PROVIDENT TRUST CO Activity Q1 2001-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
GOOG	Sell	ALPHABET INC CL C	$518,642,391	+7.3%	3,933,579	-1.6%	11.98%	+8.4%
GOOGL	Sell	ALPHABET INC CL A	$511,274,600	+7.5%	3,907,035	-1.7%	11.81%	+8.6%
COST	Sell	COSTCO WHSL CORP NEW COM	$472,654,010	+2.1%	836,615	-2.7%	10.92%	+3.3%
ACN	Sell	ACCENTURE PLC	$461,935,207	-3.1%	1,504,136	-2.7%	10.67%	-2.1%
V	Sell	VISA INC	$329,568,448	-4.7%	1,432,844	-1.6%	7.61%	-3.6%
SCHW	Sell	SCHWAB CHARLES CP NEW COM	$310,625,353	-4.8%	5,658,021	-1.7%	7.17%	-3.7%
UNH	Sell	UNITEDHEALTH GROUP INC	$298,674,593	+3.8%	592,385	-1.1%	6.90%	+4.9%
PNC	Sell	PNC FINANCIAL SVS GRP	$265,155,208	-4.0%	2,159,772	-1.6%	6.12%	-3.0%
TROW	Sell	T ROWE PRICE GRP INC	$247,666,235	-7.9%	2,361,650	-1.6%	5.72%	-6.9%
LUV	Sell	SOUTHWEST AIRLINES	$193,245,421	-25.9%	7,138,730	-0.9%	4.46%	-25.1%
HD	Sell	HOME DEPOT	$185,214,411	-3.8%	612,968	-1.1%	4.28%	-2.7%
FAST	Sell	FASTENAL INC COM	$148,589,327	-23.4%	2,719,424	-17.3%	3.43%	-22.5%
TJX	Sell	TJX COMPANIES INC	$111,286,026	+4.0%	1,252,093	-0.8%	2.57%	+5.1%
TSCO	Buy	TRACTOR SUPPLY CO COM	$88,511,119	+24.9%	435,908	+36.0%	2.04%	+26.3%
	Buy	GSK PLC SPONSORED ADR	$87,704,881	+36.6%	2,419,445	+34.3%	2.03%	+38.1%
FISV	Buy	FISERV INC COM	$82,947,996	+24.1%	734,313	+38.6%	1.92%	+25.5%

Q2 2023

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INC CL C	$483,562,211	–	3,997,373	–	11.05%	–
ACN	New	ACCENTURE PLC	$476,956,986	–	1,545,651	–	10.90%	–
GOOGL	New	ALPHABET INC CL A	$475,763,809	–	3,974,635	–	10.87%	–
COST	New	COSTCO WHSL CORP NEW COM	$462,716,075	–	859,460	–	10.57%	–
V	New	VISA INC	$345,725,046	–	1,455,807	–	7.90%	–
SCHW	New	SCHWAB CHARLES CP NEW COM	$326,195,837	–	5,755,043	–	7.45%	–
UNH	New	UNITEDHEALTH GROUP INC	$287,805,309	–	598,796	–	6.58%	–
PNC	New	PNC FINANCIAL SVS GRP	$276,326,491	–	2,193,938	–	6.31%	–
TROW	New	T ROWE PRICE GRP INC	$268,795,575	–	2,399,532	–	6.14%	–
LUV	New	SOUTHWEST AIRLINES	$260,763,346	–	7,201,418	–	5.96%	–
FAST	New	FASTENAL INC COM	$193,860,725	–	3,286,332	–	4.43%	–
HD	New	HOME DEPOT	$192,434,646	–	619,478	–	4.40%	–
TJX	New	TJX COMPANIES INC	$107,021,175	–	1,262,191	–	2.44%	–
TSCO	New	TRACTOR SUPPLY CO COM	$70,874,710	–	320,555	–	1.62%	–
FISV	New	FISERV INC COM	$66,846,128	–	529,894	–	1.53%	–
	New	GSK PLC SPONSORED ADR	$64,214,014	–	1,801,740	–	1.47%	–
AAPL	New	APPLE COMPUTER INC	$5,639,678	–	29,075	–	0.13%	–
MSFT	New	MICROSOFT CORP COM	$2,825,801	–	8,298	–	0.06%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B NE	$2,051,115	–	6,015	–	0.05%	–
ABBV	New	ABBVIE INC	$1,491,461	–	11,070	–	0.03%	–
ABT	New	ABBOTT LABORATORIES	$1,206,851	–	11,070	–	0.03%	–
MA	New	MASTERCARD INC CL A	$936,054	–	2,380	–	0.02%	–
SHW	New	SHERWIN WILLIAMS CO COM	$796,560	–	3,000	–	0.02%	–
PPG	New	PPG INDS INC COM	$590,827	–	3,984	–	0.01%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$526,967	–	1,010	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON COM	$437,138	–	2,641	–	0.01%	–
PG	New	PROCTER & GAMBLE CO	$424,872	–	2,800	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
USB	Exit	US BANCORP	$0	–	-6,534	–	-0.01%	–
FISV	Exit	FISERV INC COM	$0	–	-3,184	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,800	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-2,641	–	-0.01%	–
PPG	Exit	PPG INDS INC COM	$0	–	-3,984	–	-0.01%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-1,010	–	-0.02%	–
SHW	Exit	SHERWIN WILLIAMS CO COM	$0	–	-3,000	–	-0.02%	–
MA	Exit	MASTERCARD INC CL A	$0	–	-2,390	–	-0.02%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-11,070	–	-0.03%	–
ABBV	Exit	ABBVIE INC	$0	–	-11,070	–	-0.04%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B NE	$0	–	-6,015	–	-0.05%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-9,004	–	-0.06%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-32,951	–	-0.13%	–
FAST	Exit	FASTENAL INC COM	$0	–	-2,818,453	–	-3.70%	–
V	Exit	VISA INC	$0	–	-1,275,479	–	-6.46%	–
TROW	Exit	T ROWE PRICE GRP INC	$0	–	-2,235,154	–	-6.69%	–
HD	Exit	HOME DEPOT	$0	–	-851,091	–	-6.69%	–
PNC	Exit	PNC FINANCIAL SVS GRP	$0	–	-2,053,242	–	-8.74%	–
GOOGL	Exit	ALPHABET INC CL A	$0	–	-3,933,983	–	-10.72%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-3,968,136	–	-10.87%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-763,548	–	-10.98%	–
ACN	Exit	ACCENTURE PLC	$0	–	-1,509,155	–	-11.06%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-848,468	–	-11.42%	–
SCHW	Exit	SCHWAB CHARLES CP NEW COM	$0	–	-5,994,348	–	-12.27%	–

Q3 2022

			Value		Shares		↓ Weighting
SCHW	Buy	SCHWAB CHARLES CP NEW COM	$430,814,000	+13.8%	5,994,348	+0.0%	12.27%	+32.0%
COST	Buy	COSTCO WHSL CORP NEW COM	$400,706,000	-1.4%	848,468	+0.0%	11.42%	+14.3%
ACN	Sell	ACCENTURE PLC	$388,306,000	-7.7%	1,509,155	-0.4%	11.06%	+7.0%
UNH	Sell	UNITEDHEALTH GROUP INC	$385,622,000	-39.6%	763,548	-38.6%	10.98%	-29.9%
GOOG	Buy	ALPHABET INC CL C	$381,536,000	-12.5%	3,968,136	+1891.8%	10.87%	+1.6%
GOOGL	Buy	ALPHABET INC CL A	$376,285,000	-12.6%	3,933,983	+1890.8%	10.72%	+1.4%
PNC	Buy	PNC FINANCIAL SVS GRP	$306,795,000	-5.2%	2,053,242	+0.1%	8.74%	+9.9%
HD	Sell	HOME DEPOT	$234,850,000	-37.1%	851,091	-37.4%	6.69%	-27.0%
TROW	Buy	T ROWE PRICE GRP INC	$234,714,000	-7.5%	2,235,154	+0.0%	6.69%	+7.3%
V	Sell	VISA INC	$226,589,000	-10.6%	1,275,479	-0.9%	6.46%	+3.7%
FAST	Buy	FASTENAL INC COM	$129,762,000	-7.7%	2,818,453	+0.1%	3.70%	+7.1%
AAPL	Sell	APPLE COMPUTER INC	$4,554,000	-2.0%	32,951	-3.1%	0.13%	+14.0%
MSFT	Sell	MICROSOFT CORP COM	$2,097,000	-16.3%	9,004	-7.7%	0.06%	-3.2%
JNJ	Sell	JOHNSON & JOHNSON COM	$431,000	-10.6%	2,641	-2.8%	0.01%	0.0%
QCOM	Exit	QUALCOMM INC	$0	–	-1,915	–	-0.01%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-9,957	–	-0.01%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-3,232	–	-0.01%	–

