Payments GA            (0.661)

Total System Services GA            (0.412)

Graphic Packaging Holding GA            (0.405)

Mohawk Industries GA            (0.327)

Equifax GA            (0.321)

Invesco Ltd GA            (0.291)

Sun Trust Banks GA            (0.232)

Home Depot GA            (0.205)

Primerica GA            (0.161)

Flowers Foods GA            (0.146)

Cotiviti Holdings GA            (0.121)

Acuity Brands GA            (0.105)

Carter's GA            (0.095)

RPC Inc GA            (0.081)

Floor & Decor Holdings GA            (0.034)

AGCO Corp GA            (0.013)

Cousins Properties GA                    -  

Manhattan Associates GA              0.003

Rollins GA              0.042

ARRIS Intl GA              0.075

Genuine Parts GA              0.084

Synovus Financial GA              0.395

United Parcel Service GA              0.479

NCR Corp GA              0.551

HD Supply Holdings GA              0.556

PulteGroup GA              1.049

Delta Airlines GA              3.064 33          (27.497)
Hawaiian Electric Industries HI            (0.729)

Bank of Hawaii HI            (0.015)

First Hawaiian HI              0.152 3            (0.592)
Principal Financial Group IA            (0.869)

Casey's General Stores IA            (0.440)

Meredith Corp IA            (0.385)

Rockwell Collins IA            (0.310)

Athene Holding Ltd IA              0.365 5            (1.639)
Idacorp ID            (1.244)

Lamb Weston Holdings ID            (0.090)

Micron Technology ID              0.749 3            (0.585)
Exelon Corp IL          (17.457)

CME Group IL            (7.291)

AbbVie IL            (6.665)

Mondelez Intl IL            (4.363)

Walgreens Boots Alliance IL            (2.274)

CF Industries IL            (1.630)

Archer Daniels Midland IL            (1.511)

Tribune Media IL            (0.984)

McDonalds IL            (0.828)

Dover IL            (0.684)

Stericycle IL            (0.642)

TransUnion IL            (0.579)

Northern Trust IL            (0.553)

Allstate IL            (0.487)

Conagra Brands IL            (0.448)

CDW Corp IL            (0.369)

US Foods Holding IL            (0.346)

Packaging Corp of America IL            (0.335)

Ventas IL            (0.317)

Hill-Rom Holdings IL            (0.225)

LKQ Corp IL            (0.196)

IDEX Corp IL            (0.164)

Ingredion IL            (0.164)

Fortune Brands Home & Security IL            (0.154)

Akorn IL            (0.152)

MB Financial IL            (0.152)

Ulta Beauty IL            (0.086)

CDK Global IL            (0.044)

Old Republic Intl IL            (0.043)

Morningstar IL            (0.038)

Middleby IL            (0.026)

Equity Residential IL                    -  

Equity Lifestyle Properties IL                    -  

First Industrial Realty Trust IL                    -  

Equity Commonwealth IL                    -  

AveXis IL                    -  

Retail Properties of America IL                    -  

Univar IL              0.001

GGP IL              0.003

CBOE Global Markets IL              0.003

Littelfuse IL              0.014

Aptar Group IL              0.017

Kemper Corp IL              0.026

John Bean Technologies IL              0.029

Wintrust Financial IL              0.059

WW Grainger IL              0.069

Zebra Technologies IL              0.110

Camping World Holdings IL              0.126

Jones Lang LaSalle IL              0.159

Navistar IL              0.161

Hyatt Hotels IL              0.256

Brunswick IL              0.305

Illinois Tool Works IL              0.315

.CNA Financial IL              0.379

Arthur J Gallagher IL              0.425

USG Corp IL              0.488

Discover Financial Services IL              0.510

Baxter Intl IL              0.536

United Continental IL              0.655

CNH Industrial NV IL              0.853

Abbott Labs IL              1.670

Accenture IL              2.078

Motorola Solutions IL              2.098

Caterpillar IL              2.446

Deere & Co IL              2.798 65          (32.618)
Zimmer Biomet IN            (2.809)

Anthem IN            (2.780)

NiSource IN            (2.528)

Vectren IN            (0.906)

Steel Dynamics IN            (0.448)

Berry Global Group IN            (0.419)

Allison Transmission Holdings IN            (0.310)

