MARSHWINDS ADVISORY CO Activity Q4 2004-Q4 2018

Q4 2018

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft (1.19)	$7,186,000	-15.6%	70,751	-5.0%	3.85%	-1.2%
KO	Sell	Coca Cola Company (1)	$6,837,000	+0.2%	144,389	-2.2%	3.66%	+17.5%
INTU	Buy	Intuit (1.22)	$5,324,000	-13.4%	27,045	+0.0%	2.85%	+1.5%
PFE	Sell	Pfizer, Inc. (1.04)	$5,058,000	-4.5%	115,882	-3.5%	2.71%	+12.0%
AMGN	Sell	Amgen (.81)	$4,953,000	-9.7%	25,441	-3.8%	2.65%	+5.8%
LLY	Sell	Eli Lilly (.72)	$4,517,000	+6.1%	39,030	-1.6%	2.42%	+24.3%
MRK	Sell	Merck Drug Company (.99)	$4,508,000	+3.9%	58,993	-3.6%	2.41%	+21.7%
ORCL	Sell	Oracle Corp (1.34)	$4,469,000	-16.8%	98,971	-5.0%	2.39%	-2.6%
ABT	Sell	Abbott Labs (.95)	$4,192,000	-5.2%	57,963	-3.9%	2.24%	+11.0%
CSCO	Sell	Cisco Systems (1.25)	$4,182,000	-13.3%	96,523	-2.7%	2.24%	+1.5%
MDLZ	Sell	Mondelez International Inc. (1	$3,999,000	-10.9%	99,903	-4.4%	2.14%	+4.4%
INTC	Sell	Intel (1.23)	$3,917,000	-3.6%	83,458	-2.9%	2.10%	+13.0%
MMM	Sell	3M Company (.94)	$3,743,000	-10.0%	19,645	-0.5%	2.00%	+5.5%
PG	Sell	Proctor & Gamble (.59)	$3,711,000	+4.0%	40,370	-5.8%	1.99%	+21.8%
EMR	Sell	Emerson Electric (.76)	$3,432,000	-24.4%	57,448	-3.0%	1.84%	-11.3%
DWDP	Sell	DowDuPont, Inc.	$3,341,000	-21.0%	62,477	-5.0%	1.79%	-7.4%
T	Sell	A T & T Corp (.62)	$3,329,000	-17.5%	116,647	-2.9%	1.78%	-3.4%
SO	Sell	Southern Company Inc. (.58)	$3,297,000	-3.8%	75,074	-4.6%	1.76%	+12.7%
XOM	Sell	Exxon Mobil (.66)	$3,232,000	-22.9%	47,395	-3.8%	1.73%	-9.6%
COP	Sell	ConnocoPhillips Energy (.70)	$3,127,000	-22.1%	50,157	-3.3%	1.67%	-8.7%
HD	Sell	Home Depot (1.28)	$2,847,000	-20.9%	16,567	-4.7%	1.52%	-7.3%
RTN	Sell	Raytheon Corp (1.0)	$2,811,000	-30.5%	18,332	-6.4%	1.50%	-18.6%
ABBV	Sell	Abbvie, Inc (1.05)	$2,797,000	-7.6%	30,341	-5.2%	1.50%	+8.2%
NOC	Sell	Northrop Grunman Corp (.90)	$2,794,000	-25.8%	11,407	-3.8%	1.50%	-13.0%
ESE	Sell	ESCO Technologies, Inc. (.85)	$2,645,000	-6.4%	40,100	-3.4%	1.42%	+9.8%
ADSK	Sell	Autodesk Inc (.78)	$2,601,000	-20.3%	20,225	-3.2%	1.39%	-6.6%
IBM	Sell	Intl Bus Mach (.90)	$2,477,000	-30.7%	21,792	-7.8%	1.33%	-18.8%
TR	Sell	Tootsie Roll Inc.(R2) (.77)	$2,469,000	+9.8%	73,934	-3.9%	1.32%	+28.7%
DUK	Sell	Duke Energy (.48)	$2,428,000	+4.0%	28,130	-3.6%	1.30%	+21.8%
VZ	Sell	Verizon Communication (.70)	$2,427,000	-0.9%	43,163	-5.8%	1.30%	+16.2%
JNJ	Sell	Johnson & Johnson	$2,331,000	-6.8%	18,061	-0.3%	1.25%	+9.2%
FB	Sell	Facebook, Inc (.95)	$2,269,000	-24.0%	17,310	-4.7%	1.22%	-10.9%
BMY	Sell	Bristol Myers Squibb (1.02)	$2,237,000	-18.3%	43,038	-2.4%	1.20%	-4.2%
GD	Sell	General Dynamics Corp (1)	$2,228,000	-24.0%	14,175	-1.0%	1.19%	-11.0%
CVX	Sell	Chevron Texaco (.53)	$2,222,000	-15.9%	20,426	-5.5%	1.19%	-1.5%
ED	Sell	Con Edison, Inc. (.67)	$2,038,000	-5.7%	26,654	-6.1%	1.09%	+10.4%
CAT	Buy	Caterpillar, Inc. (1.24)	$1,917,000	-16.7%	15,090	+0.0%	1.03%	-2.4%
PSPXF	Sell	Phillips 66 Corp (1.26)	$1,867,000	-25.2%	21,668	-2.1%	1.00%	-12.4%
KHC	Sell	Kraft Heinz Company (1)	$1,859,000	-24.1%	43,195	-2.8%	1.00%	-11.1%
DIS	Sell	Walt Disney (.92)	$1,839,000	-9.5%	16,774	-3.5%	0.98%	+6.0%
PEP	Sell	Pepsico (.75)	$1,736,000	-7.9%	15,710	-6.8%	0.93%	+7.9%
ADI	Sell	Analog Devices (1.27)	$1,474,000	-8.1%	17,173	-1.0%	0.79%	+7.6%
AXP	Buy	American Express Co. (1.32)	$1,365,000	-10.5%	14,322	+0.0%	0.73%	+4.9%
FLO	Sell	Flowers Foods, Inc. (.84)	$1,343,000	-2.3%	72,697	-1.4%	0.72%	+14.5%
GE	Sell	General Electric (1)	$1,340,000	-37.0%	176,981	-6.1%	0.72%	-26.2%
	Sell	Eaton Corp (1.25)	$1,284,000	-21.0%	18,695	-0.3%	0.69%	-7.5%
HON	Sell	Honeywell, Inc. (1.3)	$1,284,000	-24.6%	9,718	-5.1%	0.69%	-11.7%
HSY	Sell	Hershey, Inc. (.65)	$1,281,000	+2.1%	11,950	-2.8%	0.69%	+19.7%
CPB	Buy	Campbell Soup Company	$1,254,000	+28.9%	38,000	+43.1%	0.67%	+51.1%
CSX	Sell	CSX	$1,218,000	-25.8%	19,606	-11.5%	0.65%	-13.1%
DTE	Sell	DTE Enterprise (.58)	$1,161,000	-6.7%	10,525	-7.7%	0.62%	+9.3%
IR	Sell	Ingersoll-Rand (1.26)	$1,120,000	-17.8%	12,275	-7.9%	0.60%	-3.7%
SU	Sell	Suncor Energy (1.26)	$942,000	-29.3%	33,665	-2.3%	0.50%	-17.2%
EVRG	Sell	Evergy Inc	$918,000	0.0%	16,178	-3.2%	0.49%	+17.2%
WY	Sell	Weyerhaeuser Co.(1.11)	$876,000	-33.9%	40,056	-2.4%	0.47%	-22.5%
SLB	Buy	Schlumberger (.75)	$809,000	-38.1%	22,422	+4.5%	0.43%	-27.5%
PPG	Sell	PPG Industries (.90)	$792,000	-12.0%	7,750	-6.1%	0.42%	+3.2%
CMC	Sell	Commercial Metals Co.	$714,000	-28.5%	44,565	-8.3%	0.38%	-16.2%
WFC	Buy	Wells Fargo & Company	$654,000	-12.2%	14,191	+0.1%	0.35%	+2.9%
GEOS	Sell	Geospace Technologies Corp	$651,000	-27.3%	63,125	-3.4%	0.35%	-14.9%
RYAM	Sell	Rayonier Advanced Materials, I	$616,000	-45.0%	57,880	-4.7%	0.33%	-35.4%
MDP	Buy	Meredith Corp (1.07)	$614,000	+3.9%	11,825	+2.2%	0.33%	+21.9%
SNA	Sell	Snap On Tools (.82)	$614,000	-26.9%	4,225	-7.7%	0.33%	-14.3%
BRKB	Sell	Berkshire Hathaway	$602,000	-6.2%	2,950	-1.7%	0.32%	+9.9%
MUR	Sell	Murphy Oil Corp (.84)	$555,000	-30.7%	23,720	-1.2%	0.30%	-18.9%
FNF	Buy	Fidelity Natl Financial (FNF G	$553,000	-20.1%	17,598	+0.0%	0.30%	-6.3%
UVV	Buy	Universal Corp/VA (.88) (R2)	$551,000	-15.0%	10,178	+2.2%	0.30%	-0.3%
FIS	Sell	Fidelity National Info Service	$540,000	-8.6%	5,267	-2.8%	0.29%	+7.0%
TSS	Sell	Total Systems (.97)	$532,000	-41.3%	6,547	-28.6%	0.28%	-31.2%
	Buy	Baker Hughes a GE Company	$522,000	-35.0%	24,285	+2.3%	0.28%	-24.0%
PKE	Sell	Park Electrochemical Corp (.86	$520,000	-9.7%	28,756	-2.7%	0.28%	+5.7%
NWN	Sell	Northwest Natural Gas (.61)	$515,000	-13.3%	8,525	-3.9%	0.28%	+1.8%
NSC	Sell	Norfolk & Southern	$508,000	-22.3%	3,400	-6.2%	0.27%	-9.0%
UTX	Buy	United Technology	$506,000	-18.3%	4,752	+7.4%	0.27%	-4.2%
NWL	Sell	Newell Rubbermaid,Inc. (.87)	$489,000	-12.1%	26,325	-3.8%	0.26%	+3.1%
LW	Sell	Lamb Weston Holdings. Inc	$481,000	+8.6%	6,542	-1.7%	0.26%	+27.2%
KMB	Sell	Kimberly Clark	$465,000	-16.1%	4,079	-16.4%	0.25%	-1.6%
CAG	Sell	ConAgra (.77)	$463,000	-38.2%	21,688	-1.6%	0.25%	-27.5%
GIFI	Sell	Gulf Island Fabrication Inc	$412,000	-30.4%	57,025	-4.2%	0.22%	-18.1%
PAYX	Buy	Paychex	$400,000	-11.5%	6,132	+0.0%	0.21%	+3.9%
JPM	Buy	J. P. Morgan Chase (1.14)	$361,000	-13.2%	3,694	+0.2%	0.19%	+1.6%
BBT	Buy	BB&T Corporation	$346,000	-10.6%	7,977	+0.2%	0.18%	+4.5%
AAPL	Buy	Apple Computer	$333,000	-20.3%	2,114	+14.1%	0.18%	-6.8%
	Sell	Glencore Xstrata PLC (2.10)	$330,000	-15.4%	88,250	-2.2%	0.18%	-0.6%
HWKN	Sell	Hawkins, Inc (.60) (R2)	$320,000	-3.9%	7,825	-2.5%	0.17%	+12.5%
WBA	Buy	Walgreens Boots Alliance, Inc.	$306,000	-6.4%	4,483	+0.0%	0.16%	+10.1%
BAC	Sell	Bankamerica Corp	$270,000	-75.1%	10,976	-70.2%	0.14%	-70.8%
LUMN	Sell	Centurylink, Inc. (1.04)	$271,000	-28.9%	17,858	-0.7%	0.14%	-16.7%
SYY	Sell	Sysco Corp	$257,000	-16.6%	4,100	-2.4%	0.14%	-2.1%
RF	Sell	Regions Financial (1.14)	$254,000	-29.1%	18,953	-2.8%	0.14%	-17.1%
SNV	Sell	Synovus Financial Corp.	$252,000	-35.5%	7,877	-7.7%	0.14%	-24.6%
RAVN	Sell	Raven Industries	$233,000	-26.7%	6,425	-7.6%	0.12%	-13.8%
SEE	Sell	Sealed Air Corp	$233,000	-19.1%	6,675	-7.0%	0.12%	-5.3%
PM	Sell	Phillip Morris International	$220,000	-28.8%	3,299	-12.9%	0.12%	-16.3%
HUBB	Buy	Hubbell Inc. Cl B (.63)	$221,000	-20.2%	2,225	+7.2%	0.12%	-7.1%
RGP	Sell	Resources Connection Inc (1.04	$210,000	-23.9%	14,800	-11.1%	0.11%	-11.1%
BAX	Sell	Baxter Intl	$207,000	-25.8%	3,150	-13.1%	0.11%	-12.6%
GCI	Sell	TEGNA, Inc (Old Gannett)(.90)	$113,000	-18.7%	10,435	-9.9%	0.06%	-4.8%
PNR	Exit	Pentair Inc/PLC	$0	–	-4,625	–	-0.09%	–
BHP	Exit	BHP Billiton Ltd - Spon Adr	$0	–	-4,589	–	-0.10%	–
FLS	Exit	Flowserve Corp	$0	–	-4,500	–	-0.11%	–
CMP	Exit	Compass Minerals International	$0	–	-3,775	–	-0.12%	–
WMT	Exit	Wal-Mart Stores (1.03)	$0	–	-3,315	–	-0.14%	–

Q3 2018

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft (1.19)	$8,519,000	+14.0%	74,486	-1.7%	3.89%	+10.1%
KO	Sell	Coca Cola Company (1)	$6,821,000	+3.3%	147,663	-1.9%	3.12%	-0.2%
INTU	Sell	Intuit (1.22)	$6,150,000	+9.3%	27,044	-1.8%	2.81%	+5.5%
AMGN	Sell	Amgen (.81)	$5,483,000	+10.0%	26,450	-2.0%	2.50%	+6.2%
ORCL	Sell	Oracle Corp (1.34)	$5,374,000	+14.4%	104,231	-2.2%	2.46%	+10.5%
PFE	Sell	Pfizer, Inc. (1.04)	$5,294,000	+18.9%	120,125	-2.2%	2.42%	+14.8%
CSCO	Sell	Cisco Systems (1.25)	$4,826,000	+11.9%	99,192	-1.0%	2.20%	+8.0%
EMR	Sell	Emerson Electric (.76)	$4,537,000	+8.8%	59,246	-1.8%	2.07%	+5.0%
MDLZ	Sell	Mondelez International Inc. (1	$4,490,000	+4.0%	104,527	-0.8%	2.05%	+0.4%
ABT	Sell	Abbott Labs (.95)	$4,424,000	+19.0%	60,301	-1.1%	2.02%	+15.0%
MRK	Sell	Merck Drug Company (.99)	$4,340,000	+14.7%	61,177	-1.8%	1.98%	+10.7%
LLY	Sell	Eli Lilly (.72)	$4,258,000	+24.8%	39,679	-0.7%	1.94%	+20.5%
DWDP	Sell	DowDuPont, Inc.	$4,228,000	-5.3%	65,744	-2.9%	1.93%	-8.6%
XOM	Sell	Exxon Mobil (.66)	$4,190,000	-1.2%	49,286	-3.8%	1.91%	-4.6%
MMM	Sell	3M Company (.94)	$4,160,000	+5.6%	19,744	-1.4%	1.90%	+2.0%
INTC	Sell	Intel (1.23)	$4,064,000	-6.6%	85,932	-1.9%	1.86%	-9.9%
RTN	Sell	Raytheon Corp (1.0)	$4,047,000	+4.8%	19,582	-2.0%	1.85%	+1.3%
T	Sell	A T & T Corp (.62)	$4,036,000	+3.1%	120,190	-1.4%	1.84%	-0.4%
COP	Sell	ConnocoPhillips Energy (.70)	$4,015,000	+9.2%	51,873	-1.8%	1.83%	+5.5%
NOC	Sell	Northrop Grunman Corp (.90)	$3,763,000	-16.0%	11,857	-18.5%	1.72%	-18.9%
IBM	Sell	Intl Bus Mach (.90)	$3,574,000	+6.7%	23,636	-1.5%	1.63%	+3.0%
PG	Sell	Proctor & Gamble (.59)	$3,569,000	+6.2%	42,875	-0.4%	1.63%	+2.6%
SO	Sell	Southern Company Inc. (.58)	$3,429,000	-7.0%	78,653	-1.2%	1.57%	-10.2%
ADSK	Sell	Autodesk Inc (.78)	$3,263,000	+17.4%	20,900	-1.4%	1.49%	+13.4%
ABBV	Sell	Abbvie, Inc (1.05)	$3,028,000	+1.5%	32,013	-0.6%	1.38%	-2.1%
ESE	Sell	ESCO Technologies, Inc. (.85)	$2,825,000	+16.3%	41,520	-1.4%	1.29%	+12.2%
BMY	Sell	Bristol Myers Squibb (1.02)	$2,737,000	+11.0%	44,088	-1.0%	1.25%	+7.2%
CVX	Sell	Chevron Texaco (.53)	$2,643,000	-3.6%	21,611	-0.4%	1.21%	-7.0%
JNJ	Sell	Johnson & Johnson	$2,502,000	+13.6%	18,109	-0.2%	1.14%	+9.7%
PSPXF	Sell	Phillips 66 Corp (1.26)	$2,495,000	-0.7%	22,138	-1.1%	1.14%	-4.1%
SYK	Sell	Stryker Corp (.86)	$2,452,000	+3.0%	13,800	-2.1%	1.12%	-0.5%
KHC	Sell	Kraft Heinz Company (1)	$2,449,000	-12.7%	44,445	-0.4%	1.12%	-15.6%
VZ	Sell	Verizon Communication (.70)	$2,448,000	+4.7%	45,844	-1.3%	1.12%	+1.1%
DUK	Sell	Duke Energy (.48)	$2,335,000	+0.2%	29,178	-1.0%	1.07%	-3.3%
CAT	Sell	Caterpillar, Inc. (1.24)	$2,301,000	+11.1%	15,089	-1.1%	1.05%	+7.2%
TR	Sell	Tootsie Roll Inc.(R2) (.77)	$2,249,000	-6.8%	76,902	-1.7%	1.03%	-10.1%
ED	Sell	Con Edison, Inc. (.67)	$2,162,000	-4.9%	28,379	-2.7%	0.99%	-8.2%
GE	Buy	General Electric (1)	$2,127,000	-14.9%	188,410	+2.6%	0.97%	-17.8%
DIS	Buy	Walt Disney (.92)	$2,032,000	+11.6%	17,374	+0.0%	0.93%	+7.8%
ADP	Buy	Automatic Data Processing (1.1	$1,914,000	+12.3%	12,702	+0.0%	0.87%	+8.4%
PEP	Sell	Pepsico (.75)	$1,885,000	+1.8%	16,860	-0.9%	0.86%	-1.7%
HON	Buy	Honeywell, Inc. (1.3)	$1,704,000	+15.5%	10,243	+0.0%	0.78%	+11.5%
CSX	Sell	CSX	$1,641,000	+15.1%	22,156	-0.9%	0.75%	+11.1%
	Sell	Eaton Corp (1.25)	$1,626,000	+14.3%	18,745	-1.6%	0.74%	+10.4%
ADI	Buy	Analog Devices (1.27)	$1,604,000	-3.6%	17,348	+0.0%	0.73%	-6.9%
AXP	Sell	American Express Co. (1.32)	$1,525,000	+7.9%	14,321	-0.7%	0.70%	+4.3%
FLO	Sell	Flowers Foods, Inc. (.84)	$1,375,000	-12.3%	73,693	-2.1%	0.63%	-15.4%
DE	Sell	Deere & Co (1)	$1,365,000	+6.4%	9,080	-1.1%	0.62%	+2.8%
IR	Sell	Ingersoll-Rand (1.26)	$1,363,000	-34.9%	13,325	-42.9%	0.62%	-37.1%
SU	Sell	Suncor Energy (1.26)	$1,333,000	-6.7%	34,465	-1.9%	0.61%	-9.9%
WY	Sell	Weyerhaeuser Co.(1.11)	$1,325,000	-12.4%	41,051	-1.1%	0.60%	-15.5%
SLB	Buy	Schlumberger (.75)	$1,307,000	-6.4%	21,447	+2.9%	0.60%	-9.7%
DTE	Sell	DTE Enterprise (.58)	$1,244,000	+4.6%	11,400	-0.7%	0.57%	+1.1%
RYAM	Buy	Rayonier Advanced Materials, I	$1,119,000	+8.5%	60,730	+0.6%	0.51%	+4.7%
BAC	Buy	Bankamerica Corp	$1,086,000	+4.6%	36,853	+0.1%	0.50%	+1.0%
CMC	Sell	Commercial Metals Co.	$998,000	-3.0%	48,615	-0.3%	0.46%	-6.4%
CPB	Buy	Campbell Soup Company	$973,000	-9.0%	26,550	+0.7%	0.44%	-12.3%
PPG	Sell	PPG Industries (.90)	$900,000	-0.9%	8,250	-5.7%	0.41%	-4.4%
GEOS	Sell	Geospace Technologies Corp	$895,000	-3.9%	65,325	-1.4%	0.41%	-7.0%
	Buy	Baker Hughes a GE Company	$803,000	+5.9%	23,735	+3.5%	0.37%	+2.2%
MUR	Sell	Murphy Oil Corp (.84)	$801,000	-4.1%	24,020	-2.8%	0.37%	-7.3%
ADM	Sell	Archer Daniel Midland (.64)	$784,000	+4.1%	15,602	-5.0%	0.36%	+0.6%
CAG	Sell	ConAgra (.77)	$749,000	-6.0%	22,038	-1.2%	0.34%	-9.3%
WFC	Buy	Wells Fargo & Company	$745,000	-2.7%	14,181	+2.6%	0.34%	-6.1%
CAH	Sell	Cardinal Health Systems, Inc.	$710,000	+9.4%	13,141	-1.1%	0.32%	+5.5%
FNF	Sell	Fidelity Natl Financial (FNF G	$692,000	-5.5%	17,597	-9.5%	0.32%	-8.7%
NSC	Sell	Norfolk & Southern	$654,000	+13.3%	3,625	-5.2%	0.30%	+9.5%
UVV	Buy	Universal Corp/VA (.88) (R2)	$648,000	-1.4%	9,963	+0.2%	0.30%	-4.8%
UTX	Sell	United Technology	$619,000	+9.4%	4,425	-2.2%	0.28%	+5.6%
NWN	Sell	Northwest Natural Gas (.61)	$594,000	+0.3%	8,875	-4.3%	0.27%	-3.2%
MDP	Sell	Meredith Corp (1.07)	$591,000	-0.5%	11,575	-0.6%	0.27%	-3.9%
GIFI	Sell	Gulf Island Fabrication Inc	$592,000	+8.8%	59,525	-1.5%	0.27%	+5.1%
PKE	Sell	Park Electrochemical Corp (.86	$576,000	-19.7%	29,554	-4.4%	0.26%	-22.4%
NWL	Sell	Newell Rubbermaid,Inc. (.87)	$556,000	-22.3%	27,375	-1.4%	0.25%	-25.1%
PAYX	Buy	Paychex	$452,000	+7.9%	6,131	+0.0%	0.21%	+4.0%
LW	Sell	Lamb Weston Holdings. Inc	$443,000	-3.7%	6,657	-0.9%	0.20%	-7.3%
JPM	Sell	J. P. Morgan Chase (1.14)	$416,000	-2.1%	3,687	-9.7%	0.19%	-5.5%
	Sell	Glencore Xstrata PLC (2.10)	$390,000	-12.6%	90,250	-3.2%	0.18%	-15.6%
BBT	Buy	BB&T Corporation	$387,000	-3.5%	7,963	+0.2%	0.18%	-6.8%
LUMN	Sell	Centurylink, Inc. (1.04)	$381,000	+3.8%	17,975	-8.6%	0.17%	0.0%
KEY	Sell	Key Corp (.88)	$362,000	+0.6%	18,175	-1.4%	0.16%	-2.9%
RF	Sell	Regions Financial (1.14)	$358,000	+2.6%	19,492	-0.8%	0.16%	-0.6%
WBA	Buy	Walgreens Boots Alliance, Inc.	$327,000	+21.6%	4,482	+0.0%	0.15%	+17.3%
RAVN	Sell	Raven Industries	$318,000	+11.2%	6,950	-6.7%	0.14%	+7.4%
WMT	Sell	Wal-Mart Stores (1.03)	$311,000	+6.5%	3,315	-2.9%	0.14%	+2.9%
SYY	Sell	Sysco Corp	$308,000	+1.3%	4,200	-5.6%	0.14%	-2.1%
BKI	Buy	Black Knight Inc.	$296,000	-2.3%	5,698	+0.8%	0.14%	-5.6%
BAX	Sell	Baxter Intl	$279,000	+1.5%	3,625	-2.7%	0.13%	-2.3%
RGP	Sell	Resources Connection Inc (1.04	$276,000	-7.1%	16,650	-5.1%	0.13%	-10.0%
FLS	New	Flowserve Corp	$246,000	–	4,500	–	0.11%	–
BHP	Sell	BHP Billiton Ltd - Spon Adr	$229,000	-13.6%	4,589	-13.2%	0.10%	-16.0%
LEE	Buy	Lee Enterprises (.71)	$209,000	+375.0%	79,025	+412.3%	0.10%	+352.4%
PNR	New	Pentair Inc/PLC	$200,000	–	4,625	–	0.09%	–
GCI	Sell	TEGNA, Inc (Old Gannett)(.90)	$139,000	+6.9%	11,585	-3.3%	0.06%	+3.3%
	New	Silver Viper Minerals Corp	$1,000	–	100,000	–	0.00%	–
AVP	Exit	Avon Products (1.91)	$0	–	-36,050	–	-0.03%	–
FCX	Exit	Freeport McMoran Copper & Gold	$0	–	-10,325	–	-0.08%	–
SBCF	Exit	Seacoast Banking Corp/FL	$0	–	-7,000	–	-0.10%	–
USB	Exit	U. S. Bancorp	$0	–	-6,200	–	-0.15%	–
BMS	Exit	Bemis Corp (1.25)	$0	–	-16,945	–	-0.34%	–

