Maple Capital Management, Inc. Activity Q4 2006-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$83,379,383	-12.1%	487,001	-0.5%	9.51%	-8.0%
MSFT	Buy	MICROSOFT CORP	$77,849,162	-6.9%	246,553	+0.4%	8.88%	-2.5%
GOOG	Sell	ALPHABET INCcap stk cl c	$51,128,397	+5.3%	387,777	-3.4%	5.83%	+10.2%
COST	Buy	COSTCO WHSL CORP NEW	$39,782,030	+5.3%	70,416	+0.4%	4.54%	+10.3%
AMZN	Buy	AMAZON COM INC	$36,284,497	-1.0%	285,435	+1.5%	4.14%	+3.7%
NVDA	Sell	NVIDIA CORPORATION	$33,808,845	+2.1%	77,723	-0.7%	3.86%	+6.9%
FB	Buy	META PLATFORMS INCcl a	$32,110,161	+7.0%	106,959	+2.3%	3.66%	+12.1%
ACN	Buy	ACCENTURE PLC IRELAND	$32,108,351	-0.3%	104,550	+0.2%	3.66%	+4.4%
TXN	Buy	TEXAS INSTRS INC	$30,348,764	-11.5%	190,861	+0.2%	3.46%	-7.3%
UNH	Buy	UNITEDHEALTH GROUP INC	$29,065,822	+7.1%	57,649	+2.1%	3.32%	+12.1%
JPM	Buy	JPMORGAN CHASE & CO	$27,474,623	+0.1%	189,454	+0.4%	3.13%	+4.8%
LLY	Sell	ELI LILLY & CO	$27,035,381	+6.8%	50,333	-6.7%	3.08%	+11.9%
MA	Sell	MASTERCARD INCORPORATEDcl a	$26,704,791	+0.1%	67,452	-0.6%	3.05%	+4.8%
HON	Buy	HONEYWELL INTL INC	$25,539,769	-9.8%	138,247	+1.4%	2.91%	-5.5%
JNJ	Buy	JOHNSON & JOHNSON	$23,914,154	-4.7%	153,542	+1.3%	2.73%	-0.2%
TJX	Buy	TJX COS INC NEW	$22,673,216	+5.0%	255,099	+0.2%	2.59%	+9.9%
MS	Buy	MORGAN STANLEY	$20,224,103	-4.0%	247,632	+0.4%	2.31%	+0.5%
PEP	Buy	PEPSICO INC	$18,344,444	-7.4%	108,265	+1.2%	2.09%	-3.1%
AXP	Buy	AMERICAN EXPRESS CO	$16,543,722	-13.9%	110,890	+0.6%	1.89%	-9.8%
ABT	Sell	ABBOTT LABS	$16,006,338	-11.6%	165,269	-0.5%	1.83%	-7.5%
CVX	Buy	CHEVRON CORP NEW	$15,584,198	+10.9%	92,422	+3.5%	1.78%	+16.1%
SPGI	Buy	S&P GLOBAL INC	$14,741,483	-6.6%	40,342	+2.5%	1.68%	-2.2%
DHR	Sell	DANAHER CORPORATION	$13,790,754	-0.5%	55,585	-3.8%	1.57%	+4.2%
STZ	Buy	CONSTELLATION BRANDS INCcl a	$13,670,593	+2.8%	54,393	+0.6%	1.56%	+7.6%
ZTS	Buy	ZOETIS INCcl a	$13,587,664	+1.9%	78,099	+0.9%	1.55%	+6.7%
NKE	Sell	NIKE INCcl b	$13,061,147	-16.1%	136,594	-3.1%	1.49%	-12.1%
CME	Buy	CME GROUP INC	$13,041,978	+8.4%	65,138	+0.3%	1.49%	+13.5%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$11,617,466	-33.4%	6,342	-22.2%	1.32%	-30.2%
HD	Buy	HOME DEPOT INC	$11,125,229	+42.3%	36,819	+46.3%	1.27%	+48.9%
AMAT	Buy	APPLIED MATLS INC	$10,976,316	-3.8%	79,280	+0.4%	1.25%	+0.7%
LMT	Buy	LOCKHEED MARTIN CORP	$7,847,124	-7.7%	19,188	+3.9%	0.90%	-3.3%
APD	Buy	AIR PRODS & CHEMS INC	$7,438,708	+108.6%	26,248	+120.5%	0.85%	+118.6%
ECL	Buy	ECOLAB INC	$7,085,494	-8.8%	41,827	+0.5%	0.81%	-4.5%
ISRG	Buy	INTUITIVE SURGICAL INC	$6,160,596	+7.7%	21,077	+26.0%	0.70%	+12.8%
PG	Buy	PROCTER AND GAMBLE CO	$2,374,672	+1.1%	16,280	+5.2%	0.27%	+5.9%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$2,329,411	-83.0%	16,603	-83.8%	0.27%	-82.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$2,250,327	+1.0%	6,424	-1.7%	0.26%	+5.8%
PNC	Sell	PNC FINL SVCS GROUP INC	$2,219,548	-53.5%	18,079	-52.3%	0.25%	-51.3%
XOM	Buy	EXXON MOBIL CORP	$1,913,027	+11.8%	16,270	+2.0%	0.22%	+17.2%
SCHD	Buy	SCHWAB STRATEGIC TRus dividend eq	$1,845,108	+1.2%	26,076	+3.8%	0.21%	+5.5%
SBUX	Sell	STARBUCKS CORP	$1,839,461	-28.8%	20,154	-22.7%	0.21%	-25.5%
MRK	Buy	MERCK & CO INC	$1,561,544	-6.5%	15,168	+4.8%	0.18%	-2.2%
EFA	Sell	ISHARES TRmsci eafe etf	$1,562,554	-8.7%	22,672	-3.9%	0.18%	-4.3%
	New	VERALTO CORP	$1,517,542	–	17,946	–	0.17%	–
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$1,390,592	+4.7%	3,253	+8.5%	0.16%	+9.7%
ROP	Sell	ROPER TECHNOLOGIES INC	$1,369,060	-9.7%	2,827	-10.3%	0.16%	-5.5%
IJH	Buy	ISHARES TRcore s&p mcp etf	$1,248,745	+0.5%	5,008	+5.3%	0.14%	+5.2%
IJR	Buy	ISHARES TRcore s&p scp etf	$1,035,366	-3.5%	10,976	+2.0%	0.12%	+0.9%
GOOGL	Sell	ALPHABET INCcap stk cl a	$1,001,864	+3.6%	7,656	-5.2%	0.11%	+8.6%
IVV	Buy	ISHARES TRcore s&p500 etf	$950,329	-0.8%	2,213	+2.9%	0.11%	+3.8%
PFE	Buy	PFIZER INC	$917,217	-8.0%	27,652	+1.8%	0.10%	-3.7%
VZ	Sell	VERIZON COMMUNICATIONS INC	$896,817	-87.6%	27,671	-85.7%	0.10%	-87.0%
UNP	Sell	UNION PAC CORP	$837,937	-2.0%	4,115	-1.5%	0.10%	+3.2%
VIG	Sell	VANGUARD SPECIALIZED FUNDSdiv app etf	$786,534	-8.3%	5,062	-4.2%	0.09%	-3.2%
CSCO	Buy	CISCO SYS INC	$760,220	+6.3%	14,141	+2.3%	0.09%	+11.5%
MCO	Buy	MOODYS CORP	$710,118	+63.9%	2,246	+80.3%	0.08%	+72.3%
QQQ	Buy	INVESCO QQQ TRunit ser 1	$701,134	+12.2%	1,957	+15.7%	0.08%	+17.6%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$681,563	+6.7%	2,833	-2.5%	0.08%	+11.4%
NEE	Sell	NEXTERA ENERGY INC	$654,023	-24.4%	11,416	-2.1%	0.08%	-20.2%
SHW	Sell	SHERWIN WILLIAMS CO	$660,324	-6.3%	2,589	-2.4%	0.08%	-2.6%
MUB	Sell	ISHARES TRnational mun etf	$627,750	-7.7%	6,122	-3.9%	0.07%	-2.7%
KO	Buy	COCA COLA CO	$592,660	-1.1%	10,587	+6.4%	0.07%	+4.6%
ADBE	Sell	ADOBE INC	$549,162	-9.4%	1,077	-13.1%	0.06%	-4.5%
XLU	Buy	SELECT SECTOR SPDR TRsbi int-utils	$486,821	-8.4%	8,261	+1.8%	0.06%	-3.4%
MCD	Sell	MCDONALDS CORP	$485,256	-22.5%	1,842	-12.2%	0.06%	-19.1%
MKC	Sell	MCCORMICK & CO INC	$470,481	-13.5%	6,220	-0.2%	0.05%	-8.5%
DIS	Buy	DISNEY WALT CO	$445,856	-4.6%	5,501	+5.1%	0.05%	0.0%
SCHZ	Buy	SCHWAB STRATEGIC TRus aggregate b	$434,914	+10.4%	9,833	+15.2%	0.05%	+16.3%
VOO	Sell	VANGUARD INDEX FDS	$428,551	-35.0%	1,091	-32.6%	0.05%	-31.9%
QCOM	Buy	QUALCOMM INC	$424,138	-6.5%	3,819	+0.2%	0.05%	-2.0%
WMT	Buy	WALMART INC	$383,997	+10.3%	2,401	+8.3%	0.04%	+15.8%
ITOT	Sell	ISHARES TRcore s&p ttl stk	$376,766	-7.0%	4,000	-3.4%	0.04%	-2.3%
BMY	Buy	BRISTOL-MYERS SQUIBB CO	$365,072	+2.0%	6,290	+12.4%	0.04%	+7.7%
PLD	Buy	PROLOGIS INC.	$349,310	-7.8%	3,113	+0.8%	0.04%	-2.4%
ACWX	Buy	ISHARES TRmsci acwi ex us	$346,135	+28.9%	7,363	+35.0%	0.04%	+34.5%
MDT	Buy	MEDTRONIC PLC	$343,217	+14.3%	4,380	+28.5%	0.04%	+18.2%
CF	Sell	CF INDS HLDGS INC	$333,186	+21.6%	3,886	-1.5%	0.04%	+26.7%
BSV	Buy	VANGUARD BD INDEX FDSshort trm bond	$312,407	+1.7%	4,156	+2.2%	0.04%	+9.1%
VMC	Sell	VULCAN MATLS CO	$317,979	-13.0%	1,574	-2.9%	0.04%	-10.0%
T	Sell	AT&T INC	$272,276	-9.4%	18,128	-3.8%	0.03%	-6.1%
CTAS	Buy	CINTAS CORP	$261,188	-0.3%	543	+3.0%	0.03%	+3.4%
VEA	Buy	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$233,246	+13.7%	5,335	+20.1%	0.03%	+22.7%
BBY	Buy	BEST BUY INC	$233,002	+5.5%	3,354	+24.5%	0.03%	+12.5%
	Buy	GENERAL ELECTRIC CO	$227,733	+1.4%	2,060	+0.8%	0.03%	+8.3%
JEF	New	JEFFERIES FINL GROUP INC	$231,355	–	6,316	–	0.03%	–
BDX	Buy	BECTON DICKINSON & CO	$217,424	-1.0%	841	+1.1%	0.02%	+4.2%
EW	Buy	EDWARDS LIFESCIENCES CORP	$217,262	-26.3%	3,136	+0.4%	0.02%	-21.9%
ABBV	New	ABBVIE INC	$202,963	–	1,362	–	0.02%	–
VTI	New	VANGUARD INDEX FDStotal stk mkt	$201,365	–	948	–	0.02%	–
F	Buy	FORD MTR CO DEL	$176,128	-9.2%	14,181	+10.6%	0.02%	-4.8%
INTT	Exit	INTEST CORP	$0	–	-9,821	–	-0.03%	–
MMM	Exit	3M CO	$0	–	-3,897	–	-0.04%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$94,901,274	–	489,257	–	10.34%	–
MSFT	New	MICROSOFT CORP	$83,635,201	–	245,596	–	9.11%	–
GOOG	New	ALPHABET INCcap stk cl c	$48,561,350	–	401,433	–	5.29%	–
COST	New	COSTCO WHSL CORP NEW	$37,764,999	–	70,146	–	4.11%	–
AMZN	New	AMAZON COM INC	$36,643,023	–	281,091	–	3.99%	–
TXN	New	TEXAS INSTRS INC	$34,278,922	–	190,417	–	3.74%	–
NVDA	New	NVIDIA CORPORATION	$33,119,614	–	78,293	–	3.61%	–
ACN	New	ACCENTURE PLC IRELAND	$32,199,089	–	104,346	–	3.51%	–
FB	New	META PLATFORMS INCcl a	$30,002,898	–	104,547	–	3.27%	–
HON	New	HONEYWELL INTL INC	$28,301,317	–	136,392	–	3.08%	–
JPM	New	JPMORGAN CHASE & CO	$27,456,165	–	188,780	–	2.99%	–
UNH	New	UNITEDHEALTH GROUP INC	$27,133,332	–	56,453	–	2.96%	–
MA	New	MASTERCARD INCORPORATEDcl a	$26,683,296	–	67,845	–	2.91%	–
LLY	New	LILLY ELI & CO	$25,306,627	–	53,961	–	2.76%	–
JNJ	New	JOHNSON & JOHNSON	$25,083,476	–	151,543	–	2.73%	–
TJX	New	TJX COS INC NEW	$21,588,557	–	254,612	–	2.35%	–
MS	New	MORGAN STANLEY	$21,070,839	–	246,731	–	2.30%	–
PEP	New	PEPSICO INC	$19,805,751	–	106,931	–	2.16%	–
AXP	New	AMERICAN EXPRESS CO	$19,206,945	–	110,258	–	2.09%	–
ABT	New	ABBOTT LABS	$18,106,388	–	166,083	–	1.97%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$17,430,711	–	8,149	–	1.90%	–
SPGI	New	S&P GLOBAL INC	$15,779,946	–	39,362	–	1.72%	–
NKE	New	NIKE INCcl b	$15,565,956	–	141,034	–	1.70%	–
CVX	New	CHEVRON CORP NEW	$14,052,142	–	89,305	–	1.53%	–
DHR	New	DANAHER CORPORATION	$13,862,988	–	57,762	–	1.51%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$13,690,893	–	102,316	–	1.49%	–
ZTS	New	ZOETIS INCcl a	$13,332,498	–	77,420	–	1.45%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$13,301,357	–	54,042	–	1.45%	–
CME	New	CME GROUP INC	$12,029,598	–	64,923	–	1.31%	–
AMAT	New	APPLIED MATLS INC	$11,408,398	–	78,929	–	1.24%	–
LMT	New	LOCKHEED MARTIN CORP	$8,503,679	–	18,471	–	0.93%	–
HD	New	HOME DEPOT INC	$7,817,392	–	25,165	–	0.85%	–
ECL	New	ECOLAB INC	$7,769,664	–	41,618	–	0.85%	–
VZ	New	VERIZON COMMUNICATIONS INC	$7,206,457	–	193,774	–	0.78%	–
ISRG	New	INTUITIVE SURGICAL INC	$5,718,947	–	16,725	–	0.62%	–
PNC	New	PNC FINL SVCS GROUP INC	$4,776,767	–	37,926	–	0.52%	–
APD	New	AIR PRODS & CHEMS INC	$3,565,319	–	11,903	–	0.39%	–
SBUX	New	STARBUCKS CORP	$2,584,277	–	26,088	–	0.28%	–
PG	New	PROCTER AND GAMBLE CO	$2,348,368	–	15,476	–	0.26%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$2,227,753	–	6,533	–	0.24%	–
SCHD	New	SCHWAB STRATEGIC TRus dividend eq	$1,823,550	–	25,111	–	0.20%	–
XOM	New	EXXON MOBIL CORP	$1,710,638	–	15,950	–	0.19%	–
EFA	New	ISHARES TRmsci eafe etf	$1,711,073	–	23,601	–	0.19%	–
MRK	New	MERCK & CO INC	$1,670,736	–	14,479	–	0.18%	–
ROP	New	ROPER TECHNOLOGIES INC	$1,515,962	–	3,153	–	0.16%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$1,328,510	–	2,997	–	0.14%	–
IJH	New	ISHARES TRcore s&p mcp etf	$1,243,076	–	4,754	–	0.14%	–
IJR	New	ISHARES TRcore s&p scp etf	$1,072,533	–	10,763	–	0.12%	–
PFE	New	PFIZER INC	$996,449	–	27,166	–	0.11%	–
GOOGL	New	ALPHABET INCcap stk cl a	$967,176	–	8,080	–	0.10%	–
IVV	New	ISHARES TRcore s&p500 etf	$958,277	–	2,150	–	0.10%	–
NEE	New	NEXTERA ENERGY INC	$865,024	–	11,658	–	0.09%	–
UNP	New	UNION PAC CORP	$855,107	–	4,179	–	0.09%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$858,118	–	5,283	–	0.09%	–
CSCO	New	CISCO SYS INC	$714,960	–	13,818	–	0.08%	–
SHW	New	SHERWIN WILLIAMS CO	$704,690	–	2,654	–	0.08%	–
MUB	New	ISHARES TRnational mun etf	$679,870	–	6,370	–	0.07%	–
VOO	New	VANGUARD INDEX FDS	$659,267	–	1,619	–	0.07%	–
TSLA	New	TESLA INC	$657,828	–	2,513	–	0.07%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$638,930	–	2,907	–	0.07%	–
MCD	New	MCDONALDS CORP	$626,363	–	2,099	–	0.07%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$624,689	–	1,691	–	0.07%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$605,859	–	1,239	–	0.07%	–
KO	New	COCA COLA CO	$599,008	–	9,947	–	0.06%	–
MKC	New	MCCORMICK & CO INC	$543,705	–	6,233	–	0.06%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$531,242	–	8,118	–	0.06%	–
DIS	New	DISNEY WALT CO	$467,292	–	5,234	–	0.05%	–
QCOM	New	QUALCOMM INC	$453,661	–	3,811	–	0.05%	–
MCO	New	MOODYS CORP	$433,259	–	1,246	–	0.05%	–
ITOT	New	ISHARES TRcore s&p ttl stk	$405,259	–	4,142	–	0.04%	–
SCHZ	New	SCHWAB STRATEGIC TRus aggregate b	$394,022	–	8,536	–	0.04%	–
MMM	New	3M CO	$390,051	–	3,897	–	0.04%	–
PLD	New	PROLOGIS INC.	$378,804	–	3,089	–	0.04%	–
VMC	New	VULCAN MATLS CO	$365,438	–	1,621	–	0.04%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$357,992	–	5,598	–	0.04%	–
IJS	New	ISHARES TRsp smcp600vl etf	$346,698	–	3,646	–	0.04%	–
WMT	New	WALMART INC	$348,249	–	2,216	–	0.04%	–
MDT	New	MEDTRONIC PLC	$300,245	–	3,408	–	0.03%	–
T	New	AT&T INC	$300,631	–	18,848	–	0.03%	–
IDXX	New	IDEXX LABS INC	$303,849	–	605	–	0.03%	–
TRMK	New	TRUSTMARK CORP	$304,719	–	14,428	–	0.03%	–
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$307,268	–	4,066	–	0.03%	–
IWB	New	ISHARES TRrus 1000 etf	$294,438	–	1,208	–	0.03%	–
EW	New	EDWARDS LIFESCIENCES CORP	$294,781	–	3,125	–	0.03%	–
ROK	New	ROCKWELL AUTOMATION INC	$273,114	–	829	–	0.03%	–
CF	New	CF INDS HLDGS INC	$273,931	–	3,946	–	0.03%	–
CTAS	New	CINTAS CORP	$261,961	–	527	–	0.03%	–
ACWX	New	ISHARES TRmsci acwi ex us	$268,544	–	5,456	–	0.03%	–
INTT	New	INTEST CORP	$257,899	–	9,821	–	0.03%	–
	New	GENERAL ELECTRIC CO	$224,533	–	2,044	–	0.02%	–
BBY	New	BEST BUY INC	$220,773	–	2,694	–	0.02%	–
BDX	New	BECTON DICKINSON & CO	$219,656	–	832	–	0.02%	–
VEA	New	VANGUARD TAX-MANAGED FDSvan ftse dev mkt	$205,132	–	4,442	–	0.02%	–
F	New	FORD MTR CO DEL	$193,967	–	12,820	–	0.02%	–
GGN	New	GAMCO GLOBAL GOLD NAT RES &	$37,400	–	10,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
AQMS	Exit	AQUA METALS INC	$0	–	-10,000	–	-0.00%	–
WPRT	Exit	WESTPORT FUEL SYSTEMS INC	$0	–	-10,000	–	-0.00%	–
GGN	Exit	GAMCO GLOBAL GOLD NAT RES &	$0	–	-10,000	–	-0.00%	–
BMRA	Exit	BIOMERICA INC	$0	–	-15,000	–	-0.01%	–
INTT	Exit	INTEST CORP	$0	–	-12,966	–	-0.02%	–
F	Exit	FORD MTR CO DEL	$0	–	-12,826	–	-0.02%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-750	–	-0.02%	–
EW	Exit	EDWARDS LIFESCIENCES CORP	$0	–	-2,748	–	-0.02%	–
AROW	Exit	ARROW FINL CORP	$0	–	-6,028	–	-0.03%	–
DFAC	Exit	DIMENSIONAL ETF TRUSTus core equity 2	$0	–	-8,074	–	-0.03%	–
ABBV	Exit	ABBVIE INC	$0	–	-1,361	–	-0.03%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-926	–	-0.03%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-1,766	–	-0.03%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-5,308	–	-0.03%	–
WMT	Exit	WALMART INC	$0	–	-1,803	–	-0.03%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-900	–	-0.03%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-629	–	-0.03%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-2,100	–	-0.04%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-4,307	–	-0.04%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-1,929	–	-0.04%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-1,736	–	-0.04%	–
SCHZ	Exit	SCHWAB STRATEGIC TRus aggregate b	$0	–	-7,289	–	-0.04%	–
IJS	Exit	ISHARES TRsp smcp600vl etf	$0	–	-3,500	–	-0.04%	–
T	Exit	AT&T INC	$0	–	-18,667	–	-0.04%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-4,346	–	-0.04%	–
MCO	Exit	MOODYS CORP	$0	–	-1,246	–	-0.05%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-5,450	–	-0.05%	–
PLD	Exit	PROLOGIS INC.	$0	–	-3,290	–	-0.05%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-1,480	–	-0.05%	–
ITOT	Exit	ISHARES TRcore s&p ttl stk	$0	–	-4,417	–	-0.05%	–
BSV	Exit	VANGUARD BD INDEX FDSshort trm bond	$0	–	-5,238	–	-0.05%	–
QCOM	Exit	QUALCOMM INC	$0	–	-3,655	–	-0.06%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-6,075	–	-0.06%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-1,691	–	-0.06%	–
DIS	Exit	DISNEY WALT CO	$0	–	-5,256	–	-0.06%	–
TSLA	Exit	TESLA INC	$0	–	-2,751	–	-0.07%	–
MUB	Exit	ISHARES TRnational mun etf	$0	–	-5,282	–	-0.07%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-5,526	–	-0.08%	–
KO	Exit	COCA COLA CO	$0	–	-10,598	–	-0.08%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,347	–	-0.08%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-6,820	–	-0.08%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-2,783	–	-0.08%	–
CSCO	Exit	CISCO SYS INC	$0	–	-16,106	–	-0.09%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-8,824	–	-0.09%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-3,029	–	-0.10%	–
TRMK	Exit	TRUSTMARK CORP	$0	–	-21,428	–	-0.10%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-8,112	–	-0.10%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-10,211	–	-0.10%	–
MMM	Exit	3M CO	$0	–	-6,532	–	-0.11%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,248	–	-0.11%	–
UNP	Exit	UNION PAC CORP	$0	–	-4,188	–	-0.12%	–
PFE	Exit	PFIZER INC	$0	–	-24,249	–	-0.15%	–
MRK	Exit	MERCK & CO INC	$0	–	-14,282	–	-0.18%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-25,707	–	-0.21%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-16,889	–	-0.24%	–
SCHD	Exit	SCHWAB STRATEGIC TRus dividend eq	$0	–	-26,281	–	-0.25%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-4,691	–	-0.26%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-6,605	–	-0.26%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-15,035	–	-0.27%	–
HD	Exit	HOME DEPOT INC	$0	–	-7,044	–	-0.27%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-24,692	–	-0.47%	–
ECL	Exit	ECOLAB INC	$0	–	-40,541	–	-0.78%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-185,098	–	-0.90%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-18,333	–	-0.92%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-22,866	–	-0.98%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-16,907	–	-0.99%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-74,030	–	-1.00%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-77,791	–	-1.12%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-56,054	–	-1.16%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-63,692	–	-1.31%	–
CME	Exit	CME GROUP INC	$0	–	-62,717	–	-1.38%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-74,600	–	-1.38%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-8,182	–	-1.56%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-53,256	–	-1.64%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-38,597	–	-1.69%	–
NKE	Exit	NIKE INCcl b	$0	–	-135,451	–	-1.78%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-80,755	–	-1.90%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-112,207	–	-2.04%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-105,116	–	-2.04%	–
PEP	Exit	PEPSICO INC	$0	–	-96,415	–	-2.15%	–
ABT	Exit	ABBOTT LABS	$0	–	-170,268	–	-2.19%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-179,176	–	-2.20%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-65,809	–	-2.22%	–
LLY	Exit	LILLY ELI & CO	$0	–	-56,741	–	-2.55%	–
TJX	Exit	TJX COS INC NEW	$0	–	-288,082	–	-2.66%	–
MS	Exit	MORGAN STANLEY	$0	–	-235,858	–	-2.67%	–
AMZN	Exit	AMAZON COM INC	$0	–	-222,602	–	-2.77%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-184,951	–	-3.12%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-146,370	–	-3.18%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-75,398	–	-3.23%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-127,784	–	-3.43%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-102,273	–	-3.73%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-186,004	–	-4.16%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-65,065	–	-4.22%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-66,487	–	-4.28%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-428,043	–	-5.19%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-241,551	–	-7.36%	–
AAPL	Exit	APPLE INC	$0	–	-475,274	–	-8.89%	–

Q3 2022

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$70,474,000	+8.0%	475,274	-0.5%	8.89%	+3.4%
MSFT	Buy	MICROSOFT CORP	$58,347,000	-4.4%	241,551	+1.7%	7.36%	-8.4%
GOOG	Buy	ALPHABET INCcap stk cl c	$41,105,000	-10.5%	428,043	+1939.0%	5.19%	-14.3%
COST	Buy	COSTCO WHSL CORP NEW	$33,887,000	+11.2%	66,487	+4.6%	4.28%	+6.5%
UNH	Buy	UNITEDHEALTH GROUP INC	$33,427,000	+3.9%	65,065	+3.9%	4.22%	-0.5%
TXN	Buy	TEXAS INSTRS INC	$33,004,000	+17.9%	186,004	+2.1%	4.16%	+12.8%
ACN	Buy	ACCENTURE PLC IRELAND	$29,548,000	+6.6%	102,273	+2.4%	3.73%	+2.1%
HON	Buy	HONEYWELL INTL INC	$27,218,000	+28.6%	127,784	+5.0%	3.43%	+23.2%
MA	Buy	MASTERCARD INCORPORATEDcl a	$25,588,000	+9.5%	75,398	+1.8%	3.23%	+4.8%
JNJ	Buy	JOHNSON & JOHNSON	$25,162,000	+1.3%	146,370	+4.6%	3.18%	-3.0%
JPM	Buy	JPMORGAN CHASE & CO	$24,767,000	+22.0%	184,951	+2.6%	3.12%	+16.8%
AMZN	Buy	AMAZON COM INC	$21,924,000	-5.1%	222,602	+2.3%	2.77%	-9.1%
MS	Buy	MORGAN STANLEY	$21,182,000	+22.5%	235,858	+3.8%	2.67%	+17.3%
TJX	Buy	TJX COS INC NEW	$21,047,000	+33.5%	288,082	+2.0%	2.66%	+27.8%
LLY	Sell	LILLY ELI & CO	$20,203,000	-18.9%	56,741	-26.1%	2.55%	-22.3%
DHR	Sell	DANAHER CORPORATION	$17,553,000	+4.0%	65,809	-1.1%	2.22%	-0.4%
SBUX	Sell	STARBUCKS CORP	$17,455,000	+25.2%	179,176	-1.8%	2.20%	+19.9%
ABT	Buy	ABBOTT LABS	$17,369,000	-6.1%	170,268	+0.0%	2.19%	-10.1%
PEP	Buy	PEPSICO INC	$17,039,000	+7.3%	96,415	+1.2%	2.15%	+2.7%
AXP	Buy	AMERICAN EXPRESS CO	$16,202,000	+15.5%	105,116	+3.9%	2.04%	+10.7%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$16,180,000	+6.9%	112,207	+4.7%	2.04%	+2.4%
CVX	Buy	CHEVRON CORP NEW	$15,065,000	+1966.5%	80,755	+1504.2%	1.90%	+1880.2%
NKE	Buy	NIKE INCcl b	$14,140,000	+2.8%	135,451	+0.7%	1.78%	-1.5%
SPGI	Buy	S&P GLOBAL INC	$13,419,000	+3.8%	38,597	+0.7%	1.69%	-0.6%
STZ	Buy	CONSTELLATION BRANDS INCcl a	$13,019,000	+8.1%	53,256	+3.1%	1.64%	+3.6%
CMG	Buy	CHIPOTLE MEXICAN GRILL INC	$12,380,000	+18.3%	8,182	+2.2%	1.56%	+13.4%
ZTS	Buy	ZOETIS INCcl a	$10,925,000	-12.8%	74,600	+2.3%	1.38%	-16.5%
CME	Buy	CME GROUP INC	$10,906,000	-13.5%	62,717	+1.8%	1.38%	-17.2%
NVDA	Buy	NVIDIA CORPORATION	$10,379,000	+10.2%	63,692	+2.5%	1.31%	+5.5%
PNC	Buy	PNC FINL SVCS GROUP INC	$9,153,000	+4.3%	56,054	+0.8%	1.16%	-0.1%
FB	Sell	META PLATFORMS INCcl a	$8,885,000	-29.4%	77,791	-0.4%	1.12%	-32.4%
AMAT	Buy	APPLIED MATLS INC	$7,966,000	+20.2%	74,030	+1.6%	1.00%	+15.1%
LMT	Buy	LOCKHEED MARTIN CORP	$7,812,000	+960.0%	16,907	+886.4%	0.99%	+916.5%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$7,783,000	-7.1%	22,866	-0.1%	0.98%	-11.1%
IVV	Buy	ISHARES TRcore s&p500 etf	$7,275,000	+132.4%	18,333	+122.1%	0.92%	+122.8%
VZ	Sell	VERIZON COMMUNICATIONS INC	$7,091,000	-25.7%	185,098	-1.6%	0.90%	-28.8%
ECL	Buy	ECOLAB INC	$6,198,000	-0.5%	40,541	+0.0%	0.78%	-4.8%
VIG	Sell	VANGUARD SPECIALIZED FUNDSdiv app etf	$3,758,000	+5.8%	24,692	-0.3%	0.47%	+1.3%
HD	Sell	HOME DEPOT INC	$2,162,000	+9.7%	7,044	-2.0%	0.27%	+5.0%
PG	Sell	PROCTER AND GAMBLE CO	$2,120,000	-3.5%	15,035	-1.7%	0.27%	-7.9%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$2,040,000	+15.0%	6,605	+1.7%	0.26%	+9.8%
ROP	Sell	ROPER TECHNOLOGIES INC	$2,029,000	-11.2%	4,691	-19.0%	0.26%	-15.0%
SCHD	Buy	SCHWAB STRATEGIC TRus dividend eq	$2,010,000	+10.7%	26,281	+3.7%	0.25%	+6.3%
XOM	Sell	EXXON MOBIL CORP	$1,915,000	+28.4%	16,889	-3.0%	0.24%	+22.8%
EFA	Sell	ISHARES TRmsci eafe etf	$1,665,000	-3.2%	25,707	-6.6%	0.21%	-7.5%
MRK	Sell	MERCK & CO INC	$1,433,000	+6.7%	14,282	-3.0%	0.18%	+2.3%
PFE	Buy	PFIZER INC	$1,194,000	-2.8%	24,249	+3.5%	0.15%	-6.8%
UNP	Sell	UNION PAC CORP	$909,000	+0.9%	4,188	-0.8%	0.12%	-3.4%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$888,000	+6.1%	2,248	+1.3%	0.11%	+1.8%
MMM	Sell	3M CO	$856,000	-92.1%	6,532	-92.2%	0.11%	-92.5%
NEE	Buy	NEXTERA ENERGY INC	$834,000	+8.6%	10,211	+2.9%	0.10%	+4.0%
IJR	Buy	ISHARES TRcore s&p scp etf	$810,000	+14.9%	8,112	+6.3%	0.10%	+9.7%
TRMK	Sell	TRUSTMARK CORP	$792,000	+16.8%	21,428	-7.8%	0.10%	+12.4%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$757,000	+18.3%	3,029	-0.5%	0.10%	+14.3%
MKC	Sell	MCCORMICK & CO INC	$730,000	-26.9%	8,824	-26.4%	0.09%	-29.8%
CSCO	Sell	CISCO SYS INC	$721,000	-2.6%	16,106	-7.1%	0.09%	-6.2%
GOOGL	Buy	ALPHABET INCcap stk cl a	$653,000	-20.6%	6,820	+1709.0%	0.08%	-24.1%
SHW	Sell	SHERWIN WILLIAMS CO	$651,000	+3.0%	2,783	-1.5%	0.08%	-1.2%
MCD	Sell	MCDONALDS CORP	$639,000	-1.8%	2,347	-11.0%	0.08%	-5.8%
KO	Sell	COCA COLA CO	$644,000	-4.7%	10,598	-1.3%	0.08%	-9.0%
CF	Sell	CF INDS HLDGS INC	$595,000	+24.7%	5,526	-0.8%	0.08%	+19.0%
MUB	Sell	ISHARES TRnational mun etf	$546,000	-5.7%	5,282	-3.0%	0.07%	-9.2%
TSLA	Buy	TESLA INC	$525,000	-11.8%	2,751	+211.6%	0.07%	-15.4%
DIS	Sell	DISNEY WALT CO	$496,000	-4.1%	5,256	-4.0%	0.06%	-7.4%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$464,000	-1.3%	6,075	-0.5%	0.06%	-4.8%
QCOM	Sell	QUALCOMM INC	$442,000	-11.2%	3,655	-6.2%	0.06%	-15.2%
BSV	Sell	VANGUARD BD INDEX FDSshort trm bond	$393,000	-12.7%	5,238	-10.6%	0.05%	-15.3%
ITOT	Sell	ISHARES TRcore s&p ttl stk	$388,000	-1.3%	4,417	-5.8%	0.05%	-5.8%
IJH	Sell	ISHARES TRcore s&p mcp etf	$370,000	+6.9%	1,480	-3.3%	0.05%	+2.2%
PLD	Sell	PROLOGIS INC.	$370,000	-10.0%	3,290	-5.9%	0.05%	-13.0%
MCO	Sell	MOODYS CORP	$366,000	+6.4%	1,246	-1.5%	0.05%	+2.2%
XLU	Buy	SELECT SECTOR SPDR TRsbi int-utils	$367,000	+35.4%	5,450	+40.9%	0.05%	+27.8%
T	Buy	AT&T INC	$356,000	-3.8%	18,667	+5.8%	0.04%	-8.2%
MDT	Sell	MEDTRONIC PLC	$360,000	-95.9%	4,346	-95.6%	0.04%	-96.1%
SCHZ	Sell	SCHWAB STRATEGIC TRus aggregate b	$330,000	-23.1%	7,289	-18.6%	0.04%	-26.3%
DD	Sell	DUPONT DE NEMOURS INC	$304,000	-94.1%	4,307	-95.4%	0.04%	-94.4%
WM	Buy	WASTE MGMT INC DEL	$304,000	+17.4%	1,929	+14.0%	0.04%	+11.8%
VLO	Sell	VALERO ENERGY CORP	$287,000	+27.0%	2,100	-1.1%	0.04%	+20.0%
IDXX	Sell	IDEXX LABS INC	$269,000	+19.0%	629	-2.3%	0.03%	+13.3%
APD	Buy	AIR PRODS & CHEMS INC	$265,000	+25.6%	900	+2.6%	0.03%	+17.9%
WMT	Buy	WALMART INC	$250,000	+14.7%	1,803	+0.6%	0.03%	+10.3%
HRL	Sell	HORMEL FOODS CORP	$249,000	-8.8%	5,308	-7.9%	0.03%	-13.9%
SUI	Sell	SUN CMNTYS INC	$241,000	-17.2%	1,766	-3.3%	0.03%	-21.1%
NSC	Sell	NORFOLK SOUTHN CORP	$233,000	-9.7%	926	-18.4%	0.03%	-14.7%
AROW	New	ARROW FINL CORP	$210,000	–	6,028	–	0.03%	–
ABBV	New	ABBVIE INC	$207,000	–	1,361	–	0.03%	–
DFAC	New	DIMENSIONAL ETF TRUSTus core equity 2	$203,000	–	8,074	–	0.03%	–
ROK	New	ROCKWELL AUTOMATION INC	$201,000	–	750	–	0.02%	–
EW	Buy	EDWARDS LIFESCIENCES CORP	$202,000	-22.3%	2,748	+0.7%	0.02%	-26.5%
BMRA	New	BIOMERICA INC	$48,000	–	15,000	–	0.01%	–
WPRT	New	WESTPORT FUEL SYSTEMS INC	$8,000	–	10,000	–	0.00%	–
AQMS	New	AQUA METALS INC	$8,000	–	10,000	–	0.00%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$65,278,000	–	477,457	–	8.60%	–
MSFT	New	MICROSOFT CORP	$61,021,000	–	237,593	–	8.04%	–
GOOG	New	ALPHABET INCcap stk cl c	$45,921,000	–	20,993	–	6.05%	–
UNH	New	UNITEDHEALTH GROUP INC	$32,163,000	–	62,618	–	4.24%	–
COST	New	COSTCO WHSL CORP NEW	$30,462,000	–	63,557	–	4.01%	–
TXN	New	TEXAS INSTRS INC	$28,005,000	–	182,266	–	3.69%	–
ACN	New	ACCENTURE PLC IRELAND	$27,721,000	–	99,841	–	3.65%	–
LLY	New	LILLY ELI & CO	$24,901,000	–	76,800	–	3.28%	–
JNJ	New	JOHNSON & JOHNSON	$24,849,000	–	139,987	–	3.27%	–
MA	New	MASTERCARD INCORPORATEDcl a	$23,367,000	–	74,068	–	3.08%	–
AMZN	New	AMAZON COM INC	$23,102,000	–	217,513	–	3.04%	–
HON	New	HONEYWELL INTL INC	$21,160,000	–	121,744	–	2.79%	–
JPM	New	JPMORGAN CHASE & CO	$20,301,000	–	180,278	–	2.68%	–
ABT	New	ABBOTT LABS	$18,492,000	–	170,199	–	2.44%	–
MS	New	MORGAN STANLEY	$17,285,000	–	227,261	–	2.28%	–
DHR	New	DANAHER CORPORATION	$16,873,000	–	66,554	–	2.22%	–
PEP	New	PEPSICO INC	$15,885,000	–	95,313	–	2.09%	–
TJX	New	TJX COS INC NEW	$15,766,000	–	282,297	–	2.08%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$15,138,000	–	107,220	–	1.99%	–
AXP	New	AMERICAN EXPRESS CO	$14,023,000	–	101,165	–	1.85%	–
SBUX	New	STARBUCKS CORP	$13,941,000	–	182,498	–	1.84%	–
NKE	New	NIKE INCcl b	$13,749,000	–	134,531	–	1.81%	–
SPGI	New	S&P GLOBAL INC	$12,925,000	–	38,346	–	1.70%	–
CME	New	CME GROUP INC	$12,605,000	–	61,579	–	1.66%	–
FB	New	META PLATFORMS INCcl a	$12,593,000	–	78,096	–	1.66%	–
ZTS	New	ZOETIS INCcl a	$12,531,000	–	72,902	–	1.65%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$12,039,000	–	51,656	–	1.59%	–
MMM	New	3M CO	$10,865,000	–	83,961	–	1.43%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$10,462,000	–	8,003	–	1.38%	–
VZ	New	VERIZON COMMUNICATIONS INC	$9,544,000	–	188,061	–	1.26%	–
NVDA	New	NVIDIA CORPORATION	$9,418,000	–	62,125	–	1.24%	–
MDT	New	MEDTRONIC PLC	$8,787,000	–	97,908	–	1.16%	–
PNC	New	PNC FINL SVCS GROUP INC	$8,777,000	–	55,630	–	1.16%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$8,382,000	–	22,899	–	1.10%	–
AMAT	New	APPLIED MATLS INC	$6,627,000	–	72,843	–	0.87%	–
ECL	New	ECOLAB INC	$6,231,000	–	40,521	–	0.82%	–
DD	New	DUPONT DE NEMOURS INC	$5,152,000	–	92,693	–	0.68%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$3,553,000	–	24,763	–	0.47%	–
IVV	New	ISHARES TRcore s&p500 etf	$3,130,000	–	8,255	–	0.41%	–
ROP	New	ROPER TECHNOLOGIES INC	$2,285,000	–	5,790	–	0.30%	–
PG	New	PROCTER AND GAMBLE CO	$2,198,000	–	15,288	–	0.29%	–
HD	New	HOME DEPOT INC	$1,971,000	–	7,185	–	0.26%	–
SCHD	New	SCHWAB STRATEGIC TRus dividend eq	$1,816,000	–	25,346	–	0.24%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,774,000	–	6,497	–	0.23%	–
EFA	New	ISHARES TRmsci eafe etf	$1,720,000	–	27,517	–	0.23%	–
XOM	New	EXXON MOBIL CORP	$1,492,000	–	17,417	–	0.20%	–
MRK	New	MERCK & CO INC	$1,343,000	–	14,729	–	0.18%	–
PFE	New	PFIZER INC	$1,229,000	–	23,436	–	0.16%	–
MKC	New	MCCORMICK & CO INC	$998,000	–	11,985	–	0.13%	–
UNP	New	UNION PAC CORP	$901,000	–	4,223	–	0.12%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$837,000	–	2,219	–	0.11%	–
GOOGL	New	ALPHABET INCcap stk cl a	$822,000	–	377	–	0.11%	–
NEE	New	NEXTERA ENERGY INC	$768,000	–	9,919	–	0.10%	–
LMT	New	LOCKHEED MARTIN CORP	$737,000	–	1,714	–	0.10%	–
CSCO	New	CISCO SYS INC	$740,000	–	17,343	–	0.10%	–
CVX	New	CHEVRON CORP NEW	$729,000	–	5,034	–	0.10%	–
IJR	New	ISHARES TRcore s&p scp etf	$705,000	–	7,634	–	0.09%	–
TRMK	New	TRUSTMARK CORP	$678,000	–	23,238	–	0.09%	–
KO	New	COCA COLA CO	$676,000	–	10,738	–	0.09%	–
MCD	New	MCDONALDS CORP	$651,000	–	2,636	–	0.09%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$640,000	–	3,045	–	0.08%	–
SHW	New	SHERWIN WILLIAMS CO	$632,000	–	2,824	–	0.08%	–
TSLA	New	TESLA INC	$595,000	–	883	–	0.08%	–
MUB	New	ISHARES TRnational mun etf	$579,000	–	5,448	–	0.08%	–
DIS	New	DISNEY WALT CO	$517,000	–	5,473	–	0.07%	–
QCOM	New	QUALCOMM INC	$498,000	–	3,898	–	0.07%	–
CF	New	CF INDS HLDGS INC	$477,000	–	5,569	–	0.06%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$474,000	–	1,691	–	0.06%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$470,000	–	6,103	–	0.06%	–
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$450,000	–	5,861	–	0.06%	–
SCHZ	New	SCHWAB STRATEGIC TRus aggregate b	$429,000	–	8,952	–	0.06%	–
PLD	New	PROLOGIS INC.	$411,000	–	3,496	–	0.05%	–
ITOT	New	ISHARES TRcore s&p ttl stk	$393,000	–	4,691	–	0.05%	–
T	New	AT&T INC	$370,000	–	17,650	–	0.05%	–
IJH	New	ISHARES TRcore s&p mcp etf	$346,000	–	1,530	–	0.05%	–
MCO	New	MOODYS CORP	$344,000	–	1,265	–	0.04%	–
IJS	New	ISHARES TRsp smcp600vl etf	$312,000	–	3,500	–	0.04%	–
SUI	New	SUN CMNTYS INC	$291,000	–	1,826	–	0.04%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$271,000	–	3,868	–	0.04%	–
HRL	New	HORMEL FOODS CORP	$273,000	–	5,762	–	0.04%	–
WM	New	WASTE MGMT INC DEL	$259,000	–	1,692	–	0.03%	–
EW	New	EDWARDS LIFESCIENCES CORP	$260,000	–	2,730	–	0.03%	–
NSC	New	NORFOLK SOUTHN CORP	$258,000	–	1,135	–	0.03%	–
VMC	New	VULCAN MATLS CO	$247,000	–	1,736	–	0.03%	–
IDXX	New	IDEXX LABS INC	$226,000	–	644	–	0.03%	–
VLO	New	VALERO ENERGY CORP	$226,000	–	2,123	–	0.03%	–
WMT	New	WALMART INC	$218,000	–	1,793	–	0.03%	–
APD	New	AIR PRODS & CHEMS INC	$211,000	–	877	–	0.03%	–
F	New	FORD MTR CO DEL	$143,000	–	12,826	–	0.02%	–
INTT	New	INTEST CORP	$88,000	–	12,966	–	0.01%	–
GGN	New	GAMCO GLOBAL GOLD NAT RES &	$36,000	–	10,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
TYME	Exit	TYME TECHNOLOGIES INC	$0	–	-10,000	–	-0.00%	–
F	Exit	FORD MTR CO DEL	$0	–	-13,550	–	-0.02%	–
WPC	Exit	WP CAREY INC	$0	–	-2,950	–	-0.03%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-2,286	–	-0.03%	–
	Exit	GENERAL ELECTRIC CO	$0	–	-2,084	–	-0.03%	–
INTT	Exit	INTEST CORP	$0	–	-19,450	–	-0.03%	–
AROW	Exit	ARROW FINL CORP	$0	–	-6,386	–	-0.03%	–
MUB	Exit	ISHARES TRnational mun etf	$0	–	-2,059	–	-0.03%	–
WMT	Exit	WALMART INC	$0	–	-1,701	–	-0.03%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-1,193	–	-0.03%	–
INTC	Exit	INTEL CORP	$0	–	-4,694	–	-0.03%	–
PII	Exit	POLARIS INC	$0	–	-2,100	–	-0.03%	–
GLW	Exit	CORNING INC	$0	–	-7,025	–	-0.03%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-1,101	–	-0.03%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-200	–	-0.03%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-929	–	-0.04%	–
IWF	Exit	ISHARES TRrus 1000 grw etf	$0	–	-1,004	–	-0.04%	–
SYY	Exit	SYSCO CORP	$0	–	-3,460	–	-0.04%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-2,165	–	-0.04%	–
VYM	Exit	VANGUARD WHITEHALL FDShigh div yld	$0	–	-2,853	–	-0.04%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-526	–	-0.04%	–
FDN	Exit	FIRST TR EXCHANGE-TRADED FDdj internt idx	$0	–	-1,319	–	-0.04%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-1,233	–	-0.04%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-5,845	–	-0.04%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-1,975	–	-0.04%	–
ITOT	Exit	ISHARES TRcore s&p ttl stk	$0	–	-3,395	–	-0.04%	–
VGT	Exit	VANGUARD WORLD FDSinf tech etf	$0	–	-846	–	-0.04%	–
	Exit	DIMENSIONAL ETF TRUSTworld ex us core	$0	–	-13,338	–	-0.04%	–
IJS	Exit	ISHARES TRsp smcp600vl etf	$0	–	-3,500	–	-0.04%	–
SCHZ	Exit	SCHWAB STRATEGIC TRus aggregate b	$0	–	-6,988	–	-0.05%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-665	–	-0.05%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-2,491	–	-0.06%	–
MCO	Exit	MOODYS CORP	$0	–	-1,323	–	-0.06%	–
BSV	Exit	VANGUARD BD INDEX FDSshort trm bond	$0	–	-5,889	–	-0.06%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-9,117	–	-0.07%	–
PLD	Exit	PROLOGIS INC.	$0	–	-4,330	–	-0.07%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-1,599	–	-0.07%	–
T	Exit	AT&T INC	$0	–	-20,770	–	-0.07%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-2,738	–	-0.07%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-2,157	–	-0.07%	–
TSLA	Exit	TESLA INC	$0	–	-787	–	-0.08%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-1,766	–	-0.08%	–
KO	Exit	COCA COLA CO	$0	–	-12,161	–	-0.08%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-6,908	–	-0.09%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-2,723	–	-0.09%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,715	–	-0.09%	–
CSCO	Exit	CISCO SYS INC	$0	–	-15,589	–	-0.11%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-321	–	-0.11%	–
MCD	Exit	MCDONALDS CORP	$0	–	-3,852	–	-0.12%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-11,881	–	-0.12%	–
UNP	Exit	UNION PAC CORP	$0	–	-4,796	–	-0.12%	–
QCOM	Exit	QUALCOMM INC	$0	–	-7,376	–	-0.12%	–
PFE	Exit	PFIZER INC	$0	–	-22,310	–	-0.12%	–
DIS	Exit	DISNEY WALT CO	$0	–	-5,839	–	-0.12%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-3,534	–	-0.12%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-9,259	–	-0.13%	–
MRK	Exit	MERCK & CO INC	$0	–	-17,407	–	-0.17%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-4,822	–	-0.17%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-6,611	–	-0.17%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-26,131	–	-0.20%	–
SCHD	Exit	SCHWAB STRATEGIC TRus dividend eq	$0	–	-27,641	–	-0.26%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-34,075	–	-0.34%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-19,479	–	-0.34%	–
HD	Exit	HOME DEPOT INC	$0	–	-8,356	–	-0.35%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-20,587	–	-0.40%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-8,577	–	-0.47%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-75,235	–	-0.65%	–
MMM	Exit	3M CO	$0	–	-43,297	–	-0.96%	–
ECL	Exit	ECOLAB INC	$0	–	-37,222	–	-0.98%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-15,779	–	-1.14%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-169,021	–	-1.16%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-47,219	–	-1.26%	–
CME	Exit	CME GROUP INC	$0	–	-54,005	–	-1.32%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-54,438	–	-1.35%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-133,018	–	-1.37%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-56,079	–	-1.38%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-83,691	–	-1.48%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-103,463	–	-1.64%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-29,628	–	-1.68%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-80,883	–	-1.72%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-7,837	–	-1.81%	–
PEP	Exit	PEPSICO INC	$0	–	-94,853	–	-1.81%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-35,987	–	-1.94%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-46,119	–	-1.99%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-29,334	–	-2.14%	–
TJX	Exit	TJX COS INC NEW	$0	–	-256,924	–	-2.15%	–
NKE	Exit	NIKE INCcl b	$0	–	-118,722	–	-2.19%	–
LLY	Exit	LILLY ELI & CO	$0	–	-77,206	–	-2.26%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-111,781	–	-2.29%	–
MS	Exit	MORGAN STANLEY	$0	–	-189,648	–	-2.34%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-87,509	–	-2.36%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-43,781	–	-2.50%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-52,561	–	-2.61%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-188,942	–	-2.64%	–
ABT	Exit	ABBOTT LABS	$0	–	-180,540	–	-2.71%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-66,309	–	-2.92%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-76,914	–	-2.97%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-161,458	–	-3.35%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-88,413	–	-3.59%	–
AMZN	Exit	AMAZON COM INC	$0	–	-9,121	–	-3.80%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-159,685	–	-3.89%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-19,076	–	-6.45%	–
AAPL	Exit	APPLE INC	$0	–	-402,679	–	-7.23%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-216,146	–	-7.73%	–

