Sandhill Capital Partners LLC Activity Q2 2011-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
PANW	Sell	PALO ALTO NETWORKS INC	$63,420,985	-8.9%	270,521	-0.7%	5.93%	-6.5%
NOW	Sell	SERVICENOW INC	$51,545,978	-1.1%	92,218	-0.6%	4.82%	+1.5%
	Sell	LINDE PLC NEW	$48,024,229	-2.5%	128,976	-0.2%	4.49%	+0.0%
LFUS	Buy	LITTELFUSE INC	$46,610,568	-14.9%	188,463	+0.2%	4.36%	-12.7%
ISRG	Sell	INTUITIVE SURGICAL INC NEW	$45,734,032	-24.0%	156,468	-11.1%	4.28%	-22.1%
SPGI	Sell	S&P GLOBAL INC	$45,139,623	-9.0%	123,531	-0.1%	4.22%	-6.6%
TYL	Sell	TYLER TECHNOLOGIES INC	$43,171,348	-7.3%	111,802	-0.0%	4.04%	-4.9%
SITE	Sell	SITEONE LANDSCAPE SUPPLY	$41,954,940	-2.5%	256,684	-0.1%	3.92%	+0.1%
TECH	Buy	BIO-TECHNE CORP	$41,731,091	+1.7%	613,061	+22.0%	3.90%	+4.4%
TMDX	Sell	TRANSMEDICS GROUP INC	$40,110,409	-41.2%	732,610	-9.9%	3.75%	-39.7%
BIL	Buy	SPDR BLOOMBERG 1 3 MNTH T BLL	$40,042,674	+2085.4%	436,100	+2085.4%	3.74%	+2141.9%
ZBH	Buy	ZIMMER BIOMET HOLDINGS INC	$38,519,507	+2.4%	343,250	+32.9%	3.60%	+5.0%
ADBE	Sell	ADOBE INC	$34,762,220	+4.1%	68,175	-0.2%	3.25%	+6.7%
USB	Buy	U S BANCORP DE NEW	$34,543,952	+0.4%	1,044,887	+0.4%	3.23%	+3.0%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$34,285,268	-3.1%	624,504	+0.0%	3.21%	-0.6%
APH	Buy	AMPHENOL CORP CLASS	$31,026,055	-0.5%	369,402	+0.6%	2.90%	+2.0%
DHR	Buy	DANAHER CORP	$28,492,273	+4.7%	114,842	+1.3%	2.66%	+7.4%
BKNG	Sell	BOOKING HOLDINGS INC	$27,548,925	+13.5%	8,933	-0.6%	2.58%	+16.5%
GGG	Buy	GRACO INC	$27,362,822	-14.7%	375,450	+1.1%	2.56%	-12.5%
HON	Sell	HONEYWELL INTL INC	$26,453,651	-19.3%	143,194	-9.3%	2.47%	-17.2%
CSGP	Sell	COSTAR GROUP INC	$25,679,800	-29.9%	333,981	-18.9%	2.40%	-28.2%
APTV	Sell	APTIV PLC	$25,300,754	-11.9%	256,626	-8.8%	2.37%	-9.7%
ZTS	Buy	ZOETIS INC CL A	$22,606,933	+1.3%	129,940	+0.3%	2.11%	+3.9%
UBER	New	UBER TECHNOLOGIES INC	$22,162,167	–	481,891	–	2.07%	–
SITM	New	SITIME CORP	$18,709,237	–	163,757	–	1.75%	–
PAYC	Sell	PAYCOM SOFTWARE INC	$17,456,014	-38.8%	67,328	-24.2%	1.63%	-37.3%
MSFT	Sell	MICROSOFT CORP	$8,964,562	-7.5%	28,391	-0.3%	0.84%	-5.2%
AAPL	Sell	APPLE INC	$7,923,921	-12.5%	46,282	-0.8%	0.74%	-10.2%
PG	Buy	PROCTER & GAMBLE	$5,979,262	-3.6%	40,993	+0.3%	0.56%	-1.1%
CVX	Buy	CHEVRON CORP	$5,829,615	+8.6%	34,572	+1.3%	0.54%	+11.5%
AVGO	Sell	BROADCOM INC	$5,397,109	-5.3%	6,498	-1.1%	0.50%	-2.9%
CAT	Sell	CATERPILLAR INC	$4,983,615	+10.8%	18,255	-0.1%	0.47%	+13.7%
JPM	Buy	JPMORGAN CHASE & CO	$4,974,839	-0.1%	34,304	+0.2%	0.46%	+2.4%
BLK	Buy	BLACKROCK INC	$4,887,464	-5.4%	7,560	+1.2%	0.46%	-3.0%
MRK	Buy	MERCK & CO. INC.	$4,807,302	-9.6%	46,695	+1.3%	0.45%	-7.2%
WM	Buy	WASTE MANAGEMENT INC	$4,711,997	-11.1%	30,910	+1.1%	0.44%	-8.7%
HD	Buy	HOME DEPOT INC	$4,703,271	-2.5%	15,565	+0.3%	0.44%	0.0%
MCD	Buy	MCDONALDS CORP	$4,647,740	-10.7%	17,642	+1.1%	0.44%	-8.4%
PAYX	Buy	PAYCHEX INC	$4,434,784	+3.6%	38,453	+0.5%	0.42%	+6.4%
UNH	Sell	UNITEDHEALTH GRP INC	$4,390,991	+2.2%	8,709	-2.6%	0.41%	+4.8%
JNJ	Buy	JOHNSON & JOHNSON	$4,389,035	-4.9%	28,180	+1.0%	0.41%	-2.6%
KO	Buy	THE COCA-COLA CO	$4,080,242	-5.5%	72,887	+1.7%	0.38%	-3.0%
BA	Sell	BOEING CO	$3,979,852	-10.3%	20,763	-1.1%	0.37%	-7.9%
GIS	Buy	GENERAL MILLS INC	$3,954,745	-11.4%	61,803	+6.2%	0.37%	-9.1%
QCOM	Buy	QUALCOMM INC	$3,956,346	-3.5%	35,623	+3.4%	0.37%	-1.1%
AXP	Buy	AMERICAN EXPRESS CO	$3,893,337	-11.8%	26,096	+3.0%	0.36%	-9.5%
JCI	Buy	JOHNSON CONTROLS INTER F	$3,848,387	-18.7%	72,324	+4.1%	0.36%	-16.7%
DOW	Buy	DOW INC	$3,851,197	-1.4%	74,693	+1.9%	0.36%	+1.1%
SYY	Buy	SYSCO CORP	$3,715,213	-8.7%	56,248	+2.6%	0.35%	-6.5%
NKE	Buy	NIKE INC CLASS B	$3,623,998	-8.9%	37,900	+5.2%	0.34%	-6.4%
TXN	Buy	TEXAS INSTRUMENTS	$3,592,513	-9.9%	22,593	+2.0%	0.34%	-7.7%
PFE	Buy	PFIZER INC	$3,570,187	-3.8%	107,633	+6.4%	0.33%	-1.2%
	New	VERALTO CORP	$2,835,092	–	33,307	–	0.26%	–
VZ	Buy	VERIZON COMMUNICATN	$2,837,706	-12.1%	87,556	+0.8%	0.26%	-9.9%
TFC	Buy	TRUIST FINL CORP	$2,380,266	-3.9%	83,197	+2.0%	0.22%	-1.3%
CCI	Buy	CROWN CASTLE INC REIT	$2,311,103	-17.4%	25,112	+2.2%	0.22%	-15.3%
IVV	Buy	ISHARES CORE S&P 500 ETF	$1,106,641	+1.1%	2,577	+4.9%	0.10%	+3.0%
MMM	Sell	3M CO	$1,009,832	-13.7%	10,786	-7.7%	0.09%	-12.1%
INTC	Sell	INTEL CORP	$931,374	+5.9%	26,199	-0.4%	0.09%	+8.8%
DIS	Sell	WALT DISNEY CO	$707,540	-9.5%	8,730	-0.3%	0.07%	-7.0%
LH	Sell	LAB CO OF AMER HLDG	$482,520	-33.4%	2,400	-20.0%	0.04%	-31.8%
MDLZ	Sell	MONDELEZ INTL CLASS A	$464,494	-8.6%	6,693	-4.0%	0.04%	-6.5%
VEEV	Sell	VEEVA SYSTEMS INC CLASS A	$408,934	-23.1%	2,010	-25.3%	0.04%	-20.8%
IJH	Buy	ISHARES CORE S&P MID-CAP ETF	$361,557	+33.6%	1,450	+40.1%	0.03%	+36.0%
JBT	Sell	JOHN BEAN TECHS CORP	$357,791	-14.0%	3,403	-0.8%	0.03%	-13.2%
EXR	New	EXTRA SPACE STORAGE REIT	$340,424	–	2,800	–	0.03%	–
XOM	Sell	EXXON MOBIL CORP	$346,391	-5.7%	2,946	-14.0%	0.03%	-3.0%
LHX	Sell	L3HARRIS TECHNOLOGIES IN	$313,416	-11.5%	1,800	-0.4%	0.03%	-9.4%
MTB	Sell	M & T BANK CORP	$283,754	-40.5%	2,244	-41.8%	0.03%	-37.2%
NVO	Buy	NOVO-NORDISK AS VORMAL F SPONSadr	$280,277	+12.4%	3,082	+100.0%	0.03%	+13.0%
XLV	New	SELECT SECTOR HEALTH CARE SPDR	$269,195	–	2,091	–	0.02%	–
GPN	New	GLOBAL PAYMENTS INC	$205,971	–	1,785	–	0.02%	–
	New	BITCOIN DEPOT INC 28 WTF WARRAwt	$3,183	–	16,760	–	0.00%	–
CURR	Exit	CURE PHARMA HOLDING CORP COM	$0	–	-150,000	–	-0.00%	–
DASTY	Exit	DASSAULT SYSTEMES ADR SPONSOREadr	$0	–	-4,545	–	-0.02%	–
	Exit	BENEFIT STREET PARTNERS MULTIF	$0	–	-13,285	–	-0.02%	–
MOGB	Exit	MOOG INC COM CL B	$0	–	-20,946	–	-0.21%	–

Q2 2023

			Value		Shares		↓ Weighting
PANW	New	PALO ALTO NETWORKS INC	$69,582,570	–	272,328	–	6.34%	–
TMDX	New	TRANSMEDICS GROUP INC	$68,262,667	–	812,844	–	6.22%	–
ISRG	New	INTUITIVE SURGICAL INC NEW	$60,185,085	–	176,011	–	5.49%	–
LFUS	New	LITTELFUSE INC	$54,779,695	–	188,046	–	4.99%	–
NOW	New	SERVICENOW INC	$52,119,717	–	92,745	–	4.75%	–
SPGI	New	S&P GLOBAL INC	$49,591,339	–	123,703	–	4.52%	–
	New	LINDE PLC NEW	$49,242,825	–	129,219	–	4.49%	–
TYL	New	TYLER TECHNOLOGIES INC	$46,583,694	–	111,854	–	4.25%	–
SITE	New	SITEONE LANDSCAPE SUPPLY	$43,010,696	–	256,995	–	3.92%	–
TECH	New	BIO-TECHNE CORP	$41,014,775	–	502,447	–	3.74%	–
ZBH	New	ZIMMER BIOMET HOLDINGS INC	$37,616,847	–	258,357	–	3.43%	–
CSGP	New	COSTAR GROUP INC	$36,656,352	–	411,869	–	3.34%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$35,391,903	–	624,416	–	3.23%	–
USB	New	U S BANCORP DE NEW	$34,398,370	–	1,041,113	–	3.14%	–
ADBE	New	ADOBE INC	$33,400,151	–	68,304	–	3.04%	–
HON	New	HONEYWELL INTL INC	$32,775,589	–	157,955	–	2.99%	–
GGG	New	GRACO INC	$32,062,827	–	371,312	–	2.92%	–
APH	New	AMPHENOL CORP COM CL A	$31,196,767	–	367,237	–	2.84%	–
APTV	New	APTIV PLC	$28,733,034	–	281,448	–	2.62%	–
PAYC	New	PAYCOM SOFTWARE INC	$28,538,062	–	88,837	–	2.60%	–
DHR	New	DANAHER CORP	$27,221,202	–	113,422	–	2.48%	–
BKNG	New	BOOKING HOLDINGS INC	$24,262,465	–	8,985	–	2.21%	–
ZTS	New	ZOETIS INC CL A	$22,316,954	–	129,592	–	2.03%	–
MSFT	New	MICROSOFT CORP	$9,693,243	–	28,464	–	0.88%	–
AAPL	New	APPLE INC COM	$9,052,363	–	46,669	–	0.82%	–
PG	New	PROCTER & GAMBLE CO COM	$6,201,475	–	40,869	–	0.56%	–
AVGO	New	BROADCOM INC COM	$5,699,015	–	6,570	–	0.52%	–
CVX	New	CHEVRON CORPORATION COM	$5,368,231	–	34,116	–	0.49%	–
MRK	New	MERCK & CO INC NEW COM	$5,316,883	–	46,077	–	0.48%	–
WM	New	WASTE MANAGEMENT INC COM	$5,302,750	–	30,577	–	0.48%	–
MCD	New	MCDONALD'S CORPORATION COM	$5,206,508	–	17,447	–	0.48%	–
BLK	New	BLACKROCK INC COM	$5,164,889	–	7,473	–	0.47%	–
JPM	New	JP MORGAN CHASE & CO COM	$4,979,647	–	34,238	–	0.45%	–
HD	New	HOME DEPOT INC	$4,821,599	–	15,521	–	0.44%	–
JCI	New	JOHNSON CONTROLS INTL PLC COM	$4,734,674	–	69,484	–	0.43%	–
JNJ	New	JOHNSON & JOHNSON COM	$4,616,849	–	27,893	–	0.42%	–
CAT	New	CATERPILLAR INC COM	$4,497,056	–	18,277	–	0.41%	–
GIS	New	GENERAL MILLS INC COM	$4,464,360	–	58,205	–	0.41%	–
BA	New	BOEING CO COM	$4,434,571	–	21,001	–	0.40%	–
AXP	New	AMERICAN EXPRESS CO COM	$4,413,618	–	25,336	–	0.40%	–
KO	New	COCA-COLA CO COM	$4,317,563	–	71,696	–	0.39%	–
UNH	New	UNITEDHEALTH GROUP INC COM	$4,296,441	–	8,939	–	0.39%	–
PAYX	New	PAYCHEX INC COM	$4,281,265	–	38,270	–	0.39%	–
QCOM	New	QUALCOMM INC COM	$4,101,583	–	34,455	–	0.37%	–
SYY	New	SYSCO CORP COM	$4,067,829	–	54,822	–	0.37%	–
TXN	New	TEXAS INSTRUMENTS INC COM	$3,987,623	–	22,151	–	0.36%	–
NKE	New	NIKE INC COM CL B	$3,976,190	–	36,026	–	0.36%	–
DOW	New	DOW INC COM	$3,904,357	–	73,307	–	0.36%	–
PFE	New	PFIZER INC COM	$3,711,209	–	101,178	–	0.34%	–
VZ	New	VERIZON COMMUNICATIONS COM	$3,228,892	–	86,821	–	0.29%	–
CCI	New	CROWN CASTLE INC COM	$2,798,765	–	24,563	–	0.26%	–
TFC	New	TRUIST FINL CORP COM	$2,476,348	–	81,593	–	0.23%	–
MOGB	New	MOOG INC COM CL B	$2,268,452	–	20,946	–	0.21%	–
EW	New	EDWARDS LIFESCIENCES CORP COM	$2,270,712	–	24,072	–	0.21%	–
BIL	New	SPDR BLOOMBERG 1 3 MNTH T BLL	$1,832,268	–	19,955	–	0.17%	–
MMM	New	3M COMPANY COM	$1,169,702	–	11,686	–	0.11%	–
IVV	New	ISHARES TRUST CORE S&P500 ETF	$1,095,109	–	2,457	–	0.10%	–
INTC	New	INTEL CORP COM	$879,489	–	26,300	–	0.08%	–
DIS	New	WALT DISNEY COMPANY (THE) COM	$781,468	–	8,753	–	0.07%	–
LH	New	LABORATORY CORP AMER HLDGS COM	$723,990	–	3,000	–	0.07%	–
BNL	New	BROADSTONE NET LEASE INC COM U	$708,619	–	45,895	–	0.06%	–
IEX	New	IDEX CORP COM	$625,761	–	2,907	–	0.06%	–
IEFA	New	ISHARES TRUST CORE MSCI EAFE E	$619,852	–	9,183	–	0.06%	–
CL	New	COLGATE-PALMOLIVE CO COM	$616,320	–	8,000	–	0.06%	–
VEEV	New	VEEVA SYSTEMS INC COM CL A	$531,894	–	2,690	–	0.05%	–
MDLZ	New	MONDELEZ INTL INC CL A	$508,319	–	6,969	–	0.05%	–
MTB	New	M & T BANK CORP COM	$476,971	–	3,854	–	0.04%	–
LVMUY	New	LVMH MOET HENNESSY VUITTON SE	$445,474	–	2,359	–	0.04%	–
JBT	New	JOHN BEAN TECH COR COM	$415,938	–	3,429	–	0.04%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$373,423	–	1,699	–	0.03%	–
XOM	New	EXXON MOBIL CORPORATION COM	$367,438	–	3,426	–	0.03%	–
LHX	New	L3 HARRIS TECHNOLOGIES INC COM	$353,952	–	1,808	–	0.03%	–
IJH	New	ISHARES CORE S&P MID-CAP ETF	$270,632	–	1,035	–	0.02%	–
T	New	AT&T INC COM	$271,916	–	17,048	–	0.02%	–
NVO	New	NOVO NORDISK A/S ADR SPONSOREDadr	$249,380	–	1,541	–	0.02%	–
INTU	New	INTUIT INC COM	$227,720	–	497	–	0.02%	–
	New	BENEFIT STREET PARTNERS MULTIF	$222,794	–	13,285	–	0.02%	–
URI	New	UNITED RENTALS INC COM	$223,576	–	502	–	0.02%	–
DASTY	New	DASSAULT SYSTEMES ADR SPONSOREadr	$201,980	–	4,545	–	0.02%	–
DISH	New	DISH NETWORK CORPORATION COM C	$105,110	–	15,950	–	0.01%	–
WMLLF	New	WEALTH MINERALS COM	$35,338	–	117,795	–	0.00%	–
GMDA	New	GAMIDA CELL LTD COM	$27,491	–	14,244	–	0.00%	–
	New	ARGO BLOCKCHAIN PLC COM	$8,058	–	51,000	–	0.00%	–
CURR	New	CURE PHARMA HOLDING CORP COM	$16,125	–	150,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
REGRF	Exit	GRAPH BLOCKCHAIN INC COM	$0	–	-10,000	–	0.00%	–
	Exit	GSR II METEORA ACQUISITION CORwt	$0	–	-16,760	–	0.00%	–
	Exit	STATERA BIOPHARMA INC COM	$0	–	-13,570	–	0.00%	–
	Exit	9 METERS BIOPHARMA INC COM	$0	–	-10,000	–	0.00%	–
DMGGF	Exit	DMG BLOCKCHAIN SOLUTIONS INC C	$0	–	-10,000	–	0.00%	–
	Exit	BLOCKCHAIN FOUNDRY INC .2155:1	$0	–	-112,000	–	-0.00%	–
WMLLF	Exit	WEALTH MINERALS COM	$0	–	-97,795	–	-0.00%	–
	Exit	ARGO BLOCKCHAIN PLC COM	$0	–	-51,000	–	-0.00%	–
PRCH	Exit	PORCH GROUP INC COM	$0	–	-17,500	–	-0.00%	–
CURR	Exit	CURE PHARMA HOLDING CORP COM	$0	–	-127,000	–	-0.00%	–
GLD	Exit	SPDR GOLD TRUST GOLD SHS ETF	$0	–	-1,383	–	-0.02%	–
T	Exit	AT&T INC COM	$0	–	-16,048	–	-0.03%	–
DISH	Exit	DISH NETWORK CORPORATION COM C	$0	–	-17,950	–	-0.03%	–
	Exit	BENEFIT STREET PARTNERS MULTIF	$0	–	-12,973	–	-0.03%	–
LVMUY	Exit	LVMH MOET HENNESSY VUITTON SE	$0	–	-2,359	–	-0.03%	–
KDP	Exit	KEURIG DR PEPPER INC COM	$0	–	-9,726	–	-0.04%	–
MDLZ	Exit	MONDELEZ INTL INC CL A	$0	–	-6,693	–	-0.04%	–
XOM	Exit	EXXON MOBIL CORPORATION COM	$0	–	-4,326	–	-0.04%	–
MTB	Exit	M & T BANK CORP COM	$0	–	-2,240	–	-0.04%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-1,839	–	-0.05%	–
BNL	Exit	BROADSTONE NET LEASE INC COM U	$0	–	-33,554	–	-0.06%	–
CL	Exit	COLGATE-PALMOLIVE CO COM	$0	–	-8,000	–	-0.06%	–
IEX	Exit	IDEX CORP COM	$0	–	-2,907	–	-0.07%	–
VEEV	Exit	VEEVA SYSTEMS INC COM CL A	$0	–	-3,650	–	-0.07%	–
LH	Exit	LABORATORY CORP AMER HLDGS COM	$0	–	-3,000	–	-0.07%	–
IVV	Exit	ISHARES TRUST CORE S&P500 ETF	$0	–	-3,413	–	-0.14%	–
MOGB	Exit	MOOG INC COM CL B	$0	–	-20,946	–	-0.16%	–
EW	Exit	EDWARDS LIFE SCIENCES COM	$0	–	-24,072	–	-0.23%	–
INTC	Exit	INTEL CORP COM	$0	–	-86,625	–	-0.26%	–
BA	Exit	BOEING CO COM	$0	–	-25,533	–	-0.35%	–
NKE	Exit	NIKE INC COM CL B	$0	–	-37,541	–	-0.36%	–
DOW	Exit	DOW INC COM	$0	–	-75,151	–	-0.38%	–
CCI	Exit	CROWN CASTLE INC COM	$0	–	-23,952	–	-0.40%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-94,806	–	-0.41%	–
TFC	Exit	TRUIST FINL CORP COM	$0	–	-86,903	–	-0.43%	–
JCI	Exit	JOHNSON CTLS INTL PLC SHS ISIN	$0	–	-78,020	–	-0.44%	–
QCOM	Exit	QUALCOMM INC COM	$0	–	-34,056	–	-0.44%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-28,746	–	-0.44%	–
CAT	Exit	CATERPILLAR INS COM	$0	–	-23,878	–	-0.45%	–
SYY	Exit	SYSCO CORP COM	$0	–	-55,572	–	-0.45%	–
AVGO	Exit	BROADCOM INC COM	$0	–	-9,083	–	-0.46%	–
JPM	Exit	JP MORGAN CHASE & CO COM	$0	–	-38,539	–	-0.46%	–
KO	Exit	COCA-COLA CO COM	$0	–	-75,191	–	-0.48%	–
MMM	Exit	3M CO COM	$0	–	-38,180	–	-0.48%	–
PFE	Exit	PFIZER INC COM	$0	–	-98,444	–	-0.49%	–
TRV	Exit	TRAVELERS COMPANIES INC COM	$0	–	-28,249	–	-0.49%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-38,720	–	-0.50%	–
BLK	Exit	BLACKROCK INC COM	$0	–	-8,015	–	-0.50%	–
MCD	Exit	MCDONALDS CORP COM	$0	–	-19,252	–	-0.51%	–
HD	Exit	HOME DEPOT INC	$0	–	-16,560	–	-0.52%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-28,781	–	-0.54%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-20,324	–	-0.54%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-55,730	–	-0.55%	–
GIS	Exit	GENERAL MILLS INC COM	$0	–	-65,817	–	-0.58%	–
CVX	Exit	CHEVRON CORPORATION COM	$0	–	-35,750	–	-0.59%	–
WM	Exit	WASTE MANAGEMENT INC COM	$0	–	-32,266	–	-0.59%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-42,354	–	-0.61%	–
AAPL	Exit	APPLE INC COM	$0	–	-48,239	–	-0.76%	–
ILMN	Exit	ILLUMINA INC	$0	–	-76,696	–	-1.67%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-9,552	–	-1.79%	–
GPN	Exit	GLOBAL PAYMENTS INC	$0	–	-159,427	–	-1.97%	–
CTLT	Exit	CATALENT INC	$0	–	-252,522	–	-2.09%	–
ZTS	Exit	ZOETIS INC CLASS A	$0	–	-132,221	–	-2.24%	–
NOW	Exit	SERVICE NOW INC	$0	–	-56,751	–	-2.45%	–
LHX	Exit	L3HARRIS TECHNOLOGIES IN	$0	–	-108,894	–	-2.58%	–
APTV	Exit	APTIV PLC F	$0	–	-310,543	–	-2.77%	–
PAYC	Exit	PAYCOM SOFTWARE INC	$0	–	-75,778	–	-2.86%	–
APH	Exit	AMPHENOL CORP CLASS A	$0	–	-375,229	–	-2.87%	–
JBT	Exit	JOHN BEAN TECHS CORP	$0	–	-295,021	–	-2.90%	–
GGG	Exit	GRACO INC	$0	–	-430,333	–	-2.94%	–
DIS	Exit	WALT DISNEY CO	$0	–	-281,776	–	-3.04%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-87,285	–	-3.04%	–
SITE	Exit	SITEONE LANDSCAPE SUPPLY	$0	–	-266,487	–	-3.17%	–
DHR	Exit	DANAHER CORP	$0	–	-113,324	–	-3.34%	–
ADBE	Exit	ADOBE INC	$0	–	-108,341	–	-3.40%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-195,274	–	-3.72%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-468,224	–	-3.72%	–
TECH	Exit	BIO-TECHNE CORP	$0	–	-119,671	–	-3.88%	–
ISRG	Exit	INTUITIVE SURGICAL	$0	–	-187,818	–	-4.02%	–
ZBH	Exit	ZIMMER BIOMET HLDGS	$0	–	-342,867	–	-4.09%	–
LIN	Exit	LINDE PLC F	$0	–	-134,688	–	-4.15%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-197,520	–	-4.48%	–
PANW	Exit	PALO ALTO NETWORKS INCORPORATE	$0	–	-253,671	–	-4.74%	–
TMDX	Exit	TRANSMEDICS GROUP INC	$0	–	-1,343,163	–	-6.40%	–

Q3 2022

			Value		Shares		↓ Weighting
TMDX	Sell	TRANSMEDICS GROUP INC	$56,064,000	+12.3%	1,343,163	-15.4%	6.40%	+19.9%
PANW	Buy	PALO ALTO NETWORKS INCORPORATE	$41,549,000	-5.7%	253,671	+184.4%	4.74%	+0.7%
LFUS	Buy	LITTELFUSE INC	$39,245,000	+15.5%	197,520	+47.6%	4.48%	+23.3%
LIN	Sell	LINDE PLC F	$36,310,000	-8.3%	134,688	-2.2%	4.15%	-2.0%
ZBH	Sell	ZIMMER BIOMET HLDGS	$35,847,000	-5.7%	342,867	-5.3%	4.09%	+0.7%
ISRG	Buy	INTUITIVE SURGICAL	$35,205,000	+65.5%	187,818	+77.2%	4.02%	+76.7%
TECH	Buy	BIO-TECHNE CORP	$33,987,000	+0.7%	119,671	+22.9%	3.88%	+7.5%
CSGP	Sell	COSTAR GROUP INC	$32,612,000	+11.5%	468,224	-3.3%	3.72%	+19.1%
HON	Sell	HONEYWELL INTL INC	$32,605,000	-5.2%	195,274	-1.3%	3.72%	+1.3%
ADBE	Buy	ADOBE INC	$29,815,000	-18.2%	108,341	+8.8%	3.40%	-12.7%
DHR	Sell	DANAHER CORP	$29,271,000	-0.9%	113,324	-2.7%	3.34%	+5.8%
SITE	Buy	SITEONE LANDSCAPE SUPPLY	$27,752,000	+2.8%	266,487	+17.4%	3.17%	+9.8%
SPGI	Sell	S&P GLOBAL INC	$26,653,000	-11.6%	87,285	-2.4%	3.04%	-5.6%
DIS	Sell	WALT DISNEY CO	$26,580,000	-1.0%	281,776	-0.9%	3.04%	+5.8%
GGG	Sell	GRACO INC	$25,798,000	-2.0%	430,333	-2.9%	2.94%	+4.7%
JBT	Sell	JOHN BEAN TECHS CORP	$25,372,000	-23.0%	295,021	-1.1%	2.90%	-17.7%
APH	Sell	AMPHENOL CORP CLASS A	$25,125,000	+1.0%	375,229	-2.8%	2.87%	+7.9%
PAYC	Sell	PAYCOM SOFTWARE INC	$25,006,000	+14.1%	75,778	-3.1%	2.86%	+21.9%
APTV	Buy	APTIV PLC F	$24,288,000	-5.2%	310,543	+7.9%	2.77%	+1.2%
LHX	Sell	L3HARRIS TECHNOLOGIES IN	$22,632,000	-17.8%	108,894	-4.4%	2.58%	-12.2%
NOW	Buy	SERVICE NOW INC	$21,430,000	+6473.6%	56,751	+8184.8%	2.45%	+6891.4%
ZTS	Sell	ZOETIS INC CLASS A	$19,607,000	-16.3%	132,221	-3.0%	2.24%	-10.6%
CTLT	Sell	CATALENT INC	$18,272,000	-38.9%	252,522	-9.4%	2.09%	-34.7%
GPN	Sell	GLOBAL PAYMENTS INC	$17,226,000	-46.7%	159,427	-45.4%	1.97%	-43.1%
BKNG	New	BOOKING HOLDINGS INC	$15,696,000	–	9,552	–	1.79%	–
ILMN	Sell	ILLUMINA INC	$14,633,000	-31.0%	76,696	-33.4%	1.67%	-26.3%
AAPL	Sell	APPLE INC COM	$6,667,000	-20.3%	48,239	-21.1%	0.76%	-14.9%
PG	Buy	PROCTER & GAMBLE CO COM	$5,347,000	-11.6%	42,354	+0.7%	0.61%	-5.7%
WM	Sell	WASTE MANAGEMENT INC COM	$5,169,000	+3.3%	32,266	-1.3%	0.59%	+10.3%
CVX	Sell	CHEVRON CORPORATION COM	$5,136,000	-1.3%	35,750	-0.6%	0.59%	+5.2%
GIS	Sell	GENERAL MILLS INC COM	$5,042,000	+0.5%	65,817	-1.0%	0.58%	+7.5%
MRK	Sell	MERCK & CO INC NEW COM	$4,800,000	-6.3%	55,730	-0.8%	0.55%	0.0%
MSFT	Sell	MICROSOFT CORP	$4,733,000	-53.6%	20,324	-48.8%	0.54%	-50.5%
JNJ	Buy	JOHNSON & JOHNSON COM	$4,702,000	-7.3%	28,781	+0.8%	0.54%	-0.9%
HD	Sell	HOME DEPOT INC	$4,569,000	-0.7%	16,560	-1.3%	0.52%	+6.1%
MCD	Sell	MCDONALDS CORP COM	$4,442,000	-8.0%	19,252	-1.5%	0.51%	-1.7%
BLK	Sell	BLACKROCK INC COM	$4,410,000	-10.2%	8,015	-0.6%	0.50%	-4.2%
PAYX	Sell	PAYCHEX INC COM	$4,345,000	-5.9%	38,720	-4.5%	0.50%	+0.6%
TRV	Buy	TRAVELERS COMPANIES INC COM	$4,328,000	-9.1%	28,249	+0.3%	0.49%	-2.9%
PFE	Sell	PFIZER INC COM	$4,308,000	-16.7%	98,444	-0.2%	0.49%	-11.0%
MMM	Sell	3M CO COM	$4,219,000	-34.8%	38,180	-23.6%	0.48%	-30.3%
KO	Sell	COCA-COLA CO COM	$4,212,000	-11.5%	75,191	-0.6%	0.48%	-5.5%
JPM	Buy	JP MORGAN CHASE & CO COM	$4,027,000	-5.4%	38,539	+1.9%	0.46%	+1.1%
AVGO	Buy	BROADCOM INC COM	$4,033,000	-8.6%	9,083	+0.0%	0.46%	-2.5%
SYY	Sell	SYSCO CORP COM	$3,930,000	-17.1%	55,572	-0.7%	0.45%	-11.4%
CAT	Buy	CATERPILLAR INS COM	$3,918,000	-4.8%	23,878	+3.7%	0.45%	+1.6%
AXP	Buy	AMERICAN EXPRESS CO COM	$3,878,000	-2.0%	28,746	+0.7%	0.44%	+4.7%
QCOM	Sell	QUALCOMM INC COM	$3,848,000	-11.6%	34,056	-0.0%	0.44%	-5.6%
JCI	Sell	JOHNSON CTLS INTL PLC SHS ISIN	$3,840,000	+2.1%	78,020	-0.7%	0.44%	+9.0%
TFC	Buy	TRUIST FINL CORP COM	$3,784,000	-8.2%	86,903	+0.0%	0.43%	-2.0%
VZ	Buy	VERIZON COMMUNICATIONS COM	$3,600,000	-22.3%	94,806	+3.8%	0.41%	-17.1%
CCI	Sell	CROWN CASTLE INC COM	$3,462,000	-14.7%	23,952	-0.6%	0.40%	-9.0%
DOW	Buy	DOW INC COM	$3,301,000	-11.9%	75,151	+3.4%	0.38%	-6.0%
NKE	Buy	NIKE INC COM CL B	$3,120,000	-17.9%	37,541	+0.9%	0.36%	-12.3%
BA	Buy	BOEING CO COM	$3,092,000	+3.2%	25,533	+16.6%	0.35%	+10.3%
INTC	Buy	INTEL CORP COM	$2,232,000	-29.4%	86,625	+2.5%	0.26%	-24.6%
EW	Sell	EDWARDS LIFE SCIENCES COM	$1,989,000	-42.0%	24,072	-33.3%	0.23%	-38.1%
IVV	Sell	ISHARES TRUST CORE S&P500 ETF	$1,224,000	-29.4%	3,413	-25.4%	0.14%	-24.3%
VEEV	Sell	VEEVA SYSTEMS INC COM CL A	$602,000	-54.6%	3,650	-45.5%	0.07%	-51.4%
CL	Sell	COLGATE-PALMOLIVE CO COM	$562,000	-14.5%	8,000	-2.4%	0.06%	-8.6%
ADP	Buy	AUTOMATIC DATA PROCESSING INC	$416,000	+16.5%	1,839	+8.2%	0.05%	+23.7%
XOM	Sell	EXXON MOBIL CORPORATION COM	$378,000	+0.8%	4,326	-1.1%	0.04%	+7.5%
MDLZ	Sell	MONDELEZ INTL INC CL A	$367,000	-14.3%	6,693	-3.0%	0.04%	-8.7%
KDP	Sell	KEURIG DR PEPPER INC COM	$348,000	-0.3%	9,726	-1.3%	0.04%	+8.1%
	Buy	BENEFIT STREET PARTNERS MULTIF	$250,000	+17.4%	12,973	+0.3%	0.03%	+26.1%
T	Buy	AT&T INC COM	$246,000	-16.3%	16,048	+14.2%	0.03%	-9.7%
DISH	Buy	DISH NETWORK CORPORATION COM C	$248,000	-13.3%	17,950	+12.5%	0.03%	-9.7%
PRCH	New	PORCH GROUP INC COM	$39,000	–	17,500	–	0.00%	–
NMTR	Exit	9 METERS BIOPHARMA INC COM	$0	–	-10,000	–	0.00%	–
	New	9 METERS BIOPHARMA INC COM	$2,000	–	10,000	–	0.00%	–
	New	GSR II METEORA ACQUISITION CORwt	$3,000	–	16,760	–	0.00%	–
SPLK	Exit	SPLUNK INC	$0	–	-2,310	–	-0.02%	–
IQV	Exit	IQVIA HOLDINGS INC COM	$0	–	-940	–	-0.02%	–
NVO	Exit	NOVO NORDISK A/S ADR SPONSOREDadr	$0	–	-1,841	–	-0.02%	–
USB	Exit	US BANCORP COM	$0	–	-4,666	–	-0.02%	–
TCEHY	Exit	TENCENT HLDGS LTD ADR ISIN#US8adr	$0	–	-5,146	–	-0.02%	–
FTNT	Exit	FORTINET INC	$0	–	-6,775	–	-0.04%	–
	Exit	DRAFTKINGS INC NEW CLASS A	$0	–	-966,800	–	-1.21%	–
ENTG	Exit	ENTEGRIS INC	$0	–	-236,526	–	-2.33%	–

