EADS & HEALD WEALTH MANAGEMENT Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AAPL	Sell	Apple	$3,153	-14.0%	18,414	-2.6%	1.65%	-8.3%
COST	Sell	Costco	$3,098	-1.0%	5,483	-5.7%	1.62%	+5.7%
UNH	Sell	UnitedHealth Group	$2,919	+3.7%	5,790	-1.1%	1.53%	+10.7%
AFL	Sell	AFLAC	$2,858	+4.8%	37,238	-4.7%	1.50%	+11.9%
ORCL	Sell	Oracle Corp.	$2,849	-14.6%	26,901	-3.9%	1.49%	-8.9%
SYK	Sell	Stryker	$2,827	-12.4%	10,346	-2.2%	1.48%	-6.5%
GWW	Sell	W.W. Grainger	$2,747	-14.2%	3,970	-2.2%	1.44%	-8.4%
NVDA	Sell	Nvidia	$2,724	-9.0%	6,262	-11.5%	1.43%	-2.9%
WMT	Sell	Walmart	$2,723	-0.2%	17,026	-1.9%	1.43%	+6.4%
JPM	Sell	J.P. Morgan Chase	$2,706	-2.7%	18,659	-2.4%	1.42%	+3.8%
AMZN	Sell	Amazon.com	$2,672	-4.8%	21,016	-2.4%	1.40%	+1.6%
ITW	Sell	Illinois Tool Works	$2,670	-10.0%	11,595	-2.2%	1.40%	-3.9%
MSFT	Sell	Microsoft	$2,665	-12.4%	8,440	-5.5%	1.40%	-6.5%
V	Sell	Visa	$2,638	-6.1%	11,471	-3.0%	1.38%	+0.2%
FISV	Sell	Fiserv	$2,603	-12.4%	23,046	-2.1%	1.36%	-6.6%
CHD	Buy	Church & Dwight	$2,577	-8.6%	28,123	+0.0%	1.35%	-2.4%
TMO	Sell	Thermo Fisher Scientific	$2,566	-5.3%	5,070	-2.4%	1.35%	+1.1%
CVX	Sell	Chevron Corp.	$2,562	+7.1%	15,194	-0.1%	1.34%	+14.3%
AMGN	Sell	Amgen	$2,533	+19.8%	9,425	-1.0%	1.33%	+27.9%
PEP	Sell	PepsiCo	$2,507	-9.7%	14,793	-1.3%	1.32%	-3.6%
EXPD	Sell	Expeditors Int'l	$2,504	-5.8%	21,847	-0.5%	1.31%	+0.5%
APH	Sell	Amphenol	$2,484	-3.2%	29,569	-2.1%	1.30%	+3.2%
APD	Sell	Air Products & Chem.	$2,436	-6.4%	8,597	-1.1%	1.28%	-0.2%
PG	Sell	Procter & Gamble	$2,413	-6.9%	16,542	-3.2%	1.27%	-0.6%
ABC	Sell	Cencora	$2,375	-7.1%	13,196	-0.6%	1.25%	-0.9%
ADP	Sell	Automatic Data Processing	$2,373	+4.4%	9,865	-4.6%	1.24%	+11.5%
EMR	Sell	Emerson Electric	$2,358	+5.1%	24,413	-1.7%	1.24%	+12.1%
CSL	Sell	Carlisle	$2,322	-1.3%	8,957	-2.4%	1.22%	+5.3%
MCD	Sell	McDonalds	$2,274	-12.9%	8,631	-1.3%	1.19%	-7.0%
DHR	Sell	Danaher	$2,265	+1.3%	9,130	-2.0%	1.19%	+8.1%
ADM	Sell	Archer Daniels Midland	$2,265	-2.2%	30,034	-2.0%	1.19%	+4.3%
XOM	Sell	ExxonMobil	$2,226	+7.3%	18,935	-2.1%	1.17%	+14.5%
ORLY	Sell	O'Reilly Auto	$2,181	-9.6%	2,400	-5.0%	1.14%	-3.5%
AXP	Sell	American Express	$2,173	-16.1%	14,563	-2.1%	1.14%	-10.5%
ABBV	Sell	AbbVie	$2,084	+7.6%	13,980	-2.7%	1.09%	+14.8%
CSCO	Sell	Cisco Systems	$2,036	+3.3%	37,864	-0.6%	1.07%	+10.2%
BDX	Sell	Becton Dickinson	$2,002	-6.9%	7,742	-5.0%	1.05%	-0.8%
SHW	Sell	Sherwin-Williams	$1,993	-4.5%	7,815	-0.6%	1.04%	+1.9%
GOOGL	Sell	Alphabet Class A	$1,929	+7.6%	14,739	-1.5%	1.01%	+14.9%
ADI	Sell	Analog Devices	$1,914	-11.3%	10,933	-1.3%	1.00%	-5.3%
JNJ	Sell	Johnson & Johnson	$1,907	-7.6%	12,246	-1.8%	1.00%	-1.4%
FAST	Sell	Fastenal Co.	$1,871	-9.8%	34,234	-2.6%	0.98%	-3.8%
NEE	Buy	NextEra Energy	$1,753	-0.6%	30,603	+28.7%	0.92%	+6.1%
CAT	Buy	Caterpillar	$1,719	+22.1%	6,296	+10.0%	0.90%	+30.3%
EW	Sell	Edwards Lifesciences	$1,711	-27.7%	24,698	-1.6%	0.90%	-22.9%
BKNG	Sell	Booking Holdings	$1,700	+11.4%	551	-2.5%	0.89%	+18.9%
NOC	Sell	Northrop Grumman	$1,700	-4.2%	3,863	-0.8%	0.89%	+2.2%
CL	Sell	Colgate Palmolive	$1,700	-9.6%	23,910	-2.0%	0.89%	-3.5%
ADBE	Sell	Adobe Systems	$1,687	-0.2%	3,308	-4.3%	0.88%	+6.5%
FDS	Sell	Factset Research	$1,680	+5.6%	3,842	-3.3%	0.88%	+12.7%
AVY	Sell	Avery Dennison	$1,613	+5.8%	8,830	-0.5%	0.85%	+13.0%
CTAS	Sell	Cintas	$1,591	-8.9%	3,307	-5.9%	0.84%	-2.8%
DHI	Sell	D.R. Horton	$1,586	-17.5%	14,753	-6.6%	0.83%	-12.0%
ABT	Sell	Abbott Laboratories	$1,578	-12.7%	16,290	-1.7%	0.83%	-6.8%
GPC	Sell	Genuine Parts	$1,575	-15.4%	10,911	-0.8%	0.83%	-9.7%
CVS	Sell	CVS Health	$1,563	-5.2%	22,385	-6.1%	0.82%	+1.2%
VMC	Sell	Vulcan Materials	$1,554	-13.2%	7,690	-3.1%	0.82%	-7.4%
INTU	Sell	Intuit	$1,552	+6.9%	3,038	-4.1%	0.81%	+14.0%
BMY	Sell	Bristol-Myers Squibb	$1,546	-10.9%	26,632	-1.9%	0.81%	-4.9%
ECL	Sell	Ecolab	$1,519	-10.8%	8,968	-1.6%	0.80%	-4.8%
LOW	Sell	Lowes	$1,489	-10.0%	7,163	-2.3%	0.78%	-4.1%
ROP	Sell	Roper Technologies	$1,479	-2.2%	3,055	-2.9%	0.78%	+4.4%
GL	Sell	Globe Life	$1,475	-4.7%	13,564	-4.0%	0.77%	+1.7%
SNA	Sell	Snap-on	$1,465	-12.7%	5,744	-1.3%	0.77%	-6.9%
DOV	Sell	Dover	$1,416	-6.4%	10,149	-1.0%	0.74%	-0.1%
CTSH	Sell	Cognizant Tech	$1,412	-0.6%	20,848	-4.3%	0.74%	+6.0%
HON	Sell	Honeywell	$1,385	-11.0%	7,497	-0.1%	0.73%	-5.1%
TSCO	Sell	Tractor Supply Co.	$1,381	-8.8%	6,803	-0.7%	0.72%	-2.8%
HD	Sell	Home Depot	$1,358	-7.0%	4,493	-4.5%	0.71%	-0.8%
DLTR	Sell	Dollar Tree	$1,356	-27.9%	12,734	-2.8%	0.71%	-23.1%
NKE	Sell	Nike	$1,316	-13.5%	13,758	-0.3%	0.69%	-7.8%
BLL	Buy	Ball Corp.	$1,307	-10.9%	26,252	+4.2%	0.69%	-4.9%
LRCX	Buy	Lam Research	$1,303	+11.3%	2,079	+14.1%	0.68%	+18.6%
SJM	Sell	J.M. Smucker	$1,274	-18.9%	10,368	-2.5%	0.67%	-13.5%
IDXX	Sell	IDEXX Laboratories	$1,249	-15.0%	2,857	-2.4%	0.66%	-9.4%
GOOG	Sell	Alphabet Class C	$1,240	+5.7%	9,408	-2.9%	0.65%	+12.7%
TXN	Sell	Texas Instruments	$1,169	-12.6%	7,355	-1.0%	0.61%	-6.8%
SBUX	Sell	Starbucks	$1,163	-8.1%	12,739	-0.4%	0.61%	-1.9%
GIS	Sell	General Mills	$1,158	-18.6%	18,097	-2.4%	0.61%	-13.2%
COP	Sell	ConocoPhillips	$1,113	+10.5%	9,292	-4.4%	0.58%	+18.0%
FB	Sell	Meta Platforms	$1,073	+3.9%	3,573	-0.7%	0.56%	+10.8%
AVGO	Buy	Broadcom	$1,040	+17.5%	1,252	+22.7%	0.55%	+25.5%
MAR	Sell	Marriott Intl. Class A	$1,035	+3.6%	5,266	-3.2%	0.54%	+10.6%
VZ	Sell	Verizon	$992	-18.8%	30,595	-6.8%	0.52%	-13.3%
AMD	Sell	Advanced Micro	$977	-9.9%	9,498	-0.2%	0.51%	-3.9%
LMT	Sell	Lockheed Martin	$977	-13.9%	2,390	-3.0%	0.51%	-8.2%
STZ	Buy	Constellation Brands	$935	+5.1%	3,722	+2.9%	0.49%	+11.9%
CLX	Sell	Clorox	$881	-22.0%	6,722	-5.3%	0.46%	-16.8%
LLY	Sell	Eli Lilly	$852	-0.4%	1,587	-12.9%	0.45%	+6.4%
MMM	Sell	3M Co.	$845	-7.7%	9,029	-1.2%	0.44%	-1.6%
CHKP	Sell	Check Point Software	$839	+5.1%	6,293	-0.9%	0.44%	+12.2%
EOG	Sell	EOG Resources	$837	+8.4%	6,604	-2.0%	0.44%	+15.5%
DIS	Sell	Walt Disney	$817	-17.2%	10,075	-8.9%	0.43%	-11.5%
CBRE	Buy	CBRE Group	$780	-5.0%	10,554	+3.8%	0.41%	+1.2%
UPS	Sell	United Parcel Service Cl B	$743	-14.0%	4,764	-1.1%	0.39%	-8.2%
ED	Sell	Consolidated Edison	$721	-6.5%	8,424	-1.2%	0.38%	-0.3%
VLO	Buy	Valero Energy Corp	$715	+22.6%	5,043	+1.5%	0.38%	+30.7%
DCI	Sell	Donaldson	$644	-8.8%	10,800	-4.3%	0.34%	-2.6%
DE	Sell	Deere	$632	-10.2%	1,674	-3.6%	0.33%	-4.0%
CRL	Buy	Charles River Laboratories	$622	+12.5%	3,175	+20.8%	0.33%	+19.9%
KMB	Sell	Kimberly Clark	$619	-17.5%	5,122	-5.7%	0.32%	-11.9%
CI	Buy	Cigna	$607	+3.6%	2,123	+1.7%	0.32%	+10.4%
RTX	Buy	Raytheon Technologies	$596	-20.3%	8,286	+8.5%	0.31%	-14.9%
ADSK	Buy	Autodesk	$583	+3.9%	2,818	+2.8%	0.31%	+10.9%
MDLZ	Sell	Mondelez International	$580	-6.6%	8,360	-1.9%	0.30%	-0.3%
MMC	Sell	Marsh & McLennan	$539	-1.1%	2,830	-2.4%	0.28%	+5.6%
MDT	Sell	Medtronic	$520	-12.0%	6,636	-1.1%	0.27%	-6.2%
IBM	Sell	IBM	$504	+3.3%	3,590	-1.6%	0.26%	+10.0%
FCX	Buy	Freeport-McMoRan	$489	+0.4%	13,124	+7.7%	0.26%	+7.5%
PCAR	Sell	PACCAR Inc.	$486	-6.5%	5,720	-8.0%	0.26%	-0.4%
AA	Sell	Alcoa	$455	-20.3%	15,654	-6.9%	0.24%	-14.9%
MTD	Sell	Mettler-Toledo Int'l	$437	-18.2%	394	-3.2%	0.23%	-12.9%
MS	Sell	Morgan Stanley	$428	-5.3%	5,242	-1.0%	0.22%	+1.4%
PFE	Sell	Pfizer	$429	-27.0%	12,945	-19.3%	0.22%	-22.1%
CCK	Sell	Crown Holdings	$404	-27.6%	4,565	-28.9%	0.21%	-22.6%
CRM	Sell	Salesforce	$404	-8.6%	1,991	-4.8%	0.21%	-2.3%
ITT	Sell	ITT Corporation	$390	+2.1%	3,980	-2.8%	0.20%	+9.0%
OXY	Buy	Occidental Petroleum	$316	+26.4%	4,875	+14.4%	0.17%	+35.0%
	Sell	Shell	$292	-2.3%	4,529	-8.4%	0.15%	+4.1%
BP	Buy	BP	$274	+22.3%	7,082	+11.6%	0.14%	+30.9%
GILD	Sell	Gilead Sciences	$269	-2.9%	3,584	-0.4%	0.14%	+3.7%
SO	Sell	Southern Company	$261	-8.7%	4,028	-1.2%	0.14%	-2.8%
PSX	Sell	Phillips 66	$259	+15.6%	2,156	-8.3%	0.14%	+23.6%
CAG	New	ConAgra	$258	–	9,425	–	0.14%	–
DUK	Buy	Duke Energy	$258	+1.6%	2,922	+3.2%	0.14%	+8.0%
C	Sell	Citigroup	$237	-19.4%	5,767	-9.6%	0.12%	-14.5%
WMB	Sell	Williams Companies	$234	-7.1%	6,944	-9.9%	0.12%	-0.8%
AMCR	Sell	Amcor PLC	$226	-47.3%	24,654	-42.6%	0.12%	-43.6%
PRU	Sell	Prudential	$225	+7.1%	2,374	-0.2%	0.12%	+14.6%
NFLX	New	Netflix	$225	–	597	–	0.12%	–
NRG	Sell	NRG Energy	$222	+2.8%	5,758	-0.5%	0.12%	+9.4%
FITB	New	Fifth Third Bancorp	$206	–	8,135	–	0.11%	–
ATVI	New	Activision Blizzard	$203	–	2,171	–	0.11%	–
VTRS	Sell	Viatris	$195	-1.5%	19,772	-0.3%	0.10%	+5.2%
KRO	Sell	Kronos Worldwide	$87	-41.6%	11,220	-34.1%	0.05%	-37.0%
LUV	Exit	Southwest Airlines	$0	–	-5,880	–	-0.10%	–
SYY	Exit	Sysco	$0	–	-2,892	–	-0.11%	–
BBY	Exit	Best Buy	$0	–	-2,709	–	-0.11%	–
RIO	Exit	Rio Tinto Group	$0	–	-3,788	–	-0.12%	–
PHM	Exit	Pulte Corp	$0	–	-3,259	–	-0.12%	–
RMD	Exit	ResMed	$0	–	-1,155	–	-0.12%	–
T	Exit	AT&T	$0	–	-18,279	–	-0.14%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	Apple	$3,667	–	18,903	–	1.80%	–
ORCL	New	Oracle Corp.	$3,335	–	28,003	–	1.64%	–
SYK	New	Stryker	$3,226	–	10,575	–	1.59%	–
GWW	New	W.W. Grainger	$3,201	–	4,059	–	1.57%	–
COST	New	Costco	$3,129	–	5,812	–	1.54%	–
MSFT	New	Microsoft	$3,041	–	8,929	–	1.50%	–
NVDA	New	Nvidia	$2,994	–	7,077	–	1.47%	–
FISV	New	Fiserv	$2,971	–	23,552	–	1.46%	–
ITW	New	Illinois Tool Works	$2,966	–	11,855	–	1.46%	–
CHD	New	Church & Dwight	$2,818	–	28,110	–	1.38%	–
UNH	New	UnitedHealth Group	$2,814	–	5,854	–	1.38%	–
V	New	Visa	$2,809	–	11,829	–	1.38%	–
AMZN	New	Amazon.com	$2,806	–	21,523	–	1.38%	–
JPM	New	J.P. Morgan Chase	$2,780	–	19,113	–	1.37%	–
PEP	New	PepsiCo	$2,775	–	14,981	–	1.36%	–
WMT	New	Walmart	$2,729	–	17,363	–	1.34%	–
AFL	New	AFLAC	$2,726	–	39,059	–	1.34%	–
TMO	New	Thermo Fisher Scientific	$2,710	–	5,193	–	1.33%	–
EXPD	New	Expeditors Int'l	$2,659	–	21,949	–	1.31%	–
MCD	New	McDonalds	$2,610	–	8,745	–	1.28%	–
APD	New	Air Products & Chem.	$2,603	–	8,691	–	1.28%	–
AXP	New	American Express	$2,591	–	14,873	–	1.27%	–
PG	New	Procter & Gamble	$2,592	–	17,085	–	1.27%	–
APH	New	Amphenol	$2,567	–	30,216	–	1.26%	–
ABC	New	AmerisourceBergen	$2,556	–	13,282	–	1.26%	–
ORLY	New	O'Reilly Auto	$2,412	–	2,525	–	1.19%	–
CVX	New	Chevron Corp.	$2,392	–	15,205	–	1.18%	–
EW	New	Edwards Lifesciences	$2,367	–	25,089	–	1.16%	–
CSL	New	Carlisle	$2,353	–	9,174	–	1.16%	–
ADM	New	Archer Daniels Midland	$2,316	–	30,654	–	1.14%	–
ADP	New	Automatic Data Processing	$2,272	–	10,338	–	1.12%	–
EMR	New	Emerson Electric	$2,244	–	24,829	–	1.10%	–
DHR	New	Danaher	$2,236	–	9,319	–	1.10%	–
ADI	New	Analog Devices	$2,157	–	11,073	–	1.06%	–
BDX	New	Becton Dickinson	$2,151	–	8,146	–	1.06%	–
AMGN	New	Amgen	$2,114	–	9,524	–	1.04%	–
SHW	New	Sherwin-Williams	$2,087	–	7,862	–	1.03%	–
XOM	New	ExxonMobil	$2,074	–	19,338	–	1.02%	–
FAST	New	Fastenal Co.	$2,074	–	35,161	–	1.02%	–
JNJ	New	Johnson & Johnson	$2,063	–	12,465	–	1.01%	–
CSCO	New	Cisco Systems	$1,971	–	38,100	–	0.97%	–
ABBV	New	AbbVie	$1,936	–	14,370	–	0.95%	–
DHI	New	D.R. Horton	$1,923	–	15,803	–	0.94%	–
DLTR	New	Dollar Tree	$1,881	–	13,106	–	0.92%	–
CL	New	Colgate Palmolive	$1,880	–	24,398	–	0.92%	–
GPC	New	Genuine Parts	$1,862	–	11,001	–	0.92%	–
ABT	New	Abbott Laboratories	$1,807	–	16,579	–	0.89%	–
GOOGL	New	Alphabet Class A	$1,792	–	14,970	–	0.88%	–
VMC	New	Vulcan Materials	$1,790	–	7,938	–	0.88%	–
NOC	New	Northrop Grumman	$1,775	–	3,894	–	0.87%	–
NEE	New	NextEra Energy	$1,764	–	23,772	–	0.87%	–
CTAS	New	Cintas	$1,747	–	3,514	–	0.86%	–
BMY	New	Bristol-Myers Squibb	$1,736	–	27,143	–	0.85%	–
ECL	New	Ecolab	$1,702	–	9,117	–	0.84%	–
ADBE	New	Adobe Systems	$1,690	–	3,456	–	0.83%	–
SNA	New	Snap-on	$1,678	–	5,821	–	0.82%	–
LOW	New	Lowes	$1,655	–	7,332	–	0.81%	–
CVS	New	CVS Health	$1,648	–	23,834	–	0.81%	–
FDS	New	Factset Research	$1,591	–	3,972	–	0.78%	–
SJM	New	J.M. Smucker	$1,570	–	10,630	–	0.77%	–
HON	New	Honeywell	$1,557	–	7,502	–	0.76%	–
GL	New	Globe Life	$1,548	–	14,124	–	0.76%	–
BKNG	New	Booking Holdings	$1,526	–	565	–	0.75%	–
AVY	New	Avery Dennison	$1,524	–	8,871	–	0.75%	–
NKE	New	Nike	$1,522	–	13,793	–	0.75%	–
TSCO	New	Tractor Supply Co.	$1,515	–	6,852	–	0.74%	–
DOV	New	Dover	$1,513	–	10,250	–	0.74%	–
ROP	New	Roper Technologies	$1,512	–	3,145	–	0.74%	–
IDXX	New	IDEXX Laboratories	$1,470	–	2,927	–	0.72%	–
BLL	New	Ball Corp.	$1,467	–	25,195	–	0.72%	–
HD	New	Home Depot	$1,461	–	4,703	–	0.72%	–
INTU	New	Intuit	$1,452	–	3,169	–	0.71%	–
GIS	New	General Mills	$1,422	–	18,542	–	0.70%	–
CTSH	New	Cognizant Tech	$1,421	–	21,775	–	0.70%	–
CAT	New	Caterpillar	$1,408	–	5,722	–	0.69%	–
TXN	New	Texas Instruments	$1,338	–	7,431	–	0.66%	–
SBUX	New	Starbucks	$1,266	–	12,784	–	0.62%	–
VZ	New	Verizon	$1,221	–	32,832	–	0.60%	–
GOOG	New	Alphabet Class C	$1,173	–	9,693	–	0.58%	–
LRCX	New	Lam Research	$1,171	–	1,822	–	0.58%	–
LMT	New	Lockheed Martin	$1,135	–	2,465	–	0.56%	–
CLX	New	Clorox	$1,129	–	7,097	–	0.56%	–
AMD	New	Advanced Micro	$1,084	–	9,518	–	0.53%	–
FB	New	Meta Platforms	$1,033	–	3,598	–	0.51%	–
COP	New	ConocoPhillips	$1,007	–	9,721	–	0.50%	–
MAR	New	Marriott Intl. Class A	$999	–	5,438	–	0.49%	–
DIS	New	Walt Disney	$987	–	11,057	–	0.48%	–
MMM	New	3M Co.	$915	–	9,143	–	0.45%	–
STZ	New	Constellation Brands	$890	–	3,616	–	0.44%	–
AVGO	New	Broadcom	$885	–	1,020	–	0.44%	–
UPS	New	United Parcel Service Cl B	$864	–	4,819	–	0.42%	–
LLY	New	Eli Lilly	$855	–	1,823	–	0.42%	–
CBRE	New	CBRE Group	$821	–	10,170	–	0.40%	–
CHKP	New	Check Point Software	$798	–	6,353	–	0.39%	–
EOG	New	EOG Resources	$772	–	6,742	–	0.38%	–
ED	New	Consolidated Edison	$771	–	8,529	–	0.38%	–
KMB	New	Kimberly Clark	$750	–	5,432	–	0.37%	–
RTX	New	Raytheon Technologies	$748	–	7,637	–	0.37%	–
DCI	New	Donaldson	$706	–	11,290	–	0.35%	–
DE	New	Deere	$704	–	1,737	–	0.35%	–
MDLZ	New	Mondelez International	$621	–	8,520	–	0.30%	–
MDT	New	Medtronic	$591	–	6,711	–	0.29%	–
PFE	New	Pfizer	$588	–	16,035	–	0.29%	–
CI	New	Cigna	$586	–	2,088	–	0.29%	–
VLO	New	Valero Energy Corp	$583	–	4,970	–	0.29%	–
AA	New	Alcoa	$571	–	16,819	–	0.28%	–
ADSK	New	Autodesk	$561	–	2,741	–	0.28%	–
CCK	New	Crown Holdings	$558	–	6,419	–	0.27%	–
CRL	New	Charles River Laboratories	$553	–	2,628	–	0.27%	–
MMC	New	Marsh & McLennan	$545	–	2,900	–	0.27%	–
MTD	New	Mettler-Toledo Int'l	$534	–	407	–	0.26%	–
PCAR	New	PACCAR Inc.	$520	–	6,217	–	0.26%	–
MRK	New	Merck	$488	–	4,226	–	0.24%	–
IBM	New	IBM	$488	–	3,648	–	0.24%	–
FCX	New	Freeport-McMoRan	$487	–	12,184	–	0.24%	–
MS	New	Morgan Stanley	$452	–	5,293	–	0.22%	–
CRM	New	Salesforce	$442	–	2,091	–	0.22%	–
AMCR	New	Amcor PLC	$429	–	42,946	–	0.21%	–
MKC	New	McCormick	$417	–	4,778	–	0.20%	–
MA	New	Mastercard	$399	–	1,015	–	0.20%	–
ITT	New	ITT Corporation	$382	–	4,095	–	0.19%	–
CHE	New	Chemed	$307	–	566	–	0.15%	–
	New	Shell	$299	–	4,944	–	0.15%	–
C	New	Citigroup	$294	–	6,382	–	0.14%	–
T	New	AT&T	$292	–	18,279	–	0.14%	–
SO	New	Southern Company	$286	–	4,078	–	0.14%	–
GGG	New	Graco Inc.	$286	–	3,310	–	0.14%	–
GILD	New	Gilead Sciences	$277	–	3,599	–	0.14%	–
DUK	New	Duke Energy	$254	–	2,832	–	0.12%	–
PHM	New	Pulte Corp	$253	–	3,259	–	0.12%	–
RMD	New	ResMed	$252	–	1,155	–	0.12%	–
WMB	New	Williams Companies	$252	–	7,711	–	0.12%	–
OXY	New	Occidental Petroleum	$250	–	4,260	–	0.12%	–
DGX	New	Quest Diagnostics	$245	–	1,743	–	0.12%	–
RIO	New	Rio Tinto Group	$242	–	3,788	–	0.12%	–
BP	New	BP	$224	–	6,347	–	0.11%	–
PSX	New	Phillips 66	$224	–	2,351	–	0.11%	–
BBY	New	Best Buy	$222	–	2,709	–	0.11%	–
KHC	New	Kraft Heinz	$219	–	6,160	–	0.11%	–
NRG	New	NRG Energy	$216	–	5,788	–	0.11%	–
SYY	New	Sysco	$215	–	2,892	–	0.11%	–
LUV	New	Southwest Airlines	$213	–	5,880	–	0.10%	–
PRU	New	Prudential	$210	–	2,379	–	0.10%	–
VTRS	New	Viatris	$198	–	19,835	–	0.10%	–
KRO	New	Kronos Worldwide	$149	–	17,015	–	0.07%	–

Q4 2022

			Value		Shares		↓ Weighting
ACCO	Exit	ACCO Brands	$0	–	-10,060	–	-0.03%	–
VTRS	Exit	Viatris	$0	–	-14,355	–	-0.07%	–
KRO	Exit	Kronos Worldwide	$0	–	-16,335	–	-0.09%	–
CLF	Exit	Cleveland Cliffs	$0	–	-14,765	–	-0.11%	–
KHC	Exit	Kraft Heinz	$0	–	-6,008	–	-0.11%	–
ATVI	Exit	Activision Blizzard	$0	–	-2,729	–	-0.12%	–
GGG	Exit	Graco Inc.	$0	–	-3,375	–	-0.12%	–
SYY	Exit	Sysco	$0	–	-2,892	–	-0.12%	–
WMB	Exit	Williams Companies	$0	–	-7,425	–	-0.12%	–
	Exit	Shell	$0	–	-4,339	–	-0.12%	–
T	Exit	AT&T	$0	–	-14,008	–	-0.12%	–
DGX	Exit	Quest Diagnostics	$0	–	-1,793	–	-0.12%	–
DUK	Exit	Duke Energy	$0	–	-2,492	–	-0.13%	–
MA	Exit	Mastercard	$0	–	-913	–	-0.15%	–
C	Exit	Citigroup	$0	–	-6,378	–	-0.15%	–
GILD	Exit	Gilead Sciences	$0	–	-4,380	–	-0.15%	–
SO	Exit	Southern Company	$0	–	-4,085	–	-0.16%	–
ITT	Exit	ITT Corporation	$0	–	-4,301	–	-0.16%	–
PFG	Exit	Principal Financial Group	$0	–	-4,161	–	-0.17%	–
CAT	Exit	Caterpillar	$0	–	-1,859	–	-0.17%	–
RMD	Exit	ResMed	$0	–	-1,415	–	-0.18%	–
MS	Exit	Morgan Stanley	$0	–	-4,193	–	-0.19%	–
PFE	Exit	Pfizer	$0	–	-7,622	–	-0.19%	–
PCAR	Exit	PACCAR Inc.	$0	–	-4,046	–	-0.19%	–
CI	Exit	Cigna	$0	–	-1,254	–	-0.20%	–
MRK	Exit	Merck	$0	–	-4,077	–	-0.20%	–
LUV	Exit	Southwest Airlines	$0	–	-11,761	–	-0.21%	–
MKC	Exit	McCormick	$0	–	-5,140	–	-0.21%	–
CCK	Exit	Crown Holdings	$0	–	-4,619	–	-0.21%	–
MTD	Exit	Mettler-Toledo Int'l	$0	–	-383	–	-0.24%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-13,655	–	-0.25%	–
FCX	Exit	Freeport-McMoRan	$0	–	-16,209	–	-0.25%	–
INTC	Exit	Intel	$0	–	-17,856	–	-0.26%	–
IBM	Exit	IBM	$0	–	-3,966	–	-0.27%	–
MMC	Exit	Marsh & McLennan	$0	–	-3,180	–	-0.27%	–
MDLZ	Exit	Mondelez International	$0	–	-9,515	–	-0.30%	–
DCI	Exit	Donaldson	$0	–	-10,795	–	-0.30%	–
TFC	Exit	Truist Financial	$0	–	-12,578	–	-0.31%	–
AMCR	Exit	Amcor PLC	$0	–	-52,369	–	-0.32%	–
ADSK	Exit	Autodesk	$0	–	-3,111	–	-0.33%	–
VRSK	Exit	Verisk Analytics	$0	–	-3,491	–	-0.34%	–
CRM	Exit	Salesforce	$0	–	-4,263	–	-0.35%	–
DE	Exit	Deere	$0	–	-1,876	–	-0.36%	–
KMB	Exit	Kimberly Clark	$0	–	-5,636	–	-0.36%	–
RTX	Exit	Raytheon Technologies	$0	–	-7,924	–	-0.37%	–
AA	Exit	Alcoa	$0	–	-19,479	–	-0.37%	–
AMD	Exit	Advanced Micro	$0	–	-10,740	–	-0.39%	–
CBRE	Exit	CBRE Group	$0	–	-10,216	–	-0.39%	–
ADBE	Exit	Adobe Systems	$0	–	-2,546	–	-0.40%	–
FB	Exit	Meta Platforms	$0	–	-5,481	–	-0.42%	–
CHKP	Exit	Check Point Software	$0	–	-6,745	–	-0.43%	–
ED	Exit	Consolidated Edison	$0	–	-9,134	–	-0.44%	–
MDT	Exit	Medtronic	$0	–	-9,783	–	-0.45%	–
VLO	Exit	Valero Energy Corp	$0	–	-7,493	–	-0.45%	–
MAR	Exit	Marriott Intl. Class A	$0	–	-5,728	–	-0.46%	–
UPS	Exit	United Parcel Service Cl B	$0	–	-5,125	–	-0.47%	–
LLY	Exit	Eli Lilly	$0	–	-2,589	–	-0.48%	–
COP	Exit	ConocoPhillips	$0	–	-8,178	–	-0.48%	–
STZ	Exit	Constellation Brands	$0	–	-3,678	–	-0.48%	–
PYPL	Exit	PayPal	$0	–	-9,939	–	-0.48%	–
CLX	Exit	Clorox	$0	–	-7,130	–	-0.52%	–
LMT	Exit	Lockheed Martin	$0	–	-2,394	–	-0.52%	–
GOOG	Exit	Alphabet Class C	$0	–	-9,691	–	-0.53%	–
LRCX	Exit	Lam Research	$0	–	-2,560	–	-0.53%	–
GL	Exit	Globe Life	$0	–	-10,062	–	-0.57%	–
BKNG	Exit	Booking Holdings	$0	–	-645	–	-0.60%	–
EOG	Exit	EOG Resources	$0	–	-9,476	–	-0.60%	–
ADI	Exit	Analog Devices	$0	–	-7,598	–	-0.60%	–
IDXX	Exit	IDEXX Laboratories	$0	–	-3,327	–	-0.62%	–
ABC	Exit	AmerisourceBergen	$0	–	-8,329	–	-0.64%	–
DOV	Exit	Dover	$0	–	-9,773	–	-0.65%	–
MMM	Exit	3M Co.	$0	–	-10,325	–	-0.65%	–
DIS	Exit	Walt Disney	$0	–	-12,176	–	-0.65%	–
NVDA	Exit	Nvidia	$0	–	-9,655	–	-0.66%	–
SBUX	Exit	Starbucks	$0	–	-13,973	–	-0.67%	–
ROP	Exit	Roper Technologies	$0	–	-3,307	–	-0.67%	–
NKE	Exit	Nike	$0	–	-14,329	–	-0.68%	–
VMC	Exit	Vulcan Materials	$0	–	-7,558	–	-0.68%	–
TSCO	Exit	Tractor Supply Co.	$0	–	-6,604	–	-0.70%	–
VZ	Exit	Verizon	$0	–	-32,683	–	-0.70%	–
TXN	Exit	Texas Instruments	$0	–	-8,135	–	-0.71%	–
DHI	Exit	D.R. Horton	$0	–	-19,293	–	-0.74%	–
INTU	Exit	Intuit	$0	–	-3,401	–	-0.75%	–
SNA	Exit	Snap-on	$0	–	-6,604	–	-0.75%	–
CTAS	Exit	Cintas	$0	–	-3,452	–	-0.76%	–
HD	Exit	Home Depot	$0	–	-4,874	–	-0.76%	–
HON	Exit	Honeywell	$0	–	-8,193	–	-0.78%	–
GIS	Exit	General Mills	$0	–	-18,656	–	-0.81%	–
AVY	Exit	Avery Dennison	$0	–	-8,801	–	-0.81%	–
ECL	Exit	Ecolab	$0	–	-10,245	–	-0.84%	–
XOM	Exit	ExxonMobil	$0	–	-17,083	–	-0.85%	–
LOW	Exit	Lowes	$0	–	-8,020	–	-0.85%	–
BLL	Exit	Ball Corp.	$0	–	-31,799	–	-0.87%	–
SJM	Exit	J.M. Smucker	$0	–	-11,208	–	-0.87%	–
GOOGL	Exit	Alphabet Class A	$0	–	-16,435	–	-0.89%	–
CTSH	Exit	Cognizant Tech	$0	–	-27,418	–	-0.89%	–
FDS	Exit	Factset Research	$0	–	-3,986	–	-0.90%	–
CSCO	Exit	Cisco Systems	$0	–	-40,126	–	-0.91%	–
SHW	Exit	Sherwin-Williams	$0	–	-8,221	–	-0.95%	–
ABT	Exit	Abbott Laboratories	$0	–	-17,404	–	-0.96%	–
FAST	Exit	Fastenal Co.	$0	–	-37,526	–	-0.98%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-26,046	–	-1.05%	–
CL	Exit	Colgate Palmolive	$0	–	-26,452	–	-1.05%	–
DLTR	Exit	Dollar Tree	$0	–	-13,724	–	-1.06%	–
NEE	Exit	NextEra Energy	$0	–	-24,493	–	-1.09%	–
GPC	Exit	Genuine Parts	$0	–	-13,026	–	-1.10%	–
NOC	Exit	Northrop Grumman	$0	–	-4,204	–	-1.12%	–
EW	Exit	Edwards Lifesciences	$0	–	-24,218	–	-1.14%	–
ABBV	Exit	AbbVie	$0	–	-15,061	–	-1.15%	–
BDX	Exit	Becton Dickinson	$0	–	-9,064	–	-1.15%	–
EMR	Exit	Emerson Electric	$0	–	-27,619	–	-1.15%	–
ORCL	Exit	Oracle Corp.	$0	–	-33,108	–	-1.15%	–
APD	Exit	Air Products & Chem.	$0	–	-8,730	–	-1.15%	–
JNJ	Exit	Johnson & Johnson	$0	–	-12,580	–	-1.16%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-19,781	–	-1.17%	–
EXPD	Exit	Expeditors Int'l	$0	–	-23,739	–	-1.19%	–
CHD	Exit	Church & Dwight	$0	–	-30,045	–	-1.22%	–
AXP	Exit	American Express	$0	–	-16,138	–	-1.24%	–
AMGN	Exit	Amgen	$0	–	-9,696	–	-1.24%	–
CVS	Exit	CVS Health	$0	–	-23,156	–	-1.25%	–
MCD	Exit	McDonalds	$0	–	-9,663	–	-1.26%	–
V	Exit	Visa	$0	–	-12,641	–	-1.27%	–
FISV	Exit	Fiserv	$0	–	-24,113	–	-1.28%	–
APH	Exit	Amphenol	$0	–	-33,678	–	-1.28%	–
PG	Exit	Procter & Gamble	$0	–	-17,901	–	-1.28%	–
MSFT	Exit	Microsoft	$0	–	-9,731	–	-1.28%	–
WMT	Exit	Walmart	$0	–	-17,493	–	-1.29%	–
ITW	Exit	Illinois Tool Works	$0	–	-12,646	–	-1.30%	–
AMZN	Exit	Amazon.com	$0	–	-20,280	–	-1.30%	–
CVX	Exit	Chevron Corp.	$0	–	-16,077	–	-1.31%	–
SYK	Exit	Stryker	$0	–	-11,508	–	-1.32%	–
ORLY	Exit	O'Reilly Auto	$0	–	-3,336	–	-1.33%	–
AFL	Exit	AFLAC	$0	–	-42,168	–	-1.34%	–
DHR	Exit	Danaher	$0	–	-9,291	–	-1.36%	–
ADP	Exit	Automatic Data Processing	$0	–	-10,738	–	-1.38%	–
GWW	Exit	W.W. Grainger	$0	–	-5,155	–	-1.43%	–
CSL	Exit	Carlisle	$0	–	-9,332	–	-1.48%	–
PEP	Exit	PepsiCo	$0	–	-16,162	–	-1.50%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-5,511	–	-1.58%	–
ADM	Exit	Archer Daniels Midland	$0	–	-35,699	–	-1.63%	–
AAPL	Exit	Apple	$0	–	-21,517	–	-1.69%	–
COST	Exit	Costco	$0	–	-6,357	–	-1.70%	–
UNH	Exit	UnitedHealth Group	$0	–	-6,318	–	-1.81%	–

Q3 2022

			Value		Shares		↓ Weighting
UNH	Sell	UnitedHealth Group	$3,191,000	-2.4%	6,318	-0.7%	1.81%	+2.8%
COST	Sell	Costco	$3,002,000	-2.2%	6,357	-0.8%	1.70%	+3.0%
AAPL	Sell	Apple	$2,974,000	+0.1%	21,517	-0.9%	1.69%	+5.5%
ADM	Sell	Archer Daniels Midland	$2,872,000	+2.2%	35,699	-1.4%	1.63%	+7.7%
TMO	Sell	Thermo Fisher Scientific	$2,795,000	-9.8%	5,511	-3.3%	1.58%	-4.9%
PEP	Sell	PepsiCo	$2,639,000	-2.4%	16,162	-0.4%	1.50%	+2.8%
CSL	Sell	Carlisle	$2,617,000	+14.4%	9,332	-2.6%	1.48%	+20.6%
GWW	Sell	W.W. Grainger	$2,522,000	+1.2%	5,155	-6.0%	1.43%	+6.6%
ADP	Sell	Automatic Data Processing	$2,429,000	+0.2%	10,738	-7.0%	1.38%	+5.6%
DHR	Sell	Danaher	$2,400,000	+1.4%	9,291	-0.5%	1.36%	+6.7%
AFL	Sell	AFLAC	$2,370,000	+0.7%	42,168	-0.8%	1.34%	+6.1%
ORLY	Sell	O'Reilly Auto	$2,346,000	+7.8%	3,336	-3.2%	1.33%	+13.5%
SYK	Buy	Stryker	$2,331,000	+2.7%	11,508	+0.8%	1.32%	+8.2%
CVX	Buy	Chevron Corp.	$2,310,000	+1.4%	16,077	+2.2%	1.31%	+6.9%
AMZN	Buy	Amazon.com	$2,292,000	+9.8%	20,280	+3.2%	1.30%	+15.8%
ITW	Sell	Illinois Tool Works	$2,284,000	-0.9%	12,646	-0.0%	1.30%	+4.4%
WMT	Buy	Walmart	$2,269,000	+8.8%	17,493	+2.0%	1.29%	+14.7%
MSFT	Buy	Microsoft	$2,266,000	-8.6%	9,731	+0.8%	1.28%	-3.7%
PG	Buy	Procter & Gamble	$2,260,000	-12.1%	17,901	+0.2%	1.28%	-7.3%
APH	Sell	Amphenol	$2,255,000	+3.3%	33,678	-0.7%	1.28%	+8.8%
FISV	Buy	Fiserv	$2,256,000	+6.6%	24,113	+1.3%	1.28%	+12.2%
V	Buy	Visa	$2,246,000	-9.4%	12,641	+0.4%	1.27%	-4.6%
MCD	Sell	McDonalds	$2,230,000	-7.4%	9,663	-1.0%	1.26%	-2.5%
CVS	Buy	CVS Health	$2,208,000	+4.1%	23,156	+1.1%	1.25%	+9.6%
AMGN	Buy	Amgen	$2,185,000	-6.9%	9,696	+0.4%	1.24%	-2.0%
AXP	Buy	American Express	$2,177,000	-0.9%	16,138	+1.9%	1.24%	+4.5%
CHD	Buy	Church & Dwight	$2,146,000	-22.2%	30,045	+1.0%	1.22%	-18.0%
EXPD	Buy	Expeditors Int'l	$2,096,000	-7.9%	23,739	+1.7%	1.19%	-2.9%
JPM	Buy	J.P. Morgan Chase	$2,067,000	-2.2%	19,781	+5.4%	1.17%	+3.0%
JNJ	Buy	Johnson & Johnson	$2,055,000	-7.6%	12,580	+0.4%	1.16%	-2.8%
APD	Buy	Air Products & Chem.	$2,032,000	-1.8%	8,730	+1.4%	1.15%	+3.4%
ORCL	Buy	Oracle Corp.	$2,022,000	-11.8%	33,108	+0.9%	1.15%	-7.1%
EMR	Sell	Emerson Electric	$2,022,000	-8.6%	27,619	-0.7%	1.15%	-3.7%
BDX	Buy	Becton Dickinson	$2,020,000	-7.9%	9,064	+1.8%	1.15%	-3.0%
ABBV	Buy	AbbVie	$2,021,000	-8.1%	15,061	+4.9%	1.15%	-3.2%
EW	Buy	Edwards Lifesciences	$2,001,000	-11.8%	24,218	+1.6%	1.14%	-7.0%
NOC	Sell	Northrop Grumman	$1,977,000	-5.8%	4,204	-4.1%	1.12%	-0.7%
GPC	Sell	Genuine Parts	$1,945,000	+8.8%	13,026	-3.0%	1.10%	+14.7%
NEE	Sell	NextEra Energy	$1,920,000	+1.1%	24,493	-0.1%	1.09%	+6.6%
DLTR	Sell	Dollar Tree	$1,868,000	-16.6%	13,724	-4.5%	1.06%	-12.1%
CL	Buy	Colgate Palmolive	$1,858,000	-11.4%	26,452	+1.1%	1.05%	-6.6%
BMY	Buy	Bristol-Myers Squibb	$1,852,000	-6.9%	26,046	+0.9%	1.05%	-2.0%
FAST	Buy	Fastenal Co.	$1,728,000	+0.2%	37,526	+8.6%	0.98%	+5.5%
ABT	Buy	Abbott Laboratories	$1,684,000	-10.2%	17,404	+0.8%	0.96%	-5.4%
SHW	Buy	Sherwin-Williams	$1,683,000	-7.8%	8,221	+0.9%	0.95%	-2.9%
CSCO	Sell	Cisco Systems	$1,605,000	-7.1%	40,126	-1.0%	0.91%	-2.2%
FDS	Sell	Factset Research	$1,595,000	+0.6%	3,986	-3.3%	0.90%	+6.1%
CTSH	Sell	Cognizant Tech	$1,575,000	-17.5%	27,418	-3.1%	0.89%	-13.1%
GOOGL	Buy	Alphabet Class A	$1,572,000	-11.0%	16,435	+1926.5%	0.89%	-6.2%
SJM	Buy	J.M. Smucker	$1,540,000	+7.9%	11,208	+0.6%	0.87%	+13.7%
BLL	Buy	Ball Corp.	$1,537,000	-25.5%	31,799	+6.1%	0.87%	-21.4%
LOW	Sell	Lowes	$1,506,000	+5.8%	8,020	-1.6%	0.85%	+11.5%
XOM	Buy	ExxonMobil	$1,492,000	+20.9%	17,083	+18.6%	0.85%	+27.4%
ECL	Sell	Ecolab	$1,480,000	-6.4%	10,245	-0.4%	0.84%	-1.4%
AVY	Sell	Avery Dennison	$1,432,000	-0.9%	8,801	-1.4%	0.81%	+4.4%
GIS	Buy	General Mills	$1,429,000	+19.0%	18,656	+17.2%	0.81%	+25.2%
HON	Sell	Honeywell	$1,368,000	-5.3%	8,193	-1.4%	0.78%	-0.3%
HD	Buy	Home Depot	$1,345,000	+1.1%	4,874	+0.5%	0.76%	+6.6%
CTAS	Buy	Cintas	$1,340,000	+19.3%	3,452	+14.8%	0.76%	+25.6%
SNA	Sell	Snap-on	$1,330,000	-5.1%	6,604	-7.2%	0.75%	-0.1%
INTU	Buy	Intuit	$1,317,000	+1.0%	3,401	+0.5%	0.75%	+6.4%
DHI	Sell	D.R. Horton	$1,299,000	+1.2%	19,293	-0.5%	0.74%	+6.7%
TXN	Buy	Texas Instruments	$1,259,000	+2.8%	8,135	+2.0%	0.71%	+8.3%
VZ	Buy	Verizon	$1,241,000	-24.9%	32,683	+0.3%	0.70%	-20.9%
TSCO	Sell	Tractor Supply Co.	$1,228,000	-7.0%	6,604	-3.0%	0.70%	-2.1%
VMC	Buy	Vulcan Materials	$1,192,000	+51.1%	7,558	+36.2%	0.68%	+59.1%
NKE	Buy	Nike	$1,191,000	-18.3%	14,329	+0.5%	0.68%	-14.0%
ROP	Buy	Roper Technologies	$1,189,000	-8.7%	3,307	+0.2%	0.67%	-3.9%
SBUX	Sell	Starbucks	$1,177,000	+9.7%	13,973	-0.5%	0.67%	+15.4%
NVDA	Sell	Nvidia	$1,172,000	-23.2%	9,655	-4.1%	0.66%	-19.0%
DIS	Sell	Walt Disney	$1,149,000	-13.1%	12,176	-13.1%	0.65%	-8.4%
MMM	Sell	3M Co.	$1,141,000	-17.4%	10,325	-3.3%	0.65%	-12.9%
DOV	Buy	Dover	$1,139,000	-0.6%	9,773	+3.5%	0.65%	+4.7%
ABC	Sell	AmerisourceBergen	$1,127,000	-4.5%	8,329	-0.1%	0.64%	+0.6%
IDXX	Sell	IDEXX Laboratories	$1,084,000	-8.1%	3,327	-1.1%	0.62%	-3.1%
ADI	Buy	Analog Devices	$1,059,000	-3.6%	7,598	+1.1%	0.60%	+1.7%
BKNG	Sell	Booking Holdings	$1,060,000	-7.9%	645	-2.0%	0.60%	-3.1%
EOG	Sell	EOG Resources	$1,059,000	-8.4%	9,476	-9.5%	0.60%	-3.4%
GL	Buy	Globe Life	$1,003,000	+60.7%	10,062	+57.2%	0.57%	+69.3%
LRCX	Sell	Lam Research	$937,000	-14.4%	2,560	-0.4%	0.53%	-9.8%
GOOG	Buy	Alphabet Class C	$932,000	-13.1%	9,691	+1877.8%	0.53%	-8.3%
LMT	Buy	Lockheed Martin	$925,000	-9.9%	2,394	+0.3%	0.52%	-5.1%
CLX	Sell	Clorox	$915,000	-25.4%	7,130	-18.1%	0.52%	-21.5%
PYPL	Buy	PayPal	$855,000	+78.1%	9,939	+44.5%	0.48%	+88.0%
STZ	Sell	Constellation Brands	$845,000	-3.9%	3,678	-2.5%	0.48%	+1.3%
LLY	Sell	Eli Lilly	$837,000	-13.3%	2,589	-13.0%	0.48%	-8.5%
COP	Buy	ConocoPhillips	$837,000	+22.7%	8,178	+7.6%	0.48%	+29.4%
UPS	Buy	United Parcel Service Cl B	$828,000	-8.2%	5,125	+3.7%	0.47%	-3.3%
MAR	Buy	Marriott Intl. Class A	$803,000	+206.5%	5,728	+197.9%	0.46%	+222.7%
VLO	Buy	Valero Energy Corp	$801,000	+3.4%	7,493	+2.7%	0.45%	+8.9%
MDT	Buy	Medtronic	$790,000	-9.3%	9,783	+0.8%	0.45%	-4.5%
ED	Sell	Consolidated Edison	$783,000	-13.7%	9,134	-4.2%	0.44%	-9.0%
CHKP	Sell	Check Point Software	$756,000	-8.5%	6,745	-0.5%	0.43%	-3.6%
FB	Sell	Meta Platforms	$744,000	-18.2%	5,481	-2.8%	0.42%	-13.7%
ADBE	Buy	Adobe Systems	$701,000	-1.7%	2,546	+30.7%	0.40%	+3.6%
CBRE	New	CBRE Group	$690,000	–	10,216	–	0.39%	–
AMD	Sell	Advanced Micro	$680,000	-17.5%	10,740	-0.3%	0.39%	-13.1%
AA	Sell	Alcoa	$656,000	-38.8%	19,479	-17.2%	0.37%	-35.5%
RTX	Sell	Raytheon Technologies	$649,000	-14.9%	7,924	-0.2%	0.37%	-10.5%
KMB	Sell	Kimberly Clark	$634,000	-20.8%	5,636	-4.8%	0.36%	-16.5%
DE	Sell	Deere	$626,000	+11.0%	1,876	-0.4%	0.36%	+16.8%
CRM	Buy	Salesforce	$613,000	+81.4%	4,263	+108.4%	0.35%	+91.2%
VRSK	Sell	Verisk Analytics	$595,000	-11.3%	3,491	-10.0%	0.34%	-6.6%
ADSK	Buy	Autodesk	$581,000	+55.3%	3,111	+43.0%	0.33%	+63.7%
AMCR	Sell	Amcor PLC	$562,000	-14.6%	52,369	-1.1%	0.32%	-9.9%
TFC	Buy	Truist Financial	$548,000	+15.9%	12,578	+26.1%	0.31%	+22.0%
DCI	Buy	Donaldson	$529,000	+5.2%	10,795	+3.4%	0.30%	+10.7%
MMC	Buy	Marsh & McLennan	$475,000	-1.0%	3,180	+2.9%	0.27%	+4.3%
IBM	Sell	IBM	$471,000	-20.0%	3,966	-4.9%	0.27%	-15.8%
INTC	Sell	Intel	$460,000	-40.0%	17,856	-12.9%	0.26%	-36.8%
FCX	Sell	Freeport-McMoRan	$443,000	-38.2%	16,209	-33.8%	0.25%	-35.0%
FITB	Sell	Fifth Third Bancorp	$436,000	-22.6%	13,655	-18.6%	0.25%	-18.5%
MTD	Buy	Mettler-Toledo Int'l	$415,000	-4.4%	383	+1.3%	0.24%	+0.4%
CCK	Sell	Crown Holdings	$374,000	-22.1%	4,619	-11.4%	0.21%	-17.8%
MKC	Buy	McCormick	$366,000	-14.1%	5,140	+0.5%	0.21%	-9.2%
LUV	Sell	Southwest Airlines	$363,000	-45.7%	11,761	-36.5%	0.21%	-42.8%
MRK	Buy	Merck	$351,000	+9.7%	4,077	+16.3%	0.20%	+15.7%
CI	Sell	Cigna	$348,000	+4.8%	1,254	-0.6%	0.20%	+10.1%
PCAR	Sell	PACCAR Inc.	$339,000	+0.3%	4,046	-1.3%	0.19%	+5.5%
PFE	Sell	Pfizer	$334,000	-23.7%	7,622	-8.8%	0.19%	-19.9%
MS	Sell	Morgan Stanley	$331,000	+1.2%	4,193	-2.4%	0.19%	+6.8%
RMD	Sell	ResMed	$309,000	+3.0%	1,415	-1.0%	0.18%	+8.7%
CAT	Sell	Caterpillar	$305,000	-9.2%	1,859	-1.1%	0.17%	-4.4%
PFG	Sell	Principal Financial Group	$300,000	+6.4%	4,161	-1.5%	0.17%	+11.8%
SO	Sell	Southern Company	$278,000	-5.8%	4,085	-1.3%	0.16%	-0.6%
GILD	Buy	Gilead Sciences	$270,000	+13.4%	4,380	+13.8%	0.15%	+19.5%
C	Sell	Citigroup	$266,000	-9.8%	6,378	-0.6%	0.15%	-5.0%
	New	Shell	$216,000	–	4,339	–	0.12%	–
T	Buy	AT&T	$215,000	-24.6%	14,008	+2.9%	0.12%	-20.3%
ATVI	Sell	Activision Blizzard	$203,000	-6.0%	2,729	-1.4%	0.12%	-0.9%
CLF	Sell	Cleveland Cliffs	$199,000	-68.2%	14,765	-63.7%	0.11%	-66.5%
KRO	Buy	Kronos Worldwide	$153,000	-48.1%	16,335	+2.0%	0.09%	-45.3%
VTRS	New	Viatris	$122,000	–	14,355	–	0.07%	–
ACCO	New	ACCO Brands	$49,000	–	10,060	–	0.03%	–
DD	Exit	DuPont	$0	–	-3,650	–	-0.11%	–
PRU	Exit	Prudential	$0	–	-2,294	–	-0.12%	–
UNM	Exit	Unum Group	$0	–	-6,929	–	-0.13%	–
D	Exit	Dominion Energy	$0	–	-3,192	–	-0.14%	–
GSK	Exit	GSK PLC	$0	–	-5,945	–	-0.14%	–
HRB	Exit	H & R Block	$0	–	-7,905	–	-0.15%	–
CRL	Exit	Charles River Laboratories	$0	–	-1,335	–	-0.15%	–
SWK	Exit	Stanley Black & Decker	$0	–	-3,506	–	-0.20%	–
AKAM	Exit	Akamai Technologies	$0	–	-5,147	–	-0.25%	–

