Cardinal Capital Management Activity Q1 2008-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
LLY	Sell	ELI LILLY & CO	$19,158,392	+12.8%	35,668	-1.6%	3.90%	+14.0%
MSFT	Sell	MICROSOFT CORP	$16,522,566	-7.4%	52,328	-0.1%	3.36%	-6.4%
JNJ	Buy	JOHNSON & JOHNSON	$15,720,748	-5.0%	100,936	+0.9%	3.20%	-4.0%
AAPL	Buy	APPLE INC	$13,363,953	-8.9%	78,056	+3.2%	2.72%	-8.0%
XOM	Buy	EXXON MOBIL CORP	$12,451,722	+10.4%	105,900	+0.7%	2.54%	+11.6%
COST	Buy	COSTCO WHSL CORP NEW	$12,301,183	+7.6%	21,774	+2.5%	2.50%	+8.8%
DE	Buy	DEERE & CO	$9,744,727	-6.5%	25,731	+0.3%	1.98%	-5.5%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$9,731,977	+9.3%	40,246	-0.1%	1.98%	+10.5%
LOW	Buy	LOWES COS INC	$9,171,564	-7.4%	44,128	+0.6%	1.87%	-6.4%
INTC	Buy	INTEL CORP	$9,155,263	+8.2%	257,532	+1.7%	1.86%	+9.3%
ITW	Buy	ILLINOIS TOOL WKS INC	$8,590,421	-7.9%	37,077	+0.0%	1.75%	-6.9%
COP	Buy	CONOCOPHILLIPS	$8,568,815	+17.1%	71,526	+1.2%	1.74%	+18.3%
GOOGL	Buy	ALPHABET INC	$8,492,160	+10.2%	64,895	+0.8%	1.73%	+11.4%
WMT	Buy	WALMART INC	$8,160,429	+7.1%	51,025	+5.2%	1.66%	+8.2%
JPM	Buy	JPMORGAN CHASE & CO	$7,983,497	+0.7%	55,051	+1.0%	1.62%	+1.8%
EMR	Buy	EMERSON ELEC CO	$7,553,806	+7.9%	78,221	+1.0%	1.54%	+9.1%
CSCO	Buy	CISCO SYS INC	$7,346,304	+6.3%	136,650	+2.3%	1.50%	+7.4%
MRK	Buy	MERCK & CO INC	$7,127,029	-10.0%	68,748	+0.8%	1.45%	-9.0%
BIIB	Buy	BIOGEN INC	$7,101,187	-8.6%	27,630	+1.3%	1.45%	-7.5%
PG	Buy	PROCTER AND GAMBLE CO	$7,072,606	-2.9%	48,489	+1.0%	1.44%	-1.8%
A	Buy	AGILENT TECHNOLOGIES INC	$6,821,132	-5.7%	61,001	+1.6%	1.39%	-4.7%
GIS	Buy	GENERAL MLS INC	$6,780,381	-14.7%	105,960	+2.2%	1.38%	-13.8%
QCOM	Buy	QUALCOMM INC	$6,682,283	-4.8%	60,168	+2.1%	1.36%	-3.8%
SBUX	Buy	STARBUCKS CORP	$6,551,817	-6.2%	71,785	+1.8%	1.33%	-5.2%
ECL	Buy	ECOLAB INC	$6,525,576	-8.1%	38,404	+1.3%	1.33%	-7.1%
NVO	Buy	NOVO-NORDISK A Sadr	$6,191,105	+12.8%	68,079	+100.7%	1.26%	+14.0%
REGN	Buy	REGENERON PHARMACEUTICALS	$6,177,138	+15.9%	7,506	+1.2%	1.26%	+17.1%
LH	Buy	LABORATORY CORP AMER HLDGS	$6,128,608	-14.9%	30,483	+2.2%	1.25%	-13.9%
MKC	Buy	MCCORMICK & CO INC	$6,106,418	-11.6%	80,730	+2.0%	1.24%	-10.6%
BDX	Buy	BECTON DICKINSON & CO	$6,074,421	-0.5%	23,496	+1.6%	1.24%	+0.6%
IDXX	Buy	IDEXX LABS INC	$5,855,920	-12.8%	13,392	+0.1%	1.19%	-11.9%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$5,696,601	+7.0%	40,603	+2.0%	1.16%	+8.2%
BK	Buy	BANK NEW YORK MELLON CORP	$5,578,706	-2.3%	130,802	+2.0%	1.14%	-1.2%
TROW	Buy	PRICE T ROWE GROUP INC	$5,285,134	-3.3%	50,397	+3.3%	1.08%	-2.2%
TFC	Buy	TRUIST FINL CORP	$5,162,332	-3.5%	180,438	+2.4%	1.05%	-2.4%
PEP	Buy	PEPSICO INC	$5,016,408	-7.6%	29,606	+1.0%	1.02%	-6.6%
MDT	Buy	MEDTRONIC PLC	$4,864,851	-8.6%	61,550	+2.7%	0.99%	-7.6%
KEYS	Buy	KEYSIGHT TECHNOLOGIES INC	$4,808,940	-20.2%	36,346	+1.0%	0.98%	-19.4%
CMI	Buy	CUMMINS INC	$4,505,689	-5.9%	19,722	+1.0%	0.92%	-4.9%
KO	Buy	COCA COLA CO	$4,374,394	-5.4%	77,509	+1.7%	0.89%	-4.4%
NVS	Buy	NOVARTIS AGadr	$4,247,053	+3.0%	41,695	+2.0%	0.86%	+4.1%
HAS	Buy	HASBRO INC	$4,072,836	+5.2%	61,579	+3.1%	0.83%	+6.4%
FDX	Buy	FEDEX CORP	$4,047,948	+11.0%	15,211	+3.9%	0.82%	+12.3%
NFG	Buy	NATIONAL FUEL GAS CO	$4,010,872	+5.5%	76,544	+4.4%	0.82%	+6.5%
VMW	Buy	VMWARE INC	$4,005,676	+16.6%	24,061	+0.6%	0.82%	+17.8%
MMM	Buy	3M CO	$3,768,483	-2.0%	40,253	+4.8%	0.77%	-0.9%
DLTR	Buy	DOLLAR TREE INC	$3,647,510	-23.3%	34,265	+3.4%	0.74%	-22.5%
	Buy	SHELL PLCadr	$3,565,687	+7.5%	55,385	+0.8%	0.73%	+8.7%
TM	Buy	TOYOTA MOTOR CORPadr	$3,461,087	+15.0%	19,255	+2.8%	0.70%	+16.3%
SAP	Buy	SAP SEadr	$3,365,812	-4.5%	26,027	+1.1%	0.68%	-3.5%
STT	Buy	STATE STR CORP	$3,297,042	-6.6%	48,743	+1.9%	0.67%	-5.6%
RY	Buy	ROYAL BK CDA	$3,183,429	-6.9%	36,407	+1.7%	0.65%	-6.0%
SNY	Buy	SANOFIadr	$3,146,147	+1.1%	58,653	+1.6%	0.64%	+2.1%
LSTR	Buy	LANDSTAR SYS INC	$3,046,376	-6.8%	17,217	+1.4%	0.62%	-5.8%
UPS	Buy	UNITED PARCEL SERVICE INC	$3,034,478	-11.3%	19,468	+2.0%	0.62%	-10.3%
RJF	Buy	RAYMOND JAMES FINL INC	$2,844,035	-2.2%	28,201	+1.1%	0.58%	-1.2%
BMI	Buy	BADGER METER INC	$2,820,716	-2.0%	19,606	+0.5%	0.57%	-0.9%
PSX	Buy	PHILLIPS 66	$2,791,686	+29.0%	23,235	+2.4%	0.57%	+30.3%
VEEV	Buy	VEEVA SYS INC	$2,753,493	+5.1%	13,534	+2.1%	0.56%	+6.1%
TTE	Buy	TOTALENERGIES SEadr	$2,712,440	+15.3%	40,771	+1.3%	0.55%	+16.5%
ODC	Buy	OIL DRI CORP AMER	$2,692,918	+5.1%	43,610	+0.4%	0.55%	+6.2%
USLM	Buy	UNITED STS LIME & MINERALS I	$2,635,512	-2.2%	13,112	+1.6%	0.54%	-1.3%
FFIV	Buy	F5 INC	$2,580,174	+11.8%	16,012	+1.5%	0.52%	+12.9%
ESLT	Buy	ELBIT SYS LTD	$2,562,258	-4.3%	12,942	+1.2%	0.52%	-3.2%
MORN	Buy	MORNINGSTAR INC	$2,533,306	+21.2%	10,815	+1.5%	0.52%	+22.6%
TDY	Buy	TELEDYNE TECHNOLOGIES INC	$2,502,144	+1.3%	6,124	+1.9%	0.51%	+2.2%
BCPC	Buy	BALCHEM CORP	$2,413,819	-6.5%	19,460	+1.7%	0.49%	-5.6%
DLB	Buy	DOLBY LABORATORIES INC	$2,347,365	-3.4%	29,616	+2.0%	0.48%	-2.4%
SNA	Buy	SNAP ON INC	$2,333,799	-9.9%	9,150	+1.8%	0.48%	-9.0%
TD	Buy	TORONTO DOMINION BK ONT	$2,315,551	-1.0%	38,426	+1.9%	0.47%	0.0%
BNS	Buy	BANK NOVA SCOTIA HALIFAX	$2,187,637	-7.3%	47,985	+1.7%	0.44%	-6.3%
BMY	Buy	BRISTOL-MYERS SQUIBB CO	$2,064,077	-6.4%	35,563	+3.1%	0.42%	-5.4%
RHI	Buy	ROBERT HALF INC.	$2,049,569	-0.2%	27,969	+2.4%	0.42%	+0.7%
CACI	Buy	CACI INTL INC	$2,038,662	-6.4%	6,494	+1.6%	0.42%	-5.5%
JKHY	Buy	HENRY JACK & ASSOC INC	$2,008,802	-7.5%	13,291	+2.4%	0.41%	-6.4%
DD	Buy	DUPONT DE NEMOURS INC	$1,967,983	+6.0%	26,384	+1.5%	0.40%	+7.2%
CW	Buy	CURTISS WRIGHT CORP	$1,941,060	+7.8%	9,912	+1.2%	0.40%	+8.8%
FWRD	Buy	FORWARD AIR CORP	$1,869,522	-33.6%	27,197	+2.5%	0.38%	-32.8%
UTHR	Buy	UNITED THERAPEUTICS CORP DEL	$1,861,169	+4.2%	8,240	+1.8%	0.38%	+5.3%
GOOG	Sell	ALPHABET INC	$1,857,767	+8.8%	14,090	-0.1%	0.38%	+9.9%
GGG	Buy	GRACO INC	$1,848,237	-14.2%	25,360	+1.7%	0.38%	-13.4%
	Buy	GSK PLCadr	$1,816,097	+3.7%	49,616	+1.9%	0.37%	+4.8%
NXPI	Buy	NXP SEMICONDUCTORS N V	$1,811,508	-1.1%	9,016	+1.2%	0.37%	0.0%
UL	Buy	UNILEVER PLCadr	$1,680,490	-3.4%	34,018	+1.9%	0.34%	-2.3%
CRL	Buy	CHARLES RIV LABS INTL INC	$1,646,820	-4.8%	8,403	+2.2%	0.34%	-3.7%
WBS	Buy	WEBSTER FINL CORP	$1,564,149	+10.0%	38,803	+3.0%	0.32%	+11.2%
SYNA	Buy	SYNAPTICS INC	$1,496,242	+8.8%	16,729	+3.9%	0.30%	+10.1%
HBAN	Buy	HUNTINGTON BANCSHARES INC	$1,481,542	-0.2%	140,403	+3.4%	0.30%	+1.0%
SR	Buy	SPIRE INC	$1,409,933	-7.6%	24,612	+3.5%	0.29%	-6.5%
GNTX	Buy	GENTEX CORP	$1,404,232	+13.6%	43,154	+2.1%	0.29%	+14.9%
BSAC	Buy	BANCO SANTANDER CHILE NEWadr	$1,302,434	+1.5%	71,016	+4.3%	0.26%	+2.7%
JAZZ	Buy	JAZZ PHARMACEUTICALS PLC	$1,292,329	+7.8%	9,984	+3.3%	0.26%	+9.1%
DOW	Buy	DOW INC	$1,274,151	-2.5%	24,712	+0.7%	0.26%	-1.5%
HUBG	Buy	HUB GROUP INC	$1,257,897	+0.0%	16,016	+2.3%	0.26%	+1.2%
KE	Buy	KIMBALL ELECTRONICS INC	$1,252,334	+1.5%	45,739	+2.4%	0.26%	+2.4%
CTVA	Buy	CORTEVA INC	$1,227,482	-10.1%	23,993	+0.7%	0.25%	-9.1%
CRUS	Buy	CIRRUS LOGIC INC	$1,211,983	-6.4%	16,387	+2.5%	0.25%	-5.4%
JCOM	Buy	ZIFF DAVIS INC	$1,190,303	-5.5%	18,689	+4.0%	0.24%	-4.7%
LNN	Buy	LINDSAY CORP	$1,167,504	+1.7%	9,921	+3.2%	0.24%	+3.0%
ALC	Buy	ALCON AG	$1,145,189	-4.2%	14,861	+2.0%	0.23%	-3.3%
OLED	Buy	UNIVERSAL DISPLAY CORP	$1,131,427	+11.7%	7,207	+2.5%	0.23%	+12.7%
OZK	Buy	BANK OZK LITTLE ROCK ARK	$1,127,373	-3.0%	30,412	+5.1%	0.23%	-2.1%
IT	Buy	GARTNER INC	$1,102,989	+0.4%	3,210	+2.4%	0.22%	+1.8%
PLPC	Buy	PREFORMED LINE PRODS CO	$1,071,572	+5.8%	6,583	+1.6%	0.22%	+6.9%
SAM	Buy	BOSTON BEER INC	$1,070,429	+30.8%	2,748	+3.5%	0.22%	+32.1%
FNB	Buy	F N B CORP	$1,067,239	-3.6%	98,910	+2.3%	0.22%	-2.7%
AGX	Buy	ARGAN INC	$1,031,802	+18.7%	22,667	+2.8%	0.21%	+20.0%
JWA	Buy	WILEY JOHN & SONS INC	$1,023,439	+13.2%	27,534	+3.7%	0.21%	+14.3%
MASI	Buy	MASIMO CORP	$1,012,441	-44.4%	11,547	+4.4%	0.21%	-43.7%
PFE	Buy	PFIZER INC	$1,006,013	-5.9%	30,329	+4.1%	0.20%	-4.7%
HAE	Buy	HAEMONETICS CORP MASS	$1,002,222	+8.0%	11,188	+2.6%	0.20%	+9.1%
UTMD	Buy	UTAH MED PRODS INC	$999,344	-5.5%	11,581	+2.4%	0.20%	-4.7%
UNB	Buy	UNION BANKSHARES INC	$956,570	+1.8%	42,704	+4.3%	0.20%	+3.2%
CFR	Buy	CULLEN FROST BANKERS INC	$942,109	-12.1%	10,329	+3.6%	0.19%	-11.1%
LZB	Buy	LA Z BOY INC	$915,901	+10.2%	29,660	+2.2%	0.19%	+11.4%
HTLD	Buy	HEARTLAND EXPRESS INC	$913,160	-7.7%	62,078	+3.1%	0.19%	-6.5%
CHKP	Buy	CHECK POINT SOFTWARE TECH LT	$878,049	+9.6%	6,588	+3.3%	0.18%	+11.2%
	New	FORTREA HLDGS INC	$843,034	–	29,487	–	0.17%	–
IART	Buy	INTEGRA LIFESCIENCES HLDGS C	$830,786	-3.9%	21,754	+3.5%	0.17%	-2.9%
IDCC	Buy	INTERDIGITAL INC	$784,026	-14.5%	9,771	+2.9%	0.16%	-13.5%
GRFS	Buy	GRIFOLS S Aadr	$775,319	+4.6%	84,827	+4.8%	0.16%	+6.0%
WOR	Buy	WORTHINGTON INDS INC	$770,030	-9.1%	12,456	+2.2%	0.16%	-8.2%
IIIN	Buy	INSTEEL INDS INC	$767,225	+7.6%	23,636	+3.1%	0.16%	+8.3%
ALRM	Buy	ALARM COM HLDGS INC	$743,585	+23.1%	12,162	+4.1%	0.15%	+23.8%
MIDD	Buy	MIDDLEBY CORP	$717,312	-10.2%	5,604	+3.7%	0.15%	-9.3%
NRC	Buy	NATIONAL RESH CORP	$713,698	+7.9%	16,042	+5.8%	0.14%	+9.0%
HSIC	Buy	HENRY SCHEIN INC	$639,961	-4.3%	8,619	+4.5%	0.13%	-3.7%
TMP	Buy	TOMPKINS FINL CORP	$627,709	-7.4%	12,813	+5.2%	0.13%	-6.6%
MNRO	Buy	MONRO INC	$608,830	-24.4%	21,924	+10.6%	0.12%	-23.5%
SEE	Buy	SEALED AIR CORP NEW	$548,993	-14.0%	16,707	+4.6%	0.11%	-13.2%
MHK	Buy	MOHAWK INDS INC	$508,768	-12.7%	5,929	+4.9%	0.10%	-11.1%
PAHC	Buy	PHIBRO ANIMAL HEALTH CORP	$483,703	-1.7%	37,878	+5.5%	0.10%	-1.0%
SILC	Buy	SILICOM LTD	$394,841	-23.4%	15,128	+8.1%	0.08%	-23.1%
	Buy	HALEON PLCadr	$336,021	+1.7%	40,131	+1.7%	0.07%	+1.5%
OGN	Buy	ORGANON & CO	$219,361	-12.7%	12,636	+4.7%	0.04%	-11.8%

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$17,842,253	–	52,394	–	3.59%	–
LLY	New	LILLY ELI & CO	$16,991,626	–	36,231	–	3.42%	–
JNJ	New	JOHNSON & JOHNSON	$16,553,785	–	100,011	–	3.33%	–
AAPL	New	APPLE INC	$14,675,948	–	75,661	–	2.96%	–
COST	New	COSTCO WHSL CORP NEW	$11,432,256	–	21,235	–	2.30%	–
XOM	New	EXXON MOBIL CORP	$11,282,593	–	105,199	–	2.27%	–
DE	New	DEERE & CO	$10,423,992	–	25,648	–	2.10%	–
LOW	New	LOWES COS INC	$9,901,685	–	43,871	–	1.99%	–
ITW	New	ILLINOIS TOOL WKS INC	$9,323,003	–	37,076	–	1.88%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$8,901,645	–	40,275	–	1.79%	–
INTC	New	INTEL CORP	$8,464,133	–	253,114	–	1.70%	–
GIS	New	GENERAL MLS INC	$7,951,950	–	103,676	–	1.60%	–
JPM	New	JPMORGAN CHASE & CO	$7,930,116	–	54,525	–	1.60%	–
MRK	New	MERCK & CO INC	$7,919,684	–	68,208	–	1.60%	–
BIIB	New	BIOGEN INC	$7,767,575	–	27,269	–	1.56%	–
GOOGL	New	ALPHABET INC	$7,705,089	–	64,370	–	1.55%	–
WMT	New	WALMART INC	$7,622,287	–	48,494	–	1.54%	–
COP	New	CONOCOPHILLIPS	$7,320,254	–	70,652	–	1.47%	–
PG	New	PROCTER AND GAMBLE CO	$7,282,762	–	47,995	–	1.47%	–
A	New	AGILENT TECHNOLOGIES INC	$7,230,638	–	60,019	–	1.46%	–
LH	New	LABORATORY CORP AMER HLDGS	$7,201,288	–	29,840	–	1.45%	–
ECL	New	ECOLAB INC	$7,098,504	–	37,917	–	1.43%	–
QCOM	New	QUALCOMM INC	$7,015,530	–	58,934	–	1.41%	–
EMR	New	EMERSON ELEC CO	$7,003,782	–	77,484	–	1.41%	–
SBUX	New	STARBUCKS CORP	$6,987,792	–	70,541	–	1.41%	–
CSCO	New	CISCO SYS INC	$6,914,120	–	133,632	–	1.39%	–
MKC	New	MCCORMICK & CO INC	$6,907,134	–	79,183	–	1.39%	–
IDXX	New	IDEXX LABS INC	$6,717,829	–	13,376	–	1.35%	–
BDX	New	BECTON DICKINSON & CO	$6,106,288	–	23,129	–	1.23%	–
KEYS	New	KEYSIGHT TECHNOLOGIES INC	$6,028,200	–	36,000	–	1.21%	–
BK	New	BANK NEW YORK MELLON CORP	$5,708,355	–	128,220	–	1.15%	–
NVO	New	NOVO-NORDISK A Sadr	$5,488,141	–	33,913	–	1.10%	–
TROW	New	PRICE T ROWE GROUP INC	$5,463,328	–	48,771	–	1.10%	–
PEP	New	PEPSICO INC	$5,428,948	–	29,311	–	1.09%	–
TFC	New	TRUIST FINL CORP	$5,349,006	–	176,244	–	1.08%	–
REGN	New	REGENERON PHARMACEUTICALS	$5,330,130	–	7,418	–	1.07%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$5,325,371	–	39,798	–	1.07%	–
MDT	New	MEDTRONIC PLC	$5,320,335	–	59,928	–	1.07%	–
CMI	New	CUMMINS INC	$4,788,956	–	19,534	–	0.96%	–
DLTR	New	DOLLAR TREE INC	$4,753,725	–	33,127	–	0.96%	–
KO	New	COCA COLA CO	$4,625,163	–	76,225	–	0.93%	–
NVS	New	NOVARTIS AGadr	$4,125,100	–	40,879	–	0.83%	–
HAS	New	HASBRO INC	$3,869,749	–	59,746	–	0.78%	–
MMM	New	3M CO	$3,843,453	–	38,400	–	0.77%	–
NFG	New	NATIONAL FUEL GAS CO	$3,802,520	–	73,340	–	0.77%	–
FDX	New	FEDEX CORP	$3,646,414	–	14,636	–	0.73%	–
STT	New	STATE STR CORP	$3,529,049	–	47,819	–	0.71%	–
SAP	New	SAP SEadr	$3,523,268	–	25,753	–	0.71%	–
VMW	New	VMWARE INC	$3,435,341	–	23,908	–	0.69%	–
RY	New	ROYAL BK CDA	$3,419,832	–	35,806	–	0.69%	–
UPS	New	UNITED PARCEL SERVICE INC	$3,421,883	–	19,090	–	0.69%	–
	New	SHELL PLCadr	$3,317,217	–	54,939	–	0.67%	–
LSTR	New	LANDSTAR SYS INC	$3,267,789	–	16,972	–	0.66%	–
SNY	New	SANOFIadr	$3,111,162	–	57,721	–	0.63%	–
TM	New	TOYOTA MOTOR CORPadr	$3,010,366	–	18,727	–	0.61%	–
RJF	New	RAYMOND JAMES FINL INC	$2,907,598	–	27,907	–	0.59%	–
BMI	New	BADGER METER INC	$2,877,273	–	19,499	–	0.58%	–
FWRD	New	FORWARD AIR CORP	$2,815,205	–	26,531	–	0.57%	–
USLM	New	UNITED STS LIME & MINERALS I	$2,695,517	–	12,904	–	0.54%	–
ESLT	New	ELBIT SYS LTD	$2,678,119	–	12,786	–	0.54%	–
VEEV	New	VEEVA SYS INC	$2,620,121	–	13,251	–	0.53%	–
SNA	New	SNAP ON INC	$2,590,252	–	8,988	–	0.52%	–
BCPC	New	BALCHEM CORP	$2,580,264	–	19,140	–	0.52%	–
ODC	New	OIL DRI CORP AMER	$2,562,703	–	43,443	–	0.52%	–
TDY	New	TELEDYNE TECHNOLOGIES INC	$2,470,772	–	6,010	–	0.50%	–
DLB	New	DOLBY LABORATORIES INC	$2,430,737	–	29,048	–	0.49%	–
BNS	New	BANK NOVA SCOTIA HALIFAX	$2,360,637	–	47,175	–	0.48%	–
TTE	New	TOTALENERGIES SEadr	$2,351,971	–	40,248	–	0.47%	–
TD	New	TORONTO DOMINION BK ONT	$2,338,212	–	37,707	–	0.47%	–
FFIV	New	F5 INC	$2,308,276	–	15,782	–	0.46%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$2,205,828	–	34,493	–	0.44%	–
CACI	New	CACI INTL INC	$2,178,650	–	6,392	–	0.44%	–
JKHY	New	HENRY JACK & ASSOC INC	$2,172,111	–	12,981	–	0.44%	–
PSX	New	PHILLIPS 66	$2,164,268	–	22,691	–	0.44%	–
GGG	New	GRACO INC	$2,153,310	–	24,937	–	0.43%	–
MORN	New	MORNINGSTAR INC	$2,089,518	–	10,657	–	0.42%	–
RHI	New	ROBERT HALF INTL INC	$2,054,259	–	27,310	–	0.41%	–
DD	New	DUPONT DE NEMOURS INC	$1,857,298	–	25,998	–	0.37%	–
NXPI	New	NXP SEMICONDUCTORS N V	$1,831,641	–	8,905	–	0.37%	–
MASI	New	MASIMO CORP	$1,819,430	–	11,057	–	0.37%	–
CW	New	CURTISS WRIGHT CORP	$1,801,087	–	9,796	–	0.36%	–
UTHR	New	UNITED THERAPEUTICS CORP DEL	$1,786,751	–	8,094	–	0.36%	–
	New	GSK PLCadr	$1,751,246	–	48,668	–	0.35%	–
UL	New	UNILEVER PLCadr	$1,739,526	–	33,369	–	0.35%	–
CRL	New	CHARLES RIV LABS INTL INC	$1,729,307	–	8,225	–	0.35%	–
GOOG	New	ALPHABET INC	$1,706,887	–	14,110	–	0.34%	–
SR	New	SPIRE INC	$1,525,582	–	23,779	–	0.31%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$1,484,401	–	135,754	–	0.30%	–
WBS	New	WEBSTER FINL CORP	$1,421,590	–	37,658	–	0.29%	–
SYNA	New	SYNAPTICS INC	$1,375,045	–	16,105	–	0.28%	–
CTVA	New	CORTEVA INC	$1,365,746	–	23,835	–	0.28%	–
DOW	New	DOW INC	$1,306,415	–	24,529	–	0.26%	–
CRUS	New	CIRRUS LOGIC INC	$1,295,269	–	15,989	–	0.26%	–
BSAC	New	BANCO SANTANDER CHILE NEWadr	$1,283,516	–	68,091	–	0.26%	–
JCOM	New	ZIFF DAVIS INC	$1,259,119	–	17,972	–	0.25%	–
HUBG	New	HUB GROUP INC	$1,257,330	–	15,654	–	0.25%	–
GNTX	New	GENTEX CORP	$1,236,118	–	42,246	–	0.25%	–
KE	New	KIMBALL ELECTRONICS INC	$1,234,177	–	44,668	–	0.25%	–
ALC	New	ALCON AG	$1,195,933	–	14,565	–	0.24%	–
JAZZ	New	JAZZ PHARMACEUTICALS PLC	$1,198,666	–	9,669	–	0.24%	–
OZK	New	BANK OZK LITTLE ROCK ARK	$1,162,070	–	28,936	–	0.23%	–
LNN	New	LINDSAY CORP	$1,147,455	–	9,615	–	0.23%	–
FNB	New	F N B CORP	$1,106,569	–	96,728	–	0.22%	–
IT	New	GARTNER INC	$1,098,222	–	3,135	–	0.22%	–
CFR	New	CULLEN FROST BANKERS INC	$1,072,290	–	9,972	–	0.22%	–
PFE	New	PFIZER INC	$1,069,002	–	29,144	–	0.22%	–
UTMD	New	UTAH MED PRODS INC	$1,057,325	–	11,309	–	0.21%	–
PLPC	New	PREFORMED LINE PRODS CO	$1,012,816	–	6,480	–	0.20%	–
OLED	New	UNIVERSAL DISPLAY CORP	$1,013,090	–	7,029	–	0.20%	–
HTLD	New	HEARTLAND EXPRESS INC	$989,722	–	60,239	–	0.20%	–
UNB	New	UNION BANKSHARES INC	$940,009	–	40,950	–	0.19%	–
HAE	New	HAEMONETICS CORP MASS	$928,197	–	10,902	–	0.19%	–
IDCC	New	INTERDIGITAL INC	$917,129	–	9,499	–	0.18%	–
JWA	New	WILEY JOHN & SONS INC	$903,769	–	26,558	–	0.18%	–
AGX	New	ARGAN INC	$869,109	–	22,053	–	0.18%	–
IART	New	INTEGRA LIFESCIENCES HLDGS C	$864,430	–	21,017	–	0.17%	–
WOR	New	WORTHINGTON INDS INC	$846,979	–	12,192	–	0.17%	–
LZB	New	LA Z BOY INC	$831,019	–	29,016	–	0.17%	–
SAM	New	BOSTON BEER INC	$818,600	–	2,654	–	0.16%	–
MNRO	New	MONRO INC	$805,572	–	19,827	–	0.16%	–
MIDD	New	MIDDLEBY CORP	$799,022	–	5,405	–	0.16%	–
CHKP	New	CHECK POINT SOFTWARE TECH LT	$800,828	–	6,375	–	0.16%	–
IGSB	New	ISHARES TRetf	$769,608	–	15,340	–	0.16%	–
GRFS	New	GRIFOLS S Aadr	$741,356	–	80,934	–	0.15%	–
IIIN	New	INSTEEL INDS INC	$713,209	–	22,918	–	0.14%	–
TMP	New	TOMPKINS FINL CORP	$678,092	–	12,174	–	0.14%	–
HSIC	New	HENRY SCHEIN INC	$668,751	–	8,246	–	0.14%	–
NRC	New	NATIONAL RESH CORP	$661,511	–	15,162	–	0.13%	–
SEE	New	SEALED AIR CORP NEW	$638,600	–	15,965	–	0.13%	–
ALRM	New	ALARM COM HLDGS INC	$603,881	–	11,685	–	0.12%	–
MHK	New	MOHAWK INDS INC	$583,061	–	5,652	–	0.12%	–
SILC	New	SILICOM LTD	$515,635	–	13,989	–	0.10%	–
PAHC	New	PHIBRO ANIMAL HEALTH CORP	$492,050	–	35,916	–	0.10%	–
	New	HALEON PLCadr	$330,524	–	39,442	–	0.07%	–
SPY	New	SPDR S&P 500 ETF TRetf	$251,824	–	566	–	0.05%	–
OGN	New	ORGANON & CO	$251,198	–	12,071	–	0.05%	–
AMCR	New	AMCOR PLC	$123,782	–	12,403	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
AMCR	Exit	Amcor Plc	$0	–	-12,403	–	-0.03%	–
	Exit	Consensus Cloud Solution	$0	–	-4,258	–	-0.05%	–
	Exit	Haleon PLCadr	$0	–	-39,403	–	-0.06%	–
OGN	Exit	ORGANON & CO	$0	–	-10,336	–	-0.06%	–
GRFS	Exit	Grifols	$0	–	-47,730	–	-0.07%	–
PRLB	Exit	Proto Labs Inc	$0	–	-10,590	–	-0.09%	–
PLPC	Exit	Preformed Line Prods Co	$0	–	-6,285	–	-0.11%	–
WOR	Exit	Worthington Industries	$0	–	-11,768	–	-0.11%	–
IDCC	Exit	Interdigital Inc	$0	–	-11,147	–	-0.11%	–
HSIC	Exit	Henry Schein Inc	$0	–	-7,200	–	-0.11%	–
SILC	Exit	Silicom Limited	$0	–	-13,363	–	-0.11%	–
MHK	Exit	Mohawk Industries Inc	$0	–	-5,191	–	-0.11%	–
NRC	Exit	National Research Corp	$0	–	-12,481	–	-0.12%	–
IIIN	Exit	Insteel Industries Inc	$0	–	-21,696	–	-0.14%	–
NTGR	Exit	NETGEAR INC	$0	–	-30,054	–	-0.14%	–
LZB	Exit	La-Z-Boy Inc	$0	–	-27,331	–	-0.15%	–
OLED	Exit	Universal Display Corp	$0	–	-6,798	–	-0.15%	–
ALRM	Exit	ALARM.COM HOLDINGS INC	$0	–	-10,129	–	-0.16%	–
AGX	Exit	Argan Inc	$0	–	-20,575	–	-0.16%	–
MIDD	Exit	The Middleby Corp	$0	–	-5,168	–	-0.16%	–
BSAC	Exit	Banco Santander New Adrfadr	$0	–	-48,310	–	-0.16%	–
PAHC	Exit	PHIBRO ANIMAL HEALTH CORP-A	$0	–	-51,385	–	-0.16%	–
CHKP	Exit	Check Point Software	$0	–	-6,330	–	-0.17%	–
KE	Exit	KIMBALL ELECTRONICS INC	$0	–	-41,657	–	-0.17%	–
SAM	Exit	Boston Beer Company Inc.	$0	–	-2,398	–	-0.18%	–
UNB	Exit	Union Bankshares Inc	$0	–	-34,316	–	-0.18%	–
MNRO	Exit	Monro, Inc.	$0	–	-17,952	–	-0.18%	–
HAE	Exit	Haemonetics Corp	$0	–	-10,542	–	-0.18%	–
HTLD	Exit	Heartland Express Inc	$0	–	-56,780	–	-0.19%	–
TMP	Exit	Tompkins Financial Cp	$0	–	-11,238	–	-0.19%	–
ALC	Exit	Alcon Inc.	$0	–	-14,416	–	-0.20%	–
IART	Exit	Integra Lifesciences Holdings Corp	$0	–	-19,842	–	-0.20%	–
IT	Exit	Gartner Inc.	$0	–	-3,060	–	-0.20%	–
CSTE	Exit	Caesarstone Ltd	$0	–	-95,272	–	-0.21%	–
	Exit	GlaxoSmithKline Plc ADRadr	$0	–	-30,612	–	-0.21%	–
JWA	Exit	WILEY JOHN & SONS-CLASS A	$0	–	-24,071	–	-0.21%	–
GNTX	Exit	Gentex Corp.	$0	–	-39,014	–	-0.22%	–
UTMD	Exit	Utah Medical Products	$0	–	-10,997	–	-0.22%	–
CAJ	Exit	Canon ADRadr	$0	–	-44,371	–	-0.23%	–
FNB	Exit	FNB Corporation	$0	–	-89,987	–	-0.25%	–
HUBG	Exit	Hub Group Inc-Class A	$0	–	-15,153	–	-0.25%	–
ODC	Exit	Oil-Dri Corp Of America	$0	–	-43,391	–	-0.25%	–
CRUS	Exit	Cirrus Logic Inc	$0	–	-15,422	–	-0.25%	–
OZK	Exit	Bank OZK	$0	–	-26,947	–	-0.25%	–
DOW	Exit	Dow, Inc.	$0	–	-24,191	–	-0.25%	–
JCOM	Exit	Ziff Davis Inc.	$0	–	-16,776	–	-0.27%	–
UL	Exit	Unilever PLC NEW ADRadr	$0	–	-26,931	–	-0.28%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-9,494	–	-0.30%	–
JAZZ	Exit	Jazz Pharmaceuticals PLC	$0	–	-9,656	–	-0.30%	–
USLM	Exit	US Lime & Minerals Inc.	$0	–	-12,599	–	-0.30%	–
SIEGY	Exit	Siemensadr	$0	–	-26,528	–	-0.31%	–
LNN	Exit	Lindsay Corporation	$0	–	-9,076	–	-0.31%	–
DD	Exit	DuPont de Nemours Inc	$0	–	-26,040	–	-0.31%	–
NXPI	Exit	NXP Semiconductors NV	$0	–	-9,029	–	-0.32%	–
CW	Exit	Curtiss Wright Corp	$0	–	-9,584	–	-0.32%	–
CTVA	Exit	Corteva Inc	$0	–	-24,144	–	-0.33%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-14,354	–	-0.33%	–
SR	Exit	Spire Inc.	$0	–	-22,774	–	-0.34%	–
GGG	Exit	Graco Incorporated	$0	–	-24,201	–	-0.34%	–
MASI	Exit	Masimo Corp	$0	–	-10,472	–	-0.35%	–
SYNA	Exit	Synaptics Inc	$0	–	-15,119	–	-0.35%	–
CRL	Exit	Charles River Labs Hldg	$0	–	-7,913	–	-0.37%	–
CACI	Exit	C A C I Inc Cl A	$0	–	-6,202	–	-0.38%	–
WBS	Exit	Webster Finl Cp PV 0.01	$0	–	-36,035	–	-0.39%	–
UTHR	Exit	United Therapeutics Corp.	$0	–	-7,903	–	-0.39%	–
HBAN	Exit	Huntington Bancshares	$0	–	-129,940	–	-0.40%	–
PSX	Exit	Phillips	$0	–	-21,683	–	-0.41%	–
SNA	Exit	Snap On Inc	$0	–	-8,806	–	-0.42%	–
BMI	Exit	Badger Meter Inc	$0	–	-19,534	–	-0.43%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-28,319	–	-0.44%	–
SAP	Exit	SAP AG ADRadr	$0	–	-23,843	–	-0.46%	–
TDY	Exit	Teledyne Technologies	$0	–	-5,887	–	-0.47%	–
TTE	Exit	TotalEnergies SE-Sponsor ADRadr	$0	–	-42,998	–	-0.47%	–
RHI	Exit	Robert Half Intl	$0	–	-26,551	–	-0.48%	–
FDX	Exit	FedEX Corp	$0	–	-14,259	–	-0.50%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-15,278	–	-0.52%	–
MORN	Exit	Morningstar Inc	$0	–	-10,439	–	-0.52%	–
ABB	Exit	ABB Ltd Adradr	$0	–	-87,779	–	-0.53%	–
SNY	Exit	Sanofi Aventis Spon ADRadr	$0	–	-59,461	–	-0.54%	–
BCPC	Exit	Balchem Corp	$0	–	-18,751	–	-0.54%	–
JKHY	Exit	Jack Henry & Assoc Inc	$0	–	-12,685	–	-0.55%	–
TD	Exit	Toronto Dominion Bank	$0	–	-37,839	–	-0.55%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-49,126	–	-0.55%	–
FWRD	Exit	Forward Air Corporation	$0	–	-26,205	–	-0.56%	–
LSTR	Exit	Landstar System Inc	$0	–	-16,776	–	-0.57%	–
MKTAY	Exit	Makita Corp. ADRadr	$0	–	-125,663	–	-0.58%	–
TM	Exit	Toyota Motor Corp. ADRadr	$0	–	-18,851	–	-0.58%	–
VMW	Exit	Vmware Inc Cl A	$0	–	-23,318	–	-0.59%	–
ESLT	Exit	Elbit Systems Ltd	$0	–	-13,207	–	-0.60%	–
RJF	Exit	Raymond James Fincl Inc	$0	–	-27,673	–	-0.65%	–
	Exit	Shell PLCadr	$0	–	-56,982	–	-0.67%	–
STT	Exit	State Street Corp	$0	–	-47,605	–	-0.68%	–
UPS	Exit	United Parcel Service Inc Class B	$0	–	-18,875	–	-0.72%	–
NVS	Exit	Novartis ADRadr	$0	–	-41,840	–	-0.75%	–
RY	Exit	Royal Bank Canada PVUSD1	$0	–	-36,800	–	-0.78%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-109,275	–	-0.81%	–
NVO	Exit	Novo Nordisk A S ADRadr	$0	–	-35,375	–	-0.83%	–
PFE	Exit	Pfizer Inc	$0	–	-83,201	–	-0.86%	–
MMM	Exit	3M Company	$0	–	-35,032	–	-0.92%	–
CMI	Exit	Cummins Inc	$0	–	-19,360	–	-0.93%	–
HAS	Exit	Hasbro Inc	$0	–	-60,394	–	-0.96%	–
KO	Exit	Coca-Cola	$0	–	-76,286	–	-1.01%	–
NFG	Exit	National Fuel Gas Co	$0	–	-69,751	–	-1.02%	–
DLTR	Exit	Dollar Tree Inc.	$0	–	-31,930	–	-1.03%	–
TFC	Exit	Truist Financial Corp	$0	–	-101,949	–	-1.05%	–
INTC	Exit	Intel	$0	–	-174,311	–	-1.06%	–
IDXX	Exit	Idexx Laboratories	$0	–	-13,811	–	-1.06%	–
MDT	Exit	Medtronic Inc.	$0	–	-55,715	–	-1.06%	–
IBM	Exit	Internat'l Business Mach	$0	–	-38,620	–	-1.09%	–
PEP	Exit	Pepsico	$0	–	-29,542	–	-1.14%	–
BK	Exit	Bank of New York Mellon	$0	–	-125,987	–	-1.15%	–
TROW	Exit	T. Rowe Group Inc.	$0	–	-47,432	–	-1.18%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-22,585	–	-1.19%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-7,462	–	-1.22%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-131,132	–	-1.24%	–
ECL	Exit	Ecolab Inc.	$0	–	-36,695	–	-1.25%	–
MKC	Exit	McCormick & Company	$0	–	-77,891	–	-1.31%	–
JPM	Exit	J. P. Morgan Chase & Co. Inc.	$0	–	-53,529	–	-1.32%	–
EMR	Exit	Emerson Electric	$0	–	-76,777	–	-1.33%	–
KEYS	Exit	Keysight Technologies	$0	–	-37,074	–	-1.38%	–
SBUX	Exit	Starbucks Corp.	$0	–	-70,981	–	-1.42%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-69,635	–	-1.42%	–
LH	Exit	Laboratory CP Amer Hldgs	$0	–	-29,516	–	-1.43%	–
PG	Exit	Procter & Gamble	$0	–	-47,942	–	-1.43%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-64,356	–	-1.46%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-47,939	–	-1.47%	–
BIIB	Exit	Biogen Idec Inc	$0	–	-24,188	–	-1.53%	–
QCOM	Exit	Qualcomm Inc	$0	–	-57,791	–	-1.54%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-37,419	–	-1.60%	–
A	Exit	Agilent Technologies	$0	–	-60,186	–	-1.73%	–
COP	Exit	ConocoPhillips	$0	–	-74,722	–	-1.81%	–
GIS	Exit	General Mills	$0	–	-105,103	–	-1.91%	–
LOW	Exit	Lowe's	$0	–	-44,859	–	-1.99%	–
DE	Exit	Deere & Company	$0	–	-26,331	–	-2.08%	–
ADP	Exit	Automatic Data Processing	$0	–	-40,859	–	-2.19%	–
XOM	Exit	Exxon-Mobil	$0	–	-113,459	–	-2.34%	–
COST	Exit	Costco Wholesale Corp Del	$0	–	-21,674	–	-2.42%	–
AAPL	Exit	Apple Computer	$0	–	-74,543	–	-2.44%	–
MSFT	Exit	Microsoft	$0	–	-54,750	–	-3.02%	–
LLY	Exit	Eli Lilly	$0	–	-39,548	–	-3.03%	–
JNJ	Exit	Johnson & Johnson	$0	–	-99,477	–	-3.85%	–

