HENDLEY & CO INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY - CL B	$21,318	+2.6%	60,856	-0.1%	8.59%	-0.3%
AAPL	Sell	APPLE,INC.	$17,042	-11.9%	99,537	-0.2%	6.87%	-14.3%
MSFT	Sell	MICROSOFT CORP	$16,539	-7.3%	52,381	-0.0%	6.66%	-9.9%
V	Buy	VISA INC.	$14,417	-2.5%	62,681	+0.7%	5.81%	-5.2%
CVX	Buy	CHEVRON CORP.	$11,403	+8.1%	67,623	+0.9%	4.60%	+5.1%
ABT	Buy	ABBOTT LABORATORIES	$10,858	-8.5%	112,114	+3.0%	4.38%	-11.0%
COP	Buy	CONOCOPHILLIPS COM	$10,203	+19.5%	85,164	+3.4%	4.11%	+16.2%
JNJ	Buy	JOHNSON & JOHNSON	$10,184	-5.8%	65,390	+0.1%	4.10%	-8.4%
EOG	Buy	EOG RESOURCES, INC.	$9,172	+11.4%	72,359	+0.5%	3.70%	+8.3%
PEP	Sell	PEPSICO INC COM	$8,701	-8.8%	51,354	-0.3%	3.51%	-11.4%
UPS	Buy	UNITED PARCEL SERVICE INC COM	$7,727	-12.8%	49,574	+0.2%	3.11%	-15.3%
APD	Buy	AIR PRODUCTS & CHEMICALS INC	$6,846	-2.9%	24,156	+2.6%	2.76%	-5.6%
HSY	New	HERSHEY COMPANY COM	$6,211	–	31,043	–	2.50%	–
CTVA	Buy	CORTEVA INC.	$5,823	-10.5%	113,825	+0.2%	2.35%	-13.0%
COST	Sell	COSTCO WHOLESALE CORP	$5,634	+4.8%	9,972	-0.1%	2.27%	+1.9%
NSRGY	Buy	NESTLE S A REP RG SH ADR	$5,088	-5.6%	44,962	+0.4%	2.05%	-8.2%
AZO	Buy	AUTOZONE, INC.	$5,022	+2.4%	1,977	+0.5%	2.02%	-0.4%
MRK	Buy	MERCK & CO.,INC.	$4,966	-8.1%	48,235	+3.0%	2.00%	-10.6%
ADBE	Buy	ADOBE SYSTEMS INC DELAWARE	$4,612	+153.0%	9,045	+142.6%	1.86%	+145.8%
ZTS	Buy	ZOETIS INC	$4,600	+2.4%	26,442	+1.4%	1.85%	-0.4%
EXPD	Buy	EXPEDITORS INT'L OF WASHINGTON	$4,542	-4.9%	39,623	+0.5%	1.83%	-7.6%
APH	Sell	AMPHENOL CORP COM CL A	$4,369	-1.3%	52,020	-0.2%	1.76%	-4.0%
TROW	Buy	T ROWE PRICE GROUP,INC.	$3,813	-5.8%	36,364	+0.6%	1.54%	-8.4%
PG	Sell	PROCTER & GAMBLE CO	$3,522	-3.9%	24,147	-0.0%	1.42%	-6.6%
PM	Buy	PHILIP MORRIS INTERNATIONAL,IN	$3,309	-4.9%	35,744	+0.3%	1.33%	-7.6%
BFB	Buy	BROWN FORMAN CL B	$3,302	-12.9%	57,240	+0.8%	1.33%	-15.3%
AZN	Buy	ASTRAZENECA ADR	$3,160	+782.7%	46,660	+833.2%	1.27%	+760.1%
AMAT	Sell	APPLIED MATERIALS	$3,092	-4.4%	22,334	-0.2%	1.25%	-7.1%
XOM	Sell	EXXONMOBIL CORP	$2,128	+6.7%	18,102	-2.6%	0.86%	+3.7%
ADM	Buy	ARCHER DANIELS MIDLAND	$2,108	+2.5%	27,945	+2.6%	0.85%	-0.5%
NEM	Buy	NEWMONT MINING CORP	$1,920	-12.8%	51,974	+0.6%	0.77%	-15.2%
AMZN	Sell	AMAZON.COM INC.	$1,897	-2.6%	14,919	-0.1%	0.76%	-5.3%
PSX	Sell	PHILLIPS 66	$1,850	+25.7%	15,395	-0.2%	0.74%	+22.1%
GLW	Sell	CORNING INC COM	$1,790	-16.6%	58,736	-4.1%	0.72%	-19.0%
IFF	Sell	INTERNATIONAL FLAVORS & FRAGRA	$1,664	-14.5%	24,407	-0.2%	0.67%	-16.9%
BDX	Buy	BECTON,DICKINSON & COMPANY	$1,345	+103.8%	5,204	+108.2%	0.54%	+97.8%
ACGL	New	ARCH CAPITAL GROUP LTD	$1,179	–	14,785	–	0.48%	–
HAS	Sell	HASBRO, INC.	$663	-5.8%	10,020	-7.8%	0.27%	-8.6%
CSX	Buy	CSX CORP COM	$440	+2.3%	14,310	+13.5%	0.18%	-0.6%
DIS	Sell	DISNEY WALT CO	$398	-13.3%	4,910	-4.5%	0.16%	-15.8%
NSC	Sell	NORFOLK SOUTHERN CORP	$289	-19.0%	1,465	-7.0%	0.12%	-21.6%
SBUX	Sell	STARBUCKS CORPORATION	$253	-12.5%	2,770	-5.1%	0.10%	-15.0%
MDT	Sell	MEDTRONIC Plc	$230	-21.2%	2,938	-11.3%	0.09%	-23.1%

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY - CL B	$20,780	–	60,938	–	8.61%	–
AAPL	New	APPLE,INC.	$19,338	–	99,694	–	8.02%	–
MSFT	New	MICROSOFT CORP	$17,843	–	52,398	–	7.40%	–
V	New	VISA INC.	$14,788	–	62,269	–	6.13%	–
ABT	New	ABBOTT LABORATORIES	$11,861	–	108,796	–	4.92%	–
JNJ	New	JOHNSON & JOHNSON	$10,808	–	65,299	–	4.48%	–
CVX	New	CHEVRON CORP.	$10,548	–	67,033	–	4.37%	–
PEP	New	PEPSICO INC COM	$9,543	–	51,521	–	3.96%	–
UPS	New	UNITED PARCEL SERVICE INC COM	$8,865	–	49,455	–	3.68%	–
COP	New	CONOCOPHILLIPS COM	$8,535	–	82,374	–	3.54%	–
EOG	New	EOG RESOURCES, INC.	$8,236	–	71,964	–	3.41%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$7,054	–	23,549	–	2.92%	–
CTVA	New	CORTEVA INC.	$6,506	–	113,550	–	2.70%	–
ETN	New	EATON CORP PLC	$5,670	–	28,195	–	2.35%	–
MRK	New	MERCK & CO.,INC.	$5,402	–	46,817	–	2.24%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$5,387	–	44,763	–	2.23%	–
COST	New	COSTCO WHOLESALE CORP	$5,374	–	9,982	–	2.23%	–
AZO	New	AUTOZONE, INC.	$4,904	–	1,967	–	2.03%	–
EXPD	New	EXPEDITORS INT'L OF WASHINGTON	$4,776	–	39,428	–	1.98%	–
ZTS	New	ZOETIS INC	$4,491	–	26,077	–	1.86%	–
APH	New	AMPHENOL CORP COM CL A	$4,426	–	52,106	–	1.84%	–
UNP	New	UNION PACIFIC CORP COM	$4,377	–	21,389	–	1.82%	–
TROW	New	T ROWE PRICE GROUP,INC.	$4,047	–	36,130	–	1.68%	–
BFB	New	BROWN FORMAN CL B	$3,791	–	56,764	–	1.57%	–
PG	New	PROCTER & GAMBLE CO	$3,664	–	24,148	–	1.52%	–
PM	New	PHILIP MORRIS INTERNATIONAL,IN	$3,480	–	35,646	–	1.44%	–
AMAT	New	APPLIED MATERIALS	$3,235	–	22,384	–	1.34%	–
NEM	New	NEWMONT MINING CORP	$2,203	–	51,650	–	0.91%	–
GLW	New	CORNING INC COM	$2,146	–	61,237	–	0.89%	–
ADM	New	ARCHER DANIELS MIDLAND	$2,057	–	27,225	–	0.85%	–
XOM	New	EXXONMOBIL CORP	$1,994	–	18,588	–	0.83%	–
AMZN	New	AMAZON.COM INC.	$1,947	–	14,934	–	0.81%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRA	$1,947	–	24,458	–	0.81%	–
ADBE	New	ADOBE SYSTEMS INC DELAWARE	$1,823	–	3,729	–	0.76%	–
PSX	New	PHILLIPS 66	$1,472	–	15,430	–	0.61%	–
SYK	New	STRYKER CORP COM	$1,013	–	3,320	–	0.42%	–
KO	New	COCA COLA CO	$964	–	16,001	–	0.40%	–
NVDA	New	NVIDIA CORP	$717	–	1,695	–	0.30%	–
HAS	New	HASBRO, INC.	$704	–	10,870	–	0.29%	–
BDX	New	BECTON,DICKINSON & COMPANY	$660	–	2,500	–	0.27%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$518	–	1	–	0.22%	–
DIS	New	DISNEY WALT CO	$459	–	5,140	–	0.19%	–
CSX	New	CSX CORP COM	$430	–	12,610	–	0.18%	–
NSC	New	NORFOLK SOUTHERN CORP	$357	–	1,575	–	0.15%	–
CL	New	COLGATE PALMOLIVE CO	$358	–	4,651	–	0.15%	–
AZN	New	ASTRAZENECA ADR	$358	–	5,000	–	0.15%	–
MDT	New	MEDTRONIC Plc	$292	–	3,313	–	0.12%	–
SBUX	New	STARBUCKS CORPORATION	$289	–	2,920	–	0.12%	–
MA	New	MASTERCARD INC.	$277	–	705	–	0.12%	–
SHW	New	SHERWIN-WILLIAMS CO COM	$266	–	1,000	–	0.11%	–
DE	New	DEERE AND COMPANY	$243	–	600	–	0.10%	–

Q4 2022

			Value		Shares		↓ Weighting
DE	Exit	DEERE AND COMPANY	$0	–	-600	–	-0.09%	–
NKE	Exit	NIKE, INC. - CLASS B	$0	–	-2,483	–	-0.10%	–
INTC	Exit	INTEL CORP	$0	–	-8,629	–	-0.10%	–
NVDA	Exit	NVIDIA CORP	$0	–	-2,076	–	-0.12%	–
AZN	Exit	ASTRAZENECA ADR	$0	–	-5,000	–	-0.13%	–
MDT	Exit	MEDTRONIC Plc	$0	–	-3,508	–	-0.13%	–
SBUX	Exit	STARBUCKS CORPORATION	$0	–	-3,420	–	-0.13%	–
CSX	Exit	CSX CORP COM	$0	–	-10,950	–	-0.14%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-1,625	–	-0.16%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-4,851	–	-0.16%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-1	–	-0.19%	–
UNH	Exit	UNITEDHEALTH GROUP	$0	–	-1,100	–	-0.26%	–
BDX	Exit	BECTON,DICKINSON & COMPANY	$0	–	-2,508	–	-0.26%	–
DIS	Exit	DISNEY WALT CO	$0	–	-6,847	–	-0.30%	–
SYK	Exit	STRYKER CORP COM	$0	–	-3,195	–	-0.30%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-6,155	–	-0.33%	–
KO	Exit	COCA COLA CO	$0	–	-16,101	–	-0.42%	–
PPG	Exit	PPG INDS INC	$0	–	-9,520	–	-0.49%	–
ADBE	Exit	ADOBE SYSTEMS INC DELAWARE	$0	–	-4,189	–	-0.53%	–
TGT	Exit	TARGET CORP	$0	–	-9,015	–	-0.62%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-18,123	–	-0.73%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-4,784	–	-0.81%	–
GLW	Exit	CORNING INC COM	$0	–	-62,562	–	-0.84%	–
ADM	Exit	ARCHER DANIELS MIDLAND	$0	–	-23,530	–	-0.87%	–
AMAT	Exit	APPLIED MATERIALS	$0	–	-23,114	–	-0.87%	–
AMZN	Exit	AMAZON.COM INC.	$0	–	-22,664	–	-1.18%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-66,350	–	-1.29%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRA	$0	–	-31,716	–	-1.33%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL,IN	$0	–	-35,536	–	-1.36%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-23,763	–	-1.38%	–
TROW	Exit	T ROWE PRICE GROUP,INC.	$0	–	-32,933	–	-1.59%	–
EXPD	Exit	EXPEDITORS INT'L OF WASHINGTON	$0	–	-39,535	–	-1.61%	–
COG	Exit	COTERRA ENERGY INC.	$0	–	-136,256	–	-1.64%	–
APH	Exit	AMPHENOL CORP COM CL A	$0	–	-53,495	–	-1.65%	–
BFB	Exit	BROWN FORMAN CL B	$0	–	-55,520	–	-1.70%	–
HAS	Exit	HASBRO, INC.	$0	–	-57,070	–	-1.77%	–
MRK	Exit	MERCK & CO.,INC.	$0	–	-46,179	–	-1.83%	–
PSX	Exit	PHILLIPS 66	$0	–	-50,073	–	-1.86%	–
ZTS	Exit	ZOETIS INC	$0	–	-27,600	–	-1.89%	–
UNP	Exit	UNION PACIFIC CORP COM	$0	–	-21,452	–	-1.93%	–
NSRGY	Exit	NESTLE S A REP RG SH ADR	$0	–	-44,731	–	-2.22%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-23,616	–	-2.53%	–
COP	Exit	CONOCOPHILLIPS COM	$0	–	-56,632	–	-2.67%	–
CTVA	Exit	CORTEVA INC.	$0	–	-111,260	–	-2.93%	–
AZO	Exit	AUTOZONE, INC.	$0	–	-3,048	–	-3.01%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-14,518	–	-3.16%	–
CVX	Exit	CHEVRON CORP.	$0	–	-52,767	–	-3.50%	–
EOG	Exit	EOG RESOURCES, INC.	$0	–	-70,300	–	-3.62%	–
UPS	Exit	UNITED PARCEL SERVICE INC COM	$0	–	-50,830	–	-3.78%	–
PEP	Exit	PEPSICO INC COM	$0	–	-53,420	–	-4.02%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-109,004	–	-4.86%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-64,819	–	-4.88%	–
V	Exit	VISA INC.	$0	–	-64,291	–	-5.26%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-56,903	–	-6.11%	–
AAPL	Exit	APPLE,INC.	$0	–	-107,058	–	-6.82%	–
BRKB	Exit	BERKSHIRE HATHAWAY - CL B	$0	–	-61,353	–	-7.55%	–

Q3 2022

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY - CL B	$16,382,000	-2.3%	61,353	-0.1%	7.55%	+5.1%
AAPL	Sell	APPLE,INC.	$14,795,000	+0.9%	107,058	-0.1%	6.82%	+8.6%
MSFT	Sell	MICROSOFT CORP	$13,253,000	-9.5%	56,903	-0.2%	6.11%	-2.7%
V	Sell	VISA INC.	$11,421,000	-9.9%	64,291	-0.2%	5.26%	-3.1%
JNJ	Sell	JOHNSON & JOHNSON	$10,589,000	-8.0%	64,819	-0.0%	4.88%	-1.0%
ABT	Sell	ABBOTT LABORATORIES	$10,547,000	-11.0%	109,004	-0.0%	4.86%	-4.2%
PEP	Sell	PEPSICO INC COM	$8,721,000	-2.2%	53,420	-0.2%	4.02%	+5.1%
UPS	Sell	UNITED PARCEL SERVICE INC COM	$8,211,000	-11.7%	50,830	-0.3%	3.78%	-5.1%
EOG	Buy	EOG RESOURCES, INC.	$7,855,000	+1.9%	70,300	+0.7%	3.62%	+9.6%
CVX	Sell	CHEVRON CORP.	$7,581,000	-1.1%	52,767	-0.3%	3.50%	+6.4%
COST	Sell	COSTCO WHOLESALE CORP	$6,856,000	-1.7%	14,518	-0.2%	3.16%	+5.8%
AZO	Sell	AUTOZONE, INC.	$6,529,000	-0.4%	3,048	-0.1%	3.01%	+7.1%
CTVA	Sell	CORTEVA INC.	$6,359,000	+5.2%	111,260	-0.3%	2.93%	+13.2%
COP	Sell	CONOCOPHILLIPS COM	$5,796,000	+13.9%	56,632	-0.0%	2.67%	+22.5%
APD	Buy	AIR PRODUCTS & CHEMICALS INC	$5,496,000	-2.8%	23,616	+0.4%	2.53%	+4.5%
NSRGY	Buy	NESTLE S A REP RG SH ADR	$4,813,000	-7.3%	44,731	+0.3%	2.22%	-0.2%
UNP	Sell	UNION PACIFIC CORP COM	$4,179,000	-8.8%	21,452	-0.2%	1.93%	-1.9%
ZTS	New	ZOETIS INC	$4,093,000	–	27,600	–	1.89%	–
PSX	Sell	PHILLIPS 66	$4,042,000	-1.8%	50,073	-0.3%	1.86%	+5.6%
MRK	Sell	MERCK & CO.,INC.	$3,977,000	-5.6%	46,179	-0.1%	1.83%	+1.4%
HAS	Sell	HASBRO, INC.	$3,848,000	-18.2%	57,070	-0.7%	1.77%	-12.0%
BFB	Sell	BROWN FORMAN CL B	$3,696,000	-5.2%	55,520	-0.0%	1.70%	+2.0%
APH	Sell	AMPHENOL CORP COM CL A	$3,582,000	+3.4%	53,495	-0.5%	1.65%	+11.3%
COG	Sell	COTERRA ENERGY INC.	$3,559,000	+1.1%	136,256	-0.2%	1.64%	+8.7%
EXPD	Buy	EXPEDITORS INT'L OF WASHINGTON	$3,491,000	-5.9%	39,535	+3.9%	1.61%	+1.2%
TROW	Sell	T ROWE PRICE GROUP,INC.	$3,458,000	-7.6%	32,933	-0.1%	1.59%	-0.7%
PG	Sell	PROCTER & GAMBLE CO	$3,000,000	-12.4%	23,763	-0.3%	1.38%	-5.8%
PM	Sell	PHILIP MORRIS INTERNATIONAL,IN	$2,950,000	-16.2%	35,536	-0.3%	1.36%	-9.9%
IFF	Buy	INTERNATIONAL FLAVORS & FRAGRA	$2,881,000	-22.4%	31,716	+1.7%	1.33%	-16.5%
NEM	Buy	NEWMONT MINING CORP	$2,789,000	-29.5%	66,350	+0.1%	1.29%	-24.2%
AMZN	Sell	AMAZON.COM INC.	$2,561,000	+5.9%	22,664	-0.4%	1.18%	+14.0%
AMAT	Buy	APPLIED MATERIALS	$1,894,000	-9.6%	23,114	+0.4%	0.87%	-2.7%
GLW	Buy	CORNING INC COM	$1,816,000	-5.0%	62,562	+3.2%	0.84%	+2.2%
LRCX	Sell	LAM RESEARCH CORP	$1,751,000	-14.5%	4,784	-0.5%	0.81%	-8.1%
TGT	Sell	TARGET CORP	$1,338,000	-41.6%	9,015	-44.5%	0.62%	-37.2%
ADBE	Sell	ADOBE SYSTEMS INC DELAWARE	$1,153,000	-25.0%	4,189	-0.3%	0.53%	-19.3%
PPG	Sell	PPG INDS INC	$1,054,000	-4.1%	9,520	-0.9%	0.49%	+3.2%
KO	Sell	COCA COLA CO	$902,000	-11.5%	16,101	-0.6%	0.42%	-4.8%
SBUX	Sell	STARBUCKS CORPORATION	$288,000	-55.3%	3,420	-59.5%	0.13%	-51.8%
INTC	Sell	INTEL CORP	$222,000	-32.7%	8,629	-2.3%	0.10%	-27.7%
DE	New	DEERE AND COMPANY	$200,000	–	600	–	0.09%	–
UGI	Exit	UGI CORP.	$0	–	-5,190	–	-0.09%	–
MA	Exit	MASTERCARD INC.	$0	–	-680	–	-0.09%	–
UL	Exit	UNILEVER PLC ADR SPONSORED	$0	–	-7,750	–	-0.15%	–
ALL	Exit	ALLSTATE CORP	$0	–	-8,245	–	-0.45%	–
OLN	Exit	OLIN CORP.	$0	–	-46,100	–	-0.92%	–
PNR	Exit	PENTAIR PLC	$0	–	-64,245	–	-1.26%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY - CL B	$16,763,000	–	61,400	–	7.18%	–
AAPL	New	APPLE,INC.	$14,657,000	–	107,203	–	6.28%	–
MSFT	New	MICROSOFT CORP	$14,649,000	–	57,038	–	6.28%	–
V	New	VISA INC.	$12,680,000	–	64,403	–	5.44%	–
ABT	New	ABBOTT LABORATORIES	$11,844,000	–	109,007	–	5.08%	–
JNJ	New	JOHNSON & JOHNSON	$11,508,000	–	64,829	–	4.93%	–
UPS	New	UNITED PARCEL SERVICE INC COM	$9,302,000	–	50,960	–	3.99%	–
PEP	New	PEPSICO INC COM	$8,921,000	–	53,531	–	3.82%	–
EOG	New	EOG RESOURCES, INC.	$7,708,000	–	69,790	–	3.30%	–
CVX	New	CHEVRON CORP.	$7,662,000	–	52,922	–	3.28%	–
COST	New	COSTCO WHOLESALE CORP	$6,975,000	–	14,553	–	2.99%	–
AZO	New	AUTOZONE, INC.	$6,557,000	–	3,051	–	2.81%	–
CTVA	New	CORTEVA INC.	$6,043,000	–	111,615	–	2.59%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$5,656,000	–	23,519	–	2.42%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$5,190,000	–	44,591	–	2.22%	–
COP	New	CONOCOPHILLIPS COM	$5,088,000	–	56,652	–	2.18%	–
HAS	New	HASBRO, INC.	$4,705,000	–	57,460	–	2.02%	–
UNP	New	UNION PACIFIC CORP COM	$4,584,000	–	21,492	–	1.96%	–
MRK	New	MERCK & CO.,INC.	$4,215,000	–	46,229	–	1.81%	–
PSX	New	PHILLIPS 66	$4,118,000	–	50,230	–	1.76%	–
NEM	New	NEWMONT MINING CORP	$3,956,000	–	66,300	–	1.70%	–
BFB	New	BROWN FORMAN CL B	$3,897,000	–	55,545	–	1.67%	–
TROW	New	T ROWE PRICE GROUP,INC.	$3,744,000	–	32,958	–	1.60%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRA	$3,713,000	–	31,171	–	1.59%	–
EXPD	New	EXPEDITORS INT'L OF WASHINGTON	$3,709,000	–	38,055	–	1.59%	–
COG	New	COTERRA ENERGY INC.	$3,521,000	–	136,516	–	1.51%	–
PM	New	PHILIP MORRIS INTERNATIONAL,IN	$3,521,000	–	35,656	–	1.51%	–
APH	New	AMPHENOL CORP COM CL A	$3,463,000	–	53,785	–	1.48%	–
PG	New	PROCTER & GAMBLE CO	$3,425,000	–	23,823	–	1.47%	–
PNR	New	PENTAIR PLC	$2,940,000	–	64,245	–	1.26%	–
AMZN	New	AMAZON.COM INC.	$2,418,000	–	22,764	–	1.04%	–
TGT	New	TARGET CORP	$2,293,000	–	16,239	–	0.98%	–
OLN	New	OLIN CORP.	$2,134,000	–	46,100	–	0.92%	–
AMAT	New	APPLIED MATERIALS	$2,094,000	–	23,014	–	0.90%	–
LRCX	New	LAM RESEARCH CORP	$2,049,000	–	4,809	–	0.88%	–
GLW	New	CORNING INC COM	$1,911,000	–	60,637	–	0.82%	–
ADM	New	ARCHER DANIELS MIDLAND	$1,826,000	–	23,530	–	0.78%	–
XOM	New	EXXONMOBIL CORP	$1,552,000	–	18,123	–	0.66%	–
ADBE	New	ADOBE SYSTEMS INC DELAWARE	$1,538,000	–	4,201	–	0.66%	–
PPG	New	PPG INDS INC	$1,099,000	–	9,610	–	0.47%	–
ALL	New	ALLSTATE CORP	$1,045,000	–	8,245	–	0.45%	–
KO	New	COCA COLA CO	$1,019,000	–	16,201	–	0.44%	–
PGR	New	PROGRESSIVE CORP	$716,000	–	6,155	–	0.31%	–
DIS	New	DISNEY WALT CO	$646,000	–	6,847	–	0.28%	–
SBUX	New	STARBUCKS CORPORATION	$645,000	–	8,440	–	0.28%	–
SYK	New	STRYKER CORP COM	$636,000	–	3,195	–	0.27%	–
BDX	New	BECTON,DICKINSON & COMPANY	$618,000	–	2,508	–	0.26%	–
UNH	New	UNITEDHEALTH GROUP	$565,000	–	1,100	–	0.24%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$409,000	–	1	–	0.18%	–
CL	New	COLGATE PALMOLIVE CO	$389,000	–	4,851	–	0.17%	–
NSC	New	NORFOLK SOUTHERN CORP	$369,000	–	1,625	–	0.16%	–
UL	New	UNILEVER PLC ADR SPONSORED	$355,000	–	7,750	–	0.15%	–
INTC	New	INTEL CORP	$330,000	–	8,829	–	0.14%	–
AZN	New	ASTRAZENECA ADR	$330,000	–	5,000	–	0.14%	–
CSX	New	CSX CORP COM	$318,000	–	10,950	–	0.14%	–
NVDA	New	NVIDIA CORP	$315,000	–	2,076	–	0.14%	–
MDT	New	MEDTRONIC Plc	$315,000	–	3,508	–	0.14%	–
NKE	New	NIKE, INC. - CLASS B	$254,000	–	2,483	–	0.11%	–
MA	New	MASTERCARD INC.	$215,000	–	680	–	0.09%	–
UGI	New	UGI CORP.	$200,000	–	5,190	–	0.09%	–

