CHELSEA COUNSEL CO Activity Q4 2003-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$20,581,899	-12.5%	120,214	-0.8%	10.59%	-8.5%
HON	Sell	HONEYWELL INTL INC	$8,725,825	-12.7%	47,233	-2.0%	4.49%	-8.8%
MSFT	Buy	MICROSOFT CORP	$8,437,908	-5.1%	26,723	+2.3%	4.34%	-0.8%
GOOG	Sell	ALPHABET INCcap stk cl c	$7,846,394	+8.2%	59,510	-0.7%	4.04%	+13.1%
CVX	Sell	CHEVRON CORP NEW	$7,395,470	+7.0%	43,859	-0.2%	3.80%	+11.8%
XOM	Sell	EXXON MOBIL CORP	$7,320,531	+9.5%	62,260	-0.2%	3.77%	+14.4%
GOOGL	Sell	ALPHABET INCcap stk cl a	$7,108,316	+6.2%	54,320	-2.9%	3.66%	+11.0%
COST	Sell	COSTCO WHSL CORP NEW	$5,889,708	+4.6%	10,425	-0.3%	3.03%	+9.3%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$4,664,700	-3.5%	9,210	-0.5%	2.40%	+0.8%
JNJ	Sell	JOHNSON & JOHNSON	$4,418,784	-31.0%	28,371	-26.6%	2.27%	-27.9%
PG	Sell	PROCTER AND GAMBLE CO	$4,175,547	-10.8%	28,627	-7.2%	2.15%	-6.8%
PWR	Sell	QUANTA SVCS INC	$4,131,334	-5.2%	22,075	-0.5%	2.12%	-0.9%
AMGN	Sell	AMGEN INC	$3,882,239	+19.8%	14,445	-1.1%	2.00%	+25.1%
RTX	Buy	RTX CORPORATION	$2,814,099	+11.7%	39,101	+52.0%	1.45%	+16.7%
GLW	Buy	CORNING INC	$2,784,684	+7.7%	91,391	+23.9%	1.43%	+12.6%
HXL	Sell	HEXCEL CORP NEW	$2,778,221	-14.4%	42,650	-0.0%	1.43%	-10.5%
GDXJ	Sell	VANECK ETF TRUSTjunior gold mine	$2,712,800	-9.7%	84,170	-0.1%	1.40%	-5.6%
LHX	Sell	L3HARRIS TECHNOLOGIES INC	$2,618,946	-12.8%	15,041	-2.0%	1.35%	-8.9%
COG	Sell	COTERRA ENERGY INC	$2,357,056	+6.7%	87,137	-0.2%	1.21%	+11.6%
AWK	Sell	AMERICAN WTR WKS CO INC NEW	$2,284,664	-14.2%	18,450	-1.1%	1.18%	-10.4%
ABT	Sell	ABBOTT LABS	$2,207,739	-12.2%	22,795	-1.2%	1.14%	-8.2%
KMB	Sell	KIMBERLY-CLARK CORP	$2,138,942	-13.0%	17,528	-0.7%	1.10%	-9.1%
PYPL	Buy	PAYPAL HLDGS INC	$1,969,752	+29.0%	33,694	+47.3%	1.01%	+34.9%
AEM	Buy	AGNICO EAGLE MINES LTD	$1,641,700	+36.9%	36,121	+50.6%	0.84%	+43.2%
	New	KENVUE INC	$1,632,324	–	81,291	–	0.84%	–
AMZN	Sell	AMAZON COM INC	$1,543,237	-11.3%	12,140	-9.1%	0.79%	-7.4%
NTR	Buy	NUTRIEN LTD	$1,157,972	+90.9%	18,590	+82.6%	0.60%	+99.3%
MO	Buy	ALTRIA GROUP INC	$1,099,270	-6.4%	25,550	+0.6%	0.57%	-2.1%
PFE	Sell	PFIZER INC	$1,063,928	-22.4%	32,075	-14.2%	0.55%	-19.0%
LDOS	Sell	LEIDOS HOLDINGS INC	$1,008,415	+0.4%	10,942	-3.6%	0.52%	+5.1%
VZ	Sell	VERIZON COMMUNICATIONS INC	$913,475	-52.4%	28,185	-45.4%	0.47%	-50.2%
XLK	New	SELECT SECTOR SPDR TRtechnology	$886,042	–	5,405	–	0.46%	–
MRNA	Sell	MODERNA INC	$597,223	-16.0%	5,782	-1.2%	0.31%	-12.3%
BCE	Sell	BCE INC	$563,764	-49.1%	14,500	-39.3%	0.29%	-46.8%
NEM	Sell	NEWMONT CORP	$528,256	-16.0%	14,297	-3.0%	0.27%	-12.3%
NEE	Sell	NEXTERA ENERGY INC	$525,350	-30.4%	9,170	-9.8%	0.27%	-27.2%
NWL	Sell	NEWELL BRANDS INC	$512,552	+2.7%	56,761	-1.0%	0.26%	+7.3%
BA	Sell	BOEING CO	$461,949	-12.1%	2,410	-3.2%	0.24%	-8.1%
DVN	Sell	DEVON ENERGY CORP NEW	$454,581	-15.5%	9,530	-14.4%	0.23%	-11.7%
NFLX	Buy	NETFLIX INC	$377,600	+71.4%	1,000	+100.0%	0.19%	+79.6%
DIS	Sell	DISNEY WALT CO	$373,413	-13.2%	4,607	-4.4%	0.19%	-9.4%
EMR	Sell	EMERSON ELEC CO	$370,346	+2.2%	3,835	-4.4%	0.19%	+7.3%
PEP	Sell	PEPSICO INC	$361,924	-10.0%	2,136	-1.6%	0.19%	-6.1%
MAIN	Buy	MAIN STR CAP CORP	$356,732	+3.0%	8,780	+1.4%	0.18%	+7.6%
TSLA	Buy	TESLA INC	$315,278	+1907.2%	1,260	+2000.0%	0.16%	+1925.0%
GOLD	Sell	BARRICK GOLD CORP	$303,135	-18.7%	20,834	-5.4%	0.16%	-15.2%
INTC	Sell	INTEL CORP	$303,989	+1.1%	8,551	-4.9%	0.16%	+5.4%
WMB	Sell	WILLIAMS COS INC	$252,675	-77.7%	7,500	-78.4%	0.13%	-76.7%
PKI	Sell	REVVITY INC	$188,190	-24.6%	1,700	-19.0%	0.10%	-21.1%
TXN	Buy	TEXAS INSTRS INC	$185,247	+181.9%	1,165	+219.2%	0.10%	+196.9%
MMC	Sell	MARSH & MCLENNAN COS INC	$176,028	-1.5%	925	-2.6%	0.09%	+3.4%
MOS	Sell	MOSAIC CO NEW	$175,864	-5.6%	4,940	-7.1%	0.09%	-2.2%
OKE	New	ONEOK INC NEW	$141,640	–	2,233	–	0.07%	–
SO	Sell	SOUTHERN CO	$139,472	-12.0%	2,155	-4.4%	0.07%	-7.7%
HD	Sell	HOME DEPOT INC	$36,562	-63.3%	121	-62.3%	0.02%	-61.2%
LUMN	Sell	LUMEN TECHNOLOGIES INC	$29,820	-58.8%	21,000	-34.4%	0.02%	-58.3%
T	Sell	AT&T INC	$26,451	-23.1%	1,761	-18.4%	0.01%	-17.6%
AEP	Sell	AMERICAN ELEC PWR CO INC	$19,558	-97.6%	260	-97.3%	0.01%	-97.5%
BACPRL	Sell	BANK AMERICA CORP7.25%cnv pfd l	$16,956	-74.1%	15	-72.7%	0.01%	-71.9%
V	Sell	VISA INC	$11,501	-86.5%	50	-86.1%	0.01%	-85.7%
SCHW	New	SCHWAB CHARLES CORP	$10,157	–	185	–	0.01%	–
SCHN	New	SCHNITZER STEEL INDS INCcl a	$836	–	30	–	0.00%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-3,382	–	-0.10%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$23,517,248	–	121,242	–	11.58%	–
VYM	New	VANGUARD WHITEHALL FDShigh div yld	$12,125,923	–	114,320	–	5.97%	–
HON	New	HONEYWELL INTL INC	$10,000,048	–	48,193	–	4.92%	–
MSFT	New	MICROSOFT CORP	$8,893,259	–	26,115	–	4.38%	–
GOOG	New	ALPHABET INCcap stk cl c	$7,249,733	–	59,930	–	3.57%	–
CVX	New	CHEVRON CORP NEW	$6,912,196	–	43,929	–	3.40%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,694,821	–	55,930	–	3.30%	–
XOM	New	EXXON MOBIL CORP	$6,688,110	–	62,360	–	3.29%	–
JNJ	New	JOHNSON & JOHNSON	$6,399,997	–	38,666	–	3.15%	–
COST	New	COSTCO WHSL CORP NEW	$5,628,763	–	10,455	–	2.77%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$4,834,296	–	9,260	–	2.38%	–
PG	New	PROCTER AND GAMBLE CO	$4,681,496	–	30,852	–	2.30%	–
PWR	New	QUANTA SVCS INC	$4,358,050	–	22,175	–	2.14%	–
IVV	New	ISHARES TRcore s&p500 etf	$3,966,819	–	8,900	–	1.95%	–
MRK	New	MERCK & CO INC	$3,393,143	–	29,221	–	1.67%	–
HXL	New	HEXCEL CORP NEW	$3,243,774	–	42,670	–	1.60%	–
AMGN	New	AMGEN INC	$3,241,492	–	14,600	–	1.60%	–
GDXJ	New	VANECK ETF TRUSTjunior gold mine	$3,004,355	–	84,250	–	1.48%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$3,003,315	–	15,341	–	1.48%	–
AWK	New	AMERICAN WTR WKS CO INC NEW	$2,662,288	–	18,650	–	1.31%	–
GIS	New	GENERAL MLS INC	$2,628,893	–	34,275	–	1.29%	–
GLW	New	CORNING INC	$2,585,287	–	73,781	–	1.27%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$2,520,315	–	25,728	–	1.24%	–
ABT	New	ABBOTT LABS	$2,515,140	–	23,070	–	1.24%	–
KMB	New	KIMBERLY-CLARK CORP	$2,458,004	–	17,653	–	1.21%	–
COG	New	COTERRA ENERGY INC	$2,208,615	–	87,297	–	1.09%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,918,446	–	51,585	–	0.94%	–
TRP	New	TC ENERGY CORP	$1,878,979	–	45,700	–	0.92%	–
VOO	New	VANGUARD INDEX FDS	$1,758,082	–	4,300	–	0.86%	–
SLV	New	ISHARES SILVER TRishares	$1,754,760	–	84,000	–	0.86%	–
AMZN	New	AMAZON COM INC	$1,740,306	–	13,350	–	0.86%	–
	New	SHELL PLCspon ads	$1,624,947	–	26,912	–	0.80%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,553,430	–	3	–	0.76%	–
PYPL	New	PAYPAL HLDGS INC	$1,526,383	–	22,874	–	0.75%	–
POR	New	PORTLAND GEN ELEC CO	$1,442,803	–	30,500	–	0.71%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$1,429,136	–	39,150	–	0.70%	–
PFE	New	PFIZER INC	$1,370,915	–	37,375	–	0.68%	–
AEM	New	AGNICO EAGLE MINES LTD	$1,198,821	–	23,986	–	0.59%	–
MO	New	ALTRIA GROUP INC	$1,174,496	–	25,400	–	0.58%	–
WMB	New	WILLIAMS COS INC	$1,133,893	–	34,750	–	0.56%	–
BCE	New	BCE INC	$1,107,126	–	23,900	–	0.54%	–
	New	GSK PLCsponsored adr	$1,056,988	–	29,360	–	0.52%	–
DIA	New	SPDR DOW JONES INDL AVERAGEut ser 1	$1,033,878	–	3,000	–	0.51%	–
PPL	New	PPL CORP	$1,013,265	–	37,950	–	0.50%	–
LDOS	New	LEIDOS HOLDINGS INC	$1,004,425	–	11,352	–	0.49%	–
LMT	New	LOCKHEED MARTIN CORP	$970,021	–	2,107	–	0.48%	–
FFC	New	FLAHERTY & CRUMRINE PFD SECS	$923,328	–	67,200	–	0.46%	–
FNV	New	FRANCO NEV CORP	$887,685	–	6,225	–	0.44%	–
VTR	New	VENTAS INC	$868,504	–	18,200	–	0.43%	–
AEP	New	AMERICAN ELEC PWR CO INC	$813,372	–	9,660	–	0.40%	–
VNQ	New	VANGUARD INDEX FDSreal estate etf	$783,201	–	9,270	–	0.39%	–
APD	New	AIR PRODS & CHEMS INC	$770,100	–	2,556	–	0.38%	–
WEC	New	WEC ENERGY GROUP INC	$765,218	–	8,672	–	0.38%	–
NEE	New	NEXTERA ENERGY INC	$754,614	–	10,170	–	0.37%	–
XSLV	New	INVESCO EXCH TRADED FD TR IIs&p smlcp low	$736,855	–	18,500	–	0.36%	–
IBB	New	ISHARES TRishares biotech	$724,942	–	5,710	–	0.36%	–
MRNA	New	MODERNA INC	$711,018	–	5,852	–	0.35%	–
NHI	New	NATIONAL HEALTH INVS INC	$711,822	–	13,350	–	0.35%	–
NOC	New	NORTHROP GRUMMAN CORP	$704,667	–	1,546	–	0.35%	–
EOG	New	EOG RES INC	$692,362	–	6,050	–	0.34%	–
MRO	New	MARATHON OIL CORP	$690,600	–	30,000	–	0.34%	–
PSX	New	PHILLIPS 66	$676,245	–	7,090	–	0.33%	–
NEM	New	NEWMONT CORP	$629,044	–	14,746	–	0.31%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$619,400	–	15,485	–	0.30%	–
IMO	New	IMPERIAL OIL LTD	$610,150	–	11,839	–	0.30%	–
NVDA	New	NVIDIA CORPORATION	$607,034	–	1,435	–	0.30%	–
NTR	New	NUTRIEN LTD	$606,525	–	10,180	–	0.30%	–
ROK	New	ROCKWELL AUTOMATION INC	$550,841	–	1,672	–	0.27%	–
DVN	New	DEVON ENERGY CORP NEW	$538,025	–	11,130	–	0.26%	–
BA	New	BOEING CO	$525,789	–	2,490	–	0.26%	–
FDP	New	FRESH DEL MONTE PRODUCE INCord	$521,913	–	20,300	–	0.26%	–
NWL	New	NEWELL BRANDS INC	$499,041	–	57,361	–	0.25%	–
TECK	New	TECK RESOURCES LTDcl b	$456,785	–	10,850	–	0.22%	–
EUO	New	PROSHARES TR IIultrashrt euro	$436,359	–	14,990	–	0.22%	–
PXD	New	PIONEER NAT RES CO	$435,078	–	2,100	–	0.21%	–
DIS	New	DISNEY WALT CO	$430,079	–	4,817	–	0.21%	–
CTVA	New	CORTEVA INC	$421,155	–	7,350	–	0.21%	–
PEP	New	PEPSICO INC	$402,113	–	2,171	–	0.20%	–
CCJ	New	CAMECO CORP	$375,960	–	12,000	–	0.18%	–
GOLD	New	BARRICK GOLD CORP	$373,036	–	22,034	–	0.18%	–
EMR	New	EMERSON ELEC CO	$362,464	–	4,010	–	0.18%	–
MAIN	New	MAIN STR CAP CORP	$346,460	–	8,655	–	0.17%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$323,609	–	949	–	0.16%	–
	New	HALEON PLCspon ads	$307,546	–	36,700	–	0.15%	–
INTC	New	INTEL CORP	$300,660	–	8,991	–	0.15%	–
JPM	New	JPMORGAN CHASE & CO	$293,644	–	2,019	–	0.14%	–
GLD	New	SPDR GOLD TR	$285,232	–	1,600	–	0.14%	–
JEPI	New	J P MORGAN EXCHANGE TRADED Fequity premium	$275,544	–	4,980	–	0.14%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$274,980	–	2,055	–	0.14%	–
STM	New	STMICROELECTRONICS N Vny registry	$269,019	–	5,375	–	0.13%	–
KO	New	COCA COLA CO	$261,713	–	4,313	–	0.13%	–
PKI	New	REVVITY INC	$249,459	–	2,100	–	0.12%	–
QYLD	New	GLOBAL X FDSnasdaq 100 cover	$244,950	–	13,800	–	0.12%	–
CIBR	New	FIRST TR EXCHANGE TRADED FDnasdaq cyb etf	$227,050	–	5,000	–	0.11%	–
NFLX	New	NETFLIX INC	$220,245	–	500	–	0.11%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$210,767	–	3,382	–	0.10%	–
XYL	New	XYLEM INC	$207,784	–	1,845	–	0.10%	–
LLY	New	LILLY ELI & CO	$201,662	–	430	–	0.10%	–
BIPC	New	BROOKFIELD INFRASTRUCTURE CO	$198,273	–	4,350	–	0.10%	–
MOS	New	MOSAIC CO NEW	$186,200	–	5,320	–	0.09%	–
MMC	New	MARSH & MCLENNAN COS INC	$178,676	–	950	–	0.09%	–
COP	New	CONOCOPHILLIPS	$177,574	–	1,704	–	0.09%	–
DUK	New	DUKE ENERGY CORP NEW	$175,083	–	1,951	–	0.09%	–
SO	New	SOUTHERN CO	$158,414	–	2,255	–	0.08%	–
ECL	New	ECOLAB INC	$155,102	–	830	–	0.08%	–
CMP	New	COMPASS MINERALS INTL INC	$139,230	–	4,095	–	0.07%	–
CSCO	New	CISCO SYS INC	$137,393	–	2,655	–	0.07%	–
NFG	New	NATIONAL FUEL GAS CO	$134,378	–	2,600	–	0.07%	–
PAAS	New	PAN AMERN SILVER CORP	$129,077	–	8,853	–	0.06%	–
BGS	New	B & G FOODS INC NEW	$126,990	–	9,000	–	0.06%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$126,802	–	285	–	0.06%	–
AJG	New	GALLAGHER ARTHUR J & CO	$104,296	–	475	–	0.05%	–
HD	New	HOME DEPOT INC	$99,716	–	321	–	0.05%	–
WEAT	New	TEUCRIUM COMMODITY TRwheat fd	$96,600	–	15,000	–	0.05%	–
CTXR	New	CITIUS PHARMACEUTICALS INC	$97,560	–	81,300	–	0.05%	–
V	New	VISA INC	$85,493	–	360	–	0.04%	–
ABNB	New	AIRBNB INC	$78,178	–	610	–	0.04%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$72,320	–	32,000	–	0.04%	–
MCD	New	MCDONALDS CORP	$67,740	–	227	–	0.03%	–
TXN	New	TEXAS INSTRS INC	$65,708	–	365	–	0.03%	–
ED	New	CONSOLIDATED EDISON INC	$65,992	–	730	–	0.03%	–
BACPRL	New	BANK AMERICA CORP7.25%cnv pfd l	$65,447	–	55	–	0.03%	–
DE	New	DEERE & CO	$60,966	–	150	–	0.03%	–
BAX	New	BAXTER INTL INC	$58,688	–	1,280	–	0.03%	–
NKE	New	NIKE INCcl b	$58,234	–	526	–	0.03%	–
BAC	New	BANK AMERICA CORP	$53,192	–	1,854	–	0.03%	–
LAZR	New	LUMINAR TECHNOLOGIES INC	$52,880	–	7,686	–	0.03%	–
CAT	New	CATERPILLAR INC	$49,210	–	200	–	0.02%	–
MPC	New	MARATHON PETE CORP	$46,640	–	400	–	0.02%	–
PM	New	PHILIP MORRIS INTL INC	$47,171	–	477	–	0.02%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$47,430	–	1,800	–	0.02%	–
UNP	New	UNION PAC CORP	$42,971	–	210	–	0.02%	–
GS	New	GOLDMAN SACHS GROUP INC	$37,738	–	117	–	0.02%	–
WTRG	New	ESSENTIAL UTILS INC	$35,919	–	900	–	0.02%	–
AMAT	New	APPLIED MATLS INC	$36,858	–	255	–	0.02%	–
AXP	New	AMERICAN EXPRESS CO	$34,840	–	200	–	0.02%	–
T	New	AT&T INC	$34,405	–	2,157	–	0.02%	–
BP	New	BP PLCsponsored adr	$35,290	–	1,000	–	0.02%	–
UNH	New	UNITEDHEALTH GROUP INC	$24,032	–	50	–	0.01%	–
PLTR	New	PALANTIR TECHNOLOGIES INCcl a	$23,762	–	1,550	–	0.01%	–
UL	New	UNILEVER PLCspon adr new	$20,852	–	400	–	0.01%	–
SJM	New	SMUCKER J M CO	$19,198	–	130	–	0.01%	–
TSLA	New	TESLA INC	$15,707	–	60	–	0.01%	–
KMI	New	KINDER MORGAN INC DEL	$17,220	–	1,000	–	0.01%	–
ENB	New	ENBRIDGE INC	$13,486	–	363	–	0.01%	–
TXT	New	TEXTRON INC	$14,207	–	210	–	0.01%	–
MU	New	MICRON TECHNOLOGY INC	$13,885	–	220	–	0.01%	–
SWX	New	SOUTHWEST GAS HLDGS INC	$12,730	–	200	–	0.01%	–
AVA	New	AVISTA CORP	$11,781	–	300	–	0.01%	–
RE	New	EVEREST RE GROUP LTD	$11,966	–	35	–	0.01%	–
D	New	DOMINION ENERGY INC	$11,021	–	213	–	0.01%	–
	New	PRIME MEDICINE INC	$8,790	–	600	–	0.00%	–
	New	RIVIAN AUTOMOTIVE INC	$8,330	–	500	–	0.00%	–
FB	New	META PLATFORMS INCcl a	$8,036	–	28	–	0.00%	–
	New	COHERENT CORP	$6,118	–	120	–	0.00%	–
ACN	New	ACCENTURE PLC IRELAND	$6,172	–	20	–	0.00%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$4,890	–	10	–	0.00%	–
	New	KYNDRYL HLDGS INC	$2,656	–	200	–	0.00%	–
UEC	New	URANIUM ENERGY CORP	$1,768	–	520	–	0.00%	–
EA	New	ELECTRONIC ARTS INC	$1,427	–	11	–	0.00%	–
OXYWS	New	OCCIDENTAL PETE CORP*w exp 08/03/202	$448	–	12	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
TECK	Exit	TECK RESOURCES LTD CL B	$0	–	-6,650	–	-0.12%	–
	Exit	HALEON PLC-ADR	$0	–	-36,700	–	-0.14%	–
V	Exit	VISA INC CLASS A	$0	–	-1,260	–	-0.14%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-1,503	–	-0.14%	–
XYL	Exit	XYLEM	$0	–	-2,645	–	-0.14%	–
PKI	Exit	PERKINELMER INC.	$0	–	-2,100	–	-0.16%	–
BA	Exit	BOEING	$0	–	-2,190	–	-0.16%	–
INTC	Exit	INTEL CORP	$0	–	-10,761	–	-0.17%	–
BRKB	Exit	BERKSHIRE HATHAWAY CLASS B	$0	–	-1,049	–	-0.17%	–
PEP	Exit	PEPSICO	$0	–	-1,899	–	-0.19%	–
LUMN	Exit	LUMEN TECHNOLOGIES INC	$0	–	-44,000	–	-0.20%	–
GOLD	Exit	BARRICK GOLD	$0	–	-22,681	–	-0.22%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-4,835	–	-0.22%	–
DIS	Exit	WALT DISNEY	$0	–	-3,977	–	-0.23%	–
FCX	Exit	FREEPORT MCMORAN COPPER	$0	–	-15,060	–	-0.25%	–
CTVA	Exit	CORTEVA INC	$0	–	-7,350	–	-0.26%	–
FDP	Exit	FRESH DEL MONTE PRODUCE INC	$0	–	-20,300	–	-0.29%	–
MOS	Exit	MOSAIC	$0	–	-10,270	–	-0.31%	–
PSX	Exit	PHILLIPS 66	$0	–	-6,804	–	-0.34%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-4,695	–	-0.34%	–
NEM	Exit	NEWMONT GOLDCORP CORP	$0	–	-14,473	–	-0.38%	–
	Exit	AIR PRODS AND CHEMICALS	$0	–	-2,636	–	-0.38%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-5,645	–	-0.42%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-1,467	–	-0.42%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-6,275	–	-0.43%	–
DVN	Exit	DEVON ENERGY CORPORATION	$0	–	-11,730	–	-0.44%	–
VTR	Exit	VENTAS INC	$0	–	-18,200	–	-0.45%	–
MRNA	Exit	MODERNA INC	$0	–	-6,202	–	-0.45%	–
NHI	Exit	NATL HEALTH INVESTORS INC	$0	–	-13,350	–	-0.47%	–
TSLA	Exit	TESLA MOTORS INC	$0	–	-2,900	–	-0.47%	–
WEC	Exit	WEC ENERGY GROUP	$0	–	-8,679	–	-0.48%	–
AEP	Exit	AMERICAN ELECTRIC POWER	$0	–	-9,660	–	-0.52%	–
	Exit	GLAXOSMITHKLINE PLC-ADR	$0	–	-29,360	–	-0.53%	–
T	Exit	A T & T INC.	$0	–	-57,366	–	-0.54%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-2,299	–	-0.55%	–
AEM	Exit	AGNICO-EAGLE MINES LTD	$0	–	-22,501	–	-0.59%	–
	Exit	PPL CORP	$0	–	-37,950	–	-0.59%	–
ECL	Exit	ECOLAB	$0	–	-6,760	–	-0.60%	–
	Exit	WILLIAMS COS	$0	–	-34,750	–	-0.61%	–
	Exit	BCE INC	$0	–	-23,900	–	-0.62%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-73,161	–	-0.63%	–
MHGVY	Exit	MOWI ASA- SPON ADS	$0	–	-82,897	–	-0.65%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-26,840	–	-0.67%	–
NTR	Exit	NUTRIEN LTD	$0	–	-13,220	–	-0.68%	–
ENB	Exit	ENBRIDGE INC	$0	–	-32,463	–	-0.74%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-3	–	-0.75%	–
COG	Exit	COTERRA ENERGY INC	$0	–	-49,877	–	-0.80%	–
NSRGY	Exit	NESTLE SA REP RG SH ADR	$0	–	-12,258	–	-0.81%	–
POR	Exit	PORTLAND GENERAL ELECTRIC CO	$0	–	-30,500	–	-0.82%	–
	Exit	SHELL PLC-ADR	$0	–	-26,912	–	-0.83%	–
BIP	Exit	BROOKFIELD INFRASTRUCTURE PARTNE	$0	–	-39,150	–	-0.87%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-16,072	–	-0.87%	–
NEE	Exit	NEXTERA ENERGY, INC.	$0	–	-18,570	–	-0.90%	–
TRP	Exit	TC ENERGY CORP	$0	–	-45,700	–	-1.14%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-17,745	–	-1.23%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-52,810	–	-1.24%	–
PFE	Exit	PFIZER	$0	–	-47,435	–	-1.28%	–
HXL	Exit	HEXCEL CORP	$0	–	-46,000	–	-1.47%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-29,145	–	-1.47%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-24,873	–	-1.48%	–
AMZN	Exit	AMAZON.COM	$0	–	-21,640	–	-1.51%	–
MRK	Exit	MERCK	$0	–	-28,621	–	-1.52%	–
GLW	Exit	CORNING INC	$0	–	-86,391	–	-1.55%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-29,627	–	-1.57%	–
	Exit	GENERAL MILLS	$0	–	-34,275	–	-1.62%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-22,810	–	-1.83%	–
	Exit	QUANTA SERVICES INC	$0	–	-23,370	–	-1.84%	–
MMM	Exit	3M COMPANY	$0	–	-28,332	–	-1.93%	–
AMGN	Exit	AMGEN INC	$0	–	-15,203	–	-2.11%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-16,921	–	-2.17%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-30,413	–	-2.37%	–
XOM	Exit	EXXON MOBIL	$0	–	-62,320	–	-3.36%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-11,508	–	-3.60%	–
COST	Exit	COSTCO WHOLESALE	$0	–	-12,485	–	-3.64%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-65,400	–	-3.86%	–
CVX	Exit	CHEVRON CORP.	$0	–	-44,569	–	-3.95%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-67,635	–	-4.01%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-41,268	–	-4.16%	–
MSFT	Exit	MICROSOFT	$0	–	-29,294	–	-4.21%	–
HON	Exit	HONEYWELL INTERNATIONAL INC.	$0	–	-51,840	–	-5.34%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-122,534	–	-10.44%	–

