RBO & CO LLC Activity Q4 2001-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON&JOHNSON	$32,146,026	-14.5%	206,395	-9.2%	5.84%	-8.7%
ABBV	Sell	ABBVIE INC	$29,778,760	+10.0%	199,777	-0.6%	5.41%	+17.5%
MCD	Buy	MCDONALDS CORP	$29,559,812	-11.6%	112,207	+0.2%	5.37%	-5.5%
ABT	Sell	ABBOTT LABS	$21,635,970	-11.6%	223,397	-0.4%	3.93%	-5.5%
PEP	Buy	PEPSICO INC	$19,875,600	-8.1%	117,302	+0.5%	3.61%	-1.7%
XOM	Sell	EXXON MOBIL CORP	$19,674,485	+7.4%	167,329	-2.1%	3.57%	+14.7%
JPM	Sell	JPMORGAN CHASE	$19,608,879	-0.8%	135,215	-0.5%	3.56%	+6.0%
WH	Sell	WYNDHAM HOTELS &	$19,122,874	+0.7%	274,991	-0.7%	3.47%	+7.7%
MDLZ	Buy	MONDELEZ INTER-A	$17,763,231	-3.9%	255,954	+1.0%	3.23%	+2.7%
AAPL	Sell	APPLE INC	$17,432,602	-13.8%	101,820	-2.3%	3.17%	-7.9%
PM	Sell	PHILIP MORRIS IN	$16,934,178	-5.3%	182,914	-0.2%	3.08%	+1.2%
	Sell	CIE FINANCI-REG	$15,715,143	-28.2%	128,331	-0.6%	2.86%	-23.3%
COO	Sell	COOPER COS INC	$15,038,375	-17.4%	47,289	-0.4%	2.73%	-11.7%
KO	Sell	COCA-COLA CO/THE	$14,828,150	-8.2%	264,883	-1.3%	2.69%	-1.9%
	Sell	HEINEKEN HLDG	$14,314,861	-13.4%	189,390	-0.5%	2.60%	-7.4%
DEO	Sell	DIAGEO PLC-ADR	$14,023,666	-15.3%	94,005	-1.5%	2.55%	-9.4%
WMG	Sell	WARNER MUSIC-A	$13,988,731	+19.7%	445,501	-0.6%	2.54%	+27.9%
LMT	Sell	LOCKHEED MARTIN	$13,323,794	-12.3%	32,580	-1.3%	2.42%	-6.3%
WABC	Buy	WESTAMERICA BANC	$13,075,908	+15.1%	302,333	+2.0%	2.38%	+23.1%
LYV	Sell	LIVE NATION ENTE	$12,989,698	-9.0%	156,427	-0.2%	2.36%	-2.8%
EFX	Sell	EQUIFAX INC	$12,739,803	-23.1%	69,548	-1.2%	2.31%	-17.8%
DIS	Sell	WALT DISNEY CO	$12,578,393	-9.5%	155,193	-0.3%	2.28%	-3.3%
BFB	Sell	BROWN-FORMAN -B	$12,185,436	-14.4%	211,223	-0.9%	2.21%	-8.5%
REG	Sell	REGENCY CENTERS	$11,816,672	-4.7%	198,800	-1.0%	2.15%	+1.9%
ROIC	Sell	RETAIL OPPORTUNI	$11,131,811	-9.3%	899,177	-1.0%	2.02%	-3.0%
NI	Sell	NISOURCE INC	$8,370,370	-10.5%	339,156	-0.8%	1.52%	-4.3%
TROW	Buy	PRICE T ROWE GROUP INC	$8,279,591	-6.3%	78,951	+0.0%	1.50%	+0.1%
	New	KENVUE INC	$6,035,526	–	300,574	–	1.10%	–
D	Sell	DOMINION ENERGY	$5,680,014	-21.4%	127,155	-8.9%	1.03%	-16.0%
LYB	Sell	LYONDELLBASELL-A	$5,535,120	+1.4%	58,449	-1.7%	1.01%	+8.4%
BOH	Buy	BANK HAWAII CORP	$506,490	+52.5%	10,193	+26.6%	0.09%	+64.3%
POAHY	Sell	PORSCHE AUTOMOBI	$144,551	-47.0%	29,682	-37.0%	0.03%	-43.5%
AMZN	Exit	AMAZON.COM INC	$0	–	-1,600	–	-0.04%	–

Q2 2023

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON&JOHNSON	$37,612,108	–	227,236	–	6.39%	–
MCD	New	MCDONALDS CORP	$33,427,590	–	112,019	–	5.68%	–
ABBV	New	ABBVIE INC	$27,077,901	–	200,979	–	4.60%	–
ABT	New	ABBOTT LABS	$24,462,965	–	224,390	–	4.16%	–
BRKB	New	BERKSHIRE HATH-B	$23,997,705	–	70,375	–	4.08%	–
	New	CIE FINANCI-REG	$21,898,444	–	129,167	–	3.72%	–
PEP	New	PEPSICO INC	$21,617,341	–	116,712	–	3.67%	–
AAPL	New	APPLE INC	$20,218,851	–	104,237	–	3.44%	–
JPM	New	JPMORGAN CHASE	$19,770,532	–	135,936	–	3.36%	–
WH	New	WYNDHAM HOTELS &	$18,985,593	–	276,879	–	3.23%	–
MDLZ	New	MONDELEZ INTER-A	$18,475,799	–	253,301	–	3.14%	–
XOM	New	EXXON MOBIL CORP	$18,325,539	–	170,868	–	3.12%	–
COO	New	COOPER COS INC	$18,210,624	–	47,494	–	3.10%	–
PM	New	PHILIP MORRIS IN	$17,889,841	–	183,260	–	3.04%	–
EFX	New	EQUIFAX INC	$16,561,591	–	70,385	–	2.82%	–
DEO	New	DIAGEO PLC-ADR	$16,549,645	–	95,398	–	2.81%	–
	New	HEINEKEN HLDG	$16,533,204	–	190,277	–	2.81%	–
ZTS	New	ZOETIS INC	$16,385,265	–	95,147	–	2.78%	–
KO	New	COCA-COLA CO/THE	$16,160,157	–	268,352	–	2.75%	–
GGG	New	GRACO INC	$15,863,099	–	183,707	–	2.70%	–
LMT	New	LOCKHEED MARTIN	$15,195,164	–	33,006	–	2.58%	–
LYV	New	LIVE NATION ENTE	$14,276,481	–	156,695	–	2.43%	–
BFB	New	BROWN-FORMAN -B	$14,233,267	–	213,137	–	2.42%	–
DIS	New	WALT DISNEY CO	$13,899,468	–	155,684	–	2.36%	–
REG	New	REGENCY CENTERS	$12,401,563	–	200,770	–	2.11%	–
ROIC	New	RETAIL OPPORTUNI	$12,268,309	–	908,091	–	2.08%	–
WMG	New	WARNER MUSIC-A	$11,688,972	–	448,025	–	1.99%	–
WABC	New	WESTAMERICA BANC	$11,357,219	–	296,533	–	1.93%	–
OXM	New	OXFORD INDS INC	$10,653,227	–	108,243	–	1.81%	–
NI	New	NISOURCE INC	$9,354,138	–	342,016	–	1.59%	–
TROW	New	PRICE T ROWE GROUP INC	$8,840,058	–	78,915	–	1.50%	–
D	New	DOMINION ENERGY	$7,225,844	–	139,522	–	1.23%	–
LYB	New	LYONDELLBASELL-A	$5,457,549	–	59,431	–	0.93%	–
MO	New	ALTRIA GROUP INC	$4,330,136	–	95,588	–	0.74%	–
MSFT	New	MICROSOFT CORP	$3,293,022	–	9,670	–	0.56%	–
BRKA	New	BERKSHIRE HATH-A	$2,589,050	–	5	–	0.44%	–
GOOGL	New	ALPHABET INC-A	$1,448,370	–	12,100	–	0.25%	–
V	New	VISA INC-CLASS A	$1,231,809	–	5,187	–	0.21%	–
WRLD	New	WORLD ACCEP CORPORATION	$1,027,857	–	7,670	–	0.18%	–
CACC	New	CREDIT ACCEP CORP MICH	$949,829	–	1,870	–	0.16%	–
ORCL	New	ORACLE CORP	$785,994	–	6,600	–	0.13%	–
NVDA	New	NVIDIA CORP	$692,061	–	1,636	–	0.12%	–
NEE	New	NEXTERA ENERGY	$534,240	–	7,200	–	0.09%	–
UL	New	UNILEVER PLC-ADR	$520,987	–	9,994	–	0.09%	–
ITW	New	ILLINOIS TOOL WO	$525,336	–	2,100	–	0.09%	–
WM	New	WASTE MANAGEMENT	$520,260	–	3,000	–	0.09%	–
AMT	New	AMERICAN TOWER C	$484,850	–	2,500	–	0.08%	–
RACE	New	FERRARI NV	$448,920	–	1,374	–	0.08%	–
CAT	New	CATERPILLAR INC	$369,075	–	1,500	–	0.06%	–
MMM	New	3M CO	$340,306	–	3,400	–	0.06%	–
BOH	New	BANK HAWAII CORP	$332,025	–	8,053	–	0.06%	–
UPS	New	UNITED PARCEL-B	$268,875	–	1,500	–	0.05%	–
POAHY	New	PORSCHE AUTOMOBI	$272,622	–	47,085	–	0.05%	–
PG	New	PROCTER & GAMBLE	$257,958	–	1,700	–	0.04%	–
AMZN	New	AMAZON.COM INC	$208,576	–	1,600	–	0.04%	–

Q4 2022

			Value		Shares		↓ Weighting
NVDA	Exit	NVIDIA CORP	$0	–	-1,736	–	-0.04%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-1,700	–	-0.04%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-1,940	–	-0.04%	–
UPS	Exit	UNITED PARCEL-B	$0	–	-1,500	–	-0.05%	–
CAT	Exit	CATERPILLAR INC	$0	–	-1,500	–	-0.05%	–
RACE	Exit	FERRARI NV	$0	–	-1,374	–	-0.05%	–
POAHY	Exit	PORSCHE AUTOMOBI	$0	–	-47,085	–	-0.05%	–
PFE	Exit	PFIZER INC	$0	–	-7,400	–	-0.06%	–
ITW	Exit	ILLINOIS TOOL WO	$0	–	-2,100	–	-0.08%	–
ORCL	Exit	ORACLE CORP	$0	–	-6,600	–	-0.08%	–
UL	Exit	UNILEVER PLC-ADR	$0	–	-9,994	–	-0.09%	–
WM	Exit	WASTE MANAGEMENT	$0	–	-3,000	–	-0.10%	–
AMT	Exit	AMERICAN TOWER C	$0	–	-2,500	–	-0.11%	–
NEE	Exit	NEXTERA ENERGY	$0	–	-7,200	–	-0.11%	–
AJRD	Exit	AEROJET ROCKETDYNE HLDGS INC	$0	–	-19,129	–	-0.15%	–
W	Exit	WAYFAIR INC	$0	–	-25,000	–	-0.16%	–
WRLD	Exit	WORLD ACCEP CORPORATION	$0	–	-9,170	–	-0.18%	–
V	Exit	VISA INC-CLASS A	$0	–	-5,333	–	-0.19%	–
GOOGL	Exit	ALPHABET INC-A	$0	–	-12,100	–	-0.23%	–
BRKA	Exit	BERKSHIRE HATH-A	$0	–	-5	–	-0.40%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-9,835	–	-0.46%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-6,300	–	-0.55%	–
LYB	Exit	LYONDELLBASELL-A	$0	–	-61,281	–	-0.92%	–
WABC	Exit	WESTAMERICA BANC	$0	–	-133,442	–	-1.39%	–
NI	Exit	NISOURCE INC	$0	–	-342,824	–	-1.72%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-221,639	–	-1.78%	–
OXM	Exit	OXFORD INDS INC	$0	–	-107,114	–	-1.91%	–
WMG	Exit	WARNER MUSIC-A	$0	–	-452,752	–	-2.09%	–
REG	Exit	REGENCY CENTERS	$0	–	-198,424	–	-2.12%	–
GGG	Exit	GRACO INC	$0	–	-181,850	–	-2.17%	–
LYV	Exit	LIVE NATION ENTE	$0	–	-152,611	–	-2.30%	–
EFX	Exit	EQUIFAX INC	$0	–	-70,377	–	-2.40%	–
	Exit	CIE FINANCI-REG	$0	–	-129,347	–	-2.46%	–
COO	Exit	COOPER COS INC	$0	–	-48,359	–	-2.54%	–
ROIC	Exit	RETAIL OPPORTUNI	$0	–	-930,534	–	-2.54%	–
	Exit	HEINEKEN HLDG	$0	–	-186,799	–	-2.56%	–
D	Exit	DOMINION ENERGY	$0	–	-188,299	–	-2.58%	–
ZTS	Exit	ZOETIS INC	$0	–	-89,627	–	-2.64%	–
MDLZ	Exit	MONDELEZ INTER-A	$0	–	-247,889	–	-2.70%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-35,326	–	-2.71%	–
BFB	Exit	BROWN-FORMAN -B	$0	–	-209,629	–	-2.77%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-136,658	–	-2.84%	–
AAPL	Exit	APPLE INC	$0	–	-104,139	–	-2.86%	–
PM	Exit	PHILIP MORRIS IN	$0	–	-179,251	–	-2.96%	–
DIS	Exit	WALT DISNEY CO	$0	–	-158,580	–	-2.97%	–
KO	Exit	COCA-COLA CO/THE	$0	–	-275,269	–	-3.06%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-181,226	–	-3.14%	–
DEO	Exit	DIAGEO PLC-ADR	$0	–	-97,139	–	-3.28%	–
WH	Exit	WYNDHAM HOTELS &	$0	–	-278,188	–	-3.39%	–
PEP	Exit	PEPSICO INC	$0	–	-117,536	–	-3.81%	–
BRKB	Exit	BERKSHIRE HATH-B	$0	–	-71,890	–	-3.81%	–
ABT	Exit	ABBOTT LABS	$0	–	-221,286	–	-4.25%	–
MCD	Exit	MCDONALDS CORP	$0	–	-113,594	–	-5.21%	–
ABBV	Exit	ABBVIE INC	$0	–	-205,451	–	-5.48%	–
JNJ	Exit	JOHNSON&JOHNSON	$0	–	-227,543	–	-7.38%	–

Q3 2022

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON&JOHNSON	$37,171,000	-8.1%	227,543	-0.2%	7.38%	-0.4%
ABBV	Sell	ABBVIE INC	$27,574,000	-13.6%	205,451	-1.4%	5.48%	-6.3%
MCD	Sell	MCDONALDS CORP	$26,211,000	-8.5%	113,594	-2.1%	5.21%	-0.8%
ABT	Buy	ABBOTT LABS	$21,412,000	-10.5%	221,286	+0.5%	4.25%	-3.1%
BRKB	Sell	BERKSHIRE HATH-B	$19,196,000	-2.7%	71,890	-0.5%	3.81%	+5.4%
PEP	Sell	PEPSICO INC	$19,189,000	-3.5%	117,536	-1.5%	3.81%	+4.6%
WH	Buy	WYNDHAM HOTELS &	$17,067,000	+0.4%	278,188	+7.5%	3.39%	+8.8%
DEO	Sell	DIAGEO PLC-ADR	$16,495,000	-6.0%	97,139	-3.6%	3.28%	+1.9%
XOM	Sell	EXXON MOBIL CORP	$15,823,000	+0.5%	181,226	-1.4%	3.14%	+8.9%
KO	Sell	COCA-COLA CO/THE	$15,421,000	-11.9%	275,269	-1.0%	3.06%	-4.5%
DIS	Buy	WALT DISNEY CO	$14,959,000	+0.3%	158,580	+0.4%	2.97%	+8.7%
PM	Buy	PHILIP MORRIS IN	$14,880,000	-15.8%	179,251	+0.2%	2.96%	-8.7%
AAPL	Sell	APPLE INC	$14,392,000	-0.4%	104,139	-1.4%	2.86%	+8.0%
JPM	Buy	JPMORGAN CHASE	$14,281,000	-3.7%	136,658	+3.8%	2.84%	+4.4%
BFB	Sell	BROWN-FORMAN -B	$13,955,000	-5.6%	209,629	-0.5%	2.77%	+2.3%
LMT	Sell	LOCKHEED MARTIN	$13,646,000	-13.5%	35,326	-3.7%	2.71%	-6.2%
MDLZ	Buy	MONDELEZ INTER-A	$13,592,000	-11.5%	247,889	+0.2%	2.70%	-4.1%
ZTS	Buy	ZOETIS INC	$13,291,000	-11.0%	89,627	+3.2%	2.64%	-3.5%
D	Sell	DOMINION ENERGY	$13,013,000	-15.9%	188,299	-2.9%	2.58%	-8.9%
	Buy	HEINEKEN HLDG	$12,899,000	-3.1%	186,799	+1.9%	2.56%	+5.0%
ROIC	Sell	RETAIL OPPORTUNI	$12,804,000	-12.9%	930,534	-0.1%	2.54%	-5.6%
COO	Buy	COOPER COS INC	$12,762,000	-14.0%	48,359	+2.0%	2.54%	-6.8%
EFX	Buy	EQUIFAX INC	$12,065,000	-2.6%	70,377	+3.8%	2.40%	+5.6%
LYV	Buy	LIVE NATION ENTE	$11,605,000	-6.9%	152,611	+1.1%	2.30%	+0.9%
GGG	Buy	GRACO INC	$10,902,000	+9.3%	181,850	+8.4%	2.17%	+18.6%
REG	Buy	REGENCY CENTERS	$10,685,000	+0.4%	198,424	+10.6%	2.12%	+8.8%
WMG	Buy	WARNER MUSIC-A	$10,508,000	-1.6%	452,752	+3.2%	2.09%	+6.6%
OXM	Buy	OXFORD INDS INC	$9,617,000	+3.7%	107,114	+2.5%	1.91%	+12.4%
MO	Sell	ALTRIA GROUP INC	$8,950,000	-6.2%	221,639	-3.0%	1.78%	+1.7%
NI	Sell	NISOURCE INC	$8,636,000	-16.6%	342,824	-2.3%	1.72%	-9.6%
WABC	Sell	WESTAMERICA BANC	$6,978,000	-9.5%	133,442	-3.6%	1.39%	-1.9%
LYB	Buy	LYONDELLBASELL-A	$4,613,000	-9.8%	61,281	+4.8%	0.92%	-2.2%
GOOGL	Buy	ALPHABET INC-A	$1,157,000	-12.2%	12,100	+1900.0%	0.23%	-5.0%
AJRD	Sell	AEROJET ROCKETDYNE HLDGS INC	$765,000	-9.6%	19,129	-8.2%	0.15%	-1.9%
VZ	Exit	VERIZON COMMUNIC	$0	–	-4,400	–	-0.04%	–
CMPR	Exit	CIMPRESS PLC	$0	–	-53,500	–	-0.38%	–

