MOUNTAIN PACIFIC INVESTMENT ADVISERS INC/ID Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AME	Sell	AMETEK INC	$71,929,626	-9.0%	486,800	-0.3%	4.98%	-5.5%
APH	Sell	AMPHENOL CORP NEWcl a	$68,137,723	-1.4%	811,260	-0.3%	4.72%	+2.4%
DHR	Sell	DANAHER CORPORATION	$65,264,569	+2.9%	263,058	-0.5%	4.52%	+6.9%
AJG	Sell	GALLAGHER ARTHUR J & CO	$63,427,677	+3.2%	278,277	-0.6%	4.40%	+7.2%
FISV	Buy	FISERV INC	$59,253,507	-9.9%	524,553	+0.7%	4.11%	-6.4%
IEX	Buy	IDEX CORP	$58,847,019	-3.3%	282,891	+0.1%	4.08%	+0.4%
ROP	Buy	ROPER TECHNOLOGIES INC	$51,306,129	+1.9%	105,943	+1.2%	3.56%	+5.8%
VRSK	Sell	VERISK ANALYTICS INC	$51,241,447	+4.3%	216,904	-0.3%	3.55%	+8.3%
LSTR	Sell	LANDSTAR SYS INC	$46,671,287	-8.4%	263,769	-0.3%	3.23%	-4.9%
VRT	Sell	VERTIV HOLDINGS CO	$46,639,775	+49.5%	1,253,757	-0.4%	3.23%	+55.2%
ATR	Sell	APTARGROUP INC	$45,852,793	+6.4%	366,705	-1.4%	3.18%	+10.5%
GGG	Sell	GRACO INC	$41,131,358	-15.6%	564,371	-0.0%	2.85%	-12.4%
DCI	Sell	DONALDSON INC	$40,930,336	-5.6%	686,290	-1.0%	2.84%	-2.0%
CHD	Buy	CHURCH & DWIGHT CO INC	$39,838,891	-8.0%	434,780	+0.6%	2.76%	-4.5%
RPM	Sell	RPM INTL INC	$37,546,233	+4.7%	396,016	-0.9%	2.60%	+8.7%
NDSN	Sell	NORDSON CORP	$37,495,238	-10.2%	168,012	-0.2%	2.60%	-6.8%
XYL	Buy	XYLEM INC	$33,827,112	-17.6%	371,604	+2.0%	2.34%	-14.4%
FAST	Sell	FASTENAL CO	$29,077,004	-7.4%	532,156	-0.0%	2.02%	-3.9%
RBC	Sell	REGAL REXNORD CORPORATION	$27,458,622	-7.5%	192,180	-0.4%	1.90%	-3.9%
PNR	Sell	PENTAIR PLC	$27,109,142	-0.8%	418,674	-1.0%	1.88%	+3.0%
ROLL	Buy	RBC BEARINGS INC	$26,681,221	+31.0%	113,959	+21.6%	1.85%	+36.0%
CRL	Buy	CHARLES RIV LABS INTL INC	$26,100,812	-0.2%	133,181	+7.1%	1.81%	+3.7%
AIZ	Sell	ASSURANT INC	$24,961,239	+12.8%	173,849	-1.2%	1.73%	+17.1%
PRFT	Buy	PERFICIENT INC	$22,454,714	-30.3%	388,087	+0.4%	1.56%	-27.6%
CSWI	Buy	CSW INDUSTRIALS INC	$22,196,950	+5.8%	126,666	+0.4%	1.54%	+9.9%
FTV	Buy	FORTIVE CORP	$21,186,548	-0.7%	285,687	+0.1%	1.47%	+3.1%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$20,778,607	-2.0%	41,051	+1.0%	1.44%	+1.8%
JCOM	Sell	ZIFF DAVIS INC	$19,464,747	-9.9%	305,617	-0.9%	1.35%	-6.4%
FIS	Buy	FIDELITY NATL INFORMATION SV	$19,230,330	+1.4%	347,934	+0.4%	1.33%	+5.3%
ZBRA	Sell	ZEBRA TECHNOLOGIES CORPORATIcl a	$17,430,369	-26.0%	73,692	-7.4%	1.21%	-23.2%
TFX	Sell	TELEFLEX INCORPORATED	$15,344,138	-19.2%	78,123	-0.4%	1.06%	-16.1%
CNMD	Buy	CONMED CORP	$14,560,320	-19.3%	144,376	+8.7%	1.01%	-16.3%
BSV	Sell	VANGUARD BD INDEX FDSshort trm bond	$14,273,237	-6.7%	189,879	-6.2%	0.99%	-3.1%
CBSH	Sell	COMMERCE BANCSHARES INC	$14,041,155	-21.0%	292,646	-19.8%	0.97%	-18.0%
GNRC	Sell	GENERAC HLDGS INC	$13,667,724	-28.1%	125,438	-1.5%	0.95%	-25.3%
KAI	Buy	KADANT INC	$12,819,360	+18.4%	56,836	+16.6%	0.89%	+22.8%
MSA	Buy	MSA SAFETY INC	$11,087,840	-2.1%	70,332	+8.0%	0.77%	+1.6%
FIX	Buy	COMFORT SYS USA INC	$11,067,448	+64.2%	64,946	+58.2%	0.77%	+70.4%
MSM	Sell	MSC INDL DIRECT INCcl a	$10,754,688	+2.7%	109,574	-0.3%	0.74%	+6.6%
VCSH	Sell	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$9,429,668	-5.5%	125,478	-4.8%	0.65%	-1.8%
CTLT	Sell	CATALENT INC	$8,764,434	+3.5%	192,498	-1.4%	0.61%	+7.4%
WINA	Buy	WINMARK CORP	$7,790,208	+16.5%	20,878	+3.8%	0.54%	+21.1%
UFPT	New	UFP TECHNOLOGIES INC	$7,781,406	–	48,197	–	0.54%	–
ECL	Sell	ECOLAB INC	$7,429,037	-27.1%	43,855	-19.6%	0.52%	-24.3%
SPGI	Sell	S&P GLOBAL INC	$7,368,073	-11.8%	20,164	-3.3%	0.51%	-8.4%
ACIW	Sell	ACI WORLDWIDE INC	$5,353,330	-12.2%	237,293	-9.8%	0.37%	-8.8%
COST	Sell	COSTCO WHSL CORP NEW	$4,713,638	+3.9%	8,343	-1.0%	0.33%	+7.9%
XOM	Sell	EXXON MOBIL CORP	$4,703,082	+9.1%	39,999	-0.5%	0.33%	+13.2%
VNT	Sell	VONTIER CORPORATION	$4,509,527	-20.1%	145,845	-16.7%	0.31%	-17.0%
MSFT	Buy	MICROSOFT CORP	$4,196,770	-7.1%	13,291	+0.2%	0.29%	-3.3%
AAPL	Buy	APPLE INC	$4,180,457	-10.9%	24,417	+0.9%	0.29%	-7.3%
VUSB	Sell	VANGUARD BD INDEX FDSvanguard ultra	$4,105,643	-2.3%	83,465	-2.4%	0.28%	+1.8%
JPM	Sell	JPMORGAN CHASE & CO	$3,854,342	-3.8%	26,578	-3.5%	0.27%	0.0%
JNJ	Sell	JOHNSON & JOHNSON	$3,441,452	-9.9%	22,096	-4.3%	0.24%	-6.3%
NVT	Sell	NVENT ELECTRIC PLC	$3,354,320	-5.2%	63,301	-7.6%	0.23%	-1.7%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$3,217,998	+8.3%	13,376	-1.0%	0.22%	+12.6%
WAT	Sell	WATERS CORP	$3,135,591	+1.3%	11,435	-1.5%	0.22%	+4.8%
VGSH	Sell	VANGUARD SCOTTSDALE FDSshort term treas	$3,070,368	-13.5%	53,305	-13.3%	0.21%	-10.1%
ABT	Sell	ABBOTT LABS	$2,715,689	-13.5%	28,040	-2.6%	0.19%	-10.0%
BND	Buy	VANGUARD BD INDEX FDStotal bnd mrkt	$2,699,439	+109.8%	38,685	+118.6%	0.19%	+117.4%
ABBV	Sell	ABBVIE INC	$2,662,774	+9.0%	17,864	-1.5%	0.18%	+13.5%
USB	Sell	US BANCORP DEL	$2,641,731	-15.5%	79,907	-15.6%	0.18%	-12.4%
PG	Sell	PROCTER AND GAMBLE CO	$2,614,103	-7.2%	17,922	-3.5%	0.18%	-3.7%
ITW	Sell	ILLINOIS TOOL WKS INC	$2,598,818	-8.6%	11,284	-0.7%	0.18%	-5.3%
AWI	Sell	ARMSTRONG WORLD INDS INC NEW	$2,171,592	-44.4%	30,161	-43.3%	0.15%	-42.5%
SNA	Sell	SNAP ON INC	$1,876,221	-19.8%	7,356	-9.3%	0.13%	-16.7%
VTI	Buy	VANGUARD INDEX FDStotal stk mkt	$1,760,114	+4.9%	8,286	+8.7%	0.12%	+8.9%
AMGN	Buy	AMGEN INC	$1,468,505	+21.4%	5,464	+0.3%	0.10%	+25.9%
BDX	Sell	BECTON DICKINSON & CO	$1,308,420	-3.1%	5,061	-1.1%	0.09%	+1.1%
WMT	Sell	WALMART INC	$1,267,400	+0.0%	7,925	-1.7%	0.09%	+3.5%
MU	Buy	MICRON TECHNOLOGY INC	$1,217,772	+7.8%	17,901	+0.0%	0.08%	+12.0%
PEP	Sell	PEPSICO INC	$1,211,157	-13.5%	7,148	-5.4%	0.08%	-9.7%
BIV	Buy	VANGUARD BD INDEX FDSintermed term	$1,188,704	+46.3%	16,439	+52.2%	0.08%	+51.9%
SIGI	Sell	SELECTIVE INS GROUP INC	$1,173,559	+3.4%	11,375	-3.8%	0.08%	+6.6%
WFC	Sell	WELLS FARGO CO NEW	$1,149,923	-14.7%	28,143	-10.9%	0.08%	-11.1%
PNC	Sell	PNC FINL SVCS GROUP INC	$1,090,934	-28.7%	8,886	-26.8%	0.08%	-25.5%
WAB	Sell	WABTEC	$1,059,512	-33.2%	9,970	-31.1%	0.07%	-31.1%
MTB	Sell	M & T BK CORP	$1,054,214	-20.4%	8,337	-22.1%	0.07%	-17.0%
CVX	Sell	CHEVRON CORP NEW	$988,113	+6.3%	5,860	-0.8%	0.07%	+9.7%
AWK	Sell	AMERICAN WTR WKS CO INC NEW	$962,159	-14.8%	7,770	-1.8%	0.07%	-10.7%
HD	Sell	HOME DEPOT INC	$930,048	-3.1%	3,078	-0.4%	0.06%	0.0%
V	Buy	VISA INC	$909,230	-2.8%	3,953	+0.4%	0.06%	+1.6%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$907,807	-3.5%	2,124	+0.0%	0.06%	0.0%
	New	VERALTO CORP	$854,141	–	10,101	–	0.06%	–
MCD	Sell	MCDONALDS CORP	$748,624	-14.4%	2,842	-3.0%	0.05%	-10.3%
RTX	Sell	RTX CORPORATION	$693,215	-33.9%	9,632	-10.0%	0.05%	-31.4%
RSP	Sell	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$678,160	-6.2%	4,786	-1.0%	0.05%	-2.1%
INTC	Sell	INTEL CORP	$634,176	+0.6%	17,839	-5.4%	0.04%	+4.8%
CNI	Sell	CANADIAN NATL RY CO	$636,439	-12.8%	5,875	-2.5%	0.04%	-10.2%
KO	Buy	COCA COLA CO	$625,175	-7.0%	11,168	+0.0%	0.04%	-4.4%
HON	Buy	HONEYWELL INTL INC	$595,971	-10.5%	3,226	+0.5%	0.04%	-6.8%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$522,197	+8.9%	3,722	+3.9%	0.04%	+12.5%
MIDD	Sell	MIDDLEBY CORP	$518,400	-24.6%	4,050	-12.9%	0.04%	-21.7%
CAT	Buy	CATERPILLAR INC	$512,359	+42.0%	1,877	+28.0%	0.04%	+50.0%
CARR	Sell	CARRIER GLOBAL CORPORATION	$501,492	+6.4%	9,085	-4.2%	0.04%	+12.9%
MRK	Buy	MERCK & CO INC	$488,498	+9.2%	4,745	+22.4%	0.03%	+13.3%
VOO	Buy	VANGUARD INDEX FDS	$468,491	-2.6%	1,193	+1.0%	0.03%	0.0%
HSIC	Sell	HENRY SCHEIN INC	$363,825	-11.2%	4,900	-3.0%	0.02%	-7.4%
PFE	Sell	PFIZER INC	$338,400	-24.6%	10,202	-16.6%	0.02%	-23.3%
GOOG	Buy	ALPHABET INCcap stk cl c	$304,705	+27.2%	2,311	+16.7%	0.02%	+31.2%
BAC	Sell	BANK AMERICA CORP	$295,239	-11.9%	10,783	-7.7%	0.02%	-9.1%
CSCO	Sell	CISCO SYS INC	$286,682	-5.9%	5,333	-9.4%	0.02%	0.0%
VZ	Buy	VERIZON COMMUNICATIONS INC	$229,722	+13.8%	7,088	+30.6%	0.02%	+23.1%
LLY	New	ELI LILLY & CO	$220,223	–	410	–	0.02%	–
GIS	Sell	GENERAL MLS INC	$212,255	-28.1%	3,317	-13.8%	0.02%	-25.0%
TFC	Sell	TRUIST FINL CORP	$205,363	-21.2%	7,178	-16.4%	0.01%	-17.6%
RSG	Exit	REPUBLIC SVCS INC	$0	–	-1,315	–	-0.01%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,555	–	-0.01%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-2,052	–	-0.01%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-3,510	–	-0.02%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-184,312	–	-0.70%	–

Q2 2023

			Value		Shares		↓ Weighting
AME	New	AMETEK INC	$79,024,943	–	488,170	–	5.27%	–
APH	New	AMPHENOL CORP NEWcl a	$69,097,491	–	813,390	–	4.61%	–
FISV	New	FISERV INC	$65,733,233	–	521,072	–	4.39%	–
DHR	New	DANAHER CORPORATION	$63,426,104	–	264,275	–	4.23%	–
AJG	New	GALLAGHER ARTHUR J & CO	$61,463,352	–	279,926	–	4.10%	–
IEX	New	IDEX CORP	$60,861,506	–	282,735	–	4.06%	–
LSTR	New	LANDSTAR SYS INC	$50,961,295	–	264,679	–	3.40%	–
ROP	New	ROPER TECHNOLOGIES INC	$50,347,464	–	104,716	–	3.36%	–
VRSK	New	VERISK ANALYTICS INC	$49,150,669	–	217,452	–	3.28%	–
GGG	New	GRACO INC	$48,744,834	–	564,503	–	3.25%	–
DCI	New	DONALDSON INC	$43,353,811	–	693,550	–	2.89%	–
CHD	New	CHURCH & DWIGHT CO INC	$43,308,681	–	432,093	–	2.89%	–
ATR	New	APTARGROUP INC	$43,086,133	–	371,881	–	2.88%	–
NDSN	New	NORDSON CORP	$41,770,431	–	168,307	–	2.79%	–
XYL	New	XYLEM INC	$41,030,957	–	364,331	–	2.74%	–
RPM	New	RPM INTL INC	$35,864,142	–	399,690	–	2.39%	–
PRFT	New	PERFICIENT INC	$32,216,628	–	386,615	–	2.15%	–
FAST	New	FASTENAL CO	$31,406,158	–	532,398	–	2.10%	–
VRT	New	VERTIV HOLDINGS CO	$31,193,564	–	1,259,328	–	2.08%	–
RBC	New	REGAL REXNORD CORPORATION	$29,686,919	–	192,897	–	1.98%	–
PNR	New	PENTAIR PLC	$27,324,702	–	422,983	–	1.82%	–
CRL	New	CHARLES RIV LABS INTL INC	$26,146,690	–	124,360	–	1.74%	–
ZBRA	New	ZEBRA TECHNOLOGIES CORPORATIcl a	$23,550,435	–	79,608	–	1.57%	–
AIZ	New	ASSURANT INC	$22,130,492	–	176,030	–	1.48%	–
JCOM	New	ZIFF DAVIS INC	$21,595,785	–	308,247	–	1.44%	–
FTV	New	FORTIVE CORP	$21,338,536	–	285,389	–	1.42%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$21,199,025	–	40,631	–	1.42%	–
CSWI	New	CSW INDUSTRIALS INC	$20,970,519	–	126,184	–	1.40%	–
ROLL	New	RBC BEARINGS INC	$20,373,459	–	93,684	–	1.36%	–
GNRC	New	GENERAC HLDGS INC	$18,996,925	–	127,385	–	1.27%	–
TFX	New	TELEFLEX INCORPORATED	$18,981,687	–	78,427	–	1.27%	–
FIS	New	FIDELITY NATL INFORMATION SV	$18,962,156	–	346,657	–	1.27%	–
CNMD	New	CONMED CORP	$18,051,356	–	132,838	–	1.20%	–
CBSH	New	COMMERCE BANCSHARES INC	$17,768,913	–	364,865	–	1.19%	–
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$15,300,985	–	202,474	–	1.02%	–
MSA	New	MSA SAFETY INC	$11,324,274	–	65,097	–	0.76%	–
KAI	New	KADANT INC	$10,827,597	–	48,751	–	0.72%	–
MSM	New	MSC INDL DIRECT INCcl a	$10,472,511	–	109,913	–	0.70%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$10,441,275	–	184,312	–	0.70%	–
ECL	New	ECOLAB INC	$10,185,806	–	54,560	–	0.68%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$9,973,716	–	131,823	–	0.67%	–
CTLT	New	CATALENT INC	$8,464,349	–	195,211	–	0.56%	–
SPGI	New	S&P GLOBAL INC	$8,358,026	–	20,849	–	0.56%	–
FIX	New	COMFORT SYS USA INC	$6,739,917	–	41,047	–	0.45%	–
WINA	New	WINMARK CORP	$6,685,972	–	20,110	–	0.45%	–
ACIW	New	ACI WORLDWIDE INC	$6,094,683	–	263,042	–	0.41%	–
VNT	New	VONTIER CORPORATION	$5,642,065	–	175,165	–	0.38%	–
AAPL	New	APPLE INC	$4,693,471	–	24,197	–	0.31%	–
COST	New	COSTCO WHSL CORP NEW	$4,538,661	–	8,430	–	0.30%	–
MSFT	New	MICROSOFT CORP	$4,517,261	–	13,265	–	0.30%	–
XOM	New	EXXON MOBIL CORP	$4,311,343	–	40,199	–	0.29%	–
VUSB	New	VANGUARD BD INDEX FDSvanguard ultra	$4,202,688	–	85,490	–	0.28%	–
JPM	New	JPMORGAN CHASE & CO	$4,007,454	–	27,554	–	0.27%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$3,907,558	–	53,193	–	0.26%	–
JNJ	New	JOHNSON & JOHNSON	$3,820,036	–	23,079	–	0.26%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$3,548,779	–	61,472	–	0.24%	–
NVT	New	NVENT ELECTRIC PLC	$3,539,808	–	68,508	–	0.24%	–
ABT	New	ABBOTT LABS	$3,138,680	–	28,790	–	0.21%	–
USB	New	US BANCORP DEL	$3,127,176	–	94,648	–	0.21%	–
WAT	New	WATERS CORP	$3,095,862	–	11,615	–	0.21%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$2,970,901	–	13,517	–	0.20%	–
ITW	New	ILLINOIS TOOL WKS INC	$2,843,819	–	11,368	–	0.19%	–
PG	New	PROCTER AND GAMBLE CO	$2,817,357	–	18,567	–	0.19%	–
ABBV	New	ABBVIE INC	$2,443,796	–	18,138	–	0.16%	–
SNA	New	SNAP ON INC	$2,338,085	–	8,113	–	0.16%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,678,471	–	7,620	–	0.11%	–
WAB	New	WABTEC	$1,586,925	–	14,470	–	0.11%	–
PNC	New	PNC FINL SVCS GROUP INC	$1,529,789	–	12,146	–	0.10%	–
PEP	New	PEPSICO INC	$1,399,893	–	7,558	–	0.09%	–
WFC	New	WELLS FARGO CO NEW	$1,348,389	–	31,593	–	0.09%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,349,337	–	3,957	–	0.09%	–
BDX	New	BECTON DICKINSON & CO	$1,350,675	–	5,116	–	0.09%	–
MTB	New	M & T BK CORP	$1,323,984	–	10,698	–	0.09%	–
BND	New	VANGUARD BD INDEX FDStotal bnd mrkt	$1,286,468	–	17,698	–	0.09%	–
WMT	New	WALMART INC	$1,267,141	–	8,062	–	0.08%	–
AMGN	New	AMGEN INC	$1,210,009	–	5,450	–	0.08%	–
SIGI	New	SELECTIVE INS GROUP INC	$1,134,897	–	11,828	–	0.08%	–
AWK	New	AMERICAN WTR WKS CO INC NEW	$1,129,866	–	7,915	–	0.08%	–
MU	New	MICRON TECHNOLOGY INC	$1,129,696	–	17,900	–	0.08%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$1,047,976	–	10,698	–	0.07%	–
ROST	New	ROSS STORES INC	$1,054,022	–	9,400	–	0.07%	–
HD	New	HOME DEPOT INC	$959,567	–	3,089	–	0.06%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$940,936	–	2,123	–	0.06%	–
CVX	New	CHEVRON CORP NEW	$929,939	–	5,910	–	0.06%	–
V	New	VISA INC	$934,959	–	3,937	–	0.06%	–
MCD	New	MCDONALDS CORP	$874,557	–	2,931	–	0.06%	–
BIV	New	VANGUARD BD INDEX FDSintermed term	$812,409	–	10,799	–	0.05%	–
CNI	New	CANADIAN NATL RY CO	$729,447	–	6,025	–	0.05%	–
ETN	New	EATON CORP PLC	$740,852	–	3,684	–	0.05%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$723,257	–	4,833	–	0.05%	–
MIDD	New	MIDDLEBY CORP	$687,410	–	4,650	–	0.05%	–
KO	New	COCA COLA CO	$672,407	–	11,166	–	0.04%	–
HON	New	HONEYWELL INTL INC	$665,868	–	3,209	–	0.04%	–
INTC	New	INTEL CORP	$630,444	–	18,853	–	0.04%	–
AMAT	New	APPLIED MATLS INC	$579,605	–	4,010	–	0.04%	–
UNP	New	UNION PAC CORP	$532,626	–	2,603	–	0.04%	–
VCIT	New	VANGUARD SCOTTSDALE FDSint-term corp	$535,507	–	6,776	–	0.04%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$518,925	–	5,500	–	0.04%	–
IVV	New	ISHARES TRcore s&p500 etf	$505,881	–	1,135	–	0.03%	–
COF	New	CAPITAL ONE FINL CORP	$486,478	–	4,448	–	0.03%	–
FITB	New	FIFTH THIRD BANCORP	$477,022	–	18,200	–	0.03%	–
VOO	New	VANGUARD INDEX FDS	$480,998	–	1,181	–	0.03%	–
DGX	New	QUEST DIAGNOSTICS INC	$484,932	–	3,450	–	0.03%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$479,307	–	3,582	–	0.03%	–
CSX	New	CSX CORP	$470,580	–	13,800	–	0.03%	–
CARR	New	CARRIER GLOBAL CORPORATION	$471,499	–	9,485	–	0.03%	–
MRK	New	MERCK & CO INC	$447,252	–	3,876	–	0.03%	–
RY	New	ROYAL BK CDA	$453,577	–	4,749	–	0.03%	–
PFE	New	PFIZER INC	$448,670	–	12,232	–	0.03%	–
HSIC	New	HENRY SCHEIN INC	$409,555	–	5,050	–	0.03%	–
CAT	New	CATERPILLAR INC	$360,696	–	1,466	–	0.02%	–
AXP	New	AMERICAN EXPRESS CO	$348,400	–	2,000	–	0.02%	–
GOOGL	New	ALPHABET INCcap stk cl a	$336,357	–	2,810	–	0.02%	–
BAC	New	BANK AMERICA CORP	$335,185	–	11,683	–	0.02%	–
TRV	New	TRAVELERS COMPANIES INC	$317,798	–	1,830	–	0.02%	–
PAYX	New	PAYCHEX INC	$316,145	–	2,826	–	0.02%	–
MA	New	MASTERCARD INCORPORATEDcl a	$317,000	–	806	–	0.02%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$301,816	–	817	–	0.02%	–
CSCO	New	CISCO SYS INC	$304,626	–	5,888	–	0.02%	–
EMR	New	EMERSON ELEC CO	$298,287	–	3,300	–	0.02%	–
GIS	New	GENERAL MLS INC	$295,218	–	3,849	–	0.02%	–
OTIS	New	OTIS WORLDWIDE CORP	$281,361	–	3,161	–	0.02%	–
CL	New	COLGATE PALMOLIVE CO	$270,410	–	3,510	–	0.02%	–
IDA	New	IDACORP INC	$274,660	–	2,677	–	0.02%	–
TFC	New	TRUIST FINL CORP	$260,494	–	8,583	–	0.02%	–
GOOG	New	ALPHABET INCcap stk cl c	$239,521	–	1,980	–	0.02%	–
SYK	New	STRYKER CORPORATION	$230,648	–	756	–	0.02%	–
AMZN	New	AMAZON COM INC	$202,710	–	1,555	–	0.01%	–
SBUX	New	STARBUCKS CORP	$203,269	–	2,052	–	0.01%	–
RSG	New	REPUBLIC SVCS INC	$201,419	–	1,315	–	0.01%	–
VZ	New	VERIZON COMMUNICATIONS INC	$201,867	–	5,428	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
WU	Exit	WESTERN UN CO	$0	–	-10,000	–	-0.01%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-8,628	–	-0.02%	–
ENB	Exit	ENBRIDGE INC	$0	–	-5,607	–	-0.02%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-817	–	-0.02%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-806	–	-0.02%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-1,916	–	-0.02%	–
CSCO	Exit	CISCO SYS INC	$0	–	-5,888	–	-0.02%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-3,744	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-3,300	–	-0.02%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,000	–	-0.02%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-1,885	–	-0.02%	–
GIS	Exit	GENERAL MLS INC	$0	–	-3,849	–	-0.02%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-3,155	–	-0.02%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-930	–	-0.02%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-4,510	–	-0.02%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,826	–	-0.02%	–
CAT	Exit	CATERPILLAR INC	$0	–	-2,050	–	-0.03%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-4,010	–	-0.03%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-5,350	–	-0.03%	–
CSX	Exit	CSX CORP	$0	–	-13,800	–	-0.03%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-10,222	–	-0.03%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-8,842	–	-0.03%	–
CARR	Exit	CARRIER GLOBAL CORPORATION	$0	–	-10,650	–	-0.03%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-13,384	–	-0.03%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-4,448	–	-0.03%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,135	–	-0.03%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-3,450	–	-0.03%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-3,782	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-5,300	–	-0.04%	–
MMM	Exit	3M CO	$0	–	-4,110	–	-0.04%	–
ETN	Exit	EATON CORP PLC	$0	–	-3,684	–	-0.04%	–
VCIT	Exit	VANGUARD SCOTTSDALE FDSint-term corp	$0	–	-6,776	–	-0.04%	–
UNP	Exit	UNION PAC CORP	$0	–	-2,628	–	-0.04%	–
RSP	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$0	–	-3,965	–	-0.04%	–
PFE	Exit	PFIZER INC	$0	–	-12,402	–	-0.04%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-3,209	–	-0.04%	–
KAI	Exit	KADANT INC	$0	–	-3,300	–	-0.04%	–
RY	Exit	ROYAL BK CDA	$0	–	-6,194	–	-0.04%	–
INTC	Exit	INTEL CORP	$0	–	-22,378	–	-0.04%	–
BND	Exit	VANGUARD BD INDEX FDStotal bnd mrkt	$0	–	-8,042	–	-0.04%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-18,500	–	-0.05%	–
BIV	Exit	VANGUARD BD INDEX FDSintermed term	$0	–	-8,329	–	-0.05%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-6,050	–	-0.05%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-2,450	–	-0.05%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,931	–	-0.05%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-7,000	–	-0.05%	–
KO	Exit	COCA COLA CO	$0	–	-12,384	–	-0.05%	–
MIDD	Exit	MIDDLEBY CORP	$0	–	-5,710	–	-0.06%	–
V	Exit	VISA INC	$0	–	-4,142	–	-0.06%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,120	–	-0.06%	–
ROST	Exit	ROSS STORES INC	$0	–	-9,400	–	-0.06%	–
HD	Exit	HOME DEPOT INC	$0	–	-3,089	–	-0.07%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-18,542	–	-0.07%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-6,669	–	-0.08%	–
AWK	Exit	AMERICAN WTR WKS CO INC NEW	$0	–	-7,915	–	-0.08%	–
WMT	Exit	WALMART INC	$0	–	-8,062	–	-0.08%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-13,965	–	-0.09%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-5,422	–	-0.10%	–
AMGN	Exit	AMGEN INC	$0	–	-5,518	–	-0.10%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-7,045	–	-0.10%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-33,861	–	-0.11%	–
PEP	Exit	PEPSICO INC	$0	–	-9,265	–	-0.12%	–
SNA	Exit	SNAP ON INC	$0	–	-8,743	–	-0.14%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-12,571	–	-0.15%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-11,497	–	-0.16%	–
MTB	Exit	M & T BK CORP	$0	–	-12,215	–	-0.17%	–
NVT	Exit	NVENT ELECTRIC PLC	$0	–	-79,175	–	-0.20%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-20,607	–	-0.20%	–
ABBV	Exit	ABBVIE INC	$0	–	-19,624	–	-0.21%	–
WAB	Exit	WABTEC	$0	–	-32,663	–	-0.21%	–
ABT	Exit	ABBOTT LABS	$0	–	-30,500	–	-0.23%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-28,428	–	-0.23%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-13,221	–	-0.24%	–
WAT	Exit	WATERS CORP	$0	–	-12,329	–	-0.26%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-14,720	–	-0.26%	–
AAPL	Exit	APPLE INC	$0	–	-25,352	–	-0.27%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-40,549	–	-0.28%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-8,624	–	-0.32%	–
USB	Exit	US BANCORP DEL	$0	–	-102,563	–	-0.32%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-26,347	–	-0.34%	–
VUSB	Exit	VANGUARD BD INDEX FDSvanguard ultra	$0	–	-90,153	–	-0.34%	–
VGSH	Exit	VANGUARD SCOTTSDALE FDSshort term treas	$0	–	-79,880	–	-0.36%	–
CNMD	Exit	CONMED CORP	$0	–	-71,045	–	-0.45%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-21,527	–	-0.51%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-93,870	–	-0.58%	–
ROLL	Exit	RBC BEARINGS INC	$0	–	-38,220	–	-0.62%	–
MSM	Exit	MSC INDL DIRECT INCcl a	$0	–	-109,297	–	-0.62%	–
ECL	Exit	ECOLAB INC	$0	–	-58,252	–	-0.66%	–
SIGI	Exit	SELECTIVE INS GROUP INC	$0	–	-114,552	–	-0.73%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-492,877	–	-0.81%	–
VRT	Exit	VERTIV HOLDINGS CO	$0	–	-1,110,668	–	-0.84%	–
VNT	Exit	VONTIER CORPORATION	$0	–	-665,515	–	-0.87%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-161,191	–	-0.94%	–
CSWI	Exit	CSW INDUSTRIALS INC	$0	–	-113,227	–	-1.06%	–
CTLT	Exit	CATALENT INC	$0	–	-197,098	–	-1.12%	–
TFX	Exit	TELEFLEX INCORPORATED	$0	–	-80,374	–	-1.27%	–
FTV	Exit	FORTIVE CORP	$0	–	-287,220	–	-1.31%	–
JCOM	Exit	ZIFF DAVIS INC	$0	–	-245,820	–	-1.32%	–
BSV	Exit	VANGUARD BD INDEX FDSshort trm bond	$0	–	-235,691	–	-1.38%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-89,901	–	-1.38%	–
PNR	Exit	PENTAIR PLC	$0	–	-440,060	–	-1.40%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-231,700	–	-1.47%	–
ZBRA	Exit	ZEBRA TECHNOLOGIES CORPORATIcl a	$0	–	-75,805	–	-1.55%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-313,834	–	-1.61%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-41,871	–	-1.66%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-130,507	–	-1.82%	–
PRFT	Exit	PERFICIENT INC	$0	–	-367,315	–	-1.87%	–
FAST	Exit	FASTENAL CO	$0	–	-525,038	–	-1.89%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-397,410	–	-2.06%	–
AIZ	Exit	ASSURANT INC	$0	–	-182,824	–	-2.08%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-360,167	–	-2.13%	–
RBC	Exit	REGAL REXNORD CORPORATION	$0	–	-212,586	–	-2.34%	–
CHD	Exit	CHURCH & DWIGHT CO INC	$0	–	-433,935	–	-2.43%	–
XYL	Exit	XYLEM INC	$0	–	-367,769	–	-2.51%	–
RPM	Exit	RPM INTL INC	$0	–	-401,307	–	-2.62%	–
GGG	Exit	GRACO INC	$0	–	-559,325	–	-2.62%	–
DCI	Exit	DONALDSON INC	$0	–	-706,013	–	-2.71%	–
NDSN	Exit	NORDSON CORP	$0	–	-166,472	–	-2.76%	–
ATR	Exit	APTARGROUP INC	$0	–	-384,927	–	-2.86%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-219,458	–	-2.93%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-104,302	–	-2.94%	–
LSTR	Exit	LANDSTAR SYS INC	$0	–	-265,802	–	-3.00%	–
FISV	Exit	FISERV INC	$0	–	-528,244	–	-3.87%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-300,178	–	-4.02%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-836,418	–	-4.38%	–
AME	Exit	AMETEK INC	$0	–	-498,197	–	-4.42%	–
IEX	Exit	IDEX CORP	$0	–	-287,505	–	-4.50%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-269,417	–	-5.44%	–

Q3 2022

			Value		Shares		↓ Weighting
DHR	Sell	DANAHER CORPORATION	$69,588,000	-1.5%	269,417	-3.3%	5.44%	+1.7%
IEX	Sell	IDEX CORP	$57,458,000	+9.9%	287,505	-0.2%	4.50%	+13.4%
AME	Sell	AMETEK INC	$56,500,000	+3.0%	498,197	-0.2%	4.42%	+6.3%
APH	Sell	AMPHENOL CORP NEWcl a	$56,007,000	+2.8%	836,418	-1.2%	4.38%	+6.1%
AJG	Sell	GALLAGHER ARTHUR J & CO	$51,396,000	-0.3%	300,178	-5.0%	4.02%	+3.0%
FISV	Sell	FISERV INC	$49,428,000	+4.9%	528,244	-0.3%	3.87%	+8.3%
LSTR	Buy	LANDSTAR SYS INC	$38,374,000	-0.7%	265,802	+0.0%	3.00%	+2.5%
ROP	Buy	ROPER TECHNOLOGIES INC	$37,511,000	-8.7%	104,302	+0.1%	2.94%	-5.8%
VRSK	Sell	VERISK ANALYTICS INC	$37,424,000	-1.7%	219,458	-0.2%	2.93%	+1.5%
ATR	Sell	APTARGROUP INC	$36,580,000	-8.0%	384,927	-0.1%	2.86%	-5.0%
NDSN	Buy	NORDSON CORP	$35,337,000	+5.1%	166,472	+0.2%	2.76%	+8.5%
DCI	Sell	DONALDSON INC	$34,602,000	+1.4%	706,013	-0.4%	2.71%	+4.7%
GGG	Sell	GRACO INC	$33,532,000	+0.9%	559,325	-0.1%	2.62%	+4.1%
RPM	Sell	RPM INTL INC	$33,433,000	+5.7%	401,307	-0.1%	2.62%	+9.2%
XYL	Sell	XYLEM INC	$32,128,000	+11.4%	367,769	-0.3%	2.51%	+15.1%
CHD	Sell	CHURCH & DWIGHT CO INC	$31,000,000	-23.2%	433,935	-0.4%	2.43%	-20.7%
RBC	Buy	REGAL REXNORD CORPORATION	$29,839,000	+26.9%	212,586	+2.6%	2.34%	+31.0%
FIS	Sell	FIDELITY NATL INFORMATION SV	$27,218,000	-18.1%	360,167	-0.6%	2.13%	-15.4%
AIZ	Buy	ASSURANT INC	$26,559,000	-15.9%	182,824	+0.1%	2.08%	-13.1%
CBSH	Sell	COMMERCE BANCSHARES INC	$26,293,000	+0.5%	397,410	-0.2%	2.06%	+3.8%
FAST	Buy	FASTENAL CO	$24,173,000	-5.9%	525,038	+2.1%	1.89%	-2.8%
PRFT	Buy	PERFICIENT INC	$23,883,000	-27.2%	367,315	+2.7%	1.87%	-24.8%
GNRC	Sell	GENERAC HLDGS INC	$23,249,000	-15.6%	130,507	-0.2%	1.82%	-12.8%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$21,237,000	-6.2%	41,871	+0.5%	1.66%	-3.1%
WAL	Buy	WESTERN ALLIANCE BANCORP	$20,631,000	-6.9%	313,834	+0.0%	1.61%	-3.9%
ZBRA	Buy	ZEBRA TECHNOLOGIES CORPORATIcl a	$19,862,000	-4.1%	75,805	+7.6%	1.55%	-1.0%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$18,791,000	+12.2%	231,700	-0.0%	1.47%	+15.7%
PNR	Sell	PENTAIR PLC	$17,880,000	-11.5%	440,060	-0.3%	1.40%	-8.6%
CRL	Buy	CHARLES RIV LABS INTL INC	$17,693,000	+12.0%	89,901	+21.7%	1.38%	+15.7%
BSV	Buy	VANGUARD BD INDEX FDSshort trm bond	$17,634,000	-2.1%	235,691	+0.5%	1.38%	+1.1%
JCOM	Buy	ZIFF DAVIS INC	$16,834,000	+11.7%	245,820	+21.5%	1.32%	+15.2%
FTV	Buy	FORTIVE CORP	$16,745,000	+7.4%	287,220	+0.2%	1.31%	+10.8%
TFX	Sell	TELEFLEX INCORPORATED	$16,192,000	-18.1%	80,374	-0.0%	1.27%	-15.4%
CTLT	Sell	CATALENT INC	$14,262,000	-32.7%	197,098	-0.2%	1.12%	-30.5%
CSWI	Buy	CSW INDUSTRIALS INC	$13,565,000	+17.2%	113,227	+0.8%	1.06%	+21.0%
VCSH	Buy	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$11,973,000	-2.5%	161,191	+0.1%	0.94%	+0.6%
VNT	Sell	VONTIER CORPORATION	$11,121,000	-28.0%	665,515	-1.0%	0.87%	-25.7%
VRT	Sell	VERTIV HOLDINGS CO	$10,796,000	+17.9%	1,110,668	-0.3%	0.84%	+21.8%
ACIW	Sell	ACI WORLDWIDE INC	$10,301,000	-19.7%	492,877	-0.6%	0.81%	-17.2%
SIGI	Sell	SELECTIVE INS GROUP INC	$9,325,000	-6.5%	114,552	-0.2%	0.73%	-3.4%
ECL	Sell	ECOLAB INC	$8,413,000	-6.2%	58,252	-0.1%	0.66%	-3.1%
MSM	Sell	MSC INDL DIRECT INCcl a	$7,958,000	-3.2%	109,297	-0.2%	0.62%	0.0%
ROLL	Buy	RBC BEARINGS INC	$7,942,000	+39.5%	38,220	+24.1%	0.62%	+43.8%
AWI	Sell	ARMSTRONG WORLD INDS INC NEW	$7,437,000	+5.7%	93,870	-0.0%	0.58%	+9.2%
SPGI	Sell	S&P GLOBAL INC	$6,573,000	-11.4%	21,527	-2.2%	0.51%	-8.5%
CNMD	New	CONMED CORP	$5,696,000	–	71,045	–	0.45%	–
VGSH	Buy	VANGUARD SCOTTSDALE FDSshort term treas	$4,616,000	+3.1%	79,880	+5.0%	0.36%	+6.5%
VUSB	Sell	VANGUARD BD INDEX FDSvanguard ultra	$4,413,000	-3.3%	90,153	-2.8%	0.34%	-0.3%
JNJ	Sell	JOHNSON & JOHNSON	$4,304,000	-8.5%	26,347	-0.5%	0.34%	-5.3%
USB	Sell	US BANCORP DEL	$4,135,000	-15.4%	102,563	-3.4%	0.32%	-12.4%
COST	Sell	COSTCO WHSL CORP NEW	$4,073,000	-5.3%	8,624	-3.9%	0.32%	-2.1%
AAPL	Sell	APPLE INC	$3,504,000	+1.1%	25,352	-0.0%	0.27%	+4.2%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$3,330,000	+5.7%	14,720	-1.9%	0.26%	+9.2%
WAT	Sell	WATERS CORP	$3,323,000	-19.9%	12,329	-1.7%	0.26%	-17.2%
MSFT	Sell	MICROSOFT CORP	$3,079,000	-12.7%	13,221	-3.7%	0.24%	-9.7%
JPM	Sell	JPMORGAN CHASE & CO	$2,971,000	-9.2%	28,428	-2.1%	0.23%	-6.5%
ABT	Sell	ABBOTT LABS	$2,951,000	-11.3%	30,500	-0.4%	0.23%	-8.3%
WAB	Sell	WABTEC	$2,657,000	-72.6%	32,663	-72.3%	0.21%	-71.7%
ABBV	Sell	ABBVIE INC	$2,634,000	-14.0%	19,624	-1.8%	0.21%	-11.2%
PG	Buy	PROCTER AND GAMBLE CO	$2,602,000	-11.4%	20,607	+0.9%	0.20%	-8.5%
NVT	Sell	NVENT ELECTRIC PLC	$2,503,000	-2.0%	79,175	-2.9%	0.20%	+1.0%
MTB	Sell	M & T BK CORP	$2,154,000	+7.9%	12,215	-2.5%	0.17%	+11.9%
PNC	Sell	PNC FINL SVCS GROUP INC	$1,878,000	-6.8%	12,571	-1.6%	0.15%	-3.9%
SNA	Sell	SNAP ON INC	$1,760,000	+1.0%	8,743	-1.1%	0.14%	+4.5%
PEP	Buy	PEPSICO INC	$1,513,000	-0.2%	9,265	+1.8%	0.12%	+2.6%
WFC	Sell	WELLS FARGO CO NEW	$1,362,000	-1.2%	33,861	-3.8%	0.11%	+1.9%
VTI	Buy	VANGUARD INDEX FDStotal stk mkt	$1,264,000	-3.0%	7,045	+2.0%	0.10%	0.0%
AMGN	Sell	AMGEN INC	$1,244,000	-7.6%	5,518	-0.4%	0.10%	-4.9%
BDX	Sell	BECTON DICKINSON & CO	$1,208,000	-10.5%	5,422	-0.9%	0.10%	-6.9%
RTX	Sell	RAYTHEON TECHNOLOGIES CORP	$1,143,000	-15.6%	13,965	-0.9%	0.09%	-13.6%
WMT	Sell	WALMART INC	$1,046,000	+1.9%	8,062	-4.4%	0.08%	+5.1%
CVX	Sell	CHEVRON CORP NEW	$958,000	-4.8%	6,669	-4.0%	0.08%	-1.3%
MU	Buy	MICRON TECHNOLOGY INC	$929,000	-8.2%	18,542	+1.3%	0.07%	-5.2%
HD	Sell	HOME DEPOT INC	$852,000	-4.4%	3,089	-4.9%	0.07%	-1.5%
ROST	Sell	ROSS STORES INC	$792,000	+18.0%	9,400	-1.6%	0.06%	+21.6%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$757,000	-1.0%	2,120	+4.5%	0.06%	+1.7%
V	Sell	VISA INC	$736,000	-20.9%	4,142	-12.3%	0.06%	-17.1%
MIDD	Sell	MIDDLEBY CORP	$732,000	-2.8%	5,710	-5.0%	0.06%	0.0%
KO	Sell	COCA COLA CO	$694,000	-17.7%	12,384	-7.6%	0.05%	-15.6%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$654,000	-4.0%	2,450	-1.8%	0.05%	-1.9%
INTC	Sell	INTEL CORP	$577,000	-37.4%	22,378	-9.1%	0.04%	-35.7%
KAI	Sell	KADANT INC	$550,000	-11.3%	3,300	-2.9%	0.04%	-8.5%
RSP	Buy	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$505,000	-4.9%	3,965	+0.2%	0.04%	0.0%
MMM	Sell	3M CO	$454,000	-21.5%	4,110	-7.9%	0.04%	-18.2%
BAC	Sell	BK OF AMERICA CORP	$404,000	-10.6%	13,384	-7.8%	0.03%	-5.9%
CARR	Sell	CARRIER GLOBAL CORPORATION	$379,000	-1.3%	10,650	-1.1%	0.03%	+3.4%
CAT	Buy	CATERPILLAR INC	$336,000	-8.2%	2,050	+0.0%	0.03%	-7.1%
CL	Buy	COLGATE PALMOLIVE CO	$317,000	-7.8%	4,510	+5.1%	0.02%	-3.8%
GOOGL	Buy	ALPHABET INCcap stk cl a	$302,000	-8.8%	3,155	+1975.7%	0.02%	-4.0%
GIS	Sell	GENERAL MLS INC	$295,000	-9.2%	3,849	-10.5%	0.02%	-8.0%
OTIS	Sell	OTIS WORLDWIDE CORP	$239,000	-11.2%	3,744	-1.8%	0.02%	-5.0%
CSCO	Sell	CISCO SYS INC	$236,000	-15.4%	5,888	-10.2%	0.02%	-14.3%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$205,000	-1.0%	8,628	+1.8%	0.02%	0.0%
ENB	Sell	ENBRIDGE INC	$208,000	-24.4%	5,607	-13.9%	0.02%	-23.8%
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-2,712	–	-0.02%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-617	–	-0.02%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-114	–	-0.02%	–