Q3 2022

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE COMPUTER INC	$16,934,000	-0.2%	122,534	-1.3%	10.44%	+19.8%
HON	Sell	HONEYWELL INTERNATIONAL INC.	$8,656,000	-6.4%	51,840	-2.6%	5.34%	+12.4%
MSFT	Sell	MICROSOFT	$6,823,000	-30.4%	29,294	-23.3%	4.21%	-16.5%
JNJ	Sell	JOHNSON & JOHNSON	$6,742,000	-15.4%	41,268	-8.1%	4.16%	+1.5%
GOOG	Buy	ALPHABET INC-CL C	$6,503,000	-25.5%	67,635	+1595.1%	4.01%	-10.6%
CVX	Sell	CHEVRON CORP.	$6,403,000	-7.7%	44,569	-7.0%	3.95%	+10.7%
GOOGL	Buy	ALPHABET INC-CL A	$6,256,000	-13.2%	65,400	+1878.2%	3.86%	+4.2%
COST	Sell	COSTCO WHOLESALE	$5,896,000	-13.8%	12,485	-12.5%	3.64%	+3.5%
TMO	Sell	THERMO FISHER SCIENTIFIC	$5,837,000	-11.2%	11,508	-4.9%	3.60%	+6.6%
XOM	Sell	EXXON MOBIL	$5,441,000	-9.2%	62,320	-10.9%	3.36%	+9.0%
PG	Sell	PROCTER & GAMBLE	$3,840,000	-20.8%	30,413	-9.8%	2.37%	-4.9%
LHX	Sell	L3HARRIS TECHNOLOGIES INC	$3,517,000	-18.2%	16,921	-4.9%	2.17%	-1.9%
AMGN	Sell	AMGEN INC	$3,427,000	-15.9%	15,203	-9.2%	2.11%	+1.0%
MMM	Sell	3M COMPANY	$3,131,000	-18.8%	28,332	-4.9%	1.93%	-2.5%
	New	QUANTA SERVICES INC	$2,977,000	–	23,370	–	1.84%	–
PYPL	Sell	PAYPAL HOLDINGS INC	$2,550,000	+13.4%	29,627	-8.0%	1.57%	+36.1%
GLW	Sell	CORNING INC	$2,507,000	-11.0%	86,391	-3.4%	1.55%	+6.8%
MRK	Sell	MERCK	$2,465,000	-20.9%	28,621	-16.3%	1.52%	-5.1%
AMZN	Sell	AMAZON.COM	$2,445,000	-22.3%	21,640	-27.0%	1.51%	-6.7%
ABT	Sell	ABBOTT LABORATORIES	$2,407,000	-14.0%	24,873	-3.5%	1.48%	+3.2%
RTX	Sell	RAYTHEON TECHNOLOGIES CORP	$2,386,000	-20.1%	29,145	-6.2%	1.47%	-4.2%
HXL	Sell	HEXCEL CORP	$2,379,000	-6.1%	46,000	-5.0%	1.47%	+12.8%
PFE	Sell	PFIZER	$2,076,000	-36.9%	47,435	-24.5%	1.28%	-24.3%
VZ	Sell	VERIZON COMMUNICATIONS	$2,005,000	-33.6%	52,810	-11.3%	1.24%	-20.4%
NEE	Sell	NEXTERA ENERGY, INC.	$1,456,000	-8.5%	18,570	-9.6%	0.90%	+9.8%
LDOS	Sell	LEIDOS HOLDINGS INC	$1,405,000	-16.0%	16,072	-3.3%	0.87%	+0.8%
POR	Buy	PORTLAND GENERAL ELECTRIC CO	$1,326,000	+161.5%	30,500	+190.5%	0.82%	+214.6%
NSRGY	Sell	NESTLE SA REP RG SH ADR	$1,319,000	-8.0%	12,258	-0.5%	0.81%	+10.3%
COG	New	COTERRA ENERGY INC	$1,303,000	–	49,877	–	0.80%	–
NTR	Sell	NUTRIEN LTD	$1,102,000	-0.2%	13,220	-4.6%	0.68%	+19.9%
MO	Buy	ALTRIA GROUP INC	$1,084,000	+4.6%	26,840	+8.2%	0.67%	+25.6%
MHGVY	Sell	MOWI ASA- SPON ADS	$1,054,000	-50.8%	82,897	-11.9%	0.65%	-40.9%
NWL	Sell	NEWELL BRANDS INC	$1,016,000	-28.3%	73,161	-1.7%	0.63%	-14.0%
ECL	Sell	ECOLAB	$976,000	-36.5%	6,760	-32.4%	0.60%	-23.8%
AEM	Sell	AGNICO-EAGLE MINES LTD	$950,000	-9.6%	22,501	-2.1%	0.59%	+8.5%
T	Sell	A T & T INC.	$880,000	-30.4%	57,366	-5.0%	0.54%	-16.5%
	Sell	GLAXOSMITHKLINE PLC-ADR	$864,000	-45.9%	29,360	-20.0%	0.53%	-35.1%
TSLA	Buy	TESLA MOTORS INC	$769,000	+90.3%	2,900	+383.3%	0.47%	+127.9%
MRNA	Sell	MODERNA INC	$733,000	-17.9%	6,202	-0.8%	0.45%	-1.5%
DVN	Sell	DEVON ENERGY CORPORATION	$705,000	+8.1%	11,730	-0.8%	0.44%	+29.9%
EOG	Sell	EOG RESOURCES INC	$701,000	+0.9%	6,275	-0.3%	0.43%	+21.0%
NOC	Sell	NORTHROP GRUMMAN	$690,000	-3.0%	1,467	-1.3%	0.42%	+16.4%
FNV	Sell	FRANCO-NEVADA CORP	$674,000	-37.9%	5,645	-31.5%	0.42%	-25.3%
	Sell	AIR PRODS AND CHEMICALS	$613,000	-35.0%	2,636	-32.8%	0.38%	-21.9%
PSX	Sell	PHILLIPS 66	$549,000	-79.1%	6,804	-67.6%	0.34%	-74.9%
MOS	Sell	MOSAIC	$496,000	+1.2%	10,270	-1.0%	0.31%	+21.4%
FCX	Sell	FREEPORT MCMORAN COPPER	$412,000	-12.3%	15,060	-6.2%	0.25%	+5.4%
DIS	Sell	WALT DISNEY	$375,000	-50.4%	3,977	-50.4%	0.23%	-40.5%
LUMN	Sell	LUMEN TECHNOLOGIES INC	$320,000	-33.9%	44,000	-0.9%	0.20%	-20.9%
BRKB	Sell	BERKSHIRE HATHAWAY CLASS B	$280,000	-67.2%	1,049	-66.5%	0.17%	-60.6%
INTC	Sell	INTEL CORP	$277,000	-63.7%	10,761	-47.3%	0.17%	-56.4%
BA	Sell	BOEING	$265,000	-53.3%	2,190	-47.3%	0.16%	-44.2%
XYL	Sell	XYLEM	$231,000	+5.0%	2,645	-6.0%	0.14%	+25.7%
	New	HALEON PLC-ADR	$224,000	–	36,700	–	0.14%	–
V	Sell	VISA INC CLASS A	$224,000	-73.2%	1,260	-70.4%	0.14%	-67.9%
	Exit	WARNER BROS DISCOVERY INC	$0	–	-13,755	–	-0.10%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-1,345	–	-0.10%	–
BGS	Exit	B&G FOODS INC	$0	–	-9,000	–	-0.11%	–
CAT	Exit	CATERPILLAR	$0	–	-1,217	–	-0.11%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-605	–	-0.11%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-2,101	–	-0.12%	–
HD	Exit	HOME DEPOT INC.	$0	–	-841	–	-0.12%	–
FB	Exit	META PLATFORMS INC COM CL A	$0	–	-1,613	–	-0.13%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,700	–	-0.13%	–
WFC	Exit	WELLS FARGO & CO.	$0	–	-7,202	–	-0.14%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-4,063	–	-0.16%	–
JPM	Exit	J.P. MORGAN CHASE & CO.	$0	–	-2,931	–	-0.17%	–
WMT	Exit	WAL-MART STORES	$0	–	-2,826	–	-0.18%	–
MS	Exit	MORGAN STANLEY	$0	–	-4,776	–	-0.19%	–
MA	Exit	MASTERCARD - CL A	$0	–	-1,407	–	-0.23%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-15,015	–	-0.24%	–
KO	Exit	COCA COLA	$0	–	-7,701	–	-0.25%	–
	Exit	GENERAL ELECTRIC	$0	–	-8,042	–	-0.26%	–
	Exit	UNITEDHEALTH GROUP INC.	$0	–	-1,294	–	-0.34%	–
PWR	Exit	QUANTA SERVICES INC	$0	–	-9,424	–	-0.46%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	APPLE COMPUTER INC	$16,967,000	–	124,098	–	8.72%	–
MSFT	New	MICROSOFT	$9,806,000	–	38,180	–	5.04%	–
HON	New	HONEYWELL INTERNATIONAL INC.	$9,247,000	–	53,202	–	4.75%	–
GOOG	New	ALPHABET INC-CL C	$8,728,000	–	3,990	–	4.48%	–
JNJ	New	JOHNSON & JOHNSON	$7,971,000	–	44,903	–	4.10%	–
GOOGL	New	ALPHABET INC-CL A	$7,205,000	–	3,306	–	3.70%	–
CVX	New	CHEVRON CORP.	$6,940,000	–	47,934	–	3.56%	–
COST	New	COSTCO WHOLESALE	$6,836,000	–	14,264	–	3.51%	–
TMO	New	THERMO FISHER SCIENTIFIC	$6,573,000	–	12,100	–	3.38%	–
XOM	New	EXXON MOBIL	$5,993,000	–	69,977	–	3.08%	–
PG	New	PROCTER & GAMBLE	$4,846,000	–	33,702	–	2.49%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$4,301,000	–	17,794	–	2.21%	–
AMGN	New	AMGEN INC	$4,075,000	–	16,751	–	2.09%	–
MMM	New	3M COMPANY	$3,857,000	–	29,807	–	1.98%	–
AWK	New	AMERICAN WATER WORKS	$3,394,000	–	22,810	–	1.74%	–
PFE	New	PFIZER	$3,292,000	–	62,802	–	1.69%	–
AMZN	New	AMAZON.COM	$3,147,000	–	29,630	–	1.62%	–
MRK	New	MERCK	$3,118,000	–	34,190	–	1.60%	–
VZ	New	VERIZON COMMUNICATIONS	$3,021,000	–	59,517	–	1.55%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$2,988,000	–	31,085	–	1.54%	–
GLW	New	CORNING INC	$2,816,000	–	89,391	–	1.45%	–
ABT	New	ABBOTT LABORATORIES	$2,799,000	–	25,763	–	1.44%	–
PSX	New	QUANTA SERVICES INC	$2,631,000	–	20,990	–	1.35%	–
	New	GENERAL MILLS	$2,586,000	–	34,275	–	1.33%	–
HXL	New	HEXCEL CORP	$2,533,000	–	48,405	–	1.30%	–
KMB	New	KIMBERLY CLARK	$2,398,000	–	17,745	–	1.23%	–
TRP	New	TC ENERGY CORP	$2,368,000	–	45,700	–	1.22%	–
PYPL	New	PAYPAL HOLDINGS INC	$2,248,000	–	32,190	–	1.16%	–
MHGVY	New	MOWI ASA- SPON ADS	$2,141,000	–	94,087	–	1.10%	–
LDOS	New	LEIDOS HOLDINGS INC	$1,673,000	–	16,613	–	0.86%	–
	New	GLAXOSMITHKLINE PLC-ADR	$1,598,000	–	36,700	–	0.82%	–
NEE	New	NEXTERA ENERGY, INC.	$1,592,000	–	20,549	–	0.82%	–
ECL	New	ECOLAB	$1,538,000	–	10,000	–	0.79%	–
BIP	New	BROOKFIELD INFRASTRUCTURE PARTNE	$1,496,000	–	39,150	–	0.77%	–
NSRGY	New	NESTLE SA REP RG SH ADR	$1,434,000	–	12,318	–	0.74%	–
NWL	New	NEWELL BRANDS INC	$1,418,000	–	74,461	–	0.73%	–
	New	SHELL PLC-ADR	$1,407,000	–	26,912	–	0.72%	–
ENB	New	ENBRIDGE INC	$1,372,000	–	32,463	–	0.70%	–
T	New	A T & T INC.	$1,265,000	–	60,366	–	0.65%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$1,227,000	–	3	–	0.63%	–
	New	BCE INC	$1,175,000	–	23,900	–	0.60%	–
NTR	New	NUTRIEN LTD	$1,104,000	–	13,860	–	0.57%	–
FNV	New	FRANCO-NEVADA CORP	$1,085,000	–	8,245	–	0.56%	–
	New	WILLIAMS COS	$1,085,000	–	34,750	–	0.56%	–
AEM	New	AGNICO-EAGLE MINES LTD	$1,051,000	–	22,978	–	0.54%	–
MO	New	ALTRIA GROUP INC	$1,036,000	–	24,800	–	0.53%	–
	New	PPL	$1,030,000	–	37,950	–	0.53%	–
LMT	New	LOCKHEED MARTIN	$988,000	–	2,299	–	0.51%	–
	New	AIR PRODS AND CHEMICALS	$943,000	–	3,922	–	0.48%	–
VTR	New	VENTAS INC	$936,000	–	18,200	–	0.48%	–
AEP	New	AMERICAN ELECTRIC POWER	$927,000	–	9,660	–	0.48%	–
MRNA	New	MODERNA INC	$893,000	–	6,252	–	0.46%	–
PWR	New	QUANTA SERVICES INC	$886,000	–	9,424	–	0.46%	–
WEC	New	WEC ENERGY GROUP	$873,000	–	8,679	–	0.45%	–
NEM	New	NEWMONT GOLDCORP CORP	$864,000	–	14,473	–	0.44%	–
BRKB	New	BERKSHIRE HATHAWAY CLASS B	$854,000	–	3,130	–	0.44%	–
V	New	VISA INC CLASS A	$837,000	–	4,252	–	0.43%	–
NHI	New	NATL HEALTH INVESTORS INC	$809,000	–	13,350	–	0.42%	–
INTC	New	INTEL CORP	$764,000	–	20,412	–	0.39%	–
DIS	New	WALT DISNEY	$756,000	–	8,011	–	0.39%	–
NOC	New	NORTHROP GRUMMAN	$711,000	–	1,486	–	0.36%	–
EOG	New	EOG RESOURCES INC	$695,000	–	6,295	–	0.36%	–
	New	UNITEDHEALTH GROUP INC.	$665,000	–	1,294	–	0.34%	–
IBM	New	INTL BUSINESS MACHINES	$663,000	–	4,695	–	0.34%	–
DVN	New	DEVON ENERGY CORPORATION	$652,000	–	11,825	–	0.34%	–
FDP	New	FRESH DEL MONTE PRODUCE INC	$599,000	–	20,300	–	0.31%	–
BA	New	BOEING	$568,000	–	4,155	–	0.29%	–
	New	GENERAL ELECTRIC	$512,000	–	8,042	–	0.26%	–
POR	New	PORTLAND GENERAL ELECTRIC CO	$507,000	–	10,500	–	0.26%	–
MOS	New	MOSAIC	$490,000	–	10,370	–	0.25%	–
KO	New	COCA COLA	$484,000	–	7,701	–	0.25%	–
LUMN	New	LUMEN TECHNOLOGIES INC	$484,000	–	44,400	–	0.25%	–
FCX	New	FREEPORT MCMORAN COPPER	$470,000	–	16,060	–	0.24%	–
BAC	New	BANK OF AMERICA CORP	$467,000	–	15,015	–	0.24%	–
MA	New	MASTERCARD - CL A	$444,000	–	1,407	–	0.23%	–
TSLA	New	TESLA MOTORS INC	$404,000	–	600	–	0.21%	–
GOLD	New	BARRICK GOLD	$401,000	–	22,681	–	0.21%	–
CTVA	New	CORTEVA INC	$398,000	–	7,350	–	0.20%	–
EMR	New	EMERSON ELECTRIC	$385,000	–	4,835	–	0.20%	–
MS	New	MORGAN STANLEY	$363,000	–	4,776	–	0.19%	–
WMT	New	WAL-MART STORES	$344,000	–	2,826	–	0.18%	–
JPM	New	J.P. MORGAN CHASE & CO.	$330,000	–	2,931	–	0.17%	–
PEP	New	PEPSICO	$316,000	–	1,899	–	0.16%	–
BMY	New	BRISTOL-MYERS SQUIBB	$313,000	–	4,063	–	0.16%	–
PKI	New	PERKINELMER INC.	$299,000	–	2,100	–	0.15%	–
WFC	New	WELLS FARGO & CO.	$282,000	–	7,202	–	0.14%	–
FB	New	META PLATFORMS INC COM CL A	$260,000	–	1,613	–	0.13%	–
ABBV	New	ABBVIE INC	$260,000	–	1,700	–	0.13%	–
HD	New	HOME DEPOT INC.	$231,000	–	841	–	0.12%	–
SRE	New	SEMPRA ENERGY	$226,000	–	1,503	–	0.12%	–
DUK	New	DUKE ENERGY CORP	$225,000	–	2,101	–	0.12%	–
ADBE	New	ADOBE SYSTEMS	$221,000	–	605	–	0.11%	–
XYL	New	XYLEM	$220,000	–	2,815	–	0.11%	–
CAT	New	CATERPILLAR	$218,000	–	1,217	–	0.11%	–
BGS	New	B&G FOODS INC	$214,000	–	9,000	–	0.11%	–
NVDA	New	NVIDIA CORPORATION	$204,000	–	1,345	–	0.10%	–
TECK	New	TECK RESOURCES LTD CL B	$203,000	–	6,650	–	0.10%	–
	New	WARNER BROS DISCOVERY INC	$185,000	–	13,755	–	0.10%	–

Q4 2021

			Value		Shares		↓ Weighting
ISRG	Exit	INTUTITIVE SURGICAL	$0	–	-213	–	-0.10%	–
KO	Exit	COCA COLA	$0	–	-4,201	–	-0.10%	–
SIEGY	Exit	SIEMENS AG-SPONS ADR	$0	–	-2,690	–	-0.10%	–
WMMVY	Exit	WAL-MART DE MEXICO SA ADR	$0	–	-6,600	–	-0.10%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-4,220	–	-0.10%	–
CAT	Exit	CATERPILLAR	$0	–	-1,217	–	-0.11%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-4,063	–	-0.11%	–
NFLX	Exit	NETFLIX INC	$0	–	-400	–	-0.11%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-2,505	–	-0.11%	–
XYL	Exit	XYLEM	$0	–	-2,095	–	-0.12%	–
ZM	Exit	ZOOM VIDEO COMMUNICATIONS-A	$0	–	-1,000	–	-0.12%	–
CMCSA	Exit	COMCAST CORP-CL A	$0	–	-4,691	–	-0.12%	–
CRM	Exit	SALESFORCE.COM INC	$0	–	-994	–	-0.12%	–
HD	Exit	HOME DEPOT INC.	$0	–	-841	–	-0.13%	–
NKE	Exit	NIKE CLASS B	$0	–	-1,933	–	-0.13%	–
USB	Exit	U S BANCORP	$0	–	-5,050	–	-0.14%	–
STM	Exit	STMICROELECTRONICS N V	$0	–	-7,150	–	-0.14%	–
ALC	Exit	ALCON INC	$0	–	-3,960	–	-0.14%	–
WFC	Exit	WELLS FARGO & CO.	$0	–	-7,202	–	-0.15%	–
NTR	Exit	NUTRIEN LTD	$0	–	-5,175	–	-0.15%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-605	–	-0.16%	–
PEP	Exit	PEPSICO	$0	–	-2,380	–	-0.16%	–
TSLA	Exit	TESLA MOTORS INC	$0	–	-500	–	-0.18%	–
WMT	Exit	WAL-MART STORES	$0	–	-2,826	–	-0.18%	–
CTVA	Exit	CORTEVA INC	$0	–	-9,600	–	-0.18%	–
	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-5,224	–	-0.20%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-2,192	–	-0.21%	–
MS	Exit	MORGAN STANLEY	$0	–	-4,776	–	-0.21%	–
PKI	Exit	PERKINELMER INC.	$0	–	-2,800	–	-0.22%	–
MA	Exit	MASTERCARD - CL A	$0	–	-1,407	–	-0.22%	–
ROK	Exit	ROCKWELL AUTOMATION	$0	–	-1,692	–	-0.23%	–
	Exit	UNITEDHEALTH GROUP INC.	$0	–	-1,294	–	-0.23%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-1,509	–	-0.25%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-5,860	–	-0.25%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-15,015	–	-0.29%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-4,695	–	-0.30%	–
NHI	Exit	NATL HEALTH INVESTORS INC	$0	–	-13,350	–	-0.32%	–
JPM	Exit	J.P. MORGAN CHASE & CO.	$0	–	-4,420	–	-0.33%	–
WEC	Exit	WEC ENERGY GROUP	$0	–	-8,729	–	-0.35%	–
	Exit	GENERAL ELECTRIC	$0	–	-8,042	–	-0.38%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-2,454	–	-0.38%	–
BRKB	Exit	BERKSHIRE HATHAWAY CLASS B	$0	–	-3,130	–	-0.39%	–
NEM	Exit	NEWMONT GOLDCORP CORP	$0	–	-16,025	–	-0.40%	–
BA	Exit	BOEING	$0	–	-4,055	–	-0.41%	–
	Exit	AIR PRODS AND CHEMICALS	$0	–	-3,562	–	-0.42%	–
VTR	Exit	VENTAS INC	$0	–	-18,200	–	-0.46%	–
V	Exit	VISA INC CLASS A	$0	–	-4,612	–	-0.47%	–
	Exit	PPL	$0	–	-37,950	–	-0.48%	–
FB	Exit	META PLATFORMS INC COM CL A	$0	–	-3,141	–	-0.48%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-8,405	–	-0.50%	–
AEM	Exit	AGNICO-EAGLE MINES LTD	$0	–	-22,767	–	-0.54%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC-ADR	$0	–	-26,912	–	-0.54%	–
DIS	Exit	WALT DISNEY	$0	–	-7,297	–	-0.56%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-3	–	-0.56%	–
INTC	Exit	INTEL CORP	$0	–	-23,422	–	-0.57%	–
ENB	Exit	ENBRIDGE INC	$0	–	-32,561	–	-0.59%	–
T	Exit	A T & T INC.	$0	–	-51,066	–	-0.63%	–
GSK	Exit	GLAXOSMITHKLINE PLC-ADR	$0	–	-36,700	–	-0.64%	–
BIP	Exit	BROOKFIELD INFRASTRUCTURE PARTNE	$0	–	-26,100	–	-0.67%	–
NSRGY	Exit	NESTLE SA REP RG SH ADR	$0	–	-13,141	–	-0.72%	–
NVS	Exit	NOVARTIS AG-ADR	$0	–	-19,800	–	-0.74%	–
NEE	Exit	NEXTERA ENERGY, INC.	$0	–	-21,989	–	-0.78%	–
CMP	Exit	COMPASS MINERALS INTERNATION	$0	–	-27,800	–	-0.81%	–
TRP	Exit	TC ENERGY CORP	$0	–	-41,400	–	-0.90%	–
	Exit	GENERAL MILLS	$0	–	-34,275	–	-0.93%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-17,825	–	-1.07%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-45,928	–	-1.13%	–
PWR	Exit	QUANTA SERVICES INC	$0	–	-22,205	–	-1.15%	–
RTN	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-29,686	–	-1.16%	–
MRK	Exit	MERCK	$0	–	-34,357	–	-1.17%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-116,747	–	-1.18%	–
HXL	Exit	HEXCEL CORP	$0	–	-45,675	–	-1.23%	–
ECL	Exit	ECOLAB	$0	–	-14,070	–	-1.34%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-27,097	–	-1.46%	–
GLW	Exit	CORNING INC	$0	–	-88,526	–	-1.47%	–
XOM	Exit	EXXON MOBIL	$0	–	-56,191	–	-1.50%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-36,191	–	-1.58%	–
AMGN	Exit	AMGEN INC	$0	–	-18,017	–	-1.74%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-18,494	–	-1.85%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-25,265	–	-1.94%	–
PFE	Exit	PFIZER	$0	–	-109,876	–	-2.15%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-33,849	–	-2.15%	–
MHGVY	Exit	MOWI ASA- SPON ADS	$0	–	-189,933	–	-2.18%	–
CVX	Exit	CHEVRON CORP.	$0	–	-52,833	–	-2.44%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-21,006	–	-2.49%	–
MMM	Exit	3M COMPANY	$0	–	-33,140	–	-2.64%	–
AMZN	Exit	AMAZON.COM	$0	–	-2,063	–	-3.08%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-46,006	–	-3.38%	–
COST	Exit	COSTCO WHOLESALE	$0	–	-16,566	–	-3.38%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-13,830	–	-3.59%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-3,720	–	-4.52%	–
MSFT	Exit	MICROSOFT	$0	–	-40,796	–	-5.23%	–
HON	Exit	HONEYWELL INTERNATIONAL INC.	$0	–	-56,728	–	-5.48%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-4,669	–	-5.66%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-137,448	–	-8.84%	–

Q3 2021

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE COMPUTER INC	$19,449,000	+4.9%	137,448	+1.6%	8.84%	+3.5%
GOOG	Sell	ALPHABET INC-CL C	$12,445,000	+6.3%	4,669	-0.0%	5.66%	+4.9%
HON	Buy	HONEYWELL INTERNATIONAL INC.	$12,042,000	-2.3%	56,728	+0.9%	5.48%	-3.6%
MSFT	Buy	MICROSOFT	$11,501,000	+6.0%	40,796	+1.8%	5.23%	+4.5%
GOOGL	Buy	ALPHABET INC-CL A	$9,945,000	+10.9%	3,720	+1.3%	4.52%	+9.4%
TMO	Buy	THERMO FISHER SCIENTIFIC	$7,902,000	+14.0%	13,830	+0.7%	3.59%	+12.5%
COST	Sell	COSTCO WHOLESALE	$7,444,000	+10.6%	16,566	-2.6%	3.38%	+9.1%
JNJ	Buy	JOHNSON & JOHNSON	$7,430,000	-0.4%	46,006	+1.6%	3.38%	-1.7%
AMZN	Buy	AMAZON.COM	$6,777,000	-3.4%	2,063	+1.1%	3.08%	-4.7%
MMM	Buy	3M COMPANY	$5,813,000	-11.4%	33,140	+0.4%	2.64%	-12.6%
PYPL	Buy	PAYPAL HOLDINGS INC	$5,466,000	-10.6%	21,006	+0.2%	2.49%	-11.8%
CVX	Buy	CHEVRON CORP.	$5,360,000	-3.1%	52,833	+0.1%	2.44%	-4.4%
MHGVY	Buy	MOWI ASA- SPON ADS	$4,805,000	+1.3%	189,933	+1.7%	2.18%	-0.1%
PFE	Buy	PFIZER	$4,725,000	+12.2%	109,876	+2.1%	2.15%	+10.7%
AWK	Sell	AMERICAN WATER WORKS	$4,271,000	+8.6%	25,265	-1.0%	1.94%	+7.1%
LHX	Buy	L3HARRIS TECHNOLOGIES INC	$4,073,000	+3.2%	18,494	+1.3%	1.85%	+1.8%
AMGN	Sell	AMGEN INC	$3,831,000	-13.9%	18,017	-1.3%	1.74%	-15.1%
LDOS	Sell	LEIDOS HOLDINGS INC	$3,479,000	-6.7%	36,191	-1.9%	1.58%	-8.0%
XOM	Sell	EXXON MOBIL	$3,306,000	-6.9%	56,191	-0.2%	1.50%	-8.2%
GLW	Buy	CORNING INC	$3,230,000	-9.2%	88,526	+1.8%	1.47%	-10.4%
ABT	Buy	ABBOTT LABORATORIES	$3,201,000	+4.8%	27,097	+2.8%	1.46%	+3.4%
ECL	Buy	ECOLAB	$2,935,000	+2.5%	14,070	+1.2%	1.34%	+1.1%
HXL	Buy	HEXCEL CORP	$2,713,000	+4.6%	45,675	+9.9%	1.23%	+3.3%
NWL	Buy	NEWELL BRANDS INC	$2,584,000	-17.8%	116,747	+2.1%	1.18%	-18.9%
MRK	Sell	MERCK	$2,581,000	-4.1%	34,357	-0.7%	1.17%	-5.3%
RTN	Sell	RAYTHEON TECHNOLOGIES CORP	$2,552,000	-12.7%	29,686	-13.3%	1.16%	-13.9%
PWR	Buy	QUANTA SERVICES INC	$2,527,000	+27.9%	22,205	+1.8%	1.15%	+26.3%
VZ	Buy	VERIZON COMMUNICATIONS	$2,480,000	-2.0%	45,928	+1.7%	1.13%	-3.3%
KMB	Buy	KIMBERLY CLARK	$2,361,000	-0.2%	17,825	+0.8%	1.07%	-1.5%
T	Sell	A T & T INC.	$1,379,000	-8.6%	51,066	-2.6%	0.63%	-9.9%
INTC	Sell	INTEL CORP	$1,248,000	-10.1%	23,422	-5.3%	0.57%	-11.2%
DIS	Sell	WALT DISNEY	$1,234,000	-5.1%	7,297	-1.4%	0.56%	-6.3%
AEM	Buy	AGNICO-EAGLE MINES LTD	$1,180,000	-11.7%	22,767	+2.9%	0.54%	-12.8%
FNV	Buy	FRANCO-NEVADA CORP	$1,092,000	-9.8%	8,405	+0.7%	0.50%	-10.9%
FB	Buy	META PLATFORMS INC COM CL A	$1,066,000	+16.1%	3,141	+18.9%	0.48%	+14.7%
V	Sell	VISA INC CLASS A	$1,027,000	-10.6%	4,612	-6.1%	0.47%	-11.9%
	Buy	AIR PRODS AND CHEMICALS	$912,000	-9.3%	3,562	+1.9%	0.42%	-10.6%
NEM	Buy	NEWMONT GOLDCORP CORP	$870,000	-11.3%	16,025	+3.6%	0.40%	-12.4%
LMT	Sell	LOCKHEED MARTIN	$847,000	-9.7%	2,454	-1.0%	0.38%	-10.9%
	New	GENERAL ELECTRIC	$829,000	–	8,042	–	0.38%	–
EMR	Buy	EMERSON ELECTRIC	$552,000	+13.8%	5,860	+16.4%	0.25%	+12.1%
ROK	Buy	ROCKWELL AUTOMATION	$498,000	+9.2%	1,692	+6.3%	0.23%	+7.6%
NVDA	Buy	NVIDIA CORPORATION	$454,000	+40.1%	2,192	+441.2%	0.21%	+38.3%
	New	RAYTHEON TECHNOLOGIES CORP	$449,000	–	5,224	–	0.20%	–
TSLA	Sell	TESLA MOTORS INC	$388,000	-18.5%	500	-28.6%	0.18%	-19.6%
NTR	New	NUTRIEN LTD	$335,000	–	5,175	–	0.15%	–
STM	New	STMICROELECTRONICS N V	$312,000	–	7,150	–	0.14%	–
ZM	Buy	ZOOM VIDEO COMMUNICATIONS-A	$262,000	+12.9%	1,000	+66.7%	0.12%	+11.2%
XYL	New	XYLEM	$259,000	–	2,095	–	0.12%	–
DUK	Sell	DUKE ENERGY CORP	$244,000	-3.2%	2,505	-2.0%	0.11%	-4.3%
NFLX	Sell	NETFLIX INC	$244,000	-23.0%	400	-33.3%	0.11%	-24.0%
SIEGY	Sell	SIEMENS AG-SPONS ADR	$221,000	+1.8%	2,690	-1.5%	0.10%	0.0%
ISRG	New	INTUTITIVE SURGICAL	$212,000	–	213	–	0.10%	–
ARTH	Exit	ARCH THERAPEUTICS INC	$0	–	-55,000	–	-0.00%	–
BIPC	Exit	BROOKFIELD INFRASTRUCTURE-A	$0	–	-2,900	–	-0.10%	–
GS	Exit	GOLDMAN SACHS	$0	–	-700	–	-0.12%	–
TSN	Exit	TYSON FOODS	$0	–	-3,925	–	-0.13%	–

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	APPLE COMPUTER INC	$18,535,000	–	135,329	–	8.54%	–
HON	New	HONEYWELL INTERNATIONAL INC.	$12,329,000	–	56,208	–	5.68%	–
GOOG	New	ALPHABET INC-CL C	$11,707,000	–	4,671	–	5.40%	–
MSFT	New	MICROSOFT	$10,854,000	–	40,066	–	5.00%	–
GOOGL	New	ALPHABET INC-CL A	$8,964,000	–	3,671	–	4.13%	–
JNJ	New	JOHNSON & JOHNSON	$7,457,000	–	45,266	–	3.44%	–
AMZN	New	AMAZON.COM	$7,018,000	–	2,040	–	3.24%	–
TMO	New	THERMO FISHER SCIENTIFIC	$6,931,000	–	13,740	–	3.20%	–
COST	New	COSTCO WHOLESALE	$6,730,000	–	17,011	–	3.10%	–
MMM	New	3M COMPANY	$6,558,000	–	33,015	–	3.02%	–
PYPL	New	PAYPAL HOLDINGS INC	$6,112,000	–	20,966	–	2.82%	–
CVX	New	CHEVRON CORP.	$5,529,000	–	52,788	–	2.55%	–
MHGVY	New	MOWI ASA- SPON ADS	$4,744,000	–	186,783	–	2.19%	–
PG	New	PROCTER & GAMBLE	$4,567,000	–	33,849	–	2.10%	–
AMGN	New	AMGEN INC	$4,451,000	–	18,262	–	2.05%	–
PFE	New	PFIZER	$4,213,000	–	107,601	–	1.94%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$3,947,000	–	18,264	–	1.82%	–
AWK	New	AMERICAN WATER WORKS	$3,933,000	–	25,515	–	1.81%	–
LDOS	New	LEIDOS HOLDINGS INC	$3,729,000	–	36,881	–	1.72%	–
GLW	New	CORNING INC	$3,557,000	–	86,946	–	1.64%	–
XOM	New	EXXON MOBIL	$3,551,000	–	56,291	–	1.64%	–
NWL	New	NEWELL BRANDS INC	$3,143,000	–	114,397	–	1.45%	–
ABT	New	ABBOTT LABORATORIES	$3,055,000	–	26,352	–	1.41%	–
RTN	New	RAYTHEON TECHNOLOGIES CORP	$2,922,000	–	34,244	–	1.35%	–
ECL	New	ECOLAB	$2,863,000	–	13,900	–	1.32%	–
MRK	New	MERCK	$2,691,000	–	34,597	–	1.24%	–
HXL	New	HEXCEL CORP	$2,593,000	–	41,570	–	1.20%	–
VZ	New	VERIZON COMMUNICATIONS	$2,531,000	–	45,168	–	1.17%	–
KMB	New	KIMBERLY CLARK	$2,365,000	–	17,680	–	1.09%	–
	New	GENERAL MILLS	$2,088,000	–	34,275	–	0.96%	–
TRP	New	TC ENERGY CORP	$2,050,000	–	41,400	–	0.94%	–
PWR	New	QUANTA SERVICES INC	$1,975,000	–	21,805	–	0.91%	–
NVS	New	NOVARTIS AG-ADR	$1,807,000	–	19,800	–	0.83%	–
CMP	New	COMPASS MINERALS INTERNATION	$1,647,000	–	27,800	–	0.76%	–
NSRGY	New	NESTLE SA REP RG SH ADR	$1,639,000	–	13,141	–	0.76%	–
NEE	New	NEXTERA ENERGY, INC.	$1,611,000	–	21,989	–	0.74%	–
T	New	A T & T INC.	$1,509,000	–	52,436	–	0.70%	–
GSK	New	GLAXOSMITHKLINE PLC-ADR	$1,461,000	–	36,700	–	0.67%	–
BIP	New	BROOKFIELD INFRASTRUCTURE PARTNE	$1,450,000	–	26,100	–	0.67%	–
INTC	New	INTEL CORP	$1,388,000	–	24,722	–	0.64%	–
AEM	New	AGNICO-EAGLE MINES LTD	$1,337,000	–	22,117	–	0.62%	–
ENB	New	ENBRIDGE INC	$1,304,000	–	32,561	–	0.60%	–
DIS	New	WALT DISNEY	$1,300,000	–	7,397	–	0.60%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$1,256,000	–	3	–	0.58%	–
FNV	New	FRANCO-NEVADA CORP	$1,210,000	–	8,345	–	0.56%	–
V	New	VISA INC CLASS A	$1,149,000	–	4,912	–	0.53%	–
	New	PPL	$1,061,000	–	37,950	–	0.49%	–
RDSB	New	ROYAL DUTCH SHELL PLC-ADR	$1,045,000	–	26,912	–	0.48%	–
VTR	New	VENTAS INC	$1,039,000	–	18,200	–	0.48%	–
	New	AIR PRODS AND CHEMICALS	$1,006,000	–	3,497	–	0.46%	–
NEM	New	NEWMONT GOLDCORP CORP	$981,000	–	15,475	–	0.45%	–
BA	New	BOEING	$972,000	–	4,055	–	0.45%	–
LMT	New	LOCKHEED MARTIN	$938,000	–	2,480	–	0.43%	–
FB	New	META PLATFORMS INC COM CL A	$918,000	–	2,641	–	0.42%	–
NHI	New	NATL HEALTH INVESTORS INC	$895,000	–	13,350	–	0.41%	–
BRKB	New	BERKSHIRE HATHAWAY CLASS B	$870,000	–	3,130	–	0.40%	–
WEC	New	WEC ENERGY GROUP	$776,000	–	8,729	–	0.36%	–
JPM	New	J.P. MORGAN CHASE & CO.	$688,000	–	4,420	–	0.32%	–
IBM	New	INTL BUSINESS MACHINES	$688,000	–	4,695	–	0.32%	–
BAC	New	BANK OF AMERICA CORP	$619,000	–	15,015	–	0.28%	–
NOC	New	NORTHROP GRUMMAN	$548,000	–	1,509	–	0.25%	–
	New	UNITEDHEALTH GROUP INC.	$518,000	–	1,294	–	0.24%	–
MA	New	MASTERCARD - CL A	$514,000	–	1,407	–	0.24%	–
EMR	New	EMERSON ELECTRIC	$485,000	–	5,035	–	0.22%	–
TSLA	New	TESLA MOTORS INC	$476,000	–	700	–	0.22%	–
ROK	New	ROCKWELL AUTOMATION	$456,000	–	1,592	–	0.21%	–
MS	New	MORGAN STANLEY	$438,000	–	4,776	–	0.20%	–
PKI	New	PERKINELMER INC.	$432,000	–	2,800	–	0.20%	–
CTVA	New	CORTEVA INC	$426,000	–	9,600	–	0.20%	–
WMT	New	WAL-MART STORES	$399,000	–	2,826	–	0.18%	–
ADBE	New	ADOBE SYSTEMS	$354,000	–	605	–	0.16%	–
PEP	New	PEPSICO	$353,000	–	2,380	–	0.16%	–
WFC	New	WELLS FARGO & CO.	$326,000	–	7,202	–	0.15%	–
NVDA	New	NVIDIA CORPORATION	$324,000	–	405	–	0.15%	–
NFLX	New	NETFLIX INC	$317,000	–	600	–	0.15%	–
NKE	New	NIKE CLASS B	$299,000	–	1,933	–	0.14%	–
TSN	New	TYSON FOODS	$290,000	–	3,925	–	0.13%	–
USB	New	U S BANCORP	$288,000	–	5,050	–	0.13%	–
ALC	New	ALCON INC	$278,000	–	3,960	–	0.13%	–
BMY	New	BRISTOL-MYERS SQUIBB	$271,000	–	4,063	–	0.12%	–
HD	New	HOME DEPOT INC.	$268,000	–	841	–	0.12%	–
GS	New	GOLDMAN SACHS	$266,000	–	700	–	0.12%	–
CMCSA	New	COMCAST CORP-CL A	$267,000	–	4,691	–	0.12%	–
CAT	New	CATERPILLAR	$265,000	–	1,217	–	0.12%	–
DUK	New	DUKE ENERGY CORP	$252,000	–	2,555	–	0.12%	–
CRM	New	SALESFORCE.COM INC	$243,000	–	994	–	0.11%	–
ZM	New	ZOOM VIDEO COMMUNICATIONS-A	$232,000	–	600	–	0.11%	–
KO	New	COCA COLA	$227,000	–	4,201	–	0.10%	–
CSCO	New	CISCO SYSTEMS	$224,000	–	4,220	–	0.10%	–
BIPC	New	BROOKFIELD INFRASTRUCTURE-A	$219,000	–	2,900	–	0.10%	–
SIEGY	New	SIEMENS AG-SPONS ADR	$217,000	–	2,730	–	0.10%	–
WMMVY	New	WAL-MART DE MEXICO SA ADR	$216,000	–	6,600	–	0.10%	–
ARTH	New	ARCH THERAPEUTICS INC	$5,000	–	55,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
KRED	Exit	KONARED CORP	$0	–	-11,500	–	0.00%	–
ARTH	Exit	ARCH THERAPEUTICS INC	$0	–	-88,800	–	-0.01%	–
	Exit	GENERAL ELECTRIC	$0	–	-13,061	–	-0.05%	–
VOD	Exit	VODAFONE GROUP PLC SP ADR	$0	–	-13,830	–	-0.11%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-5,592	–	-0.13%	–
ALC	Exit	ALCON INC	$0	–	-3,960	–	-0.13%	–
TSN	Exit	TYSON FOODS	$0	–	-3,800	–	-0.13%	–
USB	Exit	U S BANCORP	$0	–	-6,350	–	-0.14%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-2,688	–	-0.14%	–
NKE	Exit	NIKE CLASS B	$0	–	-1,915	–	-0.14%	–
NFLX	Exit	NETFLIX INC	$0	–	-500	–	-0.15%	–
CMCSA	Exit	COMCAST CORP-CL A	$0	–	-5,418	–	-0.15%	–
CRM	Exit	SALESFORCE.COM INC	$0	–	-1,011	–	-0.15%	–
KO	Exit	COCA COLA	$0	–	-5,193	–	-0.15%	–
CTVA	Exit	CORTEVA INC	$0	–	-9,100	–	-0.16%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-4,415	–	-0.16%	–
GOLD	Exit	BARRICK GOLD	$0	–	-9,587	–	-0.16%	–
HD	Exit	HOME DEPOT INC.	$0	–	-986	–	-0.16%	–
ADBE	Exit	ADOBE SYSTEMS	$0	–	-604	–	-0.18%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-5,035	–	-0.20%	–
PEP	Exit	PEPSICO	$0	–	-2,380	–	-0.20%	–
JPM	Exit	J.P. MORGAN CHASE & CO.	$0	–	-3,461	–	-0.20%	–
WMT	Exit	WAL-MART STORES	$0	–	-2,426	–	-0.20%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-14,200	–	-0.20%	–
PKI	Exit	PERKINELMER INC.	$0	–	-2,800	–	-0.21%	–
	Exit	UNITEDHEALTH GROUP INC.	$0	–	-1,299	–	-0.24%	–
MA	Exit	MASTERCARD - CL A	$0	–	-1,438	–	-0.29%	–
FB	Exit	META PLATFORMS INC COM CL A	$0	–	-1,867	–	-0.29%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-1,619	–	-0.30%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-4,695	–	-0.34%	–
BRKB	Exit	BERKSHIRE HATHAWAY CLASS B	$0	–	-3,184	–	-0.40%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC-ADR	$0	–	-28,762	–	-0.41%	–
VTR	Exit	VENTAS INC	$0	–	-18,200	–	-0.45%	–
BA	Exit	BOEING	$0	–	-4,688	–	-0.46%	–
NHI	Exit	NATL HEALTH INVESTORS INC	$0	–	-13,350	–	-0.48%	–
GLW	Exit	CORNING INC	$0	–	-26,032	–	-0.50%	–
F	Exit	FORD MOTOR	$0	–	-127,350	–	-0.50%	–
WEC	Exit	WEC ENERGY GROUP	$0	–	-8,904	–	-0.51%	–
DIS	Exit	WALT DISNEY	$0	–	-7,121	–	-0.52%	–
V	Exit	VISA INC CLASS A	$0	–	-4,549	–	-0.54%	–
NEM	Exit	NEWMONT GOLDCORP CORP	$0	–	-14,389	–	-0.54%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-2,454	–	-0.56%	–
ENB	Exit	ENBRIDGE INC	$0	–	-32,561	–	-0.56%	–
	Exit	AIR PRODS AND CHEMICALS	$0	–	-3,204	–	-0.56%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-3	–	-0.57%	–
	Exit	PPL	$0	–	-37,950	–	-0.61%	–
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-7,938	–	-0.66%	–
BIP	Exit	BROOKFIELD INFRASTRUCTURE PARTNE	$0	–	-26,100	–	-0.73%	–
GSK	Exit	GLAXOSMITHKLINE PLC-ADR	$0	–	-36,700	–	-0.82%	–
NEE	Exit	NEXTERA ENERGY, INC.	$0	–	-5,523	–	-0.91%	–
NSRGY	Exit	NESTLE SA REP RG SH ADR	$0	–	-13,336	–	-0.94%	–
T	Exit	A T & T INC.	$0	–	-57,129	–	-0.96%	–
CMP	Exit	COMPASS MINERALS INTERNATION	$0	–	-27,800	–	-0.98%	–
NVS	Exit	NOVARTIS AG-ADR	$0	–	-19,800	–	-1.02%	–
TRP	Exit	TC ENERGY CORP	$0	–	-41,400	–	-1.03%	–
INTC	Exit	INTEL CORP	$0	–	-34,752	–	-1.06%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-106,750	–	-1.08%	–
AEM	Exit	AGNICO-EAGLE MINES LTD	$0	–	-23,332	–	-1.10%	–
PFE	Exit	PFIZER	$0	–	-51,462	–	-1.12%	–
XOM	Exit	EXXON MOBIL	$0	–	-59,444	–	-1.21%	–
	Exit	GENERAL MILLS	$0	–	-34,275	–	-1.25%	–
	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-38,306	–	-1.30%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-16,240	–	-1.42%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-42,823	–	-1.50%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-26,612	–	-1.71%	–
MRK	Exit	MERCK	$0	–	-35,410	–	-1.74%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-18,708	–	-1.88%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-36,321	–	-1.91%	–
MHGVY	Exit	MOWI ASA- SPON ADS	$0	–	-195,250	–	-2.05%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-26,235	–	-2.25%	–
CVX	Exit	CHEVRON CORP.	$0	–	-56,404	–	-2.40%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-21,957	–	-2.56%	–
AMGN	Exit	AMGEN INC	$0	–	-17,814	–	-2.68%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-34,583	–	-2.84%	–
MMM	Exit	3M COMPANY	$0	–	-31,174	–	-2.95%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-3,752	–	-3.25%	–
AMZN	Exit	AMAZON.COM	$0	–	-1,882	–	-3.50%	–
COST	Exit	COSTCO WHOLESALE	$0	–	-17,194	–	-3.61%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-44,218	–	-3.89%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-4,789	–	-4.16%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-16,638	–	-4.34%	–
MSFT	Exit	MICROSOFT	$0	–	-38,936	–	-4.84%	–
HON	Exit	HONEYWELL INTERNATIONAL INC.	$0	–	-57,593	–	-5.60%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-140,034	–	-9.58%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE COMPUTER INC	$16,217,000	+17.4%	140,034	+269.7%	9.58%	+12.5%
HON	Sell	HONEYWELL INTERNATIONAL INC.	$9,481,000	+10.2%	57,593	-3.2%	5.60%	+5.6%
MSFT	Sell	MICROSOFT	$8,189,000	-2.8%	38,936	-5.9%	4.84%	-6.8%
TMO	Sell	THERMO FISHER SCIENTIFIC	$7,346,000	+11.6%	16,638	-8.4%	4.34%	+7.0%
GOOG	Sell	ALPHABET INC-CL C	$7,039,000	+1.4%	4,789	-2.5%	4.16%	-2.9%
JNJ	Sell	JOHNSON & JOHNSON	$6,583,000	+1.7%	44,218	-3.9%	3.89%	-2.5%
COST	Sell	COSTCO WHOLESALE	$6,104,000	+8.3%	17,194	-7.5%	3.61%	+3.8%
AMZN	Sell	AMAZON.COM	$5,926,000	+7.8%	1,882	-5.6%	3.50%	+3.3%
GOOGL	Sell	ALPHABET INC-CL A	$5,499,000	-0.2%	3,752	-3.4%	3.25%	-4.4%
MMM	Sell	3M COMPANY	$4,994,000	-1.3%	31,174	-3.9%	2.95%	-5.4%
PG	Sell	PROCTER & GAMBLE	$4,807,000	+16.2%	34,583	-0.0%	2.84%	+11.4%
AMGN	Sell	AMGEN INC	$4,528,000	+0.8%	17,814	-6.5%	2.68%	-3.4%
PYPL	Sell	PAYPAL HOLDINGS INC	$4,326,000	+4.7%	21,957	-7.4%	2.56%	+0.4%
CVX	Sell	CHEVRON CORP.	$4,061,000	-19.4%	56,404	-0.1%	2.40%	-22.7%
AWK	Sell	AMERICAN WATER WORKS	$3,801,000	+8.0%	26,235	-4.1%	2.25%	+3.5%
MHGVY	Buy	MOWI ASA- SPON ADS	$3,464,000	-6.7%	195,250	+0.1%	2.05%	-10.6%
LDOS	Sell	LEIDOS HOLDINGS INC	$3,238,000	-10.7%	36,321	-6.1%	1.91%	-14.4%
LHX	Sell	L3HARRIS TECHNOLOGIES INC	$3,178,000	-1.9%	18,708	-2.0%	1.88%	-6.0%
MRK	Sell	MERCK	$2,938,000	+7.3%	35,410	-0.0%	1.74%	+2.8%
VZ	Buy	VERIZON COMMUNICATIONS	$2,547,000	+8.6%	42,823	+0.7%	1.50%	+4.1%
	Sell	RAYTHEON TECHNOLOGIES CORP	$2,204,000	-12.1%	38,306	-5.9%	1.30%	-15.8%
XOM	Buy	EXXON MOBIL	$2,041,000	-22.7%	59,444	+0.7%	1.21%	-25.9%
PFE	Buy	PFIZER	$1,888,000	+12.2%	51,462	+0.0%	1.12%	+7.6%
AEM	Sell	AGNICO-EAGLE MINES LTD	$1,857,000	+20.7%	23,332	-2.9%	1.10%	+15.6%
NWL	Sell	NEWELL BRANDS INC	$1,832,000	+5.8%	106,750	-2.1%	1.08%	+1.4%
INTC	Sell	INTEL CORP	$1,799,000	-15.9%	34,752	-2.8%	1.06%	-19.3%
T	Buy	A T & T INC.	$1,629,000	-4.8%	57,129	+0.8%	0.96%	-8.7%
NEE	Buy	NEXTERA ENERGY, INC.	$1,533,000	+15.7%	5,523	+0.2%	0.91%	+10.9%
FNV	Buy	FRANCO-NEVADA CORP	$1,108,000	+3.8%	7,938	+4.0%	0.66%	-0.5%
	Buy	AIR PRODS AND CHEMICALS	$954,000	+24.1%	3,204	+0.7%	0.56%	+19.0%
V	Sell	VISA INC CLASS A	$910,000	+1.2%	4,549	-2.2%	0.54%	-2.9%
DIS	Buy	WALT DISNEY	$884,000	+17.2%	7,121	+5.4%	0.52%	+12.3%
GLW	Buy	CORNING INC	$844,000	+71.9%	26,032	+37.2%	0.50%	+64.7%
BA	Buy	BOEING	$775,000	-8.2%	4,688	+1.8%	0.46%	-11.9%
RDSB	Sell	ROYAL DUTCH SHELL PLC-ADR	$697,000	-24.1%	28,762	-4.6%	0.41%	-27.2%
BRKB	Sell	BERKSHIRE HATHAWAY CLASS B	$678,000	-1.5%	3,184	-17.5%	0.40%	-5.4%
FB	Buy	META PLATFORMS INC COM CL A	$489,000	+24.1%	1,867	+7.7%	0.29%	+18.9%
MA	Buy	MASTERCARD - CL A	$486,000	+16.8%	1,438	+2.1%	0.29%	+12.1%
	Buy	UNITEDHEALTH GROUP INC.	$405,000	+6.6%	1,299	+0.9%	0.24%	+2.1%
BAC	Buy	BANK OF AMERICA CORP	$342,000	+4.0%	14,200	+2.4%	0.20%	-0.5%
WMT	Sell	WAL-MART STORES	$339,000	+5.3%	2,426	-9.6%	0.20%	+0.5%
JPM	Buy	J.P. MORGAN CHASE & CO.	$333,000	+16.4%	3,461	+13.7%	0.20%	+11.9%
ADBE	Sell	ADOBE SYSTEMS	$296,000	+11.7%	604	-0.8%	0.18%	+7.4%
HD	Buy	HOME DEPOT INC.	$274,000	+17.6%	986	+6.1%	0.16%	+12.5%
GOLD	Buy	BARRICK GOLD	$269,000	+16.5%	9,587	+11.6%	0.16%	+12.0%
BMY	Buy	BRISTOL-MYERS SQUIBB	$266,000	+6.0%	4,415	+3.3%	0.16%	+1.3%
KO	Buy	COCA COLA	$256,000	+21.3%	5,193	+10.0%	0.15%	+16.2%
CRM	New	SALESFORCE.COM INC	$254,000	–	1,011	–	0.15%	–
CMCSA	New	COMCAST CORP-CL A	$251,000	–	5,418	–	0.15%	–
NKE	New	NIKE CLASS B	$240,000	–	1,915	–	0.14%	–
CSCO	Buy	CISCO SYSTEMS	$220,000	-3.5%	5,592	+14.6%	0.13%	-7.8%
VOD	Sell	VODAFONE GROUP PLC SP ADR	$186,000	-15.8%	13,830	-0.4%	0.11%	-19.1%
	Buy	GENERAL ELECTRIC	$81,000	+2.5%	13,061	+12.8%	0.05%	-2.0%
	Exit	CAPITALAND LTD	$0	–	-20,000	–	-0.02%	–
ECL	Exit	ECOLAB	$0	–	-2,005	–	-0.25%	–