Q2 2022

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON&JOHNSON	$40,466,000	–	227,967	–	7.42%	–
ABBV	New	ABBVIE INC	$31,901,000	–	208,286	–	5.85%	–
MCD	New	MCDONALDS CORP	$28,638,000	–	115,999	–	5.25%	–
ABT	New	ABBOTT LABS	$23,934,000	–	220,283	–	4.39%	–
PEP	New	PEPSICO INC	$19,883,000	–	119,304	–	3.64%	–
BRKB	New	BERKSHIRE HATH-B	$19,735,000	–	72,286	–	3.62%	–
PM	New	PHILIP MORRIS IN	$17,671,000	–	178,969	–	3.24%	–
DEO	New	DIAGEO PLC-ADR	$17,541,000	–	100,742	–	3.22%	–
KO	New	COCA-COLA CO/THE	$17,496,000	–	278,106	–	3.21%	–
WH	New	WYNDHAM HOTELS &	$17,005,000	–	258,746	–	3.12%	–
LMT	New	LOCKHEED MARTIN	$15,770,000	–	36,677	–	2.89%	–
XOM	New	EXXON MOBIL CORP	$15,742,000	–	183,822	–	2.88%	–
D	New	DOMINION ENERGY	$15,482,000	–	193,989	–	2.84%	–
MDLZ	New	MONDELEZ INTER-A	$15,362,000	–	247,418	–	2.82%	–
ZTS	New	ZOETIS INC	$14,930,000	–	86,860	–	2.74%	–
DIS	New	WALT DISNEY CO	$14,916,000	–	158,010	–	2.73%	–
COO	New	COOPER COS INC	$14,846,000	–	47,412	–	2.72%	–
JPM	New	JPMORGAN CHASE	$14,830,000	–	131,690	–	2.72%	–
BFB	New	BROWN-FORMAN -B	$14,778,000	–	210,639	–	2.71%	–
ROIC	New	RETAIL OPPORTUNI	$14,705,000	–	931,857	–	2.70%	–
AAPL	New	APPLE INC	$14,443,000	–	105,639	–	2.65%	–
	New	CIE FINANCI-REG	$13,736,000	–	129,347	–	2.52%	–
	New	HEINEKEN HLDG	$13,310,000	–	183,339	–	2.44%	–
LYV	New	LIVE NATION ENTE	$12,461,000	–	150,893	–	2.28%	–
EFX	New	EQUIFAX INC	$12,387,000	–	67,771	–	2.27%	–
WMG	New	WARNER MUSIC-A	$10,684,000	–	438,573	–	1.96%	–
REG	New	REGENCY CENTERS	$10,645,000	–	179,487	–	1.95%	–
NI	New	NISOURCE INC	$10,349,000	–	350,936	–	1.90%	–
GGG	New	GRACO INC	$9,970,000	–	167,810	–	1.83%	–
MO	New	ALTRIA GROUP INC	$9,543,000	–	228,455	–	1.75%	–
OXM	New	OXFORD INDS INC	$9,276,000	–	104,528	–	1.70%	–
WABC	New	WESTAMERICA BANC	$7,708,000	–	138,492	–	1.41%	–
LYB	New	LYONDELLBASELL-A	$5,115,000	–	58,488	–	0.94%	–
CACC	New	CREDIT ACCEP CORP MICH	$2,982,000	–	6,300	–	0.55%	–
MSFT	New	MICROSOFT CORP	$2,526,000	–	9,835	–	0.46%	–
CMPR	New	CIMPRESS PLC	$2,081,000	–	53,500	–	0.38%	–
BRKA	New	BERKSHIRE HATH-A	$2,045,000	–	5	–	0.38%	–
GOOGL	New	ALPHABET INC-A	$1,318,000	–	605	–	0.24%	–
W	New	WAYFAIR INC	$1,089,000	–	25,000	–	0.20%	–
V	New	VISA INC-CLASS A	$1,050,000	–	5,333	–	0.19%	–
WRLD	New	WORLD ACCEP CORPORATION	$1,029,000	–	9,170	–	0.19%	–
AJRD	New	AEROJET ROCKETDYNE HLDGS INC	$846,000	–	20,827	–	0.16%	–
AMT	New	AMERICAN TOWER C	$639,000	–	2,500	–	0.12%	–
NEE	New	NEXTERA ENERGY	$558,000	–	7,200	–	0.10%	–
UL	New	UNILEVER PLC-ADR	$458,000	–	9,994	–	0.08%	–
WM	New	WASTE MANAGEMENT	$459,000	–	3,000	–	0.08%	–
ORCL	New	ORACLE CORP	$461,000	–	6,600	–	0.08%	–
PFE	New	PFIZER INC	$388,000	–	7,400	–	0.07%	–
ITW	New	ILLINOIS TOOL WO	$383,000	–	2,100	–	0.07%	–
POAHY	New	PORSCHE AUTOMOBI	$311,000	–	47,085	–	0.06%	–
UPS	New	UNITED PARCEL-B	$274,000	–	1,500	–	0.05%	–
CAT	New	CATERPILLAR INC	$268,000	–	1,500	–	0.05%	–
NVDA	New	NVIDIA CORP	$263,000	–	1,736	–	0.05%	–
RACE	New	FERRARI NV	$252,000	–	1,374	–	0.05%	–
PG	New	PROCTER & GAMBLE	$244,000	–	1,700	–	0.04%	–
VZ	New	VERIZON COMMUNIC	$223,000	–	4,400	–	0.04%	–
AMZN	New	AMAZON.COM INC	$206,000	–	1,940	–	0.04%	–

Q4 2021

			Value		Shares		↓ Weighting
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-4,000	–	-0.04%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-1,710	–	-0.04%	–
VZ	Exit	VERIZON COMMUNIC	$0	–	-4,400	–	-0.04%	–
UPS	Exit	UNITED PARCEL-B	$0	–	-1,500	–	-0.05%	–
RACE	Exit	FERRARI NV	$0	–	-1,374	–	-0.05%	–
CAT	Exit	CATERPILLAR INC	$0	–	-1,500	–	-0.05%	–
CPRT	Exit	COPART INC	$0	–	-2,154	–	-0.05%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-97	–	-0.06%	–
NVDA	Exit	NVIDIA CORP	$0	–	-1,736	–	-0.06%	–
PFE	Exit	PFIZER INC	$0	–	-8,530	–	-0.06%	–
POAHY	Exit	PORSCHE AUTOMOBI	$0	–	-42,085	–	-0.07%	–
ITW	Exit	ILLINOIS TOOL WO	$0	–	-2,100	–	-0.08%	–
WM	Exit	WASTE MANAGEMENT	$0	–	-3,000	–	-0.08%	–
UL	Exit	UNILEVER PLC-ADR	$0	–	-8,414	–	-0.08%	–
NEE	Exit	NEXTERA ENERGY	$0	–	-7,200	–	-0.10%	–
ORCL	Exit	ORACLE CORP	$0	–	-6,600	–	-0.10%	–
T	Exit	AT&T INC	$0	–	-21,646	–	-0.10%	–
AMT	Exit	AMERICAN TOWER C	$0	–	-2,549	–	-0.12%	–
V	Exit	VISA INC-CLASS A	$0	–	-5,333	–	-0.21%	–
AJRD	Exit	AEROJET ROCKETDYNE HLDGS INC	$0	–	-35,855	–	-0.27%	–
GOOGL	Exit	ALPHABET INC-A	$0	–	-605	–	-0.28%	–
BRKA	Exit	BERKSHIRE HATH-A	$0	–	-5	–	-0.36%	–
YELP	Exit	YELP INC	$0	–	-60,000	–	-0.39%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-9,835	–	-0.49%	–
WRLD	Exit	WORLD ACCEP CORPORATION	$0	–	-21,500	–	-0.72%	–
CMPR	Exit	CIMPRESS PLC	$0	–	-53,500	–	-0.82%	–
LYB	Exit	LYONDELLBASELL-A	$0	–	-60,617	–	-1.00%	–
WABC	Exit	WESTAMERICA BANC	$0	–	-108,222	–	-1.07%	–
W	Exit	WAYFAIR INC	$0	–	-25,000	–	-1.12%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-12,200	–	-1.25%	–
NI	Exit	NISOURCE INC	$0	–	-354,110	–	-1.51%	–
OXM	Exit	OXFORD INDS INC	$0	–	-104,638	–	-1.66%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-186,081	–	-1.92%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-241,061	–	-1.92%	–
WMG	Exit	WARNER MUSIC-A	$0	–	-261,145	–	-1.96%	–
GGG	Exit	GRACO INC	$0	–	-167,070	–	-2.05%	–
REG	Exit	REGENCY CENTERS	$0	–	-179,247	–	-2.12%	–
BFB	Exit	BROWN-FORMAN -B	$0	–	-181,509	–	-2.13%	–
	Exit	HEINEKEN HLDG	$0	–	-143,439	–	-2.20%	–
MDLZ	Exit	MONDELEZ INTER-A	$0	–	-218,688	–	-2.23%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-37,950	–	-2.30%	–
	Exit	CIE FINANCI-REG	$0	–	-129,677	–	-2.38%	–
LYV	Exit	LIVE NATION ENTE	$0	–	-150,951	–	-2.41%	–
D	Exit	DOMINION ENERGY	$0	–	-194,256	–	-2.49%	–
KO	Exit	COCA-COLA CO/THE	$0	–	-278,409	–	-2.56%	–
AAPL	Exit	APPLE INC	$0	–	-106,705	–	-2.65%	–
ROIC	Exit	RETAIL OPPORTUNI	$0	–	-923,718	–	-2.82%	–
PM	Exit	PHILIP MORRIS IN	$0	–	-176,890	–	-2.94%	–
EFX	Exit	EQUIFAX INC	$0	–	-66,307	–	-2.95%	–
ZTS	Exit	ZOETIS INC	$0	–	-88,042	–	-3.00%	–
COO	Exit	COOPER COS INC	$0	–	-42,017	–	-3.05%	–
PEP	Exit	PEPSICO INC	$0	–	-120,385	–	-3.18%	–
DEO	Exit	DIAGEO PLC-ADR	$0	–	-101,207	–	-3.43%	–
BRKB	Exit	BERKSHIRE HATH-B	$0	–	-72,381	–	-3.47%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-120,849	–	-3.47%	–
WH	Exit	WYNDHAM HOTELS &	$0	–	-260,183	–	-3.52%	–
ABBV	Exit	ABBVIE INC	$0	–	-203,423	–	-3.85%	–
ABT	Exit	ABBOTT LABS	$0	–	-221,467	–	-4.59%	–
DIS	Exit	WALT DISNEY CO	$0	–	-154,981	–	-4.60%	–
MCD	Exit	MCDONALDS CORP	$0	–	-117,704	–	-4.98%	–
JNJ	Exit	JOHNSON&JOHNSON	$0	–	-227,696	–	-6.45%	–

Q3 2021

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON&JOHNSON	$36,773,000	-2.0%	227,696	-0.1%	6.45%	-1.5%
DIS	Sell	WALT DISNEY CO	$26,218,000	-4.2%	154,981	-0.4%	4.60%	-3.7%
PEP	Buy	PEPSICO INC	$18,107,000	+1.5%	120,385	+0.0%	3.18%	+2.0%
ZTS	Sell	ZOETIS INC	$17,092,000	+3.3%	88,042	-0.9%	3.00%	+3.7%
EFX	Sell	EQUIFAX INC	$16,804,000	+5.6%	66,307	-0.2%	2.95%	+6.2%
D	Sell	DOMINION ENERGY	$14,185,000	-0.8%	194,256	-0.1%	2.49%	-0.4%
LYV	Buy	LIVE NATION ENTE	$13,756,000	+4.2%	150,951	+0.2%	2.41%	+4.7%
	New	CIE FINANCI-REG	$13,545,000	–	129,677	–	2.38%	–
	New	HEINEKEN HLDG	$12,508,000	–	143,439	–	2.20%	–
BFB	Sell	BROWN-FORMAN -B	$12,163,000	-10.6%	181,509	-0.0%	2.13%	-10.2%
REG	Sell	REGENCY CENTERS	$12,069,000	+5.0%	179,247	-0.1%	2.12%	+5.5%
WMG	Buy	WARNER MUSIC-A	$11,161,000	+18.6%	261,145	+0.0%	1.96%	+19.2%
MO	Sell	ALTRIA GROUP INC	$10,973,000	-4.9%	241,061	-0.4%	1.92%	-4.5%
XOM	Buy	EXXON MOBIL CORP	$10,945,000	+54.9%	186,081	+66.1%	1.92%	+55.7%
NI	Sell	NISOURCE INC	$8,580,000	-1.2%	354,110	-0.1%	1.51%	-0.7%
NVDA	Buy	NVIDIA CORP	$360,000	+3.7%	1,736	+300.0%	0.06%	+3.3%
	Exit	HEINEKEN HLDG	$0	–	-143,439	–	-2.52%	–
	Exit	CIE FINANCI-REG	$0	–	-129,677	–	-2.74%	–

Q2 2021

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON&JOHNSON	$37,530,000	–	227,816	–	6.55%	–
DIS	New	WALT DISNEY CO	$27,359,000	–	155,655	–	4.78%	–
MCD	New	MCDONALDS CORP	$27,188,000	–	117,704	–	4.75%	–
ABT	New	ABBOTT LABS	$25,675,000	–	221,467	–	4.48%	–
ABBV	New	ABBVIE INC	$22,914,000	–	203,423	–	4.00%	–
BRKB	New	BERKSHIRE HATH-B	$20,116,000	–	72,381	–	3.51%	–
DEO	New	DIAGEO PLC-ADR	$19,400,000	–	101,207	–	3.39%	–
WH	New	WYNDHAM HOTELS &	$18,809,000	–	260,183	–	3.28%	–
JPM	New	JPMORGAN CHASE	$18,797,000	–	120,849	–	3.28%	–
PEP	New	PEPSICO INC	$17,832,000	–	120,350	–	3.11%	–
PM	New	PHILIP MORRIS IN	$17,532,000	–	176,890	–	3.06%	–
COO	New	COOPER COS INC	$16,650,000	–	42,017	–	2.91%	–
ZTS	New	ZOETIS INC	$16,553,000	–	88,825	–	2.89%	–
ROIC	New	RETAIL OPPORTUNI	$16,313,000	–	923,718	–	2.85%	–
EFX	New	EQUIFAX INC	$15,906,000	–	66,410	–	2.78%	–
	New	CIE FINANCI-REG	$15,708,000	–	129,677	–	2.74%	–
KO	New	COCA-COLA CO/THE	$15,065,000	–	278,409	–	2.63%	–
AAPL	New	APPLE INC	$14,614,000	–	106,705	–	2.55%	–
	New	HEINEKEN HLDG	$14,449,000	–	143,439	–	2.52%	–
LMT	New	LOCKHEED MARTIN	$14,358,000	–	37,950	–	2.51%	–
D	New	DOMINION ENERGY	$14,306,000	–	194,459	–	2.50%	–
MDLZ	New	MONDELEZ INTER-A	$13,655,000	–	218,688	–	2.38%	–
BFB	New	BROWN-FORMAN -B	$13,609,000	–	181,596	–	2.38%	–
LYV	New	LIVE NATION ENTE	$13,202,000	–	150,723	–	2.31%	–
GGG	New	GRACO INC	$12,647,000	–	167,070	–	2.21%	–
MO	New	ALTRIA GROUP INC	$11,540,000	–	242,024	–	2.02%	–
REG	New	REGENCY CENTERS	$11,494,000	–	179,390	–	2.01%	–
OXM	New	OXFORD INDS INC	$10,342,000	–	104,638	–	1.81%	–
WMG	New	WARNER MUSIC-A	$9,407,000	–	261,020	–	1.64%	–
NI	New	NISOURCE INC	$8,684,000	–	354,430	–	1.52%	–
W	New	WAYFAIR INC	$7,893,000	–	25,000	–	1.38%	–
XOM	New	EXXON MOBIL CORP	$7,068,000	–	112,045	–	1.23%	–
WABC	New	WESTAMERICA BANC	$6,280,000	–	108,222	–	1.10%	–
LYB	New	LYONDELLBASELL-A	$6,236,000	–	60,617	–	1.09%	–
CMPR	New	CIMPRESS PLC	$5,800,000	–	53,500	–	1.01%	–
CACC	New	CREDIT ACCEP CORP MICH	$5,540,000	–	12,200	–	0.97%	–
WRLD	New	WORLD ACCEP CORPORATION	$3,445,000	–	21,500	–	0.60%	–
MSFT	New	MICROSOFT CORP	$2,664,000	–	9,835	–	0.46%	–
YELP	New	YELP INC	$2,398,000	–	60,000	–	0.42%	–
BRKA	New	BERKSHIRE HATH-A	$2,093,000	–	5	–	0.37%	–
AJRD	New	AEROJET ROCKETDYNE HLDGS INC	$1,731,000	–	35,855	–	0.30%	–
GOOGL	New	ALPHABET INC-A	$1,477,000	–	605	–	0.26%	–
V	New	VISA INC-CLASS A	$1,247,000	–	5,333	–	0.22%	–
AMT	New	AMERICAN TOWER C	$689,000	–	2,549	–	0.12%	–
T	New	AT&T INC	$623,000	–	21,646	–	0.11%	–
NEE	New	NEXTERA ENERGY	$528,000	–	7,200	–	0.09%	–
ORCL	New	ORACLE CORP	$514,000	–	6,600	–	0.09%	–
UL	New	UNILEVER PLC-ADR	$492,000	–	8,414	–	0.09%	–
ITW	New	ILLINOIS TOOL WO	$469,000	–	2,100	–	0.08%	–
POAHY	New	PORSCHE AUTOMOBI	$454,000	–	42,085	–	0.08%	–
WM	New	WASTE MANAGEMENT	$420,000	–	3,000	–	0.07%	–
NVDA	New	NVIDIA CORP	$347,000	–	434	–	0.06%	–
PFE	New	PFIZER INC	$334,000	–	8,530	–	0.06%	–
AMZN	New	AMAZON.COM INC	$334,000	–	97	–	0.06%	–
CAT	New	CATERPILLAR INC	$326,000	–	1,500	–	0.06%	–
UPS	New	UNITED PARCEL-B	$312,000	–	1,500	–	0.05%	–
CPRT	New	COPART INC	$284,000	–	2,154	–	0.05%	–
RACE	New	FERRARI NV	$283,000	–	1,374	–	0.05%	–
VZ	New	VERIZON COMMUNIC	$247,000	–	4,400	–	0.04%	–
PG	New	PROCTER & GAMBLE	$231,000	–	1,710	–	0.04%	–
BK	New	BANK NEW YORK MELLON CORP	$205,000	–	4,000	–	0.04%	–