Q3 2022

			Value		Shares		↓ Weighting
JNJ	Sell	Johnson & Johnson	$16,251,000	-8.1%	99,477	-0.1%	3.85%	-4.9%
LLY	Sell	Eli Lilly	$12,788,000	-1.1%	39,548	-0.9%	3.03%	+2.3%
MSFT	Sell	Microsoft	$12,751,000	-10.0%	54,750	-0.8%	3.02%	-6.9%
AAPL	Buy	Apple Computer	$10,302,000	+1.5%	74,543	+0.4%	2.44%	+5.0%
COST	Sell	Costco Wholesale Corp Del	$10,236,000	-1.9%	21,674	-0.4%	2.42%	+1.6%
XOM	Buy	Exxon-Mobil	$9,906,000	+2.9%	113,459	+0.9%	2.34%	+6.4%
ADP	Buy	Automatic Data Processing	$9,242,000	+8.3%	40,859	+0.5%	2.19%	+12.0%
DE	Buy	Deere & Company	$8,792,000	+12.5%	26,331	+0.9%	2.08%	+16.4%
LOW	Buy	Lowe's	$8,425,000	+8.1%	44,859	+0.5%	1.99%	+11.8%
GIS	Buy	General Mills	$8,052,000	+1.6%	105,103	+0.0%	1.91%	+5.1%
COP	Sell	ConocoPhillips	$7,647,000	+13.8%	74,722	-0.1%	1.81%	+17.8%
A	Buy	Agilent Technologies	$7,316,000	+4.1%	60,186	+1.7%	1.73%	+7.7%
ITW	Buy	Illinois Tool Works Inc	$6,760,000	+0.2%	37,419	+1.1%	1.60%	+3.6%
QCOM	Buy	Qualcomm Inc	$6,529,000	-10.9%	57,791	+0.7%	1.54%	-7.9%
BIIB	Sell	Biogen Idec Inc	$6,458,000	+15.8%	24,188	-11.5%	1.53%	+19.7%
WMT	Buy	Wal-Mart Stores Inc.	$6,218,000	+8.7%	47,939	+1.9%	1.47%	+12.5%
GOOGL	Buy	Alphabet Inc. Class A	$6,156,000	-11.4%	64,356	+1918.1%	1.46%	-8.4%
PG	Buy	Procter & Gamble	$6,053,000	-11.4%	47,942	+0.9%	1.43%	-8.3%
LH	Buy	Laboratory CP Amer Hldgs	$6,045,000	-11.5%	29,516	+1.3%	1.43%	-8.4%
MRK	Buy	Merck & Co. Inc.	$5,997,000	-4.9%	69,635	+0.7%	1.42%	-1.6%
SBUX	Buy	Starbucks Corp.	$5,981,000	+12.9%	70,981	+2.4%	1.42%	+16.8%
KEYS	Buy	Keysight Technologies	$5,834,000	+14.3%	37,074	+0.1%	1.38%	+18.2%
EMR	Buy	Emerson Electric	$5,622,000	-6.2%	76,777	+1.9%	1.33%	-3.0%
JPM	Buy	J. P. Morgan Chase & Co. Inc.	$5,594,000	-5.1%	53,529	+2.2%	1.32%	-1.9%
MKC	Buy	McCormick & Company	$5,551,000	-13.4%	77,891	+1.2%	1.31%	-10.4%
ECL	Buy	Ecolab Inc.	$5,299,000	-4.0%	36,695	+2.2%	1.25%	-0.7%
CSCO	Buy	Cisco Systems Inc	$5,245,000	-4.8%	131,132	+1.5%	1.24%	-1.6%
REGN	Buy	REGENERON PHARMACEUTICALS	$5,140,000	+17.6%	7,462	+0.9%	1.22%	+21.7%
BDX	Buy	Becton Dickinson & Co	$5,033,000	-8.6%	22,585	+1.1%	1.19%	-5.6%
TROW	Buy	T. Rowe Group Inc.	$4,981,000	-5.0%	47,432	+2.8%	1.18%	-1.8%
BK	New	Bank of New York Mellon	$4,853,000	–	125,987	–	1.15%	–
PEP	Sell	Pepsico	$4,823,000	-2.1%	29,542	-0.1%	1.14%	+1.2%
IBM	Buy	Internat'l Business Mach	$4,588,000	-14.3%	38,620	+1.8%	1.09%	-11.3%
IDXX	Buy	Idexx Laboratories	$4,500,000	-6.4%	13,811	+0.7%	1.06%	-3.3%
MDT	Buy	Medtronic Inc.	$4,499,000	-6.6%	55,715	+3.8%	1.06%	-3.4%
INTC	Buy	Intel	$4,492,000	-29.6%	174,311	+2.1%	1.06%	-27.2%
TFC	Buy	Truist Financial Corp	$4,439,000	-5.3%	101,949	+3.1%	1.05%	-2.1%
DLTR	Buy	Dollar Tree Inc.	$4,346,000	-12.4%	31,930	+0.3%	1.03%	-9.3%
NFG	Buy	National Fuel Gas Co	$4,293,000	-5.4%	69,751	+1.6%	1.02%	-2.1%
KO	Buy	Coca-Cola	$4,274,000	-10.8%	76,286	+0.1%	1.01%	-7.7%
HAS	Sell	Hasbro Inc	$4,072,000	-17.8%	60,394	-0.1%	0.96%	-14.9%
CMI	Buy	Cummins Inc	$3,940,000	+6.3%	19,360	+1.0%	0.93%	+10.0%
MMM	Sell	3M Company	$3,871,000	-16.1%	35,032	-1.8%	0.92%	-13.3%
PFE	Buy	Pfizer Inc	$3,641,000	-10.5%	83,201	+7.2%	0.86%	-7.4%
NVO	Sell	Novo Nordisk A S ADRadr	$3,524,000	-12.1%	35,375	-1.6%	0.83%	-9.1%
WBA	Buy	Walgreens Boots Alliance	$3,431,000	-6.0%	109,275	+13.5%	0.81%	-2.8%
RY	Sell	Royal Bank Canada PVUSD1	$3,313,000	-7.8%	36,800	-0.9%	0.78%	-4.7%
NVS	Sell	Novartis ADRadr	$3,180,000	-11.2%	41,840	-1.3%	0.75%	-8.2%
UPS	Buy	United Parcel Service Inc Class B	$3,049,000	-10.6%	18,875	+1.0%	0.72%	-7.6%
STT	Buy	State Street Corp	$2,895,000	+0.2%	47,605	+1.6%	0.68%	+3.6%
	Sell	Shell PLCadr	$2,835,000	-5.8%	56,982	-1.0%	0.67%	-2.5%
RJF	Buy	Raymond James Fincl Inc	$2,735,000	+11.3%	27,673	+0.7%	0.65%	+15.1%
ESLT	Sell	Elbit Systems Ltd	$2,512,000	-17.6%	13,207	-0.6%	0.60%	-14.6%
VMW	Buy	Vmware Inc Cl A	$2,482,000	-5.0%	23,318	+1.7%	0.59%	-1.8%
TM	Sell	Toyota Motor Corp. ADRadr	$2,456,000	-16.0%	18,851	-0.6%	0.58%	-13.2%
MKTAY	Buy	Makita Corp. ADRadr	$2,452,000	+62.9%	125,663	+104.6%	0.58%	+68.6%
LSTR	Buy	Landstar System Inc	$2,422,000	+0.5%	16,776	+1.3%	0.57%	+4.0%
FWRD	Buy	Forward Air Corporation	$2,365,000	-0.3%	26,205	+1.6%	0.56%	+3.1%
BNS	Sell	Bank of Nova Scotia	$2,337,000	-20.6%	49,126	-1.1%	0.55%	-17.8%
TD	Sell	Toronto Dominion Bank	$2,321,000	-7.2%	37,839	-0.8%	0.55%	-4.0%
JKHY	Buy	Jack Henry & Assoc Inc	$2,312,000	+2.5%	12,685	+1.2%	0.55%	+6.0%
BCPC	Buy	Balchem Corp	$2,280,000	-4.9%	18,751	+1.4%	0.54%	-1.6%
SNY	Sell	Sanofi Aventis Spon ADRadr	$2,261,000	-24.8%	59,461	-1.0%	0.54%	-22.2%
ABB	Sell	ABB Ltd Adradr	$2,252,000	-4.8%	87,779	-0.8%	0.53%	-1.5%
MORN	Buy	Morningstar Inc	$2,216,000	-11.0%	10,439	+1.4%	0.52%	-8.1%
FFIV	Buy	F5 NETWORKS INC	$2,211,000	-3.1%	15,278	+2.5%	0.52%	+0.2%
FDX	Buy	FedEX Corp	$2,117,000	-33.4%	14,259	+1.6%	0.50%	-31.2%
RHI	Buy	Robert Half Intl	$2,031,000	+4.0%	26,551	+1.9%	0.48%	+7.6%
TTE	Sell	TotalEnergies SE-Sponsor ADRadr	$2,000,000	-12.4%	42,998	-0.9%	0.47%	-9.6%
TDY	Buy	Teledyne Technologies	$1,987,000	-8.6%	5,887	+1.6%	0.47%	-5.4%
SAP	Sell	SAP AG ADRadr	$1,937,000	-15.0%	23,843	-5.1%	0.46%	-12.3%
DLB	Buy	Dolby Laboratories Inc	$1,845,000	-7.5%	28,319	+1.6%	0.44%	-4.2%
BMI	Buy	Badger Meter Inc	$1,805,000	+15.9%	19,534	+1.4%	0.43%	+19.9%
SNA	Buy	Snap On Inc	$1,773,000	+4.2%	8,806	+2.0%	0.42%	+8.0%
PSX	Buy	Phillips	$1,750,000	+1.2%	21,683	+2.8%	0.41%	+4.5%
HBAN	Buy	Huntington Bancshares	$1,713,000	+12.3%	129,940	+2.5%	0.40%	+16.0%
UTHR	Buy	United Therapeutics Corp.	$1,655,000	-9.9%	7,903	+1.4%	0.39%	-6.7%
WBS	Buy	Webster Finl Cp PV 0.01	$1,629,000	+9.8%	36,035	+2.5%	0.39%	+13.9%
CACI	Buy	C A C I Inc Cl A	$1,619,000	-5.2%	6,202	+2.4%	0.38%	-2.0%
CRL	Buy	Charles River Labs Hldg	$1,557,000	-5.7%	7,913	+2.5%	0.37%	-2.4%
SYNA	Buy	Synaptics Inc	$1,497,000	-13.4%	15,119	+3.3%	0.35%	-10.4%
MASI	Buy	Masimo Corp	$1,478,000	+12.3%	10,472	+4.0%	0.35%	+16.3%
GGG	Buy	Graco Incorporated	$1,451,000	+3.5%	24,201	+2.6%	0.34%	+6.9%
SR	Buy	Spire Inc.	$1,420,000	-14.0%	22,774	+2.6%	0.34%	-11.1%
GOOG	Buy	Alphabet Inc. Class C	$1,380,000	-11.7%	14,354	+1910.4%	0.33%	-8.4%
CTVA	Buy	Corteva Inc	$1,380,000	+6.3%	24,144	+0.7%	0.33%	+10.1%
CW	Buy	Curtiss Wright Corp	$1,334,000	+8.2%	9,584	+2.6%	0.32%	+12.1%
NXPI	Sell	NXP Semiconductors NV	$1,332,000	-1.1%	9,029	-0.8%	0.32%	+2.3%
DD	Buy	DuPont de Nemours Inc	$1,312,000	-7.0%	26,040	+2.7%	0.31%	-3.7%
LNN	Buy	Lindsay Corporation	$1,300,000	+9.5%	9,076	+1.5%	0.31%	+13.2%
SIEGY	Sell	Siemensadr	$1,299,000	-4.1%	26,528	-0.0%	0.31%	-1.0%
USLM	Buy	US Lime & Minerals Inc.	$1,288,000	+1.3%	12,599	+4.6%	0.30%	+4.8%
JAZZ	Sell	Jazz Pharmaceuticals PLC	$1,287,000	-15.4%	9,656	-1.0%	0.30%	-12.4%
CFR	Buy	Cullen Frost Bankers	$1,255,000	+15.6%	9,494	+1.8%	0.30%	+19.8%
UL	Sell	Unilever PLC NEW ADRadr	$1,181,000	-24.5%	26,931	-21.1%	0.28%	-21.8%
JCOM	Buy	Ziff Davis Inc.	$1,149,000	-5.1%	16,776	+3.2%	0.27%	-1.8%
OZK	Buy	Bank OZK	$1,066,000	+10.5%	26,947	+4.8%	0.25%	+14.0%
DOW	Buy	Dow, Inc.	$1,063,000	-13.5%	24,191	+1.6%	0.25%	-10.3%
CRUS	Buy	Cirrus Logic Inc	$1,061,000	-2.7%	15,422	+2.5%	0.25%	+0.4%
ODC	Buy	Oil-Dri Corp Of America	$1,050,000	-20.0%	43,391	+1.3%	0.25%	-17.0%
HUBG	Buy	Hub Group Inc-Class A	$1,045,000	-2.0%	15,153	+0.8%	0.25%	+1.2%
FNB	Buy	FNB Corporation	$1,044,000	+10.2%	89,987	+3.2%	0.25%	+13.8%
CAJ	Sell	Canon ADRadr	$967,000	-4.7%	44,371	-0.7%	0.23%	-1.3%
UTMD	Buy	Utah Medical Products	$938,000	+1.1%	10,997	+1.8%	0.22%	+4.7%
GNTX	Buy	Gentex Corp.	$930,000	-10.3%	39,014	+5.2%	0.22%	-7.2%
JWA	Buy	WILEY JOHN & SONS-CLASS A	$904,000	-16.4%	24,071	+6.3%	0.21%	-13.4%
	New	GlaxoSmithKline Plc ADRadr	$901,000	–	30,612	–	0.21%	–
CSTE	Sell	Caesarstone Ltd	$887,000	+1.3%	95,272	-0.7%	0.21%	+5.0%
IT	Buy	Gartner Inc.	$847,000	+16.5%	3,060	+1.7%	0.20%	+20.5%
IART	Buy	Integra Lifesciences Holdings Corp	$841,000	-18.6%	19,842	+3.8%	0.20%	-15.7%
ALC	Sell	Alcon Inc.	$839,000	-17.5%	14,416	-0.9%	0.20%	-14.6%
TMP	Buy	Tompkins Financial Cp	$816,000	+5.4%	11,238	+4.6%	0.19%	+9.0%
HTLD	Buy	Heartland Express Inc	$813,000	+6.8%	56,780	+3.8%	0.19%	+10.3%
HAE	Buy	Haemonetics Corp	$780,000	+17.3%	10,542	+3.3%	0.18%	+21.7%
MNRO	Buy	Monro, Inc.	$780,000	+6.4%	17,952	+5.0%	0.18%	+10.1%
UNB	Sell	Union Bankshares Inc	$776,000	-16.0%	34,316	-2.9%	0.18%	-12.8%
SAM	Buy	Boston Beer Company Inc.	$776,000	+12.5%	2,398	+5.3%	0.18%	+16.5%
KE	Buy	KIMBALL ELECTRONICS INC	$714,000	-10.5%	41,657	+4.9%	0.17%	-7.7%
CHKP	Sell	Check Point Software	$709,000	-8.6%	6,330	-0.6%	0.17%	-5.6%
PAHC	Buy	PHIBRO ANIMAL HEALTH CORP-A	$683,000	-24.9%	51,385	+8.1%	0.16%	-22.1%
BSAC	Buy	Banco Santander New Adrfadr	$677,000	-12.0%	48,310	+2.3%	0.16%	-9.1%
AGX	Buy	Argan Inc	$662,000	-8.8%	20,575	+5.7%	0.16%	-5.4%
MIDD	Buy	The Middleby Corp	$662,000	+4.7%	5,168	+2.5%	0.16%	+8.3%
ALRM	Buy	ALARM.COM HOLDINGS INC	$657,000	+7.4%	10,129	+2.4%	0.16%	+10.7%
OLED	Buy	Universal Display Corp	$641,000	-4.6%	6,798	+2.2%	0.15%	-1.3%
LZB	Buy	La-Z-Boy Inc	$617,000	-4.0%	27,331	+0.7%	0.15%	-0.7%
NTGR	Buy	NETGEAR INC	$602,000	+18.3%	30,054	+9.5%	0.14%	+22.4%
IIIN	New	Insteel Industries Inc	$576,000	–	21,696	–	0.14%	–
NRC	Buy	National Research Corp	$497,000	+16.7%	12,481	+12.1%	0.12%	+21.6%
HSIC	Buy	Henry Schein Inc	$474,000	-10.4%	7,200	+4.5%	0.11%	-7.4%
SILC	Sell	Silicom Limited	$472,000	+4.0%	13,363	-1.0%	0.11%	+7.7%
MHK	Buy	Mohawk Industries Inc	$473,000	-24.7%	5,191	+2.6%	0.11%	-22.2%
IDCC	Buy	Interdigital Inc	$451,000	-30.0%	11,147	+5.3%	0.11%	-27.2%
WOR	Buy	Worthington Industries	$449,000	-9.8%	11,768	+4.2%	0.11%	-7.0%
PLPC	Buy	Preformed Line Prods Co	$447,000	+20.5%	6,285	+4.3%	0.11%	+24.7%
PRLB	Sell	Proto Labs Inc	$386,000	-39.7%	10,590	-20.8%	0.09%	-37.7%
GRFS	Sell	Grifols	$294,000	-57.0%	47,730	-17.2%	0.07%	-55.4%
OGN	Buy	ORGANON & CO	$242,000	-23.7%	10,336	+10.1%	0.06%	-21.9%
	New	Haleon PLCadr	$240,000	–	39,403	–	0.06%	–
	New	Consensus Cloud Solution	$201,000	–	4,258	–	0.05%	–
SWM	Exit	Schweitzer Mauduit Intl.	$0	–	-15,958	–	-0.09%	–
INGN	Exit	Inogen Inc	$0	–	-24,331	–	-0.14%	–
CDK	Exit	CDK Global Inc	$0	–	-28,534	–	-0.36%	–
GSK	Exit	GlaxoSmithKline Plc ADRadr	$0	–	-39,977	–	-0.40%	–

Q2 2022

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$17,682,000	–	99,613	–	4.05%	–
MSFT	New	Microsoft	$14,174,000	–	55,187	–	3.24%	–
LLY	New	Eli Lilly	$12,934,000	–	39,892	–	2.96%	–
COST	New	Costco Wholesale Corp Del	$10,429,000	–	21,760	–	2.39%	–
AAPL	New	Apple Computer	$10,154,000	–	74,270	–	2.32%	–
XOM	New	Exxon-Mobil	$9,627,000	–	112,416	–	2.20%	–
ADP	New	Automatic Data Processing	$8,535,000	–	40,636	–	1.95%	–
GIS	New	General Mills	$7,927,000	–	105,061	–	1.81%	–
DE	New	Deere & Company	$7,814,000	–	26,093	–	1.79%	–
LOW	New	Lowe's	$7,795,000	–	44,627	–	1.78%	–
QCOM	New	Qualcomm Inc	$7,329,000	–	57,374	–	1.68%	–
A	New	Agilent Technologies	$7,028,000	–	59,171	–	1.61%	–
GOOGL	New	Alphabet Inc. Class A	$6,950,000	–	3,189	–	1.59%	–
PG	New	Procter & Gamble	$6,829,000	–	47,494	–	1.56%	–
LH	New	Laboratory CP Amer Hldgs	$6,828,000	–	29,133	–	1.56%	–
ITW	New	Illinois Tool Works Inc	$6,747,000	–	37,018	–	1.54%	–
COP	New	ConocoPhillips	$6,718,000	–	74,802	–	1.54%	–
MKC	New	McCormick & Company	$6,409,000	–	76,982	–	1.47%	–
INTC	New	Intel	$6,384,000	–	170,657	–	1.46%	–
MRK	New	Merck & Co. Inc.	$6,304,000	–	69,147	–	1.44%	–
EMR	New	Emerson Electric	$5,994,000	–	75,359	–	1.37%	–
JPM	New	J. P. Morgan Chase & Co. Inc.	$5,897,000	–	52,364	–	1.35%	–
WMT	New	Wal-Mart Stores Inc.	$5,719,000	–	47,038	–	1.31%	–
BIIB	New	Biogen Idec Inc	$5,575,000	–	27,338	–	1.28%	–
ECL	New	Ecolab Inc.	$5,520,000	–	35,903	–	1.26%	–
CSCO	New	Cisco Systems Inc	$5,509,000	–	129,190	–	1.26%	–
BDX	New	Becton Dickinson & Co	$5,509,000	–	22,346	–	1.26%	–
IBM	New	Internat'l Business Mach	$5,355,000	–	37,930	–	1.22%	–
SBUX	New	Starbucks Corp.	$5,297,000	–	69,338	–	1.21%	–
TROW	New	T. Rowe Group Inc.	$5,244,000	–	46,155	–	1.20%	–
KEYS	New	Keysight Technologies	$5,104,000	–	37,029	–	1.17%	–
DLTR	New	Dollar Tree Inc.	$4,959,000	–	31,820	–	1.14%	–
HAS	New	Hasbro Inc	$4,951,000	–	60,469	–	1.13%	–
PEP	New	Pepsico	$4,926,000	–	29,560	–	1.13%	–
MDT	New	Medtronic Inc.	$4,817,000	–	53,676	–	1.10%	–
IDXX	New	Idexx Laboratories	$4,810,000	–	13,713	–	1.10%	–
KO	New	Coca-Cola	$4,793,000	–	76,181	–	1.10%	–
TFC	New	Truist Financial Corp	$4,688,000	–	98,845	–	1.07%	–
MMM	New	3M Company	$4,616,000	–	35,668	–	1.06%	–
NFG	New	National Fuel Gas Co	$4,536,000	–	68,679	–	1.04%	–
REGN	New	REGENERON PHARMACEUTICALS	$4,371,000	–	7,394	–	1.00%	–
PFE	New	Pfizer Inc	$4,070,000	–	77,620	–	0.93%	–
NVO	New	Novo Nordisk A S ADRadr	$4,007,000	–	35,964	–	0.92%	–
CMI	New	Cummins Inc	$3,708,000	–	19,161	–	0.85%	–
WBA	New	Walgreens Boots Alliance	$3,649,000	–	96,274	–	0.84%	–
RY	New	Royal Bank Canada PVUSD1	$3,595,000	–	37,135	–	0.82%	–
NVS	New	Novartis ADRadr	$3,583,000	–	42,386	–	0.82%	–
UPS	New	United Parcel Service Inc Class B	$3,412,000	–	18,691	–	0.78%	–
FDX	New	FedEX Corp	$3,180,000	–	14,028	–	0.73%	–
ESLT	New	Elbit Systems Ltd	$3,047,000	–	13,288	–	0.70%	–
	New	Shell PLCadr	$3,008,000	–	57,530	–	0.69%	–
SNY	New	Sanofi Aventis Spon ADRadr	$3,005,000	–	60,063	–	0.69%	–
BNS	New	Bank of Nova Scotia	$2,942,000	–	49,683	–	0.67%	–
TM	New	Toyota Motor Corp. ADRadr	$2,925,000	–	18,973	–	0.67%	–
STT	New	State Street Corp	$2,888,000	–	46,837	–	0.66%	–
VMW	New	Vmware Inc Cl A	$2,614,000	–	22,938	–	0.60%	–
TD	New	Toronto Dominion Bank	$2,501,000	–	38,140	–	0.57%	–
MORN	New	Morningstar Inc	$2,490,000	–	10,296	–	0.57%	–
RJF	New	Raymond James Fincl Inc	$2,457,000	–	27,478	–	0.56%	–
LSTR	New	Landstar System Inc	$2,409,000	–	16,563	–	0.55%	–
BCPC	New	Balchem Corp	$2,398,000	–	18,485	–	0.55%	–
FWRD	New	Forward Air Corporation	$2,372,000	–	25,790	–	0.54%	–
ABB	New	ABB Ltd Adradr	$2,366,000	–	88,521	–	0.54%	–
TTE	New	TotalEnergies SE-Sponsor ADRadr	$2,284,000	–	43,380	–	0.52%	–
FFIV	New	F5 NETWORKS INC	$2,282,000	–	14,910	–	0.52%	–
SAP	New	SAP AG ADRadr	$2,280,000	–	25,136	–	0.52%	–
JKHY	New	Jack Henry & Assoc Inc	$2,256,000	–	12,534	–	0.52%	–
TDY	New	Teledyne Technologies	$2,173,000	–	5,793	–	0.50%	–
DLB	New	Dolby Laboratories Inc	$1,995,000	–	27,872	–	0.46%	–
RHI	New	Robert Half Intl	$1,952,000	–	26,066	–	0.45%	–
UTHR	New	United Therapeutics Corp.	$1,837,000	–	7,794	–	0.42%	–
GSK	New	GlaxoSmithKline Plc ADRadr	$1,740,000	–	39,977	–	0.40%	–
PSX	New	Phillips	$1,729,000	–	21,094	–	0.40%	–
SYNA	New	Synaptics Inc	$1,728,000	–	14,635	–	0.40%	–
CACI	New	C A C I Inc Cl A	$1,707,000	–	6,058	–	0.39%	–
SNA	New	Snap On Inc	$1,702,000	–	8,636	–	0.39%	–
SR	New	Spire Inc.	$1,651,000	–	22,199	–	0.38%	–
CRL	New	Charles River Labs Hldg	$1,651,000	–	7,717	–	0.38%	–
UL	New	Unilever PLC NEW ADRadr	$1,564,000	–	34,121	–	0.36%	–
CDK	New	CDK Global Inc	$1,563,000	–	28,534	–	0.36%	–
GOOG	New	Alphabet Inc. Class C	$1,562,000	–	714	–	0.36%	–
BMI	New	Badger Meter Inc	$1,558,000	–	19,258	–	0.36%	–
HBAN	New	Huntington Bancshares	$1,525,000	–	126,794	–	0.35%	–
JAZZ	New	Jazz Pharmaceuticals PLC	$1,522,000	–	9,753	–	0.35%	–
MKTAY	New	Makita Corp. ADRadr	$1,505,000	–	61,416	–	0.34%	–
WBS	New	Webster Finl Cp PV 0.01	$1,483,000	–	35,173	–	0.34%	–
DD	New	DuPont de Nemours Inc	$1,410,000	–	25,362	–	0.32%	–
GGG	New	Graco Incorporated	$1,402,000	–	23,599	–	0.32%	–
SIEGY	New	Siemensadr	$1,355,000	–	26,531	–	0.31%	–
NXPI	New	NXP Semiconductors NV	$1,347,000	–	9,102	–	0.31%	–
MASI	New	Masimo Corp	$1,316,000	–	10,070	–	0.30%	–
ODC	New	Oil-Dri Corp Of America	$1,312,000	–	42,817	–	0.30%	–
CTVA	New	Corteva Inc	$1,298,000	–	23,977	–	0.30%	–
USLM	New	US Lime & Minerals Inc.	$1,272,000	–	12,042	–	0.29%	–
CW	New	Curtiss Wright Corp	$1,233,000	–	9,339	–	0.28%	–
DOW	New	Dow, Inc.	$1,229,000	–	23,821	–	0.28%	–
JCOM	New	Ziff Davis Inc.	$1,211,000	–	16,249	–	0.28%	–
LNN	New	Lindsay Corporation	$1,187,000	–	8,938	–	0.27%	–
CRUS	New	Cirrus Logic Inc	$1,091,000	–	15,041	–	0.25%	–
CFR	New	Cullen Frost Bankers	$1,086,000	–	9,326	–	0.25%	–
JWA	New	WILEY JOHN & SONS-CLASS A	$1,081,000	–	22,634	–	0.25%	–
HUBG	New	Hub Group Inc-Class A	$1,066,000	–	15,027	–	0.24%	–
GNTX	New	Gentex Corp.	$1,037,000	–	37,085	–	0.24%	–
IART	New	Integra Lifesciences Holdings Corp	$1,033,000	–	19,115	–	0.24%	–
ALC	New	Alcon Inc.	$1,017,000	–	14,553	–	0.23%	–
CAJ	New	Canon ADRadr	$1,015,000	–	44,699	–	0.23%	–
OZK	New	Bank OZK	$965,000	–	25,705	–	0.22%	–
FNB	New	FNB Corporation	$947,000	–	87,168	–	0.22%	–
UTMD	New	Utah Medical Products	$928,000	–	10,803	–	0.21%	–
UNB	New	Union Bankshares Inc	$924,000	–	35,339	–	0.21%	–
PAHC	New	PHIBRO ANIMAL HEALTH CORP-A	$909,000	–	47,529	–	0.21%	–
CSTE	New	Caesarstone Ltd	$876,000	–	95,973	–	0.20%	–
KE	New	KIMBALL ELECTRONICS INC	$798,000	–	39,710	–	0.18%	–
CHKP	New	Check Point Software	$776,000	–	6,370	–	0.18%	–
TMP	New	Tompkins Financial Cp	$774,000	–	10,739	–	0.18%	–
BSAC	New	Banco Santander New Adrfadr	$769,000	–	47,221	–	0.18%	–
HTLD	New	Heartland Express Inc	$761,000	–	54,713	–	0.17%	–
MNRO	New	Monro, Inc.	$733,000	–	17,093	–	0.17%	–
AGX	New	Argan Inc	$726,000	–	19,457	–	0.17%	–
IT	New	Gartner Inc.	$727,000	–	3,008	–	0.17%	–
SAM	New	Boston Beer Company Inc.	$690,000	–	2,277	–	0.16%	–
GRFS	New	Grifols	$684,000	–	57,615	–	0.16%	–
OLED	New	Universal Display Corp	$672,000	–	6,649	–	0.15%	–
HAE	New	Haemonetics Corp	$665,000	–	10,205	–	0.15%	–
IDCC	New	Interdigital Inc	$644,000	–	10,585	–	0.15%	–
LZB	New	La-Z-Boy Inc	$643,000	–	27,139	–	0.15%	–
PRLB	New	Proto Labs Inc	$640,000	–	13,378	–	0.15%	–
MIDD	New	The Middleby Corp	$632,000	–	5,041	–	0.14%	–
MHK	New	Mohawk Industries Inc	$628,000	–	5,061	–	0.14%	–
ALRM	New	ALARM.COM HOLDINGS INC	$612,000	–	9,893	–	0.14%	–
INGN	New	Inogen Inc	$588,000	–	24,331	–	0.14%	–
HSIC	New	Henry Schein Inc	$529,000	–	6,889	–	0.12%	–
NTGR	New	NETGEAR INC	$509,000	–	27,457	–	0.12%	–
WOR	New	Worthington Industries	$498,000	–	11,290	–	0.11%	–
SILC	New	Silicom Limited	$454,000	–	13,501	–	0.10%	–
NRC	New	National Research Corp	$426,000	–	11,138	–	0.10%	–
SWM	New	Schweitzer Mauduit Intl.	$401,000	–	15,958	–	0.09%	–
PLPC	New	Preformed Line Prods Co	$371,000	–	6,028	–	0.08%	–
OGN	New	ORGANON & CO	$317,000	–	9,384	–	0.07%	–
AMCR	New	Amcor Plc	$154,000	–	12,403	–	0.04%	–

Q4 2021

			Value		Shares		↓ Weighting
AMCR	Exit	Amcor Plc	$0	–	-12,403	–	-0.03%	–
FB	Exit	Facebook Inc Class A	$0	–	-609	–	-0.04%	–
K	Exit	Kellogg Company	$0	–	-3,307	–	-0.05%	–
COIN	Exit	Coinbase Global, Inc.	$0	–	-964	–	-0.05%	–
OGN	Exit	ORGANON & CO	$0	–	-7,033	–	-0.05%	–
	Exit	Holley Inc Class A	$0	–	-24,038	–	-0.06%	–
WOR	Exit	Worthington Industries	$0	–	-7,595	–	-0.09%	–
FCNCA	Exit	First Citizens Bancshares Inc A	$0	–	-498	–	-0.09%	–
SWM	Exit	Schweitzer Mauduit Intl.	$0	–	-12,280	–	-0.09%	–
IDCC	Exit	Interdigital Inc	$0	–	-6,395	–	-0.09%	–
CLF	Exit	Cleveland-Cliffs, Inc.	$0	–	-25,555	–	-0.11%	–
NTGR	Exit	NETGEAR INC	$0	–	-16,685	–	-0.12%	–
SILC	Exit	Silicom Limited	$0	–	-12,298	–	-0.12%	–
HAE	Exit	Haemonetics Corp	$0	–	-7,828	–	-0.12%	–
GINN	Exit	GOLDMAN SACHS INNOVATE EQUITY ETFetf	$0	–	-9,704	–	-0.12%	–
CHKP	Exit	Check Point Software	$0	–	-5,671	–	-0.14%	–
HCSG	Exit	Healthcare Services Group	$0	–	-26,558	–	-0.14%	–
IRBT	Exit	IROBOT CORP	$0	–	-8,863	–	-0.15%	–
AGX	Exit	Argan Inc	$0	–	-16,429	–	-0.16%	–
INGN	Exit	Inogen Inc	$0	–	-16,644	–	-0.16%	–
MNRO	Exit	Monro, Inc.	$0	–	-12,802	–	-0.16%	–
HTLD	Exit	Heartland Express Inc	$0	–	-46,577	–	-0.16%	–
TMP	Exit	Tompkins Financial Cp	$0	–	-9,348	–	-0.16%	–
KE	Exit	KIMBALL ELECTRONICS INC	$0	–	-30,155	–	-0.17%	–
CMP	Exit	Compass Minerals Intl	$0	–	-12,544	–	-0.18%	–
IT	Exit	Gartner Inc.	$0	–	-2,783	–	-0.18%	–
PAHC	Exit	PHIBRO ANIMAL HEALTH CORP-A	$0	–	-41,183	–	-0.19%	–
BSAC	Exit	Banco Santander New Adrfadr	$0	–	-45,091	–	-0.19%	–
UNB	Exit	Union Bankshares Inc	$0	–	-27,837	–	-0.19%	–
FNB	Exit	FNB Corporation	$0	–	-77,630	–	-0.20%	–
SAM	Exit	Boston Beer Company Inc.	$0	–	-1,807	–	-0.20%	–
UTMD	Exit	Utah Medical Products	$0	–	-10,093	–	-0.20%	–
HUBG	Exit	Hub Group Inc-Class A	$0	–	-13,721	–	-0.20%	–
CAJ	Exit	Canon ADRadr	$0	–	-39,821	–	-0.21%	–
GRFS	Exit	Grifols	$0	–	-66,656	–	-0.21%	–
OZK	Exit	Bank OZK	$0	–	-22,652	–	-0.21%	–
CTVA	Exit	Corteva Inc	$0	–	-23,564	–	-0.22%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-8,434	–	-0.22%	–
ALC	Exit	Alcon Inc.	$0	–	-13,252	–	-0.23%	–
GNTX	Exit	Gentex Corp.	$0	–	-32,290	–	-0.23%	–
CDK	Exit	CDK Global Inc	$0	–	-25,191	–	-0.23%	–
JWA	Exit	John Wiley & Sons Class A	$0	–	-20,563	–	-0.23%	–
CW	Exit	Curtiss Wright Corp	$0	–	-8,746	–	-0.24%	–
CRUS	Exit	Cirrus Logic Inc	$0	–	-13,860	–	-0.25%	–
JAZZ	Exit	Jazz Pharmaceuticals PLC	$0	–	-8,976	–	-0.25%	–
CSTE	Exit	Caesarstone Ltd	$0	–	-95,337	–	-0.26%	–
IART	Exit	Integra Lifesciences Holdings Corp	$0	–	-17,742	–	-0.26%	–
SR	Exit	Spire Inc.	$0	–	-20,534	–	-0.27%	–
UTHR	Exit	United Therapeutics Corp.	$0	–	-6,916	–	-0.28%	–
LNN	Exit	Lindsay Corporation	$0	–	-8,427	–	-0.28%	–
USLM	Exit	US Lime & Minerals Inc.	$0	–	-10,903	–	-0.28%	–
DOW	Exit	Dow, Inc.	$0	–	-23,191	–	-0.29%	–
PSX	Exit	Phillips	$0	–	-19,156	–	-0.29%	–
JCOM	Exit	J2 Global Inc.	$0	–	-9,846	–	-0.29%	–
ODC	Exit	Oil-Dri Corp Of America	$0	–	-38,455	–	-0.29%	–
GSK	Exit	GlaxoSmithKline Plc ADRadr	$0	–	-38,089	–	-0.32%	–
CACI	Exit	C A C I Inc Cl A	$0	–	-5,687	–	-0.32%	–
GGG	Exit	Graco Incorporated	$0	–	-21,800	–	-0.33%	–
HMC	Exit	Honda Motor ADRadr	$0	–	-50,534	–	-0.34%	–
DD	Exit	DuPont de Nemours Inc	$0	–	-24,121	–	-0.36%	–
SNA	Exit	Snap On Inc	$0	–	-8,154	–	-0.37%	–
NXPI	Exit	NXP Semiconductors NV	$0	–	-8,863	–	-0.38%	–
ESLT	Exit	Elbit Systems Ltd	$0	–	-12,626	–	-0.40%	–
HBAN	Exit	Huntington Bancshares	$0	–	-119,668	–	-0.40%	–
BMI	Exit	Badger Meter Inc	$0	–	-18,448	–	-0.40%	–
WBS	Exit	Webster Finl Cp PV 0.01	$0	–	-35,072	–	-0.41%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-724	–	-0.42%	–
TTE	Exit	TotalEnergies SE-Sponsor ADRadr	$0	–	-41,657	–	-0.43%	–
SIEGY	Exit	Siemensadr	$0	–	-25,117	–	-0.45%	–
FWRD	Exit	Forward Air Corporation	$0	–	-25,455	–	-0.46%	–
JKHY	Exit	Jack Henry & Assoc Inc	$0	–	-13,628	–	-0.48%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-25,929	–	-0.49%	–
MASI	Exit	Masimo Corp	$0	–	-8,963	–	-0.52%	–
TD	Exit	Toronto Dominion Bank	$0	–	-36,915	–	-0.53%	–
LSTR	Exit	Landstar System Inc	$0	–	-15,774	–	-0.54%	–
RDSA	Exit	Royal Dutch Shell ADRadr	$0	–	-56,097	–	-0.54%	–
TDY	Exit	Teledyne Technologies	$0	–	-5,887	–	-0.55%	–
RHI	Exit	Robert Half Intl	$0	–	-25,620	–	-0.56%	–
BCPC	Exit	Balchem Corp	$0	–	-17,994	–	-0.56%	–
TM	Exit	Toyota Motor Corp. ADRadr	$0	–	-15,245	–	-0.59%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-13,963	–	-0.60%	–
SNY	Exit	Sanofi Aventis Spon ADRadr	$0	–	-57,657	–	-0.60%	–
DLTR	Exit	Dollar Tree Inc.	$0	–	-29,993	–	-0.62%	–
RJF	Exit	Raymond James Fincl Inc	$0	–	-31,183	–	-0.62%	–
FDX	Exit	FedEX Corp	$0	–	-13,216	–	-0.63%	–
ABB	Exit	ABB Ltd Adradr	$0	–	-87,164	–	-0.63%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-48,053	–	-0.64%	–
CRL	Exit	Charles River Labs Hldg	$0	–	-7,561	–	-0.68%	–
MORN	Exit	Morningstar Inc	$0	–	-12,093	–	-0.68%	–
VMW	Exit	Vmware Inc Cl A	$0	–	-21,298	–	-0.69%	–
SAP	Exit	SAP AG ADRadr	$0	–	-24,360	–	-0.71%	–
NVS	Exit	Novartis ADRadr	$0	–	-40,352	–	-0.72%	–
UPS	Exit	United Parcel Service Inc Class B	$0	–	-18,121	–	-0.72%	–
NFG	Exit	National Fuel Gas Co	$0	–	-63,920	–	-0.73%	–
MKTAY	Exit	Makita Corp. ADRadr	$0	–	-61,136	–	-0.73%	–
NVO	Exit	Novo Nordisk A S ADRadr	$0	–	-35,396	–	-0.74%	–
CERN	Exit	Cerner Corp	$0	–	-50,078	–	-0.76%	–
RY	Exit	Royal Bank Canada PV1	$0	–	-36,433	–	-0.78%	–
SYNA	Exit	Synaptics Inc	$0	–	-20,827	–	-0.81%	–
STT	Exit	State Street Corp	$0	–	-45,317	–	-0.83%	–
KO	Exit	Coca-Cola	$0	–	-75,471	–	-0.86%	–
CMI	Exit	Cummins Inc	$0	–	-18,378	–	-0.89%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-88,246	–	-0.90%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-7,256	–	-0.95%	–
PEP	Exit	Pepsico	$0	–	-29,317	–	-0.96%	–
XRAY	Exit	Dentsply Sirona	$0	–	-82,030	–	-1.03%	–
COP	Exit	ConocoPhillips	$0	–	-72,052	–	-1.06%	–
IBM	Exit	Internat'l Business Mach	$0	–	-35,343	–	-1.06%	–
BIIB	Exit	Biogen Idec Inc	$0	–	-17,496	–	-1.07%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-66,241	–	-1.08%	–
HAS	Exit	Hasbro Inc	$0	–	-57,074	–	-1.10%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-21,191	–	-1.13%	–
TFC	Exit	Truist Financial Corp	$0	–	-93,120	–	-1.18%	–
MMM	Exit	3M Company	$0	–	-33,460	–	-1.27%	–
MKC	Exit	McCormick & Company	$0	–	-73,933	–	-1.30%	–
GIS	Exit	General Mills	$0	–	-102,513	–	-1.33%	–
KEYS	Exit	Keysight Technologies	$0	–	-37,871	–	-1.35%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-45,434	–	-1.37%	–
MDT	Exit	Medtronic Inc.	$0	–	-50,717	–	-1.38%	–
PG	Exit	Procter & Gamble	$0	–	-46,371	–	-1.40%	–
XOM	Exit	Exxon-Mobil	$0	–	-110,857	–	-1.41%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-124,459	–	-1.47%	–
EMR	Exit	Emerson Electric	$0	–	-72,977	–	-1.49%	–
ECL	Exit	Ecolab Inc.	$0	–	-34,283	–	-1.55%	–
SBUX	Exit	Starbucks Corp.	$0	–	-65,791	–	-1.57%	–
QCOM	Exit	Qualcomm Inc	$0	–	-56,661	–	-1.58%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-35,933	–	-1.61%	–
ADP	Exit	Automatic Data Processing	$0	–	-40,103	–	-1.74%	–
LH	Exit	Laboratory CP Amer Hldgs	$0	–	-28,578	–	-1.74%	–
JPM	Exit	J. P. Morgan Chase & Co. Inc.	$0	–	-50,389	–	-1.79%	–
INTC	Exit	Intel	$0	–	-155,919	–	-1.80%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-3,196	–	-1.85%	–
IDXX	Exit	Idexx Laboratories	$0	–	-13,831	–	-1.86%	–
DE	Exit	Deere & Company	$0	–	-25,733	–	-1.87%	–
TROW	Exit	T. Rowe Group Inc.	$0	–	-43,970	–	-1.87%	–
A	Exit	Agilent Technologies	$0	–	-57,523	–	-1.96%	–
LOW	Exit	Lowe's	$0	–	-44,711	–	-1.96%	–
LLY	Exit	Eli Lilly	$0	–	-40,621	–	-2.03%	–
COST	Exit	Costco Wholesale Corp Del	$0	–	-22,040	–	-2.14%	–
AAPL	Exit	Apple Computer	$0	–	-72,273	–	-2.21%	–
JNJ	Exit	Johnson & Johnson	$0	–	-97,756	–	-3.42%	–
MSFT	Exit	Microsoft	$0	–	-56,934	–	-3.48%	–

Q3 2021

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft	$16,051,000	+1.5%	56,934	-2.5%	3.48%	+4.1%
JNJ	Sell	Johnson & Johnson	$15,788,000	-3.2%	97,756	-1.3%	3.42%	-0.8%
AAPL	Sell	Apple Computer	$10,227,000	+1.6%	72,273	-1.7%	2.21%	+4.1%
COST	Sell	Costco Wholesale Corp Del	$9,903,000	+11.6%	22,040	-1.8%	2.14%	+14.4%
LLY	Sell	Eli Lilly	$9,386,000	-3.3%	40,621	-3.9%	2.03%	-0.8%
LOW	Sell	Lowe's	$9,070,000	+1.7%	44,711	-2.8%	1.96%	+4.3%
A	Sell	Agilent Technologies	$9,062,000	+5.0%	57,523	-1.5%	1.96%	+7.7%
TROW	Sell	T. Rowe Group Inc.	$8,649,000	-2.3%	43,970	-1.7%	1.87%	+0.2%
DE	Sell	Deere & Company	$8,622,000	-6.7%	25,733	-1.8%	1.87%	-4.3%
IDXX	Sell	Idexx Laboratories	$8,601,000	-2.2%	13,831	-0.6%	1.86%	+0.3%
GOOGL	Sell	Alphabet Inc. Class A	$8,545,000	+7.2%	3,196	-2.1%	1.85%	+9.9%
INTC	Sell	Intel	$8,307,000	-5.1%	155,919	-0.0%	1.80%	-2.7%
JPM	Sell	J. P. Morgan Chase & Co. Inc.	$8,248,000	+3.6%	50,389	-1.5%	1.79%	+6.2%
LH	Sell	Laboratory CP Amer Hldgs	$8,043,000	-0.3%	28,578	-2.3%	1.74%	+2.2%
ADP	Sell	Automatic Data Processing	$8,017,000	-1.1%	40,103	-1.7%	1.74%	+1.5%
ITW	Sell	Illinois Tool Works Inc	$7,425,000	-8.5%	35,933	-1.0%	1.61%	-6.1%
QCOM	Buy	Qualcomm Inc	$7,308,000	-9.5%	56,661	+0.2%	1.58%	-7.3%
SBUX	Sell	Starbucks Corp.	$7,257,000	-3.3%	65,791	-1.9%	1.57%	-0.8%
ECL	Sell	Ecolab Inc.	$7,152,000	-0.5%	34,283	-1.7%	1.55%	+2.1%
EMR	Sell	Emerson Electric	$6,874,000	-3.3%	72,977	-1.2%	1.49%	-0.9%
CSCO	Sell	Cisco Systems Inc	$6,774,000	+2.5%	124,459	-0.2%	1.47%	+5.2%
XOM	Sell	Exxon-Mobil	$6,521,000	-9.0%	110,857	-2.4%	1.41%	-6.7%
PG	Sell	Procter & Gamble	$6,483,000	+1.7%	46,371	-1.9%	1.40%	+4.3%
MDT	Sell	Medtronic Inc.	$6,357,000	-0.3%	50,717	-1.2%	1.38%	+2.2%
WMT	Sell	Wal-Mart Stores Inc.	$6,333,000	-2.8%	45,434	-1.6%	1.37%	-0.3%
KEYS	Sell	Keysight Technologies	$6,222,000	+5.8%	37,871	-0.6%	1.35%	+8.5%
GIS	Sell	General Mills	$6,132,000	-2.1%	102,513	-0.3%	1.33%	+0.5%
MKC	Sell	McCormick & Company	$5,991,000	-10.6%	73,933	-2.5%	1.30%	-8.3%
MMM	Sell	3M Company	$5,870,000	-12.6%	33,460	-1.0%	1.27%	-10.3%
TFC	Buy	Truist Financial Corp	$5,461,000	+6.2%	93,120	+0.5%	1.18%	+8.8%
BDX	Sell	Becton Dickinson & Co	$5,209,000	+0.1%	21,191	-1.0%	1.13%	+2.6%
HAS	Sell	Hasbro Inc	$5,092,000	-6.6%	57,074	-1.0%	1.10%	-4.2%
MRK	Sell	Merck & Co. Inc.	$4,975,000	-4.4%	66,241	-1.0%	1.08%	-2.0%
BIIB	Sell	Biogen Idec Inc	$4,951,000	-18.6%	17,496	-0.3%	1.07%	-16.4%
IBM	Sell	Internat'l Business Mach	$4,910,000	-6.8%	35,343	-1.7%	1.06%	-4.5%
COP	Buy	ConocoPhillips	$4,883,000	+12.0%	72,052	+0.6%	1.06%	+14.8%
XRAY	Buy	Dentsply Sirona	$4,762,000	-7.6%	82,030	+0.6%	1.03%	-5.3%
PEP	Sell	Pepsico	$4,410,000	-2.5%	29,317	-4.0%	0.96%	0.0%
REGN	Sell	REGENERON PHARMACEUTICALS	$4,391,000	+7.1%	7,256	-1.1%	0.95%	+9.9%
WBA	Sell	Walgreens Boots Alliance	$4,152,000	-25.1%	88,246	-16.3%	0.90%	-23.2%
CMI	Buy	Cummins Inc	$4,127,000	-7.6%	18,378	+0.3%	0.89%	-5.2%
KO	Sell	Coca-Cola	$3,960,000	-6.0%	75,471	-3.1%	0.86%	-3.7%
STT	Buy	State Street Corp	$3,839,000	+3.4%	45,317	+0.4%	0.83%	+6.0%
SYNA	Buy	Synaptics Inc	$3,743,000	+16.1%	20,827	+0.5%	0.81%	+19.1%
RY	Sell	Royal Bank Canada PV1	$3,624,000	-3.1%	36,433	-1.3%	0.78%	-0.6%
CERN	Buy	Cerner Corp	$3,532,000	-9.4%	50,078	+0.4%	0.76%	-7.0%
NVO	Sell	Novo Nordisk A S ADRadr	$3,398,000	+13.9%	35,396	-0.6%	0.74%	+16.8%
MKTAY	Sell	Makita Corp. ADRadr	$3,377,000	+16.1%	61,136	-1.2%	0.73%	+19.1%
NFG	Sell	National Fuel Gas Co	$3,357,000	-0.2%	63,920	-0.7%	0.73%	+2.4%
NVS	Buy	Novartis ADRadr	$3,300,000	-10.1%	40,352	+0.3%	0.72%	-7.7%
UPS	Buy	United Parcel Service Inc Class B	$3,300,000	-12.4%	18,121	+0.0%	0.72%	-10.1%
SAP	Sell	SAP AG ADRadr	$3,290,000	-4.1%	24,360	-0.2%	0.71%	-1.7%
VMW	Buy	Vmware Inc Cl A	$3,167,000	-4.2%	21,298	+3.1%	0.69%	-1.7%
MORN	Buy	Morningstar Inc	$3,132,000	+0.9%	12,093	+0.2%	0.68%	+3.5%
CRL	Buy	Charles River Labs Hldg	$3,120,000	+11.7%	7,561	+0.1%	0.68%	+14.6%
BNS	Buy	Bank of Nova Scotia	$2,957,000	-5.2%	48,053	+0.2%	0.64%	-2.9%
ABB	Sell	ABB Ltd Adradr	$2,908,000	-2.4%	87,164	-0.5%	0.63%	+0.2%
FDX	Sell	FedEX Corp	$2,898,000	-28.3%	13,216	-2.4%	0.63%	-26.5%
RJF	Buy	Raymond James Fincl Inc	$2,878,000	+6.6%	31,183	+50.0%	0.62%	+9.3%
DLTR	Sell	Dollar Tree Inc.	$2,871,000	-19.4%	29,993	-16.2%	0.62%	-17.3%
SNY	Sell	Sanofi Aventis Spon ADRadr	$2,780,000	-8.6%	57,657	-0.1%	0.60%	-6.2%
FFIV	Buy	F5 NETWORKS INC	$2,776,000	+7.3%	13,963	+0.8%	0.60%	+10.1%
TM	Sell	Toyota Motor Corp. ADRadr	$2,710,000	+1.6%	15,245	-0.1%	0.59%	+4.3%
BCPC	Buy	Balchem Corp	$2,610,000	+10.8%	17,994	+0.3%	0.56%	+13.7%
RHI	Buy	Robert Half Intl	$2,570,000	+13.0%	25,620	+0.2%	0.56%	+15.8%
TDY	Buy	Teledyne Technologies	$2,529,000	+3.0%	5,887	+0.4%	0.55%	+5.6%
RDSA	Sell	Royal Dutch Shell ADRadr	$2,500,000	+10.2%	56,097	-0.1%	0.54%	+12.9%
LSTR	Buy	Landstar System Inc	$2,489,000	+0.3%	15,774	+0.4%	0.54%	+2.9%
TD	Sell	Toronto Dominion Bank	$2,442,000	-5.8%	36,915	-0.2%	0.53%	-3.3%
MASI	Buy	Masimo Corp	$2,426,000	+11.9%	8,963	+0.2%	0.52%	+14.6%
DLB	Buy	Dolby Laboratories Inc	$2,282,000	-10.2%	25,929	+0.3%	0.49%	-7.8%
JKHY	Buy	Jack Henry & Assoc Inc	$2,236,000	+0.8%	13,628	+0.4%	0.48%	+3.4%
FWRD	Buy	Forward Air Corporation	$2,113,000	-7.2%	25,455	+0.4%	0.46%	-4.8%
SIEGY	Sell	Siemensadr	$2,063,000	+3.1%	25,117	-0.0%	0.45%	+5.9%
TTE	Buy	TotalEnergies SE-Sponsor ADRadr	$1,997,000	+10.3%	41,657	+4.2%	0.43%	+13.1%
GOOG	Sell	Alphabet Inc. Class C	$1,930,000	+3.9%	724	-2.3%	0.42%	+6.6%
WBS	Buy	Webster Finl Cp PV 0.01	$1,910,000	+2.6%	35,072	+0.5%	0.41%	+5.3%
BMI	Buy	Badger Meter Inc	$1,866,000	+3.4%	18,448	+0.3%	0.40%	+6.0%
HBAN	Buy	Huntington Bancshares	$1,850,000	+8.7%	119,668	+0.3%	0.40%	+11.7%
ESLT	Sell	Elbit Systems Ltd	$1,829,000	+11.2%	12,626	-0.4%	0.40%	+14.1%
NXPI	Sell	NXP Semiconductors NV	$1,736,000	-5.3%	8,863	-0.6%	0.38%	-2.8%
SNA	Buy	Snap On Inc	$1,704,000	-6.1%	8,154	+0.4%	0.37%	-3.7%
DD	Sell	DuPont de Nemours Inc	$1,640,000	-13.4%	24,121	-1.4%	0.36%	-11.2%
HMC	Sell	Honda Motor ADRadr	$1,550,000	-21.0%	50,534	-17.1%	0.34%	-18.8%
GGG	Buy	Graco Incorporated	$1,525,000	-7.0%	21,800	+0.7%	0.33%	-4.6%
CACI	Buy	C A C I Inc Cl A	$1,491,000	+3.5%	5,687	+0.7%	0.32%	+6.2%
GSK	Sell	GlaxoSmithKline Plc ADRadr	$1,455,000	-24.3%	38,089	-21.0%	0.32%	-22.4%
JCOM	Buy	J2 Global Inc.	$1,345,000	-0.5%	9,846	+0.2%	0.29%	+2.1%
ODC	Buy	Oil-Dri Corp Of America	$1,346,000	+3.2%	38,455	+0.8%	0.29%	+5.8%
PSX	Buy	Phillips	$1,341,000	-16.8%	19,156	+2.0%	0.29%	-14.7%
DOW	Sell	Dow, Inc.	$1,335,000	-10.5%	23,191	-1.7%	0.29%	-8.3%
USLM	Buy	US Lime & Minerals Inc.	$1,317,000	-12.5%	10,903	+0.7%	0.28%	-10.4%
LNN	Buy	Lindsay Corporation	$1,279,000	-8.1%	8,427	+0.1%	0.28%	-5.8%
UTHR	Buy	United Therapeutics Corp.	$1,277,000	+4.7%	6,916	+1.7%	0.28%	+7.0%
SR	Buy	Spire Inc.	$1,256,000	-14.6%	20,534	+1.0%	0.27%	-12.3%
IART	Buy	Integra Lifesciences Holdings Corp	$1,215,000	+0.8%	17,742	+0.5%	0.26%	+3.5%
CSTE	Buy	Caesarstone Ltd	$1,184,000	-15.4%	95,337	+0.5%	0.26%	-13.5%
JAZZ	Buy	Jazz Pharmaceuticals PLC	$1,169,000	-24.6%	8,976	+2.9%	0.25%	-22.6%
CRUS	Buy	Cirrus Logic Inc	$1,141,000	-2.6%	13,860	+0.7%	0.25%	0.0%
CW	Buy	Curtiss Wright Corp	$1,104,000	+7.2%	8,746	+0.8%	0.24%	+10.1%
JWA	Buy	John Wiley & Sons Class A	$1,074,000	-12.6%	20,563	+0.7%	0.23%	-10.0%
CDK	Buy	CDK Global Inc	$1,072,000	-14.0%	25,191	+0.4%	0.23%	-11.8%
GNTX	Buy	Gentex Corp.	$1,065,000	+0.9%	32,290	+1.2%	0.23%	+3.6%
ALC	Buy	Alcon Inc.	$1,066,000	+17.3%	13,252	+2.4%	0.23%	+20.3%
CFR	Buy	Cullen Frost Bankers	$1,000,000	+6.7%	8,434	+0.8%	0.22%	+9.6%
CTVA	Sell	Corteva Inc	$992,000	-6.6%	23,564	-1.6%	0.22%	-4.0%
OZK	Buy	Bank OZK	$974,000	+4.7%	22,652	+2.7%	0.21%	+7.7%
GRFS	Sell	Grifols	$974,000	-39.8%	66,656	-28.5%	0.21%	-38.1%
CAJ	Buy	Canon ADRadr	$971,000	+7.9%	39,821	+0.2%	0.21%	+10.5%
HUBG	Buy	Hub Group Inc-Class A	$943,000	+5.1%	13,721	+1.0%	0.20%	+7.9%
UTMD	Buy	Utah Medical Products	$937,000	+9.8%	10,093	+0.7%	0.20%	+12.8%
SAM	Buy	Boston Beer Company Inc.	$921,000	-48.9%	1,807	+2.4%	0.20%	-47.6%
FNB	Buy	FNB Corporation	$902,000	-3.5%	77,630	+2.4%	0.20%	-1.0%
UNB	Buy	Union Bankshares Inc	$890,000	-9.4%	27,837	+2.7%	0.19%	-6.8%
BSAC	Buy	Banco Santander New Adrfadr	$891,000	0.0%	45,091	+0.6%	0.19%	+2.7%
PAHC	Sell	PHIBRO ANIMAL HEALTH CORP-A	$887,000	-45.2%	41,183	-26.6%	0.19%	-43.9%
IT	Sell	Gartner Inc.	$846,000	+6.7%	2,783	-15.0%	0.18%	+9.6%
CMP	Buy	Compass Minerals Intl	$808,000	+11.3%	12,544	+2.3%	0.18%	+14.4%
KE	Buy	KIMBALL ELECTRONICS INC	$777,000	+25.1%	30,155	+5.5%	0.17%	+28.2%
TMP	Buy	Tompkins Financial Cp	$756,000	+5.7%	9,348	+1.4%	0.16%	+8.6%
HTLD	New	Heartland Express Inc	$746,000	–	46,577	–	0.16%	–
MNRO	Buy	Monro, Inc.	$736,000	-5.8%	12,802	+4.1%	0.16%	-3.6%
AGX	Buy	Argan Inc	$717,000	-7.4%	16,429	+1.5%	0.16%	-4.9%
INGN	Buy	Inogen Inc	$717,000	-32.0%	16,644	+2.9%	0.16%	-30.5%
IRBT	New	IROBOT CORP	$696,000	–	8,863	–	0.15%	–
HCSG	Buy	Healthcare Services Group	$664,000	-17.1%	26,558	+4.6%	0.14%	-14.8%
CHKP	Buy	Check Point Software	$641,000	-1.2%	5,671	+1.4%	0.14%	+1.5%
HAE	Buy	Haemonetics Corp	$553,000	+17.4%	7,828	+10.8%	0.12%	+21.2%
NTGR	Buy	NETGEAR INC	$532,000	-6.7%	16,685	+12.2%	0.12%	-4.2%
SILC	Buy	Silicom Limited	$532,000	+2.9%	12,298	+4.9%	0.12%	+5.5%
IDCC	Sell	Interdigital Inc	$434,000	-43.6%	6,395	-39.2%	0.09%	-42.0%
SWM	Buy	Schweitzer Mauduit Intl.	$426,000	-12.0%	12,280	+2.4%	0.09%	-9.8%
WOR	Sell	Worthington Industries	$400,000	+4.4%	7,595	-77.3%	0.09%	+7.4%
	New	Holley Inc Class A	$287,000	–	24,038	–	0.06%	–
OGN	Buy	ORGANON & CO	$231,000	+13.2%	7,033	+4.4%	0.05%	+16.3%
EMPW	Exit	Empower Ltd	$0	–	-24,038	–	-0.05%	–
UNP	Exit	Union Pacific Corp	$0	–	-1,674	–	-0.08%	–

