FIRST NIAGARA BANK Activity Q4 1999-Q2 2016

Q2 2016

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$19,913,000	–	164,157	–	5.69%	–
XOM	New	EXXONMOBIL CORP	$18,463,000	–	196,957	–	5.27%	–
MMM	New	3M CO	$11,992,000	–	68,478	–	3.42%	–
GE	New	GENERAL ELECTRIC CORP	$11,947,000	–	379,512	–	3.41%	–
PG	New	PROCTER & GAMBLE CO	$9,756,000	–	115,222	–	2.79%	–
IBM	New	INTL. BUSINESS MACHINES CORP	$8,037,000	–	52,953	–	2.30%	–
PEP	New	PEPSICO INC	$7,915,000	–	74,722	–	2.26%	–
AAPL	New	APPLE INC	$7,450,000	–	77,926	–	2.13%	–
PFE	New	PFIZER INC	$7,404,000	–	210,292	–	2.11%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$6,885,000	–	67,680	–	1.97%	–
UTX	New	UNITED TECHNOLOGIES CORP	$6,589,000	–	64,252	–	1.88%	–
JPM	New	JP MORGAN CHASE & CO	$5,860,000	–	94,294	–	1.67%	–
T	New	AT&T INC	$5,760,000	–	133,291	–	1.64%	–
MSFT	New	MICROSOFT CORP	$5,716,000	–	111,703	–	1.63%	–
CVS	New	CVS HEALTH CORP	$5,647,000	–	58,979	–	1.61%	–
CVX	New	CHEVRON CORPORATION	$5,357,000	–	51,108	–	1.53%	–
ITW	New	ILLINOIS TOOL WKS INC	$5,014,000	–	48,133	–	1.43%	–
BDX	New	BECTON DICKINSON	$4,951,000	–	29,197	–	1.41%	–
ECL	New	ECOLAB INC	$4,947,000	–	41,712	–	1.41%	–
DIS	New	DISNEY WALT CO NEW	$4,938,000	–	50,482	–	1.41%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$4,880,000	–	53,127	–	1.39%	–
NEE	New	NEXTERA ENERGY INC	$4,675,000	–	35,854	–	1.34%	–
VZ	New	VERIZON COMMUNICATIONS	$4,647,000	–	83,201	–	1.33%	–
MRK	New	MERCK & CO INC	$4,505,000	–	78,193	–	1.29%	–
INTC	New	INTEL CORP	$4,393,000	–	133,920	–	1.25%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$4,199,000	–	57,100	–	1.20%	–
ABT	New	ABBOTT LABS	$3,855,000	–	98,057	–	1.10%	–
OMC	New	OMNICOM GROUP	$3,666,000	–	44,981	–	1.05%	–
WFC	New	WELLS FARGO & CO	$3,505,000	–	74,047	–	1.00%	–
ABBV	New	ABBVIE INC	$3,328,000	–	53,752	–	0.95%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$3,255,000	–	22,032	–	0.93%	–
NKE	New	NIKE INC-CLASS B	$3,230,000	–	58,510	–	0.92%	–
KO	New	COCA COLA CO	$3,118,000	–	68,791	–	0.89%	–
DHR	New	DANAHER CORP	$3,058,000	–	30,273	–	0.87%	–
MO	New	ALTRIA GROUP INC	$2,982,000	–	43,248	–	0.85%	–
STT	New	STATE STREET CORP	$2,740,000	–	50,811	–	0.78%	–
AMGN	New	AMGEN INC	$2,547,000	–	16,739	–	0.73%	–
HON	New	HONEYWELL INTERNATIONAL INC	$2,530,000	–	21,745	–	0.72%	–
KMB	New	KIMBERLY CLARK CORP	$2,370,000	–	17,242	–	0.68%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,355,000	–	16,677	–	0.67%	–
DD	New	DU PONT E I DE NEMOURS & CO	$2,260,000	–	34,882	–	0.64%	–
GIS	New	GENERAL MLS INC	$2,175,000	–	30,487	–	0.62%	–
DG	New	DOLLAR GENERAL CORP	$2,163,000	–	23,011	–	0.62%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$2,148,000	–	42,308	–	0.61%	–
MMC	New	MARSH & MCLENNAN COS INC	$2,130,000	–	31,104	–	0.61%	–
BA	New	BOEING CO	$1,999,000	–	15,388	–	0.57%	–
GWW	New	GRAINGER W W INC	$1,981,000	–	8,715	–	0.57%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC	$1,983,000	–	43,558	–	0.57%	–
OXY	New	OCCIDENTAL PETE CORP	$1,943,000	–	25,725	–	0.56%	–
UNP	New	UNION PAC CORP	$1,933,000	–	22,150	–	0.55%	–
HD	New	HOME DEPOT INC	$1,913,000	–	14,981	–	0.55%	–
GILD	New	GILEAD SCIENCES INC	$1,889,000	–	22,640	–	0.54%	–
BAC	New	BANK OF AMERICA CORP	$1,782,000	–	134,228	–	0.51%	–
RDSA	New	ROYAL DUTCH SHELL SPONS ADR	$1,744,000	–	31,578	–	0.50%	–
MCD	New	MCDONALDS CORP	$1,735,000	–	14,422	–	0.50%	–
BAX	New	BAXTER INTL INC	$1,702,000	–	37,647	–	0.49%	–
ABC	New	AMERISOURCEBERGEN CORP	$1,686,000	–	21,251	–	0.48%	–
HAS	New	HASBRO INC	$1,680,000	–	20,000	–	0.48%	–
CMCSA	New	COMCAST CORP-CL A	$1,647,000	–	25,256	–	0.47%	–
SLB	New	SCHLUMBERGER LTD	$1,623,000	–	20,521	–	0.46%	–
CSCO	New	CISCO SYSTEMS INC	$1,617,000	–	56,365	–	0.46%	–
LOW	New	LOWES COS INC	$1,614,000	–	20,386	–	0.46%	–
PX	New	PRAXAIR INC	$1,616,000	–	14,379	–	0.46%	–
SJM	New	JM SMUCKER CO	$1,567,000	–	10,277	–	0.45%	–
WMT	New	WAL MART STORES INC	$1,542,000	–	21,120	–	0.44%	–
AFL	New	AFLAC INC	$1,533,000	–	21,243	–	0.44%	–
GOOG	New	ALPHABET INC CL C	$1,522,000	–	2,199	–	0.44%	–
CERN	New	CERNER CORP	$1,395,000	–	23,810	–	0.40%	–
RAI	New	REYNOLDS AMERICAN INC	$1,388,000	–	25,743	–	0.40%	–
VDE	New	VANGUARD ENERGY ETF	$1,363,000	–	14,324	–	0.39%	–
VHT	New	VANGUARD HEALTH CARE ETF	$1,349,000	–	10,342	–	0.38%	–
SYK	New	STRYKER CORP	$1,250,000	–	10,434	–	0.36%	–
GOOGL	New	ALPHABET INC CL A	$1,214,000	–	1,726	–	0.35%	–
TGT	New	TARGET CORP	$1,160,000	–	16,615	–	0.33%	–
SO	New	SOUTHERN COMPANY	$1,156,000	–	21,557	–	0.33%	–
MET	New	METLIFE INC	$1,151,000	–	28,898	–	0.33%	–
BRKB	New	BERKSHIRE HATHAWAY INC-CL B	$1,140,000	–	7,869	–	0.33%	–
EMR	New	EMERSON ELEC CO	$1,118,000	–	21,420	–	0.32%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$1,061,000	–	7,468	–	0.30%	–
PPG	New	PPG INDUSTRIES INC	$1,055,000	–	10,125	–	0.30%	–
COST	New	COSTCO WHOLESALE CORP NEW	$1,039,000	–	6,617	–	0.30%	–
BK	New	BANK OF NEW YORK MELLON CORP	$1,021,000	–	26,302	–	0.29%	–
DOW	New	DOW CHEMICAL COMPANY	$998,000	–	20,063	–	0.28%	–
KHC	New	KRAFT HEINZ CO	$985,000	–	11,129	–	0.28%	–
KR	New	KROGER CO	$979,000	–	26,626	–	0.28%	–
CFR	New	CULLEN FROST BANKERS INC	$977,000	–	15,330	–	0.28%	–
FNFG	New	FIRST NIAGARA FINANCIAL GRP	$962,000	–	98,760	–	0.28%	–
AMZN	New	AMAZON.COM INC	$952,000	–	1,330	–	0.27%	–
AXP	New	AMERICAN EXPRESS CO	$952,000	–	15,657	–	0.27%	–
COP	New	CONOCOPHILLIPS	$946,000	–	21,717	–	0.27%	–
ORCL	New	ORACLE CORPORATION	$946,000	–	23,116	–	0.27%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$942,000	–	11,579	–	0.27%	–
ITC	New	ITC HOLDINGS CORP	$897,000	–	19,150	–	0.26%	–
BP	New	BP PLC SPONS ADR	$888,000	–	24,995	–	0.25%	–
CSX	New	CSX CORP	$879,000	–	33,700	–	0.25%	–
GLW	New	CORNING INC	$861,000	–	42,048	–	0.25%	–
LLY	New	LILLY ELI & CO	$846,000	–	10,737	–	0.24%	–
LUV	New	SOUTHWEST AIRLINES CO	$781,000	–	19,920	–	0.22%	–
FB	New	FACEBOOK INC-A	$777,000	–	6,795	–	0.22%	–
UVSP	New	UNIVEST CORPORATION OF PENNSYLVANIA	$767,000	–	36,482	–	0.22%	–
F	New	FORD MOTOR CO DEL 'NEW'	$766,000	–	60,926	–	0.22%	–
GS	New	GOLDMAN SACHS GROUP INC	$714,000	–	4,803	–	0.20%	–
ROP	New	ROPER TECHNOLOGIES INC	$689,000	–	4,038	–	0.20%	–
ALL	New	ALLSTATE CORP	$684,000	–	9,769	–	0.20%	–
CPB	New	CAMPBELL SOUP CO	$643,000	–	9,676	–	0.18%	–
TROW	New	T ROWE PRICE GROUP INC	$634,000	–	8,682	–	0.18%	–
SYY	New	SYSCO CORP	$622,000	–	12,263	–	0.18%	–
EMC	New	EMC CORP MASS	$610,000	–	22,439	–	0.17%	–
QCOM	New	QUALCOMM INC	$603,000	–	11,254	–	0.17%	–
BIIB	New	BIOGEN INC	$580,000	–	2,400	–	0.17%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$580,000	–	10,143	–	0.17%	–
CI	New	CIGNA CORP	$565,000	–	4,413	–	0.16%	–
NSC	New	NORFOLK SOUTHERN CORP	$532,000	–	6,246	–	0.15%	–
ARCC	New	ARES CAPITAL CORP	$526,000	–	37,000	–	0.15%	–
CL	New	COLGATE PALMOLIVE CO	$513,000	–	7,009	–	0.15%	–
MBVT	New	MERCHANTS BANCSHARES INC	$508,000	–	1,667	–	0.14%	–
USB	New	US BANCORP NEW	$507,000	–	12,585	–	0.14%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$504,000	–	6,043	–	0.14%	–
HSIC	New	SCHEIN HENRY INC	$505,000	–	2,859	–	0.14%	–
V	New	VISA INC CL A	$495,000	–	6,677	–	0.14%	–
PEG	New	PUBLIC SERVICE ENTERPRISE GROUP INC	$487,000	–	10,454	–	0.14%	–
BR	New	BROADRIDGE FINL SOLUTIONS INC	$457,000	–	7,000	–	0.13%	–
FBHS	New	FORTUNE BRANDS HOME & SECURITY, INC	$449,000	–	7,750	–	0.13%	–
MTB	New	M & T BANK CORP	$430,000	–	3,640	–	0.12%	–
LMT	New	LOCKHEED MARTIN CORP	$424,000	–	1,711	–	0.12%	–
HSBC	New	HSBC HOLDINGS PLC SPONS ADR	$424,000	–	13,540	–	0.12%	–
NVS	New	NOVARTIS AG SPONSORED ADR	$420,000	–	5,099	–	0.12%	–
CDK	New	CDK GLOBAL HOLDINGS LLC	$414,000	–	7,463	–	0.12%	–
AEP	New	AMERICAN ELEC PWR INC	$412,000	–	5,876	–	0.12%	–
HPE	New	HEWLETT PACKARD ENTERPRISE COMPANY	$406,000	–	22,231	–	0.12%	–
TTE	New	TOTAL S.A. SPONS ADR	$405,000	–	8,429	–	0.12%	–
GD	New	GENERAL DYNAMICS CORP	$405,000	–	2,905	–	0.12%	–
AGN	New	ALLERGAN PLC	$406,000	–	1,759	–	0.12%	–
FISV	New	FISERV INC	$381,000	–	3,508	–	0.11%	–
ESRX	New	EXPRESS SCRIPTS HLDG	$377,000	–	4,963	–	0.11%	–
DUK	New	DUKE ENERGY CORP	$370,000	–	4,315	–	0.11%	–
PPL	New	PPL CORPORATION	$362,000	–	9,590	–	0.10%	–
SWK	New	STANLEY BLACK & DECKER INC	$361,000	–	3,247	–	0.10%	–
MS	New	MORGAN STANLEY	$361,000	–	13,888	–	0.10%	–
DEO	New	DIAGEO PLC SPONS ADR	$344,000	–	3,047	–	0.10%	–
GSK	New	GLAXO SMITHKLINE SPONS ADR	$337,000	–	7,778	–	0.10%	–
D	New	DOMINION RESOURCES INC	$331,000	–	4,246	–	0.10%	–
ANTM	New	ANTHEM INC	$329,000	–	2,500	–	0.09%	–
CNP	New	CENTERPOINT ENERGY INC	$330,000	–	13,743	–	0.09%	–
AET	New	AETNA INC	$321,000	–	2,626	–	0.09%	–
RTN	New	RAYTHEON COMPANY	$317,000	–	2,327	–	0.09%	–
PRGO	New	PERRIGO CO PLC	$320,000	–	3,525	–	0.09%	–
NJR	New	NEW JERSEY RES CORP	$317,000	–	8,224	–	0.09%	–
AZN	New	ASTRAZENECA PLC SPONS ADR	$314,000	–	10,400	–	0.09%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$308,000	–	2,554	–	0.09%	–
HPQ	New	HP INC	$306,000	–	24,368	–	0.09%	–
LUMN	New	CENTURYLINK INC	$301,000	–	10,377	–	0.09%	–
IBB	New	ISHARES NASDAQ BIOTECH ETF	$302,000	–	1,175	–	0.09%	–
ADBE	New	ADOBE SYS INC	$300,000	–	3,138	–	0.09%	–
HSY	New	THE HERSHEY COMPANY	$297,000	–	2,620	–	0.08%	–
EXC	New	EXELON CORP	$293,000	–	8,053	–	0.08%	–
MCO	New	MOODYS CORP	$281,000	–	3,000	–	0.08%	–
BMS	New	BEMIS INC	$281,000	–	5,451	–	0.08%	–
XLV	New	HEALTH CARE SELECT SECTOR SPDR	$275,000	–	3,834	–	0.08%	–
PSX	New	PHILLIPS 66	$274,000	–	3,443	–	0.08%	–
SPGI	New	S&P GLOBAL INC	$271,000	–	2,530	–	0.08%	–
STX	New	SEAGATE TECHNOLOGY PLC	$262,000	–	10,762	–	0.08%	–
YUM	New	YUM! BRANDS INC	$261,000	–	3,141	–	0.08%	–
CB	New	CHUBB LTD	$259,000	–	1,979	–	0.07%	–
AVY	New	AVERY DENNISON CORP	$258,000	–	3,450	–	0.07%	–
FDX	New	FEDEX CORPORATION	$257,000	–	1,692	–	0.07%	–
CLX	New	CLOROX COMPANY	$253,000	–	1,830	–	0.07%	–
CHL	New	CHINA MOBILE LIMITED SPONS ADR	$247,000	–	4,261	–	0.07%	–
IR	New	INGERSOLL-RAND PLC	$245,000	–	3,837	–	0.07%	–
GM	New	GENERAL MOTORS CO	$240,000	–	8,477	–	0.07%	–
BBT	New	BB&T CORPORATION	$242,000	–	6,809	–	0.07%	–
PRU	New	PRUDENTIAL FINL INC	$235,000	–	3,300	–	0.07%	–
XLP	New	CONSUMER STAPLES SELECT SECTOR SPDR	$230,000	–	4,156	–	0.07%	–
MDT	New	MEDTRONIC PLC	$231,000	–	2,658	–	0.07%	–
DPS	New	DR PEPPER SNAPPLE GROUP INC	$228,000	–	2,360	–	0.06%	–
HBI	New	HANESBRANDS INC	$223,000	–	8,856	–	0.06%	–
MA	New	MASTERCARD INC CL A	$224,000	–	2,543	–	0.06%	–
TJX	New	TJX COS INC	$222,000	–	2,872	–	0.06%	–
PYPL	New	PAYPAL HOLDINGS INC	$219,000	–	6,012	–	0.06%	–
JWN	New	NORDSTROM INC	$222,000	–	5,832	–	0.06%	–
BRKA	New	BERKSHIRE HATHAWAY INC CLASS A	$217,000	–	1	–	0.06%	–
CAT	New	CATERPILLAR INC	$214,000	–	2,829	–	0.06%	–
HR	New	HEALTHCARE RLTY TR INC	$210,000	–	6,000	–	0.06%	–
ACN	New	ACCENTURE PLC CL A	$211,000	–	1,860	–	0.06%	–
APA	New	APACHE CORP	$208,000	–	3,727	–	0.06%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRANCES	$208,000	–	1,650	–	0.06%	–
RDSB	New	ROYAL DUTCH SHELL PLC SPONS ADR	$204,000	–	3,648	–	0.06%	–
PBCT	New	PEOPLES UNITED FINANCIAL, INC	$197,000	–	13,421	–	0.06%	–
XPL	New	SOLITARIO EXPLORATION & ROY	$15,000	–	29,414	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
XPL	Exit	SOLITARIO EXPLORATION & ROY	$0	–	-29,414	–	-0.00%	–
TCKRF	Exit	TECK RESOURCES LTD	$0	–	-10,000	–	-0.02%	–
SIRI	Exit	SIRIUS XM HOLDINGS INC	$0	–	-25,670	–	-0.02%	–
SDRL	Exit	SEADRILL LIMITED	$0	–	-17,913	–	-0.03%	–
NEM	Exit	NEWMONT MNG CORP	$0	–	-10,950	–	-0.05%	–
FB	Exit	FACEBOOK INC-A	$0	–	-2,270	–	-0.05%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRANCES	$0	–	-1,974	–	-0.05%	–
BMS	Exit	BEMIS INC	$0	–	-5,276	–	-0.06%	–
SHLM	Exit	SCHULMAN A INC	$0	–	-6,460	–	-0.06%	–
AVGO	Exit	AVAGO TECHNOLOGIES LTD	$0	–	-1,717	–	-0.06%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL, INC	$0	–	-13,521	–	-0.06%	–
CLX	Exit	CLOROX COMPANY	$0	–	-1,865	–	-0.06%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-1,570	–	-0.06%	–
XLP	Exit	CONSUMER STAPLES SELECT SECTOR SPDR	$0	–	-4,575	–	-0.06%	–
AAN	Exit	AARONS INC	$0	–	-6,041	–	-0.06%	–
VFC	Exit	V.F. CORP	$0	–	-3,172	–	-0.06%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-3,600	–	-0.06%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-2,800	–	-0.06%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-1,996	–	-0.06%	–
AMP	Exit	AMERIPRISE FINANCIAL INC.	$0	–	-2,161	–	-0.06%	–
CTXS	Exit	CITRIX SYSTEMS INC	$0	–	-3,472	–	-0.06%	–
HSY	Exit	THE HERSHEY COMPANY	$0	–	-2,665	–	-0.06%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-7,088	–	-0.06%	–
NJR	Exit	NEW JERSEY RES CORP	$0	–	-8,224	–	-0.06%	–
CNP	Exit	CENTERPOINT ENERGY INC	$0	–	-13,756	–	-0.06%	–
ZBH	Exit	ZIMMER BIOMET HOLDINGS INC	$0	–	-2,654	–	-0.07%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-3,300	–	-0.07%	–
YUM	Exit	YUM! BRANDS INC	$0	–	-3,141	–	-0.07%	–
MTB	Exit	M & T BANK CORP	$0	–	-2,093	–	-0.07%	–
HBI	Exit	HANESBRANDS INC	$0	–	-8,869	–	-0.07%	–
M	Exit	MACY'S INC	$0	–	-4,951	–	-0.07%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-2,890	–	-0.07%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-10,406	–	-0.07%	–
CHL	Exit	CHINA MOBILE LIMITED SPONS ADR	$0	–	-4,345	–	-0.07%	–
APH	Exit	AMPHENOL CORP	$0	–	-5,106	–	-0.07%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-3,220	–	-0.07%	–
MIDD	Exit	MIDDLEBY CORP	$0	–	-2,572	–	-0.07%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-2,781	–	-0.07%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,579	–	-0.07%	–
VGT	Exit	VANGUARD INFO TECH ETF	$0	–	-2,818	–	-0.07%	–
HSBC	Exit	HSBC HOLDINGS PLC SPONS ADR	$0	–	-7,419	–	-0.07%	–
RTN	Exit	RAYTHEON COMPANY	$0	–	-2,613	–	-0.08%	–
DE	Exit	DEERE & CO	$0	–	-3,863	–	-0.08%	–
ACN	Exit	ACCENTURE PLC CL A	$0	–	-3,005	–	-0.08%	–
MCO	Exit	MOODYS CORP	$0	–	-3,000	–	-0.08%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-10,749	–	-0.08%	–
VOD	Exit	VODAFONE GROUP SPONS ADR	$0	–	-9,371	–	-0.08%	–
TIF	Exit	TIFFANY & CO	$0	–	-3,872	–	-0.08%	–
XLV	Exit	HEALTH CARE SELECT SECTOR SPDR	$0	–	-4,611	–	-0.08%	–
DVN	Exit	DEVON ENERGY CORPORATION NEW	$0	–	-8,192	–	-0.08%	–
PPL	Exit	PPL CORPORATION	$0	–	-9,510	–	-0.08%	–
DEO	Exit	DIAGEO PLC SPONS ADR	$0	–	-2,970	–	-0.08%	–
ETN	Exit	EATON CORP PLC	$0	–	-6,314	–	-0.08%	–
JCI	Exit	JOHNSON CONTROLS INC	$0	–	-7,905	–	-0.09%	–
V	Exit	VISA INC CL A	$0	–	-4,743	–	-0.09%	–
CAT	Exit	CATERPILLAR INC	$0	–	-5,053	–	-0.09%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-5,876	–	-0.09%	–
EXC	Exit	EXELON CORP	$0	–	-11,503	–	-0.09%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-4,864	–	-0.09%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-6,937	–	-0.09%	–
FDX	Exit	FEDEX CORPORATION	$0	–	-2,468	–	-0.09%	–
CMI	Exit	CUMMINS INC	$0	–	-3,376	–	-0.10%	–
OLN	Exit	OLIN CORP	$0	–	-21,701	–	-0.10%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP INC	$0	–	-4,671	–	-0.10%	–
XLK	Exit	TECHNOLOGY SELECT SECTOR SPDR	$0	–	-9,568	–	-0.10%	–
TTE	Exit	TOTAL S.A. SPONS ADR	$0	–	-8,429	–	-0.10%	–
FBHS	Exit	FORTUNE BRANDS HOME & SECURITY, INC	$0	–	-8,157	–	-0.10%	–
NFLX	Exit	NETFLIX INC	$0	–	-3,777	–	-0.10%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS INC	$0	–	-7,000	–	-0.10%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-3,032	–	-0.10%	–
D	Exit	DOMINION RESOURCES INC	$0	–	-6,008	–	-0.11%	–
MS	Exit	MORGAN STANLEY	$0	–	-14,088	–	-0.12%	–
PSX	Exit	PHILLIPS 66	$0	–	-5,925	–	-0.12%	–
GSK	Exit	GLAXO SMITHKLINE SPONS ADR	$0	–	-11,778	–	-0.12%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-2,001	–	-0.12%	–
CDK	Exit	CDK GLOBAL HOLDINGS LLC	$0	–	-9,718	–	-0.12%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP INC	$0	–	-11,047	–	-0.12%	–
NVS	Exit	NOVARTIS AG SPONSORED ADR	$0	–	-5,099	–	-0.12%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-9,372	–	-0.12%	–
CMCSA	Exit	COMCAST CORP-CL A	$0	–	-8,614	–	-0.13%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-3,563	–	-0.13%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-2,387	–	-0.13%	–
VCR	Exit	VANGUARD CONSUMER DISCRETIONARY ETF	$0	–	-4,211	–	-0.13%	–
JWN	Exit	NORDSTROM INC	$0	–	-7,082	–	-0.13%	–
AGN	Exit	ALLERGAN PLC	$0	–	-1,880	–	-0.13%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-7,699	–	-0.14%	–
PAYX	Exit	PAYCHEX INC	$0	–	-11,016	–	-0.14%	–
USB	Exit	US BANCORP NEW	$0	–	-13,098	–	-0.14%	–
VFH	Exit	VANGUARD FINANCIALS ETF	$0	–	-11,792	–	-0.14%	–
BIIB	Exit	BIOGEN INC	$0	–	-1,981	–	-0.15%	–
MA	Exit	MASTERCARD INC CL A	$0	–	-6,487	–	-0.15%	–
FISV	Exit	FISERV INC	$0	–	-6,793	–	-0.15%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-9,795	–	-0.16%	–
ALL	Exit	ALLSTATE CORP	$0	–	-10,762	–	-0.16%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-9,118	–	-0.17%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-44,000	–	-0.17%	–
CB	Exit	CHUBB CORP	$0	–	-5,318	–	-0.17%	–
NFG	Exit	NATIONAL FUEL GAS CO	$0	–	-13,339	–	-0.18%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-8,204	–	-0.18%	–
LLY	Exit	LILLY ELI & CO	$0	–	-8,201	–	-0.18%	–
BXLT	Exit	BAXALTA INC	$0	–	-22,185	–	-0.18%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$0	–	-11,360	–	-0.19%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-1,394	–	-0.19%	–
UVSP	Exit	UNIVEST CORPORATION OF PENNSYLVANIA	$0	–	-37,834	–	-0.19%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-9,597	–	-0.19%	–
ITC	Exit	ITC HOLDINGS CORP	$0	–	-22,107	–	-0.19%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-4,773	–	-0.20%	–
GLW	Exit	CORNING INC	$0	–	-43,824	–	-0.20%	–
ANTM	Exit	ANTHEM INC	$0	–	-5,382	–	-0.20%	–
AET	Exit	AETNA INC	$0	–	-6,941	–	-0.20%	–
CELG	Exit	CELGENE CORP	$0	–	-7,343	–	-0.21%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-22,284	–	-0.21%	–
PCLN	Exit	PRICELINE GROUP INC	$0	–	-666	–	-0.22%	–
F	Exit	FORD MOTOR CO DEL 'NEW'	$0	–	-64,302	–	-0.23%	–
QCOM	Exit	QUALCOMM INC	$0	–	-16,842	–	-0.24%	–
DOW	Exit	DOW CHEMICAL COMPANY	$0	–	-21,494	–	-0.24%	–
CMCSK	Exit	COMCAST CORP-SPECIAL CL A	$0	–	-16,150	–	-0.24%	–
CSX	Exit	CSX CORP	$0	–	-36,300	–	-0.26%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-5,907	–	-0.27%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-11,579	–	-0.27%	–
SO	Exit	SOUTHERN COMPANY	$0	–	-23,532	–	-0.28%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-14,949	–	-0.28%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-8,308	–	-0.28%	–
EMC	Exit	EMC CORP MASS	$0	–	-43,972	–	-0.28%	–
MHFI	Exit	MCGRAW HILL FINANCIAL INC	$0	–	-12,425	–	-0.28%	–
LUV	Exit	SOUTHWEST AIRLINES CO	$0	–	-28,760	–	-0.29%	–
SYY	Exit	SYSCO CORP	$0	–	-28,160	–	-0.29%	–
VDE	Exit	VANGUARD ENERGY ETF	$0	–	-12,963	–	-0.29%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-25,401	–	-0.29%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG	$0	–	-14,126	–	-0.30%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC-CL B	$0	–	-8,998	–	-0.31%	–
DG	Exit	DOLLAR GENERAL CORP	$0	–	-16,394	–	-0.31%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-19,292	–	-0.32%	–
GOOGL	Exit	GOOGLE INC-CL A	$0	–	-1,939	–	-0.32%	–
PPG	Exit	PPG INDUSTRIES INC	$0	–	-14,306	–	-0.33%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-26,993	–	-0.34%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-17,560	–	-0.34%	–
COST	Exit	COSTCO WHOLESALE CORP NEW	$0	–	-9,168	–	-0.35%	–
SYK	Exit	STRYKER CORP	$0	–	-14,625	–	-0.36%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-45,835	–	-0.37%	–
GOOG	Exit	GOOGLE INC CLASS C	$0	–	-2,320	–	-0.37%	–
TGT	Exit	TARGET CORP	$0	–	-18,080	–	-0.37%	–
MET	Exit	METLIFE INC	$0	–	-30,227	–	-0.37%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-36,682	–	-0.38%	–
HAS	Exit	HASBRO INC	$0	–	-20,000	–	-0.38%	–
CERN	Exit	CERNER CORP	$0	–	-24,315	–	-0.38%	–
BAX	Exit	BAXTER INTL INC	$0	–	-45,213	–	-0.39%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-33,975	–	-0.39%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-58,849	–	-0.40%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-16,429	–	-0.41%	–
AFL	Exit	AFLAC INC	$0	–	-28,711	–	-0.44%	–
PX	Exit	PRAXAIR INC	$0	–	-16,692	–	-0.45%	–
VHT	Exit	VANGUARD HEALTH CARE ETF	$0	–	-13,896	–	-0.45%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-35,537	–	-0.45%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-24,970	–	-0.45%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-66,646	–	-0.46%	–
LOW	Exit	LOWES COS INC	$0	–	-25,391	–	-0.46%	–
RDSA	Exit	ROYAL DUTCH SHELL SPONS ADR	$0	–	-41,268	–	-0.51%	–
MCD	Exit	MCDONALDS CORP	$0	–	-19,950	–	-0.52%	–
GIS	Exit	GENERAL MLS INC	$0	–	-35,662	–	-0.52%	–
UNP	Exit	UNION PAC CORP	$0	–	-22,821	–	-0.53%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-20,590	–	-0.53%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-130,998	–	-0.54%	–
BA	Exit	BOEING CO	$0	–	-15,876	–	-0.54%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-39,895	–	-0.55%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-32,507	–	-0.56%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-23,206	–	-0.58%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC	$0	–	-52,612	–	-0.58%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-43,955	–	-0.63%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-22,175	–	-0.63%	–
HD	Exit	HOME DEPOT INC	$0	–	-21,048	–	-0.64%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-56,602	–	-0.64%	–
GWW	Exit	GRAINGER W W INC	$0	–	-11,687	–	-0.66%	–
FNFG	Exit	FIRST NIAGARA FINANCIAL GRP	$0	–	-254,086	–	-0.68%	–
SJM	Exit	JM SMUCKER CO	$0	–	-23,218	–	-0.70%	–
DHR	Exit	DANAHER CORP	$0	–	-32,012	–	-0.72%	–
KO	Exit	COCA COLA CO	$0	–	-70,617	–	-0.74%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-23,606	–	-0.76%	–
AMGN	Exit	AMGEN INC	$0	–	-21,477	–	-0.78%	–
WMT	Exit	WAL MART STORES INC	$0	–	-48,407	–	-0.82%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-28,129	–	-0.86%	–
ABBV	Exit	ABBVIE INC	$0	–	-62,555	–	-0.89%	–
OMC	Exit	OMNICOM GROUP	$0	–	-54,185	–	-0.94%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-37,219	–	-0.95%	–
NKE	Exit	NIKE INC-CLASS B	$0	–	-31,349	–	-1.01%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-65,172	–	-1.01%	–
STT	Exit	STATE STREET CORP	$0	–	-57,717	–	-1.02%	–
MRK	Exit	MERCK & CO INC	$0	–	-82,485	–	-1.07%	–
INTC	Exit	INTEL CORP	$0	–	-142,243	–	-1.12%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-84,800	–	-1.14%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-101,105	–	-1.15%	–
ABT	Exit	ABBOTT LABS	$0	–	-110,635	–	-1.17%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-55,417	–	-1.17%	–
BDX	Exit	BECTON DICKINSON	$0	–	-34,264	–	-1.19%	–
ECL	Exit	ECOLAB INC	$0	–	-45,471	–	-1.31%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-113,991	–	-1.32%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-61,919	–	-1.34%	–
DIS	Exit	DISNEY WALT CO NEW	$0	–	-54,243	–	-1.45%	–
T	Exit	AT&T INC	$0	–	-171,326	–	-1.46%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-91,573	–	-1.46%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-62,485	–	-1.58%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-76,925	–	-1.60%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-78,269	–	-1.62%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-70,935	–	-1.66%	–
CI	Exit	CIGNA CORP	$0	–	-51,895	–	-1.84%	–
PFE	Exit	PFIZER INC	$0	–	-233,393	–	-1.92%	–
PEP	Exit	PEPSICO INC	$0	–	-83,159	–	-2.06%	–
IBM	Exit	INTL. BUSINESS MACHINES CORP	$0	–	-56,801	–	-2.16%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-133,259	–	-2.51%	–
AAPL	Exit	APPLE INC	$0	–	-89,520	–	-2.59%	–
GE	Exit	GENERAL ELECTRIC CORP	$0	–	-402,923	–	-2.66%	–
MMM	Exit	3M CO	$0	–	-80,358	–	-2.99%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-185,825	–	-4.55%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-317,084	–	-6.18%	–