Q3 2021

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$60,936,000	-1.7%	216,146	+2.1%	7.73%	+3.3%
AAPL	Buy	APPLE INC	$56,979,000	-4.4%	402,679	+0.8%	7.23%	+0.5%
GOOG	Buy	ALPHABET INCcap stk cl c	$50,843,000	-2.3%	19,076	+1.5%	6.45%	+2.8%
TXN	Buy	TEXAS INSTRS INC	$30,693,000	+3.3%	159,685	+1.4%	3.89%	+8.6%
AMZN	Buy	AMAZON COM INC	$29,963,000	+1.1%	9,121	+1.4%	3.80%	+6.3%
ACN	Buy	ACCENTURE PLC IRELAND	$28,285,000	+0.5%	88,413	+1.6%	3.59%	+5.7%
JPM	Buy	JPMORGAN CHASE & CO	$26,429,000	+3.5%	161,458	+1.2%	3.35%	+8.8%
DHR	Sell	DANAHER CORPORATION	$23,416,000	-5.4%	76,914	-2.0%	2.97%	-0.5%
MA	Buy	MASTERCARD INCORPORATEDcl a	$23,054,000	-3.8%	66,309	+0.4%	2.92%	+1.1%
ABT	Sell	ABBOTT LABS	$21,327,000	-5.0%	180,540	-1.0%	2.71%	-0.1%
SBUX	Buy	STARBUCKS CORP	$20,842,000	-3.9%	188,942	+1.7%	2.64%	+1.0%
UNH	Buy	UNITEDHEALTH GROUP INC	$20,538,000	-2.2%	52,561	+2.6%	2.61%	+2.9%
COST	Sell	COSTCO WHSL CORP NEW	$19,673,000	-1.8%	43,781	-2.2%	2.50%	+3.2%
HON	Buy	HONEYWELL INTL INC	$18,576,000	-4.3%	87,509	+4.5%	2.36%	+0.6%
MS	Buy	MORGAN STANLEY	$18,455,000	-4.4%	189,648	+2.1%	2.34%	+0.4%
JNJ	Buy	JOHNSON & JOHNSON	$18,053,000	-6.5%	111,781	+2.0%	2.29%	-1.7%
LLY	Sell	LILLY ELI & CO	$17,838,000	-14.2%	77,206	-1.9%	2.26%	-9.8%
NKE	Buy	NIKE INCcl b	$17,242,000	-14.6%	118,722	+0.9%	2.19%	-10.3%
TJX	Buy	TJX COS INC NEW	$16,952,000	-6.3%	256,924	+0.1%	2.15%	-1.4%
ADBE	Buy	ADOBE SYSTEMS INCORPORATED	$16,888,000	-9.3%	29,334	+0.4%	2.14%	-4.7%
FB	Buy	FACEBOOK INCcl a	$15,652,000	-6.4%	46,119	+0.1%	1.99%	-1.6%
SPGI	Sell	S&P GLOBAL INC	$15,291,000	-4.5%	35,987	-0.7%	1.94%	+0.5%
PEP	Sell	PEPSICO INC	$14,267,000	-5.7%	94,853	-1.9%	1.81%	-0.9%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$14,244,000	-5.5%	7,837	-1.9%	1.81%	-0.7%
AXP	Buy	AMERICAN EXPRESS CO	$13,550,000	+3.3%	80,883	+2.4%	1.72%	+8.6%
ROP	Buy	ROPER TECHNOLOGIES INC	$13,218,000	-6.8%	29,628	+0.5%	1.68%	-2.0%
MDT	Buy	MEDTRONIC PLC	$12,969,000	-1.9%	103,463	+0.4%	1.64%	+3.1%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$11,627,000	+0.1%	83,691	+3.2%	1.48%	+5.2%
ZTS	Buy	ZOETIS INCcl a	$10,887,000	-3.2%	56,079	+0.4%	1.38%	+1.7%
MKC	Sell	MCCORMICK & CO INC	$10,778,000	-9.2%	133,018	-2.9%	1.37%	-4.6%
PNC	Sell	PNC FINL SVCS GROUP INC	$10,650,000	+2.4%	54,438	-0.4%	1.35%	+7.6%
CME	Buy	CME GROUP INC	$10,444,000	-5.8%	54,005	+0.8%	1.32%	-1.0%
STZ	Buy	CONSTELLATION BRANDS INCcl a	$9,949,000	-0.4%	47,219	+1.0%	1.26%	+4.7%
VZ	Buy	VERIZON COMMUNICATIONS INC	$9,129,000	-2.9%	169,021	+0.5%	1.16%	+2.1%
LRCX	Buy	LAM RESEARCH CORP	$8,981,000	+0.5%	15,779	+2.5%	1.14%	+5.7%
ECL	Buy	ECOLAB INC	$7,765,000	-5.3%	37,222	+0.6%	0.98%	-0.4%
MMM	Buy	3M CO	$7,595,000	+7.4%	43,297	+22.8%	0.96%	+13.0%
DD	Buy	DUPONT DE NEMOURS INC	$5,115,000	-10.4%	75,235	+1.6%	0.65%	-5.8%
IVV	Sell	ISHARES TRcore s&p500 etf	$3,695,000	-4.0%	8,577	-0.2%	0.47%	+1.1%
HD	Sell	HOME DEPOT INC	$2,743,000	-1.6%	8,356	-0.7%	0.35%	+3.6%
PG	Sell	PROCTER AND GAMBLE CO	$2,723,000	-3.8%	19,479	-1.2%	0.34%	+0.9%
SCHD	Buy	SCHWAB STRATEGIC TRus dividend eq	$2,052,000	-3.7%	27,641	+1.0%	0.26%	+1.2%
XOM	Sell	EXXON MOBIL CORP	$1,537,000	+2.7%	26,131	-0.8%	0.20%	+7.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$1,316,000	-5.9%	4,822	-0.7%	0.17%	-1.2%
MRK	Sell	MERCK & CO INC	$1,307,000	-6.6%	17,407	-4.6%	0.17%	-1.8%
IJR	Buy	ISHARES TRcore s&p scp etf	$1,011,000	+2.8%	9,259	+4.5%	0.13%	+7.6%
PFE	Sell	PFIZER INC	$960,000	-11.8%	22,310	-0.7%	0.12%	-6.9%
MCD	Sell	MCDONALDS CORP	$929,000	-2.7%	3,852	-3.6%	0.12%	+2.6%
NEE	Sell	NEXTERA ENERGY INC	$933,000	-6.3%	11,881	-0.5%	0.12%	-1.7%
GOOGL	Sell	ALPHABET INCcap stk cl a	$858,000	-3.3%	321	-0.3%	0.11%	+1.9%
CSCO	Sell	CISCO SYS INC	$849,000	-10.9%	15,589	-7.7%	0.11%	-6.1%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$736,000	+45.5%	1,715	+51.2%	0.09%	+52.5%
SYK	Sell	STRYKER CORPORATION	$718,000	-1.1%	2,723	-1.3%	0.09%	+3.4%
CVX	Buy	CHEVRON CORP NEW	$701,000	+25.6%	6,908	+26.2%	0.09%	+32.8%
QQQ	Buy	INVESCO QQQ TRunit ser 1	$632,000	+1.6%	1,766	+4.7%	0.08%	+6.7%
TSLA	Buy	TESLA INC	$610,000	+9.1%	787	+1.0%	0.08%	+14.9%
IJH	Sell	ISHARES TRcore s&p mcp etf	$567,000	-5.2%	2,157	-1.6%	0.07%	0.0%
NVDA	Sell	NVIDIA CORPORATION	$567,000	-1.9%	2,738	-4.4%	0.07%	+2.9%
T	Sell	AT&T INC	$561,000	-4.4%	20,770	-0.2%	0.07%	0.0%
LMT	Sell	LOCKHEED MARTIN CORP	$552,000	-10.8%	1,599	-7.6%	0.07%	-6.7%
PLD	Sell	PROLOGIS INC.	$543,000	-8.9%	4,330	-4.1%	0.07%	-4.2%
BSV	Sell	VANGUARD BD INDEX FDSshort trm bond	$483,000	-8.7%	5,889	-8.4%	0.06%	-4.7%
SUI	Sell	SUN CMNTYS INC	$461,000	-9.1%	2,491	-2.9%	0.06%	-4.9%
SCHZ	Sell	SCHWAB STRATEGIC TRus aggregate b	$379,000	-10.2%	6,988	-9.1%	0.05%	-5.9%
	New	DIMENSIONAL ETF TRUSTworld ex us core	$345,000	–	13,338	–	0.04%	–
VGT	Buy	VANGUARD WORLD FDSinf tech etf	$339,000	+13.8%	846	+18.2%	0.04%	+19.4%
ITOT	New	ISHARES TRcore s&p ttl stk	$334,000	–	3,395	–	0.04%	–
CF	Sell	CF INDS HLDGS INC	$326,000	+5.8%	5,845	-8.2%	0.04%	+10.8%
FDN	Buy	FIRST TR EXCHANGE-TRADED FDdj internt idx	$311,000	+1.6%	1,319	+4.0%	0.04%	+5.4%
KMB	Sell	KIMBERLY-CLARK CORP	$287,000	-7.4%	2,165	-4.6%	0.04%	-2.7%
SYY	Sell	SYSCO CORP	$272,000	-1.8%	3,460	-0.6%	0.04%	+6.1%
INTC	Sell	INTEL CORP	$250,000	-1.2%	4,694	-0.6%	0.03%	+3.2%
ITW	Sell	ILLINOIS TOOL WKS INC	$247,000	-12.1%	1,193	-1.0%	0.03%	-8.8%
MUB	New	ISHARES TRnational mun etf	$239,000	–	2,059	–	0.03%	–
WMT	Buy	WALMART INC	$237,000	-6.7%	1,701	+0.2%	0.03%	-3.2%
AROW	Buy	ARROW FINL CORP	$219,000	-4.8%	6,386	+3.0%	0.03%	0.0%
	New	GENERAL ELECTRIC CO	$215,000	–	2,084	–	0.03%	–
WPC	Sell	WP CAREY INC	$215,000	-14.7%	2,950	-7.8%	0.03%	-10.0%
TGT	Exit	TARGET CORP	$0	–	-859	–	-0.03%	–
BIIB	Exit	BIOGEN INC	$0	–	-670	–	-0.03%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-2,233	–	-0.03%	–
SCHX	Exit	SCHWAB STRATEGIC TRus lrg cap etf	$0	–	-2,228	–	-0.03%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-3,956	–	-0.03%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-119,299	–	-1.46%	–

Q2 2021

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$62,021,000	–	211,785	–	7.48%	–
AAPL	New	APPLE INC	$59,591,000	–	399,670	–	7.19%	–
GOOG	New	ALPHABET INCcap stk cl c	$52,019,000	–	18,792	–	6.28%	–
TXN	New	TEXAS INSTRS INC	$29,725,000	–	157,524	–	3.59%	–
AMZN	New	AMAZON COM INC	$29,636,000	–	8,997	–	3.58%	–
ACN	New	ACCENTURE PLC IRELAND	$28,145,000	–	87,014	–	3.40%	–
JPM	New	JPMORGAN CHASE & CO	$25,536,000	–	159,621	–	3.08%	–
DHR	New	DANAHER CORPORATION	$24,748,000	–	78,499	–	2.99%	–
MA	New	MASTERCARD INCORPORATEDcl a	$23,966,000	–	66,066	–	2.89%	–
ABT	New	ABBOTT LABS	$22,439,000	–	182,345	–	2.71%	–
SBUX	New	STARBUCKS CORP	$21,696,000	–	185,820	–	2.62%	–
UNH	New	UNITEDHEALTH GROUP INC	$20,992,000	–	51,242	–	2.53%	–
LLY	New	LILLY ELI & CO	$20,801,000	–	78,730	–	2.51%	–
NKE	New	NIKE INCcl b	$20,196,000	–	117,629	–	2.44%	–
COST	New	COSTCO WHSL CORP NEW	$20,040,000	–	44,751	–	2.42%	–
HON	New	HONEYWELL INTL INC	$19,410,000	–	83,749	–	2.34%	–
MS	New	MORGAN STANLEY	$19,314,000	–	185,817	–	2.33%	–
JNJ	New	JOHNSON & JOHNSON	$19,313,000	–	109,580	–	2.33%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$18,618,000	–	29,213	–	2.25%	–
TJX	New	TJX COS INC NEW	$18,085,000	–	256,562	–	2.18%	–
FB	New	FACEBOOK INCcl a	$16,731,000	–	46,067	–	2.02%	–
SPGI	New	S&P GLOBAL INC	$16,006,000	–	36,233	–	1.93%	–
PEP	New	PEPSICO INC	$15,130,000	–	96,664	–	1.83%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$15,076,000	–	7,986	–	1.82%	–
ROP	New	ROPER TECHNOLOGIES INC	$14,176,000	–	29,487	–	1.71%	–
MDT	New	MEDTRONIC PLC	$13,221,000	–	103,016	–	1.60%	–
AXP	New	AMERICAN EXPRESS CO	$13,116,000	–	78,976	–	1.58%	–
DLTR	New	DOLLAR TREE INC	$12,141,000	–	119,299	–	1.46%	–
MKC	New	MCCORMICK & CO INC	$11,875,000	–	136,997	–	1.43%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$11,615,000	–	81,118	–	1.40%	–
ZTS	New	ZOETIS INCcl a	$11,252,000	–	55,849	–	1.36%	–
CME	New	CME GROUP INC	$11,088,000	–	53,557	–	1.34%	–
PNC	New	PNC FINL SVCS GROUP INC	$10,405,000	–	54,653	–	1.26%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$9,990,000	–	46,759	–	1.20%	–
VZ	New	VERIZON COMMUNICATIONS INC	$9,397,000	–	168,199	–	1.13%	–
LRCX	New	LAM RESEARCH CORP	$8,935,000	–	15,395	–	1.08%	–
ECL	New	ECOLAB INC	$8,200,000	–	37,008	–	0.99%	–
MMM	New	3M CO	$7,071,000	–	35,254	–	0.85%	–
DD	New	DUPONT DE NEMOURS INC	$5,709,000	–	74,072	–	0.69%	–
IVV	New	ISHARES TRcore s&p500 etf	$3,847,000	–	8,591	–	0.46%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$3,338,000	–	20,587	–	0.40%	–
PG	New	PROCTER AND GAMBLE CO	$2,831,000	–	19,712	–	0.34%	–
HD	New	HOME DEPOT INC	$2,788,000	–	8,414	–	0.34%	–
EFA	New	ISHARES TRmsci eafe etf	$2,774,000	–	34,075	–	0.34%	–
SCHD	New	SCHWAB STRATEGIC TRus dividend eq	$2,131,000	–	27,380	–	0.26%	–
XOM	New	EXXON MOBIL CORP	$1,496,000	–	26,345	–	0.18%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$1,422,000	–	6,611	–	0.17%	–
MRK	New	MERCK & CO INC	$1,399,000	–	18,239	–	0.17%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,398,000	–	4,857	–	0.17%	–
UNP	New	UNION PAC CORP	$1,093,000	–	4,796	–	0.13%	–
QCOM	New	QUALCOMM INC	$1,096,000	–	7,376	–	0.13%	–
PFE	New	PFIZER INC	$1,089,000	–	22,457	–	0.13%	–
SHW	New	SHERWIN WILLIAMS CO	$1,080,000	–	3,534	–	0.13%	–
DIS	New	DISNEY WALT CO	$1,057,000	–	5,839	–	0.13%	–
NEE	New	NEXTERA ENERGY INC	$996,000	–	11,941	–	0.12%	–
IJR	New	ISHARES TRcore s&p scp etf	$983,000	–	8,859	–	0.12%	–
CSCO	New	CISCO SYS INC	$953,000	–	16,881	–	0.12%	–
MCD	New	MCDONALDS CORP	$955,000	–	3,997	–	0.12%	–
GOOGL	New	ALPHABET INCcap stk cl a	$887,000	–	322	–	0.11%	–
SYK	New	STRYKER CORPORATION	$726,000	–	2,760	–	0.09%	–
KO	New	COCA COLA CO	$696,000	–	12,161	–	0.08%	–
LMT	New	LOCKHEED MARTIN CORP	$619,000	–	1,730	–	0.08%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$622,000	–	1,686	–	0.08%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$615,000	–	9,117	–	0.07%	–
IJH	New	ISHARES TRcore s&p mcp etf	$598,000	–	2,192	–	0.07%	–
PLD	New	PROLOGIS INC.	$596,000	–	4,515	–	0.07%	–
T	New	AT&T INC	$587,000	–	20,808	–	0.07%	–
NVDA	New	NVIDIA CORPORATION	$578,000	–	2,863	–	0.07%	–
TSLA	New	TESLA INC	$559,000	–	779	–	0.07%	–
CVX	New	CHEVRON CORP NEW	$558,000	–	5,474	–	0.07%	–
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$529,000	–	6,432	–	0.06%	–
SUI	New	SUN CMNTYS INC	$507,000	–	2,566	–	0.06%	–
MCO	New	MOODYS CORP	$504,000	–	1,323	–	0.06%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$506,000	–	1,134	–	0.06%	–
IDXX	New	IDEXX LABS INC	$447,000	–	665	–	0.05%	–
SCHZ	New	SCHWAB STRATEGIC TRus aggregate b	$422,000	–	7,691	–	0.05%	–
VMC	New	VULCAN MATLS CO	$375,000	–	1,975	–	0.04%	–
IJS	New	ISHARES TRsp smcp600vl etf	$357,000	–	3,500	–	0.04%	–
APD	New	AIR PRODS & CHEMS INC	$345,000	–	1,233	–	0.04%	–
FDN	New	FIRST TR EXCHANGE-TRADED FDdj internt idx	$306,000	–	1,268	–	0.04%	–
KMB	New	KIMBERLY-CLARK CORP	$310,000	–	2,270	–	0.04%	–
VYM	New	VANGUARD WHITEHALL FDShigh div yld	$309,000	–	2,853	–	0.04%	–
CF	New	CF INDS HLDGS INC	$308,000	–	6,370	–	0.04%	–
VGT	New	VANGUARD WORLD FDSinf tech etf	$298,000	–	716	–	0.04%	–
NSC	New	NORFOLK SOUTHN CORP	$296,000	–	1,101	–	0.04%	–
SHOP	New	SHOPIFY INCcl a	$300,000	–	200	–	0.04%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$286,000	–	526	–	0.04%	–
ROK	New	ROCKWELL AUTOMATION INC	$294,000	–	929	–	0.04%	–
PII	New	POLARIS INC	$278,000	–	2,100	–	0.03%	–
ITW	New	ILLINOIS TOOL WKS INC	$281,000	–	1,205	–	0.03%	–
GLW	New	CORNING INC	$283,000	–	7,025	–	0.03%	–
IWF	New	ISHARES TRrus 1000 grw etf	$285,000	–	1,004	–	0.03%	–
SYY	New	SYSCO CORP	$277,000	–	3,481	–	0.03%	–
SCI	New	SERVICE CORP INTL	$257,000	–	3,956	–	0.03%	–
INTC	New	INTEL CORP	$253,000	–	4,724	–	0.03%	–
WMT	New	WALMART INC	$254,000	–	1,698	–	0.03%	–
WPC	New	WP CAREY INC	$252,000	–	3,200	–	0.03%	–
INTT	New	INTEST CORP	$239,000	–	19,450	–	0.03%	–
EMR	New	EMERSON ELEC CO	$237,000	–	2,286	–	0.03%	–
SCHX	New	SCHWAB STRATEGIC TRus lrg cap etf	$241,000	–	2,228	–	0.03%	–
GE	New	GENERAL ELECTRIC CO	$234,000	–	2,233	–	0.03%	–
BIIB	New	BIOGEN INC	$229,000	–	670	–	0.03%	–
AROW	New	ARROW FINL CORP	$230,000	–	6,200	–	0.03%	–
TGT	New	TARGET CORP	$225,000	–	859	–	0.03%	–
F	New	FORD MTR CO DEL	$184,000	–	13,550	–	0.02%	–
TYME	New	TYME TECHNOLOGIES INC	$10,000	–	10,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
TYME	Exit	TYME TECHNOLOGIES INC	$0	–	-10,000	–	-0.00%	–
BMYRT	Exit	BRISTOL-MYERS SQUIBB COright 99/99/9999	$0	–	-11,224	–	-0.00%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-12,639	–	-0.02%	–
AROW	Exit	ARROW FINL CORP	$0	–	-7,243	–	-0.03%	–
SCHZ	Exit	SCHWAB STRATEGIC TRus aggregate b	$0	–	-3,723	–	-0.03%	–
INTT	Exit	INTEST CORP	$0	–	-42,450	–	-0.04%	–
INTC	Exit	INTEL CORP	$0	–	-4,713	–	-0.04%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-931	–	-0.04%	–
FDN	Exit	FIRST TR EXCHANGE-TRADED FDdj internt idx	$0	–	-1,159	–	-0.04%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-954	–	-0.04%	–
FGD	Exit	FIRST TR EXCHANGE TRADED FDdj glbl divid	$0	–	-11,590	–	-0.04%	–
SYY	Exit	SYSCO CORP	$0	–	-3,387	–	-0.04%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-495	–	-0.04%	–
SO	Exit	SOUTHERN CO	$0	–	-3,954	–	-0.04%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-1,198	–	-0.04%	–
IJS	Exit	ISHARES TRsp smcp600vl etf	$0	–	-3,500	–	-0.04%	–
VYM	Exit	VANGUARD WHITEHALL FDShigh div yld	$0	–	-2,950	–	-0.04%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-8,675	–	-0.04%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-1,975	–	-0.04%	–
WPC	Exit	WP CAREY INC	$0	–	-4,000	–	-0.04%	–
TSLA	Exit	TESLA INC	$0	–	-691	–	-0.05%	–
IQLT	Exit	ISHARES TRmsci intl qualty	$0	–	-8,700	–	-0.05%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-6,445	–	-0.05%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-691	–	-0.05%	–
FFC	Exit	FLAHERTY & CRUMRIN PFD & INM	$0	–	-14,410	–	-0.05%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-2,342	–	-0.05%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-6,400	–	-0.05%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-967	–	-0.06%	–
MCO	Exit	MOODYS CORP	$0	–	-1,299	–	-0.06%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-1,427	–	-0.06%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-709	–	-0.06%	–
F	Exit	FORD MTR CO DEL	$0	–	-43,806	–	-0.06%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-3,466	–	-0.08%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-2,456	–	-0.08%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-1,838	–	-0.09%	–
BSV	Exit	VANGUARD BD INDEX FDSshort trm bond	$0	–	-6,583	–	-0.09%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-326	–	-0.09%	–
DIS	Exit	DISNEY WALT CO	$0	–	-4,440	–	-0.10%	–
PLD	Exit	PROLOGIS INC.	$0	–	-5,878	–	-0.10%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-9,775	–	-0.10%	–
KO	Exit	COCA COLA CO	$0	–	-12,074	–	-0.10%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-2,823	–	-0.11%	–
T	Exit	AT&T INC	$0	–	-24,115	–	-0.11%	–
PFE	Exit	PFIZER INC	$0	–	-19,285	–	-0.12%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-1,100	–	-0.13%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-2,281	–	-0.14%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-11,036	–	-0.15%	–
CSCO	Exit	CISCO SYS INC	$0	–	-21,954	–	-0.15%	–
GMS	Exit	GMS INC	$0	–	-32,162	–	-0.15%	–
IT	Exit	GARTNER INC	$0	–	-5,912	–	-0.15%	–
UNP	Exit	UNION PAC CORP	$0	–	-4,665	–	-0.15%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-4,861	–	-0.18%	–
MCD	Exit	MCDONALDS CORP	$0	–	-5,188	–	-0.18%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-6,466	–	-0.18%	–
QCOM	Exit	QUALCOMM INC	$0	–	-7,747	–	-0.18%	–
MMM	Exit	3M CO	$0	–	-6,828	–	-0.19%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-15,102	–	-0.19%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-33,729	–	-0.20%	–
SCHD	Exit	SCHWAB STRATEGIC TRus dividend eq	$0	–	-27,647	–	-0.28%	–
MRK	Exit	MERCK & CO. INC	$0	–	-21,919	–	-0.29%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-37,930	–	-0.31%	–
VIG	Exit	VANGUARD SPECIALIZED FUNDSdiv app etf	$0	–	-17,671	–	-0.39%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-7,075	–	-0.41%	–
HD	Exit	HOME DEPOT INC	$0	–	-9,549	–	-0.43%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-39,735	–	-0.45%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-21,364	–	-0.50%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-63,499	–	-0.63%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-71,186	–	-0.96%	–
ECL	Exit	ECOLAB INC	$0	–	-33,417	–	-1.13%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-62,140	–	-1.16%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-49,187	–	-1.32%	–
CME	Exit	CME GROUP INC	$0	–	-49,531	–	-1.33%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-70,662	–	-1.34%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-42,527	–	-1.39%	–
MS	Exit	MORGAN STANLEY	$0	–	-157,294	–	-1.44%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-156,390	–	-1.55%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-110,642	–	-1.70%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-85,635	–	-1.70%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-8,425	–	-1.71%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-93,884	–	-1.71%	–
LLY	Exit	LILLY ELI & CO	$0	–	-80,592	–	-1.86%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-41,848	–	-1.88%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-34,671	–	-1.92%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-66,034	–	-1.98%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-26,698	–	-2.03%	–
NKE	Exit	NIKE INCcl b	$0	–	-101,384	–	-2.11%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-65,474	–	-2.14%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-34,548	–	-2.22%	–
PEP	Exit	PEPSICO INC	$0	–	-97,949	–	-2.30%	–
TJX	Exit	TJX COS INC NEW	$0	–	-245,826	–	-2.38%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-99,639	–	-2.42%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-161,076	–	-2.49%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-141,465	–	-2.61%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-45,520	–	-2.62%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-47,961	–	-2.94%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-116,166	–	-2.95%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-79,634	–	-3.03%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-79,393	–	-3.11%	–
ABT	Exit	ABBOTT LABS	$0	–	-180,030	–	-3.28%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-63,701	–	-3.46%	–
AMZN	Exit	AMAZON COM INC	$0	–	-8,090	–	-4.10%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-17,446	–	-5.02%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-198,190	–	-6.95%	–
AAPL	Exit	APPLE INC	$0	–	-376,008	–	-7.26%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$44,843,000	+34.5%	376,008	+311.3%	7.26%	+11.2%
MSFT	Buy	MICROSOFT CORP	$42,910,000	+7.3%	198,190	+0.9%	6.95%	-11.3%
GOOG	Buy	ALPHABET INCcap stk cl c	$31,002,000	+29.6%	17,446	+3.1%	5.02%	+7.1%
AMZN	Buy	AMAZON COM INC	$25,312,000	+19.0%	8,090	+5.0%	4.10%	-1.6%
MA	Sell	MASTERCARD INCORPORATEDcl a	$21,342,000	+11.4%	63,701	-1.7%	3.46%	-7.9%
ABT	Sell	ABBOTT LABS	$20,271,000	+22.4%	180,030	-0.6%	3.28%	+1.2%
ACN	Buy	ACCENTURE PLC IRELAND	$19,196,000	+16.7%	79,393	+3.6%	3.11%	-3.5%
DHR	Sell	DANAHER CORPORATION	$18,689,000	+27.5%	79,634	-3.9%	3.03%	+5.4%
TXN	Buy	TEXAS INSTRS INC	$18,197,000	+32.7%	116,166	+7.6%	2.95%	+9.8%
COST	Sell	COSTCO WHSL CORP NEW	$18,169,000	+23.9%	47,961	-0.8%	2.94%	+2.5%
UNH	Buy	UNITEDHEALTH GROUP INC	$16,190,000	+25.3%	45,520	+3.9%	2.62%	+3.6%
JPM	Buy	JPMORGAN CHASE & CO	$16,138,000	+85.1%	141,465	+52.7%	2.61%	+53.0%
SBUX	Buy	STARBUCKS CORP	$15,392,000	+37.7%	161,076	+6.1%	2.49%	+13.8%
JNJ	Buy	JOHNSON & JOHNSON	$14,936,000	+7.4%	99,639	+0.8%	2.42%	-11.2%
TJX	Sell	TJX COS INC NEW	$14,659,000	+17.2%	245,826	-0.7%	2.38%	-3.1%
PEP	Buy	PEPSICO INC	$14,174,000	+13.7%	97,949	+4.0%	2.30%	-6.0%
ROP	Sell	ROPER TECHNOLOGIES INC	$13,695,000	-2.5%	34,548	-4.5%	2.22%	-19.4%
HON	Sell	HONEYWELL INTL INC	$13,196,000	+39.2%	65,474	-0.1%	2.14%	+15.1%
NKE	Buy	NIKE INCcl b	$13,006,000	+41.7%	101,384	+8.3%	2.11%	+17.1%
ADBE	Buy	ADOBE SYSTEMS INCORPORATED	$12,530,000	+30.8%	26,698	+21.3%	2.03%	+8.2%
MKC	Sell	MCCORMICK & CO INC	$12,191,000	+1.4%	66,034	-1.4%	1.98%	-16.1%
SPGI	Buy	S&P GLOBAL INC	$11,855,000	+5.0%	34,671	+1.2%	1.92%	-13.2%
FB	Buy	FACEBOOK INCcl a	$11,590,000	+99.4%	41,848	+63.5%	1.88%	+64.8%
LLY	Buy	LILLY ELI & CO	$11,475,000	-12.4%	80,592	+1.0%	1.86%	-27.6%
MDT	Buy	MEDTRONIC PLC	$10,562,000	+24.6%	93,884	+1.6%	1.71%	+3.0%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$10,543,000	+17.1%	8,425	-1.5%	1.71%	-3.1%
PNC	Sell	PNC FINL SVCS GROUP INC	$10,514,000	+15.0%	85,635	-1.5%	1.70%	-5.0%
DLTR	Buy	DOLLAR TREE INC	$10,505,000	+5.1%	110,642	+2.6%	1.70%	-13.1%
VZ	Buy	VERIZON COMMUNICATIONS INC	$9,549,000	+16.0%	156,390	+4.7%	1.55%	-4.1%
MS	Buy	MORGAN STANLEY	$8,904,000	+161.3%	157,294	+122.9%	1.44%	+115.9%
STZ	Buy	CONSTELLATION BRANDS INCcl a	$8,591,000	+24.0%	42,527	+7.4%	1.39%	+2.6%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$8,257,000	+1.2%	70,662	+4.6%	1.34%	-16.3%
CME	Buy	CME GROUP INC	$8,220,000	+4.2%	49,531	+2.1%	1.33%	-13.8%
ZTS	Buy	ZOETIS INCcl a	$8,154,000	+1076.6%	49,187	+873.0%	1.32%	+871.3%
AXP	Buy	AMERICAN EXPRESS CO	$7,145,000	+38.8%	62,140	+14.9%	1.16%	+14.8%
ECL	Buy	ECOLAB INC	$6,965,000	+80.5%	33,417	+72.3%	1.13%	+49.2%
CVX	Buy	CHEVRON CORP NEW	$5,911,000	-5.9%	71,186	+1.1%	0.96%	-22.2%
DD	Buy	DUPONT DE NEMOURS INC	$3,913,000	+20.7%	63,499	+4.1%	0.63%	-0.2%
PG	Buy	PROCTER AND GAMBLE CO	$3,082,000	+22.4%	21,364	+1.4%	0.50%	+1.0%
EFA	Sell	ISHARES TRmsci eafe etf	$2,756,000	-10.1%	39,735	-21.1%	0.45%	-25.8%
HD	Sell	HOME DEPOT INC	$2,647,000	+2.7%	9,549	-7.2%	0.43%	-15.0%
IVV	Sell	ISHARES TRcore s&p500 etf	$2,542,000	+13.4%	7,075	-2.3%	0.41%	-6.2%
VIG	Buy	VANGUARD SPECIALIZED FUNDSdiv app etf	$2,435,000	+29.3%	17,671	+10.0%	0.39%	+6.8%
VLO	Buy	VALERO ENERGY CORP	$1,931,000	-8.7%	37,930	+5.4%	0.31%	-24.6%
MRK	Sell	MERCK & CO. INC	$1,777,000	+3.7%	21,919	-1.1%	0.29%	-14.3%
SCHD	Sell	SCHWAB STRATEGIC TRus dividend eq	$1,701,000	+18.6%	27,647	-0.3%	0.28%	-1.8%
XOM	Sell	EXXON MOBIL CORP	$1,217,000	-29.9%	33,729	-13.1%	0.20%	-42.1%
NEE	Buy	NEXTERA ENERGY INC	$1,166,000	+48.3%	15,102	+361.7%	0.19%	+22.7%
MMM	Sell	3M CO	$1,159,000	+8.3%	6,828	-0.5%	0.19%	-10.5%
QCOM	Buy	QUALCOMM INC	$1,118,000	+59.0%	7,747	+0.4%	0.18%	+31.2%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$1,110,000	+19.0%	6,466	+3.2%	0.18%	-1.6%
MCD	Buy	MCDONALDS CORP	$1,106,000	+16.4%	5,188	+0.8%	0.18%	-3.8%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$1,105,000	+23.1%	4,861	-3.4%	0.18%	+1.7%
UNP	Sell	UNION PAC CORP	$949,000	+16.6%	4,665	-3.1%	0.15%	-3.1%
IT	Sell	GARTNER INC	$934,000	+29.5%	5,912	-0.5%	0.15%	+7.1%
GMS	Sell	GMS INC	$927,000	+9.3%	32,162	-6.8%	0.15%	-9.6%
CSCO	Sell	CISCO SYS INC	$909,000	-18.3%	21,954	-7.9%	0.15%	-32.6%
IJR	Sell	ISHARES TRcore s&p scp etf	$902,000	-0.1%	11,036	-16.5%	0.15%	-17.5%
LMT	Sell	LOCKHEED MARTIN CORP	$856,000	-14.1%	2,281	-16.5%	0.14%	-28.7%
SHW	Sell	SHERWIN WILLIAMS CO	$799,000	+19.8%	1,100	-4.8%	0.13%	-1.5%
PFE	Sell	PFIZER INC	$745,000	+16.0%	19,285	-1.8%	0.12%	-4.0%
T	Sell	AT&T INC	$697,000	-16.3%	24,115	-12.5%	0.11%	-30.7%
SYK	Sell	STRYKER CORPORATION	$655,000	+15.9%	2,823	-10.0%	0.11%	-4.5%
KO	Sell	COCA COLA CO	$645,000	+12.2%	12,074	-6.2%	0.10%	-8.0%
BMY	Sell	BRISTOL-MYERS SQUIBB CO	$622,000	+1.1%	9,775	-6.5%	0.10%	-15.8%
DIS	Sell	DISNEY WALT CO	$614,000	+6.0%	4,440	-14.5%	0.10%	-12.4%
PLD	Sell	PROLOGIS INC.	$609,000	-15.4%	5,878	-23.8%	0.10%	-29.8%
GOOGL	Buy	ALPHABET INCcap stk cl a	$578,000	+29.0%	326	+3.2%	0.09%	+6.8%
BSV	Sell	VANGUARD BD INDEX FDSshort trm bond	$545,000	-10.4%	6,583	-10.1%	0.09%	-26.1%
QQQ	Sell	INVESCO QQQ TRunit ser 1	$535,000	-0.2%	1,838	-15.0%	0.09%	-17.1%
IJH	Sell	ISHARES TRcore s&p mcp etf	$518,000	+16.4%	2,456	-1.8%	0.08%	-3.4%
SUI	Sell	SUN CMNTYS INC	$508,000	-11.2%	3,466	-17.8%	0.08%	-26.8%
APD	Sell	AIR PRODS & CHEMS INC	$377,000	-9.6%	1,427	-17.4%	0.06%	-25.6%
NVDA	Buy	NVIDIA CORPORATION	$377,000	+40.7%	709	+0.6%	0.06%	+15.1%
MCO	Sell	MOODYS CORP	$358,000	-0.8%	1,299	-1.1%	0.06%	-18.3%
SPY	Buy	SPDR S&P 500 ETF TRtr unit	$346,000	+24.5%	967	+7.2%	0.06%	+3.7%
HRL	Sell	HORMEL FOODS CORP	$334,000	+0.9%	6,400	-6.6%	0.05%	-16.9%
KMB	Sell	KIMBERLY CLARK CORP	$329,000	-3.5%	2,342	-2.9%	0.05%	-20.9%
VWO	Sell	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$304,000	-4.1%	6,445	-19.4%	0.05%	-21.0%
TSLA	New	TESLA INC	$282,000	–	691	–	0.05%	–
WPC	Sell	WP CAREY INC	$280,000	-12.8%	4,000	-15.8%	0.04%	-28.6%
CF	Sell	CF INDS HLDGS INC	$268,000	-95.3%	8,675	-95.7%	0.04%	-96.1%
VYM	New	VANGUARD WHITEHALL FDShigh div yld	$259,000	–	2,950	–	0.04%	–
ITW	Sell	ILLINOIS TOOL WKS INC	$253,000	+8.6%	1,198	-9.9%	0.04%	-10.9%
IJS	Sell	ISHARES TRsp smcp600vl etf	$253,000	-44.6%	3,500	-7.9%	0.04%	-54.4%
SO	Sell	SOUTHERN CO	$253,000	+20.5%	3,954	-2.2%	0.04%	0.0%
SYY	New	SYSCO CORP	$242,000	–	3,387	–	0.04%	–
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$242,000	-0.4%	495	-26.2%	0.04%	-18.8%
FGD	Sell	FIRST TR EXCHANGE TRADED FDdj glbl divid	$238,000	-6.7%	11,590	-18.4%	0.04%	-22.0%
FDN	New	FIRST TR EXCHANGE-TRADED FDdj internt idx	$229,000	–	1,159	–	0.04%	–
NSC	New	NORFOLK SOUTHN CORP	$223,000	–	931	–	0.04%	–
INTT	New	INTEST CORP	$214,000	–	42,450	–	0.04%	–
INTC	Buy	INTEL CORP	$214,000	-23.3%	4,713	+1.0%	0.04%	-36.4%
AROW	Sell	ARROW FINL CORP	$212,000	-32.3%	7,243	-31.2%	0.03%	-44.3%
SCHZ	New	SCHWAB STRATEGIC TRus aggregate b	$208,000	–	3,723	–	0.03%	–
GE	Sell	GENERAL ELECTRIC CO	$117,000	+25.8%	12,639	-6.9%	0.02%	+5.6%
BMYRT	Buy	BRISTOL-MYERS SQUIBB COright 99/99/9999	$14,000	-63.2%	11,224	+5.6%	0.00%	-71.4%
WM	Exit	WASTE MGMT INC DEL	$0	–	-2,409	–	-0.05%	–