Q2 2022

			Value		Shares		↓ Weighting
UNH	New	UnitedHealth Group	$3,269,000	–	6,364	–	1.76%	–
TMO	New	Thermo Fisher Scientific	$3,097,000	–	5,701	–	1.67%	–
COST	New	Costco	$3,070,000	–	6,406	–	1.65%	–
AAPL	New	Apple	$2,970,000	–	21,723	–	1.60%	–
ADM	New	Archer Daniels Midland	$2,809,000	–	36,196	–	1.51%	–
CHD	New	Church & Dwight	$2,758,000	–	29,759	–	1.48%	–
PEP	New	PepsiCo	$2,705,000	–	16,230	–	1.46%	–
PG	New	Procter & Gamble	$2,570,000	–	17,870	–	1.38%	–
GWW	New	W.W. Grainger	$2,492,000	–	5,483	–	1.34%	–
V	New	Visa	$2,479,000	–	12,591	–	1.34%	–
MSFT	New	Microsoft	$2,478,000	–	9,649	–	1.33%	–
ADP	New	Automatic Data Processing	$2,425,000	–	11,545	–	1.30%	–
MCD	New	McDonalds	$2,409,000	–	9,759	–	1.30%	–
DHR	New	Danaher	$2,368,000	–	9,339	–	1.28%	–
AFL	New	AFLAC	$2,353,000	–	42,523	–	1.27%	–
AMGN	New	Amgen	$2,348,000	–	9,653	–	1.26%	–
ITW	New	Illinois Tool Works	$2,305,000	–	12,647	–	1.24%	–
ORCL	New	Oracle Corp.	$2,293,000	–	32,825	–	1.23%	–
CSL	New	Carlisle	$2,287,000	–	9,583	–	1.23%	–
CVX	New	Chevron Corp.	$2,277,000	–	15,726	–	1.23%	–
EXPD	New	Expeditors Int'l	$2,276,000	–	23,352	–	1.22%	–
SYK	New	Stryker	$2,270,000	–	11,413	–	1.22%	–
EW	New	Edwards Lifesciences	$2,268,000	–	23,848	–	1.22%	–
DLTR	New	Dollar Tree	$2,239,000	–	14,365	–	1.20%	–
JNJ	New	Johnson & Johnson	$2,225,000	–	12,535	–	1.20%	–
EMR	New	Emerson Electric	$2,212,000	–	27,805	–	1.19%	–
ABBV	New	AbbVie	$2,200,000	–	14,362	–	1.18%	–
AXP	New	American Express	$2,196,000	–	15,841	–	1.18%	–
BDX	New	Becton Dickinson	$2,194,000	–	8,901	–	1.18%	–
APH	New	Amphenol	$2,184,000	–	33,916	–	1.18%	–
ORLY	New	O'Reilly Auto	$2,177,000	–	3,446	–	1.17%	–
CVS	New	CVS Health	$2,121,000	–	22,894	–	1.14%	–
FISV	New	Fiserv	$2,117,000	–	23,799	–	1.14%	–
JPM	New	J.P. Morgan Chase	$2,114,000	–	18,776	–	1.14%	–
NOC	New	Northrop Grumman	$2,098,000	–	4,384	–	1.13%	–
CL	New	Colgate Palmolive	$2,096,000	–	26,155	–	1.13%	–
AMZN	New	Amazon.com	$2,087,000	–	19,647	–	1.12%	–
WMT	New	Walmart	$2,085,000	–	17,151	–	1.12%	–
APD	New	Air Products & Chem.	$2,070,000	–	8,608	–	1.11%	–
BLL	New	Ball Corp.	$2,062,000	–	29,983	–	1.11%	–
BMY	New	Bristol-Myers Squibb	$1,989,000	–	25,826	–	1.07%	–
CTSH	New	Cognizant Tech	$1,909,000	–	28,283	–	1.03%	–
NEE	New	NextEra Energy	$1,899,000	–	24,520	–	1.02%	–
ABT	New	Abbott Laboratories	$1,876,000	–	17,268	–	1.01%	–
SHW	New	Sherwin-Williams	$1,825,000	–	8,150	–	0.98%	–
GPC	New	Genuine Parts	$1,787,000	–	13,433	–	0.96%	–
GOOGL	New	Alphabet Class A	$1,767,000	–	811	–	0.95%	–
CSCO	New	Cisco Systems	$1,728,000	–	40,521	–	0.93%	–
FAST	New	Fastenal Co.	$1,725,000	–	34,551	–	0.93%	–
VZ	New	Verizon	$1,653,000	–	32,570	–	0.89%	–
FDS	New	Factset Research	$1,585,000	–	4,121	–	0.85%	–
ECL	New	Ecolab	$1,581,000	–	10,281	–	0.85%	–
NVDA	New	Nvidia	$1,526,000	–	10,070	–	0.82%	–
NKE	New	Nike	$1,458,000	–	14,263	–	0.78%	–
AVY	New	Avery Dennison	$1,445,000	–	8,928	–	0.78%	–
HON	New	Honeywell	$1,445,000	–	8,313	–	0.78%	–
SJM	New	J.M. Smucker	$1,427,000	–	11,145	–	0.77%	–
LOW	New	Lowes	$1,423,000	–	8,148	–	0.77%	–
SNA	New	Snap-on	$1,402,000	–	7,116	–	0.76%	–
MMM	New	3M Co.	$1,381,000	–	10,675	–	0.74%	–
HD	New	Home Depot	$1,330,000	–	4,849	–	0.72%	–
DIS	New	Walt Disney	$1,322,000	–	14,009	–	0.71%	–
TSCO	New	Tractor Supply Co.	$1,320,000	–	6,810	–	0.71%	–
INTU	New	Intuit	$1,304,000	–	3,384	–	0.70%	–
ROP	New	Roper Technologies	$1,302,000	–	3,299	–	0.70%	–
DHI	New	D.R. Horton	$1,284,000	–	19,396	–	0.69%	–
XOM	New	ExxonMobil	$1,234,000	–	14,406	–	0.66%	–
CLX	New	Clorox	$1,227,000	–	8,703	–	0.66%	–
TXN	New	Texas Instruments	$1,225,000	–	7,975	–	0.66%	–
GIS	New	General Mills	$1,201,000	–	15,922	–	0.65%	–
ABC	New	AmerisourceBergen	$1,180,000	–	8,339	–	0.64%	–
IDXX	New	IDEXX Laboratories	$1,180,000	–	3,363	–	0.64%	–
EOG	New	EOG Resources	$1,156,000	–	10,466	–	0.62%	–
BKNG	New	Booking Holdings	$1,151,000	–	658	–	0.62%	–
DOV	New	Dover	$1,146,000	–	9,444	–	0.62%	–
CTAS	New	Cintas	$1,123,000	–	3,006	–	0.60%	–
ADI	New	Analog Devices	$1,098,000	–	7,519	–	0.59%	–
LRCX	New	Lam Research	$1,095,000	–	2,570	–	0.59%	–
SBUX	New	Starbucks	$1,073,000	–	14,045	–	0.58%	–
GOOG	New	Alphabet Class C	$1,072,000	–	490	–	0.58%	–
AA	New	Alcoa	$1,072,000	–	23,513	–	0.58%	–
LMT	New	Lockheed Martin	$1,027,000	–	2,388	–	0.55%	–
LLY	New	Eli Lilly	$965,000	–	2,977	–	0.52%	–
FB	New	Meta Platforms	$909,000	–	5,640	–	0.49%	–
ED	New	Consolidated Edison	$907,000	–	9,534	–	0.49%	–
UPS	New	United Parcel Service Cl B	$902,000	–	4,940	–	0.49%	–
STZ	New	Constellation Brands	$879,000	–	3,773	–	0.47%	–
MDT	New	Medtronic	$871,000	–	9,706	–	0.47%	–
CHKP	New	Check Point Software	$826,000	–	6,780	–	0.44%	–
AMD	New	Advanced Micro	$824,000	–	10,775	–	0.44%	–
KMB	New	Kimberly Clark	$800,000	–	5,923	–	0.43%	–
VMC	New	Vulcan Materials	$789,000	–	5,549	–	0.42%	–
VLO	New	Valero Energy Corp	$775,000	–	7,293	–	0.42%	–
INTC	New	Intel	$767,000	–	20,503	–	0.41%	–
RTX	New	Raytheon Technologies	$763,000	–	7,936	–	0.41%	–
FCX	New	Freeport-McMoRan	$717,000	–	24,494	–	0.39%	–
ADBE	New	Adobe Systems	$713,000	–	1,948	–	0.38%	–
COP	New	ConocoPhillips	$682,000	–	7,597	–	0.37%	–
VRSK	New	Verisk Analytics	$671,000	–	3,877	–	0.36%	–
LUV	New	Southwest Airlines	$669,000	–	18,531	–	0.36%	–
AMCR	New	Amcor PLC	$658,000	–	52,942	–	0.35%	–
CLF	New	Cleveland Cliffs	$626,000	–	40,705	–	0.34%	–
GL	New	Globe Life	$624,000	–	6,400	–	0.34%	–
MDLZ	New	Mondelez International	$591,000	–	9,515	–	0.32%	–
IBM	New	IBM	$589,000	–	4,171	–	0.32%	–
DE	New	Deere	$564,000	–	1,883	–	0.30%	–
FITB	New	Fifth Third Bancorp	$563,000	–	16,765	–	0.30%	–
DCI	New	Donaldson	$503,000	–	10,440	–	0.27%	–
MMC	New	Marsh & McLennan	$480,000	–	3,090	–	0.26%	–
PYPL	New	PayPal	$480,000	–	6,879	–	0.26%	–
CCK	New	Crown Holdings	$480,000	–	5,211	–	0.26%	–
TFC	New	Truist Financial	$473,000	–	9,974	–	0.26%	–
AKAM	New	Akamai Technologies	$470,000	–	5,147	–	0.25%	–
PFE	New	Pfizer	$438,000	–	8,362	–	0.24%	–
MTD	New	Mettler-Toledo Int'l	$434,000	–	378	–	0.23%	–
MKC	New	McCormick	$426,000	–	5,113	–	0.23%	–
ADSK	New	Autodesk	$374,000	–	2,176	–	0.20%	–
SWK	New	Stanley Black & Decker	$368,000	–	3,506	–	0.20%	–
PCAR	New	PACCAR Inc.	$338,000	–	4,101	–	0.18%	–
CRM	New	Salesforce	$338,000	–	2,046	–	0.18%	–
CAT	New	Caterpillar	$336,000	–	1,879	–	0.18%	–
CI	New	Cigna	$332,000	–	1,261	–	0.18%	–
MS	New	Morgan Stanley	$327,000	–	4,296	–	0.18%	–
MRK	New	Merck	$320,000	–	3,507	–	0.17%	–
RMD	New	ResMed	$300,000	–	1,430	–	0.16%	–
SO	New	Southern Company	$295,000	–	4,140	–	0.16%	–
KRO	New	Kronos Worldwide	$295,000	–	16,020	–	0.16%	–
C	New	Citigroup	$295,000	–	6,418	–	0.16%	–
ITT	New	ITT Corporation	$289,000	–	4,301	–	0.16%	–
MA	New	Mastercard	$288,000	–	913	–	0.16%	–
CRL	New	Charles River Laboratories	$286,000	–	1,335	–	0.15%	–
T	New	AT&T	$285,000	–	13,618	–	0.15%	–
PFG	New	Principal Financial Group	$282,000	–	4,226	–	0.15%	–
HRB	New	H & R Block	$279,000	–	7,905	–	0.15%	–
DUK	New	Duke Energy	$267,000	–	2,492	–	0.14%	–
MAR	New	Marriott Intl. Class A	$262,000	–	1,923	–	0.14%	–
GSK	New	GSK PLC	$259,000	–	5,945	–	0.14%	–
D	New	Dominion Energy	$255,000	–	3,192	–	0.14%	–
SYY	New	Sysco	$245,000	–	2,892	–	0.13%	–
GILD	New	Gilead Sciences	$238,000	–	3,850	–	0.13%	–
DGX	New	Quest Diagnostics	$238,000	–	1,793	–	0.13%	–
UNM	New	Unum Group	$236,000	–	6,929	–	0.13%	–
WMB	New	Williams Companies	$232,000	–	7,425	–	0.12%	–
KHC	New	Kraft Heinz	$229,000	–	6,008	–	0.12%	–
PRU	New	Prudential	$219,000	–	2,294	–	0.12%	–
ATVI	New	Activision Blizzard	$216,000	–	2,769	–	0.12%	–
DD	New	DuPont	$203,000	–	3,650	–	0.11%	–
GGG	New	Graco Inc.	$201,000	–	3,375	–	0.11%	–

Q4 2021

			Value		Shares		↓ Weighting
HRB	Exit	H & R Block	$0	–	-8,176	–	-0.10%	–
KRO	Exit	Kronos Worldwide	$0	–	-16,592	–	-0.10%	–
PRU	Exit	Prudential	$0	–	-2,013	–	-0.10%	–
BIIB	Exit	Biogen IDEC Inc.	$0	–	-761	–	-0.10%	–
GSK	Exit	GlaxoSmithkline PLC	$0	–	-5,812	–	-0.11%	–
SYY	Exit	Sysco	$0	–	-2,912	–	-0.11%	–
GGG	Exit	Graco Inc.	$0	–	-3,375	–	-0.11%	–
DUK	Exit	Duke Energy	$0	–	-2,428	–	-0.11%	–
TGT	Exit	Target	$0	–	-1,052	–	-0.12%	–
D	Exit	Dominion Energy	$0	–	-3,349	–	-0.12%	–
CCK	Exit	Crown Holdings	$0	–	-2,567	–	-0.12%	–
SO	Exit	Southern Company	$0	–	-4,170	–	-0.12%	–
CI	Exit	Cigna	$0	–	-1,358	–	-0.13%	–
C	Exit	Citigroup	$0	–	-3,972	–	-0.14%	–
DGX	Exit	Quest Diagnostics	$0	–	-1,982	–	-0.14%	–
PFG	Exit	Principal Financial Group	$0	–	-4,561	–	-0.14%	–
GILD	Exit	Gilead Sciences	$0	–	-4,387	–	-0.15%	–
MA	Exit	Mastercard	$0	–	-923	–	-0.16%	–
PCAR	Exit	PACCAR Inc.	$0	–	-4,101	–	-0.16%	–
COP	Exit	ConocoPhillips	$0	–	-4,871	–	-0.16%	–
BA	Exit	Boeing	$0	–	-1,520	–	-0.16%	–
ED	Exit	Consolidated Edison	$0	–	-4,789	–	-0.17%	–
ADM	Exit	Archer Daniels Midland	$0	–	-6,065	–	-0.18%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-8,785	–	-0.18%	–
RMD	Exit	ResMed	$0	–	-1,430	–	-0.18%	–
ITT	Exit	ITT Corporation	$0	–	-4,476	–	-0.18%	–
MKC	Exit	McCormick	$0	–	-4,758	–	-0.19%	–
VLO	Exit	Valero Energy Corp	$0	–	-5,505	–	-0.19%	–
CAT	Exit	Caterpillar	$0	–	-2,024	–	-0.19%	–
GL	Exit	Globe Life	$0	–	-5,248	–	-0.23%	–
MS	Exit	Morgan Stanley	$0	–	-4,871	–	-0.23%	–
PFE	Exit	Pfizer	$0	–	-11,620	–	-0.24%	–
IBM	Exit	IBM	$0	–	-3,753	–	-0.25%	–
MTD	Exit	Mettler-Toledo Int'l	$0	–	-403	–	-0.27%	–
MDLZ	Exit	Mondelez International	$0	–	-9,665	–	-0.27%	–
DCI	Exit	Donaldson	$0	–	-10,095	–	-0.28%	–
AMCR	Exit	Amcor PLC	$0	–	-54,543	–	-0.30%	–
TFC	Exit	Truist Financial	$0	–	-11,201	–	-0.32%	–
DE	Exit	Deere	$0	–	-2,106	–	-0.34%	–
STZ	Exit	Constellation Brands	$0	–	-3,370	–	-0.34%	–
XOM	Exit	ExxonMobil	$0	–	-12,675	–	-0.36%	–
AKAM	Exit	Akamai Technologies	$0	–	-7,147	–	-0.36%	–
RTX	Exit	Raytheon Technologies	$0	–	-8,724	–	-0.36%	–
MRK	Exit	Merck	$0	–	-10,006	–	-0.36%	–
T	Exit	AT&T	$0	–	-27,881	–	-0.36%	–
VMC	Exit	Vulcan Materials	$0	–	-4,731	–	-0.39%	–
UPS	Exit	United Parcel Service Cl B	$0	–	-4,498	–	-0.40%	–
EOG	Exit	EOG Resources	$0	–	-10,249	–	-0.40%	–
LMT	Exit	Lockheed Martin	$0	–	-2,440	–	-0.41%	–
LLY	Exit	Eli Lilly	$0	–	-3,698	–	-0.41%	–
SWK	Exit	Stanley Black & Decker	$0	–	-4,984	–	-0.42%	–
NFLX	Exit	Netflix	$0	–	-1,634	–	-0.48%	–
ADBE	Exit	Adobe Systems	$0	–	-1,740	–	-0.48%	–
CTAS	Exit	Cintas	$0	–	-2,664	–	-0.49%	–
GIS	Exit	General Mills	$0	–	-17,132	–	-0.50%	–
ABC	Exit	AmerisourceBergen	$0	–	-8,774	–	-0.51%	–
CHKP	Exit	Check Point Software	$0	–	-10,292	–	-0.56%	–
LRCX	Exit	Lam Research	$0	–	-2,044	–	-0.56%	–
MDT	Exit	Medtronic	$0	–	-9,681	–	-0.59%	–
CLX	Exit	Clorox	$0	–	-7,496	–	-0.60%	–
ADI	Exit	Analog Devices	$0	–	-7,417	–	-0.60%	–
CRM	Exit	Salesforce	$0	–	-4,588	–	-0.60%	–
KMB	Exit	Kimberly Clark	$0	–	-9,475	–	-0.61%	–
TSCO	Exit	Tractor Supply Co.	$0	–	-6,194	–	-0.61%	–
AA	Exit	Alcoa	$0	–	-25,788	–	-0.61%	–
AMD	Exit	Advanced Micro	$0	–	-12,551	–	-0.62%	–
ATVI	Exit	Activision Blizzard	$0	–	-16,708	–	-0.62%	–
INTC	Exit	Intel	$0	–	-25,079	–	-0.64%	–
CVX	Exit	Chevron Corp.	$0	–	-13,647	–	-0.67%	–
SJM	Exit	J.M. Smucker	$0	–	-11,590	–	-0.67%	–
GOOG	Exit	Alphabet Class C	$0	–	-522	–	-0.67%	–
SNA	Exit	Snap-on	$0	–	-6,818	–	-0.69%	–
ROP	Exit	Roper Technologies	$0	–	-3,272	–	-0.70%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-24,980	–	-0.71%	–
DLTR	Exit	Dollar Tree	$0	–	-15,650	–	-0.72%	–
TXN	Exit	Texas Instruments	$0	–	-7,940	–	-0.74%	–
DOV	Exit	Dover	$0	–	-9,959	–	-0.75%	–
BKNG	Exit	Booking Holdings	$0	–	-659	–	-0.76%	–
CERN	Exit	Cerner	$0	–	-22,246	–	-0.76%	–
HD	Exit	Home Depot	$0	–	-4,819	–	-0.76%	–
ABBV	Exit	AbbVie	$0	–	-14,683	–	-0.76%	–
SBUX	Exit	Starbucks	$0	–	-14,578	–	-0.78%	–
VRSK	Exit	Verisk Analytics	$0	–	-8,156	–	-0.79%	–
IDXX	Exit	IDEXX Laboratories	$0	–	-2,683	–	-0.81%	–
GPC	Exit	Genuine Parts	$0	–	-13,807	–	-0.81%	–
FDS	Exit	Factset Research	$0	–	-4,413	–	-0.84%	–
NOC	Exit	Northrop Grumman	$0	–	-4,874	–	-0.85%	–
DHI	Exit	D.R. Horton	$0	–	-21,151	–	-0.86%	–
HON	Exit	Honeywell	$0	–	-8,403	–	-0.86%	–
VZ	Exit	Verizon	$0	–	-33,447	–	-0.87%	–
MMM	Exit	3M Co.	$0	–	-10,361	–	-0.88%	–
LOW	Exit	Lowes	$0	–	-9,186	–	-0.90%	–
FAST	Exit	Fastenal Co.	$0	–	-36,274	–	-0.90%	–
FB	Exit	Facebook	$0	–	-5,687	–	-0.93%	–
CL	Exit	Colgate Palmolive	$0	–	-25,934	–	-0.95%	–
PYPL	Exit	PayPal	$0	–	-7,585	–	-0.95%	–
AVY	Exit	Avery Dennison	$0	–	-9,547	–	-0.96%	–
NEE	Exit	NextEra Energy	$0	–	-25,214	–	-0.96%	–
INTU	Exit	Intuit	$0	–	-3,748	–	-0.98%	–
JNJ	Exit	Johnson & Johnson	$0	–	-12,557	–	-0.98%	–
AMGN	Exit	Amgen	$0	–	-9,586	–	-0.98%	–
ABT	Exit	Abbott Laboratories	$0	–	-17,563	–	-1.00%	–
BDX	Exit	Becton Dickinson	$0	–	-8,673	–	-1.03%	–
CTSH	Exit	Cognizant Tech	$0	–	-29,057	–	-1.04%	–
APD	Exit	Air Products & Chem.	$0	–	-8,583	–	-1.06%	–
CVS	Exit	CVS Health	$0	–	-26,222	–	-1.08%	–
AFL	Exit	AFLAC	$0	–	-42,877	–	-1.08%	–
CSCO	Exit	Cisco Systems	$0	–	-41,198	–	-1.08%	–
ECL	Exit	Ecolab	$0	–	-10,998	–	-1.11%	–
NKE	Exit	Nike	$0	–	-16,058	–	-1.13%	–
GWW	Exit	W.W. Grainger	$0	–	-5,974	–	-1.13%	–
CSL	Exit	Carlisle	$0	–	-11,837	–	-1.14%	–
GOOGL	Exit	Alphabet Class A	$0	–	-886	–	-1.14%	–
WMT	Exit	Walmart	$0	–	-17,090	–	-1.15%	–
MCD	Exit	McDonalds	$0	–	-9,939	–	-1.16%	–
ADP	Exit	Automatic Data Processing	$0	–	-12,012	–	-1.16%	–
SHW	Exit	Sherwin-Williams	$0	–	-8,714	–	-1.18%	–
NVDA	Exit	Nvidia	$0	–	-12,016	–	-1.20%	–
PG	Exit	Procter & Gamble	$0	–	-17,851	–	-1.20%	–
CHD	Exit	Church & Dwight	$0	–	-30,218	–	-1.20%	–
ORLY	Exit	O'Reilly Auto	$0	–	-4,106	–	-1.21%	–
FISV	Exit	Fiserv	$0	–	-23,232	–	-1.22%	–
PEP	Exit	PepsiCo	$0	–	-16,825	–	-1.22%	–
DIS	Exit	Walt Disney	$0	–	-15,086	–	-1.23%	–
UNH	Exit	UnitedHealth Group	$0	–	-6,645	–	-1.25%	–
BLL	Exit	Ball Corp.	$0	–	-29,133	–	-1.27%	–
ITW	Exit	Illinois Tool Works	$0	–	-12,865	–	-1.28%	–
EMR	Exit	Emerson Electric	$0	–	-28,340	–	-1.29%	–
APH	Exit	Amphenol	$0	–	-36,727	–	-1.30%	–
V	Exit	Visa	$0	–	-12,428	–	-1.34%	–
EXPD	Exit	Expeditors Int'l	$0	–	-23,275	–	-1.34%	–
EW	Exit	Edwards Lifesciences	$0	–	-24,820	–	-1.36%	–
AXP	Exit	American Express	$0	–	-17,221	–	-1.39%	–
DHR	Exit	Danaher	$0	–	-9,659	–	-1.42%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-18,082	–	-1.43%	–
ORCL	Exit	Oracle Corp.	$0	–	-34,242	–	-1.44%	–
MSFT	Exit	Microsoft	$0	–	-10,598	–	-1.44%	–
SYK	Exit	Stryker	$0	–	-11,459	–	-1.46%	–
AMZN	Exit	Amazon.com	$0	–	-974	–	-1.54%	–
COST	Exit	Costco	$0	–	-7,510	–	-1.63%	–
AAPL	Exit	Apple	$0	–	-24,136	–	-1.65%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-6,186	–	-1.71%	–

Q3 2021

			Value		Shares		↓ Weighting
TMO	Sell	Thermo Fisher Scientific	$3,534,000	+9.0%	6,186	-3.7%	1.71%	+8.0%
AAPL	Sell	Apple	$3,415,000	-1.9%	24,136	-5.0%	1.65%	-2.9%
COST	Sell	Costco	$3,375,000	+8.8%	7,510	-4.2%	1.63%	+7.7%
AMZN	Buy	Amazon.com	$3,200,000	-3.1%	974	+1.5%	1.54%	-4.2%
SYK	Sell	Stryker	$3,022,000	+1.4%	11,459	-0.1%	1.46%	+0.3%
MSFT	Sell	Microsoft	$2,988,000	-1.3%	10,598	-5.2%	1.44%	-2.3%
ORCL	Sell	Oracle Corp.	$2,984,000	+10.7%	34,242	-1.1%	1.44%	+9.6%
JPM	Buy	J.P. Morgan Chase	$2,960,000	+6.9%	18,082	+1.6%	1.43%	+5.8%
DHR	Sell	Danaher	$2,940,000	-7.0%	9,659	-18.0%	1.42%	-7.9%
AXP	Buy	American Express	$2,885,000	+1.8%	17,221	+0.3%	1.39%	+0.7%
EW	Sell	Edwards Lifesciences	$2,810,000	-0.1%	24,820	-8.6%	1.36%	-1.1%
EXPD	Sell	Expeditors Int'l	$2,773,000	-6.4%	23,275	-0.6%	1.34%	-7.4%
V	Buy	Visa	$2,768,000	-3.7%	12,428	+1.2%	1.34%	-4.6%
APH	Sell	Amphenol	$2,690,000	+6.2%	36,727	-0.8%	1.30%	+5.2%
EMR	Sell	Emerson Electric	$2,670,000	-2.3%	28,340	-0.1%	1.29%	-3.3%
ITW	Sell	Illinois Tool Works	$2,658,000	-7.9%	12,865	-0.3%	1.28%	-8.8%
BLL	Sell	Ball Corp.	$2,621,000	+10.6%	29,133	-0.4%	1.27%	+9.5%
UNH	Buy	UnitedHealth Group	$2,596,000	+32.7%	6,645	+36.1%	1.25%	+31.4%
DIS	Buy	Walt Disney	$2,552,000	-3.6%	15,086	+0.1%	1.23%	-4.6%
PEP	Buy	PepsiCo	$2,531,000	+3.1%	16,825	+1.5%	1.22%	+2.0%
FISV	Buy	Fiserv	$2,521,000	+4.0%	23,232	+2.5%	1.22%	+3.0%
ORLY	Sell	O'Reilly Auto	$2,509,000	+7.3%	4,106	-0.6%	1.21%	+6.2%
CHD	Buy	Church & Dwight	$2,495,000	-2.0%	30,218	+1.2%	1.20%	-3.0%
PG	Buy	Procter & Gamble	$2,496,000	+4.1%	17,851	+0.4%	1.20%	+3.0%
NVDA	Buy	Nvidia	$2,489,000	-1.3%	12,016	+281.3%	1.20%	-2.3%
SHW	Sell	Sherwin-Williams	$2,437,000	+1.5%	8,714	-1.2%	1.18%	+0.4%
ADP	Buy	Automatic Data Processing	$2,402,000	+1.0%	12,012	+0.3%	1.16%	-0.1%
MCD	Buy	McDonalds	$2,396,000	+4.6%	9,939	+0.2%	1.16%	+3.5%
WMT	Buy	Walmart	$2,382,000	-0.6%	17,090	+0.6%	1.15%	-1.6%
GOOGL	Sell	Alphabet Class A	$2,369,000	+5.1%	886	-4.0%	1.14%	+4.0%
CSL	Sell	Carlisle	$2,353,000	+2.9%	11,837	-0.9%	1.14%	+1.8%
GWW	Buy	W.W. Grainger	$2,348,000	-8.7%	5,974	+1.8%	1.13%	-9.6%
NKE	Sell	Nike	$2,332,000	-6.5%	16,058	-0.5%	1.13%	-7.4%
ECL	Buy	Ecolab	$2,294,000	+2.3%	10,998	+1.0%	1.11%	+1.3%
CSCO	Sell	Cisco Systems	$2,242,000	+1.9%	41,198	-0.8%	1.08%	+0.8%
AFL	Buy	AFLAC	$2,235,000	-2.4%	42,877	+0.4%	1.08%	-3.5%
CVS	Buy	CVS Health	$2,225,000	+7.6%	26,222	+5.8%	1.08%	+6.5%
APD	Buy	Air Products & Chem.	$2,198,000	-8.9%	8,583	+2.3%	1.06%	-9.8%
CTSH	Buy	Cognizant Tech	$2,156,000	+7.4%	29,057	+0.3%	1.04%	+6.3%
BDX	Buy	Becton Dickinson	$2,132,000	+2.0%	8,673	+0.9%	1.03%	+1.0%
ABT	Sell	Abbott Laboratories	$2,075,000	+1.8%	17,563	-0.1%	1.00%	+0.8%
AMGN	Buy	Amgen	$2,038,000	-10.2%	9,586	+2.9%	0.98%	-11.2%
JNJ	Buy	Johnson & Johnson	$2,028,000	-1.7%	12,557	+0.2%	0.98%	-2.8%
INTU	Sell	Intuit	$2,022,000	+3.1%	3,748	-6.3%	0.98%	+2.1%
NEE	Buy	NextEra Energy	$1,980,000	+9.5%	25,214	+2.2%	0.96%	+8.4%
AVY	Sell	Avery Dennison	$1,978,000	-3.0%	9,547	-1.6%	0.96%	-4.0%
PYPL	Sell	PayPal	$1,974,000	-13.3%	7,585	-3.0%	0.95%	-14.2%
CL	Buy	Colgate Palmolive	$1,960,000	-6.5%	25,934	+0.6%	0.95%	-7.4%
FB	Sell	Facebook	$1,930,000	-4.0%	5,687	-1.6%	0.93%	-5.0%
FAST	Buy	Fastenal Co.	$1,872,000	+0.4%	36,274	+1.1%	0.90%	-0.7%
LOW	Sell	Lowes	$1,863,000	+4.5%	9,186	-0.0%	0.90%	+3.6%
MMM	Sell	3M Co.	$1,818,000	-12.5%	10,361	-0.9%	0.88%	-13.3%
VZ	Buy	Verizon	$1,806,000	-2.5%	33,447	+1.1%	0.87%	-3.5%
HON	Sell	Honeywell	$1,784,000	-9.0%	8,403	-6.0%	0.86%	-9.8%
DHI	Buy	D.R. Horton	$1,776,000	-5.8%	21,151	+1.4%	0.86%	-6.7%
NOC	Buy	Northrop Grumman	$1,755,000	-0.5%	4,874	+0.5%	0.85%	-1.4%
FDS	Sell	Factset Research	$1,742,000	+16.4%	4,413	-1.0%	0.84%	+15.2%
GPC	Buy	Genuine Parts	$1,674,000	-3.7%	13,807	+0.5%	0.81%	-4.7%
IDXX	Sell	IDEXX Laboratories	$1,669,000	-10.7%	2,683	-9.4%	0.81%	-11.6%
VRSK	New	Verisk Analytics	$1,633,000	–	8,156	–	0.79%	–
SBUX	Sell	Starbucks	$1,608,000	-1.7%	14,578	-0.4%	0.78%	-2.6%
ABBV	Buy	AbbVie	$1,584,000	+10.5%	14,683	+15.4%	0.76%	+9.4%
HD	Buy	Home Depot	$1,582,000	+3.3%	4,819	+0.3%	0.76%	+2.3%
CERN	Buy	Cerner	$1,569,000	-7.7%	22,246	+2.3%	0.76%	-8.6%
BKNG	Buy	Booking Holdings	$1,565,000	+10.5%	659	+1.9%	0.76%	+9.4%
DOV	Sell	Dover	$1,549,000	-2.3%	9,959	-5.4%	0.75%	-3.2%
TXN	Sell	Texas Instruments	$1,526,000	-0.7%	7,940	-0.7%	0.74%	-1.7%
DLTR	Sell	Dollar Tree	$1,498,000	-6.9%	15,650	-3.2%	0.72%	-7.9%
BMY	Buy	Bristol-Myers Squibb	$1,478,000	-8.2%	24,980	+3.7%	0.71%	-9.2%
ROP	Buy	Roper Technologies	$1,460,000	-4.4%	3,272	+0.7%	0.70%	-5.4%
SNA	Buy	Snap-on	$1,425,000	+1.9%	6,818	+8.9%	0.69%	+0.7%
SJM	Sell	J.M. Smucker	$1,391,000	-8.4%	11,590	-1.2%	0.67%	-9.3%
GOOG	Sell	Alphabet Class C	$1,391,000	+0.1%	522	-5.8%	0.67%	-0.9%
CVX	Sell	Chevron Corp.	$1,384,000	-4.9%	13,647	-1.8%	0.67%	-5.9%
INTC	Buy	Intel	$1,336,000	-4.6%	25,079	+0.5%	0.64%	-5.6%
ATVI	Sell	Activision Blizzard	$1,293,000	-20.4%	16,708	-1.9%	0.62%	-21.3%
AMD	Sell	Advanced Micro	$1,291,000	+2.1%	12,551	-6.7%	0.62%	+1.0%
AA	Buy	Alcoa	$1,262,000	+34.5%	25,788	+1.3%	0.61%	+33.0%
TSCO	Buy	Tractor Supply Co.	$1,255,000	+35.8%	6,194	+24.7%	0.61%	+34.4%
KMB	Buy	Kimberly Clark	$1,255,000	-0.6%	9,475	+0.4%	0.61%	-1.6%
CRM	Buy	Salesforce	$1,244,000	+13.8%	4,588	+2.5%	0.60%	+12.8%
ADI	Buy	Analog Devices	$1,242,000	-2.2%	7,417	+0.6%	0.60%	-3.2%
CLX	Sell	Clorox	$1,241,000	-14.1%	7,496	-6.7%	0.60%	-15.0%
MDT	Buy	Medtronic	$1,213,000	+1.3%	9,681	+0.4%	0.59%	+0.3%
LRCX	Sell	Lam Research	$1,163,000	-14.0%	2,044	-1.7%	0.56%	-14.8%
CHKP	Sell	Check Point Software	$1,163,000	-5.1%	10,292	-2.4%	0.56%	-6.0%
ABC	Buy	AmerisourceBergen	$1,048,000	+11.8%	8,774	+7.2%	0.51%	+10.7%
GIS	Buy	General Mills	$1,025,000	+32.8%	17,132	+35.2%	0.50%	+31.3%
CTAS	Buy	Cintas	$1,014,000	+11.1%	2,664	+11.5%	0.49%	+10.1%
ADBE	Sell	Adobe Systems	$1,002,000	-2.1%	1,740	-0.3%	0.48%	-3.0%
NFLX	Sell	Netflix	$997,000	+12.7%	1,634	-2.5%	0.48%	+11.6%
SWK	Sell	Stanley Black & Decker	$874,000	-14.9%	4,984	-0.5%	0.42%	-15.8%
LLY	Sell	Eli Lilly	$854,000	-8.6%	3,698	-9.1%	0.41%	-9.6%
LMT	Sell	Lockheed Martin	$842,000	-9.8%	2,440	-1.1%	0.41%	-10.5%
EOG	Buy	EOG Resources	$823,000	+16.4%	10,249	+21.0%	0.40%	+15.1%
VMC	Sell	Vulcan Materials	$800,000	-24.0%	4,731	-21.8%	0.39%	-24.9%
T	Sell	AT&T	$753,000	-22.0%	27,881	-16.9%	0.36%	-22.7%
MRK	Sell	Merck	$752,000	-20.0%	10,006	-17.2%	0.36%	-20.9%
RTX	Sell	Raytheon Technologies	$750,000	-0.8%	8,724	-1.5%	0.36%	-1.9%
AKAM	Buy	Akamai Technologies	$748,000	-7.1%	7,147	+3.5%	0.36%	-8.1%
XOM	Buy	ExxonMobil	$746,000	+2.8%	12,675	+10.1%	0.36%	+1.7%
STZ	Sell	Constellation Brands	$710,000	-22.3%	3,370	-13.7%	0.34%	-23.1%
DE	Sell	Deere	$706,000	-8.3%	2,106	-3.6%	0.34%	-9.3%
TFC	Buy	Truist Financial	$657,000	+12.5%	11,201	+6.5%	0.32%	+11.2%
AMCR	Sell	Amcor PLC	$632,000	-0.8%	54,543	-1.8%	0.30%	-1.9%
MDLZ	Sell	Mondelez International	$562,000	-8.8%	9,665	-2.1%	0.27%	-10.0%
MTD	Sell	Mettler-Toledo Int'l	$555,000	-13.4%	403	-13.0%	0.27%	-14.4%
IBM	Buy	IBM	$521,000	+0.2%	3,753	+5.9%	0.25%	-0.8%
PFE	Sell	Pfizer	$500,000	+9.9%	11,620	-0.1%	0.24%	+8.6%
MS	Buy	Morgan Stanley	$474,000	+18.5%	4,871	+11.6%	0.23%	+17.4%
GL	Sell	Globe Life	$467,000	-12.9%	5,248	-6.8%	0.23%	-13.7%
CAT	Sell	Caterpillar	$389,000	-14.3%	2,024	-2.9%	0.19%	-15.3%
VLO	Buy	Valero Energy Corp	$388,000	+5.7%	5,505	+17.1%	0.19%	+4.5%
MKC	Buy	McCormick	$386,000	+4.6%	4,758	+13.9%	0.19%	+3.3%
ITT	Sell	ITT Corporation	$384,000	-7.0%	4,476	-0.7%	0.18%	-8.4%
RMD	Sell	ResMed	$377,000	+0.3%	1,430	-6.2%	0.18%	-0.5%
FITB	Sell	Fifth Third Bancorp	$373,000	-8.6%	8,785	-17.6%	0.18%	-9.5%
ADM	Buy	Archer Daniels Midland	$364,000	+25.1%	6,065	+26.3%	0.18%	+23.9%
ED	Buy	Consolidated Edison	$348,000	+70.6%	4,789	+68.3%	0.17%	+68.0%
BA	Sell	Boeing	$334,000	-9.0%	1,520	-0.7%	0.16%	-10.1%
COP	Buy	ConocoPhillips	$330,000	+18.3%	4,871	+6.4%	0.16%	+16.9%
PCAR	Buy	PACCAR Inc.	$324,000	-9.5%	4,101	+2.4%	0.16%	-10.9%
MA	Buy	Mastercard	$321,000	-4.2%	923	+0.5%	0.16%	-4.9%
GILD	Buy	Gilead Sciences	$306,000	+33.0%	4,387	+31.5%	0.15%	+32.1%
PFG	Buy	Principal Financial Group	$294,000	+40.7%	4,561	+38.2%	0.14%	+39.2%
DGX	Sell	Quest Diagnostics	$288,000	+6.3%	1,982	-3.6%	0.14%	+5.3%
C	Buy	Citigroup	$279,000	+1.8%	3,972	+2.5%	0.14%	+0.7%
CCK	Buy	Crown Holdings	$259,000	+17.7%	2,567	+19.0%	0.12%	+16.8%
SO	New	Southern Company	$258,000	–	4,170	–	0.12%	–
TGT	New	Target	$241,000	–	1,052	–	0.12%	–
DUK	Sell	Duke Energy	$237,000	-1.2%	2,428	-0.2%	0.11%	-2.6%
GGG	Sell	Graco Inc.	$236,000	-7.8%	3,375	-0.3%	0.11%	-8.8%
GSK	New	GlaxoSmithkline PLC	$222,000	–	5,812	–	0.11%	–
BIIB	New	Biogen IDEC Inc.	$215,000	–	761	–	0.10%	–
PRU	New	Prudential	$212,000	–	2,013	–	0.10%	–
HRB	New	H & R Block	$204,000	–	8,176	–	0.10%	–
KRO	Buy	Kronos Worldwide	$206,000	+36.4%	16,592	+57.1%	0.10%	+33.8%
MHK	Exit	Mohawk Industries	$0	–	-1,103	–	-0.10%	–
WBA	Exit	Walgreens Alliance Boots	$0	–	-4,206	–	-0.11%	–