Q3 2015

			Value		Shares		↓ Weighting
XOM	Sell	EXXONMOBIL CORP	$23,575,000	-11.6%	317,084	-1.1%	6.18%	+3.4%
JNJ	Sell	JOHNSON & JOHNSON	$17,347,000	-5.3%	185,825	-1.2%	4.55%	+10.8%
MMM	Sell	3M CO	$11,392,000	-9.6%	80,358	-1.6%	2.99%	+5.8%
GE	Buy	GENERAL ELECTRIC CORP	$10,161,000	-4.5%	402,923	+0.7%	2.66%	+11.8%
AAPL	Sell	APPLE INC	$9,875,000	-13.0%	89,520	-1.1%	2.59%	+1.8%
PG	Sell	PROCTER & GAMBLE CO	$9,586,000	-11.5%	133,259	-3.7%	2.51%	+3.6%
IBM	Sell	INTL. BUSINESS MACHINES CORP	$8,235,000	-12.6%	56,801	-1.9%	2.16%	+2.3%
PEP	Sell	PEPSICO INC	$7,842,000	-4.0%	83,159	-5.0%	2.06%	+12.3%
PFE	Sell	PFIZER INC	$7,331,000	-11.5%	233,393	-47.2%	1.92%	+3.6%
CI	Buy	CIGNA CORP	$7,007,000	-16.6%	51,895	+0.1%	1.84%	-2.4%
UTX	Sell	UNITED TECHNOLOGIES CORP	$6,312,000	-20.1%	70,935	-0.4%	1.66%	-6.5%
CVX	Sell	CHEVRON CORPORATION	$6,173,000	-20.3%	78,269	-2.6%	1.62%	-6.8%
PM	Sell	PHILIP MORRIS INTERNATIONAL	$6,102,000	-5.0%	76,925	-4.0%	1.60%	+11.1%
CVS	Sell	CVS HEALTH CORP	$6,029,000	-14.4%	62,485	-6.9%	1.58%	+0.2%
JPM	Sell	JP MORGAN CHASE & CO	$5,583,000	-11.0%	91,573	-1.1%	1.46%	+4.1%
T	Sell	AT&T INC	$5,582,000	-23.9%	171,326	-17.0%	1.46%	-10.9%
DIS	Sell	DISNEY WALT CO NEW	$5,544,000	-12.8%	54,243	-2.6%	1.45%	+2.0%
ITW	Sell	ILLINOIS TOOL WKS INC	$5,097,000	-12.9%	61,919	-2.9%	1.34%	+1.9%
MSFT	Sell	MICROSOFT CORP	$5,045,000	-0.9%	113,991	-1.1%	1.32%	+16.0%
ECL	Sell	ECOLAB INC	$4,989,000	-4.4%	45,471	-1.5%	1.31%	+11.9%
BDX	Sell	BECTON DICKINSON	$4,546,000	-10.7%	34,264	-4.6%	1.19%	+4.5%
ADP	Sell	AUTOMATIC DATA PROCESSING INC	$4,453,000	-4.1%	55,417	-4.2%	1.17%	+12.3%
ABT	Sell	ABBOTT LABS	$4,450,000	-28.6%	110,635	-12.9%	1.17%	-16.4%
VZ	Sell	VERIZON COMMUNICATIONS	$4,399,000	-14.3%	101,105	-8.2%	1.15%	+0.3%
WFC	Sell	WELLS FARGO & CO	$4,354,000	-10.0%	84,800	-1.5%	1.14%	+5.3%
INTC	Sell	INTEL CORP	$4,287,000	-2.8%	142,243	-2.0%	1.12%	+13.7%
MRK	Sell	MERCK & CO INC	$4,074,000	-15.7%	82,485	-2.9%	1.07%	-1.4%
STT	Sell	STATE STREET CORP	$3,879,000	-15.6%	57,717	-3.3%	1.02%	-1.2%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$3,858,000	-13.3%	65,172	-2.5%	1.01%	+1.5%
NKE	Sell	NIKE INC-CLASS B	$3,855,000	+13.2%	31,349	-0.6%	1.01%	+32.5%
NEE	Sell	NEXTERA ENERGY INC	$3,630,000	-3.5%	37,219	-3.1%	0.95%	+12.9%
OMC	Sell	OMNICOM GROUP	$3,571,000	-9.1%	54,185	-4.2%	0.94%	+6.4%
ABBV	Sell	ABBVIE INC	$3,404,000	-20.0%	62,555	-1.2%	0.89%	-6.3%
UNH	Sell	UNITEDHEALTH GROUP INC	$3,263,000	-13.1%	28,129	-8.6%	0.86%	+1.7%
WMT	Buy	WAL MART STORES INC	$3,139,000	-4.1%	48,407	+5.0%	0.82%	+12.3%
AMGN	Buy	AMGEN INC	$2,971,000	-6.9%	21,477	+3.3%	0.78%	+9.0%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$2,886,000	-5.3%	23,606	+0.5%	0.76%	+10.8%
KO	Sell	COCA COLA CO	$2,833,000	-1.0%	70,617	-3.2%	0.74%	+15.9%
DHR	Buy	DANAHER CORP	$2,728,000	-0.3%	32,012	+0.1%	0.72%	+16.6%
SJM	Sell	JM SMUCKER CO	$2,649,000	-0.0%	23,218	-5.0%	0.70%	+17.0%
FNFG	Sell	FIRST NIAGARA FINANCIAL GRP	$2,594,000	+0.6%	254,086	-7.0%	0.68%	+17.6%
GWW	Buy	GRAINGER W W INC	$2,513,000	+28.3%	11,687	+41.2%	0.66%	+50.1%
MCHP	Sell	MICROCHIP TECHNOLOGY INC	$2,439,000	-10.4%	56,602	-1.4%	0.64%	+4.9%
HD	Buy	HOME DEPOT INC	$2,431,000	+4.8%	21,048	+0.9%	0.64%	+22.7%
KMB	Sell	KIMBERLY CLARK CORP	$2,418,000	+2.3%	22,175	-0.6%	0.63%	+19.6%
MO	Sell	ALTRIA GROUP INC	$2,392,000	+0.4%	43,955	-9.7%	0.63%	+17.4%
MDLZ	Sell	MONDELEZ INTERNATIONAL INC	$2,203,000	-4.1%	52,612	-5.7%	0.58%	+12.2%
HON	Sell	HONEYWELL INTERNATIONAL INC	$2,198,000	-8.6%	23,206	-1.6%	0.58%	+6.9%
OXY	Sell	OCCIDENTAL PETE CORP	$2,150,000	-17.0%	32,507	-2.4%	0.56%	-2.9%
MMC	Sell	MARSH & MCLENNAN COS INC	$2,084,000	-11.3%	39,895	-3.7%	0.55%	+4.0%
BA	Buy	BOEING CO	$2,079,000	-1.4%	15,876	+4.5%	0.54%	+15.5%
BAC	Sell	BANK OF AMERICA CORP	$2,041,000	-11.7%	130,998	-3.5%	0.54%	+3.3%
GILD	Buy	GILEAD SCIENCES INC	$2,022,000	+3.6%	20,590	+23.5%	0.53%	+21.3%
UNP	Sell	UNION PAC CORP	$2,017,000	-8.8%	22,821	-1.6%	0.53%	+6.9%
GIS	Buy	GENERAL MLS INC	$2,001,000	+1.5%	35,662	+0.8%	0.52%	+18.8%
MCD	Sell	MCDONALDS CORP	$1,966,000	-4.6%	19,950	-7.9%	0.52%	+11.7%
RDSA	Sell	ROYAL DUTCH SHELL SPONS ADR	$1,956,000	-21.9%	41,268	-6.1%	0.51%	-8.7%
LOW	Sell	LOWES COS INC	$1,750,000	-6.4%	25,391	-9.0%	0.46%	+9.5%
CSCO	Sell	CISCO SYSTEMS INC	$1,749,000	-14.1%	66,646	-10.1%	0.46%	+0.7%
SLB	Sell	SCHLUMBERGER LTD	$1,722,000	-20.9%	24,970	-1.1%	0.45%	-7.4%
DD	Sell	DU PONT E I DE NEMOURS & CO	$1,713,000	-25.1%	35,537	-0.6%	0.45%	-12.5%
VHT	Buy	VANGUARD HEALTH CARE ETF	$1,703,000	+8.9%	13,896	+24.4%	0.45%	+27.7%
PX	Sell	PRAXAIR INC	$1,700,000	-15.3%	16,692	-0.6%	0.45%	-0.9%
AFL	Buy	AFLAC INC	$1,669,000	-4.6%	28,711	+2.1%	0.44%	+11.7%
ABC	Buy	AMERISOURCEBERGEN CORP	$1,561,000	+291.2%	16,429	+338.1%	0.41%	+359.6%
HPQ	Buy	HEWLETT PACKARD CO	$1,507,000	-14.6%	58,849	+0.1%	0.40%	0.0%
RAI	Sell	REYNOLDS AMERICAN INC	$1,504,000	-91.3%	33,975	-85.4%	0.39%	-89.9%
BAX	Buy	BAXTER INTL INC	$1,485,000	-22.7%	45,213	+64.6%	0.39%	-9.5%
CERN	Sell	CERNER CORP	$1,458,000	-13.8%	24,315	-0.7%	0.38%	+0.8%
HAS	Sell	HASBRO INC	$1,443,000	-3.6%	20,000	-0.1%	0.38%	+12.8%
BK	Sell	BANK OF NEW YORK MELLON CORP	$1,436,000	-7.0%	36,682	-0.2%	0.38%	+9.0%
MET	Sell	METLIFE INC	$1,425,000	-16.8%	30,227	-1.2%	0.37%	-2.6%
TGT	Buy	TARGET CORP	$1,422,000	-3.5%	18,080	+0.2%	0.37%	+13.0%
GOOG	Sell	GOOGLE INC CLASS C	$1,412,000	+16.4%	2,320	-0.4%	0.37%	+36.0%
BP	Sell	BP PLC SPONS ADR	$1,401,000	-37.2%	45,835	-17.9%	0.37%	-26.6%
SYK	Sell	STRYKER CORP	$1,376,000	-7.8%	14,625	-6.4%	0.36%	+7.8%
COST	Buy	COSTCO WHOLESALE CORP NEW	$1,325,000	+7.3%	9,168	+0.3%	0.35%	+25.3%
AXP	Sell	AMERICAN EXPRESS CO	$1,302,000	-11.0%	17,560	-6.7%	0.34%	+4.0%
COP	Sell	CONOCOPHILLIPS	$1,294,000	-23.0%	26,993	-1.3%	0.34%	-9.8%
PPG	Sell	PPG INDUSTRIES INC	$1,254,000	-25.7%	14,306	-2.7%	0.33%	-13.0%
GOOGL	Sell	GOOGLE INC-CL A	$1,238,000	+18.0%	1,939	-0.2%	0.32%	+38.3%
CFR	Sell	CULLEN FROST BANKERS INC	$1,227,000	-20.8%	19,292	-2.2%	0.32%	-7.2%
DG	New	DOLLAR GENERAL CORP	$1,187,000	–	16,394	–	0.31%	–
BRKB	Buy	BERKSHIRE HATHAWAY INC-CL B	$1,173,000	-4.2%	8,998	+0.1%	0.31%	+12.4%
ESRX	Sell	EXPRESS SCRIPTS HLDG	$1,143,000	-11.9%	14,126	-3.1%	0.30%	+3.1%
EMR	Sell	EMERSON ELEC CO	$1,122,000	-25.2%	25,401	-6.0%	0.29%	-12.5%
VDE	Buy	VANGUARD ENERGY ETF	$1,099,000	+38.1%	12,963	+74.3%	0.29%	+61.8%
SYY	Sell	SYSCO CORP	$1,098,000	-60.1%	28,160	-63.1%	0.29%	-53.3%
LUV	Sell	SOUTHWEST AIRLINES CO	$1,094,000	+12.7%	28,760	-2.0%	0.29%	+31.7%
MHFI	Sell	MCGRAW HILL FINANCIAL INC	$1,075,000	-14.1%	12,425	-0.2%	0.28%	+0.7%
EMC	Sell	EMC CORP MASS	$1,063,000	-9.9%	43,972	-1.7%	0.28%	+5.7%
APD	Sell	AIR PRODUCTS & CHEMICALS INC	$1,060,000	-19.2%	8,308	-13.3%	0.28%	-5.4%
KHC	New	KRAFT HEINZ CO	$1,055,000	–	14,949	–	0.28%	–
SO	Sell	SOUTHERN COMPANY	$1,052,000	+0.5%	23,532	-5.9%	0.28%	+17.4%
PNC	Sell	PNC FINANCIAL SERVICES GROUP	$1,033,000	-7.1%	11,579	-0.4%	0.27%	+8.8%
GS	Sell	GOLDMAN SACHS GROUP INC	$1,026,000	-17.9%	5,907	-1.3%	0.27%	-3.9%
CSX	Sell	CSX CORP	$976,000	-17.8%	36,300	-0.2%	0.26%	-3.8%
CMCSK	Buy	COMCAST CORP-SPECIAL CL A	$925,000	-3.4%	16,150	+0.9%	0.24%	+13.0%
DOW	Buy	DOW CHEMICAL COMPANY	$912,000	-16.7%	21,494	+0.5%	0.24%	-2.4%
QCOM	Sell	QUALCOMM INC	$905,000	-17.0%	16,842	-3.3%	0.24%	-2.9%
F	Sell	FORD MOTOR CO DEL 'NEW'	$872,000	-41.3%	64,302	-35.0%	0.23%	-31.2%
PCLN	Buy	PRICELINE GROUP INC	$824,000	+7.7%	666	+0.3%	0.22%	+26.3%
ORCL	Sell	ORACLE CORPORATION	$805,000	-16.1%	22,284	-6.3%	0.21%	-1.9%
CELG	Buy	CELGENE CORP	$795,000	-5.5%	7,343	+1.1%	0.21%	+10.6%
AET	Sell	AETNA INC	$759,000	-21.8%	6,941	-8.8%	0.20%	-8.3%
GLW	Sell	CORNING INC	$751,000	-20.2%	43,824	-8.1%	0.20%	-6.6%
ANTM	Sell	ANTHEM INC	$753,000	-15.1%	5,382	-0.4%	0.20%	-1.0%
ROP	Sell	ROPER TECHNOLOGIES INC	$747,000	-9.5%	4,773	-0.1%	0.20%	+5.9%
ITC	Sell	ITC HOLDINGS CORP	$737,000	+1.9%	22,107	-1.6%	0.19%	+19.1%
NSC	Sell	NORFOLK SOUTHERN CORP	$733,000	-14.1%	9,597	-1.7%	0.19%	+0.5%
AMZN	Buy	AMAZON.COM INC	$714,000	+19.0%	1,394	+0.8%	0.19%	+39.6%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$712,000	+3.9%	11,360	+1.5%	0.19%	+21.4%
BXLT	New	BAXALTA INC	$699,000	–	22,185	–	0.18%	–
LLY	Buy	LILLY ELI & CO	$686,000	+1.6%	8,201	+1.4%	0.18%	+19.2%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$682,000	-3.7%	8,204	-2.2%	0.18%	+12.6%
NFG	Sell	NATIONAL FUEL GAS CO	$667,000	-18.1%	13,339	-3.4%	0.18%	-3.8%
CB	Sell	CHUBB CORP	$652,000	+28.3%	5,318	-0.4%	0.17%	+50.0%
ARCC	Sell	ARES CAPITAL CORP	$637,000	-12.7%	44,000	-0.7%	0.17%	+1.8%
TROW	Sell	T ROWE PRICE GROUP INC	$634,000	-11.7%	9,118	-1.4%	0.17%	+3.1%
ALL	Sell	ALLSTATE CORP	$626,000	-10.7%	10,762	-0.4%	0.16%	+4.5%
CL	Sell	COLGATE PALMOLIVE CO	$621,000	-5.8%	9,795	-2.8%	0.16%	+10.1%
FISV	Buy	FISERV INC	$589,000	+5.4%	6,793	+0.7%	0.15%	+23.2%
MA	Buy	MASTERCARD INC CL A	$585,000	-3.0%	6,487	+0.6%	0.15%	+13.3%
BIIB	Buy	BIOGEN INC	$578,000	-27.2%	1,981	+0.8%	0.15%	-14.6%
VFH	Buy	VANGUARD FINANCIALS ETF	$546,000	+0.7%	11,792	+8.0%	0.14%	+18.2%
USB	Sell	US BANCORP NEW	$537,000	-37.2%	13,098	-33.5%	0.14%	-26.6%
PAYX	Sell	PAYCHEX INC	$524,000	-15.9%	11,016	-17.2%	0.14%	-2.1%
MDT	Buy	MEDTRONIC PLC	$516,000	-8.8%	7,699	+0.7%	0.14%	+6.3%
AGN	Buy	ALLERGAN PLC	$511,000	-10.0%	1,880	+0.4%	0.13%	+5.5%
JWN	Sell	NORDSTROM INC	$508,000	-8.6%	7,082	-5.2%	0.13%	+6.4%
VCR	Buy	VANGUARD CONSUMER DISCRETIONARY ETF	$496,000	-2.6%	4,211	+2.8%	0.13%	+14.0%
LMT	Buy	LOCKHEED MARTIN CORP	$495,000	+16.2%	2,387	+4.2%	0.13%	+36.8%
GD	Sell	GENERAL DYNAMICS CORP	$491,000	-3.3%	3,563	-0.7%	0.13%	+13.2%
CMCSA	Buy	COMCAST CORP-CL A	$490,000	-2.8%	8,614	+2.8%	0.13%	+14.2%
CPB	Sell	CAMPBELL SOUP CO	$475,000	+6.3%	9,372	-0.2%	0.12%	+25.0%
NVS	Sell	NOVARTIS AG SPONSORED ADR	$469,000	-10.8%	5,099	-4.7%	0.12%	+4.2%
CDK	Sell	CDK GLOBAL HOLDINGS LLC	$464,000	-22.3%	9,718	-12.2%	0.12%	-9.0%
PEG	Sell	PUBLIC SVC ENTERPRISE GROUP INC	$466,000	+6.2%	11,047	-1.1%	0.12%	+24.5%
PCP	Sell	PRECISION CASTPARTS CORP	$460,000	+14.4%	2,001	-0.4%	0.12%	+34.4%
PSX	Buy	PHILLIPS 66	$455,000	-4.6%	5,925	+0.0%	0.12%	+11.2%
GSK	Sell	GLAXO SMITHKLINE SPONS ADR	$453,000	-8.3%	11,778	-0.6%	0.12%	+7.2%
MS	Buy	MORGAN STANLEY	$444,000	-18.4%	14,088	+0.5%	0.12%	-4.9%
D	Buy	DOMINION RESOURCES INC	$423,000	+6.0%	6,008	+0.8%	0.11%	+24.7%
HSIC	Sell	SCHEIN HENRY INC	$402,000	-7.2%	3,032	-0.5%	0.10%	+8.2%
NFLX	Buy	NETFLIX INC	$390,000	+11.4%	3,777	+610.0%	0.10%	+30.8%
FBHS	Buy	FORTUNE BRANDS HOME & SECURITY, INC	$387,000	+5.7%	8,157	+2.1%	0.10%	+23.2%
TTE	Buy	TOTAL S.A. SPONS ADR	$377,000	-8.7%	8,429	+0.3%	0.10%	+6.5%
XLK	Buy	TECHNOLOGY SELECT SECTOR SPDR	$378,000	-2.1%	9,568	+2.7%	0.10%	+13.8%
DPS	Buy	DR PEPPER SNAPPLE GROUP INC	$369,000	+10.1%	4,671	+1.7%	0.10%	+29.3%
OLN	Sell	OLIN CORP	$365,000	-39.0%	21,701	-2.3%	0.10%	-28.4%
CMI	Buy	CUMMINS INC	$367,000	-16.4%	3,376	+0.8%	0.10%	-2.0%
FDX	Buy	FEDEX CORPORATION	$355,000	-13.2%	2,468	+2.8%	0.09%	+1.1%
DUK	Sell	DUKE ENERGY CORP	$350,000	-31.2%	4,864	-32.6%	0.09%	-19.3%
IR	Sell	INGERSOLL-RAND PLC	$352,000	-24.9%	6,937	-0.4%	0.09%	-12.4%
EXC	Sell	EXELON CORP	$341,000	-22.7%	11,503	-18.0%	0.09%	-10.1%
AEP	Buy	AMERICAN ELEC PWR INC	$334,000	+8.8%	5,876	+1.4%	0.09%	+27.5%
CAT	Sell	CATERPILLAR INC	$330,000	-30.2%	5,053	-9.3%	0.09%	-17.9%
V	Buy	VISA INC CL A	$330,000	+10.7%	4,743	+6.9%	0.09%	+29.9%
JCI	Buy	JOHNSON CONTROLS INC	$327,000	-13.3%	7,905	+3.7%	0.09%	+2.4%
ETN	Sell	EATON CORP PLC	$324,000	-26.7%	6,314	-3.4%	0.08%	-14.1%
DEO	Buy	DIAGEO PLC SPONS ADR	$321,000	-6.7%	2,970	+0.2%	0.08%	+9.1%
PPL	Sell	PPL CORPORATION	$313,000	+11.0%	9,510	-0.7%	0.08%	+30.2%
XLV	Buy	HEALTH CARE SELECT SECTOR SPDR	$306,000	-6.1%	4,611	+5.3%	0.08%	+9.6%
DVN	Sell	DEVON ENERGY CORPORATION NEW	$304,000	-38.0%	8,192	-0.5%	0.08%	-27.3%
KMI	Sell	KINDER MORGAN INC	$298,000	-29.4%	10,749	-2.2%	0.08%	-17.9%
TIF	Sell	TIFFANY & CO	$299,000	-16.2%	3,872	-0.3%	0.08%	-2.5%
VOD	Sell	VODAFONE GROUP SPONS ADR	$297,000	-26.3%	9,371	-15.3%	0.08%	-13.3%
MCO	Sell	MOODYS CORP	$295,000	-9.5%	3,000	-0.6%	0.08%	+5.5%
ACN	Buy	ACCENTURE PLC CL A	$295,000	+8.9%	3,005	+7.1%	0.08%	+26.2%
DE	Sell	DEERE & CO	$286,000	-24.3%	3,863	-0.8%	0.08%	-11.8%
RTN	Buy	RAYTHEON COMPANY	$285,000	+19.2%	2,613	+4.9%	0.08%	+38.9%
HSBC	New	HSBC HOLDINGS PLC SPONS ADR	$281,000	–	7,419	–	0.07%	–
VGT	Buy	VANGUARD INFO TECH ETF	$282,000	-2.4%	2,818	+3.7%	0.07%	+13.8%
SWK	Sell	STANLEY BLACK & DECKER INC	$270,000	-8.2%	2,781	-0.6%	0.07%	+7.6%
ADBE	Sell	ADOBE SYS INC	$265,000	+0.8%	3,220	-1.0%	0.07%	+16.9%
LUMN	Sell	CENTURYLINK INC	$261,000	-19.4%	10,406	-5.7%	0.07%	-6.8%
APH	Sell	AMPHENOL CORP	$260,000	-12.5%	5,106	-0.4%	0.07%	+1.5%
CHL	Buy	CHINA MOBILE LIMITED SPONS ADR	$259,000	-6.8%	4,345	+0.1%	0.07%	+9.7%
MTB	Sell	M & T BANK CORP	$255,000	-3.0%	2,093	-0.6%	0.07%	+13.6%
HBI	Sell	HANESBRANDS INC	$257,000	-13.5%	8,869	-0.3%	0.07%	0.0%
M	Sell	MACY'S INC	$254,000	-25.5%	4,951	-2.0%	0.07%	-11.8%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$257,000	+11.3%	2,890	-1.6%	0.07%	+28.8%
PRU	Sell	PRUDENTIAL FINL INC	$252,000	-13.7%	3,300	-1.0%	0.07%	+1.5%
ZBH	Sell	ZIMMER BIOMET HOLDINGS INC	$250,000	-14.4%	2,654	-0.6%	0.07%	+1.5%
YUM	Sell	YUM! BRANDS INC	$251,000	-22.0%	3,141	-12.1%	0.07%	-8.3%
CNP	Buy	CENTERPOINT ENERGY INC	$248,000	-2.0%	13,756	+3.2%	0.06%	+14.0%
HSY	Sell	THE HERSHEY COMPANY	$245,000	+0.8%	2,665	-2.4%	0.06%	+18.5%
A	Sell	AGILENT TECHNOLOGIES INC	$243,000	-11.6%	7,088	-0.5%	0.06%	+3.2%
CTXS	Sell	CITRIX SYSTEMS INC	$241,000	-1.6%	3,472	-0.4%	0.06%	+14.5%
AMP	Sell	AMERIPRISE FINANCIAL INC.	$236,000	-19.7%	2,161	-8.2%	0.06%	-6.1%
FFIV	Buy	F5 NETWORKS INC	$231,000	-0.9%	1,996	+3.0%	0.06%	+17.3%
MKC	Sell	MCCORMICK & CO INC	$230,000	-3.8%	2,800	-5.2%	0.06%	+11.1%
DGX	Sell	QUEST DIAGNOSTICS INC	$221,000	-15.6%	3,600	-0.4%	0.06%	-1.7%
XLP	Buy	CONSUMER STAPLES SELECT SECTOR SPDR	$216,000	-0.9%	4,575	+0.1%	0.06%	+16.3%
FLT	Sell	FLEETCOR TECHNOLOGIES INC	$216,000	-12.2%	1,570	-0.6%	0.06%	+3.6%
VFC	Sell	V.F. CORP	$216,000	-3.6%	3,172	-1.0%	0.06%	+14.0%
PBCT	Sell	PEOPLES UNITED FINANCIAL, INC	$213,000	-31.1%	13,521	-29.1%	0.06%	-18.8%
CLX	New	CLOROX COMPANY	$215,000	–	1,865	–	0.06%	–
AVGO	Buy	AVAGO TECHNOLOGIES LTD	$215,000	-1.4%	1,717	+4.6%	0.06%	+14.3%
BMS	Sell	BEMIS INC	$209,000	-53.9%	5,276	-47.6%	0.06%	-46.1%
FB	Sell	FACEBOOK INC-A	$204,000	-57.7%	2,270	-59.6%	0.05%	-50.9%
IFF	Sell	INTERNATIONAL FLAVORS & FRAGRANCES	$204,000	-7.7%	1,974	-2.2%	0.05%	+6.0%
NEM	Sell	NEWMONT MNG CORP	$176,000	-31.5%	10,950	-0.5%	0.05%	-20.7%
SDRL	Buy	SEADRILL LIMITED	$106,000	-41.1%	17,913	+3.1%	0.03%	-30.0%
SIRI	Buy	SIRIUS XM HOLDINGS INC	$96,000	+11.6%	25,670	+11.6%	0.02%	+31.6%
MLP	Exit	MAUI LAND & PINEAPPLE INC	$0	–	-10,000	–	-0.01%	–
DNRCQ	Exit	DENBURY RESOURCES INC	$0	–	-10,000	–	-0.01%	–
KEY	Exit	KEYCORP NEW	$0	–	-10,708	–	-0.04%	–
SWHC	Exit	SMITH & WESSON HOLDING CORP	$0	–	-10,000	–	-0.04%	–
AMG	Exit	AFFILIATED MANAGERS GROUP INC	$0	–	-929	–	-0.04%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-17,593	–	-0.04%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC CLASS A	$0	–	-1	–	-0.05%	–
IHE	Exit	ISHARES DJ US PHARMA ETF	$0	–	-1,204	–	-0.05%	–
C	Exit	CITIGROUP INC	$0	–	-3,784	–	-0.05%	–
WAT	Exit	WATERS CORP	$0	–	-1,680	–	-0.05%	–
AZN	Exit	ASTRAZENECA PLC SPONS ADR	$0	–	-3,333	–	-0.05%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-4,292	–	-0.05%	–
SBTB	Exit	SBT BANCORP INC	$0	–	-9,778	–	-0.05%	–
PLL	Exit	PALL CORP	$0	–	-1,812	–	-0.05%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-4,074	–	-0.05%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-11,332	–	-0.05%	–
BBT	Exit	BB&T CORPORATION	$0	–	-6,867	–	-0.06%	–
URBN	Exit	URBAN OUTFITTERS INC	$0	–	-8,400	–	-0.07%	–
JCPNQ	Exit	JC PENNEY CO	$0	–	-35,000	–	-0.07%	–
LPT	Exit	LIBERTY PROPERTY TRUST REIT	$0	–	-10,300	–	-0.07%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS INC	$0	–	-20,500	–	-0.08%	–
APA	Exit	APACHE CORP	$0	–	-6,315	–	-0.08%	–
UAA	Exit	UNDER ARMOUR INC-CLASS A	$0	–	-4,518	–	-0.08%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-11,179	–	-0.08%	–
RAD	Exit	RITE AID CORP	$0	–	-45,711	–	-0.09%	–
A309PS	Exit	DIRECTV	$0	–	-4,803	–	-0.10%	–
LULU	Exit	LULULEMON ATHLETICA INC	$0	–	-7,100	–	-0.10%	–
FCF	Exit	FIRST COMWLTH FINL CORP	$0	–	-104,500	–	-0.22%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-15,359	–	-0.29%	–