Q2 2020

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$39,989,000	–	196,495	–	7.84%	–
AAPL	New	APPLE INC	$33,350,000	–	91,419	–	6.53%	–
GOOG	New	ALPHABET INCcap stk cl c	$23,920,000	–	16,921	–	4.69%	–
AMZN	New	AMAZON COM INC	$21,265,000	–	7,708	–	4.17%	–
MA	New	MASTERCARD INCORPORATEDcl a	$19,166,000	–	64,817	–	3.76%	–
ABT	New	ABBOTT LABS	$16,555,000	–	181,072	–	3.24%	–
ACN	New	ACCENTURE PLC IRELAND	$16,455,000	–	76,634	–	3.22%	–
DHR	New	DANAHER CORPORATION	$14,657,000	–	82,889	–	2.87%	–
COST	New	COSTCO WHSL CORP NEW	$14,659,000	–	48,346	–	2.87%	–
ROP	New	ROPER TECHNOLOGIES INC	$14,049,000	–	36,183	–	2.75%	–
JNJ	New	JOHNSON & JOHNSON	$13,901,000	–	98,850	–	2.72%	–
TXN	New	TEXAS INSTRS INC	$13,711,000	–	107,988	–	2.69%	–
LLY	New	LILLY ELI & CO	$13,105,000	–	79,824	–	2.57%	–
UNH	New	UNITEDHEALTH GROUP INC	$12,925,000	–	43,819	–	2.53%	–
TJX	New	TJX COS INC NEW	$12,513,000	–	247,481	–	2.45%	–
PEP	New	PEPSICO INC	$12,462,000	–	94,227	–	2.44%	–
MKC	New	MCCORMICK & CO INC	$12,017,000	–	66,982	–	2.36%	–
SPGI	New	S&P GLOBAL INC	$11,291,000	–	34,270	–	2.21%	–
SBUX	New	STARBUCKS CORP	$11,176,000	–	151,869	–	2.19%	–
DLTR	New	DOLLAR TREE INC	$9,999,000	–	107,882	–	1.96%	–
ADBE	New	ADOBE INC	$9,580,000	–	22,007	–	1.88%	–
HON	New	HONEYWELL INTL INC	$9,480,000	–	65,567	–	1.86%	–
NKE	New	NIKE INCcl b	$9,180,000	–	93,628	–	1.80%	–
PNC	New	PNC FINL SVCS GROUP INC	$9,144,000	–	86,911	–	1.79%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$9,000,000	–	8,552	–	1.76%	–
JPM	New	JPMORGAN CHASE & CO	$8,717,000	–	92,671	–	1.71%	–
MDT	New	MEDTRONIC PLC	$8,476,000	–	92,428	–	1.66%	–
VZ	New	VERIZON COMMUNICATIONS INC	$8,232,000	–	149,320	–	1.61%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$8,162,000	–	67,585	–	1.60%	–
CME	New	CME GROUP INC	$7,888,000	–	48,532	–	1.55%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$6,927,000	–	39,593	–	1.36%	–
CVX	New	CHEVRON CORP NEW	$6,283,000	–	70,416	–	1.23%	–
FB	New	FACEBOOK INCcl a	$5,811,000	–	25,590	–	1.14%	–
CF	New	CF INDS HLDGS INC	$5,664,000	–	201,264	–	1.11%	–
AXP	New	AMERICAN EXPRESS CO	$5,147,000	–	54,063	–	1.01%	–
ECL	New	ECOLAB INC	$3,858,000	–	19,393	–	0.76%	–
MS	New	MORGAN STANLEY	$3,408,000	–	70,561	–	0.67%	–
DD	New	DUPONT DE NEMOURS INC	$3,242,000	–	61,021	–	0.64%	–
EFA	New	ISHARES TRmsci eafe etf	$3,066,000	–	50,368	–	0.60%	–
HD	New	HOME DEPOT INC	$2,578,000	–	10,293	–	0.50%	–
PG	New	PROCTER AND GAMBLE CO	$2,519,000	–	21,070	–	0.49%	–
IVV	New	ISHARES TRcore s&p500 etf	$2,242,000	–	7,238	–	0.44%	–
VLO	New	VALERO ENERGY CORP	$2,116,000	–	35,981	–	0.42%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$1,883,000	–	16,071	–	0.37%	–
XOM	New	EXXON MOBIL CORP	$1,735,000	–	38,801	–	0.34%	–
MRK	New	MERCK & CO. INC	$1,713,000	–	22,154	–	0.34%	–
SCHD	New	SCHWAB STRATEGIC TRus dividend eq	$1,434,000	–	27,717	–	0.28%	–
CSCO	New	CISCO SYS INC	$1,112,000	–	23,840	–	0.22%	–
MMM	New	3M CO	$1,070,000	–	6,859	–	0.21%	–
LMT	New	LOCKHEED MARTIN CORP	$997,000	–	2,733	–	0.20%	–
MCD	New	MCDONALDS CORP	$950,000	–	5,149	–	0.19%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$933,000	–	6,266	–	0.18%	–
IJR	New	ISHARES TRcore s&p scp etf	$903,000	–	13,216	–	0.18%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$898,000	–	5,033	–	0.18%	–
GMS	New	GMS INC	$848,000	–	34,500	–	0.17%	–
T	New	AT&T INC	$833,000	–	27,565	–	0.16%	–
UNP	New	UNION PAC CORP	$814,000	–	4,815	–	0.16%	–
NEE	New	NEXTERA ENERGY INC	$786,000	–	3,271	–	0.15%	–
IT	New	GARTNER INC	$721,000	–	5,941	–	0.14%	–
PLD	New	PROLOGIS INC.	$720,000	–	7,717	–	0.14%	–
QCOM	New	QUALCOMM INC	$703,000	–	7,713	–	0.14%	–
ZTS	New	ZOETIS INCcl a	$693,000	–	5,055	–	0.14%	–
SHW	New	SHERWIN WILLIAMS CO	$667,000	–	1,155	–	0.13%	–
PFE	New	PFIZER INC	$642,000	–	19,636	–	0.13%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$615,000	–	10,459	–	0.12%	–
BSV	New	VANGUARD BD INDEX FDSshort trm bond	$608,000	–	7,320	–	0.12%	–
KO	New	COCA COLA CO	$575,000	–	12,876	–	0.11%	–
DIS	New	DISNEY WALT CO	$579,000	–	5,191	–	0.11%	–
SUI	New	SUN CMNTYS INC	$572,000	–	4,216	–	0.11%	–
SYK	New	STRYKER CORPORATION	$565,000	–	3,135	–	0.11%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$536,000	–	2,163	–	0.10%	–
IJS	New	ISHARES TRsp smcp600vl etf	$457,000	–	3,800	–	0.09%	–
GOOGL	New	ALPHABET INCcap stk cl a	$448,000	–	316	–	0.09%	–
IJH	New	ISHARES TRcore s&p mcp etf	$445,000	–	2,501	–	0.09%	–
APD	New	AIR PRODS & CHEMS INC	$417,000	–	1,727	–	0.08%	–
MCO	New	MOODYS CORP	$361,000	–	1,313	–	0.07%	–
KMB	New	KIMBERLY CLARK CORP	$341,000	–	2,412	–	0.07%	–
HRL	New	HORMEL FOODS CORP	$331,000	–	6,850	–	0.06%	–
WPC	New	WP CAREY INC	$321,000	–	4,750	–	0.06%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$317,000	–	7,995	–	0.06%	–
AROW	New	ARROW FINL CORP	$313,000	–	10,533	–	0.06%	–
FFC	New	FLAHERTY & CRUMRIN PFD & INM	$290,000	–	14,410	–	0.06%	–
INTC	New	INTEL CORP	$279,000	–	4,666	–	0.06%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$278,000	–	902	–	0.05%	–
NVDA	New	NVIDIA CORPORATION	$268,000	–	705	–	0.05%	–
F	New	FORD MTR CO DEL	$266,000	–	43,806	–	0.05%	–
WM	New	WASTE MGMT INC DEL	$255,000	–	2,409	–	0.05%	–
FGD	New	FIRST TR EXCHANGE TRADED FDdj glbl divid	$255,000	–	14,205	–	0.05%	–
IQLT	New	ISHARES TRintl qlty factor	$256,000	–	8,700	–	0.05%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$243,000	–	671	–	0.05%	–
ITW	New	ILLINOIS TOOL WKS INC	$233,000	–	1,330	–	0.05%	–
IDXX	New	IDEXX LABS INC	$228,000	–	691	–	0.04%	–
VMC	New	VULCAN MATLS CO	$229,000	–	1,975	–	0.04%	–
SO	New	SOUTHERN CO	$210,000	–	4,041	–	0.04%	–
ROK	New	ROCKWELL AUTOMATION INC	$203,000	–	954	–	0.04%	–
GE	New	GENERAL ELECTRIC CO	$93,000	–	13,573	–	0.02%	–
BMYRT	New	BRISTOL-MYERS SQUIBB COright 99/99/9999	$38,000	–	10,624	–	0.01%	–
TYME	New	TYME TECHNOLOGIES INC	$13,000	–	10,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
WPRT	Exit	WESTPORT FUEL SYSTEMS INC	$0	–	-10,963	–	-0.01%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-60,000	–	-0.02%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-15,472	–	-0.03%	–
BIIB	Exit	BIOGEN INC	$0	–	-865	–	-0.04%	–
SCHX	Exit	SCHWAB STRATEGIC TRus lrg cap etf	$0	–	-2,945	–	-0.04%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-1,164	–	-0.04%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-3,125	–	-0.04%	–
AROW	Exit	ARROW FINL CORP	$0	–	-6,457	–	-0.05%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-743	–	-0.05%	–
LW	Exit	LAMB WESTON HLDGS INC	$0	–	-3,130	–	-0.05%	–
CSM	Exit	PROSHARES TRlarge cap cre	$0	–	-3,295	–	-0.05%	–
SCHZ	Exit	SCHWAB STRATEGIC TRus aggregate b	$0	–	-4,342	–	-0.05%	–
SO	Exit	SOUTHERN CO	$0	–	-3,846	–	-0.05%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-2,060	–	-0.05%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-1,610	–	-0.05%	–
MET	Exit	METLIFE INC	$0	–	-5,525	–	-0.06%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-6,710	–	-0.06%	–
RTN	Exit	RAYTHEON CO	$0	–	-1,384	–	-0.06%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-937	–	-0.06%	–
AFL	Exit	AFLAC INC	$0	–	-5,436	–	-0.06%	–
SCHE	Exit	SCHWAB STRATEGIC TRemrg mkteq etf	$0	–	-11,451	–	-0.06%	–
MCO	Exit	MOODYS CORP	$0	–	-1,428	–	-0.06%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-1,495	–	-0.06%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-1,975	–	-0.06%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-2,604	–	-0.06%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,727	–	-0.07%	–
KEY	Exit	KEYCORP NEW	$0	–	-17,325	–	-0.07%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-7,150	–	-0.07%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-2,023	–	-0.07%	–
FLLV	Exit	FRANKLIN TEMPLETON ETF TRliberty us etf	$0	–	-8,750	–	-0.07%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-1,976	–	-0.07%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-2,320	–	-0.08%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-285	–	-0.08%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-6,987	–	-0.08%	–
IJH	Exit	ISHARES TRcore s&p mcp etf	$0	–	-1,851	–	-0.08%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-13,575	–	-0.08%	–
DBC	Exit	INVESCO DB COMMDY INDX TRCKunit	$0	–	-27,000	–	-0.09%	–
F	Exit	FORD MTR CO DEL	$0	–	-44,806	–	-0.09%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-1,950	–	-0.09%	–
IWR	Exit	ISHARES TRrus mid cap etf	$0	–	-8,000	–	-0.10%	–
CELG	Exit	CELGENE CORP	$0	–	-4,499	–	-0.10%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-3,218	–	-0.10%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-1,654	–	-0.10%	–
SYY	Exit	SYSCO CORP	$0	–	-6,471	–	-0.11%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-3,891	–	-0.11%	–
IWD	Exit	ISHARES TRrus 1000 val etf	$0	–	-4,318	–	-0.12%	–
FGD	Exit	FIRST TR EXCHANGE TRADED FDdj glbl divid	$0	–	-24,325	–	-0.12%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-1,155	–	-0.14%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-3,424	–	-0.14%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-4,131	–	-0.14%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-9,550	–	-0.14%	–
SYK	Exit	STRYKER CORP	$0	–	-3,085	–	-0.14%	–
BSV	Exit	VANGUARD BD INDEX FD INCshort trm bond	$0	–	-8,814	–	-0.15%	–
DIS	Exit	DISNEY WALT CO	$0	–	-5,559	–	-0.16%	–
IJS	Exit	ISHARES TRsp smcp600vl etf	$0	–	-5,225	–	-0.17%	–
KO	Exit	COCA COLA CO	$0	–	-14,576	–	-0.17%	–
NKE	Exit	NIKE INCcl b	$0	–	-8,586	–	-0.17%	–
QCOM	Exit	QUALCOMM INC	$0	–	-10,586	–	-0.17%	–
SCHD	Exit	SCHWAB STRATEGIC TRus dividend eq	$0	–	-14,823	–	-0.18%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-5,342	–	-0.19%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-3,830	–	-0.19%	–
MCD	Exit	MCDONALDS CORP	$0	–	-4,431	–	-0.20%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-23,359	–	-0.21%	–
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-8,245	–	-0.21%	–
CSCO	Exit	CISCO SYS INC	$0	–	-21,613	–	-0.23%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-5,648	–	-0.25%	–
PFE	Exit	PFIZER INC	$0	–	-33,223	–	-0.26%	–
KELYA	Exit	KELLY SVCS INCcl a	$0	–	-49,200	–	-0.26%	–
IJR	Exit	ISHARES TRcore s&p scp etf	$0	–	-15,685	–	-0.26%	–
T	Exit	AT&T INC	$0	–	-32,795	–	-0.27%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-8,523	–	-0.27%	–
WPC	Exit	W P CAREY INC	$0	–	-14,300	–	-0.28%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-8,146	–	-0.28%	–
MMM	Exit	3M CO	$0	–	-8,025	–	-0.28%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-3,474	–	-0.29%	–
MRK	Exit	MERCK & CO INC	$0	–	-22,893	–	-0.42%	–
LPT	Exit	LIBERTY PPTY TRsh ben int	$0	–	-37,699	–	-0.42%	–
GMS	Exit	GMS INC	$0	–	-73,500	–	-0.45%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-18,859	–	-0.48%	–
HD	Exit	HOME DEPOT INC	$0	–	-9,980	–	-0.50%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-21,385	–	-0.57%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-46,114	–	-0.70%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-54,529	–	-0.76%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-52,590	–	-0.81%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-66,852	–	-0.87%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-157,916	–	-0.90%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-17,940	–	-0.95%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-7,217	–	-1.30%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-30,552	–	-1.36%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-99,873	–	-1.74%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-70,156	–	-1.79%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-38,966	–	-1.82%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-140,920	–	-1.83%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-60,579	–	-1.90%	–
CME	Exit	CME GROUP INC	$0	–	-42,635	–	-1.94%	–
LLY	Exit	LILLY ELI & CO	$0	–	-82,327	–	-1.98%	–
BA	Exit	BOEING CO	$0	–	-24,555	–	-2.01%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-87,317	–	-2.04%	–
BAC	Exit	BANK AMER CORP	$0	–	-325,729	–	-2.04%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-65,661	–	-2.21%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-208,896	–	-2.21%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-63,311	–	-2.30%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-83,342	–	-2.32%	–
AMZN	Exit	AMAZON COM INC	$0	–	-6,803	–	-2.54%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-137,507	–	-2.62%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-87,836	–	-2.65%	–
PEP	Exit	PEPSICO INC	$0	–	-90,422	–	-2.67%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-109,377	–	-2.69%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-86,488	–	-2.69%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-66,582	–	-2.76%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-100,347	–	-2.79%	–
TJX	Exit	TJX COS INC NEW	$0	–	-248,198	–	-2.98%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-49,276	–	-3.06%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-41,138	–	-3.16%	–
ABT	Exit	ABBOTT LABS	$0	–	-191,010	–	-3.44%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-68,418	–	-4.00%	–
AAPL	Exit	APPLE INC	$0	–	-86,974	–	-4.19%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-16,352	–	-4.29%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-196,642	–	-5.88%	–

Q3 2019

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$27,339,000	+4.3%	196,642	+0.5%	5.88%	-0.1%
GOOG	Buy	ALPHABET INCcap stk cl c	$19,933,000	+15.5%	16,352	+2.4%	4.29%	+10.6%
AAPL	Sell	APPLE INC	$19,479,000	+12.3%	86,974	-0.8%	4.19%	+7.5%
MA	Buy	MASTERCARD INCcl a	$18,580,000	+3.7%	68,418	+1.0%	4.00%	-0.6%
ABT	Buy	ABBOTT LABS	$15,982,000	-0.2%	191,010	+0.4%	3.44%	-4.4%
ROP	Buy	ROPER TECHNOLOGIES INC	$14,670,000	-2.5%	41,138	+0.2%	3.16%	-6.6%
COST	Buy	COSTCO WHSL CORP NEW	$14,197,000	+10.8%	49,276	+1.7%	3.06%	+6.2%
TJX	Buy	TJX COS INC NEW	$13,835,000	+8.6%	248,198	+3.0%	2.98%	+4.1%
JNJ	Sell	JOHNSON & JOHNSON	$12,983,000	-7.9%	100,347	-0.9%	2.79%	-11.8%
ACN	Buy	ACCENTURE PLC IRELAND	$12,807,000	+9.3%	66,582	+5.0%	2.76%	+4.7%
DHR	Sell	DANAHER CORPORATION	$12,491,000	-2.5%	86,488	-3.5%	2.69%	-6.6%
DLTR	Buy	DOLLAR TREE INC	$12,486,000	+9.2%	109,377	+2.7%	2.69%	+4.6%
PEP	Buy	PEPSICO INC	$12,397,000	+12.4%	90,422	+7.5%	2.67%	+7.7%
PNC	Buy	PNC FINL SVCS GROUP INC	$12,311,000	+3.8%	87,836	+1.6%	2.65%	-0.6%
SBUX	Buy	STARBUCKS CORP	$12,158,000	+9.3%	137,507	+3.6%	2.62%	+4.7%
AMZN	Buy	AMAZON COM INC	$11,809,000	-1.9%	6,803	+7.0%	2.54%	-6.0%
TXN	Buy	TEXAS INSTRS INC	$10,771,000	+19.4%	83,342	+6.0%	2.32%	+14.4%
HON	Buy	HONEYWELL INTL INC	$10,712,000	+4.5%	63,311	+7.9%	2.30%	+0.1%
CF	Sell	CF INDS HLDGS INC	$10,278,000	+3.3%	208,896	-2.0%	2.21%	-1.1%
MKC	Buy	MCCORMICK & CO INC	$10,263,000	+5.5%	65,661	+4.6%	2.21%	+1.1%
BAC	Buy	BANK AMER CORP	$9,502,000	+2.1%	325,729	+1.5%	2.04%	-2.2%
MDT	Buy	MEDTRONIC PLC	$9,484,000	+12.7%	87,317	+1.1%	2.04%	+8.0%
BA	Buy	BOEING CO	$9,342,000	+10.7%	24,555	+5.9%	2.01%	+6.0%
LLY	Sell	LILLY ELI & CO	$9,207,000	-4.2%	82,327	-5.1%	1.98%	-8.3%
CME	Buy	CME GROUP INC	$9,011,000	+22.1%	42,635	+12.1%	1.94%	+16.9%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$8,809,000	+1165.7%	60,579	+1100.3%	1.90%	+1115.4%
VZ	Buy	VERIZON COMMUNICATIONS INC	$8,506,000	+6.2%	140,920	+0.5%	1.83%	+1.8%
UNH	Buy	UNITEDHEALTH GROUP INC	$8,468,000	-6.6%	38,966	+4.9%	1.82%	-10.5%
CVX	Sell	CHEVRON CORP NEW	$8,321,000	-6.0%	70,156	-1.4%	1.79%	-10.0%
DFS	Buy	DISCOVER FINL SVCS	$8,099,000	+6.2%	99,873	+1.6%	1.74%	+1.8%
GS	Buy	GOLDMAN SACHS GROUP INC	$6,331,000	+4.9%	30,552	+3.6%	1.36%	+0.4%
CMG	Buy	CHIPOTLE MEXICAN GRILL INC	$6,066,000	+19.5%	7,217	+4.2%	1.30%	+14.5%
SPGI	Buy	S&P GLOBAL INC	$4,395,000	+293.8%	17,940	+266.1%	0.95%	+276.9%
ELAN	Buy	ELANCO ANIMAL HEALTH INC	$4,199,000	+84.9%	157,916	+135.0%	0.90%	+77.3%
MPC	Sell	MARATHON PETE CORP	$4,061,000	+8.5%	66,852	-0.2%	0.87%	+3.9%
DD	Buy	DUPONT DE NEMOURS INC	$3,750,000	+25.8%	52,590	+32.5%	0.81%	+20.6%
EFA	Buy	ISHARES TRmsci eafe etf	$3,556,000	+2.2%	54,529	+3.1%	0.76%	-2.0%
XOM	Sell	EXXON MOBIL CORP	$3,256,000	-11.8%	46,114	-4.3%	0.70%	-15.5%
PG	Buy	PROCTER & GAMBLE CO	$2,660,000	+15.7%	21,385	+2.0%	0.57%	+10.9%
HD	Buy	HOME DEPOT INC	$2,316,000	+16.9%	9,980	+4.7%	0.50%	+11.9%
JPM	Buy	JPMORGAN CHASE & CO	$2,220,000	+10.6%	18,859	+5.1%	0.48%	+6.0%
GMS	Sell	GMS INC	$2,111,000	+10.9%	73,500	-15.0%	0.45%	+6.1%
LPT	Sell	LIBERTY PPTY TRsh ben int	$1,935,000	-2.5%	37,699	-5.0%	0.42%	-6.7%
MRK	Buy	MERCK & CO INC	$1,927,000	+1.9%	22,893	+1.5%	0.42%	-2.4%
LMT	Sell	LOCKHEED MARTIN CORP	$1,355,000	+6.2%	3,474	-1.0%	0.29%	+1.7%
MMM	Sell	3M CO	$1,319,000	-6.6%	8,025	-1.5%	0.28%	-10.4%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$1,315,000	-1.4%	8,146	+1.0%	0.28%	-5.4%
WPC	Sell	W P CAREY INC	$1,280,000	+4.6%	14,300	-5.1%	0.28%	0.0%
SUI	Sell	SUN CMNTYS INC	$1,265,000	+7.6%	8,523	-7.1%	0.27%	+3.0%
T	Sell	AT&T INC	$1,241,000	+2.5%	32,795	-9.3%	0.27%	-1.8%
IJR	Sell	ISHARES TRcore s&p scp etf	$1,221,000	-1.5%	15,685	-1.0%	0.26%	-5.7%
PFE	Sell	PFIZER INC	$1,194,000	-22.8%	33,223	-7.0%	0.26%	-26.1%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$1,175,000	+1.3%	5,648	+3.8%	0.25%	-3.1%
CSCO	Buy	CISCO SYS INC	$1,068,000	-6.5%	21,613	+3.5%	0.23%	-10.5%
IWN	Sell	ISHARES TRrus 2000 val etf	$985,000	-93.5%	8,245	-93.4%	0.21%	-93.7%
EEM	Buy	ISHARES TRmsci emg mkt etf	$955,000	+15.2%	23,359	+20.9%	0.21%	+10.8%
MCD	Buy	MCDONALDS CORP	$951,000	+17.7%	4,431	+13.9%	0.20%	+12.6%
NEE	Sell	NEXTERA ENERGY INC	$892,000	+11.2%	3,830	-2.2%	0.19%	+6.7%
UNP	Sell	UNION PACIFIC CORP	$865,000	-4.7%	5,342	-0.5%	0.19%	-8.8%
SCHD	Buy	SCHWAB STRATEGIC TRus dividend eq	$812,000	+18.7%	14,823	+14.9%	0.18%	+13.6%
QCOM	Sell	QUALCOMM INC	$807,000	-8.0%	10,586	-8.2%	0.17%	-11.7%
NKE	Buy	NIKE INCcl b	$806,000	+271.4%	8,586	+232.7%	0.17%	+253.1%
KO	Buy	COCA COLA CO	$794,000	+8.8%	14,576	+1.6%	0.17%	+4.3%
IJS	Sell	ISHARES TRsp smcp600vl etf	$785,000	+0.8%	5,225	-0.3%	0.17%	-3.4%
DIS	Sell	DISNEY WALT CO	$724,000	-7.5%	5,559	-0.9%	0.16%	-11.4%
BSV	Buy	VANGUARD BD INDEX FD INCshort trm bond	$712,000	+2.2%	8,814	+1.8%	0.15%	-2.5%
SYK	Sell	STRYKER CORP	$667,000	+4.4%	3,085	-0.8%	0.14%	0.0%
GPN	New	GLOBAL PMTS INC	$657,000	–	4,131	–	0.14%	–
STI	Sell	SUNTRUST BKS INC	$657,000	+5.6%	9,550	-3.5%	0.14%	+0.7%
QQQ	Sell	INVESCO QQQ TRunit ser 1	$646,000	-2.6%	3,424	-3.5%	0.14%	-6.7%
SHW	Sell	SHERWIN WILLIAMS CO	$635,000	+13.6%	1,155	-5.3%	0.14%	+8.7%
FGD	Sell	FIRST TR EXCHANGE TRADED FDdj glbl divid	$558,000	-1.1%	24,325	-0.8%	0.12%	-5.5%
IWD	Buy	ISHARES TRrus 1000 val etf	$554,000	+1.5%	4,318	+0.6%	0.12%	-3.3%
UTX	Buy	UNITED TECHNOLOGIES CORP	$531,000	+7.5%	3,891	+2.6%	0.11%	+2.7%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$482,000	-9.6%	1,654	-8.9%	0.10%	-13.3%
KMB	Sell	KIMBERLY CLARK CORP	$457,000	-1.1%	3,218	-7.2%	0.10%	-5.8%
CELG	Buy	CELGENE CORP	$447,000	+105.0%	4,499	+91.1%	0.10%	+95.9%
APD	Sell	AIR PRODS & CHEMS INC	$433,000	-3.8%	1,950	-2.0%	0.09%	-7.9%
F	Sell	FORD MTR CO DEL	$410,000	-11.3%	44,806	-0.9%	0.09%	-15.4%
FITB	Sell	FIFTH THIRD BANCORP	$372,000	-9.7%	13,575	-8.0%	0.08%	-14.0%
IJH	Sell	ISHARES TRcore s&p mcp etf	$358,000	-4.3%	1,851	-3.9%	0.08%	-8.3%
BMY	Sell	BRISTOL MYERS SQUIBB CO	$354,000	+7.6%	6,987	-3.7%	0.08%	+2.7%
IQV	Sell	IQVIA HLDGS INC	$347,000	-22.2%	2,320	-16.2%	0.08%	-25.0%
GOOGL	Sell	ALPHABET INCcap stk cl a	$348,000	+9.8%	285	-2.7%	0.08%	+5.6%
DEO	Sell	DIAGEO P L Cspon adr new	$323,000	-9.8%	1,976	-4.8%	0.07%	-12.5%
ITW	Sell	ILLINOIS TOOL WKS INC	$317,000	+0.3%	2,023	-3.6%	0.07%	-4.2%
HRL	Sell	HORMEL FOODS CORP	$313,000	+2.3%	7,150	-5.3%	0.07%	-2.9%
FB	Buy	FACEBOOK INCcl a	$308,000	+18.0%	1,727	+27.7%	0.07%	+11.9%
KEY	Sell	KEYCORP NEW	$309,000	-8.0%	17,325	-8.5%	0.07%	-12.0%
EL	Buy	LAUDER ESTEE COS INCcl a	$297,000	+11.2%	1,495	+2.4%	0.06%	+6.7%
VMC	Sell	VULCAN MATLS CO	$299,000	+8.7%	1,975	-1.2%	0.06%	+3.2%
WM	Sell	WASTE MGMT INC DEL	$299,000	-34.6%	2,604	-34.3%	0.06%	-37.9%
SCHE	Sell	SCHWAB STRATEGIC TRemrg mkteq etf	$288,000	-7.1%	11,451	-3.0%	0.06%	-11.4%
AFL	Buy	AFLAC INC	$284,000	+2.2%	5,436	+7.1%	0.06%	-1.6%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$278,000	-2.5%	937	-3.6%	0.06%	-6.2%
RTN	Sell	RAYTHEON CO	$272,000	+3.8%	1,384	-8.3%	0.06%	0.0%
VWO	Sell	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$270,000	-6.2%	6,710	-0.8%	0.06%	-10.8%
MET	Buy	METLIFE INC	$261,000	+24.9%	5,525	+31.5%	0.06%	+19.1%
IWM	Buy	ISHARES TRrussell 2000 etf	$244,000	-0.8%	1,610	+1.6%	0.05%	-3.6%
TIP	Sell	ISHARES TRtips bd etf	$240,000	-7.0%	2,060	-7.8%	0.05%	-10.3%
SO	New	SOUTHERN CO	$238,000	–	3,846	–	0.05%	–
SCHZ	Sell	SCHWAB STRATEGIC TRus aggregate b	$234,000	-24.3%	4,342	-25.6%	0.05%	-27.5%
CSM	Sell	PROSHARES TRlarge cap cre	$234,000	-7.5%	3,295	-8.3%	0.05%	-12.3%
LW	New	LAMB WESTON HLDGS INC	$228,000	–	3,130	–	0.05%	–
IVV	Buy	ISHARES TRcore s&p500 etf	$222,000	+9.9%	743	+8.5%	0.05%	+6.7%
AROW	Buy	ARROW FINL CORP	$216,000	-0.9%	6,457	+3.0%	0.05%	-6.1%
SCHX	Sell	SCHWAB STRATEGIC TRus lrg cap etf	$209,000	-22.3%	2,945	-23.1%	0.04%	-25.0%
NSC	Buy	NORFOLK SOUTHERN CORP	$209,000	-3.7%	1,164	+6.9%	0.04%	-8.2%
GE	Buy	GENERAL ELECTRIC CO	$138,000	-3.5%	15,472	+14.0%	0.03%	-6.2%
CHK	Sell	CHESAPEAKE ENERGY CORP	$85,000	-28.0%	60,000	-1.2%	0.02%	-33.3%
ET	Exit	ENERGY TRANSFER LP	$0	–	-11,520	–	-0.04%	–
IDXX	Exit	IDEXX LABS INC	$0	–	-734	–	-0.04%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-2,250	–	-0.05%	–
BCE	Exit	BCE INC	$0	–	-4,563	–	-0.05%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,802	–	-0.05%	–
CBU	Exit	COMMUNITY BK SYS INC	$0	–	-3,650	–	-0.05%	–
HTLF	Exit	HEARTLAND FINL USA INC	$0	–	-6,100	–	-0.06%	–
LIN	Exit	LINDE PLC	$0	–	-1,482	–	-0.07%	–
RHT	Exit	RED HAT INC	$0	–	-1,705	–	-0.07%	–
TSS	Exit	TOTAL SYS SVCS INC	$0	–	-5,100	–	-0.15%	–

Q2 2019

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$26,208,000	–	195,640	–	5.89%	–
MA	New	MASTERCARD INCcl a	$17,916,000	–	67,728	–	4.02%	–
AAPL	New	APPLE INC	$17,351,000	–	87,668	–	3.90%	–
GOOG	New	ALPHABET INCcap stk cl c	$17,261,000	–	15,969	–	3.88%	–
ABT	New	ABBOTT LABS	$16,007,000	–	190,335	–	3.60%	–
IWN	New	ISHARES TRrus 2000 val etf	$15,082,000	–	125,161	–	3.39%	–
ROP	New	ROPER TECHNOLOGIES INC	$15,039,000	–	41,062	–	3.38%	–
JNJ	New	JOHNSON & JOHNSON	$14,098,000	–	101,222	–	3.17%	–
DHR	New	DANAHER CORPORATION	$12,812,000	–	89,645	–	2.88%	–
COST	New	COSTCO WHSL CORP NEW	$12,808,000	–	48,468	–	2.88%	–
TJX	New	TJX COS INC NEW	$12,737,000	–	240,862	–	2.86%	–
AMZN	New	AMAZON COM INC	$12,038,000	–	6,357	–	2.70%	–
PNC	New	PNC FINL SVCS GROUP INC	$11,864,000	–	86,421	–	2.66%	–
ACN	New	ACCENTURE PLC IRELAND	$11,719,000	–	63,424	–	2.63%	–
DLTR	New	DOLLAR TREE INC	$11,438,000	–	106,507	–	2.57%	–
SBUX	New	STARBUCKS CORP	$11,121,000	–	132,667	–	2.50%	–
PEP	New	PEPSICO INC	$11,028,000	–	84,096	–	2.48%	–
HON	New	HONEYWELL INTL INC	$10,248,000	–	58,699	–	2.30%	–
CF	New	CF INDS HLDGS INC	$9,953,000	–	213,086	–	2.24%	–
MKC	New	MCCORMICK & CO INC	$9,727,000	–	62,748	–	2.18%	–
LLY	New	LILLY ELI & CO	$9,615,000	–	86,790	–	2.16%	–
BAC	New	BANK AMER CORP	$9,303,000	–	320,809	–	2.09%	–
UNH	New	UNITEDHEALTH GROUP INC	$9,065,000	–	37,151	–	2.04%	–
TXN	New	TEXAS INSTRS INC	$9,021,000	–	78,611	–	2.03%	–
CVX	New	CHEVRON CORP NEW	$8,855,000	–	71,156	–	1.99%	–
BA	New	BOEING CO	$8,438,000	–	23,181	–	1.90%	–
MDT	New	MEDTRONIC PLC	$8,412,000	–	86,375	–	1.89%	–
VZ	New	VERIZON COMMUNICATIONS INC	$8,008,000	–	140,165	–	1.80%	–
DFS	New	DISCOVER FINL SVCS	$7,626,000	–	98,280	–	1.71%	–
CME	New	CME GROUP INC	$7,381,000	–	38,025	–	1.66%	–
GS	New	GOLDMAN SACHS GROUP INC	$6,036,000	–	29,500	–	1.36%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$5,075,000	–	6,925	–	1.14%	–
MPC	New	MARATHON PETE CORP	$3,743,000	–	66,977	–	0.84%	–
XOM	New	EXXON MOBIL CORP	$3,693,000	–	48,198	–	0.83%	–
EFA	New	ISHARES TRmsci eafe etf	$3,478,000	–	52,913	–	0.78%	–
DD	New	DUPONT DE NEMOURS INC	$2,980,000	–	39,699	–	0.67%	–
PG	New	PROCTER AND GAMBLE CO	$2,299,000	–	20,968	–	0.52%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$2,271,000	–	67,191	–	0.51%	–
JPM	New	JPMORGAN CHASE & CO	$2,007,000	–	17,949	–	0.45%	–
LPT	New	LIBERTY PPTY TRsh ben int	$1,985,000	–	39,677	–	0.45%	–
HD	New	HOME DEPOT INC	$1,982,000	–	9,530	–	0.44%	–
GMS	New	GMS INC	$1,903,000	–	86,500	–	0.43%	–
MRK	New	MERCK & CO INC	$1,891,000	–	22,554	–	0.42%	–
PFE	New	PFIZER INC	$1,547,000	–	35,717	–	0.35%	–
MMM	New	3M CO	$1,412,000	–	8,147	–	0.32%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$1,333,000	–	8,063	–	0.30%	–
KELYA	New	KELLY SVCS INCcl a	$1,289,000	–	49,200	–	0.29%	–
LMT	New	LOCKHEED MARTIN CORP	$1,276,000	–	3,509	–	0.29%	–
IJR	New	ISHARES TRcore s&p scp etf	$1,240,000	–	15,840	–	0.28%	–
WPC	New	W P CAREY INC	$1,224,000	–	15,075	–	0.28%	–
T	New	AT&T INC	$1,211,000	–	36,151	–	0.27%	–
SUI	New	SUN CMNTYS INC	$1,176,000	–	9,173	–	0.26%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,160,000	–	5,442	–	0.26%	–
CSCO	New	CISCO SYS INC	$1,142,000	–	20,873	–	0.26%	–
SPGI	New	S&P GLOBAL INC	$1,116,000	–	4,900	–	0.25%	–
UNP	New	UNION PACIFIC CORP	$908,000	–	5,370	–	0.20%	–
QCOM	New	QUALCOMM INC	$877,000	–	11,526	–	0.20%	–
EEM	New	ISHARES TRmsci emg mkt etf	$829,000	–	19,326	–	0.19%	–
MCD	New	MCDONALDS CORP	$808,000	–	3,891	–	0.18%	–
NEE	New	NEXTERA ENERGY INC	$802,000	–	3,915	–	0.18%	–
DIS	New	DISNEY WALT CO	$783,000	–	5,609	–	0.18%	–
IJS	New	ISHARES TRsp smcp600vl etf	$779,000	–	5,240	–	0.18%	–
KO	New	COCA COLA CO	$730,000	–	14,342	–	0.16%	–
BSV	New	VANGUARD BD INDEX FD INCshort trm bond	$697,000	–	8,659	–	0.16%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$696,000	–	5,047	–	0.16%	–
SCHD	New	SCHWAB STRATEGIC TRus dividend eq	$684,000	–	12,898	–	0.15%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$663,000	–	3,549	–	0.15%	–
TSS	New	TOTAL SYS SVCS INC	$654,000	–	5,100	–	0.15%	–
SYK	New	STRYKER CORP	$639,000	–	3,110	–	0.14%	–
STI	New	SUNTRUST BKS INC	$622,000	–	9,900	–	0.14%	–
FGD	New	FIRST TR EXCHANGE TRADED FDdj glbl divid	$564,000	–	24,525	–	0.13%	–
SHW	New	SHERWIN WILLIAMS CO	$559,000	–	1,220	–	0.13%	–
IWD	New	ISHARES TRrus 1000 val etf	$546,000	–	4,291	–	0.12%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$533,000	–	1,816	–	0.12%	–
UTX	New	UNITED TECHNOLOGIES CORP	$494,000	–	3,791	–	0.11%	–
F	New	FORD MTR CO DEL	$462,000	–	45,206	–	0.10%	–
KMB	New	KIMBERLY CLARK CORP	$462,000	–	3,468	–	0.10%	–
WM	New	WASTE MGMT INC DEL	$457,000	–	3,963	–	0.10%	–
SYY	New	SYSCO CORP	$458,000	–	6,471	–	0.10%	–
APD	New	AIR PRODS & CHEMS INC	$450,000	–	1,989	–	0.10%	–
IWR	New	ISHARES TRrus mid cap etf	$447,000	–	8,000	–	0.10%	–
IQV	New	IQVIA HLDGS INC	$446,000	–	2,770	–	0.10%	–
DBC	New	INVESCO DB COMMDY INDX TRCKunit	$425,000	–	27,000	–	0.10%	–
FITB	New	FIFTH THIRD BANCORP	$412,000	–	14,757	–	0.09%	–
IJH	New	ISHARES TRcore s&p mcp etf	$374,000	–	1,926	–	0.08%	–
DEO	New	DIAGEO P L Cspon adr new	$358,000	–	2,076	–	0.08%	–
KEY	New	KEYCORP NEW	$336,000	–	18,925	–	0.08%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$329,000	–	7,255	–	0.07%	–
RHT	New	RED HAT INC	$320,000	–	1,705	–	0.07%	–
ITW	New	ILLINOIS TOOL WKS INC	$316,000	–	2,098	–	0.07%	–
GOOGL	New	ALPHABET INCcap stk cl a	$317,000	–	293	–	0.07%	–
FLLV	New	FRANKLIN TEMPLETON ETF TRliberty us etf	$312,000	–	8,750	–	0.07%	–
SCHE	New	SCHWAB STRATEGIC TRemrg mkteq etf	$310,000	–	11,801	–	0.07%	–
SCHZ	New	SCHWAB STRATEGIC TRus aggregate b	$309,000	–	5,835	–	0.07%	–
HRL	New	HORMEL FOODS CORP	$306,000	–	7,550	–	0.07%	–
LIN	New	LINDE PLC	$298,000	–	1,482	–	0.07%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$288,000	–	6,763	–	0.06%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$285,000	–	972	–	0.06%	–
MCO	New	MOODYS CORP	$279,000	–	1,428	–	0.06%	–
AFL	New	AFLAC INC	$278,000	–	5,075	–	0.06%	–
VMC	New	VULCAN MATLS CO	$275,000	–	2,000	–	0.06%	–
HTLF	New	HEARTLAND FINL USA INC	$273,000	–	6,100	–	0.06%	–
EL	New	LAUDER ESTEE COS INCcl a	$267,000	–	1,460	–	0.06%	–
SCHX	New	SCHWAB STRATEGIC TRus lrg cap etf	$269,000	–	3,830	–	0.06%	–
RTN	New	RAYTHEON CO	$262,000	–	1,509	–	0.06%	–
FB	New	FACEBOOK INCcl a	$261,000	–	1,352	–	0.06%	–
TIP	New	ISHARES TRtips bd etf	$258,000	–	2,235	–	0.06%	–
CSM	New	PROSHARES TR	$253,000	–	3,595	–	0.06%	–
IWM	New	ISHARES TRrussell 2000 etf	$246,000	–	1,585	–	0.06%	–
CBU	New	COMMUNITY BK SYS INC	$240,000	–	3,650	–	0.05%	–
PAYX	New	PAYCHEX INC	$231,000	–	2,802	–	0.05%	–
CELG	New	CELGENE CORP	$218,000	–	2,354	–	0.05%	–
NSC	New	NORFOLK SOUTHERN CORP	$217,000	–	1,089	–	0.05%	–
NKE	New	NIKE INCcl b	$217,000	–	2,581	–	0.05%	–
AROW	New	ARROW FINL CORP	$218,000	–	6,269	–	0.05%	–
MET	New	METLIFE INC	$209,000	–	4,200	–	0.05%	–
BCE	New	BCE INC	$208,000	–	4,563	–	0.05%	–
NVS	New	NOVARTIS A Gsponsored adr	$205,000	–	2,250	–	0.05%	–
BIIB	New	BIOGEN INC	$202,000	–	865	–	0.04%	–
IDXX	New	IDEXX LABS INC	$202,000	–	734	–	0.04%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$200,000	–	3,125	–	0.04%	–
IVV	New	ISHARES TRcore s&p500 etf	$202,000	–	685	–	0.04%	–
ET	New	ENERGY TRANSFER LP	$162,000	–	11,520	–	0.04%	–
GE	New	GENERAL ELECTRIC CO	$143,000	–	13,573	–	0.03%	–
CHK	New	CHESAPEAKE ENERGY CORP	$118,000	–	60,730	–	0.03%	–
WPRT	New	WESTPORT FUEL SYSTEMS INC	$30,000	–	10,963	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
CMO	Exit	Capstead Mortgage Corp.	$0	–	-14,980	–	-0.03%	–
F	Exit	Ford Motor Co.	$0	–	-15,506	–	-0.03%	–
ROK	Exit	Rockwell Automation, Inc.	$0	–	-1,097	–	-0.05%	–
VEU	Exit	Vanguard FTSE All-World Ex-USallwrld ex us	$0	–	-3,965	–	-0.05%	–
XYL	Exit	Xylem, Inc.	$0	–	-2,583	–	-0.05%	–
AMG	Exit	Affiliated Managers Group, Inc	$0	–	-1,525	–	-0.05%	–
SO	Exit	Southern Company	$0	–	-4,887	–	-0.05%	–
AFSI	Exit	AmTrust Financial Services	$0	–	-14,525	–	-0.05%	–
NSC	Exit	Norfolk-Southern Corp.	$0	–	-1,175	–	-0.05%	–
AGN	Exit	Allergan PLC	$0	–	-1,130	–	-0.05%	–
SCHX	Exit	Schwab U.S. Large Cap ETFus lrg cap etf	$0	–	-3,150	–	-0.05%	–
FB	Exit	Facebook, Inc.cl a	$0	–	-1,333	–	-0.05%	–
VMC	Exit	Vulcan Materials Co.	$0	–	-2,000	–	-0.05%	–
SPY	Exit	SPDR S&P 500 ETF Trusttr unit	$0	–	-771	–	-0.05%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-3,350	–	-0.05%	–
PAYX	Exit	Paychex Inc.	$0	–	-3,075	–	-0.05%	–
PX	Exit	Praxair Inc.	$0	–	-1,440	–	-0.05%	–
AROW	Exit	Arrow Financial Corp.	$0	–	-6,334	–	-0.05%	–
SCHE	Exit	Schwab Emerging Markets Equityemrg mkteq etf	$0	–	-9,087	–	-0.05%	–
AFL	Exit	AFLAC Inc.	$0	–	-5,000	–	-0.05%	–
BPL	Exit	Buckeye Partners L P Unit Ltdunit ltd partn	$0	–	-6,805	–	-0.06%	–
MCO	Exit	Moody's Corporation	$0	–	-1,449	–	-0.06%	–
FTV	Exit	Fortive Corp Com	$0	–	-2,955	–	-0.06%	–
VWO	Exit	Vanguard Emerging Marketsftse emr mkt etf	$0	–	-6,179	–	-0.06%	–
ICE	Exit	IntercontinentalExchange, Inc.	$0	–	-3,350	–	-0.06%	–
TIP	Exit	iShares Barclays US TIPS Fundtips bd etf	$0	–	-2,345	–	-0.06%	–
IWM	Exit	iShares Russell 2000 Index Funrussell 2000 etf	$0	–	-1,580	–	-0.06%	–
CSM	Exit	ProShares Large Cap Core Plus	$0	–	-3,710	–	-0.06%	–
COP	Exit	ConocoPhillips	$0	–	-3,611	–	-0.06%	–
EL	Exit	Estee Lauder Cos Inc Cl Acl a	$0	–	-1,915	–	-0.06%	–
SCHZ	Exit	Schwab US Aggregate Bond ETFus aggregate b	$0	–	-5,863	–	-0.07%	–
BIIB	Exit	Biogen Idec Inc.	$0	–	-865	–	-0.07%	–
GOOGL	Exit	Alphabet Inc. Cl Acap stk cl a	$0	–	-261	–	-0.07%	–
HRL	Exit	Hormel Foods Corp.	$0	–	-8,150	–	-0.07%	–
RHT	Exit	Red Hat Inc.	$0	–	-2,345	–	-0.07%	–
CERN	Exit	Cerner Corporation	$0	–	-5,475	–	-0.08%	–
GLD	Exit	SPDR Gold Trust	$0	–	-3,145	–	-0.08%	–
RTN	Exit	Raytheon Company	$0	–	-1,736	–	-0.08%	–
ITW	Exit	Illinois Tool Works	$0	–	-2,566	–	-0.08%	–
BDX	Exit	Becton Dickinson & Co.	$0	–	-1,421	–	-0.08%	–
DEO	Exit	Diageo PLC Spon ADRspon adr new	$0	–	-2,667	–	-0.08%	–
EMR	Exit	Emerson Electric Co	$0	–	-5,025	–	-0.09%	–
CELG	Exit	Celgene Corp.	$0	–	-4,409	–	-0.09%	–
IJH	Exit	iShares Core S&P MidCapcore s&p mcp etf	$0	–	-2,139	–	-0.10%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-6,971	–	-0.10%	–
BCE	Exit	BCE Inc.	$0	–	-10,728	–	-0.10%	–
IWR	Exit	iShares Russell Midcap Index Frus mid cap etf	$0	–	-2,000	–	-0.10%	–
IQV	Exit	Iqvia Holdings Inc	$0	–	-3,635	–	-0.11%	–
SYY	Exit	Sysco Corp.	$0	–	-6,471	–	-0.11%	–
WM	Exit	Waste Management Inc.	$0	–	-5,288	–	-0.11%	–
TSS	Exit	Total System Services, Inc.	$0	–	-5,100	–	-0.11%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-3,042	–	-0.12%	–
IWD	Exit	iShares Russell 1000 Value Indrus 1000 val etf	$0	–	-4,100	–	-0.12%	–
CBU	Exit	Community Bank System Inc	$0	–	-8,825	–	-0.12%	–
UTX	Exit	United Technologies	$0	–	-3,890	–	-0.12%	–
SYK	Exit	Stryker Corporation	$0	–	-3,110	–	-0.12%	–
APD	Exit	Air Products & Chemicals Inc	$0	–	-3,404	–	-0.13%	–
BSV	Exit	Vanguard Short-Term Bond Fundshort trm bond	$0	–	-7,511	–	-0.13%	–
SHW	Exit	Sherwin Williams	$0	–	-1,333	–	-0.14%	–
WELL	Exit	Welltower Inc.	$0	–	-9,643	–	-0.14%	–
FGD	Exit	First Trust Dow Jones Gbl Seledj glbl divid	$0	–	-24,875	–	-0.14%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-22,950	–	-0.14%	–
TMO	Exit	Thermo Fisher Scientific, Inc.	$0	–	-2,699	–	-0.15%	–
DIS	Exit	Disney, Walt	$0	–	-5,676	–	-0.15%	–
IBM	Exit	International Business Machine	$0	–	-4,495	–	-0.15%	–
EEM	Exit	iShares MSCI Emerging Marketsmsci emg mkt etf	$0	–	-16,526	–	-0.16%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-14,765	–	-0.16%	–
QQQ	Exit	PowerShares QQQ Nasdaq 100unit ser 1	$0	–	-3,866	–	-0.16%	–
PPL	Exit	PPL Corporation	$0	–	-24,764	–	-0.16%	–
BA	Exit	Boeing Co.	$0	–	-1,957	–	-0.16%	–
KO	Exit	Coca-Cola Co.	$0	–	-16,151	–	-0.17%	–
PNFP	Exit	Pinnacle Financial Partners In	$0	–	-12,700	–	-0.17%	–
KMB	Exit	Kimberly-Clark Corp.	$0	–	-7,009	–	-0.18%	–
GE	Exit	General Electric Company	$0	–	-74,000	–	-0.19%	–
MPC	Exit	Marathon Petroleum Corp.	$0	–	-10,898	–	-0.20%	–
BRKB	Exit	Berkshire Hathaway Inc. Cl Bcl b new	$0	–	-4,102	–	-0.20%	–
PDER	Exit	Pardee Resources Company, Inc.	$0	–	-4,674	–	-0.20%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-2,703	–	-0.21%	–
ETP	Exit	Energy Transfer Partners, L.P.unit ltd prt int	$0	–	-42,188	–	-0.21%	–
NSRGY	Exit	Nestle SA Spon ADR	$0	–	-12,594	–	-0.24%	–
UNP	Exit	Union Pacific Corp.	$0	–	-6,435	–	-0.24%	–
SUI	Exit	Sun Communities Inc.	$0	–	-10,798	–	-0.25%	–
T	Exit	AT&T, Inc.	$0	–	-34,871	–	-0.26%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-10,497	–	-0.27%	–
KELYA	Exit	Kelly Services Cl Acl a	$0	–	-50,200	–	-0.27%	–
ADP	Exit	Automatic Data Processing	$0	–	-8,451	–	-0.29%	–
WPC	Exit	WP Carey Inc	$0	–	-20,275	–	-0.29%	–
MMM	Exit	3M Co.	$0	–	-7,006	–	-0.33%	–
IJR	Exit	iShares Core S&P Small-Cap ETFcore s&p scp etf	$0	–	-17,005	–	-0.34%	–
PFE	Exit	Pfizer, Inc.	$0	–	-33,925	–	-0.34%	–
MRK	Exit	Merck & Co.	$0	–	-21,389	–	-0.34%	–
KEY	Exit	KeyCorp	$0	–	-77,105	–	-0.35%	–
HD	Exit	Home Depot Inc.	$0	–	-7,934	–	-0.37%	–
LPT	Exit	Liberty Property Trustsh ben int	$0	–	-49,414	–	-0.47%	–
PG	Exit	Procter & Gamble	$0	–	-29,519	–	-0.55%	–
GMS	Exit	GMS Inc	$0	–	-120,000	–	-0.63%	–
EFA	Exit	iShares MSCI EAFE Index Fundmsci eafe etf	$0	–	-54,839	–	-0.84%	–
SLB	Exit	Schlumberger Ltd	$0	–	-65,055	–	-0.89%	–
OXY	Exit	Occidental Petroleum	$0	–	-54,599	–	-1.01%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-54,349	–	-1.04%	–
CME	Exit	CME Group, Inc.	$0	–	-29,891	–	-1.15%	–
CMG	Exit	Chipotle Mexican Grill, Inc.	$0	–	-14,040	–	-1.44%	–
GS	Exit	Goldman Sachs Group	$0	–	-29,152	–	-1.47%	–
VZ	Exit	Verizon Communications	$0	–	-124,049	–	-1.49%	–
MKC	Exit	McCormick & Company	$0	–	-50,423	–	-1.50%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-96,208	–	-1.56%	–
DFS	Exit	Discover Financial Services	$0	–	-92,352	–	-1.59%	–
SBUX	Exit	Starbucks Corporation	$0	–	-126,110	–	-1.62%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-3,715	–	-1.68%	–
DWDP	Exit	DowDuPont Inc.	$0	–	-118,850	–	-1.72%	–
TXN	Exit	Texas Instruments	$0	–	-72,359	–	-1.75%	–
DLTR	Exit	Dollar Tree Stores Inc.	$0	–	-99,525	–	-1.83%	–
MDT	Exit	Medtronic PLC	$0	–	-83,582	–	-1.85%	–
UNH	Exit	UnitedHealth Group Inc.	$0	–	-31,712	–	-1.90%	–
STI	Exit	SunTrust Banks	$0	–	-128,836	–	-1.94%	–
CVX	Exit	ChevronTexaco Corporation	$0	–	-71,445	–	-1.97%	–
PEP	Exit	PepsiCo Inc.	$0	–	-83,297	–	-2.10%	–
ACN	Exit	Accenture PLC - Cl A	$0	–	-56,042	–	-2.15%	–
DHR	Exit	Danaher Corp	$0	–	-89,060	–	-2.18%	–
HON	Exit	Honeywell International	$0	–	-58,258	–	-2.18%	–
LLY	Exit	Lilly, Eli	$0	–	-99,335	–	-2.40%	–
BAC	Exit	Bank of America Corp.	$0	–	-362,597	–	-2.41%	–
COL	Exit	Rockwell Collins Inc.	$0	–	-79,230	–	-2.51%	–
PNC	Exit	PNC Financial Services Group,	$0	–	-83,592	–	-2.57%	–
COST	Exit	Costco Wholesale	$0	–	-51,074	–	-2.70%	–
ROP	Exit	Roper Technologies	$0	–	-40,514	–	-2.70%	–
CF	Exit	CF Industries Holdings, Inc.	$0	–	-225,916	–	-2.77%	–
TJX	Exit	TJX Companies Inc.	$0	–	-115,962	–	-2.93%	–
ABT	Exit	Abbott Laboratories	$0	–	-183,314	–	-3.03%	–
JNJ	Exit	Johnson & Johnson	$0	–	-101,024	–	-3.15%	–
MA	Exit	MasterCard, Inc.cl a	$0	–	-66,598	–	-3.34%	–
IWN	Exit	iShares Russell 2000 Value Indrus 2000 val etf	$0	–	-126,244	–	-3.78%	–
AAPL	Exit	Apple Computer	$0	–	-77,955	–	-3.97%	–
GOOG	Exit	Alphabet Inc. Cl Ccap stk cl c	$0	–	-15,501	–	-4.17%	–
MSFT	Exit	Microsoft Corp.	$0	–	-197,372	–	-5.09%	–