Q4 2020

			Value		Shares		↓ Weighting
NVDA	Exit	NVIDIA CORP	$0	–	-397	–	-0.05%	–
CAT	Exit	CATERPILLAR INC	$0	–	-1,500	–	-0.05%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-75	–	-0.05%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-1,700	–	-0.05%	–
CPRT	Exit	COPART INC	$0	–	-2,330	–	-0.05%	–
UPS	Exit	UNITED PARCEL-B	$0	–	-1,500	–	-0.06%	–
	Exit	FERRARI NV	$0	–	-1,374	–	-0.06%	–
POAHY	Exit	PORSCHE AUTOMOBI	$0	–	-42,085	–	-0.06%	–
PFE	Exit	PFIZER INC	$0	–	-8,530	–	-0.07%	–
VZ	Exit	VERIZON COMMUNIC	$0	–	-5,400	–	-0.07%	–
WM	Exit	WASTE MANAGEMENT	$0	–	-3,000	–	-0.08%	–
ORCL	Exit	ORACLE CORP	$0	–	-6,600	–	-0.09%	–
ITW	Exit	ILLINOIS TOOL WO	$0	–	-2,100	–	-0.09%	–
UL	Exit	UNILEVER PLC-ADR	$0	–	-7,715	–	-0.11%	–
NEE	Exit	NEXTERA ENERGY	$0	–	-1,800	–	-0.11%	–
AMT	Exit	AMERICAN TOWER C	$0	–	-2,500	–	-0.13%	–
T	Exit	AT&T INC	$0	–	-26,067	–	-0.16%	–
GOOGL	Exit	ALPHABET INC-A	$0	–	-605	–	-0.20%	–
V	Exit	VISA INC-CLASS A	$0	–	-5,126	–	-0.23%	–
BRKA	Exit	BERKSHIRE HATH-A	$0	–	-5	–	-0.36%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-9,600	–	-0.45%	–
OXM	Exit	OXFORD INDS INC	$0	–	-120,005	–	-1.08%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-178,500	–	-1.36%	–
	Exit	LYONDELLBASELL-A	$0	–	-88,159	–	-1.38%	–
WABC	Exit	WESTAMERICA BANC	$0	–	-114,694	–	-1.38%	–
WMG	Exit	WARNER MUSIC-A	$0	–	-246,345	–	-1.57%	–
REG	Exit	REGENCY CENTERS	$0	–	-204,357	–	-1.73%	–
NI	Exit	NISOURCE INC	$0	–	-366,719	–	-1.79%	–
LYV	Exit	LIVE NATION ENTE	$0	–	-161,474	–	-1.93%	–
	Exit	CIE FINANCI-REG	$0	–	-154,439	–	-2.29%	–
EFX	Exit	EQUIFAX INC	$0	–	-66,492	–	-2.32%	–
GGG	Exit	GRACO INC	$0	–	-170,494	–	-2.32%	–
	Exit	HEINEKEN HLDG	$0	–	-144,473	–	-2.50%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-292,323	–	-2.51%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-124,978	–	-2.67%	–
ROIC	Exit	RETAIL OPPORTUNI	$0	–	-1,181,318	–	-2.73%	–
AAPL	Exit	APPLE INC	$0	–	-107,270	–	-2.76%	–
MDLZ	Exit	MONDELEZ INTER-A	$0	–	-219,340	–	-2.80%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-33,196	–	-2.83%	–
DEO	Exit	DIAGEO PLC-ADR	$0	–	-99,212	–	-3.03%	–
D	Exit	DOMINION ENERGY	$0	–	-175,716	–	-3.08%	–
KO	Exit	COCA-COLA CO/THE	$0	–	-282,014	–	-3.09%	–
WH	Exit	WYNDHAM HOTELS &	$0	–	-276,614	–	-3.10%	–
BFB	Exit	BROWN-FORMAN -B	$0	–	-186,795	–	-3.12%	–
COO	Exit	COOPER COS INC	$0	–	-41,981	–	-3.14%	–
PM	Exit	PHILIP MORRIS IN	$0	–	-193,068	–	-3.22%	–
PEP	Exit	PEPSICO INC	$0	–	-110,395	–	-3.40%	–
BRKB	Exit	BERKSHIRE HATH-B	$0	–	-74,659	–	-3.53%	–
ZTS	Exit	ZOETIS INC	$0	–	-97,513	–	-3.58%	–
ABBV	Exit	ABBVIE INC	$0	–	-207,973	–	-4.05%	–
DIS	Exit	WALT DISNEY CO	$0	–	-166,107	–	-4.58%	–
ABT	Exit	ABBOTT LABS	$0	–	-225,982	–	-5.46%	–
MCD	Exit	MCDONALDS CORP	$0	–	-114,146	–	-5.56%	–
JNJ	Exit	JOHNSON&JOHNSON	$0	–	-227,404	–	-7.52%	–

Q3 2020

			Value		Shares		↓ Weighting
JNJ	Buy	JOHNSON&JOHNSON	$33,856,000	+7.7%	227,404	+1.7%	7.52%	-0.9%
MCD	Sell	MCDONALDS CORP	$25,054,000	+17.9%	114,146	-0.9%	5.56%	+8.4%
ABT	Sell	ABBOTT LABS	$24,594,000	+18.9%	225,982	-0.1%	5.46%	+9.4%
DIS	Sell	WALT DISNEY CO	$20,611,000	+10.1%	166,107	-1.1%	4.58%	+1.2%
ABBV	Buy	ABBVIE INC	$18,216,000	-8.9%	207,973	+2.1%	4.05%	-16.2%
ZTS	Sell	ZOETIS INC	$16,126,000	+8.3%	97,513	-10.2%	3.58%	-0.4%
BRKB	Sell	BERKSHIRE HATH-B	$15,898,000	+18.3%	74,659	-0.8%	3.53%	+8.8%
PEP	Sell	PEPSICO INC	$15,301,000	+4.4%	110,395	-0.3%	3.40%	-4.0%
PM	Buy	PHILIP MORRIS IN	$14,478,000	+7.6%	193,068	+0.5%	3.22%	-1.1%
COO	Buy	COOPER COS INC	$14,153,000	+20.7%	41,981	+1.6%	3.14%	+11.1%
BFB	Sell	BROWN-FORMAN -B	$14,069,000	+18.2%	186,795	-0.1%	3.12%	+8.7%
WH	Sell	WYNDHAM HOTELS &	$13,969,000	+18.4%	276,614	-0.0%	3.10%	+8.9%
KO	Buy	COCA-COLA CO/THE	$13,923,000	+13.6%	282,014	+2.8%	3.09%	+4.4%
D	Buy	DOMINION ENERGY	$13,869,000	-2.7%	175,716	+0.1%	3.08%	-10.5%
DEO	Buy	DIAGEO PLC-ADR	$13,658,000	+3.0%	99,212	+0.6%	3.03%	-5.2%
LMT	Buy	LOCKHEED MARTIN	$12,723,000	+5.2%	33,196	+0.2%	2.83%	-3.3%
AAPL	Buy	APPLE INC	$12,423,000	-12.7%	107,270	+175.1%	2.76%	-19.7%
ROIC	Sell	RETAIL OPPORTUNI	$12,303,000	-8.5%	1,181,318	-0.5%	2.73%	-15.9%
JPM	Buy	JPMORGAN CHASE	$12,032,000	+3.1%	124,978	+0.7%	2.67%	-5.2%
MO	Buy	ALTRIA GROUP INC	$11,295,000	-0.6%	292,323	+1.0%	2.51%	-8.6%
	Sell	HEINEKEN HLDG	$11,269,000	-4.6%	144,473	-0.3%	2.50%	-12.3%
GGG	Sell	GRACO INC	$10,460,000	+27.6%	170,494	-0.2%	2.32%	+17.3%
EFX	Buy	EQUIFAX INC	$10,433,000	-8.6%	66,492	+0.1%	2.32%	-16.0%
	Sell	CIE FINANCI-REG	$10,301,000	+2.9%	154,439	-0.9%	2.29%	-5.4%
NI	Buy	NISOURCE INC	$8,068,000	+1.3%	366,719	+4.7%	1.79%	-6.8%
REG	Buy	REGENCY CENTERS	$7,770,000	-11.7%	204,357	+6.6%	1.73%	-18.8%
WMG	New	WARNER MUSIC-A	$7,080,000	–	246,345	–	1.57%	–
WABC	Sell	WESTAMERICA BANC	$6,234,000	-6.4%	114,694	-1.1%	1.38%	-13.9%
	Sell	LYONDELLBASELL-A	$6,214,000	+7.1%	88,159	-0.1%	1.38%	-1.5%
XOM	Sell	EXXON MOBIL CORP	$6,128,000	-28.4%	178,500	-6.7%	1.36%	-34.1%
OXM	Buy	OXFORD INDS INC	$4,843,000	-8.3%	120,005	+0.1%	1.08%	-15.6%
MSFT	New	MICROSOFT CORP	$2,019,000	–	9,600	–	0.45%	–
T	Buy	AT&T INC	$743,000	+60.8%	26,067	+70.7%	0.16%	+47.3%
AMT	New	AMERICAN TOWER C	$604,000	–	2,500	–	0.13%	–
NEE	New	NEXTERA ENERGY	$500,000	–	1,800	–	0.11%	–
UL	Buy	UNILEVER PLC-ADR	$476,000	+83.8%	7,715	+63.6%	0.11%	+68.3%
ITW	New	ILLINOIS TOOL WO	$406,000	–	2,100	–	0.09%	–
ORCL	New	ORACLE CORP	$394,000	–	6,600	–	0.09%	–
WM	New	WASTE MANAGEMENT	$340,000	–	3,000	–	0.08%	–
VZ	New	VERIZON COMMUNIC	$321,000	–	5,400	–	0.07%	–
PFE	New	PFIZER INC	$313,000	–	8,530	–	0.07%	–
UPS	New	UNITED PARCEL-B	$250,000	–	1,500	–	0.06%	–
POAHY	Sell	PORSCHE AUTOMOBI	$251,000	-7.0%	42,085	-10.5%	0.06%	-13.8%
CPRT	New	COPART INC	$245,000	–	2,330	–	0.05%	–
PG	New	PROCTER & GAMBLE	$236,000	–	1,700	–	0.05%	–
CAT	New	CATERPILLAR INC	$224,000	–	1,500	–	0.05%	–
NVDA	New	NVIDIA CORP	$215,000	–	397	–	0.05%	–

Q2 2020

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON&JOHNSON	$31,431,000	–	223,504	–	7.59%	–
MCD	New	MCDONALDS CORP	$21,258,000	–	115,239	–	5.14%	–
ABT	New	ABBOTT LABS	$20,681,000	–	226,190	–	5.00%	–
ABBV	New	ABBVIE INC	$20,001,000	–	203,720	–	4.83%	–
DIS	New	WALT DISNEY CO	$18,720,000	–	167,875	–	4.52%	–
ZTS	New	ZOETIS INC	$14,887,000	–	108,635	–	3.60%	–
PEP	New	PEPSICO INC	$14,650,000	–	110,770	–	3.54%	–
D	New	DOMINION ENERGY	$14,255,000	–	175,592	–	3.44%	–
AAPL	New	APPLE INC	$14,223,000	–	38,989	–	3.44%	–
PM	New	PHILIP MORRIS IN	$13,457,000	–	192,082	–	3.25%	–
ROIC	New	RETAIL OPPORTUNI	$13,446,000	–	1,186,756	–	3.25%	–
BRKB	New	BERKSHIRE HATH-B	$13,440,000	–	75,288	–	3.25%	–
DEO	New	DIAGEO PLC-ADR	$13,256,000	–	98,640	–	3.20%	–
KO	New	COCA-COLA CO/THE	$12,261,000	–	274,410	–	2.96%	–
LMT	New	LOCKHEED MARTIN	$12,096,000	–	33,146	–	2.92%	–
BFB	New	BROWN-FORMAN -B	$11,898,000	–	186,907	–	2.87%	–
	New	HEINEKEN HLDG	$11,813,000	–	144,854	–	2.85%	–
WH	New	WYNDHAM HOTELS &	$11,794,000	–	276,735	–	2.85%	–
COO	New	COOPER COS INC	$11,722,000	–	41,328	–	2.83%	–
JPM	New	JPMORGAN CHASE	$11,670,000	–	124,072	–	2.82%	–
EFX	New	EQUIFAX INC	$11,417,000	–	66,422	–	2.76%	–
MO	New	ALTRIA GROUP INC	$11,362,000	–	289,484	–	2.74%	–
MDLZ	New	MONDELEZ INTER-A	$11,215,000	–	219,340	–	2.71%	–
	New	CIE FINANCI-REG	$10,014,000	–	155,789	–	2.42%	–
REG	New	REGENCY CENTERS	$8,801,000	–	191,786	–	2.13%	–
XOM	New	EXXON MOBIL CORP	$8,553,000	–	191,257	–	2.07%	–
GGG	New	GRACO INC	$8,199,000	–	170,854	–	1.98%	–
NI	New	NISOURCE INC	$7,962,000	–	350,131	–	1.92%	–
LYV	New	LIVE NATION ENTE	$7,158,000	–	161,474	–	1.73%	–
WABC	New	WESTAMERICA BANC	$6,660,000	–	115,984	–	1.61%	–
	New	LYONDELLBASELL-A	$5,800,000	–	88,258	–	1.40%	–
OXM	New	OXFORD INDS INC	$5,279,000	–	119,941	–	1.28%	–
BRKA	New	BERKSHIRE HATH-A	$1,337,000	–	5	–	0.32%	–
V	New	VISA INC-CLASS A	$990,000	–	5,126	–	0.24%	–
GOOGL	New	ALPHABET INC-A	$858,000	–	605	–	0.21%	–
T	New	AT&T INC	$462,000	–	15,267	–	0.11%	–
POAHY	New	PORSCHE AUTOMOBI	$270,000	–	47,029	–	0.06%	–
UL	New	UNILEVER PLC-ADR	$259,000	–	4,715	–	0.06%	–
	New	FERRARI NV	$235,000	–	1,374	–	0.06%	–
AMZN	New	AMAZON.COM INC	$207,000	–	75	–	0.05%	–

Q4 2019

			Value		Shares		↓ Weighting
	Exit	FERRARI NV	$0	–	-1,374	–	-0.05%	–
CPRT	Exit	COPART INC	$0	–	-2,614	–	-0.05%	–
POAHY	Exit	PORSCHE AUTOMOBI	$0	–	-47,029	–	-0.07%	–
T	Exit	AT&T INC	$0	–	-15,267	–	-0.14%	–
GOOGL	Exit	ALPHABET INC-A	$0	–	-605	–	-0.18%	–
V	Exit	VISA INC-CLASS A	$0	–	-5,126	–	-0.21%	–
BRKA	Exit	BERKSHIRE HATH-A	$0	–	-5	–	-0.37%	–
	Exit	LYONDELLBASELL-A	$0	–	-17,519	–	-0.37%	–
LH	Exit	LABORATORY CP	$0	–	-26,958	–	-1.07%	–
WABC	Exit	WESTAMERICA BANC	$0	–	-120,888	–	-1.78%	–
GGG	Exit	GRACO INC	$0	–	-170,448	–	-1.86%	–
OXM	Exit	OXFORD INDS INC	$0	–	-111,155	–	-1.88%	–
NI	Exit	NISOURCE INC	$0	–	-299,727	–	-2.12%	–
WH	Exit	WYNDHAM HOTELS &	$0	–	-176,011	–	-2.15%	–
BK	Exit	BANK NY MELLON	$0	–	-205,907	–	-2.20%	–
EFX	Exit	EQUIFAX INC	$0	–	-67,729	–	-2.25%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-284,208	–	-2.75%	–
MDLZ	Exit	MONDELEZ INTER-A	$0	–	-210,552	–	-2.76%	–
	Exit	CIE FINANCI-REG	$0	–	-159,212	–	-2.77%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-166,772	–	-2.79%	–
ZTS	Exit	ZOETIS INC	$0	–	-95,959	–	-2.83%	–
BFB	Exit	BROWN-FORMAN -B	$0	–	-190,725	–	-2.83%	–
ROIC	Exit	RETAIL OPPORTUNI	$0	–	-688,392	–	-2.97%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-32,806	–	-3.03%	–
REG	Exit	REGENCY CENTERS	$0	–	-185,010	–	-3.04%	–
AAPL	Exit	APPLE INC	$0	–	-57,569	–	-3.05%	–
	Exit	HEINEKEN HLDG	$0	–	-140,158	–	-3.32%	–
D	Exit	DOMINION ENERGY	$0	–	-177,870	–	-3.41%	–
PM	Exit	PHILIP MORRIS IN	$0	–	-195,107	–	-3.50%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-126,315	–	-3.52%	–
KO	Exit	COCA-COLA CO/THE	$0	–	-280,504	–	-3.61%	–
DEO	Exit	DIAGEO PLC-ADR	$0	–	-95,209	–	-3.68%	–
PEP	Exit	PEPSICO INC	$0	–	-113,955	–	-3.70%	–
ABBV	Exit	ABBVIE INC	$0	–	-208,857	–	-3.74%	–
BRKB	Exit	BERKSHIRE HATH-B	$0	–	-76,066	–	-3.74%	–
ABT	Exit	ABBOTT LABS	$0	–	-223,851	–	-4.43%	–
DIS	Exit	WALT DISNEY CO	$0	–	-168,554	–	-5.20%	–
MCD	Exit	MCDONALDS CORP	$0	–	-111,898	–	-5.68%	–
JNJ	Exit	JOHNSON&JOHNSON	$0	–	-225,604	–	-6.90%	–

