INDEPENDENT INVESTORS INC Activity Q2 2000-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AAPL	Sell	Apple Inc.	$215,587,461	-12.6%	1,259,199	-0.9%	54.69%	-4.4%
MSFT	Sell	Microsoft Corporation	$17,259,211	-7.4%	54,661	-0.1%	4.38%	+1.3%
JNJ	Sell	Johnson & Johnson	$11,250,134	-11.9%	72,232	-6.3%	2.85%	-3.6%
PG	Sell	Procter & Gamble Company	$8,146,281	-4.4%	55,850	-0.5%	2.07%	+4.6%
XOM	Sell	Exxon Mobil Corporation	$7,175,555	+9.6%	61,027	-0.0%	1.82%	+19.9%
BRKB	Sell	Berkshire Hathaway Inc. Class B	$5,302,491	+1.4%	15,137	-1.3%	1.34%	+10.9%
DIS	Sell	Walt Disney Company	$3,761,693	-11.7%	46,412	-2.8%	0.95%	-3.4%
	New	Howard Hughes Holdings	$2,187,725	–	29,512	–	0.56%	–
CL	Sell	Colgate-Palmolive Company	$2,002,884	-8.3%	28,166	-0.7%	0.51%	+0.2%
BMY	Sell	Bristol-Myers Squibb Company	$1,563,482	-9.6%	26,938	-0.4%	0.40%	-1.0%
IVV	New	iShares Core S&P 500 ETF	$811,623	–	1,890	–	0.21%	–
CVS	Sell	CVS Health Corporation	$788,966	-8.0%	11,300	-8.9%	0.20%	+0.5%
	New	Kenvue Inc.	$787,518	–	39,219	–	0.20%	–
JEPI	Buy	JPMorgan Equity Premium Income ETF	$780,369	+19.8%	14,570	+23.8%	0.20%	+31.1%
SPY	Buy	SPDR S&P 500 ETF	$750,227	+1.9%	1,755	+5.7%	0.19%	+11.1%
NVDA	Buy	NVIDIA Corporation	$517,638	+18.8%	1,190	+15.5%	0.13%	+29.7%
	Sell	General Electric Company	$475,365	-1.3%	4,300	-1.9%	0.12%	+8.0%
PFE	Sell	Pfizer Inc.	$463,584	-14.7%	13,976	-5.6%	0.12%	-6.3%
V	Sell	Visa Inc.	$317,414	-3.8%	1,380	-0.6%	0.08%	+6.6%
VWO	Sell	Vanguard Emerging Markets ETF	$213,695	-5.4%	5,450	-1.8%	0.05%	+3.8%
MMM	Exit	3M Company	$0	–	-2,000	–	-0.05%	–
HHC	Exit	Howard Hughes Corporation	$0	–	-29,512	–	-0.54%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	Apple Inc.	$246,581,453	–	1,271,235	–	57.18%	–
MSFT	New	Microsoft Corporation	$18,629,581	–	54,706	–	4.32%	–
JNJ	New	Johnson & Johnson	$12,764,075	–	77,115	–	2.96%	–
HON	New	Honeywell International Inc.	$8,816,675	–	42,490	–	2.04%	–
PG	New	Procter & Gamble Company	$8,520,201	–	56,150	–	1.98%	–
WAT	New	Waters Corporation	$8,493,830	–	31,867	–	1.97%	–
JPM	New	JPMorgan Chase & Co.	$8,282,663	–	56,949	–	1.92%	–
AMGN	New	Amgen Inc.	$6,780,713	–	30,541	–	1.57%	–
NKE	New	Nike, Inc.	$6,622,200	–	60,000	–	1.54%	–
XOM	New	Exxon Mobil Corporation	$6,546,862	–	61,043	–	1.52%	–
BA	New	Boeing Company	$6,525,266	–	30,902	–	1.51%	–
ABBV	New	AbbVie Inc.	$6,115,125	–	45,388	–	1.42%	–
MCD	New	McDonald's Corporation	$5,535,804	–	18,551	–	1.28%	–
BRKB	New	Berkshire Hathaway Inc. Class B	$5,229,917	–	15,337	–	1.21%	–
UPS	New	United Parcel Service, Inc.	$4,447,372	–	24,811	–	1.03%	–
EMR	New	Emerson Electric Co.	$4,429,110	–	49,000	–	1.03%	–
DIS	New	Walt Disney Company	$4,261,513	–	47,732	–	0.99%	–
QCOM	New	Qualcomm Inc.	$4,106,880	–	34,500	–	0.95%	–
NSC	New	Norfolk Southern Corporation	$3,990,976	–	17,600	–	0.93%	–
ABT	New	Abbott Laboratories	$3,930,171	–	36,050	–	0.91%	–
PEP	New	PepsiCo, Inc.	$3,703,659	–	19,996	–	0.86%	–
ORCL	New	Oracle Corporation	$3,560,791	–	29,900	–	0.83%	–
DOV	New	Dover Corporation	$3,041,590	–	20,600	–	0.70%	–
UNP	New	Union Pacific Corporation	$2,402,239	–	11,740	–	0.56%	–
HHC	New	Howard Hughes Corporation	$2,329,087	–	29,512	–	0.54%	–
CL	New	Colgate-Palmolive Company	$2,185,317	–	28,366	–	0.51%	–
KO	New	Coca-Cola Company	$2,181,470	–	36,225	–	0.51%	–
AXP	New	American Express Company	$2,090,400	–	12,000	–	0.48%	–
LHX	New	L3Harris Technologies, Inc.	$1,908,562	–	9,749	–	0.44%	–
HD	New	Home Depot, Inc.	$1,870,674	–	6,022	–	0.43%	–
NVS	New	Novartis AG	$1,806,289	–	17,900	–	0.42%	–
BMY	New	Bristol-Myers Squibb Company	$1,729,080	–	27,038	–	0.40%	–
UNH	New	UnitedHealth Group Incorporated	$1,701,466	–	3,540	–	0.40%	–
COST	New	Costco Wholesale Corporation	$1,555,918	–	2,890	–	0.36%	–
GOOG	New	Alphabet Inc. Class C	$1,337,928	–	11,060	–	0.31%	–
GS	New	Goldman Sachs Group, Inc.	$1,174,046	–	3,640	–	0.27%	–
ATVI	New	Activision Blizzard Inc	$973,665	–	11,550	–	0.23%	–
GOOGL	New	Alphabet Inc. Class A	$936,054	–	7,820	–	0.22%	–
SYK	New	Stryker Corporation	$915,270	–	3,000	–	0.21%	–
CVX	New	Chevron Corporation	$907,910	–	5,770	–	0.21%	–
BABA	New	Alibaba Group Holding Ltd ADR	$883,510	–	10,600	–	0.20%	–
LOW	New	Lowe's Companies, Inc.	$861,046	–	3,815	–	0.20%	–
CVS	New	CVS Health Corporation	$857,212	–	12,400	–	0.20%	–
SPY	New	SPDR S&P 500 ETF	$736,288	–	1,661	–	0.17%	–
BAC	New	Bank of America Corporation	$720,980	–	25,130	–	0.17%	–
PCT	New	PureCycle Technologies, Inc.	$671,332	–	62,800	–	0.16%	–
JEPI	New	JPMorgan Equity Premium Income ETF	$651,234	–	11,770	–	0.15%	–
MS	New	Morgan Stanley	$650,406	–	7,616	–	0.15%	–
URI	New	United Rentals, Inc.	$614,611	–	1,380	–	0.14%	–
KMI	New	Kinder Morgan, Inc.	$582,312	–	33,816	–	0.14%	–
PFE	New	Pfizer Inc.	$543,157	–	14,808	–	0.13%	–
	New	General Electric Company	$481,582	–	4,384	–	0.11%	–
NVDA	New	NVIDIA Corporation	$435,711	–	1,030	–	0.10%	–
IBM	New	International Business Machines Corporation	$408,121	–	3,050	–	0.10%	–
APD	New	Air Products and Chemicals, Inc.	$355,243	–	1,186	–	0.08%	–
SLB	New	Schlumberger Limited	$354,794	–	7,223	–	0.08%	–
BAX	New	Baxter International Inc.	$347,851	–	7,635	–	0.08%	–
V	New	Visa Inc.	$329,860	–	1,389	–	0.08%	–
MRK	New	Merck & Co., Inc.	$291,360	–	2,525	–	0.07%	–
CSCO	New	Cisco Systems, Inc.	$284,570	–	5,500	–	0.07%	–
MDLZ	New	Mondelez International, Inc. Class A	$255,290	–	3,500	–	0.06%	–
ETN	New	Eaton Corporation plc	$244,337	–	1,215	–	0.06%	–
VWO	New	Vanguard Emerging Markets ETF	$225,774	–	5,550	–	0.05%	–
IJK	New	iShares S&P Mid-Cap 400 Growth ETF	$210,000	–	2,800	–	0.05%	–
MMM	New	3M Company	$200,180	–	2,000	–	0.05%	–
META	New	Metaverse Roundhill Ball ETF	$103,800	–	10,000	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
META	Exit	Metaverse Roundhill Ball ETF	$0	–	-10,000	–	-0.02%	–
BIGZ	Exit	BlackRock Innovation and Growth Trust	$0	–	-30,000	–	-0.06%	–
MRK	Exit	Merck & Co., Inc.	$0	–	-2,525	–	-0.06%	–
MDT	Exit	Medtronic plc	$0	–	-2,817	–	-0.06%	–
V	Exit	Visa Inc.	$0	–	-1,389	–	-0.07%	–
SLB	Exit	Schlumberger Limited	$0	–	-7,223	–	-0.07%	–
APD	Exit	Air Products and Chemicals, Inc.	$0	–	-1,186	–	-0.08%	–
BLK	Exit	BlackRock, Inc.	$0	–	-505	–	-0.08%	–
	Exit	General Electric Company	$0	–	-5,795	–	-0.10%	–
IBM	Exit	International Business Machines Corporation	$0	–	-3,050	–	-0.10%	–
VZ	Exit	Verizon Communications Inc.	$0	–	-9,816	–	-0.11%	–
URI	Exit	United Rentals, Inc.	$0	–	-1,380	–	-0.11%	–
MMM	Exit	3M Company	$0	–	-3,450	–	-0.11%	–
PCT	Exit	PureCycle Technologies, Inc.	$0	–	-62,800	–	-0.14%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-1,611	–	-0.16%	–
SYK	Exit	Stryker Corporation	$0	–	-3,000	–	-0.17%	–
MS	Exit	Morgan Stanley	$0	–	-8,216	–	-0.18%	–
PFE	Exit	Pfizer Inc.	$0	–	-15,808	–	-0.20%	–
BAC	Exit	Bank of America Corporation	$0	–	-24,640	–	-0.21%	–
ESI	Exit	Element Solutions Inc.	$0	–	-46,875	–	-0.22%	–
CSCO	Exit	Cisco Systems, Inc.	$0	–	-20,500	–	-0.23%	–
BABA	Exit	Alibaba Group Holding Ltd ADR	$0	–	-10,600	–	-0.24%	–
CVX	Exit	Chevron Corporation	$0	–	-6,370	–	-0.26%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-9,620	–	-0.26%	–
VWO	Exit	Vanguard Emerging Markets ETF	$0	–	-27,582	–	-0.29%	–
GS	Exit	Goldman Sachs Group, Inc.	$0	–	-3,640	–	-0.30%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-12,720	–	-0.35%	–
NVS	Exit	Novartis AG	$0	–	-17,900	–	-0.39%	–
BAX	Exit	Baxter International Inc.	$0	–	-25,360	–	-0.39%	–
CVS	Exit	CVS Health Corporation	$0	–	-14,900	–	-0.40%	–
KMI	Exit	Kinder Morgan, Inc.	$0	–	-85,816	–	-0.41%	–
AXP	Exit	American Express Company	$0	–	-12,000	–	-0.46%	–
COST	Exit	Costco Wholesale Corporation	$0	–	-3,490	–	-0.47%	–
HHC	Exit	Howard Hughes Corporation	$0	–	-30,730	–	-0.48%	–
UNH	Exit	UnitedHealth Group Incorporated	$0	–	-3,443	–	-0.50%	–
ORCL	Exit	Oracle Corporation	$0	–	-30,900	–	-0.54%	–
CL	Exit	Colgate-Palmolive Company	$0	–	-28,366	–	-0.57%	–
LHX	Exit	L3Harris Technologies, Inc.	$0	–	-9,749	–	-0.58%	–
BMY	Exit	Bristol-Myers Squibb Company	$0	–	-29,438	–	-0.60%	–
KO	Exit	Coca-Cola Company	$0	–	-38,100	–	-0.61%	–
HD	Exit	Home Depot, Inc.	$0	–	-7,909	–	-0.62%	–
UNP	Exit	Union Pacific Corporation	$0	–	-11,740	–	-0.65%	–
DOV	Exit	Dover Corporation	$0	–	-20,600	–	-0.68%	–
LOW	Exit	Lowe's Companies, Inc.	$0	–	-13,815	–	-0.74%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-20,596	–	-0.96%	–
EMR	Exit	Emerson Electric Co.	$0	–	-49,000	–	-1.02%	–
NSC	Exit	Norfolk Southern Corporation	$0	–	-17,600	–	-1.05%	–
BA	Exit	Boeing Company	$0	–	-31,349	–	-1.08%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-34,500	–	-1.11%	–
UPS	Exit	United Parcel Service, Inc.	$0	–	-25,811	–	-1.19%	–
BRKB	Exit	Berkshire Hathaway Inc. Class B	$0	–	-15,737	–	-1.20%	–
ABT	Exit	Abbott Laboratories	$0	–	-44,068	–	-1.21%	–
MCD	Exit	McDonald's Corporation	$0	–	-19,151	–	-1.26%	–
DIS	Exit	Walt Disney Company	$0	–	-48,938	–	-1.31%	–
NKE	Exit	Nike, Inc.	$0	–	-60,000	–	-1.42%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-65,003	–	-1.61%	–
ABBV	Exit	AbbVie Inc.	$0	–	-45,414	–	-1.73%	–
JPM	Exit	JPMorgan Chase & Co.	$0	–	-59,149	–	-1.76%	–
AMGN	Exit	Amgen Inc.	$0	–	-31,071	–	-1.99%	–
HON	Exit	Honeywell International Inc.	$0	–	-42,890	–	-2.04%	–
PG	Exit	Procter & Gamble Company	$0	–	-59,350	–	-2.13%	–
WAT	Exit	Waters Corporation	$0	–	-31,867	–	-2.44%	–
JNJ	Exit	Johnson & Johnson	$0	–	-77,715	–	-3.61%	–
MSFT	Exit	Microsoft Corporation	$0	–	-56,806	–	-3.76%	–
AAPL	Exit	Apple Inc.	$0	–	-1,342,519	–	-52.78%	–

Q3 2022

			Value		Shares		↓ Weighting
AAPL	Sell	Apple Inc.	$185,536,000	+0.2%	1,342,519	-0.9%	52.78%	+5.3%
MSFT	Sell	Microsoft Corporation	$13,230,000	-9.7%	56,806	-0.4%	3.76%	-5.1%
ABBV	Buy	AbbVie Inc.	$6,095,000	-12.3%	45,414	+0.1%	1.73%	-7.9%
XOM	Buy	Exxon Mobil Corporation	$5,675,000	+2.8%	65,003	+0.8%	1.61%	+8.0%
DIS	Buy	Walt Disney Company	$4,616,000	-0.0%	48,938	+0.0%	1.31%	+5.0%
ABT	Buy	Abbott Laboratories	$4,264,000	-10.9%	44,068	+0.0%	1.21%	-6.4%
BA	Buy	Boeing Company	$3,796,000	-11.4%	31,349	+0.1%	1.08%	-6.9%
PEP	Sell	PepsiCo, Inc.	$3,363,000	-2.2%	20,596	-0.1%	0.96%	+2.8%
HD	Buy	Home Depot, Inc.	$2,182,000	+0.7%	7,909	+0.1%	0.62%	+6.0%
ORCL	Sell	Oracle Corporation	$1,887,000	-24.8%	30,900	-13.9%	0.54%	-20.9%
UNH	Buy	UnitedHealth Group Incorporated	$1,739,000	-1.6%	3,443	+0.1%	0.50%	+3.6%
BAX	Sell	Baxter International Inc.	$1,366,000	-18.0%	25,360	-2.2%	0.39%	-13.7%
GOOG	Buy	Alphabet Inc. Class C	$1,223,000	-11.7%	12,720	+1909.5%	0.35%	-7.2%
GOOGL	Buy	Alphabet Inc. Class A	$920,000	-12.2%	9,620	+1900.0%	0.26%	-7.7%
ESI	Sell	Element Solutions Inc.	$763,000	-24.6%	46,875	-17.6%	0.22%	-20.8%
VZ	Sell	Verizon Communications Inc.	$373,000	-71.0%	9,816	-61.2%	0.11%	-69.5%
V	Buy	Visa Inc.	$247,000	-9.2%	1,389	+0.7%	0.07%	-5.4%
MDT	Buy	Medtronic plc	$227,000	-9.6%	2,817	+0.6%	0.06%	-4.4%
MDLZ	Exit	Mondelez International, Inc. Class A	$0	–	-3,500	–	-0.06%	–
TFC	Exit	Truist Financial Corporation	$0	–	-5,269	–	-0.07%	–
INTC	Exit	Intel Corporation	$0	–	-7,166	–	-0.07%	–
C	Exit	Citigroup Inc.	$0	–	-12,775	–	-0.16%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	Apple Inc.	$185,126,000	–	1,354,054	–	50.12%	–
MSFT	New	Microsoft Corporation	$14,655,000	–	57,061	–	3.97%	–
JNJ	New	Johnson & Johnson	$13,795,000	–	77,715	–	3.74%	–
WAT	New	Waters Corporation	$10,547,000	–	31,867	–	2.86%	–
PG	New	Procter & Gamble Company	$8,534,000	–	59,350	–	2.31%	–
AMGN	New	Amgen Inc.	$7,560,000	–	31,071	–	2.05%	–
HON	New	Honeywell International Inc.	$7,455,000	–	42,890	–	2.02%	–
ABBV	New	AbbVie Inc.	$6,952,000	–	45,388	–	1.88%	–
JPM	New	JPMorgan Chase & Co.	$6,661,000	–	59,149	–	1.80%	–
NKE	New	Nike, Inc.	$6,132,000	–	60,000	–	1.66%	–
XOM	New	Exxon Mobil Corporation	$5,523,000	–	64,487	–	1.50%	–
ABT	New	Abbott Laboratories	$4,786,000	–	44,050	–	1.30%	–
MCD	New	McDonald's Corporation	$4,728,000	–	19,151	–	1.28%	–
UPS	New	United Parcel Service, Inc.	$4,712,000	–	25,811	–	1.28%	–
DIS	New	Walt Disney Company	$4,618,000	–	48,915	–	1.25%	–
QCOM	New	Qualcomm Inc.	$4,407,000	–	34,500	–	1.19%	–
BRKB	New	Berkshire Hathaway Inc. Class B	$4,297,000	–	15,737	–	1.16%	–
BA	New	Boeing Company	$4,283,000	–	31,327	–	1.16%	–
NSC	New	Norfolk Southern Corporation	$4,000,000	–	17,600	–	1.08%	–
EMR	New	Emerson Electric Co.	$3,897,000	–	49,000	–	1.06%	–
PEP	New	PepsiCo, Inc.	$3,437,000	–	20,621	–	0.93%	–
ORCL	New	Oracle Corporation	$2,508,000	–	35,900	–	0.68%	–
UNP	New	Union Pacific Corporation	$2,504,000	–	11,740	–	0.68%	–
DOV	New	Dover Corporation	$2,499,000	–	20,600	–	0.68%	–
LOW	New	Lowe's Companies, Inc.	$2,413,000	–	13,815	–	0.65%	–
KO	New	Coca-Cola Company	$2,397,000	–	38,100	–	0.65%	–
LHX	New	L3Harris Technologies, Inc.	$2,356,000	–	9,749	–	0.64%	–
CL	New	Colgate-Palmolive Company	$2,273,000	–	28,366	–	0.62%	–
BMY	New	Bristol-Myers Squibb Company	$2,267,000	–	29,438	–	0.61%	–
HD	New	Home Depot, Inc.	$2,166,000	–	7,898	–	0.59%	–
HHC	New	Howard Hughes Corporation	$2,091,000	–	30,730	–	0.57%	–
UNH	New	UnitedHealth Group Incorporated	$1,767,000	–	3,440	–	0.48%	–
COST	New	Costco Wholesale Corporation	$1,673,000	–	3,490	–	0.45%	–
BAX	New	Baxter International Inc.	$1,666,000	–	25,940	–	0.45%	–
AXP	New	American Express Company	$1,663,000	–	12,000	–	0.45%	–
NVS	New	Novartis AG	$1,513,000	–	17,900	–	0.41%	–
KMI	New	Kinder Morgan, Inc.	$1,438,000	–	85,816	–	0.39%	–
GOOG	New	Alphabet Inc. Class C	$1,385,000	–	633	–	0.38%	–
CVS	New	CVS Health Corporation	$1,381,000	–	14,900	–	0.37%	–
VZ	New	Verizon Communications Inc.	$1,285,000	–	25,316	–	0.35%	–
BABA	New	Alibaba Group Holding Ltd ADR	$1,205,000	–	10,600	–	0.33%	–
VWO	New	Vanguard Emerging Markets ETF	$1,149,000	–	27,582	–	0.31%	–
GS	New	Goldman Sachs Group, Inc.	$1,081,000	–	3,640	–	0.29%	–
GOOGL	New	Alphabet Inc. Class A	$1,048,000	–	481	–	0.28%	–
ESI	New	Element Solutions Inc.	$1,012,000	–	56,875	–	0.27%	–
CVX	New	Chevron Corporation	$922,000	–	6,370	–	0.25%	–
CSCO	New	Cisco Systems, Inc.	$874,000	–	20,500	–	0.24%	–
PFE	New	Pfizer Inc.	$829,000	–	15,808	–	0.22%	–
BAC	New	Bank of America Corporation	$767,000	–	24,640	–	0.21%	–
MS	New	Morgan Stanley	$625,000	–	8,216	–	0.17%	–
SPY	New	SPDR S&P 500 ETF	$608,000	–	1,611	–	0.16%	–
SYK	New	Stryker Corporation	$597,000	–	3,000	–	0.16%	–
C	New	Citigroup Inc.	$588,000	–	12,775	–	0.16%	–
PCT	New	PureCycle Technologies, Inc.	$466,000	–	62,800	–	0.13%	–
MMM	New	3M Company	$446,000	–	3,450	–	0.12%	–
IBM	New	International Business Machines Corporation	$431,000	–	3,050	–	0.12%	–
	New	General Electric Company	$369,000	–	5,795	–	0.10%	–
URI	New	United Rentals, Inc.	$335,000	–	1,380	–	0.09%	–
BLK	New	BlackRock, Inc.	$308,000	–	505	–	0.08%	–
APD	New	Air Products and Chemicals, Inc.	$285,000	–	1,186	–	0.08%	–
V	New	Visa Inc.	$272,000	–	1,380	–	0.07%	–
INTC	New	Intel Corporation	$268,000	–	7,166	–	0.07%	–
SLB	New	Schlumberger Limited	$258,000	–	7,223	–	0.07%	–
MDT	New	Medtronic plc	$251,000	–	2,800	–	0.07%	–
TFC	New	Truist Financial Corporation	$250,000	–	5,269	–	0.07%	–
BIGZ	New	BlackRock Innovation and Growth Trust	$238,000	–	30,000	–	0.06%	–
MRK	New	Merck & Co., Inc.	$230,000	–	2,525	–	0.06%	–
MDLZ	New	Mondelez International, Inc. Class A	$217,000	–	3,500	–	0.06%	–
META	New	Metaverse Roundhill Ball ETF	$80,000	–	10,000	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
MDLZ	Exit	MONDELEZ INTERNATIONAL INC.	$0	–	-3,500	–	-0.05%	–
XYL	Exit	XYLEM INC.	$0	–	-1,687	–	-0.05%	–
IJK	Exit	iSHARES S&P MID CAP 400 GROWTH ETF	$0	–	-2,800	–	-0.06%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-1,400	–	-0.06%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-8,223	–	-0.06%	–
CRWD	Exit	CROWDSTRIKE HOLDINGS, INC.	$0	–	-1,150	–	-0.07%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-1,186	–	-0.08%	–
MDT	Exit	MEDTRONIC PLC SHS	$0	–	-2,813	–	-0.09%	–
TFC	Exit	TRUIST FINANCIAL CORPORATION	$0	–	-6,157	–	-0.09%	–
V	Exit	VISA INC.	$0	–	-1,652	–	-0.09%	–
BLK	Exit	BLACKROCK, INC.	$0	–	-509	–	-0.11%	–
INTC	Exit	INTEL CORP.	$0	–	-9,066	–	-0.12%	–
URI	Exit	UNITED RENTALS INC	$0	–	-1,400	–	-0.12%	–
BCAT	Exit	BLACKROCK CAPITAL ALLOCATION TR	$0	–	-25,000	–	-0.13%	–
BIGZ	Exit	BLACKROCK INNOVATION AND GRW	$0	–	-32,000	–	-0.14%	–
IBM	Exit	IBM CORPORATION	$0	–	-4,450	–	-0.15%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-6,082	–	-0.16%	–
CVX	Exit	CHEVRON CORP.	$0	–	-6,370	–	-0.16%	–
DD	Exit	DUPONT de NEMOURS INC.	$0	–	-9,858	–	-0.17%	–
PFE	Exit	PFIZER INC.	$0	–	-15,808	–	-0.17%	–
SPY	Exit	SPDR S&P 500 ETF TRUSTtrust unit	$0	–	-1,611	–	-0.17%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-3,000	–	-0.20%	–
PCT	Exit	PURECYCLE TECHNOLOGIES INC.	$0	–	-59,800	–	-0.20%	–
MS	Exit	MORGAN STANLEY	$0	–	-8,716	–	-0.21%	–
C	Exit	CITIGROUP INC.	$0	–	-12,775	–	-0.22%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-26,140	–	-0.28%	–
CSCO	Exit	CISCO SYSTEMS INC.	$0	–	-20,500	–	-0.28%	–
ESI	Exit	ELEMENT SOLUTIONS INC.	$0	–	-57,675	–	-0.31%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-14,900	–	-0.31%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-501	–	-0.33%	–
UNH	Exit	UNITEDHEALTH GROUP INC.	$0	–	-3,450	–	-0.34%	–
GS	Exit	GOLDMAN SACHS GROUP INC.	$0	–	-3,640	–	-0.34%	–
VZ	Exit	VERIZON COMMUNICATIONS INC.	$0	–	-26,516	–	-0.36%	–
NVS	Exit	NOVARTIS ADR	$0	–	-17,900	–	-0.36%	–
KMI	Exit	KINDER MORGAN INC.	$0	–	-89,016	–	-0.37%	–
VWO	Exit	VANGUARD EMERGING MARKETS ETF	$0	–	-29,732	–	-0.37%	–
BABA	Exit	ALIBABA GROUP HOLDING LTDsponsored ads	$0	–	-10,700	–	-0.39%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-3,590	–	-0.40%	–
GOOG	Exit	ALPHABET INC. CLASS C	$0	–	-648	–	-0.43%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO.	$0	–	-31,775	–	-0.47%	–
KO	Exit	COCA COLA COMPANY	$0	–	-38,127	–	-0.50%	–
BAX	Exit	BAXTER INTERNATIONAL INC.	$0	–	-25,940	–	-0.52%	–
LHX	Exit	L3 HARRIS TECHNOLOGIES INC.	$0	–	-9,768	–	-0.54%	–
UNP	Exit	UNION PACIFIC CORP.	$0	–	-11,740	–	-0.57%	–
AXP	Exit	AMERICAN EXPRESS CO.	$0	–	-15,014	–	-0.62%	–
CL	Exit	COLGATE-PALMOLIVE COMPANY	$0	–	-33,366	–	-0.63%	–
HD	Exit	HOME DEPOT INC.	$0	–	-7,948	–	-0.65%	–
LOW	Exit	LOWES COMPANIES INC.	$0	–	-13,815	–	-0.70%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-31,980	–	-0.70%	–
PEP	Exit	PEPSICO INC.	$0	–	-20,596	–	-0.77%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-35,900	–	-0.78%	–
DOV	Exit	DOVER CORP	$0	–	-20,600	–	-0.80%	–
MMM	Exit	3M COMPANY	$0	–	-20,950	–	-0.91%	–
XOM	Exit	EXXON MOBIL CORP.	$0	–	-65,087	–	-0.95%	–
NSC	Exit	NORFOLK SOUTHERN CORP.	$0	–	-17,600	–	-1.05%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC. CL. 'B'	$0	–	-15,737	–	-1.07%	–
QCOM	Exit	QUALCOMM INC.	$0	–	-34,500	–	-1.11%	–
MCD	Exit	MC DONALD'S CORPORATION	$0	–	-19,151	–	-1.15%	–
EMR	Exit	EMERSON ELEC CO.	$0	–	-49,000	–	-1.15%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-26,811	–	-1.21%	–
ABBV	Exit	ABBVIE INC.	$0	–	-48,018	–	-1.29%	–
ABT	Exit	ABBOTT LABS	$0	–	-44,050	–	-1.29%	–
AMGN	Exit	AMGEN INC.	$0	–	-31,221	–	-1.65%	–
BA	Exit	BOEING COMPANY	$0	–	-31,727	–	-1.74%	–
DIS	Exit	DISNEY (WALT) CO.	$0	–	-48,965	–	-2.06%	–
PG	Exit	PROCTER & GAMBLE CO.	$0	–	-59,350	–	-2.06%	–
NKE	Exit	NIKE INC.	$0	–	-60,000	–	-2.17%	–
HON	Exit	HONEYWELL INTL INC.	$0	–	-42,890	–	-2.26%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-59,349	–	-2.42%	–
WAT	Exit	WATERS CORP	$0	–	-32,367	–	-2.88%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-78,215	–	-3.14%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-57,754	–	-4.05%	–
AAPL	Exit	APPLE INC.	$0	–	-1,369,329	–	-48.18%	–