Q2 2018

			Value		Shares		↓ Weighting
MSFT	New	Microsoft (1.19)	$7,471,000	–	75,766	–	3.53%	–
KO	New	Coca Cola Company (1)	$6,600,000	–	150,471	–	3.12%	–
INTU	New	Intuit (1.22)	$5,627,000	–	27,544	–	2.66%	–
AMGN	New	Amgen (.81)	$4,984,000	–	26,999	–	2.36%	–
ORCL	New	Oracle Corp (1.34)	$4,696,000	–	106,581	–	2.22%	–
NOC	New	Northrop Grunman Corp (.90)	$4,479,000	–	14,557	–	2.12%	–
DWDP	New	DowDuPont, Inc.	$4,464,000	–	67,717	–	2.11%	–
PFE	New	Pfizer, Inc. (1.04)	$4,454,000	–	122,768	–	2.11%	–
INTC	New	Intel (1.23)	$4,352,000	–	87,556	–	2.06%	–
MDLZ	New	Mondelez International Inc. (1	$4,318,000	–	105,324	–	2.04%	–
CSCO	New	Cisco Systems (1.25)	$4,313,000	–	100,229	–	2.04%	–
XOM	New	Exxon Mobil (.66)	$4,241,000	–	51,258	–	2.01%	–
EMR	New	Emerson Electric (.76)	$4,170,000	–	60,315	–	1.97%	–
MMM	New	3M Company (.94)	$3,938,000	–	20,018	–	1.86%	–
T	New	A T & T Corp (.62)	$3,915,000	–	121,929	–	1.85%	–
RTN	New	Raytheon Corp (1.0)	$3,860,000	–	19,981	–	1.83%	–
MRK	New	Merck Drug Company (.99)	$3,783,000	–	62,329	–	1.79%	–
ABT	New	Abbott Labs (.95)	$3,717,000	–	60,946	–	1.76%	–
SO	New	Southern Company Inc. (.58)	$3,687,000	–	79,616	–	1.74%	–
COP	New	ConnocoPhillips Energy (.70)	$3,677,000	–	52,822	–	1.74%	–
FB	New	Facebook, Inc (.95)	$3,529,000	–	18,160	–	1.67%	–
LLY	New	Eli Lilly (.72)	$3,411,000	–	39,977	–	1.61%	–
HD	New	Home Depot (1.28)	$3,391,000	–	17,379	–	1.60%	–
PG	New	Proctor & Gamble (.59)	$3,360,000	–	43,048	–	1.59%	–
IBM	New	Intl Bus Mach (.90)	$3,351,000	–	23,989	–	1.58%	–
ABBV	New	Abbvie, Inc (1.05)	$2,984,000	–	32,211	–	1.41%	–
KHC	New	Kraft Heinz Company (1)	$2,804,000	–	44,634	–	1.33%	–
ADSK	New	Autodesk Inc (.78)	$2,779,000	–	21,200	–	1.32%	–
CVX	New	Chevron Texaco (.53)	$2,743,000	–	21,696	–	1.30%	–
GD	New	General Dynamics Corp (1)	$2,670,000	–	14,325	–	1.26%	–
PSPXF	New	Phillips 66 Corp (1.26)	$2,513,000	–	22,377	–	1.19%	–
GE	New	General Electric (1)	$2,499,000	–	183,638	–	1.18%	–
BMY	New	Bristol Myers Squibb (1.02)	$2,465,000	–	44,538	–	1.17%	–
ESE	New	ESCO Technologies, Inc. (.85)	$2,430,000	–	42,120	–	1.15%	–
TR	New	Tootsie Roll Inc.(R2) (.77)	$2,414,000	–	78,253	–	1.14%	–
SYK	New	Stryker Corp (.86)	$2,381,000	–	14,100	–	1.13%	–
VZ	New	Verizon Communication (.70)	$2,338,000	–	46,469	–	1.11%	–
DUK	New	Duke Energy (.48)	$2,331,000	–	29,480	–	1.10%	–
ED	New	Con Edison, Inc. (.67)	$2,274,000	–	29,164	–	1.08%	–
JNJ	New	Johnson & Johnson	$2,203,000	–	18,152	–	1.04%	–
IR	New	Ingersoll-Rand (1.26)	$2,093,000	–	23,325	–	0.99%	–
CAT	New	Caterpillar, Inc. (1.24)	$2,071,000	–	15,263	–	0.98%	–
PEP	New	Pepsico (.75)	$1,852,000	–	17,010	–	0.88%	–
DIS	New	Walt Disney (.92)	$1,821,000	–	17,372	–	0.86%	–
ADP	New	Automatic Data Processing (1.1	$1,704,000	–	12,701	–	0.81%	–
ADI	New	Analog Devices (1.27)	$1,664,000	–	17,347	–	0.79%	–
FLO	New	Flowers Foods, Inc. (.84)	$1,568,000	–	75,290	–	0.74%	–
WY	New	Weyerhaeuser Co.(1.11)	$1,513,000	–	41,501	–	0.72%	–
HON	New	Honeywell, Inc. (1.3)	$1,475,000	–	10,242	–	0.70%	–
SU	New	Suncor Energy (1.26)	$1,428,000	–	35,115	–	0.68%	–
CSX	New	CSX	$1,426,000	–	22,355	–	0.68%	–
	New	Eaton Corp (1.25)	$1,423,000	–	19,045	–	0.67%	–
AXP	New	American Express Co. (1.32)	$1,413,000	–	14,421	–	0.67%	–
SLB	New	Schlumberger (.75)	$1,397,000	–	20,847	–	0.66%	–
SWK	New	Stanley Black & Decker (1.05)	$1,391,000	–	10,475	–	0.66%	–
MDT	New	Medtronic Inc (.96)	$1,384,000	–	16,171	–	0.66%	–
DE	New	Deere & Co (1)	$1,283,000	–	9,180	–	0.61%	–
VFC	New	VF Corp (.90)	$1,245,000	–	15,275	–	0.59%	–
DTE	New	DTE Enterprise (.58)	$1,189,000	–	11,475	–	0.56%	–
HSY	New	Hershey, Inc. (.65)	$1,145,000	–	12,300	–	0.54%	–
CPB	New	Campbell Soup Company	$1,069,000	–	26,375	–	0.51%	–
BAC	New	Bankamerica Corp	$1,038,000	–	36,818	–	0.49%	–
RYAM	New	Rayonier Advanced Materials, I	$1,031,000	–	60,355	–	0.49%	–
CMC	New	Commercial Metals Co.	$1,029,000	–	48,765	–	0.49%	–
EVRG	New	Evergy Inc	$939,000	–	16,715	–	0.44%	–
GEOS	New	Geospace Technologies Corp	$931,000	–	66,225	–	0.44%	–
PPG	New	PPG Industries (.90)	$908,000	–	8,750	–	0.43%	–
MUR	New	Murphy Oil Corp (.84)	$835,000	–	24,720	–	0.40%	–
CAG	New	ConAgra (.77)	$797,000	–	22,313	–	0.38%	–
DGX	New	Quest Diagnostics (1.0)	$781,000	–	7,100	–	0.37%	–
TSS	New	Total Systems (.97)	$775,000	–	9,172	–	0.37%	–
WFC	New	Wells Fargo & Company	$766,000	–	13,822	–	0.36%	–
	New	Baker Hughes a GE Company	$758,000	–	22,935	–	0.36%	–
ADM	New	Archer Daniel Midland (.64)	$753,000	–	16,421	–	0.36%	–
SNA	New	Snap On Tools (.82)	$735,000	–	4,575	–	0.35%	–
FNF	New	Fidelity Natl Financial (FNF G	$732,000	–	19,447	–	0.35%	–
NWL	New	Newell Rubbermaid,Inc. (.87)	$716,000	–	27,775	–	0.34%	–
PKE	New	Park Electrochemical Corp (.86	$717,000	–	30,903	–	0.34%	–
BMS	New	Bemis Corp (1.25)	$715,000	–	16,945	–	0.34%	–
MAS	New	Masco Corp (.91)	$672,000	–	17,950	–	0.32%	–
UVV	New	Universal Corp/VA (.88) (R2)	$657,000	–	9,948	–	0.31%	–
CAH	New	Cardinal Health Systems, Inc.	$649,000	–	13,291	–	0.31%	–
TFX	New	Teleflex Inc	$644,000	–	2,400	–	0.30%	–
	New	Ivy Municipal Bond Fund Cl Amun	$601,000	–	51,484	–	0.28%	–
MDP	New	Meredith Corp (1.07)	$594,000	–	11,650	–	0.28%	–
NWN	New	Northwest Natural Gas (.61)	$592,000	–	9,275	–	0.28%	–
NSC	New	Norfolk & Southern	$577,000	–	3,825	–	0.27%	–
FIS	New	Fidelity National Info Service	$574,000	–	5,417	–	0.27%	–
UTX	New	United Technology	$566,000	–	4,525	–	0.27%	–
BRKB	New	Berkshire Hathaway	$560,000	–	3,000	–	0.26%	–
GIFI	New	Gulf Island Fabrication Inc	$544,000	–	60,425	–	0.26%	–
KMB	New	Kimberly Clark	$514,000	–	4,879	–	0.24%	–
AEE	New	Ameren Corp (.56)	$497,000	–	8,175	–	0.24%	–
WPC	New	W. P. Carey, Inc.	$477,000	–	7,192	–	0.23%	–
LW	New	Lamb Weston Holdings. Inc	$460,000	–	6,715	–	0.22%	–
SNV	New	Synovus Financial Corp.	$451,000	–	8,534	–	0.21%	–
	New	Glencore Xstrata PLC (2.10)	$446,000	–	93,250	–	0.21%	–
JPM	New	J. P. Morgan Chase (1.14)	$425,000	–	4,082	–	0.20%	–
PAYX	New	Paychex	$419,000	–	6,130	–	0.20%	–
IP	New	Intl Paper Co (.68)	$408,000	–	7,826	–	0.19%	–
BBT	New	BB&T Corporation	$401,000	–	7,950	–	0.19%	–
LUMN	New	Centurylink, Inc. (1.04)	$367,000	–	19,675	–	0.17%	–
KEY	New	Key Corp (.88)	$360,000	–	18,425	–	0.17%	–
RF	New	Regions Financial (1.14)	$349,000	–	19,651	–	0.16%	–
AAPL	New	Apple Computer	$343,000	–	1,852	–	0.16%	–
TAP	New	Molson Coors	$314,000	–	4,613	–	0.15%	–
TMO	New	Thermo Fisher Scientific Inc	$311,000	–	1,500	–	0.15%	–
USB	New	U. S. Bancorp	$310,000	–	6,200	–	0.15%	–
PM	New	Phillip Morris International	$306,000	–	3,787	–	0.14%	–
SYY	New	Sysco Corp	$304,000	–	4,450	–	0.14%	–
SEE	New	Sealed Air Corp	$305,000	–	7,175	–	0.14%	–
BKI	New	Black Knight Inc.	$303,000	–	5,655	–	0.14%	–
RGP	New	Resources Connection Inc (1.04	$297,000	–	17,550	–	0.14%	–
WMT	New	Wal-Mart Stores (1.03)	$292,000	–	3,415	–	0.14%	–
NSRGY	New	Nestle SA - Spons Adr For Reg	$286,000	–	3,700	–	0.14%	–
RAVN	New	Raven Industries	$286,000	–	7,450	–	0.14%	–
STI	New	SunTrust Banks (1.11)	$284,000	–	4,303	–	0.13%	–
HWKN	New	Hawkins, Inc (.60) (R2)	$284,000	–	8,025	–	0.13%	–
BAX	New	Baxter Intl	$275,000	–	3,725	–	0.13%	–
GIS	New	General Mills	$271,000	–	6,120	–	0.13%	–
WBA	New	Walgreens Boots Alliance, Inc.	$269,000	–	4,481	–	0.13%	–
BHP	New	BHP Billiton Ltd - Spon Adr	$265,000	–	5,289	–	0.12%	–
CMP	New	Compass Minerals International	$248,000	–	3,775	–	0.12%	–
SBCF	New	Seacoast Banking Corp/FL	$221,000	–	7,000	–	0.10%	–
HUBB	New	Hubbell Inc. Cl B (.63)	$219,000	–	2,075	–	0.10%	–
FCX	New	Freeport McMoran Copper & Gold	$178,000	–	10,325	–	0.08%	–
GCI	New	TEGNA, Inc (Old Gannett)(.90)	$130,000	–	11,985	–	0.06%	–
AVP	New	Avon Products (1.91)	$58,000	–	36,050	–	0.03%	–
	New	Barsele Mineral Corp	$46,000	–	100,000	–	0.02%	–
LEE	New	Lee Enterprises (.71)	$44,000	–	15,425	–	0.02%	–
	New	Orex Minerals Inc	$9,000	–	100,000	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
	Exit	Orex Minerals Inc	$0	–	-100,000	–	-0.00%	–
LEE	Exit	Lee Enterprises (.71)	$0	–	-17,250	–	-0.02%	–
	Exit	Barsele Mineral Corp	$0	–	-100,000	–	-0.03%	–
AVP	Exit	Avon Products (1.91)	$0	–	-44,200	–	-0.05%	–
GCI	Exit	TEGNA, Inc (Old Gannett)(.90)	$0	–	-11,785	–	-0.07%	–
SCSG	Exit	SouthCrest Financial Group Inc	$0	–	-18,000	–	-0.08%	–
FCX	Exit	Freeport McMoran Copper & Gold	$0	–	-13,775	–	-0.09%	–
ENB	Exit	Enbridge Inc	$0	–	-4,794	–	-0.09%	–
SSB	Exit	South State Corp	$0	–	-2,296	–	-0.10%	–
WFC	Exit	Wells Fargo & Company	$0	–	-3,805	–	-0.10%	–
SCG	Exit	SCANA (.63)	$0	–	-4,437	–	-0.10%	–
BHP	Exit	BHP Billiton Ltd - Spon Adr	$0	–	-5,789	–	-0.11%	–
SYY	Exit	Sysco Corp	$0	–	-4,450	–	-0.11%	–
HUBB	Exit	Hubbell Inc. Cl B (.63)	$0	–	-2,075	–	-0.11%	–
RGP	Exit	Resources Connection Inc (1.04	$0	–	-17,550	–	-0.11%	–
CMP	Exit	Compass Minerals International	$0	–	-3,775	–	-0.11%	–
RAVN	Exit	Raven Industries	$0	–	-7,600	–	-0.11%	–
STI	Exit	SunTrust Banks (1.11)	$0	–	-4,153	–	-0.12%	–
BAX	Exit	Baxter Intl	$0	–	-4,000	–	-0.12%	–
AFL	Exit	AFLAC Inc.	$0	–	-3,200	–	-0.12%	–
GIS	Exit	General Mills	$0	–	-5,086	–	-0.12%	–
WMT	Exit	Wal-Mart Stores (1.03)	$0	–	-3,415	–	-0.12%	–
OMI	Exit	Owens & Minor, Inc. (.85)	$0	–	-9,225	–	-0.12%	–
SBCF	Exit	Seacoast Banking Corp/FL	$0	–	-11,500	–	-0.13%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-1,500	–	-0.13%	–
AAPL	Exit	Apple Computer	$0	–	-1,890	–	-0.14%	–
CPB	Exit	Campbell Soup Company	$0	–	-6,350	–	-0.14%	–
NSRGY	Exit	Nestle SA - Spons Adr For Reg	$0	–	-3,700	–	-0.14%	–
SEE	Exit	Sealed Air Corp	$0	–	-7,525	–	-0.15%	–
LW	Exit	Lamb Weston Holdings. Inc	$0	–	-7,048	–	-0.15%	–
PNR	Exit	Pentair Inc/PLC	$0	–	-4,925	–	-0.16%	–
USB	Exit	U. S. Bancorp	$0	–	-6,400	–	-0.16%	–
HWKN	Exit	Hawkins, Inc (.60) (R2)	$0	–	-8,375	–	-0.16%	–
WBA	Exit	Walgreens Boots Alliance, Inc.	$0	–	-4,579	–	-0.16%	–
RF	Exit	Regions Financial (1.14)	$0	–	-23,495	–	-0.17%	–
LUMN	Exit	Centurylink, Inc. (1.04)	$0	–	-19,875	–	-0.18%	–
JPM	Exit	J. P. Morgan Chase (1.14)	$0	–	-4,119	–	-0.18%	–
KEY	Exit	Key Corp (.88)	$0	–	-21,025	–	-0.18%	–
TAP	Exit	Molson Coors	$0	–	-5,013	–	-0.19%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-8,961	–	-0.19%	–
PAYX	Exit	Paychex	$0	–	-7,277	–	-0.20%	–
BBT	Exit	BB&T Corporation	$0	–	-9,428	–	-0.21%	–
PM	Exit	Phillip Morris International	$0	–	-3,987	–	-0.21%	–
IP	Exit	Intl Paper Co (.68)	$0	–	-8,026	–	-0.21%	–
WPC	Exit	W. P. Carey, Inc.	$0	–	-7,192	–	-0.22%	–
	Exit	Glencore Xstrata PLC (2.10)	$0	–	-105,550	–	-0.22%	–
FIS	Exit	Fidelity National Info Service	$0	–	-5,200	–	-0.23%	–
UTX	Exit	United Technology	$0	–	-4,775	–	-0.26%	–
MDP	Exit	Meredith Corp (1.07)	$0	–	-10,100	–	-0.26%	–
BRKB	Exit	Berkshire Hathaway	$0	–	-3,050	–	-0.26%	–
UVV	Exit	Universal Corp/VA (.88) (R2)	$0	–	-9,805	–	-0.26%	–
AEE	Exit	Ameren Corp (.56)	$0	–	-9,850	–	-0.26%	–
NSC	Exit	Norfolk & Southern	$0	–	-4,400	–	-0.27%	–
RYAM	Exit	Rayonier Advanced Materials, I	$0	–	-43,255	–	-0.28%	–
PKE	Exit	Park Electrochemical Corp (.86	$0	–	-32,499	–	-0.28%	–
MUR	Exit	Murphy Oil Corp (.84)	$0	–	-22,870	–	-0.28%	–
	Exit	Wadell & Reed Adv. Muni Bd Cl.mut	$0	–	-81,142	–	-0.28%	–
NWN	Exit	Northwest Natural Gas (.61)	$0	–	-9,575	–	-0.29%	–
TFX	Exit	Teleflex Inc	$0	–	-2,575	–	-0.29%	–
	Exit	Baker Hughes a GE Company	$0	–	-17,225	–	-0.29%	–
KMB	Exit	Kimberly Clark	$0	–	-5,609	–	-0.31%	–
DGX	Exit	Quest Diagnostics (1.0)	$0	–	-7,100	–	-0.31%	–
SNA	Exit	Snap On Tools (.82)	$0	–	-4,705	–	-0.32%	–
ADM	Exit	Archer Daniel Midland (.64)	$0	–	-16,511	–	-0.33%	–
MAS	Exit	Masco Corp (.91)	$0	–	-18,600	–	-0.34%	–
CAG	Exit	ConAgra (.77)	$0	–	-23,513	–	-0.37%	–
BMS	Exit	Bemis Corp (1.25)	$0	–	-18,600	–	-0.39%	–
SHW	Exit	Sherwin Williams Co. Ohio (.91	$0	–	-2,475	–	-0.41%	–
CAH	Exit	Cardinal Health Systems, Inc.	$0	–	-13,291	–	-0.41%	–
FNF	Exit	Fidelity Natl Financial (FNF G	$0	–	-18,923	–	-0.42%	–
GXP	Exit	Great Plains Energy Inc (.77)	$0	–	-31,277	–	-0.44%	–
BAC	Exit	Bankamerica Corp	$0	–	-39,459	–	-0.46%	–
VFC	Exit	VF Corp (.90)	$0	–	-15,825	–	-0.47%	–
NWL	Exit	Newell Rubbermaid,Inc. (.87)	$0	–	-28,125	–	-0.56%	–
DE	Exit	Deere & Co (1)	$0	–	-9,775	–	-0.57%	–
SU	Exit	Suncor Energy (1.26)	$0	–	-36,865	–	-0.60%	–
CSX	Exit	CSX	$0	–	-23,800	–	-0.60%	–
MDT	Exit	Medtronic Inc (.96)	$0	–	-16,671	–	-0.60%	–
DTE	Exit	DTE Enterprise (.58)	$0	–	-12,350	–	-0.62%	–
HSY	Exit	Hershey, Inc. (.65)	$0	–	-12,300	–	-0.62%	–
SLB	Exit	Schlumberger (.75)	$0	–	-19,395	–	-0.63%	–
AXP	Exit	American Express Co. (1.32)	$0	–	-15,469	–	-0.65%	–
ADP	Exit	Automatic Data Processing (1.1	$0	–	-13,149	–	-0.67%	–
	Exit	Eaton Corp (1.25)	$0	–	-19,045	–	-0.68%	–
WY	Exit	Weyerhaeuser Co.(1.11)	$0	–	-43,021	–	-0.68%	–
FLO	Exit	Flowers Foods, Inc. (.84)	$0	–	-77,931	–	-0.68%	–
ADI	Exit	Analog Devices (1.27)	$0	–	-17,345	–	-0.69%	–
TSS	Exit	Total Systems (.97)	$0	–	-22,997	–	-0.70%	–
HON	Exit	Honeywell, Inc. (1.3)	$0	–	-10,690	–	-0.70%	–
SWK	Exit	Stanley Black & Decker (1.05)	$0	–	-10,575	–	-0.74%	–
IFF	Exit	Intl Flavors and Fragrences (.	$0	–	-11,275	–	-0.75%	–
PPG	Exit	PPG Industries (.90)	$0	–	-15,375	–	-0.78%	–
DIS	Exit	Walt Disney (.92)	$0	–	-17,741	–	-0.81%	–
CAT	Exit	Caterpillar, Inc. (1.24)	$0	–	-15,462	–	-0.90%	–
PEP	Exit	Pepsico (.75)	$0	–	-17,610	–	-0.91%	–
SYK	Exit	Stryker Corp (.86)	$0	–	-14,400	–	-0.95%	–
PSPXF	Exit	Phillips 66 Corp (1.26)	$0	–	-22,931	–	-0.98%	–
IR	Exit	Ingersoll-Rand (1.26)	$0	–	-24,225	–	-1.00%	–
ED	Exit	Con Edison, Inc. (.67)	$0	–	-30,544	–	-1.14%	–
ADSK	Exit	Autodesk Inc (.78)	$0	–	-22,050	–	-1.15%	–
VZ	Exit	Verizon Communication (.70)	$0	–	-50,215	–	-1.15%	–
JNJ	Exit	Johnson & Johnson	$0	–	-19,179	–	-1.16%	–
DUK	Exit	Duke Energy (.48)	$0	–	-30,502	–	-1.19%	–
CVX	Exit	Chevron Texaco (.53)	$0	–	-22,455	–	-1.22%	–
ESE	Exit	ESCO Technologies, Inc. (.85)	$0	–	-44,420	–	-1.24%	–
COP	Exit	ConnocoPhillips Energy (.70)	$0	–	-56,223	–	-1.31%	–
HD	Exit	Home Depot (1.28)	$0	–	-17,627	–	-1.34%	–
GD	Exit	General Dynamics Corp (1)	$0	–	-14,325	–	-1.37%	–
BMY	Exit	Bristol Myers Squibb (1.02)	$0	–	-46,692	–	-1.38%	–
ABBV	Exit	Abbvie, Inc (1.05)	$0	–	-33,657	–	-1.39%	–
TR	Exit	Tootsie Roll Inc.(R2) (.77)	$0	–	-80,558	–	-1.42%	–
FB	Exit	Facebook, Inc (.95)	$0	–	-18,160	–	-1.44%	–
KHC	Exit	Kraft Heinz Company (1)	$0	–	-40,471	–	-1.46%	–
LLY	Exit	Eli Lilly (.72)	$0	–	-40,723	–	-1.62%	–
ABT	Exit	Abbott Labs (.95)	$0	–	-65,574	–	-1.62%	–
INTC	Exit	Intel (1.23)	$0	–	-94,907	–	-1.68%	–
IBM	Exit	Intl Bus Mach (.90)	$0	–	-25,189	–	-1.70%	–
CSCO	Exit	Cisco Systems (1.25)	$0	–	-110,072	–	-1.72%	–
INTU	Exit	Intuit (1.22)	$0	–	-27,643	–	-1.82%	–
EMR	Exit	Emerson Electric (.76)	$0	–	-62,610	–	-1.83%	–
RTN	Exit	Raytheon Corp (1.0)	$0	–	-21,129	–	-1.83%	–
PG	Exit	Proctor & Gamble (.59)	$0	–	-44,489	–	-1.88%	–
MRK	Exit	Merck Drug Company (.99)	$0	–	-65,781	–	-1.96%	–
MMM	Exit	3M Company (.94)	$0	–	-20,335	–	-1.98%	–
SO	Exit	Southern Company Inc. (.58)	$0	–	-87,456	–	-2.00%	–
XOM	Exit	Exxon Mobil (.66)	$0	–	-52,473	–	-2.00%	–
NOC	Exit	Northrop Grunman Corp (.90)	$0	–	-14,957	–	-2.00%	–
GE	Exit	General Electric (1)	$0	–	-178,284	–	-2.00%	–
PFE	Exit	Pfizer, Inc. (1.04)	$0	–	-125,899	–	-2.09%	–
MDLZ	Exit	Mondelez International Inc. (1	$0	–	-112,105	–	-2.12%	–
DWDP	Exit	DowDuPont, Inc.	$0	–	-72,182	–	-2.32%	–
T	Exit	A T & T Corp (.62)	$0	–	-129,737	–	-2.36%	–
AMGN	Exit	Amgen (.81)	$0	–	-27,768	–	-2.40%	–
ORCL	Exit	Oracle Corp (1.34)	$0	–	-114,771	–	-2.58%	–
MSFT	Exit	Microsoft (1.19)	$0	–	-81,762	–	-2.83%	–
KO	Exit	Coca Cola Company (1)	$0	–	-163,477	–	-3.42%	–

Q3 2017

			Value		Shares		↓ Weighting
KO	Sell	Coca Cola Company (1)	$7,358,000	-0.6%	163,477	-1.0%	3.42%	-2.5%
MSFT	Sell	Microsoft (1.19)	$6,090,000	+6.4%	81,762	-1.5%	2.83%	+4.4%
ORCL	Sell	Oracle Corp (1.34)	$5,549,000	-4.7%	114,771	-1.1%	2.58%	-6.5%
AMGN	Buy	Amgen (.81)	$5,177,000	+8.3%	27,768	+0.0%	2.40%	+6.2%
T	Sell	A T & T Corp (.62)	$5,082,000	+2.3%	129,737	-1.5%	2.36%	+0.3%
DWDP	New	DowDuPont, Inc.	$4,997,000	–	72,182	–	2.32%	–
MDLZ	Sell	Mondelez International Inc. (1	$4,558,000	-8.0%	112,105	-2.2%	2.12%	-9.7%
PFE	Buy	Pfizer, Inc. (1.04)	$4,495,000	+6.3%	125,899	+0.0%	2.09%	+4.3%
GE	Sell	General Electric (1)	$4,311,000	-11.5%	178,284	-1.2%	2.00%	-13.2%
NOC	Sell	Northrop Grunman Corp (.90)	$4,303,000	+10.7%	14,957	-1.2%	2.00%	+8.6%
XOM	Sell	Exxon Mobil (.66)	$4,302,000	+1.1%	52,473	-0.4%	2.00%	-0.8%
SO	Sell	Southern Company Inc. (.58)	$4,298,000	+1.3%	87,456	-1.3%	2.00%	-0.6%
MMM	Sell	3M Company (.94)	$4,268,000	-0.9%	20,335	-1.7%	1.98%	-2.7%
MRK	Sell	Merck Drug Company (.99)	$4,212,000	-1.3%	65,781	-1.2%	1.96%	-3.1%
PG	Sell	Proctor & Gamble (.59)	$4,048,000	+2.0%	44,489	-2.3%	1.88%	+0.1%
RTN	Sell	Raytheon Corp (1.0)	$3,942,000	+13.2%	21,129	-2.0%	1.83%	+11.1%
EMR	Sell	Emerson Electric (.76)	$3,934,000	+3.5%	62,610	-1.8%	1.83%	+1.6%
INTU	Buy	Intuit (1.22)	$3,929,000	+7.0%	27,643	+0.0%	1.82%	+5.0%
CSCO	Sell	Cisco Systems (1.25)	$3,702,000	+5.9%	110,072	-1.4%	1.72%	+3.9%
IBM	Sell	Intl Bus Mach (.90)	$3,654,000	-5.8%	25,189	-0.1%	1.70%	-7.5%
INTC	Sell	Intel (1.23)	$3,614,000	+10.6%	94,907	-2.0%	1.68%	+8.5%
ABT	Sell	Abbott Labs (.95)	$3,499,000	+8.1%	65,574	-1.5%	1.62%	+6.0%
LLY	Sell	Eli Lilly (.72)	$3,483,000	+2.7%	40,723	-1.2%	1.62%	+0.7%
KHC	Sell	Kraft Heinz Company (1)	$3,139,000	-10.8%	40,471	-1.5%	1.46%	-12.5%
FB	Sell	Facebook, Inc (.95)	$3,103,000	+11.9%	18,160	-1.1%	1.44%	+9.8%
TR	Sell	Tootsie Roll Inc.(R2) (.77)	$3,061,000	+8.0%	80,558	-0.9%	1.42%	+6.0%
ABBV	Sell	Abbvie, Inc (1.05)	$2,991,000	+21.8%	33,657	-0.6%	1.39%	+19.5%
BMY	Buy	Bristol Myers Squibb (1.02)	$2,976,000	+17.6%	46,692	+2.8%	1.38%	+15.5%
GD	Sell	General Dynamics Corp (1)	$2,945,000	+2.4%	14,325	-1.4%	1.37%	+0.4%
HD	Sell	Home Depot (1.28)	$2,883,000	+3.7%	17,627	-2.8%	1.34%	+1.7%
COP	Sell	ConnocoPhillips Energy (.70)	$2,814,000	+13.7%	56,223	-0.2%	1.31%	+11.5%
ESE	Sell	ESCO Technologies, Inc. (.85)	$2,663,000	-1.7%	44,420	-2.1%	1.24%	-3.5%
CVX	Buy	Chevron Texaco (.53)	$2,639,000	+12.7%	22,455	+0.1%	1.22%	+10.6%
DUK	Sell	Duke Energy (.48)	$2,560,000	-1.2%	30,502	-1.7%	1.19%	-3.1%
JNJ	Sell	Johnson & Johnson	$2,493,000	-2.6%	19,179	-0.8%	1.16%	-4.5%
VZ	Sell	Verizon Communication (.70)	$2,485,000	+5.5%	50,215	-4.8%	1.15%	+3.6%
ADSK	Sell	Autodesk Inc (.78)	$2,475,000	+11.1%	22,050	-0.2%	1.15%	+9.0%
ED	Sell	Con Edison, Inc. (.67)	$2,464,000	-1.5%	30,544	-1.3%	1.14%	-3.3%
IR	Sell	Ingersoll-Rand (1.26)	$2,160,000	-4.0%	24,225	-1.6%	1.00%	-5.8%
PSPXF	Sell	Phillips 66 Corp (1.26)	$2,101,000	+9.4%	22,931	-1.2%	0.98%	+7.4%
SYK	Sell	Stryker Corp (.86)	$2,045,000	+0.2%	14,400	-2.0%	0.95%	-1.7%
PEP	Sell	Pepsico (.75)	$1,962,000	-4.7%	17,610	-1.2%	0.91%	-6.5%
CAT	Buy	Caterpillar, Inc. (1.24)	$1,928,000	+16.1%	15,462	+0.0%	0.90%	+13.9%
DIS	Buy	Walt Disney (.92)	$1,749,000	-7.2%	17,741	+0.0%	0.81%	-9.0%
PPG	Sell	PPG Industries (.90)	$1,671,000	-7.1%	15,375	-6.0%	0.78%	-8.8%
SWK	Sell	Stanley Black & Decker (1.05)	$1,597,000	+6.8%	10,575	-0.5%	0.74%	+4.8%
HON	Sell	Honeywell, Inc. (1.3)	$1,515,000	-1.7%	10,690	-7.6%	0.70%	-3.6%
TSS	Sell	Total Systems (.97)	$1,506,000	+8.9%	22,997	-3.2%	0.70%	+6.9%
ADI	Sell	Analog Devices (1.27)	$1,495,000	+9.5%	17,345	-1.1%	0.69%	+7.4%
FLO	Buy	Flowers Foods, Inc. (.84)	$1,466,000	+8.9%	77,931	+0.2%	0.68%	+6.9%
WY	Sell	Weyerhaeuser Co.(1.11)	$1,464,000	+1.2%	43,021	-0.3%	0.68%	-0.6%
	Sell	Eaton Corp (1.25)	$1,462,000	-2.9%	19,045	-1.6%	0.68%	-4.8%
ADP	Sell	Automatic Data Processing (1.1	$1,437,000	+0.5%	13,149	-5.8%	0.67%	-1.5%
AXP	Sell	American Express Co. (1.32)	$1,399,000	+5.3%	15,469	-1.9%	0.65%	+3.3%
SLB	Buy	Schlumberger (.75)	$1,353,000	+11.1%	19,395	+4.8%	0.63%	+9.0%
HSY	Sell	Hershey, Inc. (.65)	$1,343,000	-0.7%	12,300	-2.4%	0.62%	-2.7%
DTE	Sell	DTE Enterprise (.58)	$1,326,000	-0.7%	12,350	-2.2%	0.62%	-2.5%
MDT	Sell	Medtronic Inc (.96)	$1,297,000	-12.8%	16,671	-0.6%	0.60%	-14.5%
CSX	Sell	CSX	$1,291,000	-1.0%	23,800	-0.4%	0.60%	-2.9%
SU	Buy	Suncor Energy (1.26)	$1,291,000	+24.0%	36,865	+3.4%	0.60%	+21.5%
NWL	Sell	Newell Rubbermaid,Inc. (.87)	$1,200,000	-22.1%	28,125	-2.1%	0.56%	-23.6%
VFC	Sell	VF Corp (.90)	$1,006,000	+3.6%	15,825	-6.1%	0.47%	+1.7%
BAC	Sell	Bankamerica Corp	$1,000,000	+4.3%	39,459	-0.1%	0.46%	+2.2%
GXP	Sell	Great Plains Energy Inc (.77)	$948,000	+2.5%	31,277	-1.0%	0.44%	+0.5%
FNF	Sell	Fidelity Natl Financial (FNF G	$898,000	+0.6%	18,923	-5.0%	0.42%	-1.4%
CAH	Sell	Cardinal Health Systems, Inc.	$889,000	-15.4%	13,291	-1.5%	0.41%	-16.9%
BMS	Sell	Bemis Corp (1.25)	$848,000	-2.8%	18,600	-1.3%	0.39%	-4.6%
CAG	Sell	ConAgra (.77)	$793,000	-6.0%	23,513	-0.4%	0.37%	-7.8%
MAS	Sell	Masco Corp (.91)	$726,000	-14.0%	18,600	-15.8%	0.34%	-15.5%
ADM	Buy	Archer Daniel Midland (.64)	$702,000	+15.5%	16,511	+12.3%	0.33%	+13.2%
	New	Baker Hughes a GE Company	$631,000	–	17,225	–	0.29%	–
NWN	Sell	Northwest Natural Gas (.61)	$617,000	+3.4%	9,575	-4.0%	0.29%	+1.4%
	New	Wadell & Reed Adv. Muni Bd Cl.mut	$610,000	–	81,142	–	0.28%	–
MUR	Sell	Murphy Oil Corp (.84)	$607,000	+1.8%	22,870	-1.7%	0.28%	0.0%
PKE	Sell	Park Electrochemical Corp (.86	$601,000	-6.7%	32,499	-7.1%	0.28%	-8.5%
RYAM	Buy	Rayonier Advanced Materials, I	$593,000	0.0%	43,255	+14.6%	0.28%	-2.1%
AEE	Sell	Ameren Corp (.56)	$570,000	+3.8%	9,850	-2.0%	0.26%	+1.9%
UVV	Buy	Universal Corp/VA (.88) (R2)	$562,000	-11.4%	9,805	+0.1%	0.26%	-13.0%
MDP	Sell	Meredith Corp (1.07)	$561,000	-7.9%	10,100	-1.5%	0.26%	-9.7%
	Sell	Glencore Xstrata PLC (2.10)	$484,000	+20.1%	105,550	-1.6%	0.22%	+17.8%
IP	Sell	Intl Paper Co (.68)	$456,000	-0.9%	8,026	-1.2%	0.21%	-2.8%
PM	Sell	Phillip Morris International	$443,000	-14.0%	3,987	-9.1%	0.21%	-15.6%
BBT	Sell	BB&T Corporation	$443,000	+2.1%	9,428	-1.4%	0.21%	+0.5%
PAYX	Sell	Paychex	$436,000	-37.7%	7,277	-40.8%	0.20%	-39.0%
SNV	Sell	Synovus Financial Corp.	$413,000	-7.2%	8,961	-11.0%	0.19%	-9.0%
TAP	Sell	Molson Coors	$409,000	-8.3%	5,013	-2.9%	0.19%	-10.0%
JPM	Buy	J. P. Morgan Chase (1.14)	$393,000	+4.5%	4,119	+0.1%	0.18%	+2.2%
LUMN	Sell	Centurylink, Inc. (1.04)	$376,000	-28.2%	19,875	-9.4%	0.18%	-29.4%
RF	Sell	Regions Financial (1.14)	$358,000	+2.6%	23,495	-1.5%	0.17%	+0.6%
WBA	Sell	Walgreens Boots Alliance, Inc.	$354,000	-10.8%	4,579	-9.7%	0.16%	-12.8%
USB	Sell	U. S. Bancorp	$343,000	0.0%	6,400	-3.0%	0.16%	-1.9%
PNR	Sell	Pentair Inc/PLC	$335,000	-7.2%	4,925	-9.2%	0.16%	-8.8%
LW	Sell	Lamb Weston Holdings. Inc	$330,000	+0.9%	7,048	-5.0%	0.15%	-1.3%
SEE	Sell	Sealed Air Corp	$321,000	-11.8%	7,525	-7.4%	0.15%	-13.4%
SBCF	Sell	Seacoast Banking Corp/FL	$275,000	-4.8%	11,500	-4.2%	0.13%	-6.6%
OMI	Sell	Owens & Minor, Inc. (.85)	$269,000	-16.5%	9,225	-7.8%	0.12%	-17.8%
BAX	Sell	Baxter Intl	$251,000	+1.2%	4,000	-2.4%	0.12%	0.0%
SYY	Sell	Sysco Corp	$240,000	+2.6%	4,450	-4.3%	0.11%	0.0%
BHP	New	BHP Billiton Ltd - Spon Adr	$235,000	–	5,789	–	0.11%	–
SCG	Buy	SCANA (.63)	$215,000	-15.7%	4,437	+16.4%	0.10%	-17.4%
WFC	Sell	Wells Fargo & Company	$210,000	-52.1%	3,805	-51.9%	0.10%	-53.1%
SSB	New	South State Corp	$207,000	–	2,296	–	0.10%	–
ENB	New	Enbridge Inc	$201,000	–	4,794	–	0.09%	–
FCX	Buy	Freeport McMoran Copper & Gold	$193,000	+32.2%	13,775	+13.1%	0.09%	+30.4%
SCSG	Sell	SouthCrest Financial Group Inc	$168,000	+3.7%	18,000	-5.3%	0.08%	+1.3%
GCI	Buy	TEGNA, Inc (Old Gannett)(.90)	$157,000	-3.7%	11,785	+4.4%	0.07%	-5.2%
AVP	Sell	Avon Products (1.91)	$103,000	-50.2%	44,200	-19.0%	0.05%	-51.0%
LEE	Sell	Lee Enterprises (.71)	$38,000	+8.6%	17,250	-7.3%	0.02%	+5.9%
FTRCQ	Exit	Frontier Communication (1.18)	$0	–	-27,148	–	-0.02%	–
FLS	Exit	Flowserve Corp	$0	–	-4,500	–	-0.10%	–
AGN	Exit	Allergan, PLC	$0	–	-892	–	-0.10%	–
	Exit	Vanguard Total Stock Market Inmut	$0	–	-5,515	–	-0.16%	–
	Exit	Allegion PLC (1.08)	$0	–	-7,598	–	-0.29%	–
DD	Exit	DuPont de Nemours, Inc. (1.15)	$0	–	-57,970	–	-2.21%	–