Q4 2021

			Value		Shares		↓ Weighting
DE	Exit	DEERE AND COMPANY	$0	–	-600	–	-0.07%	–
UGI	Exit	UGI CORP.	$0	–	-5,140	–	-0.08%	–
COP	Exit	CONOCOPHILLIPS COM	$0	–	-3,694	–	-0.09%	–
NVDA	Exit	NVIDIA CORP	$0	–	-1,276	–	-0.09%	–
HRL	Exit	HORMEL FOODS CORPORATION	$0	–	-6,500	–	-0.09%	–
AZN	Exit	ASTRAZENECA ADR	$0	–	-5,000	–	-0.10%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-4,617	–	-0.11%	–
TXN	Exit	TEXAS INSTRUMENTS INC	$0	–	-1,800	–	-0.12%	–
AMGN	Exit	AMGEN,INC.	$0	–	-1,631	–	-0.12%	–
NKE	Exit	NIKE, INC. - CLASS B	$0	–	-2,520	–	-0.13%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-4,976	–	-0.13%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-1,625	–	-0.14%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-1	–	-0.14%	–
INTC	Exit	INTEL CORP	$0	–	-8,629	–	-0.16%	–
MA	Exit	MASTERCARD INC.	$0	–	-1,325	–	-0.16%	–
CMI	Exit	CUMMINS INC COM	$0	–	-2,105	–	-0.16%	–
LMT	Exit	LOCKHEED MARTIN CORP.	$0	–	-1,483	–	-0.18%	–
TJX	Exit	TJX COS INC COM	$0	–	-8,320	–	-0.19%	–
MDT	Exit	MEDTRONIC Plc	$0	–	-4,508	–	-0.20%	–
UL	Exit	UNILEVER PLC ADR SPONSORED	$0	–	-11,035	–	-0.21%	–
UNH	Exit	UNITEDHEALTH GROUP	$0	–	-1,633	–	-0.22%	–
BDX	Exit	BECTON,DICKINSON & COMPANY	$0	–	-2,608	–	-0.22%	–
MO	Exit	ALTRIA GROUP, INC	$0	–	-14,368	–	-0.23%	–
SBUX	Exit	STARBUCKS CORPORATION	$0	–	-8,541	–	-0.33%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-16,242	–	-0.33%	–
KO	Exit	COCA COLA CO	$0	–	-19,641	–	-0.36%	–
ALL	Exit	ALLSTATE CORP	$0	–	-8,245	–	-0.37%	–
PPG	Exit	PPG INDS INC	$0	–	-7,830	–	-0.39%	–
WM	Exit	WASTE MANAGEMENT INC COM	$0	–	-7,740	–	-0.40%	–
HOLX	Exit	HOLOGIC, INC.	$0	–	-16,830	–	-0.43%	–
HSY	Exit	HERSHEY COMPANY COM	$0	–	-7,562	–	-0.45%	–
GLW	Exit	CORNING INC COM	$0	–	-38,766	–	-0.49%	–
ADBE	Exit	ADOBE SYSTEMS INC DELAWARE	$0	–	-2,590	–	-0.52%	–
DIS	Exit	DISNEY WALT CO	$0	–	-10,130	–	-0.60%	–
JPM	Exit	J.P. MORGAN CHASE	$0	–	-14,571	–	-0.83%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-4,742	–	-0.94%	–
AMAT	Exit	APPLIED MATERIALS	$0	–	-21,845	–	-0.98%	–
BFB	Exit	BROWN FORMAN CL B	$0	–	-50,863	–	-1.19%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL,IN	$0	–	-36,053	–	-1.19%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-12,985	–	-1.23%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-66,465	–	-1.26%	–
MRK	Exit	MERCK & CO.,INC.	$0	–	-50,119	–	-1.32%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRA	$0	–	-28,719	–	-1.34%	–
DOW	Exit	DOW INC.	$0	–	-69,900	–	-1.40%	–
SYK	Exit	STRYKER CORP COM	$0	–	-15,885	–	-1.46%	–
UNP	Exit	UNION PACIFIC CORP COM	$0	–	-21,762	–	-1.49%	–
EXPD	Exit	EXPEDITORS INT'L OF WASHINGTON	$0	–	-37,160	–	-1.55%	–
PNW	Exit	PINNACLE WEST CAPITAL	$0	–	-61,750	–	-1.56%	–
TROW	Exit	T ROWE PRICE GROUP,INC.	$0	–	-23,875	–	-1.64%	–
DG	Exit	DOLLAR GENERAL CORP	$0	–	-24,304	–	-1.80%	–
CVX	Exit	CHEVRON CORP.	$0	–	-51,853	–	-1.84%	–
AZO	Exit	AUTOZONE, INC.	$0	–	-3,140	–	-1.86%	–
NSRGY	Exit	NESTLE S A REP RG SH ADR	$0	–	-44,656	–	-1.88%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-39,202	–	-1.91%	–
EOG	Exit	EOG RESOURCES, INC.	$0	–	-68,210	–	-1.91%	–
PSX	Exit	PHILLIPS 66	$0	–	-83,127	–	-2.03%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-22,742	–	-2.04%	–
PNR	Exit	PENTAIR PLC	$0	–	-81,420	–	-2.07%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-15,198	–	-2.39%	–
APH	Exit	AMPHENOL CORP COM CL A	$0	–	-101,840	–	-2.61%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-82,605	–	-2.61%	–
HD	Exit	THE HOME DEPOT	$0	–	-24,691	–	-2.83%	–
UPS	Exit	UNITED PARCEL SERVICE INC COM	$0	–	-50,735	–	-3.23%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-67,027	–	-3.27%	–
PEP	Exit	PEPSICO INC COM	$0	–	-68,539	–	-3.60%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-65,116	–	-3.67%	–
AMZN	Exit	AMAZON.COM INC.	$0	–	-3,434	–	-3.94%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-108,797	–	-4.49%	–
BRKB	Exit	BERKSHIRE HATHAWAY - CL B	$0	–	-53,483	–	-5.10%	–
V	Exit	VISA INC.	$0	–	-66,405	–	-5.17%	–
AAPL	Exit	APPLE,INC.	$0	–	-123,526	–	-6.11%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-63,166	–	-6.22%	–

Q3 2021

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$17,808,000	+9.0%	63,166	+4.8%	6.22%	+13.9%
AAPL	Sell	APPLE,INC.	$17,479,000	+3.1%	123,526	-0.2%	6.11%	+7.7%
V	Sell	VISA INC.	$14,792,000	-4.8%	66,405	-0.1%	5.17%	-0.6%
BRKB	Sell	BERKSHIRE HATHAWAY - CL B	$14,598,000	-2.1%	53,483	-0.4%	5.10%	+2.2%
ABT	Sell	ABBOTT LABORATORIES	$12,852,000	+1.7%	108,797	-0.2%	4.49%	+6.2%
AMZN	Buy	AMAZON.COM INC.	$11,281,000	-3.8%	3,434	+0.8%	3.94%	+0.5%
JNJ	Sell	JOHNSON & JOHNSON	$10,516,000	-2.3%	65,116	-0.4%	3.67%	+2.0%
PEP	Sell	PEPSICO INC COM	$10,309,000	+0.9%	68,539	-0.6%	3.60%	+5.4%
PG	Buy	PROCTER & GAMBLE CO	$9,370,000	+4.1%	67,027	+0.4%	3.27%	+8.7%
UPS	Sell	UNITED PARCEL SERVICE INC COM	$9,239,000	-12.8%	50,735	-0.4%	3.23%	-8.9%
HD	Sell	THE HOME DEPOT	$8,105,000	+1.9%	24,691	-1.0%	2.83%	+6.5%
PGR	Sell	PROGRESSIVE CORP	$7,467,000	-8.0%	82,605	-0.0%	2.61%	-3.9%
APH	Sell	AMPHENOL CORP COM CL A	$7,458,000	+6.8%	101,840	-0.2%	2.61%	+11.6%
COST	Sell	COSTCO WHOLESALE CORP	$6,829,000	+12.7%	15,198	-0.8%	2.39%	+17.7%
PNR	Buy	PENTAIR PLC	$5,914,000	+318.8%	81,420	+289.1%	2.07%	+337.7%
APD	Buy	AIR PRODUCTS & CHEMICALS INC	$5,824,000	+18.1%	22,742	+32.7%	2.04%	+23.3%
PSX	Sell	PHILLIPS 66	$5,821,000	-18.6%	83,127	-0.3%	2.03%	-15.0%
EOG	Buy	EOG RESOURCES, INC.	$5,475,000	-2.3%	68,210	+1.5%	1.91%	+2.0%
WMT	Sell	WAL-MART STORES INC	$5,464,000	-1.5%	39,202	-0.3%	1.91%	+2.9%
NSRGY	Buy	NESTLE S A REP RG SH ADR	$5,368,000	-3.2%	44,656	+0.4%	1.88%	+1.0%
AZO	Buy	AUTOZONE, INC.	$5,332,000	+43.7%	3,140	+26.3%	1.86%	+50.1%
CVX	Buy	CHEVRON CORP.	$5,260,000	-3.1%	51,853	+0.0%	1.84%	+1.2%
DG	Buy	DOLLAR GENERAL CORP	$5,156,000	+1.4%	24,304	+3.4%	1.80%	+5.9%
TROW	Sell	T ROWE PRICE GROUP,INC.	$4,696,000	-59.4%	23,875	-59.1%	1.64%	-57.6%
PNW	Sell	PINNACLE WEST CAPITAL	$4,468,000	-12.4%	61,750	-0.7%	1.56%	-8.5%
EXPD	Buy	EXPEDITORS INT'L OF WASHINGTON	$4,427,000	-2.6%	37,160	+3.6%	1.55%	+1.8%
UNP	Buy	UNION PACIFIC CORP COM	$4,266,000	+14.8%	21,762	+28.8%	1.49%	+19.9%
SYK	Sell	STRYKER CORP COM	$4,189,000	+1.4%	15,885	-0.1%	1.46%	+5.9%
DOW	Buy	DOW INC.	$4,023,000	-8.9%	69,900	+0.1%	1.40%	-4.9%
IFF	Sell	INTERNATIONAL FLAVORS & FRAGRA	$3,840,000	-10.7%	28,719	-0.3%	1.34%	-6.7%
MRK	Sell	MERCK & CO.,INC.	$3,764,000	-5.1%	50,119	-1.7%	1.32%	-0.8%
NEM	Buy	NEWMONT MINING CORP	$3,609,000	-13.6%	66,465	+0.9%	1.26%	-9.7%
KSU	Sell	KANSAS CITY SOUTHERN	$3,514,000	-63.3%	12,985	-61.6%	1.23%	-61.7%
BFB	Sell	BROWN FORMAN CL B	$3,408,000	-10.7%	50,863	-0.1%	1.19%	-6.7%
LRCX	New	LAM RESEARCH CORP	$2,699,000	–	4,742	–	0.94%	–
JPM	Sell	J.P. MORGAN CHASE	$2,385,000	-66.4%	14,571	-68.1%	0.83%	-64.9%
DIS	Sell	DISNEY WALT CO	$1,714,000	-5.9%	10,130	-2.3%	0.60%	-1.8%
ADBE	Sell	ADOBE SYSTEMS INC DELAWARE	$1,491,000	-2.3%	2,590	-0.6%	0.52%	+2.2%
GLW	Buy	CORNING INC COM	$1,415,000	-10.6%	38,766	+0.2%	0.49%	-6.8%
HSY	Buy	HERSHEY COMPANY COM	$1,280,000	+189.6%	7,562	+198.3%	0.45%	+202.0%
HOLX	New	HOLOGIC, INC.	$1,242,000	–	16,830	–	0.43%	–
PPG	Buy	PPG INDS INC	$1,120,000	-10.5%	7,830	+6.2%	0.39%	-6.7%
ALL	Buy	ALLSTATE CORP	$1,050,000	+8.9%	8,245	+11.6%	0.37%	+14.0%
KO	Buy	COCA COLA CO	$1,031,000	-2.0%	19,641	+1.0%	0.36%	+2.3%
SBUX	Sell	STARBUCKS CORPORATION	$942,000	-2.5%	8,541	-1.2%	0.33%	+1.9%
UL	Sell	UNILEVER PLC ADR SPONSORED	$598,000	-8.6%	11,035	-1.3%	0.21%	-4.6%
MDT	New	MEDTRONIC Plc	$565,000	–	4,508	–	0.20%	–
CMI	Buy	CUMMINS INC COM	$473,000	-3.1%	2,105	+5.2%	0.16%	+1.2%
INTC	Buy	INTEL CORP	$460,000	-2.1%	8,629	+3.0%	0.16%	+2.5%
CL	Sell	COLGATE PALMOLIVE CO	$376,000	-9.6%	4,976	-2.6%	0.13%	-5.8%
NKE	Sell	NIKE, INC. - CLASS B	$366,000	-8.7%	2,520	-2.9%	0.13%	-4.5%
NVDA	Buy	NVIDIA CORP	$264,000	+3.5%	1,276	+300.0%	0.09%	+8.2%
COP	Buy	CONOCOPHILLIPS COM	$250,000	+14.2%	3,694	+2.8%	0.09%	+19.2%
UGI	New	UGI CORP.	$219,000	–	5,140	–	0.08%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-20,185	–	-0.90%	–

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	APPLE,INC.	$16,951,000	–	123,766	–	5.67%	–
MSFT	New	MICROSOFT CORP	$16,334,000	–	60,297	–	5.46%	–
V	New	VISA INC.	$15,544,000	–	66,477	–	5.20%	–
BRKB	New	BERKSHIRE HATHAWAY - CL B	$14,917,000	–	53,672	–	4.99%	–
ABT	New	ABBOTT LABORATORIES	$12,634,000	–	108,977	–	4.23%	–
AMZN	New	AMAZON.COM INC.	$11,724,000	–	3,408	–	3.92%	–
TROW	New	T ROWE PRICE GROUP,INC.	$11,564,000	–	58,410	–	3.87%	–
JNJ	New	JOHNSON & JOHNSON	$10,769,000	–	65,371	–	3.60%	–
UPS	New	UNITED PARCEL SERVICE INC COM	$10,591,000	–	50,925	–	3.54%	–
PEP	New	PEPSICO INC COM	$10,218,000	–	68,959	–	3.42%	–
KSU	New	KANSAS CITY SOUTHERN	$9,576,000	–	33,792	–	3.20%	–
PG	New	PROCTER & GAMBLE CO	$9,004,000	–	66,729	–	3.01%	–
PGR	New	PROGRESSIVE CORP	$8,113,000	–	82,610	–	2.71%	–
HD	New	THE HOME DEPOT	$7,953,000	–	24,941	–	2.66%	–
PSX	New	PHILLIPS 66	$7,152,000	–	83,342	–	2.39%	–
JPM	New	J.P. MORGAN CHASE	$7,095,000	–	45,615	–	2.37%	–
APH	New	AMPHENOL CORP COM CL A	$6,983,000	–	102,080	–	2.34%	–
COST	New	COSTCO WHOLESALE CORP	$6,061,000	–	15,318	–	2.03%	–
EOG	New	EOG RESOURCES, INC.	$5,606,000	–	67,185	–	1.88%	–
WMT	New	WAL-MART STORES INC	$5,547,000	–	39,332	–	1.86%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$5,548,000	–	44,479	–	1.86%	–
CVX	New	CHEVRON CORP.	$5,430,000	–	51,838	–	1.82%	–
PNW	New	PINNACLE WEST CAPITAL	$5,099,000	–	62,200	–	1.71%	–
DG	New	DOLLAR GENERAL CORP	$5,085,000	–	23,497	–	1.70%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$4,931,000	–	17,140	–	1.65%	–
EXPD	New	EXPEDITORS INT'L OF WASHINGTON	$4,543,000	–	35,885	–	1.52%	–
DOW	New	DOW INC.	$4,418,000	–	69,820	–	1.48%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRA	$4,301,000	–	28,791	–	1.44%	–
NEM	New	NEWMONT MINING CORP	$4,177,000	–	65,900	–	1.40%	–
SYK	New	STRYKER CORP COM	$4,131,000	–	15,905	–	1.38%	–
MRK	New	MERCK & CO.,INC.	$3,965,000	–	50,989	–	1.33%	–
BFB	New	BROWN FORMAN CL B	$3,815,000	–	50,913	–	1.28%	–
UNP	New	UNION PACIFIC CORP COM	$3,716,000	–	16,897	–	1.24%	–
AZO	New	AUTOZONE, INC.	$3,710,000	–	2,486	–	1.24%	–
PM	New	PHILIP MORRIS INTERNATIONAL,IN	$3,573,000	–	36,053	–	1.20%	–
AMAT	New	APPLIED MATERIALS	$3,111,000	–	21,845	–	1.04%	–
KMB	New	KIMBERLY CLARK CORP	$2,700,000	–	20,185	–	0.90%	–
DIS	New	DISNEY WALT CO	$1,822,000	–	10,365	–	0.61%	–
GLW	New	CORNING INC COM	$1,583,000	–	38,700	–	0.53%	–
ADBE	New	ADOBE SYSTEMS INC DELAWARE	$1,526,000	–	2,605	–	0.51%	–
PNR	New	PENTAIR PLC	$1,412,000	–	20,925	–	0.47%	–
PPG	New	PPG INDS INC	$1,252,000	–	7,375	–	0.42%	–
WM	New	WASTE MANAGEMENT INC COM	$1,084,000	–	7,740	–	0.36%	–
KO	New	COCA COLA CO	$1,052,000	–	19,441	–	0.35%	–
XOM	New	EXXONMOBIL CORP	$1,025,000	–	16,242	–	0.34%	–
SBUX	New	STARBUCKS CORPORATION	$966,000	–	8,641	–	0.32%	–
ALL	New	ALLSTATE CORP	$964,000	–	7,390	–	0.32%	–
MO	New	ALTRIA GROUP, INC	$685,000	–	14,368	–	0.23%	–
UL	New	UNILEVER PLC ADR SPONSORED	$654,000	–	11,185	–	0.22%	–
UNH	New	UNITEDHEALTH GROUP	$654,000	–	1,633	–	0.22%	–
BDX	New	BECTON,DICKINSON & COMPANY	$634,000	–	2,608	–	0.21%	–
LMT	New	LOCKHEED MARTIN CORP.	$561,000	–	1,483	–	0.19%	–
TJX	New	TJX COS INC COM	$561,000	–	8,320	–	0.19%	–
CMI	New	CUMMINS INC COM	$488,000	–	2,000	–	0.16%	–
MA	New	MASTERCARD INC.	$484,000	–	1,325	–	0.16%	–
INTC	New	INTEL CORP	$470,000	–	8,379	–	0.16%	–
HSY	New	HERSHEY COMPANY COM	$442,000	–	2,535	–	0.15%	–
NSC	New	NORFOLK SOUTHERN CORP	$431,000	–	1,625	–	0.14%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$419,000	–	1	–	0.14%	–
CL	New	COLGATE PALMOLIVE CO	$416,000	–	5,110	–	0.14%	–
NKE	New	NIKE, INC. - CLASS B	$401,000	–	2,595	–	0.13%	–
AMGN	New	AMGEN,INC.	$398,000	–	1,631	–	0.13%	–
TXN	New	TEXAS INSTRUMENTS INC	$346,000	–	1,800	–	0.12%	–
GILD	New	GILEAD SCIENCES INC	$318,000	–	4,617	–	0.11%	–
HRL	New	HORMEL FOODS CORPORATION	$310,000	–	6,500	–	0.10%	–
AZN	New	ASTRAZENECA ADR	$300,000	–	5,000	–	0.10%	–
NVDA	New	NVIDIA CORP	$255,000	–	319	–	0.08%	–
COP	New	CONOCOPHILLIPS COM	$219,000	–	3,594	–	0.07%	–
DE	New	DEERE AND COMPANY	$212,000	–	600	–	0.07%	–