Q3 2021

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC.	$193,760,000	+2.6%	1,369,329	-0.7%	48.18%	+3.7%
MSFT	Sell	MICROSOFT CORPORATION	$16,282,000	-0.3%	57,754	-4.1%	4.05%	+0.9%
JNJ	Sell	JOHNSON & JOHNSON	$12,632,000	-3.5%	78,215	-1.6%	3.14%	-2.4%
WAT	Sell	WATERS CORP	$11,565,000	-10.4%	32,367	-13.4%	2.88%	-9.4%
JPM	Buy	JP MORGAN CHASE & CO.	$9,715,000	+5.8%	59,349	+0.5%	2.42%	+7.0%
HON	Buy	HONEYWELL INTL INC.	$9,105,000	-2.8%	42,890	+0.5%	2.26%	-1.7%
PG	Sell	PROCTER & GAMBLE CO.	$8,297,000	+3.5%	59,350	-0.1%	2.06%	+4.7%
BA	Sell	BOEING COMPANY	$6,978,000	-8.8%	31,727	-0.6%	1.74%	-7.8%
AMGN	Sell	AMGEN INC.	$6,639,000	-13.3%	31,221	-0.6%	1.65%	-12.3%
ABT	Sell	ABBOTT LABS	$5,204,000	-0.0%	44,050	-1.9%	1.29%	+1.1%
ABBV	Sell	ABBVIE INC.	$5,180,000	-5.7%	48,018	-1.5%	1.29%	-4.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC. CL. 'B'	$4,295,000	-2.6%	15,737	-0.8%	1.07%	-1.5%
XOM	Buy	EXXON MOBIL CORP.	$3,828,000	-5.3%	65,087	+1.6%	0.95%	-4.2%
PEP	Sell	PEPSICO INC.	$3,098,000	+0.3%	20,596	-1.2%	0.77%	+1.3%
HHC	Sell	HOWARD HUGHES CORP	$2,808,000	-10.1%	31,980	-0.2%	0.70%	-9.1%
HD	Sell	HOME DEPOT INC.	$2,609,000	+1.0%	7,948	-1.9%	0.65%	+2.2%
KO	Sell	COCA COLA COMPANY	$2,001,000	-12.2%	38,127	-9.5%	0.50%	-11.1%
VWO	Sell	VANGUARD EMERGING MARKETS ETF	$1,487,000	-15.6%	29,732	-8.3%	0.37%	-14.5%
UNH	Sell	UNITEDHEALTH GROUP INC.	$1,348,000	-6.3%	3,450	-4.0%	0.34%	-5.4%
GOOGL	Sell	ALPHABET INC. CLASS A	$1,339,000	+9.0%	501	-0.4%	0.33%	+10.3%
CVS	Sell	CVS HEALTH CORPORATION	$1,264,000	-2.1%	14,900	-3.7%	0.31%	-0.9%
BAC	Buy	BANK OF AMERICA CORP	$1,110,000	+7.0%	26,140	+4.0%	0.28%	+8.2%
MS	Buy	MORGAN STANLEY	$848,000	+12.6%	8,716	+6.1%	0.21%	+14.1%
PCT	Buy	PURECYCLE TECHNOLOGIES INC.	$794,000	-41.4%	59,800	+4.4%	0.20%	-40.8%
CVX	Buy	CHEVRON CORP.	$646,000	+2.4%	6,370	+5.8%	0.16%	+3.9%
GE	Sell	GENERAL ELECTRIC	$627,000	-6.8%	6,082	-87.8%	0.16%	-5.5%
XYL	New	XYLEM INC.	$209,000	–	1,687	–	0.05%	–
JAZZ	Exit	JAZZ PHARMACEUTICALS	$0	–	-1,203	–	-0.05%	–
IVV	Exit	iSHARES S&P 500 INDEX FUND ETF	$0	–	-600	–	-0.06%	–

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC.	$188,882,000	–	1,379,105	–	46.44%	–
MSFT	New	MICROSOFT CORPORATION	$16,323,000	–	60,254	–	4.01%	–
JNJ	New	JOHNSON & JOHNSON	$13,091,000	–	79,465	–	3.22%	–
WAT	New	WATERS CORP	$12,914,000	–	37,367	–	3.18%	–
HON	New	HONEYWELL INTL INC.	$9,364,000	–	42,690	–	2.30%	–
NKE	New	NIKE INC.	$9,269,000	–	60,000	–	2.28%	–
JPM	New	JP MORGAN CHASE & CO.	$9,184,000	–	59,049	–	2.26%	–
DIS	New	DISNEY (WALT) CO.	$8,607,000	–	48,965	–	2.12%	–
PG	New	PROCTER & GAMBLE CO.	$8,015,000	–	59,400	–	1.97%	–
AMGN	New	AMGEN INC.	$7,659,000	–	31,421	–	1.88%	–
BA	New	BOEING COMPANY	$7,648,000	–	31,927	–	1.88%	–
UPS	New	UNITED PARCEL SERVICE	$5,576,000	–	26,811	–	1.37%	–
ABBV	New	ABBVIE INC.	$5,493,000	–	48,768	–	1.35%	–
ABT	New	ABBOTT LABS	$5,205,000	–	44,900	–	1.28%	–
QCOM	New	QUALCOMM INC.	$4,931,000	–	34,500	–	1.21%	–
EMR	New	EMERSON ELEC CO.	$4,716,000	–	49,000	–	1.16%	–
NSC	New	NORFOLK SOUTHERN CORP.	$4,671,000	–	17,600	–	1.15%	–
MCD	New	MC DONALD'S CORPORATION	$4,424,000	–	19,151	–	1.09%	–
BRKB	New	BERKSHIRE HATHAWAY INC. CL. B	$4,408,000	–	15,862	–	1.08%	–
MMM	New	3M COMPANY	$4,161,000	–	20,950	–	1.02%	–
XOM	New	EXXON MOBIL CORP.	$4,043,000	–	64,087	–	0.99%	–
HHC	New	HOWARD HUGHES CORP	$3,122,000	–	32,030	–	0.77%	–
DOV	New	DOVER CORP	$3,102,000	–	20,600	–	0.76%	–
PEP	New	PEPSICO INC.	$3,089,000	–	20,846	–	0.76%	–
ORCL	New	ORACLE CORPORATION	$2,794,000	–	35,900	–	0.69%	–
CL	New	COLGATE-PALMOLIVE COMPANY	$2,714,000	–	33,366	–	0.67%	–
LOW	New	LOWES COMPANIES INC.	$2,680,000	–	13,815	–	0.66%	–
HD	New	HOME DEPOT INC.	$2,582,000	–	8,098	–	0.64%	–
UNP	New	UNION PACIFIC CORP.	$2,582,000	–	11,740	–	0.64%	–
AXP	New	AMERICAN EXPRESS CO.	$2,481,000	–	15,014	–	0.61%	–
BABA	New	ALIBABA GROUP HOLDING LTDsponsored ads	$2,427,000	–	10,700	–	0.60%	–
KO	New	COCA COLA COMPANY	$2,279,000	–	42,127	–	0.56%	–
BMY	New	BRISTOL-MYERS SQUIBB CO.	$2,123,000	–	31,775	–	0.52%	–
LHX	New	L3 HARRIS TECHNOLOGIES INC.	$2,111,000	–	9,768	–	0.52%	–
BAX	New	BAXTER INTERNATIONAL INC.	$2,088,000	–	25,940	–	0.51%	–
VWO	New	VANGUARD EMERGING MARKETS ETF	$1,761,000	–	32,432	–	0.43%	–
NVS	New	NOVARTIS ADR	$1,633,000	–	17,900	–	0.40%	–
GOOG	New	ALPHABET INC. CLASS C	$1,624,000	–	648	–	0.40%	–
KMI	New	KINDER MORGAN INC.	$1,623,000	–	89,016	–	0.40%	–
VZ	New	VERIZON COMMUNICATIONS INC.	$1,486,000	–	26,516	–	0.36%	–
UNH	New	UNITEDHEALTH GROUP INC.	$1,439,000	–	3,594	–	0.35%	–
COST	New	COSTCO WHOLESALE CORP	$1,420,000	–	3,590	–	0.35%	–
GS	New	GOLDMAN SACHS GROUP INC.	$1,381,000	–	3,640	–	0.34%	–
PCT	New	PURECYCLE TECHNOLOGIES INC.	$1,355,000	–	57,300	–	0.33%	–
ESI	New	ELEMENT SOLUTIONS INC.	$1,348,000	–	57,675	–	0.33%	–
CVS	New	CVS HEALTH CORPORATION	$1,291,000	–	15,470	–	0.32%	–
GOOGL	New	ALPHABET INC. CLASS A	$1,228,000	–	503	–	0.30%	–
CSCO	New	CISCO SYSTEMS INC.	$1,087,000	–	20,500	–	0.27%	–
BAC	New	BANK OF AMERICA CORP	$1,037,000	–	25,140	–	0.26%	–
C	New	CITIGROUP INC.	$904,000	–	12,775	–	0.22%	–
SYK	New	STRYKER CORPORATION	$779,000	–	3,000	–	0.19%	–
DD	New	DUPONT de NEMOURS INC.	$763,000	–	9,858	–	0.19%	–
MS	New	MORGAN STANLEY	$753,000	–	8,216	–	0.18%	–
SPY	New	SPDR S&P 500 ETF TRUSTtrust unit	$690,000	–	1,611	–	0.17%	–
GE	New	GENERAL ELECTRIC	$673,000	–	50,033	–	0.16%	–
BIGZ	New	BLACKROCK INNOVATION AND GRW	$650,000	–	32,000	–	0.16%	–
IBM	New	IBM CORPORATION	$652,000	–	4,450	–	0.16%	–
CVX	New	CHEVRON CORP.	$631,000	–	6,020	–	0.16%	–
PFE	New	PFIZER INC.	$619,000	–	15,808	–	0.15%	–
BCAT	New	BLACKROCK CAPITAL ALLOCATION TR	$547,000	–	25,000	–	0.14%	–
INTC	New	INTEL CORP.	$509,000	–	9,066	–	0.12%	–
URI	New	UNITED RENTALS INC	$447,000	–	1,400	–	0.11%	–
BLK	New	BLACKROCK, INC.	$445,000	–	509	–	0.11%	–
V	New	VISA INC.	$386,000	–	1,652	–	0.10%	–
MDT	New	MEDTRONIC PLC SHS	$349,000	–	2,813	–	0.09%	–
TFC	New	TRUIST FINANCIAL CORPORATION	$342,000	–	6,157	–	0.08%	–
APD	New	AIR PRODUCTS & CHEMICALS	$341,000	–	1,186	–	0.08%	–
CRWD	New	CROWDSTRIKE HOLDINGS, INC.	$289,000	–	1,150	–	0.07%	–
SLB	New	SCHLUMBERGER LTD	$263,000	–	8,223	–	0.06%	–
TT	New	TRANE TECHNOLOGIES PLC	$258,000	–	1,400	–	0.06%	–
IVV	New	iSHARES S&P 500 INDEX FUND ETF	$258,000	–	600	–	0.06%	–
IJK	New	iSHARES S&P MID CAP 400 GROWTH ETF	$227,000	–	2,800	–	0.06%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC.	$219,000	–	3,500	–	0.05%	–
JAZZ	New	JAZZ PHARMACEUTICALS	$214,000	–	1,203	–	0.05%	–

Q4 2020

			Value		Shares		↓ Weighting
NVDA	Exit	NVIDIA CORPORATION	$0	–	-415	–	-0.06%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC.	$0	–	-4,500	–	-0.08%	–
CRWD	Exit	CROWDSTRIKE HOLDINGS, INC.	$0	–	-1,950	–	-0.08%	–
MDT	Exit	MEDTRONIC PLC SHS	$0	–	-2,813	–	-0.08%	–
URI	Exit	UNITED RENTALS INC	$0	–	-1,700	–	-0.09%	–
V	Exit	VISA INC.	$0	–	-1,702	–	-0.10%	–
TFC	Exit	TRUIST FINANCIAL CORPORATION	$0	–	-8,979	–	-0.10%	–
MS	Exit	MORGAN STANLEY	$0	–	-7,116	–	-0.10%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-1,186	–	-0.10%	–
BLK	Exit	BLACKROCK, INC.	$0	–	-689	–	-0.11%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-28,023	–	-0.13%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-71,933	–	-0.13%	–
CVX	Exit	CHEVRON CORP.	$0	–	-6,520	–	-0.14%	–
BCAT	Exit	BLACKROCK CAPITAL ALLOCATION TR	$0	–	-25,000	–	-0.15%	–
DD	Exit	DUPONT de NEMOURS INC.	$0	–	-9,858	–	-0.16%	–
C	Exit	CITIGROUP INC.	$0	–	-12,775	–	-0.16%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-23,640	–	-0.17%	–
PFE	Exit	PFIZER	$0	–	-15,808	–	-0.17%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-3,000	–	-0.18%	–
ESI	Exit	ELEMENT SOLUTIONS INC.	$0	–	-62,975	–	-0.19%	–
BK	Exit	BANK OF NY MELLON CORP	$0	–	-21,203	–	-0.21%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-503	–	-0.22%	–
CSCO	Exit	CISCO SYSTEMS INC.	$0	–	-20,000	–	-0.23%	–
GS	Exit	GOLDMAN SACHS GROUP INC.	$0	–	-4,240	–	-0.25%	–
GWPH	Exit	GW PHARMACEUTICALS plc ADR	$0	–	-10,000	–	-0.28%	–
GOOG	Exit	ALPHABET INC. CLASS C	$0	–	-698	–	-0.30%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-18,570	–	-0.32%	–
VIAC	Exit	VIACOMCBS INC.	$0	–	-40,700	–	-0.33%	–
KMI	Exit	KINDER MORGAN INC.	$0	–	-100,166	–	-0.36%	–
UNH	Exit	UNITEDHEALTH GROUP INC.	$0	–	-4,194	–	-0.38%	–
VWO	Exit	VANGUARD EMERGING MARKETS ETF	$0	–	-31,932	–	-0.40%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-3,990	–	-0.41%	–
INTC	Exit	INTEL CORP.	$0	–	-27,966	–	-0.42%	–
NVS	Exit	NOVARTIS ADR	$0	–	-17,900	–	-0.45%	–
AXP	Exit	AMERICAN EXPRESS CO.	$0	–	-15,514	–	-0.45%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-27,516	–	-0.48%	–
LHX	Exit	L3 HARRIS TECHNOLOGIES INC.	$0	–	-10,288	–	-0.51%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO.	$0	–	-31,737	–	-0.56%	–
IBM	Exit	IBM CORPORATION	$0	–	-15,850	–	-0.56%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-34,880	–	-0.58%	–
BAX	Exit	BAXTER INTERNATIONAL INC.	$0	–	-25,940	–	-0.61%	–
KO	Exit	COCA COLA COMPANY	$0	–	-44,127	–	-0.63%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-36,900	–	-0.64%	–
LOW	Exit	LOWES COMPANIES INC.	$0	–	-13,815	–	-0.67%	–
XOM	Exit	EXXON MOBIL CORP.	$0	–	-67,187	–	-0.67%	–
UNP	Exit	UNION PACIFIC CORP.	$0	–	-12,340	–	-0.71%	–
DOV	Exit	DOVER CORP	$0	–	-22,600	–	-0.71%	–
HD	Exit	HOME DEPOT INC.	$0	–	-9,198	–	-0.74%	–
CL	Exit	COLGATE-PALMOLIVE COMPANY	$0	–	-33,266	–	-0.75%	–
PEP	Exit	PEPSICO	$0	–	-21,546	–	-0.87%	–
EMR	Exit	EMERSON ELEC CO.	$0	–	-49,000	–	-0.94%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC. CL. B	$0	–	-16,682	–	-1.03%	–
MMM	Exit	3M COMPANY	$0	–	-22,450	–	-1.05%	–
NSC	Exit	NORFOLK SOUTHERN CORP.	$0	–	-17,600	–	-1.10%	–
ABBV	Exit	ABBVIE INC.	$0	–	-50,468	–	-1.29%	–
MCD	Exit	MC DONALD'S CORPORATION	$0	–	-20,218	–	-1.29%	–
QCOM	Exit	QUALCOMM INC.	$0	–	-38,500	–	-1.32%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-27,311	–	-1.32%	–
ABT	Exit	ABBOTT LABS	$0	–	-46,900	–	-1.49%	–
BA	Exit	BOEING COMPANY	$0	–	-32,627	–	-1.57%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-61,199	–	-1.72%	–
DIS	Exit	DISNEY (WALT) CO.	$0	–	-51,071	–	-1.84%	–
HON	Exit	HONEYWELL INTL INC.	$0	–	-44,590	–	-2.14%	–
NKE	Exit	NIKE INC.	$0	–	-60,000	–	-2.19%	–
AMGN	Exit	AMGEN INC.	$0	–	-31,471	–	-2.33%	–
WAT	Exit	WATERS CORP	$0	–	-43,067	–	-2.45%	–
PG	Exit	PROCTER & GAMBLE CO.	$0	–	-61,450	–	-2.49%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-81,015	–	-3.51%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-61,796	–	-3.78%	–
AAPL	Exit	APPLE INC.	$0	–	-1,423,182	–	-47.98%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC.	$164,819,000	+27.0%	1,423,182	+299.9%	47.98%	+9.6%
JNJ	Sell	JOHNSON & JOHNSON	$12,062,000	+5.9%	81,015	-0.0%	3.51%	-8.6%
BA	Sell	BOEING COMPANY	$5,392,000	-9.8%	32,627	-0.0%	1.57%	-22.1%
QCOM	Sell	QUALCOMM INC.	$4,531,000	+28.6%	38,500	-0.3%	1.32%	+11.0%
XOM	Sell	EXXON MOBIL CORP.	$2,307,000	-23.2%	67,187	-0.0%	0.67%	-33.7%
ORCL	Sell	ORACLE CORPORATION	$2,203,000	-29.9%	36,900	-35.1%	0.64%	-39.5%
HHC	Sell	HOWARD HUGHES CORP	$2,009,000	+10.7%	34,880	-0.1%	0.58%	-4.3%
LHX	New	L3 HARRIS TECHNOLOGIES INC.	$1,747,000	–	10,288	–	0.51%	–
UNH	New	UNITEDHEALTH GROUP INC.	$1,308,000	–	4,194	–	0.38%	–
PFE	Sell	PFIZER	$580,000	+12.4%	15,808	-0.0%	0.17%	-2.9%
BAC	Buy	BANK OF AMERICA CORP	$569,000	+8.4%	23,640	+6.8%	0.17%	-6.2%
BCAT	New	BLACKROCK CAPITAL ALLOCATION TR	$512,000	–	25,000	–	0.15%	–
CRWD	New	CROWDSTRIKE HOLDINGS, INC.	$268,000	–	1,950	–	0.08%	–
NVDA	New	NVIDIA CORPORATION	$225,000	–	415	–	0.06%	–
	Exit	AMERICAN FUNDAMENTAL INVESTORS CL A	$0	–	-8,003	–	-0.15%	–
	Exit	UNITED HEALTHCARE CORP.	$0	–	-4,194	–	-0.42%	–
	Exit	L3 HARRIS TECHNOLOGIES INC.	$0	–	-10,288	–	-0.59%	–