Q2 2015

			Value		Shares		↓ Weighting
XOM	New	EXXONMOBIL CORP	$26,673,000	–	320,588	–	5.98%	–
JNJ	New	JOHNSON & JOHNSON	$18,323,000	–	187,996	–	4.11%	–
RAI	New	REYNOLDS AMERICAN INC	$17,353,000	–	232,434	–	3.89%	–
MMM	New	3M CO	$12,599,000	–	81,654	–	2.82%	–
AAPL	New	APPLE INC	$11,349,000	–	90,477	–	2.54%	–
PG	New	PROCTER & GAMBLE CO	$10,828,000	–	138,401	–	2.43%	–
GE	New	GENERAL ELECTRIC CORP	$10,636,000	–	400,312	–	2.38%	–
IBM	New	INTL. BUSINESS MACHINES CORP	$9,418,000	–	57,904	–	2.11%	–
CI	New	CIGNA CORP	$8,402,000	–	51,868	–	1.88%	–
PFE	New	PFIZER INC	$8,287,000	–	442,299	–	1.86%	–
PEP	New	PEPSICO INC	$8,171,000	–	87,544	–	1.83%	–
UTX	New	UNITED TECHNOLOGIES CORP	$7,904,000	–	71,247	–	1.77%	–
CVX	New	CHEVRON CORPORATION	$7,750,000	–	80,339	–	1.74%	–
T	New	AT&T INC	$7,334,000	–	206,470	–	1.64%	–
CVS	New	CVS HEALTH CORP	$7,040,000	–	67,121	–	1.58%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$6,424,000	–	80,123	–	1.44%	–
DIS	New	DISNEY WALT CO NEW	$6,357,000	–	55,697	–	1.42%	–
JPM	New	JP MORGAN CHASE & CO	$6,272,000	–	92,563	–	1.41%	–
ABT	New	ABBOTT LABS	$6,231,000	–	126,951	–	1.40%	–
ITW	New	ILLINOIS TOOL WKS INC	$5,854,000	–	63,769	–	1.31%	–
ECL	New	ECOLAB INC	$5,218,000	–	46,146	–	1.17%	–
VZ	New	VERIZON COMMUNICATIONS	$5,134,000	–	110,142	–	1.15%	–
BDX	New	BECTON DICKINSON	$5,090,000	–	35,930	–	1.14%	–
MSFT	New	MICROSOFT CORP	$5,090,000	–	115,291	–	1.14%	–
WFC	New	WELLS FARGO & CO	$4,840,000	–	86,059	–	1.08%	–
MRK	New	MERCK & CO INC	$4,834,000	–	84,908	–	1.08%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$4,641,000	–	57,846	–	1.04%	–
STT	New	STATE STREET CORP	$4,594,000	–	59,665	–	1.03%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$4,448,000	–	66,843	–	1.00%	–
INTC	New	INTEL CORP	$4,412,000	–	145,081	–	0.99%	–
ABBV	New	ABBVIE INC	$4,254,000	–	63,314	–	0.95%	–
OMC	New	OMNICOM GROUP	$3,928,000	–	56,533	–	0.88%	–
NEE	New	NEXTERA ENERGY INC	$3,763,000	–	38,391	–	0.84%	–
UNH	New	UNITEDHEALTH GROUP INC	$3,756,000	–	30,792	–	0.84%	–
NKE	New	NIKE INC-CLASS B	$3,406,000	–	31,532	–	0.76%	–
WMT	New	WAL MART STORES INC	$3,272,000	–	46,122	–	0.73%	–
AMGN	New	AMGEN INC	$3,191,000	–	20,783	–	0.72%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$3,047,000	–	23,485	–	0.68%	–
KO	New	COCA COLA CO	$2,861,000	–	72,926	–	0.64%	–
SYY	New	SYSCO CORP	$2,754,000	–	76,265	–	0.62%	–
DHR	New	DANAHER CORP	$2,737,000	–	31,972	–	0.61%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$2,723,000	–	57,429	–	0.61%	–
SJM	New	JM SMUCKER CO	$2,650,000	–	24,444	–	0.59%	–
OXY	New	OCCIDENTAL PETE CORP	$2,591,000	–	33,313	–	0.58%	–
FNFG	New	FIRST NIAGARA FINANCIAL GRP	$2,579,000	–	273,186	–	0.58%	–
RDSA	New	ROYAL DUTCH SHELL SPONS ADR	$2,506,000	–	43,963	–	0.56%	–
HON	New	HONEYWELL INTERNATIONAL INC	$2,406,000	–	23,590	–	0.54%	–
MO	New	ALTRIA GROUP INC	$2,382,000	–	48,686	–	0.53%	–
KMB	New	KIMBERLY CLARK CORP	$2,364,000	–	22,303	–	0.53%	–
MMC	New	MARSH & MCLENNAN COS INC	$2,349,000	–	41,445	–	0.53%	–
HD	New	HOME DEPOT INC	$2,319,000	–	20,870	–	0.52%	–
BAC	New	BANK OF AMERICA CORP	$2,311,000	–	135,800	–	0.52%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC	$2,296,000	–	55,808	–	0.52%	–
DD	New	DU PONT E I DE NEMOURS & CO	$2,287,000	–	35,767	–	0.51%	–
BP	New	BP PLC SPONS ADR	$2,231,000	–	55,835	–	0.50%	–
UNP	New	UNION PAC CORP	$2,211,000	–	23,183	–	0.50%	–
SLB	New	SCHLUMBERGER LTD	$2,176,000	–	25,255	–	0.49%	–
BA	New	BOEING CO	$2,108,000	–	15,194	–	0.47%	–
MCD	New	MCDONALDS CORP	$2,060,000	–	21,671	–	0.46%	–
CSCO	New	CISCO SYSTEMS INC	$2,035,000	–	74,101	–	0.46%	–
PX	New	PRAXAIR INC	$2,008,000	–	16,796	–	0.45%	–
GIS	New	GENERAL MLS INC	$1,971,000	–	35,370	–	0.44%	–
GWW	New	GRAINGER W W INC	$1,959,000	–	8,276	–	0.44%	–
GILD	New	GILEAD SCIENCES INC	$1,952,000	–	16,676	–	0.44%	–
BAX	New	BAXTER INTL INC	$1,921,000	–	27,472	–	0.43%	–
LOW	New	LOEWS COS INC	$1,869,000	–	27,908	–	0.42%	–
HPQ	New	HEWLETT PACKARD CO	$1,764,000	–	58,805	–	0.40%	–
AFL	New	AFLAC INC	$1,749,000	–	28,116	–	0.39%	–
MET	New	METLIFE INC	$1,713,000	–	30,599	–	0.38%	–
CERN	New	CERNER CORP	$1,691,000	–	24,488	–	0.38%	–
PPG	New	PPG INDUSTRIES INC	$1,688,000	–	14,710	–	0.38%	–
COP	New	CONOCOPHILLIPS	$1,680,000	–	27,359	–	0.38%	–
VHT	New	VANGUARD HEALTH CARE ETF	$1,564,000	–	11,174	–	0.35%	–
CFR	New	CULLEN FROST BANKERS INC	$1,550,000	–	19,725	–	0.35%	–
BK	New	BANK OF NEW YORK MELLON CORP	$1,544,000	–	36,768	–	0.35%	–
EMR	New	EMERSON ELEC CO	$1,499,000	–	27,035	–	0.34%	–
HAS	New	HASBRO INC	$1,497,000	–	20,014	–	0.34%	–
SYK	New	STRYKER CORP	$1,493,000	–	15,626	–	0.34%	–
F	New	FORD MOTOR CO DEL 'NEW'	$1,485,000	–	98,884	–	0.33%	–
TGT	New	TARGET CORP	$1,473,000	–	18,043	–	0.33%	–
AXP	New	AMERICAN EXPRESS CO	$1,463,000	–	18,826	–	0.33%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$1,312,000	–	9,587	–	0.29%	–
KRFT	New	KRAFT FOODS GROUP INC	$1,308,000	–	15,359	–	0.29%	–
ESRX	New	EXPRESS SCRIPTS HLDG	$1,297,000	–	14,583	–	0.29%	–
GS	New	GOLDMAN SACHS GROUP INC	$1,249,000	–	5,982	–	0.28%	–
MHFI	New	MCGRAW HILL FINANCIAL INC	$1,251,000	–	12,450	–	0.28%	–
COST	New	COSTCO WHOLESALE CORP NEW	$1,235,000	–	9,141	–	0.28%	–
BRKB	New	BERKSHIRE HATHAWAY INC-CL B	$1,224,000	–	8,987	–	0.27%	–
GOOG	New	GOOGLE INC CLASS C	$1,213,000	–	2,329	–	0.27%	–
CSX	New	CSX CORP	$1,188,000	–	36,371	–	0.27%	–
EMC	New	EMC CORP MASS	$1,180,000	–	44,734	–	0.26%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$1,112,000	–	11,625	–	0.25%	–
DOW	New	DOW CHEMICAL COMPANY	$1,095,000	–	21,393	–	0.24%	–
QCOM	New	QUALCOMM INC	$1,091,000	–	17,423	–	0.24%	–
GOOGL	New	GOOGLE INC-CL A	$1,049,000	–	1,943	–	0.24%	–
SO	New	SOUTHERN COMPANY	$1,047,000	–	24,998	–	0.24%	–
FCF	New	FIRST COMWLTH FINL CORP	$1,002,000	–	104,500	–	0.22%	–
LUV	New	SOUTHWEST AIRLINES CO	$971,000	–	29,354	–	0.22%	–
AET	New	AETNA INC	$970,000	–	7,612	–	0.22%	–
ORCL	New	ORACLE CORPORATION	$959,000	–	23,787	–	0.22%	–
CMCSK	New	COMCAST CORP-SPECIAL CL A	$958,000	–	15,999	–	0.22%	–
GLW	New	CORNING INC	$941,000	–	47,668	–	0.21%	–
ANTM	New	ANTHEM INC	$887,000	–	5,403	–	0.20%	–
USB	New	US BANCORP NEW	$855,000	–	19,697	–	0.19%	–
NSC	New	NORFOLK SOUTHERN CORP	$853,000	–	9,759	–	0.19%	–
CELG	New	CELGENE CORP	$841,000	–	7,264	–	0.19%	–
ROP	New	ROPER TECHNOLOGIES INC	$825,000	–	4,780	–	0.18%	–
NFG	New	NATIONAL FUEL GAS CO	$814,000	–	13,814	–	0.18%	–
VDE	New	VANGUARD ENERGY ETF	$796,000	–	7,437	–	0.18%	–
BIIB	New	BIOGEN INC	$794,000	–	1,966	–	0.18%	–
UVSP	New	UNIVEST CORPORATION OF PENNSYLVANIA	$771,000	–	37,834	–	0.17%	–
PCLN	New	PRICELINE GROUP INC	$765,000	–	664	–	0.17%	–
ARCC	New	ARES CAPITAL CORP	$730,000	–	44,300	–	0.16%	–
ITC	New	ITC HOLDINGS CORP	$723,000	–	22,460	–	0.16%	–
TROW	New	T ROWE PRICE GROUP INC	$718,000	–	9,243	–	0.16%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$708,000	–	8,388	–	0.16%	–
ALL	New	ALLSTATE CORP	$701,000	–	10,802	–	0.16%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$685,000	–	11,187	–	0.15%	–
LLY	New	LILLY ELI & CO	$675,000	–	8,090	–	0.15%	–
CL	New	COLGATE PALMOLIVE CO	$659,000	–	10,074	–	0.15%	–
PAYX	New	PAYCHEX INC	$623,000	–	13,303	–	0.14%	–
MA	New	MASTERCARD INC CL A	$603,000	–	6,446	–	0.14%	–
OLN	New	OLIN CORP	$598,000	–	22,201	–	0.13%	–
CDK	New	CDK GLOBAL HOLDINGS LLC	$597,000	–	11,068	–	0.13%	–
AMZN	New	AMAZON.COM INC	$600,000	–	1,383	–	0.13%	–
AGN	New	ALLERGAN PLC	$568,000	–	1,872	–	0.13%	–
MDT	New	MEDTRONIC PLC	$566,000	–	7,643	–	0.13%	–
FISV	New	FISERV INC	$559,000	–	6,747	–	0.12%	–
JWN	New	NORDSTROM INC	$556,000	–	7,472	–	0.12%	–
MS	New	MORGAN STANLEY	$544,000	–	14,018	–	0.12%	–
VFH	New	VANGUARD FINANCIALS ETF	$542,000	–	10,923	–	0.12%	–
NVS	New	NOVARTIS AG SPONSORED ADR	$526,000	–	5,349	–	0.12%	–
DUK	New	DUKE ENERGY CORP	$509,000	–	7,215	–	0.11%	–
CB	New	CHUBB CORP	$508,000	–	5,340	–	0.11%	–
GD	New	GENERAL DYNAMICS CORP	$508,000	–	3,588	–	0.11%	–
VCR	New	VANGUARD CONSUMER DISCRETIONARY ETF	$509,000	–	4,095	–	0.11%	–
CMCSA	New	COMCAST CORP-CL A	$504,000	–	8,379	–	0.11%	–
GSK	New	GLAXO SMITHKLINE SPONS ADR	$494,000	–	11,853	–	0.11%	–
DVN	New	DEVON ENERGY CORPORATION NEW	$490,000	–	8,236	–	0.11%	–
FB	New	FACEBOOK INC-A	$482,000	–	5,619	–	0.11%	–
PSX	New	PHILLIPS 66	$477,000	–	5,924	–	0.11%	–
CAT	New	CATERPILLAR INC	$473,000	–	5,572	–	0.11%	–
IR	New	INGERSOLL-RAND PLC	$469,000	–	6,963	–	0.10%	–
LULU	New	LULULEMON ATHLETICA INC	$464,000	–	7,100	–	0.10%	–
BMS	New	BEMIS INC	$453,000	–	10,075	–	0.10%	–
A309PS	New	DIRECTV	$446,000	–	4,803	–	0.10%	–
CPB	New	CAMPBELL SOUP CO	$447,000	–	9,392	–	0.10%	–
ETN	New	EATON CORP PLC	$442,000	–	6,536	–	0.10%	–
EXC	New	EXELON CORP	$441,000	–	14,020	–	0.10%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP INC	$439,000	–	11,174	–	0.10%	–
CMI	New	CUMMINS INC	$439,000	–	3,348	–	0.10%	–
HSIC	New	SCHEIN HENRY INC	$433,000	–	3,047	–	0.10%	–
LMT	New	LOCKHEED MARTIN CORP	$426,000	–	2,291	–	0.10%	–
KMI	New	KINDER MORGAN INC	$422,000	–	10,996	–	0.10%	–
TTE	New	TOTAL S.A. SPONS ADR	$413,000	–	8,400	–	0.09%	–
FDX	New	FEDEX CORPORATION	$409,000	–	2,400	–	0.09%	–
VOD	New	VODAFONE GROUP SPONS ADR	$403,000	–	11,064	–	0.09%	–
PCP	New	PRECISION CASTPARTS CORP	$402,000	–	2,010	–	0.09%	–
D	New	DOMINION RESOURCES INC	$399,000	–	5,963	–	0.09%	–
ABC	New	AMERISOURCEBERGEN CORP	$399,000	–	3,750	–	0.09%	–
XLK	New	TECHNOLOGY SELECT SECTOR SPDR	$386,000	–	9,319	–	0.09%	–
RAD	New	RITE AID CORP	$382,000	–	45,711	–	0.09%	–
DE	New	DEERE & CO	$378,000	–	3,895	–	0.08%	–
UAA	New	UNDER ARMOUR INC-CLASS A	$377,000	–	4,518	–	0.08%	–
GM	New	GENERAL MOTORS CO	$373,000	–	11,179	–	0.08%	–
JCI	New	JOHNSON CONTROLS INC	$377,000	–	7,622	–	0.08%	–
APA	New	APACHE CORP	$364,000	–	6,315	–	0.08%	–
FBHS	New	FORTUNE BRANDS HOME & SECURITY, INC	$366,000	–	7,990	–	0.08%	–
TIF	New	TIFFANY & CO	$357,000	–	3,884	–	0.08%	–
AEO	New	AMERICAN EAGLE OUTFITTERS INC	$353,000	–	20,500	–	0.08%	–
BR	New	BROADRIDGE FINL SOLUTIONS INC	$350,000	–	7,000	–	0.08%	–
NFLX	New	NETFLIX INC	$350,000	–	532	–	0.08%	–
DEO	New	DIAGEO PLC SPONS ADR	$344,000	–	2,965	–	0.08%	–
M	New	MACY'S INC	$341,000	–	5,053	–	0.08%	–
DPS	New	DR PEPPER SNAPPLE GROUP INC	$335,000	–	4,595	–	0.08%	–
LPT	New	LIBERTY PROPERTY TRUST REIT	$332,000	–	10,300	–	0.07%	–
XLV	New	HEALTH CARE SELECT SECTOR SPDR	$326,000	–	4,377	–	0.07%	–
MCO	New	MOODYS CORP	$326,000	–	3,017	–	0.07%	–
LUMN	New	CENTURYLINK INC	$324,000	–	11,036	–	0.07%	–
YUM	New	YUM! BRANDS INC	$322,000	–	3,573	–	0.07%	–
PBCT	New	PEOPLES UNITED FINANCIAL, INC	$309,000	–	19,071	–	0.07%	–
AEP	New	AMERICAN ELEC PWR INC	$307,000	–	5,797	–	0.07%	–
V	New	VISA INC CL A	$298,000	–	4,435	–	0.07%	–
HBI	New	HANESBRANDS INC	$297,000	–	8,897	–	0.07%	–
APH	New	AMPHENOL CORP	$297,000	–	5,129	–	0.07%	–
AMP	New	AMERIPRISE FINANCIAL INC.	$294,000	–	2,353	–	0.07%	–
URBN	New	URBAN OUTFITTERS INC	$294,000	–	8,400	–	0.07%	–
SWK	New	STANLEY BLACK & DECKER INC	$294,000	–	2,797	–	0.07%	–
JCPNQ	New	JC PENNEY CO	$296,000	–	35,000	–	0.07%	–
GLD	New	SPDR GOLD TRUST	$290,000	–	2,579	–	0.06%	–
PRU	New	PRUDENTIAL FINL INC	$292,000	–	3,333	–	0.06%	–
MIDD	New	MIDDLEBY CORP	$289,000	–	2,572	–	0.06%	–
VGT	New	VANGUARD INFO TECH ETF	$289,000	–	2,718	–	0.06%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$292,000	–	2,670	–	0.06%	–
SHLM	New	SCHULMAN A INC	$282,000	–	6,460	–	0.06%	–
PPL	New	PPL CORPORATION	$282,000	–	9,573	–	0.06%	–
A	New	AGILENT TECHNOLOGIES INC	$275,000	–	7,122	–	0.06%	–
BBT	New	BB&T CORPORATION	$277,000	–	6,867	–	0.06%	–
CHL	New	CHINA MOBILE LIMITED SPONS ADR	$278,000	–	4,339	–	0.06%	–
ACN	New	ACCENTURE PLC CL A	$271,000	–	2,805	–	0.06%	–
ADBE	New	ADOBE SYS INC	$263,000	–	3,251	–	0.06%	–
DGX	New	QUEST DIAGNOSTICS INC	$262,000	–	3,616	–	0.06%	–
MTB	New	M & T BANK CORP	$263,000	–	2,106	–	0.06%	–
NEM	New	NEWMONT MNG CORP	$257,000	–	11,003	–	0.06%	–
CNP	New	CENTERPOINT ENERGY INC	$253,000	–	13,327	–	0.06%	–
CTXS	New	CITRIX SYSTEMS INC	$245,000	–	3,487	–	0.06%	–
FLT	New	FLEETCOR TECHNOLOGIES INC	$246,000	–	1,579	–	0.06%	–
MKC	New	MCCORMICK & CO INC	$239,000	–	2,954	–	0.05%	–
HSY	New	THE HERSHEY COMPANY	$243,000	–	2,730	–	0.05%	–
RTN	New	RAYTHEON COMPANY	$239,000	–	2,490	–	0.05%	–
FITB	New	FIFTH THIRD BANCORP	$236,000	–	11,332	–	0.05%	–
WMB	New	WILLIAMS COS INC	$234,000	–	4,074	–	0.05%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$231,000	–	2,937	–	0.05%	–
FFIV	New	F5 NETWORKS INC	$233,000	–	1,937	–	0.05%	–
PLL	New	PALL CORP	$226,000	–	1,812	–	0.05%	–
NJR	New	NEW JERSEY RES CORP	$227,000	–	8,224	–	0.05%	–
VFC	New	V.F. CORP	$224,000	–	3,204	–	0.05%	–
SBTB	New	SBT BANCORP INC	$225,000	–	9,778	–	0.05%	–
CAM	New	CAMERON INTERNATIONAL CORP	$225,000	–	4,292	–	0.05%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRANCES	$221,000	–	2,018	–	0.05%	–
AAN	New	AARONS INC	$219,000	–	6,041	–	0.05%	–
XLP	New	CONSUMER STAPLES SELECT SECTOR SPDR	$218,000	–	4,570	–	0.05%	–
AVGO	New	AVAGO TECHNOLOGIES LTD	$218,000	–	1,642	–	0.05%	–
AZN	New	ASTRAZENECA PLC SPONS ADR	$212,000	–	3,333	–	0.05%	–
WAT	New	WATERS CORP	$216,000	–	1,680	–	0.05%	–
IHE	New	ISHARES DJ US PHARMA ETF	$210,000	–	1,204	–	0.05%	–
C	New	CITIGROUP INC	$209,000	–	3,784	–	0.05%	–
BRKA	New	BERKSHIRE HATHAWAY INC CLASS A	$205,000	–	1	–	0.05%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$199,000	–	17,593	–	0.04%	–
AMG	New	AFFILIATED MANAGERS GROUP INC	$203,000	–	929	–	0.04%	–
SDRL	New	SEADRILL LIMITED	$180,000	–	17,369	–	0.04%	–
SWHC	New	SMITH & WESSON HOLDING CORP	$166,000	–	10,000	–	0.04%	–
KEY	New	KEYCORP NEW	$161,000	–	10,708	–	0.04%	–
TCKRF	New	TECK RESOURCES LTD	$115,000	–	10,000	–	0.03%	–
SIRI	New	SIRIUS XM HOLDINGS INC	$86,000	–	23,003	–	0.02%	–