KAR Auction Services IN            (0.292)

Eli Lilly IN            (0.216)

Allegion plc IN            (0.016)

Duke Realty IN                    -  

Simon Property Group IN                    -  

ANGI Homeservices IN                    -  

LCII Industries IN              0.032

Thor Industries IN              0.093

OneMain Holdings IN              0.176

Cummins IN              0.344

CNO Financial Group IN              0.786 18            (9.293)
Sprint KS          (14.416)

Westar Energy KS            (1.753)

Seaboard Corp KS            (0.077)

Euronet Worldwide KS            (0.030)

Tailgrass Energy Partners LP KS                    -  

Garmin Ltd KS              0.049

Spirit AeroSystems KS              0.129

Tallgrass Energy GP LP KS              0.521 8          (15.577)
Ashland Global Holdings KY            (0.347)

Churchill Downs KY            (0.153)

Tempur Sealy Intl KY            (0.152)

Brown-Forman KY            (0.084)

Texas Roadhouse KY            (0.010)

Valvoline KY              0.281

Humana KY              0.399

Yum! Brands KY              0.768 8              0.702
Entergy Corp LA            (7.377)

CenturyLink LA            (3.463)

Pool Corp LA            (0.028)

Lamar Advertising LA                    -  

IBERIABANK LA              0.113 5          (10.755)
Eversource Energy MA            (5.607)

Thermo Fisher Scientific MA            (2.175)

Analog Devices MA            (1.642)

Hologic MA            (0.965)

American Tower MA            (0.582)

Biogen MA            (0.490)

Dunkin' Brands MA            (0.457)

Sensata Technologies MA            (0.372)

TJX Cos MA            (0.308)

Vertex Pharmaceuticals MA            (0.134)

Bright Horizons Family Solutions MA            (0.112)

Nuance Communications MA            (0.111)

UniFirst MA            (0.077)

MKS Instruments MA            (0.061)

State Street Corp MA            (0.037)

Iron Mountain MA            (0.033)

Charles River Laboratories MA            (0.027)

LPL Financial Holdings MA            (0.026)

Cimpress NV MA            (0.013)

Entegris MA            (0.012)

Hospitality Properties Trust MA            (0.008)

Haemonetics MA            (0.008)

LogMein MA            (0.006)

Akamai Technologies MA            (0.003)

Boston Properties MA                    -  

Alnylam Pharmaceuticals MA                    -  

bluebird bio MA                    -  

Sage Therapeutics MA                    -  

Wayfair MA                    -  

Senior Housing Properties Trust MA                    -  

Tesaro MA                    -  

Insulet MA                    -  

Blueprint Medicines MA                    -  

Sarepta Therapeutics MA                    -  

HubSpot MA                    -  

BeiGene Ltd MA              0.001

athenahealth MA              0.002

Aspen Technology MA              0.014

Cognex MA              0.028

TripAdvisor MA              0.030

IPG Photonics MA              0.032

Abiomed MA              0.034

PerkinElmer MA              0.037

Alkermes plc MA              0.047

Skywork Solutions MA              0.057

Waters Corp MA              0.062

Boston Scientific MA              0.062

Bruker MA              0.066

Pegasystems MA              0.070

Eaton Vance MA              0.073

Teradyne MA              0.095

PTC Inc MA              0.105

The Hanover Insurance Group MA              0.115

Bioverativ MA              0.154

Cabot Corp MA              0.212

Raytheon MA              0.746

General Electric MA              1.833 57            (9.391)
Marriott MD            (0.904)

Sinclair Broadcast Group MD            (0.609)

Discovery Communications MD            (0.447)

Colfax Corp MD            (0.240)

Legg Mason MD            (0.126)

McCormick Co MD            (0.031)

AGNC Investment Corp MD                    -  

Federal REIT MD                    -  

Omega Healthcare Investors MD                    -  

JBG SMITH Properties MD                    -  

2U Inc MD                    -  

LaSalle Hotel Properties MD                    -  

Corporate Office Properties Trust MD                    -  

Ciena MD              0.001

RLJ Lodging Trust MD              0.033

Choice Hotels Intl MD              0.053

Host Hotels & Resorts MD              0.071

T Rowe Price Group MD              0.114

Under Armour MD              0.136

United Therapeutics MD              0.178

WR Grace MD              0.707

Lockheed Martin MD              6.589 22              5.525
WEX Inc ME            (0.146)