Q2 2020

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC.	$129,823,000	–	355,875	–	43.76%	–
MSFT	New	MICROSOFT CORPORATION	$12,576,000	–	61,796	–	4.24%	–
JNJ	New	JOHNSON & JOHNSON	$11,393,000	–	81,016	–	3.84%	–
WAT	New	WATERS CORP	$7,769,000	–	43,067	–	2.62%	–
AMGN	New	AMGEN INC.	$7,422,000	–	31,471	–	2.50%	–
PG	New	PROCTER & GAMBLE CO.	$7,347,000	–	61,450	–	2.48%	–
HON	New	HONEYWELL INTL INC.	$6,447,000	–	44,590	–	2.17%	–
BA	New	BOEING COMPANY	$5,980,000	–	32,637	–	2.02%	–
NKE	New	NIKE INC.	$5,883,000	–	60,000	–	1.98%	–
JPM	New	JP MORGAN CHASE & CO.	$5,756,000	–	61,199	–	1.94%	–
DIS	New	DISNEY (WALT) CO.	$5,694,000	–	51,071	–	1.92%	–
ABBV	New	ABBVIE INC.	$4,954,000	–	50,468	–	1.67%	–
ABT	New	ABBOTT LABS	$4,288,000	–	46,900	–	1.44%	–
MCD	New	MC DONALD'S CORPORATION	$3,729,000	–	20,218	–	1.26%	–
QCOM	New	QUALCOMM INC.	$3,523,000	–	38,635	–	1.19%	–
MMM	New	3M COMPANY	$3,501,000	–	22,450	–	1.18%	–
ORCL	New	ORACLE CORPORATION	$3,144,000	–	56,900	–	1.06%	–
NSC	New	NORFOLK SOUTHERN CORP.	$3,090,000	–	17,600	–	1.04%	–
EMR	New	EMERSON ELEC CO.	$3,039,000	–	49,000	–	1.02%	–
UPS	New	UNITED PARCEL SERVICE	$3,036,000	–	27,311	–	1.02%	–
XOM	New	EXXON MOBIL CORP.	$3,004,000	–	67,188	–	1.01%	–
BRKB	New	BERKSHIRE HATHAWAY INC. CL. B	$2,977,000	–	16,682	–	1.00%	–
PEP	New	PEPSICO	$2,849,000	–	21,546	–	0.96%	–
CL	New	COLGATE-PALMOLIVE COMPANY	$2,437,000	–	33,266	–	0.82%	–
HD	New	HOME DEPOT INC.	$2,304,000	–	9,198	–	0.78%	–
BAX	New	BAXTER INTERNATIONAL INC.	$2,233,000	–	25,940	–	0.75%	–
DOV	New	DOVER CORP	$2,182,000	–	22,600	–	0.74%	–
UNP	New	UNION PACIFIC CORP.	$2,086,000	–	12,340	–	0.70%	–
KO	New	COCA COLA COMPANY	$1,971,000	–	44,127	–	0.66%	–
IBM	New	IBM CORPORATION	$1,914,000	–	15,850	–	0.64%	–
BMY	New	BRISTOL-MYERS SQUIBB CO.	$1,866,000	–	31,737	–	0.63%	–
LOW	New	LOWES COMPANIES INC.	$1,866,000	–	13,815	–	0.63%	–
HHC	New	HOWARD HUGHES CORP	$1,814,000	–	34,930	–	0.61%	–
	New	L3 HARRIS TECHNOLOGIES INC.	$1,745,000	–	10,288	–	0.59%	–
INTC	New	INTEL CORP.	$1,673,000	–	27,966	–	0.56%	–
NVS	New	NOVARTIS ADR	$1,563,000	–	17,900	–	0.53%	–
KMI	New	KINDER MORGAN INC.	$1,519,000	–	100,166	–	0.51%	–
VZ	New	VERIZON COMMUNICATIONS	$1,516,000	–	27,516	–	0.51%	–
AXP	New	AMERICAN EXPRESS CO.	$1,476,000	–	15,514	–	0.50%	–
VWO	New	VANGUARD EMERGING MARKETS ETF	$1,264,000	–	31,932	–	0.43%	–
	New	UNITED HEALTHCARE CORP.	$1,237,000	–	4,194	–	0.42%	–
GWPH	New	GW PHARMACEUTICALS plc ADR	$1,227,000	–	10,000	–	0.41%	–
COST	New	COSTCO WHOLESALE CORP	$1,209,000	–	3,990	–	0.41%	–
CVS	New	CVS HEALTH CORPORATION	$1,206,000	–	18,570	–	0.41%	–
GOOG	New	ALPHABET INC. CLASS C	$986,000	–	698	–	0.33%	–
VIAC	New	VIACOMCBS INC.	$949,000	–	40,700	–	0.32%	–
CSCO	New	CISCO SYSTEMS INC.	$932,000	–	20,000	–	0.31%	–
GS	New	GOLDMAN SACHS GROUP INC.	$837,000	–	4,240	–	0.28%	–
BK	New	BANK OF NY MELLON CORP	$819,000	–	21,203	–	0.28%	–
GOOGL	New	ALPHABET INC. CLASS A	$713,000	–	503	–	0.24%	–
ESI	New	ELEMENT SOLUTIONS INC.	$683,000	–	62,975	–	0.23%	–
C	New	CITIGROUP INC.	$652,000	–	12,775	–	0.22%	–
CVX	New	CHEVRON CORP.	$581,000	–	6,520	–	0.20%	–
SYK	New	STRYKER CORPORATION	$540,000	–	3,000	–	0.18%	–
BAC	New	BANK OF AMERICA CORP	$525,000	–	22,140	–	0.18%	–
DD	New	DUPONT de NEMOURS INC.	$523,000	–	9,858	–	0.18%	–
SLB	New	SCHLUMBERGER LIMITED	$515,000	–	28,023	–	0.17%	–
PFE	New	PFIZER	$516,000	–	15,809	–	0.17%	–
GE	New	GENERAL ELECTRIC	$491,000	–	71,933	–	0.17%	–
	New	AMERICAN FUNDAMENTAL INVESTORS CL A	$458,000	–	8,003	–	0.15%	–
BLK	New	BLACKROCK, INC.	$374,000	–	689	–	0.13%	–
MS	New	MORGAN STANLEY	$343,000	–	7,116	–	0.12%	–
TFC	New	TRUIST FINANCIAL CORPORATION	$337,000	–	8,979	–	0.11%	–
V	New	VISA INC.	$328,000	–	1,702	–	0.11%	–
APD	New	AIR PRODUCTS & CHEMICALS	$286,000	–	1,186	–	0.10%	–
MDT	New	MEDTRONIC PLC SHS	$257,000	–	2,813	–	0.09%	–
URI	New	UNITED RENTALS INC	$253,000	–	1,700	–	0.08%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC.	$230,000	–	4,500	–	0.08%	–

Q4 2019

			Value		Shares		↓ Weighting
ALC	Exit	ALCON, INC.	$0	–	-3,512	–	-0.08%	–
DEO	Exit	DIAGEO PLC ADR	$0	–	-1,300	–	-0.08%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL INC.	$0	–	-4,500	–	-0.09%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-1,186	–	-0.10%	–
STI	Exit	SUNTRUST BANKS INC.	$0	–	-4,000	–	-0.10%	–
CTVA	Exit	CORTEVA INC.	$0	–	-9,858	–	-0.10%	–
MS	Exit	MORGAN STANLEY	$0	–	-7,016	–	-0.11%	–
APY	Exit	APERGY CORPORATION	$0	–	-11,300	–	-0.11%	–
MDT	Exit	MEDTRONIC PLC SHS	$0	–	-2,813	–	-0.11%	–
COP	Exit	CONOCO PHILLIPS	$0	–	-5,550	–	-0.12%	–
VOD	Exit	VODAFONE GROUP PLC ADR	$0	–	-17,894	–	-0.13%	–
DOW	Exit	DOW INC.	$0	–	-9,858	–	-0.18%	–
	Exit	AMERICAN FUNDAMENTAL INVESTORS CL A	$0	–	-8,976	–	-0.20%	–
XYL	Exit	XYLEM, INC.	$0	–	-7,992	–	-0.24%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-22,090	–	-0.24%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-528	–	-0.24%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-3,000	–	-0.24%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-73,933	–	-0.25%	–
DD	Exit	DUPONT de NEMOURS INC.	$0	–	-9,858	–	-0.26%	–
ESI	Exit	ELEMENT SOLUTIONS INC.	$0	–	-72,475	–	-0.28%	–
CVX	Exit	CHEVRON CORP.	$0	–	-6,600	–	-0.29%	–
	Exit	UNITED HEALTHCARE CORP.	$0	–	-3,704	–	-0.30%	–
C	Exit	CITIGROUP INC.	$0	–	-12,775	–	-0.33%	–
PFE	Exit	PFIZER	$0	–	-25,033	–	-0.34%	–
GS	Exit	GOLDMAN SACHS GROUP INC.	$0	–	-4,346	–	-0.34%	–
AGN	Exit	ALLERGAN, INC.	$0	–	-5,508	–	-0.35%	–
BK	Exit	BANK OF NY MELLON CORP	$0	–	-21,153	–	-0.36%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-28,223	–	-0.36%	–
GOOG	Exit	ALPHABET INC. CLASS C	$0	–	-793	–	-0.36%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-3,446	–	-0.37%	–
URI	Exit	UNITED RENTALS INC	$0	–	-8,000	–	-0.37%	–
CSCO	Exit	CISCO SYSTEMS INC.	$0	–	-23,000	–	-0.43%	–
VWO	Exit	VANGUARD EMERGING MARKETS ETF	$0	–	-32,382	–	-0.49%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-20,970	–	-0.50%	–
INTC	Exit	INTEL CORP.	$0	–	-28,458	–	-0.55%	–
LOW	Exit	LOWES COMPANIES INC.	$0	–	-13,800	–	-0.57%	–
NVS	Exit	NOVARTIS ADR	$0	–	-17,900	–	-0.58%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-26,463	–	-0.60%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO.	$0	–	-31,920	–	-0.61%	–
AXP	Exit	AMERICAN EXPRESS CO.	$0	–	-15,514	–	-0.69%	–
UNP	Exit	UNION PACIFIC CORP.	$0	–	-12,540	–	-0.76%	–
	Exit	L3 HARRIS TECHNOLOGIES INC.	$0	–	-10,288	–	-0.80%	–
HD	Exit	HOME DEPOT INC.	$0	–	-9,273	–	-0.81%	–
KMI	Exit	KINDER MORGAN INC.	$0	–	-107,866	–	-0.83%	–
DOV	Exit	DOVER CORP	$0	–	-22,600	–	-0.84%	–
IBM	Exit	IBM CORPORATION	$0	–	-16,222	–	-0.88%	–
BAX	Exit	BAXTER INTERNATIONAL INC.	$0	–	-27,740	–	-0.91%	–
KO	Exit	COCA COLA COMPANY	$0	–	-45,127	–	-0.92%	–
QCOM	Exit	QUALCOMM INC.	$0	–	-38,500	–	-1.10%	–
PEP	Exit	PEPSICO	$0	–	-21,546	–	-1.11%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-57,700	–	-1.19%	–
NSC	Exit	NORFOLK SOUTHERN CORP.	$0	–	-17,700	–	-1.19%	–
CL	Exit	COLGATE-PALMOLIVE COMPANY	$0	–	-44,366	–	-1.22%	–
EMR	Exit	EMERSON ELEC CO.	$0	–	-49,000	–	-1.23%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-28,211	–	-1.27%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC. CL. B	$0	–	-16,682	–	-1.30%	–
ABBV	Exit	ABBVIE INC.	$0	–	-46,550	–	-1.32%	–
ABT	Exit	ABBOTT LABS	$0	–	-50,350	–	-1.58%	–
MCD	Exit	MC DONALD'S CORPORATION	$0	–	-20,218	–	-1.63%	–
MMM	Exit	3M COMPANY	$0	–	-26,450	–	-1.63%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-34,680	–	-1.69%	–
XOM	Exit	EXXON MOBIL CORP.	$0	–	-68,225	–	-1.81%	–
NKE	Exit	NIKE INC.	$0	–	-64,000	–	-2.26%	–
AMGN	Exit	AMGEN INC.	$0	–	-32,767	–	-2.38%	–
DIS	Exit	DISNEY (WALT) CO.	$0	–	-50,140	–	-2.45%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-61,951	–	-2.74%	–
HON	Exit	HONEYWELL INTL INC.	$0	–	-44,675	–	-2.84%	–
PG	Exit	PROCTER & GAMBLE CO.	$0	–	-62,050	–	-2.90%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-62,096	–	-3.24%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-83,085	–	-4.03%	–
WAT	Exit	WATERS CORP	$0	–	-48,667	–	-4.08%	–
BA	Exit	BOEING COMPANY	$0	–	-31,942	–	-4.56%	–
AAPL	Exit	APPLE INC.	$0	–	-361,865	–	-30.42%	–

Q3 2019

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC.	$81,046,000	+10.7%	361,865	-2.2%	30.42%	+7.7%
BA	Buy	BOEING COMPANY	$12,152,000	+4.9%	31,942	+0.4%	4.56%	+2.1%
WAT	Sell	WATERS CORP	$10,863,000	+3.2%	48,667	-0.5%	4.08%	+0.4%
JNJ	Sell	JOHNSON & JOHNSON	$10,749,000	-7.3%	83,085	-0.2%	4.03%	-9.9%
MSFT	Sell	MICROSOFT CORPORATION	$8,633,000	+3.1%	62,096	-0.7%	3.24%	+0.3%
PG	Sell	PROCTER & GAMBLE CO.	$7,717,000	+12.9%	62,050	-0.4%	2.90%	+9.9%
HON	Sell	HONEYWELL INTL INC.	$7,559,000	-3.3%	44,675	-0.2%	2.84%	-5.9%
JPM	Buy	JP MORGAN CHASE & CO.	$7,291,000	+5.8%	61,951	+0.5%	2.74%	+2.9%
DIS	Sell	DISNEY (WALT) CO.	$6,534,000	-7.5%	50,140	-0.9%	2.45%	-10.0%
AMGN	Buy	AMGEN INC.	$6,340,000	+8.1%	32,767	+2.9%	2.38%	+5.1%
XOM	Sell	EXXON MOBIL CORP.	$4,817,000	-11.3%	68,225	-3.7%	1.81%	-13.7%
HHC	Buy	HOWARD HUGHES CORP	$4,494,000	+6.2%	34,680	+1.5%	1.69%	+3.3%
MMM	Sell	3M COMPANY	$4,348,000	-9.9%	26,450	-5.0%	1.63%	-12.4%
MCD	Sell	MC DONALD'S CORPORATION	$4,341,000	+3.3%	20,218	-0.1%	1.63%	+0.5%
ABBV	Sell	ABBVIE INC.	$3,524,000	+3.7%	46,550	-0.4%	1.32%	+0.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC. CL. B	$3,470,000	-3.9%	16,682	-1.5%	1.30%	-6.5%
CL	Sell	COLGATE-PALMOLIVE COMPANY	$3,261,000	+2.2%	44,366	-0.4%	1.22%	-0.6%
ORCL	Sell	ORACLE CORPORATION	$3,175,000	-4.2%	57,700	-0.9%	1.19%	-6.8%
PEP	Sell	PEPSICO	$2,953,000	+3.6%	21,546	-0.9%	1.11%	+0.8%
BAX	Sell	BAXTER INTERNATIONAL INC.	$2,426,000	-0.2%	27,740	-6.6%	0.91%	-2.9%
KMI	Buy	KINDER MORGAN INC.	$2,223,000	+16.5%	107,866	+18.0%	0.83%	+13.3%
HD	Buy	HOME DEPOT INC.	$2,151,000	+12.4%	9,273	+0.7%	0.81%	+9.3%
	New	L3 HARRIS TECHNOLOGIES INC.	$2,146,000	–	10,288	–	0.80%	–
UNP	Sell	UNION PACIFIC CORP.	$2,031,000	-15.4%	12,540	-11.7%	0.76%	-17.7%
BMY	Sell	BRISTOL-MYERS SQUIBB CO.	$1,618,000	-12.3%	31,920	-21.5%	0.61%	-14.6%
VZ	Buy	VERIZON COMMUNICATIONS	$1,597,000	+6.1%	26,463	+0.4%	0.60%	+3.1%
INTC	Buy	INTEL CORP.	$1,466,000	+7.9%	28,458	+0.2%	0.55%	+5.0%
CVS	Buy	CVS HEALTH CORPORATION	$1,322,000	+33.4%	20,970	+15.3%	0.50%	+29.8%
VWO	Buy	VANGUARD EMERGING MARKETS ETF	$1,303,000	-5.2%	32,382	+0.1%	0.49%	-7.7%
CSCO	Buy	CISCO SYSTEMS INC.	$1,136,000	-7.3%	23,000	+2.7%	0.43%	-9.9%
URI	Sell	UNITED RENTALS INC	$997,000	-12.0%	8,000	-6.4%	0.37%	-14.4%
GOOG	Sell	ALPHABET INC. CLASS C	$966,000	+2.7%	793	-9.0%	0.36%	0.0%
GS	Buy	GOLDMAN SACHS GROUP INC.	$900,000	+7.4%	4,346	+6.1%	0.34%	+4.6%
PFE	Sell	PFIZER	$899,000	-24.1%	25,033	-8.4%	0.34%	-26.3%
CVX	Sell	CHEVRON CORP.	$782,000	-13.9%	6,600	-9.6%	0.29%	-16.3%
ESI	Sell	ELEMENT SOLUTIONS INC.	$737,000	-2.3%	72,475	-0.7%	0.28%	-4.8%
GE	Buy	GENERAL ELECTRIC	$660,000	-14.7%	73,933	+0.2%	0.25%	-17.1%
GOOGL	Sell	ALPHABET INC. CLASS A	$644,000	-9.3%	528	-19.5%	0.24%	-11.7%
XYL	Sell	XYLEM, INC.	$636,000	-10.4%	7,992	-5.9%	0.24%	-12.8%
MS	New	MORGAN STANLEY	$299,000	–	7,016	–	0.11%	–
APD	Sell	AIR PRODUCTS & CHEMICALS	$263,000	-40.1%	1,186	-38.9%	0.10%	-41.4%
ALC	Sell	ALCON, INC.	$204,000	-8.1%	3,512	-1.9%	0.08%	-10.5%
BLK	Exit	BLACKROCK INC.	$0	–	-494	–	-0.09%	–
ISBC	Exit	INVESTORS BANCORP INC.	$0	–	-35,425	–	-0.15%	–
FDX	Exit	FEDEX CORP	$0	–	-8,000	–	-0.51%	–
LLL	Exit	L-3 TECHNOLOGIES INC.	$0	–	-7,915	–	-0.75%	–

Q2 2019

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC.	$73,205,000	–	369,873	–	28.24%	–
JNJ	New	JOHNSON & JOHNSON	$11,600,000	–	83,285	–	4.48%	–
BA	New	BOEING COMPANY	$11,579,000	–	31,810	–	4.47%	–
WAT	New	WATERS CORP	$10,525,000	–	48,900	–	4.06%	–
MSFT	New	MICROSOFT CORPORATION	$8,376,000	–	62,530	–	3.23%	–
HON	New	HONEYWELL INTL INC.	$7,817,000	–	44,775	–	3.02%	–
DIS	New	DISNEY (WALT) CO.	$7,063,000	–	50,582	–	2.72%	–
JPM	New	JP MORGAN CHASE & CO.	$6,892,000	–	61,651	–	2.66%	–
PG	New	PROCTER & GAMBLE CO.	$6,833,000	–	62,325	–	2.64%	–
AMGN	New	AMGEN INC.	$5,866,000	–	31,832	–	2.26%	–
XOM	New	EXXON MOBIL CORP.	$5,429,000	–	70,859	–	2.09%	–
NKE	New	NIKE INC.	$5,372,000	–	64,000	–	2.07%	–
MMM	New	3M COMPANY	$4,827,000	–	27,850	–	1.86%	–
ABT	New	ABBOTT LABS	$4,234,000	–	50,350	–	1.63%	–
HHC	New	HOWARD HUGHES CORP	$4,232,000	–	34,180	–	1.63%	–
MCD	New	MC DONALD'S CORPORATION	$4,203,000	–	20,242	–	1.62%	–
BRKB	New	BERKSHIRE HATHAWAY INC. CL. B	$3,611,000	–	16,942	–	1.39%	–
NSC	New	NORFOLK SOUTHERN CORP.	$3,528,000	–	17,700	–	1.36%	–
ABBV	New	ABBVIE INC.	$3,399,000	–	46,750	–	1.31%	–
ORCL	New	ORACLE CORPORATION	$3,315,000	–	58,200	–	1.28%	–
EMR	New	EMERSON ELEC CO.	$3,269,000	–	49,000	–	1.26%	–
CL	New	COLGATE-PALMOLIVE COMPANY	$3,192,000	–	44,540	–	1.23%	–
QCOM	New	QUALCOMM INC.	$2,928,000	–	38,500	–	1.13%	–
UPS	New	UNITED PARCEL SERVICE	$2,913,000	–	28,211	–	1.12%	–
PEP	New	PEPSICO	$2,850,000	–	21,740	–	1.10%	–
BAX	New	BAXTER INTERNATIONAL INC.	$2,432,000	–	29,700	–	0.94%	–
UNP	New	UNION PACIFIC CORP.	$2,401,000	–	14,200	–	0.93%	–
KO	New	COCA COLA COMPANY	$2,297,000	–	45,127	–	0.89%	–
DOV	New	DOVER CORP	$2,264,000	–	22,600	–	0.87%	–
IBM	New	IBM CORPORATION	$2,237,000	–	16,222	–	0.86%	–
LLL	New	L-3 TECHNOLOGIES INC.	$1,940,000	–	7,915	–	0.75%	–
AXP	New	AMERICAN EXPRESS CO.	$1,915,000	–	15,514	–	0.74%	–
HD	New	HOME DEPOT INC.	$1,914,000	–	9,207	–	0.74%	–
KMI	New	KINDER MORGAN INC.	$1,908,000	–	91,400	–	0.74%	–
BMY	New	BRISTOL-MYERS SQUIBB CO.	$1,844,000	–	40,664	–	0.71%	–
NVS	New	NOVARTIS ADR	$1,634,000	–	17,900	–	0.63%	–
VZ	New	VERIZON COMMUNICATIONS	$1,505,000	–	26,352	–	0.58%	–
LOW	New	LOWES COMPANIES INC.	$1,392,000	–	13,800	–	0.54%	–
VWO	New	VANGUARD EMERGING MARKETS ETF	$1,375,000	–	32,350	–	0.53%	–
INTC	New	INTEL CORP.	$1,359,000	–	28,392	–	0.52%	–
FDX	New	FEDEX CORP	$1,313,000	–	8,000	–	0.51%	–
CSCO	New	CISCO SYSTEMS INC.	$1,225,000	–	22,400	–	0.47%	–
PFE	New	PFIZER	$1,184,000	–	27,337	–	0.46%	–
URI	New	UNITED RENTALS INC	$1,133,000	–	8,550	–	0.44%	–
SLB	New	SCHLUMBERGER LIMITED	$1,121,000	–	28,223	–	0.43%	–
CVS	New	CVS HEALTH CORPORATION	$991,000	–	18,195	–	0.38%	–
GOOG	New	ALPHABET INC. CLASS C	$941,000	–	871	–	0.36%	–
BK	New	BANK OF NY MELLON CORP	$933,000	–	21,153	–	0.36%	–
AGN	New	ALLERGAN, INC.	$922,000	–	5,508	–	0.36%	–
COST	New	COSTCO WHOLESALE CORP	$910,000	–	3,446	–	0.35%	–
CVX	New	CHEVRON CORP.	$908,000	–	7,300	–	0.35%	–
	New	UNITED HEALTHCARE CORP.	$903,000	–	3,704	–	0.35%	–
C	New	CITIGROUP INC.	$894,000	–	12,775	–	0.34%	–
GS	New	GOLDMAN SACHS GROUP INC.	$838,000	–	4,096	–	0.32%	–
GE	New	GENERAL ELECTRIC	$774,000	–	73,801	–	0.30%	–
ESI	New	ELEMENT SOLUTIONS INC.	$754,000	–	72,975	–	0.29%	–
DD	New	DUPONT de NEMOURS INC.	$740,000	–	9,858	–	0.28%	–
GOOGL	New	ALPHABET INC. CLASS A	$710,000	–	656	–	0.27%	–
XYL	New	XYLEM, INC.	$710,000	–	8,492	–	0.27%	–
BAC	New	BANK OF AMERICA CORP	$640,000	–	22,090	–	0.25%	–
SYK	New	STRYKER CORPORATION	$616,000	–	3,000	–	0.24%	–
	New	AMERICAN FUNDAMENTAL INVESTORS CL A	$532,000	–	8,976	–	0.20%	–
DOW	New	DOW INC.	$486,000	–	9,858	–	0.19%	–
APD	New	AIR PRODUCTS & CHEMICALS	$439,000	–	1,942	–	0.17%	–
ISBC	New	INVESTORS BANCORP INC.	$394,000	–	35,425	–	0.15%	–
APY	New	APERGY CORPORATION	$379,000	–	11,300	–	0.15%	–
COP	New	CONOCO PHILLIPS	$338,000	–	5,550	–	0.13%	–
VOD	New	VODAFONE GROUP PLC ADR	$292,000	–	17,894	–	0.11%	–
CTVA	New	CORTEVA INC.	$291,000	–	9,858	–	0.11%	–
MDT	New	MEDTRONIC PLC SHS	$273,000	–	2,813	–	0.10%	–
STI	New	SUNTRUST BANKS INC.	$251,000	–	4,000	–	0.10%	–
MDLZ	New	MONDELEZ INTERNATIONAL INC.	$242,000	–	4,500	–	0.09%	–
BLK	New	BLACKROCK INC.	$231,000	–	494	–	0.09%	–
DEO	New	DIAGEO PLC ADR	$224,000	–	1,300	–	0.09%	–
ALC	New	ALCON, INC.	$222,000	–	3,579	–	0.09%	–