Q2 2022

			Value		Shares		↓ Weighting
DHR	New	DANAHER CORPORATION	$70,646,000	–	278,660	–	5.35%	–
AME	New	AMETEK INC	$54,863,000	–	499,255	–	4.16%	–
APH	New	AMPHENOL CORP NEWcl a	$54,495,000	–	846,460	–	4.13%	–
IEX	New	IDEX CORP	$52,302,000	–	287,960	–	3.96%	–
AJG	New	GALLAGHER ARTHUR J & CO	$51,542,000	–	316,130	–	3.91%	–
FISV	New	FISERV INC	$47,138,000	–	529,816	–	3.57%	–
ROP	New	ROPER TECHNOLOGIES INC	$41,102,000	–	104,147	–	3.12%	–
CHD	New	CHURCH & DWIGHT CO INC	$40,360,000	–	435,567	–	3.06%	–
ATR	New	APTARGROUP INC	$39,772,000	–	385,349	–	3.01%	–
LSTR	New	LANDSTAR SYS INC	$38,649,000	–	265,776	–	2.93%	–
VRSK	New	VERISK ANALYTICS INC	$38,066,000	–	219,919	–	2.88%	–
DCI	New	DONALDSON INC	$34,132,000	–	709,011	–	2.59%	–
NDSN	New	NORDSON CORP	$33,634,000	–	166,141	–	2.55%	–
GGG	New	GRACO INC	$33,247,000	–	559,624	–	2.52%	–
FIS	New	FIDELITY NATL INFORMATION SV	$33,216,000	–	362,342	–	2.52%	–
PRFT	New	PERFICIENT INC	$32,799,000	–	357,717	–	2.49%	–
RPM	New	RPM INTL INC	$31,620,000	–	401,680	–	2.40%	–
AIZ	New	ASSURANT INC	$31,564,000	–	182,611	–	2.39%	–
XYL	New	XYLEM INC	$28,831,000	–	368,777	–	2.18%	–
GNRC	New	GENERAC HLDGS INC	$27,542,000	–	130,790	–	2.09%	–
CBSH	New	COMMERCE BANCSHARES INC	$26,153,000	–	398,370	–	1.98%	–
FAST	New	FASTENAL CO	$25,678,000	–	514,376	–	1.95%	–
RBC	New	REGAL REXNORD CORPORATION	$23,513,000	–	207,125	–	1.78%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$22,636,000	–	41,665	–	1.72%	–
WAL	New	WESTERN ALLIANCE BANCORP	$22,149,000	–	313,727	–	1.68%	–
CTLT	New	CATALENT INC	$21,190,000	–	197,505	–	1.61%	–
ZBRA	New	ZEBRA TECHNOLOGIES CORPORATIcl a	$20,714,000	–	70,469	–	1.57%	–
PNR	New	PENTAIR PLC	$20,193,000	–	441,195	–	1.53%	–
TFX	New	TELEFLEX INCORPORATED	$19,762,000	–	80,382	–	1.50%	–
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$18,015,000	–	234,604	–	1.36%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$16,755,000	–	231,715	–	1.27%	–
CRL	New	CHARLES RIV LABS INTL INC	$15,801,000	–	73,845	–	1.20%	–
FTV	New	FORTIVE CORP	$15,594,000	–	286,766	–	1.18%	–
VNT	New	VONTIER CORPORATION	$15,456,000	–	672,293	–	1.17%	–
JCOM	New	ZIFF DAVIS INC	$15,077,000	–	202,301	–	1.14%	–
ACIW	New	ACI WORLDWIDE INC	$12,836,000	–	495,774	–	0.97%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$12,281,000	–	161,042	–	0.93%	–
CSWI	New	CSW INDUSTRIALS INC	$11,571,000	–	112,306	–	0.88%	–
SIGI	New	SELECTIVE INS GROUP INC	$9,975,000	–	114,733	–	0.76%	–
WAB	New	WABTEC	$9,690,000	–	118,055	–	0.73%	–
VRT	New	VERTIV HOLDINGS CO	$9,160,000	–	1,114,392	–	0.69%	–
ECL	New	ECOLAB INC	$8,965,000	–	58,307	–	0.68%	–
MSM	New	MSC INDL DIRECT INCcl a	$8,225,000	–	109,507	–	0.62%	–
SPGI	New	S&P GLOBAL INC	$7,417,000	–	22,006	–	0.56%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$7,038,000	–	93,896	–	0.53%	–
ROLL	New	RBC BEARINGS INC	$5,695,000	–	30,793	–	0.43%	–
USB	New	US BANCORP DEL	$4,887,000	–	106,183	–	0.37%	–
JNJ	New	JOHNSON & JOHNSON	$4,702,000	–	26,487	–	0.36%	–
VUSB	New	VANGUARD BD INDEX FDSvanguard ultra	$4,562,000	–	92,720	–	0.35%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$4,478,000	–	76,077	–	0.34%	–
COST	New	COSTCO WHSL CORP NEW	$4,301,000	–	8,974	–	0.33%	–
WAT	New	WATERS CORP	$4,150,000	–	12,538	–	0.31%	–
MSFT	New	MICROSOFT CORP	$3,527,000	–	13,733	–	0.27%	–
AAPL	New	APPLE INC	$3,466,000	–	25,354	–	0.26%	–
XOM	New	EXXON MOBIL CORP	$3,473,000	–	40,549	–	0.26%	–
ABT	New	ABBOTT LABS	$3,328,000	–	30,634	–	0.25%	–
JPM	New	JPMORGAN CHASE & CO	$3,271,000	–	29,048	–	0.25%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$3,151,000	–	15,003	–	0.24%	–
ABBV	New	ABBVIE INC	$3,062,000	–	19,993	–	0.23%	–
PG	New	PROCTER AND GAMBLE CO	$2,937,000	–	20,424	–	0.22%	–
NVT	New	NVENT ELECTRIC PLC	$2,554,000	–	81,513	–	0.19%	–
ITW	New	ILLINOIS TOOL WKS INC	$2,095,000	–	11,497	–	0.16%	–
PNC	New	PNC FINL SVCS GROUP INC	$2,015,000	–	12,771	–	0.15%	–
MTB	New	M & T BK CORP	$1,996,000	–	12,523	–	0.15%	–
SNA	New	SNAP ON INC	$1,742,000	–	8,843	–	0.13%	–
PEP	New	PEPSICO INC	$1,516,000	–	9,097	–	0.12%	–
WFC	New	WELLS FARGO CO NEW	$1,379,000	–	35,194	–	0.10%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$1,355,000	–	14,098	–	0.10%	–
AMGN	New	AMGEN INC	$1,347,000	–	5,538	–	0.10%	–
BDX	New	BECTON DICKINSON & CO	$1,349,000	–	5,473	–	0.10%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,303,000	–	6,909	–	0.10%	–
AWK	New	AMERICAN WTR WKS CO INC NEW	$1,178,000	–	7,915	–	0.09%	–
WMT	New	WALMART INC	$1,026,000	–	8,435	–	0.08%	–
MU	New	MICRON TECHNOLOGY INC	$1,012,000	–	18,312	–	0.08%	–
CVX	New	CHEVRON CORP NEW	$1,006,000	–	6,946	–	0.08%	–
INTC	New	INTEL CORP	$921,000	–	24,611	–	0.07%	–
V	New	VISA INC	$930,000	–	4,725	–	0.07%	–
HD	New	HOME DEPOT INC	$891,000	–	3,249	–	0.07%	–
KO	New	COCA COLA CO	$843,000	–	13,398	–	0.06%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$765,000	–	2,028	–	0.06%	–
MIDD	New	MIDDLEBY CORP	$753,000	–	6,010	–	0.06%	–
MCD	New	MCDONALDS CORP	$724,000	–	2,931	–	0.06%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$710,000	–	7,000	–	0.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$681,000	–	2,495	–	0.05%	–
CNI	New	CANADIAN NATL RY CO	$680,000	–	6,050	–	0.05%	–
ROST	New	ROSS STORES INC	$671,000	–	9,550	–	0.05%	–
PFE	New	PFIZER INC	$650,000	–	12,402	–	0.05%	–
BIV	New	VANGUARD BD INDEX FDSintermed term	$647,000	–	8,329	–	0.05%	–
KAI	New	KADANT INC	$620,000	–	3,400	–	0.05%	–
FITB	New	FIFTH THIRD BANCORP	$622,000	–	18,500	–	0.05%	–
BND	New	VANGUARD BD INDEX FDStotal bnd mrkt	$605,000	–	8,042	–	0.05%	–
RY	New	ROYAL BK CDA	$600,000	–	6,194	–	0.04%	–
MMM	New	3M CO	$578,000	–	4,463	–	0.04%	–
HON	New	HONEYWELL INTL INC	$558,000	–	3,209	–	0.04%	–
UNP	New	UNION PAC CORP	$560,000	–	2,628	–	0.04%	–
VCIT	New	VANGUARD SCOTTSDALE FDSint-term corp	$542,000	–	6,776	–	0.04%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$534,000	–	3,782	–	0.04%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$531,000	–	3,959	–	0.04%	–
VZ	New	VERIZON COMMUNICATIONS INC	$519,000	–	10,222	–	0.04%	–
MRK	New	MERCK & CO INC	$483,000	–	5,300	–	0.04%	–
DGX	New	QUEST DIAGNOSTICS INC	$459,000	–	3,450	–	0.04%	–
COF	New	CAPITAL ONE FINL CORP	$463,000	–	4,448	–	0.04%	–
ETN	New	EATON CORP PLC	$464,000	–	3,684	–	0.04%	–
BAC	New	BK OF AMERICA CORP	$452,000	–	14,517	–	0.03%	–
IVV	New	ISHARES TRcore s&p500 etf	$430,000	–	1,135	–	0.03%	–
TFC	New	TRUIST FINL CORP	$419,000	–	8,842	–	0.03%	–
HSIC	New	HENRY SCHEIN INC	$411,000	–	5,350	–	0.03%	–
CSX	New	CSX CORP	$401,000	–	13,800	–	0.03%	–
CARR	New	CARRIER GLOBAL CORPORATION	$384,000	–	10,773	–	0.03%	–
CAT	New	CATERPILLAR INC	$366,000	–	2,049	–	0.03%	–
AMAT	New	APPLIED MATLS INC	$365,000	–	4,010	–	0.03%	–
CL	New	COLGATE PALMOLIVE CO	$344,000	–	4,290	–	0.03%	–
GOOGL	New	ALPHABET INCcap stk cl a	$331,000	–	152	–	0.02%	–
GIS	New	GENERAL MLS INC	$325,000	–	4,302	–	0.02%	–
TRV	New	TRAVELERS COMPANIES INC	$319,000	–	1,885	–	0.02%	–
VOO	New	VANGUARD INDEX FDS	$323,000	–	930	–	0.02%	–
PAYX	New	PAYCHEX INC	$322,000	–	2,826	–	0.02%	–
AXP	New	AMERICAN EXPRESS CO	$277,000	–	2,000	–	0.02%	–
ENB	New	ENBRIDGE INC	$275,000	–	6,510	–	0.02%	–
CSCO	New	CISCO SYS INC	$279,000	–	6,554	–	0.02%	–
OTIS	New	OTIS WORLDWIDE CORP	$269,000	–	3,811	–	0.02%	–
EMR	New	EMERSON ELEC CO	$262,000	–	3,300	–	0.02%	–
GOOG	New	ALPHABET INCcap stk cl c	$249,000	–	114	–	0.02%	–
MA	New	MASTERCARD INCORPORATEDcl a	$254,000	–	806	–	0.02%	–
FANG	New	DIAMONDBACK ENERGY INC	$232,000	–	1,916	–	0.02%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$226,000	–	617	–	0.02%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$229,000	–	817	–	0.02%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$207,000	–	8,478	–	0.02%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$209,000	–	2,712	–	0.02%	–
WU	New	WESTERN UN CO	$165,000	–	10,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
GIS	Exit	GENERAL MLS INC	$0	–	-3,406	–	-0.01%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-1,964	–	-0.01%	–
IDA	Exit	IDACORP INC	$0	–	-1,992	–	-0.01%	–
VCIT	Exit	VANGUARD SCOTTSDALE FDSint-term corp	$0	–	-2,192	–	-0.01%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-1,093	–	-0.01%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-841	–	-0.01%	–
ENB	Exit	ENBRIDGE INC	$0	–	-6,510	–	-0.02%	–
NFLX	Exit	NETFLIX INC	$0	–	-430	–	-0.02%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-803	–	-0.02%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-806	–	-0.02%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-817	–	-0.02%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-1,930	–	-0.02%	–
WU	Exit	WESTERN UN CO	$0	–	-15,000	–	-0.02%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-114	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-3,300	–	-0.02%	–
BA	Exit	BOEING CO	$0	–	-1,427	–	-0.02%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,833	–	-0.02%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-1,750	–	-0.02%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-593	–	-0.02%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,015	–	-0.02%	–
AMZN	Exit	AMAZON COM INC	$0	–	-105	–	-0.02%	–
CSCO	Exit	CISCO SYS INC	$0	–	-6,464	–	-0.02%	–
RSP	Exit	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$0	–	-2,361	–	-0.02%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-4,473	–	-0.02%	–
CAT	Exit	CATERPILLAR INC	$0	–	-2,031	–	-0.02%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-1,004	–	-0.02%	–
CSX	Exit	CSX CORP	$0	–	-13,800	–	-0.02%	–
MRK	Exit	MERCK & CO INC	$0	–	-5,485	–	-0.02%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-152	–	-0.02%	–
BIV	Exit	VANGUARD BD INDEX FDSintermed term	$0	–	-4,556	–	-0.02%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,604	–	-0.03%	–
UNP	Exit	UNION PAC CORP	$0	–	-2,593	–	-0.03%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,185	–	-0.03%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-6,596	–	-0.03%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-3,450	–	-0.03%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-4,010	–	-0.03%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-3,782	–	-0.03%	–
PFE	Exit	PFIZER INC	$0	–	-13,053	–	-0.03%	–
ETN	Exit	EATON CORP PLC	$0	–	-3,688	–	-0.03%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-9,439	–	-0.03%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-7,500	–	-0.04%	–
VUSB	Exit	VANGUARD BD INDEX FDSvanguard ultra	$0	–	-11,983	–	-0.04%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-14,620	–	-0.04%	–
CARR	Exit	CARRIER GLOBAL CORPORATION	$0	–	-12,248	–	-0.04%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-3,250	–	-0.04%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-12,572	–	-0.04%	–
KO	Exit	COCA COLA CO	$0	–	-12,998	–	-0.04%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-6,100	–	-0.04%	–
KAI	Exit	KADANT INC	$0	–	-3,450	–	-0.04%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-8,300	–	-0.04%	–
MCD	Exit	MCDONALDS CORP	$0	–	-3,033	–	-0.04%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-2,703	–	-0.04%	–
RY	Exit	ROYAL BK CDA	$0	–	-8,844	–	-0.05%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-8,749	–	-0.05%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-21,500	–	-0.06%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-5,738	–	-0.06%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,188	–	-0.06%	–
MMM	Exit	3M CO	$0	–	-5,487	–	-0.06%	–
ROST	Exit	ROSS STORES INC	$0	–	-9,450	–	-0.06%	–
HD	Exit	HOME DEPOT INC	$0	–	-3,252	–	-0.06%	–
V	Exit	VISA INC	$0	–	-4,840	–	-0.07%	–
MIDD	Exit	MIDDLEBY CORP	$0	–	-6,630	–	-0.07%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-50,600	–	-0.07%	–
AMGN	Exit	AMGEN INC	$0	–	-5,932	–	-0.08%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-5,720	–	-0.08%	–
WMT	Exit	WALMART INC	$0	–	-9,196	–	-0.08%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-14,948	–	-0.08%	–
INTC	Exit	INTEL CORP	$0	–	-24,379	–	-0.08%	–
AWK	Exit	AMERICAN WTR WKS CO INC NEW	$0	–	-8,115	–	-0.08%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-19,272	–	-0.08%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-5,616	–	-0.08%	–
BND	Exit	VANGUARD BD INDEX FDStotal bnd mrkt	$0	–	-18,398	–	-0.10%	–
PEP	Exit	PEPSICO INC	$0	–	-10,535	–	-0.10%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-40,243	–	-0.12%	–
MTB	Exit	M & T BK CORP	$0	–	-13,424	–	-0.12%	–
SNA	Exit	SNAP ON INC	$0	–	-10,061	–	-0.13%	–
RXT	Exit	RACKSPACE TECHNOLOGY INC	$0	–	-150,999	–	-0.13%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-11,409	–	-0.14%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-40,809	–	-0.15%	–
ABBV	Exit	ABBVIE INC	$0	–	-22,425	–	-0.15%	–
NVT	Exit	NVENT ELECTRIC PLC	$0	–	-90,161	–	-0.18%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-15,141	–	-0.18%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-22,242	–	-0.19%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-16,060	–	-0.20%	–
AAPL	Exit	APPLE INC	$0	–	-26,707	–	-0.23%	–
ABT	Exit	ABBOTT LABS	$0	–	-33,034	–	-0.24%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-8,795	–	-0.24%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-14,249	–	-0.25%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-29,914	–	-0.30%	–
WAT	Exit	WATERS CORP	$0	–	-13,782	–	-0.30%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-31,360	–	-0.32%	–
VGSH	Exit	VANGUARD SCOTTSDALE FDSshort term treas	$0	–	-88,958	–	-0.34%	–
JCOM	Exit	J2 GLOBAL INC	$0	–	-46,703	–	-0.39%	–
	Exit	J2 GLOBAL INC	$0	–	-46,703	–	-0.39%	–
USB	Exit	US BANCORP DEL	$0	–	-129,388	–	-0.47%	–
SIGI	Exit	SELECTIVE INS GROUP INC	$0	–	-115,557	–	-0.54%	–
MSM	Exit	MSC INDL DIRECT INCcl a	$0	–	-111,305	–	-0.55%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-93,689	–	-0.55%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-87,464	–	-0.62%	–
WAB	Exit	WABTEC	$0	–	-120,980	–	-0.64%	–
ECL	Exit	ECOLAB INC	$0	–	-63,448	–	-0.81%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-164,356	–	-0.83%	–
CSWI	Exit	CSW INDUSTRIALS INC	$0	–	-111,419	–	-0.87%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-490,062	–	-0.92%	–
BSV	Exit	VANGUARD BD INDEX FDSshort trm bond	$0	–	-203,134	–	-1.02%	–
VNT	Exit	VONTIER CORPORATION	$0	–	-570,038	–	-1.17%	–
FTV	Exit	FORTIVE CORP	$0	–	-285,925	–	-1.24%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-227,937	–	-1.32%	–
VRT	Exit	VERTIV HOLDINGS CO	$0	–	-917,467	–	-1.36%	–
FAST	Exit	FASTENAL CO	$0	–	-502,901	–	-1.59%	–
CTLT	Exit	CATALENT INC	$0	–	-196,158	–	-1.60%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-377,594	–	-1.61%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-46,502	–	-1.63%	–
AIZ	Exit	ASSURANT INC	$0	–	-176,636	–	-1.71%	–
TFX	Exit	TELEFLEX INCORPORATED	$0	–	-74,891	–	-1.73%	–
RBC	Exit	REGAL BELOIT CORP	$0	–	-193,077	–	-1.78%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-70,865	–	-1.79%	–
RPM	Exit	RPM INTL INC	$0	–	-407,887	–	-1.94%	–
PNR	Exit	PENTAIR PLC	$0	–	-444,386	–	-1.98%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-312,768	–	-2.09%	–
ZBRA	Exit	ZEBRA TECHNOLOGIES CORPORATIcl a	$0	–	-66,495	–	-2.10%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-436,354	–	-2.21%	–
GGG	Exit	GRACO INC	$0	–	-520,738	–	-2.23%	–
NDSN	Exit	NORDSON CORP	$0	–	-162,646	–	-2.37%	–
DCI	Exit	DONALDSON INC	$0	–	-682,099	–	-2.40%	–
LSTR	Exit	LANDSTAR SYS INC	$0	–	-265,075	–	-2.56%	–
PRFT	Exit	PERFICIENT INC	$0	–	-366,918	–	-2.60%	–
HRC	Exit	HILL-ROM HLDGS INC	$0	–	-291,842	–	-2.68%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-221,602	–	-2.72%	–
ATR	Exit	APTARGROUP INC	$0	–	-371,836	–	-2.72%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-373,047	–	-2.78%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-105,460	–	-2.88%	–
XYL	Exit	XYLEM INC	$0	–	-383,442	–	-2.91%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-335,994	–	-3.06%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-133,675	–	-3.35%	–
FISV	Exit	FISERV INC	$0	–	-546,939	–	-3.64%	–
IEX	Exit	IDEX CORP	$0	–	-290,518	–	-3.69%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-861,109	–	-3.86%	–
AME	Exit	AMETEK INC	$0	–	-510,496	–	-3.88%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-290,153	–	-5.42%	–

Q3 2021

			Value		Shares		↓ Weighting
DHR	Sell	DANAHER CORPORATION	$88,334,000	+12.5%	290,153	-0.8%	5.42%	+9.3%
AME	Sell	AMETEK INC	$63,307,000	-7.2%	510,496	-0.1%	3.88%	-9.8%
APH	Buy	AMPHENOL CORP NEWcl a	$63,059,000	+7.1%	861,109	+0.1%	3.86%	+4.1%
IEX	Buy	IDEX CORP	$60,123,000	-5.7%	290,518	+0.2%	3.69%	-8.4%
FISV	Buy	FISERV INC	$59,343,000	+1.6%	546,939	+0.1%	3.64%	-1.3%
GNRC	Sell	GENERAC HLDGS INC	$54,629,000	-9.6%	133,675	-8.1%	3.35%	-12.1%
AJG	Buy	GALLAGHER ARTHUR J & CO	$49,946,000	+6.5%	335,994	+0.3%	3.06%	+3.4%
XYL	Sell	XYLEM INC	$47,424,000	+1.5%	383,442	-1.5%	2.91%	-1.4%
ROP	Sell	ROPER TECHNOLOGIES INC	$47,049,000	-5.2%	105,460	-0.1%	2.88%	-7.9%
FIS	Sell	FIDELITY NATL INFORMATION SV	$45,392,000	-14.1%	373,047	-0.0%	2.78%	-16.6%
VRSK	Sell	VERISK ANALYTICS INC	$44,380,000	+14.6%	221,602	-0.0%	2.72%	+11.3%
ATR	Sell	APTARGROUP INC	$44,379,000	-15.6%	371,836	-0.3%	2.72%	-18.0%
HRC	Sell	HILL-ROM HLDGS INC	$43,776,000	+27.6%	291,842	-3.4%	2.68%	+23.9%
PRFT	Sell	PERFICIENT INC	$42,452,000	+43.7%	366,918	-0.1%	2.60%	+39.6%
LSTR	Buy	LANDSTAR SYS INC	$41,834,000	+0.3%	265,075	+0.4%	2.56%	-2.6%
DCI	Buy	DONALDSON INC	$39,159,000	-8.0%	682,099	+1.8%	2.40%	-10.6%
NDSN	Buy	NORDSON CORP	$38,734,000	+13.5%	162,646	+4.6%	2.37%	+10.3%
GGG	Buy	GRACO INC	$36,436,000	-6.7%	520,738	+1.0%	2.23%	-9.3%
CHD	Buy	CHURCH & DWIGHT INC	$36,030,000	+5.6%	436,354	+9.0%	2.21%	+2.6%
ZBRA	Sell	ZEBRA TECHNOLOGIES CORPORATIcl a	$34,273,000	-2.8%	66,495	-0.1%	2.10%	-5.5%
WAL	Sell	WESTERN ALLIANCE BANCORP	$34,035,000	+17.1%	312,768	-0.1%	2.09%	+13.7%
PNR	Buy	PENTAIR PLC	$32,276,000	+7.8%	444,386	+0.2%	1.98%	+4.7%
RPM	Buy	RPM INTL INC	$31,672,000	-10.5%	407,887	+2.3%	1.94%	-13.0%
CRL	Buy	CHARLES RIV LABS INTL INC	$29,244,000	+11.6%	70,865	+0.0%	1.79%	+8.4%
RBC	Buy	REGAL BELOIT CORP	$29,027,000	+33.6%	193,077	+18.6%	1.78%	+29.8%
TFX	Sell	TELEFLEX INCORPORATED	$28,200,000	-6.4%	74,891	-0.1%	1.73%	-9.0%
AIZ	Buy	ASSURANT INC	$27,864,000	+1.5%	176,636	+0.4%	1.71%	-1.4%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$26,568,000	+12.3%	46,502	-0.9%	1.63%	+9.1%
CBSH	Sell	COMMERCE BANCSHARES INC	$26,311,000	-6.8%	377,594	-0.2%	1.61%	-9.4%
CTLT	Sell	CATALENT INC	$26,103,000	+22.9%	196,158	-0.1%	1.60%	+19.4%
FAST	Buy	FASTENAL CO	$25,955,000	+0.3%	502,901	+1.1%	1.59%	-2.5%
VRT	Buy	VERTIV HOLDINGS CO	$22,102,000	+3.6%	917,467	+17.3%	1.36%	+0.6%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$21,444,000	+6.5%	227,937	-0.0%	1.32%	+3.5%
FTV	Buy	FORTIVE CORP	$20,178,000	+1.8%	285,925	+0.6%	1.24%	-1.1%
VNT	Buy	VONTIER CORPORATION	$19,153,000	+10.2%	570,038	+6.8%	1.17%	+7.0%
BSV	Buy	VANGUARD BD INDEX FDSshort trm bond	$16,645,000	+22.8%	203,134	+23.1%	1.02%	+19.3%
ACIW	Buy	ACI WORLDWIDE INC	$15,060,000	-16.9%	490,062	+0.4%	0.92%	-19.2%
CSWI	Buy	CSW INDUSTRIALS INC	$14,228,000	+8.0%	111,419	+0.2%	0.87%	+4.9%
VCSH	Buy	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$13,545,000	+4.0%	164,356	+4.3%	0.83%	+1.0%
ECL	Sell	ECOLAB INC	$13,237,000	+0.3%	63,448	-1.0%	0.81%	-2.5%
WAB	Sell	WABTEC	$10,430,000	+4.3%	120,980	-0.4%	0.64%	+1.3%
INFO	Sell	IHS MARKIT LTD	$10,200,000	+1.7%	87,464	-1.7%	0.62%	-1.3%
AWI	Buy	ARMSTRONG WORLD INDS INC NEW	$8,944,000	-10.9%	93,689	+0.1%	0.55%	-13.6%
MSM	Buy	MSC INDL DIRECT INCcl a	$8,926,000	-10.3%	111,305	+0.4%	0.55%	-12.9%
SIGI	Sell	SELECTIVE INS GROUP INC	$8,728,000	-7.3%	115,557	-0.4%	0.54%	-9.9%
USB	Sell	US BANCORP DEL	$7,691,000	-2.8%	129,388	-6.8%	0.47%	-5.6%
JCOM	New	J2 GLOBAL INC	$6,381,000	–	46,703	–	0.39%	–
	New	J2 GLOBAL INC	$6,381,000	–	46,703	–	0.39%	–
VGSH	Sell	VANGUARD SCOTTSDALE FDSshort term treas	$5,463,000	-0.0%	88,958	-0.0%	0.34%	-2.9%
JPM	Sell	JPMORGAN CHASE & CO	$5,133,000	+0.9%	31,360	-4.1%	0.32%	-1.9%
WAT	Sell	WATERS CORP	$4,924,000	+1.5%	13,782	-1.8%	0.30%	-1.3%
MSFT	Sell	MICROSOFT CORP	$4,017,000	+3.6%	14,249	-0.5%	0.25%	+0.4%
ABT	Buy	ABBOTT LABS	$3,902,000	+1.9%	33,034	+0.0%	0.24%	-1.2%
AAPL	Sell	APPLE INC	$3,779,000	-0.4%	26,707	-3.6%	0.23%	-2.9%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$3,211,000	+1.2%	16,060	+0.6%	0.20%	-1.5%
PG	Sell	PROCTER AND GAMBLE CO	$3,109,000	+2.1%	22,242	-1.5%	0.19%	-0.5%
PNC	Sell	PNC FINL SVCS GROUP INC	$2,962,000	-9.1%	15,141	-11.3%	0.18%	-11.7%
NVT	Sell	NVENT ELECTRIC PLC	$2,915,000	-0.9%	90,161	-4.3%	0.18%	-3.8%
ABBV	Sell	ABBVIE INC	$2,419,000	-7.1%	22,425	-3.0%	0.15%	-9.8%
XOM	Sell	EXXON MOBIL CORP	$2,400,000	-7.2%	40,809	-0.5%	0.15%	-9.8%
ITW	Buy	ILLINOIS TOOL WKS INC	$2,357,000	-7.6%	11,409	+0.0%	0.14%	-10.6%
RXT	New	RACKSPACE TECHNOLOGY INC	$2,147,000	–	150,999	–	0.13%	–
SNA	Sell	SNAP ON INC	$2,102,000	-7.5%	10,061	-1.1%	0.13%	-9.8%
MTB	Sell	M & T BK CORP	$2,005,000	-37.5%	13,424	-39.2%	0.12%	-39.1%
WFC	Sell	WELLS FARGO CO NEW	$1,868,000	+2.2%	40,243	-0.3%	0.12%	0.0%
PEP	Sell	PEPSICO INC	$1,585,000	-6.6%	10,535	-8.0%	0.10%	-9.3%
BND	Buy	VANGUARD BD INDEX FDStotal bnd mrkt	$1,572,000	-0.4%	18,398	+0.1%	0.10%	-4.0%
BDX	Sell	BECTON DICKINSON & CO	$1,381,000	-7.3%	5,616	-8.3%	0.08%	-9.6%
MU	Buy	MICRON TECHNOLOGY INC	$1,368,000	+96.6%	19,272	+135.3%	0.08%	+90.9%
RTX	Sell	RAYTHEON TECHNOLOGIES CORP	$1,285,000	+0.2%	14,948	-0.5%	0.08%	-2.5%
WMT	Sell	WALMART INC	$1,282,000	-3.1%	9,196	-2.0%	0.08%	-4.8%
VTI	Buy	VANGUARD INDEX FDStotal stk mkt	$1,270,000	+15.0%	5,720	+15.4%	0.08%	+11.4%
AMGN	Sell	AMGEN INC	$1,261,000	-13.9%	5,932	-1.2%	0.08%	-16.3%
HOMB	Sell	HOME BANCSHARES INC	$1,191,000	-68.0%	50,600	-66.4%	0.07%	-68.9%
MIDD	Sell	MIDDLEBY CORP	$1,130,000	-5.2%	6,630	-3.6%	0.07%	-8.0%
HD	Sell	HOME DEPOT INC	$1,068,000	0.0%	3,252	-2.9%	0.06%	-3.0%
ROST	Sell	ROSS STORES INC	$1,029,000	-13.1%	9,450	-1.0%	0.06%	-16.0%
MMM	Sell	3M CO	$963,000	-14.8%	5,487	-3.5%	0.06%	-16.9%
FITB	Sell	FIFTH THIRD BANCORP	$912,000	+2.2%	21,500	-7.9%	0.06%	0.0%
CVX	Sell	CHEVRON CORP NEW	$888,000	-5.2%	8,749	-2.2%	0.05%	-8.5%
MCD	Buy	MCDONALDS CORP	$731,000	+4.4%	3,033	+0.1%	0.04%	+2.3%
HON	Sell	HONEYWELL INTL INC	$690,000	-4.7%	3,250	-1.5%	0.04%	-8.7%
KO	Buy	COCA COLA CO	$682,000	-1.9%	12,998	+1.1%	0.04%	-4.5%
VZ	Sell	VERIZON COMMUNICATIONS INC	$679,000	-11.9%	12,572	-8.6%	0.04%	-14.3%
BAC	Sell	BK OF AMERICA CORP	$621,000	-7.2%	14,620	-9.9%	0.04%	-9.5%
VUSB	Buy	VANGUARD BD INDEX FDSvanguard ultra	$601,000	+71.7%	11,983	+71.6%	0.04%	+68.2%
ETN	Sell	EATON CORP PLC	$551,000	-11.7%	3,688	-12.4%	0.03%	-12.8%
TFC	Sell	TRUIST FINL CORP	$554,000	+3.7%	9,439	-1.9%	0.03%	0.0%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$525,000	0.0%	3,782	+5.6%	0.03%	-3.0%
DIS	Sell	DISNEY WALT CO	$441,000	-17.9%	2,604	-14.7%	0.03%	-20.6%
MRK	Buy	MERCK & CO INC	$412,000	-3.3%	5,485	+0.2%	0.02%	-7.4%
CAT	Sell	CATERPILLAR INC	$390,000	-14.5%	2,031	-3.1%	0.02%	-17.2%
VOO	Sell	VANGUARD INDEX FDS	$396,000	-1.7%	1,004	-2.0%	0.02%	-4.0%
CSCO	Sell	CISCO SYS INC	$352,000	-11.1%	6,464	-13.4%	0.02%	-12.0%
RSP	Sell	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$354,000	-28.0%	2,361	-27.7%	0.02%	-29.0%
AXP	Sell	AMERICAN EXPRESS CO	$338,000	-6.6%	2,015	-8.0%	0.02%	-8.7%
PAYX	Buy	PAYCHEX INC	$319,000	+5.3%	2,833	+0.2%	0.02%	+5.3%
BA	Sell	BOEING CO	$314,000	-12.8%	1,427	-5.0%	0.02%	-17.4%
QQQ	Sell	INVESCO QQQ TRunit ser 1	$292,000	-18.9%	817	-19.7%	0.02%	-21.7%
TXN	Buy	TEXAS INSTRS INC	$210,000	+0.5%	1,093	+0.6%	0.01%	0.0%
IDA	New	IDACORP INC	$206,000	–	1,992	–	0.01%	–
PRU	New	PRUDENTIAL FINL INC	$207,000	–	1,964	–	0.01%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-10,194	–	-0.01%	–