Q2 2020

			Value		Shares		↓ Weighting
AAPL	New	APPLE COMPUTER INC	$13,819,000	–	37,881	–	8.52%	–
HON	New	HONEYWELL INTERNATIONAL INC.	$8,606,000	–	59,521	–	5.31%	–
MSFT	New	MICROSOFT	$8,421,000	–	41,382	–	5.19%	–
GOOG	New	ALPHABET INC-CL C	$6,945,000	–	4,913	–	4.28%	–
TMO	New	THERMO FISHER SCIENTIFIC	$6,581,000	–	18,163	–	4.06%	–
JNJ	New	JOHNSON & JOHNSON	$6,471,000	–	46,013	–	3.99%	–
COST	New	COSTCO WHOLESALE	$5,637,000	–	18,590	–	3.48%	–
GOOGL	New	ALPHABET INC-CL A	$5,510,000	–	3,886	–	3.40%	–
AMZN	New	AMAZON.COM	$5,498,000	–	1,993	–	3.39%	–
MMM	New	3M COMPANY	$5,058,000	–	32,426	–	3.12%	–
CVX	New	CHEVRON CORP.	$5,036,000	–	56,444	–	3.10%	–
AMGN	New	AMGEN INC	$4,494,000	–	19,054	–	2.77%	–
PG	New	PROCTER & GAMBLE	$4,136,000	–	34,592	–	2.55%	–
PYPL	New	PAYPAL HOLDINGS INC	$4,132,000	–	23,717	–	2.55%	–
MHGVY	New	MOWI ASA- SPON ADS	$3,713,000	–	195,050	–	2.29%	–
LDOS	New	LEIDOS HOLDINGS INC	$3,624,000	–	38,693	–	2.23%	–
AWK	New	AMERICAN WATER WORKS	$3,521,000	–	27,365	–	2.17%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$3,239,000	–	19,091	–	2.00%	–
MRK	New	MERCK	$2,739,000	–	35,411	–	1.69%	–
XOM	New	EXXON MOBIL	$2,639,000	–	59,009	–	1.63%	–
	New	RAYTHEON TECHNOLOGIES CORP	$2,508,000	–	40,692	–	1.55%	–
ABT	New	ABBOTT LABORATORIES	$2,433,000	–	26,612	–	1.50%	–
VZ	New	VERIZON COMMUNICATIONS	$2,345,000	–	42,530	–	1.45%	–
KMB	New	KIMBERLY CLARK	$2,296,000	–	16,240	–	1.42%	–
INTC	New	INTEL CORP	$2,138,000	–	35,747	–	1.32%	–
	New	GENERAL MILLS	$2,113,000	–	34,275	–	1.30%	–
TRP	New	TC ENERGY CORP	$1,774,000	–	41,400	–	1.09%	–
NWL	New	NEWELL BRANDS INC	$1,732,000	–	109,050	–	1.07%	–
NVS	New	NOVARTIS AG-ADR	$1,729,000	–	19,800	–	1.07%	–
T	New	A T & T INC.	$1,712,000	–	56,659	–	1.06%	–
PFE	New	PFIZER	$1,682,000	–	51,440	–	1.04%	–
AEM	New	AGNICO-EAGLE MINES LTD	$1,539,000	–	24,032	–	0.95%	–
GSK	New	GLAXOSMITHKLINE PLC-ADR	$1,497,000	–	36,700	–	0.92%	–
NSRGY	New	NESTLE SA REP RG SH ADR	$1,473,000	–	13,336	–	0.91%	–
CMP	New	COMPASS MINERALS INTERNATION	$1,355,000	–	27,800	–	0.84%	–
NEE	New	NEXTERA ENERGY, INC.	$1,325,000	–	5,514	–	0.82%	–
BIP	New	BROOKFIELD INFRASTRUCTURE PARTNE	$1,073,000	–	26,100	–	0.66%	–
FNV	New	FRANCO-NEVADA CORP	$1,067,000	–	7,636	–	0.66%	–
ENB	New	ENBRIDGE INC	$991,000	–	32,561	–	0.61%	–
	New	PPL	$981,000	–	37,950	–	0.60%	–
RDSB	New	ROYAL DUTCH SHELL PLC-ADR	$918,000	–	30,162	–	0.57%	–
V	New	VISA INC CLASS A	$899,000	–	4,653	–	0.55%	–
LMT	New	LOCKHEED MARTIN	$896,000	–	2,454	–	0.55%	–
NEM	New	NEWMONT GOLDCORP CORP	$888,000	–	14,389	–	0.55%	–
BA	New	BOEING	$844,000	–	4,605	–	0.52%	–
NHI	New	NATL HEALTH INVESTORS INC	$811,000	–	13,350	–	0.50%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$802,000	–	3	–	0.49%	–
WEC	New	WEC ENERGY GROUP	$780,000	–	8,904	–	0.48%	–
F	New	FORD MOTOR	$774,000	–	127,350	–	0.48%	–
	New	AIR PRODS AND CHEMICALS	$769,000	–	3,183	–	0.47%	–
DIS	New	WALT DISNEY	$754,000	–	6,757	–	0.46%	–
BRKB	New	BERKSHIRE HATHAWAY CLASS B	$688,000	–	3,858	–	0.42%	–
VTR	New	VENTAS INC	$666,000	–	18,200	–	0.41%	–
IBM	New	INTL BUSINESS MACHINES	$567,000	–	4,695	–	0.35%	–
NOC	New	NORTHROP GRUMMAN	$498,000	–	1,619	–	0.31%	–
GLW	New	CORNING INC	$491,000	–	18,970	–	0.30%	–
MA	New	MASTERCARD - CL A	$416,000	–	1,408	–	0.26%	–
ECL	New	ECOLAB	$399,000	–	2,005	–	0.25%	–
FB	New	META PLATFORMS INC COM CL A	$394,000	–	1,733	–	0.24%	–
	New	UNITEDHEALTH GROUP INC.	$380,000	–	1,287	–	0.23%	–
BAC	New	BANK OF AMERICA CORP	$329,000	–	13,870	–	0.20%	–
WMT	New	WAL-MART STORES	$322,000	–	2,685	–	0.20%	–
PEP	New	PEPSICO	$315,000	–	2,380	–	0.19%	–
EMR	New	EMERSON ELECTRIC	$312,000	–	5,035	–	0.19%	–
JPM	New	J.P. MORGAN CHASE & CO.	$286,000	–	3,044	–	0.18%	–
PKI	New	PERKINELMER INC.	$275,000	–	2,800	–	0.17%	–
ADBE	New	ADOBE SYSTEMS	$265,000	–	609	–	0.16%	–
BMY	New	BRISTOL-MYERS SQUIBB	$251,000	–	4,274	–	0.16%	–
CTVA	New	CORTEVA INC	$244,000	–	9,100	–	0.15%	–
HD	New	HOME DEPOT INC.	$233,000	–	929	–	0.14%	–
USB	New	U S BANCORP	$234,000	–	6,350	–	0.14%	–
GOLD	New	BARRICK GOLD	$231,000	–	8,587	–	0.14%	–
NFLX	New	NETFLIX INC	$228,000	–	500	–	0.14%	–
CSCO	New	CISCO SYSTEMS	$228,000	–	4,878	–	0.14%	–
ALC	New	ALCON INC	$227,000	–	3,960	–	0.14%	–
TSN	New	TYSON FOODS	$227,000	–	3,800	–	0.14%	–
VOD	New	VODAFONE GROUP PLC SP ADR	$221,000	–	13,880	–	0.14%	–
DUK	New	DUKE ENERGY CORP	$215,000	–	2,688	–	0.13%	–
KO	New	COCA COLA	$211,000	–	4,719	–	0.13%	–
	New	GENERAL ELECTRIC	$79,000	–	11,584	–	0.05%	–
	New	CAPITALAND LTD	$41,000	–	20,000	–	0.02%	–
ARTH	New	ARCH THERAPEUTICS INC	$14,000	–	88,800	–	0.01%	–
KRED	New	KONARED CORP	$0	–	11,500	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
KGC	Exit	KINROSS GOLD CORP.	$0	–	-17,500	–	-0.05%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-1,503	–	-0.13%	–
ALC	Exit	ALCON INC	$0	–	-3,960	–	-0.14%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS, LP.	$0	–	-3,682	–	-0.15%	–
TCOM	Exit	TRIP.COM GROUP LIMITED-ADR	$0	–	-8,850	–	-0.16%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-2,831	–	-0.16%	–
PEP	Exit	PEPSICO	$0	–	-2,104	–	-0.17%	–
NFG	Exit	NATIONAL FUEL GAS CO	$0	–	-6,500	–	-0.18%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-9,067	–	-0.19%	–
JPM	Exit	J.P. MORGAN CHASE & CO.	$0	–	-3,189	–	-0.23%	–
ECL	Exit	ECOLAB	$0	–	-2,005	–	-0.24%	–
VOD	Exit	VODAFONE GROUP PLC SP ADR	$0	–	-20,121	–	-0.24%	–
GLW	Exit	CORNING INC	$0	–	-14,180	–	-0.24%	–
GOLD	Exit	BARRICK GOLD	$0	–	-23,498	–	-0.24%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-6,110	–	-0.25%	–
USB	Exit	U S BANCORP	$0	–	-7,750	–	-0.26%	–
BRKB	Exit	BERKSHIRE HATHAWAY CLASS B	$0	–	-2,249	–	-0.28%	–
NEM	Exit	NEWMONT GOLDCORP CORP	$0	–	-15,562	–	-0.36%	–
DIS	Exit	WALT DISNEY	$0	–	-4,969	–	-0.39%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-1,792	–	-0.40%	–
WEC	Exit	WEC ENERGY GROUP	$0	–	-9,129	–	-0.52%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-6,245	–	-0.55%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-3	–	-0.56%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-12,805	–	-0.57%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-2,454	–	-0.58%	–
NHI	Exit	NATL HEALTH INVESTORS INC	$0	–	-13,350	–	-0.66%	–
ENB	Exit	ENBRIDGE INC	$0	–	-32,561	–	-0.69%	–
RTN	Exit	RAYTHEON	$0	–	-5,900	–	-0.70%	–
BABA	Exit	ALIBABA GROUP HOLDING-SP ADR	$0	–	-6,960	–	-0.70%	–
F	Exit	FORD MOTOR	$0	–	-127,350	–	-0.70%	–
NEE	Exit	NEXTERA ENERGY, INC.	$0	–	-5,180	–	-0.73%	–
CMP	Exit	COMPASS MINERALS INTERNATION	$0	–	-22,700	–	-0.77%	–
BIP	Exit	BROOKFIELD INFRASTRUCTURE PARTNE	$0	–	-26,100	–	-0.78%	–
VTR	Exit	VENTAS INC	$0	–	-18,200	–	-0.80%	–
AEM	Exit	AGNICO-EAGLE MINES LTD	$0	–	-27,222	–	-0.88%	–
BA	Exit	BOEING	$0	–	-4,017	–	-0.92%	–
PFE	Exit	PFIZER	$0	–	-43,419	–	-0.94%	–
GSK	Exit	GLAXOSMITHKLINE PLC-ADR	$0	–	-36,700	–	-0.94%	–
NVS	Exit	NOVARTIS AG-ADR	$0	–	-19,800	–	-1.04%	–
T	Exit	A T & T INC.	$0	–	-49,186	–	-1.12%	–
TRP	Exit	TC ENERGY CORP	$0	–	-36,000	–	-1.12%	–
INTC	Exit	INTEL CORP	$0	–	-36,784	–	-1.14%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC-ADR	$0	–	-32,892	–	-1.19%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-116,300	–	-1.31%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-38,511	–	-1.40%	–
MRK	Exit	MERCK	$0	–	-29,123	–	-1.48%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-25,053	–	-1.56%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-31,635	–	-1.59%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-34,966	–	-1.81%	–
XOM	Exit	EXXON MOBIL	$0	–	-45,689	–	-1.94%	–
AMZN	Exit	AMAZON.COM	$0	–	-1,867	–	-1.95%	–
ROK	Exit	ROCKWELL AUTOMATION	$0	–	-20,424	–	-2.03%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-25,945	–	-2.13%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-24,998	–	-2.14%	–
AMGN	Exit	AMGEN INC	$0	–	-19,745	–	-2.30%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-19,772	–	-2.48%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-37,426	–	-2.80%	–
MSFT	Exit	MICROSOFT	$0	–	-35,381	–	-2.96%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-4,056	–	-2.98%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-4,806	–	-3.53%	–
MMM	Exit	3M COMPANY	$0	–	-35,723	–	-3.54%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-47,304	–	-3.68%	–
CVX	Exit	CHEVRON CORP.	$0	–	-56,174	–	-4.01%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-54,167	–	-4.05%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-44,328	–	-5.98%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-34,239	–	-6.00%	–
HON	Exit	HONEYWELL INTERNATIONAL INC.	$0	–	-62,317	–	-6.35%	–
COST	Exit	COSTCO WHOLESALE	$0	–	-40,064	–	-6.95%	–

Q3 2019

			Value		Shares		↓ Weighting
COST	Sell	COSTCO WHOLESALE	$11,543,000	-7.5%	40,064	-15.1%	6.95%	+4.1%
HON	Sell	HONEYWELL INTERNATIONAL INC.	$10,544,000	-17.2%	62,317	-14.5%	6.35%	-6.8%
TMO	Sell	THERMO FISHER SCIENTIFIC	$9,973,000	-14.8%	34,239	-14.1%	6.00%	-4.1%
AAPL	Sell	APPLE COMPUTER INC	$9,928,000	+0.7%	44,328	-11.0%	5.98%	+13.2%
AWK	Sell	AMERICAN WATER WORKS	$6,729,000	-11.8%	54,167	-17.6%	4.05%	-0.7%
CVX	Sell	CHEVRON CORP.	$6,662,000	-13.7%	56,174	-9.4%	4.01%	-2.9%
JNJ	Sell	JOHNSON & JOHNSON	$6,120,000	-19.1%	47,304	-12.9%	3.68%	-9.0%
MMM	Sell	3M COMPANY	$5,873,000	-24.9%	35,723	-20.8%	3.54%	-15.6%
GOOG	Sell	ALPHABET INC-CL C	$5,859,000	+0.4%	4,806	-11.0%	3.53%	+12.9%
GOOGL	Sell	ALPHABET INC-CL A	$4,953,000	+2.5%	4,056	-9.1%	2.98%	+15.2%
MSFT	Sell	MICROSOFT	$4,919,000	-3.1%	35,381	-6.7%	2.96%	+8.9%
PG	Sell	PROCTER & GAMBLE	$4,655,000	-2.1%	37,426	-13.7%	2.80%	+10.1%
LHX	New	L3HARRIS TECHNOLOGIES INC	$4,125,000	–	19,772	–	2.48%	–
AMGN	Sell	AMGEN INC	$3,821,000	-4.7%	19,745	-9.3%	2.30%	+7.1%
KMB	Sell	KIMBERLY CLARK	$3,551,000	-19.5%	24,998	-24.5%	2.14%	-9.4%
UTX	Sell	UNITED TECHNOLOGIES	$3,542,000	-8.8%	25,945	-13.0%	2.13%	+2.5%
ROK	Sell	ROCKWELL AUTOMATION	$3,366,000	-19.4%	20,424	-19.9%	2.03%	-9.4%
AMZN	Sell	AMAZON.COM	$3,241,000	-17.3%	1,867	-9.8%	1.95%	-6.9%
XOM	Buy	EXXON MOBIL	$3,226,000	+0.2%	45,689	+8.7%	1.94%	+12.6%
LDOS	Sell	LEIDOS HOLDINGS INC	$3,002,000	-5.3%	34,966	-11.9%	1.81%	+6.5%
ABT	Sell	ABBOTT LABORATORIES	$2,647,000	-23.7%	31,635	-23.3%	1.59%	-14.2%
PYPL	Sell	PAYPAL HOLDINGS INC	$2,595,000	-19.1%	25,053	-10.6%	1.56%	-9.0%
MRK	Sell	MERCK	$2,452,000	-21.4%	29,123	-21.7%	1.48%	-11.6%
VZ	Sell	VERIZON COMMUNICATIONS	$2,325,000	+3.0%	38,511	-2.6%	1.40%	+15.9%
NWL	Sell	NEWELL BRANDS INC	$2,177,000	+6.8%	116,300	-12.0%	1.31%	+20.1%
RDSB	Sell	ROYAL DUTCH SHELL PLC-ADR	$1,970,000	-25.3%	32,892	-18.0%	1.19%	-15.9%
INTC	Sell	INTEL CORP	$1,896,000	+4.5%	36,784	-2.9%	1.14%	+17.5%
T	Sell	A T & T INC.	$1,861,000	+10.6%	49,186	-2.0%	1.12%	+24.4%
PFE	Sell	PFIZER	$1,560,000	-18.0%	43,419	-1.1%	0.94%	-7.8%
BA	Sell	BOEING	$1,529,000	-13.7%	4,017	-17.4%	0.92%	-3.0%
AEM	Sell	AGNICO-EAGLE MINES LTD	$1,459,000	-8.8%	27,222	-12.8%	0.88%	+2.6%
NEE	Sell	NEXTERA ENERGY, INC.	$1,207,000	-33.6%	5,180	-41.7%	0.73%	-25.4%
F	Sell	FORD MOTOR	$1,167,000	-10.9%	127,350	-0.5%	0.70%	+0.1%
RTN	Sell	RAYTHEON	$1,158,000	+11.0%	5,900	-1.7%	0.70%	+24.9%
ENB	Sell	ENBRIDGE INC	$1,142,000	-4.3%	32,561	-1.5%	0.69%	+7.5%
EOG	Sell	EOG RESOURCES INC	$950,000	-37.7%	12,805	-21.7%	0.57%	-29.9%
BRKA	Sell	BERKSHIRE HATHAWAY - CL A	$935,000	-26.6%	3	-25.0%	0.56%	-17.3%
IBM	Sell	INTL BUSINESS MACHINES	$908,000	-44.7%	6,245	-47.6%	0.55%	-37.8%
DIS	Sell	WALT DISNEY	$648,000	-37.9%	4,969	-33.5%	0.39%	-30.1%
NEM	Buy	NEWMONT GOLDCORP CORP	$590,000	+8.5%	15,562	+10.2%	0.36%	+22.0%
USB	Sell	U S BANCORP	$429,000	-33.2%	7,750	-36.7%	0.26%	-25.0%
EMR	Sell	EMERSON ELECTRIC	$409,000	-21.2%	6,110	-21.5%	0.25%	-11.5%
GOLD	Sell	BARRICK GOLD	$407,000	-25.9%	23,498	-32.5%	0.24%	-16.7%
GLW	Sell	CORNING INC	$404,000	-43.9%	14,180	-34.5%	0.24%	-36.9%
VOD	Buy	VODAFONE GROUP PLC SP ADR	$401,000	+22.3%	20,121	+0.0%	0.24%	+36.9%
ECL	Buy	ECOLAB	$397,000	+32.8%	2,005	+32.3%	0.24%	+49.4%
JPM	Sell	J.P. MORGAN CHASE & CO.	$375,000	-45.8%	3,189	-48.5%	0.23%	-38.9%
SLB	Sell	SCHLUMBERGER LIMITED	$310,000	-61.5%	9,067	-55.3%	0.19%	-56.6%
NFG	Sell	NATIONAL FUEL GAS CO	$305,000	-28.6%	6,500	-19.8%	0.18%	-19.7%
PEP	Sell	PEPSICO	$288,000	-5.9%	2,104	-9.8%	0.17%	+5.5%
TCOM	New	TRIP.COM GROUP LIMITED-ADR	$259,000	–	8,850	–	0.16%	–
MMP	Sell	MAGELLAN MIDSTREAM PARTNERS, LP.	$244,000	-1.6%	3,682	-5.2%	0.15%	+10.5%
FNV	Exit	FRANCO-NEVADA CORP	$0	–	-2,425	–	-0.11%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-4,518	–	-0.11%	–
BIDU	Exit	BAIDU INC - SPON ADR	$0	–	-1,785	–	-0.11%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-3,960	–	-0.12%	–
KO	Exit	COCA COLA	$0	–	-4,700	–	-0.13%	–
CTRP	Exit	CTRIP.COM INTERNATIONAL-ADR	$0	–	-8,850	–	-0.18%	–
UN	Exit	UNILEVER N.V. NY SHRS	$0	–	-12,567	–	-0.41%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-32,100	–	-0.47%	–
SNH	Exit	SENIOR HOUSING PROP TRUST	$0	–	-266,700	–	-1.18%	–

Q2 2019

			Value		Shares		↓ Weighting
HON	New	HONEYWELL INTERNATIONAL INC.	$12,730,000	–	72,917	–	6.81%	–
COST	New	COSTCO WHOLESALE	$12,475,000	–	47,208	–	6.68%	–
TMO	New	THERMO FISHER SCIENTIFIC	$11,700,000	–	39,841	–	6.26%	–
AAPL	New	APPLE COMPUTER INC	$9,860,000	–	49,819	–	5.28%	–
MMM	New	3M COMPANY	$7,823,000	–	45,131	–	4.19%	–
CVX	New	CHEVRON CORP.	$7,716,000	–	62,004	–	4.13%	–
AWK	New	AMERICAN WATER WORKS	$7,626,000	–	65,741	–	4.08%	–
JNJ	New	JOHNSON & JOHNSON	$7,564,000	–	54,306	–	4.05%	–
GOOG	New	ALPHABET INC-CL C	$5,835,000	–	5,398	–	3.12%	–
MSFT	New	MICROSOFT	$5,078,000	–	37,905	–	2.72%	–
GOOGL	New	ALPHABET INC-CL A	$4,833,000	–	4,464	–	2.59%	–
PG	New	PROCTER & GAMBLE	$4,756,000	–	43,376	–	2.54%	–
KMB	New	KIMBERLY CLARK	$4,411,000	–	33,098	–	2.36%	–
ROK	New	ROCKWELL AUTOMATION	$4,177,000	–	25,499	–	2.24%	–
AMGN	New	AMGEN INC	$4,011,000	–	21,764	–	2.15%	–
AMZN	New	AMAZON.COM	$3,917,000	–	2,069	–	2.10%	–
UTX	New	UNITED TECHNOLOGIES	$3,884,000	–	29,830	–	2.08%	–
ABT	New	ABBOTT LABORATORIES	$3,468,000	–	41,235	–	1.86%	–
XOM	New	EXXON MOBIL	$3,221,000	–	42,029	–	1.72%	–
PYPL	New	PAYPAL HOLDINGS INC	$3,208,000	–	28,033	–	1.72%	–
LDOS	New	LEIDOS HOLDINGS INC	$3,169,000	–	39,690	–	1.70%	–
MRK	New	MERCK	$3,119,000	–	37,198	–	1.67%	–
RDSB	New	ROYAL DUTCH SHELL PLC-ADR	$2,636,000	–	40,092	–	1.41%	–
VZ	New	VERIZON COMMUNICATIONS	$2,258,000	–	39,522	–	1.21%	–
SNH	New	SENIOR HOUSING PROP TRUST	$2,206,000	–	266,700	–	1.18%	–
NWL	New	NEWELL BRANDS INC	$2,039,000	–	132,200	–	1.09%	–
PFE	New	PFIZER	$1,903,000	–	43,919	–	1.02%	–
NEE	New	NEXTERA ENERGY, INC.	$1,819,000	–	8,880	–	0.97%	–
INTC	New	INTEL CORP	$1,814,000	–	37,881	–	0.97%	–
NVS	New	NOVARTIS AG-ADR	$1,808,000	–	19,800	–	0.97%	–
TRP	New	TC ENERGY CORP	$1,783,000	–	36,000	–	0.95%	–
BA	New	BOEING	$1,772,000	–	4,866	–	0.95%	–
T	New	A T & T INC.	$1,682,000	–	50,186	–	0.90%	–
IBM	New	INTL BUSINESS MACHINES	$1,642,000	–	11,911	–	0.88%	–
AEM	New	AGNICO-EAGLE MINES LTD	$1,600,000	–	31,220	–	0.86%	–
EOG	New	EOG RESOURCES INC	$1,524,000	–	16,355	–	0.82%	–
GSK	New	GLAXOSMITHKLINE PLC-ADR	$1,469,000	–	36,700	–	0.79%	–
F	New	FORD MOTOR	$1,310,000	–	128,049	–	0.70%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$1,273,000	–	4	–	0.68%	–
CMP	New	COMPASS MINERALS INTERNATION	$1,247,000	–	22,700	–	0.67%	–
VTR	New	VENTAS INC	$1,244,000	–	18,200	–	0.67%	–
ENB	New	ENBRIDGE INC	$1,193,000	–	33,061	–	0.64%	–
BABA	New	ALIBABA GROUP HOLDING-SP ADR	$1,179,000	–	6,960	–	0.63%	–
BIP	New	BROOKFIELD INFRASTRUCTURE PARTNE	$1,121,000	–	26,100	–	0.60%	–
RTN	New	RAYTHEON	$1,043,000	–	6,000	–	0.56%	–
DIS	New	WALT DISNEY	$1,043,000	–	7,469	–	0.56%	–
NHI	New	NATL HEALTH INVESTORS INC	$1,042,000	–	13,350	–	0.56%	–
LMT	New	LOCKHEED MARTIN	$892,000	–	2,454	–	0.48%	–
PK	New	PARK HOTELS & RESORTS INC	$885,000	–	32,100	–	0.47%	–
SLB	New	SCHLUMBERGER LIMITED	$806,000	–	20,292	–	0.43%	–
UN	New	UNILEVER N.V. NY SHRS	$763,000	–	12,567	–	0.41%	–
WEC	New	WEC ENERGY GROUP	$761,000	–	9,129	–	0.41%	–
GLW	New	CORNING INC	$720,000	–	21,646	–	0.38%	–
JPM	New	J.P. MORGAN CHASE & CO.	$692,000	–	6,189	–	0.37%	–
USB	New	U S BANCORP	$642,000	–	12,250	–	0.34%	–
NOC	New	NORTHROP GRUMMAN	$579,000	–	1,792	–	0.31%	–
GOLD	New	BARRICK GOLD	$549,000	–	34,818	–	0.29%	–
NEM	New	NEWMONT GOLDCORP CORP	$544,000	–	14,128	–	0.29%	–
EMR	New	EMERSON ELECTRIC	$519,000	–	7,780	–	0.28%	–
BRKB	New	BERKSHIRE HATHAWAY CLASS B	$479,000	–	2,249	–	0.26%	–
NFG	New	NATIONAL FUEL GAS CO	$427,000	–	8,100	–	0.23%	–
VOD	New	VODAFONE GROUP PLC SP ADR	$328,000	–	20,112	–	0.18%	–
CTRP	New	CTRIP.COM INTERNATIONAL-ADR	$327,000	–	8,850	–	0.18%	–
PEP	New	PEPSICO	$306,000	–	2,332	–	0.16%	–
ECL	New	ECOLAB	$299,000	–	1,515	–	0.16%	–
DUK	New	DUKE ENERGY CORP	$250,000	–	2,831	–	0.13%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS, LP.	$248,000	–	3,882	–	0.13%	–
ALC	New	ALCON INC	$246,000	–	3,960	–	0.13%	–
KO	New	COCA COLA	$239,000	–	4,700	–	0.13%	–
CSCO	New	CISCO SYSTEMS	$217,000	–	3,960	–	0.12%	–
BIDU	New	BAIDU INC - SPON ADR	$209,000	–	1,785	–	0.11%	–
SRE	New	SEMPRA ENERGY	$207,000	–	1,503	–	0.11%	–
BMY	New	BRISTOL-MYERS SQUIBB	$205,000	–	4,518	–	0.11%	–
FNV	New	FRANCO-NEVADA CORP	$206,000	–	2,425	–	0.11%	–
KGC	New	KINROSS GOLD CORP.	$68,000	–	17,500	–	0.04%	–