Q4 2020

			Value		Shares		↓ Weighting
DEO	Exit	DIAGEO PLC	$0	–	-1,466	–	-0.08%	–
NFLX	Exit	NETFLIX, INC.	$0	–	-440	–	-0.09%	–
PFE	Exit	PFIZER, INC.	$0	–	-6,066	–	-0.09%	–
AFL	Exit	AFLAC INC	$0	–	-7,033	–	-0.11%	–
ABBV	Exit	ABBVIE INC.	$0	–	-3,125	–	-0.11%	–
HSY	Exit	HERSHEY COMPANY	$0	–	-2,025	–	-0.12%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-1	–	-0.13%	–
HRL	Exit	HORMEL FOODS CORPORATION	$0	–	-6,750	–	-0.14%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-1,700	–	-0.15%	–
NKE	Exit	NIKE, INC. - CLASS B	$0	–	-2,900	–	-0.15%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-5,210	–	-0.17%	–
BDX	Exit	BECTON,DICKINSON & COMPANY	$0	–	-1,788	–	-0.17%	–
AMGN	Exit	AMGEN,INC.	$0	–	-1,631	–	-0.17%	–
CMI	Exit	CUMMINS INC	$0	–	-2,000	–	-0.18%	–
TXN	Exit	TEXAS INSTRUMENTS INC	$0	–	-3,150	–	-0.19%	–
AZN	Exit	ASTRAZENECA ADR	$0	–	-9,000	–	-0.20%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-3,365	–	-0.21%	–
UNH	Exit	UNITEDHEALTH GROUP	$0	–	-1,633	–	-0.21%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-16,242	–	-0.23%	–
MO	Exit	ALTRIA GROUP, INC	$0	–	-14,593	–	-0.24%	–
LMT	Exit	LOCKHEED MARTIN CORP.	$0	–	-1,483	–	-0.24%	–
INTC	Exit	INTEL CORP	$0	–	-11,284	–	-0.24%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-11,027	–	-0.29%	–
UL	Exit	UNILEVER PLC	$0	–	-11,427	–	-0.29%	–
MA	Exit	MASTERCARD INC.	$0	–	-2,203	–	-0.31%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-2,308	–	-0.34%	–
ADBE	Exit	ADOBE SYSTEMS INC DELAWARE	$0	–	-1,860	–	-0.38%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-28,240	–	-0.40%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP.	$0	–	-17,340	–	-0.42%	–
KO	Exit	COCA COLA CO	$0	–	-23,271	–	-0.48%	–
APH	Exit	AMPHENOL CORP.	$0	–	-11,180	–	-0.50%	–
CVX	Exit	CHEVRON CORP.	$0	–	-19,958	–	-0.60%	–
DIS	Exit	DISNEY WALT CO	$0	–	-13,729	–	-0.71%	–
AMAT	Exit	APPLIED MATERIALS	$0	–	-31,075	–	-0.77%	–
WM	Exit	WASTE MANAGEMENT INC.	$0	–	-16,930	–	-0.80%	–
DG	Exit	DOLLAR GENERAL CORP	$0	–	-9,409	–	-0.82%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-35,967	–	-0.90%	–
HON	Exit	HONEYWELL INTERNATIONAL	$0	–	-13,212	–	-0.90%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL,IN	$0	–	-32,765	–	-1.02%	–
SYK	Exit	STRYKER CORP	$0	–	-14,763	–	-1.28%	–
TJX	Exit	TJX COMPANIES	$0	–	-61,940	–	-1.43%	–
SBUX	Exit	STARBUCKS CORPORATION	$0	–	-40,986	–	-1.46%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-18,015	–	-1.48%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRA	$0	–	-29,901	–	-1.52%	–
A	Exit	AGILENT TECHNOLOGIES, INC	$0	–	-37,740	–	-1.58%	–
GLW	Exit	CORNING INCORPORATED	$0	–	-118,734	–	-1.60%	–
EMN	Exit	EASTMAN CHEMICAL CO.	$0	–	-49,650	–	-1.61%	–
PSX	Exit	PHILLIPS 66	$0	–	-75,042	–	-1.62%	–
BFB	Exit	BROWN FORMAN CL B	$0	–	-52,467	–	-1.64%	–
MRK	Exit	MERCK & CO.,INC.	$0	–	-51,215	–	-1.77%	–
JPM	Exit	J.P. MORGAN CHASE	$0	–	-46,520	–	-1.86%	–
PNW	Exit	PINNACLE WEST CAPITAL	$0	–	-61,310	–	-1.90%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-57,415	–	-1.95%	–
NSRGY	Exit	NESTLE S A REP RG SH ADR	$0	–	-42,124	–	-2.09%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-39,167	–	-2.28%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-19,737	–	-2.44%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-35,450	–	-2.46%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-34,817	–	-2.62%	–
HD	Exit	THE HOME DEPOT	$0	–	-25,850	–	-2.98%	–
AMZN	Exit	AMAZON.COM INC.	$0	–	-2,484	–	-3.25%	–
PGR	Exit	PROGRESSIVE CORP.	$0	–	-84,295	–	-3.32%	–
PEP	Exit	PEPSICO INC	$0	–	-62,726	–	-3.62%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-81,994	–	-3.71%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-64,351	–	-3.72%	–
TROW	Exit	T ROWE PRICE GROUP	$0	–	-69,778	–	-3.72%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-66,843	–	-4.14%	–
BRKB	Exit	BERKSHIRE HATHAWAY - CL B	$0	–	-59,423	–	-5.26%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-63,313	–	-5.54%	–
AAPL	Exit	APPLE,INC.	$0	–	-126,316	–	-6.08%	–
V	Exit	VISA INC.	$0	–	-78,120	–	-6.50%	–

Q3 2020

			Value		Shares		↓ Weighting
V	Sell	VISA INC.	$15,622,000	+3.2%	78,120	-0.3%	6.50%	-9.1%
AAPL	Buy	APPLE,INC.	$14,629,000	+27.1%	126,316	+300.4%	6.08%	+11.9%
MSFT	Sell	MICROSOFT CORP	$13,317,000	-28.0%	63,313	-30.3%	5.54%	-36.6%
BRKB	Sell	BERKSHIRE HATHAWAY - CL B	$12,654,000	+17.5%	59,423	-1.5%	5.26%	+3.4%
JNJ	Buy	JOHNSON & JOHNSON	$9,952,000	+43.9%	66,843	+36.0%	4.14%	+26.7%
TROW	Buy	T ROWE PRICE GROUP	$8,947,000	+4.1%	69,778	+0.3%	3.72%	-8.3%
PG	Buy	PROCTER & GAMBLE CO	$8,944,000	+18.0%	64,351	+1.5%	3.72%	+3.9%
ABT	Sell	ABBOTT LABORATORIES	$8,923,000	+15.5%	81,994	-3.0%	3.71%	+1.7%
PEP	Buy	PEPSICO INC	$8,694,000	+8.3%	62,726	+3.4%	3.62%	-4.6%
PGR	Sell	PROGRESSIVE CORP.	$7,980,000	+14.5%	84,295	-3.1%	3.32%	+0.9%
AMZN	Buy	AMAZON.COM INC.	$7,821,000	+58.4%	2,484	+38.8%	3.25%	+39.4%
HD	New	THE HOME DEPOT	$7,179,000	–	25,850	–	2.98%	–
KSU	New	KANSAS CITY SOUTHERN	$6,296,000	–	34,817	–	2.62%	–
UPS	Buy	UNITED PARCEL SERVICE	$5,907,000	+62.7%	35,450	+8.6%	2.46%	+43.2%
APD	Sell	AIR PRODUCTS & CHEMICALS INC	$5,879,000	+18.9%	19,737	-3.6%	2.44%	+4.7%
WMT	New	WAL-MART STORES INC	$5,480,000	–	39,167	–	2.28%	–
NSRGY	Sell	NESTLE S A REP RG SH ADR	$5,023,000	+7.6%	42,124	-0.4%	2.09%	-5.3%
AEP	Buy	AMERICAN ELEC PWR INC	$4,693,000	+12.3%	57,415	+9.4%	1.95%	-1.1%
PNW	Sell	PINNACLE WEST CAPITAL	$4,571,000	-2.2%	61,310	-3.8%	1.90%	-13.9%
JPM	Sell	J.P. MORGAN CHASE	$4,478,000	+0.1%	46,520	-2.2%	1.86%	-11.9%
MRK	Buy	MERCK & CO.,INC.	$4,248,000	+19.7%	51,215	+11.6%	1.77%	+5.4%
BFB	Sell	BROWN FORMAN CL B	$3,952,000	+15.5%	52,467	-2.4%	1.64%	+1.7%
PSX	Buy	PHILLIPS 66	$3,890,000	-2.6%	75,042	+35.0%	1.62%	-14.3%
EMN	Sell	EASTMAN CHEMICAL CO.	$3,879,000	+8.3%	49,650	-3.5%	1.61%	-4.7%
GLW	Sell	CORNING INCORPORATED	$3,848,000	+22.8%	118,734	-1.8%	1.60%	+8.1%
A	Sell	AGILENT TECHNOLOGIES, INC	$3,809,000	+9.7%	37,740	-3.9%	1.58%	-3.4%
IFF	Buy	INTERNATIONAL FLAVORS & FRAGRA	$3,661,000	+10.9%	29,901	+10.9%	1.52%	-2.4%
UNP	Buy	UNION PACIFIC CORP	$3,547,000	+20.6%	18,015	+3.6%	1.48%	+6.2%
SBUX	Sell	STARBUCKS CORPORATION	$3,522,000	+11.5%	40,986	-4.5%	1.46%	-1.8%
TJX	Sell	TJX COMPANIES	$3,447,000	-39.0%	61,940	-44.6%	1.43%	-46.3%
SYK	Sell	STRYKER CORP	$3,076,000	+13.7%	14,763	-1.7%	1.28%	+0.1%
PM	Sell	PHILIP MORRIS INTERNATIONAL,IN	$2,457,000	+5.7%	32,765	-1.2%	1.02%	-6.9%
HON	Buy	HONEYWELL INTERNATIONAL	$2,175,000	+20.4%	13,212	+5.7%	0.90%	+5.9%
BMY	Sell	BRISTOL MYERS SQUIBB	$2,168,000	-1.1%	35,967	-3.6%	0.90%	-12.9%
DG	Buy	DOLLAR GENERAL CORP	$1,972,000	+18.7%	9,409	+7.9%	0.82%	+4.5%
WM	Buy	WASTE MANAGEMENT INC.	$1,916,000	+13.3%	16,930	+6.1%	0.80%	-0.3%
AMAT	Buy	APPLIED MATERIALS	$1,847,000	+1.7%	31,075	+3.5%	0.77%	-10.5%
DIS	Sell	DISNEY WALT CO	$1,704,000	-63.4%	13,729	-67.1%	0.71%	-67.8%
CVX	Sell	CHEVRON CORP.	$1,437,000	-39.2%	19,958	-24.6%	0.60%	-46.4%
APH	Sell	AMPHENOL CORP.	$1,210,000	-1.4%	11,180	-12.7%	0.50%	-13.3%
KO	Buy	COCA COLA CO	$1,149,000	+71.0%	23,271	+54.8%	0.48%	+50.8%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP.	$998,000	+7.0%	17,340	+14.5%	0.42%	-5.9%
BK	Sell	BANK OF NEW YORK MELLON CORP	$970,000	-24.6%	28,240	-15.2%	0.40%	-33.7%
ADBE	Sell	ADOBE SYSTEMS INC DELAWARE	$912,000	-86.9%	1,860	-88.4%	0.38%	-88.5%
COST	Buy	COSTCO WHOLESALE CORP	$819,000	+17.8%	2,308	+0.7%	0.34%	+4.0%
MA	New	MASTERCARD INC.	$745,000	–	2,203	–	0.31%	–
UL	Sell	UNILEVER PLC	$705,000	+8.1%	11,427	-3.9%	0.29%	-4.9%
GILD	Sell	GILEAD SCIENCES INC	$697,000	-20.7%	11,027	-3.5%	0.29%	-30.1%
INTC	Buy	INTEL CORP	$584,000	+14.1%	11,284	+32.0%	0.24%	+0.4%
LMT	New	LOCKHEED MARTIN CORP.	$568,000	–	1,483	–	0.24%	–
MO	Buy	ALTRIA GROUP, INC	$564,000	+23.1%	14,593	+25.0%	0.24%	+8.8%
XOM	Sell	EXXONMOBIL CORP	$558,000	-43.6%	16,242	-26.6%	0.23%	-50.3%
UNH	New	UNITEDHEALTH GROUP	$509,000	–	1,633	–	0.21%	–
KMB	New	KIMBERLY CLARK CORP	$497,000	–	3,365	–	0.21%	–
AZN	New	ASTRAZENECA ADR	$493,000	–	9,000	–	0.20%	–
TXN	Sell	TEXAS INSTRUMENTS INC	$450,000	-5.5%	3,150	-16.0%	0.19%	-16.9%
CMI	New	CUMMINS INC	$422,000	–	2,000	–	0.18%	–
AMGN	New	AMGEN,INC.	$415,000	–	1,631	–	0.17%	–
BDX	Buy	BECTON,DICKINSON & COMPANY	$416,000	+91.7%	1,788	+96.9%	0.17%	+68.0%
CL	Sell	COLGATE PALMOLIVE CO	$402,000	-3.1%	5,210	-8.0%	0.17%	-14.8%
NKE	Sell	NIKE, INC. - CLASS B	$364,000	+1.7%	2,900	-20.5%	0.15%	-10.7%
HRL	New	HORMEL FOODS CORPORATION	$330,000	–	6,750	–	0.14%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$320,000	–	1	–	0.13%	–
HSY	New	HERSHEY COMPANY	$290,000	–	2,025	–	0.12%	–
ABBV	New	ABBVIE INC.	$274,000	–	3,125	–	0.11%	–
AFL	New	AFLAC INC	$256,000	–	7,033	–	0.11%	–
PFE	New	PFIZER, INC.	$223,000	–	6,066	–	0.09%	–
NFLX	New	NETFLIX, INC.	$220,000	–	440	–	0.09%	–
DEO	New	DIAGEO PLC	$202,000	–	1,466	–	0.08%	–
ROK	Exit	ROCKWELL AUTOMATION	$0	–	-1,200	–	-0.12%	–
KEY	Exit	KEYCORP	$0	–	-36,750	–	-0.21%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Lltd	$0	–	-61,271	–	-0.53%	–
GOOGL	Exit	ALPHABET, INC. - CLASS A	$0	–	-1,553	–	-1.04%	–

Q2 2020

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$18,484,000	–	90,825	–	8.73%	–
V	New	VISA INC.	$15,131,000	–	78,331	–	7.15%	–
AAPL	New	APPLE,INC.	$11,507,000	–	31,544	–	5.44%	–
BRKB	New	BERKSHIRE HATHAWAY - CL B	$10,773,000	–	60,347	–	5.09%	–
TROW	New	T ROWE PRICE GROUP	$8,594,000	–	69,585	–	4.06%	–
PEP	New	PEPSICO INC	$8,024,000	–	60,665	–	3.79%	–
ABT	New	ABBOTT LABORATORIES	$7,727,000	–	84,517	–	3.65%	–
PG	New	PROCTER & GAMBLE CO	$7,577,000	–	63,371	–	3.58%	–
PGR	New	PROGRESSIVE CORP.	$6,967,000	–	86,970	–	3.29%	–
ADBE	New	ADOBE SYSTEMS INC DELAWARE	$6,961,000	–	15,991	–	3.29%	–
JNJ	New	JOHNSON & JOHNSON	$6,914,000	–	49,166	–	3.27%	–
TJX	New	TJX COMPANIES	$5,652,000	–	111,785	–	2.67%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$4,944,000	–	20,474	–	2.34%	–
AMZN	New	AMAZON.COM INC.	$4,938,000	–	1,790	–	2.33%	–
PNW	New	PINNACLE WEST CAPITAL	$4,673,000	–	63,755	–	2.21%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$4,669,000	–	42,274	–	2.21%	–
DIS	New	DISNEY WALT CO	$4,658,000	–	41,769	–	2.20%	–
JPM	New	J.P. MORGAN CHASE	$4,475,000	–	47,579	–	2.11%	–
AEP	New	AMERICAN ELEC PWR INC	$4,179,000	–	52,475	–	1.97%	–
PSX	New	PHILLIPS 66	$3,995,000	–	55,567	–	1.89%	–
UPS	New	UNITED PARCEL SERVICE	$3,630,000	–	32,650	–	1.72%	–
EMN	New	EASTMAN CHEMICAL CO.	$3,582,000	–	51,440	–	1.69%	–
MRK	New	MERCK & CO.,INC.	$3,549,000	–	45,895	–	1.68%	–
A	New	AGILENT TECHNOLOGIES, INC	$3,471,000	–	39,275	–	1.64%	–
BFB	New	BROWN FORMAN CL B	$3,421,000	–	53,741	–	1.62%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRA	$3,301,000	–	26,952	–	1.56%	–
SBUX	New	STARBUCKS CORPORATION	$3,158,000	–	42,912	–	1.49%	–
GLW	New	CORNING INCORPORATED	$3,133,000	–	120,964	–	1.48%	–
UNP	New	UNION PACIFIC CORP	$2,940,000	–	17,390	–	1.39%	–
SYK	New	STRYKER CORP	$2,706,000	–	15,015	–	1.28%	–
CVX	New	CHEVRON CORP.	$2,363,000	–	26,486	–	1.12%	–
PM	New	PHILIP MORRIS INTERNATIONAL,IN	$2,324,000	–	33,165	–	1.10%	–
GOOGL	New	ALPHABET, INC. - CLASS A	$2,202,000	–	1,553	–	1.04%	–
BMY	New	BRISTOL MYERS SQUIBB	$2,193,000	–	37,302	–	1.04%	–
AMAT	New	APPLIED MATERIALS	$1,816,000	–	30,035	–	0.86%	–
HON	New	HONEYWELL INTERNATIONAL	$1,807,000	–	12,500	–	0.85%	–
WM	New	WASTE MANAGEMENT INC.	$1,691,000	–	15,964	–	0.80%	–
DG	New	DOLLAR GENERAL CORP	$1,662,000	–	8,724	–	0.78%	–
BK	New	BANK OF NEW YORK MELLON CORP	$1,287,000	–	33,290	–	0.61%	–
APH	New	AMPHENOL CORP.	$1,227,000	–	12,805	–	0.58%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,113,000	–	61,271	–	0.53%	–
XOM	New	EXXONMOBIL CORP	$989,000	–	22,124	–	0.47%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP.	$933,000	–	15,145	–	0.44%	–
GILD	New	GILEAD SCIENCES INC	$879,000	–	11,427	–	0.42%	–
COST	New	COSTCO WHOLESALE CORP	$695,000	–	2,292	–	0.33%	–
KO	New	COCA COLA CO	$672,000	–	15,031	–	0.32%	–
UL	New	UNILEVER PLC	$652,000	–	11,887	–	0.31%	–
INTC	New	INTEL CORP	$512,000	–	8,551	–	0.24%	–
TXN	New	TEXAS INSTRUMENTS INC	$476,000	–	3,750	–	0.22%	–
MO	New	ALTRIA GROUP, INC	$458,000	–	11,670	–	0.22%	–
KEY	New	KEYCORP	$448,000	–	36,750	–	0.21%	–
CL	New	COLGATE PALMOLIVE CO	$415,000	–	5,660	–	0.20%	–
NKE	New	NIKE, INC. - CLASS B	$358,000	–	3,650	–	0.17%	–
NSC	New	NORFOLK SOUTHERN CORP	$298,000	–	1,700	–	0.14%	–
ROK	New	ROCKWELL AUTOMATION	$256,000	–	1,200	–	0.12%	–
BDX	New	BECTON,DICKINSON & COMPANY	$217,000	–	908	–	0.10%	–

Q4 2019

			Value		Shares		↓ Weighting
STZ	Exit	CONSTELLATION BRANDS INC	$0	–	-1,012	–	-0.10%	–
MCD	Exit	MCDONALDS CORP	$0	–	-995	–	-0.10%	–
AFL	Exit	AFLAC INC	$0	–	-4,210	–	-0.11%	–
INTC	Exit	INTEL CORP	$0	–	-4,268	–	-0.11%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-5,810	–	-0.21%	–
MO	Exit	ALTRIA GROUP, INC	$0	–	-11,970	–	-0.24%	–
TKR	Exit	THE TIMKEN COMPANY	$0	–	-13,100	–	-0.28%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-2,165	–	-0.30%	–
UL	Exit	UNILEVER PLC	$0	–	-10,770	–	-0.31%	–
KO	Exit	COCA COLA CO	$0	–	-13,760	–	-0.36%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-12,681	–	-0.39%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-7,435	–	-0.39%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-11,647	–	-0.40%	–
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-8,455	–	-0.43%	–
NKE	Exit	NIKE, INC. - CLASS B	$0	–	-10,617	–	-0.48%	–
KEY	Exit	KEYCORP	$0	–	-61,750	–	-0.53%	–
BDX	Exit	BECTON,DICKINSON & COMPANY	$0	–	-4,838	–	-0.59%	–
APH	Exit	AMPHENOL CORP.	$0	–	-12,940	–	-0.60%	–
LUV	Exit	SOUTHWEST AIRLINES CO	$0	–	-24,080	–	-0.63%	–
EXPD	Exit	EXPEDITORS INT'L OF WASHINGTON	$0	–	-18,725	–	-0.67%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Lltd	$0	–	-62,011	–	-0.86%	–
SYK	Exit	STRYKER CORP	$0	–	-8,835	–	-0.92%	–
GOOGL	Exit	ALPHABET, INC. - CLASS A	$0	–	-1,634	–	-0.96%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-11,319	–	-0.98%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-51,600	–	-1.13%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL,IN	$0	–	-31,260	–	-1.15%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-20,535	–	-1.19%	–
EL	Exit	ESTEE LAUDER	$0	–	-12,725	–	-1.22%	–
CVX	Exit	CHEVRON CORP.	$0	–	-23,431	–	-1.34%	–
PEP	Exit	PEPSICO INC	$0	–	-20,553	–	-1.36%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-17,538	–	-1.37%	–
MRK	Exit	MERCK & CO.,INC.	$0	–	-34,408	–	-1.40%	–
HSY	Exit	HERSHEY COMPANY	$0	–	-18,853	–	-1.41%	–
AMZN	Exit	AMAZON.COM INC.	$0	–	-1,739	–	-1.46%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRA	$0	–	-26,567	–	-1.57%	–
GLW	Exit	CORNING INCORPORATED	$0	–	-122,424	–	-1.69%	–
BFB	Exit	BROWN FORMAN CL B	$0	–	-56,158	–	-1.70%	–
SBUX	Exit	STARBUCKS CORPORATION	$0	–	-42,427	–	-1.81%	–
DRI	Exit	DARDEN RESTAURANTS INC	$0	–	-31,990	–	-1.83%	–
CELG	Exit	CELGENE CORP.	$0	–	-38,282	–	-1.84%	–
PGR	Exit	PROGRESSIVE CORP.	$0	–	-50,978	–	-1.90%	–
NSRGY	Exit	NESTLE S A REP RG SH ADR	$0	–	-36,379	–	-1.90%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-18,098	–	-1.94%	–
EMN	Exit	EASTMAN CHEMICAL CO.	$0	–	-56,418	–	-2.01%	–
RTN	Exit	RAYTHEON CO	$0	–	-21,520	–	-2.04%	–
ADBE	Exit	ADOBE SYSTEMS INC DELAWARE	$0	–	-15,926	–	-2.12%	–
DG	Exit	DOLLAR GENERAL CORP	$0	–	-28,300	–	-2.17%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-49,074	–	-3.06%	–
HON	Exit	HONEYWELL INTERNATIONAL	$0	–	-38,245	–	-3.12%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-78,448	–	-3.17%	–
TROW	Exit	T ROWE PRICE GROUP	$0	–	-60,870	–	-3.36%	–
AAPL	Exit	APPLE,INC.	$0	–	-32,334	–	-3.50%	–
TXN	Exit	TEXAS INSTRUMENTS INC	$0	–	-59,625	–	-3.72%	–
JPM	Exit	J.P. MORGAN CHASE	$0	–	-71,122	–	-4.04%	–
TJX	Exit	TJX COMPANIES	$0	–	-151,699	–	-4.08%	–
DIS	Exit	WALT DISNEY COMPANY	$0	–	-67,042	–	-4.22%	–
BRKB	Exit	BERKSHIRE HATHAWAY - CL B	$0	–	-61,675	–	-6.19%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-94,666	–	-6.35%	–
V	Exit	VISA INC.	$0	–	-80,524	–	-6.69%	–