Q2 2022

			Value		Shares		↓ Weighting
TMDX	New	TRANSMEDICS GROUP INC	$49,929,000	–	1,587,557	–	5.34%	–
PANW	New	PALO ALTO NETWORKS	$44,064,000	–	89,209	–	4.71%	–
LIN	New	LINDE PLC F	$39,584,000	–	137,669	–	4.23%	–
ZBH	New	ZIMMER BIOMET HLDGS	$38,021,000	–	361,899	–	4.06%	–
ADBE	New	ADOBE INC	$36,453,000	–	99,582	–	3.90%	–
HON	New	HONEYWELL INTL INC	$34,389,000	–	197,853	–	3.68%	–
LFUS	New	LITTELFUSE INC	$33,992,000	–	133,807	–	3.63%	–
TECH	New	BIO-TECHNE CORP	$33,757,000	–	97,382	–	3.61%	–
JBT	New	JOHN BEAN TECHS CORP	$32,947,000	–	298,381	–	3.52%	–
GPN	New	GLOBAL PAYMENTS INC	$32,305,000	–	291,984	–	3.45%	–
SPGI	New	S&P GLOBAL INC	$30,152,000	–	89,457	–	3.22%	–
CTLT	New	CATALENT INC	$29,891,000	–	278,599	–	3.20%	–
DHR	New	DANAHER CORP	$29,536,000	–	116,502	–	3.16%	–
CSGP	New	COSTAR GROUP INC	$29,248,000	–	484,150	–	3.13%	–
LHX	New	L3HARRIS TECHNOLOGIES IN	$27,528,000	–	113,892	–	2.94%	–
SITE	New	SITEONE LANDSCAPE SUPPLY	$26,983,000	–	226,992	–	2.88%	–
DIS	New	WALT DISNEY CO	$26,838,000	–	284,299	–	2.87%	–
GGG	New	GRACO INC	$26,321,000	–	443,039	–	2.81%	–
APTV	New	APTIV PLC F	$25,624,000	–	287,685	–	2.74%	–
APH	New	AMPHENOL CORP CLASS A	$24,864,000	–	386,209	–	2.66%	–
ZTS	New	ZOETIS INC CLASS A	$23,419,000	–	136,241	–	2.50%	–
PAYC	New	PAYCOM SOFTWARE INC	$21,913,000	–	78,226	–	2.34%	–
ENTG	New	ENTEGRIS INC	$21,791,000	–	236,526	–	2.33%	–
ISRG	New	INTUITIVE SURGICAL	$21,275,000	–	105,997	–	2.27%	–
ILMN	New	ILLUMINA INC	$21,218,000	–	115,091	–	2.27%	–
	New	DRAFTKINGS INC NEW CLASS A	$11,283,000	–	966,800	–	1.21%	–
MSFT	New	MICROSOFT CORP	$10,203,000	–	39,725	–	1.09%	–
AAPL	New	APPLE INC COM	$8,360,000	–	61,144	–	0.89%	–
MMM	New	3M COMPANY COM	$6,471,000	–	50,001	–	0.69%	–
PG	New	PROCTER & GAMBLE CO COM	$6,048,000	–	42,062	–	0.65%	–
CVX	New	CHEVRON CORPORATION COM	$5,206,000	–	35,959	–	0.56%	–
PFE	New	PFIZER INC COM	$5,174,000	–	98,686	–	0.55%	–
MRK	New	MERCK & CO INC NEW COM	$5,122,000	–	56,181	–	0.55%	–
JNJ	New	JOHNSON & JOHNSON COM	$5,070,000	–	28,559	–	0.54%	–
GIS	New	GENERAL MILLS INC COM	$5,017,000	–	66,498	–	0.54%	–
WM	New	WASTE MANAGEMENT INC COM	$5,003,000	–	32,703	–	0.54%	–
BLK	New	BLACKROCK INC COM	$4,913,000	–	8,067	–	0.52%	–
MCD	New	MCDONALD'S CORPORATION COM	$4,827,000	–	19,553	–	0.52%	–
TRV	New	TRAVELERS COMPANIES INC COM	$4,761,000	–	28,151	–	0.51%	–
KO	New	COCA-COLA CO COM	$4,759,000	–	75,642	–	0.51%	–
SYY	New	SYSCO CORP COM	$4,740,000	–	55,953	–	0.51%	–
VZ	New	VERIZON COMMUNICATIONS COM	$4,635,000	–	91,337	–	0.50%	–
PAYX	New	PAYCHEX INC COM	$4,615,000	–	40,528	–	0.49%	–
HD	New	HOME DEPOT INC	$4,602,000	–	16,778	–	0.49%	–
AVGO	New	BROADCOM INC COM	$4,411,000	–	9,079	–	0.47%	–
QCOM	New	QUALCOMM INC COM	$4,351,000	–	34,063	–	0.46%	–
JPM	New	JP MORGAN CHASE & CO COM	$4,259,000	–	37,824	–	0.46%	–
TFC	New	TRUIST FINL CORP COM	$4,121,000	–	86,889	–	0.44%	–
CAT	New	CATERPILLAR INC COM	$4,117,000	–	23,029	–	0.44%	–
CCI	New	CROWN CASTLE INC COM USD0.01	$4,057,000	–	24,094	–	0.43%	–
AXP	New	AMERICAN EXPRESS CO COM	$3,956,000	–	28,540	–	0.42%	–
NKE	New	NIKE INC COM CL B	$3,801,000	–	37,193	–	0.41%	–
JCI	New	JOHNSON CTLS INTL PLC SHS ISIN	$3,761,000	–	78,556	–	0.40%	–
DOW	New	DOW INC COM	$3,749,000	–	72,649	–	0.40%	–
EW	New	EDWARDS LIFE SCIENCES COM	$3,430,000	–	36,072	–	0.37%	–
INTC	New	INTEL CORP COM	$3,162,000	–	84,516	–	0.34%	–
BA	New	BOEING CO COM	$2,995,000	–	21,903	–	0.32%	–
IVV	New	ISHARES TRUST CORE S&P500 ETF	$1,734,000	–	4,573	–	0.18%	–
MOGB	New	MOOG INC COM CL B	$1,671,000	–	20,946	–	0.18%	–
VEEV	New	VEEVA SYSTEMS INC COM CL A	$1,327,000	–	6,700	–	0.14%	–
LH	New	LABORATORY CORP AMER HLDGS COM	$703,000	–	3,000	–	0.08%	–
BNL	New	BROADSTONE NET LEASE INC COM U	$688,000	–	33,554	–	0.07%	–
CL	New	COLGATE-PALMOLIVE CO COM	$657,000	–	8,200	–	0.07%	–
IEX	New	IDEX CORP COM	$528,000	–	2,907	–	0.06%	–
MDLZ	New	MONDELEZ INTL INC CL A	$428,000	–	6,900	–	0.05%	–
FTNT	New	FORTINET INC	$383,000	–	6,775	–	0.04%	–
XOM	New	EXXON MOBIL CORPORATION COM	$375,000	–	4,376	–	0.04%	–
MTB	New	M & T BANK CORP COM	$357,000	–	2,240	–	0.04%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$357,000	–	1,699	–	0.04%	–
KDP	New	KEURIG DR PEPPER INC COM	$349,000	–	9,852	–	0.04%	–
NOW	New	SERVICE NOW INC	$326,000	–	685	–	0.04%	–
DISH	New	DISH NETWORK CORPORATION COM C	$286,000	–	15,950	–	0.03%	–
LVMUY	New	LVMH MOET HENNESSY VUITTON SE	$288,000	–	2,359	–	0.03%	–
T	New	AT&T INC COM	$294,000	–	14,048	–	0.03%	–
TCEHY	New	TENCENT HLDGS LTD ADR ISIN#US8adr	$234,000	–	5,146	–	0.02%	–
GLD	New	SPDR GOLD TRUST GOLD SHS ETF	$233,000	–	1,383	–	0.02%	–
USB	New	US BANCORP COM	$215,000	–	4,666	–	0.02%	–
	New	BENEFIT STREET PARTNERS MULTIF	$213,000	–	12,938	–	0.02%	–
IQV	New	IQVIA HOLDINGS INC COM	$204,000	–	940	–	0.02%	–
NVO	New	NOVO NORDISK A/S ADR SPONSOREDadr	$205,000	–	1,841	–	0.02%	–
SPLK	New	SPLUNK INC	$204,000	–	2,310	–	0.02%	–
CURR	New	CURE PHARMA HOLDING CORP COM	$33,000	–	127,000	–	0.00%	–
WMLLF	New	WEALTH MINERALS COM	$26,000	–	97,795	–	0.00%	–
	New	ARGO BLOCKCHAIN PLC COM	$20,000	–	51,000	–	0.00%	–
	New	BLOCKCHAIN FOUNDRY INC COM	$6,000	–	112,000	–	0.00%	–
DMGGF	New	DMG BLOCKCHAIN SOLUTIONS INC C	$2,000	–	10,000	–	0.00%	–
REGRF	New	GRAPH BLOCKCHAIN INC COM	$0	–	10,000	–	0.00%	–
	New	STATERA BIOPHARMA INC COM	$4,000	–	13,570	–	0.00%	–
NMTR	New	9 METERS BIOPHARMA INC COM	$3,000	–	10,000	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
REGRF	Exit	GRAPH BLOCKCHAIN INC COM	$0	–	-10,000	–	0.00%	–
DMGGF	Exit	DMG BLOCKCHAIN SOLUTIONS INC C	$0	–	-10,000	–	-0.00%	–
NMTR	Exit	9 METERS BIOPHARMA INC COM	$0	–	-10,000	–	-0.00%	–
	Exit	BLOCKCHAIN FOUNDRY INC COM	$0	–	-87,000	–	-0.00%	–
WMLLF	Exit	WEALTH MINERALS COM	$0	–	-97,795	–	-0.00%	–
MPLN	Exit	MULTIPLAN CORP	$0	–	-13,344	–	-0.01%	–
CURR	Exit	CURE PHARMA HOLDING CORP COM	$0	–	-102,000	–	-0.01%	–
	Exit	ARGO BLOCKCHAIN PLC COM	$0	–	-51,000	–	-0.01%	–
MTNB	Exit	MATINAS BIOPHARMA HOLDINGS INC	$0	–	-70,000	–	-0.01%	–
	Exit	BENEFIT STREET PARTNERS MULTIF	$0	–	-12,579	–	-0.01%	–
HOCPY	Exit	HOYA CORP ADR SPONSOREDadr	$0	–	-1,293	–	-0.02%	–
LRLCY	Exit	L'OREAL ADR SPONSOREDadr	$0	–	-2,519	–	-0.02%	–
SAP	Exit	SAP SE ADR SPONSOREDadr	$0	–	-1,782	–	-0.02%	–
RCRUY	Exit	RECRUIT HOLDINGS CO LTD ADR UNadr	$0	–	-21,911	–	-0.02%	–
INTU	Exit	INTUIT INC COM	$0	–	-497	–	-0.02%	–
TEAM	Exit	ATLASSIAN CORPORATION PLC COM	$0	–	-705	–	-0.02%	–
USB	Exit	US BANCORP COM	$0	–	-4,682	–	-0.02%	–
CODYY	Exit	COMPAGNIE DE ST-GOBAIN ADR UNSadr	$0	–	-20,941	–	-0.02%	–
ALGN	Exit	ALIGN TECHNOLOGY INC COM	$0	–	-493	–	-0.03%	–
LVMUY	Exit	LVMH MOET HENNESSY VUITTON SE	$0	–	-2,359	–	-0.03%	–
CRL	Exit	CHARLES RIV LABORATORIES INTL	$0	–	-809	–	-0.03%	–
DASTY	Exit	DASSAULT SYSTEMES ADR SPONSOREadr	$0	–	-6,650	–	-0.03%	–
TCEHY	Exit	TENCENT HLDGS LTD ADR ISIN#US8adr	$0	–	-6,094	–	-0.03%	–
IEFA	Exit	ISHARES TR CORE MSCI EAFE ETF	$0	–	-4,979	–	-0.03%	–
ATR	Exit	APTARGROUP INC COM	$0	–	-3,172	–	-0.03%	–
T	Exit	AT&T INC COM	$0	–	-14,261	–	-0.03%	–
NOW	Exit	SERVICE NOW INC COM	$0	–	-641	–	-0.03%	–
IFF	Exit	INTL FLAVORS& FRAGRA	$0	–	-2,940	–	-0.03%	–
MDLZ	Exit	MONDELEZ INTL INC CL A	$0	–	-7,400	–	-0.04%	–
BA	Exit	BOEING CO COM	$0	–	-3,777	–	-0.07%	–
LH	Exit	LABORATORY CORP AMER HLDGS COM	$0	–	-3,000	–	-0.07%	–
BNL	Exit	BROADSTONE NET LEASE INC COM U	$0	–	-44,318	–	-0.09%	–
IVV	Exit	ISHARES TRUST CORE S&P500 ETF	$0	–	-2,753	–	-0.10%	–
CCI	Exit	CROWN CASTLE INTL CO REIT	$0	–	-8,108	–	-0.11%	–
VEEV	Exit	VEEVA SYSTEMS INC COM CL A	$0	–	-5,000	–	-0.12%	–
IEX	Exit	IDEX CORP COM	$0	–	-7,157	–	-0.12%	–
C	Exit	CITIGROUP INC COM NEW ISIN#US1	$0	–	-22,064	–	-0.12%	–
TFC	Exit	TRUIST FINL CORP COM	$0	–	-27,038	–	-0.13%	–
MOGB	Exit	MOOG INC COM CL B	$0	–	-20,946	–	-0.13%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-30,550	–	-0.13%	–
GIS	Exit	GENERAL MILLS INC COM	$0	–	-28,118	–	-0.14%	–
KO	Exit	COCA-COLA CO COM	$0	–	-32,139	–	-0.14%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-22,743	–	-0.14%	–
DOW	Exit	DOW INC COM	$0	–	-30,138	–	-0.14%	–
PFE	Exit	PFIZER INC COM	$0	–	-40,406	–	-0.14%	–
QCOM	Exit	QUALCOMM INC COM	$0	–	-13,617	–	-0.14%	–
INTC	Exit	INTEL CORP COM	$0	–	-33,185	–	-0.14%	–
TRV	Exit	TRAVELERS COMPANIES INC COM	$0	–	-11,978	–	-0.15%	–
SYY	Exit	SYSCO CORP COM	$0	–	-23,510	–	-0.15%	–
CAT	Exit	CATERPILLAR INC COM	$0	–	-10,110	–	-0.16%	–
JCI	Exit	JOHNSON CTLS INTL PLC SHS ISIN	$0	–	-28,807	–	-0.16%	–
MCD	Exit	MCDONALD'S CORPORATION COM	$0	–	-8,527	–	-0.16%	–
CL	Exit	COLGATE-PALMOLIVE CO COM	$0	–	-27,446	–	-0.17%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-12,673	–	-0.17%	–
CVX	Exit	CHEVRON CORPORATION COM	$0	–	-21,070	–	-0.17%	–
AVGO	Exit	BROADCOM INC COM	$0	–	-4,625	–	-0.18%	–
DIS	Exit	DISNEY WALT CO DISNEY COM	$0	–	-13,399	–	-0.18%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-20,538	–	-0.18%	–
WM	Exit	WASTE MANAGEMENT INC COM	$0	–	-15,793	–	-0.19%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-14,573	–	-0.19%	–
HD	Exit	HOME DEPOT INC COM	$0	–	-7,480	–	-0.20%	–
JPM	Exit	JP MORGAN CHASE & CO COM ISIN#	$0	–	-15,940	–	-0.21%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-10,315	–	-0.23%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-22,504	–	-0.25%	–
EW	Exit	EDWARDS LIFE SCIENCES COM	$0	–	-28,072	–	-0.26%	–
AAPL	Exit	APPLE INC COM	$0	–	-32,293	–	-0.37%	–
MMM	Exit	3M COMPANY COM	$0	–	-28,885	–	-0.41%	–
TMX	Exit	TERMINIX GLOBAL HOLDINGS	$0	–	-332,570	–	-1.11%	–
U	Exit	UNITY SOFTWARE INC	$0	–	-126,454	–	-1.28%	–
ZTS	Exit	ZOETIS INC CLASS A	$0	–	-125,038	–	-1.95%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-296,103	–	-2.04%	–
SITE	Exit	SITEONE LANDSCAPE SUPPLY	$0	–	-138,028	–	-2.21%	–
MRCY	Exit	MERCURY SYSTEMS INC	$0	–	-589,872	–	-2.24%	–
DHR	Exit	DANAHER CORP	$0	–	-98,653	–	-2.41%	–
APH	Exit	AMPHENOL CORP CLASS A	$0	–	-434,434	–	-2.55%	–
FMC	Exit	F M C CORP	$0	–	-348,750	–	-2.56%	–
ADBE	Exit	ADOBE INC	$0	–	-60,482	–	-2.79%	–
PYPL	Exit	PAYPAL HOLDINGS INCORPOR	$0	–	-137,901	–	-2.88%	–
VRT	Exit	VERTIV HOLDINGS CO	$0	–	-1,495,661	–	-2.89%	–
KDP	Exit	KEURIG DR PEPPER INC	$0	–	-1,061,931	–	-2.91%	–
ENTG	Exit	ENTEGRIS INC	$0	–	-288,193	–	-2.91%	–
A	Exit	AGILENT TECHNOLOGIES	$0	–	-247,212	–	-3.12%	–
DKNG	Exit	DRAFTKINGS INC	$0	–	-846,886	–	-3.27%	–
APTV	Exit	APTIV PLC F	$0	–	-275,740	–	-3.29%	–
CTLT	Exit	CATALENT INC	$0	–	-317,547	–	-3.39%	–
SPLK	Exit	SPLUNK INC	$0	–	-292,399	–	-3.39%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-100,457	–	-3.42%	–
CLVT	Exit	CLARIVATE PLC F	$0	–	-1,965,166	–	-3.45%	–
LHX	Exit	L3HARRIS TECHNOLOGIES IN	$0	–	-201,253	–	-3.55%	–
LIN	Exit	LINDE PLC F	$0	–	-151,813	–	-3.61%	–
TMDX	Exit	TRANSMEDICS GROUP INC	$0	–	-1,440,045	–	-3.82%	–
PANW	Exit	PALO ALTO NETWORKS	$0	–	-101,810	–	-3.91%	–
FTNT	Exit	FORTINET INC	$0	–	-177,368	–	-4.15%	–
GPN	Exit	GLOBAL PAYMENTS INC	$0	–	-336,644	–	-4.25%	–
NFLX	Exit	NETFLIX INC	$0	–	-93,253	–	-4.56%	–
TRU	Exit	TRANSUNION	$0	–	-508,406	–	-4.58%	–
TECH	Exit	BIO-TECHNE CORP	$0	–	-120,999	–	-4.70%	–

Q3 2021

			Value		Shares		↓ Weighting
TECH	Sell	BIO-TECHNE CORP	$58,633,000	+2.4%	120,999	-4.9%	4.70%	+5.2%
TRU	Buy	TRANSUNION	$57,099,000	+2.6%	508,406	+0.4%	4.58%	+5.5%
NFLX	Buy	NETFLIX INC	$56,916,000	+18.3%	93,253	+2.3%	4.56%	+21.6%
GPN	Buy	GLOBAL PAYMENTS INC	$53,048,000	+5.6%	336,644	+25.6%	4.25%	+8.5%
FTNT	Sell	FORTINET INC	$51,799,000	+5.0%	177,368	-14.3%	4.15%	+7.9%
PANW	New	PALO ALTO NETWORKS	$48,767,000	–	101,810	–	3.91%	–
TMDX	Buy	TRANSMEDICS GROUP INC	$47,651,000	+0.5%	1,440,045	+0.7%	3.82%	+3.2%
LIN	Buy	LINDE PLC F	$45,032,000	+4.1%	151,813	+1.3%	3.61%	+7.0%
LHX	Sell	L3HARRIS TECHNOLOGIES IN	$44,324,000	+1.1%	201,253	-0.8%	3.55%	+3.9%
CLVT	Buy	CLARIVATE PLC F	$43,037,000	-15.7%	1,965,166	+6.0%	3.45%	-13.4%
SPGI	Buy	S&P GLOBAL INC	$42,683,000	+3.6%	100,457	+0.1%	3.42%	+6.5%
SPLK	Buy	SPLUNK INC	$42,313,000	+0.3%	292,399	+0.2%	3.39%	+3.1%
CTLT	New	CATALENT INC	$42,256,000	–	317,547	–	3.39%	–
APTV	Buy	APTIV PLC F	$41,077,000	-4.4%	275,740	+0.9%	3.29%	-1.8%
DKNG	Buy	DRAFTKINGS INC	$40,786,000	-6.7%	846,886	+1.0%	3.27%	-4.1%
A	Sell	AGILENT TECHNOLOGIES	$38,943,000	+5.7%	247,212	-0.8%	3.12%	+8.6%
ENTG	New	ENTEGRIS INC	$36,283,000	–	288,193	–	2.91%	–
KDP	Buy	KEURIG DR PEPPER INC	$36,276,000	-1.0%	1,061,931	+2.2%	2.91%	+1.8%
VRT	Sell	VERTIV HOLDINGS CO	$36,030,000	-13.4%	1,495,661	-1.9%	2.89%	-11.0%
PYPL	Buy	PAYPAL HOLDINGS INCORPOR	$35,883,000	-9.4%	137,901	+1.5%	2.88%	-6.9%
ADBE	Buy	ADOBE INC	$34,820,000	-0.7%	60,482	+1.0%	2.79%	+2.0%
FMC	Buy	F M C CORP	$31,932,000	-11.4%	348,750	+4.6%	2.56%	-9.0%
APH	Buy	AMPHENOL CORP CLASS A	$31,814,000	+9.1%	434,434	+1.9%	2.55%	+12.1%
DHR	Buy	DANAHER CORP	$30,034,000	+14.6%	98,653	+1.0%	2.41%	+17.8%
MRCY	Buy	MERCURY SYSTEMS INC	$27,972,000	-24.4%	589,872	+5.7%	2.24%	-22.3%
SITE	Buy	SITEONE LANDSCAPE SUPPLY	$27,533,000	+19.6%	138,028	+1.5%	2.21%	+23.0%
CSGP	Buy	COSTAR GROUP INC	$25,483,000	+5.5%	296,103	+1.5%	2.04%	+8.4%
ZTS	Buy	ZOETIS INC CLASS A	$24,275,000	+5.5%	125,038	+1.3%	1.95%	+8.4%
U	Buy	UNITY SOFTWARE INC	$15,965,000	+16.4%	126,454	+1.3%	1.28%	+19.6%
TMX	Sell	TERMINIX GLOBAL HOLDINGS	$13,858,000	-64.0%	332,570	-58.8%	1.11%	-63.0%
MMM	Buy	3M COMPANY COM	$5,067,000	-8.3%	28,885	+3.8%	0.41%	-5.8%
AAPL	Buy	APPLE INC COM	$4,569,000	+4.8%	32,293	+1.5%	0.37%	+7.6%
EW	Sell	EDWARDS LIFE SCIENCES COM	$3,178,000	+5.5%	28,072	-3.4%	0.26%	+8.5%
PG	Buy	PROCTER & GAMBLE CO COM	$3,146,000	+7.4%	22,504	+3.6%	0.25%	+10.0%
MSFT	Buy	MICROSOFT CORP COM	$2,908,000	+6.3%	10,315	+2.2%	0.23%	+9.4%
JPM	Buy	JP MORGAN CHASE & CO COM ISIN#	$2,609,000	+6.5%	15,940	+1.2%	0.21%	+9.4%
HD	Buy	HOME DEPOT INC COM	$2,455,000	+12.8%	7,480	+9.6%	0.20%	+15.9%
WM	Buy	WASTE MANAGEMENT INC COM	$2,359,000	+10.2%	15,793	+3.4%	0.19%	+13.2%
JNJ	Buy	JOHNSON & JOHNSON COM	$2,354,000	+7.8%	14,573	+9.9%	0.19%	+11.2%
PAYX	Buy	PAYCHEX INC COM	$2,309,000	+8.3%	20,538	+3.3%	0.18%	+11.4%
DIS	Buy	DISNEY WALT CO DISNEY COM	$2,267,000	-1.9%	13,399	+1.9%	0.18%	+1.1%
AVGO	Buy	BROADCOM INC COM	$2,243,000	+6.3%	4,625	+4.4%	0.18%	+9.1%
CVX	Buy	CHEVRON CORPORATION COM	$2,138,000	+5.5%	21,070	+8.9%	0.17%	+8.2%
AXP	Buy	AMERICAN EXPRESS CO COM	$2,123,000	+2.4%	12,673	+1.0%	0.17%	+4.9%
CL	Buy	COLGATE-PALMOLIVE CO COM	$2,074,000	+2.0%	27,446	+9.8%	0.17%	+4.4%
MCD	Buy	MCDONALD'S CORPORATION COM	$2,056,000	+12.0%	8,527	+7.4%	0.16%	+15.4%
JCI	Buy	JOHNSON CTLS INTL PLC SHS ISIN	$1,961,000	-0.4%	28,807	+0.4%	0.16%	+1.9%
CAT	Buy	CATERPILLAR INC COM	$1,941,000	-5.8%	10,110	+6.8%	0.16%	-3.1%
SYY	Buy	SYSCO CORP COM	$1,846,000	+13.0%	23,510	+11.9%	0.15%	+16.5%
TRV	Buy	TRAVELERS COMPANIES INC COM	$1,821,000	+6.6%	11,978	+5.0%	0.15%	+9.8%
INTC	Buy	INTEL CORP COM	$1,768,000	+9.0%	33,185	+14.9%	0.14%	+11.8%
QCOM	Buy	QUALCOMM INC COM	$1,756,000	-3.1%	13,617	+7.4%	0.14%	0.0%
DOW	Buy	DOW INC COM	$1,735,000	+0.6%	30,138	+10.6%	0.14%	+3.0%
PFE	Buy	PFIZER INC COM	$1,738,000	+13.0%	40,406	+2.9%	0.14%	+15.8%
MRK	Buy	MERCK & CO INC NEW COM	$1,708,000	+8.2%	22,743	+12.0%	0.14%	+11.4%
GIS	Buy	GENERAL MILLS INC COM	$1,682,000	+11.2%	28,118	+13.3%	0.14%	+14.4%
KO	Buy	COCA-COLA CO COM	$1,686,000	+5.2%	32,139	+8.5%	0.14%	+8.0%
VZ	Buy	VERIZON COMMUNICATIONS COM	$1,650,000	+8.8%	30,550	+12.8%	0.13%	+11.9%
TFC	Buy	TRUIST FINL CORP COM	$1,586,000	+10.8%	27,038	+4.8%	0.13%	+13.4%
C	Buy	CITIGROUP INC COM NEW ISIN#US1	$1,548,000	+1.2%	22,064	+2.1%	0.12%	+4.2%
CCI	Buy	CROWN CASTLE INTL CO REIT	$1,405,000	-4.4%	8,108	+7.7%	0.11%	-1.7%
IVV	Buy	ISHARES TRUST CORE S&P500 ETF	$1,186,000	+1.8%	2,753	+1.6%	0.10%	+4.4%
BNL	Sell	BROADSTONE NET LEASE INC COM U	$1,100,000	-20.8%	44,318	-25.3%	0.09%	-18.5%
BA	Buy	BOEING CO COM	$831,000	-5.7%	3,777	+2.7%	0.07%	-2.9%
IFF	Sell	INTL FLAVORS& FRAGRA	$393,000	-98.7%	2,940	-98.5%	0.03%	-98.6%
T	Buy	AT&T INC COM	$385,000	-4.7%	14,261	+1.5%	0.03%	-3.1%
ATR	Sell	APTARGROUP INC COM	$379,000	-19.5%	3,172	-5.2%	0.03%	-18.9%
TCEHY	New	TENCENT HLDGS LTD ADR ISIN#US8adr	$364,000	–	6,094	–	0.03%	–
DASTY	New	DASSAULT SYSTEMES ADR SPONSOREadr	$350,000	–	6,650	–	0.03%	–
CRL	Sell	CHARLES RIV LABORATORIES INTL	$334,000	+11.3%	809	-0.2%	0.03%	+17.4%
CODYY	New	COMPAGNIE DE ST-GOBAIN ADR UNSadr	$281,000	–	20,941	–	0.02%	–
TEAM	New	ATLASSIAN CORPORATION PLC COM	$276,000	–	705	–	0.02%	–
USB	Sell	US BANCORP COM	$278,000	-5.8%	4,682	-9.5%	0.02%	-4.3%
RCRUY	New	RECRUIT HOLDINGS CO LTD ADR UNadr	$268,000	–	21,911	–	0.02%	–
SAP	New	SAP SE ADR SPONSOREDadr	$241,000	–	1,782	–	0.02%	–
LRLCY	New	L'OREAL ADR SPONSOREDadr	$209,000	–	2,519	–	0.02%	–
HOCPY	New	HOYA CORP ADR SPONSOREDadr	$203,000	–	1,293	–	0.02%	–
	Buy	BENEFIT STREET PARTNERS MULTIF	$152,000	+9.4%	12,579	+1.0%	0.01%	+9.1%
MTNB	Buy	MATINAS BIOPHARMA HOLDINGS INC	$91,000	+295.7%	70,000	+133.3%	0.01%	+250.0%
MPLN	Sell	MULTIPLAN CORP	$75,000	-99.8%	13,344	-99.7%	0.01%	-99.8%
	Buy	ARGO BLOCKCHAIN PLC COM	$80,000	-4.8%	51,000	+1.0%	0.01%	-14.3%
CURR	Sell	CURE PHARMA HOLDING CORP COM	$74,000	+34.5%	102,000	-4.7%	0.01%	+50.0%
GLD	Exit	SPDR GOLD TRUST GOLD SHS ETF	$0	–	-1,673	–	-0.02%	–
SLG	Exit	SL GREEN RLTY CORP COM NEW	$0	–	-20,131	–	-0.13%	–
VRTX	Exit	VERTEX PHARMACEUTICA	$0	–	-163,114	–	-2.57%	–
FISV	Exit	FISERV INC	$0	–	-385,911	–	-3.22%	–