Q4 2018

			Value		Shares		↓ Weighting
KGC	Exit	KINROSS GOLD CORP.	$0	–	-17,500	–	-0.02%	–
DVN	Exit	DEVON ENERGY CORPORATION	$0	–	-5,142	–	-0.11%	–
KO	Exit	COCA COLA	$0	–	-4,700	–	-0.11%	–
ABMD	Exit	ABIOMED INC	$0	–	-490	–	-0.12%	–
ECL	Exit	ECOLAB	$0	–	-1,500	–	-0.12%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-3,223	–	-0.13%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-3,181	–	-0.13%	–
PEP	Exit	PEPSICO	$0	–	-2,332	–	-0.14%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS, LP.	$0	–	-3,882	–	-0.14%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-3,338	–	-0.14%	–
WFC	Exit	WELLS FARGO & CO.	$0	–	-5,495	–	-0.15%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-9,080	–	-0.17%	–
CTRP	Exit	CTRIP.COM INTERNATIONAL-ADR	$0	–	-8,850	–	-0.17%	–
HAL	Exit	HALLIBURTON	$0	–	-8,675	–	-0.18%	–
GOLD	Exit	BARRICK GOLD	$0	–	-34,810	–	-0.20%	–
BIDU	Exit	BAIDU INC - SPON ADR	$0	–	-1,785	–	-0.21%	–
BRKB	Exit	BERKSHIRE HATHAWAY CLASS B	$0	–	-2,249	–	-0.25%	–
WEC	Exit	WEC ENERGY GROUP	$0	–	-8,629	–	-0.30%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-1,912	–	-0.32%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-8,130	–	-0.32%	–
NFG	Exit	NATIONAL FUEL GAS CO	$0	–	-11,500	–	-0.34%	–
JPM	Exit	J.P. MORGAN CHASE & CO.	$0	–	-6,189	–	-0.36%	–
UN	Exit	UNILEVER N.V. NY SHRS	$0	–	-13,287	–	-0.38%	–
VOD	Exit	VODAFONE GROUP PLC SP ADR	$0	–	-34,154	–	-0.39%	–
GLW	Exit	CORNING INC	$0	–	-21,507	–	-0.40%	–
USB	Exit	U S BANCORP	$0	–	-16,350	–	-0.45%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-2,504	–	-0.45%	–
DIS	Exit	WALT DISNEY	$0	–	-7,468	–	-0.46%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-3	–	-0.50%	–
VTR	Exit	VENTAS INC	$0	–	-18,200	–	-0.52%	–
CMI	Exit	CUMMINS	$0	–	-6,875	–	-0.52%	–
NHI	Exit	NATL HEALTH INVESTORS INC	$0	–	-13,350	–	-0.53%	–
BIP	Exit	BROOKFIELD INFRASTRUCTURE PARTNE	$0	–	-26,100	–	-0.54%	–
AEM	Exit	AGNICO-EAGLE MINES LTD	$0	–	-30,485	–	-0.54%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-32,100	–	-0.55%	–
ENB	Exit	ENBRIDGE INC	$0	–	-33,484	–	-0.56%	–
BABA	Exit	ALIBABA GROUP HOLDING-SP ADR	$0	–	-6,960	–	-0.60%	–
F	Exit	FORD MOTOR	$0	–	-142,749	–	-0.69%	–
TRP	Exit	TC ENERGY CORP	$0	–	-36,000	–	-0.76%	–
GSK	Exit	GLAXOSMITHKLINE PLC-ADR	$0	–	-36,700	–	-0.77%	–
NEE	Exit	NEXTERA ENERGY, INC.	$0	–	-8,880	–	-0.78%	–
CMP	Exit	COMPASS MINERALS INTERNATION	$0	–	-22,700	–	-0.80%	–
RTN	Exit	RAYTHEON	$0	–	-8,072	–	-0.87%	–
NVS	Exit	NOVARTIS AG-ADR	$0	–	-19,800	–	-0.89%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-11,911	–	-0.94%	–
BA	Exit	BOEING	$0	–	-4,985	–	-0.97%	–
PFE	Exit	PFIZER	$0	–	-44,088	–	-1.01%	–
T	Exit	A T & T INC.	$0	–	-60,939	–	-1.07%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-39,522	–	-1.10%	–
INTC	Exit	INTEL CORP	$0	–	-46,435	–	-1.14%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-37,055	–	-1.18%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-26,963	–	-1.23%	–
MRK	Exit	MERCK	$0	–	-36,370	–	-1.34%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-22,046	–	-1.47%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC-ADR	$0	–	-40,272	–	-1.49%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-43,107	–	-1.55%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-41,764	–	-1.60%	–
XOM	Exit	EXXON MOBIL	$0	–	-40,741	–	-1.81%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-44,090	–	-1.91%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-33,398	–	-1.98%	–
AMZN	Exit	AMAZON.COM	$0	–	-2,122	–	-2.22%	–
MSFT	Exit	MICROSOFT	$0	–	-37,565	–	-2.24%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-31,705	–	-2.31%	–
AMGN	Exit	AMGEN INC	$0	–	-22,363	–	-2.42%	–
ROK	Exit	ROCKWELL AUTOMATION	$0	–	-26,457	–	-2.59%	–
SNH	Exit	SENIOR HOUSING PROP TRUST	$0	–	-305,400	–	-2.80%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-4,697	–	-2.96%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-65,969	–	-3.02%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-5,466	–	-3.40%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-56,257	–	-4.05%	–
CVX	Exit	CHEVRON CORP.	$0	–	-64,274	–	-4.10%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-40,323	–	-5.13%	–
MMM	Exit	3M COMPANY	$0	–	-50,933	–	-5.59%	–
COST	Exit	COSTCO WHOLESALE	$0	–	-47,840	–	-5.86%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-50,002	–	-5.88%	–
HON	Exit	HONEYWELL INTERNATIONAL INC.	$0	–	-76,016	–	-6.59%	–

Q3 2018

			Value		Shares		↓ Weighting
HON	Buy	HONEYWELL INTERNATIONAL INC.	$12,649,000	+24.6%	76,016	+7.9%	6.59%	+9.1%
AAPL	Buy	APPLE COMPUTER INC	$11,287,000	+33.0%	50,002	+9.1%	5.88%	+16.4%
COST	Buy	COSTCO WHOLESALE	$11,237,000	+23.9%	47,840	+10.3%	5.86%	+8.5%
MMM	Buy	3M COMPANY	$10,732,000	+16.4%	50,933	+8.7%	5.59%	+1.9%
TMO	Buy	THERMO FISHER SCIENTIFIC	$9,842,000	+28.9%	40,323	+9.4%	5.13%	+12.9%
CVX	Sell	CHEVRON CORP.	$7,859,000	-3.5%	64,274	-0.2%	4.10%	-15.5%
JNJ	Buy	JOHNSON & JOHNSON	$7,773,000	+23.0%	56,257	+8.0%	4.05%	+7.7%
GOOG	Buy	ALPHABET INC-CL C	$6,523,000	+15.9%	5,466	+8.3%	3.40%	+1.5%
AWK	Buy	AMERICAN WATER WORKS	$5,803,000	+10.9%	65,969	+7.7%	3.02%	-2.9%
GOOGL	Buy	ALPHABET INC-CL A	$5,670,000	+17.1%	4,697	+9.5%	2.96%	+2.5%
SNH	Buy	SENIOR HOUSING PROP TRUST	$5,363,000	+80.3%	305,400	+85.7%	2.80%	+57.8%
ROK	Buy	ROCKWELL AUTOMATION	$4,961,000	+27.1%	26,457	+12.7%	2.59%	+11.3%
AMGN	Buy	AMGEN INC	$4,636,000	+22.3%	22,363	+8.9%	2.42%	+7.0%
UTX	Buy	UNITED TECHNOLOGIES	$4,433,000	+24.6%	31,705	+11.4%	2.31%	+9.1%
MSFT	Buy	MICROSOFT	$4,296,000	+42.3%	37,565	+22.7%	2.24%	+24.5%
AMZN	Buy	AMAZON.COM	$4,251,000	+41.6%	2,122	+20.2%	2.22%	+24.0%
KMB	Sell	KIMBERLY CLARK	$3,795,000	-2.7%	33,398	-9.8%	1.98%	-14.8%
PG	Sell	PROCTER & GAMBLE	$3,670,000	+0.5%	44,090	-5.8%	1.91%	-12.0%
XOM	Buy	EXXON MOBIL	$3,464,000	+3.0%	40,741	+0.2%	1.81%	-9.7%
ABT	Buy	ABBOTT LABORATORIES	$3,064,000	+21.7%	41,764	+1.2%	1.60%	+6.6%
LDOS	Buy	LEIDOS HOLDINGS INC	$2,981,000	+38.9%	43,107	+18.5%	1.55%	+21.7%
RDSB	Sell	ROYAL DUTCH SHELL PLC-ADR	$2,856,000	-3.1%	40,272	-0.7%	1.49%	-15.2%
EOG	Buy	EOG RESOURCES INC	$2,813,000	+14.9%	22,046	+12.1%	1.47%	+0.6%
MRK	Sell	MERCK	$2,580,000	+14.4%	36,370	-2.2%	1.34%	+0.1%
PYPL	Buy	PAYPAL HOLDINGS INC	$2,368,000	+45.6%	26,963	+38.1%	1.23%	+27.5%
SLB	Sell	SCHLUMBERGER LIMITED	$2,257,000	-12.3%	37,055	-3.5%	1.18%	-23.2%
INTC	Buy	INTEL CORP	$2,195,000	+14.5%	46,435	+20.4%	1.14%	+0.3%
VZ	Buy	VERIZON COMMUNICATIONS	$2,110,000	+7.2%	39,522	+1.0%	1.10%	-6.1%
T	Buy	A T & T INC.	$2,046,000	+6.3%	60,939	+1.7%	1.07%	-7.0%
BA	Buy	BOEING	$1,854,000	+57.4%	4,985	+42.0%	0.97%	+37.8%
IBM	Buy	INTL BUSINESS MACHINES	$1,801,000	+39.1%	11,911	+28.5%	0.94%	+21.8%
RTN	Buy	RAYTHEON	$1,668,000	+19.7%	8,072	+12.0%	0.87%	+4.8%
NEE	Buy	NEXTERA ENERGY, INC.	$1,488,000	+28.5%	8,880	+28.1%	0.78%	+12.6%
TRP	New	TC ENERGY CORP	$1,457,000	–	36,000	–	0.76%	–
BABA	New	ALIBABA GROUP HOLDING-SP ADR	$1,147,000	–	6,960	–	0.60%	–
AEM	Sell	AGNICO-EAGLE MINES LTD	$1,043,000	-27.7%	30,485	-3.2%	0.54%	-36.7%
CMI	Buy	CUMMINS	$1,004,000	+28.7%	6,875	+17.2%	0.52%	+12.7%
DIS	Buy	WALT DISNEY	$873,000	+11.5%	7,468	+0.0%	0.46%	-2.4%
LMT	Sell	LOCKHEED MARTIN	$866,000	+14.7%	2,504	-2.0%	0.45%	+0.4%
USB	Sell	U S BANCORP	$863,000	-1.4%	16,350	-6.6%	0.45%	-13.6%
GLW	Buy	CORNING INC	$759,000	+123.2%	21,507	+74.1%	0.40%	+96.0%
VOD	Sell	VODAFONE GROUP PLC SP ADR	$741,000	-22.9%	34,154	-13.6%	0.39%	-32.5%
JPM	Sell	J.P. MORGAN CHASE & CO.	$698,000	+4.8%	6,189	-3.1%	0.36%	-8.1%
EMR	Sell	EMERSON ELECTRIC	$623,000	+9.5%	8,130	-1.2%	0.32%	-4.1%
BIDU	New	BAIDU INC - SPON ADR	$408,000	–	1,785	–	0.21%	–
GOLD	Buy	BARRICK GOLD	$386,000	-15.5%	34,810	+0.0%	0.20%	-26.1%
CTRP	New	CTRIP.COM INTERNATIONAL-ADR	$329,000	–	8,850	–	0.17%	–
BPL	Sell	BUCKEYE PARTNERS LP	$324,000	-3.9%	9,080	-5.2%	0.17%	-15.9%
MMP	Sell	MAGELLAN MIDSTREAM PARTNERS, LP.	$263,000	-18.6%	3,882	-17.1%	0.14%	-28.6%
PEP	Sell	PEPSICO	$261,000	-31.1%	2,332	-33.1%	0.14%	-39.8%
ABMD	New	ABIOMED INC	$220,000	–	490	–	0.12%	–
KO	Sell	COCA COLA	$217,000	-16.2%	4,700	-20.3%	0.11%	-26.6%
DVN	Sell	DEVON ENERGY CORPORATION	$205,000	-11.6%	5,142	-2.7%	0.11%	-22.5%
ABBV	Exit	ABBVIE INC	$0	–	-2,280	–	-0.13%	–
GG	Exit	GOLDCORP	$0	–	-50,396	–	-0.41%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-36,000	–	-0.93%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-28,371	–	-1.24%	–
HRS	Exit	HARRIS	$0	–	-19,221	–	-1.65%	–

Q2 2018

			Value		Shares		↓ Weighting
HON	New	HONEYWELL INTERNATIONAL INC.	$10,149,000	–	70,454	–	6.04%	–
MMM	New	3M COMPANY	$9,219,000	–	46,863	–	5.49%	–
COST	New	COSTCO WHOLESALE	$9,066,000	–	43,384	–	5.40%	–
AAPL	New	APPLE COMPUTER INC	$8,488,000	–	45,852	–	5.05%	–
CVX	New	CHEVRON CORP.	$8,143,000	–	64,409	–	4.85%	–
TMO	New	THERMO FISHER SCIENTIFIC	$7,635,000	–	36,858	–	4.54%	–
JNJ	New	JOHNSON & JOHNSON	$6,320,000	–	52,088	–	3.76%	–
GOOG	New	ALPHABET INC-CL C	$5,630,000	–	5,046	–	3.35%	–
AWK	New	AMERICAN WATER WORKS	$5,231,000	–	61,268	–	3.11%	–
GOOGL	New	ALPHABET INC-CL A	$4,842,000	–	4,288	–	2.88%	–
ROK	New	ROCKWELL AUTOMATION	$3,904,000	–	23,486	–	2.32%	–
KMB	New	KIMBERLY CLARK	$3,899,000	–	37,016	–	2.32%	–
AMGN	New	AMGEN INC	$3,792,000	–	20,544	–	2.26%	–
PG	New	PROCTER & GAMBLE	$3,652,000	–	46,780	–	2.17%	–
UTX	New	UNITED TECHNOLOGIES	$3,559,000	–	28,465	–	2.12%	–
XOM	New	EXXON MOBIL	$3,362,000	–	40,641	–	2.00%	–
MSFT	New	MICROSOFT	$3,020,000	–	30,622	–	1.80%	–
AMZN	New	AMAZON.COM	$3,002,000	–	1,766	–	1.79%	–
SNH	New	SENIOR HOUSING PROP TRUST	$2,975,000	–	164,450	–	1.77%	–
RDSB	New	ROYAL DUTCH SHELL PLC-ADR	$2,948,000	–	40,572	–	1.76%	–
HRS	New	HARRIS	$2,778,000	–	19,221	–	1.65%	–
SLB	New	SCHLUMBERGER LIMITED	$2,574,000	–	38,394	–	1.53%	–
ABT	New	ABBOTT LABORATORIES	$2,517,000	–	41,263	–	1.50%	–
EOG	New	EOG RESOURCES INC	$2,448,000	–	19,675	–	1.46%	–
MRK	New	MERCK	$2,256,000	–	37,173	–	1.34%	–
LDOS	New	LEIDOS HOLDINGS INC	$2,146,000	–	36,372	–	1.28%	–
APC	New	ANADARKO PETROLEUM	$2,078,000	–	28,371	–	1.24%	–
VZ	New	VERIZON COMMUNICATIONS	$1,968,000	–	39,122	–	1.17%	–
T	New	A T & T INC.	$1,925,000	–	59,939	–	1.15%	–
INTC	New	INTEL CORP	$1,917,000	–	38,561	–	1.14%	–
PYPL	New	PAYPAL HOLDINGS INC	$1,626,000	–	19,530	–	0.97%	–
PFE	New	PFIZER	$1,600,000	–	44,088	–	0.95%	–
F	New	FORD MOTOR	$1,580,000	–	142,749	–	0.94%	–
TRP	New	TRANSCANADA CORP	$1,555,000	–	36,000	–	0.93%	–
NVS	New	NOVARTIS AG-ADR	$1,496,000	–	19,800	–	0.89%	–
CMP	New	COMPASS MINERALS INTERNATION	$1,493,000	–	22,700	–	0.89%	–
GSK	New	GLAXOSMITHKLINE PLC-ADR	$1,479,000	–	36,700	–	0.88%	–
AEM	New	AGNICO-EAGLE MINES LTD	$1,443,000	–	31,485	–	0.86%	–
RTN	New	RAYTHEON	$1,393,000	–	7,210	–	0.83%	–
IBM	New	INTL BUSINESS MACHINES	$1,295,000	–	9,271	–	0.77%	–
ENB	New	ENBRIDGE INC	$1,195,000	–	33,484	–	0.71%	–
BA	New	BOEING	$1,178,000	–	3,510	–	0.70%	–
NEE	New	NEXTERA ENERGY, INC.	$1,158,000	–	6,930	–	0.69%	–
VTR	New	VENTAS INC	$1,036,000	–	18,200	–	0.62%	–
BIP	New	BROOKFIELD INFRASTRUCTURE PARTNE	$1,002,000	–	26,100	–	0.60%	–
NHI	New	NATL HEALTH INVESTORS INC	$984,000	–	13,350	–	0.59%	–
PK	New	PARK HOTELS & RESORTS INC	$983,000	–	32,100	–	0.58%	–
VOD	New	VODAFONE GROUP PLC SP ADR	$961,000	–	39,537	–	0.57%	–
USB	New	U S BANCORP	$875,000	–	17,502	–	0.52%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$846,000	–	3	–	0.50%	–
DIS	New	WALT DISNEY	$783,000	–	7,467	–	0.47%	–
CMI	New	CUMMINS	$780,000	–	5,865	–	0.46%	–
LMT	New	LOCKHEED MARTIN	$755,000	–	2,554	–	0.45%	–
UN	New	UNILEVER N.V. NY SHRS	$740,000	–	13,287	–	0.44%	–
GG	New	GOLDCORP	$691,000	–	50,396	–	0.41%	–
JPM	New	J.P. MORGAN CHASE & CO.	$666,000	–	6,389	–	0.40%	–
NFG	New	NATIONAL FUEL GAS CO	$609,000	–	11,500	–	0.36%	–
NOC	New	NORTHROP GRUMMAN	$588,000	–	1,912	–	0.35%	–
EMR	New	EMERSON ELECTRIC	$569,000	–	8,230	–	0.34%	–
WEC	New	WEC ENERGY GROUP	$558,000	–	8,629	–	0.33%	–
GOLD	New	BARRICK GOLD	$457,000	–	34,808	–	0.27%	–
BRKB	New	BERKSHIRE HATHAWAY CLASS B	$420,000	–	2,249	–	0.25%	–
HAL	New	HALLIBURTON	$391,000	–	8,675	–	0.23%	–
PEP	New	PEPSICO	$379,000	–	3,484	–	0.23%	–
GLW	New	CORNING INC	$340,000	–	12,350	–	0.20%	–
BPL	New	BUCKEYE PARTNERS LP	$337,000	–	9,580	–	0.20%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS, LP.	$323,000	–	4,682	–	0.19%	–
WFC	New	WELLS FARGO & CO.	$305,000	–	5,495	–	0.18%	–
KO	New	COCA COLA	$259,000	–	5,900	–	0.15%	–
DUK	New	DUKE ENERGY CORP	$252,000	–	3,181	–	0.15%	–
MPC	New	MARATHON PETROLEUM CORP	$234,000	–	3,338	–	0.14%	–
DVN	New	DEVON ENERGY CORPORATION	$232,000	–	5,282	–	0.14%	–
COP	New	CONOCOPHILLIPS	$224,000	–	3,223	–	0.13%	–
ABBV	New	ABBVIE INC	$211,000	–	2,280	–	0.13%	–
ECL	New	ECOLAB	$210,000	–	1,500	–	0.12%	–
KGC	New	KINROSS GOLD CORP.	$66,000	–	17,500	–	0.04%	–

Q4 2017

			Value		Shares		↓ Weighting
D	Exit	DOMINION RESOURCES	$0	–	-600	–	0.00%	–
CEMP	Exit	CEMPRA INC	$0	–	-32,000	–	-0.05%	–
KGC	Exit	KINROSS GOLD CORP.	$0	–	-33,400	–	-0.07%	–
F	Exit	FORD MOTOR	$0	–	-15,399	–	-0.09%	–
AEP	Exit	AMERICAN ELECTRIC POWER	$0	–	-2,860	–	-0.10%	–
MKC	Exit	MCCORMICK & CO-NON VIG SHRS	$0	–	-2,000	–	-0.10%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,380	–	-0.11%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-3,363	–	-0.11%	–
AGN	Exit	ALLERGAN PLC	$0	–	-1,104	–	-0.11%	–
PFE	Exit	PFIZER	$0	–	-8,142	–	-0.15%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-3,647	–	-0.15%	–
T	Exit	A T & T INC.	$0	–	-8,090	–	-0.16%	–
KO	Exit	COCA COLA	$0	–	-8,500	–	-0.19%	–
NFX	Exit	NEWFIELD EXPLORATION	$0	–	-13,050	–	-0.19%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-5,714	–	-0.20%	–
MCY	Exit	MERCURY GENERAL	$0	–	-7,050	–	-0.20%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-8,722	–	-0.22%	–
BRKB	Exit	BERKSHIRE HATHAWAY CLASS B	$0	–	-2,399	–	-0.22%	–
BIDU	Exit	BAIDU INC - SPON ADR	$0	–	-1,785	–	-0.22%	–
PEP	Exit	PEPSICO	$0	–	-4,000	–	-0.22%	–
CTRP	Exit	CTRIP.COM INTERNATIONAL-ADR	$0	–	-8,850	–	-0.23%	–
EPD	Exit	ENTERPRISE PRODUCT PARTNERS L.P.	$0	–	-17,920	–	-0.23%	–
WTR	Exit	AQUA AMERICA INC.	$0	–	-14,338	–	-0.24%	–
AXP	Exit	AMERICAN EXPRESS	$0	–	-5,600	–	-0.25%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-4,556	–	-0.26%	–
WEC	Exit	WEC ENERGY GROUP	$0	–	-8,929	–	-0.28%	–
CW	Exit	CURTISS-WRIGHT	$0	–	-6,016	–	-0.32%	–
JPM	Exit	J.P. MORGAN CHASE & CO.	$0	–	-7,712	–	-0.37%	–
DVN	Exit	DEVON ENERGY CORPORATION	$0	–	-20,749	–	-0.38%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-2,524	–	-0.39%	–
UN	Exit	UNILEVER N.V. NY SHRS	$0	–	-13,407	–	-0.40%	–
MRK	Exit	MERCK	$0	–	-12,873	–	-0.41%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-3	–	-0.41%	–
GOLD	Exit	BARRICK GOLD	$0	–	-52,752	–	-0.42%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-35,173	–	-0.45%	–
INTC	Exit	INTEL CORP	$0	–	-24,776	–	-0.47%	–
HAL	Exit	HALLIBURTON	$0	–	-20,800	–	-0.48%	–
NFG	Exit	NATIONAL FUEL GAS CO	$0	–	-17,775	–	-0.50%	–
WFC	Exit	WELLS FARGO & CO.	$0	–	-18,295	–	-0.50%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS, LP.	$0	–	-14,332	–	-0.51%	–
DIS	Exit	WALT DISNEY	$0	–	-10,567	–	-0.52%	–
CAT	Exit	CATERPILLAR	$0	–	-8,700	–	-0.54%	–
VOD	Exit	VODAFONE GROUP PLC SP ADR	$0	–	-39,987	–	-0.57%	–
GG	Exit	GOLDCORP	$0	–	-92,267	–	-0.60%	–
BABA	Exit	ALIBABA GROUP HOLDING-SP ADR	$0	–	-6,960	–	-0.60%	–
KMPR	Exit	KEMPER	$0	–	-23,160	–	-0.61%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC-ADR	$0	–	-20,072	–	-0.63%	–
NEE	Exit	NEXTERA ENERGY, INC.	$0	–	-8,630	–	-0.63%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-23,080	–	-0.66%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-60,874	–	-0.74%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-15,365	–	-0.74%	–
USB	Exit	U S BANCORP	$0	–	-32,350	–	-0.87%	–
MSFT	Exit	MICROSOFT	$0	–	-26,317	–	-0.98%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-7,102	–	-1.02%	–
XOM	Exit	EXXON MOBIL	$0	–	-25,130	–	-1.03%	–
AEM	Exit	AGNICO-EAGLE MINES LTD	$0	–	-49,240	–	-1.12%	–
AMZN	Exit	AMAZON.COM	$0	–	-2,396	–	-1.15%	–
CMI	Exit	CUMMINS	$0	–	-14,350	–	-1.21%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-17,440	–	-1.27%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-45,533	–	-1.35%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-52,983	–	-1.42%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-25,202	–	-1.48%	–
RTN	Exit	RAYTHEON	$0	–	-16,375	–	-1.53%	–
BA	Exit	BOEING	$0	–	-13,210	–	-1.68%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-60,839	–	-1.92%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-85,542	–	-2.09%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-60,989	–	-2.13%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-49,643	–	-2.26%	–
SNH	Exit	SENIOR HOUSING PROP TRUST	$0	–	-235,680	–	-2.31%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-39,765	–	-2.31%	–
AMGN	Exit	AMGEN INC	$0	–	-27,041	–	-2.52%	–
ROK	Exit	ROCKWELL AUTOMATION	$0	–	-30,096	–	-2.69%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-5,658	–	-2.76%	–
WMT	Exit	WAL-MART STORES	$0	–	-75,375	–	-2.95%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-6,471	–	-3.11%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-80,508	–	-3.26%	–
CVX	Exit	CHEVRON CORP.	$0	–	-60,558	–	-3.56%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-46,690	–	-4.42%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-57,781	–	-4.46%	–
COST	Exit	COSTCO WHOLESALE	$0	–	-58,717	–	-4.83%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-78,388	–	-5.10%	–
MMM	Exit	3M COMPANY	$0	–	-64,629	–	-6.79%	–
HON	Exit	HONEYWELL INTERNATIONAL INC.	$0	–	-100,864	–	-7.16%	–

Q3 2017

			Value		Shares		↓ Weighting
HON	Sell	HONEYWELL INTERNATIONAL INC.	$14,296,000	+5.7%	100,864	-0.6%	7.16%	+1.8%
MMM	Sell	3M COMPANY	$13,566,000	-0.6%	64,629	-1.4%	6.79%	-4.3%
JNJ	Sell	JOHNSON & JOHNSON	$10,192,000	-2.9%	78,388	-1.2%	5.10%	-6.5%
COST	Sell	COSTCO WHOLESALE	$9,647,000	+1.6%	58,717	-1.1%	4.83%	-2.1%
AAPL	Sell	APPLE COMPUTER INC	$8,906,000	+5.5%	57,781	-1.4%	4.46%	+1.6%
TMO	Sell	THERMO FISHER SCIENTIFIC	$8,834,000	+6.7%	46,690	-1.6%	4.42%	+2.7%
CVX	Sell	CHEVRON CORP.	$7,115,000	+9.0%	60,558	-3.2%	3.56%	+4.9%
AWK	Sell	AMERICAN WATER WORKS	$6,514,000	+2.0%	80,508	-1.8%	3.26%	-1.8%
GOOG	Buy	ALPHABET INC-CL C	$6,207,000	+5.9%	6,471	+0.4%	3.11%	+2.0%
GOOGL	Sell	ALPHABET INC-CL A	$5,509,000	+2.5%	5,658	-2.2%	2.76%	-1.3%
ROK	Buy	ROCKWELL AUTOMATION	$5,363,000	+11.8%	30,096	+1.7%	2.69%	+7.7%
AMGN	Sell	AMGEN INC	$5,042,000	+7.1%	27,041	-1.0%	2.52%	+3.2%
UTX	Sell	UNITED TECHNOLOGIES	$4,616,000	-6.2%	39,765	-1.4%	2.31%	-9.7%
SNH	Buy	SENIOR HOUSING PROP TRUST	$4,608,000	+22.8%	235,680	+28.4%	2.31%	+18.3%
PG	Sell	PROCTER & GAMBLE	$4,516,000	+3.6%	49,643	-0.8%	2.26%	-0.2%
SLB	Sell	SCHLUMBERGER LIMITED	$4,254,000	+1.3%	60,989	-4.4%	2.13%	-2.5%
APC	Sell	ANADARKO PETROLEUM	$4,179,000	+5.9%	85,542	-1.7%	2.09%	+2.0%
EMR	Sell	EMERSON ELECTRIC	$3,823,000	-12.9%	60,839	-17.3%	1.92%	-16.0%
BA	Sell	BOEING	$3,359,000	+26.2%	13,210	-1.9%	1.68%	+21.5%
RTN	Buy	RAYTHEON	$3,055,000	+25.2%	16,375	+8.3%	1.53%	+20.6%
KMB	Sell	KIMBERLY CLARK	$2,966,000	-13.6%	25,202	-5.2%	1.48%	-16.8%
ABT	Buy	ABBOTT LABORATORIES	$2,827,000	+10.1%	52,983	+0.3%	1.42%	+6.1%
LDOS	Buy	LEIDOS HOLDINGS INC	$2,697,000	+18.0%	45,533	+2.9%	1.35%	+13.6%
IBM	Sell	INTL BUSINESS MACHINES	$2,530,000	-5.9%	17,440	-0.2%	1.27%	-9.4%
CMI	Sell	CUMMINS	$2,411,000	-3.9%	14,350	-7.2%	1.21%	-7.5%
AMZN	Buy	AMAZON.COM	$2,304,000	+0.5%	2,396	+1.1%	1.15%	-3.2%
AEM	Sell	AGNICO-EAGLE MINES LTD	$2,226,000	-3.1%	49,240	-3.3%	1.12%	-6.7%
XOM	Sell	EXXON MOBIL	$2,060,000	+0.0%	25,130	-1.5%	1.03%	-3.6%
NOC	Sell	NORTHROP GRUMMAN	$2,043,000	+7.1%	7,102	-4.4%	1.02%	+3.1%
MSFT	Buy	MICROSOFT	$1,960,000	+40.2%	26,317	+29.8%	0.98%	+35.1%
USB	Buy	U S BANCORP	$1,734,000	+4.0%	32,350	+0.8%	0.87%	+0.1%
EOG	Buy	EOG RESOURCES INC	$1,487,000	+8.8%	15,365	+1.8%	0.74%	+4.8%
GE	Sell	GENERAL ELECTRIC	$1,472,000	-41.2%	60,874	-34.4%	0.74%	-43.4%
BPL	Sell	BUCKEYE PARTNERS LP	$1,316,000	-14.4%	23,080	-4.1%	0.66%	-17.6%
NEE	Buy	NEXTERA ENERGY, INC.	$1,265,000	+7.8%	8,630	+3.1%	0.63%	+3.9%
RDSB	Buy	ROYAL DUTCH SHELL PLC-ADR	$1,255,000	+18.4%	20,072	+3.1%	0.63%	+14.0%
GG	Sell	GOLDCORP	$1,196,000	-0.4%	92,267	-0.8%	0.60%	-4.2%
VOD	Sell	VODAFONE GROUP PLC SP ADR	$1,138,000	-7.9%	39,987	-7.0%	0.57%	-11.2%
CAT	Sell	CATERPILLAR	$1,085,000	+11.9%	8,700	-3.6%	0.54%	+7.7%
DIS	Sell	WALT DISNEY	$1,042,000	-31.0%	10,567	-25.7%	0.52%	-33.6%
MMP	Sell	MAGELLAN MIDSTREAM PARTNERS, LP.	$1,018,000	-6.9%	14,332	-6.5%	0.51%	-10.2%
HAL	Sell	HALLIBURTON	$957,000	+3.0%	20,800	-4.4%	0.48%	-0.8%
INTC	Sell	INTEL CORP	$943,000	+10.8%	24,776	-1.8%	0.47%	+6.5%
MRK	Buy	MERCK	$824,000	-0.1%	12,873	+0.0%	0.41%	-3.7%
UN	Sell	UNILEVER N.V. NY SHRS	$792,000	+5.9%	13,407	-0.9%	0.40%	+2.1%
DVN	Buy	DEVON ENERGY CORPORATION	$762,000	+25.7%	20,749	+9.4%	0.38%	+21.3%
JPM	New	J.P. MORGAN CHASE & CO.	$737,000	–	7,712	–	0.37%	–
AXP	Sell	AMERICAN EXPRESS	$507,000	-4.7%	5,600	-11.3%	0.25%	-8.3%
VZ	Sell	VERIZON COMMUNICATIONS	$432,000	-12.6%	8,722	-21.2%	0.22%	-16.0%
DWDP	New	DOWDUPONT INC	$396,000	–	5,714	–	0.20%	–
NFX	Sell	NEWFIELD EXPLORATION	$387,000	-1.0%	13,050	-5.1%	0.19%	-4.4%
T	Sell	A T & T INC.	$317,000	0.0%	8,090	-3.6%	0.16%	-3.6%
DUK	Sell	DUKE ENERGY CORP	$306,000	-14.5%	3,647	-14.9%	0.15%	-17.7%
BMY	New	BRISTOL-MYERS SQUIBB	$214,000	–	3,363	–	0.11%	–
ABBV	Sell	ABBVIE INC	$211,000	-8.7%	2,380	-25.2%	0.11%	-11.7%
MKC	New	MCCORMICK & CO-NON VIG SHRS	$205,000	–	2,000	–	0.10%	–
AEP	New	AMERICAN ELECTRIC POWER	$201,000	–	2,860	–	0.10%	–
F	Buy	FORD MOTOR	$184,000	+34.3%	15,399	+26.2%	0.09%	+29.6%
CEMP	New	CEMPRA INC	$104,000	–	32,000	–	0.05%	–
D	New	DOMINION RESOURCES	$0	–	600	–	0.00%	–
VALE	Exit	VALE SA-SP ADR	$0	–	-10,000	–	-0.05%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-10,045	–	-0.10%	–
SJM	Exit	JM SMUCKER	$0	–	-1,855	–	-0.11%	–

