Empirical Finance, LLC Buys Alpha Architect U.S. Quantitative Value, Alpha Architect International Quantitative Value, SPDR Bloomberg Barclays 1-3 Month T-Bill, Sells iShares 7-10 Year Treasury Bond ETF, Sally Beauty Holdings Inc, Vanguard Real Estate

• New Purchases: BIL, LRCX, DLX, ENS, AXL, THO, CLF, HYS, LB, ANGL,
• Added Positions: QVAL, IVAL, WDC, AMGN, PDBC, BBBY, IDCC, NCR, UTHR, WSM,
• Reduced Positions: M, SAFM, EEM, WMT, HUM, SPY, RHI, CSCO, GM,
• Sold Out: IEF, SBH, VNQ, SYNT, AET, SKX, WYN, MAN, SHOO, DG,

For the details of Empirical Finance, LLC's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Empirical+Finance%2C+LLC

1. Alpha Architect International Quantitative Value (IVAL) - 1,338,835 shares, 15.98% of the total portfolio. Shares added by 39.63%
2. Alpha Architect U.S. Quantitative Value (QVAL) - 1,437,435 shares, 15.87% of the total portfolio. Shares added by 45.41%
3. Vanguard Total Bond Market (BND) - 99,953 shares, 2.92% of the total portfolio. Shares added by 0.94%
4. SPDR Bloomberg Barclays 1-3 Month T-Bill (BIL) - 55,948 shares, 1.87% of the total portfolio. New Position
5. Urban Outfitters Inc (URBN) - 118,870 shares, 1.61% of the total portfolio. Shares added by 24.10%

Empirical Finance, LLC initiated holding in SPDR Bloomberg Barclays 1-3 Month T-Bill. The purchase prices were between $91.41 and $91.55, with an estimated average price of $91.47. The stock is now traded at around $91.53. The impact to a portfolio due to this purchase was 1.87%. The holding were 55,948 shares as of 2018-03-31.

Empirical Finance, LLC initiated holding in Lam Research Corp. The purchase prices were between $162.23 and $228.65, with an estimated average price of $198.07. The stock is now traded at around $186.67. The impact to a portfolio due to this purchase was 0.85%. The holding were 11,389 shares as of 2018-03-31.

Empirical Finance, LLC initiated holding in Deluxe Corp. The purchase prices were between $69.85 and $77.69, with an estimated average price of $74.01. The stock is now traded at around $74.61. The impact to a portfolio due to this purchase was 0.74%. The holding were 27,240 shares as of 2018-03-31.

Empirical Finance, LLC initiated holding in EnerSys. The purchase prices were between $64.57 and $76.57, with an estimated average price of $71.12. The stock is now traded at around $70.87. The impact to a portfolio due to this purchase was 0.73%. The holding were 28,838 shares as of 2018-03-31.

Empirical Finance, LLC initiated holding in Thor Industries Inc. The purchase prices were between $110.29 and $157.02, with an estimated average price of $133.59. The stock is now traded at around $103.27. The impact to a portfolio due to this purchase was 0.64%. The holding were 15,285 shares as of 2018-03-31.

Empirical Finance, LLC initiated holding in American Axle & Mfg Holdings Inc. The purchase prices were between $14.28 and $19.59, with an estimated average price of $16.43. The stock is now traded at around $15.91. The impact to a portfolio due to this purchase was 0.64%. The holding were 115,139 shares as of 2018-03-31.

Empirical Finance, LLC added to a holding in Alpha Architect U.S. Quantitative Value by 45.41%. The purchase prices were between $29.51 and $33.41, with an estimated average price of $31.51. The stock is now traded at around $29.96. The impact to a portfolio due to this purchase was 4.96%. The holding were 1,437,435 shares as of 2018-03-31.

Empirical Finance, LLC added to a holding in Alpha Architect International Quantitative Value by 39.63%. The purchase prices were between $31.7 and $34.94, with an estimated average price of $33.33. The stock is now traded at around $32.84. The impact to a portfolio due to this purchase was 4.54%. The holding were 1,338,835 shares as of 2018-03-31.

Empirical Finance, LLC added to a holding in Western Digital Corp by 180.02%. The purchase prices were between $80.09 and $106.45, with an estimated average price of $89.06. The stock is now traded at around $85.92. The impact to a portfolio due to this purchase was 0.87%. The holding were 40,438 shares as of 2018-03-31.

Empirical Finance, LLC added to a holding in Amgen Inc by 189.25%. The purchase prices were between $169.43 and $198, with an estimated average price of $183.57. The stock is now traded at around $174.83. The impact to a portfolio due to this purchase was 0.78%. The holding were 19,105 shares as of 2018-03-31.

Empirical Finance, LLC added to a holding in PowerShares Optimum Yield Diversified Commodity St by 99.42%. The purchase prices were between $16.92 and $18.19, with an estimated average price of $17.61. The stock is now traded at around $18.28. The impact to a portfolio due to this purchase was 0.71%. The holding were 219,782 shares as of 2018-03-31.

Empirical Finance, LLC added to a holding in Bed Bath & Beyond Inc by 171.33%. The purchase prices were between $20.25 and $23.96, with an estimated average price of $22.09. The stock is now traded at around $17.73. The impact to a portfolio due to this purchase was 0.71%. The holding were 146,785 shares as of 2018-03-31.

Empirical Finance, LLC sold out a holding in iShares 7-10 Year Treasury Bond ETF. The sale prices were between $101.6 and $105.33, with an estimated average price of $102.99.

Empirical Finance, LLC sold out a holding in Sally Beauty Holdings Inc. The sale prices were between $15.3 and $19.08, with an estimated average price of $17.15.

Empirical Finance, LLC sold out a holding in Vanguard Real Estate. The sale prices were between $72.34 and $82.67, with an estimated average price of $76.53.

Empirical Finance, LLC sold out a holding in Syntel Inc. The sale prices were between $21.2 and $27.44, with an estimated average price of $24.78.

Empirical Finance, LLC sold out a holding in Aetna Inc. The sale prices were between $168.11 and $193.74, with an estimated average price of $179.7.

Empirical Finance, LLC sold out a holding in Skechers USA Inc. The sale prices were between $37.8 and $41.4, with an estimated average price of $39.82.