Q2 2021

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$16,318,000	–	99,051	–	3.44%	–
MSFT	New	Microsoft	$15,811,000	–	58,366	–	3.34%	–
AAPL	New	Apple Computer	$10,068,000	–	73,514	–	2.13%	–
LLY	New	Eli Lilly	$9,704,000	–	42,277	–	2.05%	–
DE	New	Deere & Company	$9,241,000	–	26,201	–	1.95%	–
LOW	New	Lowe's	$8,918,000	–	45,978	–	1.88%	–
COST	New	Costco Wholesale Corp Del	$8,877,000	–	22,437	–	1.87%	–
TROW	New	T. Rowe Group Inc.	$8,856,000	–	44,735	–	1.87%	–
IDXX	New	Idexx Laboratories	$8,792,000	–	13,921	–	1.86%	–
INTC	New	Intel	$8,757,000	–	155,983	–	1.85%	–
A	New	Agilent Technologies	$8,632,000	–	58,398	–	1.82%	–
ITW	New	Illinois Tool Works Inc	$8,116,000	–	36,302	–	1.71%	–
ADP	New	Automatic Data Processing	$8,105,000	–	40,807	–	1.71%	–
QCOM	New	Qualcomm Inc	$8,079,000	–	56,521	–	1.71%	–
LH	New	Laboratory CP Amer Hldgs	$8,071,000	–	29,257	–	1.70%	–
GOOGL	New	Alphabet Inc. Class A	$7,972,000	–	3,265	–	1.68%	–
JPM	New	J. P. Morgan Chase & Co. Inc.	$7,961,000	–	51,180	–	1.68%	–
SBUX	New	Starbucks Corp.	$7,502,000	–	67,094	–	1.58%	–
ECL	New	Ecolab Inc.	$7,186,000	–	34,889	–	1.52%	–
XOM	New	Exxon-Mobil	$7,165,000	–	113,583	–	1.51%	–
EMR	New	Emerson Electric	$7,111,000	–	73,887	–	1.50%	–
MMM	New	3M Company	$6,713,000	–	33,795	–	1.42%	–
MKC	New	McCormick & Company	$6,700,000	–	75,859	–	1.41%	–
CSCO	New	Cisco Systems Inc	$6,609,000	–	124,706	–	1.40%	–
WMT	New	Wal-Mart Stores Inc.	$6,513,000	–	46,184	–	1.38%	–
PG	New	Procter & Gamble	$6,375,000	–	47,249	–	1.35%	–
MDT	New	Medtronic Inc.	$6,374,000	–	51,346	–	1.35%	–
GIS	New	General Mills	$6,263,000	–	102,783	–	1.32%	–
BIIB	New	Biogen Idec Inc	$6,079,000	–	17,555	–	1.28%	–
KEYS	New	Keysight Technologies	$5,880,000	–	38,083	–	1.24%	–
WBA	New	Walgreens Boots Alliance	$5,544,000	–	105,384	–	1.17%	–
HAS	New	Hasbro Inc	$5,451,000	–	57,667	–	1.15%	–
IBM	New	Internat'l Business Mach	$5,270,000	–	35,948	–	1.11%	–
MRK	New	Merck & Co. Inc.	$5,205,000	–	66,932	–	1.10%	–
BDX	New	Becton Dickinson & Co	$5,206,000	–	21,407	–	1.10%	–
XRAY	New	Dentsply Sirona	$5,156,000	–	81,503	–	1.09%	–
TFC	New	Truist Financial Corp	$5,144,000	–	92,690	–	1.09%	–
PEP	New	Pepsico	$4,525,000	–	30,538	–	0.96%	–
CMI	New	Cummins Inc	$4,466,000	–	18,316	–	0.94%	–
COP	New	ConocoPhillips	$4,361,000	–	71,615	–	0.92%	–
KO	New	Coca-Cola	$4,215,000	–	77,896	–	0.89%	–
REGN	New	REGENERON PHARMACEUTICALS	$4,099,000	–	7,339	–	0.86%	–
FDX	New	FedEX Corp	$4,040,000	–	13,541	–	0.85%	–
CERN	New	Cerner Corp	$3,898,000	–	49,873	–	0.82%	–
UPS	New	United Parcel Service Inc Class B	$3,767,000	–	18,114	–	0.80%	–
RY	New	Royal Bank Canada PV$1	$3,741,000	–	36,928	–	0.79%	–
STT	New	State Street Corp	$3,713,000	–	45,130	–	0.78%	–
NVS	New	Novartis ADRadr	$3,669,000	–	40,213	–	0.78%	–
DLTR	New	Dollar Tree Inc.	$3,563,000	–	35,808	–	0.75%	–
SAP	New	SAP AG ADRadr	$3,429,000	–	24,414	–	0.72%	–
NFG	New	National Fuel Gas Co	$3,363,000	–	64,357	–	0.71%	–
VMW	New	Vmware Inc Cl A	$3,306,000	–	20,665	–	0.70%	–
SYNA	New	Synaptics Inc	$3,223,000	–	20,714	–	0.68%	–
BNS	New	Bank of Nova Scotia	$3,120,000	–	47,954	–	0.66%	–
MORN	New	Morningstar Inc	$3,103,000	–	12,067	–	0.66%	–
SNY	New	Sanofi Aventis Spon ADRadr	$3,040,000	–	57,737	–	0.64%	–
NVO	New	Novo Nordisk A S ADRadr	$2,984,000	–	35,627	–	0.63%	–
ABB	New	ABB Ltd Adradr	$2,978,000	–	87,606	–	0.63%	–
MKTAY	New	Makita Corp. ADRadr	$2,909,000	–	61,894	–	0.61%	–
CRL	New	Charles River Labs Hldg	$2,794,000	–	7,553	–	0.59%	–
RJF	New	Raymond James Fincl Inc	$2,701,000	–	20,790	–	0.57%	–
TM	New	Toyota Motor Corp. ADRadr	$2,667,000	–	15,256	–	0.56%	–
TD	New	Toronto Dominion Bank	$2,591,000	–	36,993	–	0.55%	–
FFIV	New	F5 NETWORKS INC	$2,586,000	–	13,856	–	0.55%	–
DLB	New	Dolby Laboratories Inc	$2,540,000	–	25,846	–	0.54%	–
LSTR	New	Landstar System Inc	$2,482,000	–	15,710	–	0.52%	–
TDY	New	Teledyne Technologies	$2,456,000	–	5,864	–	0.52%	–
BCPC	New	Balchem Corp	$2,356,000	–	17,947	–	0.50%	–
FWRD	New	Forward Air Corporation	$2,276,000	–	25,358	–	0.48%	–
RHI	New	Robert Half Intl	$2,274,000	–	25,559	–	0.48%	–
RDSA	New	Royal Dutch Shell ADRadr	$2,268,000	–	56,150	–	0.48%	–
JKHY	New	Jack Henry & Assoc Inc	$2,219,000	–	13,569	–	0.47%	–
MASI	New	Masimo Corp	$2,168,000	–	8,942	–	0.46%	–
SIEGY	New	Siemensadr	$2,001,000	–	25,121	–	0.42%	–
HMC	New	Honda Motor ADRadr	$1,961,000	–	60,945	–	0.41%	–
GSK	New	GlaxoSmithKline Plc ADRadr	$1,921,000	–	48,242	–	0.41%	–
DD	New	DuPont de Nemours Inc	$1,894,000	–	24,471	–	0.40%	–
WBS	New	Webster Finl Cp PV 0.01	$1,861,000	–	34,885	–	0.39%	–
GOOG	New	Alphabet Inc. Class C	$1,857,000	–	741	–	0.39%	–
NXPI	New	NXP Semiconductors NV	$1,834,000	–	8,913	–	0.39%	–
SNA	New	Snap On Inc	$1,815,000	–	8,123	–	0.38%	–
TTE	New	TotalEnergies SE-Sponsor ADRadr	$1,810,000	–	39,982	–	0.38%	–
BMI	New	Badger Meter Inc	$1,805,000	–	18,400	–	0.38%	–
SAM	New	Boston Beer Company Inc.	$1,801,000	–	1,764	–	0.38%	–
HBAN	New	Huntington Bancshares	$1,702,000	–	119,283	–	0.36%	–
ESLT	New	Elbit Systems Ltd	$1,645,000	–	12,676	–	0.35%	–
GGG	New	Graco Incorporated	$1,639,000	–	21,655	–	0.35%	–
PAHC	New	PHIBRO ANIMAL HEALTH CORP-A	$1,620,000	–	56,104	–	0.34%	–
GRFS	New	Grifols	$1,617,000	–	93,183	–	0.34%	–
PSX	New	Phillips	$1,612,000	–	18,778	–	0.34%	–
JAZZ	New	Jazz Pharmaceuticals PLC	$1,550,000	–	8,727	–	0.33%	–
USLM	New	US Lime & Minerals Inc.	$1,506,000	–	10,831	–	0.32%	–
DOW	New	Dow, Inc.	$1,492,000	–	23,583	–	0.32%	–
SR	New	Spire Inc.	$1,470,000	–	20,335	–	0.31%	–
CACI	New	C A C I Inc Cl A	$1,441,000	–	5,649	–	0.30%	–
CSTE	New	Caesarstone Ltd	$1,400,000	–	94,822	–	0.30%	–
LNN	New	Lindsay Corporation	$1,392,000	–	8,421	–	0.29%	–
JCOM	New	J2 Global Inc.	$1,352,000	–	9,826	–	0.28%	–
ODC	New	Oil-Dri Corp Of America	$1,304,000	–	38,151	–	0.28%	–
CDK	New	CDK Global Inc	$1,247,000	–	25,099	–	0.26%	–
JWA	New	John Wiley & Sons Class A	$1,229,000	–	20,423	–	0.26%	–
UTHR	New	United Therapeutics Corp.	$1,220,000	–	6,801	–	0.26%	–
IART	New	Integra Lifesciences Holdings Corp	$1,205,000	–	17,652	–	0.25%	–
CRUS	New	Cirrus Logic Inc	$1,171,000	–	13,761	–	0.25%	–
CTVA	New	Corteva Inc	$1,062,000	–	23,948	–	0.22%	–
GNTX	New	Gentex Corp.	$1,055,000	–	31,894	–	0.22%	–
INGN	New	Inogen Inc	$1,054,000	–	16,175	–	0.22%	–
CW	New	Curtiss Wright Corp	$1,030,000	–	8,675	–	0.22%	–
UNB	New	Union Bankshares Inc	$982,000	–	27,116	–	0.21%	–
CFR	New	Cullen Frost Bankers	$937,000	–	8,366	–	0.20%	–
FNB	New	FNB Corporation	$935,000	–	75,804	–	0.20%	–
OZK	New	Bank OZK	$930,000	–	22,062	–	0.20%	–
ALC	New	Alcon Inc.	$909,000	–	12,936	–	0.19%	–
CAJ	New	Canon ADRadr	$900,000	–	39,752	–	0.19%	–
HUBG	New	Hub Group Inc-Class A	$897,000	–	13,591	–	0.19%	–
BSAC	New	Banco Santander New Adrfadr	$891,000	–	44,818	–	0.19%	–
UTMD	New	Utah Medical Products	$853,000	–	10,025	–	0.18%	–
HCSG	New	Healthcare Services Group	$801,000	–	25,379	–	0.17%	–
IT	New	Gartner Inc.	$793,000	–	3,275	–	0.17%	–
MNRO	New	Monro, Inc.	$781,000	–	12,301	–	0.16%	–
AGX	New	Argan Inc	$774,000	–	16,186	–	0.16%	–
IDCC	New	Interdigital Inc	$769,000	–	10,525	–	0.16%	–
CMP	New	Compass Minerals Intl	$726,000	–	12,258	–	0.15%	–
TMP	New	Tompkins Financial Cp	$715,000	–	9,223	–	0.15%	–
CHKP	New	Check Point Software	$649,000	–	5,590	–	0.14%	–
KE	New	KIMBALL ELECTRONICS INC	$621,000	–	28,580	–	0.13%	–
GINN	New	GOLDMAN SACHS INNOVATE EQUITY ETFetf	$604,000	–	9,704	–	0.13%	–
NTGR	New	NETGEAR INC	$570,000	–	14,877	–	0.12%	–
CLF	New	Cleveland-Cliffs, Inc.	$551,000	–	25,555	–	0.12%	–
SILC	New	Silicom Limited	$517,000	–	11,725	–	0.11%	–
SWM	New	Schweitzer Mauduit Intl.	$484,000	–	11,991	–	0.10%	–
HAE	New	Haemonetics Corp	$471,000	–	7,067	–	0.10%	–
FCNCA	New	First Citizens Bancshares Inc A	$415,000	–	498	–	0.09%	–
WOR	New	Worthington Industries	$383,000	–	33,448	–	0.08%	–
UNP	New	Union Pacific Corp	$368,000	–	1,674	–	0.08%	–
COIN	New	Coinbase Global, Inc.	$244,000	–	964	–	0.05%	–
EMPW	New	Empower Ltd	$241,000	–	24,038	–	0.05%	–
K	New	Kellogg Company	$213,000	–	3,307	–	0.04%	–
FB	New	Facebook Inc Class A	$212,000	–	609	–	0.04%	–
OGN	New	ORGANON & CO	$204,000	–	6,738	–	0.04%	–
AMCR	New	Amcor Plc	$142,000	–	12,403	–	0.03%	–

Q4 2020

			Value		Shares		↓ Weighting
AMCR	Exit	Amcor Plc	$0	–	-12,403	–	-0.04%	–
SILC	Exit	Silicom Limited	$0	–	-6,326	–	-0.06%	–
WOR	Exit	Worthington Industries	$0	–	-5,451	–	-0.06%	–
GBUY	Exit	Goldman Sachs Motif New Age Cnsmr ETFetf	$0	–	-3,000	–	-0.07%	–
TSM	Exit	Taiwan S. Manufacturing ADRadr	$0	–	-3,097	–	-0.07%	–
IT	Exit	Gartner Inc.	$0	–	-2,050	–	-0.07%	–
KE	Exit	KIMBALL ELECTRONICS INC	$0	–	-24,046	–	-0.08%	–
CAJ	Exit	Canon ADRadr	$0	–	-18,242	–	-0.08%	–
UNP	Exit	Union Pacific Corp	$0	–	-1,674	–	-0.09%	–
FNB	Exit	FNB Corporation	$0	–	-55,024	–	-0.10%	–
IWF	Exit	Ishares Russell 1000etf	$0	–	-1,825	–	-0.11%	–
INGN	Exit	Inogen Inc	$0	–	-14,334	–	-0.12%	–
OZK	Exit	Bank OZK	$0	–	-19,775	–	-0.12%	–
NTGR	Exit	NETGEAR INC	$0	–	-13,631	–	-0.12%	–
MNRO	Exit	Monro, Inc.	$0	–	-11,043	–	-0.12%	–
UNB	Exit	Union Bankshares Inc	$0	–	-23,083	–	-0.13%	–
HCSG	Exit	Healthcare Services Group	$0	–	-22,212	–	-0.13%	–
TMP	Exit	Tompkins Financial Cp	$0	–	-8,507	–	-0.13%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-7,949	–	-0.14%	–
XOM	Exit	Exxon-Mobil	$0	–	-16,901	–	-0.16%	–
ALC	Exit	Alcon Inc.	$0	–	-10,200	–	-0.16%	–
BSAC	Exit	Banco Santander New Adrfadr	$0	–	-42,953	–	-0.16%	–
FLIR	Exit	Flir Systems Inc.	$0	–	-16,983	–	-0.17%	–
JWA	Exit	John Wiley & Sons Class A	$0	–	-19,189	–	-0.17%	–
RDSA	Exit	Royal Dutch Shell ADRadr	$0	–	-24,663	–	-0.17%	–
UTHR	Exit	United Therapeutics Corp.	$0	–	-6,288	–	-0.18%	–
AGX	Exit	Argan Inc	$0	–	-15,274	–	-0.18%	–
HUBG	Exit	Hub Group Inc-Class A	$0	–	-12,861	–	-0.18%	–
CMP	Exit	Compass Minerals Intl	$0	–	-10,988	–	-0.18%	–
JCOM	Exit	J2 Global Inc.	$0	–	-9,596	–	-0.18%	–
EGOV	Exit	NIC INC	$0	–	-34,523	–	-0.19%	–
CTVA	Exit	Corteva Inc	$0	–	-23,705	–	-0.19%	–
HAE	Exit	Haemonetics Corp	$0	–	-7,872	–	-0.19%	–
UTMD	Exit	Utah Medical Products	$0	–	-9,571	–	-0.21%	–
LNN	Exit	Lindsay Corporation	$0	–	-8,021	–	-0.21%	–
CW	Exit	Curtiss Wright Corp	$0	–	-8,379	–	-0.22%	–
GNTX	Exit	Gentex Corp.	$0	–	-30,351	–	-0.22%	–
JAZZ	Exit	JAZZ PHARMACEUTICALS PLC	$0	–	-5,506	–	-0.22%	–
GSK	Exit	GlaxoSmithKline Plc ADRadr	$0	–	-20,883	–	-0.22%	–
IART	Exit	Integra Lifesciences Holdings Corp	$0	–	-17,199	–	-0.22%	–
PSX	Exit	Phillips	$0	–	-16,571	–	-0.24%	–
CSTE	Exit	Caesarstone Ltd	$0	–	-88,860	–	-0.24%	–
WBS	Exit	Webster Finl Cp PV 0.01	$0	–	-33,977	–	-0.25%	–
TCF	Exit	T C F Financial Corp	$0	–	-38,634	–	-0.25%	–
CRUS	Exit	Cirrus Logic Inc	$0	–	-13,366	–	-0.25%	–
CDK	Exit	CDK Global Inc	$0	–	-22,305	–	-0.27%	–
GRFS	Exit	Grifols	$0	–	-57,275	–	-0.27%	–
SR	Exit	Spire Inc.	$0	–	-19,550	–	-0.29%	–
NXPI	Exit	NXP Semiconductors NV	$0	–	-8,697	–	-0.30%	–
DOW	Exit	Dow, Inc.	$0	–	-23,301	–	-0.30%	–
RAVN	Exit	Raven Industries Inc	$0	–	-51,258	–	-0.30%	–
CACI	Exit	C A C I Inc Cl A	$0	–	-5,456	–	-0.32%	–
SNA	Exit	Snap On Inc	$0	–	-7,915	–	-0.32%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-802	–	-0.32%	–
BMI	Exit	Badger Meter Inc	$0	–	-18,260	–	-0.33%	–
TTE	Exit	Total S.A. Sponsor ADRadr	$0	–	-37,507	–	-0.35%	–
GGG	Exit	Graco Incorporated	$0	–	-21,123	–	-0.36%	–
ODC	Exit	Oil-Dri Corp Of America	$0	–	-36,556	–	-0.36%	–
HMC	Exit	Honda Motor ADRadr	$0	–	-55,359	–	-0.36%	–
RHI	Exit	Robert Half Intl	$0	–	-25,095	–	-0.37%	–
DD	Exit	DuPont de Nemours Inc	$0	–	-24,019	–	-0.37%	–
FWRD	Exit	Forward Air Corporation	$0	–	-24,832	–	-0.39%	–
TDY	Exit	Teledyne Technologies	$0	–	-4,634	–	-0.40%	–
RJF	Exit	Raymond James Fincl Inc	$0	–	-20,396	–	-0.41%	–
USLM	Exit	US Lime & Minerals Inc.	$0	–	-16,506	–	-0.41%	–
ESLT	Exit	Elbit Systems Ltd	$0	–	-12,431	–	-0.41%	–
SAM	Exit	Boston Beer Company Inc.	$0	–	-1,744	–	-0.42%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-43,067	–	-0.43%	–
TD	Exit	Toronto Dominion Bank	$0	–	-35,210	–	-0.45%	–
SYNA	Exit	Synaptics Inc	$0	–	-20,512	–	-0.46%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-25,455	–	-0.46%	–
CRL	Exit	Charles River Labs Hldg	$0	–	-7,531	–	-0.47%	–
BCPC	Exit	Balchem Corp	$0	–	-17,834	–	-0.48%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-46,117	–	-0.53%	–
TM	Exit	Toyota Motor Corp. ADRadr	$0	–	-14,633	–	-0.53%	–
LSTR	Exit	Landstar System Inc	$0	–	-15,482	–	-0.54%	–
MORN	Exit	Morningstar Inc	$0	–	-13,060	–	-0.58%	–
ABB	Exit	ABB Ltd Adradr	$0	–	-84,281	–	-0.59%	–
JKHY	Exit	Jack Henry & Assoc Inc	$0	–	-13,427	–	-0.60%	–
NFG	Exit	National Fuel Gas Co	$0	–	-57,319	–	-0.64%	–
COP	Exit	ConocoPhillips	$0	–	-72,567	–	-0.66%	–
NVO	Exit	Novo Nordisk A S ADRadr	$0	–	-34,539	–	-0.66%	–
SIEGY	Exit	Siemensadr	$0	–	-35,341	–	-0.68%	–
RY	Exit	Royal Bank Canada PV$1	$0	–	-36,058	–	-0.70%	–
STT	Exit	State Street Corp	$0	–	-44,508	–	-0.73%	–
DLTR	Exit	Dollar Tree Inc.	$0	–	-30,405	–	-0.76%	–
SNY	Exit	Sanofi Aventis Spon ADRadr	$0	–	-55,786	–	-0.77%	–
VMW	Exit	Vmware Inc Cl A	$0	–	-19,709	–	-0.78%	–
MKTAY	Exit	Makita Corp. ADRadr	$0	–	-60,465	–	-0.80%	–
UPS	Exit	United Parcel Service Inc Class B	$0	–	-17,846	–	-0.82%	–
MASI	Exit	Masimo Corp	$0	–	-13,639	–	-0.89%	–
CERN	Exit	Cerner Corp	$0	–	-45,158	–	-0.90%	–
NVS	Exit	Novartis ADRadr	$0	–	-38,148	–	-0.91%	–
TFC	Exit	Truist Financial Corp	$0	–	-89,273	–	-0.94%	–
XRAY	Exit	Dentsply Sirona	$0	–	-78,221	–	-0.94%	–
SAP	Exit	SAP AG ADRadr	$0	–	-23,043	–	-0.99%	–
KO	Exit	Coca-Cola	$0	–	-73,593	–	-1.00%	–
CMI	Exit	Cummins Inc	$0	–	-17,800	–	-1.04%	–
FDX	Exit	FedEX Corp	$0	–	-15,188	–	-1.05%	–
KEYS	Exit	Keysight Technologies	$0	–	-39,780	–	-1.08%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-7,202	–	-1.11%	–
PEP	Exit	Pepsico	$0	–	-29,364	–	-1.12%	–
IBM	Exit	Internat'l Business Mach	$0	–	-34,153	–	-1.14%	–
HAS	Exit	Hasbro Inc	$0	–	-55,979	–	-1.28%	–
BIIB	Exit	Biogen Idec Inc	$0	–	-16,742	–	-1.31%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-120,486	–	-1.31%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-20,425	–	-1.31%	–
EMR	Exit	Emerson Electric	$0	–	-74,947	–	-1.35%	–
JPM	Exit	J. P. Morgan Chase & Co. Inc.	$0	–	-51,064	–	-1.35%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-61,287	–	-1.40%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-3,499	–	-1.41%	–
MDT	Exit	Medtronic Inc.	$0	–	-50,512	–	-1.45%	–
K	Exit	Kellogg Company	$0	–	-81,508	–	-1.45%	–
MMM	Exit	3M Company	$0	–	-33,146	–	-1.46%	–
LH	Exit	Laboratory CP Amer Hldgs	$0	–	-29,159	–	-1.51%	–
ADP	Exit	Automatic Data Processing	$0	–	-40,740	–	-1.57%	–
TROW	Exit	T. Rowe Group Inc.	$0	–	-44,677	–	-1.58%	–
SBUX	Exit	Starbucks Corp.	$0	–	-66,757	–	-1.58%	–
A	Exit	Agilent Technologies	$0	–	-59,136	–	-1.64%	–
IDXX	Exit	Idexx Laboratories	$0	–	-15,250	–	-1.65%	–
GIS	Exit	General Mills	$0	–	-99,774	–	-1.70%	–
LLY	Exit	Eli Lilly	$0	–	-42,591	–	-1.74%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-45,471	–	-1.75%	–
PG	Exit	Procter & Gamble	$0	–	-46,622	–	-1.78%	–
ECL	Exit	Ecolab Inc.	$0	–	-34,798	–	-1.92%	–
MKC	Exit	McCormick & Company	$0	–	-37,385	–	-2.00%	–
QCOM	Exit	Qualcomm Inc	$0	–	-61,873	–	-2.01%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-38,460	–	-2.05%	–
INTC	Exit	Intel	$0	–	-147,257	–	-2.10%	–
LOW	Exit	Lowe's	$0	–	-46,102	–	-2.11%	–
COST	Exit	Costco Wholesale Corp Del	$0	–	-22,450	–	-2.20%	–
AAPL	Exit	Apple Computer	$0	–	-72,190	–	-2.30%	–
DE	Exit	Deere & Company	$0	–	-38,019	–	-2.32%	–
MSFT	Exit	Microsoft	$0	–	-61,045	–	-3.54%	–
JNJ	Exit	Johnson & Johnson	$0	–	-97,696	–	-4.01%	–

Q3 2020

			Value		Shares		↓ Weighting
JNJ	Buy	Johnson & Johnson	$14,545,000	+6.0%	97,696	+0.1%	4.01%	+1.5%
MSFT	Sell	Microsoft	$12,840,000	-2.1%	61,045	-5.3%	3.54%	-6.3%
DE	Sell	Deere & Company	$8,426,000	+40.3%	38,019	-0.5%	2.32%	+34.3%
AAPL	Buy	Apple Computer	$8,360,000	-5.9%	72,190	+196.4%	2.30%	-9.9%
COST	Sell	Costco Wholesale Corp Del	$7,970,000	+15.0%	22,450	-1.8%	2.20%	+10.1%
LOW	Sell	Lowe's	$7,646,000	+19.5%	46,102	-2.7%	2.11%	+14.4%
INTC	Buy	Intel	$7,625,000	-12.9%	147,257	+0.6%	2.10%	-16.6%
ITW	Sell	Illinois Tool Works Inc	$7,431,000	+10.1%	38,460	-0.3%	2.05%	+5.5%
QCOM	Sell	Qualcomm Inc	$7,281,000	+28.7%	61,873	-0.3%	2.01%	+23.2%
MKC	Sell	McCormick & Company	$7,256,000	+5.3%	37,385	-2.7%	2.00%	+0.8%
ECL	Sell	Ecolab Inc.	$6,954,000	-0.1%	34,798	-0.6%	1.92%	-4.3%
PG	Buy	Procter & Gamble	$6,480,000	+16.6%	46,622	+0.3%	1.78%	+11.6%
WMT	Buy	Wal-Mart Stores Inc.	$6,362,000	+17.1%	45,471	+0.3%	1.75%	+12.2%
LLY	Sell	Eli Lilly	$6,304,000	-12.0%	42,591	-2.4%	1.74%	-15.7%
GIS	Sell	General Mills	$6,154,000	-1.4%	99,774	-1.4%	1.70%	-5.6%
IDXX	Sell	Idexx Laboratories	$5,995,000	+15.8%	15,250	-2.8%	1.65%	+10.9%
A	Buy	Agilent Technologies	$5,969,000	+14.2%	59,136	+0.0%	1.64%	+9.4%
SBUX	Sell	Starbucks Corp.	$5,736,000	+16.3%	66,757	-0.4%	1.58%	+11.4%
TROW	Buy	T. Rowe Group Inc.	$5,728,000	+4.1%	44,677	+0.3%	1.58%	-0.3%
ADP	Buy	Automatic Data Processing	$5,683,000	-5.7%	40,740	+0.6%	1.57%	-9.7%
LH	Buy	Laboratory CP Amer Hldgs	$5,490,000	+13.7%	29,159	+0.3%	1.51%	+8.9%
MMM	Sell	3M Company	$5,309,000	+2.6%	33,146	-0.1%	1.46%	-1.7%
K	Sell	Kellogg Company	$5,265,000	-2.4%	81,508	-0.2%	1.45%	-6.5%
MDT	Sell	Medtronic Inc.	$5,249,000	+12.6%	50,512	-0.6%	1.45%	+7.8%
GOOGL	Buy	Alphabet Inc. Class A	$5,128,000	+3.9%	3,499	+0.5%	1.41%	-0.5%
MRK	Buy	Merck & Co. Inc.	$5,084,000	+8.1%	61,287	+0.7%	1.40%	+3.5%
EMR	Sell	Emerson Electric	$4,914,000	+5.4%	74,947	-0.3%	1.35%	+0.9%
JPM	Buy	J. P. Morgan Chase & Co. Inc.	$4,916,000	+3.1%	51,064	+0.7%	1.35%	-1.3%
BDX	Buy	Becton Dickinson & Co	$4,752,000	-1.9%	20,425	+0.9%	1.31%	-6.1%
CSCO	Buy	Cisco Systems Inc	$4,746,000	-13.9%	120,486	+1.9%	1.31%	-17.5%
BIIB	Buy	Biogen Idec Inc	$4,749,000	+6.1%	16,742	+0.0%	1.31%	+1.6%
HAS	Buy	Hasbro Inc	$4,631,000	+11.6%	55,979	+1.1%	1.28%	+6.9%
IBM	Buy	Internat'l Business Mach	$4,155,000	+2.2%	34,153	+1.4%	1.14%	-2.1%
PEP	Sell	Pepsico	$4,070,000	+1.8%	29,364	-2.9%	1.12%	-2.6%
REGN	Sell	REGENERON PHARMACEUTICALS	$4,032,000	-10.3%	7,202	-0.1%	1.11%	-14.1%
KEYS	Sell	Keysight Technologies	$3,929,000	-7.8%	39,780	-5.9%	1.08%	-11.7%
FDX	Buy	FedEX Corp	$3,820,000	+79.5%	15,188	+0.0%	1.05%	+71.9%
CMI	Sell	Cummins Inc	$3,759,000	+21.8%	17,800	-0.0%	1.04%	+16.7%
KO	Buy	Coca-Cola	$3,633,000	+10.7%	73,593	+0.2%	1.00%	+6.0%
SAP	Sell	SAP AG ADRadr	$3,590,000	+9.7%	23,043	-1.4%	0.99%	+5.1%
XRAY	Buy	Dentsply Sirona	$3,421,000	+0.6%	78,221	+1.4%	0.94%	-3.6%
TFC	Buy	Truist Financial Corp	$3,397,000	+3.1%	89,273	+1.7%	0.94%	-1.3%
NVS	Buy	Novartis ADRadr	$3,317,000	+0.4%	38,148	+0.8%	0.91%	-3.9%
CERN	Buy	Cerner Corp	$3,264,000	+7.3%	45,158	+1.8%	0.90%	+2.7%
MASI	Buy	Masimo Corp	$3,220,000	+4.2%	13,639	+0.6%	0.89%	-0.2%
UPS	Buy	United Parcel Service Inc Class B	$2,974,000	+50.5%	17,846	+0.4%	0.82%	+43.9%
MKTAY	Buy	Makita Corp. ADRadr	$2,915,000	+34.0%	60,465	+0.6%	0.80%	+28.3%
VMW	Buy	Vmware Inc Cl A	$2,832,000	-6.9%	19,709	+0.3%	0.78%	-10.9%
SNY	Buy	Sanofi Aventis Spon ADRadr	$2,799,000	-1.0%	55,786	+0.7%	0.77%	-5.2%
DLTR	Buy	Dollar Tree Inc.	$2,777,000	+0.8%	30,405	+2.3%	0.76%	-3.4%
STT	Buy	State Street Corp	$2,641,000	-6.5%	44,508	+0.2%	0.73%	-10.5%
RY	Sell	Royal Bank Canada PV$1	$2,529,000	+1.3%	36,058	-2.1%	0.70%	-2.9%
SIEGY	Sell	Siemensadr	$2,462,000	+18.1%	35,341	-0.0%	0.68%	+13.0%
NVO	Buy	Novo Nordisk A S ADRadr	$2,398,000	+6.2%	34,539	+0.2%	0.66%	+1.8%
COP	Buy	ConocoPhillips	$2,383,000	-19.3%	72,567	+3.3%	0.66%	-22.6%
NFG	Buy	National Fuel Gas Co	$2,327,000	-0.7%	57,319	+2.5%	0.64%	-4.9%
JKHY	Buy	Jack Henry & Assoc Inc	$2,183,000	-10.5%	13,427	+1.2%	0.60%	-14.4%
ABB	Buy	ABB Ltd Adradr	$2,145,000	+12.9%	84,281	+0.0%	0.59%	+8.0%
MORN	Buy	Morningstar Inc	$2,098,000	+16.2%	13,060	+2.0%	0.58%	+11.4%
LSTR	Buy	Landstar System Inc	$1,943,000	+14.2%	15,482	+2.2%	0.54%	+9.4%
TM	Buy	Toyota Motor Corp. ADRadr	$1,938,000	+6.0%	14,633	+0.5%	0.53%	+1.5%
BNS	Buy	Bank of Nova Scotia	$1,914,000	+1.5%	46,117	+0.8%	0.53%	-2.8%
BCPC	Buy	Balchem Corp	$1,741,000	+5.2%	17,834	+2.2%	0.48%	+0.8%
CRL	Buy	Charles River Labs Hldg	$1,705,000	+32.6%	7,531	+2.1%	0.47%	+27.0%
DLB	Buy	Dolby Laboratories Inc	$1,687,000	+3.2%	25,455	+2.5%	0.46%	-1.1%
SYNA	Buy	Synaptics Inc	$1,650,000	+36.5%	20,512	+1.9%	0.46%	+30.7%
TD	Buy	Toronto Dominion Bank	$1,628,000	+4.3%	35,210	+0.6%	0.45%	0.0%
WBA	Buy	Walgreens Boots Alliance	$1,547,000	-14.7%	43,067	+0.7%	0.43%	-18.4%
SAM	Sell	Boston Beer Company Inc.	$1,541,000	+9.2%	1,744	-33.7%	0.42%	+4.7%
ESLT	Buy	Elbit Systems Ltd	$1,495,000	-11.1%	12,431	+1.3%	0.41%	-14.9%
USLM	Buy	US Lime & Minerals Inc.	$1,487,000	+9.3%	16,506	+2.4%	0.41%	+4.9%
RJF	Buy	Raymond James Fincl Inc	$1,484,000	+8.9%	20,396	+3.0%	0.41%	+4.3%
TDY	Buy	Teledyne Technologies	$1,438,000	+1.5%	4,634	+1.6%	0.40%	-2.9%
FWRD	Buy	Forward Air Corporation	$1,425,000	+19.0%	24,832	+3.3%	0.39%	+14.2%
DD	Buy	DuPont de Nemours Inc	$1,333,000	+5.6%	24,019	+1.1%	0.37%	+1.1%
RHI	Buy	Robert Half Intl	$1,329,000	+2.9%	25,095	+2.7%	0.37%	-1.3%
HMC	Buy	Honda Motor ADRadr	$1,312,000	-5.8%	55,359	+1.6%	0.36%	-10.0%
ODC	Buy	Oil-Dri Corp Of America	$1,308,000	+5.7%	36,556	+2.5%	0.36%	+1.1%
GGG	Buy	Graco Incorporated	$1,296,000	+31.7%	21,123	+2.9%	0.36%	+26.1%
TTE	Sell	Total S.A. Sponsor ADRadr	$1,286,000	-15.4%	37,507	-5.1%	0.35%	-19.0%
BMI	Buy	Badger Meter Inc	$1,194,000	+6.1%	18,260	+2.1%	0.33%	+1.5%
GOOG	Sell	Alphabet Inc. Class C	$1,179,000	+2.5%	802	-1.5%	0.32%	-1.8%
SNA	Buy	Snap On Inc	$1,165,000	+9.9%	7,915	+3.3%	0.32%	+5.2%
CACI	Buy	C A C I Inc Cl A	$1,163,000	+1.5%	5,456	+3.2%	0.32%	-3.0%
RAVN	Buy	Raven Industries Inc	$1,103,000	+3.4%	51,258	+3.3%	0.30%	-1.0%
DOW	Buy	Dow, Inc.	$1,096,000	+16.1%	23,301	+0.6%	0.30%	+11.0%
NXPI	Sell	NXP Semiconductors NV	$1,085,000	+3.2%	8,697	-5.7%	0.30%	-1.0%
SR	Buy	Spire Inc.	$1,040,000	-16.2%	19,550	+3.4%	0.29%	-19.6%
GRFS	Buy	Grifols	$994,000	-2.9%	57,275	+2.0%	0.27%	-7.1%
CDK	Buy	CDK Global Inc	$972,000	+7.5%	22,305	+2.2%	0.27%	+3.1%
TCF	Buy	T C F Financial Corp	$902,000	-17.4%	38,634	+4.0%	0.25%	-20.7%
CRUS	Buy	Cirrus Logic Inc	$902,000	+12.8%	13,366	+3.1%	0.25%	+8.3%
WBS	Buy	Webster Finl Cp PV 0.01	$897,000	-3.4%	33,977	+4.6%	0.25%	-7.5%
CSTE	Sell	Caesarstone Ltd	$871,000	-21.5%	88,860	-5.1%	0.24%	-24.8%
PSX	Buy	Phillips	$859,000	-23.2%	16,571	+6.5%	0.24%	-26.4%
IART	Buy	Integra Lifesciences Holdings Corp	$812,000	+3.7%	17,199	+3.2%	0.22%	-0.4%
GSK	Sell	GlaxoSmithKline Plc ADRadr	$786,000	-10.5%	20,883	-3.0%	0.22%	-14.2%
JAZZ	Buy	JAZZ PHARMACEUTICALS PLC	$785,000	+60.2%	5,506	+23.9%	0.22%	+53.2%
CW	Buy	Curtiss Wright Corp	$781,000	+7.9%	8,379	+3.2%	0.22%	+3.4%
GNTX	Buy	Gentex Corp.	$782,000	+4.1%	30,351	+4.1%	0.22%	-0.5%
LNN	Buy	Lindsay Corporation	$775,000	+11.0%	8,021	+5.9%	0.21%	+6.5%
UTMD	Buy	Utah Medical Products	$764,000	-6.9%	9,571	+3.2%	0.21%	-11.0%
HAE	Buy	Haemonetics Corp	$687,000	+1.5%	7,872	+4.1%	0.19%	-3.1%
CTVA	Buy	Corteva Inc	$683,000	+8.6%	23,705	+0.9%	0.19%	+3.9%
EGOV	Buy	NIC INC	$680,000	-10.9%	34,523	+3.8%	0.19%	-15.0%
JCOM	Buy	J2 Global Inc.	$664,000	+14.3%	9,596	+4.2%	0.18%	+9.6%
CMP	Buy	Compass Minerals Intl	$652,000	+28.6%	10,988	+5.6%	0.18%	+23.3%
HUBG	Buy	Hub Group Inc-Class A	$646,000	+9.1%	12,861	+3.9%	0.18%	+4.7%
AGX	Buy	Argan Inc	$640,000	-8.2%	15,274	+3.8%	0.18%	-12.4%
UTHR	Buy	United Therapeutics Corp.	$635,000	-11.3%	6,288	+6.1%	0.18%	-15.0%
RDSA	Sell	Royal Dutch Shell ADRadr	$621,000	-28.9%	24,663	-7.8%	0.17%	-31.9%
FLIR	Buy	Flir Systems Inc.	$609,000	-5.4%	16,983	+6.9%	0.17%	-9.2%
JWA	Buy	John Wiley & Sons Class A	$608,000	-15.9%	19,189	+3.4%	0.17%	-19.2%
BSAC	Buy	Banco Santander New Adrfadr	$595,000	-14.1%	42,953	+1.5%	0.16%	-17.6%
ALC	Buy	Alcon Inc.	$581,000	+16.4%	10,200	+17.0%	0.16%	+11.1%
XOM	Sell	Exxon-Mobil	$580,000	-84.0%	16,901	-79.1%	0.16%	-84.6%
CFR	Buy	Cullen Frost Bankers	$508,000	-9.8%	7,949	+5.3%	0.14%	-13.6%
TMP	Buy	Tompkins Financial Cp	$483,000	-7.5%	8,507	+5.5%	0.13%	-11.3%
HCSG	Buy	Healthcare Services Group	$478,000	-5.7%	22,212	+7.1%	0.13%	-9.6%
UNB	Buy	Union Bankshares Inc	$468,000	+19.1%	23,083	+9.8%	0.13%	+14.2%
MNRO	Buy	Monro, Inc.	$448,000	-20.7%	11,043	+7.3%	0.12%	-24.5%
NTGR	Buy	NETGEAR INC	$420,000	+24.6%	13,631	+4.7%	0.12%	+19.6%
OZK	Buy	Bank OZK	$422,000	-2.5%	19,775	+7.1%	0.12%	-7.2%
INGN	Buy	Inogen Inc	$416,000	-10.0%	14,334	+10.2%	0.12%	-13.5%
IWF	New	Ishares Russell 1000etf	$396,000	–	1,825	–	0.11%	–
CAJ	Sell	Canon ADRadr	$303,000	-26.1%	18,242	-11.2%	0.08%	-29.7%
KE	Buy	KIMBALL ELECTRONICS INC	$278,000	-3.5%	24,046	+12.7%	0.08%	-7.2%
IT	Buy	Gartner Inc.	$256,000	+18.5%	2,050	+14.7%	0.07%	+14.5%
TSM	New	Taiwan S. Manufacturing ADRadr	$251,000	–	3,097	–	0.07%	–
GBUY	New	Goldman Sachs Motif New Age Cnsmr ETFetf	$247,000	–	3,000	–	0.07%	–
WOR	New	Worthington Industries	$222,000	–	5,451	–	0.06%	–
SILC	New	Silicom Limited	$205,000	–	6,326	–	0.06%	–
FCNCA	Exit	First Citizens Bancshares Inc A	$0	–	-498	–	-0.06%	–