DNRCQ	New	DENBURY RESOURCES INC	$64,000	–	10,000	–	0.01%	–
MLP	New	MAUI LAND & PINEAPPLE INC	$57,000	–	10,000	–	0.01%	–
XPL	New	SOLITARIO EXPLORATION & ROY	$19,000	–	29,414	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
SVM	Exit	SILVERCORP METALS INC	$0	–	-17,883	–	-0.01%	–
XPL	Exit	SOLITARIO EXPLORATION & ROY	$0	–	-29,414	–	-0.01%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-5,103	–	-0.04%	–
TCKRF	Exit	TECK RESOURCES LTD	$0	–	-10,000	–	-0.04%	–
PII	Exit	POLARIS INDUSTRIES INC	$0	–	-1,371	–	-0.04%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL, INC	$0	–	-14,096	–	-0.04%	–
VFC	Exit	V.F. CORP	$0	–	-3,172	–	-0.04%	–
TECK	Exit	TECK RESOURCES LIMITED	$0	–	-11,160	–	-0.04%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC CLASS A	$0	–	-1	–	-0.04%	–
NJR	Exit	NEW JERSEY RES CORP	$0	–	-4,124	–	-0.04%	–
WAT	Exit	WATERS CORP	$0	–	-2,090	–	-0.04%	–
DTE	Exit	DTE ENERGY CO	$0	–	-2,830	–	-0.04%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-3,368	–	-0.04%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-3,225	–	-0.05%	–
CNI	Exit	CANADIAN NATIONAL RAILWAY CO	$0	–	-3,064	–	-0.05%	–
HAL	Exit	HALLIBURTON CO	$0	–	-3,353	–	-0.05%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-3,600	–	-0.05%	–
SBTB	Exit	SBT BANCORP INC	$0	–	-10,378	–	-0.05%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-2,790	–	-0.05%	–
FLT	Exit	FLEETCOR TECHNOLOGIES INC	$0	–	-1,607	–	-0.05%	–
SHLM	Exit	SCHULMAN A INC	$0	–	-6,460	–	-0.05%	–
PSA	Exit	PUBLIC STORAGE INC REIT	$0	–	-1,406	–	-0.05%	–
MDU	Exit	MDU RES GROUP INC	$0	–	-8,283	–	-0.05%	–
MIDD	Exit	MIDDLEBY CORP	$0	–	-2,680	–	-0.05%	–
TTE	Exit	TOTAL S.A. SPONS ADR	$0	–	-3,669	–	-0.05%	–
AMP	Exit	AMERIPRISE FINANCIAL INC.	$0	–	-2,007	–	-0.05%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-7,606	–	-0.05%	–
ANDE	Exit	ANDERSONS INCORPORATED	$0	–	-3,950	–	-0.05%	–
MSM	Exit	MSC INDL DIRECT INC CL A	$0	–	-2,870	–	-0.05%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-2,133	–	-0.05%	–
NEM	Exit	NEWMONT MNG CORP	$0	–	-10,950	–	-0.05%	–
NSRGY	Exit	NESTLE SA SPONS ADR	$0	–	-3,439	–	-0.05%	–
AGN	Exit	ALLERGAN INC	$0	–	-1,464	–	-0.06%	–
CNP	Exit	CENTERPOINT ENERGY INC	$0	–	-10,857	–	-0.06%	–
YUM	Exit	YUM! BRANDS INC	$0	–	-3,703	–	-0.06%	–
ADSK	Exit	AUTODESK INC	$0	–	-4,859	–	-0.06%	–
HBI	Exit	HANESBRANDS INC	$0	–	-2,487	–	-0.06%	–
APC	Exit	ANADARKO PETROLEUM CORPORATION	$0	–	-2,650	–	-0.06%	–
SPLS	Exit	STAPLES INC	$0	–	-22,498	–	-0.06%	–
AFL	Exit	AFLAC INC	$0	–	-4,716	–	-0.06%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP INC	$0	–	-4,420	–	-0.06%	–
MCO	Exit	MOODYS CORP	$0	–	-3,000	–	-0.06%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-3,300	–	-0.06%	–
UGI	Exit	UGI CORP	$0	–	-8,554	–	-0.06%	–
CMCSA	Exit	COMCAST CORP-CL A	$0	–	-5,461	–	-0.06%	–
UPS	Exit	UNITED PARCEL SERVICE CL B	$0	–	-2,975	–	-0.06%	–
BOH	Exit	BANK OF HAWAII CORP	$0	–	-5,153	–	-0.06%	–
RTN	Exit	RAYTHEON COMPANY	$0	–	-2,969	–	-0.06%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-5,925	–	-0.06%	–
CTXS	Exit	CITRIX SYSTEMS INC	$0	–	-4,328	–	-0.06%	–
HSY	Exit	THE HERSHEY COMPANY	$0	–	-3,265	–	-0.07%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-3,531	–	-0.07%	–
J	Exit	JACOBS ENGINEERING GROUP INC	$0	–	-6,421	–	-0.07%	–
PAYX	Exit	PAYCHEX INC	$0	–	-7,244	–	-0.07%	–
VOD	Exit	VODAFONE GROUP SPONS ADR	$0	–	-10,012	–	-0.07%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-5,989	–	-0.07%	–
NFLX	Exit	NETFLIX INC	$0	–	-750	–	-0.07%	–
APH	Exit	AMPHENOL CORP	$0	–	-3,391	–	-0.07%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-4,403	–	-0.07%	–
LPT	Exit	LIBERTY PROPERTY TRUST REIT	$0	–	-10,300	–	-0.07%	–
MTB	Exit	M & T BANK CORP	$0	–	-2,796	–	-0.07%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-3,501	–	-0.07%	–
DEO	Exit	DIAGEO PLC SPONS ADR	$0	–	-3,048	–	-0.07%	–
DE	Exit	DEERE & CO	$0	–	-4,348	–	-0.08%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-5,180	–	-0.08%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-5,445	–	-0.08%	–
FBHS	Exit	FORTUNE BRANDS HOME & SECURITY, INC	$0	–	-9,091	–	-0.08%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS INC	$0	–	-9,150	–	-0.08%	–
FDX	Exit	FEDEX CORPORATION	$0	–	-2,367	–	-0.08%	–
BMS	Exit	BEMIS INC	$0	–	-10,075	–	-0.08%	–
B108PS	Exit	ACTAVIS PLC	$0	–	-1,635	–	-0.08%	–
EXC	Exit	EXELON CORP	$0	–	-11,864	–	-0.08%	–
TIF	Exit	TIFFANY & CO	$0	–	-4,205	–	-0.08%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-9,543	–	-0.09%	–
PPL	Exit	PPL CORPORATION	$0	–	-12,346	–	-0.09%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-7,207	–	-0.09%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRANCES	$0	–	-4,451	–	-0.09%	–
ETN	Exit	EATON CORP PLC	$0	–	-6,922	–	-0.09%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS	$0	–	-5,200	–	-0.09%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-10,981	–	-0.10%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-2,453	–	-0.10%	–
K	Exit	KELLOGG CO	$0	–	-7,437	–	-0.10%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP INC	$0	–	-12,350	–	-0.10%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-8,111	–	-0.10%	–
PSX	Exit	PHILLIPS 66	$0	–	-6,020	–	-0.10%	–
WFTIQ	Exit	WEATHERFORD INTERNATIONAL PLC	$0	–	-23,511	–	-0.10%	–
CB	Exit	CHUBB CORP	$0	–	-5,470	–	-0.10%	–
NVS	Exit	NOVARTIS AG SPONSORED ADR	$0	–	-5,277	–	-0.10%	–
CAT	Exit	CATERPILLAR INC	$0	–	-5,280	–	-0.11%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-1,615	–	-0.11%	–
WAG	Exit	WALGREEN CO	$0	–	-8,816	–	-0.11%	–
OLN	Exit	OLIN CORP	$0	–	-20,977	–	-0.11%	–
MA	Exit	MASTERCARD INC CL A	$0	–	-7,248	–	-0.11%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$0	–	-12,050	–	-0.11%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-2,310	–	-0.12%	–
SDRL	Exit	SEADRILL LIMITED	$0	–	-20,312	–	-0.12%	–
LLY	Exit	LILLY ELI & CO	$0	–	-8,425	–	-0.12%	–
A309PS	Exit	DIRECTV	$0	–	-6,698	–	-0.12%	–
CMI	Exit	CUMMINS INC	$0	–	-4,409	–	-0.12%	–
JCI	Exit	JOHNSON CONTROLS INC	$0	–	-13,892	–	-0.13%	–
DVN	Exit	DEVON ENERGY CORPORATION NEW	$0	–	-9,015	–	-0.13%	–
GSK	Exit	GLAXO SMITHKLINE SPONS ADR	$0	–	-13,410	–	-0.13%	–
AET	Exit	AETNA INC	$0	–	-7,833	–	-0.13%	–
D	Exit	DOMINION RESOURCES INC	$0	–	-9,367	–	-0.14%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-5,164	–	-0.14%	–
FISV	Exit	FISERV INC	$0	–	-10,289	–	-0.14%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERS LP	$0	–	-7,299	–	-0.14%	–
JWN	Exit	NORDSTROM INC	$0	–	-10,007	–	-0.14%	–
UVSP	Exit	UNIVEST CORPORATION OF PENNSYLVANIA	$0	–	-37,834	–	-0.15%	–
CELG	Exit	CELGENE CORP	$0	–	-7,516	–	-0.15%	–
USB	Exit	US BANCORP NEW	$0	–	-17,105	–	-0.15%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-10,176	–	-0.16%	–
V107SC	Exit	WELLPOINT INC	$0	–	-6,382	–	-0.16%	–
MS	Exit	MORGAN STANLEY	$0	–	-22,391	–	-0.16%	–
ACN	Exit	ACCENTURE PLC CL A	$0	–	-9,761	–	-0.17%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-49,530	–	-0.17%	–
BIIB	Exit	BIOGEN IDEC INC	$0	–	-2,447	–	-0.17%	–
ALL	Exit	ALLSTATE CORP	$0	–	-13,691	–	-0.18%	–
PCLN	Exit	PRICELINE GROUP INC	$0	–	-730	–	-0.18%	–
BAX	Exit	BAXTER INTL INC	$0	–	-11,951	–	-0.18%	–
XRAY	Exit	DENTSPLY INTERNATIONAL INC	$0	–	-19,140	–	-0.18%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-14,448	–	-0.20%	–
ROP	Exit	ROPER INDS INC	$0	–	-6,535	–	-0.20%	–
GLW	Exit	CORNING INC	$0	–	-50,425	–	-0.20%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-25,857	–	-0.21%	–
NFG	Exit	NATIONAL FUEL GAS CO	$0	–	-14,214	–	-0.21%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTD ADR	$0	–	-18,627	–	-0.21%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-13,450	–	-0.22%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-12,422	–	-0.22%	–
FNFG	Exit	FIRST NIAGARA FINANCIAL GRP	$0	–	-130,896	–	-0.23%	–
HAS	Exit	HASBRO INC	$0	–	-20,000	–	-0.23%	–
SO	Exit	SOUTHERN COMPANY	$0	–	-26,024	–	-0.24%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-20,404	–	-0.24%	–
CSX	Exit	CSX CORP	$0	–	-36,300	–	-0.24%	–
CMCSK	Exit	COMCAST CORP-SPECIAL CL A	$0	–	-21,887	–	-0.25%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-15,570	–	-0.25%	–
DOW	Exit	DOW CHEMICAL COMPANY	$0	–	-22,761	–	-0.25%	–
ITC	Exit	ITC HOLDINGS CORP	$0	–	-33,960	–	-0.26%	–
MDT	Exit	MEDTRONIC INC	$0	–	-19,631	–	-0.26%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-11,121	–	-0.26%	–
COST	Exit	COSTCO WHOLESALE CORP NEW	$0	–	-9,947	–	-0.26%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG	$0	–	-18,049	–	-0.27%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-11,068	–	-0.27%	–
QCOM	Exit	QUALCOMM INC	$0	–	-17,365	–	-0.27%	–
MHFI	Exit	MCGRAW HILL FINANCIAL INC	$0	–	-15,425	–	-0.27%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-7,829	–	-0.30%	–
GOOGL	Exit	GOOGLE INC-CL A	$0	–	-2,449	–	-0.30%	–
LUV	Exit	SOUTHWEST AIRLINES CO	$0	–	-42,690	–	-0.30%	–
GOOG	Exit	GOOGLE INC CLASS C	$0	–	-2,516	–	-0.31%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-38,876	–	-0.32%	–
APA	Exit	APACHE CORP	$0	–	-16,459	–	-0.32%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-17,977	–	-0.33%	–
PPG	Exit	PPG INDUSTRIES INC	$0	–	-8,077	–	-0.34%	–
CERN	Exit	CERNER CORP	$0	–	-26,770	–	-0.34%	–
PETM	Exit	PETSMART INC	$0	–	-23,168	–	-0.34%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC-CL B	$0	–	-12,098	–	-0.35%	–
SYK	Exit	STRYKER CORP	$0	–	-21,031	–	-0.36%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-13,189	–	-0.36%	–
GIS	Exit	GENERAL MLS INC	$0	–	-35,514	–	-0.38%	–
F	Exit	FORD MOTOR CO DEL 'NEW'	$0	–	-121,521	–	-0.38%	–
EMC	Exit	EMC CORP MASS	$0	–	-61,812	–	-0.38%	–
LOW	Exit	LOWES COS INC	$0	–	-38,024	–	-0.42%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-38,503	–	-0.42%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-46,098	–	-0.43%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-43,117	–	-0.43%	–
MET	Exit	METLIFE INC	$0	–	-37,984	–	-0.43%	–
BA	Exit	BOEING CO	$0	–	-16,108	–	-0.43%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-83,996	–	-0.44%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC	$0	–	-61,717	–	-0.45%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-59,893	–	-0.45%	–
LO	Exit	LORILLARD, INC	$0	–	-35,861	–	-0.45%	–
SJM	Exit	JM SMUCKER CO	$0	–	-21,778	–	-0.45%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-35,905	–	-0.47%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-49,079	–	-0.48%	–
TGT	Exit	TARGET CORP	$0	–	-36,611	–	-0.48%	–
HD	Exit	HOME DEPOT INC	$0	–	-25,179	–	-0.49%	–
AMGN	Exit	AMGEN INC	$0	–	-17,690	–	-0.52%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-23,224	–	-0.53%	–
PX	Exit	PRAXAIR INC	$0	–	-19,543	–	-0.53%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-33,031	–	-0.53%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-36,044	–	-0.54%	–
UNP	Exit	UNION PAC CORP	$0	–	-24,070	–	-0.55%	–
SYY	Exit	SYSCO CORP	$0	–	-69,153	–	-0.55%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-28,348	–	-0.56%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-158,106	–	-0.57%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-31,764	–	-0.58%	–
MCD	Exit	MCDONALDS CORP	$0	–	-29,125	–	-0.58%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-29,966	–	-0.61%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-29,673	–	-0.64%	–
DHR	Exit	DANAHER CORP	$0	–	-41,651	–	-0.67%	–
RDSA	Exit	ROYAL DUTCH SHELL SPONS ADR	$0	–	-42,444	–	-0.68%	–
WMT	Exit	WAL MART STORES INC	$0	–	-45,188	–	-0.73%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-68,549	–	-0.74%	–
NKE	Exit	NIKE INC-CLASS B	$0	–	-39,844	–	-0.75%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-29,909	–	-0.77%	–
OMC	Exit	OMNICOM GROUP	$0	–	-55,188	–	-0.80%	–
KO	Exit	COCA COLA CO	$0	–	-93,721	–	-0.84%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-46,124	–	-0.91%	–
ABBV	Exit	ABBVIE INC	$0	–	-75,961	–	-0.92%	–
STT	Exit	STATE STREET CORP	$0	–	-59,735	–	-0.93%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-92,644	–	-0.98%	–
BDX	Exit	BECTON DICKINSON	$0	–	-41,958	–	-1.01%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-59,451	–	-1.04%	–
CI	Exit	CIGNA CORP	$0	–	-55,607	–	-1.06%	–
MRK	Exit	MERCK & CO INC	$0	–	-86,897	–	-1.08%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-103,196	–	-1.13%	–
ABT	Exit	ABBOTT LABS	$0	–	-134,121	–	-1.17%	–
DIS	Exit	DISNEY WALT CO NEW	$0	–	-63,359	–	-1.19%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-122,826	–	-1.20%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-68,438	–	-1.22%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-69,752	–	-1.23%	–
INTC	Exit	INTEL CORP	$0	–	-178,018	–	-1.31%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-104,433	–	-1.32%	–
ECL	Exit	ECOLAB INC	$0	–	-56,804	–	-1.37%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-82,695	–	-1.39%	–
T	Exit	AT&T INC	$0	–	-192,124	–	-1.43%	–
PFE	Exit	PFIZER INC	$0	–	-261,245	–	-1.63%	–
FCF	Exit	FIRST COMWLTH FINL CORP	$0	–	-970,648	–	-1.72%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-85,055	–	-1.89%	–
PEP	Exit	PEPSICO INC	$0	–	-103,295	–	-2.03%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-89,559	–	-2.25%	–
AAPL	Exit	APPLE INC	$0	–	-106,393	–	-2.26%	–
GE	Exit	GENERAL ELECTRIC CORP	$0	–	-462,779	–	-2.50%	–
MMM	Exit	3M CO	$0	–	-87,835	–	-2.62%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-154,240	–	-2.72%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-223,489	–	-2.78%	–
IBM	Exit	INTL. BUSINESS MACHINES CORP	$0	–	-78,023	–	-3.12%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-201,422	–	-4.52%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-334,983	–	-6.64%	–