Q4 2018

			Value		Shares		↓ Weighting
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-14,574	–	-0.07%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-2,500	–	-0.07%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL, INC.	$0	–	-5,500	–	-0.08%	–
BLK	Exit	BLACKROCK, INC.	$0	–	-559	–	-0.09%	–
STI	Exit	SUNTRUST BANKS INC.	$0	–	-4,200	–	-0.10%	–
MAXR	Exit	MAXAR TECHNOLOGIES LTD.	$0	–	-10,600	–	-0.12%	–
VOD	Exit	VODAFONE GROUP PLC ADR	$0	–	-18,144	–	-0.14%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-2,494	–	-0.15%	–
COP	Exit	CONOCO PHILLIPS	$0	–	-5,550	–	-0.15%	–
APY	Exit	APERGY CORPORATION	$0	–	-11,300	–	-0.17%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-3,000	–	-0.19%	–
ISBC	Exit	INVESTORS BANCORP INC.	$0	–	-48,300	–	-0.21%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-21,790	–	-0.23%	–
	Exit	AMERICAN FUNDAMENTAL INVESTORS CL A	$0	–	-9,862	–	-0.23%	–
CVX	Exit	CHEVRON CORP.	$0	–	-5,400	–	-0.23%	–
BKR	Exit	BAKER HUGHES, A GE COMPANY	$0	–	-20,200	–	-0.24%	–
XYL	Exit	XYLEM, INC.	$0	–	-9,270	–	-0.26%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-3,500	–	-0.29%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-692	–	-0.29%	–
GLW	Exit	CORNING INC.	$0	–	-25,200	–	-0.31%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-80,626	–	-0.32%	–
PAH	Exit	PLATFORM SPECIALTY PRODUCTS	$0	–	-75,375	–	-0.33%	–
GS	Exit	GOLDMAN SACHS GROUP INC.	$0	–	-4,200	–	-0.33%	–
	Exit	UNITED HEALTHCARE CORP.	$0	–	-3,639	–	-0.34%	–
HAL	Exit	HALLIBURTON COMPANY	$0	–	-25,000	–	-0.36%	–
C	Exit	CITIGROUP INC.	$0	–	-14,275	–	-0.36%	–
AGN	Exit	ALLERGAN, INC.	$0	–	-5,508	–	-0.37%	–
BK	Exit	BANK OF NY MELLON CORP	$0	–	-21,153	–	-0.38%	–
GOOG	Exit	ALPHABET INC. CLASS C	$0	–	-907	–	-0.38%	–
CSCO	Exit	CISCO SYSTEMS INC.	$0	–	-22,400	–	-0.38%	–
PFE	Exit	PFIZER	$0	–	-28,037	–	-0.44%	–
URI	Exit	UNITED RENTALS INC	$0	–	-8,000	–	-0.46%	–
INTC	Exit	INTEL CORP.	$0	–	-29,500	–	-0.49%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-27,989	–	-0.53%	–
NVS	Exit	NOVARTIS ADR	$0	–	-17,900	–	-0.54%	–
CVS	Exit	CVS HEALTH CORPORATION	$0	–	-19,670	–	-0.55%	–
VWO	Exit	VANGUARD EMERGING MARKETS ETF	$0	–	-38,100	–	-0.55%	–
LOW	Exit	LOWES COMPANIES INC.	$0	–	-13,800	–	-0.56%	–
AXP	Exit	AMERICAN EXPRESS CO.	$0	–	-15,514	–	-0.58%	–
LLL	Exit	L-3 TECHNOLOGIES INC.	$0	–	-7,915	–	-0.59%	–
WTS	Exit	WATTS WATER TECH INC.	$0	–	-21,196	–	-0.62%	–
FDX	Exit	FEDEX CORP	$0	–	-8,000	–	-0.68%	–
DWDP	Exit	DOWDUPONT INC.	$0	–	-30,306	–	-0.69%	–
HD	Exit	HOME DEPOT INC.	$0	–	-9,637	–	-0.70%	–
DOV	Exit	DOVER CORP	$0	–	-22,600	–	-0.70%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-33,823	–	-0.73%	–
KO	Exit	COCA COLA COMPANY	$0	–	-48,627	–	-0.79%	–
UNP	Exit	UNION PACIFIC CORP.	$0	–	-15,000	–	-0.86%	–
BAX	Exit	BAXTER INTERNATIONAL INC.	$0	–	-31,800	–	-0.86%	–
PEP	Exit	PEPSICO	$0	–	-22,150	–	-0.87%	–
IBM	Exit	IBM CORPORATION	$0	–	-16,750	–	-0.89%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO.	$0	–	-43,920	–	-0.96%	–
QCOM	Exit	QUALCOMM INC.	$0	–	-41,400	–	-1.05%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-59,700	–	-1.08%	–
CL	Exit	COLGATE-PALMOLIVE COMPANY	$0	–	-46,800	–	-1.10%	–
NSC	Exit	NORFOLK SOUTHERN CORP.	$0	–	-18,100	–	-1.15%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-30,211	–	-1.24%	–
MCD	Exit	MC DONALD'S CORPORATION	$0	–	-21,650	–	-1.28%	–
EMR	Exit	EMERSON ELEC CO.	$0	–	-50,000	–	-1.35%	–
ABT	Exit	ABBOTT LABS	$0	–	-52,550	–	-1.36%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC. CL. B	$0	–	-18,020	–	-1.36%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-38,870	–	-1.70%	–
ABBV	Exit	ABBVIE INC.	$0	–	-54,350	–	-1.81%	–
PG	Exit	PROCTER & GAMBLE CO.	$0	–	-66,625	–	-1.96%	–
DIS	Exit	DISNEY (WALT) CO.	$0	–	-50,163	–	-2.07%	–
NKE	Exit	NIKE INC.	$0	–	-70,000	–	-2.09%	–
XOM	Exit	EXXON MOBIL CORP.	$0	–	-72,911	–	-2.18%	–
MMM	Exit	3M COMPANY	$0	–	-29,850	–	-2.22%	–
AMGN	Exit	AMGEN INC.	$0	–	-32,836	–	-2.40%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-61,009	–	-2.43%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-64,438	–	-2.60%	–
HON	Exit	HONEYWELL INTL INC.	$0	–	-47,375	–	-2.78%	–
WAT	Exit	WATERS CORP	$0	–	-52,000	–	-3.57%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-88,149	–	-4.29%	–
BA	Exit	BOEING COMPANY	$0	–	-33,435	–	-4.38%	–
AAPL	Exit	APPLE INC.	$0	–	-385,818	–	-30.70%	–

Q3 2018

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC.	$87,094,000	+21.8%	385,818	-0.1%	30.70%	+9.4%
WAT	Sell	WATERS CORP	$10,123,000	+0.4%	52,000	-0.2%	3.57%	-9.9%
MSFT	Buy	MICROSOFT CORPORATION	$7,369,000	+17.1%	64,438	+0.9%	2.60%	+5.1%
JPM	Sell	JP MORGAN CHASE & CO.	$6,884,000	+7.9%	61,009	-0.4%	2.43%	-3.1%
MMM	Sell	3M COMPANY	$6,289,000	+6.6%	29,850	-0.5%	2.22%	-4.3%
XOM	Sell	EXXON MOBIL CORP.	$6,198,000	+2.2%	72,911	-0.5%	2.18%	-8.2%
PG	Sell	PROCTER & GAMBLE CO.	$5,545,000	+6.1%	66,625	-0.4%	1.96%	-4.7%
ABBV	Sell	ABBVIE INC.	$5,140,000	+2.0%	54,350	-0.1%	1.81%	-8.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC. CL. B	$3,858,000	+14.4%	18,020	-0.3%	1.36%	+2.7%
MCD	Sell	MC DONALD'S CORPORATION	$3,621,000	+6.2%	21,650	-0.5%	1.28%	-4.6%
CL	Sell	COLGATE-PALMOLIVE COMPANY	$3,133,000	+2.7%	46,800	-0.6%	1.10%	-7.8%
BMY	Sell	BRISTOL-MYERS SQUIBB CO.	$2,726,000	+10.2%	43,920	-1.8%	0.96%	-1.0%
IBM	Sell	IBM CORPORATION	$2,532,000	+7.6%	16,750	-0.6%	0.89%	-3.4%
PEP	Sell	PEPSICO	$2,476,000	+1.3%	22,150	-1.3%	0.87%	-9.0%
UNP	Sell	UNION PACIFIC CORP.	$2,442,000	+12.7%	15,000	-2.0%	0.86%	+1.2%
KO	Sell	COCA COLA COMPANY	$2,246,000	+1.6%	48,627	-3.6%	0.79%	-8.8%
SLB	Sell	SCHLUMBERGER LIMITED	$2,060,000	-9.6%	33,823	-0.6%	0.73%	-18.9%
DOV	Sell	DOVER CORP	$2,000,000	+18.3%	22,600	-2.2%	0.70%	+6.3%
HD	Sell	HOME DEPOT INC.	$1,996,000	+3.0%	9,637	-3.0%	0.70%	-7.5%
WTS	Sell	WATTS WATER TECH INC.	$1,759,000	+1.1%	21,196	-4.5%	0.62%	-9.2%
VWO	Sell	VANGUARD EMERGING MARKETS ETF	$1,562,000	-18.3%	38,100	-16.0%	0.55%	-26.6%
CVS	Buy	CVS HEALTH CORPORATION	$1,548,000	+143.8%	19,670	+99.3%	0.55%	+119.3%
INTC	Sell	INTEL CORP.	$1,395,000	-5.8%	29,500	-1.0%	0.49%	-15.3%
URI	New	UNITED RENTALS INC	$1,308,000	–	8,000	–	0.46%	–
PFE	Sell	PFIZER	$1,235,000	+16.8%	28,037	-3.8%	0.44%	+4.8%
CSCO	Sell	CISCO SYSTEMS INC.	$1,089,000	+12.5%	22,400	-0.4%	0.38%	+1.1%
GOOG	Sell	ALPHABET INC. CLASS C	$1,082,000	+5.8%	907	-1.1%	0.38%	-5.2%
GE	Sell	GENERAL ELECTRIC	$910,000	-22.7%	80,626	-6.8%	0.32%	-30.5%
BAC	Buy	BANK OF AMERICA CORP	$641,000	+22.6%	21,790	+17.2%	0.23%	+10.2%
ISBC	Sell	INVESTORS BANCORP INC.	$592,000	-14.3%	48,300	-10.7%	0.21%	-22.9%
APY	Sell	APERGY CORPORATION	$492,000	+2.1%	11,300	-2.2%	0.17%	-8.5%
APD	Sell	AIR PRODUCTS & CHEMICALS	$416,000	+3.2%	2,494	-3.9%	0.15%	-7.0%
MAXR	Sell	MAXAR TECHNOLOGIES LTD.	$350,000	-36.9%	10,600	-3.6%	0.12%	-43.6%
PM	Sell	PHILIP MORRIS INTERNATIONAL	$203,000	-76.3%	2,500	-76.4%	0.07%	-78.6%
FCX	Sell	FREEPORT-MCMORAN INC.	$202,000	-20.5%	14,574	-1.4%	0.07%	-29.0%
KHC	Exit	THE KRAFT HEINZ COMPANY	$0	–	-3,200	–	-0.08%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-10,700	–	-0.24%	–
DEO	Exit	DIAGEO PLC ADR	$0	–	-6,400	–	-0.36%	–

Q2 2018

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC.	$71,520,000	–	386,368	–	28.08%	–
BA	New	BOEING COMPANY	$11,217,000	–	33,435	–	4.40%	–
JNJ	New	JOHNSON & JOHNSON	$10,696,000	–	88,149	–	4.20%	–
WAT	New	WATERS CORP	$10,086,000	–	52,100	–	3.96%	–
HON	New	HONEYWELL INTL INC.	$6,824,000	–	47,375	–	2.68%	–
JPM	New	JP MORGAN CHASE & CO.	$6,382,000	–	61,255	–	2.50%	–
MSFT	New	MICROSOFT CORPORATION	$6,295,000	–	63,838	–	2.47%	–
XOM	New	EXXON MOBIL CORP.	$6,065,000	–	73,311	–	2.38%	–
AMGN	New	AMGEN INC.	$6,061,000	–	32,836	–	2.38%	–
MMM	New	3M COMPANY	$5,901,000	–	30,000	–	2.32%	–
NKE	New	NIKE INC.	$5,577,000	–	70,000	–	2.19%	–
DIS	New	DISNEY (WALT) CO.	$5,257,000	–	50,163	–	2.06%	–
PG	New	PROCTER & GAMBLE CO.	$5,224,000	–	66,925	–	2.05%	–
HHC	New	HOWARD HUGHES CORP	$5,150,000	–	38,870	–	2.02%	–
ABBV	New	ABBVIE INC.	$5,040,000	–	54,400	–	1.98%	–
EMR	New	EMERSON ELEC CO.	$3,457,000	–	50,000	–	1.36%	–
MCD	New	MC DONALD'S CORPORATION	$3,408,000	–	21,750	–	1.34%	–
BRKB	New	BERKSHIRE HATHAWAY INC. CL. B	$3,372,000	–	18,070	–	1.32%	–
UPS	New	UNITED PARCEL SERVICE	$3,209,000	–	30,211	–	1.26%	–
ABT	New	ABBOTT LABS	$3,205,000	–	52,550	–	1.26%	–
CL	New	COLGATE-PALMOLIVE COMPANY	$3,052,000	–	47,100	–	1.20%	–
NSC	New	NORFOLK SOUTHERN CORP.	$2,730,000	–	18,100	–	1.07%	–
ORCL	New	ORACLE CORPORATION	$2,630,000	–	59,700	–	1.03%	–
BMY	New	BRISTOL-MYERS SQUIBB CO.	$2,474,000	–	44,720	–	0.97%	–
PEP	New	PEPSICO	$2,444,000	–	22,450	–	0.96%	–
IBM	New	IBM CORPORATION	$2,353,000	–	16,850	–	0.92%	–
BAX	New	BAXTER INTERNATIONAL INC.	$2,348,000	–	31,800	–	0.92%	–
QCOM	New	QUALCOMM INC.	$2,323,000	–	41,400	–	0.91%	–
SLB	New	SCHLUMBERGER LIMITED	$2,280,000	–	34,023	–	0.90%	–
KO	New	COCA COLA COMPANY	$2,211,000	–	50,431	–	0.87%	–
UNP	New	UNION PACIFIC CORP.	$2,167,000	–	15,300	–	0.85%	–
DWDP	New	DOWDUPONT INC.	$1,997,000	–	30,306	–	0.78%	–
HD	New	HOME DEPOT INC.	$1,938,000	–	9,937	–	0.76%	–
VWO	New	VANGUARD EMERGING MARKETS ETF	$1,913,000	–	45,350	–	0.75%	–
FDX	New	FEDEX CORP	$1,816,000	–	8,000	–	0.71%	–
WTS	New	WATTS WATER TECH INC.	$1,740,000	–	22,196	–	0.68%	–
DOV	New	DOVER CORP	$1,690,000	–	23,100	–	0.66%	–
LLL	New	L-3 TECHNOLOGIES INC.	$1,522,000	–	7,915	–	0.60%	–
AXP	New	AMERICAN EXPRESS CO.	$1,520,000	–	15,514	–	0.60%	–
INTC	New	INTEL CORP.	$1,481,000	–	29,800	–	0.58%	–
VZ	New	VERIZON COMMUNICATIONS	$1,408,000	–	27,989	–	0.55%	–
NVS	New	NOVARTIS ADR	$1,352,000	–	17,900	–	0.53%	–
LOW	New	LOWES COMPANIES INC.	$1,318,000	–	13,800	–	0.52%	–
GE	New	GENERAL ELECTRIC	$1,177,000	–	86,513	–	0.46%	–
BK	New	BANK OF NY MELLON CORP	$1,140,000	–	21,153	–	0.45%	–
HAL	New	HALLIBURTON COMPANY	$1,126,000	–	25,000	–	0.44%	–
PFE	New	PFIZER	$1,057,000	–	29,137	–	0.42%	–
GOOG	New	ALPHABET INC. CLASS C	$1,023,000	–	917	–	0.40%	–
CSCO	New	CISCO SYSTEMS INC.	$968,000	–	22,500	–	0.38%	–
C	New	CITIGROUP INC.	$955,000	–	14,275	–	0.38%	–
GS	New	GOLDMAN SACHS GROUP INC.	$926,000	–	4,200	–	0.36%	–
DEO	New	DIAGEO PLC ADR	$921,000	–	6,400	–	0.36%	–
AGN	New	ALLERGAN, INC.	$918,000	–	5,508	–	0.36%	–
	New	UNITED HEALTHCARE CORP.	$892,000	–	3,639	–	0.35%	–
PAH	New	PLATFORM SPECIALTY PRODUCTS	$874,000	–	75,375	–	0.34%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$855,000	–	10,600	–	0.34%	–
GOOGL	New	ALPHABET INC. CLASS A	$781,000	–	692	–	0.31%	–
COST	New	COSTCO WHOLESALE CORP.	$731,000	–	3,500	–	0.29%	–
GLW	New	CORNING INC.	$693,000	–	25,200	–	0.27%	–
ISBC	New	INVESTORS BANCORP INC.	$691,000	–	54,100	–	0.27%	–
CVX	New	CHEVRON CORP.	$682,000	–	5,400	–	0.27%	–
BKR	New	BAKER HUGHES, A GE COMPANY	$667,000	–	20,200	–	0.26%	–
CVS	New	CVS HEALTH CORPORATION	$635,000	–	9,870	–	0.25%	–
XYL	New	XYLEM, INC.	$624,000	–	9,270	–	0.24%	–
	New	AMERICAN FUNDAMENTAL INVESTORS CL A	$617,000	–	9,862	–	0.24%	–
MO	New	ALTRIA GROUP INC.	$607,000	–	10,700	–	0.24%	–
MAXR	New	MAXAR TECHNOLOGIES LTD.	$555,000	–	11,000	–	0.22%	–
BAC	New	BANK OF AMERICA CORP	$523,000	–	18,587	–	0.20%	–
SYK	New	STRYKER CORPORATION	$506,000	–	3,000	–	0.20%	–
APY	New	APERGY CORPORATION	$482,000	–	11,550	–	0.19%	–
VOD	New	VODAFONE GROUP PLC ADR	$441,000	–	18,144	–	0.17%	–
APD	New	AIR PRODUCTS & CHEMICALS	$403,000	–	2,594	–	0.16%	–
COP	New	CONOCO PHILLIPS	$386,000	–	5,550	–	0.15%	–
STI	New	SUNTRUST BANKS INC.	$277,000	–	4,200	–	0.11%	–
BLK	New	BLACKROCK, INC.	$278,000	–	559	–	0.11%	–
FCX	New	FREEPORT-MCMORAN INC.	$254,000	–	14,774	–	0.10%	–
MDLZ	New	MONDELEZ INTERNATIONAL, INC.	$225,000	–	5,500	–	0.09%	–
KHC	New	THE KRAFT HEINZ COMPANY	$201,000	–	3,200	–	0.08%	–

Q4 2017

			Value		Shares		↓ Weighting
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-14,774	–	-0.09%	–
MS	Exit	MORGAN STANLEY	$0	–	-4,650	–	-0.09%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL, INC.	$0	–	-5,500	–	-0.09%	–
BLK	Exit	BLACKROCK, INC.	$0	–	-599	–	-0.11%	–
STI	Exit	SUNTRUST BANKS INC.	$0	–	-4,500	–	-0.11%	–
COP	Exit	CONOCO PHILLIPS	$0	–	-6,750	–	-0.14%	–
DVN	Exit	DEVON ENERGY CORP.	$0	–	-10,800	–	-0.16%	–
D	Exit	DOMINION ENERGY, INC.	$0	–	-5,500	–	-0.18%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-3,000	–	-0.18%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-17,587	–	-0.18%	–
KHC	Exit	THE KRAFT HEINZ COMPANY	$0	–	-6,000	–	-0.19%	–
VOD	Exit	VODAFONE GROUP PLC ADR	$0	–	-18,022	–	-0.21%	–
CVX	Exit	CHEVRON CORP.	$0	–	-4,800	–	-0.24%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-3,894	–	-0.24%	–
COST	Exit	COSTCO WHOLESALE CORP.	$0	–	-3,700	–	-0.25%	–
	Exit	AMERICAN FUNDAMENTAL INVESTORS CL A	$0	–	-9,862	–	-0.25%	–
ISBC	Exit	INVESTORS BANCORP INC.	$0	–	-51,100	–	-0.29%	–
	Exit	UNITED HEALTHCARE CORP.	$0	–	-3,639	–	-0.30%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-742	–	-0.30%	–
BKR	Exit	BAKER HUGHES, A GE COMPANY	$0	–	-20,200	–	-0.31%	–
GLW	Exit	CORNING INC.	$0	–	-25,200	–	-0.31%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-12,700	–	-0.34%	–
CSCO	Exit	CISCO SYSTEMS INC.	$0	–	-24,000	–	-0.34%	–
DE	Exit	DEERE CO.	$0	–	-6,600	–	-0.34%	–
GOOG	Exit	ALPHABET INC. CLASS C	$0	–	-922	–	-0.37%	–
DEO	Exit	DIAGEO PLC ADR	$0	–	-6,800	–	-0.37%	–
C	Exit	CITIGROUP INC.	$0	–	-12,975	–	-0.39%	–
PFE	Exit	PFIZER	$0	–	-28,000	–	-0.42%	–
GS	Exit	GOLDMAN SACHS GROUP INC.	$0	–	-4,250	–	-0.42%	–
BK	Exit	BANK OF NY MELLON CORP	$0	–	-20,000	–	-0.44%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-9,100	–	-0.44%	–
PAH	Exit	PLATFORM SPECIALTY PRODUCTS	$0	–	-96,675	–	-0.45%	–
LOW	Exit	LOWES COMPANIES INC.	$0	–	-13,800	–	-0.46%	–
AGN	Exit	ALLERGAN, INC.	$0	–	-5,508	–	-0.47%	–
HAL	Exit	HALLIBURTON COMPANY	$0	–	-25,000	–	-0.48%	–
INTC	Exit	INTEL CORP.	$0	–	-31,300	–	-0.50%	–
AXP	Exit	AMERICAN EXPRESS CO.	$0	–	-15,914	–	-0.60%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-13,200	–	-0.61%	–
LLL	Exit	L-3 TECHNOLOGIES INC.	$0	–	-7,915	–	-0.62%	–
NVS	Exit	NOVARTIS ADR	$0	–	-17,900	–	-0.64%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-31,573	–	-0.65%	–
HD	Exit	HOME DEPOT INC.	$0	–	-10,087	–	-0.69%	–
WTS	Exit	WATTS WATER TECH INC.	$0	–	-24,196	–	-0.70%	–
FDX	Exit	FEDEX CORP	$0	–	-8,000	–	-0.75%	–
UNP	Exit	UNION PACIFIC CORP.	$0	–	-15,550	–	-0.75%	–
VWO	Exit	VANGUARD EMERGING MARKETS ETF	$0	–	-42,250	–	-0.76%	–
BAX	Exit	BAXTER INTERNATIONAL INC.	$0	–	-32,400	–	-0.85%	–
DWDP	Exit	DOWDUPONT INC.	$0	–	-30,123	–	-0.87%	–
DOV	Exit	DOVER CORP	$0	–	-23,200	–	-0.88%	–
QCOM	Exit	QUALCOMM INC.	$0	–	-41,400	–	-0.89%	–
KO	Exit	COCA COLA COMP.	$0	–	-49,827	–	-0.93%	–
NSC	Exit	NORFOLK SOUTHERN CORP.	$0	–	-18,200	–	-1.00%	–
PEP	Exit	PEPSICO	$0	–	-22,550	–	-1.04%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-106,169	–	-1.07%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-37,123	–	-1.08%	–
IBM	Exit	IBM CORPORATION	$0	–	-18,700	–	-1.13%	–
ABT	Exit	ABBOTT LABS	$0	–	-52,550	–	-1.17%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-59,700	–	-1.20%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO.	$0	–	-46,120	–	-1.22%	–
EMR	Exit	EMERSON ELEC CO.	$0	–	-51,000	–	-1.33%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC. CL. B	$0	–	-18,170	–	-1.38%	–
MCD	Exit	MC DONALD'S CORPORATION	$0	–	-22,000	–	-1.43%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-47,900	–	-1.45%	–
NKE	Exit	NIKE INC.	$0	–	-70,000	–	-1.51%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-31,211	–	-1.56%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-39,970	–	-1.96%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-64,038	–	-1.98%	–
ABBV	Exit	ABBVIE INC.	$0	–	-54,500	–	-2.01%	–
DIS	Exit	DISNEY (WALT) CO.	$0	–	-50,063	–	-2.05%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-61,255	–	-2.43%	–
XOM	Exit	EXXON MOBIL CORP.	$0	–	-74,525	–	-2.54%	–
AMGN	Exit	AMGEN INC.	$0	–	-33,655	–	-2.61%	–
PG	Exit	PROCTER & GAMBLE CO.	$0	–	-69,660	–	-2.64%	–
MMM	Exit	3M COMPANY	$0	–	-30,500	–	-2.66%	–
HON	Exit	HONEYWELL INTL INC.	$0	–	-47,825	–	-2.82%	–
BA	Exit	BOEING COMPANY	$0	–	-33,535	–	-3.54%	–
WAT	Exit	WATERS CORP	$0	–	-52,800	–	-3.94%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-88,133	–	-4.77%	–
AAPL	Exit	APPLE INC.	$0	–	-387,183	–	-24.82%	–