Q3 2019

			Value		Shares		↓ Weighting
V	Sell	VISA INC.	$13,851,000	-1.1%	80,524	-0.2%	6.69%	+1.8%
MSFT	Buy	MICROSOFT CORP	$13,161,000	+6.7%	94,666	+2.8%	6.35%	+9.9%
BRKB	Sell	BERKSHIRE HATHAWAY - CL B	$12,830,000	-3.3%	61,675	-0.9%	6.19%	-0.5%
DIS	Sell	WALT DISNEY COMPANY	$8,737,000	-7.2%	67,042	-0.6%	4.22%	-4.5%
TJX	Sell	TJX COMPANIES	$8,456,000	+4.5%	151,699	-0.9%	4.08%	+7.6%
JPM	Buy	J.P. MORGAN CHASE	$8,370,000	+5.5%	71,122	+0.2%	4.04%	+8.6%
TXN	Sell	TEXAS INSTRUMENTS INC	$7,706,000	+11.2%	59,625	-1.3%	3.72%	+14.5%
AAPL	Sell	APPLE,INC.	$7,242,000	+12.1%	32,334	-0.9%	3.50%	+15.5%
TROW	Sell	T ROWE PRICE GROUP	$6,954,000	+3.7%	60,870	-0.4%	3.36%	+6.7%
ABT	Buy	ABBOTT LABORATORIES	$6,564,000	+77.3%	78,448	+78.2%	3.17%	+82.5%
HON	Sell	HONEYWELL INTERNATIONAL	$6,471,000	-4.0%	38,245	-0.9%	3.12%	-1.1%
JNJ	Sell	JOHNSON & JOHNSON	$6,349,000	-8.3%	49,074	-1.2%	3.06%	-5.5%
DG	Sell	DOLLAR GENERAL CORP	$4,498,000	+16.3%	28,300	-1.1%	2.17%	+19.7%
ADBE	Sell	ADOBE SYSTEMS INC DELAWARE	$4,400,000	-6.6%	15,926	-0.4%	2.12%	-3.8%
RTN	Buy	RAYTHEON CO	$4,222,000	+13.1%	21,520	+0.2%	2.04%	+16.4%
EMN	Sell	EASTMAN CHEMICAL CO.	$4,165,000	-7.5%	56,418	-2.5%	2.01%	-4.7%
APD	Sell	AIR PRODUCTS & CHEMICALS INC	$4,015,000	-3.5%	18,098	-1.5%	1.94%	-0.7%
NSRGY	Sell	NESTLE S A REP RG SH ADR	$3,943,000	+4.1%	36,379	-0.7%	1.90%	+7.1%
PGR	Buy	PROGRESSIVE CORP.	$3,938,000	-3.3%	50,978	+0.0%	1.90%	-0.5%
CELG	Buy	CELGENE CORP.	$3,801,000	+7.7%	38,282	+0.3%	1.84%	+10.9%
DRI	Buy	DARDEN RESTAURANTS INC	$3,782,000	-2.6%	31,990	+0.3%	1.83%	+0.3%
SBUX	Sell	STARBUCKS CORPORATION	$3,751,000	-45.6%	42,427	-48.5%	1.81%	-44.0%
BFB	Sell	BROWN FORMAN CL B	$3,526,000	+13.0%	56,158	-0.2%	1.70%	+16.4%
GLW	Buy	CORNING INCORPORATED	$3,492,000	-14.0%	122,424	+0.2%	1.69%	-11.4%
IFF	Buy	INTERNATIONAL FLAVORS & FRAGRA	$3,260,000	-15.1%	26,567	+0.4%	1.57%	-12.6%
AMZN	Sell	AMAZON.COM INC.	$3,019,000	-8.5%	1,739	-0.2%	1.46%	-5.8%
HSY	Sell	HERSHEY COMPANY	$2,922,000	-50.8%	18,853	-57.5%	1.41%	-49.4%
MRK	Buy	MERCK & CO.,INC.	$2,896,000	+1.1%	34,408	+0.7%	1.40%	+4.1%
UNP	Sell	UNION PACIFIC CORP	$2,841,000	-38.1%	17,538	-35.4%	1.37%	-36.3%
PEP	Buy	PEPSICO INC	$2,818,000	+4.6%	20,553	+0.0%	1.36%	+7.7%
CVX	Buy	CHEVRON CORP.	$2,779,000	+1255.6%	23,431	+1320.9%	1.34%	+1297.9%
EL	Sell	ESTEE LAUDER	$2,532,000	-40.0%	12,725	-44.8%	1.22%	-38.2%
UPS	New	UNITED PARCEL SERVICE	$2,461,000	–	20,535	–	1.19%	–
PM	Buy	PHILIP MORRIS INTERNATIONAL,IN	$2,374,000	-3.0%	31,260	+0.3%	1.15%	-0.2%
BK	Sell	BANK OF NEW YORK MELLON CORP	$2,333,000	-2.3%	51,600	-4.6%	1.13%	+0.5%
NSC	Sell	NORFOLK SOUTHERN CORP	$2,034,000	-42.0%	11,319	-35.7%	0.98%	-40.3%
GOOGL	Sell	ALPHABET, INC. - CLASS A	$1,995,000	+12.0%	1,634	-0.7%	0.96%	+15.3%
SYK	Sell	STRYKER CORP	$1,911,000	+5.1%	8,835	-0.2%	0.92%	+8.2%
EPD	Sell	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,772,000	-2.7%	62,011	-1.7%	0.86%	+0.1%
EXPD	Sell	EXPEDITORS INT'L OF WASHINGTON	$1,391,000	-3.7%	18,725	-1.6%	0.67%	-0.7%
LUV	Sell	SOUTHWEST AIRLINES CO	$1,301,000	+4.2%	24,080	-2.1%	0.63%	+7.2%
APH	Buy	AMPHENOL CORP.	$1,249,000	+0.7%	12,940	+0.2%	0.60%	+3.8%
BDX	Sell	BECTON,DICKINSON & COMPANY	$1,224,000	-5.8%	4,838	-6.2%	0.59%	-3.1%
KEY	Sell	KEYCORP	$1,102,000	-44.1%	61,750	-44.3%	0.53%	-42.4%
NKE	Sell	NIKE, INC. - CLASS B	$997,000	+10.8%	10,617	-0.9%	0.48%	+14.0%
PKG	Sell	PACKAGING CORP OF AMERICA	$897,000	+10.1%	8,455	-1.1%	0.43%	+13.4%
XOM	Sell	EXXONMOBIL CORP	$822,000	-9.8%	11,647	-2.0%	0.40%	-7.0%
RCL	Buy	ROYAL CARIBBEAN CRUISES LTD	$805,000	+58.2%	7,435	+77.0%	0.39%	+62.8%
GILD	Sell	GILEAD SCIENCES INC	$804,000	-9.9%	12,681	-3.9%	0.39%	-7.2%
KO	Sell	COCA COLA CO	$749,000	+5.0%	13,760	-1.8%	0.36%	+8.4%
UL	Sell	UNILEVER PLC	$647,000	-4.4%	10,770	-1.4%	0.31%	-1.6%
COST	Buy	COSTCO WHOLESALE CORP	$624,000	+25.1%	2,165	+14.6%	0.30%	+28.6%
MO	Sell	ALTRIA GROUP, INC	$490,000	-14.2%	11,970	-0.7%	0.24%	-11.6%
CL	Sell	COLGATE PALMOLIVE CO	$427,000	0.0%	5,810	-2.5%	0.21%	+3.0%
HBAN	Exit	HUNTINGTON BANCSHARES	$0	–	-3,500	–	-0.02%	–
PH	Exit	PARKER-HANNIFIN CORP.	$0	–	-3,655	–	-0.29%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-57,013	–	-1.27%	–

Q2 2019

			Value		Shares		↓ Weighting
V	New	VISA INC.	$14,008,000	–	80,713	–	6.57%	–
BRKB	New	BERKSHIRE HATHAWAY - CL B	$13,271,000	–	62,255	–	6.22%	–
MSFT	New	MICROSOFT CORP	$12,332,000	–	92,059	–	5.78%	–
DIS	New	WALT DISNEY COMPANY	$9,415,000	–	67,423	–	4.42%	–
TJX	New	TJX COMPANIES	$8,093,000	–	153,039	–	3.80%	–
JPM	New	J.P. MORGAN CHASE	$7,934,000	–	70,969	–	3.72%	–
TXN	New	TEXAS INSTRUMENTS INC	$6,930,000	–	60,390	–	3.25%	–
JNJ	New	JOHNSON & JOHNSON	$6,921,000	–	49,694	–	3.24%	–
SBUX	New	STARBUCKS CORPORATION	$6,900,000	–	82,304	–	3.24%	–
HON	New	HONEYWELL INTERNATIONAL	$6,739,000	–	38,600	–	3.16%	–
TROW	New	T ROWE PRICE GROUP	$6,708,000	–	61,145	–	3.14%	–
AAPL	New	APPLE,INC.	$6,458,000	–	32,629	–	3.03%	–
HSY	New	HERSHEY COMPANY	$5,945,000	–	44,359	–	2.79%	–
ADBE	New	ADOBE SYSTEMS INC DELAWARE	$4,711,000	–	15,989	–	2.21%	–
UNP	New	UNION PACIFIC CORP	$4,592,000	–	27,151	–	2.15%	–
EMN	New	EASTMAN CHEMICAL CO.	$4,502,000	–	57,850	–	2.11%	–
EL	New	ESTEE LAUDER	$4,217,000	–	23,032	–	1.98%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$4,160,000	–	18,375	–	1.95%	–
PGR	New	PROGRESSIVE CORP.	$4,074,000	–	50,973	–	1.91%	–
GLW	New	CORNING INCORPORATED	$4,061,000	–	122,199	–	1.90%	–
DRI	New	DARDEN RESTAURANTS INC	$3,884,000	–	31,905	–	1.82%	–
DG	New	DOLLAR GENERAL CORP	$3,868,000	–	28,615	–	1.81%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRA	$3,838,000	–	26,452	–	1.80%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$3,789,000	–	36,644	–	1.78%	–
RTN	New	RAYTHEON CO	$3,734,000	–	21,475	–	1.75%	–
ABT	New	ABBOTT LABORATORIES	$3,702,000	–	44,019	–	1.74%	–
CELG	New	CELGENE CORP.	$3,529,000	–	38,177	–	1.66%	–
NSC	New	NORFOLK SOUTHERN CORP	$3,507,000	–	17,593	–	1.64%	–
AMZN	New	AMAZON.COM INC.	$3,299,000	–	1,742	–	1.55%	–
BFB	New	BROWN FORMAN CL B	$3,119,000	–	56,271	–	1.46%	–
MRK	New	MERCK & CO.,INC.	$2,864,000	–	34,158	–	1.34%	–
WDC	New	WESTERN DIGITAL CORP.	$2,711,000	–	57,013	–	1.27%	–
PEP	New	PEPSICO INC	$2,694,000	–	20,548	–	1.26%	–
PM	New	PHILIP MORRIS INTERNATIONAL,IN	$2,448,000	–	31,170	–	1.15%	–
BK	New	BANK OF NEW YORK MELLON CORP	$2,389,000	–	54,110	–	1.12%	–
KEY	New	KEYCORP	$1,970,000	–	110,960	–	0.92%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,821,000	–	63,061	–	0.85%	–
SYK	New	STRYKER CORP	$1,819,000	–	8,850	–	0.85%	–
GOOGL	New	ALPHABET, INC. - CLASS A	$1,781,000	–	1,645	–	0.84%	–
EXPD	New	EXPEDITORS INT'L OF WASHINGTON	$1,444,000	–	19,035	–	0.68%	–
BDX	New	BECTON,DICKINSON & COMPANY	$1,300,000	–	5,158	–	0.61%	–
LUV	New	SOUTHWEST AIRLINES CO	$1,249,000	–	24,605	–	0.59%	–
APH	New	AMPHENOL CORP.	$1,240,000	–	12,920	–	0.58%	–
XOM	New	EXXONMOBIL CORP	$911,000	–	11,890	–	0.43%	–
NKE	New	NIKE, INC. - CLASS B	$900,000	–	10,717	–	0.42%	–
GILD	New	GILEAD SCIENCES INC	$892,000	–	13,196	–	0.42%	–
PKG	New	PACKAGING CORP OF AMERICA	$815,000	–	8,545	–	0.38%	–
KO	New	COCA COLA CO	$713,000	–	14,010	–	0.33%	–
UL	New	UNILEVER PLC	$677,000	–	10,920	–	0.32%	–
TKR	New	THE TIMKEN COMPANY	$673,000	–	13,100	–	0.32%	–
PH	New	PARKER-HANNIFIN CORP.	$621,000	–	3,655	–	0.29%	–
MO	New	ALTRIA GROUP, INC	$571,000	–	12,050	–	0.27%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$509,000	–	4,200	–	0.24%	–
COST	New	COSTCO WHOLESALE CORP	$499,000	–	1,890	–	0.23%	–
CL	New	COLGATE PALMOLIVE CO	$427,000	–	5,960	–	0.20%	–
AFL	New	AFLAC INC	$231,000	–	4,210	–	0.11%	–
MCD	New	MCDONALDS CORP	$207,000	–	995	–	0.10%	–
INTC	New	INTEL CORP	$204,000	–	4,268	–	0.10%	–
CVX	New	CHEVRON CORP.	$205,000	–	1,649	–	0.10%	–
STZ	New	CONSTELLATION BRANDS INC	$199,000	–	1,012	–	0.09%	–
HBAN	New	HUNTINGTON BANCSHARES	$48,000	–	3,500	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
INTC	Exit	INTEL CORP	$0	–	-4,269	–	-0.10%	–
LANC	Exit	LANCASTER COLONY CORP	$0	–	-1,345	–	-0.10%	–
AFL	Exit	AFLAC INC	$0	–	-4,390	–	-0.10%	–
STZ	Exit	CONSTELLATION BRANDS INC	$0	–	-1,502	–	-0.16%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-6,060	–	-0.20%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-1,890	–	-0.22%	–
KDP	Exit	KEURIG DR PEPPER INC	$0	–	-22,680	–	-0.26%	–
UL	Exit	UNILEVER PLC	$0	–	-10,395	–	-0.28%	–
TKR	Exit	THE TIMKEN COMPANY	$0	–	-12,450	–	-0.30%	–
PH	Exit	PARKER-HANNIFIN CORP.	$0	–	-3,405	–	-0.31%	–
KO	Exit	COCA COLA CO	$0	–	-14,110	–	-0.32%	–
THO	Exit	THOR INDUSTRIES, INC.	$0	–	-8,921	–	-0.37%	–
NKE	Exit	NIKE, INC. - CLASS B	$0	–	-10,817	–	-0.45%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-11,496	–	-0.48%	–
SYK	Exit	STRYKER CORP	$0	–	-6,748	–	-0.59%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL,IN	$0	–	-15,145	–	-0.61%	–
RPM	Exit	RPM INC OHIO	$0	–	-19,370	–	-0.62%	–
BDX	Exit	BECTON,DICKINSON & COMPANY	$0	–	-5,333	–	-0.68%	–
PKG	Exit	PACKAGING CORP OF AMERICA	$0	–	-13,515	–	-0.73%	–
MO	Exit	ALTRIA GROUP, INC	$0	–	-28,575	–	-0.85%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-22,639	–	-0.86%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Lltd	$0	–	-63,861	–	-0.90%	–
GOOGL	Exit	ALPHABET, INC. - CLASS A	$0	–	-1,622	–	-0.96%	–
RSG	Exit	REPUBLIC SERVICES, INC.	$0	–	-27,995	–	-1.00%	–
KEY	Exit	KEYCORP	$0	–	-105,760	–	-1.04%	–
PEP	Exit	PEPSICO INC	$0	–	-20,833	–	-1.14%	–
BFB	Exit	BROWN FORMAN CL B	$0	–	-53,734	–	-1.34%	–
DG	Exit	DOLLAR GENERAL CORP	$0	–	-27,245	–	-1.46%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-43,417	–	-1.57%	–
EL	Exit	ESTEE LAUDER	$0	–	-22,326	–	-1.60%	–
NSRGY	Exit	NESTLE S A REP RG SH ADR	$0	–	-39,021	–	-1.60%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-18,113	–	-1.61%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRA	$0	–	-23,645	–	-1.62%	–
EXPD	Exit	EXPEDITORS INT'L OF WASHINGTON	$0	–	-45,515	–	-1.65%	–
AMZN	Exit	AMAZON.COM INC.	$0	–	-1,686	–	-1.66%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-77,355	–	-1.94%	–
LUV	Exit	SOUTHWEST AIRLINES CO	$0	–	-66,430	–	-2.04%	–
GLW	Exit	CORNING INCORPORATED	$0	–	-120,654	–	-2.09%	–
ADBE	Exit	ADOBE SYSTEMS INC DELAWARE	$0	–	-16,080	–	-2.13%	–
HSY	Exit	HERSHEY COMPANY	$0	–	-44,078	–	-2.21%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-27,423	–	-2.25%	–
MRK	Exit	MERCK & CO.,INC.	$0	–	-67,844	–	-2.37%	–
SBUX	Exit	STARBUCKS CORPORATION	$0	–	-87,140	–	-2.44%	–
EMN	Exit	EASTMAN CHEMICAL CO.	$0	–	-58,805	–	-2.77%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-35,655	–	-2.86%	–
TROW	Exit	T ROWE PRICE GROUP	$0	–	-57,111	–	-3.07%	–
HON	Exit	HONEYWELL INTERNATIONAL	$0	–	-39,074	–	-3.20%	–
TXN	Exit	TEXAS INSTRUMENTS INC	$0	–	-60,805	–	-3.21%	–
JPM	Exit	J.P. MORGAN CHASE	$0	–	-69,615	–	-3.86%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-62,070	–	-4.22%	–
TJX	Exit	TJX COMPANIES	$0	–	-76,688	–	-4.22%	–
DIS	Exit	WALT DISNEY COMPANY	$0	–	-80,572	–	-4.63%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-87,470	–	-4.92%	–
AAPL	Exit	APPLE,INC.	$0	–	-48,742	–	-5.41%	–
V	Exit	VISA INC.	$0	–	-79,788	–	-5.89%	–
BRKB	Exit	BERKSHIRE HATHAWAY - CL B	$0	–	-62,369	–	-6.57%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY - CL B	$13,354,000	+13.7%	62,369	-0.9%	6.57%	+4.3%
V	Sell	VISA INC.	$11,975,000	+12.2%	79,788	-1.0%	5.89%	+2.9%
AAPL	Sell	APPLE,INC.	$11,003,000	+21.0%	48,742	-0.8%	5.41%	+11.0%
MSFT	Sell	MICROSOFT CORP	$10,004,000	+14.6%	87,470	-1.2%	4.92%	+5.1%
DIS	Sell	WALT DISNEY COMPANY	$9,422,000	+10.7%	80,572	-0.8%	4.63%	+1.5%
TJX	Sell	TJX COMPANIES	$8,591,000	+16.5%	76,688	-1.0%	4.22%	+6.8%
JNJ	Sell	JOHNSON & JOHNSON	$8,576,000	+12.6%	62,070	-1.1%	4.22%	+3.3%
JPM	Buy	J.P. MORGAN CHASE	$7,855,000	+8.7%	69,615	+0.4%	3.86%	-0.3%
TXN	Buy	TEXAS INSTRUMENTS INC	$6,524,000	+4.2%	60,805	+7.1%	3.21%	-4.4%
HON	Buy	HONEYWELL INTERNATIONAL	$6,502,000	+58.4%	39,074	+37.1%	3.20%	+45.2%
TROW	Sell	T ROWE PRICE GROUP	$6,235,000	-6.8%	57,111	-0.9%	3.07%	-14.5%
UNP	Sell	UNION PACIFIC CORP	$5,806,000	+12.7%	35,655	-2.0%	2.86%	+3.3%
EMN	Sell	EASTMAN CHEMICAL CO.	$5,629,000	-4.7%	58,805	-0.4%	2.77%	-12.6%
SBUX	Sell	STARBUCKS CORPORATION	$4,953,000	+14.6%	87,140	-1.5%	2.44%	+5.0%
MRK	Sell	MERCK & CO.,INC.	$4,813,000	+16.5%	67,844	-0.3%	2.37%	+6.9%
APD	Buy	AIR PRODUCTS & CHEMICALS INC	$4,581,000	+8.0%	27,423	+0.7%	2.25%	-1.0%
HSY	Buy	HERSHEY COMPANY	$4,496,000	+101.6%	44,078	+83.9%	2.21%	+84.9%
ADBE	Sell	ADOBE SYSTEMS INC DELAWARE	$4,341,000	-27.6%	16,080	-34.6%	2.13%	-33.6%
GLW	Sell	CORNING INCORPORATED	$4,259,000	+27.5%	120,654	-0.6%	2.09%	+16.9%
LUV	Sell	SOUTHWEST AIRLINES CO	$4,149,000	+21.9%	66,430	-0.7%	2.04%	+11.8%
BK	Sell	BANK OF NEW YORK MELLON CORP	$3,944,000	-5.6%	77,355	-0.1%	1.94%	-13.4%
AMZN	New	AMAZON.COM INC.	$3,377,000	–	1,686	–	1.66%	–
EXPD	Sell	EXPEDITORS INT'L OF WASHINGTON	$3,347,000	-0.4%	45,515	-1.0%	1.65%	-8.7%
IFF	Buy	INTERNATIONAL FLAVORS & FRAGRA	$3,289,000	+12.2%	23,645	+0.0%	1.62%	+2.9%
NSC	Sell	NORFOLK SOUTHERN CORP	$3,269,000	+17.8%	18,113	-1.5%	1.61%	+8.0%
NSRGY	Sell	NESTLE S A REP RG SH ADR	$3,247,000	+5.7%	39,021	-1.6%	1.60%	-3.0%
EL	Sell	ESTEE LAUDER	$3,244,000	+0.9%	22,326	-0.9%	1.60%	-7.5%
ABT	Sell	ABBOTT LABORATORIES	$3,185,000	+18.3%	43,417	-1.6%	1.57%	+8.4%
DG	Buy	DOLLAR GENERAL CORP	$2,978,000	+12.4%	27,245	+1.4%	1.46%	+3.1%
BFB	Buy	BROWN FORMAN CL B	$2,716,000	+14.6%	53,734	+11.0%	1.34%	+5.0%
PEP	Sell	PEPSICO INC	$2,329,000	+0.8%	20,833	-1.8%	1.14%	-7.6%
KEY	Buy	KEYCORP	$2,104,000	+77.0%	105,760	+73.9%	1.04%	+62.2%
RSG	Sell	REPUBLIC SERVICES, INC.	$2,034,000	+4.0%	27,995	-2.1%	1.00%	-4.6%
GOOGL	Sell	ALPHABET, INC. - CLASS A	$1,958,000	+6.6%	1,622	-0.3%	0.96%	-2.2%
GILD	Sell	GILEAD SCIENCES INC	$1,748,000	+8.0%	22,639	-0.9%	0.86%	-1.0%
MO	Buy	ALTRIA GROUP, INC	$1,723,000	+6.8%	28,575	+0.6%	0.85%	-2.1%
PKG	New	PACKAGING CORP OF AMERICA	$1,482,000	–	13,515	–	0.73%	–
BDX	Sell	BECTON,DICKINSON & COMPANY	$1,392,000	-23.4%	5,333	-29.7%	0.68%	-29.8%
RPM	Sell	RPM INC OHIO	$1,258,000	-70.2%	19,370	-73.2%	0.62%	-72.7%
PM	Buy	PHILIP MORRIS INTERNATIONAL,IN	$1,235,000	+1.9%	15,145	+0.9%	0.61%	-6.6%
SYK	Buy	STRYKER CORP	$1,199,000	+9.2%	6,748	+3.8%	0.59%	+0.2%
XOM	Sell	EXXONMOBIL CORP	$977,000	-0.4%	11,496	-3.0%	0.48%	-8.7%
NKE	Sell	NIKE, INC. - CLASS B	$916,000	-0.2%	10,817	-6.1%	0.45%	-8.5%
THO	Sell	THOR INDUSTRIES, INC.	$747,000	-14.5%	8,921	-0.6%	0.37%	-21.7%
PH	Buy	PARKER-HANNIFIN CORP.	$626,000	+26.5%	3,405	+7.2%	0.31%	+16.2%
UL	Sell	UNILEVER PLC	$571,000	-1.9%	10,395	-1.2%	0.28%	-9.9%
KDP	New	KEURIG DR PEPPER INC	$525,000	–	22,680	–	0.26%	–
COST	Sell	COSTCO WHOLESALE CORP	$444,000	+9.6%	1,890	-2.6%	0.22%	+0.5%
STZ	Buy	CONSTELLATION BRANDS INC	$324,000	+20.4%	1,502	+22.4%	0.16%	+10.4%
AFL	New	AFLAC INC	$207,000	–	4,390	–	0.10%	–
LANC	New	LANCASTER COLONY CORP	$201,000	–	1,345	–	0.10%	–
INTC	Sell	INTEL CORP	$202,000	-16.5%	4,269	-12.4%	0.10%	-23.8%
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,861	–	-0.12%	–
HRL	Exit	HORMEL FOODS CORPORATION	$0	–	-68,086	–	-1.36%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP, INC.	$0	–	-22,835	–	-1.49%	–