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	Apple	$3,481,000	–	25,416	–	1.70%	–
AMZN	New	Amazon.com	$3,303,000	–	960	–	1.61%	–
TMO	New	Thermo Fisher Scientific	$3,241,000	–	6,425	–	1.58%	–
DHR	New	Danaher	$3,161,000	–	11,779	–	1.54%	–
COST	New	Costco	$3,103,000	–	7,841	–	1.51%	–
MSFT	New	Microsoft	$3,028,000	–	11,176	–	1.48%	–
SYK	New	Stryker	$2,980,000	–	11,474	–	1.45%	–
EXPD	New	Expeditors Int'l	$2,964,000	–	23,416	–	1.45%	–
ITW	New	Illinois Tool Works	$2,885,000	–	12,907	–	1.41%	–
V	New	Visa	$2,873,000	–	12,286	–	1.40%	–
AXP	New	American Express	$2,835,000	–	17,161	–	1.38%	–
EW	New	Edwards Lifesciences	$2,812,000	–	27,147	–	1.37%	–
JPM	New	J.P. Morgan Chase	$2,769,000	–	17,802	–	1.35%	–
EMR	New	Emerson Electric	$2,732,000	–	28,382	–	1.33%	–
ORCL	New	Oracle Corp.	$2,695,000	–	34,619	–	1.32%	–
DIS	New	Walt Disney	$2,648,000	–	15,065	–	1.29%	–
GWW	New	W.W. Grainger	$2,571,000	–	5,870	–	1.25%	–
CHD	New	Church & Dwight	$2,545,000	–	29,858	–	1.24%	–
APH	New	Amphenol	$2,532,000	–	37,005	–	1.24%	–
NVDA	New	Nvidia	$2,521,000	–	3,151	–	1.23%	–
NKE	New	Nike	$2,493,000	–	16,139	–	1.22%	–
PEP	New	PepsiCo	$2,456,000	–	16,574	–	1.20%	–
FISV	New	Fiserv	$2,423,000	–	22,665	–	1.18%	–
APD	New	Air Products & Chem.	$2,414,000	–	8,391	–	1.18%	–
SHW	New	Sherwin-Williams	$2,402,000	–	8,817	–	1.17%	–
PG	New	Procter & Gamble	$2,398,000	–	17,772	–	1.17%	–
WMT	New	Walmart	$2,396,000	–	16,990	–	1.17%	–
ADP	New	Automatic Data Processing	$2,379,000	–	11,976	–	1.16%	–
BLL	New	Ball Corp.	$2,370,000	–	29,250	–	1.16%	–
ORLY	New	O'Reilly Auto	$2,338,000	–	4,129	–	1.14%	–
AFL	New	AFLAC	$2,291,000	–	42,687	–	1.12%	–
MCD	New	McDonalds	$2,291,000	–	9,919	–	1.12%	–
CSL	New	Carlisle	$2,287,000	–	11,948	–	1.12%	–
PYPL	New	PayPal	$2,278,000	–	7,817	–	1.11%	–
AMGN	New	Amgen	$2,270,000	–	9,313	–	1.11%	–
GOOGL	New	Alphabet Class A	$2,254,000	–	923	–	1.10%	–
ECL	New	Ecolab	$2,242,000	–	10,885	–	1.09%	–
CSCO	New	Cisco Systems	$2,201,000	–	41,533	–	1.07%	–
CL	New	Colgate Palmolive	$2,097,000	–	25,774	–	1.02%	–
BDX	New	Becton Dickinson	$2,090,000	–	8,596	–	1.02%	–
MMM	New	3M Co.	$2,077,000	–	10,459	–	1.01%	–
CVS	New	CVS Health	$2,068,000	–	24,790	–	1.01%	–
JNJ	New	Johnson & Johnson	$2,064,000	–	12,531	–	1.01%	–
AVY	New	Avery Dennison	$2,040,000	–	9,702	–	1.00%	–
ABT	New	Abbott Laboratories	$2,038,000	–	17,580	–	0.99%	–
FB	New	Facebook	$2,010,000	–	5,780	–	0.98%	–
CTSH	New	Cognizant Tech	$2,007,000	–	28,977	–	0.98%	–
INTU	New	Intuit	$1,961,000	–	4,000	–	0.96%	–
HON	New	Honeywell	$1,960,000	–	8,937	–	0.96%	–
UNH	New	UnitedHealth Group	$1,956,000	–	4,884	–	0.95%	–
DHI	New	D.R. Horton	$1,885,000	–	20,858	–	0.92%	–
IDXX	New	IDEXX Laboratories	$1,869,000	–	2,960	–	0.91%	–
FAST	New	Fastenal Co.	$1,865,000	–	35,869	–	0.91%	–
VZ	New	Verizon	$1,853,000	–	33,077	–	0.90%	–
NEE	New	NextEra Energy	$1,808,000	–	24,678	–	0.88%	–
LOW	New	Lowes	$1,782,000	–	9,187	–	0.87%	–
NOC	New	Northrop Grumman	$1,763,000	–	4,852	–	0.86%	–
GPC	New	Genuine Parts	$1,738,000	–	13,742	–	0.85%	–
CERN	New	Cerner	$1,699,000	–	21,737	–	0.83%	–
SBUX	New	Starbucks	$1,636,000	–	14,632	–	0.80%	–
ATVI	New	Activision Blizzard	$1,625,000	–	17,023	–	0.79%	–
BMY	New	Bristol-Myers Squibb	$1,610,000	–	24,095	–	0.79%	–
DLTR	New	Dollar Tree	$1,609,000	–	16,175	–	0.78%	–
DOV	New	Dover	$1,585,000	–	10,525	–	0.77%	–
TXN	New	Texas Instruments	$1,537,000	–	7,995	–	0.75%	–
HD	New	Home Depot	$1,532,000	–	4,806	–	0.75%	–
ROP	New	Roper Technologies	$1,527,000	–	3,249	–	0.74%	–
SJM	New	J.M. Smucker	$1,519,000	–	11,725	–	0.74%	–
FDS	New	Factset Research	$1,496,000	–	4,457	–	0.73%	–
CVX	New	Chevron Corp.	$1,455,000	–	13,892	–	0.71%	–
CLX	New	Clorox	$1,445,000	–	8,031	–	0.70%	–
ABBV	New	AbbVie	$1,433,000	–	12,725	–	0.70%	–
BKNG	New	Booking Holdings	$1,416,000	–	647	–	0.69%	–
SNA	New	Snap-on	$1,399,000	–	6,260	–	0.68%	–
INTC	New	Intel	$1,400,000	–	24,944	–	0.68%	–
GOOG	New	Alphabet Class C	$1,389,000	–	554	–	0.68%	–
LRCX	New	Lam Research	$1,353,000	–	2,079	–	0.66%	–
ADI	New	Analog Devices	$1,270,000	–	7,375	–	0.62%	–
AMD	New	Advanced Micro	$1,264,000	–	13,454	–	0.62%	–
KMB	New	Kimberly Clark	$1,263,000	–	9,439	–	0.62%	–
CHKP	New	Check Point Software	$1,225,000	–	10,547	–	0.60%	–
MDT	New	Medtronic	$1,197,000	–	9,646	–	0.58%	–
CRM	New	Salesforce	$1,093,000	–	4,474	–	0.53%	–
VMC	New	Vulcan Materials	$1,053,000	–	6,051	–	0.51%	–
SWK	New	Stanley Black & Decker	$1,027,000	–	5,009	–	0.50%	–
ADBE	New	Adobe Systems	$1,023,000	–	1,746	–	0.50%	–
T	New	AT&T	$966,000	–	33,570	–	0.47%	–
MRK	New	Merck	$940,000	–	12,091	–	0.46%	–
AA	New	Alcoa	$938,000	–	25,468	–	0.46%	–
ABC	New	AmerisourceBergen	$937,000	–	8,181	–	0.46%	–
UPS	New	United Parcel Service Cl B	$935,000	–	4,498	–	0.46%	–
LLY	New	Eli Lilly	$934,000	–	4,068	–	0.46%	–
LMT	New	Lockheed Martin	$933,000	–	2,467	–	0.46%	–
TSCO	New	Tractor Supply Co.	$924,000	–	4,967	–	0.45%	–
STZ	New	Constellation Brands	$914,000	–	3,906	–	0.45%	–
CTAS	New	Cintas	$913,000	–	2,390	–	0.44%	–
NFLX	New	Netflix	$885,000	–	1,676	–	0.43%	–
AKAM	New	Akamai Technologies	$805,000	–	6,908	–	0.39%	–
GIS	New	General Mills	$772,000	–	12,670	–	0.38%	–
DE	New	Deere	$770,000	–	2,184	–	0.38%	–
RTX	New	Raytheon Technologies	$756,000	–	8,859	–	0.37%	–
XOM	New	ExxonMobil	$726,000	–	11,508	–	0.35%	–
EOG	New	EOG Resources	$707,000	–	8,469	–	0.34%	–
DCI	New	Donaldson	$641,000	–	10,095	–	0.31%	–
MTD	New	Mettler-Toledo Int'l	$641,000	–	463	–	0.31%	–
AMCR	New	Amcor PLC	$637,000	–	55,563	–	0.31%	–
MDLZ	New	Mondelez International	$616,000	–	9,870	–	0.30%	–
TFC	New	Truist Financial	$584,000	–	10,516	–	0.28%	–
GL	New	Globe Life	$536,000	–	5,628	–	0.26%	–
IBM	New	IBM	$520,000	–	3,545	–	0.25%	–
PFE	New	Pfizer	$455,000	–	11,630	–	0.22%	–
CAT	New	Caterpillar	$454,000	–	2,085	–	0.22%	–
ITT	New	ITT Corporation	$413,000	–	4,506	–	0.20%	–
FITB	New	Fifth Third Bancorp	$408,000	–	10,660	–	0.20%	–
MS	New	Morgan Stanley	$400,000	–	4,366	–	0.20%	–
RMD	New	ResMed	$376,000	–	1,525	–	0.18%	–
MKC	New	McCormick	$369,000	–	4,178	–	0.18%	–
BA	New	Boeing	$367,000	–	1,530	–	0.18%	–
VLO	New	Valero Energy Corp	$367,000	–	4,700	–	0.18%	–
PCAR	New	PACCAR Inc.	$358,000	–	4,006	–	0.18%	–
MA	New	Mastercard	$335,000	–	918	–	0.16%	–
CI	New	Cigna	$322,000	–	1,358	–	0.16%	–
ADM	New	Archer Daniels Midland	$291,000	–	4,802	–	0.14%	–
COP	New	ConocoPhillips	$279,000	–	4,578	–	0.14%	–
C	New	Citigroup	$274,000	–	3,877	–	0.13%	–
DGX	New	Quest Diagnostics	$271,000	–	2,057	–	0.13%	–
GGG	New	Graco Inc.	$256,000	–	3,385	–	0.12%	–
D	New	Dominion Energy	$246,000	–	3,349	–	0.12%	–
DUK	New	Duke Energy	$240,000	–	2,433	–	0.12%	–
GILD	New	Gilead Sciences	$230,000	–	3,336	–	0.11%	–
SYY	New	Sysco	$226,000	–	2,912	–	0.11%	–
WBA	New	Walgreens Alliance Boots	$221,000	–	4,206	–	0.11%	–
CCK	New	Crown Holdings	$220,000	–	2,157	–	0.11%	–
MHK	New	Mohawk Industries	$212,000	–	1,103	–	0.10%	–
PFG	New	Principal Financial Group	$209,000	–	3,301	–	0.10%	–
ED	New	Consolidated Edison	$204,000	–	2,845	–	0.10%	–
KRO	New	Kronos Worldwide	$151,000	–	10,562	–	0.07%	–

Q4 2020

			Value		Shares		↓ Weighting
SO	Exit	Southern Company	$0	–	-3,750	–	-0.12%	–
GILD	Exit	Gilead Sciences	$0	–	-3,228	–	-0.12%	–
CI	Exit	Cigna	$0	–	-1,228	–	-0.12%	–
MS	Exit	Morgan Stanley	$0	–	-4,395	–	-0.13%	–
COP	Exit	ConocoPhillips	$0	–	-6,599	–	-0.13%	–
PFG	Exit	Principal Financial Group	$0	–	-5,813	–	-0.14%	–
DGX	Exit	Quest Diagnostics	$0	–	-2,057	–	-0.14%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-11,135	–	-0.14%	–
PPL	Exit	PPL Corp	$0	–	-8,887	–	-0.14%	–
DUK	Exit	Duke Energy	$0	–	-2,782	–	-0.15%	–
WBA	Exit	Walgreens Alliance Boots	$0	–	-7,312	–	-0.16%	–
CAT	Exit	Caterpillar	$0	–	-1,785	–	-0.16%	–
ITT	Exit	ITT Corporation	$0	–	-4,710	–	-0.17%	–
D	Exit	Dominion Energy	$0	–	-3,591	–	-0.17%	–
PCAR	Exit	PACCAR Inc.	$0	–	-4,086	–	-0.21%	–
GL	Exit	Globe Life	$0	–	-4,555	–	-0.22%	–
UN	Exit	Unilever N.V.	$0	–	-6,118	–	-0.22%	–
PFE	Exit	Pfizer	$0	–	-10,221	–	-0.22%	–
BA	Exit	Boeing	$0	–	-2,459	–	-0.24%	–
MKC	Exit	McCormick	$0	–	-2,109	–	-0.24%	–
MTD	Exit	Mettler-Toledo Int'l	$0	–	-445	–	-0.26%	–
DCI	Exit	Donaldson	$0	–	-10,048	–	-0.28%	–
LRCX	Exit	Lam Research	$0	–	-1,447	–	-0.29%	–
ABBV	Exit	AbbVie	$0	–	-5,552	–	-0.29%	–
IBM	Exit	IBM	$0	–	-4,278	–	-0.31%	–
TFC	Exit	Truist Financial	$0	–	-14,034	–	-0.32%	–
XOM	Exit	ExxonMobil	$0	–	-16,002	–	-0.33%	–
STZ	Exit	Constellation Brands	$0	–	-2,953	–	-0.34%	–
NFLX	Exit	Netflix	$0	–	-1,165	–	-0.35%	–
RTX	Exit	Raytheon Technologies	$0	–	-10,213	–	-0.35%	–
CTAS	Exit	Cintas	$0	–	-1,855	–	-0.37%	–
AMCR	Exit	Amcor PLC	$0	–	-56,247	–	-0.37%	–
ADBE	Exit	Adobe Systems	$0	–	-1,294	–	-0.38%	–
ATVI	Exit	Activision Blizzard	$0	–	-8,065	–	-0.39%	–
MA	Exit	Mastercard	$0	–	-1,940	–	-0.39%	–
DLTR	Exit	Dollar Tree	$0	–	-7,185	–	-0.39%	–
LLY	Exit	Eli Lilly	$0	–	-4,859	–	-0.43%	–
GIS	Exit	General Mills	$0	–	-11,904	–	-0.44%	–
DE	Exit	Deere	$0	–	-3,362	–	-0.45%	–
SJM	Exit	J.M. Smucker	$0	–	-6,630	–	-0.46%	–
VMC	Exit	Vulcan Materials	$0	–	-5,709	–	-0.46%	–
SNA	Exit	Snap-on	$0	–	-5,339	–	-0.47%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-13,706	–	-0.49%	–
SWK	Exit	Stanley Black & Decker	$0	–	-5,218	–	-0.51%	–
ABC	Exit	AmerisourceBergen	$0	–	-8,741	–	-0.51%	–
VAR	Exit	Varian Med Sys Inc	$0	–	-5,266	–	-0.54%	–
ADI	Exit	Analog Devices	$0	–	-7,903	–	-0.55%	–
CVX	Exit	Chevron Corp.	$0	–	-13,076	–	-0.56%	–
MRK	Exit	Merck	$0	–	-11,440	–	-0.57%	–
T	Exit	AT&T	$0	–	-33,742	–	-0.58%	–
MDT	Exit	Medtronic	$0	–	-9,650	–	-0.60%	–
LMT	Exit	Lockheed Martin	$0	–	-2,627	–	-0.60%	–
UPS	Exit	United Parcel Service Cl B	$0	–	-6,060	–	-0.60%	–
CHKP	Exit	Check Point Software	$0	–	-8,594	–	-0.62%	–
GOOG	Exit	Alphabet Class C	$0	–	-748	–	-0.66%	–
BKNG	Exit	Booking Holdings	$0	–	-643	–	-0.66%	–
DOV	Exit	Dover	$0	–	-10,858	–	-0.70%	–
FAST	Exit	Fastenal Co.	$0	–	-26,652	–	-0.72%	–
AMD	Exit	Advanced Micro	$0	–	-15,254	–	-0.75%	–
TXN	Exit	Texas Instruments	$0	–	-8,849	–	-0.76%	–
ROP	Exit	Roper Technologies	$0	–	-3,209	–	-0.76%	–
SBUX	Exit	Starbucks	$0	–	-14,967	–	-0.77%	–
GPC	Exit	Genuine Parts	$0	–	-13,786	–	-0.78%	–
INTC	Exit	Intel	$0	–	-25,607	–	-0.79%	–
AVY	Exit	Avery Dennison	$0	–	-10,483	–	-0.80%	–
HD	Exit	Home Depot	$0	–	-4,873	–	-0.81%	–
CLX	Exit	Clorox	$0	–	-6,456	–	-0.81%	–
FDS	Exit	Factset Research	$0	–	-4,132	–	-0.83%	–
NOC	Exit	Northrop Grumman	$0	–	-4,429	–	-0.84%	–
CVS	Exit	CVS Health	$0	–	-24,660	–	-0.86%	–
HON	Exit	Honeywell	$0	–	-8,935	–	-0.88%	–
CSL	Exit	Carlisle	$0	–	-12,098	–	-0.89%	–
CERN	Exit	Cerner	$0	–	-21,471	–	-0.93%	–
INTU	Exit	Intuit	$0	–	-4,757	–	-0.93%	–
AFL	Exit	AFLAC	$0	–	-42,999	–	-0.94%	–
CSCO	Exit	Cisco Systems	$0	–	-40,104	–	-0.95%	–
MMM	Exit	3M Co.	$0	–	-10,047	–	-0.96%	–
IDXX	Exit	IDEXX Laboratories	$0	–	-4,111	–	-0.97%	–
UNH	Exit	UnitedHealth Group	$0	–	-5,188	–	-0.97%	–
NEE	Exit	NextEra Energy	$0	–	-5,951	–	-0.99%	–
KMB	Exit	Kimberly Clark	$0	–	-11,406	–	-1.01%	–
FB	Exit	Facebook	$0	–	-6,491	–	-1.02%	–
ADP	Exit	Automatic Data Processing	$0	–	-12,205	–	-1.02%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-17,991	–	-1.04%	–
GOOGL	Exit	Alphabet Class A	$0	–	-1,183	–	-1.04%	–
EMR	Exit	Emerson Electric	$0	–	-26,515	–	-1.04%	–
AXP	Exit	American Express	$0	–	-17,590	–	-1.06%	–
LOW	Exit	Lowes	$0	–	-10,723	–	-1.06%	–
VZ	Exit	Verizon	$0	–	-30,247	–	-1.08%	–
JNJ	Exit	Johnson & Johnson	$0	–	-12,478	–	-1.11%	–
NVDA	Exit	Nvidia	$0	–	-3,434	–	-1.11%	–
ORLY	Exit	O'Reilly Auto	$0	–	-4,043	–	-1.12%	–
DHI	Exit	D.R. Horton	$0	–	-25,028	–	-1.13%	–
BDX	Exit	Becton Dickinson	$0	–	-8,354	–	-1.16%	–
CL	Exit	Colgate Palmolive	$0	–	-25,271	–	-1.17%	–
CTSH	Exit	Cognizant Tech	$0	–	-29,414	–	-1.22%	–
DIS	Exit	Walt Disney	$0	–	-16,469	–	-1.22%	–
SHW	Exit	Sherwin-Williams	$0	–	-2,937	–	-1.22%	–
ABT	Exit	Abbott Laboratories	$0	–	-19,122	–	-1.24%	–
APH	Exit	Amphenol	$0	–	-19,239	–	-1.25%	–
GWW	Exit	W.W. Grainger	$0	–	-6,005	–	-1.28%	–
MCD	Exit	McDonalds	$0	–	-9,765	–	-1.28%	–
ECL	Exit	Ecolab	$0	–	-10,728	–	-1.28%	–
PYPL	Exit	PayPal	$0	–	-10,886	–	-1.28%	–
ORCL	Exit	Oracle Corp.	$0	–	-36,112	–	-1.29%	–
EW	Exit	Edwards Lifesciences	$0	–	-27,374	–	-1.31%	–
EXPD	Exit	Expeditors Int'l	$0	–	-24,670	–	-1.34%	–
PEP	Exit	PepsiCo	$0	–	-16,256	–	-1.35%	–
FISV	Exit	Fiserv	$0	–	-22,612	–	-1.39%	–
WMT	Exit	Walmart	$0	–	-16,900	–	-1.42%	–
AMGN	Exit	Amgen	$0	–	-9,407	–	-1.43%	–
PG	Exit	Procter & Gamble	$0	–	-17,514	–	-1.46%	–
SYK	Exit	Stryker	$0	–	-11,691	–	-1.46%	–
APD	Exit	Air Products & Chem.	$0	–	-8,321	–	-1.48%	–
BLL	Exit	Ball Corp.	$0	–	-30,338	–	-1.51%	–
V	Exit	Visa	$0	–	-12,751	–	-1.53%	–
MSFT	Exit	Microsoft	$0	–	-12,213	–	-1.54%	–
ITW	Exit	Illinois Tool Works	$0	–	-13,471	–	-1.56%	–
NKE	Exit	Nike	$0	–	-21,094	–	-1.58%	–
CHD	Exit	Church & Dwight	$0	–	-29,616	–	-1.66%	–
COST	Exit	Costco	$0	–	-8,081	–	-1.72%	–
DHR	Exit	Danaher	$0	–	-13,414	–	-1.73%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-7,039	–	-1.86%	–
AMZN	Exit	Amazon.com	$0	–	-1,067	–	-2.01%	–
AAPL	Exit	Apple	$0	–	-29,389	–	-2.04%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	Apple	$3,404,000	-1.7%	29,389	+209.6%	2.04%	-3.1%
AMZN	Sell	Amazon.com	$3,360,000	-7.3%	1,067	-18.8%	2.01%	-8.7%
TMO	Sell	Thermo Fisher Scientific	$3,108,000	+4.8%	7,039	-14.0%	1.86%	+3.3%
DHR	Sell	Danaher	$2,888,000	+3.1%	13,414	-15.3%	1.73%	+1.6%
COST	Sell	Costco	$2,869,000	+5.8%	8,081	-9.7%	1.72%	+4.2%
CHD	Sell	Church & Dwight	$2,775,000	+9.9%	29,616	-9.4%	1.66%	+8.3%
NKE	Sell	Nike	$2,648,000	+12.9%	21,094	-11.8%	1.58%	+11.3%
ITW	Sell	Illinois Tool Works	$2,603,000	+2.6%	13,471	-7.1%	1.56%	+1.1%
MSFT	Sell	Microsoft	$2,569,000	-11.2%	12,213	-14.1%	1.54%	-12.4%
V	Sell	Visa	$2,550,000	-6.7%	12,751	-9.9%	1.53%	-8.0%
BLL	Sell	Ball Corp.	$2,522,000	+6.7%	30,338	-10.8%	1.51%	+5.2%
APD	Sell	Air Products & Chem.	$2,478,000	+12.3%	8,321	-9.0%	1.48%	+10.7%
SYK	Sell	Stryker	$2,436,000	+8.6%	11,691	-6.1%	1.46%	+7.0%
PG	Sell	Procter & Gamble	$2,434,000	+3.6%	17,514	-10.8%	1.46%	+2.1%
AMGN	Sell	Amgen	$2,391,000	+0.0%	9,407	-7.2%	1.43%	-1.4%
WMT	Sell	Walmart	$2,364,000	+7.0%	16,900	-8.4%	1.42%	+5.4%
FISV	Sell	Fiserv	$2,330,000	-1.1%	22,612	-6.3%	1.39%	-2.6%
PEP	Sell	PepsiCo	$2,253,000	-2.9%	16,256	-7.3%	1.35%	-4.4%
EXPD	Sell	Expeditors Int'l	$2,233,000	+9.4%	24,670	-8.1%	1.34%	+7.7%
EW	Sell	Edwards Lifesciences	$2,185,000	+3.5%	27,374	-10.4%	1.31%	+2.0%
ORCL	Sell	Oracle Corp.	$2,156,000	-2.8%	36,112	-10.0%	1.29%	-4.2%
PYPL	Sell	PayPal	$2,145,000	+4.4%	10,886	-7.7%	1.28%	+2.9%
MCD	Sell	McDonalds	$2,143,000	+6.4%	9,765	-10.6%	1.28%	+4.9%
ECL	Sell	Ecolab	$2,144,000	-8.8%	10,728	-9.2%	1.28%	-10.1%
GWW	Sell	W.W. Grainger	$2,142,000	+3.2%	6,005	-9.1%	1.28%	+1.7%
APH	Sell	Amphenol	$2,083,000	+2.9%	19,239	-9.0%	1.25%	+1.4%
ABT	Sell	Abbott Laboratories	$2,081,000	+5.7%	19,122	-11.2%	1.24%	+4.2%
SHW	Sell	Sherwin-Williams	$2,046,000	+6.2%	2,937	-11.9%	1.22%	+4.7%
DIS	Sell	Walt Disney	$2,043,000	+0.8%	16,469	-9.4%	1.22%	-0.6%
CTSH	Sell	Cognizant Tech	$2,042,000	+10.0%	29,414	-9.9%	1.22%	+8.4%
CL	Sell	Colgate Palmolive	$1,950,000	-1.8%	25,271	-6.7%	1.17%	-3.2%
BDX	Sell	Becton Dickinson	$1,944,000	-9.2%	8,354	-6.6%	1.16%	-10.5%
DHI	Sell	D.R. Horton	$1,893,000	+21.2%	25,028	-11.2%	1.13%	+19.4%
ORLY	Sell	O'Reilly Auto	$1,864,000	-3.8%	4,043	-12.0%	1.12%	-5.1%
NVDA	Sell	Nvidia	$1,859,000	+2.7%	3,434	-27.9%	1.11%	+1.3%
JNJ	Sell	Johnson & Johnson	$1,858,000	-5.1%	12,478	-10.3%	1.11%	-6.5%
VZ	Sell	Verizon	$1,799,000	+1.5%	30,247	-5.9%	1.08%	+0.1%
LOW	Sell	Lowes	$1,779,000	+13.1%	10,723	-7.9%	1.06%	+11.5%
AXP	Sell	American Express	$1,763,000	-2.2%	17,590	-7.1%	1.06%	-3.7%
EMR	Sell	Emerson Electric	$1,739,000	-4.7%	26,515	-9.9%	1.04%	-6.0%
GOOGL	Sell	Alphabet Class A	$1,734,000	-0.2%	1,183	-3.4%	1.04%	-1.6%
JPM	Sell	J.P. Morgan Chase	$1,732,000	-6.1%	17,991	-8.2%	1.04%	-7.4%
ADP	Sell	Automatic Data Processing	$1,702,000	-13.8%	12,205	-7.9%	1.02%	-15.0%
FB	Sell	Facebook	$1,700,000	+8.2%	6,491	-6.2%	1.02%	+6.6%
KMB	Sell	Kimberly Clark	$1,684,000	-4.2%	11,406	-8.2%	1.01%	-5.5%
NEE	Sell	NextEra Energy	$1,652,000	-2.9%	5,951	-16.0%	0.99%	-4.4%
UNH	Buy	UnitedHealth Group	$1,617,000	+6.2%	5,188	+0.5%	0.97%	+4.8%
IDXX	Sell	IDEXX Laboratories	$1,616,000	-4.1%	4,111	-19.5%	0.97%	-5.5%
MMM	Sell	3M Co.	$1,609,000	-5.5%	10,047	-7.9%	0.96%	-6.9%
CSCO	Buy	Cisco Systems	$1,580,000	-7.2%	40,104	+9.9%	0.95%	-8.5%
AFL	Sell	AFLAC	$1,563,000	-5.4%	42,999	-6.2%	0.94%	-6.8%
INTU	Sell	Intuit	$1,552,000	+10.1%	4,757	-0.0%	0.93%	+8.5%
CERN	Sell	Cerner	$1,552,000	-3.4%	21,471	-8.4%	0.93%	-4.8%
CSL	Sell	Carlisle	$1,480,000	-9.1%	12,098	-11.0%	0.89%	-10.4%
HON	Sell	Honeywell	$1,471,000	+3.7%	8,935	-8.9%	0.88%	+2.2%
CVS	Buy	CVS Health	$1,440,000	+28.3%	24,660	+42.7%	0.86%	+26.6%
NOC	Buy	Northrop Grumman	$1,397,000	+4.1%	4,429	+1.4%	0.84%	+2.6%
FDS	Sell	Factset Research	$1,384,000	-7.8%	4,132	-9.6%	0.83%	-9.2%
CLX	Sell	Clorox	$1,357,000	-6.8%	6,456	-2.7%	0.81%	-8.1%
HD	Sell	Home Depot	$1,353,000	-0.8%	4,873	-10.5%	0.81%	-2.2%
AVY	Sell	Avery Dennison	$1,340,000	+5.6%	10,483	-5.8%	0.80%	+4.0%
INTC	Buy	Intel	$1,326,000	+48.0%	25,607	+70.9%	0.79%	+46.0%
GPC	Sell	Genuine Parts	$1,312,000	-3.5%	13,786	-11.8%	0.78%	-4.8%
SBUX	Buy	Starbucks	$1,286,000	+18.4%	14,967	+1.4%	0.77%	+16.7%
ROP	Sell	Roper Technologies	$1,268,000	-12.3%	3,209	-13.9%	0.76%	-13.6%
TXN	Sell	Texas Instruments	$1,264,000	+7.9%	8,849	-4.1%	0.76%	+6.3%
AMD	Sell	Advanced Micro	$1,251,000	+35.0%	15,254	-13.4%	0.75%	+33.0%
FAST	Sell	Fastenal Co.	$1,202,000	-6.8%	26,652	-11.5%	0.72%	-8.2%
DOV	Sell	Dover	$1,176,000	+11.4%	10,858	-0.7%	0.70%	+9.8%
BKNG	Buy	Booking Holdings	$1,100,000	+8.1%	643	+0.6%	0.66%	+6.5%
GOOG	Sell	Alphabet Class C	$1,099,000	-17.3%	748	-20.4%	0.66%	-18.5%
CHKP	Sell	Check Point Software	$1,034,000	+8.6%	8,594	-3.0%	0.62%	+7.1%
UPS	Sell	United Parcel Service Cl B	$1,010,000	+0.5%	6,060	-32.9%	0.60%	-1.0%
LMT	Buy	Lockheed Martin	$1,007,000	+26.0%	2,627	+20.0%	0.60%	+24.3%
MDT	Sell	Medtronic	$1,003,000	-1.5%	9,650	-13.0%	0.60%	-2.9%
T	Sell	AT&T	$962,000	-21.8%	33,742	-17.1%	0.58%	-22.9%
MRK	Sell	Merck	$949,000	-7.1%	11,440	-13.3%	0.57%	-8.4%
CVX	Sell	Chevron Corp.	$941,000	-34.4%	13,076	-18.7%	0.56%	-35.4%
ADI	Buy	Analog Devices	$923,000	+0.5%	7,903	+5.5%	0.55%	-1.1%
VAR	Sell	Varian Med Sys Inc	$906,000	+8.6%	5,266	-22.7%	0.54%	+6.9%
ABC	Sell	AmerisourceBergen	$847,000	-5.7%	8,741	-1.9%	0.51%	-7.0%
SWK	Buy	Stanley Black & Decker	$846,000	+21.4%	5,218	+4.4%	0.51%	+19.6%
BMY	Sell	Bristol-Myers Squibb	$826,000	-0.4%	13,706	-2.7%	0.49%	-1.8%
SNA	Sell	Snap-on	$786,000	+2.1%	5,339	-3.9%	0.47%	+0.4%
VMC	Buy	Vulcan Materials	$774,000	+22.9%	5,709	+5.0%	0.46%	+20.9%
SJM	Buy	J.M. Smucker	$766,000	+26.0%	6,630	+15.3%	0.46%	+24.1%
DE	Buy	Deere	$745,000	+59.9%	3,362	+13.4%	0.45%	+57.6%
GIS	Sell	General Mills	$734,000	-5.0%	11,904	-5.0%	0.44%	-6.4%
LLY	Buy	Eli Lilly	$719,000	-9.2%	4,859	+0.7%	0.43%	-10.6%
MA	Buy	Mastercard	$656,000	+17.4%	1,940	+2.5%	0.39%	+15.6%
DLTR	Buy	Dollar Tree	$656,000	+3.5%	7,185	+5.0%	0.39%	+2.1%
ATVI	New	Activision Blizzard	$653,000	–	8,065	–	0.39%	–
ADBE	New	Adobe Systems	$635,000	–	1,294	–	0.38%	–
AMCR	Sell	Amcor PLC	$622,000	+8.2%	56,247	-0.2%	0.37%	+6.6%
CTAS	Sell	Cintas	$617,000	+8.2%	1,855	-13.4%	0.37%	+6.6%
RTX	Sell	Raytheon Technologies	$588,000	-20.9%	10,213	-15.3%	0.35%	-22.0%
NFLX	Buy	Netflix	$583,000	+95.0%	1,165	+77.3%	0.35%	+91.8%
STZ	Buy	Constellation Brands	$560,000	+14.1%	2,953	+5.2%	0.34%	+12.4%
XOM	Sell	ExxonMobil	$549,000	-43.3%	16,002	-26.2%	0.33%	-44.1%
TFC	Sell	Truist Financial	$534,000	-12.3%	14,034	-13.5%	0.32%	-13.5%
IBM	Sell	IBM	$521,000	-58.1%	4,278	-58.4%	0.31%	-58.6%
ABBV	Buy	AbbVie	$486,000	+42.5%	5,552	+59.7%	0.29%	+40.6%
LRCX	New	Lam Research	$480,000	–	1,447	–	0.29%	–
DCI	Sell	Donaldson	$466,000	-26.7%	10,048	-26.5%	0.28%	-27.7%
MTD	Sell	Mettler-Toledo Int'l	$430,000	+11.1%	445	-7.5%	0.26%	+9.4%
MKC	Sell	McCormick	$409,000	-16.9%	2,109	-23.1%	0.24%	-18.1%
BA	Sell	Boeing	$406,000	-27.9%	2,459	-19.9%	0.24%	-28.9%
PFE	Buy	Pfizer	$375,000	+19.0%	10,221	+6.0%	0.22%	+17.3%
UN	Sell	Unilever N.V.	$370,000	-27.9%	6,118	-36.4%	0.22%	-29.2%
GL	Sell	Globe Life	$364,000	-28.1%	4,555	-33.2%	0.22%	-29.0%
PCAR	Sell	PACCAR Inc.	$348,000	+13.0%	4,086	-0.7%	0.21%	+11.2%
D	Buy	Dominion Energy	$283,000	+2.9%	3,591	+5.9%	0.17%	+1.2%
ITT	Buy	ITT Corporation	$278,000	+14.4%	4,710	+13.9%	0.17%	+12.2%
CAT	New	Caterpillar	$266,000	–	1,785	–	0.16%	–
WBA	Sell	Walgreens Alliance Boots	$263,000	-34.1%	7,312	-22.4%	0.16%	-35.1%
DUK	Sell	Duke Energy	$246,000	+9.8%	2,782	-0.8%	0.15%	+8.1%
PPL	Buy	PPL Corp	$242,000	+11.0%	8,887	+5.3%	0.14%	+9.8%
FITB	Sell	Fifth Third Bancorp	$237,000	-20.7%	11,135	-28.1%	0.14%	-22.0%
PFG	Sell	Principal Financial Group	$234,000	-20.4%	5,813	-17.7%	0.14%	-21.8%
COP	Sell	ConocoPhillips	$217,000	-52.3%	6,599	-39.1%	0.13%	-52.9%
MS	New	Morgan Stanley	$212,000	–	4,395	–	0.13%	–
CI	Sell	Cigna	$208,000	-15.8%	1,228	-6.7%	0.12%	-17.3%
GILD	New	Gilead Sciences	$204,000	–	3,228	–	0.12%	–
SO	New	Southern Company	$203,000	–	3,750	–	0.12%	–
VLO	Exit	Valero Energy Corp	$0	–	-5,047	–	-0.18%	–
RDSA	Exit	Royal Dutch Shell 'A'	$0	–	-13,142	–	-0.26%	–

Q2 2020

			Value		Shares		↓ Weighting
AMZN	New	Amazon.com	$3,625,000	–	1,314	–	2.20%	–
AAPL	New	Apple	$3,463,000	–	9,493	–	2.10%	–
TMO	New	Thermo Fisher Scientific	$2,965,000	–	8,182	–	1.80%	–
MSFT	New	Microsoft	$2,892,000	–	14,211	–	1.76%	–
DHR	New	Danaher	$2,801,000	–	15,839	–	1.70%	–
V	New	Visa	$2,732,000	–	14,145	–	1.66%	–
COST	New	Costco	$2,713,000	–	8,948	–	1.65%	–
ITW	New	Illinois Tool Works	$2,537,000	–	14,507	–	1.54%	–
CHD	New	Church & Dwight	$2,526,000	–	32,672	–	1.53%	–
AMGN	New	Amgen	$2,390,000	–	10,135	–	1.45%	–
BLL	New	Ball Corp.	$2,363,000	–	33,999	–	1.44%	–
FISV	New	Fiserv	$2,356,000	–	24,136	–	1.43%	–
ECL	New	Ecolab	$2,350,000	–	11,814	–	1.43%	–
PG	New	Procter & Gamble	$2,349,000	–	19,644	–	1.43%	–
NKE	New	Nike	$2,345,000	–	23,914	–	1.42%	–
PEP	New	PepsiCo	$2,321,000	–	17,545	–	1.41%	–
SYK	New	Stryker	$2,243,000	–	12,449	–	1.36%	–
ORCL	New	Oracle Corp.	$2,217,000	–	40,119	–	1.35%	–
WMT	New	Walmart	$2,210,000	–	18,454	–	1.34%	–
APD	New	Air Products & Chem.	$2,207,000	–	9,139	–	1.34%	–
BDX	New	Becton Dickinson	$2,141,000	–	8,947	–	1.30%	–
EW	New	Edwards Lifesciences	$2,111,000	–	30,542	–	1.28%	–
GWW	New	W.W. Grainger	$2,075,000	–	6,605	–	1.26%	–
PYPL	New	PayPal	$2,055,000	–	11,792	–	1.25%	–
EXPD	New	Expeditors Int'l	$2,042,000	–	26,858	–	1.24%	–
DIS	New	Walt Disney	$2,026,000	–	18,168	–	1.23%	–
APH	New	Amphenol	$2,025,000	–	21,139	–	1.23%	–
MCD	New	McDonalds	$2,014,000	–	10,917	–	1.22%	–
CL	New	Colgate Palmolive	$1,985,000	–	27,094	–	1.21%	–
ADP	New	Automatic Data Processing	$1,974,000	–	13,255	–	1.20%	–
ABT	New	Abbott Laboratories	$1,968,000	–	21,525	–	1.20%	–
JNJ	New	Johnson & Johnson	$1,957,000	–	13,914	–	1.19%	–
ORLY	New	O'Reilly Auto	$1,937,000	–	4,594	–	1.18%	–
SHW	New	Sherwin-Williams	$1,926,000	–	3,333	–	1.17%	–
CTSH	New	Cognizant Tech	$1,856,000	–	32,664	–	1.13%	–
JPM	New	J.P. Morgan Chase	$1,844,000	–	19,607	–	1.12%	–
EMR	New	Emerson Electric	$1,825,000	–	29,429	–	1.11%	–
NVDA	New	Nvidia	$1,810,000	–	4,764	–	1.10%	–
AXP	New	American Express	$1,803,000	–	18,934	–	1.10%	–
VZ	New	Verizon	$1,772,000	–	32,142	–	1.08%	–
KMB	New	Kimberly Clark	$1,757,000	–	12,428	–	1.07%	–
GOOGL	New	Alphabet Class A	$1,737,000	–	1,225	–	1.06%	–
MMM	New	3M Co.	$1,702,000	–	10,908	–	1.03%	–
CSCO	New	Cisco Systems	$1,702,000	–	36,488	–	1.03%	–
NEE	New	NextEra Energy	$1,702,000	–	7,085	–	1.03%	–
IDXX	New	IDEXX Laboratories	$1,685,000	–	5,105	–	1.02%	–
AFL	New	AFLAC	$1,652,000	–	45,858	–	1.00%	–
CSL	New	Carlisle	$1,628,000	–	13,600	–	0.99%	–
CERN	New	Cerner	$1,607,000	–	23,449	–	0.98%	–
LOW	New	Lowes	$1,573,000	–	11,643	–	0.96%	–
FB	New	Facebook	$1,571,000	–	6,917	–	0.95%	–
DHI	New	D.R. Horton	$1,562,000	–	28,177	–	0.95%	–
UNH	New	UnitedHealth Group	$1,522,000	–	5,161	–	0.92%	–
FDS	New	Factset Research	$1,501,000	–	4,571	–	0.91%	–
CLX	New	Clorox	$1,456,000	–	6,635	–	0.88%	–
ROP	New	Roper Technologies	$1,446,000	–	3,725	–	0.88%	–
CVX	New	Chevron Corp.	$1,435,000	–	16,078	–	0.87%	–
HON	New	Honeywell	$1,418,000	–	9,808	–	0.86%	–
INTU	New	Intuit	$1,409,000	–	4,758	–	0.86%	–
HD	New	Home Depot	$1,364,000	–	5,446	–	0.83%	–
GPC	New	Genuine Parts	$1,359,000	–	15,624	–	0.82%	–
NOC	New	Northrop Grumman	$1,342,000	–	4,366	–	0.82%	–
GOOG	New	Alphabet Class C	$1,329,000	–	940	–	0.81%	–
FAST	New	Fastenal Co.	$1,290,000	–	30,118	–	0.78%	–
AVY	New	Avery Dennison	$1,269,000	–	11,123	–	0.77%	–
IBM	New	IBM	$1,242,000	–	10,283	–	0.75%	–
T	New	AT&T	$1,230,000	–	40,690	–	0.75%	–
TXN	New	Texas Instruments	$1,171,000	–	9,223	–	0.71%	–
CVS	New	CVS Health	$1,122,000	–	17,275	–	0.68%	–
SBUX	New	Starbucks	$1,086,000	–	14,762	–	0.66%	–
DOV	New	Dover	$1,056,000	–	10,934	–	0.64%	–
MRK	New	Merck	$1,021,000	–	13,199	–	0.62%	–
MDT	New	Medtronic	$1,018,000	–	11,096	–	0.62%	–
BKNG	New	Booking Holdings	$1,018,000	–	639	–	0.62%	–
UPS	New	United Parcel Service Cl B	$1,005,000	–	9,036	–	0.61%	–
XOM	New	ExxonMobil	$969,000	–	21,678	–	0.59%	–
CHKP	New	Check Point Software	$952,000	–	8,860	–	0.58%	–
AMD	New	Advanced Micro	$927,000	–	17,620	–	0.56%	–
ADI	New	Analog Devices	$918,000	–	7,488	–	0.56%	–
ABC	New	AmerisourceBergen	$898,000	–	8,911	–	0.54%	–
INTC	New	Intel	$896,000	–	14,982	–	0.54%	–
VAR	New	Varian Med Sys Inc	$834,000	–	6,810	–	0.51%	–
BMY	New	Bristol-Myers Squibb	$829,000	–	14,091	–	0.50%	–
LMT	New	Lockheed Martin	$799,000	–	2,189	–	0.48%	–
LLY	New	Eli Lilly	$792,000	–	4,824	–	0.48%	–
GIS	New	General Mills	$773,000	–	12,535	–	0.47%	–
SNA	New	Snap-on	$770,000	–	5,557	–	0.47%	–
RTX	New	Raytheon Technologies	$743,000	–	12,052	–	0.45%	–
SWK	New	Stanley Black & Becker	$697,000	–	5,000	–	0.42%	–
DCI	New	Donaldson	$636,000	–	13,667	–	0.39%	–
DLTR	New	Dollar Tree	$634,000	–	6,840	–	0.38%	–
VMC	New	Vulcan Materials	$630,000	–	5,439	–	0.38%	–
TFC	New	Truist Financial	$609,000	–	16,229	–	0.37%	–
SJM	New	J.M. Smucker	$608,000	–	5,750	–	0.37%	–
AMCR	New	Amcor PLC	$575,000	–	56,342	–	0.35%	–
CTAS	New	Cintas	$570,000	–	2,141	–	0.35%	–
BA	New	Boeing	$563,000	–	3,070	–	0.34%	–
MA	New	Mastercard	$559,000	–	1,892	–	0.34%	–
UN	New	Unilever N.V.	$513,000	–	9,622	–	0.31%	–
GL	New	Globe Life	$506,000	–	6,815	–	0.31%	–
MKC	New	McCormick	$492,000	–	2,744	–	0.30%	–
STZ	New	Constellation Brands	$491,000	–	2,808	–	0.30%	–
DE	New	Deere	$466,000	–	2,965	–	0.28%	–
COP	New	ConocoPhillips	$455,000	–	10,832	–	0.28%	–
RDSA	New	Royal Dutch Shell 'A'	$430,000	–	13,142	–	0.26%	–
WBA	New	Walgreens Alliance Boots	$399,000	–	9,422	–	0.24%	–
MTD	New	Mettler-Toledo Int'l	$387,000	–	481	–	0.24%	–
ABBV	New	AbbVie	$341,000	–	3,477	–	0.21%	–
PFE	New	Pfizer	$315,000	–	9,641	–	0.19%	–
PCAR	New	PACCAR Inc.	$308,000	–	4,116	–	0.19%	–
FITB	New	Fifth Third Bancorp	$299,000	–	15,495	–	0.18%	–
NFLX	New	Netflix	$299,000	–	657	–	0.18%	–
VLO	New	Valero Energy Corp	$297,000	–	5,047	–	0.18%	–
PFG	New	Principal Financial Group	$294,000	–	7,066	–	0.18%	–
D	New	Dominion Energy	$275,000	–	3,391	–	0.17%	–
CI	New	Cigna	$247,000	–	1,316	–	0.15%	–
ITT	New	ITT Corporation	$243,000	–	4,135	–	0.15%	–
DGX	New	Quest Diagnostics	$234,000	–	2,057	–	0.14%	–
DUK	New	Duke Energy	$224,000	–	2,804	–	0.14%	–
PPL	New	PPL Corp	$218,000	–	8,437	–	0.13%	–

Q4 2019

			Value		Shares		↓ Weighting
TOL	Exit	Toll Brothers	$0	–	-4,925	–	-0.11%	–
DGX	Exit	Quest Diagnostics	$0	–	-1,942	–	-0.12%	–
WDC	Exit	Western Digital Corp	$0	–	-3,621	–	-0.12%	–
UPS	Exit	United Parcel Service Cl B	$0	–	-1,842	–	-0.12%	–
ABBV	Exit	AbbVie	$0	–	-3,013	–	-0.13%	–
C	Exit	Citigroup	$0	–	-3,528	–	-0.14%	–
D	Exit	Dominion Energy	$0	–	-3,050	–	-0.14%	–
PPL	Exit	PPL Corp	$0	–	-8,055	–	-0.14%	–
ITT	Exit	ITT Corporation	$0	–	-4,240	–	-0.14%	–
DUK	Exit	Duke Energy	$0	–	-2,787	–	-0.15%	–
FDX	Exit	FedEx	$0	–	-1,830	–	-0.15%	–
HSY	Exit	Hershey Foods	$0	–	-1,726	–	-0.15%	–
SO	Exit	Southern Company	$0	–	-4,499	–	-0.16%	–
OXY	Exit	Occidental Petroleum	$0	–	-6,902	–	-0.17%	–
AMD	Exit	Advanced Micro	$0	–	-10,692	–	-0.17%	–
PFE	Exit	Pfizer	$0	–	-9,106	–	-0.18%	–
LUV	Exit	Southwest Airlines	$0	–	-6,191	–	-0.19%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-10,150	–	-0.19%	–
PCAR	Exit	PACCAR Inc.	$0	–	-5,228	–	-0.20%	–
ADM	Exit	Archer Daniels Midland	$0	–	-9,516	–	-0.22%	–
MDT	Exit	Medtronic	$0	–	-3,835	–	-0.23%	–
MTD	Exit	Mettler-Toledo Int'l	$0	–	-684	–	-0.27%	–
MKC	Exit	McCormick	$0	–	-3,144	–	-0.27%	–
DE	Exit	Deere	$0	–	-3,008	–	-0.28%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-10,495	–	-0.30%	–
LLY	Exit	Eli Lilly	$0	–	-5,124	–	-0.32%	–
UN	Exit	Unilever N.V.	$0	–	-9,862	–	-0.33%	–
CTAS	Exit	Cintas	$0	–	-2,248	–	-0.34%	–
VLO	Exit	Valero Energy Corp	$0	–	-7,225	–	-0.34%	–
DCI	Exit	Donaldson	$0	–	-12,877	–	-0.38%	–
BP	Exit	BP	$0	–	-17,942	–	-0.38%	–
SJM	Exit	J.M. Smucker	$0	–	-6,274	–	-0.39%	–
STZ	Exit	Constellation Brands	$0	–	-3,397	–	-0.39%	–
AMCR	Exit	Amcor PLC	$0	–	-72,354	–	-0.39%	–
PFG	Exit	Principal Financial Group	$0	–	-12,461	–	-0.40%	–
INTC	Exit	Intel	$0	–	-14,816	–	-0.43%	–
GIS	Exit	General Mills	$0	–	-13,995	–	-0.43%	–
ABC	Exit	AmerisourceBergen	$0	–	-9,441	–	-0.43%	–
DLTR	Exit	Dollar Tree	$0	–	-7,027	–	-0.45%	–
SWK	Exit	Stanley Black & Becker	$0	–	-5,559	–	-0.45%	–
CHKP	Exit	Check Point Software	$0	–	-7,407	–	-0.45%	–
GPC	Exit	Genuine Parts	$0	–	-8,522	–	-0.48%	–
GL	Exit	Globe Life	$0	–	-8,938	–	-0.48%	–
ADI	Exit	Analog Devices	$0	–	-7,720	–	-0.48%	–
VAR	Exit	Varian Med Sys Inc	$0	–	-7,325	–	-0.49%	–
MA	Exit	Mastercard	$0	–	-3,304	–	-0.50%	–
CVS	Exit	CVS Health	$0	–	-14,431	–	-0.51%	–
LMT	Exit	Lockheed Martin	$0	–	-2,373	–	-0.52%	–
VMC	Exit	Vulcan Materials	$0	–	-6,146	–	-0.52%	–
NVDA	Exit	Nvidia	$0	–	-5,400	–	-0.52%	–
WBA	Exit	Walgreens Alliance Boots	$0	–	-17,122	–	-0.53%	–
RDSA	Exit	Royal Dutch Shell 'A'	$0	–	-16,205	–	-0.53%	–
FDS	Exit	Factset Research	$0	–	-3,968	–	-0.54%	–
WFC	Exit	Wells Fargo	$0	–	-19,810	–	-0.56%	–
CLX	Exit	Clorox	$0	–	-6,722	–	-0.57%	–
FAST	Exit	Fastenal Co.	$0	–	-32,803	–	-0.60%	–
SNA	Exit	Snap-on	$0	–	-6,905	–	-0.60%	–
SBUX	Exit	Starbucks	$0	–	-12,597	–	-0.62%	–
DOV	Exit	Dover	$0	–	-11,473	–	-0.64%	–
UNH	Exit	UnitedHealth Group	$0	–	-5,365	–	-0.65%	–
TXN	Exit	Texas Instruments	$0	–	-9,373	–	-0.68%	–
COP	Exit	ConocoPhillips	$0	–	-21,489	–	-0.68%	–
GOOG	Exit	Alphabet Class C	$0	–	-1,010	–	-0.69%	–
PYPL	Exit	PayPal	$0	–	-12,085	–	-0.70%	–
FB	Exit	Facebook	$0	–	-7,191	–	-0.72%	–
HD	Exit	Home Depot	$0	–	-5,658	–	-0.73%	–
INTU	Exit	Intuit	$0	–	-5,003	–	-0.74%	–
BKNG	Exit	Booking Holdings	$0	–	-696	–	-0.76%	–
MAR	Exit	Marriott Intl. Class A	$0	–	-11,235	–	-0.78%	–
AVY	Exit	Avery Dennison	$0	–	-12,583	–	-0.80%	–
NOC	Exit	Northrop Grumman	$0	–	-4,005	–	-0.84%	–
ROP	Exit	Roper Technologies	$0	–	-4,225	–	-0.84%	–
IDXX	Exit	IDEXX Laboratories	$0	–	-5,795	–	-0.88%	–
T	Exit	AT&T	$0	–	-42,316	–	-0.90%	–
GOOGL	Exit	Alphabet Class A	$0	–	-1,332	–	-0.91%	–
CERN	Exit	Cerner	$0	–	-24,307	–	-0.93%	–
KMB	Exit	Kimberly Clark	$0	–	-11,833	–	-0.94%	–
XOM	Exit	ExxonMobil	$0	–	-24,719	–	-0.98%	–
BBT	Exit	BB&T Corp.	$0	–	-32,781	–	-0.98%	–
MMM	Exit	3M Co.	$0	–	-10,661	–	-0.98%	–
CSCO	Exit	Cisco Systems	$0	–	-35,555	–	-0.98%	–
IBM	Exit	IBM	$0	–	-12,091	–	-0.98%	–
HON	Exit	Honeywell	$0	–	-10,483	–	-0.99%	–
ABT	Exit	Abbott Laboratories	$0	–	-22,472	–	-1.05%	–
EMR	Exit	Emerson Electric	$0	–	-28,732	–	-1.07%	–
NEE	Exit	NextEra Energy	$0	–	-8,255	–	-1.08%	–
CVX	Exit	Chevron Corp.	$0	–	-16,267	–	-1.08%	–
ORLY	Exit	O'Reilly Auto	$0	–	-4,861	–	-1.08%	–
VZ	Exit	Verizon	$0	–	-32,188	–	-1.09%	–
UTX	Exit	United Technologies	$0	–	-14,267	–	-1.09%	–
APD	Exit	Air Products & Chem.	$0	–	-8,961	–	-1.11%	–
JNJ	Exit	Johnson & Johnson	$0	–	-15,517	–	-1.12%	–
GWW	Exit	W.W. Grainger	$0	–	-6,817	–	-1.13%	–
CTSH	Exit	Cognizant Tech	$0	–	-33,637	–	-1.13%	–
CSL	Exit	Carlisle	$0	–	-14,111	–	-1.15%	–
SHW	Exit	Sherwin-Williams	$0	–	-3,772	–	-1.16%	–
EXPD	Exit	Expeditors Int'l	$0	–	-27,995	–	-1.16%	–
CL	Exit	Colgate Palmolive	$0	–	-28,982	–	-1.19%	–
APH	Exit	Amphenol	$0	–	-22,368	–	-1.21%	–
AMGN	Exit	Amgen	$0	–	-11,183	–	-1.21%	–
ORCL	Exit	Oracle Corp.	$0	–	-40,455	–	-1.24%	–
DHI	Exit	D.R. Horton	$0	–	-42,319	–	-1.25%	–
ADP	Exit	Automatic Data Processing	$0	–	-14,038	–	-1.27%	–
WMT	Exit	Walmart	$0	–	-19,218	–	-1.28%	–
BA	Exit	Boeing	$0	–	-6,013	–	-1.28%	–
EW	Exit	Edwards Lifesciences	$0	–	-10,518	–	-1.29%	–
AXP	Exit	American Express	$0	–	-19,752	–	-1.31%	–
LOW	Exit	Lowes	$0	–	-21,471	–	-1.32%	–
AFL	Exit	AFLAC	$0	–	-45,510	–	-1.33%	–
MCD	Exit	McDonalds	$0	–	-11,141	–	-1.34%	–
BDX	Exit	Becton Dickinson	$0	–	-9,497	–	-1.34%	–
ITW	Exit	Illinois Tool Works	$0	–	-15,441	–	-1.35%	–
ECL	Exit	Ecolab	$0	–	-12,287	–	-1.36%	–
NKE	Exit	Nike	$0	–	-26,026	–	-1.37%	–
DIS	Exit	Walt Disney	$0	–	-18,922	–	-1.38%	–
MSFT	Exit	Microsoft	$0	–	-17,773	–	-1.38%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-21,204	–	-1.40%	–
PEP	Exit	PepsiCo	$0	–	-18,350	–	-1.41%	–
CHD	Exit	Church & Dwight	$0	–	-33,652	–	-1.42%	–
PG	Exit	Procter & Gamble	$0	–	-20,700	–	-1.44%	–
AMZN	Exit	Amazon.com	$0	–	-1,502	–	-1.46%	–
DHR	Exit	Danaher	$0	–	-18,147	–	-1.46%	–
BLL	Exit	Ball Corp.	$0	–	-36,067	–	-1.47%	–
V	Exit	Visa	$0	–	-15,398	–	-1.48%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-9,363	–	-1.52%	–
SYK	Exit	Stryker	$0	–	-12,781	–	-1.54%	–
AAPL	Exit	Apple	$0	–	-12,413	–	-1.55%	–
FISV	Exit	Fiserv	$0	–	-26,860	–	-1.56%	–
COST	Exit	Costco	$0	–	-9,958	–	-1.60%	–