Q2 2021

			Value		Shares		↓ Weighting
DHR	New	DANAHER CORPORATION	$78,528,000	–	292,623	–	4.96%	–
AME	New	AMETEK INC	$68,218,000	–	510,995	–	4.30%	–
IEX	New	IDEX CORP	$63,772,000	–	289,806	–	4.02%	–
GNRC	New	GENERAC HLDGS INC	$60,403,000	–	145,497	–	3.81%	–
APH	New	AMPHENOL CORP NEWcl a	$58,868,000	–	860,514	–	3.71%	–
FISV	New	FISERV INC	$58,426,000	–	546,602	–	3.69%	–
FIS	New	FIDELITY NATL INFORMATION SV	$52,860,000	–	373,119	–	3.34%	–
ATR	New	APTARGROUP INC	$52,551,000	–	373,126	–	3.32%	–
ROP	New	ROPER TECHNOLOGIES INC	$49,615,000	–	105,519	–	3.13%	–
AJG	New	GALLAGHER ARTHUR J & CO	$46,913,000	–	334,899	–	2.96%	–
XYL	New	XYLEM INC	$46,721,000	–	389,470	–	2.95%	–
DCI	New	DONALDSON INC	$42,550,000	–	669,766	–	2.68%	–
LSTR	New	LANDSTAR SYS INC	$41,710,000	–	263,951	–	2.63%	–
GGG	New	GRACO INC	$39,039,000	–	515,710	–	2.46%	–
VRSK	New	VERISK ANALYTICS INC	$38,723,000	–	221,628	–	2.44%	–
RPM	New	RPM INTL INC	$35,368,000	–	398,829	–	2.23%	–
ZBRA	New	ZEBRA TECHNOLOGIES CORPORATIcl a	$35,251,000	–	66,575	–	2.22%	–
HRC	New	HILL-ROM HLDGS INC	$34,309,000	–	302,039	–	2.16%	–
NDSN	New	NORDSON CORP	$34,128,000	–	155,472	–	2.15%	–
CHD	New	CHURCH & DWIGHT INC	$34,107,000	–	400,221	–	2.15%	–
TFX	New	TELEFLEX INCORPORATED	$30,126,000	–	74,979	–	1.90%	–
PNR	New	PENTAIR PLC	$29,936,000	–	443,559	–	1.89%	–
PRFT	New	PERFICIENT INC	$29,547,000	–	367,405	–	1.86%	–
WAL	New	WESTERN ALLIANCE BANCORP	$29,070,000	–	313,085	–	1.83%	–
CBSH	New	COMMERCE BANCSHARES INC	$28,220,000	–	378,492	–	1.78%	–
AIZ	New	ASSURANT INC	$27,465,000	–	175,857	–	1.73%	–
CRL	New	CHARLES RIV LABS INTL INC	$26,210,000	–	70,853	–	1.65%	–
FAST	New	FASTENAL CO	$25,867,000	–	497,451	–	1.63%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$23,662,000	–	46,904	–	1.49%	–
RBC	New	REGAL BELOIT CORP	$21,733,000	–	162,780	–	1.37%	–
VRT	New	VERTIV HOLDINGS CO	$21,344,000	–	781,836	–	1.35%	–
CTLT	New	CATALENT INC	$21,231,000	–	196,368	–	1.34%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$20,132,000	–	228,019	–	1.27%	–
FTV	New	FORTIVE CORP	$19,824,000	–	284,252	–	1.25%	–
ACIW	New	ACI WORLDWIDE INC	$18,119,000	–	487,867	–	1.14%	–
VNT	New	VONTIER CORPORATION	$17,383,000	–	533,541	–	1.10%	–
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$13,554,000	–	164,972	–	0.86%	–
ECL	New	ECOLAB INC	$13,194,000	–	64,059	–	0.83%	–
CSWI	New	CSW INDUSTRIALS INC	$13,174,000	–	111,207	–	0.83%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$13,029,000	–	157,531	–	0.82%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$10,041,000	–	93,617	–	0.63%	–
INFO	New	IHS MARKIT LTD	$10,026,000	–	88,990	–	0.63%	–
WAB	New	WABTEC	$10,001,000	–	121,518	–	0.63%	–
MSM	New	MSC INDL DIRECT INCcl a	$9,952,000	–	110,916	–	0.63%	–
SIGI	New	SELECTIVE INS GROUP INC	$9,411,000	–	115,971	–	0.59%	–
USB	New	US BANCORP DEL	$7,912,000	–	138,872	–	0.50%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$5,465,000	–	88,959	–	0.34%	–
JPM	New	JPMORGAN CHASE & CO	$5,086,000	–	32,702	–	0.32%	–
JNJ	New	JOHNSON & JOHNSON	$4,928,000	–	29,914	–	0.31%	–
WAT	New	WATERS CORP	$4,849,000	–	14,030	–	0.31%	–
MSFT	New	MICROSOFT CORP	$3,879,000	–	14,319	–	0.24%	–
ABT	New	ABBOTT LABS	$3,829,000	–	33,029	–	0.24%	–
AAPL	New	APPLE INC	$3,794,000	–	27,700	–	0.24%	–
HOMB	New	HOME BANCSHARES INC	$3,717,000	–	150,600	–	0.24%	–
COST	New	COSTCO WHSL CORP NEW	$3,480,000	–	8,795	–	0.22%	–
PNC	New	PNC FINL SVCS GROUP INC	$3,258,000	–	17,078	–	0.21%	–
MTB	New	M & T BK CORP	$3,209,000	–	22,086	–	0.20%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$3,172,000	–	15,971	–	0.20%	–
PG	New	PROCTER AND GAMBLE CO	$3,046,000	–	22,571	–	0.19%	–
NVT	New	NVENT ELECTRIC PLC	$2,942,000	–	94,179	–	0.19%	–
ABBV	New	ABBVIE INC	$2,604,000	–	23,118	–	0.16%	–
XOM	New	EXXON MOBIL CORP	$2,587,000	–	41,009	–	0.16%	–
ITW	New	ILLINOIS TOOL WKS INC	$2,550,000	–	11,407	–	0.16%	–
SNA	New	SNAP ON INC	$2,272,000	–	10,169	–	0.14%	–
WFC	New	WELLS FARGO CO NEW	$1,828,000	–	40,362	–	0.12%	–
PEP	New	PEPSICO INC	$1,697,000	–	11,454	–	0.11%	–
BND	New	VANGUARD BD INDEX FDStotal bnd mrkt	$1,578,000	–	18,371	–	0.10%	–
BDX	New	BECTON DICKINSON & CO	$1,489,000	–	6,122	–	0.09%	–
AMGN	New	AMGEN INC	$1,464,000	–	6,006	–	0.09%	–
INTC	New	INTEL CORP	$1,369,000	–	24,379	–	0.09%	–
WMT	New	WALMART INC	$1,323,000	–	9,381	–	0.08%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$1,282,000	–	15,028	–	0.08%	–
AWK	New	AMERICAN WTR WKS CO INC NEW	$1,251,000	–	8,115	–	0.08%	–
ROST	New	ROSS STORES INC	$1,184,000	–	9,550	–	0.08%	–
MIDD	New	MIDDLEBY CORP	$1,192,000	–	6,880	–	0.08%	–
MMM	New	3M CO	$1,130,000	–	5,687	–	0.07%	–
V	New	VISA INC	$1,132,000	–	4,840	–	0.07%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$1,104,000	–	4,956	–	0.07%	–
HD	New	HOME DEPOT INC	$1,068,000	–	3,349	–	0.07%	–
CVX	New	CHEVRON CORP NEW	$937,000	–	8,944	–	0.06%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$937,000	–	2,188	–	0.06%	–
RY	New	ROYAL BK CDA	$896,000	–	8,844	–	0.06%	–
COF	New	CAPITAL ONE FINL CORP	$888,000	–	5,738	–	0.06%	–
FITB	New	FIFTH THIRD BANCORP	$892,000	–	23,336	–	0.06%	–
VZ	New	VERIZON COMMUNICATIONS INC	$771,000	–	13,753	–	0.05%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$777,000	–	8,300	–	0.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$751,000	–	2,703	–	0.05%	–
HON	New	HONEYWELL INTL INC	$724,000	–	3,299	–	0.05%	–
MCD	New	MCDONALDS CORP	$700,000	–	3,031	–	0.04%	–
KO	New	COCA COLA CO	$695,000	–	12,853	–	0.04%	–
MU	New	MICRON TECHNOLOGY INC	$696,000	–	8,192	–	0.04%	–
BAC	New	BK OF AMERICA CORP	$669,000	–	16,220	–	0.04%	–
CNI	New	CANADIAN NATL RY CO	$644,000	–	6,100	–	0.04%	–
ETN	New	EATON CORP PLC	$624,000	–	4,209	–	0.04%	–
CARR	New	CARRIER GLOBAL CORPORATION	$595,000	–	12,248	–	0.04%	–
KAI	New	KADANT INC	$608,000	–	3,450	–	0.04%	–
AMAT	New	APPLIED MATLS INC	$571,000	–	4,010	–	0.04%	–
UNP	New	UNION PAC CORP	$570,000	–	2,593	–	0.04%	–
HSIC	New	HENRY SCHEIN INC	$556,000	–	7,500	–	0.04%	–
CL	New	COLGATE PALMOLIVE CO	$537,000	–	6,596	–	0.03%	–
TFC	New	TRUIST FINL CORP	$534,000	–	9,618	–	0.03%	–
DIS	New	DISNEY WALT CO	$537,000	–	3,054	–	0.03%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$525,000	–	3,582	–	0.03%	–
IVV	New	ISHARES TRcore s&p500 etf	$509,000	–	1,185	–	0.03%	–
PFE	New	PFIZER INC	$511,000	–	13,053	–	0.03%	–
RSP	New	INVESCO EXCHANGE TRADED FD Ts&p500 eql wgt	$492,000	–	3,267	–	0.03%	–
CAT	New	CATERPILLAR INC	$456,000	–	2,095	–	0.03%	–
DGX	New	QUEST DIAGNOSTICS INC	$455,000	–	3,450	–	0.03%	–
CSX	New	CSX CORP	$443,000	–	13,800	–	0.03%	–
MRK	New	MERCK & CO INC	$426,000	–	5,474	–	0.03%	–
BIV	New	VANGUARD BD INDEX FDSintermed term	$410,000	–	4,556	–	0.03%	–
CSCO	New	CISCO SYS INC	$396,000	–	7,464	–	0.02%	–
VOO	New	VANGUARD INDEX FDS	$403,000	–	1,024	–	0.02%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$360,000	–	1,017	–	0.02%	–
BA	New	BOEING CO	$360,000	–	1,502	–	0.02%	–
OTIS	New	OTIS WORLDWIDE CORP	$366,000	–	4,473	–	0.02%	–
AXP	New	AMERICAN EXPRESS CO	$362,000	–	2,190	–	0.02%	–
AMZN	New	AMAZON COM INC	$361,000	–	105	–	0.02%	–
GOOGL	New	ALPHABET INCcap stk cl a	$371,000	–	152	–	0.02%	–
TROW	New	PRICE T ROWE GROUP INC	$346,000	–	1,750	–	0.02%	–
VUSB	New	VANGUARD BD INDEX FDSvanguard ultra	$350,000	–	6,983	–	0.02%	–
WU	New	WESTERN UN CO	$345,000	–	15,000	–	0.02%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$347,000	–	593	–	0.02%	–
EMR	New	EMERSON ELEC CO	$318,000	–	3,300	–	0.02%	–
MA	New	MASTERCARD INCORPORATEDcl a	$294,000	–	806	–	0.02%	–
PAYX	New	PAYCHEX INC	$303,000	–	2,826	–	0.02%	–
GOOG	New	ALPHABET INCcap stk cl c	$286,000	–	114	–	0.02%	–
TRV	New	TRAVELERS COMPANIES INC	$289,000	–	1,930	–	0.02%	–
FB	New	FACEBOOK INCcl a	$279,000	–	803	–	0.02%	–
ENB	New	ENBRIDGE INC	$261,000	–	6,510	–	0.02%	–
NFLX	New	NETFLIX INC	$227,000	–	430	–	0.01%	–
SYK	New	STRYKER CORPORATION	$218,000	–	841	–	0.01%	–
TXN	New	TEXAS INSTRS INC	$209,000	–	1,087	–	0.01%	–
GIS	New	GENERAL MLS INC	$208,000	–	3,406	–	0.01%	–
VCIT	New	VANGUARD SCOTTSDALE FDSint-term corp	$208,000	–	2,192	–	0.01%	–
GE	New	GENERAL ELECTRIC CO	$137,000	–	10,194	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
CRM	Exit	SALESFORCE COM INC	$0	–	-797	–	-0.02%	–
VCIT	Exit	VANGUARD SCOTTSDALE FDSint-term corp	$0	–	-2,192	–	-0.02%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-1,930	–	-0.02%	–
BA	Exit	BOEING CO	$0	–	-1,280	–	-0.02%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-803	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-3,300	–	-0.02%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-407	–	-0.02%	–
AMZN	Exit	AMAZON COM INC	$0	–	-72	–	-0.02%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,345	–	-0.02%	–
CSCO	Exit	CISCO SYS INC	$0	–	-6,125	–	-0.02%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-4,010	–	-0.02%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-1,712	–	-0.02%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-939	–	-0.02%	–
TSLA	Exit	TESLA INC	$0	–	-630	–	-0.02%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-806	–	-0.02%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-633	–	-0.02%	–
WU	Exit	WESTERN UN CO	$0	–	-15,000	–	-0.03%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-6,797	–	-0.03%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-1,024	–	-0.03%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-2,450	–	-0.03%	–
BIV	Exit	VANGUARD BD INDEX FDSintermed term	$0	–	-3,702	–	-0.03%	–
CSX	Exit	CSX CORP	$0	–	-4,600	–	-0.03%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-10,155	–	-0.03%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-3,450	–	-0.03%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,185	–	-0.03%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-3,425	–	-0.03%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-6,623	–	-0.03%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-5,738	–	-0.03%	–
T	Exit	AT&T INC	$0	–	-14,794	–	-0.04%	–
MRK	Exit	MERCK & CO. INC	$0	–	-5,174	–	-0.04%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-18,020	–	-0.04%	–
CARR	Exit	CARRIER GLOBAL CORPORATION	$0	–	-14,649	–	-0.04%	–
DIS	Exit	DISNEY WALT CO	$0	–	-3,704	–	-0.04%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-8,100	–	-0.04%	–
UNP	Exit	UNION PAC CORP	$0	–	-2,663	–	-0.04%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-24,320	–	-0.04%	–
ETN	Exit	EATON CORP PLC	$0	–	-5,411	–	-0.04%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-3,299	–	-0.04%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-7,306	–	-0.05%	–
PFE	Exit	PFIZER INC	$0	–	-15,248	–	-0.05%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-2,703	–	-0.05%	–
KO	Exit	COCA COLA CO	$0	–	-12,525	–	-0.05%	–
MCD	Exit	MCDONALDS CORP	$0	–	-3,217	–	-0.06%	–
MIDD	Exit	MIDDLEBY CORP	$0	–	-7,880	–	-0.06%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-4,217	–	-0.06%	–
RY	Exit	ROYAL BK CDA	$0	–	-10,244	–	-0.06%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,188	–	-0.06%	–
BND	Exit	VANGUARD BD INDEX FDStotal bnd mrkt	$0	–	-9,213	–	-0.07%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-11,591	–	-0.07%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-8,300	–	-0.07%	–
ROST	Exit	ROSS STORES INC	$0	–	-9,650	–	-0.07%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-17,014	–	-0.08%	–
HD	Exit	HOME DEPOT INC	$0	–	-3,580	–	-0.08%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-41,901	–	-0.08%	–
MMM	Exit	3M CO	$0	–	-6,263	–	-0.08%	–
V	Exit	VISA INC	$0	–	-5,240	–	-0.09%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-18,282	–	-0.09%	–
AWK	Exit	AMERICAN WTR WKS CO INC NEW	$0	–	-8,115	–	-0.10%	–
INTC	Exit	INTEL CORP	$0	–	-24,454	–	-0.10%	–
WMT	Exit	WALMART INC	$0	–	-9,295	–	-0.11%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-13,950	–	-0.12%	–
SNA	Exit	SNAP ON INC	$0	–	-10,511	–	-0.13%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-45,246	–	-0.13%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-6,712	–	-0.13%	–
AMGN	Exit	AMGEN INC	$0	–	-6,306	–	-0.13%	–
PEP	Exit	PEPSICO INC	$0	–	-13,247	–	-0.15%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-15,100	–	-0.17%	–
ABBV	Exit	ABBVIE INC	$0	–	-24,083	–	-0.17%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-21,003	–	-0.19%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-11,984	–	-0.19%	–
MTB	Exit	M & T BK CORP	$0	–	-34,012	–	-0.26%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-15,421	–	-0.27%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-33,835	–	-0.27%	–
AAPL	Exit	APPLE INC	$0	–	-28,196	–	-0.27%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-24,953	–	-0.28%	–
ABT	Exit	ABBOTT LABS	$0	–	-33,937	–	-0.30%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-12,432	–	-0.36%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-30,551	–	-0.37%	–
VGSH	Exit	VANGUARD SCOTTSDALE FDSshort term treas	$0	–	-81,891	–	-0.42%	–
USB	Exit	US BANCORP DEL	$0	–	-157,265	–	-0.46%	–
BSV	Exit	VANGUARD BD INDEX FDSshort trm bond	$0	–	-75,271	–	-0.51%	–
WAT	Exit	WATERS CORP	$0	–	-34,307	–	-0.55%	–
MSM	Exit	MSC INDL DIRECT INCcl a	$0	–	-111,220	–	-0.58%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-500,600	–	-0.62%	–
AWI	Exit	ARMSTRONG WORLD INDS INC	$0	–	-116,064	–	-0.66%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-228,745	–	-0.67%	–
CSWI	Exit	CSW INDUSTRIALS INC	$0	–	-109,873	–	-0.70%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-111,889	–	-0.76%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-313,987	–	-0.81%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-386,485	–	-0.83%	–
PRFT	Exit	PERFICIENT INC	$0	–	-237,193	–	-0.83%	–
SIGI	Exit	SELECTIVE INS GROUP INC	$0	–	-208,565	–	-0.88%	–
NVT	Exit	NVENT ELECTRIC PLC	$0	–	-623,407	–	-0.90%	–
WAB	Exit	WABTEC	$0	–	-209,791	–	-1.06%	–
ECL	Exit	ECOLAB INC	$0	–	-70,805	–	-1.16%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-65,277	–	-1.21%	–
ZBRA	Exit	ZEBRA TECHNOLOGIES CORPORATIcl a	$0	–	-65,114	–	-1.35%	–
AIZ	Exit	ASSURANT INC	$0	–	-145,898	–	-1.45%	–
CTLT	Exit	CATALENT INC	$0	–	-207,771	–	-1.46%	–
PNR	Exit	PENTAIR PLC	$0	–	-395,868	–	-1.48%	–
FTV	Exit	FORTIVE CORP	$0	–	-265,109	–	-1.66%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-359,052	–	-1.66%	–
FAST	Exit	FASTENAL CO	$0	–	-474,809	–	-1.76%	–
HRC	Exit	HILL ROM HLDGS INC	$0	–	-256,411	–	-1.76%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-50,477	–	-1.83%	–
NDSN	Exit	NORDSON CORP	$0	–	-120,207	–	-1.89%	–
TFX	Exit	TELEFLEX INCORPORATED	$0	–	-74,886	–	-2.09%	–
GGG	Exit	GRACO INC	$0	–	-431,549	–	-2.17%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-340,127	–	-2.19%	–
DCI	Exit	DONALDSON INC	$0	–	-627,711	–	-2.39%	–
LSTR	Exit	LANDSTAR SYS INC	$0	–	-250,345	–	-2.58%	–
RPM	Exit	RPM INTL INC	$0	–	-383,508	–	-2.60%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-177,721	–	-2.82%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-330,349	–	-2.86%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-390,788	–	-3.00%	–
XYL	Exit	XYLEM INC	$0	–	-464,127	–	-3.20%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-217,937	–	-3.31%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-104,468	–	-3.38%	–
ATR	Exit	APTARGROUP INC	$0	–	-375,823	–	-3.49%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-432,475	–	-3.84%	–
AME	Exit	AMETEK INC	$0	–	-519,739	–	-4.24%	–
IEX	Exit	IDEX CORP	$0	–	-292,383	–	-4.37%	–
FISV	Exit	FISERV INC	$0	–	-547,750	–	-4.63%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-392,813	–	-4.74%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-321,584	–	-5.68%	–

Q3 2020

			Value		Shares		↓ Weighting
DHR	Sell	DANAHER CORPORATION	$69,247,000	+15.2%	321,584	-5.4%	5.68%	+6.7%
FIS	Sell	FIDELITY NATL INFORMATION SV	$57,826,000	+7.8%	392,813	-1.8%	4.74%	-0.1%
FISV	Sell	FISERV INC	$56,446,000	+5.2%	547,750	-0.4%	4.63%	-2.5%
IEX	Sell	IDEX CORP	$53,334,000	+13.9%	292,383	-1.4%	4.37%	+5.5%
AME	Sell	AMETEK INC	$51,662,000	+9.8%	519,739	-1.2%	4.24%	+1.8%
APH	Sell	AMPHENOL CORP NEWcl a	$46,824,000	+11.8%	432,475	-1.0%	3.84%	+3.6%
ATR	Sell	APTARGROUP INC	$42,543,000	+0.1%	375,823	-1.0%	3.49%	-7.2%
ROP	Sell	ROPER TECHNOLOGIES INC	$41,276,000	+0.4%	104,468	-1.4%	3.38%	-7.0%
VRSK	Sell	VERISK ANALYTICS INC	$40,386,000	+8.1%	217,937	-0.7%	3.31%	+0.2%
XYL	Sell	XYLEM INC	$39,042,000	+27.7%	464,127	-1.4%	3.20%	+18.3%
CHD	Sell	CHURCH & DWIGHT INC	$36,621,000	+18.1%	390,788	-2.6%	3.00%	+9.4%
AJG	Sell	GALLAGHER ARTHUR J & CO	$34,878,000	+7.2%	330,349	-1.0%	2.86%	-0.7%
GNRC	Sell	GENERAC HLDGS INC	$34,414,000	+56.6%	177,721	-1.4%	2.82%	+45.0%
RPM	Sell	RPM INTL INC	$31,770,000	+8.9%	383,508	-1.3%	2.60%	+0.9%
LSTR	Sell	LANDSTAR SYS INC	$31,416,000	+10.7%	250,345	-0.9%	2.58%	+2.6%
DCI	Sell	DONALDSON INC	$29,138,000	-2.6%	627,711	-2.4%	2.39%	-9.8%
INFO	Sell	IHS MARKIT LTD	$26,703,000	+3.7%	340,127	-0.3%	2.19%	-3.9%
GGG	Sell	GRACO INC	$26,476,000	+27.0%	431,549	-0.7%	2.17%	+17.7%
TFX	Sell	TELEFLEX INCORPORATED	$25,493,000	-6.9%	74,886	-0.4%	2.09%	-13.7%
NDSN	Sell	NORDSON CORP	$23,058,000	-0.5%	120,207	-1.6%	1.89%	-7.8%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$22,287,000	+17.5%	50,477	-3.5%	1.83%	+8.9%
HRC	Sell	HILL ROM HLDGS INC	$21,413,000	-24.2%	256,411	-0.3%	1.76%	-29.7%
FAST	Sell	FASTENAL CO	$21,409,000	+4.9%	474,809	-0.3%	1.76%	-2.8%
CBSH	Sell	COMMERCE BANCSHARES INC	$20,211,000	-6.1%	359,052	-0.8%	1.66%	-13.0%
FTV	Sell	FORTIVE CORP	$20,204,000	+10.6%	265,109	-1.8%	1.66%	+2.5%
PNR	Sell	PENTAIR PLC	$18,119,000	+20.2%	395,868	-0.2%	1.48%	+11.3%
CTLT	Sell	CATALENT INC	$17,798,000	+15.2%	207,771	-1.4%	1.46%	+6.8%
AIZ	Buy	ASSURANT INC	$17,699,000	+17.8%	145,898	+0.3%	1.45%	+9.1%
ZBRA	Buy	ZEBRA TECHNOLOGIES CORPORATIcl a	$16,439,000	+85.0%	65,114	+87.6%	1.35%	+71.5%
CRL	Buy	CHARLES RIV LABS INTL INC	$14,782,000	+30.0%	65,277	+0.1%	1.21%	+20.5%
ECL	Sell	ECOLAB INC	$14,150,000	-1.8%	70,805	-2.3%	1.16%	-9.0%
WAB	Sell	WABTEC	$12,982,000	+5.1%	209,791	-2.2%	1.06%	-2.7%
NVT	Sell	NVENT ELECTRIC PLC	$11,028,000	-10.0%	623,407	-4.8%	0.90%	-16.7%
SIGI	Sell	SELECTIVE INS GROUP INC	$10,739,000	-8.8%	208,565	-6.6%	0.88%	-15.5%
PRFT	Buy	PERFICIENT INC	$10,138,000	+54.2%	237,193	+29.1%	0.83%	+42.8%
ACIW	Buy	ACI WORLDWIDE INC	$10,099,000	+36.7%	386,485	+41.2%	0.83%	+26.6%
WAL	Sell	WESTERN ALLIANCE BANCORP	$9,928,000	-23.2%	313,987	-8.1%	0.81%	-28.8%
VCSH	Buy	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$9,270,000	+76.1%	111,889	+75.7%	0.76%	+63.1%
CSWI	Sell	CSW INDUSTRIALS INC	$8,488,000	+9.9%	109,873	-1.7%	0.70%	+1.9%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$8,141,000	-15.3%	228,745	-0.1%	0.67%	-21.6%
AWI	Sell	ARMSTRONG WORLD INDS INC	$7,986,000	-20.1%	116,064	-9.5%	0.66%	-25.9%
MSM	Sell	MSC INDL DIRECT INCcl a	$7,038,000	-13.3%	111,220	-0.3%	0.58%	-19.6%
WAT	Sell	WATERS CORP	$6,713,000	-18.2%	34,307	-24.6%	0.55%	-24.2%
BSV	Sell	VANGUARD BD INDEX FDSshort trm bond	$6,251,000	-3.4%	75,271	-3.3%	0.51%	-10.5%
USB	Sell	US BANCORP DEL	$5,638,000	-8.1%	157,265	-5.6%	0.46%	-14.9%
VGSH	Sell	VANGUARD SCOTTSDALE FDSshort term treas	$5,085,000	-5.3%	81,891	-5.2%	0.42%	-12.2%
JNJ	Buy	JOHNSON & JOHNSON	$4,548,000	+10.5%	30,551	+4.4%	0.37%	+2.5%
COST	Sell	COSTCO WHSL CORP NEW	$4,413,000	+4.0%	12,432	-11.2%	0.36%	-3.5%
ABT	Buy	ABBOTT LABS	$3,693,000	+21.4%	33,937	+2.0%	0.30%	+12.6%
PG	Sell	PROCTER AND GAMBLE CO	$3,468,000	+5.8%	24,953	-8.9%	0.28%	-2.1%
AAPL	Buy	APPLE INC	$3,265,000	+22.8%	28,196	+286.9%	0.27%	+14.0%
JPM	Sell	JPMORGAN CHASE & CO	$3,257,000	+1.1%	33,835	-1.2%	0.27%	-6.3%
MSFT	Sell	MICROSOFT CORP	$3,244,000	-1.1%	15,421	-4.3%	0.27%	-8.3%
MTB	Sell	M & T BK CORP	$3,132,000	-18.7%	34,012	-8.2%	0.26%	-24.6%
ITW	Sell	ILLINOIS TOOL WKS INC	$2,315,000	+6.5%	11,984	-3.6%	0.19%	-1.0%
PNC	Sell	PNC FINL SVCS GROUP INC	$2,308,000	-4.6%	21,003	-8.6%	0.19%	-11.7%
ABBV	Buy	ABBVIE INC	$2,109,000	-8.7%	24,083	+2.4%	0.17%	-15.2%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$2,106,000	-12.4%	15,100	-6.5%	0.17%	-18.8%
AMGN	Sell	AMGEN INC	$1,603,000	-1.1%	6,306	-8.2%	0.13%	-8.4%
BDX	Sell	BECTON DICKINSON & CO	$1,562,000	-5.3%	6,712	-2.6%	0.13%	-12.3%
SNA	Sell	SNAP ON INC	$1,546,000	+6.0%	10,511	-0.2%	0.13%	-1.6%
XOM	Buy	EXXON MOBIL CORP	$1,553,000	-22.8%	45,246	+0.6%	0.13%	-28.7%
WMT	Sell	WALMART INC	$1,300,000	+13.6%	9,295	-2.7%	0.11%	+5.9%
INTC	Buy	INTEL CORP	$1,266,000	-7.3%	24,454	+7.2%	0.10%	-14.0%
AWK	Sell	AMERICAN WTR WKS CO INC NEW	$1,176,000	+8.0%	8,115	-4.1%	0.10%	0.0%
VZ	Sell	VERIZON COMMUNICATIONS INC	$1,088,000	+6.8%	18,282	-1.1%	0.09%	-1.1%
MMM	Sell	3M CO	$1,003,000	-8.6%	6,263	-10.9%	0.08%	-15.5%
WFC	Sell	WELLS FARGO CO NEW	$985,000	-41.2%	41,901	-36.0%	0.08%	-45.3%
RTX	Sell	RAYTHEON TECHNOLOGIES CORP	$979,000	-17.9%	17,014	-12.2%	0.08%	-24.5%
BND	Buy	VANGUARD BD INDEX FDStotal bnd mrkt	$813,000	+84.4%	9,213	+84.4%	0.07%	+71.8%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$733,000	+73.3%	2,188	+59.5%	0.06%	+62.2%
VTI	Sell	VANGUARD INDEX FDStotal stk mkt	$718,000	-9.2%	4,217	-16.6%	0.06%	-15.7%
RY	Sell	ROYAL BK CDA	$719,000	-5.4%	10,244	-8.6%	0.06%	-11.9%
MCD	Buy	MCDONALDS CORP	$706,000	+89.8%	3,217	+59.5%	0.06%	+75.8%
MIDD	Buy	MIDDLEBY CORP	$707,000	+14.4%	7,880	+0.6%	0.06%	+5.5%
KO	Buy	COCA COLA CO	$618,000	+20.2%	12,525	+9.0%	0.05%	+13.3%
PFE	Buy	PFIZER INC	$560,000	+19.4%	15,248	+6.3%	0.05%	+12.2%
HON	Sell	HONEYWELL INTL INC	$543,000	+7.3%	3,299	-5.7%	0.04%	0.0%
ETN	Sell	EATON CORP PLC	$552,000	+10.4%	5,411	-5.3%	0.04%	+2.3%
HSIC	Sell	HENRY SCHEIN INC	$476,000	-20.8%	8,100	-21.4%	0.04%	-26.4%
CARR	Sell	CARRIER GLOBAL CORPORATION	$447,000	+31.1%	14,649	-4.4%	0.04%	+23.3%
T	Sell	AT&T INC	$422,000	-19.5%	14,794	-14.7%	0.04%	-23.9%
MRK	Buy	MERCK & CO. INC	$429,000	+16.3%	5,174	+8.4%	0.04%	+6.1%
COF	Sell	CAPITAL ONE FINL CORP	$412,000	-6.4%	5,738	-18.4%	0.03%	-12.8%
OTIS	Sell	OTIS WORLDWIDE CORP	$413,000	-5.3%	6,623	-13.6%	0.03%	-12.8%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$417,000	+7.2%	3,425	+6.2%	0.03%	0.0%
TFC	Sell	TRUIST FINL CORP	$386,000	-12.9%	10,155	-13.8%	0.03%	-17.9%
BIV	Buy	VANGUARD BD INDEX FDSintermed term	$346,000	+8.1%	3,702	+7.6%	0.03%	0.0%
TROW	Sell	PRICE T ROWE GROUP INC	$314,000	-13.7%	2,450	-16.9%	0.03%	-18.8%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$310,000	+7.3%	633	-4.5%	0.02%	-3.8%
TSLA	New	TESLA INC	$270,000	–	630	–	0.02%	–
QQQ	Sell	INVESCO QQQ TRunit ser 1	$261,000	+6.5%	939	-5.1%	0.02%	-4.5%
CAT	Sell	CATERPILLAR INC DEL	$255,000	+6.7%	1,712	-9.3%	0.02%	0.0%
CSCO	Buy	CISCO SYS INC	$241,000	-1.2%	6,125	+17.2%	0.02%	-9.1%
AXP	Sell	AMERICAN EXPRESS CO	$235,000	-2.9%	2,345	-7.9%	0.02%	-9.5%
AMZN	Sell	AMAZON COM INC	$227,000	-0.9%	72	-13.3%	0.02%	-5.0%
NVDA	New	NVIDIA CORPORATION	$220,000	–	407	–	0.02%	–
FB	New	FACEBOOK INCcl a	$210,000	–	803	–	0.02%	–
VCIT	New	VANGUARD SCOTTSDALE FDSint-term corp	$210,000	–	2,192	–	0.02%	–
BA	Sell	BOEING CO	$212,000	-17.5%	1,280	-8.6%	0.02%	-26.1%
CRM	New	SALESFORCE COM INC	$200,000	–	797	–	0.02%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-10,778	–	-0.01%	–
ENB	Exit	ENBRIDGE INC	$0	–	-6,685	–	-0.02%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-1,125	–	-0.02%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-12,500	–	-0.03%	–
GWB	Exit	GREAT WESTN BANCORP INC	$0	–	-160,000	–	-0.20%	–

Q2 2020

			Value		Shares		↓ Weighting
DHR	New	DANAHER CORPORATION	$60,134,000	–	340,068	–	5.32%	–
FISV	New	FISERV INC	$53,661,000	–	549,697	–	4.75%	–
FIS	New	FIDELITY NATL INFORMATION SV	$53,626,000	–	399,923	–	4.74%	–
AME	New	AMETEK INC	$47,033,000	–	526,274	–	4.16%	–
IEX	New	IDEX CORP	$46,844,000	–	296,405	–	4.14%	–
ATR	New	APTARGROUP INC	$42,490,000	–	379,445	–	3.76%	–
APH	New	AMPHENOL CORP NEWcl a	$41,865,000	–	436,955	–	3.70%	–
ROP	New	ROPER TECHNOLOGIES INC	$41,128,000	–	105,930	–	3.64%	–
VRSK	New	VERISK ANALYTICS INC	$37,371,000	–	219,571	–	3.31%	–
AJG	New	GALLAGHER ARTHUR J & CO	$32,524,000	–	333,616	–	2.88%	–
CHD	New	CHURCH & DWIGHT INC	$31,015,000	–	401,228	–	2.74%	–
XYL	New	XYLEM INC	$30,575,000	–	470,675	–	2.70%	–
DCI	New	DONALDSON INC	$29,927,000	–	643,325	–	2.65%	–
RPM	New	RPM INTL INC	$29,179,000	–	388,742	–	2.58%	–
LSTR	New	LANDSTAR SYS INC	$28,372,000	–	252,620	–	2.51%	–
HRC	New	HILL ROM HLDGS INC	$28,239,000	–	257,232	–	2.50%	–
TFX	New	TELEFLEX INCORPORATED	$27,374,000	–	75,207	–	2.42%	–
INFO	New	IHS MARKIT LTD	$25,754,000	–	341,113	–	2.28%	–
NDSN	New	NORDSON CORP	$23,184,000	–	122,206	–	2.05%	–
GNRC	New	GENERAC HLDGS INC	$21,978,000	–	180,251	–	1.94%	–
CBSH	New	COMMERCE BANCSHARES INC	$21,526,000	–	361,972	–	1.90%	–
GGG	New	GRACO INC	$20,851,000	–	434,480	–	1.84%	–
FAST	New	FASTENAL CO	$20,411,000	–	476,441	–	1.81%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$18,962,000	–	52,333	–	1.68%	–
FTV	New	FORTIVE CORP	$18,265,000	–	269,949	–	1.62%	–
CTLT	New	CATALENT INC	$15,443,000	–	210,685	–	1.37%	–
PNR	New	PENTAIR PLC	$15,073,000	–	396,758	–	1.33%	–
AIZ	New	ASSURANT INC	$15,027,000	–	145,480	–	1.33%	–
ECL	New	ECOLAB INC	$14,414,000	–	72,449	–	1.28%	–
WAL	New	WESTERN ALLIANCE BANCORP	$12,934,000	–	341,538	–	1.14%	–
WAB	New	WABTEC	$12,351,000	–	214,546	–	1.09%	–
NVT	New	NVENT ELECTRIC PLC	$12,259,000	–	654,500	–	1.08%	–
SIGI	New	SELECTIVE INS GROUP INC	$11,775,000	–	223,263	–	1.04%	–
CRL	New	CHARLES RIV LABS INTL INC	$11,371,000	–	65,222	–	1.01%	–
AWI	New	ARMSTRONG WORLD INDS INC	$9,996,000	–	128,226	–	0.88%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$9,615,000	–	228,980	–	0.85%	–
ZBRA	New	ZEBRA TECHNOLOGIES CORPORATIcl a	$8,885,000	–	34,715	–	0.79%	–
WAT	New	WATERS CORP	$8,207,000	–	45,494	–	0.73%	–
MSM	New	MSC INDL DIRECT INCcl a	$8,120,000	–	111,520	–	0.72%	–
CSWI	New	CSW INDUSTRIALS INC	$7,723,000	–	111,753	–	0.68%	–
HOMB	New	HOME BANCSHARES INC	$7,699,000	–	500,600	–	0.68%	–
ACIW	New	ACI WORLDWIDE INC	$7,388,000	–	273,734	–	0.65%	–
PRFT	New	PERFICIENT INC	$6,573,000	–	183,701	–	0.58%	–
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$6,469,000	–	77,833	–	0.57%	–
USB	New	US BANCORP DEL	$6,135,000	–	166,615	–	0.54%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$5,371,000	–	86,347	–	0.48%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$5,264,000	–	63,682	–	0.47%	–
COST	New	COSTCO WHSL CORP NEW	$4,244,000	–	13,997	–	0.38%	–
JNJ	New	JOHNSON & JOHNSON	$4,116,000	–	29,269	–	0.36%	–
MTB	New	M & T BK CORP	$3,851,000	–	37,041	–	0.34%	–
PG	New	PROCTER AND GAMBLE CO	$3,277,000	–	27,403	–	0.29%	–
MSFT	New	MICROSOFT CORP	$3,281,000	–	16,121	–	0.29%	–
JPM	New	JPMORGAN CHASE & CO	$3,220,000	–	34,235	–	0.28%	–
ABT	New	ABBOTT LABS	$3,042,000	–	33,268	–	0.27%	–
AAPL	New	APPLE INC	$2,658,000	–	7,287	–	0.24%	–
PNC	New	PNC FINL SVCS GROUP INC	$2,419,000	–	22,988	–	0.21%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$2,405,000	–	16,150	–	0.21%	–
ABBV	New	ABBVIE INC	$2,309,000	–	23,514	–	0.20%	–
GWB	New	GREAT WESTN BANCORP INC	$2,202,000	–	160,000	–	0.20%	–
ITW	New	ILLINOIS TOOL WKS INC	$2,174,000	–	12,434	–	0.19%	–
XOM	New	EXXON MOBIL CORP	$2,012,000	–	44,989	–	0.18%	–
PEP	New	PEPSICO INC	$1,752,000	–	13,247	–	0.16%	–
WFC	New	WELLS FARGO CO NEW	$1,675,000	–	65,430	–	0.15%	–
BDX	New	BECTON DICKINSON & CO	$1,649,000	–	6,893	–	0.15%	–
AMGN	New	AMGEN INC	$1,621,000	–	6,871	–	0.14%	–
SNA	New	SNAP ON INC	$1,459,000	–	10,536	–	0.13%	–
INTC	New	INTEL CORP	$1,365,000	–	22,820	–	0.12%	–
CNI	New	CANADIAN NATL RY CO	$1,236,000	–	13,950	–	0.11%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$1,193,000	–	19,368	–	0.11%	–
WMT	New	WALMART INC	$1,144,000	–	9,555	–	0.10%	–
MMM	New	3M CO	$1,097,000	–	7,033	–	0.10%	–
AWK	New	AMERICAN WTR WKS CO INC NEW	$1,089,000	–	8,465	–	0.10%	–
CVX	New	CHEVRON CORP NEW	$1,034,000	–	11,591	–	0.09%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,019,000	–	18,482	–	0.09%	–
V	New	VISA INC	$1,012,000	–	5,240	–	0.09%	–
HD	New	HOME DEPOT INC	$897,000	–	3,580	–	0.08%	–
ROST	New	ROSS STORES INC	$823,000	–	9,650	–	0.07%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$791,000	–	5,056	–	0.07%	–
RY	New	ROYAL BK CDA	$760,000	–	11,206	–	0.07%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$656,000	–	8,300	–	0.06%	–
MIDD	New	MIDDLEBY CORP	$618,000	–	7,830	–	0.06%	–
HSIC	New	HENRY SCHEIN INC	$601,000	–	10,300	–	0.05%	–
CL	New	COLGATE PALMOLIVE CO	$535,000	–	7,306	–	0.05%	–
T	New	AT&T INC	$524,000	–	17,344	–	0.05%	–
KO	New	COCA COLA CO	$514,000	–	11,495	–	0.04%	–
HON	New	HONEYWELL INTL INC	$506,000	–	3,499	–	0.04%	–
ETN	New	EATON CORP PLC	$500,000	–	5,711	–	0.04%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$483,000	–	2,703	–	0.04%	–
FITB	New	FIFTH THIRD BANCORP	$469,000	–	24,320	–	0.04%	–
PFE	New	PFIZER INC	$469,000	–	14,348	–	0.04%	–
UNP	New	UNION PAC CORP	$450,000	–	2,663	–	0.04%	–
BND	New	VANGUARD BD INDEX FDStotal bnd mrkt	$441,000	–	4,995	–	0.04%	–
COF	New	CAPITAL ONE FINL CORP	$440,000	–	7,030	–	0.04%	–
OTIS	New	OTIS WORLDWIDE CORP	$436,000	–	7,662	–	0.04%	–
TFC	New	TRUIST FINL CORP	$443,000	–	11,785	–	0.04%	–
BAC	New	BK OF AMERICA CORP	$428,000	–	18,020	–	0.04%	–
DIS	New	DISNEY WALT CO	$413,000	–	3,704	–	0.04%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$423,000	–	1,372	–	0.04%	–
DGX	New	QUEST DIAGNOSTICS INC	$393,000	–	3,450	–	0.04%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$389,000	–	3,225	–	0.03%	–
MCD	New	MCDONALDS CORP	$372,000	–	2,017	–	0.03%	–
MRK	New	MERCK & CO. INC	$369,000	–	4,774	–	0.03%	–
TROW	New	PRICE T ROWE GROUP INC	$364,000	–	2,950	–	0.03%	–
IVV	New	ISHARES TRcore s&p500 etf	$367,000	–	1,185	–	0.03%	–
MU	New	MICRON TECHNOLOGY INC	$350,000	–	6,797	–	0.03%	–
CARR	New	CARRIER GLOBAL CORPORATION	$341,000	–	15,327	–	0.03%	–
WU	New	WESTERN UN CO	$324,000	–	15,000	–	0.03%	–
CSX	New	CSX CORP	$321,000	–	4,600	–	0.03%	–
BIV	New	VANGUARD BD INDEX FDSintermed term	$320,000	–	3,439	–	0.03%	–
VOO	New	VANGUARD INDEX FDS	$290,000	–	1,024	–	0.03%	–
ADBE	New	ADOBE INC	$289,000	–	663	–	0.03%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$289,000	–	12,500	–	0.03%	–
BA	New	BOEING CO	$257,000	–	1,400	–	0.02%	–
ESS	New	ESSEX PPTY TR INC	$258,000	–	1,125	–	0.02%	–
CSCO	New	CISCO SYS INC	$244,000	–	5,225	–	0.02%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$245,000	–	989	–	0.02%	–
AXP	New	AMERICAN EXPRESS CO	$242,000	–	2,545	–	0.02%	–
CAT	New	CATERPILLAR INC DEL	$239,000	–	1,887	–	0.02%	–
AMAT	New	APPLIED MATLS INC	$242,000	–	4,010	–	0.02%	–
MA	New	MASTERCARD INCORPORATEDcl a	$238,000	–	806	–	0.02%	–
AMZN	New	AMAZON COM INC	$229,000	–	83	–	0.02%	–
TRV	New	TRAVELERS COMPANIES INC	$220,000	–	1,930	–	0.02%	–
ENB	New	ENBRIDGE INC	$203,000	–	6,685	–	0.02%	–
EMR	New	EMERSON ELEC CO	$205,000	–	3,300	–	0.02%	–
GE	New	GENERAL ELECTRIC CO	$74,000	–	10,778	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
GE	Exit	GENERAL ELECTRIC CO	$0	–	-11,778	–	-0.01%	–
AGG	Exit	ISHARES TRcore us aggbd et	$0	–	-1,794	–	-0.02%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-4,010	–	-0.02%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-822	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-3,300	–	-0.02%	–
IDA	Exit	IDACORP INC	$0	–	-1,980	–	-0.02%	–
ETN	Exit	EATON CORP PLC	$0	–	-2,711	–	-0.02%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-6,866	–	-0.02%	–
ENB	Exit	ENBRIDGE INC	$0	–	-6,510	–	-0.02%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,330	–	-0.02%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-1,970	–	-0.03%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-10,997	–	-0.03%	–
CSX	Exit	CSX CORP	$0	–	-4,600	–	-0.03%	–
BND	Exit	VANGUARD BD INDEX FD INCtotal bnd mrkt	$0	–	-3,894	–	-0.03%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,637	–	-0.03%	–
WU	Exit	WESTERN UN CO	$0	–	-15,000	–	-0.03%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,150	–	-0.03%	–
ARCC	Exit	ARES CAP CORP	$0	–	-19,300	–	-0.03%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-2,213	–	-0.03%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-8,600	–	-0.03%	–
SYK	Exit	STRYKER CORP	$0	–	-1,790	–	-0.04%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,675	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-4,774	–	-0.04%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-14,505	–	-0.04%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,017	–	-0.04%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,455	–	-0.04%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-4,050	–	-0.04%	–
BAC	Exit	BANK AMER CORP	$0	–	-15,020	–	-0.04%	–
PFE	Exit	PFIZER INC	$0	–	-13,316	–	-0.04%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-7,250	–	-0.04%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-7,000	–	-0.05%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-3,950	–	-0.05%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-14,750	–	-0.05%	–
BA	Exit	BOEING CO	$0	–	-1,500	–	-0.05%	–
T	Exit	AT&T INC	$0	–	-15,394	–	-0.05%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-3,003	–	-0.06%	–
KO	Exit	COCA COLA CO	$0	–	-11,495	–	-0.06%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-7,030	–	-0.06%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-4,437	–	-0.06%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-24,320	–	-0.06%	–
AMGN	Exit	AMGEN INC	$0	–	-3,671	–	-0.06%	–
HD	Exit	HOME DEPOT INC	$0	–	-3,190	–	-0.07%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-8,900	–	-0.07%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-12,100	–	-0.07%	–
V	Exit	VISA INC	$0	–	-4,560	–	-0.07%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-4,899	–	-0.08%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-15,498	–	-0.08%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-11,678	–	-0.08%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-7,247	–	-0.09%	–
ROST	Exit	ROSS STORES INC	$0	–	-8,800	–	-0.09%	–
AWK	Exit	AMERICAN WTR WKS CO INC NEW	$0	–	-8,465	–	-0.10%	–
WMT	Exit	WALMART INC	$0	–	-10,053	–	-0.11%	–
MIDD	Exit	MIDDLEBY CORP	$0	–	-11,100	–	-0.12%	–
INTC	Exit	INTEL CORP	$0	–	-25,117	–	-0.12%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-12,141	–	-0.13%	–
AAPL	Exit	APPLE INC	$0	–	-6,561	–	-0.13%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-16,450	–	-0.13%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-12,350	–	-0.13%	–
MMM	Exit	3M CO	$0	–	-9,183	–	-0.14%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-9,800	–	-0.14%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-6,328	–	-0.14%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-39,150	–	-0.15%	–
ABBV	Exit	ABBVIE INC	$0	–	-22,801	–	-0.16%	–
PEP	Exit	PEPSICO INC	$0	–	-12,900	–	-0.16%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-12,884	–	-0.18%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-14,679	–	-0.18%	–
ABT	Exit	ABBOTT LABS	$0	–	-33,868	–	-0.26%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-22,342	–	-0.28%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-64,842	–	-0.29%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-46,676	–	-0.30%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-27,460	–	-0.31%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-37,538	–	-0.33%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-28,749	–	-0.34%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-31,955	–	-0.34%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-14,064	–	-0.36%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-29,786	–	-0.37%	–
AIZ	Exit	ASSURANT INC	$0	–	-32,891	–	-0.37%	–
BIV	Exit	VANGUARD BD INDEX FD INCintermed term	$0	–	-55,856	–	-0.44%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-67,117	–	-0.49%	–
CTLT	Exit	CATALENT INC	$0	–	-117,880	–	-0.51%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-103,219	–	-0.60%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-87,115	–	-0.61%	–
GWB	Exit	GREAT WESTN BANCORP INC	$0	–	-216,213	–	-0.64%	–
CSWI	Exit	CSW INDUSTRIALS INC	$0	–	-104,105	–	-0.65%	–
USB	Exit	US BANCORP DEL	$0	–	-166,905	–	-0.83%	–
MSM	Exit	MSC INDL DIRECT INCcl a	$0	–	-132,928	–	-0.87%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-528,950	–	-0.90%	–
MTB	Exit	M & T BK CORP	$0	–	-69,142	–	-0.98%	–
SNA	Exit	SNAP ON INC	$0	–	-76,645	–	-1.08%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-219,030	–	-1.12%	–
SIGI	Exit	SELECTIVE INS GROUP INC	$0	–	-181,696	–	-1.23%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-317,131	–	-1.32%	–
NVT	Exit	NVENT ELECTRIC PLC	$0	–	-680,844	–	-1.35%	–
FAST	Exit	FASTENAL CO	$0	–	-464,383	–	-1.37%	–
WAB	Exit	WABTEC CORP	$0	–	-215,556	–	-1.40%	–
NDSN	Exit	NORDSON CORP	$0	–	-110,014	–	-1.45%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-55,764	–	-1.46%	–
PNR	Exit	PENTAIR PLC	$0	–	-443,890	–	-1.51%	–
FTV	Exit	FORTIVE CORP	$0	–	-247,748	–	-1.53%	–
GGG	Exit	GRACO INC	$0	–	-380,112	–	-1.58%	–
ECL	Exit	ECOLAB INC	$0	–	-97,267	–	-1.73%	–
UGI	Exit	UGI CORP NEW	$0	–	-404,207	–	-1.83%	–
WAT	Exit	WATERS CORP	$0	–	-91,773	–	-1.84%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-340,103	–	-1.86%	–
HRC	Exit	HILL ROM HLDGS INC	$0	–	-197,485	–	-1.87%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-329,339	–	-1.98%	–
RPM	Exit	RPM INTL INC	$0	–	-373,128	–	-2.31%	–
LSTR	Exit	LANDSTAR SYS INC	$0	–	-238,199	–	-2.41%	–
TFX	Exit	TELEFLEX INC	$0	–	-79,389	–	-2.43%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-318,943	–	-2.57%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-391,377	–	-2.65%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-217,586	–	-3.10%	–
DCI	Exit	DONALDSON INC	$0	–	-665,489	–	-3.12%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-103,047	–	-3.31%	–
XYL	Exit	XYLEM INC	$0	–	-462,410	–	-3.32%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-428,862	–	-3.73%	–
ATR	Exit	APTARGROUP INC	$0	–	-373,149	–	-3.98%	–
IEX	Exit	IDEX CORP	$0	–	-292,182	–	-4.31%	–
AME	Exit	AMETEK INC NEW	$0	–	-530,126	–	-4.38%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-360,423	–	-4.69%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-448,014	–	-5.36%	–
FISV	Exit	FISERV INC	$0	–	-578,314	–	-5.39%	–