Q2 2017

			Value		Shares		↓ Weighting
KO	New	Coca Cola Company (1)	$7,406,000	–	165,118	–	3.50%	–
ORCL	New	Oracle Corp (1.34)	$5,820,000	–	116,071	–	2.75%	–
MSFT	New	Microsoft (1.19)	$5,724,000	–	83,043	–	2.71%	–
T	New	A T & T Corp (.62)	$4,970,000	–	131,718	–	2.35%	–
MDLZ	New	Mondelez International Inc. (1	$4,952,000	–	114,653	–	2.34%	–
GE	New	General Electric (1)	$4,872,000	–	180,372	–	2.30%	–
AMGN	New	Amgen (.81)	$4,782,000	–	27,767	–	2.26%	–
DD	New	DuPont de Nemours, Inc. (1.15)	$4,679,000	–	57,970	–	2.21%	–
MMM	New	3M Company (.94)	$4,306,000	–	20,684	–	2.04%	–
MRK	New	Merck Drug Company (.99)	$4,266,000	–	66,559	–	2.02%	–
XOM	New	Exxon Mobil (.66)	$4,254,000	–	52,699	–	2.01%	–
SO	New	Southern Company Inc. (.58)	$4,242,000	–	88,598	–	2.01%	–
PFE	New	Pfizer, Inc. (1.04)	$4,229,000	–	125,897	–	2.00%	–
PG	New	Proctor & Gamble (.59)	$3,970,000	–	45,553	–	1.88%	–
NOC	New	Northrop Grunman Corp (.90)	$3,887,000	–	15,140	–	1.84%	–
IBM	New	Intl Bus Mach (.90)	$3,877,000	–	25,204	–	1.83%	–
EMR	New	Emerson Electric (.76)	$3,801,000	–	63,759	–	1.80%	–
INTU	New	Intuit (1.22)	$3,671,000	–	27,642	–	1.74%	–
KHC	New	Kraft Heinz Company (1)	$3,518,000	–	41,082	–	1.66%	–
CSCO	New	Cisco Systems (1.25)	$3,495,000	–	111,647	–	1.65%	–
RTN	New	Raytheon Corp (1.0)	$3,481,000	–	21,554	–	1.65%	–
LLY	New	Eli Lilly (.72)	$3,392,000	–	41,221	–	1.60%	–
INTC	New	Intel (1.23)	$3,267,000	–	96,830	–	1.55%	–
ABT	New	Abbott Labs (.95)	$3,237,000	–	66,581	–	1.53%	–
GD	New	General Dynamics Corp (1)	$2,877,000	–	14,525	–	1.36%	–
TR	New	Tootsie Roll Inc.(R2) (.77)	$2,834,000	–	81,317	–	1.34%	–
HD	New	Home Depot (1.28)	$2,781,000	–	18,127	–	1.32%	–
FB	New	Facebook, Inc (.95)	$2,772,000	–	18,360	–	1.31%	–
ESE	New	ESCO Technologies, Inc. (.85)	$2,708,000	–	45,395	–	1.28%	–
DUK	New	Duke Energy (.48)	$2,592,000	–	31,014	–	1.23%	–
JNJ	New	Johnson & Johnson	$2,559,000	–	19,341	–	1.21%	–
BMY	New	Bristol Myers Squibb (1.02)	$2,530,000	–	45,412	–	1.20%	–
ED	New	Con Edison, Inc. (.67)	$2,501,000	–	30,944	–	1.18%	–
COP	New	ConnocoPhillips Energy (.70)	$2,476,000	–	56,322	–	1.17%	–
ABBV	New	Abbvie, Inc (1.05)	$2,455,000	–	33,855	–	1.16%	–
VZ	New	Verizon Communication (.70)	$2,355,000	–	52,741	–	1.11%	–
CVX	New	Chevron Texaco (.53)	$2,341,000	–	22,441	–	1.11%	–
IR	New	Ingersoll-Rand (1.26)	$2,250,000	–	24,625	–	1.06%	–
ADSK	New	Autodesk Inc (.78)	$2,228,000	–	22,100	–	1.05%	–
PEP	New	Pepsico (.75)	$2,059,000	–	17,825	–	0.97%	–
SYK	New	Stryker Corp (.86)	$2,040,000	–	14,700	–	0.96%	–
PSPXF	New	Phillips 66 Corp (1.26)	$1,920,000	–	23,217	–	0.91%	–
DIS	New	Walt Disney (.92)	$1,885,000	–	17,740	–	0.89%	–
PPG	New	PPG Industries (.90)	$1,798,000	–	16,350	–	0.85%	–
CAT	New	Caterpillar, Inc. (1.24)	$1,661,000	–	15,461	–	0.79%	–
NWL	New	Newell Rubbermaid,Inc. (.87)	$1,540,000	–	28,725	–	0.73%	–
HON	New	Honeywell, Inc. (1.3)	$1,541,000	–	11,565	–	0.73%	–
IFF	New	Intl Flavors and Fragrences (.	$1,522,000	–	11,275	–	0.72%	–
	New	Eaton Corp (1.25)	$1,506,000	–	19,345	–	0.71%	–
SWK	New	Stanley Black & Decker (1.05)	$1,495,000	–	10,625	–	0.71%	–
MDT	New	Medtronic Inc (.96)	$1,488,000	–	16,771	–	0.70%	–
WY	New	Weyerhaeuser Co.(1.11)	$1,446,000	–	43,169	–	0.68%	–
ADP	New	Automatic Data Processing (1.1	$1,430,000	–	13,958	–	0.68%	–
TSS	New	Total Systems (.97)	$1,383,000	–	23,747	–	0.65%	–
ADI	New	Analog Devices (1.27)	$1,365,000	–	17,545	–	0.65%	–
HSY	New	Hershey, Inc. (.65)	$1,353,000	–	12,600	–	0.64%	–
FLO	New	Flowers Foods, Inc. (.84)	$1,346,000	–	77,781	–	0.64%	–
DTE	New	DTE Enterprise (.58)	$1,336,000	–	12,625	–	0.63%	–
AXP	New	American Express Co. (1.32)	$1,328,000	–	15,769	–	0.63%	–
CSX	New	CSX	$1,304,000	–	23,900	–	0.62%	–
SLB	New	Schlumberger (.75)	$1,218,000	–	18,500	–	0.58%	–
DE	New	Deere & Co (1)	$1,208,000	–	9,775	–	0.57%	–
CAH	New	Cardinal Health Systems, Inc.	$1,051,000	–	13,491	–	0.50%	–
SU	New	Suncor Energy (1.26)	$1,041,000	–	35,655	–	0.49%	–
VFC	New	VF Corp (.90)	$971,000	–	16,850	–	0.46%	–
BAC	New	Bankamerica Corp	$959,000	–	39,510	–	0.45%	–
GXP	New	Great Plains Energy Inc (.77)	$925,000	–	31,577	–	0.44%	–
FNF	New	Fidelity Natl Financial (FNF G	$893,000	–	19,923	–	0.42%	–
BMS	New	Bemis Corp (1.25)	$872,000	–	18,850	–	0.41%	–
SHW	New	Sherwin Williams Co. Ohio (.91	$869,000	–	2,475	–	0.41%	–
MAS	New	Masco Corp (.91)	$844,000	–	22,100	–	0.40%	–
CAG	New	ConAgra (.77)	$844,000	–	23,613	–	0.40%	–
DGX	New	Quest Diagnostics (1.0)	$789,000	–	7,100	–	0.37%	–
SNA	New	Snap On Tools (.82)	$743,000	–	4,705	–	0.35%	–
KMB	New	Kimberly Clark	$724,000	–	5,609	–	0.34%	–
PAYX	New	Paychex	$700,000	–	12,301	–	0.33%	–
PKE	New	Park Electrochemical Corp (.86	$644,000	–	34,973	–	0.30%	–
UVV	New	Universal Corp/VA (.88) (R2)	$634,000	–	9,793	–	0.30%	–
	New	Allegion PLC (1.08)	$616,000	–	7,598	–	0.29%	–
MDP	New	Meredith Corp (1.07)	$609,000	–	10,250	–	0.29%	–
ADM	New	Archer Daniel Midland (.64)	$608,000	–	14,701	–	0.29%	–
MUR	New	Murphy Oil Corp (.84)	$596,000	–	23,270	–	0.28%	–
NWN	New	Northwest Natural Gas (.61)	$597,000	–	9,975	–	0.28%	–
RYAM	New	Rayonier Advanced Materials, I	$593,000	–	37,730	–	0.28%	–
UTX	New	United Technology	$583,000	–	4,775	–	0.28%	–
AEE	New	Ameren Corp (.56)	$549,000	–	10,050	–	0.26%	–
TFX	New	Teleflex Inc	$535,000	–	2,575	–	0.25%	–
NSC	New	Norfolk & Southern	$535,000	–	4,400	–	0.25%	–
LUMN	New	Centurylink, Inc. (1.04)	$524,000	–	21,925	–	0.25%	–
BRKB	New	Berkshire Hathaway	$517,000	–	3,050	–	0.24%	–
PM	New	Phillip Morris International	$515,000	–	4,387	–	0.24%	–
WPC	New	W. P. Carey, Inc.	$475,000	–	7,192	–	0.22%	–
IP	New	Intl Paper Co (.68)	$460,000	–	8,126	–	0.22%	–
SNV	New	Synovus Financial Corp.	$445,000	–	10,068	–	0.21%	–
TAP	New	Molson Coors	$446,000	–	5,163	–	0.21%	–
FIS	New	Fidelity National Info Service	$444,000	–	5,200	–	0.21%	–
WFC	New	Wells Fargo & Company	$438,000	–	7,909	–	0.21%	–
BBT	New	BB&T Corporation	$434,000	–	9,566	–	0.20%	–
	New	Glencore Xstrata PLC (2.10)	$403,000	–	107,300	–	0.19%	–
WBA	New	Walgreens Boots Alliance, Inc.	$397,000	–	5,069	–	0.19%	–
KEY	New	Key Corp (.88)	$394,000	–	21,025	–	0.19%	–
HWKN	New	Hawkins, Inc (.60) (R2)	$388,000	–	8,375	–	0.18%	–
JPM	New	J. P. Morgan Chase (1.14)	$376,000	–	4,113	–	0.18%	–
SEE	New	Sealed Air Corp	$364,000	–	8,125	–	0.17%	–
PNR	New	Pentair Inc/PLC	$361,000	–	5,425	–	0.17%	–
RF	New	Regions Financial (1.14)	$349,000	–	23,844	–	0.16%	–
USB	New	U. S. Bancorp	$343,000	–	6,600	–	0.16%	–
	New	Vanguard Total Stock Market Inmut	$334,000	–	5,515	–	0.16%	–
CPB	New	Campbell Soup Company	$331,000	–	6,350	–	0.16%	–
LW	New	Lamb Weston Holdings. Inc	$327,000	–	7,420	–	0.16%	–
NSRGY	New	Nestle SA - Spons Adr For Reg	$323,000	–	3,700	–	0.15%	–
OMI	New	Owens & Minor, Inc. (.85)	$322,000	–	10,000	–	0.15%	–
SBCF	New	Seacoast Banking Corp/FL	$289,000	–	12,000	–	0.14%	–
GIS	New	General Mills	$282,000	–	5,086	–	0.13%	–
AAPL	New	Apple Computer	$272,000	–	1,890	–	0.13%	–
TMO	New	Thermo Fisher Scientific Inc	$262,000	–	1,500	–	0.12%	–
WMT	New	Wal-Mart Stores (1.03)	$258,000	–	3,415	–	0.12%	–
SCG	New	SCANA (.63)	$255,000	–	3,812	–	0.12%	–
RAVN	New	Raven Industries	$253,000	–	7,600	–	0.12%	–
AFL	New	AFLAC Inc.	$249,000	–	3,200	–	0.12%	–
BAX	New	Baxter Intl	$248,000	–	4,100	–	0.12%	–
CMP	New	Compass Minerals International	$247,000	–	3,775	–	0.12%	–
RGP	New	Resources Connection Inc (1.04	$240,000	–	17,550	–	0.11%	–
STI	New	SunTrust Banks (1.11)	$236,000	–	4,153	–	0.11%	–
SYY	New	Sysco Corp	$234,000	–	4,650	–	0.11%	–
HUBB	New	Hubbell Inc. Cl B (.63)	$235,000	–	2,075	–	0.11%	–
AGN	New	Allergan, PLC	$217,000	–	892	–	0.10%	–
FLS	New	Flowserve Corp	$209,000	–	4,500	–	0.10%	–
AVP	New	Avon Products (1.91)	$207,000	–	54,600	–	0.10%	–
SCSG	New	SouthCrest Financial Group Inc	$162,000	–	19,000	–	0.08%	–
GCI	New	TEGNA, Inc (Old Gannett)(.90)	$163,000	–	11,285	–	0.08%	–
FCX	New	Freeport McMoran Copper & Gold	$146,000	–	12,175	–	0.07%	–
	New	Barsele Mineral Corp	$50,000	–	100,000	–	0.02%	–
LEE	New	Lee Enterprises (.71)	$35,000	–	18,600	–	0.02%	–
FTRCQ	New	Frontier Communication (1.18)	$31,000	–	27,148	–	0.02%	–
	New	Orex Minerals Inc	$11,000	–	100,000	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
NORX	Exit	Norstra Energy, Inc.	$0	–	-10,000	–	0.00%	–
CMLS	Exit	Cumulus Media, Inc.	$0	–	-10,000	–	-0.00%	–
LEE	Exit	Lee Enterprises (.71)	$0	–	-19,505	–	-0.04%	–
	Exit	Orex Minerals Inc	$0	–	-100,000	–	-0.04%	–
	Exit	Barsele Mineral Corp	$0	–	-100,000	–	-0.05%	–
SCSG	Exit	SouthCrest Financial Group Inc	$0	–	-19,000	–	-0.07%	–
FCX	Exit	Freeport McMoran Copper & Gold	$0	–	-12,701	–	-0.07%	–
SBCF	Exit	Seacoast Banking Corp/FL	$0	–	-12,456	–	-0.10%	–
BHP	Exit	BHP Billiton Ltd - Spon Adr	$0	–	-5,990	–	-0.10%	–
AGN	Exit	Allergan, PLC	$0	–	-927	–	-0.10%	–
HUBB	Exit	Hubbell Inc. Cl B (.63)	$0	–	-2,000	–	-0.10%	–
FTR	Exit	Frontier Communication (1.18)	$0	–	-51,805	–	-0.10%	–
FLS	Exit	Flowserve Corp	$0	–	-4,500	–	-0.11%	–
SE	Exit	Spectra Energy	$0	–	-5,092	–	-0.11%	–
SUP	Exit	Superior Industries, Inc.	$0	–	-7,601	–	-0.11%	–
CDK	Exit	CDK Global, Inc. (1.11)	$0	–	-3,964	–	-0.11%	–
AFL	Exit	AFLAC Inc.	$0	–	-3,200	–	-0.11%	–
RF	Exit	Regions Financial (1.14)	$0	–	-24,143	–	-0.12%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-1,500	–	-0.12%	–
SYY	Exit	Sysco Corp	$0	–	-5,001	–	-0.12%	–
KEY	Exit	Key Corp (.88)	$0	–	-21,700	–	-0.13%	–
CMP	Exit	Compass Minerals International	$0	–	-3,776	–	-0.14%	–
WMT	Exit	Wal-Mart Stores (1.03)	$0	–	-3,865	–	-0.14%	–
GCI	Exit	TEGNA, Inc (Old Gannett)(.90)	$0	–	-12,836	–	-0.14%	–
USB	Exit	U. S. Bancorp	$0	–	-6,700	–	-0.14%	–
NSRGY	Exit	Nestle SA - Spons Adr For Reg	$0	–	-3,700	–	-0.14%	–
RGP	Exit	Resources Connection Inc (1.04	$0	–	-19,451	–	-0.14%	–
JPM	Exit	J. P. Morgan Chase (1.14)	$0	–	-4,383	–	-0.14%	–
	Exit	Glencore Xstrata PLC (2.10)	$0	–	-114,101	–	-0.15%	–
GIS	Exit	General Mills	$0	–	-5,086	–	-0.16%	–
SCG	Exit	SCANA (.63)	$0	–	-4,530	–	-0.16%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-10,447	–	-0.17%	–
CPB	Exit	Campbell Soup Company	$0	–	-6,651	–	-0.18%	–
AVP	Exit	Avon Products (1.91)	$0	–	-65,776	–	-0.18%	–
BBT	Exit	BB&T Corporation	$0	–	-10,033	–	-0.18%	–
SEE	Exit	Sealed Air Corp	$0	–	-8,425	–	-0.19%	–
OMI	Exit	Owens & Minor, Inc. (.85)	$0	–	-11,226	–	-0.19%	–
IP	Exit	Intl Paper Co (.68)	$0	–	-8,151	–	-0.19%	–
PNR	Exit	Pentair Inc/PLC	$0	–	-6,226	–	-0.20%	–
WFC	Exit	Wells Fargo & Company	$0	–	-9,140	–	-0.20%	–
FIS	Exit	Fidelity National Info Service	$0	–	-5,300	–	-0.20%	–
CMA	Exit	Comerica Inc (1.147)	$0	–	-9,035	–	-0.21%	–
WBA	Exit	Walgreens Boots Alliance, Inc.	$0	–	-5,367	–	-0.21%	–
HWKN	Exit	Hawkins, Inc (.60) (R2)	$0	–	-10,076	–	-0.21%	–
NSC	Exit	Norfolk & Southern	$0	–	-4,500	–	-0.21%	–
BRKB	Exit	Berkshire Hathaway	$0	–	-3,050	–	-0.22%	–
TFX	Exit	Teleflex Inc	$0	–	-2,701	–	-0.22%	–
PM	Exit	Phillip Morris International	$0	–	-4,687	–	-0.22%	–
WPC	Exit	W. P. Carey, Inc.	$0	–	-7,192	–	-0.23%	–
SR	Exit	Spire, Inc (.67)	$0	–	-7,400	–	-0.23%	–
UTX	Exit	United Technology	$0	–	-4,775	–	-0.24%	–
JCI	Exit	Johnson Control Inc./PLC (1.0	$0	–	-10,480	–	-0.24%	–
RRD	Exit	R. R. Donnelley (.77)	$0	–	-33,485	–	-0.26%	–
AEE	Exit	Ameren Corp (.56)	$0	–	-10,800	–	-0.26%	–
	Exit	Allegion PLC (1.08)	$0	–	-7,731	–	-0.26%	–
UVV	Exit	Universal Corp/VA (.88) (R2)	$0	–	-9,762	–	-0.28%	–
TAP	Exit	Molson Coors	$0	–	-5,288	–	-0.28%	–
LUMN	Exit	Centurylink, Inc. (1.04)	$0	–	-21,581	–	-0.29%	–
ADM	Exit	Archer Daniel Midland (.64)	$0	–	-14,167	–	-0.29%	–
DGX	Exit	Quest Diagnostics (1.0)	$0	–	-7,200	–	-0.30%	–
MDP	Exit	Meredith Corp (1.07)	$0	–	-11,876	–	-0.30%	–
NWN	Exit	Northwest Natural Gas (.61)	$0	–	-10,376	–	-0.30%	–
BAC	Exit	Bankamerica Corp	$0	–	-40,269	–	-0.31%	–
PKE	Exit	Park Electrochemical Corp (.86	$0	–	-37,170	–	-0.32%	–
KMB	Exit	Kimberly Clark	$0	–	-5,347	–	-0.33%	–
SHW	Exit	Sherwin Williams Co. Ohio (.91	$0	–	-2,475	–	-0.33%	–
VAL	Exit	Valspar	$0	–	-6,950	–	-0.36%	–
SNA	Exit	Snap On Tools (.82)	$0	–	-4,934	–	-0.36%	–
CSX	Exit	CSX	$0	–	-24,674	–	-0.37%	–
FNF	Exit	Fidelity Natl Financial (FNF G	$0	–	-21,306	–	-0.38%	–
MAS	Exit	Masco Corp (.91)	$0	–	-23,090	–	-0.39%	–
PAYX	Exit	Paychex	$0	–	-14,523	–	-0.41%	–
DE	Exit	Deere & Co (1)	$0	–	-10,276	–	-0.43%	–
VFC	Exit	VF Corp (.90)	$0	–	-17,200	–	-0.47%	–
GXP	Exit	Great Plains Energy Inc (.77)	$0	–	-35,477	–	-0.47%	–
SU	Exit	Suncor Energy (1.26)	$0	–	-35,566	–	-0.48%	–
BMS	Exit	Bemis Corp (1.25)	$0	–	-19,915	–	-0.50%	–
AXP	Exit	American Express Co. (1.32)	$0	–	-16,417	–	-0.51%	–
CAH	Exit	Cardinal Health Systems, Inc.	$0	–	-14,041	–	-0.53%	–
CAG	Exit	ConAgra (.77)	$0	–	-24,269	–	-0.56%	–
FLO	Exit	Flowers Foods, Inc. (.84)	$0	–	-76,062	–	-0.56%	–
ADI	Exit	Analog Devices (1.27)	$0	–	-17,943	–	-0.56%	–
HSY	Exit	Hershey, Inc. (.65)	$0	–	-12,600	–	-0.59%	–
	Exit	Eaton Corp (1.25)	$0	–	-18,876	–	-0.60%	–
ADP	Exit	Automatic Data Processing (1.1	$0	–	-14,182	–	-0.61%	–
SLB	Exit	Schlumberger (.75)	$0	–	-16,121	–	-0.62%	–
DTE	Exit	DTE Enterprise (.58)	$0	–	-13,575	–	-0.62%	–
ABT	Exit	Abbott Labs (.95)	$0	–	-30,203	–	-0.62%	–
SWK	Exit	Stanley Black & Decker (1.05)	$0	–	-10,625	–	-0.64%	–
HON	Exit	Honeywell, Inc. (1.3)	$0	–	-11,303	–	-0.64%	–
CAT	Exit	Caterpillar, Inc. (1.24)	$0	–	-15,459	–	-0.67%	–
WY	Exit	Weyerhaeuser Co.(1.11)	$0	–	-43,714	–	-0.68%	–
MDT	Exit	Medtronic Inc (.96)	$0	–	-17,521	–	-0.74%	–
NWL	Exit	Newell Rubbermaid,Inc. (.87)	$0	–	-29,325	–	-0.75%	–
ADSK	Exit	Autodesk Inc (.78)	$0	–	-22,625	–	-0.80%	–
IFF	Exit	Intl Flavors and Fragrences (.	$0	–	-11,450	–	-0.80%	–
ABBV	Exit	Abbvie, Inc (1.05)	$0	–	-26,264	–	-0.81%	–
DIS	Exit	Walt Disney (.92)	$0	–	-17,914	–	-0.81%	–
IR	Exit	Ingersoll-Rand (1.26)	$0	–	-25,025	–	-0.83%	–
TSS	Exit	Total Systems (.97)	$0	–	-36,417	–	-0.84%	–
PPG	Exit	PPG Industries (.90)	$0	–	-16,650	–	-0.84%	–
SYK	Exit	Stryker Corp (.86)	$0	–	-14,850	–	-0.84%	–
PSPXF	Exit	Phillips 66 Corp (1.26)	$0	–	-23,866	–	-0.94%	–
PEP	Exit	Pepsico (.75)	$0	–	-18,058	–	-0.96%	–
ESE	Exit	ESCO Technologies, Inc. (.85)	$0	–	-47,046	–	-1.06%	–
GD	Exit	General Dynamics Corp (1)	$0	–	-14,675	–	-1.11%	–
JNJ	Exit	Johnson & Johnson	$0	–	-19,368	–	-1.12%	–
CVX	Exit	Chevron Texaco (.53)	$0	–	-22,250	–	-1.12%	–
BMY	Exit	Bristol Myers Squibb (1.02)	$0	–	-43,767	–	-1.15%	–
FB	Exit	Facebook, Inc (.95)	$0	–	-18,460	–	-1.15%	–
COP	Exit	ConnocoPhillips Energy (.70)	$0	–	-57,118	–	-1.21%	–
ED	Exit	Con Edison, Inc. (.67)	$0	–	-33,170	–	-1.22%	–
DUK	Exit	Duke Energy (.48)	$0	–	-31,671	–	-1.24%	–
HD	Exit	Home Depot (1.28)	$0	–	-20,065	–	-1.26%	–
CC	Exit	The Chemours Company (1)	$0	–	-179,182	–	-1.40%	–
VZ	Exit	Verizon Communication (.70)	$0	–	-55,639	–	-1.41%	–
RTN	Exit	Raytheon Corp (1.0)	$0	–	-21,677	–	-1.44%	–
TR	Exit	Tootsie Roll Inc.(R2) (.77)	$0	–	-81,808	–	-1.47%	–
SO	Exit	Southern Company Inc. (.58)	$0	–	-59,236	–	-1.48%	–
INTU	Exit	Intuit (1.22)	$0	–	-27,981	–	-1.50%	–
NOC	Exit	Northrop Grunman Corp (.90)	$0	–	-15,215	–	-1.59%	–
STJ	Exit	St. Jude Medical (1.08)	$0	–	-41,365	–	-1.61%	–
LLY	Exit	Eli Lilly (.72)	$0	–	-42,141	–	-1.65%	–
EMR	Exit	Emerson Electric (.76)	$0	–	-63,413	–	-1.68%	–
MMM	Exit	3M Company (.94)	$0	–	-20,582	–	-1.77%	–
CSCO	Exit	Cisco Systems (1.25)	$0	–	-117,648	–	-1.82%	–
KHC	Exit	Kraft Heinz Company (1)	$0	–	-41,810	–	-1.82%	–
INTC	Exit	Intel (1.23)	$0	–	-101,204	–	-1.86%	–
IBM	Exit	Intl Bus Mach (.90)	$0	–	-25,411	–	-1.97%	–
DD	Exit	DuPont de Nemours, Inc. (1.15)	$0	–	-61,904	–	-2.02%	–
XOM	Exit	Exxon Mobil (.66)	$0	–	-48,432	–	-2.06%	–
MRK	Exit	Merck Drug Company (.99)	$0	–	-67,809	–	-2.06%	–
PG	Exit	Proctor & Gamble (.59)	$0	–	-47,391	–	-2.07%	–
PFE	Exit	Pfizer, Inc. (1.04)	$0	–	-127,783	–	-2.11%	–
AMGN	Exit	Amgen (.81)	$0	–	-27,741	–	-2.26%	–
ORCL	Exit	Oracle Corp (1.34)	$0	–	-118,151	–	-2.26%	–
MSFT	Exit	Microsoft (1.19)	$0	–	-84,082	–	-2.36%	–
MDLZ	Exit	Mondelez International Inc. (1	$0	–	-116,539	–	-2.49%	–
GE	Exit	General Electric (1)	$0	–	-182,923	–	-2.64%	–
T	Exit	A T & T Corp (.62)	$0	–	-150,277	–	-2.97%	–
KO	Exit	Coca Cola Company (1)	$0	–	-164,728	–	-3.40%	–