Q2 2017

			Value		Shares		↓ Weighting
MMM	New	3M COMPANY	$13,652,000	–	65,576	–	7.10%	–
HON	New	HONEYWELL INTERNATIONAL INC.	$13,521,000	–	101,440	–	7.03%	–
JNJ	New	JOHNSON & JOHNSON	$10,496,000	–	79,335	–	5.46%	–
COST	New	COSTCO WHOLESALE	$9,492,000	–	59,351	–	4.94%	–
AAPL	New	APPLE COMPUTER INC	$8,442,000	–	58,616	–	4.39%	–
TMO	New	THERMO FISHER SCIENTIFIC	$8,281,000	–	47,465	–	4.31%	–
CVX	New	CHEVRON CORP.	$6,528,000	–	62,575	–	3.40%	–
AWK	New	AMERICAN WATER WORKS	$6,388,000	–	81,958	–	3.32%	–
GOOG	New	ALPHABET INC-CL C	$5,860,000	–	6,448	–	3.05%	–
WMT	New	WAL-MART STORES	$5,704,000	–	75,375	–	2.97%	–
GOOGL	New	ALPHABET INC-CL A	$5,376,000	–	5,783	–	2.80%	–
UTX	New	UNITED TECHNOLOGIES	$4,923,000	–	40,315	–	2.56%	–
ROK	New	ROCKWELL AUTOMATION	$4,795,000	–	29,606	–	2.49%	–
AMGN	New	AMGEN INC	$4,706,000	–	27,323	–	2.45%	–
EMR	New	EMERSON ELECTRIC	$4,387,000	–	73,588	–	2.28%	–
PG	New	PROCTER & GAMBLE	$4,360,000	–	50,033	–	2.27%	–
SLB	New	SCHLUMBERGER LIMITED	$4,201,000	–	63,804	–	2.18%	–
APC	New	ANADARKO PETROLEUM	$3,945,000	–	87,007	–	2.05%	–
SNH	New	SENIOR HOUSING PROP TRUST	$3,752,000	–	183,600	–	1.95%	–
KMB	New	KIMBERLY CLARK	$3,431,000	–	26,577	–	1.78%	–
IBM	New	INTL BUSINESS MACHINES	$2,689,000	–	17,480	–	1.40%	–
BA	New	BOEING	$2,661,000	–	13,460	–	1.38%	–
ABT	New	ABBOTT LABORATORIES	$2,568,000	–	52,833	–	1.34%	–
CMI	New	CUMMINS	$2,509,000	–	15,470	–	1.30%	–
GE	New	GENERAL ELECTRIC	$2,505,000	–	92,754	–	1.30%	–
RTN	New	RAYTHEON	$2,441,000	–	15,115	–	1.27%	–
AEM	New	AGNICO-EAGLE MINES LTD	$2,298,000	–	50,940	–	1.20%	–
AMZN	New	AMAZON.COM	$2,293,000	–	2,369	–	1.19%	–
LDOS	New	LEIDOS HOLDINGS INC	$2,286,000	–	44,232	–	1.19%	–
XOM	New	EXXON MOBIL	$2,059,000	–	25,500	–	1.07%	–
NOC	New	NORTHROP GRUMMAN	$1,908,000	–	7,432	–	0.99%	–
USB	New	U S BANCORP	$1,667,000	–	32,100	–	0.87%	–
BPL	New	BUCKEYE PARTNERS LP	$1,538,000	–	24,060	–	0.80%	–
DIS	New	WALT DISNEY	$1,511,000	–	14,217	–	0.79%	–
MSFT	New	MICROSOFT	$1,398,000	–	20,277	–	0.73%	–
EOG	New	EOG RESOURCES INC	$1,367,000	–	15,100	–	0.71%	–
VOD	New	VODAFONE GROUP PLC SP ADR	$1,235,000	–	42,987	–	0.64%	–
GG	New	GOLDCORP	$1,201,000	–	93,017	–	0.62%	–
NEE	New	NEXTERA ENERGY, INC.	$1,173,000	–	8,370	–	0.61%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS, LP.	$1,093,000	–	15,332	–	0.57%	–
RDSB	New	ROYAL DUTCH SHELL PLC-ADR	$1,060,000	–	19,472	–	0.55%	–
WFC	New	WELLS FARGO & CO.	$1,014,000	–	18,295	–	0.53%	–
NFG	New	NATIONAL FUEL GAS CO	$992,000	–	17,775	–	0.52%	–
BABA	New	ALIBABA GROUP HOLDING-SP ADR	$981,000	–	6,960	–	0.51%	–
CAT	New	CATERPILLAR	$970,000	–	9,025	–	0.50%	–
HAL	New	HALLIBURTON	$929,000	–	21,750	–	0.48%	–
KMPR	New	KEMPER	$894,000	–	23,160	–	0.46%	–
BAC	New	BANK OF AMERICA CORP	$853,000	–	35,173	–	0.44%	–
INTC	New	INTEL CORP	$851,000	–	25,236	–	0.44%	–
GOLD	New	BARRICK GOLD	$839,000	–	52,752	–	0.44%	–
MRK	New	MERCK	$825,000	–	12,870	–	0.43%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$764,000	–	3	–	0.40%	–
UN	New	UNILEVER N.V. NY SHRS	$748,000	–	13,527	–	0.39%	–
LMT	New	LOCKHEED MARTIN	$701,000	–	2,524	–	0.36%	–
DVN	New	DEVON ENERGY CORPORATION	$606,000	–	18,967	–	0.32%	–
CW	New	CURTISS-WRIGHT	$552,000	–	6,016	–	0.29%	–
WEC	New	WEC ENERGY GROUP	$548,000	–	8,929	–	0.28%	–
AXP	New	AMERICAN EXPRESS	$532,000	–	6,310	–	0.28%	–
SRE	New	SEMPRA ENERGY	$514,000	–	4,556	–	0.27%	–
VZ	New	VERIZON COMMUNICATIONS	$494,000	–	11,072	–	0.26%	–
EPD	New	ENTERPRISE PRODUCT PARTNERS L.P.	$485,000	–	17,920	–	0.25%	–
WTR	New	AQUA AMERICA INC.	$477,000	–	14,338	–	0.25%	–
CTRP	New	CTRIP.COM INTERNATIONAL-ADR	$477,000	–	8,850	–	0.25%	–
PEP	New	PEPSICO	$462,000	–	4,000	–	0.24%	–
BRKB	New	BERKSHIRE HATHAWAY CLASS B	$406,000	–	2,399	–	0.21%	–
NFX	New	NEWFIELD EXPLORATION	$391,000	–	13,750	–	0.20%	–
KO	New	COCA COLA	$381,000	–	8,500	–	0.20%	–
MCY	New	MERCURY GENERAL	$381,000	–	7,050	–	0.20%	–
DUK	New	DUKE ENERGY CORP	$358,000	–	4,287	–	0.19%	–
BIDU	New	BAIDU INC - SPON ADR	$319,000	–	1,785	–	0.17%	–
T	New	A T & T INC.	$317,000	–	8,390	–	0.16%	–
PFE	New	PFIZER	$273,000	–	8,142	–	0.14%	–
AGN	New	ALLERGAN PLC	$268,000	–	1,104	–	0.14%	–
ABBV	New	ABBVIE INC	$231,000	–	3,180	–	0.12%	–
SJM	New	JM SMUCKER	$220,000	–	1,855	–	0.11%	–
KMI	New	KINDER MORGAN INC	$192,000	–	10,045	–	0.10%	–
F	New	FORD MOTOR	$137,000	–	12,199	–	0.07%	–
KGC	New	KINROSS GOLD CORP.	$136,000	–	33,400	–	0.07%	–
VALE	New	VALE SA-SP ADR	$88,000	–	10,000	–	0.05%	–

Q4 2016

			Value		Shares		↓ Weighting
IMUC	Exit	IMMUNOCELLULAR THERAPEUTICS	$0	–	-26,000	–	-0.00%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUST	$0	–	-12,116	–	-0.07%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-2,210	–	-0.11%	–
USB	Exit	U S BANCORP	$0	–	-5,100	–	-0.11%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-3,200	–	-0.12%	–
ABBV	Exit	ABBVIE INC	$0	–	-4,011	–	-0.13%	–
CELG	Exit	CELGENE	$0	–	-2,500	–	-0.13%	–
KGC	Exit	KINROSS GOLD CORP.	$0	–	-65,593	–	-0.14%	–
SJM	Exit	JM SMUCKER	$0	–	-2,155	–	-0.15%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-6,957	–	-0.15%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-8,325	–	-0.16%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LP	$0	–	-12,180	–	-0.16%	–
BIDU	Exit	BAIDU INC - SPON ADR	$0	–	-1,785	–	-0.17%	–
BRKB	Exit	BERKSHIRE HATHAWAY CLASS B	$0	–	-2,249	–	-0.17%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-4,248	–	-0.17%	–
INTC	Exit	INTEL CORP	$0	–	-9,106	–	-0.18%	–
PFE	Exit	PFIZER	$0	–	-10,454	–	-0.18%	–
MCY	Exit	MERCURY GENERAL	$0	–	-7,050	–	-0.20%	–
SO	Exit	SOUTHERN	$0	–	-7,595	–	-0.20%	–
CTRP	Exit	CTRIP.COM INTERNATIONAL-ADR	$0	–	-8,850	–	-0.21%	–
AXP	Exit	AMERICAN EXPRESS	$0	–	-6,481	–	-0.21%	–
CPG	Exit	CRESCENT POINT ENERGY CORP	$0	–	-31,505	–	-0.21%	–
WTR	Exit	AQUA AMERICA INC.	$0	–	-14,338	–	-0.22%	–
KO	Exit	COCA COLA	$0	–	-10,500	–	-0.23%	–
MHGVY	Exit	MARINE HARVEST ASA- SPON ADR	$0	–	-25,400	–	-0.23%	–
MSFT	Exit	MICROSOFT	$0	–	-8,052	–	-0.24%	–
BIIB	Exit	BIOGEN IDEC	$0	–	-1,500	–	-0.24%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-4,555	–	-0.25%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-6,287	–	-0.26%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-32,773	–	-0.26%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-2,173	–	-0.27%	–
WEC	Exit	WEC ENERGY GROUP	$0	–	-8,929	–	-0.27%	–
CW	Exit	CURTISS-WRIGHT	$0	–	-6,016	–	-0.28%	–
PEP	Exit	PEPSICO	$0	–	-5,503	–	-0.31%	–
AGN	Exit	ALLERGAN PLC	$0	–	-2,604	–	-0.31%	–
WFC	Exit	WELLS FARGO & CO.	$0	–	-13,645	–	-0.31%	–
T	Exit	A T & T INC.	$0	–	-15,332	–	-0.32%	–
EPD	Exit	ENTERPRISE PRODUCT PARTNERS L.P.	$0	–	-23,316	–	-0.33%	–
NFG	Exit	NATIONAL FUEL GAS CO	$0	–	-11,950	–	-0.33%	–
BABA	Exit	ALIBABA GROUP HOLDING-SP ADR	$0	–	-6,960	–	-0.38%	–
GOLD	Exit	BARRICK GOLD	$0	–	-42,419	–	-0.38%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-33,797	–	-0.40%	–
MRK	Exit	MERCK	$0	–	-12,733	–	-0.41%	–
NFX	Exit	NEWFIELD EXPLORATION	$0	–	-18,875	–	-0.42%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-4	–	-0.44%	–
ABB	Exit	ABB LTD-SPON ADR	$0	–	-39,150	–	-0.45%	–
KMPR	Exit	KEMPER	$0	–	-23,160	–	-0.47%	–
HAL	Exit	HALLIBURTON	$0	–	-21,500	–	-0.49%	–
SNH	Exit	SENIOR HOUSING PROP TRUST	$0	–	-47,000	–	-0.55%	–
NEE	Exit	NEXTERA ENERGY, INC.	$0	–	-9,270	–	-0.58%	–
GG	Exit	GOLDCORP	$0	–	-91,047	–	-0.77%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS, LP.	$0	–	-21,432	–	-0.78%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC-ADR	$0	–	-29,722	–	-0.80%	–
CMI	Exit	CUMMINS	$0	–	-13,760	–	-0.90%	–
VOD	Exit	VODAFONE GROUP PLC SP ADR	$0	–	-62,837	–	-0.94%	–
DVN	Exit	DEVON ENERGY CORPORATION	$0	–	-42,055	–	-0.95%	–
BA	Exit	BOEING	$0	–	-14,880	–	-1.00%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-9,732	–	-1.06%	–
RTN	Exit	RAYTHEON	$0	–	-15,645	–	-1.09%	–
CAT	Exit	CATERPILLAR	$0	–	-24,195	–	-1.10%	–
XOM	Exit	EXXON MOBIL	$0	–	-25,222	–	-1.13%	–
ROK	Exit	ROCKWELL AUTOMATION	$0	–	-18,755	–	-1.17%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-35,880	–	-1.31%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-70,289	–	-1.52%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-19,652	–	-1.60%	–
AEM	Exit	AGNICO-EAGLE MINES LTD	$0	–	-60,290	–	-1.67%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-111,222	–	-1.68%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-28,045	–	-1.81%	–
UN	Exit	UNILEVER N.V. NY SHRS	$0	–	-78,364	–	-1.85%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-74,982	–	-2.09%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-41,505	–	-2.16%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-51,548	–	-2.37%	–
GOOGL	Exit	ALPHABET INC-CL A	$0	–	-5,961	–	-2.45%	–
AMGN	Exit	AMGEN INC	$0	–	-29,352	–	-2.50%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-63,441	–	-2.55%	–
GOOG	Exit	ALPHABET INC-CL C	$0	–	-6,599	–	-2.62%	–
WMT	Exit	WAL-MART STORES	$0	–	-76,875	–	-2.84%	–
DIS	Exit	WALT DISNEY	$0	–	-60,055	–	-2.85%	–
CVX	Exit	CHEVRON CORP.	$0	–	-56,744	–	-2.99%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-94,421	–	-3.06%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-83,670	–	-3.20%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-128,606	–	-3.42%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-59,527	–	-3.44%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-50,030	–	-4.07%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-78,148	–	-4.72%	–
COST	Exit	COSTCO WHOLESALE	$0	–	-67,539	–	-5.27%	–
MMM	Exit	3M COMPANY	$0	–	-61,526	–	-5.55%	–
HON	Exit	HONEYWELL INTERNATIONAL INC.	$0	–	-96,118	–	-5.73%	–

Q3 2016

			Value		Shares		↓ Weighting
HON	Sell	HONEYWELL INTERNATIONAL INC.	$11,207,000	-0.1%	96,118	-0.4%	5.73%	+13.1%
MMM	Sell	3M COMPANY	$10,842,000	+0.2%	61,526	-0.4%	5.55%	+13.5%
COST	Sell	COSTCO WHOLESALE	$10,300,000	-9.9%	67,539	-7.2%	5.27%	+2.0%
JNJ	Sell	JOHNSON & JOHNSON	$9,232,000	-3.5%	78,148	-0.9%	4.72%	+9.3%
TMO	Buy	THERMO FISHER SCIENTIFIC	$7,958,000	+8.3%	50,030	+0.6%	4.07%	+22.7%
AAPL	Sell	APPLE COMPUTER INC	$6,730,000	+15.4%	59,527	-2.4%	3.44%	+30.8%
VZ	Sell	VERIZON COMMUNICATIONS	$6,685,000	-6.9%	128,606	-0.0%	3.42%	+5.4%
AWK	Buy	AMERICAN WATER WORKS	$6,261,000	-8.0%	83,670	+3.9%	3.20%	+4.2%
APC	Sell	ANADARKO PETROLEUM	$5,983,000	+14.7%	94,421	-3.6%	3.06%	+29.9%
CVX	Buy	CHEVRON CORP.	$5,840,000	-0.4%	56,744	+1.4%	2.99%	+12.8%
DIS	Sell	WALT DISNEY	$5,577,000	-11.2%	60,055	-6.5%	2.85%	+0.5%
GOOG	Buy	ALPHABET INC-CL C	$5,129,000	+12.4%	6,599	+0.1%	2.62%	+27.3%
SLB	Sell	SCHLUMBERGER LIMITED	$4,989,000	-18.2%	63,441	-17.7%	2.55%	-7.3%
AMGN	Buy	AMGEN INC	$4,896,000	+13.0%	29,352	+3.1%	2.50%	+27.9%
GOOGL	Sell	ALPHABET INC-CL A	$4,793,000	+12.9%	5,961	-1.2%	2.45%	+27.8%
PG	Buy	PROCTER & GAMBLE	$4,626,000	+10.1%	51,548	+3.9%	2.37%	+24.7%
UTX	Sell	UNITED TECHNOLOGIES	$4,217,000	-4.7%	41,505	-3.8%	2.16%	+8.0%
EMR	Sell	EMERSON ELECTRIC	$4,087,000	+2.1%	74,982	-2.3%	2.09%	+15.7%
UN	Sell	UNILEVER N.V. NY SHRS	$3,613,000	-2.5%	78,364	-0.7%	1.85%	+10.5%
KMB	Sell	KIMBERLY CLARK	$3,538,000	-8.8%	28,045	-0.6%	1.81%	+3.3%
GE	Sell	GENERAL ELECTRIC	$3,294,000	-39.4%	111,222	-35.6%	1.68%	-31.4%
AEM	Buy	AGNICO-EAGLE MINES LTD	$3,267,000	+2.0%	60,290	+0.7%	1.67%	+15.5%
ABT	Buy	ABBOTT LABORATORIES	$2,973,000	+8.2%	70,289	+0.6%	1.52%	+22.6%
BPL	Sell	BUCKEYE PARTNERS LP	$2,569,000	-3.6%	35,880	-5.3%	1.31%	+9.1%
ROK	Buy	ROCKWELL AUTOMATION	$2,294,000	+14.8%	18,755	+7.8%	1.17%	+30.0%
XOM	Buy	EXXON MOBIL	$2,201,000	-1.3%	25,222	+6.0%	1.13%	+11.7%
CAT	Sell	CATERPILLAR	$2,148,000	-67.2%	24,195	-72.0%	1.10%	-62.8%
RTN	Buy	RAYTHEON	$2,130,000	+2.7%	15,645	+2.6%	1.09%	+16.3%
NOC	Buy	NORTHROP GRUMMAN	$2,082,000	-3.1%	9,732	+0.7%	1.06%	+9.7%
BA	Sell	BOEING	$1,960,000	+0.9%	14,880	-0.5%	1.00%	+14.2%
DVN	Buy	DEVON ENERGY CORPORATION	$1,855,000	+29.4%	42,055	+6.4%	0.95%	+46.5%
VOD	Sell	VODAFONE GROUP PLC SP ADR	$1,832,000	-64.8%	62,837	-62.7%	0.94%	-60.1%
CMI	Sell	CUMMINS	$1,763,000	+12.8%	13,760	-1.0%	0.90%	+27.8%
RDSB	Buy	ROYAL DUTCH SHELL PLC-ADR	$1,570,000	+51.4%	29,722	+60.5%	0.80%	+71.2%
GG	Sell	GOLDCORP	$1,504,000	-17.9%	91,047	-5.0%	0.77%	-7.0%
SNH	New	SENIOR HOUSING PROP TRUST	$1,067,000	–	47,000	–	0.55%	–
HAL	Sell	HALLIBURTON	$965,000	-4.5%	21,500	-3.6%	0.49%	+8.3%
ABB	Sell	ABB LTD-SPON ADR	$881,000	-69.9%	39,150	-73.5%	0.45%	-65.9%
NFX	Buy	NEWFIELD EXPLORATION	$821,000	0.0%	18,875	+1.5%	0.42%	+13.2%
MRK	Buy	MERCK	$795,000	+10.6%	12,733	+2.0%	0.41%	+25.2%
KMI	Sell	KINDER MORGAN INC	$782,000	-54.6%	33,797	-63.2%	0.40%	-48.6%
GOLD	Buy	BARRICK GOLD	$752,000	-16.1%	42,419	+1.0%	0.38%	-4.9%
BABA	Sell	ALIBABA GROUP HOLDING-SP ADR	$736,000	+30.3%	6,960	-2.1%	0.38%	+47.8%
NFG	Sell	NATIONAL FUEL GAS CO	$646,000	-80.9%	11,950	-79.9%	0.33%	-78.3%
T	Sell	A T & T INC.	$623,000	-32.4%	15,332	-28.1%	0.32%	-23.5%
AGN	Sell	ALLERGAN PLC	$600,000	-36.7%	2,604	-36.5%	0.31%	-28.3%
PEP	Buy	PEPSICO	$599,000	+10.9%	5,503	+7.9%	0.31%	+25.4%
WEC	Buy	WEC ENERGY GROUP	$535,000	-6.1%	8,929	+2.3%	0.27%	+6.2%
LMT	Buy	LOCKHEED MARTIN	$521,000	+15.8%	2,173	+19.7%	0.27%	+31.5%
BAC	Sell	BANK OF AMERICA CORP	$513,000	+17.1%	32,773	-0.8%	0.26%	+32.3%
DUK	Buy	DUKE ENERGY CORP	$503,000	-6.2%	6,287	+0.6%	0.26%	+6.2%
BIIB	Sell	BIOGEN IDEC	$470,000	-47.5%	1,500	-59.5%	0.24%	-40.6%
MSFT	Buy	MICROSOFT	$464,000	+13.2%	8,052	+0.6%	0.24%	+28.1%
MHGVY	Buy	MARINE HARVEST ASA- SPON ADR	$455,000	+8.3%	25,400	+2.2%	0.23%	+22.6%
KO	Sell	COCA COLA	$444,000	-24.1%	10,500	-18.7%	0.23%	-14.0%
CPG	Buy	CRESCENT POINT ENERGY CORP	$416,000	-1.2%	31,505	+18.2%	0.21%	+12.1%
AXP	Buy	AMERICAN EXPRESS	$415,000	+5.3%	6,481	+0.1%	0.21%	+19.1%
GILD	Sell	GILEAD SCIENCES INC	$336,000	-8.4%	4,248	-3.3%	0.17%	+3.6%
BIDU	Buy	BAIDU INC - SPON ADR	$325,000	+21.7%	1,785	+10.5%	0.17%	+37.2%
EEP	Sell	ENBRIDGE ENERGY PARTNERS LP	$310,000	+7.6%	12,180	-2.0%	0.16%	+22.3%
ETP	Sell	ENERGY TRANSFER PARTNERS LP	$308,000	-73.5%	8,325	-72.8%	0.16%	-70.0%
LDOS	New	LEIDOS HOLDINGS INC	$301,000	–	6,957	–	0.15%	–
KGC	Buy	KINROSS GOLD CORP.	$276,000	-13.8%	65,593	+0.3%	0.14%	-2.8%
CELG	New	CELGENE	$261,000	–	2,500	–	0.13%	–
ABBV	Sell	ABBVIE INC	$253,000	-14.2%	4,011	-15.8%	0.13%	-3.0%
OXY	Sell	OCCIDENTAL PETROLEUM	$233,000	-16.8%	3,200	-13.5%	0.12%	-6.3%
EOG	Sell	EOG RESOURCES INC	$214,000	-88.0%	2,210	-89.7%	0.11%	-86.5%
AEP	Exit	AMERICAN ELECTRIC POWER	$0	–	-2,860	–	-0.09%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-2,835	–	-0.09%	–
MKC	Exit	MCCORMICK & CO-NON VIG SHRS	$0	–	-2,000	–	-0.10%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-2,170	–	-0.10%	–
MCK	Exit	McKESSON	$0	–	-1,600	–	-0.14%	–
IEP	Exit	ICAHN ENTERPRISES LP	$0	–	-6,000	–	-0.15%	–
M	Exit	MACY'S INC	$0	–	-15,000	–	-0.23%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-15,373	–	-0.30%	–
PAA	Exit	PLAINS ALL AMER PIPELINE	$0	–	-27,375	–	-0.34%	–
WR	Exit	WESTAR ENERGY INC.	$0	–	-103,535	–	-2.62%	–

Q2 2016

			Value		Shares		↓ Weighting
COST	New	COSTCO WHOLESALE	$11,431,000	–	72,789	–	5.16%	–
HON	New	HONEYWELL INTERNATIONAL INC.	$11,221,000	–	96,475	–	5.07%	–
MMM	New	3M COMPANY	$10,819,000	–	61,782	–	4.89%	–
JNJ	New	JOHNSON & JOHNSON	$9,564,000	–	78,852	–	4.32%	–
TMO	New	THERMO FISHER SCIENTIFIC	$7,346,000	–	49,715	–	3.32%	–
VZ	New	VERIZON COMMUNICATIONS	$7,184,000	–	128,656	–	3.25%	–
AWK	New	AMERICAN WATER WORKS	$6,807,000	–	80,545	–	3.08%	–
CAT	New	CATERPILLAR	$6,544,000	–	86,325	–	2.96%	–
DIS	New	WALT DISNEY	$6,283,000	–	64,234	–	2.84%	–
SLB	New	SCHLUMBERGER LIMITED	$6,096,000	–	77,079	–	2.76%	–
CVX	New	CHEVRON CORP.	$5,865,000	–	55,943	–	2.65%	–
AAPL	New	APPLE COMPUTER INC	$5,830,000	–	60,985	–	2.63%	–
WR	New	WESTAR ENERGY INC.	$5,807,000	–	103,535	–	2.62%	–
WMT	New	WAL-MART STORES	$5,613,000	–	76,875	–	2.54%	–
GE	New	GENERAL ELECTRIC	$5,435,000	–	172,672	–	2.46%	–
APC	New	ANADARKO PETROLEUM	$5,216,000	–	97,946	–	2.36%	–
VOD	New	VODAFONE GROUP PLC SP ADR	$5,200,000	–	168,337	–	2.35%	–
GOOG	New	ALPHABET INC-CL C	$4,564,000	–	6,594	–	2.06%	–
UTX	New	UNITED TECHNOLOGIES	$4,423,000	–	43,130	–	2.00%	–
AMGN	New	AMGEN INC	$4,334,000	–	28,482	–	1.96%	–
GOOGL	New	ALPHABET INC-CL A	$4,247,000	–	6,036	–	1.92%	–
PG	New	PROCTER & GAMBLE	$4,200,000	–	49,600	–	1.90%	–
EMR	New	EMERSON ELECTRIC	$4,002,000	–	76,724	–	1.81%	–
KMB	New	KIMBERLY CLARK	$3,880,000	–	28,225	–	1.75%	–
UN	New	UNILEVER N.V. NY SHRS	$3,704,000	–	78,900	–	1.67%	–
NFG	New	NATIONAL FUEL GAS CO	$3,376,000	–	59,350	–	1.53%	–
AEM	New	AGNICO-EAGLE MINES LTD	$3,202,000	–	59,850	–	1.45%	–
IBM	New	INTL BUSINESS MACHINES	$2,983,000	–	19,652	–	1.35%	–
ABB	New	ABB LTD-SPON ADR	$2,929,000	–	147,730	–	1.32%	–
ABT	New	ABBOTT LABORATORIES	$2,747,000	–	69,887	–	1.24%	–
BPL	New	BUCKEYE PARTNERS LP	$2,664,000	–	37,880	–	1.20%	–
XOM	New	EXXON MOBIL	$2,230,000	–	23,792	–	1.01%	–
NOC	New	NORTHROP GRUMMAN	$2,148,000	–	9,662	–	0.97%	–
RTN	New	RAYTHEON	$2,073,000	–	15,245	–	0.94%	–
ROK	New	ROCKWELL AUTOMATION	$1,998,000	–	17,400	–	0.90%	–
BA	New	BOEING	$1,943,000	–	14,960	–	0.88%	–
GG	New	GOLDCORP	$1,833,000	–	95,799	–	0.83%	–
EOG	New	EOG RESOURCES INC	$1,790,000	–	21,460	–	0.81%	–
KMI	New	KINDER MORGAN INC	$1,721,000	–	91,954	–	0.78%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS, LP.	$1,629,000	–	21,432	–	0.74%	–
CMI	New	CUMMINS	$1,563,000	–	13,905	–	0.71%	–
DVN	New	DEVON ENERGY CORPORATION	$1,433,000	–	39,527	–	0.65%	–
NEE	New	NEXTERA ENERGY, INC.	$1,209,000	–	9,270	–	0.55%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$1,164,000	–	30,575	–	0.53%	–
RDSB	New	ROYAL DUTCH SHELL PLC-ADR	$1,037,000	–	18,522	–	0.47%	–
HAL	New	HALLIBURTON	$1,010,000	–	22,300	–	0.46%	–
AGN	New	ALLERGAN PLC	$948,000	–	4,104	–	0.43%	–
T	New	A T & T INC.	$922,000	–	21,332	–	0.42%	–
GOLD	New	BARRICK GOLD	$896,000	–	41,989	–	0.40%	–
BIIB	New	BIOGEN IDEC	$895,000	–	3,700	–	0.40%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$868,000	–	4	–	0.39%	–
NFX	New	NEWFIELD EXPLORATION	$821,000	–	18,600	–	0.37%	–
PAA	New	PLAINS ALL AMER PIPELINE	$753,000	–	27,375	–	0.34%	–
MRK	New	MERCK	$719,000	–	12,485	–	0.32%	–
KMPR	New	KEMPER	$717,000	–	23,160	–	0.32%	–
EPD	New	ENTERPRISE PRODUCT PARTNERS L.P.	$682,000	–	23,316	–	0.31%	–
COP	New	CONOCOPHILLIPS	$670,000	–	15,373	–	0.30%	–
WFC	New	WELLS FARGO & CO.	$646,000	–	13,645	–	0.29%	–
KO	New	COCA COLA	$585,000	–	12,916	–	0.26%	–
WEC	New	WEC ENERGY GROUP	$570,000	–	8,732	–	0.26%	–
BABA	New	ALIBABA GROUP HOLDING-SP ADR	$565,000	–	7,110	–	0.26%	–
PEP	New	PEPSICO	$540,000	–	5,100	–	0.24%	–
DUK	New	DUKE ENERGY CORP	$536,000	–	6,251	–	0.24%	–
SRE	New	SEMPRA ENERGY	$519,000	–	4,555	–	0.24%	–
WTR	New	AQUA AMERICA INC.	$511,000	–	14,338	–	0.23%	–
CW	New	CURTISS-WRIGHT	$507,000	–	6,016	–	0.23%	–
M	New	MACY'S INC	$504,000	–	15,000	–	0.23%	–
LMT	New	LOCKHEED MARTIN	$450,000	–	1,815	–	0.20%	–
BAC	New	BANK OF AMERICA CORP	$438,000	–	33,025	–	0.20%	–
CPG	New	CRESCENT POINT ENERGY CORP	$421,000	–	26,655	–	0.19%	–
MHGVY	New	MARINE HARVEST ASA- SPON ADR	$420,000	–	24,850	–	0.19%	–
MSFT	New	MICROSOFT	$410,000	–	8,007	–	0.18%	–
SO	New	SOUTHERN	$407,000	–	7,595	–	0.18%	–
AXP	New	AMERICAN EXPRESS	$394,000	–	6,477	–	0.18%	–
MCY	New	MERCURY GENERAL	$375,000	–	7,050	–	0.17%	–
GILD	New	GILEAD SCIENCES INC	$367,000	–	4,394	–	0.17%	–
PFE	New	PFIZER	$368,000	–	10,454	–	0.17%	–
CTRP	New	CTRIP.COM INTERNATIONAL-ADR	$365,000	–	8,850	–	0.16%	–
SJM	New	JM SMUCKER	$328,000	–	2,155	–	0.15%	–
BRKB	New	BERKSHIRE HATHAWAY CLASS B	$326,000	–	2,249	–	0.15%	–
IEP	New	ICAHN ENTERPRISES LP	$324,000	–	6,000	–	0.15%	–
KGC	New	KINROSS GOLD CORP.	$320,000	–	65,412	–	0.14%	–
MCK	New	McKESSON	$299,000	–	1,600	–	0.14%	–
INTC	New	INTEL CORP	$299,000	–	9,106	–	0.14%	–
ABBV	New	ABBVIE INC	$295,000	–	4,762	–	0.13%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LP	$288,000	–	12,430	–	0.13%	–
OXY	New	OCCIDENTAL PETROLEUM	$280,000	–	3,700	–	0.13%	–
BIDU	New	BAIDU INC - SPON ADR	$267,000	–	1,615	–	0.12%	–
DHR	New	DANAHER CORPORATION	$219,000	–	2,170	–	0.10%	–
MKC	New	MCCORMICK & CO-NON VIG SHRS	$213,000	–	2,000	–	0.10%	–
BMY	New	BRISTOL-MYERS SQUIBB	$209,000	–	2,835	–	0.09%	–
USB	New	U S BANCORP	$206,000	–	5,100	–	0.09%	–
AEP	New	AMERICAN ELECTRIC POWER	$200,000	–	2,860	–	0.09%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUST	$133,000	–	12,116	–	0.06%	–
IMUC	New	IMMUNOCELLULAR THERAPEUTICS	$6,000	–	26,000	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
PFFBQ	Exit	PFF BANCORP INC	$0	–	-13,610	–	0.00%	–
KRED	Exit	KONARED CORP	$0	–	-11,500	–	0.00%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-5,400	–	0.00%	–
	Exit	MID-AMERICA APARTMENT COMM	$0	–	-3,000	–	0.00%	–
IMUC	Exit	IMMUNOCELLULAR THERAPEUTICS	$0	–	-28,000	–	-0.00%	–
	Exit	CAPITALAND LTD	$0	–	-40,000	–	-0.02%	–
UWN	Exit	NEVADA GOLD & CASINOS INC	$0	–	-84,182	–	-0.03%	–
SZMK	Exit	SIZMEK INC	$0	–	-22,682	–	-0.03%	–
	Exit	ALLEGHENY TECH	$0	–	-11,146	–	-0.04%	–
PIH	Exit	1347 PROPERTY INSURANCE HOLD	$0	–	-23,092	–	-0.04%	–
LXU	Exit	LSB INDUSTRIES INC	$0	–	-11,184	–	-0.04%	–
VALEP	Exit	VALE SA-SP ADR	$0	–	-49,314	–	-0.05%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-3,539	–	-0.05%	–
CRM	Exit	SALESFORCE.COM INC	$0	–	-3,000	–	-0.05%	–
LLY	Exit	LILLY (ELI)	$0	–	-2,528	–	-0.05%	–
UAA	Exit	UNDER ARMOUR INC-CLASS A	$0	–	-2,200	–	-0.05%	–
LULU	Exit	LULULEMON ATHLETICA INC	$0	–	-4,300	–	-0.05%	–
ECL	Exit	ECOLAB	$0	–	-2,000	–	-0.05%	–
MCD	Exit	MCDONALDS	$0	–	-2,361	–	-0.06%	–
WMMVY	Exit	WAL-MART DE MEXICO SA ADR	$0	–	-9,600	–	-0.06%	–
BIDU	Exit	BAIDU INC - SPON ADR	$0	–	-1,715	–	-0.06%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT IN	$0	–	-25,000	–	-0.06%	–
AVGO	Exit	AVAGO TECHNOLOGIES LTD	$0	–	-2,000	–	-0.06%	–
PBR	Exit	PETROLEO BRASILEIRO S.A.-ADR	$0	–	-57,533	–	-0.06%	–
SCEPRE	Exit	SOUTHERN CAL ED PFD Epreferred	$0	–	-10,667	–	-0.06%	–
SJM	Exit	JM SMUCKER	$0	–	-2,294	–	-0.06%	–
FDEF	Exit	FIRST DEFIANCE FINL CORP	$0	–	-7,238	–	-0.06%	–
HCP	Exit	HCP INC	$0	–	-7,215	–	-0.06%	–
SNH	Exit	SENIOR HOUSING PROP TRUST	$0	–	-16,516	–	-0.06%	–
PBHC	Exit	PATHFINDER BANCORP INC	$0	–	-24,432	–	-0.06%	–
ANTM	Exit	ANTHEM INC	$0	–	-2,000	–	-0.07%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-5,195	–	-0.07%	–
	Exit	TELEDYNE	$0	–	-3,184	–	-0.07%	–
MCBK	Exit	MADISON COUNTY FINANCIAL INC	$0	–	-14,234	–	-0.07%	–
MCK	Exit	McKESSON	$0	–	-1,600	–	-0.07%	–
BRKB	Exit	BERKSHIRE HATHAWAY CLASS B	$0	–	-2,249	–	-0.07%	–
CTRP	Exit	CTRIP.COM INTERNATIONAL-ADR	$0	–	-4,700	–	-0.07%	–
GPT	Exit	GRAMERCY PROPERTY TRUST INC	$0	–	-14,768	–	-0.07%	–
	Exit	H&R REAL ESTATE INV-REIT UTS	$0	–	-20,375	–	-0.07%	–
BCML	Exit	BAY COMMERCIAL BANK	$0	–	-25,620	–	-0.07%	–
TIPT	Exit	TIPTREE FINANCIAL INC - A	$0	–	-48,248	–	-0.07%	–
GS	Exit	GOLDMAN SACHS	$0	–	-1,800	–	-0.08%	–
MHGVY	Exit	MARINE HARVEST ASA- SPON ADR	$0	–	-25,050	–	-0.08%	–
HD	Exit	HOME DEPOT INC.	$0	–	-2,778	–	-0.08%	–
FDX	Exit	FEDEX CORPORATION	$0	–	-2,252	–	-0.08%	–
NRIM	Exit	NORTHRIM BANCORP INC	$0	–	-11,508	–	-0.08%	–
INTC	Exit	INTEL CORP	$0	–	-11,312	–	-0.08%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LP	$0	–	-13,827	–	-0.08%	–
PANW	Exit	PALO ALTO NETWORKS INC	$0	–	-2,000	–	-0.08%	–
TPCA	Exit	TROPICANA ENTERTAINMENT INC	$0	–	-21,695	–	-0.08%	–
MCY	Exit	MERCURY GENERAL	$0	–	-7,050	–	-0.08%	–
ECA	Exit	ENCANA CORP.	$0	–	-55,077	–	-0.08%	–
KINS	Exit	KINGSTONE COS INC	$0	–	-42,450	–	-0.09%	–
WTR	Exit	AQUA AMERICA INC.	$0	–	-14,338	–	-0.09%	–
CW	Exit	CURTISS-WRIGHT	$0	–	-6,016	–	-0.09%	–
SWKS	Exit	SKYWORKS SOLUTIONS	$0	–	-4,500	–	-0.09%	–
ATSG	Exit	AIR TRANSPORT SERVICES GROUP	$0	–	-46,204	–	-0.09%	–
IEP	Exit	ICAHN ENTERPRISES LP	$0	–	-6,000	–	-0.10%	–
CRXIF	Exit	CAN REAL ESTATE INVEST TRUST	$0	–	-13,132	–	-0.10%	–
ABBV	Exit	ABBVIE INC	$0	–	-7,593	–	-0.10%	–
WFC	Exit	WELLS FARGO & CO.	$0	–	-8,079	–	-0.10%	–
NEM	Exit	NEWMONT MINING	$0	–	-25,760	–	-0.10%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-6,318	–	-0.10%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-32,947	–	-0.10%	–
OHAI	Exit	OHA INVESTMENT CORP	$0	–	-102,832	–	-0.10%	–
VTR	Exit	VENTAS INC	$0	–	-7,756	–	-0.10%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-4,555	–	-0.10%	–
WEC	Exit	WEC ENERGY GROUP	$0	–	-8,462	–	-0.10%	–
SOHO	Exit	SOTHERLY HOTELS INC	$0	–	-67,822	–	-0.11%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-6,436	–	-0.11%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-4,000	–	-0.11%	–
CME	Exit	CME GROUP	$0	–	-5,052	–	-0.11%	–
CELG	Exit	CELGENE	$0	–	-4,400	–	-0.11%	–
HUM	Exit	HUMANA INC	$0	–	-2,700	–	-0.12%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-2,345	–	-0.12%	–
AHH	Exit	ARMADA HOFFLER PROPERTIES IN	$0	–	-50,478	–	-0.12%	–
GLDD	Exit	GREAT LAKES DREDGE & DOCK CO	$0	–	-97,972	–	-0.12%	–
MSFT	Exit	MICROSOFT	$0	–	-11,435	–	-0.12%	–
UHAL	Exit	AMERCO	$0	–	-1,298	–	-0.12%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-33,225	–	-0.12%	–
DGICA	Exit	DONEGAL GROUP INC-CL A	$0	–	-37,702	–	-0.13%	–
FSFG	Exit	FIRST SAVINGS FINANCIAL GRP	$0	–	-15,624	–	-0.13%	–
FB	Exit	FACEBOOK INC-A	$0	–	-6,100	–	-0.13%	–
AXP	Exit	AMERICAN EXPRESS	$0	–	-7,468	–	-0.13%	–
PCH	Exit	POTLATCH CORP.	$0	–	-19,886	–	-0.14%	–
FSBW	Exit	FS BANCORP INC	$0	–	-24,463	–	-0.14%	–
RYN	Exit	RAYONIER	$0	–	-27,216	–	-0.14%	–
EPD	Exit	ENTERPRISE PRODUCT PARTNERS L.P.	$0	–	-25,214	–	-0.15%	–
NICK	Exit	NICHOLAS FINANCIAL INC	$0	–	-49,947	–	-0.15%	–
PEP	Exit	PEPSICO	$0	–	-7,067	–	-0.16%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NV	$0	–	-17,450	–	-0.16%	–
NFLX	Exit	NETFLIX INC	$0	–	-6,800	–	-0.17%	–
BABA	Exit	ALIBABA GROUP HOLDING-SP ADR	$0	–	-12,050	–	-0.17%	–
KGC	Exit	KINROSS GOLD CORP.	$0	–	-439,697	–	-0.18%	–
KO	Exit	COCA COLA	$0	–	-19,145	–	-0.18%	–
NFX	Exit	NEWFIELD EXPLORATION	$0	–	-24,153	–	-0.19%	–
KMPR	Exit	KEMPER	$0	–	-23,160	–	-0.20%	–
AMGN	Exit	AMGEN INC	$0	–	-6,047	–	-0.20%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-8,794	–	-0.20%	–
NEE	Exit	NEXTERA ENERGY, INC.	$0	–	-9,670	–	-0.22%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-5	–	-0.23%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-10,352	–	-0.23%	–
HAL	Exit	HALLIBURTON	$0	–	-31,373	–	-0.26%	–
AGN	Exit	ALLERGAN PLC	$0	–	-4,304	–	-0.28%	–
DD	Exit	DU PONT (E.I.) DE NEMOURS	$0	–	-24,610	–	-0.28%	–
GOLD	Exit	BARRICK GOLD	$0	–	-200,652	–	-0.30%	–
BIIB	Exit	BIOGEN IDEC	$0	–	-4,800	–	-0.33%	–
PCL	Exit	PLUM CREEK TIMBER CO	$0	–	-37,382	–	-0.35%	–
XOM	Exit	EXXON MOBIL	$0	–	-20,062	–	-0.36%	–
ROK	Exit	ROCKWELL AUTOMATION	$0	–	-14,755	–	-0.36%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-10,585	–	-0.42%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-24,804	–	-0.43%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-58,700	–	-0.45%	–
SO	Exit	SOUTHERN	$0	–	-46,833	–	-0.50%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS, LP.	$0	–	-35,424	–	-0.51%	–
PFE	Exit	PFIZER	$0	–	-72,749	–	-0.54%	–
T	Exit	A T & T INC.	$0	–	-72,736	–	-0.56%	–
SIEGY	Exit	SIEMENS AG-SPONS ADR	$0	–	-27,535	–	-0.58%	–
CPG	Exit	CRESCENT POINT ENERGY CORP	$0	–	-215,595	–	-0.59%	–
ABB	Exit	ABB LTD-SPON ADR	$0	–	-159,330	–	-0.67%	–
NFG	Exit	NATIONAL FUEL GAS CO	$0	–	-57,150	–	-0.68%	–
PAA	Exit	PLAINS ALL AMER PIPELINE	$0	–	-101,130	–	-0.73%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-55,884	–	-0.79%	–
GG	Exit	GOLDCORP	$0	–	-265,088	–	-0.79%	–
QCOM	Exit	QUALCOMM	$0	–	-67,820	–	-0.87%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-89,062	–	-0.87%	–
CMI	Exit	CUMMINS	$0	–	-35,758	–	-0.92%	–
VOD	Exit	VODAFONE GROUP PLC SP ADR	$0	–	-146,845	–	-1.11%	–
RDSB	Exit	ROYAL DUTCH SHELL PLC-ADR	$0	–	-99,392	–	-1.12%	–
BA	Exit	BOEING	$0	–	-36,680	–	-1.14%	–
AEM	Exit	AGNICO-EAGLE MINES LTD	$0	–	-193,864	–	-1.17%	–
WMT	Exit	WAL-MART STORES	$0	–	-79,708	–	-1.23%	–
GOOG	Exit	GOOGLE INC-CL C	$0	–	-8,671	–	-1.26%	–
RTN	Exit	RAYTHEON	$0	–	-49,906	–	-1.30%	–
MRK	Exit	MERCK	$0	–	-111,017	–	-1.30%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-51,611	–	-1.34%	–
GOOGL	Exit	GOOGLE INC-CL A	$0	–	-8,859	–	-1.35%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-82,503	–	-1.41%	–
DVN	Exit	DEVON ENERGY CORPORATION	$0	–	-165,267	–	-1.46%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-53,183	–	-1.55%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-282,377	–	-1.70%	–
CAT	Exit	CATERPILLAR	$0	–	-109,722	–	-1.71%	–
CVX	Exit	CHEVRON CORP.	$0	–	-91,377	–	-1.72%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-296,951	–	-1.96%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-186,311	–	-1.96%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-93,712	–	-1.98%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-219,931	–	-2.11%	–
UN	Exit	UNILEVER N.V. NY SHRS	$0	–	-231,145	–	-2.21%	–
NSRGY	Exit	NESTLE SA REP RG SH ADR	$0	–	-126,483	–	-2.27%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-145,306	–	-2.39%	–
WR	Exit	WESTAR ENERGY INC.	$0	–	-261,667	–	-2.40%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-70,445	–	-2.43%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-194,053	–	-2.79%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-259,710	–	-3.41%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-339,765	–	-3.52%	–
HON	Exit	HONEYWELL INTERNATIONAL INC.	$0	–	-173,346	–	-3.91%	–
MMM	Exit	3M COMPANY	$0	–	-118,728	–	-4.01%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-181,930	–	-4.04%	–
DIS	Exit	WALT DISNEY	$0	–	-170,163	–	-4.14%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-168,635	–	-4.43%	–
COST	Exit	COSTCO WHOLESALE	$0	–	-149,662	–	-5.15%	–