Q3 2019

			Value		Shares		↓ Weighting
COST	Sell	Costco	$2,869,000	+2.2%	9,958	-6.2%	1.60%	+1.1%
FISV	Sell	Fiserv	$2,782,000	+4.5%	26,860	-8.0%	1.56%	+3.3%
AAPL	Sell	Apple	$2,780,000	+11.1%	12,413	-1.9%	1.55%	+9.7%
SYK	Sell	Stryker	$2,765,000	+0.1%	12,781	-4.9%	1.54%	-1.2%
TMO	Sell	Thermo Fisher Scientific	$2,727,000	-3.9%	9,363	-3.2%	1.52%	-5.1%
V	Sell	Visa	$2,649,000	-2.5%	15,398	-1.7%	1.48%	-3.7%
BLL	Sell	Ball Corp.	$2,626,000	-4.0%	36,067	-7.7%	1.47%	-5.1%
DHR	Sell	Danaher	$2,621,000	-0.8%	18,147	-1.8%	1.46%	-2.0%
AMZN	Sell	Amazon.com	$2,607,000	-9.2%	1,502	-0.9%	1.46%	-10.3%
PG	Sell	Procter & Gamble	$2,575,000	+10.4%	20,700	-2.7%	1.44%	+9.0%
CHD	Sell	Church & Dwight	$2,532,000	+0.7%	33,652	-2.2%	1.42%	-0.5%
PEP	Sell	PepsiCo	$2,516,000	+2.7%	18,350	-1.8%	1.41%	+1.4%
JPM	Sell	J.P. Morgan Chase	$2,495,000	+4.9%	21,204	-0.3%	1.40%	+3.7%
MSFT	Sell	Microsoft	$2,471,000	+0.9%	17,773	-2.8%	1.38%	-0.3%
DIS	Sell	Walt Disney	$2,466,000	-7.2%	18,922	-0.6%	1.38%	-8.3%
NKE	Sell	Nike	$2,444,000	+10.4%	26,026	-1.3%	1.37%	+9.1%
ECL	Sell	Ecolab	$2,433,000	-2.2%	12,287	-2.5%	1.36%	-3.3%
ITW	Buy	Illinois Tool Works	$2,416,000	+4.3%	15,441	+0.6%	1.35%	+3.1%
BDX	Sell	Becton Dickinson	$2,402,000	-1.4%	9,497	-1.8%	1.34%	-2.6%
MCD	Sell	McDonalds	$2,392,000	+1.8%	11,141	-1.5%	1.34%	+0.6%
AFL	Sell	AFLAC	$2,381,000	-5.2%	45,510	-0.7%	1.33%	-6.3%
LOW	Sell	Lowes	$2,361,000	+8.1%	21,471	-0.8%	1.32%	+6.9%
AXP	Sell	American Express	$2,336,000	-4.7%	19,752	-0.5%	1.31%	-5.8%
EW	Sell	Edwards Lifesciences	$2,313,000	+14.1%	10,518	-4.2%	1.29%	+12.7%
BA	Buy	Boeing	$2,288,000	+6.2%	6,013	+1.6%	1.28%	+4.9%
WMT	Buy	Walmart	$2,281,000	+8.0%	19,218	+0.5%	1.28%	+6.7%
ADP	Buy	Automatic Data Processing	$2,266,000	-0.3%	14,038	+2.1%	1.27%	-1.5%
DHI	Sell	D.R. Horton	$2,231,000	+21.1%	42,319	-1.0%	1.25%	+19.6%
ORCL	Buy	Oracle Corp.	$2,226,000	-2.6%	40,455	+0.9%	1.24%	-3.8%
AMGN	Buy	Amgen	$2,164,000	+5.9%	11,183	+0.9%	1.21%	+4.7%
APH	Buy	Amphenol	$2,159,000	+2.3%	22,368	+1.6%	1.21%	+1.1%
CL	Buy	Colgate Palmolive	$2,130,000	+2.7%	28,982	+0.2%	1.19%	+1.5%
EXPD	Buy	Expeditors Int'l	$2,080,000	+10.5%	27,995	+12.8%	1.16%	+9.2%
SHW	Sell	Sherwin-Williams	$2,074,000	+11.1%	3,772	-7.4%	1.16%	+9.8%
CSL	Buy	Carlisle	$2,054,000	+5.5%	14,111	+1.8%	1.15%	+4.3%
CTSH	Buy	Cognizant Tech	$2,027,000	-4.7%	33,637	+0.3%	1.13%	-5.8%
GWW	Buy	W.W. Grainger	$2,026,000	+11.3%	6,817	+0.4%	1.13%	+9.9%
JNJ	Sell	Johnson & Johnson	$2,008,000	-8.2%	15,517	-1.2%	1.12%	-9.4%
APD	Sell	Air Products & Chem.	$1,988,000	-2.8%	8,961	-0.9%	1.11%	-4.0%
UTX	Buy	United Technologies	$1,948,000	+5.4%	14,267	+0.5%	1.09%	+4.2%
VZ	Buy	Verizon	$1,943,000	+6.7%	32,188	+1.0%	1.09%	+5.4%
ORLY	Buy	O'Reilly Auto	$1,937,000	+9.9%	4,861	+1.9%	1.08%	+8.6%
CVX	Sell	Chevron Corp.	$1,929,000	-5.1%	16,267	-0.5%	1.08%	-6.3%
NEE	Sell	NextEra Energy	$1,923,000	+6.0%	8,255	-6.8%	1.08%	+4.8%
EMR	Buy	Emerson Electric	$1,921,000	+3.2%	28,732	+3.0%	1.07%	+2.0%
ABT	Sell	Abbott Laboratories	$1,880,000	-1.4%	22,472	-0.9%	1.05%	-2.6%
HON	Sell	Honeywell	$1,774,000	-3.9%	10,483	-0.9%	0.99%	-5.0%
IBM	Sell	IBM	$1,758,000	+4.8%	12,091	-0.6%	0.98%	+3.6%
CSCO	Sell	Cisco Systems	$1,757,000	-10.1%	35,555	-0.4%	0.98%	-11.1%
MMM	Buy	3M Co.	$1,753,000	-1.4%	10,661	+4.0%	0.98%	-2.5%
BBT	Buy	BB&T Corp.	$1,750,000	+87.0%	32,781	+72.1%	0.98%	+84.9%
XOM	Buy	ExxonMobil	$1,745,000	-3.3%	24,719	+4.9%	0.98%	-4.5%
KMB	Buy	Kimberly Clark	$1,681,000	+22.9%	11,833	+15.3%	0.94%	+21.4%
CERN	Sell	Cerner	$1,657,000	-9.4%	24,307	-2.6%	0.93%	-10.5%
GOOGL	Buy	Alphabet Class A	$1,627,000	+13.2%	1,332	+0.4%	0.91%	+11.8%
T	Buy	AT&T	$1,601,000	+15.3%	42,316	+2.1%	0.90%	+13.9%
IDXX	Sell	IDEXX Laboratories	$1,576,000	-1.8%	5,795	-0.6%	0.88%	-3.0%
ROP	Sell	Roper Technologies	$1,507,000	-3.6%	4,225	-1.0%	0.84%	-4.8%
NOC	Sell	Northrop Grumman	$1,501,000	+7.5%	4,005	-7.3%	0.84%	+6.2%
AVY	Sell	Avery Dennison	$1,429,000	-9.4%	12,583	-7.7%	0.80%	-10.4%
MAR	Buy	Marriott Intl. Class A	$1,397,000	-4.8%	11,235	+7.4%	0.78%	-5.9%
BKNG	Sell	Booking Holdings	$1,366,000	-10.6%	696	-14.6%	0.76%	-11.6%
INTU	Buy	Intuit	$1,330,000	+3.7%	5,003	+1.9%	0.74%	+2.3%
HD	Buy	Home Depot	$1,313,000	+11.7%	5,658	+0.1%	0.73%	+10.4%
FB	Sell	Facebook	$1,281,000	-42.9%	7,191	-38.2%	0.72%	-43.6%
PYPL	Sell	PayPal	$1,252,000	-11.3%	12,085	-2.0%	0.70%	-12.3%
GOOG	Sell	Alphabet Class C	$1,231,000	+11.9%	1,010	-0.8%	0.69%	+10.6%
COP	Sell	ConocoPhillips	$1,224,000	-7.3%	21,489	-0.8%	0.68%	-8.4%
TXN	Sell	Texas Instruments	$1,211,000	+11.8%	9,373	-0.6%	0.68%	+10.4%
UNH	Buy	UnitedHealth Group	$1,166,000	-10.2%	5,365	+0.8%	0.65%	-11.2%
DOV	Sell	Dover	$1,142,000	-1.0%	11,473	-0.3%	0.64%	-2.1%
SBUX	Buy	Starbucks	$1,114,000	+6.0%	12,597	+0.5%	0.62%	+4.7%
SNA	Buy	Snap-on	$1,081,000	-3.4%	6,905	+2.2%	0.60%	-4.6%
FAST	Sell	Fastenal Co.	$1,072,000	+0.1%	32,803	-0.1%	0.60%	-1.2%
CLX	Buy	Clorox	$1,021,000	-0.2%	6,722	+0.6%	0.57%	-1.4%
WFC	Sell	Wells Fargo	$999,000	+4.8%	19,810	-1.6%	0.56%	+3.5%
FDS	Sell	Factset Research	$964,000	-15.7%	3,968	-0.6%	0.54%	-16.7%
RDSA	Buy	Royal Dutch Shell 'A'	$954,000	-3.3%	16,205	+6.8%	0.53%	-4.5%
WBA	Sell	Walgreens Alliance Boots	$947,000	-23.8%	17,122	-24.7%	0.53%	-24.8%
NVDA	Buy	Nvidia	$940,000	+6.5%	5,400	+0.4%	0.52%	+5.0%
VMC	Sell	Vulcan Materials	$930,000	+9.4%	6,146	-0.7%	0.52%	+8.1%
LMT	Sell	Lockheed Martin	$926,000	+4.0%	2,373	-3.1%	0.52%	+3.0%
CVS	Buy	CVS Health	$910,000	+108.7%	14,431	+80.2%	0.51%	+106.1%
MA	Sell	Mastercard	$897,000	+1.8%	3,304	-0.8%	0.50%	+0.6%
VAR	Sell	Varian Med Sys Inc	$872,000	-13.8%	7,325	-1.5%	0.49%	-14.9%
ADI	Sell	Analog Devices	$863,000	-2.7%	7,720	-1.8%	0.48%	-4.0%
GL	New	Globe Life	$856,000	–	8,938	–	0.48%	–
GPC	Buy	Genuine Parts	$849,000	-3.2%	8,522	+0.6%	0.48%	-4.2%
CHKP	Sell	Check Point Software	$811,000	-24.7%	7,407	-20.5%	0.45%	-25.6%
SWK	Buy	Stanley Black & Becker	$803,000	+3.7%	5,559	+3.9%	0.45%	+2.5%
DLTR	Sell	Dollar Tree	$802,000	+5.7%	7,027	-0.6%	0.45%	+4.4%
ABC	Buy	AmerisourceBergen	$777,000	-1.0%	9,441	+2.5%	0.43%	-2.3%
GIS	Buy	General Mills	$771,000	+7.8%	13,995	+2.8%	0.43%	+6.7%
INTC	Buy	Intel	$763,000	+12.7%	14,816	+4.7%	0.43%	+11.2%
PFG	Sell	Principal Financial Group	$712,000	-3.9%	12,461	-2.5%	0.40%	-5.0%
AMCR	Sell	Amcor PLC	$705,000	-17.2%	72,354	-2.3%	0.39%	-18.1%
STZ	Buy	Constellation Brands	$704,000	+6.8%	3,397	+1.5%	0.39%	+5.4%
SJM	Sell	J.M. Smucker	$690,000	-5.1%	6,274	-0.6%	0.39%	-6.1%
BP	Sell	BP	$682,000	-9.1%	17,942	-0.2%	0.38%	-10.1%
DCI	Buy	Donaldson	$671,000	+4.4%	12,877	+1.9%	0.38%	+3.0%
VLO	Buy	Valero Energy Corp	$616,000	-0.3%	7,225	+0.1%	0.34%	-1.7%
CTAS	Buy	Cintas	$603,000	+15.1%	2,248	+1.8%	0.34%	+13.9%
UN	Buy	Unilever N.V.	$592,000	-0.5%	9,862	+0.7%	0.33%	-1.8%
LLY	Buy	Eli Lilly	$573,000	+2.0%	5,124	+0.9%	0.32%	+0.6%
BMY	New	Bristol-Myers Squibb	$532,000	–	10,495	–	0.30%	–
MKC	Sell	McCormick	$491,000	-0.8%	3,144	-1.6%	0.27%	-2.1%
MTD	Sell	Mettler-Toledo Int'l	$482,000	-21.8%	684	-6.7%	0.27%	-22.7%
MDT	Sell	Medtronic	$417,000	+3.7%	3,835	-7.1%	0.23%	+2.6%
ADM	Sell	Archer Daniels Midland	$391,000	-5.1%	9,516	-5.8%	0.22%	-6.0%
SLB	Sell	Schlumberger Ltd.	$347,000	-17.2%	10,150	-3.7%	0.19%	-18.1%
PFE	New	Pfizer	$327,000	–	9,106	–	0.18%	–
AMD	New	Advanced Micro	$310,000	–	10,692	–	0.17%	–
OXY	Sell	Occidental Petroleum	$307,000	-18.8%	6,902	-8.3%	0.17%	-19.6%
SO	Sell	Southern Company	$278,000	+6.5%	4,499	-4.7%	0.16%	+4.7%
FDX	Sell	FedEx	$266,000	-56.4%	1,830	-50.7%	0.15%	-56.8%
DUK	Sell	Duke Energy	$267,000	+5.1%	2,787	-3.0%	0.15%	+3.5%
ITT	Sell	ITT Corporation	$259,000	-7.2%	4,240	-0.5%	0.14%	-8.2%
PPL	New	PPL Corp	$254,000	–	8,055	–	0.14%	–
D	Sell	Dominion Energy	$247,000	0.0%	3,050	-4.5%	0.14%	-1.4%
C	Buy	Citigroup	$244,000	+8.0%	3,528	+9.5%	0.14%	+6.2%
ABBV	Sell	AbbVie	$228,000	0.0%	3,013	-3.8%	0.13%	-1.6%
UPS	New	United Parcel Service Cl B	$221,000	–	1,842	–	0.12%	–
WDC	New	Western Digital Corp	$216,000	–	3,621	–	0.12%	–
DGX	New	Quest Diagnostics	$208,000	–	1,942	–	0.12%	–
TOL	New	Toll Brothers	$202,000	–	4,925	–	0.11%	–
QCOM	Exit	Qualcomm	$0	–	-2,665	–	-0.12%	–
MS	Exit	Morgan Stanley	$0	–	-4,925	–	-0.12%	–
HP	Exit	Helmerich & Payne	$0	–	-4,805	–	-0.14%	–
APC	Exit	Anadarko Petroleum	$0	–	-3,594	–	-0.14%	–
TMK	Exit	Torchmark	$0	–	-7,678	–	-0.39%	–
RHT	Exit	Red Hat	$0	–	-4,396	–	-0.47%	–

Q2 2019

			Value		Shares		↓ Weighting
AMZN	New	Amazon.com	$2,871,000	–	1,516	–	1.62%	–
TMO	New	Thermo Fisher Scientific	$2,839,000	–	9,668	–	1.61%	–
COST	New	Costco	$2,806,000	–	10,620	–	1.59%	–
SYK	New	Stryker	$2,763,000	–	13,442	–	1.56%	–
BLL	New	Ball Corp.	$2,734,000	–	39,067	–	1.55%	–
V	New	Visa	$2,718,000	–	15,663	–	1.54%	–
FISV	New	Fiserv	$2,661,000	–	29,192	–	1.50%	–
DIS	New	Walt Disney	$2,657,000	–	19,029	–	1.50%	–
DHR	New	Danaher	$2,642,000	–	18,487	–	1.50%	–
CHD	New	Church & Dwight	$2,514,000	–	34,404	–	1.42%	–
AFL	New	AFLAC	$2,511,000	–	45,820	–	1.42%	–
AAPL	New	Apple	$2,503,000	–	12,648	–	1.42%	–
ECL	New	Ecolab	$2,488,000	–	12,599	–	1.41%	–
PEP	New	PepsiCo	$2,451,000	–	18,690	–	1.39%	–
AXP	New	American Express	$2,451,000	–	19,856	–	1.39%	–
MSFT	New	Microsoft	$2,449,000	–	18,283	–	1.38%	–
BDX	New	Becton Dickinson	$2,437,000	–	9,671	–	1.38%	–
JPM	New	J.P. Morgan Chase	$2,378,000	–	21,268	–	1.34%	–
MCD	New	McDonalds	$2,349,000	–	11,314	–	1.33%	–
PG	New	Procter & Gamble	$2,333,000	–	21,278	–	1.32%	–
ITW	New	Illinois Tool Works	$2,316,000	–	15,356	–	1.31%	–
ORCL	New	Oracle Corp.	$2,285,000	–	40,108	–	1.29%	–
ADP	New	Automatic Data Processing	$2,273,000	–	13,749	–	1.29%	–
FB	New	Facebook	$2,244,000	–	11,629	–	1.27%	–
NKE	New	Nike	$2,213,000	–	26,362	–	1.25%	–
JNJ	New	Johnson & Johnson	$2,188,000	–	15,712	–	1.24%	–
LOW	New	Lowes	$2,184,000	–	21,640	–	1.24%	–
BA	New	Boeing	$2,155,000	–	5,921	–	1.22%	–
CTSH	New	Cognizant Tech	$2,126,000	–	33,537	–	1.20%	–
WMT	New	Walmart	$2,113,000	–	19,121	–	1.20%	–
APH	New	Amphenol	$2,111,000	–	22,008	–	1.19%	–
CL	New	Colgate Palmolive	$2,073,000	–	28,926	–	1.17%	–
APD	New	Air Products & Chem.	$2,046,000	–	9,038	–	1.16%	–
AMGN	New	Amgen	$2,043,000	–	11,084	–	1.16%	–
CVX	New	Chevron Corp.	$2,033,000	–	16,341	–	1.15%	–
EW	New	Edwards Lifesciences	$2,027,000	–	10,974	–	1.15%	–
CSCO	New	Cisco Systems	$1,954,000	–	35,710	–	1.10%	–
CSL	New	Carlisle	$1,947,000	–	13,864	–	1.10%	–
ABT	New	Abbott Laboratories	$1,907,000	–	22,673	–	1.08%	–
EXPD	New	Expeditors Int'l	$1,882,000	–	24,813	–	1.06%	–
SHW	New	Sherwin-Williams	$1,867,000	–	4,074	–	1.06%	–
EMR	New	Emerson Electric	$1,861,000	–	27,887	–	1.05%	–
UTX	New	United Technologies	$1,848,000	–	14,195	–	1.04%	–
HON	New	Honeywell	$1,846,000	–	10,573	–	1.04%	–
DHI	New	D.R. Horton	$1,843,000	–	42,736	–	1.04%	–
CERN	New	Cerner	$1,829,000	–	24,949	–	1.04%	–
VZ	New	Verizon	$1,821,000	–	31,878	–	1.03%	–
GWW	New	W.W. Grainger	$1,821,000	–	6,788	–	1.03%	–
NEE	New	NextEra Energy	$1,814,000	–	8,854	–	1.03%	–
XOM	New	ExxonMobil	$1,805,000	–	23,555	–	1.02%	–
MMM	New	3M Co.	$1,777,000	–	10,253	–	1.00%	–
ORLY	New	O'Reilly Auto	$1,762,000	–	4,770	–	1.00%	–
IBM	New	IBM	$1,677,000	–	12,163	–	0.95%	–
IDXX	New	IDEXX Laboratories	$1,605,000	–	5,829	–	0.91%	–
AVY	New	Avery Dennison	$1,577,000	–	13,630	–	0.89%	–
ROP	New	Roper Technologies	$1,563,000	–	4,267	–	0.88%	–
BKNG	New	Booking Holdings	$1,528,000	–	815	–	0.86%	–
MAR	New	Marriott Intl. Class A	$1,467,000	–	10,460	–	0.83%	–
GOOGL	New	Alphabet Class A	$1,437,000	–	1,327	–	0.81%	–
PYPL	New	PayPal	$1,411,000	–	12,330	–	0.80%	–
NOC	New	Northrop Grumman	$1,396,000	–	4,319	–	0.79%	–
T	New	AT&T	$1,389,000	–	41,437	–	0.79%	–
KMB	New	Kimberly Clark	$1,368,000	–	10,263	–	0.77%	–
COP	New	ConocoPhillips	$1,321,000	–	21,654	–	0.75%	–
UNH	New	UnitedHealth Group	$1,298,000	–	5,320	–	0.73%	–
INTU	New	Intuit	$1,283,000	–	4,909	–	0.73%	–
WBA	New	Walgreens Alliance Boots	$1,242,000	–	22,726	–	0.70%	–
HD	New	Home Depot	$1,175,000	–	5,651	–	0.66%	–
DOV	New	Dover	$1,153,000	–	11,504	–	0.65%	–
FDS	New	Factset Research	$1,143,000	–	3,990	–	0.65%	–
SNA	New	Snap-on	$1,119,000	–	6,755	–	0.63%	–
GOOG	New	Alphabet Class C	$1,100,000	–	1,018	–	0.62%	–
TXN	New	Texas Instruments	$1,083,000	–	9,433	–	0.61%	–
CHKP	New	Check Point Software	$1,077,000	–	9,313	–	0.61%	–
FAST	New	Fastenal Co.	$1,071,000	–	32,848	–	0.61%	–
SBUX	New	Starbucks	$1,051,000	–	12,534	–	0.60%	–
CLX	New	Clorox	$1,023,000	–	6,682	–	0.58%	–
VAR	New	Varian Med Sys Inc	$1,012,000	–	7,435	–	0.57%	–
RDSA	New	Royal Dutch Shell 'A'	$987,000	–	15,173	–	0.56%	–
WFC	New	Wells Fargo	$953,000	–	20,132	–	0.54%	–
BBT	New	BB&T Corp.	$936,000	–	19,052	–	0.53%	–
LMT	New	Lockheed Martin	$890,000	–	2,448	–	0.50%	–
ADI	New	Analog Devices	$887,000	–	7,860	–	0.50%	–
NVDA	New	Nvidia	$883,000	–	5,376	–	0.50%	–
MA	New	Mastercard	$881,000	–	3,331	–	0.50%	–
GPC	New	Genuine Parts	$877,000	–	8,467	–	0.50%	–
VMC	New	Vulcan Materials	$850,000	–	6,190	–	0.48%	–
AMCR	New	Amcor PLC	$851,000	–	74,088	–	0.48%	–
RHT	New	Red Hat	$825,000	–	4,396	–	0.47%	–
ABC	New	AmerisourceBergen	$785,000	–	9,212	–	0.44%	–
SWK	New	Stanley Black & Becker	$774,000	–	5,349	–	0.44%	–
DLTR	New	Dollar Tree	$759,000	–	7,067	–	0.43%	–
BP	New	BP	$750,000	–	17,982	–	0.42%	–
PFG	New	Principal Financial Group	$741,000	–	12,786	–	0.42%	–
SJM	New	J.M. Smucker	$727,000	–	6,314	–	0.41%	–
GIS	New	General Mills	$715,000	–	13,618	–	0.40%	–
TMK	New	Torchmark	$687,000	–	7,678	–	0.39%	–
INTC	New	Intel	$677,000	–	14,148	–	0.38%	–
STZ	New	Constellation Brands	$659,000	–	3,347	–	0.37%	–
DCI	New	Donaldson	$643,000	–	12,633	–	0.36%	–
VLO	New	Valero Energy Corp	$618,000	–	7,220	–	0.35%	–
MTD	New	Mettler-Toledo Int'l	$616,000	–	733	–	0.35%	–
FDX	New	FedEx	$610,000	–	3,715	–	0.34%	–
UN	New	Unilever N.V.	$595,000	–	9,797	–	0.34%	–
LLY	New	Eli Lilly	$562,000	–	5,076	–	0.32%	–
CTAS	New	Cintas	$524,000	–	2,209	–	0.30%	–
DE	New	Deere	$498,000	–	3,008	–	0.28%	–
MKC	New	McCormick	$495,000	–	3,194	–	0.28%	–
CVS	New	CVS Health	$436,000	–	8,010	–	0.25%	–
SLB	New	Schlumberger Ltd.	$419,000	–	10,542	–	0.24%	–
ADM	New	Archer Daniels Midland	$412,000	–	10,106	–	0.23%	–
MDT	New	Medtronic	$402,000	–	4,130	–	0.23%	–
OXY	New	Occidental Petroleum	$378,000	–	7,525	–	0.21%	–
PCAR	New	PACCAR Inc.	$375,000	–	5,228	–	0.21%	–
LUV	New	Southwest Airlines	$314,000	–	6,191	–	0.18%	–
ITT	New	ITT Corporation	$279,000	–	4,260	–	0.16%	–
SO	New	Southern Company	$261,000	–	4,719	–	0.15%	–
APC	New	Anadarko Petroleum	$254,000	–	3,594	–	0.14%	–
DUK	New	Duke Energy	$254,000	–	2,873	–	0.14%	–
D	New	Dominion Energy	$247,000	–	3,195	–	0.14%	–
HP	New	Helmerich & Payne	$243,000	–	4,805	–	0.14%	–
HSY	New	Hershey Foods	$231,000	–	1,726	–	0.13%	–
ABBV	New	AbbVie	$228,000	–	3,133	–	0.13%	–
C	New	Citigroup	$226,000	–	3,222	–	0.13%	–
MS	New	Morgan Stanley	$216,000	–	4,925	–	0.12%	–
QCOM	New	Qualcomm	$203,000	–	2,665	–	0.12%	–

Q4 2018

			Value		Shares		↓ Weighting
F	Exit	Ford Motor Company	$0	–	-15,665	–	-0.08%	–
AES	Exit	AES Corp.	$0	–	-13,180	–	-0.11%	–
HP	Exit	Helmerich & Payne	$0	–	-2,935	–	-0.12%	–
QCOM	Exit	Qualcomm	$0	–	-2,840	–	-0.12%	–
SO	Exit	Southern Company	$0	–	-4,929	–	-0.12%	–
TOL	Exit	Toll Brothers	$0	–	-6,637	–	-0.13%	–
CELG	Exit	Celgene	$0	–	-2,649	–	-0.14%	–
APC	Exit	Anadarko Petroleum	$0	–	-3,842	–	-0.15%	–
DUK	Exit	Duke Energy	$0	–	-3,428	–	-0.16%	–
PX	Exit	Praxair	$0	–	-1,717	–	-0.16%	–
BIIB	Exit	Biogen IDEC Inc.	$0	–	-805	–	-0.16%	–
DGX	Exit	Quest Diagnostics	$0	–	-2,682	–	-0.17%	–
ITT	Exit	ITT Corporation	$0	–	-4,795	–	-0.17%	–
CTAS	Exit	Cintas	$0	–	-1,505	–	-0.17%	–
MKC	Exit	McCormick	$0	–	-2,755	–	-0.21%	–
MS	Exit	Morgan Stanley	$0	–	-8,400	–	-0.22%	–
OXY	Exit	Occidental Petroleum	$0	–	-4,870	–	-0.23%	–
MDT	Exit	Medtronic	$0	–	-4,210	–	-0.24%	–
HAL	Exit	Halliburton	$0	–	-10,392	–	-0.24%	–
KMB	Exit	Kimberly Clark	$0	–	-3,939	–	-0.26%	–
DE	Exit	Deere	$0	–	-3,169	–	-0.27%	–
WDC	Exit	Western Digital Corp	$0	–	-8,856	–	-0.30%	–
MAR	Exit	Marriott Intl. Class A	$0	–	-4,160	–	-0.32%	–
MHK	Exit	Mohawk Industries	$0	–	-3,138	–	-0.32%	–
UN	Exit	Unilever N.V.	$0	–	-9,925	–	-0.32%	–
MTD	Exit	Mettler-Toledo Int'l	$0	–	-956	–	-0.33%	–
GIS	Exit	General Mills	$0	–	-13,653	–	-0.34%	–
VLO	Exit	Valero Energy Corp	$0	–	-5,277	–	-0.34%	–
DLTR	Exit	Dollar Tree	$0	–	-7,437	–	-0.35%	–
LLY	Exit	Eli Lilly	$0	–	-6,017	–	-0.37%	–
ADI	Exit	Analog Devices	$0	–	-7,421	–	-0.39%	–
LUV	Exit	Southwest Airlines	$0	–	-11,052	–	-0.40%	–
STZ	Exit	Constellation Brands	$0	–	-3,294	–	-0.41%	–
CVS	Exit	CVS Health	$0	–	-9,106	–	-0.41%	–
DCI	Exit	Donaldson	$0	–	-12,619	–	-0.42%	–
APD	Exit	Air Products & Chem.	$0	–	-4,407	–	-0.42%	–
SBUX	Exit	Starbucks	$0	–	-13,729	–	-0.45%	–
SJM	Exit	J.M. Smucker	$0	–	-7,652	–	-0.45%	–
BMS	Exit	Bemis	$0	–	-16,380	–	-0.46%	–
PFG	Exit	Principal Financial Group	$0	–	-13,595	–	-0.46%	–
MA	Exit	Mastercard	$0	–	-3,579	–	-0.46%	–
BBT	Exit	BB&T Corp.	$0	–	-16,877	–	-0.47%	–
RHT	Exit	Red Hat	$0	–	-6,246	–	-0.49%	–
GPC	Exit	Genuine Parts	$0	–	-8,643	–	-0.49%	–
ABC	Exit	AmerisourceBergen	$0	–	-9,442	–	-0.50%	–
LMT	Exit	Lockheed Martin	$0	–	-2,541	–	-0.50%	–
CLX	Exit	Clorox	$0	–	-5,879	–	-0.51%	–
VAR	Exit	Varian Med Sys Inc	$0	–	-7,967	–	-0.51%	–
HSIC	Exit	Henry Schein	$0	–	-11,226	–	-0.55%	–
DOV	Exit	Dover	$0	–	-11,690	–	-0.59%	–
FAST	Exit	Fastenal Co.	$0	–	-17,818	–	-0.59%	–
RDSA	Exit	Royal Dutch Shell 'A'	$0	–	-15,455	–	-0.60%	–
INTU	Exit	Intuit	$0	–	-4,650	–	-0.61%	–
CHKP	Exit	Check Point Software	$0	–	-9,066	–	-0.61%	–
TXN	Exit	Texas Instruments	$0	–	-9,967	–	-0.61%	–
R	Exit	Ryder System	$0	–	-14,734	–	-0.62%	–
FDS	Exit	Factset Research	$0	–	-4,833	–	-0.62%	–
WFC	Exit	Wells Fargo	$0	–	-21,195	–	-0.64%	–
HD	Exit	Home Depot	$0	–	-5,738	–	-0.68%	–
NOC	Exit	Northrop Grumman	$0	–	-3,923	–	-0.72%	–
AVY	Exit	Avery Dennison	$0	–	-11,665	–	-0.73%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-20,794	–	-0.73%	–
SNA	Exit	Snap-on	$0	–	-6,994	–	-0.74%	–
VMC	Exit	Vulcan Materials	$0	–	-11,623	–	-0.74%	–
FDX	Exit	FedEx	$0	–	-5,468	–	-0.76%	–
PYPL	Exit	PayPal	$0	–	-15,253	–	-0.77%	–
WMT	Exit	Walmart	$0	–	-14,532	–	-0.78%	–
GOOG	Exit	Alphabet Class C	$0	–	-1,148	–	-0.79%	–
T	Exit	AT&T	$0	–	-41,592	–	-0.80%	–
ROP	Exit	Roper Technologies	$0	–	-4,809	–	-0.82%	–
ESRX	Exit	Express Scripts	$0	–	-15,270	–	-0.83%	–
UNH	Exit	UnitedHealth Group	$0	–	-5,758	–	-0.88%	–
CSL	Exit	Carlisle	$0	–	-12,681	–	-0.89%	–
IDXX	Exit	IDEXX Laboratories	$0	–	-6,340	–	-0.91%	–
NEE	Exit	NextEra Energy	$0	–	-9,679	–	-0.93%	–
COP	Exit	ConocoPhillips	$0	–	-21,039	–	-0.94%	–
GOOGL	Exit	Alphabet Class A	$0	–	-1,355	–	-0.94%	–
VZ	Exit	Verizon	$0	–	-31,130	–	-0.95%	–
CERN	Exit	Cerner	$0	–	-26,229	–	-0.97%	–
ORLY	Exit	O'Reilly Auto	$0	–	-5,161	–	-1.03%	–
IBM	Exit	IBM	$0	–	-11,979	–	-1.04%	–
WBA	Exit	Walgreens Alliance Boots	$0	–	-24,877	–	-1.04%	–
HON	Exit	Honeywell	$0	–	-10,955	–	-1.05%	–
CSCO	Exit	Cisco Systems	$0	–	-37,929	–	-1.06%	–
DHI	Exit	D.R. Horton	$0	–	-44,648	–	-1.08%	–
PG	Exit	Procter & Gamble	$0	–	-22,871	–	-1.09%	–
MMM	Exit	3M Co.	$0	–	-9,161	–	-1.11%	–
SHW	Exit	Sherwin-Williams	$0	–	-4,273	–	-1.12%	–
CL	Exit	Colgate Palmolive	$0	–	-29,469	–	-1.13%	–
XOM	Exit	ExxonMobil	$0	–	-23,385	–	-1.14%	–
FB	Exit	Facebook	$0	–	-12,164	–	-1.15%	–
MCD	Exit	McDonalds	$0	–	-12,076	–	-1.16%	–
CVX	Exit	Chevron Corp.	$0	–	-16,634	–	-1.17%	–
ABT	Exit	Abbott Laboratories	$0	–	-27,781	–	-1.17%	–
APH	Exit	Amphenol	$0	–	-22,053	–	-1.19%	–
ORCL	Exit	Oracle Corp.	$0	–	-40,842	–	-1.21%	–
BKNG	Exit	Booking Holdings	$0	–	-1,061	–	-1.21%	–
PEP	Exit	PepsiCo	$0	–	-19,028	–	-1.22%	–
BA	Exit	Boeing	$0	–	-5,726	–	-1.22%	–
AXP	Exit	American Express	$0	–	-20,058	–	-1.23%	–
EMR	Exit	Emerson Electric	$0	–	-28,058	–	-1.23%	–
ITW	Exit	Illinois Tool Works	$0	–	-15,437	–	-1.25%	–
JNJ	Exit	Johnson & Johnson	$0	–	-15,978	–	-1.27%	–
ADP	Exit	Automatic Data Processing	$0	–	-14,676	–	-1.27%	–
DHR	Exit	Danaher	$0	–	-20,531	–	-1.28%	–
ECL	Exit	Ecolab	$0	–	-14,284	–	-1.28%	–
UTX	Exit	United Technologies	$0	–	-16,042	–	-1.29%	–
EW	Exit	Edwards Lifesciences	$0	–	-12,996	–	-1.30%	–
BLL	Exit	Ball Corp.	$0	–	-51,464	–	-1.30%	–
AFL	Exit	AFLAC	$0	–	-48,564	–	-1.31%	–
AMGN	Exit	Amgen	$0	–	-11,240	–	-1.34%	–
DIS	Exit	Walt Disney	$0	–	-19,992	–	-1.34%	–
NKE	Exit	Nike	$0	–	-27,910	–	-1.36%	–
CTSH	Exit	Cognizant Tech	$0	–	-30,932	–	-1.37%	–
MSFT	Exit	Microsoft	$0	–	-21,303	–	-1.40%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-21,749	–	-1.41%	–
GWW	Exit	W.W. Grainger	$0	–	-7,009	–	-1.44%	–
LOW	Exit	Lowes	$0	–	-22,018	–	-1.45%	–
CHD	Exit	Church & Dwight	$0	–	-42,569	–	-1.45%	–
SYK	Exit	Stryker	$0	–	-14,465	–	-1.48%	–
BDX	Exit	Becton Dickinson	$0	–	-9,901	–	-1.48%	–
FISV	Exit	Fiserv	$0	–	-32,510	–	-1.54%	–
COST	Exit	Costco	$0	–	-11,528	–	-1.56%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-11,128	–	-1.56%	–
V	Exit	Visa	$0	–	-18,200	–	-1.57%	–
AAPL	Exit	Apple	$0	–	-12,756	–	-1.65%	–
AMZN	Exit	Amazon.com	$0	–	-1,636	–	-1.88%	–

Q3 2018

			Value		Shares		↓ Weighting
AMZN	Sell	Amazon.com	$3,277,000	+5.0%	1,636	-10.9%	1.88%	-2.2%
AAPL	Sell	Apple	$2,880,000	+12.1%	12,756	-8.1%	1.65%	+4.5%
V	Sell	Visa	$2,732,000	+7.3%	18,200	-5.3%	1.57%	+0.1%
TMO	Sell	Thermo Fisher Scientific	$2,716,000	+13.8%	11,128	-3.4%	1.56%	+6.1%
COST	Sell	Costco	$2,708,000	+5.5%	11,528	-6.2%	1.56%	-1.7%
FISV	Sell	Fiserv	$2,678,000	+8.6%	32,510	-2.3%	1.54%	+1.2%
BDX	Sell	Becton Dickinson	$2,584,000	+5.6%	9,901	-3.0%	1.48%	-1.5%
SYK	Sell	Stryker	$2,570,000	+4.7%	14,465	-0.5%	1.48%	-2.4%
LOW	Sell	Lowes	$2,528,000	+13.7%	22,018	-5.4%	1.45%	+5.8%
CHD	Sell	Church & Dwight	$2,527,000	+8.2%	42,569	-3.1%	1.45%	+0.8%
GWW	Sell	W.W. Grainger	$2,505,000	+7.4%	7,009	-7.4%	1.44%	0.0%
JPM	Sell	J.P. Morgan Chase	$2,454,000	+6.1%	21,749	-2.1%	1.41%	-1.2%
MSFT	Sell	Microsoft	$2,436,000	+10.9%	21,303	-4.3%	1.40%	+3.4%
CTSH	Buy	Cognizant Tech	$2,386,000	-2.3%	30,932	+0.1%	1.37%	-9.0%
NKE	Sell	Nike	$2,365,000	-2.9%	27,910	-8.7%	1.36%	-9.5%
DIS	Buy	Walt Disney	$2,338,000	+11.9%	19,992	+0.3%	1.34%	+4.3%
AMGN	Buy	Amgen	$2,330,000	+12.5%	11,240	+0.2%	1.34%	+4.9%
AFL	Sell	AFLAC	$2,286,000	+8.4%	48,564	-0.9%	1.31%	+1.0%
BLL	Sell	Ball Corp.	$2,264,000	+22.6%	51,464	-1.0%	1.30%	+14.2%
EW	Sell	Edwards Lifesciences	$2,263,000	+17.3%	12,996	-2.0%	1.30%	+9.3%
UTX	Sell	United Technologies	$2,243,000	+10.3%	16,042	-1.3%	1.29%	+2.8%
ECL	Sell	Ecolab	$2,239,000	+10.1%	14,284	-1.4%	1.28%	+2.6%
DHR	Sell	Danaher	$2,231,000	+9.6%	20,531	-0.5%	1.28%	+2.2%
ADP	Sell	Automatic Data Processing	$2,211,000	+7.0%	14,676	-4.8%	1.27%	-0.4%
JNJ	Buy	Johnson & Johnson	$2,208,000	+15.8%	15,978	+1.7%	1.27%	+7.9%
ITW	Buy	Illinois Tool Works	$2,178,000	+4.8%	15,437	+2.9%	1.25%	-2.4%
EMR	Sell	Emerson Electric	$2,149,000	+8.6%	28,058	-2.0%	1.23%	+1.1%
AXP	Sell	American Express	$2,136,000	+7.2%	20,058	-1.3%	1.23%	-0.2%
BA	Sell	Boeing	$2,129,000	+8.3%	5,726	-2.3%	1.22%	+0.8%
PEP	Buy	PepsiCo	$2,127,000	+4.8%	19,028	+2.1%	1.22%	-2.3%
ORCL	Buy	Oracle Corp.	$2,106,000	+17.5%	40,842	+0.4%	1.21%	+9.4%
BKNG	Buy	Booking Holdings	$2,105,000	-2.0%	1,061	+0.1%	1.21%	-8.7%
APH	Sell	Amphenol	$2,073,000	+7.6%	22,053	-0.2%	1.19%	+0.3%
ABT	Sell	Abbott Laboratories	$2,038,000	+18.2%	27,781	-1.7%	1.17%	+10.2%
CVX	Buy	Chevron Corp.	$2,034,000	+0.0%	16,634	+3.4%	1.17%	-6.8%
MCD	Buy	McDonalds	$2,020,000	+24.7%	12,076	+16.8%	1.16%	+16.2%
FB	Sell	Facebook	$2,000,000	-16.3%	12,164	-1.1%	1.15%	-22.1%
XOM	Buy	ExxonMobil	$1,988,000	+6.0%	23,385	+3.1%	1.14%	-1.3%
CL	Buy	Colgate Palmolive	$1,973,000	+5.6%	29,469	+2.3%	1.13%	-1.6%
SHW	Sell	Sherwin-Williams	$1,945,000	+9.6%	4,273	-1.9%	1.12%	+2.1%
MMM	Buy	3M Co.	$1,930,000	+7.3%	9,161	+0.2%	1.11%	0.0%
PG	Buy	Procter & Gamble	$1,904,000	+7.2%	22,871	+0.5%	1.09%	-0.2%
DHI	Buy	D.R. Horton	$1,883,000	+83.0%	44,648	+77.9%	1.08%	+70.5%
CSCO	Sell	Cisco Systems	$1,845,000	+9.8%	37,929	-2.9%	1.06%	+2.3%
HON	Sell	Honeywell	$1,823,000	+13.2%	10,955	-2.0%	1.05%	+5.5%
WBA	Sell	Walgreens Alliance Boots	$1,814,000	+19.1%	24,877	-2.0%	1.04%	+10.9%
IBM	Buy	IBM	$1,811,000	+9.0%	11,979	+0.7%	1.04%	+1.6%
ORLY	Sell	O'Reilly Auto	$1,793,000	+15.0%	5,161	-9.4%	1.03%	+7.1%
CERN	Sell	Cerner	$1,689,000	+7.0%	26,229	-0.7%	0.97%	-0.3%
VZ	Buy	Verizon	$1,662,000	+14.7%	31,130	+8.1%	0.95%	+6.8%
GOOGL	Sell	Alphabet Class A	$1,636,000	+6.6%	1,355	-0.3%	0.94%	-0.7%
COP	Sell	ConocoPhillips	$1,628,000	+5.3%	21,039	-5.3%	0.94%	-1.9%
NEE	Sell	NextEra Energy	$1,622,000	-0.4%	9,679	-0.7%	0.93%	-7.2%
IDXX	Sell	IDEXX Laboratories	$1,583,000	-0.9%	6,340	-13.5%	0.91%	-7.7%
CSL	Sell	Carlisle	$1,545,000	+10.4%	12,681	-1.8%	0.89%	+2.9%
UNH	Sell	UnitedHealth Group	$1,532,000	+6.5%	5,758	-1.8%	0.88%	-0.7%
ESRX	Sell	Express Scripts	$1,451,000	+15.3%	15,270	-6.3%	0.83%	+7.3%
ROP	Sell	Roper Technologies	$1,424,000	+4.1%	4,809	-3.0%	0.82%	-3.0%
T	Sell	AT&T	$1,397,000	+0.9%	41,592	-3.5%	0.80%	-6.0%
GOOG	Sell	Alphabet Class C	$1,370,000	+3.9%	1,148	-2.9%	0.79%	-3.2%
WMT	Sell	Walmart	$1,365,000	+9.3%	14,532	-0.4%	0.78%	+1.8%
PYPL	Sell	PayPal	$1,340,000	+0.3%	15,253	-5.0%	0.77%	-6.6%
FDX	Buy	FedEx	$1,317,000	+6.8%	5,468	+0.7%	0.76%	-0.5%
VMC	Sell	Vulcan Materials	$1,292,000	-14.9%	11,623	-1.2%	0.74%	-20.7%
SNA	Sell	Snap-on	$1,284,000	+13.7%	6,994	-0.4%	0.74%	+5.9%
SLB	Buy	Schlumberger Ltd.	$1,267,000	-7.7%	20,794	+1.6%	0.73%	-14.1%
AVY	Buy	Avery Dennison	$1,264,000	+48.0%	11,665	+39.5%	0.73%	+38.0%
NOC	Buy	Northrop Grumman	$1,245,000	+3.4%	3,923	+0.3%	0.72%	-3.6%
HD	Sell	Home Depot	$1,189,000	+5.1%	5,738	-1.0%	0.68%	-2.0%
WFC	Sell	Wells Fargo	$1,114,000	-6.1%	21,195	-0.9%	0.64%	-12.4%
FDS	Sell	Factset Research	$1,081,000	+11.0%	4,833	-1.7%	0.62%	+3.5%
R	Buy	Ryder System	$1,077,000	+3.9%	14,734	+2.1%	0.62%	-3.3%
TXN	Sell	Texas Instruments	$1,069,000	-6.7%	9,967	-4.2%	0.61%	-13.0%
CHKP	Buy	Check Point Software	$1,067,000	+82.4%	9,066	+51.3%	0.61%	+69.8%
INTU	Sell	Intuit	$1,057,000	+5.7%	4,650	-5.0%	0.61%	-1.5%
RDSA	Sell	Royal Dutch Shell 'A'	$1,053,000	-2.9%	15,455	-1.4%	0.60%	-9.6%
FAST	Sell	Fastenal Co.	$1,034,000	+19.7%	17,818	-0.7%	0.59%	+11.7%
DOV	Sell	Dover	$1,035,000	+20.8%	11,690	-0.2%	0.59%	+12.5%
HSIC	Sell	Henry Schein	$955,000	+12.6%	11,226	-3.9%	0.55%	+4.8%
VAR	Sell	Varian Med Sys Inc	$892,000	-3.1%	7,967	-1.6%	0.51%	-9.9%
CLX	Sell	Clorox	$884,000	-17.8%	5,879	-26.0%	0.51%	-23.4%
LMT	Buy	Lockheed Martin	$879,000	+19.9%	2,541	+2.5%	0.50%	+11.7%
ABC	Sell	AmerisourceBergen	$871,000	+6.9%	9,442	-1.2%	0.50%	-0.4%
GPC	Sell	Genuine Parts	$859,000	+8.1%	8,643	-0.2%	0.49%	+0.6%
RHT	Sell	Red Hat	$851,000	-10.6%	6,246	-11.8%	0.49%	-16.7%
BBT	Buy	BB&T Corp.	$819,000	+10.4%	16,877	+14.7%	0.47%	+2.8%
MA	Buy	Mastercard	$797,000	+16.2%	3,579	+2.5%	0.46%	+8.3%
PFG	Buy	Principal Financial Group	$797,000	+17.0%	13,595	+5.7%	0.46%	+9.0%
BMS	Sell	Bemis	$796,000	-18.8%	16,380	-29.4%	0.46%	-24.3%
SJM	Sell	J.M. Smucker	$785,000	-4.7%	7,652	-0.1%	0.45%	-11.2%
SBUX	Sell	Starbucks	$780,000	+15.4%	13,729	-0.8%	0.45%	+7.4%
APD	Buy	Air Products & Chem.	$736,000	+8.2%	4,407	+0.9%	0.42%	+1.0%
DCI	Sell	Donaldson	$735,000	+24.4%	12,619	-3.7%	0.42%	+15.9%
CVS	Sell	CVS Health	$717,000	+21.7%	9,106	-0.4%	0.41%	+13.5%
STZ	Buy	Constellation Brands	$710,000	+37.9%	3,294	+39.9%	0.41%	+28.7%
LUV	Buy	Southwest Airlines	$690,000	+33.2%	11,052	+8.5%	0.40%	+24.1%
ADI	Buy	Analog Devices	$686,000	-1.7%	7,421	+2.0%	0.39%	-8.4%
LLY	Sell	Eli Lilly	$646,000	+18.5%	6,017	-5.7%	0.37%	+10.4%
DLTR	Sell	Dollar Tree	$606,000	-5.6%	7,437	-1.5%	0.35%	-12.1%
VLO	Sell	Valero Energy Corp	$600,000	-21.2%	5,277	-23.2%	0.34%	-26.7%
GIS	Sell	General Mills	$586,000	-46.0%	13,653	-44.3%	0.34%	-49.8%
MTD	Sell	Mettler-Toledo Int'l	$582,000	-6.4%	956	-11.1%	0.33%	-12.8%
MHK	New	Mohawk Industries	$550,000	–	3,138	–	0.32%	–
UN	Buy	Unilever N.V.	$551,000	+3.8%	9,925	+4.1%	0.32%	-3.4%
MAR	Buy	Marriott Intl. Class A	$549,000	+7.0%	4,160	+2.6%	0.32%	-0.3%
WDC	Sell	Western Digital Corp	$518,000	-29.7%	8,856	-7.0%	0.30%	-34.6%
DE	Sell	Deere	$476,000	+7.0%	3,169	-0.5%	0.27%	-0.4%
KMB	Sell	Kimberly Clark	$448,000	+6.7%	3,939	-1.1%	0.26%	-0.8%
HAL	Sell	Halliburton	$421,000	-12.8%	10,392	-3.1%	0.24%	-18.8%
MDT	Sell	Medtronic	$414,000	+8.7%	4,210	-5.3%	0.24%	+1.3%
OXY	Sell	Occidental Petroleum	$400,000	-2.0%	4,870	-0.2%	0.23%	-8.4%
MS	Buy	Morgan Stanley	$391,000	-0.3%	8,400	+1.7%	0.22%	-7.4%
CTAS	New	Cintas	$298,000	–	1,505	–	0.17%	–
ITT	Sell	ITT Corporation	$294,000	+10.1%	4,795	-6.3%	0.17%	+2.4%
DGX	Sell	Quest Diagnostics	$289,000	-7.1%	2,682	-5.1%	0.17%	-13.5%
BIIB	Sell	Biogen IDEC Inc.	$284,000	+17.4%	805	-3.6%	0.16%	+9.4%
PX	Sell	Praxair	$276,000	-0.7%	1,717	-2.3%	0.16%	-7.6%
DUK	Sell	Duke Energy	$274,000	-24.7%	3,428	-25.4%	0.16%	-29.9%
APC	Buy	Anadarko Petroleum	$259,000	-4.1%	3,842	+4.3%	0.15%	-10.2%
CELG	Sell	Celgene	$237,000	+2.6%	2,649	-8.9%	0.14%	-4.2%
SO	New	Southern Company	$215,000	–	4,929	–	0.12%	–
QCOM	New	Qualcomm	$205,000	–	2,840	–	0.12%	–
HP	New	Helmerich & Payne	$202,000	–	2,935	–	0.12%	–
AES	Sell	AES Corp.	$185,000	-1.6%	13,180	-6.0%	0.11%	-8.6%
F	Sell	Ford Motor Company	$145,000	-57.7%	15,665	-49.5%	0.08%	-60.7%
GME	Exit	GameStop	$0	–	-10,100	–	-0.09%	–
BP	Exit	BP	$0	–	-4,490	–	-0.13%	–
KSS	Exit	Kohl's Corp.	$0	–	-2,845	–	-0.13%	–
BUD	Exit	Anheuser-Busch InBev	$0	–	-3,033	–	-0.19%	–