Q2 2022

			Value		Shares		↓ Weighting
UNH	New	UNITEDHEALTH GROUP INC	$638,219,000	–	1,242,565	–	15.67%	–
GOOG	New	ALPHABET INC CL C	$435,795,000	–	199,225	–	10.70%	–
GOOGL	New	ALPHABET INC CL A	$430,648,000	–	197,612	–	10.58%	–
ACN	New	ACCENTURE PLC	$420,829,000	–	1,515,682	–	10.34%	–
COST	New	COSTCO WHSL CORP NEW COM	$406,517,000	–	848,182	–	9.98%	–
SCHW	New	SCHWAB CHARLES CP NEW COM	$378,612,000	–	5,992,588	–	9.30%	–
HD	New	HOME DEPOT	$373,169,000	–	1,360,589	–	9.16%	–
PNC	New	PNC FINANCIAL SVS GRP	$323,751,000	–	2,052,045	–	7.95%	–
TROW	New	T ROWE PRICE GRP INC	$253,817,000	–	2,234,106	–	6.23%	–
V	New	VISA INC	$253,378,000	–	1,286,901	–	6.22%	–
FAST	New	FASTENAL INC COM	$140,592,000	–	2,816,354	–	3.45%	–
AAPL	New	APPLE COMPUTER INC	$4,649,000	–	34,001	–	0.11%	–
MSFT	New	MICROSOFT CORP COM	$2,505,000	–	9,754	–	0.06%	–
ABBV	New	ABBVIE INC	$1,695,000	–	11,070	–	0.04%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B NE	$1,642,000	–	6,015	–	0.04%	–
ABT	New	ABBOTT LABORATORIES	$1,203,000	–	11,070	–	0.03%	–
MA	New	MASTERCARD INC CL A	$754,000	–	2,390	–	0.02%	–
SHW	New	SHERWIN WILLIAMS CO COM	$672,000	–	3,000	–	0.02%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$549,000	–	1,010	–	0.01%	–
JNJ	New	JOHNSON & JOHNSON COM	$482,000	–	2,716	–	0.01%	–
PPG	New	PPG INDS INC COM	$456,000	–	3,984	–	0.01%	–
PG	New	PROCTER & GAMBLE CO	$403,000	–	2,800	–	0.01%	–
JPM	New	JP MORGAN CHASE & CO	$364,000	–	3,232	–	0.01%	–
BAC	New	BANK OF AMERICA CORP	$310,000	–	9,957	–	0.01%	–
USB	New	US BANCORP	$301,000	–	6,534	–	0.01%	–
FISV	New	FISERV INC COM	$283,000	–	3,184	–	0.01%	–
QCOM	New	QUALCOMM INC	$245,000	–	1,915	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
PEP	Exit	PEPSICO INC COM	$0	–	-1,400	–	-0.00%	–
MET	Exit	METLIFE INC COM ISIN US	$0	–	-3,329	–	-0.00%	–
GPN	Exit	GLOBAL PMTS INC COM	$0	–	-1,500	–	-0.01%	–
FIS	Exit	FIDELITY NATL INFO SVC COM	$0	–	-2,138	–	-0.01%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-1,239	–	-0.01%	–
NTRS	Exit	NORTHERN TR CORP COM	$0	–	-2,500	–	-0.01%	–
QCOM	Exit	QUALCOMM INC	$0	–	-1,915	–	-0.01%	–
FISV	Exit	FISERV INC COM	$0	–	-3,184	–	-0.01%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-2,716	–	-0.01%	–
USB	Exit	US BANCORP	$0	–	-6,534	–	-0.01%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-9,957	–	-0.01%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-3,232	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-3,600	–	-0.01%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-1,010	–	-0.01%	–
PPG	Exit	PPG INDS INC COM	$0	–	-3,984	–	-0.01%	–
MA	Exit	MASTERCARD INC CL A	$0	–	-2,390	–	-0.02%	–
SHW	Exit	SHERWIN WILLIAMS CO COM	$0	–	-3,000	–	-0.02%	–
ABBV	Exit	ABBVIE INC	$0	–	-11,070	–	-0.02%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-11,070	–	-0.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B NE	$0	–	-6,015	–	-0.03%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-8,254	–	-0.04%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-37,939	–	-0.10%	–
FAST	Exit	FASTENAL INC COM	$0	–	-2,756,673	–	-2.75%	–
V	Exit	VISA INC	$0	–	-755,312	–	-3.26%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-824,165	–	-7.17%	–
FB	Exit	META PLATFORMS ORD SHARES CLAS	$0	–	-1,123,132	–	-7.38%	–
PNC	Exit	PNC FINANCIAL SVS GRP	$0	–	-1,988,016	–	-7.53%	–
SCHW	Exit	SCHWAB CHARLES CP NEW COM	$0	–	-5,799,379	–	-8.18%	–
TROW	Exit	T ROWE PRICE GRP INC	$0	–	-2,162,277	–	-8.23%	–
HD	Exit	HOME DEPOT	$0	–	-1,321,366	–	-8.40%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,706,163	–	-8.59%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,203,538	–	-9.10%	–
ACN	Exit	ACCENTURE PLC	$0	–	-1,474,171	–	-9.13%	–
GOOGL	Exit	ALPHABET INC CL A	$0	–	-192,010	–	-9.94%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-193,278	–	-9.97%	–

Q3 2021

			Value		Shares		↓ Weighting
GOOG	Buy	ALPHABET INC CL C	$515,146,000	+7.3%	193,278	+0.9%	9.97%	+4.4%
GOOGL	Buy	ALPHABET INC CL A	$513,343,000	+10.4%	192,010	+0.8%	9.94%	+7.4%
ACN	Buy	ACCENTURE PLC	$471,617,000	+9.7%	1,474,171	+1.0%	9.13%	+6.7%
UNH	Buy	UNITEDHEALTH GROUP INC	$470,270,000	-1.9%	1,203,538	+0.5%	9.10%	-4.6%
PYPL	Buy	PAYPAL HLDGS INC	$443,961,000	-10.0%	1,706,163	+0.8%	8.59%	-12.4%
HD	Buy	HOME DEPOT	$433,752,000	+4.4%	1,321,366	+1.4%	8.40%	+1.5%
TROW	Buy	T ROWE PRICE GRP INC	$425,320,000	+0.4%	2,162,277	+1.0%	8.23%	-2.3%
SCHW	Buy	SCHWAB CHARLES CP NEW COM	$422,427,000	+0.7%	5,799,379	+0.7%	8.18%	-2.0%
PNC	Buy	PNC FINANCIAL SVS GRP	$388,935,000	+4.0%	1,988,016	+1.4%	7.53%	+1.2%
FB	Buy	META PLATFORMS ORD SHARES CLAS	$381,180,000	-1.2%	1,123,132	+1.2%	7.38%	-3.9%
COST	Buy	COSTCO WHSL CORP NEW COM	$370,339,000	+14.7%	824,165	+1.0%	7.17%	+11.6%
V	Buy	VISA INC	$168,246,000	-3.5%	755,312	+1.3%	3.26%	-6.1%
FAST	Buy	FASTENAL INC COM	$142,272,000	-0.2%	2,756,673	+0.6%	2.75%	-2.9%
AAPL	Buy	APPLE COMPUTER INC	$5,368,000	+15.5%	37,939	+11.8%	0.10%	+13.0%
MSFT	Sell	MICROSOFT CORP COM	$2,327,000	-6.7%	8,254	-10.3%	0.04%	-10.0%
ABT	Sell	ABBOTT LABORATORIES	$1,308,000	-29.4%	11,070	-30.7%	0.02%	-32.4%
ABBV	Sell	ABBVIE INC	$1,194,000	-33.7%	11,070	-30.7%	0.02%	-36.1%
SHW	Sell	SHERWIN WILLIAMS CO COM	$839,000	-48.0%	3,000	-49.4%	0.02%	-50.0%
JPM	New	JP MORGAN CHASE & CO	$529,000	–	3,232	–	0.01%	–
JNJ	Sell	JOHNSON & JOHNSON COM	$439,000	-43.9%	2,716	-42.8%	0.01%	-50.0%
BAC	New	BANK OF AMERICA CORP	$423,000	–	9,957	–	0.01%	–
TXN	New	TEXAS INSTRS INC	$238,000	–	1,239	–	0.01%	–
QCOM	New	QUALCOMM INC	$247,000	–	1,915	–	0.01%	–
FIS	Buy	FIDELITY NATL INFO SVC COM	$260,000	-13.9%	2,138	+0.1%	0.01%	-16.7%
MET	New	METLIFE INC COM ISIN US	$205,000	–	3,329	–	0.00%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO COM	$0	–	-6,532	–	-0.01%	–
BFB	Exit	BROWN FORMAN CORP CL B	$0	–	-9,375	–	-0.01%	–

Q2 2021

			Value		Shares		↓ Weighting
PYPL	New	PAYPAL HLDGS INC	$493,380,000	–	1,692,672	–	9.82%	–
GOOG	New	ALPHABET INC CL C	$479,895,000	–	191,474	–	9.55%	–
UNH	New	UNITEDHEALTH GROUP INC	$479,461,000	–	1,197,336	–	9.54%	–
GOOGL	New	ALPHABET INC CL A	$464,958,000	–	190,417	–	9.25%	–
ACN	New	ACCENTURE PLC	$430,059,000	–	1,458,864	–	8.56%	–
TROW	New	T ROWE PRICE GRP INC	$423,748,000	–	2,140,465	–	8.43%	–
SCHW	New	SCHWAB CHARLES CP NEW COM	$419,301,000	–	5,758,839	–	8.34%	–
HD	New	HOME DEPOT	$415,628,000	–	1,303,357	–	8.27%	–
FB	New	FACEBOOK INC CL A	$385,760,000	–	1,109,429	–	7.68%	–
PNC	New	PNC FINANCIAL SVS GRP	$374,096,000	–	1,961,081	–	7.44%	–
COST	New	COSTCO WHSL CORP NEW COM	$322,799,000	–	815,828	–	6.42%	–
V	New	VISA INC	$174,322,000	–	745,538	–	3.47%	–
FAST	New	FASTENAL INC COM	$142,490,000	–	2,740,201	–	2.84%	–
AAPL	New	APPLE COMPUTER INC	$4,646,000	–	33,924	–	0.09%	–
MSFT	New	MICROSOFT CORP COM	$2,494,000	–	9,205	–	0.05%	–
ABT	New	ABBOTT LABORATORIES	$1,852,000	–	15,978	–	0.04%	–
ABBV	New	ABBVIE INC	$1,800,000	–	15,978	–	0.04%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B NE	$1,672,000	–	6,015	–	0.03%	–
SHW	New	SHERWIN WILLIAMS CO COM	$1,614,000	–	5,925	–	0.03%	–
MA	New	MASTERCARD INC CL A	$873,000	–	2,390	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON COM	$782,000	–	4,746	–	0.02%	–
BFB	New	BROWN FORMAN CORP CL B	$703,000	–	9,375	–	0.01%	–
PPG	New	PPG INDS INC COM	$676,000	–	3,984	–	0.01%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$510,000	–	1,010	–	0.01%	–
PG	New	PROCTER & GAMBLE CO	$486,000	–	3,600	–	0.01%	–
BMY	New	BRISTOL MYERS SQUIBB CO COM	$436,000	–	6,532	–	0.01%	–
FISV	New	FISERV INC COM	$340,000	–	3,184	–	0.01%	–
USB	New	US BANCORP	$372,000	–	6,534	–	0.01%	–
FIS	New	FIDELITY NATL INFO SVC COM	$302,000	–	2,135	–	0.01%	–
NTRS	New	NORTHERN TR CORP COM	$289,000	–	2,500	–	0.01%	–
GPN	New	GLOBAL PMTS INC COM	$281,000	–	1,500	–	0.01%	–
PEP	New	PEPSICO INC COM	$207,000	–	1,400	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
USB	Exit	US BANCORP	$0	–	-6,534	–	-0.01%	–
RTX	Exit	RAYTHEON TECHNOLOGIES COM	$0	–	-4,400	–	-0.01%	–
ULTA	Exit	ULTA BEAUTY INC COM	$0	–	-1,400	–	-0.01%	–
FISV	Exit	FISERV INC COM	$0	–	-3,476	–	-0.01%	–
NTRS	Exit	NORTHERN TR CORP COM	$0	–	-5,000	–	-0.01%	–
PEP	Exit	PEPSICO INC COM	$0	–	-2,800	–	-0.01%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO COM	$0	–	-6,532	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-3,600	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-3,984	–	-0.02%	–
MDT	Exit	MEDTRONIC INC	$0	–	-5,000	–	-0.02%	–
GPN	Exit	GLOBAL PMTS INC COM	$0	–	-3,000	–	-0.02%	–
FIS	Exit	FIDELITY NATL INFO SVC COM	$0	–	-4,135	–	-0.02%	–
BFB	Exit	BROWN FORMAN CORP CL B	$0	–	-9,375	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-4,781	–	-0.02%	–
MA	Exit	MASTERCARD INC CL A	$0	–	-2,390	–	-0.02%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-2,020	–	-0.03%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B NE	$0	–	-6,015	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-15,978	–	-0.04%	–
SHW	Exit	SHERWIN WILLIAMS CO COM	$0	–	-1,975	–	-0.04%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-15,978	–	-0.05%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-10,862	–	-0.07%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-38,540	–	-0.14%	–
FAST	Exit	FASTENAL INC COM	$0	–	-2,601,626	–	-3.55%	–
V	Exit	VISA INC	$0	–	-977,245	–	-5.91%	–
SCHW	Exit	SCHWAB CHARLES CP NEW COM	$0	–	-5,405,247	–	-5.93%	–
PNC	Exit	PNC FINANCIAL SVS GRP	$0	–	-1,824,852	–	-6.07%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-781,989	–	-6.20%	–
TROW	Exit	T ROWE PRICE GRP INC	$0	–	-2,007,971	–	-7.79%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-179,458	–	-7.98%	–
GOOGL	Exit	ALPHABET INC CL A	$0	–	-180,093	–	-7.99%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-765,512	–	-8.22%	–
ACN	Exit	ACCENTURE PLC	$0	–	-1,381,426	–	-9.45%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,602,173	–	-9.55%	–
HD	Exit	HOME DEPOT	$0	–	-1,209,147	–	-10.16%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,119,709	–	-10.56%	–