Q3 2015

			Value		Shares		↓ Weighting
COST	Buy	COSTCO WHOLESALE	$21,637,000	+8.8%	149,662	+1.6%	5.15%	+15.7%
AAPL	Buy	APPLE COMPUTER INC	$18,601,000	-4.2%	168,635	+8.9%	4.43%	+1.9%
DIS	Buy	WALT DISNEY	$17,390,000	-1.2%	170,163	+10.3%	4.14%	+5.1%
JNJ	Sell	JOHNSON & JOHNSON	$16,984,000	-4.7%	181,930	-0.5%	4.04%	+1.3%
MMM	Buy	3M COMPANY	$16,832,000	-2.7%	118,728	+5.9%	4.01%	+3.5%
HON	Buy	HONEYWELL INTERNATIONAL INC.	$16,414,000	-2.3%	173,346	+5.2%	3.91%	+3.9%
VZ	Sell	VERIZON COMMUNICATIONS	$14,784,000	-7.1%	339,765	-0.5%	3.52%	-1.2%
AWK	Sell	AMERICAN WATER WORKS	$14,305,000	+1.1%	259,710	-10.8%	3.41%	+7.5%
APC	Sell	ANADARKO PETROLEUM	$11,719,000	-23.5%	194,053	-1.1%	2.79%	-18.6%
IBM	Sell	INTL BUSINESS MACHINES	$10,212,000	-11.9%	70,445	-1.1%	2.43%	-6.2%
WR	Sell	WESTAR ENERGY INC.	$10,058,000	+11.2%	261,667	-1.0%	2.40%	+18.3%
SLB	Sell	SCHLUMBERGER LIMITED	$10,022,000	-20.5%	145,306	-0.7%	2.39%	-15.5%
NSRGY	Sell	NESTLE SA REP RG SH ADR	$9,517,000	+3.3%	126,483	-1.0%	2.27%	+9.8%
UN	Sell	UNILEVER N.V. NY SHRS	$9,292,000	-4.4%	231,145	-0.5%	2.21%	+1.7%
ABT	Buy	ABBOTT LABORATORIES	$8,846,000	-17.5%	219,931	+0.7%	2.11%	-12.2%
UTX	Sell	UNITED TECHNOLOGIES	$8,339,000	-20.6%	93,712	-1.1%	1.98%	-15.6%
EMR	Sell	EMERSON ELECTRIC	$8,230,000	-21.0%	186,311	-0.9%	1.96%	-16.0%
KMI	Buy	KINDER MORGAN INC	$8,219,000	+8.6%	296,951	+50.6%	1.96%	+15.5%
CVX	Buy	CHEVRON CORP.	$7,208,000	+32.9%	91,377	+62.5%	1.72%	+41.4%
CAT	Sell	CATERPILLAR	$7,171,000	-24.2%	109,722	-1.6%	1.71%	-19.3%
GE	Buy	GENERAL ELECTRIC	$7,122,000	-4.7%	282,377	+0.4%	1.70%	+1.4%
TMO	Sell	THERMO FISHER SCIENTIFIC	$6,503,000	-7.4%	53,183	-1.7%	1.55%	-1.5%
DVN	Sell	DEVON ENERGY CORPORATION	$6,130,000	-38.9%	165,267	-2.0%	1.46%	-35.0%
PG	Sell	PROCTER & GAMBLE	$5,935,000	-11.7%	82,503	-3.9%	1.41%	-6.1%
GOOGL	Sell	GOOGLE INC-CL A	$5,655,000	-0.1%	8,859	-15.5%	1.35%	+6.2%
KMB	Sell	KIMBERLY CLARK	$5,628,000	+1.5%	51,611	-1.3%	1.34%	+8.0%
MRK	Buy	MERCK	$5,483,000	+6.9%	111,017	+23.2%	1.30%	+13.7%
RTN	Buy	RAYTHEON	$5,452,000	+16.5%	49,906	+2.0%	1.30%	+24.0%
GOOG	Sell	GOOGLE INC-CL C	$5,275,000	+7.9%	8,671	-7.7%	1.26%	+14.8%
WMT	Buy	WAL-MART STORES	$5,168,000	-7.4%	79,708	+1.3%	1.23%	-1.5%
AEM	Buy	AGNICO-EAGLE MINES LTD	$4,909,000	-10.6%	193,864	+0.2%	1.17%	-4.9%
BA	Buy	BOEING	$4,803,000	-1.6%	36,680	+4.3%	1.14%	+4.7%
RDSB	Buy	ROYAL DUTCH SHELL PLC-ADR	$4,719,000	+69.0%	99,392	+104.1%	1.12%	+79.7%
VOD	Buy	VODAFONE GROUP PLC SP ADR	$4,661,000	+451.6%	146,845	+533.1%	1.11%	+487.3%
CMI	Buy	CUMMINS	$3,883,000	+5.9%	35,758	+27.9%	0.92%	+12.5%
ETP	Buy	ENERGY TRANSFER PARTNERS LP	$3,658,000	+18.7%	89,062	+50.8%	0.87%	+26.2%
GG	Sell	GOLDCORP	$3,319,000	-22.9%	265,088	-0.2%	0.79%	-18.0%
ABB	Sell	ABB LTD-SPON ADR	$2,815,000	-16.0%	159,330	-0.7%	0.67%	-10.7%
CPG	Sell	CRESCENT POINT ENERGY CORP	$2,465,000	-46.6%	215,595	-4.3%	0.59%	-43.2%
SIEGY	Buy	SIEMENS AG-SPONS ADR	$2,459,000	-11.6%	27,535	+0.5%	0.58%	-5.9%
T	Sell	A T & T INC.	$2,369,000	-19.4%	72,736	-12.1%	0.56%	-14.3%
PFE	Buy	PFIZER	$2,285,000	+435.1%	72,749	+470.6%	0.54%	+466.7%
MMP	Sell	MAGELLAN MIDSTREAM PARTNERS, LP.	$2,130,000	-18.3%	35,424	-0.3%	0.51%	-13.2%
NOC	Buy	NORTHROP GRUMMAN	$1,757,000	+6.7%	10,585	+1.9%	0.42%	+13.3%
ROK	Buy	ROCKWELL AUTOMATION	$1,497,000	+26.3%	14,755	+55.2%	0.36%	+34.3%
BIIB	Buy	BIOGEN IDEC	$1,401,000	+50.8%	4,800	+108.7%	0.33%	+60.6%
GOLD	Sell	BARRICK GOLD	$1,276,000	-55.8%	200,652	-25.8%	0.30%	-52.9%
DD	Buy	DU PONT (E.I.) DE NEMOURS	$1,186,000	+413.4%	24,610	+581.7%	0.28%	+442.3%
AGN	Sell	ALLERGAN PLC	$1,170,000	-23.0%	4,304	-14.0%	0.28%	-17.9%
BRKA	Sell	BERKSHIRE HATHAWAY - CL A	$976,000	-20.6%	5	-16.7%	0.23%	-15.6%
GILD	Buy	GILEAD SCIENCES INC	$863,000	+19.0%	8,794	+42.0%	0.20%	+26.5%
AMGN	Sell	AMGEN INC	$836,000	-35.3%	6,047	-28.1%	0.20%	-31.1%
KO	Sell	COCA COLA	$768,000	-6.6%	19,145	-8.6%	0.18%	-0.5%
NFLX	Buy	NETFLIX INC	$702,000	+6.8%	6,800	+580.0%	0.17%	+13.6%
CBI	Sell	CHICAGO BRIDGE & IRON CO NV	$692,000	-40.3%	17,450	-24.7%	0.16%	-36.3%
NICK	Buy	NICHOLAS FINANCIAL INC	$648,000	+22.3%	49,947	+19.9%	0.15%	+29.4%
EPD	Sell	ENTERPRISE PRODUCT PARTNERS L.P.	$628,000	-17.4%	25,214	-0.8%	0.15%	-11.8%
FSBW	Buy	FS BANCORP INC	$577,000	+7.1%	24,463	+2.0%	0.14%	+13.2%
AXP	Buy	AMERICAN EXPRESS	$554,000	+10.4%	7,468	+15.5%	0.13%	+17.9%
FB	New	FACEBOOK INC-A	$548,000	–	6,100	–	0.13%	–
DGICA	Buy	DONEGAL GROUP INC-CL A	$530,000	+0.2%	37,702	+8.6%	0.13%	+6.8%
FSFG	New	FIRST SAVINGS FINANCIAL GRP	$531,000	–	15,624	–	0.13%	–
BAC	Buy	BANK OF AMERICA CORP	$518,000	+4.2%	33,225	+13.7%	0.12%	+10.8%
UHAL	Sell	AMERCO	$511,000	-0.4%	1,298	-17.2%	0.12%	+6.1%
MSFT	Buy	MICROSOFT	$506,000	+1.4%	11,435	+1.2%	0.12%	+7.1%
GLDD	Buy	GREAT LAKES DREDGE & DOCK CO	$494,000	-1.6%	97,972	+16.3%	0.12%	+5.4%
AHH	Buy	ARMADA HOFFLER PROPERTIES IN	$493,000	+2.5%	50,478	+4.8%	0.12%	+8.3%
CELG	Buy	CELGENE	$476,000	-4.4%	4,400	+2.3%	0.11%	+1.8%
CME	Buy	CME GROUP	$469,000	+41.7%	5,052	+42.2%	0.11%	+51.4%
SOHO	Buy	SOTHERLY HOTELS INC	$461,000	+17.0%	67,822	+21.6%	0.11%	+25.0%
DUK	Sell	DUKE ENERGY CORP	$463,000	+0.9%	6,436	-1.0%	0.11%	+6.8%
WEC	Sell	WEC ENERGY GROUP	$442,000	+5.7%	8,462	-9.0%	0.10%	+11.7%
OHAI	Buy	OHA INVESTMENT CORP	$435,000	+22.5%	102,832	+64.8%	0.10%	+31.6%
RIG	Sell	TRANSOCEAN LTD	$426,000	-20.4%	32,947	-0.7%	0.10%	-15.8%
WFC	Buy	WELLS FARGO & CO.	$415,000	+35.6%	8,079	+48.7%	0.10%	+45.6%
ABBV	Sell	ABBVIE INC	$413,000	-19.0%	7,593	-0.0%	0.10%	-14.0%
ATSG	Buy	AIR TRANSPORT SERVICES GROUP	$395,000	-2.5%	46,204	+19.6%	0.09%	+3.3%
SWKS	Buy	SKYWORKS SOLUTIONS	$379,000	-8.9%	4,500	+12.5%	0.09%	-3.2%
KINS	Buy	KINGSTONE COS INC	$367,000	+70.7%	42,450	+50.1%	0.09%	+81.2%
TPCA	Buy	TROPICANA ENTERTAINMENT INC	$351,000	+19.4%	21,695	+18.4%	0.08%	+27.3%
PANW	New	PALO ALTO NETWORKS INC	$344,000	–	2,000	–	0.08%	–
INTC	Buy	INTEL CORP	$341,000	-0.6%	11,312	+0.3%	0.08%	+5.2%
NRIM	Buy	NORTHRIM BANCORP INC	$333,000	+13.3%	11,508	+0.3%	0.08%	+19.7%
FDX	Buy	FEDEX CORPORATION	$324,000	-10.2%	2,252	+6.3%	0.08%	-4.9%
HD	Sell	HOME DEPOT INC.	$321,000	-54.7%	2,778	-56.4%	0.08%	-52.2%
GS	New	GOLDMAN SACHS	$313,000	–	1,800	–	0.08%	–
TIPT	Buy	TIPTREE FINANCIAL INC - A	$309,000	+67.9%	48,248	+90.5%	0.07%	+80.5%
MCBK	Buy	MADISON COUNTY FINANCIAL INC	$293,000	+9.7%	14,234	+12.1%	0.07%	+16.7%
PBHC	Buy	PATHFINDER BANCORP INC	$271,000	-5.2%	24,432	+0.6%	0.06%	+1.6%
SNH	Sell	SENIOR HOUSING PROP TRUST	$268,000	-47.3%	16,516	-43.1%	0.06%	-43.9%
FDEF	Buy	FIRST DEFIANCE FINL CORP	$265,000	+15.7%	7,238	+18.6%	0.06%	+23.5%
SJM	Buy	JM SMUCKER	$262,000	+8.7%	2,294	+3.0%	0.06%	+14.8%
AVGO	New	AVAGO TECHNOLOGIES LTD	$250,000	–	2,000	–	0.06%	–
NLY	New	ANNALY CAPITAL MANAGEMENT IN	$247,000	–	25,000	–	0.06%	–
MCD	Buy	MCDONALDS	$233,000	+6.9%	2,361	+2.9%	0.06%	+12.2%
LULU	New	LULULEMON ATHLETICA INC	$218,000	–	4,300	–	0.05%	–
UAA	Sell	UNDER ARMOUR INC-CLASS A	$213,000	+1.9%	2,200	-12.0%	0.05%	+8.5%
BMY	Buy	BRISTOL-MYERS SQUIBB	$210,000	-9.9%	3,539	+1.0%	0.05%	-3.8%
VALEP	New	VALE SA-SP ADR	$207,000	–	49,314	–	0.05%	–
PIH	Buy	1347 PROPERTY INSURANCE HOLD	$169,000	+10.5%	23,092	+22.8%	0.04%	+17.6%
SZMK	Sell	SIZMEK INC	$136,000	-32.7%	22,682	-20.3%	0.03%	-28.9%
UWN	Buy	NEVADA GOLD & CASINOS INC	$126,000	+281.8%	84,182	+323.0%	0.03%	+328.6%
	New	MID-AMERICA APARTMENT COMM	$0	–	3,000	–	0.00%	–
PSTRQ	Exit	POSTROCK ENERGY CORP	$0	–	0	–	0.00%	–
LNCOQ	Exit	LINN CO LLC	$0	–	-17,750	–	-0.04%	–
BAX	Exit	BAXTER INTERNATIONAL	$0	–	-3,077	–	-0.05%	–
HCC	Exit	HCC INSURANCE HOLDINGS INC	$0	–	-3,000	–	-0.05%	–
ISIS	Exit	ISIS PHARMACEUTICAL	$0	–	-4,200	–	-0.05%	–
	Exit	VALE SA-SP ADR	$0	–	-49,314	–	-0.06%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-3,890	–	-0.07%	–
PSA	Exit	PUBLIC STORAGE INC.	$0	–	-1,850	–	-0.08%	–
	Exit	UNITEDHEALTH GROUP INC.	$0	–	-3,000	–	-0.08%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-7,105	–	-0.10%	–
BBEPQ	Exit	BREITBURN ENERGY PARTNERS LP	$0	–	-221,100	–	-0.24%	–