Q2 2020

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$13,722,000	–	97,575	–	3.95%	–
MSFT	New	Microsoft	$13,122,000	–	64,482	–	3.78%	–
AAPL	New	Apple Computer	$8,883,000	–	24,352	–	2.56%	–
INTC	New	Intel	$8,753,000	–	146,313	–	2.52%	–
LLY	New	Eli Lilly	$7,161,000	–	43,617	–	2.06%	–
ECL	New	Ecolab Inc.	$6,963,000	–	34,999	–	2.00%	–
COST	New	Costco Wholesale Corp Del	$6,930,000	–	22,858	–	1.99%	–
MKC	New	McCormick & Company	$6,894,000	–	38,428	–	1.98%	–
ITW	New	Illinois Tool Works Inc	$6,747,000	–	38,589	–	1.94%	–
LOW	New	Lowes	$6,399,000	–	47,363	–	1.84%	–
GIS	New	General Mills	$6,239,000	–	101,212	–	1.80%	–
ADP	New	Automatic Data Processing	$6,028,000	–	40,492	–	1.73%	–
DE	New	Deere & Company	$6,005,000	–	38,212	–	1.73%	–
QCOM	New	Qualcomm Inc	$5,659,000	–	62,051	–	1.63%	–
PG	New	Procter & Gamble	$5,556,000	–	46,473	–	1.60%	–
CSCO	New	Cisco Systems Inc	$5,512,000	–	118,187	–	1.59%	–
TROW	New	T. Rowe Group Inc.	$5,502,000	–	44,552	–	1.58%	–
WMT	New	Wal-Mart Stores Inc.	$5,432,000	–	45,351	–	1.56%	–
K	New	Kellogg Company	$5,395,000	–	81,670	–	1.55%	–
A	New	Agilent Technologies	$5,225,000	–	59,135	–	1.50%	–
IDXX	New	Idexx Laboratories	$5,177,000	–	15,683	–	1.49%	–
MMM	New	3M Company	$5,174,000	–	33,174	–	1.49%	–
GOOGL	New	Alphabet Inc. Class A	$4,934,000	–	3,480	–	1.42%	–
SBUX	New	Starbucks Corp.	$4,930,000	–	67,004	–	1.42%	–
BDX	New	Becton Dickinson & Co	$4,844,000	–	20,248	–	1.39%	–
LH	New	Laboratory CP Amer Hldgs	$4,827,000	–	29,061	–	1.39%	–
JPM	New	J. P. Morgan Chase & Co. Inc.	$4,768,000	–	50,699	–	1.37%	–
MRK	New	Merck & Co. Inc.	$4,705,000	–	60,855	–	1.35%	–
EMR	New	Emerson Electric	$4,663,000	–	75,176	–	1.34%	–
MDT	New	Medtronic Inc.	$4,661,000	–	50,831	–	1.34%	–
REGN	New	REGENERON PHARMACEUTICALS	$4,495,000	–	7,209	–	1.29%	–
BIIB	New	Biogen Idec Inc	$4,478,000	–	16,739	–	1.29%	–
KEYS	New	Keysight Technologies	$4,260,000	–	42,278	–	1.23%	–
HAS	New	Hasbro Inc	$4,151,000	–	55,396	–	1.19%	–
IBM	New	Internatl Business Mach	$4,066,000	–	33,669	–	1.17%	–
PEP	New	Pepsico	$3,999,000	–	30,241	–	1.15%	–
XOM	New	Exxon-Mobil	$3,617,000	–	80,889	–	1.04%	–
XRAY	New	Dentsply Sirona	$3,400,000	–	77,177	–	0.98%	–
NVS	New	Novartis ADRadr	$3,305,000	–	37,849	–	0.95%	–
TFC	New	Truist Financial Corp	$3,295,000	–	87,773	–	0.95%	–
KO	New	Coca-Cola	$3,282,000	–	73,477	–	0.94%	–
SAP	New	SAP AG ADRadr	$3,272,000	–	23,372	–	0.94%	–
MASI	New	Masimo Corp	$3,090,000	–	13,555	–	0.89%	–
CMI	New	Cummins Inc	$3,085,000	–	17,806	–	0.89%	–
VMW	New	Vmware Inc Cl A	$3,042,000	–	19,648	–	0.88%	–
CERN	New	Cerner Corp	$3,041,000	–	44,364	–	0.88%	–
COP	New	ConocoPhillips	$2,952,000	–	70,270	–	0.85%	–
SNY	New	Sanofi Aventis Spon ADRadr	$2,826,000	–	55,372	–	0.81%	–
STT	New	State Street Corp	$2,824,000	–	44,438	–	0.81%	–
DLTR	New	Dollar Tree Inc.	$2,754,000	–	29,722	–	0.79%	–
RY	New	Royal Bank Canada PVUSD1	$2,497,000	–	36,829	–	0.72%	–
JKHY	New	Jack Henry & Assoc Inc	$2,440,000	–	13,263	–	0.70%	–
NFG	New	National Fuel Gas Co	$2,343,000	–	55,895	–	0.67%	–
NVO	New	Novo Nordisk A S ADRadr	$2,257,000	–	34,473	–	0.65%	–
MKTAY	New	Makita Corp. ADRadr	$2,176,000	–	60,121	–	0.63%	–
FDX	New	FedEX Corp	$2,128,000	–	15,182	–	0.61%	–
SIEGY	New	Siemensadr	$2,085,000	–	35,348	–	0.60%	–
UPS	New	United Parcel Service Inc Class B	$1,976,000	–	17,781	–	0.57%	–
ABB	New	ABB Ltd Adradr	$1,900,000	–	84,242	–	0.55%	–
BNS	New	Bank of Nova Scotia	$1,885,000	–	45,729	–	0.54%	–
TM	New	Toyota Motor Corp. ADRadr	$1,828,000	–	14,558	–	0.53%	–
WBA	New	Walgreens Boots Alliance	$1,813,000	–	42,772	–	0.52%	–
MORN	New	Morningstar Inc	$1,805,000	–	12,809	–	0.52%	–
LSTR	New	Landstar System Inc	$1,701,000	–	15,149	–	0.49%	–
ESLT	New	Elbit Systems Ltd	$1,681,000	–	12,267	–	0.48%	–
BCPC	New	Balchem Corp	$1,655,000	–	17,454	–	0.48%	–
DLB	New	Dolby Laboratories Inc	$1,635,000	–	24,834	–	0.47%	–
TD	New	Toronto Dominion Bank	$1,561,000	–	35,013	–	0.45%	–
TTE	New	Total S.A. Sponsor ADRadr	$1,520,000	–	39,529	–	0.44%	–
TDY	New	Teledyne Technologies	$1,417,000	–	4,559	–	0.41%	–
SAM	New	Boston Beer Company Inc.	$1,411,000	–	2,630	–	0.41%	–
HMC	New	Honda Motor ADRadr	$1,393,000	–	54,506	–	0.40%	–
RJF	New	Raymond James Fincl Inc	$1,363,000	–	19,804	–	0.39%	–
USLM	New	US Lime & Minerals Inc.	$1,360,000	–	16,112	–	0.39%	–
RHI	New	Robert Half Intl	$1,291,000	–	24,438	–	0.37%	–
CRL	New	Charles River Labs Hldg	$1,286,000	–	7,377	–	0.37%	–
DD	New	DuPont de Nemours Inc	$1,262,000	–	23,767	–	0.36%	–
SR	New	Spire Inc.	$1,241,000	–	18,901	–	0.36%	–
ODC	New	Oil-Dri Corp Of America	$1,237,000	–	35,666	–	0.36%	–
SYNA	New	Synaptics Inc	$1,209,000	–	20,126	–	0.35%	–
FWRD	New	Forward Air Corporation	$1,197,000	–	24,032	–	0.34%	–
GOOG	New	Alphabet Inc. Class C	$1,150,000	–	814	–	0.33%	–
CACI	New	C A C I Inc Cl A	$1,146,000	–	5,286	–	0.33%	–
BMI	New	Badger Meter Inc	$1,125,000	–	17,890	–	0.32%	–
PSX	New	Phillips	$1,118,000	–	15,556	–	0.32%	–
CSTE	New	Caesarstone Ltd	$1,109,000	–	93,652	–	0.32%	–
TCF	New	T C F Financial Corp	$1,092,000	–	37,139	–	0.31%	–
RAVN	New	Raven Industries Inc	$1,067,000	–	49,607	–	0.31%	–
SNA	New	Snap On Inc	$1,060,000	–	7,660	–	0.30%	–
NXPI	New	NXP Semiconductors NV	$1,051,000	–	9,222	–	0.30%	–
GRFS	New	Grifols	$1,024,000	–	56,145	–	0.30%	–
GGG	New	Graco Incorporated	$984,000	–	20,521	–	0.28%	–
DOW	New	Dow Inc.	$944,000	–	23,170	–	0.27%	–
WBS	New	Webster Finl Cp PV 0.01	$929,000	–	32,485	–	0.27%	–
CDK	New	CDK Global Inc	$904,000	–	21,834	–	0.26%	–
GSK	New	GlaxoSmithKline Plc ADRadr	$878,000	–	21,535	–	0.25%	–
RDSA	New	Royal Dutch Shell ADRadr	$874,000	–	26,738	–	0.25%	–
UTMD	New	Utah Medical Products	$821,000	–	9,272	–	0.24%	–
CRUS	New	Cirrus Logic Inc	$800,000	–	12,963	–	0.23%	–
IART	New	Integra Lifesciences Holdings Corp	$783,000	–	16,668	–	0.22%	–
EGOV	New	NIC INC	$763,000	–	33,274	–	0.22%	–
GNTX	New	Gentex Corp.	$751,000	–	29,157	–	0.22%	–
CW	New	Curtiss Wright Corp	$724,000	–	8,118	–	0.21%	–
JWA	New	John Wiley & Sons Class A	$723,000	–	18,563	–	0.21%	–
UTHR	New	United Therapeutics Corp.	$716,000	–	5,924	–	0.21%	–
LNN	New	Lindsay Corporation	$698,000	–	7,577	–	0.20%	–
AGX	New	Argan Inc	$697,000	–	14,713	–	0.20%	–
BSAC	New	Banco Santander New Adrfadr	$693,000	–	42,298	–	0.20%	–
HAE	New	Haemonetics Corp	$677,000	–	7,561	–	0.20%	–
FLIR	New	Flir Systems Inc.	$644,000	–	15,893	–	0.18%	–
CTVA	New	Corteva Inc	$629,000	–	23,484	–	0.18%	–
HUBG	New	Hub Group Inc-Class A	$592,000	–	12,377	–	0.17%	–
JCOM	New	J2 Global Inc.	$581,000	–	9,207	–	0.17%	–
MNRO	New	Monro Inc.	$565,000	–	10,296	–	0.16%	–
CFR	New	Cullen Frost Bankers	$563,000	–	7,546	–	0.16%	–
TMP	New	Tompkins Financial Cp	$522,000	–	8,060	–	0.15%	–
CMP	New	Compass Minerals Intl	$507,000	–	10,403	–	0.15%	–
HCSG	New	Healthcare Services Group	$507,000	–	20,743	–	0.15%	–
ALC	New	Alcon Inc.	$499,000	–	8,721	–	0.14%	–
JAZZ	New	JAZZ PHARMACEUTICALS PLC	$490,000	–	4,445	–	0.14%	–
INGN	New	Inogen Inc	$462,000	–	13,011	–	0.13%	–
OZK	New	Bank OZK	$433,000	–	18,472	–	0.12%	–
FNB	New	FNB Corporation	$412,000	–	55,024	–	0.12%	–
CAJ	New	Canon ADRadr	$410,000	–	20,535	–	0.12%	–
UNB	New	Union Bankshares Inc	$393,000	–	21,018	–	0.11%	–
NTGR	New	NETGEAR INC	$337,000	–	13,023	–	0.10%	–
KE	New	KIMBALL ELECTRONICS INC	$288,000	–	21,340	–	0.08%	–
UNP	New	Union Pacific Corp	$283,000	–	1,674	–	0.08%	–
IT	New	Gartner Inc.	$216,000	–	1,788	–	0.06%	–
FCNCA	New	First Citizens Bancshares Inc A	$201,000	–	498	–	0.06%	–
AMCR	New	Amcor Plc	$126,000	–	12,403	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
AMCR	Exit	Amcor Plc	$0	–	-12,403	–	-0.03%	–
IT	Exit	Gartner Inc.	$0	–	-1,483	–	-0.06%	–
FCNCA	Exit	First Citizens Bancshares Inc A	$0	–	-498	–	-0.06%	–
UNP	Exit	Union Pacific Corp	$0	–	-1,674	–	-0.08%	–
IDCC	Exit	Interdigital Inc	$0	–	-7,669	–	-0.11%	–
EML	Exit	The Eastern Company	$0	–	-19,269	–	-0.13%	–
RMCF	Exit	Rocky Mountain Chocolate Facto	$0	–	-51,674	–	-0.13%	–
OZK	Exit	Bank OZK	$0	–	-17,909	–	-0.14%	–
ALC	Exit	Alcon Inc.	$0	–	-8,688	–	-0.14%	–
CMP	Exit	Compass Minerals Intl	$0	–	-9,711	–	-0.15%	–
INGN	Exit	Inogen Inc.	$0	–	-11,450	–	-0.15%	–
HUBG	Exit	Hub Group Inc-Class A	$0	–	-12,422	–	-0.16%	–
	Exit	Argan Inc	$0	–	-14,626	–	-0.16%	–
UNB	Exit	Union Bankshares Inc	$0	–	-19,967	–	-0.17%	–
CMI	Exit	Cummins Inc	$0	–	-3,980	–	-0.18%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-7,514	–	-0.18%	–
TMP	Exit	Tompkins Financial Cp	$0	–	-8,248	–	-0.18%	–
CTVA	Exit	Corteva Inc	$0	–	-24,054	–	-0.19%	–
SILC	Exit	Silicom Limited	$0	–	-21,924	–	-0.19%	–
CRUS	Exit	Cirrus Logic Inc	$0	–	-13,019	–	-0.19%	–
EGOV	Exit	NIC INC	$0	–	-34,295	–	-0.20%	–
LNN	Exit	Lindsay Corporation	$0	–	-7,845	–	-0.20%	–
CAJ	Exit	Canon ADRadr	$0	–	-27,443	–	-0.20%	–
GNTX	Exit	Gentex Corp.	$0	–	-30,269	–	-0.23%	–
MNRO	Exit	Monro Inc.	$0	–	-10,589	–	-0.23%	–
SYNA	Exit	Synaptics Inc	$0	–	-21,298	–	-0.24%	–
FLIR	Exit	Flir Systems Inc.	$0	–	-16,337	–	-0.24%	–
FNB	Exit	FNB Corporation	$0	–	-75,124	–	-0.24%	–
JCOM	Exit	J2 Global Inc.	$0	–	-9,561	–	-0.24%	–
CSTE	Exit	Caesarstone Ltd	$0	–	-52,535	–	-0.24%	–
NXPI	Exit	NXP Semiconductors NV	$0	–	-8,061	–	-0.24%	–
CDK	Exit	Cdk Global Inc	$0	–	-18,674	–	-0.25%	–
GSK	Exit	GlaxoSmithKline Plc ADRadr	$0	–	-21,630	–	-0.26%	–
JWA	Exit	John Wiley & Sons CL A	$0	–	-21,058	–	-0.26%	–
UTMD	Exit	Utah Medical Products	$0	–	-9,829	–	-0.26%	–
HAE	Exit	Haemonetics Corp	$0	–	-8,036	–	-0.28%	–
GGG	Exit	Graco Incorporated	$0	–	-22,138	–	-0.28%	–
BMI	Exit	Badger Meter Inc	$0	–	-19,462	–	-0.29%	–
SAM	Exit	Boston Beer Company Inc.	$0	–	-2,889	–	-0.29%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-863	–	-0.29%	–
IART	Exit	Integra Lifesciences Holdings	$0	–	-17,700	–	-0.29%	–
CRL	Exit	Charles River Labs Hldg	$0	–	-8,120	–	-0.30%	–
GRFS	Exit	Grifols	$0	–	-53,914	–	-0.30%	–
CW	Exit	Curtiss Wright Corp	$0	–	-8,577	–	-0.31%	–
DOW	Exit	Dow Inc	$0	–	-23,905	–	-0.32%	–
SNA	Exit	Snap On Inc	$0	–	-7,416	–	-0.32%	–
BSAC	Exit	Banco Santander New Adrfadr	$0	–	-44,211	–	-0.34%	–
ODC	Exit	Oil-Dri Corp Of America	$0	–	-36,590	–	-0.34%	–
USLM	Exit	US Lime & Minerals Inc.	$0	–	-16,565	–	-0.35%	–
CACI	Exit	C A C I Inc Cl A	$0	–	-5,874	–	-0.38%	–
RHI	Exit	Robert Half Intl	$0	–	-24,466	–	-0.38%	–
TCF	Exit	T C F Financial Corp	$0	–	-35,906	–	-0.38%	–
WBS	Exit	Webster Finl Cp PV 0.01	$0	–	-31,382	–	-0.41%	–
HMC	Exit	Honda Motor ADRadr	$0	–	-60,006	–	-0.43%	–
PSX	Exit	Phillips	$0	–	-15,341	–	-0.43%	–
FWRD	Exit	Forward Air Corporation	$0	–	-24,715	–	-0.44%	–
SLB	Exit	Schlumberger Ltd	$0	–	-47,320	–	-0.45%	–
RAVN	Exit	Raven Industries Inc	$0	–	-50,010	–	-0.46%	–
RJF	Exit	Raymond James Fincl Inc	$0	–	-20,321	–	-0.46%	–
TDY	Exit	Teledyne Technologies	$0	–	-5,210	–	-0.46%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-26,160	–	-0.47%	–
DD	Exit	DuPont de Nemours	$0	–	-24,098	–	-0.48%	–
SR	Exit	Spire Inc.	$0	–	-19,744	–	-0.48%	–
LSTR	Exit	Landstar System Inc	$0	–	-15,977	–	-0.50%	–
BCPC	Exit	Balchem Corp	$0	–	-18,488	–	-0.51%	–
ABB	Exit	ABB Ltd Adradr	$0	–	-93,519	–	-0.51%	–
SIEGY	Exit	Siemensadr	$0	–	-36,469	–	-0.54%	–
MORN	Exit	Morningstar Inc	$0	–	-13,820	–	-0.56%	–
TTE	Exit	Total S.A. Sponsor ADRadr	$0	–	-38,954	–	-0.56%	–
FDX	Exit	FedEX Corp	$0	–	-14,266	–	-0.57%	–
RDSA	Exit	Royal Dutch Shell PLCadr	$0	–	-35,350	–	-0.58%	–
MKTAY	Exit	Makita Corp. ADRadr	$0	–	-66,112	–	-0.58%	–
NVO	Exit	Novo Nordisk A S ADRadr	$0	–	-40,660	–	-0.58%	–
JKHY	Exit	Henry Jack & Assoc Inc	$0	–	-14,676	–	-0.59%	–
UPS	Exit	United Parcel Service Inc Clas	$0	–	-18,217	–	-0.60%	–
TM	Exit	Toyota Motor Corp. ADRadr	$0	–	-16,585	–	-0.62%	–
TD	Exit	Toronto Dominion Bank	$0	–	-38,473	–	-0.62%	–
ESLT	Exit	Elbit Systems Ltd	$0	–	-13,780	–	-0.63%	–
MASI	Exit	Masimo Corp	$0	–	-15,375	–	-0.63%	–
NFG	Exit	National Fuel Gas Co	$0	–	-55,738	–	-0.72%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-49,183	–	-0.77%	–
SNY	Exit	Sanofi Aventis Spon ADRadr	$0	–	-62,725	–	-0.80%	–
CERN	Exit	Cerner Corp	$0	–	-43,812	–	-0.82%	–
SAP	Exit	SAP AG ADRadr	$0	–	-26,294	–	-0.86%	–
DLTR	Exit	Dollar Tree Inc.	$0	–	-27,641	–	-0.87%	–
RY	Exit	Royal Bank Canada PV USD1	$0	–	-39,658	–	-0.89%	–
NVS	Exit	Novartis ADRadr	$0	–	-43,932	–	-1.05%	–
XRAY	Exit	Dentsply Sirona	$0	–	-73,135	–	-1.08%	–
BIIB	Exit	Biogen Idec Inc	$0	–	-16,954	–	-1.09%	–
COP	Exit	ConocoPhillips	$0	–	-70,230	–	-1.10%	–
	Exit	Wells Fargo & Co	$0	–	-79,645	–	-1.11%	–
KO	Exit	Coca-Cola	$0	–	-78,665	–	-1.18%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-3,541	–	-1.19%	–
PEP	Exit	Pepsico	$0	–	-32,366	–	-1.23%	–
KEYS	Exit	Keysight Technologies	$0	–	-46,111	–	-1.24%	–
IDXX	Exit	Idexx Laboratories	$0	–	-16,864	–	-1.27%	–
IBM	Exit	Internatl Business Mach	$0	–	-31,877	–	-1.28%	–
STT	Exit	State Street Corp	$0	–	-78,877	–	-1.29%	–
A	Exit	Agilent Technologies	$0	–	-62,060	–	-1.31%	–
BBT	Exit	BB&T Corporation	$0	–	-89,158	–	-1.31%	–
QCOM	Exit	Qualcomm Inc	$0	–	-63,557	–	-1.34%	–
EMR	Exit	Emerson Electric	$0	–	-73,136	–	-1.35%	–
LH	Exit	Laboratory CP Amer Hldgs	$0	–	-29,962	–	-1.39%	–
LLY	Exit	Eli Lilly	$0	–	-46,798	–	-1.44%	–
TROW	Exit	T. Rowe Group Inc.	$0	–	-46,403	–	-1.46%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-20,996	–	-1.47%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-63,904	–	-1.49%	–
LOW	Exit	Lowes	$0	–	-49,004	–	-1.49%	–
XOM	Exit	Exxon-Mobil	$0	–	-78,545	–	-1.53%	–
K	Exit	Kellogg Company	$0	–	-86,599	–	-1.54%	–
MMM	Exit	3M Company	$0	–	-34,095	–	-1.55%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-48,221	–	-1.58%	–
MDT	Exit	Medtronic Inc.	$0	–	-53,395	–	-1.60%	–
GIS	Exit	General Mills	$0	–	-108,015	–	-1.64%	–
PG	Exit	Procter & Gamble	$0	–	-48,441	–	-1.66%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-122,522	–	-1.67%	–
SBUX	Exit	Starbucks Corp.	$0	–	-68,722	–	-1.68%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-39,641	–	-1.71%	–
JPM	Exit	J. P. Morgan Chase & Co. Inc.	$0	–	-53,382	–	-1.74%	–
MKC	Exit	McCormick & Company	$0	–	-40,810	–	-1.76%	–
DE	Exit	Deere & Company	$0	–	-39,931	–	-1.86%	–
HAS	Exit	Hasbro Inc	$0	–	-56,828	–	-1.86%	–
ADP	Exit	Automatic Data Processing	$0	–	-43,033	–	-1.92%	–
ECL	Exit	Ecolab Inc.	$0	–	-36,956	–	-2.02%	–
COST	Exit	Costco Wholesale Corp Del	$0	–	-25,660	–	-2.04%	–
AAPL	Exit	Apple Computer	$0	–	-35,219	–	-2.18%	–
INTC	Exit	Intel	$0	–	-154,671	–	-2.20%	–
MSFT	Exit	Microsoft	$0	–	-75,528	–	-2.90%	–
JNJ	Exit	Johnson & Johnson	$0	–	-100,143	–	-3.58%	–

Q3 2019

			Value		Shares		↓ Weighting
JNJ	Sell	Johnson & Johnson	$12,956,000	-7.1%	100,143	-0.0%	3.58%	-9.6%
MSFT	Sell	Microsoft	$10,500,000	+1.5%	75,528	-2.2%	2.90%	-1.2%
INTC	Buy	Intel	$7,970,000	+7.7%	154,671	+0.1%	2.20%	+4.9%
AAPL	Sell	Apple Computer	$7,887,000	+12.0%	35,219	-1.0%	2.18%	+9.1%
COST	Sell	Costco Wholesale Corp Del	$7,392,000	+6.9%	25,660	-1.9%	2.04%	+4.1%
ECL	Sell	Ecolab Inc.	$7,318,000	-1.2%	36,956	-1.5%	2.02%	-3.9%
ADP	Sell	Automatic Data Processing	$6,946,000	-3.5%	43,033	-1.2%	1.92%	-6.1%
HAS	Sell	Hasbro Inc	$6,744,000	+10.8%	56,828	-1.3%	1.86%	+7.9%
DE	Sell	Deere & Company	$6,735,000	+0.9%	39,931	-0.9%	1.86%	-1.8%
MKC	Sell	McCormick & Company	$6,378,000	-0.3%	40,810	-1.1%	1.76%	-3.0%
JPM	Sell	J. P. Morgan Chase & Co. Inc.	$6,282,000	+4.3%	53,382	-0.9%	1.74%	+1.5%
ITW	Sell	Illinois Tool Works Inc	$6,203,000	+3.2%	39,641	-0.6%	1.71%	+0.4%
SBUX	Sell	Starbucks Corp.	$6,076,000	+3.2%	68,722	-2.1%	1.68%	+0.4%
CSCO	Sell	Cisco Systems Inc	$6,053,000	-10.4%	122,522	-0.8%	1.67%	-12.8%
PG	Sell	Procter & Gamble	$6,025,000	+12.9%	48,441	-0.5%	1.66%	+9.8%
GIS	Sell	General Mills	$5,953,000	+4.1%	108,015	-0.8%	1.64%	+1.3%
MDT	Sell	Medtronic Inc.	$5,799,000	+11.2%	53,395	-0.3%	1.60%	+8.2%
WMT	Sell	Wal-Mart Stores Inc.	$5,722,000	+6.6%	48,221	-0.7%	1.58%	+3.8%
MMM	Buy	3M Company	$5,605,000	-4.8%	34,095	+0.4%	1.55%	-7.4%
K	Buy	Kellogg Company	$5,572,000	+102.3%	86,599	+68.4%	1.54%	+96.8%
XOM	Sell	Exxon-Mobil	$5,546,000	-8.5%	78,545	-0.7%	1.53%	-10.9%
LOW	Sell	Lowes	$5,388,000	+8.8%	49,004	-0.1%	1.49%	+5.9%
MRK	Sell	Merck & Co. Inc.	$5,379,000	-0.3%	63,904	-0.7%	1.49%	-2.9%
BDX	Buy	Becton Dickinson & Co	$5,311,000	+0.6%	20,996	+0.2%	1.47%	-2.1%
TROW	Buy	T. Rowe Group Inc.	$5,301,000	+4.2%	46,403	+0.1%	1.46%	+1.5%
LLY	Sell	Eli Lilly	$5,233,000	+0.7%	46,798	-0.3%	1.44%	-2.0%
LH	Sell	Laboratory CP Amer Hldgs	$5,033,000	-2.9%	29,962	-0.1%	1.39%	-5.5%
EMR	Buy	Emerson Electric	$4,889,000	+0.2%	73,136	+0.0%	1.35%	-2.5%
QCOM	Sell	Qualcomm Inc	$4,848,000	-0.4%	63,557	-0.6%	1.34%	-3.0%
BBT	Buy	BB&T Corporation	$4,758,000	+8.8%	89,158	+0.2%	1.31%	+5.9%
A	Buy	Agilent Technologies	$4,755,000	+2.6%	62,060	+0.0%	1.31%	-0.2%
STT	Buy	State Street Corp	$4,668,000	+132.5%	78,877	+120.2%	1.29%	+126.1%
IBM	Buy	Internatl Business Mach	$4,635,000	+5.5%	31,877	+0.1%	1.28%	+2.7%
IDXX	Sell	Idexx Laboratories	$4,585,000	-2.2%	16,864	-1.0%	1.27%	-4.8%
KEYS	Sell	Keysight Technologies	$4,484,000	+7.0%	46,111	-1.1%	1.24%	+4.2%
PEP	Sell	Pepsico	$4,437,000	+3.8%	32,366	-0.7%	1.23%	+1.1%
GOOGL	Buy	Alphabet Inc. Class A	$4,324,000	+12.9%	3,541	+0.1%	1.19%	+9.8%
KO	Sell	Coca-Cola	$4,282,000	+5.0%	78,665	-1.7%	1.18%	+2.2%
	Buy	Wells Fargo & Co	$4,017,000	+6.9%	79,645	+0.3%	1.11%	+4.1%
COP	Buy	ConocoPhillips	$4,001,000	-6.2%	70,230	+0.4%	1.10%	-8.8%
BIIB	Sell	Biogen Idec Inc	$3,947,000	-1.0%	16,954	-0.6%	1.09%	-3.6%
XRAY	Buy	Dentsply Sirona	$3,898,000	-8.3%	73,135	+0.4%	1.08%	-10.8%
NVS	Buy	Novartis ADRadr	$3,817,000	-4.8%	43,932	+0.0%	1.05%	-7.4%
RY	Buy	Royal Bank Canada PV USD1	$3,218,000	+3.0%	39,658	+0.8%	0.89%	+0.3%
DLTR	Sell	Dollar Tree Inc.	$3,155,000	+6.1%	27,641	-0.2%	0.87%	+3.2%
SAP	Buy	SAP AG ADRadr	$3,099,000	-13.8%	26,294	+0.1%	0.86%	-16.1%
CERN	Sell	Cerner Corp	$2,986,000	-7.2%	43,812	-0.1%	0.82%	-9.6%
SNY	Buy	Sanofi Aventis Spon ADRadr	$2,906,000	+8.6%	62,725	+1.4%	0.80%	+5.7%
BNS	Buy	Bank of Nova Scotia	$2,796,000	+5.7%	49,183	+1.1%	0.77%	+2.8%
NFG	Buy	National Fuel Gas Co	$2,615,000	-9.8%	55,738	+1.5%	0.72%	-12.2%
MASI	Buy	Masimo Corp	$2,287,000	+0.4%	15,375	+0.5%	0.63%	-2.2%
ESLT	Sell	Elbit Systems Ltd	$2,270,000	+10.1%	13,780	-0.1%	0.63%	+7.2%
TD	Buy	Toronto Dominion Bank	$2,241,000	+0.3%	38,473	+0.4%	0.62%	-2.4%
TM	Buy	Toyota Motor Corp. ADRadr	$2,230,000	+9.0%	16,585	+0.5%	0.62%	+6.0%
UPS	Buy	United Parcel Service Inc Clas	$2,182,000	+16.1%	18,217	+0.1%	0.60%	+13.1%
JKHY	Sell	Henry Jack & Assoc Inc	$2,142,000	+7.6%	14,676	-1.3%	0.59%	+4.8%
NVO	Buy	Novo Nordisk A S ADRadr	$2,102,000	+1.4%	40,660	+0.1%	0.58%	-1.2%
MKTAY	Buy	Makita Corp. ADRadr	$2,097,000	-5.1%	66,112	+1.3%	0.58%	-7.7%
RDSA	Buy	Royal Dutch Shell PLCadr	$2,080,000	-9.1%	35,350	+0.6%	0.58%	-11.4%
FDX	Buy	FedEX Corp	$2,076,000	-10.8%	14,266	+0.6%	0.57%	-13.3%
TTE	Buy	Total S.A. Sponsor ADRadr	$2,025,000	-5.8%	38,954	+1.1%	0.56%	-8.4%
MORN	Sell	Morningstar Inc	$2,019,000	-1.9%	13,820	-2.9%	0.56%	-4.5%
SIEGY	Buy	Siemensadr	$1,954,000	-9.0%	36,469	+1.3%	0.54%	-11.3%
ABB	Buy	ABB Ltd Adradr	$1,839,000	-0.4%	93,519	+1.5%	0.51%	-3.1%
BCPC	Sell	Balchem Corp	$1,833,000	-1.6%	18,488	-0.8%	0.51%	-4.2%
LSTR	Sell	Landstar System Inc	$1,798,000	+3.3%	15,977	-0.9%	0.50%	+0.6%
SR	Sell	Spire Inc.	$1,722,000	+3.6%	19,744	-0.3%	0.48%	+0.8%
DD	Buy	DuPont de Nemours	$1,718,000	-4.6%	24,098	+0.4%	0.48%	-7.0%
DLB	Sell	Dolby Laboratories Inc	$1,690,000	-0.9%	26,160	-0.9%	0.47%	-3.5%
TDY	Sell	Teledyne Technologies	$1,677,000	+14.9%	5,210	-2.3%	0.46%	+11.8%
RJF	Buy	Raymond James Fincl Inc	$1,675,000	-2.4%	20,321	+0.1%	0.46%	-4.9%
RAVN	Sell	Raven Industries Inc	$1,673,000	-6.9%	50,010	-0.1%	0.46%	-9.4%
SLB	Sell	Schlumberger Ltd	$1,616,000	-17.2%	47,320	-3.7%	0.45%	-19.5%
FWRD	Sell	Forward Air Corporation	$1,574,000	+7.3%	24,715	-0.3%	0.44%	+4.6%
PSX	Sell	Phillips	$1,570,000	+8.8%	15,341	-0.6%	0.43%	+6.1%
HMC	Buy	Honda Motor ADRadr	$1,564,000	+2.6%	60,006	+1.7%	0.43%	-0.2%
WBS	Buy	Webster Finl Cp PV 0.01	$1,470,000	-1.5%	31,382	+0.4%	0.41%	-4.2%
TCF	Sell	T C F Financial Corp	$1,366,000	-8.2%	35,906	-49.8%	0.38%	-10.7%
RHI	Sell	Robert Half Intl	$1,361,000	-3.5%	24,466	-1.1%	0.38%	-6.0%
CACI	Sell	C A C I Inc Cl A	$1,358,000	+10.7%	5,874	-2.0%	0.38%	+7.8%
USLM	Buy	US Lime & Minerals Inc.	$1,267,000	-3.1%	16,565	+1.4%	0.35%	-5.7%
ODC	Buy	Oil-Dri Corp Of America	$1,246,000	+1.6%	36,590	+1.6%	0.34%	-1.1%
BSAC	Buy	Banco Santander New Adrfadr	$1,237,000	-5.9%	44,211	+0.6%	0.34%	-8.3%
SNA	Buy	Snap On Inc	$1,160,000	-3.9%	7,416	+1.8%	0.32%	-6.7%
DOW	Buy	Dow Inc	$1,139,000	-3.0%	23,905	+0.4%	0.32%	-5.4%
CW	Sell	Curtiss Wright Corp	$1,109,000	+0.9%	8,577	-0.8%	0.31%	-1.9%
GRFS	Buy	Grifols	$1,080,000	-4.0%	53,914	+1.1%	0.30%	-6.6%
CRL	Sell	Charles River Labs Hldg	$1,074,000	-8.1%	8,120	-1.4%	0.30%	-10.5%
IART	Sell	Integra Lifesciences Holdings	$1,063,000	+7.3%	17,700	-0.3%	0.29%	+4.6%
SAM	Sell	Boston Beer Company Inc.	$1,051,000	-8.1%	2,889	-4.6%	0.29%	-10.8%
GOOG	Buy	Alphabet Inc. Class C	$1,051,000	+13.6%	863	+0.8%	0.29%	+10.7%
BMI	Sell	Badger Meter Inc	$1,045,000	-12.8%	19,462	-3.1%	0.29%	-15.0%
GGG	Sell	Graco Incorporated	$1,019,000	-9.1%	22,138	-0.9%	0.28%	-11.6%
HAE	Sell	Haemonetics Corp	$1,013,000	+3.9%	8,036	-0.8%	0.28%	+1.1%
UTMD	Sell	Utah Medical Products	$942,000	-0.8%	9,829	-1.0%	0.26%	-3.7%
JWA	Sell	John Wiley & Sons CL A	$925,000	-9.8%	21,058	-5.8%	0.26%	-12.0%
GSK	Buy	GlaxoSmithKline Plc ADRadr	$923,000	+8.2%	21,630	+1.5%	0.26%	+5.4%
CDK	Buy	Cdk Global Inc	$898,000	-2.1%	18,674	+0.7%	0.25%	-4.6%
NXPI	Buy	NXP Semiconductors NV	$879,000	+13.4%	8,061	+1.6%	0.24%	+10.5%
CSTE	Buy	Caesarstone Ltd	$872,000	+12.2%	52,535	+1.6%	0.24%	+9.5%
JCOM	Buy	J2 Global Inc.	$868,000	+3.3%	9,561	+1.2%	0.24%	+0.8%
FLIR	Sell	Flir Systems Inc.	$859,000	-4.0%	16,337	-1.3%	0.24%	-6.7%
SYNA	Buy	Synaptics Inc	$850,000	+41.0%	21,298	+3.0%	0.24%	+37.4%
MNRO	Sell	Monro Inc.	$836,000	-8.5%	10,589	-1.2%	0.23%	-10.8%
GNTX	Sell	Gentex Corp.	$833,000	+10.8%	30,269	-0.9%	0.23%	+8.0%
CAJ	Buy	Canon ADRadr	$732,000	-7.2%	27,443	+1.8%	0.20%	-9.8%
LNN	Buy	Lindsay Corporation	$728,000	+13.9%	7,845	+0.9%	0.20%	+11.0%
EGOV	Buy	NIC INC	$708,000	+30.6%	34,295	+1.5%	0.20%	+27.3%
CRUS	Buy	Cirrus Logic Inc	$697,000	+24.5%	13,019	+1.6%	0.19%	+21.4%
SILC	Buy	Silicom Limited	$692,000	-1.0%	21,924	+1.9%	0.19%	-3.5%
CTVA	Buy	Corteva Inc	$673,000	-5.1%	24,054	+0.3%	0.19%	-7.5%
TMP	Sell	Tompkins Financial Cp	$669,000	-2.8%	8,248	-2.2%	0.18%	-5.1%
CFR	Buy	Cullen Frost Bankers	$665,000	-5.4%	7,514	+0.1%	0.18%	-7.5%
UNB	Buy	Union Bankshares Inc	$630,000	-13.5%	19,967	+1.6%	0.17%	-15.9%
	Buy	Argan Inc	$574,000	-1.5%	14,626	+1.8%	0.16%	-3.6%
HUBG	Buy	Hub Group Inc-Class A	$577,000	+12.9%	12,422	+2.0%	0.16%	+9.7%
CMP	Buy	Compass Minerals Intl	$548,000	+4.8%	9,711	+2.0%	0.15%	+2.0%
INGN	New	Inogen Inc.	$548,000	–	11,450	–	0.15%	–
ALC	Buy	Alcon Inc.	$506,000	-5.8%	8,688	+0.5%	0.14%	-7.9%
OZK	Buy	Bank OZK	$488,000	-7.6%	17,909	+2.1%	0.14%	-10.0%
RMCF	Buy	Rocky Mountain Chocolate Facto	$483,000	+13.6%	51,674	+2.2%	0.13%	+9.9%
EML	Buy	The Eastern Company	$478,000	-9.5%	19,269	+2.2%	0.13%	-12.0%
IDCC	Buy	Interdigital Inc	$402,000	-16.6%	7,669	+2.4%	0.11%	-19.0%

Q2 2019

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$13,953,000	–	100,180	–	3.96%	–
MSFT	New	Microsoft	$10,347,000	–	77,239	–	2.94%	–
ECL	New	Ecolab Inc.	$7,410,000	–	37,529	–	2.10%	–
INTC	New	Intel	$7,399,000	–	154,568	–	2.10%	–
ADP	New	Automatic Data Processing	$7,201,000	–	43,554	–	2.04%	–
AAPL	New	Apple Computer	$7,039,000	–	35,563	–	2.00%	–
COST	New	Costco Wholesale Corp Del	$6,912,000	–	26,155	–	1.96%	–
CSCO	New	Cisco Systems Inc	$6,758,000	–	123,487	–	1.92%	–
DE	New	Deere & Company	$6,674,000	–	40,278	–	1.89%	–
MKC	New	McCormick & Company	$6,398,000	–	41,272	–	1.82%	–
HAS	New	Hasbro Inc	$6,085,000	–	57,583	–	1.73%	–
XOM	New	Exxon-Mobil	$6,059,000	–	79,066	–	1.72%	–
JPM	New	J. P. Morgan Chase & Co. Inc.	$6,022,000	–	53,861	–	1.71%	–
ITW	New	Illinois Tool Works Inc	$6,013,000	–	39,871	–	1.71%	–
SBUX	New	Starbucks Corp.	$5,887,000	–	70,225	–	1.67%	–
MMM	New	3M Company	$5,889,000	–	33,972	–	1.67%	–
GIS	New	General Mills	$5,719,000	–	108,890	–	1.62%	–
MRK	New	Merck & Co. Inc.	$5,394,000	–	64,327	–	1.53%	–
WMT	New	Wal-Mart Stores Inc.	$5,367,000	–	48,574	–	1.52%	–
PG	New	Procter & Gamble	$5,337,000	–	48,676	–	1.52%	–
BDX	New	Becton Dickinson & Co	$5,279,000	–	20,946	–	1.50%	–
MDT	New	Medtronic Inc.	$5,216,000	–	53,559	–	1.48%	–
LLY	New	Eli Lilly	$5,198,000	–	46,919	–	1.48%	–
LH	New	Laboratory CP Amer Hldgs	$5,184,000	–	29,984	–	1.47%	–
TROW	New	T. Rowe Group Inc.	$5,086,000	–	46,356	–	1.44%	–
LOW	New	Lowe's	$4,952,000	–	49,077	–	1.40%	–
EMR	New	Emerson Electric	$4,879,000	–	73,127	–	1.38%	–
QCOM	New	Qualcomm Inc	$4,866,000	–	63,968	–	1.38%	–
IDXX	New	Idexx Laboratories	$4,688,000	–	17,026	–	1.33%	–
A	New	Agilent Technologies	$4,633,000	–	62,053	–	1.32%	–
IBM	New	Internat'l Business Mach	$4,392,000	–	31,846	–	1.25%	–
BBT	New	BB&T Corporation	$4,372,000	–	88,995	–	1.24%	–
PEP	New	Pepsico	$4,274,000	–	32,595	–	1.21%	–
COP	New	ConocoPhillips	$4,267,000	–	69,950	–	1.21%	–
XRAY	New	Dentsply Sirona	$4,252,000	–	72,861	–	1.21%	–
KEYS	New	Keysight Technologies	$4,189,000	–	46,640	–	1.19%	–
KO	New	Coca-Cola	$4,077,000	–	80,061	–	1.16%	–
NVS	New	Novartis ADRadr	$4,011,000	–	43,924	–	1.14%	–
BIIB	New	Biogen Idec Inc	$3,987,000	–	17,048	–	1.13%	–
GOOGL	New	Alphabet Inc. Class A	$3,830,000	–	3,537	–	1.09%	–
	New	Wells Fargo & Co	$3,758,000	–	79,423	–	1.07%	–
SAP	New	SAP AG ADRadr	$3,594,000	–	26,270	–	1.02%	–
CERN	New	Cerner Corp	$3,216,000	–	43,873	–	0.91%	–
RY	New	Royal Bank Canada PV$1	$3,123,000	–	39,333	–	0.89%	–
DLTR	New	Dollar Tree Inc.	$2,975,000	–	27,699	–	0.84%	–
NFG	New	National Fuel Gas Co	$2,898,000	–	54,930	–	0.82%	–
K	New	Kellogg Company	$2,754,000	–	51,418	–	0.78%	–
SNY	New	Sanofi Aventis Spon ADRadr	$2,677,000	–	61,876	–	0.76%	–
BNS	New	Bank of Nova Scotia	$2,645,000	–	48,668	–	0.75%	–
FDX	New	FedEX Corp	$2,328,000	–	14,176	–	0.66%	–
RDSA	New	Royal Dutch Shell PLCadr	$2,287,000	–	35,140	–	0.65%	–
MASI	New	Masimo Corp	$2,278,000	–	15,304	–	0.65%	–
TD	New	Toronto Dominion Bank	$2,235,000	–	38,302	–	0.63%	–
MKTAY	New	Makita Corp. ADRadr	$2,210,000	–	65,287	–	0.63%	–
TTE	New	Total S.A. Sponsor ADRadr	$2,150,000	–	38,536	–	0.61%	–
SIEGY	New	Siemensadr	$2,147,000	–	35,984	–	0.61%	–
NVO	New	Novo Nordisk A S ADRadr	$2,073,000	–	40,615	–	0.59%	–
ESLT	New	Elbit Systems Ltd	$2,062,000	–	13,791	–	0.58%	–
MORN	New	Morningstar Inc	$2,058,000	–	14,230	–	0.58%	–
TM	New	Toyota Motor Corp. ADRadr	$2,046,000	–	16,504	–	0.58%	–
STT	New	State Street Corp	$2,008,000	–	35,824	–	0.57%	–
JKHY	New	Henry Jack & Assoc Inc	$1,990,000	–	14,862	–	0.56%	–
SLB	New	Schlumberger Ltd	$1,952,000	–	49,119	–	0.55%	–
UPS	New	United Parcel Service Inc Clas	$1,879,000	–	18,198	–	0.53%	–
BCPC	New	Balchem Corp	$1,862,000	–	18,629	–	0.53%	–
ABB	New	ABB Ltd Adradr	$1,846,000	–	92,166	–	0.52%	–
DD	New	DuPont de Nemours	$1,801,000	–	23,992	–	0.51%	–
RAVN	New	Raven Industries Inc	$1,797,000	–	50,072	–	0.51%	–
LSTR	New	Landstar System Inc	$1,741,000	–	16,118	–	0.49%	–
RJF	New	Raymond James Fincl Inc	$1,716,000	–	20,301	–	0.49%	–
DLB	New	Dolby Laboratories Inc	$1,705,000	–	26,398	–	0.48%	–
SR	New	Spire Inc.	$1,662,000	–	19,802	–	0.47%	–
HMC	New	Honda Motor ADRadr	$1,525,000	–	59,002	–	0.43%	–
WBS	New	Webster Finl Cp PV 0.01	$1,493,000	–	31,245	–	0.42%	–
TCF	New	T C F Financial Corp	$1,488,000	–	71,593	–	0.42%	–
FWRD	New	Forward Air Corporation	$1,467,000	–	24,793	–	0.42%	–
TDY	New	Teledyne Technologies	$1,460,000	–	5,332	–	0.41%	–
PSX	New	Phillips	$1,443,000	–	15,426	–	0.41%	–
RHI	New	Robert Half Intl	$1,410,000	–	24,730	–	0.40%	–
BSAC	New	Banco Santander New Adrfadr	$1,314,000	–	43,931	–	0.37%	–
USLM	New	US Lime & Minerals Inc.	$1,307,000	–	16,341	–	0.37%	–
CACI	New	C A C I Inc Cl A	$1,227,000	–	5,995	–	0.35%	–
ODC	New	Oil-Dri Corp Of America	$1,226,000	–	36,016	–	0.35%	–
SNA	New	Snap On Inc	$1,207,000	–	7,286	–	0.34%	–
BMI	New	Badger Meter Inc	$1,199,000	–	20,083	–	0.34%	–
DOW	New	Dow Inc	$1,174,000	–	23,812	–	0.33%	–
CRL	New	Charles River Labs Hldg	$1,169,000	–	8,235	–	0.33%	–
SAM	New	Boston Beer Company Inc.	$1,144,000	–	3,029	–	0.32%	–
GRFS	New	Grifols	$1,125,000	–	53,312	–	0.32%	–
GGG	New	Graco Incorporated	$1,121,000	–	22,340	–	0.32%	–
CW	New	Curtiss Wright Corp	$1,099,000	–	8,644	–	0.31%	–
JWA	New	John Wiley & Sons CL A	$1,025,000	–	22,348	–	0.29%	–
IART	New	Integra Lifesciences Holdings	$991,000	–	17,749	–	0.28%	–
HAE	New	Haemonetics Corp	$975,000	–	8,102	–	0.28%	–
UTMD	New	Utah Medical Products	$950,000	–	9,924	–	0.27%	–
GOOG	New	Alphabet Inc. Class C	$925,000	–	856	–	0.26%	–
CDK	New	Cdk Global Inc	$917,000	–	18,553	–	0.26%	–
MNRO	New	Monro, Inc.	$914,000	–	10,715	–	0.26%	–
FLIR	New	Flir Systems Inc.	$895,000	–	16,551	–	0.25%	–
FNB	New	FNB Corporation	$884,000	–	75,124	–	0.25%	–
GSK	New	GlaxoSmithKline Plc ADRadr	$853,000	–	21,317	–	0.24%	–
JCOM	New	J2 Global Inc.	$840,000	–	9,452	–	0.24%	–
CAJ	New	Canon ADRadr	$789,000	–	26,959	–	0.22%	–
CSTE	New	Caesarstone Ltd	$777,000	–	51,694	–	0.22%	–
NXPI	New	NXP Semiconductors NV	$775,000	–	7,936	–	0.22%	–
GNTX	New	Gentex Corp.	$752,000	–	30,558	–	0.21%	–
UNB	New	Union Bankshares Inc	$728,000	–	19,658	–	0.21%	–
CTVA	New	Corteva Inc	$709,000	–	23,992	–	0.20%	–
CFR	New	Cullen Frost Bankers	$703,000	–	7,505	–	0.20%	–
SILC	New	Silicom Limited	$699,000	–	21,515	–	0.20%	–
TMP	New	Tompkins Financial Cp	$688,000	–	8,435	–	0.20%	–
CMI	New	Cummins Inc	$682,000	–	3,980	–	0.19%	–
LNN	New	Lindsay Corporation	$639,000	–	7,772	–	0.18%	–
SYNA	New	Synaptics Inc	$603,000	–	20,681	–	0.17%	–
	New	Argan Inc	$583,000	–	14,372	–	0.16%	–
CRUS	New	Cirrus Logic Inc	$560,000	–	12,817	–	0.16%	–
EGOV	New	NIC INC	$542,000	–	33,803	–	0.15%	–
ALC	New	Alcon Inc.	$537,000	–	8,649	–	0.15%	–
EML	New	The Eastern Company	$528,000	–	18,846	–	0.15%	–
OZK	New	Bank OZK	$528,000	–	17,539	–	0.15%	–
CMP	New	Compass Minerals Intl	$523,000	–	9,522	–	0.15%	–
HUBG	New	Hub Group Inc-Class A	$511,000	–	12,177	–	0.14%	–
IDCC	New	Interdigital Inc	$482,000	–	7,486	–	0.14%	–
RMCF	New	Rocky Mountain Chocolate Facto	$425,000	–	50,543	–	0.12%	–
UNP	New	Union Pacific Corp	$283,000	–	1,674	–	0.08%	–
IT	New	Gartner Inc.	$239,000	–	1,483	–	0.07%	–
FCNCA	New	First Citizens Bancshares Inc A	$224,000	–	498	–	0.06%	–
AMCR	New	Amcor Plc	$143,000	–	12,403	–	0.04%	–