Q3 2020

			Value		Shares		↓ Weighting
UNH	Sell	UNITEDHEALTH GROUP INC	$349,092,000	+4.5%	1,119,709	-1.1%	10.56%	+1.0%
HD	Sell	HOME DEPOT	$335,792,000	+10.6%	1,209,147	-0.2%	10.16%	+6.8%
PYPL	Sell	PAYPAL HLDGS INC	$315,676,000	+11.2%	1,602,173	-1.7%	9.55%	+7.4%
ACN	Sell	ACCENTURE PLC	$312,188,000	+4.5%	1,381,426	-0.7%	9.45%	+1.0%
COST	Sell	COSTCO WHSL CORP NEW COM	$271,757,000	+17.0%	765,512	-0.1%	8.22%	+13.0%
GOOGL	Sell	ALPHABET INC CL A	$263,945,000	+3.0%	180,093	-0.3%	7.99%	-0.5%
GOOG	Sell	ALPHABET INC CL C	$263,732,000	+3.5%	179,458	-0.5%	7.98%	-0.1%
TROW	Sell	T ROWE PRICE GRP INC	$257,462,000	+3.3%	2,007,971	-0.5%	7.79%	-0.2%
FB	Sell	FACEBOOK INC CL A	$204,803,000	+14.9%	781,989	-0.4%	6.20%	+11.0%
PNC	Sell	PNC FINANCIAL SVS GRP	$200,569,000	+3.9%	1,824,852	-0.6%	6.07%	+0.3%
SCHW	Sell	SCHWAB CHARLES CP NEW COM	$195,832,000	+7.4%	5,405,247	-0.0%	5.93%	+3.7%
V	Buy	VISA INC	$195,420,000	+6.1%	977,245	+2.4%	5.91%	+2.4%
FAST	Sell	FASTENAL INC COM	$117,307,000	-3.6%	2,601,626	-8.4%	3.55%	-6.9%
AAPL	Buy	APPLE COMPUTER INC	$4,463,000	+27.0%	38,540	+300.0%	0.14%	+22.7%
MA	Sell	MASTERCARD INC CL A	$808,000	+13.8%	2,390	-0.4%	0.02%	+9.1%
CVX	Exit	CHEVRON CORP	$0	–	-2,700	–	-0.01%	–
LUV	Exit	SOUTHWEST AIRLINES	$0	–	-2,949,735	–	-3.16%	–

Q2 2020

			Value		Shares		↓ Weighting
UNH	New	UNITEDHEALTH GROUP INC	$333,938,000	–	1,132,185	–	10.46%	–
HD	New	HOME DEPOT	$303,656,000	–	1,212,152	–	9.51%	–
ACN	New	ACCENTURE PLC	$298,728,000	–	1,391,243	–	9.36%	–
PYPL	New	PAYPAL HLDGS INC	$283,900,000	–	1,629,457	–	8.89%	–
GOOGL	New	ALPHABET INC CL A	$256,205,000	–	180,674	–	8.03%	–
GOOG	New	ALPHABET INC CL C	$254,923,000	–	180,334	–	7.99%	–
TROW	New	T ROWE PRICE GRP INC	$249,257,000	–	2,018,277	–	7.81%	–
COST	New	COSTCO WHSL CORP NEW COM	$232,276,000	–	766,057	–	7.28%	–
PNC	New	PNC FINANCIAL SVS GRP	$193,111,000	–	1,835,480	–	6.05%	–
V	New	VISA INC	$184,270,000	–	953,925	–	5.77%	–
SCHW	New	SCHWAB CHARLES CP NEW COM	$182,388,000	–	5,405,695	–	5.71%	–
FB	New	FACEBOOK INC CL A	$178,261,000	–	785,048	–	5.58%	–
FAST	New	FASTENAL INC COM	$121,734,000	–	2,841,586	–	3.81%	–
LUV	New	SOUTHWEST AIRLINES	$100,822,000	–	2,949,735	–	3.16%	–
AAPL	New	APPLE COMPUTER INC	$3,515,000	–	9,635	–	0.11%	–
MSFT	New	MICROSOFT CORP COM	$2,211,000	–	10,862	–	0.07%	–
ABBV	New	ABBVIE INC	$1,569,000	–	15,978	–	0.05%	–
ABT	New	ABBOTT LABORATORIES	$1,461,000	–	15,978	–	0.05%	–
SHW	New	SHERWIN WILLIAMS CO COM	$1,141,000	–	1,975	–	0.04%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B NE	$1,074,000	–	6,015	–	0.03%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$732,000	–	2,020	–	0.02%	–
MA	New	MASTERCARD INC CL A	$710,000	–	2,400	–	0.02%	–
JNJ	New	JOHNSON & JOHNSON COM	$672,000	–	4,781	–	0.02%	–
BFB	New	BROWN FORMAN CORP CL B	$597,000	–	9,375	–	0.02%	–
FIS	New	FIDELITY NATL INFO SVC COM	$554,000	–	4,135	–	0.02%	–
GPN	New	GLOBAL PMTS INC COM	$509,000	–	3,000	–	0.02%	–
MDT	New	MEDTRONIC INC	$458,000	–	5,000	–	0.01%	–
PG	New	PROCTER & GAMBLE CO	$430,000	–	3,600	–	0.01%	–
PPG	New	PPG INDS INC COM	$423,000	–	3,984	–	0.01%	–
BMY	New	BRISTOL MYERS SQUIBB CO COM	$384,000	–	6,532	–	0.01%	–
NTRS	New	NORTHERN TR CORP COM	$397,000	–	5,000	–	0.01%	–
PEP	New	PEPSICO INC COM	$370,000	–	2,800	–	0.01%	–
FISV	New	FISERV INC COM	$339,000	–	3,476	–	0.01%	–
ULTA	New	ULTA BEAUTY INC COM	$285,000	–	1,400	–	0.01%	–
RTX	New	RAYTHEON TECHNOLOGIES COM	$271,000	–	4,400	–	0.01%	–
USB	New	US BANCORP	$241,000	–	6,534	–	0.01%	–
CVX	New	CHEVRON CORP	$241,000	–	2,700	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
PFE	Exit	PFIZER INC COM	$0	–	-5,726	–	-0.01%	–
WBA	Exit	WALGREENS BOOTS ALLIAN COM	$0	–	-4,000	–	-0.01%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-1,201	–	-0.01%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-3,000	–	-0.01%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-4,000	–	-0.01%	–
WLTW	Exit	WILLIS TOWERS WATSON P SHS	$0	–	-1,463	–	-0.01%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO COM	$0	–	-6,452	–	-0.01%	–
CVX	Exit	CHEVRON CORP	$0	–	-2,600	–	-0.01%	–
USB	Exit	US BANCORP	$0	–	-6,534	–	-0.01%	–
ULTA	Exit	ULTA BEAUTY INC COM	$0	–	-1,400	–	-0.01%	–
AJG	Exit	GALLAGHER ARTHUR J & CO COM	$0	–	-4,000	–	-0.01%	–
FISV	Exit	FISERV INC COM	$0	–	-3,476	–	-0.01%	–
PEP	Exit	PEPSICO INC COM	$0	–	-2,800	–	-0.01%	–
LHX	Exit	L3HARRIS TECHNOLOGIES COM	$0	–	-2,000	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-3,600	–	-0.01%	–
GPN	Exit	GLOBAL PMTS INC COM	$0	–	-3,000	–	-0.02%	–
CB	Exit	CHUBB CORP COM	$0	–	-3,000	–	-0.02%	–
CSCO	Exit	CISCO SYS INC COM	$0	–	-10,000	–	-0.02%	–
ATR	Exit	APTARGROUP INC COM	$0	–	-4,000	–	-0.02%	–
NTRS	Exit	NORTHERN TR CORP COM	$0	–	-5,000	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-3,984	–	-0.02%	–
FIS	Exit	FIDELITY NATL INFO SVC COM	$0	–	-4,135	–	-0.02%	–
MDT	Exit	MEDTRONIC INC	$0	–	-5,000	–	-0.02%	–
BFB	Exit	BROWN FORMAN CORP CL B	$0	–	-9,375	–	-0.02%	–
MA	Exit	MASTERCARD INC CL A	$0	–	-2,400	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-4,858	–	-0.02%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-4,649	–	-0.02%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-2,274	–	-0.02%	–
SHW	Exit	SHERWIN WILLIAMS CO COM	$0	–	-1,975	–	-0.03%	–
ABBV	Exit	ABBVIE INC	$0	–	-15,978	–	-0.04%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B NE	$0	–	-6,015	–	-0.04%	–
BKNG	Exit	BOOKING HLDGS INC COM	$0	–	-665	–	-0.04%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-10,862	–	-0.05%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-22,428	–	-0.06%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-9,635	–	-0.07%	–
FAST	Exit	FASTENAL INC COM	$0	–	-2,741,265	–	-2.81%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,576,517	–	-5.12%	–
SCHW	Exit	SCHWAB CHARLES CP NEW COM	$0	–	-5,020,076	–	-6.58%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-172,932	–	-6.61%	–
GOOGL	Exit	ALPHABET INC CL A	$0	–	-173,278	–	-6.63%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-734,822	–	-6.64%	–
TROW	Exit	T ROWE PRICE GRP INC	$0	–	-1,902,913	–	-6.82%	–
LUV	Exit	SOUTHWEST AIRLINES	$0	–	-4,129,025	–	-6.99%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,085,903	–	-7.40%	–
PNC	Exit	PNC FINANCIAL SVS GRP	$0	–	-1,708,966	–	-7.51%	–
ACN	Exit	ACCENTURE PLC	$0	–	-1,340,306	–	-8.08%	–
HD	Exit	HOME DEPOT	$0	–	-1,149,512	–	-8.36%	–
TJX	Exit	TJX COMPANIES INC	$0	–	-4,868,593	–	-8.51%	–
V	Exit	VISA INC	$0	–	-2,086,873	–	-11.25%	–