Q2 2015

			Value		Shares		↓ Weighting
COST	New	COSTCO WHOLESALE	$19,889,000	–	147,260	–	4.45%	–
AAPL	New	APPLE COMPUTER INC	$19,415,000	–	154,793	–	4.34%	–
JNJ	New	JOHNSON & JOHNSON	$17,828,000	–	182,930	–	3.99%	–
DIS	New	WALT DISNEY	$17,606,000	–	154,251	–	3.94%	–
MMM	New	3M COMPANY	$17,306,000	–	112,160	–	3.87%	–
HON	New	HONEYWELL INTERNATIONAL INC.	$16,807,000	–	164,829	–	3.76%	–
VZ	New	VERIZON COMMUNICATIONS	$15,920,000	–	341,541	–	3.56%	–
APC	New	ANADARKO PETROLEUM	$15,321,000	–	196,267	–	3.43%	–
AWK	New	AMERICAN WATER WORKS	$14,156,000	–	291,110	–	3.17%	–
SLB	New	SCHLUMBERGER LIMITED	$12,612,000	–	146,323	–	2.82%	–
IBM	New	INTL BUSINESS MACHINES	$11,586,000	–	71,228	–	2.59%	–
ABT	New	ABBOTT LABORATORIES	$10,723,000	–	218,481	–	2.40%	–
UTX	New	UNITED TECHNOLOGIES	$10,507,000	–	94,712	–	2.35%	–
EMR	New	EMERSON ELECTRIC	$10,424,000	–	188,061	–	2.33%	–
DVN	New	DEVON ENERGY CORPORATION	$10,032,000	–	168,632	–	2.24%	–
UN	New	UNILEVER N.V. NY SHRS	$9,720,000	–	232,295	–	2.18%	–
CAT	New	CATERPILLAR	$9,455,000	–	111,472	–	2.12%	–
NSRGY	New	NESTLE SA REP RG SH ADR	$9,217,000	–	127,734	–	2.06%	–
WR	New	WESTAR ENERGY INC.	$9,043,000	–	264,267	–	2.02%	–
KMI	New	KINDER MORGAN INC	$7,571,000	–	197,214	–	1.69%	–
GE	New	GENERAL ELECTRIC	$7,476,000	–	281,377	–	1.67%	–
TMO	New	THERMO FISHER SCIENTIFIC	$7,022,000	–	54,113	–	1.57%	–
PG	New	PROCTER & GAMBLE	$6,718,000	–	85,873	–	1.50%	–
GOOGL	New	GOOGLE INC-CL A	$5,659,000	–	10,479	–	1.27%	–
WMT	New	WAL-MART STORES	$5,580,000	–	78,675	–	1.25%	–
KMB	New	KIMBERLY CLARK	$5,543,000	–	52,311	–	1.24%	–
AEM	New	AGNICO-EAGLE MINES LTD	$5,489,000	–	193,464	–	1.23%	–
CVX	New	CHEVRON CORP.	$5,425,000	–	56,231	–	1.21%	–
MRK	New	MERCK	$5,131,000	–	90,132	–	1.15%	–
GOOG	New	GOOGLE INC-CL C	$4,889,000	–	9,391	–	1.09%	–
BA	New	BOEING	$4,880,000	–	35,180	–	1.09%	–
RTN	New	RAYTHEON	$4,679,000	–	48,906	–	1.05%	–
CPG	New	CRESCENT POINT ENERGY CORP	$4,616,000	–	225,365	–	1.03%	–
PAA	New	PLAINS ALL AMER PIPELINE	$4,406,000	–	101,130	–	0.99%	–
GG	New	GOLDCORP	$4,304,000	–	265,688	–	0.96%	–
QCOM	New	QUALCOMM	$4,248,000	–	67,820	–	0.95%	–
BPL	New	BUCKEYE PARTNERS LP	$4,131,000	–	55,884	–	0.92%	–
CMI	New	CUMMINS	$3,668,000	–	27,958	–	0.82%	–
NFG	New	NATIONAL FUEL GAS CO	$3,366,000	–	57,150	–	0.75%	–
ABB	New	ABB LTD-SPON ADR	$3,350,000	–	160,430	–	0.75%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$3,083,000	–	59,062	–	0.69%	–
T	New	A T & T INC.	$2,938,000	–	82,712	–	0.66%	–
RRC	New	RANGE RESOURCES CORP	$2,899,000	–	58,700	–	0.65%	–
GOLD	New	BARRICK GOLD	$2,884,000	–	270,507	–	0.64%	–
RDSB	New	ROYAL DUTCH SHELL PLC-ADR	$2,793,000	–	48,700	–	0.62%	–
SIEGY	New	SIEMENS AG-SPONS ADR	$2,781,000	–	27,385	–	0.62%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS, LP.	$2,608,000	–	35,543	–	0.58%	–
EOG	New	EOG RESOURCES INC	$2,172,000	–	24,804	–	0.49%	–
SO	New	SOUTHERN	$1,963,000	–	46,833	–	0.44%	–
XOM	New	EXXON MOBIL	$1,669,000	–	20,062	–	0.37%	–
NOC	New	NORTHROP GRUMMAN	$1,647,000	–	10,385	–	0.37%	–
AGN	New	ALLERGAN PLC	$1,519,000	–	5,004	–	0.34%	–
PCL	New	PLUM CREEK TIMBER CO	$1,517,000	–	37,382	–	0.34%	–
HAL	New	HALLIBURTON	$1,352,000	–	31,373	–	0.30%	–
AMGN	New	AMGEN INC	$1,292,000	–	8,414	–	0.29%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$1,229,000	–	6	–	0.28%	–
ROK	New	ROCKWELL AUTOMATION	$1,185,000	–	9,505	–	0.26%	–
CBI	New	CHICAGO BRIDGE & IRON CO NV	$1,159,000	–	23,171	–	0.26%	–
BBEPQ	New	BREITBURN ENERGY PARTNERS LP	$1,052,000	–	221,100	–	0.24%	–
KGC	New	KINROSS GOLD CORP.	$1,020,000	–	439,697	–	0.23%	–
BABA	New	ALIBABA GROUP HOLDING-SP ADR	$991,000	–	12,050	–	0.22%	–
NEE	New	NEXTERA ENERGY, INC.	$948,000	–	9,670	–	0.21%	–
BIIB	New	BIOGEN IDEC	$929,000	–	2,300	–	0.21%	–
SSS	New	SOVRAN SELF STORAGE INC	$900,000	–	10,352	–	0.20%	–
KMPR	New	KEMPER	$893,000	–	23,160	–	0.20%	–
NFX	New	NEWFIELD EXPLORATION	$872,000	–	24,153	–	0.20%	–
VOD	New	VODAFONE GROUP PLC SP ADR	$845,000	–	23,195	–	0.19%	–
KO	New	COCA COLA	$822,000	–	20,945	–	0.18%	–
EPD	New	ENTERPRISE PRODUCT PARTNERS L.P.	$760,000	–	25,414	–	0.17%	–
GILD	New	GILEAD SCIENCES INC	$725,000	–	6,194	–	0.16%	–
HD	New	HOME DEPOT INC.	$709,000	–	6,378	–	0.16%	–
PCH	New	POTLATCH CORP.	$702,000	–	19,886	–	0.16%	–
RYN	New	RAYONIER	$695,000	–	27,216	–	0.16%	–
PEP	New	PEPSICO	$660,000	–	7,067	–	0.15%	–
NFLX	New	NETFLIX INC	$657,000	–	1,000	–	0.15%	–
ECA	New	ENCANA CORP.	$607,000	–	55,077	–	0.14%	–
NEM	New	NEWMONT MINING	$602,000	–	25,760	–	0.14%	–
FSBW	New	FS BANCORP INC	$539,000	–	23,988	–	0.12%	–
RIG	New	TRANSOCEAN LTD	$535,000	–	33,182	–	0.12%	–
NICK	New	NICHOLAS FINANCIAL INC	$530,000	–	41,669	–	0.12%	–
DGICA	New	DONEGAL GROUP INC-CL A	$529,000	–	34,721	–	0.12%	–
PBR	New	PETROLEO BRASILEIRO S.A.-ADR	$521,000	–	57,533	–	0.12%	–
IEP	New	ICAHN ENTERPRISES LP	$520,000	–	6,000	–	0.12%	–
HUM	New	HUMANA INC	$516,000	–	2,700	–	0.12%	–
UHAL	New	AMERCO	$513,000	–	1,568	–	0.12%	–
ABBV	New	ABBVIE INC	$510,000	–	7,594	–	0.11%	–
SNH	New	SENIOR HOUSING PROP TRUST	$509,000	–	29,016	–	0.11%	–
AXP	New	AMERICAN EXPRESS	$502,000	–	6,465	–	0.11%	–
GLDD	New	GREAT LAKES DREDGE & DOCK CO	$502,000	–	84,213	–	0.11%	–
MSFT	New	MICROSOFT	$499,000	–	11,301	–	0.11%	–
CELG	New	CELGENE	$498,000	–	4,300	–	0.11%	–
BAC	New	BANK OF AMERICA CORP	$497,000	–	29,225	–	0.11%	–
OXY	New	OCCIDENTAL PETROLEUM	$491,000	–	6,318	–	0.11%	–
FFIV	New	F5 NETWORKS INC	$481,000	–	4,000	–	0.11%	–
AHH	New	ARMADA HOFFLER PROPERTIES IN	$481,000	–	48,162	–	0.11%	–
VTR	New	VENTAS INC	$482,000	–	7,756	–	0.11%	–
DUK	New	DUKE ENERGY CORP	$459,000	–	6,500	–	0.10%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LP	$461,000	–	13,827	–	0.10%	–
LXU	New	LSB INDUSTRIES INC	$457,000	–	11,184	–	0.10%	–
SRE	New	SEMPRA ENERGY	$451,000	–	4,555	–	0.10%	–
CRXIF	New	CAN REAL ESTATE INVEST TRUST	$446,000	–	13,132	–	0.10%	–
COP	New	CONOCOPHILLIPS	$436,000	–	7,105	–	0.10%	–
LMT	New	LOCKHEED MARTIN	$436,000	–	2,345	–	0.10%	–
CW	New	CURTISS-WRIGHT	$436,000	–	6,016	–	0.10%	–
PFE	New	PFIZER	$427,000	–	12,749	–	0.10%	–
WEC	New	WEC ENERGY GROUP	$418,000	–	9,294	–	0.09%	–
SWKS	New	SKYWORKS SOLUTIONS	$416,000	–	4,000	–	0.09%	–
ATSG	New	AIR TRANSPORT SERVICES GROUP	$405,000	–	38,627	–	0.09%	–
SOHO	New	SOTHERLY HOTELS INC	$394,000	–	55,765	–	0.09%	–
MCY	New	MERCURY GENERAL	$392,000	–	7,050	–	0.09%	–
EQR	New	EQUITY RESIDENTIAL	$379,000	–	5,400	–	0.08%	–
	New	H&R REAL ESTATE INV-REIT UTS	$366,000	–	20,375	–	0.08%	–
	New	UNITEDHEALTH GROUP INC.	$366,000	–	3,000	–	0.08%	–
FDX	New	FEDEX CORPORATION	$361,000	–	2,118	–	0.08%	–
MCK	New	McKESSON	$360,000	–	1,600	–	0.08%	–
WTR	New	AQUA AMERICA INC.	$351,000	–	14,338	–	0.08%	–
OHAI	New	OHA INVESTMENT CORP	$355,000	–	62,402	–	0.08%	–
INTC	New	INTEL CORP	$343,000	–	11,279	–	0.08%	–
GPT	New	GRAMERCY PROPERTY TRUST INC	$345,000	–	14,768	–	0.08%	–
PSA	New	PUBLIC STORAGE INC.	$341,000	–	1,850	–	0.08%	–
CTRP	New	CTRIP.COM INTERNATIONAL-ADR	$341,000	–	4,700	–	0.08%	–
BIDU	New	BAIDU INC - SPON ADR	$341,000	–	1,715	–	0.08%	–
	New	ALLEGHENY TECH	$337,000	–	11,146	–	0.08%	–
	New	TELEDYNE	$336,000	–	3,184	–	0.08%	–
CME	New	CME GROUP	$331,000	–	3,552	–	0.07%	–
KRFT	New	KRAFT FOODS GROUP INC	$331,000	–	3,890	–	0.07%	–
ANTM	New	ANTHEM INC	$328,000	–	2,000	–	0.07%	–
BRKB	New	BERKSHIRE HATHAWAY CLASS B	$306,000	–	2,249	–	0.07%	–
WFC	New	WELLS FARGO & CO.	$306,000	–	5,434	–	0.07%	–
BCML	New	BAY COMMERCIAL BANK	$302,000	–	25,620	–	0.07%	–
TPCA	New	TROPICANA ENTERTAINMENT INC	$294,000	–	18,326	–	0.07%	–
NRIM	New	NORTHRIM BANCORP INC	$294,000	–	11,475	–	0.07%	–
	New	VALE SA-SP ADR	$290,000	–	49,314	–	0.06%	–
PBHC	New	PATHFINDER BANCORP INC	$286,000	–	24,289	–	0.06%	–
MHGVY	New	MARINE HARVEST ASA- SPON ADR	$286,000	–	25,050	–	0.06%	–
MCBK	New	MADISON COUNTY FINANCIAL INC	$267,000	–	12,694	–	0.06%	–
HCP	New	HCP INC	$263,000	–	7,215	–	0.06%	–
SCEPRE	New	SOUTHERN CAL ED PFD Epreferred	$260,000	–	10,667	–	0.06%	–
MO	New	ALTRIA GROUP INC	$254,000	–	5,195	–	0.06%	–
ISIS	New	ISIS PHARMACEUTICAL	$242,000	–	4,200	–	0.05%	–
SJM	New	JM SMUCKER	$241,000	–	2,227	–	0.05%	–
BMY	New	BRISTOL-MYERS SQUIBB	$233,000	–	3,504	–	0.05%	–
DD	New	DU PONT (E.I.) DE NEMOURS	$231,000	–	3,610	–	0.05%	–
HCC	New	HCC INSURANCE HOLDINGS INC	$231,000	–	3,000	–	0.05%	–
WMMVY	New	WAL-MART DE MEXICO SA ADR	$234,000	–	9,600	–	0.05%	–
ECL	New	ECOLAB	$226,000	–	2,000	–	0.05%	–
FDEF	New	FIRST DEFIANCE FINL CORP	$229,000	–	6,104	–	0.05%	–
MCD	New	MCDONALDS	$218,000	–	2,294	–	0.05%	–
KINS	New	KINGSTONE COS INC	$215,000	–	28,273	–	0.05%	–
BAX	New	BAXTER INTERNATIONAL	$215,000	–	3,077	–	0.05%	–
CRM	New	SALESFORCE.COM INC	$209,000	–	3,000	–	0.05%	–
UAA	New	UNDER ARMOUR INC-CLASS A	$209,000	–	2,500	–	0.05%	–
LLY	New	LILLY (ELI)	$211,000	–	2,528	–	0.05%	–
SZMK	New	SIZMEK INC	$202,000	–	28,451	–	0.04%	–
TIPT	New	TIPTREE FINANCIAL INC - A	$184,000	–	25,329	–	0.04%	–
LNCOQ	New	LINN CO LLC	$168,000	–	17,750	–	0.04%	–
PIH	New	1347 PROPERTY INSURANCE HOLD	$153,000	–	18,807	–	0.03%	–
	New	CAPITALAND LTD	$98,000	–	40,000	–	0.02%	–
UWN	New	NEVADA GOLD & CASINOS INC	$33,000	–	19,900	–	0.01%	–
IMUC	New	IMMUNOCELLULAR THERAPEUTICS	$13,000	–	28,000	–	0.00%	–
PSTRQ	New	POSTROCK ENERGY CORP	$0	–	0	–	0.00%	–
KRED	New	KONARED CORP	$1,000	–	11,500	–	0.00%	–
PFFBQ	New	PFF BANCORP INC	$0	–	13,610	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
PFFBQ	Exit	PFF BANCORP INC	$0	–	-13,610	–	0.00%	–
RCKE	Exit	ROCK ENERGY RESOURCES INC	$0	–	-208,276	–	0.00%	–
KRED	Exit	KONARED CORP	$0	–	-11,500	–	-0.00%	–
RCPI	Exit	ROCK CREEK PHARMACEUTICALS I	$0	–	-16,300	–	-0.00%	–
IMUC	Exit	IMMUNOCELLULAR THERAPEUTICS	$0	–	-28,000	–	-0.01%	–
	Exit	CAPITALAND LTD	$0	–	-40,000	–	-0.02%	–
V	Exit	VISA INC CLASS A	$0	–	-1,000	–	-0.04%	–
SNY	Exit	SANOFI-AVENTIS-ADR	$0	–	-3,750	–	-0.04%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-4,104	–	-0.04%	–
BP	Exit	BP PLC ADR - SPONS ADR	$0	–	-5,050	–	-0.04%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-3,890	–	-0.04%	–
BAX	Exit	BAXTER INTERNATIONAL	$0	–	-3,077	–	-0.04%	–
SJM	Exit	JM SMUCKER	$0	–	-2,227	–	-0.04%	–
AMZN	Exit	AMAZON.COM	$0	–	-700	–	-0.04%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-2,000	–	-0.05%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-5,195	–	-0.05%	–
V107SC	Exit	WELLPOINT INC.	$0	–	-2,000	–	-0.05%	–
WMMVY	Exit	WAL-MART DE MEXICO SA ADR	$0	–	-9,600	–	-0.05%	–
GTU	Exit	CENTRAL GOLDTRUST	$0	–	-6,060	–	-0.05%	–
SCEPRE	Exit	SOUTHERN CAL ED PFD Epreferred	$0	–	-10,667	–	-0.05%	–
MCD	Exit	MCDONALDS	$0	–	-2,694	–	-0.05%	–
DD	Exit	DU PONT (E.I.) DE NEMOURS	$0	–	-3,610	–	-0.05%	–
UPS	Exit	UNITED PARCEL SERVICE CL B	$0	–	-2,699	–	-0.05%	–
CXO	Exit	CONCHO RESOURCES INC	$0	–	-2,200	–	-0.06%	–
WFC	Exit	WELLS FARGO & CO.	$0	–	-5,434	–	-0.06%	–
ECL	Exit	ECOLAB	$0	–	-2,500	–	-0.06%	–
UAA	Exit	UNDER ARMOUR INC-CLASS A	$0	–	-4,300	–	-0.06%	–
BIDU	Exit	BAIDU INC - SPON ADR	$0	–	-1,365	–	-0.06%	–
	Exit	TELEDYNE	$0	–	-3,184	–	-0.06%	–
PSA	Exit	PUBLIC STORAGE INC.	$0	–	-1,850	–	-0.06%	–
BRKB	Exit	BERKSHIRE HATHAWAY CLASS B	$0	–	-2,249	–	-0.06%	–
PFE	Exit	PFIZER	$0	–	-10,865	–	-0.06%	–
PNRA	Exit	PANERA BREAD COMPANY-CLASS A	$0	–	-2,000	–	-0.06%	–
EQR	Exit	EQUITY RESIDENTIAL	$0	–	-5,400	–	-0.07%	–
BUD	Exit	ANHEUSER BUSCH	$0	–	-3,000	–	-0.07%	–
WTR	Exit	AQUA AMERICA INC.	$0	–	-14,338	–	-0.07%	–
ABBV	Exit	ABBVIE INC	$0	–	-5,816	–	-0.07%	–
BIIB	Exit	BIOGEN IDEC	$0	–	-1,023	–	-0.07%	–
MCY	Exit	MERCURY GENERAL	$0	–	-7,050	–	-0.07%	–
CELG	Exit	CELGENE	$0	–	-3,700	–	-0.07%	–
MHGVY	Exit	MARINE HARVEST ASA- SPON ADR	$0	–	-25,250	–	-0.07%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-2,000	–	-0.08%	–
SNDK	Exit	SANDISK	$0	–	-4,000	–	-0.08%	–
	Exit	H&R REAL ESTATE INV-REIT UTS	$0	–	-20,375	–	-0.08%	–
CW	Exit	CURTISS-WRIGHT	$0	–	-6,016	–	-0.08%	–
	Exit	ALLEGHENY TECH	$0	–	-11,146	–	-0.08%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-2,420	–	-0.09%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-28,025	–	-0.10%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-4,555	–	-0.10%	–
VTR	Exit	VENTAS INC	$0	–	-7,756	–	-0.10%	–
INTC	Exit	INTEL CORP	$0	–	-13,973	–	-0.10%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-6,700	–	-0.10%	–
P105PS	Exit	INTEGRYS ENERGY GROUP INC	$0	–	-8,241	–	-0.11%	–
	Exit	VALE SA-SP ADR	$0	–	-49,314	–	-0.11%	–
LNCOQ	Exit	LINN CO LLC	$0	–	-19,000	–	-0.11%	–
MSFT	Exit	MICROSOFT	$0	–	-12,158	–	-0.11%	–
CRXIF	Exit	CAN REAL ESTATE INVEST TRUST	$0	–	-13,132	–	-0.11%	–
IEP	Exit	ICAHN ENTERPRISES LP	$0	–	-5,500	–	-0.12%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-7,750	–	-0.12%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-5,594	–	-0.12%	–
PEP	Exit	PEPSICO	$0	–	-6,447	–	-0.12%	–
SNH	Exit	SENIOR HOUSING PROP TRUST	$0	–	-29,016	–	-0.12%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-6,334	–	-0.12%	–
NEM	Exit	NEWMONT MINING	$0	–	-27,360	–	-0.13%	–
AXP	Exit	AMERICAN EXPRESS	$0	–	-7,317	–	-0.13%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LP	$0	–	-18,827	–	-0.15%	–
AMGN	Exit	AMGEN INC	$0	–	-5,414	–	-0.15%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-10,352	–	-0.15%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-7,904	–	-0.16%	–
KMPR	Exit	KEMPER	$0	–	-23,160	–	-0.16%	–
PCH	Exit	POTLATCH CORP.	$0	–	-19,886	–	-0.16%	–
RYN	Exit	RAYONIER	$0	–	-27,216	–	-0.17%	–
PBR	Exit	PETROLEO BRASILEIRO S.A.-ADR	$0	–	-62,233	–	-0.18%	–
NFX	Exit	NEWFIELD EXPLORATION	$0	–	-23,903	–	-0.18%	–
NEE	Exit	NEXTERA ENERGY, INC.	$0	–	-9,730	–	-0.18%	–
EPD	Exit	ENTERPRISE PRODUCT PARTNERS L.P.	$0	–	-25,414	–	-0.20%	–
KO	Exit	COCA COLA	$0	–	-26,507	–	-0.23%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-36,992	–	-0.24%	–
MCK	Exit	McKESSON	$0	–	-6,300	–	-0.24%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-6	–	-0.25%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-10,758	–	-0.28%	–
KGC	Exit	KINROSS GOLD CORP.	$0	–	-480,407	–	-0.32%	–
HAL	Exit	HALLIBURTON	$0	–	-25,423	–	-0.33%	–
	Exit	ALLERGAN	$0	–	-9,500	–	-0.34%	–
PCL	Exit	PLUM CREEK TIMBER CO	$0	–	-44,682	–	-0.35%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NV	$0	–	-31,631	–	-0.36%	–
SO	Exit	SOUTHERN	$0	–	-48,183	–	-0.42%	–
XOM	Exit	EXXON MOBIL	$0	–	-24,803	–	-0.47%	–
CMI	Exit	CUMMINS	$0	–	-21,508	–	-0.57%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS, LP.	$0	–	-36,193	–	-0.61%	–
T	Exit	A T & T INC.	$0	–	-90,729	–	-0.64%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-59,062	–	-0.75%	–
SIEGY	Exit	SIEMENS AG-SPONS ADR	$0	–	-31,880	–	-0.76%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-58,700	–	-0.79%	–
NFG	Exit	NATIONAL FUEL GAS CO	$0	–	-57,150	–	-0.80%	–
ABB	Exit	ABB LTD-SPON ADR	$0	–	-179,080	–	-0.80%	–
GOLD	Exit	BARRICK GOLD	$0	–	-300,196	–	-0.88%	–
ECA	Exit	ENCANA CORP.	$0	–	-213,894	–	-0.90%	–
BBEPQ	Exit	BREITBURN ENERGY PARTNERS LP	$0	–	-230,000	–	-0.93%	–
BA	Exit	BOEING	$0	–	-37,317	–	-0.95%	–
RTN	Exit	RAYTHEON	$0	–	-49,356	–	-1.00%	–
MRK	Exit	MERCK	$0	–	-91,472	–	-1.08%	–
GOOG	Exit	GOOGLE INC-CL C	$0	–	-9,398	–	-1.08%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-52,567	–	-1.13%	–
AEM	Exit	AGNICO-EAGLE MINES LTD	$0	–	-198,664	–	-1.15%	–
WMT	Exit	WAL-MART STORES	$0	–	-80,675	–	-1.23%	–
GOOGL	Exit	GOOGLE INC-CL A	$0	–	-10,585	–	-1.24%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-51,603	–	-1.25%	–
GG	Exit	GOLDCORP	$0	–	-278,507	–	-1.28%	–
CVX	Exit	CHEVRON CORP.	$0	–	-58,350	–	-1.39%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-279,007	–	-1.43%	–
PAA	Exit	PLAINS ALL AMER PIPELINE	$0	–	-132,980	–	-1.56%	–
4945SC	Exit	KINDER MORGAN ENERGY PRTNRS L.P.	$0	–	-91,323	–	-1.70%	–
WR	Exit	WESTAR ENERGY INC.	$0	–	-262,137	–	-1.78%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-218,505	–	-1.81%	–
UN	Exit	UNILEVER N.V. NY SHRS	$0	–	-231,108	–	-1.83%	–
QCOM	Exit	QUALCOMM	$0	–	-122,665	–	-1.83%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-94,672	–	-2.00%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-127,174	–	-2.02%	–
CPG	Exit	CRESCENT POINT ENERGY CORP	$0	–	-289,225	–	-2.08%	–
CAT	Exit	CATERPILLAR	$0	–	-114,657	–	-2.27%	–
NSRGY	Exit	NESTLE SA REP RG SH ADR	$0	–	-157,102	–	-2.31%	–
DVN	Exit	DEVON ENERGY CORPORATION	$0	–	-171,097	–	-2.33%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-157,827	–	-2.64%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-213,973	–	-2.67%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-282,215	–	-2.72%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-143,317	–	-2.91%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-76,858	–	-2.91%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-149,382	–	-3.00%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-349,933	–	-3.49%	–
DIS	Exit	WALT DISNEY	$0	–	-202,920	–	-3.60%	–
HON	Exit	HONEYWELL INTERNATIONAL INC.	$0	–	-202,667	–	-3.77%	–
MMM	Exit	3M COMPANY	$0	–	-133,785	–	-3.78%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-184,809	–	-3.93%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-199,460	–	-4.04%	–
COST	Exit	COSTCO WHOLESALE	$0	–	-170,965	–	-4.28%	–

Q3 2014

			Value		Shares		↓ Weighting
COST	Sell	COSTCO WHOLESALE	$21,425,000	+7.2%	170,965	-1.4%	4.28%	+9.6%
APC	Buy	ANADARKO PETROLEUM	$20,233,000	-4.2%	199,460	+3.4%	4.04%	-2.1%
JNJ	Buy	JOHNSON & JOHNSON	$19,699,000	+3.1%	184,809	+1.2%	3.93%	+5.4%
MMM	Buy	3M COMPANY	$18,955,000	-0.5%	133,785	+0.6%	3.78%	+1.7%
HON	Sell	HONEYWELL INTERNATIONAL INC.	$18,872,000	-0.5%	202,667	-0.7%	3.77%	+1.7%
DIS	Buy	WALT DISNEY	$18,066,000	+4.8%	202,920	+0.9%	3.60%	+7.1%
VZ	Buy	VERIZON COMMUNICATIONS	$17,493,000	+4.0%	349,933	+1.8%	3.49%	+6.3%
AAPL	Buy	APPLE COMPUTER INC	$15,051,000	+12.7%	149,382	+3.9%	3.00%	+15.1%
IBM	Buy	INTL BUSINESS MACHINES	$14,590,000	+4.8%	76,858	+0.1%	2.91%	+7.1%
SLB	Buy	SCHLUMBERGER LIMITED	$14,574,000	-12.6%	143,317	+1.4%	2.91%	-10.6%
AWK	Buy	AMERICAN WATER WORKS	$13,611,000	+1.1%	282,215	+3.7%	2.72%	+3.3%
EMR	Buy	EMERSON ELECTRIC	$13,391,000	-5.3%	213,973	+0.5%	2.67%	-3.2%
PG	Buy	PROCTER & GAMBLE	$13,217,000	+6.7%	157,827	+0.1%	2.64%	+9.0%
DVN	Sell	DEVON ENERGY CORPORATION	$11,665,000	-14.4%	171,097	-0.3%	2.33%	-12.4%
NSRGY	Sell	NESTLE SA REP RG SH ADR	$11,567,000	-5.5%	157,102	-0.3%	2.31%	-3.4%
CAT	Buy	CATERPILLAR	$11,355,000	-8.8%	114,657	+0.0%	2.27%	-6.8%
CPG	Buy	CRESCENT POINT ENERGY CORP	$10,441,000	-17.7%	289,225	+1.0%	2.08%	-15.9%
BPL	Buy	BUCKEYE PARTNERS LP	$10,129,000	-3.9%	127,174	+0.2%	2.02%	-1.8%
UTX	Buy	UNITED TECHNOLOGIES	$9,997,000	-7.1%	94,672	+1.6%	2.00%	-5.0%
QCOM	Sell	QUALCOMM	$9,172,000	-6.7%	122,665	-1.2%	1.83%	-4.7%
UN	Buy	UNILEVER N.V. NY SHRS	$9,171,000	+322.6%	231,108	+366.0%	1.83%	+331.6%
ABT	Buy	ABBOTT LABORATORIES	$9,088,000	+2.6%	218,505	+0.9%	1.81%	+4.8%
WR	Buy	WESTAR ENERGY INC.	$8,944,000	-7.7%	262,137	+3.3%	1.78%	-5.7%
4945SC	Sell	KINDER MORGAN ENERGY PRTNRS L.P.	$8,519,000	+11.8%	91,323	-1.5%	1.70%	+14.2%
PAA	Buy	PLAINS ALL AMER PIPELINE	$7,827,000	-1.4%	132,980	+0.5%	1.56%	+0.8%
GE	Sell	GENERAL ELECTRIC	$7,148,000	-2.8%	279,007	-0.3%	1.43%	-0.7%
CVX	Buy	CHEVRON CORP.	$6,963,000	-8.0%	58,350	+0.7%	1.39%	-6.0%
GG	Sell	GOLDCORP	$6,414,000	-17.7%	278,507	-0.3%	1.28%	-15.9%
TMO	Buy	THERMO FISHER SCIENTIFIC	$6,280,000	+3.4%	51,603	+0.2%	1.25%	+5.6%
GOOGL	Buy	GOOGLE INC-CL A	$6,228,000	+9.4%	10,585	+8.7%	1.24%	+11.8%
WMT	Buy	WAL-MART STORES	$6,169,000	+3.0%	80,675	+1.1%	1.23%	+5.2%
AEM	Sell	AGNICO-EAGLE MINES LTD	$5,767,000	-25.2%	198,664	-1.2%	1.15%	-23.5%
KMB	Buy	KIMBERLY CLARK	$5,655,000	-1.2%	52,567	+2.1%	1.13%	+0.9%
GOOG	Sell	GOOGLE INC-CL C	$5,426,000	-2.7%	9,398	-3.0%	1.08%	-0.5%
MRK	Buy	MERCK	$5,422,000	+4.7%	91,472	+2.2%	1.08%	+7.0%
RTN	Buy	RAYTHEON	$5,016,000	+12.8%	49,356	+2.4%	1.00%	+15.3%
BA	Buy	BOEING	$4,753,000	+9.2%	37,317	+9.1%	0.95%	+11.7%
BBEPQ	Buy	BREITBURN ENERGY PARTNERS LP	$4,674,000	-4.3%	230,000	+4.2%	0.93%	-2.1%
ECA	Sell	ENCANA CORP.	$4,537,000	-10.7%	213,894	-0.2%	0.90%	-8.8%
GOLD	Sell	BARRICK GOLD	$4,401,000	-21.6%	300,196	-2.1%	0.88%	-19.8%
SIEGY	Buy	SIEMENS AG-SPONS ADR	$3,796,000	-9.1%	31,880	+0.9%	0.76%	-7.1%
ETP	Sell	ENERGY TRANSFER PARTNERS LP	$3,779,000	+9.9%	59,062	-0.4%	0.75%	+12.4%
T	Buy	A T & T INC.	$3,197,000	+2.2%	90,729	+2.6%	0.64%	+4.6%
MMP	Buy	MAGELLAN MIDSTREAM PARTNERS, LP.	$3,047,000	+1.2%	36,193	+1.0%	0.61%	+3.4%
CMI	Buy	CUMMINS	$2,838,000	-10.8%	21,508	+4.2%	0.57%	-8.9%
XOM	Buy	EXXON MOBIL	$2,333,000	-5.1%	24,803	+1.6%	0.47%	-2.9%
CBI	Sell	CHICAGO BRIDGE & IRON CO NV	$1,830,000	-20.5%	31,631	-6.3%	0.36%	-18.9%
PCL	Sell	PLUM CREEK TIMBER CO	$1,743,000	-15.1%	44,682	-1.8%	0.35%	-13.2%
	Buy	ALLERGAN	$1,693,000	+53.9%	9,500	+46.2%	0.34%	+57.2%
HAL	Buy	HALLIBURTON	$1,640,000	-4.3%	25,423	+5.4%	0.33%	-2.1%
KGC	Buy	KINROSS GOLD CORP.	$1,586,000	-5.8%	480,407	+18.1%	0.32%	-4.0%
NOC	Buy	NORTHROP GRUMMAN	$1,417,000	+27.0%	10,758	+15.4%	0.28%	+29.8%
MCK	Buy	McKESSON	$1,226,000	+163.1%	6,300	+152.0%	0.24%	+169.2%
RIG	Sell	TRANSOCEAN LTD	$1,182,000	-30.3%	36,992	-1.9%	0.24%	-28.7%
KO	Sell	COCA COLA	$1,131,000	-3.9%	26,507	-4.6%	0.23%	-1.7%
EPD	Buy	ENTERPRISE PRODUCT PARTNERS L.P.	$1,024,000	+7.6%	25,414	+109.0%	0.20%	+9.7%
NFX	Buy	NEWFIELD EXPLORATION	$886,000	-2.5%	23,903	+16.2%	0.18%	0.0%
PBR	Sell	PETROLEO BRASILEIRO S.A.-ADR	$883,000	-7.1%	62,233	-4.1%	0.18%	-4.9%
EOG	Buy	EOG RESOURCES INC	$782,000	-3.1%	7,904	+14.5%	0.16%	-1.3%
EEP	Buy	ENBRIDGE ENERGY PARTNERS LP	$731,000	+5.9%	18,827	+0.8%	0.15%	+8.1%
AXP	Sell	AMERICAN EXPRESS	$641,000	-17.7%	7,317	-10.9%	0.13%	-15.8%
OXY	Buy	OCCIDENTAL PETROLEUM	$609,000	+84.5%	6,334	+97.0%	0.12%	+90.6%
SNH	Buy	SENIOR HOUSING PROP TRUST	$608,000	+100.0%	29,016	+132.1%	0.12%	+105.1%
PEP	Buy	PEPSICO	$600,000	+29.6%	6,447	+24.5%	0.12%	+33.3%
GILD	Buy	GILEAD SCIENCES INC	$595,000	+75.5%	5,594	+36.6%	0.12%	+80.3%
COP	Buy	CONOCOPHILLIPS	$593,000	-7.8%	7,750	+3.3%	0.12%	-6.3%
IEP	Buy	ICAHN ENTERPRISES LP	$582,000	+12.4%	5,500	+5.8%	0.12%	+14.9%
MSFT	Sell	MICROSOFT	$564,000	-8.4%	12,158	-17.7%	0.11%	-5.8%
LNCOQ	Buy	LINN CO LLC	$550,000	+122.7%	19,000	+140.5%	0.11%	+129.2%
DUK	Sell	DUKE ENERGY CORP	$501,000	-3.1%	6,700	-3.8%	0.10%	-1.0%
INTC	New	INTEL CORP	$487,000	–	13,973	–	0.10%	–
BAC	Sell	BANK OF AMERICA CORP	$478,000	+9.4%	28,025	-1.4%	0.10%	+11.8%
LMT	Buy	LOCKHEED MARTIN	$442,000	+22.8%	2,420	+8.0%	0.09%	+25.7%
SNDK	New	SANDISK	$392,000	–	4,000	–	0.08%	–
WYNN	Buy	WYNN RESORTS LTD	$374,000	+79.8%	2,000	+100.0%	0.08%	+82.9%
MHGVY	New	MARINE HARVEST ASA- SPON ADR	$355,000	–	25,250	–	0.07%	–
CELG	New	CELGENE	$351,000	–	3,700	–	0.07%	–
BIIB	Sell	BIOGEN IDEC	$338,000	-34.0%	1,023	-37.0%	0.07%	-33.0%
ABBV	Sell	ABBVIE INC	$336,000	-96.6%	5,816	-96.7%	0.07%	-96.6%
PNRA	New	PANERA BREAD COMPANY-CLASS A	$325,000	–	2,000	–	0.06%	–
PFE	Buy	PFIZER	$321,000	+21.6%	10,865	+22.1%	0.06%	+23.1%
PSA	New	PUBLIC STORAGE INC.	$307,000	–	1,850	–	0.06%	–
UAA	New	UNDER ARMOUR INC-CLASS A	$297,000	–	4,300	–	0.06%	–
WFC	Sell	WELLS FARGO & CO.	$282,000	-21.4%	5,434	-20.5%	0.06%	-20.0%
CXO	New	CONCHO RESOURCES INC	$276,000	–	2,200	–	0.06%	–
UPS	New	UNITED PARCEL SERVICE CL B	$265,000	–	2,699	–	0.05%	–
DD	Sell	DU PONT (E.I.) DE NEMOURS	$259,000	-1.1%	3,610	-9.8%	0.05%	+2.0%
MCD	New	MCDONALDS	$255,000	–	2,694	–	0.05%	–
GTU	Sell	CENTRAL GOLDTRUST	$251,000	-40.0%	6,060	-31.2%	0.05%	-39.0%
MO	New	ALTRIA GROUP INC	$239,000	–	5,195	–	0.05%	–
BP	Sell	BP PLC ADR - SPONS ADR	$222,000	-24.2%	5,050	-9.0%	0.04%	-22.8%
KRFT	New	KRAFT FOODS GROUP INC	$219,000	–	3,890	–	0.04%	–
BAX	New	BAXTER INTERNATIONAL	$221,000	–	3,077	–	0.04%	–
BMY	New	BRISTOL-MYERS SQUIBB	$210,000	–	4,104	–	0.04%	–
SNY	New	SANOFI-AVENTIS-ADR	$212,000	–	3,750	–	0.04%	–
V	Sell	VISA INC CLASS A	$213,000	-49.4%	1,000	-50.0%	0.04%	-48.8%
	New	CAPITALAND LTD	$102,000	–	40,000	–	0.02%	–
VFC	Exit	VF	$0	–	-150	–	0.00%	–
SPCHA	Exit	SPORT CHALET INC-CLASS A	$0	–	-49,152	–	-0.01%	–
	Exit	BASF AGENCY EUR	$0	–	-1,800	–	-0.04%	–
HD	Exit	HOME DEPOT INC.	$0	–	-2,600	–	-0.04%	–
TRN	Exit	TRINITY INDUSTRIES INC	$0	–	-5,000	–	-0.04%	–
TSLA	Exit	TESLA MOTORS INC	$0	–	-1,000	–	-0.05%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC-ADR A	$0	–	-3,040	–	-0.05%	–
APA	Exit	APACHE	$0	–	-3,500	–	-0.07%	–
GS	Exit	GOLDMAN SACHS	$0	–	-2,300	–	-0.08%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-5,835	–	-0.09%	–