Q2 2021

			Value		Shares		↓ Weighting
TECH	New	BIO-TECHNE CORP	$57,281,000	–	127,217	–	4.47%	–
TRU	New	TRANSUNION	$55,627,000	–	506,577	–	4.34%	–
CLVT	New	CLARIVATE PLC F	$51,058,000	–	1,854,626	–	3.98%	–
GPN	New	GLOBAL PAYMENTS INC	$50,258,000	–	267,987	–	3.92%	–
FTNT	New	FORTINET INC	$49,323,000	–	207,076	–	3.85%	–
NFLX	New	NETFLIX INC	$48,128,000	–	91,116	–	3.75%	–
TMDX	New	TRANSMEDICS GROUP INC	$47,429,000	–	1,429,432	–	3.70%	–
LHX	New	L3HARRIS TECHNOLOGIES IN	$43,861,000	–	202,919	–	3.42%	–
DKNG	New	DRAFTKINGS INC	$43,730,000	–	838,229	–	3.41%	–
LIN	New	LINDE PLC F	$43,264,000	–	149,920	–	3.38%	–
APTV	New	APTIV PLC F	$42,989,000	–	273,243	–	3.35%	–
SPLK	New	SPLUNK INC	$42,187,000	–	291,791	–	3.29%	–
VRT	New	VERTIV HOLDINGS CO	$41,609,000	–	1,524,151	–	3.25%	–
FISV	New	FISERV INC	$41,250,000	–	385,911	–	3.22%	–
SPGI	New	S&P GLOBAL INC	$41,190,000	–	100,353	–	3.21%	–
PYPL	New	PAYPAL HOLDINGS INCORPOR	$39,598,000	–	135,851	–	3.09%	–
MPLN	New	MULTIPLAN CORP	$39,589,000	–	4,158,522	–	3.09%	–
TMX	New	TERMINIX GLOBAL HOLDINGS	$38,525,000	–	807,488	–	3.00%	–
MRCY	New	MERCURY SYSTEMS INC	$36,976,000	–	557,877	–	2.88%	–
A	New	AGILENT TECHNOLOGIES	$36,843,000	–	249,258	–	2.87%	–
KDP	New	KEURIG DR PEPPER INC	$36,624,000	–	1,039,271	–	2.86%	–
FMC	New	F M C CORP	$36,058,000	–	333,255	–	2.81%	–
ADBE	New	ADOBE INC	$35,070,000	–	59,884	–	2.74%	–
VRTX	New	VERTEX PHARMACEUTICA	$32,889,000	–	163,114	–	2.57%	–
IFF	New	INTL FLAVORS& FRAGRA	$29,523,000	–	197,607	–	2.30%	–
APH	New	AMPHENOL CORP CLASS A	$29,164,000	–	426,307	–	2.28%	–
DHR	New	DANAHER CORP	$26,217,000	–	97,694	–	2.04%	–
CSGP	New	COSTAR GROUP INC	$24,159,000	–	291,702	–	1.88%	–
SITE	New	SITEONE LANDSCAPE SUPPLY	$23,016,000	–	135,979	–	1.80%	–
ZTS	New	ZOETIS INC CLASS A	$23,007,000	–	123,455	–	1.80%	–
U	New	UNITY SOFTWARE INC	$13,710,000	–	124,833	–	1.07%	–
MMM	New	3M COMPANY COM	$5,528,000	–	27,831	–	0.43%	–
AAPL	New	APPLE INC COM	$4,358,000	–	31,822	–	0.34%	–
EW	New	EDWARDS LIFE SCIENCES COM	$3,011,000	–	29,072	–	0.24%	–
PG	New	PROCTER & GAMBLE CO COM	$2,930,000	–	21,714	–	0.23%	–
MSFT	New	MICROSOFT CORP COM	$2,735,000	–	10,095	–	0.21%	–
JPM	New	JP MORGAN CHASE & CO COM	$2,450,000	–	15,754	–	0.19%	–
DIS	New	DISNEY WALT CO DISNEY COM	$2,312,000	–	13,155	–	0.18%	–
HD	New	HOME DEPOT INC COM	$2,177,000	–	6,827	–	0.17%	–
JNJ	New	JOHNSON & JOHNSON COM	$2,184,000	–	13,259	–	0.17%	–
WM	New	WASTE MANAGEMENT INC COM	$2,140,000	–	15,275	–	0.17%	–
PAYX	New	PAYCHEX INC COM	$2,133,000	–	19,879	–	0.17%	–
AVGO	New	BROADCOM INC COM	$2,111,000	–	4,428	–	0.16%	–
AXP	New	AMERICAN EXPRESS CO COM	$2,074,000	–	12,550	–	0.16%	–
CAT	New	CATERPILLAR INC COM	$2,061,000	–	9,469	–	0.16%	–
CL	New	COLGATE-PALMOLIVE CO COM	$2,034,000	–	25,002	–	0.16%	–
CVX	New	CHEVRON CORPORATION COM	$2,027,000	–	19,353	–	0.16%	–
JCI	New	JOHNSON CTLS INTL PLC SHS ISIN	$1,969,000	–	28,692	–	0.15%	–
MCD	New	MCDONALD'S CORPORATION COM	$1,835,000	–	7,943	–	0.14%	–
QCOM	New	QUALCOMM INC COM	$1,813,000	–	12,682	–	0.14%	–
MOGB	New	MOOG INC COM CL B	$1,758,000	–	20,946	–	0.14%	–
DOW	New	DOW INC COM	$1,725,000	–	27,252	–	0.14%	–
TRV	New	TRAVELERS COMPANIES INC COM	$1,708,000	–	11,411	–	0.13%	–
INTC	New	INTEL CORP COM	$1,622,000	–	28,885	–	0.13%	–
SYY	New	SYSCO CORP COM	$1,634,000	–	21,016	–	0.13%	–
SLG	New	SL GREEN RLTY CORP COM NEW	$1,610,000	–	20,131	–	0.13%	–
KO	New	COCA-COLA CO COM	$1,602,000	–	29,614	–	0.12%	–
MRK	New	MERCK & CO INC NEW COM	$1,579,000	–	20,309	–	0.12%	–
IEX	New	IDEX CORP	$1,575,000	–	7,157	–	0.12%	–
VEEV	New	VEEVA SYSTEMS INC COM CL A	$1,555,000	–	5,000	–	0.12%	–
PFE	New	PFIZER INC COM	$1,538,000	–	39,273	–	0.12%	–
C	New	CITIGROUP INC COM NEW ISIN#US1	$1,529,000	–	21,618	–	0.12%	–
GIS	New	GENERAL MILLS INC COM	$1,512,000	–	24,819	–	0.12%	–
VZ	New	VERIZON COMMUNICATIONS COM	$1,517,000	–	27,078	–	0.12%	–
CCI	New	CROWN CASTLE INTL CO REIT	$1,469,000	–	7,530	–	0.12%	–
TFC	New	TRUIST FINL CORP COM	$1,432,000	–	25,793	–	0.11%	–
BNL	New	BROADSTONE NET LEASE INC COM U	$1,389,000	–	59,318	–	0.11%	–
IVV	New	ISHARES TRUST CORE S&P500 ETF	$1,165,000	–	2,709	–	0.09%	–
BA	New	BOEING CO COM	$881,000	–	3,678	–	0.07%	–
LH	New	LABORATORY CORP AMER HLDGS COM	$828,000	–	3,000	–	0.06%	–
ATR	New	APTARGROUP INC COM	$471,000	–	3,347	–	0.04%	–
MDLZ	New	MONDELEZ INTL INC CL A	$462,000	–	7,400	–	0.04%	–
T	New	AT&T INC COM	$404,000	–	14,048	–	0.03%	–
LVMUY	New	LVMH MOET HENNESSY VUITTON SE	$372,000	–	2,359	–	0.03%	–
IEFA	New	ISHARES TR CORE MSCI EAFE ETF	$373,000	–	4,979	–	0.03%	–
NOW	New	SERVICE NOW INC COM	$352,000	–	641	–	0.03%	–
USB	New	US BANCORP COM	$295,000	–	5,173	–	0.02%	–
CRL	New	CHARLES RIV LABORATORIES INTL	$300,000	–	811	–	0.02%	–
ALGN	New	ALIGN TECHNOLOGY INC COM	$301,000	–	493	–	0.02%	–
GLD	New	SPDR GOLD TRUST GOLD SHS ETF	$277,000	–	1,673	–	0.02%	–
INTU	New	INTUIT INC COM	$244,000	–	497	–	0.02%	–
	New	BENEFIT STREET PARTNERS MULTIF	$139,000	–	12,454	–	0.01%	–
	New	ARGO BLOCKCHAIN PLC COM	$84,000	–	50,500	–	0.01%	–
CURR	New	CURE PHARMA HOLDING CORP COM	$55,000	–	107,000	–	0.00%	–
	New	BLOCKCHAIN FOUNDRY INC COM	$21,000	–	87,000	–	0.00%	–
MTNB	New	MATINAS BIOPHARMA HOLDINGS INC	$23,000	–	30,000	–	0.00%	–
WMLLF	New	WEALTH MINERALS COM	$28,000	–	97,795	–	0.00%	–
NMTR	New	9 METERS BIOPHARMA INC COM	$11,000	–	10,000	–	0.00%	–
REGRF	New	GRAPH BLOCKCHAIN INC COM	$0	–	10,000	–	0.00%	–
DMGGF	New	DMG BLOCKCHAIN SOLUTIONS INC C	$6,000	–	10,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
RMTI	Exit	Rockwell Medical, Inc.	$0	–	-10,000	–	-0.00%	–
NMTR	Exit	9 METERS BIOPHARMA INC COM	$0	–	-10,000	–	-0.00%	–
CURR	Exit	CURE PHARMA HOLDING CORP COM	$0	–	-10,000	–	-0.00%	–
RIOT	Exit	RIOT BLOCKCHAIN INC COM	$0	–	-13,000	–	-0.00%	–
NMRK	Exit	NEWMARK GROUP INC CL A	$0	–	-10,000	–	-0.00%	–
	Exit	VANGUARD PRIME MONEY MARKET FU	$0	–	-100,115	–	-0.01%	–
IEFA	Exit	ISHARES TR CORE MSCI EAFE ETF	$0	–	-3,430	–	-0.02%	–
ATR	Exit	APTARGROUP INC COM	$0	–	-3,377	–	-0.04%	–
T	Exit	AT&T INC COM	$0	–	-14,504	–	-0.04%	–
MDLZ	Exit	MONDELEZ INTL INC CL A	$0	–	-7,465	–	-0.04%	–
BA	Exit	BOEING CO COM	$0	–	-2,992	–	-0.05%	–
LH	Exit	LABORATORY CORP AMER HLDGS COM	$0	–	-3,000	–	-0.06%	–
BUD	Exit	ANHEUSER BUSCH INBEV ADR SPONS	$0	–	-14,583	–	-0.08%	–
C	Exit	CITIGROUP INC COM NEW ISIN#US1	$0	–	-19,509	–	-0.08%	–
IVV	Exit	ISHARES TRUST CORE S&P500 ETF	$0	–	-2,643	–	-0.09%	–
TFC	Exit	TRUIST FINL CORP COM	$0	–	-23,505	–	-0.09%	–
VCIT	Exit	VANGUARD SCOTTSDALE FDS VANGUA	$0	–	-9,450	–	-0.09%	–
JCI	Exit	JOHNSON CTLS INTL PLC SHS ISIN	$0	–	-26,979	–	-0.11%	–
TRV	Exit	TRAVELERS COMPANIES INC COM	$0	–	-10,404	–	-0.11%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-11,684	–	-0.12%	–
SYY	Exit	SYSCO CORP COM	$0	–	-18,955	–	-0.12%	–
DOW	Exit	DOW INC COM	$0	–	-25,352	–	-0.12%	–
PFE	Exit	PFIZER INC COM	$0	–	-33,252	–	-0.12%	–
KO	Exit	COCA COLA COMPANY	$0	–	-25,089	–	-0.12%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-21,286	–	-0.13%	–
GIS	Exit	GENERAL MILLS INC COM	$0	–	-20,713	–	-0.13%	–
CVX	Exit	CHEVRON CORPORATION COM	$0	–	-17,869	–	-0.13%	–
IEX	Exit	IDEX CORP COM	$0	–	-7,157	–	-0.13%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-15,883	–	-0.13%	–
AVGO	Exit	BROADCOM INC COM	$0	–	-3,643	–	-0.13%	–
CAT	Exit	CATERPILLAR INC COM	$0	–	-8,904	–	-0.13%	–
MOGB	Exit	MOOG INC COM CL B	$0	–	-20,946	–	-0.14%	–
INTC	Exit	INTEL CORP COM	$0	–	-26,319	–	-0.14%	–
DIS	Exit	WALT DISNEY COMPANY (THE) COM	$0	–	-11,056	–	-0.14%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-17,636	–	-0.14%	–
VEEV	Exit	VEEVA SYSTEMS INC COM CL A	$0	–	-5,000	–	-0.14%	–
MCD	Exit	MCDONALDS CORP	$0	–	-6,846	–	-0.15%	–
WM	Exit	WASTE MANAGEMENT INC COM	$0	–	-13,787	–	-0.16%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-21,633	–	-0.17%	–
HD	Exit	HOME DEPOT INC COM	$0	–	-6,344	–	-0.18%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-12,216	–	-0.18%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-9,416	–	-0.20%	–
EW	Exit	EDWARDS LIFE SCIENCES COM	$0	–	-30,007	–	-0.24%	–
PG	Exit	PROCTER & GAMBLE CO COM	$0	–	-19,281	–	-0.27%	–
AAPL	Exit	APPLE INC COM	$0	–	-28,604	–	-0.33%	–
MMM	Exit	3M COMPANY COM	$0	–	-26,804	–	-0.43%	–
JPST	Exit	JP MORGAN ETF TRUST ULTRA SHRT	$0	–	-111,731	–	-0.57%	–
VOO	Exit	VANGUARD S&P 500 ETF SHS	$0	–	-22,125	–	-0.69%	–
DEO	Exit	DIAGEO ADR SPONSORED	$0	–	-56,262	–	-0.78%	–
AMT	Exit	AMERN TOWER CORP REIT	$0	–	-48,002	–	-1.17%	–
USB	Exit	U S BANCORP	$0	–	-388,027	–	-1.40%	–
TMDX	Exit	TRANSMEDICS GROUP INC	$0	–	-1,154,331	–	-1.60%	–
GWRE	Exit	GUIDEWIRE SOFTWARE	$0	–	-154,387	–	-1.62%	–
SITE	Exit	SITEONE LANDSCAPE SUPPLY	$0	–	-132,568	–	-1.63%	–
CCI	Exit	CROWN CASTLE INTL CO REIT	$0	–	-98,289	–	-1.65%	–
AWI	Exit	ARMSTRONG WORLD INDS	$0	–	-239,522	–	-1.66%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-184,084	–	-1.79%	–
NDSN	Exit	NORDSON CORP	$0	–	-93,979	–	-1.82%	–
APH	Exit	AMPHENOL CORP CLASS A	$0	–	-183,510	–	-2.00%	–
ZTS	Exit	ZOETIS INC CLASS A	$0	–	-128,163	–	-2.14%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-27,989	–	-2.39%	–
LHX	Exit	L3HARRIS TECHNOLOGIES IN	$0	–	-140,253	–	-2.40%	–
A	Exit	AGILENT TECHNOLOGIES	$0	–	-246,574	–	-2.51%	–
CDAY	Exit	CERIDIAN H C M HOLDING I	$0	–	-314,636	–	-2.62%	–
KDP	Exit	KEURIG DR PEPPER INC	$0	–	-967,971	–	-2.69%	–
EEFT	Exit	EURONET WORLDWIDE	$0	–	-299,725	–	-2.75%	–
FTNT	Exit	FORTINET INC	$0	–	-232,777	–	-2.76%	–
SSNC	Exit	SS&C TECHNOLOGS HLDG	$0	–	-479,231	–	-2.92%	–
ADBE	Exit	ADOBE INC	$0	–	-59,866	–	-2.96%	–
APTV	Exit	APTIV PLC F	$0	–	-330,900	–	-3.06%	–
CLVT	Exit	CLARIVATE PLC F	$0	–	-1,017,262	–	-3.18%	–
IFF	Exit	INTL FLAVORS& FRAGRA	$0	–	-267,259	–	-3.30%	–
FMC	Exit	F M C CORP	$0	–	-315,000	–	-3.36%	–
LIN	Exit	LINDE PLC F	$0	–	-142,623	–	-3.42%	–
TECH	Exit	BIO-TECHNE CORP	$0	–	-138,657	–	-3.46%	–
SPLK	Exit	SPLUNK INC	$0	–	-193,241	–	-3.66%	–
CCXX	Exit	CHURCHILL CAP CORP III CLASS A	$0	–	-3,557,865	–	-3.68%	–
SERV	Exit	SERVICEMASTER GLBL	$0	–	-934,453	–	-3.76%	–
TRU	Exit	TRANSUNION	$0	–	-478,478	–	-4.06%	–
GPN	Exit	GLOBAL PAYMENTS INC	$0	–	-250,997	–	-4.49%	–
FISV	Exit	FISERV INC	$0	–	-480,417	–	-4.99%	–
DKNG	Exit	DRAFTKINGS INC	$0	–	-945,918	–	-5.61%	–

Q3 2020

			Value		Shares		↓ Weighting
DKNG	Sell	DRAFTKINGS INC	$55,658,000	+72.6%	945,918	-2.4%	5.61%	+48.6%
FISV	Buy	FISERV INC	$49,507,000	+36.2%	480,417	+29.1%	4.99%	+17.3%
GPN	Buy	GLOBAL PAYMENTS INC	$44,572,000	+6.4%	250,997	+1.6%	4.49%	-8.4%
TRU	Buy	TRANSUNION	$40,254,000	-1.2%	478,478	+2.3%	4.06%	-14.9%
SERV	Buy	SERVICEMASTER GLBL	$37,266,000	+12.3%	934,453	+0.5%	3.76%	-3.4%
CCXX	New	CHURCHILL CAP CORP III CLASS A	$36,468,000	–	3,557,865	–	3.68%	–
SPLK	Buy	SPLUNK INC	$36,354,000	+154.8%	193,241	+169.1%	3.66%	+119.3%
TECH	Sell	BIO-TECHNE CORP	$34,349,000	-20.8%	138,657	-15.6%	3.46%	-31.9%
LIN	Buy	LINDE PLC F	$33,963,000	+14.0%	142,623	+1.5%	3.42%	-1.9%
FMC	Buy	F M C CORP	$33,362,000	+8.6%	315,000	+2.1%	3.36%	-6.5%
IFF	Sell	INTL FLAVORS& FRAGRA	$32,726,000	-0.6%	267,259	-0.6%	3.30%	-14.4%
CLVT	Sell	CLARIVATE PLC F	$31,525,000	+38.1%	1,017,262	-0.5%	3.18%	+18.9%
APTV	Buy	APTIV PLC F	$30,337,000	+20.8%	330,900	+2.7%	3.06%	+3.9%
ADBE	Sell	ADOBE INC	$29,360,000	-15.1%	59,866	-24.6%	2.96%	-26.9%
SSNC	Buy	SS&C TECHNOLOGS HLDG	$29,003,000	+11.2%	479,231	+3.8%	2.92%	-4.3%
FTNT	Buy	FORTINET INC	$27,423,000	-11.7%	232,777	+2.9%	2.76%	-24.0%
EEFT	Buy	EURONET WORLDWIDE	$27,305,000	-0.3%	299,725	+4.9%	2.75%	-14.2%
KDP	Buy	KEURIG DR PEPPER INC	$26,716,000	+0.0%	967,971	+2.9%	2.69%	-13.9%
CDAY	Buy	CERIDIAN H C M HOLDING I	$26,005,000	+4.7%	314,636	+0.4%	2.62%	-9.9%
A	Buy	AGILENT TECHNOLOGIES	$24,889,000	+15.0%	246,574	+0.7%	2.51%	-1.0%
LHX	New	L3HARRIS TECHNOLOGIES IN	$23,820,000	–	140,253	–	2.40%	–
CSGP	Buy	COSTAR GROUP INC	$23,749,000	+20.0%	27,989	+0.5%	2.39%	+3.3%
ZTS	Buy	ZOETIS INC CLASS A	$21,194,000	+23.8%	128,163	+2.6%	2.14%	+6.6%
APH	Buy	AMPHENOL CORP CLASS A	$19,869,000	+21.8%	183,510	+7.8%	2.00%	+4.9%
NDSN	Buy	NORDSON CORP	$18,027,000	+4.8%	93,979	+3.7%	1.82%	-9.8%
JPM	Buy	JPMORGAN CHASE & CO	$17,722,000	+820.1%	184,084	+798.8%	1.79%	+693.8%
AWI	Sell	ARMSTRONG WORLD INDS	$16,481,000	-26.2%	239,522	-16.4%	1.66%	-36.5%
CCI	Buy	CROWN CASTLE INTL CO REIT	$16,365,000	+3.0%	98,289	+3.5%	1.65%	-11.3%
SITE	Buy	SITEONE LANDSCAPE SUPPLY	$16,167,000	+8.0%	132,568	+0.9%	1.63%	-7.0%
GWRE	Buy	GUIDEWIRE SOFTWARE	$16,098,000	-3.0%	154,387	+3.1%	1.62%	-16.6%
TMDX	Buy	TRANSMEDICS GROUP INC	$15,907,000	+17.5%	1,154,331	+52.7%	1.60%	+1.1%
USB	New	U S BANCORP	$13,911,000	–	388,027	–	1.40%	–
AMT	Buy	AMERN TOWER CORP REIT	$11,604,000	-3.4%	48,002	+3.3%	1.17%	-16.9%
DEO	Buy	DIAGEO ADR SPONSORED	$7,745,000	+43.1%	56,262	+39.7%	0.78%	+23.0%
VOO	Buy	VANGUARD S&P 500 ETF SHS	$6,807,000	+829.9%	22,125	+757.2%	0.69%	+697.7%
JPST	Buy	JP MORGAN ETF TRUST ULTRA SHRT	$5,675,000	+8.0%	111,731	+7.9%	0.57%	-7.0%
MMM	Buy	3M COMPANY COM	$4,293,000	+3.4%	26,804	+0.7%	0.43%	-10.9%
AAPL	Buy	APPLE INC COM	$3,313,000	+26.0%	28,604	+296.9%	0.33%	+8.4%
PG	Buy	PROCTER & GAMBLE CO COM	$2,680,000	+18.2%	19,281	+1.7%	0.27%	+1.5%
EW	Buy	EDWARDS LIFE SCIENCES COM	$2,395,000	+15.5%	30,007	+0.0%	0.24%	-0.8%
MSFT	Buy	MICROSOFT CORP COM	$1,980,000	+9.2%	9,416	+5.6%	0.20%	-5.7%
JNJ	Buy	JOHNSON & JOHNSON COM	$1,819,000	+10.3%	12,216	+4.2%	0.18%	-5.2%
HD	Buy	HOME DEPOT INC COM	$1,762,000	+14.3%	6,344	+3.1%	0.18%	-1.7%
CL	Buy	COLGATE PALMOLIVE CO COM	$1,669,000	+11.0%	21,633	+5.4%	0.17%	-4.5%
WM	Buy	WASTE MANAGEMENT INC COM	$1,560,000	+11.3%	13,787	+4.2%	0.16%	-4.3%
MCD	Buy	MCDONALDS CORP	$1,503,000	+22.1%	6,846	+2.6%	0.15%	+4.9%
VEEV	Sell	VEEVA SYSTEMS INC COM CL A	$1,406,000	-0.1%	5,000	-16.7%	0.14%	-13.9%
PAYX	Buy	PAYCHEX INC COM	$1,407,000	+11.8%	17,636	+6.1%	0.14%	-3.4%
DIS	Buy	WALT DISNEY COMPANY (THE) COM	$1,372,000	+17.8%	11,056	+5.8%	0.14%	+1.5%
INTC	Buy	INTEL CORP COM	$1,363,000	-1.0%	26,319	+14.4%	0.14%	-14.9%
CAT	Buy	CATERPILLAR INC COM	$1,328,000	+19.7%	8,904	+1.6%	0.13%	+3.1%
AVGO	Buy	BROADCOM INC COM	$1,327,000	+20.2%	3,643	+4.2%	0.13%	+3.9%
MRK	Buy	MERCK & CO INC NEW COM	$1,318,000	+13.1%	15,883	+5.4%	0.13%	-2.2%
CVX	Buy	CHEVRON CORPORATION COM	$1,287,000	-13.2%	17,869	+7.5%	0.13%	-25.3%
GIS	Buy	GENERAL MILLS INC COM	$1,278,000	+7.8%	20,713	+7.8%	0.13%	-7.2%
VZ	Buy	VERIZON COMMUNICATIONS COM	$1,266,000	+14.1%	21,286	+5.7%	0.13%	-1.5%
KO	Buy	COCA COLA COMPANY	$1,239,000	+16.8%	25,089	+5.7%	0.12%	+0.8%
PFE	Buy	PFIZER INC COM	$1,220,000	+21.6%	33,252	+8.4%	0.12%	+5.1%
DOW	Sell	DOW INC COM	$1,193,000	+13.4%	25,352	-1.8%	0.12%	-2.4%
SYY	Buy	SYSCO CORP COM	$1,179,000	+22.6%	18,955	+7.7%	0.12%	+5.3%
AXP	Buy	AMERICAN EXPRESS CO COM	$1,171,000	+17.2%	11,684	+11.4%	0.12%	+0.9%
TRV	Buy	TRAVELERS COMPANIES INC COM	$1,126,000	+0.6%	10,404	+6.1%	0.11%	-13.7%
JCI	Buy	JOHNSON CTLS INTL PLC SHS ISIN	$1,102,000	+22.3%	26,979	+2.2%	0.11%	+5.7%
VCIT	New	VANGUARD SCOTTSDALE FDS VANGUA	$905,000	–	9,450	–	0.09%	–
TFC	Buy	TRUIST FINL CORP COM	$894,000	+9.2%	23,505	+7.8%	0.09%	-6.2%
IVV	Buy	ISHARES TRUST CORE S&P500 ETF	$888,000	+8.7%	2,643	+0.2%	0.09%	-7.3%
C	Buy	CITIGROUP INC COM NEW ISIN#US1	$841,000	-0.1%	19,509	+18.4%	0.08%	-14.1%
BUD	Buy	ANHEUSER BUSCH INBEV ADR SPONS	$786,000	+21.7%	14,583	+11.2%	0.08%	+3.9%
BA	Sell	BOEING CO COM	$495,000	-13.0%	2,992	-3.7%	0.05%	-25.4%
MDLZ	Sell	MONDELEZ INTL INC CL A	$429,000	+8.1%	7,465	-3.8%	0.04%	-6.5%
T	Buy	AT&T INC COM	$414,000	-2.6%	14,504	+3.2%	0.04%	-16.0%
ATR	Sell	APTARGROUP INC COM	$382,000	-19.7%	3,377	-20.6%	0.04%	-32.1%
IEFA	New	ISHARES TR CORE MSCI EAFE ETF	$207,000	–	3,430	–	0.02%	–
	Sell	VANGUARD PRIME MONEY MARKET FU	$100,000	0.0%	100,115	-0.3%	0.01%	-16.7%
NMRK	New	NEWMARK GROUP INC CL A	$43,000	–	10,000	–	0.00%	–
RMTI	New	Rockwell Medical, Inc.	$11,000	–	10,000	–	0.00%	–
NMTR	New	9 METERS BIOPHARMA INC COM	$8,000	–	10,000	–	0.00%	–
MXSG	Exit	MEXUS GOLD US COM	$0	–	-35,500	–	0.00%	–
ICUI	Exit	I C U MEDICAL INC	$0	–	-73,141	–	-1.58%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-426,848	–	-2.20%	–
MHK	Exit	MOHAWK INDUSTRIES	$0	–	-190,905	–	-2.27%	–

Q2 2020

			Value		Shares		↓ Weighting
TECH	New	BIO-TECHNE CORP	$43,390,000	–	164,311	–	5.08%	–
GPN	New	GLOBAL PAYMENTS INC	$41,894,000	–	246,987	–	4.90%	–
TRU	New	TRANSUNION	$40,727,000	–	467,915	–	4.77%	–
FISV	New	FISERV INC	$36,340,000	–	372,262	–	4.26%	–
ADBE	New	ADOBE INC	$34,576,000	–	79,429	–	4.05%	–
SERV	New	SERVICEMASTER GLBL	$33,191,000	–	929,980	–	3.89%	–
IFF	New	INTL FLAVORS& FRAGRA	$32,915,000	–	268,785	–	3.85%	–
DKNG	New	DRAFTKINGS INC	$32,240,000	–	969,345	–	3.78%	–
FTNT	New	FORTINET INC	$31,055,000	–	226,230	–	3.64%	–
FMC	New	F M C CORP	$30,726,000	–	308,429	–	3.60%	–
LIN	New	LINDE PLC F	$29,798,000	–	140,486	–	3.49%	–
EEFT	New	EURONET WORLDWIDE	$27,376,000	–	285,702	–	3.20%	–
KDP	New	KEURIG DR PEPPER INC	$26,703,000	–	940,243	–	3.13%	–
SSNC	New	SS&C TECHNOLOGS HLDG	$26,086,000	–	461,855	–	3.05%	–
APTV	New	APTIV PLC F	$25,118,000	–	322,352	–	2.94%	–
CDAY	New	CERIDIAN H C M HOLDING I	$24,841,000	–	313,376	–	2.91%	–
CLVT	New	CLARIVATE PLC F	$22,824,000	–	1,022,126	–	2.67%	–
AWI	New	ARMSTRONG WORLD INDS	$22,345,000	–	286,626	–	2.62%	–
A	New	AGILENT TECHNOLOGIES	$21,634,000	–	244,812	–	2.53%	–
CSGP	New	COSTAR GROUP INC	$19,790,000	–	27,846	–	2.32%	–
MHK	New	MOHAWK INDUSTRIES	$19,426,000	–	190,905	–	2.27%	–
XRAY	New	DENTSPLY SIRONA INC	$18,807,000	–	426,848	–	2.20%	–
NDSN	New	NORDSON CORP	$17,194,000	–	90,633	–	2.01%	–
ZTS	New	ZOETIS INC CLASS A	$17,116,000	–	124,899	–	2.00%	–
GWRE	New	GUIDEWIRE SOFTWARE	$16,604,000	–	149,792	–	1.94%	–
APH	New	AMPHENOL CORP CLASS A	$16,309,000	–	170,223	–	1.91%	–
CCI	New	CROWN CASTLE INTL CO REIT	$15,888,000	–	94,939	–	1.86%	–
SITE	New	SITEONE LANDSCAPE SUPPLY	$14,968,000	–	131,329	–	1.75%	–
SPLK	New	SPLUNK INC	$14,266,000	–	71,797	–	1.67%	–
TMDX	New	TRANSMEDICS GROUP INC	$13,543,000	–	755,723	–	1.59%	–
ICUI	New	I C U MEDICAL INC	$13,481,000	–	73,141	–	1.58%	–
AMT	New	AMERN TOWER CORP REIT	$12,012,000	–	46,461	–	1.41%	–
DEO	New	DIAGEO ADR SPONSORED	$5,411,000	–	40,263	–	0.63%	–
JPST	New	JP MORGAN ETF TRUST ULTRA SHRT	$5,255,000	–	103,596	–	0.62%	–
MMM	New	3M CO COM	$4,150,000	–	26,607	–	0.49%	–
AAPL	New	APPLE INC COM	$2,629,000	–	7,207	–	0.31%	–
PG	New	PROCTER & GAMBLE CO COM	$2,268,000	–	18,964	–	0.27%	–
EW	New	EDWARDS LIFE SCIENCES COM	$2,073,000	–	30,000	–	0.24%	–
JPM	New	JPMORGAN CHASE & CO	$1,926,000	–	20,481	–	0.22%	–
MSFT	New	MICROSOFT CORP COM	$1,814,000	–	8,914	–	0.21%	–
JNJ	New	JOHNSON & JOHNSON COM	$1,649,000	–	11,724	–	0.19%	–
HD	New	HOME DEPOT INC COM	$1,542,000	–	6,156	–	0.18%	–
CL	New	COLGATE PALMOLIVE CO COM	$1,503,000	–	20,515	–	0.18%	–
CVX	New	CHEVRON CORPORATION COM	$1,483,000	–	16,618	–	0.17%	–
VEEV	New	VEEVA SYSTEMS INC COM CL A	$1,407,000	–	6,000	–	0.16%	–
WM	New	WASTE MANAGEMENT INC COM	$1,402,000	–	13,236	–	0.16%	–
INTC	New	INTEL CORP COM	$1,377,000	–	23,015	–	0.16%	–
PAYX	New	PAYCHEX INC COM	$1,259,000	–	16,617	–	0.15%	–
MCD	New	MCDONALDS CORP	$1,231,000	–	6,675	–	0.14%	–
GIS	New	GENERAL MILLS INC COM	$1,185,000	–	19,216	–	0.14%	–
DIS	New	WALT DISNEY COMPANY (THE) COM	$1,165,000	–	10,446	–	0.14%	–
MRK	New	MERCK & CO INC NEW COM	$1,165,000	–	15,067	–	0.14%	–
IEX	New	IDEX CORP COM	$1,131,000	–	7,157	–	0.13%	–
TRV	New	TRAVELERS COMPANIES INC COM	$1,119,000	–	9,809	–	0.13%	–
VZ	New	VERIZON COMMUNICATIONS COM	$1,110,000	–	20,140	–	0.13%	–
MOGB	New	MOOG INC COM CL B	$1,110,000	–	20,946	–	0.13%	–
CAT	New	CATERPILLAR INC COM	$1,109,000	–	8,764	–	0.13%	–
AVGO	New	BROADCOM INC COM	$1,104,000	–	3,497	–	0.13%	–
KO	New	COCA COLA COMPANY	$1,061,000	–	23,746	–	0.12%	–
DOW	New	DOW INC COM	$1,052,000	–	25,809	–	0.12%	–
PFE	New	PFIZER INC COM	$1,003,000	–	30,673	–	0.12%	–
AXP	New	AMERICAN EXPRESS CO COM	$999,000	–	10,492	–	0.12%	–
SYY	New	SYSCO CORP COM	$962,000	–	17,606	–	0.11%	–
JCI	New	JOHNSON CTLS INTL PLC SHS ISIN	$901,000	–	26,390	–	0.10%	–
C	New	CITIGROUP INC COM NEW ISIN#US1	$842,000	–	16,473	–	0.10%	–
TFC	New	TRUIST FINL CORP COM	$819,000	–	21,811	–	0.10%	–
IVV	New	ISHARES S&P 500	$817,000	–	2,638	–	0.10%	–
VOO	New	VANGUARD S&P 500 ETF SHS	$732,000	–	2,581	–	0.09%	–
BUD	New	ANHEUSER BUSCH INBEV ADR SPONS	$646,000	–	13,111	–	0.08%	–
BA	New	BOEING CO COM	$569,000	–	3,106	–	0.07%	–
LH	New	LABORATORY CORP AMER HLDGS COM	$498,000	–	3,000	–	0.06%	–
ATR	New	APTARGROUP INC COM	$476,000	–	4,253	–	0.06%	–
T	New	AT&T INC COM	$425,000	–	14,048	–	0.05%	–
MDLZ	New	MONDELEZ INTL INC CL A	$397,000	–	7,758	–	0.05%	–
	New	VANGUARD PRIME MONEY MARKET FU	$100,000	–	100,379	–	0.01%	–
RIOT	New	RIOT BLOCKCHAIN INC COM	$29,000	–	13,000	–	0.00%	–
CURR	New	CURE PHARMA HOLDING CORP COM	$18,000	–	10,000	–	0.00%	–
MXSG	New	MEXUS GOLD US COM	$0	–	35,500	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
MXSG	Exit	MEXUS GOLD US COM	$0	–	-35,500	–	0.00%	–
CURR	Exit	CURE PHARMA HOLDING CORP COM	$0	–	-10,000	–	-0.01%	–
WFC	Exit	WELLS FARGO & CO COM	$0	–	-4,172	–	-0.03%	–
EFA	Exit	ISHARES MSCI EAFE ETF	$0	–	-4,441	–	-0.04%	–
MDLZ	Exit	MONDELEZ INTL INC COM CL A	$0	–	-7,193	–	-0.05%	–
LH	Exit	LABORATORY CORP AMER HLDGS COM	$0	–	-3,000	–	-0.06%	–
T	Exit	AT&T INC COM	$0	–	-14,506	–	-0.07%	–
BUD	Exit	ANHEUSER BUSCH INBEV ADR SPONS	$0	–	-6,126	–	-0.07%	–
ABB	Exit	ABB LTD ADR SPONSORED	$0	–	-29,738	–	-0.07%	–
AMLP	Exit	ALPS ETF TRUST ALERIAN MLP ETF	$0	–	-67,025	–	-0.08%	–
IBM	Exit	INTERNATIONAL BUS MACH CORP CO	$0	–	-4,767	–	-0.08%	–
XOM	Exit	EXXON MOBIL CORPORATION COM	$0	–	-10,167	–	-0.09%	–
C	Exit	CITIGROUP INC COM	$0	–	-10,916	–	-0.09%	–
IVV	Exit	ISHARES CORE S&P500 ETF	$0	–	-2,546	–	-0.09%	–
BBT	Exit	BB&T CORPORATION COM	$0	–	-14,412	–	-0.09%	–
JCI	Exit	JOHNSON CONTROLS INTL PLC COM	$0	–	-18,347	–	-0.10%	–
PFE	Exit	PFIZER INC COM	$0	–	-23,167	–	-0.10%	–
AVGO	Exit	BROADCOM CORP COM	$0	–	-3,139	–	-0.11%	–
CAT	Exit	CATERPILLAR INC COM	$0	–	-6,951	–	-0.11%	–
GIS	Exit	GENERAL MILLS INC COM	$0	–	-15,864	–	-0.11%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-14,667	–	-0.11%	–
DOW	Exit	DOW INC COM	$0	–	-18,534	–	-0.11%	–
VEEV	Exit	VEEVA SYSTEMS INC COM CL A	$0	–	-6,070	–	-0.11%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-7,918	–	-0.11%	–
CVX	Exit	CHEVRON CORP NEW COM	$0	–	-7,942	–	-0.12%	–
JPM	Exit	JPMORGAN CHASE & CO. COM	$0	–	-8,052	–	-0.12%	–
KO	Exit	COCA COLA CO COM	$0	–	-18,105	–	-0.12%	–
MRK	Exit	MERCK & CO INC. COM	$0	–	-11,676	–	-0.12%	–
INTC	Exit	INTEL CORP COM	$0	–	-19,797	–	-0.12%	–
SYY	Exit	SYSCO CORP COM	$0	–	-13,080	–	-0.13%	–
TRV	Exit	THE TRAVELERS COMPANIES INC CO	$0	–	-7,165	–	-0.13%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-7,769	–	-0.13%	–
BA	Exit	BOEING CO COM	$0	–	-2,857	–	-0.13%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-13,365	–	-0.14%	–
IEX	Exit	IDEX CORP COM	$0	–	-7,157	–	-0.14%	–
MCD	Exit	MCDONALDS CORP COM	$0	–	-5,595	–	-0.15%	–
HD	Exit	HOME DEPOT INC COM	$0	–	-5,157	–	-0.15%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-16,559	–	-0.15%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-9,434	–	-0.15%	–
WM	Exit	WASTE MANAGEMENT INC COM	$0	–	-11,616	–	-0.16%	–
AAPL	Exit	APPLE INC COM	$0	–	-6,506	–	-0.18%	–
MOGB	Exit	MOOG INC COM CL B	$0	–	-20,946	–	-0.21%	–
PG	Exit	PROCTER GAMBLE CO COM	$0	–	-17,309	–	-0.26%	–
EW	Exit	EDWARDS LIFE SCIENCES COM	$0	–	-10,000	–	-0.27%	–
MMM	Exit	3M CO COM	$0	–	-25,876	–	-0.52%	–
JPST	Exit	JP MORGAN ETF TRUST ULTRA SHRT	$0	–	-99,085	–	-0.61%	–
TMDX	Exit	TRANSMEDICS GROUP INC	$0	–	-496,026	–	-1.44%	–
ATR	Exit	APTARGROUP INC	$0	–	-120,039	–	-1.73%	–
GWRE	Exit	GUIDEWIRE SOFTWARE	$0	–	-142,106	–	-1.83%	–
FTNT	Exit	FORTINET INC	$0	–	-204,852	–	-1.92%	–
CDAY	Exit	CERIDIAN H C M HOLDING I	$0	–	-327,138	–	-1.97%	–
ICUI	Exit	I C U MEDICAL INC	$0	–	-106,835	–	-2.08%	–
QGEN	Exit	QIAGEN N V F	$0	–	-530,793	–	-2.13%	–
CLVT	Exit	CLARIVATE ANALYTICS PL F	$0	–	-1,060,128	–	-2.18%	–
WST	Exit	WEST PHARMACEUTICALS SERVICES	$0	–	-127,226	–	-2.20%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-646,525	–	-2.30%	–
ZTS	Exit	ZOETIS INC CLASS A	$0	–	-156,738	–	-2.38%	–
HRC	Exit	HILL ROM HOLDINGS	$0	–	-191,501	–	-2.46%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-34,041	–	-2.46%	–
MTN	Exit	VAIL RESORTS INC	$0	–	-90,924	–	-2.52%	–
NEOG	Exit	NEOGEN CORP	$0	–	-333,336	–	-2.77%	–
SERV	Exit	SERVICEMASTER GLBL	$0	–	-408,662	–	-2.78%	–
IFF	Exit	INTL FLAVORS& FRAGRA	$0	–	-188,505	–	-2.82%	–
SSNC	Exit	SS&C TECHNOLOGS HLDG	$0	–	-450,921	–	-2.84%	–
SITE	Exit	SITEONE LANDSCAPE SUPPLY	$0	–	-317,142	–	-2.86%	–
A	Exit	AGILENT TECHNOLOGIES	$0	–	-327,654	–	-3.06%	–
FMC	Exit	F M C CORP	$0	–	-300,288	–	-3.21%	–
LIN	Exit	LINDE PLC F	$0	–	-139,756	–	-3.30%	–
USFD	Exit	US FOODS HOLDING CORP	$0	–	-664,531	–	-3.33%	–
AWI	Exit	ARMSTRONG WORLD INDS	$0	–	-283,390	–	-3.34%	–
GKOS	Exit	GLAUKOS CORP 00500	$0	–	-444,253	–	-3.39%	–
ADBE	Exit	ADOBE INC	$0	–	-104,074	–	-3.51%	–
XRAY	Exit	DENTSPLY SIRONA INC	$0	–	-582,730	–	-3.79%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-1,201,071	–	-3.89%	–
TECH	Exit	BIO-TECHNE CORP	$0	–	-170,716	–	-4.07%	–
FISV	Exit	FISERV INC	$0	–	-377,395	–	-4.77%	–
TRU	Exit	TRANSUNION	$0	–	-498,683	–	-4.93%	–
GPN	Exit	GLOBAL PAYMENTS INC	$0	–	-292,804	–	-5.68%	–