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY - CL B	$11,746,000	–	62,933	–	6.30%	–
V	New	VISA INC.	$10,675,000	–	80,600	–	5.72%	–
AAPL	New	APPLE,INC.	$9,094,000	–	49,128	–	4.88%	–
MSFT	New	MICROSOFT CORP	$8,729,000	–	88,518	–	4.68%	–
DIS	New	WALT DISNEY COMPANY	$8,515,000	–	81,246	–	4.57%	–
JNJ	New	JOHNSON & JOHNSON	$7,615,000	–	62,757	–	4.08%	–
TJX	New	TJX COMPANIES	$7,376,000	–	77,490	–	3.96%	–
JPM	New	J.P. MORGAN CHASE	$7,223,000	–	69,318	–	3.87%	–
TROW	New	T ROWE PRICE GROUP	$6,687,000	–	57,601	–	3.59%	–
TXN	New	TEXAS INSTRUMENTS INC	$6,261,000	–	56,787	–	3.36%	–
ADBE	New	ADOBE SYSTEMS INC DELAWARE	$5,996,000	–	24,592	–	3.22%	–
EMN	New	EASTMAN CHEMICAL CO.	$5,904,000	–	59,062	–	3.17%	–
UNP	New	UNION PACIFIC CORP	$5,154,000	–	36,376	–	2.76%	–
SBUX	New	STARBUCKS CORPORATION	$4,322,000	–	88,480	–	2.32%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$4,241,000	–	27,234	–	2.27%	–
RPM	New	RPM INC OHIO	$4,222,000	–	72,393	–	2.26%	–
BK	New	BANK OF NEW YORK MELLON CORP	$4,177,000	–	77,455	–	2.24%	–
MRK	New	MERCK & CO.,INC.	$4,130,000	–	68,041	–	2.22%	–
HON	New	HONEYWELL INTERNATIONAL	$4,106,000	–	28,501	–	2.20%	–
LUV	New	SOUTHWEST AIRLINES CO	$3,404,000	–	66,905	–	1.82%	–
EXPD	New	EXPEDITORS INT'L OF WASHINGTON	$3,360,000	–	45,965	–	1.80%	–
GLW	New	CORNING INCORPORATED	$3,340,000	–	121,404	–	1.79%	–
EL	New	ESTEE LAUDER	$3,216,000	–	22,537	–	1.72%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$3,072,000	–	39,671	–	1.65%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRA	$2,931,000	–	23,642	–	1.57%	–
DPS	New	DR PEPPER SNAPPLE GROUP, INC.	$2,786,000	–	22,835	–	1.49%	–
NSC	New	NORFOLK SOUTHERN CORP	$2,775,000	–	18,391	–	1.49%	–
ABT	New	ABBOTT LABORATORIES	$2,692,000	–	44,136	–	1.44%	–
DG	New	DOLLAR GENERAL CORP	$2,649,000	–	26,870	–	1.42%	–
HRL	New	HORMEL FOODS CORPORATION	$2,533,000	–	68,086	–	1.36%	–
BFB	New	BROWN FORMAN CL B	$2,371,000	–	48,388	–	1.27%	–
PEP	New	PEPSICO INC	$2,310,000	–	21,221	–	1.24%	–
HSY	New	HERSHEY COMPANY	$2,230,000	–	23,967	–	1.20%	–
RSG	New	REPUBLIC SERVICES, INC.	$1,955,000	–	28,595	–	1.05%	–
GOOGL	New	ALPHABET, INC. - CLASS A	$1,837,000	–	1,627	–	0.98%	–
BDX	New	BECTON,DICKINSON & COMPANY	$1,817,000	–	7,585	–	0.97%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,767,000	–	63,861	–	0.95%	–
GILD	New	GILEAD SCIENCES INC	$1,618,000	–	22,834	–	0.87%	–
MO	New	ALTRIA GROUP, INC	$1,613,000	–	28,405	–	0.86%	–
PM	New	PHILIP MORRIS INTERNATIONAL,IN	$1,212,000	–	15,016	–	0.65%	–
KEY	New	KEYCORP	$1,189,000	–	60,825	–	0.64%	–
SYK	New	STRYKER CORP	$1,098,000	–	6,503	–	0.59%	–
XOM	New	EXXONMOBIL CORP	$981,000	–	11,852	–	0.53%	–
NKE	New	NIKE, INC. - CLASS B	$918,000	–	11,517	–	0.49%	–
THO	New	THOR INDUSTRIES, INC.	$874,000	–	8,971	–	0.47%	–
KO	New	COCA COLA CO	$619,000	–	14,110	–	0.33%	–
UL	New	UNILEVER PLC	$582,000	–	10,520	–	0.31%	–
TKR	New	THE TIMKEN COMPANY	$542,000	–	12,450	–	0.29%	–
PH	New	PARKER-HANNIFIN CORP.	$495,000	–	3,175	–	0.26%	–
COST	New	COSTCO WHOLESALE CORP	$405,000	–	1,940	–	0.22%	–
CL	New	COLGATE PALMOLIVE CO	$393,000	–	6,060	–	0.21%	–
STZ	New	CONSTELLATION BRANDS INC	$269,000	–	1,227	–	0.14%	–
INTC	New	INTEL CORP	$242,000	–	4,874	–	0.13%	–
PG	New	PROCTER & GAMBLE CO	$223,000	–	2,861	–	0.12%	–

Q4 2017

			Value		Shares		↓ Weighting
AFL	Exit	AFLAC INC	$0	–	-2,655	–	-0.12%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-2,080	–	-0.13%	–
MCD	Exit	MCDONALDS CORP	$0	–	-1,880	–	-0.16%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-3,260	–	-0.16%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-2,400	–	-0.22%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-6,160	–	-0.24%	–
SYK	Exit	STRYKER CORP	$0	–	-4,833	–	-0.38%	–
KO	Exit	COCA COLA CO	$0	–	-16,660	–	-0.41%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-12,182	–	-0.55%	–
KEY	Exit	KEYCORP	$0	–	-60,925	–	-0.63%	–
THO	Exit	THOR INDUSTRIES, INC.	$0	–	-10,066	–	-0.69%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-9,343	–	-0.77%	–
BDX	Exit	BECTON,DICKINSON & COMPANY	$0	–	-7,396	–	-0.79%	–
MO	Exit	ALTRIA GROUP, INC	$0	–	-23,175	–	-0.80%	–
OXY	Exit	OCCIDENTAL PETROLEUM CORP	$0	–	-24,057	–	-0.84%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL,IN	$0	–	-14,831	–	-0.90%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Lltd	$0	–	-64,361	–	-0.92%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP, INC.	$0	–	-23,205	–	-1.12%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-25,379	–	-1.12%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-38,845	–	-1.13%	–
DG	Exit	DOLLAR GENERAL CORP	$0	–	-26,025	–	-1.15%	–
HRL	Exit	HORMEL FOODS CORPORATION	$0	–	-69,465	–	-1.22%	–
PEP	Exit	PEPSICO INC	$0	–	-22,459	–	-1.37%	–
HSY	Exit	HERSHEY COMPANY	$0	–	-23,963	–	-1.43%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-50,745	–	-1.48%	–
EXPD	Exit	EXPEDITORS INT'L OF WASHINGTON	$0	–	-47,940	–	-1.57%	–
BFB	Exit	BROWN FORMAN CL B	$0	–	-59,825	–	-1.78%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRA	$0	–	-23,474	–	-1.83%	–
NSRGY	Exit	NESTLE S A REP RG SH ADR	$0	–	-40,158	–	-1.84%	–
MON	Exit	MONSANTO COMPANY	$0	–	-29,812	–	-1.95%	–
GLW	Exit	CORNING INCORPORATED	$0	–	-120,427	–	-1.97%	–
LUV	Exit	SOUTHWEST AIRLINES CO	$0	–	-66,250	–	-2.03%	–
HON	Exit	HONEYWELL INTERNATIONAL	$0	–	-26,491	–	-2.05%	–
RPM	Exit	RPM INC OHIO	$0	–	-77,208	–	-2.17%	–
ADBE	Exit	ADOBE SYSTEMS INC DELAWARE	$0	–	-27,495	–	-2.24%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-35,666	–	-2.26%	–
MRK	Exit	MERCK & CO.,INC.	$0	–	-69,340	–	-2.43%	–
NKE	Exit	NIKE, INC. - CLASS B	$0	–	-94,910	–	-2.69%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-40,073	–	-2.90%	–
EMN	Exit	EASTMAN CHEMICAL CO.	$0	–	-59,035	–	-2.92%	–
EL	Exit	ESTEE LAUDER	$0	–	-51,103	–	-3.01%	–
TXN	Exit	TEXAS INSTRUMENTS INC	$0	–	-62,815	–	-3.08%	–
TJX	Exit	TJX COMPANIES	$0	–	-80,424	–	-3.24%	–
TROW	Exit	PRICE T ROWE & ASSOC	$0	–	-65,762	–	-3.26%	–
JPM	Exit	J.P. MORGAN CHASE	$0	–	-70,080	–	-3.66%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-93,617	–	-3.81%	–
SBUX	Exit	STARBUCKS CORPORATION	$0	–	-136,892	–	-4.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-59,903	–	-4.26%	–
DIS	Exit	WALT DISNEY COMPANY	$0	–	-82,228	–	-4.43%	–
AAPL	Exit	APPLE,INC.	$0	–	-54,751	–	-4.61%	–
V	Exit	VISA INC.	$0	–	-85,759	–	-4.93%	–
BRKB	Exit	BERKSHIRE HATHAWAY - CL B	$0	–	-62,877	–	-6.30%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY - CL B	$11,527,000	+7.4%	62,877	-0.7%	6.30%	+5.5%
V	Buy	VISA INC.	$9,025,000	+27.4%	85,759	+13.6%	4.93%	+25.1%
AAPL	Sell	APPLE,INC.	$8,438,000	-3.1%	54,751	-9.5%	4.61%	-4.9%
DIS	Sell	WALT DISNEY COMPANY	$8,105,000	-8.0%	82,228	-0.8%	4.43%	-9.7%
JNJ	Sell	JOHNSON & JOHNSON	$7,788,000	-3.4%	59,903	-1.8%	4.26%	-5.2%
SBUX	Sell	STARBUCKS CORPORATION	$7,352,000	-8.4%	136,892	-0.6%	4.02%	-10.1%
MSFT	Sell	MICROSOFT CORP	$6,974,000	+6.7%	93,617	-1.2%	3.81%	+4.8%
JPM	Sell	J.P. MORGAN CHASE	$6,693,000	+3.7%	70,080	-0.8%	3.66%	+1.8%
TROW	Sell	PRICE T ROWE & ASSOC	$5,961,000	+20.1%	65,762	-1.6%	3.26%	+18.0%
TJX	Sell	TJX COMPANIES	$5,930,000	+1.2%	80,424	-0.9%	3.24%	-0.6%
TXN	Sell	TEXAS INSTRUMENTS INC	$5,631,000	+15.5%	62,815	-0.9%	3.08%	+13.4%
EL	Sell	ESTEE LAUDER	$5,511,000	+4.7%	51,103	-6.8%	3.01%	+2.8%
EMN	Sell	EASTMAN CHEMICAL CO.	$5,342,000	+7.1%	59,035	-0.6%	2.92%	+5.1%
NSC	Sell	NORFOLK SOUTHERN CORP	$5,299,000	+7.5%	40,073	-1.0%	2.90%	+5.5%
NKE	Sell	NIKE, INC. - CLASS B	$4,921,000	-13.1%	94,910	-1.1%	2.69%	-14.7%
MRK	Sell	MERCK & CO.,INC.	$4,440,000	-1.0%	69,340	-0.9%	2.43%	-2.8%
UNP	Buy	UNION PACIFIC CORP	$4,136,000	+6.5%	35,666	+0.0%	2.26%	+4.6%
ADBE	Sell	ADOBE SYSTEMS INC DELAWARE	$4,102,000	+3.8%	27,495	-1.5%	2.24%	+2.0%
RPM	Sell	RPM INC OHIO	$3,964,000	-7.3%	77,208	-1.4%	2.17%	-8.9%
HON	Sell	HONEYWELL INTERNATIONAL	$3,755,000	+5.6%	26,491	-0.7%	2.05%	+3.7%
LUV	New	SOUTHWEST AIRLINES CO	$3,709,000	–	66,250	–	2.03%	–
GLW	Sell	CORNING INCORPORATED	$3,603,000	-15.1%	120,427	-14.8%	1.97%	-16.7%
MON	Sell	MONSANTO COMPANY	$3,572,000	+0.0%	29,812	-1.2%	1.95%	-1.8%
NSRGY	Sell	NESTLE S A REP RG SH ADR	$3,374,000	-5.5%	40,158	-2.0%	1.84%	-7.2%
IFF	Sell	INTERNATIONAL FLAVORS & FRAGRA	$3,355,000	+3.8%	23,474	-1.9%	1.83%	+1.9%
BFB	Sell	BROWN FORMAN CL B	$3,248,000	+11.2%	59,825	-0.5%	1.78%	+9.2%
EXPD	Sell	EXPEDITORS INT'L OF WASHINGTON	$2,870,000	-2.3%	47,940	-7.9%	1.57%	-4.1%
ABT	Sell	ABBOTT LABORATORIES	$2,708,000	+4.9%	50,745	-4.4%	1.48%	+3.1%
HSY	Buy	HERSHEY COMPANY	$2,616,000	+2.4%	23,963	+0.7%	1.43%	+0.5%
PEP	Buy	PEPSICO INC	$2,503,000	-3.4%	22,459	+0.1%	1.37%	-5.2%
HRL	Sell	HORMEL FOODS CORPORATION	$2,233,000	-5.9%	69,465	-0.1%	1.22%	-7.6%
DG	Buy	DOLLAR GENERAL CORP	$2,109,000	+13.1%	26,025	+0.6%	1.15%	+11.1%
BK	New	BANK OF NEW YORK MELLON CORP	$2,060,000	–	38,845	–	1.13%	–
GILD	Sell	GILEAD SCIENCES INC	$2,056,000	+8.8%	25,379	-4.9%	1.12%	+6.8%
DPS	Buy	DR PEPPER SNAPPLE GROUP, INC.	$2,053,000	+0.4%	23,205	+3.5%	1.12%	-1.4%
EPD	Sell	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,678,000	-5.3%	64,361	-1.6%	0.92%	-7.1%
PM	Sell	PHILIP MORRIS INTERNATIONAL,IN	$1,646,000	-9.4%	14,831	-4.1%	0.90%	-11.0%
OXY	Sell	OCCIDENTAL PETROLEUM CORP	$1,545,000	+4.7%	24,057	-2.4%	0.84%	+2.8%
MO	Buy	ALTRIA GROUP, INC	$1,470,000	-14.0%	23,175	+1.0%	0.80%	-15.5%
BDX	Sell	BECTON,DICKINSON & COMPANY	$1,449,000	-4.4%	7,396	-4.8%	0.79%	-6.2%
APD	Buy	AIR PRODUCTS & CHEMICALS INC	$1,413,000	+6.3%	9,343	+0.5%	0.77%	+4.5%
THO	Sell	THOR INDUSTRIES, INC.	$1,267,000	+17.0%	10,066	-2.9%	0.69%	+14.9%
KEY	New	KEYCORP	$1,147,000	–	60,925	–	0.63%	–
KO	Sell	COCA COLA CO	$750,000	-6.5%	16,660	-6.8%	0.41%	-8.3%
SYK	Sell	STRYKER CORP	$686,000	+0.1%	4,833	-2.0%	0.38%	-1.6%
CL	Sell	COLGATE PALMOLIVE CO	$449,000	-3.6%	6,160	-2.1%	0.24%	-5.4%
PG	Buy	PROCTER & GAMBLE CO	$297,000	+11.2%	3,260	+6.4%	0.16%	+8.7%
MCD	Sell	MCDONALDS CORP	$295,000	-8.4%	1,880	-10.5%	0.16%	-10.1%
AFL	Sell	AFLAC INC	$216,000	-6.5%	2,655	-10.8%	0.12%	-8.5%
T	Exit	AT&T CORP	$0	–	-9,327	–	-0.20%	–
AMGN	Exit	AMGEN,INC.	$0	–	-10,447	–	-1.00%	–
SJM	Exit	J.M.SMUCKER COMPANY	$0	–	-41,048	–	-2.70%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY - CL B	$10,728,000	–	63,339	–	5.97%	–
DIS	New	WALT DISNEY COMPANY	$8,810,000	–	82,913	–	4.91%	–
AAPL	New	APPLE,INC.	$8,709,000	–	60,471	–	4.85%	–
JNJ	New	JOHNSON & JOHNSON	$8,066,000	–	60,972	–	4.49%	–
SBUX	New	STARBUCKS CORPORATION	$8,028,000	–	137,682	–	4.47%	–
V	New	VISA INC.	$7,082,000	–	75,515	–	3.94%	–
MSFT	New	MICROSOFT CORP	$6,534,000	–	94,792	–	3.64%	–
JPM	New	J.P. MORGAN CHASE	$6,456,000	–	70,631	–	3.60%	–
TJX	New	TJX COMPANIES	$5,857,000	–	81,154	–	3.26%	–
NKE	New	NIKE, INC. - CLASS B	$5,662,000	–	95,960	–	3.15%	–
EL	New	ESTEE LAUDER	$5,265,000	–	54,850	–	2.93%	–
EMN	New	EASTMAN CHEMICAL CO.	$4,989,000	–	59,400	–	2.78%	–
TROW	New	PRICE T ROWE & ASSOC	$4,962,000	–	66,862	–	2.76%	–
NSC	New	NORFOLK SOUTHERN CORP	$4,929,000	–	40,498	–	2.74%	–
TXN	New	TEXAS INSTRUMENTS INC	$4,875,000	–	63,370	–	2.71%	–
SJM	New	J.M.SMUCKER COMPANY	$4,857,000	–	41,048	–	2.70%	–
MRK	New	MERCK & CO.,INC.	$4,483,000	–	69,941	–	2.50%	–
RPM	New	RPM INC OHIO	$4,274,000	–	78,343	–	2.38%	–
GLW	New	CORNING INCORPORATED	$4,246,000	–	141,303	–	2.36%	–
ADBE	New	ADOBE SYSTEMS INC DELAWARE	$3,950,000	–	27,925	–	2.20%	–
UNP	New	UNION PACIFIC CORP	$3,883,000	–	35,651	–	2.16%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$3,572,000	–	40,958	–	1.99%	–
MON	New	MONSANTO COMPANY	$3,571,000	–	30,173	–	1.99%	–
HON	New	HONEYWELL INTERNATIONAL	$3,556,000	–	26,681	–	1.98%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRA	$3,231,000	–	23,932	–	1.80%	–
EXPD	New	EXPEDITORS INT'L OF WASHINGTON	$2,939,000	–	52,040	–	1.64%	–
BFB	New	BROWN FORMAN CL B	$2,922,000	–	60,130	–	1.63%	–
PEP	New	PEPSICO INC	$2,592,000	–	22,440	–	1.44%	–
ABT	New	ABBOTT LABORATORIES	$2,581,000	–	53,101	–	1.44%	–
HSY	New	HERSHEY COMPANY	$2,555,000	–	23,793	–	1.42%	–
HRL	New	HORMEL FOODS CORPORATION	$2,372,000	–	69,525	–	1.32%	–
DPS	New	DR PEPPER SNAPPLE GROUP, INC.	$2,044,000	–	22,430	–	1.14%	–
GILD	New	GILEAD SCIENCES INC	$1,889,000	–	26,686	–	1.05%	–
DG	New	DOLLAR GENERAL CORP	$1,865,000	–	25,875	–	1.04%	–
PM	New	PHILIP MORRIS INTERNATIONAL,IN	$1,816,000	–	15,463	–	1.01%	–
AMGN	New	AMGEN,INC.	$1,799,000	–	10,447	–	1.00%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,772,000	–	65,422	–	0.99%	–
MO	New	ALTRIA GROUP, INC	$1,709,000	–	22,950	–	0.95%	–
BDX	New	BECTON,DICKINSON & COMPANY	$1,515,000	–	7,766	–	0.84%	–
OXY	New	OCCIDENTAL PETROLEUM CORP	$1,476,000	–	24,647	–	0.82%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$1,329,000	–	9,293	–	0.74%	–
THO	New	THOR INDUSTRIES, INC.	$1,083,000	–	10,365	–	0.60%	–
XOM	New	EXXONMOBIL CORP	$983,000	–	12,182	–	0.55%	–
KO	New	COCA COLA CO	$802,000	–	17,885	–	0.45%	–
SYK	New	STRYKER CORP	$685,000	–	4,933	–	0.38%	–
CL	New	COLGATE PALMOLIVE CO	$466,000	–	6,290	–	0.26%	–
COST	New	COSTCO WHOLESALE CORP	$384,000	–	2,400	–	0.21%	–
T	New	AT&T CORP	$352,000	–	9,327	–	0.20%	–
MCD	New	MCDONALDS CORP	$322,000	–	2,100	–	0.18%	–
KMB	New	KIMBERLY CLARK CORP	$269,000	–	2,080	–	0.15%	–
PG	New	PROCTER & GAMBLE CO	$267,000	–	3,064	–	0.15%	–
AFL	New	AFLAC INC	$231,000	–	2,975	–	0.13%	–

Q4 2016

			Value		Shares		↓ Weighting
AFL	Exit	AFLAC INC	$0	–	-3,150	–	-0.14%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,100	–	-0.15%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-3,064	–	-0.17%	–
PPG	Exit	PPG INDS INC	$0	–	-3,200	–	-0.21%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-2,400	–	-0.23%	–
T	Exit	AT&T CORP	$0	–	-9,138	–	-0.23%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-6,230	–	-0.29%	–
SYK	Exit	STRYKER CORP	$0	–	-4,933	–	-0.36%	–
EL	Exit	ESTEE LAUDER	$0	–	-6,780	–	-0.38%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-5,808	–	-0.55%	–
VVC	Exit	VECTREN CORPORATION	$0	–	-17,800	–	-0.56%	–
HRL	Exit	HORMEL FOODS CORPORATION	$0	–	-28,085	–	-0.67%	–
TROW	Exit	PRICE T ROWE & ASSOC	$0	–	-16,172	–	-0.68%	–
DEO	Exit	DIAGEO PLC	$0	–	-10,328	–	-0.76%	–
BDX	Exit	BECTON,DICKINSON & COMPANY	$0	–	-7,016	–	-0.80%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-10,275	–	-0.82%	–
MO	Exit	ALTRIA GROUP, INC	$0	–	-22,960	–	-0.92%	–
HON	Exit	HONEYWELL INTERNATIONAL	$0	–	-12,471	–	-0.92%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-136,237	–	-0.93%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL,IN	$0	–	-15,665	–	-0.96%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP, INC.	$0	–	-16,710	–	-0.96%	–
F	Exit	FORD MOTOR COMPANY	$0	–	-131,259	–	-1.00%	–
DG	Exit	DOLLAR GENERAL CORP	$0	–	-25,300	–	-1.12%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Lltd	$0	–	-65,498	–	-1.14%	–
OXY	Exit	OCCIDENTAL PETROLEUM CORP	$0	–	-24,882	–	-1.14%	–
KO	Exit	COCA COLA CO	$0	–	-45,487	–	-1.21%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-22,163	–	-1.22%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-24,955	–	-1.24%	–
HSY	Exit	HERSHEY COMPANY	$0	–	-24,183	–	-1.46%	–
PEP	Exit	PEPSICO INC	$0	–	-22,361	–	-1.53%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-57,994	–	-1.55%	–
JPM	Exit	J.P. MORGAN CHASE	$0	–	-37,800	–	-1.59%	–
EXPD	Exit	EXPEDITORS INT'L OF WASHINGTON	$0	–	-51,335	–	-1.67%	–
MON	Exit	MONSANTO COMPANY	$0	–	-28,552	–	-1.84%	–
AXP	Exit	AMERICAN EXPRESS COMPANY	$0	–	-45,559	–	-1.84%	–
MRK	Exit	MERCK & CO.,INC.	$0	–	-46,761	–	-1.84%	–
THO	Exit	THOR INDUSTRIES, INC.	$0	–	-35,966	–	-1.92%	–
NSRGY	Exit	NESTLE S A REP RG SH ADR	$0	–	-41,845	–	-2.08%	–
GLW	Exit	CORNING INCORPORATED	$0	–	-143,261	–	-2.14%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRA	$0	–	-23,719	–	-2.14%	–
STE	Exit	STERIS PLC	$0	–	-47,252	–	-2.18%	–
SJM	Exit	J.M.SMUCKER COMPANY	$0	–	-25,491	–	-2.18%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-38,291	–	-2.36%	–
TGNA	Exit	TEGNA INC.	$0	–	-177,220	–	-2.44%	–
BFB	Exit	BROWN FORMAN CL B	$0	–	-82,583	–	-2.47%	–
AMGN	Exit	AMGEN,INC.	$0	–	-24,104	–	-2.54%	–
RPM	Exit	RPM INC OHIO	$0	–	-78,583	–	-2.66%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-49,021	–	-2.75%	–
V	Exit	VISA INC.	$0	–	-59,130	–	-3.08%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-52,413	–	-3.21%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-89,987	–	-3.27%	–
NKE	Exit	NIKE, INC. - CLASS B	$0	–	-98,835	–	-3.28%	–
TJX	Exit	TJX COMPANIES	$0	–	-76,901	–	-3.63%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-50,788	–	-3.78%	–
DIS	Exit	WALT DISNEY COMPANY	$0	–	-72,985	–	-4.27%	–
AAPL	Exit	APPLE,INC.	$0	–	-64,071	–	-4.57%	–
BRKB	Exit	BERKSHIRE HATHAWAY - CL B	$0	–	-53,881	–	-4.91%	–
SBUX	Exit	STARBUCKS CORPORATION	$0	–	-148,117	–	-5.06%	–