Q3 2014

			Value		Shares		↓ Weighting
XOM	Sell	EXXONMOBIL CORP	$31,506,000	-7.0%	334,983	-0.4%	6.64%	-5.4%
JNJ	Buy	JOHNSON & JOHNSON	$21,469,000	+3.3%	201,422	+1.4%	4.52%	+5.1%
IBM	Sell	INTL. BUSINESS MACHINES CORP	$14,812,000	+2.5%	78,023	-2.1%	3.12%	+4.3%
RAI	Sell	REYNOLDS AMERICAN INC	$13,186,000	-2.3%	223,489	-0.0%	2.78%	-0.6%
PG	Buy	PROCTER & GAMBLE CO	$12,916,000	+6.7%	154,240	+0.1%	2.72%	+8.5%
MMM	Sell	3M CO	$12,444,000	-3.2%	87,835	-2.1%	2.62%	-1.5%
GE	Sell	GENERAL ELECTRIC CORP	$11,857,000	-3.7%	462,779	-1.3%	2.50%	-2.1%
AAPL	Sell	APPLE INC	$10,722,000	+5.1%	106,393	-3.1%	2.26%	+6.9%
CVX	Sell	CHEVRON CORPORATION	$10,686,000	-8.9%	89,559	-0.4%	2.25%	-7.4%
PEP	Sell	PEPSICO INC	$9,616,000	+1.1%	103,295	-3.0%	2.03%	+2.8%
UTX	Buy	UNITED TECHNOLOGIES CORP	$8,981,000	-7.4%	85,055	+1.3%	1.89%	-5.8%
PFE	Buy	PFIZER INC	$7,725,000	+0.5%	261,245	+0.9%	1.63%	+2.3%
T	Sell	AT&T INC	$6,771,000	-3.9%	192,124	-3.6%	1.43%	-2.3%
CVS	Sell	CVS HEALTH CORP	$6,582,000	+4.4%	82,695	-1.2%	1.39%	+6.2%
ECL	Sell	ECOLAB INC	$6,523,000	+0.7%	56,804	-2.4%	1.37%	+2.4%
JPM	Sell	JP MORGAN CHASE & CO	$6,291,000	+1.8%	104,433	-2.6%	1.32%	+3.6%
INTC	Sell	INTEL CORP	$6,198,000	+7.4%	178,018	-4.7%	1.31%	+9.3%
PM	Sell	PHILIP MORRIS INTERNATIONAL	$5,817,000	-2.5%	69,752	-1.5%	1.23%	-0.8%
ITW	Sell	ILLINOIS TOOL WKS INC	$5,778,000	-5.5%	68,438	-2.0%	1.22%	-3.9%
MSFT	Sell	MICROSOFT CORP	$5,694,000	+5.8%	122,826	-4.8%	1.20%	+7.6%
DIS	Sell	DISNEY WALT CO NEW	$5,641,000	+1.3%	63,359	-2.5%	1.19%	+3.0%
ABT	Sell	ABBOTT LABS	$5,569,000	+1.0%	134,121	-0.5%	1.17%	+2.7%
WFC	Sell	WELLS FARGO & CO	$5,353,000	-3.5%	103,196	-2.2%	1.13%	-1.8%
MRK	Sell	MERCK & CO INC	$5,151,000	+1.2%	86,897	-1.3%	1.08%	+2.9%
CI	Sell	CIGNA CORP	$5,043,000	-6.5%	55,607	-5.2%	1.06%	-4.9%
ADP	Sell	AUTOMATIC DATA PROCESSING INC	$4,940,000	+2.8%	59,451	-2.0%	1.04%	+4.5%
BDX	Buy	BECTON DICKINSON	$4,776,000	-3.5%	41,958	+0.2%	1.01%	-1.9%
VZ	Sell	VERIZON COMMUNICATIONS	$4,631,000	-0.7%	92,644	-2.8%	0.98%	+1.0%
STT	Buy	STATE STREET CORP	$4,397,000	+16.5%	59,735	+6.5%	0.93%	+18.4%
ABBV	Sell	ABBVIE INC	$4,387,000	-4.0%	75,961	-6.2%	0.92%	-2.4%
NEE	Sell	NEXTERA ENERGY INC	$4,330,000	-10.3%	46,124	-2.0%	0.91%	-8.7%
KO	Sell	COCA COLA CO	$3,999,000	-2.8%	93,721	-3.5%	0.84%	-1.1%
OMC	Buy	OMNICOM GROUP	$3,800,000	+2.8%	55,188	+6.4%	0.80%	+4.7%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$3,640,000	+0.4%	29,909	-2.6%	0.77%	+2.1%
NKE	Sell	NIKE INC-CLASS B	$3,554,000	+3.9%	39,844	-9.6%	0.75%	+5.8%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$3,509,000	+3.8%	68,549	-1.6%	0.74%	+5.6%
WMT	Buy	WAL MART STORES INC	$3,456,000	+24.0%	45,188	+21.7%	0.73%	+26.2%
RDSA	Buy	ROYAL DUTCH SHELL SPONS ADR	$3,232,000	-4.5%	42,444	+3.3%	0.68%	-2.9%
DHR	Sell	DANAHER CORP	$3,165,000	-8.1%	41,651	-4.8%	0.67%	-6.6%
SLB	Buy	SCHLUMBERGER LTD	$3,017,000	-13.1%	29,673	+0.9%	0.64%	-11.5%
OXY	Buy	OCCIDENTAL PETE CORP	$2,882,000	+8.1%	29,966	+15.4%	0.61%	+10.0%
MCD	Sell	MCDONALDS CORP	$2,761,000	-8.5%	29,125	-2.8%	0.58%	-6.9%
UNH	Buy	UNITEDHEALTH GROUP INC	$2,740,000	+6.5%	31,764	+0.9%	0.58%	+8.3%
BAC	Sell	BANK OF AMERICA CORP	$2,696,000	+8.1%	158,106	-2.5%	0.57%	+10.1%
HON	Sell	HONEYWELL INTERNATIONAL INC	$2,639,000	-2.3%	28,348	-2.4%	0.56%	-0.5%
SYY	Buy	SYSCO CORP	$2,624,000	+4.6%	69,153	+3.2%	0.55%	+6.6%
UNP	Buy	UNION PAC CORP	$2,610,000	+11.8%	24,070	+2.8%	0.55%	+13.6%
DD	Buy	DU PONT E I DE NEMOURS & CO	$2,587,000	+10.8%	36,044	+1.0%	0.54%	+12.6%
COP	Sell	CONOCOPHILLIPS	$2,527,000	-19.7%	33,031	-10.0%	0.53%	-18.3%
PX	Sell	PRAXAIR INC	$2,521,000	-7.5%	19,543	-4.8%	0.53%	-6.0%
KMB	Sell	KIMBERLY CLARK CORP	$2,499,000	-4.9%	23,224	-1.7%	0.53%	-3.1%
AMGN	Sell	AMGEN INC	$2,485,000	+6.3%	17,690	-10.4%	0.52%	+8.3%
HD	Sell	HOME DEPOT INC	$2,310,000	+11.4%	25,179	-1.7%	0.49%	+13.5%
TGT	Sell	TARGET CORP	$2,295,000	-2.6%	36,611	-10.0%	0.48%	-0.8%
MO	Buy	ALTRIA GROUP INC	$2,255,000	+10.4%	49,079	+0.8%	0.48%	+12.3%
EMR	Sell	EMERSON ELEC CO	$2,247,000	-8.8%	35,905	-3.2%	0.47%	-7.3%
SJM	Buy	JM SMUCKER CO	$2,155,000	+8.3%	21,778	+16.7%	0.45%	+10.2%
LO	Buy	LORILLARD, INC	$2,148,000	+0.2%	35,861	+2.0%	0.45%	+2.0%
HPQ	Sell	HEWLETT PACKARD CO	$2,125,000	+4.3%	59,893	-1.0%	0.45%	+6.2%
MDLZ	Sell	MONDELEZ INTERNATIONAL INC	$2,115,000	-10.0%	61,717	-1.2%	0.45%	-8.4%
CSCO	Sell	CISCO SYSTEMS INC	$2,114,000	+0.0%	83,996	-1.2%	0.44%	+1.6%
BA	Sell	BOEING CO	$2,052,000	-6.7%	16,108	-6.8%	0.43%	-5.1%
MET	Sell	METLIFE INC	$2,041,000	-7.6%	37,984	-4.5%	0.43%	-6.1%
MCHP	Buy	MICROCHIP TECHNOLOGY INC	$2,036,000	-1.7%	43,117	+1.6%	0.43%	0.0%
BP	Buy	BP PLC SPONS ADR	$2,026,000	-16.2%	46,098	+0.6%	0.43%	-14.8%
MMC	Buy	MARSH & MCLENNAN COS INC	$2,015,000	+3.2%	38,503	+2.2%	0.42%	+5.2%
LOW	Buy	LOWES COS INC	$2,012,000	+13.1%	38,024	+2.6%	0.42%	+15.2%
EMC	Sell	EMC CORP MASS	$1,809,000	+8.0%	61,812	-2.8%	0.38%	+9.8%
F	Sell	FORD MOTOR CO DEL 'NEW'	$1,797,000	-16.4%	121,521	-2.6%	0.38%	-14.8%
GIS	Buy	GENERAL MLS INC	$1,792,000	-3.7%	35,514	+0.4%	0.38%	-1.8%
APD	Sell	AIR PRODUCTS & CHEMICALS INC	$1,717,000	-36.5%	13,189	-37.3%	0.36%	-35.4%
SYK	Sell	STRYKER CORP	$1,699,000	-6.2%	21,031	-2.1%	0.36%	-4.5%
BRKB	Buy	BERKSHIRE HATHAWAY INC-CL B	$1,671,000	+15.9%	12,098	+6.1%	0.35%	+17.7%
PETM	Buy	PETSMART INC	$1,624,000	+57.2%	23,168	+34.2%	0.34%	+59.8%
CERN	Sell	CERNER CORP	$1,594,000	+13.9%	26,770	-1.3%	0.34%	+15.9%
PPG	Sell	PPG INDUSTRIES INC	$1,589,000	-13.5%	8,077	-7.6%	0.34%	-11.8%
AXP	Sell	AMERICAN EXPRESS CO	$1,574,000	-12.1%	17,977	-4.7%	0.33%	-10.5%
APA	Sell	APACHE CORP	$1,544,000	-11.7%	16,459	-5.4%	0.32%	-10.2%
BK	Buy	BANK OF NEW YORK MELLON CORP	$1,506,000	+5.2%	38,876	+1.7%	0.32%	+6.7%
GOOG	Buy	GOOGLE INC CLASS C	$1,453,000	+1.5%	2,516	+1.2%	0.31%	+3.4%
LUV	Sell	SOUTHWEST AIRLINES CO	$1,442,000	+24.7%	42,690	-0.8%	0.30%	+27.2%
GOOGL	Sell	GOOGLE INC-CL A	$1,441,000	-1.1%	2,449	-1.7%	0.30%	+0.7%
GS	Sell	GOLDMAN SACHS GROUP INC	$1,437,000	+6.9%	7,829	-2.4%	0.30%	+9.0%
QCOM	Buy	QUALCOMM INC	$1,299,000	-4.5%	17,365	+1.1%	0.27%	-2.8%
MHFI	Sell	MCGRAW HILL FINANCIAL INC	$1,302,000	-13.0%	15,425	-14.4%	0.27%	-11.6%
HSIC	Sell	SCHEIN HENRY INC	$1,289,000	-7.9%	11,068	-6.1%	0.27%	-6.2%
ESRX	Sell	EXPRESS SCRIPTS HLDG	$1,275,000	+1.2%	18,049	-0.7%	0.27%	+3.1%
COST	Sell	COSTCO WHOLESALE CORP NEW	$1,247,000	+8.8%	9,947	-0.0%	0.26%	+11.0%
NSC	Sell	NORFOLK SOUTHERN CORP	$1,241,000	+4.9%	11,121	-3.2%	0.26%	+6.5%
MDT	Sell	MEDTRONIC INC	$1,216,000	-9.5%	19,631	-6.9%	0.26%	-7.9%
ITC	Sell	ITC HOLDINGS CORP	$1,210,000	-8.6%	33,960	-6.4%	0.26%	-6.9%
DOW	Sell	DOW CHEMICAL COMPANY	$1,194,000	+1.7%	22,761	-0.2%	0.25%	+3.7%
CFR	Buy	CULLEN FROST BANKERS INC	$1,191,000	-1.2%	15,570	+2.7%	0.25%	+0.4%
CSX	Buy	CSX CORP	$1,164,000	+11.2%	36,300	+6.8%	0.24%	+12.9%
KRFT	Sell	KRAFT FOODS GROUP INC	$1,151,000	-6.2%	20,404	-0.3%	0.24%	-4.3%
SO	Buy	SOUTHERN COMPANY	$1,136,000	-2.9%	26,024	+0.9%	0.24%	-1.2%
FNFG	Sell	FIRST NIAGARA FINANCIAL GRP	$1,090,000	-8.8%	130,896	-4.3%	0.23%	-7.3%
PNC	Sell	PNC FINANCIAL SERVICES GROUP	$1,063,000	-4.4%	12,422	-0.5%	0.22%	-2.6%
TROW	Sell	T ROWE PRICE GROUP INC	$1,054,000	-10.0%	13,450	-3.1%	0.22%	-8.6%
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTD ADR	$1,002,000	+2.0%	18,627	-0.5%	0.21%	+3.9%
NFG	Buy	NATIONAL FUEL GAS CO	$995,000	-9.3%	14,214	+1.4%	0.21%	-7.5%
ORCL	Sell	ORACLE CORPORATION	$990,000	-12.5%	25,857	-7.4%	0.21%	-10.7%
CL	Sell	COLGATE PALMOLIVE CO	$942,000	-13.8%	14,448	-9.9%	0.20%	-12.4%
XRAY	Sell	DENTSPLY INTERNATIONAL INC	$872,000	-8.7%	19,140	-5.1%	0.18%	-7.1%
BAX	Sell	BAXTER INTL INC	$858,000	-1.6%	11,951	-0.9%	0.18%	0.0%
PCLN	Sell	PRICELINE GROUP INC	$846,000	-6.0%	730	-2.4%	0.18%	-4.3%
ARCC	Sell	ARES CAPITAL CORP	$800,000	-11.1%	49,530	-1.8%	0.17%	-9.1%
ACN	Sell	ACCENTURE PLC CL A	$794,000	-6.3%	9,761	-6.9%	0.17%	-4.6%
MS	Sell	MORGAN STANLEY	$775,000	+4.3%	22,391	-2.6%	0.16%	+5.8%
DUK	Buy	DUKE ENERGY CORP	$761,000	+4.7%	10,176	+3.9%	0.16%	+6.0%
USB	Sell	US BANCORP NEW	$715,000	-4.3%	17,105	-0.8%	0.15%	-2.6%
CELG	Sell	CELGENE CORP	$712,000	+10.0%	7,516	-0.2%	0.15%	+11.9%
UVSP	Sell	UNIVEST CORPORATION OF PENNSYLVANIA	$709,000	-14.0%	37,834	-5.0%	0.15%	-12.9%
JWN	Sell	NORDSTROM INC	$684,000	-10.9%	10,007	-11.5%	0.14%	-9.4%
4945SC	Sell	KINDER MORGAN ENERGY PARTNERS LP	$681,000	+12.0%	7,299	-1.3%	0.14%	+13.5%
FISV	Sell	FISERV INC	$665,000	+5.9%	10,289	-1.2%	0.14%	+7.7%
D	Buy	DOMINION RESOURCES INC	$647,000	+0.9%	9,367	+4.5%	0.14%	+2.3%
AET	Buy	AETNA INC	$634,000	+5.5%	7,833	+5.7%	0.13%	+8.1%
DVN	Sell	DEVON ENERGY CORPORATION NEW	$615,000	-35.0%	9,015	-24.3%	0.13%	-33.7%
GSK	Buy	GLAXO SMITHKLINE SPONS ADR	$617,000	-10.7%	13,410	+3.8%	0.13%	-9.1%
JCI	Sell	JOHNSON CONTROLS INC	$611,000	-14.5%	13,892	-2.9%	0.13%	-12.8%
CMI	Buy	CUMMINS INC	$582,000	-7.9%	4,409	+7.6%	0.12%	-6.1%
A309PS	Sell	DIRECTV	$580,000	+0.3%	6,698	-1.5%	0.12%	+1.7%
SDRL	Sell	SEADRILL LIMITED	$544,000	-37.0%	20,312	-6.1%	0.12%	-35.8%
LLY	Buy	LILLY ELI & CO	$546,000	+5.8%	8,425	+1.6%	0.12%	+7.5%
PCP	Buy	PRECISION CASTPARTS CORP	$547,000	-6.0%	2,310	+0.2%	0.12%	-5.0%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$540,000	-14.3%	12,050	-6.5%	0.11%	-12.3%
MA	Buy	MASTERCARD INC CL A	$536,000	+0.8%	7,248	+0.1%	0.11%	+2.7%
AMZN	Buy	AMAZON.COM INC	$521,000	-0.2%	1,615	+0.6%	0.11%	+1.9%
WAG	Sell	WALGREEN CO	$523,000	-38.7%	8,816	-23.4%	0.11%	-37.9%
NVS	Buy	NOVARTIS AG SPONSORED ADR	$496,000	+7.1%	5,277	+3.1%	0.10%	+9.4%
CB	Sell	CHUBB CORP	$499,000	-10.4%	5,470	-9.6%	0.10%	-8.7%
PSX	Sell	PHILLIPS 66	$490,000	+0.6%	6,020	-0.5%	0.10%	+2.0%
WFTIQ	Buy	WEATHERFORD INTERNATIONAL PLC	$490,000	-6.8%	23,511	+2.7%	0.10%	-5.5%
A	Buy	AGILENT TECHNOLOGIES INC	$462,000	-0.9%	8,111	+0.0%	0.10%	0.0%
LUMN	Sell	CENTURYLINK INC	$449,000	+10.0%	10,981	-2.7%	0.10%	+11.8%
LMT	Sell	LOCKHEED MARTIN CORP	$449,000	-15.4%	2,453	-25.8%	0.10%	-13.6%
MMP	Buy	MAGELLAN MIDSTREAM PARTNERS	$438,000	+44.6%	5,200	+44.4%	0.09%	+46.0%
ETN	Sell	EATON CORP PLC	$438,000	-18.0%	6,922	-0.0%	0.09%	-17.1%
IFF	Sell	INTERNATIONAL FLAVORS & FRAGRANCES	$426,000	-27.6%	4,451	-21.0%	0.09%	-26.2%
PPL	Buy	PPL CORPORATION	$406,000	-4.7%	12,346	+3.0%	0.09%	-2.3%
CPB	Buy	CAMPBELL SOUP CO	$408,000	-2.2%	9,543	+4.7%	0.09%	0.0%
IR	Buy	INGERSOLL-RAND PLC	$407,000	+9.7%	7,207	+21.4%	0.09%	+11.7%
EXC	Buy	EXELON CORP	$404,000	+0.2%	11,864	+7.2%	0.08%	+2.4%
TIF	Buy	TIFFANY & CO	$405,000	+22.4%	4,205	+27.3%	0.08%	+23.2%
B108PS	New	ACTAVIS PLC	$394,000	–	1,635	–	0.08%	–
BMS	Sell	BEMIS INC	$383,000	-7.0%	10,075	-0.5%	0.08%	-4.7%
FBHS	Sell	FORTUNE BRANDS HOME & SECURITY, INC	$374,000	-6.5%	9,091	-9.2%	0.08%	-4.8%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$366,000	+17.3%	5,445	-3.1%	0.08%	+18.5%
ADBE	Sell	ADOBE SYS INC	$359,000	-20.6%	5,180	-17.1%	0.08%	-19.1%
DE	Buy	DEERE & CO	$357,000	-1.7%	4,348	+8.4%	0.08%	0.0%
DEO	Sell	DIAGEO PLC SPONS ADR	$352,000	-16.2%	3,048	-7.8%	0.07%	-14.9%
ZBH	Sell	ZIMMER HLDGS INC	$352,000	-5.9%	3,501	-2.8%	0.07%	-3.9%
ABC	Sell	AMERISOURCEBERGEN CORP	$340,000	+5.6%	4,403	-0.6%	0.07%	+7.5%
NFLX	Buy	NETFLIX INC	$338,000	+2.4%	750	+0.3%	0.07%	+4.4%
APH	Sell	AMPHENOL CORP	$339,000	+3.7%	3,391	-0.2%	0.07%	+4.4%
WMB	Sell	WILLIAMS COS INC	$332,000	-17.6%	5,989	-13.5%	0.07%	-15.7%
VOD	Sell	VODAFONE GROUP SPONS ADR	$329,000	-2.1%	10,012	-0.5%	0.07%	-1.4%
HSY	Buy	THE HERSHEY COMPANY	$312,000	+1.0%	3,265	+2.8%	0.07%	+3.1%
J	Sell	JACOBS ENGINEERING GROUP INC	$313,000	-12.1%	6,421	-4.0%	0.07%	-10.8%
CTXS	Sell	CITRIX SYSTEMS INC	$309,000	+13.6%	4,328	-0.6%	0.06%	+16.1%
AEP	Buy	AMERICAN ELEC PWR INC	$310,000	+3.0%	5,925	+9.7%	0.06%	+4.8%
RTN	Sell	RAYTHEON COMPANY	$302,000	+9.4%	2,969	-0.9%	0.06%	+12.3%
UGI	Buy	UGI CORP	$292,000	+2.5%	8,554	+51.4%	0.06%	+5.1%
CMCSA	Buy	COMCAST CORP-CL A	$294,000	+13.5%	5,461	+13.0%	0.06%	+14.8%
BOH	Sell	BANK OF HAWAII CORP	$292,000	-10.7%	5,153	-7.4%	0.06%	-8.8%
DPS	Buy	DR PEPPER SNAPPLE GROUP INC	$284,000	+15.0%	4,420	+5.0%	0.06%	+17.6%
AFL	Sell	AFLAC INC	$275,000	-13.0%	4,716	-6.9%	0.06%	-10.8%
ADSK	Sell	AUTODESK INC	$267,000	-42.1%	4,859	-40.6%	0.06%	-41.1%
HBI	Buy	HANESBRANDS INC	$268,000	+25.2%	2,487	+14.3%	0.06%	+27.3%
YUM	Buy	YUM! BRANDS INC	$266,000	-7.3%	3,703	+4.8%	0.06%	-5.1%
AGN	Buy	ALLERGAN INC	$261,000	+9.2%	1,464	+3.5%	0.06%	+10.0%
NSRGY	Buy	NESTLE SA SPONS ADR	$254,000	+6.3%	3,439	+11.9%	0.05%	+8.0%
FFIV	Sell	F5 NETWORKS INC	$253,000	+5.4%	2,133	-0.7%	0.05%	+6.0%
AMP	Sell	AMERIPRISE FINANCIAL INC.	$247,000	+0.8%	2,007	-1.9%	0.05%	+2.0%
FCX	Buy	FREEPORT-MCMORAN INC	$248,000	+9.7%	7,606	+22.8%	0.05%	+10.6%
TTE	Buy	TOTAL S.A. SPONS ADR	$236,000	+1.3%	3,669	+13.7%	0.05%	+4.2%
MIDD	New	MIDDLEBY CORP	$236,000	–	2,680	–	0.05%	–
MDU	Sell	MDU RES GROUP INC	$231,000	-28.0%	8,283	-9.7%	0.05%	-25.8%
FLT	New	FLEETCOR TECHNOLOGIES INC	$228,000	–	1,607	–	0.05%	–
BPL	New	BUCKEYE PARTNERS LP	$223,000	–	2,790	–	0.05%	–
HAL	Buy	HALLIBURTON CO	$216,000	-7.3%	3,353	+2.4%	0.05%	-4.2%
CNI	New	CANADIAN NATIONAL RAILWAY CO	$217,000	–	3,064	–	0.05%	–
MKC	Sell	MCCORMICK & CO INC	$216,000	-21.2%	3,225	-15.7%	0.05%	-19.3%
ETP	New	ENERGY TRANSFER PARTNERS LP	$215,000	–	3,368	–	0.04%	–
TECK	Buy	TECK RESOURCES LIMITED	$211,000	-15.9%	11,160	+1.5%	0.04%	-15.4%
BRKA	New	BERKSHIRE HATHAWAY INC CLASS A	$207,000	–	1	–	0.04%	–
VFC	New	V.F. CORP	$210,000	–	3,172	–	0.04%	–
NJR	Buy	NEW JERSEY RES CORP	$208,000	-11.5%	4,124	+0.3%	0.04%	-10.2%
PII	New	POLARIS INDUSTRIES INC	$205,000	–	1,371	–	0.04%	–
PBCT	Sell	PEOPLES UNITED FINANCIAL, INC	$204,000	-13.6%	14,096	-9.6%	0.04%	-12.2%
SE	New	SPECTRA ENERGY CORP	$200,000	–	5,103	–	0.04%	–
SVM	New	SILVERCORP METALS INC	$28,000	–	17,883	–	0.01%	–
FMETF	Exit	FORMATION METALS INC	$0	–	-19,458	–	-0.00%	–
MON	Exit	MONSANTO CO NEW	$0	–	-1,606	–	-0.04%	–
AAN	Exit	AARONS INC	$0	–	-6,041	–	-0.04%	–
FTI	Exit	FMC TECHNOLOGIES INC	$0	–	-3,789	–	-0.05%	–
OII	Exit	OCEANEERING INTL INC	$0	–	-3,000	–	-0.05%	–
CLX	Exit	CLOROX COMPANY	$0	–	-2,704	–	-0.05%	–
RL	Exit	RALPH LAUREN CORP	$0	–	-1,617	–	-0.05%	–
CME	Exit	CME GROUP INC.	$0	–	-3,800	–	-0.06%	–
HSH	Exit	HILLSHIRE BRANDS COMPANY	$0	–	-4,798	–	-0.06%	–
TJX	Exit	TJX COS INC	$0	–	-5,875	–	-0.06%	–
FRX	Exit	FOREST LABS INC	$0	–	-4,853	–	-0.10%	–