Q3 2017

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC.	$59,672,000	+5.6%	387,183	-1.3%	24.82%	+1.6%
JNJ	Sell	JOHNSON & JOHNSON	$11,458,000	-1.9%	88,133	-0.2%	4.77%	-5.6%
MMM	Sell	3M COMPANY	$6,401,000	+0.5%	30,500	-0.3%	2.66%	-3.3%
PG	Sell	PROCTER & GAMBLE CO.	$6,337,000	+4.1%	69,660	-0.3%	2.64%	+0.2%
AMGN	Buy	AMGEN INC.	$6,274,000	+10.6%	33,655	+2.1%	2.61%	+6.4%
XOM	Sell	EXXON MOBIL CORP.	$6,109,000	+0.7%	74,525	-0.8%	2.54%	-3.1%
ABBV	Buy	ABBVIE INC.	$4,842,000	+23.0%	54,500	+0.4%	2.01%	+18.3%
UPS	Sell	UNITED PARCEL SERVICE	$3,748,000	+8.3%	31,211	-0.3%	1.56%	+4.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC. CL. B	$3,330,000	+7.6%	18,170	-0.5%	1.38%	+3.6%
EMR	Sell	EMERSON ELEC CO.	$3,204,000	+4.6%	51,000	-0.8%	1.33%	+0.7%
BMY	Sell	BRISTOL-MYERS SQUIBB CO.	$2,939,000	+11.7%	46,120	-2.3%	1.22%	+7.5%
IBM	Sell	IBM CORPORATION	$2,712,000	-7.4%	18,700	-1.8%	1.13%	-10.9%
SLB	Sell	SCHLUMBERGER LIMITED	$2,589,000	-4.4%	37,123	-9.7%	1.08%	-7.9%
GE	Sell	GENERAL ELECTRIC	$2,567,000	-17.9%	106,169	-8.3%	1.07%	-20.9%
PEP	Sell	PEPSICO	$2,512,000	-4.4%	22,550	-0.9%	1.04%	-7.9%
DWDP	New	DOWDUPONT INC.	$2,085,000	–	30,123	–	0.87%	–
BAX	Sell	BAXTER INTERNATIONAL INC.	$2,033,000	+2.1%	32,400	-1.5%	0.85%	-1.7%
VWO	New	VANGUARD EMERGING MARKETS ETF	$1,840,000	–	42,250	–	0.76%	–
UNP	Sell	UNION PACIFIC CORP.	$1,803,000	+5.1%	15,550	-1.3%	0.75%	+1.2%
GLW	Sell	CORNING INC.	$753,000	-1.3%	25,200	-0.8%	0.31%	-5.2%
BKR	New	BAKER HUGHES, A GE COMPANY	$739,000	–	20,200	–	0.31%	–
ISBC	New	INVESTORS BANCORP INC.	$697,000	–	51,100	–	0.29%	–
VOD	Sell	VODAFONE GROUP PLC ADR	$512,000	-4.5%	18,022	-3.5%	0.21%	-8.2%
KHC	Sell	THE KRAFT HEINZ COMPANY	$465,000	-10.9%	6,000	-1.6%	0.19%	-14.6%
COP	Sell	CONOCO PHILLIPS	$337,000	+6.0%	6,750	-6.9%	0.14%	+2.2%
BHI	Exit	BAKER HUGHES, INC.	$0	–	-20,200	–	-0.48%	–
WFC	Exit	WELLS FARGO & CO.	$0	–	-23,400	–	-0.56%	–
DD	Exit	DUPONT DE NEMOURS E.I.	$0	–	-23,500	–	-0.82%	–

Q2 2017

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC.	$56,510,000	–	392,383	–	24.42%	–
JNJ	New	JOHNSON & JOHNSON	$11,685,000	–	88,333	–	5.05%	–
WAT	New	WATERS CORP	$9,706,000	–	52,800	–	4.20%	–
BA	New	BOEING COMPANY	$6,631,000	–	33,535	–	2.87%	–
HON	New	HONEYWELL INTL INC.	$6,374,000	–	47,825	–	2.76%	–
MMM	New	3M COMPANY	$6,370,000	–	30,600	–	2.75%	–
PG	New	PROCTER & GAMBLE CO.	$6,088,000	–	69,860	–	2.63%	–
XOM	New	EXXON MOBIL CORP.	$6,064,000	–	75,125	–	2.62%	–
AMGN	New	AMGEN INC.	$5,675,000	–	32,955	–	2.45%	–
JPM	New	JP MORGAN CHASE & CO.	$5,598,000	–	61,255	–	2.42%	–
DIS	New	DISNEY (WALT) CO.	$5,319,000	–	50,063	–	2.30%	–
HHC	New	HOWARD HUGHES CORP	$4,909,000	–	39,970	–	2.12%	–
MSFT	New	MICROSOFT CORPORATION	$4,414,000	–	64,038	–	1.91%	–
NKE	New	NIKE INC.	$4,130,000	–	70,000	–	1.78%	–
ABBV	New	ABBVIE INC.	$3,937,000	–	54,300	–	1.70%	–
CL	New	COLGATE-PALMOLIVE	$3,550,000	–	47,900	–	1.53%	–
UPS	New	UNITED PARCEL SERVICE	$3,462,000	–	31,311	–	1.50%	–
MCD	New	MC DONALD'S CORPORATION	$3,369,000	–	22,000	–	1.46%	–
GE	New	GENERAL ELECTRIC	$3,125,000	–	115,719	–	1.35%	–
BRKB	New	BERKSHIRE HATHAWAY INC. CL. B	$3,094,000	–	18,270	–	1.34%	–
EMR	New	EMERSON ELEC CO.	$3,064,000	–	51,400	–	1.32%	–
ORCL	New	ORACLE CORPORATION	$2,993,000	–	59,700	–	1.29%	–
IBM	New	IBM CORPORATION	$2,930,000	–	19,050	–	1.27%	–
SLB	New	SCHLUMBERGER LIMITED	$2,707,000	–	41,123	–	1.17%	–
BMY	New	BRISTOL-MYERS SQUIBB CO.	$2,631,000	–	47,220	–	1.14%	–
PEP	New	PEPSICO	$2,627,000	–	22,750	–	1.14%	–
ABT	New	ABBOTT LABS	$2,554,000	–	52,550	–	1.10%	–
QCOM	New	QUALCOMM INC.	$2,286,000	–	41,400	–	0.99%	–
KO	New	COCA COLA COMP.	$2,234,000	–	49,827	–	0.97%	–
NSC	New	NORFOLK SOUTHERN CORP.	$2,214,000	–	18,200	–	0.96%	–
BAX	New	BAXTER INTERNATIONAL INC.	$1,991,000	–	32,900	–	0.86%	–
DD	New	DUPONT DE NEMOURS E.I.	$1,896,000	–	23,500	–	0.82%	–
DOV	New	DOVER CORP	$1,861,000	–	23,200	–	0.80%	–
FDX	New	FEDEX CORP	$1,738,000	–	8,000	–	0.75%	–
UNP	New	UNION PACIFIC CORP.	$1,715,000	–	15,750	–	0.74%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$1,550,000	–	13,200	–	0.67%	–
HD	New	HOME DEPOT INC.	$1,547,000	–	10,087	–	0.67%	–
WTS	New	WATTS WATER TECH INC.	$1,529,000	–	24,196	–	0.66%	–
NVS	New	NOVARTIS ADR	$1,494,000	–	17,900	–	0.65%	–
VZ	New	VERIZON COMMUNICATIONS	$1,410,000	–	31,573	–	0.61%	–
AXP	New	AMERICAN EXPRESS CO.	$1,340,000	–	15,914	–	0.58%	–
AGN	New	ALLERGAN, INC.	$1,338,000	–	5,508	–	0.58%	–
LLL	New	L-3 TECHNOLOGIES INC.	$1,322,000	–	7,915	–	0.57%	–
WFC	New	WELLS FARGO & CO.	$1,296,000	–	23,400	–	0.56%	–
PAH	New	PLATFORM SPECIALTY PRODUCTS	$1,225,000	–	96,675	–	0.53%	–
KMB	New	KIMBERLY CLARK	$1,174,000	–	9,100	–	0.51%	–
BHI	New	BAKER HUGHES, INC.	$1,101,000	–	20,200	–	0.48%	–
LOW	New	LOWES COMPANIES INC.	$1,069,000	–	13,800	–	0.46%	–
HAL	New	HALLIBURTON COMPANY	$1,067,000	–	25,000	–	0.46%	–
INTC	New	INTEL CORP.	$1,056,000	–	31,300	–	0.46%	–
BK	New	BANK OF NY MELLON CORP	$1,020,000	–	20,000	–	0.44%	–
GS	New	GOLDMAN SACHS GROUP INC.	$943,000	–	4,250	–	0.41%	–
MO	New	ALTRIA GROUP INC.	$945,000	–	12,700	–	0.41%	–
PFE	New	PFIZER	$940,000	–	28,000	–	0.41%	–
C	New	CITIGROUP INC.	$867,000	–	12,975	–	0.38%	–
GOOG	New	ALPHABET INC. CLASS C	$837,000	–	922	–	0.36%	–
DEO	New	DIAGEO PLC ADR	$814,000	–	6,800	–	0.35%	–
DE	New	DEERE CO.	$815,000	–	6,600	–	0.35%	–
GLW	New	CORNING INC.	$763,000	–	25,400	–	0.33%	–
CSCO	New	CISCO SYSTEMS INC.	$751,000	–	24,000	–	0.32%	–
GOOGL	New	ALPHABET INC. CLASS A	$689,000	–	742	–	0.30%	–
	New	UNITED HEALTHCARE CORP.	$674,000	–	3,639	–	0.29%	–
COST	New	COSTCO WHOLESALE CORP.	$591,000	–	3,700	–	0.26%	–
	New	AMERICAN FUNDAMENTAL INVESTORS CL A	$580,000	–	9,862	–	0.25%	–
APD	New	AIR PRODUCTS & CHEMICALS	$557,000	–	3,894	–	0.24%	–
VOD	New	VODAFONE GROUP PLC ADR	$536,000	–	18,685	–	0.23%	–
KHC	New	THE KRAFT HEINZ COMPANY	$522,000	–	6,100	–	0.23%	–
CVX	New	CHEVRON CORP.	$500,000	–	4,800	–	0.22%	–
BAC	New	BANK OF AMERICA CORP	$426,000	–	17,587	–	0.18%	–
D	New	DOMINION ENERGY, INC.	$421,000	–	5,500	–	0.18%	–
SYK	New	STRYKER CORPORATION	$416,000	–	3,000	–	0.18%	–
DVN	New	DEVON ENERGY CORP.	$345,000	–	10,800	–	0.15%	–
COP	New	CONOCO PHILLIPS	$318,000	–	7,250	–	0.14%	–
STI	New	SUNTRUST BANKS INC.	$255,000	–	4,500	–	0.11%	–
BLK	New	BLACKROCK, INC.	$253,000	–	599	–	0.11%	–
MDLZ	New	MONDELEZ INTERNATIONAL, INC.	$237,000	–	5,500	–	0.10%	–
MS	New	MORGAN STANLEY	$207,000	–	4,650	–	0.09%	–
FCX	New	FREEPORT-MCMORAN INC.	$177,000	–	14,774	–	0.08%	–

Q4 2016

			Value		Shares		↓ Weighting
KN	Exit	KNOWLES CORPORATION	$0	–	-11,100	–	-0.07%	–
FCX	Exit	FREEPORT-MCMORAN INC.	$0	–	-14,774	–	-0.07%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-17,487	–	-0.13%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL, INC.	$0	–	-6,500	–	-0.13%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-3,000	–	-0.16%	–
T	Exit	AT&T	$0	–	-10,000	–	-0.19%	–
D	Exit	DOMINION RESOURCES, INC.	$0	–	-5,500	–	-0.19%	–
COP	Exit	CONOCO PHILLIPS	$0	–	-9,900	–	-0.20%	–
CVX	Exit	CHEVRON CORP.	$0	–	-4,450	–	-0.21%	–
DVN	Exit	DEVON ENERGY CORP.	$0	–	-10,600	–	-0.22%	–
PAH	Exit	PLATFORM SPECIALTY PRODUCTS	$0	–	-59,575	–	-0.22%	–
CVS	Exit	CVS HEALTH CORP.	$0	–	-6,020	–	-0.25%	–
KHC	Exit	THE KRAFT HEINZ COMPANY	$0	–	-6,100	–	-0.25%	–
GOOGL	Exit	ALPHABET INC. CLASS A	$0	–	-692	–	-0.26%	–
DE	Exit	DEERE CO.	$0	–	-6,600	–	-0.26%	–
COST	Exit	COSTCO WHOLESALE CORP.	$0	–	-3,700	–	-0.26%	–
OAK	Exit	OAKTREE CAPITAL GROUP, LLC	$0	–	-13,800	–	-0.27%	–
GLW	Exit	CORNING INC.	$0	–	-25,500	–	-0.28%	–
C	Exit	CITIGROUP INC.	$0	–	-12,950	–	-0.28%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-4,250	–	-0.30%	–
GOOG	Exit	ALPHABET INC. CLASS C	$0	–	-872	–	-0.31%	–
VOD	Exit	VODAFONE GROUP PLC ADR	$0	–	-23,385	–	-0.32%	–
GS	Exit	GOLDMAN SACHS GROUP INC.	$0	–	-4,250	–	-0.32%	–
	Exit	AMERICAN FUNDAMENTAL INVESTORS CL A	$0	–	-13,576	–	-0.34%	–
CSCO	Exit	CISCO SYSTEMS INC.	$0	–	-24,000	–	-0.35%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-12,800	–	-0.37%	–
BK	Exit	BANK OF NY MELLON CORP	$0	–	-20,500	–	-0.38%	–
DEO	Exit	DIAGEO PLC ADR	$0	–	-7,300	–	-0.39%	–
LOW	Exit	LOWES COMPANIES INC.	$0	–	-13,000	–	-0.43%	–
PFE	Exit	PFIZER	$0	–	-28,400	–	-0.44%	–
AXP	Exit	AMERICAN EXPRESS CO.	$0	–	-15,514	–	-0.46%	–
BHI	Exit	BAKER HUGHES, INC.	$0	–	-20,200	–	-0.47%	–
LLY	Exit	LILLY (ELI) & CO.	$0	–	-13,000	–	-0.48%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-9,100	–	-0.53%	–
HAL	Exit	HALLIBURTON COMPANY	$0	–	-26,300	–	-0.55%	–
INTC	Exit	INTEL CORP.	$0	–	-31,600	–	-0.55%	–
LLL	Exit	L-3 COMMUNICATIONS	$0	–	-7,915	–	-0.55%	–
WFC	Exit	WELLS FARGO & CO.	$0	–	-27,300	–	-0.56%	–
AGN	Exit	ALLERGAN, INC.	$0	–	-5,508	–	-0.59%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-13,200	–	-0.59%	–
FDX	Exit	FEDEX CORP	$0	–	-8,000	–	-0.65%	–
HD	Exit	HOME DEPOT INC.	$0	–	-12,187	–	-0.72%	–
WTS	Exit	WATTS WATER TECH INC.	$0	–	-24,196	–	-0.72%	–
DD	Exit	DUPONT DE NEMOURS E.I.	$0	–	-23,500	–	-0.73%	–
UNP	Exit	UNION PACIFIC CORP.	$0	–	-16,150	–	-0.73%	–
DOV	Exit	DOVER CORP	$0	–	-22,600	–	-0.77%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-33,373	–	-0.80%	–
NVS	Exit	NOVARTIS ADR	$0	–	-22,300	–	-0.81%	–
BAX	Exit	BAXTER INTERNATIONAL INC.	$0	–	-37,400	–	-0.82%	–
NSC	Exit	NORFOLK SOUTHERN CORP.	$0	–	-19,400	–	-0.87%	–
LNKD	Exit	LINKEDIN CORP.	$0	–	-11,700	–	-1.03%	–
ABT	Exit	ABBOTT LABS	$0	–	-54,850	–	-1.07%	–
KO	Exit	COCA COLA COMP.	$0	–	-56,183	–	-1.10%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC. CL. "B"	$0	–	-16,470	–	-1.10%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-61,500	–	-1.12%	–
PEP	Exit	PEPSICO	$0	–	-23,800	–	-1.20%	–
MCD	Exit	MC DONALD'S CORPORATION	$0	–	-23,300	–	-1.24%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO.	$0	–	-50,420	–	-1.26%	–
QCOM	Exit	QUALCOMM INC.	$0	–	-41,600	–	-1.32%	–
EMR	Exit	EMERSON ELEC CO.	$0	–	-52,400	–	-1.32%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-27,790	–	-1.47%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-41,523	–	-1.51%	–
IBM	Exit	IBM CORPORATION	$0	–	-21,636	–	-1.59%	–
CL	Exit	COLGATE-PALMOLIVE	$0	–	-47,900	–	-1.64%	–
ABBV	Exit	ABBVIE INC.	$0	–	-56,300	–	-1.64%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-33,411	–	-1.69%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-64,038	–	-1.71%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-131,469	–	-1.80%	–
NKE	Exit	NIKE INC.	$0	–	-77,700	–	-1.89%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-65,330	–	-2.01%	–
BA	Exit	BOEING COMPANY	$0	–	-34,535	–	-2.10%	–
DIS	Exit	DISNEY (WALT) CO.	$0	–	-50,213	–	-2.16%	–
MMM	Exit	3M COMPANY	$0	–	-30,600	–	-2.49%	–
AMGN	Exit	AMGEN INC.	$0	–	-32,380	–	-2.50%	–
HON	Exit	HONEYWELL INTL INC.	$0	–	-51,925	–	-2.80%	–
XOM	Exit	EXXON MOBIL CORP.	$0	–	-77,775	–	-3.14%	–
PG	Exit	PROCTER & GAMBLE CO.	$0	–	-91,910	–	-3.81%	–
WAT	Exit	WATERS CORP	$0	–	-56,900	–	-4.17%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-97,433	–	-5.32%	–
AAPL	Exit	APPLE INC.	$0	–	-420,398	–	-21.98%	–

Q3 2016

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC.	$47,525,000	+17.4%	420,398	-0.7%	21.98%	+12.1%
JNJ	Sell	JOHNSON & JOHNSON	$11,509,000	-3.6%	97,433	-1.0%	5.32%	-8.0%
WAT	Sell	WATERS CORP	$9,018,000	+10.6%	56,900	-1.9%	4.17%	+5.5%
PG	Sell	PROCTER & GAMBLE CO.	$8,248,000	+4.9%	91,910	-1.1%	3.81%	+0.1%
XOM	Sell	EXXON MOBIL CORP.	$6,788,000	-8.4%	77,775	-1.6%	3.14%	-12.6%
HON	Sell	HONEYWELL INTL INC.	$6,053,000	-1.5%	51,925	-1.7%	2.80%	-6.0%
MMM	Sell	3M COMPANY	$5,392,000	-1.1%	30,600	-1.7%	2.49%	-5.6%
DIS	Sell	DISNEY (WALT) CO.	$4,662,000	-6.3%	50,213	-1.3%	2.16%	-10.5%
JPM	Sell	JP MORGAN CHASE & CO.	$4,350,000	+6.4%	65,330	-0.8%	2.01%	+1.6%
NKE	Sell	NIKE INC.	$4,090,000	-7.9%	77,700	-3.5%	1.89%	-12.1%
GE	Sell	GENERAL ELECTRIC	$3,894,000	-6.0%	131,469	-0.1%	1.80%	-10.3%
MSFT	Buy	MICROSOFT CORPORATION	$3,688,000	+12.6%	64,038	+0.1%	1.71%	+7.6%
UPS	Sell	UNITED PARCEL SERVICE	$3,653,000	-0.5%	33,411	-2.0%	1.69%	-5.1%
IBM	Sell	IBM CORPORATION	$3,436,000	+0.2%	21,636	-4.2%	1.59%	-4.3%
SLB	Sell	SCHLUMBERGER LIMITED	$3,265,000	-2.6%	41,523	-2.1%	1.51%	-7.0%
HHC	Sell	HOWARD HUGHES CORP	$3,181,000	-1.3%	27,790	-1.4%	1.47%	-5.8%
EMR	Sell	EMERSON ELEC CO.	$2,856,000	+2.5%	52,400	-1.9%	1.32%	-2.1%
QCOM	Sell	QUALCOMM INC.	$2,849,000	+24.8%	41,600	-2.3%	1.32%	+19.2%
BMY	Sell	BRISTOL-MYERS SQUIBB CO.	$2,718,000	-27.5%	50,420	-1.1%	1.26%	-30.8%
MCD	Sell	MC DONALD'S CORPORATION	$2,687,000	-6.6%	23,300	-2.5%	1.24%	-10.8%
PEP	Sell	PEPSICO	$2,588,000	+1.8%	23,800	-0.8%	1.20%	-2.8%
KO	Sell	COCA COLA COMP.	$2,377,000	-8.8%	56,183	-2.3%	1.10%	-13.0%
LNKD	New	LINKEDIN CORP.	$2,236,000	–	11,700	–	1.03%	–
WTS	Sell	WATTS WATER TECH INC.	$1,568,000	+6.9%	24,196	-4.0%	0.72%	+2.0%
HD	Sell	HOME DEPOT INC.	$1,568,000	-8.7%	12,187	-9.4%	0.72%	-12.9%
PM	Sell	PHILIP MORRIS INTERNATIONAL	$1,283,000	-8.6%	13,200	-4.3%	0.59%	-12.8%
AGN	Buy	ALLERGAN, INC.	$1,268,000	-0.2%	5,508	+0.1%	0.59%	-4.7%
LLL	Buy	L-3 COMMUNICATIONS	$1,193,000	+3.0%	7,915	+0.2%	0.55%	-1.6%
KMB	Sell	KIMBERLY CLARK	$1,147,000	-12.2%	9,100	-4.2%	0.53%	-16.3%
AXP	Buy	AMERICAN EXPRESS CO.	$993,000	+5.5%	15,514	+0.1%	0.46%	+0.7%
PFE	Sell	PFIZER	$961,000	-5.5%	28,400	-1.7%	0.44%	-9.9%
DEO	New	DIAGEO PLC ADR	$847,000	–	7,300	–	0.39%	–
MO	Sell	ALTRIA GROUP INC.	$809,000	-10.4%	12,800	-2.3%	0.37%	-14.4%
CSCO	Buy	CISCO SYSTEMS INC.	$761,000	+59.9%	24,000	+44.6%	0.35%	+52.4%
GOOG	Sell	ALPHABET INC. CLASS C	$677,000	+11.2%	872	-0.9%	0.31%	+6.1%
COST	Sell	COSTCO WHOLESALE CORP.	$564,000	-5.4%	3,700	-2.6%	0.26%	-9.7%
GOOGL	Sell	ALPHABET INC. CLASS A	$556,000	+6.9%	692	-6.5%	0.26%	+2.0%
CVS	Buy	CVS HEALTH CORP.	$535,000	-6.8%	6,020	+0.3%	0.25%	-11.2%
PAH	Sell	PLATFORM SPECIALTY PRODUCTS	$483,000	-9.9%	59,575	-1.3%	0.22%	-14.2%
CVX	Buy	CHEVRON CORP.	$457,000	+1.6%	4,450	+3.5%	0.21%	-3.2%
COP	Buy	CONOCO PHILLIPS	$430,000	+3.9%	9,900	+4.2%	0.20%	-1.0%
T	New	AT&T	$406,000	–	10,000	–	0.19%	–
FCX	Buy	FREEPORT-MCMORAN INC.	$160,000	-1.8%	14,774	+0.5%	0.07%	-6.3%
EMC	Exit	EMC CORPORATION	$0	–	-7,500	–	-0.10%	–
SHPG	Exit	SHIRE PLC	$0	–	-5,612	–	-0.50%	–