Q2 2018

			Value		Shares		↓ Weighting
AMZN	New	Amazon.com	$3,121,000	–	1,836	–	1.92%	–
AAPL	New	Apple	$2,568,000	–	13,874	–	1.58%	–
COST	New	Costco	$2,567,000	–	12,284	–	1.58%	–
V	New	Visa	$2,545,000	–	19,215	–	1.57%	–
FISV	New	Fiserv	$2,466,000	–	33,288	–	1.52%	–
SYK	New	Stryker	$2,454,000	–	14,533	–	1.51%	–
BDX	New	Becton Dickinson	$2,446,000	–	10,209	–	1.51%	–
CTSH	New	Cognizant Tech	$2,442,000	–	30,916	–	1.50%	–
NKE	New	Nike	$2,435,000	–	30,562	–	1.50%	–
FB	New	Facebook	$2,390,000	–	12,300	–	1.47%	–
TMO	New	Thermo Fisher Scientific	$2,386,000	–	11,521	–	1.47%	–
CHD	New	Church & Dwight	$2,336,000	–	43,952	–	1.44%	–
GWW	New	W.W. Grainger	$2,333,000	–	7,566	–	1.44%	–
JPM	New	J.P. Morgan Chase	$2,314,000	–	22,209	–	1.43%	–
LOW	New	Lowes	$2,224,000	–	23,268	–	1.37%	–
MSFT	New	Microsoft	$2,196,000	–	22,265	–	1.35%	–
BKNG	New	Booking Holdings	$2,149,000	–	1,060	–	1.32%	–
AFL	New	AFLAC	$2,108,000	–	49,010	–	1.30%	–
DIS	New	Walt Disney	$2,089,000	–	19,929	–	1.29%	–
ITW	New	Illinois Tool Works	$2,079,000	–	15,008	–	1.28%	–
AMGN	New	Amgen	$2,071,000	–	11,219	–	1.28%	–
ADP	New	Automatic Data Processing	$2,067,000	–	15,411	–	1.27%	–
DHR	New	Danaher	$2,035,000	–	20,627	–	1.25%	–
UTX	New	United Technologies	$2,033,000	–	16,261	–	1.25%	–
ECL	New	Ecolab	$2,033,000	–	14,488	–	1.25%	–
CVX	New	Chevron Corp.	$2,033,000	–	16,083	–	1.25%	–
PEP	New	PepsiCo	$2,029,000	–	18,638	–	1.25%	–
AXP	New	American Express	$1,992,000	–	20,331	–	1.23%	–
EMR	New	Emerson Electric	$1,979,000	–	28,630	–	1.22%	–
BA	New	Boeing	$1,966,000	–	5,859	–	1.21%	–
EW	New	Edwards Lifesciences	$1,930,000	–	13,260	–	1.19%	–
APH	New	Amphenol	$1,926,000	–	22,097	–	1.19%	–
JNJ	New	Johnson & Johnson	$1,907,000	–	15,713	–	1.18%	–
XOM	New	ExxonMobil	$1,876,000	–	22,674	–	1.16%	–
CL	New	Colgate Palmolive	$1,868,000	–	28,819	–	1.15%	–
BLL	New	Ball Corp.	$1,847,000	–	51,964	–	1.14%	–
MMM	New	3M Co.	$1,798,000	–	9,140	–	1.11%	–
ORCL	New	Oracle Corp.	$1,793,000	–	40,697	–	1.10%	–
PG	New	Procter & Gamble	$1,776,000	–	22,756	–	1.10%	–
SHW	New	Sherwin-Williams	$1,775,000	–	4,355	–	1.09%	–
ABT	New	Abbott Laboratories	$1,724,000	–	28,261	–	1.06%	–
CSCO	New	Cisco Systems	$1,680,000	–	39,044	–	1.04%	–
IBM	New	IBM	$1,661,000	–	11,892	–	1.02%	–
NEE	New	NextEra Energy	$1,628,000	–	9,749	–	1.00%	–
MCD	New	McDonalds	$1,620,000	–	10,336	–	1.00%	–
HON	New	Honeywell	$1,610,000	–	11,180	–	0.99%	–
IDXX	New	IDEXX Laboratories	$1,598,000	–	7,331	–	0.98%	–
CERN	New	Cerner	$1,579,000	–	26,404	–	0.97%	–
ORLY	New	O'Reilly Auto	$1,559,000	–	5,697	–	0.96%	–
COP	New	ConocoPhillips	$1,546,000	–	22,209	–	0.95%	–
GOOGL	New	Alphabet Class A	$1,535,000	–	1,359	–	0.95%	–
WBA	New	Walgreens Alliance Boots	$1,523,000	–	25,384	–	0.94%	–
VMC	New	Vulcan Materials	$1,518,000	–	11,765	–	0.94%	–
VZ	New	Verizon	$1,449,000	–	28,796	–	0.89%	–
UNH	New	UnitedHealth Group	$1,438,000	–	5,863	–	0.89%	–
CSL	New	Carlisle	$1,399,000	–	12,914	–	0.86%	–
T	New	AT&T	$1,384,000	–	43,087	–	0.85%	–
SLB	New	Schlumberger Ltd.	$1,372,000	–	20,474	–	0.85%	–
ROP	New	Roper Technologies	$1,368,000	–	4,959	–	0.84%	–
PYPL	New	PayPal	$1,336,000	–	16,050	–	0.82%	–
GOOG	New	Alphabet Class C	$1,319,000	–	1,182	–	0.81%	–
ESRX	New	Express Scripts	$1,259,000	–	16,305	–	0.78%	–
WMT	New	Walmart	$1,249,000	–	14,587	–	0.77%	–
FDX	New	FedEx	$1,233,000	–	5,432	–	0.76%	–
NOC	New	Northrop Grumman	$1,204,000	–	3,913	–	0.74%	–
WFC	New	Wells Fargo	$1,186,000	–	21,385	–	0.73%	–
TXN	New	Texas Instruments	$1,146,000	–	10,399	–	0.71%	–
HD	New	Home Depot	$1,131,000	–	5,796	–	0.70%	–
SNA	New	Snap-on	$1,129,000	–	7,023	–	0.70%	–
GIS	New	General Mills	$1,085,000	–	24,511	–	0.67%	–
RDSA	New	Royal Dutch Shell 'A'	$1,085,000	–	15,670	–	0.67%	–
CLX	New	Clorox	$1,075,000	–	7,946	–	0.66%	–
R	New	Ryder System	$1,037,000	–	14,429	–	0.64%	–
DHI	New	D.R. Horton	$1,029,000	–	25,103	–	0.63%	–
INTU	New	Intuit	$1,000,000	–	4,895	–	0.62%	–
BMS	New	Bemis	$980,000	–	23,211	–	0.60%	–
FDS	New	Factset Research	$974,000	–	4,915	–	0.60%	–
RHT	New	Red Hat	$952,000	–	7,083	–	0.59%	–
VAR	New	Varian Med Sys Inc	$921,000	–	8,097	–	0.57%	–
FAST	New	Fastenal Co.	$864,000	–	17,944	–	0.53%	–
DOV	New	Dover	$857,000	–	11,710	–	0.53%	–
AVY	New	Avery Dennison	$854,000	–	8,360	–	0.53%	–
HSIC	New	Henry Schein	$848,000	–	11,677	–	0.52%	–
SJM	New	J.M. Smucker	$824,000	–	7,662	–	0.51%	–
ABC	New	AmerisourceBergen	$815,000	–	9,559	–	0.50%	–
GPC	New	Genuine Parts	$795,000	–	8,663	–	0.49%	–
VLO	New	Valero Energy Corp	$761,000	–	6,867	–	0.47%	–
BBT	New	BB&T Corp.	$742,000	–	14,717	–	0.46%	–
WDC	New	Western Digital Corp	$737,000	–	9,519	–	0.45%	–
LMT	New	Lockheed Martin	$733,000	–	2,480	–	0.45%	–
ADI	New	Analog Devices	$698,000	–	7,276	–	0.43%	–
MA	New	Mastercard	$686,000	–	3,493	–	0.42%	–
PFG	New	Principal Financial Group	$681,000	–	12,863	–	0.42%	–
APD	New	Air Products & Chem.	$680,000	–	4,367	–	0.42%	–
SBUX	New	Starbucks	$676,000	–	13,839	–	0.42%	–
DLTR	New	Dollar Tree	$642,000	–	7,552	–	0.40%	–
MTD	New	Mettler-Toledo Int'l	$622,000	–	1,075	–	0.38%	–
DCI	New	Donaldson	$591,000	–	13,109	–	0.36%	–
CVS	New	CVS Health	$589,000	–	9,146	–	0.36%	–
CHKP	New	Check Point Software	$585,000	–	5,991	–	0.36%	–
LLY	New	Eli Lilly	$545,000	–	6,382	–	0.34%	–
UN	New	Unilever N.V.	$531,000	–	9,530	–	0.33%	–
LUV	New	Southwest Airlines	$518,000	–	10,182	–	0.32%	–
STZ	New	Constellation Brands	$515,000	–	2,354	–	0.32%	–
MAR	New	Marriott Intl. Class A	$513,000	–	4,056	–	0.32%	–
HAL	New	Halliburton	$483,000	–	10,722	–	0.30%	–
DE	New	Deere	$445,000	–	3,184	–	0.27%	–
KMB	New	Kimberly Clark	$420,000	–	3,984	–	0.26%	–
OXY	New	Occidental Petroleum	$408,000	–	4,880	–	0.25%	–
MS	New	Morgan Stanley	$392,000	–	8,260	–	0.24%	–
MDT	New	Medtronic	$381,000	–	4,445	–	0.24%	–
DUK	New	Duke Energy	$364,000	–	4,598	–	0.22%	–
F	New	Ford Motor Company	$343,000	–	31,020	–	0.21%	–
MKC	New	McCormick	$320,000	–	2,755	–	0.20%	–
DGX	New	Quest Diagnostics	$311,000	–	2,827	–	0.19%	–
BUD	New	Anheuser-Busch InBev	$306,000	–	3,033	–	0.19%	–
PX	New	Praxair	$278,000	–	1,757	–	0.17%	–
APC	New	Anadarko Petroleum	$270,000	–	3,682	–	0.17%	–
ITT	New	ITT Corporation	$267,000	–	5,115	–	0.16%	–
TOL	New	Toll Brothers	$246,000	–	6,637	–	0.15%	–
BIIB	New	Biogen IDEC Inc.	$242,000	–	835	–	0.15%	–
CELG	New	Celgene	$231,000	–	2,909	–	0.14%	–
KSS	New	Kohl's Corp.	$207,000	–	2,845	–	0.13%	–
BP	New	BP	$205,000	–	4,490	–	0.13%	–
AES	New	AES Corp.	$188,000	–	14,025	–	0.12%	–
GME	New	GameStop	$147,000	–	10,100	–	0.09%	–

Q4 2017

			Value		Shares		↓ Weighting
F	Exit	Ford Motor Company	$0	–	-12,360	–	-0.09%	–
FSP	Exit	Franklin Street Properties	$0	–	-14,330	–	-0.09%	–
AGN	Exit	Allergan, Inc.	$0	–	-995	–	-0.13%	–
CF	Exit	CF Industries	$0	–	-5,850	–	-0.13%	–
HSY	Exit	Hershey Foods	$0	–	-1,946	–	-0.13%	–
PPL	Exit	PPL Corp	$0	–	-5,885	–	-0.14%	–
APC	Exit	Anadarko Petroleum	$0	–	-4,597	–	-0.14%	–
ITT	Exit	ITT Corporation	$0	–	-5,284	–	-0.14%	–
GM	Exit	General Motors	$0	–	-5,875	–	-0.15%	–
OMC	Exit	Omnicom Group	$0	–	-3,237	–	-0.15%	–
GSK	Exit	GlaxoSmithkline PLC	$0	–	-6,248	–	-0.16%	–
MTD	Exit	Mettler-Toledo Int'l	$0	–	-409	–	-0.16%	–
VMC	Exit	Vulcan Materials	$0	–	-2,257	–	-0.17%	–
BIIB	Exit	Biogen IDEC Inc.	$0	–	-880	–	-0.17%	–
TOL	Exit	Toll Brothers	$0	–	-6,780	–	-0.18%	–
FL	Exit	Foot Locker	$0	–	-8,257	–	-0.18%	–
BKR	Exit	Baker Hughes, A GE Company	$0	–	-7,968	–	-0.18%	–
DGX	Exit	Quest Diagnostics	$0	–	-4,355	–	-0.25%	–
STZ	Exit	Constellation Brands	$0	–	-2,050	–	-0.25%	–
MS	Exit	Morgan Stanley	$0	–	-8,640	–	-0.26%	–
BUD	Exit	Anheuser-Busch InBev	$0	–	-3,612	–	-0.27%	–
PX	Exit	Praxair	$0	–	-3,203	–	-0.28%	–
ADI	Exit	Analog Devices	$0	–	-5,216	–	-0.28%	–
MKC	Exit	McCormick	$0	–	-4,390	–	-0.28%	–
KMB	Exit	Kimberly Clark	$0	–	-3,884	–	-0.28%	–
DE	Exit	Deere	$0	–	-3,647	–	-0.28%	–
MAR	Exit	Marriott Intl. Class A	$0	–	-4,506	–	-0.31%	–
HAL	Exit	Halliburton	$0	–	-11,052	–	-0.32%	–
UN	Exit	Unilever N.V.	$0	–	-10,098	–	-0.37%	–
LLY	Exit	Eli Lilly	$0	–	-7,179	–	-0.38%	–
DCI	Exit	Donaldson	$0	–	-13,515	–	-0.39%	–
SJM	Exit	J.M. Smucker	$0	–	-6,137	–	-0.40%	–
AVY	Exit	Avery Dennison	$0	–	-6,703	–	-0.41%	–
APD	Exit	Air Products & Chem.	$0	–	-4,448	–	-0.42%	–
DLTR	Exit	Dollar Tree	$0	–	-7,817	–	-0.42%	–
BBT	Exit	BB&T Corp.	$0	–	-14,547	–	-0.42%	–
VLO	Exit	Valero Energy Corp	$0	–	-8,920	–	-0.43%	–
SBUX	Exit	Starbucks	$0	–	-13,093	–	-0.44%	–
FDX	Exit	FedEx	$0	–	-3,395	–	-0.48%	–
EW	Exit	Edwards Lifesciences	$0	–	-7,367	–	-0.50%	–
LMT	Exit	Lockheed Martin	$0	–	-2,622	–	-0.51%	–
FAST	Exit	Fastenal Co.	$0	–	-18,584	–	-0.53%	–
RHT	Exit	Red Hat	$0	–	-7,676	–	-0.53%	–
D	Exit	Dominion Resources	$0	–	-11,086	–	-0.53%	–
PFG	Exit	Principal Financial Group	$0	–	-13,420	–	-0.54%	–
NWL	Exit	Newell Rubbermaid	$0	–	-20,975	–	-0.56%	–
FDS	Exit	Factset Research	$0	–	-4,984	–	-0.56%	–
SO	Exit	Southern Company	$0	–	-19,036	–	-0.58%	–
INTU	Exit	Intuit	$0	–	-6,654	–	-0.59%	–
UNH	Exit	UnitedHealth Group	$0	–	-4,898	–	-0.60%	–
DUK	Exit	Duke Energy	$0	–	-11,422	–	-0.60%	–
ABC	Exit	AmerisourceBergen	$0	–	-11,880	–	-0.61%	–
WMT	Exit	Wal-Mart	$0	–	-12,988	–	-0.63%	–
RDSA	Exit	Royal Dutch Shell 'A'	$0	–	-16,938	–	-0.64%	–
VAR	Exit	Varian Med Sys Inc	$0	–	-10,381	–	-0.64%	–
HD	Exit	Home Depot	$0	–	-6,465	–	-0.66%	–
TXN	Exit	Texas Instruments	$0	–	-12,202	–	-0.68%	–
GPC	Exit	Genuine Parts	$0	–	-11,594	–	-0.69%	–
BCR	Exit	C.R. Bard	$0	–	-3,509	–	-0.70%	–
DHI	Exit	D.R. Horton	$0	–	-28,362	–	-0.70%	–
IDXX	Exit	IDEXX Laboratories	$0	–	-7,443	–	-0.72%	–
ORLY	Exit	O'Reilly Auto	$0	–	-5,563	–	-0.74%	–
PYPL	Exit	PayPal	$0	–	-18,881	–	-0.75%	–
DOV	Exit	Dover	$0	–	-13,252	–	-0.75%	–
GOOG	Exit	Alphabet Class C	$0	–	-1,282	–	-0.76%	–
COP	Exit	ConocoPhillips	$0	–	-24,742	–	-0.77%	–
HSIC	Exit	Henry Schein	$0	–	-15,095	–	-0.77%	–
WFC	Exit	Wells Fargo	$0	–	-22,494	–	-0.77%	–
MCD	Exit	McDonalds	$0	–	-8,301	–	-0.81%	–
BMS	Exit	Bemis	$0	–	-28,860	–	-0.82%	–
NOC	Exit	Northrop Grumman	$0	–	-4,581	–	-0.82%	–
CSL	Exit	Carlisle	$0	–	-13,200	–	-0.82%	–
LOW	Exit	Lowes	$0	–	-16,808	–	-0.84%	–
CVS	Exit	CVS Health	$0	–	-16,708	–	-0.84%	–
ROP	Exit	Roper Industries	$0	–	-5,578	–	-0.84%	–
ESRX	Exit	Express Scripts	$0	–	-21,858	–	-0.86%	–
CLX	Exit	Clorox	$0	–	-10,692	–	-0.88%	–
CSCO	Exit	Cisco Systems	$0	–	-42,530	–	-0.89%	–
GOOGL	Exit	Alphabet Class A	$0	–	-1,473	–	-0.89%	–
VZ	Exit	Verizon	$0	–	-29,157	–	-0.90%	–
GIS	Exit	General Mills	$0	–	-28,000	–	-0.90%	–
SNA	Exit	Snap-on	$0	–	-9,926	–	-0.92%	–
NEE	Exit	NextEra Energy	$0	–	-10,126	–	-0.92%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-22,514	–	-0.98%	–
R	Exit	Ryder System	$0	–	-18,578	–	-0.98%	–
WBA	Exit	Walgreens Alliance Boots	$0	–	-20,501	–	-0.98%	–
BDX	Exit	Becton Dickinson	$0	–	-8,369	–	-1.02%	–
SHW	Exit	Sherwin-Williams	$0	–	-4,600	–	-1.02%	–
ABT	Exit	Abbott Laboratories	$0	–	-31,178	–	-1.03%	–
GWW	Exit	W.W. Grainger	$0	–	-9,484	–	-1.06%	–
T	Exit	AT&T	$0	–	-43,666	–	-1.06%	–
NKE	Exit	Nike	$0	–	-33,275	–	-1.07%	–
HON	Exit	Honeywell	$0	–	-12,230	–	-1.08%	–
CELG	Exit	Celgene	$0	–	-12,063	–	-1.09%	–
IBM	Exit	IBM	$0	–	-12,363	–	-1.11%	–
DHR	Exit	Danaher	$0	–	-21,066	–	-1.12%	–
ADP	Exit	Automatic Data Processing	$0	–	-16,843	–	-1.14%	–
XOM	Exit	ExxonMobil	$0	–	-22,559	–	-1.15%	–
DIS	Exit	Walt Disney	$0	–	-19,256	–	-1.18%	–
PCLN	Exit	Priceline Group	$0	–	-1,048	–	-1.19%	–
EMR	Exit	Emerson Electric	$0	–	-30,632	–	-1.20%	–
AXP	Exit	American Express	$0	–	-21,320	–	-1.20%	–
PG	Exit	Procter & Gamble	$0	–	-21,350	–	-1.21%	–
MSFT	Exit	Microsoft	$0	–	-26,091	–	-1.21%	–
ECL	Exit	Ecolab	$0	–	-15,129	–	-1.21%	–
CERN	Exit	Cerner	$0	–	-27,400	–	-1.21%	–
UTX	Exit	United Technologies	$0	–	-17,064	–	-1.23%	–
APH	Exit	Amphenol	$0	–	-23,560	–	-1.24%	–
MMM	Exit	3M Co.	$0	–	-9,562	–	-1.25%	–
CL	Exit	Colgate Palmolive	$0	–	-27,660	–	-1.25%	–
CHD	Exit	Church & Dwight	$0	–	-41,686	–	-1.26%	–
CVX	Exit	Chevron Corp.	$0	–	-17,264	–	-1.26%	–
ORCL	Exit	Oracle Corp.	$0	–	-42,126	–	-1.26%	–
AFL	Exit	AFLAC	$0	–	-25,504	–	-1.29%	–
BLL	Exit	Ball Corp.	$0	–	-50,718	–	-1.30%	–
JNJ	Exit	Johnson & Johnson	$0	–	-16,204	–	-1.31%	–
PEP	Exit	PepsiCo	$0	–	-18,923	–	-1.31%	–
BA	Exit	Boeing	$0	–	-8,347	–	-1.32%	–
COST	Exit	Costco	$0	–	-12,913	–	-1.32%	–
AMGN	Exit	Amgen	$0	–	-11,493	–	-1.33%	–
AAPL	Exit	Apple	$0	–	-15,067	–	-1.44%	–
ITW	Exit	Illinois Tool Works	$0	–	-15,767	–	-1.45%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-24,506	–	-1.45%	–
SYK	Exit	Stryker	$0	–	-16,660	–	-1.47%	–
FISV	Exit	Fiserv	$0	–	-18,367	–	-1.47%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-12,592	–	-1.48%	–
CTSH	Exit	Cognizant Tech	$0	–	-32,866	–	-1.48%	–
V	Exit	Visa	$0	–	-22,829	–	-1.49%	–
FB	Exit	Facebook	$0	–	-14,909	–	-1.58%	–
AMZN	Exit	Amazon.com	$0	–	-2,712	–	-1.62%	–

Q3 2017

			Value		Shares		↓ Weighting
AMZN	Sell	Amazon.com	$2,607,000	-3.7%	2,712	-3.0%	1.62%	-6.7%
FB	Sell	Facebook	$2,548,000	+8.7%	14,909	-4.0%	1.58%	+5.3%
V	Sell	Visa	$2,403,000	+5.5%	22,829	-6.0%	1.49%	+2.3%
CTSH	Sell	Cognizant Tech	$2,384,000	+7.5%	32,866	-1.6%	1.48%	+4.1%
TMO	Sell	Thermo Fisher Scientific	$2,382,000	+2.1%	12,592	-5.8%	1.48%	-1.1%
FISV	Sell	Fiserv	$2,369,000	+4.6%	18,367	-0.7%	1.47%	+1.4%
SYK	Sell	Stryker	$2,366,000	-0.1%	16,660	-2.4%	1.47%	-3.2%
JPM	Sell	J.P. Morgan Chase	$2,341,000	+2.8%	24,506	-1.6%	1.45%	-0.4%
ITW	Sell	Illinois Tool Works	$2,333,000	+1.1%	15,767	-2.1%	1.45%	-2.1%
AAPL	Sell	Apple	$2,322,000	+3.0%	15,067	-3.8%	1.44%	-0.3%
AMGN	Sell	Amgen	$2,143,000	+6.8%	11,493	-1.3%	1.33%	+3.4%
BA	Sell	Boeing	$2,122,000	+4.2%	8,347	-19.0%	1.32%	+0.9%
COST	Buy	Costco	$2,121,000	+4.7%	12,913	+2.0%	1.32%	+1.5%
PEP	Sell	PepsiCo	$2,109,000	-3.7%	18,923	-0.3%	1.31%	-6.8%
JNJ	Sell	Johnson & Johnson	$2,107,000	-3.0%	16,204	-1.3%	1.31%	-6.0%
BLL	Sell	Ball Corp.	$2,095,000	-2.7%	50,718	-0.6%	1.30%	-5.8%
AFL	Sell	AFLAC	$2,076,000	+3.9%	25,504	-0.9%	1.29%	+0.6%
ORCL	Sell	Oracle Corp.	$2,037,000	-5.1%	42,126	-1.6%	1.26%	-8.1%
CVX	Sell	Chevron Corp.	$2,029,000	+12.0%	17,264	-0.6%	1.26%	+8.4%
CHD	Buy	Church & Dwight	$2,020,000	-5.1%	41,686	+1.6%	1.26%	-8.1%
CL	Buy	Colgate Palmolive	$2,015,000	+0.8%	27,660	+2.6%	1.25%	-2.3%
MMM	Buy	3M Co.	$2,007,000	+1.1%	9,562	+0.2%	1.25%	-2.1%
APH	Sell	Amphenol	$1,994,000	+6.8%	23,560	-6.8%	1.24%	+3.5%
UTX	Sell	United Technologies	$1,981,000	-5.7%	17,064	-0.8%	1.23%	-8.6%
CERN	Buy	Cerner	$1,954,000	+7.6%	27,400	+0.3%	1.21%	+4.2%
ECL	Buy	Ecolab	$1,946,000	-2.4%	15,129	+0.7%	1.21%	-5.5%
MSFT	Sell	Microsoft	$1,944,000	+3.2%	26,091	-4.5%	1.21%	0.0%
PG	Buy	Procter & Gamble	$1,942,000	+6.4%	21,350	+2.0%	1.21%	+3.1%
AXP	Sell	American Express	$1,929,000	+6.1%	21,320	-1.2%	1.20%	+2.7%
EMR	Sell	Emerson Electric	$1,925,000	+5.0%	30,632	-0.3%	1.20%	+1.7%
PCLN	Sell	Priceline Group	$1,919,000	-2.8%	1,048	-0.8%	1.19%	-5.9%
DIS	Buy	Walt Disney	$1,898,000	-6.1%	19,256	+1.2%	1.18%	-9.1%
XOM	Buy	ExxonMobil	$1,849,000	+1.7%	22,559	+0.2%	1.15%	-1.5%
ADP	Sell	Automatic Data Processing	$1,841,000	+6.4%	16,843	-0.2%	1.14%	+3.1%
DHR	Buy	Danaher	$1,807,000	+2.4%	21,066	+0.7%	1.12%	-0.9%
IBM	Buy	IBM	$1,794,000	+6.0%	12,363	+12.4%	1.11%	+2.7%
CELG	Buy	Celgene	$1,759,000	+23.2%	12,063	+9.7%	1.09%	+19.3%
HON	Sell	Honeywell	$1,733,000	+4.2%	12,230	-2.0%	1.08%	+0.9%
NKE	Buy	Nike	$1,725,000	-10.3%	33,275	+2.0%	1.07%	-13.1%
T	Buy	AT&T	$1,710,000	+5.2%	43,666	+1.4%	1.06%	+1.9%
GWW	Buy	W.W. Grainger	$1,705,000	+23.9%	9,484	+24.5%	1.06%	+19.9%
ABT	Sell	Abbott Laboratories	$1,664,000	+7.8%	31,178	-1.8%	1.03%	+4.4%
SHW	Sell	Sherwin-Williams	$1,647,000	+0.9%	4,600	-1.1%	1.02%	-2.3%
BDX	Sell	Becton Dickinson	$1,640,000	-0.2%	8,369	-0.6%	1.02%	-3.3%
WBA	Buy	Walgreens Alliance Boots	$1,583,000	0.0%	20,501	+1.4%	0.98%	-3.2%
SLB	Buy	Schlumberger Ltd.	$1,571,000	+7.3%	22,514	+1.3%	0.98%	+3.9%
R	Sell	Ryder System	$1,571,000	+15.3%	18,578	-1.8%	0.98%	+11.7%
NEE	Sell	NextEra Energy	$1,484,000	+1.6%	10,126	-2.9%	0.92%	-1.6%
SNA	Buy	Snap-on	$1,479,000	+44.0%	9,926	+52.7%	0.92%	+39.5%
GIS	Buy	General Mills	$1,449,000	-4.3%	28,000	+2.4%	0.90%	-7.3%
VZ	Buy	Verizon	$1,443,000	+13.5%	29,157	+2.4%	0.90%	+9.9%
GOOGL	Buy	Alphabet Class A	$1,434,000	+5.1%	1,473	+0.3%	0.89%	+1.8%
CSCO	Buy	Cisco Systems	$1,430,000	+7.6%	42,530	+0.2%	0.89%	+4.2%
CLX	Buy	Clorox	$1,410,000	+0.2%	10,692	+1.3%	0.88%	-2.9%
ESRX	Sell	Express Scripts	$1,384,000	-2.7%	21,858	-1.9%	0.86%	-5.8%
ROP	Sell	Roper Industries	$1,358,000	+3.7%	5,578	-1.4%	0.84%	+0.5%
CVS	Buy	CVS Health	$1,359,000	+1.3%	16,708	+0.2%	0.84%	-2.0%
LOW	Sell	Lowes	$1,344,000	+2.9%	16,808	-0.3%	0.84%	-0.4%
CSL	Sell	Carlisle	$1,324,000	+5.0%	13,200	-0.1%	0.82%	+1.6%
NOC	Sell	Northrop Grumman	$1,318,000	+9.2%	4,581	-2.6%	0.82%	+5.8%
BMS	Buy	Bemis	$1,315,000	+1.8%	28,860	+3.3%	0.82%	-1.4%
MCD	Sell	McDonalds	$1,301,000	+1.2%	8,301	-1.1%	0.81%	-1.9%
WFC	Sell	Wells Fargo	$1,241,000	-17.9%	22,494	-17.5%	0.77%	-20.4%
COP	Buy	ConocoPhillips	$1,238,000	+14.8%	24,742	+0.9%	0.77%	+11.3%
HSIC	Buy	Henry Schein	$1,238,000	+351.8%	15,095	+908.4%	0.77%	+336.9%
GOOG	Buy	Alphabet Class C	$1,230,000	+5.7%	1,282	+0.1%	0.76%	+2.3%
DOV	Sell	Dover	$1,211,000	+5.5%	13,252	-7.4%	0.75%	+2.2%
PYPL	Sell	PayPal	$1,209,000	+11.7%	18,881	-6.4%	0.75%	+8.2%
ORLY	Buy	O'Reilly Auto	$1,198,000	-1.1%	5,563	+0.5%	0.74%	-4.2%
IDXX	Sell	IDEXX Laboratories	$1,157,000	-3.8%	7,443	-0.1%	0.72%	-6.9%
DHI	Buy	D.R. Horton	$1,132,000	+17.2%	28,362	+1.5%	0.70%	+13.4%
BCR	Sell	C.R. Bard	$1,125,000	-1.8%	3,509	-3.2%	0.70%	-4.9%
GPC	Sell	Genuine Parts	$1,109,000	-12.5%	11,594	-15.2%	0.69%	-15.3%
TXN	Sell	Texas Instruments	$1,094,000	+10.6%	12,202	-5.0%	0.68%	+7.3%
HD	Sell	Home Depot	$1,057,000	+6.1%	6,465	-0.4%	0.66%	+2.8%
VAR	Sell	Varian Med Sys Inc	$1,039,000	-3.7%	10,381	-0.7%	0.64%	-6.8%
RDSA	Sell	Royal Dutch Shell 'A'	$1,026,000	+11.8%	16,938	-1.8%	0.64%	+8.1%
WMT	Buy	Wal-Mart	$1,015,000	+3.7%	12,988	+0.4%	0.63%	+0.3%
ABC	Sell	AmerisourceBergen	$983,000	-21.5%	11,880	-10.4%	0.61%	-24.0%
DUK	Buy	Duke Energy	$959,000	+6.8%	11,422	+6.3%	0.60%	+3.5%
UNH	Sell	UnitedHealth Group	$959,000	-5.8%	4,898	-10.8%	0.60%	-8.7%
INTU	Buy	Intuit	$946,000	+8.6%	6,654	+1.4%	0.59%	+5.2%
SO	Buy	Southern Company	$935,000	+6.4%	19,036	+3.7%	0.58%	+3.0%
FDS	Buy	Factset Research	$898,000	+129.1%	4,984	+111.4%	0.56%	+122.3%
NWL	Sell	Newell Rubbermaid	$895,000	-49.6%	20,975	-36.7%	0.56%	-51.2%
PFG	Buy	Principal Financial Group	$863,000	+1.9%	13,420	+1.6%	0.54%	-1.3%
RHT	Buy	Red Hat	$851,000	+17.2%	7,676	+1.3%	0.53%	+13.5%
FAST	Buy	Fastenal Co.	$847,000	+5.1%	18,584	+0.4%	0.53%	+1.7%
LMT	Sell	Lockheed Martin	$814,000	+7.0%	2,622	-4.3%	0.51%	+3.7%
EW	Buy	Edwards Lifesciences	$805,000	+11.2%	7,367	+20.3%	0.50%	+7.8%
FDX	Buy	FedEx	$766,000	+55.4%	3,395	+49.6%	0.48%	+50.6%
SBUX	Buy	Starbucks	$703,000	-6.5%	13,093	+1.6%	0.44%	-9.3%
VLO	Buy	Valero Energy Corp	$686,000	+20.8%	8,920	+5.9%	0.43%	+17.0%
BBT	Buy	BB&T Corp.	$683,000	+4.8%	14,547	+1.2%	0.42%	+1.4%
DLTR	Sell	Dollar Tree	$679,000	+24.1%	7,817	-0.1%	0.42%	+20.2%
APD	Buy	Air Products & Chem.	$673,000	+6.0%	4,448	+0.2%	0.42%	+2.7%
AVY	Buy	Avery Dennison	$659,000	+77.6%	6,703	+59.6%	0.41%	+71.8%
SJM	Sell	J.M. Smucker	$644,000	-29.5%	6,137	-20.6%	0.40%	-31.7%
LLY	Sell	Eli Lilly	$614,000	+3.2%	7,179	-0.8%	0.38%	-0.3%
UN	Sell	Unilever N.V.	$596,000	+3.7%	10,098	-2.9%	0.37%	+0.3%
HAL	Sell	Halliburton	$509,000	+4.1%	11,052	-3.5%	0.32%	+0.6%
MAR	Sell	Marriott Intl. Class A	$497,000	+2.3%	4,506	-6.9%	0.31%	-1.0%
DE	Buy	Deere	$458,000	+2.0%	3,647	+0.5%	0.28%	-1.0%
KMB	Sell	Kimberly Clark	$457,000	-9.7%	3,884	-0.9%	0.28%	-12.6%
MKC	Sell	McCormick	$451,000	-4.4%	4,390	-9.3%	0.28%	-7.6%
ADI	Sell	Analog Devices	$449,000	+8.5%	5,216	-2.0%	0.28%	+4.9%
PX	Sell	Praxair	$448,000	+1.4%	3,203	-4.0%	0.28%	-1.8%
BUD	Sell	Anheuser-Busch InBev	$431,000	+6.2%	3,612	-1.8%	0.27%	+3.1%
MS	Buy	Morgan Stanley	$416,000	+102.9%	8,640	+88.0%	0.26%	+96.9%
STZ	Buy	Constellation Brands	$409,000	+4.1%	2,050	+1.0%	0.25%	+0.8%
BKR	New	Baker Hughes, A GE Company	$292,000	–	7,968	–	0.18%	–
FL	Sell	Foot Locker	$291,000	-55.2%	8,257	-37.4%	0.18%	-56.6%
TOL	Buy	Toll Brothers	$281,000	+6.0%	6,780	+1.1%	0.18%	+2.9%
BIIB	Sell	Biogen IDEC Inc.	$276,000	0.0%	880	-13.4%	0.17%	-3.4%
MTD	New	Mettler-Toledo Int'l	$256,000	–	409	–	0.16%	–
GSK	Sell	GlaxoSmithkline PLC	$254,000	-5.9%	6,248	-0.4%	0.16%	-8.7%
OMC	Sell	Omnicom Group	$240,000	-16.4%	3,237	-6.6%	0.15%	-19.0%
GM	Sell	General Motors	$237,000	+15.0%	5,875	-0.6%	0.15%	+11.4%
ITT	Sell	ITT Corporation	$234,000	+8.8%	5,284	-1.0%	0.14%	+5.1%
APC	Sell	Anadarko Petroleum	$225,000	0.0%	4,597	-7.4%	0.14%	-2.8%
PPL	New	PPL Corp	$223,000	–	5,885	–	0.14%	–
CF	New	CF Industries	$206,000	–	5,850	–	0.13%	–
AGN	Sell	Allergan, Inc.	$204,000	-24.7%	995	-10.7%	0.13%	-27.0%
FSP	Sell	Franklin Street Properties	$152,000	-5.0%	14,330	-1.0%	0.09%	-8.7%
F	Sell	Ford Motor Company	$148,000	+5.7%	12,360	-1.1%	0.09%	+2.2%
EARI	Exit	Entertainment Arts Research	$0	–	-13,800	–	0.00%	–
SPLS	Exit	Staples, Inc.	$0	–	-13,430	–	-0.09%	–
EFX	Exit	Equifax	$0	–	-1,565	–	-0.14%	–
BHI	Exit	Baker Hughes	$0	–	-11,773	–	-0.41%	–