Q3 2019

			Value		Shares		↓ Weighting
GPN	Buy	GLOBAL PAYMENTS INC	$46,556,000	+0.7%	292,804	+1.4%	5.68%	-3.1%
TRU	Buy	TRANSUNION	$40,448,000	+12.8%	498,683	+2.2%	4.93%	+8.5%
FISV	Buy	FISERV INC	$39,094,000	+16.4%	377,395	+2.5%	4.77%	+12.0%
TECH	Buy	BIO-TECHNE CORP	$33,404,000	-3.9%	170,716	+2.4%	4.07%	-7.6%
ELAN	Buy	ELANCO ANIMAL HEALTH INC	$31,936,000	-3.9%	1,201,071	+22.1%	3.89%	-7.6%
XRAY	Buy	DENTSPLY SIRONA INC	$31,065,000	-4.9%	582,730	+4.1%	3.79%	-8.5%
ADBE	Buy	ADOBE INC	$28,750,000	-3.1%	104,074	+3.4%	3.51%	-6.8%
GKOS	Buy	GLAUKOS CORP 00500	$27,770,000	+20.5%	444,253	+45.3%	3.39%	+15.9%
AWI	Buy	ARMSTRONG WORLD INDS	$27,404,000	+2.4%	283,390	+2.9%	3.34%	-1.5%
USFD	Buy	US FOODS HOLDING CORP	$27,312,000	+17.8%	664,531	+2.5%	3.33%	+13.3%
LIN	Buy	LINDE PLC F	$27,074,000	-0.2%	139,756	+3.4%	3.30%	-4.0%
FMC	Buy	F M C CORP	$26,329,000	+10.6%	300,288	+4.6%	3.21%	+6.4%
A	Buy	AGILENT TECHNOLOGIES	$25,108,000	+6.6%	327,654	+3.9%	3.06%	+2.5%
SITE	Sell	SITEONE LANDSCAPE SUPPLY	$23,475,000	-15.3%	317,142	-20.7%	2.86%	-18.5%
SSNC	Buy	SS&C TECHNOLOGS HLDG	$23,254,000	-6.2%	450,921	+4.8%	2.84%	-9.8%
IFF	Buy	INTL FLAVORS& FRAGRA	$23,128,000	-13.2%	188,505	+2.6%	2.82%	-16.5%
SERV	New	SERVICEMASTER GLBL	$22,844,000	–	408,662	–	2.78%	–
NEOG	Buy	NEOGEN CORP	$22,704,000	+11.8%	333,336	+1.9%	2.77%	+7.5%
MTN	Buy	VAIL RESORTS INC	$20,691,000	+3.8%	90,924	+1.8%	2.52%	-0.2%
CSGP	Buy	COSTAR GROUP INC	$20,193,000	+8.0%	34,041	+0.9%	2.46%	+3.9%
HRC	Buy	HILL ROM HOLDINGS	$20,152,000	+4.5%	191,501	+3.9%	2.46%	+0.5%
ZTS	Buy	ZOETIS INC CLASS A	$19,528,000	+15.7%	156,738	+5.4%	2.38%	+11.3%
BAC	Buy	BANK OF AMERICA CORP	$18,859,000	+4.4%	646,525	+3.8%	2.30%	+0.4%
WST	Sell	WEST PHARMACEUTICALS SERVICES	$18,043,000	+6.1%	127,226	-6.4%	2.20%	+2.1%
CLVT	New	CLARIVATE ANALYTICS PL F	$17,884,000	–	1,060,128	–	2.18%	–
QGEN	Buy	QIAGEN N V F	$17,500,000	-14.8%	530,793	+4.7%	2.13%	-18.1%
ICUI	Buy	I C U MEDICAL INC	$17,051,000	-32.9%	106,835	+6.0%	2.08%	-35.4%
CDAY	Buy	CERIDIAN H C M HOLDING I	$16,151,000	+0.9%	327,138	+2.6%	1.97%	-3.0%
FTNT	New	FORTINET INC	$15,724,000	–	204,852	–	1.92%	–
GWRE	Buy	GUIDEWIRE SOFTWARE	$14,975,000	+9.0%	142,106	+4.8%	1.83%	+4.8%
ATR	New	APTARGROUP INC	$14,219,000	–	120,039	–	1.73%	–
TMDX	New	TRANSMEDICS GROUP INC	$11,781,000	–	496,026	–	1.44%	–
JPST	New	JP MORGAN ETF TRUST ULTRA SHRT	$4,996,000	–	99,085	–	0.61%	–
MMM	Buy	3M CO COM	$4,254,000	+37.8%	25,876	+45.3%	0.52%	+32.7%
EW	New	EDWARDS LIFE SCIENCES COM	$2,199,000	–	10,000	–	0.27%	–
PG	Buy	PROCTER GAMBLE CO COM	$2,153,000	+151.2%	17,309	+121.5%	0.26%	+141.3%
AAPL	Buy	APPLE INC COM	$1,457,000	+23.5%	6,506	+9.1%	0.18%	+18.7%
WM	Buy	WASTE MANAGEMENT INC COM	$1,336,000	+6.2%	11,616	+6.5%	0.16%	+2.5%
JNJ	Buy	JOHNSON & JOHNSON COM	$1,221,000	+0.3%	9,434	+8.0%	0.15%	-3.2%
CL	Buy	COLGATE PALMOLIVE CO COM	$1,217,000	+82.2%	16,559	+77.7%	0.15%	+74.1%
MCD	Buy	MCDONALDS CORP COM	$1,201,000	+8.1%	5,595	+4.6%	0.15%	+3.5%
HD	Buy	HOME DEPOT INC COM	$1,197,000	+15.8%	5,157	+3.7%	0.15%	+11.5%
PAYX	Buy	PAYCHEX INC COM	$1,106,000	+8.2%	13,365	+7.6%	0.14%	+3.8%
BA	Buy	BOEING CO COM	$1,087,000	+11.9%	2,857	+7.2%	0.13%	+8.1%
MSFT	Buy	MICROSOFT CORP COM	$1,080,000	+19.9%	7,769	+15.6%	0.13%	+15.8%
TRV	Buy	THE TRAVELERS COMPANIES INC CO	$1,065,000	+6.1%	7,165	+6.7%	0.13%	+2.4%
SYY	Buy	SYSCO CORP COM	$1,039,000	+18.1%	13,080	+5.2%	0.13%	+13.4%
INTC	Buy	INTEL CORP COM	$1,020,000	+20.1%	19,797	+11.7%	0.12%	+14.8%
KO	Buy	COCA COLA CO COM	$986,000	+12.6%	18,105	+5.3%	0.12%	+8.1%
MRK	Buy	MERCK & CO INC. COM	$983,000	+8.6%	11,676	+8.1%	0.12%	+4.3%
JPM	Buy	JPMORGAN CHASE & CO. COM	$948,000	+9.3%	8,052	+3.9%	0.12%	+5.5%
CVX	Buy	CHEVRON CORP NEW COM	$942,000	+5.1%	7,942	+10.3%	0.12%	+0.9%
AXP	Buy	AMERICAN EXPRESS CO COM	$937,000	+2.4%	7,918	+6.9%	0.11%	-1.7%
VEEV	New	VEEVA SYSTEMS INC COM CL A	$927,000	–	6,070	–	0.11%	–
VZ	Buy	VERIZON COMMUNICATIONS COM	$885,000	+19.3%	14,667	+12.9%	0.11%	+14.9%
DOW	Buy	DOW INC COM	$883,000	+6.8%	18,534	+10.6%	0.11%	+2.9%
GIS	Buy	GENERAL MILLS INC COM	$874,000	+11.9%	15,864	+6.7%	0.11%	+8.1%
CAT	Buy	CATERPILLAR INC COM	$878,000	+3.8%	6,951	+12.0%	0.11%	0.0%
AVGO	Buy	BROADCOM CORP COM	$867,000	+9.7%	3,139	+14.4%	0.11%	+6.0%
PFE	Buy	PFIZER INC COM	$832,000	-6.6%	23,167	+12.7%	0.10%	-10.6%
JCI	Buy	JOHNSON CONTROLS INTL PLC COM	$805,000	+12.6%	18,347	+6.0%	0.10%	+7.7%
BBT	Buy	BB&T CORPORATION COM	$769,000	+17.2%	14,412	+7.9%	0.09%	+13.3%
C	Buy	CITIGROUP INC COM	$754,000	+7.7%	10,916	+9.2%	0.09%	+3.4%
XOM	Buy	EXXON MOBIL CORPORATION COM	$718,000	+5.9%	10,167	+14.9%	0.09%	+2.3%
IBM	Buy	INTERNATIONAL BUS MACH CORP CO	$693,000	+22.2%	4,767	+16.0%	0.08%	+18.1%
AMLP	Buy	ALPS ETF TRUST ALERIAN MLP ETF	$613,000	+13.3%	67,025	+22.1%	0.08%	+8.7%
ABB	Buy	ABB LTD ADR SPONSORED	$585,000	+19.6%	29,738	+21.8%	0.07%	+14.5%
BUD	Buy	ANHEUSER BUSCH INBEV ADR SPONS	$583,000	+29.8%	6,126	+20.7%	0.07%	+24.6%
T	Sell	AT&T INC COM	$549,000	+12.0%	14,506	-0.9%	0.07%	+8.1%
LH	New	LABORATORY CORP AMER HLDGS COM	$504,000	–	3,000	–	0.06%	–
MDLZ	New	MONDELEZ INTL INC COM CL A	$398,000	–	7,193	–	0.05%	–
WFC	New	WELLS FARGO & CO COM	$210,000	–	4,172	–	0.03%	–
MXSG	New	MEXUS GOLD US COM	$0	–	35,500	–	0.00%	–
MRCY	Exit	MERCURY SYSTEMS INC COM	$0	–	-5,787	–	-0.05%	–
ETN	Exit	EATON CORPORATION PLC SHS ISIN	$0	–	-118,336	–	-1.25%	–
AVNS	Exit	AVANOS MED INC COM	$0	–	-397,462	–	-2.20%	–
BE	Exit	BLOOM ENERGY CORP	$0	–	-1,706,924	–	-2.66%	–
OZK	Exit	BANK OZK LITTLE ROCK ARK	$0	–	-895,834	–	-3.42%	–

Q2 2019

			Value		Shares		↓ Weighting
GPN	New	GLOBAL PAYMENTS INC	$46,227,000	–	288,686	–	5.86%	–
TRU	New	TRANSUNION	$35,865,000	–	487,888	–	4.55%	–
TECH	New	BIO-TECHNE CORP	$34,764,000	–	166,740	–	4.41%	–
FISV	New	FISERV INC	$33,576,000	–	368,322	–	4.26%	–
ELAN	New	ELANCO ANIMAL HEALTH INC	$33,241,000	–	983,461	–	4.21%	–
XRAY	New	DENTSPLY SIRONA INC	$32,673,000	–	559,848	–	4.14%	–
ADBE	New	ADOBE INC	$29,666,000	–	100,682	–	3.76%	–
SITE	New	SITEONE LANDSCAPE SUPPLY	$27,702,000	–	399,737	–	3.51%	–
LIN	New	LINDE PLC F	$27,132,000	–	135,120	–	3.44%	–
OZK	New	BANK OZK LITTLE ROCK ARK	$26,956,000	–	895,834	–	3.42%	–
AWI	New	ARMSTRONG WORLD INDS	$26,773,000	–	275,446	–	3.39%	–
IFF	New	INTL FLAVORS & FRAGRANCES INC	$26,659,000	–	183,738	–	3.38%	–
ICUI	New	I C U MEDICAL INC	$25,401,000	–	100,835	–	3.22%	–
SSNC	New	SS&C TECHNOLOGS HLDG	$24,790,000	–	430,312	–	3.14%	–
FMC	New	F M C CORP	$23,812,000	–	287,061	–	3.02%	–
A	New	AGILENT TECHNOLOGIES	$23,558,000	–	315,501	–	2.99%	–
USFD	New	US FOODS HOLDING CORP	$23,179,000	–	648,169	–	2.94%	–
GKOS	New	GLAUKOS CORP 00500	$23,055,000	–	305,764	–	2.92%	–
BE	New	BLOOM ENERGY CORP	$20,944,000	–	1,706,924	–	2.66%	–
QGEN	New	QIAGEN N V F	$20,551,000	–	506,803	–	2.60%	–
NEOG	New	NEOGEN CORP	$20,309,000	–	326,986	–	2.57%	–
MTN	New	VAIL RESORTS INC	$19,935,000	–	89,322	–	2.53%	–
HRC	New	HILL ROM HOLDINGS	$19,280,000	–	184,288	–	2.44%	–
CSGP	New	COSTAR GROUP INC	$18,690,000	–	33,732	–	2.37%	–
BAC	New	BANK OF AMERICA CORP	$18,068,000	–	623,020	–	2.29%	–
AVNS	New	AVANOS MED INC COM	$17,333,000	–	397,462	–	2.20%	–
WST	New	WEST PHARM SRVC INC	$17,004,000	–	135,868	–	2.16%	–
ZTS	New	ZOETIS INC CLASS A	$16,877,000	–	148,708	–	2.14%	–
CDAY	New	CERIDIAN H C M HOLDING I	$16,012,000	–	318,957	–	2.03%	–
GWRE	New	GUIDEWIRE SOFTWARE	$13,742,000	–	135,553	–	1.74%	–
ETN	New	EATON CORPORATION PLC SHS ISIN	$9,855,000	–	118,336	–	1.25%	–
MMM	New	3M COMPANY COM	$3,086,000	–	17,805	–	0.39%	–
MOGB	New	MOOG INC COM CL B	$1,946,000	–	20,946	–	0.25%	–
WM	New	WASTE MANAGEMENT INC COM	$1,258,000	–	10,902	–	0.16%	–
IEX	New	IDEX CORP COM	$1,232,000	–	7,157	–	0.16%	–
JNJ	New	JOHNSON & JOHNSON COM	$1,217,000	–	8,735	–	0.15%	–
AAPL	New	APPLE INC COM	$1,180,000	–	5,963	–	0.15%	–
MCD	New	MCDONALD'S CORPORATION COM	$1,111,000	–	5,348	–	0.14%	–
HD	New	HOME DEPOT INC COM	$1,034,000	–	4,973	–	0.13%	–
PAYX	New	PAYCHEX INC COM	$1,022,000	–	12,418	–	0.13%	–
TRV	New	TRAVELERS COMPANIES INC COM	$1,004,000	–	6,718	–	0.13%	–
BA	New	BOEING CO COM	$971,000	–	2,666	–	0.12%	–
AXP	New	AMERICAN EXPRESS CO COM	$915,000	–	7,410	–	0.12%	–
MRK	New	MERCK & CO INC NEW COM	$905,000	–	10,797	–	0.12%	–
MSFT	New	MICROSOFT CORP COM	$901,000	–	6,723	–	0.11%	–
CVX	New	CHEVRON CORPORATION COM	$896,000	–	7,200	–	0.11%	–
PFE	New	PFIZER INC COM	$891,000	–	20,563	–	0.11%	–
SYY	New	SYSCO CORP COM	$880,000	–	12,437	–	0.11%	–
KO	New	COCA-COLA CO COM	$876,000	–	17,200	–	0.11%	–
JPM	New	JPMORGAN CHASE & CO. COM	$867,000	–	7,753	–	0.11%	–
PG	New	PROCTER & GAMBLE CO COM	$857,000	–	7,813	–	0.11%	–
INTC	New	INTEL CORP COM	$849,000	–	17,728	–	0.11%	–
CAT	New	CATERPILLAR INC COM	$846,000	–	6,207	–	0.11%	–
DOW	New	DOW INC COM	$827,000	–	16,763	–	0.10%	–
AVGO	New	BROADCOM INC COM	$790,000	–	2,745	–	0.10%	–
GIS	New	GENERAL MILLS INC COM	$781,000	–	14,872	–	0.10%	–
IVV	New	ISHARES TR CORE S&P 500 ETF	$750,000	–	2,546	–	0.10%	–
VZ	New	VERIZON COMMUNICATIONS COM	$742,000	–	12,986	–	0.09%	–
JCI	New	JOHNSON CTLS INTL PLC SHS ISIN	$715,000	–	17,305	–	0.09%	–
C	New	CITIGROUP INC COM NEW ISIN#US1	$700,000	–	9,999	–	0.09%	–
XOM	New	EXXON MOBIL CORPORATION COM	$678,000	–	8,848	–	0.09%	–
CL	New	COLGATE-PALMOLIVE CO COM	$668,000	–	9,317	–	0.08%	–
BBT	New	BB&T CORP COM	$656,000	–	13,360	–	0.08%	–
IBM	New	INTERNATIONAL BUS MACH CORP CO	$567,000	–	4,111	–	0.07%	–
AMLP	New	ALPS ETF TRUST ALERIAN MLP ETF	$541,000	–	54,893	–	0.07%	–
ABB	New	ABB LTD ADR SPONSORED	$489,000	–	24,423	–	0.06%	–
T	New	AT&T INC COM	$490,000	–	14,633	–	0.06%	–
BUD	New	ANHEUSER-BUSCH INBEV SA/NV ADR	$449,000	–	5,075	–	0.06%	–
MRCY	New	MERCURY SYSTEMS INC COM	$407,000	–	5,787	–	0.05%	–
EFA	New	ISHARES TR MSCI EAFE ETF	$292,000	–	4,441	–	0.04%	–
CURR	New	CURE PHARMA HOLDING CORP COM	$52,000	–	10,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
EVBN	Exit	EVANS BANCORP INC COM	$0	–	-4,607	–	-0.03%	–
WFC	Exit	WELLS FARGO & CO COM	$0	–	-4,277	–	-0.03%	–
IJH	Exit	ISHARES CORE S&P MCP ETF	$0	–	-1,462	–	-0.04%	–
KHC	Exit	KRAFT HEINZ CO COM STK	$0	–	-6,914	–	-0.06%	–
BUD	Exit	ANHEUSER BUSCH INBEV ADR SPONS	$0	–	-4,730	–	-0.06%	–
XOM	Exit	EXXON MOBIL CORPORATION COM	$0	–	-5,734	–	-0.07%	–
ATNX	Exit	ATHENEX INC COM	$0	–	-33,773	–	-0.08%	–
ABB	Exit	ABB LTD ADR SPONSORED	$0	–	-22,336	–	-0.08%	–
PG	Exit	PROCTER GAMBLE CO COM	$0	–	-6,460	–	-0.08%	–
JCI	Exit	JOHNSON CONTROLS INTL PLC COM	$0	–	-15,345	–	-0.08%	–
AVGO	Exit	BROADCOM INC COM	$0	–	-2,287	–	-0.08%	–
GIS	Exit	GENERAL MILLS INC COM	$0	–	-13,267	–	-0.08%	–
C	Exit	CITIGROUP INC COM NEW ISIN#US1	$0	–	-8,000	–	-0.08%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-10,847	–	-0.09%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-9,158	–	-0.09%	–
MSFT	Exit	MICROSOFT CORP COM	$0	–	-5,699	–	-0.10%	–
IBM	Exit	INTL BUSINESS MACHINES COM	$0	–	-4,383	–	-0.10%	–
DWDP	Exit	DOWDUPONT INC COM	$0	–	-10,338	–	-0.10%	–
KO	Exit	COCA COLA CO COM	$0	–	-14,424	–	-0.10%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-9,429	–	-0.10%	–
AMLP	Exit	ALPS ETF TR ALERIAN MLP ETF	$0	–	-65,171	–	-0.10%	–
AXP	Exit	AMERICAN EXPRESS CO COM	$0	–	-6,542	–	-0.10%	–
INTC	Exit	INTEL CORP COM	$0	–	-14,630	–	-0.10%	–
JPM	Exit	JP MORGAN CHASE & CO COM	$0	–	-6,445	–	-0.11%	–
PFE	Exit	PFIZER INC COM	$0	–	-17,049	–	-0.11%	–
TRV	Exit	THE TRAVELERS COMPANIES INC CO	$0	–	-5,752	–	-0.11%	–
MCD	Exit	MCDONALDS CORP	$0	–	-4,502	–	-0.11%	–
CVX	Exit	CHEVRON CORP COM	$0	–	-6,320	–	-0.12%	–
CAT	Exit	CATERPILLAR INC COM	$0	–	-5,128	–	-0.12%	–
BA	Exit	BOEING CO COM	$0	–	-2,141	–	-0.12%	–
SYY	Exit	SYSCO CORP COM	$0	–	-10,838	–	-0.12%	–
HD	Exit	HOME DEPOT INC COM	$0	–	-3,951	–	-0.12%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-11,619	–	-0.13%	–
WM	Exit	WASTE MANAGEMENT INC COM	$0	–	-10,048	–	-0.14%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-7,334	–	-0.15%	–
IEX	Exit	IDEX CORP COM	$0	–	-7,157	–	-0.16%	–
AAPL	Exit	APPLE INC COM	$0	–	-5,231	–	-0.18%	–
MOGB	Exit	MOOG INC COM CL B	$0	–	-20,946	–	-0.27%	–
MMM	Exit	3M CO COM	$0	–	-16,949	–	-0.53%	–
FND	Exit	FLOOR AND DECOR HOLDINGS INC	$0	–	-175,787	–	-0.79%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC COM	$0	–	-110,490	–	-1.65%	–
BL	Exit	BLACKLINE INC COM	$0	–	-202,227	–	-1.69%	–
CDAY	Exit	CERIDIAN HCM HLDG INC COM	$0	–	-284,414	–	-1.77%	–
IDXX	Exit	IDEXX LABORATORIES INC COM	$0	–	-49,918	–	-1.85%	–
CSGP	Exit	COSTAR GROUP INC COM	$0	–	-31,567	–	-1.97%	–
MAR	Exit	MARRIOTT INTERNATIONAL INC COM	$0	–	-102,843	–	-2.01%	–
ELAN	Exit	ELANCO ANIMAL HEALTH INC COM	$0	–	-393,601	–	-2.04%	–
WST	Exit	WEST PHARMACEUTICAL SVSC INCOR	$0	–	-119,946	–	-2.20%	–
ETN	Exit	EATON CORPORATION PLC SHS ISIN	$0	–	-171,136	–	-2.20%	–
ROL	Exit	ROLLINS INC COM	$0	–	-258,384	–	-2.32%	–
BAC	Exit	BANK OF AMERICA CORP COM	$0	–	-535,059	–	-2.34%	–
ICUI	Exit	I C U MED INC COM	$0	–	-58,887	–	-2.47%	–
RHT	Exit	RED HAT INC COM	$0	–	-133,661	–	-2.70%	–
CDW	Exit	CDW CORP COM	$0	–	-215,340	–	-2.84%	–
A	Exit	AGILENT TECHNOLOGIES INC COM	$0	–	-283,468	–	-2.96%	–
ZTS	Exit	ZOETIS INC CL A	$0	–	-218,999	–	-2.97%	–
GDI	Exit	GARDNER DENVER HOLDINGS INC CO	$0	–	-727,252	–	-3.06%	–
FMC	Exit	F M C CORP COM	$0	–	-238,490	–	-3.08%	–
AYI	Exit	ACUITY BRANDS INC COM	$0	–	-133,013	–	-3.10%	–
SSNC	Exit	SS&C TECHNOLOGIES HLDGS INCORP	$0	–	-383,447	–	-3.23%	–
UNVR	Exit	UNIVAR INC COM	$0	–	-710,953	–	-3.23%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRANC	$0	–	-163,770	–	-3.38%	–
AVNS	Exit	AVANOS MED INC COM	$0	–	-337,877	–	-3.43%	–
GKOS	Exit	GLAUKOS CORP COM	$0	–	-372,237	–	-3.58%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW C	$0	–	-350,216	–	-3.61%	–
MTN	Exit	VAIL RESORTS INCORPORATED	$0	–	-90,426	–	-3.68%	–
SITE	Exit	SITEONE LANDSCAPE SUPPLY INC C	$0	–	-330,986	–	-3.70%	–
USFD	Exit	US FOODS HLDG CORP COM	$0	–	-827,644	–	-3.78%	–
XRAY	Exit	DENTSPLY SIRONA INC COM	$0	–	-683,039	–	-3.82%	–
ADBE	Exit	ADOBE INC COM	$0	–	-110,614	–	-4.42%	–
TECH	Exit	BIO-TECHNE CORP COM	$0	–	-157,557	–	-4.77%	–
GPN	Exit	GLOBAL PAYMENTS INC COM	$0	–	-262,705	–	-4.96%	–

Q3 2018

			Value		Shares		↓ Weighting
GPN	Buy	GLOBAL PAYMENTS INC COM	$33,469,000	+16.2%	262,705	+1.7%	4.96%	+8.8%
TECH	Buy	BIO-TECHNE CORP COM	$32,159,000	+40.2%	157,557	+1.7%	4.77%	+31.4%
ADBE	Buy	ADOBE INC COM	$29,860,000	+13.3%	110,614	+2.3%	4.42%	+6.1%
XRAY	Buy	DENTSPLY SIRONA INC COM	$25,778,000	-10.7%	683,039	+3.5%	3.82%	-16.4%
USFD	Buy	US FOODS HLDG CORP COM	$25,508,000	-16.3%	827,644	+2.7%	3.78%	-21.6%
SITE	Sell	SITEONE LANDSCAPE SUPPLY INC C	$24,936,000	-18.1%	330,986	-8.8%	3.70%	-23.3%
MTN	Buy	VAIL RESORTS INCORPORATED	$24,815,000	+0.7%	90,426	+0.6%	3.68%	-5.7%
AWI	Buy	ARMSTRONG WORLD INDS INC NEW C	$24,375,000	+11.5%	350,216	+1.2%	3.61%	+4.4%
GKOS	Buy	GLAUKOS CORP COM	$24,158,000	+62.5%	372,237	+1.8%	3.58%	+52.2%
AVNS	New	AVANOS MED INC COM	$23,145,000	–	337,877	–	3.43%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRANC	$22,784,000	–	163,770	–	3.38%	–
UNVR	Buy	UNIVAR INC COM	$21,798,000	+20.7%	710,953	+3.3%	3.23%	+13.1%
SSNC	Buy	SS&C TECHNOLOGIES HLDGS INCORP	$21,791,000	+12.4%	383,447	+2.6%	3.23%	+5.3%
AYI	Buy	ACUITY BRANDS INC COM	$20,910,000	+38.2%	133,013	+1.8%	3.10%	+29.4%
FMC	Buy	F M C CORP COM	$20,792,000	+1.3%	238,490	+3.7%	3.08%	-5.1%
GDI	Sell	GARDNER DENVER HOLDINGS INC CO	$20,610,000	-8.9%	727,252	-5.5%	3.06%	-14.6%
ZTS	Sell	ZOETIS INC CL A	$20,052,000	-7.3%	218,999	-13.7%	2.97%	-13.2%
A	Buy	AGILENT TECHNOLOGIES INC COM	$19,996,000	+27.1%	283,468	+11.4%	2.96%	+19.0%
CDW	Sell	CDW CORP COM	$19,148,000	-13.1%	215,340	-21.1%	2.84%	-18.6%
RHT	Buy	RED HAT INC COM	$18,215,000	+5.0%	133,661	+3.5%	2.70%	-1.6%
ICUI	Buy	I C U MED INC COM	$16,650,000	-1.4%	58,887	+2.4%	2.47%	-7.7%
BAC	Buy	BANK OF AMERICA CORP COM	$15,763,000	+5.8%	535,059	+1.3%	2.34%	-0.8%
ROL	Buy	ROLLINS INC COM	$15,681,000	+17.4%	258,384	+1.7%	2.32%	+10.0%
ETN	Buy	EATON CORPORATION PLC SHS ISIN	$14,843,000	+21.8%	171,136	+5.0%	2.20%	+14.2%
WST	Buy	WEST PHARMACEUTICAL SVSC INCOR	$14,810,000	+27.3%	119,946	+2.4%	2.20%	+19.3%
ELAN	New	ELANCO ANIMAL HEALTH INC COM	$13,733,000	–	393,601	–	2.04%	–
MAR	Buy	MARRIOTT INTERNATIONAL INC COM	$13,578,000	+7.5%	102,843	+3.1%	2.01%	+0.7%
CSGP	Sell	COSTAR GROUP INC COM	$13,285,000	-8.4%	31,567	-10.2%	1.97%	-14.2%
IDXX	Sell	IDEXX LABORATORIES INC COM	$12,463,000	-5.4%	49,918	-17.4%	1.85%	-11.4%
CDAY	New	CERIDIAN HCM HLDG INC COM	$11,954,000	–	284,414	–	1.77%	–
BL	Buy	BLACKLINE INC COM	$11,420,000	+33.1%	202,227	+2.4%	1.69%	+24.8%
GWRE	Buy	GUIDEWIRE SOFTWARE INC COM	$11,161,000	+16.3%	110,490	+2.2%	1.65%	+9.0%
FND	Sell	FLOOR AND DECOR HOLDINGS INC	$5,303,000	-39.1%	175,787	-0.4%	0.79%	-42.9%
MMM	Sell	3M CO COM	$3,571,000	+7.1%	16,949	-0.0%	0.53%	+0.2%
MOGB	New	MOOG INC COM CL B	$1,796,000	–	20,946	–	0.27%	–
AAPL	Sell	APPLE INC COM	$1,181,000	+21.1%	5,231	-0.7%	0.18%	+13.6%
JNJ	Sell	JOHNSON & JOHNSON COM	$1,013,000	+0.9%	7,334	-11.3%	0.15%	-5.7%
WM	Buy	WASTE MANAGEMENT INC COM	$908,000	+13.9%	10,048	+2.6%	0.14%	+7.1%
PAYX	Sell	PAYCHEX INC COM	$856,000	+5.2%	11,619	-2.5%	0.13%	-1.6%
HD	Buy	HOME DEPOT INC COM	$818,000	+6.9%	3,951	+0.8%	0.12%	0.0%
SYY	Sell	SYSCO CORP COM	$794,000	-2.9%	10,838	-9.5%	0.12%	-8.5%
BA	Buy	BOEING CO COM	$796,000	+14.7%	2,141	+3.5%	0.12%	+7.3%
CAT	Sell	CATERPILLAR INC COM	$782,000	+10.1%	5,128	-2.0%	0.12%	+3.6%
CVX	Buy	CHEVRON CORP COM	$773,000	+0.1%	6,320	+3.4%	0.12%	-5.7%
MCD	Buy	MCDONALDS CORP	$753,000	+7.0%	4,502	+0.2%	0.11%	+0.9%
TRV	Buy	THE TRAVELERS COMPANIES INC CO	$746,000	+8.3%	5,752	+2.2%	0.11%	+1.8%
PFE	Buy	PFIZER INC COM	$751,000	+25.6%	17,049	+3.4%	0.11%	+16.8%
JPM	Sell	JP MORGAN CHASE & CO COM	$727,000	-66.2%	6,445	-68.8%	0.11%	-68.3%
INTC	Buy	INTEL CORP COM	$692,000	-2.8%	14,630	+2.1%	0.10%	-8.8%
AMLP	Buy	ALPS ETF TR ALERIAN MLP ETF	$696,000	+10.7%	65,171	+4.6%	0.10%	+3.0%
AXP	Buy	AMERICAN EXPRESS CO COM	$697,000	+13.3%	6,542	+4.3%	0.10%	+6.2%
DWDP	Buy	DOWDUPONT INC COM	$665,000	+1.2%	10,338	+3.7%	0.10%	-4.8%
KO	Buy	COCA COLA CO COM	$666,000	+10.4%	14,424	+4.8%	0.10%	+4.2%
MRK	Buy	MERCK & CO INC NEW COM	$669,000	+22.1%	9,429	+4.5%	0.10%	+13.8%
IBM	Buy	INTL BUSINESS MACHINES COM	$663,000	+17.8%	4,383	+8.8%	0.10%	+10.1%
MSFT	New	MICROSOFT CORP COM	$652,000	–	5,699	–	0.10%	–
CL	Buy	COLGATE PALMOLIVE CO COM	$613,000	+9.5%	9,158	+5.9%	0.09%	+2.2%
VZ	Sell	VERIZON COMMUNICATIONS COM	$579,000	+5.9%	10,847	-0.2%	0.09%	-1.1%
C	Buy	CITIGROUP INC COM NEW ISIN#US1	$574,000	+15.0%	8,000	+7.2%	0.08%	+7.6%
AVGO	Buy	BROADCOM INC COM	$564,000	+8.7%	2,287	+6.8%	0.08%	+2.4%
GIS	Buy	GENERAL MILLS INC COM	$569,000	+2.5%	13,267	+5.7%	0.08%	-4.5%
JCI	Buy	JOHNSON CONTROLS INTL PLC COM	$537,000	+12.1%	15,345	+7.2%	0.08%	+5.3%
PG	Sell	PROCTER GAMBLE CO COM	$538,000	-21.1%	6,460	-26.1%	0.08%	-25.9%
ABB	Buy	ABB LTD ADR SPONSORED	$528,000	+16.3%	22,336	+7.2%	0.08%	+8.3%
XOM	Sell	EXXON MOBIL CORPORATION COM	$488,000	-10.8%	5,734	-13.2%	0.07%	-17.2%
BUD	Buy	ANHEUSER BUSCH INBEV ADR SPONS	$414,000	-5.7%	4,730	+8.5%	0.06%	-11.6%
KHC	Buy	KRAFT HEINZ CO COM STK	$381,000	-3.3%	6,914	+10.3%	0.06%	-9.7%
IJH	Buy	ISHARES CORE S&P MCP ETF	$294,000	+11.8%	1,462	+8.1%	0.04%	+4.8%
WFC	New	WELLS FARGO & CO COM	$225,000	–	4,277	–	0.03%	–
CRNT	Exit	CERAGON NETWORKS LTD COM	$0	–	-12,600	–	-0.01%	–
NWL	Exit	NEWELL BRANDS INC COM	$0	–	-15,352	–	-0.06%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-7,176	–	-0.15%	–
COHR	Exit	COHERENT INC COM	$0	–	-50,560	–	-1.25%	–
PSDO	Exit	PRESIDIO INC COM	$0	–	-763,922	–	-1.58%	–
AQUA	Exit	EVOQUA WATER TECHNOLOGIES CORP	$0	–	-495,353	–	-1.61%	–
DLB	Exit	DOLBY LABORATORIES INC CL A	$0	–	-299,736	–	-2.93%	–
NOVT	Exit	NOVANTA INC COM ISIN#CA67000B1	$0	–	-309,220	–	-3.05%	–