Q2 2014

			Value		Shares		↓ Weighting
APC	New	ANADARKO PETROLEUM	$21,117,000	–	192,899	–	4.12%	–
COST	New	COSTCO WHOLESALE	$19,977,000	–	173,475	–	3.90%	–
JNJ	New	JOHNSON & JOHNSON	$19,103,000	–	182,602	–	3.73%	–
MMM	New	3M COMPANY	$19,045,000	–	132,959	–	3.72%	–
HON	New	HONEYWELL INTERNATIONAL INC.	$18,969,000	–	204,077	–	3.70%	–
DIS	New	WALT DISNEY	$17,245,000	–	201,140	–	3.37%	–
VZ	New	VERIZON COMMUNICATIONS	$16,822,000	–	343,802	–	3.28%	–
SLB	New	SCHLUMBERGER LIMITED	$16,667,000	–	141,300	–	3.25%	–
EMR	New	EMERSON ELECTRIC	$14,133,000	–	212,982	–	2.76%	–
IBM	New	INTL BUSINESS MACHINES	$13,920,000	–	76,793	–	2.72%	–
DVN	New	DEVON ENERGY CORPORATION	$13,622,000	–	171,552	–	2.66%	–
AWK	New	AMERICAN WATER WORKS	$13,461,000	–	272,210	–	2.63%	–
AAPL	New	APPLE COMPUTER INC	$13,360,000	–	143,763	–	2.61%	–
CPG	New	CRESCENT POINT ENERGY CORP	$12,685,000	–	286,275	–	2.48%	–
CAT	New	CATERPILLAR	$12,456,000	–	114,617	–	2.43%	–
PG	New	PROCTER & GAMBLE	$12,392,000	–	157,670	–	2.42%	–
NSRGY	New	NESTLE SA REP RG SH ADR	$12,237,000	–	157,552	–	2.39%	–
UTX	New	UNITED TECHNOLOGIES	$10,759,000	–	93,190	–	2.10%	–
BPL	New	BUCKEYE PARTNERS LP	$10,543,000	–	126,926	–	2.06%	–
ABBV	New	ABBVIE INC	$9,989,000	–	176,975	–	1.95%	–
QCOM	New	QUALCOMM	$9,834,000	–	124,165	–	1.92%	–
WR	New	WESTAR ENERGY INC.	$9,690,000	–	253,727	–	1.89%	–
ABT	New	ABBOTT LABORATORIES	$8,860,000	–	216,627	–	1.73%	–
PAA	New	PLAINS ALL AMER PIPELINE	$7,942,000	–	132,253	–	1.55%	–
GG	New	GOLDCORP	$7,794,000	–	279,242	–	1.52%	–
AEM	New	AGNICO-EAGLE MINES LTD	$7,705,000	–	201,164	–	1.50%	–
4945SC	New	KINDER MORGAN ENERGY PRTNRS L.P.	$7,620,000	–	92,695	–	1.49%	–
CVX	New	CHEVRON CORP.	$7,566,000	–	57,954	–	1.48%	–
GE	New	GENERAL ELECTRIC	$7,357,000	–	279,947	–	1.44%	–
TMO	New	THERMO FISHER SCIENTIFIC	$6,076,000	–	51,493	–	1.19%	–
WMT	New	WAL-MART STORES	$5,992,000	–	79,825	–	1.17%	–
KMB	New	KIMBERLY CLARK	$5,725,000	–	51,473	–	1.12%	–
GOOGL	New	GOOGLE INC-CL A	$5,694,000	–	9,739	–	1.11%	–
GOLD	New	BARRICK GOLD	$5,611,000	–	306,597	–	1.10%	–
GOOG	New	GOOGLE INC-CL C	$5,574,000	–	9,690	–	1.09%	–
MRK	New	MERCK	$5,180,000	–	89,544	–	1.01%	–
RRC	New	RANGE RESOURCES CORP	$5,104,000	–	58,700	–	1.00%	–
ECA	New	ENCANA CORP.	$5,079,000	–	214,229	–	0.99%	–
BBEPQ	New	BREITBURN ENERGY PARTNERS LP	$4,882,000	–	220,700	–	0.95%	–
NFG	New	NATIONAL FUEL GAS CO	$4,475,000	–	57,150	–	0.87%	–
RTN	New	RAYTHEON	$4,448,000	–	48,219	–	0.87%	–
BA	New	BOEING	$4,351,000	–	34,196	–	0.85%	–
SIEGY	New	SIEMENS AG-SPONS ADR	$4,176,000	–	31,590	–	0.82%	–
ABB	New	ABB LTD-SPON ADR	$4,122,000	–	179,080	–	0.80%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$3,439,000	–	59,325	–	0.67%	–
CMI	New	CUMMINS	$3,183,000	–	20,633	–	0.62%	–
T	New	A T & T INC.	$3,127,000	–	88,434	–	0.61%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS, LP.	$3,012,000	–	35,840	–	0.59%	–
XOM	New	EXXON MOBIL	$2,458,000	–	24,413	–	0.48%	–
CBI	New	CHICAGO BRIDGE & IRON CO NV	$2,303,000	–	33,761	–	0.45%	–
SO	New	SOUTHERN	$2,187,000	–	48,183	–	0.43%	–
UN	New	UNILEVER N.V. NY SHRS	$2,170,000	–	49,590	–	0.42%	–
PCL	New	PLUM CREEK TIMBER CO	$2,052,000	–	45,504	–	0.40%	–
HAL	New	HALLIBURTON	$1,713,000	–	24,123	–	0.33%	–
RIG	New	TRANSOCEAN LTD	$1,697,000	–	37,705	–	0.33%	–
KGC	New	KINROSS GOLD CORP.	$1,684,000	–	406,774	–	0.33%	–
KO	New	COCA COLA	$1,177,000	–	27,778	–	0.23%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$1,139,000	–	6	–	0.22%	–
NOC	New	NORTHROP GRUMMAN	$1,116,000	–	9,326	–	0.22%	–
	New	ALLERGAN	$1,100,000	–	6,500	–	0.22%	–
NEE	New	NEXTERA ENERGY, INC.	$997,000	–	9,730	–	0.20%	–
RYN	New	RAYONIER	$968,000	–	27,216	–	0.19%	–
EPD	New	ENTERPRISE PRODUCT PARTNERS L.P.	$952,000	–	12,158	–	0.19%	–
PBR	New	PETROLEO BRASILEIRO S.A.-ADR	$950,000	–	64,898	–	0.18%	–
NFX	New	NEWFIELD EXPLORATION	$909,000	–	20,563	–	0.18%	–
KMPR	New	KEMPER	$854,000	–	23,160	–	0.17%	–
PCH	New	POTLATCH CORP.	$823,000	–	19,886	–	0.16%	–
EOG	New	EOG RESOURCES INC	$807,000	–	6,904	–	0.16%	–
SSS	New	SOVRAN SELF STORAGE INC	$800,000	–	10,352	–	0.16%	–
AXP	New	AMERICAN EXPRESS	$779,000	–	8,215	–	0.15%	–
NEM	New	NEWMONT MINING	$696,000	–	27,360	–	0.14%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LP	$690,000	–	18,680	–	0.14%	–
	New	VALE SA-SP ADR	$652,000	–	49,314	–	0.13%	–
COP	New	CONOCOPHILLIPS	$643,000	–	7,500	–	0.13%	–
AMGN	New	AMGEN INC	$641,000	–	5,414	–	0.12%	–
MSFT	New	MICROSOFT	$616,000	–	14,770	–	0.12%	–
P105PS	New	INTEGRYS ENERGY GROUP INC	$586,000	–	8,241	–	0.11%	–
CRXIF	New	CAN REAL ESTATE INVEST TRUST	$566,000	–	13,132	–	0.11%	–
DUK	New	DUKE ENERGY CORP	$517,000	–	6,966	–	0.10%	–
IEP	New	ICAHN ENTERPRISES LP	$518,000	–	5,200	–	0.10%	–
BIIB	New	BIOGEN IDEC	$512,000	–	1,623	–	0.10%	–
	New	ALLEGHENY TECH	$503,000	–	11,146	–	0.10%	–
VTR	New	VENTAS INC	$497,000	–	7,756	–	0.10%	–
NOV	New	NATIONAL OILWELL VARCO	$481,000	–	5,835	–	0.09%	–
SRE	New	SEMPRA ENERGY	$477,000	–	4,555	–	0.09%	–
MCK	New	McKESSON	$466,000	–	2,500	–	0.09%	–
PEP	New	PEPSICO	$463,000	–	5,180	–	0.09%	–
	New	H&R REAL ESTATE INV-REIT UTS	$444,000	–	20,375	–	0.09%	–
BAC	New	BANK OF AMERICA CORP	$437,000	–	28,425	–	0.08%	–
GTU	New	CENTRAL GOLDTRUST	$418,000	–	8,810	–	0.08%	–
V	New	VISA INC CLASS A	$421,000	–	2,000	–	0.08%	–
CW	New	CURTISS-WRIGHT	$394,000	–	6,016	–	0.08%	–
GS	New	GOLDMAN SACHS	$385,000	–	2,300	–	0.08%	–
WTR	New	AQUA AMERICA INC.	$376,000	–	14,338	–	0.07%	–
LMT	New	LOCKHEED MARTIN	$360,000	–	2,240	–	0.07%	–
WFC	New	WELLS FARGO & CO.	$359,000	–	6,834	–	0.07%	–
APA	New	APACHE	$352,000	–	3,500	–	0.07%	–
BUD	New	ANHEUSER BUSCH	$345,000	–	3,000	–	0.07%	–
GILD	New	GILEAD SCIENCES INC	$339,000	–	4,094	–	0.07%	–
EQR	New	EQUITY RESIDENTIAL	$340,000	–	5,400	–	0.07%	–
MCY	New	MERCURY GENERAL	$332,000	–	7,050	–	0.06%	–
OXY	New	OCCIDENTAL PETROLEUM	$330,000	–	3,216	–	0.06%	–
	New	TELEDYNE	$309,000	–	3,184	–	0.06%	–
SNH	New	SENIOR HOUSING PROP TRUST	$304,000	–	12,500	–	0.06%	–
BP	New	BP PLC ADR - SPONS ADR	$293,000	–	5,550	–	0.06%	–
BRKB	New	BERKSHIRE HATHAWAY CLASS B	$285,000	–	2,249	–	0.06%	–
ECL	New	ECOLAB	$278,000	–	2,500	–	0.05%	–
PFE	New	PFIZER	$264,000	–	8,901	–	0.05%	–
DD	New	DU PONT (E.I.) DE NEMOURS	$262,000	–	4,000	–	0.05%	–
BIDU	New	BAIDU INC - SPON ADR	$255,000	–	1,365	–	0.05%	–
WMMVY	New	WAL-MART DE MEXICO SA ADR	$256,000	–	9,600	–	0.05%	–
RDSA	New	ROYAL DUTCH SHELL PLC-ADR A	$250,000	–	3,040	–	0.05%	–
SCEPRE	New	SOUTHERN CAL ED PFD Epreferred	$244,000	–	10,667	–	0.05%	–
LNCOQ	New	LINN CO LLC	$247,000	–	7,900	–	0.05%	–
TSLA	New	TESLA MOTORS INC	$240,000	–	1,000	–	0.05%	–
SJM	New	JM SMUCKER	$237,000	–	2,227	–	0.05%	–
FFIV	New	F5 NETWORKS INC	$223,000	–	2,000	–	0.04%	–
AMZN	New	AMAZON.COM	$227,000	–	700	–	0.04%	–
TRN	New	TRINITY INDUSTRIES INC	$219,000	–	5,000	–	0.04%	–
V107SC	New	WELLPOINT INC.	$215,000	–	2,000	–	0.04%	–
HD	New	HOME DEPOT INC.	$210,000	–	2,600	–	0.04%	–
	New	BASF AGENCY EUR	$210,000	–	1,800	–	0.04%	–
WYNN	New	WYNN RESORTS LTD	$208,000	–	1,000	–	0.04%	–
SPCHA	New	SPORT CHALET INC-CLASS A	$41,000	–	49,152	–	0.01%	–
IMUC	New	IMMUNOCELLULAR THERAPEUTICS	$31,000	–	28,000	–	0.01%	–
RCPI	New	ROCK CREEK PHARMACEUTICALS I	$10,000	–	16,300	–	0.00%	–
KRED	New	KONARED CORP	$6,000	–	11,500	–	0.00%	–
PFFBQ	New	PFF BANCORP INC	$0	–	13,610	–	0.00%	–
RCKE	New	ROCK ENERGY RESOURCES INC	$0	–	208,276	–	0.00%	–
VFC	New	VF	$0	–	150	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
RCKE	Exit	ROCK ENERGY RESOURCES INC	$0	–	-208,276	–	0.00%	–
PFFBQ	Exit	PFF BANCORP INC	$0	–	-13,610	–	0.00%	–
STSI	Exit	STAR SCIENTIFIC INC	$0	–	-12,200	–	-0.01%	–
SPCHA	Exit	SPORT CHALET INC-CLASS A	$0	–	-49,152	–	-0.01%	–
IMUC	Exit	IMMUNOCELLULAR THERAPEUTICS	$0	–	-28,000	–	-0.02%	–
	Exit	NESTLE SA-REGISTERED CHF	$0	–	-3,000	–	-0.04%	–
HD	Exit	HOME DEPOT INC.	$0	–	-2,800	–	-0.04%	–
LMT	Exit	LOCKHEED MARTIN	$0	–	-1,740	–	-0.05%	–
ABC	Exit	AMERISOURCEBERGEN	$0	–	-3,596	–	-0.05%	–
SNY	Exit	SANOFI-AVENTIS-ADR	$0	–	-4,410	–	-0.05%	–
DD	Exit	DU PONT (E.I.) DE NEMOURS	$0	–	-4,000	–	-0.05%	–
SJM	Exit	JM SMUCKER	$0	–	-2,227	–	-0.05%	–
NFX	Exit	NEWFIELD EXPLORATION	$0	–	-8,700	–	-0.05%	–
SCEPRE	Exit	SOUTHERN CAL ED PFD Epreferred	$0	–	-10,667	–	-0.05%	–
BIIB	Exit	BIOGEN IDEC	$0	–	-1,023	–	-0.05%	–
ECL	Exit	ECOLAB	$0	–	-2,500	–	-0.05%	–
GTU	Exit	CENTRAL GOLDTRUST	$0	–	-5,280	–	-0.05%	–
AMZN	Exit	AMAZON.COM	$0	–	-800	–	-0.05%	–
WMMVY	Exit	WAL-MART DE MEXICO SA ADR	$0	–	-9,600	–	-0.05%	–
BP	Exit	BP PLC ADR - SPONS ADR	$0	–	-6,258	–	-0.06%	–
	Exit	TELEDYNE	$0	–	-3,184	–	-0.06%	–
CW	Exit	CURTISS-WRIGHT	$0	–	-6,016	–	-0.06%	–
WFC	Exit	WELLS FARGO & CO.	$0	–	-6,893	–	-0.06%	–
PFE	Exit	PFIZER	$0	–	-10,674	–	-0.06%	–
MCY	Exit	MERCURY GENERAL	$0	–	-6,750	–	-0.07%	–
	Exit	ALLEGHENY TECH	$0	–	-11,146	–	-0.07%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-4,911	–	-0.07%	–
BIDU	Exit	BAIDU INC - SPON ADR	$0	–	-2,265	–	-0.07%	–
APA	Exit	APACHE	$0	–	-4,125	–	-0.07%	–
CMI	Exit	CUMMINS	$0	–	-2,751	–	-0.08%	–
OXY	Exit	OCCIDENTAL PETROLEUM	$0	–	-3,945	–	-0.08%	–
AMGN	Exit	AMGEN INC	$0	–	-3,414	–	-0.08%	–
SNH	Exit	SENIOR HOUSING PROP TRUST	$0	–	-16,516	–	-0.08%	–
MSFT	Exit	MICROSOFT	$0	–	-11,530	–	-0.08%	–
SRE	Exit	SEMPRA ENERGY	$0	–	-4,555	–	-0.08%	–
	Exit	H&R REAL ESTATE INV-REIT UTS	$0	–	-20,375	–	-0.09%	–
WTR	Exit	AQUA AMERICA INC.	$0	–	-17,206	–	-0.09%	–
CELG	Exit	CELGENE	$0	–	-2,800	–	-0.09%	–
PEP	Exit	PEPSICO	$0	–	-5,620	–	-0.09%	–
	Exit	ALLERGAN	$0	–	-5,000	–	-0.09%	–
P105PS	Exit	INTEGRYS ENERGY GROUP INC	$0	–	-8,461	–	-0.10%	–
VTR	Exit	VENTAS INC	$0	–	-7,756	–	-0.10%	–
CRXIF	Exit	CAN REAL ESTATE INVEST TRUST	$0	–	-13,132	–	-0.11%	–
BRKB	Exit	BERKSHIRE HATHAWAY CLASS B	$0	–	-4,849	–	-0.11%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS LP	$0	–	-19,880	–	-0.12%	–
VALE	Exit	VALE SA-SP ADR	$0	–	-42,764	–	-0.14%	–
NOV	Exit	NATIONAL OILWELL VARCO	$0	–	-8,635	–	-0.14%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LP	$0	–	-13,150	–	-0.14%	–
PCH	Exit	POTLATCH CORP.	$0	–	-19,354	–	-0.16%	–
KMPR	Exit	KEMPER	$0	–	-23,160	–	-0.16%	–
SSS	Exit	SOVRAN SELF STORAGE INC	$0	–	-10,352	–	-0.16%	–
NEE	Exit	NEXTERA ENERGY, INC.	$0	–	-9,730	–	-0.16%	–
EPD	Exit	ENTERPRISE PRODUCT PARTNERS L.P.	$0	–	-13,088	–	-0.17%	–
AXP	Exit	AMERICAN EXPRESS	$0	–	-10,701	–	-0.17%	–
F113PS	Exit	COVIDIEN	$0	–	-13,663	–	-0.17%	–
NEM	Exit	NEWMONT MINING	$0	–	-30,560	–	-0.18%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-69,142	–	-0.20%	–
BRKA	Exit	BERKSHIRE HATHAWAY - CL A	$0	–	-6	–	-0.21%	–
KO	Exit	COCA COLA	$0	–	-27,978	–	-0.22%	–
HAL	Exit	HALLIBURTON	$0	–	-24,457	–	-0.24%	–
NOC	Exit	NORTHROP GRUMMAN	$0	–	-12,718	–	-0.25%	–
PBR	Exit	PETROLEO BRASILEIRO S.A.-ADR	$0	–	-81,950	–	-0.26%	–
SIEGY	Exit	SIEMENS AG-SPONS ADR	$0	–	-10,600	–	-0.26%	–
RYN	Exit	RAYONIER	$0	–	-26,744	–	-0.31%	–
PCL	Exit	PLUM CREEK TIMBER CO	$0	–	-36,976	–	-0.36%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-46,939	–	-0.43%	–
XOM	Exit	EXXON MOBIL	$0	–	-25,236	–	-0.45%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS, LP.	$0	–	-40,389	–	-0.47%	–
PAA	Exit	PLAINS ALL AMER PIPELINE	$0	–	-50,774	–	-0.55%	–
KGC	Exit	KINROSS GOLD CORP.	$0	–	-534,715	–	-0.56%	–
T	Exit	A T & T INC.	$0	–	-92,923	–	-0.65%	–
RTN	Exit	RAYTHEON	$0	–	-48,446	–	-0.77%	–
BA	Exit	BOEING	$0	–	-33,326	–	-0.81%	–
TMO	Exit	THERMO FISHER SCIENTIFIC	$0	–	-43,745	–	-0.84%	–
ECA	Exit	ENCANA CORP.	$0	–	-251,422	–	-0.90%	–
MRK	Exit	MERCK	$0	–	-99,044	–	-0.98%	–
KMB	Exit	KIMBERLY CLARK	$0	–	-51,795	–	-1.01%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-70,400	–	-1.11%	–
AEM	Exit	AGNICO-EAGLE MINES LTD	$0	–	-210,284	–	-1.15%	–
NFG	Exit	NATIONAL FUEL GAS CO	$0	–	-84,650	–	-1.21%	–
WMT	Exit	WAL-MART STORES	$0	–	-81,325	–	-1.25%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-182,579	–	-1.26%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NV	$0	–	-95,440	–	-1.34%	–
GOLD	Exit	BARRICK GOLD	$0	–	-351,951	–	-1.36%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-280,797	–	-1.39%	–
4945SC	Exit	KINDER MORGAN ENERGY PRTNRS L.P.	$0	–	-86,545	–	-1.43%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-41,795	–	-1.47%	–
WR	Exit	WESTAR ENERGY INC.	$0	–	-254,850	–	-1.62%	–
GG	Exit	GOLDCORP	$0	–	-307,303	–	-1.66%	–
GOOGL	Exit	GOOGLE INC-CL A	$0	–	-9,231	–	-1.68%	–
ABBV	Exit	ABBVIE INC	$0	–	-182,912	–	-1.70%	–
BPL	Exit	BUCKEYE PARTNERS LP	$0	–	-128,711	–	-1.75%	–
QCOM	Exit	QUALCOMM	$0	–	-136,835	–	-1.91%	–
CAT	Exit	CATERPILLAR	$0	–	-111,090	–	-1.92%	–
CVX	Exit	CHEVRON CORP.	$0	–	-77,436	–	-1.95%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-88,688	–	-1.98%	–
UN	Exit	UNILEVER N.V. NY SHRS	$0	–	-259,698	–	-2.03%	–
DVN	Exit	DEVON ENERGY CORPORATION	$0	–	-171,169	–	-2.05%	–
AAPL	Exit	APPLE COMPUTER INC	$0	–	-20,968	–	-2.07%	–
CPG	Exit	CRESCENT POINT ENERGY CORP	$0	–	-287,023	–	-2.26%	–
SO	Exit	SOUTHERN	$0	–	-274,598	–	-2.34%	–
NSRGY	Exit	NESTLE SA REP RG SH ADR	$0	–	-162,455	–	-2.34%	–
AWK	Exit	AMERICAN WATER WORKS	$0	–	-287,565	–	-2.46%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-162,244	–	-2.54%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-147,074	–	-2.69%	–
EMR	Exit	EMERSON ELECTRIC	$0	–	-217,267	–	-2.91%	–
DIS	Exit	WALT DISNEY	$0	–	-237,938	–	-3.18%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-178,856	–	-3.21%	–
MMM	Exit	3M COMPANY	$0	–	-130,686	–	-3.24%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-247,070	–	-3.42%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-356,015	–	-3.44%	–
IBM	Exit	INTL BUSINESS MACHINES	$0	–	-90,580	–	-3.48%	–
HON	Exit	HONEYWELL INTERNATIONAL INC.	$0	–	-216,108	–	-3.72%	–
COST	Exit	COSTCO WHOLESALE	$0	–	-170,267	–	-4.06%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-211,893	–	-4.08%	–

Q3 2013

			Value		Shares		↓ Weighting
APC	Buy	ANADARKO PETROLEUM	$19,704,000	+25.8%	211,893	+16.2%	4.08%	-0.6%
COST	Buy	COSTCO WHOLESALE	$19,610,000	+28.3%	170,267	+23.2%	4.06%	+1.4%
HON	Buy	HONEYWELL INTERNATIONAL INC.	$17,946,000	+29.2%	216,108	+23.5%	3.72%	+2.1%
IBM	Buy	INTL BUSINESS MACHINES	$16,773,000	+21.2%	90,580	+25.1%	3.48%	-4.2%
VZ	Buy	VERIZON COMMUNICATIONS	$16,617,000	+8.7%	356,015	+17.3%	3.44%	-14.1%
DUK	Buy	DUKE ENERGY CORP	$16,499,000	+51.7%	247,070	+53.3%	3.42%	+19.8%
MMM	Buy	3M COMPANY	$15,605,000	+33.4%	130,686	+22.1%	3.24%	+5.4%
JNJ	Buy	JOHNSON & JOHNSON	$15,505,000	+21.7%	178,856	+20.6%	3.21%	-3.8%
DIS	Buy	WALT DISNEY	$15,344,000	+28.9%	237,938	+26.3%	3.18%	+1.9%
EMR	Buy	EMERSON ELECTRIC	$14,057,000	+41.9%	217,267	+19.7%	2.91%	+12.2%
SLB	Buy	SCHLUMBERGER LIMITED	$12,995,000	+51.9%	147,074	+23.2%	2.69%	+20.0%
PG	Buy	PROCTER & GAMBLE	$12,264,000	+14.5%	162,244	+16.6%	2.54%	-9.5%
AWK	Buy	AMERICAN WATER WORKS	$11,871,000	+29.6%	287,565	+29.4%	2.46%	+2.4%
NSRGY	Buy	NESTLE SA REP RG SH ADR	$11,307,000	+10.3%	162,455	+4.2%	2.34%	-12.9%
SO	Buy	SOUTHERN	$11,308,000	+1.5%	274,598	+8.7%	2.34%	-19.8%
CPG	Buy	CRESCENT POINT ENERGY CORP	$10,899,000	+34.1%	287,023	+20.3%	2.26%	+5.9%
AAPL	Buy	APPLE COMPUTER INC	$9,997,000	+27.1%	20,968	+5.7%	2.07%	+0.4%
DVN	Buy	DEVON ENERGY CORPORATION	$9,887,000	+35.5%	171,169	+21.7%	2.05%	+7.0%
UN	Buy	UNILEVER N.V. NY SHRS	$9,796,000	+20.5%	259,698	+25.5%	2.03%	-4.8%
UTX	Buy	UNITED TECHNOLOGIES	$9,562,000	+29.2%	88,688	+11.4%	1.98%	+2.1%
CVX	Buy	CHEVRON CORP.	$9,408,000	+11.4%	77,436	+8.5%	1.95%	-12.0%
CAT	Buy	CATERPILLAR	$9,265,000	+26.6%	111,090	+25.2%	1.92%	0.0%
QCOM	Buy	QUALCOMM	$9,212,000	+13.9%	136,835	+3.3%	1.91%	-10.0%
BPL	Buy	BUCKEYE PARTNERS LP	$8,434,000	+9.7%	128,711	+17.5%	1.75%	-13.3%
ABBV	Buy	ABBVIE INC	$8,182,000	+8.4%	182,912	+0.2%	1.70%	-14.3%
GOOGL	Buy	GOOGLE INC-CL A	$8,085,000	+63.3%	9,231	+64.1%	1.68%	+29.0%
GG	Buy	GOLDCORP	$7,993,000	+23.8%	307,303	+17.7%	1.66%	-2.1%
WR	Buy	WESTAR ENERGY INC.	$7,811,000	+22.6%	254,850	+27.9%	1.62%	-3.1%
EOG	Buy	EOG RESOURCES INC	$7,075,000	+32.8%	41,795	+3.3%	1.47%	+4.9%
4945SC	Buy	KINDER MORGAN ENERGY PRTNRS L.P.	$6,909,000	-0.2%	86,545	+6.8%	1.43%	-21.1%
GOLD	Buy	BARRICK GOLD	$6,553,000	+34.5%	351,951	+13.7%	1.36%	+6.3%
CBI	Buy	CHICAGO BRIDGE & IRON CO NV	$6,468,000	+77.7%	95,440	+56.5%	1.34%	+40.4%
ABT	Buy	ABBOTT LABORATORIES	$6,060,000	-3.7%	182,579	+1.2%	1.26%	-23.9%
NFG	Buy	NATIONAL FUEL GAS CO	$5,821,000	+72.6%	84,650	+45.4%	1.21%	+36.4%
AEM	Buy	AGNICO-EAGLE MINES LTD	$5,566,000	+10.0%	210,284	+14.5%	1.15%	-13.0%
KMB	Buy	KIMBERLY CLARK	$4,880,000	+68.6%	51,795	+73.8%	1.01%	+33.2%
ECA	Buy	ENCANA CORP.	$4,357,000	+30.0%	251,422	+27.1%	0.90%	+2.7%
TMO	Buy	THERMO FISHER SCIENTIFIC	$4,032,000	+25.4%	43,745	+15.2%	0.84%	-0.9%
BA	Buy	BOEING	$3,915,000	+265.5%	33,326	+218.7%	0.81%	+189.0%
RTN	Buy	RAYTHEON	$3,734,000	+202.3%	48,446	+159.3%	0.77%	+138.9%
T	Buy	A T & T INC.	$3,143,000	+41.3%	92,923	+47.9%	0.65%	+11.6%
KGC	Buy	KINROSS GOLD CORP.	$2,700,000	+8.6%	534,715	+9.7%	0.56%	-14.1%
PAA	Buy	PLAINS ALL AMER PIPELINE	$2,673,000	+21.4%	50,774	+28.8%	0.55%	-4.2%
MMP	Buy	MAGELLAN MIDSTREAM PARTNERS, LP.	$2,279,000	+64.7%	40,389	+59.0%	0.47%	+30.0%
XOM	Sell	EXXON MOBIL	$2,171,000	-9.8%	25,236	-5.2%	0.45%	-28.7%
RIG	Buy	TRANSOCEAN LTD	$2,089,000	+47.8%	46,939	+59.3%	0.43%	+16.7%
PCL	New	PLUM CREEK TIMBER CO	$1,732,000	–	36,976	–	0.36%	–
RYN	New	RAYONIER	$1,488,000	–	26,744	–	0.31%	–
SIEGY	New	SIEMENS AG-SPONS ADR	$1,277,000	–	10,600	–	0.26%	–
PBR	Buy	PETROLEO BRASILEIRO S.A.-ADR	$1,269,000	+151.8%	81,950	+117.9%	0.26%	+99.2%
NOC	Buy	NORTHROP GRUMMAN	$1,212,000	+15.4%	12,718	+0.3%	0.25%	-9.1%
NEM	Sell	NEWMONT MINING	$859,000	-7.0%	30,560	-1.0%	0.18%	-26.4%
AXP	Buy	AMERICAN EXPRESS	$808,000	+2.7%	10,701	+1.7%	0.17%	-18.8%
EPD	Buy	ENTERPRISE PRODUCT PARTNERS L.P.	$799,000	+5.7%	13,088	+7.6%	0.17%	-16.2%
NEE	Buy	NEXTERA ENERGY, INC.	$780,000	+34.3%	9,730	+36.5%	0.16%	+6.6%
SSS	New	SOVRAN SELF STORAGE INC	$783,000	–	10,352	–	0.16%	–
PCH	New	POTLATCH CORP.	$768,000	–	19,354	–	0.16%	–
NOV	Buy	NATIONAL OILWELL VARCO	$674,000	+141.6%	8,635	+113.2%	0.14%	+91.8%
VALE	New	VALE SA-SP ADR	$668,000	–	42,764	–	0.14%	–
EEP	Buy	ENBRIDGE ENERGY PARTNERS LP	$605,000	+6.1%	19,880	+6.4%	0.12%	-16.7%
BRKB	Sell	BERKSHIRE HATHAWAY CLASS B	$550,000	-21.2%	4,849	-22.3%	0.11%	-37.7%
CRXIF	New	CAN REAL ESTATE INVEST TRUST	$517,000	–	13,132	–	0.11%	–
VTR	New	VENTAS INC	$477,000	–	7,756	–	0.10%	–
	Buy	ALLERGAN	$452,000	+78.7%	5,000	+66.7%	0.09%	+42.4%
CELG	Buy	CELGENE	$432,000	+36.7%	2,800	+3.7%	0.09%	+8.4%
WTR	Buy	AQUA AMERICA INC.	$426,000	+18.7%	17,206	+50.0%	0.09%	-6.4%
	New	H&R REAL ESTATE INV-REIT UTS	$413,000	–	20,375	–	0.09%	–
SNH	New	SENIOR HOUSING PROP TRUST	$385,000	–	16,516	–	0.08%	–
MSFT	Sell	MICROSOFT	$384,000	-11.1%	11,530	-7.8%	0.08%	-29.2%
AMGN	Sell	AMGEN INC	$382,000	-1.0%	3,414	-12.8%	0.08%	-21.8%
CMI	Buy	CUMMINS	$366,000	+68.7%	2,751	+37.5%	0.08%	+33.3%
BIDU	New	BAIDU INC - SPON ADR	$351,000	–	2,265	–	0.07%	–
MCY	Sell	MERCURY GENERAL	$326,000	+2.2%	6,750	-6.9%	0.07%	-19.0%
PFE	Buy	PFIZER	$307,000	+3.7%	10,674	+0.9%	0.06%	-17.9%
AMZN	New	AMAZON.COM	$250,000	–	800	–	0.05%	–
BIIB	Sell	BIOGEN IDEC	$246,000	-37.2%	1,023	-43.9%	0.05%	-50.5%
NFX	New	NEWFIELD EXPLORATION	$238,000	–	8,700	–	0.05%	–
DD	New	DU PONT (E.I.) DE NEMOURS	$234,000	–	4,000	–	0.05%	–
LMT	New	LOCKHEED MARTIN	$222,000	–	1,740	–	0.05%	–
HD	Buy	HOME DEPOT INC.	$212,000	+5.5%	2,800	+7.7%	0.04%	-17.0%
	Sell	NESTLE SA-REGISTERED CHF	$210,000	-46.6%	3,000	-50.0%	0.04%	-57.3%
NEEPRCCL	Exit	FPL GROUP CAP TRUST Ipreferred	$0	–	-8,700	–	-0.06%	–
	Exit	AEGON N V ORD	$0	–	-38,117	–	-0.07%	–
	Exit	ROCHE HOLDING AG	$0	–	-1,150	–	-0.08%	–
	Exit	BASF AGENCY EUR	$0	–	-3,600	–	-0.08%	–

Q2 2013

			Value		Shares		↓ Weighting
APC	New	ANADARKO PETROLEUM	$15,666,000	–	182,316	–	4.11%	–
VZ	New	VERIZON COMMUNICATIONS	$15,282,000	–	303,574	–	4.01%	–
COST	New	COSTCO WHOLESALE	$15,281,000	–	138,204	–	4.01%	–
HON	New	HONEYWELL INTERNATIONAL INC.	$13,887,000	–	175,029	–	3.64%	–
IBM	New	INTL BUSINESS MACHINES	$13,839,000	–	72,412	–	3.63%	–
JNJ	New	JOHNSON & JOHNSON	$12,736,000	–	148,339	–	3.34%	–
DIS	New	WALT DISNEY	$11,901,000	–	188,461	–	3.12%	–
MMM	New	3M COMPANY	$11,701,000	–	107,007	–	3.07%	–
SO	New	SOUTHERN	$11,143,000	–	252,514	–	2.92%	–
DUK	New	DUKE ENERGY CORP	$10,876,000	–	161,126	–	2.85%	–
PG	New	PROCTER & GAMBLE	$10,710,000	–	139,103	–	2.81%	–
NSRGY	New	NESTLE SA REP RG SH ADR	$10,252,000	–	155,846	–	2.69%	–
EMR	New	EMERSON ELECTRIC	$9,903,000	–	181,578	–	2.60%	–
AWK	New	AMERICAN WATER WORKS	$9,163,000	–	222,230	–	2.40%	–
SLB	New	SCHLUMBERGER LIMITED	$8,555,000	–	119,388	–	2.24%	–
CVX	New	CHEVRON CORP.	$8,443,000	–	71,347	–	2.22%	–
UN	New	UNILEVER N.V. NY SHRS	$8,132,000	–	206,868	–	2.13%	–
CPG	New	CRESCENT POINT ENERGY CORP	$8,129,000	–	238,608	–	2.13%	–
QCOM	New	QUALCOMM	$8,090,000	–	132,435	–	2.12%	–
AAPL	New	APPLE COMPUTER INC	$7,867,000	–	19,839	–	2.06%	–
BPL	New	BUCKEYE PARTNERS LP	$7,687,000	–	109,561	–	2.02%	–
ABBV	New	ABBVIE INC	$7,547,000	–	182,557	–	1.98%	–
UTX	New	UNITED TECHNOLOGIES	$7,399,000	–	79,613	–	1.94%	–
CAT	New	CATERPILLAR	$7,321,000	–	88,752	–	1.92%	–
DVN	New	DEVON ENERGY CORPORATION	$7,299,000	–	140,684	–	1.92%	–
4945SC	New	KINDER MORGAN ENERGY PRTNRS L.P.	$6,920,000	–	81,035	–	1.82%	–
GE	New	GENERAL ELECTRIC	$6,512,000	–	280,797	–	1.71%	–
GG	New	GOLDCORP	$6,454,000	–	260,981	–	1.69%	–
WR	New	WESTAR ENERGY INC.	$6,369,000	–	199,290	–	1.67%	–
ABT	New	ABBOTT LABORATORIES	$6,292,000	–	180,379	–	1.65%	–
WMT	New	WAL-MART STORES	$6,058,000	–	81,325	–	1.59%	–
RRC	New	RANGE RESOURCES CORP	$5,443,000	–	70,400	–	1.43%	–
EOG	New	EOG RESOURCES INC	$5,326,000	–	40,450	–	1.40%	–
AEM	New	AGNICO-EAGLE MINES LTD	$5,058,000	–	183,649	–	1.33%	–
GOOGL	New	GOOGLE INC-CL A	$4,951,000	–	5,624	–	1.30%	–
GOLD	New	BARRICK GOLD	$4,871,000	–	309,487	–	1.28%	–
MRK	New	MERCK	$4,601,000	–	99,044	–	1.21%	–
CBI	New	CHICAGO BRIDGE & IRON CO NV	$3,639,000	–	61,000	–	0.96%	–
NFG	New	NATIONAL FUEL GAS CO	$3,373,000	–	58,200	–	0.88%	–
ECA	New	ENCANA CORP.	$3,351,000	–	197,826	–	0.88%	–
TMO	New	THERMO FISHER SCIENTIFIC	$3,215,000	–	37,985	–	0.84%	–
KMB	New	KIMBERLY CLARK	$2,895,000	–	29,806	–	0.76%	–
KGC	New	KINROSS GOLD CORP.	$2,486,000	–	487,493	–	0.65%	–
XOM	New	EXXON MOBIL	$2,406,000	–	26,634	–	0.63%	–
T	New	A T & T INC.	$2,224,000	–	62,817	–	0.58%	–
PAA	New	PLAINS ALL AMER PIPELINE	$2,201,000	–	39,429	–	0.58%	–
RIG	New	TRANSOCEAN LTD	$1,413,000	–	29,468	–	0.37%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS, LP.	$1,384,000	–	25,400	–	0.36%	–
RTN	New	RAYTHEON	$1,235,000	–	18,684	–	0.32%	–
KO	New	COCA COLA	$1,122,000	–	27,978	–	0.29%	–
BA	New	BOEING	$1,071,000	–	10,456	–	0.28%	–
NOC	New	NORTHROP GRUMMAN	$1,050,000	–	12,683	–	0.28%	–
HAL	New	HALLIBURTON	$1,020,000	–	24,457	–	0.27%	–
BRKA	New	BERKSHIRE HATHAWAY - CL A	$1,012,000	–	6	–	0.27%	–
NEM	New	NEWMONT MINING	$924,000	–	30,860	–	0.24%	–
BAC	New	BANK OF AMERICA CORP	$889,000	–	69,142	–	0.23%	–
F113PS	New	COVIDIEN	$859,000	–	13,663	–	0.22%	–
KMPR	New	KEMPER	$793,000	–	23,160	–	0.21%	–
AXP	New	AMERICAN EXPRESS	$787,000	–	10,524	–	0.21%	–
EPD	New	ENTERPRISE PRODUCT PARTNERS L.P.	$756,000	–	12,158	–	0.20%	–
BRKB	New	BERKSHIRE HATHAWAY CLASS B	$698,000	–	6,240	–	0.18%	–
ETP	New	ENERGY TRANSFER PARTNERS LP	$665,000	–	13,150	–	0.17%	–
NEE	New	NEXTERA ENERGY, INC.	$581,000	–	7,130	–	0.15%	–
EEP	New	ENBRIDGE ENERGY PARTNERS LP	$570,000	–	18,680	–	0.15%	–
PBR	New	PETROLEO BRASILEIRO S.A.-ADR	$504,000	–	37,609	–	0.13%	–
P105PS	New	INTEGRYS ENERGY GROUP INC	$495,000	–	8,461	–	0.13%	–
PEP	New	PEPSICO	$460,000	–	5,620	–	0.12%	–
MSFT	New	MICROSOFT	$432,000	–	12,510	–	0.11%	–
	New	NESTLE SA-REGISTERED CHF	$393,000	–	6,000	–	0.10%	–
BIIB	New	BIOGEN IDEC	$392,000	–	1,823	–	0.10%	–
AMGN	New	AMGEN INC	$386,000	–	3,914	–	0.10%	–
SRE	New	SEMPRA ENERGY	$372,000	–	4,555	–	0.10%	–
WTR	New	AQUA AMERICA INC.	$359,000	–	11,471	–	0.09%	–
OXY	New	OCCIDENTAL PETROLEUM	$352,000	–	3,945	–	0.09%	–
APA	New	APACHE	$346,000	–	4,125	–	0.09%	–
	New	BASF AGENCY EUR	$321,000	–	3,600	–	0.08%	–
MCY	New	MERCURY GENERAL	$319,000	–	7,250	–	0.08%	–
CELG	New	CELGENE	$316,000	–	2,700	–	0.08%	–
PFE	New	PFIZER	$296,000	–	10,574	–	0.08%	–
COP	New	CONOCOPHILLIPS	$297,000	–	4,911	–	0.08%	–
	New	ALLEGHENY TECH	$293,000	–	11,146	–	0.08%	–
	New	ROCHE HOLDING AG	$286,000	–	1,150	–	0.08%	–
WFC	New	WELLS FARGO & CO.	$284,000	–	6,893	–	0.08%	–
NOV	New	NATIONAL OILWELL VARCO	$279,000	–	4,050	–	0.07%	–
WMMVY	New	WAL-MART DE MEXICO SA ADR	$269,000	–	9,600	–	0.07%	–
SCEPRE	New	SOUTHERN CAL ED PFD Epreferred	$258,000	–	10,667	–	0.07%	–
	New	AEGON N V ORD	$258,000	–	38,117	–	0.07%	–
BP	New	BP PLC ADR - SPONS ADR	$261,000	–	6,258	–	0.07%	–
	New	ALLERGAN	$253,000	–	3,000	–	0.07%	–
	New	TELEDYNE	$246,000	–	3,184	–	0.06%	–
GTU	New	CENTRAL GOLDTRUST	$233,000	–	5,280	–	0.06%	–
SJM	New	JM SMUCKER	$230,000	–	2,227	–	0.06%	–
SNY	New	SANOFI-AVENTIS-ADR	$227,000	–	4,410	–	0.06%	–
CW	New	CURTISS-WRIGHT	$223,000	–	6,016	–	0.06%	–
NEEPRCCL	New	FPL GROUP CAP TRUST Ipreferred	$219,000	–	8,700	–	0.06%	–
CMI	New	CUMMINS	$217,000	–	2,001	–	0.06%	–
ECL	New	ECOLAB	$213,000	–	2,500	–	0.06%	–
ABC	New	AMERISOURCEBERGEN	$201,000	–	3,596	–	0.05%	–
HD	New	HOME DEPOT INC.	$201,000	–	2,600	–	0.05%	–
SPCHA	New	SPORT CHALET INC-CLASS A	$61,000	–	49,152	–	0.02%	–
IMUC	New	IMMUNOCELLULAR THERAPEUTICS	$54,000	–	28,000	–	0.01%	–
STSI	New	STAR SCIENTIFIC INC	$17,000	–	12,200	–	0.00%	–
RCKE	New	ROCK ENERGY RESOURCES INC	$2,000	–	208,276	–	0.00%	–
PFFBQ	New	PFF BANCORP INC	$0	–	13,610	–	0.00%	–

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