Q2 2017

			Value		Shares		↓ Weighting
AMZN	New	Amazon.com	$2,707,000	–	2,797	–	1.74%	–
SYK	New	Stryker	$2,369,000	–	17,069	–	1.52%	–
FB	New	Facebook	$2,344,000	–	15,528	–	1.50%	–
TMO	New	Thermo Fisher Scientific	$2,333,000	–	13,373	–	1.50%	–
ITW	New	Illinois Tool Works	$2,308,000	–	16,111	–	1.48%	–
V	New	Visa	$2,277,000	–	24,284	–	1.46%	–
JPM	New	J.P. Morgan Chase	$2,277,000	–	24,915	–	1.46%	–
FISV	New	Fiserv	$2,264,000	–	18,503	–	1.45%	–
AAPL	New	Apple	$2,255,000	–	15,659	–	1.45%	–
CTSH	New	Cognizant Tech	$2,217,000	–	33,396	–	1.42%	–
PEP	New	PepsiCo	$2,191,000	–	18,971	–	1.40%	–
JNJ	New	Johnson & Johnson	$2,172,000	–	16,419	–	1.39%	–
BLL	New	Ball Corp.	$2,154,000	–	51,025	–	1.38%	–
ORCL	New	Oracle Corp.	$2,146,000	–	42,791	–	1.38%	–
CHD	New	Church & Dwight	$2,129,000	–	41,028	–	1.36%	–
UTX	New	United Technologies	$2,101,000	–	17,205	–	1.35%	–
BA	New	Boeing	$2,037,000	–	10,299	–	1.31%	–
COST	New	Costco	$2,025,000	–	12,662	–	1.30%	–
DIS	New	Walt Disney	$2,022,000	–	19,035	–	1.30%	–
AMGN	New	Amgen	$2,006,000	–	11,646	–	1.29%	–
AFL	New	AFLAC	$1,999,000	–	25,740	–	1.28%	–
CL	New	Colgate Palmolive	$1,999,000	–	26,971	–	1.28%	–
ECL	New	Ecolab	$1,994,000	–	15,021	–	1.28%	–
MMM	New	3M Co.	$1,986,000	–	9,540	–	1.27%	–
PCLN	New	Priceline Group	$1,975,000	–	1,056	–	1.27%	–
NKE	New	Nike	$1,924,000	–	32,614	–	1.23%	–
MSFT	New	Microsoft	$1,884,000	–	27,327	–	1.21%	–
APH	New	Amphenol	$1,867,000	–	25,291	–	1.20%	–
EMR	New	Emerson Electric	$1,833,000	–	30,737	–	1.18%	–
PG	New	Procter & Gamble	$1,825,000	–	20,941	–	1.17%	–
XOM	New	ExxonMobil	$1,818,000	–	22,517	–	1.17%	–
AXP	New	American Express	$1,818,000	–	21,587	–	1.17%	–
CERN	New	Cerner	$1,816,000	–	27,316	–	1.16%	–
CVX	New	Chevron Corp.	$1,812,000	–	17,364	–	1.16%	–
NWL	New	Newell Rubbermaid	$1,776,000	–	33,119	–	1.14%	–
DHR	New	Danaher	$1,765,000	–	20,913	–	1.13%	–
ADP	New	Automatic Data Processing	$1,730,000	–	16,885	–	1.11%	–
IBM	New	IBM	$1,692,000	–	10,999	–	1.08%	–
HON	New	Honeywell	$1,663,000	–	12,474	–	1.07%	–
BDX	New	Becton Dickinson	$1,643,000	–	8,422	–	1.05%	–
SHW	New	Sherwin-Williams	$1,633,000	–	4,653	–	1.05%	–
T	New	AT&T	$1,625,000	–	43,080	–	1.04%	–
WBA	New	Walgreens Alliance Boots	$1,583,000	–	20,213	–	1.02%	–
ABT	New	Abbott Laboratories	$1,544,000	–	31,753	–	0.99%	–
GIS	New	General Mills	$1,514,000	–	27,336	–	0.97%	–
WFC	New	Wells Fargo	$1,511,000	–	27,263	–	0.97%	–
SLB	New	Schlumberger Ltd.	$1,464,000	–	22,232	–	0.94%	–
NEE	New	NextEra Energy	$1,461,000	–	10,426	–	0.94%	–
CELG	New	Celgene	$1,428,000	–	10,998	–	0.92%	–
ESRX	New	Express Scripts	$1,423,000	–	22,288	–	0.91%	–
CLX	New	Clorox	$1,407,000	–	10,557	–	0.90%	–
GWW	New	W.W. Grainger	$1,376,000	–	7,620	–	0.88%	–
GOOGL	New	Alphabet Class A	$1,365,000	–	1,468	–	0.88%	–
R	New	Ryder System	$1,362,000	–	18,928	–	0.87%	–
CVS	New	CVS Health	$1,342,000	–	16,678	–	0.86%	–
CSCO	New	Cisco Systems	$1,329,000	–	42,453	–	0.85%	–
ROP	New	Roper Industries	$1,310,000	–	5,658	–	0.84%	–
LOW	New	Lowes	$1,306,000	–	16,851	–	0.84%	–
BMS	New	Bemis	$1,292,000	–	27,930	–	0.83%	–
MCD	New	McDonalds	$1,285,000	–	8,390	–	0.82%	–
VZ	New	Verizon	$1,271,000	–	28,467	–	0.82%	–
GPC	New	Genuine Parts	$1,268,000	–	13,674	–	0.81%	–
CSL	New	Carlisle	$1,261,000	–	13,219	–	0.81%	–
ABC	New	AmerisourceBergen	$1,253,000	–	13,252	–	0.80%	–
ORLY	New	O'Reilly Auto	$1,211,000	–	5,536	–	0.78%	–
NOC	New	Northrop Grumman	$1,207,000	–	4,703	–	0.77%	–
IDXX	New	IDEXX Laboratories	$1,203,000	–	7,454	–	0.77%	–
GOOG	New	Alphabet Class C	$1,164,000	–	1,281	–	0.75%	–
DOV	New	Dover	$1,148,000	–	14,316	–	0.74%	–
BCR	New	C.R. Bard	$1,146,000	–	3,624	–	0.74%	–
PYPL	New	PayPal	$1,082,000	–	20,169	–	0.69%	–
VAR	New	Varian Med Sys Inc	$1,079,000	–	10,458	–	0.69%	–
COP	New	ConocoPhillips	$1,078,000	–	24,519	–	0.69%	–
SNA	New	Snap-on	$1,027,000	–	6,502	–	0.66%	–
UNH	New	UnitedHealth Group	$1,018,000	–	5,491	–	0.65%	–
HD	New	Home Depot	$996,000	–	6,494	–	0.64%	–
TXN	New	Texas Instruments	$989,000	–	12,850	–	0.63%	–
WMT	New	Wal-Mart	$979,000	–	12,936	–	0.63%	–
DHI	New	D.R. Horton	$966,000	–	27,939	–	0.62%	–
RDSA	New	Royal Dutch Shell 'A'	$918,000	–	17,253	–	0.59%	–
SJM	New	J.M. Smucker	$914,000	–	7,728	–	0.59%	–
DUK	New	Duke Energy	$898,000	–	10,742	–	0.58%	–
SO	New	Southern Company	$879,000	–	18,356	–	0.56%	–
INTU	New	Intuit	$871,000	–	6,559	–	0.56%	–
D	New	Dominion Resources	$850,000	–	11,086	–	0.54%	–
PFG	New	Principal Financial Group	$847,000	–	13,215	–	0.54%	–
FAST	New	Fastenal Co.	$806,000	–	18,519	–	0.52%	–
LMT	New	Lockheed Martin	$761,000	–	2,741	–	0.49%	–
SBUX	New	Starbucks	$752,000	–	12,893	–	0.48%	–
RHT	New	Red Hat	$726,000	–	7,581	–	0.47%	–
EW	New	Edwards Lifesciences	$724,000	–	6,122	–	0.46%	–
BBT	New	BB&T Corp.	$652,000	–	14,368	–	0.42%	–
FL	New	Foot Locker	$650,000	–	13,184	–	0.42%	–
BHI	New	Baker Hughes	$642,000	–	11,773	–	0.41%	–
APD	New	Air Products & Chem.	$635,000	–	4,441	–	0.41%	–
DCI	New	Donaldson	$615,000	–	13,515	–	0.39%	–
LLY	New	Eli Lilly	$595,000	–	7,234	–	0.38%	–
UN	New	Unilever N.V.	$575,000	–	10,398	–	0.37%	–
VLO	New	Valero Energy Corp	$568,000	–	8,420	–	0.36%	–
DLTR	New	Dollar Tree	$547,000	–	7,822	–	0.35%	–
KMB	New	Kimberly Clark	$506,000	–	3,919	–	0.32%	–
FDX	New	FedEx	$493,000	–	2,269	–	0.32%	–
HAL	New	Halliburton	$489,000	–	11,457	–	0.31%	–
MAR	New	Marriott Intl. Class A	$486,000	–	4,841	–	0.31%	–
DGX	New	Quest Diagnostics	$484,000	–	4,355	–	0.31%	–
MKC	New	McCormick	$472,000	–	4,840	–	0.30%	–
DE	New	Deere	$449,000	–	3,629	–	0.29%	–
PX	New	Praxair	$442,000	–	3,338	–	0.28%	–
ADI	New	Analog Devices	$414,000	–	5,321	–	0.27%	–
BUD	New	Anheuser-Busch InBev	$406,000	–	3,679	–	0.26%	–
STZ	New	Constellation Brands	$393,000	–	2,029	–	0.25%	–
FDS	New	Factset Research	$392,000	–	2,358	–	0.25%	–
AVY	New	Avery Dennison	$371,000	–	4,200	–	0.24%	–
OMC	New	Omnicom Group	$287,000	–	3,467	–	0.18%	–
VMC	New	Vulcan Materials	$286,000	–	2,257	–	0.18%	–
BIIB	New	Biogen IDEC Inc.	$276,000	–	1,016	–	0.18%	–
HSIC	New	Henry Schein	$274,000	–	1,497	–	0.18%	–
AGN	New	Allergan, Inc.	$271,000	–	1,114	–	0.17%	–
GSK	New	GlaxoSmithkline PLC	$270,000	–	6,271	–	0.17%	–
TOL	New	Toll Brothers	$265,000	–	6,705	–	0.17%	–
APC	New	Anadarko Petroleum	$225,000	–	4,962	–	0.14%	–
EFX	New	Equifax	$215,000	–	1,565	–	0.14%	–
ITT	New	ITT Corporation	$215,000	–	5,339	–	0.14%	–
HSY	New	Hershey Foods	$209,000	–	1,946	–	0.13%	–
GM	New	General Motors	$206,000	–	5,910	–	0.13%	–
MS	New	Morgan Stanley	$205,000	–	4,595	–	0.13%	–
FSP	New	Franklin Street Properties	$160,000	–	14,475	–	0.10%	–
F	New	Ford Motor Company	$140,000	–	12,500	–	0.09%	–
SPLS	New	Staples, Inc.	$135,000	–	13,430	–	0.09%	–
EARI	New	Entertainment Arts Research	$0	–	13,800	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
FTR	Exit	Frontier Communications	$0	–	-18,970	–	-0.05%	–
SPLS	Exit	Staples, Inc.	$0	–	-14,025	–	-0.08%	–
F	Exit	Ford Motor Company	$0	–	-10,500	–	-0.09%	–
ORI	Exit	Old Republic Int'l	$0	–	-10,485	–	-0.13%	–
HPQ	Exit	HP, Inc.	$0	–	-12,340	–	-0.13%	–
WDC	Exit	Western Digital Corp	$0	–	-3,427	–	-0.14%	–
DGX	Exit	Quest Diagnostics	$0	–	-2,485	–	-0.14%	–
EFX	Exit	Equifax	$0	–	-1,615	–	-0.15%	–
KMB	Exit	Kimberly Clark	$0	–	-1,835	–	-0.16%	–
TOL	Exit	Toll Brothers	$0	–	-8,210	–	-0.17%	–
ITT	Exit	ITT Corporation	$0	–	-7,245	–	-0.18%	–
VLO	Exit	Valero Energy Corp	$0	–	-5,168	–	-0.19%	–
LB	Exit	L Brands	$0	–	-4,177	–	-0.20%	–
GSK	Exit	GlaxoSmithkline PLC	$0	–	-7,149	–	-0.21%	–
APC	Exit	Anadarko Petroleum	$0	–	-4,982	–	-0.22%	–
MAR	Exit	Marriott Intl. Class A	$0	–	-5,081	–	-0.24%	–
ADI	Exit	Analog Devices	$0	–	-5,421	–	-0.24%	–
DE	Exit	Deere	$0	–	-4,120	–	-0.24%	–
GILD	Exit	Gilead Sciences	$0	–	-4,460	–	-0.24%	–
FDS	Exit	Factset Research	$0	–	-2,218	–	-0.25%	–
BBT	Exit	BB&T Corp.	$0	–	-9,570	–	-0.25%	–
PFG	Exit	Principal Financial Group	$0	–	-7,030	–	-0.25%	–
FDX	Exit	FedEx	$0	–	-2,547	–	-0.31%	–
VAL	Exit	Valspar	$0	–	-4,235	–	-0.31%	–
BIIB	Exit	Biogen IDEC Inc.	$0	–	-1,485	–	-0.32%	–
SRCL	Exit	Stericycle	$0	–	-6,001	–	-0.33%	–
NVO	Exit	Novo Nordisk	$0	–	-11,600	–	-0.33%	–
MKC	Exit	McCormick	$0	–	-4,840	–	-0.33%	–
TGT	Exit	Target	$0	–	-7,449	–	-0.35%	–
UN	Exit	Unilever N.V.	$0	–	-11,530	–	-0.37%	–
PX	Exit	Praxair	$0	–	-4,391	–	-0.37%	–
HAL	Exit	Halliburton	$0	–	-11,995	–	-0.37%	–
EW	Exit	Edwards Lifesciences	$0	–	-4,789	–	-0.40%	–
LLY	Exit	Eli Lilly	$0	–	-7,429	–	-0.41%	–
DLTR	Exit	Dollar Tree	$0	–	-7,712	–	-0.42%	–
BHI	Exit	Baker Hughes	$0	–	-12,302	–	-0.43%	–
APD	Exit	Air Products & Chem.	$0	–	-4,146	–	-0.43%	–
DCI	Exit	Donaldson	$0	–	-16,695	–	-0.43%	–
DUK	Exit	Duke Energy	$0	–	-7,855	–	-0.43%	–
DHI	Exit	D.R. Horton	$0	–	-21,040	–	-0.44%	–
D	Exit	Dominion Resources	$0	–	-9,145	–	-0.47%	–
QCOM	Exit	Qualcomm	$0	–	-10,002	–	-0.47%	–
SBUX	Exit	Starbucks	$0	–	-12,929	–	-0.48%	–
VAR	Exit	Varian Med Sys Inc	$0	–	-7,080	–	-0.49%	–
STJ	Exit	St. Jude Medical	$0	–	-8,923	–	-0.49%	–
FAST	Exit	Fastenal Co.	$0	–	-17,614	–	-0.51%	–
BUD	Exit	Anheuser-Busch InBev	$0	–	-5,734	–	-0.52%	–
ABT	Exit	Abbott Laboratories	$0	–	-17,973	–	-0.52%	–
BMS	Exit	Bemis	$0	–	-15,175	–	-0.53%	–
LMT	Exit	Lockheed Martin	$0	–	-3,230	–	-0.53%	–
CELG	Exit	Celgene	$0	–	-7,699	–	-0.56%	–
INTU	Exit	Intuit	$0	–	-7,404	–	-0.56%	–
PYPL	Exit	PayPal	$0	–	-20,399	–	-0.58%	–
RDSA	Exit	Royal Dutch Shell 'A'	$0	–	-17,784	–	-0.61%	–
SNA	Exit	Snap-on	$0	–	-5,897	–	-0.62%	–
HD	Exit	Home Depot	$0	–	-7,061	–	-0.63%	–
UNH	Exit	UnitedHealth Group	$0	–	-6,681	–	-0.64%	–
IDXX	Exit	IDEXX Laboratories	$0	–	-8,355	–	-0.65%	–
SO	Exit	Southern Company	$0	–	-18,812	–	-0.66%	–
WMT	Exit	Wal-Mart	$0	–	-13,634	–	-0.68%	–
R	Exit	Ryder System	$0	–	-15,322	–	-0.70%	–
TXN	Exit	Texas Instruments	$0	–	-15,071	–	-0.73%	–
SJM	Exit	J.M. Smucker	$0	–	-8,013	–	-0.75%	–
MCD	Exit	McDonalds	$0	–	-9,449	–	-0.75%	–
GOOG	Exit	Alphabet Class C	$0	–	-1,426	–	-0.76%	–
FB	Exit	Facebook	$0	–	-8,849	–	-0.78%	–
NOC	Exit	Northrop Grumman	$0	–	-5,311	–	-0.78%	–
CSCO	Exit	Cisco Systems	$0	–	-36,016	–	-0.79%	–
COP	Exit	ConocoPhillips	$0	–	-26,689	–	-0.80%	–
ROP	Exit	Roper Industries	$0	–	-6,405	–	-0.80%	–
GWW	Exit	W.W. Grainger	$0	–	-5,209	–	-0.81%	–
LOW	Exit	Lowes	$0	–	-16,238	–	-0.81%	–
WFC	Exit	Wells Fargo	$0	–	-26,703	–	-0.81%	–
AGN	Exit	Allergan, Inc.	$0	–	-5,154	–	-0.82%	–
PCLN	Exit	Priceline Group	$0	–	-819	–	-0.83%	–
CVS	Exit	CVS Health	$0	–	-14,423	–	-0.88%	–
CLX	Exit	Clorox	$0	–	-10,497	–	-0.90%	–
ABC	Exit	AmerisourceBergen	$0	–	-16,417	–	-0.91%	–
GOOGL	Exit	Alphabet Class A	$0	–	-1,652	–	-0.92%	–
BCR	Exit	C.R. Bard	$0	–	-5,936	–	-0.92%	–
NEE	Exit	NextEra Energy	$0	–	-10,938	–	-0.92%	–
VZ	Exit	Verizon	$0	–	-26,872	–	-0.96%	–
ORLY	Exit	O'Reilly Auto	$0	–	-4,986	–	-0.96%	–
BDX	Exit	Becton Dickinson	$0	–	-7,864	–	-0.97%	–
SHW	Exit	Sherwin-Williams	$0	–	-5,104	–	-0.97%	–
AXP	Exit	American Express	$0	–	-22,543	–	-1.00%	–
CSL	Exit	Carlisle	$0	–	-14,172	–	-1.00%	–
ESRX	Exit	Express Scripts	$0	–	-21,750	–	-1.06%	–
BA	Exit	Boeing	$0	–	-11,748	–	-1.07%	–
HON	Exit	Honeywell	$0	–	-13,435	–	-1.08%	–
CTSH	Exit	Cognizant Tech	$0	–	-33,256	–	-1.09%	–
NKE	Exit	Nike	$0	–	-30,319	–	-1.10%	–
DHR	Exit	Danaher	$0	–	-20,550	–	-1.11%	–
GPC	Exit	Genuine Parts	$0	–	-16,103	–	-1.12%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-20,630	–	-1.12%	–
ADP	Exit	Automatic Data Processing	$0	–	-18,702	–	-1.14%	–
MSFT	Exit	Microsoft	$0	–	-28,678	–	-1.14%	–
WBA	Exit	Walgreens Alliance Boots	$0	–	-20,829	–	-1.16%	–
ORCL	Exit	Oracle Corp.	$0	–	-42,976	–	-1.16%	–
T	Exit	AT&T	$0	–	-41,868	–	-1.17%	–
DOV	Exit	Dover	$0	–	-23,156	–	-1.17%	–
IBM	Exit	IBM	$0	–	-10,812	–	-1.18%	–
GIS	Exit	General Mills	$0	–	-27,030	–	-1.19%	–
NWL	Exit	Newell Rubbermaid	$0	–	-33,147	–	-1.20%	–
EMR	Exit	Emerson Electric	$0	–	-32,294	–	-1.21%	–
MMM	Exit	3M Co.	$0	–	-10,247	–	-1.24%	–
DIS	Exit	Walt Disney	$0	–	-19,493	–	-1.25%	–
UTX	Exit	United Technologies	$0	–	-18,136	–	-1.27%	–
APH	Exit	Amphenol	$0	–	-28,577	–	-1.28%	–
AFL	Exit	AFLAC	$0	–	-25,934	–	-1.28%	–
ECL	Exit	Ecolab	$0	–	-15,351	–	-1.29%	–
CVX	Exit	Chevron Corp.	$0	–	-18,169	–	-1.29%	–
XOM	Exit	ExxonMobil	$0	–	-21,887	–	-1.32%	–
PG	Exit	Procter & Gamble	$0	–	-21,405	–	-1.32%	–
AMGN	Exit	Amgen	$0	–	-11,513	–	-1.32%	–
AAPL	Exit	Apple	$0	–	-16,986	–	-1.32%	–
CERN	Exit	Cerner	$0	–	-31,157	–	-1.32%	–
COST	Exit	Costco	$0	–	-12,996	–	-1.36%	–
FISV	Exit	Fiserv	$0	–	-19,924	–	-1.36%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-29,843	–	-1.37%	–
CHD	Exit	Church & Dwight	$0	–	-41,578	–	-1.37%	–
JNJ	Exit	Johnson & Johnson	$0	–	-17,448	–	-1.42%	–
CL	Exit	Colgate Palmolive	$0	–	-28,085	–	-1.43%	–
PEP	Exit	PepsiCo	$0	–	-19,457	–	-1.46%	–
V	Exit	Visa	$0	–	-25,724	–	-1.46%	–
BLL	Exit	Ball Corp.	$0	–	-26,323	–	-1.49%	–
SYK	Exit	Stryker	$0	–	-18,730	–	-1.50%	–
ITW	Exit	Illinois Tool Works	$0	–	-18,797	–	-1.55%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-14,223	–	-1.56%	–
AMZN	Exit	Amazon.com	$0	–	-2,985	–	-1.72%	–

Q3 2016

			Value		Shares		↓ Weighting
AMZN	Sell	Amazon.com	$2,499,000	+11.2%	2,985	-5.0%	1.72%	+11.4%
TMO	Sell	Thermo Fisher Scientific	$2,262,000	+4.8%	14,223	-2.6%	1.56%	+5.1%
ITW	Sell	Illinois Tool Works	$2,253,000	+7.7%	18,797	-6.4%	1.55%	+8.0%
SYK	Sell	Stryker	$2,180,000	-3.1%	18,730	-0.2%	1.50%	-2.8%
BLL	Sell	Ball Corp.	$2,157,000	+8.9%	26,323	-4.0%	1.49%	+9.2%
V	Sell	Visa	$2,127,000	+8.5%	25,724	-2.7%	1.46%	+8.8%
PEP	Sell	PepsiCo	$2,116,000	+0.4%	19,457	-2.2%	1.46%	+0.7%
CL	Sell	Colgate Palmolive	$2,082,000	-0.6%	28,085	-1.9%	1.43%	-0.4%
JNJ	Sell	Johnson & Johnson	$2,061,000	-3.8%	17,448	-1.2%	1.42%	-3.5%
CHD	Buy	Church & Dwight	$1,992,000	-7.9%	41,578	+97.7%	1.37%	-7.7%
JPM	Sell	J.P. Morgan Chase	$1,987,000	+6.0%	29,843	-1.1%	1.37%	+6.3%
COST	Sell	Costco	$1,982,000	-4.1%	12,996	-1.3%	1.36%	-3.9%
FISV	Sell	Fiserv	$1,982,000	-9.5%	19,924	-1.1%	1.36%	-9.3%
CERN	Buy	Cerner	$1,924,000	+9.9%	31,157	+4.3%	1.32%	+10.2%
AAPL	Sell	Apple	$1,920,000	+17.9%	16,986	-0.3%	1.32%	+18.2%
AMGN	Sell	Amgen	$1,920,000	+7.2%	11,513	-2.2%	1.32%	+7.5%
PG	Sell	Procter & Gamble	$1,921,000	+3.8%	21,405	-2.1%	1.32%	+4.0%
XOM	Sell	ExxonMobil	$1,910,000	-6.9%	21,887	-0.0%	1.32%	-6.7%
CVX	Sell	Chevron Corp.	$1,870,000	-1.9%	18,169	-0.1%	1.29%	-1.7%
ECL	Sell	Ecolab	$1,869,000	+1.2%	15,351	-1.4%	1.29%	+1.5%
AFL	Sell	AFLAC	$1,864,000	-1.5%	25,934	-1.1%	1.28%	-1.3%
APH	Sell	Amphenol	$1,855,000	+9.0%	28,577	-3.7%	1.28%	+9.3%
UTX	Buy	United Technologies	$1,843,000	-0.7%	18,136	+0.2%	1.27%	-0.4%
DIS	Buy	Walt Disney	$1,810,000	-4.2%	19,493	+0.9%	1.25%	-4.0%
MMM	Sell	3M Co.	$1,806,000	-3.3%	10,247	-3.9%	1.24%	-3.0%
EMR	Sell	Emerson Electric	$1,760,000	+2.7%	32,294	-1.7%	1.21%	+2.9%
NWL	Buy	Newell Rubbermaid	$1,746,000	+11.4%	33,147	+2.8%	1.20%	+11.7%
GIS	Sell	General Mills	$1,727,000	-13.3%	27,030	-3.2%	1.19%	-13.0%
IBM	Sell	IBM	$1,717,000	+2.8%	10,812	-1.7%	1.18%	+3.1%
DOV	Sell	Dover	$1,705,000	+5.4%	23,156	-0.7%	1.17%	+5.7%
T	Sell	AT&T	$1,700,000	-6.4%	41,868	-0.4%	1.17%	-6.2%
ORCL	Sell	Oracle Corp.	$1,688,000	-4.8%	42,976	-0.8%	1.16%	-4.5%
WBA	Sell	Walgreens Alliance Boots	$1,679,000	-4.4%	20,829	-1.3%	1.16%	-4.1%
MSFT	Sell	Microsoft	$1,652,000	+10.7%	28,678	-1.6%	1.14%	+11.0%
ADP	Sell	Automatic Data Processing	$1,650,000	-5.3%	18,702	-1.3%	1.14%	-5.0%
SLB	Sell	Schlumberger Ltd.	$1,622,000	-1.2%	20,630	-0.6%	1.12%	-1.0%
GPC	Buy	Genuine Parts	$1,618,000	+3.9%	16,103	+4.7%	1.12%	+4.2%
DHR	Buy	Danaher	$1,611,000	-21.9%	20,550	+0.6%	1.11%	-21.7%
NKE	Sell	Nike	$1,596,000	-5.5%	30,319	-0.9%	1.10%	-5.3%
CTSH	Buy	Cognizant Tech	$1,587,000	-14.0%	33,256	+3.2%	1.09%	-13.8%
HON	Sell	Honeywell	$1,566,000	-1.1%	13,435	-1.4%	1.08%	-0.8%
BA	Sell	Boeing	$1,548,000	+1.2%	11,748	-0.2%	1.07%	+1.4%
ESRX	Sell	Express Scripts	$1,534,000	-7.9%	21,750	-1.0%	1.06%	-7.6%
CSL	Sell	Carlisle	$1,454,000	-4.2%	14,172	-1.3%	1.00%	-3.9%
AXP	Sell	American Express	$1,444,000	+3.9%	22,543	-1.5%	1.00%	+4.2%
SHW	Buy	Sherwin-Williams	$1,412,000	+7.5%	5,104	+14.1%	0.97%	+7.8%
BDX	Buy	Becton Dickinson	$1,413,000	+6.7%	7,864	+0.7%	0.97%	+6.9%
VZ	Sell	Verizon	$1,397,000	-8.4%	26,872	-1.6%	0.96%	-8.2%
ORLY	Sell	O'Reilly Auto	$1,397,000	+0.3%	4,986	-2.9%	0.96%	+0.5%
NEE	Buy	NextEra Energy	$1,338,000	-5.2%	10,938	+1.1%	0.92%	-4.9%
BCR	Sell	C.R. Bard	$1,331,000	-5.1%	5,936	-0.4%	0.92%	-4.8%
GOOGL	Buy	Alphabet Class A	$1,328,000	+14.6%	1,652	+0.2%	0.92%	+14.9%
ABC	Sell	AmerisourceBergen	$1,326,000	+0.8%	16,417	-1.0%	0.91%	+1.0%
CLX	Sell	Clorox	$1,314,000	-9.9%	10,497	-0.5%	0.90%	-9.8%
CVS	Sell	CVS Health	$1,284,000	-7.3%	14,423	-0.3%	0.88%	-7.1%
PCLN	Buy	Priceline Group	$1,205,000	+21.8%	819	+3.4%	0.83%	+22.1%
AGN	Sell	Allergan, Inc.	$1,187,000	-3.4%	5,154	-3.1%	0.82%	-3.1%
WFC	Sell	Wells Fargo	$1,182,000	-7.9%	26,703	-1.5%	0.81%	-7.7%
LOW	Buy	Lowes	$1,173,000	-8.0%	16,238	+0.8%	0.81%	-7.8%
GWW	Sell	W.W. Grainger	$1,171,000	-3.1%	5,209	-2.0%	0.81%	-2.9%
ROP	Sell	Roper Industries	$1,169,000	+4.8%	6,405	-2.1%	0.80%	+5.1%
COP	Sell	ConocoPhillips	$1,160,000	-8.4%	26,689	-8.1%	0.80%	-8.3%
CSCO	Buy	Cisco Systems	$1,142,000	+12.7%	36,016	+2.0%	0.79%	+13.1%
NOC	Sell	Northrop Grumman	$1,136,000	-4.1%	5,311	-0.3%	0.78%	-3.8%
FB	Sell	Facebook	$1,135,000	+10.9%	8,849	-1.1%	0.78%	+11.2%
GOOG	Sell	Alphabet Class C	$1,108,000	+8.7%	1,426	-3.2%	0.76%	+9.0%
MCD	Sell	McDonalds	$1,090,000	-6.3%	9,449	-2.3%	0.75%	-6.0%
SJM	Buy	J.M. Smucker	$1,086,000	+100.0%	8,013	+125.1%	0.75%	+100.5%
TXN	Sell	Texas Instruments	$1,058,000	+6.8%	15,071	-4.7%	0.73%	+7.0%
R	Buy	Ryder System	$1,010,000	+8.5%	15,322	+0.6%	0.70%	+8.8%
WMT	Sell	Wal-Mart	$983,000	-2.8%	13,634	-1.5%	0.68%	-2.6%
SO	Sell	Southern Company	$965,000	-7.1%	18,812	-2.9%	0.66%	-6.9%
IDXX	Buy	IDEXX Laboratories	$942,000	+33.8%	8,355	+10.2%	0.65%	+34.1%
UNH	Buy	UnitedHealth Group	$935,000	+0.6%	6,681	+1.6%	0.64%	+0.9%
HD	Sell	Home Depot	$909,000	-1.3%	7,061	-2.1%	0.63%	-1.1%
SNA	Buy	Snap-on	$896,000	+32.2%	5,897	+37.2%	0.62%	+32.4%
RDSA	Sell	Royal Dutch Shell 'A'	$890,000	-9.7%	17,784	-0.4%	0.61%	-9.6%
PYPL	Buy	PayPal	$836,000	+17.6%	20,399	+4.7%	0.58%	+17.8%
INTU	Sell	Intuit	$815,000	-1.8%	7,404	-0.5%	0.56%	-1.6%
CELG	Buy	Celgene	$805,000	+6.3%	7,699	+0.3%	0.56%	+6.7%
BMS	Buy	Bemis	$774,000	+11.4%	15,175	+12.5%	0.53%	+11.5%
LMT	Sell	Lockheed Martin	$774,000	-8.1%	3,230	-4.8%	0.53%	-7.9%
ABT	Sell	Abbott Laboratories	$760,000	+4.5%	17,973	-2.8%	0.52%	+4.8%
BUD	Buy	Anheuser-Busch InBev	$754,000	+2.6%	5,734	+2.7%	0.52%	+2.8%
FAST	Sell	Fastenal Co.	$736,000	-8.6%	17,614	-2.9%	0.51%	-8.3%
VAR	Buy	Varian Med Sys Inc	$705,000	+93.7%	7,080	+60.1%	0.49%	+94.4%
SBUX	Sell	Starbucks	$700,000	-5.3%	12,929	-0.0%	0.48%	-5.1%
QCOM	Sell	Qualcomm	$685,000	+19.3%	10,002	-6.6%	0.47%	+19.8%
DHI	Buy	D.R. Horton	$635,000	+136.9%	21,040	+147.4%	0.44%	+137.5%
DUK	Buy	Duke Energy	$629,000	-5.7%	7,855	+1.1%	0.43%	-5.5%
DCI	Sell	Donaldson	$623,000	+6.7%	16,695	-1.7%	0.43%	+7.0%
APD	Buy	Air Products & Chem.	$623,000	+8.0%	4,146	+2.0%	0.43%	+8.3%
BHI	Buy	Baker Hughes	$621,000	+15.0%	12,302	+2.8%	0.43%	+15.4%
DLTR	Sell	Dollar Tree	$609,000	-17.7%	7,712	-1.8%	0.42%	-17.5%
LLY	Sell	Eli Lilly	$596,000	+0.2%	7,429	-1.7%	0.41%	+0.5%
EW	Sell	Edwards Lifesciences	$577,000	+3.0%	4,789	-14.8%	0.40%	+3.1%
HAL	Sell	Halliburton	$538,000	-2.0%	11,995	-1.0%	0.37%	-1.6%
PX	Sell	Praxair	$531,000	-0.9%	4,391	-8.0%	0.37%	-0.5%
UN	Sell	Unilever N.V.	$532,000	-4.8%	11,530	-3.1%	0.37%	-4.7%
TGT	Sell	Target	$512,000	-4.1%	7,449	-2.6%	0.35%	-3.8%
MKC	Sell	McCormick	$484,000	-10.5%	4,840	-4.5%	0.33%	-10.5%
SRCL	Sell	Stericycle	$481,000	-54.1%	6,001	-40.3%	0.33%	-54.0%
BIIB	Sell	Biogen IDEC Inc.	$465,000	+7.6%	1,485	-16.8%	0.32%	+7.7%
VAL	Sell	Valspar	$449,000	-11.8%	4,235	-10.1%	0.31%	-11.7%
FDX	Sell	FedEx	$445,000	+12.7%	2,547	-2.1%	0.31%	+13.3%
PFG	Buy	Principal Financial Group	$362,000	+25.3%	7,030	+0.1%	0.25%	+25.1%
FDS	Sell	Factset Research	$360,000	-6.5%	2,218	-6.9%	0.25%	-6.4%
GILD	Sell	Gilead Sciences	$353,000	-42.5%	4,460	-39.4%	0.24%	-42.4%
DE	Sell	Deere	$352,000	+4.8%	4,120	-0.5%	0.24%	+4.8%
ADI	Sell	Analog Devices	$349,000	+11.5%	5,421	-1.8%	0.24%	+11.6%
APC	Sell	Anadarko Petroleum	$316,000	+13.7%	4,982	-4.6%	0.22%	+14.1%
GSK	Buy	GlaxoSmithkline PLC	$308,000	0.0%	7,149	+0.6%	0.21%	0.0%
LB	New	L Brands	$296,000	–	4,177	–	0.20%	–
VLO	New	Valero Energy Corp	$274,000	–	5,168	–	0.19%	–
ITT	Sell	ITT Corporation	$260,000	0.0%	7,245	-10.8%	0.18%	0.0%
TOL	Sell	Toll Brothers	$245,000	-14.3%	8,210	-22.8%	0.17%	-14.2%
EFX	Sell	Equifax	$217,000	+3.8%	1,615	-0.9%	0.15%	+3.5%
DGX	Sell	Quest Diagnostics	$210,000	+0.5%	2,485	-3.1%	0.14%	+0.7%
WDC	New	Western Digital Corp	$200,000	–	3,427	–	0.14%	–
HPQ	Sell	HP, Inc.	$192,000	+16.4%	12,340	-5.9%	0.13%	+16.8%
ORI	Buy	Old Republic Int'l	$185,000	-8.0%	10,485	+0.5%	0.13%	-8.0%
F	Buy	Ford Motor Company	$127,000	-3.8%	10,500	+0.2%	0.09%	-4.4%
SPLS	Buy	Staples, Inc.	$120,000	+0.8%	14,025	+1.8%	0.08%	+1.2%
FTR	Buy	Frontier Communications	$79,000	-15.1%	18,970	+0.6%	0.05%	-15.6%
GE	Exit	General Electric	$0	–	-6,362	–	-0.14%	–
AVA	Exit	Avista	$0	–	-4,540	–	-0.14%	–
VMC	Exit	Vulcan Materials	$0	–	-1,730	–	-0.14%	–
HSY	Exit	Hershey Foods	$0	–	-1,966	–	-0.15%	–
GAS	Exit	AGL Resources	$0	–	-14,493	–	-0.66%	–

Q2 2016

			Value		Shares		↓ Weighting
SYK	New	Stryker	$2,250,000	–	18,776	–	1.55%	–
AMZN	New	Amazon.com	$2,248,000	–	3,141	–	1.54%	–
FISV	New	Fiserv	$2,191,000	–	20,148	–	1.50%	–
CHD	New	Church & Dwight	$2,163,000	–	21,026	–	1.49%	–
TMO	New	Thermo Fisher Scientific	$2,158,000	–	14,605	–	1.48%	–
JNJ	New	Johnson & Johnson	$2,142,000	–	17,657	–	1.47%	–
PEP	New	PepsiCo	$2,107,000	–	19,893	–	1.45%	–
CL	New	Colgate Palmolive	$2,095,000	–	28,618	–	1.44%	–
ITW	New	Illinois Tool Works	$2,092,000	–	20,087	–	1.44%	–
COST	New	Costco	$2,067,000	–	13,162	–	1.42%	–
DHR	New	Danaher	$2,063,000	–	20,423	–	1.42%	–
XOM	New	ExxonMobil	$2,052,000	–	21,893	–	1.41%	–
GIS	New	General Mills	$1,991,000	–	27,918	–	1.37%	–
BLL	New	Ball Corp.	$1,981,000	–	27,408	–	1.36%	–
V	New	Visa	$1,960,000	–	26,431	–	1.35%	–
CVX	New	Chevron Corp.	$1,907,000	–	18,191	–	1.31%	–
AFL	New	AFLAC	$1,893,000	–	26,230	–	1.30%	–
DIS	New	Walt Disney	$1,890,000	–	19,324	–	1.30%	–
JPM	New	J.P. Morgan Chase	$1,875,000	–	30,167	–	1.29%	–
MMM	New	3M Co.	$1,867,000	–	10,662	–	1.28%	–
UTX	New	United Technologies	$1,856,000	–	18,094	–	1.28%	–
PG	New	Procter & Gamble	$1,851,000	–	21,864	–	1.27%	–
ECL	New	Ecolab	$1,846,000	–	15,565	–	1.27%	–
CTSH	New	Cognizant Tech	$1,845,000	–	32,239	–	1.27%	–
T	New	AT&T	$1,816,000	–	42,034	–	1.25%	–
AMGN	New	Amgen	$1,791,000	–	11,774	–	1.23%	–
ORCL	New	Oracle Corp.	$1,773,000	–	43,327	–	1.22%	–
WBA	New	Walgreens Alliance Boots	$1,757,000	–	21,095	–	1.21%	–
CERN	New	Cerner	$1,750,000	–	29,866	–	1.20%	–
ADP	New	Automatic Data Processing	$1,742,000	–	18,957	–	1.20%	–
EMR	New	Emerson Electric	$1,714,000	–	32,851	–	1.18%	–
APH	New	Amphenol	$1,702,000	–	29,690	–	1.17%	–
NKE	New	Nike	$1,688,000	–	30,588	–	1.16%	–
IBM	New	IBM	$1,670,000	–	11,001	–	1.15%	–
ESRX	New	Express Scripts	$1,665,000	–	21,963	–	1.14%	–
SLB	New	Schlumberger Ltd.	$1,641,000	–	20,756	–	1.13%	–
AAPL	New	Apple	$1,629,000	–	17,044	–	1.12%	–
DOV	New	Dover	$1,617,000	–	23,321	–	1.11%	–
HON	New	Honeywell	$1,584,000	–	13,619	–	1.09%	–
NWL	New	Newell Rubbermaid	$1,567,000	–	32,254	–	1.08%	–
GPC	New	Genuine Parts	$1,557,000	–	15,378	–	1.07%	–
BA	New	Boeing	$1,529,000	–	11,777	–	1.05%	–
VZ	New	Verizon	$1,525,000	–	27,317	–	1.05%	–
CSL	New	Carlisle	$1,518,000	–	14,363	–	1.04%	–
MSFT	New	Microsoft	$1,492,000	–	29,151	–	1.02%	–
CLX	New	Clorox	$1,459,000	–	10,546	–	1.00%	–
NEE	New	NextEra Energy	$1,411,000	–	10,819	–	0.97%	–
BCR	New	C.R. Bard	$1,402,000	–	5,960	–	0.96%	–
ORLY	New	O'Reilly Auto	$1,393,000	–	5,137	–	0.96%	–
AXP	New	American Express	$1,390,000	–	22,877	–	0.96%	–
CVS	New	CVS Health	$1,385,000	–	14,463	–	0.95%	–
BDX	New	Becton Dickinson	$1,324,000	–	7,806	–	0.91%	–
ABC	New	AmerisourceBergen	$1,315,000	–	16,577	–	0.90%	–
SHW	New	Sherwin-Williams	$1,314,000	–	4,474	–	0.90%	–
WFC	New	Wells Fargo	$1,283,000	–	27,115	–	0.88%	–
LOW	New	Lowes	$1,275,000	–	16,105	–	0.88%	–
COP	New	ConocoPhillips	$1,267,000	–	29,057	–	0.87%	–
AGN	New	Allergan, Inc.	$1,229,000	–	5,317	–	0.84%	–
GWW	New	W.W. Grainger	$1,209,000	–	5,318	–	0.83%	–
NOC	New	Northrop Grumman	$1,184,000	–	5,328	–	0.81%	–
MCD	New	McDonalds	$1,163,000	–	9,668	–	0.80%	–
GOOGL	New	Alphabet Class A	$1,159,000	–	1,648	–	0.80%	–
ROP	New	Roper Industries	$1,115,000	–	6,540	–	0.77%	–
SRCL	New	Stericycle	$1,047,000	–	10,052	–	0.72%	–
SO	New	Southern Company	$1,039,000	–	19,367	–	0.71%	–
FB	New	Facebook	$1,023,000	–	8,948	–	0.70%	–
GOOG	New	Alphabet Class C	$1,019,000	–	1,473	–	0.70%	–
CSCO	New	Cisco Systems	$1,013,000	–	35,308	–	0.70%	–
WMT	New	Wal-Mart	$1,011,000	–	13,846	–	0.70%	–
TXN	New	Texas Instruments	$991,000	–	15,816	–	0.68%	–
PCLN	New	Priceline Group	$989,000	–	792	–	0.68%	–
RDSA	New	Royal Dutch Shell 'A'	$986,000	–	17,859	–	0.68%	–
GAS	New	AGL Resources	$956,000	–	14,493	–	0.66%	–
R	New	Ryder System	$931,000	–	15,228	–	0.64%	–
UNH	New	UnitedHealth Group	$929,000	–	6,576	–	0.64%	–
HD	New	Home Depot	$921,000	–	7,209	–	0.63%	–
LMT	New	Lockheed Martin	$842,000	–	3,392	–	0.58%	–
INTU	New	Intuit	$830,000	–	7,441	–	0.57%	–
FAST	New	Fastenal Co.	$805,000	–	18,144	–	0.55%	–
CELG	New	Celgene	$757,000	–	7,674	–	0.52%	–
DLTR	New	Dollar Tree	$740,000	–	7,855	–	0.51%	–
SBUX	New	Starbucks	$739,000	–	12,934	–	0.51%	–
BUD	New	Anheuser-Busch InBev	$735,000	–	5,583	–	0.50%	–
ABT	New	Abbott Laboratories	$727,000	–	18,498	–	0.50%	–
D	New	Dominion Resources	$713,000	–	9,145	–	0.49%	–
PYPL	New	PayPal	$711,000	–	19,484	–	0.49%	–
IDXX	New	IDEXX Laboratories	$704,000	–	7,581	–	0.48%	–
BMS	New	Bemis	$695,000	–	13,490	–	0.48%	–
STJ	New	St. Jude Medical	$696,000	–	8,923	–	0.48%	–
SNA	New	Snap-on	$678,000	–	4,297	–	0.47%	–
DUK	New	Duke Energy	$667,000	–	7,770	–	0.46%	–
NVO	New	Novo Nordisk	$624,000	–	11,600	–	0.43%	–
GILD	New	Gilead Sciences	$614,000	–	7,359	–	0.42%	–
LLY	New	Eli Lilly	$595,000	–	7,559	–	0.41%	–
DCI	New	Donaldson	$584,000	–	16,990	–	0.40%	–
APD	New	Air Products & Chem.	$577,000	–	4,064	–	0.40%	–
QCOM	New	Qualcomm	$574,000	–	10,708	–	0.39%	–
EW	New	Edwards Lifesciences	$560,000	–	5,618	–	0.38%	–
UN	New	Unilever N.V.	$559,000	–	11,905	–	0.38%	–
HAL	New	Halliburton	$549,000	–	12,115	–	0.38%	–
SJM	New	J.M. Smucker	$543,000	–	3,560	–	0.37%	–
MKC	New	McCormick	$541,000	–	5,070	–	0.37%	–
BHI	New	Baker Hughes	$540,000	–	11,962	–	0.37%	–
PX	New	Praxair	$536,000	–	4,771	–	0.37%	–
TGT	New	Target	$534,000	–	7,649	–	0.37%	–
VAL	New	Valspar	$509,000	–	4,710	–	0.35%	–
BIIB	New	Biogen IDEC Inc.	$432,000	–	1,785	–	0.30%	–
FDX	New	FedEx	$395,000	–	2,602	–	0.27%	–
FDS	New	Factset Research	$385,000	–	2,383	–	0.26%	–
VAR	New	Varian Med Sys Inc	$364,000	–	4,423	–	0.25%	–
BBT	New	BB&T Corp.	$341,000	–	9,570	–	0.23%	–
MAR	New	Marriott Intl. Class A	$338,000	–	5,081	–	0.23%	–
DE	New	Deere	$336,000	–	4,140	–	0.23%	–
ADI	New	Analog Devices	$313,000	–	5,521	–	0.22%	–
GSK	New	GlaxoSmithkline PLC	$308,000	–	7,104	–	0.21%	–
PFG	New	Principal Financial Group	$289,000	–	7,020	–	0.20%	–
TOL	New	Toll Brothers	$286,000	–	10,628	–	0.20%	–
APC	New	Anadarko Petroleum	$278,000	–	5,222	–	0.19%	–
DHI	New	D.R. Horton	$268,000	–	8,504	–	0.18%	–
ITT	New	ITT Corporation	$260,000	–	8,125	–	0.18%	–
KMB	New	Kimberly Clark	$252,000	–	1,835	–	0.17%	–
HSY	New	Hershey Foods	$223,000	–	1,966	–	0.15%	–
DGX	New	Quest Diagnostics	$209,000	–	2,565	–	0.14%	–
EFX	New	Equifax	$209,000	–	1,630	–	0.14%	–
VMC	New	Vulcan Materials	$208,000	–	1,730	–	0.14%	–
AVA	New	Avista	$203,000	–	4,540	–	0.14%	–
ORI	New	Old Republic Int'l	$201,000	–	10,435	–	0.14%	–
GE	New	General Electric	$200,000	–	6,362	–	0.14%	–
HPQ	New	HP, Inc.	$165,000	–	13,110	–	0.11%	–
F	New	Ford Motor Company	$132,000	–	10,475	–	0.09%	–
SPLS	New	Staples, Inc.	$119,000	–	13,780	–	0.08%	–
FTR	New	Frontier Communications	$93,000	–	18,850	–	0.06%	–

Q4 2015

			Value		Shares		↓ Weighting
AMD	Exit	Advanced Micro	$0	–	-18,000	–	-0.02%	–
NEBLQ	Exit	Noble Corp	$0	–	-10,425	–	-0.08%	–
KRO	Exit	Kronos Worldwide	$0	–	-20,460	–	-0.09%	–
FSP	Exit	Franklin Street Properties	$0	–	-13,125	–	-0.10%	–
FTR	Exit	Frontier Communications	$0	–	-39,170	–	-0.13%	–
BP	Exit	BP	$0	–	-6,620	–	-0.14%	–
RRD	Exit	R. R. Donelley	$0	–	-14,400	–	-0.15%	–
PPL	Exit	PPL Corp	$0	–	-6,610	–	-0.16%	–
KMB	Exit	Kimberly Clark	$0	–	-2,220	–	-0.17%	–
ORI	Exit	Old Republic Int'l	$0	–	-15,960	–	-0.18%	–
GM	Exit	General Motors	$0	–	-8,385	–	-0.18%	–
MO	Exit	Altria Group	$0	–	-4,850	–	-0.19%	–
SNDK	Exit	SanDisk	$0	–	-4,915	–	-0.19%	–
WFM	Exit	Whole Foods Market	$0	–	-8,915	–	-0.20%	–
VAR	Exit	Varian Med Sys Inc	$0	–	-3,830	–	-0.20%	–
TE	Exit	TECO Energy	$0	–	-11,765	–	-0.22%	–
BBBY	Exit	Bed Bath & Beyond	$0	–	-5,460	–	-0.22%	–
HAL	Exit	Halliburton	$0	–	-8,835	–	-0.22%	–
FDX	Exit	FedEx	$0	–	-2,192	–	-0.22%	–
R	Exit	Ryder System	$0	–	-4,355	–	-0.23%	–
GSK	Exit	GlaxoSmithkline PLC	$0	–	-9,391	–	-0.26%	–
DUK	Exit	Duke Energy	$0	–	-5,225	–	-0.27%	–
MAR	Exit	Marriott Intl. Class A	$0	–	-5,699	–	-0.28%	–
JCI	Exit	Johnson Controls	$0	–	-9,725	–	-0.29%	–
FDS	Exit	Factset Research	$0	–	-2,602	–	-0.30%	–
SJM	Exit	J.M. Smucker	$0	–	-3,790	–	-0.31%	–
DCI	Exit	Donaldson	$0	–	-15,550	–	-0.31%	–
MKC	Exit	McCormick	$0	–	-5,437	–	-0.32%	–
DE	Exit	Deere	$0	–	-6,220	–	-0.33%	–
FLR	Exit	Fluor Corporation	$0	–	-10,937	–	-0.33%	–
FLS	Exit	Flowserve	$0	–	-11,428	–	-0.34%	–
FB	Exit	Facebook	$0	–	-5,671	–	-0.36%	–
UN	Exit	Unilever N.V.	$0	–	-12,697	–	-0.36%	–
PX	Exit	Praxair	$0	–	-5,121	–	-0.37%	–
EW	Exit	Edwards Lifesciences	$0	–	-3,755	–	-0.38%	–
APD	Exit	Air Products & Chem.	$0	–	-4,264	–	-0.39%	–
WDC	Exit	Western Digital Corp	$0	–	-6,939	–	-0.39%	–
ITT	Exit	ITT Corporation	$0	–	-16,580	–	-0.40%	–
BMS	Exit	Bemis	$0	–	-14,340	–	-0.40%	–
BBT	Exit	BB&T Corp.	$0	–	-16,355	–	-0.42%	–
DLTR	Exit	Dollar Tree	$0	–	-9,025	–	-0.43%	–
APC	Exit	Anadarko Petroleum	$0	–	-10,217	–	-0.44%	–
BUD	Exit	Anheuser-Busch InBev	$0	–	-5,800	–	-0.44%	–
EMC	Exit	EMC	$0	–	-25,940	–	-0.45%	–
STJ	Exit	St. Jude Medical	$0	–	-9,971	–	-0.45%	–
IDXX	Exit	IDEXX Laboratories	$0	–	-8,554	–	-0.45%	–
BIIB	Exit	Biogen IDEC Inc.	$0	–	-2,220	–	-0.46%	–
D	Exit	Dominion Resources	$0	–	-9,383	–	-0.47%	–
CELG	Exit	Celgene	$0	–	-6,159	–	-0.48%	–
NVO	Exit	Novo Nordisk	$0	–	-12,465	–	-0.48%	–
LLY	Exit	Eli Lilly	$0	–	-8,136	–	-0.49%	–
ABT	Exit	Abbott Laboratories	$0	–	-17,500	–	-0.50%	–
PYPL	Exit	PayPal	$0	–	-23,124	–	-0.51%	–
INTU	Exit	Intuit	$0	–	-8,177	–	-0.52%	–
BHI	Exit	Baker Hughes	$0	–	-13,967	–	-0.52%	–
FAST	Exit	Fastenal Co.	$0	–	-19,949	–	-0.52%	–
RDSA	Exit	Royal Dutch Shell 'A'	$0	–	-16,487	–	-0.56%	–
GILD	Exit	Gilead Sciences	$0	–	-8,157	–	-0.57%	–
UNH	Exit	UnitedHealth Group	$0	–	-6,947	–	-0.58%	–
SBUX	Exit	Starbucks	$0	–	-14,378	–	-0.58%	–
LMT	Exit	Lockheed Martin	$0	–	-4,034	–	-0.60%	–
TXN	Exit	Texas Instruments	$0	–	-17,378	–	-0.61%	–
TGT	Exit	Target	$0	–	-11,676	–	-0.66%	–
SHW	Exit	Sherwin-Williams	$0	–	-4,218	–	-0.67%	–
GPC	Exit	Genuine Parts	$0	–	-11,549	–	-0.68%	–
WMT	Exit	Wal-Mart	$0	–	-14,857	–	-0.69%	–
CSCO	Exit	Cisco Systems	$0	–	-37,146	–	-0.70%	–
HD	Exit	Home Depot	$0	–	-8,478	–	-0.70%	–
SO	Exit	Southern Company	$0	–	-22,247	–	-0.71%	–
GOOG	Exit	Google Class C	$0	–	-1,657	–	-0.72%	–
BDX	Exit	Becton Dickinson	$0	–	-7,715	–	-0.73%	–
GWW	Exit	W.W. Grainger	$0	–	-4,889	–	-0.75%	–
MCD	Exit	McDonalds	$0	–	-11,038	–	-0.78%	–
ROP	Exit	Roper Industries	$0	–	-7,108	–	-0.79%	–
PCLN	Exit	Priceline Group	$0	–	-905	–	-0.80%	–
NOC	Exit	Northrop Grumman	$0	–	-6,874	–	-0.81%	–
QCOM	Exit	Qualcomm	$0	–	-21,468	–	-0.82%	–
BA	Exit	Boeing	$0	–	-8,871	–	-0.83%	–
EMR	Exit	Emerson Electric	$0	–	-26,780	–	-0.84%	–
DOV	Exit	Dover	$0	–	-20,705	–	-0.84%	–
GAS	Exit	AGL Resources	$0	–	-19,954	–	-0.87%	–
NEE	Exit	NextEra Energy	$0	–	-12,502	–	-0.87%	–
CLX	Exit	Clorox	$0	–	-10,594	–	-0.87%	–
BCR	Exit	C.R. Bard	$0	–	-6,638	–	-0.88%	–
LOW	Exit	Lowes	$0	–	-17,994	–	-0.88%	–
COP	Exit	ConocoPhillips	$0	–	-26,112	–	-0.89%	–
GOOGL	Exit	Google Class A	$0	–	-1,985	–	-0.90%	–
CSL	Exit	Carlisle	$0	–	-14,547	–	-0.91%	–
ABC	Exit	AmerisourceBergen	$0	–	-13,524	–	-0.92%	–
DHR	Exit	Danaher	$0	–	-15,126	–	-0.92%	–
CERN	Exit	Cerner	$0	–	-21,759	–	-0.93%	–
HON	Exit	Honeywell	$0	–	-14,097	–	-0.95%	–
VZ	Exit	Verizon	$0	–	-30,729	–	-0.95%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-19,472	–	-0.96%	–
IBM	Exit	IBM	$0	–	-9,565	–	-0.99%	–
MSFT	Exit	Microsoft	$0	–	-31,429	–	-0.99%	–
ORLY	Exit	O'Reilly Auto	$0	–	-5,688	–	-1.01%	–
CVX	Exit	Chevron Corp.	$0	–	-18,078	–	-1.02%	–
T	Exit	AT&T	$0	–	-44,146	–	-1.03%	–
CVS	Exit	CVS Health	$0	–	-15,026	–	-1.03%	–
WFC	Exit	Wells Fargo	$0	–	-28,297	–	-1.04%	–
APH	Exit	Amphenol	$0	–	-28,931	–	-1.05%	–
SRCL	Exit	Stericycle	$0	–	-10,649	–	-1.06%	–
MMM	Exit	3M Co.	$0	–	-10,879	–	-1.10%	–
AGN	Exit	Allergan, Inc.	$0	–	-5,779	–	-1.12%	–
AXP	Exit	American Express	$0	–	-21,706	–	-1.15%	–
ADP	Exit	Automatic Data Processing	$0	–	-20,219	–	-1.16%	–
AFL	Exit	AFLAC	$0	–	-28,052	–	-1.16%	–
XOM	Exit	ExxonMobil	$0	–	-22,047	–	-1.17%	–
PG	Exit	Procter & Gamble	$0	–	-23,013	–	-1.18%	–
UTX	Exit	United Technologies	$0	–	-18,834	–	-1.20%	–
ORCL	Exit	Oracle Corp.	$0	–	-46,716	–	-1.20%	–
AMGN	Exit	Amgen	$0	–	-12,201	–	-1.20%	–
GIS	Exit	General Mills	$0	–	-31,021	–	-1.24%	–
ITW	Exit	Illinois Tool Works	$0	–	-21,597	–	-1.27%	–
BLL	Exit	Ball Corp.	$0	–	-28,653	–	-1.27%	–
ECL	Exit	Ecolab	$0	–	-16,330	–	-1.28%	–
JNJ	Exit	Johnson & Johnson	$0	–	-19,366	–	-1.29%	–
WBA	Exit	Walgreens Alliance Boots	$0	–	-21,835	–	-1.29%	–
ESRX	Exit	Express Scripts	$0	–	-22,859	–	-1.32%	–
AMZN	Exit	Amazon.com	$0	–	-3,680	–	-1.34%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-30,948	–	-1.35%	–
JAH	Exit	Jarden	$0	–	-38,939	–	-1.36%	–
SIAL	Exit	Sigma-Aldrich Corp.	$0	–	-13,716	–	-1.36%	–
CL	Exit	Colgate Palmolive	$0	–	-30,115	–	-1.36%	–
AAPL	Exit	Apple	$0	–	-17,880	–	-1.41%	–
PEP	Exit	PepsiCo	$0	–	-21,009	–	-1.41%	–
COST	Exit	Costco	$0	–	-13,786	–	-1.42%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-16,319	–	-1.42%	–
CHD	Exit	Church & Dwight	$0	–	-24,165	–	-1.45%	–
DIS	Exit	Walt Disney	$0	–	-19,911	–	-1.45%	–
FISV	Exit	Fiserv	$0	–	-23,505	–	-1.45%	–
SYK	Exit	Stryker	$0	–	-21,678	–	-1.46%	–
V	Exit	Visa	$0	–	-29,579	–	-1.47%	–
CTSH	Exit	Cognizant Tech	$0	–	-33,976	–	-1.52%	–
NKE	Exit	Nike	$0	–	-17,418	–	-1.53%	–