Q3 2016

			Value		Shares		↓ Weighting
KO	Sell	Coca Cola Company (1)	$6,971,000	-6.9%	164,728	-0.3%	3.40%	-6.8%
T	Sell	A T & T Corp (.62)	$6,103,000	-7.0%	150,277	-1.0%	2.97%	-6.9%
GE	Sell	General Electric (1)	$5,418,000	-6.7%	182,923	-0.8%	2.64%	-6.6%
MDLZ	Sell	Mondelez International Inc. (1	$5,116,000	-4.0%	116,539	-0.4%	2.49%	-3.9%
MSFT	Sell	Microsoft (1.19)	$4,843,000	+11.9%	84,082	-0.6%	2.36%	+12.0%
ORCL	Sell	Oracle Corp (1.34)	$4,641,000	-4.7%	118,151	-0.7%	2.26%	-4.6%
AMGN	Buy	Amgen (.81)	$4,627,000	+9.6%	27,741	+0.0%	2.26%	+9.7%
PFE	Sell	Pfizer, Inc. (1.04)	$4,328,000	-4.4%	127,783	-0.6%	2.11%	-4.3%
PG	Sell	Proctor & Gamble (.59)	$4,253,000	+5.2%	47,391	-0.7%	2.07%	+5.3%
MRK	Sell	Merck Drug Company (.99)	$4,232,000	+8.3%	67,809	-0.1%	2.06%	+8.4%
XOM	Sell	Exxon Mobil (.66)	$4,227,000	-7.2%	48,432	-0.3%	2.06%	-7.1%
DD	Sell	DuPont de Nemours, Inc. (1.15)	$4,146,000	+3.1%	61,904	-0.3%	2.02%	+3.2%
IBM	Sell	Intl Bus Mach (.90)	$4,037,000	+4.5%	25,411	-0.2%	1.97%	+4.6%
INTC	Sell	Intel (1.23)	$3,820,000	+14.3%	101,204	-0.7%	1.86%	+14.4%
KHC	Sell	Kraft Heinz Company (1)	$3,742,000	+0.2%	41,810	-1.0%	1.82%	+0.2%
CSCO	Sell	Cisco Systems (1.25)	$3,732,000	+9.1%	117,648	-1.3%	1.82%	+9.1%
MMM	Sell	3M Company (.94)	$3,627,000	+0.1%	20,582	-0.5%	1.77%	+0.2%
EMR	Sell	Emerson Electric (.76)	$3,457,000	+3.7%	63,413	-0.8%	1.68%	+3.7%
LLY	Buy	Eli Lilly (.72)	$3,382,000	+1.9%	42,141	+0.0%	1.65%	+2.0%
STJ	Sell	St. Jude Medical (1.08)	$3,299,000	+0.8%	41,365	-1.4%	1.61%	+0.8%
NOC	Sell	Northrop Grunman Corp (.90)	$3,255,000	-4.2%	15,215	-0.4%	1.59%	-4.1%
INTU	Buy	Intuit (1.22)	$3,078,000	-1.4%	27,981	+0.0%	1.50%	-1.4%
SO	Sell	Southern Company Inc. (.58)	$3,039,000	-6.8%	59,236	-2.5%	1.48%	-6.7%
TR	Sell	Tootsie Roll Inc.(R2) (.77)	$3,013,000	-5.2%	81,808	-0.8%	1.47%	-5.2%
RTN	Sell	Raytheon Corp (1.0)	$2,951,000	-0.5%	21,677	-0.7%	1.44%	-0.5%
VZ	Sell	Verizon Communication (.70)	$2,892,000	-7.2%	55,639	-0.3%	1.41%	-7.1%
CC	Sell	The Chemours Company (1)	$2,867,000	+92.5%	179,182	-0.8%	1.40%	+92.7%
HD	Sell	Home Depot (1.28)	$2,582,000	+0.0%	20,065	-0.7%	1.26%	+0.1%
DUK	Sell	Duke Energy (.48)	$2,535,000	-7.5%	31,671	-0.8%	1.24%	-7.4%
ED	Sell	Con Edison, Inc. (.67)	$2,498,000	-7.1%	33,170	-0.7%	1.22%	-7.0%
COP	Buy	ConnocoPhillips Energy (.70)	$2,483,000	-0.3%	57,118	+0.0%	1.21%	-0.2%
FB	Sell	Facebook, Inc (.95)	$2,368,000	+11.6%	18,460	-0.5%	1.15%	+11.7%
CVX	Sell	Chevron Texaco (.53)	$2,290,000	-2.0%	22,250	-0.2%	1.12%	-1.8%
JNJ	Sell	Johnson & Johnson	$2,288,000	-3.3%	19,368	-0.7%	1.12%	-3.2%
ESE	Sell	ESCO Technologies, Inc. (.85)	$2,184,000	+15.3%	47,046	-0.8%	1.06%	+15.3%
PEP	Sell	Pepsico (.75)	$1,964,000	+2.1%	18,058	-0.6%	0.96%	+2.1%
PSPXF	Buy	Phillips 66 Corp (1.26)	$1,922,000	+1.5%	23,866	+0.1%	0.94%	+1.6%
SYK	Sell	Stryker Corp (.86)	$1,729,000	-3.5%	14,850	-0.7%	0.84%	-3.4%
DIS	Sell	Walt Disney (.92)	$1,663,000	-6.2%	17,914	-1.1%	0.81%	-6.1%
ABBV	Buy	Abbvie, Inc (1.05)	$1,656,000	+2.5%	26,264	+0.7%	0.81%	+2.7%
ADSK	Sell	Autodesk Inc (.78)	$1,636,000	+32.4%	22,625	-0.9%	0.80%	+32.4%
WY	Buy	Weyerhaeuser Co.(1.11)	$1,396,000	+7.3%	43,714	+0.0%	0.68%	+7.4%
CAT	Sell	Caterpillar, Inc. (1.24)	$1,372,000	+16.4%	15,459	-0.6%	0.67%	+16.6%
HON	Sell	Honeywell, Inc. (1.3)	$1,318,000	-0.2%	11,303	-0.4%	0.64%	-0.2%
ABT	Buy	Abbott Labs (.95)	$1,277,000	+7.6%	30,203	+0.0%	0.62%	+7.6%
DTE	Sell	DTE Enterprise (.58)	$1,272,000	-5.7%	13,575	-0.2%	0.62%	-5.6%
ADP	Buy	Automatic Data Processing (1.1	$1,251,000	-4.0%	14,182	+0.0%	0.61%	-3.8%
ADI	Buy	Analog Devices (1.27)	$1,156,000	+13.8%	17,943	+0.0%	0.56%	+13.7%
FLO	Buy	Flowers Foods, Inc. (.84)	$1,150,000	-19.0%	76,062	+0.5%	0.56%	-19.0%
CAG	Sell	ConAgra (.77)	$1,143,000	-3.7%	24,269	-2.2%	0.56%	-3.6%
BMS	Sell	Bemis Corp (1.25)	$1,016,000	-1.5%	19,915	-0.5%	0.50%	-1.4%
SU	Sell	Suncor Energy (1.26)	$988,000	-0.5%	35,566	-0.7%	0.48%	-0.4%
VFC	Sell	VF Corp (.90)	$964,000	-9.9%	17,200	-1.1%	0.47%	-9.8%
PAYX	Sell	Paychex	$840,000	-3.3%	14,523	-0.5%	0.41%	-3.3%
MAS	Sell	Masco Corp (.91)	$792,000	+9.4%	23,090	-1.3%	0.39%	+9.3%
CSX	Buy	CSX	$753,000	+17.1%	24,674	+0.0%	0.37%	+17.3%
SNA	Sell	Snap On Tools (.82)	$750,000	-5.2%	4,934	-1.5%	0.36%	-5.2%
PKE	Sell	Park Electrochemical Corp (.86	$646,000	+18.5%	37,170	-0.9%	0.32%	+18.9%
BAC	Buy	Bankamerica Corp	$630,000	+18.0%	40,269	+0.0%	0.31%	+18.1%
ADM	Sell	Archer Daniel Midland (.64)	$597,000	-3.4%	14,167	-1.6%	0.29%	-3.3%
LUMN	Sell	Centurylink, Inc. (1.04)	$592,000	-5.9%	21,581	-0.5%	0.29%	-5.9%
UVV	Buy	Universal Corp/VA (.88) (R2)	$568,000	+0.9%	9,762	+0.1%	0.28%	+1.1%
	Sell	Allegion PLC (1.08)	$533,000	-1.5%	7,731	-0.7%	0.26%	-1.1%
RRD	Sell	R. R. Donnelley (.77)	$526,000	-7.7%	33,485	-0.6%	0.26%	-7.9%
JCI	New	Johnson Control Inc./PLC (1.0	$488,000	–	10,480	–	0.24%	–
BRKB	Sell	Berkshire Hathaway	$441,000	-1.8%	3,050	-1.6%	0.22%	-1.8%
HWKN	Sell	Hawkins, Inc (.60) (R2)	$437,000	-1.6%	10,076	-1.5%	0.21%	-1.4%
WBA	Sell	Walgreens Boots Alliance, Inc.	$433,000	-4.2%	5,367	-1.1%	0.21%	-4.1%
CMA	Buy	Comerica Inc (1.147)	$428,000	+15.1%	9,035	+0.0%	0.21%	+15.5%
WFC	Buy	Wells Fargo & Company	$405,000	-6.2%	9,140	+0.1%	0.20%	-6.2%
PNR	Buy	Pentair Inc/PLC	$400,000	+14.0%	6,226	+3.3%	0.20%	+14.0%
OMI	Sell	Owens & Minor, Inc. (.85)	$390,000	-7.8%	11,226	-0.9%	0.19%	-7.8%
BBT	Sell	BB&T Corporation	$378,000	+3.3%	10,033	-2.3%	0.18%	+3.4%
SNV	Sell	Synovus Financial Corp.	$340,000	+11.8%	10,447	-0.5%	0.17%	+12.2%
	Sell	Glencore Xstrata PLC (2.10)	$313,000	+33.2%	114,101	-0.6%	0.15%	+34.2%
JPM	Buy	J. P. Morgan Chase (1.14)	$292,000	+7.4%	4,383	+0.3%	0.14%	+7.6%
KEY	Sell	Key Corp (.88)	$264,000	+9.5%	21,700	-0.7%	0.13%	+10.3%
SYY	Sell	Sysco Corp	$245,000	-5.4%	5,001	-2.0%	0.12%	-5.6%
TMO	Sell	Thermo Fisher Scientific Inc	$239,000	+1.3%	1,500	-6.2%	0.12%	+0.9%
RF	Buy	Regions Financial (1.14)	$238,000	+16.1%	24,143	+0.0%	0.12%	+16.0%
CDK	Buy	CDK Global, Inc. (1.11)	$227,000	+3.2%	3,964	+0.0%	0.11%	+3.7%
SE	New	Spectra Energy	$218,000	–	5,092	–	0.11%	–
FTR	Sell	Frontier Communication (1.18)	$216,000	-15.6%	51,805	-0.2%	0.10%	-16.0%
BHP	New	BHP Billiton Ltd - Spon Adr	$208,000	–	5,990	–	0.10%	–
FCX	Sell	Freeport McMoran Copper & Gold	$138,000	-5.5%	12,701	-3.1%	0.07%	-5.6%
WHR	Exit	Whirlpool Corp (1.12)	$0	–	-1,225	–	-0.10%	–
EMC	Exit	EMC Corp	$0	–	-8,000	–	-0.11%	–
JCI	Exit	Johnson Control Inc. (.92)	$0	–	-12,901	–	-0.28%	–
GAS	Exit	AGL Resources	$0	–	-18,912	–	-0.61%	–

Q2 2016

			Value		Shares		↓ Weighting
KO	New	Coca Cola Company (1)	$7,489,000	–	165,209	–	3.65%	–
T	New	A T & T Corp (.62)	$6,560,000	–	151,826	–	3.19%	–
GE	New	General Electric (1)	$5,807,000	–	184,469	–	2.83%	–
MDLZ	New	Mondelez International Inc.	$5,327,000	–	117,047	–	2.59%	–
ORCL	New	Oracle Corp (1.34)	$4,870,000	–	118,993	–	2.37%	–
XOM	New	Exxon Mobil (.66)	$4,554,000	–	48,580	–	2.22%	–
PFE	New	Pfizer, Inc. (1.04)	$4,526,000	–	128,545	–	2.20%	–
MSFT	New	Microsoft (1.19)	$4,327,000	–	84,570	–	2.11%	–
AMGN	New	Amgen (.81)	$4,221,000	–	27,740	–	2.06%	–
PG	New	Proctor & Gamble (.59)	$4,042,000	–	47,740	–	1.97%	–
DD	New	DuPont de Nemours, Inc. (1.15)	$4,022,000	–	62,073	–	1.96%	–
MRK	New	Merck Drug Company (.99)	$3,909,000	–	67,856	–	1.90%	–
IBM	New	Intl Bus Mach	$3,864,000	–	25,461	–	1.88%	–
KHC	New	Kraft Heinz Company	$3,736,000	–	42,226	–	1.82%	–
MMM	New	3M Company (.94)	$3,622,000	–	20,681	–	1.76%	–
CSCO	New	Cisco Systems (1.25)	$3,421,000	–	119,248	–	1.67%	–
NOC	New	Northrop Grunman Corp	$3,396,000	–	15,278	–	1.65%	–
INTC	New	Intel (1.23)	$3,342,000	–	101,902	–	1.63%	–
EMR	New	Emerson Electric (.76)	$3,335,000	–	63,937	–	1.62%	–
LLY	New	Eli Lilly	$3,319,000	–	42,140	–	1.62%	–
STJ	New	St. Jude Medical (1.08)	$3,273,000	–	41,965	–	1.59%	–
SO	New	Southern Company Inc. (.58)	$3,259,000	–	60,759	–	1.59%	–
BMY	New	Bristol Myers Squibb (1.02)	$3,219,000	–	43,767	–	1.57%	–
TR	New	Tootsie Roll Inc.(R2) (.77)	$3,179,000	–	82,505	–	1.55%	–
INTU	New	Intuit (1.22)	$3,123,000	–	27,980	–	1.52%	–
VZ	New	Verizon Communication (.70)	$3,115,000	–	55,786	–	1.52%	–
RTN	New	Raytheon Corp (1.0)	$2,967,000	–	21,826	–	1.44%	–
DUK	New	Duke Energy (.48)	$2,740,000	–	31,941	–	1.33%	–
ED	New	Con Edison, Inc. (.67)	$2,688,000	–	33,420	–	1.31%	–
HD	New	Home Depot (1.28)	$2,581,000	–	20,215	–	1.26%	–
COP	New	ConnocoPhillips Energy (.70)	$2,490,000	–	57,117	–	1.21%	–
JNJ	New	John & John	$2,366,000	–	19,507	–	1.15%	–
CVX	New	Chevron Texaco (.53)	$2,336,000	–	22,285	–	1.14%	–
FB	New	Facebook, Inc	$2,121,000	–	18,560	–	1.03%	–
GD	New	General Dynamics Corp	$2,043,000	–	14,675	–	1.00%	–
TSS	New	Total Systems (.97)	$1,934,000	–	36,417	–	0.94%	–
PEP	New	Pepsico (.75)	$1,924,000	–	18,158	–	0.94%	–
ESE	New	ESCO Technologies, Inc. (.85)	$1,895,000	–	47,446	–	0.92%	–
PSPXF	New	Phillips 66 Corp	$1,893,000	–	23,854	–	0.92%	–
SYK	New	Stryker Corp	$1,791,000	–	14,950	–	0.87%	–
DIS	New	Walt Disney (.92)	$1,772,000	–	18,113	–	0.86%	–
PPG	New	PPG Industries (.90)	$1,734,000	–	16,650	–	0.84%	–
ABBV	New	Abbvie, Inc	$1,615,000	–	26,086	–	0.79%	–
IR	New	Ingersoll-Rand (1.26)	$1,594,000	–	25,025	–	0.78%	–
MDT	New	Medtronic Inc	$1,520,000	–	17,521	–	0.74%	–
CC	New	The Chemours Company	$1,489,000	–	180,665	–	0.72%	–
IFF	New	Intl Flavors and Fragrences (.	$1,444,000	–	11,450	–	0.70%	–
HSY	New	Hershey, Inc. (.65)	$1,430,000	–	12,600	–	0.70%	–
NWL	New	Newell Rubbermaid,Inc. (.87)	$1,424,000	–	29,325	–	0.69%	–
FLO	New	Flowers Foods, Inc.	$1,419,000	–	75,662	–	0.69%	–
DTE	New	DTE Enterprise (.58)	$1,349,000	–	13,608	–	0.66%	–
HON	New	Honeywell, Inc. (1.3)	$1,321,000	–	11,353	–	0.64%	–
ADP	New	Automatic Data Processing (1.1	$1,303,000	–	14,181	–	0.63%	–
WY	New	Weyerhaeuser Co.	$1,301,000	–	43,712	–	0.63%	–
SLB	New	Schlumberger (.75)	$1,275,000	–	16,121	–	0.62%	–
GAS	New	AGL Resources	$1,248,000	–	18,912	–	0.61%	–
ADSK	New	Autodesk Inc (.78)	$1,236,000	–	22,825	–	0.60%	–
CAG	New	ConAgra	$1,187,000	–	24,819	–	0.58%	–
ABT	New	Abbott Labs (.95)	$1,187,000	–	30,200	–	0.58%	–
SWK	New	Stanley Black & Decker (1.05)	$1,182,000	–	10,625	–	0.58%	–
CAT	New	Caterpillar, Inc.	$1,179,000	–	15,558	–	0.57%	–
	New	Eaton Corp	$1,127,000	–	18,876	–	0.55%	–
CAH	New	Cardinal Health Systems, Inc.	$1,095,000	–	14,041	–	0.53%	–
GXP	New	Great Plains Energy Inc (.77)	$1,079,000	–	35,477	–	0.52%	–
VFC	New	VF Corp (.90)	$1,070,000	–	17,400	–	0.52%	–
BMS	New	Bemis Corp (1.25)	$1,031,000	–	20,015	–	0.50%	–
ADI	New	Analog Devices	$1,016,000	–	17,942	–	0.50%	–
AXP	New	American Express Co. (1.32)	$997,000	–	16,417	–	0.48%	–
SU	New	Suncor Energy	$993,000	–	35,816	–	0.48%	–
PAYX	New	Paychex	$869,000	–	14,597	–	0.42%	–
DE	New	Deere & Co (1)	$833,000	–	10,276	–	0.41%	–
FNF	New	Fidelity Natl Financial (FNF G	$799,000	–	21,306	–	0.39%	–
SNA	New	Snap On Tools (.82)	$791,000	–	5,009	–	0.38%	–
VAL	New	Valspar	$751,000	–	6,950	–	0.37%	–
KMB	New	Kimberly Clark	$735,000	–	5,347	–	0.36%	–
SHW	New	Sherwin Williams Co. Ohio (.91	$727,000	–	2,475	–	0.35%	–
MAS	New	Masco Corp (.91)	$724,000	–	23,390	–	0.35%	–
NWN	New	Northwest Natural Gas	$673,000	–	10,376	–	0.33%	–
CSX	New	CSX	$643,000	–	24,673	–	0.31%	–
LUMN	New	Centurylink, Inc.	$629,000	–	21,681	–	0.31%	–
ADM	New	Archer Daniel Midland (.64)	$618,000	–	14,401	–	0.30%	–
MDP	New	Meredith Corp	$616,000	–	11,876	–	0.30%	–
DGX	New	Quest Dianostics (1.0)	$586,000	–	7,200	–	0.28%	–
AEE	New	Ameren Corp (.56)	$579,000	–	10,800	–	0.28%	–
JCI	New	Johnson Control Inc. (.92)	$571,000	–	12,901	–	0.28%	–
RRD	New	R. R. Donnelley (.77)	$570,000	–	33,685	–	0.28%	–
UVV	New	Universal Corp/VA (.88) (R2)	$563,000	–	9,752	–	0.27%	–
PKE	New	Park Electrochemical Corp (.86	$545,000	–	37,519	–	0.26%	–
	New	Allegion PLC	$541,000	–	7,787	–	0.26%	–
TAP	New	Molson Coors	$535,000	–	5,288	–	0.26%	–
BAC	New	Bankamerica Corp	$534,000	–	40,267	–	0.26%	–
SR	New	Spire, Inc	$524,000	–	7,400	–	0.26%	–
WPC	New	W. P. Carey, Inc.	$499,000	–	7,192	–	0.24%	–
UTX	New	United Technology	$490,000	–	4,775	–	0.24%	–
TFX	New	Teleflex Inc	$479,000	–	2,701	–	0.23%	–
PM	New	Phillip Morris International	$477,000	–	4,687	–	0.23%	–
WBA	New	Walgreens Boots Alliance, Inc.	$452,000	–	5,429	–	0.22%	–
BRKB	New	Berkshire Hathaway	$449,000	–	3,100	–	0.22%	–
HWKN	New	Hawkins, Inc (.60) (R2)	$444,000	–	10,226	–	0.22%	–
CPB	New	Campbell Soup Company	$442,000	–	6,651	–	0.22%	–
WFC	New	Wells Fargo & Company	$432,000	–	9,127	–	0.21%	–
OMI	New	Owens & Minor, Inc.	$423,000	–	11,326	–	0.21%	–
FIS	New	Fidelity National Info Service	$391,000	–	5,300	–	0.19%	–
SEE	New	Sealed Air Corp	$387,000	–	8,425	–	0.19%	–
NSC	New	Norfolk & Southern	$383,000	–	4,500	–	0.19%	–
CMA	New	Comerica Inc (1.147)	$372,000	–	9,034	–	0.18%	–
BBT	New	BB&T Corporation	$366,000	–	10,267	–	0.18%	–
GIS	New	General Mills	$363,000	–	5,086	–	0.18%	–
PNR	New	Pentair Inc/PLC	$351,000	–	6,026	–	0.17%	–
IP	New	Intl Paper Co (.68)	$345,000	–	8,151	–	0.17%	–
SCG	New	SCANA (.63)	$343,000	–	4,530	–	0.17%	–
SNV	New	Synovus Financial Corp.	$304,000	–	10,497	–	0.15%	–
GCI	New	TEGNA, Inc (Old Gannett)(.90)	$297,000	–	12,836	–	0.14%	–
RGP	New	Resources Connection Inc	$287,000	–	19,451	–	0.14%	–
NSRGY	New	Nestle SA - Spons Adr For Reg	$286,000	–	3,700	–	0.14%	–
WMT	New	Wal-Mart Stores (1.03)	$282,000	–	3,865	–	0.14%	–
CMP	New	Compass Minerals International	$280,000	–	3,776	–	0.14%	–
JPM	New	J. P. Morgan Chase (1.14)	$272,000	–	4,372	–	0.13%	–
USB	New	U. S. Bancorp	$270,000	–	6,700	–	0.13%	–
SYY	New	Sysco Corp	$259,000	–	5,101	–	0.13%	–
FTR	New	Frontier Communication	$256,000	–	51,905	–	0.12%	–
AVP	New	Avon Products	$249,000	–	65,776	–	0.12%	–
KEY	New	Key Corp (.88)	$241,000	–	21,850	–	0.12%	–
TMO	New	Thermo Fisher Scientific Inc	$236,000	–	1,600	–	0.12%	–
	New	Glencore Xstrata PLC	$235,000	–	114,801	–	0.11%	–
AFL	New	AFLAC Inc.	$231,000	–	3,200	–	0.11%	–
CDK	New	CDK Global, Inc.	$220,000	–	3,963	–	0.11%	–
EMC	New	EMC Corp	$217,000	–	8,000	–	0.11%	–
AGN	New	Allergan, PLC	$214,000	–	927	–	0.10%	–
HUBB	New	Hubbell Inc. Cl B (.63)	$211,000	–	2,000	–	0.10%	–
RF	New	Regions Financial	$205,000	–	24,142	–	0.10%	–
FLS	New	Flowserve Corp	$203,000	–	4,500	–	0.10%	–
SUP	New	Superior Industries, Inc.	$204,000	–	7,601	–	0.10%	–
WHR	New	Whirlpool Corp (1.12)	$204,000	–	1,225	–	0.10%	–
SBCF	New	Seacoast Banking Corp/FL	$202,000	–	12,456	–	0.10%	–
FCX	New	Freeport McMoran Copper & Gold	$146,000	–	13,101	–	0.07%	–
SCSG	New	SouthCrest Financial Group Inc	$130,000	–	19,000	–	0.06%	–
	New	Orex Minerals Inc	$64,000	–	100,000	–	0.03%	–
	New	Barsele Mineral Corp	$58,000	–	100,000	–	0.03%	–
LEE	New	Lee Enterprises (.71)	$37,000	–	19,505	–	0.02%	–
CMLS	New	Cumulus Media, Inc.	$3,000	–	10,000	–	0.00%	–
NORX	New	Norstra Energy, Inc.	$0	–	10,000	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
	Exit	Sui Fung Ceramics Ordinary	$0	–	-34,375	–	0.00%	–
NORX	Exit	Norstra Energy, Inc.	$0	–	-10,000	–	0.00%	–
	Exit	Barsele Mineral Corp	$0	–	-100,000	–	-0.00%	–
	Exit	Orex Minerals Inc	$0	–	-100,000	–	-0.01%	–
4305PS	Exit	Alcatel Lucent (1.24)	$0	–	-10,247	–	-0.02%	–
LEE	Exit	Lee Enterprises (.71)	$0	–	-23,455	–	-0.03%	–
	Exit	Glencore Xstrata PLC	$0	–	-73,200	–	-0.06%	–
SCSG	Exit	SouthCrest Financial Group Inc	$0	–	-20,000	–	-0.06%	–
AP	Exit	Ampco-Pittsburgh Corp (1.66) (	$0	–	-11,350	–	-0.07%	–
SBCF	Exit	Seacoast Banking Corp/FL	$0	–	-12,456	–	-0.10%	–
ABCB	Exit	Ameris Bancorp	$0	–	-7,041	–	-0.11%	–
CDK	Exit	CDK Global, Inc.	$0	–	-4,271	–	-0.11%	–
WHR	Exit	Whirlpool Corp (1.12)	$0	–	-1,400	–	-0.11%	–
WST	Exit	West Pharmactl Svs Inc.	$0	–	-4,000	–	-0.12%	–
SYY	Exit	Sysco Corp	$0	–	-5,875	–	-0.12%	–
RF	Exit	Regions Financial	$0	–	-25,868	–	-0.12%	–
AGN	Exit	Allergan, PLC	$0	–	-927	–	-0.14%	–
AMZN	Exit	Amazon.com	$0	–	-500	–	-0.14%	–
AVP	Exit	Avon Products	$0	–	-78,659	–	-0.14%	–
GOOGL	Exit	Alphabet/Google, Inc. Cl A	$0	–	-403	–	-0.14%	–
HUBB	Exit	Hubbell Inc. Cl B (.63)	$0	–	-3,046	–	-0.14%	–
RGP	Exit	Resources Connection Inc	$0	–	-17,400	–	-0.14%	–
JPM	Exit	J. P. Morgan Chase (1.14)	$0	–	-4,342	–	-0.14%	–
SCG	Exit	SCANA (.63)	$0	–	-4,685	–	-0.14%	–
WMT	Exit	Wal-Mart Stores (1.03)	$0	–	-4,115	–	-0.14%	–
GCI	Exit	TEGNA, Inc (Old Gannett)(.90)	$0	–	-12,335	–	-0.15%	–
FTR	Exit	Frontier Communication	$0	–	-59,799	–	-0.15%	–
NSRGY	Exit	Nestle SA - Spons Adr For Reg	$0	–	-3,800	–	-0.15%	–
CMP	Exit	Compass Minerals International	$0	–	-3,700	–	-0.16%	–
GIS	Exit	General Mills	$0	–	-5,286	–	-0.16%	–
KEY	Exit	Key Corp (.88)	$0	–	-23,250	–	-0.16%	–
IP	Exit	Intl Paper Co (.68)	$0	–	-8,151	–	-0.16%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-10,568	–	-0.17%	–
PNR	Exit	Pentair Inc/PLC	$0	–	-6,325	–	-0.17%	–
CPB	Exit	Campbell Soup Company	$0	–	-6,650	–	-0.18%	–
HWKN	Exit	Hawkins, Inc (.60) (R2)	$0	–	-8,925	–	-0.18%	–
NSC	Exit	Norfolk & Southern	$0	–	-4,500	–	-0.18%	–
TFX	Exit	Teleflex Inc	$0	–	-2,800	–	-0.19%	–
FIS	Exit	Fidelity National Info Service	$0	–	-5,368	–	-0.19%	–
GOOG	Exit	Alphabet/Google, Inc. Cl. C	$0	–	-611	–	-0.20%	–
OMI	Exit	Owens & Minor, Inc.	$0	–	-12,150	–	-0.21%	–
SEE	Exit	Sealed Air Corp	$0	–	-8,525	–	-0.22%	–
BRKB	Exit	Berkshire Hathaway	$0	–	-3,100	–	-0.22%	–
LG	Exit	Laclede Group Inc. New (.66)	$0	–	-7,400	–	-0.22%	–
USB	Exit	U. S. Bancorp	$0	–	-10,491	–	-0.23%	–
CMA	Exit	Comerica Inc (1.147)	$0	–	-10,653	–	-0.24%	–
UTX	Exit	United Technology	$0	–	-4,975	–	-0.24%	–
	Exit	Allegion PLC	$0	–	-7,787	–	-0.24%	–
WBA	Exit	Walgreens Boots Alliance, Inc.	$0	–	-5,427	–	-0.24%	–
DGX	Exit	Quest Dianostics (1.0)	$0	–	-7,350	–	-0.24%	–
KING	Exit	King Digital Entertainment PLC	$0	–	-34,850	–	-0.25%	–
TAP	Exit	Molson Coors	$0	–	-5,678	–	-0.25%	–
PM	Exit	Phillip Morris International	$0	–	-6,026	–	-0.26%	–
UVV	Exit	Universal Corp/VA (.88) (R2)	$0	–	-9,804	–	-0.26%	–
WFC	Exit	Wells Fargo & Company	$0	–	-9,528	–	-0.26%	–
BBT	Exit	BB&T Corporation	$0	–	-13,815	–	-0.26%	–
MDP	Exit	Meredith Corp	$0	–	-11,950	–	-0.27%	–
NWN	Exit	Northwest Natural Gas	$0	–	-11,175	–	-0.28%	–
AEE	Exit	Ameren Corp (.56)	$0	–	-12,775	–	-0.29%	–
JCI	Exit	Johnson Control Inc. (.92)	$0	–	-13,450	–	-0.30%	–
RRD	Exit	R. R. Donnelley (.77)	$0	–	-39,060	–	-0.30%	–
VAL	Exit	Valspar	$0	–	-8,075	–	-0.31%	–
KMB	Exit	Kimberly Clark	$0	–	-5,347	–	-0.31%	–
SU	Exit	Suncor Energy	$0	–	-21,975	–	-0.32%	–
SHW	Exit	Sherwin Williams Co. Ohio (.91	$0	–	-2,655	–	-0.32%	–
LUMN	Exit	Centurylink, Inc.	$0	–	-23,646	–	-0.32%	–
ADM	Exit	Archer Daniel Midland (.64)	$0	–	-15,350	–	-0.34%	–
CSX	Exit	CSX	$0	–	-24,268	–	-0.35%	–
MAS	Exit	Masco Corp (.91)	$0	–	-26,240	–	-0.36%	–
DE	Exit	Deere & Co (1)	$0	–	-10,025	–	-0.40%	–
BAC	Exit	Bankamerica Corp	$0	–	-47,922	–	-0.40%	–
FNF	Exit	Fidelity Natl Financial (FNF G	$0	–	-21,183	–	-0.40%	–
PKE	Exit	Park Electrochemical Corp (.86	$0	–	-45,157	–	-0.43%	–
SNA	Exit	Snap On Tools (.82)	$0	–	-5,359	–	-0.43%	–
PAYX	Exit	Paychex	$0	–	-19,644	–	-0.50%	–
AAPL	Exit	Apple Computer	$0	–	-8,515	–	-0.50%	–
BMS	Exit	Bemis Corp (1.25)	$0	–	-24,715	–	-0.52%	–
	Exit	Eaton Corp	$0	–	-19,725	–	-0.54%	–
CAT	Exit	Caterpillar, Inc.	$0	–	-15,551	–	-0.54%	–
ADSK	Exit	Autodesk Inc (.78)	$0	–	-23,425	–	-0.56%	–
SWK	Exit	Stanley Black & Decker (1.05)	$0	–	-10,675	–	-0.56%	–
CAG	Exit	ConAgra	$0	–	-26,118	–	-0.57%	–
ADI	Exit	Analog Devices	$0	–	-18,989	–	-0.58%	–
CAH	Exit	Cardinal Health Systems, Inc.	$0	–	-14,291	–	-0.59%	–
GXP	Exit	Great Plains Energy Inc (.77)	$0	–	-41,539	–	-0.60%	–
HON	Exit	Honeywell, Inc. (1.3)	$0	–	-12,001	–	-0.61%	–
ABT	Exit	Abbott Labs (.95)	$0	–	-28,551	–	-0.62%	–
FLO	Exit	Flowers Foods, Inc.	$0	–	-47,621	–	-0.63%	–
ADP	Exit	Automatic Data Processing (1.1	$0	–	-14,729	–	-0.64%	–
HSY	Exit	Hershey, Inc. (.65)	$0	–	-12,900	–	-0.64%	–
CC	Exit	The Chemours Company	$0	–	-185,539	–	-0.64%	–
IFF	Exit	Intl Flavors and Fragrences (.	$0	–	-11,650	–	-0.65%	–
VFC	Exit	VF Corp (.90)	$0	–	-17,675	–	-0.65%	–
AXP	Exit	American Express Co. (1.32)	$0	–	-16,415	–	-0.65%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-44,757	–	-0.66%	–
NWL	Exit	Newell Rubbermaid,Inc. (.87)	$0	–	-31,525	–	-0.67%	–
IR	Exit	Ingersoll-Rand (1.26)	$0	–	-25,300	–	-0.69%	–
DTE	Exit	DTE Enterprise (.58)	$0	–	-16,383	–	-0.71%	–
MDT	Exit	Medtronic Inc	$0	–	-20,177	–	-0.72%	–
GAS	Exit	AGL Resources	$0	–	-22,489	–	-0.74%	–
ABBV	Exit	Abbvie, Inc	$0	–	-25,436	–	-0.74%	–
SYK	Exit	Stryker Corp	$0	–	-15,650	–	-0.79%	–
PPG	Exit	PPG Industries (.90)	$0	–	-18,900	–	-0.89%	–
TSS	Exit	Total Systems (.97)	$0	–	-37,017	–	-0.90%	–
PEP	Exit	Pepsico (.75)	$0	–	-18,158	–	-0.92%	–
ESE	Exit	ESCO Technologies, Inc. (.85)	$0	–	-48,070	–	-0.93%	–
CVX	Exit	Chevron Texaco (.53)	$0	–	-23,236	–	-0.98%	–
DIS	Exit	Walt Disney (.92)	$0	–	-18,112	–	-0.99%	–
PSPXF	Exit	Phillips 66 Corp	$0	–	-24,097	–	-0.99%	–
FB	Exit	Facebook, Inc	$0	–	-21,860	–	-1.05%	–
JNJ	Exit	John & John	$0	–	-21,928	–	-1.10%	–
GD	Exit	General Dynamics Corp	$0	–	-15,045	–	-1.11%	–
RTN	Exit	Raytheon Corp (1.0)	$0	–	-22,416	–	-1.31%	–
HD	Exit	Home Depot (1.28)	$0	–	-21,212	–	-1.32%	–
INTU	Exit	Intuit (1.22)	$0	–	-27,978	–	-1.33%	–
VZ	Exit	Verizon Communication (.70)	$0	–	-57,934	–	-1.35%	–
ED	Exit	Con Edison, Inc. (.67)	$0	–	-37,859	–	-1.36%	–
TR	Exit	Tootsie Roll Inc.(R2) (.77)	$0	–	-82,885	–	-1.39%	–
NOC	Exit	Northrop Grunman Corp	$0	–	-15,728	–	-1.40%	–
DUK	Exit	Duke Energy (.48)	$0	–	-36,823	–	-1.42%	–
BMY	Exit	Bristol Myers Squibb (1.02)	$0	–	-45,417	–	-1.44%	–
STJ	Exit	St. Jude Medical (1.08)	$0	–	-44,040	–	-1.49%	–
COP	Exit	ConnocoPhillips Energy (.70)	$0	–	-58,027	–	-1.49%	–
SO	Exit	Southern Company Inc. (.58)	$0	–	-64,590	–	-1.55%	–
EMR	Exit	Emerson Electric (.76)	$0	–	-66,078	–	-1.57%	–
DD	Exit	DuPont de Nemours, Inc. (1.15)	$0	–	-63,879	–	-1.65%	–
KHC	Exit	Kraft Heinz Company	$0	–	-44,128	–	-1.67%	–
MMM	Exit	3M Company (.94)	$0	–	-23,053	–	-1.75%	–
INTC	Exit	Intel (1.23)	$0	–	-108,746	–	-1.76%	–
CSCO	Exit	Cisco Systems (1.25)	$0	–	-126,075	–	-1.78%	–
XOM	Exit	Exxon Mobil (.66)	$0	–	-44,979	–	-1.79%	–
MRK	Exit	Merck Drug Company (.99)	$0	–	-71,696	–	-1.90%	–
PG	Exit	Proctor & Gamble (.59)	$0	–	-49,579	–	-1.91%	–
LLY	Exit	Eli Lilly	$0	–	-43,001	–	-1.93%	–
IBM	Exit	Intl Bus Mach	$0	–	-27,125	–	-2.11%	–
MSFT	Exit	Microsoft (1.19)	$0	–	-95,080	–	-2.26%	–
PFE	Exit	Pfizer, Inc. (1.04)	$0	–	-137,283	–	-2.31%	–
AMGN	Exit	Amgen (.81)	$0	–	-31,304	–	-2.32%	–
ORCL	Exit	Oracle Corp (1.34)	$0	–	-122,650	–	-2.38%	–
GE	Exit	General Electric (1)	$0	–	-192,181	–	-2.60%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-123,592	–	-2.78%	–
T	Exit	A T & T Corp (.62)	$0	–	-160,509	–	-2.81%	–
KO	Exit	Coca Cola Company (1)	$0	–	-170,737	–	-3.68%	–

