FFSOTS

Fiduciary Financial Services of The Southwest Portfolio holdings

AUM $382M

2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+7.35%

1 Year Return

+25.97%

3 Year Return

+39.8%

5 Year Return

+40.35%

10 Year Return

–

AUM

$357M

AUM Growth

+$357M (+7.7%)

Cap. Flow

+$16.7M

Cap. Flow % of AUM

4.69%

Top 10 Holdings % Top 10 Hldgs %

26.75%

Holding

167

New

Increased

Reduced

Closed

Top Buys

1	DD Du Pont De Nemours E I DD	$368K
2	Union Pacific UNP	$346K
3	GOOD Gladstone Commercial Corp GOOD	$341K
4	iShares MSCI Germany ETF EWG	$309K
5	Targa Resources TRGP	$282K

Top Sells

1	Rayonier RYN	$600K
2	SAP SAP	$276K
3	INVX Innovex International, Inc. INVX	$247K
4	WFM Whole Foods Market Inc WFM	$219K
5	Paychex PAYX	$214K

Sector Composition

1	Energy	32.05%
2	Industrials	10%
3	Healthcare	8.51%
4	Real Estate	7.65%
5	Utilities	4.33%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
151	151 Invesco Oil & Gas Services ETF PXJ $26.7M	$249K	0.07%	8,320	–	–
152	152 Calamos Strategic Total Return Fund CSQ $2.97B	$230K	0.06%	19,151 +2,800	+17%	+$33.6K
153	153 Vanguard High Dividend Yield ETF VYM $63.6B	$229K	0.06%	3,460	–	–
154	CMLP 154 DELISTED CRESTWOOD MIDSTREAM PARTNERS LP NEW UTS REP LTD PRT INT (DE) CMLP	$220K	0.06%	9,986	–	–
155	155 SBA Communications SBAC $21.4B	$219K	0.06%	+2,145	New	+$219K
156	156 BlackRock Municipal Income Trust II BLE $474M	$207K	0.06%	14,255 +2,830	+25%	+$41.1K
157	EIM 157 Eaton Vance Municipal Bond Fund EIM $532M	$162K	0.05%	13,025	–	–
158	JDD 158 DELISTED Nuveen Diversified Dividend and Income Fund JDD	$152K	0.04%	12,418	–	–
159	159 iShares MSCI Japan ETF EWJ $15.2B	$135K	0.04%	11,210	–	–
160	IGD 160 Voya Global Equity Dividend and Premium Opportunity Fund IGD $466M	$124K	0.03%	+12,740	New	+$124K
161	161 Eaton Vance Tax-Managed Global Diversified Equity Income Fund EXG $2.72B	$121K	0.03%	+11,677	New	+$121K
162	162 Nuveen Preferred & Income Opportunities Fund JPC $2.61B	$108K	0.03%	11,132	–	–
163	163 Nuveen Credit Strategies Income Fund JQC $751M	$101K	0.03%	10,752	–	–
164	164 Paychex PAYX $48.8B	–	–	-5,017	Closed	-$214K
165	WFM 165 DELISTED Whole Foods Market Inc WFM	–	–	-4,320	Closed	-$219K
166	166 SAP SAP $316B	–	–	-3,400	Closed	-$276K
167	INVX 167 Innovex International, Inc. INVX $1.14B	–	–	-2,200	Closed	-$247K