Q3 2019

			Value		Shares		↓ Weighting
V	Buy	VISA INC	$358,963,000	+3.5%	2,086,873	+4.4%	11.25%	-5.3%
TJX	Buy	TJX COMPANIES INC	$271,375,000	+11.1%	4,868,593	+5.4%	8.51%	+1.7%
HD	Buy	HOME DEPOT	$266,710,000	+16.8%	1,149,512	+4.7%	8.36%	+6.9%
ACN	Buy	ACCENTURE PLC	$257,808,000	+8.9%	1,340,306	+4.6%	8.08%	-0.4%
PNC	Buy	PNC FINANCIAL SVS GRP	$239,529,000	+6.8%	1,708,966	+4.6%	7.51%	-2.3%
UNH	Buy	UNITEDHEALTH GROUP INC	$235,988,000	-7.0%	1,085,903	+4.4%	7.40%	-14.9%
LUV	Buy	SOUTHWEST AIRLINES	$223,009,000	+11.9%	4,129,025	+5.2%	6.99%	+2.4%
TROW	Buy	T ROWE PRICE GRP INC	$217,408,000	+8.7%	1,902,913	+4.4%	6.82%	-0.5%
COST	Buy	COSTCO WHSL CORP NEW COM	$211,710,000	+14.4%	734,822	+5.0%	6.64%	+4.7%
GOOGL	Buy	ALPHABET INC CL A	$211,597,000	+18.2%	173,278	+4.8%	6.63%	+8.2%
GOOG	Buy	ALPHABET INC CL C	$210,805,000	+18.0%	172,932	+4.7%	6.61%	+8.0%
SCHW	Buy	SCHWAB CHARLES CP NEW COM	$209,990,000	+21.3%	5,020,076	+16.5%	6.58%	+11.0%
PYPL	Buy	PAYPAL HLDGS INC	$163,311,000	-5.3%	1,576,517	+4.6%	5.12%	-13.4%
FAST	Buy	FASTENAL INC COM	$89,557,000	+4.8%	2,741,265	+4.5%	2.81%	-4.1%
AAPL	Buy	APPLE COMPUTER INC	$2,158,000	+59.5%	9,635	+41.0%	0.07%	+47.8%
ABT	Buy	ABBOTT LABORATORIES	$1,877,000	+35.8%	22,428	+36.5%	0.06%	+25.5%
MSFT	Buy	MICROSOFT CORP COM	$1,510,000	+92.4%	10,862	+85.3%	0.05%	+74.1%
BKNG	Buy	BOOKING HLDGS INC COM	$1,305,000	+54.6%	665	+47.8%	0.04%	+41.4%
TMO	New	THERMO FISHER SCIENTIFIC INC	$662,000	–	2,274	–	0.02%	–
MA	New	MASTERCARD INC CL A	$652,000	–	2,400	–	0.02%	–
MDT	New	MEDTRONIC INC	$543,000	–	5,000	–	0.02%	–
FIS	New	FIDELITY NATL INFO SVC COM	$549,000	–	4,135	–	0.02%	–
CB	New	CHUBB CORP COM	$484,000	–	3,000	–	0.02%	–
ATR	New	APTARGROUP INC COM	$474,000	–	4,000	–	0.02%	–
CSCO	New	CISCO SYS INC COM	$494,000	–	10,000	–	0.02%	–
GPN	New	GLOBAL PMTS INC COM	$477,000	–	3,000	–	0.02%	–
NTRS	New	NORTHERN TR CORP COM	$467,000	–	5,000	–	0.02%	–
LHX	New	L3HARRIS TECHNOLOGIES COM	$417,000	–	2,000	–	0.01%	–
PEP	New	PEPSICO INC COM	$384,000	–	2,800	–	0.01%	–
ULTA	New	ULTA BEAUTY INC COM	$351,000	–	1,400	–	0.01%	–
AJG	New	GALLAGHER ARTHUR J & CO COM	$358,000	–	4,000	–	0.01%	–
MMC	New	MARSH & MCLENNAN COS INC	$300,000	–	3,000	–	0.01%	–
RPM	New	RPM INTERNATIONAL INC	$275,000	–	4,000	–	0.01%	–
WLTW	New	WILLIS TOWERS WATSON P SHS	$282,000	–	1,463	–	0.01%	–
FB	Sell	FACEBOOK INC CL A	$214,000	-36.9%	1,201	-31.7%	0.01%	-41.7%
WBA	New	WALGREENS BOOTS ALLIAN COM	$221,000	–	4,000	–	0.01%	–
PFE	New	PFIZER INC COM	$206,000	–	5,726	–	0.01%	–

Q2 2019

			Value		Shares		↓ Weighting
V	New	VISA INC	$346,847,000	–	1,998,544	–	11.88%	–
UNH	New	UNITEDHEALTH GROUP INC	$253,758,000	–	1,039,951	–	8.69%	–
TJX	New	TJX COMPANIES INC	$244,292,000	–	4,619,746	–	8.37%	–
ACN	New	ACCENTURE PLC	$236,805,000	–	1,281,619	–	8.11%	–
HD	New	HOME DEPOT	$228,297,000	–	1,097,741	–	7.82%	–
PNC	New	PNC FINANCIAL SVS GRP	$224,381,000	–	1,634,479	–	7.69%	–
TROW	New	T ROWE PRICE GRP INC	$199,992,000	–	1,822,913	–	6.85%	–
LUV	New	SOUTHWEST AIRLINES	$199,293,000	–	3,924,630	–	6.83%	–
COST	New	COSTCO WHSL CORP NEW COM	$184,995,000	–	700,050	–	6.34%	–
GOOGL	New	ALPHABET INC CL A	$179,012,000	–	165,323	–	6.13%	–
GOOG	New	ALPHABET INC CL C	$178,605,000	–	165,235	–	6.12%	–
SCHW	New	SCHWAB CHARLES CP NEW COM	$173,176,000	–	4,308,929	–	5.93%	–
PYPL	New	PAYPAL HLDGS INC	$172,523,000	–	1,507,278	–	5.91%	–
FAST	New	FASTENAL INC COM	$85,451,000	–	2,622,012	–	2.93%	–
ABT	New	ABBOTT LABORATORIES	$1,382,000	–	16,428	–	0.05%	–
AAPL	New	APPLE COMPUTER INC	$1,353,000	–	6,835	–	0.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B NE	$1,282,000	–	6,015	–	0.04%	–
ABBV	New	ABBVIE INC	$1,162,000	–	15,978	–	0.04%	–
SHW	New	SHERWIN WILLIAMS CO COM	$905,000	–	1,975	–	0.03%	–
BKNG	New	BOOKING HLDGS INC COM	$844,000	–	450	–	0.03%	–
MSFT	New	MICROSOFT CORP COM	$785,000	–	5,862	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON COM	$677,000	–	4,858	–	0.02%	–
UTX	New	UNITED TECHNOLOGIES CORP	$605,000	–	4,649	–	0.02%	–
BFB	New	BROWN FORMAN CORP CL B	$520,000	–	9,375	–	0.02%	–
PPG	New	PPG INDS INC COM	$465,000	–	3,984	–	0.02%	–
PG	New	PROCTER & GAMBLE CO	$395,000	–	3,600	–	0.01%	–
FB	New	FACEBOOK INC CL A	$339,000	–	1,758	–	0.01%	–
USB	New	US BANCORP	$342,000	–	6,534	–	0.01%	–
CVX	New	CHEVRON CORP	$324,000	–	2,600	–	0.01%	–
FISV	New	FISERV INC COM	$317,000	–	3,476	–	0.01%	–
BMY	New	BRISTOL MYERS SQUIBB CO COM	$293,000	–	6,452	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
FISV	Exit	FISERV INC COM	$0	–	-3,476	–	-0.01%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-3,770	–	-0.01%	–
CVX	Exit	CHEVRON CORP	$0	–	-2,600	–	-0.01%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-1,932	–	-0.01%	–
USB	Exit	US BANCORP	$0	–	-6,534	–	-0.01%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO COM	$0	–	-6,452	–	-0.01%	–
PPG	Exit	PPG INDS INC COM	$0	–	-3,984	–	-0.02%	–
BFB	Exit	BROWN FORMAN CORP CL B	$0	–	-9,375	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-5,000	–	-0.02%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-2,661	–	-0.02%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-4,400	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-5,053	–	-0.02%	–
SHW	Exit	SHERWIN WILLIAMS CO COM	$0	–	-1,975	–	-0.03%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-15,978	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-15,978	–	-0.05%	–
FAST	Exit	FASTENAL INC COM	$0	–	-1,066,381	–	-2.15%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,412,991	–	-4.31%	–
SCHW	Exit	SCHWAB CHARLES CP NEW COM	$0	–	-3,102,287	–	-5.30%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-666,725	–	-5.44%	–
LUV	Exit	SOUTHWEST AIRLINES	$0	–	-2,859,143	–	-6.20%	–
TROW	Exit	T ROWE PRICE GRP INC	$0	–	-1,654,902	–	-6.28%	–
PNC	Exit	PNC FINANCIAL SVS GRP	$0	–	-1,365,131	–	-6.46%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-156,722	–	-6.50%	–
GOOGL	Exit	ALPHABET INC CL A	$0	–	-157,256	–	-6.60%	–
HD	Exit	HOME DEPOT	$0	–	-953,229	–	-6.86%	–
ACN	Exit	ACCENTURE PLC	$0	–	-1,226,459	–	-7.25%	–
TJX	Exit	TJX COMPANIES INC	$0	–	-2,197,283	–	-8.55%	–
CTSH	Exit	COGNIZANT TECH SOLUTIONS	$0	–	-3,284,188	–	-8.80%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-982,028	–	-9.08%	–
V	Exit	VISA INC	$0	–	-1,895,977	–	-9.89%	–