Q2 2014

			Value		Shares		↓ Weighting
XOM	New	EXXONMOBIL CORP	$33,869,000	–	336,401	–	7.02%	–
JNJ	New	JOHNSON & JOHNSON	$20,784,000	–	198,662	–	4.30%	–
IBM	New	INTL. BUSINESS MACHINES CORP	$14,444,000	–	79,680	–	2.99%	–
RAI	New	REYNOLDS AMERICAN INC	$13,491,000	–	223,558	–	2.79%	–
MMM	New	3M CO	$12,849,000	–	89,699	–	2.66%	–
GE	New	GENERAL ELECTRIC CORP	$12,316,000	–	468,641	–	2.55%	–
PG	New	PROCTER & GAMBLE CO	$12,108,000	–	154,069	–	2.51%	–
CVX	New	CHEVRON CORPORATION	$11,735,000	–	89,883	–	2.43%	–
AAPL	New	APPLE INC	$10,200,000	–	109,759	–	2.11%	–
UTX	New	UNITED TECHNOLOGIES CORP	$9,697,000	–	83,992	–	2.01%	–
PEP	New	PEPSICO INC	$9,515,000	–	106,511	–	1.97%	–
FCF	New	FIRST COMWLTH FINL CORP	$8,949,000	–	970,648	–	1.85%	–
PFE	New	PFIZER INC	$7,686,000	–	258,957	–	1.59%	–
T	New	AT&T INC	$7,047,000	–	199,310	–	1.46%	–
ECL	New	ECOLAB INC	$6,480,000	–	58,198	–	1.34%	–
CVS	New	CVS CAREMARK CORP	$6,307,000	–	83,683	–	1.31%	–
JPM	New	JP MORGAN CHASE & CO	$6,177,000	–	107,200	–	1.28%	–
ITW	New	ILLINOIS TOOL WKS INC	$6,117,000	–	69,866	–	1.27%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$5,968,000	–	70,788	–	1.24%	–
INTC	New	INTEL CORP	$5,770,000	–	186,708	–	1.20%	–
DIS	New	DISNEY WALT CO NEW	$5,570,000	–	64,963	–	1.15%	–
WFC	New	WELLS FARGO & CO	$5,548,000	–	105,546	–	1.15%	–
ABT	New	ABBOTT LABS	$5,512,000	–	134,766	–	1.14%	–
CI	New	CIGNA CORP	$5,396,000	–	58,673	–	1.12%	–
MSFT	New	MICROSOFT CORP	$5,381,000	–	129,053	–	1.12%	–
MRK	New	MERCK & CO INC	$5,091,000	–	87,997	–	1.05%	–
BDX	New	BECTON DICKINSON	$4,951,000	–	41,855	–	1.02%	–
NEE	New	NEXTERA ENERGY INC	$4,825,000	–	47,078	–	1.00%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$4,807,000	–	60,638	–	1.00%	–
VZ	New	VERIZON COMMUNICATIONS	$4,664,000	–	95,316	–	0.97%	–
ABBV	New	ABBVIE INC	$4,570,000	–	80,972	–	0.95%	–
KO	New	COCA COLA CO	$4,113,000	–	97,095	–	0.85%	–
STT	New	STATE STREET CORP	$3,774,000	–	56,109	–	0.78%	–
OMC	New	OMNICOM GROUP	$3,695,000	–	51,883	–	0.76%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$3,625,000	–	30,719	–	0.75%	–
SLB	New	SCHLUMBERGER LTD	$3,470,000	–	29,422	–	0.72%	–
DHR	New	DANAHER CORP	$3,445,000	–	43,754	–	0.71%	–
NKE	New	NIKE INC-CLASS B	$3,419,000	–	44,079	–	0.71%	–
RDSA	New	ROYAL DUTCH SHELL SPONS ADR	$3,383,000	–	41,071	–	0.70%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$3,380,000	–	69,681	–	0.70%	–
COP	New	CONOCOPHILLIPS	$3,145,000	–	36,683	–	0.65%	–
MCD	New	MCDONALDS CORP	$3,019,000	–	29,970	–	0.62%	–
WMT	New	WAL MART STORES INC	$2,788,000	–	37,141	–	0.58%	–
PX	New	PRAXAIR INC	$2,726,000	–	20,519	–	0.56%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$2,706,000	–	21,037	–	0.56%	–
HON	New	HONEYWELL INTERNATIONAL INC	$2,700,000	–	29,045	–	0.56%	–
OXY	New	OCCIDENTAL PETE CORP	$2,666,000	–	25,977	–	0.55%	–
KMB	New	KIMBERLY CLARK CORP	$2,628,000	–	23,626	–	0.54%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,573,000	–	31,477	–	0.53%	–
SYY	New	SYSCO CORP	$2,508,000	–	66,982	–	0.52%	–
BAC	New	BANK OF AMERICA CORP	$2,493,000	–	162,207	–	0.52%	–
EMR	New	EMERSON ELEC CO	$2,463,000	–	37,109	–	0.51%	–
BP	New	BP PLC SPONS ADR	$2,418,000	–	45,835	–	0.50%	–
TGT	New	TARGET CORP	$2,357,000	–	40,673	–	0.49%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC	$2,350,000	–	62,482	–	0.49%	–
UNP	New	UNION PAC CORP	$2,335,000	–	23,416	–	0.48%	–
AMGN	New	AMGEN INC	$2,337,000	–	19,745	–	0.48%	–
DD	New	DU PONT E I DE NEMOURS & CO	$2,335,000	–	35,680	–	0.48%	–
MET	New	METLIFE INC	$2,210,000	–	39,780	–	0.46%	–
BA	New	BOEING CO	$2,199,000	–	17,279	–	0.46%	–
F	New	FORD MOTOR CO DEL 'NEW'	$2,150,000	–	124,721	–	0.44%	–
LO	New	LORILLARD, INC	$2,143,000	–	35,146	–	0.44%	–
CSCO	New	CISCO SYSTEMS INC	$2,113,000	–	85,027	–	0.44%	–
HD	New	HOME DEPOT INC	$2,073,000	–	25,608	–	0.43%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$2,072,000	–	42,439	–	0.43%	–
MO	New	ALTRIA GROUP INC	$2,042,000	–	48,684	–	0.42%	–
HPQ	New	HEWLETT PACKARD CO	$2,038,000	–	60,493	–	0.42%	–
SJM	New	JM SMUCKER CO	$1,989,000	–	18,660	–	0.41%	–
MMC	New	MARSH & MCLENNAN COS INC	$1,952,000	–	37,657	–	0.40%	–
GIS	New	GENERAL MLS INC	$1,860,000	–	35,389	–	0.38%	–
PPG	New	PPG INDUSTRIES INC	$1,837,000	–	8,742	–	0.38%	–
SYK	New	STRYKER CORP	$1,811,000	–	21,481	–	0.38%	–
AXP	New	AMERICAN EXPRESS CO	$1,791,000	–	18,871	–	0.37%	–
LOW	New	LOWES COS INC	$1,779,000	–	37,070	–	0.37%	–
APA	New	APACHE CORP	$1,749,000	–	17,390	–	0.36%	–
EMC	New	EMC CORP MASS	$1,675,000	–	63,581	–	0.35%	–
MHFI	New	MCGRAW HILL FINANCIAL INC	$1,497,000	–	18,025	–	0.31%	–
GOOGL	New	GOOGLE INC-CL A	$1,457,000	–	2,492	–	0.30%	–
BRKB	New	BERKSHIRE HATHAWAY INC-CL B	$1,442,000	–	11,398	–	0.30%	–
BK	New	BANK OF NEW YORK MELLON CORP	$1,432,000	–	38,208	–	0.30%	–
GOOG	New	GOOGLE INC CLASS C	$1,431,000	–	2,487	–	0.30%	–
CERN	New	CERNER CORP	$1,399,000	–	27,120	–	0.29%	–
HSIC	New	SCHEIN HENRY INC	$1,399,000	–	11,793	–	0.29%	–
QCOM	New	QUALCOMM INC	$1,360,000	–	17,172	–	0.28%	–
MDT	New	MEDTRONIC INC	$1,344,000	–	21,081	–	0.28%	–
GS	New	GOLDMAN SACHS GROUP INC	$1,344,000	–	8,024	–	0.28%	–
ITC	New	ITC HOLDINGS CORP	$1,324,000	–	36,298	–	0.27%	–
ESRX	New	EXPRESS SCRIPTS HLDG	$1,260,000	–	18,184	–	0.26%	–
KRFT	New	KRAFT FOODS GROUP INC	$1,227,000	–	20,465	–	0.25%	–
CFR	New	CULLEN FROST BANKERS INC	$1,205,000	–	15,163	–	0.25%	–
FNFG	New	FIRST NIAGARA FINANCIAL GRP	$1,195,000	–	136,727	–	0.25%	–
NSC	New	NORFOLK SOUTHERN CORP	$1,183,000	–	11,484	–	0.24%	–
DOW	New	DOW CHEMICAL COMPANY	$1,174,000	–	22,816	–	0.24%	–
TROW	New	T ROWE PRICE GROUP INC	$1,171,000	–	13,875	–	0.24%	–
CMCSK	New	COMCAST CORP-SPECIAL CL A	$1,167,000	–	21,887	–	0.24%	–
SO	New	SOUTHERN COMPANY	$1,170,000	–	25,798	–	0.24%	–
LUV	New	SOUTHWEST AIRLINES CO	$1,156,000	–	43,040	–	0.24%	–
COST	New	COSTCO WHOLESALE CORP NEW	$1,146,000	–	9,951	–	0.24%	–
ORCL	New	ORACLE CORPORATION	$1,132,000	–	27,912	–	0.23%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$1,112,000	–	12,482	–	0.23%	–
GLW	New	CORNING INC	$1,106,000	–	50,425	–	0.23%	–
NFG	New	NATIONAL FUEL GAS CO	$1,097,000	–	14,014	–	0.23%	–
CL	New	COLGATE PALMOLIVE CO	$1,093,000	–	16,031	–	0.23%	–
HAS	New	HASBRO INC	$1,061,000	–	20,000	–	0.22%	–
CSX	New	CSX CORP	$1,047,000	–	34,000	–	0.22%	–
PETM	New	PETSMART INC	$1,033,000	–	17,268	–	0.21%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTD ADR	$982,000	–	18,727	–	0.20%	–
XRAY	New	DENTSPLY INTERNATIONAL INC	$955,000	–	20,177	–	0.20%	–
ROP	New	ROPER INDS INC	$954,000	–	6,535	–	0.20%	–
DVN	New	DEVON ENERGY CORPORATION NEW	$946,000	–	11,909	–	0.20%	–
PCLN	New	PRICELINE GROUP INC	$900,000	–	748	–	0.19%	–
ARCC	New	ARES CAPITAL CORP	$900,000	–	50,430	–	0.19%	–
BAX	New	BAXTER INTL INC	$872,000	–	12,061	–	0.18%	–
SDRL	New	SEADRILL LIMITED	$864,000	–	21,637	–	0.18%	–
WAG	New	WALGREEN CO	$853,000	–	11,512	–	0.18%	–
ACN	New	ACCENTURE PLC CL A	$847,000	–	10,487	–	0.18%	–
UVSP	New	UNIVEST CORPORATION OF PENNSYLVANIA	$824,000	–	39,834	–	0.17%	–
ALL	New	ALLSTATE CORP	$804,000	–	13,691	–	0.17%	–
BIIB	New	BIOGEN IDEC INC	$772,000	–	2,447	–	0.16%	–
JWN	New	NORDSTROM INC	$768,000	–	11,310	–	0.16%	–
USB	New	US BANCORP NEW	$747,000	–	17,243	–	0.16%	–
MS	New	MORGAN STANLEY	$743,000	–	22,991	–	0.15%	–
DUK	New	DUKE ENERGY CORP	$727,000	–	9,798	–	0.15%	–
JCI	New	JOHNSON CONTROLS INC	$715,000	–	14,302	–	0.15%	–
GSK	New	GLAXO SMITHKLINE SPONS ADR	$691,000	–	12,920	–	0.14%	–
V107SC	New	WELLPOINT INC	$687,000	–	6,382	–	0.14%	–
CELG	New	CELGENE CORP	$647,000	–	7,530	–	0.13%	–
D	New	DOMINION RESOURCES INC	$641,000	–	8,960	–	0.13%	–
CMI	New	CUMMINS INC	$632,000	–	4,096	–	0.13%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$630,000	–	12,893	–	0.13%	–
FISV	New	FISERV INC	$628,000	–	10,414	–	0.13%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERS LP	$608,000	–	7,397	–	0.13%	–
GD	New	GENERAL DYNAMICS CORP	$602,000	–	5,164	–	0.12%	–
AET	New	AETNA INC	$601,000	–	7,409	–	0.12%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRANCES	$588,000	–	5,633	–	0.12%	–
PCP	New	PRECISION CASTPARTS CORP	$582,000	–	2,305	–	0.12%	–
A309PS	New	DIRECTV	$578,000	–	6,798	–	0.12%	–
CAT	New	CATERPILLAR INC	$574,000	–	5,280	–	0.12%	–
OLN	New	OLIN CORP	$565,000	–	20,977	–	0.12%	–
CB	New	CHUBB CORP	$557,000	–	6,048	–	0.12%	–
ETN	New	EATON CORP PLC	$534,000	–	6,923	–	0.11%	–
MA	New	MASTERCARD INC CL A	$532,000	–	7,240	–	0.11%	–
LMT	New	LOCKHEED MARTIN CORP	$531,000	–	3,306	–	0.11%	–
WFTIQ	New	WEATHERFORD INTERNATIONAL PLC	$526,000	–	22,897	–	0.11%	–
AMZN	New	AMAZON.COM INC	$522,000	–	1,606	–	0.11%	–
LLY	New	LILLY ELI & CO	$516,000	–	8,294	–	0.11%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP INC	$504,000	–	12,350	–	0.10%	–
PSX	New	PHILLIPS 66	$487,000	–	6,049	–	0.10%	–
K	New	KELLOGG CO	$489,000	–	7,437	–	0.10%	–
FRX	New	FOREST LABS INC	$480,000	–	4,853	–	0.10%	–
A	New	AGILENT TECHNOLOGIES INC	$466,000	–	8,110	–	0.10%	–
NVS	New	NOVARTIS AG SPONSORED ADR	$463,000	–	5,119	–	0.10%	–
ADSK	New	AUTODESK INC	$461,000	–	8,174	–	0.10%	–
ADBE	New	ADOBE SYS INC	$452,000	–	6,250	–	0.09%	–
PPL	New	PPL CORPORATION	$426,000	–	11,985	–	0.09%	–
DEO	New	DIAGEO PLC SPONS ADR	$420,000	–	3,305	–	0.09%	–
CPB	New	CAMPBELL SOUP CO	$417,000	–	9,111	–	0.09%	–
LUMN	New	CENTURYLINK INC	$408,000	–	11,281	–	0.08%	–
BMS	New	BEMIS INC	$412,000	–	10,125	–	0.08%	–
WMB	New	WILLIAMS COS INC	$403,000	–	6,925	–	0.08%	–
FBHS	New	FORTUNE BRANDS HOME & SECURITY, INC	$400,000	–	10,014	–	0.08%	–
EXC	New	EXELON CORP	$403,000	–	11,064	–	0.08%	–
LPT	New	LIBERTY PROPERTY TRUST REIT	$391,000	–	10,300	–	0.08%	–
BR	New	BROADRIDGE FINL SOLUTIONS INC	$381,000	–	9,150	–	0.08%	–
ZBH	New	ZIMMER HLDGS INC	$374,000	–	3,601	–	0.08%	–
IR	New	INGERSOLL-RAND PLC	$371,000	–	5,937	–	0.08%	–
DE	New	DEERE & CO	$363,000	–	4,010	–	0.08%	–
J	New	JACOBS ENGINEERING GROUP INC	$356,000	–	6,691	–	0.07%	–
FDX	New	FEDEX CORPORATION	$359,000	–	2,367	–	0.07%	–
MTB	New	M & T BANK CORP	$347,000	–	2,796	–	0.07%	–
VOD	New	VODAFONE GROUP SPONS ADR	$336,000	–	10,064	–	0.07%	–
TIF	New	TIFFANY & CO	$331,000	–	3,304	–	0.07%	–
BOH	New	BANK OF HAWAII CORP	$327,000	–	5,564	–	0.07%	–
APH	New	AMPHENOL CORP	$327,000	–	3,397	–	0.07%	–
NFLX	New	NETFLIX INC	$330,000	–	748	–	0.07%	–
ABC	New	AMERISOURCEBERGEN CORP	$322,000	–	4,431	–	0.07%	–
MDU	New	MDU RES GROUP INC	$321,000	–	9,168	–	0.07%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$312,000	–	5,620	–	0.06%	–
TJX	New	TJX COS INC	$312,000	–	5,875	–	0.06%	–
AFL	New	AFLAC INC	$316,000	–	5,066	–	0.06%	–
SWK	New	STANLEY BLACK & DECKER INC	$310,000	–	3,531	–	0.06%	–
HSY	New	THE HERSHEY COMPANY	$309,000	–	3,175	–	0.06%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS	$303,000	–	3,600	–	0.06%	–
UPS	New	UNITED PARCEL SERVICE CL B	$306,000	–	2,975	–	0.06%	–
HSH	New	HILLSHIRE BRANDS COMPANY	$298,000	–	4,798	–	0.06%	–
AEP	New	AMERICAN ELEC PWR INC	$301,000	–	5,403	–	0.06%	–
PAYX	New	PAYCHEX INC	$301,000	–	7,244	–	0.06%	–
PRU	New	PRUDENTIAL FINL INC	$293,000	–	3,300	–	0.06%	–
APC	New	ANADARKO PETROLEUM CORPORATION	$291,000	–	2,650	–	0.06%	–
YUM	New	YUM! BRANDS INC	$287,000	–	3,532	–	0.06%	–
UGI	New	UGI CORP	$285,000	–	5,650	–	0.06%	–
NEM	New	NEWMONT MNG CORP	$279,000	–	10,950	–	0.06%	–
RTN	New	RAYTHEON COMPANY	$276,000	–	2,997	–	0.06%	–
CNP	New	CENTERPOINT ENERGY INC	$277,000	–	10,857	–	0.06%	–
MKC	New	MCCORMICK & CO INC	$274,000	–	3,825	–	0.06%	–
MSM	New	MSC INDL DIRECT INC CL A	$274,000	–	2,870	–	0.06%	–
CME	New	CME GROUP INC.	$270,000	–	3,800	–	0.06%	–
CTXS	New	CITRIX SYSTEMS INC	$272,000	–	4,353	–	0.06%	–
MCO	New	MOODYS CORP	$263,000	–	3,000	–	0.05%	–
CMCSA	New	COMCAST CORP-CL A	$259,000	–	4,834	–	0.05%	–
RL	New	RALPH LAUREN CORP	$260,000	–	1,617	–	0.05%	–
TECK	New	TECK RESOURCES LIMITED	$251,000	–	11,000	–	0.05%	–
SHLM	New	SCHULMAN A INC	$250,000	–	6,460	–	0.05%	–
CLX	New	CLOROX COMPANY	$247,000	–	2,704	–	0.05%	–
SPLS	New	STAPLES INC	$244,000	–	22,498	–	0.05%	–
DPS	New	DR PEPPER SNAPPLE GROUP INC	$247,000	–	4,210	–	0.05%	–
AMP	New	AMERIPRISE FINANCIAL INC.	$245,000	–	2,046	–	0.05%	–
AGN	New	ALLERGAN INC	$239,000	–	1,414	–	0.05%	–
PSA	New	PUBLIC STORAGE INC REIT	$241,000	–	1,406	–	0.05%	–
TCKRF	New	TECK RESOURCES LTD	$242,000	–	10,000	–	0.05%	–
NSRGY	New	NESTLE SA SPONS ADR	$239,000	–	3,074	–	0.05%	–
FFIV	New	F5 NETWORKS INC	$240,000	–	2,149	–	0.05%	–
SBTB	New	SBT BANCORP INC	$236,000	–	10,378	–	0.05%	–
PBCT	New	PEOPLES UNITED FINANCIAL, INC	$236,000	–	15,596	–	0.05%	–
NJR	New	NEW JERSEY RES CORP	$235,000	–	4,112	–	0.05%	–
HAL	New	HALLIBURTON CO	$233,000	–	3,275	–	0.05%	–
FTI	New	FMC TECHNOLOGIES INC	$231,000	–	3,789	–	0.05%	–
OII	New	OCEANEERING INTL INC	$234,000	–	3,000	–	0.05%	–
TTE	New	TOTAL S.A. SPONS ADR	$233,000	–	3,227	–	0.05%	–
FCX	New	FREEPORT-MCMORAN COPPER AND GOLD INC	$226,000	–	6,195	–	0.05%	–
DTE	New	DTE ENERGY CO	$220,000	–	2,830	–	0.05%	–
AAN	New	AARONS INC	$215,000	–	6,041	–	0.04%	–
WAT	New	WATERS CORP	$218,000	–	2,090	–	0.04%	–
DGX	New	QUEST DIAGNOSTICS INC	$211,000	–	3,600	–	0.04%	–
HBI	New	HANESBRANDS INC	$214,000	–	2,175	–	0.04%	–
ANDE	New	ANDERSONS INCORPORATED	$204,000	–	3,950	–	0.04%	–
MON	New	MONSANTO CO NEW	$200,000	–	1,606	–	0.04%	–
XPL	New	SOLITARIO EXPLORATION & ROY	$39,000	–	29,414	–	0.01%	–
FMETF	New	FORMATION METALS INC	$4,000	–	19,458	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
FMETF	Exit	FORMATION METALS INC	$0	–	-19,458	–	0.00%	–
	Exit	MAPLE ENERGY PLC	$0	–	-14,000	–	-0.00%	–
XPL	Exit	SOLITARIO EXPLORATION & ROY	$0	–	-29,414	–	-0.01%	–
DLTZ	Exit	DELTA MUTUAL INC	$0	–	-89,342	–	-0.01%	–
MSM	Exit	MSC INDL DIRECT INC CL A	$0	–	-2,520	–	-0.04%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP INC	$0	–	-4,590	–	-0.04%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-3,240	–	-0.04%	–
MCO	Exit	MOODYS CORP	$0	–	-3,000	–	-0.04%	–
UGI	Exit	UGI CORP	$0	–	-5,650	–	-0.05%	–
CLX	Exit	CLOROX COMPANY	$0	–	-2,704	–	-0.05%	–
CMCSA	Exit	COMCAST CORP-CL A	$0	–	-4,881	–	-0.05%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-3,608	–	-0.05%	–
UPS	Exit	UNITED PARCEL SERVICE CL B	$0	–	-2,475	–	-0.05%	–
FRX	Exit	FOREST LABS INC	$0	–	-5,326	–	-0.05%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-2,762	–	-0.05%	–
FTI	Exit	FMC TECHNOLOGIES INC	$0	–	-4,241	–	-0.05%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-5,487	–	-0.05%	–
WAT	Exit	WATERS CORP	$0	–	-2,244	–	-0.05%	–
TIF	Exit	TIFFANY & CO	$0	–	-3,093	–	-0.05%	–
APC	Exit	ANADARKO PETROLEUM CORPORATION	$0	–	-2,650	–	-0.05%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-3,825	–	-0.05%	–
PSA	Exit	PUBLIC STORAGE INC REIT	$0	–	-1,536	–	-0.05%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-10,291	–	-0.05%	–
YUM	Exit	YUM! BRANDS INC	$0	–	-3,545	–	-0.05%	–
PAYX	Exit	PAYCHEX INC	$0	–	-6,232	–	-0.05%	–
M	Exit	MACY'S INC	$0	–	-5,800	–	-0.05%	–
SBTB	Exit	SBT BANCORP INC	$0	–	-10,378	–	-0.06%	–
ED	Exit	CONSOLIDATED EDISON INC	$0	–	-4,770	–	-0.06%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-5,940	–	-0.06%	–
NFLX	Exit	NETFLIX INC	$0	–	-856	–	-0.06%	–
RTN	Exit	RAYTHEON COMPANY	$0	–	-3,464	–	-0.06%	–
BG	Exit	BUNGE LIMITED	$0	–	-3,500	–	-0.06%	–
CNP	Exit	CENTERPOINT ENERGY INC	$0	–	-11,357	–	-0.06%	–
FDX	Exit	FEDEX CORPORATION	$0	–	-2,385	–	-0.06%	–
KMX	Exit	CARMAX INC	$0	–	-5,717	–	-0.06%	–
AMT	Exit	AMERICAN TOWER CORP REIT	$0	–	-3,775	–	-0.06%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-4,685	–	-0.06%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-3,661	–	-0.06%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS INC	$0	–	-9,090	–	-0.06%	–
APH	Exit	AMPHENOL CORP	$0	–	-3,725	–	-0.06%	–
HSY	Exit	THE HERSHEY COMPANY	$0	–	-3,125	–	-0.06%	–
TECK	Exit	TECK RESOURCES LIMITED	$0	–	-11,000	–	-0.06%	–
TEF	Exit	TELEFONICA SA SPONS ADR	$0	–	-20,555	–	-0.07%	–
OII	Exit	OCEANEERING INTL INC	$0	–	-4,000	–	-0.07%	–
COH	Exit	COACH INC	$0	–	-6,114	–	-0.07%	–
TCKRF	Exit	TECK RESOURCES LTD	$0	–	-11,680	–	-0.07%	–
RL	Exit	RALPH LAUREN CORP	$0	–	-2,012	–	-0.07%	–
TJX	Exit	TJX COS INC	$0	–	-5,975	–	-0.07%	–
CTXS	Exit	CITRIX SYSTEMS INC	$0	–	-4,998	–	-0.08%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-9,832	–	-0.08%	–
AFL	Exit	AFLAC INC	$0	–	-5,800	–	-0.08%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-5,572	–	-0.08%	–
DE	Exit	DEERE & CO	$0	–	-4,522	–	-0.08%	–
BOH	Exit	BANK OF HAWAII CORP	$0	–	-6,813	–	-0.08%	–
ZBH	Exit	ZIMMER HLDGS INC	$0	–	-4,538	–	-0.08%	–
LPT	Exit	LIBERTY PROPERTY TRUST REIT	$0	–	-10,600	–	-0.08%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-9,790	–	-0.08%	–
EXC	Exit	EXELON CORP	$0	–	-12,852	–	-0.08%	–
OLN	Exit	OLIN CORP	$0	–	-17,145	–	-0.08%	–
PSX	Exit	PHILLIPS 66	$0	–	-6,936	–	-0.09%	–
NVS	Exit	NOVARTIS AG SPONSORED ADR	$0	–	-5,350	–	-0.09%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-8,077	–	-0.09%	–
J	Exit	JACOBS ENGINEERING GROUP INC	$0	–	-7,150	–	-0.09%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-4,608	–	-0.09%	–
MDU	Exit	MDU RES GROUP INC	$0	–	-15,209	–	-0.09%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP INC	$0	–	-13,054	–	-0.09%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-8,269	–	-0.09%	–
SPLS	Exit	STAPLES INC	$0	–	-29,623	–	-0.09%	–
K	Exit	KELLOGG CO	$0	–	-7,537	–	-0.09%	–
GSK	Exit	GLAXO SMITHKLINE SPONS ADR	$0	–	-15,426	–	-0.09%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-14,181	–	-0.10%	–
ABB	Exit	ABB LTD SPONS ADR	$0	–	-19,325	–	-0.10%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-5,266	–	-0.10%	–
DEO	Exit	DIAGEO PLC SPONS ADR	$0	–	-3,738	–	-0.10%	–
PPL	Exit	PPL CORPORATION	$0	–	-15,920	–	-0.10%	–
ADSK	Exit	AUTODESK INC	$0	–	-11,739	–	-0.10%	–
A309PS	Exit	DIRECTV	$0	–	-8,221	–	-0.10%	–
LLY	Exit	LILLY ELI & CO	$0	–	-9,997	–	-0.11%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-3,975	–	-0.11%	–
ETN	Exit	EATON CORP PLC	$0	–	-7,449	–	-0.11%	–
MA	Exit	MASTERCARD INC CL A	$0	–	-774	–	-0.11%	–
FBHS	Exit	FORTUNE BRANDS HOME & SECURITY, INC	$0	–	-12,764	–	-0.11%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-10,550	–	-0.12%	–
CB	Exit	CHUBB CORP	$0	–	-6,172	–	-0.12%	–
	Exit	STEIN SEAL COMPANY	$0	–	-58	–	-0.12%	–
V107SC	Exit	WELLPOINT INC	$0	–	-6,712	–	-0.12%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-1,820	–	-0.12%	–
D	Exit	DOMINION RESOURCES INC	$0	–	-9,198	–	-0.12%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-2,530	–	-0.12%	–
FCX	Exit	FREEPORT-MCMORAN COPPER AND GOLD INC	$0	–	-17,534	–	-0.12%	–
BMS	Exit	BEMIS INC	$0	–	-15,125	–	-0.13%	–
BIIB	Exit	BIOGEN IDEC INC	$0	–	-2,447	–	-0.13%	–
CELG	Exit	CELGENE CORP	$0	–	-3,891	–	-0.13%	–
CAT	Exit	CATERPILLAR INC	$0	–	-7,205	–	-0.13%	–
ALL	Exit	ALLSTATE CORP	$0	–	-11,984	–	-0.13%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERS LP	$0	–	-7,772	–	-0.13%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL, INC	$0	–	-45,696	–	-0.14%	–
CMI	Exit	CUMMINS INC	$0	–	-4,970	–	-0.14%	–
LUV	Exit	SOUTHWEST AIRLINES CO	$0	–	-46,460	–	-0.14%	–
WAG	Exit	WALGREEN CO	$0	–	-12,642	–	-0.14%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-10,280	–	-0.15%	–
USB	Exit	US BANCORP NEW	$0	–	-18,918	–	-0.15%	–
MS	Exit	MORGAN STANLEY	$0	–	-26,436	–	-0.15%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-17,661	–	-0.15%	–
GLW	Exit	CORNING INC	$0	–	-51,231	–	-0.16%	–
WFT	Exit	WEATHERFORD INTNTL LTD	$0	–	-49,897	–	-0.16%	–
VOD	Exit	VODAFONE GROUP SPONS ADR	$0	–	-21,855	–	-0.16%	–
DOW	Exit	DOW CHEMICAL COMPANY	$0	–	-21,070	–	-0.17%	–
DVN	Exit	DEVON ENERGY CORPORATION NEW	$0	–	-14,119	–	-0.17%	–
PCLN	Exit	PRICELINE.COM INC	$0	–	-804	–	-0.17%	–
BEAM	Exit	BEAM INC-W/I	$0	–	-12,803	–	-0.18%	–
FISV	Exit	FISERV INC	$0	–	-8,282	–	-0.18%	–
ACN	Exit	ACCENTURE PLC CL A	$0	–	-11,668	–	-0.18%	–
UVSP	Exit	UNIVEST CORPORATION OF PENNSYLVANIA	$0	–	-46,727	–	-0.19%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-51,830	–	-0.19%	–
CSX	Exit	CSX CORP	$0	–	-35,032	–	-0.19%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-11,707	–	-0.19%	–
ROP	Exit	ROPER INDS INC	$0	–	-6,847	–	-0.19%	–
HAS	Exit	HASBRO INC	$0	–	-20,100	–	-0.20%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-13,456	–	-0.20%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$0	–	-11,617	–	-0.20%	–
CMCSK	Exit	COMCAST CORP-SPECIAL CL A	$0	–	-22,512	–	-0.21%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-29,731	–	-0.21%	–
NFG	Exit	NATIONAL FUEL GAS CO	$0	–	-14,438	–	-0.21%	–
AET	Exit	AETNA INC	$0	–	-16,059	–	-0.22%	–
QCOM	Exit	QUALCOMM INC	$0	–	-15,782	–	-0.23%	–
JWN	Exit	NORDSTROM INC	$0	–	-19,477	–	-0.23%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-15,353	–	-0.24%	–
XRAY	Exit	DENTSPLY INTERNATIONAL INC	$0	–	-25,440	–	-0.24%	–
JCI	Exit	JOHNSON CONTROLS INC	$0	–	-27,027	–	-0.24%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-15,733	–	-0.24%	–
COST	Exit	COSTCO WHOLESALE CORP NEW	$0	–	-10,051	–	-0.25%	–
SO	Exit	SOUTHERN COMPANY	$0	–	-28,218	–	-0.25%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTD ADR	$0	–	-31,151	–	-0.25%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-22,445	–	-0.25%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG	$0	–	-19,445	–	-0.26%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRANCES	$0	–	-14,585	–	-0.26%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-20,753	–	-0.26%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-41,292	–	-0.27%	–
LO	Exit	LORILLARD, INC	$0	–	-27,967	–	-0.27%	–
MDT	Exit	MEDTRONIC INC	$0	–	-23,706	–	-0.27%	–
BAX	Exit	BAXTER INTL INC	$0	–	-19,286	–	-0.27%	–
MHFI	Exit	MCGRAW HILL FINANCIAL INC	$0	–	-19,453	–	-0.27%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-62,708	–	-0.28%	–
SDRL	Exit	SEADRILL LIMITED	$0	–	-31,762	–	-0.31%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-32,969	–	-0.31%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-9,359	–	-0.32%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-19,712	–	-0.32%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC-CL B	$0	–	-13,197	–	-0.32%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-38,875	–	-0.33%	–
CERN	Exit	CERNER CORP	$0	–	-30,245	–	-0.34%	–
LOW	Exit	LOWES COS INC	$0	–	-33,459	–	-0.34%	–
SJM	Exit	JM SMUCKER CO	$0	–	-15,442	–	-0.35%	–
ITC	Exit	ITC HOLDINGS CORP	$0	–	-17,855	–	-0.36%	–
PPG	Exit	PPG INDUSTRIES INC	$0	–	-10,366	–	-0.37%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-51,489	–	-0.38%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-17,118	–	-0.38%	–
GIS	Exit	GENERAL MLS INC	$0	–	-37,130	–	-0.38%	–
SYK	Exit	STRYKER CORP	$0	–	-26,316	–	-0.38%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-19,286	–	-0.38%	–
SYY	Exit	SYSCO CORP	$0	–	-57,137	–	-0.39%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-43,229	–	-0.39%	–
WMT	Exit	WAL MART STORES INC	$0	–	-26,835	–	-0.42%	–
AMGN	Exit	AMGEN INC	$0	–	-18,199	–	-0.44%	–
HD	Exit	HOME DEPOT INC	$0	–	-27,182	–	-0.44%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC	$0	–	-67,061	–	-0.45%	–
UNP	Exit	UNION PAC CORP	$0	–	-13,828	–	-0.46%	–
EMC	Exit	EMC CORP MASS	$0	–	-89,871	–	-0.49%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-39,220	–	-0.49%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-174,981	–	-0.52%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-25,921	–	-0.52%	–
RDSA	Exit	ROYAL DUTCH SHELL SPONS ADR	$0	–	-37,819	–	-0.53%	–
STT	Exit	STATE STREET CORP	$0	–	-37,942	–	-0.53%	–
MET	Exit	METLIFE INC	$0	–	-53,320	–	-0.53%	–
APA	Exit	APACHE CORP	$0	–	-29,600	–	-0.54%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-35,972	–	-0.55%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-25,029	–	-0.57%	–
F	Exit	FORD MOTOR CO DEL 'NEW'	$0	–	-162,323	–	-0.58%	–
BA	Exit	BOEING CO	$0	–	-23,793	–	-0.60%	–
CME	Exit	CME GROUP INC.	$0	–	-3,800	–	-0.60%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-33,852	–	-0.60%	–
GOOGL	Exit	GOOGLE INC-CL A	$0	–	-3,220	–	-0.60%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-34,841	–	-0.66%	–
PX	Exit	PRAXAIR INC	$0	–	-26,519	–	-0.68%	–
MCD	Exit	MCDONALDS CORP	$0	–	-34,265	–	-0.70%	–
FNFG	Exit	FIRST NIAGARA FINANCIAL GRP	$0	–	-323,760	–	-0.72%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-143,659	–	-0.72%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-74,377	–	-0.74%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-55,126	–	-0.76%	–
TGT	Exit	TARGET CORP	$0	–	-55,888	–	-0.76%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-38,925	–	-0.77%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-55,213	–	-0.82%	–
BDX	Exit	BECTON DICKINSON	$0	–	-40,473	–	-0.86%	–
KO	Exit	COCA COLA CO	$0	–	-107,011	–	-0.86%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-50,689	–	-0.87%	–
OMC	Exit	OMNICOM GROUP	$0	–	-64,152	–	-0.87%	–
NKE	Exit	NIKE INC-CLASS B	$0	–	-56,121	–	-0.87%	–
ABBV	Exit	ABBVIE INC	$0	–	-96,917	–	-0.93%	–
ABT	Exit	ABBOTT LABS	$0	–	-136,786	–	-0.97%	–
DHR	Exit	DANAHER CORP	$0	–	-66,494	–	-0.98%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-139,177	–	-0.99%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-99,829	–	-1.00%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-116,279	–	-1.03%	–
INTC	Exit	INTEL CORP	$0	–	-213,220	–	-1.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-105,336	–	-1.07%	–
CVS	Exit	CVS CAREMARK CORP	$0	–	-88,734	–	-1.08%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-69,756	–	-1.08%	–
CI	Exit	CIGNA CORP	$0	–	-67,073	–	-1.10%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-76,534	–	-1.25%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-68,542	–	-1.27%	–
DIS	Exit	DISNEY WALT CO NEW	$0	–	-92,877	–	-1.28%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-136,253	–	-1.50%	–
T	Exit	AT&T INC	$0	–	-211,762	–	-1.53%	–
ECL	Exit	ECOLAB INC	$0	–	-77,976	–	-1.64%	–
PFE	Exit	PFIZER INC	$0	–	-272,961	–	-1.67%	–
AAPL	Exit	APPLE INC	$0	–	-18,928	–	-1.93%	–
B	Exit	BARNES GROUP INC	$0	–	-281,838	–	-2.10%	–
PEP	Exit	PEPSICO INC	$0	–	-130,769	–	-2.22%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-98,879	–	-2.28%	–
MMM	Exit	3M CO	$0	–	-95,666	–	-2.44%	–
GE	Exit	GENERAL ELECTRIC CORP	$0	–	-492,994	–	-2.52%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-98,074	–	-2.54%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-165,706	–	-2.67%	–
IBM	Exit	INTL. BUSINESS MACHINES CORP	$0	–	-88,165	–	-3.49%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-207,710	–	-3.84%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-372,986	–	-6.85%	–