Q2 2016

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC.	$40,485,000	–	423,489	–	19.61%	–
JNJ	New	JOHNSON & JOHNSON	$11,938,000	–	98,422	–	5.78%	–
WAT	New	WATERS CORP	$8,157,000	–	58,000	–	3.95%	–
PG	New	PROCTER & GAMBLE CO.	$7,866,000	–	92,910	–	3.81%	–
XOM	New	EXXON MOBIL CORP.	$7,412,000	–	79,075	–	3.59%	–
HON	New	HONEYWELL INTL INC.	$6,144,000	–	52,825	–	2.98%	–
MMM	New	3M COMPANY	$5,453,000	–	31,140	–	2.64%	–
DIS	New	DISNEY (WALT) CO.	$4,974,000	–	50,850	–	2.41%	–
AMGN	New	AMGEN INC.	$4,926,000	–	32,380	–	2.39%	–
BA	New	BOEING COMPANY	$4,485,000	–	34,535	–	2.17%	–
NKE	New	NIKE INC.	$4,443,000	–	80,500	–	2.15%	–
GE	New	GENERAL ELECTRIC	$4,143,000	–	131,637	–	2.01%	–
JPM	New	JP MORGAN CHASE & CO.	$4,090,000	–	65,830	–	1.98%	–
BMY	New	BRISTOL-MYERS SQUIBB CO.	$3,751,000	–	51,000	–	1.82%	–
UPS	New	UNITED PARCEL SERVICE	$3,673,000	–	34,100	–	1.78%	–
CL	New	COLGATE-PALMOLIVE	$3,506,000	–	47,900	–	1.70%	–
ABBV	New	ABBVIE INC.	$3,485,000	–	56,300	–	1.69%	–
IBM	New	IBM CORPORATION	$3,429,000	–	22,596	–	1.66%	–
SLB	New	SCHLUMBERGER LIMITED	$3,352,000	–	42,400	–	1.62%	–
MSFT	New	MICROSOFT CORPORATION	$3,274,000	–	64,000	–	1.59%	–
HHC	New	HOWARD HUGHES CORP	$3,222,000	–	28,190	–	1.56%	–
MCD	New	MC DONALD'S CORPORATION	$2,876,000	–	23,900	–	1.39%	–
EMR	New	EMERSON ELEC CO.	$2,785,000	–	53,400	–	1.35%	–
KO	New	COCA COLA COMP.	$2,606,000	–	57,506	–	1.26%	–
PEP	New	PEPSICO	$2,542,000	–	24,000	–	1.23%	–
ORCL	New	ORACLE CORPORATION	$2,517,000	–	61,500	–	1.22%	–
BRKB	New	BERKSHIRE HATHAWAY INC. CL. "B"	$2,384,000	–	16,470	–	1.16%	–
QCOM	New	QUALCOMM INC.	$2,282,000	–	42,600	–	1.11%	–
ABT	New	ABBOTT LABS	$2,156,000	–	54,850	–	1.04%	–
VZ	New	VERIZON COMMUNICATIONS	$1,863,000	–	33,373	–	0.90%	–
NVS	New	NOVARTIS ADR	$1,839,000	–	22,300	–	0.89%	–
HD	New	HOME DEPOT INC.	$1,717,000	–	13,450	–	0.83%	–
BAX	New	BAXTER INTERNATIONAL INC.	$1,691,000	–	37,400	–	0.82%	–
NSC	New	NORFOLK SOUTHERN CORP.	$1,651,000	–	19,400	–	0.80%	–
DOV	New	DOVER CORP	$1,566,000	–	22,600	–	0.76%	–
DD	New	DUPONT DE NEMOURS E.I.	$1,522,000	–	23,500	–	0.74%	–
WTS	New	WATTS WATER TECH INC.	$1,467,000	–	25,196	–	0.71%	–
UNP	New	UNION PACIFIC CORP.	$1,409,000	–	16,150	–	0.68%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$1,403,000	–	13,800	–	0.68%	–
KMB	New	KIMBERLY CLARK	$1,306,000	–	9,500	–	0.63%	–
WFC	New	WELLS FARGO & CO.	$1,292,000	–	27,300	–	0.63%	–
AGN	New	ALLERGAN, INC.	$1,270,000	–	5,500	–	0.62%	–
FDX	New	FEDEX CORP	$1,214,000	–	8,000	–	0.59%	–
HAL	New	HALLIBURTON COMPANY	$1,191,000	–	26,300	–	0.58%	–
LLL	New	L-3 COMMUNICATIONS	$1,158,000	–	7,900	–	0.56%	–
INTC	New	INTEL CORP.	$1,036,000	–	31,600	–	0.50%	–
SHPG	New	SHIRE PLC	$1,033,000	–	5,612	–	0.50%	–
LOW	New	LOWES COMPANIES INC.	$1,029,000	–	13,000	–	0.50%	–
LLY	New	LILLY (ELI) & CO.	$1,023,000	–	13,000	–	0.50%	–
PFE	New	PFIZER	$1,017,000	–	28,900	–	0.49%	–
AXP	New	AMERICAN EXPRESS CO.	$941,000	–	15,500	–	0.46%	–
BHI	New	BAKER HUGHES, INC.	$911,000	–	20,200	–	0.44%	–
MO	New	ALTRIA GROUP INC.	$903,000	–	13,100	–	0.44%	–
BK	New	BANK OF NY MELLON CORP	$796,000	–	20,500	–	0.39%	–
VOD	New	VODAFONE GROUP PLC ADR	$722,000	–	23,385	–	0.35%	–
	New	AMERICAN FUNDAMENTAL INVESTORS CL A	$705,000	–	13,576	–	0.34%	–
GS	New	GOLDMAN SACHS GROUP INC.	$631,000	–	4,250	–	0.31%	–
OAK	New	OAKTREE CAPITAL GROUP, LLC	$617,000	–	13,800	–	0.30%	–
GOOG	New	ALPHABET INC. CLASS C	$609,000	–	880	–	0.30%	–
APD	New	AIR PRODUCTS & CHEMICALS	$603,000	–	4,250	–	0.29%	–
COST	New	COSTCO WHOLESALE CORP.	$596,000	–	3,800	–	0.29%	–
CVS	New	CVS HEALTH CORP.	$574,000	–	6,000	–	0.28%	–
C	New	CITIGROUP INC.	$548,000	–	12,950	–	0.26%	–
KHC	New	THE KRAFT HEINZ COMPANY	$539,000	–	6,100	–	0.26%	–
PAH	New	PLATFORM SPECIALTY PRODUCTS	$536,000	–	60,375	–	0.26%	–
DE	New	DEERE CO.	$534,000	–	6,600	–	0.26%	–
GLW	New	CORNING INC.	$522,000	–	25,500	–	0.25%	–
GOOGL	New	ALPHABET INC. CLASS A	$520,000	–	740	–	0.25%	–
CSCO	New	CISCO SYSTEMS INC.	$476,000	–	16,600	–	0.23%	–
CVX	New	CHEVRON CORP.	$450,000	–	4,300	–	0.22%	–
D	New	DOMINION RESOURCES, INC.	$428,000	–	5,500	–	0.21%	–
COP	New	CONOCO PHILLIPS	$414,000	–	9,500	–	0.20%	–
DVN	New	DEVON ENERGY CORP.	$384,000	–	10,600	–	0.19%	–
SYK	New	STRYKER CORPORATION	$359,000	–	3,000	–	0.17%	–
MDLZ	New	MONDELEZ INTERNATIONAL, INC.	$295,000	–	6,500	–	0.14%	–
BAC	New	BANK OF AMERICA CORP	$232,000	–	17,487	–	0.11%	–
EMC	New	EMC CORPORATION	$203,000	–	7,500	–	0.10%	–
FCX	New	FREEPORT-MCMORAN INC.	$163,000	–	14,700	–	0.08%	–
KN	New	KNOWLES CORPORATION	$151,000	–	11,100	–	0.07%	–

Q4 2015

			Value		Shares		↓ Weighting
FCX	Exit	FREEPORT-MCMORAN COPPER & GOLD, INC.	$0	–	-16,200	–	-0.08%	–
KN	Exit	KNOWLES CORPORATION	$0	–	-11,400	–	-0.10%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-3,000	–	-0.14%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-19,205	–	-0.15%	–
CVX	Exit	CHEVRON TEXACO	$0	–	-4,700	–	-0.18%	–
J	Exit	JACOBS ENGINEERING GROUP	$0	–	-10,000	–	-0.19%	–
COP	Exit	CONOCO PHILLIPS	$0	–	-8,900	–	-0.21%	–
DVN	Exit	DEVON ENERGY CORP.	$0	–	-11,600	–	-0.21%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-16,600	–	-0.22%	–
GOOG	Exit	GOOGLE INC CLASS C	$0	–	-740	–	-0.22%	–
CMI	Exit	CUMMINS INC.	$0	–	-4,200	–	-0.23%	–
GLW	Exit	CORNING INC.	$0	–	-27,300	–	-0.23%	–
GOOGL	Exit	GOOGLE INC CLASS A	$0	–	-740	–	-0.24%	–
	Exit	DEERE & COMPANY	$0	–	-6,700	–	-0.25%	–
KFT	Exit	KRAFT HEINZ FOODS CO	$0	–	-7,300	–	-0.26%	–
COST	Exit	COSTCO	$0	–	-3,600	–	-0.26%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-4,250	–	-0.27%	–
CLVS	Exit	CLOVIS	$0	–	-6,000	–	-0.27%	–
MS	Exit	MORGAN STANLEY	$0	–	-18,300	–	-0.29%	–
CVS	Exit	CVS CAREMARK CORP.	$0	–	-6,000	–	-0.29%	–
OAK	Exit	OAKTREE CAPITAL GROUP, LLC	$0	–	-13,900	–	-0.34%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-13,100	–	-0.35%	–
GS	Exit	GOLDMAN SACHS	$0	–	-4,250	–	-0.37%	–
PAH	Exit	PLATFORM SPECIALTY PRODUCTS	$0	–	-60,375	–	-0.38%	–
BK	Exit	BANK OF NY MELLON CORP	$0	–	-20,500	–	-0.40%	–
LLL	Exit	L-3 COMMUNICATIONS	$0	–	-7,900	–	-0.41%	–
PFE	Exit	PFIZER	$0	–	-28,500	–	-0.44%	–
LOW	Exit	LOWES COMPANIES	$0	–	-13,000	–	-0.44%	–
	Exit	AMERICAN FUNDAMENTAL INVESTORS CL A	$0	–	-18,956	–	-0.46%	–
HAL	Exit	HALLIBURTON COMPANY	$0	–	-26,300	–	-0.46%	–
INTC	Exit	INTEL CORP.	$0	–	-31,600	–	-0.47%	–
VOD	Exit	VODAFONE GROUP PLC ADR	$0	–	-31,020	–	-0.49%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-9,500	–	-0.51%	–
BHI	Exit	BAKER HUGHES, INC.	$0	–	-20,200	–	-0.52%	–
LLY	Exit	LILLY (ELI) & CO.	$0	–	-13,000	–	-0.54%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-13,800	–	-0.54%	–
CYT	Exit	CYTEC INDUSTRIES	$0	–	-15,200	–	-0.56%	–
DD	Exit	DUPONT DE NEMOURS	$0	–	-23,500	–	-0.56%	–
FDX	Exit	FEDEX CORP	$0	–	-8,000	–	-0.57%	–
AXP	Exit	AMERICAN EXPRESS CO.	$0	–	-16,500	–	-0.61%	–
BXLT	Exit	BAXALTA INCORPORATED	$0	–	-38,900	–	-0.61%	–
BAX	Exit	BAXTER INTERNATIONAL	$0	–	-38,900	–	-0.64%	–
DOV	Exit	DOVER CORP	$0	–	-22,600	–	-0.64%	–
EXTR	Exit	WELLS FARGO	$0	–	-26,300	–	-0.67%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-31,573	–	-0.68%	–
UNP	Exit	UNION PACIFIC CORP.	$0	–	-16,300	–	-0.72%	–
NSC	Exit	NORFOLK SOUTHERN CORP.	$0	–	-19,400	–	-0.74%	–
HD	Exit	HOME DEPOT	$0	–	-13,550	–	-0.78%	–
KYTH	Exit	KYTHERA BIOPHARMACEUTICALS, INC.	$0	–	-21,100	–	-0.79%	–
WTS	Exit	WATTS WATER TECHNOLOGIES	$0	–	-35,500	–	-0.93%	–
PCP	Exit	PRECISION CASTPARTS	$0	–	-8,400	–	-0.96%	–
NVS	Exit	NOVARTIS ADR	$0	–	-22,400	–	-1.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC. CL. "B"	$0	–	-16,570	–	-1.07%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-55,050	–	-1.10%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-61,600	–	-1.10%	–
PEP	Exit	PEPSICO	$0	–	-24,200	–	-1.13%	–
KO	Exit	COCA COLA	$0	–	-58,095	–	-1.16%	–
MCD	Exit	MC DONALD'S CORPORATION	$0	–	-23,800	–	-1.16%	–
QCOM	Exit	QUALCOMM	$0	–	-45,500	–	-1.21%	–
EMR	Exit	EMERSON CO.	$0	–	-56,400	–	-1.24%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-63,800	–	-1.40%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-51,100	–	-1.50%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-43,900	–	-1.50%	–
ABBV	Exit	ABBVIE INC.	$0	–	-56,250	–	-1.52%	–
CL	Exit	COLGATE-PALMOLIVE COMPANY	$0	–	-48,600	–	-1.53%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-27,490	–	-1.57%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-131,437	–	-1.65%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-34,900	–	-1.71%	–
IBM	Exit	IBM CORPORATION	$0	–	-25,996	–	-1.87%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-65,930	–	-2.00%	–
NKE	Exit	NIKE INC.	$0	–	-35,000	–	-2.14%	–
MMM	Exit	3M	$0	–	-31,040	–	-2.19%	–
AMGN	Exit	AMGEN INC.	$0	–	-32,180	–	-2.21%	–
BA	Exit	BOEING CORPORATION	$0	–	-34,700	–	-2.26%	–
DIS	Exit	DISNEY (WALT) CO.	$0	–	-46,850	–	-2.38%	–
HON	Exit	HONEYWELL INTL	$0	–	-52,825	–	-2.48%	–
XOM	Exit	EXXON MOBIL	$0	–	-80,375	–	-2.97%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-94,660	–	-3.38%	–
WAT	Exit	WATERS CORP	$0	–	-58,000	–	-3.41%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-99,122	–	-4.60%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-431,677	–	-23.66%	–

Q3 2015

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE COMPUTER	$47,613,000	-12.1%	431,677	-0.0%	23.66%	-3.4%
JNJ	Buy	JOHNSON & JOHNSON	$9,253,000	-3.7%	99,122	+0.5%	4.60%	+5.8%
WAT	Sell	WATERS CORP	$6,856,000	-8.1%	58,000	-0.2%	3.41%	+1.0%
PG	Sell	PROCTER & GAMBLE	$6,809,000	-8.3%	94,660	-0.3%	3.38%	+0.7%
XOM	Buy	EXXON MOBIL	$5,975,000	-10.6%	80,375	+0.1%	2.97%	-1.8%
DIS	Buy	DISNEY (WALT) CO.	$4,788,000	-10.1%	46,850	+0.4%	2.38%	-1.2%
BA	Sell	BOEING CORPORATION	$4,543,000	-5.9%	34,700	-0.3%	2.26%	+3.4%
IBM	Sell	IBM CORPORATION	$3,768,000	-11.2%	25,996	-0.4%	1.87%	-2.4%
GE	Buy	GENERAL ELECTRIC	$3,314,000	-4.8%	131,437	+0.3%	1.65%	+4.6%
HHC	Buy	HOWARD HUGHES CORP	$3,154,000	-19.5%	27,490	+0.7%	1.57%	-11.5%
ABBV	Sell	ABBVIE INC.	$3,060,000	-19.2%	56,250	-0.2%	1.52%	-11.2%
SLB	Buy	SCHLUMBERGER LIMITED	$3,027,000	-19.6%	43,900	+0.5%	1.50%	-11.7%
BMY	Sell	BRISTOL-MYERS SQUIBB	$3,025,000	-11.2%	51,100	-0.2%	1.50%	-2.4%
MSFT	Buy	MICROSOFT CORPORATION	$2,823,000	+1.5%	63,800	+1.2%	1.40%	+11.5%
EMR	Sell	EMERSON CO.	$2,491,000	-21.0%	56,400	-0.9%	1.24%	-13.2%
QCOM	Sell	QUALCOMM	$2,444,000	-15.1%	45,500	-1.1%	1.21%	-6.8%
KO	Sell	COCA COLA	$2,330,000	+0.6%	58,095	-1.6%	1.16%	+10.6%
BRKB	Sell	BERKSHIRE HATHAWAY INC. CL. "B"	$2,160,000	-4.8%	16,570	-0.6%	1.07%	+4.6%
HD	Buy	HOME DEPOT	$1,564,000	+4.7%	13,550	+0.7%	0.78%	+14.9%
EXTR	Buy	WELLS FARGO	$1,350,000	-6.9%	26,300	+1.9%	0.67%	+2.3%
BXLT	New	BAXALTA INCORPORATED	$1,225,000	–	38,900	–	0.61%	–
INTC	Buy	INTEL CORP.	$952,000	+1.4%	31,600	+2.3%	0.47%	+11.3%
PAH	Buy	PLATFORM SPECIALTY PRODUCTS	$763,000	-48.9%	60,375	+3.4%	0.38%	-43.9%
MS	Buy	MORGAN STANLEY	$576,000	-17.0%	18,300	+2.2%	0.29%	-8.9%
APD	Sell	AIR PRODUCTS & CHEMICALS	$542,000	-10.9%	4,250	-4.5%	0.27%	-2.2%
COST	Buy	COSTCO	$520,000	+13.3%	3,600	+5.9%	0.26%	+24.0%
KFT	Buy	KRAFT HEINZ FOODS CO	$515,000	-16.0%	7,300	+1.4%	0.26%	-7.6%
COP	Buy	CONOCO PHILLIPS	$426,000	-19.3%	8,900	+3.5%	0.21%	-11.3%
CVX	Buy	CHEVRON TEXACO	$370,000	-15.5%	4,700	+3.3%	0.18%	-7.1%
KN	Sell	KNOWLES CORPORATION	$210,000	0.0%	11,400	-2.1%	0.10%	+9.5%

Q2 2015

			Value		Shares		↓ Weighting
AAPL	New	APPLE COMPUTER	$54,155,000	–	431,777	–	24.49%	–
JNJ	New	JOHNSON & JOHNSON	$9,611,000	–	98,622	–	4.35%	–
WAT	New	WATERS CORP	$7,458,000	–	58,100	–	3.37%	–
PG	New	PROCTER & GAMBLE	$7,425,000	–	94,910	–	3.36%	–
XOM	New	EXXON MOBIL	$6,683,000	–	80,325	–	3.02%	–
HON	New	HONEYWELL INTL	$5,386,000	–	52,825	–	2.44%	–
DIS	New	DISNEY (WALT) CO.	$5,324,000	–	46,650	–	2.41%	–
AMGN	New	AMGEN INC.	$4,940,000	–	32,180	–	2.23%	–
BA	New	BOEING CORPORATION	$4,827,000	–	34,800	–	2.18%	–
MMM	New	3M	$4,789,000	–	31,040	–	2.17%	–
JPM	New	JP MORGAN CHASE & CO.	$4,467,000	–	65,930	–	2.02%	–
IBM	New	IBM CORPORATION	$4,244,000	–	26,096	–	1.92%	–
HHC	New	HOWARD HUGHES CORP	$3,917,000	–	27,290	–	1.77%	–
ABBV	New	ABBVIE INC.	$3,786,000	–	56,350	–	1.71%	–
NKE	New	NIKE INC.	$3,780,000	–	35,000	–	1.71%	–
SLB	New	SCHLUMBERGER LIMITED	$3,766,000	–	43,700	–	1.70%	–
GE	New	GENERAL ELECTRIC	$3,481,000	–	131,037	–	1.57%	–
BMY	New	BRISTOL-MYERS SQUIBB	$3,406,000	–	51,200	–	1.54%	–
UPS	New	UNITED PARCEL SERVICE	$3,382,000	–	34,900	–	1.53%	–
CL	New	COLGATE-PALMOLIVE COMPANY	$3,178,000	–	48,600	–	1.44%	–
EMR	New	EMERSON CO.	$3,153,000	–	56,900	–	1.43%	–
QCOM	New	QUALCOMM	$2,880,000	–	46,000	–	1.30%	–
MSFT	New	MICROSOFT CORPORATION	$2,782,000	–	63,020	–	1.26%	–
BAX	New	BAXTER INTERNATIONAL	$2,720,000	–	38,900	–	1.23%	–
ABT	New	ABBOTT LABORATORIES	$2,701,000	–	55,050	–	1.22%	–
ORCL	New	ORACLE CORPORATION	$2,482,000	–	61,600	–	1.12%	–
KO	New	COCA COLA	$2,316,000	–	59,045	–	1.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC. CL. "B"	$2,268,000	–	16,670	–	1.03%	–
MCD	New	MC DONALD'S CORPORATION	$2,262,000	–	23,800	–	1.02%	–
PEP	New	PEPSICO	$2,258,000	–	24,200	–	1.02%	–
NVS	New	NOVARTIS ADR	$2,202,000	–	22,400	–	1.00%	–
WTS	New	WATTS WATER TECHNOLOGIES	$1,840,000	–	35,500	–	0.83%	–
NSC	New	NORFOLK SOUTHERN CORP.	$1,694,000	–	19,400	–	0.77%	–
PCP	New	PRECISION CASTPARTS	$1,678,000	–	8,400	–	0.76%	–
KYTH	New	KYTHERA BIOPHARMACEUTICALS, INC.	$1,589,000	–	21,100	–	0.72%	–
DOV	New	DOVER CORP	$1,586,000	–	22,600	–	0.72%	–
UNP	New	UNION PACIFIC CORP.	$1,554,000	–	16,300	–	0.70%	–
DD	New	DUPONT DE NEMOURS	$1,502,000	–	23,500	–	0.68%	–
HD	New	HOME DEPOT	$1,494,000	–	13,450	–	0.68%	–
PAH	New	PLATFORM SPECIALTY PRODUCTS	$1,493,000	–	58,375	–	0.68%	–
VZ	New	VERIZON COMMUNICATIONS	$1,471,000	–	31,573	–	0.66%	–
EXTR	New	WELLS FARGO	$1,450,000	–	25,800	–	0.66%	–
FDX	New	FEDEX CORP	$1,363,000	–	8,000	–	0.62%	–
AXP	New	AMERICAN EXPRESS CO.	$1,282,000	–	16,500	–	0.58%	–
BHI	New	BAKER HUGHES, INC.	$1,246,000	–	20,200	–	0.56%	–
HAL	New	HALLIBURTON COMPANY	$1,132,000	–	26,300	–	0.51%	–
VOD	New	VODAFONE GROUP PLC ADR	$1,130,000	–	31,020	–	0.51%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$1,106,000	–	13,800	–	0.50%	–
LLY	New	LILLY (ELI) & CO.	$1,085,000	–	13,000	–	0.49%	–
KMB	New	KIMBERLY CLARK	$1,006,000	–	9,500	–	0.46%	–
	New	AMERICAN FUNDAMENTAL INVESTORS CL A	$998,000	–	18,956	–	0.45%	–
PFE	New	PFIZER	$955,000	–	28,500	–	0.43%	–
INTC	New	INTEL CORP.	$939,000	–	30,900	–	0.42%	–
CYT	New	CYTEC INDUSTRIES	$920,000	–	15,200	–	0.42%	–
LLL	New	L-3 COMMUNICATIONS	$895,000	–	7,900	–	0.40%	–
GS	New	GOLDMAN SACHS	$887,000	–	4,250	–	0.40%	–
LOW	New	LOWES COMPANIES	$870,000	–	13,000	–	0.39%	–
BK	New	BANK OF NY MELLON CORP	$860,000	–	20,500	–	0.39%	–
OAK	New	OAKTREE CAPITAL GROUP, LLC	$739,000	–	13,900	–	0.33%	–
MS	New	MORGAN STANLEY	$694,000	–	17,900	–	0.31%	–
DVN	New	DEVON ENERGY CORP.	$690,000	–	11,600	–	0.31%	–
	New	DEERE & COMPANY	$650,000	–	6,700	–	0.29%	–
MO	New	ALTRIA GROUP INC.	$640,000	–	13,100	–	0.29%	–
CVS	New	CVS CAREMARK CORP.	$629,000	–	6,000	–	0.28%	–
KFT	New	KRAFT FOODS INC	$613,000	–	7,200	–	0.28%	–
APD	New	AIR PRODUCTS & CHEMICALS	$608,000	–	4,450	–	0.28%	–
CMI	New	CUMMINS INC.	$550,000	–	4,200	–	0.25%	–
GLW	New	CORNING INC.	$538,000	–	27,300	–	0.24%	–
COP	New	CONOCO PHILLIPS	$528,000	–	8,600	–	0.24%	–
CLVS	New	CLOVIS	$527,000	–	6,000	–	0.24%	–
COST	New	COSTCO	$459,000	–	3,400	–	0.21%	–
CSCO	New	CISCO SYSTEMS	$455,000	–	16,600	–	0.21%	–
CVX	New	CHEVRON TEXACO	$438,000	–	4,550	–	0.20%	–
J	New	JACOBS ENGINEERING GROUP	$406,000	–	10,000	–	0.18%	–
GOOGL	New	GOOGLE INC CLASS A	$399,000	–	740	–	0.18%	–
GOOG	New	GOOGLE INC CLASS C	$385,000	–	740	–	0.17%	–
BAC	New	BANK OF AMERICA CORP	$326,000	–	19,205	–	0.15%	–
FCX	New	FREEPORT-MCMORAN COPPER & GOLD, INC.	$301,000	–	16,200	–	0.14%	–
SYK	New	STRYKER CORPORATION	$286,000	–	3,000	–	0.13%	–
KN	New	KNOWLES CORPORATION	$210,000	–	11,650	–	0.10%	–