Q3 2015

			Value		Shares		↓ Weighting
KO	Buy	Coca Cola Company (1)	$6,850,000	+2.5%	170,737	+0.2%	3.68%	+9.2%
T	Sell	A T & T Corp (.62)	$5,229,000	-9.1%	160,509	-0.9%	2.81%	-3.1%
MDLZ	Sell	Mondelez International Inc.	$5,175,000	+0.8%	123,592	-0.9%	2.78%	+7.4%
GE	Buy	General Electric (1)	$4,847,000	-4.6%	192,181	+0.5%	2.60%	+1.7%
ORCL	Sell	Oracle Corp (1.34)	$4,430,000	-11.7%	122,650	-1.5%	2.38%	-5.9%
AMGN	Sell	Amgen (.81)	$4,330,000	-10.4%	31,304	-0.5%	2.32%	-4.5%
PFE	Buy	Pfizer, Inc. (1.04)	$4,312,000	-6.1%	137,283	+0.3%	2.31%	+0.1%
MSFT	Buy	Microsoft (1.19)	$4,208,000	+1.3%	95,080	+1.0%	2.26%	+7.9%
IBM	Buy	Intl Bus Mach	$3,932,000	-9.8%	27,125	+1.3%	2.11%	-3.8%
LLY	Sell	Eli Lilly	$3,599,000	-2.4%	43,001	-2.7%	1.93%	+4.0%
PG	Buy	Proctor & Gamble (.59)	$3,567,000	-6.8%	49,579	+1.4%	1.91%	-0.7%
MRK	Buy	Merck Drug Company (.99)	$3,541,000	-12.9%	71,696	+0.4%	1.90%	-7.2%
XOM	Buy	Exxon Mobil (.66)	$3,344,000	+2.4%	44,979	+14.6%	1.79%	+9.1%
CSCO	Sell	Cisco Systems (1.25)	$3,309,000	-5.3%	126,075	-0.9%	1.78%	+1.0%
INTC	Sell	Intel (1.23)	$3,278,000	-1.3%	108,746	-0.4%	1.76%	+5.1%
MMM	Sell	3M Company (.94)	$3,268,000	-9.5%	23,053	-1.5%	1.75%	-3.5%
KHC	New	Kraft Heinz Company	$3,113,000	–	44,128	–	1.67%	–
DD	Buy	DuPont de Nemours, Inc. (1.15)	$3,079,000	-23.4%	63,879	+1.6%	1.65%	-18.4%
EMR	Buy	Emerson Electric (.76)	$2,919,000	-16.9%	66,078	+4.3%	1.57%	-11.4%
SO	Buy	Southern Company Inc. (.58)	$2,887,000	+8.3%	64,590	+1.5%	1.55%	+15.4%
COP	Buy	ConnocoPhillips Energy (.70)	$2,783,000	-21.6%	58,027	+0.4%	1.49%	-16.5%
STJ	Sell	St. Jude Medical (1.08)	$2,778,000	-15.6%	44,040	-2.2%	1.49%	-10.0%
BMY	Sell	Bristol Myers Squibb (1.02)	$2,689,000	-12.9%	45,417	-2.2%	1.44%	-7.2%
DUK	Sell	Duke Energy (.48)	$2,649,000	+0.5%	36,823	-1.4%	1.42%	+7.0%
NOC	Sell	Northrop Grunman Corp	$2,610,000	+2.8%	15,728	-1.7%	1.40%	+9.6%
TR	Sell	Tootsie Roll Inc.(R2) (.77)	$2,593,000	-3.9%	82,885	-0.7%	1.39%	+2.4%
ED	Sell	Con Edison, Inc. (.67)	$2,531,000	+14.6%	37,859	-0.8%	1.36%	+22.1%
VZ	Sell	Verizon Communication (.70)	$2,521,000	-7.2%	57,934	-0.6%	1.35%	-1.1%
INTU	Sell	Intuit (1.22)	$2,480,000	-13.1%	27,978	-1.2%	1.33%	-7.4%
HD	Sell	Home Depot (1.28)	$2,450,000	+0.8%	21,212	-3.0%	1.32%	+7.4%
RTN	Sell	Raytheon Corp (1.0)	$2,449,000	+11.3%	22,416	-2.5%	1.31%	+18.6%
GD	Sell	General Dynamics Corp	$2,075,000	-3.3%	15,045	-0.7%	1.11%	+3.0%
JNJ	Sell	John & John	$2,047,000	-6.3%	21,928	-2.2%	1.10%	-0.2%
FB	Sell	Facebook, Inc	$1,965,000	+4.0%	21,860	-0.8%	1.05%	+10.8%
PSPXF	Buy	Phillips 66 Corp	$1,852,000	-4.3%	24,097	+0.3%	0.99%	+1.9%
DIS	Sell	Walt Disney (.92)	$1,851,000	-12.3%	18,112	-2.0%	0.99%	-6.5%
CVX	Buy	Chevron Texaco (.53)	$1,833,000	-16.4%	23,236	+2.3%	0.98%	-10.9%
ESE	Buy	ESCO Technologies, Inc. (.85)	$1,726,000	+124.4%	48,070	+134.0%	0.93%	+139.3%
PEP	Sell	Pepsico (.75)	$1,712,000	-0.3%	18,158	-1.4%	0.92%	+6.2%
TSS	Sell	Total Systems (.97)	$1,682,000	+8.2%	37,017	-0.5%	0.90%	+15.3%
PPG	Sell	PPG Industries (.90)	$1,657,000	-27.4%	18,900	-5.0%	0.89%	-22.7%
SYK	Sell	Stryker Corp	$1,473,000	-3.9%	15,650	-2.3%	0.79%	+2.5%
ABBV	Sell	Abbvie, Inc	$1,384,000	-20.6%	25,436	-1.9%	0.74%	-15.4%
GAS	Sell	AGL Resources	$1,373,000	+29.7%	22,489	-1.1%	0.74%	+38.3%
MDT	Sell	Medtronic Inc	$1,351,000	-12.6%	20,177	-3.2%	0.72%	-6.8%
DTE	Sell	DTE Enterprise (.58)	$1,317,000	+7.1%	16,383	-0.6%	0.71%	+14.2%
IR	Sell	Ingersoll-Rand (1.26)	$1,284,000	-25.7%	25,300	-1.4%	0.69%	-20.9%
NWL	Sell	Newell Rubbermaid,Inc. (.87)	$1,252,000	-8.3%	31,525	-5.1%	0.67%	-2.3%
WY	Buy	Weyerhaeuser Co.	$1,224,000	-13.2%	44,757	+0.0%	0.66%	-7.5%
AXP	Sell	American Express Co. (1.32)	$1,217,000	-4.9%	16,415	-0.3%	0.65%	+1.2%
VFC	Sell	VF Corp (.90)	$1,206,000	-5.3%	17,675	-3.3%	0.65%	+0.8%
IFF	Sell	Intl Flavors and Fragrences (.	$1,203,000	-6.1%	11,650	-0.6%	0.65%	+0.2%
CC	New	The Chemours Company	$1,200,000	–	185,539	–	0.64%	–
HSY	Sell	Hershey, Inc. (.65)	$1,185,000	+2.1%	12,900	-1.3%	0.64%	+8.7%
ADP	Buy	Automatic Data Processing (1.1	$1,184,000	+12.9%	14,729	+12.6%	0.64%	+20.3%
ABT	Sell	Abbott Labs (.95)	$1,148,000	-19.0%	28,551	-1.2%	0.62%	-13.7%
HON	Sell	Honeywell, Inc. (1.3)	$1,136,000	-8.3%	12,001	-1.2%	0.61%	-2.2%
GXP	Sell	Great Plains Energy Inc (.77)	$1,122,000	+7.5%	41,539	-3.8%	0.60%	+14.4%
CAH	Sell	Cardinal Health Systems, Inc.	$1,098,000	-9.4%	14,291	-1.4%	0.59%	-3.4%
ADI	Sell	Analog Devices	$1,071,000	-12.6%	18,989	-0.5%	0.58%	-6.8%
CAG	Sell	ConAgra	$1,058,000	-8.1%	26,118	-0.8%	0.57%	-2.1%
SWK	Sell	Stanley Black & Decker (1.05)	$1,035,000	-8.3%	10,675	-0.5%	0.56%	-2.3%
ADSK	Sell	Autodesk Inc (.78)	$1,034,000	-13.8%	23,425	-2.2%	0.56%	-8.1%
CAT	Buy	Caterpillar, Inc.	$1,016,000	-17.8%	15,551	+6.7%	0.54%	-12.4%
	Buy	Eaton Corp	$1,012,000	-23.1%	19,725	+1.2%	0.54%	-18.1%
BMS	Sell	Bemis Corp (1.25)	$978,000	-18.0%	24,715	-6.8%	0.52%	-12.6%
AAPL	Sell	Apple Computer	$936,000	-14.8%	8,515	-2.7%	0.50%	-9.2%
PAYX	Sell	Paychex	$936,000	-3.2%	19,644	-4.7%	0.50%	+3.1%
SNA	Sell	Snap On Tools (.82)	$809,000	-10.6%	5,359	-5.7%	0.43%	-4.8%
PKE	Buy	Park Electrochemical Corp (.86	$794,000	-6.9%	45,157	+1.5%	0.43%	-0.9%
MAS	Sell	Masco Corp (.91)	$661,000	-6.2%	26,240	-0.8%	0.36%	0.0%
CSX	Buy	CSX	$653,000	-17.2%	24,268	+0.4%	0.35%	-11.8%
ADM	Sell	Archer Daniel Midland (.64)	$636,000	-15.4%	15,350	-1.6%	0.34%	-10.0%
SHW	Buy	Sherwin Williams Co. Ohio (.91	$591,000	-12.4%	2,655	+8.1%	0.32%	-6.8%
SU	New	Suncor Energy	$587,000	–	21,975	–	0.32%	–
KMB	Sell	Kimberly Clark	$583,000	-2.2%	5,347	-4.9%	0.31%	+4.3%
VAL	Sell	Valspar	$580,000	-19.9%	8,075	-8.8%	0.31%	-14.8%
RRD	Sell	R. R. Donnelley (.77)	$569,000	-21.0%	39,060	-5.4%	0.30%	-16.0%
JCI	Sell	Johnson Control Inc. (.92)	$556,000	-17.8%	13,450	-1.5%	0.30%	-12.4%
AEE	Sell	Ameren Corp (.56)	$540,000	+8.9%	12,775	-3.0%	0.29%	+16.0%
NWN	Buy	Northwest Natural Gas	$512,000	+9.6%	11,175	+0.9%	0.28%	+17.0%
MDP	Buy	Meredith Corp	$509,000	-13.4%	11,950	+6.0%	0.27%	-7.8%
BBT	Sell	BB&T Corporation	$492,000	-12.8%	13,815	-1.3%	0.26%	-7.0%
WFC	Sell	Wells Fargo & Company	$489,000	-9.3%	9,528	-0.5%	0.26%	-3.3%
UVV	Sell	Universal Corp/VA (.88) (R2)	$486,000	-15.2%	9,804	-1.9%	0.26%	-9.7%
TAP	Sell	Molson Coors	$471,000	+13.2%	5,678	-4.6%	0.25%	+21.1%
KING	Sell	King Digital Entertainment PLC	$472,000	-7.1%	34,850	-2.2%	0.25%	-1.2%
WBA	Buy	Walgreens Boots Alliance, Inc.	$451,000	+3.0%	5,427	+4.6%	0.24%	+9.5%
UTX	Buy	United Technology	$443,000	-15.9%	4,975	+4.7%	0.24%	-10.2%
CMA	Sell	Comerica Inc (1.147)	$438,000	-20.7%	10,653	-0.9%	0.24%	-15.5%
BRKB	Buy	Berkshire Hathaway	$404,000	+10.1%	3,100	+14.8%	0.22%	+17.3%
SEE	Sell	Sealed Air Corp	$400,000	-9.7%	8,525	-1.2%	0.22%	-3.6%
OMI	Sell	Owens & Minor, Inc.	$388,000	-13.8%	12,150	-8.3%	0.21%	-8.4%
GOOG	Buy	Alphabet/Google, Inc. Cl. C	$371,000	+73.4%	611	+48.7%	0.20%	+84.3%
NSC	Buy	Norfolk & Southern	$344,000	-7.3%	4,500	+5.9%	0.18%	-1.1%
HWKN	Sell	Hawkins, Inc (.60) (R2)	$344,000	-6.8%	8,925	-2.2%	0.18%	-0.5%
PNR	Sell	Pentair Inc/PLC	$323,000	-35.9%	6,325	-13.7%	0.17%	-31.9%
SNV	Buy	Synovus Financial Corp.	$313,000	-1.9%	10,568	+2.3%	0.17%	+4.3%
KEY	Sell	Key Corp (.88)	$302,000	-14.0%	23,250	-0.6%	0.16%	-8.5%
GIS	Sell	General Mills	$297,000	-1.0%	5,286	-1.9%	0.16%	+5.3%
FTR	Sell	Frontier Communication	$284,000	-4.4%	59,799	-0.5%	0.15%	+1.3%
GCI	Buy	TEGNA, Inc (Old Gannett)(.90)	$276,000	-29.6%	12,335	+0.8%	0.15%	-24.9%
WMT	Sell	Wal-Mart Stores (1.03)	$267,000	-27.8%	4,115	-21.1%	0.14%	-23.1%
JPM	Buy	J. P. Morgan Chase (1.14)	$265,000	-5.4%	4,342	+5.1%	0.14%	+0.7%
RGP	Sell	Resources Connection Inc	$262,000	-8.4%	17,400	-2.2%	0.14%	-2.1%
AVP	Sell	Avon Products	$256,000	-48.9%	78,659	-1.7%	0.14%	-45.6%
AGN	Sell	Allergan, PLC	$252,000	-16.8%	927	-7.3%	0.14%	-11.8%
RF	Sell	Regions Financial	$233,000	-15.6%	25,868	-3.1%	0.12%	-10.1%
SYY	New	Sysco Corp	$229,000	–	5,875	–	0.12%	–
WHR	Sell	Whirlpool Corp (1.12)	$206,000	-29.0%	1,400	-16.4%	0.11%	-24.0%
CDK	Buy	CDK Global, Inc.	$204,000	-4.7%	4,271	+7.6%	0.11%	+0.9%
ABCB	New	Ameris Bancorp	$202,000	–	7,041	–	0.11%	–
SBCF	New	Seacoast Banking Corp/FL	$183,000	–	12,456	–	0.10%	–
AP	Buy	Ampco-Pittsburgh Corp (1.66) (	$124,000	-25.3%	11,350	+3.2%	0.07%	-20.2%
	Buy	Glencore Xstrata PLC	$102,000	-63.4%	73,200	+4.9%	0.06%	-60.7%
LEE	Sell	Lee Enterprises (.71)	$49,000	-40.2%	23,455	-4.9%	0.03%	-36.6%
4305PS	Buy	Alcatel Lucent (1.24)	$37,000	0.0%	10,247	+0.1%	0.02%	+5.3%
	New	Orex Minerals Inc	$12,000	–	100,000	–	0.01%	–
	New	Barsele Mineral Corp	$8,000	–	100,000	–	0.00%	–
MNI	Exit	McClatchy Newspapers, Inc. (.8	$0	–	-10,138	–	-0.01%	–
OREX	Exit	Orex Minerals Inc.	$0	–	-100,000	–	-0.01%	–
BBVA	Exit	Banco Bilbao Vizcaya Argentari	$0	–	-10,652	–	-0.05%	–
TMO	Exit	Thermo Fisher Scientific Inc	$0	–	-1,600	–	-0.10%	–
	Exit	Illumina Inc	$0	–	-1,000	–	-0.11%	–
BAX	Exit	Baxter Intl	$0	–	-3,225	–	-0.11%	–
FLS	Exit	Flowserve Corp	$0	–	-4,500	–	-0.12%	–
OGE	Exit	Oklahoma Gas & Electric	$0	–	-8,600	–	-0.12%	–
KRFT	Exit	Kraft Foods Group, Inc.	$0	–	-43,674	–	-1.87%	–