IDEXX Labs ME            (0.034) 2            (0.180)
DTE Energy MI            (4.162)

CMS Energy MI            (2.287)

ITC Holdings MI            (0.964)

Penske Automotive Group MI            (0.565)

Kellogg MI            (0.355)

Perrigo Co plc MI            (0.318)

Credit Acceptance Corp MI            (0.273)

Gentex Corp MI            (0.071)

Sun Communities MI            (0.022)

Neogen MI            (0.017)

Taubman Centers MI              0.003

Dominos Pizza MI              0.009

Visteon MI              0.028

Masco Corp MI              0.048

WABCO Holdings MI              0.070

Delphi Automative plc MI              0.125

Delphi Technologies PLC MI              0.129

Autoliv MI              0.177

Chemical Financial MI              0.205

Stryker MI              0.247

BorgWarner MI              0.370

Lear Corp MI              0.459

Adient plc MI              0.636

Ally Financial MI              0.976

Whirlpool MI              2.036

Dow Chemical MI              2.156

Ford Motor MI            11.007

General Motors MI            34.588 28            44.235

Xcel Energy MN            (6.784)

UnitedHealth Group MN            (2.761)

General Mills MN            (1.719)

Medtronic MN            (1.631)

Ecolab MN            (0.878)

Target MN            (0.825)

ALLETE MN            (0.584)

Pentair plc MN            (0.571)

US Bancorp MN            (0.479)

TCF Financial MN            (0.275)

Patterson Companies MN            (0.192)

Mosaic Co MN            (0.173)

Valspar MN            (0.139)

Bio-Techne MN            (0.121)

Deluxe MN            (0.084)

Fastenal MN            (0.081)

CH Robinson Worldwide MN            (0.063)

Hormel Foods MN              0.006

Donaldson Co MN              0.027

Toro MN              0.057

Graco MN              0.069

Polaris Industries MN              0.179

3M MN              0.277

Best Buy MN              0.317

Travelers Cos MN              0.465

Ameriprise Financial MN              0.619 26          (15.344)
Ameren Corp MO            (4.264)

Express Scripts MO            (3.572)

Reinsurance Group of America MO            (2.704)

Great Plains Energy MO            (1.330)

Kansas City Southern MO            (1.289)

Olin Corp MO            (0.913)

Post Holdings MO            (0.906)

Spire MO            (0.708)

Centene MO            (0.303)

Cerner MO            (0.239)

Jack Henry & Associates MO            (0.220)

Peabody Energy MO            (0.174)

Edgewell Personal Care MO            (0.164)

DST Systems MO            (0.143)

O'Reilly Automotive MO            (0.090)

Panera Bread MO            (0.032)

Leggett & Platt MO            (0.030)

Commerce Bancshares MO                    -  

EPR Properties MO                    -  

Belden MO              0.019

Amdocs Ltd MO              0.042

UMB Financial MO              0.058

H&R Block MO              0.077

Stifel Financial MO              0.225

Emerson Electric MO              0.226

Monsanto MO              0.372 26          (16.062)
Sanderson Farms MS            (0.092)

EastGroup Properties MS                    -  

Hancock Holding MS              0.104 3              0.012
Glacier Bancorp MT              0.067 1              0.067
Duke Energy NC          (14.155)

Reynolds America NC            (9.607)

Brighthouse Financial NC            (2.056)

IQVIA Holdings NC            (2.044)

Lab Corp of America NC            (1.179)

Martin Marietta Materials NC            (0.663)

Ingersoll Rand plc NC            (0.616)

Nucor NC            (0.559)

Snyder's-Lance NC            (0.373)

Albemarle NC            (0.352)

Old Dominion Freight NC            (0.270)

VF Corp NC            (0.178)

CommScope Holding NC            (0.152)

Qorvo NC            (0.114)

PRA Health Sciences NC            (0.067)

Curtiss-Wright NC            (0.048)

Cree Inc NC            (0.038)

Patheon NC            (0.037)