Q2 2018

			Value		Shares		↓ Weighting
USFD	New	US FOODS HLDG CORP COM	$30,492,000	–	806,237	–	4.82%	–
SITE	New	SITEONE LANDSCAPE SUPPLY INC C	$30,460,000	–	362,744	–	4.82%	–
XRAY	New	DENTSPLY SIRONA INC COM	$28,882,000	–	659,857	–	4.57%	–
GPN	New	GLOBAL PAYMENTS INC COM	$28,800,000	–	258,320	–	4.56%	–
ADBE	New	ADOBE SYSTEMS INC COM	$26,357,000	–	108,103	–	4.17%	–
MTN	New	VAIL RESORTS INC COM	$24,641,000	–	89,868	–	3.90%	–
TECH	New	BIO-TECHNE CORP COM	$22,932,000	–	154,996	–	3.63%	–
GDI	New	GARDNER DENVER HOLDINGS INC CO	$22,617,000	–	769,548	–	3.58%	–
CDW	New	CDW CORP COM	$22,045,000	–	272,863	–	3.49%	–
AWI	New	ARMSTRONG WORLD INDUSTRIES INC	$21,866,000	–	345,988	–	3.46%	–
ZTS	New	ZOETIS INC CL A	$21,627,000	–	253,870	–	3.42%	–
FMC	New	F M C CORP COM	$20,517,000	–	229,987	–	3.25%	–
SSNC	New	SS&C TECHNOLOGIES HLDGS INC CO	$19,394,000	–	373,689	–	3.07%	–
NOVT	New	NOVANTA INC COM ISIN#CA67000B1	$19,264,000	–	309,220	–	3.05%	–
DLB	New	DOLBY LABORATORIES INC CL A	$18,491,000	–	299,736	–	2.93%	–
UNVR	New	UNIVAR INC COM	$18,059,000	–	688,208	–	2.86%	–
RHT	New	RED HAT INC COM	$17,348,000	–	129,107	–	2.74%	–
ICUI	New	I C U MED INC COM	$16,893,000	–	57,526	–	2.67%	–
A	New	AGILENT TECHNOLOGIES INCORPORA	$15,736,000	–	254,471	–	2.49%	–
AYI	New	ACUITY BRANDS INC COM	$15,135,000	–	130,621	–	2.40%	–
BAC	New	BANK OF AMERICA CORPORATION CO	$14,892,000	–	528,266	–	2.36%	–
GKOS	New	GLAUKOS CORP COM	$14,864,000	–	365,754	–	2.35%	–
CSGP	New	COSTAR GROUP INC COM	$14,504,000	–	35,151	–	2.30%	–
ROL	New	ROLLINS INC COM	$13,356,000	–	254,012	–	2.11%	–
IDXX	New	IDEXX LABORATORIES INC COM	$13,175,000	–	60,452	–	2.08%	–
MAR	New	MARRIOTT INTERNATIONAL INCORPO	$12,626,000	–	99,732	–	2.00%	–
ETN	New	EATON CORPORATION PLC SHS ISIN	$12,182,000	–	162,992	–	1.93%	–
WST	New	WEST PHARMACEUTICAL SVCS INC C	$11,632,000	–	117,153	–	1.84%	–
AQUA	New	EVOQUA WATER TECHNOLOGIES CORP	$10,155,000	–	495,353	–	1.61%	–
PSDO	New	PRESIDIO INC COM	$10,007,000	–	763,922	–	1.58%	–
GWRE	New	GUIDEWIRE SOFTWARE INC COM	$9,596,000	–	108,084	–	1.52%	–
FND	New	FLOOR AND DECOR HOLDINGS INC	$8,704,000	–	176,436	–	1.38%	–
BL	New	BLACKLINE INC COM	$8,579,000	–	197,538	–	1.36%	–
COHR	New	COHERENT INC COM	$7,909,000	–	50,560	–	1.25%	–
MMM	New	3M CO COM	$3,335,000	–	16,954	–	0.53%	–
JPM	New	JP MORGAN CHASE & CO COM	$2,154,000	–	20,669	–	0.34%	–
JNJ	New	JOHNSON & JOHNSON COM	$1,004,000	–	8,272	–	0.16%	–
IEX	New	IDEX CORP COM	$977,000	–	7,157	–	0.16%	–
AAPL	New	APPLE INC COM	$975,000	–	5,269	–	0.15%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$963,000	–	7,176	–	0.15%	–
SYY	New	SYSCO CORP COM	$818,000	–	11,976	–	0.13%	–
PAYX	New	PAYCHEX INC COM	$814,000	–	11,915	–	0.13%	–
WM	New	WASTE MANAGEMENT INC COM	$797,000	–	9,798	–	0.13%	–
CVX	New	CHEVRON CORP COM	$772,000	–	6,110	–	0.12%	–
HD	New	HOME DEPOT INC COM	$765,000	–	3,920	–	0.12%	–
INTC	New	INTEL CORP COM	$712,000	–	14,326	–	0.11%	–
CAT	New	CATERPILLAR INC COM	$710,000	–	5,233	–	0.11%	–
MCD	New	MCDONALDS CORP COM	$704,000	–	4,494	–	0.11%	–
BA	New	BOEING CO COM	$694,000	–	2,068	–	0.11%	–
TRV	New	THE TRAVELERS COMPANIES INC CO	$689,000	–	5,628	–	0.11%	–
PG	New	PROCTER & GAMBLE CO COM	$682,000	–	8,737	–	0.11%	–
DWDP	New	DOWDUPONT INC COM	$657,000	–	9,973	–	0.10%	–
AMLP	New	ALPS ETF TR ALERIAN MLP ETF	$629,000	–	62,286	–	0.10%	–
ATNX	New	ATHENEX INC COM	$630,000	–	33,773	–	0.10%	–
AXP	New	AMERICAN EXPRESS CO COM	$615,000	–	6,275	–	0.10%	–
KO	New	COCA COLA COMPANY	$603,000	–	13,758	–	0.10%	–
PFE	New	PFIZER INC COM	$598,000	–	16,490	–	0.10%	–
CL	New	COLGATE PALMOLIVE CO COM	$560,000	–	8,644	–	0.09%	–
IBM	New	INTL BUSINESS MACHINES COM	$563,000	–	4,027	–	0.09%	–
GIS	New	GENERAL MILLS INC COM	$555,000	–	12,549	–	0.09%	–
MRK	New	MERCK & CO INC. COM	$548,000	–	9,021	–	0.09%	–
XOM	New	EXXON MOBIL CORPORATION COM	$547,000	–	6,608	–	0.09%	–
VZ	New	VERIZON COMMUNICATIONS COM	$547,000	–	10,865	–	0.09%	–
AVGO	New	BROADCOM INC COM	$519,000	–	2,141	–	0.08%	–
C	New	CITIGROUP INC COM	$499,000	–	7,460	–	0.08%	–
JCI	New	JOHNSON CONTROLS INTL PLC COM	$479,000	–	14,312	–	0.08%	–
ABB	New	ABB LTD ADR SPONSORED	$454,000	–	20,833	–	0.07%	–
BUD	New	ANHEUSER BUSCH INBEV ADR SPONS	$439,000	–	4,359	–	0.07%	–
NWL	New	NEWELL BRANDS INC COM	$396,000	–	15,352	–	0.06%	–
KHC	New	KRAFT HEINZ CO COM STK	$394,000	–	6,271	–	0.06%	–
IJH	New	ISHARES CORE S&P MCP ETF	$263,000	–	1,352	–	0.04%	–
EVBN	New	EVANS BANCORP INC COM	$212,000	–	4,607	–	0.03%	–
CRNT	New	CERAGON NETWORKS LTD COM	$45,000	–	12,600	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
CRNT	Exit	CERAGON NETWORKS LTD COM	$0	–	-12,600	–	-0.01%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-3,982	–	-0.08%	–
MDLZ	Exit	MONDELEZ INTL INC COM	$0	–	-10,497	–	-0.08%	–
KHC	Exit	KRAFT HEINZ CO COM STK	$0	–	-5,750	–	-0.09%	–
MO	Exit	ALTRIA GROUP INC COM	$0	–	-7,119	–	-0.09%	–
XOM	Exit	EXXON MOBIL CORPORATION COM	$0	–	-5,733	–	-0.09%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVSPON	$0	–	-4,109	–	-0.10%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-10,244	–	-0.10%	–
ABB	Exit	ABB LTD ADR	$0	–	-21,044	–	-0.10%	–
CVX	Exit	CHEVRON CORP COM	$0	–	-4,405	–	-0.10%	–
NWL	Exit	NEWELL BRANDS INC COM	$0	–	-12,319	–	-0.10%	–
T	Exit	AT&T INC COM	$0	–	-13,434	–	-0.10%	–
PG	Exit	PROCTER GAMBLE CO COM	$0	–	-5,811	–	-0.10%	–
HCP	Exit	HCP INC COM	$0	–	-19,273	–	-0.10%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-8,587	–	-0.11%	–
IBM	Exit	INTL BUSINESS MACHINES COM	$0	–	-3,801	–	-0.11%	–
AXP	Exit	AMERICAN EXPRESS CO CM	$0	–	-6,107	–	-0.11%	–
PFE	Exit	PFIZER INC COM	$0	–	-15,700	–	-0.11%	–
INTC	Exit	INTEL CORP COM	$0	–	-14,817	–	-0.11%	–
SYY	Exit	SYSCO CORP COM	$0	–	-10,545	–	-0.11%	–
KO	Exit	COCA COLA CO COM	$0	–	-13,579	–	-0.12%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-8,356	–	-0.12%	–
HD	Exit	HOME DEPOT INC COM	$0	–	-3,858	–	-0.12%	–
CAT	Exit	CATERPILLAR INC COM	$0	–	-5,175	–	-0.13%	–
MCD	Exit	MCDONALDS CORP COM	$0	–	-4,184	–	-0.13%	–
DWDP	Exit	DOWDUPONT INC COM	$0	–	-9,578	–	-0.13%	–
TRV	Exit	THE TRAVELERS COMPANIES INC CO	$0	–	-5,499	–	-0.13%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-11,404	–	-0.13%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-6,844	–	-0.15%	–
WM	Exit	WASTE MANAGEMENT INC COM	$0	–	-9,852	–	-0.15%	–
BA	Exit	BOEING CO COM	$0	–	-3,271	–	-0.16%	–
AAPL	Exit	APPLE INC COM	$0	–	-5,417	–	-0.16%	–
IEX	Exit	IDEX CORP COM	$0	–	-7,157	–	-0.17%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-7,910	–	-0.20%	–
JPM	Exit	JP MORGAN CHASE & CO COM	$0	–	-20,634	–	-0.38%	–
MMM	Exit	3M CO COM	$0	–	-16,774	–	-0.69%	–
GKOS	Exit	GLAUKOS CORP COM	$0	–	-154,233	–	-0.99%	–
AKAM	Exit	AKAMAI TECHNOLOGIES INC COM	$0	–	-130,170	–	-1.24%	–
FND	Exit	FLOOR & DECOR HLDGS INC COM CL	$0	–	-192,216	–	-1.46%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC COM	$0	–	-96,392	–	-1.46%	–
CSGP	Exit	COSTAR GROUP INC COM	$0	–	-32,839	–	-1.72%	–
WST	Exit	WEST PHARMACEUTICAL SVCS INC C	$0	–	-100,581	–	-1.89%	–
MAR	Exit	MARRIOTT INTERNATIONAL INC CLA	$0	–	-94,973	–	-2.04%	–
ROL	Exit	ROLLINS INC COM	$0	–	-238,473	–	-2.14%	–
AMLP	Exit	ALPS ETF TR ALERIAN MLP ETF	$0	–	-1,025,961	–	-2.24%	–
NOVT	Exit	NOVANTA INC COM ISIN#CA67000B1	$0	–	-302,701	–	-2.57%	–
IDXX	Exit	IDEXX LABS INC COM	$0	–	-87,792	–	-2.66%	–
DLB	Exit	DOLBY LABORATORIES INC CL A	$0	–	-253,007	–	-2.84%	–
LVS	Exit	LAS VEGAS SANDS CORP COM	$0	–	-229,228	–	-2.86%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW C	$0	–	-298,942	–	-2.98%	–
CMD	Exit	CANTEL MED CORP COM	$0	–	-166,041	–	-3.05%	–
BLKB	Exit	BLACKBAUD INC COM	$0	–	-183,240	–	-3.13%	–
RHT	Exit	RED HAT INC COM	$0	–	-150,796	–	-3.26%	–
CERN	Exit	CERNER CORP COM	$0	–	-234,784	–	-3.26%	–
FMC	Exit	F M C CORP COM	$0	–	-201,806	–	-3.51%	–
ETN	Exit	EATON CORPORATION PLC SHS ISIN	$0	–	-239,391	–	-3.58%	–
PSDO	Exit	PRESIDIO INC COM	$0	–	-1,338,047	–	-3.69%	–
CDW	Exit	CDW CORP COM	$0	–	-294,358	–	-3.78%	–
USFD	Exit	US FOODS HLDG CORP COM	$0	–	-734,595	–	-3.82%	–
GDI	Exit	GARDNER DENVER HLDGS INC COM	$0	–	-731,289	–	-3.92%	–
SITE	Exit	SITEONE LANDSCAPE SUPPLY INC C	$0	–	-348,902	–	-3.95%	–
MTN	Exit	VAIL RESORTS INC COM	$0	–	-90,598	–	-4.03%	–
ZTS	Exit	ZOETIS INC CL A	$0	–	-341,679	–	-4.24%	–
GPN	Exit	GLOBAL PMTS INC COM	$0	–	-237,266	–	-4.39%	–
BAC	Exit	BANK OF AMERICA CORP COM	$0	–	-922,776	–	-4.56%	–
ADBE	Exit	ADOBE SYS INC COM	$0	–	-158,247	–	-4.60%	–
XRAY	Exit	DENTSPLY SIRONA INC COM	$0	–	-445,010	–	-5.18%	–

Q3 2017

			Value		Shares		↓ Weighting
XRAY	Buy	DENTSPLY SIRONA INC COM	$26,616,000	+18.6%	445,010	+28.5%	5.18%	+9.3%
ADBE	Buy	ADOBE SYS INC COM	$23,607,000	+7.2%	158,247	+1.7%	4.60%	-1.1%
BAC	Sell	BANK OF AMERICA CORP COM	$23,383,000	+3.7%	922,776	-0.7%	4.56%	-4.4%
GPN	Buy	GLOBAL PMTS INC COM	$22,547,000	+6.3%	237,266	+1.1%	4.39%	-2.0%
ZTS	Buy	ZOETIS INC CL A	$21,785,000	+2.4%	341,679	+0.1%	4.24%	-5.6%
MTN	Buy	VAIL RESORTS INC COM	$20,667,000	+13.0%	90,598	+0.5%	4.03%	+4.2%
SITE	Buy	SITEONE LANDSCAPE SUPPLY INC C	$20,271,000	+12.8%	348,902	+1.1%	3.95%	+4.0%
GDI	New	GARDNER DENVER HLDGS INC COM	$20,125,000	–	731,289	–	3.92%	–
USFD	Buy	US FOODS HLDG CORP COM	$19,614,000	-0.0%	734,595	+1.9%	3.82%	-7.8%
CDW	Buy	CDW CORP COM	$19,428,000	+6.9%	294,358	+1.3%	3.78%	-1.4%
PSDO	Buy	PRESIDIO INC COM	$18,933,000	+2.1%	1,338,047	+3.3%	3.69%	-5.8%
ETN	Sell	EATON CORPORATION PLC SHS ISIN	$18,383,000	-1.4%	239,391	-0.1%	3.58%	-9.1%
FMC	Sell	F M C CORP COM	$18,023,000	+0.8%	201,806	-17.6%	3.51%	-7.1%
CERN	Buy	CERNER CORP COM	$16,745,000	+7.9%	234,784	+0.6%	3.26%	-0.5%
RHT	Buy	RED HAT INC COM	$16,717,000	+17.8%	150,796	+1.8%	3.26%	+8.6%
BLKB	Sell	BLACKBAUD INC COM	$16,088,000	-3.1%	183,240	-5.4%	3.13%	-10.7%
CMD	Buy	CANTEL MED CORP COM	$15,636,000	+23.1%	166,041	+1.8%	3.05%	+13.5%
AWI	Buy	ARMSTRONG WORLD INDS INC NEW C	$15,321,000	+15.1%	298,942	+3.3%	2.98%	+6.1%
LVS	Buy	LAS VEGAS SANDS CORP COM	$14,707,000	+2.3%	229,228	+1.9%	2.86%	-5.7%
DLB	Buy	DOLBY LABORATORIES INC CL A	$14,553,000	+20.7%	253,007	+2.7%	2.84%	+11.3%
IDXX	Buy	IDEXX LABS INC COM	$13,651,000	-3.2%	87,792	+0.5%	2.66%	-10.7%
NOVT	New	NOVANTA INC COM ISIN#CA67000B1	$13,198,000	–	302,701	–	2.57%	–
AMLP	Buy	ALPS ETF TR ALERIAN MLP ETF	$11,511,000	-2.8%	1,025,961	+3.6%	2.24%	-10.4%
ROL	Buy	ROLLINS INC COM	$11,003,000	+15.3%	238,473	+1.7%	2.14%	+6.3%
MAR	Sell	MARRIOTT INTERNATIONAL INC CLA	$10,472,000	-46.6%	94,973	-51.4%	2.04%	-50.7%
WST	Buy	WEST PHARMACEUTICAL SVCS INC C	$9,682,000	+4.7%	100,581	+2.8%	1.89%	-3.4%
CSGP	Buy	COSTAR GROUP INC COM	$8,809,000	+2.1%	32,839	+0.3%	1.72%	-5.9%
GWRE	New	GUIDEWIRE SOFTWARE INC COM	$7,505,000	–	96,392	–	1.46%	–
FND	New	FLOOR & DECOR HLDGS INC COM CL	$7,483,000	–	192,216	–	1.46%	–
AKAM	Sell	AKAMAI TECHNOLOGIES INC COM	$6,342,000	-41.4%	130,170	-40.1%	1.24%	-46.0%
GKOS	Buy	GLAUKOS CORP COM	$5,090,000	-18.2%	154,233	+2.8%	0.99%	-24.6%
MMM	Sell	3M CO COM	$3,521,000	+0.4%	16,774	-0.5%	0.69%	-7.4%
JPM	Sell	JP MORGAN CHASE & CO COM	$1,971,000	+4.3%	20,634	-0.2%	0.38%	-3.8%
JNJ	Sell	JOHNSON & JOHNSON COM	$1,028,000	-2.8%	7,910	-1.1%	0.20%	-10.7%
AAPL	Sell	APPLE INC COM	$835,000	+1.6%	5,417	-5.1%	0.16%	-6.3%
BA	Sell	BOEING CO COM	$832,000	+20.6%	3,271	-6.3%	0.16%	+11.0%
WM	Sell	WASTE MANAGEMENT INC COM	$771,000	+4.0%	9,852	-2.4%	0.15%	-4.5%
ADP	Sell	AUTOMATIC DATA PROCESSING INC	$748,000	+3.9%	6,844	-2.5%	0.15%	-3.9%
PAYX	Sell	PAYCHEX INC COM	$684,000	+3.0%	11,404	-2.3%	0.13%	-5.0%
TRV	Sell	THE TRAVELERS COMPANIES INC CO	$674,000	-6.4%	5,499	-3.3%	0.13%	-13.8%
DWDP	New	DOWDUPONT INC COM	$663,000	–	9,578	–	0.13%	–
MCD	Sell	MCDONALDS CORP COM	$656,000	-0.8%	4,184	-3.0%	0.13%	-8.6%
CAT	Sell	CATERPILLAR INC COM	$645,000	+15.0%	5,175	-0.9%	0.13%	+5.9%
HD	Sell	HOME DEPOT INC COM	$631,000	+2.1%	3,858	-4.3%	0.12%	-6.1%
KO	Sell	COCA COLA CO COM	$611,000	-4.8%	13,579	-5.1%	0.12%	-12.5%
CL	Sell	COLGATE PALMOLIVE CO COM	$609,000	-5.3%	8,356	-3.7%	0.12%	-12.5%
SYY	Sell	SYSCO CORP COM	$569,000	+4.4%	10,545	-2.7%	0.11%	-3.5%
INTC	Buy	INTEL CORP COM	$564,000	+13.9%	14,817	+1.1%	0.11%	+4.8%
PFE	Sell	PFIZER INC COM	$560,000	+3.3%	15,700	-2.8%	0.11%	-5.2%
AXP	Sell	AMERICAN EXPRESS CO CM	$552,000	+3.6%	6,107	-3.5%	0.11%	-4.4%
IBM	Sell	INTL BUSINESS MACHINES COM	$551,000	-9.5%	3,801	-4.0%	0.11%	-17.1%
MRK	Sell	MERCK & CO INC NEW COM	$550,000	-2.7%	8,587	-2.6%	0.11%	-10.1%
HCP	Sell	HCP INC COM	$536,000	-16.8%	19,273	-4.4%	0.10%	-23.5%
PG	Sell	PROCTER GAMBLE CO COM	$529,000	+0.2%	5,811	-4.1%	0.10%	-8.0%
T	Sell	AT&T INC COM	$526,000	-1.1%	13,434	-4.8%	0.10%	-8.9%
NWL	New	NEWELL BRANDS INC COM	$526,000	–	12,319	–	0.10%	–
ABB	Sell	ABB LTD ADR	$521,000	-3.9%	21,044	-3.4%	0.10%	-12.2%
CVX	Sell	CHEVRON CORP COM	$518,000	+6.1%	4,405	-5.9%	0.10%	-1.9%
VZ	Sell	VERIZON COMMUNICATIONS COM	$507,000	+7.9%	10,244	-2.6%	0.10%	0.0%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVSPON	$490,000	+7.5%	4,109	-0.7%	0.10%	-1.0%
XOM	Sell	EXXON MOBIL CORPORATION COM	$470,000	-1.1%	5,733	-2.5%	0.09%	-8.0%
MO	Sell	ALTRIA GROUP INC COM	$451,000	-19.8%	7,119	-5.7%	0.09%	-26.1%
KHC	Sell	KRAFT HEINZ CO COM STK	$446,000	-12.4%	5,750	-3.2%	0.09%	-19.4%
MDLZ	Sell	MONDELEZ INTL INC COM	$427,000	-10.7%	10,497	-5.2%	0.08%	-17.8%
DIS	Buy	WALT DISNEY CO COM	$393,000	-6.4%	3,982	+0.6%	0.08%	-13.5%
CRNT	New	CERAGON NETWORKS LTD COM	$26,000	–	12,600	–	0.01%	–
DD	Exit	DU PONT E I DE NEMOURS & CO CO	$0	–	-7,646	–	-0.13%	–
RAI	Exit	REYNOLDS AMERICAN INC .5260:1	$0	–	-10,603	–	-0.15%	–
UA	Exit	UNDER ARMOUR INC CL C	$0	–	-309,442	–	-1.32%	–
LNCE	Exit	SNYDERS-LANCE INC COM	$0	–	-411,321	–	-3.01%	–

Q2 2017

			Value		Shares		↓ Weighting
BAC	New	BANK OF AMERICA CORP COM	$22,545,000	–	929,319	–	4.76%	–
XRAY	New	DENTSPLY SIRONA INC COM	$22,450,000	–	346,236	–	4.74%	–
ADBE	New	ADOBE SYS INC COM	$22,014,000	–	155,645	–	4.65%	–
ZTS	New	ZOETIS INC CL A	$21,284,000	–	341,204	–	4.50%	–
GPN	New	GLOBAL PAYMENTS INC COM	$21,207,000	–	234,795	–	4.48%	–
USFD	New	US FOODS HLDG CORP COM	$19,621,000	–	720,834	–	4.15%	–
MAR	New	MARRIOTT INTERNATIONAL INC CLA	$19,598,000	–	195,376	–	4.14%	–
ETN	New	EATON CORPORATION PLC SHS ISIN	$18,645,000	–	239,555	–	3.94%	–
PSDO	New	PRESIDIO INC COM	$18,536,000	–	1,295,303	–	3.92%	–
MTN	New	VAIL RESORTS INC COM	$18,290,000	–	90,175	–	3.86%	–
CDW	New	CDW CORP COM	$18,170,000	–	290,574	–	3.84%	–
SITE	New	SITEONE LANDSCAPE SUPPLY INC C	$17,964,000	–	345,071	–	3.80%	–
FMC	New	F M C CORP COM	$17,886,000	–	244,848	–	3.78%	–
BLKB	New	BLACKBAUD INC COM	$16,604,000	–	193,635	–	3.51%	–
CERN	New	CERNER CORP COM	$15,519,000	–	233,476	–	3.28%	–
LVS	New	LAS VEGAS SANDS CORP COM	$14,373,000	–	224,965	–	3.04%	–
LNCE	New	SNYDERS-LANCE INC COM	$14,240,000	–	411,321	–	3.01%	–
RHT	New	RED HAT INC COM	$14,188,000	–	148,180	–	3.00%	–
IDXX	New	IDEXX LABS INC COM	$14,101,000	–	87,354	–	2.98%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW C	$13,315,000	–	289,452	–	2.81%	–
CMD	New	CANTEL MED CORP COM	$12,702,000	–	163,028	–	2.68%	–
DLB	New	DOLBY LABORATORIES INC CL A	$12,056,000	–	246,250	–	2.55%	–
AMLP	New	ALPS ETF TR ALERIAN MLP ETF	$11,842,000	–	990,157	–	2.50%	–
AKAM	New	AKAMAI TECHNOLOGIES INC COM	$10,821,000	–	217,244	–	2.29%	–
ROL	New	ROLLINS INC COM	$9,543,000	–	234,424	–	2.02%	–
WST	New	WEST PHARMACEUTICAL SVCS INC C	$9,245,000	–	97,805	–	1.95%	–
CSGP	New	COSTAR GROUP INC COM	$8,628,000	–	32,732	–	1.82%	–
UA	New	UNDER ARMOUR INC CL C	$6,238,000	–	309,442	–	1.32%	–
GKOS	New	GLAUKOS CORP COM	$6,222,000	–	150,038	–	1.32%	–
MMM	New	3M CO COM	$3,508,000	–	16,851	–	0.74%	–
JPM	New	JP MORGAN CHASE & CO COM	$1,889,000	–	20,665	–	0.40%	–
JNJ	New	JOHNSON & JOHNSON COM	$1,058,000	–	7,995	–	0.22%	–
AAPL	New	APPLE INC COM	$822,000	–	5,707	–	0.17%	–
IEX	New	IDEX CORP COM	$809,000	–	7,157	–	0.17%	–
WM	New	WASTE MANAGEMENT INC COM	$741,000	–	10,099	–	0.16%	–
TRV	New	THE TRAVELERS COMPANIES INC CO	$720,000	–	5,687	–	0.15%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$720,000	–	7,023	–	0.15%	–
RAI	New	REYNOLDS AMERICAN INC .5260:1	$690,000	–	10,603	–	0.15%	–
BA	New	BOEING CO COM	$690,000	–	3,491	–	0.15%	–
MCD	New	MCDONALDS CORP COM	$661,000	–	4,314	–	0.14%	–
PAYX	New	PAYCHEX INC COM	$664,000	–	11,670	–	0.14%	–
HCP	New	HCP INC COM	$644,000	–	20,155	–	0.14%	–
CL	New	COLGATE PALMOLIVE CO COM	$643,000	–	8,673	–	0.14%	–
KO	New	COCA COLA CO COM	$642,000	–	14,304	–	0.14%	–
HD	New	HOME DEPOT INC COM	$618,000	–	4,031	–	0.13%	–
DD	New	DU PONT E I DE NEMOURS & CO CO	$617,000	–	7,646	–	0.13%	–
IBM	New	INTL BUSINESS MACHINES COM	$609,000	–	3,961	–	0.13%	–
MO	New	ALTRIA GROUP INC COM	$562,000	–	7,547	–	0.12%	–
CAT	New	CATERPILLAR INC COM	$561,000	–	5,224	–	0.12%	–
MRK	New	MERCK & CO INC NEW COM	$565,000	–	8,817	–	0.12%	–
SYY	New	SYSCO CORP COM	$545,000	–	10,834	–	0.12%	–
PFE	New	PFIZER INC COM	$542,000	–	16,145	–	0.12%	–
ABB	New	ABB LTD ADR	$542,000	–	21,778	–	0.12%	–
AXP	New	AMERICAN EXPRESS CO CM	$533,000	–	6,330	–	0.11%	–
T	New	AT&T INC COM	$532,000	–	14,110	–	0.11%	–
PG	New	PROCTER GAMBLE CO COM	$528,000	–	6,059	–	0.11%	–
KHC	New	KRAFT HEINZ CO COM STK	$509,000	–	5,940	–	0.11%	–
INTC	New	INTEL CORP COM	$495,000	–	14,658	–	0.10%	–
CVX	New	CHEVRON CORP COM	$488,000	–	4,680	–	0.10%	–
MDLZ	New	MONDELEZ INTL INC COM	$478,000	–	11,076	–	0.10%	–
XOM	New	EXXON MOBIL CORPORATION COM	$475,000	–	5,882	–	0.10%	–
VZ	New	VERIZON COMMUNICATIONS COM	$470,000	–	10,513	–	0.10%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVSPON	$456,000	–	4,136	–	0.10%	–
DIS	New	WALT DISNEY CO COM	$420,000	–	3,957	–	0.09%	–