Q3 2016

			Value		Shares		↓ Weighting
SBUX	Sell	STARBUCKS CORPORATION	$8,019,000	-5.7%	148,117	-0.5%	5.06%	-3.2%
BRKB	Buy	BERKSHIRE HATHAWAY - CL B	$7,784,000	+1.1%	53,881	+1.3%	4.91%	+3.7%
AAPL	Buy	APPLE,INC.	$7,243,000	+18.4%	64,071	+0.1%	4.57%	+21.4%
DIS	Buy	WALT DISNEY COMPANY	$6,777,000	-4.5%	72,985	+0.6%	4.27%	-2.0%
JNJ	Buy	JOHNSON & JOHNSON	$6,000,000	-1.6%	50,788	+1.1%	3.78%	+1.0%
TJX	Sell	TJX COMPANIES	$5,751,000	-3.2%	76,901	-0.0%	3.63%	-0.7%
NKE	Sell	NIKE, INC. - CLASS B	$5,204,000	-5.1%	98,835	-0.5%	3.28%	-2.6%
MSFT	Buy	MICROSOFT CORP	$5,183,000	+404.7%	89,987	+348.5%	3.27%	+417.9%
NSC	Sell	NORFOLK SOUTHERN CORP	$5,087,000	+12.8%	52,413	-1.0%	3.21%	+15.7%
V	Buy	VISA INC.	$4,890,000	+12.5%	59,130	+0.9%	3.08%	+15.4%
CVS	Sell	CVS HEALTH CORPORATION	$4,362,000	-7.9%	49,021	-0.9%	2.75%	-5.5%
RPM	Buy	RPM INC OHIO	$4,221,000	+9.4%	78,583	+1.7%	2.66%	+12.2%
AMGN	Sell	AMGEN,INC.	$4,021,000	+9.2%	24,104	-0.4%	2.54%	+12.1%
BFB	Buy	BROWN FORMAN CL B	$3,918,000	-5.5%	82,583	+98.6%	2.47%	-3.1%
TGNA	Sell	TEGNA INC.	$3,874,000	-6.5%	177,220	-0.9%	2.44%	-4.1%
UNP	Sell	UNION PACIFIC CORP	$3,735,000	+11.1%	38,291	-0.6%	2.36%	+14.0%
SJM	Buy	J.M.SMUCKER COMPANY	$3,455,000	-9.6%	25,491	+1.7%	2.18%	-7.2%
STE	Sell	STERIS PLC	$3,454,000	+5.7%	47,252	-0.6%	2.18%	+8.4%
IFF	Sell	INTERNATIONAL FLAVORS & FRAGRA	$3,391,000	-37.2%	23,719	-44.7%	2.14%	-35.6%
GLW	Buy	CORNING INCORPORATED	$3,388,000	+15.5%	143,261	+0.0%	2.14%	+18.5%
NSRGY	Sell	NESTLE S A REP RG SH ADR	$3,307,000	+2.2%	41,845	-0.0%	2.08%	+4.8%
THO	Sell	THOR INDUSTRIES, INC.	$3,046,000	-32.8%	35,966	-48.7%	1.92%	-31.1%
MRK	Sell	MERCK & CO.,INC.	$2,918,000	+7.9%	46,761	-0.4%	1.84%	+10.6%
AXP	Sell	AMERICAN EXPRESS COMPANY	$2,918,000	+2.9%	45,559	-2.4%	1.84%	+5.5%
MON	Buy	MONSANTO COMPANY	$2,918,000	+25.1%	28,552	+26.5%	1.84%	+28.3%
EXPD	Sell	EXPEDITORS INT'L OF WASHINGTON	$2,645,000	+4.9%	51,335	-0.2%	1.67%	+7.6%
JPM	Buy	J.P. MORGAN CHASE	$2,517,000	+9.6%	37,800	+2.3%	1.59%	+12.4%
ABT	Sell	ABBOTT LABORATORIES	$2,453,000	+6.7%	57,994	-0.8%	1.55%	+9.5%
PEP	Sell	PEPSICO INC	$2,432,000	+2.2%	22,361	-0.5%	1.53%	+4.9%
HSY	Sell	HERSHEY COMPANY	$2,312,000	-53.7%	24,183	-45.0%	1.46%	-52.5%
GILD	Sell	GILEAD SCIENCES INC	$1,974,000	-7.6%	24,955	-2.5%	1.24%	-5.2%
XOM	Buy	EXXONMOBIL CORP	$1,934,000	-6.7%	22,163	+0.2%	1.22%	-4.2%
KO	Sell	COCA COLA CO	$1,925,000	-7.0%	45,487	-0.3%	1.21%	-4.6%
OXY	Sell	OCCIDENTAL PETROLEUM CORP	$1,814,000	-4.5%	24,882	-1.0%	1.14%	-2.0%
EPD	Sell	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,810,000	-5.9%	65,498	-0.4%	1.14%	-3.6%
DG	Buy	DOLLAR GENERAL CORP	$1,771,000	-18.7%	25,300	+9.1%	1.12%	-16.6%
F	Buy	FORD MOTOR COMPANY	$1,584,000	-3.8%	131,259	+0.2%	1.00%	-1.3%
DPS	Buy	DR PEPPER SNAPPLE GROUP, INC.	$1,526,000	+10.8%	16,710	+17.2%	0.96%	+13.7%
PM	Sell	PHILIP MORRIS INTERNATIONAL,IN	$1,523,000	-4.8%	15,665	-0.3%	0.96%	-2.3%
FCX	Sell	FREEPORT-MCMORAN INC	$1,480,000	-2.6%	136,237	-0.1%	0.93%	-0.1%
HON	Buy	HONEYWELL INTERNATIONAL	$1,454,000	+242.9%	12,471	+242.1%	0.92%	+251.3%
MO	Buy	ALTRIA GROUP, INC	$1,452,000	-4.8%	22,960	+3.8%	0.92%	-2.2%
KMB	Buy	KIMBERLY CLARK CORP	$1,296,000	-7.6%	10,275	+0.7%	0.82%	-5.2%
BDX	Sell	BECTON,DICKINSON & COMPANY	$1,261,000	+0.4%	7,016	-5.3%	0.80%	+3.0%
DEO	Sell	DIAGEO PLC	$1,198,000	-3.5%	10,328	-6.1%	0.76%	-1.0%
TROW	Buy	PRICE T ROWE & ASSOC	$1,075,000	+9.7%	16,172	+20.4%	0.68%	+12.6%
HRL	Sell	HORMEL FOODS CORPORATION	$1,065,000	+3.6%	28,085	-0.0%	0.67%	+6.3%
VVC	Buy	VECTREN CORPORATION	$894,000	-3.6%	17,800	+1.1%	0.56%	-1.1%
CL	Sell	COLGATE PALMOLIVE CO	$462,000	+0.4%	6,230	-0.8%	0.29%	+2.8%
PG	Buy	PROCTER & GAMBLE CO	$275,000	+9.1%	3,064	+3.0%	0.17%	+11.6%
AFL	Buy	AFLAC INC	$226,000	+2.7%	3,150	+3.3%	0.14%	+5.9%
GWR	Exit	GENESEE & WYOMING	$0	–	-4,503	–	-0.16%	–
DVN	Exit	DEVON ENERGY CORPORATION	$0	–	-8,755	–	-0.20%	–
INTC	Exit	INTEL CORP	$0	–	-13,895	–	-0.28%	–
MCK	Exit	MCKESSON CORP.	$0	–	-6,327	–	-0.73%	–
GAS	Exit	AGL RESOURCES INC	$0	–	-39,848	–	-1.62%	–

Q2 2016

			Value		Shares		↓ Weighting
SBUX	New	STARBUCKS CORPORATION	$8,502,000	–	148,846	–	5.23%	–
BRKB	New	BERKSHIRE HATHAWAY - CL B	$7,702,000	–	53,197	–	4.73%	–
DIS	New	WALT DISNEY COMPANY	$7,097,000	–	72,554	–	4.36%	–
AAPL	New	APPLE,INC.	$6,118,000	–	63,999	–	3.76%	–
JNJ	New	JOHNSON & JOHNSON	$6,095,000	–	50,245	–	3.75%	–
TJX	New	TJX COMPANIES	$5,941,000	–	76,927	–	3.65%	–
NKE	New	NIKE, INC. - CLASS B	$5,481,000	–	99,295	–	3.37%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRA	$5,403,000	–	42,861	–	3.32%	–
HSY	New	HERSHEY COMPANY	$4,990,000	–	43,970	–	3.07%	–
CVS	New	CVS HEALTH CORPORATION	$4,736,000	–	49,471	–	2.91%	–
THO	New	THOR INDUSTRIES, INC.	$4,535,000	–	70,045	–	2.79%	–
NSC	New	NORFOLK SOUTHERN CORP	$4,509,000	–	52,964	–	2.77%	–
V	New	VISA INC.	$4,347,000	–	58,607	–	2.67%	–
BFB	New	BROWN FORMAN CL B	$4,148,000	–	41,582	–	2.55%	–
TGNA	New	TEGNA INC.	$4,143,000	–	178,812	–	2.55%	–
RPM	New	RPM INC OHIO	$3,859,000	–	77,255	–	2.37%	–
SJM	New	J.M.SMUCKER COMPANY	$3,821,000	–	25,073	–	2.35%	–
AMGN	New	AMGEN,INC.	$3,682,000	–	24,203	–	2.26%	–
UNP	New	UNION PACIFIC CORP	$3,361,000	–	38,519	–	2.07%	–
STE	New	STERIS PLC	$3,269,000	–	47,548	–	2.01%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$3,236,000	–	41,860	–	1.99%	–
GLW	New	CORNING INCORPORATED	$2,933,000	–	143,236	–	1.80%	–
AXP	New	AMERICAN EXPRESS COMPANY	$2,837,000	–	46,685	–	1.74%	–
MRK	New	MERCK & CO.,INC.	$2,705,000	–	46,946	–	1.66%	–
GAS	New	AGL RESOURCES INC	$2,629,000	–	39,848	–	1.62%	–
EXPD	New	EXPEDITORS INT'L OF WASHINGTON	$2,522,000	–	51,435	–	1.55%	–
PEP	New	PEPSICO INC	$2,380,000	–	22,465	–	1.46%	–
MON	New	MONSANTO COMPANY	$2,333,000	–	22,564	–	1.43%	–
ABT	New	ABBOTT LABORATORIES	$2,299,000	–	58,486	–	1.41%	–
JPM	New	J.P. MORGAN CHASE	$2,297,000	–	36,965	–	1.41%	–
DG	New	DOLLAR GENERAL CORP	$2,179,000	–	23,180	–	1.34%	–
GILD	New	GILEAD SCIENCES INC	$2,136,000	–	25,600	–	1.31%	–
XOM	New	EXXONMOBIL CORP	$2,073,000	–	22,112	–	1.27%	–
KO	New	COCA COLA CO	$2,069,000	–	45,637	–	1.27%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,924,000	–	65,748	–	1.18%	–
OXY	New	OCCIDENTAL PETROLEUM CORP	$1,899,000	–	25,137	–	1.17%	–
F	New	FORD MOTOR COMPANY	$1,647,000	–	130,996	–	1.01%	–
PM	New	PHILIP MORRIS INTERNATIONAL,IN	$1,599,000	–	15,715	–	0.98%	–
MO	New	ALTRIA GROUP, INC	$1,525,000	–	22,110	–	0.94%	–
FCX	New	FREEPORT-MCMORAN INC	$1,519,000	–	136,345	–	0.93%	–
KMB	New	KIMBERLY CLARK CORP	$1,403,000	–	10,205	–	0.86%	–
DPS	New	DR PEPPER SNAPPLE GROUP, INC.	$1,377,000	–	14,255	–	0.85%	–
BDX	New	BECTON,DICKINSON & COMPANY	$1,256,000	–	7,408	–	0.77%	–
DEO	New	DIAGEO PLC	$1,242,000	–	11,002	–	0.76%	–
MCK	New	MCKESSON CORP.	$1,181,000	–	6,327	–	0.73%	–
HRL	New	HORMEL FOODS CORPORATION	$1,028,000	–	28,095	–	0.63%	–
MSFT	New	MICROSOFT CORP	$1,027,000	–	20,062	–	0.63%	–
TROW	New	PRICE T ROWE & ASSOC	$980,000	–	13,435	–	0.60%	–
VVC	New	VECTREN CORPORATION	$927,000	–	17,600	–	0.57%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$825,000	–	5,808	–	0.51%	–
EL	New	ESTEE LAUDER	$617,000	–	6,780	–	0.38%	–
SYK	New	STRYKER CORP	$591,000	–	4,933	–	0.36%	–
CL	New	COLGATE PALMOLIVE CO	$460,000	–	6,280	–	0.28%	–
INTC	New	INTEL CORP	$456,000	–	13,895	–	0.28%	–
HON	New	HONEYWELL INTERNATIONAL	$424,000	–	3,645	–	0.26%	–
T	New	AT&T CORP	$395,000	–	9,138	–	0.24%	–
COST	New	COSTCO WHOLESALE CORP	$377,000	–	2,400	–	0.23%	–
PPG	New	PPG INDS INC	$333,000	–	3,200	–	0.20%	–
DVN	New	DEVON ENERGY CORPORATION	$317,000	–	8,755	–	0.20%	–
GWR	New	GENESEE & WYOMING	$265,000	–	4,503	–	0.16%	–
MCD	New	MCDONALDS CORP	$253,000	–	2,100	–	0.16%	–
PG	New	PROCTER & GAMBLE CO	$252,000	–	2,976	–	0.16%	–
AFL	New	AFLAC INC	$220,000	–	3,050	–	0.14%	–

Q4 2015

			Value		Shares		↓ Weighting
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,836	–	-0.14%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,100	–	-0.14%	–
GWR	Exit	GENESEE & WYOMING	$0	–	-4,638	–	-0.19%	–
T	Exit	AT&T CORP	$0	–	-9,638	–	-0.21%	–
DD	Exit	EI DU PONT DE NEMOURS & CO	$0	–	-6,900	–	-0.23%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-2,400	–	-0.24%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-6,280	–	-0.27%	–
INTC	Exit	INTEL CORP	$0	–	-14,370	–	-0.30%	–
SYK	Exit	STRYKER CORP	$0	–	-5,010	–	-0.32%	–
EL	Exit	ESTEE LAUDER	$0	–	-6,780	–	-0.37%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-63,665	–	-0.42%	–
TROW	Exit	PRICE T ROWE & ASSOC	$0	–	-9,895	–	-0.47%	–
BDX	Exit	BECTON,DICKINSON & COMPANY	$0	–	-7,408	–	-0.67%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-8,130	–	-0.71%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-23,150	–	-0.76%	–
HRL	Exit	HORMEL FOODS CORPORATION	$0	–	-18,035	–	-0.78%	–
MCK	Exit	MCKESSON CORP.	$0	–	-6,427	–	-0.81%	–
JPM	Exit	J.P. MORGAN CHASE	$0	–	-19,520	–	-0.81%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL,IN	$0	–	-15,992	–	-0.86%	–
SYT	Exit	SYNGENTA AG ADR	$0	–	-19,910	–	-0.86%	–
DVN	Exit	DEVON ENERGY CORPORATION	$0	–	-36,512	–	-0.92%	–
DEO	Exit	DIAGEO PLC	$0	–	-13,250	–	-0.97%	–
MDT	Exit	MEDTRONIC Plc	$0	–	-24,195	–	-1.10%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Lltd	$0	–	-65,278	–	-1.11%	–
DG	Exit	DOLLAR GENERAL CORP	$0	–	-22,705	–	-1.12%	–
BFB	Exit	BROWN FORMAN CL B	$0	–	-18,852	–	-1.24%	–
F	Exit	FORD MOTOR COMPANY	$0	–	-135,216	–	-1.25%	–
KO	Exit	COCA COLA CO	$0	–	-46,330	–	-1.27%	–
MON	Exit	MONSANTO COMPANY	$0	–	-22,043	–	-1.28%	–
FAST	Exit	FASTENAL COMPANY	$0	–	-53,555	–	-1.34%	–
OXY	Exit	OCCIDENTAL PETROLEUM CORP	$0	–	-30,709	–	-1.38%	–
PEP	Exit	PEPSICO INC	$0	–	-22,710	–	-1.46%	–
VFC	Exit	V F CORP.	$0	–	-32,400	–	-1.50%	–
AXP	Exit	AMERICAN EXPRESS COMPANY	$0	–	-30,977	–	-1.56%	–
MRK	Exit	MERCK & CO.,INC.	$0	–	-46,809	–	-1.57%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-58,557	–	-1.60%	–
EXPD	Exit	EXPEDITORS INT'L OF WASHINGTON	$0	–	-50,910	–	-1.63%	–
GLW	Exit	CORNING INCORPORATED	$0	–	-140,416	–	-1.64%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-22,425	–	-1.66%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-26,030	–	-1.74%	–
PX	Exit	PRAXAIR INC	$0	–	-25,560	–	-1.77%	–
GAS	Exit	AGL RESOURCES INC	$0	–	-42,870	–	-1.78%	–
HSY	Exit	HERSHEY COMPANY	$0	–	-29,095	–	-1.82%	–
STE	Exit	STERIS	$0	–	-47,640	–	-2.11%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-35,405	–	-2.13%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-42,446	–	-2.15%	–
NSRGY	Exit	NESTLE S A REP RG SH ADR	$0	–	-42,287	–	-2.17%	–
AMGN	Exit	AMGEN,INC.	$0	–	-24,372	–	-2.30%	–
THO	Exit	THOR INDUSTRIES, INC.	$0	–	-66,790	–	-2.36%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-52,659	–	-2.74%	–
V	Exit	VISA INC.	$0	–	-57,954	–	-2.75%	–
TGNA	Exit	TEGNA INC.	$0	–	-181,379	–	-2.76%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRA	$0	–	-43,385	–	-3.05%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-49,265	–	-3.13%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-49,396	–	-3.24%	–
NKE	Exit	NIKE, INC. - CLASS B	$0	–	-41,335	–	-3.46%	–
TJX	Exit	TJX COMPANIES	$0	–	-77,055	–	-3.75%	–
BRKB	Exit	BERKSHIRE HATHAWAY - CL B	$0	–	-50,885	–	-4.52%	–
DIS	Exit	WALT DISNEY COMPANY	$0	–	-67,402	–	-4.69%	–
AAPL	Exit	APPLE,INC.	$0	–	-62,701	–	-4.71%	–
SBUX	Exit	STARBUCKS CORPORATION	$0	–	-147,985	–	-5.73%	–