Q3 2013

			Value		Shares		↓ Weighting
XOM	Sell	EXXONMOBIL CORP	$32,091,000	-6.5%	372,986	-1.8%	6.85%	-5.1%
JNJ	Buy	JOHNSON & JOHNSON	$18,007,000	+1.8%	207,710	+0.8%	3.84%	+3.3%
IBM	Sell	INTL. BUSINESS MACHINES CORP	$16,326,000	-6.4%	88,165	-3.4%	3.49%	-5.1%
PG	Sell	PROCTER & GAMBLE CO	$12,526,000	-7.7%	165,706	-6.0%	2.67%	-6.4%
CVX	Buy	CHEVRON CORPORATION	$11,916,000	+3.1%	98,074	+0.4%	2.54%	+4.6%
GE	Sell	GENERAL ELECTRIC CORP	$11,778,000	-2.3%	492,994	-5.2%	2.52%	-0.9%
MMM	Sell	3M CO	$11,424,000	+4.4%	95,666	-4.4%	2.44%	+5.9%
UTX	Sell	UNITED TECHNOLOGIES CORP	$10,661,000	+14.0%	98,879	-1.7%	2.28%	+15.7%
PEP	Sell	PEPSICO INC	$10,396,000	-5.9%	130,769	-3.2%	2.22%	-4.6%
B	Sell	BARNES GROUP INC	$9,842,000	-29.8%	281,838	-39.7%	2.10%	-28.8%
AAPL	Sell	APPLE INC	$9,024,000	+12.7%	18,928	-6.3%	1.93%	+14.3%
PFE	Sell	PFIZER INC	$7,841,000	+2.0%	272,961	-0.5%	1.67%	+3.5%
ECL	Sell	ECOLAB INC	$7,701,000	+3.9%	77,976	-10.4%	1.64%	+5.4%
T	Sell	AT&T INC	$7,162,000	-10.1%	211,762	-5.9%	1.53%	-8.9%
JPM	Sell	JP MORGAN CHASE & CO	$7,043,000	-5.6%	136,253	-3.6%	1.50%	-4.2%
DIS	Sell	DISNEY WALT CO NEW	$5,989,000	-5.6%	92,877	-7.6%	1.28%	-4.3%
PM	Buy	PHILIP MORRIS INTERNATIONAL	$5,935,000	+2.8%	68,542	+2.8%	1.27%	+4.3%
ITW	Sell	ILLINOIS TOOL WKS INC	$5,837,000	+7.0%	76,534	-3.0%	1.25%	+8.4%
CI	Sell	CIGNA CORP	$5,156,000	+5.6%	67,073	-0.4%	1.10%	+7.1%
ADP	Sell	AUTOMATIC DATA PROCESSING INC	$5,049,000	+2.2%	69,756	-2.8%	1.08%	+3.7%
CVS	Buy	CVS CAREMARK CORP	$5,036,000	+1.8%	88,734	+2.6%	1.08%	+3.3%
MRK	Sell	MERCK & CO INC	$5,015,000	+2.4%	105,336	-0.1%	1.07%	+3.9%
INTC	Sell	INTEL CORP	$4,887,000	-8.0%	213,220	-2.8%	1.04%	-6.8%
WFC	Buy	WELLS FARGO & CO	$4,805,000	+1.9%	116,279	+1.8%	1.03%	+3.3%
VZ	Buy	VERIZON COMMUNICATIONS	$4,659,000	-7.3%	99,829	+0.0%	1.00%	-6.0%
MSFT	Sell	MICROSOFT CORP	$4,632,000	-5.6%	139,177	-2.0%	0.99%	-4.3%
DHR	Sell	DANAHER CORP	$4,609,000	-1.5%	66,494	-10.0%	0.98%	-0.1%
ABT	Sell	ABBOTT LABS	$4,540,000	-7.3%	136,786	-2.6%	0.97%	-6.0%
ABBV	Sell	ABBVIE INC	$4,335,000	-8.8%	96,917	-15.7%	0.93%	-7.4%
NKE	Sell	NIKE INC-CLASS B	$4,076,000	-1.9%	56,121	-14.0%	0.87%	-0.6%
OMC	Buy	OMNICOM GROUP	$4,070,000	+2.1%	64,152	+1.2%	0.87%	+3.6%
NEE	Sell	NEXTERA ENERGY INC	$4,063,000	-4.4%	50,689	-2.9%	0.87%	-3.1%
KO	Sell	COCA COLA CO	$4,053,000	-6.6%	107,011	-1.1%	0.86%	-5.4%
BDX	Buy	BECTON DICKINSON	$4,049,000	+3.5%	40,473	+2.3%	0.86%	+5.0%
COP	Buy	CONOCOPHILLIPS	$3,838,000	+21.4%	55,213	+5.6%	0.82%	+23.0%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$3,587,000	+0.4%	38,925	-7.8%	0.77%	+1.9%
TGT	Sell	TARGET CORP	$3,576,000	-10.1%	55,888	-3.3%	0.76%	-8.9%
EMR	Sell	EMERSON ELEC CO	$3,567,000	+15.4%	55,126	-2.7%	0.76%	+17.2%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$3,442,000	+2.0%	74,377	-1.5%	0.74%	+3.5%
CSCO	Sell	CISCO SYSTEMS INC	$3,366,000	-6.4%	143,659	-2.8%	0.72%	-5.0%
FNFG	Sell	FIRST NIAGARA FINANCIAL GRP	$3,357,000	-0.1%	323,760	-2.9%	0.72%	+1.4%
MCD	Sell	MCDONALDS CORP	$3,297,000	-11.3%	34,265	-8.8%	0.70%	-10.1%
PX	Buy	PRAXAIR INC	$3,188,000	+7.8%	26,519	+3.2%	0.68%	+9.3%
SLB	Sell	SCHLUMBERGER LTD	$3,078,000	+5.1%	34,841	-14.8%	0.66%	+6.5%
GOOGL	Sell	GOOGLE INC-CL A	$2,820,000	-17.4%	3,220	-17.0%	0.60%	-16.3%
HON	Sell	HONEYWELL INTERNATIONAL INC	$2,812,000	-5.6%	33,852	-9.9%	0.60%	-4.3%
BA	Sell	BOEING CO	$2,796,000	+1.6%	23,793	-11.4%	0.60%	+3.1%
F	Sell	FORD MOTOR CO DEL 'NEW'	$2,739,000	-3.0%	162,323	-11.1%	0.58%	-1.5%
APD	Sell	AIR PRODUCTS & CHEMICALS INC	$2,667,000	+6.6%	25,029	-8.4%	0.57%	+8.0%
UNH	Buy	UNITEDHEALTH GROUP INC	$2,576,000	+12.4%	35,972	+2.8%	0.55%	+14.1%
APA	Sell	APACHE CORP	$2,520,000	-4.7%	29,600	-6.1%	0.54%	-3.2%
MET	Sell	METLIFE INC	$2,503,000	-8.3%	53,320	-10.6%	0.53%	-7.0%
STT	Buy	STATE STREET CORP	$2,495,000	+39.9%	37,942	+38.7%	0.53%	+41.8%
RDSA	Buy	ROYAL DUTCH SHELL SPONS ADR	$2,483,000	+11.5%	37,819	+8.4%	0.53%	+13.0%
KMB	Buy	KIMBERLY CLARK CORP	$2,443,000	-2.8%	25,921	+0.2%	0.52%	-1.3%
BAC	Buy	BANK OF AMERICA CORP	$2,415,000	+12.1%	174,981	+4.4%	0.52%	+13.7%
DD	Sell	DU PONT E I DE NEMOURS & CO	$2,297,000	+7.9%	39,220	-3.2%	0.49%	+9.4%
EMC	Sell	EMC CORP MASS	$2,297,000	-5.2%	89,871	-12.4%	0.49%	-3.9%
UNP	Sell	UNION PAC CORP	$2,148,000	-5.6%	13,828	-6.3%	0.46%	-4.2%
MDLZ	Sell	MONDELEZ INTERNATIONAL INC	$2,107,000	+8.5%	67,061	-1.5%	0.45%	+10.0%
HD	Sell	HOME DEPOT INC	$2,061,000	-5.4%	27,182	-3.3%	0.44%	-3.9%
AMGN	Buy	AMGEN INC	$2,037,000	+19.1%	18,199	+5.0%	0.44%	+20.8%
WMT	Buy	WAL MART STORES INC	$1,984,000	+2.9%	26,835	+3.6%	0.42%	+4.4%
BP	Sell	BP PLC SPONS ADR	$1,817,000	-5.9%	43,229	-6.5%	0.39%	-4.4%
SYY	Buy	SYSCO CORP	$1,818,000	+14.7%	57,137	+23.1%	0.39%	+16.2%
OXY	Buy	OCCIDENTAL PETE CORP	$1,804,000	+15.2%	19,286	+9.8%	0.38%	+16.7%
GIS	Sell	GENERAL MLS INC	$1,779,000	-9.1%	37,130	-7.9%	0.38%	-7.8%
SYK	Sell	STRYKER CORP	$1,778,000	+1.8%	26,316	-2.5%	0.38%	+3.3%
HSIC	Sell	SCHEIN HENRY INC	$1,776,000	-1.4%	17,118	-9.0%	0.38%	0.0%
MO	Buy	ALTRIA GROUP INC	$1,769,000	+1.7%	51,489	+3.5%	0.38%	+3.3%
PPG	Sell	PPG INDUSTRIES INC	$1,731,000	+6.8%	10,366	-6.4%	0.37%	+8.5%
ITC	Sell	ITC HOLDINGS CORP	$1,676,000	-8.6%	17,855	-11.1%	0.36%	-7.3%
SJM	Sell	JM SMUCKER CO	$1,622,000	-9.9%	15,442	-11.5%	0.35%	-8.7%
LOW	Buy	LOWES COS INC	$1,593,000	+21.0%	33,459	+4.0%	0.34%	+22.7%
CERN	Buy	CERNER CORP	$1,589,000	+7.7%	30,245	+97.0%	0.34%	+9.4%
MCHP	Buy	MICROCHIP TECHNOLOGY INC	$1,566,000	+13.1%	38,875	+4.6%	0.33%	+14.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC-CL B	$1,498,000	-12.0%	13,197	-13.2%	0.32%	-10.6%
AXP	Buy	AMERICAN EXPRESS CO	$1,489,000	+19.5%	19,712	+18.3%	0.32%	+21.4%
GS	Buy	GOLDMAN SACHS GROUP INC	$1,481,000	+45.5%	9,359	+39.1%	0.32%	+47.7%
MMC	Buy	MARSH & MCLENNAN COS INC	$1,436,000	+15.0%	32,969	+5.5%	0.31%	+16.7%
SDRL	Buy	SEADRILL LIMITED	$1,432,000	+10.8%	31,762	+0.1%	0.31%	+12.5%
HPQ	Buy	HEWLETT PACKARD CO	$1,316,000	-9.5%	62,708	+7.0%	0.28%	-8.2%
BAX	Sell	BAXTER INTL INC	$1,267,000	-18.9%	19,286	-14.5%	0.27%	-17.6%
MDT	Sell	MEDTRONIC INC	$1,263,000	-2.9%	23,706	-6.2%	0.27%	-1.5%
LO	Buy	LORILLARD, INC	$1,252,000	+35.4%	27,967	+32.0%	0.27%	+36.9%
BK	Sell	BANK OF NEW YORK MELLON CORP	$1,247,000	+7.1%	41,292	-0.5%	0.27%	+8.6%
CL	Sell	COLGATE PALMOLIVE CO	$1,230,000	+0.2%	20,753	-3.2%	0.26%	+1.9%
IFF	Sell	INTERNATIONAL FLAVORS & FRAGRANCES	$1,200,000	-7.6%	14,585	-15.6%	0.26%	-6.2%
ESRX	Sell	EXPRESS SCRIPTS HLDG	$1,201,000	-14.5%	19,445	-14.5%	0.26%	-13.5%
KRFT	Buy	KRAFT FOODS GROUP INC	$1,178,000	-4.8%	22,445	+1.2%	0.25%	-3.4%
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTD ADR	$1,177,000	-5.2%	31,151	-1.7%	0.25%	-3.8%
SO	Sell	SOUTHERN COMPANY	$1,162,000	-8.0%	28,218	-1.4%	0.25%	-6.8%
COST	Sell	COSTCO WHOLESALE CORP NEW	$1,158,000	-25.8%	10,051	-28.8%	0.25%	-24.7%
PNC	Sell	PNC FINANCIAL SERVICES GROUP	$1,140,000	-0.7%	15,733	-0.1%	0.24%	+0.4%
JCI	Sell	JOHNSON CONTROLS INC	$1,121,000	0.0%	27,027	-13.7%	0.24%	+1.3%
XRAY	Sell	DENTSPLY INTERNATIONAL INC	$1,105,000	-7.3%	25,440	-12.6%	0.24%	-6.0%
TROW	Buy	T ROWE PRICE GROUP INC	$1,104,000	+2.3%	15,353	+4.2%	0.24%	+4.0%
JWN	Sell	NORDSTROM INC	$1,095,000	-7.0%	19,477	-0.9%	0.23%	-5.6%
QCOM	Buy	QUALCOMM INC	$1,063,000	+79.6%	15,782	+62.8%	0.23%	+81.6%
ORCL	Sell	ORACLE CORPORATION	$986,000	+3.8%	29,731	-3.9%	0.21%	+5.5%
CMCSK	Sell	COMCAST CORP-SPECIAL CL A	$976,000	+5.5%	22,512	-3.4%	0.21%	+6.7%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$954,000	+4.6%	11,617	-20.2%	0.20%	+6.2%
CFR	Buy	CULLEN FROST BANKERS INC	$949,000	+11.4%	13,456	+5.4%	0.20%	+13.4%
HAS	Sell	HASBRO INC	$948,000	+3.6%	20,100	-1.5%	0.20%	+4.7%
ROP	Sell	ROPER INDS INC	$910,000	+0.9%	6,847	-5.7%	0.19%	+2.1%
NSC	Sell	NORFOLK SOUTHERN CORP	$905,000	+4.6%	11,707	-1.7%	0.19%	+6.0%
ARCC	Buy	ARES CAPITAL CORP	$897,000	+2.4%	51,830	+1.8%	0.19%	+4.3%
ACN	Sell	ACCENTURE PLC CL A	$859,000	-20.1%	11,668	-21.9%	0.18%	-19.0%
FISV	Sell	FISERV INC	$837,000	+14.2%	8,282	-1.2%	0.18%	+16.2%
PCLN	Sell	PRICELINE.COM INC	$813,000	-2.0%	804	-19.9%	0.17%	-0.6%
DVN	Sell	DEVON ENERGY CORPORATION NEW	$815,000	+6.4%	14,119	-4.4%	0.17%	+8.1%
DOW	Sell	DOW CHEMICAL COMPANY	$809,000	+4.3%	21,070	-12.7%	0.17%	+6.1%
VOD	Buy	VODAFONE GROUP SPONS ADR	$769,000	+22.8%	21,855	+0.4%	0.16%	+24.2%
WFT	Sell	WEATHERFORD INTNTL LTD	$764,000	-19.2%	49,897	-27.7%	0.16%	-18.1%
GLW	Sell	CORNING INC	$748,000	+0.5%	51,231	-2.0%	0.16%	+1.9%
MS	Sell	MORGAN STANLEY	$712,000	+6.0%	26,436	-3.8%	0.15%	+7.8%
USB	Sell	US BANCORP NEW	$692,000	-10.1%	18,918	-11.1%	0.15%	-8.6%
DUK	Sell	DUKE ENERGY CORP	$687,000	-5.8%	10,280	-4.9%	0.15%	-3.9%
WAG	Sell	WALGREEN CO	$680,000	+20.4%	12,642	-1.1%	0.14%	+21.8%
LUV	Sell	SOUTHWEST AIRLINES CO	$676,000	-13.2%	46,460	-23.1%	0.14%	-12.2%
CMI	Sell	CUMMINS INC	$660,000	+8.0%	4,970	-11.8%	0.14%	+9.3%
PBCT	Sell	PEOPLES UNITED FINANCIAL, INC	$657,000	-4.2%	45,696	-0.9%	0.14%	-2.8%
4945SC	Sell	KINDER MORGAN ENERGY PARTNERS LP	$621,000	-25.8%	7,772	-20.8%	0.13%	-24.4%
ALL	Buy	ALLSTATE CORP	$605,000	+21.5%	11,984	+15.7%	0.13%	+22.9%
CELG	Sell	CELGENE CORP	$600,000	+9.7%	3,891	-16.8%	0.13%	+11.3%
CAT	Buy	CATERPILLAR INC	$601,000	+6.9%	7,205	+5.8%	0.13%	+8.5%
FCX	Sell	FREEPORT-MCMORAN COPPER AND GOLD INC	$580,000	-13.3%	17,534	-27.6%	0.12%	-12.1%
D	Buy	DOMINION RESOURCES INC	$575,000	+10.6%	9,198	+0.5%	0.12%	+12.8%
PCP	Sell	PRECISION CASTPARTS CORP	$575,000	-16.3%	2,530	-16.8%	0.12%	-15.2%
AMZN	Sell	AMAZON.COM INC	$569,000	-2.4%	1,820	-13.3%	0.12%	-1.6%
	New	STEIN SEAL COMPANY	$558,000	–	58	–	0.12%	–
CB	Sell	CHUBB CORP	$550,000	+3.6%	6,172	-1.6%	0.12%	+4.5%
ADBE	Sell	ADOBE SYS INC	$548,000	-43.9%	10,550	-50.7%	0.12%	-42.9%
MA	Sell	MASTERCARD INC CL A	$521,000	-9.1%	774	-22.4%	0.11%	-8.3%
ETN	Buy	EATON CORP PLC	$513,000	+5.1%	7,449	+0.4%	0.11%	+6.8%
LLY	Buy	LILLY ELI & CO	$503,000	+3.3%	9,997	+0.7%	0.11%	+3.9%
A309PS	Sell	DIRECTV	$491,000	-10.2%	8,221	-7.4%	0.10%	-8.7%
ADSK	Sell	AUTODESK INC	$483,000	+19.0%	11,739	-2.1%	0.10%	+21.2%
DEO	Buy	DIAGEO PLC SPONS ADR	$475,000	+12.3%	3,738	+1.5%	0.10%	+13.5%
GD	Sell	GENERAL DYNAMICS CORP	$461,000	+9.5%	5,266	-1.9%	0.10%	+10.1%
ABB	Sell	ABB LTD SPONS ADR	$456,000	-39.8%	19,325	-44.8%	0.10%	-39.4%
LUMN	Sell	CENTURYLINK INC	$445,000	-11.9%	14,181	-0.8%	0.10%	-10.4%
GSK	Sell	GLAXO SMITHKLINE SPONS ADR	$438,000	-45.7%	15,426	-4.3%	0.09%	-44.7%
SPLS	Sell	STAPLES INC	$434,000	-10.0%	29,623	-2.5%	0.09%	-7.9%
ETP	Sell	ENERGY TRANSFER PARTNERS LP	$431,000	-14.1%	8,269	-16.6%	0.09%	-13.2%
PEG	Sell	PUBLIC SVC ENTERPRISE GROUP INC	$430,000	-4.2%	13,054	-5.1%	0.09%	-3.2%
MDU	Sell	MDU RES GROUP INC	$426,000	+2.9%	15,209	-4.9%	0.09%	+4.6%
SWK	Sell	STANLEY BLACK & DECKER INC	$418,000	+13.6%	4,608	-3.2%	0.09%	+15.6%
J	Sell	JACOBS ENGINEERING GROUP INC	$416,000	-10.7%	7,150	-15.4%	0.09%	-9.2%
NVS	Buy	NOVARTIS AG SPONSORED ADR	$411,000	+26.5%	5,350	+16.5%	0.09%	+29.4%
A	Sell	AGILENT TECHNOLOGIES INC	$414,000	+3.2%	8,077	-13.9%	0.09%	+4.8%
PSX	Buy	PHILLIPS 66	$401,000	+17.3%	6,936	+19.5%	0.09%	+19.4%
EXC	Sell	EXELON CORP	$381,000	-10.1%	12,852	-6.5%	0.08%	-9.0%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$375,000	-15.7%	9,790	-26.6%	0.08%	-14.9%
DE	Sell	DEERE & CO	$368,000	-45.9%	4,522	-45.9%	0.08%	-44.8%
IR	Sell	INGERSOLL-RAND PLC	$361,000	+5.6%	5,572	-9.7%	0.08%	+6.9%
WMB	Sell	WILLIAMS COS INC	$358,000	+9.8%	9,832	-2.0%	0.08%	+10.1%
CTXS	Sell	CITRIX SYSTEMS INC	$353,000	-5.6%	4,998	-19.3%	0.08%	-5.1%
TJX	Buy	TJX COS INC	$337,000	+20.4%	5,975	+6.7%	0.07%	+22.0%
COH	Sell	COACH INC	$333,000	-47.1%	6,114	-44.6%	0.07%	-46.6%
RL	Sell	RALPH LAUREN CORP	$331,000	-24.3%	2,012	-20.0%	0.07%	-22.8%
OII	Sell	OCEANEERING INTL INC	$325,000	+5.9%	4,000	-5.9%	0.07%	+6.2%
TEF	Sell	TELEFONICA SA SPONS ADR	$318,000	-18.5%	20,555	-32.5%	0.07%	-17.1%
HSY	Sell	THE HERSHEY COMPANY	$289,000	+2.8%	3,125	-0.8%	0.06%	+5.1%
ABC	Sell	AMERISOURCEBERGEN CORP	$286,000	-15.4%	4,685	-22.6%	0.06%	-14.1%
BR	New	BROADRIDGE FINL SOLUTIONS INC	$288,000	–	9,090	–	0.06%	–
APH	Sell	AMPHENOL CORP	$288,000	-32.9%	3,725	-32.3%	0.06%	-32.2%
AMT	Sell	AMERICAN TOWER CORP REIT	$280,000	-5.1%	3,775	-6.2%	0.06%	-3.2%
KMX	Sell	CARMAX INC	$277,000	-21.3%	5,717	-24.9%	0.06%	-20.3%
CNP	Sell	CENTERPOINT ENERGY INC	$272,000	+1.1%	11,357	-0.7%	0.06%	+1.8%
BG	Sell	BUNGE LIMITED	$266,000	+6.4%	3,500	-0.7%	0.06%	+7.5%
RTN	New	RAYTHEON COMPANY	$267,000	–	3,464	–	0.06%	–
NFLX	Sell	NETFLIX INC	$265,000	-7.3%	856	-36.9%	0.06%	-5.0%
ED	Sell	CONSOLIDATED EDISON INC	$263,000	-10.2%	4,770	-5.0%	0.06%	-9.7%
TRP	Sell	TRANSCANADA CORP	$261,000	-11.5%	5,940	-13.2%	0.06%	-9.7%
WTR	Buy	AQUA AMERICA INC	$254,000	-10.9%	10,291	+13.1%	0.05%	-10.0%
M	Sell	MACY'S INC	$251,000	-10.7%	5,800	-1.1%	0.05%	-8.5%
YUM	Sell	YUM! BRANDS INC	$253,000	+0.4%	3,545	-2.7%	0.05%	+1.9%
MKC	Sell	MCCORMICK & CO INC	$247,000	-9.9%	3,825	-1.9%	0.05%	-8.6%
TIF	Sell	TIFFANY & CO	$237,000	-14.4%	3,093	-18.5%	0.05%	-12.1%
WAT	Sell	WATERS CORP	$238,000	-24.2%	2,244	-28.5%	0.05%	-22.7%
AEP	Buy	AMERICAN ELEC PWR INC	$238,000	-0.4%	5,487	+2.8%	0.05%	+2.0%
FTI	Sell	FMC TECHNOLOGIES INC	$235,000	-24.9%	4,241	-24.6%	0.05%	-24.2%
TRV	Buy	TRAVELERS COMPANIES INC	$234,000	+7.8%	2,762	+1.7%	0.05%	+8.7%
DGX	Sell	QUEST DIAGNOSTICS INC	$223,000	+1.8%	3,608	-0.1%	0.05%	+4.3%
UPS	Sell	UNITED PARCEL SERVICE CL B	$226,000	-26.9%	2,475	-30.8%	0.05%	-26.2%
CMCSA	Sell	COMCAST CORP-CL A	$220,000	+5.8%	4,881	-2.2%	0.05%	+6.8%
MCO	New	MOODYS CORP	$211,000	–	3,000	–	0.04%	–
MSM	New	MSC INDL DIRECT INC CL A	$205,000	–	2,520	–	0.04%	–
DPS	Sell	DR PEPPER SNAPPLE GROUP INC	$206,000	-3.3%	4,590	-0.9%	0.04%	-2.2%
FMETF	New	FORMATION METALS INC	$2,000	–	19,458	–	0.00%	–
	Exit	FORMATION METALS INC	$0	–	-19,458	–	0.00%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT REIT	$0	–	-12,115	–	-0.03%	–
MON	Exit	MONSANTO CO NEW	$0	–	-2,081	–	-0.04%	–
NTAP	Exit	NETAPP INC	$0	–	-5,459	–	-0.04%	–
UL	Exit	UNILEVER PLC SPONS ADR	$0	–	-5,007	–	-0.04%	–
FLS	Exit	FLOWSERVE CORP	$0	–	-3,744	–	-0.04%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-4,571	–	-0.05%	–
DBD	Exit	DIEBOLD INC	$0	–	-6,599	–	-0.05%	–
LUFK	Exit	LUFKIN INDUSTRIES INC	$0	–	-2,600	–	-0.05%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-1,442	–	-0.05%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC CLASS A	$0	–	-2	–	-0.07%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-5,497	–	-0.08%	–
	Exit	DE MASTER BLENDERS 1753 NV	$0	–	-24,088	–	-0.08%	–