Q3 2015

			Value		Shares		↓ Weighting
NKE	Sell	Nike	$2,142,000	+1.9%	17,418	-10.5%	1.53%	+10.4%
CTSH	Sell	Cognizant Tech	$2,127,000	-2.1%	33,976	-4.5%	1.52%	+6.1%
V	Sell	Visa	$2,060,000	-2.7%	29,579	-6.2%	1.47%	+5.3%
SYK	Sell	Stryker	$2,040,000	-5.9%	21,678	-4.4%	1.46%	+2.0%
FISV	Sell	Fiserv	$2,036,000	-4.6%	23,505	-8.8%	1.45%	+3.3%
DIS	Sell	Walt Disney	$2,035,000	-13.3%	19,911	-3.2%	1.45%	-6.1%
CHD	Sell	Church & Dwight	$2,027,000	-1.9%	24,165	-5.1%	1.45%	+6.3%
TMO	Sell	Thermo Fisher Scientific	$1,995,000	-8.1%	16,319	-2.4%	1.42%	-0.4%
COST	Sell	Costco	$1,993,000	+3.9%	13,786	-2.9%	1.42%	+12.5%
PEP	Sell	PepsiCo	$1,981,000	-2.6%	21,009	-3.6%	1.41%	+5.5%
AAPL	Sell	Apple	$1,972,000	-15.6%	17,880	-4.0%	1.41%	-8.6%
CL	Sell	Colgate Palmolive	$1,911,000	-4.8%	30,115	-1.9%	1.36%	+3.1%
SIAL	Sell	Sigma-Aldrich Corp.	$1,905,000	-4.7%	13,716	-4.4%	1.36%	+3.3%
JAH	Sell	Jarden	$1,903,000	-7.9%	38,939	-2.5%	1.36%	-0.3%
JPM	Sell	J.P. Morgan Chase	$1,887,000	-11.9%	30,948	-2.1%	1.35%	-4.6%
AMZN	Sell	Amazon.com	$1,884,000	+7.1%	3,680	-9.2%	1.34%	+16.1%
ESRX	Sell	Express Scripts	$1,851,000	-11.5%	22,859	-2.8%	1.32%	-4.1%
WBA	Sell	Walgreens Alliance Boots	$1,814,000	-7.5%	21,835	-6.0%	1.29%	+0.2%
JNJ	Sell	Johnson & Johnson	$1,808,000	-4.2%	19,366	-0.1%	1.29%	+3.7%
ECL	Sell	Ecolab	$1,792,000	-5.2%	16,330	-2.4%	1.28%	+2.7%
BLL	Sell	Ball Corp.	$1,782,000	-13.7%	28,653	-2.7%	1.27%	-6.5%
ITW	Buy	Illinois Tool Works	$1,778,000	-8.6%	21,597	+1.9%	1.27%	-1.0%
GIS	Sell	General Mills	$1,741,000	-3.5%	31,021	-4.2%	1.24%	+4.5%
AMGN	Sell	Amgen	$1,688,000	-12.6%	12,201	-3.1%	1.20%	-5.3%
ORCL	Sell	Oracle Corp.	$1,687,000	-11.9%	46,716	-1.6%	1.20%	-4.5%
UTX	Buy	United Technologies	$1,676,000	-13.3%	18,834	+8.0%	1.20%	-6.1%
PG	Sell	Procter & Gamble	$1,656,000	-10.0%	23,013	-2.2%	1.18%	-2.6%
XOM	Sell	ExxonMobil	$1,639,000	-12.0%	22,047	-1.6%	1.17%	-4.7%
AFL	Sell	AFLAC	$1,631,000	-8.5%	28,052	-2.1%	1.16%	-0.9%
ADP	Buy	Automatic Data Processing	$1,625,000	+3.6%	20,219	+3.4%	1.16%	+12.2%
AXP	Sell	American Express	$1,609,000	-6.6%	21,706	-2.1%	1.15%	+1.1%
AGN	Sell	Allergan, Inc.	$1,571,000	-21.3%	5,779	-12.1%	1.12%	-14.8%
MMM	Sell	3M Co.	$1,542,000	-9.7%	10,879	-1.7%	1.10%	-2.1%
SRCL	Sell	Stericycle	$1,484,000	+0.7%	10,649	-3.3%	1.06%	+9.0%
APH	Sell	Amphenol	$1,474,000	-14.1%	28,931	-2.2%	1.05%	-6.9%
WFC	Buy	Wells Fargo	$1,453,000	-8.3%	28,297	+0.4%	1.04%	-0.8%
CVS	Sell	CVS Health	$1,450,000	-11.1%	15,026	-3.4%	1.03%	-3.7%
T	Sell	AT&T	$1,438,000	-17.3%	44,146	-9.8%	1.03%	-10.3%
CVX	Sell	Chevron Corp.	$1,426,000	-19.6%	18,078	-1.6%	1.02%	-12.9%
ORLY	Sell	O'Reilly Auto	$1,422,000	-5.7%	5,688	-14.8%	1.01%	+2.1%
MSFT	Sell	Microsoft	$1,391,000	-2.2%	31,429	-2.4%	0.99%	+6.0%
IBM	Buy	IBM	$1,387,000	-5.0%	9,565	+6.6%	0.99%	+2.9%
SLB	Sell	Schlumberger Ltd.	$1,343,000	-21.0%	19,472	-1.2%	0.96%	-14.4%
VZ	Buy	Verizon	$1,337,000	-5.8%	30,729	+0.9%	0.95%	+2.0%
HON	Sell	Honeywell	$1,335,000	-8.6%	14,097	-1.6%	0.95%	-1.0%
CERN	Buy	Cerner	$1,305,000	-8.7%	21,759	+5.1%	0.93%	-1.1%
DHR	Sell	Danaher	$1,289,000	-3.4%	15,126	-3.0%	0.92%	+4.6%
ABC	Sell	AmerisourceBergen	$1,285,000	-12.3%	13,524	-1.9%	0.92%	-5.1%
CSL	Sell	Carlisle	$1,271,000	-16.4%	14,547	-4.2%	0.91%	-9.5%
GOOGL	Sell	Google Class A	$1,267,000	+15.0%	1,985	-2.7%	0.90%	+24.5%
COP	Buy	ConocoPhillips	$1,252,000	-21.7%	26,112	+0.4%	0.89%	-15.1%
LOW	Sell	Lowes	$1,240,000	-0.9%	17,994	-3.7%	0.88%	+7.3%
BCR	Sell	C.R. Bard	$1,237,000	-5.1%	6,638	-13.0%	0.88%	+2.8%
CLX	Sell	Clorox	$1,224,000	+1.2%	10,594	-8.9%	0.87%	+9.7%
NEE	Sell	NextEra Energy	$1,220,000	-2.3%	12,502	-1.8%	0.87%	+5.8%
GAS	Sell	AGL Resources	$1,218,000	-12.6%	19,954	-33.4%	0.87%	-5.3%
EMR	Buy	Emerson Electric	$1,183,000	-20.1%	26,780	+0.3%	0.84%	-13.3%
DOV	Sell	Dover	$1,184,000	-19.8%	20,705	-1.5%	0.84%	-13.2%
BA	Buy	Boeing	$1,162,000	+12.5%	8,871	+19.2%	0.83%	+21.9%
QCOM	Sell	Qualcomm	$1,153,000	-20.3%	21,468	-7.1%	0.82%	-13.7%
NOC	Sell	Northrop Grumman	$1,141,000	-1.0%	6,874	-5.4%	0.81%	+7.2%
PCLN	Sell	Priceline Group	$1,119,000	+2.4%	905	-4.6%	0.80%	+10.8%
ROP	Buy	Roper Industries	$1,114,000	-8.8%	7,108	+0.4%	0.79%	-1.2%
MCD	Sell	McDonalds	$1,088,000	+1.3%	11,038	-2.3%	0.78%	+9.8%
GWW	Sell	W.W. Grainger	$1,051,000	-10.1%	4,889	-1.0%	0.75%	-2.6%
BDX	Buy	Becton Dickinson	$1,023,000	-6.1%	7,715	+0.4%	0.73%	+1.8%
GOOG	Sell	Google Class C	$1,008,000	+9.2%	1,657	-6.6%	0.72%	+18.3%
SO	Buy	Southern Company	$994,000	+7.2%	22,247	+0.5%	0.71%	+16.2%
HD	Sell	Home Depot	$979,000	-4.5%	8,478	-8.1%	0.70%	+3.4%
CSCO	Sell	Cisco Systems	$975,000	-6.5%	37,146	-2.2%	0.70%	+1.2%
WMT	Sell	Wal-Mart	$963,000	-38.7%	14,857	-32.9%	0.69%	-33.6%
GPC	Sell	Genuine Parts	$957,000	-8.2%	11,549	-0.8%	0.68%	-0.4%
SHW	Buy	Sherwin-Williams	$940,000	-11.6%	4,218	+9.2%	0.67%	-4.3%
TGT	Buy	Target	$918,000	+34.6%	11,676	+39.8%	0.66%	+45.9%
TXN	Sell	Texas Instruments	$861,000	-6.1%	17,378	-2.4%	0.61%	+1.7%
LMT	Sell	Lockheed Martin	$836,000	+2.6%	4,034	-7.9%	0.60%	+11.0%
SBUX	Sell	Starbucks	$817,000	-4.0%	14,378	-9.5%	0.58%	+4.1%
UNH	Sell	UnitedHealth Group	$806,000	-8.5%	6,947	-3.8%	0.58%	-0.9%
GILD	Buy	Gilead Sciences	$801,000	-11.6%	8,157	+5.4%	0.57%	-4.4%
RDSA	Sell	Royal Dutch Shell 'A'	$781,000	-19.1%	16,487	-2.6%	0.56%	-12.3%
FAST	Buy	Fastenal Co.	$730,000	+18.7%	19,949	+36.7%	0.52%	+28.6%
INTU	Sell	Intuit	$726,000	-15.3%	8,177	-3.9%	0.52%	-8.2%
BHI	Sell	Baker Hughes	$727,000	-16.3%	13,967	-0.9%	0.52%	-9.4%
PYPL	New	PayPal	$718,000	–	23,124	–	0.51%	–
ABT	Buy	Abbott Laboratories	$704,000	-10.8%	17,500	+8.8%	0.50%	-3.3%
LLY	Sell	Eli Lilly	$681,000	-8.5%	8,136	-8.7%	0.49%	-0.8%
NVO	Sell	Novo Nordisk	$676,000	-6.0%	12,465	-5.0%	0.48%	+1.9%
CELG	New	Celgene	$666,000	–	6,159	–	0.48%	–
D	Sell	Dominion Resources	$660,000	+4.1%	9,383	-1.0%	0.47%	+12.9%
BIIB	Buy	Biogen IDEC Inc.	$648,000	-27.3%	2,220	+0.7%	0.46%	-21.3%
IDXX	Sell	IDEXX Laboratories	$635,000	+7.6%	8,554	-7.0%	0.45%	+16.8%
STJ	Sell	St. Jude Medical	$629,000	-17.3%	9,971	-4.3%	0.45%	-10.4%
EMC	Sell	EMC	$627,000	-10.9%	25,940	-2.8%	0.45%	-3.7%
BUD	Sell	Anheuser-Busch InBev	$617,000	-15.4%	5,800	-4.1%	0.44%	-8.3%
APC	Sell	Anadarko Petroleum	$617,000	-26.0%	10,217	-4.4%	0.44%	-19.9%
DLTR	Buy	Dollar Tree	$602,000	-12.4%	9,025	+3.8%	0.43%	-5.1%
BBT	Sell	BB&T Corp.	$582,000	-37.1%	16,355	-28.8%	0.42%	-32.0%
BMS	Sell	Bemis	$567,000	-16.0%	14,340	-4.3%	0.40%	-9.0%
ITT	Sell	ITT Corporation	$554,000	-23.8%	16,580	-4.5%	0.40%	-17.5%
WDC	Sell	Western Digital Corp	$551,000	-0.7%	6,939	-1.9%	0.39%	+7.7%
APD	Sell	Air Products & Chem.	$544,000	-12.3%	4,264	-6.0%	0.39%	-4.9%
EW	Sell	Edwards Lifesciences	$534,000	-3.6%	3,755	-3.5%	0.38%	+4.4%
PX	Buy	Praxair	$522,000	-1.9%	5,121	+15.0%	0.37%	+6.3%
FB	New	Facebook	$510,000	–	5,671	–	0.36%	–
UN	Sell	Unilever N.V.	$510,000	-4.1%	12,697	-0.1%	0.36%	+4.0%
FLS	Sell	Flowserve	$470,000	-24.9%	11,428	-3.8%	0.34%	-18.7%
FLR	Sell	Fluor Corporation	$463,000	-25.2%	10,937	-6.4%	0.33%	-19.1%
DE	Sell	Deere	$460,000	-29.4%	6,220	-7.4%	0.33%	-23.5%
MKC	Sell	McCormick	$447,000	-0.2%	5,437	-1.7%	0.32%	+8.1%
DCI	Sell	Donaldson	$437,000	-22.5%	15,550	-1.3%	0.31%	-15.9%
SJM	Sell	J.M. Smucker	$432,000	+1.4%	3,790	-3.4%	0.31%	+10.0%
FDS	Sell	Factset Research	$416,000	-3.9%	2,602	-2.3%	0.30%	+4.2%
JCI	Buy	Johnson Controls	$402,000	+23.7%	9,725	+48.2%	0.29%	+34.1%
MAR	Sell	Marriott Intl. Class A	$389,000	-13.7%	5,699	-5.9%	0.28%	-6.7%
DUK	Buy	Duke Energy	$376,000	+2.5%	5,225	+0.6%	0.27%	+10.7%
GSK	Sell	GlaxoSmithkline PLC	$361,000	-12.4%	9,391	-5.0%	0.26%	-5.2%
R	New	Ryder System	$322,000	–	4,355	–	0.23%	–
HAL	Buy	Halliburton	$312,000	-5.2%	8,835	+15.6%	0.22%	+2.8%
BBBY	Sell	Bed Bath & Beyond	$311,000	-25.1%	5,460	-9.3%	0.22%	-18.7%
TE	Sell	TECO Energy	$309,000	+44.4%	11,765	-2.9%	0.22%	+56.0%
VAR	Sell	Varian Med Sys Inc	$283,000	-16.5%	3,830	-4.8%	0.20%	-9.4%
WFM	Sell	Whole Foods Market	$282,000	-21.0%	8,915	-1.5%	0.20%	-14.5%
SNDK	Buy	SanDisk	$267,000	+18.7%	4,915	+27.2%	0.19%	+28.4%
MO	Sell	Altria Group	$264,000	+8.2%	4,850	-2.8%	0.19%	+16.8%
GM	New	General Motors	$252,000	–	8,385	–	0.18%	–
ORI	Sell	Old Republic Int'l	$250,000	-3.8%	15,960	-4.0%	0.18%	+4.1%
KMB	Sell	Kimberly Clark	$242,000	-2.0%	2,220	-4.9%	0.17%	+6.1%
PPL	New	PPL Corp	$217,000	–	6,610	–	0.16%	–
RRD	Sell	R. R. Donelley	$210,000	-17.0%	14,400	-0.8%	0.15%	-10.2%
BP	Sell	BP	$202,000	-24.3%	6,620	-0.7%	0.14%	-18.2%
FTR	Sell	Frontier Communications	$186,000	-4.6%	39,170	-0.8%	0.13%	+3.9%
FSP	Sell	Franklin Street Properties	$141,000	-6.0%	13,125	-1.4%	0.10%	+2.0%
KRO	Sell	Kronos Worldwide	$127,000	-43.8%	20,460	-0.8%	0.09%	-38.9%
NEBLQ	Sell	Noble Corp	$114,000	-38.4%	10,425	-13.4%	0.08%	-33.6%
AMD	Sell	Advanced Micro	$31,000	-48.3%	18,000	-27.5%	0.02%	-45.0%
DGX	Exit	Quest Diagnostics	$0	–	-2,765	–	-0.13%	–
J	Exit	Jacobs Engineering	$0	–	-5,322	–	-0.14%	–
OKE	Exit	Oneok	$0	–	-5,740	–	-0.15%	–
EBAY	Exit	Ebay	$0	–	-16,462	–	-0.65%	–

Q2 2015

			Value		Shares		↓ Weighting
DIS	New	Walt Disney	$2,348,000	–	20,569	–	1.55%	–
AAPL	New	Apple	$2,336,000	–	18,625	–	1.54%	–
CTSH	New	Cognizant Tech	$2,172,000	–	35,559	–	1.43%	–
TMO	New	Thermo Fisher Scientific	$2,170,000	–	16,721	–	1.43%	–
SYK	New	Stryker	$2,167,000	–	22,676	–	1.43%	–
JPM	New	J.P. Morgan Chase	$2,143,000	–	31,623	–	1.41%	–
FISV	New	Fiserv	$2,134,000	–	25,765	–	1.40%	–
V	New	Visa	$2,118,000	–	31,540	–	1.40%	–
NKE	New	Nike	$2,102,000	–	19,463	–	1.38%	–
ESRX	New	Express Scripts	$2,091,000	–	23,508	–	1.38%	–
JAH	New	Jarden	$2,067,000	–	39,951	–	1.36%	–
CHD	New	Church & Dwight	$2,066,000	–	25,463	–	1.36%	–
BLL	New	Ball Corp.	$2,065,000	–	29,443	–	1.36%	–
PEP	New	PepsiCo	$2,034,000	–	21,789	–	1.34%	–
CL	New	Colgate Palmolive	$2,008,000	–	30,695	–	1.32%	–
SIAL	New	Sigma-Aldrich Corp.	$1,999,000	–	14,343	–	1.32%	–
AGN	New	Allergan, Inc.	$1,996,000	–	6,578	–	1.31%	–
WBA	New	Walgreens Alliance Boots	$1,962,000	–	23,230	–	1.29%	–
ITW	New	Illinois Tool Works	$1,945,000	–	21,195	–	1.28%	–
UTX	New	United Technologies	$1,934,000	–	17,434	–	1.27%	–
AMGN	New	Amgen	$1,932,000	–	12,587	–	1.27%	–
COST	New	Costco	$1,918,000	–	14,199	–	1.26%	–
ORCL	New	Oracle Corp.	$1,914,000	–	47,491	–	1.26%	–
ECL	New	Ecolab	$1,891,000	–	16,725	–	1.24%	–
JNJ	New	Johnson & Johnson	$1,888,000	–	19,376	–	1.24%	–
XOM	New	ExxonMobil	$1,863,000	–	22,395	–	1.23%	–
PG	New	Procter & Gamble	$1,840,000	–	23,523	–	1.21%	–
GIS	New	General Mills	$1,805,000	–	32,396	–	1.19%	–
AFL	New	AFLAC	$1,782,000	–	28,647	–	1.17%	–
CVX	New	Chevron Corp.	$1,773,000	–	18,380	–	1.17%	–
AMZN	New	Amazon.com	$1,759,000	–	4,052	–	1.16%	–
T	New	AT&T	$1,738,000	–	48,941	–	1.14%	–
AXP	New	American Express	$1,723,000	–	22,166	–	1.13%	–
APH	New	Amphenol	$1,715,000	–	29,581	–	1.13%	–
MMM	New	3M Co.	$1,707,000	–	11,064	–	1.12%	–
SLB	New	Schlumberger Ltd.	$1,699,000	–	19,717	–	1.12%	–
CVS	New	CVS Health	$1,631,000	–	15,553	–	1.07%	–
COP	New	ConocoPhillips	$1,598,000	–	26,017	–	1.05%	–
WFC	New	Wells Fargo	$1,585,000	–	28,182	–	1.04%	–
WMT	New	Wal-Mart	$1,570,000	–	22,136	–	1.03%	–
ADP	New	Automatic Data Processing	$1,569,000	–	19,559	–	1.03%	–
CSL	New	Carlisle	$1,520,000	–	15,182	–	1.00%	–
ORLY	New	O'Reilly Auto	$1,508,000	–	6,675	–	0.99%	–
EMR	New	Emerson Electric	$1,480,000	–	26,698	–	0.97%	–
DOV	New	Dover	$1,476,000	–	21,030	–	0.97%	–
SRCL	New	Stericycle	$1,474,000	–	11,009	–	0.97%	–
ABC	New	AmerisourceBergen	$1,466,000	–	13,784	–	0.96%	–
HON	New	Honeywell	$1,461,000	–	14,332	–	0.96%	–
IBM	New	IBM	$1,460,000	–	8,975	–	0.96%	–
QCOM	New	Qualcomm	$1,447,000	–	23,108	–	0.95%	–
CERN	New	Cerner	$1,429,000	–	20,695	–	0.94%	–
MSFT	New	Microsoft	$1,422,000	–	32,201	–	0.94%	–
VZ	New	Verizon	$1,420,000	–	30,466	–	0.94%	–
GAS	New	AGL Resources	$1,394,000	–	29,946	–	0.92%	–
DHR	New	Danaher	$1,335,000	–	15,596	–	0.88%	–
BCR	New	C.R. Bard	$1,303,000	–	7,632	–	0.86%	–
LOW	New	Lowes	$1,251,000	–	18,684	–	0.82%	–
NEE	New	NextEra Energy	$1,249,000	–	12,737	–	0.82%	–
ROP	New	Roper Industries	$1,221,000	–	7,080	–	0.80%	–
CLX	New	Clorox	$1,209,000	–	11,624	–	0.80%	–
GWW	New	W.W. Grainger	$1,169,000	–	4,939	–	0.77%	–
NOC	New	Northrop Grumman	$1,152,000	–	7,264	–	0.76%	–
GOOGL	New	Google Class A	$1,102,000	–	2,041	–	0.73%	–
PCLN	New	Priceline Group	$1,093,000	–	949	–	0.72%	–
BDX	New	Becton Dickinson	$1,089,000	–	7,685	–	0.72%	–
MCD	New	McDonalds	$1,074,000	–	11,298	–	0.71%	–
SHW	New	Sherwin-Williams	$1,063,000	–	3,864	–	0.70%	–
CSCO	New	Cisco Systems	$1,043,000	–	37,981	–	0.69%	–
GPC	New	Genuine Parts	$1,042,000	–	11,639	–	0.69%	–
BA	New	Boeing	$1,033,000	–	7,445	–	0.68%	–
HD	New	Home Depot	$1,025,000	–	9,221	–	0.68%	–
EBAY	New	Ebay	$992,000	–	16,462	–	0.65%	–
RDSA	New	Royal Dutch Shell 'A'	$965,000	–	16,933	–	0.64%	–
SO	New	Southern Company	$927,000	–	22,130	–	0.61%	–
BBT	New	BB&T Corp.	$926,000	–	22,970	–	0.61%	–
GOOG	New	Google Class C	$923,000	–	1,774	–	0.61%	–
TXN	New	Texas Instruments	$917,000	–	17,808	–	0.60%	–
GILD	New	Gilead Sciences	$906,000	–	7,738	–	0.60%	–
BIIB	New	Biogen IDEC Inc.	$891,000	–	2,205	–	0.59%	–
UNH	New	UnitedHealth Group	$881,000	–	7,225	–	0.58%	–
BHI	New	Baker Hughes	$869,000	–	14,092	–	0.57%	–
INTU	New	Intuit	$857,000	–	8,507	–	0.56%	–
SBUX	New	Starbucks	$851,000	–	15,881	–	0.56%	–
APC	New	Anadarko Petroleum	$834,000	–	10,682	–	0.55%	–
LMT	New	Lockheed Martin	$815,000	–	4,382	–	0.54%	–
ABT	New	Abbott Laboratories	$789,000	–	16,085	–	0.52%	–
STJ	New	St. Jude Medical	$761,000	–	10,421	–	0.50%	–
LLY	New	Eli Lilly	$744,000	–	8,914	–	0.49%	–
BUD	New	Anheuser-Busch InBev	$729,000	–	6,045	–	0.48%	–
ITT	New	ITT Corporation	$727,000	–	17,365	–	0.48%	–
NVO	New	Novo Nordisk	$719,000	–	13,125	–	0.47%	–
EMC	New	EMC	$704,000	–	26,690	–	0.46%	–
DLTR	New	Dollar Tree	$687,000	–	8,695	–	0.45%	–
TGT	New	Target	$682,000	–	8,351	–	0.45%	–
BMS	New	Bemis	$675,000	–	14,990	–	0.44%	–
DE	New	Deere	$652,000	–	6,715	–	0.43%	–
D	New	Dominion Resources	$634,000	–	9,474	–	0.42%	–
FLS	New	Flowserve	$626,000	–	11,883	–	0.41%	–
APD	New	Air Products & Chem.	$620,000	–	4,534	–	0.41%	–
FLR	New	Fluor Corporation	$619,000	–	11,682	–	0.41%	–
FAST	New	Fastenal Co.	$615,000	–	14,589	–	0.40%	–
IDXX	New	IDEXX Laboratories	$590,000	–	9,194	–	0.39%	–
DCI	New	Donaldson	$564,000	–	15,760	–	0.37%	–
EW	New	Edwards Lifesciences	$554,000	–	3,892	–	0.36%	–
WDC	New	Western Digital Corp	$555,000	–	7,072	–	0.36%	–
PX	New	Praxair	$532,000	–	4,454	–	0.35%	–
UN	New	Unilever N.V.	$532,000	–	12,712	–	0.35%	–
MAR	New	Marriott Intl. Class A	$451,000	–	6,057	–	0.30%	–
MKC	New	McCormick	$448,000	–	5,532	–	0.30%	–
FDS	New	Factset Research	$433,000	–	2,662	–	0.28%	–
SJM	New	J.M. Smucker	$426,000	–	3,925	–	0.28%	–
BBBY	New	Bed Bath & Beyond	$415,000	–	6,020	–	0.27%	–
GSK	New	GlaxoSmithkline PLC	$412,000	–	9,881	–	0.27%	–
FDX	New	FedEx	$374,000	–	2,192	–	0.25%	–
DUK	New	Duke Energy	$367,000	–	5,196	–	0.24%	–
WFM	New	Whole Foods Market	$357,000	–	9,050	–	0.24%	–
VAR	New	Varian Med Sys Inc	$339,000	–	4,025	–	0.22%	–
HAL	New	Halliburton	$329,000	–	7,645	–	0.22%	–
JCI	New	Johnson Controls	$325,000	–	6,560	–	0.21%	–
BP	New	BP	$267,000	–	6,670	–	0.18%	–
ORI	New	Old Republic Int'l	$260,000	–	16,630	–	0.17%	–
RRD	New	R. R. Donelley	$253,000	–	14,515	–	0.17%	–
KMB	New	Kimberly Clark	$247,000	–	2,335	–	0.16%	–
MO	New	Altria Group	$244,000	–	4,990	–	0.16%	–
OKE	New	Oneok	$227,000	–	5,740	–	0.15%	–
KRO	New	Kronos Worldwide	$226,000	–	20,630	–	0.15%	–
SNDK	New	SanDisk	$225,000	–	3,865	–	0.15%	–
J	New	Jacobs Engineering	$216,000	–	5,322	–	0.14%	–
TE	New	TECO Energy	$214,000	–	12,120	–	0.14%	–
DGX	New	Quest Diagnostics	$201,000	–	2,765	–	0.13%	–
FTR	New	Frontier Communications	$195,000	–	39,470	–	0.13%	–
NEBLQ	New	Noble Corp	$185,000	–	12,045	–	0.12%	–
FSP	New	Franklin Street Properties	$150,000	–	13,305	–	0.10%	–
AMD	New	Advanced Micro	$60,000	–	24,820	–	0.04%	–

Q4 2014

			Value		Shares		↓ Weighting
WIN	Exit	Windsteam Holdings	$0	–	-10,225	–	-0.07%	–
AMD	Exit	Advanced Micro	$0	–	-43,760	–	-0.10%	–
TE	Exit	TECO Energy	$0	–	-10,070	–	-0.12%	–
ORI	Exit	Old Republic Int'l	$0	–	-13,075	–	-0.13%	–
BAX	Exit	Baxter International	$0	–	-2,793	–	-0.14%	–
FTR	Exit	Frontier Communications	$0	–	-30,815	–	-0.14%	–
RRD	Exit	R. R. Donelley	$0	–	-12,280	–	-0.14%	–
LUMN	Exit	CenturyLink	$0	–	-4,980	–	-0.14%	–
NVS	Exit	Novartis	$0	–	-2,203	–	-0.14%	–
DUK	Exit	Duke Energy	$0	–	-2,785	–	-0.14%	–
MO	Exit	Altria Group	$0	–	-4,620	–	-0.14%	–
GE	Exit	General Electric	$0	–	-8,807	–	-0.15%	–
COH	Exit	Coach	$0	–	-6,820	–	-0.16%	–
KMB	Exit	Kimberly Clark	$0	–	-2,475	–	-0.18%	–
CBI	Exit	Chicago Bridge & Iron	$0	–	-5,448	–	-0.21%	–
VAR	Exit	Varian Med Sys Inc	$0	–	-4,540	–	-0.25%	–
SJM	Exit	J.M. Smucker	$0	–	-3,740	–	-0.25%	–
MKC	Exit	McCormick	$0	–	-5,720	–	-0.26%	–
FDS	Exit	Factset Research	$0	–	-3,180	–	-0.26%	–
FDX	Exit	FedEx	$0	–	-2,522	–	-0.28%	–
IDXX	Exit	IDEXX Laboratories	$0	–	-3,755	–	-0.30%	–
WFM	Exit	Whole Foods Market	$0	–	-11,670	–	-0.30%	–
MAR	Exit	Marriott Intl. Class A	$0	–	-6,952	–	-0.33%	–
FCX	Exit	Freeport-McMoRan	$0	–	-15,405	–	-0.34%	–
UN	Exit	Unilever N.V.	$0	–	-12,912	–	-0.35%	–
PX	Exit	Praxair	$0	–	-4,194	–	-0.37%	–
TGT	Exit	Target	$0	–	-8,933	–	-0.38%	–
DE	Exit	Deere	$0	–	-6,987	–	-0.39%	–
EW	Exit	Edwards Lifesciences	$0	–	-5,955	–	-0.41%	–
J	Exit	Jacobs Engineering	$0	–	-12,672	–	-0.42%	–
BMS	Exit	Bemis	$0	–	-16,500	–	-0.42%	–
DLTR	Exit	Dollar Tree	$0	–	-11,235	–	-0.43%	–
STJ	Exit	St. Jude Medical	$0	–	-10,886	–	-0.44%	–
FAST	Exit	Fastenal Co.	$0	–	-14,571	–	-0.44%	–
APD	Exit	Air Products & Chem.	$0	–	-5,075	–	-0.45%	–
BIIB	Exit	Biogen IDEC Inc.	$0	–	-2,002	–	-0.45%	–
DCI	Exit	Donaldson	$0	–	-16,410	–	-0.45%	–
D	Exit	Dominion Resources	$0	–	-9,800	–	-0.46%	–
SBUX	Exit	Starbucks	$0	–	-9,208	–	-0.47%	–
LLY	Exit	Eli Lilly	$0	–	-11,199	–	-0.49%	–
BUD	Exit	Anheuser-Busch InBev	$0	–	-6,755	–	-0.51%	–
HON	Exit	Honeywell	$0	–	-8,197	–	-0.52%	–
NVO	Exit	Novo Nordisk	$0	–	-17,180	–	-0.55%	–
UNH	Exit	UnitedHealth Group	$0	–	-10,092	–	-0.59%	–
JAH	Exit	Jarden	$0	–	-14,570	–	-0.59%	–
SHW	Exit	Sherwin-Williams	$0	–	-4,023	–	-0.60%	–
SO	Exit	Southern Company	$0	–	-20,385	–	-0.60%	–
BBT	Exit	BB&T Corp.	$0	–	-23,935	–	-0.60%	–
EMC	Exit	EMC	$0	–	-30,455	–	-0.60%	–
ABT	Exit	Abbott Laboratories	$0	–	-21,717	–	-0.61%	–
INTU	Exit	Intuit	$0	–	-10,435	–	-0.62%	–
LMT	Exit	Lockheed Martin	$0	–	-5,004	–	-0.62%	–
TXN	Exit	Texas Instruments	$0	–	-19,791	–	-0.64%	–
BHI	Exit	Baker Hughes	$0	–	-14,843	–	-0.65%	–
HD	Exit	Home Depot	$0	–	-10,615	–	-0.66%	–
EBAY	Exit	Ebay	$0	–	-17,702	–	-0.68%	–
BDX	Exit	Becton Dickinson	$0	–	-8,901	–	-0.69%	–
CSCO	Exit	Cisco Systems	$0	–	-41,185	–	-0.70%	–
GOOG	Exit	Google Class C	$0	–	-1,863	–	-0.73%	–
ROP	Exit	Roper Industries	$0	–	-7,518	–	-0.74%	–
GPC	Exit	Genuine Parts	$0	–	-12,569	–	-0.75%	–
RDSA	Exit	Royal Dutch Shell 'A'	$0	–	-14,720	–	-0.76%	–
MCD	Exit	McDonalds	$0	–	-12,084	–	-0.78%	–
NOC	Exit	Northrop Grumman	$0	–	-8,871	–	-0.79%	–
GOOGL	Exit	Google Class A	$0	–	-2,007	–	-0.80%	–
BCR	Exit	C.R. Bard	$0	–	-8,345	–	-0.81%	–
CLX	Exit	Clorox	$0	–	-12,786	–	-0.83%	–
DHR	Exit	Danaher	$0	–	-16,932	–	-0.87%	–
GWW	Exit	W.W. Grainger	$0	–	-5,115	–	-0.87%	–
CSL	Exit	Carlisle	$0	–	-16,289	–	-0.89%	–
SRCL	Exit	Stericycle	$0	–	-11,250	–	-0.89%	–
NEE	Exit	NextEra Energy	$0	–	-14,151	–	-0.90%	–
ORLY	Exit	O'Reilly Auto	$0	–	-8,889	–	-0.90%	–
LOW	Exit	Lowes	$0	–	-25,334	–	-0.91%	–
CVS	Exit	CVS Health	$0	–	-16,993	–	-0.92%	–
CERN	Exit	Cerner	$0	–	-23,825	–	-0.96%	–
VZ	Exit	Verizon	$0	–	-28,412	–	-0.96%	–
AMZN	Exit	Amazon.com	$0	–	-4,411	–	-0.96%	–
GAS	Exit	AGL Resources	$0	–	-27,791	–	-0.97%	–
COP	Exit	ConocoPhillips	$0	–	-20,323	–	-1.05%	–
ABC	Exit	AmerisourceBergen	$0	–	-20,129	–	-1.05%	–
WFC	Exit	Wells Fargo	$0	–	-29,997	–	-1.05%	–
MSFT	Exit	Microsoft	$0	–	-34,134	–	-1.07%	–
APC	Exit	Anadarko Petroleum	$0	–	-15,942	–	-1.09%	–
WAG	Exit	Walgreen	$0	–	-27,325	–	-1.10%	–
T	Exit	AT&T	$0	–	-46,125	–	-1.10%	–
APH	Exit	Amphenol	$0	–	-16,636	–	-1.12%	–
EMR	Exit	Emerson Electric	$0	–	-27,202	–	-1.15%	–
DOV	Exit	Dover	$0	–	-21,512	–	-1.17%	–
MMM	Exit	3M Co.	$0	–	-12,238	–	-1.17%	–
AFL	Exit	AFLAC	$0	–	-30,121	–	-1.19%	–
WMT	Exit	Wal-Mart	$0	–	-22,979	–	-1.19%	–
ADP	Exit	Automatic Data Processing	$0	–	-21,360	–	-1.20%	–
IBM	Exit	IBM	$0	–	-9,379	–	-1.20%	–
GIS	Exit	General Mills	$0	–	-35,456	–	-1.21%	–
B108PS	Exit	Actavis	$0	–	-7,639	–	-1.25%	–
CVX	Exit	Chevron Corp.	$0	–	-15,507	–	-1.25%	–
ESRX	Exit	Express Scripts	$0	–	-26,526	–	-1.27%	–
QCOM	Exit	Qualcomm	$0	–	-25,168	–	-1.27%	–
ORCL	Exit	Oracle Corp.	$0	–	-50,351	–	-1.30%	–
CTSH	Exit	Cognizant Tech	$0	–	-43,275	–	-1.31%	–
UTX	Exit	United Technologies	$0	–	-18,391	–	-1.31%	–
ITW	Exit	Illinois Tool Works	$0	–	-23,142	–	-1.32%	–
AXP	Exit	American Express	$0	–	-22,337	–	-1.32%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-19,412	–	-1.34%	–
CHD	Exit	Church & Dwight	$0	–	-28,258	–	-1.34%	–
COST	Exit	Costco	$0	–	-15,846	–	-1.34%	–
XOM	Exit	ExxonMobil	$0	–	-21,317	–	-1.36%	–
PG	Exit	Procter & Gamble	$0	–	-24,086	–	-1.36%	–
CL	Exit	Colgate Palmolive	$0	–	-30,937	–	-1.37%	–
SYK	Exit	Stryker	$0	–	-25,010	–	-1.37%	–
AGN	Exit	Allergan, Inc.	$0	–	-11,397	–	-1.37%	–
FISV	Exit	Fiserv	$0	–	-31,651	–	-1.38%	–
V	Exit	Visa	$0	–	-9,623	–	-1.39%	–
ECL	Exit	Ecolab	$0	–	-17,925	–	-1.39%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-34,275	–	-1.40%	–
BLL	Exit	Ball Corp.	$0	–	-32,784	–	-1.40%	–
AMGN	Exit	Amgen	$0	–	-15,009	–	-1.43%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-17,374	–	-1.43%	–
JNJ	Exit	Johnson & Johnson	$0	–	-20,132	–	-1.45%	–
PEP	Exit	PepsiCo	$0	–	-23,070	–	-1.45%	–
NKE	Exit	Nike	$0	–	-24,130	–	-1.46%	–
AAPL	Exit	Apple	$0	–	-21,502	–	-1.47%	–
DIS	Exit	Walt Disney	$0	–	-24,442	–	-1.47%	–
SIAL	Exit	Sigma-Aldrich Corp.	$0	–	-19,625	–	-1.81%	–

Q3 2014

			Value		Shares		↓ Weighting
SIAL	Sell	Sigma-Aldrich Corp.	$2,669,000	+25.2%	19,625	-6.5%	1.81%	+27.5%
DIS	Sell	Walt Disney	$2,176,000	-2.7%	24,442	-6.3%	1.47%	-0.9%
AAPL	Buy	Apple	$2,166,000	+77.4%	21,502	+63.7%	1.47%	+80.8%
NKE	Sell	Nike	$2,152,000	+9.6%	24,130	-4.7%	1.46%	+11.7%
PEP	Sell	PepsiCo	$2,148,000	+0.8%	23,070	-3.3%	1.45%	+2.7%
JNJ	Sell	Johnson & Johnson	$2,146,000	-4.2%	20,132	-6.0%	1.45%	-2.4%
TMO	Sell	Thermo Fisher Scientific	$2,114,000	-2.1%	17,374	-5.0%	1.43%	-0.2%
AMGN	Sell	Amgen	$2,108,000	+8.0%	15,009	-9.0%	1.43%	+10.0%
BLL	Sell	Ball Corp.	$2,074,000	-7.0%	32,784	-7.8%	1.40%	-5.3%
JPM	Sell	J.P. Morgan Chase	$2,065,000	+0.4%	34,275	-4.0%	1.40%	+2.3%
ECL	Sell	Ecolab	$2,058,000	-3.2%	17,925	-6.1%	1.39%	-1.3%
V	Sell	Visa	$2,053,000	-2.7%	9,623	-3.9%	1.39%	-0.9%
FISV	Sell	Fiserv	$2,046,000	-0.4%	31,651	-7.1%	1.38%	+1.5%
AGN	Sell	Allergan, Inc.	$2,031,000	-8.8%	11,397	-13.4%	1.37%	-7.1%
SYK	Sell	Stryker	$2,020,000	-7.6%	25,010	-3.5%	1.37%	-5.9%
CL	Sell	Colgate Palmolive	$2,018,000	-7.0%	30,937	-2.8%	1.37%	-5.3%
PG	Sell	Procter & Gamble	$2,017,000	+3.4%	24,086	-3.0%	1.36%	+5.3%
XOM	Sell	ExxonMobil	$2,005,000	-9.3%	21,317	-2.9%	1.36%	-7.6%
COST	Sell	Costco	$1,986,000	+4.0%	15,846	-4.4%	1.34%	+5.9%
CHD	Sell	Church & Dwight	$1,983,000	-4.7%	28,258	-5.0%	1.34%	-2.9%
SLB	Sell	Schlumberger Ltd.	$1,974,000	-18.5%	19,412	-5.4%	1.34%	-16.9%
AXP	Sell	American Express	$1,955,000	-9.7%	22,337	-2.1%	1.32%	-8.1%
ITW	Sell	Illinois Tool Works	$1,954,000	-8.7%	23,142	-5.4%	1.32%	-7.0%
UTX	Sell	United Technologies	$1,942,000	-9.7%	18,391	-1.3%	1.31%	-8.0%
CTSH	Sell	Cognizant Tech	$1,937,000	-11.3%	43,275	-3.1%	1.31%	-9.6%
ORCL	Sell	Oracle Corp.	$1,927,000	-8.0%	50,351	-2.6%	1.30%	-6.3%
QCOM	Buy	Qualcomm	$1,882,000	+3.5%	25,168	+9.6%	1.27%	+5.5%
ESRX	Sell	Express Scripts	$1,874,000	+0.1%	26,526	-1.8%	1.27%	+1.9%
CVX	Sell	Chevron Corp.	$1,850,000	-11.4%	15,507	-3.1%	1.25%	-9.7%
B108PS	Buy	Actavis	$1,843,000	+15.1%	7,639	+6.4%	1.25%	+17.2%
GIS	Sell	General Mills	$1,789,000	-8.0%	35,456	-4.2%	1.21%	-6.3%
IBM	Buy	IBM	$1,780,000	+5.1%	9,379	+0.4%	1.20%	+7.1%
ADP	Sell	Automatic Data Processing	$1,775,000	-1.9%	21,360	-6.4%	1.20%	-0.1%
WMT	Sell	Wal-Mart	$1,757,000	-0.7%	22,979	-2.5%	1.19%	+1.1%
AFL	Sell	AFLAC	$1,755,000	-8.9%	30,121	-2.7%	1.19%	-7.1%
MMM	Sell	3M Co.	$1,734,000	-7.1%	12,238	-6.0%	1.17%	-5.4%
DOV	Sell	Dover	$1,728,000	-13.5%	21,512	-2.0%	1.17%	-11.9%
EMR	Sell	Emerson Electric	$1,702,000	-6.7%	27,202	-1.1%	1.15%	-5.0%
APH	Sell	Amphenol	$1,661,000	-4.3%	16,636	-7.6%	1.12%	-2.5%
T	Buy	AT&T	$1,625,000	+4.7%	46,125	+5.1%	1.10%	+6.7%
WAG	Sell	Walgreen	$1,620,000	-23.1%	27,325	-3.8%	1.10%	-21.7%
APC	Sell	Anadarko Petroleum	$1,617,000	-11.4%	15,942	-4.3%	1.09%	-9.7%
MSFT	Sell	Microsoft	$1,582,000	-3.4%	34,134	-13.1%	1.07%	-1.6%
ABC	Sell	AmerisourceBergen	$1,556,000	-3.4%	20,129	-9.2%	1.05%	-1.6%
WFC	Buy	Wells Fargo	$1,556,000	+24.7%	29,997	+26.3%	1.05%	+27.0%
COP	Sell	ConocoPhillips	$1,555,000	-12.5%	20,323	-2.0%	1.05%	-10.9%
GAS	Sell	AGL Resources	$1,427,000	-10.6%	27,791	-4.2%	0.97%	-8.9%
AMZN	Sell	Amazon.com	$1,422,000	-2.8%	4,411	-2.1%	0.96%	-1.0%
VZ	Buy	Verizon	$1,420,000	+6.5%	28,412	+4.3%	0.96%	+8.5%
CERN	Sell	Cerner	$1,419,000	+9.3%	23,825	-5.3%	0.96%	+11.4%
CVS	Sell	CVS Health	$1,352,000	+4.4%	16,993	-1.1%	0.92%	+6.4%
LOW	Sell	Lowes	$1,341,000	+5.1%	25,334	-4.7%	0.91%	+7.0%
ORLY	Sell	O'Reilly Auto	$1,337,000	-1.8%	8,889	-1.6%	0.90%	+0.1%
NEE	Sell	NextEra Energy	$1,328,000	-13.5%	14,151	-5.5%	0.90%	-11.9%
SRCL	Buy	Stericycle	$1,311,000	-1.1%	11,250	+0.5%	0.89%	+0.8%
CSL	Sell	Carlisle	$1,309,000	-10.6%	16,289	-3.7%	0.89%	-8.9%
GWW	Sell	W.W. Grainger	$1,287,000	-3.5%	5,115	-2.5%	0.87%	-1.7%
DHR	Sell	Danaher	$1,286,000	-8.7%	16,932	-5.4%	0.87%	-7.1%
CLX	Sell	Clorox	$1,228,000	-0.9%	12,786	-5.7%	0.83%	+1.0%
BCR	Sell	C.R. Bard	$1,191,000	-4.0%	8,345	-3.9%	0.81%	-2.2%
GOOGL	Sell	Google Class A	$1,181,000	+0.2%	2,007	-0.4%	0.80%	+2.0%
NOC	Sell	Northrop Grumman	$1,169,000	+8.3%	8,871	-1.6%	0.79%	+10.3%
MCD	Sell	McDonalds	$1,146,000	-38.9%	12,084	-35.2%	0.78%	-37.8%
RDSA	Sell	Royal Dutch Shell 'A'	$1,121,000	-11.5%	14,720	-4.2%	0.76%	-9.8%
GPC	Sell	Genuine Parts	$1,102,000	-2.5%	12,569	-2.3%	0.75%	-0.7%
ROP	Sell	Roper Industries	$1,100,000	-6.3%	7,518	-6.5%	0.74%	-4.6%
GOOG	Sell	Google Class C	$1,076,000	-2.1%	1,863	-2.5%	0.73%	-0.3%
CSCO	Sell	Cisco Systems	$1,037,000	-1.0%	41,185	-2.4%	0.70%	+0.9%
BDX	Sell	Becton Dickinson	$1,013,000	-8.2%	8,901	-4.7%	0.69%	-6.4%
EBAY	Sell	Ebay	$1,002,000	+12.7%	17,702	-0.3%	0.68%	+14.7%
HD	Sell	Home Depot	$974,000	+9.3%	10,615	-3.5%	0.66%	+11.3%
BHI	Sell	Baker Hughes	$966,000	-14.0%	14,843	-1.6%	0.65%	-12.3%
TXN	Sell	Texas Instruments	$944,000	-5.3%	19,791	-5.2%	0.64%	-3.5%
INTU	Sell	Intuit	$915,000	-1.8%	10,435	-9.8%	0.62%	0.0%
LMT	Sell	Lockheed Martin	$915,000	-1.6%	5,004	-13.5%	0.62%	+0.2%
ABT	Sell	Abbott Laboratories	$903,000	-2.0%	21,717	-3.5%	0.61%	-0.2%
EMC	Buy	EMC	$891,000	+12.6%	30,455	+1.4%	0.60%	+14.9%
BBT	Buy	BB&T Corp.	$891,000	+91.2%	23,935	+102.7%	0.60%	+94.5%
SO	Buy	Southern Company	$890,000	+6.7%	20,385	+11.0%	0.60%	+8.7%
SHW	Sell	Sherwin-Williams	$881,000	+2.7%	4,023	-3.0%	0.60%	+4.6%
JAH	New	Jarden	$876,000	–	14,570	–	0.59%	–
UNH	Sell	UnitedHealth Group	$870,000	+4.8%	10,092	-0.6%	0.59%	+6.9%
NVO	Sell	Novo Nordisk	$818,000	-0.7%	17,180	-3.7%	0.55%	+1.3%
HON	Sell	Honeywell	$763,000	-0.5%	8,197	-0.7%	0.52%	+1.2%
BUD	Buy	Anheuser-Busch InBev	$749,000	-2.2%	6,755	+1.4%	0.51%	-0.4%
LLY	Buy	Eli Lilly	$726,000	+5.4%	11,199	+1.0%	0.49%	+7.2%
SBUX	Buy	Starbucks	$695,000	+0.9%	9,208	+3.4%	0.47%	+2.6%
D	Sell	Dominion Resources	$677,000	-9.4%	9,800	-6.2%	0.46%	-7.7%
DCI	Sell	Donaldson	$667,000	-9.0%	16,410	-5.2%	0.45%	-7.4%
BIIB	Buy	Biogen IDEC Inc.	$662,000	+37.9%	2,002	+31.5%	0.45%	+40.4%
APD	Sell	Air Products & Chem.	$661,000	-2.8%	5,075	-4.1%	0.45%	-1.1%
FAST	Sell	Fastenal Co.	$654,000	-9.5%	14,571	-0.2%	0.44%	-7.7%
STJ	Buy	St. Jude Medical	$655,000	-11.8%	10,886	+1.5%	0.44%	-10.3%
DLTR	Sell	Dollar Tree	$630,000	+1.4%	11,235	-1.4%	0.43%	+3.1%
BMS	Buy	Bemis	$627,000	-0.9%	16,500	+6.0%	0.42%	+1.0%
J	Buy	Jacobs Engineering	$619,000	-4.2%	12,672	+4.5%	0.42%	-2.3%
EW	Sell	Edwards Lifesciences	$608,000	-2.4%	5,955	-18.0%	0.41%	-0.7%
DE	Sell	Deere	$573,000	-11.0%	6,987	-1.8%	0.39%	-9.3%
TGT	Sell	Target	$560,000	-38.2%	8,933	-42.8%	0.38%	-37.0%
PX	Buy	Praxair	$541,000	+28.5%	4,194	+32.4%	0.37%	+30.7%
UN	Sell	Unilever N.V.	$512,000	-12.2%	12,912	-3.0%	0.35%	-10.6%
FCX	Buy	Freeport-McMoRan	$503,000	-5.3%	15,405	+5.9%	0.34%	-3.7%
MAR	Sell	Marriott Intl. Class A	$486,000	-0.2%	6,952	-8.5%	0.33%	+1.5%
WFM	Sell	Whole Foods Market	$445,000	-4.3%	11,670	-3.0%	0.30%	-2.6%
IDXX	Sell	IDEXX Laboratories	$442,000	-21.6%	3,755	-11.1%	0.30%	-20.3%
FDX	Sell	FedEx	$407,000	+2.0%	2,522	-4.4%	0.28%	+3.8%
FDS	Sell	Factset Research	$386,000	-1.5%	3,180	-2.3%	0.26%	+0.4%
MKC	Sell	McCormick	$383,000	-18.2%	5,720	-12.5%	0.26%	-16.7%
SJM	Sell	J.M. Smucker	$370,000	-8.6%	3,740	-1.7%	0.25%	-7.1%
VAR	Sell	Varian Med Sys Inc	$364,000	-4.7%	4,540	-1.3%	0.25%	-3.1%
CBI	Sell	Chicago Bridge & Iron	$315,000	-20.9%	5,448	-6.8%	0.21%	-19.3%
KMB	Sell	Kimberly Clark	$266,000	-5.0%	2,475	-1.6%	0.18%	-3.2%
COH	Sell	Coach	$243,000	-14.4%	6,820	-17.9%	0.16%	-13.2%
GE	Sell	General Electric	$226,000	-8.5%	8,807	-6.3%	0.15%	-6.7%
MO	New	Altria Group	$212,000	–	4,620	–	0.14%	–
DUK	Buy	Duke Energy	$208,000	+2.0%	2,785	+1.3%	0.14%	+3.7%
NVS	Sell	Novartis	$207,000	+3.5%	2,203	-0.5%	0.14%	+5.3%
LUMN	New	CenturyLink	$204,000	–	4,980	–	0.14%	–
RRD	New	R. R. Donelley	$202,000	–	12,280	–	0.14%	–
FTR	Buy	Frontier Communications	$201,000	+171.6%	30,815	+143.6%	0.14%	+177.6%
BAX	Sell	Baxter International	$200,000	-3.4%	2,793	-2.3%	0.14%	-2.2%
ORI	New	Old Republic Int'l	$187,000	–	13,075	–	0.13%	–
TE	New	TECO Energy	$175,000	–	10,070	–	0.12%	–
AMD	Sell	Advanced Micro	$149,000	-23.2%	43,760	-5.7%	0.10%	-21.7%
WIN	New	Windsteam Holdings	$110,000	–	10,225	–	0.07%	–
NOV	Exit	National Oilwell Varco	$0	–	-2,435	–	-0.13%	–
KN	Exit	Knowles	$0	–	-7,022	–	-0.14%	–
GSK	Exit	GlaxoSmithkline PLC	$0	–	-4,266	–	-0.15%	–