Q3 2018

			Value		Shares		↓ Weighting
MSFT	Buy	Microsoft Corp.	$22,573,000	+16.9%	197,372	+0.8%	5.09%	+6.7%
GOOG	Buy	Alphabet Inc. Cl Ccap stk cl c	$18,500,000	+7.6%	15,501	+0.6%	4.17%	-1.8%
AAPL	Buy	Apple Computer	$17,598,000	+23.3%	77,955	+1.1%	3.97%	+12.5%
IWN	Buy	iShares Russell 2000 Value Indrus 2000 val etf	$16,790,000	+2.8%	126,244	+2.0%	3.78%	-6.1%
MA	Buy	MasterCard, Inc.cl a	$14,825,000	+19.2%	66,598	+5.3%	3.34%	+8.9%
JNJ	Sell	Johnson & Johnson	$13,958,000	+11.6%	101,024	-2.0%	3.15%	+1.9%
ABT	Sell	Abbott Laboratories	$13,448,000	+18.3%	183,314	-1.6%	3.03%	+8.1%
TJX	Sell	TJX Companies Inc.	$12,990,000	+17.7%	115,962	-0.0%	2.93%	+7.4%
CF	Sell	CF Industries Holdings, Inc.	$12,299,000	+16.6%	225,916	-4.9%	2.77%	+6.4%
ROP	Sell	Roper Technologies	$12,001,000	+5.1%	40,514	-2.1%	2.70%	-4.0%
COST	Sell	Costco Wholesale	$11,996,000	+1.9%	51,074	-9.4%	2.70%	-7.0%
PNC	Sell	PNC Financial Services Group,	$11,384,000	+0.3%	83,592	-0.5%	2.57%	-8.5%
COL	Sell	Rockwell Collins Inc.	$11,129,000	+2.2%	79,230	-2.0%	2.51%	-6.7%
BAC	Sell	Bank of America Corp.	$10,682,000	+3.7%	362,597	-0.8%	2.41%	-5.4%
LLY	Sell	Lilly, Eli	$10,660,000	+25.2%	99,335	-0.5%	2.40%	+14.3%
HON	Buy	Honeywell International	$9,694,000	+17.0%	58,258	+1.2%	2.18%	+6.7%
DHR	Sell	Danaher Corp	$9,677,000	+10.0%	89,060	-0.1%	2.18%	+0.4%
ACN	Buy	Accenture PLC - Cl A	$9,538,000	+10.1%	56,042	+5.8%	2.15%	+0.5%
PEP	Buy	PepsiCo Inc.	$9,313,000	+11.7%	83,297	+8.8%	2.10%	+1.9%
CVX	Buy	ChevronTexaco Corporation	$8,736,000	-2.2%	71,445	+1.2%	1.97%	-10.7%
STI	Sell	SunTrust Banks	$8,605,000	-8.4%	128,836	-9.5%	1.94%	-16.4%
UNH	Buy	UnitedHealth Group Inc.	$8,437,000	+15.5%	31,712	+6.5%	1.90%	+5.4%
MDT	Buy	Medtronic PLC	$8,222,000	+19.6%	83,582	+4.1%	1.85%	+9.1%
DLTR	Buy	Dollar Tree Stores Inc.	$8,116,000	+3.6%	99,525	+8.0%	1.83%	-5.4%
TXN	Buy	Texas Instruments	$7,763,000	+11.3%	72,359	+14.4%	1.75%	+1.6%
DWDP	Buy	DowDuPont Inc.	$7,643,000	+1.0%	118,850	+3.5%	1.72%	-7.8%
AMZN	Buy	Amazon.com Inc.	$7,441,000	+565.6%	3,715	+464.6%	1.68%	+507.6%
SBUX	Sell	Starbucks Corporation	$7,168,000	+11.3%	126,110	-4.3%	1.62%	+1.6%
DFS	Sell	Discover Financial Services	$7,060,000	+7.3%	92,352	-1.1%	1.59%	-2.0%
QCOM	Buy	Qualcomm Inc.	$6,930,000	+36.9%	96,208	+6.7%	1.56%	+25.0%
MKC	New	McCormick & Company	$6,643,000	–	50,423	–	1.50%	–
VZ	Buy	Verizon Communications	$6,623,000	+7.7%	124,049	+1.4%	1.49%	-1.7%
GS	Buy	Goldman Sachs Group	$6,537,000	+12.5%	29,152	+10.6%	1.47%	+2.7%
CMG	Sell	Chipotle Mexican Grill, Inc.	$6,381,000	+4.3%	14,040	-1.0%	1.44%	-4.8%
CME	New	CME Group, Inc.	$5,088,000	–	29,891	–	1.15%	–
XOM	Sell	Exxon Mobil Corp.	$4,621,000	-0.1%	54,349	-2.8%	1.04%	-8.8%
OXY	Sell	Occidental Petroleum	$4,486,000	-18.6%	54,599	-17.1%	1.01%	-25.7%
SLB	Sell	Schlumberger Ltd	$3,963,000	-16.5%	65,055	-8.1%	0.89%	-23.8%
EFA	Buy	iShares MSCI EAFE Index Fundmsci eafe etf	$3,729,000	+18.2%	54,839	+16.4%	0.84%	+8.0%
PG	Sell	Procter & Gamble	$2,457,000	-1.8%	29,519	-7.9%	0.55%	-10.4%
LPT	Sell	Liberty Property Trustsh ben int	$2,088,000	-13.0%	49,414	-8.7%	0.47%	-20.6%
HD	Buy	Home Depot Inc.	$1,644,000	+31.4%	7,934	+23.8%	0.37%	+20.1%
KEY	Sell	KeyCorp	$1,534,000	-9.5%	77,105	-11.1%	0.35%	-17.4%
MRK	Sell	Merck & Co.	$1,517,000	+5.9%	21,389	-9.3%	0.34%	-3.4%
PFE	Sell	Pfizer, Inc.	$1,495,000	+8.8%	33,925	-10.4%	0.34%	-0.6%
IJR	Buy	iShares Core S&P Small-Cap ETFcore s&p scp etf	$1,484,000	+22.1%	17,005	+16.8%	0.34%	+11.7%
MMM	Sell	3M Co.	$1,476,000	+3.7%	7,006	-3.1%	0.33%	-5.1%
WPC	Sell	WP Carey Inc	$1,304,000	-9.0%	20,275	-6.1%	0.29%	-16.9%
ADP	Sell	Automatic Data Processing	$1,273,000	-9.2%	8,451	-19.1%	0.29%	-17.1%
JPM	Sell	J.P. Morgan Chase	$1,184,000	-8.3%	10,497	-15.3%	0.27%	-16.3%
T	Sell	AT&T, Inc.	$1,171,000	-8.4%	34,871	-12.4%	0.26%	-16.5%
SUI	Sell	Sun Communities Inc.	$1,096,000	-9.1%	10,798	-12.4%	0.25%	-17.1%
NSRGY	Sell	Nestle SA Spon ADR	$1,048,000	-80.4%	12,594	-81.7%	0.24%	-82.1%
UNP	Sell	Union Pacific Corp.	$1,048,000	-0.5%	6,435	-13.4%	0.24%	-9.2%
ETP	Sell	Energy Transfer Partners, L.P.unit ltd prt int	$939,000	-5.0%	42,188	-18.7%	0.21%	-13.1%
LMT	Sell	Lockheed Martin Corp	$935,000	+8.5%	2,703	-7.4%	0.21%	-0.9%
BRKB	Buy	Berkshire Hathaway Inc. Cl Bcl b new	$878,000	+15.4%	4,102	+0.6%	0.20%	+5.3%
MPC	New	Marathon Petroleum Corp.	$872,000	–	10,898	–	0.20%	–
GE	Sell	General Electric Company	$835,000	-42.0%	74,000	-30.1%	0.19%	-47.2%
KMB	Sell	Kimberly-Clark Corp.	$797,000	-11.3%	7,009	-17.9%	0.18%	-18.9%
PNFP	Sell	Pinnacle Financial Partners In	$764,000	-4.3%	12,700	-2.3%	0.17%	-12.7%
KO	Sell	Coca-Cola Co.	$746,000	+1.9%	16,151	-3.2%	0.17%	-7.2%
BA	Sell	Boeing Co.	$728,000	+7.5%	1,957	-3.0%	0.16%	-1.8%
PPL	Sell	PPL Corporation	$725,000	-77.1%	24,764	-77.7%	0.16%	-79.2%
CSCO	Buy	Cisco Systems Inc.	$718,000	+16.0%	14,765	+2.6%	0.16%	+5.9%
QQQ	Buy	PowerShares QQQ Nasdaq 100unit ser 1	$718,000	+29.8%	3,866	+20.0%	0.16%	+18.2%
EEM	Buy	iShares MSCI Emerging Marketsmsci emg mkt etf	$709,000	+15.5%	16,526	+16.6%	0.16%	+5.3%
IBM	Sell	International Business Machine	$680,000	+7.1%	4,495	-1.1%	0.15%	-2.5%
TMO	Sell	Thermo Fisher Scientific, Inc.	$659,000	+2.5%	2,699	-13.0%	0.15%	-6.3%
FITB	Sell	Fifth Third Bancorp	$641,000	-66.6%	22,950	-65.7%	0.14%	-69.4%
FGD	Buy	First Trust Dow Jones Gbl Seledj glbl divid	$624,000	+8.3%	24,875	+6.9%	0.14%	-0.7%
WELL	Sell	Welltower Inc.	$620,000	-1.4%	9,643	-3.9%	0.14%	-9.7%
BSV	Buy	Vanguard Short-Term Bond Fundshort trm bond	$586,000	+5.0%	7,511	+5.3%	0.13%	-4.3%
APD	Sell	Air Products & Chemicals Inc	$569,000	-49.8%	3,404	-53.2%	0.13%	-54.3%
UTX	Buy	United Technologies	$544,000	+12.6%	3,890	+0.6%	0.12%	+3.4%
CBU	Sell	Community Bank System Inc	$539,000	-16.7%	8,825	-19.4%	0.12%	-23.8%
WM	Sell	Waste Management Inc.	$478,000	-10.8%	5,288	-19.7%	0.11%	-18.2%
IQV	Sell	Iqvia Holdings Inc	$472,000	+6.5%	3,635	-18.0%	0.11%	-2.8%
BMY	Sell	Bristol-Myers Squibb	$433,000	+12.2%	6,971	-0.1%	0.10%	+3.2%
BCE	Sell	BCE Inc.	$435,000	-4.4%	10,728	-4.6%	0.10%	-12.5%
IJH	Sell	iShares Core S&P MidCapcore s&p mcp etf	$431,000	-1.8%	2,139	-5.1%	0.10%	-10.2%
CELG	Sell	Celgene Corp.	$395,000	-18.4%	4,409	-27.7%	0.09%	-25.8%
EMR	Sell	Emerson Electric Co	$385,000	+0.8%	5,025	-9.0%	0.09%	-7.4%
BDX	Sell	Becton Dickinson & Co.	$371,000	-17.2%	1,421	-24.1%	0.08%	-24.3%
ITW	Sell	Illinois Tool Works	$362,000	-4.7%	2,566	-6.4%	0.08%	-12.8%
CERN	Sell	Cerner Corporation	$353,000	-40.9%	5,475	-45.2%	0.08%	-45.6%
HRL	New	Hormel Foods Corp.	$321,000	–	8,150	–	0.07%	–
RHT	Buy	Red Hat Inc.	$320,000	+44.1%	2,345	+41.7%	0.07%	+30.9%
GOOGL	Sell	Alphabet Inc. Cl Acap stk cl a	$315,000	+5.0%	261	-1.9%	0.07%	-4.1%
BIIB	Sell	Biogen Idec Inc.	$306,000	+21.4%	865	-0.5%	0.07%	+11.3%
SCHZ	Buy	Schwab US Aggregate Bond ETFus aggregate b	$295,000	0.0%	5,863	+0.5%	0.07%	-8.2%
COP	Buy	ConocoPhillips	$279,000	+12.5%	3,611	+1.4%	0.06%	+3.3%
EL	New	Estee Lauder Cos Inc Cl Acl a	$278,000	–	1,915	–	0.06%	–
IWM	Sell	iShares Russell 2000 Index Funrussell 2000 etf	$266,000	-1.5%	1,580	-4.2%	0.06%	-10.4%
CSM	Sell	ProShares Large Cap Core Plus	$268,000	+2.7%	3,710	-3.9%	0.06%	-6.2%
TIP	Buy	iShares Barclays US TIPS Fundtips bd etf	$259,000	+4.0%	2,345	+6.1%	0.06%	-4.9%
VWO	Sell	Vanguard Emerging Marketsftse emr mkt etf	$253,000	-4.2%	6,179	-1.2%	0.06%	-12.3%
ICE	Sell	IntercontinentalExchange, Inc.	$251,000	-2.3%	3,350	-4.3%	0.06%	-9.5%
BPL	Sell	Buckeye Partners L P Unit Ltdunit ltd partn	$243,000	-22.6%	6,805	-23.8%	0.06%	-29.5%
AFL	Sell	AFLAC Inc.	$235,000	-4.1%	5,000	-12.3%	0.05%	-13.1%
AROW	Buy	Arrow Financial Corp.	$234,000	+2.2%	6,334	+0.8%	0.05%	-7.0%
SCHE	Sell	Schwab Emerging Markets Equityemrg mkteq etf	$234,000	-17.3%	9,087	-16.9%	0.05%	-24.3%
PX	Sell	Praxair Inc.	$231,000	-3.8%	1,440	-5.0%	0.05%	-11.9%
PAYX	Sell	Paychex Inc.	$226,000	+4.1%	3,075	-3.1%	0.05%	-5.6%
MMP	Sell	Magellan Midstream Partners, L	$227,000	-9.9%	3,350	-8.2%	0.05%	-17.7%
FB	Sell	Facebook, Inc.cl a	$219,000	-20.7%	1,333	-6.0%	0.05%	-27.9%
SCHX	Sell	Schwab U.S. Large Cap ETFus lrg cap etf	$219,000	0.0%	3,150	-6.7%	0.05%	-9.3%
AFSI	Sell	AmTrust Financial Services	$211,000	-27.7%	14,525	-27.6%	0.05%	-33.3%
SO	Sell	Southern Company	$213,000	-31.7%	4,887	-27.4%	0.05%	-37.7%
NSC	New	Norfolk-Southern Corp.	$212,000	–	1,175	–	0.05%	–
AGN	Sell	Allergan PLC	$215,000	-81.2%	1,130	-83.5%	0.05%	-83.0%
AMG	Sell	Affiliated Managers Group, Inc	$208,000	-9.6%	1,525	-1.6%	0.05%	-17.5%
ROK	New	Rockwell Automation, Inc.	$206,000	–	1,097	–	0.05%	–
XYL	New	Xylem, Inc.	$206,000	–	2,583	–	0.05%	–
VEU	Sell	Vanguard FTSE All-World Ex-USallwrld ex us	$206,000	-5.5%	3,965	-5.6%	0.05%	-14.8%
CMO	Sell	Capstead Mortgage Corp.	$118,000	-27.6%	14,980	-17.6%	0.03%	-32.5%
USMN	Exit	U.S. Rare Earth Minerals Inc.	$0	–	-25,000	–	0.00%	–
VVUS	Exit	VIVUS, Inc.	$0	–	-24,500	–	-0.00%	–
CERS	Exit	Cerus Corporation	$0	–	-11,150	–	-0.02%	–
CYS	Exit	CYS Investments Inc	$0	–	-27,400	–	-0.05%	–
STIP	Exit	iShares 0-5 Year TIPS Bond ETF0-5 yr tips etf	$0	–	-2,330	–	-0.06%	–
IP	Exit	International Paper	$0	–	-4,525	–	-0.06%	–
EPD	Exit	Enterprise Products Partners L	$0	–	-13,180	–	-0.09%	–
IT	Exit	Gartner, Inc.	$0	–	-4,528	–	-0.15%	–
SPGI	Exit	S&P Global Inc	$0	–	-3,932	–	-0.20%	–

Q2 2018

			Value		Shares		↓ Weighting
MSFT	New	Microsoft Corp.	$19,309,000	–	195,810	–	4.77%	–
GOOG	New	Alphabet Inc. Cl Ccap stk cl c	$17,190,000	–	15,408	–	4.24%	–
IWN	New	iShares Russell 2000 Value Indrus 2000 val etf	$16,333,000	–	123,808	–	4.03%	–
AAPL	New	Apple Computer	$14,277,000	–	77,127	–	3.53%	–
JNJ	New	Johnson & Johnson	$12,505,000	–	103,058	–	3.09%	–
MA	New	MasterCard, Inc.cl a	$12,432,000	–	63,258	–	3.07%	–
COST	New	Costco Wholesale	$11,777,000	–	56,355	–	2.91%	–
ROP	New	Roper Technologies	$11,416,000	–	41,375	–	2.82%	–
ABT	New	Abbott Laboratories	$11,363,000	–	186,304	–	2.81%	–
PNC	New	PNC Financial Services Group,	$11,350,000	–	84,015	–	2.80%	–
TJX	New	TJX Companies Inc.	$11,040,000	–	115,989	–	2.73%	–
COL	New	Rockwell Collins Inc.	$10,893,000	–	80,880	–	2.69%	–
CF	New	CF Industries Holdings, Inc.	$10,550,000	–	237,616	–	2.60%	–
BAC	New	Bank of America Corp.	$10,305,000	–	365,572	–	2.54%	–
STI	New	SunTrust Banks	$9,397,000	–	142,334	–	2.32%	–
CVX	New	ChevronTexaco Corporation	$8,929,000	–	70,624	–	2.20%	–
DHR	New	Danaher Corp	$8,795,000	–	89,125	–	2.17%	–
ACN	New	Accenture PLC - Cl A	$8,664,000	–	52,962	–	2.14%	–
LLY	New	Lilly, Eli	$8,517,000	–	99,808	–	2.10%	–
PEP	New	PepsiCo Inc.	$8,338,000	–	76,591	–	2.06%	–
HON	New	Honeywell International	$8,289,000	–	57,543	–	2.05%	–
DLTR	New	Dollar Tree Stores Inc.	$7,835,000	–	92,175	–	1.94%	–
DWDP	New	DowDuPont Inc.	$7,566,000	–	114,780	–	1.87%	–
UNH	New	UnitedHealth Group Inc.	$7,307,000	–	29,782	–	1.80%	–
TXN	New	Texas Instruments	$6,972,000	–	63,234	–	1.72%	–
MDT	New	Medtronic PLC	$6,875,000	–	80,302	–	1.70%	–
DFS	New	Discover Financial Services	$6,577,000	–	93,415	–	1.62%	–
SBUX	New	Starbucks Corporation	$6,438,000	–	131,785	–	1.59%	–
VZ	New	Verizon Communications	$6,152,000	–	122,288	–	1.52%	–
CMG	New	Chipotle Mexican Grill, Inc.	$6,118,000	–	14,182	–	1.51%	–
GS	New	Goldman Sachs Group	$5,812,000	–	26,352	–	1.44%	–
OXY	New	Occidental Petroleum	$5,511,000	–	65,856	–	1.36%	–
NSRGY	New	Nestle SA Spon ADR	$5,338,000	–	68,946	–	1.32%	–
QCOM	New	Qualcomm Inc.	$5,061,000	–	90,174	–	1.25%	–
SLB	New	Schlumberger Ltd	$4,747,000	–	70,819	–	1.17%	–
XOM	New	Exxon Mobil Corp.	$4,627,000	–	55,931	–	1.14%	–
GMS	New	GMS Inc	$3,251,000	–	120,000	–	0.80%	–
PPL	New	PPL Corporation	$3,168,000	–	110,971	–	0.78%	–
EFA	New	iShares MSCI EAFE Index Fundmsci eafe etf	$3,155,000	–	47,118	–	0.78%	–
PG	New	Procter & Gamble	$2,501,000	–	32,039	–	0.62%	–
LPT	New	Liberty Property Trustsh ben int	$2,400,000	–	54,139	–	0.59%	–
FITB	New	Fifth Third Bancorp	$1,920,000	–	66,886	–	0.47%	–
KEY	New	KeyCorp	$1,695,000	–	86,755	–	0.42%	–
GE	New	General Electric Company	$1,440,000	–	105,795	–	0.36%	–
MRK	New	Merck & Co.	$1,432,000	–	23,589	–	0.35%	–
WPC	New	WP Carey Inc	$1,433,000	–	21,600	–	0.35%	–
MMM	New	3M Co.	$1,423,000	–	7,233	–	0.35%	–
ADP	New	Automatic Data Processing	$1,402,000	–	10,451	–	0.35%	–
PFE	New	Pfizer, Inc.	$1,374,000	–	37,868	–	0.34%	–
JPM	New	J.P. Morgan Chase	$1,291,000	–	12,391	–	0.32%	–
T	New	AT&T, Inc.	$1,278,000	–	39,798	–	0.32%	–
HD	New	Home Depot Inc.	$1,251,000	–	6,410	–	0.31%	–
IJR	New	iShares Core S&P Small-Cap ETFcore s&p scp etf	$1,215,000	–	14,555	–	0.30%	–
SUI	New	Sun Communities Inc.	$1,206,000	–	12,323	–	0.30%	–
AGN	New	Allergan PLC	$1,142,000	–	6,850	–	0.28%	–
APD	New	Air Products & Chemicals Inc	$1,133,000	–	7,273	–	0.28%	–
KELYA	New	Kelly Services Cl Acl a	$1,127,000	–	50,200	–	0.28%	–
AMZN	New	Amazon.com Inc.	$1,118,000	–	658	–	0.28%	–
UNP	New	Union Pacific Corp.	$1,053,000	–	7,435	–	0.26%	–
ETP	New	Energy Transfer Partners, L.P.unit ltd prt int	$988,000	–	51,891	–	0.24%	–
KMB	New	Kimberly-Clark Corp.	$899,000	–	8,539	–	0.22%	–
PDER	New	Pardee Resources Company, Inc.	$888,000	–	4,674	–	0.22%	–
LMT	New	Lockheed Martin Corp	$862,000	–	2,918	–	0.21%	–
SPGI	New	S&P Global Inc	$802,000	–	3,932	–	0.20%	–
PNFP	New	Pinnacle Financial Partners In	$798,000	–	13,000	–	0.20%	–
BRKB	New	Berkshire Hathaway Inc. Cl Bcl b new	$761,000	–	4,079	–	0.19%	–
KO	New	Coca-Cola Co.	$732,000	–	16,681	–	0.18%	–
BA	New	Boeing Co.	$677,000	–	2,017	–	0.17%	–
CBU	New	Community Bank System Inc	$647,000	–	10,950	–	0.16%	–
TMO	New	Thermo Fisher Scientific, Inc.	$643,000	–	3,104	–	0.16%	–
IBM	New	International Business Machine	$635,000	–	4,545	–	0.16%	–
WELL	New	Welltower Inc.	$629,000	–	10,030	–	0.16%	–
CSCO	New	Cisco Systems Inc.	$619,000	–	14,389	–	0.15%	–
EEM	New	iShares MSCI Emerging Marketsmsci emg mkt etf	$614,000	–	14,176	–	0.15%	–
IT	New	Gartner, Inc.	$602,000	–	4,528	–	0.15%	–
CERN	New	Cerner Corporation	$597,000	–	9,990	–	0.15%	–
DIS	New	Disney, Walt	$595,000	–	5,676	–	0.15%	–
FGD	New	First Trust Dow Jones Gbl Seledj glbl divid	$576,000	–	23,275	–	0.14%	–
BSV	New	Vanguard Short-Term Bond Fundshort trm bond	$558,000	–	7,136	–	0.14%	–
QQQ	New	PowerShares QQQ Nasdaq 100unit ser 1	$553,000	–	3,221	–	0.14%	–
SHW	New	Sherwin Williams	$543,000	–	1,333	–	0.13%	–
WM	New	Waste Management Inc.	$536,000	–	6,588	–	0.13%	–
SYK	New	Stryker Corporation	$525,000	–	3,110	–	0.13%	–
NEE	New	NextEra Energy, Inc.	$508,000	–	3,042	–	0.12%	–
IWD	New	iShares Russell 1000 Value Indrus 1000 val etf	$498,000	–	4,100	–	0.12%	–
CELG	New	Celgene Corp.	$484,000	–	6,099	–	0.12%	–
UTX	New	United Technologies	$483,000	–	3,865	–	0.12%	–
BCE	New	BCE Inc.	$455,000	–	11,241	–	0.11%	–
BDX	New	Becton Dickinson & Co.	$448,000	–	1,871	–	0.11%	–
IQV	New	Iqvia Holdings Inc	$443,000	–	4,435	–	0.11%	–
SYY	New	Sysco Corp.	$442,000	–	6,471	–	0.11%	–
IJH	New	iShares Core S&P MidCapcore s&p mcp etf	$439,000	–	2,254	–	0.11%	–
TSS	New	Total System Services, Inc.	$431,000	–	5,100	–	0.11%	–
IWR	New	iShares Russell Midcap Index Frus mid cap etf	$424,000	–	2,000	–	0.10%	–
BMY	New	Bristol-Myers Squibb	$386,000	–	6,981	–	0.10%	–
DEO	New	Diageo PLC Spon ADRspon adr new	$384,000	–	2,667	–	0.10%	–
ITW	New	Illinois Tool Works	$380,000	–	2,741	–	0.09%	–
EMR	New	Emerson Electric Co	$382,000	–	5,525	–	0.09%	–
GLD	New	SPDR Gold Trust	$373,000	–	3,145	–	0.09%	–
EPD	New	Enterprise Products Partners L	$365,000	–	13,180	–	0.09%	–
RTN	New	Raytheon Company	$335,000	–	1,736	–	0.08%	–
BPL	New	Buckeye Partners L P Unit Ltdunit ltd partn	$314,000	–	8,930	–	0.08%	–
SO	New	Southern Company	$312,000	–	6,736	–	0.08%	–
GOOGL	New	Alphabet Inc. Cl Acap stk cl a	$300,000	–	266	–	0.07%	–
SCHZ	New	Schwab US Aggregate Bond ETFus aggregate b	$295,000	–	5,832	–	0.07%	–
AFSI	New	AmTrust Financial Services	$292,000	–	20,060	–	0.07%	–
SCHE	New	Schwab Emerging Markets Equityemrg mkteq etf	$283,000	–	10,931	–	0.07%	–
FB	New	Facebook, Inc.cl a	$276,000	–	1,418	–	0.07%	–
IWM	New	iShares Russell 2000 Index Funrussell 2000 etf	$270,000	–	1,650	–	0.07%	–
VWO	New	Vanguard Emerging Marketsftse emr mkt etf	$264,000	–	6,255	–	0.06%	–
CSM	New	ProShares Large Cap Core Plus	$261,000	–	3,860	–	0.06%	–
VMC	New	Vulcan Materials Co.	$258,000	–	2,000	–	0.06%	–
ICE	New	IntercontinentalExchange, Inc.	$257,000	–	3,500	–	0.06%	–
MMP	New	Magellan Midstream Partners, L	$252,000	–	3,650	–	0.06%	–
BIIB	New	Biogen Idec Inc.	$252,000	–	869	–	0.06%	–
COP	New	ConocoPhillips	$248,000	–	3,561	–	0.06%	–
MCO	New	Moody's Corporation	$247,000	–	1,449	–	0.06%	–
AFL	New	AFLAC Inc.	$245,000	–	5,700	–	0.06%	–
TIP	New	iShares Barclays US TIPS Fundtips bd etf	$249,000	–	2,210	–	0.06%	–
PX	New	Praxair Inc.	$240,000	–	1,515	–	0.06%	–
IP	New	International Paper	$236,000	–	4,525	–	0.06%	–
STIP	New	iShares 0-5 Year TIPS Bond ETF0-5 yr tips etf	$232,000	–	2,330	–	0.06%	–
AROW	New	Arrow Financial Corp.	$229,000	–	6,283	–	0.06%	–
AMG	New	Affiliated Managers Group, Inc	$230,000	–	1,550	–	0.06%	–
FTV	New	Fortive Corp Com	$228,000	–	2,955	–	0.06%	–
RHT	New	Red Hat Inc.	$222,000	–	1,655	–	0.06%	–
SCHX	New	Schwab U.S. Large Cap ETFtr unit	$219,000	–	3,375	–	0.05%	–
VEU	New	Vanguard FTSE All-World Ex-USallwrld ex us	$218,000	–	4,202	–	0.05%	–
PAYX	New	Paychex Inc.	$217,000	–	3,175	–	0.05%	–
SPY	New	SPDR S&P 500 ETF Trust	$209,000	–	771	–	0.05%	–
CYS	New	CYS Investments Inc	$206,000	–	27,400	–	0.05%	–
F	New	Ford Motor Co.	$172,000	–	15,506	–	0.04%	–
CMO	New	Capstead Mortgage Corp.	$163,000	–	18,180	–	0.04%	–
CERS	New	Cerus Corporation	$74,000	–	11,150	–	0.02%	–
VVUS	New	VIVUS, Inc.	$17,000	–	24,500	–	0.00%	–
USMN	New	U.S. Rare Earth Minerals Inc.	$1,000	–	25,000	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
USMN	Exit	U.S. Rare Earth Minerals Inc.	$0	–	-25,000	–	0.00%	–
VVUS	Exit	VIVUS, Inc.	$0	–	-24,500	–	-0.01%	–
F	Exit	Ford Motor Co.	$0	–	-15,526	–	-0.05%	–
MCO	Exit	Moody's Corporation	$0	–	-1,477	–	-0.06%	–
FDX	Exit	FedEx Corporation	$0	–	-898	–	-0.06%	–
VEU	Exit	Vanguard FTSE All-World Ex-USallwrld ex us	$0	–	-3,965	–	-0.06%	–
EEP	Exit	Enbridge Energy Partners, L.P.	$0	–	-13,183	–	-0.06%	–
PWR	Exit	Quanta Services, Inc.	$0	–	-5,712	–	-0.06%	–
PX	Exit	Praxair Inc.	$0	–	-1,515	–	-0.06%	–
AROW	Exit	Arrow Financial Corp.	$0	–	-6,283	–	-0.06%	–
SMG	Exit	The Scotts Miracle-Gro Companycl a	$0	–	-2,312	–	-0.06%	–
TIP	Exit	iShares Barclays US TIPS Fundtips bd etf	$0	–	-2,075	–	-0.06%	–
AEIS	Exit	Advanced Energy Industries, In	$0	–	-2,900	–	-0.06%	–
VMC	Exit	Vulcan Materials Co.	$0	–	-2,000	–	-0.06%	–
MDT	Exit	Medtronic PLC	$0	–	-3,262	–	-0.07%	–
IP	Exit	International Paper	$0	–	-4,521	–	-0.07%	–
SCHZ	Exit	Schwab US Aggregate Bond ETFus aggregate b	$0	–	-4,939	–	-0.07%	–
VSM	Exit	Versum Materials Inc	$0	–	-6,697	–	-0.07%	–
NKE	Exit	NIKE, Inc. Cl Bcl b	$0	–	-4,990	–	-0.07%	–
VWO	Exit	Vanguard Emerging Marketsftse emr mkt etf	$0	–	-6,179	–	-0.07%	–
BIIB	Exit	Biogen Idec Inc.	$0	–	-869	–	-0.07%	–
GOOGL	Exit	Alphabet Inc. Cl Acap stk cl a	$0	–	-278	–	-0.07%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-3,900	–	-0.07%	–
SCHE	Exit	Schwab Emerging Markets Equityemrg mkteq etf	$0	–	-11,005	–	-0.08%	–
IJH	Exit	iShares Core S&P MidCapcore s&p mcp etf	$0	–	-1,771	–	-0.08%	–
CSM	Exit	ProShares Large Cap Core Plus	$0	–	-5,115	–	-0.09%	–
AMG	Exit	Affiliated Managers Group, Inc	$0	–	-1,715	–	-0.09%	–
BDX	Exit	Becton Dickinson & Co.	$0	–	-1,665	–	-0.09%	–
AFL	Exit	AFLAC Inc.	$0	–	-4,001	–	-0.09%	–
ICE	Exit	IntercontinentalExchange, Inc.	$0	–	-4,775	–	-0.09%	–
CMO	Exit	Capstead Mortgage Corp.	$0	–	-34,380	–	-0.09%	–
FB	Exit	Facebook, Inc.cl a	$0	–	-1,982	–	-0.09%	–
TSS	Exit	Total System Services, Inc.	$0	–	-5,140	–	-0.09%	–
EPD	Exit	Enterprise Products Partners L	$0	–	-13,180	–	-0.09%	–
QQQ	Exit	PowerShares QQQ Nasdaq 100unit ser 1	$0	–	-2,351	–	-0.09%	–
CZNC	Exit	Citizens & Northern Corp.	$0	–	-13,875	–	-0.09%	–
EMR	Exit	Emerson Electric Co	$0	–	-5,575	–	-0.09%	–
SYY	Exit	Sysco Corp.	$0	–	-6,471	–	-0.09%	–
AFSI	Exit	AmTrust Financial Services	$0	–	-25,975	–	-0.09%	–
RTN	Exit	Raytheon Company	$0	–	-1,892	–	-0.10%	–
CYS	Exit	CYS Investments Inc	$0	–	-43,500	–	-0.10%	–
HON	Exit	Honeywell International	$0	–	-2,754	–	-0.10%	–
IVZ	Exit	Invesco Limited	$0	–	-11,725	–	-0.11%	–
SO	Exit	Southern Company	$0	–	-8,294	–	-0.11%	–
SYK	Exit	Stryker Corporation	$0	–	-2,910	–	-0.11%	–
IWR	Exit	iShares Russell Midcap Index Frus mid cap etf	$0	–	-2,142	–	-0.11%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-12,621	–	-0.11%	–
ITW	Exit	Illinois Tool Works	$0	–	-2,929	–	-0.12%	–
Q	Exit	Quintiles Transnational Holdin	$0	–	-4,565	–	-0.12%	–
FGD	Exit	First Trust Dow Jones Gbl Seledj glbl divid	$0	–	-17,100	–	-0.12%	–
EEM	Exit	iShares MSCI Emerging Marketsmsci emg mkt etf	$0	–	-9,999	–	-0.12%	–
GLD	Exit	SPDR Gold Trust	$0	–	-3,685	–	-0.12%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-7,183	–	-0.12%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-3,209	–	-0.13%	–
IWM	Exit	iShares Russell 2000 Index Funrus 2000 etf	$0	–	-3,175	–	-0.13%	–
SHW	Exit	Sherwin Williams	$0	–	-1,373	–	-0.13%	–
BA	Exit	Boeing Co.	$0	–	-1,940	–	-0.13%	–
HAIN	Exit	Hain Celestial Group Inc.	$0	–	-12,280	–	-0.14%	–
IWD	Exit	iShares Russell 1000 Value Indrus 1000 val etf	$0	–	-4,276	–	-0.14%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-538	–	-0.14%	–
TMO	Exit	Thermo Fisher Scientific, Inc.	$0	–	-2,779	–	-0.14%	–
DIS	Exit	Disney, Walt	$0	–	-5,559	–	-0.15%	–
SPGI	Exit	S&P Global Inc	$0	–	-3,727	–	-0.16%	–
IBM	Exit	International Business Machine	$0	–	-4,155	–	-0.16%	–
PNFP	Exit	Pinnacle Financial Partners In	$0	–	-9,317	–	-0.17%	–
WM	Exit	Waste Management Inc.	$0	–	-8,488	–	-0.18%	–
DEO	Exit	Diageo PLC Spon ADRspon adr new	$0	–	-5,154	–	-0.18%	–
BPL	Exit	Buckeye Partners L P Unit Ltdunit ltd partn	$0	–	-11,980	–	-0.18%	–
BGS	Exit	B&G Foods, Inc.	$0	–	-23,859	–	-0.20%	–
CBU	Exit	Community Bank System Inc	$0	–	-14,875	–	-0.22%	–
BRKB	Exit	Berkshire Hathaway Inc. Cl Bcl b new	$0	–	-4,512	–	-0.22%	–
KO	Exit	Coca-Cola Co.	$0	–	-18,433	–	-0.22%	–
PDER	Exit	Pardee Resources Company, Inc.	$0	–	-4,700	–	-0.24%	–
UNP	Exit	Union Pacific Corp.	$0	–	-7,762	–	-0.24%	–
DHR	Exit	Danaher Corp	$0	–	-10,815	–	-0.25%	–
CELG	Exit	Celgene Corp.	$0	–	-6,344	–	-0.25%	–
INTC	Exit	Intel Corporation	$0	–	-24,667	–	-0.25%	–
HD	Exit	Home Depot Inc.	$0	–	-6,057	–	-0.27%	–
WELL	Exit	Welltower Inc.	$0	–	-14,345	–	-0.27%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-3,536	–	-0.30%	–
CERN	Exit	Cerner Corporation	$0	–	-15,601	–	-0.30%	–
ADP	Exit	Automatic Data Processing	$0	–	-10,674	–	-0.31%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-12,392	–	-0.32%	–
SUI	Exit	Sun Communities Inc.	$0	–	-15,323	–	-0.35%	–
KELYA	Exit	Kelly Services Cl Acl a	$0	–	-52,700	–	-0.36%	–
KMB	Exit	Kimberly-Clark Corp.	$0	–	-11,321	–	-0.36%	–
IJR	Exit	iShares Core S&P Small-Cap ETFcore s&p scp etf	$0	–	-18,005	–	-0.36%	–
ETP	Exit	Energy Transfer Partners, L.P.	$0	–	-77,010	–	-0.38%	–
PFE	Exit	Pfizer, Inc.	$0	–	-41,092	–	-0.39%	–
MMM	Exit	3M Co.	$0	–	-7,489	–	-0.42%	–
T	Exit	AT&T, Inc.	$0	–	-41,147	–	-0.43%	–
BCE	Exit	BCE Inc.	$0	–	-34,395	–	-0.43%	–
WPC	Exit	WP Carey Inc	$0	–	-25,548	–	-0.46%	–
MRK	Exit	Merck & Co.	$0	–	-28,248	–	-0.49%	–
ABC	Exit	AmerisourceBergen Corp.	$0	–	-24,935	–	-0.56%	–
GMS	Exit	GMS Inc	$0	–	-61,295	–	-0.58%	–
APD	Exit	Air Products & Chemicals Inc	$0	–	-15,045	–	-0.61%	–
LPT	Exit	Liberty Property Trustsh ben int	$0	–	-62,834	–	-0.69%	–
KEY	Exit	KeyCorp	$0	–	-146,875	–	-0.74%	–
EFA	Exit	iShares MSCI EAFE Index Fundmsci eafe etf	$0	–	-41,573	–	-0.76%	–
PG	Exit	Procter & Gamble	$0	–	-34,389	–	-0.84%	–
OXY	Exit	Occidental Petroleum	$0	–	-70,123	–	-1.21%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-55,957	–	-1.23%	–
SLB	Exit	Schlumberger Ltd	$0	–	-68,004	–	-1.28%	–
CMG	Exit	Chipotle Mexican Grill, Inc.	$0	–	-15,655	–	-1.30%	–
AGN	Exit	Allergan PLC	$0	–	-25,945	–	-1.43%	–
PAYX	Exit	Paychex Inc.	$0	–	-89,640	–	-1.44%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-104,088	–	-1.45%	–
DWDP	Exit	DowDuPont Inc.	$0	–	-81,627	–	-1.52%	–
UTX	Exit	United Technologies	$0	–	-48,884	–	-1.52%	–
PPL	Exit	PPL Corporation	$0	–	-149,845	–	-1.53%	–
VZ	Exit	Verizon Communications	$0	–	-118,337	–	-1.57%	–
NSRGY	Exit	Nestle SA Spon ADR	$0	–	-70,649	–	-1.60%	–
DFS	Exit	Discover Financial Services	$0	–	-92,835	–	-1.61%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-225,357	–	-1.70%	–
SBUX	Exit	Starbucks Corporation	$0	–	-119,735	–	-1.73%	–
TJX	Exit	TJX Companies Inc.	$0	–	-92,019	–	-1.82%	–
DLTR	Exit	Dollar Tree Stores Inc.	$0	–	-82,375	–	-1.92%	–
PEP	Exit	PepsiCo Inc.	$0	–	-65,319	–	-1.96%	–
CVS	Exit	CVS Health Corp.	$0	–	-91,770	–	-2.01%	–
CVX	Exit	ChevronTexaco Corporation	$0	–	-65,941	–	-2.08%	–
BAC	Exit	Bank of America Corp.	$0	–	-309,635	–	-2.11%	–
GE	Exit	General Electric Company	$0	–	-335,169	–	-2.18%	–
LLY	Exit	Lilly, Eli	$0	–	-96,166	–	-2.21%	–
MA	Exit	MasterCard, Inc.cl a	$0	–	-60,078	–	-2.28%	–
ROP	Exit	Roper Technologies	$0	–	-36,345	–	-2.38%	–
STI	Exit	SunTrust Banks	$0	–	-148,693	–	-2.39%	–
COST	Exit	Costco Wholesale	$0	–	-59,172	–	-2.61%	–
CHKP	Exit	Check Point Softwareord	$0	–	-85,380	–	-2.62%	–
ABT	Exit	Abbott Laboratories	$0	–	-186,386	–	-2.67%	–
COL	Exit	Rockwell Collins Inc.	$0	–	-80,145	–	-2.82%	–
CF	Exit	CF Industries Holdings, Inc.	$0	–	-318,545	–	-3.01%	–
AAPL	Exit	Apple Computer	$0	–	-74,329	–	-3.08%	–
PNC	Exit	PNC Financial Services Group,	$0	–	-85,474	–	-3.10%	–
JNJ	Exit	Johnson & Johnson	$0	–	-96,711	–	-3.38%	–
GOOG	Exit	Alphabet Inc. Cl Ccap stk cl c	$0	–	-13,832	–	-3.57%	–
MSFT	Exit	Microsoft Corp.	$0	–	-196,143	–	-3.93%	–
IWN	Exit	iShares Russell 2000 Value Indrus 2000 val etf	$0	–	-122,247	–	-4.08%	–