Q3 2018

			Value		Shares		↓ Weighting
V	Sell	VISA INC	$284,567,000	-19.8%	1,895,977	-29.2%	9.89%	-24.9%
UNH	Buy	UNITEDHEALTH GROUP INC	$261,259,000	+11.7%	982,028	+3.0%	9.08%	+4.6%
CTSH	Buy	COGNIZANT TECH SOLUTIONS	$253,375,000	+0.9%	3,284,188	+3.3%	8.80%	-5.5%
TJX	Buy	TJX COMPANIES INC	$246,140,000	+21.6%	2,197,283	+3.3%	8.55%	+13.9%
ACN	Buy	ACCENTURE PLC	$208,743,000	+7.0%	1,226,459	+2.8%	7.25%	+0.2%
HD	Buy	HOME DEPOT	$197,461,000	+9.4%	953,229	+3.0%	6.86%	+2.4%
GOOGL	Buy	ALPHABET INC CL A	$189,821,000	+10.7%	157,256	+3.6%	6.60%	+3.7%
GOOG	Buy	ALPHABET INC CL C	$187,044,000	+10.7%	156,722	+3.5%	6.50%	+3.7%
PNC	Buy	PNC FINANCIAL SVS GRP	$185,917,000	+3.7%	1,365,131	+2.9%	6.46%	-2.9%
TROW	Buy	T ROWE PRICE GRP INC	$180,682,000	-2.9%	1,654,902	+3.2%	6.28%	-9.1%
LUV	Buy	SOUTHWEST AIRLINES	$178,553,000	+26.5%	2,859,143	+3.0%	6.20%	+18.4%
COST	Buy	COSTCO WHSL CORP NEW COM	$156,600,000	+15.3%	666,725	+2.6%	5.44%	+8.0%
SCHW	Buy	SCHWAB CHARLES CP NEW COM	$152,477,000	+24.8%	3,102,287	+29.8%	5.30%	+16.9%
PYPL	Buy	PAYPAL HLDGS INC	$124,117,000	+8.5%	1,412,991	+2.9%	4.31%	+1.6%
FAST	Buy	FASTENAL INC COM	$61,871,000	+24.3%	1,066,381	+3.1%	2.15%	+16.5%
JNJ	Sell	JOHNSON & JOHNSON COM	$698,000	+12.9%	5,053	-0.7%	0.02%	+4.3%

Q2 2018

			Value		Shares		↓ Weighting
V	New	VISA INC	$354,811,000	–	2,678,826	–	13.16%	–
CTSH	New	COGNIZANT TECH SOLUTIONS	$251,116,000	–	3,179,092	–	9.32%	–
UNH	New	UNITEDHEALTH GROUP INC	$233,918,000	–	953,443	–	8.68%	–
TJX	New	TJX COMPANIES INC	$202,422,000	–	2,126,731	–	7.51%	–
ACN	New	ACCENTURE PLC	$195,165,000	–	1,193,013	–	7.24%	–
TROW	New	T ROWE PRICE GRP INC	$186,094,000	–	1,603,019	–	6.90%	–
HD	New	HOME DEPOT	$180,536,000	–	925,350	–	6.70%	–
PNC	New	PNC FINANCIAL SVS GRP	$179,271,000	–	1,326,948	–	6.65%	–
GOOGL	New	ALPHABET INC CL A	$171,467,000	–	151,849	–	6.36%	–
GOOG	New	ALPHABET INC CL C	$168,964,000	–	151,448	–	6.27%	–
LUV	New	SOUTHWEST AIRLINES	$141,192,000	–	2,774,995	–	5.24%	–
COST	New	COSTCO WHSL CORP NEW COM	$135,772,000	–	649,691	–	5.04%	–
SCHW	New	SCHWAB CHARLES CP NEW COM	$122,136,000	–	2,390,144	–	4.53%	–
PYPL	New	PAYPAL HLDGS INC	$114,353,000	–	1,373,282	–	4.24%	–
FAST	New	FASTENAL INC COM	$49,766,000	–	1,033,995	–	1.85%	–
ABBV	New	ABBVIE INC	$1,480,000	–	15,978	–	0.06%	–
ABT	New	ABBOTT LABORATORIES	$974,000	–	15,978	–	0.04%	–
SHW	New	SHERWIN WILLIAMS CO COM	$805,000	–	1,975	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON COM	$618,000	–	5,090	–	0.02%	–
UTX	New	UNITED TECHNOLOGIES CORP	$550,000	–	4,400	–	0.02%	–
MSFT	New	MICROSOFT CORP COM	$493,000	–	5,000	–	0.02%	–
AAPL	New	APPLE COMPUTER INC	$493,000	–	2,661	–	0.02%	–
BFB	New	BROWN FORMAN CORP CL B	$459,000	–	9,375	–	0.02%	–
PPG	New	PPG INDS INC COM	$413,000	–	3,984	–	0.02%	–
FB	New	FACEBOOK INC CL A	$375,000	–	1,932	–	0.01%	–
BMY	New	BRISTOL MYERS SQUIBB CO COM	$357,000	–	6,452	–	0.01%	–
CVX	New	CHEVRON CORP	$329,000	–	2,600	–	0.01%	–
USB	New	US BANCORP	$327,000	–	6,534	–	0.01%	–
PG	New	PROCTER & GAMBLE CO	$294,000	–	3,770	–	0.01%	–
FISV	New	FISERV INC COM	$258,000	–	3,476	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
FISV	Exit	FISERV INC COM	$0	–	-1,738	–	-0.01%	–
CVX	Exit	CHEVRON CORP	$0	–	-2,600	–	-0.01%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-1,932	–	-0.02%	–
USB	Exit	US BANCORP	$0	–	-6,534	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-5,000	–	-0.02%	–
BFB	Exit	BROWN FORMAN CORP CL B	$0	–	-7,500	–	-0.02%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO COM	$0	–	-6,452	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-3,984	–	-0.02%	–
MON	Exit	MONSANTO CO NEW COM	$0	–	-3,882	–	-0.02%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-4,400	–	-0.02%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-3,463	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-5,090	–	-0.03%	–
SHW	Exit	SHERWIN WILLIAMS CO COM	$0	–	-1,975	–	-0.03%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-15,978	–	-0.04%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-11,210	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-15,978	–	-0.06%	–
FAST	Exit	FASTENAL INC COM	$0	–	-979,877	–	-1.98%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,328,674	–	-3.78%	–
COST	Exit	COSTCO WHSL CORP NEW COM	$0	–	-605,320	–	-4.41%	–
SCHW	Exit	SCHWAB CHARLES CP NEW COM	$0	–	-2,285,920	–	-4.44%	–
TJX	Exit	TJX COMPANIES INC	$0	–	-1,726,722	–	-5.65%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-1,525,585	–	-6.14%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-147,312	–	-6.27%	–
GOOGL	Exit	ALPHABET INC CL A	$0	–	-147,277	–	-6.36%	–
HD	Exit	HOME DEPOT	$0	–	-892,055	–	-6.48%	–
LUV	Exit	SOUTHWEST AIRLINES	$0	–	-2,665,033	–	-6.62%	–
ACN	Exit	ACCENTURE PLC	$0	–	-1,163,362	–	-6.98%	–
PNC	Exit	PNC FINANCIAL SVS GRP	$0	–	-1,280,590	–	-7.66%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-911,425	–	-7.92%	–
V	Exit	VISA INC	$0	–	-2,588,510	–	-12.09%	–
CTSH	Exit	COGNIZANT TECH SOLUTIONS	$0	–	-3,980,933	–	-12.82%	–

Q3 2017

			Value		Shares		↓ Weighting
CTSH	Sell	COGNIZANT TECH SOLUTIONS	$288,777,000	+8.0%	3,980,933	-1.1%	12.82%	-0.5%
V	Sell	VISA INC	$272,415,000	+10.8%	2,588,510	-1.3%	12.09%	+2.0%
UNH	Sell	UNITEDHEALTH GROUP INC	$178,503,000	+4.5%	911,425	-1.1%	7.92%	-3.8%
PNC	Sell	PNC FINANCIAL SVS GRP	$172,585,000	+6.5%	1,280,590	-1.3%	7.66%	-1.9%
ACN	Sell	ACCENTURE PLC	$157,135,000	+7.6%	1,163,362	-1.5%	6.98%	-0.9%
LUV	Sell	SOUTHWEST AIRLINES	$149,189,000	-10.8%	2,665,033	-1.0%	6.62%	-17.8%
HD	Sell	HOME DEPOT	$145,905,000	+5.4%	892,055	-1.1%	6.48%	-2.9%
GOOGL	Sell	ALPHABET INC CL A	$143,407,000	+3.6%	147,277	-1.1%	6.36%	-4.6%
GOOG	Sell	ALPHABET INC CL C	$141,289,000	+4.4%	147,312	-1.1%	6.27%	-3.9%
TROW	Sell	T ROWE PRICE GROUP INC	$138,294,000	+21.4%	1,525,585	-0.6%	6.14%	+11.8%
TJX	Sell	TJX COMPANIES INC	$127,311,000	+1.0%	1,726,722	-1.1%	5.65%	-7.0%
SCHW	Sell	SCHWAB CHARLES CP NEW COM	$99,986,000	+1.1%	2,285,920	-0.7%	4.44%	-6.9%
COST	New	COSTCO WHSL CORP NEW COM	$99,448,000	–	605,320	–	4.41%	–
PYPL	Sell	PAYPAL HLDGS INC	$85,075,000	+18.0%	1,328,674	-1.1%	3.78%	+8.7%
FAST	Sell	FASTENAL INC COM	$44,663,000	+3.8%	979,877	-0.9%	1.98%	-4.4%
AAPL	Sell	APPLE COMPUTER INC	$534,000	-9.3%	3,463	-15.3%	0.02%	-14.3%
MSFT	Sell	MICROSOFT CORP COM	$372,000	-19.0%	5,000	-24.9%	0.02%	-22.7%
USB	Sell	US BANCORP	$350,000	-4.1%	6,534	-7.2%	0.02%	-11.1%
NKE	Exit	NIKE INC CL B	$0	–	-685,334	–	-1.95%	–