Q3 2015

			Value		Shares		↓ Weighting
SBUX	Sell	STARBUCKS CORPORATION	$8,411,000	+3.3%	147,985	-2.5%	5.73%	+13.5%
AAPL	Sell	APPLE,INC.	$6,916,000	-12.2%	62,701	-0.2%	4.71%	-3.5%
DIS	Buy	WALT DISNEY COMPANY	$6,888,000	-10.1%	67,402	+0.4%	4.69%	-1.3%
BRKB	Buy	BERKSHIRE HATHAWAY - CL B	$6,635,000	+7.7%	50,885	+12.4%	4.52%	+18.3%
TJX	Buy	TJX COMPANIES	$5,503,000	+11.6%	77,055	+3.4%	3.75%	+22.6%
NKE	Buy	NIKE, INC. - CLASS B	$5,083,000	+13.9%	41,335	+0.0%	3.46%	+25.1%
CVS	Sell	CVS HEALTH CORPORATION	$4,766,000	-8.6%	49,396	-0.6%	3.24%	+0.4%
JNJ	Sell	JOHNSON & JOHNSON	$4,599,000	-4.6%	49,265	-0.4%	3.13%	+4.8%
IFF	Sell	INTERNATIONAL FLAVORS & FRAGRA	$4,480,000	-5.7%	43,385	-0.2%	3.05%	+3.6%
TGNA	Sell	TEGNA INC.	$4,061,000	-30.4%	181,379	-0.3%	2.76%	-23.6%
V	Buy	VISA INC.	$4,037,000	+28.2%	57,954	+23.6%	2.75%	+40.9%
NSC	Sell	NORFOLK SOUTHERN CORP	$4,023,000	-12.7%	52,659	-0.2%	2.74%	-4.1%
THO	Sell	THOR INDUSTRIES, INC.	$3,460,000	-9.8%	66,790	-2.0%	2.36%	-0.9%
AMGN	Sell	AMGEN,INC.	$3,371,000	-10.6%	24,372	-0.8%	2.30%	-1.8%
NSRGY	Sell	NESTLE S A REP RG SH ADR	$3,182,000	+3.8%	42,287	-0.5%	2.17%	+14.0%
XOM	Sell	EXXONMOBIL CORP	$3,156,000	-10.9%	42,446	-0.4%	2.15%	-2.2%
UNP	Buy	UNION PACIFIC CORP	$3,130,000	+48.9%	35,405	+60.6%	2.13%	+63.5%
STE	Buy	STERIS	$3,095,000	+258.6%	47,640	+255.8%	2.11%	+293.8%
HSY	Buy	HERSHEY COMPANY	$2,673,000	+3.9%	29,095	+0.5%	1.82%	+14.2%
GAS	Buy	AGL RESOURCES INC	$2,617,000	+201.5%	42,870	+129.9%	1.78%	+231.2%
PX	Sell	PRAXAIR INC	$2,604,000	-15.3%	25,560	-0.7%	1.77%	-7.0%
GILD	Buy	GILEAD SCIENCES INC	$2,556,000	-15.7%	26,030	+0.6%	1.74%	-7.3%
KMB	Sell	KIMBERLY CLARK CORP	$2,445,000	+2.6%	22,425	-0.2%	1.66%	+12.7%
GLW	Buy	CORNING INCORPORATED	$2,404,000	-12.8%	140,416	+0.5%	1.64%	-4.2%
EXPD	Sell	EXPEDITORS INT'L OF WASHINGTON	$2,395,000	-0.2%	50,910	-2.2%	1.63%	+9.6%
ABT	Sell	ABBOTT LABORATORIES	$2,355,000	-18.3%	58,557	-0.2%	1.60%	-10.2%
MRK	Sell	MERCK & CO.,INC.	$2,312,000	-13.7%	46,809	-0.5%	1.57%	-5.2%
AXP	Sell	AMERICAN EXPRESS COMPANY	$2,296,000	-4.9%	30,977	-0.3%	1.56%	+4.5%
VFC	Sell	V F CORP.	$2,210,000	-2.7%	32,400	-0.5%	1.50%	+6.8%
PEP	Sell	PEPSICO INC	$2,142,000	+0.1%	22,710	-1.0%	1.46%	+10.0%
OXY	Sell	OCCIDENTAL PETROLEUM CORP	$2,031,000	-15.1%	30,709	-0.2%	1.38%	-6.7%
FAST	Buy	FASTENAL COMPANY	$1,961,000	-13.1%	53,555	+0.1%	1.34%	-4.6%
MON	Sell	MONSANTO COMPANY	$1,881,000	-20.0%	22,043	-0.1%	1.28%	-12.1%
KO	Sell	COCA COLA CO	$1,859,000	-2.3%	46,330	-4.5%	1.27%	+7.4%
F	Sell	FORD MOTOR COMPANY	$1,835,000	-10.2%	135,216	-0.6%	1.25%	-1.3%
BFB	Sell	BROWN FORMAN CL B	$1,827,000	-3.4%	18,852	-0.1%	1.24%	+6.1%
DG	Buy	DOLLAR GENERAL CORP	$1,645,000	+10.3%	22,705	+18.3%	1.12%	+21.2%
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,625,000	-16.1%	65,278	+0.8%	1.11%	-7.8%
MDT	Sell	MEDTRONIC Plc	$1,620,000	-22.0%	24,195	-13.6%	1.10%	-14.2%
DEO	Sell	DIAGEO PLC	$1,428,000	-7.5%	13,250	-0.4%	0.97%	+1.7%
DVN	Sell	DEVON ENERGY CORPORATION	$1,354,000	-38.1%	36,512	-0.6%	0.92%	-32.0%
PM	Sell	PHILIP MORRIS INTERNATIONAL,IN	$1,269,000	-1.6%	15,992	-0.6%	0.86%	+8.1%
JPM	Buy	J.P. MORGAN CHASE	$1,190,000	-8.7%	19,520	+1.5%	0.81%	+0.4%
MCK	New	MCKESSON CORP.	$1,189,000	–	6,427	–	0.81%	–
HRL	Sell	HORMEL FOODS CORPORATION	$1,142,000	+11.3%	18,035	-1.0%	0.78%	+22.2%
COP	Sell	CONOCOPHILLIPS	$1,110,000	-22.0%	23,150	-0.1%	0.76%	-14.3%
APD	Sell	AIR PRODUCTS & CHEMICALS INC	$1,037,000	-7.2%	8,130	-0.5%	0.71%	+1.9%
TROW	Buy	PRICE T ROWE & ASSOC	$688,000	-8.5%	9,895	+2.3%	0.47%	+0.4%
FCX	Sell	FREEPORT-MCMORAN INC	$617,000	-48.2%	63,665	-0.6%	0.42%	-43.2%
EL	Sell	ESTEE LAUDER	$547,000	-78.7%	6,780	-77.1%	0.37%	-76.6%
SYK	Sell	STRYKER CORP	$471,000	-3.1%	5,010	-1.6%	0.32%	+6.6%
INTC	Sell	INTEL CORP	$433,000	-2.0%	14,370	-1.1%	0.30%	+7.7%
DD	Sell	EI DU PONT DE NEMOURS & CO	$333,000	-23.8%	6,900	-4.0%	0.23%	-16.2%
T	Sell	AT&T CORP	$314,000	-12.8%	9,638	-4.9%	0.21%	-4.0%
MCD	New	MCDONALDS CORP	$207,000	–	2,100	–	0.14%	–
ABBV	Exit	ABBVIE INC.	$0	–	-7,475	–	-0.31%	–
APA	Exit	APACHE CORP	$0	–	-11,615	–	-0.42%	–
RAI	Exit	REYNOLDS AMERICAN INC.	$0	–	-10,698	–	-0.50%	–
GCI	Exit	GANNETT INC.	$0	–	-90,981	–	-0.79%	–
EBAY	Exit	EBAY INC	$0	–	-35,285	–	-1.32%	–
A309PS	Exit	DIRECTV GROUP INC	$0	–	-35,330	–	-2.03%	–

Q2 2015

			Value		Shares		↓ Weighting
SBUX	New	STARBUCKS CORPORATION	$8,140,000	–	151,830	–	5.04%	–
AAPL	New	APPLE,INC.	$7,877,000	–	62,802	–	4.88%	–
DIS	New	WALT DISNEY COMPANY	$7,664,000	–	67,142	–	4.75%	–
BRKB	New	BERKSHIRE HATHAWAY - CL B	$6,163,000	–	45,279	–	3.82%	–
TGNA	New	TEGNA INC.	$5,836,000	–	181,981	–	3.62%	–
CVS	New	CVS HEALTH CORPORATION	$5,212,000	–	49,691	–	3.23%	–
TJX	New	TJX COMPANIES	$4,931,000	–	74,515	–	3.06%	–
JNJ	New	JOHNSON & JOHNSON	$4,821,000	–	49,465	–	2.99%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRA	$4,752,000	–	43,485	–	2.94%	–
NSC	New	NORFOLK SOUTHERN CORP	$4,610,000	–	52,769	–	2.86%	–
NKE	New	NIKE, INC. - CLASS B	$4,463,000	–	41,320	–	2.77%	–
THO	New	THOR INDUSTRIES, INC.	$3,836,000	–	68,160	–	2.38%	–
AMGN	New	AMGEN,INC.	$3,772,000	–	24,572	–	2.34%	–
XOM	New	EXXONMOBIL CORP	$3,544,000	–	42,601	–	2.20%	–
A309PS	New	DIRECTV GROUP INC	$3,278,000	–	35,330	–	2.03%	–
V	New	VISA INC.	$3,148,000	–	46,874	–	1.95%	–
PX	New	PRAXAIR INC	$3,076,000	–	25,730	–	1.91%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$3,066,000	–	42,487	–	1.90%	–
GILD	New	GILEAD SCIENCES INC	$3,031,000	–	25,885	–	1.88%	–
ABT	New	ABBOTT LABORATORIES	$2,881,000	–	58,697	–	1.78%	–
GLW	New	CORNING INCORPORATED	$2,758,000	–	139,766	–	1.71%	–
MRK	New	MERCK & CO.,INC.	$2,679,000	–	47,059	–	1.66%	–
HSY	New	HERSHEY COMPANY	$2,572,000	–	28,950	–	1.59%	–
EL	New	ESTEE LAUDER	$2,568,000	–	29,635	–	1.59%	–
AXP	New	AMERICAN EXPRESS COMPANY	$2,414,000	–	31,062	–	1.50%	–
EXPD	New	EXPEDITORS INT'L OF WASHINGTON	$2,399,000	–	52,036	–	1.49%	–
OXY	New	OCCIDENTAL PETROLEUM CORP	$2,393,000	–	30,764	–	1.48%	–
KMB	New	KIMBERLY CLARK CORP	$2,382,000	–	22,480	–	1.48%	–
MON	New	MONSANTO COMPANY	$2,351,000	–	22,055	–	1.46%	–
VFC	New	V F CORP.	$2,272,000	–	32,575	–	1.41%	–
FAST	New	FASTENAL COMPANY	$2,257,000	–	53,505	–	1.40%	–
DVN	New	DEVON ENERGY CORPORATION	$2,186,000	–	36,747	–	1.36%	–
PEP	New	PEPSICO INC	$2,140,000	–	22,929	–	1.33%	–
EBAY	New	EBAY INC	$2,126,000	–	35,285	–	1.32%	–
UNP	New	UNION PACIFIC CORP	$2,102,000	–	22,045	–	1.30%	–
MDT	New	MEDTRONIC Plc	$2,076,000	–	28,015	–	1.29%	–
F	New	FORD MOTOR COMPANY	$2,043,000	–	136,091	–	1.27%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,936,000	–	64,778	–	1.20%	–
KO	New	COCA COLA CO	$1,903,000	–	48,500	–	1.18%	–
BFB	New	BROWN FORMAN CL B	$1,891,000	–	18,877	–	1.17%	–
SYT	New	SYNGENTA AG ADR	$1,625,000	–	19,910	–	1.01%	–
DEO	New	DIAGEO PLC	$1,543,000	–	13,300	–	0.96%	–
DG	New	DOLLAR GENERAL CORP	$1,491,000	–	19,185	–	0.92%	–
COP	New	CONOCOPHILLIPS	$1,423,000	–	23,174	–	0.88%	–
JPM	New	J.P. MORGAN CHASE	$1,303,000	–	19,225	–	0.81%	–
PM	New	PHILIP MORRIS INTERNATIONAL,IN	$1,290,000	–	16,092	–	0.80%	–
GCI	New	GANNETT INC.	$1,273,000	–	90,981	–	0.79%	–
FCX	New	FREEPORT-MCMORAN INC	$1,192,000	–	64,035	–	0.74%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$1,118,000	–	8,170	–	0.69%	–
BDX	New	BECTON,DICKINSON & COMPANY	$1,049,000	–	7,408	–	0.65%	–
HRL	New	HORMEL FOODS CORPORATION	$1,026,000	–	18,210	–	0.64%	–
GAS	New	AGL RESOURCES INC	$868,000	–	18,650	–	0.54%	–
STE	New	STERIS	$863,000	–	13,390	–	0.54%	–
RAI	New	REYNOLDS AMERICAN INC.	$799,000	–	10,698	–	0.50%	–
TROW	New	PRICE T ROWE & ASSOC	$752,000	–	9,675	–	0.47%	–
APA	New	APACHE CORP	$669,000	–	11,615	–	0.42%	–
ABBV	New	ABBVIE INC.	$502,000	–	7,475	–	0.31%	–
SYK	New	STRYKER CORP	$486,000	–	5,090	–	0.30%	–
INTC	New	INTEL CORP	$442,000	–	14,530	–	0.27%	–
DD	New	EI DU PONT DE NEMOURS & CO	$437,000	–	7,190	–	0.27%	–
CL	New	COLGATE PALMOLIVE CO	$411,000	–	6,280	–	0.26%	–
T	New	AT&T CORP	$360,000	–	10,138	–	0.22%	–
GWR	New	GENESEE & WYOMING	$353,000	–	4,638	–	0.22%	–
COST	New	COSTCO WHOLESALE CORP	$324,000	–	2,400	–	0.20%	–
PG	New	PROCTER & GAMBLE CO	$222,000	–	2,836	–	0.14%	–

Q4 2014

			Value		Shares		↓ Weighting
GNRC	Exit	GENERAC HOLDINGS INC.	$0	–	-5,120	–	-0.13%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,836	–	-0.15%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-3,161	–	-0.16%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-2,400	–	-0.19%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-8,860	–	-0.21%	–
GWR	Exit	GENESEE & WYOMING	$0	–	-3,738	–	-0.23%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-6,280	–	-0.26%	–
SYK	Exit	STRYKER CORP	$0	–	-5,150	–	-0.27%	–
DD	Exit	EI DU PONT DE NEMOURS & CO	$0	–	-7,290	–	-0.34%	–
TROW	Exit	PRICE T ROWE & ASSOC	$0	–	-7,225	–	-0.36%	–
WOR	Exit	WORTHINGTON INDS INC	$0	–	-20,173	–	-0.48%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-9,262	–	-0.52%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-8,180	–	-0.68%	–
JPM	Exit	J.P. MORGAN CHASE	$0	–	-19,300	–	-0.75%	–
APA	Exit	APACHE CORP	$0	–	-13,187	–	-0.79%	–
BDX	Exit	BECTON DICKINSON	$0	–	-11,165	–	-0.82%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-15,842	–	-0.85%	–
GIS	Exit	GENERAL MILLS,INC.	$0	–	-28,100	–	-0.91%	–
NKE	Exit	NIKE	$0	–	-16,400	–	-0.94%	–
BFB	Exit	BROWN FORMAN CL B	$0	–	-17,289	–	-1.00%	–
CVX	Exit	CHEVRON CORP.	$0	–	-13,192	–	-1.01%	–
TJX	Exit	TJX COMPANIES	$0	–	-30,420	–	-1.16%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-25,048	–	-1.23%	–
LO	Exit	LORILLARD, INC	$0	–	-33,255	–	-1.28%	–
EBAY	Exit	EBAY INC	$0	–	-35,660	–	-1.30%	–
F	Exit	FORD MTR CO DEL	$0	–	-137,091	–	-1.30%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Lltd	$0	–	-51,118	–	-1.32%	–
SYT	Exit	SYNGENTA AG ADR	$0	–	-32,775	–	-1.33%	–
DEO	Exit	DIAGEO PLC	$0	–	-18,210	–	-1.35%	–
EXPD	Exit	EXPEDITORS INT'L OF WASHINGTON	$0	–	-51,780	–	-1.35%	–
VFC	Exit	V F CORP.	$0	–	-33,125	–	-1.40%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-21,240	–	-1.48%	–
ABBV	Exit	ABBVIE INC.	$0	–	-41,358	–	-1.53%	–
MON	Exit	MONSANTO CO	$0	–	-21,530	–	-1.55%	–
T	Exit	AT&T CORP	$0	–	-69,305	–	-1.57%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-22,740	–	-1.57%	–
ABT	Exit	ABBOTT LABS	$0	–	-58,981	–	-1.57%	–
V	Exit	VISA INC.	$0	–	-11,808	–	-1.62%	–
MCD	Exit	MCDONALDS CORP	$0	–	-28,519	–	-1.74%	–
DVN	Exit	DEVON ENERGY	$0	–	-39,877	–	-1.74%	–
DE	Exit	DEERE AND COMPANY	$0	–	-33,557	–	-1.76%	–
HSY	Exit	HERSHEY COMPANY	$0	–	-29,145	–	-1.78%	–
FCX	Exit	FREEPORT-MCMORAN INC	$0	–	-85,377	–	-1.79%	–
MRK	Exit	MERCK & CO INC	$0	–	-47,589	–	-1.81%	–
MDT	Exit	MEDTRONIC, INC	$0	–	-46,935	–	-1.86%	–
PEP	Exit	PEPSICO INC	$0	–	-31,520	–	-1.88%	–
WEC	Exit	WISCONSIN ENERGY CORP	$0	–	-68,245	–	-1.88%	–
IFF	Exit	INTERNATIONAL FLAVORS & FRAGRA	$0	–	-31,375	–	-1.93%	–
A309PS	Exit	DIRECTV GROUP INC	$0	–	-35,675	–	-1.98%	–
BEN	Exit	FRANKLIN RESOURCES, INC	$0	–	-57,005	–	-2.00%	–
NSRGY	Exit	NESTLE S A REP RG SH ADR	$0	–	-42,977	–	-2.03%	–
OXY	Exit	OCCIDENTAL PETROLEUM CORP	$0	–	-33,859	–	-2.09%	–
PX	Exit	PRAXAIR INC	$0	–	-25,635	–	-2.12%	–
EL	Exit	ESTEE LAUDER	$0	–	-45,630	–	-2.19%	–
KO	Exit	COCA COLA CO	$0	–	-81,994	–	-2.24%	–
GLW	Exit	CORNING	$0	–	-191,055	–	-2.37%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-49,346	–	-2.52%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-56,795	–	-2.75%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-54,373	–	-3.28%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-49,439	–	-3.38%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-52,718	–	-3.41%	–
DIS	Exit	DISNEY (WALT) COMPANY	$0	–	-60,977	–	-3.48%	–
GCI	Exit	GANNETT CO	$0	–	-183,448	–	-3.49%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-49,435	–	-3.54%	–
BRKB	Exit	BERKSHIRE HATHAWAY - CL B	$0	–	-45,111	–	-4.00%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY - CL B	$6,232,000	+9.3%	45,111	+0.2%	4.00%	+9.1%
NSC	Sell	NORFOLK SOUTHERN CORP	$5,517,000	+6.3%	49,435	-1.8%	3.54%	+6.1%
GCI	Sell	GANNETT CO	$5,443,000	-6.1%	183,448	-0.9%	3.49%	-6.3%
DIS	Sell	DISNEY (WALT) COMPANY	$5,429,000	+2.2%	60,977	-1.6%	3.48%	+2.0%
AAPL	Buy	APPLE COMPUTER INC	$5,311,000	+8.4%	52,718	+0.0%	3.41%	+8.2%
JNJ	Sell	JOHNSON & JOHNSON COM	$5,270,000	+0.5%	49,439	-1.3%	3.38%	+0.3%
XOM	Sell	EXXONMOBIL CORP	$5,114,000	-8.0%	54,373	-1.5%	3.28%	-8.2%
SBUX	Buy	STARBUCKS CORP	$4,286,000	-2.0%	56,795	+0.5%	2.75%	-2.2%
CVS	Buy	CVS HEALTH CORPORATION	$3,927,000	+18.5%	49,346	+12.3%	2.52%	+18.3%
GLW	Sell	CORNING	$3,695,000	-13.3%	191,055	-1.6%	2.37%	-13.6%
KO	Sell	COCA COLA CO	$3,498,000	-0.8%	81,994	-1.5%	2.24%	-1.0%
EL	Buy	ESTEE LAUDER	$3,409,000	+1.2%	45,630	+0.6%	2.19%	+1.0%
PX	New	PRAXAIR INC	$3,307,000	–	25,635	–	2.12%	–
OXY	Buy	OCCIDENTAL PETROLEUM CORP	$3,256,000	-4.9%	33,859	+1.5%	2.09%	-5.0%
NSRGY	Sell	NESTLE S A REP RG SH ADR	$3,164,000	-6.6%	42,977	-1.5%	2.03%	-6.8%
BEN	Sell	FRANKLIN RESOURCES, INC	$3,113,000	-7.8%	57,005	-2.4%	2.00%	-8.1%
A309PS	Buy	DIRECTV GROUP INC	$3,087,000	+4.8%	35,675	+2.9%	1.98%	+4.5%
IFF	Buy	INTERNATIONAL FLAVORS & FRAGRA	$3,008,000	+23.8%	31,375	+34.6%	1.93%	+23.6%
WEC	Buy	WISCONSIN ENERGY CORP	$2,935,000	-4.5%	68,245	+4.2%	1.88%	-4.7%
PEP	Sell	PEPSICO INC	$2,934,000	+2.5%	31,520	-1.7%	1.88%	+2.2%
MDT	Sell	MEDTRONIC, INC	$2,908,000	-3.9%	46,935	-1.1%	1.86%	-4.2%
MRK	Buy	MERCK & CO INC	$2,821,000	+7.3%	47,589	+4.8%	1.81%	+7.1%
FCX	Sell	FREEPORT-MCMORAN INC	$2,788,000	-10.6%	85,377	-0.1%	1.79%	-10.9%
HSY	Buy	HERSHEY COMPANY	$2,781,000	+29.6%	29,145	+32.3%	1.78%	+29.3%
DE	Sell	DEERE AND COMPANY	$2,751,000	-9.7%	33,557	-0.3%	1.76%	-9.9%
DVN	Buy	DEVON ENERGY	$2,719,000	+3.4%	39,877	+20.4%	1.74%	+3.2%
MCD	Sell	MCDONALDS CORP	$2,704,000	-7.9%	28,519	-2.1%	1.74%	-8.1%
V	Sell	VISA INC.	$2,519,000	-0.2%	11,808	-1.5%	1.62%	-0.5%
ABT	Sell	ABBOTT LABS	$2,453,000	+0.0%	58,981	-1.6%	1.57%	-0.2%
KMB	Buy	KIMBERLY CLARK CORP	$2,446,000	-0.9%	22,740	+2.4%	1.57%	-1.2%
T	Sell	AT&T CORP	$2,442,000	-2.1%	69,305	-1.8%	1.57%	-2.4%
MON	Buy	MONSANTO CO	$2,422,000	-8.1%	21,530	+1.9%	1.55%	-8.3%
ABBV	Sell	ABBVIE INC.	$2,389,000	-44.1%	41,358	-45.4%	1.53%	-44.3%
UNP	Sell	UNION PACIFIC CORP	$2,303,000	+7.4%	21,240	-1.2%	1.48%	+7.1%
VFC	Sell	V F CORP.	$2,187,000	+4.3%	33,125	-0.5%	1.40%	+4.1%
DEO	Sell	DIAGEO PLC	$2,101,000	-9.9%	18,210	-0.7%	1.35%	-10.1%
EXPD	Sell	EXPEDITORS INT'L OF WASHINGTON	$2,101,000	-9.4%	51,780	-1.4%	1.35%	-9.6%
SYT	Buy	SYNGENTA AG ADR	$2,077,000	-13.5%	32,775	+2.2%	1.33%	-13.7%
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS Lltd	$2,060,000	+0.6%	51,118	+95.4%	1.32%	+0.3%
F	Sell	FORD MTR CO DEL	$2,028,000	-15.4%	137,091	-1.4%	1.30%	-15.6%
EBAY	Buy	EBAY INC	$2,019,000	+15.1%	35,660	+1.8%	1.30%	+14.8%
LO	New	LORILLARD, INC	$1,992,000	–	33,255	–	1.28%	–
COP	Sell	CONOCOPHILLIPS	$1,917,000	-11.8%	25,048	-1.2%	1.23%	-12.0%
TJX	Buy	TJX COMPANIES	$1,800,000	+14.1%	30,420	+2.5%	1.16%	+13.8%
CVX	Sell	CHEVRON CORP.	$1,574,000	-9.4%	13,192	-0.8%	1.01%	-9.6%
BFB	Buy	BROWN FORMAN CL B	$1,560,000	-1.3%	17,289	+3.0%	1.00%	-1.6%
NKE	Buy	NIKE	$1,463,000	+20.0%	16,400	+4.3%	0.94%	+19.6%
GIS	Sell	GENERAL MILLS,INC.	$1,418,000	-4.1%	28,100	-0.2%	0.91%	-4.3%
PM	Buy	PHILIP MORRIS INTERNATIONAL	$1,321,000	+2.6%	15,842	+3.8%	0.85%	+2.3%
BDX	Sell	BECTON DICKINSON	$1,271,000	-8.7%	11,165	-5.1%	0.82%	-8.9%
APA	Buy	APACHE CORP	$1,238,000	-1.1%	13,187	+6.0%	0.79%	-1.4%
JPM	Buy	J.P. MORGAN CHASE	$1,163,000	+11.5%	19,300	+6.7%	0.75%	+11.2%
APD	Sell	AIR PRODUCTS & CHEMICALS INC	$1,065,000	-65.3%	8,180	-65.7%	0.68%	-65.4%
AXP	Buy	AMERICAN EXPRESS CO	$811,000	+2.8%	9,262	+11.4%	0.52%	+2.6%
WOR	Buy	WORTHINGTON INDS INC	$751,000	-5.8%	20,173	+8.9%	0.48%	-5.9%
TROW	New	PRICE T ROWE & ASSOC	$566,000	–	7,225	–	0.36%	–
DD	Sell	EI DU PONT DE NEMOURS & CO	$523,000	-67.3%	7,290	-70.2%	0.34%	-67.4%
SYK	Sell	STRYKER CORP	$416,000	-6.1%	5,150	-1.9%	0.27%	-6.3%
MRO	Buy	MARATHON OIL CORP	$333,000	+2.5%	8,860	+8.9%	0.21%	+2.4%
PG	New	PROCTER & GAMBLE CO	$237,000	–	2,836	–	0.15%	–
GNRC	Sell	GENERAC HOLDINGS INC.	$208,000	-28.3%	5,120	-13.9%	0.13%	-28.5%
AFL	Exit	AFLAC INC	$0	–	-3,535	–	-0.14%	–