Highwoods Properties NC                    -  

INC Research Holdings NC              0.006

Extended Stay America NC              0.013

LendingTree NC              0.018

BB&T Corp NC              0.090

Red Hat NC              0.102

Sealed Air NC              0.160

Sealed Air NC              0.160

First Citizens Bancshares NC              0.173

Lowe's NC              0.200

JELD-WEN Holding NC              0.260

Hanesbrands NC              0.414

Bank of America NC            19.226 31          (11.686)
MDU Resources Group ND            (0.668) 1            (0.668)
Berkshire Hathaway NE          (76.959)

Union Pacific NE          (15.996)

TD Ameritrade NE            (0.193)

Valmont Industries NE              0.073 4          (93.075)
White Mountains Insurance Group Ltd NH              0.127

Planet Fitness NH              0.409 2              0.536
Allergan NJ          (12.736)

Prudential Financial NJ          (10.795)

Public Service Enterprise Group NJ            (8.409)

Valeant Pharmaceuticals NJ            (5.288)

Newell Brands NJ            (4.988)

Merck NJ            (4.531)

American Water Works NJ            (2.596)

Wyndham Worldwide NJ            (1.184)

Avis Budget Group NJ            (0.936)

Pinnacle Foods NJ            (0.923)

Becton Dickinson NJ            (0.776)

Conduent NJ            (0.605)

Church & Dwight NJ            (0.511)

New Jersey Resources NJ            (0.506)

Campbell Soup NJ            (0.454)

Realogy Holdings NJ            (0.389)

Verisk Analytics NJ            (0.307)

Burlington Stores NJ            (0.200)

Quest Diagnostics NJ            (0.159)

John Wiley & Sons NJ            (0.155)

Zoetis NJ            (0.148)

Integra Lifesciences Holdings NJ            (0.142)

Honeywell NJ            (0.139)

CIT Group NJ            (0.075)

Automatic Data Processing NJ            (0.070)

CR Bard NJ            (0.046)

Cantel Medical NJ            (0.025)

Kimco Realty NJ              0.003

Catalent NJ              0.022

Universal Display NJ              0.024

Selective Insurance Group NJ              0.085

Signet Jewelers Ltd NJ              0.085

Everest Re Group Ltd NJ              0.096

Dun & Bradstreet NJ              0.107

Valley National Bancorp NJ              0.130

Celgene NJ              0.138

Bed Bath & Beyond NJ              0.195

NRG Energy NJ              0.205

Investors Bancorp NJ              0.216

NRG Yield NJ              0.216

PBF Energy NJ              0.334

Cognizant Technology NJ              0.419

Johnson & Johnson NJ              3.238 43          (51.580)
PNM Resources NM            (0.941) 1            (0.941)
MGM Resorts NV            (2.551)

Caesars Entertainment NV            (1.722)

Southwest Gas Holdings NV            (0.839)

Amerco NV            (0.835)

Intl Game Technology NV            (0.731)

Las Vegas Sands NV            (0.200)

Boyd Gaming NV            (0.084)

Wynn Resorts Ltd NV            (0.067)

Scientific Games NV            (0.046)

Ormat Technologies NV            (0.035)

MGM Growth Properties LLC NV            (0.025)

Red Rock Resorts NV              0.244 12            (6.891)
Verizon NY          (45.964)

Pfizer NY          (30.099)

Consolidated Edison NY          (10.034)

Metlife NY            (9.367)

Altice USA NY            (7.967)

BlackRock NY            (4.820)

PepsiCo NY            (4.434)

Bank of NY Mellon NY            (2.851)

Time Warner NY            (2.553)

Jet Blue Airways NY            (1.354)

Icahn Enterprises NY            (1.308)

Constellation Brands NY            (1.132)

Thomson Reuters NY            (1.107)

Hess Corp NY            (1.085)

Nielsen Holdings plc NY            (1.048)

Phillip Morris NY            (1.038)

Macquarie Infrastructure NY            (0.896)

National Fuel Gas Co NY            (0.891)

PVH Corp NY            (0.860)

Coty Inc NY            (0.852)

Loews Corp NY            (0.621)

CBS Corp NY            (0.580)

Xylem NY            (0.547)

HRG Group NY            (0.511)

Omnicom Group NY            (0.481)

First Data NY            (0.394)

Triton Intl Ltd NY            (0.317)

Viacom NY            (0.254)

L3 Technologies NY            (0.234)

IAC/Interactive Corp NY            (0.226)