Q2 2017

			Value		Shares		↓ Weighting
CTSH	New	COGNIZANT TECH SOLUTIONS	$267,368,000	–	4,026,621	–	12.89%	–
V	New	VISA INC	$245,958,000	–	2,622,713	–	11.86%	–
UNH	New	UNITEDHEALTH GROUP INC	$170,809,000	–	921,202	–	8.23%	–
LUV	New	SOUTHWEST AIRLINES	$167,220,000	–	2,691,015	–	8.06%	–
PNC	New	PNC FINANCIAL SVS GRP	$161,976,000	–	1,297,161	–	7.81%	–
ACN	New	ACCENTURE PLC	$146,033,000	–	1,180,732	–	7.04%	–
GOOGL	New	ALPHABET INC CL A	$138,445,000	–	148,916	–	6.67%	–
HD	New	HOME DEPOT	$138,429,000	–	902,404	–	6.67%	–
GOOG	New	ALPHABET INC CL C	$135,396,000	–	148,995	–	6.53%	–
TJX	New	TJX COMPANIES INC	$126,012,000	–	1,746,043	–	6.07%	–
TROW	New	T ROWE PRICE GROUP INC	$113,911,000	–	1,534,986	–	5.49%	–
SCHW	New	SCHWAB CHARLES CP NEW COM	$98,929,000	–	2,302,828	–	4.77%	–
PYPL	New	PAYPAL HLDGS INC	$72,073,000	–	1,342,888	–	3.47%	–
FAST	New	FASTENAL INC COM	$43,034,000	–	988,616	–	2.07%	–
NKE	New	NIKE INC CL B	$40,435,000	–	685,334	–	1.95%	–
ABBV	New	ABBVIE INC	$1,159,000	–	15,978	–	0.06%	–
PG	New	PROCTER & GAMBLE CO	$977,000	–	11,210	–	0.05%	–
ABT	New	ABBOTT LABORATORIES	$777,000	–	15,978	–	0.04%	–
SHW	New	SHERWIN WILLIAMS CO COM	$693,000	–	1,975	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON COM	$673,000	–	5,090	–	0.03%	–
AAPL	New	APPLE COMPUTER INC	$589,000	–	4,087	–	0.03%	–
UTX	New	UNITED TECHNOLOGIES CORP	$537,000	–	4,400	–	0.03%	–
MON	New	MONSANTO CO NEW COM	$459,000	–	3,882	–	0.02%	–
MSFT	New	MICROSOFT CORP COM	$459,000	–	6,654	–	0.02%	–
PPG	New	PPG INDS INC COM	$438,000	–	3,984	–	0.02%	–
USB	New	US BANCORP	$365,000	–	7,038	–	0.02%	–
BFB	New	BROWN FORMAN CORP CL B	$364,000	–	7,500	–	0.02%	–
BMY	New	BRISTOL MYERS SQUIBB CO COM	$360,000	–	6,452	–	0.02%	–
FB	New	FACEBOOK INC CL A	$292,000	–	1,932	–	0.01%	–
CVX	New	CHEVRON CORP	$271,000	–	2,600	–	0.01%	–
FISV	New	FISERV INC COM	$213,000	–	1,738	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
OXY	Exit	OCCIDENTAL PETE CP DEL	$0	–	-2,872	–	-0.01%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-1,758	–	-0.01%	–
CVX	Exit	CHEVRON CORP	$0	–	-2,628	–	-0.02%	–
USB	Exit	US BANCORP	$0	–	-6,534	–	-0.02%	–
BFB	Exit	BROWN FORMAN CORP CL B	$0	–	-7,500	–	-0.02%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-6,152	–	-0.02%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO COM	$0	–	-6,452	–	-0.02%	–
MON	Exit	MONSANTO CO NEW COM	$0	–	-3,882	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-3,984	–	-0.02%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-3,963	–	-0.02%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-4,400	–	-0.02%	–
SHW	Exit	SHERWIN WILLIAMS CO COM	$0	–	-1,975	–	-0.03%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-5,090	–	-0.03%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-15,978	–	-0.04%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-11,256	–	-0.06%	–
ABBV	Exit	ABBVIE INC	$0	–	-15,978	–	-0.06%	–
NKE	Exit	NIKE INC CL B	$0	–	-691,391	–	-2.04%	–
FAST	Exit	FASTENAL INC COM	$0	–	-1,030,670	–	-2.42%	–
SCHW	Exit	SCHWAB CHARLES CP NEW COM	$0	–	-1,555,789	–	-2.75%	–
PYPL	Exit	PAYPAL HLDGS INC COM	$0	–	-1,405,716	–	-3.23%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-897,331	–	-4.48%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-1,235,093	–	-4.61%	–
LUV	Exit	SOUTHWEST AIRLINES	$0	–	-2,768,965	–	-6.04%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-151,954	–	-6.62%	–
HD	Exit	HOME DEPOT	$0	–	-926,981	–	-6.69%	–
PNC	Exit	PNC FINANCIAL SVS GRP	$0	–	-1,357,389	–	-6.86%	–
GOOGL	Exit	ALPHABET INC CL A	$0	–	-152,227	–	-6.86%	–
TJX	Exit	TJX COMPANIES INC	$0	–	-1,773,544	–	-7.44%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-976,681	–	-7.67%	–
ACN	Exit	ACCENTURE PLC	$0	–	-1,218,254	–	-8.35%	–
CTSH	Exit	COGNIZANT TECH SOLUTIONS	$0	–	-4,090,131	–	-10.94%	–
V	Exit	VISA INC	$0	–	-2,712,964	–	-12.58%	–

Q3 2016

			Value		Shares		↓ Weighting
V	Sell	VISA INC	$224,362,000	+10.1%	2,712,964	-1.3%	12.58%	+12.1%
CTSH	Buy	COGNIZANT TECH SOLUTIONS	$195,140,000	-16.6%	4,090,131	+0.1%	10.94%	-15.1%
ACN	Sell	ACCENTURE PLC	$148,834,000	+7.0%	1,218,254	-0.8%	8.35%	+8.9%
UNH	Sell	UNITEDHEALTH GROUP INC	$136,735,000	-0.9%	976,681	-0.0%	7.67%	+0.9%
TJX	Sell	TJX COMPANIES INC	$132,626,000	-4.4%	1,773,544	-1.2%	7.44%	-2.7%
GOOGL	Sell	ALPHABET INC CL A	$122,400,000	+12.8%	152,227	-1.3%	6.86%	+14.8%
PNC	Sell	PNC FINANCIAL SVS GRP	$122,287,000	+9.1%	1,357,389	-1.4%	6.86%	+11.1%
HD	Sell	HOME DEPOT	$119,284,000	-0.0%	926,981	-0.8%	6.69%	+1.7%
GOOG	Sell	ALPHABET INC CL C	$118,112,000	+10.9%	151,954	-1.3%	6.62%	+12.9%
LUV	Sell	SOUTHWEST AIRLINES	$107,685,000	-2.0%	2,768,965	-1.2%	6.04%	-0.2%
TROW	Sell	T ROWE PRICE GROUP INC	$82,134,000	-9.4%	1,235,093	-0.5%	4.61%	-7.7%
CVS	Buy	CVS HEALTH CORP	$79,853,000	-2.9%	897,331	+4.5%	4.48%	-1.2%
PYPL	Sell	PAYPAL HLDGS INC COM	$57,592,000	+11.0%	1,405,716	-1.0%	3.23%	+13.0%
SCHW	Buy	SCHWAB CHARLES CP NEW COM	$49,116,000	+25.1%	1,555,789	+0.3%	2.75%	+27.3%
FAST	Sell	FASTENAL INC COM	$43,061,000	-54.4%	1,030,670	-51.5%	2.42%	-53.6%
NKE	Sell	NIKE INC CL B	$36,402,000	-5.2%	691,391	-0.6%	2.04%	-3.5%
BFB	Buy	BROWN FORMAN CORP CL B	$356,000	-4.8%	7,500	+100.0%	0.02%	-4.8%
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,240	–	-0.01%	–
JCI	Exit	JOHNSON CONTROLS INC COM	$0	–	-16,000	–	-0.04%	–

Q2 2016

			Value		Shares		↓ Weighting
CTSH	New	COGNIZANT TECH SOLUTIONS	$233,990,000	–	4,087,880	–	12.89%	–
V	New	VISA INC	$203,789,000	–	2,747,600	–	11.23%	–
ACN	New	ACCENTURE PLC	$139,082,000	–	1,227,667	–	7.66%	–
TJX	New	TJX COMPANIES INC	$138,695,000	–	1,795,865	–	7.64%	–
UNH	New	UNITEDHEALTH GROUP INC	$137,934,000	–	976,869	–	7.60%	–
HD	New	HOME DEPOT	$119,333,000	–	934,549	–	6.58%	–
PNC	New	PNC FINANCIAL SVS GRP	$112,039,000	–	1,376,569	–	6.17%	–
LUV	New	SOUTHWEST AIRLINES	$109,865,000	–	2,801,955	–	6.05%	–
GOOGL	New	ALPHABET INC CL A	$108,499,000	–	154,220	–	5.98%	–
GOOG	New	ALPHABET INC CL C	$106,524,000	–	153,913	–	5.87%	–
FAST	New	FASTENAL INC COM	$94,386,000	–	2,126,300	–	5.20%	–
TROW	New	T ROWE PRICE GROUP INC	$90,606,000	–	1,241,687	–	4.99%	–
CVS	New	CVS HEALTH CORP	$82,245,000	–	859,044	–	4.53%	–
PYPL	New	PAYPAL HLDGS INC COM	$51,863,000	–	1,420,503	–	2.86%	–
SCHW	New	SCHWAB CHARLES CP NEW COM	$39,261,000	–	1,551,220	–	2.16%	–
NKE	New	NIKE INC CL B	$38,384,000	–	695,370	–	2.12%	–
ABBV	New	ABBVIE INC	$989,000	–	15,978	–	0.05%	–
PG	New	PROCTER & GAMBLE CO	$953,000	–	11,256	–	0.05%	–
JCI	New	JOHNSON CONTROLS INC COM	$708,000	–	16,000	–	0.04%	–
ABT	New	ABBOTT LABORATORIES	$628,000	–	15,978	–	0.04%	–
JNJ	New	JOHNSON & JOHNSON COM	$617,000	–	5,090	–	0.03%	–
SHW	New	SHERWIN WILLIAMS CO COM	$580,000	–	1,975	–	0.03%	–
BMY	New	BRISTOL MYERS SQUIBB CO COM	$475,000	–	6,452	–	0.03%	–
UTX	New	UNITED TECHNOLOGIES CORP	$451,000	–	4,400	–	0.02%	–
PPG	New	PPG INDS INC COM	$415,000	–	3,984	–	0.02%	–
MON	New	MONSANTO CO NEW COM	$401,000	–	3,882	–	0.02%	–
AAPL	New	APPLE COMPUTER INC	$379,000	–	3,963	–	0.02%	–
BFB	New	BROWN FORMAN CORP CL B	$374,000	–	3,750	–	0.02%	–
MSFT	New	MICROSOFT CORP COM	$315,000	–	6,152	–	0.02%	–
CVX	New	CHEVRON CORP	$275,000	–	2,628	–	0.02%	–
USB	New	US BANCORP	$264,000	–	6,534	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$210,000	–	2,240	–	0.01%	–
OXY	New	OCCIDENTAL PETE CP DEL	$217,000	–	2,872	–	0.01%	–
FB	New	FACEBOOK INC CL A	$201,000	–	1,758	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
CVX	Exit	CHEVRON CORP	$0	–	-2,628	–	-0.01%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-5,000	–	-0.01%	–
USB	Exit	US BANCORP	$0	–	-6,534	–	-0.02%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-2,919	–	-0.02%	–
MON	Exit	MONSANTO CO NEW COM	$0	–	-3,882	–	-0.02%	–
BFB	Exit	BROWN FORMAN CORP CL B	$0	–	-3,750	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-3,984	–	-0.02%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-4,400	–	-0.02%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO COM	$0	–	-6,452	–	-0.02%	–
SHW	Exit	SHERWIN WILLIAMS CO COM	$0	–	-1,975	–	-0.02%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-5,570	–	-0.03%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-15,978	–	-0.04%	–
JCI	Exit	JOHNSON CONTROLS INC COM	$0	–	-16,000	–	-0.04%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-11,586	–	-0.05%	–
ABBV	Exit	ABBVIE INC	$0	–	-15,978	–	-0.05%	–
EBAY	Exit	EBAY INC	$0	–	-1,482,560	–	-2.04%	–
PYPL	Exit	PAYPAL HLDGS INC COM	$0	–	-1,482,195	–	-2.59%	–
FAST	Exit	FASTENAL INC COM	$0	–	-2,129,956	–	-4.39%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-839,769	–	-4.56%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-2,191,061	–	-4.60%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-1,208,177	–	-4.73%	–
GOOG	Exit	GOOGLE INC CL C	$0	–	-154,974	–	-5.31%	–
GOOGL	Exit	GOOGLE INC	$0	–	-160,469	–	-5.77%	–
LUV	Exit	SOUTHWEST AIRLINES	$0	–	-2,922,743	–	-6.26%	–
HD	Exit	HOME DEPOT	$0	–	-976,166	–	-6.35%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,016,290	–	-6.64%	–
ACN	Exit	ACCENTURE PLC	$0	–	-1,271,665	–	-7.04%	–
PNC	Exit	PNC FINANCIAL SVS GRP	$0	–	-1,427,198	–	-7.17%	–
TJX	Exit	TJX COMPANIES INC	$0	–	-1,837,026	–	-7.39%	–
V	Exit	VISA INC	$0	–	-2,735,330	–	-10.73%	–
CTSH	Exit	COGNIZANT TECH SOLUTIONS	$0	–	-3,989,508	–	-14.06%	–