Q3 2019

			Value		Shares		↓ Weighting
FISV	Sell	FISERV INC	$59,908,000	+8.6%	578,314	-4.5%	5.39%	+8.2%
FIS	Buy	FIDELITY NATL INFORMATION SV	$59,478,000	+40.8%	448,014	+30.1%	5.36%	+40.3%
DHR	Sell	DANAHER CORPORATION	$52,056,000	+0.3%	360,423	-0.8%	4.69%	-0.1%
AME	Sell	AMETEK INC NEW	$48,676,000	+0.8%	530,126	-0.3%	4.38%	+0.4%
IEX	Sell	IDEX CORP	$47,883,000	-5.2%	292,182	-0.4%	4.31%	-5.5%
ATR	Buy	APTARGROUP INC	$44,200,000	-4.6%	373,149	+0.1%	3.98%	-4.9%
APH	Sell	AMPHENOL CORP NEWcl a	$41,385,000	+0.4%	428,862	-0.2%	3.73%	+0.1%
XYL	Sell	XYLEM INC	$36,817,000	-5.2%	462,410	-0.4%	3.32%	-5.5%
ROP	Sell	ROPER TECHNOLOGIES INC	$36,747,000	-2.9%	103,047	-0.3%	3.31%	-3.3%
DCI	Sell	DONALDSON INC	$34,659,000	+1.7%	665,489	-0.7%	3.12%	+1.4%
VRSK	Sell	VERISK ANALYTICS INC	$34,409,000	+5.6%	217,586	-2.2%	3.10%	+5.2%
CHD	Buy	CHURCH & DWIGHT INC	$29,447,000	+3.1%	391,377	+0.1%	2.65%	+2.8%
AJG	Buy	GALLAGHER ARTHUR J & CO	$28,568,000	+2.8%	318,943	+0.5%	2.57%	+2.5%
TFX	Sell	TELEFLEX INC	$26,972,000	+2.5%	79,389	-0.1%	2.43%	+2.2%
LSTR	Sell	LANDSTAR SYS INC	$26,816,000	+3.8%	238,199	-0.4%	2.41%	+3.5%
RPM	Buy	RPM INTL INC	$25,675,000	+12.8%	373,128	+0.2%	2.31%	+12.4%
INFO	Buy	IHS MARKIT LTD	$22,026,000	+5.1%	329,339	+0.1%	1.98%	+4.7%
HRC	Sell	HILL ROM HLDGS INC	$20,781,000	+0.4%	197,485	-0.2%	1.87%	+0.1%
CBSH	Sell	COMMERCE BANCSHARES INC	$20,627,000	+1.5%	340,103	-0.1%	1.86%	+1.2%
WAT	Sell	WATERS CORP	$20,486,000	+3.2%	91,773	-0.5%	1.84%	+2.8%
UGI	Buy	UGI CORP NEW	$20,319,000	-0.6%	404,207	+5.6%	1.83%	-1.0%
ECL	Sell	ECOLAB INC	$19,263,000	-1.6%	97,267	-1.9%	1.73%	-2.0%
GGG	Buy	GRACO INC	$17,500,000	+16.8%	380,112	+27.3%	1.58%	+16.4%
FTV	Buy	FORTIVE CORP	$16,986,000	-15.2%	247,748	+0.8%	1.53%	-15.5%
PNR	Sell	PENTAIR PLC	$16,779,000	-16.4%	443,890	-17.7%	1.51%	-16.7%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$16,242,000	-2.6%	55,764	-1.8%	1.46%	-3.0%
NDSN	Buy	NORDSON CORP	$16,091,000	+28.7%	110,014	+24.4%	1.45%	+28.3%
WAB	Sell	WABTEC CORP	$15,490,000	-0.7%	215,556	-0.8%	1.40%	-1.0%
FAST	Sell	FASTENAL CO	$15,171,000	-0.1%	464,383	-0.3%	1.37%	-0.4%
NVT	Sell	NVENT ELECTRIC PLC	$15,006,000	-16.8%	680,844	-6.5%	1.35%	-17.1%
WAL	Sell	WESTERN ALLIANCE BANCORP	$14,613,000	+3.0%	317,131	-0.1%	1.32%	+2.7%
SIGI	Buy	SELECTIVE INS GROUP INC	$13,662,000	+1208.6%	181,696	+1203.4%	1.23%	+1208.5%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$12,430,000	-1.6%	219,030	-0.3%	1.12%	-1.9%
SNA	Sell	SNAP ON INC	$11,998,000	-6.3%	76,645	-0.9%	1.08%	-6.7%
MTB	Sell	M & T BK CORP	$10,922,000	-8.3%	69,142	-1.2%	0.98%	-8.6%
HOMB	Sell	HOME BANCSHARES INC	$9,942,000	-2.7%	528,950	-0.3%	0.90%	-3.0%
MSM	Sell	MSC INDL DIRECT INCcl a	$9,641,000	-2.7%	132,928	-0.4%	0.87%	-3.0%
USB	Sell	US BANCORP DEL	$9,237,000	+4.0%	166,905	-1.5%	0.83%	+3.7%
CSWI	New	CSW INDUSTRIALS INC	$7,186,000	–	104,105	–	0.65%	–
GWB	Sell	GREAT WESTN BANCORP INC	$7,135,000	-42.8%	216,213	-38.1%	0.64%	-43.0%
GNRC	New	GENERAC HLDGS INC	$6,825,000	–	87,115	–	0.61%	–
WTFC	Sell	WINTRUST FINL CORP	$6,671,000	-32.1%	103,219	-23.2%	0.60%	-32.3%
CTLT	Buy	CATALENT INC	$5,618,000	-11.3%	117,880	+0.9%	0.51%	-11.5%
BSV	Buy	VANGUARD BD INDEX FD INCshort trm bond	$5,422,000	+6.1%	67,117	+5.8%	0.49%	+5.6%
BIV	Buy	VANGUARD BD INDEX FD INCintermed term	$4,915,000	+10.2%	55,856	+8.3%	0.44%	+9.9%
AIZ	New	ASSURANT INC	$4,138,000	–	32,891	–	0.37%	–
UTX	Sell	UNITED TECHNOLOGIES CORP	$4,066,000	+2.4%	29,786	-2.3%	0.37%	+1.9%
JPM	Buy	JPMORGAN CHASE & CO	$3,761,000	+5.6%	31,955	+0.3%	0.34%	+5.3%
JNJ	Sell	JOHNSON & JOHNSON	$3,720,000	-11.1%	28,749	-4.3%	0.34%	-11.4%
AWI	New	ARMSTRONG WORLD INDS INC NEW	$3,630,000	–	37,538	–	0.33%	–
PG	Sell	PROCTER & GAMBLE CO	$3,415,000	+10.6%	27,460	-2.5%	0.31%	+10.0%
WFC	Sell	WELLS FARGO CO NEW	$3,271,000	+2.5%	64,842	-3.9%	0.29%	+2.1%
PNC	Sell	PNC FINL SVCS GROUP INC	$3,131,000	-0.8%	22,342	-2.8%	0.28%	-1.1%
ABT	Buy	ABBOTT LABS	$2,834,000	+0.1%	33,868	+0.6%	0.26%	-0.4%
ITW	Sell	ILLINOIS TOOL WKS INC	$2,016,000	+2.2%	12,884	-1.5%	0.18%	+2.2%
AL	Sell	AIR LEASE CORPcl a	$1,637,000	-0.7%	39,150	-1.9%	0.15%	-1.3%
BDX	Sell	BECTON DICKINSON & CO	$1,601,000	-4.1%	6,328	-4.5%	0.14%	-4.6%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$1,582,000	-4.8%	9,800	-2.5%	0.14%	-5.3%
MMM	Sell	3M CO	$1,510,000	-6.7%	9,183	-1.6%	0.14%	-6.8%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$1,480,000	-11.5%	12,350	-23.8%	0.13%	-11.9%
CNI	Sell	CANADIAN NATL RY CO	$1,478,000	-4.6%	16,450	-1.8%	0.13%	-5.0%
AAPL	Buy	APPLE INC	$1,469,000	+14.9%	6,561	+1.5%	0.13%	+13.8%
MIDD	Sell	MIDDLEBY CORP	$1,298,000	-15.7%	11,100	-2.2%	0.12%	-15.8%
INTC	Sell	INTEL CORP	$1,294,000	+4.3%	25,117	-3.1%	0.12%	+4.5%
CRL	Sell	CHARLES RIV LABS INTL INC	$959,000	-6.8%	7,247	-0.1%	0.09%	-7.5%
VZ	Buy	VERIZON COMMUNICATIONS INC	$935,000	+16.9%	15,498	+10.7%	0.08%	+16.7%
HD	Buy	HOME DEPOT INC	$740,000	+55.5%	3,190	+39.3%	0.07%	+55.8%
VTI	Sell	VANGUARD INDEX FDStotal stk mkt	$670,000	-3.3%	4,437	-3.9%	0.06%	-4.8%
KO	Sell	COCA COLA CO	$626,000	+0.8%	11,495	-5.7%	0.06%	0.0%
T	Buy	AT&T INC	$582,000	+83.6%	15,394	+63.0%	0.05%	+79.3%
BA	Sell	BOEING CO	$571,000	-17.5%	1,500	-21.1%	0.05%	-19.0%
CL	Sell	COLGATE PALMOLIVE CO	$515,000	-9.0%	7,000	-11.4%	0.05%	-9.8%
ADS	Sell	ALLIANCE DATA SYSTEMS CORP	$506,000	-13.1%	3,950	-4.8%	0.05%	-13.2%
BAC	Sell	BANK AMER CORP	$438,000	-5.8%	15,020	-6.3%	0.04%	-7.1%
MU	Sell	MICRON TECHNOLOGY INC	$369,000	-0.3%	8,600	-10.4%	0.03%	0.0%
ARCC	New	ARES CAP CORP	$360,000	–	19,300	–	0.03%	–
AXP	Sell	AMERICAN EXPRESS CO	$276,000	-9.8%	2,330	-6.0%	0.02%	-10.7%
SLB	Buy	SCHLUMBERGER LTD	$235,000	-8.6%	6,866	+6.2%	0.02%	-8.7%
IDA	New	IDACORP INC	$223,000	–	1,980	–	0.02%	–
AMAT	New	APPLIED MATLS INC	$200,000	–	4,010	–	0.02%	–
AGG	New	ISHARES TRcore us aggbd et	$203,000	–	1,794	–	0.02%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-3,090	–	-0.02%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-1,876	–	-0.02%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-8,052	–	-0.04%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-7,524	–	-0.18%	–
WP	Exit	WORLDPAY INCcl a	$0	–	-327,216	–	-3.62%	–

Q2 2019

			Value		Shares		↓ Weighting
FISV	New	FISERV INC	$55,178,000	–	605,282	–	4.98%	–
DHR	New	DANAHER CORPORATION	$51,924,000	–	363,306	–	4.69%	–
IEX	New	IDEX CORP	$50,508,000	–	293,414	–	4.56%	–
AME	New	AMETEK INC NEW	$48,298,000	–	531,681	–	4.36%	–
ATR	New	APTARGROUP INC	$46,335,000	–	372,648	–	4.19%	–
FIS	New	FIDELITY NATL INFORMATION SV	$42,245,000	–	344,351	–	3.82%	–
APH	New	AMPHENOL CORP NEWcl a	$41,219,000	–	429,629	–	3.72%	–
WP	New	WORLDPAY INCcl a	$40,100,000	–	327,216	–	3.62%	–
XYL	New	XYLEM INC	$38,825,000	–	464,186	–	3.51%	–
ROP	New	ROPER TECHNOLOGIES INC	$37,859,000	–	103,367	–	3.42%	–
DCI	New	DONALDSON INC	$34,069,000	–	669,850	–	3.08%	–
VRSK	New	VERISK ANALYTICS INC	$32,595,000	–	222,555	–	2.94%	–
CHD	New	CHURCH & DWIGHT INC	$28,565,000	–	390,984	–	2.58%	–
AJG	New	GALLAGHER ARTHUR J & CO	$27,784,000	–	317,206	–	2.51%	–
TFX	New	TELEFLEX INC	$26,306,000	–	79,438	–	2.38%	–
LSTR	New	LANDSTAR SYS INC	$25,830,000	–	239,186	–	2.33%	–
RPM	New	RPM INTL INC	$22,766,000	–	372,536	–	2.06%	–
INFO	New	IHS MARKIT LTD	$20,966,000	–	329,031	–	1.89%	–
HRC	New	HILL ROM HLDGS INC	$20,694,000	–	197,801	–	1.87%	–
UGI	New	UGI CORP NEW	$20,448,000	–	382,850	–	1.85%	–
CBSH	New	COMMERCE BANCSHARES INC	$20,316,000	–	340,537	–	1.84%	–
PNR	New	PENTAIR PLC	$20,064,000	–	539,359	–	1.81%	–
FTV	New	FORTIVE CORP	$20,030,000	–	245,701	–	1.81%	–
WAT	New	WATERS CORP	$19,844,000	–	92,197	–	1.79%	–
ECL	New	ECOLAB INC	$19,581,000	–	99,173	–	1.77%	–
NVT	New	NVENT ELECTRIC PLC	$18,043,000	–	727,847	–	1.63%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$16,678,000	–	56,790	–	1.51%	–
WAB	New	WABTEC CORP	$15,596,000	–	217,337	–	1.41%	–
FAST	New	FASTENAL CO	$15,185,000	–	465,948	–	1.37%	–
GGG	New	GRACO INC	$14,987,000	–	298,658	–	1.35%	–
WAL	New	WESTERN ALLIANCE BANCORP	$14,191,000	–	317,325	–	1.28%	–
SNA	New	SNAP ON INC	$12,811,000	–	77,345	–	1.16%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$12,633,000	–	219,780	–	1.14%	–
NDSN	New	NORDSON CORP	$12,499,000	–	88,450	–	1.13%	–
GWB	New	GREAT WESTN BANCORP INC	$12,477,000	–	349,313	–	1.13%	–
MTB	New	M & T BK CORP	$11,906,000	–	70,005	–	1.08%	–
HOMB	New	HOME BANCSHARES INC	$10,216,000	–	530,450	–	0.92%	–
MSM	New	MSC INDL DIRECT INCcl a	$9,911,000	–	133,466	–	0.90%	–
WTFC	New	WINTRUST FINL CORP	$9,827,000	–	134,324	–	0.89%	–
USB	New	US BANCORP DEL	$8,881,000	–	169,488	–	0.80%	–
CTLT	New	CATALENT INC	$6,336,000	–	116,876	–	0.57%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$5,110,000	–	63,449	–	0.46%	–
BIV	New	VANGUARD BD INDEX FD INCintermed term	$4,460,000	–	51,560	–	0.40%	–
JNJ	New	JOHNSON & JOHNSON	$4,185,000	–	30,049	–	0.38%	–
UTX	New	UNITED TECHNOLOGIES CORP	$3,969,000	–	30,486	–	0.36%	–
COST	New	COSTCO WHSL CORP NEW	$3,717,000	–	14,064	–	0.34%	–
XOM	New	EXXON MOBIL CORP	$3,577,000	–	46,676	–	0.32%	–
JPM	New	JPMORGAN CHASE & CO	$3,561,000	–	31,855	–	0.32%	–
WFC	New	WELLS FARGO CO NEW	$3,191,000	–	67,442	–	0.29%	–
PNC	New	PNC FINL SVCS GROUP INC	$3,156,000	–	22,992	–	0.28%	–
PG	New	PROCTER AND GAMBLE CO	$3,088,000	–	28,160	–	0.28%	–
ABT	New	ABBOTT LABS	$2,831,000	–	33,668	–	0.26%	–
VOO	New	VANGUARD INDEX FDS	$2,025,000	–	7,524	–	0.18%	–
ITW	New	ILLINOIS TOOL WKS INC	$1,973,000	–	13,084	–	0.18%	–
MSFT	New	MICROSOFT CORP	$1,966,000	–	14,679	–	0.18%	–
PEP	New	PEPSICO INC	$1,692,000	–	12,900	–	0.15%	–
BDX	New	BECTON DICKINSON & CO	$1,670,000	–	6,628	–	0.15%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$1,673,000	–	16,200	–	0.15%	–
ABBV	New	ABBVIE INC	$1,658,000	–	22,801	–	0.15%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$1,662,000	–	10,050	–	0.15%	–
AL	New	AIR LEASE CORPcl a	$1,649,000	–	39,900	–	0.15%	–
MMM	New	3M CO	$1,618,000	–	9,333	–	0.15%	–
CNI	New	CANADIAN NATL RY CO	$1,549,000	–	16,750	–	0.14%	–
MIDD	New	MIDDLEBY CORP	$1,540,000	–	11,350	–	0.14%	–
CVX	New	CHEVRON CORP NEW	$1,511,000	–	12,141	–	0.14%	–
AAPL	New	APPLE INC	$1,279,000	–	6,461	–	0.12%	–
INTC	New	INTEL CORP	$1,241,000	–	25,917	–	0.11%	–
WMT	New	WALMART INC	$1,111,000	–	10,053	–	0.10%	–
SIGI	New	SELECTIVE INS GROUP INC	$1,044,000	–	13,940	–	0.09%	–
CRL	New	CHARLES RIV LABS INTL INC	$1,029,000	–	7,253	–	0.09%	–
AWK	New	AMERICAN WTR WKS CO INC NEW	$982,000	–	8,465	–	0.09%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$927,000	–	11,678	–	0.08%	–
ROST	New	ROSS STORES INC	$872,000	–	8,800	–	0.08%	–
HON	New	HONEYWELL INTL INC	$855,000	–	4,899	–	0.08%	–
HSIC	New	HENRY SCHEIN INC	$846,000	–	12,100	–	0.08%	–
VZ	New	VERIZON COMMUNICATIONS INC	$800,000	–	13,998	–	0.07%	–
V	New	VISA INC	$791,000	–	4,560	–	0.07%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$751,000	–	8,900	–	0.07%	–
BA	New	BOEING CO	$692,000	–	1,900	–	0.06%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$693,000	–	4,615	–	0.06%	–
AMGN	New	AMGEN INC	$676,000	–	3,671	–	0.06%	–
FITB	New	FIFTH THIRD BANCORP	$679,000	–	24,320	–	0.06%	–
COF	New	CAPITAL ONE FINL CORP	$638,000	–	7,030	–	0.06%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$640,000	–	3,003	–	0.06%	–
KO	New	COCA COLA CO	$621,000	–	12,195	–	0.06%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$582,000	–	4,150	–	0.05%	–
PFE	New	PFIZER INC	$577,000	–	13,316	–	0.05%	–
PACW	New	PACWEST BANCORP DEL	$573,000	–	14,750	–	0.05%	–
CL	New	COLGATE PALMOLIVE CO	$566,000	–	7,900	–	0.05%	–
HD	New	HOME DEPOT INC	$476,000	–	2,290	–	0.04%	–
BAC	New	BANK AMER CORP	$465,000	–	16,027	–	0.04%	–
STI	New	SUNTRUST BKS INC	$456,000	–	7,250	–	0.04%	–
MCD	New	MCDONALDS CORP	$419,000	–	2,017	–	0.04%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$426,000	–	1,455	–	0.04%	–
DGX	New	QUEST DIAGNOSTICS INC	$412,000	–	4,050	–	0.04%	–
MRK	New	MERCK & CO INC	$400,000	–	4,774	–	0.04%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$400,000	–	14,505	–	0.04%	–
CDK	New	CDK GLOBAL INC	$398,000	–	8,052	–	0.04%	–
UNP	New	UNION PACIFIC CORP	$374,000	–	2,213	–	0.03%	–
SYK	New	STRYKER CORP	$368,000	–	1,790	–	0.03%	–
DIS	New	DISNEY WALT CO	$368,000	–	2,637	–	0.03%	–
MU	New	MICRON TECHNOLOGY INC	$370,000	–	9,600	–	0.03%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$369,000	–	2,675	–	0.03%	–
CSX	New	CSX CORP	$356,000	–	4,600	–	0.03%	–
IVV	New	ISHARES TRcore s&p500 etf	$339,000	–	1,150	–	0.03%	–
BND	New	VANGUARD BD INDEX FD INCtotal bnd mrkt	$323,000	–	3,894	–	0.03%	–
T	New	AT&T INC	$317,000	–	9,446	–	0.03%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$317,000	–	10,997	–	0.03%	–
AXP	New	AMERICAN EXPRESS CO	$306,000	–	2,480	–	0.03%	–
TRV	New	TRAVELERS COMPANIES INC	$295,000	–	1,970	–	0.03%	–
WU	New	WESTERN UN CO	$298,000	–	15,000	–	0.03%	–
SLB	New	SCHLUMBERGER LTD	$257,000	–	6,466	–	0.02%	–
ENB	New	ENBRIDGE INC	$235,000	–	6,510	–	0.02%	–
MA	New	MASTERCARD INCcl a	$217,000	–	822	–	0.02%	–
EMR	New	EMERSON ELEC CO	$220,000	–	3,300	–	0.02%	–
ETN	New	EATON CORP PLC	$226,000	–	2,711	–	0.02%	–
FANG	New	DIAMONDBACK ENERGY INC	$204,000	–	1,876	–	0.02%	–
WRB	New	BERKLEY W R CORP	$204,000	–	3,090	–	0.02%	–
GE	New	GENERAL ELECTRIC CO	$124,000	–	11,778	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
LUMN	Exit	CENTURYLINK INC	$0	–	-36	–	0.00%	–
SVU	Exit	SUPERVALU INC	$0	–	-1	–	0.00%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-48	–	0.00%	–
MNKKQ	Exit	MALLINCKRODT PUB LTD CO	$0	–	-50	–	0.00%	–
MFCB	Exit	MFC BANCORP LTD	$0	–	-57	–	0.00%	–
KMX	Exit	CARMAX INC	$0	–	-70	–	0.00%	–
BKR	Exit	BAKER HUGHES A GE COcl a	$0	–	-80	–	0.00%	–
BSCJ	Exit	INVESCO EXCH TRD SLF IDX FD	$0	–	-70	–	0.00%	–
FTRCQ	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-2	–	0.00%	–
SBGL	Exit	SIBANYE STILLWATERsponsored adr	$0	–	-1	–	0.00%	–
MRVL	Exit	MARVELL TECHNOLOGY GROUP LTDord	$0	–	-100	–	0.00%	–
SAN	Exit	BANCO SANTANDER SAadr	$0	–	-7	–	0.00%	–
HPQ	Exit	HP INC	$0	–	-50	–	0.00%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE C	$0	–	-50	–	0.00%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-60	–	0.00%	–
F	Exit	FORD MTR CO DEL	$0	–	-400	–	0.00%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-37	–	0.00%	–
ASIX	Exit	ADVANSIX INC	$0	–	-8	–	0.00%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-100	–	0.00%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-200	–	0.00%	–
WFTIQ	Exit	WEATHERFORD INTL PLC	$0	–	-354	–	0.00%	–
BREW	Exit	CRAFT BREW ALLIANCE INC	$0	–	-10	–	0.00%	–
XLRE	Exit	SELECT SECTOR SPDR TRrl est sel sec	$0	–	-208	–	-0.00%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-100	–	-0.00%	–
VALE	Exit	VALE S Aadr	$0	–	-400	–	-0.00%	–
FLIR	Exit	FLIR SYS INC	$0	–	-200	–	-0.00%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-202	–	-0.00%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-252	–	-0.00%	–
NATI	Exit	NATIONAL INSTRS CORP	$0	–	-225	–	-0.00%	–
VXUS	Exit	VANGUARD STAR FDvg tl intl stk f	$0	–	-285	–	-0.00%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-100	–	-0.00%	–
XLNX	Exit	XILINX INC	$0	–	-140	–	-0.00%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-50	–	-0.00%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-100	–	-0.00%	–
NOVT	Exit	NOVANTA INC	$0	–	-200	–	-0.00%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-90	–	-0.00%	–
IWB	Exit	ISHARES TRrus 1000 etf	$0	–	-82	–	-0.00%	–
MAC	Exit	MACERICH CO	$0	–	-100	–	-0.00%	–
CGNX	Exit	COGNEX CORP	$0	–	-150	–	-0.00%	–
JBT	Exit	JOHN BEAN TECHNOLOGIES CORP	$0	–	-80	–	-0.00%	–
NDSN	Exit	NORDSON CORP	$0	–	-75	–	-0.00%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-150	–	-0.00%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-413	–	-0.00%	–
NKE	Exit	NIKE INCcl b	$0	–	-300	–	-0.00%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-320	–	-0.00%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-200	–	-0.00%	–
NVDA	Exit	NVIDIA CORP	$0	–	-94	–	-0.00%	–
FDN	Exit	FIRST TR EXCHANGE TRADED FDdj internt idx	$0	–	-144	–	-0.00%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-200	–	-0.00%	–
IRBT	Exit	IROBOT CORP	$0	–	-150	–	-0.00%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-150	–	-0.00%	–
ILMN	Exit	ILLUMINA INC	$0	–	-50	–	-0.00%	–
HTLD	Exit	HEARTLAND EXPRESS INC	$0	–	-1,260	–	-0.00%	–
HSY	Exit	HERSHEY CO	$0	–	-200	–	-0.00%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-250	–	-0.00%	–
YUM	Exit	YUM BRANDS INC	$0	–	-252	–	-0.00%	–
TTE	Exit	TOTAL S Asponsored adr	$0	–	-300	–	-0.00%	–
AZN	Exit	ASTRAZENECA PLCsponsored adr	$0	–	-634	–	-0.00%	–
DECK	Exit	DECKERS OUTDOOR CORP	$0	–	-200	–	-0.00%	–
KEY	Exit	KEYCORP NEW	$0	–	-1,000	–	-0.00%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-70	–	-0.00%	–
HOLI	Exit	HOLLYSYS AUTOMATION TECHNOLO	$0	–	-850	–	-0.00%	–
TR	Exit	TOOTSIE ROLL INDS INC	$0	–	-532	–	-0.00%	–
FEYE	Exit	FIREEYE INC	$0	–	-1,000	–	-0.00%	–
HAL	Exit	HALLIBURTON CO	$0	–	-481	–	-0.00%	–
MSI	Exit	MOTOROLA SOLUTIONS INC	$0	–	-128	–	-0.00%	–
WPC	Exit	W P CAREY INC	$0	–	-250	–	-0.00%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-300	–	-0.00%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-194	–	-0.00%	–
VEU	Exit	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$0	–	-615	–	-0.00%	–
BEP	Exit	BROOKFIELD RENEWABLE PARTNERpartnership unit	$0	–	-1,000	–	-0.00%	–
SCHA	Exit	SCHWAB STRATEGIC TRus sml cap etf	$0	–	-458	–	-0.00%	–
PX	Exit	PRAXAIR INC	$0	–	-200	–	-0.00%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-310	–	-0.00%	–
LW	Exit	LAMB WESTON HLDGS INC	$0	–	-416	–	-0.00%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-850	–	-0.00%	–
PPG	Exit	PPG INDS INC	$0	–	-290	–	-0.00%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-250	–	-0.00%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-495	–	-0.00%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-1,595	–	-0.00%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-160	–	-0.00%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-1,120	–	-0.00%	–
PRU	Exit	PRUDENTIAL FINL INC	$0	–	-300	–	-0.00%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-700	–	-0.00%	–
BSCI	Exit	INVESCO EXCH TRD SLF IDX FD	$0	–	-1,347	–	-0.00%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-410	–	-0.00%	–
MAS	Exit	MASCO CORP	$0	–	-850	–	-0.00%	–
CAG	Exit	CONAGRA BRANDS INC	$0	–	-1,249	–	-0.00%	–
PSX	Exit	PHILLIPS 66	$0	–	-401	–	-0.00%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-1,000	–	-0.00%	–
ADSK	Exit	AUTODESK INC	$0	–	-300	–	-0.00%	–
IWV	Exit	ISHARES TRrussell 3000 etf	$0	–	-230	–	-0.00%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-1,100	–	-0.00%	–
XLV	Exit	SELECT SECTOR SPDR TRsbi healthcare	$0	–	-472	–	-0.00%	–
EOG	Exit	EOG RES INC	$0	–	-325	–	-0.00%	–
MS	Exit	MORGAN STANLEY	$0	–	-940	–	-0.00%	–
STT	Exit	STATE STR CORP	$0	–	-510	–	-0.00%	–
HCP	Exit	HCP INC	$0	–	-1,600	–	-0.00%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-600	–	-0.00%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-550	–	-0.01%	–
TSLA	Exit	TESLA INC	$0	–	-214	–	-0.01%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-1,000	–	-0.01%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-484	–	-0.01%	–
TEN	Exit	TENNECO INC	$0	–	-1,289	–	-0.01%	–
BWA	Exit	BORGWARNER INC	$0	–	-1,250	–	-0.01%	–
DRI	Exit	DARDEN RESTAURANTS INC	$0	–	-450	–	-0.01%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GROUP	$0	–	-974	–	-0.01%	–
ARW	Exit	ARROW ELECTRS INC	$0	–	-750	–	-0.01%	–
CM	Exit	CDN IMPERIAL BK COMM TORONTO	$0	–	-700	–	-0.01%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-1,012	–	-0.01%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-1,125	–	-0.01%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-757	–	-0.01%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-1,300	–	-0.01%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-300	–	-0.01%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC IN	$0	–	-1,160	–	-0.01%	–
BGS	Exit	B & G FOODS INC NEW	$0	–	-2,600	–	-0.01%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-1,120	–	-0.01%	–
PAYX	Exit	PAYCHEX INC	$0	–	-1,010	–	-0.01%	–
TDY	Exit	TELEDYNE TECHNOLOGIES INC	$0	–	-320	–	-0.01%	–
ETR	Exit	ENTERGY CORP NEW	$0	–	-933	–	-0.01%	–
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-2,500	–	-0.01%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-1,508	–	-0.01%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-1,910	–	-0.01%	–
CSCO	Exit	CISCO SYS INC	$0	–	-1,600	–	-0.01%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-1,003	–	-0.01%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-1,730	–	-0.01%	–
R	Exit	RYDER SYS INC	$0	–	-1,100	–	-0.01%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-500	–	-0.01%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-500	–	-0.01%	–
TGT	Exit	TARGET CORP	$0	–	-1,000	–	-0.01%	–
CBRL	Exit	CRACKER BARREL OLD CTRY STOR	$0	–	-600	–	-0.01%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-2,500	–	-0.01%	–
OKE	Exit	ONEOK INC NEW	$0	–	-1,267	–	-0.01%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-900	–	-0.01%	–
GIS	Exit	GENERAL MLS INC	$0	–	-2,300	–	-0.01%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-82	–	-0.01%	–
VMBS	Exit	VANGUARD SCOTTSDALE FDSmortg-back sec	$0	–	-1,810	–	-0.01%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-2,747	–	-0.01%	–
ALL	Exit	ALLSTATE CORP	$0	–	-1,000	–	-0.01%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-1,300	–	-0.01%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-1,685	–	-0.01%	–
RSG	Exit	REPUBLIC SVCS INC	$0	–	-1,480	–	-0.01%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-2,450	–	-0.01%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-1,338	–	-0.01%	–
ESS	Exit	ESSEX PPTY TR INC	$0	–	-495	–	-0.01%	–
IGSB	Exit	ISHARES TRsh tr crport etf	$0	–	-2,300	–	-0.01%	–
D	Exit	DOMINION ENERGY INC	$0	–	-1,600	–	-0.01%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-1,650	–	-0.01%	–
FDX	Exit	FEDEX CORP	$0	–	-520	–	-0.01%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-812	–	-0.01%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-11,053	–	-0.01%	–
VCIT	Exit	VANGUARD SCOTTSDALE FDSint-term corp	$0	–	-1,623	–	-0.01%	–
SO	Exit	SOUTHERN CO	$0	–	-3,201	–	-0.01%	–
IWD	Exit	ISHARES TRrus 1000 val etf	$0	–	-1,220	–	-0.01%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-1,926	–	-0.01%	–
BBT	Exit	BB&T CORP	$0	–	-3,129	–	-0.01%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-666	–	-0.01%	–
ENB	Exit	ENBRIDGE INC	$0	–	-4,755	–	-0.01%	–
ETN	Exit	EATON CORP PLC	$0	–	-1,800	–	-0.02%	–
WRB	Exit	W R BERKLEY CORPORATION	$0	–	-2,060	–	-0.02%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-1,517	–	-0.02%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-137	–	-0.02%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-4,010	–	-0.02%	–
BP	Exit	BP PLCsponsored adr	$0	–	-3,584	–	-0.02%	–
AMZN	Exit	AMAZON COM INC	$0	–	-85	–	-0.02%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-1,800	–	-0.02%	–
IDA	Exit	IDACORP INC	$0	–	-1,980	–	-0.02%	–
AGG	Exit	ISHARES TRcore us aggbd et	$0	–	-1,794	–	-0.02%	–
SCHX	Exit	SCHWAB STRATEGIC TRus lrg cap etf	$0	–	-3,150	–	-0.02%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-1,200	–	-0.02%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-1,930	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-7,283	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-3,300	–	-0.02%	–
EGN	Exit	ENERGEN CORP	$0	–	-2,913	–	-0.02%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,480	–	-0.02%	–
WU	Exit	WESTERN UN CO	$0	–	-15,000	–	-0.03%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-9,997	–	-0.03%	–
CSX	Exit	CSX CORP	$0	–	-4,500	–	-0.03%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,135	–	-0.03%	–
BAC	Exit	BANK AMER CORP	$0	–	-11,440	–	-0.03%	–
BND	Exit	VANGUARD BD INDEX FD INCtotal bnd mrkt	$0	–	-4,296	–	-0.03%	–
MRK	Exit	MERCK & CO INC	$0	–	-4,774	–	-0.03%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,017	–	-0.03%	–
DIS	Exit	DISNEY WALT CO	$0	–	-2,996	–	-0.03%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-14,300	–	-0.04%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,675	–	-0.04%	–
SYK	Exit	STRYKER CORP	$0	–	-2,340	–	-0.04%	–
HD	Exit	HOME DEPOT INC	$0	–	-2,075	–	-0.04%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,455	–	-0.04%	–
DGX	Exit	QUEST DIAGNOSTICS INC	$0	–	-4,050	–	-0.04%	–
BA	Exit	BOEING CO	$0	–	-1,200	–	-0.04%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-10,743	–	-0.05%	–
UNP	Exit	UNION PAC CORP	$0	–	-3,126	–	-0.05%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-7,600	–	-0.05%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-9,698	–	-0.05%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-8,770	–	-0.05%	–
V	Exit	VISA INC	$0	–	-3,800	–	-0.05%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-4,214	–	-0.05%	–
KO	Exit	COCA COLA CO	$0	–	-13,023	–	-0.06%	–
PFE	Exit	PFIZER INC	$0	–	-14,016	–	-0.06%	–
AMGN	Exit	AMGEN INC	$0	–	-3,011	–	-0.06%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-24,320	–	-0.06%	–
VTI	Exit	VANGUARD INDEX FDStotal stk mkt	$0	–	-4,693	–	-0.07%	–
AWK	Exit	AMERICAN WTR WKS CO INC NEW	$0	–	-8,665	–	-0.07%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-8,060	–	-0.07%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-3,750	–	-0.08%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-4,950	–	-0.08%	–
ROST	Exit	ROSS STORES INC	$0	–	-8,800	–	-0.08%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-9,400	–	-0.09%	–
WMT	Exit	WALMART INC	$0	–	-9,893	–	-0.09%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-11,678	–	-0.09%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-7,166	–	-0.09%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-4,550	–	-0.10%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-26,365	–	-0.11%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-13,450	–	-0.11%	–
INTC	Exit	INTEL CORP	$0	–	-24,651	–	-0.11%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-10,496	–	-0.11%	–
PEP	Exit	PEPSICO INC	$0	–	-12,200	–	-0.13%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-9,850	–	-0.14%	–
AAPL	Exit	APPLE INC	$0	–	-6,617	–	-0.14%	–
MIDD	Exit	MIDDLEBY CORP	$0	–	-11,700	–	-0.14%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-17,300	–	-0.15%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-19,078	–	-0.15%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-13,813	–	-0.16%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-26,050	–	-0.16%	–
BIV	Exit	VANGUARD BD INDEX FD INCintermed term	$0	–	-22,120	–	-0.17%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-13,341	–	-0.18%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-17,050	–	-0.19%	–
MMM	Exit	3M CO	$0	–	-9,514	–	-0.19%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-44,100	–	-0.19%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-26,190	–	-0.19%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-8,011	–	-0.20%	–
ABBV	Exit	ABBVIE INC	$0	–	-23,040	–	-0.20%	–
ABT	Exit	ABBOTT LABS	$0	–	-33,701	–	-0.23%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-14,200	–	-0.31%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-29,769	–	-0.32%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-24,676	–	-0.32%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-69,568	–	-0.34%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-46,306	–	-0.37%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-29,250	–	-0.38%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-32,963	–	-0.43%	–
HRC	Exit	HILL ROM HLDGS INC	$0	–	-60,500	–	-0.54%	–
AQUA	Exit	EVOQUA WATER TECHNOLOGIES CO	$0	–	-504,035	–	-0.84%	–
USB	Exit	US BANCORP DEL	$0	–	-173,360	–	-0.86%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-117,510	–	-0.94%	–
MTB	Exit	M & T BK CORP	$0	–	-63,483	–	-0.98%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-563,966	–	-1.16%	–
PNR	Exit	PENTAIR PLC	$0	–	-303,726	–	-1.24%	–
FAST	Exit	FASTENAL CO	$0	–	-231,670	–	-1.26%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-60,310	–	-1.38%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-258,497	–	-1.46%	–
ECL	Exit	ECOLAB INC	$0	–	-99,880	–	-1.47%	–
NVT	Exit	NVENT ELECTRIC PLC	$0	–	-593,242	–	-1.51%	–
GWB	Exit	GREAT WESTN BANCORP INC	$0	–	-396,484	–	-1.57%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-445,111	–	-1.58%	–
INFO	Exit	IHS MARKIT LTD	$0	–	-320,470	–	-1.62%	–
MSM	Exit	MSC INDL DIRECT INCcl a	$0	–	-204,700	–	-1.69%	–
UGI	Exit	UGI CORP NEW	$0	–	-326,452	–	-1.70%	–
WAT	Exit	WATERS CORP	$0	–	-98,154	–	-1.79%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-341,574	–	-1.82%	–
ARMK	Exit	ARAMARK	$0	–	-458,468	–	-1.85%	–
FTV	Exit	FORTIVE CORP	$0	–	-234,678	–	-1.85%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-300,768	–	-1.86%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-386,919	–	-2.15%	–
RPM	Exit	RPM INTL INC	$0	–	-354,894	–	-2.16%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-309,784	–	-2.16%	–
WAB	Exit	WABTEC CORP	$0	–	-224,915	–	-2.21%	–
TFX	Exit	TELEFLEX INC	$0	–	-89,693	–	-2.24%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-218,775	–	-2.47%	–
SNA	Exit	SNAP ON INC	$0	–	-152,953	–	-2.63%	–
LSTR	Exit	LANDSTAR SYS INC	$0	–	-238,688	–	-2.73%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-104,977	–	-2.92%	–
XYL	Exit	XYLEM INC	$0	–	-454,814	–	-3.41%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-343,957	–	-3.52%	–
DCI	Exit	DONALDSON INC	$0	–	-661,873	–	-3.62%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-364,945	–	-3.72%	–
ATR	Exit	APTARGROUP INC	$0	–	-370,229	–	-3.74%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-425,929	–	-3.76%	–
WP	Exit	WORLDPAY INCcl a	$0	–	-395,641	–	-3.76%	–
AME	Exit	AMETEK INC NEW	$0	–	-529,008	–	-3.92%	–
IEX	Exit	IDEX CORP	$0	–	-289,296	–	-4.09%	–
FISV	Exit	FISERV INC	$0	–	-646,360	–	-4.99%	–