Q3 2019

			Value		Shares		↓ Weighting
JNJ	Buy	JOHNSON&JOHNSON	$29,189,000	-6.0%	225,604	+1.2%	6.90%	-5.2%
MCD	Sell	MCDONALDS CORP	$24,026,000	+2.9%	111,898	-0.5%	5.68%	+3.8%
DIS	Sell	WALT DISNEY CO	$21,966,000	-7.6%	168,554	-1.0%	5.20%	-6.8%
ABT	Sell	ABBOTT LABS	$18,730,000	-2.2%	223,851	-1.7%	4.43%	-1.3%
BRKB	Buy	BERKSHIRE HATH-B	$15,823,000	+1.7%	76,066	+4.2%	3.74%	+2.6%
ABBV	Buy	ABBVIE INC	$15,815,000	+9.2%	208,857	+4.8%	3.74%	+10.1%
PEP	Sell	PEPSICO INC	$15,623,000	+4.0%	113,955	-0.5%	3.70%	+4.9%
DEO	Sell	DIAGEO PLC-ADR	$15,569,000	-6.0%	95,209	-0.9%	3.68%	-5.2%
KO	Buy	COCA-COLA CO/THE	$15,271,000	+7.0%	280,504	+0.0%	3.61%	+7.9%
JPM	Buy	JPMORGAN CHASE	$14,866,000	+6.5%	126,315	+1.1%	3.52%	+7.4%
PM	Buy	PHILIP MORRIS IN	$14,814,000	+0.1%	195,107	+3.5%	3.50%	+1.0%
D	Buy	DOMINION ENERGY	$14,415,000	+6.3%	177,870	+1.4%	3.41%	+7.3%
	Sell	HEINEKEN HLDG	$14,049,000	-5.9%	140,158	-1.1%	3.32%	-5.1%
AAPL	Sell	APPLE INC	$12,894,000	+13.1%	57,569	-0.1%	3.05%	+14.1%
REG	Buy	REGENCY CENTERS	$12,856,000	+6.3%	185,010	+2.1%	3.04%	+7.2%
LMT	Sell	LOCKHEED MARTIN	$12,796,000	+3.2%	32,806	-3.9%	3.03%	+4.1%
ROIC	Buy	RETAIL OPPORTUNI	$12,549,000	+9.3%	688,392	+2.7%	2.97%	+10.3%
BFB	Sell	BROWN-FORMAN -B	$11,974,000	+11.6%	190,725	-1.5%	2.83%	+12.6%
ZTS	Sell	ZOETIS INC	$11,956,000	+5.7%	95,959	-3.8%	2.83%	+6.6%
XOM	Buy	EXXON MOBIL CORP	$11,776,000	+2.2%	166,772	+10.9%	2.79%	+3.1%
	Sell	CIE FINANCI-REG	$11,702,000	-13.7%	159,212	-1.3%	2.77%	-12.9%
MDLZ	Sell	MONDELEZ INTER-A	$11,648,000	+1.8%	210,552	-0.8%	2.76%	+2.7%
MO	Buy	ALTRIA GROUP INC	$11,624,000	-12.3%	284,208	+1.5%	2.75%	-11.5%
BK	Buy	BANK NY MELLON	$9,309,000	+7.1%	205,907	+4.6%	2.20%	+8.0%
WH	Buy	WYNDHAM HOTELS &	$9,107,000	-2.6%	176,011	+5.0%	2.15%	-1.7%
NI	Sell	NISOURCE INC	$8,968,000	+3.2%	299,727	-0.6%	2.12%	+4.1%
OXM	Sell	OXFORD INDS INC	$7,970,000	-5.7%	111,155	-0.3%	1.88%	-4.8%
GGG	Buy	GRACO INC	$7,847,000	-8.2%	170,448	+0.0%	1.86%	-7.4%
WABC	Sell	WESTAMERICA BANC	$7,517,000	-4.4%	120,888	-5.3%	1.78%	-3.6%
LH	Sell	LABORATORY CP	$4,529,000	-52.0%	26,958	-50.6%	1.07%	-51.6%
	Buy	LYONDELLBASELL-A	$1,567,000	+86.5%	17,519	+79.6%	0.37%	+88.3%
T	Sell	AT&T INC	$578,000	-35.9%	15,267	-43.3%	0.14%	-35.4%
CPRT	New	COPART INC	$210,000	–	2,614	–	0.05%	–
	Exit	ROYAL DUTCH-ADR	$0	–	-3,182	–	-0.05%	–
ORIT	Exit	ORITANI FINANCIA	$0	–	-54,566	–	-0.23%	–

Q2 2019

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON&JOHNSON	$31,059,000	–	223,000	–	7.28%	–
DIS	New	WALT DISNEY CO	$23,776,000	–	170,264	–	5.58%	–
MCD	New	MCDONALDS CORP	$23,358,000	–	112,481	–	5.48%	–
ABT	New	ABBOTT LABS	$19,145,000	–	227,644	–	4.49%	–
DEO	New	DIAGEO PLC-ADR	$16,558,000	–	96,088	–	3.88%	–
BRKB	New	BERKSHIRE HATH-B	$15,559,000	–	72,989	–	3.65%	–
PEP	New	PEPSICO INC	$15,016,000	–	114,509	–	3.52%	–
	New	HEINEKEN HLDG	$14,931,000	–	141,780	–	3.50%	–
PM	New	PHILIP MORRIS IN	$14,797,000	–	188,427	–	3.47%	–
ABBV	New	ABBVIE INC	$14,487,000	–	199,220	–	3.40%	–
KO	New	COCA-COLA CO/THE	$14,278,000	–	280,410	–	3.35%	–
JPM	New	JPMORGAN CHASE	$13,963,000	–	124,893	–	3.27%	–
	New	CIE FINANCI-REG	$13,556,000	–	161,383	–	3.18%	–
D	New	DOMINION ENERGY	$13,559,000	–	175,365	–	3.18%	–
MO	New	ALTRIA GROUP INC	$13,255,000	–	279,938	–	3.11%	–
LMT	New	LOCKHEED MARTIN	$12,404,000	–	34,121	–	2.91%	–
REG	New	REGENCY CENTERS	$12,093,000	–	181,197	–	2.84%	–
XOM	New	EXXON MOBIL CORP	$11,522,000	–	150,358	–	2.70%	–
ROIC	New	RETAIL OPPORTUNI	$11,479,000	–	670,133	–	2.69%	–
MDLZ	New	MONDELEZ INTER-A	$11,443,000	–	212,304	–	2.68%	–
AAPL	New	APPLE INC	$11,403,000	–	57,613	–	2.67%	–
ZTS	New	ZOETIS INC	$11,316,000	–	99,710	–	2.65%	–
BFB	New	BROWN-FORMAN -B	$10,731,000	–	193,601	–	2.52%	–
LH	New	LABORATORY CP	$9,435,000	–	54,568	–	2.21%	–
WH	New	WYNDHAM HOTELS &	$9,347,000	–	167,691	–	2.19%	–
EFX	New	EQUIFAX INC	$9,160,000	–	67,729	–	2.15%	–
BK	New	BANK NY MELLON	$8,694,000	–	196,919	–	2.04%	–
NI	New	NISOURCE INC	$8,687,000	–	301,617	–	2.04%	–
GGG	New	GRACO INC	$8,552,000	–	170,426	–	2.00%	–
OXM	New	OXFORD INDS INC	$8,448,000	–	111,455	–	1.98%	–
WABC	New	WESTAMERICA BANC	$7,864,000	–	127,650	–	1.84%	–
BRKA	New	BERKSHIRE HATH-A	$1,592,000	–	5	–	0.37%	–
ORIT	New	ORITANI FINANCIA	$968,000	–	54,566	–	0.23%	–
T	New	AT&T INC	$902,000	–	26,915	–	0.21%	–
V	New	VISA INC-CLASS A	$890,000	–	5,126	–	0.21%	–
	New	LYONDELLBASELL-A	$840,000	–	9,754	–	0.20%	–
GOOGL	New	ALPHABET INC-A	$655,000	–	605	–	0.15%	–
POAHY	New	PORSCHE AUTOMOBI	$306,000	–	47,029	–	0.07%	–
	New	FERRARI NV	$222,000	–	1,374	–	0.05%	–
	New	ROYAL DUTCH-ADR	$207,000	–	3,182	–	0.05%	–

Q4 2018

			Value		Shares		↓ Weighting
VOT	Exit	VANGUARD M/C GRW	$0	–	-1,500	–	-0.05%	–
INTC	Exit	INTEL CORP	$0	–	-4,500	–	-0.05%	–
RDSA	Exit	ROYAL DUTCH-ADR	$0	–	-3,182	–	-0.05%	–
QQQ	Exit	INVESCO QQQ TRUS	$0	–	-1,200	–	-0.05%	–
ED	Exit	CONS EDISON INC	$0	–	-3,000	–	-0.06%	–
VPU	Exit	VANGUARD UTI ETF	$0	–	-2,000	–	-0.06%	–
CACC	Exit	CREDIT ACCEPTANC	$0	–	-550	–	-0.06%	–
ADS	Exit	ALLIANCE DATA	$0	–	-1,100	–	-0.06%	–
VONV	Exit	VANG RUS 1000 V	$0	–	-2,500	–	-0.07%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-3,594	–	-0.07%	–
CPRT	Exit	COPART INC	$0	–	-6,000	–	-0.07%	–
POAHY	Exit	PORSCHE AUTOMOBI	$0	–	-47,029	–	-0.08%	–
RWT	Exit	REDWOOD TRUST	$0	–	-21,167	–	-0.08%	–
GOOG	Exit	ALPHABET INC-C	$0	–	-300	–	-0.09%	–
	Exit	FERRARI NV	$0	–	-2,773	–	-0.09%	–
VBR	Exit	VANGUARD S/C V E	$0	–	-3,000	–	-0.10%	–
VONG	Exit	VANG RUSS GROWTH	$0	–	-3,000	–	-0.12%	–
WRLD	Exit	WORLD ACCEPTANCE	$0	–	-4,500	–	-0.12%	–
ECL	Exit	ECOLAB INC	$0	–	-3,307	–	-0.12%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-62,666	–	-0.17%	–
GOOGL	Exit	ALPHABET INC-A	$0	–	-615	–	-0.18%	–
V	Exit	VISA INC-CLASS A	$0	–	-5,126	–	-0.18%	–
FOXA	Exit	TWENTY-FIRST C-A	$0	–	-20,260	–	-0.22%	–
CVX	Exit	CHEVRON CORP	$0	–	-7,685	–	-0.22%	–
	Exit	LYONDELLBASELL-A	$0	–	-10,037	–	-0.25%	–
T	Exit	AT&T INC	$0	–	-31,433	–	-0.25%	–
BRKA	Exit	BERKSHIRE HATH-A	$0	–	-5	–	-0.38%	–
ORIT	Exit	ORITANI FINANCIA	$0	–	-209,411	–	-0.78%	–
IBM	Exit	IBM	$0	–	-21,682	–	-0.78%	–
QRTEA	Exit	QURATE RETAIL IN	$0	–	-191,168	–	-1.02%	–
WH	Exit	WYNDHAM HOTELS &	$0	–	-81,149	–	-1.08%	–
EFX	Exit	EQUIFAX INC	$0	–	-52,500	–	-1.64%	–
GGG	Exit	GRACO INC	$0	–	-149,305	–	-1.65%	–
NI	Exit	NISOURCE INC	$0	–	-304,107	–	-1.81%	–
WABC	Exit	WESTAMERICA BANC	$0	–	-132,343	–	-1.90%	–
ROIC	Exit	RETAIL OPPORTUNI	$0	–	-490,585	–	-2.19%	–
ZTS	Exit	ZOETIS INC	$0	–	-101,140	–	-2.21%	–
BK	Exit	BANK NY MELLON	$0	–	-187,125	–	-2.28%	–
LH	Exit	LABORATORY CP	$0	–	-56,389	–	-2.34%	–
BFB	Exit	BROWN-FORMAN -B	$0	–	-193,806	–	-2.34%	–
OXM	Exit	OXFORD INDS INC	$0	–	-111,805	–	-2.41%	–
FOX	Exit	TWENTY-FIRST - B	$0	–	-246,409	–	-2.70%	–
DIS	Exit	WALT DISNEY CO	$0	–	-97,969	–	-2.74%	–
KO	Exit	COCA-COLA CO/THE	$0	–	-250,680	–	-2.77%	–
REG	Exit	REGENCY CENTERS	$0	–	-179,317	–	-2.77%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-34,158	–	-2.82%	–
MDLZ	Exit	MONDELEZ INTER-A	$0	–	-279,212	–	-2.87%	–
D	Exit	DOMINION ENERGY	$0	–	-174,367	–	-2.93%	–
PEP	Exit	PEPSICO INC	$0	–	-115,096	–	-3.08%	–
ABBV	Exit	ABBVIE INC	$0	–	-136,436	–	-3.08%	–
AAPL	Exit	APPLE INC	$0	–	-57,459	–	-3.10%	–
	Exit	HEINEKEN HLDG	$0	–	-142,050	–	-3.13%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-154,728	–	-3.14%	–
DEO	Exit	DIAGEO PLC-ADR	$0	–	-93,826	–	-3.18%	–
	Exit	CIE FINANCI-REG	$0	–	-161,909	–	-3.21%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-124,055	–	-3.35%	–
PM	Exit	PHILIP MORRIS IN	$0	–	-184,645	–	-3.60%	–
BRKB	Exit	BERKSHIRE HATH-B	$0	–	-71,497	–	-3.66%	–
ABT	Exit	ABBOTT LABS	$0	–	-230,840	–	-4.05%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-288,529	–	-4.16%	–
MCD	Exit	MCDONALDS CORP	$0	–	-113,372	–	-4.53%	–
JNJ	Exit	JOHNSON&JOHNSON	$0	–	-224,199	–	-7.40%	–

Q3 2018

			Value		Shares		↓ Weighting
JNJ	Buy	JOHNSON&JOHNSON	$30,978,000	+14.7%	224,199	+0.7%	7.40%	+9.1%
MCD	Sell	MCDONALDS CORP	$18,966,000	+5.6%	113,372	-1.1%	4.53%	+0.5%
MO	Buy	ALTRIA GROUP INC	$17,401,000	+6.5%	288,529	+0.3%	4.16%	+1.3%
ABT	Sell	ABBOTT LABS	$16,934,000	+17.9%	230,840	-2.0%	4.05%	+12.2%
BRKB	Buy	BERKSHIRE HATH-B	$15,308,000	+18.4%	71,497	+3.2%	3.66%	+12.6%
PM	Buy	PHILIP MORRIS IN	$15,056,000	+1.5%	184,645	+0.5%	3.60%	-3.5%
JPM	Sell	JPMORGAN CHASE	$13,998,000	-0.6%	124,055	-8.2%	3.35%	-5.5%
	Buy	CIE FINANCI-REG	$13,425,000	+8.8%	161,909	+11.2%	3.21%	+3.5%
DEO	Sell	DIAGEO PLC-ADR	$13,292,000	-6.7%	93,826	-5.2%	3.18%	-11.3%
XOM	Buy	EXXON MOBIL CORP	$13,155,000	+7.2%	154,728	+4.3%	3.14%	+2.0%
	Buy	HEINEKEN HLDG	$13,083,000	+1.5%	142,050	+5.5%	3.13%	-3.4%
AAPL	Sell	APPLE INC	$12,971,000	+2.4%	57,459	-16.0%	3.10%	-2.6%
ABBV	Buy	ABBVIE INC	$12,904,000	+26.4%	136,436	+23.8%	3.08%	+20.2%
D	Buy	DOMINION ENERGY	$12,255,000	+7.0%	174,367	+3.8%	2.93%	+1.8%
MDLZ	Buy	MONDELEZ INTER-A	$11,995,000	+5.1%	279,212	+0.3%	2.87%	0.0%
LMT	Sell	LOCKHEED MARTIN	$11,817,000	+17.0%	34,158	-0.1%	2.82%	+11.3%
REG	Buy	REGENCY CENTERS	$11,596,000	+8.2%	179,317	+3.8%	2.77%	+2.9%
KO	Buy	COCA-COLA CO/THE	$11,579,000	+9.7%	250,680	+4.1%	2.77%	+4.3%
DIS	Buy	WALT DISNEY CO	$11,456,000	+15.7%	97,969	+3.7%	2.74%	+10.0%
FOX	Sell	TWENTY-FIRST - B	$11,290,000	-15.1%	246,409	-8.7%	2.70%	-19.3%
OXM	Sell	OXFORD INDS INC	$10,085,000	-11.1%	111,805	-18.2%	2.41%	-15.4%
BFB	Buy	BROWN-FORMAN -B	$9,797,000	+5.3%	193,806	+2.1%	2.34%	+0.2%
LH	Buy	LABORATORY CP	$9,794,000	+2.1%	56,389	+5.6%	2.34%	-2.8%
BK	Buy	BANK NY MELLON	$9,541,000	+0.2%	187,125	+6.0%	2.28%	-4.7%
ZTS	Buy	ZOETIS INC	$9,260,000	+8.0%	101,140	+0.4%	2.21%	+2.7%
ROIC	Buy	RETAIL OPPORTUNI	$9,159,000	+2.4%	490,585	+5.1%	2.19%	-2.6%
WABC	Sell	WESTAMERICA BANC	$7,962,000	+2.8%	132,343	-3.5%	1.90%	-2.2%
NI	Buy	NISOURCE INC	$7,578,000	+2.5%	304,107	+8.1%	1.81%	-2.5%
GGG	Sell	GRACO INC	$6,919,000	+2.4%	149,305	-0.1%	1.65%	-2.6%
EFX	Sell	EQUIFAX INC	$6,855,000	+1.3%	52,500	-2.9%	1.64%	-3.6%
WH	New	WYNDHAM HOTELS &	$4,509,000	–	81,149	–	1.08%	–
QRTEA	Sell	QURATE RETAIL IN	$4,246,000	+3.7%	191,168	-0.9%	1.02%	-1.4%
IBM	Sell	IBM	$3,279,000	+6.3%	21,682	-1.8%	0.78%	+1.2%
T	Sell	AT&T INC	$1,056,000	+3.8%	31,433	-0.8%	0.25%	-1.6%
	Buy	LYONDELLBASELL-A	$1,029,000	-5.8%	10,037	+1.0%	0.25%	-10.2%
VONV	Sell	VANG RUS 1000 V	$277,000	-47.4%	2,500	-50.0%	0.07%	-50.0%
CACC	Sell	CREDIT ACCEPTANC	$241,000	-38.0%	550	-50.0%	0.06%	-40.8%
GSK	Exit	GLAXOSMITHKL-ADR	$0	–	-5,458	–	-0.06%	–
NUS	Exit	NU SKIN ENTERP-A	$0	–	-2,900	–	-0.06%	–
	Exit	CIMPRESS NV	$0	–	-1,760	–	-0.06%	–
VCSH	Exit	VANGUARD-S/T COR	$0	–	-3,500	–	-0.07%	–
VCIT	Exit	VANGUARD INT TER	$0	–	-3,500	–	-0.07%	–
BND	Exit	VANGUARD TOTAL B	$0	–	-4,000	–	-0.08%	–
VOE	Exit	VANGUARD M/C VAL	$0	–	-3,500	–	-0.10%	–
DNOW	Exit	NOW INC	$0	–	-255,380	–	-0.86%	–