Q4 2016

			Value		Shares		↓ Weighting
CA	Exit	CA INCORPORATED COM	$0	–	-7,580	–	-0.08%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-8,604	–	-0.10%	–
RRC	Exit	RANGE RESOURCES CORP COM	$0	–	-8,647	–	-0.10%	–
CAG	Exit	CONAGRA BRANDS INC COM	$0	–	-7,295	–	-0.10%	–
DIS	Exit	DISNEY WALT CO DISNEY COM	$0	–	-4,168	–	-0.12%	–
MO	Exit	ALTRIA GROUP INC COM	$0	–	-6,539	–	-0.12%	–
RAI	Exit	REYNOLDS AMERICAN INC COM	$0	–	-9,314	–	-0.13%	–
KHC	Exit	KRAFT HEINZ CO COM STK	$0	–	-4,918	–	-0.13%	–
MDLZ	Exit	MONDELEZ INTL INC COM	$0	–	-10,083	–	-0.13%	–
HCP	Exit	HCP INC COM	$0	–	-11,753	–	-0.13%	–
AXP	Exit	AMERICAN EXPRESS CO CM	$0	–	-7,068	–	-0.14%	–
CAT	Exit	CATERPILLAR INC COM	$0	–	-5,612	–	-0.15%	–
CVX	Exit	CHEVRON CORP COM	$0	–	-5,079	–	-0.16%	–
KO	Exit	COCA COLA COMPANY	$0	–	-12,418	–	-0.16%	–
BA	Exit	BOEING CO COM	$0	–	-3,998	–	-0.16%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-10,928	–	-0.17%	–
ABB	Exit	ABB LTD ADR	$0	–	-25,402	–	-0.17%	–
XOM	Exit	EXXON MOBIL CORPORATION COM	$0	–	-6,601	–	-0.17%	–
AAPL	Exit	APPLE INC COM	$0	–	-5,145	–	-0.18%	–
MCD	Exit	MCDONALDS CORP COM	$0	–	-5,091	–	-0.18%	–
DD	Exit	DU PONT E I DE NEMOURS & CO CO	$0	–	-8,851	–	-0.18%	–
NFG	Exit	NATIONAL FUEL GAS CO N J COM	$0	–	-10,954	–	-0.18%	–
HD	Exit	HOME DEPOT INC COM	$0	–	-4,611	–	-0.18%	–
SYY	Exit	SYSCO CORP COM	$0	–	-12,353	–	-0.18%	–
EQT	Exit	EQT CORP	$0	–	-8,350	–	-0.18%	–
T	Exit	AT&T INC COM	$0	–	-15,237	–	-0.19%	–
PFE	Exit	PFIZER INC COM	$0	–	-18,968	–	-0.19%	–
INTC	Exit	INTEL CORP COM	$0	–	-17,225	–	-0.20%	–
PG	Exit	PROCTER GAMBLE CO COM	$0	–	-7,244	–	-0.20%	–
IBM	Exit	INTL BUSINESS MACHINES COM	$0	–	-4,154	–	-0.20%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-7,546	–	-0.20%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-10,704	–	-0.20%	–
IEX	Exit	IDEX CORP COM	$0	–	-7,157	–	-0.20%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-9,268	–	-0.21%	–
TRV	Exit	THE TRAVELERS COMPANIES INC CO	$0	–	-6,306	–	-0.22%	–
DVN	Exit	DEVON ENERGY CORPORATION COMMO	$0	–	-16,941	–	-0.22%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-13,128	–	-0.23%	–
WM	Exit	WASTE MGMT INC DEL COM	$0	–	-12,082	–	-0.23%	–
COG	Exit	CABOT OIL & GAS CORP COM	$0	–	-31,472	–	-0.24%	–
MMM	Exit	3M CO COM	$0	–	-5,421	–	-0.29%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-8,758	–	-0.31%	–
JPM	Exit	JP MORGAN CHASE & CO COM	$0	–	-22,328	–	-0.45%	–
BLKB	Exit	BLACKBAUD INC COM	$0	–	-107,423	–	-2.14%	–
PSMT	Exit	PRICESMART INC COM	$0	–	-106,525	–	-2.68%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V I	$0	–	-321,162	–	-2.71%	–
MS	Exit	MORGAN STANLEY COM	$0	–	-286,930	–	-2.77%	–
GPN	Exit	GLOBAL PAYMENTS INC COM	$0	–	-123,907	–	-2.86%	–
RHT	Exit	RED HAT INC COM	$0	–	-122,425	–	-2.98%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW C	$0	–	-240,045	–	-2.98%	–
DPLO	Exit	DIPLOMAT PHARMACY INC COM	$0	–	-369,926	–	-3.12%	–
AMLP	Exit	ALPS ETF TR ALERIAN MLP ETF	$0	–	-819,673	–	-3.13%	–
AKAM	Exit	AKAMAI TECHNOLOGIES COM	$0	–	-197,184	–	-3.14%	–
MAR	Exit	MARRIOTT INTERNATIONAL INC CLA	$0	–	-174,053	–	-3.52%	–
LNCE	Exit	SNYDERS-LANCE INC COM	$0	–	-366,175	–	-3.70%	–
CMD	Exit	CANTEL MED CORP COM	$0	–	-163,522	–	-3.84%	–
BAC	Exit	BANK OF AMERICA CORP COM	$0	–	-828,757	–	-3.90%	–
CERN	Exit	CERNER CORP COM	$0	–	-213,382	–	-3.96%	–
GWR	Exit	GENESEE & WYO INC CL A	$0	–	-192,295	–	-3.99%	–
FMC	Exit	F M C CORP COM	$0	–	-275,421	–	-4.00%	–
CRS	Exit	CARPENTER TECHNOLOGY CORP COM	$0	–	-333,356	–	-4.14%	–
LVS	Exit	LAS VEGAS SANDS CORP COM	$0	–	-242,398	–	-4.20%	–
ETN	Exit	EATON CORPORATION PLC SHS ISIN	$0	–	-215,525	–	-4.26%	–
IDXX	Exit	IDEXX LABS INC COM	$0	–	-129,781	–	-4.40%	–
ADBE	Exit	ADOBE SYS INC COM	$0	–	-138,387	–	-4.52%	–
ZTS	Exit	ZOETIS INC CL A	$0	–	-307,623	–	-4.81%	–
MTN	Exit	VAIL RESORTS INC COM	$0	–	-111,704	–	-5.27%	–
CDW	Exit	CDW CORP COM	$0	–	-388,579	–	-5.34%	–

Q3 2016

			Value		Shares		↓ Weighting
CDW	Sell	CDW CORP COM	$17,770,000	+13.6%	388,579	-0.4%	5.34%	+9.1%
MTN	Sell	VAIL RESORTS INC COM	$17,524,000	+12.4%	111,704	-1.0%	5.27%	+7.9%
ZTS	Sell	ZOETIS INC CL A	$15,999,000	+9.4%	307,623	-0.2%	4.81%	+5.1%
ADBE	Buy	ADOBE SYS INC COM	$15,021,000	+13.5%	138,387	+0.1%	4.52%	+9.0%
IDXX	Sell	IDEXX LABS INC COM	$14,630,000	+19.6%	129,781	-1.5%	4.40%	+14.9%
ETN	Sell	EATON CORPORATION PLC SHS ISIN	$14,162,000	+9.9%	215,525	-0.1%	4.26%	+5.6%
LVS	Buy	LAS VEGAS SANDS CORP COM	$13,948,000	+33.3%	242,398	+0.8%	4.20%	+28.1%
CRS	Sell	CARPENTER TECHNOLOGY CORP COM	$13,754,000	-1.0%	333,356	-21.0%	4.14%	-4.9%
FMC	Sell	F M C CORP COM	$13,314,000	-20.2%	275,421	-23.6%	4.00%	-23.4%
GWR	Buy	GENESEE & WYO INC CL A	$13,259,000	+17.6%	192,295	+0.5%	3.99%	+13.0%
CERN	Buy	CERNER CORP COM	$13,176,000	+5.4%	213,382	+0.0%	3.96%	+1.3%
BAC	Buy	BANK OF AMERICA CORP COM	$12,970,000	+18.8%	828,757	+0.7%	3.90%	+14.1%
CMD	Buy	CANTEL MED CORP COM	$12,751,000	+13.5%	163,522	+0.1%	3.84%	+9.1%
LNCE	Buy	SNYDERS-LANCE INC COM	$12,296,000	-0.3%	366,175	+0.6%	3.70%	-4.2%
MAR	Buy	MARRIOTT INTERNATIONAL INC CLA	$11,719,000	+46.3%	174,053	+44.4%	3.52%	+40.6%
AKAM	New	AKAMAI TECHNOLOGIES COM	$10,449,000	–	197,184	–	3.14%	–
AMLP	Buy	ALPS ETF TR ALERIAN MLP ETF	$10,402,000	+0.1%	819,673	+0.4%	3.13%	-3.8%
DPLO	Buy	DIPLOMAT PHARMACY INC COM	$10,362,000	-19.8%	369,926	+0.2%	3.12%	-22.9%
AWI	Buy	ARMSTRONG WORLD INDS INC NEW C	$9,919,000	+6.4%	240,045	+0.8%	2.98%	+2.2%
RHT	Buy	RED HAT INC COM	$9,896,000	+12.0%	122,425	+0.6%	2.98%	+7.6%
GPN	New	GLOBAL PAYMENTS INC COM	$9,511,000	–	123,907	–	2.86%	–
MS	Buy	MORGAN STANLEY COM	$9,199,000	+26.4%	286,930	+2.4%	2.77%	+21.4%
CBI	Sell	CHICAGO BRIDGE & IRON CO N V I	$9,002,000	-19.4%	321,162	-0.5%	2.71%	-22.6%
PSMT	Buy	PRICESMART INC COM	$8,923,000	-9.7%	106,525	+0.9%	2.68%	-13.2%
BLKB	New	BLACKBAUD INC COM	$7,126,000	–	107,423	–	2.14%	–
JPM	Buy	JP MORGAN CHASE & CO COM	$1,487,000	+12.7%	22,328	+5.1%	0.45%	+8.2%
JNJ	Buy	JOHNSON & JOHNSON COM	$1,035,000	+8.0%	8,758	+10.9%	0.31%	+3.7%
MMM	Buy	3M CO COM	$955,000	+7.1%	5,421	+6.5%	0.29%	+2.9%
WM	Buy	WASTE MGMT INC DEL COM	$770,000	+1.4%	12,082	+5.5%	0.23%	-2.5%
PAYX	Buy	PAYCHEX INC COM	$760,000	+3.8%	13,128	+6.7%	0.23%	0.0%
DVN	Buy	DEVON ENERGY CORPORATION COMMO	$747,000	+23.1%	16,941	+1.2%	0.22%	+18.4%
TRV	Buy	THE TRAVELERS COMPANIES INC CO	$722,000	+3.6%	6,306	+7.7%	0.22%	-0.5%
CL	Buy	COLGATE PALMOLIVE CO COM	$687,000	+9.4%	9,268	+8.1%	0.21%	+5.1%
MRK	Buy	MERCK & CO INC NEW COM	$668,000	+18.9%	10,704	+9.8%	0.20%	+14.2%
ADP	Buy	AUTOMATIC DATA PROCESSING INC	$666,000	+1.5%	7,546	+5.7%	0.20%	-2.4%
IBM	Buy	INTL BUSINESS MACHINES COM	$660,000	+10.9%	4,154	+6.0%	0.20%	+6.5%
PG	Buy	PROCTER GAMBLE CO COM	$650,000	+21.5%	7,244	+14.6%	0.20%	+16.8%
INTC	Buy	INTEL CORP COM	$650,000	+27.0%	17,225	+10.4%	0.20%	+21.9%
PFE	Buy	PFIZER INC COM	$642,000	+5.4%	18,968	+9.7%	0.19%	+1.0%
T	Buy	AT&T INC COM	$619,000	+4.2%	15,237	+10.8%	0.19%	0.0%
SYY	Buy	SYSCO CORP COM	$605,000	+3.8%	12,353	+7.5%	0.18%	-0.5%
EQT	Buy	EQT CORP	$606,000	-5.8%	8,350	+0.6%	0.18%	-9.5%
HD	Buy	HOME DEPOT INC COM	$593,000	+20.0%	4,611	+19.1%	0.18%	+14.8%
DD	Buy	DU PONT E I DE NEMOURS & CO CO	$593,000	+14.0%	8,851	+10.3%	0.18%	+9.2%
MCD	Buy	MCDONALDS CORP COM	$587,000	+5.8%	5,091	+10.4%	0.18%	+1.7%
AAPL	Buy	APPLE INC COM	$582,000	+39.2%	5,145	+17.6%	0.18%	+33.6%
XOM	Buy	EXXON MOBIL CORPORATION COM	$576,000	+5.1%	6,601	+13.0%	0.17%	+0.6%
ABB	Buy	ABB LTD ADR	$572,000	+19.2%	25,402	+4.8%	0.17%	+14.7%
VZ	Buy	VERIZON COMMUNICATIONS COM	$568,000	+4.8%	10,928	+12.6%	0.17%	+0.6%
KO	Buy	COCA COLA COMPANY	$526,000	+5.4%	12,418	+12.9%	0.16%	+1.3%
BA	Sell	BOEING CO COM	$527,000	-1.5%	3,998	-3.0%	0.16%	-5.4%
CVX	Buy	CHEVRON CORP COM	$523,000	+8.7%	5,079	+10.7%	0.16%	+4.0%
CAT	Buy	CATERPILLAR INC COM	$498,000	+31.4%	5,612	+12.3%	0.15%	+26.1%
AXP	Buy	AMERICAN EXPRESS CO CM	$453,000	+13.2%	7,068	+7.4%	0.14%	+8.8%
HCP	Buy	HCP INC COM	$446,000	+19.3%	11,753	+11.3%	0.13%	+14.5%
MDLZ	Buy	MONDELEZ INTL INC COM	$443,000	+10.5%	10,083	+14.4%	0.13%	+5.6%
RAI	Buy	REYNOLDS AMERICAN INC COM	$439,000	-1.3%	9,314	+12.9%	0.13%	-5.0%
KHC	Buy	KRAFT HEINZ CO COM STK	$440,000	+17.0%	4,918	+15.7%	0.13%	+11.9%
MO	Buy	ALTRIA GROUP INC COM	$413,000	+12.5%	6,539	+22.7%	0.12%	+7.8%
DIS	Buy	DISNEY WALT CO DISNEY COM	$387,000	+9.6%	4,168	+15.5%	0.12%	+4.5%
RRC	Sell	RANGE RESOURCES CORP COM	$335,000	-11.4%	8,647	-1.3%	0.10%	-14.4%
NOV	Buy	NATIONAL OILWELL VARCO INC	$316,000	+33.3%	8,604	+22.3%	0.10%	+28.4%
CPHD	Exit	CEPHEID INC COM	$0	–	-348,177	–	-3.35%	–
HAIN	Exit	HAIN CELESTIAL GROUP INC COM	$0	–	-240,378	–	-3.74%	–
DNOW	Exit	NOW INC	$0	–	-670,942	–	-3.81%	–

Q2 2016

			Value		Shares		↓ Weighting
FMC	New	F M C CORP COM	$16,688,000	–	360,359	–	5.22%	–
CDW	New	CDW CORP COM	$15,642,000	–	390,261	–	4.90%	–
MTN	New	VAIL RESORTS INC COM	$15,594,000	–	112,811	–	4.88%	–
ZTS	New	ZOETIS INC CL A	$14,628,000	–	308,221	–	4.58%	–
CRS	New	CARPENTER TECHNOLOGY	$13,891,000	–	421,823	–	4.35%	–
ADBE	New	ADOBE SYS INC COM	$13,239,000	–	138,204	–	4.14%	–
DPLO	New	DIPLOMAT PHARMACY INC COM	$12,916,000	–	369,015	–	4.04%	–
ETN	New	EATON CORPORATION PLC SHS ISIN	$12,884,000	–	215,710	–	4.03%	–
CERN	New	CERNER CORP COM	$12,499,000	–	213,291	–	3.91%	–
LNCE	New	SNYDERS-LANCE INC COM	$12,332,000	–	363,874	–	3.86%	–
IDXX	New	IDEXX LABS INC COM	$12,233,000	–	131,736	–	3.83%	–
DNOW	New	NOW INC	$12,171,000	–	670,942	–	3.81%	–
HAIN	New	HAIN CELESTIAL GROUP INC COM	$11,959,000	–	240,378	–	3.74%	–
GWR	New	GENESEE & WYO INC CL A	$11,274,000	–	191,251	–	3.53%	–
CMD	New	CANTEL MED CORP COM	$11,231,000	–	163,405	–	3.52%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V I	$11,173,000	–	322,648	–	3.50%	–
BAC	New	BANK OF AMERICA CORP COM	$10,917,000	–	822,710	–	3.42%	–
CPHD	New	CEPHEID INC COM	$10,706,000	–	348,177	–	3.35%	–
LVS	New	LAS VEGAS SANDS CORP COM	$10,461,000	–	240,547	–	3.28%	–
AMLP	New	ALPS ETF TR ALERIAN MLP ETF	$10,387,000	–	816,558	–	3.25%	–
PSMT	New	PRICESMART INC COM	$9,881,000	–	105,597	–	3.09%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW C	$9,326,000	–	238,201	–	2.92%	–
RHT	New	RED HAT INC COM	$8,835,000	–	121,698	–	2.77%	–
MAR	New	MARRIOTT INTERNATIONAL INC CLA	$8,011,000	–	120,534	–	2.51%	–
MS	New	MORGAN STANLEY COM	$7,280,000	–	280,228	–	2.28%	–
JPM	New	JP MORGAN CHASE & CO COM ISIN#	$1,320,000	–	21,247	–	0.41%	–
JNJ	New	JOHNSON & JOHNSON COM	$958,000	–	7,899	–	0.30%	–
MMM	New	3M CO COM	$892,000	–	5,092	–	0.28%	–
COG	New	CABOT OIL & GAS CORP COM	$810,000	–	31,472	–	0.25%	–
WM	New	WASTE MANAGEMENT INC COM	$759,000	–	11,449	–	0.24%	–
PAYX	New	PAYCHEX INC COM	$732,000	–	12,303	–	0.23%	–
TRV	New	THE TRAVELERS COMPANIES INC CO	$697,000	–	5,855	–	0.22%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$656,000	–	7,140	–	0.20%	–
EQT	New	EQT CORP	$643,000	–	8,300	–	0.20%	–
CL	New	COLGATE PALMOLIVE CO COM	$628,000	–	8,574	–	0.20%	–
NFG	New	NATIONAL FUEL GAS CO N J COM	$623,000	–	10,954	–	0.20%	–
PFE	New	PFIZER INC COM	$609,000	–	17,298	–	0.19%	–
DVN	New	DEVON ENERGY CORPORATION COMMO	$607,000	–	16,740	–	0.19%	–
IBM	New	INTL BUSINESS MACHINES COM	$595,000	–	3,920	–	0.19%	–
T	New	AT&T INC COM	$594,000	–	13,747	–	0.19%	–
IEX	New	IDEX CORP COM	$588,000	–	7,157	–	0.18%	–
SYY	New	SYSCO CORP COM	$583,000	–	11,496	–	0.18%	–
MRK	New	MERCK & CO INC NEW COM	$562,000	–	9,750	–	0.18%	–
MCD	New	MCDONALDS CORP COM	$555,000	–	4,612	–	0.17%	–
XOM	New	EXXON MOBIL CORPORATION COM	$548,000	–	5,842	–	0.17%	–
VZ	New	VERIZON COMMUNICATIONS INC COM	$542,000	–	9,708	–	0.17%	–
PG	New	PROCTER GAMBLE CO COM	$535,000	–	6,319	–	0.17%	–
BA	New	BOEING CO COM	$535,000	–	4,120	–	0.17%	–
DD	New	DU PONT E I DE NEMOURS & CO CO	$520,000	–	8,024	–	0.16%	–
INTC	New	INTEL CORP COM	$512,000	–	15,607	–	0.16%	–
KO	New	COCA COLA CO COM	$499,000	–	11,003	–	0.16%	–
HD	New	HOME DEPOT INC COM	$494,000	–	3,870	–	0.16%	–
CVX	New	CHEVRON CORP COM	$481,000	–	4,589	–	0.15%	–
ABB	New	ABB LTD ADR	$480,000	–	24,227	–	0.15%	–
RAI	New	REYNOLDS AMERICAN INC COM	$445,000	–	8,252	–	0.14%	–
AAPL	New	APPLE INC COM	$418,000	–	4,375	–	0.13%	–
MDLZ	New	MONDELEZ INTL INC COM	$401,000	–	8,817	–	0.13%	–
AXP	New	AMERICAN EXPRESS CO CM	$400,000	–	6,584	–	0.12%	–
CAT	New	CATERPILLAR INC COM	$379,000	–	4,997	–	0.12%	–
RRC	New	RANGE RESOURCES CORP COM	$378,000	–	8,760	–	0.12%	–
KHC	New	KRAFT HEINZ CO COM STK	$376,000	–	4,252	–	0.12%	–
HCP	New	HCP INC COM	$374,000	–	10,558	–	0.12%	–
MO	New	ALTRIA GROUP INC COM	$367,000	–	5,328	–	0.12%	–
DIS	New	WALT DISNEY CO COM	$353,000	–	3,610	–	0.11%	–
CAG	New	CONAGRA FOODS INC COM	$349,000	–	7,295	–	0.11%	–
CA	New	CA INCORPORATED COM	$249,000	–	7,580	–	0.08%	–
NOV	New	NATIONAL OILWELL VARCO INC	$237,000	–	7,038	–	0.07%	–

Q4 2015

			Value		Shares		↓ Weighting
FCX	Exit	FREEPORT-MCMORAN INC COM	$0	–	-16,467	–	-0.05%	–
CA	Exit	CA INCORPORATED COM	$0	–	-7,580	–	-0.07%	–
SM	Exit	SM ENERGY CO COM	$0	–	-8,235	–	-0.09%	–
SLW	Exit	SILVER WHEATON CORP F	$0	–	-23,535	–	-0.10%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE L	$0	–	-9,736	–	-0.10%	–
CAG	Exit	CONAGRA FOODS INC COM	$0	–	-7,680	–	-0.10%	–
CAT	Exit	CATERPILLAR INC COM	$0	–	-4,799	–	-0.10%	–
CRZO	Exit	CARRIZO OIL & GAS	$0	–	-10,455	–	-0.11%	–
SWC	Exit	STILLWATER MINING CO	$0	–	-32,350	–	-0.11%	–
WLL	Exit	WHITING PETROLEUM CO	$0	–	-21,853	–	-0.11%	–
KHC	Exit	KRAFT HEINZ CO COM STK	$0	–	-5,402	–	-0.13%	–
HCP	Exit	HCP INC COM	$0	–	-10,169	–	-0.13%	–
PAAS	Exit	PAN AMERICAN SILVER CP F	$0	–	-60,079	–	-0.13%	–
MDLZ	Exit	MONDELEZ INTL INC COM	$0	–	-9,406	–	-0.13%	–
CVX	Exit	CHEVRON CORP COM	$0	–	-5,160	–	-0.14%	–
MLM	Exit	MARTIN MARIETTA MATR	$0	–	-2,682	–	-0.14%	–
CCJ	Exit	CAMECO CORP F	$0	–	-33,737	–	-0.14%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-9,509	–	-0.14%	–
MOS	Exit	MOSAIC CO	$0	–	-13,230	–	-0.14%	–
ABB	Exit	ABB LTD ADR	$0	–	-23,535	–	-0.14%	–
DIS	Exit	DISNEY WALT CO DISNEY COM	$0	–	-4,137	–	-0.14%	–
XOM	Exit	EXXON MOBIL CORPORATION COM	$0	–	-5,706	–	-0.14%	–
MO	Exit	ALTRIA GROUP INC COM	$0	–	-7,977	–	-0.14%	–
KO	Exit	COCA COLA CO COM	$0	–	-10,923	–	-0.15%	–
T	Exit	AT&T INC COM	$0	–	-13,652	–	-0.15%	–
PG	Exit	PROCTER GAMBLE CO COM	$0	–	-6,225	–	-0.15%	–
SYY	Exit	SYSCO CORP COM	$0	–	-11,634	–	-0.15%	–
MCD	Exit	MCDONALDS CORP COM	$0	–	-4,624	–	-0.15%	–
DD	Exit	DU PONT E I DE NEMOURS & CO CO	$0	–	-9,591	–	-0.15%	–
ANDE	Exit	ANDERSONS INC	$0	–	-13,768	–	-0.16%	–
GLD	Exit	SPDR GOLD SHARES ETF	$0	–	-4,446	–	-0.16%	–
AXP	Exit	AMERICAN EXPRESS CO CM	$0	–	-6,441	–	-0.16%	–
DVN	Exit	DEVON ENERGY CORPORATION COMMO	$0	–	-12,999	–	-0.16%	–
BA	Exit	BOEING CO COM	$0	–	-3,885	–	-0.17%	–
IEX	Exit	IDEX CORP COM	$0	–	-7,157	–	-0.17%	–
VMC	Exit	VULCAN MATERIALS COM	$0	–	-5,821	–	-0.17%	–
SEB	Exit	SEABOARD CORP	$0	–	-174	–	-0.18%	–
RAI	Exit	REYNOLDS AMERICAN INC COM	$0	–	-12,362	–	-0.18%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-7,569	–	-0.18%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-11,566	–	-0.19%	–
INTC	Exit	INTEL CORP COM	$0	–	-18,982	–	-0.19%	–
IBM	Exit	INTL BUSINESS MACHINES COM	$0	–	-4,071	–	-0.20%	–
AAPL	Exit	APPLE INC COM	$0	–	-5,747	–	-0.21%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-20,015	–	-0.22%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-10,229	–	-0.22%	–
CLB	Exit	CORE LABORATORIES F	$0	–	-6,576	–	-0.22%	–
PFE	Exit	PFIZER INC COM	$0	–	-21,001	–	-0.22%	–
PDCE	Exit	PDC ENERGY INC	$0	–	-12,875	–	-0.23%	–
WM	Exit	WASTE MANAGEMENT INC COM	$0	–	-13,959	–	-0.23%	–
NFG	Exit	NATIONAL FUEL GAS CO N J COM	$0	–	-14,094	–	-0.24%	–
TRV	Exit	THE TRAVELERS COMPANIES INC CO	$0	–	-7,112	–	-0.24%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-8,782	–	-0.24%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-14,918	–	-0.24%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-7,635	–	-0.24%	–
HD	Exit	HOME DEPOT INC COM	$0	–	-6,910	–	-0.27%	–
MMM	Exit	3M CO COM	$0	–	-5,899	–	-0.28%	–
COG	Exit	CABOT OIL & GAS CORP COM	$0	–	-40,597	–	-0.30%	–
JPM	Exit	JP MORGAN CHASE & CO COM	$0	–	-20,801	–	-0.42%	–
EQT	Exit	EQT CORP	$0	–	-20,093	–	-0.44%	–
CRS	Exit	CARPENTER TECHNOLOGY	$0	–	-82,706	–	-0.82%	–
DPLO	Exit	DIPLOMAT PHARMACY INC COM	$0	–	-186,510	–	-1.79%	–
MS	Exit	MORGAN STANLEY COM	$0	–	-209,797	–	-2.21%	–
LVS	Exit	LAS VEGAS SANDS CORP COM	$0	–	-225,641	–	-2.86%	–
GWR	Exit	GENESEE & WYO INC CL A	$0	–	-154,945	–	-3.06%	–
CTRP	Exit	CTRIP COM INTL LTD AMERICAN DE	$0	–	-149,178	–	-3.15%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-257,791	–	-3.24%	–
MUSA	Exit	MURPHY USA INC COM	$0	–	-178,703	–	-3.28%	–
LQ	Exit	LA QUINTA HLDGS INC COM	$0	–	-633,471	–	-3.34%	–
BIDU	Exit	BAIDU COM INC SPONS ADR REPSTG	$0	–	-74,252	–	-3.41%	–
MJN	Exit	MEAD JOHNSON NUTRITION CO COM	$0	–	-148,592	–	-3.49%	–
PSMT	Exit	PRICESMART INC COM	$0	–	-138,927	–	-3.59%	–
CMP	Exit	COMPASS MINERALS INT	$0	–	-146,307	–	-3.83%	–
FMC	Exit	FMC CORP NEW	$0	–	-354,499	–	-4.02%	–
ZTS	Exit	ZOETIS INC CL A	$0	–	-308,361	–	-4.24%	–
DORM	Exit	DORMAN PRODS INC COM	$0	–	-250,256	–	-4.25%	–
DNOW	Exit	NOW INC	$0	–	-863,284	–	-4.27%	–
CBI	Exit	CHICAGO BRIDGE &IRON F ADR 1 A	$0	–	-331,030	–	-4.38%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-129,349	–	-4.43%	–
LNCE	Exit	SNYDERS-LANCE INC COM	$0	–	-393,375	–	-4.43%	–
CMD	Exit	CANTEL MED CORP COM	$0	–	-249,560	–	-4.73%	–
MTN	Exit	VAIL RESORTS INC COM	$0	–	-139,757	–	-4.89%	–
ADBE	Exit	ADOBE SYS INC COM	$0	–	-210,513	–	-5.78%	–
CDW	Exit	CDW CORP COM	$0	–	-454,531	–	-6.20%	–

Q3 2015

			Value		Shares		↓ Weighting
CDW	Buy	CDW CORP COM	$18,572,000	+21.6%	454,531	+2.0%	6.20%	+32.5%
ADBE	Buy	ADOBE SYS INC COM	$17,308,000	+3.8%	210,513	+2.3%	5.78%	+13.2%
MTN	Sell	VAIL RESORTS INC COM	$14,630,000	-6.9%	139,757	-2.9%	4.89%	+1.5%
CMD	Buy	CANTEL MED CORP COM	$14,150,000	+8.6%	249,560	+2.8%	4.73%	+18.4%
LNCE	Buy	SNYDERS-LANCE INC COM	$13,269,000	+9.1%	393,375	+4.4%	4.43%	+19.0%
XEC	Buy	CIMAREX ENERGY CO	$13,256,000	-0.4%	129,349	+7.2%	4.43%	+8.6%
CBI	Buy	CHICAGO BRIDGE &IRON F ADR 1 A	$13,129,000	-15.3%	331,030	+6.8%	4.38%	-7.7%
DNOW	Buy	NOW INC	$12,777,000	-0.9%	863,284	+33.3%	4.27%	+8.1%
DORM	Buy	DORMAN PRODS INC COM	$12,736,000	+9.7%	250,256	+2.7%	4.25%	+19.6%
ZTS	Buy	ZOETIS INC CL A	$12,698,000	-12.7%	308,361	+2.3%	4.24%	-4.8%
FMC	New	FMC CORP NEW	$12,021,000	–	354,499	–	4.02%	–
CMP	Buy	COMPASS MINERALS INT	$11,466,000	-1.4%	146,307	+3.4%	3.83%	+7.6%
PSMT	Buy	PRICESMART INC COM	$10,745,000	-13.6%	138,927	+1.9%	3.59%	-5.8%
MJN	Buy	MEAD JOHNSON NUTRITION CO COM	$10,461,000	-20.2%	148,592	+2.2%	3.49%	-13.0%
BIDU	Buy	BAIDU COM INC SPONS ADR REPSTG	$10,203,000	-28.1%	74,252	+4.2%	3.41%	-21.6%
LQ	Buy	LA QUINTA HLDGS INC COM	$9,996,000	-27.9%	633,471	+4.5%	3.34%	-21.3%
MUSA	Buy	MURPHY USA INC COM	$9,820,000	+6.3%	178,703	+8.0%	3.28%	+15.9%
NOV	Buy	NATIONAL OILWELL VARCO INC	$9,706,000	+2447.5%	257,791	+3167.3%	3.24%	+2670.9%
CTRP	Sell	CTRIP COM INTL LTD AMERICAN DE	$9,425,000	-47.2%	149,178	-39.4%	3.15%	-42.5%
GWR	Buy	GENESEE & WYO INC CL A	$9,154,000	-16.9%	154,945	+7.2%	3.06%	-9.3%
LVS	Buy	LAS VEGAS SANDS CORP COM	$8,568,000	-24.3%	225,641	+4.8%	2.86%	-17.4%
MS	Sell	MORGAN STANLEY COM	$6,609,000	-29.5%	209,797	-13.2%	2.21%	-23.1%
DPLO	New	DIPLOMAT PHARMACY INC COM	$5,358,000	–	186,510	–	1.79%	–
CRS	Sell	CARPENTER TECHNOLOGY	$2,462,000	-76.3%	82,706	-69.2%	0.82%	-74.2%
EQT	Buy	EQT CORP	$1,301,000	+13.2%	20,093	+42.2%	0.44%	+23.6%
JPM	Buy	JP MORGAN CHASE & CO COM	$1,268,000	-9.6%	20,801	+0.5%	0.42%	-1.2%
MMM	Sell	3M CO COM	$836,000	-9.9%	5,899	-2.0%	0.28%	-1.8%
HD	Sell	HOME DEPOT INC COM	$798,000	+3.2%	6,910	-0.7%	0.27%	+12.7%
JNJ	Sell	JOHNSON & JOHNSON COM	$713,000	-6.4%	7,635	-2.4%	0.24%	+2.1%
PAYX	Buy	PAYCHEX INC COM	$711,000	+3.3%	14,918	+1.7%	0.24%	+12.3%
ADP	Sell	AUTOMATIC DATA PROCESSING INC	$706,000	-0.1%	8,782	-0.3%	0.24%	+8.8%
TRV	Buy	THE TRAVELERS COMPANIES INC CO	$708,000	+4.6%	7,112	+1.5%	0.24%	+14.0%
WM	Buy	WASTE MANAGEMENT INC COM	$695,000	+9.3%	13,959	+1.7%	0.23%	+19.0%
PDCE	Buy	PDC ENERGY INC	$683,000	+4.1%	12,875	+5.3%	0.23%	+13.4%
PFE	Buy	PFIZER INC COM	$660,000	-5.2%	21,001	+1.1%	0.22%	+3.3%
CLB	Buy	CORE LABORATORIES F	$656,000	-7.9%	6,576	+5.3%	0.22%	+0.5%
CL	Buy	COLGATE PALMOLIVE CO COM	$649,000	-2.6%	10,229	+0.5%	0.22%	+6.4%
RRC	Sell	RANGE RESOURCES CORP	$643,000	-55.1%	20,015	-31.0%	0.22%	-51.0%
AAPL	Buy	APPLE INC COM	$634,000	-7.0%	5,747	+5.7%	0.21%	+1.4%
IBM	Sell	INTL BUSINESS MACHINES COM	$590,000	-15.6%	4,071	-5.2%	0.20%	-7.9%
INTC	Buy	INTEL CORP COM	$572,000	+1.1%	18,982	+2.1%	0.19%	+10.4%
MRK	Buy	MERCK & CO INC NEW COM	$571,000	-11.7%	11,566	+1.8%	0.19%	-3.5%
EOG	New	EOG RESOURCES INC	$551,000	–	7,569	–	0.18%	–
RAI	Buy	REYNOLDS AMERICAN INC COM	$547,000	+20.0%	12,362	+102.3%	0.18%	+30.7%
SEB	Buy	SEABOARD CORP	$536,000	-11.8%	174	+3.0%	0.18%	-3.8%
VMC	Sell	VULCAN MATERIALS COM	$519,000	-49.4%	5,821	-52.3%	0.17%	-44.9%
IEX	Sell	IDEX CORP COM	$510,000	-15.3%	7,157	-6.5%	0.17%	-7.6%
BA	Sell	BOEING CO COM	$509,000	-32.3%	3,885	-28.3%	0.17%	-26.1%
GLD	Buy	SPDR GOLD SHARES ETF	$475,000	0.0%	4,446	+5.1%	0.16%	+9.7%
AXP	Buy	AMERICAN EXPRESS CO CM	$477,000	-2.1%	6,441	+2.9%	0.16%	+6.7%
ANDE	Buy	ANDERSONS INC	$469,000	-8.2%	13,768	+5.1%	0.16%	0.0%
DD	Buy	DU PONT E I DE NEMOURS & CO CO	$462,000	-22.4%	9,591	+3.1%	0.15%	-15.4%
MCD	Buy	MCDONALDS CORP COM	$456,000	+7.0%	4,624	+3.1%	0.15%	+16.9%
SYY	Buy	SYSCO CORP COM	$453,000	+10.2%	11,634	+2.3%	0.15%	+19.8%
PG	Sell	PROCTER GAMBLE CO COM	$448,000	-10.9%	6,225	-3.2%	0.15%	-2.6%
T	Buy	AT&T INC COM	$445,000	+1.4%	13,652	+10.5%	0.15%	+11.2%
KO	Buy	COCA COLA CO COM	$438,000	+5.3%	10,923	+2.9%	0.15%	+15.0%
MO	Buy	ALTRIA GROUP INC COM	$434,000	+12.4%	7,977	+1.2%	0.14%	+22.9%
XOM	Buy	EXXON MOBIL CORPORATION COM	$424,000	-9.6%	5,706	+1.2%	0.14%	-1.4%
DIS	Sell	DISNEY WALT CO DISNEY COM	$423,000	-56.7%	4,137	-51.6%	0.14%	-52.8%
ABB	Buy	ABB LTD ADR	$416,000	-12.6%	23,535	+3.2%	0.14%	-4.8%
VZ	Sell	VERIZON COMMUNICATIONS COM	$414,000	-11.0%	9,509	-4.7%	0.14%	-2.8%
MOS	Buy	MOSAIC CO	$412,000	-30.3%	13,230	+5.0%	0.14%	-23.8%
CCJ	Buy	CAMECO CORP F	$411,000	-10.3%	33,737	+5.1%	0.14%	-2.1%
MLM	Sell	MARTIN MARIETTA MATR	$408,000	-46.7%	2,682	-50.4%	0.14%	-41.9%
CVX	Buy	CHEVRON CORP COM	$407,000	-16.9%	5,160	+1.6%	0.14%	-9.3%
MDLZ	Buy	MONDELEZ INTL INC COM	$394,000	+2.6%	9,406	+0.7%	0.13%	+11.9%
PAAS	Buy	PAN AMERICAN SILVER CP F	$382,000	-22.0%	60,079	+5.4%	0.13%	-14.7%
HCP	Buy	HCP INC COM	$379,000	+6.2%	10,169	+4.0%	0.13%	+16.5%
KHC	New	KRAFT HEINZ CO COM STK	$381,000	–	5,402	–	0.13%	–
WLL	Buy	WHITING PETROLEUM CO	$334,000	-51.9%	21,853	+5.7%	0.11%	-47.4%
SWC	Buy	STILLWATER MINING CO	$334,000	-6.2%	32,350	+5.2%	0.11%	+2.8%
CRZO	Buy	CARRIZO OIL & GAS	$319,000	-34.5%	10,455	+5.7%	0.11%	-28.2%
CAT	Buy	CATERPILLAR INC COM	$314,000	-22.5%	4,799	+0.4%	0.10%	-15.3%
PAA	Buy	PLAINS ALL AMERICAN PIPELINE L	$296,000	-26.4%	9,736	+5.4%	0.10%	-19.5%
SLW	Buy	SILVER WHEATON CORP F	$283,000	-26.9%	23,535	+5.4%	0.10%	-20.2%
SM	Sell	SM ENERGY CO COM	$264,000	-52.8%	8,235	-32.1%	0.09%	-48.5%
FCX	Buy	FREEPORT-MCMORAN INC COM	$160,000	-46.1%	16,467	+3.3%	0.05%	-41.8%
BTU	Exit	PEABODY ENERGY CORP	$0	–	-43,616	–	-0.03%	–
OASPQ	Exit	OASIS PETROLEUM INC	$0	–	-13,800	–	-0.07%	–
CLDPQ	Exit	CLOUD PEAK ENERGY	$0	–	-63,587	–	-0.09%	–
TPLMQ	Exit	TRIANGLE PETROLEUM	$0	–	-88,329	–	-0.14%	–
KRFT	Exit	KRAFT FOODS GROUP INC CSH&STK	$0	–	-5,352	–	-0.14%	–
EGO	Exit	ELDORADO GOLD CORP NEW F	$0	–	-122,352	–	-0.16%	–
CREE	Exit	CREE INC COM	$0	–	-215,896	–	-1.72%	–
PNR	Exit	PENTAIR PLC SHS ISIN#IE00BLS09	$0	–	-113,560	–	-2.39%	–