Q3 2015

			Value		Shares		↓ Weighting
CTSH	Sell	COGNIZANT TECH SOLUTIONS	$249,783,000	+1.9%	3,989,508	-0.6%	14.06%	+1.8%
V	Sell	VISA INC	$190,543,000	+3.1%	2,735,330	-0.6%	10.73%	+3.0%
TJX	Sell	TJX COMPANIES INC	$131,200,000	+7.5%	1,837,026	-0.4%	7.39%	+7.4%
PNC	Sell	PNC FINANCIAL SVS GRP	$127,306,000	-7.7%	1,427,198	-1.1%	7.17%	-7.8%
ACN	Sell	ACCENTURE PLC	$124,954,000	+0.7%	1,271,665	-0.8%	7.04%	+0.6%
UNH	Sell	UNITEDHEALTH GROUP INC	$117,900,000	-5.1%	1,016,290	-0.2%	6.64%	-5.1%
HD	Sell	HOME DEPOT	$112,737,000	+3.9%	976,166	-0.1%	6.35%	+3.8%
LUV	Sell	SOUTHWEST AIRLINES	$111,181,000	+14.4%	2,922,743	-0.5%	6.26%	+14.3%
GOOGL	Sell	GOOGLE INC	$102,439,000	+17.4%	160,469	-0.7%	5.77%	+17.3%
GOOG	Sell	GOOGLE INC CL C	$94,290,000	+16.1%	154,974	-0.7%	5.31%	+16.0%
TROW	Buy	T ROWE PRICE GROUP INC	$83,968,000	+7.6%	1,208,177	+20.3%	4.73%	+7.5%
BEN	Sell	FRANKLIN RES INC	$81,639,000	-24.6%	2,191,061	-0.8%	4.60%	-24.7%
CVS	Buy	CVS HEALTH CORP	$81,021,000	-7.8%	839,769	+0.2%	4.56%	-7.9%
FAST	Buy	FASTENAL INC COM	$77,978,000	-13.2%	2,129,956	+0.0%	4.39%	-13.3%
PYPL	New	PAYPAL HLDGS INC COM	$46,007,000	–	1,482,195	–	2.59%	–
EBAY	Sell	EBAY INC	$36,234,000	-59.5%	1,482,560	-0.2%	2.04%	-59.6%
ABBV	Sell	ABBVIE INC	$869,000	-21.4%	15,978	-2.9%	0.05%	-21.0%
ABT	Sell	ABBOTT LABORATORIES	$643,000	-20.3%	15,978	-2.9%	0.04%	-20.0%
JNJ	Sell	JOHNSON & JOHNSON COM	$520,000	-8.3%	5,570	-4.2%	0.03%	-9.4%
UTX	Sell	UNITED TECHNOLOGIES CORP	$392,000	-21.8%	4,400	-2.6%	0.02%	-21.4%
BMY	Sell	BRISTOL MYERS SQUIBB CO COM	$382,000	-18.0%	6,452	-8.0%	0.02%	-15.4%
AAPL	Sell	APPLE COMPUTER INC	$322,000	-21.5%	2,919	-10.7%	0.02%	-21.7%
OXY	Exit	OCCIDENTAL PETE CP DEL	$0	–	-2,872	–	-0.01%	–

Q2 2015

			Value		Shares		↓ Weighting
CTSH	New	COGNIZANT TECH SOLUTIONS	$245,197,000	–	4,013,701	–	13.82%	–
V	New	VISA INC	$184,864,000	–	2,753,007	–	10.42%	–
PNC	New	PNC FINANCIAL SVS GRP	$137,966,000	–	1,442,407	–	7.78%	–
UNH	New	UNITEDHEALTH GROUP INC	$124,188,000	–	1,017,931	–	7.00%	–
ACN	New	ACCENTURE PLC	$124,071,000	–	1,281,991	–	6.99%	–
TJX	New	TJX COMPANIES INC	$122,020,000	–	1,844,041	–	6.88%	–
HD	New	HOME DEPOT	$108,548,000	–	976,770	–	6.12%	–
BEN	New	FRANKLIN RES INC	$108,346,000	–	2,209,785	–	6.11%	–
LUV	New	SOUTHWEST AIRLINES	$97,178,000	–	2,936,776	–	5.48%	–
FAST	New	FASTENAL INC COM	$89,831,000	–	2,129,700	–	5.06%	–
EBAY	New	EBAY INC	$89,502,000	–	1,485,758	–	5.04%	–
CVS	New	CVS CORP COM	$87,897,000	–	838,070	–	4.95%	–
GOOGL	New	GOOGLE INC	$87,246,000	–	161,555	–	4.92%	–
GOOG	New	GOOGLE INC CL C	$81,210,000	–	156,020	–	4.58%	–
TROW	New	T. ROWE PRICE GROUP INC	$78,066,000	–	1,004,325	–	4.40%	–
ABBV	New	ABBVIE INC	$1,105,000	–	16,449	–	0.06%	–
PG	New	PROCTER & GAMBLE CO.	$906,000	–	11,586	–	0.05%	–
JCI	New	JOHNSON CONTROLS INC. COM	$792,000	–	16,000	–	0.04%	–
ABT	New	ABBOTT LABORATORIES	$807,000	–	16,449	–	0.04%	–
JNJ	New	JOHNSON & JOHNSON COM	$567,000	–	5,817	–	0.03%	–
SHW	New	SHERWIN WILLIAMS CO COM	$543,000	–	1,975	–	0.03%	–
UTX	New	UNITED TECHNOLOGIES CORP	$501,000	–	4,516	–	0.03%	–
PPG	New	PPG INDS INC COM	$457,000	–	3,984	–	0.03%	–
BMY	New	BRISTOL MYERS SQUIBB CO COM	$466,000	–	7,010	–	0.03%	–
AAPL	New	APPLE COMPUTER INC	$410,000	–	3,269	–	0.02%	–
MON	New	MONSANTO CO NEW COM	$414,000	–	3,882	–	0.02%	–
BFB	New	BROWN FORMAN CORP CL B	$376,000	–	3,750	–	0.02%	–
USB	New	US BANCORP	$284,000	–	6,534	–	0.02%	–
CVX	New	CHEVRON CORP	$254,000	–	2,628	–	0.01%	–
OXY	New	OCCIDENTAL PETE CP DEL	$223,000	–	2,872	–	0.01%	–
MSFT	New	MICROSOFT CORP COM	$221,000	–	5,000	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
MSFT	Exit	MICROSOFT CORP COM	$0	–	-5,000	–	-0.01%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-2,400	–	-0.02%	–
OXY	Exit	OCCIDENTAL PETE CP DEL	$0	–	-2,872	–	-0.02%	–
USB	Exit	US BANCORP	$0	–	-6,534	–	-0.02%	–
CVX	Exit	CHEVRON CORP	$0	–	-2,628	–	-0.02%	–
BFB	Exit	BROWN FORMAN CORP CL B	$0	–	-3,750	–	-0.02%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-3,619	–	-0.02%	–
PPG	Exit	PPG INDS INC COM	$0	–	-1,992	–	-0.02%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO COM	$0	–	-7,965	–	-0.02%	–
SHW	Exit	SHERWIN WILLIAMS CO COM	$0	–	-1,975	–	-0.02%	–
MON	Exit	MONSANTO CO NEW COM	$0	–	-3,882	–	-0.03%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-4,726	–	-0.03%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-6,247	–	-0.04%	–
ABT	Exit	ABBOTT LABS COM	$0	–	-16,924	–	-0.04%	–
JCI	Exit	JOHNSON CONTROLS INC. COM	$0	–	-16,000	–	-0.04%	–
ABBV	Exit	ABBVIE INC. COM	$0	–	-16,924	–	-0.06%	–
PG	Exit	PROCTER & GAMBLE CO.	$0	–	-12,315	–	-0.06%	–
FAST	Exit	FASTENAL CO COM	$0	–	-1,556,036	–	-4.08%	–
EBAY	Exit	EBAY INC COM	$0	–	-1,431,040	–	-4.74%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-964,513	–	-4.86%	–
HD	Exit	HOME DEPOT INC	$0	–	-953,400	–	-5.12%	–
GOOG	Exit	GOOGLE INC. CL C	$0	–	-161,309	–	-5.45%	–
GOOGL	Exit	GOOGLE INC. CL A	$0	–	-161,355	–	-5.55%	–
LUV	Exit	SOUTHWEST AIRLINES CO.	$0	–	-2,987,990	–	-5.90%	–
ACN	Exit	ACCENTURE PLC	$0	–	-1,298,205	–	-6.17%	–
TJX	Exit	TJX COS. INC.	$0	–	-1,911,903	–	-6.62%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-2,206,894	–	-7.05%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-1,433,070	–	-7.17%	–
APA	Exit	APACHE CORP COM	$0	–	-1,372,328	–	-7.53%	–
HP	Exit	HELMERICH & PAYNE INC COM	$0	–	-1,513,403	–	-8.66%	–
V	Exit	VISA INC COM CL A	$0	–	-728,823	–	-9.09%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIONS	$0	–	-4,399,637	–	-11.52%	–