Q4 2018

			Value		Shares		↓ Weighting
FCNCA	Exit	1ST Citizens Bancshares Inc A	$0	–	-498	–	-0.06%	–
IT	Exit	Gartner Inc.	$0	–	-1,497	–	-0.07%	–
UNP	Exit	Union Pacific Corp	$0	–	-1,674	–	-0.08%	–
VIVO	Exit	Meridian Bioscience Inc	$0	–	-28,912	–	-0.12%	–
EGOV	Exit	NIC INC	$0	–	-30,952	–	-0.13%	–
RMCF	Exit	Rocky Mountain Chocolate Factory	$0	–	-45,205	–	-0.13%	–
HUBG	Exit	Hub Group Inc-Class A	$0	–	-11,130	–	-0.14%	–
OMI	Exit	Owens &Minor Inc Hldg Co	$0	–	-30,949	–	-0.14%	–
ADS	Exit	Alliance Data Systems	$0	–	-2,287	–	-0.15%	–
IDCC	Exit	Interdigital Inc	$0	–	-6,844	–	-0.16%	–
	Exit	Argan Inc	$0	–	-13,376	–	-0.16%	–
CMI	Exit	Cummins Inc	$0	–	-3,980	–	-0.16%	–
BGGSQ	Exit	Briggs and Stratton	$0	–	-31,031	–	-0.17%	–
SBH	Exit	Sally Beauty Holdings Inc	$0	–	-33,946	–	-0.18%	–
GNTX	Exit	Gentex Corp.	$0	–	-29,718	–	-0.18%	–
TMP	Exit	Tompkins Financial Cp	$0	–	-8,488	–	-0.20%	–
LNN	Exit	Lindsay Corporation	$0	–	-7,377	–	-0.21%	–
MNRO	Exit	Monro, Inc.	$0	–	-10,624	–	-0.21%	–
JCOM	Exit	J2 Global Inc.	$0	–	-9,082	–	-0.21%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-7,295	–	-0.22%	–
OZK	Exit	Bank OZK	$0	–	-20,524	–	-0.22%	–
CAJ	Exit	Canon ADRadr	$0	–	-25,849	–	-0.23%	–
SYNA	Exit	Synaptics Inc	$0	–	-18,129	–	-0.23%	–
SILC	Exit	Silicom Limited	$0	–	-20,747	–	-0.24%	–
CMP	Exit	Compass Minerals Intl	$0	–	-12,805	–	-0.24%	–
HAE	Exit	Haemonetics Corp	$0	–	-7,937	–	-0.26%	–
SAM	Exit	Boston Beer Company Inc.	$0	–	-3,160	–	-0.26%	–
UTMD	Exit	Utah Medical Products	$0	–	-9,848	–	-0.26%	–
CSTE	Exit	Caesarstone Ltd	$0	–	-49,881	–	-0.26%	–
SONC	Exit	Sonic Corp	$0	–	-21,784	–	-0.27%	–
FNB	Exit	FNB Corporation	$0	–	-75,124	–	-0.27%	–
UNB	Exit	Union Bankshares Inc	$0	–	-18,825	–	-0.28%	–
FLIR	Exit	Flir Systems Inc.	$0	–	-16,529	–	-0.29%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-863	–	-0.29%	–
GGG	Exit	Graco Incorporated	$0	–	-22,345	–	-0.29%	–
BMI	Exit	Badger Meter Inc	$0	–	-20,868	–	-0.31%	–
GRFS	Exit	Grifols	$0	–	-52,039	–	-0.32%	–
CRL	Exit	Charles River Labs Hldg	$0	–	-8,322	–	-0.32%	–
CACI	Exit	C A C I Inc Cl A	$0	–	-6,128	–	-0.32%	–
CDK	Exit	Cdk Global Inc	$0	–	-18,017	–	-0.32%	–
IART	Exit	Integra Lifesciences Holdings Corp	$0	–	-17,612	–	-0.33%	–
CW	Exit	Curtiss Wright Corp	$0	–	-8,631	–	-0.34%	–
USLM	Exit	US Lime & Minerals Inc.	$0	–	-15,306	–	-0.34%	–
SNA	Exit	Snap On Inc	$0	–	-6,805	–	-0.35%	–
JWA	Exit	Wiley John & Son Cl A	$0	–	-20,869	–	-0.36%	–
ODC	Exit	Oil-Dri Corp Of America	$0	–	-33,133	–	-0.36%	–
TDY	Exit	Teledyne Technologies	$0	–	-5,502	–	-0.38%	–
BSAC	Exit	Banco Santander New Adrfadr	$0	–	-43,735	–	-0.40%	–
SR	Exit	Spire Inc.	$0	–	-19,496	–	-0.40%	–
UBS	Exit	UBS Group AG F	$0	–	-98,201	–	-0.44%	–
TCF	Exit	T C F Financial Corp	$0	–	-71,366	–	-0.48%	–
RHI	Exit	Robert Half Intl	$0	–	-24,519	–	-0.49%	–
HMC	Exit	Honda Motor ADRadr	$0	–	-57,734	–	-0.49%	–
ESLT	Exit	Elbit Systems Ltd	$0	–	-13,907	–	-0.49%	–
FWRD	Exit	Forward Air Corporation	$0	–	-24,343	–	-0.49%	–
PSX	Exit	Phillips	$0	–	-15,625	–	-0.50%	–
WBS	Exit	Webster Finl Cp PV 0.01	$0	–	-30,660	–	-0.51%	–
RJF	Exit	Raymond James Fincl Inc	$0	–	-19,917	–	-0.52%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-26,292	–	-0.52%	–
MORN	Exit	Morningstar Inc	$0	–	-14,698	–	-0.52%	–
MASI	Exit	Masimo Corp	$0	–	-15,050	–	-0.53%	–
NVO	Exit	Novo Nordisk A S ADRadr	$0	–	-40,268	–	-0.54%	–
LSTR	Exit	Landstar System Inc	$0	–	-16,141	–	-0.56%	–
TM	Exit	Toyota Motor Corp. ADRadr	$0	–	-16,243	–	-0.57%	–
UPS	Exit	United Parcel Service Inc Class B	$0	–	-17,763	–	-0.59%	–
BCPC	Exit	Balchem Corp	$0	–	-18,549	–	-0.59%	–
ABB	Exit	ABB Ltd Adradr	$0	–	-90,184	–	-0.60%	–
SIEGY	Exit	Siemensadr	$0	–	-35,317	–	-0.64%	–
DLTR	Exit	Dollar Tree Inc.	$0	–	-27,772	–	-0.64%	–
RAVN	Exit	Raven Industries Inc	$0	–	-49,836	–	-0.64%	–
TD	Exit	Toronto Dominion Bank	$0	–	-37,540	–	-0.65%	–
RDSA	Exit	Royal Dutch Shell PLCadr	$0	–	-34,800	–	-0.67%	–
JKHY	Exit	Henry Jack & Assoc Inc	$0	–	-15,022	–	-0.68%	–
TTE	Exit	Total S.A. Sponsor ADRadr	$0	–	-37,957	–	-0.69%	–
SLB	Exit	Schlumberger Ltd	$0	–	-40,644	–	-0.70%	–
XRAY	Exit	Dentsply Sirona	$0	–	-69,937	–	-0.75%	–
SNY	Exit	Sanofi Aventis Spon ADRadr	$0	–	-60,132	–	-0.76%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-47,825	–	-0.81%	–
NFG	Exit	National Fuel Gas Co	$0	–	-53,189	–	-0.84%	–
RY	Exit	Royal Bank Canada PV1	$0	–	-38,834	–	-0.88%	–
MKTAY	Exit	Makita Corp. ADRadr	$0	–	-64,626	–	-0.92%	–
SAP	Exit	SAP AG ADRadr	$0	–	-26,406	–	-0.92%	–
KEYS	Exit	Keysight Technologies	$0	–	-49,338	–	-0.92%	–
FDX	Exit	FedEX Corp	$0	–	-14,127	–	-0.96%	–
GE	Exit	General Electric Co	$0	–	-318,122	–	-1.02%	–
NVS	Exit	Novartis ADRadr	$0	–	-43,197	–	-1.05%	–
PEP	Exit	Pepsico	$0	–	-33,687	–	-1.07%	–
KO	Exit	Coca-Cola	$0	–	-82,113	–	-1.07%	–
K	Exit	Kellogg Company	$0	–	-55,256	–	-1.10%	–
SBUX	Exit	Starbucks Corp.	$0	–	-70,787	–	-1.14%	–
PG	Exit	Procter & Gamble	$0	–	-48,715	–	-1.15%	–
	Exit	Wells Fargo & Co	$0	–	-77,889	–	-1.16%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-3,505	–	-1.20%	–
BBT	Exit	BB&T Corporation	$0	–	-88,043	–	-1.21%	–
A	Exit	Agilent Technologies	$0	–	-61,713	–	-1.23%	–
IDXX	Exit	Idexx Laboratories	$0	–	-17,567	–	-1.24%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-48,211	–	-1.28%	–
DWDP	Exit	DowDuPont Inc.	$0	–	-70,958	–	-1.29%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-64,498	–	-1.30%	–
QCOM	Exit	Qualcomm Inc	$0	–	-63,972	–	-1.30%	–
IBM	Exit	Internat'l Business Mach	$0	–	-30,516	–	-1.31%	–
GIS	Exit	General Mills	$0	–	-108,492	–	-1.32%	–
TROW	Exit	T. Rowe Group Inc.	$0	–	-45,625	–	-1.41%	–
LLY	Exit	Eli Lilly	$0	–	-47,820	–	-1.45%	–
LH	Exit	Laboratory CP Amer Hldgs	$0	–	-29,615	–	-1.46%	–
MDT	Exit	Medtronic Inc.	$0	–	-53,332	–	-1.48%	–
COP	Exit	ConocoPhillips	$0	–	-69,338	–	-1.52%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-20,887	–	-1.54%	–
EMR	Exit	Emerson Electric	$0	–	-72,615	–	-1.57%	–
LOW	Exit	Lowe's	$0	–	-48,893	–	-1.59%	–
MKC	Exit	McCormick & Company	$0	–	-42,635	–	-1.59%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-40,315	–	-1.61%	–
ECL	Exit	Ecolab Inc.	$0	–	-38,293	–	-1.70%	–
BIIB	Exit	Biogen Idec Inc	$0	–	-17,103	–	-1.71%	–
HAS	Exit	Hasbro Inc	$0	–	-57,583	–	-1.71%	–
JPM	Exit	J. P. Morgan Chase & Co. Inc.	$0	–	-54,003	–	-1.72%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-126,567	–	-1.74%	–
COST	Exit	Costco Wholesale Corp Del	$0	–	-26,651	–	-1.77%	–
DE	Exit	Deere & Company	$0	–	-41,785	–	-1.78%	–
XOM	Exit	Exxon-Mobil	$0	–	-77,650	–	-1.87%	–
ADP	Exit	Automatic Data Processing	$0	–	-46,219	–	-1.97%	–
MMM	Exit	3M Company	$0	–	-33,605	–	-2.00%	–
INTC	Exit	Intel	$0	–	-156,477	–	-2.09%	–
AAPL	Exit	Apple Computer	$0	–	-36,266	–	-2.32%	–
MSFT	Exit	Microsoft	$0	–	-82,966	–	-2.68%	–
JNJ	Exit	Johnson & Johnson	$0	–	-101,430	–	-3.96%	–

Q3 2018

			Value		Shares		↓ Weighting
JNJ	Sell	Johnson & Johnson	$14,014,000	+13.5%	101,430	-0.3%	3.96%	+6.1%
MSFT	Sell	Microsoft	$9,488,000	+13.1%	82,966	-2.5%	2.68%	+5.7%
AAPL	Sell	Apple Computer	$8,186,000	+18.9%	36,266	-2.5%	2.32%	+11.1%
INTC	Sell	Intel	$7,399,000	-5.3%	156,477	-0.5%	2.09%	-11.5%
MMM	Sell	3M Company	$7,080,000	+6.6%	33,605	-0.4%	2.00%	-0.3%
ADP	Sell	Automatic Data Processing	$6,963,000	+10.1%	46,219	-2.0%	1.97%	+2.9%
XOM	Sell	Exxon-Mobil	$6,601,000	+1.2%	77,650	-1.5%	1.87%	-5.4%
DE	Sell	Deere & Company	$6,281,000	+6.8%	41,785	-0.7%	1.78%	-0.2%
COST	Sell	Costco Wholesale Corp Del	$6,259,000	+10.7%	26,651	-1.5%	1.77%	+3.4%
CSCO	Sell	Cisco Systems Inc	$6,157,000	+12.4%	126,567	-0.6%	1.74%	+5.0%
JPM	Sell	J. P. Morgan Chase & Co. Inc.	$6,093,000	+5.9%	54,003	-2.2%	1.72%	-1.0%
HAS	Sell	Hasbro Inc	$6,053,000	+13.5%	57,583	-0.4%	1.71%	+6.1%
BIIB	Sell	Biogen Idec Inc	$6,042,000	+21.0%	17,103	-0.6%	1.71%	+13.2%
ECL	Sell	Ecolab Inc.	$6,003,000	+10.7%	38,293	-0.9%	1.70%	+3.5%
ITW	Sell	Illinois Tool Works Inc	$5,689,000	+1.6%	40,315	-0.3%	1.61%	-5.0%
MKC	Sell	McCormick & Company	$5,617,000	+12.8%	42,635	-0.6%	1.59%	+5.4%
LOW	Sell	Lowe's	$5,613,000	+18.4%	48,893	-1.5%	1.59%	+10.7%
EMR	Sell	Emerson Electric	$5,560,000	+9.9%	72,615	-0.8%	1.57%	+2.7%
BDX	Sell	Becton Dickinson & Co	$5,451,000	+8.1%	20,887	-0.8%	1.54%	+1.0%
COP	Sell	ConocoPhillips	$5,366,000	+10.7%	69,338	-0.4%	1.52%	+3.4%
MDT	Sell	Medtronic Inc.	$5,246,000	+14.4%	53,332	-0.4%	1.48%	+6.9%
LH	Sell	Laboratory CP Amer Hldgs	$5,143,000	-3.5%	29,615	-0.2%	1.46%	-9.8%
LLY	Sell	Eli Lilly	$5,131,000	+24.7%	47,820	-0.8%	1.45%	+16.5%
TROW	Sell	T. Rowe Group Inc.	$4,981,000	-7.1%	45,625	-1.2%	1.41%	-13.2%
GIS	Sell	General Mills	$4,656,000	-3.4%	108,492	-0.4%	1.32%	-9.7%
IBM	Buy	Internat'l Business Mach	$4,614,000	+8.3%	30,516	+0.1%	1.31%	+1.2%
QCOM	Sell	Qualcomm Inc	$4,607,000	+27.9%	63,972	-0.4%	1.30%	+19.5%
MRK	Sell	Merck & Co. Inc.	$4,575,000	+15.8%	64,498	-0.9%	1.30%	+8.3%
DWDP	Sell	DowDuPont Inc.	$4,563,000	-3.0%	70,958	-0.6%	1.29%	-9.3%
WMT	Sell	Wal-Mart Stores Inc.	$4,527,000	+9.4%	48,211	-0.2%	1.28%	+2.2%
IDXX	Sell	Idexx Laboratories	$4,385,000	+11.8%	17,567	-2.4%	1.24%	+4.5%
A	Sell	Agilent Technologies	$4,353,000	+13.9%	61,713	-0.2%	1.23%	+6.5%
BBT	Sell	BB&T Corporation	$4,273,000	-4.1%	88,043	-0.3%	1.21%	-10.3%
GOOGL	Sell	Alphabet Inc. Class A	$4,230,000	+6.7%	3,505	-0.2%	1.20%	-0.2%
	Sell	Wells Fargo & Co	$4,093,000	-5.6%	77,889	-0.4%	1.16%	-11.8%
PG	Sell	Procter & Gamble	$4,054,000	+6.6%	48,715	-0.0%	1.15%	-0.3%
SBUX	Buy	Starbucks Corp.	$4,023,000	+16.5%	70,787	+0.1%	1.14%	+8.9%
K	Sell	Kellogg Company	$3,869,000	-1.0%	55,256	-1.3%	1.10%	-7.5%
KO	Sell	Coca-Cola	$3,792,000	+3.5%	82,113	-1.7%	1.07%	-3.2%
PEP	Sell	Pepsico	$3,766,000	+2.0%	33,687	-0.7%	1.07%	-4.7%
NVS	Buy	Novartis ADRadr	$3,721,000	+14.1%	43,197	+0.1%	1.05%	+6.7%
GE	Sell	General Electric Co	$3,591,000	-18.8%	318,122	-2.1%	1.02%	-24.1%
FDX	Sell	FedEX Corp	$3,401,000	+5.1%	14,127	-0.9%	0.96%	-1.8%
KEYS	Sell	Keysight Technologies	$3,270,000	+11.5%	49,338	-0.7%	0.92%	+4.2%
SAP	Buy	SAP AG ADRadr	$3,247,000	+6.4%	26,406	+0.1%	0.92%	-0.5%
MKTAY	Buy	Makita Corp. ADRadr	$3,233,000	+11.9%	64,626	+0.1%	0.92%	+4.7%
RY	Buy	Royal Bank Canada PV1	$3,114,000	+6.8%	38,834	+0.3%	0.88%	-0.1%
NFG	Buy	National Fuel Gas Co	$2,981,000	+5.9%	53,189	+0.0%	0.84%	-1.1%
BNS	Buy	Bank of Nova Scotia	$2,851,000	+4.6%	47,825	+0.4%	0.81%	-2.2%
SNY	Buy	Sanofi Aventis Spon ADRadr	$2,686,000	+12.1%	60,132	+0.4%	0.76%	+4.8%
XRAY	Buy	Dentsply Sirona	$2,639,000	-13.0%	69,937	+0.9%	0.75%	-18.7%
SLB	Sell	Schlumberger Ltd	$2,476,000	-9.3%	40,644	-0.2%	0.70%	-15.1%
TTE	Buy	Total S.A. Sponsor ADRadr	$2,444,000	+6.7%	37,957	+0.4%	0.69%	-0.1%
JKHY	Sell	Henry Jack & Assoc Inc	$2,404,000	+22.7%	15,022	-0.1%	0.68%	+14.7%
RDSA	Buy	Royal Dutch Shell PLCadr	$2,371,000	-1.3%	34,800	+0.3%	0.67%	-7.7%
TD	Buy	Toronto Dominion Bank	$2,282,000	+5.6%	37,540	+0.5%	0.65%	-1.2%
RAVN	Buy	Raven Industries Inc	$2,279,000	+19.0%	49,836	+0.1%	0.64%	+11.2%
DLTR	Buy	Dollar Tree Inc.	$2,264,000	-3.7%	27,772	+0.4%	0.64%	-10.0%
SIEGY	Buy	Siemensadr	$2,255,000	-2.7%	35,317	+0.4%	0.64%	-9.0%
ABB	Buy	ABB Ltd Adradr	$2,131,000	+9.1%	90,184	+0.5%	0.60%	+1.9%
BCPC	Buy	Balchem Corp	$2,079,000	+14.4%	18,549	+0.2%	0.59%	+6.9%
UPS	Buy	United Parcel Service Inc Class B	$2,073,000	+10.1%	17,763	+0.3%	0.59%	+3.0%
TM	Buy	Toyota Motor Corp. ADRadr	$2,019,000	-3.2%	16,243	+0.4%	0.57%	-9.5%
LSTR	Buy	Landstar System Inc	$1,969,000	+11.8%	16,141	+0.1%	0.56%	+4.5%
NVO	Buy	Novo Nordisk A S ADRadr	$1,898,000	+2.7%	40,268	+0.5%	0.54%	-3.9%
MASI	Buy	Masimo Corp	$1,874,000	+27.9%	15,050	+0.3%	0.53%	+19.6%
MORN	Sell	Morningstar Inc	$1,850,000	-2.1%	14,698	-0.2%	0.52%	-8.6%
DLB	Buy	Dolby Laboratories Inc	$1,839,000	+13.7%	26,292	+0.3%	0.52%	+6.1%
RJF	Sell	Raymond James Fincl Inc	$1,833,000	+2.9%	19,917	-0.1%	0.52%	-3.7%
WBS	Buy	Webster Finl Cp PV 0.01	$1,807,000	-7.2%	30,660	+0.2%	0.51%	-13.4%
PSX	Sell	Phillips	$1,761,000	-0.8%	15,625	-1.2%	0.50%	-7.4%
FWRD	Buy	Forward Air Corporation	$1,745,000	+21.7%	24,343	+0.3%	0.49%	+13.8%
ESLT	Buy	Elbit Systems Ltd	$1,745,000	+5.9%	13,907	+0.2%	0.49%	-1.0%
HMC	Buy	Honda Motor ADRadr	$1,736,000	+3.3%	57,734	+0.5%	0.49%	-3.5%
RHI	Buy	Robert Half Intl	$1,725,000	+8.2%	24,519	+0.0%	0.49%	+1.0%
TCF	Buy	T C F Financial Corp	$1,699,000	-3.1%	71,366	+0.2%	0.48%	-9.4%
UBS	Buy	UBS Group AG F	$1,544,000	+3.3%	98,201	+0.8%	0.44%	-3.3%
SR	Buy	Spire Inc.	$1,433,000	+4.5%	19,496	+0.5%	0.40%	-2.4%
BSAC	Buy	Banco Santander New Adrfadr	$1,398,000	+2.1%	43,735	+0.4%	0.40%	-4.3%
TDY	Buy	Teledyne Technologies	$1,357,000	+23.9%	5,502	+0.1%	0.38%	+16.0%
ODC	Buy	Oil-Dri Corp Of America	$1,277,000	-8.3%	33,133	+0.3%	0.36%	-14.3%
JWA	Buy	Wiley John & Son Cl A	$1,264,000	-2.4%	20,869	+0.6%	0.36%	-8.7%
SNA	Buy	Snap On Inc	$1,249,000	+14.9%	6,805	+0.7%	0.35%	+7.3%
USLM	Buy	US Lime & Minerals Inc.	$1,208,000	-5.4%	15,306	+0.6%	0.34%	-11.6%
CW	Buy	Curtiss Wright Corp	$1,186,000	+15.7%	8,631	+0.2%	0.34%	+8.4%
IART	Buy	Integra Lifesciences Holdings Corp	$1,160,000	+2.5%	17,612	+0.2%	0.33%	-4.4%
CACI	Buy	C A C I Inc Cl A	$1,128,000	+9.3%	6,128	+0.0%	0.32%	+2.2%
CDK	Buy	Cdk Global Inc	$1,127,000	-3.7%	18,017	+0.2%	0.32%	-9.9%
CRL	Buy	Charles River Labs Hldg	$1,119,000	+20.2%	8,322	+0.3%	0.32%	+12.4%
GRFS	Buy	Grifols	$1,112,000	-0.1%	52,039	+0.5%	0.32%	-6.5%
BMI	Buy	Badger Meter Inc	$1,104,000	+18.7%	20,868	+0.3%	0.31%	+10.6%
GGG	Buy	Graco Incorporated	$1,035,000	+2.6%	22,345	+0.2%	0.29%	-3.9%
GOOG	Sell	Alphabet Inc. Class C	$1,029,000	+6.7%	863	-0.1%	0.29%	-0.3%
FLIR	Buy	Flir Systems Inc.	$1,016,000	+18.6%	16,529	+0.3%	0.29%	+10.8%
UNB	Buy	Union Bankshares Inc	$1,000,000	+2.7%	18,825	+0.3%	0.28%	-4.1%
SONC	Buy	Sonic Corp	$944,000	+26.2%	21,784	+0.2%	0.27%	+18.1%
CSTE	Buy	Caesarstone Ltd	$925,000	+23.7%	49,881	+0.6%	0.26%	+15.9%
UTMD	Buy	Utah Medical Products	$927,000	-14.4%	9,848	+0.1%	0.26%	-20.1%
HAE	Buy	Haemonetics Corp	$909,000	+28.4%	7,937	+0.5%	0.26%	+20.1%
SAM	Buy	Boston Beer Company Inc.	$908,000	-3.9%	3,160	+0.2%	0.26%	-10.1%
CMP	Buy	Compass Minerals Intl	$860,000	+2.5%	12,805	+0.3%	0.24%	-4.3%
SILC	Buy	Silicom Limited	$841,000	+6.2%	20,747	+0.8%	0.24%	-0.8%
SYNA	Buy	Synaptics Inc	$827,000	-8.5%	18,129	+1.0%	0.23%	-14.6%
CAJ	New	Canon ADRadr	$818,000	–	25,849	–	0.23%	–
OZK	New	Bank OZK	$779,000	–	20,524	–	0.22%	–
CFR	Buy	Cullen Frost Bankers	$761,000	-3.3%	7,295	+0.3%	0.22%	-9.7%
JCOM	Buy	J2 Global Inc.	$752,000	-4.0%	9,082	+0.5%	0.21%	-10.1%
LNN	Buy	Lindsay Corporation	$739,000	+3.8%	7,377	+0.5%	0.21%	-3.2%
MNRO	Buy	Monro, Inc.	$739,000	+20.6%	10,624	+0.7%	0.21%	+12.4%
TMP	Buy	Tompkins Financial Cp	$689,000	-4.8%	8,488	+0.7%	0.20%	-11.0%
GNTX	Buy	Gentex Corp.	$637,000	-6.5%	29,718	+0.5%	0.18%	-12.6%
SBH	Buy	Sally Beauty Holdings Inc	$624,000	+15.8%	33,946	+0.9%	0.18%	+8.6%
BGGSQ	New	Briggs and Stratton	$596,000	–	31,031	–	0.17%	–
	Buy	Argan Inc	$575,000	+5.9%	13,376	+0.8%	0.16%	-0.6%
IDCC	Buy	Interdigital Inc	$547,000	-0.5%	6,844	+0.8%	0.16%	-6.6%
ADS	Buy	Alliance Data Systems	$540,000	+1.9%	2,287	+0.7%	0.15%	-4.4%
OMI	Buy	Owens &Minor Inc Hldg Co	$511,000	-0.4%	30,949	+0.8%	0.14%	-6.5%
HUBG	Buy	Hub Group Inc-Class A	$507,000	-7.8%	11,130	+0.8%	0.14%	-13.9%
RMCF	Buy	Rocky Mountain Chocolate Factory	$463,000	-9.9%	45,205	+0.7%	0.13%	-16.0%
EGOV	Buy	NIC INC	$458,000	-4.0%	30,952	+0.9%	0.13%	-9.7%
VIVO	Sell	Meridian Bioscience Inc	$430,000	-6.5%	28,912	-0.1%	0.12%	-12.2%
IT	New	Gartner Inc.	$237,000	–	1,497	–	0.07%	–
T	Exit	A T & T Inc.	$0	–	-6,235	–	-0.06%	–
FENC	Exit	FENNEC PHARMACEUTICALS INC	$0	–	-26,047	–	-0.08%	–
WGL	Exit	WGL Holdings Inc.	$0	–	-4,286	–	-0.12%	–
OZRK	Exit	Bank of the Ozarks	$0	–	-20,354	–	-0.28%	–

Q2 2018

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$12,342,000	–	101,715	–	3.74%	–
MSFT	New	Microsoft	$8,391,000	–	85,094	–	2.54%	–
INTC	New	Intel	$7,817,000	–	157,249	–	2.37%	–
AAPL	New	Apple Computer	$6,886,000	–	37,201	–	2.08%	–
MMM	New	3M Company	$6,639,000	–	33,749	–	2.01%	–
XOM	New	Exxon-Mobil	$6,524,000	–	78,863	–	1.98%	–
ADP	New	Automatic Data Processing	$6,323,000	–	47,140	–	1.91%	–
DE	New	Deere & Company	$5,880,000	–	42,061	–	1.78%	–
JPM	New	J. P. Morgan Chase & Co. Inc.	$5,755,000	–	55,227	–	1.74%	–
COST	New	Costco Wholesale Corp Del	$5,654,000	–	27,057	–	1.71%	–
ITW	New	Illinois Tool Works Inc	$5,599,000	–	40,417	–	1.70%	–
CSCO	New	Cisco Systems Inc	$5,480,000	–	127,343	–	1.66%	–
ECL	New	Ecolab Inc.	$5,423,000	–	38,642	–	1.64%	–
TROW	New	T. Rowe Group Inc.	$5,362,000	–	46,187	–	1.62%	–
HAS	New	Hasbro Inc	$5,335,000	–	57,798	–	1.62%	–
LH	New	Laboratory CP Amer Hldgs	$5,329,000	–	29,683	–	1.61%	–
EMR	New	Emerson Electric	$5,059,000	–	73,174	–	1.53%	–
BDX	New	Becton Dickinson & Co	$5,043,000	–	21,052	–	1.53%	–
BIIB	New	Biogen Idec Inc	$4,992,000	–	17,201	–	1.51%	–
MKC	New	McCormick & Company	$4,978,000	–	42,883	–	1.51%	–
COP	New	ConocoPhillips	$4,849,000	–	69,644	–	1.47%	–
GIS	New	General Mills	$4,820,000	–	108,895	–	1.46%	–
LOW	New	Lowes	$4,742,000	–	49,617	–	1.44%	–
DWDP	New	DowDuPont Inc.	$4,705,000	–	71,369	–	1.42%	–
MDT	New	Medtronic Inc.	$4,584,000	–	53,547	–	1.39%	–
BBT	New	BB&T Corporation	$4,454,000	–	88,306	–	1.35%	–
GE	New	General Electric Co	$4,421,000	–	324,870	–	1.34%	–
	New	Wells Fargo & Co	$4,337,000	–	78,220	–	1.31%	–
IBM	New	Internat'l Business Mach	$4,261,000	–	30,499	–	1.29%	–
WMT	New	Wal-Mart Stores Inc.	$4,138,000	–	48,315	–	1.25%	–
LLY	New	Eli Lilly	$4,115,000	–	48,228	–	1.25%	–
GOOGL	New	Alphabet Inc. Class A	$3,965,000	–	3,511	–	1.20%	–
MRK	New	Merck & Co. Inc.	$3,950,000	–	65,069	–	1.20%	–
IDXX	New	Idexx Laboratories	$3,922,000	–	17,996	–	1.19%	–
K	New	Kellogg Company	$3,910,000	–	55,959	–	1.18%	–
A	New	Agilent Technologies	$3,823,000	–	61,813	–	1.16%	–
PG	New	Procter & Gamble	$3,803,000	–	48,718	–	1.15%	–
PEP	New	Pepsico	$3,692,000	–	33,916	–	1.12%	–
KO	New	Coca-Cola	$3,663,000	–	83,507	–	1.11%	–
QCOM	New	Qualcomm Inc	$3,603,000	–	64,207	–	1.09%	–
SBUX	New	Starbucks Corp.	$3,453,000	–	70,688	–	1.04%	–
NVS	New	Novartis ADRadr	$3,261,000	–	43,166	–	0.99%	–
FDX	New	FedEX Corp	$3,236,000	–	14,253	–	0.98%	–
SAP	New	SAP AG ADRadr	$3,052,000	–	26,385	–	0.92%	–
XRAY	New	Dentsply Sirona	$3,035,000	–	69,346	–	0.92%	–
KEYS	New	Keysight Technologies	$2,932,000	–	49,670	–	0.89%	–
RY	New	Royal Bank Canada PV 1	$2,915,000	–	38,716	–	0.88%	–
MKTAY	New	Makita Corp. ADRadr	$2,888,000	–	64,537	–	0.87%	–
NFG	New	National Fuel Gas Co	$2,816,000	–	53,178	–	0.85%	–
SLB	New	Schlumberger Ltd	$2,729,000	–	40,712	–	0.83%	–
BNS	New	Bank of Nova Scotia	$2,726,000	–	47,634	–	0.82%	–
RDSA	New	Royal Dutch Shell PLCadr	$2,402,000	–	34,694	–	0.73%	–
SNY	New	Sanofi Aventis Spon ADRadr	$2,396,000	–	59,890	–	0.72%	–
DLTR	New	Dollar Tree Inc.	$2,351,000	–	27,658	–	0.71%	–
SIEGY	New	Siemensadr	$2,317,000	–	35,173	–	0.70%	–
TTE	New	Total S.A. Sponsor ADRadr	$2,290,000	–	37,821	–	0.69%	–
TD	New	Toronto Dominion Bank	$2,162,000	–	37,361	–	0.65%	–
TM	New	Toyota Motor Corp. ADRadr	$2,085,000	–	16,184	–	0.63%	–
JKHY	New	Henry Jack & Assoc Inc	$1,960,000	–	15,038	–	0.59%	–
ABB	New	ABB Ltd Adradr	$1,954,000	–	89,779	–	0.59%	–
WBS	New	Webster Finl Cp PV 0.01	$1,948,000	–	30,587	–	0.59%	–
RAVN	New	Raven Industries Inc	$1,915,000	–	49,807	–	0.58%	–
MORN	New	Morningstar Inc	$1,889,000	–	14,727	–	0.57%	–
UPS	New	United Parcel Service Inc Class B	$1,882,000	–	17,713	–	0.57%	–
NVO	New	Novo Nordisk A S ADRadr	$1,848,000	–	40,068	–	0.56%	–
BCPC	New	Balchem Corp	$1,817,000	–	18,515	–	0.55%	–
RJF	New	Raymond James Fincl Inc	$1,782,000	–	19,943	–	0.54%	–
PSX	New	Phillips	$1,776,000	–	15,813	–	0.54%	–
LSTR	New	Landstar System Inc	$1,761,000	–	16,124	–	0.53%	–
TCF	New	T C F Financial Corp	$1,753,000	–	71,212	–	0.53%	–
HMC	New	Honda Motor ADRadr	$1,681,000	–	57,445	–	0.51%	–
ESLT	New	Elbit Systems Ltd	$1,648,000	–	13,875	–	0.50%	–
DLB	New	Dolby Laboratories Inc	$1,618,000	–	26,222	–	0.49%	–
RHI	New	Robert Half Intl	$1,595,000	–	24,508	–	0.48%	–
UBS	New	UBS Group AG F	$1,494,000	–	97,394	–	0.45%	–
MASI	New	Masimo Corp	$1,465,000	–	14,998	–	0.44%	–
FWRD	New	Forward Air Corporation	$1,434,000	–	24,269	–	0.43%	–
ODC	New	Oil-Dri Corp Of America	$1,392,000	–	33,034	–	0.42%	–
SR	New	Spire Inc.	$1,371,000	–	19,402	–	0.42%	–
BSAC	New	Banco Santander New Adrfadr	$1,369,000	–	43,563	–	0.41%	–
JWA	New	Wiley John & Son Cl A	$1,295,000	–	20,754	–	0.39%	–
USLM	New	US Lime & Minerals Inc.	$1,277,000	–	15,217	–	0.39%	–
CDK	New	Cdk Global Inc	$1,170,000	–	17,981	–	0.35%	–
IART	New	Integra Lifesciences Holdings Corp	$1,132,000	–	17,580	–	0.34%	–
GRFS	New	Grifols	$1,113,000	–	51,782	–	0.34%	–
TDY	New	Teledyne Technologies	$1,095,000	–	5,499	–	0.33%	–
SNA	New	Snap On Inc	$1,087,000	–	6,761	–	0.33%	–
UTMD	New	Utah Medical Products	$1,083,000	–	9,835	–	0.33%	–
CACI	New	C A C I Inc Cl A	$1,032,000	–	6,125	–	0.31%	–
CW	New	Curtiss Wright Corp	$1,025,000	–	8,611	–	0.31%	–
GGG	New	Graco Incorporated	$1,009,000	–	22,309	–	0.30%	–
FNB	New	FNB Corporation	$1,008,000	–	75,124	–	0.30%	–
UNB	New	Union Bankshares Inc	$974,000	–	18,765	–	0.30%	–
GOOG	New	Alphabet Inc. Class C	$964,000	–	864	–	0.29%	–
SAM	New	Boston Beer Company Inc.	$945,000	–	3,153	–	0.29%	–
BMI	New	Badger Meter Inc	$930,000	–	20,812	–	0.28%	–
CRL	New	Charles River Labs Hldg	$931,000	–	8,295	–	0.28%	–
OZRK	New	Bank of the Ozarks	$917,000	–	20,354	–	0.28%	–
SYNA	New	Synaptics Inc	$904,000	–	17,941	–	0.27%	–
FLIR	New	Flir Systems Inc.	$857,000	–	16,481	–	0.26%	–
CMP	New	Compass Minerals Intl	$839,000	–	12,765	–	0.25%	–
SILC	New	Silicom Limited	$792,000	–	20,583	–	0.24%	–
CFR	New	Cullen Frost Bankers	$787,000	–	7,270	–	0.24%	–
JCOM	New	J2 Global Inc.	$783,000	–	9,038	–	0.24%	–
CSTE	New	Caesarstone Ltd	$748,000	–	49,560	–	0.23%	–
SONC	New	Sonic Corp	$748,000	–	21,740	–	0.23%	–
TMP	New	Tompkins Financial Cp	$724,000	–	8,433	–	0.22%	–
LNN	New	Lindsay Corporation	$712,000	–	7,342	–	0.22%	–
HAE	New	Haemonetics Corp	$708,000	–	7,898	–	0.21%	–
GNTX	New	Gentex Corp.	$681,000	–	29,569	–	0.21%	–
MNRO	New	Monro, Inc.	$613,000	–	10,553	–	0.19%	–
IDCC	New	Interdigital Inc	$550,000	–	6,793	–	0.17%	–
HUBG	New	Hub Group Inc-Class A	$550,000	–	11,043	–	0.17%	–
	New	Argan Inc	$543,000	–	13,269	–	0.16%	–
SBH	New	Sally Beauty Holdings Inc	$539,000	–	33,635	–	0.16%	–
ADS	New	Alliance Data Systems	$530,000	–	2,271	–	0.16%	–
CMI	New	Cummins Inc	$529,000	–	3,980	–	0.16%	–
RMCF	New	Rocky Mountain Chocolate Factory	$514,000	–	44,898	–	0.16%	–
OMI	New	Owens &Minor Inc Hldg Co	$513,000	–	30,714	–	0.16%	–
EGOV	New	NIC INC	$477,000	–	30,665	–	0.14%	–
VIVO	New	Meridian Bioscience Inc	$460,000	–	28,952	–	0.14%	–
WGL	New	WGL Holdings Inc.	$380,000	–	4,286	–	0.12%	–
FENC	New	FENNEC PHARMACEUTICALS INC	$272,000	–	26,047	–	0.08%	–
UNP	New	Union Pacific Corp	$237,000	–	1,674	–	0.07%	–
FCNCA	New	1ST Citizens Bancshares Inc A	$201,000	–	498	–	0.06%	–
T	New	A T & T Inc.	$200,000	–	6,235	–	0.06%	–

Q4 2017

			Value		Shares		↓ Weighting
TENX	Exit	Tenax Therapeutics	$0	–	-10,000	–	-0.00%	–
T	Exit	A T & T Inc.	$0	–	-6,235	–	-0.08%	–
CELG	Exit	Celgene Corp.	$0	–	-1,950	–	-0.09%	–
WGL	Exit	WGL Holdings Inc.	$0	–	-4,286	–	-0.11%	–
EVHC	Exit	Envision Healthcare Corp	$0	–	-8,568	–	-0.12%	–
PETS	Exit	Petmed Express Inc	$0	–	-12,553	–	-0.13%	–
VIVO	Exit	Meridian Bioscience Inc	$0	–	-29,659	–	-0.13%	–
SAM	Exit	Boston Beer Company Inc.	$0	–	-3,092	–	-0.15%	–
SBH	Exit	Sally Beauty Holdings Inc	$0	–	-25,550	–	-0.16%	–
EGOV	Exit	NIC INC	$0	–	-29,428	–	-0.16%	–
RMCF	Exit	Rocky Mountain Chocolate Factory	$0	–	-43,813	–	-0.16%	–
ADS	Exit	Alliance Data Systems	$0	–	-2,461	–	-0.17%	–
OMI	Exit	Owens &Minor Inc Hldg Co	$0	–	-19,670	–	-0.18%	–
MNRO	Exit	Monro Inc	$0	–	-10,265	–	-0.18%	–
GNTX	Exit	Gentex Corp.	$0	–	-29,466	–	-0.18%	–
SONC	Exit	Sonic Corp	$0	–	-24,741	–	-0.20%	–
FLIR	Exit	Flir Systems Inc.	$0	–	-16,653	–	-0.20%	–
CMI	Exit	Cummins Inc	$0	–	-3,980	–	-0.21%	–
HAE	Exit	Haemonetics Corp	$0	–	-15,029	–	-0.21%	–
LNN	Exit	Lindsay Corporation	$0	–	-7,351	–	-0.21%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-7,305	–	-0.22%	–
JCOM	Exit	J2 Global Inc.	$0	–	-9,731	–	-0.23%	–
UTMD	Exit	Utah Medical Products	$0	–	-9,962	–	-0.23%	–
TMP	Exit	Tompkins Financial Cp	$0	–	-9,015	–	-0.24%	–
CSTE	Exit	Caesarstone Ltd	$0	–	-26,618	–	-0.25%	–
CACI	Exit	C A C I Inc Cl A	$0	–	-6,200	–	-0.27%	–
SYNA	Exit	Synaptics Inc	$0	–	-22,896	–	-0.28%	–
IART	Exit	Integra Lifesciences Holdings Corp	$0	–	-17,860	–	-0.28%	–
TDY	Exit	Teledyne Technologies	$0	–	-5,674	–	-0.28%	–
SNY	Exit	Sanofi Aventis Spon ADRadr	$0	–	-58,422	–	-0.29%	–
CRL	Exit	Charles River Labs Hldg	$0	–	-8,447	–	-0.29%	–
UNB	Exit	Union Bankshares Inc	$0	–	-18,956	–	-0.29%	–
CW	Exit	Curtiss Wright Corp	$0	–	-8,812	–	-0.29%	–
GGG	Exit	Graco Incorporated	$0	–	-7,621	–	-0.30%	–
BMI	Exit	Badger Meter Inc	$0	–	-21,163	–	-0.33%	–
FNB	Exit	FNB Corporation	$0	–	-75,124	–	-0.33%	–
GRFS	Exit	Grifols	$0	–	-51,104	–	-0.35%	–
CDK	Exit	Cdk Global Inc	$0	–	-17,931	–	-0.36%	–
JWA	Exit	Wiley John & Son Cl A	$0	–	-21,195	–	-0.36%	–
SNA	Exit	Snap On Inc	$0	–	-7,709	–	-0.36%	–
CMP	Exit	Compass Minerals Intl	$0	–	-18,124	–	-0.37%	–
USLM	Exit	US Lime & Minerals Inc.	$0	–	-14,917	–	-0.40%	–
MORN	Exit	Morningstar Inc	$0	–	-14,839	–	-0.40%	–
RHI	Exit	Robert Half Intl	$0	–	-25,064	–	-0.40%	–
TCF	Exit	T C F Financial Corp	$0	–	-74,489	–	-0.40%	–
BSAC	Exit	Banco Santander New Adrfadr	$0	–	-43,287	–	-0.41%	–
FWRD	Exit	Forward Air Corporation	$0	–	-24,370	–	-0.44%	–
SR	Exit	Spire Inc.	$0	–	-19,461	–	-0.46%	–
BCPC	Exit	Balchem Corp	$0	–	-18,597	–	-0.48%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-26,617	–	-0.48%	–
PSX	Exit	Phillips	$0	–	-16,780	–	-0.48%	–
JKHY	Exit	Henry Jack & Assoc Inc	$0	–	-15,396	–	-0.50%	–
ODC	Exit	Oil-Dri Corp Of America	$0	–	-32,915	–	-0.51%	–
UBS	Exit	UBS Group AG F	$0	–	-94,746	–	-0.51%	–
WBS	Exit	Webster Finl Cp PV 0.01	$0	–	-31,179	–	-0.52%	–
LSTR	Exit	Landstar System Inc	$0	–	-16,527	–	-0.52%	–
RAVN	Exit	Raven Industries Inc	$0	–	-51,084	–	-0.52%	–
RJF	Exit	Raymond James Fincl Inc	$0	–	-20,349	–	-0.54%	–
NVO	Exit	Novo Nordisk A S ADRadr	$0	–	-38,919	–	-0.59%	–
TTE	Exit	Total S.A. Sponsor ADRadr	$0	–	-37,245	–	-0.63%	–
HMC	Exit	Honda Motor ADRadr	$0	–	-68,677	–	-0.64%	–
TD	Exit	Toronto Dominion Bank	$0	–	-36,623	–	-0.65%	–
KEYS	Exit	Keysight Technologies	$0	–	-49,482	–	-0.65%	–
RDSA	Exit	Royal Dutch Shell PLCadr	$0	–	-34,375	–	-0.66%	–
TM	Exit	Toyota Motor Corp. ADRadr	$0	–	-17,473	–	-0.66%	–
ESLT	Exit	Elbit Systems Ltd	$0	–	-14,493	–	-0.67%	–
UPS	Exit	United Parcel Service Inc Class B	$0	–	-17,798	–	-0.68%	–
ABB	Exit	ABB Ltd Adradr	$0	–	-89,653	–	-0.70%	–
MASI	Exit	Masimo Corp	$0	–	-25,681	–	-0.70%	–
DLTR	Exit	Dollar Tree Inc.	$0	–	-28,438	–	-0.78%	–
SIEGY	Exit	Siemensadr	$0	–	-35,579	–	-0.80%	–
MKTAY	Exit	Makita Corp. ADRadr	$0	–	-64,673	–	-0.82%	–
NFG	Exit	National Fuel Gas Co	$0	–	-50,330	–	-0.90%	–
IDXX	Exit	Idexx Laboratories	$0	–	-18,796	–	-0.92%	–
SAP	Exit	SAP AG ADRadr	$0	–	-26,822	–	-0.93%	–
RY	Exit	Royal Bank Canada PV1	$0	–	-38,746	–	-0.95%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-47,011	–	-0.95%	–
SLB	Exit	Schlumberger Ltd	$0	–	-44,050	–	-0.97%	–
GIS	Exit	General Mills	$0	–	-60,118	–	-0.98%	–
QCOM	Exit	Qualcomm Inc	$0	–	-64,482	–	-1.06%	–
FDX	Exit	FedEX Corp	$0	–	-15,055	–	-1.07%	–
K	Exit	Kellogg Company	$0	–	-55,366	–	-1.09%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-3,631	–	-1.10%	–
COP	Exit	ConocoPhillips	$0	–	-73,224	–	-1.16%	–
NVS	Exit	Novartis ADRadr	$0	–	-42,727	–	-1.16%	–
PEP	Exit	Pepsico	$0	–	-33,651	–	-1.18%	–
KO	Exit	Coca-Cola	$0	–	-83,754	–	-1.19%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-49,087	–	-1.21%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-3,993	–	-1.23%	–
A	Exit	Agilent Technologies	$0	–	-64,186	–	-1.30%	–
LOW	Exit	Lowes	$0	–	-51,941	–	-1.31%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-65,074	–	-1.32%	–
BBT	Exit	BB&T Corporation	$0	–	-89,211	–	-1.32%	–
MDT	Exit	Medtronic Inc.	$0	–	-54,083	–	-1.33%	–
LLY	Exit	Eli Lilly	$0	–	-49,832	–	-1.34%	–
TROW	Exit	T. Rowe Group Inc.	$0	–	-47,670	–	-1.36%	–
XRAY	Exit	Dentsply Sirona	$0	–	-72,544	–	-1.37%	–
	Exit	Wells Fargo & Co	$0	–	-79,661	–	-1.39%	–
MKC	Exit	McCormick & Company	$0	–	-42,832	–	-1.39%	–
PG	Exit	Procter & Gamble	$0	–	-48,926	–	-1.40%	–
IBM	Exit	Internatl Business Mach	$0	–	-31,466	–	-1.44%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-137,849	–	-1.46%	–
LH	Exit	Laboratory CP Amer Hldgs	$0	–	-30,723	–	-1.46%	–
COST	Exit	Costco Wholesale Corp Del	$0	–	-28,721	–	-1.49%	–
EMR	Exit	Emerson Electric	$0	–	-75,175	–	-1.49%	–
GE	Exit	General Electric Co	$0	–	-199,732	–	-1.52%	–
DWDP	Exit	DowDuPont Inc.	$0	–	-73,346	–	-1.60%	–
ECL	Exit	Ecolab Inc.	$0	–	-39,876	–	-1.62%	–
ADP	Exit	Automatic Data Processing	$0	–	-49,438	–	-1.71%	–
JPM	Exit	J. P. Morgan Chase & Co. Inc.	$0	–	-58,167	–	-1.75%	–
DE	Exit	Deere & Company	$0	–	-44,584	–	-1.77%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-29,084	–	-1.80%	–
HAS	Exit	Hasbro Inc	$0	–	-58,891	–	-1.82%	–
AAPL	Exit	Apple Computer	$0	–	-40,564	–	-1.97%	–
INTC	Exit	Intel	$0	–	-164,929	–	-1.98%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-42,991	–	-2.01%	–
XOM	Exit	Exxon-Mobil	$0	–	-77,980	–	-2.02%	–
MSFT	Exit	Microsoft	$0	–	-93,284	–	-2.19%	–
BCR	Exit	Bard CR Inc.	$0	–	-22,729	–	-2.30%	–
MMM	Exit	3M Company	$0	–	-44,885	–	-2.97%	–
JNJ	Exit	Johnson & Johnson	$0	–	-94,543	–	-3.88%	–