Q3 2018

			Value		Shares		↓ Weighting
FISV	Sell	FISERV INC	$53,247,000	+7.0%	646,360	-3.7%	4.99%	-1.1%
IEX	Sell	IDEX CORP	$43,585,000	+6.6%	289,296	-3.4%	4.09%	-1.4%
AME	Sell	AMETEK INC NEW	$41,855,000	+7.9%	529,008	-1.6%	3.92%	-0.3%
WP	Sell	WORLDPAY INCcl a	$40,067,000	+21.6%	395,641	-1.8%	3.76%	+12.4%
APH	Sell	AMPHENOL CORP NEWcl a	$40,046,000	+6.1%	425,929	-1.6%	3.76%	-1.9%
ATR	Sell	APTARGROUP INC	$39,888,000	+14.2%	370,229	-1.0%	3.74%	+5.6%
DHR	Sell	DANAHER CORP DEL	$39,655,000	+8.7%	364,945	-1.3%	3.72%	+0.5%
DCI	Sell	DONALDSON INC	$38,561,000	+28.8%	661,873	-0.3%	3.62%	+19.0%
FIS	Sell	FIDELITY NATL INFORMATION SV	$37,515,000	+2.3%	343,957	-0.6%	3.52%	-5.5%
XYL	Sell	XYLEM INC	$36,326,000	+18.4%	454,814	-0.2%	3.41%	+9.4%
ROP	Sell	ROPER TECHNOLOGIES INC	$31,095,000	+7.0%	104,977	-0.4%	2.92%	-1.2%
LSTR	Sell	LANDSTAR SYS INC	$29,120,000	+11.5%	238,688	-0.2%	2.73%	+3.0%
SNA	Sell	SNAP ON INC	$28,082,000	+14.2%	152,953	-0.1%	2.63%	+5.5%
VRSK	Sell	VERISK ANALYTICS INC	$26,373,000	+11.7%	218,775	-0.3%	2.47%	+3.2%
TFX	Sell	TELEFLEX INC	$23,866,000	-7.8%	89,693	-7.0%	2.24%	-14.7%
WAB	Sell	WABTEC CORP	$23,589,000	+5.9%	224,915	-0.5%	2.21%	-2.2%
AJG	Buy	GALLAGHER ARTHUR J & CO	$23,060,000	+14.3%	309,784	+0.2%	2.16%	+5.7%
CHD	Sell	CHURCH & DWIGHT INC	$22,971,000	+11.4%	386,919	-0.3%	2.15%	+2.9%
CBSH	Sell	COMMERCE BANCSHARES INC	$19,857,000	+1.9%	300,768	-0.1%	1.86%	-5.8%
FTV	Buy	FORTIVE CORP	$19,760,000	+9.5%	234,678	+0.3%	1.85%	+1.2%
ARMK	Sell	ARAMARK	$19,723,000	+12.2%	458,468	-3.2%	1.85%	+3.7%
WAL	Sell	WESTERN ALLIANCE BANCORP	$19,432,000	+0.2%	341,574	-0.3%	1.82%	-7.4%
WAT	Sell	WATERS CORP	$19,109,000	-11.2%	98,154	-11.7%	1.79%	-17.9%
UGI	Buy	UGI CORP NEW	$18,112,000	+10.2%	326,452	+3.4%	1.70%	+1.9%
MSM	Sell	MSC INDL DIRECT INCcl a	$18,036,000	+3.4%	204,700	-0.4%	1.69%	-4.4%
INFO	Sell	IHS MARKIT LTD	$17,293,000	+4.4%	320,470	-0.2%	1.62%	-3.5%
XRAY	Sell	DENTSPLY SIRONA INC	$16,798,000	-15.4%	445,111	-1.8%	1.58%	-21.8%
NVT	Buy	NVENT ELECTRIC PLC	$16,112,000	+98.2%	593,242	+83.1%	1.51%	+83.2%
ECL	Sell	ECOLAB INC	$15,659,000	+6.0%	99,880	-5.1%	1.47%	-2.0%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$15,549,000	-5.8%	258,497	-3.9%	1.46%	-13.0%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$14,720,000	+11.7%	60,310	-5.2%	1.38%	+3.1%
FAST	Sell	FASTENAL CO	$13,441,000	+19.9%	231,670	-0.5%	1.26%	+10.9%
PNR	Sell	PENTAIR PLC	$13,167,000	+2.1%	303,726	-0.9%	1.24%	-5.7%
HOMB	Sell	HOME BANCSHARES INC	$12,351,000	-13.7%	563,966	-11.1%	1.16%	-20.3%
MTB	Buy	M & T BK CORP	$10,445,000	-3.0%	63,483	+0.3%	0.98%	-10.3%
WTFC	Buy	WINTRUST FINL CORP	$9,981,000	+4.2%	117,510	+6.8%	0.94%	-3.7%
USB	Buy	US BANCORP DEL	$9,155,000	+5.8%	173,360	+0.2%	0.86%	-2.2%
AQUA	Sell	EVOQUA WATER TECHNOLOGIES CO	$8,962,000	-26.8%	504,035	-15.6%	0.84%	-32.4%
HRC	New	HILL ROM HLDGS INC	$5,711,000	–	60,500	–	0.54%	–
UTX	Sell	UNITED TECHNOLOGIES CORP	$4,609,000	+11.5%	32,963	-0.3%	0.43%	+3.1%
JNJ	Sell	JOHNSON & JOHNSON	$4,041,000	+11.9%	29,250	-1.7%	0.38%	+3.6%
XOM	Sell	EXXON MOBIL CORP	$3,937,000	+0.2%	46,306	-2.5%	0.37%	-7.5%
WFC	Sell	WELLS FARGO CO NEW	$3,657,000	-6.5%	69,568	-1.4%	0.34%	-13.6%
COL	Sell	ROCKWELL COLLINS INC	$3,466,000	+0.6%	24,676	-3.6%	0.32%	-7.1%
JPM	Sell	JPMORGAN CHASE & CO	$3,359,000	+7.2%	29,769	-1.0%	0.32%	-0.9%
COST	Sell	COSTCO WHSL CORP NEW	$3,335,000	+8.5%	14,200	-3.4%	0.31%	+0.3%
BDX	Sell	BECTON DICKINSON & CO	$2,091,000	+6.2%	8,011	-2.5%	0.20%	-2.0%
BSV	Buy	VANGUARD BD INDEX FD INCshort trm bond	$2,044,000	+29.3%	26,190	+29.5%	0.19%	+20.0%
AL	Sell	AIR LEASE CORPcl a	$2,023,000	+6.2%	44,100	-2.9%	0.19%	-1.6%
MMM	Sell	3M CO	$2,005,000	+4.2%	9,514	-2.7%	0.19%	-3.6%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$1,991,000	-0.1%	17,050	-9.1%	0.19%	-7.4%
BIV	Buy	VANGUARD BD INDEX FD INCintermed term	$1,780,000	+23.1%	22,120	+23.9%	0.17%	+13.6%
STI	Sell	SUNTRUST BKS INC	$1,740,000	-0.3%	26,050	-1.5%	0.16%	-7.9%
CVX	Sell	CHEVRON CORP NEW	$1,689,000	-7.3%	13,813	-4.2%	0.16%	-14.6%
PG	Sell	PROCTER AND GAMBLE CO	$1,588,000	-6.8%	19,078	-12.5%	0.15%	-13.9%
MIDD	Sell	MIDDLEBY CORP	$1,513,000	-82.3%	11,700	-85.7%	0.14%	-83.7%
AAPL	Sell	APPLE INC	$1,494,000	+18.6%	6,617	-2.8%	0.14%	+9.4%
PEP	Sell	PEPSICO INC	$1,364,000	-1.7%	12,200	-4.3%	0.13%	-9.2%
MSFT	Sell	MICROSOFT CORP	$1,200,000	+11.2%	10,496	-4.1%	0.11%	+3.7%
HDS	Sell	HD SUPPLY HLDGS INC	$1,128,000	-17.7%	26,365	-17.5%	0.11%	-23.7%
WMT	Sell	WALMART INC	$929,000	+8.5%	9,893	-1.0%	0.09%	0.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$803,000	+4.3%	3,750	-9.1%	0.08%	-3.8%
AWK	Sell	AMERICAN WTR WKS CO INC NEW	$762,000	+1.9%	8,665	-1.1%	0.07%	-6.6%
CDK	Sell	CDK GLOBAL INC	$549,000	-6.5%	8,770	-2.8%	0.05%	-15.0%
CL	Sell	COLGATE PALMOLIVE CO	$509,000	-4.1%	7,600	-7.3%	0.05%	-11.1%
HD	Sell	HOME DEPOT INC	$430,000	-6.1%	2,075	-11.7%	0.04%	-13.0%
QQQ	Sell	INVESCO QQQ TRunit ser 1	$223,000	-10.4%	1,200	-17.2%	0.02%	-16.0%
IDA	New	IDACORP INC	$196,000	–	1,980	–	0.02%	–
AGG	Sell	ISHARES TRcore us aggbd et	$189,000	-10.8%	1,794	-10.0%	0.02%	-18.2%
MDT	New	MEDTRONIC PLC	$177,000	–	1,800	–	0.02%	–
AMZN	New	AMAZON COM INC	$170,000	–	85	–	0.02%	–
TXN	New	TEXAS INSTRS INC	$163,000	–	1,517	–	0.02%	–
AMAT	New	APPLIED MATLS INC	$155,000	–	4,010	–	0.02%	–
GOOGL	New	ALPHABET INCcap stk cl a	$165,000	–	137	–	0.02%	–
WRB	New	W R BERKLEY CORPORATION	$165,000	–	2,060	–	0.02%	–
ETN	New	EATON CORP PLC	$156,000	–	1,800	–	0.02%	–
BP	New	BP PLCsponsored adr	$165,000	–	3,584	–	0.02%	–
ENB	New	ENBRIDGE INC	$154,000	–	4,755	–	0.01%	–
IWD	New	ISHARES TRrus 1000 val etf	$154,000	–	1,220	–	0.01%	–
BBT	New	BB&T CORP	$152,000	–	3,129	–	0.01%	–
MPC	New	MARATHON PETE CORP	$154,000	–	1,926	–	0.01%	–
MA	New	MASTERCARD INCORPORATEDcl a	$148,000	–	666	–	0.01%	–
VCIT	New	VANGUARD SCOTTSDALE FDSint-term corp	$136,000	–	1,623	–	0.01%	–
SO	New	SOUTHERN CO	$140,000	–	3,201	–	0.01%	–
CAT	New	CATERPILLAR INC DEL	$124,000	–	812	–	0.01%	–
CVS	New	CVS HEALTH CORP	$130,000	–	1,650	–	0.01%	–
GE	Sell	GENERAL ELECTRIC CO	$125,000	-40.5%	11,053	-28.5%	0.01%	-42.9%
FDX	New	FEDEX CORP	$125,000	–	520	–	0.01%	–
ESS	New	ESSEX PPTY TR INC	$122,000	–	495	–	0.01%	–
D	New	DOMINION ENERGY INC	$112,000	–	1,600	–	0.01%	–
IGSB	New	ISHARES TRsh tr crport etf	$119,000	–	2,300	–	0.01%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$107,000	–	1,300	–	0.01%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$105,000	–	1,338	–	0.01%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$106,000	–	2,450	–	0.01%	–
RSG	New	REPUBLIC SVCS INC	$108,000	–	1,480	–	0.01%	–
SLB	New	SCHLUMBERGER LTD	$103,000	–	1,685	–	0.01%	–
GIS	New	GENERAL MLS INC	$99,000	–	2,300	–	0.01%	–
WTR	New	AQUA AMERICA INC	$101,000	–	2,747	–	0.01%	–
ALL	New	ALLSTATE CORP	$99,000	–	1,000	–	0.01%	–
VMBS	New	VANGUARD SCOTTSDALE FDSmortg-back sec	$92,000	–	1,810	–	0.01%	–
GOOG	New	ALPHABET INCcap stk cl c	$98,000	–	82	–	0.01%	–
CBRL	New	CRACKER BARREL OLD CTRY STOR	$88,000	–	600	–	0.01%	–
TGT	New	TARGET CORP	$88,000	–	1,000	–	0.01%	–
ZION	New	ZIONS BANCORPORATION	$87,000	–	1,730	–	0.01%	–
UAL	New	UNITED CONTL HLDGS INC	$80,000	–	900	–	0.01%	–
SPG	New	SIMON PPTY GROUP INC NEW	$88,000	–	500	–	0.01%	–
OKE	New	ONEOK INC NEW	$86,000	–	1,267	–	0.01%	–
FB	New	FACEBOOK INCcl a	$82,000	–	500	–	0.01%	–
PBA	New	PEMBINA PIPELINE CORP	$85,000	–	2,500	–	0.01%	–
R	New	RYDER SYS INC	$80,000	–	1,100	–	0.01%	–
DWDP	New	DOWDUPONT INC	$72,000	–	1,120	–	0.01%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$79,000	–	320	–	0.01%	–
AMD	New	ADVANCED MICRO DEVICES INC	$77,000	–	2,500	–	0.01%	–
BGS	New	B & G FOODS INC NEW	$71,000	–	2,600	–	0.01%	–
BK	New	BANK NEW YORK MELLON CORP	$77,000	–	1,508	–	0.01%	–
CSCO	New	CISCO SYS INC	$78,000	–	1,600	–	0.01%	–
COLB	New	COLUMBIA BKG SYS INC	$74,000	–	1,910	–	0.01%	–
COP	New	CONOCOPHILLIPS	$78,000	–	1,003	–	0.01%	–
ETR	New	ENTERGY CORP NEW	$76,000	–	933	–	0.01%	–
PAYX	New	PAYCHEX INC	$74,000	–	1,010	–	0.01%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$59,000	–	1,125	–	0.01%	–
GS	New	GOLDMAN SACHS GROUP INC	$67,000	–	300	–	0.01%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$63,000	–	1,012	–	0.01%	–
AMTD	New	TD AMERITRADE HLDG CORP	$69,000	–	1,300	–	0.01%	–
FBHS	New	FORTUNE BRANDS HOME & SEC IN	$61,000	–	1,160	–	0.01%	–
DUK	New	DUKE ENERGY CORP NEW	$61,000	–	757	–	0.01%	–
CM	New	CDN IMPERIAL BK COMM TORONTO	$66,000	–	700	–	0.01%	–
KHC	New	KRAFT HEINZ CO	$55,000	–	1,000	–	0.01%	–
TIP	New	ISHARES TRtips bd etf	$54,000	–	484	–	0.01%	–
PEG	New	PUBLIC SVC ENTERPRISE GROUP	$51,000	–	974	–	0.01%	–
TEN	New	TENNECO INC	$54,000	–	1,289	–	0.01%	–
DRI	New	DARDEN RESTAURANTS INC	$50,000	–	450	–	0.01%	–
TSLA	New	TESLA INC	$57,000	–	214	–	0.01%	–
ARW	New	ARROW ELECTRS INC	$55,000	–	750	–	0.01%	–
BWA	New	BORGWARNER INC	$53,000	–	1,250	–	0.01%	–
ZTS	New	ZOETIS INCcl a	$50,000	–	550	–	0.01%	–
IWV	New	ISHARES TRrussell 3000 etf	$40,000	–	230	–	0.00%	–
HCP	New	HCP INC	$42,000	–	1,600	–	0.00%	–
MS	New	MORGAN STANLEY	$44,000	–	940	–	0.00%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$41,000	–	1,000	–	0.00%	–
EOG	New	EOG RES INC	$41,000	–	325	–	0.00%	–
CAG	New	CONAGRA BRANDS INC	$42,000	–	1,249	–	0.00%	–
STT	New	STATE STR CORP	$43,000	–	510	–	0.00%	–
PSX	New	PHILLIPS 66	$45,000	–	401	–	0.00%	–
ADSK	New	AUTODESK INC	$47,000	–	300	–	0.00%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$41,000	–	600	–	0.00%	–
SEE	New	SEALED AIR CORP NEW	$44,000	–	1,100	–	0.00%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$45,000	–	472	–	0.00%	–
BEP	New	BROOKFIELD RENEWABLE PARTNERpartnership unit	$30,000	–	1,000	–	0.00%	–
PX	New	PRAXAIR INC	$32,000	–	200	–	0.00%	–
ATVI	New	ACTIVISION BLIZZARD INC	$34,000	–	410	–	0.00%	–
PRU	New	PRUDENTIAL FINL INC	$30,000	–	300	–	0.00%	–
MAS	New	MASCO CORP	$31,000	–	850	–	0.00%	–
AEP	New	AMERICAN ELEC PWR INC	$35,000	–	495	–	0.00%	–
ROK	New	ROCKWELL AUTOMATION INC	$30,000	–	160	–	0.00%	–
LQD	New	ISHARES TRiboxx inv cp etf	$36,000	–	310	–	0.00%	–
MRO	New	MARATHON OIL CORP	$37,000	–	1,595	–	0.00%	–
LW	New	LAMB WESTON HLDGS INC	$28,000	–	416	–	0.00%	–
AIG	New	AMERICAN INTL GROUP INC	$37,000	–	700	–	0.00%	–
PPG	New	PPG INDS INC	$32,000	–	290	–	0.00%	–
GLD	New	SPDR GOLD TRUST	$28,000	–	250	–	0.00%	–
CMCSA	New	COMCAST CORP NEWcl a	$30,000	–	850	–	0.00%	–
BSCI	New	INVESCO EXCH TRD SLF IDX FD	$28,000	–	1,347	–	0.00%	–
VEU	New	VANGUARD INTL EQUITY INDEX Fallwrld ex us	$32,000	–	615	–	0.00%	–
WY	New	WEYERHAEUSER CO	$36,000	–	1,120	–	0.00%	–
SCHA	New	SCHWAB STRATEGIC TRus sml cap etf	$35,000	–	458	–	0.00%	–
TEL	New	TE CONNECTIVITY LTD	$22,000	–	250	–	0.00%	–
MO	New	ALTRIA GROUP INC	$18,000	–	300	–	0.00%	–
AZN	New	ASTRAZENECA PLCsponsored adr	$25,000	–	634	–	0.00%	–
DECK	New	DECKERS OUTDOOR CORP	$24,000	–	200	–	0.00%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$18,000	–	194	–	0.00%	–
FEYE	New	FIREEYE INC	$17,000	–	1,000	–	0.00%	–
FDN	New	FIRST TR EXCHANGE TRADED FDdj internt idx	$20,000	–	144	–	0.00%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$17,000	–	413	–	0.00%	–
HAL	New	HALLIBURTON CO	$20,000	–	481	–	0.00%	–
HTLD	New	HEARTLAND EXPRESS INC	$25,000	–	1,260	–	0.00%	–
HSY	New	HERSHEY CO	$20,000	–	200	–	0.00%	–
ILMN	New	ILLUMINA INC	$18,000	–	50	–	0.00%	–
IRBT	New	IROBOT CORP	$16,000	–	150	–	0.00%	–
KEY	New	KEYCORP NEW	$20,000	–	1,000	–	0.00%	–
KMB	New	KIMBERLY CLARK CORP	$17,000	–	150	–	0.00%	–
MSI	New	MOTOROLA SOLUTIONS INC	$17,000	–	128	–	0.00%	–
NKE	New	NIKE INCcl b	$25,000	–	300	–	0.00%	–
NVDA	New	NVIDIA CORP	$26,000	–	94	–	0.00%	–
PKG	New	PACKAGING CORP AMER	$22,000	–	200	–	0.00%	–
PANW	New	PALO ALTO NETWORKS INC	$16,000	–	70	–	0.00%	–
SBUX	New	STARBUCKS CORP	$18,000	–	320	–	0.00%	–
TR	New	TOOTSIE ROLL INDS INC	$16,000	–	532	–	0.00%	–
TTE	New	TOTAL S Asponsored adr	$19,000	–	300	–	0.00%	–
WPC	New	W P CAREY INC	$16,000	–	250	–	0.00%	–
WM	New	WASTE MGMT INC DEL	$18,000	–	200	–	0.00%	–
YUM	New	YUM BRANDS INC	$23,000	–	252	–	0.00%	–
HOLI	New	HOLLYSYS AUTOMATION TECHNOLO	$18,000	–	850	–	0.00%	–
DLR	New	DIGITAL RLTY TR INC	$11,000	–	100	–	0.00%	–
MAC	New	MACERICH CO	$6,000	–	100	–	0.00%	–
XLNX	New	XILINX INC	$11,000	–	140	–	0.00%	–
CGNX	New	COGNEX CORP	$8,000	–	150	–	0.00%	–
JBT	New	JOHN BEAN TECHNOLOGIES CORP	$10,000	–	80	–	0.00%	–
YUMC	New	YUM CHINA HLDGS INC	$9,000	–	252	–	0.00%	–
IWB	New	ISHARES TRrus 1000 etf	$13,000	–	82	–	0.00%	–
VAR	New	VARIAN MED SYS INC	$10,000	–	90	–	0.00%	–
VALE	New	VALE S Aadr	$6,000	–	400	–	0.00%	–
BMO	New	BANK MONTREAL QUE	$8,000	–	100	–	0.00%	–
VXUS	New	VANGUARD STAR FDvg tl intl stk f	$15,000	–	285	–	0.00%	–
IPGP	New	IPG PHOTONICS CORP	$8,000	–	50	–	0.00%	–
XLRE	New	SELECT SECTOR SPDR TRrl est sel sec	$7,000	–	208	–	0.00%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$15,000	–	202	–	0.00%	–
NOVT	New	NOVANTA INC	$14,000	–	200	–	0.00%	–
NDSN	New	NORDSON CORP	$10,000	–	75	–	0.00%	–
WABC	New	WESTAMERICA BANCORPORATION	$9,000	–	150	–	0.00%	–
NATI	New	NATIONAL INSTRS CORP	$11,000	–	225	–	0.00%	–
FLIR	New	FLIR SYS INC	$12,000	–	200	–	0.00%	–
SRE	New	SEMPRA ENERGY	$11,000	–	100	–	0.00%	–
SU	New	SUNCOR ENERGY INC NEW	$4,000	–	100	–	0.00%	–
SBGL	New	SIBANYE STILLWATERsponsored adr	$0	–	1	–	0.00%	–
X	New	UNITED STATES STL CORP NEW	$2,000	–	60	–	0.00%	–
BSCJ	New	INVESCO EXCH TRD SLF IDX FD	$1,000	–	70	–	0.00%	–
MFCB	New	MFC BANCORP LTD	$0	–	57	–	0.00%	–
HPE	New	HEWLETT PACKARD ENTERPRISE C	$1,000	–	50	–	0.00%	–
NLY	New	ANNALY CAP MGMT INC	$2,000	–	200	–	0.00%	–
HPQ	New	HP INC	$1,000	–	50	–	0.00%	–
FTRCQ	New	FRONTIER COMMUNICATIONS CORP	$0	–	2	–	0.00%	–
F	New	FORD MTR CO DEL	$4,000	–	400	–	0.00%	–
BREW	New	CRAFT BREW ALLIANCE INC	$0	–	10	–	0.00%	–
AMT	New	AMERICAN TOWER CORP NEW	$5,000	–	37	–	0.00%	–
LUMN	New	CENTURYLINK INC	$1,000	–	36	–	0.00%	–
KMX	New	CARMAX INC	$5,000	–	70	–	0.00%	–
CRCQQ	New	CALIFORNIA RES CORP	$2,000	–	48	–	0.00%	–
ASIX	New	ADVANSIX INC	$0	–	8	–	0.00%	–
SAN	New	BANCO SANTANDER SAadr	$0	–	7	–	0.00%	–
WFTIQ	New	WEATHERFORD INTL PLC	$1,000	–	354	–	0.00%	–
MNKKQ	New	MALLINCKRODT PUB LTD CO	$1,000	–	50	–	0.00%	–
MRVL	New	MARVELL TECHNOLOGY GROUP LTDord	$2,000	–	100	–	0.00%	–
BKR	New	BAKER HUGHES A GE COcl a	$3,000	–	80	–	0.00%	–
SVU	New	SUPERVALU INC	$0	–	1	–	0.00%	–

Q2 2018

			Value		Shares		↓ Weighting
FISV	New	FISERV INC	$49,753,000	–	671,527	–	5.05%	–
IEX	New	IDEX CORP	$40,884,000	–	299,561	–	4.15%	–
AME	New	AMETEK INC NEW	$38,797,000	–	537,650	–	3.94%	–
APH	New	AMPHENOL CORP NEWcl a	$37,740,000	–	433,046	–	3.83%	–
FIS	New	FIDELITY NATL INFORMATION SV	$36,689,000	–	346,021	–	3.72%	–
DHR	New	DANAHER CORP DEL	$36,482,000	–	369,701	–	3.70%	–
ATR	New	APTARGROUP INC	$34,913,000	–	373,880	–	3.54%	–
WP	New	WORLDPAY INCcl a	$32,956,000	–	402,982	–	3.34%	–
XYL	New	XYLEM INC	$30,693,000	–	455,522	–	3.11%	–
DCI	New	DONALDSON INC	$29,950,000	–	663,785	–	3.04%	–
ROP	New	ROPER TECHNOLOGIES INC	$29,071,000	–	105,364	–	2.95%	–
LSTR	New	LANDSTAR SYS INC	$26,125,000	–	239,238	–	2.65%	–
TFX	New	TELEFLEX INC	$25,872,000	–	96,463	–	2.62%	–
SNA	New	SNAP ON INC	$24,599,000	–	153,053	–	2.50%	–
VRSK	New	VERISK ANALYTICS INC	$23,615,000	–	219,390	–	2.40%	–
WAB	New	WABTEC CORP	$22,285,000	–	226,065	–	2.26%	–
WAT	New	WATERS CORP	$21,530,000	–	111,214	–	2.18%	–
RPM	New	RPM INTL INC	$20,697,000	–	354,894	–	2.10%	–
CHD	New	CHURCH & DWIGHT INC	$20,627,000	–	388,019	–	2.09%	–
AJG	New	GALLAGHER ARTHUR J & CO	$20,175,000	–	309,049	–	2.05%	–
XRAY	New	DENTSPLY SIRONA INC	$19,846,000	–	453,411	–	2.01%	–
CBSH	New	COMMERCE BANCSHARES INC	$19,483,000	–	301,083	–	1.98%	–
WAL	New	WESTERN ALLIANCE BANCORP	$19,386,000	–	342,457	–	1.97%	–
FTV	New	FORTIVE CORP	$18,044,000	–	234,000	–	1.83%	–
ARMK	New	ARAMARK	$17,581,000	–	473,868	–	1.78%	–
MSM	New	MSC INDL DIRECT INCcl a	$17,437,000	–	205,500	–	1.77%	–
GWB	New	GREAT WESTN BANCORP INC	$16,648,000	–	396,484	–	1.69%	–
INFO	New	IHS MARKIT LTD	$16,567,000	–	321,125	–	1.68%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$16,506,000	–	269,047	–	1.68%	–
UGI	New	UGI CORP NEW	$16,432,000	–	315,577	–	1.67%	–
ECL	New	ECOLAB INC	$14,770,000	–	105,250	–	1.50%	–
HOMB	New	HOME BANCSHARES INC	$14,317,000	–	634,616	–	1.45%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$13,184,000	–	63,650	–	1.34%	–
PNR	New	PENTAIR PLC	$12,898,000	–	306,516	–	1.31%	–
AQUA	New	EVOQUA WATER TECHNOLOGIES CO	$12,240,000	–	597,062	–	1.24%	–
FAST	New	FASTENAL CO	$11,208,000	–	232,870	–	1.14%	–
MTB	New	M & T BK CORP	$10,768,000	–	63,283	–	1.09%	–
WTFC	New	WINTRUST FINL CORP	$9,581,000	–	110,060	–	0.97%	–
USB	New	US BANCORP DEL	$8,655,000	–	173,037	–	0.88%	–
MIDD	New	MIDDLEBY CORP	$8,561,000	–	81,990	–	0.87%	–
NVT	New	NVENT ELECTRIC PLC	$8,130,000	–	323,920	–	0.82%	–
UTX	New	UNITED TECHNOLOGIES CORP	$4,134,000	–	33,063	–	0.42%	–
XOM	New	EXXON MOBIL CORP	$3,929,000	–	47,486	–	0.40%	–
WFC	New	WELLS FARGO CO NEW	$3,910,000	–	70,528	–	0.40%	–
JNJ	New	JOHNSON & JOHNSON	$3,611,000	–	29,762	–	0.37%	–
COL	New	ROCKWELL COLLINS INC	$3,447,000	–	25,591	–	0.35%	–
JPM	New	JPMORGAN CHASE & CO	$3,133,000	–	30,069	–	0.32%	–
COST	New	COSTCO WHSL CORP NEW	$3,073,000	–	14,705	–	0.31%	–
ABBV	New	ABBVIE INC	$2,135,000	–	23,040	–	0.22%	–
ABT	New	ABBOTT LABS	$2,055,000	–	33,701	–	0.21%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$1,992,000	–	18,750	–	0.20%	–
BDX	New	BECTON DICKINSON & CO	$1,968,000	–	8,213	–	0.20%	–
MMM	New	3M CO	$1,924,000	–	9,781	–	0.20%	–
AL	New	AIR LEASE CORPcl a	$1,905,000	–	45,400	–	0.19%	–
ITW	New	ILLINOIS TOOL WKS INC	$1,848,000	–	13,341	–	0.19%	–
CVX	New	CHEVRON CORP NEW	$1,822,000	–	14,413	–	0.18%	–
STI	New	SUNTRUST BKS INC	$1,746,000	–	26,450	–	0.18%	–
PG	New	PROCTER AND GAMBLE CO	$1,703,000	–	21,812	–	0.17%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$1,581,000	–	20,221	–	0.16%	–
BIV	New	VANGUARD BD INDEX FD INCintermed term	$1,446,000	–	17,857	–	0.15%	–
CNI	New	CANADIAN NATL RY CO	$1,414,000	–	17,300	–	0.14%	–
PEP	New	PEPSICO INC	$1,388,000	–	12,750	–	0.14%	–
HDS	New	HD SUPPLY HLDGS INC	$1,371,000	–	31,955	–	0.14%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$1,321,000	–	9,850	–	0.13%	–
AAPL	New	APPLE INC	$1,260,000	–	6,805	–	0.13%	–
INTC	New	INTEL CORP	$1,225,000	–	24,651	–	0.12%	–
MSFT	New	MICROSOFT CORP	$1,079,000	–	10,941	–	0.11%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$1,061,000	–	4,550	–	0.11%	–
HSIC	New	SCHEIN HENRY INC	$977,000	–	13,450	–	0.10%	–
PNC	New	PNC FINL SVCS GROUP INC	$968,000	–	7,166	–	0.10%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$879,000	–	11,678	–	0.09%	–
WMT	New	WALMART INC	$856,000	–	9,993	–	0.09%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$786,000	–	9,400	–	0.08%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$770,000	–	4,125	–	0.08%	–
ROST	New	ROSS STORES INC	$746,000	–	8,800	–	0.08%	–
AWK	New	AMERICAN WTR WKS CO INC NEW	$748,000	–	8,765	–	0.08%	–
COF	New	CAPITAL ONE FINL CORP	$741,000	–	8,060	–	0.08%	–
HON	New	HONEYWELL INTL INC	$713,000	–	4,950	–	0.07%	–
FITB	New	FIFTH THIRD BANCORP	$698,000	–	24,320	–	0.07%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$659,000	–	4,693	–	0.07%	–
CDK	New	CDK GLOBAL INC	$587,000	–	9,018	–	0.06%	–
KO	New	COCA COLA CO	$571,000	–	13,023	–	0.06%	–
MU	New	MICRON TECHNOLOGY INC	$563,000	–	10,743	–	0.06%	–
AMGN	New	AMGEN INC	$556,000	–	3,011	–	0.06%	–
CL	New	COLGATE PALMOLIVE CO	$531,000	–	8,200	–	0.05%	–
PFE	New	PFIZER INC	$509,000	–	14,016	–	0.05%	–
V	New	VISA INC	$503,000	–	3,800	–	0.05%	–
VZ	New	VERIZON COMMUNICATIONS INC	$488,000	–	9,698	–	0.05%	–
CRL	New	CHARLES RIV LABS INTL INC	$473,000	–	4,214	–	0.05%	–
HD	New	HOME DEPOT INC	$458,000	–	2,350	–	0.05%	–
UNP	New	UNION PAC CORP	$443,000	–	3,126	–	0.04%	–
DGX	New	QUEST DIAGNOSTICS INC	$445,000	–	4,050	–	0.04%	–
BA	New	BOEING CO	$403,000	–	1,200	–	0.04%	–
SYK	New	STRYKER CORP	$395,000	–	2,340	–	0.04%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$395,000	–	1,455	–	0.04%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$380,000	–	14,300	–	0.04%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$374,000	–	2,675	–	0.04%	–
BND	New	VANGUARD BD INDEX FD INCtotal bnd mrkt	$340,000	–	4,296	–	0.03%	–
BAC	New	BANK AMER CORP	$322,000	–	11,440	–	0.03%	–
DIS	New	DISNEY WALT CO	$314,000	–	2,996	–	0.03%	–
MCD	New	MCDONALDS CORP	$316,000	–	2,017	–	0.03%	–
WU	New	WESTERN UN CO	$305,000	–	15,000	–	0.03%	–
IVV	New	ISHARES TRcore s&p500 etf	$310,000	–	1,135	–	0.03%	–
CSX	New	CSX CORP	$287,000	–	4,500	–	0.03%	–
MRK	New	MERCK & CO INC	$290,000	–	4,774	–	0.03%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$277,000	–	9,997	–	0.03%	–
AXP	New	AMERICAN EXPRESS CO	$243,000	–	2,480	–	0.02%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$249,000	–	1,450	–	0.02%	–
T	New	AT&T INC	$234,000	–	7,283	–	0.02%	–
TRV	New	TRAVELERS COMPANIES INC	$236,000	–	1,930	–	0.02%	–
EMR	New	EMERSON ELEC CO	$228,000	–	3,300	–	0.02%	–
EGN	New	ENERGEN CORP	$212,000	–	2,913	–	0.02%	–
AGG	New	ISHARES TRcore us aggbd et	$212,000	–	1,994	–	0.02%	–
GE	New	GENERAL ELECTRIC CO	$210,000	–	15,463	–	0.02%	–
SCHX	New	SCHWAB STRATEGIC TRus lrg cap etf	$205,000	–	3,150	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
AXP	Exit	American Express Company	$0	–	-2,230	–	-0.02%	–
EMR	Exit	Emerson Electric Co	$0	–	-3,300	–	-0.02%	–
AMAT	Exit	Applied Materials Inc	$0	–	-4,010	–	-0.02%	–
GIS	Exit	General Mills Inc	$0	–	-4,370	–	-0.02%	–
	Exit	Travelers Group Inc	$0	–	-1,939	–	-0.03%	–
CSX	Exit	C S X CORP	$0	–	-4,800	–	-0.03%	–
EPD	Exit	Enterprise Prd Prtnrs Lp	$0	–	-9,997	–	-0.03%	–
BRKA	Exit	1/100 Berkshire Htwy Cla 100 S	$0	–	-100	–	-0.03%	–
T	Exit	A T & T Inc New	$0	–	-7,338	–	-0.03%	–
BA	Exit	Boeing Co	$0	–	-1,200	–	-0.03%	–
MCD	Exit	McDonalds Corp	$0	–	-1,917	–	-0.03%	–
DIS	Exit	Disney Walt Co	$0	–	-3,053	–	-0.03%	–
BAC	Exit	Bank Of America Corp	$0	–	-12,108	–	-0.03%	–
WU	Exit	Western Union Company	$0	–	-17,000	–	-0.04%	–
SYK	Exit	Stryker Corp	$0	–	-2,400	–	-0.04%	–
UNP	Exit	Union Pacific	$0	–	-3,080	–	-0.04%	–
DGX	Exit	Quest Diagnostic Inc	$0	–	-4,050	–	-0.04%	–
V	Exit	Visa Inc Cl A	$0	–	-3,888	–	-0.04%	–
MRK	Exit	Merck & Co Inc New	$0	–	-6,676	–	-0.05%	–
IBM	Exit	Intl Business Machines	$0	–	-3,039	–	-0.05%	–
HD	Exit	Home Depot Inc	$0	–	-2,741	–	-0.05%	–
CAG	Exit	Conagra Foods Inc	$0	–	-13,649	–	-0.05%	–
AMGN	Exit	Amgen Incorporated	$0	–	-2,780	–	-0.06%	–
COF	Exit	Capital One Financial Cp	$0	–	-6,199	–	-0.06%	–
PFE	Exit	Pfizer Incorporated	$0	–	-14,938	–	-0.06%	–
KO	Exit	Coca Cola Company	$0	–	-11,835	–	-0.06%	–
VZ	Exit	Verizon Communications	$0	–	-11,238	–	-0.06%	–
ROST	Exit	Ross Stores Inc	$0	–	-8,800	–	-0.06%	–
CDK	Exit	CDK Global Inc	$0	–	-9,167	–	-0.06%	–
BRKB	Exit	Berkshire Hathaway B New Class	$0	–	-3,336	–	-0.07%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-7,869	–	-0.07%	–
MU	Exit	Micron Technology Inc	$0	–	-16,518	–	-0.07%	–
CL	Exit	Colgate-Palmolive Co	$0	–	-9,295	–	-0.07%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-24,320	–	-0.07%	–
CHRW	Exit	CH Robinson Worldwd New	$0	–	-9,400	–	-0.08%	–
HON	Exit	Honeywell International	$0	–	-5,050	–	-0.08%	–
AWK	Exit	American Water Works Co	$0	–	-9,065	–	-0.08%	–
MSFT	Exit	Microsoft Corp	$0	–	-10,802	–	-0.09%	–
AYI	Exit	Acuity Brands Inc	$0	–	-4,690	–	-0.09%	–
RY	Exit	Royal Bk Cda Montreal	$0	–	-11,337	–	-0.10%	–
INTC	Exit	Intel Corp	$0	–	-25,127	–	-0.10%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-4,875	–	-0.10%	–
PNC	Exit	PNC Finl Services Gp Inc	$0	–	-7,166	–	-0.11%	–
AAPL	Exit	Apple Inc	$0	–	-6,362	–	-0.11%	–
ADS	Exit	Alliance Data Systems	$0	–	-4,650	–	-0.11%	–
ADP	Exit	Auto Data Processing	$0	–	-9,550	–	-0.11%	–
STI	Exit	Suntrust Banks Inc	$0	–	-23,017	–	-0.15%	–
PEP	Exit	Pepsico Incorporated	$0	–	-12,758	–	-0.16%	–
CNI	Exit	Canadian Natl Ry Co F	$0	–	-17,850	–	-0.16%	–
CVX	Exit	Chevron Corporation	$0	–	-14,814	–	-0.19%	–
ABT	Exit	Abbott Laboratories	$0	–	-33,851	–	-0.20%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-13,574	–	-0.22%	–
MMM	Exit	3M Company	$0	–	-9,678	–	-0.22%	–
GE	Exit	General Electric Company	$0	–	-83,757	–	-0.22%	–
AL	Exit	Air Lease Corporation	$0	–	-48,450	–	-0.23%	–
ABBV	Exit	Abbvie Inc	$0	–	-23,190	–	-0.23%	–
BCR	Exit	CR Bard Incorporated	$0	–	-6,750	–	-0.24%	–
PG	Exit	Procter & Gamble	$0	–	-24,267	–	-0.24%	–
UPS	Exit	United Parcel Service B Class	$0	–	-19,750	–	-0.26%	–
COST	Exit	Costco Whsl Corp New	$0	–	-15,385	–	-0.28%	–
JPM	Exit	JP Morgan Chase & Co	$0	–	-29,947	–	-0.31%	–
JNJ	Exit	Johnson & Johnson	$0	–	-29,170	–	-0.42%	–
UTX	Exit	United Technologies Corp	$0	–	-33,866	–	-0.43%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-51,140	–	-0.46%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-114,801	–	-0.69%	–
FAST	Exit	Fastenal Co	$0	–	-168,020	–	-0.84%	–
PNFP	Exit	Pinnacle Finl Partners Com	$0	–	-132,945	–	-0.97%	–
USB	Exit	U S Bancorp Del New	$0	–	-175,226	–	-1.03%	–
HDS	Exit	HD Supply Hldgs Inc Com	$0	–	-269,263	–	-1.06%	–
UGI	Exit	UGI Corp New Com	$0	–	-226,985	–	-1.16%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-66,405	–	-1.38%	–
COL	Exit	Rockwell Collins Inc	$0	–	-99,253	–	-1.42%	–
INFO	Exit	IHS Markit Ltd Shs	$0	–	-309,871	–	-1.50%	–
CHD	Exit	Church & Dwight Co Inc	$0	–	-308,889	–	-1.64%	–
GWB	Exit	Great Westn Bancorp In Com	$0	–	-370,608	–	-1.68%	–
MSM	Exit	MSC Indl Direct Inc Cl A	$0	–	-206,829	–	-1.71%	–
MIDD	Exit	Middleby Corp The	$0	–	-122,670	–	-1.72%	–
FTV	Exit	Fortive Corp Com	$0	–	-223,767	–	-1.73%	–
AJG	Exit	Arthur J Gallagher & Co	$0	–	-257,718	–	-1.74%	–
VRSK	Exit	Verisk Analytics Inc Cla Class	$0	–	-198,962	–	-1.81%	–
CBSH	Exit	Commerce Bank Inc	$0	–	-288,278	–	-1.82%	–
ECL	Exit	Ecolab Inc	$0	–	-132,890	–	-1.87%	–
RPM	Exit	RPM Inc	$0	–	-335,040	–	-1.88%	–
WAL	Exit	Western Alliance Banco Com	$0	–	-328,489	–	-1.91%	–
PNR	Exit	Pentair Ltd	$0	–	-260,087	–	-1.94%	–
WAB	Exit	Wabtec Corp Com	$0	–	-235,990	–	-1.96%	–
ARMK	Exit	Aramark Com	$0	–	-467,365	–	-2.08%	–
WAT	Exit	Waters Corp	$0	–	-111,274	–	-2.19%	–
MTB	Exit	M & T Bank Corporation	$0	–	-128,248	–	-2.26%	–
HSIC	Exit	Henry Schein Inc	$0	–	-262,626	–	-2.36%	–
SNA	Exit	Snap On Inc	$0	–	-153,860	–	-2.51%	–
XRAY	Exit	Dentsply Sirona Inc Com	$0	–	-397,006	–	-2.60%	–
LSTR	Exit	Landstar System Inc	$0	–	-238,440	–	-2.60%	–
TFX	Exit	Teleflex Incorporated	$0	–	-102,838	–	-2.72%	–
ROP	Exit	Roper Technologies Inc	$0	–	-103,646	–	-2.76%	–
XYL	Exit	Xylem Inc	$0	–	-440,486	–	-3.02%	–
VNTV	Exit	Vantiv Inc Class A	$0	–	-404,162	–	-3.12%	–
DCI	Exit	Donaldson Company Inc	$0	–	-661,487	–	-3.33%	–
ATR	Exit	Aptargroup Inc	$0	–	-372,910	–	-3.52%	–
DHR	Exit	Danaher Corp Del	$0	–	-377,285	–	-3.54%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-351,050	–	-3.59%	–
AME	Exit	Ametek Inc New	$0	–	-541,495	–	-3.92%	–
APH	Exit	Amphenol Corp Cl A	$0	–	-441,881	–	-4.10%	–
IEX	Exit	IDEX Corp	$0	–	-311,636	–	-4.14%	–
FISV	Exit	Fiserv Inc	$0	–	-346,323	–	-4.89%	–