Q2 2018

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON&JOHNSON	$27,003,000	–	222,541	–	6.78%	–
MCD	New	MCDONALDS CORP	$17,956,000	–	114,596	–	4.51%	–
MO	New	ALTRIA GROUP INC	$16,338,000	–	287,699	–	4.10%	–
PM	New	PHILIP MORRIS IN	$14,839,000	–	183,785	–	3.73%	–
ABT	New	ABBOTT LABS	$14,359,000	–	235,437	–	3.61%	–
DEO	New	DIAGEO PLC-ADR	$14,248,000	–	98,941	–	3.58%	–
JPM	New	JPMORGAN CHASE	$14,087,000	–	135,193	–	3.54%	–
FOX	New	TWENTY-FIRST - B	$13,302,000	–	269,991	–	3.34%	–
BRKB	New	BERKSHIRE HATH-B	$12,931,000	–	69,279	–	3.25%	–
	New	HEINEKEN HLDG	$12,886,000	–	134,581	–	3.24%	–
AAPL	New	APPLE INC	$12,667,000	–	68,428	–	3.18%	–
PEP	New	PEPSICO INC	$12,531,000	–	115,096	–	3.15%	–
	New	CIE FINANCI-REG	$12,336,000	–	145,552	–	3.10%	–
XOM	New	EXXON MOBIL CORP	$12,270,000	–	148,312	–	3.08%	–
D	New	DOMINION ENERGY	$11,456,000	–	168,030	–	2.88%	–
MDLZ	New	MONDELEZ INTER-A	$11,412,000	–	278,349	–	2.87%	–
OXM	New	OXFORD INDS INC	$11,345,000	–	136,718	–	2.85%	–
REG	New	REGENCY CENTERS	$10,722,000	–	172,719	–	2.69%	–
KO	New	COCA-COLA CO/THE	$10,558,000	–	240,711	–	2.65%	–
ABBV	New	ABBVIE INC	$10,211,000	–	110,209	–	2.57%	–
LMT	New	LOCKHEED MARTIN	$10,103,000	–	34,196	–	2.54%	–
DIS	New	WALT DISNEY CO	$9,901,000	–	94,468	–	2.49%	–
LH	New	LABORATORY CP	$9,589,000	–	53,410	–	2.41%	–
BK	New	BANK NY MELLON	$9,523,000	–	176,572	–	2.39%	–
BFB	New	BROWN-FORMAN -B	$9,300,000	–	189,748	–	2.34%	–
ROIC	New	RETAIL OPPORTUNI	$8,944,000	–	466,785	–	2.25%	–
ZTS	New	ZOETIS INC	$8,578,000	–	100,690	–	2.16%	–
WABC	New	WESTAMERICA BANC	$7,747,000	–	137,083	–	1.95%	–
NI	New	NISOURCE INC	$7,391,000	–	281,250	–	1.86%	–
EFX	New	EQUIFAX INC	$6,765,000	–	54,076	–	1.70%	–
GGG	New	GRACO INC	$6,759,000	–	149,475	–	1.70%	–
QRTEA	New	QURATE RETAIL IN	$4,095,000	–	192,968	–	1.03%	–
DNOW	New	NOW INC	$3,404,000	–	255,380	–	0.86%	–
ORIT	New	ORITANI FINANCIA	$3,392,000	–	209,411	–	0.85%	–
IBM	New	IBM	$3,085,000	–	22,082	–	0.78%	–
BRKA	New	BERKSHIRE HATH-A	$1,410,000	–	5	–	0.35%	–
	New	LYONDELLBASELL-A	$1,092,000	–	9,939	–	0.27%	–
T	New	AT&T INC	$1,017,000	–	31,671	–	0.26%	–
FOXA	New	TWENTY-FIRST C-A	$1,007,000	–	20,260	–	0.25%	–
CVX	New	CHEVRON CORP	$972,000	–	7,685	–	0.24%	–
GE	New	GENERAL ELECTRIC	$853,000	–	62,666	–	0.21%	–
GOOGL	New	ALPHABET INC-A	$694,000	–	615	–	0.17%	–
V	New	VISA INC-CLASS A	$679,000	–	5,126	–	0.17%	–
VONV	New	VANG RUS 1000 V	$527,000	–	5,000	–	0.13%	–
WRLD	New	WORLD ACCEPTANCE	$500,000	–	4,500	–	0.13%	–
ECL	New	ECOLAB INC	$464,000	–	3,307	–	0.12%	–
VONG	New	VANG RUSS GROWTH	$441,000	–	3,000	–	0.11%	–
VBR	New	VANGUARD S/C V E	$407,000	–	3,000	–	0.10%	–
CACC	New	CREDIT ACCEPTANC	$389,000	–	1,100	–	0.10%	–
VOE	New	VANGUARD M/C VAL	$387,000	–	3,500	–	0.10%	–
	New	FERRARI NV	$374,000	–	2,773	–	0.09%	–
RWT	New	REDWOOD TRUST	$349,000	–	21,167	–	0.09%	–
CPRT	New	COPART INC	$339,000	–	6,000	–	0.08%	–
GOOG	New	ALPHABET INC-C	$335,000	–	300	–	0.08%	–
BND	New	VANGUARD TOTAL B	$317,000	–	4,000	–	0.08%	–
POAHY	New	PORSCHE AUTOMOBI	$297,000	–	47,029	–	0.08%	–
VCIT	New	VANGUARD INT TER	$292,000	–	3,500	–	0.07%	–
DUK	New	DUKE ENERGY CORP	$284,000	–	3,594	–	0.07%	–
VCSH	New	VANGUARD-S/T COR	$273,000	–	3,500	–	0.07%	–
ADS	New	ALLIANCE DATA	$257,000	–	1,100	–	0.06%	–
	New	CIMPRESS NV	$255,000	–	1,760	–	0.06%	–
ED	New	CONS EDISON INC	$234,000	–	3,000	–	0.06%	–
VPU	New	VANGUARD UTI ETF	$232,000	–	2,000	–	0.06%	–
NUS	New	NU SKIN ENTERP-A	$227,000	–	2,900	–	0.06%	–
INTC	New	INTEL CORP	$224,000	–	4,500	–	0.06%	–
RDSA	New	ROYAL DUTCH-ADR	$220,000	–	3,182	–	0.06%	–
GSK	New	GLAXOSMITHKL-ADR	$220,000	–	5,458	–	0.06%	–
QQQ	New	INVESCO QQQ TRUS	$206,000	–	1,200	–	0.05%	–
VOT	New	VANGUARD M/C GRW	$202,000	–	1,500	–	0.05%	–

Q4 2017

			Value		Shares		↓ Weighting
LUMN	Exit	CENTURYLINK INC	$0	–	-10,757	–	-0.05%	–
ED	Exit	CONS EDISON INC	$0	–	-3,000	–	-0.06%	–
	Exit	FERRARI NV	$0	–	-2,773	–	-0.08%	–
ECL	Exit	ECOLAB INC	$0	–	-3,307	–	-0.11%	–
V	Exit	VISA INC-CLASS A	$0	–	-5,126	–	-0.14%	–
FOXA	Exit	TWENTY-FIRST C-A	$0	–	-20,679	–	-0.14%	–
GOOG	Exit	ALPHABET INC-C	$0	–	-616	–	-0.15%	–
GOOGL	Exit	ALPHABET INC-A	$0	–	-615	–	-0.16%	–
T	Exit	AT&T INC	$0	–	-20,553	–	-0.21%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-10,883	–	-0.24%	–
BRKA	Exit	BERKSHIRE HATH-A	$0	–	-5	–	-0.36%	–
	Exit	LYONDELLBASELL-A	$0	–	-14,512	–	-0.37%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-63,445	–	-0.40%	–
CVX	Exit	CHEVRON CORP	$0	–	-17,377	–	-0.53%	–
NOV	Exit	NATL OILWELL VAR	$0	–	-91,101	–	-0.85%	–
EFX	Exit	EQUIFAX INC	$0	–	-33,375	–	-0.92%	–
IBM	Exit	IBM	$0	–	-24,801	–	-0.94%	–
QRTEA	Exit	LIBERTY INTER-A	$0	–	-193,068	–	-1.18%	–
BK	Exit	BANK NY MELLON	$0	–	-101,038	–	-1.40%	–
DNOW	Exit	NOW INC	$0	–	-400,830	–	-1.44%	–
D	Exit	DOMINION ENERGY	$0	–	-73,526	–	-1.47%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-139,325	–	-1.62%	–
GGG	Exit	GRACO INC	$0	–	-51,840	–	-1.67%	–
ZTS	Exit	ZOETIS INC	$0	–	-100,690	–	-1.67%	–
ORIT	Exit	ORITANI FINANCIA	$0	–	-397,975	–	-1.74%	–
NI	Exit	NISOURCE INC	$0	–	-268,899	–	-1.79%	–
BFB	Exit	BROWN-FORMAN -B	$0	–	-153,087	–	-2.16%	–
FOX	Exit	TWENTY-FIRST - B	$0	–	-326,825	–	-2.20%	–
KO	Exit	COCA-COLA CO/THE	$0	–	-193,579	–	-2.27%	–
OXM	Exit	OXFORD INDS INC	$0	–	-137,295	–	-2.27%	–
WABC	Exit	WESTAMERICA BANC	$0	–	-150,560	–	-2.34%	–
LH	Exit	LABORATORY CP	$0	–	-61,487	–	-2.42%	–
DIS	Exit	WALT DISNEY CO	$0	–	-96,243	–	-2.47%	–
AAPL	Exit	APPLE INC	$0	–	-62,320	–	-2.50%	–
ABBV	Exit	ABBVIE INC	$0	–	-109,168	–	-2.53%	–
REG	Exit	REGENCY CENTERS	$0	–	-157,129	–	-2.54%	–
RWT	Exit	REDWOOD TRUST	$0	–	-631,114	–	-2.68%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-34,386	–	-2.78%	–
MDLZ	Exit	MONDELEZ INTER-A	$0	–	-288,309	–	-3.05%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-145,700	–	-3.11%	–
BRKB	Exit	BERKSHIRE HATH-B	$0	–	-67,377	–	-3.22%	–
	Exit	HEINEKEN HLDG	$0	–	-132,515	–	-3.24%	–
PEP	Exit	PEPSICO INC	$0	–	-115,182	–	-3.34%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-136,238	–	-3.39%	–
ABT	Exit	ABBOTT LABS	$0	–	-244,242	–	-3.40%	–
DEO	Exit	DIAGEO PLC-ADR	$0	–	-98,683	–	-3.40%	–
	Exit	CIE FINANCI-REG	$0	–	-145,932	–	-3.48%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-256,377	–	-4.24%	–
MCD	Exit	MCDONALDS CORP	$0	–	-114,887	–	-4.69%	–
PM	Exit	PHILIP MORRIS IN	$0	–	-177,417	–	-5.13%	–
JNJ	Exit	JOHNSON&JOHNSON	$0	–	-220,238	–	-7.46%	–

Q3 2017

			Value		Shares		↓ Weighting
JNJ	Buy	JOHNSON&JOHNSON	$28,633,000	-1.6%	220,238	+0.1%	7.46%	-5.1%
MCD	Sell	MCDONALDS CORP	$18,000,000	+2.2%	114,887	-0.1%	4.69%	-1.4%
MO	Buy	ALTRIA GROUP INC	$16,259,000	-11.7%	256,377	+3.7%	4.24%	-14.8%
DEO	Sell	DIAGEO PLC-ADR	$13,039,000	+9.3%	98,683	-0.9%	3.40%	+5.4%
JPM	Buy	JPMORGAN CHASE	$13,012,000	+4.7%	136,238	+0.2%	3.39%	+1.0%
PEP	Sell	PEPSICO INC	$12,835,000	-3.5%	115,182	-0.0%	3.34%	-7.0%
	Sell	HEINEKEN HLDG	$12,457,000	-2.6%	132,515	-5.5%	3.24%	-6.1%
BRKB	Buy	BERKSHIRE HATH-B	$12,351,000	+8.4%	67,377	+0.1%	3.22%	+4.5%
XOM	Buy	EXXON MOBIL CORP	$11,944,000	+5.5%	145,700	+3.9%	3.11%	+1.7%
MDLZ	Sell	MONDELEZ INTER-A	$11,723,000	-6.2%	288,309	-0.4%	3.05%	-9.5%
RWT	Sell	REDWOOD TRUST	$10,281,000	-4.9%	631,114	-0.5%	2.68%	-8.3%
REG	Buy	REGENCY CENTERS	$9,748,000	+22.9%	157,129	+24.1%	2.54%	+18.6%
ABBV	Sell	ABBVIE INC	$9,701,000	+21.8%	109,168	-0.6%	2.53%	+17.5%
DIS	Buy	WALT DISNEY CO	$9,487,000	-6.6%	96,243	+0.7%	2.47%	-9.9%
LH	Sell	LABORATORY CP	$9,283,000	-2.3%	61,487	-0.3%	2.42%	-5.8%
OXM	Sell	OXFORD INDS INC	$8,724,000	+1.4%	137,295	-0.3%	2.27%	-2.2%
KO	Buy	COCA-COLA CO/THE	$8,713,000	+68.1%	193,579	+67.5%	2.27%	+62.1%
FOX	Sell	TWENTY-FIRST - B	$8,429,000	-8.8%	326,825	-1.4%	2.20%	-12.0%
BFB	Buy	BROWN-FORMAN -B	$8,313,000	+28.4%	153,087	+14.9%	2.16%	+23.8%
NI	Sell	NISOURCE INC	$6,881,000	-0.1%	268,899	-1.0%	1.79%	-3.6%
ZTS	Buy	ZOETIS INC	$6,420,000	+3.0%	100,690	+0.7%	1.67%	-0.7%
GGG	Sell	GRACO INC	$6,412,000	+12.8%	51,840	-0.3%	1.67%	+8.9%
BEN	Sell	FRANKLIN RES INC	$6,201,000	-1.9%	139,325	-1.3%	1.62%	-5.4%
D	Buy	DOMINION ENERGY	$5,656,000	+2.8%	73,526	+2.4%	1.47%	-0.8%
DNOW	Sell	NOW INC	$5,535,000	-15.0%	400,830	-1.0%	1.44%	-18.0%
BK	Buy	BANK NY MELLON	$5,357,000	+5.6%	101,038	+1.6%	1.40%	+1.8%
EFX	New	EQUIFAX INC	$3,537,000	–	33,375	–	0.92%	–
NOV	Sell	NATL OILWELL VAR	$3,255,000	+5.8%	91,101	-2.5%	0.85%	+2.0%
	Sell	LYONDELLBASELL-A	$1,437,000	+13.9%	14,512	-3.0%	0.37%	+9.7%
DUK	Sell	DUKE ENERGY CORP	$913,000	-9.4%	10,883	-9.7%	0.24%	-12.5%

Q2 2017

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON&JOHNSON	$29,103,000	–	219,996	–	7.86%	–
PM	New	PHILIP MORRIS IN	$20,838,000	–	177,417	–	5.63%	–
MO	New	ALTRIA GROUP INC	$18,413,000	–	247,247	–	4.97%	–
MCD	New	MCDONALDS CORP	$17,606,000	–	114,952	–	4.75%	–
PEP	New	PEPSICO INC	$13,305,000	–	115,208	–	3.59%	–
	New	HEINEKEN HLDG	$12,796,000	–	140,288	–	3.46%	–
MDLZ	New	MONDELEZ INTER-A	$12,501,000	–	289,444	–	3.38%	–
JPM	New	JPMORGAN CHASE	$12,428,000	–	135,978	–	3.36%	–
	New	CIE FINANCI-REG	$12,137,000	–	145,932	–	3.28%	–
DEO	New	DIAGEO PLC-ADR	$11,931,000	–	99,565	–	3.22%	–
ABT	New	ABBOTT LABS	$11,873,000	–	244,242	–	3.21%	–
BRKB	New	BERKSHIRE HATH-B	$11,398,000	–	67,295	–	3.08%	–
XOM	New	EXXON MOBIL CORP	$11,326,000	–	140,298	–	3.06%	–
RWT	New	REDWOOD TRUST	$10,812,000	–	634,532	–	2.92%	–
DIS	New	WALT DISNEY CO	$10,155,000	–	95,573	–	2.74%	–
LMT	New	LOCKHEED MARTIN	$9,546,000	–	34,386	–	2.58%	–
LH	New	LABORATORY CP	$9,504,000	–	61,657	–	2.57%	–
FOX	New	TWENTY-FIRST - B	$9,238,000	–	331,456	–	2.50%	–
AAPL	New	APPLE INC	$8,975,000	–	62,320	–	2.42%	–
OXM	New	OXFORD INDS INC	$8,603,000	–	137,670	–	2.32%	–
WABC	New	WESTAMERICA BANC	$8,437,000	–	150,560	–	2.28%	–
ABBV	New	ABBVIE INC	$7,965,000	–	109,848	–	2.15%	–
REG	New	REGENCY CENTERS	$7,930,000	–	126,595	–	2.14%	–
NI	New	NISOURCE INC	$6,886,000	–	271,544	–	1.86%	–
ORIT	New	ORITANI FINANCIA	$6,785,000	–	397,975	–	1.83%	–
DNOW	New	NOW INC	$6,511,000	–	404,884	–	1.76%	–
BFB	New	BROWN-FORMAN -B	$6,476,000	–	133,259	–	1.75%	–
BEN	New	FRANKLIN RES INC	$6,323,000	–	141,178	–	1.71%	–
ZTS	New	ZOETIS INC	$6,236,000	–	99,970	–	1.68%	–
GGG	New	GRACO INC	$5,682,000	–	51,999	–	1.53%	–
D	New	DOMINION ENERGY	$5,500,000	–	71,769	–	1.48%	–
KO	New	COCA-COLA CO/THE	$5,183,000	–	115,556	–	1.40%	–
BK	New	BANK NY MELLON	$5,075,000	–	99,472	–	1.37%	–
QRTEA	New	LIBERTY INTER-A	$4,738,000	–	193,068	–	1.28%	–
IBM	New	IBM	$3,815,000	–	24,801	–	1.03%	–
NOV	New	NATL OILWELL VAR	$3,078,000	–	93,455	–	0.83%	–
CVX	New	CHEVRON CORP	$1,813,000	–	17,377	–	0.49%	–
GE	New	GENERAL ELECTRIC	$1,714,000	–	63,445	–	0.46%	–
BRKA	New	BERKSHIRE HATH-A	$1,274,000	–	5	–	0.34%	–
	New	LYONDELLBASELL-A	$1,262,000	–	14,957	–	0.34%	–
DUK	New	DUKE ENERGY CORP	$1,008,000	–	12,056	–	0.27%	–
T	New	AT&T INC	$775,000	–	20,553	–	0.21%	–
FOXA	New	TWENTY-FIRST C-A	$586,000	–	20,679	–	0.16%	–
GOOGL	New	ALPHABET INC-A	$572,000	–	615	–	0.15%	–
GOOG	New	ALPHABET INC-C	$560,000	–	616	–	0.15%	–
V	New	VISA INC-CLASS A	$481,000	–	5,126	–	0.13%	–
ECL	New	ECOLAB INC	$439,000	–	3,307	–	0.12%	–
LUMN	New	CENTURYLINK INC	$257,000	–	10,757	–	0.07%	–
	New	FERRARI NV	$239,000	–	2,773	–	0.06%	–
ED	New	CONS EDISON INC	$242,000	–	3,000	–	0.06%	–