Q2 2015

			Value		Shares		↓ Weighting
KO	New	Coca Cola Company (1)	$6,682,000	–	170,332	–	3.36%	–
T	New	A T & T Corp (.62)	$5,753,000	–	161,969	–	2.90%	–
MDLZ	New	Mondelez International Inc.	$5,133,000	–	124,765	–	2.58%	–
GE	New	General Electric (1)	$5,079,000	–	191,151	–	2.56%	–
ORCL	New	Oracle Corp (1.34)	$5,016,000	–	124,475	–	2.53%	–
AMGN	New	Amgen (.81)	$4,831,000	–	31,468	–	2.43%	–
PFE	New	Pfizer, Inc. (1.04)	$4,590,000	–	136,886	–	2.31%	–
IBM	New	Intl Bus Mach	$4,357,000	–	26,789	–	2.19%	–
MSFT	New	Microsoft (1.19)	$4,154,000	–	94,096	–	2.09%	–
MRK	New	Merck Drug Company (.99)	$4,067,000	–	71,443	–	2.05%	–
DD	New	DuPont de Nemours, Inc. (1.15)	$4,020,000	–	62,863	–	2.02%	–
PG	New	Proctor & Gamble (.59)	$3,826,000	–	48,903	–	1.93%	–
KRFT	New	Kraft Foods Group, Inc.	$3,718,000	–	43,674	–	1.87%	–
LLY	New	Eli Lilly	$3,688,000	–	44,174	–	1.86%	–
MMM	New	3M Company (.94)	$3,611,000	–	23,402	–	1.82%	–
COP	New	ConnocoPhillips Energy (.70)	$3,551,000	–	57,824	–	1.79%	–
EMR	New	Emerson Electric (.76)	$3,511,000	–	63,338	–	1.77%	–
CSCO	New	Cisco Systems (1.25)	$3,493,000	–	127,200	–	1.76%	–
INTC	New	Intel (1.23)	$3,322,000	–	109,226	–	1.67%	–
STJ	New	St. Jude Medical (1.08)	$3,291,000	–	45,040	–	1.66%	–
XOM	New	Exxon Mobil (.66)	$3,266,000	–	39,252	–	1.64%	–
BMY	New	Bristol Myers Squibb (1.02)	$3,089,000	–	46,417	–	1.56%	–
INTU	New	Intuit (1.22)	$2,854,000	–	28,323	–	1.44%	–
VZ	New	Verizon Communication (.70)	$2,716,000	–	58,271	–	1.37%	–
TR	New	Tootsie Roll Inc.(R2) (.77)	$2,698,000	–	83,503	–	1.36%	–
SO	New	Southern Company Inc. (.58)	$2,666,000	–	63,638	–	1.34%	–
DUK	New	Duke Energy (.48)	$2,637,000	–	37,334	–	1.33%	–
NOC	New	Northrop Grunman Corp	$2,539,000	–	16,003	–	1.28%	–
HD	New	Home Depot (1.28)	$2,430,000	–	21,862	–	1.22%	–
PPG	New	PPG Industries (.90)	$2,283,000	–	19,900	–	1.15%	–
ED	New	Con Edison, Inc. (.67)	$2,209,000	–	38,159	–	1.11%	–
RTN	New	Raytheon Corp (1.0)	$2,200,000	–	22,991	–	1.11%	–
CVX	New	Chevron Texaco (.53)	$2,192,000	–	22,717	–	1.10%	–
JNJ	New	John & John	$2,185,000	–	22,420	–	1.10%	–
GD	New	General Dynamics Corp	$2,146,000	–	15,145	–	1.08%	–
DIS	New	Walt Disney (.92)	$2,110,000	–	18,486	–	1.06%	–
PSPXF	New	Phillips 66 Corp	$1,936,000	–	24,036	–	0.98%	–
FB	New	Facebook, Inc	$1,889,000	–	22,030	–	0.95%	–
ABBV	New	Abbvie, Inc	$1,743,000	–	25,936	–	0.88%	–
IR	New	Ingersoll-Rand (1.26)	$1,729,000	–	25,650	–	0.87%	–
PEP	New	Pepsico (.75)	$1,718,000	–	18,408	–	0.86%	–
TSS	New	Total Systems (.97)	$1,555,000	–	37,217	–	0.78%	–
MDT	New	Medtronic Inc	$1,545,000	–	20,847	–	0.78%	–
SYK	New	Stryker Corp	$1,532,000	–	16,025	–	0.77%	–
ABT	New	Abbott Labs (.95)	$1,418,000	–	28,887	–	0.71%	–
WY	New	Weyerhaeuser Co.	$1,410,000	–	44,755	–	0.71%	–
NWL	New	Newell Rubbermaid,Inc. (.87)	$1,366,000	–	33,225	–	0.69%	–
	New	Eaton Corp	$1,316,000	–	19,500	–	0.66%	–
IFF	New	Intl Flavors and Fragrences (.	$1,281,000	–	11,725	–	0.64%	–
AXP	New	American Express Co. (1.32)	$1,280,000	–	16,465	–	0.64%	–
VFC	New	VF Corp (.90)	$1,274,000	–	18,275	–	0.64%	–
HON	New	Honeywell, Inc. (1.3)	$1,239,000	–	12,150	–	0.62%	–
CAT	New	Caterpillar, Inc.	$1,236,000	–	14,576	–	0.62%	–
DTE	New	DTE Enterprise (.58)	$1,230,000	–	16,483	–	0.62%	–
ADI	New	Analog Devices	$1,225,000	–	19,088	–	0.62%	–
CAH	New	Cardinal Health Systems, Inc.	$1,212,000	–	14,491	–	0.61%	–
ADSK	New	Autodesk Inc (.78)	$1,199,000	–	23,950	–	0.60%	–
BMS	New	Bemis Corp (1.25)	$1,193,000	–	26,515	–	0.60%	–
HSY	New	Hershey, Inc. (.65)	$1,161,000	–	13,075	–	0.58%	–
CAG	New	ConAgra	$1,151,000	–	26,318	–	0.58%	–
SWK	New	Stanley Black & Decker (1.05)	$1,129,000	–	10,725	–	0.57%	–
AAPL	New	Apple Computer	$1,098,000	–	8,755	–	0.55%	–
GAS	New	AGL Resources	$1,059,000	–	22,739	–	0.53%	–
ADP	New	Automatic Data Processing (1.1	$1,049,000	–	13,078	–	0.53%	–
GXP	New	Great Plains Energy Inc (.77)	$1,044,000	–	43,198	–	0.53%	–
FLO	New	Flowers Foods, Inc.	$1,007,000	–	47,621	–	0.51%	–
DE	New	Deere & Co (1)	$973,000	–	10,025	–	0.49%	–
PAYX	New	Paychex	$967,000	–	20,618	–	0.49%	–
SNA	New	Snap On Tools (.82)	$905,000	–	5,684	–	0.46%	–
PKE	New	Park Electrochemical Corp (.86	$853,000	–	44,496	–	0.43%	–
BAC	New	Bankamerica Corp	$816,000	–	47,922	–	0.41%	–
CSX	New	CSX	$789,000	–	24,167	–	0.40%	–
FNF	New	Fidelity Natl Financial (FNF G	$784,000	–	21,183	–	0.40%	–
ESE	New	ESCO Technologies, Inc. (.85)	$769,000	–	20,545	–	0.39%	–
ADM	New	Archer Daniel Midland (.64)	$752,000	–	15,600	–	0.38%	–
VAL	New	Valspar	$724,000	–	8,850	–	0.36%	–
RRD	New	R. R. Donnelley (.77)	$720,000	–	41,290	–	0.36%	–
MAS	New	Masco Corp (.91)	$705,000	–	26,440	–	0.36%	–
LUMN	New	Centurylink, Inc.	$695,000	–	23,646	–	0.35%	–
JCI	New	Johnson Control Inc. (.92)	$676,000	–	13,650	–	0.34%	–
SHW	New	Sherwin Williams Co. Ohio (.91	$675,000	–	2,455	–	0.34%	–
KMB	New	Kimberly Clark	$596,000	–	5,622	–	0.30%	–
MDP	New	Meredith Corp	$588,000	–	11,275	–	0.30%	–
UVV	New	Universal Corp/VA (.88) (R2)	$573,000	–	9,992	–	0.29%	–
BBT	New	BB&T Corporation	$564,000	–	14,002	–	0.28%	–
CMA	New	Comerica Inc (1.147)	$552,000	–	10,752	–	0.28%	–
WFC	New	Wells Fargo & Company	$539,000	–	9,577	–	0.27%	–
DGX	New	Quest Dianostics (1.0)	$533,000	–	7,350	–	0.27%	–
UTX	New	United Technology	$527,000	–	4,750	–	0.26%	–
KING	New	King Digital Entertainment PLC	$508,000	–	35,650	–	0.26%	–
PNR	New	Pentair Inc/PLC	$504,000	–	7,325	–	0.25%	–
AVP	New	Avon Products	$501,000	–	80,009	–	0.25%	–
AEE	New	Ameren Corp (.56)	$496,000	–	13,175	–	0.25%	–
PM	New	Phillip Morris International	$483,000	–	6,026	–	0.24%	–
	New	Allegion PLC	$468,000	–	7,787	–	0.24%	–
NWN	New	Northwest Natural Gas	$467,000	–	11,075	–	0.24%	–
USB	New	U. S. Bancorp	$455,000	–	10,491	–	0.23%	–
OMI	New	Owens & Minor, Inc.	$450,000	–	13,250	–	0.23%	–
SEE	New	Sealed Air Corp	$443,000	–	8,625	–	0.22%	–
WBA	New	Walgreens Boots Alliance, Inc.	$438,000	–	5,188	–	0.22%	–
TAP	New	Molson Coors	$416,000	–	5,953	–	0.21%	–
GCI	New	TEGNA, Inc (Old Gannett)(.90)	$392,000	–	12,235	–	0.20%	–
IP	New	Intl Paper Co (.68)	$388,000	–	8,151	–	0.20%	–
LG	New	Laclede Group Inc. New (.66)	$385,000	–	7,400	–	0.19%	–
TFX	New	Teleflex Inc	$379,000	–	2,800	–	0.19%	–
NSC	New	Norfolk & Southern	$371,000	–	4,250	–	0.19%	–
WMT	New	Wal-Mart Stores (1.03)	$370,000	–	5,215	–	0.19%	–
HWKN	New	Hawkins, Inc (.60) (R2)	$369,000	–	9,125	–	0.19%	–
BRKB	New	Berkshire Hathaway	$367,000	–	2,700	–	0.18%	–
KEY	New	Key Corp (.88)	$351,000	–	23,400	–	0.18%	–
FIS	New	Fidelity National Info Service	$332,000	–	5,368	–	0.17%	–
HUBB	New	Hubbell Inc. Cl B (.63)	$330,000	–	3,046	–	0.17%	–
SNV	New	Synovus Financial Corp.	$319,000	–	10,335	–	0.16%	–
CPB	New	Campbell Soup Company	$317,000	–	6,650	–	0.16%	–
CMP	New	Compass Minerals International	$304,000	–	3,700	–	0.15%	–
AGN	New	Allergan, PLC	$303,000	–	1,000	–	0.15%	–
GIS	New	General Mills	$300,000	–	5,386	–	0.15%	–
FTR	New	Frontier Communication	$297,000	–	60,099	–	0.15%	–
WHR	New	Whirlpool Corp (1.12)	$290,000	–	1,675	–	0.15%	–
RGP	New	Resources Connection Inc	$286,000	–	17,800	–	0.14%	–
JPM	New	J. P. Morgan Chase (1.14)	$280,000	–	4,133	–	0.14%	–
	New	Glencore Xstrata PLC	$279,000	–	69,800	–	0.14%	–
RF	New	Regions Financial	$276,000	–	26,685	–	0.14%	–
NSRGY	New	Nestle SA - Spons Adr For Reg	$274,000	–	3,800	–	0.14%	–
OGE	New	Oklahoma Gas & Electric	$246,000	–	8,600	–	0.12%	–
FLS	New	Flowserve Corp	$237,000	–	4,500	–	0.12%	–
SCG	New	SCANA (.63)	$237,000	–	4,685	–	0.12%	–
WST	New	West Pharmactl Svs Inc.	$232,000	–	4,000	–	0.12%	–
BAX	New	Baxter Intl	$226,000	–	3,225	–	0.11%	–
GOOGL	New	Google, Inc. Cl A	$218,000	–	403	–	0.11%	–
	New	Illumina Inc	$218,000	–	1,000	–	0.11%	–
AMZN	New	Amazon.com	$217,000	–	500	–	0.11%	–
GOOG	New	Google, Inc. Cl. C	$214,000	–	411	–	0.11%	–
CDK	New	CDK Global, Inc.	$214,000	–	3,971	–	0.11%	–
TMO	New	Thermo Fisher Scientific Inc	$208,000	–	1,600	–	0.10%	–
AP	New	Ampco-Pittsburgh Corp (1.66) (	$166,000	–	11,000	–	0.08%	–
SCSG	New	SouthCrest Financial Group Inc	$109,000	–	20,000	–	0.06%	–
BBVA	New	Banco Bilbao Vizcaya Argentari	$105,000	–	10,652	–	0.05%	–
LEE	New	Lee Enterprises (.71)	$82,000	–	24,655	–	0.04%	–
4305PS	New	Alcatel Lucent (1.24)	$37,000	–	10,235	–	0.02%	–
OREX	New	Orex Minerals Inc.	$16,000	–	100,000	–	0.01%	–
MNI	New	McClatchy Newspapers, Inc. (.8	$11,000	–	10,138	–	0.01%	–
NORX	New	Norstra Energy, Inc.	$0	–	10,000	–	0.00%	–
	New	Sui Fung Ceramics Ordinary	$0	–	34,375	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
MOBL	Exit	MobilePro Corp New	$0	–	-780,000	–	0.00%	–
NORX	Exit	Norstra Energy, Inc.	$0	–	-10,000	–	0.00%	–
IJJPD	Exit	IJJ Corp New	$0	–	-4,500,000	–	0.00%	–
	Exit	Sui Fung Ceramics Ordinary	$0	–	-34,375	–	0.00%	–
NCTI	Exit	NCT Group Inc	$0	–	-35,000	–	0.00%	–
NEOM	Exit	Neomedia Tech Inc	$0	–	-105,334	–	0.00%	–
OREX	Exit	Orex Minerals Inc.	$0	–	-100,000	–	-0.01%	–
4305PS	Exit	Alcatel Lucent (1.24)	$0	–	-11,107	–	-0.02%	–
MNI	Exit	McClatchy Newspapers, Inc. (.8	$0	–	-12,432	–	-0.02%	–
SEBC	Exit	Southeastern Banking Corp	$0	–	-13,396	–	-0.05%	–
LEE	Exit	Lee Enterprises (.71)	$0	–	-31,880	–	-0.05%	–
JRS	Exit	Nuveen Real Estate Fund	$0	–	-12,200	–	-0.06%	–
SCSG	Exit	SouthCrest Financial Group Inc	$0	–	-28,000	–	-0.07%	–
BBVA	Exit	Banco Bilbao Vizcaya Argentari	$0	–	-12,152	–	-0.07%	–
RDSA	Exit	Royal Dutch Shell Cl A ADR	$0	–	-2,700	–	-0.10%	–
AP	Exit	Ampco-Pittsburgh Corp (1.66) (	$0	–	-10,500	–	-0.10%	–
SCG	Exit	SCANA (.63)	$0	–	-4,685	–	-0.12%	–
GOOG	Exit	Google, Inc. Cl. C	$0	–	-403	–	-0.12%	–
GOOGL	Exit	Google, Inc. Cl A	$0	–	-403	–	-0.12%	–
RGP	Exit	Resources Connection Inc	$0	–	-18,400	–	-0.13%	–
SE	Exit	Spectra Energy	$0	–	-6,617	–	-0.13%	–
THVB	Exit	Thomasville Bancshares	$0	–	-11,000	–	-0.14%	–
CPB	Exit	Campbell Soup Company	$0	–	-6,650	–	-0.14%	–
GIS	Exit	General Mills	$0	–	-5,986	–	-0.15%	–
FIS	Exit	Fidelity National Info Service	$0	–	-5,368	–	-0.15%	–
JPM	Exit	J. P. Morgan Chase (1.14)	$0	–	-5,056	–	-0.15%	–
CMP	Exit	Compass Minerals International	$0	–	-3,700	–	-0.16%	–
FLS	Exit	Flowserve Corp	$0	–	-4,500	–	-0.16%	–
WHR	Exit	Whirlpool Corp (1.12)	$0	–	-2,200	–	-0.16%	–
SEE	Exit	Sealed Air Corp	$0	–	-9,275	–	-0.16%	–
NSRGY	Exit	Nestle SA - Spons Adr For Reg	$0	–	-4,375	–	-0.16%	–
	Exit	Glencore Xstrata PLC	$0	–	-58,550	–	-0.16%	–
RF	Exit	Regions Financial	$0	–	-32,414	–	-0.16%	–
TFX	Exit	Teleflex Inc	$0	–	-3,100	–	-0.16%	–
WAG	Exit	Walgreen Drugs	$0	–	-5,584	–	-0.16%	–
HWKN	Exit	Hawkins, Inc (.60) (R2)	$0	–	-9,275	–	-0.16%	–
KEY	Exit	Key Corp (.88)	$0	–	-25,600	–	-0.17%	–
LG	Exit	Laclede Group Inc. New (.66)	$0	–	-7,400	–	-0.17%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-14,858	–	-0.17%	–
BRKB	Exit	Berkshire Hathaway	$0	–	-2,700	–	-0.18%	–
GCI	Exit	Gannett Co (.90)	$0	–	-12,735	–	-0.19%	–
IP	Exit	Intl Paper Co (.68)	$0	–	-8,151	–	-0.19%	–
	Exit	Allegion PLC	$0	–	-8,297	–	-0.20%	–
OGE	Exit	Oklahoma Gas & Electric	$0	–	-10,800	–	-0.20%	–
HUBB	Exit	Hubbell Inc. Cl B (.63)	$0	–	-3,346	–	-0.20%	–
FTR	Exit	Frontier Communication	$0	–	-62,472	–	-0.20%	–
MDP	Exit	Meredith Corp	$0	–	-9,750	–	-0.21%	–
OMI	Exit	Owens & Minor, Inc.	$0	–	-12,910	–	-0.21%	–
UVV	Exit	Universal Corp/VA (.88) (R2)	$0	–	-10,151	–	-0.22%	–
TAP	Exit	Molson Coors	$0	–	-6,153	–	-0.23%	–
NWN	Exit	Northwest Natural Gas	$0	–	-10,875	–	-0.23%	–
DGX	Exit	Quest Dianostics (1.0)	$0	–	-7,600	–	-0.23%	–
AGN	Exit	Allergan, Inc. (1.57)	$0	–	-2,700	–	-0.24%	–
WMT	Exit	Wal-Mart Stores (1.03)	$0	–	-6,478	–	-0.24%	–
USB	Exit	U. S. Bancorp	$0	–	-11,991	–	-0.25%	–
NSC	Exit	Norfolk & Southern	$0	–	-4,550	–	-0.25%	–
PNR	Exit	Pentair Inc/PLC	$0	–	-7,925	–	-0.26%	–
WFC	Exit	Wells Fargo & Company	$0	–	-10,637	–	-0.27%	–
AEE	Exit	Ameren Corp (.56)	$0	–	-14,425	–	-0.27%	–
BBT	Exit	BB&T Corporation	$0	–	-15,578	–	-0.29%	–
FNF	Exit	Fidelity Natl Financial (FNF G	$0	–	-21,183	–	-0.29%	–
	Exit	Invesco Tax Free Intermediatemut	$0	–	-52,337	–	-0.30%	–
JCI	Exit	Johnson Control Inc. (.92)	$0	–	-13,975	–	-0.30%	–
UTX	Exit	United Technology	$0	–	-6,228	–	-0.33%	–
MAS	Exit	Masco Corp (.91)	$0	–	-28,090	–	-0.33%	–
PM	Exit	Phillip Morris International	$0	–	-8,276	–	-0.34%	–
KMB	Exit	Kimberly Clark	$0	–	-6,442	–	-0.34%	–
SHW	Exit	Sherwin Williams Co. Ohio (.91	$0	–	-3,300	–	-0.36%	–
ESE	Exit	ESCO Technologies, Inc. (.85)	$0	–	-21,875	–	-0.38%	–
CMA	Exit	Comerica Inc (1.147)	$0	–	-16,601	–	-0.41%	–
ADM	Exit	Archer Daniel Midland (.64)	$0	–	-16,246	–	-0.41%	–
UIL	Exit	UIL Holding Corp. (1.07)	$0	–	-23,710	–	-0.42%	–
RRD	Exit	R. R. Donnelley (.77)	$0	–	-51,460	–	-0.42%	–
SNA	Exit	Snap On Tools (.82)	$0	–	-7,009	–	-0.42%	–
CAG	Exit	ConAgra	$0	–	-25,868	–	-0.42%	–
CSX	Exit	CSX	$0	–	-26,740	–	-0.42%	–
VAL	Exit	Valspar	$0	–	-11,000	–	-0.43%	–
DE	Exit	Deere & Co (1)	$0	–	-10,625	–	-0.43%	–
AAPL	Exit	Apple Computer	$0	–	-8,755	–	-0.44%	–
CAT	Exit	Caterpillar, Inc.	$0	–	-9,356	–	-0.46%	–
FLO	Exit	Flowers Foods, Inc.	$0	–	-51,021	–	-0.46%	–
LUMN	Exit	Centurylink, Inc.	$0	–	-23,029	–	-0.47%	–
EMR	Exit	Emerson Electric (.76)	$0	–	-15,586	–	-0.48%	–
SWK	Exit	Stanley Black & Decker (1.05)	$0	–	-11,200	–	-0.49%	–
PKE	Exit	Park Electrochemical Corp (.86	$0	–	-46,798	–	-0.55%	–
BAC	Exit	Bankamerica Corp	$0	–	-65,154	–	-0.55%	–
PAYX	Exit	Paychex	$0	–	-25,391	–	-0.56%	–
GXP	Exit	Great Plains Energy Inc (.77)	$0	–	-48,523	–	-0.58%	–
CAH	Exit	Cardinal Health Systems, Inc.	$0	–	-16,041	–	-0.60%	–
GAS	Exit	AGL Resources	$0	–	-23,399	–	-0.60%	–
BMS	Exit	Bemis Corp (1.25)	$0	–	-31,705	–	-0.60%	–
NWL	Exit	Newell Rubbermaid,Inc. (.87)	$0	–	-35,275	–	-0.60%	–
IFF	Exit	Intl Flavors and Fragrences (.	$0	–	-12,725	–	-0.60%	–
ABT	Exit	Abbott Labs (.95)	$0	–	-29,429	–	-0.61%	–
	Exit	Eaton Corp	$0	–	-19,325	–	-0.61%	–
ADI	Exit	Analog Devices	$0	–	-24,841	–	-0.61%	–
HON	Exit	Honeywell, Inc. (1.3)	$0	–	-13,713	–	-0.63%	–
STI	Exit	SunTrust Banks (1.11)	$0	–	-34,036	–	-0.64%	–
ADP	Exit	Automatic Data Processing (1.1	$0	–	-16,034	–	-0.66%	–
AVP	Exit	Avon Products	$0	–	-107,886	–	-0.67%	–
SYK	Exit	Stryker Corp	$0	–	-16,875	–	-0.68%	–
HSY	Exit	Hershey, Inc. (.65)	$0	–	-14,625	–	-0.69%	–
DTE	Exit	DTE Enterprise (.58)	$0	–	-19,258	–	-0.73%	–
IR	Exit	Ingersoll-Rand (1.26)	$0	–	-26,050	–	-0.73%	–
VFC	Exit	VF Corp (.90)	$0	–	-22,575	–	-0.74%	–
ADSK	Exit	Autodesk Inc (.78)	$0	–	-27,080	–	-0.74%	–
SO	Exit	Southern Company Inc. (.58)	$0	–	-34,280	–	-0.74%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-47,048	–	-0.74%	–
AXP	Exit	American Express Co. (1.32)	$0	–	-17,268	–	-0.75%	–
ABBV	Exit	Abbvie, Inc	$0	–	-26,186	–	-0.75%	–
MDT	Exit	Medtronic Inc	$0	–	-25,143	–	-0.77%	–
FB	Exit	Facebook, Inc	$0	–	-22,050	–	-0.86%	–
PEP	Exit	Pepsico (.75)	$0	–	-18,808	–	-0.87%	–
DIS	Exit	Walt Disney (.92)	$0	–	-20,813	–	-0.92%	–
PSPXF	Exit	Phillips 66 Corp	$0	–	-24,743	–	-1.00%	–
GD	Exit	General Dynamics Corp	$0	–	-16,520	–	-1.04%	–
TSS	Exit	Total Systems (.97)	$0	–	-71,523	–	-1.10%	–
ED	Exit	Con Edison, Inc. (.67)	$0	–	-39,614	–	-1.11%	–
TR	Exit	Tootsie Roll Inc.(R2) (.77)	$0	–	-81,211	–	-1.13%	–
JNJ	Exit	John & John	$0	–	-22,304	–	-1.18%	–
NOC	Exit	Northrop Grunman Corp	$0	–	-18,408	–	-1.20%	–
BMY	Exit	Bristol Myers Squibb (1.02)	$0	–	-48,917	–	-1.24%	–
PPG	Exit	PPG Industries (.90)	$0	–	-12,775	–	-1.24%	–
HD	Exit	Home Depot (1.28)	$0	–	-27,462	–	-1.25%	–
KRFT	Exit	Kraft Foods Group, Inc.	$0	–	-45,386	–	-1.27%	–
INTU	Exit	Intuit (1.22)	$0	–	-29,722	–	-1.29%	–
CVX	Exit	Chevron Texaco (.53)	$0	–	-22,087	–	-1.30%	–
RTN	Exit	Raytheon Corp (1.0)	$0	–	-26,489	–	-1.33%	–
STJ	Exit	St. Jude Medical (1.08)	$0	–	-48,715	–	-1.45%	–
LLY	Exit	Eli Lilly	$0	–	-46,095	–	-1.48%	–
VZ	Exit	Verizon Communication (.70)	$0	–	-60,083	–	-1.49%	–
DUK	Exit	Duke Energy (.48)	$0	–	-40,649	–	-1.50%	–
PG	Exit	Proctor & Gamble (.59)	$0	–	-37,011	–	-1.54%	–
XOM	Exit	Exxon Mobil (.66)	$0	–	-35,137	–	-1.64%	–
CSCO	Exit	Cisco Systems (1.25)	$0	–	-132,280	–	-1.65%	–
MMM	Exit	3M Company (.94)	$0	–	-24,800	–	-1.74%	–
INTC	Exit	Intel (1.23)	$0	–	-116,980	–	-2.02%	–
PFE	Exit	Pfizer, Inc. (1.04)	$0	–	-144,965	–	-2.12%	–
IBM	Exit	Intl Bus Mach	$0	–	-22,757	–	-2.14%	–
MRK	Exit	Merck Drug Company (.99)	$0	–	-73,679	–	-2.16%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-130,571	–	-2.22%	–
COP	Exit	ConnocoPhillips Energy (.70)	$0	–	-58,691	–	-2.22%	–
MSFT	Exit	Microsoft (1.19)	$0	–	-102,868	–	-2.36%	–
DD	Exit	DuPont de Nemours, Inc. (1.15)	$0	–	-68,467	–	-2.43%	–
AMGN	Exit	Amgen (.81)	$0	–	-35,476	–	-2.47%	–
ORCL	Exit	Oracle Corp (1.34)	$0	–	-136,620	–	-2.59%	–
GE	Exit	General Electric (1)	$0	–	-222,816	–	-2.83%	–
T	Exit	A T & T Corp (.62)	$0	–	-166,616	–	-2.91%	–
KO	Exit	Coca Cola Company (1)	$0	–	-173,198	–	-3.66%	–

Q3 2014

			Value		Shares		↓ Weighting
KO	Sell	Coca Cola Company (1)	$7,389,000	+0.6%	173,198	-0.1%	3.66%	+3.6%
T	Sell	A T & T Corp (.62)	$5,872,000	-3.6%	166,616	-3.2%	2.91%	-0.7%
GE	Buy	General Electric (1)	$5,709,000	-0.3%	222,816	+2.3%	2.83%	+2.7%
ORCL	Sell	Oracle Corp (1.34)	$5,230,000	-7.3%	136,620	-1.8%	2.59%	-4.5%
AMGN	Sell	Amgen (.81)	$4,983,000	+16.4%	35,476	-1.9%	2.47%	+19.8%
DD	Sell	DuPont de Nemours, Inc. (1.15)	$4,913,000	+6.8%	68,467	-2.6%	2.43%	+10.0%
MSFT	Sell	Microsoft (1.19)	$4,769,000	+8.8%	102,868	-2.1%	2.36%	+12.0%
COP	Sell	ConnocoPhillips Energy (.70)	$4,491,000	-12.0%	58,691	-1.4%	2.22%	-9.3%
MDLZ	Sell	Mondelez International Inc.	$4,474,000	-11.0%	130,571	-2.3%	2.22%	-8.3%
MRK	Sell	Merck Drug Company (.99)	$4,368,000	+0.9%	73,679	-1.5%	2.16%	+3.9%
IBM	Sell	Intl Bus Mach	$4,320,000	+3.0%	22,757	-1.7%	2.14%	+6.0%
PFE	Buy	Pfizer, Inc. (1.04)	$4,287,000	+0.0%	144,965	+0.4%	2.12%	+3.1%
INTC	Sell	Intel (1.23)	$4,073,000	+11.4%	116,980	-1.2%	2.02%	+14.7%
MMM	Sell	3M Company (.94)	$3,514,000	-1.5%	24,800	-0.4%	1.74%	+1.5%
CSCO	Sell	Cisco Systems (1.25)	$3,329,000	+1.2%	132,280	-0.1%	1.65%	+4.2%
XOM	Buy	Exxon Mobil (.66)	$3,305,000	-6.2%	35,137	+0.3%	1.64%	-3.5%
PG	Buy	Proctor & Gamble (.59)	$3,099,000	+8.6%	37,011	+1.9%	1.54%	+11.8%
DUK	Sell	Duke Energy (.48)	$3,039,000	-2.2%	40,649	-3.0%	1.50%	+0.7%
VZ	Sell	Verizon Communication (.70)	$3,004,000	+0.3%	60,083	-1.9%	1.49%	+3.3%
LLY	Buy	Eli Lilly	$2,989,000	+4.5%	46,095	+0.2%	1.48%	+7.7%
STJ	Sell	St. Jude Medical (1.08)	$2,929,000	-14.4%	48,715	-1.4%	1.45%	-11.8%
RTN	Sell	Raytheon Corp (1.0)	$2,692,000	+5.6%	26,489	-4.2%	1.33%	+8.6%
CVX	Buy	Chevron Texaco (.53)	$2,635,000	-8.6%	22,087	+0.0%	1.30%	-5.8%
INTU	Sell	Intuit (1.22)	$2,605,000	+8.6%	29,722	-0.2%	1.29%	+11.8%
KRFT	Sell	Kraft Foods Group, Inc.	$2,560,000	-7.9%	45,386	-2.1%	1.27%	-5.2%
HD	Sell	Home Depot (1.28)	$2,519,000	-0.6%	27,462	-12.3%	1.25%	+2.4%
PPG	Sell	PPG Industries (.90)	$2,513,000	-14.0%	12,775	-8.1%	1.24%	-11.5%
BMY	Sell	Bristol Myers Squibb (1.02)	$2,504,000	+4.5%	48,917	-1.0%	1.24%	+7.5%
NOC	Sell	Northrop Grunman Corp	$2,425,000	+9.2%	18,408	-0.9%	1.20%	+12.5%
JNJ	Sell	John & John	$2,377,000	+1.2%	22,304	-0.6%	1.18%	+4.3%
TR	Buy	Tootsie Roll Inc.(R2) (.77)	$2,273,000	+58.6%	81,211	+66.9%	1.13%	+63.4%
ED	Sell	Con Edison, Inc. (.67)	$2,245,000	-2.8%	39,614	-1.0%	1.11%	+0.1%
TSS	Sell	Total Systems (.97)	$2,214,000	-52.4%	71,523	-51.7%	1.10%	-50.9%
GD	Sell	General Dynamics Corp	$2,100,000	+6.8%	16,520	-2.1%	1.04%	+9.9%
PSPXF	Sell	Phillips 66 Corp	$2,012,000	-14.2%	24,743	-15.1%	1.00%	-11.6%
DIS	Sell	Walt Disney (.92)	$1,853,000	+1.1%	20,813	-2.6%	0.92%	+4.2%
PEP	Sell	Pepsico (.75)	$1,751,000	+3.4%	18,808	-0.8%	0.87%	+6.4%
FB	Sell	Facebook, Inc	$1,743,000	+16.4%	22,050	-0.9%	0.86%	+19.9%
AXP	Sell	American Express Co. (1.32)	$1,512,000	-9.3%	17,268	-1.7%	0.75%	-6.6%
WY	Buy	Weyerhaeuser Co.	$1,499,000	-3.7%	47,048	+0.0%	0.74%	-0.8%
SO	Buy	Southern Company Inc. (.58)	$1,496,000	+20.0%	34,280	+24.8%	0.74%	+23.5%
ADSK	Sell	Autodesk Inc (.78)	$1,492,000	-5.4%	27,080	-3.2%	0.74%	-2.6%
VFC	Sell	VF Corp (.90)	$1,491,000	+1.0%	22,575	-3.7%	0.74%	+4.1%
IR	Sell	Ingersoll-Rand (1.26)	$1,468,000	-11.7%	26,050	-2.1%	0.73%	-9.1%
DTE	Sell	DTE Enterprise (.58)	$1,465,000	-4.3%	19,258	-2.0%	0.73%	-1.4%
HSY	Sell	Hershey, Inc. (.65)	$1,396,000	-5.2%	14,625	-3.3%	0.69%	-2.4%
AVP	Sell	Avon Products	$1,359,000	-15.0%	107,886	-1.4%	0.67%	-12.5%
ADP	Sell	Automatic Data Processing (1.1	$1,332,000	-0.5%	16,034	-5.0%	0.66%	+2.5%
HON	Sell	Honeywell, Inc. (1.3)	$1,277,000	-2.7%	13,713	-2.8%	0.63%	+0.3%
ADI	Sell	Analog Devices	$1,229,000	-15.2%	24,841	-7.3%	0.61%	-12.6%
ABT	Buy	Abbott Labs (.95)	$1,224,000	+1.7%	29,429	+0.0%	0.61%	+4.7%
IFF	Sell	Intl Flavors and Fragrences (.	$1,220,000	-8.3%	12,725	-0.2%	0.60%	-5.6%
NWL	Sell	Newell Rubbermaid,Inc. (.87)	$1,214,000	+9.8%	35,275	-1.1%	0.60%	+13.0%
BMS	Sell	Bemis Corp (1.25)	$1,205,000	-11.2%	31,705	-5.0%	0.60%	-8.6%
CAH	Sell	Cardinal Health Systems, Inc.	$1,202,000	+9.1%	16,041	-0.2%	0.60%	+12.3%
GAS	Sell	AGL Resources	$1,201,000	-11.0%	23,399	-4.5%	0.60%	-8.3%
GXP	Sell	Great Plains Energy Inc (.77)	$1,173,000	-10.4%	48,523	-0.4%	0.58%	-7.8%
PAYX	Sell	Paychex	$1,122,000	+1.9%	25,391	-4.1%	0.56%	+4.9%
BAC	Sell	Bankamerica Corp	$1,111,000	-13.9%	65,154	-22.4%	0.55%	-11.4%
PKE	Sell	Park Electrochemical Corp (.86	$1,102,000	-17.5%	46,798	-1.2%	0.55%	-15.1%
EMR	Sell	Emerson Electric (.76)	$975,000	-7.0%	15,586	-1.3%	0.48%	-4.2%
LUMN	Buy	Centurylink, Inc.	$942,000	+13.8%	23,029	+0.7%	0.47%	+17.3%
FLO	Buy	Flowers Foods, Inc.	$937,000	+288.8%	51,021	+345.8%	0.46%	+300.0%
DE	Buy	Deere & Co (1)	$871,000	-8.6%	10,625	+1.0%	0.43%	-5.9%
VAL	Sell	Valspar	$869,000	-7.3%	11,000	-10.6%	0.43%	-4.7%
CSX	Sell	CSX	$857,000	+4.0%	26,740	-0.1%	0.42%	+7.3%
CAG	Buy	ConAgra	$855,000	+115.4%	25,868	+93.2%	0.42%	+122.0%
SNA	Sell	Snap On Tools (.82)	$849,000	+1.8%	7,009	-0.4%	0.42%	+5.0%
RRD	Sell	R. R. Donnelley (.77)	$847,000	-7.0%	51,460	-4.2%	0.42%	-4.1%
UIL	Sell	UIL Holding Corp. (1.07)	$839,000	-10.5%	23,710	-2.1%	0.42%	-7.8%
ADM	Sell	Archer Daniel Midland (.64)	$830,000	+8.9%	16,246	-5.9%	0.41%	+12.0%
CMA	Sell	Comerica Inc (1.147)	$828,000	-6.2%	16,601	-5.7%	0.41%	-3.5%
ESE	New	ESCO Technologies, Inc. (.85)	$761,000	–	21,875	–	0.38%	–
PM	Sell	Phillip Morris International	$690,000	-9.2%	8,276	-8.2%	0.34%	-6.6%
MAS	Sell	Masco Corp (.91)	$672,000	+5.8%	28,090	-1.7%	0.33%	+9.2%
UTX	Sell	United Technology	$658,000	-10.0%	6,228	-1.6%	0.33%	-7.4%
JCI	Sell	Johnson Control Inc. (.92)	$615,000	-12.1%	13,975	-0.4%	0.30%	-9.5%
	Buy	Invesco Tax Free Intermediatemut	$609,000	+0.2%	52,337	+0.0%	0.30%	+3.4%
BBT	Sell	BB&T Corporation	$580,000	-7.3%	15,578	-1.8%	0.29%	-4.7%
AEE	Sell	Ameren Corp (.56)	$553,000	-18.1%	14,425	-12.6%	0.27%	-15.7%
WFC	Buy	Wells Fargo & Company	$552,000	+45.6%	10,637	+47.5%	0.27%	+50.0%
PNR	Sell	Pentair Inc/PLC	$519,000	-10.5%	7,925	-1.5%	0.26%	-7.9%
USB	Sell	U. S. Bancorp	$502,000	-7.2%	11,991	-4.0%	0.25%	-4.2%
WMT	Sell	Wal-Mart Stores (1.03)	$495,000	-8.5%	6,478	-10.1%	0.24%	-5.8%
AGN	Sell	Allergan, Inc. (1.57)	$481,000	-9.8%	2,700	-14.3%	0.24%	-7.0%
DGX	Buy	Quest Dianostics (1.0)	$461,000	+4.1%	7,600	+0.7%	0.23%	+7.0%
TAP	Sell	Molson Coors	$458,000	-1.9%	6,153	-2.4%	0.23%	+0.9%
NWN	Buy	Northwest Natural Gas	$459,000	+95.3%	10,875	+118.6%	0.23%	+100.9%
UVV	Buy	Universal Corp/VA (.88) (R2)	$451,000	-19.6%	10,151	+0.1%	0.22%	-17.4%
OMI	New	Owens & Minor, Inc.	$423,000	–	12,910	–	0.21%	–
MDP	New	Meredith Corp	$417,000	–	9,750	–	0.21%	–
FTR	Sell	Frontier Communication	$407,000	+8.2%	62,472	-3.0%	0.20%	+11.6%
HUBB	Sell	Hubbell Inc. Cl B (.63)	$403,000	-11.4%	3,346	-9.5%	0.20%	-8.7%
	Sell	Allegion PLC	$395,000	-17.9%	8,297	-2.1%	0.20%	-15.2%
GCI	Sell	Gannett Co (.90)	$378,000	-8.7%	12,735	-3.8%	0.19%	-6.0%
BRKB	Sell	Berkshire Hathaway	$373,000	+6.3%	2,700	-2.5%	0.18%	+9.5%
SNV	Sell	Synovus Financial Corp.	$351,000	-15.2%	14,858	-12.4%	0.17%	-12.6%
KEY	Sell	Key Corp (.88)	$341,000	-15.2%	25,600	-8.7%	0.17%	-12.4%
HWKN	New	Hawkins, Inc (.60) (R2)	$334,000	–	9,275	–	0.16%	–
WAG	Sell	Walgreen Drugs	$331,000	-27.7%	5,584	-9.7%	0.16%	-25.5%
RF	Sell	Regions Financial	$325,000	-11.7%	32,414	-6.5%	0.16%	-9.0%
	Buy	Glencore Xstrata PLC	$324,000	+241.1%	58,550	+244.4%	0.16%	+247.8%
WHR	Sell	Whirlpool Corp (1.12)	$320,000	0.0%	2,200	-4.3%	0.16%	+3.2%
CMP	New	Compass Minerals International	$312,000	–	3,700	–	0.16%	–
JPM	Sell	J. P. Morgan Chase (1.14)	$305,000	+3.4%	5,056	-1.1%	0.15%	+6.3%
THVB	Buy	Thomasville Bancshares	$283,000	+26.9%	11,000	+100.0%	0.14%	+30.8%
RGP	New	Resources Connection Inc	$256,000	–	18,400	–	0.13%	–
SCG	Sell	SCANA (.63)	$232,000	-16.8%	4,685	-9.6%	0.12%	-14.2%
AP	New	Ampco-Pittsburgh Corp (1.66) (	$210,000	–	10,500	–	0.10%	–
RDSA	New	Royal Dutch Shell Cl A ADR	$206,000	–	2,700	–	0.10%	–
BBVA	Sell	Banco Bilbao Vizcaya Argentari	$146,000	-13.1%	12,152	-7.6%	0.07%	-11.1%
LEE	Sell	Lee Enterprises (.71)	$108,000	-25.5%	31,880	-2.3%	0.05%	-24.3%
MNI	Sell	McClatchy Newspapers, Inc. (.8	$42,000	-40.0%	12,432	-1.6%	0.02%	-38.2%
4305PS	Sell	Alcatel Lucent (1.24)	$34,000	-15.0%	11,107	-1.6%	0.02%	-10.5%
NEOM	Sell	Neomedia Tech Inc	$0	-100.0%	105,334	-93.3%	0.00%	-100.0%
	Exit	Vanguard Inflation Protectionmut	$0	–	-10,653	–	-0.07%	–
FPL	Exit	Nextera Energy (formerly FPL G	$0	–	-2,116	–	-0.10%	–
	Exit	Mutual Shares - Zmut	$0	–	-7,462	–	-0.11%	–
AFL	Exit	AFLAC Inc.	$0	–	-4,400	–	-0.13%	–
	Exit	Pepco Holdings (.48)	$0	–	-11,251	–	-0.15%	–
PNC	Exit	PNC Finl Services Gp Inc.	$0	–	-4,048	–	-0.17%	–
THC	Exit	Tenet Healthcare Corp (.58)	$0	–	-7,710	–	-0.17%	–
HCISQ	Exit	Huntington Ingalls Industries	$0	–	-10,694	–	-0.49%	–
P105PS	Exit	Integry Energy Group, Inc (.92	$0	–	-15,078	–	-0.52%	–
AMAT	Exit	Applied Materials, Inc	$0	–	-55,164	–	-0.60%	–