Q3 2017

			Value		Shares		↓ Weighting
FISV	Sell	Fiserv Inc	$44,662,000	+3.6%	346,323	-1.7%	4.89%	+1.9%
IEX	Buy	IDEX Corp	$37,854,000	+7.6%	311,636	+0.1%	4.14%	+5.8%
APH	Buy	Amphenol Corp Cl A	$37,401,000	+14.9%	441,881	+0.2%	4.10%	+12.9%
AME	Sell	Ametek Inc New	$35,760,000	+8.7%	541,495	-0.3%	3.92%	+6.9%
FIS	Buy	Fidelity Natl Info Svcs	$32,785,000	+9.8%	351,050	+0.4%	3.59%	+7.9%
DHR	Buy	Danaher Corp Del	$32,364,000	+2.6%	377,285	+0.9%	3.54%	+0.8%
ATR	Sell	Aptargroup Inc	$32,186,000	-0.7%	372,910	-0.1%	3.52%	-2.4%
DCI	Buy	Donaldson Company Inc	$30,389,000	+1.9%	661,487	+1.0%	3.33%	+0.2%
VNTV	Buy	Vantiv Inc Class A	$28,481,000	+11.8%	404,162	+0.5%	3.12%	+9.9%
XYL	Buy	Xylem Inc	$27,588,000	+14.1%	440,486	+1.0%	3.02%	+12.1%
ROP	Sell	Roper Technologies Inc	$25,227,000	+4.9%	103,646	-0.2%	2.76%	+3.1%
TFX	Sell	Teleflex Incorporated	$24,884,000	+13.9%	102,838	-2.2%	2.72%	+12.0%
LSTR	Buy	Landstar System Inc	$23,761,000	+23.0%	238,440	+5.6%	2.60%	+20.9%
XRAY	Buy	Dentsply Sirona Inc Com	$23,745,000	-6.4%	397,006	+1.4%	2.60%	-8.0%
SNA	Buy	Snap On Inc	$22,927,000	+3.8%	153,860	+10.1%	2.51%	+2.0%
HSIC	Buy	Henry Schein Inc	$21,533,000	-9.8%	262,626	+101.3%	2.36%	-11.4%
MTB	Buy	M & T Bank Corporation	$20,653,000	-0.3%	128,248	+0.2%	2.26%	-2.0%
WAT	Buy	Waters Corp	$19,976,000	-1.8%	111,274	+0.6%	2.19%	-3.4%
ARMK	Buy	Aramark Com	$18,980,000	+1.8%	467,365	+2.7%	2.08%	+0.0%
WAB	Sell	Wabtec Corp Com	$17,876,000	-31.6%	235,990	-17.3%	1.96%	-32.7%
PNR	Buy	Pentair Ltd	$17,676,000	+29.1%	260,087	+26.3%	1.94%	+26.8%
WAL	Buy	Western Alliance Banco Com	$17,436,000	+31.3%	328,489	+21.7%	1.91%	+29.1%
RPM	Sell	RPM Inc	$17,201,000	-6.6%	335,040	-0.8%	1.88%	-8.2%
ECL	Sell	Ecolab Inc	$17,091,000	-12.7%	132,890	-9.9%	1.87%	-14.2%
CBSH	Buy	Commerce Bank Inc	$16,654,000	+6.5%	288,278	+4.8%	1.82%	+4.7%
VRSK	Buy	Verisk Analytics Inc Cla Class	$16,552,000	+61.1%	198,962	+63.4%	1.81%	+58.4%
AJG	Buy	Arthur J Gallagher & Co	$15,863,000	+14.3%	257,718	+6.4%	1.74%	+12.4%
FTV	Buy	Fortive Corp Com	$15,840,000	+13.6%	223,767	+1.7%	1.73%	+11.7%
MIDD	Buy	Middleby Corp The	$15,723,000	+7.2%	122,670	+1.6%	1.72%	+5.4%
MSM	Buy	MSC Indl Direct Inc Cl A	$15,630,000	-2.3%	206,829	+11.1%	1.71%	-4.0%
GWB	Buy	Great Westn Bancorp In Com	$15,299,000	+16.4%	370,608	+15.1%	1.68%	+14.5%
CHD	Buy	Church & Dwight Co Inc	$14,966,000	-5.0%	308,889	+1.8%	1.64%	-6.6%
INFO	Sell	IHS Markit Ltd Shs	$13,659,000	-2.0%	309,871	-2.1%	1.50%	-3.7%
COL	Sell	Rockwell Collins Inc	$12,973,000	-41.6%	99,253	-53.0%	1.42%	-42.6%
TMO	Sell	Thermo Fisher Scientific	$12,564,000	+5.5%	66,405	-2.7%	1.38%	+3.6%
UGI	Buy	UGI Corp New Com	$10,637,000	+224.6%	226,985	+235.3%	1.16%	+218.9%
HDS	Sell	HD Supply Hldgs Inc Com	$9,712,000	-6.6%	269,263	-20.7%	1.06%	-8.2%
USB	Sell	U S Bancorp Del New	$9,390,000	+2.8%	175,226	-0.4%	1.03%	+1.1%
PNFP	New	Pinnacle Finl Partners Com	$8,901,000	–	132,945	–	0.97%	–
FAST	Buy	Fastenal Co	$7,658,000	+4.8%	168,020	+0.1%	0.84%	+2.9%
WFC	Sell	Wells Fargo & Co New	$6,331,000	-6.9%	114,801	-6.4%	0.69%	-8.5%
UTX	Sell	United Technologies Corp	$3,931,000	-6.6%	33,866	-1.7%	0.43%	-8.3%
COST	Sell	Costco Whsl Corp New	$2,528,000	+2.1%	15,385	-0.6%	0.28%	+0.4%
GE	Sell	General Electric Company	$2,025,000	-15.3%	83,757	-5.4%	0.22%	-16.5%
ABT	Sell	Abbott Laboratories	$1,806,000	+9.1%	33,851	-0.6%	0.20%	+7.6%
CNI	Sell	Canadian Natl Ry Co F	$1,479,000	+1.1%	17,850	-1.1%	0.16%	-0.6%
PEP	Sell	Pepsico Incorporated	$1,422,000	-4.0%	12,758	-0.5%	0.16%	-5.5%
STI	Buy	Suntrust Banks Inc	$1,376,000	+261.2%	23,017	+242.7%	0.15%	+259.5%
ADP	Sell	Auto Data Processing	$1,044,000	-77.4%	9,550	-78.8%	0.11%	-77.9%
ADS	Buy	Alliance Data Systems	$1,030,000	-11.8%	4,650	+2.2%	0.11%	-13.1%
AAPL	Sell	Apple Inc	$980,000	+4.8%	6,362	-2.0%	0.11%	+2.9%
INTC	Sell	Intel Corp	$957,000	+10.9%	25,127	-1.8%	0.10%	+9.4%
MSFT	Sell	Microsoft Corp	$805,000	+5.4%	10,802	-2.5%	0.09%	+3.5%
AYI	Sell	Acuity Brands Inc	$803,000	-17.6%	4,690	-2.1%	0.09%	-18.5%
HON	Sell	Honeywell International	$716,000	+3.9%	5,050	-2.3%	0.08%	+1.3%
MU	Sell	Micron Technology Inc	$650,000	-24.4%	16,518	-42.6%	0.07%	-26.0%
WMT	Sell	Wal-Mart Stores Inc	$615,000	-13.3%	7,869	-16.0%	0.07%	-15.2%
CDK	Sell	CDK Global Inc	$578,000	+0.9%	9,167	-0.7%	0.06%	-1.6%
VZ	Sell	Verizon Communications	$556,000	+9.7%	11,238	-1.0%	0.06%	+8.9%
COF	Sell	Capital One Financial Cp	$525,000	-19.1%	6,199	-21.1%	0.06%	-20.8%
CAG	Sell	Conagra Foods Inc	$461,000	-16.8%	13,649	-11.9%	0.05%	-19.4%
HD	Sell	Home Depot Inc	$448,000	+4.7%	2,741	-1.8%	0.05%	+2.1%
AMAT	New	Applied Materials Inc	$209,000	–	4,010	–	0.02%	–
EMR	New	Emerson Electric Co	$207,000	–	3,300	–	0.02%	–
AXP	New	American Express Company	$202,000	–	2,230	–	0.02%	–
EFX	Exit	Equifax Inc	$0	–	-199,005	–	-3.05%	–

Q2 2017

			Value		Shares		↓ Weighting
FISV	New	Fiserv Inc	$43,095,000	–	352,258	–	4.80%	–
IEX	New	IDEX Corp	$35,180,000	–	311,296	–	3.92%	–
AME	New	Ametek Inc New	$32,896,000	–	543,100	–	3.66%	–
APH	New	Amphenol Corp Cl A	$32,555,000	–	441,009	–	3.63%	–
ATR	New	Aptargroup Inc	$32,427,000	–	373,320	–	3.61%	–
DHR	New	Danaher Corp Del	$31,551,000	–	373,870	–	3.51%	–
FIS	New	Fidelity Natl Info Svcs	$29,872,000	–	349,785	–	3.33%	–
DCI	New	Donaldson Company Inc	$29,829,000	–	655,007	–	3.32%	–
EFX	New	Equifax Inc	$27,347,000	–	199,005	–	3.05%	–
WAB	New	Wabtec Corp Com	$26,117,000	–	285,430	–	2.91%	–
VNTV	New	Vantiv Inc Class A	$25,467,000	–	402,062	–	2.84%	–
XRAY	New	Dentsply Sirona Inc Com	$25,378,000	–	391,391	–	2.83%	–
XYL	New	Xylem Inc	$24,183,000	–	436,281	–	2.69%	–
ROP	New	Roper Technologies Inc	$24,050,000	–	103,876	–	2.68%	–
HSIC	New	Henry Schein Inc	$23,882,000	–	130,488	–	2.66%	–
COL	New	Rockwell Collins Inc	$22,198,000	–	211,253	–	2.47%	–
SNA	New	Snap On Inc	$22,088,000	–	139,800	–	2.46%	–
TFX	New	Teleflex Incorporated	$21,841,000	–	105,128	–	2.43%	–
MTB	New	M & T Bank Corporation	$20,724,000	–	127,963	–	2.31%	–
WAT	New	Waters Corp	$20,337,000	–	110,624	–	2.26%	–
ECL	New	Ecolab Inc	$19,585,000	–	147,530	–	2.18%	–
LSTR	New	Landstar System Inc	$19,322,000	–	225,730	–	2.15%	–
ARMK	New	Aramark Com	$18,651,000	–	455,130	–	2.08%	–
RPM	New	RPM Inc	$18,419,000	–	337,660	–	2.05%	–
MSM	New	MSC Indl Direct Inc Cl A	$16,003,000	–	186,169	–	1.78%	–
CHD	New	Church & Dwight Co Inc	$15,748,000	–	303,554	–	1.75%	–
CBSH	New	Commerce Bank Inc	$15,635,000	–	275,123	–	1.74%	–
MIDD	New	Middleby Corp The	$14,666,000	–	120,695	–	1.63%	–
INFO	New	IHS Markit Ltd Shs	$13,944,000	–	316,631	–	1.55%	–
FTV	New	Fortive Corp Com	$13,943,000	–	220,102	–	1.55%	–
AJG	New	Arthur J Gallagher & Co	$13,873,000	–	242,323	–	1.54%	–
PNR	New	Pentair Ltd	$13,697,000	–	205,847	–	1.53%	–
WAL	New	Western Alliance Banco Com	$13,276,000	–	269,834	–	1.48%	–
GWB	New	Great Westn Bancorp In Com	$13,138,000	–	321,928	–	1.46%	–
TMO	New	Thermo Fisher Scientific	$11,913,000	–	68,280	–	1.33%	–
HDS	New	HD Supply Hldgs Inc Com	$10,396,000	–	339,413	–	1.16%	–
VRSK	New	Verisk Analytics Inc Cla Class	$10,274,000	–	121,777	–	1.14%	–
USB	New	U S Bancorp Del New	$9,134,000	–	175,926	–	1.02%	–
FAST	New	Fastenal Co	$7,307,000	–	167,870	–	0.81%	–
WFC	New	Wells Fargo & Co New	$6,797,000	–	122,662	–	0.76%	–
ADP	New	Auto Data Processing	$4,620,000	–	45,089	–	0.52%	–
UTX	New	United Technologies Corp	$4,209,000	–	34,466	–	0.47%	–
XOM	New	Exxon Mobil Corporation	$4,129,000	–	51,140	–	0.46%	–
JNJ	New	Johnson & Johnson	$3,859,000	–	29,170	–	0.43%	–
UGI	New	UGI Corp New Com	$3,277,000	–	67,700	–	0.36%	–
JPM	New	JP Morgan Chase & Co	$2,737,000	–	29,947	–	0.30%	–
COST	New	Costco Whsl Corp New	$2,475,000	–	15,475	–	0.28%	–
GE	New	General Electric Company	$2,392,000	–	88,542	–	0.27%	–
UPS	New	United Parcel Service B Class	$2,184,000	–	19,750	–	0.24%	–
BCR	New	CR Bard Incorporated	$2,134,000	–	6,750	–	0.24%	–
PG	New	Procter & Gamble	$2,115,000	–	24,267	–	0.24%	–
MMM	New	3M Company	$2,015,000	–	9,678	–	0.22%	–
ITW	New	Illinois Tool Works Inc	$1,944,000	–	13,574	–	0.22%	–
AL	New	Air Lease Corporation	$1,810,000	–	48,450	–	0.20%	–
ABBV	New	Abbvie Inc	$1,682,000	–	23,190	–	0.19%	–
ABT	New	Abbott Laboratories	$1,655,000	–	34,051	–	0.18%	–
CVX	New	Chevron Corporation	$1,546,000	–	14,814	–	0.17%	–
PEP	New	Pepsico Incorporated	$1,481,000	–	12,823	–	0.16%	–
CNI	New	Canadian Natl Ry Co F	$1,463,000	–	18,050	–	0.16%	–
ADS	New	Alliance Data Systems	$1,168,000	–	4,550	–	0.13%	–
AYI	New	Acuity Brands Inc	$974,000	–	4,790	–	0.11%	–
BDX	New	Becton Dickinson & Co	$951,000	–	4,875	–	0.11%	–
AAPL	New	Apple Inc	$935,000	–	6,491	–	0.10%	–
PNC	New	PNC Finl Services Gp Inc	$895,000	–	7,166	–	0.10%	–
INTC	New	Intel Corp	$863,000	–	25,586	–	0.10%	–
MU	New	Micron Technology Inc	$860,000	–	28,794	–	0.10%	–
RY	New	Royal Bk Cda Montreal	$822,000	–	11,337	–	0.09%	–
MSFT	New	Microsoft Corp	$764,000	–	11,077	–	0.08%	–
WMT	New	Wal-Mart Stores Inc	$709,000	–	9,369	–	0.08%	–
AWK	New	American Water Works Co	$707,000	–	9,065	–	0.08%	–
CL	New	Colgate-Palmolive Co	$689,000	–	9,295	–	0.08%	–
HON	New	Honeywell International	$689,000	–	5,170	–	0.08%	–
COF	New	Capital One Financial Cp	$649,000	–	7,860	–	0.07%	–
CHRW	New	CH Robinson Worldwd New	$646,000	–	9,400	–	0.07%	–
FITB	New	Fifth Third Bancorp	$631,000	–	24,320	–	0.07%	–
CDK	New	CDK Global Inc	$573,000	–	9,233	–	0.06%	–
BRKB	New	Berkshire Hathaway B New Class	$565,000	–	3,336	–	0.06%	–
CAG	New	Conagra Foods Inc	$554,000	–	15,499	–	0.06%	–
KO	New	Coca Cola Company	$531,000	–	11,835	–	0.06%	–
ROST	New	Ross Stores Inc	$508,000	–	8,800	–	0.06%	–
PFE	New	Pfizer Incorporated	$502,000	–	14,938	–	0.06%	–
VZ	New	Verizon Communications	$507,000	–	11,353	–	0.06%	–
AMGN	New	Amgen Incorporated	$479,000	–	2,780	–	0.05%	–
IBM	New	Intl Business Machines	$467,000	–	3,039	–	0.05%	–
DGX	New	Quest Diagnostic Inc	$450,000	–	4,050	–	0.05%	–
MRK	New	Merck & Co Inc New	$428,000	–	6,676	–	0.05%	–
HD	New	Home Depot Inc	$428,000	–	2,792	–	0.05%	–
STI	New	Suntrust Banks Inc	$381,000	–	6,717	–	0.04%	–
V	New	Visa Inc Cl A	$365,000	–	3,888	–	0.04%	–
UNP	New	Union Pacific	$335,000	–	3,080	–	0.04%	–
SYK	New	Stryker Corp	$333,000	–	2,400	–	0.04%	–
WU	New	Western Union Company	$324,000	–	17,000	–	0.04%	–
DIS	New	Disney Walt Co	$324,000	–	3,053	–	0.04%	–
MCD	New	McDonalds Corp	$294,000	–	1,917	–	0.03%	–
BAC	New	Bank Of America Corp	$294,000	–	12,108	–	0.03%	–
T	New	A T & T Inc New	$277,000	–	7,338	–	0.03%	–
EPD	New	Enterprise Prd Prtnrs Lp	$271,000	–	9,997	–	0.03%	–
CSX	New	C S X CORP	$262,000	–	4,800	–	0.03%	–
BRKA	New	1/100 Berkshire Htwy Cla 100 S	$255,000	–	100	–	0.03%	–
GIS	New	General Mills Inc	$242,000	–	4,370	–	0.03%	–
	New	Travelers Group Inc	$245,000	–	1,939	–	0.03%	–
BA	New	Boeing Co	$237,000	–	1,200	–	0.03%	–

Q4 2016

			Value		Shares		↓ Weighting
BAC	Exit	Bank Of America Corp	$0	–	-12,001	–	-0.02%	–
MDT	Exit	Medtronic Plc	$0	–	-2,504	–	-0.02%	–
BRKA	Exit	1/100 Berkshire Htwy Cla 100 S	$0	–	-100	–	-0.02%	–
	Exit	Travelers Group Inc	$0	–	-1,939	–	-0.02%	–
CNI	Exit	Canadian Natl Ry Co F	$0	–	-4,100	–	-0.03%	–
T	Exit	A T & T Inc New	$0	–	-6,888	–	-0.03%	–
GIS	Exit	General Mills Inc	$0	–	-4,370	–	-0.03%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-3,574	–	-0.03%	–
EMR	Exit	Emerson Electric Co	$0	–	-5,230	–	-0.03%	–
DIS	Exit	Disney Walt Co	$0	–	-3,053	–	-0.03%	–
EPD	Exit	Enterprise Prd Prtnrs Lp	$0	–	-10,681	–	-0.03%	–
UNP	Exit	Union Pacific	$0	–	-3,080	–	-0.03%	–
MCD	Exit	McDonalds Corp	$0	–	-2,719	–	-0.04%	–
V	Exit	Visa Inc Cl A	$0	–	-3,888	–	-0.04%	–
DGX	Exit	Quest Diagnostic Inc	$0	–	-4,050	–	-0.04%	–
HD	Exit	Home Depot Inc	$0	–	-2,642	–	-0.04%	–
MRK	Exit	Merck & Co Inc New	$0	–	-6,276	–	-0.04%	–
SYK	Exit	Stryker Corp	$0	–	-3,515	–	-0.05%	–
BRKB	Exit	Berkshire Hathaway B New Class	$0	–	-2,825	–	-0.05%	–
WU	Exit	Western Union Company	$0	–	-20,888	–	-0.05%	–
PFE	Exit	Pfizer Incorporated	$0	–	-14,513	–	-0.06%	–
AMGN	Exit	Amgen Incorporated	$0	–	-2,930	–	-0.06%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-24,320	–	-0.06%	–
MSFT	Exit	Microsoft Corp	$0	–	-9,252	–	-0.06%	–
CDK	Exit	CDK Global Inc	$0	–	-9,649	–	-0.06%	–
ROST	Exit	Ross Stores Inc	$0	–	-8,800	–	-0.06%	–
KO	Exit	Coca Cola Company	$0	–	-13,735	–	-0.06%	–
VZ	Exit	Verizon Communications	$0	–	-11,578	–	-0.07%	–
PNC	Exit	PNC Finl Services Gp Inc	$0	–	-6,716	–	-0.07%	–
HON	Exit	Honeywell International	$0	–	-5,747	–	-0.08%	–
CL	Exit	Colgate-Palmolive Co	$0	–	-9,295	–	-0.08%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-9,594	–	-0.08%	–
IBM	Exit	Intl Business Machines	$0	–	-4,403	–	-0.08%	–
RY	Exit	Royal Bk Cda Montreal	$0	–	-11,337	–	-0.08%	–
CHRW	Exit	CH Robinson Worldwd New	$0	–	-10,000	–	-0.08%	–
MU	Exit	Micron Technology Inc	$0	–	-41,791	–	-0.08%	–
AAPL	Exit	Apple Inc	$0	–	-6,669	–	-0.08%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-4,925	–	-0.10%	–
COF	Exit	Capital One Financial Cp	$0	–	-13,642	–	-0.11%	–
INTC	Exit	Intel Corp	$0	–	-28,013	–	-0.12%	–
ADS	Exit	Alliance Data Systems	$0	–	-5,350	–	-0.13%	–
PEP	Exit	Pepsico Incorporated	$0	–	-12,390	–	-0.15%	–
ABT	Exit	Abbott Laboratories	$0	–	-33,565	–	-0.16%	–
BCR	Exit	CR Bard Incorporated	$0	–	-6,750	–	-0.17%	–
CVX	Exit	Chevron Corporation	$0	–	-15,390	–	-0.18%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-13,774	–	-0.18%	–
MMM	Exit	3M Company	$0	–	-9,678	–	-0.19%	–
ABBV	Exit	Abbvie Inc	$0	–	-28,275	–	-0.20%	–
JPM	Exit	JP Morgan Chase & Co	$0	–	-29,520	–	-0.22%	–
PG	Exit	Procter & Gamble	$0	–	-24,542	–	-0.25%	–
COST	Exit	Costco Whsl Corp New	$0	–	-15,055	–	-0.26%	–
GE	Exit	General Electric Company	$0	–	-91,995	–	-0.30%	–
AJG	Exit	Gallagher Arthur J & C Com	$0	–	-57,550	–	-0.33%	–
AWK	Exit	American Water Works Co	$0	–	-39,515	–	-0.33%	–
ITT	Exit	ITT Inc Com	$0	–	-89,390	–	-0.36%	–
JNJ	Exit	Johnson & Johnson	$0	–	-30,845	–	-0.41%	–
UPS	Exit	United Parcel Service B Class	$0	–	-36,195	–	-0.44%	–
ADP	Exit	Auto Data Processing	$0	–	-48,914	–	-0.48%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-51,340	–	-0.50%	–
UTX	Exit	United Technologies Corp	$0	–	-46,229	–	-0.52%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-119,812	–	-0.59%	–
FAST	Exit	Fastenal Co	$0	–	-165,650	–	-0.77%	–
USB	Exit	U S Bancorp Del New	$0	–	-179,757	–	-0.86%	–
AYI	Exit	Acuity Brands Inc	$0	–	-30,140	–	-0.89%	–
AL	Exit	Air Lease Corporation	$0	–	-300,200	–	-0.96%	–
WAL	Exit	Western Alliance Banco Com	$0	–	-231,200	–	-0.97%	–
GWB	Exit	Great Westn Bancorp In Com	$0	–	-299,450	–	-1.12%	–
HDS	Exit	HD Supply Hldgs Inc Com	$0	–	-315,000	–	-1.12%	–
RHI	Exit	Robert Half Int'l Inc	$0	–	-268,650	–	-1.14%	–
FTV	Exit	Fortive Corp Com	$0	–	-203,337	–	-1.16%	–
CBSH	Exit	Commerce Bank Inc	$0	–	-232,748	–	-1.28%	–
PNR	Exit	Pentair Ltd	$0	–	-198,927	–	-1.43%	–
ARMK	Exit	Aramark Com	$0	–	-354,250	–	-1.50%	–
MSM	Exit	MSC Indl Direct Inc Cl A	$0	–	-209,954	–	-1.72%	–
INFO	Exit	IHS Markit Ltd Shs	$0	–	-429,716	–	-1.80%	–
CHD	Exit	Church & Dwight Co Inc	$0	–	-345,294	–	-1.85%	–
RPM	Exit	RPM Inc	$0	–	-308,000	–	-1.85%	–
XYL	Exit	Xylem Inc	$0	–	-321,846	–	-1.89%	–
LSTR	Exit	Landstar System Inc	$0	–	-249,385	–	-1.90%	–
COL	Exit	Rockwell Collins Inc	$0	–	-206,680	–	-1.95%	–
WAT	Exit	Waters Corp	$0	–	-109,974	–	-1.95%	–
MTB	Exit	M & T Bank Corporation	$0	–	-158,621	–	-2.06%	–
MIDD	Exit	Middleby Corp The	$0	–	-160,270	–	-2.21%	–
WAB	Exit	Wabtec Corp Com	$0	–	-270,910	–	-2.47%	–
ECL	Exit	Ecolab Inc	$0	–	-181,786	–	-2.47%	–
XRAY	Exit	Dentsply Sirona Inc Com	$0	–	-374,991	–	-2.49%	–
DCI	Exit	Donaldson Company Inc	$0	–	-618,926	–	-2.58%	–
TFX	Exit	Teleflex Incorporated	$0	–	-139,998	–	-2.63%	–
HSIC	Exit	Henry Schein Inc	$0	–	-146,968	–	-2.68%	–
ROP	Exit	Roper Technologies Inc	$0	–	-132,781	–	-2.71%	–
SNA	Exit	Snap On Inc	$0	–	-160,590	–	-2.73%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-159,965	–	-2.84%	–
VRSK	Exit	Verisk Analytics Inc Cla Class	$0	–	-319,696	–	-2.90%	–
AME	Exit	Ametek Inc New	$0	–	-581,082	–	-3.10%	–
ATR	Exit	Aptargroup Inc	$0	–	-365,205	–	-3.16%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-383,390	–	-3.30%	–
VNTV	Exit	Vantiv Inc Class A	$0	–	-538,487	–	-3.38%	–
DHR	Exit	Danaher Corp Del	$0	–	-390,733	–	-3.42%	–
IEX	Exit	IDEX Corp	$0	–	-358,008	–	-3.74%	–
EFX	Exit	Equifax Inc	$0	–	-255,840	–	-3.85%	–
APH	Exit	Amphenol Corp Cl A	$0	–	-537,759	–	-3.90%	–
FISV	Exit	Fiserv Inc	$0	–	-427,754	–	-4.75%	–

Q3 2016

			Value		Shares		↓ Weighting
FISV	Sell	Fiserv Inc	$42,549,000	-11.3%	427,754	-3.0%	4.75%	-13.8%
APH	Sell	Amphenol Corp Cl A	$34,911,000	+13.0%	537,759	-0.2%	3.90%	+9.9%
EFX	Sell	Equifax Inc	$34,431,000	+1.4%	255,840	-3.3%	3.85%	-1.5%
IEX	Sell	IDEX Corp	$33,499,000	+13.1%	358,008	-0.7%	3.74%	+10.0%
DHR	Buy	Danaher Corp Del	$30,630,000	-22.1%	390,733	+0.3%	3.42%	-24.3%
VNTV	Buy	Vantiv Inc Class A	$30,301,000	-0.5%	538,487	+0.1%	3.38%	-3.3%
FIS	Buy	Fidelity Natl Info Svcs	$29,533,000	+4.6%	383,390	+0.1%	3.30%	+1.7%
ATR	Sell	Aptargroup Inc	$28,271,000	-2.5%	365,205	-0.3%	3.16%	-5.2%
AME	Buy	Ametek Inc New	$27,764,000	+4.5%	581,082	+1.1%	3.10%	+1.6%
VRSK	Sell	Verisk Analytics Inc Cla Class	$25,985,000	+0.2%	319,696	-0.0%	2.90%	-2.6%
TMO	Sell	Thermo Fisher Scientific	$25,444,000	+1.3%	159,965	-5.9%	2.84%	-1.6%
SNA	Buy	Snap On Inc	$24,403,000	-2.5%	160,590	+1.3%	2.73%	-5.2%
ROP	Sell	Roper Technologies Inc	$24,229,000	+6.9%	132,781	-0.0%	2.71%	+3.9%
HSIC	Sell	Henry Schein Inc	$23,953,000	-8.7%	146,968	-0.9%	2.68%	-11.2%
TFX	Sell	Teleflex Incorporated	$23,527,000	-11.6%	139,998	-6.8%	2.63%	-14.1%
DCI	Buy	Donaldson Company Inc	$23,105,000	+9.1%	618,926	+0.5%	2.58%	+6.1%
XRAY	Buy	Dentsply Sirona Inc Com	$22,286,000	-0.0%	374,991	+4.4%	2.49%	-2.8%
ECL	Sell	Ecolab Inc	$22,127,000	+1.8%	181,786	-0.8%	2.47%	-1.0%
WAB	Buy	Wabtec Corp Com	$22,120,000	+26.6%	270,910	+8.9%	2.47%	+23.1%
MIDD	Sell	Middleby Corp The	$19,813,000	+2.4%	160,270	-4.5%	2.21%	-0.4%
MTB	Sell	M & T Bank Corporation	$18,416,000	-1.8%	158,621	-0.0%	2.06%	-4.6%
WAT	Sell	Waters Corp	$17,430,000	+11.1%	109,974	-1.4%	1.95%	+8.0%
LSTR	Buy	Landstar System Inc	$16,978,000	+5.6%	249,385	+6.5%	1.90%	+2.7%
XYL	Buy	Xylem Inc	$16,881,000	+42.6%	321,846	+21.4%	1.89%	+38.6%
CHD	Buy	Church & Dwight Co Inc	$16,546,000	-6.9%	345,294	+99.9%	1.85%	-9.5%
RPM	Sell	RPM Inc	$16,546,000	+7.4%	308,000	-0.1%	1.85%	+4.4%
INFO	New	IHS Markit Ltd Shs	$16,136,000	–	429,716	–	1.80%	–
MSM	Sell	MSC Indl Direct Inc Cl A	$15,413,000	+3.8%	209,954	-0.3%	1.72%	+0.9%
ARMK	Buy	Aramark Com	$13,472,000	+30.2%	354,250	+14.4%	1.50%	+26.6%
PNR	Buy	Pentair Ltd	$12,779,000	+10.9%	198,927	+0.6%	1.43%	+7.7%
CBSH	Sell	Commerce Bank Inc	$11,465,000	+2.6%	232,748	-0.2%	1.28%	-0.2%
FTV	New	Fortive Corp Com	$10,350,000	–	203,337	–	1.16%	–
RHI	Sell	Robert Half Int'l Inc	$10,171,000	-4.8%	268,650	-4.1%	1.14%	-7.5%
HDS	Buy	HD Supply Hldgs Inc Com	$10,074,000	-1.9%	315,000	+6.8%	1.12%	-4.7%
GWB	Buy	Great Westn Bancorp In Com	$9,978,000	+18.1%	299,450	+11.8%	1.12%	+14.8%
WAL	Buy	Western Alliance Banco Com	$8,679,000	+24.9%	231,200	+8.6%	0.97%	+21.3%
AL	Sell	Air Lease Corporation	$8,580,000	-1.0%	300,200	-7.2%	0.96%	-3.8%
USB	Buy	U S Bancorp Del New	$7,710,000	+6.8%	179,757	+0.4%	0.86%	+3.9%
FAST	Sell	Fastenal Co	$6,921,000	-21.3%	165,650	-16.4%	0.77%	-23.5%
WFC	Sell	Wells Fargo & Co New	$5,305,000	-7.9%	119,812	-1.5%	0.59%	-10.4%
UTX	Sell	United Technologies Corp	$4,697,000	-12.1%	46,229	-11.3%	0.52%	-14.5%
XOM	Sell	Exxon Mobil Corporation	$4,481,000	-8.1%	51,340	-1.3%	0.50%	-10.7%
ADP	Sell	Auto Data Processing	$4,314,000	-4.9%	48,914	-0.9%	0.48%	-7.5%
UPS	Sell	United Parcel Service B Class	$3,958,000	-0.4%	36,195	-1.8%	0.44%	-3.1%
JNJ	Sell	Johnson & Johnson	$3,644,000	-4.8%	30,845	-2.3%	0.41%	-7.5%
ITT	Sell	ITT Inc Com	$3,204,000	-22.6%	89,390	-31.0%	0.36%	-24.8%
AWK	Sell	American Water Works Co	$2,957,000	-12.3%	39,515	-1.0%	0.33%	-14.9%
AJG	New	Gallagher Arthur J & C Com	$2,928,000	–	57,550	–	0.33%	–
GE	Sell	General Electric Company	$2,725,000	-10.5%	91,995	-4.9%	0.30%	-13.1%
COST	Sell	Costco Whsl Corp New	$2,296,000	-4.0%	15,055	-1.1%	0.26%	-6.9%
PG	Sell	Procter & Gamble	$2,203,000	+5.2%	24,542	-0.8%	0.25%	+2.1%
JPM	Sell	JP Morgan Chase & Co	$1,966,000	+3.9%	29,520	-3.0%	0.22%	+1.4%
ABBV	Sell	Abbvie Inc	$1,783,000	+0.3%	28,275	-1.5%	0.20%	-2.5%
ITW	Sell	Illinois Tool Works Inc	$1,651,000	+10.8%	13,774	-3.7%	0.18%	+7.6%
CVX	Sell	Chevron Corporation	$1,584,000	-3.2%	15,390	-1.4%	0.18%	-5.9%
ABT	Sell	Abbott Laboratories	$1,419,000	+7.0%	33,565	-0.5%	0.16%	+4.6%
PEP	Sell	Pepsico Incorporated	$1,348,000	-7.9%	12,390	-10.3%	0.15%	-10.1%
ADS	Sell	Alliance Data Systems	$1,148,000	+2.8%	5,350	-6.1%	0.13%	0.0%
INTC	Sell	Intel Corp	$1,057,000	+5.4%	28,013	-8.4%	0.12%	+2.6%
COF	Sell	Capital One Financial Cp	$980,000	-11.2%	13,642	-21.5%	0.11%	-14.2%
BDX	Buy	Becton Dickinson & Co	$885,000	+8.2%	4,925	+2.1%	0.10%	+5.3%
AAPL	Sell	Apple Inc	$754,000	+14.4%	6,669	-3.3%	0.08%	+10.5%
MU	Sell	Micron Technology Inc	$743,000	+22.0%	41,791	-5.6%	0.08%	+18.6%
IBM	Sell	Intl Business Machines	$699,000	+4.0%	4,403	-0.6%	0.08%	+1.3%
WMT	Sell	Wal-Mart Stores Inc	$692,000	-12.3%	9,594	-11.2%	0.08%	-15.4%
HON	Sell	Honeywell International	$670,000	-3.5%	5,747	-3.7%	0.08%	-6.2%
PNC	Buy	PNC Finl Services Gp Inc	$605,000	+16.6%	6,716	+5.3%	0.07%	+13.3%
VZ	Sell	Verizon Communications	$602,000	-16.3%	11,578	-10.1%	0.07%	-19.3%
CDK	Sell	CDK Global Inc	$553,000	-14.1%	9,649	-16.9%	0.06%	-16.2%
MSFT	Sell	Microsoft Corp	$533,000	+8.8%	9,252	-3.3%	0.06%	+7.1%
PFE	Sell	Pfizer Incorporated	$492,000	-7.0%	14,513	-3.3%	0.06%	-9.8%
AMGN	Sell	Amgen Incorporated	$489,000	+4.7%	2,930	-4.6%	0.06%	+1.9%
WU	Sell	Western Union Company	$435,000	-12.5%	20,888	-19.3%	0.05%	-14.0%
BRKB	Sell	Berkshire Hathaway B New Class	$408,000	-5.3%	2,825	-5.0%	0.05%	-8.0%
SYK	Sell	Stryker Corp	$409,000	-13.5%	3,515	-11.0%	0.05%	-14.8%
DGX	Sell	Quest Diagnostic Inc	$343,000	+1.5%	4,050	-2.4%	0.04%	-2.6%
HD	Sell	Home Depot Inc	$340,000	-6.8%	2,642	-7.6%	0.04%	-9.5%
MCD	Sell	McDonalds Corp	$314,000	-18.4%	2,719	-15.0%	0.04%	-20.5%
DIS	Sell	Disney Walt Co	$284,000	-6.6%	3,053	-1.7%	0.03%	-8.6%
T	Sell	A T & T Inc New	$280,000	-20.0%	6,888	-14.9%	0.03%	-22.5%
BAC	Sell	Bank Of America Corp	$188,000	+17.5%	12,001	-0.6%	0.02%	+16.7%
IHS	Exit	IHS Inc	$0	–	-120,805	–	-1.60%	–