Q4 2014

			Value		Shares		↓ Weighting
MDXG	Exit	MIMEDX GROUP INC	$0	–	-15,000	–	-0.05%	–
	Exit	VIRTUS INSIGHT EMERGING MARKETS C	$0	–	-18,800	–	-0.08%	–
APA	Exit	APACHE CORP.	$0	–	-2,600	–	-0.11%	–
BLK	Exit	BLACKROCK INC.	$0	–	-770	–	-0.11%	–
CLVS	Exit	CLOVIS	$0	–	-6,000	–	-0.12%	–
EPD	Exit	ENTERPRISE PROSUCTS PARTNERS L.P.	$0	–	-6,800	–	-0.12%	–
NSRGY	Exit	NESTLE S A SPONSORED ADR	$0	–	-3,900	–	-0.13%	–
TJX	Exit	TJX COMPANIES, INC.	$0	–	-5,200	–	-0.14%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-19,205	–	-0.15%	–
	Exit	OPPENHEIMER INTERNATIONAL GROWTH C	$0	–	-9,750	–	-0.15%	–
KN	Exit	KNOWLES CORPORATION	$0	–	-12,650	–	-0.15%	–
	Exit	INVESCO INTERNATIONAL GROWTH A	$0	–	-10,194	–	-0.16%	–
TPRE	Exit	THIRD POINT REINSURANCE LTD	$0	–	-25,600	–	-0.17%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-16,900	–	-0.19%	–
	Exit	EMC CORPORATION	$0	–	-15,200	–	-0.20%	–
CVS	Exit	CVS CAREMARK CORP.	$0	–	-6,000	–	-0.22%	–
J	Exit	JACOBS ENGINEERING GROUP	$0	–	-10,000	–	-0.22%	–
GILD	Exit	GILEAD SCIENCES INC.	$0	–	-4,600	–	-0.22%	–
KFT	Exit	KRAFT FOODS INC	$0	–	-9,000	–	-0.23%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-3,950	–	-0.23%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GOLD, INC.	$0	–	-16,200	–	-0.24%	–
GLW	Exit	CORNING INC.	$0	–	-28,300	–	-0.25%	–
	Exit	DEERE & COMPANY	$0	–	-6,700	–	-0.25%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-7,000	–	-0.25%	–
COST	Exit	COSTCO	$0	–	-4,600	–	-0.26%	–
MS	Exit	MORGAN STANLEY	$0	–	-16,900	–	-0.26%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-13,600	–	-0.28%	–
GOOG	Exit	GOOGLE INC CLASS C	$0	–	-1,090	–	-0.28%	–
GOOGL	Exit	GOOGLE INC CLASS A	$0	–	-1,090	–	-0.29%	–
CVX	Exit	CHEVRON TEXACO	$0	–	-5,650	–	-0.30%	–
LOW	Exit	LOWES COMPANIES	$0	–	-13,000	–	-0.31%	–
CMI	Exit	CUMMINS INC.	$0	–	-5,200	–	-0.31%	–
OAK	Exit	OAKTREE CAPITAL GROUP, LLC	$0	–	-13,900	–	-0.32%	–
CYT	Exit	CYTEC INDUSTRIES	$0	–	-15,200	–	-0.32%	–
DVN	Exit	DEVON ENERGY CORP.	$0	–	-11,600	–	-0.36%	–
GS	Exit	GOLDMAN SACHS	$0	–	-4,450	–	-0.37%	–
BK	Exit	BANK OF NY MELLON CORP	$0	–	-21,421	–	-0.37%	–
LLY	Exit	LILLY (ELI) & CO.	$0	–	-13,000	–	-0.38%	–
LLL	Exit	L-3 COMMUNICATIONS	$0	–	-7,900	–	-0.42%	–
COP	Exit	CONOCO PHILLIPS	$0	–	-12,764	–	-0.44%	–
PFE	Exit	PFIZER	$0	–	-34,500	–	-0.46%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-9,500	–	-0.46%	–
INTC	Exit	INTEL CORP.	$0	–	-30,900	–	-0.48%	–
VOD	Exit	VODAFONE GROUP PLC ADR	$0	–	-33,392	–	-0.49%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-13,800	–	-0.52%	–
HD	Exit	HOME DEPOT	$0	–	-13,150	–	-0.54%	–
FDX	Exit	FEDEX CORP	$0	–	-8,000	–	-0.58%	–
BHI	Exit	BAKER HUGHES, INC.	$0	–	-20,200	–	-0.59%	–
AXP	Exit	AMERICAN EXPRESS CO.	$0	–	-16,500	–	-0.65%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-32,033	–	-0.72%	–
HAL	Exit	HALLIBURTON COMPANY	$0	–	-26,300	–	-0.76%	–
EXTR	Exit	WELLS FARGO	$0	–	-35,300	–	-0.82%	–
PCP	Exit	PRECISION CASTPARTS	$0	–	-8,400	–	-0.90%	–
TRN	Exit	TRINITY INDUSTRIES INC	$0	–	-42,750	–	-0.90%	–
DOV	Exit	DOVER CORP	$0	–	-25,100	–	-0.91%	–
DD	Exit	DUPONT DE NEMOURS	$0	–	-28,271	–	-0.91%	–
WTS	Exit	WATTS WATER TECHNOLOGIES	$0	–	-35,500	–	-0.93%	–
UNP	Exit	UNION PACIFIC CORP.	$0	–	-19,250	–	-0.94%	–
PLL	Exit	PALL CORPORATION	$0	–	-25,000	–	-0.94%	–
NVS	Exit	NOVARTIS ADR	$0	–	-22,400	–	-0.95%	–
NSC	Exit	NORFOLK SOUTHERN CORP.	$0	–	-19,400	–	-0.97%	–
MCD	Exit	MC DONALD'S CORPORATION	$0	–	-24,850	–	-1.06%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-58,250	–	-1.09%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-66,600	–	-1.15%	–
PEP	Exit	PEPSICO	$0	–	-27,420	–	-1.15%	–
KO	Exit	COCA COLA	$0	–	-63,450	–	-1.22%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC. CL. "B"	$0	–	-20,078	–	-1.25%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-54,700	–	-1.26%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-61,600	–	-1.28%	–
BAX	Exit	BAXTER INTERNATIONAL	$0	–	-41,100	–	-1.33%	–
NKE	Exit	NIKE INC.	$0	–	-35,000	–	-1.40%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-21,030	–	-1.42%	–
CL	Exit	COLGATE-PALMOLIVE COMPANY	$0	–	-49,328	–	-1.45%	–
ABBV	Exit	ABBVIE INC.	$0	–	-60,150	–	-1.56%	–
EMR	Exit	EMERSON CO.	$0	–	-57,400	–	-1.62%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-142,637	–	-1.64%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-37,400	–	-1.65%	–
QCOM	Exit	QUALCOMM	$0	–	-50,300	–	-1.69%	–
AMGN	Exit	AMGEN INC.	$0	–	-28,500	–	-1.80%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-73,990	–	-2.00%	–
DIS	Exit	DISNEY (WALT) CO.	$0	–	-51,350	–	-2.06%	–
MMM	Exit	3M	$0	–	-32,760	–	-2.09%	–
BA	Exit	BOEING CORPORATION	$0	–	-37,500	–	-2.15%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-47,712	–	-2.18%	–
HON	Exit	HONEYWELL INTL	$0	–	-54,825	–	-2.30%	–
IBM	Exit	IBM CORPORATION	$0	–	-28,928	–	-2.47%	–
WAT	Exit	WATERS CORP	$0	–	-58,400	–	-2.60%	–
XOM	Exit	EXXON MOBIL	$0	–	-82,525	–	-3.49%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-98,726	–	-3.72%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-102,822	–	-4.93%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-444,657	–	-20.16%	–

Q3 2014

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE COMPUTER	$44,799,000	+7.9%	444,657	-0.5%	20.16%	+7.1%
JNJ	Sell	JOHNSON & JOHNSON	$10,959,000	+1.4%	102,822	-0.5%	4.93%	+0.7%
PG	Sell	PROCTER & GAMBLE	$8,267,000	+5.5%	98,726	-1.0%	3.72%	+4.8%
XOM	Sell	EXXON MOBIL	$7,761,000	-7.4%	82,525	-0.8%	3.49%	-8.0%
WAT	Sell	WATERS CORP	$5,788,000	-6.1%	58,400	-1.0%	2.60%	-6.7%
IBM	Sell	IBM CORPORATION	$5,491,000	+3.3%	28,928	-1.4%	2.47%	+2.6%
SLB	Sell	SCHLUMBERGER LIMITED	$4,851,000	-15.0%	47,712	-1.4%	2.18%	-15.6%
BA	Sell	BOEING CORPORATION	$4,776,000	-1.2%	37,500	-1.3%	2.15%	-1.8%
MMM	Sell	3M	$4,641,000	-2.0%	32,760	-0.9%	2.09%	-2.6%
JPM	Sell	JP MORGAN CHASE & CO.	$4,457,000	+4.5%	73,990	-0.1%	2.00%	+3.8%
QCOM	Sell	QUALCOMM	$3,760,000	-6.5%	50,300	-1.0%	1.69%	-7.1%
UPS	Sell	UNITED PARCEL SERVICE	$3,676,000	-5.3%	37,400	-1.1%	1.65%	-5.9%
GE	Sell	GENERAL ELECTRIC	$3,654,000	-3.4%	142,637	-0.9%	1.64%	-4.0%
EMR	Sell	EMERSON CO.	$3,592,000	-7.0%	57,400	-1.4%	1.62%	-7.6%
ABBV	Sell	ABBVIE INC.	$3,474,000	+1.8%	60,150	-0.5%	1.56%	+1.2%
CL	Sell	COLGATE-PALMOLIVE COMPANY	$3,217,000	-5.9%	49,328	-1.6%	1.45%	-6.5%
HHC	Sell	HOWARD HUGHES CORP	$3,154,000	-5.9%	21,030	-0.9%	1.42%	-6.5%
KO	Sell	COCA COLA	$2,706,000	+0.1%	63,450	-0.6%	1.22%	-0.6%
PEP	Sell	PEPSICO	$2,552,000	+2.0%	27,420	-2.1%	1.15%	+1.2%
ABT	Sell	ABBOTT LABORATORIES	$2,422,000	+0.8%	58,250	-0.9%	1.09%	+0.2%
MCD	Sell	MC DONALD'S CORPORATION	$2,356,000	-11.2%	24,850	-6.3%	1.06%	-11.8%
NSC	Sell	NORFOLK SOUTHERN CORP.	$2,165,000	+5.6%	19,400	-2.5%	0.97%	+5.0%
PLL	Sell	PALL CORPORATION	$2,092,000	-5.8%	25,000	-3.8%	0.94%	-6.4%
WTS	Sell	WATTS WATER TECHNOLOGIES	$2,067,000	-8.3%	35,500	-2.7%	0.93%	-8.8%
TRN	Buy	TRINITY INDUSTRIES INC	$1,997,000	+35.6%	42,750	+26.9%	0.90%	+34.6%
PCP	Sell	PRECISION CASTPARTS	$1,989,000	-8.3%	8,400	-2.3%	0.90%	-9.0%
VZ	Sell	VERIZON COMMUNICATIONS	$1,601,000	+0.6%	32,033	-1.5%	0.72%	-0.1%
HD	Buy	HOME DEPOT	$1,206,000	+54.0%	13,150	+35.9%	0.54%	+53.0%
VOD	Sell	VODAFONE GROUP PLC ADR	$1,098,000	-41.7%	33,392	-40.8%	0.49%	-42.0%
INTC	Sell	INTEL CORP.	$1,075,000	+10.8%	30,900	-1.6%	0.48%	+10.3%
GS	Sell	GOLDMAN SACHS	$816,000	+4.9%	4,450	-4.3%	0.37%	+4.3%
CYT	Buy	CYTEC INDUSTRIES	$718,000	-15.8%	15,200	+87.7%	0.32%	-16.3%
OAK	Sell	OAKTREE CAPITAL GROUP, LLC	$710,000	-1.3%	13,900	-3.5%	0.32%	-2.1%
LOW	Sell	LOWES COMPANIES	$687,000	+5.4%	13,000	-4.4%	0.31%	+4.7%
CMI	Sell	CUMMINS INC.	$686,000	-19.1%	5,200	-5.5%	0.31%	-19.5%
KFT	Sell	KRAFT FOODS INC	$507,000	-10.9%	9,000	-5.3%	0.23%	-11.6%
BAC	Sell	BANK OF AMERICA CORP	$327,000	-10.2%	19,205	-19.0%	0.15%	-10.9%
EPD	Buy	ENTERPRISE PROSUCTS PARTNERS L.P.	$274,000	+3.0%	6,800	+100.0%	0.12%	+2.5%

Q2 2014

			Value		Shares		↓ Weighting
AAPL	New	APPLE COMPUTER	$41,535,000	–	446,957	–	18.81%	–
JNJ	New	JOHNSON & JOHNSON	$10,809,000	–	103,322	–	4.90%	–
XOM	New	EXXON MOBIL	$8,379,000	–	83,225	–	3.80%	–
PG	New	PROCTER & GAMBLE	$7,837,000	–	99,726	–	3.55%	–
WAT	New	WATERS CORP	$6,161,000	–	59,000	–	2.79%	–
SLB	New	SCHLUMBERGER LIMITED	$5,710,000	–	48,412	–	2.59%	–
IBM	New	IBM CORPORATION	$5,316,000	–	29,328	–	2.41%	–
HON	New	HONEYWELL INTL	$5,095,000	–	54,825	–	2.31%	–
BA	New	BOEING CORPORATION	$4,834,000	–	38,000	–	2.19%	–
MMM	New	3M	$4,735,000	–	33,060	–	2.14%	–
DIS	New	DISNEY (WALT) CO.	$4,402,000	–	51,350	–	1.99%	–
JPM	New	JP MORGAN CHASE & CO.	$4,266,000	–	74,040	–	1.93%	–
QCOM	New	QUALCOMM	$4,023,000	–	50,800	–	1.82%	–
UPS	New	UNITED PARCEL SERVICE	$3,880,000	–	37,800	–	1.76%	–
EMR	New	EMERSON CO.	$3,862,000	–	58,200	–	1.75%	–
GE	New	GENERAL ELECTRIC	$3,782,000	–	143,937	–	1.71%	–
CL	New	COLGATE-PALMOLIVE COMPANY	$3,417,000	–	50,128	–	1.55%	–
ABBV	New	ABBVIE INC.	$3,411,000	–	60,450	–	1.54%	–
AMGN	New	AMGEN INC.	$3,373,000	–	28,500	–	1.53%	–
HHC	New	HOWARD HUGHES CORP	$3,350,000	–	21,230	–	1.52%	–
BAX	New	BAXTER INTERNATIONAL	$2,971,000	–	41,100	–	1.35%	–
NKE	New	NIKE INC.	$2,714,000	–	35,000	–	1.23%	–
KO	New	COCA COLA	$2,703,000	–	63,815	–	1.22%	–
ORCL	New	ORACLE CORPORATION	$2,699,000	–	66,600	–	1.22%	–
MCD	New	MC DONALD'S CORPORATION	$2,654,000	–	26,530	–	1.20%	–
BMY	New	BRISTOL-MYERS SQUIBB	$2,653,000	–	54,700	–	1.20%	–
MSFT	New	MICROSOFT CORPORATION	$2,568,000	–	61,600	–	1.16%	–
BRKB	New	BERKSHIRE HATHAWAY INC. CL. "B"	$2,541,000	–	20,078	–	1.15%	–
PEP	New	PEPSICO	$2,503,000	–	28,020	–	1.13%	–
ABT	New	ABBOTT LABORATORIES	$2,402,000	–	58,750	–	1.09%	–
DOV	New	DOVER CORP	$2,282,000	–	25,100	–	1.03%	–
WTS	New	WATTS WATER TECHNOLOGIES	$2,253,000	–	36,500	–	1.02%	–
PLL	New	PALL CORPORATION	$2,220,000	–	26,000	–	1.00%	–
PCP	New	PRECISION CASTPARTS	$2,170,000	–	8,600	–	0.98%	–
NSC	New	NORFOLK SOUTHERN CORP.	$2,050,000	–	19,900	–	0.93%	–
NVS	New	NOVARTIS ADR	$2,027,000	–	22,400	–	0.92%	–
UNP	New	UNION PACIFIC CORP.	$1,920,000	–	19,250	–	0.87%	–
VOD	New	VODAFONE GROUP PLC ADR	$1,882,000	–	56,367	–	0.85%	–
HAL	New	HALLIBURTON COMPANY	$1,867,000	–	26,300	–	0.85%	–
EXTR	New	WELLS FARGO	$1,855,000	–	35,300	–	0.84%	–
DD	New	DUPONT DE NEMOURS	$1,850,000	–	28,271	–	0.84%	–
VZ	New	VERIZON COMMUNICATIONS	$1,591,000	–	32,531	–	0.72%	–
AXP	New	AMERICAN EXPRESS CO.	$1,565,000	–	16,500	–	0.71%	–
BHI	New	BAKER HUGHES, INC.	$1,503,000	–	20,200	–	0.68%	–
TRN	New	TRINITY INDUSTRIES INC	$1,473,000	–	33,700	–	0.67%	–
FDX	New	FEDEX CORP	$1,211,000	–	8,000	–	0.55%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$1,163,000	–	13,800	–	0.53%	–
COP	New	CONOCO PHILLIPS	$1,094,000	–	12,764	–	0.50%	–
KMB	New	KIMBERLY CLARK	$1,056,000	–	9,500	–	0.48%	–
PFE	New	PFIZER	$1,023,000	–	34,500	–	0.46%	–
INTC	New	INTEL CORP.	$970,000	–	31,400	–	0.44%	–
LLL	New	L-3 COMMUNICATIONS	$953,000	–	7,900	–	0.43%	–
DVN	New	DEVON ENERGY CORP.	$921,000	–	11,600	–	0.42%	–
CYT	New	CYTEC INDUSTRIES	$853,000	–	8,100	–	0.39%	–
CMI	New	CUMMINS INC.	$848,000	–	5,500	–	0.38%	–
LLY	New	LILLY (ELI) & CO.	$808,000	–	13,000	–	0.37%	–
BK	New	BANK OF NY MELLON CORP	$802,000	–	21,421	–	0.36%	–
HD	New	HOME DEPOT	$783,000	–	9,675	–	0.36%	–
GS	New	GOLDMAN SACHS	$778,000	–	4,650	–	0.35%	–
CVX	New	CHEVRON TEXACO	$737,000	–	5,650	–	0.33%	–
OAK	New	OAKTREE CAPITAL GROUP, LLC	$719,000	–	14,400	–	0.33%	–
LOW	New	LOWES COMPANIES	$652,000	–	13,600	–	0.30%	–
GOOGL	New	GOOGLE INC CLASS A	$637,000	–	1,090	–	0.29%	–
GOOG	New	GOOGLE INC CLASS C	$627,000	–	1,090	–	0.28%	–
GLW	New	CORNING INC.	$621,000	–	28,300	–	0.28%	–
	New	DEERE & COMPANY	$606,000	–	6,700	–	0.27%	–
FCX	New	FREEPORT-MCMORAN COPPER & GOLD, INC.	$591,000	–	16,200	–	0.27%	–
SYK	New	STRYKER CORPORATION	$590,000	–	7,000	–	0.27%	–
KFT	New	KRAFT FOODS INC	$569,000	–	9,500	–	0.26%	–
MO	New	ALTRIA GROUP INC.	$570,000	–	13,600	–	0.26%	–
MS	New	MORGAN STANLEY	$546,000	–	16,900	–	0.25%	–
J	New	JACOBS ENGINEERING GROUP	$532,000	–	10,000	–	0.24%	–
COST	New	COSTCO	$529,000	–	4,600	–	0.24%	–
APD	New	AIR PRODUCTS & CHEMICALS	$508,000	–	3,950	–	0.23%	–
CVS	New	CVS CAREMARK CORP.	$452,000	–	6,000	–	0.20%	–
CSCO	New	CISCO SYSTEMS	$419,000	–	16,900	–	0.19%	–
	New	EMC CORPORATION	$400,000	–	15,200	–	0.18%	–
TPRE	New	THIRD POINT REINSURANCE LTD	$390,000	–	25,600	–	0.18%	–
KN	New	KNOWLES CORPORATION	$388,000	–	12,650	–	0.18%	–
GILD	New	GILEAD SCIENCES INC.	$381,000	–	4,600	–	0.17%	–
	New	INVESCO INTERNATIONAL GROWTH A	$365,000	–	10,194	–	0.16%	–
BAC	New	BANK OF AMERICA CORP	$364,000	–	23,705	–	0.16%	–
	New	OPPENHEIMER INTERNATIONAL GROWTH C	$362,000	–	9,750	–	0.16%	–
NSRGY	New	NESTLE S A SPONSORED ADR	$302,000	–	3,900	–	0.14%	–
TJX	New	TJX COMPANIES, INC.	$276,000	–	5,200	–	0.12%	–
EPD	New	ENTERPRISE PROSUCTS PARTNERS L.P.	$266,000	–	3,400	–	0.12%	–
APA	New	APACHE CORP.	$261,000	–	2,600	–	0.12%	–
CLVS	New	CLOVIS	$248,000	–	6,000	–	0.11%	–
BLK	New	BLACKROCK INC.	$246,000	–	770	–	0.11%	–
	New	VIRTUS INSIGHT EMERGING MARKETS C	$184,000	–	18,800	–	0.08%	–
MDXG	New	MIMEDX GROUP INC	$106,000	–	15,000	–	0.05%	–