Q3 2014

			Value		Shares		↓ Weighting
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIONS	$196,972,000	-9.0%	4,399,637	-0.5%	11.52%	-6.3%
V	Sell	VISA INC COM CL A	$155,509,000	+1.2%	728,823	-0.1%	9.09%	+4.1%
HP	Sell	HELMERICH & PAYNE INC COM	$148,117,000	-16.3%	1,513,403	-0.7%	8.66%	-13.9%
APA	Sell	APACHE CORP COM	$128,820,000	-7.1%	1,372,328	-0.4%	7.53%	-4.4%
PNC	Sell	PNC FINANCIAL SERVICES GROUP	$122,642,000	-4.6%	1,433,070	-0.7%	7.17%	-1.8%
BEN	Sell	FRANKLIN RES INC	$120,518,000	-6.2%	2,206,894	-0.7%	7.05%	-3.5%
TJX	Sell	TJX COS. INC.	$113,127,000	+10.4%	1,911,903	-0.8%	6.62%	+13.6%
ACN	Sell	ACCENTURE PLC	$105,570,000	-0.1%	1,298,205	-0.7%	6.17%	+2.8%
LUV	Sell	SOUTHWEST AIRLINES CO.	$100,904,000	+24.4%	2,987,990	-1.0%	5.90%	+28.0%
GOOGL	Sell	GOOGLE INC. CL A	$94,943,000	+0.1%	161,355	-0.5%	5.55%	+3.0%
GOOG	Sell	GOOGLE INC. CL C	$93,133,000	-0.2%	161,309	-0.5%	5.45%	+2.7%
HD	New	HOME DEPOT INC	$87,465,000	–	953,400	–	5.12%	–
UNH	Buy	UNITEDHEALTH GROUP INC	$83,189,000	+52.3%	964,513	+44.4%	4.86%	+56.7%
EBAY	Sell	EBAY INC COM	$81,040,000	+12.4%	1,431,040	-0.7%	4.74%	+15.6%
FAST	Buy	FASTENAL CO COM	$69,866,000	+13.5%	1,556,036	+25.1%	4.08%	+16.7%
MSFT	Sell	MICROSOFT CORP COM	$232,000	-58.5%	5,000	-62.7%	0.01%	-56.2%
ETN	Exit	EATON CORP PLC SHS	$0	–	-5,400	–	-0.02%	–
ESRX	Exit	EXPRESS SCRIPTS HLDGS CO.	$0	–	-2,046,237	–	-8.06%	–

Q2 2014

			Value		Shares		↓ Weighting
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIONS	$216,375,000	–	4,423,947	–	12.30%	–
HP	New	HELMERICH & PAYNE INC COM	$176,895,000	–	1,523,508	–	10.05%	–
V	New	VISA INC COM CL A	$153,684,000	–	729,363	–	8.74%	–
ESRX	New	EXPRESS SCRIPTS HLDGS CO.	$141,866,000	–	2,046,237	–	8.06%	–
APA	New	APACHE CORP COM	$138,646,000	–	1,377,916	–	7.88%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$128,554,000	–	1,443,615	–	7.31%	–
BEN	New	FRANKLIN RES INC	$128,522,000	–	2,222,029	–	7.30%	–
ACN	New	ACCENTURE PLC	$105,638,000	–	1,306,750	–	6.00%	–
TJX	New	TJX COS. INC.	$102,451,000	–	1,927,578	–	5.82%	–
GOOGL	New	GOOGLE INC. CL A	$94,840,000	–	162,212	–	5.39%	–
GOOG	New	GOOGLE INC. CL C	$93,310,000	–	162,200	–	5.30%	–
LUV	New	SOUTHWEST AIRLINES CO.	$81,108,000	–	3,019,665	–	4.61%	–
EBAY	New	EBAY INC COM	$72,128,000	–	1,440,840	–	4.10%	–
FAST	New	FASTENAL CO COM	$61,564,000	–	1,243,976	–	3.50%	–
UNH	New	UNITEDHEALTH GROUP INC	$54,618,000	–	668,113	–	3.10%	–
PG	New	PROCTER & GAMBLE CO.	$968,000	–	12,315	–	0.06%	–
ABBV	New	ABBVIE INC. COM	$955,000	–	16,924	–	0.05%	–
JCI	New	JOHNSON CONTROLS INC. COM	$799,000	–	16,000	–	0.04%	–
ABT	New	ABBOTT LABS COM	$692,000	–	16,924	–	0.04%	–
JNJ	New	JOHNSON & JOHNSON COM	$654,000	–	6,247	–	0.04%	–
MSFT	New	MICROSOFT CORP COM	$559,000	–	13,400	–	0.03%	–
UTX	New	UNITED TECHNOLOGIES CORP	$546,000	–	4,726	–	0.03%	–
MON	New	MONSANTO CO NEW COM	$484,000	–	3,882	–	0.03%	–
ETN	New	EATON CORP PLC SHS	$417,000	–	5,400	–	0.02%	–
PPG	New	PPG INDS INC COM	$419,000	–	1,992	–	0.02%	–
SHW	New	SHERWIN WILLIAMS CO COM	$409,000	–	1,975	–	0.02%	–
BMY	New	BRISTOL MYERS SQUIBB CO COM	$386,000	–	7,965	–	0.02%	–
BFB	New	BROWN FORMAN CORP CL B	$353,000	–	3,750	–	0.02%	–
CVX	New	CHEVRON CORP	$343,000	–	2,628	–	0.02%	–
AAPL	New	APPLE COMPUTER INC	$336,000	–	3,619	–	0.02%	–
OXY	New	OCCIDENTAL PETE CP DEL	$295,000	–	2,872	–	0.02%	–
USB	New	US BANCORP	$283,000	–	6,534	–	0.02%	–
KMB	New	KIMBERLY CLARK CORP	$267,000	–	2,400	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-2,326	–	-0.02%	–
USB	Exit	US BANCORP	$0	–	-14,247	–	-0.04%	–
PG	Exit	PROCTER & GAMBLE CO., COM	$0	–	-7,819	–	-0.04%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-642,916	–	-3.30%	–
J	Exit	JACOBS ENGR GROUP INC COM	$0	–	-892,688	–	-3.72%	–
FAST	Exit	FASTENAL CO COM	$0	–	-1,171,275	–	-4.22%	–
PETM	Exit	PETSMART INC COM	$0	–	-830,250	–	-4.53%	–
ACN	Exit	ACCENTURE PLC	$0	–	-1,225,842	–	-6.46%	–
HP	Exit	HELMERICH & PAYNE INC COM	$0	–	-1,449,196	–	-7.15%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-1,409,630	–	-7.31%	–
TJX	Exit	TJX COS. INC.	$0	–	-1,823,887	–	-7.36%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-2,113,116	–	-7.65%	–
APA	Exit	APACHE CORP COM	$0	–	-1,294,891	–	-7.89%	–
ESRX	Exit	EXPRESS SCRIPTS HLDGS CO.	$0	–	-1,957,221	–	-8.66%	–
V	Exit	VISA INC COM CL A	$0	–	-697,795	–	-9.54%	–
GOOGL	Exit	GOOGLE INC. CL A	$0	–	-154,294	–	-9.67%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIONS	$0	–	-2,116,659	–	-12.44%	–

Q3 2013

			Value		Shares		↓ Weighting
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIONS	$173,820,000	+43.6%	2,116,659	+9.5%	12.44%	+30.3%
GOOGL	Buy	GOOGLE INC. CL A	$135,147,000	+9.1%	154,294	+9.6%	9.67%	-1.1%
V	Buy	VISA INC COM CL A	$133,349,000	+14.9%	697,795	+9.9%	9.54%	+4.2%
ESRX	Buy	EXPRESS SCRIPTS HLDGS CO.	$120,956,000	+9.3%	1,957,221	+9.1%	8.66%	-0.9%
APA	Buy	APACHE CORP COM	$110,247,000	+11.0%	1,294,891	+9.3%	7.89%	+0.7%
BEN	Buy	FRANKLIN RES INC	$106,818,000	+21.7%	2,113,116	+227.5%	7.65%	+10.4%
TJX	Buy	TJX COS. INC.	$102,849,000	+23.3%	1,823,887	+9.4%	7.36%	+11.9%
PNC	Buy	PNC FINANCIAL SERVICES GROUP	$102,128,000	+8.4%	1,409,630	+9.1%	7.31%	-1.7%
HP	Buy	HELMERICH & PAYNE INC COM	$99,922,000	+18.2%	1,449,196	+7.1%	7.15%	+7.2%
ACN	Buy	ACCENTURE PLC	$90,271,000	+12.4%	1,225,842	+9.9%	6.46%	+2.0%
PETM	Buy	PETSMART INC COM	$63,315,000	+22.4%	830,250	+7.5%	4.53%	+11.0%
FAST	Buy	FASTENAL CO COM	$58,880,000	+49.9%	1,171,275	+36.6%	4.22%	+36.0%
J	Buy	JACOBS ENGR GROUP INC COM	$51,937,000	+6.9%	892,688	+1.3%	3.72%	-3.0%
UNH	Buy	UNITEDHEALTH GROUP INC	$46,039,000	+22.7%	642,916	+12.2%	3.30%	+11.4%
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,277	–	-0.02%	–
ORCL	Exit	ORACLE CORPORATION	$0	–	-2,849,930	–	-6.90%	–

Q2 2013

			Value		Shares		↓ Weighting
GOOGL	New	GOOGLE INC. CL A	$123,914,000	–	140,753	–	9.78%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIONS	$121,049,000	–	1,932,454	–	9.55%	–
V	New	VISA INC COM CL A	$116,068,000	–	635,120	–	9.16%	–
ESRX	New	EXPRESS SCRIPTS HLDGS CO.	$110,710,000	–	1,793,167	–	8.74%	–
APA	New	APACHE CORP COM	$99,283,000	–	1,184,341	–	7.83%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$94,247,000	–	1,292,470	–	7.44%	–
BEN	New	FRANKLIN RES INC	$87,754,000	–	645,152	–	6.92%	–
ORCL	New	ORACLE CORPORATION	$87,521,000	–	2,849,930	–	6.90%	–
HP	New	HELMERICH & PAYNE INC COM	$84,527,000	–	1,353,511	–	6.67%	–
TJX	New	TJX COS. INC.	$83,427,000	–	1,666,547	–	6.58%	–
ACN	New	ACCENTURE PLC	$80,290,000	–	1,115,757	–	6.34%	–
PETM	New	PETSMART INC COM	$51,735,000	–	772,275	–	4.08%	–
J	New	JACOBS ENGR GROUP INC COM	$48,584,000	–	881,269	–	3.83%	–
FAST	New	FASTENAL CO COM	$39,272,000	–	857,665	–	3.10%	–
UNH	New	UNITEDHEALTH GROUP INC	$37,508,000	–	572,821	–	2.96%	–
PG	New	PROCTER & GAMBLE CO., COM	$602,000	–	7,819	–	0.05%	–
USB	New	US BANCORP	$515,000	–	14,247	–	0.04%	–
UTX	New	UNITED TECHNOLOGIES CORP	$216,000	–	2,326	–	0.02%	–
XOM	New	EXXON MOBIL CORP	$206,000	–	2,277	–	0.02%	–

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