Q2 2015

			Value		Shares		↓ Weighting
CTRP	New	CTRIP COM INTL LTD AMERICAN DE	$17,867,000	–	246,041	–	5.47%	–
ADBE	New	ADOBE SYS INC COM	$16,672,000	–	205,805	–	5.11%	–
MTN	New	VAIL RESORTS INC COM	$15,717,000	–	143,925	–	4.81%	–
CBI	New	CHICAGO BRIDGE &IRON F ADR 1 A	$15,504,000	–	309,828	–	4.75%	–
CDW	New	CDW CORP COM	$15,278,000	–	445,681	–	4.68%	–
ZTS	New	ZOETIS INC CL A	$14,539,000	–	301,512	–	4.45%	–
BIDU	New	BAIDU COM INC SPONS ADR REPSTG	$14,185,000	–	71,253	–	4.34%	–
LQ	New	LA QUINTA HLDGS INC COM	$13,856,000	–	606,379	–	4.24%	–
XEC	New	CIMAREX ENERGY CO	$13,310,000	–	120,657	–	4.08%	–
MJN	New	MEAD JOHNSON NUTRITION CO COM	$13,112,000	–	145,338	–	4.02%	–
CMD	New	CANTEL MED CORP COM	$13,027,000	–	242,730	–	3.99%	–
DNOW	New	NOW INC	$12,894,000	–	647,622	–	3.95%	–
PSMT	New	PRICESMART INC COM	$12,441,000	–	136,351	–	3.81%	–
LNCE	New	SNYDERS-LANCE INC COM	$12,162,000	–	376,872	–	3.72%	–
CMP	New	COMPASS MINERALS INT	$11,626,000	–	141,537	–	3.56%	–
DORM	New	DORMAN PRODUCTS INC COM	$11,609,000	–	243,580	–	3.56%	–
LVS	New	LAS VEGAS SANDS CORP COM	$11,313,000	–	215,208	–	3.46%	–
GWR	New	GENESEE & WYO INC CL A	$11,012,000	–	144,550	–	3.37%	–
CRS	New	CARPENTER TECHNOLOGY CORP COM	$10,384,000	–	268,462	–	3.18%	–
MS	New	MORGAN STANLEY COM	$9,380,000	–	241,814	–	2.87%	–
MUSA	New	MURPHY USA INC COM	$9,235,000	–	165,444	–	2.83%	–
PNR	New	PENTAIR PLC SHS ISIN#IE00BLS09	$7,807,000	–	113,560	–	2.39%	–
CREE	New	CREE INC COM	$5,620,000	–	215,896	–	1.72%	–
RRC	New	RANGE RESOURCES CORP	$1,432,000	–	28,992	–	0.44%	–
JPM	New	JP MORGAN CHASE & CO COM ISIN#	$1,402,000	–	20,692	–	0.43%	–
COG	New	CABOT OIL & GAS CORP COM	$1,280,000	–	40,597	–	0.39%	–
EQT	New	EQT CORP	$1,149,000	–	14,126	–	0.35%	–
VMC	New	VULCAN MATERIALS COM	$1,025,000	–	12,207	–	0.31%	–
DIS	New	DISNEY WALT CO DISNEY COM	$976,000	–	8,554	–	0.30%	–
MMM	New	3M CO COM	$928,000	–	6,017	–	0.28%	–
NFG	New	NATIONAL FUEL GAS CO N J COM	$830,000	–	14,094	–	0.25%	–
HD	New	HOME DEPOT INC COM	$773,000	–	6,960	–	0.24%	–
DVN	New	DEVON ENERGY CORPORATION COMMO	$773,000	–	12,999	–	0.24%	–
MLM	New	MARTIN MARIETTA MATR	$765,000	–	5,404	–	0.23%	–
JNJ	New	JOHNSON & JOHNSON COM	$762,000	–	7,823	–	0.23%	–
BA	New	BOEING CO COM	$752,000	–	5,420	–	0.23%	–
CLB	New	CORE LABORATORIES N V F	$712,000	–	6,245	–	0.22%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$707,000	–	8,807	–	0.22%	–
IBM	New	INTL BUSINESS MACHINES COM	$699,000	–	4,295	–	0.21%	–
PFE	New	PFIZER INC COM	$696,000	–	20,771	–	0.21%	–
WLL	New	WHITING PETROLEUM CO	$695,000	–	20,683	–	0.21%	–
PAYX	New	PAYCHEX INC COM	$688,000	–	14,673	–	0.21%	–
AAPL	New	APPLE INC COM	$682,000	–	5,437	–	0.21%	–
TRV	New	THE TRAVELERS COMPANIES INC CO	$677,000	–	7,007	–	0.21%	–
CL	New	COLGATE PALMOLIVE CO COM	$666,000	–	10,179	–	0.20%	–
PDCE	New	PDC ENERGY INC	$656,000	–	12,225	–	0.20%	–
MRK	New	MERCK & CO INC NEW COM	$647,000	–	11,361	–	0.20%	–
WM	New	WASTE MGMT INC DEL COM	$636,000	–	13,719	–	0.20%	–
SEB	New	SEABOARD CORP	$608,000	–	169	–	0.19%	–
IEX	New	IDEX CORP COM	$602,000	–	7,657	–	0.18%	–
DD	New	DU PONT E I DE NEMOURS & CO CO	$595,000	–	9,301	–	0.18%	–
MOS	New	MOSAIC CO	$591,000	–	12,605	–	0.18%	–
INTC	New	INTEL CORP COM	$566,000	–	18,597	–	0.17%	–
SM	New	SM ENERGY CO	$559,000	–	12,130	–	0.17%	–
ANDE	New	ANDERSONS INC	$511,000	–	13,105	–	0.16%	–
EGO	New	ELDORADO GOLD CORP NEW F	$507,000	–	122,352	–	0.16%	–
PG	New	PROCTER GAMBLE CO COM	$503,000	–	6,434	–	0.15%	–
CVX	New	CHEVRON CORP COM	$490,000	–	5,080	–	0.15%	–
PAAS	New	PAN AMERICAN SILVER CP F	$490,000	–	56,995	–	0.15%	–
CRZO	New	CARRIZO OIL & GAS	$487,000	–	9,890	–	0.15%	–
AXP	New	AMERICAN EXPRESS CO CM	$487,000	–	6,261	–	0.15%	–
ABB	New	ABB LTD ADR	$476,000	–	22,795	–	0.15%	–
GLD	New	SPDR GOLD SHARES ETF	$475,000	–	4,230	–	0.14%	–
XOM	New	EXXON MOBIL CORPORATION COM	$469,000	–	5,636	–	0.14%	–
VZ	New	VERIZON COMMUNICATIONS INC COM	$465,000	–	9,981	–	0.14%	–
CCJ	New	CAMECO CORP F	$458,000	–	32,100	–	0.14%	–
KRFT	New	KRAFT FOODS GROUP INC CSH&STK	$456,000	–	5,352	–	0.14%	–
RAI	New	REYNOLDS AMERICAN INC COM	$456,000	–	6,111	–	0.14%	–
TPLMQ	New	TRIANGLE PETROLEUM	$443,000	–	88,329	–	0.14%	–
T	New	AT&T INC COM	$439,000	–	12,357	–	0.13%	–
MCD	New	MCDONALDS CORP COM	$426,000	–	4,484	–	0.13%	–
KO	New	COCA COLA CO COM	$416,000	–	10,613	–	0.13%	–
SYY	New	SYSCO CORP COM	$411,000	–	11,376	–	0.13%	–
CAT	New	CATERPILLAR INC COM	$405,000	–	4,779	–	0.12%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE L	$402,000	–	9,236	–	0.12%	–
SLW	New	SILVER WHEATON CORP F	$387,000	–	22,333	–	0.12%	–
MO	New	ALTRIA GROUP INC COM	$386,000	–	7,885	–	0.12%	–
MDLZ	New	MONDELEZ INTL INC COM	$384,000	–	9,341	–	0.12%	–
NOV	New	NATIONAL OILWELL VARCO INC	$381,000	–	7,890	–	0.12%	–
SWC	New	STILLWATER MINING CO	$356,000	–	30,739	–	0.11%	–
HCP	New	HCP INC COM	$357,000	–	9,779	–	0.11%	–
CAG	New	CONAGRA FOODS INC COM	$336,000	–	7,680	–	0.10%	–
FCX	New	FREEPORT-MCMORAN INC COM	$297,000	–	15,942	–	0.09%	–
CLDPQ	New	CLOUD PEAK ENERGY	$296,000	–	63,587	–	0.09%	–
CA	New	CA INC COM	$222,000	–	7,580	–	0.07%	–
OASPQ	New	OASIS PETROLEUM INC	$219,000	–	13,800	–	0.07%	–
BTU	New	PEABODY ENERGY CORP	$96,000	–	43,616	–	0.03%	–

Q4 2014

			Value		Shares		↓ Weighting
CA	Exit	CA INCORPORATED COM	$0	–	-7,455	–	-0.07%	–
CAG	Exit	CONAGRA FOODS INC COM	$0	–	-7,570	–	-0.09%	–
OASPQ	Exit	OASIS PETROLEUM INC	$0	–	-8,680	–	-0.13%	–
MDLZ	Exit	MONDELEZ INTL INC COM	$0	–	-11,070	–	-0.14%	–
PAAS	Exit	PAN AMERICAN SILVER CP F	$0	–	-35,440	–	-0.14%	–
KRFT	Exit	KRAFT FOODS GROUP INC COM	$0	–	-7,122	–	-0.14%	–
SLW	Exit	SILVER WHEATON CORP F	$0	–	-20,159	–	-0.14%	–
ASH	Exit	ASHLAND INC NEW	$0	–	-3,857	–	-0.14%	–
SEB	Exit	SEABOARD CORP	$0	–	-152	–	-0.14%	–
AGRO	Exit	ADECOAGRO SA F	$0	–	-46,329	–	-0.15%	–
SWC	Exit	STILLWATER MINING CORP	$0	–	-27,924	–	-0.15%	–
GLD	Exit	SPDR GOLD TRUST SPDR GOLD SHAR	$0	–	-3,934	–	-0.16%	–
TSO	Exit	TESORO CORPORATION	$0	–	-7,488	–	-0.16%	–
BTU	Exit	PEABODY ENERGY CORP	$0	–	-38,923	–	-0.17%	–
MO	Exit	ALTRIA GROUP INC COM	$0	–	-11,565	–	-0.19%	–
TPLMQ	Exit	TRIANGLE PETROLEUM NEW	$0	–	-49,536	–	-0.19%	–
RAI	Exit	REYNOLDS AMERICAN INC COM	$0	–	-9,345	–	-0.20%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-12,010	–	-0.20%	–
IEX	Exit	IDEX CORP COM	$0	–	-7,657	–	-0.20%	–
SYY	Exit	SYSCO CORP COM	$0	–	-15,489	–	-0.21%	–
HCP	Exit	HCP INC COM	$0	–	-15,409	–	-0.22%	–
MLM	Exit	MARTIN MARIETTA MATRLS	$0	–	-4,879	–	-0.22%	–
T	Exit	AT&T INC COM	$0	–	-18,507	–	-0.23%	–
XOM	Exit	EXXON MOBIL CORPORATION COM	$0	–	-6,946	–	-0.23%	–
MCD	Exit	MCDONALDS CORP COM	$0	–	-6,930	–	-0.23%	–
VMC	Exit	VULCAN MATERIALS COMPANY	$0	–	-11,046	–	-0.24%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-15,272	–	-0.24%	–
CLDPQ	Exit	CLOUD PEAK ENERGY INC	$0	–	-53,916	–	-0.24%	–
CAT	Exit	CATERPILLAR INC COM	$0	–	-7,163	–	-0.25%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-16,058	–	-0.25%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-10,939	–	-0.25%	–
WM	Exit	WASTE MANAGEMENT INC COM	$0	–	-14,989	–	-0.25%	–
AAPL	Exit	APPLE INC COM	$0	–	-7,117	–	-0.26%	–
KO	Exit	COCA COLA CO COM	$0	–	-16,866	–	-0.26%	–
TRV	Exit	THE TRAVELERS COMPANIES INC CO	$0	–	-7,653	–	-0.26%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-14,515	–	-0.26%	–
PFE	Exit	PFIZER INC COM	$0	–	-25,166	–	-0.26%	–
FCX	Exit	FREEPORT-MCMORAN INC COM	$0	–	-22,711	–	-0.26%	–
ANDE	Exit	ANDERSONS INC	$0	–	-11,794	–	-0.26%	–
ABB	Exit	ABB LTD ADR	$0	–	-33,103	–	-0.26%	–
CVX	Exit	CHEVRON CORP COM	$0	–	-6,256	–	-0.27%	–
PG	Exit	PROCTER GAMBLE CO COM	$0	–	-9,139	–	-0.27%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE L	$0	–	-13,365	–	-0.28%	–
AXP	Exit	AMERICAN EXPRESS CO CM	$0	–	-9,247	–	-0.29%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-9,898	–	-0.29%	–
INTC	Exit	INTEL CORP COM	$0	–	-23,929	–	-0.30%	–
MRK	Exit	MERCK & CO INC. COM	$0	–	-14,314	–	-0.30%	–
DD	Exit	DU PONT E I DE NEMOURS & CO CO	$0	–	-12,077	–	-0.31%	–
EGO	Exit	ELDORADO GOLD CORP NEW F	$0	–	-129,955	–	-0.31%	–
DVN	Exit	DEVON ENERGY CORPORATION COMMO	$0	–	-12,999	–	-0.32%	–
MMM	Exit	3M CO COM	$0	–	-6,281	–	-0.32%	–
HD	Exit	HOME DEPOT INC COM	$0	–	-10,049	–	-0.33%	–
SM	Exit	SM ENERGY CO	$0	–	-12,130	–	-0.34%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-10,896	–	-0.35%	–
NFG	Exit	NATIONAL FUEL GAS CO N J COM	$0	–	-13,879	–	-0.35%	–
WLL	Exit	WHITING PETROLEUM CORP	$0	–	-12,497	–	-0.35%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-9,196	–	-0.35%	–
IBM	Exit	INTL BUSINESS MACHINES COM	$0	–	-6,297	–	-0.43%	–
EQT	Exit	EQT CORP	$0	–	-14,126	–	-0.46%	–
COG	Exit	CABOT OIL & GAS CORP COM	$0	–	-40,672	–	-0.47%	–
JWA	Exit	WILEY JOHN & SONS INC CL A	$0	–	-26,010	–	-0.52%	–
WMS	Exit	ADVANCED DRAIN SYS INC DEL COM	$0	–	-119,250	–	-0.89%	–
JPM	Exit	JP MORGAN CHASE & CO COM	$0	–	-104,963	–	-2.26%	–
CMD	Exit	CANTEL MED CORP COM	$0	–	-215,416	–	-2.64%	–
MS	Exit	MORGAN STANLEY COM NEW	$0	–	-219,085	–	-2.70%	–
CRS	Exit	CARPENTER TECHNOLOGY	$0	–	-172,559	–	-2.78%	–
PNR	Exit	PENTAIR PLC SHS ISIN#IE00BLS09	$0	–	-129,233	–	-3.02%	–
LNCE	Exit	SNYDERS-LANCE INC COM	$0	–	-325,424	–	-3.08%	–
BA	Exit	BOEING CO COM	$0	–	-67,960	–	-3.09%	–
CHMT	Exit	CHEMTURA CORP COM	$0	–	-405,261	–	-3.37%	–
PSMT	Exit	PRICESMART INC COM	$0	–	-116,238	–	-3.55%	–
MJN	Exit	MEAD JOHNSON NUTRITION CO COM	$0	–	-104,985	–	-3.60%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-80,684	–	-3.64%	–
CMP	Exit	COMPASS MINERALS INTL	$0	–	-125,101	–	-3.76%	–
HSP	Exit	HOSPIRA INC COM	$0	–	-202,787	–	-3.76%	–
MWIV	Exit	MWI VETERINARY SUPPLY INC COM	$0	–	-71,712	–	-3.80%	–
MTN	Exit	VAIL RESORTS INC COM	$0	–	-131,582	–	-4.07%	–
MUSA	Exit	MURPHY USA INC COM	$0	–	-233,240	–	-4.42%	–
ZTS	Exit	ZOETIS INC CL A	$0	–	-337,258	–	-4.45%	–
ADBE	Exit	ADOBE SYS INC COM	$0	–	-185,786	–	-4.59%	–
CTRP	Exit	CTRIP COM INTL LTD AMERICAN DE	$0	–	-230,802	–	-4.67%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-197,027	–	-4.77%	–
CDW	Exit	CDW CORP COM	$0	–	-512,929	–	-5.68%	–
BIDU	Exit	BAIDU COM INC SPONS ADR REPSTG	$0	–	-78,719	–	-6.13%	–

Q3 2014

			Value		Shares		↓ Weighting
BIDU	Sell	BAIDU COM INC SPONS ADR REPSTG	$17,179,000	+12.8%	78,719	-3.5%	6.13%	+11.3%
CDW	Buy	CDW CORP COM	$15,926,000	-1.6%	512,929	+1.0%	5.68%	-2.9%
RRC	Buy	RANGE RESOURCES CORP	$13,360,000	+14.2%	197,027	+46.5%	4.77%	+12.7%
CTRP	Sell	CTRIP COM INTL LTD AMERICAN DE	$13,100,000	-13.7%	230,802	-2.7%	4.67%	-14.9%
ADBE	Buy	ADOBE SYS INC COM	$12,855,000	-2.3%	185,786	+2.1%	4.59%	-3.7%
ZTS	Buy	ZOETIS INC CL A	$12,462,000	+16.8%	337,258	+2.0%	4.45%	+15.2%
MUSA	Buy	MURPHY USA INC COM	$12,376,000	+11.0%	233,240	+2.3%	4.42%	+9.5%
MTN	Buy	VAIL RESORTS INC COM	$11,416,000	+15.1%	131,582	+2.4%	4.07%	+13.5%
MWIV	New	MWI VETERINARY SUPPLY INC COM	$10,642,000	–	71,712	–	3.80%	–
HSP	Buy	HOSPIRA INC COM	$10,551,000	+3.6%	202,787	+2.3%	3.76%	+2.2%
CMP	Buy	COMPASS MINERALS INTL	$10,544,000	-10.2%	125,101	+2.0%	3.76%	-11.4%
XEC	Buy	CIMAREX ENERGY CO	$10,209,000	-11.3%	80,684	+0.5%	3.64%	-12.6%
MJN	Buy	MEAD JOHNSON NUTRITION CO COM	$10,102,000	+5.7%	104,985	+2.4%	3.60%	+4.3%
PSMT	Buy	PRICESMART INC COM	$9,955,000	+2.2%	116,238	+3.8%	3.55%	+0.8%
CHMT	New	CHEMTURA CORP COM	$9,455,000	–	405,261	–	3.37%	–
BA	Buy	BOEING CO COM	$8,657,000	+4.2%	67,960	+4.0%	3.09%	+2.8%
LNCE	Buy	SNYDERS-LANCE INC COM	$8,624,000	+4.2%	325,424	+4.0%	3.08%	+2.8%
PNR	Buy	PENTAIR PLC SHS ISIN#IE00BLS09	$8,463,000	-7.3%	129,233	+2.1%	3.02%	-8.6%
CRS	Buy	CARPENTER TECHNOLOGY	$7,791,000	-25.6%	172,559	+4.2%	2.78%	-26.7%
MS	Buy	MORGAN STANLEY COM NEW	$7,574,000	+9.9%	219,085	+2.8%	2.70%	+8.4%
CMD	Buy	CANTEL MED CORP COM	$7,406,000	-3.6%	215,416	+2.7%	2.64%	-4.9%
JPM	Sell	JP MORGAN CHASE & CO COM	$6,323,000	+3.2%	104,963	-1.3%	2.26%	+1.8%
WMS	New	ADVANCED DRAIN SYS INC DEL COM	$2,498,000	–	119,250	–	0.89%	–
JWA	Sell	WILEY JOHN & SONS INC CL A	$1,459,000	-86.4%	26,010	-85.3%	0.52%	-86.5%
COG	Sell	CABOT OIL & GAS CORP COM	$1,330,000	-26.6%	40,672	-23.4%	0.47%	-27.6%
EQT	Sell	EQT CORP	$1,293,000	-39.4%	14,126	-29.2%	0.46%	-40.2%
IBM	Buy	INTL BUSINESS MACHINES COM	$1,195,000	+10.0%	6,297	+5.1%	0.43%	+8.4%
JNJ	Buy	JOHNSON & JOHNSON COM	$980,000	+28.8%	9,196	+26.4%	0.35%	+27.3%
DIS	Buy	WALT DISNEY CO COM	$970,000	+8.6%	10,896	+4.6%	0.35%	+7.1%
WLL	Buy	WHITING PETROLEUM CORP	$969,000	-2.6%	12,497	+0.8%	0.35%	-3.9%
HD	Buy	HOME DEPOT INC COM	$922,000	+23.9%	10,049	+9.4%	0.33%	+22.3%
MMM	Buy	3M CO COM	$890,000	+10.4%	6,281	+11.6%	0.32%	+9.3%
EGO	Buy	ELDORADO GOLD CORP NEW F	$876,000	+21.2%	129,955	+37.4%	0.31%	+19.9%
DD	Buy	DU PONT E I DE NEMOURS & CO CO	$867,000	+21.3%	12,077	+10.5%	0.31%	+19.3%
MRK	Buy	MERCK & CO INC. COM	$849,000	+9.0%	14,314	+6.3%	0.30%	+7.4%
INTC	Buy	INTEL CORP COM	$833,000	+18.8%	23,929	+5.4%	0.30%	+16.9%
ADP	Buy	AUTOMATIC DATA PROCESSING INC	$822,000	+21.6%	9,898	+16.1%	0.29%	+20.1%
AXP	Buy	AMERICAN EXPRESS CO CM	$809,000	+5.6%	9,247	+14.6%	0.29%	+4.3%
PAA	Sell	PLAINS ALL AMERICAN PIPELINE L	$787,000	-40.7%	13,365	-39.5%	0.28%	-41.5%
PG	Buy	PROCTER GAMBLE CO COM	$765,000	+26.7%	9,139	+18.9%	0.27%	+25.2%
CVX	Buy	CHEVRON CORP COM	$746,000	+6.1%	6,256	+16.2%	0.27%	+4.7%
ABB	Buy	ABB LTD ADR	$742,000	+10.9%	33,103	+13.8%	0.26%	+9.5%
FCX	Buy	FREEPORT-MCMORAN INC COM	$742,000	-4.0%	22,711	+7.2%	0.26%	-5.4%
PFE	Buy	PFIZER INC COM	$744,000	+8.8%	25,166	+9.1%	0.26%	+7.3%
ANDE	Sell	ANDERSONS INC	$742,000	+15.2%	11,794	-5.6%	0.26%	+13.7%
VZ	Buy	VERIZON COMMUNICATIONS COM	$726,000	+13.6%	14,515	+11.2%	0.26%	+12.1%
KO	Buy	COCA COLA CO COM	$720,000	+13.9%	16,866	+13.0%	0.26%	+12.2%
TRV	Buy	THE TRAVELERS COMPANIES INC CO	$719,000	+41.0%	7,653	+41.1%	0.26%	+39.7%
AAPL	Sell	APPLE INC COM	$717,000	+0.1%	7,117	-7.7%	0.26%	-1.2%
CL	Buy	COLGATE PALMOLIVE CO COM	$713,000	+33.8%	10,939	+40.0%	0.25%	+31.6%
WM	Buy	WASTE MANAGEMENT INC COM	$712,000	+52.5%	14,989	+43.7%	0.25%	+50.3%
PAYX	Buy	PAYCHEX INC COM	$710,000	+53.3%	16,058	+44.3%	0.25%	+51.5%
CAT	Buy	CATERPILLAR INC COM	$709,000	+1.7%	7,163	+11.6%	0.25%	+0.4%
CLDPQ	Buy	CLOUD PEAK ENERGY INC	$680,000	+27.1%	53,916	+85.7%	0.24%	+25.9%
MOS	Sell	MOSAIC CO NEW	$678,000	-15.4%	15,272	-5.7%	0.24%	-16.6%
VMC	Buy	VULCAN MATERIALS COMPANY	$665,000	+14.9%	11,046	+21.7%	0.24%	+13.4%
MCD	Buy	MCDONALDS CORP COM	$657,000	+16.1%	6,930	+23.3%	0.23%	+14.1%
XOM	Buy	EXXON MOBIL CORPORATION COM	$653,000	+42.0%	6,946	+52.0%	0.23%	+40.4%
T	Buy	AT&T INC COM	$652,000	+12.2%	18,507	+12.7%	0.23%	+11.0%
MLM	Sell	MARTIN MARIETTA MATRLS	$629,000	-7.8%	4,879	-5.6%	0.22%	-9.3%
HCP	Buy	HCP INC COM	$612,000	+9.1%	15,409	+13.6%	0.22%	+7.4%
SYY	Buy	SYSCO CORP COM	$588,000	+59.8%	15,489	+57.6%	0.21%	+57.9%
IEX	New	IDEX CORP COM	$554,000	–	7,657	–	0.20%	–
VLO	Sell	VALERO ENERGY CORP NEW	$556,000	-12.7%	12,010	-5.5%	0.20%	-13.9%
RAI	Buy	REYNOLDS AMERICAN INC COM	$551,000	+24.1%	9,345	+26.9%	0.20%	+22.4%
TPLMQ	Sell	TRIANGLE PETROLEUM NEW	$545,000	-11.5%	49,536	-5.5%	0.19%	-13.0%
MO	Buy	ALTRIA GROUP INC COM	$531,000	+29.5%	11,565	+18.3%	0.19%	+27.7%
BTU	Sell	PEABODY ENERGY CORP	$482,000	-28.5%	38,923	-5.6%	0.17%	-29.5%
GLD	Sell	SPDR GOLD TRUST SPDR GOLD SHAR	$457,000	-11.9%	3,934	-2.9%	0.16%	-13.3%
TSO	Sell	TESORO CORPORATION	$457,000	-1.9%	7,488	-5.8%	0.16%	-3.6%
SWC	Sell	STILLWATER MINING CORP	$420,000	-19.1%	27,924	-5.6%	0.15%	-20.2%
AGRO	Sell	ADECOAGRO SA F	$408,000	-11.9%	46,329	-5.6%	0.15%	-12.6%
SEB	Sell	SEABOARD CORP	$407,000	-16.3%	152	-5.6%	0.14%	-17.6%
SLW	Sell	SILVER WHEATON CORP F	$402,000	-28.5%	20,159	-5.8%	0.14%	-29.6%
ASH	Sell	ASHLAND INC NEW	$402,000	-9.7%	3,857	-5.7%	0.14%	-11.2%
KRFT	Buy	KRAFT FOODS GROUP INC COM	$402,000	+9.5%	7,122	+16.2%	0.14%	+7.5%
PAAS	Sell	PAN AMERICAN SILVER CP F	$389,000	-32.0%	35,440	-4.9%	0.14%	-32.9%
MDLZ	Buy	MONDELEZ INTL INC COM	$379,000	-4.1%	11,070	+5.4%	0.14%	-5.6%
OASPQ	Buy	OASIS PETROLEUM INC	$363,000	+29.6%	8,680	+73.5%	0.13%	+28.7%
UPLMQ	Exit	ULTRA PETROLEUM CORP ORD	$0	–	-8,000	–	-0.09%	–
IPHS	Exit	INNOPHOS HLDGS INC COM	$0	–	-20,251	–	-0.42%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS LT	$0	–	-64,951	–	-0.74%	–
NWSA	Exit	NEWS CORP NEW CL A	$0	–	-517,826	–	-3.36%	–