Q4 2016

		Value		Shares		↓ Weighting
Exit	CONS EDISON INC	$0	–	-3,000	–	-0.07%	–
Exit	STARBUCKS CORP	$0	–	-6,228	–	-0.10%	–
Exit	LYONDELLBASELL-A	$0	–	-4,338	–	-0.10%	–
Exit	MASTERCARD INC-A	$0	–	-3,667	–	-0.11%	–
Exit	ECOLAB INC	$0	–	-3,307	–	-0.12%	–
Exit	ALPHABET INC-C	$0	–	-616	–	-0.14%	–
Exit	ALPHABET INC-A	$0	–	-615	–	-0.15%	–
Exit	TWENTY-FIRST C-A	$0	–	-20,679	–	-0.15%	–
Exit	AT&T INC	$0	–	-16,458	–	-0.20%	–
Exit	CATERPILLAR INC	$0	–	-7,526	–	-0.20%	–
Exit	VISA INC-CLASS A	$0	–	-10,252	–	-0.26%	–
Exit	COCA-COLA CO/THE	$0	–	-21,635	–	-0.28%	–
Exit	BERKSHIRE HATH-A	$0	–	-5	–	-0.32%	–
Exit	CENTURYLINK INC	$0	–	-51,643	–	-0.43%	–
Exit	DUKE ENERGY CORP	$0	–	-17,880	–	-0.43%	–
Exit	CHEVRON CORP	$0	–	-16,012	–	-0.50%	–
Exit	GENERAL ELECTRIC	$0	–	-65,819	–	-0.59%	–
Exit	LIBERTY INTER-A	$0	–	-115,903	–	-0.70%	–
Exit	BANK NY MELLON	$0	–	-103,929	–	-1.24%	–
Exit	GRACO INC	$0	–	-59,612	–	-1.32%	–
Exit	DOMINION RES/VA	$0	–	-67,293	–	-1.50%	–
Exit	BROWN-FORMAN -B	$0	–	-110,520	–	-1.58%	–
Exit	FRANKLIN RES INC	$0	–	-147,698	–	-1.58%	–
Exit	NATL OILWELL VAR	$0	–	-174,882	–	-1.93%	–
Exit	NISOURCE INC	$0	–	-271,156	–	-1.96%	–
Exit	ABBVIE INC	$0	–	-106,779	–	-2.02%	–
Exit	ORITANI FINANCIA	$0	–	-463,942	–	-2.19%	–
Exit	WALT DISNEY CO	$0	–	-79,889	–	-2.23%	–
Exit	EQUITY ONE INC	$0	–	-247,770	–	-2.28%	–
Exit	WESTAMERICA BANC	$0	–	-151,346	–	-2.31%	–
Exit	NOW INC	$0	–	-393,985	–	-2.54%	–
Exit	TWENTY-FIRST - B	$0	–	-348,192	–	-2.59%	–
Exit	IBM	$0	–	-54,341	–	-2.59%	–
Exit	CIE FINANCI-REG	$0	–	-145,003	–	-2.64%	–
Exit	JPMORGAN CHASE	$0	–	-136,817	–	-2.74%	–
Exit	OXFORD INDS INC	$0	–	-139,999	–	-2.85%	–
Exit	HEINEKEN HLDG	$0	–	-120,468	–	-2.88%	–
Exit	APPLE INC	$0	–	-86,335	–	-2.93%	–
Exit	BERKSHIRE HATH-B	$0	–	-68,174	–	-2.96%	–
Exit	ABBOTT LABS	$0	–	-234,453	–	-2.98%	–
Exit	REDWOOD TRUST	$0	–	-703,368	–	-2.99%	–
Exit	LOCKHEED MARTIN	$0	–	-42,398	–	-3.05%	–
Exit	LABORATORY CP	$0	–	-74,518	–	-3.08%	–
Exit	DIAGEO PLC-ADR	$0	–	-96,983	–	-3.38%	–
Exit	EXXON MOBIL CORP	$0	–	-138,986	–	-3.64%	–
Exit	PEPSICO INC	$0	–	-115,416	–	-3.77%	–
Exit	MONDELEZ INTER-A	$0	–	-290,034	–	-3.82%	–
Exit	MCDONALDS CORP	$0	–	-114,500	–	-3.97%	–
Exit	ALTRIA GROUP INC	$0	–	-246,815	–	-4.69%	–
Exit	PHILIP MORRIS IN	$0	–	-181,923	–	-5.31%	–
Exit	JOHNSON&JOHNSON	$0	–	-215,244	–	-7.64%	–

Q3 2016

		Value		Shares		↓ Weighting
Sell	JOHNSON&JOHNSON	$25,427,000	-2.9%	215,244	-0.3%	7.64%	-1.1%
Sell	PHILIP MORRIS IN	$17,687,000	-4.5%	181,923	-0.1%	5.31%	-2.7%
Sell	ALTRIA GROUP INC	$15,606,000	-8.5%	246,815	-0.2%	4.69%	-6.7%
Buy	MCDONALDS CORP	$13,209,000	-3.7%	114,500	+0.4%	3.97%	-1.9%
Sell	MONDELEZ INTER-A	$12,733,000	-3.6%	290,034	-0.0%	3.82%	-1.7%
Buy	PEPSICO INC	$12,554,000	+3.3%	115,416	+0.6%	3.77%	+5.2%
Buy	EXXON MOBIL CORP	$12,131,000	-6.8%	138,986	+0.1%	3.64%	-5.0%
Buy	DIAGEO PLC-ADR	$11,254,000	+2.9%	96,983	+0.1%	3.38%	+4.9%
Sell	LABORATORY CP	$10,245,000	+5.5%	74,518	-0.0%	3.08%	+7.5%
Sell	LOCKHEED MARTIN	$10,164,000	-4.3%	42,398	-1.0%	3.05%	-2.6%
Buy	REDWOOD TRUST	$9,960,000	+2.7%	703,368	+0.1%	2.99%	+4.6%
Buy	BERKSHIRE HATH-B	$9,849,000	+0.0%	68,174	+0.3%	2.96%	+1.9%
Buy	JPMORGAN CHASE	$9,111,000	+7.5%	136,817	+0.3%	2.74%	+9.5%
Buy	CIE FINANCI-REG	$8,773,000	+5.9%	145,003	+0.6%	2.64%	+7.9%
Sell	IBM	$8,632,000	+4.5%	54,341	-0.2%	2.59%	+6.4%
Buy	TWENTY-FIRST - B	$8,614,000	+12.6%	348,192	+24.0%	2.59%	+14.7%
Buy	NOW INC	$8,443,000	+22.8%	393,985	+3.9%	2.54%	+25.1%
Buy	WESTAMERICA BANC	$7,700,000	+4.7%	151,346	+1.3%	2.31%	+6.6%
Sell	EQUITY ONE INC	$7,584,000	-7.3%	247,770	-2.5%	2.28%	-5.6%
Buy	WALT DISNEY CO	$7,418,000	-4.1%	79,889	+1.0%	2.23%	-2.3%
Sell	ORITANI FINANCIA	$7,293,000	-1.9%	463,942	-0.3%	2.19%	-0.1%
Sell	NATL OILWELL VAR	$6,425,000	+6.9%	174,882	-2.1%	1.93%	+8.9%
Buy	FRANKLIN RES INC	$5,254,000	+6.6%	147,698	+0.0%	1.58%	+8.7%
Buy	BROWN-FORMAN -B	$5,243,000	-5.3%	110,520	+99.1%	1.58%	-3.5%
Buy	DOMINION RES/VA	$4,998,000	-1.3%	67,293	+3.6%	1.50%	+0.5%
Buy	BANK NY MELLON	$4,145,000	+3.0%	103,929	+0.3%	1.24%	+4.9%
Sell	GENERAL ELECTRIC	$1,950,000	-6.0%	65,819	-0.2%	0.59%	-4.2%
Sell	CHEVRON CORP	$1,648,000	-2.5%	16,012	-0.7%	0.50%	-0.6%
Sell	DUKE ENERGY CORP	$1,431,000	-42.4%	17,880	-38.2%	0.43%	-41.3%
New	CENTURYLINK INC	$1,417,000	–	51,643	–	0.43%	–
Sell	COCA-COLA CO/THE	$916,000	-6.7%	21,635	-0.1%	0.28%	-4.8%
Buy	AT&T INC	$668,000	+5.9%	16,458	+12.8%	0.20%	+8.1%
New	LYONDELLBASELL-A	$350,000	–	4,338	–	0.10%	–
Exit	WELLS FARGO & CO	$0	–	-4,284	–	-0.06%	–
Exit	SPDR S&P 500 ETF	$0	–	-7,275	–	-0.45%	–
Exit	KINDER MORGAN IN	$0	–	-120,950	–	-0.67%	–
Exit	COMPASS DIVERSIF	$0	–	-303,883	–	-1.49%	–

Q2 2016

		Value		Shares		↓ Weighting
New	JOHNSON&JOHNSON	$26,197,000	–	215,969	–	7.72%	–
New	PHILIP MORRIS IN	$18,523,000	–	182,097	–	5.46%	–
New	ALTRIA GROUP INC	$17,050,000	–	247,249	–	5.02%	–
New	MCDONALDS CORP	$13,720,000	–	114,009	–	4.04%	–
New	MONDELEZ INTER-A	$13,204,000	–	290,125	–	3.89%	–
New	EXXON MOBIL CORP	$13,015,000	–	138,843	–	3.84%	–
New	PEPSICO INC	$12,153,000	–	114,716	–	3.58%	–
New	DIAGEO PLC-ADR	$10,935,000	–	96,874	–	3.22%	–
New	LOCKHEED MARTIN	$10,625,000	–	42,813	–	3.13%	–
New	HEINEKEN HLDG	$9,884,000	–	120,468	–	2.91%	–
New	BERKSHIRE HATH-B	$9,845,000	–	67,998	–	2.90%	–
New	LABORATORY CP	$9,710,000	–	74,536	–	2.86%	–
New	REDWOOD TRUST	$9,702,000	–	702,505	–	2.86%	–
New	ABBOTT LABS	$9,216,000	–	234,453	–	2.72%	–
New	JPMORGAN CHASE	$8,478,000	–	136,431	–	2.50%	–
New	CIE FINANCI-REG	$8,283,000	–	144,153	–	2.44%	–
New	IBM	$8,262,000	–	54,434	–	2.44%	–
New	APPLE INC	$8,254,000	–	86,335	–	2.43%	–
New	EQUITY ONE INC	$8,182,000	–	254,253	–	2.41%	–
New	OXFORD INDS INC	$7,927,000	–	139,999	–	2.34%	–
New	WALT DISNEY CO	$7,739,000	–	79,115	–	2.28%	–
New	TWENTY-FIRST - B	$7,652,000	–	280,789	–	2.26%	–
New	ORITANI FINANCIA	$7,438,000	–	465,184	–	2.19%	–
New	WESTAMERICA BANC	$7,356,000	–	149,339	–	2.17%	–
New	NISOURCE INC	$7,191,000	–	271,156	–	2.12%	–
New	NOW INC	$6,876,000	–	379,060	–	2.03%	–
New	ABBVIE INC	$6,611,000	–	106,779	–	1.95%	–
New	NATL OILWELL VAR	$6,012,000	–	178,670	–	1.77%	–
New	BROWN-FORMAN -B	$5,538,000	–	55,516	–	1.63%	–
New	DOMINION RES/VA	$5,064,000	–	64,976	–	1.49%	–
New	COMPASS DIVERSIF	$5,041,000	–	303,883	–	1.49%	–
New	FRANKLIN RES INC	$4,928,000	–	147,683	–	1.45%	–
New	GRACO INC	$4,709,000	–	59,612	–	1.39%	–
New	BANK NY MELLON	$4,026,000	–	103,617	–	1.19%	–
New	LIBERTY INTER-A	$2,940,000	–	115,903	–	0.87%	–
New	DUKE ENERGY CORP	$2,483,000	–	28,945	–	0.73%	–
New	KINDER MORGAN IN	$2,264,000	–	120,950	–	0.67%	–
New	GENERAL ELECTRIC	$2,075,000	–	65,927	–	0.61%	–
New	CHEVRON CORP	$1,690,000	–	16,121	–	0.50%	–
New	SPDR S&P 500 ETF	$1,524,000	–	7,275	–	0.45%	–
New	BERKSHIRE HATH-A	$1,085,000	–	5	–	0.32%	–
New	COCA-COLA CO/THE	$982,000	–	21,660	–	0.29%	–
New	VISA INC-CLASS A	$760,000	–	10,252	–	0.22%	–
New	AT&T INC	$631,000	–	14,596	–	0.19%	–
New	CATERPILLAR INC	$571,000	–	7,526	–	0.17%	–
New	TWENTY-FIRST C-A	$559,000	–	20,679	–	0.16%	–
New	ALPHABET INC-A	$433,000	–	615	–	0.13%	–
New	ALPHABET INC-C	$426,000	–	616	–	0.13%	–
New	ECOLAB INC	$392,000	–	3,307	–	0.12%	–
New	STARBUCKS CORP	$356,000	–	6,228	–	0.10%	–
New	MASTERCARD INC-A	$323,000	–	3,667	–	0.10%	–
New	CONS EDISON INC	$241,000	–	3,000	–	0.07%	–
New	WELLS FARGO & CO	$203,000	–	4,284	–	0.06%	–

Q4 2015

		Value		Shares		↓ Weighting
Exit	CONS EDISON INC	$0	–	-3,000	–	-0.07%	–
Exit	DUNKIN' BRANDS G	$0	–	-5,325	–	-0.09%	–
Exit	SENSATA TECHNOLO	$0	–	-6,195	–	-0.09%	–
Exit	CANADIAN PACIFIC	$0	–	-2,030	–	-0.10%	–
Exit	AT&T INC	$0	–	-9,270	–	-0.10%	–
Exit	AON PLC	$0	–	-3,682	–	-0.11%	–
Exit	MASTERCARD INC-A	$0	–	-3,667	–	-0.11%	–
Exit	STARBUCKS CORP	$0	–	-6,228	–	-0.12%	–
Exit	ALPHABET INC-C	$0	–	-616	–	-0.13%	–
Exit	ALPHABET INC-A	$0	–	-615	–	-0.13%	–
Exit	PRICELINE GROUP	$0	–	-434	–	-0.18%	–
Exit	TWENTY-FIRST C-A	$0	–	-20,679	–	-0.19%	–
Exit	VISA INC-CLASS A	$0	–	-10,252	–	-0.24%	–
Exit	ECOLAB INC	$0	–	-6,615	–	-0.24%	–
Exit	COCA-COLA CO/THE	$0	–	-22,245	–	-0.30%	–
Exit	BERKSHIRE HATH-A	$0	–	-5	–	-0.33%	–
Exit	CHEVRON CORP	$0	–	-15,796	–	-0.42%	–
Exit	CATERPILLAR INC	$0	–	-19,998	–	-0.44%	–
Exit	GENERAL ELECTRIC	$0	–	-64,836	–	-0.55%	–
Exit	PHILLIPS 66	$0	–	-21,705	–	-0.56%	–
Exit	SCRIPPS NET-CL A	$0	–	-34,706	–	-0.58%	–
Exit	ABBVIE INC	$0	–	-41,506	–	-0.76%	–
Exit	DUKE ENERGY CORP	$0	–	-32,655	–	-0.79%	–
Exit	TRAVELERS COS IN	$0	–	-27,911	–	-0.94%	–
Exit	FRANKLIN RES INC	$0	–	-81,867	–	-1.03%	–
Exit	LIBERTY INTER-A	$0	–	-124,217	–	-1.10%	–
Exit	INNOSPEC INC	$0	–	-71,236	–	-1.12%	–
Exit	BANK NY MELLON	$0	–	-99,124	–	-1.31%	–
Exit	GRACO INC	$0	–	-59,615	–	-1.35%	–
Exit	DOMINION RES/VA	$0	–	-61,788	–	-1.47%	–
Exit	NOW INC	$0	–	-298,061	–	-1.49%	–
Exit	NISOURCE INC	$0	–	-269,450	–	-1.69%	–
Exit	BROWN-FORMAN -B	$0	–	-56,284	–	-1.84%	–
Exit	WESTAMERICA BANC	$0	–	-123,476	–	-1.86%	–
Exit	KINDER MORGAN IN	$0	–	-210,143	–	-1.97%	–
Exit	COMPASS DIVERSIF	$0	–	-377,884	–	-2.06%	–
Exit	EQUITY ONE INC	$0	–	-255,217	–	-2.10%	–
Exit	ABBOTT LABS	$0	–	-168,284	–	-2.29%	–
Exit	TWENTY-FIRST - B	$0	–	-264,376	–	-2.42%	–
Exit	ORITANI FINANCIA	$0	–	-463,362	–	-2.45%	–
Exit	BERKSHIRE HATH-B	$0	–	-56,483	–	-2.49%	–
Exit	JPMORGAN CHASE	$0	–	-125,429	–	-2.58%	–
Exit	IBM	$0	–	-52,790	–	-2.59%	–
Exit	WALT DISNEY CO	$0	–	-74,891	–	-2.59%	–
Exit	NATL OILWELL VAR	$0	–	-205,385	–	-2.61%	–
Exit	REDWOOD TRUST	$0	–	-583,333	–	-2.73%	–
Exit	LABORATORY CP	$0	–	-75,406	–	-2.76%	–
Exit	HEINEKEN HLDG	$0	–	-120,148	–	-2.87%	–
Exit	APPLE INC	$0	–	-78,674	–	-2.93%	–
Exit	LOCKHEED MARTIN	$0	–	-43,110	–	-3.02%	–
Exit	DIAGEO PLC-ADR	$0	–	-89,676	–	-3.27%	–
Exit	OXFORD INDS INC	$0	–	-133,681	–	-3.34%	–
Exit	EXXON MOBIL CORP	$0	–	-137,814	–	-3.46%	–
Exit	PEPSICO INC	$0	–	-115,185	–	-3.67%	–
Exit	MCDONALDS CORP	$0	–	-112,527	–	-3.75%	–
Exit	MONDELEZ INTER-A	$0	–	-281,888	–	-3.99%	–
Exit	ALTRIA GROUP INC	$0	–	-245,290	–	-4.51%	–
Exit	PHILIP MORRIS IN	$0	–	-182,278	–	-4.89%	–
Exit	JOHNSON&JOHNSON	$0	–	-215,252	–	-6.79%	–