Q2 2013

			Value		Shares		↓ Weighting
XOM	New	EXXONMOBIL CORP	$34,306,000	–	379,692	–	7.22%	–
JNJ	New	JOHNSON & JOHNSON	$17,687,000	–	206,007	–	3.72%	–
IBM	New	INTL. BUSINESS MACHINES CORP	$17,450,000	–	91,308	–	3.67%	–
B	New	BARNES GROUP INC	$14,023,000	–	467,599	–	2.95%	–
PG	New	PROCTER & GAMBLE CO	$13,576,000	–	176,336	–	2.86%	–
GE	New	GENERAL ELECTRIC CORP	$12,057,000	–	519,921	–	2.54%	–
CVX	New	CHEVRON CORPORATION	$11,555,000	–	97,643	–	2.43%	–
PEP	New	PEPSICO INC	$11,048,000	–	135,082	–	2.33%	–
MMM	New	3M CO	$10,944,000	–	100,086	–	2.30%	–
UTX	New	UNITED TECHNOLOGIES CORP	$9,348,000	–	100,580	–	1.97%	–
AAPL	New	APPLE INC	$8,008,000	–	20,194	–	1.69%	–
T	New	AT&T INC	$7,970,000	–	225,145	–	1.68%	–
PFE	New	PFIZER INC	$7,684,000	–	274,350	–	1.62%	–
JPM	New	JP MORGAN CHASE & CO	$7,458,000	–	141,273	–	1.57%	–
ECL	New	ECOLAB INC	$7,410,000	–	86,984	–	1.56%	–
DIS	New	DISNEY WALT CO NEW	$6,345,000	–	100,483	–	1.34%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$5,773,000	–	66,646	–	1.22%	–
ITW	New	ILLINOIS TOOL WKS INC	$5,457,000	–	78,888	–	1.15%	–
INTC	New	INTEL CORP	$5,314,000	–	219,302	–	1.12%	–
VZ	New	VERIZON COMMUNICATIONS	$5,025,000	–	99,824	–	1.06%	–
CVS	New	CVS CAREMARK CORP	$4,946,000	–	86,494	–	1.04%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$4,940,000	–	71,740	–	1.04%	–
MSFT	New	MICROSOFT CORP	$4,906,000	–	142,034	–	1.03%	–
MRK	New	MERCK & CO INC	$4,898,000	–	105,450	–	1.03%	–
ABT	New	ABBOTT LABS	$4,899,000	–	140,450	–	1.03%	–
CI	New	CIGNA CORP	$4,884,000	–	67,373	–	1.03%	–
ABBV	New	ABBVIE INC	$4,752,000	–	114,937	–	1.00%	–
WFC	New	WELLS FARGO & CO	$4,715,000	–	114,254	–	0.99%	–
DHR	New	DANAHER CORP	$4,677,000	–	73,889	–	0.98%	–
KO	New	COCA COLA CO	$4,340,000	–	108,199	–	0.91%	–
NEE	New	NEXTERA ENERGY INC	$4,252,000	–	52,185	–	0.90%	–
NKE	New	NIKE INC-CLASS B	$4,156,000	–	65,270	–	0.88%	–
OMC	New	OMNICOM GROUP	$3,986,000	–	63,393	–	0.84%	–
TGT	New	TARGET CORP	$3,979,000	–	57,786	–	0.84%	–
BDX	New	BECTON DICKINSON	$3,912,000	–	39,580	–	0.82%	–
MCD	New	MCDONALDS CORP	$3,719,000	–	37,565	–	0.78%	–
CSCO	New	CISCO SYSTEMS INC	$3,596,000	–	147,767	–	0.76%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$3,571,000	–	42,200	–	0.75%	–
GOOGL	New	GOOGLE INC-CL A	$3,416,000	–	3,880	–	0.72%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$3,374,000	–	75,504	–	0.71%	–
FNFG	New	FIRST NIAGARA FINANCIAL GRP	$3,359,000	–	333,522	–	0.71%	–
COP	New	CONOCOPHILLIPS	$3,162,000	–	52,267	–	0.67%	–
EMR	New	EMERSON ELEC CO	$3,090,000	–	56,659	–	0.65%	–
HON	New	HONEYWELL INTERNATIONAL INC	$2,979,000	–	37,552	–	0.63%	–
PX	New	PRAXAIR INC	$2,958,000	–	25,688	–	0.62%	–
SLB	New	SCHLUMBERGER LTD	$2,930,000	–	40,891	–	0.62%	–
F	New	FORD MOTOR CO DEL 'NEW'	$2,824,000	–	182,573	–	0.59%	–
BA	New	BOEING CO	$2,752,000	–	26,864	–	0.58%	–
MET	New	METLIFE INC	$2,729,000	–	59,649	–	0.57%	–
APA	New	APACHE CORP	$2,643,000	–	31,532	–	0.56%	–
KMB	New	KIMBERLY CLARK CORP	$2,514,000	–	25,880	–	0.53%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$2,502,000	–	27,328	–	0.53%	–
EMC	New	EMC CORP MASS	$2,424,000	–	102,647	–	0.51%	–
UNH	New	UNITEDHEALTH GROUP INC	$2,292,000	–	34,998	–	0.48%	–
UNP	New	UNION PAC CORP	$2,276,000	–	14,753	–	0.48%	–
RDSA	New	ROYAL DUTCH SHELL SPONS ADR	$2,226,000	–	34,888	–	0.47%	–
HD	New	HOME DEPOT INC	$2,178,000	–	28,109	–	0.46%	–
BAC	New	BANK OF AMERICA CORP	$2,155,000	–	167,565	–	0.45%	–
DD	New	DU PONT E I DE NEMOURS & CO	$2,128,000	–	40,525	–	0.45%	–
GIS	New	GENERAL MLS INC	$1,957,000	–	40,330	–	0.41%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC	$1,942,000	–	68,062	–	0.41%	–
BP	New	BP PLC SPONS ADR	$1,931,000	–	46,250	–	0.41%	–
WMT	New	WAL MART STORES INC	$1,928,000	–	25,891	–	0.41%	–
ITC	New	ITC HOLDINGS CORP	$1,833,000	–	20,080	–	0.39%	–
SJM	New	JM SMUCKER CO	$1,800,000	–	17,450	–	0.38%	–
HSIC	New	SCHEIN HENRY INC	$1,802,000	–	18,818	–	0.38%	–
STT	New	STATE STREET CORP	$1,784,000	–	27,358	–	0.38%	–
SYK	New	STRYKER CORP	$1,746,000	–	26,999	–	0.37%	–
MO	New	ALTRIA GROUP INC	$1,740,000	–	49,739	–	0.37%	–
AMGN	New	AMGEN INC	$1,711,000	–	17,339	–	0.36%	–
BRKB	New	BERKSHIRE HATHAWAY INC-CL B	$1,702,000	–	15,207	–	0.36%	–
PPG	New	PPG INDUSTRIES INC	$1,621,000	–	11,073	–	0.34%	–
SYY	New	SYSCO CORP	$1,585,000	–	46,417	–	0.33%	–
OXY	New	OCCIDENTAL PETE CORP	$1,566,000	–	17,560	–	0.33%	–
BAX	New	BAXTER INTL INC	$1,562,000	–	22,546	–	0.33%	–
COST	New	COSTCO WHOLESALE CORP NEW	$1,560,000	–	14,111	–	0.33%	–
CERN	New	CERNER CORP	$1,475,000	–	15,350	–	0.31%	–
HPQ	New	HEWLETT PACKARD CO	$1,454,000	–	58,614	–	0.31%	–
ESRX	New	EXPRESS SCRIPTS HLDG	$1,404,000	–	22,745	–	0.30%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$1,385,000	–	37,181	–	0.29%	–
LOW	New	LOWES COS INC	$1,316,000	–	32,166	–	0.28%	–
MDT	New	MEDTRONIC INC	$1,301,000	–	25,279	–	0.27%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRANCES	$1,299,000	–	17,282	–	0.27%	–
SDRL	New	SEADRILL LIMITED	$1,293,000	–	31,737	–	0.27%	–
SO	New	SOUTHERN COMPANY	$1,263,000	–	28,618	–	0.27%	–
MMC	New	MARSH & MCLENNAN COS INC	$1,249,000	–	31,265	–	0.26%	–
AXP	New	AMERICAN EXPRESS CO	$1,246,000	–	16,663	–	0.26%	–
KRFT	New	KRAFT FOODS GROUP INC	$1,238,000	–	22,175	–	0.26%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTD ADR	$1,242,000	–	31,676	–	0.26%	–
CL	New	COLGATE PALMOLIVE CO	$1,228,000	–	21,442	–	0.26%	–
XRAY	New	DENTSPLY INTERNATIONAL INC	$1,192,000	–	29,115	–	0.25%	–
JWN	New	NORDSTROM INC	$1,178,000	–	19,652	–	0.25%	–
BK	New	BANK OF NEW YORK MELLON CORP	$1,164,000	–	41,492	–	0.24%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$1,148,000	–	15,746	–	0.24%	–
JCI	New	JOHNSON CONTROLS INC	$1,121,000	–	31,302	–	0.24%	–
TROW	New	T ROWE PRICE GROUP INC	$1,079,000	–	14,728	–	0.23%	–
ACN	New	ACCENTURE PLC CL A	$1,075,000	–	14,934	–	0.23%	–
MHFI	New	MCGRAW HILL FINANCIAL INC	$1,035,000	–	19,453	–	0.22%	–
AET	New	AETNA INC	$1,020,000	–	16,059	–	0.22%	–
GS	New	GOLDMAN SACHS GROUP INC	$1,018,000	–	6,729	–	0.21%	–
ADBE	New	ADOBE SYS INC	$976,000	–	21,420	–	0.20%	–
ORCL	New	ORACLE CORPORATION	$950,000	–	30,925	–	0.20%	–
WFT	New	WEATHERFORD INTNTL LTD	$946,000	–	69,047	–	0.20%	–
LO	New	LORILLARD, INC	$925,000	–	21,188	–	0.20%	–
CMCSK	New	COMCAST CORP-SPECIAL CL A	$925,000	–	23,312	–	0.20%	–
HAS	New	HASBRO INC	$915,000	–	20,400	–	0.19%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIONS CORP	$912,000	–	14,556	–	0.19%	–
ROP	New	ROPER INDS INC	$902,000	–	7,262	–	0.19%	–
UVSP	New	UNIVEST CORPORATION OF PENNSYLVANIA	$891,000	–	46,727	–	0.19%	–
ARCC	New	ARES CAPITAL CORP	$876,000	–	50,930	–	0.18%	–
NSC	New	NORFOLK SOUTHERN CORP	$865,000	–	11,907	–	0.18%	–
CFR	New	CULLEN FROST BANKERS INC	$852,000	–	12,766	–	0.18%	–
NFG	New	NATIONAL FUEL GAS CO	$837,000	–	14,438	–	0.18%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERS LP	$837,000	–	9,812	–	0.18%	–
PCLN	New	PRICELINE.COM INC	$830,000	–	1,004	–	0.18%	–
CSX	New	CSX CORP	$812,000	–	35,032	–	0.17%	–
GSK	New	GLAXO SMITHKLINE SPONS ADR	$806,000	–	16,126	–	0.17%	–
BEAM	New	BEAM INC-W/I	$808,000	–	12,803	–	0.17%	–
CPB	New	CAMPBELL SOUP CO	$791,000	–	17,661	–	0.17%	–
LUV	New	SOUTHWEST AIRLINES CO	$779,000	–	60,410	–	0.16%	–
DOW	New	DOW CHEMICAL COMPANY	$776,000	–	24,122	–	0.16%	–
USB	New	US BANCORP NEW	$770,000	–	21,290	–	0.16%	–
DVN	New	DEVON ENERGY CORPORATION NEW	$766,000	–	14,769	–	0.16%	–
ABB	New	ABB LTD SPONS ADR	$758,000	–	35,000	–	0.16%	–
GLW	New	CORNING INC	$744,000	–	52,281	–	0.16%	–
FISV	New	FISERV INC	$733,000	–	8,382	–	0.15%	–
DUK	New	DUKE ENERGY CORP	$729,000	–	10,809	–	0.15%	–
PCP	New	PRECISION CASTPARTS CORP	$687,000	–	3,041	–	0.14%	–
PBCT	New	PEOPLES UNITED FINANCIAL, INC	$686,000	–	46,096	–	0.14%	–
DE	New	DEERE & CO	$680,000	–	8,365	–	0.14%	–
MS	New	MORGAN STANLEY	$672,000	–	27,486	–	0.14%	–
FCX	New	FREEPORT-MCMORAN COPPER AND GOLD INC	$669,000	–	24,228	–	0.14%	–
COH	New	COACH INC	$630,000	–	11,039	–	0.13%	–
VOD	New	VODAFONE GROUP SPONS ADR	$626,000	–	21,776	–	0.13%	–
CMI	New	CUMMINS INC	$611,000	–	5,632	–	0.13%	–
BMS	New	BEMIS INC	$592,000	–	15,125	–	0.12%	–
QCOM	New	QUALCOMM INC	$592,000	–	9,692	–	0.12%	–
AMZN	New	AMAZON.COM INC	$583,000	–	2,098	–	0.12%	–
MA	New	MASTERCARD INC CL A	$573,000	–	997	–	0.12%	–
WAG	New	WALGREEN CO	$565,000	–	12,786	–	0.12%	–
CAT	New	CATERPILLAR INC	$562,000	–	6,813	–	0.12%	–
V107SC	New	WELLPOINT INC	$550,000	–	6,712	–	0.12%	–
CELG	New	CELGENE CORP	$547,000	–	4,679	–	0.12%	–
A309PS	New	DIRECTV	$547,000	–	8,876	–	0.12%	–
CB	New	CHUBB CORP	$531,000	–	6,272	–	0.11%	–
BIIB	New	BIOGEN IDEC INC	$527,000	–	2,447	–	0.11%	–
D	New	DOMINION RESOURCES INC	$520,000	–	9,156	–	0.11%	–
LUMN	New	CENTURYLINK INC	$505,000	–	14,300	–	0.11%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$502,000	–	9,919	–	0.11%	–
ALL	New	ALLSTATE CORP	$498,000	–	10,354	–	0.10%	–
FBHS	New	FORTUNE BRANDS HOME & SECURITY, INC	$494,000	–	12,764	–	0.10%	–
ETN	New	EATON CORP PLC	$488,000	–	7,418	–	0.10%	–
LLY	New	LILLY ELI & CO	$487,000	–	9,926	–	0.10%	–
K	New	KELLOGG CO	$484,000	–	7,537	–	0.10%	–
SPLS	New	STAPLES INC	$482,000	–	30,373	–	0.10%	–
PPL	New	PPL CORPORATION	$482,000	–	15,920	–	0.10%	–
J	New	JACOBS ENGINEERING GROUP INC	$466,000	–	8,448	–	0.10%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP INC	$449,000	–	13,754	–	0.10%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$445,000	–	13,340	–	0.09%	–
RL	New	RALPH LAUREN CORP	$437,000	–	2,514	–	0.09%	–
LMT	New	LOCKHEED MARTIN CORP	$432,000	–	3,975	–	0.09%	–
APH	New	AMPHENOL CORP	$429,000	–	5,506	–	0.09%	–
GD	New	GENERAL DYNAMICS CORP	$421,000	–	5,366	–	0.09%	–
DEO	New	DIAGEO PLC SPONS ADR	$423,000	–	3,681	–	0.09%	–
EXC	New	EXELON CORP	$424,000	–	13,752	–	0.09%	–
MDU	New	MDU RES GROUP INC	$414,000	–	15,996	–	0.09%	–
OLN	New	OLIN CORP	$410,000	–	17,145	–	0.09%	–
ADSK	New	AUTODESK INC	$406,000	–	11,989	–	0.08%	–
A	New	AGILENT TECHNOLOGIES INC	$401,000	–	9,377	–	0.08%	–
LPT	New	LIBERTY PROPERTY TRUST REIT	$392,000	–	10,600	–	0.08%	–
TEF	New	TELEFONICA SA SPONS ADR	$390,000	–	30,455	–	0.08%	–
	New	DE MASTER BLENDERS 1753 NV	$385,000	–	24,088	–	0.08%	–
CTXS	New	CITRIX SYSTEMS INC	$374,000	–	6,194	–	0.08%	–
SWK	New	STANLEY BLACK & DECKER INC	$368,000	–	4,758	–	0.08%	–
SBUX	New	STARBUCKS CORP	$360,000	–	5,497	–	0.08%	–
KMX	New	CARMAX INC	$352,000	–	7,617	–	0.07%	–
IR	New	INGERSOLL-RAND PLC	$342,000	–	6,172	–	0.07%	–
BOH	New	BANK OF HAWAII CORP	$342,000	–	6,813	–	0.07%	–
PSX	New	PHILLIPS 66	$342,000	–	5,806	–	0.07%	–
ZBH	New	ZIMMER HLDGS INC	$340,000	–	4,538	–	0.07%	–
BRKA	New	BERKSHIRE HATHAWAY INC CLASS A	$338,000	–	2	–	0.07%	–
AFL	New	AFLAC INC	$337,000	–	5,800	–	0.07%	–
ABC	New	AMERISOURCEBERGEN CORP	$338,000	–	6,054	–	0.07%	–
WMB	New	WILLIAMS COS INC	$326,000	–	10,032	–	0.07%	–
NVS	New	NOVARTIS AG SPONSORED ADR	$325,000	–	4,593	–	0.07%	–
WAT	New	WATERS CORP	$314,000	–	3,138	–	0.07%	–
FTI	New	FMC TECHNOLOGIES INC	$313,000	–	5,626	–	0.07%	–
UPS	New	UNITED PARCEL SERVICE CL B	$309,000	–	3,575	–	0.06%	–
OII	New	OCEANEERING INTL INC	$307,000	–	4,250	–	0.06%	–
AMT	New	AMERICAN TOWER CORP REIT	$295,000	–	4,025	–	0.06%	–
SBTB	New	SBT BANCORP INC	$293,000	–	10,378	–	0.06%	–
ED	New	CONSOLIDATED EDISON INC	$293,000	–	5,020	–	0.06%	–
TRP	New	TRANSCANADA CORP	$295,000	–	6,840	–	0.06%	–
CME	New	CME GROUP INC.	$289,000	–	3,800	–	0.06%	–
WTR	New	AQUA AMERICA INC	$285,000	–	9,099	–	0.06%	–
NFLX	New	NETFLIX INC	$286,000	–	1,356	–	0.06%	–
HSY	New	THE HERSHEY COMPANY	$281,000	–	3,151	–	0.06%	–
TJX	New	TJX COS INC	$280,000	–	5,600	–	0.06%	–
M	New	MACY'S INC	$281,000	–	5,862	–	0.06%	–
TIF	New	TIFFANY & CO	$277,000	–	3,796	–	0.06%	–
MKC	New	MCCORMICK & CO INC	$274,000	–	3,900	–	0.06%	–
CNP	New	CENTERPOINT ENERGY INC	$269,000	–	11,441	–	0.06%	–
PRU	New	PRUDENTIAL FINL INC	$267,000	–	3,661	–	0.06%	–
TCKRF	New	TECK RESOURCES LTD	$268,000	–	11,680	–	0.06%	–
SHW	New	SHERWIN WILLIAMS CO	$255,000	–	1,442	–	0.05%	–
YUM	New	YUM! BRANDS INC	$252,000	–	3,645	–	0.05%	–
BG	New	BUNGE LIMITED	$250,000	–	3,524	–	0.05%	–
AEP	New	AMERICAN ELEC PWR INC	$239,000	–	5,337	–	0.05%	–
PSA	New	PUBLIC STORAGE INC REIT	$236,000	–	1,536	–	0.05%	–
TECK	New	TECK RESOURCES LIMITED	$235,000	–	11,000	–	0.05%	–
FDX	New	FEDEX CORPORATION	$235,000	–	2,385	–	0.05%	–
LUFK	New	LUFKIN INDUSTRIES INC	$230,000	–	2,600	–	0.05%	–
APC	New	ANADARKO PETROLEUM CORPORATION	$228,000	–	2,650	–	0.05%	–
BPL	New	BUCKEYE PARTNERS LP	$227,000	–	3,240	–	0.05%	–
PAYX	New	PAYCHEX INC	$227,000	–	6,232	–	0.05%	–
UGI	New	UGI CORP	$221,000	–	5,650	–	0.05%	–
JOY	New	JOY GLOBAL INC	$222,000	–	4,571	–	0.05%	–
CLX	New	CLOROX COMPANY	$225,000	–	2,704	–	0.05%	–
DBD	New	DIEBOLD INC	$223,000	–	6,599	–	0.05%	–
DGX	New	QUEST DIAGNOSTICS INC	$219,000	–	3,612	–	0.05%	–
TRV	New	TRAVELERS COMPANIES INC	$217,000	–	2,716	–	0.05%	–
FRX	New	FOREST LABS INC	$218,000	–	5,326	–	0.05%	–
DPS	New	DR PEPPER SNAPPLE GROUP INC	$213,000	–	4,631	–	0.04%	–
CMCSA	New	COMCAST CORP-CL A	$208,000	–	4,993	–	0.04%	–
NTAP	New	NETAPP INC	$206,000	–	5,459	–	0.04%	–
UL	New	UNILEVER PLC SPONS ADR	$202,000	–	5,007	–	0.04%	–
FLS	New	FLOWSERVE CORP	$202,000	–	3,744	–	0.04%	–
MON	New	MONSANTO CO NEW	$206,000	–	2,081	–	0.04%	–
NLY	New	ANNALY CAPITAL MANAGEMENT REIT	$152,000	–	12,115	–	0.03%	–
DLTZ	New	DELTA MUTUAL INC	$28,000	–	89,342	–	0.01%	–
XPL	New	SOLITARIO EXPLORATION & ROY	$26,000	–	29,414	–	0.01%	–
	New	MAPLE ENERGY PLC	$9,000	–	14,000	–	0.00%	–
	New	FORMATION METALS INC	$1,000	–	19,458	–	0.00%	–

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