Q2 2016

			Value		Shares		↓ Weighting
FISV	New	Fiserv Inc	$47,968,000	–	441,169	–	5.51%	–
DHR	New	Danaher Corp Del	$39,336,000	–	389,466	–	4.52%	–
EFX	New	Equifax Inc	$33,963,000	–	264,508	–	3.90%	–
APH	New	Amphenol Corp Cl A	$30,888,000	–	538,782	–	3.55%	–
VNTV	New	Vantiv Inc Class A	$30,459,000	–	538,149	–	3.50%	–
IEX	New	IDEX Corp	$29,606,000	–	360,613	–	3.40%	–
ATR	New	Aptargroup Inc	$28,982,000	–	366,255	–	3.33%	–
FIS	New	Fidelity Natl Info Svcs	$28,231,000	–	383,163	–	3.24%	–
TFX	New	Teleflex Incorporated	$26,623,000	–	150,148	–	3.06%	–
AME	New	Ametek Inc New	$26,564,000	–	574,600	–	3.05%	–
HSIC	New	Henry Schein Inc	$26,227,000	–	148,345	–	3.01%	–
VRSK	New	Verisk Analytics Inc Cla Class	$25,925,000	–	319,746	–	2.98%	–
TMO	New	Thermo Fisher Scientific	$25,129,000	–	170,063	–	2.89%	–
SNA	New	Snap On Inc	$25,017,000	–	158,515	–	2.88%	–
ROP	New	Roper Technologies Inc	$22,656,000	–	132,834	–	2.60%	–
XRAY	New	Dentsply Sirona Inc Com	$22,287,000	–	359,241	–	2.56%	–
ECL	New	Ecolab Inc	$21,729,000	–	183,216	–	2.50%	–
DCI	New	Donaldson Company Inc	$21,171,000	–	616,146	–	2.43%	–
MIDD	New	Middleby Corp The	$19,341,000	–	167,820	–	2.22%	–
MTB	New	M & T Bank Corporation	$18,762,000	–	158,688	–	2.16%	–
CHD	New	Church & Dwight Co Inc	$17,774,000	–	172,747	–	2.04%	–
COL	New	Rockwell Collins Inc	$17,597,000	–	206,680	–	2.02%	–
WAB	New	Wabtec Corp Com	$17,467,000	–	248,710	–	2.01%	–
LSTR	New	Landstar System Inc	$16,079,000	–	234,185	–	1.85%	–
WAT	New	Waters Corp	$15,690,000	–	111,550	–	1.80%	–
RPM	New	RPM Inc	$15,400,000	–	308,300	–	1.77%	–
MSM	New	MSC Indl Direct Inc Cl A	$14,854,000	–	210,519	–	1.71%	–
IHS	New	IHS Inc	$13,966,000	–	120,805	–	1.60%	–
XYL	New	Xylem Inc	$11,841,000	–	265,196	–	1.36%	–
PNR	New	Pentair Ltd	$11,527,000	–	197,760	–	1.32%	–
CBSH	New	Commerce Bank Inc	$11,173,000	–	233,250	–	1.28%	–
RHI	New	Robert Half Int'l Inc	$10,689,000	–	280,100	–	1.23%	–
ARMK	New	Aramark Com	$10,345,000	–	309,550	–	1.19%	–
HDS	New	HD Supply Hldgs Inc Com	$10,272,000	–	295,000	–	1.18%	–
FAST	New	Fastenal Co	$8,791,000	–	198,050	–	1.01%	–
AL	New	Air Lease Corporation	$8,665,000	–	323,570	–	1.00%	–
GWB	New	Great Westn Bancorp In Com	$8,450,000	–	267,900	–	0.97%	–
AYI	New	Acuity Brands Inc	$7,474,000	–	30,140	–	0.86%	–
USB	New	U S Bancorp Del New	$7,217,000	–	178,957	–	0.83%	–
WAL	New	Western Alliance Banco Com	$6,948,000	–	212,800	–	0.80%	–
WFC	New	Wells Fargo & Co New	$5,757,000	–	121,645	–	0.66%	–
UTX	New	United Technologies Corp	$5,343,000	–	52,103	–	0.61%	–
XOM	New	Exxon Mobil Corporation	$4,878,000	–	52,040	–	0.56%	–
ADP	New	Auto Data Processing	$4,535,000	–	49,364	–	0.52%	–
ITT	New	ITT Inc Com	$4,141,000	–	129,475	–	0.48%	–
UPS	New	United Parcel Service B Class	$3,972,000	–	36,875	–	0.46%	–
JNJ	New	Johnson & Johnson	$3,828,000	–	31,560	–	0.44%	–
AWK	New	American Water Works Co	$3,372,000	–	39,900	–	0.39%	–
GE	New	General Electric Company	$3,046,000	–	96,760	–	0.35%	–
COST	New	Costco Whsl Corp New	$2,392,000	–	15,230	–	0.28%	–
PG	New	Procter & Gamble	$2,095,000	–	24,742	–	0.24%	–
JPM	New	JP Morgan Chase & Co	$1,892,000	–	30,445	–	0.22%	–
ABBV	New	Abbvie Inc	$1,777,000	–	28,695	–	0.20%	–
MMM	New	3M Company	$1,695,000	–	9,678	–	0.20%	–
CVX	New	Chevron Corporation	$1,637,000	–	15,615	–	0.19%	–
BCR	New	CR Bard Incorporated	$1,587,000	–	6,750	–	0.18%	–
ITW	New	Illinois Tool Works Inc	$1,490,000	–	14,309	–	0.17%	–
PEP	New	Pepsico Incorporated	$1,464,000	–	13,815	–	0.17%	–
ABT	New	Abbott Laboratories	$1,326,000	–	33,735	–	0.15%	–
ADS	New	Alliance Data Systems	$1,117,000	–	5,700	–	0.13%	–
COF	New	Capital One Financial Cp	$1,103,000	–	17,371	–	0.13%	–
INTC	New	Intel Corp	$1,003,000	–	30,572	–	0.12%	–
BDX	New	Becton Dickinson & Co	$818,000	–	4,825	–	0.09%	–
WMT	New	Wal-Mart Stores Inc	$789,000	–	10,802	–	0.09%	–
CHRW	New	CH Robinson Worldwd New	$742,000	–	10,000	–	0.08%	–
VZ	New	Verizon Communications	$719,000	–	12,876	–	0.08%	–
HON	New	Honeywell International	$694,000	–	5,967	–	0.08%	–
CL	New	Colgate-Palmolive Co	$680,000	–	9,295	–	0.08%	–
IBM	New	Intl Business Machines	$672,000	–	4,429	–	0.08%	–
RY	New	Royal Bk Cda Montreal	$670,000	–	11,337	–	0.08%	–
AAPL	New	Apple Inc	$659,000	–	6,894	–	0.08%	–
CDK	New	CDK Global Inc	$644,000	–	11,614	–	0.07%	–
KO	New	Coca Cola Company	$623,000	–	13,735	–	0.07%	–
MU	New	Micron Technology Inc	$609,000	–	44,265	–	0.07%	–
PFE	New	Pfizer Incorporated	$529,000	–	15,013	–	0.06%	–
PNC	New	PNC Finl Services Gp Inc	$519,000	–	6,376	–	0.06%	–
WU	New	Western Union Company	$497,000	–	25,888	–	0.06%	–
ROST	New	Ross Stores Inc	$499,000	–	8,800	–	0.06%	–
MSFT	New	Microsoft Corp	$490,000	–	9,567	–	0.06%	–
AMGN	New	Amgen Incorporated	$467,000	–	3,072	–	0.05%	–
SYK	New	Stryker Corp	$473,000	–	3,950	–	0.05%	–
BRKB	New	Berkshire Hathaway B New Class	$431,000	–	2,975	–	0.05%	–
FITB	New	Fifth Third Bancorp	$428,000	–	24,320	–	0.05%	–
MCD	New	McDonalds Corp	$385,000	–	3,199	–	0.04%	–
HD	New	Home Depot Inc	$365,000	–	2,859	–	0.04%	–
MRK	New	Merck & Co Inc New	$362,000	–	6,276	–	0.04%	–
T	New	A T & T Inc New	$350,000	–	8,092	–	0.04%	–
DGX	New	Quest Diagnostic Inc	$338,000	–	4,150	–	0.04%	–
EPD	New	Enterprise Prd Prtnrs Lp	$313,000	–	10,681	–	0.04%	–
GIS	New	General Mills Inc	$312,000	–	4,370	–	0.04%	–
DIS	New	Disney Walt Co	$304,000	–	3,107	–	0.04%	–
GILD	New	Gilead Sciences Inc	$298,000	–	3,574	–	0.03%	–
V	New	Visa Inc Cl A	$288,000	–	3,888	–	0.03%	–
EMR	New	Emerson Electric Co	$273,000	–	5,230	–	0.03%	–
UNP	New	Union Pacific	$269,000	–	3,080	–	0.03%	–
CNI	New	Canadian Natl Ry Co F	$242,000	–	4,100	–	0.03%	–
	New	Travelers Group Inc	$231,000	–	1,939	–	0.03%	–
MDT	New	Medtronic Plc	$217,000	–	2,504	–	0.02%	–
BRKA	New	1/100 Berkshire Htwy Cla 100 S	$217,000	–	100	–	0.02%	–
BAC	New	Bank Of America Corp	$160,000	–	12,079	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
IMDC	Exit	In Media Corp Com	$0	–	-10,000	–	0.00%	–
	Exit	360 Powered Corporation	$0	–	-25,000	–	0.00%	–
CNI	Exit	Canadian Natl Ry Co F	$0	–	-3,600	–	-0.02%	–
SRCL	Exit	Stericycle Inc	$0	–	-1,500	–	-0.03%	–
ORCL	Exit	Oracle Corporation	$0	–	-5,834	–	-0.03%	–
GIS	Exit	General Mills Inc	$0	–	-3,870	–	-0.03%	–
UNP	Exit	Union Pacific	$0	–	-2,580	–	-0.03%	–
V	Exit	Visa Inc Cl A	$0	–	-3,228	–	-0.03%	–
SLB	Exit	Schlumberger Ltd F	$0	–	-3,359	–	-0.03%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-2,500	–	-0.03%	–
JWN	Exit	Nordstrom Inc	$0	–	-3,600	–	-0.03%	–
SYK	Exit	Stryker Corp	$0	–	-2,860	–	-0.03%	–
EPD	Exit	Enterprise Prd Prtnrs Lp	$0	–	-10,681	–	-0.03%	–
BA	Exit	Boeing Co	$0	–	-2,129	–	-0.04%	–
TXN	Exit	Texas Instruments Inc	$0	–	-5,800	–	-0.04%	–
MCD	Exit	McDonalds Corp	$0	–	-2,947	–	-0.04%	–
MRK	Exit	Merck & Co Inc New	$0	–	-6,076	–	-0.04%	–
T	Exit	A T & T Inc New	$0	–	-9,370	–	-0.04%	–
AMGN	Exit	Amgen Incorporated	$0	–	-2,481	–	-0.04%	–
DIS	Exit	Disney Walt Co	$0	–	-3,353	–	-0.04%	–
BAC	Exit	Bank Of America Corp	$0	–	-24,109	–	-0.05%	–
BRKA	Exit	1/100 Berkshire Htwy Cla 100 S	$0	–	-200	–	-0.05%	–
ROST	Exit	Ross Stores Inc	$0	–	-8,800	–	-0.05%	–
DGX	Exit	Quest Diagnostic Inc	$0	–	-6,950	–	-0.05%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-24,320	–	-0.06%	–
WU	Exit	Western Union Company	$0	–	-26,688	–	-0.06%	–
BRKB	Exit	Berkshire Hathaway B New Class	$0	–	-3,930	–	-0.06%	–
VZ	Exit	Verizon Communications	$0	–	-12,096	–	-0.06%	–
KO	Exit	Coca Cola Company	$0	–	-13,735	–	-0.07%	–
HD	Exit	Home Depot Inc	$0	–	-4,930	–	-0.07%	–
PNC	Exit	PNC Finl Services Gp Inc	$0	–	-6,576	–	-0.07%	–
MSFT	Exit	Microsoft Corp	$0	–	-13,867	–	-0.08%	–
MU	Exit	Micron Technology Inc	$0	–	-43,315	–	-0.08%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-5,170	–	-0.08%	–
CDK	Exit	CDK Global Inc	$0	–	-14,369	–	-0.08%	–
CL	Exit	Colgate-Palmolive Co	$0	–	-11,445	–	-0.09%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-11,169	–	-0.09%	–
PFE	Exit	Pfizer Incorporated	$0	–	-23,874	–	-0.09%	–
AAPL	Exit	Apple Inc	$0	–	-7,741	–	-0.11%	–
INTC	Exit	Intel Corp	$0	–	-38,094	–	-0.14%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-15,409	–	-0.16%	–
SLH	Exit	Solera Holdings Llc	$0	–	-25,000	–	-0.17%	–
PEP	Exit	Pepsico Incorporated	$0	–	-14,500	–	-0.17%	–
HON	Exit	Honeywell International	$0	–	-15,012	–	-0.18%	–
MMM	Exit	3M Company	$0	–	-10,878	–	-0.19%	–
COF	Exit	Capital One Financial Cp	$0	–	-22,817	–	-0.20%	–
ABT	Exit	Abbott Laboratories	$0	–	-44,517	–	-0.22%	–
IBM	Exit	Intl Business Machines	$0	–	-12,620	–	-0.23%	–
BCR	Exit	CR Bard Incorporated	$0	–	-9,950	–	-0.23%	–
AWK	Exit	American Water Works Co	$0	–	-35,375	–	-0.24%	–
PG	Exit	Procter & Gamble	$0	–	-28,317	–	-0.25%	–
ABBV	Exit	Abbvie Inc	$0	–	-39,345	–	-0.27%	–
CVX	Exit	Chevron Corporation	$0	–	-32,700	–	-0.32%	–
JPM	Exit	JP Morgan Chase & Co	$0	–	-46,735	–	-0.35%	–
GE	Exit	General Electric Company	$0	–	-118,414	–	-0.37%	–
HDS	Exit	Hd Supply Hldgs Inc Com	$0	–	-116,300	–	-0.41%	–
XYL	Exit	Xylem Inc	$0	–	-105,881	–	-0.43%	–
JNJ	Exit	Johnson & Johnson	$0	–	-37,558	–	-0.44%	–
UPS	Exit	United Parcel Service B Class	$0	–	-39,050	–	-0.48%	–
COST	Exit	Costco Whsl Corp New	$0	–	-27,940	–	-0.50%	–
CHRW	Exit	CH Robinson Worldwd New	$0	–	-60,500	–	-0.51%	–
ITT	Exit	I T T Corporation New	$0	–	-124,775	–	-0.52%	–
GWB	Exit	Great Westn Bancorp In Com	$0	–	-166,400	–	-0.52%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-57,284	–	-0.53%	–
ADP	Exit	Auto Data Processing	$0	–	-54,739	–	-0.55%	–
UTX	Exit	United Technologies Corp	$0	–	-63,299	–	-0.70%	–
AYI	Exit	Acuity Brands Inc	$0	–	-32,695	–	-0.71%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-128,160	–	-0.82%	–
VAR	Exit	Varian Medical Systems	$0	–	-96,800	–	-0.89%	–
FAST	Exit	Fastenal Co	$0	–	-212,525	–	-0.97%	–
USB	Exit	U S Bancorp Del New	$0	–	-203,769	–	-1.04%	–
CYN	Exit	City National Corp	$0	–	-102,450	–	-1.12%	–
CBSH	Exit	Commerce Bank Inc	$0	–	-206,788	–	-1.17%	–
AL	Exit	Air Lease Corporation	$0	–	-331,495	–	-1.27%	–
RPM	Exit	RPM Inc	$0	–	-265,845	–	-1.38%	–
PNR	Exit	Pentair Ltd	$0	–	-227,916	–	-1.44%	–
RHI	Exit	Robert Half Int'l Inc	$0	–	-229,445	–	-1.46%	–
MSM	Exit	MSC Indl Direct Inc Cl A	$0	–	-215,444	–	-1.63%	–
WAT	Exit	Waters Corp	$0	–	-113,855	–	-1.67%	–
IHS	Exit	IHS Inc	$0	–	-125,135	–	-1.80%	–
LSTR	Exit	Landstar System Inc	$0	–	-229,590	–	-1.81%	–
CHD	Exit	Church & Dwight Co Inc	$0	–	-174,872	–	-1.82%	–
WAB	Exit	Wabtec Corp Com	$0	–	-168,410	–	-1.84%	–
XRAY	Exit	Dentsply Intl Inc	$0	–	-324,989	–	-2.04%	–
COL	Exit	Rockwell Collins Inc	$0	–	-211,180	–	-2.14%	–
DCI	Exit	Donaldson Company Inc	$0	–	-640,706	–	-2.23%	–
TFX	Exit	Teleflex Incorporated	$0	–	-146,118	–	-2.25%	–
MIDD	Exit	Middleby Corp The	$0	–	-177,515	–	-2.32%	–
MTB	Exit	M & T Bank Corporation	$0	–	-158,523	–	-2.40%	–
ADS	Exit	Alliance Data Systems	$0	–	-79,111	–	-2.54%	–
ECL	Exit	Ecolab Inc	$0	–	-190,821	–	-2.60%	–
HSIC	Exit	Henry Schein Inc	$0	–	-158,855	–	-2.62%	–
ROP	Exit	Roper Technologies Inc	$0	–	-136,714	–	-2.66%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-178,733	–	-2.71%	–
VRSK	Exit	Verisk Analytics Inc Cla Class	$0	–	-325,446	–	-2.99%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-363,945	–	-3.03%	–
SNA	Exit	Snap On Inc	$0	–	-162,270	–	-3.04%	–
ATR	Exit	Aptargroup Inc	$0	–	-376,055	–	-3.08%	–
VNTV	Exit	Vantiv Inc Class A	$0	–	-555,220	–	-3.10%	–
IEX	Exit	IDEX Corp	$0	–	-373,336	–	-3.30%	–
EFX	Exit	Equifax Inc	$0	–	-285,933	–	-3.45%	–
APH	Exit	Amphenol Corp Cl A	$0	–	-549,362	–	-3.48%	–
AME	Exit	Ametek Inc New	$0	–	-599,723	–	-3.90%	–
DHR	Exit	Danaher Corp Del	$0	–	-419,292	–	-4.44%	–
FISV	Exit	Fiserv Inc	$0	–	-523,389	–	-5.63%	–

Q3 2015

			Value		Shares		↓ Weighting
FISV	Sell	Fiserv Inc	$45,331,000	+2.2%	523,389	-2.2%	5.63%	+9.5%
DHR	Sell	Danaher Corp Del	$35,728,000	-1.2%	419,292	-0.8%	4.44%	+5.8%
AME	Sell	Ametek Inc New	$31,378,000	-5.2%	599,723	-0.8%	3.90%	+1.5%
APH	Buy	Amphenol Corp Cl A	$27,995,000	-12.0%	549,362	+0.1%	3.48%	-5.7%
EFX	Sell	Equifax Inc	$27,787,000	-0.6%	285,933	-0.7%	3.45%	+6.5%
IEX	Sell	IDEX Corp	$26,619,000	-9.8%	373,336	-0.6%	3.30%	-3.4%
VNTV	Sell	Vantiv Inc Class A	$24,940,000	+17.3%	555,220	-0.3%	3.10%	+25.6%
ATR	Buy	Aptargroup Inc	$24,805,000	+3.6%	376,055	+0.1%	3.08%	+10.9%
SNA	Sell	Snap On Inc	$24,493,000	-5.6%	162,270	-0.4%	3.04%	+1.1%
FIS	Sell	Fidelity Natl Info Svcs	$24,413,000	+8.4%	363,945	-0.1%	3.03%	+16.0%
VRSK	Sell	Verisk Analytics Inc Cla Class	$24,054,000	+1.0%	325,446	-0.5%	2.99%	+8.2%
TMO	Sell	Thermo Fisher Scientific	$21,855,000	-6.4%	178,733	-0.7%	2.71%	+0.2%
ROP	Sell	Roper Technologies Inc	$21,423,000	-9.6%	136,714	-0.5%	2.66%	-3.2%
HSIC	Sell	Henry Schein Inc	$21,083,000	-8.2%	158,855	-1.7%	2.62%	-1.7%
ECL	Sell	Ecolab Inc	$20,937,000	-3.6%	190,821	-0.7%	2.60%	+3.2%
ADS	Sell	Alliance Data Systems	$20,488,000	-27.6%	79,111	-18.4%	2.54%	-22.5%
MTB	Buy	M & T Bank Corporation	$19,332,000	-1.6%	158,523	+0.8%	2.40%	+5.4%
MIDD	Sell	Middleby Corp The	$18,673,000	-9.1%	177,515	-3.1%	2.32%	-2.7%
TFX	Buy	Teleflex Incorporated	$18,149,000	-7.8%	146,118	+0.5%	2.25%	-1.3%
DCI	Sell	Donaldson Company Inc	$17,991,000	-22.8%	640,706	-1.6%	2.23%	-17.4%
COL	Buy	Rockwell Collins Inc	$17,283,000	-7.3%	211,180	+4.6%	2.14%	-0.7%
XRAY	Buy	Dentsply Intl Inc	$16,435,000	+6.5%	324,989	+8.5%	2.04%	+14.0%
WAB	Buy	Wabtec Corp Com	$14,829,000	-0.7%	168,410	+6.2%	1.84%	+6.3%
CHD	Buy	Church & Dwight Co Inc	$14,672,000	+3.5%	174,872	+0.0%	1.82%	+10.8%
LSTR	Sell	Landstar System Inc	$14,572,000	-5.8%	229,590	-0.8%	1.81%	+0.9%
IHS	Sell	IHS Inc	$14,516,000	-11.4%	125,135	-1.7%	1.80%	-5.1%
WAT	Sell	Waters Corp	$13,459,000	-8.7%	113,855	-0.9%	1.67%	-2.2%
MSM	Sell	MSC Indl Direct Inc Cl A	$13,149,000	-13.5%	215,444	-1.1%	1.63%	-7.4%
RHI	Buy	Robert Half Int'l Inc	$11,738,000	-2.3%	229,445	+5.9%	1.46%	+4.6%
PNR	Sell	Pentair Ltd	$11,633,000	-34.7%	227,916	-12.1%	1.44%	-30.1%
RPM	Buy	RPM Inc	$11,136,000	+23.4%	265,845	+44.3%	1.38%	+32.1%
AL	Sell	Air Lease Corporation	$10,250,000	-9.0%	331,495	-0.2%	1.27%	-2.5%
CBSH	Buy	Commerce Bank Inc	$9,421,000	+20.8%	206,788	+24.1%	1.17%	+29.3%
CYN	Sell	City National Corp	$9,022,000	-40.7%	102,450	-39.1%	1.12%	-36.5%
USB	Sell	U S Bancorp Del New	$8,357,000	-5.8%	203,769	-0.3%	1.04%	+0.9%
FAST	Sell	Fastenal Co	$7,781,000	-38.9%	212,525	-29.6%	0.97%	-34.5%
WFC	Buy	Wells Fargo & Co New	$6,581,000	-8.2%	128,160	+0.5%	0.82%	-1.7%
AYI	Sell	Acuity Brands Inc	$5,741,000	-2.6%	32,695	-0.2%	0.71%	+4.4%
UTX	Sell	United Technologies Corp	$5,633,000	-21.5%	63,299	-2.1%	0.70%	-15.9%
ADP	Buy	Auto Data Processing	$4,399,000	+9.3%	54,739	+9.2%	0.55%	+17.2%
XOM	Buy	Exxon Mobil Corporation	$4,259,000	-9.4%	57,284	+1.4%	0.53%	-2.9%
GWB	New	Great Westn Bancorp In Com	$4,222,000	–	166,400	–	0.52%	–
ITT	Buy	I T T Corporation New	$4,171,000	-13.3%	124,775	+8.5%	0.52%	-7.2%
CHRW	Sell	CH Robinson Worldwd New	$4,101,000	-20.4%	60,500	-26.7%	0.51%	-14.7%
COST	Sell	Costco Whsl Corp New	$4,039,000	+2.6%	27,940	-4.1%	0.50%	+9.9%
UPS	Sell	United Parcel Service B Class	$3,854,000	+0.4%	39,050	-1.4%	0.48%	+7.4%
JNJ	Sell	Johnson & Johnson	$3,506,000	-4.7%	37,558	-0.5%	0.44%	+1.9%
XYL	Buy	Xylem Inc	$3,478,000	+42.6%	105,881	+61.0%	0.43%	+52.7%
HDS	New	Hd Supply Hldgs Inc Com	$3,329,000	–	116,300	–	0.41%	–
GE	Sell	General Electric Company	$2,986,000	-11.5%	118,414	-6.7%	0.37%	-5.1%
JPM	Sell	JP Morgan Chase & Co	$2,849,000	-10.3%	46,735	-0.3%	0.35%	-3.8%
CVX	Sell	Chevron Corporation	$2,579,000	-19.6%	32,700	-1.7%	0.32%	-14.0%
PG	Sell	Procter & Gamble	$2,037,000	-9.5%	28,317	-1.6%	0.25%	-3.1%
IBM	Buy	Intl Business Machines	$1,830,000	-10.2%	12,620	+0.8%	0.23%	-3.8%
COF	Sell	Capital One Financial Cp	$1,655,000	-20.2%	22,817	-3.2%	0.20%	-14.6%
HON	Sell	Honeywell International	$1,421,000	-13.4%	15,012	-6.7%	0.18%	-7.4%
SLH	Sell	Solera Holdings Llc	$1,350,000	-84.2%	25,000	-86.9%	0.17%	-83.0%
INTC	Sell	Intel Corp	$1,148,000	-3.9%	38,094	-3.1%	0.14%	+2.2%
CL	Sell	Colgate-Palmolive Co	$726,000	-7.9%	11,445	-5.0%	0.09%	-1.1%
WMT	Sell	Wal-Mart Stores Inc	$724,000	-11.8%	11,169	-3.5%	0.09%	-5.3%
CDK	Sell	CDK Global Inc	$687,000	-12.7%	14,369	-1.5%	0.08%	-6.6%
MU	Buy	Micron Technology Inc	$649,000	-19.8%	43,315	+0.9%	0.08%	-13.8%
PNC	Buy	PNC Finl Services Gp Inc	$587,000	-0.7%	6,576	+6.5%	0.07%	+7.4%
BAC	Sell	Bank Of America Corp	$376,000	-15.9%	24,109	-8.2%	0.05%	-9.6%
DIS	Buy	Disney Walt Co	$343,000	-7.5%	3,353	+3.1%	0.04%	0.0%
T	Buy	A T & T Inc New	$305,000	+9.3%	9,370	+19.3%	0.04%	+18.8%
ORCL	Sell	Oracle Corporation	$211,000	-25.4%	5,834	-17.1%	0.03%	-21.2%
CSCO	Exit	Cisco Systems Inc	$0	–	-7,310	–	-0.02%	–
SEE	Exit	Sealed Air Corp New	$0	–	-4,050	–	-0.02%	–
BP	Exit	BP Plc Adr F Sponsored Adr 1 A	$0	–	-5,235	–	-0.02%	–
BBBY	Exit	Bed Bath & Beyond	$0	–	-3,050	–	-0.02%	–
MDT	Exit	Medtronic Plc	$0	–	-2,919	–	-0.02%	–
EMR	Exit	Emerson Electric Co	$0	–	-4,500	–	-0.03%	–

Q2 2015

			Value		Shares		↓ Weighting
FISV	New	Fiserv Inc	$44,346,000	–	535,389	–	5.14%	–
DHR	New	Danaher Corp Del	$36,159,000	–	422,467	–	4.19%	–
AME	New	Ametek Inc New	$33,101,000	–	604,260	–	3.84%	–
APH	New	Amphenol Corp Cl A	$31,812,000	–	548,772	–	3.69%	–
IEX	New	IDEX Corp	$29,519,000	–	375,661	–	3.42%	–
ADS	New	Alliance Data Systems	$28,299,000	–	96,936	–	3.28%	–
EFX	New	Equifax Inc	$27,946,000	–	287,833	–	3.24%	–
SNA	New	Snap On Inc	$25,957,000	–	162,995	–	3.01%	–
ATR	New	Aptargroup Inc	$23,952,000	–	375,605	–	2.78%	–
VRSK	New	Verisk Analytics Inc Cla Class	$23,805,000	–	327,171	–	2.76%	–
ROP	New	Roper Technologies Inc	$23,703,000	–	137,439	–	2.75%	–
TMO	New	Thermo Fisher Scientific	$23,360,000	–	180,023	–	2.71%	–
DCI	New	Donaldson Company Inc	$23,310,000	–	651,106	–	2.70%	–
HSIC	New	Henry Schein Inc	$22,962,000	–	161,570	–	2.66%	–
FIS	New	Fidelity Natl Info Svcs	$22,524,000	–	364,459	–	2.61%	–
ECL	New	Ecolab Inc	$21,730,000	–	192,186	–	2.52%	–
VNTV	New	Vantiv Inc Class A	$21,268,000	–	556,900	–	2.46%	–
MIDD	New	Middleby Corp The	$20,551,000	–	183,115	–	2.38%	–
TFX	New	Teleflex Incorporated	$19,687,000	–	145,348	–	2.28%	–
MTB	New	M & T Bank Corporation	$19,654,000	–	157,323	–	2.28%	–
COL	New	Rockwell Collins Inc	$18,637,000	–	201,810	–	2.16%	–
PNR	New	Pentair Ltd	$17,828,000	–	259,316	–	2.07%	–
IHS	New	IHS Inc	$16,377,000	–	127,315	–	1.90%	–
LSTR	New	Landstar System Inc	$15,471,000	–	231,365	–	1.79%	–
XRAY	New	Dentsply Intl Inc	$15,439,000	–	299,489	–	1.79%	–
CYN	New	City National Corp	$15,208,000	–	168,250	–	1.76%	–
MSM	New	MSC Indl Direct Inc Cl A	$15,206,000	–	217,944	–	1.76%	–
WAB	New	Wabtec Corp Com	$14,940,000	–	158,530	–	1.73%	–
WAT	New	Waters Corp	$14,745,000	–	114,855	–	1.71%	–
CHD	New	Church & Dwight Co Inc	$14,181,000	–	174,797	–	1.64%	–
FAST	New	Fastenal Co	$12,729,000	–	301,775	–	1.48%	–
RHI	New	Robert Half Int'l Inc	$12,020,000	–	216,585	–	1.39%	–
AL	New	Air Lease Corporation	$11,259,000	–	332,125	–	1.30%	–
RPM	New	RPM Inc	$9,022,000	–	184,245	–	1.05%	–
USB	New	U S Bancorp Del New	$8,869,000	–	204,357	–	1.03%	–
SLH	New	Solera Holdings Llc	$8,524,000	–	191,282	–	0.99%	–
VAR	New	Varian Medical Systems	$8,163,000	–	96,800	–	0.95%	–
CBSH	New	Commerce Bank Inc	$7,796,000	–	166,688	–	0.90%	–
UTX	New	United Technologies Corp	$7,172,000	–	64,649	–	0.83%	–
WFC	New	Wells Fargo & Co New	$7,168,000	–	127,460	–	0.83%	–
AYI	New	Acuity Brands Inc	$5,893,000	–	32,745	–	0.68%	–
CHRW	New	CH Robinson Worldwd New	$5,150,000	–	82,550	–	0.60%	–
ITT	New	I T T Corporation New	$4,813,000	–	115,025	–	0.56%	–
XOM	New	Exxon Mobil Corporation	$4,702,000	–	56,512	–	0.54%	–
ADP	New	Auto Data Processing	$4,023,000	–	50,139	–	0.47%	–
COST	New	Costco Whsl Corp New	$3,935,000	–	29,135	–	0.46%	–
UPS	New	United Parcel Service B Class	$3,838,000	–	39,600	–	0.44%	–
JNJ	New	Johnson & Johnson	$3,680,000	–	37,758	–	0.43%	–
GE	New	General Electric Company	$3,373,000	–	126,939	–	0.39%	–
CVX	New	Chevron Corporation	$3,208,000	–	33,250	–	0.37%	–
JPM	New	JP Morgan Chase & Co	$3,177,000	–	46,885	–	0.37%	–
ABBV	New	Abbvie Inc	$2,644,000	–	39,345	–	0.31%	–
XYL	New	Xylem Inc	$2,439,000	–	65,781	–	0.28%	–
PG	New	Procter & Gamble	$2,251,000	–	28,767	–	0.26%	–
ABT	New	Abbott Laboratories	$2,185,000	–	44,517	–	0.25%	–
COF	New	Capital One Financial Cp	$2,073,000	–	23,567	–	0.24%	–
IBM	New	Intl Business Machines	$2,037,000	–	12,520	–	0.24%	–
AWK	New	American Water Works Co	$1,720,000	–	35,375	–	0.20%	–
BCR	New	CR Bard Incorporated	$1,698,000	–	9,950	–	0.20%	–
MMM	New	3M Company	$1,678,000	–	10,878	–	0.19%	–
HON	New	Honeywell International	$1,641,000	–	16,092	–	0.19%	–
ITW	New	Illinois Tool Works Inc	$1,414,000	–	15,409	–	0.16%	–
PEP	New	Pepsico Incorporated	$1,353,000	–	14,500	–	0.16%	–
INTC	New	Intel Corp	$1,195,000	–	39,294	–	0.14%	–
AAPL	New	Apple Inc	$971,000	–	7,741	–	0.11%	–
WMT	New	Wal-Mart Stores Inc	$821,000	–	11,569	–	0.10%	–
MU	New	Micron Technology Inc	$809,000	–	42,915	–	0.09%	–
PFE	New	Pfizer Incorporated	$800,000	–	23,874	–	0.09%	–
CL	New	Colgate-Palmolive Co	$788,000	–	12,045	–	0.09%	–
CDK	New	CDK Global Inc	$787,000	–	14,585	–	0.09%	–
BDX	New	Becton Dickinson & Co	$732,000	–	5,170	–	0.08%	–
MSFT	New	Microsoft Corp	$612,000	–	13,867	–	0.07%	–
PNC	New	PNC Finl Services Gp Inc	$591,000	–	6,176	–	0.07%	–
VZ	New	Verizon Communications	$564,000	–	12,096	–	0.06%	–
HD	New	Home Depot Inc	$548,000	–	4,930	–	0.06%	–
WU	New	Western Union Company	$543,000	–	26,688	–	0.06%	–
BRKB	New	Berkshire Hathaway B New Class	$535,000	–	3,930	–	0.06%	–
KO	New	Coca Cola Company	$539,000	–	13,735	–	0.06%	–
FITB	New	Fifth Third Bancorp	$506,000	–	24,320	–	0.06%	–
DGX	New	Quest Diagnostic Inc	$504,000	–	6,950	–	0.06%	–
BAC	New	Bank Of America Corp	$447,000	–	26,259	–	0.05%	–
ROST	New	Ross Stores Inc	$428,000	–	8,800	–	0.05%	–
BRKA	New	1/100 Berkshire Htwy Cla 100 S	$410,000	–	200	–	0.05%	–
AMGN	New	Amgen Incorporated	$381,000	–	2,481	–	0.04%	–
DIS	New	Disney Walt Co	$371,000	–	3,253	–	0.04%	–
MRK	New	Merck & Co Inc New	$346,000	–	6,076	–	0.04%	–
EPD	New	Enterprise Prd Prtnrs Lp	$319,000	–	10,681	–	0.04%	–
TXN	New	Texas Instruments Inc	$299,000	–	5,800	–	0.04%	–
GILD	New	Gilead Sciences Inc	$293,000	–	2,500	–	0.03%	–
SLB	New	Schlumberger Ltd F	$290,000	–	3,359	–	0.03%	–
BA	New	Boeing Co	$295,000	–	2,129	–	0.03%	–
ORCL	New	Oracle Corporation	$283,000	–	7,034	–	0.03%	–
SYK	New	Stryker Corp	$273,000	–	2,860	–	0.03%	–
MCD	New	McDonalds Corp	$280,000	–	2,947	–	0.03%	–
T	New	A T & T Inc New	$279,000	–	7,857	–	0.03%	–
JWN	New	Nordstrom Inc	$268,000	–	3,600	–	0.03%	–
EMR	New	Emerson Electric Co	$249,000	–	4,500	–	0.03%	–
UNP	New	Union Pacific	$246,000	–	2,580	–	0.03%	–
V	New	Visa Inc Cl A	$217,000	–	3,228	–	0.02%	–
MDT	New	Medtronic Plc	$216,000	–	2,919	–	0.02%	–
GIS	New	General Mills Inc	$216,000	–	3,870	–	0.02%	–
CNI	New	Canadian Natl Ry Co F	$208,000	–	3,600	–	0.02%	–
BP	New	BP Plc Adr F Sponsored Adr 1 A	$209,000	–	5,235	–	0.02%	–
SEE	New	Sealed Air Corp New	$208,000	–	4,050	–	0.02%	–
BBBY	New	Bed Bath & Beyond	$210,000	–	3,050	–	0.02%	–
CSCO	New	Cisco Systems Inc	$201,000	–	7,310	–	0.02%	–
SRCL	New	Stericycle Inc	$201,000	–	1,500	–	0.02%	–
IMDC	New	In Media Corp Com	$0	–	10,000	–	0.00%	–
	New	360 Powered Corporation	$0	–	25,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
	Exit	360 Powered Corporation	$0	–	-25,000	–	0.00%	–
MRK	Exit	Merck & Co Inc New	$0	–	-3,500	–	-0.03%	–
GIS	Exit	General Mills Inc	$0	–	-4,420	–	-0.03%	–
SYK	Exit	Stryker Corp	$0	–	-2,860	–	-0.03%	–
JWN	Exit	Nordstrom Inc	$0	–	-3,500	–	-0.03%	–
CNI	Exit	Canadian Natl Ry Co F	$0	–	-3,600	–	-0.03%	–
RDSA	Exit	Royal Dutch Shell A Adrf Spons	$0	–	-3,346	–	-0.03%	–
NYCB	Exit	New York Community Bancorp , I	$0	–	-15,900	–	-0.03%	–
BA	Exit	Boeing Co	$0	–	-2,050	–	-0.03%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-2,500	–	-0.03%	–
UNP	Exit	Union Pacific	$0	–	-2,526	–	-0.04%	–
EPD	Exit	Enterprise Prd Prtnrs Lp	$0	–	-6,684	–	-0.04%	–
EMR	Exit	Emerson Electric Co	$0	–	-4,500	–	-0.04%	–
DIS	Exit	Disney Walt Co	$0	–	-3,196	–	-0.04%	–
ORCL	Exit	Oracle Corporation	$0	–	-7,734	–	-0.04%	–
ZION	Exit	Zions Bancorp	$0	–	-11,030	–	-0.04%	–
TXN	Exit	Texas Instruments Inc	$0	–	-6,800	–	-0.04%	–
SLB	Exit	Schlumberger Ltd F	$0	–	-3,209	–	-0.04%	–
ROST	Exit	Ross Stores Inc	$0	–	-4,400	–	-0.04%	–
AMGN	Exit	Amgen Incorporated	$0	–	-2,481	–	-0.04%	–
VZ	Exit	Verizon Communications	$0	–	-7,603	–	-0.05%	–
MCD	Exit	McDonalds Corp	$0	–	-4,244	–	-0.05%	–
BRKA	Exit	1/100 Berkshire Htwy Cla 100 S	$0	–	-200	–	-0.05%	–
WU	Exit	Western Union Company	$0	–	-26,688	–	-0.06%	–
HD	Exit	Home Depot Inc	$0	–	-4,839	–	-0.06%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-24,320	–	-0.06%	–
DGX	Exit	Quest Diagnostic Inc	$0	–	-8,000	–	-0.06%	–
BBBY	Exit	Bed Bath & Beyond	$0	–	-7,711	–	-0.07%	–
BAC	Exit	Bank Of America Corp	$0	–	-30,385	–	-0.07%	–
PNC	Exit	PNC Finl Services Gp Inc	$0	–	-6,226	–	-0.07%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-5,470	–	-0.08%	–
MSFT	Exit	Microsoft Corp	$0	–	-14,201	–	-0.08%	–
KO	Exit	Coca Cola Company	$0	–	-16,035	–	-0.09%	–
BRKB	Exit	Berkshire Hathaway B New Class	$0	–	-4,905	–	-0.09%	–
PFE	Exit	Pfizer Incorporated	$0	–	-24,002	–	-0.09%	–
RPM	Exit	RPM Inc	$0	–	-15,900	–	-0.09%	–
AAPL	Exit	Apple Inc	$0	–	-7,822	–	-0.10%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-9,850	–	-0.11%	–
CL	Exit	Colgate-Palmolive Co	$0	–	-13,000	–	-0.11%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-12,219	–	-0.12%	–
MU	Exit	Micron Technology Inc	$0	–	-30,899	–	-0.14%	–
PEP	Exit	Pepsico Incorporated	$0	–	-14,800	–	-0.18%	–
HON	Exit	Honeywell International	$0	–	-15,142	–	-0.18%	–
INTC	Exit	Intel Corp	$0	–	-40,693	–	-0.18%	–
BCR	Exit	CR Bard Incorporated	$0	–	-10,600	–	-0.20%	–
MMM	Exit	3M Company	$0	–	-11,013	–	-0.20%	–
ABT	Exit	Abbott Laboratories	$0	–	-44,764	–	-0.24%	–
COF	Exit	Capital One Financial Cp	$0	–	-24,780	–	-0.26%	–
ABBV	Exit	Abbvie Inc	$0	–	-39,892	–	-0.30%	–
XYL	Exit	Xylem Inc	$0	–	-68,717	–	-0.32%	–
PG	Exit	Procter & Gamble	$0	–	-29,867	–	-0.32%	–
IBM	Exit	Intl Business Machines	$0	–	-13,720	–	-0.34%	–
JPM	Exit	JP Morgan Chase & Co	$0	–	-48,568	–	-0.38%	–
CBSH	Exit	Commerce Bank Inc	$0	–	-74,109	–	-0.43%	–
ITT	Exit	I T T Corporation New	$0	–	-74,635	–	-0.43%	–
GE	Exit	General Electric Company	$0	–	-136,149	–	-0.45%	–
UPS	Exit	United Parcel Service B Class	$0	–	-38,750	–	-0.49%	–
CVX	Exit	Chevron Corporation	$0	–	-31,912	–	-0.49%	–
COST	Exit	Costco Whsl Corp New	$0	–	-31,904	–	-0.52%	–
JNJ	Exit	Johnson & Johnson	$0	–	-38,575	–	-0.53%	–
ADP	Exit	Auto Data Processing	$0	–	-50,964	–	-0.55%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-55,881	–	-0.68%	–
AYI	Exit	Acuity Brands Inc	$0	–	-47,495	–	-0.72%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-125,228	–	-0.84%	–
UTX	Exit	United Technologies Corp	$0	–	-63,991	–	-0.87%	–
VAR	Exit	Varian Medical Systems	$0	–	-96,750	–	-1.00%	–
USB	Exit	U S Bancorp Del New	$0	–	-203,490	–	-1.10%	–
CHRW	Exit	CH Robinson Worldwd New	$0	–	-137,625	–	-1.18%	–
SLH	Exit	Solera Holdings Llc	$0	–	-174,852	–	-1.27%	–
AL	Exit	Air Lease Corporation	$0	–	-311,375	–	-1.31%	–
WAT	Exit	Waters Corp	$0	–	-106,350	–	-1.36%	–
RHI	Exit	Robert Half Int'l Inc	$0	–	-218,160	–	-1.38%	–
WAB	Exit	Wabtec Corp Com	$0	–	-139,880	–	-1.46%	–
CHD	Exit	Church & Dwight Co Inc	$0	–	-172,872	–	-1.57%	–
FAST	Exit	Fastenal Co	$0	–	-301,625	–	-1.75%	–
XRAY	Exit	Dentsply Intl Inc	$0	–	-304,973	–	-1.80%	–
IHS	Exit	IHS Inc	$0	–	-116,970	–	-1.89%	–
CYN	Exit	City National Corp	$0	–	-193,950	–	-1.89%	–
COL	Exit	Rockwell Collins Inc	$0	–	-191,460	–	-1.94%	–
TFX	Exit	Teleflex Incorporated	$0	–	-143,173	–	-1.94%	–
MTB	Exit	M & T Bank Corporation	$0	–	-132,253	–	-2.10%	–
LSTR	Exit	Landstar System Inc	$0	–	-226,165	–	-2.11%	–
PNR	Exit	Pentair Ltd	$0	–	-257,976	–	-2.18%	–
VNTV	Exit	Vantiv Inc Class A	$0	–	-553,460	–	-2.21%	–
MIDD	Exit	Middleby Corp The	$0	–	-206,565	–	-2.35%	–
MSM	Exit	MSC Indl Direct Inc Cl A	$0	–	-215,161	–	-2.37%	–
HSIC	Exit	Henry Schein Inc	$0	–	-163,500	–	-2.46%	–
VRSK	Exit	Verisk Analytics Inc Cla Class	$0	–	-324,446	–	-2.55%	–
SNA	Exit	Snap On Inc	$0	–	-164,095	–	-2.56%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-360,192	–	-2.62%	–
ROP	Exit	Roper Industries Inc	$0	–	-139,414	–	-2.63%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-180,233	–	-2.83%	–
EFX	Exit	Equifax Inc	$0	–	-296,833	–	-2.86%	–
ATR	Exit	Aptargroup Inc	$0	–	-375,105	–	-2.94%	–
ADS	Exit	Alliance Data Systems	$0	–	-98,500	–	-3.16%	–
ECL	Exit	Ecolab Inc	$0	–	-220,585	–	-3.27%	–
DCI	Exit	Donaldson Company Inc	$0	–	-645,606	–	-3.39%	–
IEX	Exit	IDEX Corp	$0	–	-377,636	–	-3.53%	–
APH	Exit	Amphenol Corp Cl A	$0	–	-276,447	–	-3.56%	–
AME	Exit	Ametek Inc New	$0	–	-611,128	–	-3.96%	–
DHR	Exit	Danaher Corp Del	$0	–	-434,442	–	-4.26%	–
FISV	Exit	Fiserv Inc	$0	–	-574,499	–	-4.79%	–