JPMorgan Chase NY            (0.205)

Madison Square Garden NY            (0.196)

Assurant NY            (0.191)

AMC Networks NY            (0.137)

Hain Celestial Group NY            (0.121)

MSC Industrial Direct NY            (0.109)

GrubHub NY            (0.108)

MSCI Inc NY            (0.085)

WP Carey NY            (0.077)

Broadridge Financial Solutions NY            (0.054)

Take-Two Interactive Software NY            (0.036)

Henry Schein NY            (0.035)

Paychex NY            (0.034)

New York Community Bancorp NY            (0.033)

Michael Kors Holdings Ltd NY            (0.007)

Nasdaq Inc NY            (0.003)

Outfront Media NY            (0.002)

SL Green Realty NY                    -  

Vornado Realty Trust NY                    -  

Annaly Capital Mgt Inc NY                    -  

Ares Capital Corp NY                    -  

Brixmor Property Group NY                    -  

Empire State Realty NY                    -  

Interpublic Group of Cos NY                    -  

Gramercy Property Trust NY                    -  

Life Storage NY                    -  

Paramount Group NY                    -  

Blackstone Mortgage Trust NY                    -  

Virtu Financial NY                    -  

MFA Financial NY                    -  

Ubiquiti Networks NY              0.004

Chimera Investment Corp NY              0.005

Market Axess Holdings NY              0.007

S&P Global NY              0.013

Moog NY              0.013

Sterling Bancorp NY              0.041

Medidata Solutions NY              0.047

Colgate-Palmolive NY              0.055

Signature Bank NY              0.060

Intl Flavors & Fragrances NY              0.096

Tapestry NY              0.107

Ralph Lauren NY              0.114

New Residential Trust NY              0.151

Foot Locker NY              0.158

BGC Partners NY              0.184

CA Inc NY              0.208

Moodys NY              0.212

Arch Capital Group Ltd NY              0.221

Mastercard NY              0.226

Bunge Ltd NY              0.285

KKR & Co LP NY              0.287

ITT Corp NY              0.297

Tiffany NY              0.300

New York Times NY              0.301

Evercore NY              0.305

Estee Lauder NY              0.322

Alleghany Corp NY              0.355

Fortress Investment Group LLC NY              0.424

News Corp NY              0.464

Assured Guaranty Ltd NY              0.497

M&T Bank NY              0.565

Apollo Global Mgt LLC NY              0.572

E*Trade Financial NY              0.756

Regeneron Pharmaceuticals NY              0.825

Marsh & McLennan NY              0.897

Lazard Ltd NY              1.067

Sirius XM Holdings NY              1.078

Arconic NY              1.095

Blackstone Group NY              1.286

Leucadia NY              1.462

Corning Intl NY              2.008

Voya Financial NY              2.090

American Express NY              2.255

Bristol-Myers Squibb NY              2.949

Goldman Sachs NY              3.680

Morgan Stanley NY              4.767

IBM NY              4.799

American Intl Group NY            20.712

Citigroup NY            46.668 109          (29.968)
American Electric Power OH          (11.884)

Procter & Gamble OH            (6.104)

FirstEnergy OH            (3.765)

Kroger OH            (2.178)

JM Smucker OH            (2.167)

Cardinal Health OH            (1.876)

Macy's OH            (1.443)

Cincinnati Financial OH            (0.865)

Fifth Third Bancorp OH            (0.787)

TransDigm Group OH            (0.501)

Cintas OH            (0.469)

Wendy's OH            (0.447)

L Brands OH            (0.333)

Parker-Hannifin OH            (0.186)

Greif OH            (0.184)

Steris plc OH            (0.163)

Scotts Miracle Gro     OH            (0.158)

Progressive Corp OH            (0.111)

Cedar Fair LP OH            (0.105)

Portola Pharmaceuticals OH            (0.101)

RPM Intl OH            (0.078)

Nordson OH            (0.051)

PolyOne Corp OH            (0.034)

Lincoln Electric Holdings OH            (0.033)

Mettler Toledo OH            (0.030)

Lancaster Colony OH            (0.025)

Chemed OH            (0.014)

Sherwin-Williams OH            (0.008)

Welltower OH            (0.005)

MPLX LP OH            (0.005)