Q3 2017

			Value		Shares		↓ Weighting
IWN	Buy	iShares Russell 2000 Value Indrus 2000 val etf	$15,173,000	+6.9%	122,247	+2.4%	4.08%	+0.0%
MSFT	Sell	Microsoft Corp.	$14,611,000	+7.0%	196,143	-1.0%	3.93%	+0.2%
GOOG	Buy	Alphabet Inc. Cl Ccap stk cl c	$13,266,000	+7.9%	13,832	+2.2%	3.57%	+0.9%
JNJ	Sell	Johnson & Johnson	$12,573,000	-3.4%	96,711	-1.7%	3.38%	-9.6%
PNC	Buy	PNC Financial Services Group,	$11,519,000	+7.9%	85,474	+0.0%	3.10%	+1.0%
AAPL	Buy	Apple Computer	$11,456,000	+7.1%	74,329	+0.1%	3.08%	+0.2%
CF	Buy	CF Industries Holdings, Inc.	$11,200,000	+26.4%	318,545	+0.5%	3.01%	+18.3%
COL	Buy	Rockwell Collins Inc.	$10,476,000	+31.7%	80,145	+5.8%	2.82%	+23.2%
ABT	Sell	Abbott Laboratories	$9,946,000	+9.8%	186,386	-0.0%	2.67%	+2.7%
CHKP	Buy	Check Point Softwareord	$9,735,000	+8.9%	85,380	+4.2%	2.62%	+1.9%
COST	Sell	Costco Wholesale	$9,721,000	+1.9%	59,172	-0.8%	2.61%	-4.7%
STI	Buy	SunTrust Banks	$8,887,000	+10.5%	148,693	+4.8%	2.39%	+3.4%
ROP	Sell	Roper Technologies	$8,846,000	+3.9%	36,345	-1.2%	2.38%	-2.7%
MA	Sell	MasterCard, Inc.cl a	$8,483,000	+16.2%	60,078	-0.1%	2.28%	+8.7%
LLY	Buy	Lilly, Eli	$8,226,000	+6.4%	96,166	+2.4%	2.21%	-0.4%
GE	Buy	General Electric Company	$8,104,000	-10.3%	335,169	+0.2%	2.18%	-16.1%
BAC	Buy	Bank of America Corp.	$7,846,000	+22.1%	309,635	+16.9%	2.11%	+14.2%
CVX	Buy	ChevronTexaco Corporation	$7,748,000	+13.1%	65,941	+0.4%	2.08%	+5.8%
CVS	Buy	CVS Health Corp.	$7,463,000	+2.2%	91,770	+1.1%	2.01%	-4.4%
PEP	Sell	PepsiCo Inc.	$7,278,000	-4.9%	65,319	-1.5%	1.96%	-11.1%
DLTR	Sell	Dollar Tree Stores Inc.	$7,152,000	+22.2%	82,375	-1.6%	1.92%	+14.3%
TJX	Buy	TJX Companies Inc.	$6,785,000	+2.6%	92,019	+0.4%	1.82%	-4.0%
SBUX	Buy	Starbucks Corporation	$6,431,000	+816.1%	119,735	+894.5%	1.73%	+755.9%
FITB	Sell	Fifth Third Bancorp	$6,305,000	+4.9%	225,357	-2.7%	1.70%	-1.9%
DFS	Buy	Discover Financial Services	$5,986,000	+9.2%	92,835	+5.3%	1.61%	+2.2%
NSRGY	Sell	Nestle SA Spon ADR	$5,935,000	-9.0%	70,649	-5.6%	1.60%	-14.9%
VZ	Sell	Verizon Communications	$5,857,000	+7.6%	118,337	-2.9%	1.57%	+0.6%
PPL	Buy	PPL Corporation	$5,687,000	+3.9%	149,845	+5.9%	1.53%	-2.7%
UTX	Sell	United Technologies	$5,674,000	-5.6%	48,884	-0.7%	1.52%	-11.6%
DWDP	New	DowDuPont Inc.	$5,651,000	–	81,627	–	1.52%	–
QCOM	Buy	Qualcomm Inc.	$5,396,000	-0.3%	104,088	+6.2%	1.45%	-6.7%
PAYX	Buy	Paychex Inc.	$5,375,000	+15.4%	89,640	+9.6%	1.44%	+8.1%
AGN	Buy	Allergan PLC	$5,317,000	-15.3%	25,945	+0.5%	1.43%	-20.7%
CMG	Buy	Chipotle Mexican Grill, Inc.	$4,819,000	-24.5%	15,655	+2.0%	1.30%	-29.4%
SLB	Buy	Schlumberger Ltd	$4,744,000	+8.7%	68,004	+2.6%	1.28%	+1.7%
XOM	Sell	Exxon Mobil Corp.	$4,587,000	+0.3%	55,957	-1.2%	1.23%	-6.2%
OXY	Sell	Occidental Petroleum	$4,503,000	+5.4%	70,123	-1.7%	1.21%	-1.4%
PG	Buy	Procter & Gamble	$3,129,000	+4.9%	34,389	+0.4%	0.84%	-1.9%
EFA	Buy	iShares MSCI EAFE Index Fundmsci eafe etf	$2,847,000	+7.6%	41,573	+2.4%	0.76%	+0.7%
KEY	Sell	KeyCorp	$2,764,000	-1.0%	146,875	-1.5%	0.74%	-7.4%
LPT	Sell	Liberty Property Trustsh ben int	$2,580,000	-0.3%	62,834	-1.1%	0.69%	-6.6%
APD	Sell	Air Products & Chemicals Inc	$2,275,000	-29.1%	15,045	-32.9%	0.61%	-33.6%
GMS	New	GMS Inc	$2,170,000	–	61,295	–	0.58%	–
ABC	Sell	AmerisourceBergen Corp.	$2,063,000	-31.7%	24,935	-22.0%	0.56%	-36.1%
MRK	Buy	Merck & Co.	$1,809,000	+3.7%	28,248	+3.8%	0.49%	-3.0%
WPC	Sell	WP Carey Inc	$1,722,000	-13.0%	25,548	-14.8%	0.46%	-18.5%
T	Sell	AT&T, Inc.	$1,612,000	+0.2%	41,147	-3.5%	0.43%	-6.3%
BCE	Sell	BCE Inc.	$1,611,000	-23.9%	34,395	-26.8%	0.43%	-28.8%
MMM	Buy	3M Co.	$1,572,000	+4.0%	7,489	+3.2%	0.42%	-2.5%
PFE	Sell	Pfizer, Inc.	$1,467,000	+0.1%	41,092	-5.8%	0.39%	-6.4%
ETP	Sell	Energy Transfer Partners, L.P.	$1,409,000	-17.8%	77,010	-8.4%	0.38%	-23.1%
IJR	Buy	iShares Core S&P Small-Cap ETFcore s&p scp etf	$1,336,000	+6.6%	18,005	+0.8%	0.36%	-0.3%
KMB	Buy	Kimberly-Clark Corp.	$1,332,000	-3.9%	11,321	+5.4%	0.36%	-10.1%
CERN	Buy	Cerner Corporation	$1,113,000	+20.2%	15,601	+12.0%	0.30%	+12.4%
LMT	Sell	Lockheed Martin Corp	$1,097,000	+9.7%	3,536	-1.8%	0.30%	+2.8%
WELL	Buy	Welltower Inc.	$1,008,000	-4.5%	14,345	+1.8%	0.27%	-10.6%
HD	Buy	Home Depot Inc.	$991,000	+19.5%	6,057	+12.1%	0.27%	+11.8%
INTC	Buy	Intel Corporation	$939,000	+18.0%	24,667	+4.5%	0.25%	+10.0%
CELG	Buy	Celgene Corp.	$925,000	+14.9%	6,344	+2.3%	0.25%	+7.8%
DHR	Buy	Danaher Corp	$928,000	+4.5%	10,815	+2.8%	0.25%	-2.4%
UNP	Buy	Union Pacific Corp.	$900,000	+8.2%	7,762	+1.6%	0.24%	+1.3%
KO	Sell	Coca-Cola Co.	$830,000	-0.1%	18,433	-0.6%	0.22%	-6.7%
BRKB	Sell	Berkshire Hathaway Inc. Cl Bcl b new	$827,000	+6.6%	4,512	-1.5%	0.22%	-0.4%
CBU	Buy	Community Bank System Inc	$822,000	-0.2%	14,875	+0.7%	0.22%	-6.8%
BGS	Buy	B&G Foods, Inc.	$760,000	+71.6%	23,859	+91.9%	0.20%	+60.6%
BPL	Sell	Buckeye Partners L P Unit Ltdunit ltd partn	$683,000	-11.9%	11,980	-1.2%	0.18%	-17.5%
DEO	Sell	Diageo PLC Spon ADRspon adr new	$681,000	+5.9%	5,154	-4.0%	0.18%	-1.1%
WM	Buy	Waste Management Inc.	$664,000	+9.9%	8,488	+3.0%	0.18%	+2.3%
PNFP	New	Pinnacle Financial Partners In	$624,000	–	9,317	–	0.17%	–
IBM	Buy	International Business Machine	$603,000	-3.4%	4,155	+2.5%	0.16%	-9.5%
DIS	Buy	Disney, Walt	$548,000	-3.7%	5,559	+3.8%	0.15%	-9.8%
TMO	Buy	Thermo Fisher Scientific, Inc.	$526,000	+32.5%	2,779	+22.2%	0.14%	+23.7%
AMZN	Buy	Amazon.com Inc.	$517,000	+12.1%	538	+13.0%	0.14%	+5.3%
HAIN	Buy	Hain Celestial Group Inc.	$505,000	+70.0%	12,280	+60.4%	0.14%	+60.0%
IWM	Sell	iShares Russell 2000 Index Funrus 2000 etf	$470,000	-0.8%	3,175	-5.7%	0.13%	-7.4%
NEE	Buy	NextEra Energy, Inc.	$470,000	+8.3%	3,209	+3.6%	0.13%	+0.8%
BMY	Sell	Bristol-Myers Squibb	$458,000	+7.0%	7,183	-6.5%	0.12%	0.0%
GLD	Buy	SPDR Gold Trust	$448,000	+19.1%	3,685	+15.7%	0.12%	+11.1%
EEM	Buy	iShares MSCI Emerging Marketsmsci emg mkt etf	$448,000	+16.4%	9,999	+7.5%	0.12%	+8.1%
FGD	Buy	First Trust Dow Jones Gbl Seledj glbl divid	$441,000	+76.4%	17,100	+71.0%	0.12%	+65.3%
Q	Buy	Quintiles Transnational Holdin	$434,000	+11.0%	4,565	+4.6%	0.12%	+4.5%
ITW	Sell	Illinois Tool Works	$433,000	+1.9%	2,929	-1.4%	0.12%	-4.9%
CSCO	Buy	Cisco Systems Inc.	$424,000	+10.4%	12,621	+2.8%	0.11%	+3.6%
SO	Buy	Southern Company	$408,000	+13.3%	8,294	+10.3%	0.11%	+6.8%
IVZ	Sell	Invesco Limited	$411,000	-17.8%	11,725	-17.4%	0.11%	-23.6%
CYS	Sell	CYS Investments Inc	$376,000	-26.3%	43,500	-28.2%	0.10%	-31.3%
RTN	Sell	Raytheon Company	$353,000	+7.0%	1,892	-7.3%	0.10%	0.0%
AFSI	Sell	AmTrust Financial Services	$350,000	-23.6%	25,975	-14.1%	0.09%	-28.8%
EMR	Sell	Emerson Electric Co	$350,000	-4.9%	5,575	-9.7%	0.09%	-11.3%
CZNC	Buy	Citizens & Northern Corp.	$341,000	+7.9%	13,875	+2.2%	0.09%	+1.1%
QQQ	Buy	PowerShares QQQ Nasdaq 100unit ser 1	$342,000	+11.8%	2,351	+5.6%	0.09%	+4.5%
FB	Buy	Facebook, Inc.cl a	$339,000	+26.0%	1,982	+11.1%	0.09%	+18.2%
CMO	Sell	Capstead Mortgage Corp.	$332,000	-28.1%	34,380	-22.4%	0.09%	-33.1%
ICE	Buy	IntercontinentalExchange, Inc.	$328,000	+43.2%	4,775	+37.4%	0.09%	+33.3%
AFL	Sell	AFLAC Inc.	$326,000	+2.2%	4,001	-2.4%	0.09%	-4.3%
BDX	Buy	Becton Dickinson & Co.	$326,000	+56.7%	1,665	+56.3%	0.09%	+46.7%
AMG	Sell	Affiliated Managers Group, Inc	$326,000	-22.6%	1,715	-32.5%	0.09%	-27.3%
CSM	Buy	ProShares Large Cap Core Plus	$320,000	+22.1%	5,115	+17.6%	0.09%	+14.7%
IJH	Buy	iShares Core S&P MidCapcore s&p mcp etf	$317,000	+6.7%	1,771	+3.6%	0.08%	0.0%
SCHE	Buy	Schwab Emerging Markets Equityemrg mkteq etf	$296,000	+20.8%	11,005	+11.7%	0.08%	+14.3%
GOOGL	Buy	Alphabet Inc. Cl Acap stk cl a	$271,000	+13.9%	278	+8.6%	0.07%	+7.4%
SCHZ	Buy	Schwab US Aggregate Bond ETFus aggregate b	$259,000	+17.2%	4,939	+16.9%	0.07%	+11.1%
NKE	Buy	NIKE, Inc. Cl Bcl b	$259,000	+20.5%	4,990	+36.6%	0.07%	+12.9%
VSM	Sell	Versum Materials Inc	$260,000	-19.0%	6,697	-32.3%	0.07%	-23.9%
IP	New	International Paper	$257,000	–	4,521	–	0.07%	–
VMC	Sell	Vulcan Materials Co.	$239,000	-8.1%	2,000	-2.4%	0.06%	-14.7%
AEIS	New	Advanced Energy Industries, In	$234,000	–	2,900	–	0.06%	–
TIP	Sell	iShares Barclays US TIPS Fundtips bd etf	$236,000	-1.7%	2,075	-1.9%	0.06%	-8.7%
AROW	New	Arrow Financial Corp.	$216,000	–	6,283	–	0.06%	–
PWR	New	Quanta Services, Inc.	$213,000	–	5,712	–	0.06%	–
EEP	Sell	Enbridge Energy Partners, L.P.	$211,000	-5.4%	13,183	-5.4%	0.06%	-10.9%
VEU	New	Vanguard FTSE All-World Ex-USallwrld ex us	$209,000	–	3,965	–	0.06%	–
FDX	New	FedEx Corporation	$203,000	–	898	–	0.06%	–
MCO	New	Moody's Corporation	$206,000	–	1,477	–	0.06%	–
VER	Exit	Vereit Inc.	$0	–	-22,049	–	-0.05%	–
DD	Exit	Du Pont, E. I.	$0	–	-5,534	–	-0.13%	–
BSV	Exit	Vanguard Short-Term Bond Fundshort trm bond	$0	–	-5,671	–	-0.13%	–
TNH	Exit	Terra Nitrogen Company, LP	$0	–	-6,710	–	-0.16%	–
PAA	Exit	Plains All Amer Pipeline LPunit ltd partn	$0	–	-36,816	–	-0.28%	–
DOW	Exit	Dow Chemical Company	$0	–	-76,822	–	-1.39%	–

Q2 2017

			Value		Shares		↓ Weighting
IWN	New	iShares Russell 2000 Value Indrus 2000 val etf	$14,191,000	–	119,382	–	4.08%	–
MSFT	New	Microsoft Corp.	$13,653,000	–	198,074	–	3.92%	–
JNJ	New	Johnson & Johnson	$13,017,000	–	98,396	–	3.74%	–
GOOG	New	Alphabet Inc. Cl Ccap stk cl c	$12,300,000	–	13,535	–	3.53%	–
AAPL	New	Apple Computer	$10,696,000	–	74,266	–	3.07%	–
PNC	New	PNC Financial Services Group,	$10,672,000	–	85,464	–	3.07%	–
COST	New	Costco Wholesale	$9,543,000	–	59,672	–	2.74%	–
ABT	New	Abbott Laboratories	$9,060,000	–	186,391	–	2.60%	–
GE	New	General Electric Company	$9,034,000	–	334,469	–	2.60%	–
CHKP	New	Check Point Softwareord	$8,936,000	–	81,923	–	2.57%	–
CF	New	CF Industries Holdings, Inc.	$8,860,000	–	316,870	–	2.54%	–
ROP	New	Roper Technologies	$8,513,000	–	36,770	–	2.44%	–
STI	New	SunTrust Banks	$8,044,000	–	141,826	–	2.31%	–
COL	New	Rockwell Collins Inc.	$7,957,000	–	75,726	–	2.29%	–
LLY	New	Lilly, Eli	$7,728,000	–	93,896	–	2.22%	–
PEP	New	PepsiCo Inc.	$7,656,000	–	66,294	–	2.20%	–
MA	New	MasterCard, Inc.cl a	$7,303,000	–	60,128	–	2.10%	–
CVS	New	CVS Health Corp.	$7,302,000	–	90,749	–	2.10%	–
CVX	New	ChevronTexaco Corporation	$6,850,000	–	65,658	–	1.97%	–
TJX	New	TJX Companies Inc.	$6,614,000	–	91,639	–	1.90%	–
NSRGY	New	Nestle SA Spon ADR	$6,523,000	–	74,802	–	1.87%	–
BAC	New	Bank of America Corp.	$6,427,000	–	264,942	–	1.85%	–
CMG	New	Chipotle Mexican Grill, Inc.	$6,384,000	–	15,343	–	1.83%	–
AGN	New	Allergan PLC	$6,275,000	–	25,813	–	1.80%	–
FITB	New	Fifth Third Bancorp	$6,012,000	–	231,582	–	1.73%	–
UTX	New	United Technologies	$6,010,000	–	49,218	–	1.73%	–
DLTR	New	Dollar Tree Stores Inc.	$5,855,000	–	83,743	–	1.68%	–
DFS	New	Discover Financial Services	$5,482,000	–	88,150	–	1.58%	–
PPL	New	PPL Corporation	$5,471,000	–	141,519	–	1.57%	–
VZ	New	Verizon Communications	$5,443,000	–	121,887	–	1.56%	–
QCOM	New	Qualcomm Inc.	$5,411,000	–	97,997	–	1.55%	–
DOW	New	Dow Chemical Company	$4,845,000	–	76,822	–	1.39%	–
PAYX	New	Paychex Inc.	$4,656,000	–	81,765	–	1.34%	–
XOM	New	Exxon Mobil Corp.	$4,574,000	–	56,659	–	1.31%	–
SLB	New	Schlumberger Ltd	$4,365,000	–	66,296	–	1.25%	–
OXY	New	Occidental Petroleum	$4,271,000	–	71,330	–	1.23%	–
APD	New	Air Products & Chemicals Inc	$3,207,000	–	22,415	–	0.92%	–
ABC	New	AmerisourceBergen Corp.	$3,022,000	–	31,969	–	0.87%	–
PG	New	Procter & Gamble	$2,984,000	–	34,243	–	0.86%	–
KEY	New	KeyCorp	$2,793,000	–	149,050	–	0.80%	–
EFA	New	iShares MSCI EAFE Index Fundmsci eafe etf	$2,647,000	–	40,598	–	0.76%	–
LPT	New	Liberty Property Trustsh ben int	$2,587,000	–	63,542	–	0.74%	–
BCE	New	BCE Inc.	$2,117,000	–	46,995	–	0.61%	–
WPC	New	WP Carey Inc	$1,979,000	–	29,973	–	0.57%	–
MRK	New	Merck & Co.	$1,745,000	–	27,223	–	0.50%	–
ETP	New	Energy Transfer Partners, L.P.unit ltd prt int	$1,715,000	–	84,098	–	0.49%	–
T	New	AT&T, Inc.	$1,609,000	–	42,648	–	0.46%	–
MMM	New	3M Co.	$1,511,000	–	7,257	–	0.43%	–
PFE	New	Pfizer, Inc.	$1,465,000	–	43,628	–	0.42%	–
KMB	New	Kimberly-Clark Corp.	$1,386,000	–	10,736	–	0.40%	–
SUI	New	Sun Communities Inc.	$1,344,000	–	15,323	–	0.39%	–
IJR	New	iShares Core S&P Small-Cap ETFcore s&p scp etf	$1,253,000	–	17,870	–	0.36%	–
KELYA	New	Kelly Services Cl Acl a	$1,183,000	–	52,700	–	0.34%	–
JPM	New	J.P. Morgan Chase	$1,133,000	–	12,392	–	0.32%	–
ADP	New	Automatic Data Processing	$1,094,000	–	10,674	–	0.31%	–
WELL	New	Welltower Inc.	$1,055,000	–	14,095	–	0.30%	–
LMT	New	Lockheed Martin Corp	$1,000,000	–	3,601	–	0.29%	–
PAA	New	Plains All Amer Pipeline LPunit ltd partn	$967,000	–	36,816	–	0.28%	–
CERN	New	Cerner Corporation	$926,000	–	13,926	–	0.27%	–
DHR	New	Danaher Corp	$888,000	–	10,524	–	0.26%	–
PDER	New	Pardee Resources Company, Inc.	$846,000	–	4,700	–	0.24%	–
UNP	New	Union Pacific Corp.	$832,000	–	7,639	–	0.24%	–
KO	New	Coca-Cola Co.	$831,000	–	18,538	–	0.24%	–
HD	New	Home Depot Inc.	$829,000	–	5,404	–	0.24%	–
CBU	New	Community Bank System Inc	$824,000	–	14,775	–	0.24%	–
CELG	New	Celgene Corp.	$805,000	–	6,199	–	0.23%	–
INTC	New	Intel Corporation	$796,000	–	23,595	–	0.23%	–
BRKB	New	Berkshire Hathaway Inc. Cl Bcl b new	$776,000	–	4,583	–	0.22%	–
BPL	New	Buckeye Partners L P Unit Ltdunit ltd partn	$775,000	–	12,130	–	0.22%	–
SBUX	New	Starbucks Corporation	$702,000	–	12,040	–	0.20%	–
DEO	New	Diageo PLC Spon ADRspon adr new	$643,000	–	5,370	–	0.18%	–
IBM	New	International Business Machine	$624,000	–	4,055	–	0.18%	–
WM	New	Waste Management Inc.	$604,000	–	8,238	–	0.17%	–
TNH	New	Terra Nitrogen Company, LP	$576,000	–	6,710	–	0.16%	–
DIS	New	Disney, Walt	$569,000	–	5,358	–	0.16%	–
SPGI	New	S&P Global Inc	$544,000	–	3,727	–	0.16%	–
CYS	New	CYS Investments Inc	$510,000	–	60,600	–	0.15%	–
IVZ	New	Invesco Limited	$500,000	–	14,195	–	0.14%	–
IWD	New	iShares Russell 1000 Value Indrus 1000 val etf	$498,000	–	4,276	–	0.14%	–
SHW	New	Sherwin Williams	$482,000	–	1,373	–	0.14%	–
IWM	New	iShares Russell 2000 Index Funrussell 2000 etf	$474,000	–	3,367	–	0.14%	–
CMO	New	Capstead Mortgage Corp.	$462,000	–	44,325	–	0.13%	–
AFSI	New	AmTrust Financial Services	$458,000	–	30,225	–	0.13%	–
AMZN	New	Amazon.com Inc.	$461,000	–	476	–	0.13%	–
BSV	New	Vanguard Short-Term Bond Fundshort trm bond	$453,000	–	5,671	–	0.13%	–
DD	New	Du Pont, E. I.	$447,000	–	5,534	–	0.13%	–
BGS	New	B&G Foods, Inc.	$443,000	–	12,434	–	0.13%	–
NEE	New	NextEra Energy, Inc.	$434,000	–	3,097	–	0.12%	–
BMY	New	Bristol-Myers Squibb	$428,000	–	7,683	–	0.12%	–
ITW	New	Illinois Tool Works	$425,000	–	2,970	–	0.12%	–
AMG	New	Affiliated Managers Group, Inc	$421,000	–	2,540	–	0.12%	–
IWR	New	iShares Russell Midcap Index Frus mid cap etf	$411,000	–	2,142	–	0.12%	–
SYK	New	Stryker Corporation	$404,000	–	2,910	–	0.12%	–
TMO	New	Thermo Fisher Scientific, Inc.	$397,000	–	2,275	–	0.11%	–
Q	New	Quintiles Transnational Holdin	$391,000	–	4,365	–	0.11%	–
EEM	New	iShares MSCI Emerging Marketsmsci emg mkt etf	$385,000	–	9,299	–	0.11%	–
BA	New	Boeing Co.	$384,000	–	1,940	–	0.11%	–
CSCO	New	Cisco Systems Inc.	$384,000	–	12,280	–	0.11%	–
GLD	New	SPDR Gold Trust	$376,000	–	3,185	–	0.11%	–
EMR	New	Emerson Electric Co	$368,000	–	6,175	–	0.11%	–
HON	New	Honeywell International	$367,000	–	2,754	–	0.10%	–
EPD	New	Enterprise Products Partners L	$357,000	–	13,180	–	0.10%	–
SO	New	Southern Company	$360,000	–	7,519	–	0.10%	–
RTN	New	Raytheon Company	$330,000	–	2,042	–	0.10%	–
SYY	New	Sysco Corp.	$326,000	–	6,471	–	0.09%	–
VSM	New	Versum Materials Inc	$321,000	–	9,885	–	0.09%	–
AFL	New	AFLAC Inc.	$319,000	–	4,101	–	0.09%	–
CZNC	New	Citizens & Northern Corp.	$316,000	–	13,575	–	0.09%	–
QQQ	New	PowerShares QQQ Nasdaq 100unit ser 1	$306,000	–	2,226	–	0.09%	–
TSS	New	Total System Services, Inc.	$299,000	–	5,140	–	0.09%	–
IJH	New	iShares Core S&P MidCapcore s&p mcp etf	$297,000	–	1,709	–	0.08%	–
HAIN	New	Hain Celestial Group Inc.	$297,000	–	7,655	–	0.08%	–
MDT	New	Medtronic PLC	$290,000	–	3,262	–	0.08%	–
MMP	New	Magellan Midstream Partners, L	$278,000	–	3,900	–	0.08%	–
FB	New	Facebook, Inc.cl a	$269,000	–	1,784	–	0.08%	–
VMC	New	Vulcan Materials Co.	$260,000	–	2,050	–	0.08%	–
CSM	New	ProShares Large Cap Core Plus	$262,000	–	4,350	–	0.08%	–
VWO	New	Vanguard Emerging Marketsftse emr mkt etf	$252,000	–	6,179	–	0.07%	–
FGD	New	First Trust Dow Jones Gbl Seledj glbl divid	$250,000	–	10,000	–	0.07%	–
SCHE	New	Schwab Emerging Markets Equityemrg mkteq etf	$245,000	–	9,855	–	0.07%	–
TIP	New	iShares Barclays US TIPS Fundtips bd etf	$240,000	–	2,115	–	0.07%	–
GOOGL	New	Alphabet Inc. Cl Acap stk cl a	$238,000	–	256	–	0.07%	–
BIIB	New	Biogen Idec Inc.	$236,000	–	869	–	0.07%	–
ICE	New	IntercontinentalExchange, Inc.	$229,000	–	3,475	–	0.07%	–
EEP	New	Enbridge Energy Partners, L.P.	$223,000	–	13,933	–	0.06%	–
SCHZ	New	Schwab US Aggregate Bond ETFus aggregate b	$221,000	–	4,224	–	0.06%	–
NKE	New	NIKE, Inc. Cl Bcl b	$215,000	–	3,652	–	0.06%	–
BDX	New	Becton Dickinson & Co.	$208,000	–	1,065	–	0.06%	–
SMG	New	The Scotts Miracle-Gro Companycl a	$207,000	–	2,312	–	0.06%	–
PX	New	Praxair Inc.	$201,000	–	1,515	–	0.06%	–
VER	New	Vereit Inc.	$179,000	–	22,049	–	0.05%	–
F	New	Ford Motor Co.	$174,000	–	15,526	–	0.05%	–
VVUS	New	VIVUS, Inc.	$30,000	–	24,500	–	0.01%	–
USMN	New	U.S. Rare Earth Minerals Inc.	$0	–	25,000	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
USMN	Exit	U.S. Rare Earth Minerals Inc.	$0	–	-25,000	–	0.00%	–
HRAI	Exit	HouseRaising, Inc.	$0	–	-10,000	–	0.00%	–
VVUS	Exit	VIVUS, Inc.	$0	–	-24,500	–	-0.01%	–
ENZ	Exit	Enzo Biochem, Inc.	$0	–	-14,000	–	-0.02%	–
F	Exit	Ford Motor Co.	$0	–	-14,806	–	-0.06%	–
NVS	Exit	Novartis AG Spon Adrsponsored adr	$0	–	-2,546	–	-0.06%	–
AA	Exit	Alcoa Inc.	$0	–	-20,000	–	-0.07%	–
PNY	Exit	Piedmont Natural Gas Company,	$0	–	-3,450	–	-0.07%	–
CBT	Exit	Cabot Corporation	$0	–	-4,000	–	-0.07%	–
FB	Exit	Facebook, Inc.cl a	$0	–	-1,725	–	-0.07%	–
TMO	Exit	Thermo Fisher Scientific, Inc.	$0	–	-1,394	–	-0.07%	–
WBA	Exit	Walgreens Boots Alliance, Inc.	$0	–	-2,812	–	-0.07%	–
VMC	Exit	Vulcan Materials Co.	$0	–	-2,050	–	-0.08%	–
VWO	Exit	Vanguard Emerging Marketsftse emr mkt etf	$0	–	-6,179	–	-0.08%	–
TSS	Exit	Total System Services, Inc.	$0	–	-5,140	–	-0.08%	–
COP	Exit	ConocoPhillips	$0	–	-5,522	–	-0.08%	–
TIP	Exit	iShares Barclays US TIPS Fundtips bd etf	$0	–	-2,115	–	-0.08%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-3,500	–	-0.08%	–
MDT	Exit	Medtronic PLC	$0	–	-3,074	–	-0.09%	–
JKHY	Exit	Henry Jack & Associates Inc.	$0	–	-3,100	–	-0.09%	–
FDX	Exit	FedEx Corporation	$0	–	-1,535	–	-0.09%	–
BIIB	Exit	Biogen Idec Inc.	$0	–	-885	–	-0.09%	–
BA	Exit	Boeing Co.	$0	–	-2,186	–	-0.09%	–
AFL	Exit	AFLAC Inc.	$0	–	-4,100	–	-0.10%	–
RTN	Exit	Raytheon Company	$0	–	-2,192	–	-0.10%	–
CZNC	Exit	Citizens & Northern Corp.	$0	–	-14,225	–	-0.10%	–
HON	Exit	Honeywell International	$0	–	-2,754	–	-0.10%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-10,805	–	-0.11%	–
EMR	Exit	Emerson Electric Co	$0	–	-6,400	–	-0.11%	–
SO	Exit	Southern Company	$0	–	-6,844	–	-0.11%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-2,914	–	-0.12%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-425	–	-0.12%	–
EPD	Exit	Enterprise Products Partners L	$0	–	-13,428	–	-0.12%	–
SYY	Exit	Sysco Corp.	$0	–	-7,571	–	-0.12%	–
IWR	Exit	iShares Russell Midcap Index Frus mid-cap etf	$0	–	-2,142	–	-0.12%	–
DHR	Exit	Danaher Corp	$0	–	-4,740	–	-0.12%	–
SYK	Exit	Stryker Corporation	$0	–	-3,323	–	-0.13%	–
ITW	Exit	Illinois Tool Works	$0	–	-3,366	–	-0.13%	–
WEC	Exit	Wisconsin Energy Corp.	$0	–	-7,000	–	-0.14%	–
IWM	Exit	iShares Russell 2000 Index Funrussell 2000 etf	$0	–	-3,415	–	-0.14%	–
SHW	Exit	Sherwin Williams	$0	–	-1,538	–	-0.14%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-7,996	–	-0.14%	–
BGS	Exit	B&G Foods, Inc.	$0	–	-8,825	–	-0.14%	–
IWD	Exit	iShares Russell 1000 Value Indrus 1000 val etf	$0	–	-4,375	–	-0.15%	–
SPGI	Exit	S&P Global Inc	$0	–	-3,727	–	-0.15%	–
CMO	Exit	Capstead Mortgage Corp.	$0	–	-50,675	–	-0.16%	–
DD	Exit	Du Pont, E. I.	$0	–	-7,344	–	-0.16%	–
WPC	Exit	WP Carey Inc	$0	–	-7,923	–	-0.17%	–
DIS	Exit	Disney, Walt	$0	–	-5,566	–	-0.17%	–
CYS	Exit	CYS Investments Inc	$0	–	-60,600	–	-0.17%	–
WM	Exit	Waste Management Inc.	$0	–	-8,550	–	-0.18%	–
GLD	Exit	SPDR Gold Trust	$0	–	-4,513	–	-0.18%	–
HD	Exit	Home Depot Inc.	$0	–	-4,599	–	-0.19%	–
AMG	Exit	Affiliated Managers Group, Inc	$0	–	-4,130	–	-0.19%	–
CELG	Exit	Celgene Corp.	$0	–	-5,960	–	-0.20%	–
BRKB	Exit	Berkshire Hathaway Inc. Cl Bcl b new	$0	–	-4,483	–	-0.21%	–
DEO	Exit	Diageo PLC Spon ADRspon adr new	$0	–	-5,692	–	-0.21%	–
CERN	Exit	Cerner Corporation	$0	–	-11,235	–	-0.22%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-2,906	–	-0.23%	–
EFA	Exit	iShares MSCI EAFE Index Fundmsci eafe etf	$0	–	-12,503	–	-0.24%	–
INTC	Exit	Intel Corporation	$0	–	-20,069	–	-0.25%	–
IVZ	Exit	Invesco Limited	$0	–	-24,345	–	-0.25%	–
IBM	Exit	International Business Machine	$0	–	-4,842	–	-0.25%	–
KO	Exit	Coca-Cola Co.	$0	–	-18,305	–	-0.25%	–
PDER	Exit	Pardee Resources Company, Inc.	$0	–	-4,750	–	-0.26%	–
BSV	Exit	Vanguard Short-Term Bond Fundshort trm bond	$0	–	-10,367	–	-0.27%	–
BPL	Exit	Buckeye Partners L P Unit Ltdunit ltd partn	$0	–	-12,130	–	-0.28%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-13,614	–	-0.29%	–
TNH	Exit	Terra Nitrogen Company, LP	$0	–	-8,220	–	-0.30%	–
IJR	Exit	iShares Core S&P Small-Cap ETFcore s&p scp etf	$0	–	-7,538	–	-0.30%	–
ADP	Exit	Automatic Data Processing	$0	–	-10,899	–	-0.31%	–
KELYA	Exit	Kelly Services Cl Acl a	$0	–	-52,700	–	-0.33%	–
EEP	Exit	Enbridge Energy Partners, L.P.	$0	–	-41,233	–	-0.34%	–
WELL	Exit	Welltower Inc.	$0	–	-14,840	–	-0.36%	–
KMB	Exit	Kimberly-Clark Corp.	$0	–	-10,333	–	-0.42%	–
BAC	Exit	Bank of America Corp.	$0	–	-86,017	–	-0.44%	–
UNP	Exit	Union Pacific Corp.	$0	–	-13,889	–	-0.44%	–
CBU	Exit	Community Bank System Inc	$0	–	-29,092	–	-0.45%	–
MMM	Exit	3M Co.	$0	–	-8,934	–	-0.51%	–
MRK	Exit	Merck & Co.	$0	–	-25,845	–	-0.52%	–
PFE	Exit	Pfizer, Inc.	$0	–	-48,780	–	-0.54%	–
ETP	Exit	Energy Transfer Partners, L.P.unit ltd partn	$0	–	-56,737	–	-0.68%	–
KEY	Exit	KeyCorp	$0	–	-173,017	–	-0.68%	–
T	Exit	AT&T, Inc.	$0	–	-51,834	–	-0.68%	–
SUI	Exit	Sun Communities Inc.	$0	–	-29,762	–	-0.76%	–
PAA	Exit	Plains All Amer Pipeline LPunit ltd partn	$0	–	-83,056	–	-0.85%	–
BCE	Exit	BCE Inc.	$0	–	-58,955	–	-0.88%	–
LPT	Exit	Liberty Property Trustsh ben int	$0	–	-68,550	–	-0.90%	–
PG	Exit	Procter & Gamble	$0	–	-32,182	–	-0.94%	–
ABC	Exit	AmerisourceBergen Corp.	$0	–	-49,115	–	-1.29%	–
DFS	Exit	Discover Financial Services	$0	–	-71,445	–	-1.31%	–
SLB	Exit	Schlumberger Ltd	$0	–	-53,144	–	-1.36%	–
OXY	Exit	Occidental Petroleum	$0	–	-58,281	–	-1.38%	–
MA	Exit	MasterCard, Inc.cl a	$0	–	-43,465	–	-1.44%	–
PRXL	Exit	PAREXEL Int'l Corp.	$0	–	-64,524	–	-1.45%	–
DOW	Exit	Dow Chemical Company	$0	–	-87,072	–	-1.46%	–
CMG	Exit	Chipotle Mexican Grill, Inc.	$0	–	-11,175	–	-1.54%	–
OMC	Exit	Omnicom Group	$0	–	-57,028	–	-1.57%	–
PPL	Exit	PPL Corporation	$0	–	-146,439	–	-1.64%	–
STI	Exit	SunTrust Banks	$0	–	-116,921	–	-1.66%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-251,257	–	-1.67%	–
VZ	Exit	Verizon Communications	$0	–	-100,919	–	-1.70%	–
DE	Exit	Deere & Co.	$0	–	-61,643	–	-1.71%	–
AGN	Exit	Allergan PLC	$0	–	-23,309	–	-1.74%	–
UTX	Exit	United Technologies	$0	–	-53,073	–	-1.75%	–
APD	Exit	Air Products & Chemicals Inc	$0	–	-36,015	–	-1.76%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-79,729	–	-1.77%	–
DLTR	Exit	Dollar Tree Stores Inc.	$0	–	-70,768	–	-1.81%	–
CVX	Exit	ChevronTexaco Corporation	$0	–	-57,057	–	-1.90%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-69,230	–	-1.96%	–
AFSI	Exit	AmTrust Financial Services	$0	–	-225,478	–	-1.96%	–
NSRGY	Exit	Nestle SA Spon ADR	$0	–	-80,250	–	-2.06%	–
CHKP	Exit	Check Point Softwareord	$0	–	-82,833	–	-2.08%	–
ROP	Exit	Roper Technologies	$0	–	-35,565	–	-2.10%	–
ABT	Exit	Abbott Laboratories	$0	–	-157,651	–	-2.16%	–
CF	Exit	CF Industries Holdings, Inc.	$0	–	-278,300	–	-2.20%	–
PNC	Exit	PNC Financial Services Group,	$0	–	-75,830	–	-2.22%	–
LLY	Exit	Lilly, Eli	$0	–	-88,290	–	-2.30%	–
CVS	Exit	CVS Health Corp.	$0	–	-80,366	–	-2.32%	–
TJX	Exit	TJX Companies Inc.	$0	–	-97,658	–	-2.37%	–
PEP	Exit	PepsiCo Inc.	$0	–	-67,695	–	-2.39%	–
AAPL	Exit	Apple Computer	$0	–	-65,827	–	-2.41%	–
COST	Exit	Costco Wholesale	$0	–	-51,926	–	-2.57%	–
GOOG	Exit	Alphabet Inc. Cl Ccap stk cl c	$0	–	-11,353	–	-2.86%	–
GE	Exit	General Electric Company	$0	–	-328,776	–	-3.16%	–
MSFT	Exit	Microsoft Corp.	$0	–	-178,850	–	-3.34%	–
IWN	Exit	iShares Russell 2000 Value Indrus 2000 val etf	$0	–	-99,403	–	-3.38%	–
JNJ	Exit	Johnson & Johnson	$0	–	-90,045	–	-3.45%	–