Q3 2015

		Value		Shares		↓ Weighting
Buy	JOHNSON&JOHNSON	$20,094,000	-3.6%	215,252	+0.6%	6.79%	-0.2%
Buy	PHILIP MORRIS IN	$14,460,000	-0.4%	182,278	+0.6%	4.89%	+3.1%
Buy	MCDONALDS CORP	$11,087,000	+4.1%	112,527	+0.4%	3.75%	+7.8%
Buy	PEPSICO INC	$10,862,000	+2.2%	115,185	+1.2%	3.67%	+5.9%
Buy	EXXON MOBIL CORP	$10,246,000	+7.8%	137,814	+20.7%	3.46%	+11.6%
Buy	DIAGEO PLC-ADR	$9,666,000	-4.4%	89,676	+2.9%	3.27%	-1.0%
Sell	LOCKHEED MARTIN	$8,937,000	+11.4%	43,110	-0.1%	3.02%	+15.3%
Buy	APPLE INC	$8,678,000	-9.5%	78,674	+3.0%	2.93%	-6.3%
Buy	LABORATORY CP	$8,179,000	-10.4%	75,406	+0.1%	2.76%	-7.3%
Buy	REDWOOD TRUST	$8,073,000	-9.5%	583,333	+2.6%	2.73%	-6.3%
Buy	NATL OILWELL VAR	$7,733,000	+26.8%	205,385	+62.6%	2.61%	+31.2%
Buy	IBM	$7,653,000	-0.1%	52,790	+12.1%	2.59%	+3.4%
Buy	JPMORGAN CHASE	$7,647,000	+0.6%	125,429	+11.9%	2.58%	+4.2%
Buy	BERKSHIRE HATH-B	$7,365,000	+9.5%	56,483	+14.3%	2.49%	+13.3%
Buy	ORITANI FINANCIA	$7,238,000	-1.0%	463,362	+1.8%	2.45%	+2.5%
Buy	TWENTY-FIRST - B	$7,157,000	+26.3%	264,376	+50.3%	2.42%	+30.8%
Buy	EQUITY ONE INC	$6,212,000	+6.5%	255,217	+2.1%	2.10%	+10.3%
Buy	COMPASS DIVERSIF	$6,091,000	-1.2%	377,884	+0.6%	2.06%	+2.3%
Sell	KINDER MORGAN IN	$5,817,000	-29.3%	210,143	-1.9%	1.97%	-26.8%
Buy	WESTAMERICA BANC	$5,487,000	-11.0%	123,476	+1.4%	1.86%	-7.8%
Sell	BROWN-FORMAN -B	$5,454,000	-3.3%	56,284	-0.1%	1.84%	+0.1%
New	NISOURCE INC	$4,998,000	–	269,450	–	1.69%	–
Buy	NOW INC	$4,411,000	+15.4%	298,061	+55.3%	1.49%	+19.5%
Buy	DOMINION RES/VA	$4,349,000	+5.5%	61,788	+0.2%	1.47%	+9.2%
Buy	INNOSPEC INC	$3,313,000	+3.6%	71,236	+0.3%	1.12%	+7.3%
Buy	FRANKLIN RES INC	$3,050,000	+8.9%	81,867	+43.4%	1.03%	+12.8%
Sell	TRAVELERS COS IN	$2,778,000	+0.3%	27,911	-2.6%	0.94%	+3.9%
Sell	DUKE ENERGY CORP	$2,349,000	+0.4%	32,655	-1.4%	0.79%	+3.9%
Sell	ABBVIE INC	$2,258,000	-21.6%	41,506	-3.1%	0.76%	-18.8%
Buy	SCRIPPS NET-CL A	$1,707,000	-24.7%	34,706	+0.1%	0.58%	-22.0%
Sell	PHILLIPS 66	$1,668,000	-78.0%	21,705	-76.9%	0.56%	-77.2%
New	ALPHABET INC-A	$393,000	–	615	–	0.13%	–
New	ALPHABET INC-C	$375,000	–	616	–	0.13%	–
Buy	AT&T INC	$302,000	+0.7%	9,270	+9.9%	0.10%	+4.1%
New	CONS EDISON INC	$201,000	–	3,000	–	0.07%	–
Exit	GOOGLE INC-C	$0	–	-616	–	-0.10%	–
Exit	GOOGLE INC-A	$0	–	-615	–	-0.11%	–
Exit	GOLDMAN SACHS GP	$0	–	-67,469	–	-0.44%	–
Exit	NISOURCE INC W/I	$0	–	-196,514	–	-1.07%	–

Q2 2015

		Value		Shares		↓ Weighting
New	JOHNSON&JOHNSON	$20,845,000	–	213,878	–	6.81%	–
New	PHILIP MORRIS IN	$14,525,000	–	181,183	–	4.74%	–
New	ALTRIA GROUP INC	$11,997,000	–	245,290	–	3.92%	–
New	OXFORD INDS INC	$11,690,000	–	133,681	–	3.82%	–
New	MONDELEZ INTER-A	$11,597,000	–	281,888	–	3.79%	–
New	MCDONALDS CORP	$10,652,000	–	112,046	–	3.48%	–
New	PEPSICO INC	$10,623,000	–	113,807	–	3.47%	–
New	DIAGEO PLC-ADR	$10,109,000	–	87,114	–	3.30%	–
New	APPLE INC	$9,584,000	–	76,412	–	3.13%	–
New	EXXON MOBIL CORP	$9,502,000	–	114,207	–	3.10%	–
New	LABORATORY CP	$9,133,000	–	75,344	–	2.98%	–
New	REDWOOD TRUST	$8,925,000	–	568,497	–	2.91%	–
New	WALT DISNEY CO	$8,548,000	–	74,891	–	2.79%	–
New	HEINEKEN HLDG	$8,521,000	–	120,148	–	2.78%	–
New	ABBOTT LABS	$8,259,000	–	168,284	–	2.70%	–
New	KINDER MORGAN IN	$8,226,000	–	214,271	–	2.69%	–
New	LOCKHEED MARTIN	$8,022,000	–	43,155	–	2.62%	–
New	IBM	$7,660,000	–	47,090	–	2.50%	–
New	JPMORGAN CHASE	$7,598,000	–	112,135	–	2.48%	–
New	PHILLIPS 66	$7,575,000	–	94,027	–	2.47%	–
New	ORITANI FINANCIA	$7,309,000	–	455,372	–	2.39%	–
New	BERKSHIRE HATH-B	$6,727,000	–	49,422	–	2.20%	–
New	WESTAMERICA BANC	$6,165,000	–	121,721	–	2.01%	–
New	COMPASS DIVERSIF	$6,162,000	–	375,758	–	2.01%	–
New	NATL OILWELL VAR	$6,100,000	–	126,341	–	1.99%	–
New	EQUITY ONE INC	$5,832,000	–	249,880	–	1.90%	–
New	TWENTY-FIRST - B	$5,666,000	–	175,865	–	1.85%	–
New	BROWN-FORMAN -B	$5,642,000	–	56,316	–	1.84%	–
New	GRACO INC	$4,234,000	–	59,615	–	1.38%	–
New	BANK NY MELLON	$4,160,000	–	99,124	–	1.36%	–
New	DOMINION RES/VA	$4,122,000	–	61,644	–	1.35%	–
New	NOW INC	$3,822,000	–	191,964	–	1.25%	–
New	LIBERTY INTER-A	$3,447,000	–	124,217	–	1.13%	–
New	NISOURCE INC W/I	$3,282,000	–	196,514	–	1.07%	–
New	INNOSPEC INC	$3,198,000	–	71,000	–	1.04%	–
New	ABBVIE INC	$2,879,000	–	42,853	–	0.94%	–
New	FRANKLIN RES INC	$2,800,000	–	57,102	–	0.91%	–
New	TRAVELERS COS IN	$2,769,000	–	28,642	–	0.90%	–
New	DUKE ENERGY CORP	$2,340,000	–	33,133	–	0.76%	–
New	SCRIPPS NET-CL A	$2,267,000	–	34,681	–	0.74%	–
New	GENERAL ELECTRIC	$1,723,000	–	64,836	–	0.56%	–
New	CATERPILLAR INC	$1,696,000	–	19,998	–	0.55%	–
New	CHEVRON CORP	$1,524,000	–	15,796	–	0.50%	–
New	GOLDMAN SACHS GP	$1,336,000	–	67,469	–	0.44%	–
New	BERKSHIRE HATH-A	$1,024,000	–	5	–	0.33%	–
New	COCA-COLA CO/THE	$873,000	–	22,245	–	0.28%	–
New	ECOLAB INC	$748,000	–	6,615	–	0.24%	–
New	VISA INC-CLASS A	$688,000	–	10,252	–	0.22%	–
New	TWENTY-FIRST C-A	$673,000	–	20,679	–	0.22%	–
New	PRICELINE GROUP	$500,000	–	434	–	0.16%	–
New	AON PLC	$367,000	–	3,682	–	0.12%	–
New	MASTERCARD INC-A	$343,000	–	3,667	–	0.11%	–
New	STARBUCKS CORP	$334,000	–	6,228	–	0.11%	–
New	GOOGLE INC-A	$332,000	–	615	–	0.11%	–
New	SENSATA TECHNOLO	$327,000	–	6,195	–	0.11%	–
New	CANADIAN PACIFIC	$325,000	–	2,030	–	0.11%	–
New	GOOGLE INC-C	$321,000	–	616	–	0.10%	–
New	AT&T INC	$300,000	–	8,434	–	0.10%	–
New	DUNKIN' BRANDS G	$293,000	–	5,325	–	0.10%	–

Q4 2014

		Value		Shares		↓ Weighting
Exit	BANK OF AMER CRP	$0	–	-15,230	–	-0.12%	–
Exit	NOW INC	$0	–	-16,192	–	-0.18%	–
Exit	COCA-COLA CO/THE	$0	–	-22,478	–	-0.35%	–
Exit	BERKSHIRE HATH-A	$0	–	-5	–	-0.37%	–
Exit	SOTHEBY'S	$0	–	-33,278	–	-0.43%	–
Exit	NEUSTAR INC-CL A	$0	–	-66,410	–	-0.60%	–
Exit	GENERAL ELECTRIC	$0	–	-66,110	–	-0.61%	–
Exit	CHEVRON CORP	$0	–	-16,186	–	-0.70%	–
Exit	CATERPILLAR INC	$0	–	-19,998	–	-0.72%	–
Exit	SCRIPPS NET-CL A	$0	–	-31,422	–	-0.89%	–
Exit	ABBVIE INC	$0	–	-44,344	–	-0.92%	–
Exit	KINDER MORGAN EN	$0	–	-29,922	–	-1.01%	–
Exit	FRANKLIN RES INC	$0	–	-51,134	–	-1.01%	–
Exit	GOLDMAN SACHS GP	$0	–	-148,695	–	-1.05%	–
Exit	SYMETRA FINANCIA	$0	–	-127,108	–	-1.07%	–
Exit	LIBERTY INTERA-A	$0	–	-127,762	–	-1.11%	–
Exit	DUKE ENERGY CORP	$0	–	-41,663	–	-1.12%	–
Exit	DOMINION RES/VA	$0	–	-49,676	–	-1.24%	–
Exit	TRAVELERS COS IN	$0	–	-38,940	–	-1.32%	–
Exit	BANK NY MELLON	$0	–	-99,220	–	-1.39%	–
Exit	GRACO INC	$0	–	-63,684	–	-1.68%	–
Exit	WESTAMERICA BANC	$0	–	-103,447	–	-1.74%	–
Exit	EQUITY ONE INC	$0	–	-224,000	–	-1.75%	–
Exit	BROWN-FORMAN -B	$0	–	-56,381	–	-1.84%	–
Exit	NATL OILWELL VAR	$0	–	-66,871	–	-1.84%	–
Exit	KINDER MORGAN IN	$0	–	-136,518	–	-1.89%	–
Exit	ORITANI FINANCIA	$0	–	-382,981	–	-1.95%	–
Exit	PHILLIPS 66	$0	–	-69,249	–	-2.03%	–
Exit	TWENTY-FIRST - B	$0	–	-171,379	–	-2.06%	–
Exit	INTEL CORP	$0	–	-164,981	–	-2.08%	–
Exit	IBM	$0	–	-32,457	–	-2.23%	–
Exit	JPMORGAN CHASE	$0	–	-105,148	–	-2.29%	–
Exit	COMPASS DIVERSIF	$0	–	-364,870	–	-2.31%	–
Exit	BERKSHIRE HATH-B	$0	–	-48,673	–	-2.43%	–
Exit	WALT DISNEY CO	$0	–	-76,429	–	-2.46%	–
Exit	ABBOTT LABS	$0	–	-168,308	–	-2.53%	–
Exit	MCDONALDS CORP	$0	–	-75,748	–	-2.59%	–
Exit	LABORATORY CP	$0	–	-71,834	–	-2.64%	–
Exit	DIAGEO PLC-ADR	$0	–	-64,799	–	-2.70%	–
Exit	HEINEKEN HLDG	$0	–	-115,275	–	-2.76%	–
Exit	APPLE INC	$0	–	-78,133	–	-2.84%	–
Exit	REDWOOD TRUST	$0	–	-493,871	–	-2.96%	–
Exit	MONDELEZ INTER-A	$0	–	-257,865	–	-3.19%	–
Exit	LOCKHEED MARTIN	$0	–	-50,327	–	-3.32%	–
Exit	OXFORD INDS INC	$0	–	-151,080	–	-3.33%	–
Exit	EXXON MOBIL CORP	$0	–	-104,098	–	-3.54%	–
Exit	PEPSICO INC	$0	–	-113,847	–	-3.83%	–
Exit	ALTRIA GROUP INC	$0	–	-242,616	–	-4.03%	–
Exit	PHILIP MORRIS IN	$0	–	-172,266	–	-5.19%	–
Exit	JOHNSON&JOHNSON	$0	–	-202,041	–	-7.78%	–

Q3 2014

		Value		Shares		↓ Weighting
Sell	JOHNSON&JOHNSON	$21,536,000	+1.8%	202,041	-0.0%	7.78%	+3.9%
Buy	PHILIP MORRIS IN	$14,367,000	+0.8%	172,266	+1.9%	5.19%	+2.9%
Buy	EXXON MOBIL CORP	$9,790,000	-2.5%	104,098	+4.3%	3.54%	-0.6%
Sell	LOCKHEED MARTIN	$9,199,000	+13.5%	50,327	-0.2%	3.32%	+15.8%
Buy	MONDELEZ INTER-A	$8,836,000	-4.7%	257,865	+4.6%	3.19%	-2.8%
Buy	REDWOOD TRUST	$8,188,000	-13.3%	493,871	+1.8%	2.96%	-11.5%
Sell	APPLE INC	$7,872,000	+8.2%	78,133	-0.2%	2.84%	+10.4%
Buy	HEINEKEN HLDG	$7,644,000	+3.4%	115,275	+1.9%	2.76%	+5.5%
Buy	DIAGEO PLC-ADR	$7,478,000	+310.0%	64,799	+352.2%	2.70%	+318.1%
Sell	LABORATORY CP	$7,309,000	-0.7%	71,834	-0.0%	2.64%	+1.3%
Buy	MCDONALDS CORP	$7,182,000	+0.9%	75,748	+7.2%	2.59%	+2.9%
Buy	WALT DISNEY CO	$6,804,000	+4.0%	76,429	+0.2%	2.46%	+6.2%
Buy	JPMORGAN CHASE	$6,334,000	+7.8%	105,148	+3.1%	2.29%	+10.0%
Buy	IBM	$6,161,000	+5.0%	32,457	+0.2%	2.23%	+7.1%
Sell	INTEL CORP	$5,745,000	+11.9%	164,981	-0.7%	2.08%	+14.2%
Buy	TWENTY-FIRST - B	$5,709,000	+2.8%	171,379	+5.6%	2.06%	+4.8%
Buy	PHILLIPS 66	$5,631,000	+3.9%	69,249	+2.7%	2.03%	+5.9%
Buy	ORITANI FINANCIA	$5,396,000	-1.5%	382,981	+7.6%	1.95%	+0.5%
Buy	KINDER MORGAN IN	$5,234,000	+10.4%	136,518	+4.4%	1.89%	+12.6%
Buy	NATL OILWELL VAR	$5,089,000	-4.8%	66,871	+3.0%	1.84%	-2.9%
Buy	EQUITY ONE INC	$4,845,000	-5.1%	224,000	+3.5%	1.75%	-3.2%
Sell	WESTAMERICA BANC	$4,812,000	-11.9%	103,447	-1.0%	1.74%	-10.1%
Sell	DUKE ENERGY CORP	$3,115,000	-1.1%	41,663	-1.8%	1.12%	+0.9%
Sell	GOLDMAN SACHS GP	$2,906,000	-14.7%	148,695	-12.7%	1.05%	-12.9%
Buy	FRANKLIN RES INC	$2,792,000	+1.8%	51,134	+7.9%	1.01%	+3.9%
Sell	ABBVIE INC	$2,561,000	-0.5%	44,344	-2.8%	0.92%	+1.5%
Sell	GENERAL ELECTRIC	$1,694,000	-41.8%	66,110	-40.3%	0.61%	-40.6%
Sell	NEUSTAR INC-CL A	$1,649,000	-17.1%	66,410	-13.1%	0.60%	-15.3%
Sell	SOTHEBY'S	$1,189,000	-18.3%	33,278	-4.0%	0.43%	-16.5%
Sell	BANK OF AMER CRP	$324,000	-79.7%	15,230	-79.6%	0.12%	-79.3%
Exit	3M CO	$0	–	-1,884	–	-0.10%	–
Exit	HAWAIIAN ELEC	$0	–	-19,414	–	-0.17%	–
Exit	KIMBERLY-CLARK	$0	–	-20,310	–	-0.80%	–
Exit	GOVERNMENT PROPE	$0	–	-241,770	–	-2.17%	–