Q2 2014

			Value		Shares		↓ Weighting
SLB	New	Schlumberger Ltd.	$2,421,000	–	20,524	–	1.61%	–
JNJ	New	Johnson & Johnson	$2,240,000	–	21,409	–	1.49%	–
DIS	New	Walt Disney	$2,237,000	–	26,092	–	1.49%	–
BLL	New	Ball Corp.	$2,229,000	–	35,555	–	1.48%	–
AGN	New	Allergan, Inc.	$2,227,000	–	13,163	–	1.48%	–
XOM	New	ExxonMobil	$2,211,000	–	21,957	–	1.47%	–
SYK	New	Stryker	$2,186,000	–	25,923	–	1.45%	–
CTSH	New	Cognizant Tech	$2,183,000	–	44,638	–	1.45%	–
CL	New	Colgate Palmolive	$2,170,000	–	31,825	–	1.44%	–
AXP	New	American Express	$2,166,000	–	22,827	–	1.44%	–
TMO	New	Thermo Fisher Scientific	$2,159,000	–	18,296	–	1.43%	–
UTX	New	United Technologies	$2,150,000	–	18,625	–	1.43%	–
ITW	New	Illinois Tool Works	$2,141,000	–	24,454	–	1.42%	–
SIAL	New	Sigma-Aldrich Corp.	$2,131,000	–	20,997	–	1.42%	–
PEP	New	PepsiCo	$2,131,000	–	23,849	–	1.42%	–
ECL	New	Ecolab	$2,125,000	–	19,085	–	1.41%	–
V	New	Visa	$2,109,000	–	10,010	–	1.40%	–
WAG	New	Walgreen	$2,106,000	–	28,415	–	1.40%	–
ORCL	New	Oracle Corp.	$2,094,000	–	51,677	–	1.39%	–
CVX	New	Chevron Corp.	$2,088,000	–	15,997	–	1.39%	–
CHD	New	Church & Dwight	$2,080,000	–	29,731	–	1.38%	–
JPM	New	J.P. Morgan Chase	$2,057,000	–	35,703	–	1.37%	–
FISV	New	Fiserv	$2,055,000	–	34,066	–	1.36%	–
DOV	New	Dover	$1,997,000	–	21,957	–	1.33%	–
NKE	New	Nike	$1,963,000	–	25,315	–	1.30%	–
AMGN	New	Amgen	$1,952,000	–	16,491	–	1.30%	–
PG	New	Procter & Gamble	$1,951,000	–	24,819	–	1.30%	–
GIS	New	General Mills	$1,945,000	–	37,021	–	1.29%	–
AFL	New	AFLAC	$1,926,000	–	30,945	–	1.28%	–
COST	New	Costco	$1,910,000	–	16,582	–	1.27%	–
MCD	New	McDonalds	$1,877,000	–	18,634	–	1.25%	–
ESRX	New	Express Scripts	$1,872,000	–	27,004	–	1.24%	–
MMM	New	3M Co.	$1,866,000	–	13,024	–	1.24%	–
EMR	New	Emerson Electric	$1,825,000	–	27,502	–	1.21%	–
APC	New	Anadarko Petroleum	$1,825,000	–	16,667	–	1.21%	–
QCOM	New	Qualcomm	$1,819,000	–	22,962	–	1.21%	–
ADP	New	Automatic Data Processing	$1,809,000	–	22,813	–	1.20%	–
COP	New	ConocoPhillips	$1,778,000	–	20,735	–	1.18%	–
WMT	New	Wal-Mart	$1,770,000	–	23,579	–	1.18%	–
APH	New	Amphenol	$1,735,000	–	18,006	–	1.15%	–
IBM	New	IBM	$1,694,000	–	9,345	–	1.12%	–
MSFT	New	Microsoft	$1,638,000	–	39,278	–	1.09%	–
ABC	New	AmerisourceBergen	$1,611,000	–	22,172	–	1.07%	–
B108PS	New	Actavis	$1,601,000	–	7,179	–	1.06%	–
GAS	New	AGL Resources	$1,596,000	–	29,011	–	1.06%	–
T	New	AT&T	$1,552,000	–	43,885	–	1.03%	–
NEE	New	NextEra Energy	$1,535,000	–	14,981	–	1.02%	–
CSL	New	Carlisle	$1,465,000	–	16,910	–	0.97%	–
AMZN	New	Amazon.com	$1,463,000	–	4,504	–	0.97%	–
DHR	New	Danaher	$1,409,000	–	17,892	–	0.94%	–
ORLY	New	O'Reilly Auto	$1,361,000	–	9,036	–	0.90%	–
GWW	New	W.W. Grainger	$1,334,000	–	5,245	–	0.89%	–
VZ	New	Verizon	$1,333,000	–	27,242	–	0.89%	–
SRCL	New	Stericycle	$1,325,000	–	11,190	–	0.88%	–
CERN	New	Cerner	$1,298,000	–	25,170	–	0.86%	–
CVS	New	CVS/Caremark	$1,295,000	–	17,187	–	0.86%	–
LOW	New	Lowes	$1,276,000	–	26,593	–	0.85%	–
RDSA	New	Royal Dutch Shell 'A'	$1,266,000	–	15,369	–	0.84%	–
WFC	New	Wells Fargo	$1,248,000	–	23,743	–	0.83%	–
BCR	New	C.R. Bard	$1,241,000	–	8,681	–	0.82%	–
CLX	New	Clorox	$1,239,000	–	13,560	–	0.82%	–
AAPL	New	Apple	$1,221,000	–	13,135	–	0.81%	–
GOOGL	New	Google Class A	$1,179,000	–	2,016	–	0.78%	–
ROP	New	Roper Industries	$1,174,000	–	8,041	–	0.78%	–
GPC	New	Genuine Parts	$1,130,000	–	12,870	–	0.75%	–
BHI	New	Baker Hughes	$1,123,000	–	15,088	–	0.75%	–
BDX	New	Becton Dickinson	$1,104,000	–	9,336	–	0.73%	–
GOOG	New	Google Class C	$1,099,000	–	1,910	–	0.73%	–
NOC	New	Northrop Grumman	$1,079,000	–	9,018	–	0.72%	–
CSCO	New	Cisco Systems	$1,048,000	–	42,180	–	0.70%	–
TXN	New	Texas Instruments	$997,000	–	20,870	–	0.66%	–
INTU	New	Intuit	$932,000	–	11,570	–	0.62%	–
LMT	New	Lockheed Martin	$930,000	–	5,786	–	0.62%	–
ABT	New	Abbott Laboratories	$921,000	–	22,512	–	0.61%	–
TGT	New	Target	$906,000	–	15,630	–	0.60%	–
HD	New	Home Depot	$891,000	–	11,005	–	0.59%	–
EBAY	New	Ebay	$889,000	–	17,762	–	0.59%	–
SHW	New	Sherwin-Williams	$858,000	–	4,149	–	0.57%	–
SO	New	Southern Company	$834,000	–	18,370	–	0.55%	–
UNH	New	UnitedHealth Group	$830,000	–	10,148	–	0.55%	–
NVO	New	Novo Nordisk	$824,000	–	17,840	–	0.55%	–
EMC	New	EMC	$791,000	–	30,020	–	0.52%	–
HON	New	Honeywell	$767,000	–	8,257	–	0.51%	–
BUD	New	Anheuser-Busch InBev	$766,000	–	6,665	–	0.51%	–
D	New	Dominion Resources	$747,000	–	10,445	–	0.50%	–
STJ	New	St. Jude Medical	$743,000	–	10,730	–	0.49%	–
DCI	New	Donaldson	$733,000	–	17,315	–	0.49%	–
FAST	New	Fastenal Co.	$723,000	–	14,601	–	0.48%	–
LLY	New	Eli Lilly	$689,000	–	11,084	–	0.46%	–
SBUX	New	Starbucks	$689,000	–	8,903	–	0.46%	–
APD	New	Air Products & Chem.	$680,000	–	5,290	–	0.45%	–
J	New	Jacobs Engineering	$646,000	–	12,132	–	0.43%	–
DE	New	Deere	$644,000	–	7,117	–	0.43%	–
BMS	New	Bemis	$633,000	–	15,570	–	0.42%	–
EW	New	Edwards Lifesciences	$623,000	–	7,260	–	0.41%	–
DLTR	New	Dollar Tree	$621,000	–	11,395	–	0.41%	–
UN	New	Unilever N.V.	$583,000	–	13,312	–	0.39%	–
IDXX	New	IDEXX Laboratories	$564,000	–	4,225	–	0.38%	–
FCX	New	Freeport-McMoRan	$531,000	–	14,550	–	0.35%	–
MAR	New	Marriott Intl. Class A	$487,000	–	7,599	–	0.32%	–
BIIB	New	Biogen IDEC Inc.	$480,000	–	1,522	–	0.32%	–
MKC	New	McCormick	$468,000	–	6,535	–	0.31%	–
BBT	New	BB&T Corp.	$466,000	–	11,810	–	0.31%	–
WFM	New	Whole Foods Market	$465,000	–	12,025	–	0.31%	–
PX	New	Praxair	$421,000	–	3,168	–	0.28%	–
SJM	New	J.M. Smucker	$405,000	–	3,805	–	0.27%	–
FDX	New	FedEx	$399,000	–	2,637	–	0.26%	–
CBI	New	Chicago Bridge & Iron	$398,000	–	5,843	–	0.26%	–
FDS	New	Factset Research	$392,000	–	3,255	–	0.26%	–
VAR	New	Varian Med Sys Inc	$382,000	–	4,600	–	0.25%	–
COH	New	Coach	$284,000	–	8,305	–	0.19%	–
KMB	New	Kimberly Clark	$280,000	–	2,515	–	0.19%	–
GE	New	General Electric	$247,000	–	9,402	–	0.16%	–
GSK	New	GlaxoSmithkline PLC	$228,000	–	4,266	–	0.15%	–
KN	New	Knowles	$216,000	–	7,022	–	0.14%	–
BAX	New	Baxter International	$207,000	–	2,858	–	0.14%	–
DUK	New	Duke Energy	$204,000	–	2,750	–	0.14%	–
NOV	New	National Oilwell Varco	$201,000	–	2,435	–	0.13%	–
NVS	New	Novartis	$200,000	–	2,213	–	0.13%	–
AMD	New	Advanced Micro	$194,000	–	46,410	–	0.13%	–
FTR	New	Frontier Communications	$74,000	–	12,650	–	0.05%	–

Q4 2013

			Value		Shares		↓ Weighting
APA	Exit	Apache Corp.	$0	–	-2,655	–	-0.16%	–
BIIB	Exit	Biogen IDEC Inc.	$0	–	-943	–	-0.16%	–
TDW	Exit	Tidewater Inc.	$0	–	-3,960	–	-0.17%	–
DGX	Exit	Quest Diagnostics	$0	–	-3,890	–	-0.17%	–
GE	Exit	General Electric	$0	–	-10,413	–	-0.18%	–
FCX	Exit	Freeport-McMoRan	$0	–	-7,685	–	-0.18%	–
KMB	Exit	Kimberly Clark	$0	–	-3,080	–	-0.21%	–
FDX	Exit	FedEx	$0	–	-2,837	–	-0.23%	–
PX	Exit	Praxair	$0	–	-2,693	–	-0.23%	–
FDS	Exit	Factset Research	$0	–	-3,440	–	-0.27%	–
SBUX	Exit	Starbucks	$0	–	-5,095	–	-0.28%	–
VAR	Exit	Varian Med Sys Inc	$0	–	-5,318	–	-0.28%	–
MAR	Exit	Marriott Intl. Class A	$0	–	-9,525	–	-0.29%	–
DE	Exit	Deere	$0	–	-5,030	–	-0.29%	–
SJM	Exit	J.M. Smucker	$0	–	-4,350	–	-0.33%	–
BBT	Exit	BB&T Corp.	$0	–	-13,695	–	-0.33%	–
UN	Exit	Unilever N.V.	$0	–	-13,222	–	-0.36%	–
CBI	Exit	Chicago Bridge & Iron	$0	–	-8,025	–	-0.39%	–
LMT	Exit	Lockheed Martin	$0	–	-4,395	–	-0.40%	–
LIFE	Exit	Life Technologies	$0	–	-7,718	–	-0.41%	–
BMS	Exit	Bemis	$0	–	-15,426	–	-0.43%	–
APD	Exit	Air Products & Chem.	$0	–	-5,980	–	-0.46%	–
SO	Exit	Southern Company	$0	–	-15,719	–	-0.46%	–
NVO	Exit	Novo Nordisk	$0	–	-3,867	–	-0.47%	–
DCI	Exit	Donaldson	$0	–	-17,510	–	-0.48%	–
D	Exit	Dominion Resources	$0	–	-10,980	–	-0.49%	–
TDC	Exit	Teradata	$0	–	-12,485	–	-0.49%	–
ABT	Exit	Abbott Laboratories	$0	–	-20,888	–	-0.50%	–
STJ	Exit	St. Jude Medical	$0	–	-13,200	–	-0.51%	–
J	Exit	Jacobs Engineering	$0	–	-12,275	–	-0.51%	–
FAST	Exit	Fastenal Co.	$0	–	-14,996	–	-0.54%	–
BUD	Exit	Anheuser-Busch InBev	$0	–	-7,695	–	-0.54%	–
MKC	Exit	McCormick	$0	–	-12,015	–	-0.56%	–
BAX	Exit	Baxter International	$0	–	-11,861	–	-0.56%	–
DLTR	Exit	Dollar Tree	$0	–	-13,675	–	-0.56%	–
CERN	Exit	Cerner	$0	–	-14,980	–	-0.56%	–
HON	Exit	Honeywell	$0	–	-9,656	–	-0.57%	–
UNH	Exit	UnitedHealth Group	$0	–	-11,500	–	-0.59%	–
SHW	Exit	Sherwin-Williams	$0	–	-4,584	–	-0.60%	–
INTU	Exit	Intuit	$0	–	-12,760	–	-0.60%	–
BHI	Exit	Baker Hughes	$0	–	-19,598	–	-0.69%	–
ORLY	Exit	O'Reilly Auto	$0	–	-7,675	–	-0.70%	–
AAPL	Exit	Apple	$0	–	-2,088	–	-0.71%	–
RDSA	Exit	Royal Dutch Shell 'A'	$0	–	-15,273	–	-0.72%	–
BDX	Exit	Becton Dickinson	$0	–	-10,506	–	-0.75%	–
ACT	Exit	Actavis	$0	–	-7,354	–	-0.76%	–
WFC	Exit	Wells Fargo	$0	–	-25,816	–	-0.76%	–
NOC	Exit	Northrop Grumman	$0	–	-11,492	–	-0.78%	–
EMC	Exit	EMC	$0	–	-43,307	–	-0.79%	–
GPC	Exit	Genuine Parts	$0	–	-13,780	–	-0.80%	–
TXN	Exit	Texas Instruments	$0	–	-27,816	–	-0.80%	–
ROP	Exit	Roper Industries	$0	–	-8,601	–	-0.82%	–
CVS	Exit	CVS/Caremark	$0	–	-20,542	–	-0.83%	–
VZ	Exit	Verizon	$0	–	-25,231	–	-0.84%	–
COH	Exit	Coach	$0	–	-21,940	–	-0.85%	–
QCOM	Exit	Qualcomm	$0	–	-18,568	–	-0.89%	–
CLX	Exit	Clorox	$0	–	-15,473	–	-0.90%	–
TGT	Exit	Target	$0	–	-20,382	–	-0.93%	–
APH	Exit	Amphenol	$0	–	-16,970	–	-0.94%	–
SRCL	Exit	Stericycle	$0	–	-11,585	–	-0.96%	–
CSL	Exit	Carlisle	$0	–	-19,240	–	-0.97%	–
NEE	Exit	NextEra Energy	$0	–	-17,081	–	-0.98%	–
LOW	Exit	Lowes	$0	–	-28,770	–	-0.98%	–
DHR	Exit	Danaher	$0	–	-19,955	–	-0.99%	–
GAS	Exit	AGL Resources	$0	–	-30,552	–	-1.00%	–
COP	Exit	ConocoPhillips	$0	–	-20,458	–	-1.02%	–
GWW	Exit	W.W. Grainger	$0	–	-5,541	–	-1.04%	–
AGN	Exit	Allergan, Inc.	$0	–	-16,044	–	-1.04%	–
MSFT	Exit	Microsoft	$0	–	-43,777	–	-1.04%	–
CSCO	Exit	Cisco Systems	$0	–	-63,893	–	-1.07%	–
AMZN	Exit	Amazon.com	$0	–	-5,151	–	-1.15%	–
T	Exit	AT&T	$0	–	-48,686	–	-1.18%	–
ABC	Exit	AmerisourceBergen	$0	–	-27,148	–	-1.18%	–
BCR	Exit	C.R. Bard	$0	–	-14,499	–	-1.19%	–
DIS	Exit	Walt Disney	$0	–	-26,045	–	-1.20%	–
IBM	Exit	IBM	$0	–	-9,192	–	-1.22%	–
APC	Exit	Anadarko Petroleum	$0	–	-18,575	–	-1.23%	–
MMM	Exit	3M Co.	$0	–	-14,768	–	-1.26%	–
ESRX	Exit	Express Scripts	$0	–	-28,543	–	-1.26%	–
BLL	Exit	Ball Corp.	$0	–	-39,747	–	-1.27%	–
ADP	Exit	Automatic Data Processing	$0	–	-25,038	–	-1.29%	–
ORCL	Exit	Oracle Corp.	$0	–	-55,362	–	-1.31%	–
WMT	Exit	Wal-Mart	$0	–	-24,986	–	-1.32%	–
MCD	Exit	McDonalds	$0	–	-19,388	–	-1.33%	–
WAG	Exit	Walgreen	$0	–	-34,864	–	-1.34%	–
NKE	Exit	Nike	$0	–	-26,222	–	-1.36%	–
CHD	Exit	Church & Dwight	$0	–	-31,828	–	-1.36%	–
FISV	Exit	Fiserv	$0	–	-19,148	–	-1.38%	–
EMR	Exit	Emerson Electric	$0	–	-29,938	–	-1.38%	–
GIS	Exit	General Mills	$0	–	-40,506	–	-1.39%	–
PG	Exit	Procter & Gamble	$0	–	-25,826	–	-1.39%	–
SYK	Exit	Stryker	$0	–	-29,027	–	-1.40%	–
AMGN	Exit	Amgen	$0	–	-17,578	–	-1.40%	–
CVX	Exit	Chevron Corp.	$0	–	-16,250	–	-1.41%	–
AXP	Exit	American Express	$0	–	-26,179	–	-1.41%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-38,244	–	-1.41%	–
SLB	Exit	Schlumberger Ltd.	$0	–	-22,510	–	-1.42%	–
XOM	Exit	ExxonMobil	$0	–	-23,156	–	-1.42%	–
SIAL	Exit	Sigma-Aldrich Corp.	$0	–	-23,432	–	-1.43%	–
COST	Exit	Costco	$0	–	-17,501	–	-1.44%	–
PEP	Exit	PepsiCo	$0	–	-25,637	–	-1.46%	–
CTSH	Exit	Cognizant Tech	$0	–	-25,014	–	-1.47%	–
CL	Exit	Colgate Palmolive	$0	–	-34,840	–	-1.48%	–
AFL	Exit	AFLAC	$0	–	-33,361	–	-1.48%	–
V	Exit	Visa	$0	–	-10,844	–	-1.48%	–
JNJ	Exit	Johnson & Johnson	$0	–	-23,970	–	-1.48%	–
ITW	Exit	Illinois Tool Works	$0	–	-27,737	–	-1.51%	–
GOOGL	Exit	Google	$0	–	-2,430	–	-1.52%	–
DOV	Exit	Dover	$0	–	-23,727	–	-1.52%	–
ECL	Exit	Ecolab	$0	–	-21,810	–	-1.54%	–
UTX	Exit	United Technologies	$0	–	-20,446	–	-1.58%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-24,285	–	-1.60%	–

Q3 2013

			Value		Shares		↓ Weighting
TMO	Sell	Thermo Fisher Scientific	$2,238,000	-11.0%	24,285	-18.3%	1.60%	-10.2%
UTX	Sell	United Technologies	$2,204,000	+2.4%	20,446	-11.7%	1.58%	+3.3%
ECL	Sell	Ecolab	$2,154,000	+2.2%	21,810	-11.8%	1.54%	+3.1%
DOV	Sell	Dover	$2,131,000	+3.1%	23,727	-10.8%	1.52%	+4.0%
GOOGL	Sell	Google	$2,128,000	-7.2%	2,430	-6.7%	1.52%	-6.3%
ITW	Sell	Illinois Tool Works	$2,116,000	-0.9%	27,737	-10.1%	1.51%	0.0%
JNJ	Sell	Johnson & Johnson	$2,078,000	-5.4%	23,970	-6.3%	1.48%	-4.6%
V	Sell	Visa	$2,072,000	-7.8%	10,844	-11.8%	1.48%	-7.0%
AFL	Sell	AFLAC	$2,068,000	-2.6%	33,361	-8.7%	1.48%	-1.8%
CL	Sell	Colgate Palmolive	$2,066,000	-3.3%	34,840	-6.6%	1.48%	-2.4%
CTSH	Sell	Cognizant Tech	$2,054,000	+23.4%	25,014	-5.9%	1.47%	+24.4%
PEP	Sell	PepsiCo	$2,038,000	-7.4%	25,637	-4.8%	1.46%	-6.6%
COST	Sell	Costco	$2,016,000	-4.5%	17,501	-8.3%	1.44%	-3.6%
SIAL	Sell	Sigma-Aldrich Corp.	$1,999,000	-2.3%	23,432	-7.9%	1.43%	-1.5%
XOM	Sell	ExxonMobil	$1,992,000	-7.9%	23,156	-3.3%	1.42%	-7.1%
SLB	Sell	Schlumberger Ltd.	$1,989,000	+16.9%	22,510	-5.2%	1.42%	+17.9%
JPM	Sell	J.P. Morgan Chase	$1,977,000	-8.3%	38,244	-6.4%	1.41%	-7.5%
AXP	Sell	American Express	$1,977,000	-5.1%	26,179	-6.1%	1.41%	-4.3%
CVX	Sell	Chevron Corp.	$1,974,000	-4.1%	16,250	-6.5%	1.41%	-3.2%
AMGN	Sell	Amgen	$1,967,000	-4.0%	17,578	-15.4%	1.40%	-3.2%
SYK	Sell	Stryker	$1,962,000	-2.5%	29,027	-6.7%	1.40%	-1.6%
PG	Sell	Procter & Gamble	$1,952,000	-7.7%	25,826	-6.0%	1.39%	-6.9%
GIS	Sell	General Mills	$1,941,000	-9.3%	40,506	-8.1%	1.39%	-8.4%
EMR	Sell	Emerson Electric	$1,937,000	+9.1%	29,938	-8.0%	1.38%	+10.1%
FISV	Sell	Fiserv	$1,935,000	+11.3%	19,148	-3.7%	1.38%	+12.3%
CHD	Sell	Church & Dwight	$1,911,000	-9.1%	31,828	-6.5%	1.36%	-8.3%
NKE	Sell	Nike	$1,905,000	+2.7%	26,222	-10.0%	1.36%	+3.6%
WAG	Sell	Walgreen	$1,876,000	+7.6%	34,864	-11.6%	1.34%	+8.6%
MCD	Sell	McDonalds	$1,865,000	-7.3%	19,388	-4.6%	1.33%	-6.5%
WMT	Sell	Wal-Mart	$1,848,000	-6.8%	24,986	-6.1%	1.32%	-5.9%
ORCL	Sell	Oracle Corp.	$1,836,000	+1.5%	55,362	-6.0%	1.31%	+2.5%
ADP	Sell	Automatic Data Processing	$1,812,000	-7.0%	25,038	-11.5%	1.29%	-6.2%
BLL	Sell	Ball Corp.	$1,784,000	+1.7%	39,747	-5.9%	1.27%	+2.6%
ESRX	Sell	Express Scripts	$1,764,000	-5.5%	28,543	-5.6%	1.26%	-4.6%
MMM	Sell	3M Co.	$1,763,000	+0.2%	14,768	-8.2%	1.26%	+1.0%
APC	Sell	Anadarko Petroleum	$1,727,000	+0.5%	18,575	-7.1%	1.23%	+1.4%
IBM	Sell	IBM	$1,702,000	-7.1%	9,192	-4.1%	1.22%	-6.2%
DIS	Sell	Walt Disney	$1,680,000	-8.0%	26,045	-9.9%	1.20%	-7.2%
BCR	Sell	C.R. Bard	$1,670,000	+0.2%	14,499	-5.4%	1.19%	+1.1%
ABC	Sell	AmerisourceBergen	$1,659,000	-3.7%	27,148	-12.0%	1.18%	-2.8%
T	Sell	AT&T	$1,647,000	-7.3%	48,686	-3.0%	1.18%	-6.4%
AMZN	Sell	Amazon.com	$1,610,000	+5.9%	5,151	-5.9%	1.15%	+6.9%
CSCO	Sell	Cisco Systems	$1,497,000	-9.7%	63,893	-6.2%	1.07%	-8.9%
MSFT	Sell	Microsoft	$1,457,000	-11.8%	43,777	-8.4%	1.04%	-11.0%
AGN	Sell	Allergan, Inc.	$1,451,000	+4.8%	16,044	-2.4%	1.04%	+5.8%
GWW	Sell	W.W. Grainger	$1,450,000	-4.9%	5,541	-8.3%	1.04%	-4.0%
COP	Buy	ConocoPhillips	$1,422,000	+15.2%	20,458	+0.3%	1.02%	+16.2%
GAS	Sell	AGL Resources	$1,406,000	+3.4%	30,552	-3.7%	1.00%	+4.3%
DHR	Sell	Danaher	$1,383,000	+2.1%	19,955	-6.7%	0.99%	+3.0%
LOW	Sell	Lowes	$1,370,000	+0.1%	28,770	-14.0%	0.98%	+1.0%
NEE	Sell	NextEra Energy	$1,369,000	-8.1%	17,081	-6.5%	0.98%	-7.2%
CSL	Sell	Carlisle	$1,352,000	+8.1%	19,240	-4.2%	0.97%	+9.0%
SRCL	Buy	Stericycle	$1,337,000	+17.2%	11,585	+12.1%	0.96%	+18.2%
APH	Sell	Amphenol	$1,313,000	-8.2%	16,970	-7.5%	0.94%	-7.4%
TGT	Sell	Target	$1,304,000	-10.9%	20,382	-4.1%	0.93%	-10.0%
CLX	Sell	Clorox	$1,264,000	-5.0%	15,473	-3.3%	0.90%	-4.1%
QCOM	Buy	Qualcomm	$1,250,000	+23.2%	18,568	+11.7%	0.89%	+24.2%
COH	New	Coach	$1,196,000	–	21,940	–	0.85%	–
VZ	Sell	Verizon	$1,178,000	-12.4%	25,231	-5.5%	0.84%	-11.6%
CVS	Sell	CVS/Caremark	$1,166,000	-2.2%	20,542	-1.5%	0.83%	-1.3%
ROP	Sell	Roper Industries	$1,143,000	-0.8%	8,601	-7.2%	0.82%	+0.1%
TXN	Sell	Texas Instruments	$1,121,000	+5.7%	27,816	-8.6%	0.80%	+6.7%
GPC	Sell	Genuine Parts	$1,115,000	-3.9%	13,780	-7.3%	0.80%	-2.9%
EMC	Sell	EMC	$1,107,000	-34.7%	43,307	-39.7%	0.79%	-34.1%
NOC	Sell	Northrop Grumman	$1,095,000	-5.7%	11,492	-18.0%	0.78%	-4.9%
WFC	Buy	Wells Fargo	$1,067,000	+38.8%	25,816	+38.6%	0.76%	+39.8%
ACT	Sell	Actavis	$1,059,000	-1.9%	7,354	-14.1%	0.76%	-1.0%
BDX	Sell	Becton Dickinson	$1,051,000	-10.8%	10,506	-11.9%	0.75%	-10.0%
RDSA	Sell	Royal Dutch Shell 'A'	$1,003,000	-2.9%	15,273	-5.7%	0.72%	-1.9%
AAPL	Sell	Apple	$995,000	+12.8%	2,088	-6.1%	0.71%	+13.8%
ORLY	Sell	O'Reilly Auto	$979,000	+0.5%	7,675	-11.3%	0.70%	+1.3%
BHI	Sell	Baker Hughes	$962,000	-7.7%	19,598	-13.3%	0.69%	-6.9%
INTU	Sell	Intuit	$846,000	-2.8%	12,760	-10.5%	0.60%	-1.9%
SHW	Sell	Sherwin-Williams	$835,000	-7.9%	4,584	-10.7%	0.60%	-7.0%
UNH	Sell	UnitedHealth Group	$824,000	-5.8%	11,500	-14.0%	0.59%	-5.0%
HON	Sell	Honeywell	$802,000	-9.3%	9,656	-13.4%	0.57%	-8.5%
CERN	Buy	Cerner	$787,000	+133.5%	14,980	+327.4%	0.56%	+135.1%
DLTR	Sell	Dollar Tree	$782,000	-41.3%	13,675	-47.8%	0.56%	-40.7%
BAX	Sell	Baxter International	$779,000	-11.0%	11,861	-6.1%	0.56%	-10.2%
MKC	Sell	McCormick	$777,000	-10.0%	12,015	-2.0%	0.56%	-9.2%
BUD	Sell	Anheuser-Busch InBev	$763,000	-3.4%	7,695	-12.1%	0.54%	-2.5%
FAST	Sell	Fastenal Co.	$754,000	+4.9%	14,996	-4.5%	0.54%	+5.9%
J	Buy	Jacobs Engineering	$714,000	+6.6%	12,275	+1.1%	0.51%	+7.6%
STJ	Sell	St. Jude Medical	$708,000	-2.5%	13,200	-17.0%	0.51%	-1.6%
ABT	Buy	Abbott Laboratories	$693,000	+3.6%	20,888	+8.9%	0.50%	+4.4%
TDC	Buy	Teradata	$692,000	+149.8%	12,485	+126.2%	0.49%	+152.0%
D	Sell	Dominion Resources	$686,000	+3.2%	10,980	-6.1%	0.49%	+4.0%
DCI	Sell	Donaldson	$668,000	-1.6%	17,510	-8.0%	0.48%	-0.8%
NVO	Sell	Novo Nordisk	$654,000	-1.7%	3,867	-9.9%	0.47%	-0.8%
SO	Buy	Southern Company	$647,000	+63.8%	15,719	+75.6%	0.46%	+65.0%
APD	Sell	Air Products & Chem.	$637,000	-1.7%	5,980	-15.5%	0.46%	-0.9%
BMS	Sell	Bemis	$602,000	-0.8%	15,426	-0.6%	0.43%	0.0%
LIFE	Sell	Life Technologies	$578,000	-14.0%	7,718	-15.0%	0.41%	-13.2%
LMT	Buy	Lockheed Martin	$561,000	+22.0%	4,395	+3.7%	0.40%	+23.0%
CBI	Sell	Chicago Bridge & Iron	$544,000	-7.6%	8,025	-18.7%	0.39%	-6.7%
UN	Sell	Unilever N.V.	$499,000	-15.6%	13,222	-12.1%	0.36%	-14.8%
BBT	Buy	BB&T Corp.	$462,000	+16.1%	13,695	+16.6%	0.33%	+17.0%
SJM	Sell	J.M. Smucker	$457,000	-13.1%	4,350	-14.6%	0.33%	-12.4%
DE	Sell	Deere	$409,000	-15.3%	5,030	-15.4%	0.29%	-14.6%
MAR	Sell	Marriott Intl. Class A	$401,000	-10.3%	9,525	-13.9%	0.29%	-9.8%
VAR	Buy	Varian Med Sys Inc	$397,000	+13.1%	5,318	+2.3%	0.28%	+14.1%
SBUX	Buy	Starbucks	$392,000	+86.7%	5,095	+58.7%	0.28%	+87.9%
FDS	Sell	Factset Research	$375,000	+1.4%	3,440	-5.2%	0.27%	+2.3%
PX	Buy	Praxair	$324,000	+8.7%	2,693	+4.1%	0.23%	+9.5%
FDX	Sell	FedEx	$324,000	+14.1%	2,837	-1.4%	0.23%	+14.9%
KMB	Sell	Kimberly Clark	$290,000	-21.0%	3,080	-18.4%	0.21%	-20.4%
FCX	Buy	Freeport-McMoRan	$254,000	+23.9%	7,685	+3.5%	0.18%	+24.8%
DGX	Sell	Quest Diagnostics	$240,000	-2.8%	3,890	-4.4%	0.17%	-2.3%
TDW	Buy	Tidewater Inc.	$235,000	+6.3%	3,960	+2.2%	0.17%	+7.7%
BIIB	Sell	Biogen IDEC Inc.	$227,000	-14.0%	943	-23.2%	0.16%	-13.4%
APA	Sell	Apache Corp.	$226,000	-21.5%	2,655	-22.7%	0.16%	-21.1%

Q2 2013

			Value		Shares		↓ Weighting
TMO	New	Thermo Fisher Scientific	$2,515,000	–	29,723	–	1.78%	–
GOOGL	New	Google	$2,292,000	–	2,604	–	1.62%	–
V	New	Visa	$2,248,000	–	12,299	–	1.59%	–
PEP	New	PepsiCo	$2,202,000	–	26,918	–	1.56%	–
JNJ	New	Johnson & Johnson	$2,197,000	–	25,588	–	1.56%	–
XOM	New	ExxonMobil	$2,164,000	–	23,951	–	1.53%	–
JPM	New	J.P. Morgan Chase	$2,156,000	–	40,843	–	1.53%	–
UTX	New	United Technologies	$2,152,000	–	23,158	–	1.52%	–
GIS	New	General Mills	$2,139,000	–	44,081	–	1.52%	–
CL	New	Colgate Palmolive	$2,137,000	–	37,302	–	1.51%	–
ITW	New	Illinois Tool Works	$2,135,000	–	30,868	–	1.51%	–
AFL	New	AFLAC	$2,124,000	–	36,537	–	1.50%	–
PG	New	Procter & Gamble	$2,115,000	–	27,465	–	1.50%	–
COST	New	Costco	$2,110,000	–	19,085	–	1.49%	–
ECL	New	Ecolab	$2,108,000	–	24,740	–	1.49%	–
CHD	New	Church & Dwight	$2,102,000	–	34,056	–	1.49%	–
AXP	New	American Express	$2,083,000	–	27,868	–	1.48%	–
DOV	New	Dover	$2,066,000	–	26,599	–	1.46%	–
CVX	New	Chevron Corp.	$2,058,000	–	17,388	–	1.46%	–
AMGN	New	Amgen	$2,050,000	–	20,779	–	1.45%	–
SIAL	New	Sigma-Aldrich Corp.	$2,047,000	–	25,452	–	1.45%	–
MCD	New	McDonalds	$2,012,000	–	20,319	–	1.42%	–
SYK	New	Stryker	$2,012,000	–	31,106	–	1.42%	–
WMT	New	Wal-Mart	$1,982,000	–	26,604	–	1.40%	–
ADP	New	Automatic Data Processing	$1,948,000	–	28,285	–	1.38%	–
ESRX	New	Express Scripts	$1,866,000	–	30,230	–	1.32%	–
NKE	New	Nike	$1,855,000	–	29,130	–	1.31%	–
IBM	New	IBM	$1,832,000	–	9,585	–	1.30%	–
DIS	New	Walt Disney	$1,826,000	–	28,911	–	1.29%	–
ORCL	New	Oracle Corp.	$1,808,000	–	58,879	–	1.28%	–
T	New	AT&T	$1,777,000	–	50,185	–	1.26%	–
EMR	New	Emerson Electric	$1,775,000	–	32,539	–	1.26%	–
MMM	New	3M Co.	$1,759,000	–	16,086	–	1.25%	–
BLL	New	Ball Corp.	$1,754,000	–	42,233	–	1.24%	–
WAG	New	Walgreen	$1,743,000	–	39,433	–	1.23%	–
FISV	New	Fiserv	$1,738,000	–	19,883	–	1.23%	–
ABC	New	AmerisourceBergen	$1,722,000	–	30,835	–	1.22%	–
APC	New	Anadarko Petroleum	$1,718,000	–	19,992	–	1.22%	–
SLB	New	Schlumberger Ltd.	$1,701,000	–	23,744	–	1.20%	–
EMC	New	EMC	$1,696,000	–	71,800	–	1.20%	–
BCR	New	C.R. Bard	$1,666,000	–	15,326	–	1.18%	–
CTSH	New	Cognizant Tech	$1,665,000	–	26,586	–	1.18%	–
CSCO	New	Cisco Systems	$1,657,000	–	68,087	–	1.17%	–
MSFT	New	Microsoft	$1,652,000	–	47,808	–	1.17%	–
GWW	New	W.W. Grainger	$1,524,000	–	6,042	–	1.08%	–
AMZN	New	Amazon.com	$1,520,000	–	5,472	–	1.08%	–
NEE	New	NextEra Energy	$1,489,000	–	18,275	–	1.05%	–
TGT	New	Target	$1,463,000	–	21,246	–	1.04%	–
APH	New	Amphenol	$1,430,000	–	18,350	–	1.01%	–
AGN	New	Allergan, Inc.	$1,384,000	–	16,435	–	0.98%	–
LOW	New	Lowes	$1,368,000	–	33,447	–	0.97%	–
GAS	New	AGL Resources	$1,360,000	–	31,742	–	0.96%	–
DHR	New	Danaher	$1,354,000	–	21,392	–	0.96%	–
VZ	New	Verizon	$1,344,000	–	26,696	–	0.95%	–
DLTR	New	Dollar Tree	$1,332,000	–	26,205	–	0.94%	–
CLX	New	Clorox	$1,330,000	–	15,998	–	0.94%	–
CSL	New	Carlisle	$1,251,000	–	20,075	–	0.89%	–
COP	New	ConocoPhillips	$1,234,000	–	20,395	–	0.87%	–
CVS	New	CVS/Caremark	$1,192,000	–	20,847	–	0.84%	–
BDX	New	Becton Dickinson	$1,178,000	–	11,921	–	0.83%	–
NOC	New	Northrop Grumman	$1,161,000	–	14,020	–	0.82%	–
GPC	New	Genuine Parts	$1,160,000	–	14,860	–	0.82%	–
ROP	New	Roper Industries	$1,152,000	–	9,271	–	0.82%	–
SRCL	New	Stericycle	$1,141,000	–	10,335	–	0.81%	–
ACT	New	Actavis	$1,080,000	–	8,557	–	0.76%	–
TXN	New	Texas Instruments	$1,061,000	–	30,446	–	0.75%	–
BHI	New	Baker Hughes	$1,042,000	–	22,593	–	0.74%	–
RDSA	New	Royal Dutch Shell 'A'	$1,033,000	–	16,192	–	0.73%	–
QCOM	New	Qualcomm	$1,015,000	–	16,622	–	0.72%	–
ORLY	New	O'Reilly Auto	$974,000	–	8,650	–	0.69%	–
SHW	New	Sherwin-Williams	$907,000	–	5,134	–	0.64%	–
HON	New	Honeywell	$884,000	–	11,145	–	0.63%	–
AAPL	New	Apple	$882,000	–	2,224	–	0.62%	–
BAX	New	Baxter International	$875,000	–	12,628	–	0.62%	–
UNH	New	UnitedHealth Group	$875,000	–	13,365	–	0.62%	–
INTU	New	Intuit	$870,000	–	14,260	–	0.62%	–
MKC	New	McCormick	$863,000	–	12,260	–	0.61%	–
BUD	New	Anheuser-Busch InBev	$790,000	–	8,750	–	0.56%	–
WFC	New	Wells Fargo	$769,000	–	18,622	–	0.54%	–
STJ	New	St. Jude Medical	$726,000	–	15,910	–	0.51%	–
FAST	New	Fastenal Co.	$719,000	–	15,696	–	0.51%	–
DCI	New	Donaldson	$679,000	–	19,040	–	0.48%	–
LIFE	New	Life Technologies	$672,000	–	9,078	–	0.48%	–
J	New	Jacobs Engineering	$670,000	–	12,147	–	0.47%	–
ABT	New	Abbott Laboratories	$669,000	–	19,174	–	0.47%	–
D	New	Dominion Resources	$665,000	–	11,695	–	0.47%	–
NVO	New	Novo Nordisk	$665,000	–	4,292	–	0.47%	–
APD	New	Air Products & Chem.	$648,000	–	7,075	–	0.46%	–
BMS	New	Bemis	$607,000	–	15,521	–	0.43%	–
UN	New	Unilever N.V.	$591,000	–	15,044	–	0.42%	–
CBI	New	Chicago Bridge & Iron	$589,000	–	9,870	–	0.42%	–
SJM	New	J.M. Smucker	$526,000	–	5,095	–	0.37%	–
DE	New	Deere	$483,000	–	5,945	–	0.34%	–
LMT	New	Lockheed Martin	$460,000	–	4,240	–	0.33%	–
MAR	New	Marriott Intl. Class A	$447,000	–	11,064	–	0.32%	–
BBT	New	BB&T Corp.	$398,000	–	11,750	–	0.28%	–
SO	New	Southern Company	$395,000	–	8,950	–	0.28%	–
FDS	New	Factset Research	$370,000	–	3,630	–	0.26%	–
KMB	New	Kimberly Clark	$367,000	–	3,775	–	0.26%	–
VAR	New	Varian Med Sys Inc	$351,000	–	5,200	–	0.25%	–
CERN	New	Cerner	$337,000	–	3,505	–	0.24%	–
PX	New	Praxair	$298,000	–	2,588	–	0.21%	–
APA	New	Apache Corp.	$288,000	–	3,435	–	0.20%	–
FDX	New	FedEx	$284,000	–	2,877	–	0.20%	–
TDC	New	Teradata	$277,000	–	5,520	–	0.20%	–
BIIB	New	Biogen IDEC Inc.	$264,000	–	1,228	–	0.19%	–
DGX	New	Quest Diagnostics	$247,000	–	4,070	–	0.18%	–
GE	New	General Electric	$241,000	–	10,413	–	0.17%	–
TDW	New	Tidewater Inc.	$221,000	–	3,875	–	0.16%	–
SBUX	New	Starbucks	$210,000	–	3,210	–	0.15%	–
FCX	New	Freeport-McMoRan	$205,000	–	7,425	–	0.14%	–

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