Q3 2016

			Value		Shares		↓ Weighting
JNJ	Buy	Johnson & Johnson	$10,637,000	-1.5%	90,045	+1.2%	3.45%	-12.6%
IWN	Sell	iShares Russell 2000 Value Indrus 2000 val etf	$10,412,000	+4.3%	99,403	-3.1%	3.38%	-7.5%
MSFT	Buy	Microsoft Corp.	$10,302,000	+14.1%	178,850	+1.4%	3.34%	+1.2%
GE	Buy	General Electric Company	$9,738,000	+10.2%	328,776	+17.1%	3.16%	-2.2%
GOOG	Sell	Alphabet Inc. Cl Ccap stk cl c	$8,825,000	+11.3%	11,353	-0.9%	2.86%	-1.2%
COST	Buy	Costco Wholesale	$7,919,000	+0.8%	51,926	+3.8%	2.57%	-10.6%
AAPL	Buy	Apple Computer	$7,442,000	+18.6%	65,827	+0.2%	2.41%	+5.2%
PEP	Sell	PepsiCo Inc.	$7,363,000	+2.0%	67,695	-0.7%	2.39%	-9.5%
TJX	Buy	TJX Companies Inc.	$7,303,000	-2.9%	97,658	+0.3%	2.37%	-13.9%
CVS	Buy	CVS Health Corp.	$7,152,000	-4.0%	80,366	+3.3%	2.32%	-14.8%
LLY	Buy	Lilly, Eli	$7,086,000	+5.2%	88,290	+3.2%	2.30%	-6.7%
PNC	Sell	PNC Financial Services Group,	$6,832,000	+9.5%	75,830	-1.1%	2.22%	-2.8%
CF	Buy	CF Industries Holdings, Inc.	$6,777,000	+167.3%	278,300	+164.5%	2.20%	+137.1%
ABT	Buy	Abbott Laboratories	$6,667,000	+13.5%	157,651	+5.5%	2.16%	+0.7%
ROP	Buy	Roper Technologies	$6,490,000	+8.9%	35,565	+1.8%	2.10%	-3.4%
CHKP	Buy	Check Point Softwareord	$6,429,000	+0.8%	82,833	+3.5%	2.08%	-10.6%
NSRGY	New	Nestle SA Spon ADR	$6,341,000	–	80,250	–	2.06%	–
AFSI	Sell	AmTrust Financial Services	$6,050,000	+9.3%	225,478	-0.2%	1.96%	-3.0%
XOM	Buy	Exxon Mobil Corp.	$6,042,000	-5.6%	69,230	+1.4%	1.96%	-16.2%
CVX	Buy	ChevronTexaco Corporation	$5,872,000	+5.3%	57,057	+7.3%	1.90%	-6.5%
DLTR	Buy	Dollar Tree Stores Inc.	$5,586,000	-2.3%	70,768	+16.7%	1.81%	-13.3%
QCOM	Buy	Qualcomm Inc.	$5,461,000	+34.1%	79,729	+4.9%	1.77%	+18.9%
APD	Buy	Air Products & Chemicals Inc	$5,414,000	+10.0%	36,015	+3.9%	1.76%	-2.4%
UTX	Sell	United Technologies	$5,392,000	-2.7%	53,073	-1.7%	1.75%	-13.6%
AGN	Buy	Allergan PLC	$5,368,000	+2.0%	23,309	+2.3%	1.74%	-9.6%
DE	Buy	Deere & Co.	$5,261,000	+8.1%	61,643	+2.6%	1.71%	-4.2%
VZ	Buy	Verizon Communications	$5,246,000	-0.0%	100,919	+7.4%	1.70%	-11.3%
FITB	Sell	Fifth Third Bancorp	$5,141,000	+13.6%	251,257	-2.4%	1.67%	+0.8%
STI	Buy	SunTrust Banks	$5,121,000	+18.7%	116,921	+11.3%	1.66%	+5.3%
PPL	Buy	PPL Corporation	$5,062,000	-3.6%	146,439	+5.3%	1.64%	-14.5%
OMC	Sell	Omnicom Group	$4,847,000	+2.8%	57,028	-1.4%	1.57%	-8.8%
CMG	Buy	Chipotle Mexican Grill, Inc.	$4,733,000	+17.7%	11,175	+12.0%	1.54%	+4.4%
DOW	Buy	Dow Chemical Company	$4,513,000	+6.8%	87,072	+2.4%	1.46%	-5.3%
PRXL	Buy	PAREXEL Int'l Corp.	$4,481,000	+12.2%	64,524	+1.6%	1.45%	-0.5%
MA	Buy	MasterCard, Inc.cl a	$4,423,000	+2068.1%	43,465	+1779.2%	1.44%	+1813.3%
OXY	Buy	Occidental Petroleum	$4,250,000	+18.9%	58,281	+23.2%	1.38%	+5.5%
SLB	Buy	Schlumberger Ltd	$4,179,000	+35.5%	53,144	+36.2%	1.36%	+20.2%
DFS	Buy	Discover Financial Services	$4,040,000	+5.7%	71,445	+0.1%	1.31%	-6.3%
ABC	Sell	AmerisourceBergen Corp.	$3,968,000	-4.8%	49,115	-6.5%	1.29%	-15.5%
PG	Buy	Procter & Gamble	$2,888,000	+8.1%	32,182	+2.0%	0.94%	-4.1%
LPT	Sell	Liberty Property Trustsh ben int	$2,766,000	+0.3%	68,550	-1.2%	0.90%	-11.0%
BCE	Sell	BCE Inc.	$2,723,000	-18.7%	58,955	-16.7%	0.88%	-27.9%
PAA	Sell	Plains All Amer Pipeline LPunit ltd partn	$2,609,000	+13.6%	83,056	-0.6%	0.85%	+0.7%
SUI	Sell	Sun Communities Inc.	$2,336,000	+2.3%	29,762	-0.1%	0.76%	-9.2%
T	Buy	AT&T, Inc.	$2,105,000	-1.8%	51,834	+4.5%	0.68%	-12.9%
KEY	Sell	KeyCorp	$2,106,000	-0.4%	173,017	-9.6%	0.68%	-11.6%
ETP	Sell	Energy Transfer Partners, L.P.unit ltd partn	$2,099,000	-3.4%	56,737	-0.7%	0.68%	-14.3%
PFE	Buy	Pfizer, Inc.	$1,652,000	+1.8%	48,780	+5.9%	0.54%	-9.6%
MRK	Buy	Merck & Co.	$1,613,000	+11.6%	25,845	+3.0%	0.52%	-0.9%
MMM	Buy	3M Co.	$1,574,000	+2.3%	8,934	+1.7%	0.51%	-9.2%
CBU	Buy	Community Bank System Inc	$1,400,000	+17.6%	29,092	+0.4%	0.45%	+4.4%
UNP	Buy	Union Pacific Corp.	$1,355,000	+14.7%	13,889	+2.6%	0.44%	+1.9%
BAC	Buy	Bank of America Corp.	$1,346,000	+23.3%	86,017	+4.5%	0.44%	+9.5%
KMB	Buy	Kimberly-Clark Corp.	$1,303,000	-4.1%	10,333	+4.6%	0.42%	-14.9%
WELL	Sell	Welltower Inc.	$1,110,000	-2.1%	14,840	-0.3%	0.36%	-13.3%
EEP	Sell	Enbridge Energy Partners, L.P.	$1,049,000	-10.7%	41,233	-18.6%	0.34%	-20.9%
ADP	Sell	Automatic Data Processing	$961,000	-4.3%	10,899	-0.2%	0.31%	-15.0%
IJR	Buy	iShares Core S&P Small-Cap ETFcore s&p scp etf	$936,000	+11.3%	7,538	+4.1%	0.30%	-1.3%
TNH	Sell	Terra Nitrogen Company, LP	$923,000	-6.0%	8,220	-12.5%	0.30%	-16.7%
JPM	Buy	J.P. Morgan Chase	$907,000	+30.5%	13,614	+21.7%	0.29%	+15.7%
BSV	New	Vanguard Short-Term Bond Fundshort trm bond	$838,000	–	10,367	–	0.27%	–
PDER	New	Pardee Resources Company, Inc.	$793,000	–	4,750	–	0.26%	–
KO	Buy	Coca-Cola Co.	$775,000	-1.1%	18,305	+5.9%	0.25%	-12.5%
IBM	Buy	International Business Machine	$769,000	+135.9%	4,842	+125.3%	0.25%	+109.2%
IVZ	Sell	Invesco Limited	$761,000	-50.8%	24,345	-59.8%	0.25%	-56.3%
INTC	Buy	Intel Corporation	$758,000	+35.8%	20,069	+17.9%	0.25%	+20.6%
EFA	New	iShares MSCI EAFE Index Fundmsci eafe etf	$739,000	–	12,503	–	0.24%	–
LMT	Buy	Lockheed Martin Corp	$697,000	+5.4%	2,906	+9.1%	0.23%	-6.6%
CERN	Buy	Cerner Corporation	$694,000	+18.6%	11,235	+12.5%	0.22%	+5.1%
DEO	Sell	Diageo PLC Spon ADRspon adr new	$660,000	+2.6%	5,692	-0.1%	0.21%	-8.9%
BRKB	Buy	Berkshire Hathaway Inc. Cl Bcl b new	$648,000	+20.0%	4,483	+20.3%	0.21%	+6.6%
AMG	Sell	Affiliated Managers Group, Inc	$598,000	-4.9%	4,130	-7.5%	0.19%	-15.7%
HD	Buy	Home Depot Inc.	$592,000	+30.1%	4,599	+29.2%	0.19%	+15.7%
GLD	New	SPDR Gold Trust	$567,000	–	4,513	–	0.18%	–
WM	Buy	Waste Management Inc.	$545,000	+4.8%	8,550	+8.9%	0.18%	-6.8%
CYS	Sell	CYS Investments Inc	$528,000	+1.3%	60,600	-2.6%	0.17%	-10.0%
DIS	Buy	Disney, Walt	$517,000	+0.4%	5,566	+5.7%	0.17%	-10.6%
WPC	Buy	WP Carey Inc	$511,000	+70.3%	7,923	+83.2%	0.17%	+50.9%
DD	Buy	Du Pont, E. I.	$492,000	+17.7%	7,344	+14.0%	0.16%	+4.6%
CMO	Sell	Capstead Mortgage Corp.	$478,000	-8.3%	50,675	-5.6%	0.16%	-18.4%
BGS	Buy	B&G Foods, Inc.	$434,000	+3.8%	8,825	+1.7%	0.14%	-7.8%
BMY	Buy	Bristol-Myers Squibb	$431,000	-16.3%	7,996	+14.3%	0.14%	-25.5%
IWM	Buy	iShares Russell 2000 Index Funrussell 2000 etf	$424,000	+14.3%	3,415	+5.9%	0.14%	+1.5%
SHW	Sell	Sherwin Williams	$426,000	-7.2%	1,538	-1.6%	0.14%	-17.9%
ITW	Sell	Illinois Tool Works	$403,000	+9.2%	3,366	-4.9%	0.13%	-3.0%
DHR	Buy	Danaher Corp	$372,000	-13.5%	4,740	+11.4%	0.12%	-22.9%
SYY	Buy	Sysco Corp.	$371,000	-2.1%	7,571	+1.4%	0.12%	-13.7%
NEE	Sell	NextEra Energy, Inc.	$356,000	-17.2%	2,914	-11.7%	0.12%	-26.8%
SO	Buy	Southern Company	$351,000	+16.2%	6,844	+21.4%	0.11%	+3.6%
EMR	Sell	Emerson Electric Co	$349,000	-14.3%	6,400	-17.9%	0.11%	-24.2%
CSCO	Buy	Cisco Systems Inc.	$343,000	+43.5%	10,805	+29.7%	0.11%	+27.6%
HON	Buy	Honeywell International	$321,000	+12.6%	2,754	+12.2%	0.10%	0.0%
CZNC	Sell	Citizens & Northern Corp.	$313,000	+3.0%	14,225	-5.3%	0.10%	-8.1%
RTN	Sell	Raytheon Company	$298,000	-1.7%	2,192	-1.7%	0.10%	-12.6%
AFL	Sell	AFLAC Inc.	$295,000	-7.2%	4,100	-6.8%	0.10%	-17.2%
BA	New	Boeing Co.	$288,000	–	2,186	–	0.09%	–
BIIB	Buy	Biogen Idec Inc.	$277,000	+37.1%	885	+6.0%	0.09%	+21.6%
FDX	New	FedEx Corporation	$268,000	–	1,535	–	0.09%	–
MDT	New	Medtronic PLC	$266,000	–	3,074	–	0.09%	–
MMP	Buy	Magellan Midstream Partners, L	$248,000	-4.6%	3,500	+2.2%	0.08%	-15.8%
TIP	New	iShares Barclays US TIPS Fundtips bd etf	$246,000	–	2,115	–	0.08%	–
TSS	Sell	Total System Services, Inc.	$242,000	-20.1%	5,140	-9.8%	0.08%	-29.7%
COP	Sell	ConocoPhillips	$240,000	-5.9%	5,522	-5.6%	0.08%	-16.1%
VWO	New	Vanguard Emerging Marketsftse emr mkt etf	$233,000	–	6,179	–	0.08%	–
WBA	Buy	Walgreens Boots Alliance, Inc.	$227,000	+2.3%	2,812	+5.6%	0.07%	-8.6%
FB	New	Facebook, Inc.cl a	$221,000	–	1,725	–	0.07%	–
TMO	New	Thermo Fisher Scientific, Inc.	$222,000	–	1,394	–	0.07%	–
CBT	New	Cabot Corporation	$210,000	–	4,000	–	0.07%	–
AA	Sell	Alcoa Inc.	$203,000	-27.0%	20,000	-33.4%	0.07%	-35.3%
NVS	New	Novartis AG Spon Adrsponsored adr	$201,000	–	2,546	–	0.06%	–
F	Buy	Ford Motor Co.	$179,000	+18.5%	14,806	+23.3%	0.06%	+5.5%
HRAI	New	HouseRaising, Inc.	$0	–	10,000	–	0.00%	–
USMN	New	U.S. Rare Earth Minerals Inc.	$1,000	–	25,000	–	0.00%	–
ERS	Exit	Empire Resources Inc	$0	–	-13,000	–	-0.02%	–

Q2 2016

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$10,794,000	–	88,986	–	3.95%	–
IWN	New	iShares Russell 2000 Value Indrus 2000 val etf	$9,979,000	–	102,568	–	3.65%	–
MSFT	New	Microsoft Corp.	$9,027,000	–	176,413	–	3.30%	–
GE	New	General Electric Company	$8,835,000	–	280,662	–	3.23%	–
GOOG	New	Alphabet Inc. Cl Ccap stk cl c	$7,926,000	–	11,452	–	2.90%	–
COST	New	Costco Wholesale	$7,855,000	–	50,017	–	2.87%	–
TJX	New	TJX Companies Inc.	$7,520,000	–	97,376	–	2.75%	–
CVS	New	CVS Health Corp.	$7,449,000	–	77,808	–	2.72%	–
PEP	New	PepsiCo Inc.	$7,220,000	–	68,149	–	2.64%	–
LLY	New	Lilly, Eli	$6,736,000	–	85,536	–	2.46%	–
XOM	New	Exxon Mobil Corp.	$6,398,000	–	68,253	–	2.34%	–
CHKP	New	Check Point Software	$6,376,000	–	80,015	–	2.33%	–
AAPL	New	Apple Computer	$6,277,000	–	65,664	–	2.30%	–
PNC	New	PNC Financial Services Group,	$6,238,000	–	76,644	–	2.28%	–
ROP	New	Roper Technologies	$5,960,000	–	34,945	–	2.18%	–
ABT	New	Abbott Laboratories	$5,874,000	–	149,416	–	2.15%	–
DLTR	New	Dollar Tree Stores Inc.	$5,715,000	–	60,640	–	2.09%	–
CVX	New	ChevronTexaco Corporation	$5,574,000	–	53,168	–	2.04%	–
UTX	New	United Technologies	$5,539,000	–	54,013	–	2.02%	–
AFSI	New	AmTrust Financial Services	$5,533,000	–	225,832	–	2.02%	–
AGN	New	Allergan PLC	$5,265,000	–	22,782	–	1.92%	–
PPL	New	PPL Corporation	$5,250,000	–	139,062	–	1.92%	–
VZ	New	Verizon Communications	$5,248,000	–	93,984	–	1.92%	–
APD	New	Air Products & Chemicals Inc	$4,922,000	–	34,650	–	1.80%	–
DE	New	Deere & Co.	$4,868,000	–	60,074	–	1.78%	–
OMC	New	Omnicom Group	$4,715,000	–	57,861	–	1.72%	–
FITB	New	Fifth Third Bancorp	$4,527,000	–	257,343	–	1.66%	–
STI	New	SunTrust Banks	$4,314,000	–	105,011	–	1.58%	–
DOW	New	Dow Chemical Company	$4,227,000	–	85,032	–	1.55%	–
ABC	New	AmerisourceBergen Corp.cl b new	$4,166,000	–	52,525	–	1.52%	–
QCOM	New	Qualcomm Inc.	$4,071,000	–	76,003	–	1.49%	–
CMG	New	Chipotle Mexican Grill, Inc.	$4,020,000	–	9,980	–	1.47%	–
PRXL	New	PAREXEL Int'l Corp.	$3,995,000	–	63,535	–	1.46%	–
DFS	New	Discover Financial Services	$3,823,000	–	71,347	–	1.40%	–
OXY	New	Occidental Petroleum	$3,574,000	–	47,297	–	1.31%	–
BCE	New	BCE Inc.	$3,348,000	–	70,775	–	1.22%	–
SLB	New	Schlumberger Ltd	$3,085,000	–	39,005	–	1.13%	–
LPT	New	Liberty Property Trustsh ben int	$2,757,000	–	69,400	–	1.01%	–
PG	New	Procter & Gamble	$2,671,000	–	31,546	–	0.98%	–
CF	New	CF Industries Holdings, Inc.	$2,535,000	–	105,200	–	0.93%	–
PAA	New	Plains All Amer Pipeline LPunit ltd partn	$2,297,000	–	83,556	–	0.84%	–
SUI	New	Sun Communities Inc.	$2,284,000	–	29,801	–	0.84%	–
ETP	New	Energy Transfer Partners, L.P.unit ltd partn	$2,174,000	–	57,112	–	0.80%	–
T	New	AT&T, Inc.	$2,143,000	–	49,591	–	0.78%	–
KEY	New	KeyCorp	$2,115,000	–	191,392	–	0.77%	–
PFE	New	Pfizer, Inc.	$1,622,000	–	46,055	–	0.59%	–
IVZ	New	Invesco Limited	$1,546,000	–	60,550	–	0.56%	–
MMM	New	3M Co.	$1,539,000	–	8,786	–	0.56%	–
MRK	New	Merck & Co.	$1,445,000	–	25,091	–	0.53%	–
KMB	New	Kimberly-Clark Corp.	$1,358,000	–	9,879	–	0.50%	–
CBU	New	Community Bank System Inc	$1,190,000	–	28,967	–	0.44%	–
UNP	New	Union Pacific Corp.	$1,181,000	–	13,539	–	0.43%	–
EEP	New	Enbridge Energy Partners, L.P.	$1,175,000	–	50,648	–	0.43%	–
WELL	New	Welltower Inc.	$1,134,000	–	14,883	–	0.42%	–
BAC	New	Bank of America Corp.	$1,092,000	–	82,308	–	0.40%	–
ADP	New	Automatic Data Processing	$1,004,000	–	10,924	–	0.37%	–
KELYA	New	Kelly Services Cl Acl a	$1,000,000	–	52,700	–	0.37%	–
TNH	New	Terra Nitrogen Company, LP	$982,000	–	9,395	–	0.36%	–
BPL	New	Buckeye Partners L P Unit Ltdunit ltd partn	$853,000	–	12,130	–	0.31%	–
IJR	New	iShares Core S&P Small-Cap ETFcore s&p scp etf	$841,000	–	7,238	–	0.31%	–
KO	New	Coca-Cola Co.	$784,000	–	17,287	–	0.29%	–
JPM	New	J.P. Morgan Chase	$695,000	–	11,189	–	0.25%	–
LMT	New	Lockheed Martin Corp	$661,000	–	2,664	–	0.24%	–
DEO	New	Diageo PLC Spon ADRspon adr new	$643,000	–	5,697	–	0.24%	–
AMG	New	Affiliated Managers Group, Inc	$629,000	–	4,465	–	0.23%	–
CELG	New	Celgene Corp.	$588,000	–	5,960	–	0.22%	–
CERN	New	Cerner Corporation	$585,000	–	9,985	–	0.21%	–
INTC	New	Intel Corporation	$558,000	–	17,019	–	0.20%	–
BRKB	New	Berkshire Hathaway Inc. Cl Bcl a	$540,000	–	3,727	–	0.20%	–
CMO	New	Capstead Mortgage Corp.	$521,000	–	53,675	–	0.19%	–
CYS	New	CYS Investments Inc	$521,000	–	62,200	–	0.19%	–
WM	New	Waste Management Inc.	$520,000	–	7,850	–	0.19%	–
DIS	New	Disney, Walt	$515,000	–	5,267	–	0.19%	–
BMY	New	Bristol-Myers Squibb	$515,000	–	6,996	–	0.19%	–
SHW	New	Sherwin Williams	$459,000	–	1,563	–	0.17%	–
WEC	New	Wisconsin Energy Corp.	$457,000	–	7,000	–	0.17%	–
HD	New	Home Depot Inc.	$455,000	–	3,560	–	0.17%	–
IWD	New	iShares Russell 1000 Value Indrus 1000 val etf	$452,000	–	4,375	–	0.16%	–
NEE	New	NextEra Energy, Inc.	$430,000	–	3,299	–	0.16%	–
DHR	New	Danaher Corp	$430,000	–	4,255	–	0.16%	–
BGS	New	B&G Foods, Inc.	$418,000	–	8,675	–	0.15%	–
DD	New	Du Pont, E. I.	$418,000	–	6,444	–	0.15%	–
EMR	New	Emerson Electric Co	$407,000	–	7,800	–	0.15%	–
SPGI	New	S&P Global Inc	$400,000	–	3,727	–	0.15%	–
SYK	New	Stryker Corporation	$398,000	–	3,323	–	0.15%	–
EPD	New	Enterprise Products Partners L	$393,000	–	13,428	–	0.14%	–
SYY	New	Sysco Corp.	$379,000	–	7,466	–	0.14%	–
IWM	New	iShares Russell 2000 Index Funrussell 2000 etf	$371,000	–	3,225	–	0.14%	–
ITW	New	Illinois Tool Works	$369,000	–	3,541	–	0.14%	–
IWR	New	iShares Russell Midcap Index Frus mid-cap etf	$360,000	–	2,142	–	0.13%	–
IBM	New	International Business Machine	$326,000	–	2,149	–	0.12%	–
AFL	New	AFLAC Inc.	$318,000	–	4,400	–	0.12%	–
AMZN	New	Amazon.com Inc.	$304,000	–	425	–	0.11%	–
RTN	New	Raytheon Company	$303,000	–	2,230	–	0.11%	–
TSS	New	Total System Services, Inc.	$303,000	–	5,700	–	0.11%	–
CZNC	New	Citizens & Northern Corp.	$304,000	–	15,025	–	0.11%	–
WPC	New	WP Carey Inc	$300,000	–	4,325	–	0.11%	–
SO	New	Southern Company	$302,000	–	5,639	–	0.11%	–
HON	New	Honeywell International	$285,000	–	2,454	–	0.10%	–
AA	New	Alcoa Inc.	$278,000	–	30,011	–	0.10%	–
JKHY	New	Henry Jack & Associates Inc.	$271,000	–	3,100	–	0.10%	–
MMP	New	Magellan Midstream Partners, L	$260,000	–	3,425	–	0.10%	–
COP	New	ConocoPhillips	$255,000	–	5,849	–	0.09%	–
VMC	New	Vulcan Materials Co.	$247,000	–	2,050	–	0.09%	–
CSCO	New	Cisco Systems Inc.	$239,000	–	8,330	–	0.09%	–
WBA	New	Walgreens Boots Alliance, Inc.	$222,000	–	2,662	–	0.08%	–
PNY	New	Piedmont Natural Gas Company,	$207,000	–	3,450	–	0.08%	–
MA	New	MasterCard, Inc.cl a	$204,000	–	2,313	–	0.08%	–
BIIB	New	Biogen Idec Inc.	$202,000	–	835	–	0.07%	–
F	New	Ford Motor Co.	$151,000	–	12,006	–	0.06%	–
ENZ	New	Enzo Biochem, Inc.	$84,000	–	14,000	–	0.03%	–
ERS	New	Empire Resources Inc	$47,000	–	13,000	–	0.02%	–
VVUS	New	VIVUS, Inc.	$27,000	–	24,500	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
HRAI	Exit	Houseraising, Inc.	$0	–	-10,000	–	0.00%	–
EXXIQ	Exit	Energy Xxi (bermuda) Ltd.	$0	–	-11,500	–	-0.00%	–
VVUS	Exit	Vivus, Inc.	$0	–	-24,500	–	-0.02%	–
ENZ	Exit	Enzo Biochem, Inc.	$0	–	-14,000	–	-0.02%	–
F	Exit	Ford Motor Co.	$0	–	-12,006	–	-0.06%	–
VWO	Exit	Vanguard Emerging Marketsxtif	$0	–	-6,563	–	-0.08%	–
JKHY	Exit	Henry Jack & Associates Inc.	$0	–	-3,100	–	-0.08%	–
NVS	Exit	Novartis Ag Spon Adr	$0	–	-2,346	–	-0.08%	–
SO	Exit	Southern Company	$0	–	-4,953	–	-0.08%	–
RTN	Exit	Raytheon Company	$0	–	-2,071	–	-0.08%	–
DHR	Exit	Danaher Corp	$0	–	-2,780	–	-0.09%	–
BDX	Exit	Becton Dickinson & Co.	$0	–	-1,805	–	-0.09%	–
BIIB	Exit	Biogen Idec Inc.	$0	–	-835	–	-0.09%	–
HON	Exit	Honeywell International	$0	–	-2,708	–	-0.10%	–
WBA	Exit	Walgreens Boots Alliance, Inc.	$0	–	-3,285	–	-0.10%	–
WPC	Exit	Wp Carey Inc	$0	–	-4,925	–	-0.11%	–
TSS	Exit	Total System Services, Inc.	$0	–	-6,400	–	-0.11%	–
SYY	Exit	Sysco Corp.	$0	–	-7,637	–	-0.11%	–
GLD	Exit	Spdr Gold Trustxtal	$0	–	-2,775	–	-0.11%	–
NEE	Exit	Nextera Energy, Inc.	$0	–	-3,068	–	-0.11%	–
AFL	Exit	Aflac Inc.	$0	–	-5,226	–	-0.11%	–
ITW	Exit	Illinois Tool Works	$0	–	-3,791	–	-0.12%	–
EPD	Exit	Enterprise Products Partners L	$0	–	-12,928	–	-0.12%	–
BA	Exit	Boeing Co.	$0	–	-2,487	–	-0.12%	–
IWR	Exit	Ishares Russell Midcap Index Fxtmf	$0	–	-2,180	–	-0.13%	–
BGS	Exit	B&g Foods, Inc.	$0	–	-9,325	–	-0.13%	–
SYK	Exit	Stryker Corporation	$0	–	-3,655	–	-0.13%	–
IWM	Exit	Ishares Russell 2000 Index Funxtmf	$0	–	-3,190	–	-0.13%	–
MHFI	Exit	Mcgraw Hill Financial, Inc.	$0	–	-4,114	–	-0.13%	–
DD	Exit	Du Pont, E. I.	$0	–	-7,420	–	-0.13%	–
SHW	Exit	Sherwin Williams	$0	–	-1,638	–	-0.14%	–
IBM	Exit	International Business Machine	$0	–	-2,525	–	-0.14%	–
WEC	Exit	Wisconsin Energy Corp.	$0	–	-7,118	–	-0.14%	–
IWD	Exit	Ishares Russell 1000 Value Indxtmf	$0	–	-4,057	–	-0.14%	–
WM	Exit	Waste Management Inc.	$0	–	-7,954	–	-0.15%	–
CZNC	Exit	Citizens & Northern Corp.	$0	–	-20,900	–	-0.15%	–
HD	Exit	Home Depot Inc.	$0	–	-3,532	–	-0.15%	–
XBI	Exit	Spdr S&p Biotech Etfxtmf	$0	–	-6,610	–	-0.15%	–
INTC	Exit	Intel Corporation	$0	–	-13,825	–	-0.15%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-7,153	–	-0.16%	–
IJR	Exit	Ishares S&p Smallcap 600 Indexxtmf	$0	–	-4,019	–	-0.16%	–
WFTIQ	Exit	Weatherford Int'l Plc	$0	–	-52,625	–	-0.16%	–
EMR	Exit	Emerson Electric Co	$0	–	-10,418	–	-0.17%	–
EFA	Exit	Ishares Msci Eafe Index Fundxtif	$0	–	-8,053	–	-0.17%	–
RF	Exit	Regions Financial Corporation	$0	–	-52,378	–	-0.18%	–
CYS	Exit	Cys Investments Inc	$0	–	-65,900	–	-0.18%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-2,347	–	-0.18%	–
DIS	Exit	Disney, Walt	$0	–	-4,864	–	-0.18%	–
WLL	Exit	Whiting Petroleum Corp.	$0	–	-34,400	–	-0.19%	–
CERN	Exit	Cerner Corporation	$0	–	-9,035	–	-0.20%	–
DEO	Exit	Diageo Plc Spon Adr	$0	–	-5,326	–	-0.21%	–
CMO	Exit	Capstead Mortgage Corp.	$0	–	-59,800	–	-0.22%	–
SLB	Exit	Schlumberger Ltd	$0	–	-8,786	–	-0.22%	–
CELG	Exit	Celgene Corp.	$0	–	-5,885	–	-0.24%	–
BRKB	Exit	Berkshire Hathaway Class B	$0	–	-4,927	–	-0.24%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-10,767	–	-0.24%	–
KO	Exit	Coca-Cola Co.	$0	–	-17,142	–	-0.26%	–
BPL	Exit	Buckeye Partners L P Unit Ltd	$0	–	-12,130	–	-0.27%	–
KELYA	Exit	Kelly Services Cl A	$0	–	-52,700	–	-0.28%	–
NLY	Exit	Annaly Mortgage Management, In	$0	–	-87,707	–	-0.32%	–
ADP	Exit	Automatic Data Processing	$0	–	-11,168	–	-0.33%	–
PDER	Exit	Pardee Resources Company, Inc.	$0	–	-4,750	–	-0.37%	–
CBU	Exit	Community Bank System Inc	$0	–	-29,567	–	-0.41%	–
COP	Exit	Conocophillips	$0	–	-23,416	–	-0.42%	–
KMB	Exit	Kimberly-Clark Corp.	$0	–	-10,324	–	-0.42%	–
WELL	Exit	Welltower Inc.	$0	–	-16,666	–	-0.42%	–
TNH	Exit	Terra Nitrogen Company, Lp	$0	–	-10,775	–	-0.43%	–
BAC	Exit	Bank Of America Corp.	$0	–	-77,877	–	-0.45%	–
MRK	Exit	Merck & Co.	$0	–	-24,911	–	-0.46%	–
OXY	Exit	Occidental Petroleum	$0	–	-19,071	–	-0.47%	–
UNP	Exit	Union Pacific Corp.	$0	–	-14,769	–	-0.48%	–
MMM	Exit	3m Co.	$0	–	-9,420	–	-0.49%	–
PFE	Exit	Pfizer, Inc.	$0	–	-44,766	–	-0.52%	–
EEP	Exit	Enbridge Energy Partners, L.P.	$0	–	-59,223	–	-0.54%	–
HAL	Exit	Halliburton Company	$0	–	-44,318	–	-0.58%	–
T	Exit	At&t, Inc.	$0	–	-51,656	–	-0.62%	–
IBB	Exit	Ishares Nasdaq Biotechnology Ixtmf	$0	–	-5,957	–	-0.67%	–
SUI	Exit	Sun Communities Inc.	$0	–	-28,825	–	-0.72%	–
PG	Exit	Procter & Gamble	$0	–	-31,574	–	-0.84%	–
ROP	Exit	Roper Technologies	$0	–	-16,450	–	-0.96%	–
ETP	Exit	Energy Transfer Partners, L.P.	$0	–	-63,000	–	-0.96%	–
DE	Exit	Deere & Co.	$0	–	-35,454	–	-0.97%	–
IVZ	Exit	Invesco Limited	$0	–	-84,295	–	-0.98%	–
TFM	Exit	The Fresh Market Inc.	$0	–	-117,775	–	-0.99%	–
STI	Exit	Suntrust Banks	$0	–	-70,250	–	-1.00%	–
LLY	Exit	Lilly, Eli	$0	–	-32,426	–	-1.00%	–
LPT	Exit	Liberty Property Trust	$0	–	-87,909	–	-1.03%	–
PAA	Exit	Plains All Amer Pipeline Lp	$0	–	-107,519	–	-1.21%	–
VZ	Exit	Verizon Communications	$0	–	-76,036	–	-1.22%	–
KEY	Exit	Keycorp	$0	–	-269,842	–	-1.30%	–
DOW	Exit	Dow Chemical Company	$0	–	-86,071	–	-1.35%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-71,326	–	-1.42%	–
BCE	Exit	Bce Inc.	$0	–	-94,288	–	-1.43%	–
UPS	Exit	United Parcel Service, Inc. Cl	$0	–	-39,719	–	-1.45%	–
DFS	Exit	Discover Financial Services	$0	–	-81,139	–	-1.56%	–
OMC	Exit	Omnicom Group	$0	–	-65,251	–	-1.59%	–
APD	Exit	Air Products & Chemicals Inc	$0	–	-34,769	–	-1.64%	–
GWW	Exit	Grainger, W. W.	$0	–	-20,661	–	-1.64%	–
AMG	Exit	Affiliated Managers Group, Inc	$0	–	-26,350	–	-1.67%	–
PPL	Exit	Ppl Corporation	$0	–	-138,048	–	-1.68%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-241,077	–	-1.69%	–
ABBV	Exit	Abbvie Inc.	$0	–	-84,817	–	-1.71%	–
KEYS	Exit	Keysight Technologies, Inc.	$0	–	-153,106	–	-1.75%	–
CVX	Exit	Chevrontexaco Corporation	$0	–	-62,042	–	-1.81%	–
ABC	Exit	Amerisourcebergen Corp.	$0	–	-52,145	–	-1.83%	–
UTX	Exit	United Technologies	$0	–	-56,554	–	-1.86%	–
ABT	Exit	Abbott Laboratories	$0	–	-128,376	–	-1.91%	–
JWN	Exit	Nordstrom, Inc.	$0	–	-72,450	–	-1.92%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-70,465	–	-1.94%	–
NSRGY	Exit	Nestle Sa Spon Adr	$0	–	-77,621	–	-2.16%	–
CHKP	Exit	Check Point Software	$0	–	-75,985	–	-2.23%	–
PEP	Exit	Pepsico Inc.	$0	–	-68,008	–	-2.38%	–
GOOG	Exit	Google, Inc. Cl C	$0	–	-10,719	–	-2.42%	–
COST	Exit	Costco Wholesale	$0	–	-45,307	–	-2.43%	–
IWN	Exit	Ishares Russell 2000 Value Indxtmf	$0	–	-74,789	–	-2.50%	–
PNC	Exit	Pnc Financial Services Group,	$0	–	-75,604	–	-2.50%	–
AGN	Exit	Allergan Plc	$0	–	-24,878	–	-2.50%	–
AFSI	Exit	Amtrust Financial Services	$0	–	-109,175	–	-2.55%	–
AAPL	Exit	Apple Computer	$0	–	-62,956	–	-2.57%	–
GE	Exit	General Electric Company	$0	–	-277,628	–	-2.59%	–
CVS	Exit	Cvs Health Corp.	$0	–	-72,822	–	-2.60%	–
TJX	Exit	Tjx Companies Inc.	$0	–	-101,276	–	-2.68%	–
MSFT	Exit	Microsoft Corp.	$0	–	-185,002	–	-3.03%	–
JNJ	Exit	Johnson & Johnson	$0	–	-94,330	–	-3.26%	–

Q3 2015

			Value		Shares		↓ Weighting
JNJ	Sell	Johnson & Johnson	$8,806,000	-4.7%	94,330	-0.6%	3.26%	+3.1%
MSFT	Buy	Microsoft Corp.	$8,188,000	+0.5%	185,002	+0.3%	3.03%	+8.8%
TJX	Sell	Tjx Companies Inc.	$7,233,000	+2.1%	101,276	-5.4%	2.68%	+10.5%
CVS	Buy	Cvs Health Corp.	$7,026,000	-2.7%	72,822	+5.7%	2.60%	+5.2%
GE	Sell	General Electric Company	$7,002,000	-14.2%	277,628	-9.6%	2.59%	-7.2%
AAPL	Buy	Apple Computer	$6,944,000	-8.6%	62,956	+3.9%	2.57%	-1.1%
AFSI	Sell	Amtrust Financial Services	$6,876,000	-11.2%	109,175	-7.6%	2.55%	-3.9%
AGN	Sell	Allergan Plc	$6,762,000	-21.2%	24,878	-12.1%	2.50%	-14.8%
PNC	Buy	Pnc Financial Services Group,	$6,744,000	-5.9%	75,604	+0.9%	2.50%	+1.8%
IWN	Buy	Ishares Russell 2000 Value Indxtmf	$6,738,000	+4.7%	74,789	+18.5%	2.50%	+13.4%
COST	Sell	Costco Wholesale	$6,550,000	+6.5%	45,307	-0.5%	2.43%	+15.2%
PEP	Sell	Pepsico Inc.	$6,413,000	-1.2%	68,008	-2.2%	2.38%	+6.8%
CHKP	Buy	Check Point Software	$6,028,000	+0.5%	75,985	+0.8%	2.23%	+8.8%
NSRGY	Sell	Nestle Sa Spon Adr	$5,840,000	-5.3%	77,621	-9.2%	2.16%	+2.5%
XOM	Sell	Exxon Mobil Corp.	$5,239,000	-16.3%	70,465	-6.3%	1.94%	-9.4%
JWN	Sell	Nordstrom, Inc.	$5,195,000	-9.7%	72,450	-6.1%	1.92%	-2.2%
ABT	Buy	Abbott Laboratories	$5,163,000	-15.0%	128,376	+3.7%	1.91%	-8.0%
UTX	Sell	United Technologies	$5,033,000	-25.0%	56,554	-6.6%	1.86%	-18.9%
ABC	Buy	Amerisourcebergen Corp.	$4,953,000	+8.9%	52,145	+21.9%	1.83%	+17.9%
CVX	Buy	Chevrontexaco Corporation	$4,894,000	-16.7%	62,042	+1.9%	1.81%	-9.8%
KEYS	Sell	Keysight Technologies, Inc.	$4,722,000	-4.9%	153,106	-3.9%	1.75%	+2.9%
ABBV	Sell	Abbvie Inc.	$4,615,000	-21.8%	84,817	-3.4%	1.71%	-15.4%
FITB	Sell	Fifth Third Bancorp	$4,559,000	-13.2%	241,077	-4.4%	1.69%	-6.1%
PPL	Sell	Ppl Corporation	$4,540,000	+9.1%	138,048	-2.3%	1.68%	+18.0%
AMG	Buy	Affiliated Managers Group, Inc	$4,506,000	-18.4%	26,350	+4.3%	1.67%	-11.7%
GWW	Buy	Grainger, W. W.	$4,442,000	-7.8%	20,661	+1.5%	1.64%	-0.3%
APD	Buy	Air Products & Chemicals Inc	$4,436,000	+13.8%	34,769	+22.0%	1.64%	+23.2%
OMC	Sell	Omnicom Group	$4,300,000	-8.5%	65,251	-3.5%	1.59%	-0.9%
DFS	Sell	Discover Financial Services	$4,218,000	-12.4%	81,139	-2.9%	1.56%	-5.2%
UPS	Sell	United Parcel Service, Inc. Cl	$3,920,000	+1.1%	39,719	-0.7%	1.45%	+9.4%
BCE	Sell	Bce Inc.	$3,862,000	-6.1%	94,288	-2.5%	1.43%	+1.6%
QCOM	Buy	Qualcomm Inc.	$3,832,000	+7.9%	71,326	+25.7%	1.42%	+16.7%
DOW	Buy	Dow Chemical Company	$3,649,000	+19.1%	86,071	+43.8%	1.35%	+28.8%
KEY	Sell	Keycorp	$3,511,000	-20.7%	269,842	-8.4%	1.30%	-14.2%
VZ	Sell	Verizon Communications	$3,308,000	-7.7%	76,036	-1.1%	1.22%	-0.2%
PAA	Buy	Plains All Amer Pipeline Lp	$3,266,000	-28.7%	107,519	+2.3%	1.21%	-22.8%
LPT	Sell	Liberty Property Trust	$2,770,000	-10.1%	87,909	-8.0%	1.03%	-2.7%
LLY	New	Lilly, Eli	$2,714,000	–	32,426	–	1.00%	–
STI	Sell	Suntrust Banks	$2,686,000	-15.3%	70,250	-4.7%	1.00%	-8.3%
TFM	Buy	The Fresh Market Inc.	$2,661,000	-12.0%	117,775	+25.2%	0.99%	-4.7%
IVZ	Sell	Invesco Limited	$2,633,000	-25.2%	84,295	-10.2%	0.98%	-19.1%
DE	New	Deere & Co.	$2,624,000	–	35,454	–	0.97%	–
ETP	Buy	Energy Transfer Partners, L.P.	$2,587,000	-15.8%	63,000	+7.1%	0.96%	-8.9%
ROP	Buy	Roper Technologies	$2,578,000	+8.7%	16,450	+19.6%	0.96%	+17.6%
PG	Sell	Procter & Gamble	$2,271,000	-9.7%	31,574	-1.8%	0.84%	-2.3%
SUI	Sell	Sun Communities Inc.	$1,953,000	+7.5%	28,825	-1.9%	0.72%	+16.2%
IBB	Sell	Ishares Nasdaq Biotechnology Ixtmf	$1,807,000	-34.3%	5,957	-20.1%	0.67%	-28.9%
T	Buy	At&t, Inc.	$1,683,000	-6.9%	51,656	+1.5%	0.62%	+0.6%
HAL	Buy	Halliburton Company	$1,567,000	-14.8%	44,318	+3.8%	0.58%	-7.9%
EEP	Sell	Enbridge Energy Partners, L.P.	$1,464,000	-26.3%	59,223	-0.6%	0.54%	-20.3%
PFE	Buy	Pfizer, Inc.	$1,406,000	-0.6%	44,766	+6.2%	0.52%	+7.6%
MMM	Buy	3m Co.	$1,335,000	+22.0%	9,420	+32.8%	0.49%	+32.1%
UNP	Sell	Union Pacific Corp.	$1,306,000	-8.5%	14,769	-1.3%	0.48%	-0.8%
OXY	New	Occidental Petroleum	$1,262,000	–	19,071	–	0.47%	–
MRK	Buy	Merck & Co.	$1,230,000	-9.8%	24,911	+3.9%	0.46%	-2.4%
BAC	Sell	Bank Of America Corp.	$1,213,000	-9.2%	77,877	-0.8%	0.45%	-1.8%
WELL	New	Welltower Inc.	$1,129,000	–	16,666	–	0.42%	–
KMB	Sell	Kimberly-Clark Corp.	$1,126,000	+1.5%	10,324	-1.4%	0.42%	+9.7%
COP	Sell	Conocophillips	$1,123,000	-23.9%	23,416	-2.6%	0.42%	-17.6%
CBU	Buy	Community Bank System Inc	$1,099,000	+0.5%	29,567	+2.1%	0.41%	+8.8%
ADP	Buy	Automatic Data Processing	$897,000	+6.4%	11,168	+6.3%	0.33%	+14.9%
NLY	Sell	Annaly Mortgage Management, In	$866,000	-5.9%	87,707	-12.4%	0.32%	+1.9%
BPL	Buy	Buckeye Partners L P Unit Ltd	$719,000	+9.3%	12,130	+36.2%	0.27%	+18.2%
KO	Sell	Coca-Cola Co.	$688,000	-6.0%	17,142	-8.1%	0.26%	+1.6%
JPM	Sell	J.P. Morgan Chase	$656,000	-11.5%	10,767	-1.6%	0.24%	-4.3%
BRKB	Sell	Berkshire Hathaway Class B	$642,000	-8.0%	4,927	-3.9%	0.24%	-0.4%
CELG	Buy	Celgene Corp.	$637,000	+18.4%	5,885	+26.6%	0.24%	+28.3%
SLB	Sell	Schlumberger Ltd	$606,000	-23.8%	8,786	-4.8%	0.22%	-17.6%
CMO	Buy	Capstead Mortgage Corp.	$591,000	-8.4%	59,800	+2.8%	0.22%	-0.9%
CERN	Sell	Cerner Corporation	$542,000	-18.5%	9,035	-6.2%	0.20%	-11.8%
WLL	Sell	Whiting Petroleum Corp.	$525,000	-66.3%	34,400	-25.9%	0.19%	-63.7%
DIS	Sell	Disney, Walt	$497,000	-11.4%	4,864	-1.0%	0.18%	-4.2%
CYS	Buy	Cys Investments Inc	$478,000	-4.8%	65,900	+1.5%	0.18%	+2.9%
RF	Sell	Regions Financial Corporation	$472,000	-30.7%	52,378	-20.3%	0.18%	-24.9%
EFA	Buy	Ishares Msci Eafe Index Fundxtif	$462,000	-2.7%	8,053	+7.7%	0.17%	+4.9%
EMR	Buy	Emerson Electric Co	$460,000	-3.8%	10,418	+20.7%	0.17%	+3.7%
WFTIQ	Sell	Weatherford Int'l Plc	$446,000	-33.7%	52,625	-4.1%	0.16%	-28.3%
IJR	Buy	Ishares S&p Smallcap 600 Indexxtmf	$428,000	-3.2%	4,019	+7.2%	0.16%	+5.3%
BMY	Buy	Bristol-Myers Squibb	$423,000	-10.9%	7,153	+0.1%	0.16%	-3.7%
INTC	Sell	Intel Corporation	$417,000	-2.6%	13,825	-1.8%	0.15%	+4.8%
XBI	New	Spdr S&p Biotech Etfxtmf	$411,000	–	6,610	–	0.15%	–
CZNC	Buy	Citizens & Northern Corp.	$408,000	-0.2%	20,900	+5.0%	0.15%	+7.9%
HD	Buy	Home Depot Inc.	$408,000	+17.6%	3,532	+13.0%	0.15%	+26.9%
WM	Sell	Waste Management Inc.	$396,000	+5.3%	7,954	-1.9%	0.15%	+14.0%
IWD	Buy	Ishares Russell 1000 Value Indxtmf	$378,000	-8.5%	4,057	+1.4%	0.14%	-0.7%
WEC	Buy	Wisconsin Energy Corp.	$372,000	+18.1%	7,118	+1.7%	0.14%	+27.8%
IBM	Sell	International Business Machine	$366,000	-19.2%	2,525	-9.3%	0.14%	-12.3%
SHW	Sell	Sherwin Williams	$365,000	-21.8%	1,638	-3.5%	0.14%	-15.6%
DD	Sell	Du Pont, E. I.	$358,000	-36.6%	7,420	-15.9%	0.13%	-31.1%
IWM	Buy	Ishares Russell 2000 Index Funxtmf	$348,000	-10.8%	3,190	+2.2%	0.13%	-3.0%
SYK	Sell	Stryker Corporation	$344,000	-6.5%	3,655	-5.1%	0.13%	+0.8%
BGS	Buy	B&g Foods, Inc.	$340,000	+38.2%	9,325	+8.1%	0.13%	+50.0%
IWR	Buy	Ishares Russell Midcap Index Fxtmf	$339,000	-7.9%	2,180	+0.8%	0.13%	0.0%
BA	Sell	Boeing Co.	$326,000	-93.9%	2,487	-93.5%	0.12%	-93.3%
EPD	Buy	Enterprise Products Partners L	$322,000	-12.0%	12,928	+5.7%	0.12%	-4.8%
ITW	Sell	Illinois Tool Works	$312,000	-14.3%	3,791	-4.4%	0.12%	-7.2%
AFL	Sell	Aflac Inc.	$304,000	-8.2%	5,226	-1.7%	0.11%	0.0%
NEE	Buy	Nextera Energy, Inc.	$299,000	+5.3%	3,068	+6.0%	0.11%	+14.4%
SYY	Buy	Sysco Corp.	$298,000	+8.4%	7,637	+0.4%	0.11%	+17.0%
WPC	Sell	Wp Carey Inc	$285,000	-4.4%	4,925	-2.5%	0.11%	+3.9%
HON	Buy	Honeywell International	$256,000	-4.8%	2,708	+2.5%	0.10%	+3.3%
BIIB	Buy	Biogen Idec Inc.	$244,000	-25.8%	835	+2.5%	0.09%	-20.4%
BDX	New	Becton Dickinson & Co.	$239,000	–	1,805	–	0.09%	–
DHR	Buy	Danaher Corp	$237,000	+12.9%	2,780	+13.2%	0.09%	+22.2%
RTN	New	Raytheon Company	$226,000	–	2,071	–	0.08%	–
SO	Sell	Southern Company	$221,000	-33.6%	4,953	-37.6%	0.08%	-28.1%
NVS	Sell	Novartis Ag Spon Adr	$216,000	-9.6%	2,346	-3.7%	0.08%	-2.4%
VWO	Sell	Vanguard Emerging Marketsxtif	$217,000	-20.5%	6,563	-1.8%	0.08%	-14.0%
F	New	Ford Motor Co.	$163,000	–	12,006	–	0.06%	–
EXXIQ	Sell	Energy Xxi (bermuda) Ltd.	$12,000	-91.9%	11,500	-79.7%	0.00%	-92.2%
NFJ	Exit	AllianzGI NFJ Dividend Int & Pxtmf	$0	–	-11,523	–	-0.06%	–
PX	Exit	Praxair Inc.	$0	–	-1,697	–	-0.07%	–
CDK	Exit	CDK Global, Inc.	$0	–	-3,773	–	-0.07%	–
AZN	Exit	AstraZeneca PLC Spon ADR	$0	–	-3,300	–	-0.07%	–
TIP	Exit	iShares Barclays US TIPS Fundxtmi	$0	–	-2,050	–	-0.08%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-3,027	–	-0.08%	–
TLN	Exit	Talen Energy Corp	$0	–	-13,874	–	-0.08%	–
DCI	Exit	Donaldson Co. Inc.	$0	–	-6,940	–	-0.08%	–
EAT	Exit	Brinker International Inc.	$0	–	-11,325	–	-0.22%	–
HCN	Exit	Health Care REIT, Inc.	$0	–	-17,316	–	-0.39%	–

