IPC

Independent Portfolio Consultants Portfolio holdings

AUM $241M

1-Year Return 21.8%

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

+3.51%

1 Year Return

+21.8%

3 Year Return

+32.36%

5 Year Return

–

10 Year Return

–

AUM

$241M

AUM Growth

-$48.6M (-17%)

Cap. Flow

-$57M

Cap. Flow % of AUM

-23.66%

Top 10 Holdings % Top 10 Hldgs %

14.18%

Holding

876

New

Increased

143

Reduced

518

Closed

Top Buys

1	ProShares Short QQQ PSQ	$1.71M
2	Citigroup C	$1.56M
3	Lennar Class A LEN	$1.45M
4	Bank of America BAC	$1.07M
5	AGN Allergan plc AGN	$1.05M

Top Sells

1	ProShares Trust Short MSCI EAFE EFZ	$1.28M
2	Philip Morris PM	$1.23M
3	NVR NVR	$1.2M
4	Western Union WU	$1.16M
5	CBI Chicago Bridge & Iron Nv CBI	$1.15M

Sector Composition

1	Financials	17.05%
2	Industrials	12.31%
3	Consumer Discretionary	10.87%
4	Technology	10.71%
5	Healthcare	9.98%

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
551	551 Old Republic International ORI $10.1B	$38K	0.02%	1,940 -960	-33%	-$18.8K
552	SNP 552 DELISTED CHINA PETROLEUM & CHEMICAL CORPORATION ADS (REP 100 ORDINARY H SHARES) SNP	$38K	0.02%	485 -130	-21%	-$10.2K
553	553 Fortinet FTNT $60.4B	$37K	0.02%	4,950 +1,250	+34%	+$9.34K
554	554 Liberty Media Series C FWONK $25.2B	$37K	0.02%	+1,053	New	+$37K
555	555 Walmart WMT $801B	$36K	0.01%	1,440 -27,795	-95%	-$695K
556	556 First Trust Natural Gas ETF FCG $329M	$35K	0.01%	1,705	–	–
557	557 F5 FFIV $18.1B	$35K	0.01%	279 +49	+21%	+$6.15K
558	558 Flowers Foods FLO $3.13B	$35K	0.01%	2,000 -990	-33%	-$17.3K
559	559 Teva Pharmaceuticals TEVA $21.7B	$35K	0.01%	1,065 -260	-20%	-$8.55K
560	PFPT 560 DELISTED Proofpoint, Inc. PFPT	$35K	0.01%	407 -138	-25%	-$11.9K
561	561 Barclays BCS $69.1B	$34K	0.01%	3,327 -1,014	-23%	-$10.4K
562	562 IPG Photonics IPGP $3.56B	$34K	0.01%	233 +43	+23%	+$6.28K
563	563 SPDR S&P Oil & Gas Exploration & Production ETF XOP $1.85B	$34K	0.01%	270	–	–
564	ANSS 564 DELISTED Ansys ANSS	$33K	0.01%	270 -555	-67%	-$67.8K
565	565 BP BP $87.4B	$33K	0.01%	1,078 -311	-22%	-$9.52K
566	566 Colgate-Palmolive CL $68.8B	$33K	0.01%	444 -30	-6%	-$2.23K
567	567 Hewlett Packard HPE $31B	$33K	0.01%	2,584 -9,469	-79%	-$121K
568	568 Mattel MAT $6.06B	$33K	0.01%	1,515 -625	-29%	-$13.6K
569	RTN 569 DELISTED Raytheon Company RTN	$33K	0.01%	205 +5	+3%	+$805
570	570 EPR Properties EPR $4.05B	$32K	0.01%	440 -240	-35%	-$17.5K
571	RHT 571 DELISTED Red Hat Inc RHT	$32K	0.01%	333 +5	+2%	+$480
572	572 Northern Trust NTRS $24.3B	$31K	0.01%	315 -240	-43%	-$23.6K
573	573 NVIDIA NVDA $4.07T	$31K	0.01%	+8,680	New	+$31K
574	574 Telefonica TEF $30.1B	$31K	0.01%	3,724 -1,053	-22%	-$8.77K
575	KYO 575 DELISTED Kyocera Adr KYO	$31K	0.01%	535 -135	-20%	-$7.82K