Q3 2014

			Value		Shares		↓ Weighting
FISV	Sell	Fiserv Inc	$37,133,000	+2.4%	574,499	-4.4%	4.79%	+11.6%
DHR	Sell	Danaher Corp Del	$33,009,000	-7.1%	434,442	-3.7%	4.26%	+1.3%
AME	Sell	Ametek Inc New	$30,685,000	-7.6%	611,128	-3.8%	3.96%	+0.7%
APH	Sell	Amphenol Corp Cl A	$27,606,000	-1.5%	276,447	-5.0%	3.56%	+7.4%
IEX	Sell	IDEX Corp	$27,330,000	-15.3%	377,636	-5.5%	3.53%	-7.7%
DCI	Sell	Donaldson Company Inc	$26,231,000	-7.5%	645,606	-3.6%	3.39%	+0.8%
ECL	Sell	Ecolab Inc	$25,330,000	-1.9%	220,585	-4.9%	3.27%	+6.9%
ADS	Sell	Alliance Data Systems	$24,455,000	-21.7%	98,500	-11.3%	3.16%	-14.6%
ATR	Sell	Aptargroup Inc	$22,769,000	-12.7%	375,105	-3.6%	2.94%	-4.8%
EFX	Sell	Equifax Inc	$22,185,000	-1.6%	296,833	-4.5%	2.86%	+7.3%
TMO	Sell	Thermo Fisher Scientific	$21,934,000	-0.9%	180,233	-3.9%	2.83%	+8.0%
ROP	Sell	Roper Industries Inc	$20,395,000	-5.2%	139,414	-5.4%	2.63%	+3.3%
FIS	Sell	Fidelity Natl Info Svcs	$20,279,000	-1.7%	360,192	-4.4%	2.62%	+7.2%
SNA	Sell	Snap On Inc	$19,869,000	-2.4%	164,095	-4.5%	2.56%	+6.4%
VRSK	Sell	Verisk Analytics Inc Cla Class	$19,756,000	-3.8%	324,446	-5.1%	2.55%	+4.9%
HSIC	Sell	Henry Schein Inc	$19,043,000	-6.4%	163,500	-4.7%	2.46%	+2.0%
MSM	Sell	MSC Indl Direct Inc Cl A	$18,388,000	-19.0%	215,161	-9.4%	2.37%	-11.7%
MIDD	Sell	Middleby Corp The	$18,205,000	+0.4%	206,565	-5.8%	2.35%	+9.4%
VNTV	Sell	Vantiv Inc Class A	$17,102,000	-12.6%	553,460	-4.9%	2.21%	-4.7%
PNR	Sell	Pentair Ltd	$16,895,000	-12.1%	257,976	-3.2%	2.18%	-4.1%
LSTR	Sell	Landstar System Inc	$16,327,000	+6.2%	226,165	-5.8%	2.11%	+15.8%
MTB	Sell	M & T Bank Corporation	$16,305,000	-6.1%	132,253	-5.5%	2.10%	+2.4%
TFX	Sell	Teleflex Incorporated	$15,039,000	-5.2%	143,173	-4.7%	1.94%	+3.4%
COL	Sell	Rockwell Collins Inc	$15,030,000	-4.4%	191,460	-4.8%	1.94%	+4.2%
CYN	Sell	City National Corp	$14,676,000	-5.3%	193,950	-5.2%	1.89%	+3.2%
IHS	Sell	IHS Inc	$14,643,000	-12.9%	116,970	-5.6%	1.89%	-5.1%
XRAY	Sell	Dentsply Intl Inc	$13,907,000	-11.8%	304,973	-8.4%	1.80%	-3.9%
FAST	Sell	Fastenal Co	$13,543,000	-14.7%	301,625	-6.0%	1.75%	-7.1%
CHD	Sell	Church & Dwight Co Inc	$12,129,000	-5.3%	172,872	-5.5%	1.57%	+3.3%
WAB	Sell	Wabtec Corp Com	$11,336,000	-6.6%	139,880	-4.8%	1.46%	+1.7%
RHI	Sell	Robert Half Int'l Inc	$10,690,000	-3.5%	218,160	-6.0%	1.38%	+5.2%
WAT	Sell	Waters Corp	$10,541,000	-10.0%	106,350	-5.2%	1.36%	-1.9%
AL	Sell	Air Lease Corporation	$10,120,000	-19.5%	311,375	-4.4%	1.31%	-12.3%
SLH	Sell	Solera Holdings Llc	$9,855,000	-20.9%	174,852	-5.7%	1.27%	-13.8%
CHRW	Sell	CH Robinson Worldwd New	$9,127,000	-8.0%	137,625	-11.5%	1.18%	+0.3%
USB	Buy	U S Bancorp Del New	$8,512,000	-2.9%	203,490	+0.5%	1.10%	+5.8%
VAR	Sell	Varian Medical Systems	$7,752,000	-11.0%	96,750	-7.6%	1.00%	-2.9%
UTX	Buy	United Technologies Corp	$6,757,000	-8.0%	63,991	+0.6%	0.87%	+0.2%
WFC	Sell	Wells Fargo & Co New	$6,496,000	-1.6%	125,228	-0.3%	0.84%	+7.3%
AYI	Buy	Acuity Brands Inc	$5,591,000	-9.8%	47,495	+5.9%	0.72%	-1.6%
JNJ	Sell	Johnson & Johnson	$4,112,000	+0.1%	38,575	-1.8%	0.53%	+9.0%
COST	Buy	Costco Whsl Corp New	$3,998,000	+10.2%	31,904	+1.3%	0.52%	+20.0%
UPS	Buy	United Parcel Service B Class	$3,809,000	-3.5%	38,750	+0.8%	0.49%	+5.4%
GE	Sell	General Electric Company	$3,488,000	-3.9%	136,149	-1.4%	0.45%	+4.7%
ITT	Buy	I T T Corporation New	$3,354,000	-5.2%	74,635	+1.5%	0.43%	+3.3%
CBSH	Sell	Commerce Bank Inc	$3,309,000	-4.3%	74,109	-0.4%	0.43%	+4.1%
JPM	Sell	JP Morgan Chase & Co	$2,926,000	-11.9%	48,568	-15.8%	0.38%	-3.8%
IBM	Sell	Intl Business Machines	$2,604,000	+3.6%	13,720	-1.1%	0.34%	+12.8%
XYL	Sell	Xylem Inc	$2,439,000	-15.7%	68,717	-7.2%	0.32%	-8.2%
ABBV	Sell	Abbvie Inc	$2,304,000	-0.6%	39,892	-2.9%	0.30%	+8.0%
ABT	Sell	Abbott Laboratories	$1,862,000	-1.0%	44,764	-2.6%	0.24%	+7.6%
MMM	Buy	3M Company	$1,560,000	+5.6%	11,013	+6.8%	0.20%	+14.9%
BCR	Sell	CR Bard Incorporated	$1,513,000	-58.8%	10,600	-58.8%	0.20%	-55.2%
INTC	Buy	Intel Corp	$1,417,000	+13.5%	40,693	+0.7%	0.18%	+23.6%
HON	Sell	Honeywell International	$1,410,000	-0.6%	15,142	-0.8%	0.18%	+8.3%
PEP	Sell	Pepsico Incorporated	$1,378,000	+3.5%	14,800	-0.7%	0.18%	+12.7%
MU	Buy	Micron Technology Inc	$1,059,000	+5.2%	30,899	+1.1%	0.14%	+15.1%
ITW	Sell	Illinois Tool Works Inc	$832,000	-5.5%	9,850	-2.0%	0.11%	+2.9%
AAPL	Sell	Apple Inc	$788,000	+7.7%	7,822	-0.8%	0.10%	+17.2%
RPM	Buy	RPM Inc	$728,000	+110.4%	15,900	+112.0%	0.09%	+129.3%
KO	Sell	Coca Cola Company	$684,000	-3.0%	16,035	-3.6%	0.09%	+6.0%
MSFT	Buy	Microsoft Corp	$658,000	+12.9%	14,201	+1.5%	0.08%	+23.2%
BAC	Sell	Bank Of America Corp	$518,000	-6.0%	30,385	-15.3%	0.07%	+3.1%
BBBY	Sell	Bed Bath & Beyond	$508,000	-94.8%	7,711	-95.4%	0.07%	-94.3%
HD	Buy	Home Depot Inc	$444,000	+32.9%	4,839	+17.4%	0.06%	+42.5%
WU	Sell	Western Union Company	$428,000	-10.6%	26,688	-3.4%	0.06%	-3.5%
AMGN	Buy	Amgen Incorporated	$348,000	+20.4%	2,481	+1.7%	0.04%	+32.4%
TXN	Sell	Texas Instruments Inc	$324,000	-30.8%	6,800	-30.6%	0.04%	-23.6%
ORCL	Buy	Oracle Corporation	$296,000	-3.3%	7,734	+2.4%	0.04%	+5.6%
EMR	Sell	Emerson Electric Co	$282,000	-15.1%	4,500	-10.0%	0.04%	-7.7%
EPD	Buy	Enterprise Prd Prtnrs Lp	$269,000	+2.7%	6,684	+100.0%	0.04%	+12.9%
MRK	New	Merck & Co Inc New	$207,000	–	3,500	–	0.03%	–
BP	Exit	BP Plc Adr F Sponsored Adr 1 A	$0	–	-3,800	–	-0.02%	–
AXP	Exit	American Express Company	$0	–	-2,230	–	-0.02%	–
GNTX	Exit	Gentex Corp	$0	–	-8,200	–	-0.03%	–
MDT	Exit	Medtronic Inc	$0	–	-4,300	–	-0.03%	–
F113PS	Exit	Covidien Plc New F	$0	–	-9,933	–	-0.11%	–

Q2 2014

			Value		Shares		↓ Weighting
FISV	New	Fiserv Inc	$36,256,000	–	601,066	–	4.29%	–
DHR	New	Danaher Corp Del	$35,519,000	–	451,151	–	4.21%	–
AME	New	Ametek Inc New	$33,214,000	–	635,303	–	3.93%	–
IEX	New	IDEX Corp	$32,281,000	–	399,816	–	3.82%	–
ADS	New	Alliance Data Systems	$31,226,000	–	111,025	–	3.70%	–
DCI	New	Donaldson Company Inc	$28,355,000	–	670,006	–	3.36%	–
APH	New	Amphenol Corp Cl A	$28,030,000	–	290,947	–	3.32%	–
ATR	New	Aptargroup Inc	$26,077,000	–	389,155	–	3.09%	–
ECL	New	Ecolab Inc	$25,824,000	–	231,938	–	3.06%	–
MSM	New	MSC Indl Direct Inc Cl A	$22,706,000	–	237,411	–	2.69%	–
EFX	New	Equifax Inc	$22,546,000	–	310,808	–	2.67%	–
TMO	New	Thermo Fisher Scientific	$22,131,000	–	187,553	–	2.62%	–
ROP	New	Roper Industries Inc	$21,517,000	–	147,364	–	2.55%	–
FIS	New	Fidelity Natl Info Svcs	$20,620,000	–	376,692	–	2.44%	–
VRSK	New	Verisk Analytics Inc Cla Class	$20,528,000	–	342,016	–	2.43%	–
SNA	New	Snap On Inc	$20,358,000	–	171,765	–	2.41%	–
HSIC	New	Henry Schein Inc	$20,352,000	–	171,520	–	2.41%	–
VNTV	New	Vantiv Inc Class A	$19,565,000	–	581,950	–	2.32%	–
PNR	New	Pentair Ltd	$19,213,000	–	266,410	–	2.28%	–
MIDD	New	Middleby Corp The	$18,138,000	–	219,275	–	2.15%	–
MTB	New	M & T Bank Corporation	$17,360,000	–	139,940	–	2.06%	–
IHS	New	IHS Inc	$16,812,000	–	123,920	–	1.99%	–
FAST	New	Fastenal Co	$15,883,000	–	320,925	–	1.88%	–
TFX	New	Teleflex Incorporated	$15,858,000	–	150,173	–	1.88%	–
XRAY	New	Dentsply Intl Inc	$15,762,000	–	332,889	–	1.87%	–
COL	New	Rockwell Collins Inc	$15,723,000	–	201,218	–	1.86%	–
CYN	New	City National Corp	$15,504,000	–	204,650	–	1.84%	–
LSTR	New	Landstar System Inc	$15,371,000	–	240,165	–	1.82%	–
CHD	New	Church & Dwight Co Inc	$12,802,000	–	183,022	–	1.52%	–
AL	New	Air Lease Corporation	$12,569,000	–	325,800	–	1.49%	–
SLH	New	Solera Holdings Llc	$12,453,000	–	185,452	–	1.48%	–
WAB	New	Wabtec Corp Com	$12,141,000	–	147,005	–	1.44%	–
WAT	New	Waters Corp	$11,713,000	–	112,150	–	1.39%	–
RHI	New	Robert Half Int'l Inc	$11,079,000	–	232,060	–	1.31%	–
CHRW	New	CH Robinson Worldwd New	$9,921,000	–	155,525	–	1.18%	–
BBBY	New	Bed Bath & Beyond	$9,696,000	–	168,980	–	1.15%	–
USB	New	U S Bancorp Del New	$8,770,000	–	202,448	–	1.04%	–
VAR	New	Varian Medical Systems	$8,709,000	–	104,750	–	1.03%	–
UTX	New	United Technologies Corp	$7,345,000	–	63,624	–	0.87%	–
WFC	New	Wells Fargo & Co New	$6,600,000	–	125,562	–	0.78%	–
AYI	New	Acuity Brands Inc	$6,201,000	–	44,850	–	0.73%	–
XOM	New	Exxon Mobil Corporation	$5,626,000	–	55,881	–	0.67%	–
CVX	New	Chevron Corporation	$4,166,000	–	31,912	–	0.49%	–
JNJ	New	Johnson & Johnson	$4,109,000	–	39,275	–	0.49%	–
ADP	New	Auto Data Processing	$4,040,000	–	50,964	–	0.48%	–
UPS	New	United Parcel Service B Class	$3,947,000	–	38,450	–	0.47%	–
BCR	New	CR Bard Incorporated	$3,675,000	–	25,700	–	0.44%	–
GE	New	General Electric Company	$3,629,000	–	138,096	–	0.43%	–
COST	New	Costco Whsl Corp New	$3,628,000	–	31,504	–	0.43%	–
ITT	New	I T T Corporation New	$3,537,000	–	73,535	–	0.42%	–
CBSH	New	Commerce Bank Inc	$3,459,000	–	74,394	–	0.41%	–
JPM	New	JP Morgan Chase & Co	$3,322,000	–	57,660	–	0.39%	–
XYL	New	Xylem Inc	$2,893,000	–	74,017	–	0.34%	–
IBM	New	Intl Business Machines	$2,514,000	–	13,870	–	0.30%	–
PG	New	Procter & Gamble	$2,347,000	–	29,867	–	0.28%	–
ABBV	New	Abbvie Inc	$2,319,000	–	41,092	–	0.28%	–
COF	New	Capital One Financial Cp	$2,047,000	–	24,780	–	0.24%	–
ABT	New	Abbott Laboratories	$1,880,000	–	45,964	–	0.22%	–
MMM	New	3M Company	$1,477,000	–	10,313	–	0.18%	–
HON	New	Honeywell International	$1,419,000	–	15,264	–	0.17%	–
PEP	New	Pepsico Incorporated	$1,331,000	–	14,900	–	0.16%	–
INTC	New	Intel Corp	$1,249,000	–	40,428	–	0.15%	–
MU	New	Micron Technology Inc	$1,007,000	–	30,564	–	0.12%	–
WMT	New	Wal-Mart Stores Inc	$917,000	–	12,219	–	0.11%	–
F113PS	New	Covidien Plc New F	$896,000	–	9,933	–	0.11%	–
CL	New	Colgate-Palmolive Co	$886,000	–	13,000	–	0.10%	–
ITW	New	Illinois Tool Works Inc	$880,000	–	10,050	–	0.10%	–
AAPL	New	Apple Inc	$732,000	–	7,882	–	0.09%	–
PFE	New	Pfizer Incorporated	$712,000	–	24,002	–	0.08%	–
KO	New	Coca Cola Company	$705,000	–	16,635	–	0.08%	–
BDX	New	Becton Dickinson & Co	$647,000	–	5,470	–	0.08%	–
BRKB	New	Berkshire Hathaway B New Class	$621,000	–	4,905	–	0.07%	–
MSFT	New	Microsoft Corp	$583,000	–	13,992	–	0.07%	–
PNC	New	PNC Finl Services Gp Inc	$554,000	–	6,226	–	0.07%	–
BAC	New	Bank Of America Corp	$551,000	–	35,859	–	0.06%	–
FITB	New	Fifth Third Bancorp	$519,000	–	24,320	–	0.06%	–
WU	New	Western Union Company	$479,000	–	27,628	–	0.06%	–
DGX	New	Quest Diagnostic Inc	$470,000	–	8,000	–	0.06%	–
TXN	New	Texas Instruments Inc	$468,000	–	9,800	–	0.06%	–
MCD	New	McDonalds Corp	$428,000	–	4,244	–	0.05%	–
BRKA	New	1/100 Berkshire Htwy Cla 100 S	$380,000	–	200	–	0.04%	–
SLB	New	Schlumberger Ltd F	$379,000	–	3,209	–	0.04%	–
VZ	New	Verizon Communications	$372,000	–	7,603	–	0.04%	–
RPM	New	RPM Inc	$346,000	–	7,500	–	0.04%	–
HD	New	Home Depot Inc	$334,000	–	4,122	–	0.04%	–
EMR	New	Emerson Electric Co	$332,000	–	5,000	–	0.04%	–
ZION	New	Zions Bancorp	$325,000	–	11,030	–	0.04%	–
ORCL	New	Oracle Corporation	$306,000	–	7,550	–	0.04%	–
AMGN	New	Amgen Incorporated	$289,000	–	2,439	–	0.03%	–
ROST	New	Ross Stores Inc	$291,000	–	4,400	–	0.03%	–
RDSA	New	Royal Dutch Shell A Adrf Spons	$276,000	–	3,346	–	0.03%	–
DIS	New	Disney Walt Co	$274,000	–	3,196	–	0.03%	–
MDT	New	Medtronic Inc	$274,000	–	4,300	–	0.03%	–
EPD	New	Enterprise Prd Prtnrs Lp	$262,000	–	3,342	–	0.03%	–
BA	New	Boeing Co	$261,000	–	2,050	–	0.03%	–
NYCB	New	New York Community Bancorp , I	$254,000	–	15,900	–	0.03%	–
UNP	New	Union Pacific	$252,000	–	2,526	–	0.03%	–
SYK	New	Stryker Corp	$241,000	–	2,860	–	0.03%	–
JWN	New	Nordstrom Inc	$238,000	–	3,500	–	0.03%	–
GNTX	New	Gentex Corp	$239,000	–	8,200	–	0.03%	–
CNI	New	Canadian Natl Ry Co F	$234,000	–	3,600	–	0.03%	–
GIS	New	General Mills Inc	$232,000	–	4,420	–	0.03%	–
GILD	New	Gilead Sciences Inc	$207,000	–	2,500	–	0.02%	–
AXP	New	American Express Company	$212,000	–	2,230	–	0.02%	–
BP	New	BP Plc Adr F Sponsored Adr 1 A	$200,000	–	3,800	–	0.02%	–
	New	360 Powered Corporation	$0	–	25,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	360 Powered Corporation	$0	–	-25,000	–	0.00%	–
DIS	Exit	Disney Walt Co	$0	–	-3,196	–	-0.03%	–
ORCL	Exit	Oracle Corporation	$0	–	-6,200	–	-0.03%	–
RDSA	Exit	Royal Dutch Shell A Adrf Spons	$0	–	-3,240	–	-0.03%	–
GOOGL	Exit	Google Inc Class A	$0	–	-243	–	-0.03%	–
SYK	Exit	Stryker Corp	$0	–	-3,400	–	-0.03%	–
NYCB	Exit	New York Community Bancorp , I	$0	–	-16,248	–	-0.03%	–
BA	Exit	Boeing Co	$0	–	-2,150	–	-0.04%	–
SLB	Exit	Schlumberger Ltd F	$0	–	-2,975	–	-0.04%	–
HD	Exit	Home Depot Inc	$0	–	-3,507	–	-0.04%	–
AMGN	Exit	Amgen Incorporated	$0	–	-2,522	–	-0.04%	–
ZION	Exit	Zions Bancorp	$0	–	-11,030	–	-0.04%	–
ROST	Exit	Ross Stores Inc	$0	–	-4,400	–	-0.04%	–
BRKB	Exit	Berkshire Hathaway B New Class	$0	–	-2,875	–	-0.04%	–
EMR	Exit	Emerson Electric Co	$0	–	-5,000	–	-0.04%	–
BRKA	Exit	1/100 Berkshire Htwy Cla 100 S	$0	–	-200	–	-0.05%	–
VZ	Exit	Verizon Communications	$0	–	-7,503	–	-0.05%	–
ITT	Exit	I T T Corporation New	$0	–	-10,579	–	-0.05%	–
TXN	Exit	Texas Instruments Inc	$0	–	-9,800	–	-0.06%	–
MCD	Exit	McDonalds Corp	$0	–	-4,237	–	-0.06%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-24,320	–	-0.06%	–
MSFT	Exit	Microsoft Corp	$0	–	-13,287	–	-0.06%	–
MYL	Exit	Mylan Inc	$0	–	-11,500	–	-0.06%	–
PNC	Exit	PNC Finl Services Gp Inc	$0	–	-6,318	–	-0.06%	–
AAPL	Exit	Apple Inc	$0	–	-1,046	–	-0.07%	–
DGX	Exit	Quest Diagnostic Inc	$0	–	-8,200	–	-0.07%	–
BAC	Exit	Bank Of America Corp	$0	–	-36,316	–	-0.07%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-5,325	–	-0.07%	–
KO	Exit	Coca Cola Company	$0	–	-16,518	–	-0.09%	–
PFE	Exit	Pfizer Incorporated	$0	–	-22,407	–	-0.09%	–
F113PS	Exit	Covidien Plc New F	$0	–	-10,533	–	-0.09%	–
WU	Exit	Western Union Company	$0	–	-36,928	–	-0.10%	–
CL	Exit	Colgate-Palmolive Co	$0	–	-13,000	–	-0.11%	–
BAX	Exit	Baxter International Inc	$0	–	-13,000	–	-0.12%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-11,818	–	-0.12%	–
INTC	Exit	Intel Corp	$0	–	-43,717	–	-0.14%	–
MU	Exit	Micron Technology Inc	$0	–	-58,516	–	-0.14%	–
PEP	Exit	Pepsico Incorporated	$0	–	-15,050	–	-0.17%	–
HON	Exit	Honeywell International	$0	–	-15,264	–	-0.18%	–
MMM	Exit	3M Company	$0	–	-11,413	–	-0.19%	–
ABT	Exit	Abbott Laboratories	$0	–	-43,047	–	-0.20%	–
ABBV	Exit	Abbvie Inc	$0	–	-40,747	–	-0.25%	–
COF	Exit	Capital One Financial Cp	$0	–	-27,501	–	-0.26%	–
XYL	Exit	Xylem Inc	$0	–	-75,418	–	-0.29%	–
PG	Exit	Procter & Gamble	$0	–	-30,333	–	-0.32%	–
JPM	Exit	JP Morgan Chase & Co	$0	–	-56,377	–	-0.40%	–
JNJ	Exit	Johnson & Johnson	$0	–	-34,860	–	-0.42%	–
UPS	Exit	United Parcel Service B Class	$0	–	-33,409	–	-0.42%	–
IBM	Exit	Intl Business Machines	$0	–	-16,705	–	-0.43%	–
ADP	Exit	Auto Data Processing	$0	–	-47,204	–	-0.47%	–
GE	Exit	General Electric Company	$0	–	-144,193	–	-0.48%	–
COST	Exit	Costco Whsl Corp New	$0	–	-32,754	–	-0.52%	–
CVX	Exit	Chevron Corporation	$0	–	-32,113	–	-0.54%	–
AYI	Exit	Acuity Brands Inc	$0	–	-43,550	–	-0.56%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-53,821	–	-0.64%	–
WFC	Exit	Wells Fargo & Co New	$0	–	-122,748	–	-0.70%	–
AL	Exit	Air Lease Corporation	$0	–	-199,600	–	-0.77%	–
WAB	Exit	Wabtec Corp Com	$0	–	-101,780	–	-0.89%	–
UTX	Exit	United Technologies Corp	$0	–	-59,854	–	-0.90%	–
USB	Exit	U S Bancorp Del New	$0	–	-205,403	–	-1.04%	–
RHI	Exit	Robert Half Int'l Inc	$0	–	-218,300	–	-1.18%	–
SLH	Exit	Solera Holdings Llc	$0	–	-164,352	–	-1.20%	–
VAR	Exit	Varian Medical Systems	$0	–	-119,000	–	-1.23%	–
CHD	Exit	Church & Dwight Co Inc	$0	–	-157,752	–	-1.31%	–
TFX	Exit	Teleflex Incorporated	$0	–	-118,433	–	-1.35%	–
CHRW	Exit	CH Robinson Worldwd New	$0	–	-196,461	–	-1.62%	–
WAT	Exit	Waters Corp	$0	–	-110,450	–	-1.63%	–
FAST	Exit	Fastenal Co	$0	–	-237,300	–	-1.66%	–
LSTR	Exit	Landstar System Inc	$0	–	-231,215	–	-1.80%	–
CYN	Exit	City National Corp	$0	–	-195,100	–	-1.80%	–
COL	Exit	Rockwell Collins Inc	$0	–	-198,318	–	-1.87%	–
IHS	Exit	IHS Inc	$0	–	-121,370	–	-1.92%	–
BCR	Exit	CR Bard Incorporated	$0	–	-122,216	–	-1.95%	–
MTB	Exit	M & T Bank Corporation	$0	–	-127,685	–	-1.98%	–
XRAY	Exit	Dentsply Intl Inc	$0	–	-335,486	–	-2.02%	–
VNTV	Exit	Vantiv Inc Class A	$0	–	-534,650	–	-2.07%	–
MIDD	Exit	Middleby Corp The	$0	–	-72,300	–	-2.10%	–
PNR	Exit	Pentair Ltd	$0	–	-246,860	–	-2.22%	–
SNA	Exit	Snap On Inc	$0	–	-166,715	–	-2.30%	–
BBBY	Exit	Bed Bath & Beyond	$0	–	-215,820	–	-2.32%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-187,189	–	-2.39%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-372,222	–	-2.40%	–
HSIC	Exit	Henry Schein Inc	$0	–	-170,861	–	-2.46%	–
EFX	Exit	Equifax Inc	$0	–	-308,958	–	-2.56%	–
ROP	Exit	Roper Industries Inc	$0	–	-144,914	–	-2.67%	–
MSM	Exit	MSC Indl Direct Inc Cl A	$0	–	-237,115	–	-2.68%	–
VRSK	Exit	Verisk Analytics Inc Cla Class	$0	–	-327,208	–	-2.95%	–
APH	Exit	Amphenol Corp Cl A	$0	–	-287,322	–	-3.08%	–
ATR	Exit	Aptargroup Inc	$0	–	-383,579	–	-3.20%	–
ECL	Exit	Ecolab Inc	$0	–	-236,301	–	-3.24%	–
DCI	Exit	Donaldson Company Inc	$0	–	-664,094	–	-3.51%	–
IEX	Exit	IDEX Corp	$0	–	-399,120	–	-3.61%	–
ADS	Exit	Alliance Data Systems	$0	–	-127,990	–	-3.76%	–
AME	Exit	Ametek Inc New	$0	–	-632,145	–	-4.04%	–
FISV	Exit	Fiserv Inc	$0	–	-302,024	–	-4.23%	–
DHR	Exit	Danaher Corp Del	$0	–	-451,553	–	-4.34%	–

Q3 2013

			Value		Shares		↓ Weighting
DHR	Sell	Danaher Corp Del	$31,302,000	+9.1%	451,553	-0.4%	4.34%	+0.9%
FISV	Sell	Fiserv Inc	$30,520,000	+11.3%	302,024	-3.7%	4.23%	+3.0%
AME	Sell	Ametek Inc New	$29,091,000	+7.8%	632,145	-0.9%	4.04%	-0.3%
ADS	Sell	Alliance Data Systems	$27,066,000	+6.8%	127,990	-8.6%	3.76%	-1.2%
IEX	Sell	IDEX Corp	$26,043,000	+21.1%	399,120	-0.1%	3.61%	+12.0%
DCI	Buy	Donaldson Company Inc	$25,322,000	+6.9%	664,094	+0.0%	3.51%	-1.1%
ECL	Sell	Ecolab Inc	$23,337,000	+9.0%	236,301	-6.0%	3.24%	+0.8%
ATR	Buy	Aptargroup Inc	$23,065,000	+9.1%	383,579	+0.2%	3.20%	+0.9%
APH	Buy	Amphenol Corp Cl A	$22,233,000	-0.5%	287,322	+0.3%	3.08%	-7.9%
VRSK	Buy	Verisk Analytics Inc Cla Class	$21,255,000	+9.5%	327,208	+0.6%	2.95%	+1.2%
MSM	Buy	MSC Indl Direct Inc Cl A	$19,289,000	+5.1%	237,115	+0.0%	2.68%	-2.8%
EFX	Buy	Equifax Inc	$18,491,000	+1.6%	308,958	+0.0%	2.56%	-6.0%
HSIC	Sell	Henry Schein Inc	$17,729,000	+7.8%	170,861	-0.5%	2.46%	-0.2%
FIS	Buy	Fidelity Natl Info Svcs	$17,286,000	+9.3%	372,222	+0.8%	2.40%	+1.1%
TMO	Sell	Thermo Fisher Scientific	$17,249,000	+2.9%	187,189	-5.5%	2.39%	-4.9%
BBBY	Sell	Bed Bath & Beyond	$16,696,000	+7.9%	215,820	-1.0%	2.32%	-0.2%
SNA	Buy	Snap On Inc	$16,588,000	+11.5%	166,715	+0.2%	2.30%	+3.1%
PNR	Buy	Pentair Ltd	$16,031,000	+13.6%	246,860	+0.9%	2.22%	+5.1%
VNTV	Buy	Vantiv Inc Class A	$14,938,000	+4.0%	534,650	+2.8%	2.07%	-3.8%
XRAY	Buy	Dentsply Intl Inc	$14,565,000	+6.2%	335,486	+0.2%	2.02%	-1.8%
MTB	Buy	M & T Bank Corporation	$14,291,000	+1.4%	127,685	+1.3%	1.98%	-6.2%
BCR	Sell	CR Bard Incorporated	$14,079,000	+4.4%	122,216	-1.5%	1.95%	-3.5%
IHS	Buy	IHS Inc	$13,858,000	+10.3%	121,370	+0.8%	1.92%	+2.0%
COL	Sell	Rockwell Collins Inc	$13,458,000	-0.1%	198,318	-6.6%	1.87%	-7.6%
CYN	Buy	City National Corp	$13,005,000	+5.4%	195,100	+0.2%	1.80%	-2.5%
LSTR	Buy	Landstar System Inc	$12,943,000	+9.3%	231,215	+0.6%	1.80%	+1.2%
FAST	Buy	Fastenal Co	$11,929,000	+10.1%	237,300	+0.3%	1.66%	+1.8%
WAT	Buy	Waters Corp	$11,731,000	+6.6%	110,450	+0.5%	1.63%	-1.4%
CHRW	Buy	CH Robinson Worldwd New	$11,707,000	+6.8%	196,461	+0.9%	1.62%	-1.2%
TFX	Buy	Teleflex Incorporated	$9,745,000	+11.5%	118,433	+5.0%	1.35%	+3.1%
CHD	Buy	Church & Dwight Co Inc	$9,473,000	-1.9%	157,752	+0.8%	1.31%	-9.3%
VAR	Buy	Varian Medical Systems	$8,893,000	+11.7%	119,000	+0.8%	1.23%	+3.4%
RHI	Buy	Robert Half Int'l Inc	$8,520,000	+36.6%	218,300	+16.3%	1.18%	+26.3%
USB	Buy	U S Bancorp Del New	$7,514,000	+1.3%	205,403	+0.1%	1.04%	-6.3%
UTX	Sell	United Technologies Corp	$6,453,000	+15.6%	59,854	-0.4%	0.90%	+6.9%
WAB	Buy	Wabtec Corp Com	$6,399,000	+183.3%	101,780	+140.7%	0.89%	+161.9%
AL	Buy	Air Lease Corporation	$5,521,000	+12.9%	199,600	+12.6%	0.77%	+4.5%
WFC	Buy	Wells Fargo & Co New	$5,072,000	+0.6%	122,748	+0.5%	0.70%	-6.9%
XOM	Buy	Exxon Mobil Corporation	$4,631,000	-4.4%	53,821	+0.4%	0.64%	-11.6%
AYI	Buy	Acuity Brands Inc	$4,007,000	+61.2%	43,550	+32.3%	0.56%	+49.1%
CVX	Buy	Chevron Corporation	$3,902,000	+3.0%	32,113	+0.4%	0.54%	-4.8%
COST	Sell	Costco Whsl Corp New	$3,772,000	+3.8%	32,754	-0.4%	0.52%	-4.0%
GE	Sell	General Electric Company	$3,445,000	+2.0%	144,193	-1.0%	0.48%	-5.7%
IBM	Sell	Intl Business Machines	$3,093,000	-6.3%	16,705	-3.2%	0.43%	-13.3%
UPS	Buy	United Parcel Service B Class	$3,053,000	+11.9%	33,409	+5.9%	0.42%	+3.7%
JNJ	Buy	Johnson & Johnson	$3,022,000	+1.0%	34,860	+0.0%	0.42%	-6.7%
JPM	Buy	JP Morgan Chase & Co	$2,914,000	-1.9%	56,377	+0.2%	0.40%	-9.4%
PG	Buy	Procter & Gamble	$2,293,000	-1.3%	30,333	+0.6%	0.32%	-8.6%
XYL	Sell	Xylem Inc	$2,106,000	+1.6%	75,418	-2.0%	0.29%	-6.1%
COF	Sell	Capital One Financial Cp	$1,890,000	+9.0%	27,501	-0.4%	0.26%	+0.8%
HON	Sell	Honeywell International	$1,268,000	+1.8%	15,264	-2.8%	0.18%	-5.9%
PEP	Buy	Pepsico Incorporated	$1,196,000	-1.7%	15,050	+1.1%	0.17%	-9.3%
MU	Buy	Micron Technology Inc	$1,022,000	+62.7%	58,516	+33.5%	0.14%	+51.1%
INTC	Sell	Intel Corp	$1,002,000	-6.6%	43,717	-1.2%	0.14%	-13.7%
WMT	Buy	Wal-Mart Stores Inc	$874,000	+1.0%	11,818	+1.7%	0.12%	-6.9%
BAX	Sell	Baxter International Inc	$854,000	-7.7%	13,000	-2.6%	0.12%	-15.1%
WU	Sell	Western Union Company	$689,000	-6.1%	36,928	-14.0%	0.10%	-12.7%
F113PS	Sell	Covidien Plc New F	$642,000	-5.3%	10,533	-2.3%	0.09%	-12.7%
KO	Sell	Coca Cola Company	$626,000	-15.7%	16,518	-10.8%	0.09%	-21.6%
BDX	Sell	Becton Dickinson & Co	$533,000	-0.2%	5,325	-1.4%	0.07%	-7.5%
BAC	Sell	Bank Of America Corp	$501,000	-2.1%	36,316	-8.8%	0.07%	-9.1%
AAPL	Sell	Apple Inc	$499,000	+16.9%	1,046	-2.8%	0.07%	+7.8%
MSFT	Sell	Microsoft Corp	$442,000	-16.6%	13,287	-13.4%	0.06%	-22.8%
TXN	Sell	Texas Instruments Inc	$395,000	+5.1%	9,800	-9.3%	0.06%	-1.8%
VZ	Buy	Verizon Communications	$350,000	-1.4%	7,503	+6.4%	0.05%	-7.5%
BRKA	New	1/100 Berkshire Htwy Cla 100 S	$341,000	–	200	–	0.05%	–
AMGN	Buy	Amgen Incorporated	$282,000	+19.5%	2,522	+5.5%	0.04%	+11.4%
HD	Buy	Home Depot Inc	$266,000	+0.8%	3,507	+2.9%	0.04%	-7.5%
RDSA	Sell	Royal Dutch Shell A Adrf Spons	$213,000	-7.0%	3,240	-9.9%	0.03%	-11.8%
ORCL	Sell	Oracle Corporation	$206,000	-1.4%	6,200	-8.9%	0.03%	-6.5%
JWN	Exit	Nordstrom Inc	$0	–	-3,500	–	-0.03%	–
MDT	Exit	Medtronic Inc	$0	–	-4,250	–	-0.03%	–
	Exit	1/100 Berkshire Htwy Cla 100 S	$0	–	-200	–	-0.05%	–

Q2 2013

			Value		Shares		↓ Weighting
DHR	New	Danaher Corp Del	$28,690,000	–	453,237	–	4.30%	–
FISV	New	Fiserv Inc	$27,412,000	–	313,599	–	4.11%	–
AME	New	Ametek Inc New	$26,980,000	–	637,832	–	4.05%	–
ADS	New	Alliance Data Systems	$25,347,000	–	140,015	–	3.80%	–
DCI	New	Donaldson Company Inc	$23,678,000	–	663,994	–	3.55%	–
APH	New	Amphenol Corp Cl A	$22,337,000	–	286,597	–	3.35%	–
IEX	New	IDEX Corp	$21,504,000	–	399,620	–	3.22%	–
ECL	New	Ecolab Inc	$21,418,000	–	251,417	–	3.21%	–
ATR	New	Aptargroup Inc	$21,142,000	–	382,929	–	3.17%	–
VRSK	New	Verisk Analytics Inc Cla Class	$19,418,000	–	325,258	–	2.91%	–
MSM	New	MSC Indl Direct Inc Cl A	$18,361,000	–	237,040	–	2.75%	–
EFX	New	Equifax Inc	$18,199,000	–	308,824	–	2.73%	–
ROP	New	Roper Industries Inc	$18,001,000	–	144,914	–	2.70%	–
TMO	New	Thermo Fisher Scientific	$16,770,000	–	198,155	–	2.52%	–
HSIC	New	Henry Schein Inc	$16,444,000	–	171,761	–	2.47%	–
FIS	New	Fidelity Natl Info Svcs	$15,813,000	–	369,122	–	2.37%	–
BBBY	New	Bed Bath & Beyond	$15,471,000	–	218,055	–	2.32%	–
SNA	New	Snap On Inc	$14,878,000	–	166,460	–	2.23%	–
VNTV	New	Vantiv Inc Class A	$14,360,000	–	520,300	–	2.15%	–
PNR	New	Pentair Ltd	$14,114,000	–	244,660	–	2.12%	–
MTB	New	M & T Bank Corporation	$14,090,000	–	126,085	–	2.11%	–
XRAY	New	Dentsply Intl Inc	$13,713,000	–	334,786	–	2.06%	–
BCR	New	CR Bard Incorporated	$13,487,000	–	124,100	–	2.02%	–
COL	New	Rockwell Collins Inc	$13,466,000	–	212,368	–	2.02%	–
IHS	New	IHS Inc	$12,569,000	–	120,420	–	1.88%	–
CYN	New	City National Corp	$12,338,000	–	194,700	–	1.85%	–
MIDD	New	Middleby Corp The	$12,298,000	–	72,300	–	1.84%	–
LSTR	New	Landstar System Inc	$11,837,000	–	229,849	–	1.78%	–
WAT	New	Waters Corp	$11,000,000	–	109,950	–	1.65%	–
CHRW	New	CH Robinson Worldwd New	$10,961,000	–	194,661	–	1.64%	–
FAST	New	Fastenal Co	$10,838,000	–	236,700	–	1.63%	–
CHD	New	Church & Dwight Co Inc	$9,661,000	–	156,552	–	1.45%	–
SLH	New	Solera Holdings Llc	$9,146,000	–	164,352	–	1.37%	–
TFX	New	Teleflex Incorporated	$8,740,000	–	112,783	–	1.31%	–
VAR	New	Varian Medical Systems	$7,959,000	–	118,000	–	1.19%	–
USB	New	U S Bancorp Del New	$7,416,000	–	205,153	–	1.11%	–
RHI	New	Robert Half Int'l Inc	$6,237,000	–	187,700	–	0.94%	–
UTX	New	United Technologies Corp	$5,583,000	–	60,074	–	0.84%	–
WFC	New	Wells Fargo & Co New	$5,043,000	–	122,198	–	0.76%	–
AL	New	Air Lease Corporation	$4,890,000	–	177,225	–	0.73%	–
XOM	New	Exxon Mobil Corporation	$4,843,000	–	53,605	–	0.73%	–
CVX	New	Chevron Corporation	$3,787,000	–	31,997	–	0.57%	–
COST	New	Costco Whsl Corp New	$3,635,000	–	32,874	–	0.54%	–
GE	New	General Electric Company	$3,379,000	–	145,709	–	0.51%	–
IBM	New	Intl Business Machines	$3,300,000	–	17,266	–	0.50%	–
ADP	New	Auto Data Processing	$3,250,000	–	47,204	–	0.49%	–
JNJ	New	Johnson & Johnson	$2,992,000	–	34,844	–	0.45%	–
JPM	New	JP Morgan Chase & Co	$2,971,000	–	56,286	–	0.45%	–
UPS	New	United Parcel Service B Class	$2,729,000	–	31,559	–	0.41%	–
AYI	New	Acuity Brands Inc	$2,486,000	–	32,925	–	0.37%	–
PG	New	Procter & Gamble	$2,323,000	–	30,167	–	0.35%	–
WAB	New	Wabtec Corp Com	$2,259,000	–	42,280	–	0.34%	–
XYL	New	Xylem Inc	$2,073,000	–	76,952	–	0.31%	–
COF	New	Capital One Financial Cp	$1,734,000	–	27,601	–	0.26%	–
ABBV	New	Abbvie Inc	$1,684,000	–	40,747	–	0.25%	–
ABT	New	Abbott Laboratories	$1,501,000	–	43,047	–	0.22%	–
MMM	New	3M Company	$1,248,000	–	11,413	–	0.19%	–
HON	New	Honeywell International	$1,246,000	–	15,699	–	0.19%	–
PEP	New	Pepsico Incorporated	$1,217,000	–	14,884	–	0.18%	–
INTC	New	Intel Corp	$1,073,000	–	44,264	–	0.16%	–
BAX	New	Baxter International Inc	$925,000	–	13,350	–	0.14%	–
WMT	New	Wal-Mart Stores Inc	$865,000	–	11,618	–	0.13%	–
CL	New	Colgate-Palmolive Co	$745,000	–	13,000	–	0.11%	–
KO	New	Coca Cola Company	$743,000	–	18,518	–	0.11%	–
WU	New	Western Union Company	$734,000	–	42,928	–	0.11%	–
F113PS	New	Covidien Plc New F	$678,000	–	10,783	–	0.10%	–
PFE	New	Pfizer Incorporated	$628,000	–	22,407	–	0.09%	–
MU	New	Micron Technology Inc	$628,000	–	43,816	–	0.09%	–
BDX	New	Becton Dickinson & Co	$534,000	–	5,400	–	0.08%	–
MSFT	New	Microsoft Corp	$530,000	–	15,337	–	0.08%	–
BAC	New	Bank Of America Corp	$512,000	–	39,816	–	0.08%	–
DGX	New	Quest Diagnostic Inc	$497,000	–	8,200	–	0.08%	–
PNC	New	PNC Finl Services Gp Inc	$461,000	–	6,318	–	0.07%	–
FITB	New	Fifth Third Bancorp	$439,000	–	24,320	–	0.07%	–
AAPL	New	Apple Inc	$427,000	–	1,076	–	0.06%	–
MCD	New	McDonalds Corp	$419,000	–	4,237	–	0.06%	–
TXN	New	Texas Instruments Inc	$376,000	–	10,800	–	0.06%	–
MYL	New	Mylan Inc	$357,000	–	11,500	–	0.05%	–
VZ	New	Verizon Communications	$355,000	–	7,053	–	0.05%	–
	New	1/100 Berkshire Htwy Cla 100 S	$337,000	–	200	–	0.05%	–
ZION	New	Zions Bancorp	$319,000	–	11,030	–	0.05%	–
BRKB	New	Berkshire Hathaway B New Class	$322,000	–	2,875	–	0.05%	–
ITT	New	I T T Corporation New	$311,000	–	10,579	–	0.05%	–
ROST	New	Ross Stores Inc	$285,000	–	4,400	–	0.04%	–
EMR	New	Emerson Electric Co	$273,000	–	5,000	–	0.04%	–
HD	New	Home Depot Inc	$264,000	–	3,407	–	0.04%	–
AMGN	New	Amgen Incorporated	$236,000	–	2,390	–	0.04%	–
RDSA	New	Royal Dutch Shell A Adrf Spons	$229,000	–	3,595	–	0.03%	–
NYCB	New	New York Community Bancorp , I	$227,000	–	16,248	–	0.03%	–
MDT	New	Medtronic Inc	$219,000	–	4,250	–	0.03%	–
SYK	New	Stryker Corp	$220,000	–	3,400	–	0.03%	–
BA	New	Boeing Co	$220,000	–	2,150	–	0.03%	–
SLB	New	Schlumberger Ltd F	$213,000	–	2,975	–	0.03%	–
GOOGL	New	Google Inc Class A	$214,000	–	243	–	0.03%	–
JWN	New	Nordstrom Inc	$210,000	–	3,500	–	0.03%	–
ORCL	New	Oracle Corporation	$209,000	–	6,808	–	0.03%	–
DIS	New	Disney Walt Co	$202,000	–	3,196	–	0.03%	–
	New	360 Powered Corporation	$0	–	25,000	–	0.00%	–

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