Q3 2017

			Value		Shares		↓ Weighting
JNJ	Sell	Johnson & Johnson	$12,291,000	-2.5%	94,543	-0.7%	3.88%	-6.9%
MMM	Sell	3M Company	$9,421,000	-14.6%	44,885	-15.3%	2.97%	-18.5%
BCR	Sell	Bard CR Inc.	$7,284,000	-0.2%	22,729	-1.6%	2.30%	-4.7%
MSFT	Sell	Microsoft	$6,948,000	+6.6%	93,284	-1.3%	2.19%	+1.8%
XOM	Buy	Exxon-Mobil	$6,392,000	+5.6%	77,980	+4.0%	2.02%	+0.8%
ITW	Sell	Illinois Tool Works Inc	$6,360,000	+1.1%	42,991	-2.1%	2.01%	-3.4%
INTC	Sell	Intel	$6,280,000	+12.3%	164,929	-0.5%	1.98%	+7.2%
AAPL	Sell	Apple Computer	$6,251,000	+5.6%	40,564	-1.3%	1.97%	+0.8%
HAS	Sell	Hasbro Inc	$5,751,000	-13.7%	58,891	-1.4%	1.82%	-17.6%
BDX	Sell	Becton Dickinson & Co	$5,699,000	-1.1%	29,084	-1.5%	1.80%	-5.6%
DE	Sell	Deere & Company	$5,599,000	+0.4%	44,584	-1.2%	1.77%	-4.1%
JPM	Sell	J. P. Morgan Chase & Co. Inc.	$5,555,000	+2.7%	58,167	-1.7%	1.75%	-2.0%
ADP	Sell	Automatic Data Processing	$5,404,000	+5.6%	49,438	-1.0%	1.71%	+0.8%
ECL	Sell	Ecolab Inc.	$5,128,000	-3.8%	39,876	-0.7%	1.62%	-8.2%
DWDP	New	DowDuPont Inc.	$5,077,000	–	73,346	–	1.60%	–
GE	Buy	General Electric Co	$4,829,000	-5.5%	199,732	+5.5%	1.52%	-9.8%
EMR	Sell	Emerson Electric	$4,723,000	+4.5%	75,175	-0.8%	1.49%	-0.2%
COST	Buy	Costco Wholesale Corp Del	$4,718,000	+5.4%	28,721	+2.6%	1.49%	+0.6%
LH	Sell	Laboratory CP Amer Hldgs	$4,638,000	-3.6%	30,723	-1.6%	1.46%	-8.0%
CSCO	Buy	Cisco Systems Inc	$4,635,000	+10.6%	137,849	+3.0%	1.46%	+5.6%
IBM	Buy	Internatl Business Mach	$4,565,000	-1.2%	31,466	+4.8%	1.44%	-5.6%
PG	Sell	Procter & Gamble	$4,451,000	+3.5%	48,926	-0.8%	1.40%	-1.1%
MKC	Sell	McCormick & Company	$4,396,000	+4.8%	42,832	-0.4%	1.39%	+0.1%
	Sell	Wells Fargo & Co	$4,393,000	-1.2%	79,661	-0.7%	1.39%	-5.6%
XRAY	Buy	Dentsply Sirona	$4,338,000	-5.2%	72,544	+2.7%	1.37%	-9.6%
TROW	Sell	T. Rowe Group Inc.	$4,321,000	+21.5%	47,670	-0.5%	1.36%	+16.1%
LLY	Buy	Eli Lilly	$4,262,000	+6.9%	49,832	+2.8%	1.34%	+2.0%
MDT	Sell	Medtronic Inc.	$4,206,000	-13.1%	54,083	-0.8%	1.33%	-17.0%
BBT	Sell	BB&T Corporation	$4,187,000	+2.6%	89,211	-0.7%	1.32%	-2.1%
MRK	Sell	Merck & Co. Inc.	$4,166,000	-0.6%	65,074	-0.5%	1.32%	-5.1%
LOW	Buy	Lowes	$4,152,000	+6.5%	51,941	+3.3%	1.31%	+1.8%
A	Sell	Agilent Technologies	$4,120,000	+7.5%	64,186	-0.7%	1.30%	+2.7%
GOOGL	Sell	Alphabet Inc. Class A	$3,888,000	+4.0%	3,993	-0.7%	1.23%	-0.7%
WMT	Sell	Wal-Mart Stores Inc.	$3,835,000	+2.5%	49,087	-0.8%	1.21%	-2.1%
KO	Sell	Coca-Cola	$3,769,000	-0.7%	83,754	-1.0%	1.19%	-5.1%
PEP	Sell	Pepsico	$3,749,000	-4.2%	33,651	-0.7%	1.18%	-8.5%
NVS	Buy	Novartis ADRadr	$3,668,000	+14.7%	42,727	+11.5%	1.16%	+9.6%
COP	Buy	ConocoPhillips	$3,664,000	+23.7%	73,224	+8.6%	1.16%	+18.1%
GOOG	Sell	Alphabet Inc. Class C	$3,482,000	+4.5%	3,631	-1.0%	1.10%	-0.3%
K	Sell	Kellogg Company	$3,453,000	-10.4%	55,366	-0.2%	1.09%	-14.4%
FDX	Sell	FedEX Corp	$3,396,000	+2.5%	15,055	-1.2%	1.07%	-2.1%
QCOM	Sell	Qualcomm Inc	$3,342,000	-6.7%	64,482	-0.6%	1.06%	-10.9%
GIS	Sell	General Mills	$3,111,000	-7.5%	60,118	-1.0%	0.98%	-11.7%
SLB	Buy	Schlumberger Ltd	$3,072,000	+7.5%	44,050	+1.5%	0.97%	+2.6%
BNS	Buy	Bank of Nova Scotia	$3,020,000	+12.8%	47,011	+5.5%	0.95%	+7.7%
RY	Buy	Royal Bank Canada PV1	$2,997,000	+12.9%	38,746	+5.8%	0.95%	+7.7%
SAP	Buy	SAP AG ADRadr	$2,941,000	+9.3%	26,822	+4.4%	0.93%	+4.4%
IDXX	Sell	Idexx Laboratories	$2,922,000	-4.6%	18,796	-0.9%	0.92%	-9.0%
NFG	Sell	National Fuel Gas Co	$2,849,000	+1.2%	50,330	-0.2%	0.90%	-3.4%
MKTAY	Buy	Makita Corp. ADRadr	$2,614,000	+14.4%	64,673	+5.0%	0.82%	+9.3%
SIEGY	Buy	Siemensadr	$2,517,000	+13.7%	35,579	+11.1%	0.80%	+8.6%
DLTR	New	Dollar Tree Inc.	$2,468,000	–	28,438	–	0.78%	–
MASI	Buy	Masimo Corp	$2,222,000	-2.5%	25,681	+2.7%	0.70%	-7.0%
ABB	Buy	ABB Ltd Adradr	$2,218,000	+6.6%	89,653	+7.3%	0.70%	+1.7%
UPS	Sell	United Parcel Service Inc Class B	$2,137,000	+7.6%	17,798	-0.9%	0.68%	+2.7%
ESLT	Buy	Elbit Systems Ltd	$2,131,000	+22.5%	14,493	+3.1%	0.67%	+17.0%
RDSA	Buy	Royal Dutch Shell PLCadr	$2,082,000	+23.1%	34,375	+8.1%	0.66%	+17.5%
TM	Buy	Toyota Motor Corp. ADRadr	$2,082,000	+30.8%	17,473	+15.3%	0.66%	+24.9%
KEYS	Buy	Keysight Technologies	$2,061,000	+7.1%	49,482	+0.1%	0.65%	+2.4%
TD	Buy	Toronto Dominion Bank	$2,060,000	+23.8%	36,623	+10.9%	0.65%	+18.2%
HMC	Buy	Honda Motor ADRadr	$2,030,000	+44.4%	68,677	+33.8%	0.64%	+37.8%
TTE	Buy	Total S.A. Sponsor ADRadr	$1,993,000	+17.8%	37,245	+9.1%	0.63%	+12.5%
NVO	Buy	Novo Nordisk A S ADRadr	$1,873,000	+24.6%	38,919	+11.1%	0.59%	+18.9%
RJF	Buy	Raymond James Fincl Inc	$1,716,000	+12.2%	20,349	+6.8%	0.54%	+7.1%
RAVN	Buy	Raven Industries Inc	$1,655,000	+4.7%	51,084	+7.6%	0.52%	-0.2%
LSTR	Buy	Landstar System Inc	$1,646,000	+27.8%	16,527	+9.9%	0.52%	+22.1%
WBS	Buy	Webster Finl Cp PV 0.01	$1,638,000	+10.1%	31,179	+9.4%	0.52%	+5.1%
UBS	Buy	UBS Group AG F	$1,624,000	+15.3%	94,746	+14.2%	0.51%	+10.1%
ODC	Buy	Oil-Dri Corp Of America	$1,610,000	+27.5%	32,915	+9.5%	0.51%	+21.5%
JKHY	Buy	Henry Jack & Assoc Inc	$1,582,000	+6.5%	15,396	+7.7%	0.50%	+1.6%
PSX	Sell	Phillips	$1,537,000	+9.2%	16,780	-1.4%	0.48%	+4.3%
DLB	Buy	Dolby Laboratories Inc	$1,531,000	+29.6%	26,617	+10.3%	0.48%	+23.8%
BCPC	Buy	Balchem Corp	$1,511,000	+14.6%	18,597	+9.6%	0.48%	+9.4%
SR	Buy	Spire Inc.	$1,452,000	+15.7%	19,461	+8.2%	0.46%	+10.4%
FWRD	Buy	Forward Air Corporation	$1,394,000	+17.8%	24,370	+9.8%	0.44%	+12.5%
BSAC	Buy	Banco Santander New Adrfadr	$1,286,000	+23.1%	43,287	+5.2%	0.41%	+17.7%
TCF	Buy	T C F Financial Corp	$1,269,000	+20.7%	74,489	+13.0%	0.40%	+15.6%
RHI	Buy	Robert Half Intl	$1,261,000	+18.2%	25,064	+12.6%	0.40%	+12.7%
MORN	Buy	Morningstar Inc	$1,261,000	+19.6%	14,839	+10.3%	0.40%	+14.4%
USLM	Buy	US Lime & Minerals Inc.	$1,253,000	+18.3%	14,917	+10.5%	0.40%	+13.1%
CMP	Buy	Compass Minerals Intl	$1,176,000	+37.7%	18,124	+38.6%	0.37%	+31.6%
SNA	Buy	Snap On Inc	$1,148,000	+11.5%	7,709	+18.2%	0.36%	+6.2%
JWA	Buy	Wiley John & Son Cl A	$1,133,000	+12.5%	21,195	+11.0%	0.36%	+7.5%
CDK	Sell	Cdk Global Inc	$1,131,000	+1.2%	17,931	-0.4%	0.36%	-3.5%
GRFS	Buy	Grifols	$1,118,000	+11.4%	51,104	+7.5%	0.35%	+6.3%
BMI	Sell	Badger Meter Inc	$1,036,000	-13.5%	21,163	-29.6%	0.33%	-17.4%
GGG	Buy	Graco Incorporated	$942,000	+20.9%	7,621	+6.8%	0.30%	+15.1%
CW	Buy	Curtiss Wright Corp	$921,000	+21.8%	8,812	+7.0%	0.29%	+16.4%
UNB	Buy	Union Bankshares Inc	$917,000	+9.8%	18,956	+7.8%	0.29%	+4.7%
CRL	Buy	Charles River Labs Hldg	$912,000	+14.1%	8,447	+7.0%	0.29%	+9.1%
SNY	Buy	Sanofi Aventis Spon ADRadr	$908,000	-64.6%	58,422	+9.1%	0.29%	-66.2%
TDY	Buy	Teledyne Technologies	$903,000	+34.0%	5,674	+7.4%	0.28%	+27.8%
IART	Buy	Integra Lifesciences Holdings Corp	$901,000	-1.3%	17,860	+6.6%	0.28%	-6.0%
SYNA	Buy	Synaptics Inc	$897,000	-1.6%	22,896	+29.8%	0.28%	-6.3%
CACI	Buy	C A C I Inc Cl A	$863,000	+20.0%	6,200	+7.8%	0.27%	+14.3%
CSTE	New	Caesarstone Ltd	$793,000	–	26,618	–	0.25%	–
TMP	Buy	Tompkins Financial Cp	$776,000	+26.2%	9,015	+15.4%	0.24%	+20.7%
UTMD	Buy	Utah Medical Products	$732,000	+10.1%	9,962	+8.5%	0.23%	+5.0%
JCOM	Buy	J2 Global Inc.	$718,000	-5.9%	9,731	+8.6%	0.23%	-9.9%
CFR	Buy	Cullen Frost Bankers	$693,000	+12.0%	7,305	+10.8%	0.22%	+6.8%
HAE	Buy	Haemonetics Corp	$674,000	+24.8%	15,029	+10.0%	0.21%	+19.0%
LNN	Buy	Lindsay Corporation	$675,000	+12.9%	7,351	+9.7%	0.21%	+7.6%
FLIR	Buy	Flir Systems Inc.	$647,000	+23.2%	16,653	+10.0%	0.20%	+17.2%
SONC	Buy	Sonic Corp	$629,000	+18.2%	24,741	+23.2%	0.20%	+13.1%
GNTX	Buy	Gentex Corp.	$583,000	+17.3%	29,466	+12.4%	0.18%	+12.2%
MNRO	New	Monro Inc	$575,000	–	10,265	–	0.18%	–
OMI	Buy	Owens &Minor Inc Hldg Co	$574,000	+20.8%	19,670	+33.2%	0.18%	+15.3%
ADS	Buy	Alliance Data Systems	$545,000	-3.5%	2,461	+11.8%	0.17%	-8.0%
RMCF	Buy	Rocky Mountain Chocolate Factory	$517,000	+12.9%	43,813	+12.5%	0.16%	+7.9%
EGOV	New	NIC INC	$504,000	–	29,428	–	0.16%	–
SBH	Buy	Sally Beauty Holdings Inc	$500,000	+17.6%	25,550	+21.7%	0.16%	+12.1%
SAM	Buy	Boston Beer Company Inc.	$482,000	+45.6%	3,092	+23.6%	0.15%	+39.4%
VIVO	Sell	Meridian Bioscience Inc	$424,000	-51.9%	29,659	-47.0%	0.13%	-54.0%
PETS	Buy	Petmed Express Inc	$416,000	-9.0%	12,553	+11.6%	0.13%	-13.2%
EVHC	Buy	Envision Healthcare Corp	$385,000	-19.5%	8,568	+12.4%	0.12%	-22.8%
T	Sell	A T & T Inc.	$244,000	-26.1%	6,235	-28.8%	0.08%	-29.4%
UAA	Exit	Under Armour Inc Class A	$0	–	-22,048	–	-0.16%	–
	Exit	DuPont	$0	–	-57,939	–	-1.55%	–

Q2 2017

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$12,601,000	–	95,256	–	4.17%	–
MMM	New	3M Company	$11,033,000	–	52,997	–	3.65%	–
BCR	New	Bard CR Inc.	$7,299,000	–	23,090	–	2.41%	–
HAS	New	Hasbro Inc	$6,663,000	–	59,750	–	2.20%	–
MSFT	New	Microsoft	$6,515,000	–	94,510	–	2.15%	–
ITW	New	Illinois Tool Works Inc	$6,289,000	–	43,904	–	2.08%	–
XOM	New	Exxon-Mobil	$6,055,000	–	75,005	–	2.00%	–
AAPL	New	Apple Computer	$5,919,000	–	41,097	–	1.96%	–
BDX	New	Becton Dickinson & Co	$5,761,000	–	29,527	–	1.90%	–
INTC	New	Intel	$5,593,000	–	165,759	–	1.85%	–
DE	New	Deere & Company	$5,574,000	–	45,104	–	1.84%	–
JPM	New	J. P. Morgan Chase & Co. Inc.	$5,410,000	–	59,188	–	1.79%	–
ECL	New	Ecolab Inc.	$5,333,000	–	40,177	–	1.76%	–
ADP	New	Automatic Data Processing	$5,118,000	–	49,951	–	1.69%	–
GE	New	General Electric Co	$5,112,000	–	189,261	–	1.69%	–
MDT	New	Medtronic Inc.	$4,840,000	–	54,534	–	1.60%	–
LH	New	Laboratory CP Amer Hldgs	$4,811,000	–	31,210	–	1.59%	–
	New	DuPont	$4,676,000	–	57,939	–	1.55%	–
IBM	New	Internatl Business Mach	$4,620,000	–	30,030	–	1.53%	–
XRAY	New	Dentsply Sirona	$4,578,000	–	70,606	–	1.51%	–
EMR	New	Emerson Electric	$4,520,000	–	75,816	–	1.49%	–
COST	New	Costco Wholesale Corp Del	$4,475,000	–	27,980	–	1.48%	–
	New	Wells Fargo & Co	$4,447,000	–	80,252	–	1.47%	–
PG	New	Procter & Gamble	$4,299,000	–	49,327	–	1.42%	–
MRK	New	Merck & Co. Inc.	$4,192,000	–	65,408	–	1.39%	–
MKC	New	McCormick & Company	$4,193,000	–	43,002	–	1.39%	–
CSCO	New	Cisco Systems Inc	$4,190,000	–	133,851	–	1.38%	–
BBT	New	BB&T Corporation	$4,082,000	–	89,885	–	1.35%	–
LLY	New	Eli Lilly	$3,988,000	–	48,461	–	1.32%	–
PEP	New	Pepsico	$3,913,000	–	33,886	–	1.29%	–
LOW	New	Lowes	$3,897,000	–	50,269	–	1.29%	–
K	New	Kellogg Company	$3,852,000	–	55,457	–	1.27%	–
A	New	Agilent Technologies	$3,832,000	–	64,609	–	1.27%	–
KO	New	Coca-Cola	$3,794,000	–	84,596	–	1.25%	–
WMT	New	Wal-Mart Stores Inc.	$3,743,000	–	49,464	–	1.24%	–
GOOGL	New	Alphabet Inc. Class A	$3,740,000	–	4,023	–	1.24%	–
QCOM	New	Qualcomm Inc	$3,582,000	–	64,863	–	1.18%	–
TROW	New	T. Rowe Group Inc.	$3,555,000	–	47,901	–	1.18%	–
GIS	New	General Mills	$3,363,000	–	60,695	–	1.11%	–
GOOG	New	Alphabet Inc. Class C	$3,332,000	–	3,667	–	1.10%	–
FDX	New	FedEX Corp	$3,312,000	–	15,240	–	1.10%	–
NVS	New	Novartis ADRadr	$3,198,000	–	38,319	–	1.06%	–
IDXX	New	Idexx Laboratories	$3,063,000	–	18,976	–	1.01%	–
COP	New	ConocoPhillips	$2,963,000	–	67,396	–	0.98%	–
SLB	New	Schlumberger Ltd	$2,858,000	–	43,414	–	0.94%	–
NFG	New	National Fuel Gas Co	$2,815,000	–	50,415	–	0.93%	–
SAP	New	SAP AG ADRadr	$2,690,000	–	25,699	–	0.89%	–
BNS	New	Bank of Nova Scotia	$2,678,000	–	44,540	–	0.88%	–
RY	New	Royal Bank Canada PV$1	$2,655,000	–	36,606	–	0.88%	–
SNY	New	Sanofi Aventis Spon ADRadr	$2,565,000	–	53,544	–	0.85%	–
MKTAY	New	Makita Corp. ADRadr	$2,284,000	–	61,595	–	0.76%	–
MASI	New	Masimo Corp	$2,280,000	–	25,003	–	0.75%	–
SIEGY	New	Siemensadr	$2,214,000	–	32,017	–	0.73%	–
ABB	New	ABB Ltd Adradr	$2,081,000	–	83,576	–	0.69%	–
UPS	New	United Parcel Service Inc Class B	$1,986,000	–	17,959	–	0.66%	–
KEYS	New	Keysight Technologies	$1,925,000	–	49,436	–	0.64%	–
ESLT	New	Elbit Systems Ltd	$1,740,000	–	14,063	–	0.58%	–
TTE	New	Total S.A. Sponsor ADRadr	$1,692,000	–	34,125	–	0.56%	–
RDSA	New	Royal Dutch Shell PLCadr	$1,691,000	–	31,796	–	0.56%	–
TD	New	Toronto Dominion Bank	$1,664,000	–	33,029	–	0.55%	–
TM	New	Toyota Motor Corp. ADRadr	$1,592,000	–	15,159	–	0.53%	–
RAVN	New	Raven Industries Inc	$1,581,000	–	47,485	–	0.52%	–
RJF	New	Raymond James Fincl Inc	$1,529,000	–	19,055	–	0.51%	–
NVO	New	Novo Nordisk A S ADRadr	$1,503,000	–	35,043	–	0.50%	–
WBS	New	Webster Finl Cp PV 0.01	$1,488,000	–	28,489	–	0.49%	–
JKHY	New	Henry Jack & Assoc Inc	$1,485,000	–	14,298	–	0.49%	–
UBS	New	UBS Group AG F	$1,409,000	–	82,957	–	0.47%	–
PSX	New	Phillips	$1,407,000	–	17,012	–	0.46%	–
HMC	New	Honda Motor ADRadr	$1,406,000	–	51,347	–	0.46%	–
BCPC	New	Balchem Corp	$1,318,000	–	16,965	–	0.44%	–
LSTR	New	Landstar System Inc	$1,288,000	–	15,044	–	0.43%	–
ODC	New	Oil-Dri Corp Of America	$1,263,000	–	30,061	–	0.42%	–
SR	New	Spire Inc.	$1,255,000	–	17,986	–	0.42%	–
BMI	New	Badger Meter Inc	$1,198,000	–	30,056	–	0.40%	–
FWRD	New	Forward Air Corporation	$1,183,000	–	22,197	–	0.39%	–
DLB	New	Dolby Laboratories Inc	$1,181,000	–	24,122	–	0.39%	–
CDK	New	Cdk Global Inc	$1,118,000	–	18,008	–	0.37%	–
RHI	New	Robert Half Intl	$1,067,000	–	22,267	–	0.35%	–
FNB	New	FNB Corporation	$1,064,000	–	75,124	–	0.35%	–
USLM	New	US Lime & Minerals Inc.	$1,059,000	–	13,499	–	0.35%	–
MORN	New	Morningstar Inc	$1,054,000	–	13,450	–	0.35%	–
TCF	New	T C F Financial Corp	$1,051,000	–	65,909	–	0.35%	–
BSAC	New	Banco Santander New Adrfadr	$1,045,000	–	41,141	–	0.34%	–
SNA	New	Snap On Inc	$1,030,000	–	6,522	–	0.34%	–
JWA	New	Wiley John & Son Cl A	$1,007,000	–	19,090	–	0.33%	–
GRFS	New	Grifols	$1,004,000	–	47,533	–	0.33%	–
SYNA	New	Synaptics Inc	$912,000	–	17,639	–	0.30%	–
IART	New	Integra Lifesciences Holdings Corp	$913,000	–	16,751	–	0.30%	–
VIVO	New	Meridian Bioscience Inc	$881,000	–	55,917	–	0.29%	–
CMP	New	Compass Minerals Intl	$854,000	–	13,078	–	0.28%	–
UNB	New	Union Bankshares Inc	$835,000	–	17,586	–	0.28%	–
CRL	New	Charles River Labs Hldg	$799,000	–	7,898	–	0.26%	–
GGG	New	Graco Incorporated	$779,000	–	7,133	–	0.26%	–
JCOM	New	J2 Global Inc.	$763,000	–	8,964	–	0.25%	–
CW	New	Curtiss Wright Corp	$756,000	–	8,233	–	0.25%	–
CACI	New	C A C I Inc Cl A	$719,000	–	5,749	–	0.24%	–
TDY	New	Teledyne Technologies	$674,000	–	5,281	–	0.22%	–
UTMD	New	Utah Medical Products	$665,000	–	9,180	–	0.22%	–
CMI	New	Cummins Inc	$646,000	–	3,980	–	0.21%	–
CFR	New	Cullen Frost Bankers	$619,000	–	6,592	–	0.20%	–
TMP	New	Tompkins Financial Cp	$615,000	–	7,811	–	0.20%	–
LNN	New	Lindsay Corporation	$598,000	–	6,698	–	0.20%	–
ADS	New	Alliance Data Systems	$565,000	–	2,201	–	0.19%	–
HAE	New	Haemonetics Corp	$540,000	–	13,666	–	0.18%	–
SONC	New	Sonic Corp	$532,000	–	20,083	–	0.18%	–
FLIR	New	Flir Systems Inc.	$525,000	–	15,143	–	0.17%	–
GNTX	New	Gentex Corp.	$497,000	–	26,209	–	0.16%	–
UAA	New	Under Armour Inc Class A	$480,000	–	22,048	–	0.16%	–
EVHC	New	Envision Healthcare Corp	$478,000	–	7,623	–	0.16%	–
OMI	New	Owens &Minor Inc Hldg Co	$475,000	–	14,767	–	0.16%	–
RMCF	New	Rocky Mountain Chocolate Factory	$458,000	–	38,949	–	0.15%	–
PETS	New	Petmed Express Inc	$457,000	–	11,244	–	0.15%	–
SBH	New	Sally Beauty Holdings Inc	$425,000	–	20,998	–	0.14%	–
WGL	New	WGL Holdings Inc.	$358,000	–	4,286	–	0.12%	–
T	New	A T & T Inc.	$330,000	–	8,754	–	0.11%	–
SAM	New	Boston Beer Company Inc.	$331,000	–	2,501	–	0.11%	–
CELG	New	Celgene Corp.	$253,000	–	1,950	–	0.08%	–
TENX	New	Tenax Therapeutics	$7,000	–	10,000	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
TENX	Exit	Tenax Therapeutics	$0	–	-10,000	–	-0.01%	–
CELG	Exit	Celgene Corp.	$0	–	-1,950	–	-0.08%	–
UAA	Exit	Under Armour Inc Class A	$0	–	-5,487	–	-0.08%	–
WGL	Exit	WGL Holdings Inc.	$0	–	-4,286	–	-0.11%	–
PETS	Exit	Petmed Express Inc	$0	–	-15,274	–	-0.12%	–
GNTX	Exit	Gentex Corp.	$0	–	-18,502	–	-0.13%	–
ADS	Exit	Alliance Data Systems	$0	–	-1,587	–	-0.13%	–
CEB	Exit	Corp Executive Board Co	$0	–	-6,275	–	-0.13%	–
FLIR	Exit	Flir Systems Inc.	$0	–	-10,928	–	-0.14%	–
CFR	Exit	Cullen Frost Bankers	$0	–	-4,873	–	-0.14%	–
T	Exit	A T & T Inc.	$0	–	-8,754	–	-0.14%	–
OMI	Exit	Owens &Minor Inc Hldg Co	$0	–	-10,361	–	-0.14%	–
HAE	Exit	Haemonetics Corp	$0	–	-9,916	–	-0.14%	–
LNN	Exit	Lindsay Corporation	$0	–	-4,880	–	-0.14%	–
SONC	Exit	Sonic Corp	$0	–	-14,268	–	-0.15%	–
GGG	Exit	Graco Incorporated	$0	–	-5,493	–	-0.16%	–
UTMD	Exit	Utah Medical Products	$0	–	-6,870	–	-0.16%	–
TDY	Exit	Teledyne Technologies	$0	–	-4,086	–	-0.17%	–
CACI	Exit	C A C I Inc Cl A	$0	–	-4,533	–	-0.18%	–
JCOM	Exit	J2 Global Inc.	$0	–	-7,129	–	-0.19%	–
UNB	Exit	Union Bankshares Inc	$0	–	-14,091	–	-0.19%	–
CRL	Exit	Charles River Labs Hldg	$0	–	-6,059	–	-0.20%	–
AMSG	Exit	Amsurg Corp	$0	–	-7,620	–	-0.20%	–
CMI	Exit	Cummins Inc	$0	–	-3,980	–	-0.20%	–
IART	Exit	Integra Lifesciences Holdings Corp	$0	–	-6,643	–	-0.22%	–
CW	Exit	Curtiss Wright Corp	$0	–	-6,644	–	-0.24%	–
USLM	Exit	US Lime & Minerals Inc.	$0	–	-9,534	–	-0.25%	–
RHI	Exit	Robert Half Intl	$0	–	-16,839	–	-0.25%	–
CMP	Exit	Compass Minerals Intl	$0	–	-8,873	–	-0.26%	–
GRFS	Exit	Grifols	$0	–	-43,152	–	-0.27%	–
JWA	Exit	Wiley John & Son Cl A	$0	–	-13,471	–	-0.27%	–
FWRD	Exit	Forward Air Corporation	$0	–	-16,106	–	-0.27%	–
TCF	Exit	T C F Financial Corp	$0	–	-48,756	–	-0.28%	–
SNA	Exit	Snap On Inc	$0	–	-4,696	–	-0.28%	–
VIVO	Exit	Meridian Bioscience Inc	$0	–	-37,889	–	-0.29%	–
BMI	Exit	Badger Meter Inc	$0	–	-22,050	–	-0.29%	–
MORN	Exit	Morningstar Inc	$0	–	-9,424	–	-0.29%	–
BSAC	Exit	Banco Santander New Adrfadr	$0	–	-36,233	–	-0.29%	–
SYNA	Exit	Synaptics Inc	$0	–	-13,083	–	-0.30%	–
LSTR	Exit	Landstar System Inc	$0	–	-11,533	–	-0.31%	–
ODC	Exit	Oil-Dri Corp Of America	$0	–	-22,285	–	-0.33%	–
RAVN	Exit	Raven Industries Inc	$0	–	-36,700	–	-0.33%	–
WBS	Exit	Webster Finl Cp PV 0.01	$0	–	-22,660	–	-0.34%	–
SR	Exit	Spire Inc.	$0	–	-13,554	–	-0.34%	–
RJF	Exit	Raymond James Fincl Inc	$0	–	-14,984	–	-0.34%	–
JKHY	Exit	Henry Jack & Assoc Inc	$0	–	-11,100	–	-0.37%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-18,018	–	-0.38%	–
CDK	Exit	Cdk Global Inc	$0	–	-17,154	–	-0.39%	–
UBS	Exit	UBS Group AG F	$0	–	-74,520	–	-0.40%	–
BCPC	Exit	Balchem Corp	$0	–	-13,328	–	-0.40%	–
TMP	Exit	Tompkins Financial Cp	$0	–	-14,100	–	-0.42%	–
YDKN	Exit	Yadkin Financial Corp	$0	–	-45,830	–	-0.47%	–
TD	Exit	Toronto Dominion Bank	$0	–	-28,192	–	-0.49%	–
MASI	Exit	Masimo Corp	$0	–	-21,547	–	-0.50%	–
HMC	Exit	Honda Motor ADRadr	$0	–	-44,485	–	-0.50%	–
ESLT	Exit	Elbit Systems Ltd	$0	–	-13,660	–	-0.51%	–
PSX	Exit	Phillips	$0	–	-16,471	–	-0.52%	–
KEYS	Exit	Keysight Technologies	$0	–	-43,632	–	-0.54%	–
RDSA	Exit	Royal Dutch Shell PLCadr	$0	–	-27,771	–	-0.54%	–
TTE	Exit	Total S.A. Sponsor ADRadr	$0	–	-29,707	–	-0.56%	–
TM	Exit	Toyota Motor Corp. ADRadr	$0	–	-13,730	–	-0.62%	–
ABB	Exit	ABB Ltd Adradr	$0	–	-74,640	–	-0.66%	–
SIEGY	Exit	Siemensadr	$0	–	-14,708	–	-0.68%	–
SNY	Exit	Sanofi Aventis Spon ADRadr	$0	–	-46,887	–	-0.70%	–
UPS	Exit	United Parcel Service Inc Class B	$0	–	-17,107	–	-0.73%	–
MKTAY	Exit	Makita Corp. ADRadr	$0	–	-28,378	–	-0.80%	–
RY	Exit	Royal Bank Canada PV$1	$0	–	-33,579	–	-0.82%	–
IDXX	Exit	Idexx Laboratories	$0	–	-18,579	–	-0.82%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-40,833	–	-0.85%	–
SAP	Exit	SAP AG ADRadr	$0	–	-23,980	–	-0.86%	–
NFG	Exit	National Fuel Gas Co	$0	–	-46,585	–	-0.99%	–
FDX	Exit	FedEX Corp	$0	–	-14,840	–	-1.02%	–
NVS	Exit	Novartis ADRadr	$0	–	-33,424	–	-1.04%	–
TEVA	Exit	Teva Pharmaceuticals	$0	–	-57,624	–	-1.04%	–
COP	Exit	ConocoPhillips	$0	–	-63,112	–	-1.08%	–
A	Exit	Agilent Technologies	$0	–	-60,825	–	-1.12%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-3,717	–	-1.13%	–
TROW	Exit	T. Rowe Group Inc.	$0	–	-45,436	–	-1.18%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-3,841	–	-1.21%	–
SLB	Exit	Schlumberger Ltd	$0	–	-40,947	–	-1.26%	–
BBT	Exit	BB&T Corporation	$0	–	-86,178	–	-1.28%	–
KO	Exit	Coca-Cola	$0	–	-79,807	–	-1.32%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-47,108	–	-1.33%	–
	Exit	Wells Fargo & Co	$0	–	-76,835	–	-1.33%	–
LOW	Exit	Lowe's	$0	–	-48,241	–	-1.37%	–
PEP	Exit	Pepsico	$0	–	-32,760	–	-1.40%	–
GIS	Exit	General Mills	$0	–	-57,243	–	-1.43%	–
LLY	Exit	Eli Lilly	$0	–	-45,966	–	-1.45%	–
	Exit	DuPont	$0	–	-56,075	–	-1.47%	–
DE	Exit	Deere & Company	$0	–	-44,119	–	-1.48%	–
JPM	Exit	J. P. Morgan Chase & Co. Inc.	$0	–	-57,983	–	-1.51%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-62,637	–	-1.53%	–
EMR	Exit	Emerson Electric	$0	–	-73,111	–	-1.56%	–
XRAY	Exit	Dentsply Sirona	$0	–	-68,393	–	-1.59%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-128,787	–	-1.60%	–
K	Exit	Kellogg Company	$0	–	-53,229	–	-1.62%	–
MKC	Exit	McCormick & Company	$0	–	-41,254	–	-1.62%	–
LH	Exit	Laboratory CP Amer Hldgs	$0	–	-30,083	–	-1.62%	–
COST	Exit	Costco Wholesale Corp Del	$0	–	-27,154	–	-1.62%	–
QCOM	Exit	Qualcomm Inc	$0	–	-61,149	–	-1.64%	–
PG	Exit	Procter & Gamble	$0	–	-47,369	–	-1.67%	–
ADP	Exit	Automatic Data Processing	$0	–	-48,548	–	-1.68%	–
IBM	Exit	Internat'l Business Mach	$0	–	-28,422	–	-1.77%	–
MDT	Exit	Medtronic Inc.	$0	–	-52,886	–	-1.79%	–
AAPL	Exit	Apple Computer	$0	–	-40,458	–	-1.79%	–
HAS	Exit	Hasbro Inc	$0	–	-59,462	–	-1.85%	–
ECL	Exit	Ecolab Inc.	$0	–	-38,921	–	-1.86%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-29,029	–	-2.05%	–
BCR	Exit	Bard CR Inc.	$0	–	-23,280	–	-2.05%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-43,733	–	-2.06%	–
GE	Exit	General Electric Co	$0	–	-181,278	–	-2.11%	–
MSFT	Exit	Microsoft	$0	–	-94,053	–	-2.12%	–
INTC	Exit	Intel	$0	–	-157,965	–	-2.34%	–
XOM	Exit	Exxon-Mobil	$0	–	-72,302	–	-2.48%	–
MMM	Exit	3M Company	$0	–	-52,278	–	-3.61%	–
JNJ	Exit	Johnson & Johnson	$0	–	-84,411	–	-3.91%	–

Q3 2016

			Value		Shares		↓ Weighting
JNJ	Buy	Johnson & Johnson	$9,971,000	-1.7%	84,411	+1.0%	3.91%	-5.1%
MMM	Buy	3M Company	$9,213,000	+2.2%	52,278	+1.5%	3.61%	-1.5%
XOM	Buy	Exxon-Mobil	$6,311,000	-5.0%	72,302	+2.0%	2.48%	-8.4%
INTC	Buy	Intel	$5,963,000	+17.7%	157,965	+2.3%	2.34%	+13.5%
MSFT	Buy	Microsoft	$5,417,000	+14.1%	94,053	+1.4%	2.12%	+10.1%
GE	Buy	General Electric Co	$5,369,000	-4.1%	181,278	+2.0%	2.11%	-7.4%
ITW	Buy	Illinois Tool Works Inc	$5,241,000	+16.6%	43,733	+1.3%	2.06%	+12.5%
BCR	Buy	Bard CR Inc.	$5,221,000	-3.4%	23,280	+1.3%	2.05%	-6.7%
BDX	Buy	Becton Dickinson & Co	$5,217,000	+7.2%	29,029	+1.1%	2.05%	+3.4%
ECL	Buy	Ecolab Inc.	$4,737,000	+4.4%	38,921	+1.7%	1.86%	+0.7%
HAS	Buy	Hasbro Inc	$4,717,000	-4.2%	59,462	+1.5%	1.85%	-7.5%
AAPL	Buy	Apple Computer	$4,574,000	+20.4%	40,458	+1.8%	1.79%	+16.2%
MDT	Buy	Medtronic Inc.	$4,569,000	+1.2%	52,886	+1.6%	1.79%	-2.4%
IBM	Buy	Internat'l Business Mach	$4,515,000	+7.9%	28,422	+3.1%	1.77%	+4.1%
ADP	Buy	Automatic Data Processing	$4,282,000	-2.1%	48,548	+2.0%	1.68%	-5.6%
PG	Buy	Procter & Gamble	$4,251,000	+8.1%	47,369	+2.0%	1.67%	+4.3%
QCOM	Buy	Qualcomm Inc	$4,189,000	+30.8%	61,149	+2.3%	1.64%	+26.2%
COST	Buy	Costco Wholesale Corp Del	$4,141,000	-1.1%	27,154	+1.9%	1.62%	-4.5%
LH	Buy	Laboratory CP Amer Hldgs	$4,136,000	+7.8%	30,083	+2.1%	1.62%	+4.0%
MKC	Buy	McCormick & Company	$4,122,000	-4.6%	41,254	+1.8%	1.62%	-8.0%
K	Buy	Kellogg Company	$4,124,000	-4.6%	53,229	+0.6%	1.62%	-8.0%
CSCO	Buy	Cisco Systems Inc	$4,085,000	+13.1%	128,787	+2.3%	1.60%	+9.1%
XRAY	Buy	Dentsply Sirona	$4,065,000	-2.3%	68,393	+2.0%	1.59%	-5.8%
EMR	Buy	Emerson Electric	$3,985,000	+6.9%	73,111	+2.3%	1.56%	+3.1%
MRK	Buy	Merck & Co. Inc.	$3,909,000	+10.7%	62,637	+2.2%	1.53%	+6.8%
JPM	Buy	J. P. Morgan Chase & Co. Inc.	$3,861,000	+9.6%	57,983	+2.3%	1.51%	+5.7%
DE	Buy	Deere & Company	$3,766,000	+8.1%	44,119	+2.6%	1.48%	+4.2%
	Buy	DuPont	$3,755,000	+5.7%	56,075	+2.2%	1.47%	+1.9%
LLY	Buy	Eli Lilly	$3,689,000	+4.4%	45,966	+2.4%	1.45%	+0.7%
GIS	Sell	General Mills	$3,657,000	-22.3%	57,243	-13.3%	1.43%	-25.1%
PEP	Buy	Pepsico	$3,563,000	+5.1%	32,760	+2.4%	1.40%	+1.4%
LOW	Buy	Lowe's	$3,483,000	-6.6%	48,241	+2.4%	1.37%	-9.9%
	Buy	Wells Fargo & Co	$3,402,000	-4.1%	76,835	+2.5%	1.33%	-7.5%
WMT	Buy	Wal-Mart Stores Inc.	$3,397,000	+1.6%	47,108	+2.8%	1.33%	-2.1%
KO	Buy	Coca-Cola	$3,377,000	-4.4%	79,807	+2.4%	1.32%	-7.8%
BBT	Buy	BB&T Corporation	$3,251,000	+9.1%	86,178	+2.9%	1.28%	+5.2%
SLB	Buy	Schlumberger Ltd	$3,220,000	+2.4%	40,947	+3.0%	1.26%	-1.2%
GOOGL	Buy	Alphabet Inc. Class A	$3,088,000	+17.8%	3,841	+3.1%	1.21%	+13.6%
TROW	Buy	T. Rowe Group Inc.	$3,021,000	-6.1%	45,436	+3.1%	1.18%	-9.4%
GOOG	Sell	Alphabet Inc. Class C	$2,889,000	+11.3%	3,717	-0.9%	1.13%	+7.4%
A	Buy	Agilent Technologies	$2,864,000	+9.6%	60,825	+3.2%	1.12%	+5.6%
COP	Buy	ConocoPhillips	$2,743,000	+5.4%	63,112	+5.7%	1.08%	+1.7%
TEVA	Buy	Teva Pharmaceuticals	$2,651,000	-4.4%	57,624	+4.4%	1.04%	-7.7%
NVS	Buy	Novartis ADRadr	$2,639,000	-2.3%	33,424	+2.1%	1.04%	-5.7%
FDX	Buy	FedEX Corp	$2,592,000	+17.0%	14,840	+1.7%	1.02%	+13.0%
NFG	Buy	National Fuel Gas Co	$2,519,000	-1.6%	46,585	+3.5%	0.99%	-5.1%
SAP	Buy	SAP AG ADRadr	$2,192,000	+23.1%	23,980	+1.1%	0.86%	+18.8%
BNS	Buy	Bank of Nova Scotia	$2,164,000	+9.6%	40,833	+1.4%	0.85%	+5.7%
IDXX	Sell	Idexx Laboratories	$2,094,000	-46.7%	18,579	-56.1%	0.82%	-48.6%
RY	Buy	Royal Bank Canada PV$1	$2,081,000	+6.0%	33,579	+1.1%	0.82%	+2.3%
MKTAY	Buy	Makita Corp. ADRadr	$2,039,000	+9.7%	28,378	+0.8%	0.80%	+5.8%
UPS	Buy	United Parcel Service Inc Class B	$1,871,000	+4.1%	17,107	+2.5%	0.73%	+0.4%
SNY	Buy	Sanofi Aventis Spon ADRadr	$1,791,000	-5.3%	46,887	+3.7%	0.70%	-8.7%
SIEGY	Buy	Siemensadr	$1,726,000	+16.7%	14,708	+2.0%	0.68%	+12.6%
ABB	Buy	ABB Ltd Adradr	$1,680,000	+16.0%	74,640	+2.2%	0.66%	+11.9%
TM	Buy	Toyota Motor Corp. ADRadr	$1,594,000	+23.1%	13,730	+6.0%	0.62%	+18.8%
TTE	Buy	Total S.A. Sponsor ADRadr	$1,417,000	+1.1%	29,707	+1.9%	0.56%	-2.5%
RDSA	Buy	Royal Dutch Shell PLCadr	$1,390,000	-7.5%	27,771	+2.0%	0.54%	-10.8%
KEYS	Buy	Keysight Technologies	$1,383,000	+18.3%	43,632	+8.6%	0.54%	+14.1%
PSX	Buy	Phillips	$1,327,000	+3.2%	16,471	+1.6%	0.52%	-0.6%
ESLT	Buy	Elbit Systems Ltd	$1,309,000	+5.6%	13,660	+0.2%	0.51%	+1.8%
HMC	Buy	Honda Motor ADRadr	$1,287,000	+18.5%	44,485	+3.8%	0.50%	+14.3%
MASI	Buy	Masimo Corp	$1,282,000	+19.9%	21,547	+5.8%	0.50%	+15.6%
TD	Buy	Toronto Dominion Bank	$1,252,000	+6.8%	28,192	+3.3%	0.49%	+3.2%
YDKN	Buy	Yadkin Financial Corp	$1,205,000	+37.1%	45,830	+30.8%	0.47%	+32.5%
TMP	Buy	Tompkins Financial Cp	$1,077,000	+26.3%	14,100	+7.4%	0.42%	+21.6%
BCPC	Buy	Balchem Corp	$1,033,000	+41.1%	13,328	+8.6%	0.40%	+35.9%
UBS	Buy	UBS Group AG F	$1,015,000	+19.3%	74,520	+13.5%	0.40%	+15.0%
CDK	Buy	Cdk Global Inc	$984,000	+6.3%	17,154	+2.8%	0.39%	+2.7%
DLB	Buy	Dolby Laboratories Inc	$978,000	+23.2%	18,018	+8.6%	0.38%	+18.9%
JKHY	Buy	Henry Jack & Assoc Inc	$950,000	+5.7%	11,100	+7.8%	0.37%	+2.2%
RJF	Buy	Raymond James Fincl Inc	$872,000	+29.0%	14,984	+9.3%	0.34%	+24.4%
SR	Buy	Spire Inc.	$864,000	-2.3%	13,554	+8.6%	0.34%	-5.6%
WBS	Buy	Webster Finl Cp PV 0.01	$861,000	+22.0%	22,660	+9.0%	0.34%	+17.8%
RAVN	Buy	Raven Industries Inc	$845,000	+32.7%	36,700	+9.0%	0.33%	+27.8%
ODC	Buy	Oil-Dri Corp Of America	$839,000	+19.2%	22,285	+9.3%	0.33%	+15.0%
LSTR	Buy	Landstar System Inc	$785,000	+8.9%	11,533	+9.8%	0.31%	+5.1%
SYNA	Buy	Synaptics Inc	$766,000	+27.9%	13,083	+17.4%	0.30%	+23.0%
BSAC	Buy	Banco Santander New Adrfadr	$750,000	+9.3%	36,233	+2.4%	0.29%	+5.4%
MORN	Buy	Morningstar Inc	$747,000	+6.7%	9,424	+10.1%	0.29%	+2.8%
BMI	Buy	Badger Meter Inc	$739,000	+1.5%	22,050	+121.1%	0.29%	-2.0%
VIVO	Buy	Meridian Bioscience Inc	$731,000	+9.6%	37,889	+10.7%	0.29%	+5.9%
SNA	Buy	Snap On Inc	$714,000	+6.6%	4,696	+10.7%	0.28%	+2.9%
TCF	Buy	T C F Financial Corp	$707,000	+26.7%	48,756	+10.6%	0.28%	+22.0%
JWA	Buy	Wiley John & Son Cl A	$695,000	+9.1%	13,471	+10.3%	0.27%	+5.4%
FWRD	Buy	Forward Air Corporation	$697,000	+7.6%	16,106	+10.7%	0.27%	+3.8%
GRFS	Buy	Grifols	$689,000	-1.6%	43,152	+2.8%	0.27%	-5.3%
CMP	Buy	Compass Minerals Intl	$654,000	+11.6%	8,873	+12.2%	0.26%	+7.6%
RHI	Buy	Robert Half Intl	$638,000	+19.3%	16,839	+20.1%	0.25%	+14.7%
USLM	Sell	US Lime & Minerals Inc.	$629,000	-5.0%	9,534	-15.0%	0.25%	-8.2%
CW	Buy	Curtiss Wright Corp	$605,000	+15.0%	6,644	+6.3%	0.24%	+10.7%
IART	Buy	Integra Lifesciences Holdings Corp	$548,000	+10.3%	6,643	+6.7%	0.22%	+6.4%
AMSG	Buy	Amsurg Corp	$511,000	-6.6%	7,620	+8.1%	0.20%	-9.9%
CRL	Buy	Charles River Labs Hldg	$505,000	+8.6%	6,059	+7.5%	0.20%	+4.8%
UNB	Buy	Union Bankshares Inc	$480,000	+1.1%	14,091	+7.9%	0.19%	-2.6%
JCOM	Buy	J2 Global Inc.	$475,000	+14.7%	7,129	+8.7%	0.19%	+10.7%
CACI	Buy	C A C I Inc Cl A	$457,000	+21.2%	4,533	+8.7%	0.18%	+17.0%
TDY	Buy	Teledyne Technologies	$441,000	+18.5%	4,086	+8.8%	0.17%	+14.6%
UTMD	Buy	Utah Medical Products	$411,000	+3.3%	6,870	+8.8%	0.16%	-0.6%
GGG	Buy	Graco Incorporated	$406,000	+2.3%	5,493	+9.4%	0.16%	-1.2%
SONC	Buy	Sonic Corp	$374,000	+16.5%	14,268	+20.4%	0.15%	+12.2%
LNN	Buy	Lindsay Corporation	$361,000	+21.1%	4,880	+11.2%	0.14%	+17.4%
HAE	Buy	Haemonetics Corp	$359,000	+39.1%	9,916	+11.3%	0.14%	+34.3%
OMI	Buy	Owens &Minor Inc Hldg Co	$360,000	+3.2%	10,361	+11.1%	0.14%	-0.7%
T	Buy	A T & T Inc.	$355,000	+32.0%	8,754	+40.4%	0.14%	+27.5%
CFR	Buy	Cullen Frost Bankers	$351,000	+26.3%	4,873	+11.8%	0.14%	+22.1%
FLIR	Buy	Flir Systems Inc.	$343,000	+13.2%	10,928	+11.8%	0.14%	+9.8%
CEB	Buy	Corp Executive Board Co	$342,000	-2.3%	6,275	+10.5%	0.13%	-5.6%
ADS	Buy	Alliance Data Systems	$340,000	+20.6%	1,587	+10.4%	0.13%	+15.7%
GNTX	Buy	Gentex Corp.	$325,000	+28.0%	18,502	+12.4%	0.13%	+23.3%
PETS	Sell	Petmed Express Inc	$310,000	-60.3%	15,274	-63.3%	0.12%	-61.5%
UAA	New	Under Armour Inc Class A	$212,000	–	5,487	–	0.08%	–
CELG	New	Celgene Corp.	$204,000	–	1,950	–	0.08%	–
TENX	New	Tenax Therapeutics	$23,000	–	10,000	–	0.01%	–
CPSI	Exit	Computer Programs & Systems Inc.	$0	–	-6,155	–	-0.10%	–
INCR	Exit	Inc Research Holding	$0	–	-12,568	–	-0.20%	–
FCS	Exit	Fairchild Semiconductor	$0	–	-39,796	–	-0.32%	–

Q2 2016

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$10,142,000	–	83,609	–	4.12%	–
MMM	New	3M Company	$9,019,000	–	51,499	–	3.67%	–
XOM	New	Exxon-Mobil	$6,643,000	–	70,868	–	2.70%	–
GE	New	General Electric Co	$5,596,000	–	177,770	–	2.28%	–
BCR	New	Bard CR Inc.	$5,402,000	–	22,972	–	2.20%	–
INTC	New	Intel	$5,067,000	–	154,484	–	2.06%	–
HAS	New	Hasbro Inc	$4,923,000	–	58,611	–	2.00%	–
BDX	New	Becton Dickinson & Co	$4,867,000	–	28,701	–	1.98%	–
MSFT	New	Microsoft	$4,747,000	–	92,761	–	1.93%	–
GIS	New	General Mills	$4,708,000	–	66,008	–	1.91%	–
ECL	New	Ecolab Inc.	$4,539,000	–	38,275	–	1.84%	–
MDT	New	Medtronic Inc.	$4,515,000	–	52,038	–	1.84%	–
ITW	New	Illinois Tool Works Inc	$4,495,000	–	43,157	–	1.83%	–
ADP	New	Automatic Data Processing	$4,374,000	–	47,613	–	1.78%	–
K	New	Kellogg Company	$4,321,000	–	52,915	–	1.76%	–
MKC	New	McCormick & Company	$4,321,000	–	40,507	–	1.76%	–
IBM	New	Internat'l Business Mach	$4,186,000	–	27,577	–	1.70%	–
COST	New	Costco Wholesale Corp Del	$4,185,000	–	26,647	–	1.70%	–
XRAY	New	Dentsply Sirona	$4,161,000	–	67,070	–	1.69%	–
PG	New	Procter & Gamble	$3,933,000	–	46,447	–	1.60%	–
IDXX	New	Idexx Laboratories	$3,929,000	–	42,306	–	1.60%	–
LH	New	Laboratory CP Amer Hldgs	$3,838,000	–	29,459	–	1.56%	–
AAPL	New	Apple Computer	$3,799,000	–	39,742	–	1.54%	–
EMR	New	Emerson Electric	$3,728,000	–	71,481	–	1.52%	–
LOW	New	Lowe's	$3,728,000	–	47,090	–	1.52%	–
CSCO	New	Cisco Systems Inc	$3,612,000	–	125,900	–	1.47%	–
	New	DuPont	$3,554,000	–	54,853	–	1.44%	–
	New	Wells Fargo & Co	$3,548,000	–	74,960	–	1.44%	–
LLY	New	Eli Lilly	$3,534,000	–	44,882	–	1.44%	–
MRK	New	Merck & Co. Inc.	$3,531,000	–	61,283	–	1.44%	–
KO	New	Coca-Cola	$3,532,000	–	77,908	–	1.44%	–
JPM	New	J. P. Morgan Chase & Co. Inc.	$3,522,000	–	56,683	–	1.43%	–
DE	New	Deere & Company	$3,485,000	–	43,007	–	1.42%	–
PEP	New	Pepsico	$3,390,000	–	32,002	–	1.38%	–
WMT	New	Wal-Mart Stores Inc.	$3,345,000	–	45,803	–	1.36%	–
TROW	New	T. Rowe Group Inc.	$3,217,000	–	44,083	–	1.31%	–
QCOM	New	Qualcomm Inc	$3,202,000	–	59,779	–	1.30%	–
SLB	New	Schlumberger Ltd	$3,143,000	–	39,748	–	1.28%	–
BBT	New	BB&T Corporation	$2,981,000	–	83,726	–	1.21%	–
TEVA	New	Teva Pharmaceuticals	$2,773,000	–	55,206	–	1.13%	–
NVS	New	Novartis ADRadr	$2,702,000	–	32,752	–	1.10%	–
GOOGL	New	Alphabet Inc. Class A	$2,622,000	–	3,727	–	1.07%	–
A	New	Agilent Technologies	$2,614,000	–	58,938	–	1.06%	–
COP	New	ConocoPhillips	$2,603,000	–	59,713	–	1.06%	–
GOOG	New	Alphabet Inc. Class C	$2,596,000	–	3,751	–	1.06%	–
NFG	New	National Fuel Gas Co	$2,561,000	–	45,030	–	1.04%	–
FDX	New	FedEX Corp	$2,215,000	–	14,594	–	0.90%	–
BNS	New	Bank of Nova Scotia	$1,974,000	–	40,278	–	0.80%	–
RY	New	Royal Bank Canada PV$1	$1,963,000	–	33,224	–	0.80%	–
SNY	New	Sanofi Aventis Spon ADRadr	$1,891,000	–	45,196	–	0.77%	–
MKTAY	New	Makita Corp. ADRadr	$1,859,000	–	28,146	–	0.76%	–
UPS	New	United Parcel Service Inc Class B	$1,798,000	–	16,688	–	0.73%	–
SAP	New	SAP AG ADRadr	$1,780,000	–	23,724	–	0.72%	–
RDSA	New	Royal Dutch Shell PLCadr	$1,503,000	–	27,220	–	0.61%	–
SIEGY	New	Siemensadr	$1,479,000	–	14,419	–	0.60%	–
ABB	New	ABB Ltd Adradr	$1,448,000	–	73,027	–	0.59%	–
TTE	New	Total S.A. Sponsor ADRadr	$1,402,000	–	29,141	–	0.57%	–
TM	New	Toyota Motor Corp. ADRadr	$1,295,000	–	12,955	–	0.53%	–
PSX	New	Phillips	$1,286,000	–	16,208	–	0.52%	–
ESLT	New	Elbit Systems Ltd	$1,240,000	–	13,632	–	0.50%	–
TD	New	Toronto Dominion Bank	$1,172,000	–	27,298	–	0.48%	–
KEYS	New	Keysight Technologies	$1,169,000	–	40,174	–	0.48%	–
HMC	New	Honda Motor ADRadr	$1,086,000	–	42,867	–	0.44%	–
MASI	New	Masimo Corp	$1,069,000	–	20,362	–	0.44%	–
CDK	New	Cdk Global Inc	$926,000	–	16,680	–	0.38%	–
JKHY	New	Henry Jack & Assoc Inc	$899,000	–	10,299	–	0.36%	–
SR	New	Spire Inc.	$884,000	–	12,483	–	0.36%	–
YDKN	New	Yadkin Financial Corp	$879,000	–	35,040	–	0.36%	–
TMP	New	Tompkins Financial Cp	$853,000	–	13,123	–	0.35%	–
UBS	New	UBS Group AG F	$851,000	–	65,684	–	0.35%	–
DLB	New	Dolby Laboratories Inc	$794,000	–	16,585	–	0.32%	–
FCS	New	Fairchild Semiconductor	$790,000	–	39,796	–	0.32%	–
PETS	New	Petmed Express Inc	$780,000	–	41,593	–	0.32%	–
BCPC	New	Balchem Corp	$732,000	–	12,278	–	0.30%	–
BMI	New	Badger Meter Inc	$728,000	–	9,972	–	0.30%	–
LSTR	New	Landstar System Inc	$721,000	–	10,506	–	0.29%	–
WBS	New	Webster Finl Cp PV 0.01	$706,000	–	20,782	–	0.29%	–
ODC	New	Oil-Dri Corp Of America	$704,000	–	20,396	–	0.29%	–
MORN	New	Morningstar Inc	$700,000	–	8,559	–	0.28%	–
GRFS	New	Grifols	$700,000	–	41,984	–	0.28%	–
BSAC	New	Banco Santander New Adrfadr	$686,000	–	35,392	–	0.28%	–
RJF	New	Raymond James Fincl Inc	$676,000	–	13,709	–	0.28%	–
SNA	New	Snap On Inc	$670,000	–	4,243	–	0.27%	–
VIVO	New	Meridian Bioscience Inc	$667,000	–	34,218	–	0.27%	–
USLM	New	US Lime & Minerals Inc.	$662,000	–	11,220	–	0.27%	–
FWRD	New	Forward Air Corporation	$648,000	–	14,555	–	0.26%	–
RAVN	New	Raven Industries Inc	$637,000	–	33,658	–	0.26%	–
JWA	New	Wiley John & Son Cl A	$637,000	–	12,215	–	0.26%	–
SYNA	New	Synaptics Inc	$599,000	–	11,140	–	0.24%	–
CMP	New	Compass Minerals Intl	$586,000	–	7,905	–	0.24%	–
TCF	New	T C F Financial Corp	$558,000	–	44,080	–	0.23%	–
AMSG	New	Amsurg Corp	$547,000	–	7,051	–	0.22%	–
RHI	New	Robert Half Intl	$535,000	–	14,025	–	0.22%	–
CW	New	Curtiss Wright Corp	$526,000	–	6,248	–	0.21%	–
IART	New	Integra Lifesciences Holdings Corp	$497,000	–	6,228	–	0.20%	–
INCR	New	Inc Research Holding	$479,000	–	12,568	–	0.20%	–
UNB	New	Union Bankshares Inc	$475,000	–	13,058	–	0.19%	–
CRL	New	Charles River Labs Hldg	$465,000	–	5,637	–	0.19%	–
CMI	New	Cummins Inc	$448,000	–	3,980	–	0.18%	–
JCOM	New	J2 Global Inc.	$414,000	–	6,557	–	0.17%	–
UTMD	New	Utah Medical Products	$398,000	–	6,312	–	0.16%	–
GGG	New	Graco Incorporated	$397,000	–	5,023	–	0.16%	–
CACI	New	C A C I Inc Cl A	$377,000	–	4,170	–	0.15%	–
TDY	New	Teledyne Technologies	$372,000	–	3,754	–	0.15%	–
OMI	New	Owens &Minor Inc Hldg Co	$349,000	–	9,328	–	0.14%	–
CEB	New	Corp Executive Board Co	$350,000	–	5,680	–	0.14%	–
SONC	New	Sonic Corp	$321,000	–	11,850	–	0.13%	–
FLIR	New	Flir Systems Inc.	$303,000	–	9,774	–	0.12%	–
WGL	New	WGL Holdings Inc.	$303,000	–	4,286	–	0.12%	–
LNN	New	Lindsay Corporation	$298,000	–	4,388	–	0.12%	–
ADS	New	Alliance Data Systems	$282,000	–	1,437	–	0.12%	–
CFR	New	Cullen Frost Bankers	$278,000	–	4,358	–	0.11%	–
T	New	A T & T Inc.	$269,000	–	6,235	–	0.11%	–
HAE	New	Haemonetics Corp	$258,000	–	8,906	–	0.10%	–
GNTX	New	Gentex Corp.	$254,000	–	16,457	–	0.10%	–
CPSI	New	Computer Programs & Systems Inc.	$246,000	–	6,155	–	0.10%	–