Q2 2014

			Value		Shares		↓ Weighting
GCI	New	GANNETT CO	$5,794,000	–	185,053	–	3.73%	–
BRKB	New	BERKSHIRE HATHAWAY - CL B	$5,700,000	–	45,040	–	3.66%	–
XOM	New	EXXONMOBIL CORP	$5,557,000	–	55,192	–	3.57%	–
DIS	New	DISNEY (WALT) COMPANY	$5,313,000	–	61,972	–	3.42%	–
JNJ	New	JOHNSON & JOHNSON COM	$5,242,000	–	50,107	–	3.37%	–
NSC	New	NORFOLK SOUTHERN CORP	$5,188,000	–	50,350	–	3.34%	–
AAPL	New	APPLE COMPUTER INC	$4,898,000	–	52,708	–	3.15%	–
SBUX	New	STARBUCKS CORP	$4,374,000	–	56,520	–	2.81%	–
ABBV	New	ABBVIE INC.	$4,275,000	–	75,737	–	2.75%	–
GLW	New	CORNING	$4,264,000	–	194,255	–	2.74%	–
KO	New	COCA COLA CO	$3,525,000	–	83,219	–	2.27%	–
OXY	New	OCCIDENTAL PETROLEUM CORP	$3,422,000	–	33,344	–	2.20%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$3,388,000	–	43,642	–	2.18%	–
BEN	New	FRANKLIN RESOURCES, INC	$3,378,000	–	58,405	–	2.17%	–
EL	New	ESTEE LAUDER	$3,369,000	–	45,365	–	2.17%	–
CVS	New	CVS/CAREMARK CORP.	$3,313,000	–	43,956	–	2.13%	–
FCX	New	FREEPORT-MCMORAN INC	$3,120,000	–	85,492	–	2.01%	–
WEC	New	WISCONSIN ENERGY CORP	$3,072,000	–	65,475	–	1.98%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$3,068,000	–	23,856	–	1.97%	–
DE	New	DEERE AND COMPANY	$3,047,000	–	33,647	–	1.96%	–
MDT	New	MEDTRONIC, INC	$3,027,000	–	47,475	–	1.95%	–
A309PS	New	DIRECTV GROUP INC	$2,947,000	–	34,665	–	1.90%	–
MCD	New	MCDONALDS CORP	$2,935,000	–	29,139	–	1.89%	–
PEP	New	PEPSICO INC	$2,863,000	–	32,050	–	1.84%	–
MON	New	MONSANTO CO	$2,635,000	–	21,123	–	1.69%	–
DVN	New	DEVON ENERGY	$2,629,000	–	33,107	–	1.69%	–
MRK	New	MERCK & CO INC	$2,628,000	–	45,423	–	1.69%	–
V	New	VISA INC.	$2,525,000	–	11,983	–	1.62%	–
T	New	AT&T CORP	$2,495,000	–	70,559	–	1.60%	–
KMB	New	KIMBERLY CLARK CORP	$2,469,000	–	22,197	–	1.59%	–
ABT	New	ABBOTT LABS	$2,452,000	–	59,943	–	1.58%	–
IFF	New	INTERNATIONAL FLAVORS & FRAGRA	$2,430,000	–	23,305	–	1.56%	–
SYT	New	SYNGENTA AG ADR	$2,400,000	–	32,085	–	1.54%	–
F	New	FORD MTR CO DEL	$2,398,000	–	139,091	–	1.54%	–
DEO	New	DIAGEO PLC	$2,333,000	–	18,335	–	1.50%	–
EXPD	New	EXPEDITORS INT'L OF WASHINGTON	$2,319,000	–	52,505	–	1.49%	–
COP	New	CONOCOPHILLIPS	$2,174,000	–	25,358	–	1.40%	–
HSY	New	HERSHEY COMPANY	$2,146,000	–	22,035	–	1.38%	–
UNP	New	UNION PACIFIC CORP	$2,145,000	–	21,500	–	1.38%	–
VFC	New	V F CORP.	$2,097,000	–	33,285	–	1.35%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Lltd	$2,048,000	–	26,159	–	1.32%	–
EBAY	New	EBAY INC	$1,754,000	–	35,035	–	1.13%	–
CVX	New	CHEVRON CORP.	$1,737,000	–	13,304	–	1.12%	–
DD	New	EI DU PONT DE NEMOURS & CO	$1,601,000	–	24,460	–	1.03%	–
BFB	New	BROWN FORMAN CL B	$1,581,000	–	16,789	–	1.02%	–
TJX	New	TJX COMPANIES	$1,578,000	–	29,685	–	1.02%	–
GIS	New	GENERAL MILLS,INC.	$1,479,000	–	28,150	–	0.95%	–
BDX	New	BECTON DICKINSON	$1,392,000	–	11,765	–	0.90%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$1,287,000	–	15,267	–	0.83%	–
APA	New	APACHE CORP	$1,252,000	–	12,442	–	0.80%	–
NKE	New	NIKE	$1,219,000	–	15,725	–	0.78%	–
JPM	New	J.P. MORGAN CHASE	$1,043,000	–	18,095	–	0.67%	–
WOR	New	WORTHINGTON INDS INC	$797,000	–	18,523	–	0.51%	–
AXP	New	AMERICAN EXPRESS CO	$789,000	–	8,312	–	0.51%	–
SYK	New	STRYKER CORP	$443,000	–	5,250	–	0.28%	–
CL	New	COLGATE PALMOLIVE CO	$428,000	–	6,280	–	0.28%	–
GWR	New	GENESEE & WYOMING	$392,000	–	3,738	–	0.25%	–
MRO	New	MARATHON OIL CORP	$325,000	–	8,135	–	0.21%	–
GNRC	New	GENERAC HOLDINGS INC.	$290,000	–	5,950	–	0.19%	–
COST	New	COSTCO WHOLESALE CORP	$276,000	–	2,400	–	0.18%	–
WMT	New	WAL-MART STORES INC	$237,000	–	3,161	–	0.15%	–
AFL	New	AFLAC INC	$220,000	–	3,535	–	0.14%	–

Q4 2013

			Value		Shares		↓ Weighting
NKE	Exit	NIKE	$0	–	-2,940	–	-0.18%	–
AFL	Exit	AFLAC INC	$0	–	-3,585	–	-0.18%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-3,311	–	-0.20%	–
GNRC	Exit	GENERAC HOLDINGS INC.	$0	–	-5,950	–	-0.21%	–
POT	Exit	POTASH CORP. OF SASKATCHEWAN I	$0	–	-9,025	–	-0.23%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-2,900	–	-0.28%	–
SYK	Exit	STRYKER CORP	$0	–	-5,200	–	-0.29%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-6,040	–	-0.30%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-18,340	–	-0.43%	–
DLTR	Exit	DOLLAR TREE	$0	–	-11,590	–	-0.55%	–
SO	Exit	SOUTHERN CO	$0	–	-19,608	–	-0.67%	–
CXW	Exit	CORRECTIONS CORP. OF AMERICAreit	$0	–	-26,246	–	-0.75%	–
BDX	Exit	BECTON DICKINSON	$0	–	-9,190	–	-0.76%	–
TJX	Exit	TJX COMPANIES	$0	–	-19,515	–	-0.91%	–
APA	Exit	APACHE CORP	$0	–	-13,167	–	-0.93%	–
BFB	Exit	BROWN FORMAN CL B	$0	–	-16,909	–	-0.96%	–
VFC	Exit	V F CORP.	$0	–	-6,245	–	-1.03%	–
FCX	Exit	FREEPORT-MCMORAN COP CL B	$0	–	-40,577	–	-1.11%	–
CVX	Exit	CHEVRON CORP.	$0	–	-12,719	–	-1.28%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS Lltd	$0	–	-25,454	–	-1.29%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-10,005	–	-1.29%	–
ABT	Exit	ABBOTT LABS	$0	–	-51,372	–	-1.41%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-50,292	–	-1.43%	–
DVN	Exit	DEVON ENERGY	$0	–	-30,283	–	-1.45%	–
OXY	Exit	OCCIDENTAL PETROLEUM CORP	$0	–	-18,825	–	-1.46%	–
EBAY	Exit	EBAY INC	$0	–	-34,340	–	-1.59%	–
BEN	Exit	FRANKLIN RESOURCES, INC	$0	–	-39,564	–	-1.66%	–
HSY	Exit	HERSHEY COMPANY	$0	–	-21,825	–	-1.68%	–
V	Exit	VISA INC.	$0	–	-10,664	–	-1.69%	–
MCD	Exit	MCDONALDS CORP	$0	–	-21,689	–	-1.73%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-22,797	–	-1.78%	–
F	Exit	FORD MTR CO DEL	$0	–	-135,410	–	-1.90%	–
MON	Exit	MONSANTO CO	$0	–	-21,975	–	-1.90%	–
MRK	Exit	MERCK & CO INC	$0	–	-48,385	–	-1.91%	–
EXPD	Exit	EXPEDITORS INT'L OF WASHINGTON	$0	–	-53,225	–	-1.94%	–
T	Exit	AT&T CORP	$0	–	-71,331	–	-2.00%	–
SYT	Exit	SYNGENTA AG ADR	$0	–	-31,030	–	-2.09%	–
CVS	Exit	CVS/CAREMARK CORP.	$0	–	-44,611	–	-2.10%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC	$0	–	-24,047	–	-2.13%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-36,906	–	-2.13%	–
MDT	Exit	MEDTRONIC, INC	$0	–	-48,645	–	-2.15%	–
PEP	Exit	PEPSICO INC	$0	–	-32,863	–	-2.17%	–
DE	Exit	DEERE AND COMPANY	$0	–	-33,812	–	-2.28%	–
GLW	Exit	CORNING	$0	–	-197,805	–	-2.39%	–
IBM	Exit	INTERNATIONAL BUS MACH	$0	–	-16,597	–	-2.55%	–
NSRGY	Exit	NESTLE S A REP RG SH ADR	$0	–	-44,187	–	-2.55%	–
EL	Exit	ESTEE LAUDER	$0	–	-44,420	–	-2.58%	–
DIS	Exit	DISNEY (WALT) COMPANY	$0	–	-48,928	–	-2.62%	–
KO	Exit	COCA COLA CO	$0	–	-86,906	–	-2.73%	–
DD	Exit	EI DU PONT DE NEMOURS & CO	$0	–	-57,345	–	-2.79%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-7,219	–	-2.86%	–
ABBV	Exit	ABBVIE INC.	$0	–	-77,022	–	-2.86%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-48,475	–	-3.11%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-54,360	–	-3.47%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-48,909	–	-3.52%	–
GCI	Exit	GANNETT CO	$0	–	-158,763	–	-3.53%	–
XOM	Exit	EXXONMOBIL CORP	$0	–	-54,795	–	-3.91%	–
BRKB	Exit	BERKSHIRE HATHAWAY - CL B	$0	–	-43,803	–	-4.12%	–

Q3 2013

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY - CL B	$4,972,000	+0.7%	43,803	-0.7%	4.12%	-2.6%
XOM	Sell	EXXONMOBIL CORP	$4,715,000	-5.9%	54,795	-1.2%	3.91%	-9.0%
GCI	Sell	GANNETT CO	$4,253,000	+7.7%	158,763	-1.7%	3.53%	+4.2%
JNJ	Sell	JOHNSON & JOHNSON COM	$4,240,000	-1.6%	48,909	-2.6%	3.52%	-4.8%
SBUX	Buy	STARBUCKS CORP	$4,184,000	+83.3%	54,360	+56.1%	3.47%	+77.5%
NSC	Sell	NORFOLK SOUTHERN CORP	$3,750,000	+5.1%	48,475	-1.3%	3.11%	+1.7%
ABBV	Sell	ABBVIE INC.	$3,445,000	+6.6%	77,022	-1.5%	2.86%	+3.1%
AAPL	Buy	APPLE COMPUTER INC	$3,442,000	+22.8%	7,219	+2.1%	2.86%	+18.8%
DD	Sell	EI DU PONT DE NEMOURS & CO	$3,358,000	+9.6%	57,345	-1.7%	2.79%	+6.1%
KO	Sell	COCA COLA CO	$3,292,000	-6.4%	86,906	-0.9%	2.73%	-9.4%
DIS	Buy	DISNEY (WALT) COMPANY	$3,155,000	+85.6%	48,928	+81.8%	2.62%	+79.6%
EL	New	ESTEE LAUDER	$3,105,000	–	44,420	–	2.58%	–
NSRGY	Sell	NESTLE S A REP RG SH ADR	$3,075,000	+4.4%	44,187	-1.3%	2.55%	+1.1%
IBM	Sell	INTERNATIONAL BUS MACH	$3,073,000	-4.1%	16,597	-1.0%	2.55%	-7.2%
GLW	Buy	CORNING	$2,886,000	+87.6%	197,805	+83.1%	2.39%	+81.5%
DE	Sell	DEERE AND COMPANY	$2,752,000	-0.3%	33,812	-0.5%	2.28%	-3.5%
PEP	Sell	PEPSICO INC	$2,613,000	-5.5%	32,863	-2.7%	2.17%	-8.5%
MDT	Sell	MEDTRONIC, INC	$2,590,000	+2.6%	48,645	-0.8%	2.15%	-0.7%
COP	Sell	CONOCOPHILLIPS	$2,565,000	+13.0%	36,906	-1.6%	2.13%	+9.4%
APD	Sell	AIR PRODUCTS & CHEMICALS INC	$2,563,000	+13.4%	24,047	-2.6%	2.13%	+9.8%
CVS	Buy	CVS/CAREMARK CORP.	$2,532,000	-0.2%	44,611	+0.6%	2.10%	-3.4%
SYT	Sell	SYNGENTA AG ADR	$2,523,000	+3.8%	31,030	-0.6%	2.09%	+0.4%
T	Sell	AT&T CORP	$2,412,000	-4.7%	71,331	-0.3%	2.00%	-7.8%
EXPD	Sell	EXPEDITORS INT'L OF WASHINGTON	$2,345,000	+15.6%	53,225	-0.2%	1.94%	+11.8%
MRK	Sell	MERCK & CO INC	$2,304,000	+0.2%	48,385	-2.3%	1.91%	-3.1%
MON	Sell	MONSANTO CO	$2,294,000	+3.8%	21,975	-1.8%	1.90%	+0.4%
F	Buy	FORD MTR CO DEL	$2,284,000	+792.2%	135,410	+718.9%	1.90%	+765.3%
KMB	Sell	KIMBERLY CLARK CORP	$2,148,000	-4.7%	22,797	-1.8%	1.78%	-7.8%
MCD	Buy	MCDONALDS CORP	$2,087,000	-1.1%	21,689	+1.7%	1.73%	-4.4%
V	Buy	VISA INC.	$2,038,000	+6.3%	10,664	+1.6%	1.69%	+2.9%
HSY	Buy	HERSHEY COMPANY	$2,019,000	+3.8%	21,825	+0.2%	1.68%	+0.5%
BEN	Buy	FRANKLIN RESOURCES, INC	$2,000,000	+11.9%	39,564	+200.9%	1.66%	+8.2%
EBAY	Sell	EBAY INC	$1,916,000	+7.8%	34,340	-0.0%	1.59%	+4.3%
OXY	Sell	OCCIDENTAL PETROLEUM CORP	$1,761,000	+3.9%	18,825	-0.9%	1.46%	+0.6%
DVN	Sell	DEVON ENERGY	$1,749,000	+9.5%	30,283	-1.6%	1.45%	+6.0%
SE	Buy	SPECTRA ENERGY CORP	$1,721,000	+0.3%	50,292	+1.0%	1.43%	-2.9%
ABT	Sell	ABBOTT LABS	$1,705,000	-7.0%	51,372	-2.2%	1.41%	-10.0%
UNP	Buy	UNION PACIFIC CORP	$1,554,000	+27.0%	10,005	+26.1%	1.29%	+22.9%
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,554,000	+7.2%	25,454	+9.1%	1.29%	+3.7%
CVX	Buy	CHEVRON CORP.	$1,545,000	+9.4%	12,719	+6.6%	1.28%	+5.9%
FCX	Sell	FREEPORT-MCMORAN COP CL B	$1,342,000	+17.6%	40,577	-1.8%	1.11%	+13.8%
VFC	Sell	V F CORP.	$1,243,000	-1.2%	6,245	-4.1%	1.03%	-4.4%
BFB	Buy	BROWN FORMAN CL B	$1,152,000	+9.5%	16,909	+8.5%	0.96%	+6.0%
APA	Sell	APACHE CORP	$1,121,000	-3.4%	13,167	-4.9%	0.93%	-6.4%
TJX	Buy	TJX COMPANIES	$1,100,000	+13.3%	19,515	+0.6%	0.91%	+9.7%
BDX	Sell	BECTON DICKINSON	$919,000	-3.6%	9,190	-4.7%	0.76%	-6.7%
SO	Sell	SOUTHERN CO	$807,000	-7.0%	19,608	-0.3%	0.67%	-10.1%
DLTR	Sell	DOLLAR TREE	$662,000	+10.5%	11,590	-1.7%	0.55%	+6.8%
NEM	Buy	NEWMONT MINING CORP	$515,000	-6.2%	18,340	+0.1%	0.43%	-9.3%
CL	Buy	COLGATE PALMOLIVE CO	$358,000	+9.5%	6,040	+5.7%	0.30%	+6.1%
SYK	Sell	STRYKER CORP	$351,000	-3.8%	5,200	-8.0%	0.29%	-7.0%
COST	Sell	COSTCO WHOLESALE CORP	$334,000	+0.6%	2,900	-3.3%	0.28%	-2.8%
POT	Sell	POTASH CORP. OF SASKATCHEWAN I	$282,000	-83.2%	9,025	-79.5%	0.23%	-83.7%
WMT	Sell	WAL-MART STORES INC	$245,000	-6.1%	3,311	-5.4%	0.20%	-9.4%
AFL	Sell	AFLAC INC	$222,000	+4.7%	3,585	-1.6%	0.18%	+1.1%
NKE	New	NIKE	$214,000	–	2,940	–	0.18%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-43,862	–	-0.59%	–
APAPRD	Exit	APACHE CORP. 6.00% MAN CNV SERcpfd	$0	–	-15,075	–	-0.62%	–
HRL	Exit	HORMEL FOODS	$0	–	-42,705	–	-1.41%	–
M	Exit	MACY'S INC	$0	–	-45,827	–	-1.89%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-83,858	–	-2.48%	–

Q2 2013

			Value		Shares		↓ Weighting
XOM	New	EXXONMOBIL CORP	$5,012,000	–	55,473	–	4.30%	–
BRKB	New	BERKSHIRE HATHAWAY - CL B	$4,939,000	–	44,130	–	4.23%	–
JNJ	New	JOHNSON & JOHNSON COM	$4,311,000	–	50,207	–	3.70%	–
GCI	New	GANNETT CO	$3,950,000	–	161,488	–	3.39%	–
NSC	New	NORFOLK SOUTHERN CORP	$3,568,000	–	49,109	–	3.06%	–
KO	New	COCA COLA CO	$3,518,000	–	87,707	–	3.02%	–
ABBV	New	ABBVIE INC.	$3,233,000	–	78,206	–	2.77%	–
IBM	New	INTERNATIONAL BUS MACH	$3,203,000	–	16,762	–	2.75%	–
DD	New	EI DU PONT DE NEMOURS & CO	$3,064,000	–	58,355	–	2.63%	–
NSRGY	New	NESTLE S A REP RG SH ADR	$2,944,000	–	44,762	–	2.52%	–
MSFT	New	MICROSOFT CORP	$2,897,000	–	83,858	–	2.48%	–
AAPL	New	APPLE COMPUTER INC	$2,803,000	–	7,069	–	2.40%	–
PEP	New	PEPSICO INC	$2,764,000	–	33,788	–	2.37%	–
DE	New	DEERE AND COMPANY	$2,761,000	–	33,977	–	2.37%	–
CVS	New	CVS/CAREMARK CORP.	$2,536,000	–	44,351	–	2.17%	–
T	New	AT&T CORP	$2,532,000	–	71,534	–	2.17%	–
MDT	New	MEDTRONIC, INC	$2,524,000	–	49,045	–	2.16%	–
SYT	New	SYNGENTA AG ADR	$2,431,000	–	31,220	–	2.08%	–
MRK	New	MERCK & CO INC	$2,300,000	–	49,525	–	1.97%	–
SBUX	New	STARBUCKS CORP	$2,282,000	–	34,833	–	1.96%	–
COP	New	CONOCOPHILLIPS	$2,269,000	–	37,511	–	1.94%	–
APD	New	AIR PRODUCTS & CHEMICALS INC	$2,260,000	–	24,677	–	1.94%	–
KMB	New	KIMBERLY CLARK CORP	$2,255,000	–	23,217	–	1.93%	–
MON	New	MONSANTO CO	$2,210,000	–	22,370	–	1.90%	–
M	New	MACY'S INC	$2,200,000	–	45,827	–	1.89%	–
MCD	New	MCDONALDS CORP	$2,111,000	–	21,318	–	1.81%	–
EXPD	New	EXPEDITORS INT'L OF WASHINGTON	$2,028,000	–	53,325	–	1.74%	–
HSY	New	THE HERSHEY COMPANY	$1,945,000	–	21,790	–	1.67%	–
V	New	VISA INC.	$1,918,000	–	10,494	–	1.64%	–
ABT	New	ABBOTT LABS	$1,833,000	–	52,546	–	1.57%	–
BEN	New	FRANKLIN RESOURCES, INC	$1,788,000	–	13,148	–	1.53%	–
EBAY	New	EBAY INC	$1,777,000	–	34,350	–	1.52%	–
SE	New	SPECTRA ENERGY CORP	$1,716,000	–	49,792	–	1.47%	–
DIS	New	WALT DISNEY COMPANY	$1,700,000	–	26,914	–	1.46%	–
OXY	New	OCCIDENTAL PETROLEUM CORP	$1,695,000	–	18,995	–	1.45%	–
POT	New	POTASH CORP. OF SASKATCHEWAN I	$1,677,000	–	43,977	–	1.44%	–
HRL	New	HORMEL FOODS	$1,648,000	–	42,705	–	1.41%	–
DVN	New	DEVON ENERGY	$1,597,000	–	30,783	–	1.37%	–
GLW	New	CORNING	$1,538,000	–	108,058	–	1.32%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS Lltd	$1,450,000	–	23,329	–	1.24%	–
CVX	New	CHEVRON CORP.	$1,412,000	–	11,929	–	1.21%	–
VFC	New	V F CORP.	$1,258,000	–	6,515	–	1.08%	–
UNP	New	UNION PACIFIC CORP	$1,224,000	–	7,935	–	1.05%	–
APA	New	APACHE CORP	$1,160,000	–	13,843	–	0.99%	–
FCX	New	FREEPORT-MCMORAN COP CL B	$1,141,000	–	41,337	–	0.98%	–
BFB	New	BROWN FORMAN CL B	$1,052,000	–	15,579	–	0.90%	–
TJX	New	TJX COMPANIES	$971,000	–	19,390	–	0.83%	–
BDX	New	BECTON DICKINSON	$953,000	–	9,640	–	0.82%	–
CXW	New	CORRECTIONS CORP. OF AMERICAreit	$889,000	–	26,246	–	0.76%	–
SO	New	SOUTHERN CO	$868,000	–	19,658	–	0.74%	–
APAPRD	New	APACHE CORP. 6.00% MAN CNV SERcpfd	$720,000	–	15,075	–	0.62%	–
GOLD	New	BARRICK GOLD CORP	$690,000	–	43,862	–	0.59%	–
DLTR	New	DOLLAR TREE	$599,000	–	11,790	–	0.51%	–
NEM	New	NEWMONT MINING CORP	$549,000	–	18,315	–	0.47%	–
SYK	New	STRYKER CORP	$365,000	–	5,650	–	0.31%	–
COST	New	COSTCO WHOLESALE CORP	$332,000	–	3,000	–	0.28%	–
CL	New	COLGATE PALMOLIVE CO	$327,000	–	5,715	–	0.28%	–
WMT	New	WAL-MART STORES INC	$261,000	–	3,501	–	0.22%	–
F	New	FORD MTR CO DEL	$256,000	–	16,535	–	0.22%	–
GNRC	New	GENERAC HOLDINGS INC.	$220,000	–	5,950	–	0.19%	–
AFL	New	AFLAC INC	$212,000	–	3,645	–	0.18%	–

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