Forest City Realty Trust OH                    -  

DDR Corp OH                    -  

Teradata OH              0.016

TFS Financial  OH              0.016

Eaton Corp OH              0.039

Timken OH              0.051

Owens-Illinois OH              0.085

Huntington Bancshares OH              0.117

Owens-Corning OH              0.339

American Financial Group OH              0.388

Dana OH              0.551

Key Corp OH              0.607

Vantiv OH              0.713

Goodyear Tire OH              2.329 44          (28.859)
Williams Cos OK            (4.238)

OGE Energy OK            (2.335)

Continental Resources OK            (1.890)

ONEOK OK            (1.624)

Helmerich & Payne OK            (1.333)

ONE Gas OK            (1.039)

Devon Energy OK            (0.648)

WPX Energy Inc OK            (0.251)

Enable Midstream Partners LP OK            (0.010)

Magellan Midstream Partners LP OK                    -  

Paycom Software OK              0.001

Chesapeake Energy OK              0.016

BOK Financial OK              0.029 13          (13.322)
Portland General Electric OR            (0.669)

Umpqua Holdings OR              0.034

FLIR Systems OR              0.043

Columbia Sportswear OR              0.092

Nike OR              1.024 5              0.524
Comcast PA          (34.813)

Kraft Heinz PA          (20.795)

PPL Corp PA            (3.862)

AmerisourceBergen PA            (2.493)

Lincoln National PA            (2.463)

PNC Financial PA            (2.366)

EQT Corp PA            (1.760)

Mylan NV PA            (1.373)

UGI Corp PA            (1.331)

Aqua America PA            (1.269)

Chubb Ltd PA            (0.988)

Dentsply Sirona PA            (0.657)

Air Products & Chemicals PA            (0.604)

Ametek PA            (0.572)

Aramark PA            (0.553)

Rice Energy PA            (0.359)

Teleflex PA            (0.270)

PPG Industries PA            (0.263)

Westinghouse Air Brake Tech PA            (0.242)

Vishay Intertechnology PA            (0.227)

Federated Investors PA            (0.176)

Essent Group Ltd PA            (0.143)

WESCO Intl PA            (0.142)

Armstrong World Industries PA            (0.141)

Ollie's Bargain Outlet Holdings PA            (0.089)

Universal Health Services PA            (0.087)

EQT GP Holdings LP PA            (0.084)

EQT Midstream Partners LP PA            (0.084)

SEI Investments PA            (0.068)

United States Steel PA            (0.022)

MSA Safety PA            (0.011)

CubeSmart PA                    -  

Liberty Property Trust PA                    -  

AmeriGas Partners LP PA                    -  

Brandywine Realty Trust PA                    -  

Gaming & Leisure Properties PA              0.004

CNX Resources PA              0.004

Healthcare Services Group PA              0.010

Five Below PA              0.011

Kennametal PA              0.013

TSE Trinseo SA PA              0.015

Hershey PA              0.017

Globus Medical PA              0.023

EPAM Systems PA              0.028

Ansys PA              0.040

Dick's Sporting Goods PA              0.046

American Eagle Outfitters PA              0.049

Urban Outfitters PA              0.053

Erie Indemnity PA              0.054

Fulton Financial PA              0.054

West Pharmaceutical Services PA              0.057

FMC Corp PA              0.077

F N B Corp PA              0.099

Axalta Coating Systems PA              0.154

Toll Brothers PA              0.167

Crown Holdings PA              0.390

Radian Group PA              0.412

Alcoa PA              0.449

TE Connectivity PA              1.905 59          (74.176)
CVS Health RI            (4.214)

Citizens Financial Group RI            (0.714)

Hasbro RI              0.207

Textron RI              0.669 4            (4.052)
SCANA Corp SC            (2.159)

Domtar Corp SC            (0.630)

Blackbaud SC            (0.027)

Sonoco Products SC            (0.018)

South State Corp SC              0.031 5            (2.803)
Black Hills Corp SD            (0.536) 1            (0.536)

International Paper TN            (2.773)

FedEx TN            (1.810)

Envision Healthcare TN            (1.681)

Eastman Chemical TN            (1.172)

ServiceMaster Global Holdings TN            (0.717)

Dollar General TN            (0.653)

AutoZone TN            (0.336)

Unum Group TN            (0.130)

Cracker Barrel Old Country Store TN            (0.062)