Q4 2015

			Value		Shares		↓ Weighting
IPI	Exit	Intrepid Potash Inc	$0	–	-27,135	–	-0.07%	–
SWI	Exit	SOLARWINDS INC	$0	–	-5,213	–	-0.10%	–
CPSI	Exit	Computer Programs & Systems Inc.	$0	–	-4,865	–	-0.10%	–
OPK	Exit	OPKO HEALTH INC	$0	–	-24,823	–	-0.10%	–
CELG	Exit	Celgene Corp.	$0	–	-1,950	–	-0.10%	–
SONC	Exit	Sonic Corp	$0	–	-9,919	–	-0.11%	–
HAE	Exit	Haemonetics Corp	$0	–	-7,337	–	-0.11%	–
LNN	Exit	Lindsay Corporation	$0	–	-3,556	–	-0.11%	–
OMI	Exit	Owens &Minor Inc Hldg Co	$0	–	-7,733	–	-0.12%	–
WGL	Exit	WGL Holdings Inc.	$0	–	-4,286	–	-0.12%	–
CACI	Exit	C A C I Inc Cl A	$0	–	-3,563	–	-0.12%	–
TDY	Exit	Teledyne Technologies	$0	–	-3,092	–	-0.13%	–
GGG	Exit	Graco Incorporated	$0	–	-4,243	–	-0.13%	–
UTMD	Exit	Utah Medical Products	$0	–	-5,337	–	-0.14%	–
UNB	Exit	Union Bankshares Inc	$0	–	-11,031	–	-0.14%	–
CRL	Exit	Charles River Labs Hldg	$0	–	-4,862	–	-0.14%	–
IART	Exit	Integra Lifesciences Holdings Corp	$0	–	-5,333	–	-0.15%	–
CEB	Exit	Corp Executive Board Co	$0	–	-4,681	–	-0.15%	–
CW	Exit	Curtiss Wright Corp	$0	–	-5,446	–	-0.16%	–
UAA	Exit	Under Armour Inc Cl A	$0	–	-3,630	–	-0.16%	–
USLM	Exit	US Lime & Minerals Inc.	$0	–	-8,316	–	-0.18%	–
JCOM	Exit	J2 Global Inc.	$0	–	-5,759	–	-0.19%	–
RAVN	Exit	Raven Industries Inc	$0	–	-24,236	–	-0.19%	–
ODC	Exit	Oil-Dri Corp Of America	$0	–	-18,438	–	-0.20%	–
CMI	Exit	Cummins Inc Cummins 231021106 CMI ...	$0	–	-3,980	–	-0.20%	–
BMI	Exit	Badger Meter Inc	$0	–	-8,131	–	-0.22%	–
JWA	Exit	Wiley John & Son Cl A	$0	–	-9,598	–	-0.22%	–
VIVO	Exit	Meridian Bioscience Inc	$0	–	-28,357	–	-0.23%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-14,926	–	-0.23%	–
AMSG	Exit	Amsurg Corp	$0	–	-6,321	–	-0.23%	–
FWRD	Exit	Forward Air Corporation	$0	–	-12,034	–	-0.23%	–
CMP	Exit	Compass Minerals Intl	$0	–	-6,370	–	-0.23%	–
FCS	Exit	Fairchild Semiconductor	$0	–	-35,776	–	-0.24%	–
GRFS	Exit	Grifols	$0	–	-16,787	–	-0.24%	–
SNA	Exit	Snap On Inc	$0	–	-3,386	–	-0.24%	–
TCF	Exit	T C F Financial Corp	$0	–	-35,362	–	-0.25%	–
LSTR	Exit	Landstar System Inc	$0	–	-8,648	–	-0.26%	–
RJF	Exit	Raymond James Fincl Inc	$0	–	-11,368	–	-0.26%	–
PETS	Exit	Petmed Express Inc	$0	–	-35,345	–	-0.27%	–
PNY	Exit	Piedmond Natural Gas	$0	–	-14,376	–	-0.27%	–
MORN	Exit	Morningstar Inc	$0	–	-7,166	–	-0.27%	–
LG	Exit	Laclede Gas Company New	$0	–	-10,769	–	-0.27%	–
RHI	Exit	Robert Half Intl	$0	–	-11,443	–	-0.27%	–
TMP	Exit	Tompkins Financial Cp	$0	–	-11,275	–	-0.28%	–
JKHY	Exit	Henry Jack & Assoc Inc	$0	–	-8,938	–	-0.29%	–
WBS	Exit	Webster Finl Cp PV 0.01	$0	–	-17,686	–	-0.30%	–
BCPC	Exit	Balchem Corp	$0	–	-10,430	–	-0.30%	–
BSAC	Exit	Banco Santander New Adrfadr	$0	–	-35,113	–	-0.30%	–
NBBC	Exit	Newbridge Bancorp	$0	–	-75,700	–	-0.30%	–
MASI	Exit	Masimo Corp	$0	–	-17,771	–	-0.32%	–
CDK	Exit	Cdk Global Inc	$0	–	-16,661	–	-0.37%	–
SYNA	Exit	Synaptics Inc	$0	–	-9,711	–	-0.37%	–
RDSA	Exit	Royal Dutch Shell PLCadr	$0	–	-19,503	–	-0.43%	–
ESLT	Exit	Elbit Systems Ltd	$0	–	-12,591	–	-0.44%	–
HMC	Exit	Honda Motor ADRadr	$0	–	-33,800	–	-0.47%	–
KEYS	Exit	Keysight Technologies	$0	–	-33,422	–	-0.48%	–
UBS	Exit	UBS Group AG F	$0	–	-59,177	–	-0.51%	–
SIEGY	Exit	Siemensadr	$0	–	-12,530	–	-0.52%	–
ABB	Exit	ABB Ltd Adradr	$0	–	-63,510	–	-0.52%	–
TM	Exit	Toyota Motor Corp. ADRadr	$0	–	-10,675	–	-0.58%	–
PSX	Exit	Phillips	$0	–	-16,529	–	-0.59%	–
MKTAY	Exit	Makita Corp. ADRadr	$0	–	-24,325	–	-0.60%	–
TTE	Exit	Total S.A. Sponsor ADRadr	$0	–	-29,933	–	-0.63%	–
SAP	Exit	SAP AG ADRadr	$0	–	-20,721	–	-0.63%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-31,923	–	-0.66%	–
HSBC	Exit	HSBC Holdings ADRadr	$0	–	-38,058	–	-0.67%	–
RY	Exit	Royal Bank Canada PV$1	$0	–	-29,279	–	-0.76%	–
UPS	Exit	United Parcel Service Inc Class B	$0	–	-16,860	–	-0.78%	–
EMR	Exit	Emerson Electric	$0	–	-38,033	–	-0.78%	–
SNY	Exit	Sanofi Aventis Spon ADRadr	$0	–	-37,651	–	-0.84%	–
A	Exit	Agilent Technologies	$0	–	-58,692	–	-0.94%	–
NFG	Exit	National Fuel Gas Co	$0	–	-41,432	–	-0.97%	–
FDX	Exit	FedEX Corp	$0	–	-14,791	–	-1.00%	–
CAT	Exit	Caterpillar	$0	–	-34,743	–	-1.06%	–
GOOG	Exit	Google Inc. Class C	$0	–	-3,836	–	-1.09%	–
GOOGL	Exit	Google Inc. Class A	$0	–	-3,741	–	-1.12%	–
SLB	Exit	Schlumberger Ltd	$0	–	-36,006	–	-1.16%	–
NVS	Exit	Novartis ADRadr	$0	–	-27,061	–	-1.16%	–
UL	Exit	Unilever PLC NEW ADRadr	$0	–	-61,336	–	-1.17%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-41,222	–	-1.25%	–
	Exit	DuPont	$0	–	-56,139	–	-1.26%	–
QCOM	Exit	Qualcomm Inc	$0	–	-51,932	–	-1.30%	–
TEVA	Exit	Teva Pharmaceuticals	$0	–	-51,954	–	-1.37%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-60,700	–	-1.40%	–
BBT	Exit	BB&T Corporation	$0	–	-85,311	–	-1.42%	–
PEP	Exit	Pepsico	$0	–	-32,585	–	-1.44%	–
TROW	Exit	T. Rowe Group Inc.	$0	–	-44,992	–	-1.46%	–
DE	Exit	Deere & Company	$0	–	-42,775	–	-1.48%	–
PG	Exit	Procter & Gamble	$0	–	-44,098	–	-1.48%	–
KO	Exit	Coca-Cola	$0	–	-79,374	–	-1.49%	–
IDXX	Exit	Idexx Laboratories	$0	–	-43,067	–	-1.50%	–
LH	Exit	Laboratory CP Amer Hldgs	$0	–	-29,650	–	-1.50%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-123,960	–	-1.52%	–
LOW	Exit	Lowe's	$0	–	-47,847	–	-1.54%	–
COP	Exit	ConocoPhillips	$0	–	-69,360	–	-1.56%	–
XOM	Exit	Exxon-Mobil	$0	–	-45,148	–	-1.57%	–
MKC	Exit	McCormick & Company	$0	–	-41,570	–	-1.60%	–
XRAY	Exit	Dentsply International Inc.	$0	–	-68,978	–	-1.63%	–
JPM	Exit	J. P. Morgan Chase & Co. Inc.	$0	–	-57,561	–	-1.64%	–
K	Exit	Kellogg Company	$0	–	-53,805	–	-1.67%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-44,035	–	-1.70%	–
MDT	Exit	Medtronic Inc.	$0	–	-56,605	–	-1.77%	–
LLY	Exit	Eli Lilly	$0	–	-45,707	–	-1.79%	–
GIS	Exit	General Mills	$0	–	-68,244	–	-1.79%	–
	Exit	Wells Fargo & Co	$0	–	-74,665	–	-1.79%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-29,441	–	-1.83%	–
ADP	Exit	Automatic Data Processing	$0	–	-48,658	–	-1.83%	–
IBM	Exit	Internat'l Business Mach	$0	–	-27,240	–	-1.85%	–
COST	Exit	Costco Wholesale Corp Del	$0	–	-27,318	–	-1.85%	–
MSFT	Exit	Microsoft	$0	–	-92,935	–	-1.92%	–
ECL	Exit	Ecolab Inc.	$0	–	-38,883	–	-2.00%	–
AAPL	Exit	Apple Computer	$0	–	-39,226	–	-2.02%	–
HAS	Exit	Hasbro Inc	$0	–	-60,945	–	-2.06%	–
BCR	Exit	Bard CR Inc.	$0	–	-23,840	–	-2.08%	–
GE	Exit	General Electric Co	$0	–	-177,346	–	-2.09%	–
INTC	Exit	Intel	$0	–	-152,308	–	-2.15%	–
MMM	Exit	3M Company	$0	–	-52,471	–	-3.48%	–
JNJ	Exit	Johnson & Johnson	$0	–	-84,632	–	-3.69%	–

Q3 2015

			Value		Shares		↓ Weighting
JNJ	Sell	Johnson & Johnson	$7,900,000	-4.3%	84,632	-0.1%	3.69%	+2.4%
MMM	Sell	3M Company	$7,439,000	-8.3%	52,471	-0.2%	3.48%	-1.9%
INTC	Sell	Intel	$4,591,000	-2.1%	152,308	-1.2%	2.15%	+4.8%
GE	Sell	General Electric Co	$4,473,000	-5.3%	177,346	-0.2%	2.09%	+1.4%
BCR	Sell	Bard CR Inc.	$4,442,000	+7.7%	23,840	-1.3%	2.08%	+15.3%
HAS	Sell	Hasbro Inc	$4,397,000	-4.6%	60,945	-1.1%	2.06%	+2.1%
AAPL	Buy	Apple Computer	$4,327,000	-12.0%	39,226	+0.0%	2.02%	-5.8%
ECL	Sell	Ecolab Inc.	$4,266,000	-3.4%	38,883	-0.5%	2.00%	+3.4%
MSFT	Buy	Microsoft	$4,113,000	+0.6%	92,935	+0.4%	1.92%	+7.7%
COST	Sell	Costco Wholesale Corp Del	$3,949,000	+6.2%	27,318	-0.7%	1.85%	+13.7%
IBM	Buy	Internat'l Business Mach	$3,949,000	-9.2%	27,240	+1.9%	1.85%	-2.8%
ADP	Sell	Automatic Data Processing	$3,910,000	+0.1%	48,658	-0.1%	1.83%	+7.2%
BDX	Sell	Becton Dickinson & Co	$3,906,000	-6.9%	29,441	-0.6%	1.83%	-0.4%
	Sell	Wells Fargo & Co	$3,834,000	-8.9%	74,665	-0.2%	1.79%	-2.4%
GIS	Sell	General Mills	$3,831,000	+0.4%	68,244	-0.4%	1.79%	+7.4%
LLY	Sell	Eli Lilly	$3,825,000	-0.1%	45,707	-0.3%	1.79%	+6.9%
MDT	Buy	Medtronic Inc.	$3,789,000	-7.7%	56,605	+2.2%	1.77%	-1.2%
ITW	Buy	Illinois Tool Works Inc	$3,625,000	-10.3%	44,035	+0.0%	1.70%	-4.0%
K	Buy	Kellogg Company	$3,581,000	+6.3%	53,805	+0.2%	1.67%	+13.8%
JPM	Sell	J. P. Morgan Chase & Co. Inc.	$3,509,000	-10.1%	57,561	-0.0%	1.64%	-3.7%
XRAY	Sell	Dentsply International Inc.	$3,488,000	-2.0%	68,978	-0.1%	1.63%	+4.9%
MKC	Buy	McCormick & Company	$3,416,000	+1.6%	41,570	+0.1%	1.60%	+8.7%
XOM	Sell	Exxon-Mobil	$3,357,000	-41.9%	45,148	-35.0%	1.57%	-37.8%
COP	Buy	ConocoPhillips	$3,327,000	+49.0%	69,360	+90.7%	1.56%	+59.5%
LOW	Buy	Lowe's	$3,298,000	+3.5%	47,847	+0.5%	1.54%	+10.8%
CSCO	Buy	Cisco Systems Inc	$3,254,000	-4.1%	123,960	+0.3%	1.52%	+2.6%
LH	Buy	Laboratory CP Amer Hldgs	$3,216,000	-10.4%	29,650	+0.1%	1.50%	-4.1%
IDXX	Buy	Idexx Laboratories	$3,198,000	+16.8%	43,067	+0.9%	1.50%	+25.1%
KO	Buy	Coca-Cola	$3,184,000	+2.5%	79,374	+0.2%	1.49%	+9.7%
PG	Sell	Procter & Gamble	$3,172,000	-9.7%	44,098	-1.8%	1.48%	-3.3%
DE	Buy	Deere & Company	$3,165,000	-23.3%	42,775	+0.6%	1.48%	-17.9%
TROW	Buy	T. Rowe Group Inc.	$3,127,000	-5.8%	44,992	+5.4%	1.46%	+0.9%
PEP	Buy	Pepsico	$3,073,000	+1.3%	32,585	+0.2%	1.44%	+8.4%
BBT	Buy	BB&T Corporation	$3,037,000	-11.2%	85,311	+0.5%	1.42%	-5.0%
MRK	Buy	Merck & Co. Inc.	$2,998,000	-13.2%	60,700	+0.1%	1.40%	-7.0%
TEVA	Buy	Teva Pharmaceuticals	$2,933,000	-4.2%	51,954	+0.3%	1.37%	+2.5%
QCOM	Buy	Qualcomm Inc	$2,790,000	-12.5%	51,932	+2.0%	1.30%	-6.4%
	Buy	DuPont	$2,706,000	-24.0%	56,139	+0.9%	1.26%	-18.6%
WMT	Sell	Wal-Mart Stores Inc.	$2,673,000	-10.8%	41,222	-2.4%	1.25%	-4.5%
UL	Buy	Unilever PLC NEW ADRadr	$2,501,000	-3.5%	61,336	+1.6%	1.17%	+3.2%
NVS	Buy	Novartis ADRadr	$2,487,000	-5.3%	27,061	+1.3%	1.16%	+1.4%
SLB	Sell	Schlumberger Ltd	$2,483,000	-21.6%	36,006	-2.0%	1.16%	-16.1%
GOOGL	Buy	Google Inc. Class A	$2,388,000	+18.3%	3,741	+0.1%	1.12%	+26.7%
GOOG	Sell	Google Inc. Class C	$2,334,000	+15.9%	3,836	-0.9%	1.09%	+24.0%
CAT	Buy	Caterpillar	$2,271,000	-14.1%	34,743	+11.5%	1.06%	-8.0%
FDX	Sell	FedEX Corp	$2,130,000	-15.6%	14,791	-0.1%	1.00%	-9.6%
NFG	Sell	National Fuel Gas Co	$2,071,000	-17.6%	41,432	-3.0%	0.97%	-11.8%
A	Buy	Agilent Technologies	$2,015,000	-9.8%	58,692	+1.4%	0.94%	-3.5%
SNY	Buy	Sanofi Aventis Spon ADRadr	$1,787,000	-1.3%	37,651	+3.0%	0.84%	+5.6%
EMR	New	Emerson Electric	$1,680,000	–	38,033	–	0.78%	–
UPS	Buy	United Parcel Service Inc Class B	$1,664,000	+2.1%	16,860	+0.3%	0.78%	+9.4%
RY	Buy	Royal Bank Canada PV$1	$1,618,000	-7.3%	29,279	+2.6%	0.76%	-0.8%
HSBC	Buy	HSBC Holdings ADRadr	$1,442,000	-7.0%	38,058	+10.0%	0.67%	-0.4%
BNS	Buy	Bank of Nova Scotia	$1,407,000	-13.4%	31,923	+1.5%	0.66%	-7.2%
SAP	Buy	SAP AG ADRadr	$1,343,000	-5.3%	20,721	+2.6%	0.63%	+1.5%
TTE	Buy	Total S.A. Sponsor ADRadr	$1,338,000	+15.5%	29,933	+27.1%	0.63%	+23.7%
MKTAY	Buy	Makita Corp. ADRadr	$1,290,000	-0.2%	24,325	+2.7%	0.60%	+6.9%
PSX	Sell	Phillips	$1,270,000	-5.0%	16,529	-0.4%	0.59%	+1.7%
TM	Buy	Toyota Motor Corp. ADRadr	$1,252,000	-9.7%	10,675	+3.0%	0.58%	-3.3%
ABB	Buy	ABB Ltd Adradr	$1,122,000	-12.8%	63,510	+3.1%	0.52%	-6.6%
SIEGY	Buy	Siemensadr	$1,119,000	-9.2%	12,530	+3.2%	0.52%	-3.0%
UBS	Buy	UBS Group AG F	$1,091,000	-10.4%	59,177	+3.1%	0.51%	-4.1%
KEYS	Buy	Keysight Technologies	$1,031,000	+3.8%	33,422	+5.0%	0.48%	+11.1%
HMC	Buy	Honda Motor ADRadr	$1,011,000	-4.4%	33,800	+3.5%	0.47%	+2.4%
ESLT	Buy	Elbit Systems Ltd	$939,000	-3.0%	12,591	+1.8%	0.44%	+3.8%
RDSA	New	Royal Dutch Shell PLCadr	$924,000	–	19,503	–	0.43%	–
SYNA	Buy	Synaptics Inc	$801,000	+4.7%	9,711	+10.1%	0.37%	+12.0%
CDK	Buy	Cdk Global Inc	$796,000	-11.0%	16,661	+0.6%	0.37%	-4.6%
MASI	Buy	Masimo Corp	$685,000	+9.3%	17,771	+9.9%	0.32%	+16.8%
BSAC	Buy	Banco Santander New Adrfadr	$640,000	+10.2%	35,113	+22.3%	0.30%	+17.7%
BCPC	Buy	Balchem Corp	$634,000	+23.6%	10,430	+13.3%	0.30%	+32.1%
WBS	Buy	Webster Finl Cp PV 0.01	$630,000	+0.6%	17,686	+11.8%	0.30%	+8.1%
JKHY	Buy	Henry Jack & Assoc Inc	$622,000	+22.0%	8,938	+13.5%	0.29%	+30.5%
TMP	Buy	Tompkins Financial Cp	$602,000	+13.6%	11,275	+14.2%	0.28%	+21.6%
RHI	Buy	Robert Half Intl	$585,000	+3.7%	11,443	+12.7%	0.27%	+11.4%
LG	Buy	Laclede Gas Company New	$587,000	+20.0%	10,769	+14.6%	0.27%	+28.0%
PNY	Buy	Piedmond Natural Gas	$576,000	+31.2%	14,376	+15.5%	0.27%	+40.1%
MORN	Buy	Morningstar Inc	$575,000	+15.2%	7,166	+14.2%	0.27%	+23.4%
PETS	Buy	Petmed Express Inc	$569,000	+6.0%	35,345	+13.6%	0.27%	+13.2%
RJF	Buy	Raymond James Fincl Inc	$564,000	-6.3%	11,368	+12.6%	0.26%	+0.4%
LSTR	Buy	Landstar System Inc	$549,000	+8.5%	8,648	+14.3%	0.26%	+16.3%
TCF	Buy	T C F Financial Corp	$536,000	+4.9%	35,362	+14.9%	0.25%	+12.6%
SNA	Buy	Snap On Inc	$511,000	+1.2%	3,386	+6.9%	0.24%	+8.1%
GRFS	Buy	Grifols	$510,000	+2.0%	16,787	+3.9%	0.24%	+9.2%
FCS	Buy	Fairchild Semiconductor	$502,000	+0.2%	35,776	+24.2%	0.24%	+7.3%
CMP	Buy	Compass Minerals Intl	$499,000	+11.1%	6,370	+16.5%	0.23%	+18.9%
FWRD	Buy	Forward Air Corporation	$499,000	-8.8%	12,034	+14.9%	0.23%	-2.5%
AMSG	Buy	Amsurg Corp	$491,000	+19.8%	6,321	+7.8%	0.23%	+28.5%
DLB	Buy	Dolby Laboratories Inc	$487,000	+5.0%	14,926	+27.7%	0.23%	+12.3%
VIVO	Buy	Meridian Bioscience Inc	$485,000	+7.1%	28,357	+16.7%	0.23%	+14.6%
JWA	Buy	Wiley John & Son Cl A	$480,000	+8.1%	9,598	+17.5%	0.22%	+15.5%
BMI	Buy	Badger Meter Inc	$472,000	-4.6%	8,131	+4.2%	0.22%	+2.3%
ODC	Buy	Oil-Dri Corp Of America	$422,000	-0.2%	18,438	+32.4%	0.20%	+6.5%
RAVN	Buy	Raven Industries Inc	$411,000	0.0%	24,236	+20.0%	0.19%	+6.7%
JCOM	Buy	J2 Global Inc.	$408,000	+14.9%	5,759	+10.2%	0.19%	+23.2%
USLM	Buy	US Lime & Minerals Inc.	$380,000	-14.6%	8,316	+8.6%	0.18%	-8.2%
UAA	Buy	Under Armour Inc Cl A	$351,000	+29.0%	3,630	+11.4%	0.16%	+37.8%
CW	Buy	Curtiss Wright Corp	$340,000	-4.0%	5,446	+11.4%	0.16%	+2.6%
CEB	Buy	Corp Executive Board Co	$320,000	-12.6%	4,681	+11.5%	0.15%	-6.2%
IART	Buy	Integra Lifesciences Holdings Corp	$318,000	0.0%	5,333	+12.9%	0.15%	+7.2%
CRL	Buy	Charles River Labs Hldg	$309,000	+1.0%	4,862	+11.8%	0.14%	+7.5%
UNB	Buy	Union Bankshares Inc	$292,000	+16.3%	11,031	+15.0%	0.14%	+24.5%
UTMD	Buy	Utah Medical Products	$288,000	+4.0%	5,337	+14.9%	0.14%	+11.6%
GGG	Buy	Graco Incorporated	$284,000	+8.0%	4,243	+14.4%	0.13%	+15.7%
TDY	Buy	Teledyne Technologies	$279,000	-3.8%	3,092	+12.6%	0.13%	+2.4%
CACI	Buy	C A C I Inc Cl A	$264,000	+4.8%	3,563	+14.5%	0.12%	+11.8%
OMI	Buy	Owens &Minor Inc Hldg Co	$247,000	+9.3%	7,733	+16.2%	0.12%	+16.2%
LNN	Buy	Lindsay Corporation	$241,000	-11.4%	3,556	+14.9%	0.11%	-5.0%
HAE	Buy	Haemonetics Corp	$237,000	-9.9%	7,337	+15.3%	0.11%	-3.5%
SONC	Buy	Sonic Corp	$228,000	-7.7%	9,919	+15.5%	0.11%	-0.9%
OPK	New	OPKO HEALTH INC	$209,000	–	24,823	–	0.10%	–
SWI	New	SOLARWINDS INC	$205,000	–	5,213	–	0.10%	–
CPSI	Buy	Computer Programs & Systems Inc.	$205,000	-5.5%	4,865	+19.8%	0.10%	+1.1%
IPI	Sell	Intrepid Potash Inc	$150,000	-60.8%	27,135	-15.4%	0.07%	-58.1%
BRLI	Exit	Bio Reference Labs New	$0	–	-8,409	–	-0.15%	–
BRSWQ	Exit	Bristow Group Inc	$0	–	-7,436	–	-0.17%	–
IMO	Exit	Imperial Oil Ltd	$0	–	-27,468	–	-0.46%	–
POT	Exit	Potash Corp Saskatchewan	$0	–	-36,601	–	-0.50%	–
BHP	Exit	BHP Billiton ADRadr	$0	–	-33,779	–	-0.60%	–
TDC	Exit	Teradata Corp	$0	–	-75,641	–	-1.22%	–

Q2 2015

			Value		Shares		↓ Weighting
JNJ	New	Johnson & Johnson	$8,258,000	–	84,731	–	3.61%	–
MMM	New	3M Company	$8,115,000	–	52,594	–	3.54%	–
XOM	New	Exxon-Mobil	$5,776,000	–	69,422	–	2.52%	–
AAPL	New	Apple Computer	$4,918,000	–	39,207	–	2.15%	–
GE	New	General Electric Co	$4,723,000	–	177,752	–	2.06%	–
INTC	New	Intel	$4,688,000	–	154,150	–	2.05%	–
HAS	New	Hasbro Inc	$4,610,000	–	61,644	–	2.01%	–
ECL	New	Ecolab Inc.	$4,417,000	–	39,066	–	1.93%	–
IBM	New	Internat'l Business Mach	$4,347,000	–	26,722	–	1.90%	–
	New	Wells Fargo & Co	$4,207,000	–	74,796	–	1.84%	–
BDX	New	Becton Dickinson & Co	$4,196,000	–	29,620	–	1.83%	–
DE	New	Deere & Company	$4,127,000	–	42,527	–	1.80%	–
BCR	New	Bard CR Inc.	$4,125,000	–	24,166	–	1.80%	–
MDT	New	Medtronic Inc.	$4,104,000	–	55,382	–	1.79%	–
MSFT	New	Microsoft	$4,087,000	–	92,579	–	1.78%	–
ITW	New	Illinois Tool Works Inc	$4,041,000	–	44,024	–	1.76%	–
ADP	New	Automatic Data Processing	$3,907,000	–	48,702	–	1.71%	–
JPM	New	J. P. Morgan Chase & Co. Inc.	$3,902,000	–	57,584	–	1.70%	–
LLY	New	Eli Lilly	$3,829,000	–	45,865	–	1.67%	–
GIS	New	General Mills	$3,817,000	–	68,509	–	1.67%	–
COST	New	Costco Wholesale Corp Del	$3,717,000	–	27,523	–	1.62%	–
LH	New	Laboratory CP Amer Hldgs	$3,590,000	–	29,618	–	1.57%	–
XRAY	New	Dentsply International Inc.	$3,560,000	–	69,065	–	1.56%	–
	New	DuPont	$3,559,000	–	55,652	–	1.55%	–
PG	New	Procter & Gamble	$3,513,000	–	44,897	–	1.53%	–
MRK	New	Merck & Co. Inc.	$3,453,000	–	60,655	–	1.51%	–
BBT	New	BB&T Corporation	$3,421,000	–	84,878	–	1.49%	–
CSCO	New	Cisco Systems Inc	$3,393,000	–	123,566	–	1.48%	–
K	New	Kellogg Company	$3,368,000	–	53,716	–	1.47%	–
MKC	New	McCormick & Company	$3,363,000	–	41,539	–	1.47%	–
TROW	New	T. Rowe Group Inc.	$3,318,000	–	42,687	–	1.45%	–
QCOM	New	Qualcomm Inc	$3,189,000	–	50,912	–	1.39%	–
LOW	New	Lowe's	$3,188,000	–	47,597	–	1.39%	–
SLB	New	Schlumberger Ltd	$3,166,000	–	36,735	–	1.38%	–
KO	New	Coca-Cola	$3,107,000	–	79,202	–	1.36%	–
TEVA	New	Teva Pharmaceuticals	$3,062,000	–	51,803	–	1.34%	–
PEP	New	Pepsico	$3,035,000	–	32,516	–	1.33%	–
WMT	New	Wal-Mart Stores Inc.	$2,997,000	–	42,252	–	1.31%	–
TDC	New	Teradata Corp	$2,799,000	–	75,641	–	1.22%	–
IDXX	New	Idexx Laboratories	$2,737,000	–	42,676	–	1.20%	–
CAT	New	Caterpillar	$2,643,000	–	31,164	–	1.15%	–
NVS	New	Novartis ADRadr	$2,627,000	–	26,713	–	1.15%	–
UL	New	Unilever PLC NEW ADRadr	$2,593,000	–	60,362	–	1.13%	–
FDX	New	FedEX Corp	$2,524,000	–	14,813	–	1.10%	–
NFG	New	National Fuel Gas Co	$2,514,000	–	42,695	–	1.10%	–
A	New	Agilent Technologies	$2,234,000	–	57,906	–	0.98%	–
COP	New	ConocoPhillips	$2,233,000	–	36,366	–	0.98%	–
GOOGL	New	Google Inc. Class A	$2,018,000	–	3,736	–	0.88%	–
GOOG	New	Google Inc. Class C	$2,014,000	–	3,869	–	0.88%	–
SNY	New	Sanofi Aventis Spon ADRadr	$1,810,000	–	36,546	–	0.79%	–
RY	New	Royal Bank Canada PV$1	$1,745,000	–	28,532	–	0.76%	–
UPS	New	United Parcel Service Inc Class B	$1,629,000	–	16,811	–	0.71%	–
BNS	New	Bank of Nova Scotia	$1,624,000	–	31,458	–	0.71%	–
HSBC	New	HSBC Holdings ADRadr	$1,550,000	–	34,600	–	0.68%	–
SAP	New	SAP AG ADRadr	$1,418,000	–	20,190	–	0.62%	–
TM	New	Toyota Motor Corp. ADRadr	$1,386,000	–	10,366	–	0.60%	–
BHP	New	BHP Billiton ADRadr	$1,375,000	–	33,779	–	0.60%	–
PSX	New	Phillips	$1,337,000	–	16,602	–	0.58%	–
MKTAY	New	Makita Corp. ADRadr	$1,292,000	–	23,685	–	0.56%	–
ABB	New	ABB Ltd Adradr	$1,286,000	–	61,600	–	0.56%	–
SIEGY	New	Siemensadr	$1,233,000	–	12,147	–	0.54%	–
UBS	New	UBS Group AG F	$1,217,000	–	57,400	–	0.53%	–
TTE	New	Total S.A. Sponsor ADRadr	$1,158,000	–	23,548	–	0.51%	–
POT	New	Potash Corp Saskatchewan	$1,134,000	–	36,601	–	0.50%	–
IMO	New	Imperial Oil Ltd	$1,061,000	–	27,468	–	0.46%	–
HMC	New	Honda Motor ADRadr	$1,058,000	–	32,649	–	0.46%	–
KEYS	New	Keysight Technologies	$993,000	–	31,842	–	0.43%	–
ESLT	New	Elbit Systems Ltd	$968,000	–	12,368	–	0.42%	–
CDK	New	Cdk Global Inc	$894,000	–	16,558	–	0.39%	–
SYNA	New	Synaptics Inc	$765,000	–	8,821	–	0.33%	–
NBBC	New	Newbridge Bancorp	$676,000	–	75,700	–	0.30%	–
MASI	New	Masimo Corp	$627,000	–	16,176	–	0.27%	–
WBS	New	Webster Finl Cp PV 0.01	$626,000	–	15,821	–	0.27%	–
RJF	New	Raymond James Fincl Inc	$602,000	–	10,100	–	0.26%	–
BSAC	New	Banco Santander New Adrfadr	$581,000	–	28,709	–	0.25%	–
RHI	New	Robert Half Intl	$564,000	–	10,156	–	0.25%	–
FWRD	New	Forward Air Corporation	$547,000	–	10,472	–	0.24%	–
PETS	New	Petmed Express Inc	$537,000	–	31,111	–	0.24%	–
TMP	New	Tompkins Financial Cp	$530,000	–	9,874	–	0.23%	–
CMI	New	Cummins Inc	$522,000	–	3,980	–	0.23%	–
BCPC	New	Balchem Corp	$513,000	–	9,203	–	0.22%	–
TCF	New	T C F Financial Corp	$511,000	–	30,763	–	0.22%	–
JKHY	New	Henry Jack & Assoc Inc	$510,000	–	7,877	–	0.22%	–
SNA	New	Snap On Inc	$505,000	–	3,168	–	0.22%	–
LSTR	New	Landstar System Inc	$506,000	–	7,565	–	0.22%	–
FCS	New	Fairchild Semiconductor	$501,000	–	28,808	–	0.22%	–
GRFS	New	Grifols	$500,000	–	16,154	–	0.22%	–
MORN	New	Morningstar Inc	$499,000	–	6,274	–	0.22%	–
BMI	New	Badger Meter Inc	$495,000	–	7,800	–	0.22%	–
LG	New	Laclede Gas Company New	$489,000	–	9,397	–	0.21%	–
DLB	New	Dolby Laboratories Inc	$464,000	–	11,690	–	0.20%	–
VIVO	New	Meridian Bioscience Inc	$453,000	–	24,301	–	0.20%	–
CMP	New	Compass Minerals Intl	$449,000	–	5,468	–	0.20%	–
JWA	New	Wiley John & Son Cl A	$444,000	–	8,169	–	0.19%	–
USLM	New	US Lime & Minerals Inc.	$445,000	–	7,654	–	0.19%	–
PNY	New	Piedmond Natural Gas	$439,000	–	12,442	–	0.19%	–
ODC	New	Oil-Dri Corp Of America	$423,000	–	13,923	–	0.18%	–
RAVN	New	Raven Industries Inc	$411,000	–	20,197	–	0.18%	–
AMSG	New	Amsurg Corp	$410,000	–	5,866	–	0.18%	–
BRSWQ	New	Bristow Group Inc	$396,000	–	7,436	–	0.17%	–
IPI	New	Intrepid Potash Inc	$383,000	–	32,059	–	0.17%	–
CEB	New	Corp Executive Board Co	$366,000	–	4,199	–	0.16%	–
CW	New	Curtiss Wright Corp	$354,000	–	4,887	–	0.16%	–
JCOM	New	J2 Global Inc.	$355,000	–	5,228	–	0.16%	–
BRLI	New	Bio Reference Labs New	$347,000	–	8,409	–	0.15%	–
IART	New	Integra Lifesciences Holdings Corp	$318,000	–	4,723	–	0.14%	–
CRL	New	Charles River Labs Hldg	$306,000	–	4,347	–	0.13%	–
TDY	New	Teledyne Technologies	$290,000	–	2,746	–	0.13%	–
UTMD	New	Utah Medical Products	$277,000	–	4,644	–	0.12%	–
UAA	New	Under Armour Inc Cl A	$272,000	–	3,259	–	0.12%	–
LNN	New	Lindsay Corporation	$272,000	–	3,095	–	0.12%	–
HAE	New	Haemonetics Corp	$263,000	–	6,366	–	0.12%	–
GGG	New	Graco Incorporated	$263,000	–	3,709	–	0.12%	–
UNB	New	Union Bankshares Inc	$251,000	–	9,595	–	0.11%	–
CACI	New	C A C I Inc Cl A	$252,000	–	3,111	–	0.11%	–
SONC	New	Sonic Corp	$247,000	–	8,588	–	0.11%	–
WGL	New	WGL Holdings Inc.	$233,000	–	4,286	–	0.10%	–
CELG	New	Celgene Corp.	$226,000	–	1,950	–	0.10%	–
OMI	New	Owens &Minor Inc Hldg Co	$226,000	–	6,655	–	0.10%	–
CPSI	New	Computer Programs & Systems Inc.	$217,000	–	4,062	–	0.10%	–

Q4 2014

			Value		Shares		↓ Weighting
RAVN	Exit	Raven Industries Inc	$0	–	-8,464	–	-0.10%	–
MASI	Exit	Masimo Corp	$0	–	-10,105	–	-0.10%	–
J105SC	Exit	Conversant Inc	$0	–	-6,325	–	-0.10%	–
AMSG	Exit	Amsurg Corp	$0	–	-4,337	–	-0.10%	–
ODC	Exit	Oil-Dri Corp Of America	$0	–	-8,451	–	-0.10%	–
CW	Exit	Curtiss Wright Corp	$0	–	-3,370	–	-0.11%	–
VIVO	Exit	Meridian Bioscience Inc	$0	–	-13,564	–	-0.11%	–
UNP	Exit	Union Pacific Corp	$0	–	-2,300	–	-0.12%	–
PNY	Exit	Piedmond Natural Gas	$0	–	-7,537	–	-0.12%	–
MORN	Exit	Morningstar Inc	$0	–	-3,785	–	-0.12%	–
PETS	Exit	Petmed Express Inc	$0	–	-19,362	–	-0.12%	–
LG	Exit	Laclede Gas Company New	$0	–	-5,828	–	-0.13%	–
TMP	Exit	Tompkins Financial Cp	$0	–	-6,346	–	-0.13%	–
DLB	Exit	Dolby Laboratories Inc	$0	–	-6,672	–	-0.13%	–
SONC	Exit	Sonic Corp	$0	–	-12,475	–	-0.13%	–
JKHY	Exit	Henry Jack & Assoc Inc	$0	–	-5,031	–	-0.13%	–
JWA	Exit	Wiley John & Son Cl A	$0	–	-5,031	–	-0.13%	–
USLM	Exit	US Lime & Minerals Inc.	$0	–	-4,893	–	-0.14%	–
CMP	Exit	Compass Minerals Intl	$0	–	-3,364	–	-0.14%	–
FCS	Exit	Fairchild Semiconductor	$0	–	-18,431	–	-0.14%	–
TCF	Exit	T C F Financial Corp	$0	–	-18,632	–	-0.14%	–
BRSWQ	Exit	Bristow Group Inc	$0	–	-4,314	–	-0.14%	–
FWRD	Exit	Forward Air Corporation	$0	–	-6,769	–	-0.14%	–
WBS	Exit	Webster Finl Cp PV 0.01	$0	–	-10,363	–	-0.14%	–
IPI	Exit	Intrepid Potash Inc	$0	–	-20,355	–	-0.15%	–
BCPC	Exit	Balchem Corp	$0	–	-5,898	–	-0.16%	–
RHI	Exit	Robert Half Intl	$0	–	-6,919	–	-0.16%	–
LSTR	Exit	Landstar System Inc	$0	–	-4,718	–	-0.16%	–
RJF	Exit	Raymond James Fincl Inc	$0	–	-6,781	–	-0.17%	–
UAA	Exit	Under Armour Inc Cl A	$0	–	-5,504	–	-0.18%	–
BMI	Exit	Badger Meter Inc	$0	–	-8,472	–	-0.20%	–
BSAC	Exit	Banco Santander New Adrfadr	$0	–	-20,153	–	-0.21%	–
SYNA	Exit	Synaptics Inc	$0	–	-6,443	–	-0.22%	–
CMI	Exit	Cummins Inc	$0	–	-4,020	–	-0.25%	–
NBBC	Exit	Newbridge Bancorp	$0	–	-72,500	–	-0.26%	–
SNA	Exit	Snap On Inc	$0	–	-4,589	–	-0.26%	–
ESLT	Exit	Elbit Systems Ltd	$0	–	-9,921	–	-0.29%	–
VALE	Exit	Vale Sa Adradr	$0	–	-58,035	–	-0.30%	–
HMC	Exit	Honda Motor ADRadr	$0	–	-21,435	–	-0.35%	–
IMO	Exit	Imperial Oil Ltd	$0	–	-19,091	–	-0.43%	–
TM	Exit	Toyota Motor Corp. ADRadr	$0	–	-7,768	–	-0.43%	–
POT	Exit	Potash Corp Saskatchewan	$0	–	-26,508	–	-0.44%	–
MKTAY	Exit	Makita Corp. ADRadr	$0	–	-16,293	–	-0.44%	–
1338PS	Exit	UBS	$0	–	-53,306	–	-0.44%	–
ABB	Exit	ABB Ltd Adradr	$0	–	-45,080	–	-0.48%	–
SIEGY	Exit	Siemens Aktiengesellschaftadr	$0	–	-8,947	–	-0.51%	–
TTE	Exit	Total S.A. Sponsor ADRadr	$0	–	-16,589	–	-0.51%	–
SAP	Exit	SAP AG ADRadr	$0	–	-15,293	–	-0.52%	–
BHP	Exit	BHP Billiton ADRadr	$0	–	-20,021	–	-0.56%	–
PSX	Exit	Phillips	$0	–	-15,915	–	-0.62%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-23,316	–	-0.69%	–
SNY	Exit	Sanofi Aventis Spon ADRadr	$0	–	-25,667	–	-0.69%	–
RDSA	Exit	Royal Dutch Shell PLC	$0	–	-19,028	–	-0.69%	–
RY	Exit	Royal Bank Canada PV$1	$0	–	-21,791	–	-0.74%	–
UPS	Exit	United Parcel Service Inc Class B	$0	–	-15,976	–	-0.75%	–
HSBC	Exit	HSBC Holdings ADRadr	$0	–	-33,483	–	-0.81%	–
UL	Exit	Unilever PLC NEW ADRadr	$0	–	-45,211	–	-0.90%	–
NVS	Exit	Novartis ADRadr	$0	–	-20,398	–	-0.91%	–
GOOG	Exit	Google Inc. Class C	$0	–	-3,565	–	-0.98%	–
GOOGL	Exit	Google Inc. Class A	$0	–	-3,821	–	-1.07%	–
TEVA	Exit	Teva Pharmaceuticals	$0	–	-42,524	–	-1.09%	–
FDX	Exit	FedEX Corp	$0	–	-14,455	–	-1.11%	–
COP	Exit	ConocoPhillips	$0	–	-33,683	–	-1.23%	–
MKC	Exit	McCormick & Company	$0	–	-39,381	–	-1.25%	–
NFG	Exit	National Fuel Gas Co	$0	–	-39,887	–	-1.33%	–
CAT	Exit	Caterpillar	$0	–	-28,945	–	-1.36%	–
PEP	Exit	Pepsico	$0	–	-30,969	–	-1.37%	–
LLY	Exit	Eli Lilly	$0	–	-44,580	–	-1.38%	–
LH	Exit	Laboratory CP Amer Hldgs	$0	–	-28,748	–	-1.39%	–
A	Exit	Agilent Technologies	$0	–	-52,454	–	-1.42%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-118,925	–	-1.42%	–
BBT	Exit	BB&T Corporation	$0	–	-80,796	–	-1.43%	–
TDC	Exit	Teradata Corp	$0	–	-73,243	–	-1.46%	–
XRAY	Exit	Dentsply International Inc.	$0	–	-67,621	–	-1.47%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-40,934	–	-1.49%	–
QCOM	Exit	Qualcomm Inc	$0	–	-42,240	–	-1.50%	–
TROW	Exit	T. Rowe Group Inc.	$0	–	-40,599	–	-1.51%	–
KO	Exit	Coca-Cola	$0	–	-75,846	–	-1.54%	–
JPM	Exit	J. P. Morgan Chase & Co. Inc.	$0	–	-55,448	–	-1.59%	–
LOW	Exit	Lowe's	$0	–	-63,362	–	-1.60%	–
GIS	Exit	General Mills	$0	–	-66,772	–	-1.60%	–
HAS	Exit	Hasbro Inc	$0	–	-61,273	–	-1.60%	–
DE	Exit	Deere & Company	$0	–	-41,295	–	-1.61%	–
COST	Exit	Costco Wholesale Corp Del	$0	–	-27,114	–	-1.62%	–
BCR	Exit	Bard CR Inc.	$0	–	-24,047	–	-1.63%	–
MDT	Exit	Medtronic Inc.	$0	–	-55,950	–	-1.65%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-59,102	–	-1.67%	–
SLB	Exit	Schlumberger Ltd	$0	–	-34,507	–	-1.67%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-31,881	–	-1.73%	–
PG	Exit	Procter & Gamble	$0	–	-43,513	–	-1.73%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-43,362	–	-1.74%	–
IDXX	Exit	Idexx Laboratories	$0	–	-32,131	–	-1.80%	–
	Exit	Wells Fargo & Co	$0	–	-73,588	–	-1.82%	–
ADP	Exit	Automatic Data Processing	$0	–	-47,820	–	-1.89%	–
AAPL	Exit	Apple Computer	$0	–	-39,623	–	-1.90%	–
	Exit	DuPont	$0	–	-56,056	–	-1.91%	–
MSFT	Exit	Microsoft	$0	–	-91,228	–	-2.01%	–
GE	Exit	General Electric Co	$0	–	-171,603	–	-2.09%	–
ECL	Exit	Ecolab Inc.	$0	–	-40,226	–	-2.20%	–
IBM	Exit	Internat'l Business Mach	$0	–	-26,032	–	-2.35%	–
INTC	Exit	Intel	$0	–	-148,229	–	-2.46%	–
XOM	Exit	Exxon-Mobil	$0	–	-65,672	–	-2.94%	–
JNJ	Exit	Johnson & Johnson	$0	–	-64,328	–	-3.26%	–
MMM	Exit	3M Company	$0	–	-53,587	–	-3.61%	–
SLXP	Exit	Salix Pharmaceuticals LTD	$0	–	-49,139	–	-3.65%	–