Q2 2014

			Value		Shares		↓ Weighting
KO	New	Coca Cola Company (1)	$7,346,000	–	173,416	–	3.53%	–
T	New	A T & T Corp (.62)	$6,089,000	–	172,192	–	2.93%	–
GE	New	General Electric (1)	$5,726,000	–	217,902	–	2.75%	–
ORCL	New	Oracle Corp (1.34)	$5,639,000	–	139,137	–	2.71%	–
COP	New	ConnocoPhillips Energy (.70)	$5,101,000	–	59,505	–	2.45%	–
MDLZ	New	Mondelez International Inc.	$5,025,000	–	133,620	–	2.42%	–
TSS	New	Total Systems (.97)	$4,647,000	–	147,933	–	2.24%	–
DD	New	DuPont de Nemours, Inc. (1.15)	$4,601,000	–	70,315	–	2.21%	–
MSFT	New	Microsoft (1.19)	$4,384,000	–	105,123	–	2.11%	–
MRK	New	Merck Drug Company (.99)	$4,328,000	–	74,811	–	2.08%	–
PFE	New	Pfizer, Inc. (1.04)	$4,285,000	–	144,364	–	2.06%	–
AMGN	New	Amgen (.81)	$4,282,000	–	36,176	–	2.06%	–
IBM	New	Intl Bus Mach	$4,195,000	–	23,141	–	2.02%	–
INTC	New	Intel (1.23)	$3,657,000	–	118,354	–	1.76%	–
MMM	New	3M Company (.94)	$3,567,000	–	24,899	–	1.72%	–
XOM	New	Exxon Mobil (.66)	$3,525,000	–	35,016	–	1.70%	–
STJ	New	St. Jude Medical (1.08)	$3,422,000	–	49,415	–	1.65%	–
CSCO	New	Cisco Systems (1.25)	$3,290,000	–	132,405	–	1.58%	–
DUK	New	Duke Energy (.48)	$3,108,000	–	41,888	–	1.50%	–
VZ	New	Verizon Communication (.70)	$2,996,000	–	61,232	–	1.44%	–
PPG	New	PPG Industries (.90)	$2,922,000	–	13,905	–	1.41%	–
CVX	New	Chevron Texaco (.53)	$2,882,000	–	22,076	–	1.39%	–
LLY	New	Eli Lilly	$2,859,000	–	45,993	–	1.38%	–
PG	New	Proctor & Gamble (.59)	$2,854,000	–	36,312	–	1.37%	–
KRFT	New	Kraft Foods Group, Inc.	$2,781,000	–	46,383	–	1.34%	–
RTN	New	Raytheon Corp (1.0)	$2,550,000	–	27,638	–	1.23%	–
HD	New	Home Depot (1.28)	$2,534,000	–	31,303	–	1.22%	–
INTU	New	Intuit (1.22)	$2,399,000	–	29,796	–	1.15%	–
BMY	New	Bristol Myers Squibb (1.02)	$2,397,000	–	49,417	–	1.15%	–
JNJ	New	John & John	$2,348,000	–	22,447	–	1.13%	–
PSPXF	New	Phillips 66 Corp	$2,344,000	–	29,146	–	1.13%	–
ED	New	Con Edison, Inc. (.67)	$2,310,000	–	40,004	–	1.11%	–
NOC	New	Northrop Grunman Corp	$2,221,000	–	18,568	–	1.07%	–
GD	New	General Dynamics Corp	$1,966,000	–	16,870	–	0.95%	–
DIS	New	Walt Disney (.92)	$1,832,000	–	21,372	–	0.88%	–
PEP	New	Pepsico (.75)	$1,694,000	–	18,958	–	0.82%	–
AXP	New	American Express Co. (1.32)	$1,667,000	–	17,568	–	0.80%	–
IR	New	Ingersoll-Rand (1.26)	$1,663,000	–	26,600	–	0.80%	–
MDT	New	Medtronic Inc	$1,603,000	–	25,143	–	0.77%	–
AVP	New	Avon Products	$1,599,000	–	109,461	–	0.77%	–
ADSK	New	Autodesk Inc (.78)	$1,578,000	–	27,980	–	0.76%	–
WY	New	Weyerhaeuser Co.	$1,557,000	–	47,047	–	0.75%	–
DTE	New	DTE Enterprise (.58)	$1,531,000	–	19,658	–	0.74%	–
FB	New	Facebook, Inc	$1,497,000	–	22,250	–	0.72%	–
	New	Eaton Corp	$1,492,000	–	19,325	–	0.72%	–
ABBV	New	Abbvie, Inc	$1,478,000	–	26,186	–	0.71%	–
VFC	New	VF Corp (.90)	$1,476,000	–	23,432	–	0.71%	–
HSY	New	Hershey, Inc. (.65)	$1,473,000	–	15,125	–	0.71%	–
ADI	New	Analog Devices	$1,449,000	–	26,790	–	0.70%	–
TR	New	Tootsie Roll Inc.(R2) (.77)	$1,433,000	–	48,669	–	0.69%	–
SYK	New	Stryker Corp	$1,423,000	–	16,875	–	0.68%	–
STI	New	SunTrust Banks (1.11)	$1,363,000	–	34,036	–	0.66%	–
BMS	New	Bemis Corp (1.25)	$1,357,000	–	33,380	–	0.65%	–
GAS	New	AGL Resources	$1,349,000	–	24,507	–	0.65%	–
ADP	New	Automatic Data Processing (1.1	$1,339,000	–	16,883	–	0.64%	–
PKE	New	Park Electrochemical Corp (.86	$1,336,000	–	47,373	–	0.64%	–
IFF	New	Intl Flavors and Fragrences (.	$1,330,000	–	12,750	–	0.64%	–
HON	New	Honeywell, Inc. (1.3)	$1,312,000	–	14,113	–	0.63%	–
GXP	New	Great Plains Energy Inc (.77)	$1,309,000	–	48,699	–	0.63%	–
BAC	New	Bankamerica Corp	$1,290,000	–	83,933	–	0.62%	–
SO	New	Southern Company Inc. (.58)	$1,247,000	–	27,474	–	0.60%	–
AMAT	New	Applied Materials, Inc	$1,244,000	–	55,164	–	0.60%	–
ABT	New	Abbott Labs (.95)	$1,204,000	–	29,426	–	0.58%	–
NWL	New	Newell Rubbermaid,Inc. (.87)	$1,106,000	–	35,675	–	0.53%	–
PAYX	New	Paychex	$1,101,000	–	26,490	–	0.53%	–
CAH	New	Cardinal Health Systems, Inc.	$1,102,000	–	16,077	–	0.53%	–
P105PS	New	Integry Energy Group, Inc (.92	$1,072,000	–	15,078	–	0.52%	–
EMR	New	Emerson Electric (.76)	$1,048,000	–	15,794	–	0.50%	–
CAT	New	Caterpillar, Inc.	$1,017,000	–	9,356	–	0.49%	–
HCISQ	New	Huntington Ingalls Industries	$1,012,000	–	10,694	–	0.49%	–
SWK	New	Stanley Black & Decker (1.05)	$984,000	–	11,200	–	0.47%	–
DE	New	Deere & Co (1)	$953,000	–	10,525	–	0.46%	–
UIL	New	UIL Holding Corp. (1.07)	$937,000	–	24,208	–	0.45%	–
VAL	New	Valspar	$937,000	–	12,300	–	0.45%	–
RRD	New	R. R. Donnelley (.77)	$911,000	–	53,710	–	0.44%	–
CMA	New	Comerica Inc (1.147)	$883,000	–	17,600	–	0.42%	–
SNA	New	Snap On Tools (.82)	$834,000	–	7,034	–	0.40%	–
LUMN	New	Centurylink, Inc.	$828,000	–	22,879	–	0.40%	–
CSX	New	CSX	$824,000	–	26,759	–	0.40%	–
AAPL	New	Apple Computer	$814,000	–	8,755	–	0.39%	–
ADM	New	Archer Daniel Midland (.64)	$762,000	–	17,269	–	0.37%	–
PM	New	Phillip Morris International	$760,000	–	9,017	–	0.37%	–
UTX	New	United Technology	$731,000	–	6,328	–	0.35%	–
KMB	New	Kimberly Clark	$716,000	–	6,442	–	0.34%	–
JCI	New	Johnson Control Inc. (.92)	$700,000	–	14,025	–	0.34%	–
FNF	New	Fidelity Natl Financial (FNF G	$694,000	–	21,183	–	0.33%	–
SHW	New	Sherwin Williams Co. Ohio (.91	$683,000	–	3,300	–	0.33%	–
AEE	New	Ameren Corp (.56)	$675,000	–	16,500	–	0.32%	–
MAS	New	Masco Corp (.91)	$635,000	–	28,590	–	0.30%	–
BBT	New	BB&T Corporation	$626,000	–	15,869	–	0.30%	–
	New	Invesco Tax Free Intermediatemut	$608,000	–	52,316	–	0.29%	–
PNR	New	Pentair Inc/PLC	$580,000	–	8,044	–	0.28%	–
UVV	New	Universal Corp/VA (.88) (R2)	$561,000	–	10,140	–	0.27%	–
USB	New	U. S. Bancorp	$541,000	–	12,491	–	0.26%	–
WMT	New	Wal-Mart Stores (1.03)	$541,000	–	7,203	–	0.26%	–
AGN	New	Allergan, Inc. (1.57)	$533,000	–	3,150	–	0.26%	–
	New	Allegion PLC	$481,000	–	8,479	–	0.23%	–
NSC	New	Norfolk & Southern	$469,000	–	4,550	–	0.23%	–
TAP	New	Molson Coors	$467,000	–	6,303	–	0.22%	–
WAG	New	Walgreen Drugs	$458,000	–	6,184	–	0.22%	–
HUBB	New	Hubbell Inc. Cl B (.63)	$455,000	–	3,696	–	0.22%	–
DGX	New	Quest Dianostics (1.0)	$443,000	–	7,550	–	0.21%	–
OGE	New	Oklahoma Gas & Electric	$422,000	–	10,800	–	0.20%	–
GCI	New	Gannett Co (.90)	$414,000	–	13,235	–	0.20%	–
SNV	New	Synovus Financial Corp.	$414,000	–	16,963	–	0.20%	–
IP	New	Intl Paper Co (.68)	$411,000	–	8,151	–	0.20%	–
KEY	New	Key Corp (.88)	$402,000	–	28,050	–	0.19%	–
CAG	New	ConAgra	$397,000	–	13,390	–	0.19%	–
WFC	New	Wells Fargo & Company	$379,000	–	7,213	–	0.18%	–
FTR	New	Frontier Communication	$376,000	–	64,422	–	0.18%	–
RF	New	Regions Financial	$368,000	–	34,685	–	0.18%	–
THC	New	Tenet Healthcare Corp (.58)	$362,000	–	7,710	–	0.17%	–
LG	New	Laclede Group Inc. New (.66)	$359,000	–	7,400	–	0.17%	–
PNC	New	PNC Finl Services Gp Inc.	$360,000	–	4,048	–	0.17%	–
BRKB	New	Berkshire Hathaway	$351,000	–	2,770	–	0.17%	–
NSRGY	New	Nestle SA - Spons Adr For Reg	$340,000	–	4,375	–	0.16%	–
FLS	New	Flowserve Corp	$335,000	–	4,500	–	0.16%	–
TFX	New	Teleflex Inc	$327,000	–	3,100	–	0.16%	–
WHR	New	Whirlpool Corp (1.12)	$320,000	–	2,300	–	0.15%	–
SEE	New	Sealed Air Corp	$317,000	–	9,275	–	0.15%	–
GIS	New	General Mills	$315,000	–	5,986	–	0.15%	–
	New	Pepco Holdings (.48)	$309,000	–	11,251	–	0.15%	–
CPB	New	Campbell Soup Company	$305,000	–	6,650	–	0.15%	–
JPM	New	J. P. Morgan Chase (1.14)	$295,000	–	5,112	–	0.14%	–
FIS	New	Fidelity National Info Service	$294,000	–	5,368	–	0.14%	–
SE	New	Spectra Energy	$281,000	–	6,617	–	0.14%	–
SCG	New	SCANA (.63)	$279,000	–	5,185	–	0.13%	–
AFL	New	AFLAC Inc.	$274,000	–	4,400	–	0.13%	–
FLO	New	Flowers Foods, Inc.	$241,000	–	11,446	–	0.12%	–
GOOGL	New	Google, Inc. Cl A	$236,000	–	403	–	0.11%	–
NWN	New	Northwest Natural Gas	$235,000	–	4,975	–	0.11%	–
GOOG	New	Google, Inc. Cl. C	$232,000	–	403	–	0.11%	–
	New	Mutual Shares - Zmut	$228,000	–	7,462	–	0.11%	–
THVB	New	Thomasville Bancshares	$223,000	–	5,500	–	0.11%	–
FPL	New	Nextera Energy (formerly FPL G	$217,000	–	2,116	–	0.10%	–
BBVA	New	Banco Bilbao Vizcaya Argentari	$168,000	–	13,152	–	0.08%	–
SCSG	New	SouthCrest Financial Group Inc	$147,000	–	28,000	–	0.07%	–
	New	Vanguard Inflation Protectionmut	$145,000	–	10,653	–	0.07%	–
LEE	New	Lee Enterprises (.71)	$145,000	–	32,630	–	0.07%	–
JRS	New	Nuveen Real Estate Fund	$136,000	–	12,200	–	0.06%	–
SEBC	New	Southeastern Banking Corp	$97,000	–	13,396	–	0.05%	–
	New	Glencore Xstrata PLC	$95,000	–	17,000	–	0.05%	–
MNI	New	McClatchy Newspapers, Inc. (.8	$70,000	–	12,632	–	0.03%	–
4305PS	New	Alcatel Lucent (1.24)	$40,000	–	11,289	–	0.02%	–
OREX	New	Orex Minerals Inc.	$34,000	–	100,000	–	0.02%	–
IJJPD	New	IJJ Corp New	$3,000	–	4,500,000	–	0.00%	–
NEOM	New	Neomedia Tech Inc	$3,000	–	1,580,000	–	0.00%	–
NORX	New	Norstra Energy, Inc.	$1,000	–	10,000	–	0.00%	–
NCTI	New	NCT Group Inc	$0	–	35,000	–	0.00%	–
MOBL	New	MobilePro Corp New	$0	–	780,000	–	0.00%	–
	New	Sui Fung Ceramics Ordinary	$0	–	34,375	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
IJJPD	Exit	IJJ Corp New	$0	–	-4,500,000	–	0.00%	–
MOBL	Exit	MobilePro Corp New	$0	–	-780,000	–	0.00%	–
NCTI	Exit	NCT Group Inc	$0	–	-35,000	–	0.00%	–
IXMD	Exit	Intelimax Media, Inc.	$0	–	-20,000	–	-0.00%	–
NEOM	Exit	Neomedia Tech Inc	$0	–	-1,580,000	–	-0.00%	–
NORX	Exit	Norstra Energy, Inc.	$0	–	-10,000	–	-0.00%	–
MNI	Exit	McClatchy Newspapers, Inc. (.8	$0	–	-12,632	–	-0.02%	–
4305PS	Exit	Alcatel Lucent (1.24)	$0	–	-12,428	–	-0.02%	–
LEE	Exit	Lee Enterprises (.71)	$0	–	-32,630	–	-0.05%	–
NMA	Exit	Nuveen Muni Advantage Fund CE	$0	–	-10,000	–	-0.07%	–
JRS	Exit	Nuveen Real Estate Fund	$0	–	-12,200	–	-0.07%	–
NQI	Exit	Nuveen Insd Quality Muni Fd	$0	–	-12,000	–	-0.08%	–
WFC	Exit	Wells Fargo & Company	$0	–	-5,075	–	-0.12%	–
	Exit	Pepco Holdings (.48)	$0	–	-11,773	–	-0.12%	–
TUP	Exit	Tupperware, Inc	$0	–	-2,550	–	-0.13%	–
SEE	Exit	Sealed Air Corp	$0	–	-8,775	–	-0.14%	–
SCG	Exit	SCANA (.63)	$0	–	-5,251	–	-0.14%	–
FLO	Exit	Flowers Foods, Inc.	$0	–	-11,446	–	-0.14%	–
JPM	Exit	J. P. Morgan Chase (1.14)	$0	–	-4,811	–	-0.14%	–
FIS	Exit	Fidelity National Info Service	$0	–	-5,368	–	-0.14%	–
CPB	Exit	Campbell Soup Company	$0	–	-6,650	–	-0.16%	–
TFX	Exit	Teleflex Inc	$0	–	-3,300	–	-0.16%	–
FTR	Exit	Frontier Communication	$0	–	-65,440	–	-0.16%	–
TR	Exit	Tootsie Roll Inc.(R2) (.77)	$0	–	-8,916	–	-0.16%	–
FLS	Exit	Flowserve Corp	$0	–	-4,500	–	-0.16%	–
AGN	Exit	Allergan, Inc. (1.57)	$0	–	-3,200	–	-0.17%	–
BBVA	Exit	Banco Bilbao Vizcaya Argentari	$0	–	-26,152	–	-0.17%	–
NSRGY	Exit	Nestle SA - Spons Adr For Reg	$0	–	-4,225	–	-0.17%	–
PNC	Exit	PNC Finl Services Gp Inc.	$0	–	-4,067	–	-0.17%	–
GIS	Exit	General Mills	$0	–	-6,586	–	-0.18%	–
TAP	Exit	Molson Coors	$0	–	-6,353	–	-0.18%	–
GCI	Exit	Gannett Co (.90)	$0	–	-11,935	–	-0.18%	–
RF	Exit	Regions Financial	$0	–	-35,216	–	-0.19%	–
KEY	Exit	Key Corp (.88)	$0	–	-28,900	–	-0.19%	–
AVP	Exit	Avon Products	$0	–	-16,059	–	-0.19%	–
THC	Exit	Tenet Healthcare Corp (.58)	$0	–	-8,172	–	-0.19%	–
WAG	Exit	Walgreen Drugs	$0	–	-6,315	–	-0.20%	–
NSC	Exit	Norfolk & Southern	$0	–	-4,550	–	-0.20%	–
GOOGL	Exit	Google, Inc. Cl A	$0	–	-403	–	-0.20%	–
IP	Exit	Intl Paper Co (.68)	$0	–	-8,176	–	-0.21%	–
LG	Exit	Laclede Group Inc. New (.66)	$0	–	-8,700	–	-0.22%	–
CAG	Exit	ConAgra	$0	–	-12,890	–	-0.22%	–
SNV	Exit	Synovus Financial Corp.	$0	–	-121,040	–	-0.23%	–
OGE	Exit	Oklahoma Gas & Electric	$0	–	-11,300	–	-0.23%	–
HUBB	Exit	Hubbell Inc. Cl B (.63)	$0	–	-4,233	–	-0.26%	–
WHR	Exit	Whirlpool Corp (1.12)	$0	–	-3,050	–	-0.26%	–
USB	Exit	U. S. Bancorp	$0	–	-12,782	–	-0.27%	–
AFL	Exit	AFLAC Inc.	$0	–	-7,668	–	-0.27%	–
BBT	Exit	BB&T Corporation	$0	–	-14,706	–	-0.28%	–
UVV	Exit	Universal Corp/VA (.88) (R2)	$0	–	-10,458	–	-0.31%	–
FNF	Exit	Fidelity Natl Financial Corp	$0	–	-20,321	–	-0.31%	–
WMT	Exit	Wal-Mart Stores (1.03)	$0	–	-7,503	–	-0.32%	–
	Exit	Pentair Inc/LTD	$0	–	-8,544	–	-0.32%	–
ADM	Exit	Archer Daniel Midland (.64)	$0	–	-15,803	–	-0.33%	–
AAPL	Exit	Apple Computer	$0	–	-1,226	–	-0.34%	–
AEE	Exit	Ameren Corp (.56)	$0	–	-17,000	–	-0.34%	–
DGX	Exit	Quest Dianostics (1.0)	$0	–	-9,800	–	-0.35%	–
KMB	Exit	Kimberly Clark	$0	–	-6,780	–	-0.37%	–
JCI	Exit	Johnson Control Inc. (.92)	$0	–	-16,325	–	-0.39%	–
CSX	Exit	CSX	$0	–	-26,257	–	-0.39%	–
MAS	Exit	Masco Corp (.91)	$0	–	-32,280	–	-0.40%	–
UTX	Exit	United Technology	$0	–	-6,412	–	-0.40%	–
SHW	Exit	Sherwin Williams Co. Ohio (.91	$0	–	-3,800	–	-0.40%	–
CAT	Exit	Caterpillar, Inc.	$0	–	-8,306	–	-0.40%	–
CMA	Exit	Comerica Inc (1.147)	$0	–	-17,744	–	-0.40%	–
LUMN	Exit	Centurylink, Inc.	$0	–	-22,512	–	-0.41%	–
SNA	Exit	Snap On Tools (.82)	$0	–	-7,434	–	-0.42%	–
HCISQ	Exit	Huntington Ingalls Industries	$0	–	-11,860	–	-0.46%	–
PM	Exit	Phillip Morris International	$0	–	-9,367	–	-0.47%	–
SO	Exit	Southern Company Inc. (.58)	$0	–	-19,695	–	-0.47%	–
VAL	Exit	Valspar	$0	–	-12,955	–	-0.47%	–
DE	Exit	Deere & Co (1)	$0	–	-10,100	–	-0.47%	–
P105PS	Exit	Integry Energy Group, Inc (.92	$0	–	-15,325	–	-0.49%	–
RRD	Exit	R. R. Donnelley (.77)	$0	–	-55,160	–	-0.50%	–
ABT	Exit	Abbott Labs (.95)	$0	–	-27,719	–	-0.53%	–
BAC	Exit	Bankamerica Corp	$0	–	-67,111	–	-0.53%	–
CAH	Exit	Cardinal Health Systems, Inc.	$0	–	-18,327	–	-0.55%	–
UIL	Exit	UIL Holding Corp. (1.07)	$0	–	-26,205	–	-0.56%	–
EMR	Exit	Emerson Electric (.76)	$0	–	-15,394	–	-0.57%	–
SWK	Exit	Stanley Black & Decker (1.05)	$0	–	-11,300	–	-0.59%	–
AMAT	Exit	Applied Materials, Inc	$0	–	-59,687	–	-0.60%	–
IFF	Exit	Intl Flavors and Fragrences (.	$0	–	-12,750	–	-0.60%	–
GXP	Exit	Great Plains Energy Inc (.77)	$0	–	-50,087	–	-0.64%	–
FB	Exit	Facebook, Inc	$0	–	-22,250	–	-0.64%	–
NWL	Exit	Newell Rubbermaid,Inc. (.87)	$0	–	-40,725	–	-0.64%	–
SYK	Exit	Stryker Corp	$0	–	-16,625	–	-0.65%	–
GAS	Exit	AGL Resources	$0	–	-24,567	–	-0.65%	–
PAYX	Exit	Paychex	$0	–	-28,037	–	-0.66%	–
ABBV	Exit	Abbvie, Inc	$0	–	-26,061	–	-0.67%	–
HON	Exit	Honeywell, Inc. (1.3)	$0	–	-14,236	–	-0.68%	–
ADSK	Exit	Autodesk Inc (.78)	$0	–	-28,805	–	-0.68%	–
	Exit	Dell Computer Corp (.93)	$0	–	-88,532	–	-0.70%	–
ADP	Exit	Automatic Data Processing (1.1	$0	–	-17,115	–	-0.71%	–
MDT	Exit	Medtronic Inc	$0	–	-23,566	–	-0.72%	–
ADI	Exit	Analog Devices	$0	–	-27,313	–	-0.74%	–
WY	Exit	Weyerhaeuser Co.	$0	–	-45,258	–	-0.74%	–
PKE	Exit	Park Electrochemical Corp (.86	$0	–	-45,277	–	-0.74%	–
BMS	Exit	Bemis Corp (1.25)	$0	–	-33,380	–	-0.75%	–
AXP	Exit	American Express Co. (1.32)	$0	–	-17,672	–	-0.77%	–
DTE	Exit	DTE Enterprise (.58)	$0	–	-20,358	–	-0.77%	–
IBM	Exit	Intl Bus Mach	$0	–	-7,306	–	-0.78%	–
VFC	Exit	VF Corp (.90)	$0	–	-7,008	–	-0.80%	–
GD	Exit	General Dynamics Corp	$0	–	-16,800	–	-0.84%	–
DIS	Exit	Walt Disney (.92)	$0	–	-23,127	–	-0.86%	–
PEP	Exit	Pepsico (.75)	$0	–	-18,904	–	-0.86%	–
CSCO	Exit	Cisco Systems (1.25)	$0	–	-64,528	–	-0.87%	–
HSY	Exit	Hershey, Inc. (.65)	$0	–	-17,475	–	-0.93%	–
PSPXF	Exit	Phillips 66 Corp	$0	–	-29,502	–	-0.98%	–
IR	Exit	Ingersoll-Rand (1.26)	$0	–	-27,350	–	-1.02%	–
	Exit	Eaton Corp	$0	–	-25,850	–	-1.02%	–
NOC	Exit	Northrop Grunman Corp	$0	–	-18,693	–	-1.02%	–
INTU	Exit	Intuit (1.22)	$0	–	-30,115	–	-1.15%	–
JNJ	Exit	John & John	$0	–	-23,377	–	-1.16%	–
RTN	Exit	Raytheon Corp (1.0)	$0	–	-28,566	–	-1.27%	–
LLY	Exit	Eli Lilly	$0	–	-44,496	–	-1.29%	–
ED	Exit	Con Edison, Inc. (.67)	$0	–	-41,597	–	-1.32%	–
PG	Exit	Proctor & Gamble (.59)	$0	–	-31,130	–	-1.35%	–
BMY	Exit	Bristol Myers Squibb (1.02)	$0	–	-51,547	–	-1.37%	–
KRFT	Exit	Kraft Foods Group, Inc.	$0	–	-45,927	–	-1.38%	–
INTC	Exit	Intel (1.23)	$0	–	-114,497	–	-1.51%	–
PPG	Exit	PPG Industries (.90)	$0	–	-15,730	–	-1.51%	–
STJ	Exit	St. Jude Medical (1.08)	$0	–	-49,231	–	-1.52%	–
CVX	Exit	Chevron Texaco (.53)	$0	–	-22,135	–	-1.54%	–
DUK	Exit	Duke Energy (.48)	$0	–	-40,819	–	-1.57%	–
VZ	Exit	Verizon Communication (.70)	$0	–	-59,352	–	-1.59%	–
HD	Exit	Home Depot (1.28)	$0	–	-36,657	–	-1.60%	–
XOM	Exit	Exxon Mobil (.66)	$0	–	-33,640	–	-1.66%	–
MMM	Exit	3M Company (.94)	$0	–	-25,291	–	-1.74%	–
MSFT	Exit	Microsoft (1.19)	$0	–	-104,686	–	-2.00%	–
MRK	Exit	Merck Drug Company (.99)	$0	–	-75,315	–	-2.06%	–
COP	Exit	ConnocoPhillips Energy (.70)	$0	–	-58,646	–	-2.34%	–
PFE	Exit	Pfizer, Inc. (1.04)	$0	–	-146,362	–	-2.42%	–
MDLZ	Exit	Mondelez International Inc.	$0	–	-133,863	–	-2.42%	–
DD	Exit	DuPont de Nemours, Inc. (1.15)	$0	–	-72,215	–	-2.43%	–
AMGN	Exit	Amgen (.81)	$0	–	-38,404	–	-2.47%	–
ORCL	Exit	Oracle Corp (1.34)	$0	–	-145,969	–	-2.78%	–
GE	Exit	General Electric (1)	$0	–	-208,932	–	-2.87%	–
T	Exit	A T & T Corp (.62)	$0	–	-151,574	–	-2.95%	–
TSS	Exit	Total Systems (.97)	$0	–	-181,480	–	-3.07%	–
KO	Exit	Coca Cola Company (1)	$0	–	-157,922	–	-3.44%	–