Louisiana-Pacific TN            (0.023)

Ryman Hospitality Properties TN            (0.001)

Mis-America Apt Communities TN                    -  

Healthcare Realty Trust TN                    -  

National Health Investors TN                    -  

Tractor Supply TN              0.045

Pinnacle Financial Partners Inc TN              0.050

Regal Entertainment Group TN              0.056

Scripps Networks Interactive TN              0.175

First Horizon TN              0.200

HCA Healthcare TN              0.846 20            (7.986)
AT&T TX          (58.717)

Exxon Mobil TX          (29.921)

ConocoPhillips TX            (8.549)

Toyota Motor Credit Corp TX            (7.926)

Valero Energy TX            (7.361)

Phillips 66 TX            (6.651)

CenterPoint Energy TX            (5.263)

Energy Transfer Equity TX            (5.112)

EOG Resources TX            (5.012)

Dell Technologies TX            (4.912)

Anadarko Petroleum TX            (4.310)

Marathon Petroleum Corp TX            (3.844)

Southwest Air Lines TX            (3.374)

LyondellBasell Industries TX            (2.139)

Marathon Oil Corp TX            (2.102)

Schlumberger TX            (1.880)

Atmos Energy TX            (1.879)

Noble Energy Inc TX            (1.819)

Torchmark Inc TX            (1.760)

Apache TX            (1.705)

Westlake Chemical Corp TX            (1.638)

Columbia Pipeline Group TX            (1.500)

Waste Management TX            (1.482)

Andeavor TX            (1.428)

Pioneer Natural Resources TX            (1.397)

Santander Consumer Hldgs USA TX            (1.278)

Occidental Petroleum TX            (1.132)

Trinity Industries TX            (1.068)

National Oilwell Varco TX            (0.978)

Range Resources TX            (0.943)

Targa Resources Corp TX            (0.941)

Waste Connections TX            (0.779)

Concho Resources TX            (0.766)

Dr Pepper Snapple TX            (0.750)

Kirby TX            (0.705)

Patterson-UTI Energy TX            (0.647)

Sunoco LP TX            (0.643)

HollyFrontier TX            (0.620)

CVR Energy TX            (0.580)

Cabot Oil & Gas TX            (0.579)

EnLink Midstream LLC TX            (0.543)

Service Corp Intl TX            (0.454)

Amweican National Insurance TX            (0.367)

RSP Permian TX            (0.323)

Alliance Data Systemd TX            (0.315)

Kimberly Clark TX            (0.298)

Howard Hughes Corp TX            (0.201)

Six Flags Entertainment TX            (0.199)

Quanta Services TX            (0.183)

Eagle Materials TX            (0.166)

Cinemark Holdings TX            (0.138)

Nexstar Media Group TX            (0.126)

Weatherford Intl plc TX            (0.076)

Tyler Technologies TX            (0.069)

Enterprise Products Partners LP TX            (0.053)

FirstCash TX            (0.052)

Newfield Exploration TX            (0.039)

Huntsman TX            (0.031)

National Instruments TX            (0.029)

Enbridge Energy Partnres LP TX            (0.021)

NuStar Energy L.P. TX            (0.020)

SYSCO Corp TX            (0.019)

First Financial Bankshares TX            (0.015)

Match Group TX            (0.014)

Western Gas Partners LP TX            (0.006)

Parsley Energy TX            (0.005)

Copart TX            (0.002)

Weingarten Realty Investors TX            (0.001)