Q3 2014

			Value		Shares		↓ Weighting
MMM	Sell	3M Company	$7,592,000	-1.2%	53,587	-0.1%	3.61%	-5.2%
JNJ	Sell	Johnson & Johnson	$6,857,000	+0.6%	64,328	-1.2%	3.26%	-3.5%
XOM	Sell	Exxon-Mobil	$6,176,000	-6.8%	65,672	-0.2%	2.94%	-10.6%
INTC	Buy	Intel	$5,161,000	+14.0%	148,229	+1.1%	2.46%	+9.4%
IBM	Buy	Internat'l Business Mach	$4,942,000	+5.9%	26,032	+1.1%	2.35%	+1.6%
ECL	Sell	Ecolab Inc.	$4,619,000	+2.9%	40,226	-0.2%	2.20%	-1.3%
GE	Buy	General Electric Co	$4,396,000	-0.5%	171,603	+2.0%	2.09%	-4.6%
MSFT	Buy	Microsoft	$4,229,000	+12.4%	91,228	+1.1%	2.01%	+7.9%
	Buy	DuPont	$4,023,000	+10.1%	56,056	+0.4%	1.91%	+5.6%
AAPL	Sell	Apple Computer	$3,992,000	+8.1%	39,623	-0.3%	1.90%	+3.7%
ADP	Buy	Automatic Data Processing	$3,973,000	+5.9%	47,820	+1.1%	1.89%	+1.6%
	Buy	Wells Fargo & Co	$3,817,000	-0.3%	73,588	+1.0%	1.82%	-4.4%
IDXX	Sell	Idexx Laboratories	$3,786,000	-14.3%	32,131	-2.9%	1.80%	-17.8%
ITW	Buy	Illinois Tool Works Inc	$3,661,000	-3.3%	43,362	+0.3%	1.74%	-7.2%
PG	Buy	Procter & Gamble	$3,644,000	+8.6%	43,513	+1.9%	1.73%	+4.1%
BDX	Buy	Becton Dickinson & Co	$3,628,000	-2.8%	31,881	+1.1%	1.73%	-6.8%
SLB	Buy	Schlumberger Ltd	$3,509,000	-13.1%	34,507	+0.8%	1.67%	-16.6%
MRK	Sell	Merck & Co. Inc.	$3,504,000	+2.1%	59,102	-0.4%	1.67%	-2.1%
MDT	Sell	Medtronic Inc.	$3,466,000	-3.7%	55,950	-0.9%	1.65%	-7.6%
BCR	Sell	Bard CR Inc.	$3,432,000	-0.4%	24,047	-0.2%	1.63%	-4.5%
COST	Buy	Costco Wholesale Corp Del	$3,398,000	+10.1%	27,114	+1.2%	1.62%	+5.6%
DE	Buy	Deere & Company	$3,386,000	-8.1%	41,295	+1.5%	1.61%	-11.8%
HAS	Buy	Hasbro Inc	$3,370,000	+5.2%	61,273	+1.5%	1.60%	+0.9%
GIS	Buy	General Mills	$3,369,000	-3.1%	66,772	+0.9%	1.60%	-7.1%
LOW	Buy	Lowe's	$3,353,000	+11.7%	63,362	+1.3%	1.60%	+7.2%
JPM	Buy	J. P. Morgan Chase & Co. Inc.	$3,340,000	+6.5%	55,448	+1.9%	1.59%	+2.1%
KO	Buy	Coca-Cola	$3,236,000	+2.8%	75,846	+2.1%	1.54%	-1.4%
TROW	New	T. Rowe Group Inc.	$3,183,000	–	40,599	–	1.51%	–
QCOM	Buy	Qualcomm Inc	$3,158,000	-3.0%	42,240	+2.7%	1.50%	-7.0%
WMT	Buy	Wal-Mart Stores Inc.	$3,130,000	+3.8%	40,934	+1.9%	1.49%	-0.4%
XRAY	Buy	Dentsply International Inc.	$3,084,000	-2.5%	67,621	+1.2%	1.47%	-6.5%
TDC	New	Teradata Corp	$3,070,000	–	73,243	–	1.46%	–
BBT	Buy	BB&T Corporation	$3,006,000	-2.6%	80,796	+3.3%	1.43%	-6.5%
CSCO	Buy	Cisco Systems Inc	$2,993,000	+4.5%	118,925	+3.1%	1.42%	+0.2%
A	Buy	Agilent Technologies	$2,989,000	+0.7%	52,454	+1.5%	1.42%	-3.4%
LH	Buy	Laboratory CP Amer Hldgs	$2,925,000	+1.0%	28,748	+1.6%	1.39%	-3.1%
LLY	Sell	Eli Lilly	$2,891,000	+3.2%	44,580	-1.0%	1.38%	-1.0%
PEP	Buy	Pepsico	$2,883,000	+5.5%	30,969	+1.3%	1.37%	+1.2%
CAT	Buy	Caterpillar	$2,866,000	-6.7%	28,945	+2.4%	1.36%	-10.5%
NFG	Buy	National Fuel Gas Co	$2,792,000	-8.9%	39,887	+1.9%	1.33%	-12.6%
MKC	Buy	McCormick & Company	$2,635,000	-3.9%	39,381	+2.8%	1.25%	-7.9%
COP	Buy	ConocoPhillips	$2,577,000	-9.6%	33,683	+1.3%	1.23%	-13.3%
FDX	Buy	FedEX Corp	$2,334,000	+7.5%	14,455	+0.7%	1.11%	+3.1%
TEVA	Buy	Teva Pharmaceuticals	$2,286,000	+8.1%	42,524	+5.4%	1.09%	+3.6%
GOOGL	Buy	Google Inc. Class A	$2,248,000	+3.0%	3,821	+2.3%	1.07%	-1.3%
GOOG	Sell	Google Inc. Class C	$2,058,000	-0.1%	3,565	-0.4%	0.98%	-4.2%
NVS	Buy	Novartis ADRadr	$1,920,000	+12.6%	20,398	+8.3%	0.91%	+7.9%
UL	Buy	Unilever PLC NEW ADRadr	$1,894,000	-0.7%	45,211	+7.4%	0.90%	-4.8%
HSBC	Buy	HSBC Holdings ADRadr	$1,704,000	+7.6%	33,483	+7.4%	0.81%	+3.3%
UPS	Buy	United Parcel Service Inc Class B	$1,570,000	-2.5%	15,976	+1.8%	0.75%	-6.5%
RY	Buy	Royal Bank Canada PV$1	$1,557,000	+6.4%	21,791	+6.4%	0.74%	+2.2%
RDSA	Buy	Royal Dutch Shell PLC	$1,449,000	-1.4%	19,028	+6.7%	0.69%	-5.4%
SNY	Buy	Sanofi Aventis Spon ADRadr	$1,448,000	+15.0%	25,667	+8.4%	0.69%	+10.4%
BNS	Buy	Bank of Nova Scotia	$1,442,000	-1.1%	23,316	+6.5%	0.69%	-5.1%
PSX	Buy	Phillips	$1,294,000	+2.1%	15,915	+1.0%	0.62%	-2.1%
BHP	Sell	BHP Billiton ADRadr	$1,179,000	-40.2%	20,021	-30.4%	0.56%	-42.6%
SAP	Buy	SAP AG ADRadr	$1,104,000	-1.3%	15,293	+5.3%	0.52%	-5.2%
TTE	Buy	Total S.A. Sponsor ADRadr	$1,069,000	-4.6%	16,589	+6.9%	0.51%	-8.6%
SIEGY	Buy	Siemens Aktiengesellschaftadr	$1,065,000	-3.4%	8,947	+7.3%	0.51%	-7.1%
ABB	Buy	ABB Ltd Adradr	$1,010,000	+5.0%	45,080	+7.9%	0.48%	+0.6%
1338PS	Buy	UBS	$926,000	+5.5%	53,306	+11.2%	0.44%	+1.1%
MKTAY	Buy	Makita Corp. ADRadr	$924,000	-1.2%	16,293	+7.9%	0.44%	-5.4%
POT	Buy	Potash Corp Saskatchewan	$916,000	-1.9%	26,508	+7.7%	0.44%	-5.8%
TM	Sell	Toyota Motor Corp. ADRadr	$913,000	-28.1%	7,768	-26.8%	0.43%	-31.1%
IMO	Buy	Imperial Oil Ltd	$901,000	-3.4%	19,091	+7.6%	0.43%	-7.3%
HMC	Sell	Honda Motor ADRadr	$735,000	-4.4%	21,435	-2.5%	0.35%	-8.1%
VALE	Buy	Vale Sa Adradr	$639,000	-11.6%	58,035	+6.2%	0.30%	-15.3%
ESLT	Buy	Elbit Systems Ltd	$616,000	+6.8%	9,921	+5.8%	0.29%	+2.4%
SNA	Buy	Snap On Inc	$556,000	+6.9%	4,589	+4.7%	0.26%	+2.3%
NBBC	Buy	Newbridge Bancorp	$550,000	+1.1%	72,500	+7.4%	0.26%	-3.0%
SYNA	Buy	Synaptics Inc	$472,000	-16.6%	6,443	+3.2%	0.22%	-19.9%
BSAC	Buy	Banco Santander New Adrfadr	$445,000	-9.6%	20,153	+8.3%	0.21%	-13.1%
BMI	Buy	Badger Meter Inc	$427,000	+1.7%	8,472	+6.3%	0.20%	-2.4%
UAA	Buy	Under Armour Inc Cl A	$380,000	+19.9%	5,504	+3.2%	0.18%	+15.3%
RJF	Buy	Raymond James Fincl Inc	$363,000	+19.8%	6,781	+13.4%	0.17%	+15.3%
LSTR	Buy	Landstar System Inc	$341,000	+19.6%	4,718	+5.9%	0.16%	+14.9%
RHI	Buy	Robert Half Intl	$339,000	+8.0%	6,919	+5.2%	0.16%	+3.2%
BCPC	Buy	Balchem Corp	$334,000	+11.7%	5,898	+5.8%	0.16%	+7.4%
IPI	Buy	Intrepid Potash Inc	$314,000	+14.6%	20,355	+24.4%	0.15%	+9.6%
FWRD	Buy	Forward Air Corporation	$303,000	-1.0%	6,769	+5.8%	0.14%	-5.3%
WBS	Buy	Webster Finl Cp PV 0.01	$302,000	-1.9%	10,363	+6.3%	0.14%	-5.9%
BRSWQ	Buy	Bristow Group Inc	$290,000	-11.9%	4,314	+5.6%	0.14%	-15.3%
TCF	Buy	T C F Financial Corp	$289,000	+0.3%	18,632	+6.1%	0.14%	-4.2%
FCS	Buy	Fairchild Semiconductor	$286,000	+5.5%	18,431	+6.3%	0.14%	+1.5%
CMP	Buy	Compass Minerals Intl	$284,000	-6.6%	3,364	+6.0%	0.14%	-10.6%
USLM	Buy	US Lime & Minerals Inc.	$284,000	-5.0%	4,893	+6.2%	0.14%	-8.8%
JWA	Buy	Wiley John & Son Cl A	$282,000	-2.1%	5,031	+5.7%	0.13%	-6.3%
TMP	Buy	Tompkins Financial Cp	$280,000	-2.4%	6,346	+6.7%	0.13%	-6.3%
JKHY	Buy	Henry Jack & Assoc Inc	$280,000	-0.7%	5,031	+6.0%	0.13%	-5.0%
SONC	Buy	Sonic Corp	$279,000	+8.1%	12,475	+6.9%	0.13%	+3.9%
DLB	Buy	Dolby Laboratories Inc	$279,000	+2.6%	6,672	+6.0%	0.13%	-1.5%
LG	Buy	Laclede Gas Company New	$270,000	+1.5%	5,828	+6.5%	0.13%	-3.0%
PETS	Buy	Petmed Express Inc	$263,000	+7.8%	19,362	+6.8%	0.12%	+3.3%
MORN	Buy	Morningstar Inc	$257,000	+2.0%	3,785	+7.7%	0.12%	-2.4%
PNY	Buy	Piedmond Natural Gas	$253,000	-3.8%	7,537	+7.2%	0.12%	-7.7%
VIVO	New	Meridian Bioscience Inc	$240,000	–	13,564	–	0.11%	–
CW	Buy	Curtiss Wright Corp	$222,000	+4.7%	3,370	+4.2%	0.11%	+1.0%
ODC	Buy	Oil-Dri Corp Of America	$220,000	-7.9%	8,451	+7.9%	0.10%	-11.8%
J105SC	New	Conversant Inc	$217,000	–	6,325	–	0.10%	–
AMSG	New	Amsurg Corp	$217,000	–	4,337	–	0.10%	–
MASI	Buy	Masimo Corp	$215,000	-2.7%	10,105	+8.1%	0.10%	-7.3%
RAVN	Buy	Raven Industries Inc	$207,000	-20.1%	8,464	+8.5%	0.10%	-23.4%
CVX	Exit	Chevron Corp	$0	–	-1,607	–	-0.10%	–
DWA	Exit	Dreamworks Animation Inc	$0	–	-10,426	–	-0.12%	–

Q2 2014

			Value		Shares		↓ Weighting
MMM	New	3M Company	$7,681,000	–	53,620	–	3.81%	–
JNJ	New	Johnson & Johnson	$6,814,000	–	65,129	–	3.38%	–
XOM	New	Exxon-Mobil	$6,628,000	–	65,830	–	3.29%	–
SLXP	New	Salix Pharmaceuticals LTD	$6,061,000	–	49,139	–	3.01%	–
IBM	New	Internat'l Business Mach	$4,667,000	–	25,748	–	2.31%	–
INTC	New	Intel	$4,528,000	–	146,544	–	2.24%	–
ECL	New	Ecolab Inc.	$4,487,000	–	40,301	–	2.22%	–
GE	New	General Electric Co	$4,420,000	–	168,171	–	2.19%	–
IDXX	New	Idexx Laboratories	$4,420,000	–	33,090	–	2.19%	–
SLB	New	Schlumberger Ltd	$4,037,000	–	34,227	–	2.00%	–
	New	Wells Fargo & Co	$3,830,000	–	72,878	–	1.90%	–
ITW	New	Illinois Tool Works Inc	$3,786,000	–	43,237	–	1.88%	–
MSFT	New	Microsoft	$3,761,000	–	90,197	–	1.86%	–
ADP	New	Automatic Data Processing	$3,751,000	–	47,315	–	1.86%	–
BDX	New	Becton Dickinson & Co	$3,732,000	–	31,543	–	1.85%	–
AAPL	New	Apple Computer	$3,693,000	–	39,735	–	1.83%	–
DE	New	Deere & Company	$3,685,000	–	40,696	–	1.83%	–
	New	DuPont	$3,653,000	–	55,822	–	1.81%	–
MDT	New	Medtronic Inc.	$3,598,000	–	56,433	–	1.78%	–
GIS	New	General Mills	$3,476,000	–	66,162	–	1.72%	–
BCR	New	Bard CR Inc.	$3,447,000	–	24,101	–	1.71%	–
MRK	New	Merck & Co. Inc.	$3,432,000	–	59,319	–	1.70%	–
PG	New	Procter & Gamble	$3,355,000	–	42,685	–	1.66%	–
QCOM	New	Qualcomm Inc	$3,257,000	–	41,127	–	1.62%	–
HAS	New	Hasbro Inc	$3,203,000	–	60,381	–	1.59%	–
XRAY	New	Dentsply International Inc.	$3,164,000	–	66,829	–	1.57%	–
KO	New	Coca-Cola	$3,147,000	–	74,290	–	1.56%	–
JPM	New	J. P. Morgan Chase & Co. Inc.	$3,137,000	–	54,438	–	1.56%	–
BBT	New	BB&T Corporation	$3,085,000	–	78,237	–	1.53%	–
COST	New	Costco Wholesale Corp Del	$3,085,000	–	26,786	–	1.53%	–
CAT	New	Caterpillar	$3,071,000	–	28,256	–	1.52%	–
NFG	New	National Fuel Gas Co	$3,064,000	–	39,134	–	1.52%	–
WMT	New	Wal-Mart Stores Inc.	$3,015,000	–	40,169	–	1.50%	–
LOW	New	Lowe's	$3,001,000	–	62,537	–	1.49%	–
A	New	Agilent Technologies	$2,968,000	–	51,676	–	1.47%	–
LH	New	Laboratory CP Amer Hldgs	$2,896,000	–	28,286	–	1.44%	–
CSCO	New	Cisco Systems Inc	$2,865,000	–	115,306	–	1.42%	–
COP	New	ConocoPhillips	$2,852,000	–	33,263	–	1.41%	–
LLY	New	Eli Lilly	$2,800,000	–	45,038	–	1.39%	–
MKC	New	McCormick & Company	$2,742,000	–	38,295	–	1.36%	–
PEP	New	Pepsico	$2,732,000	–	30,584	–	1.36%	–
GOOGL	New	Google Inc. Class A	$2,183,000	–	3,734	–	1.08%	–
FDX	New	FedEX Corp	$2,172,000	–	14,348	–	1.08%	–
TEVA	New	Teva Pharmaceuticals	$2,115,000	–	40,354	–	1.05%	–
GOOG	New	Google Inc. Class C	$2,060,000	–	3,581	–	1.02%	–
BHP	New	BHP Billiton ADRadr	$1,970,000	–	28,783	–	0.98%	–
UL	New	Unilever PLC NEW ADRadr	$1,907,000	–	42,084	–	0.95%	–
NVS	New	Novartis ADRadr	$1,705,000	–	18,839	–	0.85%	–
UPS	New	United Parcel Service Inc Class B	$1,611,000	–	15,690	–	0.80%	–
HSBC	New	HSBC Holdings ADRadr	$1,584,000	–	31,189	–	0.78%	–
RDSA	New	Royal Dutch Shell PLC	$1,469,000	–	17,831	–	0.73%	–
RY	New	Royal Bank Canada PV$1	$1,463,000	–	20,480	–	0.72%	–
BNS	New	Bank of Nova Scotia	$1,458,000	–	21,892	–	0.72%	–
TM	New	Toyota Motor Corp. ADRadr	$1,270,000	–	10,610	–	0.63%	–
PSX	New	Phillips	$1,267,000	–	15,750	–	0.63%	–
SNY	New	Sanofi Aventis Spon ADRadr	$1,259,000	–	23,688	–	0.62%	–
TTE	New	Total S.A. Sponsor ADRadr	$1,121,000	–	15,520	–	0.56%	–
SAP	New	SAP AG ADRadr	$1,118,000	–	14,525	–	0.55%	–
SIEGY	New	Siemens Aktiengesellschaftadr	$1,102,000	–	8,338	–	0.55%	–
ABB	New	ABB Ltd Adradr	$962,000	–	41,797	–	0.48%	–
MKTAY	New	Makita Corp. ADRadr	$935,000	–	15,098	–	0.46%	–
IMO	New	Imperial Oil Ltd	$933,000	–	17,735	–	0.46%	–
POT	New	Potash Corp Saskatchewan	$934,000	–	24,611	–	0.46%	–
1338PS	New	UBS	$878,000	–	47,951	–	0.44%	–
HMC	New	Honda Motor ADRadr	$769,000	–	21,979	–	0.38%	–
VALE	New	Vale Sa Adradr	$723,000	–	54,666	–	0.36%	–
CMI	New	Cummins Inc	$620,000	–	4,020	–	0.31%	–
ESLT	New	Elbit Systems Ltd	$577,000	–	9,378	–	0.29%	–
SYNA	New	Synaptics Inc	$566,000	–	6,246	–	0.28%	–
NBBC	New	Newbridge Bancorp	$544,000	–	67,500	–	0.27%	–
SNA	New	Snap On Inc	$520,000	–	4,385	–	0.26%	–
BSAC	New	Banco Santander New Adrfadr	$492,000	–	18,614	–	0.24%	–
BMI	New	Badger Meter Inc	$420,000	–	7,968	–	0.21%	–
BRSWQ	New	Bristow Group Inc	$329,000	–	4,085	–	0.16%	–
UAA	New	Under Armour Inc Cl A	$317,000	–	5,332	–	0.16%	–
RHI	New	Robert Half Intl	$314,000	–	6,578	–	0.16%	–
WBS	New	Webster Finl Cp PV 0.01	$308,000	–	9,752	–	0.15%	–
FWRD	New	Forward Air Corporation	$306,000	–	6,400	–	0.15%	–
CMP	New	Compass Minerals Intl	$304,000	–	3,174	–	0.15%	–
RJF	New	Raymond James Fincl Inc	$303,000	–	5,980	–	0.15%	–
USLM	New	US Lime & Minerals Inc.	$299,000	–	4,607	–	0.15%	–
BCPC	New	Balchem Corp	$299,000	–	5,575	–	0.15%	–
TCF	New	T C F Financial Corp	$288,000	–	17,567	–	0.14%	–
JWA	New	Wiley John & Son Cl A	$288,000	–	4,758	–	0.14%	–
TMP	New	Tompkins Financial Cp	$287,000	–	5,949	–	0.14%	–
LSTR	New	Landstar System Inc	$285,000	–	4,457	–	0.14%	–
JKHY	New	Henry Jack & Assoc Inc	$282,000	–	4,747	–	0.14%	–
IPI	New	Intrepid Potash Inc	$274,000	–	16,368	–	0.14%	–
DLB	New	Dolby Laboratories Inc	$272,000	–	6,297	–	0.14%	–
FCS	New	Fairchild Semiconductor	$271,000	–	17,345	–	0.13%	–
LG	New	Laclede Gas Company New	$266,000	–	5,471	–	0.13%	–
PNY	New	Piedmond Natural Gas	$263,000	–	7,028	–	0.13%	–
SONC	New	Sonic Corp	$258,000	–	11,667	–	0.13%	–
RAVN	New	Raven Industries Inc	$259,000	–	7,801	–	0.13%	–
MORN	New	Morningstar Inc	$252,000	–	3,514	–	0.12%	–
PETS	New	Petmed Express Inc	$244,000	–	18,131	–	0.12%	–
DWA	New	Dreamworks Animation Inc	$243,000	–	10,426	–	0.12%	–
ODC	New	Oil-Dri Corp Of America	$239,000	–	7,832	–	0.12%	–
UNP	New	Union Pacific Corp	$229,000	–	2,300	–	0.11%	–
MASI	New	Masimo Corp	$221,000	–	9,350	–	0.11%	–
CW	New	Curtiss Wright Corp	$212,000	–	3,235	–	0.10%	–
CVX	New	Chevron Corp	$210,000	–	1,607	–	0.10%	–

Q4 2013

			Value		Shares		↓ Weighting
MCPIQ	Exit	Molycorp Inc	$0	–	-20,000	–	-0.07%	–
FCS	Exit	Fairchild Semiconductor	$0	–	-12,265	–	-0.10%	–
TCF	Exit	T C F Financial Corp	$0	–	-13,669	–	-0.11%	–
ODC	Exit	Oil-Dri Corp Of America	$0	–	-5,930	–	-0.11%	–
RJF	Exit	Raymond James Fincl Inc	$0	–	-4,840	–	-0.12%	–
FWRD	Exit	Forward Air Corporation	$0	–	-5,003	–	-0.12%	–
TMP	Exit	Tompkins Financial Cp	$0	–	-4,632	–	-0.12%	–
MORN	Exit	Morningstar Inc	$0	–	-2,714	–	-0.12%	–
PETS	Exit	Petmed Express Inc	$0	–	-13,266	–	-0.12%	–
BRLI	Exit	Bio Reference Labs New	$0	–	-7,280	–	-0.12%	–
DWA	Exit	Dreamworks Animation Inc	$0	–	-7,976	–	-0.13%	–
IPI	Exit	Intrepid Potash Inc	$0	–	-14,797	–	-0.13%	–
BCPC	Exit	Balchem Corp	$0	–	-4,542	–	-0.13%	–
SYNA	Exit	Synaptics Inc	$0	–	-5,338	–	-0.13%	–
BRSWQ	Exit	Bristow Group Inc	$0	–	-3,275	–	-0.14%	–
BMI	Exit	Badger Meter Inc	$0	–	-6,203	–	-0.16%	–
SONC	Exit	Sonic Corp	$0	–	-17,077	–	-0.17%	–
UAA	Exit	Under Armour Inc Cl A	$0	–	-4,054	–	-0.18%	–
SNA	Exit	Snap On Inc	$0	–	-3,605	–	-0.20%	–
ESLT	Exit	Elbit Systems Ltd	$0	–	-8,132	–	-0.25%	–
CMI	Exit	Cummins Inc	$0	–	-4,020	–	-0.30%	–
	Exit	Vale Sa Adradr	$0	–	-38,568	–	-0.34%	–
IMO	Exit	Imperial Oil Ltd	$0	–	-14,203	–	-0.35%	–
POT	Exit	Potash Corp Saskatchewan	$0	–	-20,534	–	-0.36%	–
HMC	Exit	Honda Motor ADRadr	$0	–	-16,956	–	-0.37%	–
MKTAY	Exit	Makita Corp. ADRadr	$0	–	-11,547	–	-0.38%	–
TTE	Exit	Total S.A. Sponsor ADRadr	$0	–	-13,033	–	-0.43%	–
1338PS	Exit	UBS	$0	–	-38,055	–	-0.44%	–
ABB	Exit	ABB Ltd Adradr	$0	–	-35,460	–	-0.48%	–
SIEGY	Exit	Siemens A G Adradr	$0	–	-7,174	–	-0.49%	–
SAP	Exit	SAP AG ADRadr	$0	–	-12,634	–	-0.53%	–
SNY	Exit	Sanofi Aventis Spon ADRadr	$0	–	-18,787	–	-0.54%	–
RDSA	Exit	Royal Dutch Shell PLC	$0	–	-14,536	–	-0.54%	–
PSX	Exit	Phillips	$0	–	-17,272	–	-0.57%	–
BNS	Exit	Bank of Nova Scotia	$0	–	-18,131	–	-0.59%	–
TM	Exit	Toyota Motor Corp. ADRadr	$0	–	-8,298	–	-0.60%	–
RY	Exit	Royal Bank Canada PV$1	$0	–	-17,160	–	-0.63%	–
TEVA	Exit	Teva Pharmaceuticals	$0	–	-32,992	–	-0.71%	–
UL	Exit	Unilever PLC NEW ADRadr	$0	–	-34,442	–	-0.75%	–
HSBC	Exit	HSBC Holdings ADRadr	$0	–	-25,181	–	-0.78%	–
BHP	Exit	BHP Billiton ADRadr	$0	–	-21,659	–	-0.82%	–
UPS	Exit	United Parcel Service Inc Class B	$0	–	-16,169	–	-0.84%	–
FDX	Exit	FedEX Corp	$0	–	-14,952	–	-0.97%	–
NVS	Exit	Novartis ADRadr	$0	–	-22,963	–	-1.00%	–
LLY	Exit	Eli Lilly	$0	–	-45,743	–	-1.31%	–
CAT	Exit	Caterpillar	$0	–	-28,710	–	-1.36%	–
COH	Exit	Coach Inc.	$0	–	-44,593	–	-1.38%	–
PEP	Exit	Pepsico	$0	–	-30,682	–	-1.38%	–
COP	Exit	ConocoPhillips	$0	–	-35,172	–	-1.39%	–
MKC	Exit	McCormick & Company	$0	–	-38,560	–	-1.42%	–
NFG	Exit	National Fuel Gas Co	$0	–	-38,419	–	-1.50%	–
BBT	Exit	BB&T Corporation	$0	–	-81,071	–	-1.55%	–
AAPL	Exit	Apple Computer	$0	–	-5,774	–	-1.56%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-118,858	–	-1.58%	–
A	Exit	Agilent Technologies	$0	–	-55,276	–	-1.61%	–
LH	Exit	Laboratory CP Amer Hldgs	$0	–	-28,600	–	-1.61%	–
QCOM	Exit	Qualcomm Inc	$0	–	-42,715	–	-1.63%	–
BCR	Exit	Bard CR Inc.	$0	–	-25,073	–	-1.64%	–
KO	Exit	Coca-Cola	$0	–	-76,986	–	-1.66%	–
MRK	Exit	Merck & Co. Inc.	$0	–	-61,938	–	-1.67%	–
XRAY	Exit	Dentsply International Inc.	$0	–	-68,220	–	-1.68%	–
JPM	Exit	J. P. Morgan Chase & Co. Inc.	$0	–	-57,652	–	-1.69%	–
WMT	Exit	Wal-Mart Stores Inc.	$0	–	-40,803	–	-1.71%	–
MDT	Exit	Medtronic Inc.	$0	–	-57,661	–	-1.74%	–
LOW	Exit	Lowe's	$0	–	-65,092	–	-1.76%	–
MSFT	Exit	Microsoft	$0	–	-93,413	–	-1.76%	–
	Exit	Wells Fargo & Co	$0	–	-75,631	–	-1.77%	–
SLB	Exit	Schlumberger Ltd	$0	–	-35,756	–	-1.79%	–
COST	Exit	Costco Wholesale Corp Del	$0	–	-27,420	–	-1.79%	–
HAS	Exit	Hasbro Inc	$0	–	-67,244	–	-1.80%	–
SLXP	Exit	Salix Pharmaceuticals LTD	$0	–	-48,226	–	-1.83%	–
PG	Exit	Procter & Gamble	$0	–	-43,876	–	-1.88%	–
GIS	Exit	General Mills	$0	–	-69,979	–	-1.90%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-33,584	–	-1.91%	–
GOOGL	Exit	Google Inc. Class A	$0	–	-3,837	–	-1.91%	–
INTC	Exit	Intel	$0	–	-150,344	–	-1.96%	–
	Exit	DuPont	$0	–	-58,924	–	-1.96%	–
DE	Exit	Deere & Company	$0	–	-42,535	–	-1.96%	–
ITW	Exit	Illinois Tool Works Inc	$0	–	-46,290	–	-2.00%	–
IDXX	Exit	Idexx Laboratories	$0	–	-36,077	–	-2.04%	–
ADP	Exit	Automatic Data Processing	$0	–	-50,162	–	-2.06%	–
CRRTQ	Exit	Carbo Ceramics	$0	–	-39,014	–	-2.20%	–
GE	Exit	General Electric Co	$0	–	-172,077	–	-2.33%	–
ECL	Exit	Ecolab Inc.	$0	–	-43,769	–	-2.45%	–
IBM	Exit	Internat'l Business Mach	$0	–	-26,623	–	-2.80%	–
XOM	Exit	Exxon-Mobil	$0	–	-67,243	–	-3.28%	–
JNJ	Exit	Johnson & Johnson	$0	–	-68,532	–	-3.37%	–
MMM	Exit	3M Company	$0	–	-56,377	–	-3.82%	–

Q3 2013

			Value		Shares		↓ Weighting
MMM	Buy	3M Company	$6,732,000	+10.4%	56,377	+1.1%	3.82%	+5.8%
JNJ	Sell	Johnson & Johnson	$5,941,000	+0.4%	68,532	-0.5%	3.37%	-3.7%
XOM	Buy	Exxon-Mobil	$5,786,000	-4.6%	67,243	+0.1%	3.28%	-8.5%
IBM	Buy	Internat'l Business Mach	$4,930,000	-1.9%	26,623	+1.3%	2.80%	-5.9%
ECL	Sell	Ecolab Inc.	$4,323,000	+15.3%	43,769	-0.5%	2.45%	+10.6%
GE	Buy	General Electric Co	$4,111,000	+4.8%	172,077	+1.7%	2.33%	+0.5%
CRRTQ	Buy	Carbo Ceramics	$3,867,000	+48.7%	39,014	+1.1%	2.20%	+42.5%
ADP	New	Automatic Data Processing	$3,631,000	–	50,162	–	2.06%	–
IDXX	Buy	Idexx Laboratories	$3,595,000	+12.3%	36,077	+1.1%	2.04%	+7.8%
ITW	Buy	Illinois Tool Works Inc	$3,531,000	+11.3%	46,290	+0.9%	2.00%	+6.7%
DE	Buy	Deere & Company	$3,462,000	+1.5%	42,535	+1.3%	1.96%	-2.7%
	Buy	DuPont	$3,451,000	+12.9%	58,924	+1.2%	1.96%	+8.2%
INTC	Buy	Intel	$3,446,000	-3.3%	150,344	+2.2%	1.96%	-7.3%
GOOGL	Buy	Google Inc. Class A	$3,361,000	+0.4%	3,837	+0.9%	1.91%	-3.7%
BDX	New	Becton Dickinson & Co	$3,359,000	–	33,584	–	1.91%	–
GIS	Buy	General Mills	$3,353,000	-0.1%	69,979	+1.2%	1.90%	-4.2%
PG	Buy	Procter & Gamble	$3,317,000	-0.6%	43,876	+1.3%	1.88%	-4.7%
HAS	Buy	Hasbro Inc	$3,170,000	+6.6%	67,244	+1.3%	1.80%	+2.2%
SLB	Buy	Schlumberger Ltd	$3,159,000	+25.3%	35,756	+1.6%	1.79%	+20.1%
COST	Buy	Costco Wholesale Corp Del	$3,158,000	+5.5%	27,420	+1.3%	1.79%	+1.2%
	Buy	Wells Fargo & Co	$3,125,000	+1.6%	75,631	+1.4%	1.77%	-2.6%
MSFT	Buy	Microsoft	$3,109,000	-2.1%	93,413	+1.6%	1.76%	-6.1%
LOW	Sell	Lowe's	$3,099,000	+15.2%	65,092	-1.0%	1.76%	+10.5%
MDT	Buy	Medtronic Inc.	$3,070,000	+4.8%	57,661	+1.4%	1.74%	+0.6%
WMT	Buy	Wal-Mart Stores Inc.	$3,018,000	-0.4%	40,803	+0.3%	1.71%	-4.5%
JPM	Buy	J. P. Morgan Chase & Co. Inc.	$2,980,000	-1.5%	57,652	+0.6%	1.69%	-5.5%
XRAY	Buy	Dentsply International Inc.	$2,962,000	+7.8%	68,220	+1.7%	1.68%	+3.4%
MRK	Buy	Merck & Co. Inc.	$2,949,000	+4.1%	61,938	+1.6%	1.67%	-0.1%
KO	Buy	Coca-Cola	$2,916,000	-3.9%	76,986	+1.8%	1.66%	-7.8%
BCR	New	Bard CR Inc.	$2,888,000	–	25,073	–	1.64%	–
QCOM	Buy	Qualcomm Inc	$2,876,000	+12.0%	42,715	+1.6%	1.63%	+7.4%
LH	Buy	Laboratory CP Amer Hldgs	$2,835,000	+0.4%	28,600	+1.4%	1.61%	-3.8%
A	Buy	Agilent Technologies	$2,833,000	+21.6%	55,276	+1.5%	1.61%	+16.6%
CSCO	Buy	Cisco Systems Inc	$2,785,000	-2.2%	118,858	+1.6%	1.58%	-6.2%
AAPL	New	Apple Computer	$2,753,000	–	5,774	–	1.56%	–
BBT	New	BB&T Corporation	$2,736,000	–	81,071	–	1.55%	–
NFG	Buy	National Fuel Gas Co	$2,642,000	+20.4%	38,419	+1.5%	1.50%	+15.5%
MKC	Buy	McCormick & Company	$2,495,000	-6.4%	38,560	+1.8%	1.42%	-10.3%
COP	Buy	ConocoPhillips	$2,445,000	+16.1%	35,172	+1.0%	1.39%	+11.3%
PEP	Buy	Pepsico	$2,439,000	-1.0%	30,682	+1.9%	1.38%	-5.0%
COH	Buy	Coach Inc.	$2,432,000	-1.4%	44,593	+3.2%	1.38%	-5.4%
CAT	Buy	Caterpillar	$2,394,000	+2.7%	28,710	+1.7%	1.36%	-1.5%
LLY	Buy	Eli Lilly	$2,302,000	+4.5%	45,743	+2.0%	1.31%	+0.3%
NVS	Sell	Novartis ADRadr	$1,761,000	+7.6%	22,963	-0.7%	1.00%	+3.3%
FDX	Buy	FedEX Corp	$1,706,000	+17.3%	14,952	+1.3%	0.97%	+12.4%
UPS	Buy	United Parcel Service Inc Class B	$1,477,000	+7.5%	16,169	+1.7%	0.84%	+3.1%
BHP	New	BHP Billiton ADRadr	$1,440,000	–	21,659	–	0.82%	–
HSBC	Buy	HSBC Holdings ADRadr	$1,366,000	+4.5%	25,181	+0.0%	0.78%	+0.1%
UL	Sell	Unilever PLC NEW ADRadr	$1,329,000	-4.9%	34,442	-0.4%	0.75%	-8.8%
TEVA	Buy	Teva Pharmaceuticals	$1,246,000	-3.6%	32,992	+0.0%	0.71%	-7.6%
RY	Sell	Royal Bank Canada PV$1	$1,102,000	+9.9%	17,160	-0.2%	0.63%	+5.4%
TM	Sell	Toyota Motor Corp. ADRadr	$1,062,000	+4.7%	8,298	-1.3%	0.60%	+0.5%
BNS	New	Bank of Nova Scotia	$1,039,000	–	18,131	–	0.59%	–
PSX	Buy	Phillips	$999,000	-0.7%	17,272	+1.1%	0.57%	-4.7%
RDSA	Sell	Royal Dutch Shell PLC	$955,000	-0.8%	14,536	-3.7%	0.54%	-4.9%
SNY	New	Sanofi Aventis Spon ADRadr	$951,000	–	18,787	–	0.54%	–
SAP	Sell	SAP AG ADRadr	$934,000	+1.2%	12,634	-0.3%	0.53%	-2.9%
SIEGY	Sell	Siemens A G Adradr	$865,000	+18.8%	7,174	-0.1%	0.49%	+13.9%
ABB	New	ABB Ltd Adradr	$837,000	–	35,460	–	0.48%	–
1338PS	Sell	UBS	$781,000	+20.5%	38,055	-0.4%	0.44%	+15.4%
TTE	Sell	Total S.A. Sponsor ADRadr	$755,000	+18.7%	13,033	-0.1%	0.43%	+14.1%
MKTAY	Sell	Makita Corp. ADRadr	$674,000	+6.5%	11,547	-1.1%	0.38%	+2.1%
HMC	Sell	Honda Motor ADRadr	$647,000	+1.7%	16,956	-0.6%	0.37%	-2.4%
POT	Buy	Potash Corp Saskatchewan	$642,000	-3.9%	20,534	+17.1%	0.36%	-7.8%
IMO	Sell	Imperial Oil Ltd	$624,000	+14.7%	14,203	-0.3%	0.35%	+9.9%
	Buy	Vale Sa Adradr	$602,000	+25.9%	38,568	+6.0%	0.34%	+20.8%
ESLT	Sell	Elbit Systems Ltd	$435,000	+25.7%	8,132	-1.2%	0.25%	+20.5%
SNA	Buy	Snap On Inc	$359,000	+13.2%	3,605	+1.7%	0.20%	+8.5%
UAA	Buy	Under Armour Inc Cl A	$322,000	+35.3%	4,054	+1.7%	0.18%	+29.8%
SONC	Buy	Sonic Corp	$303,000	+23.2%	17,077	+0.9%	0.17%	+17.8%
BMI	Buy	Badger Meter Inc	$288,000	+7.1%	6,203	+2.9%	0.16%	+2.5%
BRSWQ	Buy	Bristow Group Inc	$238,000	+13.3%	3,275	+2.0%	0.14%	+8.9%
SYNA	Buy	Synaptics Inc	$236,000	+17.4%	5,338	+2.2%	0.13%	+12.6%
BCPC	New	Balchem Corp	$235,000	–	4,542	–	0.13%	–
IPI	New	Intrepid Potash Inc	$232,000	–	14,797	–	0.13%	–
DWA	New	Dreamworks Animation Inc	$227,000	–	7,976	–	0.13%	–
BRLI	Buy	Bio Reference Labs New	$218,000	+7.4%	7,280	+3.2%	0.12%	+3.3%
PETS	Buy	Petmed Express Inc	$216,000	+32.5%	13,266	+2.6%	0.12%	+28.1%
MORN	Buy	Morningstar Inc	$215,000	+4.9%	2,714	+2.5%	0.12%	+0.8%
TMP	Buy	Tompkins Financial Cp	$214,000	+5.4%	4,632	+3.2%	0.12%	+0.8%
FWRD	New	Forward Air Corporation	$202,000	–	5,003	–	0.12%	–
RJF	Sell	Raymond James Fincl Inc	$202,000	-22.3%	4,840	-19.9%	0.12%	-25.3%
ODC	New	Oil-Dri Corp Of America	$200,000	–	5,930	–	0.11%	–
TCF	Buy	T C F Financial Corp	$195,000	+3.7%	13,669	+2.9%	0.11%	0.0%
FCS	Buy	Fairchild Semiconductor	$170,000	+4.9%	12,265	+4.2%	0.10%	+1.0%
CRFN	Exit	Crescent Fin Bancshares	$0	–	-14,508	–	-0.04%	–
	Exit	ABB Ltd Adradr	$0	–	-35,484	–	-0.46%	–
E	Exit	ENI S P A Sponsored Adradr	$0	–	-20,936	–	-0.51%	–
	Exit	Sanofi Aventis Spon ADRadr	$0	–	-18,778	–	-0.57%	–
	Exit	Bank of Nova Scotia	$0	–	-18,147	–	-0.58%	–
	Exit	BHP Billiton ADRadr	$0	–	-21,699	–	-0.74%	–
	Exit	Apple Computer	$0	–	-5,642	–	-1.32%	–
EMR	Exit	Emerson Electric	$0	–	-46,841	–	-1.51%	–
	Exit	Bard CR Inc.	$0	–	-24,736	–	-1.59%	–
	Exit	BB&T Corporation	$0	–	-80,483	–	-1.61%	–
	Exit	Becton Dickinson & Co	$0	–	-33,186	–	-1.94%	–
	Exit	Automatic Data Processing	$0	–	-49,661	–	-2.02%	–

Q2 2013

			Value		Shares		↓ Weighting
MMM	New	3M Company	$6,100,000	–	55,781	–	3.61%	–
XOM	New	Exxon-Mobil	$6,068,000	–	67,157	–	3.59%	–
JNJ	New	Johnson & Johnson	$5,917,000	–	68,911	–	3.50%	–
IBM	New	Internat'l Business Mach	$5,024,000	–	26,289	–	2.97%	–
GE	New	General Electric Co	$3,923,000	–	169,169	–	2.32%	–
ECL	New	Ecolab Inc.	$3,749,000	–	44,002	–	2.22%	–
INTC	New	Intel	$3,565,000	–	147,140	–	2.11%	–
	New	Automatic Data Processing	$3,420,000	–	49,661	–	2.02%	–
DE	New	Deere & Company	$3,411,000	–	41,982	–	2.02%	–
GIS	New	General Mills	$3,356,000	–	69,163	–	1.99%	–
GOOGL	New	Google Inc. Class A	$3,348,000	–	3,803	–	1.98%	–
PG	New	Procter & Gamble	$3,336,000	–	43,334	–	1.98%	–
	New	Becton Dickinson & Co	$3,280,000	–	33,186	–	1.94%	–
IDXX	New	Idexx Laboratories	$3,200,000	–	35,681	–	1.89%	–
SLXP	New	Salix Pharmaceuticals LTD	$3,190,000	–	48,226	–	1.89%	–
MSFT	New	Microsoft	$3,176,000	–	91,942	–	1.88%	–
ITW	New	Illinois Tool Works Inc	$3,172,000	–	45,855	–	1.88%	–
	New	Wells Fargo & Cous large cap eq	$3,077,000	–	74,554	–	1.82%	–
	New	DuPont	$3,058,000	–	58,246	–	1.81%	–
KO	New	Coca-Cola	$3,033,000	–	75,608	–	1.80%	–
WMT	New	Wal-Mart Stores Inc.us large cap eq	$3,030,000	–	40,674	–	1.79%	–
JPM	New	J. P. Morgan Chase & Co. Inc.	$3,026,000	–	57,326	–	1.79%	–
COST	New	Costco Wholesale Corp Del	$2,992,000	–	27,056	–	1.77%	–
HAS	New	Hasbro Inc	$2,975,000	–	66,370	–	1.76%	–
MDT	New	Medtronic Inc.	$2,928,000	–	56,885	–	1.73%	–
CSCO	New	Cisco Systems Inc	$2,848,000	–	117,017	–	1.69%	–
MRK	New	Merck & Co. Inc.	$2,832,000	–	60,976	–	1.68%	–
LH	New	Laboratory CP Amer Hldgs	$2,824,000	–	28,208	–	1.67%	–
XRAY	New	Dentsply International Inc.	$2,747,000	–	67,071	–	1.63%	–
	New	BB&T Corporation	$2,727,000	–	80,483	–	1.61%	–
LOW	New	Lowe's	$2,689,000	–	65,740	–	1.59%	–
	New	Bard CR Inc.	$2,688,000	–	24,736	–	1.59%	–
MKC	New	McCormick & Company	$2,666,000	–	37,896	–	1.58%	–
CRRTQ	New	Carbo Ceramics	$2,601,000	–	38,571	–	1.54%	–
QCOM	New	Qualcomm Inc	$2,568,000	–	42,032	–	1.52%	–
EMR	New	Emerson Electric	$2,555,000	–	46,841	–	1.51%	–
SLB	New	Schlumberger Ltd	$2,522,000	–	35,200	–	1.49%	–
COH	New	Coach Inc.	$2,467,000	–	43,214	–	1.46%	–
PEP	New	Pepsico	$2,464,000	–	30,123	–	1.46%	–
A	New	Agilent Technologies	$2,329,000	–	54,465	–	1.38%	–
CAT	New	Caterpillar	$2,330,000	–	28,241	–	1.38%	–
	New	Apple Computer	$2,237,000	–	5,642	–	1.32%	–
LLY	New	Eli Lilly	$2,202,000	–	44,831	–	1.30%	–
NFG	New	National Fuel Gas Co	$2,194,000	–	37,862	–	1.30%	–
COP	New	ConocoPhillips	$2,106,000	–	34,815	–	1.25%	–
NVS	New	Novartis ADRadr	$1,636,000	–	23,133	–	0.97%	–
FDX	New	FedEX Corp	$1,455,000	–	14,761	–	0.86%	–
UL	New	Unilever PLC NEW ADRadr	$1,398,000	–	34,573	–	0.83%	–
UPS	New	United Parcel Service Inc Class B	$1,374,000	–	15,893	–	0.81%	–
HSBC	New	HSBC Holdings ADRadr	$1,307,000	–	25,176	–	0.77%	–
TEVA	New	Teva Pharmaceuticals	$1,293,000	–	32,983	–	0.76%	–
	New	BHP Billiton ADRadr	$1,251,000	–	21,699	–	0.74%	–
TM	New	Toyota Motor Corp. ADRadr	$1,014,000	–	8,405	–	0.60%	–
PSX	New	Phillips	$1,006,000	–	17,078	–	0.60%	–
RY	New	Royal Bank Canada PV$1	$1,003,000	–	17,200	–	0.59%	–
	New	Bank of Nova Scotia	$972,000	–	18,147	–	0.58%	–
	New	Sanofi Aventis Spon ADRadr	$967,000	–	18,778	–	0.57%	–
RDSA	New	Royal Dutch Shell PLC	$963,000	–	15,096	–	0.57%	–
SAP	New	SAP AG ADRadr	$923,000	–	12,668	–	0.55%	–
E	New	ENI S P A Sponsored Adradr	$859,000	–	20,936	–	0.51%	–
	New	ABB Ltd Adradr	$769,000	–	35,484	–	0.46%	–
SIEGY	New	Siemens A G Adradr	$728,000	–	7,183	–	0.43%	–
POT	New	Potash Corp Saskatchewan	$668,000	–	17,528	–	0.40%	–
1338PS	New	UBS	$648,000	–	38,221	–	0.38%	–
TTE	New	Total S.A. Sponsor ADRadr	$636,000	–	13,051	–	0.38%	–
HMC	New	Honda Motor ADRadr	$636,000	–	17,061	–	0.38%	–
MKTAY	New	Makita Corp. ADRadr	$633,000	–	11,671	–	0.38%	–
IMO	New	Imperial Oil Ltd	$544,000	–	14,250	–	0.32%	–
	New	Vale Sa Adradr	$478,000	–	36,380	–	0.28%	–
CMI	New	Cummins Inc	$436,000	–	4,020	–	0.26%	–
ESLT	New	Elbit Systems Ltd	$346,000	–	8,232	–	0.20%	–
SNA	New	Snap On Inc	$317,000	–	3,545	–	0.19%	–
BMI	New	Badger Meter Inc	$269,000	–	6,028	–	0.16%	–
RJF	New	Raymond James Fincl Inc	$260,000	–	6,046	–	0.15%	–
SONC	New	Sonic Corp	$246,000	–	16,921	–	0.15%	–
UAA	New	Under Armour Inc Cl A	$238,000	–	3,986	–	0.14%	–
BRSWQ	New	Bristow Group Inc	$210,000	–	3,210	–	0.12%	–
MORN	New	Morningstar Inc	$205,000	–	2,648	–	0.12%	–
TMP	New	Tompkins Financial Cp	$203,000	–	4,487	–	0.12%	–
BRLI	New	Bio Reference Labs New	$203,000	–	7,057	–	0.12%	–
SYNA	New	Synaptics Inc	$201,000	–	5,222	–	0.12%	–
TCF	New	T C F Financial Corp	$188,000	–	13,284	–	0.11%	–
PETS	New	Petmed Express Inc	$163,000	–	12,928	–	0.10%	–
FCS	New	Fairchild Semiconductor	$162,000	–	11,766	–	0.10%	–
MCPIQ	New	Molycorp Inc	$124,000	–	20,000	–	0.07%	–
CRFN	New	Crescent Fin Bancshares	$64,000	–	14,508	–	0.04%	–

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