Q2 2014

		Value		Shares		↓ Weighting
New	JOHNSON&JOHNSON	$21,146,000	–	202,118	–	7.49%	–
New	PHILIP MORRIS IN	$14,254,000	–	169,062	–	5.05%	–
New	ALTRIA GROUP INC	$10,175,000	–	242,616	–	3.60%	–
New	PEPSICO INC	$10,171,000	–	113,847	–	3.60%	–
New	OXFORD INDS INC	$10,073,000	–	151,080	–	3.57%	–
New	EXXON MOBIL CORP	$10,046,000	–	99,781	–	3.56%	–
New	REDWOOD TRUST	$9,442,000	–	484,951	–	3.34%	–
New	MONDELEZ INTER-A	$9,276,000	–	246,634	–	3.28%	–
New	LOCKHEED MARTIN	$8,105,000	–	50,427	–	2.87%	–
New	HEINEKEN HLDG	$7,390,000	–	113,171	–	2.62%	–
New	LABORATORY CP	$7,357,000	–	71,844	–	2.60%	–
New	APPLE INC	$7,277,000	–	78,308	–	2.58%	–
New	MCDONALDS CORP	$7,118,000	–	70,662	–	2.52%	–
New	ABBOTT LABS	$6,884,000	–	168,308	–	2.44%	–
New	COMPASS DIVERSIF	$6,622,000	–	364,870	–	2.34%	–
New	WALT DISNEY CO	$6,540,000	–	76,279	–	2.32%	–
New	BERKSHIRE HATH-B	$6,160,000	–	48,673	–	2.18%	–
New	GOVERNMENT PROPE	$6,139,000	–	241,770	–	2.17%	–
New	JPMORGAN CHASE	$5,876,000	–	101,979	–	2.08%	–
New	IBM	$5,870,000	–	32,382	–	2.08%	–
New	TWENTY-FIRST - B	$5,555,000	–	162,277	–	1.97%	–
New	ORITANI FINANCIA	$5,478,000	–	355,925	–	1.94%	–
New	WESTAMERICA BANC	$5,462,000	–	104,478	–	1.93%	–
New	PHILLIPS 66	$5,422,000	–	67,412	–	1.92%	–
New	NATL OILWELL VAR	$5,346,000	–	64,918	–	1.89%	–
New	BROWN-FORMAN -B	$5,309,000	–	56,381	–	1.88%	–
New	INTEL CORP	$5,132,000	–	166,079	–	1.82%	–
New	EQUITY ONE INC	$5,104,000	–	216,376	–	1.81%	–
New	GRACO INC	$4,972,000	–	63,684	–	1.76%	–
New	KINDER MORGAN IN	$4,743,000	–	130,798	–	1.68%	–
New	LIBERTY INTERA-A	$3,751,000	–	127,762	–	1.33%	–
New	BANK NY MELLON	$3,719,000	–	99,220	–	1.32%	–
New	TRAVELERS COS IN	$3,663,000	–	38,940	–	1.30%	–
New	DOMINION RES/VA	$3,553,000	–	49,676	–	1.26%	–
New	GOLDMAN SACHS GP	$3,405,000	–	170,246	–	1.20%	–
New	DUKE ENERGY CORP	$3,149,000	–	42,440	–	1.12%	–
New	GENERAL ELECTRIC	$2,910,000	–	110,723	–	1.03%	–
New	SYMETRA FINANCIA	$2,890,000	–	127,108	–	1.02%	–
New	FRANKLIN RES INC	$2,742,000	–	47,405	–	0.97%	–
New	ABBVIE INC	$2,574,000	–	45,604	–	0.91%	–
New	SCRIPPS NET-CL A	$2,550,000	–	31,422	–	0.90%	–
New	KINDER MORGAN EN	$2,460,000	–	29,922	–	0.87%	–
New	KIMBERLY-CLARK	$2,259,000	–	20,310	–	0.80%	–
New	CATERPILLAR INC	$2,173,000	–	19,998	–	0.77%	–
New	CHEVRON CORP	$2,113,000	–	16,186	–	0.75%	–
New	NEUSTAR INC-CL A	$1,988,000	–	76,410	–	0.70%	–
New	DIAGEO PLC-ADR	$1,824,000	–	14,330	–	0.65%	–
New	BANK OF AMER CRP	$1,594,000	–	74,607	–	0.56%	–
New	SOTHEBY'S	$1,455,000	–	34,660	–	0.52%	–
New	COCA-COLA CO/THE	$952,000	–	22,478	–	0.34%	–
New	BERKSHIRE HATH-A	$950,000	–	5	–	0.34%	–
New	NOW INC/DE	$586,000	–	16,192	–	0.21%	–
New	HAWAIIAN ELEC	$492,000	–	19,414	–	0.17%	–
New	3M CO	$270,000	–	1,884	–	0.10%	–

Q4 2013

		Value		Shares		↓ Weighting
Exit	HAWAIIAN ELEC	$0	–	-17,737	–	-0.19%	–
Exit	LIBERTY VENTUR-A	$0	–	-8,202	–	-0.31%	–
Exit	BERKSHIRE HATH-A	$0	–	-5	–	-0.36%	–
Exit	COCA-COLA CO/THE	$0	–	-26,686	–	-0.43%	–
Exit	KINDER MORGAN IN	$0	–	-34,929	–	-0.53%	–
Exit	KRAFT FOODS GROU	$0	–	-30,005	–	-0.68%	–
Exit	LOWE'S COS INC	$0	–	-35,000	–	-0.72%	–
Exit	BANK OF AMER CRP	$0	–	-84,013	–	-0.73%	–
Exit	SOTHEBY'S	$0	–	-35,158	–	-0.74%	–
Exit	3M CO	$0	–	-16,039	–	-0.82%	–
Exit	CHEVRON CORP	$0	–	-16,186	–	-0.84%	–
Exit	FRANKLIN RES INC	$0	–	-42,756	–	-0.93%	–
Exit	KIMBERLY-CLARK	$0	–	-25,561	–	-1.03%	–
Exit	SCRIPPS NET-CL A	$0	–	-31,701	–	-1.06%	–
Exit	GENERAL ELECTRIC	$0	–	-110,480	–	-1.13%	–
Exit	BANK NY MELLON	$0	–	-92,407	–	-1.20%	–
Exit	DUKE ENERGY CORP	$0	–	-43,502	–	-1.25%	–
Exit	CATERPILLAR INC	$0	–	-35,352	–	-1.26%	–
Exit	LIBERTY INTERA-A	$0	–	-127,950	–	-1.29%	–
Exit	ABBVIE INC	$0	–	-72,779	–	-1.40%	–
Exit	SYMETRA FINANCIA	$0	–	-193,702	–	-1.48%	–
Exit	IBM	$0	–	-18,662	–	-1.48%	–
Exit	KINDER MORGAN EN	$0	–	-44,432	–	-1.52%	–
Exit	TRAVELERS COS IN	$0	–	-43,863	–	-1.60%	–
Exit	DOMINION RES/VA	$0	–	-59,676	–	-1.60%	–
Exit	GOLDMAN SACHS GP	$0	–	-191,684	–	-1.64%	–
Exit	BROWN-FORMAN -B	$0	–	-56,416	–	-1.65%	–
Exit	ABBOTT LABS	$0	–	-119,283	–	-1.70%	–
Exit	INTEL CORP	$0	–	-174,710	–	-1.72%	–
Exit	ORITANI FINANCIA	$0	–	-247,031	–	-1.74%	–
Exit	MCDONALDS CORP	$0	–	-44,499	–	-1.84%	–
Exit	EQUITY ONE INC	$0	–	-212,622	–	-1.99%	–
Exit	GRACO INC	$0	–	-63,794	–	-2.03%	–
Exit	WALT DISNEY CO	$0	–	-78,479	–	-2.17%	–
Exit	JPMORGAN CHASE	$0	–	-98,772	–	-2.19%	–
Exit	WESTAMERICA BANC	$0	–	-104,478	–	-2.23%	–
Exit	BANCO LATINOAM-E	$0	–	-211,102	–	-2.26%	–
Exit	BERKSHIRE HATH-B	$0	–	-46,440	–	-2.26%	–
Exit	APPLE INC	$0	–	-11,106	–	-2.27%	–
Exit	HEINEKEN HLDG	$0	–	-99,290	–	-2.68%	–
Exit	COMPASS DIVERSIF	$0	–	-364,870	–	-2.79%	–
Exit	LOCKHEED MARTIN	$0	–	-52,621	–	-2.88%	–
Exit	GOVERNMENT PROPE	$0	–	-284,550	–	-2.92%	–
Exit	MONDELEZ INTER-A	$0	–	-241,531	–	-3.26%	–
Exit	ALTRIA GROUP INC	$0	–	-238,070	–	-3.51%	–
Exit	EXXON MOBIL CORP	$0	–	-99,664	–	-3.68%	–
Exit	PEPSICO INC	$0	–	-109,116	–	-3.72%	–
Exit	REDWOOD TRUST	$0	–	-485,122	–	-4.10%	–
Exit	OXFORD INDS INC	$0	–	-159,122	–	-4.64%	–
Exit	PHILIP MORRIS IN	$0	–	-162,019	–	-6.02%	–
Exit	JOHNSON&JOHNSON	$0	–	-202,683	–	-7.54%	–

Q3 2013

		Value		Shares		↓ Weighting
Buy	JOHNSON&JOHNSON	$17,571,000	+1.0%	202,683	+0.0%	7.54%	-1.7%
Buy	PHILIP MORRIS IN	$14,029,000	+1.1%	162,019	+1.2%	6.02%	-1.6%
Sell	OXFORD INDS INC	$10,817,000	+3.9%	159,122	-4.7%	4.64%	+1.0%
Buy	REDWOOD TRUST	$9,552,000	+17.2%	485,122	+1.2%	4.10%	+14.0%
Buy	EXXON MOBIL CORP	$8,575,000	-3.7%	99,664	+1.1%	3.68%	-6.3%
Buy	ALTRIA GROUP INC	$8,178,000	-0.2%	238,070	+1.7%	3.51%	-2.9%
Buy	MONDELEZ INTER-A	$7,589,000	+11.6%	241,531	+1.3%	3.26%	+8.6%
Buy	GOVERNMENT PROPE	$6,809,000	-4.2%	284,550	+1.0%	2.92%	-6.7%
Sell	LOCKHEED MARTIN	$6,712,000	+11.7%	52,621	-5.1%	2.88%	+8.6%
New	HEINEKEN HLDG	$6,256,000	–	99,290	–	2.68%	–
Buy	APPLE INC	$5,295,000	+21.1%	11,106	+0.7%	2.27%	+17.7%
Buy	BERKSHIRE HATH-B	$5,271,000	+1.6%	46,440	+0.2%	2.26%	-1.1%
New	BANCO LATINOAM-E	$5,261,000	–	211,102	–	2.26%	–
Buy	JPMORGAN CHASE	$5,106,000	+0.2%	98,772	+2.4%	2.19%	-2.5%
Buy	EQUITY ONE INC	$4,648,000	+18.9%	212,622	+23.1%	1.99%	+15.7%
Buy	MCDONALDS CORP	$4,281,000	-2.7%	44,499	+0.1%	1.84%	-5.4%
Buy	INTEL CORP	$4,005,000	-3.7%	174,710	+1.8%	1.72%	-6.3%
Buy	ABBOTT LABS	$3,959,000	-0.9%	119,283	+4.2%	1.70%	-3.6%
Sell	BROWN-FORMAN -B	$3,844,000	+0.8%	56,416	-0.1%	1.65%	-1.9%
Sell	GOLDMAN SACHS GP	$3,832,000	-16.0%	191,684	-8.8%	1.64%	-18.3%
Sell	DOMINION RES/VA	$3,729,000	+9.5%	59,676	-0.4%	1.60%	+6.5%
Buy	TRAVELERS COS IN	$3,718,000	+6.4%	43,863	+0.3%	1.60%	+3.4%
Sell	KINDER MORGAN EN	$3,547,000	-7.8%	44,432	-1.3%	1.52%	-10.3%
Buy	IBM	$3,456,000	-2.0%	18,662	+1.1%	1.48%	-4.8%
Sell	SYMETRA FINANCIA	$3,452,000	-15.8%	193,702	-24.5%	1.48%	-18.1%
Buy	ABBVIE INC	$3,255,000	+8.3%	72,779	+0.1%	1.40%	+5.4%
Buy	BANK NY MELLON	$2,790,000	+11.6%	92,407	+3.7%	1.20%	+8.6%
Sell	KIMBERLY-CLARK	$2,408,000	-3.8%	25,561	-0.8%	1.03%	-6.3%
Buy	FRANKLIN RES INC	$2,161,000	+11.4%	42,756	+200.0%	0.93%	+8.4%
Buy	CHEVRON CORP	$1,967,000	+9.9%	16,186	+7.1%	0.84%	+7.0%
Sell	SOTHEBY'S	$1,727,000	+6.5%	35,158	-17.8%	0.74%	+3.6%
Buy	BANK OF AMER CRP	$1,711,000	-4.3%	84,013	+5.1%	0.73%	-6.9%
Sell	KRAFT FOODS GROU	$1,575,000	-6.6%	30,005	-0.6%	0.68%	-9.0%
Buy	KINDER MORGAN IN	$1,242,000	+8.7%	34,929	+16.6%	0.53%	+5.8%
Buy	HAWAIIAN ELEC	$445,000	+17.7%	17,737	+18.6%	0.19%	+14.4%
Exit	WELLS FARGO & CO	$0	–	-5,369	–	-0.10%	–
Exit	HEINEKEN HLDG	$0	–	-95,036	–	-2.35%	–
Exit	BANCO LATINOAM-E	$0	–	-265,785	–	-2.62%	–

Q2 2013

		Value		Shares		↓ Weighting
New	JOHNSON&JOHNSON	$17,397,000	–	202,623	–	7.67%	–
New	PHILIP MORRIS IN	$13,870,000	–	160,128	–	6.12%	–
New	OXFORD INDS INC	$10,415,000	–	166,914	–	4.59%	–
New	PEPSICO INC	$8,925,000	–	109,116	–	3.94%	–
New	EXXON MOBIL CORP	$8,907,000	–	98,584	–	3.93%	–
New	ALTRIA GROUP INC	$8,193,000	–	234,150	–	3.61%	–
New	REDWOOD TRUST	$8,148,000	–	479,311	–	3.59%	–
New	GOVERNMENT PROPE	$7,104,000	–	281,676	–	3.13%	–
New	MONDELEZ INTER-A	$6,800,000	–	238,332	–	3.00%	–
New	COMPASS DIVERSIF	$6,396,000	–	364,870	–	2.82%	–
New	LOCKHEED MARTIN	$6,011,000	–	55,421	–	2.65%	–
New	BANCO LATINOAM-E	$5,951,000	–	265,785	–	2.62%	–
New	HEINEKEN HLDG	$5,331,000	–	95,036	–	2.35%	–
New	BERKSHIRE HATH-B	$5,186,000	–	46,340	–	2.29%	–
New	JPMORGAN CHASE	$5,094,000	–	96,490	–	2.25%	–
New	WALT DISNEY CO	$4,956,000	–	78,479	–	2.18%	–
New	WESTAMERICA BANC	$4,774,000	–	104,478	–	2.10%	–
New	GOLDMAN SACHS GP	$4,562,000	–	210,213	–	2.01%	–
New	MCDONALDS CORP	$4,400,000	–	44,449	–	1.94%	–
New	APPLE INC	$4,374,000	–	11,030	–	1.93%	–
New	INTEL CORP	$4,157,000	–	171,583	–	1.83%	–
New	SYMETRA FINANCIA	$4,102,000	–	256,516	–	1.81%	–
New	GRACO INC	$4,032,000	–	63,794	–	1.78%	–
New	ABBOTT LABS	$3,993,000	–	114,482	–	1.76%	–
New	EQUITY ONE INC	$3,908,000	–	172,695	–	1.72%	–
New	ORITANI FINANCIA	$3,873,000	–	247,031	–	1.71%	–
New	KINDER MORGAN EN	$3,846,000	–	45,032	–	1.70%	–
New	BROWN-FORMAN -B	$3,813,000	–	56,454	–	1.68%	–
New	IBM	$3,528,000	–	18,458	–	1.56%	–
New	TRAVELERS COS IN	$3,496,000	–	43,745	–	1.54%	–
New	DOMINION RES/VA	$3,405,000	–	59,926	–	1.50%	–
New	ABBVIE INC	$3,005,000	–	72,697	–	1.32%	–
New	LIBERTY INTERA-A	$2,944,000	–	127,950	–	1.30%	–
New	DUKE ENERGY CORP	$2,936,000	–	43,502	–	1.30%	–
New	CATERPILLAR INC	$2,916,000	–	35,352	–	1.29%	–
New	GENERAL ELECTRIC	$2,562,000	–	110,480	–	1.13%	–
New	KIMBERLY-CLARK	$2,502,000	–	25,761	–	1.10%	–
New	BANK NY MELLON	$2,499,000	–	89,107	–	1.10%	–
New	SCRIPPS NET-CL A	$2,116,000	–	31,701	–	0.93%	–
New	FRANKLIN RES INC	$1,939,000	–	14,252	–	0.86%	–
New	CHEVRON CORP	$1,789,000	–	15,120	–	0.79%	–
New	BANK OF AMER CRP	$1,787,000	–	79,904	–	0.79%	–
New	3M CO	$1,754,000	–	16,039	–	0.77%	–
New	KRAFT FOODS GROU	$1,686,000	–	30,178	–	0.74%	–
New	SOTHEBY'S	$1,621,000	–	42,762	–	0.72%	–
New	LOWE'S COS INC	$1,432,000	–	35,000	–	0.63%	–
New	KINDER MORGAN IN	$1,143,000	–	29,955	–	0.50%	–
New	COCA-COLA CO/THE	$1,070,000	–	26,686	–	0.47%	–
New	BERKSHIRE HATH-A	$843,000	–	5	–	0.37%	–
New	LIBERTY VENTUR-A	$697,000	–	8,202	–	0.31%	–
New	HAWAIIAN ELEC	$378,000	–	14,950	–	0.17%	–
New	WELLS FARGO & CO	$222,000	–	5,369	–	0.10%	–

Compare quarters

Export RBO & CO LLC's holdings