Q3 2013

			Value		Shares		↓ Weighting
KO	Sell	Coca Cola Company (1)	$5,982,000	-6.0%	157,922	-0.5%	3.44%	-9.1%
TSS	Sell	Total Systems (.97)	$5,339,000	-7.0%	181,480	-22.6%	3.07%	-10.1%
T	Buy	A T & T Corp (.62)	$5,126,000	-3.8%	151,574	+0.7%	2.95%	-6.9%
GE	Buy	General Electric (1)	$4,991,000	+5.2%	208,932	+2.1%	2.87%	+1.7%
ORCL	Sell	Oracle Corp (1.34)	$4,842,000	+7.6%	145,969	-0.3%	2.78%	+4.1%
AMGN	Buy	Amgen (.81)	$4,298,000	+13.7%	38,404	+0.3%	2.47%	+10.0%
DD	Sell	DuPont de Nemours, Inc. (1.15)	$4,229,000	+11.3%	72,215	-0.2%	2.43%	+7.6%
MDLZ	Sell	Mondelez International Inc.	$4,206,000	+9.4%	133,863	-0.7%	2.42%	+5.7%
PFE	Buy	Pfizer, Inc. (1.04)	$4,204,000	+2.7%	146,362	+0.1%	2.42%	-0.7%
COP	Sell	ConnocoPhillips Energy (.70)	$4,076,000	+14.4%	58,646	-0.4%	2.34%	+10.6%
MRK	Sell	Merck Drug Company (.99)	$3,586,000	-0.7%	75,315	-3.2%	2.06%	-4.0%
MSFT	Sell	Microsoft (1.19)	$3,484,000	-3.8%	104,686	-0.1%	2.00%	-7.0%
MMM	Sell	3M Company (.94)	$3,020,000	+8.0%	25,291	-1.1%	1.74%	+4.5%
XOM	Buy	Exxon Mobil (.66)	$2,894,000	-4.6%	33,640	+0.2%	1.66%	-7.8%
HD	Sell	Home Depot (1.28)	$2,780,000	-2.8%	36,657	-0.7%	1.60%	-5.9%
VZ	Buy	Verizon Communication (.70)	$2,770,000	-5.8%	59,352	+1.6%	1.59%	-8.9%
DUK	Sell	Duke Energy (.48)	$2,726,000	-1.2%	40,819	-0.1%	1.57%	-4.4%
CVX	Sell	Chevron Texaco (.53)	$2,689,000	+0.4%	22,135	-2.2%	1.54%	-3.0%
STJ	Sell	St. Jude Medical (1.08)	$2,641,000	+16.8%	49,231	-0.7%	1.52%	+12.9%
PPG	Sell	PPG Industries (.90)	$2,628,000	+10.7%	15,730	-2.9%	1.51%	+7.1%
INTC	Sell	Intel (1.23)	$2,624,000	-9.7%	114,497	-4.5%	1.51%	-12.7%
KRFT	Sell	Kraft Foods Group, Inc.	$2,410,000	-6.8%	45,927	-0.8%	1.38%	-9.8%
BMY	Buy	Bristol Myers Squibb (1.02)	$2,386,000	+5.1%	51,547	+1.5%	1.37%	+1.6%
PG	Sell	Proctor & Gamble (.59)	$2,353,000	-4.3%	31,130	-2.6%	1.35%	-7.5%
ED	Sell	Con Edison, Inc. (.67)	$2,294,000	-5.6%	41,597	-0.2%	1.32%	-8.7%
LLY	Buy	Eli Lilly	$2,239,000	+3.7%	44,496	+1.2%	1.29%	+0.2%
RTN	Sell	Raytheon Corp (1.0)	$2,202,000	+16.3%	28,566	-0.3%	1.27%	+12.4%
JNJ	Buy	John & John	$2,027,000	+5.4%	23,377	+4.4%	1.16%	+1.9%
INTU	Buy	Intuit (1.22)	$1,997,000	+8.7%	30,115	+0.0%	1.15%	+5.1%
NOC	Sell	Northrop Grunman Corp	$1,781,000	+14.9%	18,693	-0.1%	1.02%	+11.2%
	Sell	Eaton Corp	$1,780,000	+3.0%	25,850	-1.5%	1.02%	-0.4%
IR	Buy	Ingersoll-Rand (1.26)	$1,776,000	+18.7%	27,350	+1.5%	1.02%	+14.8%
PSPXF	Sell	Phillips 66 Corp	$1,706,000	-2.3%	29,502	-0.5%	0.98%	-5.6%
HSY	Sell	Hershey, Inc. (.65)	$1,616,000	+2.7%	17,475	-0.9%	0.93%	-0.6%
CSCO	Buy	Cisco Systems (1.25)	$1,512,000	-0.7%	64,528	+3.1%	0.87%	-4.0%
PEP	Sell	Pepsico (.75)	$1,503,000	-7.8%	18,904	-5.2%	0.86%	-10.8%
DIS	Sell	Walt Disney (.92)	$1,491,000	-2.9%	23,127	-4.9%	0.86%	-6.0%
VFC	Buy	VF Corp (.90)	$1,395,000	+3.9%	7,008	+0.7%	0.80%	+0.5%
IBM	Sell	Intl Bus Mach	$1,353,000	-4.4%	7,306	-1.4%	0.78%	-7.5%
DTE	Buy	DTE Enterprise (.58)	$1,343,000	-0.8%	20,358	+0.7%	0.77%	-4.1%
AXP	Buy	American Express Co. (1.32)	$1,335,000	+1.1%	17,672	+0.0%	0.77%	-2.3%
WY	Buy	Weyerhaeuser Co.	$1,296,000	+0.5%	45,258	+0.0%	0.74%	-2.7%
PKE	Buy	Park Electrochemical Corp (.86	$1,297,000	+20.4%	45,277	+0.9%	0.74%	+16.4%
ADI	Sell	Analog Devices	$1,285,000	+3.1%	27,313	-1.2%	0.74%	-0.3%
MDT	Buy	Medtronic Inc	$1,255,000	+5.4%	23,566	+1.8%	0.72%	+1.8%
ADP	Sell	Automatic Data Processing (1.1	$1,239,000	-13.2%	17,115	-17.5%	0.71%	-16.1%
	Sell	Dell Computer Corp (.93)	$1,217,000	+0.2%	88,532	-2.9%	0.70%	-3.2%
ADSK	Sell	Autodesk Inc (.78)	$1,186,000	+19.8%	28,805	-1.2%	0.68%	+16.0%
ABBV	Buy	Abbvie, Inc	$1,166,000	+9.8%	26,061	+1.5%	0.67%	+6.2%
PAYX	Sell	Paychex	$1,139,000	+11.1%	28,037	-0.2%	0.66%	+7.6%
GAS	Buy	AGL Resources	$1,131,000	+10.0%	24,567	+2.4%	0.65%	+6.4%
NWL	Sell	Newell Rubbermaid,Inc. (.87)	$1,120,000	+3.7%	40,725	-1.0%	0.64%	+0.3%
GXP	Sell	Great Plains Energy Inc (.77)	$1,112,000	-2.1%	50,087	-0.6%	0.64%	-5.3%
AMAT	Sell	Applied Materials, Inc	$1,046,000	+16.5%	59,687	-0.8%	0.60%	+12.5%
UIL	Buy	UIL Holding Corp. (1.07)	$974,000	-0.4%	26,205	+2.5%	0.56%	-3.6%
BAC	Buy	Bankamerica Corp	$926,000	+27.4%	67,111	+18.7%	0.53%	+23.1%
ABT	Buy	Abbott Labs (.95)	$920,000	+3.8%	27,719	+9.2%	0.53%	+0.4%
RRD	Sell	R. R. Donnelley (.77)	$870,000	+11.8%	55,160	-0.7%	0.50%	+8.2%
P105PS	Buy	Integry Energy Group, Inc (.92	$857,000	-3.9%	15,325	+0.5%	0.49%	-7.0%
DE	Buy	Deere & Co (1)	$822,000	+1.2%	10,100	+1.0%	0.47%	-2.3%
VAL	Sell	Valspar	$822,000	-3.0%	12,955	-1.1%	0.47%	-6.2%
PM	Buy	Phillip Morris International	$811,000	0.0%	9,367	+0.1%	0.47%	-3.3%
SO	Buy	Southern Company Inc. (.58)	$811,000	-3.0%	19,695	+4.0%	0.47%	-6.2%
SNA	Sell	Snap On Tools (.82)	$740,000	+10.6%	7,434	-0.7%	0.42%	+6.8%
LUMN	Buy	Centurylink, Inc.	$706,000	-7.6%	22,512	+4.2%	0.41%	-10.6%
CAT	Buy	Caterpillar, Inc.	$693,000	+6.9%	8,306	+5.7%	0.40%	+3.4%
UTX	Sell	United Technology	$691,000	+14.6%	6,412	-1.2%	0.40%	+10.9%
MAS	Sell	Masco Corp (.91)	$687,000	+5.5%	32,280	-3.3%	0.40%	+2.1%
CSX	Buy	CSX	$676,000	+13.4%	26,257	+2.2%	0.39%	+9.9%
KMB	Sell	Kimberly Clark	$639,000	-8.7%	6,780	-5.9%	0.37%	-11.8%
AEE	Sell	Ameren Corp (.56)	$592,000	+0.9%	17,000	-0.3%	0.34%	-2.6%
AAPL	Buy	Apple Computer	$585,000	+51.2%	1,226	+25.6%	0.34%	+46.1%
ADM	Buy	Archer Daniel Midland (.64)	$582,000	+10.0%	15,803	+1.4%	0.33%	+6.4%
WMT	Sell	Wal-Mart Stores (1.03)	$555,000	-1.1%	7,503	-0.3%	0.32%	-4.2%
	Sell	Pentair Inc/LTD	$555,000	-1.8%	8,544	-12.8%	0.32%	-5.1%
FNF	Sell	Fidelity Natl Financial Corp	$541,000	+7.6%	20,321	-3.9%	0.31%	+4.0%
UVV	Buy	Universal Corp/VA (.88) (R2)	$533,000	-11.8%	10,458	+0.1%	0.31%	-14.8%
BBT	Buy	BB&T Corporation	$496,000	+0.8%	14,706	+1.3%	0.28%	-2.4%
WHR	Sell	Whirlpool Corp (1.12)	$447,000	+24.2%	3,050	-3.2%	0.26%	+20.1%
HUBB	Sell	Hubbell Inc. Cl B (.63)	$443,000	+3.3%	4,233	-2.3%	0.26%	0.0%
OGE	Buy	Oklahoma Gas & Electric	$408,000	+6.0%	11,300	+100.0%	0.23%	+2.2%
CAG	Sell	ConAgra	$391,000	-14.4%	12,890	-1.5%	0.22%	-17.3%
NSC	Buy	Norfolk & Southern	$352,000	+9.0%	4,550	+2.2%	0.20%	+5.2%
WAG	Sell	Walgreen Drugs	$340,000	+21.0%	6,315	-0.8%	0.20%	+16.8%
THC	Sell	Tenet Healthcare Corp (.58)	$337,000	-12.2%	8,172	-1.8%	0.19%	-14.9%
AVP	Buy	Avon Products	$331,000	+22.1%	16,059	+24.6%	0.19%	+18.0%
KEY	Sell	Key Corp (.88)	$329,000	+2.8%	28,900	-0.2%	0.19%	-0.5%
RF	Sell	Regions Financial	$326,000	-5.2%	35,216	-2.5%	0.19%	-8.3%
TAP	Buy	Molson Coors	$318,000	+33.6%	6,353	+28.0%	0.18%	+29.8%
GIS	Buy	General Mills	$316,000	+8.6%	6,586	+10.0%	0.18%	+5.2%
PNC	Sell	PNC Finl Services Gp Inc.	$295,000	-1.0%	4,067	-0.4%	0.17%	-4.0%
BBVA	Sell	Banco Bilbao Vizcaya Argentari	$292,000	+19.2%	26,152	-10.3%	0.17%	+15.1%
TR	Buy	Tootsie Roll Inc.(R2) (.77)	$275,000	+24.4%	8,916	+27.9%	0.16%	+20.6%
FTR	Sell	Frontier Communication	$274,000	+1.9%	65,440	-1.4%	0.16%	-1.9%
JPM	Sell	J. P. Morgan Chase (1.14)	$249,000	-4.6%	4,811	-2.8%	0.14%	-7.7%
FIS	Sell	Fidelity National Info Service	$249,000	-2.7%	5,368	-10.1%	0.14%	-5.9%
TUP	Sell	Tupperware, Inc	$220,000	+2.8%	2,550	-7.3%	0.13%	-0.8%
	Buy	Pepco Holdings (.48)	$217,000	-6.5%	11,773	+2.3%	0.12%	-9.4%
WFC	Buy	Wells Fargo & Company	$210,000	+0.5%	5,075	+0.2%	0.12%	-2.4%
NQI	New	Nuveen Insd Quality Muni Fd	$148,000	–	12,000	–	0.08%	–
NMA	New	Nuveen Muni Advantage Fund CE	$125,000	–	10,000	–	0.07%	–
LEE	Sell	Lee Enterprises (.71)	$86,000	+24.6%	32,630	-3.7%	0.05%	+19.5%
MNI	Sell	McClatchy Newspapers, Inc. (.8	$38,000	+31.0%	12,632	-1.2%	0.02%	+29.4%
NORX	New	Norstra Energy, Inc.	$4,000	–	10,000	–	0.00%	–
IJJPD	New	IJJ Corp New	$0	–	4,500,000	–	0.00%	–
	Exit	Ibrands Corp	$0	–	-500,000	–	0.00%	–
IJJ	Exit	IJJ Corp New	$0	–	-4,500,000	–	0.00%	–
	Exit	D. E. Master Blenders 1753	$0	–	-22,401	–	-0.21%	–

Q2 2013

			Value		Shares		↓ Weighting
KO	New	Coca Cola Company (1)	$6,367,000	–	158,736	–	3.78%	–
TSS	New	Total Systems (.97)	$5,742,000	–	234,569	–	3.41%	–
T	New	A T & T Corp (.62)	$5,327,000	–	150,488	–	3.17%	–
GE	New	General Electric (1)	$4,744,000	–	204,565	–	2.82%	–
ORCL	New	Oracle Corp (1.34)	$4,498,000	–	146,469	–	2.67%	–
PFE	New	Pfizer, Inc. (1.04)	$4,094,000	–	146,160	–	2.43%	–
MDLZ	New	Mondelez International Inc.	$3,846,000	–	134,805	–	2.29%	–
DD	New	DuPont de Nemours, Inc. (1.15)	$3,800,000	–	72,387	–	2.26%	–
AMGN	New	Amgen (.81)	$3,779,000	–	38,304	–	2.25%	–
MSFT	New	Microsoft (1.19)	$3,621,000	–	104,823	–	2.15%	–
MRK	New	Merck Drug Company (.99)	$3,613,000	–	77,774	–	2.15%	–
COP	New	ConnocoPhillips Energy (.70)	$3,563,000	–	58,894	–	2.12%	–
XOM	New	Exxon Mobil (.66)	$3,035,000	–	33,589	–	1.80%	–
VZ	New	Verizon Communication (.70)	$2,940,000	–	58,401	–	1.75%	–
INTC	New	Intel (1.23)	$2,906,000	–	119,919	–	1.73%	–
HD	New	Home Depot (1.28)	$2,859,000	–	36,907	–	1.70%	–
MMM	New	3M Company (.94)	$2,796,000	–	25,565	–	1.66%	–
DUK	New	Duke Energy (.48)	$2,758,000	–	40,858	–	1.64%	–
CVX	New	Chevron Texaco (.53)	$2,679,000	–	22,634	–	1.59%	–
KRFT	New	Kraft Foods Group, Inc.	$2,585,000	–	46,276	–	1.54%	–
PG	New	Proctor & Gamble (.59)	$2,460,000	–	31,958	–	1.46%	–
ED	New	Con Edison, Inc. (.67)	$2,430,000	–	41,672	–	1.44%	–
PPG	New	PPG Industries (.90)	$2,373,000	–	16,205	–	1.41%	–
BMY	New	Bristol Myers Squibb (1.02)	$2,270,000	–	50,805	–	1.35%	–
STJ	New	St. Jude Medical (1.08)	$2,261,000	–	49,556	–	1.34%	–
LLY	New	Eli Lilly	$2,160,000	–	43,969	–	1.28%	–
JNJ	New	John & John	$1,923,000	–	22,395	–	1.14%	–
RTN	New	Raytheon Corp (1.0)	$1,894,000	–	28,645	–	1.13%	–
INTU	New	Intuit (1.22)	$1,838,000	–	30,114	–	1.09%	–
PSPXF	New	Phillips 66 Corp	$1,746,000	–	29,644	–	1.04%	–
	New	Eaton Corp	$1,728,000	–	26,250	–	1.03%	–
PEP	New	Pepsico (.75)	$1,631,000	–	19,940	–	0.97%	–
HSY	New	Hershey, Inc. (.65)	$1,574,000	–	17,625	–	0.94%	–
NOC	New	Northrop Grunman Corp	$1,550,000	–	18,718	–	0.92%	–
DIS	New	Walt Disney (.92)	$1,535,000	–	24,313	–	0.91%	–
CSCO	New	Cisco Systems (1.25)	$1,523,000	–	62,577	–	0.90%	–
IR	New	Ingersoll-Rand (1.26)	$1,496,000	–	26,950	–	0.89%	–
ADP	New	Automatic Data Processing (1.1	$1,428,000	–	20,737	–	0.85%	–
IBM	New	Intl Bus Mach	$1,415,000	–	7,406	–	0.84%	–
DTE	New	DTE Enterprise (.58)	$1,354,000	–	20,208	–	0.80%	–
VFC	New	VF Corp (.90)	$1,343,000	–	6,958	–	0.80%	–
AXP	New	American Express Co. (1.32)	$1,321,000	–	17,671	–	0.78%	–
GD	New	General Dynamics Corp	$1,316,000	–	16,800	–	0.78%	–
BMS	New	Bemis Corp (1.25)	$1,306,000	–	33,380	–	0.78%	–
WY	New	Weyerhaeuser Co.	$1,289,000	–	45,257	–	0.77%	–
ADI	New	Analog Devices	$1,246,000	–	27,642	–	0.74%	–
	New	Dell Computer Corp (.93)	$1,215,000	–	91,181	–	0.72%	–
MDT	New	Medtronic Inc	$1,191,000	–	23,141	–	0.71%	–
GXP	New	Great Plains Energy Inc (.77)	$1,136,000	–	50,382	–	0.68%	–
HON	New	Honeywell, Inc. (1.3)	$1,129,000	–	14,236	–	0.67%	–
NWL	New	Newell Rubbermaid,Inc. (.87)	$1,080,000	–	41,125	–	0.64%	–
PKE	New	Park Electrochemical Corp (.86	$1,077,000	–	44,876	–	0.64%	–
SYK	New	Stryker Corp	$1,075,000	–	16,625	–	0.64%	–
ABBV	New	Abbie, Inc	$1,062,000	–	25,686	–	0.63%	–
GAS	New	AGL Resources	$1,028,000	–	23,982	–	0.61%	–
PAYX	New	Paychex	$1,025,000	–	28,086	–	0.61%	–
ADSK	New	Autodesk Inc (.78)	$990,000	–	29,155	–	0.59%	–
UIL	New	UIL Holding Corp. (1.07)	$978,000	–	25,578	–	0.58%	–
IFF	New	Intl Flavors and Fragrences (.	$958,000	–	12,750	–	0.57%	–
AMAT	New	Applied Materials, Inc	$898,000	–	60,186	–	0.53%	–
P105PS	New	Integry Energy Group, Inc (.92	$892,000	–	15,243	–	0.53%	–
ABT	New	Abbott Labs (.95)	$886,000	–	25,392	–	0.53%	–
SWK	New	Stanley Black & Decker (1.05)	$873,000	–	11,300	–	0.52%	–
CAH	New	Cardinal Health Systems, Inc.	$865,000	–	18,327	–	0.51%	–
VAL	New	Valspar	$847,000	–	13,105	–	0.50%	–
EMR	New	Emerson Electric (.76)	$840,000	–	15,394	–	0.50%	–
SO	New	Southern Company Inc. (.58)	$836,000	–	18,944	–	0.50%	–
DE	New	Deere & Co (1)	$812,000	–	10,000	–	0.48%	–
PM	New	Phillip Morris International	$811,000	–	9,357	–	0.48%	–
RRD	New	R. R. Donnelley (.77)	$778,000	–	55,560	–	0.46%	–
LUMN	New	Centurylink, Inc.	$764,000	–	21,612	–	0.45%	–
BAC	New	Bankamerica Corp	$727,000	–	56,549	–	0.43%	–
CMA	New	Comerica Inc (1.147)	$707,000	–	17,744	–	0.42%	–
KMB	New	Kimberly Clark	$700,000	–	7,205	–	0.42%	–
SHW	New	Sherwin Williams Co. Ohio (.91	$671,000	–	3,800	–	0.40%	–
HCISQ	New	Huntington Ingalls Industries	$670,000	–	11,860	–	0.40%	–
SNA	New	Snap On Tools (.82)	$669,000	–	7,484	–	0.40%	–
MAS	New	Masco Corp (.91)	$651,000	–	33,380	–	0.39%	–
CAT	New	Caterpillar, Inc.	$648,000	–	7,856	–	0.38%	–
UVV	New	Universal Corp/VA (.88) (R2)	$604,000	–	10,449	–	0.36%	–
UTX	New	United Technology	$603,000	–	6,487	–	0.36%	–
CSX	New	CSX	$596,000	–	25,681	–	0.35%	–
DGX	New	Quest Dianostics (1.0)	$594,000	–	9,800	–	0.35%	–
AEE	New	Ameren Corp (.56)	$587,000	–	17,050	–	0.35%	–
JCI	New	Johnson Control Inc. (.92)	$584,000	–	16,325	–	0.35%	–
	New	Pentair Inc/LTD	$565,000	–	9,794	–	0.34%	–
WMT	New	Wal-Mart Stores (1.03)	$561,000	–	7,528	–	0.33%	–
FB	New	Facebook, Inc	$554,000	–	22,250	–	0.33%	–
ADM	New	Archer Daniel Midland (.64)	$529,000	–	15,588	–	0.31%	–
FNF	New	Fidelity Natl Financial Corp	$503,000	–	21,141	–	0.30%	–
BBT	New	BB&T Corporation	$492,000	–	14,523	–	0.29%	–
USB	New	U. S. Bancorp	$462,000	–	12,782	–	0.28%	–
CAG	New	ConAgra	$457,000	–	13,090	–	0.27%	–
AFL	New	AFLAC Inc.	$446,000	–	7,668	–	0.26%	–
HUBB	New	Hubbell Inc. Cl B (.63)	$429,000	–	4,333	–	0.26%	–
LG	New	Laclede Group Inc. New (.66)	$397,000	–	8,700	–	0.24%	–
AAPL	New	Apple Computer	$387,000	–	976	–	0.23%	–
OGE	New	Oklahoma Gas & Electric	$385,000	–	5,650	–	0.23%	–
THC	New	Tenet Healthcare Corp (.58)	$384,000	–	8,322	–	0.23%	–
IP	New	Intl Paper Co (.68)	$362,000	–	8,176	–	0.22%	–
WHR	New	Whirlpool Corp (1.12)	$360,000	–	3,150	–	0.21%	–
	New	D. E. Master Blenders 1753	$358,000	–	22,401	–	0.21%	–
GOOGL	New	Google, Inc. Cl A	$355,000	–	403	–	0.21%	–
SNV	New	Synovus Financial Corp.	$353,000	–	121,040	–	0.21%	–
RF	New	Regions Financial	$344,000	–	36,116	–	0.20%	–
NSC	New	Norfolk & Southern	$323,000	–	4,450	–	0.19%	–
KEY	New	Key Corp (.88)	$320,000	–	28,950	–	0.19%	–
CPB	New	Campbell Soup Company	$298,000	–	6,650	–	0.18%	–
PNC	New	PNC Finl Services Gp Inc.	$298,000	–	4,085	–	0.18%	–
GCI	New	Gannett Co (.90)	$292,000	–	11,935	–	0.17%	–
GIS	New	General Mills	$291,000	–	5,986	–	0.17%	–
WAG	New	Walgreen Drugs	$281,000	–	6,364	–	0.17%	–
NSRGY	New	Nestle SA - Spons Adr For Reg	$278,000	–	4,225	–	0.16%	–
AVP	New	Avon Products	$271,000	–	12,884	–	0.16%	–
FTR	New	Frontier Communication	$269,000	–	66,344	–	0.16%	–
AGN	New	Allergan, Inc. (1.57)	$270,000	–	3,200	–	0.16%	–
JPM	New	J. P. Morgan Chase (1.14)	$261,000	–	4,952	–	0.16%	–
SCG	New	SCANA (.63)	$258,000	–	5,251	–	0.15%	–
FIS	New	Fidelity National Info Service	$256,000	–	5,968	–	0.15%	–
TFX	New	Teleflex Inc	$256,000	–	3,300	–	0.15%	–
FLO	New	Flowers Foods, Inc.	$252,000	–	11,446	–	0.15%	–
BBVA	New	Banco Bilbao Vizcaya Argentari	$245,000	–	29,152	–	0.15%	–
FLS	New	Flowserve Corp	$243,000	–	4,500	–	0.14%	–
TAP	New	Molson Coors	$238,000	–	4,963	–	0.14%	–
	New	Pepco Holdings (.48)	$232,000	–	11,511	–	0.14%	–
TR	New	Tootsie Roll Inc.(R2) (.77)	$221,000	–	6,969	–	0.13%	–
TUP	New	Tupperware, Inc	$214,000	–	2,750	–	0.13%	–
SEE	New	Sealed Air Corp	$210,000	–	8,775	–	0.12%	–
WFC	New	Wells Fargo & Company	$209,000	–	5,063	–	0.12%	–
JRS	New	Nuveen Real Estate Fund	$145,000	–	12,200	–	0.09%	–
LEE	New	Lee Enterprises (.71)	$69,000	–	33,880	–	0.04%	–
MNI	New	McClatchy Newspapers, Inc. (.8	$29,000	–	12,782	–	0.02%	–
4305PS	New	Alcatel Lucent (1.24)	$23,000	–	12,428	–	0.01%	–
IXMD	New	Intelimax Media, Inc.	$2,000	–	20,000	–	0.00%	–
NEOM	New	Neomedia Tech Inc	$1,000	–	1,580,000	–	0.00%	–
	New	Ibrands Corp	$0	–	500,000	–	0.00%	–
MOBL	New	MobilePro Corp New	$0	–	780,000	–	0.00%	–
NCTI	New	NCT Group Inc	$0	–	35,000	–	0.00%	–
IJJ	New	IJJ Corp New	$0	–	4,500,000	–	0.00%	–

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