Q2 2015

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$9,245,000	–	94,856	–	3.16%	–
AGN	New	Allergan PLC	$8,586,000	–	28,295	–	2.94%	–
GE	New	General Electric Company	$8,160,000	–	307,121	–	2.79%	–
MSFT	New	Microsoft Corp.	$8,144,000	–	184,461	–	2.79%	–
AFSI	New	AmTrust Financial Services	$7,742,000	–	118,175	–	2.65%	–
AAPL	New	Apple Computer	$7,598,000	–	60,575	–	2.60%	–
CVS	New	CVS Health Corp.	$7,224,000	–	68,883	–	2.47%	–
PNC	New	PNC Financial Services Group,	$7,166,000	–	74,919	–	2.45%	–
TJX	New	TJX Companies Inc.	$7,082,000	–	107,024	–	2.42%	–
UTX	New	United Technologies	$6,715,000	–	60,531	–	2.30%	–
PEP	New	PepsiCo Inc.	$6,493,000	–	69,559	–	2.22%	–
IWN	New	iShares Russell 2000 Value Indxtmf	$6,434,000	–	63,099	–	2.20%	–
XOM	New	Exxon Mobil Corp.	$6,258,000	–	75,213	–	2.14%	–
NSRGY	New	Nestle SA Spon ADR	$6,166,000	–	85,443	–	2.11%	–
COST	New	Costco Wholesale	$6,152,000	–	45,552	–	2.11%	–
ABT	New	Abbott Laboratories	$6,074,000	–	123,767	–	2.08%	–
CHKP	New	Check Point Software	$5,998,000	–	75,400	–	2.05%	–
ABBV	New	AbbVie Inc.	$5,898,000	–	87,777	–	2.02%	–
CVX	New	ChevronTexaco Corporation	$5,873,000	–	60,877	–	2.01%	–
JWN	New	Nordstrom, Inc.	$5,750,000	–	77,175	–	1.97%	–
GOOG	New	Google, Inc. Cl C	$5,579,000	–	10,719	–	1.91%	–
AMG	New	Affiliated Managers Group, Inc	$5,525,000	–	25,275	–	1.89%	–
BA	New	Boeing Co.	$5,308,000	–	38,263	–	1.82%	–
FITB	New	Fifth Third Bancorp	$5,253,000	–	252,302	–	1.80%	–
KEYS	New	Keysight Technologies, Inc.	$4,967,000	–	159,243	–	1.70%	–
GWW	New	Grainger, W. W.	$4,819,000	–	20,362	–	1.65%	–
DFS	New	Discover Financial Services	$4,813,000	–	83,524	–	1.65%	–
OMC	New	Omnicom Group	$4,698,000	–	67,607	–	1.61%	–
PAA	New	Plains All Amer Pipeline LP	$4,581,000	–	105,144	–	1.57%	–
ABC	New	AmerisourceBergen Corp.	$4,547,000	–	42,760	–	1.56%	–
KEY	New	KeyCorp	$4,425,000	–	294,617	–	1.52%	–
PPL	New	PPL Corporation	$4,163,000	–	141,273	–	1.42%	–
BCE	New	BCE Inc.	$4,111,000	–	96,728	–	1.41%	–
APD	New	Air Products & Chemicals Inc	$3,898,000	–	28,489	–	1.33%	–
UPS	New	United Parcel Service, Inc. Cl	$3,878,000	–	40,014	–	1.33%	–
VZ	New	Verizon Communications	$3,585,000	–	76,916	–	1.23%	–
QCOM	New	Qualcomm Inc.	$3,553,000	–	56,731	–	1.22%	–
IVZ	New	Invesco Limited	$3,520,000	–	93,890	–	1.20%	–
STI	New	SunTrust Banks	$3,171,000	–	73,717	–	1.08%	–
LPT	New	Liberty Property Trust	$3,080,000	–	95,598	–	1.05%	–
ETP	New	Energy Transfer Partners, L.P.	$3,072,000	–	58,850	–	1.05%	–
DOW	New	Dow Chemical Company	$3,064,000	–	59,871	–	1.05%	–
TFM	New	The Fresh Market Inc.	$3,023,000	–	94,050	–	1.04%	–
IBB	New	iShares Nasdaq Biotechnology Ixtmf	$2,750,000	–	7,453	–	0.94%	–
PG	New	Procter & Gamble	$2,516,000	–	32,158	–	0.86%	–
ROP	New	Roper Technologies	$2,371,000	–	13,750	–	0.81%	–
EEP	New	Enbridge Energy Partners, L.P.	$1,986,000	–	59,573	–	0.68%	–
HAL	New	Halliburton Company	$1,840,000	–	42,713	–	0.63%	–
SUI	New	Sun Communities Inc.	$1,816,000	–	29,375	–	0.62%	–
T	New	AT&T, Inc.	$1,807,000	–	50,880	–	0.62%	–
WLL	New	Whiting Petroleum Corp.	$1,560,000	–	46,420	–	0.53%	–
COP	New	ConocoPhillips	$1,476,000	–	24,031	–	0.50%	–
UNP	New	Union Pacific Corp.	$1,427,000	–	14,963	–	0.49%	–
PFE	New	Pfizer, Inc.	$1,414,000	–	42,166	–	0.48%	–
MRK	New	Merck & Co.	$1,364,000	–	23,966	–	0.47%	–
BAC	New	Bank of America Corp.	$1,336,000	–	78,493	–	0.46%	–
TNH	New	Terra Nitrogen Company, LP	$1,305,000	–	10,775	–	0.45%	–
PDER	New	Pardee Resources Company, Inc.	$1,140,000	–	4,750	–	0.39%	–
HCN	New	Health Care REIT, Inc.	$1,136,000	–	17,316	–	0.39%	–
KMB	New	Kimberly-Clark Corp.	$1,109,000	–	10,469	–	0.38%	–
MMM	New	3M Co.	$1,094,000	–	7,092	–	0.37%	–
CBU	New	Community Bank System Inc	$1,094,000	–	28,967	–	0.37%	–
NLY	New	Annaly Mortgage Management, In	$920,000	–	100,157	–	0.32%	–
ADP	New	Automatic Data Processing	$843,000	–	10,504	–	0.29%	–
KELYA	New	Kelly Services Cl A	$809,000	–	52,700	–	0.28%	–
SLB	New	Schlumberger Ltd	$795,000	–	9,226	–	0.27%	–
JPM	New	J.P. Morgan Chase	$741,000	–	10,938	–	0.25%	–
KO	New	Coca-Cola Co.	$732,000	–	18,651	–	0.25%	–
BRKB	New	Berkshire Hathaway Inc. Cl B	$698,000	–	5,127	–	0.24%	–
RF	New	Regions Financial Corporation	$681,000	–	65,753	–	0.23%	–
WFTIQ	New	Weatherford Int'l plc	$673,000	–	54,850	–	0.23%	–
CERN	New	Cerner Corporation	$665,000	–	9,635	–	0.23%	–
BPL	New	Buckeye Partners L P Unit Ltd	$658,000	–	8,905	–	0.22%	–
EAT	New	Brinker International Inc.	$653,000	–	11,325	–	0.22%	–
CMO	New	Capstead Mortgage Corp.	$645,000	–	58,150	–	0.22%	–
DEO	New	Diageo PLC Spon ADR	$618,000	–	5,326	–	0.21%	–
DD	New	Du Pont, E. I.	$565,000	–	8,828	–	0.19%	–
DIS	New	Disney, Walt	$561,000	–	4,915	–	0.19%	–
CELG	New	Celgene Corp.	$538,000	–	4,650	–	0.18%	–
CYS	New	CYS Investments Inc	$502,000	–	64,900	–	0.17%	–
EMR	New	Emerson Electric Co	$478,000	–	8,632	–	0.16%	–
EFA	New	iShares MSCI EAFE Index Fundxtif	$475,000	–	7,478	–	0.16%	–
BMY	New	Bristol-Myers Squibb	$475,000	–	7,143	–	0.16%	–
SHW	New	Sherwin Williams	$467,000	–	1,698	–	0.16%	–
IBM	New	International Business Machine	$453,000	–	2,785	–	0.16%	–
IJR	New	iShares S&P SmallCap 600 Indexxtmf	$442,000	–	3,750	–	0.15%	–
LMT	New	Lockheed Martin Corp	$436,000	–	2,347	–	0.15%	–
INTC	New	Intel Corporation	$428,000	–	14,075	–	0.15%	–
MHFI	New	McGraw Hill Financial, Inc.	$413,000	–	4,114	–	0.14%	–
IWD	New	iShares Russell 1000 Value Indxtmf	$413,000	–	4,000	–	0.14%	–
CZNC	New	Citizens & Northern Corp.	$409,000	–	19,900	–	0.14%	–
IWM	New	iShares Russell 2000 Index Funxtmf	$390,000	–	3,122	–	0.13%	–
WM	New	Waste Management Inc.	$376,000	–	8,104	–	0.13%	–
SYK	New	Stryker Corporation	$368,000	–	3,850	–	0.13%	–
IWR	New	iShares Russell Midcap Index Fxtmf	$368,000	–	2,162	–	0.13%	–
ITW	New	Illinois Tool Works	$364,000	–	3,966	–	0.12%	–
EPD	New	Enterprise Products Partners L	$366,000	–	12,232	–	0.12%	–
HD	New	Home Depot Inc.	$347,000	–	3,126	–	0.12%	–
SO	New	Southern Company	$333,000	–	7,943	–	0.11%	–
AFL	New	AFLAC Inc.	$331,000	–	5,315	–	0.11%	–
BIIB	New	Biogen Idec Inc.	$329,000	–	815	–	0.11%	–
WEC	New	Wisconsin Energy Corp.	$315,000	–	7,000	–	0.11%	–
GLD	New	SPDR Gold Trustxtal	$312,000	–	2,775	–	0.11%	–
WPC	New	WP Carey Inc	$298,000	–	5,050	–	0.10%	–
NEE	New	NextEra Energy, Inc.	$284,000	–	2,893	–	0.10%	–
WBA	New	Walgreens Boots Alliance, Inc.	$277,000	–	3,285	–	0.10%	–
SYY	New	Sysco Corp.	$275,000	–	7,606	–	0.09%	–
VWO	New	Vanguard Emerging Marketsxtif	$273,000	–	6,681	–	0.09%	–
HON	New	Honeywell International	$269,000	–	2,641	–	0.09%	–
TSS	New	Total System Services, Inc.	$267,000	–	6,400	–	0.09%	–
DCI	New	Donaldson Co. Inc.	$248,000	–	6,940	–	0.08%	–
BGS	New	B&G Foods, Inc.	$246,000	–	8,625	–	0.08%	–
NVS	New	Novartis AG Spon Adr	$239,000	–	2,435	–	0.08%	–
TLN	New	Talen Energy Corp	$238,000	–	13,874	–	0.08%	–
APC	New	Anadarko Petroleum Corp.	$236,000	–	3,027	–	0.08%	–
TIP	New	iShares Barclays US TIPS Fundxtmi	$230,000	–	2,050	–	0.08%	–
AZN	New	AstraZeneca PLC Spon ADR	$210,000	–	3,300	–	0.07%	–
DHR	New	Danaher Corp	$210,000	–	2,455	–	0.07%	–
CDK	New	CDK Global, Inc.	$204,000	–	3,773	–	0.07%	–
JKHY	New	Henry Jack & Associates Inc.	$201,000	–	3,100	–	0.07%	–
PX	New	Praxair Inc.	$203,000	–	1,697	–	0.07%	–
NFJ	New	AllianzGI NFJ Dividend Int & Pxtmf	$174,000	–	11,523	–	0.06%	–
EXXIQ	New	Energy XXI (Bermuda) Ltd.	$149,000	–	56,725	–	0.05%	–
VVUS	New	VIVUS, Inc.	$58,000	–	24,500	–	0.02%	–
ENZ	New	Enzo Biochem, Inc.	$42,000	–	14,000	–	0.01%	–
HRAI	New	HouseRaising, Inc.	$0	–	10,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
HRAI	Exit	HouseRaising, Inc.	$0	–	-10,000	–	0.00%	–
MMT	Exit	MFS Multimarket Income Trustxtmi	$0	–	-11,025	–	-0.03%	–
VVUS	Exit	VIVUS, Inc.	$0	–	-34,500	–	-0.05%	–
TSS	Exit	Total System Services, Inc.	$0	–	-6,500	–	-0.08%	–
CBT	Exit	Cabot Corporation	$0	–	-4,000	–	-0.08%	–
NSC	Exit	Norfolk-Southern Corp.	$0	–	-1,827	–	-0.08%	–
BND	Exit	Vanguard Total Bond Marketxtmi	$0	–	-2,635	–	-0.08%	–
MCD	Exit	McDonald's Corp.	$0	–	-2,363	–	-0.08%	–
DCI	Exit	Donaldson Co. Inc.	$0	–	-5,600	–	-0.09%	–
SUSQ	Exit	Susquehanna Bancshares, Inc.	$0	–	-22,702	–	-0.09%	–
MMP	Exit	Magellan Midstream Partners, L	$0	–	-2,725	–	-0.09%	–
NEE	Exit	NextEra Energy, Inc.	$0	–	-2,514	–	-0.09%	–
HON	Exit	Honeywell International	$0	–	-2,616	–	-0.09%	–
HD	Exit	Home Depot Inc.	$0	–	-2,666	–	-0.09%	–
CINF	Exit	Cincinnati Financial Corp.	$0	–	-5,200	–	-0.09%	–
TIP	Exit	iShares Barclays US TIPS Fundxtmi	$0	–	-2,200	–	-0.09%	–
SYK	Exit	Stryker Corporation	$0	–	-3,130	–	-0.10%	–
GIS	Exit	General Mills Inc.	$0	–	-5,540	–	-0.11%	–
BSV	Exit	Vanguard Short-Term Bond Fundxtmi	$0	–	-3,520	–	-0.11%	–
RTN	Exit	Raytheon Company	$0	–	-2,846	–	-0.11%	–
COST	Exit	Costco Wholesale	$0	–	-2,329	–	-0.11%	–
ITW	Exit	Illinois Tool Works	$0	–	-3,516	–	-0.11%	–
IVV	Exit	iShares S&P 500 Index Fundxtmf	$0	–	-1,500	–	-0.11%	–
PX	Exit	Praxair Inc.	$0	–	-2,343	–	-0.11%	–
VWO	Exit	Vanguard Emerging Marketsxtif	$0	–	-7,181	–	-0.11%	–
WEC	Exit	Wisconsin Energy Corp.	$0	–	-7,000	–	-0.11%	–
IWM	Exit	iShares Russell 2000 Index Funxtmf	$0	–	-2,747	–	-0.11%	–
SO	Exit	Southern Company	$0	–	-7,194	–	-0.12%	–
AFL	Exit	AFLAC Inc.	$0	–	-5,400	–	-0.12%	–
GLD	Exit	SPDR Gold Trustxtal	$0	–	-2,775	–	-0.12%	–
IWR	Exit	iShares Russell Midcap Index Fxtmf	$0	–	-2,045	–	-0.12%	–
EFA	Exit	iShares MSCI EAFE Index Fundxtif	$0	–	-5,185	–	-0.13%	–
CZNC	Exit	Citizens & Northern Corp.	$0	–	-18,000	–	-0.13%	–
SHW	Exit	Sherwin Williams	$0	–	-1,573	–	-0.13%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-7,029	–	-0.14%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-3,534	–	-0.14%	–
SYY	Exit	Sysco Corp.	$0	–	-9,896	–	-0.14%	–
INTC	Exit	Intel Corporation	$0	–	-11,075	–	-0.15%	–
EMR	Exit	Emerson Electric Co	$0	–	-6,190	–	-0.15%	–
IJR	Exit	iShares S&P SmallCap 600 Indexxtmf	$0	–	-3,715	–	-0.15%	–
IBB	Exit	iShares Nasdaq Biotechnology Ixtmf	$0	–	-1,425	–	-0.15%	–
CYS	Exit	CYS Investments Inc	$0	–	-49,600	–	-0.16%	–
HBAN	Exit	Huntington Bancshares, Inc.	$0	–	-44,650	–	-0.16%	–
EPD	Exit	Enterprise Products Partners L	$0	–	-10,824	–	-0.16%	–
DIS	Exit	Disney, Walt	$0	–	-5,014	–	-0.17%	–
AZN	Exit	AstraZeneca PLC Spon ADR	$0	–	-6,300	–	-0.17%	–
CMO	Exit	Capstead Mortgage Corp.	$0	–	-39,450	–	-0.18%	–
IWD	Exit	iShares Russell 1000 Value Indxtmf	$0	–	-5,000	–	-0.19%	–
CERN	Exit	Cerner Corporation	$0	–	-10,285	–	-0.23%	–
BRKA	Exit	Berkshire Hathaway Inc. Cl A	$0	–	-3	–	-0.24%	–
SLB	Exit	Schlumberger Ltd	$0	–	-6,215	–	-0.24%	–
BPL	Exit	Buckeye Partners L P Unit L	$0	–	-8,155	–	-0.25%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-11,407	–	-0.26%	–
BRKB	Exit	Berkshire Hathaway Inc. Cl B	$0	–	-5,127	–	-0.27%	–
DEO	Exit	Diageo PLC Spon ADR	$0	–	-6,256	–	-0.27%	–
CBU	Exit	Community Bank System Inc	$0	–	-23,692	–	-0.30%	–
KELYA	Exit	Kelly Services Cl A	$0	–	-52,700	–	-0.31%	–
RF	Exit	Regions Financial Corporation	$0	–	-86,128	–	-0.33%	–
ADP	Exit	Automatic Data Processing	$0	–	-10,910	–	-0.34%	–
DD	Exit	Du Pont, E. I.	$0	–	-13,095	–	-0.36%	–
KMB	Exit	Kimberly-Clark Corp.	$0	–	-8,755	–	-0.36%	–
KO	Exit	Coca-Cola Co.	$0	–	-22,187	–	-0.36%	–
MMM	Exit	3M Co.	$0	–	-6,711	–	-0.36%	–
HCN	Exit	Health Care REIT, Inc.	$0	–	-16,384	–	-0.39%	–
PFE	Exit	Pfizer, Inc.	$0	–	-36,140	–	-0.40%	–
MRK	Exit	Merck & Co.	$0	–	-19,963	–	-0.45%	–
TNH	Exit	Terra Nitrogen Company, LP	$0	–	-8,530	–	-0.47%	–
IBM	Exit	International Business Machine	$0	–	-6,757	–	-0.49%	–
BAC	Exit	Bank of America Corp.	$0	–	-75,650	–	-0.49%	–
PDER	Exit	Pardee Resources Company, Inc.	$0	–	-4,750	–	-0.52%	–
NLY	Exit	Annaly Mortgage Management, In	$0	–	-128,724	–	-0.52%	–
SUI	Exit	Sun Communities Inc.	$0	–	-29,960	–	-0.57%	–
HAL	Exit	Halliburton Company	$0	–	-24,333	–	-0.60%	–
4945SC	Exit	Kinder Morgan Energy Partners	$0	–	-18,405	–	-0.65%	–
ABC	Exit	AmerisourceBergen Corp.	$0	–	-22,585	–	-0.66%	–
EXXIQ	Exit	Energy XXI (Bermuda) Ltd.	$0	–	-156,225	–	-0.67%	–
T	Exit	AT&T, Inc.	$0	–	-53,931	–	-0.72%	–
STI	Exit	SunTrust Banks	$0	–	-52,309	–	-0.75%	–
UNP	Exit	Union Pacific Corp.	$0	–	-18,974	–	-0.78%	–
WFTIQ	Exit	Weatherford Int'l plc	$0	–	-101,100	–	-0.80%	–
IVZ	Exit	Invesco Limited	$0	–	-56,115	–	-0.84%	–
COP	Exit	ConocoPhillips	$0	–	-30,452	–	-0.88%	–
EEP	Exit	Enbridge Energy Partners, L.P.	$0	–	-63,060	–	-0.93%	–
ABBV	Exit	AbbVie Inc.	$0	–	-44,350	–	-0.97%	–
PG	Exit	Procter & Gamble	$0	–	-31,007	–	-0.98%	–
WLL	Exit	Whiting Petroleum Corp.	$0	–	-37,740	–	-1.11%	–
LEA	Exit	Lear Corporation	$0	–	-35,295	–	-1.16%	–
CVS	Exit	CVS Caremark Corporation	$0	–	-40,792	–	-1.23%	–
VZ	Exit	Verizon Communications	$0	–	-65,742	–	-1.24%	–
ETP	Exit	Energy Transfer Partners, L.P.	$0	–	-57,062	–	-1.38%	–
BCE	Exit	BCE Inc.	$0	–	-87,504	–	-1.42%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-191,889	–	-1.46%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-51,381	–	-1.46%	–
APD	Exit	Air Products & Chemicals Inc	$0	–	-29,539	–	-1.46%	–
KEY	Exit	KeyCorp	$0	–	-295,217	–	-1.49%	–
A	Exit	Agilent Technologies	$0	–	-71,659	–	-1.55%	–
PPL	Exit	PPL Corporation	$0	–	-129,732	–	-1.62%	–
DFS	Exit	Discover Financial Services	$0	–	-70,658	–	-1.72%	–
UPS	Exit	United Parcel Service, Inc. Cl	$0	–	-46,599	–	-1.74%	–
IWN	Exit	iShares Russell 2000 Value Indxtmf	$0	–	-49,858	–	-1.77%	–
CHKP	Exit	Check Point Software	$0	–	-67,415	–	-1.77%	–
AFSI	Exit	AmTrust Financial Services	$0	–	-120,525	–	-1.82%	–
JWN	Exit	Nordstrom, Inc.	$0	–	-70,775	–	-1.83%	–
BA	Exit	Boeing Co.	$0	–	-38,224	–	-1.84%	–
LPT	Exit	Liberty Property Trust	$0	–	-148,189	–	-1.87%	–
ABT	Exit	Abbott Laboratories	$0	–	-118,529	–	-1.87%	–
OMC	Exit	Omnicom Group	$0	–	-71,978	–	-1.88%	–
CDNS	Exit	Cadence Design Systems, Inc.	$0	–	-301,675	–	-1.97%	–
EAT	Exit	Brinker International Inc.	$0	–	-106,720	–	-2.05%	–
PAA	Exit	Plains All Amer Pipeline LP	$0	–	-93,325	–	-2.08%	–
AAPL	Exit	Apple Computer	$0	–	-55,348	–	-2.11%	–
PNC	Exit	PNC Financial Services Group,	$0	–	-71,548	–	-2.32%	–
UTX	Exit	United Technologies	$0	–	-58,151	–	-2.33%	–
NSRGY	Exit	Nestle SA Spon ADR	$0	–	-85,140	–	-2.38%	–
PEP	Exit	PepsiCo Inc.	$0	–	-68,519	–	-2.42%	–
TJX	Exit	TJX Companies Inc.	$0	–	-111,041	–	-2.49%	–
AMG	Exit	Affiliated Managers Group, Inc	$0	–	-34,189	–	-2.60%	–
CVX	Exit	ChevronTexaco Corporation	$0	–	-58,823	–	-2.66%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-76,852	–	-2.74%	–
B108PS	Exit	Actavis PLC	$0	–	-30,001	–	-2.74%	–
MSFT	Exit	Microsoft Corp.	$0	–	-173,284	–	-3.04%	–
GE	Exit	General Electric Company	$0	–	-325,830	–	-3.16%	–
JNJ	Exit	Johnson & Johnson	$0	–	-92,636	–	-3.74%	–

Q3 2014

			Value		Shares		↓ Weighting
JNJ	Buy	Johnson & Johnson	$9,874,000	+2.8%	92,636	+0.9%	3.74%	+7.0%
GE	Sell	General Electric Company	$8,348,000	-3.2%	325,830	-0.7%	3.16%	+0.9%
MSFT	Buy	Microsoft Corp.	$8,033,000	+11.3%	173,284	+0.1%	3.04%	+15.9%
B108PS	Buy	Actavis PLC	$7,239,000	+10.5%	30,001	+2.1%	2.74%	+15.1%
XOM	Sell	Exxon Mobil Corp.	$7,228,000	-8.0%	76,852	-1.5%	2.74%	-4.2%
CVX	Sell	ChevronTexaco Corporation	$7,019,000	-8.8%	58,823	-0.2%	2.66%	-5.0%
AMG	Sell	Affiliated Managers Group, Inc	$6,850,000	-4.0%	34,189	-1.6%	2.60%	-0.0%
TJX	Sell	TJX Companies Inc.	$6,570,000	+10.5%	111,041	-0.7%	2.49%	+15.1%
PEP	Buy	PepsiCo Inc.	$6,378,000	+4.2%	68,519	+0.0%	2.42%	+8.5%
NSRGY	Buy	Nestle SA Spon ADR	$6,269,000	-5.1%	85,140	+0.1%	2.38%	-1.2%
UTX	Sell	United Technologies	$6,141,000	-9.8%	58,151	-1.4%	2.33%	-6.1%
PNC	Buy	PNC Financial Services Group,	$6,123,000	-0.9%	71,548	+3.1%	2.32%	+3.2%
AAPL	Sell	Apple Computer	$5,576,000	+7.2%	55,348	-1.1%	2.11%	+11.7%
PAA	Buy	Plains All Amer Pipeline LP	$5,493,000	+1.0%	93,325	+3.0%	2.08%	+5.2%
EAT	Buy	Brinker International Inc.	$5,420,000	+12.3%	106,720	+7.6%	2.05%	+17.0%
CDNS	Sell	Cadence Design Systems, Inc.	$5,192,000	-2.6%	301,675	-1.1%	1.97%	+1.4%
OMC	Buy	Omnicom Group	$4,956,000	-3.2%	71,978	+0.1%	1.88%	+0.8%
ABT	Sell	Abbott Laboratories	$4,930,000	+1.1%	118,529	-0.6%	1.87%	+5.3%
LPT	Buy	Liberty Property Trust	$4,929,000	-10.8%	148,189	+1.7%	1.87%	-7.1%
BA	Buy	Boeing Co.	$4,869,000	+2.7%	38,224	+2.6%	1.84%	+7.0%
JWN	Buy	Nordstrom, Inc.	$4,839,000	+0.9%	70,775	+0.3%	1.83%	+5.1%
AFSI	Buy	AmTrust Financial Services	$4,799,000	-4.0%	120,525	+0.8%	1.82%	0.0%
CHKP	Buy	Check Point Software	$4,668,000	+18.9%	67,415	+15.1%	1.77%	+23.8%
IWN	Buy	iShares Russell 2000 Value Indxtmf	$4,665,000	-7.5%	49,858	+2.1%	1.77%	-3.7%
UPS	Sell	United Parcel Service, Inc. Cl	$4,580,000	-5.7%	46,599	-1.5%	1.74%	-1.8%
DFS	Buy	Discover Financial Services	$4,550,000	+13.0%	70,658	+8.8%	1.72%	+17.7%
PPL	Sell	PPL Corporation	$4,260,000	-7.7%	129,732	-0.2%	1.62%	-3.9%
A	Sell	Agilent Technologies	$4,083,000	-1.0%	71,659	-0.2%	1.55%	+3.2%
KEY	Buy	KeyCorp	$3,935,000	-3.8%	295,217	+3.4%	1.49%	+0.1%
APD	Buy	Air Products & Chemicals Inc	$3,845,000	+1.5%	29,539	+0.3%	1.46%	+5.7%
FITB	Buy	Fifth Third Bancorp	$3,842,000	+0.2%	191,889	+6.9%	1.46%	+4.4%
QCOM	Buy	Qualcomm Inc.	$3,842,000	-1.0%	51,381	+4.9%	1.46%	+3.1%
BCE	Buy	BCE Inc.	$3,742,000	-3.4%	87,504	+2.5%	1.42%	+0.6%
ETP	Buy	Energy Transfer Partners, L.P.	$3,651,000	+11.3%	57,062	+0.9%	1.38%	+16.0%
VZ	Buy	Verizon Communications	$3,286,000	+8.4%	65,742	+6.2%	1.24%	+12.9%
CVS	Buy	CVS Caremark Corporation	$3,247,000	+12.6%	40,792	+6.6%	1.23%	+17.2%
LEA	Buy	Lear Corporation	$3,050,000	+7.7%	35,295	+11.3%	1.16%	+12.1%
WLL	Buy	Whiting Petroleum Corp.	$2,927,000	+1.7%	37,740	+5.3%	1.11%	+5.9%
PG	Sell	Procter & Gamble	$2,597,000	+5.4%	31,007	-1.1%	0.98%	+9.7%
ABBV	Sell	AbbVie Inc.	$2,562,000	-0.2%	44,350	-2.5%	0.97%	+4.0%
EEP	Sell	Enbridge Energy Partners, L.P.	$2,450,000	+3.9%	63,060	-1.3%	0.93%	+8.3%
COP	Sell	ConocoPhillips	$2,330,000	-22.1%	30,452	-12.7%	0.88%	-18.8%
IVZ	Buy	Invesco Limited	$2,215,000	+12.3%	56,115	+7.4%	0.84%	+17.0%
WFTIQ	Sell	Weatherford Int'l plc	$2,103,000	-35.2%	101,100	-28.3%	0.80%	-32.5%
UNP	Sell	Union Pacific Corp.	$2,057,000	+8.4%	18,974	-0.3%	0.78%	+12.9%
STI	Buy	SunTrust Banks	$1,989,000	+2.4%	52,309	+7.9%	0.75%	+6.6%
T	Sell	AT&T, Inc.	$1,901,000	-1.0%	53,931	-0.7%	0.72%	+3.1%
EXXIQ	Sell	Energy XXI (Bermuda) Ltd.	$1,773,000	-52.7%	156,225	-1.6%	0.67%	-50.8%
ABC	Buy	AmerisourceBergen Corp.	$1,746,000	+90.2%	22,585	+78.7%	0.66%	+98.2%
HAL	Buy	Halliburton Company	$1,570,000	+17.5%	24,333	+29.3%	0.60%	+22.4%
SUI	Buy	Sun Communities Inc.	$1,513,000	+2.6%	29,960	+1.3%	0.57%	+6.7%
BAC	Sell	Bank of America Corp.	$1,290,000	+10.7%	75,650	-0.2%	0.49%	+15.3%
IBM	Sell	International Business Machine	$1,283,000	-9.3%	6,757	-13.4%	0.49%	-5.6%
TNH	Sell	Terra Nitrogen Company, LP	$1,232,000	-1.7%	8,530	-1.7%	0.47%	+2.4%
MRK	Buy	Merck & Co.	$1,183,000	+7.4%	19,963	+4.8%	0.45%	+11.7%
PFE	Buy	Pfizer, Inc.	$1,069,000	+2.0%	36,140	+2.3%	0.40%	+6.3%
HCN	Buy	Health Care REIT, Inc.	$1,022,000	+2.5%	16,384	+3.0%	0.39%	+6.6%
MMM	Sell	3M Co.	$951,000	-13.5%	6,711	-12.6%	0.36%	-10.0%
KO	Sell	Coca-Cola Co.	$946,000	0.0%	22,187	-0.7%	0.36%	+4.4%
KMB	Sell	Kimberly-Clark Corp.	$942,000	-10.2%	8,755	-7.2%	0.36%	-6.5%
DD	Buy	Du Pont, E. I.	$940,000	+11.4%	13,095	+1.6%	0.36%	+16.0%
ADP	Sell	Automatic Data Processing	$906,000	-83.5%	10,910	-84.3%	0.34%	-82.8%
RF	Sell	Regions Financial Corporation	$865,000	-7.3%	86,128	-2.0%	0.33%	-3.5%
CBU	Buy	Community Bank System Inc	$796,000	+14.2%	23,692	+23.1%	0.30%	+18.9%
DEO	Sell	Diageo PLC Spon ADR	$722,000	-10.8%	6,256	-1.6%	0.27%	-6.8%
JPM	Sell	J.P. Morgan Chase	$687,000	+3.6%	11,407	-0.9%	0.26%	+7.9%
BPL	Sell	Buckeye Partners L P Unit L	$649,000	-5.4%	8,155	-1.2%	0.25%	-1.6%
CMO	Buy	Capstead Mortgage Corp.	$483,000	+41.6%	39,450	+52.3%	0.18%	+47.6%
DIS	Sell	Disney, Walt	$446,000	+1.8%	5,014	-2.0%	0.17%	+6.3%
EPD	Buy	Enterprise Products Partners L	$436,000	+2.8%	10,824	+100.0%	0.16%	+7.1%
HBAN	Sell	Huntington Bancshares, Inc.	$434,000	-0.5%	44,650	-2.2%	0.16%	+3.1%
CYS	Buy	CYS Investments Inc	$409,000	-2.4%	49,600	+6.7%	0.16%	+2.0%
IBB	Buy	iShares Nasdaq Biotechnology Ixtmf	$390,000	+23.8%	1,425	+16.3%	0.15%	+28.7%
EMR	Sell	Emerson Electric Co	$387,000	-13.4%	6,190	-8.0%	0.15%	-9.8%
INTC	Sell	Intel Corporation	$386,000	-3.5%	11,075	-14.4%	0.15%	0.0%
SYY	Buy	Sysco Corp.	$376,000	+14.6%	9,896	+12.9%	0.14%	+20.2%
BMY	Sell	Bristol-Myers Squibb	$360,000	-4.0%	7,029	-9.0%	0.14%	0.0%
APC	Sell	Anadarko Petroleum Corp.	$358,000	-17.9%	3,534	-11.3%	0.14%	-14.5%
SHW	Buy	Sherwin Williams	$344,000	+28.8%	1,573	+22.1%	0.13%	+34.0%
CZNC	Sell	Citizens & Northern Corp.	$342,000	-3.1%	18,000	-0.6%	0.13%	+1.6%
EFA	Buy	iShares MSCI EAFE Index Fundxtif	$332,000	+21.2%	5,185	+29.5%	0.13%	+26.0%
IWR	Buy	iShares Russell Midcap Index Fxtmf	$324,000	-1.5%	2,045	+1.0%	0.12%	+2.5%
GLD	Sell	SPDR Gold Trustxtal	$322,000	-14.4%	2,775	-5.6%	0.12%	-10.9%
SO	Buy	Southern Company	$314,000	-0.3%	7,194	+3.6%	0.12%	+3.5%
VWO	Sell	Vanguard Emerging Marketsxtif	$300,000	-4.5%	7,181	-1.2%	0.11%	0.0%
PX	Sell	Praxair Inc.	$302,000	-5.9%	2,343	-3.1%	0.11%	-2.6%
ITW	Buy	Illinois Tool Works	$297,000	+18.3%	3,516	+22.7%	0.11%	+24.2%
COST	Buy	Costco Wholesale	$292,000	+13.6%	2,329	+4.5%	0.11%	+18.1%
RTN	Buy	Raytheon Company	$289,000	+12.9%	2,846	+2.7%	0.11%	+18.3%
BSV	Sell	Vanguard Short-Term Bond Fundxtmi	$282,000	-10.5%	3,520	-10.2%	0.11%	-7.0%
GIS	Sell	General Mills Inc.	$279,000	-92.5%	5,540	-92.1%	0.11%	-92.1%
SYK	Buy	Stryker Corporation	$253,000	+15.5%	3,130	+20.4%	0.10%	+20.0%
TIP	Sell	iShares Barclays US TIPS Fundxtmi	$247,000	-8.9%	2,200	-6.2%	0.09%	-5.1%
HD	Sell	Home Depot Inc.	$245,000	-2.8%	2,666	-14.4%	0.09%	+1.1%
CINF	Sell	Cincinnati Financial Corp.	$245,000	-4.3%	5,200	-2.3%	0.09%	0.0%
HON	Sell	Honeywell International	$244,000	-2.0%	2,616	-2.4%	0.09%	+1.1%
DCI	New	Donaldson Co. Inc.	$228,000	–	5,600	–	0.09%	–
SUSQ	Sell	Susquehanna Bancshares, Inc.	$227,000	-82.9%	22,702	-81.9%	0.09%	-82.2%
MCD	Sell	McDonald's Corp.	$224,000	-38.5%	2,363	-34.6%	0.08%	-35.6%
BND	New	Vanguard Total Bond Marketxtmi	$216,000	–	2,635	–	0.08%	–
NSC	New	Norfolk-Southern Corp.	$204,000	–	1,827	–	0.08%	–
SNV	Exit	Synovus Financial Corp	$0	–	-8,788	–	-0.08%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-3,830	–	-0.10%	–
NFX	Exit	Newfield Exploration Company	$0	–	-20,780	–	-0.33%	–