Plains All America Pipeline LP TX                    -  

Invitation Homes Inc TX                    -  

Cheniere Energy Inc TX                    -  

Diamondback Energy TX                    -  

American Campus Communities TX                    -  

Camden Property Trust TX                    -  

Cheniere Energy Partners LP Hldgs LLC TX                    -  

CyrusOne TX                    -  

Valero Energy Partners LP TX                    -  

Spirit Realty Capital TX                    -  

TC Pipelines LP TX                    -  

Black Stone Minerals LP TX                    -  

Boardwalk Pipeline Partners LP TX                    -  

Buckeye Partners LP TX              0.002

Texas Pacific Land Trust TX              0.004

Sabre Corp TX              0.006

Prosperity Bancshares TX              0.009

Cirrus Logic TX              0.013

Core Laboratories NV TX              0.014

RealPage TX              0.016

Silicon Laboratories TX              0.026

Celanese TX              0.029

Crown Castle TX              0.036

The Michael's Companies TX              0.036

Texas Capital Bancshares TX              0.059

Calpine Corp TX              0.062

Cullen/Frost Bankers TX              0.064

Flowserve TX              0.065

FMC Technologies TX              0.076

Baker Hughes TX              0.095

Transocean Ltd TX              0.120

Yum! China Holdings TX              0.136

Lennox Intl TX              0.137

Jacobs Engineering Group TX              0.191

Comerica TX              0.217

Whole Foods Market TX              0.289

Texas Instruments TX              0.341

D R Horton TX              0.365

Fluor TX              0.454

Vistra Energy TX              1.122

American Airlines TX              1.487

Plains GP Holdings LP TX              1.514

Halliburton TX              1.919

Kinder Morgan Inc TX              4.352 112        (174.599)
Extra Space Storage UT            (0.010)

NU Skin Enterprises UT              0.024

Zions Bancorp UT              0.250 3              0.264
Norfolk Southern VA            (9.140)

Dominion Energy VA            (8.554)

Altria Group VA            (8.064)

Hilton Worldwide Holdings VA            (4.458)

Park Hotels & Resorts VA            (2.433)

Dollar Tree VA            (1.459)

Willis Towers Watson VA            (0.814)

Leidos Holdings VA            (0.524)

Advance Auto Parts VA            (0.454)

Verisign VA            (0.362)

Graham Holdings VA            (0.362)

Markel VA            (0.330)

CACI Intl VA            (0.273)

CSRA Inc VA            (0.272)

Beacon Roofing Supply VA            (0.138)

Performance Food Group VA            (0.103)

AES Corp VA            (0.023)

Maximus VA            (0.012)

Science Applications Intl VA            (0.011)

Trex Co VA            (0.001)

Avalon Bay Comminities VA                    -  

Apple Hospitality REIT VA                    -  

Dominion Energy Midstream Partners LP VA                    -  

Booz Allen Hamilton Hldgs VA              0.011

NewMarket  VA              0.020

General Dynamics VA              0.037

Computer Sciences VA              0.143

CarMax VA              0.151

BWXT Technologies VA              0.171

NVR Inc VA              0.181

Orbital ATK VA              0.254

Huntington Ingalls Industries VA              0.314

Brink's VA              0.320

Northrop Grumman VA              1.462

Capital One Financial VA              4.310 35          (30.413)
T-Mobile US WA            (4.938)

Boeing WA            (1.006)

Avista WA            (0.841)

PACCAR WA            (0.672)

Alaska Air Group WA            (0.463)

Expedia WA            (0.461)

Fortive WA            (0.247)

Zillow Group WA            (0.134)

Costco WA            (0.058)

Expeditors Intl of Washington WA            (0.014)

Juno Therapeutics WA            (0.005)

Washington Federal Inc WA            (0.002)

Seattle Genetics WA                    -  

Pendrell WA                    -  

Tableau Software WA              0.001

Columbia Banking System WA              0.050

F5 Networks WA              0.053

Amazon WA              0.082

Nordstrom WA              0.147

Weyerhaeuser WA              0.293

Starbucks WA              0.789

Microsoft WA              1.881 22            (5.545)
WEC Energy WI            (5.147)

Alliant Energy WI            (2.570)

Fiserv WI            (0.736)

Schneider National WI            (0.539)

Spectrum Brands WI            (0.511)

Gardner Denver Holdings WI            (0.486)

Kohls WI            (0.249)

Bemis WI            (0.216)

Manpower Group WI            (0.141)

Regal Beloit WI            (0.075)

Oshkosh Corp WI            (0.016)

Generac Holdings WI            (0.014)

Exact Sciences WI                    -  

Physicians Realty Trust WI                    -  

Sensient Technologies WI              0.002

AO Smith WI              0.004

Associated Banc WI              0.052

Snap-On WI              0.060

Harley-Davidson WI              0.168

Rockwell Automation WI              0.444

MGIC Investment Corp WI              0.608

Johnson Controls Intl plc WI              0.627 22            (8.735)
United Bankshares WV              0.079 1              0.079





Total all 1,187        (779.107)     1,187        (779.107)