Q2 2014

			Value		Shares		↓ Weighting
CDW	New	CDW CORP COM	$16,184,000	–	507,662	–	5.85%	–
BIDU	New	BAIDU COM INC SPONS ADR REPSTG	$15,233,000	–	81,544	–	5.51%	–
CTRP	New	CTRIP COM INTL LTD AMERICAN DE	$15,184,000	–	237,095	–	5.49%	–
ADBE	New	ADOBE SYS INC COM	$13,164,000	–	181,928	–	4.76%	–
CMP	New	COMPASS MINERALS INTL	$11,746,000	–	122,683	–	4.25%	–
RRC	New	RANGE RESOURCES CORP	$11,698,000	–	134,534	–	4.23%	–
XEC	New	CIMAREX ENERGY CO	$11,516,000	–	80,270	–	4.16%	–
MUSA	New	MURPHY USA INC COM	$11,148,000	–	228,023	–	4.03%	–
JWA	New	WILEY JOHN & SONS INC CL A	$10,707,000	–	176,711	–	3.87%	–
ZTS	New	ZOETIS INC CL A	$10,670,000	–	330,659	–	3.86%	–
CRS	New	CARPENTER TECHNOLOGY	$10,476,000	–	165,636	–	3.79%	–
HSP	New	HOSPIRA INC COM	$10,185,000	–	198,273	–	3.68%	–
MTN	New	VAIL RESORTS INC COM	$9,922,000	–	128,559	–	3.59%	–
PSMT	New	PRICESMART INC COM	$9,743,000	–	111,938	–	3.52%	–
MJN	New	MEAD JOHNSON NUTRITION CO COM	$9,555,000	–	102,550	–	3.46%	–
NWSA	New	NEWS CORP NEW CL A	$9,290,000	–	517,826	–	3.36%	–
PNR	New	PENTAIR PLC SHS ISIN#IE00BLS09	$9,130,000	–	126,588	–	3.30%	–
BA	New	BOEING CO COM	$8,310,000	–	65,317	–	3.00%	–
LNCE	New	SNYDERS-LANCE INC COM	$8,276,000	–	312,771	–	2.99%	–
CMD	New	CANTEL MED CORP COM	$7,682,000	–	209,773	–	2.78%	–
MS	New	MORGAN STANLEY COM	$6,893,000	–	213,196	–	2.49%	–
JPM	New	JP MORGAN CHASE & CO COM ISIN#	$6,129,000	–	106,368	–	2.22%	–
EQT	New	EQT CORP	$2,133,000	–	19,954	–	0.77%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS LT	$2,059,000	–	64,951	–	0.74%	–
COG	New	CABOT OIL & GAS	$1,812,000	–	53,082	–	0.66%	–
PAA	New	PLAINS ALL AMERN PPLN LP UNIT	$1,327,000	–	22,092	–	0.48%	–
IPHS	New	INNOPHOS HLDGS INC COM	$1,166,000	–	20,251	–	0.42%	–
NFG	New	NATIONAL FUEL GAS CO N J COM	$1,087,000	–	13,879	–	0.39%	–
IBM	New	INTL BUSINESS MACHINES COM	$1,086,000	–	5,993	–	0.39%	–
DVN	New	DEVON ENERGY CORPORATION COMMO	$1,032,000	–	12,999	–	0.37%	–
SM	New	SM ENERGY CO	$1,020,000	–	12,130	–	0.37%	–
WLL	New	WHITING PETROLEUM CORP	$995,000	–	12,395	–	0.36%	–
DIS	New	WALT DISNEY CO COM	$893,000	–	10,421	–	0.32%	–
MMM	New	3M CO COM	$806,000	–	5,628	–	0.29%	–
MOS	New	MOSAIC CO NEW	$801,000	–	16,190	–	0.29%	–
MRK	New	MERCK & CO INC. COM	$779,000	–	13,471	–	0.28%	–
FCX	New	FREEPORT-MCMORAN INC COM	$773,000	–	21,187	–	0.28%	–
AXP	New	AMERICAN EXPRESS CO CM	$766,000	–	8,069	–	0.28%	–
JNJ	New	JOHNSON & JOHNSON COM	$761,000	–	7,278	–	0.28%	–
HD	New	HOME DEPOT INC COM	$744,000	–	9,188	–	0.27%	–
EGO	New	ELDORADO GOLD CORP NEW F	$723,000	–	94,605	–	0.26%	–
AAPL	New	APPLE INC COM	$716,000	–	7,707	–	0.26%	–
DD	New	DU PONT E I DE NEMOURS & CO CO	$715,000	–	10,927	–	0.26%	–
CVX	New	CHEVRON CORP COM	$703,000	–	5,383	–	0.25%	–
INTC	New	INTEL CORP COM	$701,000	–	22,696	–	0.25%	–
CAT	New	CATERPILLAR INC COM	$697,000	–	6,416	–	0.25%	–
PFE	New	PFIZER INC COM	$684,000	–	23,062	–	0.25%	–
MLM	New	MARTIN MARIETTA MATRLS	$682,000	–	5,167	–	0.25%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$676,000	–	8,523	–	0.24%	–
BTU	New	PEABODY ENERGY CORP	$674,000	–	41,217	–	0.24%	–
ABB	New	ABB LTD ADR	$669,000	–	29,080	–	0.24%	–
ANDE	New	ANDERSONS INC	$644,000	–	12,491	–	0.23%	–
VZ	New	VERIZON COMMUNICATIONS COM	$639,000	–	13,050	–	0.23%	–
VLO	New	VALERO ENERGY CORP NEW	$637,000	–	12,711	–	0.23%	–
KO	New	COCA COLA CO COM	$632,000	–	14,924	–	0.23%	–
TPLMQ	New	TRIANGLE PETROLEUM NEW	$616,000	–	52,422	–	0.22%	–
PG	New	PROCTER GAMBLE CO COM	$604,000	–	7,688	–	0.22%	–
T	New	AT&T INC COM	$581,000	–	16,428	–	0.21%	–
VMC	New	VULCAN MATERIALS COMPANY	$579,000	–	9,078	–	0.21%	–
PAAS	New	PAN AMERICAN SILVER CP F	$572,000	–	37,282	–	0.21%	–
MCD	New	MCDONALDS CORP COM	$566,000	–	5,621	–	0.20%	–
HCP	New	HCP INC COM	$561,000	–	13,566	–	0.20%	–
SLW	New	SILVER WHEATON CORP F	$562,000	–	21,408	–	0.20%	–
CLDPQ	New	CLOUD PEAK ENERGY INC	$535,000	–	29,034	–	0.19%	–
CL	New	COLGATE PALMOLIVE CO COM	$533,000	–	7,811	–	0.19%	–
SWC	New	STILLWATER MINING CORP	$519,000	–	29,571	–	0.19%	–
GLD	New	SPDR GOLD TRUST SPDR GOLD SHAR	$519,000	–	4,053	–	0.19%	–
TRV	New	THE TRAVELERS COMPANIES INC CO	$510,000	–	5,425	–	0.18%	–
SEB	New	SEABOARD CORP	$486,000	–	161	–	0.18%	–
TSO	New	TESORO CORPORATION	$466,000	–	7,947	–	0.17%	–
WM	New	WASTE MANAGEMENT INC COM	$467,000	–	10,433	–	0.17%	–
AGRO	New	ADECOAGRO SA F	$463,000	–	49,065	–	0.17%	–
PAYX	New	PAYCHEX INC COM	$463,000	–	11,129	–	0.17%	–
XOM	New	EXXON MOBIL CORPORATION COM	$460,000	–	4,569	–	0.17%	–
RAI	New	REYNOLDS AMERICAN INC COM	$444,000	–	7,364	–	0.16%	–
ASH	New	ASHLAND INC NEW	$445,000	–	4,089	–	0.16%	–
MO	New	ALTRIA GROUP INC COM	$410,000	–	9,772	–	0.15%	–
MDLZ	New	MONDELEZ INTL INC COM	$395,000	–	10,499	–	0.14%	–
KRFT	New	KRAFT FOODS GROUP INC COM	$367,000	–	6,127	–	0.13%	–
SYY	New	SYSCO CORP COM	$368,000	–	9,830	–	0.13%	–
OASPQ	New	OASIS PETROLEUM INC	$280,000	–	5,004	–	0.10%	–
UPLMQ	New	ULTRA PETROLEUM CORP ORD	$238,000	–	8,000	–	0.09%	–
CAG	New	CONAGRA FOODS INC COM	$225,000	–	7,570	–	0.08%	–
CA	New	CA INCORPORATED COM	$214,000	–	7,455	–	0.08%	–

Q4 2013

			Value		Shares		↓ Weighting
FRCMQ	Exit	FAIRPOINT COMMUNICATIONS INC B	$0	–	-3	–	0.00%	–
GG	Exit	GOLDCORP INC COM	$0	–	-3	–	0.00%	–
LINEQ	Exit	LINN ENERGY LLC UNITS	$0	–	-96	–	-0.00%	–
GOGO	Exit	GOGO INC COM	$0	–	-1,000	–	-0.01%	–
YOKU	Exit	YOUKU TUDOU INC COMadr	$0	–	-1,000	–	-0.01%	–
QEP	Exit	QEP RESOURCES INC COM	$0	–	-1,114	–	-0.01%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTD COadr	$0	–	-500	–	-0.02%	–
WRB	Exit	BERKLEY W R CORP COM	$0	–	-1,400	–	-0.03%	–
CNQR	Exit	CONCUR TECHNOLOGIES INC COM	$0	–	-750	–	-0.04%	–
AGRO	Exit	ADECOAGRO COM	$0	–	-24,187	–	-0.08%	–
CLDPQ	Exit	CLOUD PEAK ENERGY INC COM	$0	–	-13,726	–	-0.09%	–
GLD	Exit	SPDR GOLD TR GOLD SHS ETF	$0	–	-1,623	–	-0.09%	–
CA	Exit	CA INCORPORATED COM	$0	–	-7,455	–	-0.10%	–
NE	Exit	NOBLE CORP COM	$0	–	-5,920	–	-0.10%	–
CAG	Exit	CONAGRA FOODS INC COM	$0	–	-7,570	–	-0.10%	–
VMC	Exit	VULCAN MATLS CO COM	$0	–	-4,455	–	-0.10%	–
SLW	Exit	SILVER WHEATON CORP COM	$0	–	-10,050	–	-0.11%	–
MO	Exit	ALTRIA GROUP INC COM	$0	–	-7,669	–	-0.12%	–
KRFT	Exit	KRAFT FOODS GROUP INC COM	$0	–	-5,058	–	-0.12%	–
MLM	Exit	MARTIN MARIETTA MATLS INC COM	$0	–	-2,750	–	-0.12%	–
SYY	Exit	SYSCO CORP COM	$0	–	-8,701	–	-0.12%	–
BTU	Exit	PEABODY ENERGY CORP COM	$0	–	-16,790	–	-0.13%	–
NOV	Exit	NATIONAL-OILWELL VARCO INC COM	$0	–	-3,820	–	-0.13%	–
MDLZ	Exit	MONDELEZ INTL INC COM	$0	–	-9,671	–	-0.14%	–
ANDE	Exit	ANDERSONS INC. COM	$0	–	-4,375	–	-0.14%	–
SEB	Exit	SEABOARD CORP DEL	$0	–	-112	–	-0.14%	–
RAI	Exit	REYNOLDS AMERICAN INC COM	$0	–	-6,370	–	-0.14%	–
PXD	Exit	PIONEER NATURAL RESOURCES CO C	$0	–	-1,650	–	-0.14%	–
OASPQ	Exit	OASIS PETROLEUM INC NEW COM	$0	–	-6,763	–	-0.15%	–
EGO	Exit	ELDORADO GOLD CORP LTD NEW COM	$0	–	-49,500	–	-0.15%	–
WLL	Exit	WHITING PETROLEUM CORP COM	$0	–	-5,574	–	-0.15%	–
XOM	Exit	EXXON MOBIL CORPORATION COM	$0	–	-4,199	–	-0.16%	–
WM	Exit	WASTE MANAGEMENT INC COM	$0	–	-9,481	–	-0.18%	–
CL	Exit	COLGATE PALMOLIVE CO COM	$0	–	-6,934	–	-0.18%	–
PAYX	Exit	PAYCHEX INC COM	$0	–	-10,196	–	-0.19%	–
TRV	Exit	THE TRAVELERS COMPANIES INC CO	$0	–	-4,965	–	-0.19%	–
EOG	Exit	EOG RESOURCES INC COM	$0	–	-2,493	–	-0.19%	–
TPLMQ	Exit	TRIANGLE PETROLEUM CORP COM	$0	–	-44,400	–	-0.20%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP ORD	$0	–	-21,355	–	-0.20%	–
INTC	Exit	INTEL CORP COM	$0	–	-19,594	–	-0.20%	–
CAT	Exit	CATERPILLAR INC COM	$0	–	-5,424	–	-0.20%	–
HCP	Exit	HCP INC COM	$0	–	-11,100	–	-0.20%	–
JNJ	Exit	JOHNSON & JOHNSON COM	$0	–	-5,289	–	-0.21%	–
FCX	Exit	FREEPORT MCMORAN COPPER & GOLD	$0	–	-13,872	–	-0.21%	–
T	Exit	AT&T INC COM	$0	–	-13,794	–	-0.21%	–
MOS	Exit	THE MOSAIC CO. COM	$0	–	-10,900	–	-0.21%	–
KO	Exit	COCA COLA CO COM	$0	–	-12,605	–	-0.21%	–
AAPL	Exit	APPLE INC COM	$0	–	-1,008	–	-0.22%	–
MCD	Exit	MCDONALDS CORP COM	$0	–	-5,072	–	-0.22%	–
VZ	Exit	VERIZON COMMUNICATIONS COM	$0	–	-10,546	–	-0.22%	–
PG	Exit	PROCTER GAMBLE CO COM	$0	–	-6,518	–	-0.22%	–
CVX	Exit	CHEVRON CORP COM	$0	–	-4,505	–	-0.25%	–
MRK	Exit	MERCK & CO INC. COM	$0	–	-11,970	–	-0.26%	–
DD	Exit	DU PONT E I DE NEMOURS & CO CO	$0	–	-9,722	–	-0.26%	–
PFE	Exit	PFIZER INC COM	$0	–	-19,899	–	-0.26%	–
AXP	Exit	AMERICAN EXPRESS CO CM	$0	–	-7,610	–	-0.26%	–
ADP	Exit	AUTOMATIC DATA PROCESSING INC	$0	–	-8,002	–	-0.26%	–
MMM	Exit	3M CO COM	$0	–	-5,076	–	-0.27%	–
HD	Exit	HOME DEPOT INC COM	$0	–	-8,001	–	-0.27%	–
ABB	Exit	ABB LTD ADR	$0	–	-25,907	–	-0.28%	–
DVN	Exit	DEVON ENERGY CORPORATION COMMO	$0	–	-11,521	–	-0.30%	–
DIS	Exit	WALT DISNEY CO COM	$0	–	-10,561	–	-0.31%	–
NFG	Exit	NATIONAL FUEL GAS CO N J COM	$0	–	-12,570	–	-0.39%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE C	$0	–	-17,012	–	-0.40%	–
IBM	Exit	INTL BUSINESS MACHINES COM	$0	–	-5,076	–	-0.42%	–
SM	Exit	SM ENERGY COMPANY COM	$0	–	-15,475	–	-0.54%	–
EQT	Exit	EQT CORPORATION COM	$0	–	-18,120	–	-0.72%	–
COG	Exit	CABOT OIL & GAS CORP COM	$0	–	-48,030	–	-0.81%	–
MS	Exit	MORGAN STANLEY COM	$0	–	-192,925	–	-2.34%	–
CLR	Exit	CONTINENTAL RESOURCES INC COM	$0	–	-53,777	–	-2.59%	–
CDW	Exit	CDW CORP COM	$0	–	-286,896	–	-2.94%	–
MJN	Exit	MEAD JOHNSON NUTRITION COMPANY	$0	–	-92,132	–	-3.08%	–
CHEF	Exit	CHEFS WAREHOUSE COM	$0	–	-322,018	–	-3.34%	–
XEC	Exit	CIMAREX ENERGY CO COM	$0	–	-78,064	–	-3.38%	–
EW	Exit	EDWARDS LIFE SCIENCES COM	$0	–	-109,982	–	-3.44%	–
MTN	Exit	VAIL RESORTS INC COM	$0	–	-115,297	–	-3.60%	–
LNCE	Exit	SNYDERS-LANCE INC COM	$0	–	-280,364	–	-3.64%	–
JWA	Exit	WILEY JOHN & SONS INC CL A	$0	–	-170,319	–	-3.65%	–
JPM	Exit	JP MORGAN CHASE & CO COM	$0	–	-157,744	–	-3.67%	–
CRS	Exit	CARPENTER TECHNOLOGY CORP COM	$0	–	-154,051	–	-4.02%	–
RRC	Exit	RANGE RESOURCES CORP COM	$0	–	-120,156	–	-4.10%	–
BA	Exit	BOEING CO COM	$0	–	-77,856	–	-4.11%	–
PNR	Exit	PENTAIR LTD SHS COM	$0	–	-148,976	–	-4.35%	–
PSMT	Exit	PRICE SMART INC COM	$0	–	-104,168	–	-4.46%	–
CMP	Exit	COMPASS MINERALS INTERNATIONAL	$0	–	-132,794	–	-4.55%	–
IPHS	Exit	INNOPHOS HOLDINGS INC COM	$0	–	-193,153	–	-4.58%	–
HSP	Exit	HOSPIRA INC COM	$0	–	-271,746	–	-4.79%	–
ADBE	Exit	ADOBE SYSTEMS INC COM	$0	–	-223,901	–	-5.23%	–
CTRP	Exit	CTRIP COM INTERNATIONAL LTD AD	$0	–	-209,685	–	-5.50%	–
BIDU	Exit	BAIDU INC ADR	$0	–	-79,666	–	-5.56%	–

Q3 2013

			Value		Shares		↓ Weighting
BIDU	Buy	BAIDU INC ADR	$12,363,000	+67.9%	79,666	+2.3%	5.56%	+52.6%
CTRP	Buy	CTRIP COM INTERNATIONAL LTD AD	$12,237,000	+79.7%	209,685	+0.5%	5.50%	+63.3%
ADBE	Buy	ADOBE SYSTEMS INC COM	$11,629,000	+16.3%	223,901	+2.0%	5.23%	+5.7%
HSP	Buy	HOSPIRA INC COM	$10,658,000	+4.5%	271,746	+2.1%	4.79%	-5.0%
IPHS	Buy	INNOPHOS HOLDINGS INC COM	$10,195,000	+14.9%	193,153	+2.7%	4.58%	+4.5%
CMP	Buy	COMPASS MINERALS INTERNATIONAL	$10,128,000	+1.5%	132,794	+12.5%	4.55%	-7.7%
PSMT	Buy	PRICE SMART INC COM	$9,920,000	+10.3%	104,168	+1.5%	4.46%	+0.3%
PNR	Buy	PENTAIR LTD SHS COM	$9,675,000	+13.5%	148,976	+0.9%	4.35%	+3.2%
BA	Buy	BOEING CO COM	$9,148,000	+17.1%	77,856	+2.1%	4.11%	+6.4%
RRC	Buy	RANGE RESOURCES CORP COM	$9,119,000	-1.2%	120,156	+0.7%	4.10%	-10.2%
CRS	Buy	CARPENTER TECHNOLOGY CORP COM	$8,952,000	+31.7%	154,051	+2.1%	4.02%	+19.7%
JPM	Buy	JP MORGAN CHASE & CO COM	$8,154,000	-0.2%	157,744	+1.9%	3.67%	-9.3%
JWA	Buy	WILEY JOHN & SONS INC CL A	$8,123,000	+20.9%	170,319	+1.6%	3.65%	+9.9%
LNCE	Buy	SNYDERS-LANCE INC COM	$8,083,000	+3.7%	280,364	+2.2%	3.64%	-5.7%
MTN	Sell	VAIL RESORTS INC COM	$7,999,000	-15.5%	115,297	-25.0%	3.60%	-23.1%
EW	Buy	EDWARDS LIFE SCIENCES COM	$7,658,000	+6.7%	109,982	+3.0%	3.44%	-3.0%
XEC	Sell	CIMAREX ENERGY CO COM	$7,525,000	+47.1%	78,064	-0.8%	3.38%	+33.7%
CHEF	Buy	CHEFS WAREHOUSE COM	$7,439,000	+37.3%	322,018	+2.2%	3.34%	+24.8%
MJN	Buy	MEAD JOHNSON NUTRITION COMPANY	$6,842,000	-3.7%	92,132	+2.7%	3.08%	-12.5%
CDW	New	CDW CORP COM	$6,550,000	–	286,896	–	2.94%	–
CLR	Buy	CONTINENTAL RESOURCES INC COM	$5,768,000	+28.9%	53,777	+3.4%	2.59%	+17.2%
MS	Sell	MORGAN STANLEY COM	$5,199,000	+9.6%	192,925	-0.7%	2.34%	-0.4%
COG	Buy	CABOT OIL & GAS CORP COM	$1,792,000	+5.0%	48,030	+99.9%	0.81%	-4.5%
IBM	Buy	INTL BUSINESS MACHINES COM	$940,000	-2.8%	5,076	+0.3%	0.42%	-11.5%
PAA	Buy	PLAINS ALL AMERICAN PIPELINE C	$896,000	+54.5%	17,012	+63.7%	0.40%	+40.4%
DIS	Buy	WALT DISNEY CO COM	$681,000	+2.3%	10,561	+0.1%	0.31%	-7.0%
ABB	Sell	ABB LTD ADR	$611,000	+6.6%	25,907	-2.0%	0.28%	-2.8%
MMM	Buy	3M CO COM	$606,000	+9.2%	5,076	+0.1%	0.27%	-0.7%
HD	Buy	HOME DEPOT INC COM	$607,000	+29.4%	8,001	+32.2%	0.27%	+17.7%
ADP	Buy	AUTOMATIC DATA PROCESSING INC	$579,000	+5.3%	8,002	+0.1%	0.26%	-4.4%
AXP	Buy	AMERICAN EXPRESS CO CM	$575,000	+33.1%	7,610	+31.8%	0.26%	+21.0%
PFE	Buy	PFIZER INC COM	$572,000	+2.9%	19,899	+0.2%	0.26%	-6.5%
DD	Buy	DU PONT E I DE NEMOURS & CO CO	$569,000	+11.6%	9,722	+0.2%	0.26%	+1.6%
MRK	Buy	MERCK & CO INC. COM	$570,000	+2.7%	11,970	+0.2%	0.26%	-6.9%
CVX	Buy	CHEVRON CORP COM	$547,000	+2.8%	4,505	+0.2%	0.25%	-6.5%
PG	Buy	PROCTER GAMBLE CO COM	$493,000	-1.6%	6,518	+0.2%	0.22%	-10.5%
VZ	Buy	VERIZON COMMUNICATIONS COM	$492,000	-7.2%	10,546	+0.1%	0.22%	-15.6%
MCD	Buy	MCDONALDS CORP COM	$488,000	-2.6%	5,072	+0.2%	0.22%	-11.7%
KO	Buy	COCA COLA CO COM	$477,000	-5.5%	12,605	+0.2%	0.21%	-14.4%
MOS	Buy	THE MOSAIC CO. COM	$469,000	+102.2%	10,900	+152.3%	0.21%	+83.5%
T	Buy	AT&T INC COM	$467,000	-4.1%	13,794	+0.3%	0.21%	-12.9%
FCX	Buy	FREEPORT MCMORAN COPPER & GOLD	$459,000	+20.5%	13,872	+0.5%	0.21%	+9.6%
JNJ	Sell	JOHNSON & JOHNSON COM	$459,000	-0.6%	5,289	-1.7%	0.21%	-10.0%
HCP	Buy	HCP INC COM	$455,000	+33.0%	11,100	+47.4%	0.20%	+21.3%
CAT	Sell	CATERPILLAR INC COM	$452,000	-4.6%	5,424	-5.7%	0.20%	-13.2%
INTC	Buy	INTEL CORP COM	$449,000	-5.3%	19,594	+0.2%	0.20%	-13.7%
TPLMQ	Buy	TRIANGLE PETROLEUM CORP COM	$436,000	+522.9%	44,400	+344.0%	0.20%	+460.0%
TRV	Buy	THE TRAVELERS COMPANIES INC CO	$421,000	+6.3%	4,965	+0.3%	0.19%	-3.6%
PAYX	Buy	PAYCHEX INC COM	$414,000	+11.3%	10,196	+0.1%	0.19%	+1.1%
CL	Buy	COLGATE PALMOLIVE CO COM	$411,000	+3.8%	6,934	+0.3%	0.18%	-5.6%
WM	Buy	WASTE MANAGEMENT INC COM	$391,000	+2.4%	9,481	+0.2%	0.18%	-6.9%
XOM	Sell	EXXON MOBIL CORPORATION COM	$361,000	-14.0%	4,199	-9.6%	0.16%	-22.1%
EGO	Buy	ELDORADO GOLD CORP LTD NEW COM	$332,000	+20.7%	49,500	+11.2%	0.15%	+9.6%
RAI	Buy	REYNOLDS AMERICAN INC COM	$311,000	+1.3%	6,370	+0.2%	0.14%	-7.9%
PXD	Sell	PIONEER NATURAL RESOURCES CO C	$312,000	-11.4%	1,650	-32.1%	0.14%	-19.5%
MDLZ	Buy	MONDELEZ INTL INC COM	$304,000	+10.1%	9,671	+0.1%	0.14%	0.0%
BTU	Buy	PEABODY ENERGY CORP COM	$290,000	+74.7%	16,790	+48.1%	0.13%	+58.5%
SYY	Sell	SYSCO CORP COM	$277,000	-10.6%	8,701	-4.0%	0.12%	-18.3%
MO	Buy	ALTRIA GROUP INC COM	$263,000	-1.5%	7,669	+0.4%	0.12%	-10.6%
SLW	New	SILVER WHEATON CORP COM	$249,000	–	10,050	–	0.11%	–
GLD	New	SPDR GOLD TR GOLD SHS ETF	$208,000	–	1,623	–	0.09%	–
CNQR	New	CONCUR TECHNOLOGIES INC COM	$83,000	–	750	–	0.04%	–
WRB	Sell	BERKLEY W R CORP COM	$60,000	-98.1%	1,400	-98.2%	0.03%	-98.3%
QIHU	New	QIHOO 360 TECHNOLOGY CO LTD COadr	$42,000	–	500	–	0.02%	–
QEP	Sell	QEP RESOURCES INC COM	$31,000	-94.7%	1,114	-94.7%	0.01%	-95.2%
YOKU	New	YOUKU TUDOU INC COMadr	$27,000	–	1,000	–	0.01%	–
GOGO	New	GOGO INC COM	$18,000	–	1,000	–	0.01%	–
LINEQ	New	LINN ENERGY LLC UNITS	$2,000	–	96	–	0.00%	–
PREMF	Exit	PREMD INC COM	$0	–	-27,000	–	0.00%	–
FRCMQ	New	FAIRPOINT COMMUNICATIONS INC B	$0	–	3	–	0.00%	–
GG	New	GOLDCORP INC COM	$0	–	3	–	0.00%	–
VTKT	Exit	VERUTEK TECHNOLOGIES INC (DE)	$0	–	-45,456	–	-0.00%	–
XXII	Exit	22ND CENTURY GROUP INC COM	$0	–	-22,000	–	-0.01%	–
ANRZQ	Exit	ALPHA NATURAL RESOURCES INC CO	$0	–	-19,739	–	-0.05%	–
CCJ	Exit	CAMECO CP COM	$0	–	-10,044	–	-0.10%	–
POT	Exit	POTASH CORP SASK INC COM	$0	–	-6,010	–	-0.11%	–
KMI	Exit	KINDER MORGAN INC COM	$0	–	-6,015	–	-0.11%	–
TWC	Exit	TIME WARNER CABLE INC COM	$0	–	-2,049	–	-0.11%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DEL CON	$0	–	-2	–	-0.17%	–
CMCO	Exit	COLUMBUS MCKINNON CORP COM	$0	–	-30,030	–	-0.32%	–
HAE	Exit	HAEMONETICS CORP MASS COM	$0	–	-114,416	–	-2.34%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC COM	$0	–	-202,366	–	-2.63%	–

Q2 2013

			Value		Shares		↓ Weighting
HSP	New	HOSPIRA INC COM	$10,199,000	–	266,210	–	5.04%	–
ADBE	New	ADOBE SYSTEMS INC COM	$10,001,000	–	219,504	–	4.95%	–
CMP	New	COMPASS MINERALS INTERNATIONAL	$9,974,000	–	117,997	–	4.93%	–
MTN	New	VAIL RESORTS INC COM	$9,461,000	–	153,790	–	4.68%	–
RRC	New	RANGE RESOURCES CORP COM	$9,228,000	–	119,349	–	4.56%	–
PSMT	New	PRICE SMART INC COM	$8,993,000	–	102,625	–	4.45%	–
IPHS	New	INNOPHOS HOLDINGS INC COM	$8,871,000	–	188,073	–	4.39%	–
PNR	New	PENTAIR LTD SHS COM	$8,522,000	–	147,714	–	4.22%	–
JPM	New	JP MORGAN CHASE & CO COM	$8,172,000	–	154,795	–	4.04%	–
BA	New	BOEING CO COM	$7,815,000	–	76,289	–	3.87%	–
LNCE	New	SNYDERS-LANCE INC COM	$7,793,000	–	274,289	–	3.86%	–
BIDU	New	BAIDU INC ADR	$7,365,000	–	77,855	–	3.64%	–
EW	New	EDWARDS LIFE SCIENCES COM	$7,176,000	–	106,793	–	3.55%	–
MJN	New	MEAD JOHNSON NUTRITION COMPANY	$7,106,000	–	89,692	–	3.52%	–
CTRP	New	CTRIP COM INTERNATIONAL LTD AD	$6,811,000	–	208,740	–	3.37%	–
CRS	New	CARPENTER TECHNOLOGY CORP COM	$6,798,000	–	150,843	–	3.36%	–
JWA	New	WILEY JOHN & SONS INC CL A	$6,717,000	–	167,560	–	3.32%	–
CHEF	New	CHEFS WAREHOUSE COM	$5,418,000	–	315,027	–	2.68%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC COM	$5,324,000	–	202,366	–	2.63%	–
XEC	New	CIMAREX ENERGY CO COM	$5,116,000	–	78,721	–	2.53%	–
MS	New	MORGAN STANLEY COM	$4,745,000	–	194,224	–	2.35%	–
HAE	New	HAEMONETICS CORP MASS COM	$4,731,000	–	114,416	–	2.34%	–
CLR	New	CONTINENTAL RESOURCES INC COM	$4,476,000	–	52,011	–	2.21%	–
WRB	New	BERKLEY W R CORP COM	$3,215,000	–	78,682	–	1.59%	–
COG	New	CABOT OIL & GAS CORP COM	$1,706,000	–	24,028	–	0.84%	–
EQT	New	EQT CORPORATION COM	$1,438,000	–	18,120	–	0.71%	–
IBM	New	INTL BUSINESS MACHINES COM	$967,000	–	5,061	–	0.48%	–
SM	New	SM ENERGY COMPANY COM	$928,000	–	15,475	–	0.46%	–
NFG	New	NATIONAL FUEL GAS CO N J COM	$728,000	–	12,570	–	0.36%	–
DIS	New	WALT DISNEY CO COM	$666,000	–	10,551	–	0.33%	–
CMCO	New	COLUMBUS MCKINNON CORP COM	$640,000	–	30,030	–	0.32%	–
DVN	New	DEVON ENERGY CORPORATION COMMO	$598,000	–	11,521	–	0.30%	–
QEP	New	QEP RESOURCES INC COM	$587,000	–	21,114	–	0.29%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE C	$580,000	–	10,392	–	0.29%	–
ABB	New	ABB LTD ADR	$573,000	–	26,442	–	0.28%	–
MMM	New	3M CO COM	$555,000	–	5,071	–	0.28%	–
PFE	New	PFIZER INC COM	$556,000	–	19,859	–	0.28%	–
MRK	New	MERCK & CO INC. COM	$555,000	–	11,950	–	0.28%	–
ADP	New	AUTOMATIC DATA PROCESSING INC	$550,000	–	7,992	–	0.27%	–
CVX	New	CHEVRON CORP COM	$532,000	–	4,495	–	0.26%	–
VZ	New	VERIZON COMMUNICATIONS COM	$530,000	–	10,531	–	0.26%	–
DD	New	DU PONT E I DE NEMOURS & CO CO	$510,000	–	9,707	–	0.25%	–
KO	New	COCA COLA CO COM	$505,000	–	12,580	–	0.25%	–
PG	New	PROCTER GAMBLE CO COM	$501,000	–	6,508	–	0.25%	–
MCD	New	MCDONALDS CORP COM	$501,000	–	5,062	–	0.25%	–
T	New	AT&T INC COM	$487,000	–	13,759	–	0.24%	–
INTC	New	INTEL CORP COM	$474,000	–	19,554	–	0.23%	–
CAT	New	CATERPILLAR INC COM	$474,000	–	5,750	–	0.23%	–
HD	New	HOME DEPOT INC COM	$469,000	–	6,053	–	0.23%	–
JNJ	New	JOHNSON & JOHNSON COM	$462,000	–	5,383	–	0.23%	–
AXP	New	AMERICAN EXPRESS CO CM	$432,000	–	5,774	–	0.21%	–
UPLMQ	New	ULTRA PETROLEUM CORP ORD	$423,000	–	21,355	–	0.21%	–
XOM	New	EXXON MOBIL CORPORATION COM	$420,000	–	4,644	–	0.21%	–
AAPL	New	APPLE INC COM	$400,000	–	1,008	–	0.20%	–
TRV	New	THE TRAVELERS COMPANIES INC CO	$396,000	–	4,950	–	0.20%	–
CL	New	COLGATE PALMOLIVE CO COM	$396,000	–	6,914	–	0.20%	–
WM	New	WASTE MANAGEMENT INC COM	$382,000	–	9,461	–	0.19%	–
FCX	New	FREEPORT MCMORAN COPPER & GOLD	$381,000	–	13,802	–	0.19%	–
PAYX	New	PAYCHEX INC COM	$372,000	–	10,181	–	0.18%	–
PXD	New	PIONEER NATURAL RESOURCES CO C	$352,000	–	2,429	–	0.17%	–
HCP	New	HCP INC COM	$342,000	–	7,530	–	0.17%	–
BRKA	New	BERKSHIRE HATHAWAY INC DEL CON	$337,000	–	2	–	0.17%	–
EOG	New	EOG RESOURCES INC COM	$328,000	–	2,493	–	0.16%	–
SYY	New	SYSCO CORP COM	$310,000	–	9,066	–	0.15%	–
RAI	New	REYNOLDS AMERICAN INC COM	$307,000	–	6,355	–	0.15%	–
SEB	New	SEABOARD CORP DEL	$303,000	–	112	–	0.15%	–
KRFT	New	KRAFT FOODS GROUP INC COM	$283,000	–	5,058	–	0.14%	–
MDLZ	New	MONDELEZ INTL INC COM	$276,000	–	9,666	–	0.14%	–
EGO	New	ELDORADO GOLD CORP LTD NEW COM	$275,000	–	44,500	–	0.14%	–
MLM	New	MARTIN MARIETTA MATLS INC COM	$271,000	–	2,750	–	0.13%	–
MO	New	ALTRIA GROUP INC COM	$267,000	–	7,639	–	0.13%	–
CAG	New	CONAGRA FOODS INC COM	$264,000	–	7,570	–	0.13%	–
NOV	New	NATIONAL-OILWELL VARCO INC COM	$263,000	–	3,820	–	0.13%	–
OASPQ	New	OASIS PETROLEUM INC NEW COM	$263,000	–	6,763	–	0.13%	–
WLL	New	WHITING PETROLEUM CORP COM	$257,000	–	5,574	–	0.13%	–
ANDE	New	ANDERSONS INC. COM	$233,000	–	4,375	–	0.12%	–
MOS	New	THE MOSAIC CO. COM	$232,000	–	4,320	–	0.12%	–
TWC	New	TIME WARNER CABLE INC COM	$230,000	–	2,049	–	0.11%	–
KMI	New	KINDER MORGAN INC COM	$229,000	–	6,015	–	0.11%	–
POT	New	POTASH CORP SASK INC COM	$229,000	–	6,010	–	0.11%	–
CLDPQ	New	CLOUD PEAK ENERGY INC COM	$226,000	–	13,726	–	0.11%	–
NE	New	NOBLE CORP COM	$222,000	–	5,920	–	0.11%	–
VMC	New	VULCAN MATLS CO COM	$216,000	–	4,455	–	0.11%	–
CA	New	CA INCORPORATED COM	$213,000	–	7,455	–	0.10%	–
CCJ	New	CAMECO CP COM	$208,000	–	10,044	–	0.10%	–
BTU	New	PEABODY ENERGY CORP COM	$166,000	–	11,340	–	0.08%	–
AGRO	New	ADECOAGRO COM	$151,000	–	24,187	–	0.08%	–
ANRZQ	New	ALPHA NATURAL RESOURCES INC CO	$103,000	–	19,739	–	0.05%	–
TPLMQ	New	TRIANGLE PETROLEUM CORP COM	$70,000	–	10,000	–	0.04%	–
XXII	New	22ND CENTURY GROUP INC COM	$16,000	–	22,000	–	0.01%	–
VTKT	New	VERUTEK TECHNOLOGIES INC (DE)	$6,000	–	45,456	–	0.00%	–
PREMF	New	PREMD INC COM	$0	–	27,000	–	0.00%	–

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