Q2 2014

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$9,609,000	–	91,846	–	3.50%	–
GE	New	General Electric Company	$8,621,000	–	328,060	–	3.14%	–
XOM	New	Exxon Mobil Corp.	$7,859,000	–	78,057	–	2.86%	–
CVX	New	ChevronTexaco Corporation	$7,698,000	–	58,968	–	2.80%	–
MSFT	New	Microsoft Corp.	$7,220,000	–	173,149	–	2.63%	–
AMG	New	Affiliated Managers Group, Inc	$7,135,000	–	34,739	–	2.60%	–
UTX	New	United Technologies	$6,809,000	–	58,976	–	2.48%	–
NSRGY	New	Nestle SA Spon ADR	$6,609,000	–	85,096	–	2.40%	–
B108PS	New	Actavis PLC	$6,553,000	–	29,380	–	2.38%	–
PNC	New	PNC Financial Services Group,	$6,180,000	–	69,394	–	2.25%	–
PEP	New	PepsiCo Inc.	$6,120,000	–	68,499	–	2.23%	–
TJX	New	TJX Companies Inc.	$5,944,000	–	111,837	–	2.16%	–
LPT	New	Liberty Property Trust	$5,525,000	–	145,664	–	2.01%	–
ADP	New	Automatic Data Processing	$5,495,000	–	69,309	–	2.00%	–
PAA	New	Plains All Amer Pipeline LP	$5,439,000	–	90,575	–	1.98%	–
CDNS	New	Cadence Design Systems, Inc.	$5,333,000	–	304,925	–	1.94%	–
AAPL	New	Apple Computer	$5,200,000	–	55,961	–	1.89%	–
OMC	New	Omnicom Group	$5,122,000	–	71,918	–	1.86%	–
IWN	New	iShares Russell 2000 Value Indxtmf	$5,045,000	–	48,856	–	1.84%	–
AFSI	New	AmTrust Financial Services	$4,999,000	–	119,575	–	1.82%	–
ABT	New	Abbott Laboratories	$4,878,000	–	119,264	–	1.78%	–
UPS	New	United Parcel Service, Inc. Cl	$4,858,000	–	47,324	–	1.77%	–
EAT	New	Brinker International Inc.	$4,826,000	–	99,195	–	1.76%	–
JWN	New	Nordstrom, Inc.	$4,794,000	–	70,575	–	1.74%	–
BA	New	Boeing Co.	$4,739,000	–	37,250	–	1.72%	–
PPL	New	PPL Corporation	$4,616,000	–	129,932	–	1.68%	–
A	New	Agilent Technologies	$4,123,000	–	71,784	–	1.50%	–
KEY	New	KeyCorp	$4,091,000	–	285,492	–	1.49%	–
DFS	New	Discover Financial Services	$4,026,000	–	64,956	–	1.46%	–
CHKP	New	Check Point Software	$3,926,000	–	58,575	–	1.43%	–
QCOM	New	Qualcomm Inc.	$3,880,000	–	48,996	–	1.41%	–
BCE	New	BCE Inc.	$3,874,000	–	85,404	–	1.41%	–
FITB	New	Fifth Third Bancorp	$3,833,000	–	179,514	–	1.40%	–
APD	New	Air Products & Chemicals Inc	$3,790,000	–	29,464	–	1.38%	–
EXXIQ	New	Energy XXI (Bermuda) Ltd.	$3,752,000	–	158,775	–	1.36%	–
GIS	New	General Mills Inc.	$3,698,000	–	70,385	–	1.35%	–
ETP	New	Energy Transfer Partners, L.P.	$3,279,000	–	56,572	–	1.19%	–
WFTIQ	New	Weatherford Int'l plc	$3,245,000	–	141,075	–	1.18%	–
VZ	New	Verizon Communications	$3,030,000	–	61,917	–	1.10%	–
COP	New	ConocoPhillips	$2,990,000	–	34,882	–	1.09%	–
CVS	New	CVS Caremark Corporation	$2,884,000	–	38,268	–	1.05%	–
WLL	New	Whiting Petroleum Corp.	$2,877,000	–	35,855	–	1.05%	–
LEA	New	Lear Corporation	$2,832,000	–	31,705	–	1.03%	–
ABBV	New	AbbVie Inc.	$2,567,000	–	45,475	–	0.93%	–
PG	New	Procter & Gamble	$2,465,000	–	31,367	–	0.90%	–
EEP	New	Enbridge Energy Partners, L.P.	$2,359,000	–	63,870	–	0.86%	–
IVZ	New	Invesco Limited	$1,972,000	–	52,240	–	0.72%	–
STI	New	SunTrust Banks	$1,943,000	–	48,490	–	0.71%	–
T	New	AT&T, Inc.	$1,920,000	–	54,296	–	0.70%	–
UNP	New	Union Pacific Corp.	$1,898,000	–	19,024	–	0.69%	–
4945SC	New	Kinder Morgan Energy Partners	$1,513,000	–	18,405	–	0.55%	–
SUI	New	Sun Communities Inc.	$1,475,000	–	29,585	–	0.54%	–
NLY	New	Annaly Mortgage Management, In	$1,471,000	–	128,724	–	0.54%	–
IBM	New	International Business Machine	$1,414,000	–	7,803	–	0.52%	–
HAL	New	Halliburton Company	$1,336,000	–	18,821	–	0.49%	–
SUSQ	New	Susquehanna Bancshares, Inc.	$1,326,000	–	125,552	–	0.48%	–
PDER	New	Pardee Resources Company, Inc.	$1,325,000	–	4,750	–	0.48%	–
TNH	New	Terra Nitrogen Company, LP	$1,253,000	–	8,680	–	0.46%	–
BAC	New	Bank of America Corp.	$1,165,000	–	75,800	–	0.42%	–
MRK	New	Merck & Co.	$1,102,000	–	19,055	–	0.40%	–
MMM	New	3M Co.	$1,100,000	–	7,676	–	0.40%	–
KMB	New	Kimberly-Clark Corp.	$1,049,000	–	9,430	–	0.38%	–
PFE	New	Pfizer, Inc.	$1,048,000	–	35,315	–	0.38%	–
HCN	New	Health Care REIT, Inc.	$997,000	–	15,909	–	0.36%	–
KO	New	Coca-Cola Co.	$946,000	–	22,337	–	0.34%	–
RF	New	Regions Financial Corporation	$933,000	–	87,878	–	0.34%	–
NFX	New	Newfield Exploration Company	$918,000	–	20,780	–	0.33%	–
ABC	New	AmerisourceBergen Corp.	$918,000	–	12,635	–	0.33%	–
KELYA	New	Kelly Services Cl A	$905,000	–	52,700	–	0.33%	–
DD	New	Du Pont, E. I.	$844,000	–	12,895	–	0.31%	–
DEO	New	Diageo PLC Spon ADR	$809,000	–	6,356	–	0.29%	–
SLB	New	Schlumberger Ltd	$733,000	–	6,215	–	0.27%	–
CBU	New	Community Bank System Inc	$697,000	–	19,242	–	0.25%	–
BPL	New	Buckeye Partners L P Unit L	$686,000	–	8,255	–	0.25%	–
JPM	New	J.P. Morgan Chase	$663,000	–	11,507	–	0.24%	–
BRKB	New	Berkshire Hathaway Inc. Cl B	$649,000	–	5,127	–	0.24%	–
BRKA	New	Berkshire Hathaway Inc. Cl A	$570,000	–	3	–	0.21%	–
CERN	New	Cerner Corporation	$531,000	–	10,285	–	0.19%	–
IWD	New	iShares Russell 1000 Value Indxtmf	$506,000	–	5,000	–	0.18%	–
AZN	New	AstraZeneca PLC Spon ADR	$468,000	–	6,300	–	0.17%	–
EMR	New	Emerson Electric Co	$447,000	–	6,730	–	0.16%	–
HBAN	New	Huntington Bancshares, Inc.	$436,000	–	45,650	–	0.16%	–
DIS	New	Disney, Walt	$438,000	–	5,114	–	0.16%	–
APC	New	Anadarko Petroleum Corp.	$436,000	–	3,984	–	0.16%	–
EPD	New	Enterprise Products Partners L	$424,000	–	5,412	–	0.15%	–
CYS	New	CYS Investments Inc	$419,000	–	46,500	–	0.15%	–
IJR	New	iShares S&P SmallCap 600 Indexxtmf	$416,000	–	3,715	–	0.15%	–
INTC	New	Intel Corporation	$400,000	–	12,935	–	0.15%	–
GLD	New	SPDR Gold Trustxtal	$376,000	–	2,940	–	0.14%	–
BMY	New	Bristol-Myers Squibb	$375,000	–	7,723	–	0.14%	–
MCD	New	McDonald's Corp.	$364,000	–	3,613	–	0.13%	–
CZNC	New	Citizens & Northern Corp.	$353,000	–	18,100	–	0.13%	–
CMO	New	Capstead Mortgage Corp.	$341,000	–	25,900	–	0.12%	–
AFL	New	AFLAC Inc.	$336,000	–	5,400	–	0.12%	–
IWR	New	iShares Russell Midcap Index Fxtmf	$329,000	–	2,025	–	0.12%	–
WEC	New	Wisconsin Energy Corp.	$328,000	–	7,000	–	0.12%	–
IWM	New	iShares Russell 2000 Index Funxtmf	$326,000	–	2,747	–	0.12%	–
SYY	New	Sysco Corp.	$328,000	–	8,766	–	0.12%	–
PX	New	Praxair Inc.	$321,000	–	2,418	–	0.12%	–
SO	New	Southern Company	$315,000	–	6,944	–	0.12%	–
BSV	New	Vanguard Short-Term Bond Fundxtmi	$315,000	–	3,920	–	0.12%	–
IBB	New	iShares Nasdaq Biotechnology Ixtmf	$315,000	–	1,225	–	0.12%	–
VWO	New	Vanguard Emerging Marketsxtif	$314,000	–	7,269	–	0.11%	–
IVV	New	iShares S&P 500 Index Fundxtmf	$296,000	–	1,500	–	0.11%	–
EFA	New	iShares MSCI EAFE Index Fundxtif	$274,000	–	4,005	–	0.10%	–
TIP	New	iShares Barclays US TIPS Fundxtmi	$271,000	–	2,346	–	0.10%	–
SHW	New	Sherwin Williams	$267,000	–	1,288	–	0.10%	–
CL	New	Colgate-Palmolive Co.	$261,000	–	3,830	–	0.10%	–
COST	New	Costco Wholesale	$257,000	–	2,229	–	0.09%	–
NEE	New	NextEra Energy, Inc.	$258,000	–	2,514	–	0.09%	–
RTN	New	Raytheon Company	$256,000	–	2,771	–	0.09%	–
CINF	New	Cincinnati Financial Corp.	$256,000	–	5,325	–	0.09%	–
HD	New	Home Depot Inc.	$252,000	–	3,116	–	0.09%	–
HON	New	Honeywell International	$249,000	–	2,681	–	0.09%	–
ITW	New	Illinois Tool Works	$251,000	–	2,866	–	0.09%	–
CBT	New	Cabot Corporation	$232,000	–	4,000	–	0.08%	–
MMP	New	Magellan Midstream Partners, L	$229,000	–	2,725	–	0.08%	–
SYK	New	Stryker Corporation	$219,000	–	2,600	–	0.08%	–
SNV	New	Synovus Financial Corp	$214,000	–	8,788	–	0.08%	–
TSS	New	Total System Services, Inc.	$204,000	–	6,500	–	0.07%	–
VVUS	New	VIVUS, Inc.	$184,000	–	34,500	–	0.07%	–
MMT	New	MFS Multimarket Income Trustxtmi	$73,000	–	11,025	–	0.03%	–
HRAI	New	HouseRaising, Inc.	$0	–	10,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
HRAI	Exit	HouseRaising, Inc.	$0	–	-10,000	–	0.00%	–
MMT	Exit	MFS Multimarket Income Trustxtmi	$0	–	-18,025	–	-0.05%	–
NWBI	Exit	Northwest Bancshares, Inc.	$0	–	-12,100	–	-0.07%	–
CMO	Exit	Capstead Mortgage Corp.	$0	–	-14,750	–	-0.08%	–
NBL	Exit	Noble Energy, Inc.	$0	–	-2,990	–	-0.09%	–
DUK	Exit	Duke Energy Corp.	$0	–	-3,075	–	-0.09%	–
SNV	Exit	Synovus Financial Corp	$0	–	-63,539	–	-0.09%	–
HON	Exit	Honeywell International	$0	–	-2,591	–	-0.10%	–
ITW	Exit	Illinois Tool Works	$0	–	-2,866	–	-0.10%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-3,890	–	-0.10%	–
VVUS	Exit	VIVUS, Inc.	$0	–	-25,000	–	-0.10%	–
APD	Exit	Air Products & Chemicals Inc	$0	–	-2,195	–	-0.10%	–
SHW	Exit	Sherwin Williams	$0	–	-1,308	–	-0.10%	–
SYY	Exit	Sysco Corp.	$0	–	-7,740	–	-0.11%	–
TIP	Exit	iShares Barclays US TIPS Fundxtmi	$0	–	-2,346	–	-0.12%	–
QCOM	Exit	Qualcomm Inc.	$0	–	-3,981	–	-0.12%	–
HD	Exit	Home Depot Inc.	$0	–	-3,541	–	-0.12%	–
COST	Exit	Costco Wholesale	$0	–	-2,329	–	-0.12%	–
AZN	Exit	AstraZeneca PLC Spon ADR	$0	–	-5,175	–	-0.12%	–
IBB	Exit	iShares Nasdaq Biotechnology Ixtmf	$0	–	-1,275	–	-0.12%	–
IVV	Exit	iShares S&P 500 Index Fundxtmf	$0	–	-1,600	–	-0.12%	–
IWR	Exit	iShares Russell Midcap Index Fxtmf	$0	–	-2,000	–	-0.12%	–
GLD	Exit	SPDR Gold Trustxtmf	$0	–	-2,200	–	-0.12%	–
WEC	Exit	Wisconsin Energy Corp.	$0	–	-7,000	–	-0.12%	–
VWO	Exit	Vanguard Emerging Marketsxtif	$0	–	-7,144	–	-0.13%	–
PX	Exit	Praxair Inc.	$0	–	-2,378	–	-0.13%	–
CYS	Exit	CYS Investments Inc	$0	–	-37,000	–	-0.13%	–
INTC	Exit	Intel Corporation	$0	–	-13,113	–	-0.13%	–
EPD	Exit	Enterprise Products Partners L	$0	–	-5,650	–	-0.15%	–
IWM	Exit	iShares Russell 2000 Index Funxtmf	$0	–	-3,247	–	-0.15%	–
DIS	Exit	Disney, Walt	$0	–	-5,366	–	-0.15%	–
IJR	Exit	iShares S&P SmallCap 600 Indexxtmf	$0	–	-3,585	–	-0.16%	–
CZNC	Exit	Citizens & Northern Corp.	$0	–	-18,100	–	-0.16%	–
HBAN	Exit	Huntington Bancshares, Inc.	$0	–	-44,150	–	-0.16%	–
APC	Exit	Anadarko Petroleum Corp.	$0	–	-3,984	–	-0.16%	–
AFL	Exit	AFLAC Inc.	$0	–	-6,000	–	-0.16%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-8,087	–	-0.16%	–
BSV	Exit	Vanguard Short-Term Bond Fundxtmi	$0	–	-4,715	–	-0.17%	–
MCD	Exit	McDonald's Corp.	$0	–	-4,245	–	-0.18%	–
IWD	Exit	iShares Russell 1000 Value Indxtmf	$0	–	-5,017	–	-0.19%	–
SO	Exit	Southern Company	$0	–	-10,960	–	-0.20%	–
EMR	Exit	Emerson Electric Co	$0	–	-7,280	–	-0.21%	–
BDX	Exit	Becton Dickinson & Co.	$0	–	-4,775	–	-0.21%	–
BRKA	Exit	Berkshire Hathaway Inc. Cl A	$0	–	-3	–	-0.22%	–
PBCT	Exit	People's United Financial, Inc	$0	–	-36,431	–	-0.23%	–
HAL	Exit	Halliburton Company	$0	–	-10,943	–	-0.23%	–
BPL	Exit	Buckeye Partners L P Unit L	$0	–	-8,355	–	-0.24%	–
SLB	Exit	Schlumberger Ltd	$0	–	-6,269	–	-0.24%	–
BRKB	Exit	Berkshire Hathaway Inc. Cl B	$0	–	-5,027	–	-0.25%	–
PFE	Exit	Pfizer, Inc.	$0	–	-19,863	–	-0.25%	–
PSX	Exit	Phillips 66	$0	–	-10,162	–	-0.26%	–
RF	Exit	Regions Financial Corporation	$0	–	-63,780	–	-0.26%	–
CBU	Exit	Community Bank System Inc	$0	–	-17,842	–	-0.27%	–
JPM	Exit	J.P. Morgan Chase	$0	–	-11,808	–	-0.27%	–
CERN	Exit	Cerner Corporation	$0	–	-11,860	–	-0.27%	–
HCN	Exit	Health Care REIT, Inc.	$0	–	-11,459	–	-0.32%	–
NFX	Exit	Newfield Exploration Company	$0	–	-26,750	–	-0.32%	–
DD	Exit	Du Pont, E. I.	$0	–	-12,695	–	-0.33%	–
MMM	Exit	3M Co.	$0	–	-6,506	–	-0.34%	–
MRK	Exit	Merck & Co.	$0	–	-16,705	–	-0.35%	–
DEO	Exit	Diageo PLC Spon ADR	$0	–	-6,681	–	-0.37%	–
KMB	Exit	Kimberly-Clark Corp.	$0	–	-9,258	–	-0.38%	–
KO	Exit	Coca-Cola Co.	$0	–	-23,811	–	-0.40%	–
PDER	Exit	Pardee Resources Company, Inc.	$0	–	-4,800	–	-0.45%	–
KELYA	Exit	Kelly Services Cl A	$0	–	-53,200	–	-0.46%	–
CSCO	Exit	Cisco Systems Inc.	$0	–	-47,902	–	-0.49%	–
SUI	Exit	Sun Communities Inc.	$0	–	-27,110	–	-0.51%	–
VZ	Exit	Verizon Communications	$0	–	-26,575	–	-0.55%	–
STI	Exit	SunTrust Banks	$0	–	-39,165	–	-0.56%	–
IVZ	Exit	Invesco Limited	$0	–	-39,765	–	-0.56%	–
DFS	Exit	Discover Financial Services	$0	–	-25,324	–	-0.56%	–
TNH	Exit	Terra Nitrogen Company, LP	$0	–	-6,480	–	-0.58%	–
4945SC	Exit	Kinder Morgan Energy Partners	$0	–	-18,405	–	-0.65%	–
UNP	Exit	Union Pacific Corp.	$0	–	-9,659	–	-0.66%	–
NLY	Exit	Annaly Mortgage Management, In	$0	–	-133,374	–	-0.68%	–
BAC	Exit	Bank of America Corp.	$0	–	-115,700	–	-0.70%	–
GIS	Exit	General Mills Inc.	$0	–	-35,160	–	-0.74%	–
CDNS	Exit	Cadence Design Systems, Inc.	$0	–	-139,850	–	-0.83%	–
WLL	Exit	Whiting Petroleum Corp.	$0	–	-32,061	–	-0.84%	–
T	Exit	AT&T, Inc.	$0	–	-58,264	–	-0.87%	–
EEP	Exit	Enbridge Energy Partners, L.P.	$0	–	-65,910	–	-0.88%	–
ABBV	Exit	AbbVie Inc.	$0	–	-47,988	–	-0.94%	–
WCRX	Exit	Warner Chilcott, PLC	$0	–	-95,700	–	-0.97%	–
BA	Exit	Boeing Co.	$0	–	-19,753	–	-1.02%	–
EXC	Exit	Exelon Corporation	$0	–	-78,987	–	-1.03%	–
COP	Exit	ConocoPhillips	$0	–	-35,330	–	-1.08%	–
SUSQ	Exit	Susquehanna Bancshares, Inc.	$0	–	-198,378	–	-1.10%	–
BHP	Exit	BHP Billiton Ltd Adr	$0	–	-41,234	–	-1.21%	–
CAG	Exit	ConAgra Foods Inc.	$0	–	-92,125	–	-1.23%	–
ETP	Exit	Energy Transfer Partners, L.P.	$0	–	-54,812	–	-1.26%	–
BCE	Exit	BCE Inc.	$0	–	-68,325	–	-1.28%	–
IWN	Exit	iShares Russell 2000 Value Indxtmf	$0	–	-33,057	–	-1.33%	–
ABT	Exit	Abbott Laboratories	$0	–	-93,625	–	-1.37%	–
FITB	Exit	Fifth Third Bancorp	$0	–	-173,537	–	-1.38%	–
KEY	Exit	KeyCorp	$0	–	-284,842	–	-1.43%	–
WFT	Exit	Weatherford Int'l Ltd.	$0	–	-214,525	–	-1.45%	–
AAPL	Exit	Apple Computer	$0	–	-7,575	–	-1.59%	–
A	Exit	Agilent Technologies	$0	–	-70,590	–	-1.59%	–
MCK	Exit	McKesson Corporation	$0	–	-28,574	–	-1.61%	–
ESRX	Exit	Express Scripts Holding Compan	$0	–	-61,583	–	-1.68%	–
UNH	Exit	UnitedHealth Group Inc.	$0	–	-53,451	–	-1.69%	–
UPS	Exit	United Parcel Service, Inc. Cl	$0	–	-42,807	–	-1.72%	–
EAT	Exit	Brinker International Inc.	$0	–	-98,170	–	-1.75%	–
PPL	Exit	PPL Corporation	$0	–	-131,807	–	-1.76%	–
EXXIQ	Exit	Energy XXI (Bermuda) Ltd.	$0	–	-133,950	–	-1.78%	–
OMC	Exit	Omnicom Group	$0	–	-64,225	–	-1.79%	–
PAA	Exit	Plains All Amer Pipeline LP	$0	–	-78,675	–	-1.82%	–
PNC	Exit	PNC Financial Services Group,	$0	–	-67,839	–	-2.16%	–
PEP	Exit	PepsiCo Inc.	$0	–	-62,694	–	-2.20%	–
LPT	Exit	Liberty Property Trust	$0	–	-142,914	–	-2.24%	–
ADP	Exit	Automatic Data Processing	$0	–	-71,224	–	-2.27%	–
NSRGY	Exit	Nestle SA Spon ADR	$0	–	-80,102	–	-2.46%	–
AMG	Exit	Affiliated Managers Group, Inc	$0	–	-31,034	–	-2.50%	–
MSFT	Exit	Microsoft Corp.	$0	–	-171,339	–	-2.51%	–
TJX	Exit	TJX Companies Inc.	$0	–	-101,355	–	-2.52%	–
UTX	Exit	United Technologies	$0	–	-55,389	–	-2.63%	–
CVX	Exit	ChevronTexaco Corporation	$0	–	-53,290	–	-2.85%	–
PG	Exit	Procter & Gamble	$0	–	-91,905	–	-3.06%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-83,160	–	-3.15%	–
JNJ	Exit	Johnson & Johnson	$0	–	-84,221	–	-3.22%	–
IBM	Exit	International Business Machine	$0	–	-39,774	–	-3.24%	–
GE	Exit	General Electric Company	$0	–	-309,642	–	-3.26%	–

Q3 2013

			Value		Shares		↓ Weighting
GE	Buy	General Electric Company	$7,397,000	+3.3%	309,642	+0.3%	3.26%	+1.8%
IBM	Sell	International Business Machine	$7,365,000	-3.9%	39,774	-0.8%	3.24%	-5.3%
JNJ	Sell	Johnson & Johnson	$7,301,000	+0.6%	84,221	-0.4%	3.22%	-0.9%
XOM	Buy	Exxon Mobil Corp.	$7,155,000	-3.8%	83,160	+1.1%	3.15%	-5.2%
PG	Sell	Procter & Gamble	$6,947,000	-3.1%	91,905	-1.3%	3.06%	-4.6%
CVX	Sell	ChevronTexaco Corporation	$6,475,000	+2.0%	53,290	-0.7%	2.85%	+0.5%
UTX	Sell	United Technologies	$5,972,000	+15.1%	55,389	-0.8%	2.63%	+13.4%
TJX	Sell	TJX Companies Inc.	$5,715,000	+10.5%	101,355	-1.9%	2.52%	+8.8%
MSFT	Buy	Microsoft Corp.	$5,702,000	+4.6%	171,339	+8.6%	2.51%	+3.1%
AMG	Sell	Affiliated Managers Group, Inc	$5,668,000	+8.6%	31,034	-2.5%	2.50%	+7.0%
NSRGY	Buy	Nestle SA Spon ADR	$5,575,000	+7.6%	80,102	+1.7%	2.46%	+6.0%
ADP	Sell	Automatic Data Processing	$5,155,000	+5.0%	71,224	-0.1%	2.27%	+3.4%
LPT	Buy	Liberty Property Trust	$5,088,000	-3.1%	142,914	+0.6%	2.24%	-4.6%
PEP	Buy	PepsiCo Inc.	$4,984,000	+2.8%	62,694	+5.7%	2.20%	+1.2%
PNC	Buy	PNC Financial Services Group,	$4,915,000	-0.4%	67,839	+0.2%	2.16%	-1.9%
PAA	Buy	Plains All Amer Pipeline LP	$4,143,000	+2.9%	78,675	+9.0%	1.82%	+1.3%
OMC	Buy	Omnicom Group	$4,074,000	+7.9%	64,225	+7.0%	1.79%	+6.3%
EXXIQ	Buy	Energy XXI (Bermuda) Ltd.	$4,047,000	+53.9%	133,950	+12.9%	1.78%	+51.5%
PPL	Sell	PPL Corporation	$4,004,000	+0.2%	131,807	-0.2%	1.76%	-1.3%
EAT	Buy	Brinker International Inc.	$3,979,000	+6.0%	98,170	+3.1%	1.75%	+4.4%
UPS	Buy	United Parcel Service, Inc. Cl	$3,911,000	+8.5%	42,807	+2.7%	1.72%	+6.8%
UNH	Buy	UnitedHealth Group Inc.	$3,828,000	+18.6%	53,451	+8.4%	1.69%	+16.8%
ESRX	Buy	Express Scripts Holding Compan	$3,806,000	+6.3%	61,583	+6.2%	1.68%	+4.7%
MCK	Sell	McKesson Corporation	$3,666,000	+10.7%	28,574	-1.2%	1.61%	+9.1%
A	Buy	Agilent Technologies	$3,618,000	+21.1%	70,590	+1.0%	1.59%	+19.2%
AAPL	Buy	Apple Computer	$3,611,000	+21.0%	7,575	+0.7%	1.59%	+19.2%
WFT	Buy	Weatherford Int'l Ltd.	$3,289,000	+13.0%	214,525	+1.0%	1.45%	+11.3%
KEY	Buy	KeyCorp	$3,247,000	+12.9%	284,842	+9.3%	1.43%	+11.2%
FITB	Buy	Fifth Third Bancorp	$3,132,000	+0.4%	173,537	+0.4%	1.38%	-1.1%
ABT	Buy	Abbott Laboratories	$3,107,000	+9.4%	93,625	+15.0%	1.37%	+7.8%
IWN	Buy	iShares Russell 2000 Value Indxtmf	$3,029,000	+25.2%	33,057	+17.4%	1.33%	+23.3%
BCE	Buy	BCE Inc.	$2,917,000	+14.8%	68,325	+10.3%	1.28%	+13.0%
ETP	Buy	Energy Transfer Partners, L.P.	$2,854,000	+6.2%	54,812	+3.1%	1.26%	+4.6%
CAG	Sell	ConAgra Foods Inc.	$2,795,000	-25.2%	92,125	-13.9%	1.23%	-26.3%
BHP	Buy	BHP Billiton Ltd Adr	$2,742,000	+16.3%	41,234	+0.9%	1.21%	+14.5%
SUSQ	Buy	Susquehanna Bancshares, Inc.	$2,486,000	-1.1%	198,378	+1.5%	1.10%	-2.5%
COP	Sell	ConocoPhillips	$2,456,000	+13.9%	35,330	-0.9%	1.08%	+12.1%
EXC	Buy	Exelon Corporation	$2,341,000	-1.7%	78,987	+2.4%	1.03%	-3.1%
BA	Sell	Boeing Co.	$2,321,000	-49.2%	19,753	-55.7%	1.02%	-50.0%
WCRX	Sell	Warner Chilcott, PLC	$2,194,000	+14.3%	95,700	-0.7%	0.97%	+12.6%
ABBV	Sell	AbbVie Inc.	$2,147,000	+2.0%	47,988	-5.8%	0.94%	+0.4%
EEP	Buy	Enbridge Energy Partners, L.P.	$2,007,000	+0.4%	65,910	+0.5%	0.88%	-1.1%
T	Buy	AT&T, Inc.	$1,970,000	-4.2%	58,264	+0.3%	0.87%	-5.8%
WLL	Buy	Whiting Petroleum Corp.	$1,919,000	+45.5%	32,061	+12.1%	0.84%	+43.2%
CDNS	New	Cadence Design Systems, Inc.	$1,889,000	–	139,850	–	0.83%	–
GIS	Buy	General Mills Inc.	$1,685,000	+17.1%	35,160	+18.5%	0.74%	+15.4%
NLY	Buy	Annaly Mortgage Management, In	$1,544,000	+182.8%	133,374	+207.2%	0.68%	+178.7%
UNP	Buy	Union Pacific Corp.	$1,500,000	+7.2%	9,659	+6.5%	0.66%	+5.8%
4945SC	Buy	Kinder Morgan Energy Partners	$1,469,000	-5.8%	18,405	+0.8%	0.65%	-7.2%
TNH	Buy	Terra Nitrogen Company, LP	$1,313,000	-1.5%	6,480	+4.0%	0.58%	-3.0%
DFS	Buy	Discover Financial Services	$1,280,000	+17.2%	25,324	+10.5%	0.56%	+15.6%
IVZ	New	Invesco Limited	$1,269,000	–	39,765	–	0.56%	–
STI	Buy	SunTrust Banks	$1,270,000	+37.3%	39,165	+33.6%	0.56%	+35.4%
VZ	Buy	Verizon Communications	$1,240,000	-2.6%	26,575	+5.1%	0.55%	-4.0%
SUI	Buy	Sun Communities Inc.	$1,155,000	-13.8%	27,110	+0.6%	0.51%	-15.0%
CSCO	Sell	Cisco Systems Inc.	$1,122,000	-9.8%	47,902	-6.3%	0.49%	-11.2%
KO	Buy	Coca-Cola Co.	$902,000	+1.7%	23,811	+7.6%	0.40%	0.0%
KMB	Buy	Kimberly-Clark Corp.	$872,000	+2.8%	9,258	+6.1%	0.38%	+1.3%
DEO	Sell	Diageo PLC Spon ADR	$849,000	+10.0%	6,681	-0.5%	0.37%	+8.4%
MRK	Buy	Merck & Co.	$795,000	+5.9%	16,705	+3.3%	0.35%	+4.2%
DD	Buy	Du Pont, E. I.	$743,000	+12.1%	12,695	+0.6%	0.33%	+10.5%
NFX	Sell	Newfield Exploration Company	$732,000	+12.6%	26,750	-1.7%	0.32%	+10.7%
HCN	Sell	Health Care REIT, Inc.	$715,000	-7.3%	11,459	-0.4%	0.32%	-8.7%
CERN	Buy	Cerner Corporation	$623,000	-5.0%	11,860	+73.6%	0.27%	-6.5%
JPM	Sell	J.P. Morgan Chase	$610,000	-5.4%	11,808	-3.4%	0.27%	-6.6%
CBU	New	Community Bank System Inc	$609,000	–	17,842	–	0.27%	–
RF	Buy	Regions Financial Corporation	$591,000	+162.7%	63,780	+169.9%	0.26%	+157.4%
PSX	Sell	Phillips 66	$588,000	-15.3%	10,162	-13.8%	0.26%	-16.5%
PFE	Buy	Pfizer, Inc.	$571,000	+5.0%	19,863	+2.3%	0.25%	+3.3%
BRKB	Buy	Berkshire Hathaway Inc. Cl B	$571,000	+6.9%	5,027	+5.3%	0.25%	+5.0%
SLB	Buy	Schlumberger Ltd	$554,000	+25.9%	6,269	+2.0%	0.24%	+23.9%
BPL	Sell	Buckeye Partners L P Unit L	$548,000	-7.6%	8,355	-1.2%	0.24%	-9.1%
HAL	Sell	Halliburton Company	$527,000	+13.3%	10,943	-1.9%	0.23%	+11.5%
BDX	Sell	Becton Dickinson & Co.	$478,000	-11.6%	4,775	-12.8%	0.21%	-13.2%
EMR	Sell	Emerson Electric Co	$471,000	-73.3%	7,280	-77.5%	0.21%	-73.8%
SO	Sell	Southern Company	$451,000	-21.2%	10,960	-15.4%	0.20%	-22.3%
MCD	Buy	McDonald's Corp.	$408,000	+12.4%	4,245	+15.8%	0.18%	+11.1%
APC	Buy	Anadarko Petroleum Corp.	$370,000	+16.4%	3,984	+7.5%	0.16%	+14.8%
CZNC	Sell	Citizens & Northern Corp.	$361,000	-2.2%	18,100	-5.2%	0.16%	-3.6%
EPD	Buy	Enterprise Products Partners L	$345,000	+3.6%	5,650	+5.6%	0.15%	+2.0%
DIS	Buy	Disney, Walt	$346,000	+8.1%	5,366	+5.8%	0.15%	+6.3%
INTC	Buy	Intel Corporation	$301,000	+13.2%	13,113	+19.6%	0.13%	+11.8%
CYS	New	CYS Investments Inc	$301,000	–	37,000	–	0.13%	–
PX	Buy	Praxair Inc.	$286,000	+5.5%	2,378	+1.2%	0.13%	+4.1%
COST	Buy	Costco Wholesale	$268,000	+22.4%	2,329	+17.5%	0.12%	+20.4%
AZN	Buy	AstraZeneca PLC Spon ADR	$269,000	+24.5%	5,175	+13.1%	0.12%	+21.6%
QCOM	Buy	Qualcomm Inc.	$268,000	+10.7%	3,981	+0.6%	0.12%	+9.3%
TIP	Buy	iShares Barclays US TIPS Fundxtmi	$264,000	+2.7%	2,346	+2.2%	0.12%	+0.9%
APD	New	Air Products & Chemicals Inc	$234,000	–	2,195	–	0.10%	–
ITW	New	Illinois Tool Works	$219,000	–	2,866	–	0.10%	–
HON	New	Honeywell International	$215,000	–	2,591	–	0.10%	–
DUK	Sell	Duke Energy Corp.	$205,000	-23.8%	3,075	-23.0%	0.09%	-25.0%
NBL	New	Noble Energy, Inc.	$200,000	–	2,990	–	0.09%	–
CMO	New	Capstead Mortgage Corp.	$174,000	–	14,750	–	0.08%	–
TEF	Exit	Telefonica SA Sponsored ADR	$0	–	-13,700	–	-0.08%	–
CINF	Exit	Cincinnati Financial Corp.	$0	–	-4,450	–	-0.09%	–
SE	Exit	Spectra Energy Corporation	$0	–	-5,950	–	-0.09%	–
PPG	Exit	PPG Industries	$0	–	-1,475	–	-0.10%	–
ANAT	Exit	American National Ins. Co.	$0	–	-3,950	–	-0.18%	–
SYMC	Exit	Symantec Corporation	$0	–	-109,150	–	-1.10%	–
SAPE	Exit	Sapient Corporation	$0	–	-197,700	–	-1.15%	–
ADBE	Exit	Adobe Systems Inc.	$0	–	-91,483	–	-1.86%	–

Q2 2013

			Value		Shares		↓ Weighting
IBM	New	International Business Machine	$7,661,000	–	40,089	–	3.42%	–
XOM	New	Exxon Mobil Corp.	$7,435,000	–	82,293	–	3.32%	–
JNJ	New	Johnson & Johnson	$7,260,000	–	84,556	–	3.24%	–
PG	New	Procter & Gamble	$7,171,000	–	93,144	–	3.21%	–
GE	New	General Electric Company	$7,159,000	–	308,692	–	3.20%	–
CVX	New	ChevronTexaco Corporation	$6,348,000	–	53,640	–	2.84%	–
MSFT	New	Microsoft Corp.	$5,450,000	–	157,752	–	2.44%	–
LPT	New	Liberty Property Trust	$5,251,000	–	142,064	–	2.35%	–
AMG	New	Affiliated Managers Group, Inc	$5,219,000	–	31,837	–	2.33%	–
UTX	New	United Technologies	$5,187,000	–	55,810	–	2.32%	–
NSRGY	New	Nestle SA Spon ADR	$5,179,000	–	78,726	–	2.32%	–
TJX	New	TJX Companies Inc.	$5,174,000	–	103,360	–	2.31%	–
PNC	New	PNC Financial Services Group,	$4,935,000	–	67,677	–	2.21%	–
ADP	New	Automatic Data Processing	$4,910,000	–	71,299	–	2.20%	–
PEP	New	PepsiCo Inc.	$4,849,000	–	59,289	–	2.17%	–
BA	New	Boeing Co.	$4,570,000	–	44,608	–	2.04%	–
ADBE	New	Adobe Systems Inc.	$4,168,000	–	91,483	–	1.86%	–
PAA	New	Plains All Amer Pipeline LP	$4,027,000	–	72,150	–	1.80%	–
PPL	New	PPL Corporation	$3,995,000	–	132,015	–	1.79%	–
OMC	New	Omnicom Group	$3,774,000	–	60,035	–	1.69%	–
EAT	New	Brinker International Inc.	$3,754,000	–	95,195	–	1.68%	–
CAG	New	ConAgra Foods Inc.	$3,737,000	–	106,985	–	1.67%	–
UPS	New	United Parcel Service, Inc. Cl	$3,605,000	–	41,682	–	1.61%	–
ESRX	New	Express Scripts Holding Compan	$3,581,000	–	57,998	–	1.60%	–
MCK	New	McKesson Corporation	$3,311,000	–	28,914	–	1.48%	–
UNH	New	UnitedHealth Group Inc.	$3,228,000	–	49,299	–	1.44%	–
FITB	New	Fifth Third Bancorp	$3,119,000	–	172,812	–	1.39%	–
A	New	Agilent Technologies	$2,988,000	–	69,875	–	1.34%	–
AAPL	New	Apple Computer	$2,984,000	–	7,525	–	1.33%	–
WFT	New	Weatherford Int'l Ltd.	$2,910,000	–	212,400	–	1.30%	–
KEY	New	KeyCorp	$2,877,000	–	260,575	–	1.29%	–
ABT	New	Abbott Laboratories	$2,839,000	–	81,400	–	1.27%	–
ETP	New	Energy Transfer Partners, L.P.	$2,688,000	–	53,187	–	1.20%	–
EXXIQ	New	Energy XXI (Bermuda) Ltd.	$2,630,000	–	118,600	–	1.18%	–
SAPE	New	Sapient Corporation	$2,582,000	–	197,700	–	1.15%	–
BCE	New	BCE Inc.	$2,542,000	–	61,958	–	1.14%	–
SUSQ	New	Susquehanna Bancshares, Inc.	$2,513,000	–	195,528	–	1.12%	–
SYMC	New	Symantec Corporation	$2,454,000	–	109,150	–	1.10%	–
IWN	New	iShares Russell 2000 Value Indxtmf	$2,420,000	–	28,167	–	1.08%	–
EXC	New	Exelon Corporation	$2,381,000	–	77,112	–	1.06%	–
BHP	New	BHP Billiton Ltd Adr	$2,357,000	–	40,884	–	1.05%	–
COP	New	ConocoPhillips	$2,156,000	–	35,643	–	0.96%	–
ABBV	New	AbbVie Inc.	$2,105,000	–	50,918	–	0.94%	–
T	New	AT&T, Inc.	$2,057,000	–	58,114	–	0.92%	–
EEP	New	Enbridge Energy Partners, L.P.	$1,999,000	–	65,560	–	0.89%	–
WCRX	New	Warner Chilcott, PLC	$1,919,000	–	96,400	–	0.86%	–
EMR	New	Emerson Electric Co	$1,766,000	–	32,384	–	0.79%	–
4945SC	New	Kinder Morgan Energy Partners	$1,559,000	–	18,255	–	0.70%	–
BAC	New	Bank of America Corp.	$1,488,000	–	115,700	–	0.66%	–
GIS	New	General Mills Inc.	$1,439,000	–	29,660	–	0.64%	–
UNP	New	Union Pacific Corp.	$1,399,000	–	9,068	–	0.62%	–
SUI	New	Sun Communities Inc.	$1,340,000	–	26,935	–	0.60%	–
TNH	New	Terra Nitrogen Company, LP	$1,333,000	–	6,230	–	0.60%	–
WLL	New	Whiting Petroleum Corp.	$1,319,000	–	28,611	–	0.59%	–
VZ	New	Verizon Communications	$1,273,000	–	25,287	–	0.57%	–
CSCO	New	Cisco Systems Inc.	$1,244,000	–	51,104	–	0.56%	–
PDER	New	Pardee Resources Company, Inc.	$1,109,000	–	4,800	–	0.50%	–
DFS	New	Discover Financial Services	$1,092,000	–	22,924	–	0.49%	–
KELYA	New	Kelly Services Cl A	$929,000	–	53,200	–	0.42%	–
STI	New	SunTrust Banks	$925,000	–	29,315	–	0.41%	–
KO	New	Coca-Cola Co.	$887,000	–	22,123	–	0.40%	–
KMB	New	Kimberly-Clark Corp.	$848,000	–	8,729	–	0.38%	–
DEO	New	Diageo PLC Spon ADR	$772,000	–	6,716	–	0.34%	–
HCN	New	Health Care REIT, Inc.	$771,000	–	11,509	–	0.34%	–
MRK	New	Merck & Co.	$751,000	–	16,175	–	0.34%	–
MMM	New	3M Co.	$711,000	–	6,506	–	0.32%	–
PSX	New	Phillips 66	$694,000	–	11,784	–	0.31%	–
DD	New	Du Pont, E. I.	$663,000	–	12,620	–	0.30%	–
CERN	New	Cerner Corporation	$656,000	–	6,830	–	0.29%	–
NFX	New	Newfield Exploration Company	$650,000	–	27,225	–	0.29%	–
JPM	New	J.P. Morgan Chase	$645,000	–	12,220	–	0.29%	–
BPL	New	Buckeye Partners L P Unit L	$593,000	–	8,455	–	0.26%	–
SO	New	Southern Company	$572,000	–	12,962	–	0.26%	–
NLY	New	Annaly Mortgage Management, In	$546,000	–	43,419	–	0.24%	–
PBCT	New	People's United Financial, Inc	$543,000	–	36,431	–	0.24%	–
PFE	New	Pfizer, Inc.	$544,000	–	19,413	–	0.24%	–
BDX	New	Becton Dickinson & Co.	$541,000	–	5,475	–	0.24%	–
BRKB	New	Berkshire Hathaway Inc. Cl B	$534,000	–	4,774	–	0.24%	–
BRKA	New	Berkshire Hathaway Inc. Cl A	$506,000	–	3	–	0.23%	–
HAL	New	Halliburton Company	$465,000	–	11,157	–	0.21%	–
SLB	New	Schlumberger Ltd	$440,000	–	6,144	–	0.20%	–
IWD	New	iShares Russell 1000 Value Indxtmf	$420,000	–	5,017	–	0.19%	–
ANAT	New	American National Ins. Co.	$393,000	–	3,950	–	0.18%	–
BSV	New	Vanguard Short-Term Bond Fundxtmi	$378,000	–	4,715	–	0.17%	–
CZNC	New	Citizens & Northern Corp.	$369,000	–	19,100	–	0.16%	–
MCD	New	McDonald's Corp.	$363,000	–	3,665	–	0.16%	–
BMY	New	Bristol-Myers Squibb	$361,000	–	8,087	–	0.16%	–
AFL	New	AFLAC Inc.	$349,000	–	6,000	–	0.16%	–
HBAN	New	Huntington Bancshares, Inc.	$347,000	–	44,150	–	0.16%	–
EPD	New	Enterprise Products Partners L	$333,000	–	5,350	–	0.15%	–
IJR	New	iShares S&P SmallCap 600 Indexxtmf	$324,000	–	3,585	–	0.14%	–
DIS	New	Disney, Walt	$320,000	–	5,073	–	0.14%	–
APC	New	Anadarko Petroleum Corp.	$318,000	–	3,705	–	0.14%	–
IWM	New	iShares Russell 2000 Index Funxtmf	$315,000	–	3,247	–	0.14%	–
VVUS	New	VIVUS, Inc.	$315,000	–	25,000	–	0.14%	–
WEC	New	Wisconsin Energy Corp.	$287,000	–	7,000	–	0.13%	–
VWO	New	Vanguard Emerging Marketsxtif	$277,000	–	7,144	–	0.12%	–
HD	New	Home Depot Inc.	$274,000	–	3,541	–	0.12%	–
PX	New	Praxair Inc.	$271,000	–	2,349	–	0.12%	–
DUK	New	Duke Energy Corp.	$269,000	–	3,992	–	0.12%	–
INTC	New	Intel Corporation	$266,000	–	10,963	–	0.12%	–
SYY	New	Sysco Corp.	$264,000	–	7,740	–	0.12%	–
GLD	New	SPDR Gold Trustxtmf	$262,000	–	2,200	–	0.12%	–
IWR	New	iShares Russell Midcap Index Fxtmf	$260,000	–	2,000	–	0.12%	–
TIP	New	iShares Barclays US TIPS Fundxtmi	$257,000	–	2,296	–	0.12%	–
IVV	New	iShares S&P 500 Index Fundxtmf	$257,000	–	1,600	–	0.12%	–
QCOM	New	Qualcomm Inc.	$242,000	–	3,959	–	0.11%	–
SHW	New	Sherwin Williams	$231,000	–	1,308	–	0.10%	–
RF	New	Regions Financial Corporation	$225,000	–	23,628	–	0.10%	–
CL	New	Colgate-Palmolive Co.	$223,000	–	3,890	–	0.10%	–
IBB	New	iShares Nasdaq Biotechnology Ixtmf	$222,000	–	1,275	–	0.10%	–
COST	New	Costco Wholesale	$219,000	–	1,982	–	0.10%	–
AZN	New	AstraZeneca PLC Spon ADR	$216,000	–	4,575	–	0.10%	–
PPG	New	PPG Industries	$216,000	–	1,475	–	0.10%	–
SE	New	Spectra Energy Corporation	$205,000	–	5,950	–	0.09%	–
CINF	New	Cincinnati Financial Corp.	$204,000	–	4,450	–	0.09%	–
SNV	New	Synovus Financial Corp	$186,000	–	63,539	–	0.08%	–
TEF	New	Telefonica SA Sponsored ADR	$175,000	–	13,700	–	0.08%	–
NWBI	New	Northwest Bancshares, Inc.	$163,000	–	12,100	–	0.07%	–
MMT	New	MFS Multimarket Income Trustxtmi	$120,000	–	18,025	–	0.05%	–
HRAI	New	HouseRaising, Inc.	$0	–	10,000	–	0.00%	–

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Export Maple Capital Management, Inc.'s holdings