Q4 2013

			Value		Shares		↓ Weighting
BB	Exit	BLACKBERRY LTD.	$0	–	-10,600	–	-0.04%	–
EPD	Exit	ENTERPRISE PROSUCTS PARTNERS L.P.	$0	–	-3,400	–	-0.11%	–
VWO	Exit	VANGUARD EMERGING MARKETS ETF	$0	–	-5,200	–	-0.11%	–
EEM	Exit	ISHARES MSCI EMERGING MKTS	$0	–	-5,175	–	-0.11%	–
BRCM	Exit	BROADCOM CORP	$0	–	-8,350	–	-0.11%	–
APA	Exit	APACHE CORP.	$0	–	-2,600	–	-0.12%	–
EPP	Exit	ISHARES MCSI PACIFIC EX-JAPAN	$0	–	-5,250	–	-0.13%	–
NSRGY	Exit	NESTLE S A SPONSORED ADR	$0	–	-3,900	–	-0.14%	–
TJX	Exit	TJX COMPANIES, INC.	$0	–	-5,200	–	-0.15%	–
	Exit	EMC CORPORATION	$0	–	-12,000	–	-0.16%	–
CVS	Exit	CVS CAREMARK CORP.	$0	–	-6,000	–	-0.18%	–
BLK	Exit	BLACKROCK INC.	$0	–	-1,315	–	-0.19%	–
CLVS	Exit	CLOVIS	$0	–	-6,000	–	-0.19%	–
TWX	Exit	TIME WARNER INC.	$0	–	-5,800	–	-0.20%	–
MS	Exit	MORGAN STANLEY	$0	–	-15,200	–	-0.22%	–
GLW	Exit	CORNING INC.	$0	–	-29,800	–	-0.23%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-4,250	–	-0.24%	–
HD	Exit	HOME DEPOT	$0	–	-6,100	–	-0.24%	–
MO	Exit	ALTRIA GROUP INC.	$0	–	-13,700	–	-0.25%	–
KFT	Exit	KRAFT FOODS INC	$0	–	-9,500	–	-0.26%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-7,700	–	-0.27%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GOLD, INC.	$0	–	-16,200	–	-0.28%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-41,105	–	-0.30%	–
COST	Exit	COSTCO	$0	–	-5,200	–	-0.32%	–
BK	Exit	BANK OF NY MELLON CORP	$0	–	-21,421	–	-0.34%	–
LOW	Exit	LOWES COMPANIES	$0	–	-13,600	–	-0.34%	–
CYT	Exit	CYTEC INDUSTRIES	$0	–	-8,100	–	-0.35%	–
CVX	Exit	CHEVRON TEXACO	$0	–	-5,650	–	-0.36%	–
	Exit	DEERE & COMPANY	$0	–	-8,450	–	-0.36%	–
LLL	Exit	L-3 COMMUNICATIONS	$0	–	-7,900	–	-0.39%	–
OAK	Exit	OAKTREE CAPITAL GROUP, LLC	$0	–	-14,400	–	-0.40%	–
LLY	Exit	LILLY (ELI) & CO.	$0	–	-15,000	–	-0.40%	–
GS	Exit	GOLDMAN SACHS	$0	–	-4,800	–	-0.40%	–
CMI	Exit	CUMMINS INC.	$0	–	-5,800	–	-0.41%	–
DVN	Exit	DEVON ENERGY CORP.	$0	–	-13,400	–	-0.41%	–
INTC	Exit	INTEL CORP.	$0	–	-35,600	–	-0.43%	–
COP	Exit	CONOCO PHILLIPS	$0	–	-12,464	–	-0.46%	–
GOOGL	Exit	GOOGLE, INC.	$0	–	-990	–	-0.46%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-9,500	–	-0.47%	–
FDX	Exit	FEDEX CORP	$0	–	-8,000	–	-0.48%	–
BHI	Exit	BAKER HUGHES, INC.	$0	–	-20,200	–	-0.52%	–
PFE	Exit	PFIZER	$0	–	-35,600	–	-0.54%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-44,975	–	-0.56%	–
J	Exit	JACOBS ENGINEERING GROUP	$0	–	-19,700	–	-0.60%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-13,800	–	-0.63%	–
YUM	Exit	YUM! BRANDS	$0	–	-17,000	–	-0.64%	–
AXP	Exit	AMERICAN EXPRESS CO.	$0	–	-16,500	–	-0.66%	–
HAL	Exit	HALLIBURTON COMPANY	$0	–	-26,400	–	-0.67%	–
VOD	Exit	VODAFONE GROUP PLC ADR	$0	–	-40,800	–	-0.76%	–
EXTR	Exit	WELLS FARGO	$0	–	-35,600	–	-0.78%	–
UNP	Exit	UNION PACIFIC CORP.	$0	–	-9,625	–	-0.79%	–
NSC	Exit	NORFOLK SOUTHERN CORP.	$0	–	-19,900	–	-0.81%	–
DD	Exit	DUPONT DE NEMOURS	$0	–	-28,471	–	-0.88%	–
NVS	Exit	NOVARTIS ADR	$0	–	-24,500	–	-0.99%	–
PCP	Exit	PRECISION CASTPARTS	$0	–	-8,600	–	-1.03%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-59,550	–	-1.04%	–
PLL	Exit	PALL CORPORATION	$0	–	-26,000	–	-1.06%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-62,700	–	-1.10%	–
WTS	Exit	WATTS WATER TECHNOLOGIES	$0	–	-38,000	–	-1.13%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC. CL. "B"	$0	–	-19,178	–	-1.15%	–
PEP	Exit	PEPSICO	$0	–	-28,070	–	-1.18%	–
DOV	Exit	DOVER CORP	$0	–	-25,300	–	-1.20%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-21,230	–	-1.26%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-75,400	–	-1.32%	–
NKE	Exit	NIKE INC.	$0	–	-35,000	–	-1.34%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-57,100	–	-1.39%	–
MCD	Exit	MC DONALD'S CORPORATION	$0	–	-27,850	–	-1.41%	–
ABBV	Exit	ABBVIE INC.	$0	–	-61,250	–	-1.44%	–
BAX	Exit	BAXTER INTERNATIONAL	$0	–	-43,800	–	-1.52%	–
CL	Exit	COLGATE-PALMOLIVE COMPANY	$0	–	-51,128	–	-1.60%	–
AMGN	Exit	AMGEN INC.	$0	–	-28,500	–	-1.68%	–
DIS	Exit	DISNEY (WALT) CO.	$0	–	-51,350	–	-1.74%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-141,337	–	-1.78%	–
QCOM	Exit	QUALCOMM	$0	–	-51,500	–	-1.83%	–
KO	Exit	COCA COLA	$0	–	-94,746	–	-1.89%	–
EMR	Exit	EMERSON CO.	$0	–	-58,600	–	-2.00%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-74,690	–	-2.04%	–
UPS	Exit	UNITED PARCEL SERVICE	$0	–	-43,000	–	-2.07%	–
MMM	Exit	3M	$0	–	-33,360	–	-2.10%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-48,612	–	-2.26%	–
BA	Exit	BOEING CORPORATION	$0	–	-36,770	–	-2.28%	–
HON	Exit	HONEYWELL INTL	$0	–	-55,225	–	-2.42%	–
IBM	Exit	IBM CORPORATION	$0	–	-27,228	–	-2.66%	–
WAT	Exit	WATERS CORP	$0	–	-59,650	–	-3.34%	–
XOM	Exit	EXXON MOBIL	$0	–	-85,392	–	-3.87%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-101,126	–	-4.03%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-105,222	–	-4.81%	–
AAPL	Exit	APPLE COMPUTER	$0	–	-64,607	–	-16.23%	–

Q3 2013

			Value		Shares		↓ Weighting
AAPL	New	APPLE COMPUTER	$30,801,000	–	64,607	–	16.23%	–
JNJ	Sell	JOHNSON & JOHNSON	$9,121,000	+0.5%	105,222	-0.5%	4.81%	-4.0%
PG	Sell	PROCTER & GAMBLE	$7,644,000	-2.3%	101,126	-0.5%	4.03%	-6.6%
XOM	Sell	EXXON MOBIL	$7,347,000	-5.3%	85,392	-0.5%	3.87%	-9.5%
WAT	Sell	WATERS CORP	$6,335,000	+5.3%	59,650	-0.8%	3.34%	+0.6%
IBM	Buy	IBM CORPORATION	$5,042,000	-2.7%	27,228	+0.4%	2.66%	-7.1%
HON	Sell	HONEYWELL INTL	$4,585,000	+4.4%	55,225	-0.3%	2.42%	-0.2%
BA	New	BOEING CORPORATION	$4,320,000	–	36,770	–	2.28%	–
SLB	Sell	SCHLUMBERGER LIMITED	$4,295,000	+20.8%	48,612	-2.0%	2.26%	+15.5%
UPS	Sell	UNITED PARCEL SERVICE	$3,928,000	+5.4%	43,000	-0.2%	2.07%	+0.7%
JPM	Sell	JP MORGAN CHASE & CO.	$3,860,000	-2.3%	74,690	-0.2%	2.04%	-6.6%
EMR	Sell	EMERSON CO.	$3,791,000	+18.2%	58,600	-0.3%	2.00%	+12.9%
KO	Sell	COCA COLA	$3,588,000	-6.0%	94,746	-0.5%	1.89%	-10.2%
QCOM	Buy	QUALCOMM	$3,466,000	+11.1%	51,500	+0.8%	1.83%	+6.1%
GE	Sell	GENERAL ELECTRIC	$3,376,000	+0.2%	141,337	-2.8%	1.78%	-4.3%
DIS	Sell	DISNEY (WALT) CO.	$3,311,000	+1.1%	51,350	-1.0%	1.74%	-3.4%
AMGN	New	AMGEN INC.	$3,189,000	–	28,500	–	1.68%	–
CL	Sell	COLGATE-PALMOLIVE COMPANY	$3,031,000	+2.1%	51,128	-1.4%	1.60%	-2.4%
BAX	New	BAXTER INTERNATIONAL	$2,877,000	–	43,800	–	1.52%	–
ABBV	Sell	ABBVIE INC.	$2,739,000	+6.8%	61,250	-1.3%	1.44%	+2.0%
MCD	Sell	MC DONALD'S CORPORATION	$2,679,000	-4.0%	27,850	-1.2%	1.41%	-8.3%
BMY	Sell	BRISTOL-MYERS SQUIBB	$2,642,000	+2.6%	57,100	-0.9%	1.39%	-1.9%
ORCL	Sell	ORACLE CORPORATION	$2,501,000	+7.9%	75,400	-0.1%	1.32%	+3.0%
HHC	Buy	HOWARD HUGHES CORP	$2,385,000	+101.8%	21,230	+101.2%	1.26%	+92.8%
PEP	Sell	PEPSICO	$2,231,000	-4.0%	28,070	-1.2%	1.18%	-8.3%
BRKB	New	BERKSHIRE HATHAWAY INC. CL. "B"	$2,176,000	–	19,178	–	1.15%	–
MSFT	Sell	MICROSOFT CORPORATION	$2,086,000	-7.7%	62,700	-4.1%	1.10%	-11.8%
ABT	New	ABBOTT LABORATORIES	$1,976,000	–	59,550	–	1.04%	–
PCP	Sell	PRECISION CASTPARTS	$1,954,000	-1.7%	8,600	-2.3%	1.03%	-6.1%
NVS	Sell	NOVARTIS ADR	$1,879,000	+6.8%	24,500	-1.6%	0.99%	+2.0%
NSC	Sell	NORFOLK SOUTHERN CORP.	$1,539,000	+5.9%	19,900	-0.5%	0.81%	+1.1%
EXTR	Buy	WELLS FARGO	$1,470,000	+0.3%	35,600	+0.3%	0.78%	-4.1%
VOD	Sell	VODAFONE GROUP PLC ADR	$1,435,000	+14.8%	40,800	-6.2%	0.76%	+9.6%
AXP	New	AMERICAN EXPRESS CO.	$1,246,000	–	16,500	–	0.66%	–
J	Sell	JACOBS ENGINEERING GROUP	$1,146,000	-19.1%	19,700	-23.3%	0.60%	-22.7%
CSCO	Sell	CISCO SYSTEMS	$1,053,000	-26.5%	44,975	-23.7%	0.56%	-29.7%
BHI	New	BAKER HUGHES, INC.	$991,000	–	20,200	–	0.52%	–
COP	Buy	CONOCO PHILLIPS	$866,000	+17.8%	12,464	+2.5%	0.46%	+12.6%
INTC	Sell	INTEL CORP.	$815,000	-7.5%	35,600	-2.2%	0.43%	-11.5%
DVN	Sell	DEVON ENERGY CORP.	$773,000	+7.2%	13,400	-3.6%	0.41%	+2.3%
GS	Sell	GOLDMAN SACHS	$759,000	+1.5%	4,800	-3.0%	0.40%	-3.1%
OAK	Sell	OAKTREE CAPITAL GROUP, LLC	$753,000	-1.1%	14,400	-0.7%	0.40%	-5.5%
CVX	Sell	CHEVRON TEXACO	$686,000	-2.6%	5,650	-5.0%	0.36%	-6.7%
BK	New	BANK OF NY MELLON CORP	$646,000	–	21,421	–	0.34%	–
COST	Sell	COSTCO	$598,000	+2.0%	5,200	-1.9%	0.32%	-2.5%
BAC	New	BANK OF AMERICA CORP	$567,000	–	41,105	–	0.30%	–
KFT	Sell	KRAFT FOODS INC	$498,000	-15.0%	9,500	-9.5%	0.26%	-18.9%
HD	Sell	HOME DEPOT	$462,000	-9.6%	6,100	-7.6%	0.24%	-13.5%
APD	New	AIR PRODUCTS & CHEMICALS	$452,000	–	4,250	–	0.24%	–
GLW	Sell	CORNING INC.	$434,000	-1.6%	29,800	-3.9%	0.23%	-5.8%
MS	Sell	MORGAN STANLEY	$409,000	+4.3%	15,200	-5.4%	0.22%	0.0%
CLVS	Sell	CLOVIS	$364,000	-22.2%	6,000	-14.3%	0.19%	-25.6%
BLK	New	BLACKROCK INC.	$355,000	–	1,315	–	0.19%	–
	Sell	EMC CORPORATION	$306,000	+3.7%	12,000	-4.0%	0.16%	-1.2%
APA	New	APACHE CORP.	$221,000	–	2,600	–	0.12%	–
BRCM	Sell	BROADCOM CORP	$217,000	-67.0%	8,350	-57.1%	0.11%	-68.5%
EEM	New	ISHARES MSCI EMERGING MKTS	$210,000	–	5,175	–	0.11%	–
VWO	Sell	VANGUARD EMERGING MARKETS ETF	$208,000	-24.4%	5,200	-26.8%	0.11%	-27.6%
BB	New	BLACKBERRY LTD.	$84,000	–	10,600	–	0.04%	–
BBRY	Exit	RESEARCH IN MOTION, LTD	$0	–	-10,600	–	-0.06%	–
	Exit	APACHE CORP.	$0	–	-2,600	–	-0.12%	–
ETN	Exit	EATON CORP. PLC	$0	–	-4,000	–	-0.14%	–
	Exit	D.E MASTER BLENDERS 1753 N.V.	$0	–	-20,000	–	-0.18%	–
	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-4,250	–	-0.22%	–
A	Exit	AGILENT TECHNOLOGIES	$0	–	-9,500	–	-0.22%	–
	Exit	ANADARKO PETROLEUM CORPORATION	$0	–	-5,100	–	-0.24%	–
FLR	Exit	FLUOR CORP	$0	–	-8,000	–	-0.26%	–
	Exit	BANK OF NY MELLON CORP	$0	–	-21,421	–	-0.33%	–
	Exit	BANK OF AMERICA CORP	$0	–	-47,529	–	-0.34%	–
CAT	Exit	CATERPILLAR, INC.	$0	–	-7,700	–	-0.35%	–
	Exit	BP plc (ADR)	$0	–	-19,700	–	-0.45%	–
	Exit	BAKER HUGHES, INC.	$0	–	-20,200	–	-0.51%	–
	Exit	AMERICAN EXPRESS CO.	$0	–	-16,900	–	-0.70%	–
	Exit	BERKSHIRE HATHAWAY INC. CL. ""B""	$0	–	-19,178	–	-1.18%	–
	Exit	ABBOTT LABORATORIES	$0	–	-62,450	–	-1.20%	–
	Exit	AMGEN INC.	$0	–	-28,500	–	-1.55%	–
	Exit	BAXTER INTERNATIONAL	$0	–	-43,900	–	-1.68%	–
	Exit	BOEING CORPORATION	$0	–	-34,375	–	-1.94%	–
	Exit	APPLE COMPUTER	$0	–	-63,245	–	-13.83%	–

Q2 2013

			Value		Shares		↓ Weighting
	New	APPLE COMPUTER	$25,078,000	–	63,245	–	13.83%	–
JNJ	New	JOHNSON & JOHNSON	$9,077,000	–	105,722	–	5.01%	–
PG	New	PROCTER & GAMBLE	$7,824,000	–	101,626	–	4.32%	–
XOM	New	EXXON MOBIL	$7,755,000	–	85,842	–	4.28%	–
WAT	New	WATERS CORP	$6,018,000	–	60,150	–	3.32%	–
IBM	New	IBM CORPORATION	$5,184,000	–	27,128	–	2.86%	–
HON	New	HONEYWELL INTL	$4,393,000	–	55,375	–	2.42%	–
JPM	New	JP MORGAN CHASE & CO.	$3,950,000	–	74,840	–	2.18%	–
KO	New	COCA COLA	$3,817,000	–	95,180	–	2.11%	–
UPS	New	UNITED PARCEL SERVICE	$3,727,000	–	43,100	–	2.06%	–
MMM	New	3M	$3,647,000	–	33,360	–	2.01%	–
SLB	New	SCHLUMBERGER LIMITED	$3,555,000	–	49,612	–	1.96%	–
	New	BOEING CORPORATION	$3,521,000	–	34,375	–	1.94%	–
GE	New	GENERAL ELECTRIC	$3,370,000	–	145,337	–	1.86%	–
DIS	New	DISNEY (WALT) CO.	$3,274,000	–	51,850	–	1.81%	–
EMR	New	EMERSON CO.	$3,206,000	–	58,800	–	1.77%	–
QCOM	New	QUALCOMM	$3,121,000	–	51,100	–	1.72%	–
	New	BAXTER INTERNATIONAL	$3,040,000	–	43,900	–	1.68%	–
CL	New	COLGATE-PALMOLIVE COMPANY	$2,969,000	–	51,828	–	1.64%	–
	New	AMGEN INC.	$2,811,000	–	28,500	–	1.55%	–
MCD	New	MC DONALD'S CORPORATION	$2,791,000	–	28,200	–	1.54%	–
BMY	New	BRISTOL-MYERS SQUIBB	$2,574,000	–	57,600	–	1.42%	–
ABBV	New	ABBVIE INC.	$2,565,000	–	62,050	–	1.42%	–
PEP	New	PEPSICO	$2,324,000	–	28,420	–	1.28%	–
ORCL	New	ORACLE CORPORATION	$2,318,000	–	75,500	–	1.28%	–
MSFT	New	MICROSOFT CORPORATION	$2,259,000	–	65,400	–	1.25%	–
NKE	New	NIKE INC.	$2,228,000	–	35,000	–	1.23%	–
	New	ABBOTT LABORATORIES	$2,178,000	–	62,450	–	1.20%	–
	New	BERKSHIRE HATHAWAY INC. CL. ""B""	$2,146,000	–	19,178	–	1.18%	–
PCP	New	PRECISION CASTPARTS	$1,988,000	–	8,800	–	1.10%	–
DOV	New	DOVER CORP	$1,964,000	–	25,300	–	1.08%	–
NVS	New	NOVARTIS ADR	$1,760,000	–	24,900	–	0.97%	–
PLL	New	PALL CORPORATION	$1,727,000	–	26,000	–	0.95%	–
WTS	New	WATTS WATER TECHNOLOGIES	$1,722,000	–	38,000	–	0.95%	–
DD	New	DUPONT DE NEMOURS	$1,494,000	–	28,471	–	0.82%	–
UNP	New	UNION PACIFIC CORP.	$1,484,000	–	9,625	–	0.82%	–
EXTR	New	WELLS FARGO	$1,465,000	–	35,500	–	0.81%	–
NSC	New	NORFOLK SOUTHERN CORP.	$1,453,000	–	20,000	–	0.80%	–
CSCO	New	CISCO SYSTEMS	$1,433,000	–	58,920	–	0.79%	–
J	New	JACOBS ENGINEERING GROUP	$1,416,000	–	25,700	–	0.78%	–
	New	AMERICAN EXPRESS CO.	$1,263,000	–	16,900	–	0.70%	–
VOD	New	VODAFONE GROUP PLC ADR	$1,250,000	–	43,500	–	0.69%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$1,195,000	–	13,800	–	0.66%	–
HHC	New	HOWARD HUGHES CORP	$1,182,000	–	10,550	–	0.65%	–
YUM	New	YUM! BRANDS	$1,178,000	–	17,000	–	0.65%	–
HAL	New	HALLIBURTON COMPANY	$1,101,000	–	26,400	–	0.61%	–
PFE	New	PFIZER	$997,000	–	35,600	–	0.55%	–
	New	BAKER HUGHES, INC.	$931,000	–	20,200	–	0.51%	–
KMB	New	KIMBERLY CLARK	$922,000	–	9,500	–	0.51%	–
INTC	New	INTEL CORP.	$881,000	–	36,400	–	0.49%	–
GOOGL	New	GOOGLE, INC.	$871,000	–	990	–	0.48%	–
	New	BP plc (ADR)	$822,000	–	19,700	–	0.45%	–
FDX	New	FEDEX CORP	$788,000	–	8,000	–	0.44%	–
OAK	New	OAKTREE CAPITAL GROUP, LLC	$761,000	–	14,500	–	0.42%	–
GS	New	GOLDMAN SACHS	$748,000	–	4,950	–	0.41%	–
LLY	New	LILLY (ELI) & CO.	$736,000	–	15,000	–	0.41%	–
COP	New	CONOCO PHILLIPS	$735,000	–	12,164	–	0.40%	–
DVN	New	DEVON ENERGY CORP.	$721,000	–	13,900	–	0.40%	–
CVX	New	CHEVRON TEXACO	$704,000	–	5,950	–	0.39%	–
	New	DEERE & COMPANY	$686,000	–	8,450	–	0.38%	–
LLL	New	L-3 COMMUNICATIONS	$677,000	–	7,900	–	0.37%	–
BRCM	New	BROADCOM CORP	$657,000	–	19,450	–	0.36%	–
CAT	New	CATERPILLAR, INC.	$635,000	–	7,700	–	0.35%	–
CMI	New	CUMMINS INC.	$629,000	–	5,800	–	0.35%	–
	New	BANK OF AMERICA CORP	$611,000	–	47,529	–	0.34%	–
	New	BANK OF NY MELLON CORP	$600,000	–	21,421	–	0.33%	–
CYT	New	CYTEC INDUSTRIES	$593,000	–	8,100	–	0.33%	–
KFT	New	KRAFT FOODS INC	$586,000	–	10,500	–	0.32%	–
COST	New	COSTCO	$586,000	–	5,300	–	0.32%	–
LOW	New	LOWES COMPANIES	$556,000	–	13,600	–	0.31%	–
HD	New	HOME DEPOT	$511,000	–	6,600	–	0.28%	–
SYK	New	STRYKER CORPORATION	$498,000	–	7,700	–	0.28%	–
MO	New	ALTRIA GROUP INC.	$479,000	–	13,700	–	0.26%	–
FLR	New	FLUOR CORP	$474,000	–	8,000	–	0.26%	–
CLVS	New	CLOVIS	$468,000	–	7,000	–	0.26%	–
FCX	New	FREEPORT-MCMORAN COPPER & GOLD, INC.	$447,000	–	16,200	–	0.25%	–
GLW	New	CORNING INC.	$441,000	–	31,000	–	0.24%	–
	New	ANADARKO PETROLEUM CORPORATION	$438,000	–	5,100	–	0.24%	–
A	New	AGILENT TECHNOLOGIES	$406,000	–	9,500	–	0.22%	–
MS	New	MORGAN STANLEY	$392,000	–	16,075	–	0.22%	–
	New	AIR PRODUCTS & CHEMICALS	$389,000	–	4,250	–	0.22%	–
CVS	New	CVS CAREMARK CORP.	$343,000	–	6,000	–	0.19%	–
TWX	New	TIME WARNER INC.	$335,000	–	5,800	–	0.18%	–
	New	D.E MASTER BLENDERS 1753 N.V.	$319,000	–	20,000	–	0.18%	–
	New	EMC CORPORATION	$295,000	–	12,500	–	0.16%	–
VWO	New	VANGUARD EMERGING MARKETS ETF	$275,000	–	7,100	–	0.15%	–
ETN	New	EATON CORP. PLC	$263,000	–	4,000	–	0.14%	–
TJX	New	TJX COMPANIES, INC.	$260,000	–	5,200	–	0.14%	–
NSRGY	New	NESTLE S A SPONSORED ADR	$256,000	–	3,900	–	0.14%	–
EPP	New	ISHARES MCSI PACIFIC EX-JAPAN	$225,000	–	5,250	–	0.12%	–
	New	APACHE CORP.	$217,000	–	2,600	–	0.12%	–
EPD	New	ENTERPRISE PROSUCTS PARTNERS L.P.	$211,000	–	3,400	–	0.12%	–
BBRY	New	RESEARCH IN MOTION, LTD	$110,000	–	10,600	–	0.06%	–

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