Loudon Investment Management, LLC Activity Q4 2013-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$9,253,054	-7.9%	29,305	-0.7%	6.36%	-3.9%
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$5,816,837	+3.5%	212,526	-0.3%	4.00%	+8.0%
XLK	Sell	SELECT SECTOR SPDR TR	$5,228,219	-5.8%	31,893	-0.1%	3.60%	-1.7%
QCOM	Buy	QUALCOMM INC	$4,596,218	-6.6%	41,385	+0.1%	3.16%	-2.5%
FAST	Sell	FASTENAL CO	$4,593,913	-9.6%	84,076	-2.4%	3.16%	-5.6%
LOW	Sell	LOWES COS INC	$4,581,833	-8.1%	22,045	-0.2%	3.15%	-4.1%
CMCSA	Sell	COMCAST CORP NEW	$4,452,623	+4.7%	100,420	-1.9%	3.06%	+9.2%
CSCO	Buy	CISCO SYS INC	$4,258,276	+4.8%	79,209	+0.9%	2.93%	+9.4%
ITW	Sell	ILLINOIS TOOL WKS INC	$4,122,088	-9.5%	17,898	-1.7%	2.84%	-5.5%
SWK	Buy	STANLEY BLACK & DECKER INC	$4,100,100	-5.3%	49,056	+6.2%	2.82%	-1.2%
ABBV	Sell	ABBVIE INC	$3,793,726	+9.4%	25,451	-1.1%	2.61%	+14.2%
TFC	Buy	TRUIST FINL CORP	$3,759,297	+11.7%	131,398	+18.5%	2.59%	+16.5%
SPY	Sell	SPDR S&P 500 ETF TR	$3,627,168	-4.6%	8,485	-1.1%	2.50%	-0.4%
ESS	Buy	ESSEX PPTY TR INC	$3,341,690	-2.4%	15,756	+7.8%	2.30%	+1.8%
AAPL	Sell	APPLE INC	$3,094,792	-11.8%	18,076	-0.1%	2.13%	-8.0%
PII	Sell	POLARIS INC	$2,903,007	-14.8%	27,876	-1.0%	2.00%	-11.0%
TROW	Sell	PRICE T ROWE GROUP INC	$2,548,760	-11.2%	24,304	-5.1%	1.75%	-7.3%
AMP	Sell	AMERIPRISE FINL INC	$2,545,459	-2.5%	7,721	-1.7%	1.75%	+1.7%
CAT	Sell	CATERPILLAR INC	$2,468,739	+9.9%	9,043	-0.9%	1.70%	+14.7%
JPM	Sell	JPMORGAN CHASE & CO	$2,374,122	-5.7%	16,371	-5.5%	1.63%	-1.6%
EMR	Sell	EMERSON ELEC CO	$2,237,141	+6.4%	23,166	-0.4%	1.54%	+11.0%
USB	Buy	US BANCORP DEL	$2,214,028	+0.2%	66,970	+0.2%	1.52%	+4.6%
INTC	Sell	INTEL CORP	$2,212,916	-5.5%	62,248	-11.1%	1.52%	-1.4%
TGT	Sell	TARGET CORP	$2,183,647	-24.8%	19,749	-10.3%	1.50%	-21.6%
DLR	Buy	DIGITAL RLTY TR INC	$2,169,526	+6.4%	17,927	+0.1%	1.49%	+11.0%
PNR	Sell	PENTAIR PLC	$1,755,049	-29.1%	27,105	-29.3%	1.21%	-26.0%
UPS	Sell	UNITED PARCEL SERVICE INC	$1,746,523	-13.4%	11,205	-0.4%	1.20%	-9.7%
AFL	Sell	AFLAC INC	$1,492,864	+9.4%	19,451	-0.5%	1.03%	+14.1%
MRK	Sell	MERCK & CO INC	$1,418,960	-17.8%	13,783	-7.8%	0.98%	-14.2%
PEP	Sell	PEPSICO INC	$1,382,292	-10.9%	8,158	-2.6%	0.95%	-7.0%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTD	$1,274,823	-17.3%	14,670	-4.0%	0.88%	-13.7%
VZ	Sell	VERIZON COMMUNICATIONS INC	$1,270,083	-25.8%	39,188	-14.9%	0.87%	-22.6%
	Buy	FEDERAL RLTY INVT TR NEW	$1,228,852	-5.6%	13,559	+0.7%	0.84%	-1.6%
LEG	Sell	LEGGETT & PLATT INC	$1,220,442	-24.3%	48,030	-11.7%	0.84%	-20.9%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$1,091,966	+12.7%	4,539	+3.0%	0.75%	+17.5%
CVS	Buy	CVS HEALTH CORP	$1,031,102	+169.6%	14,768	+166.9%	0.71%	+181.3%
VCSH	Sell	VANGUARD SCOTTSDALE FDS	$984,991	-17.7%	13,107	-17.2%	0.68%	-14.1%
JNJ	Buy	JOHNSON & JOHNSON	$945,558	-4.7%	6,071	+1.3%	0.65%	-0.6%
MO	Sell	ALTRIA GROUP INC	$942,401	-14.9%	22,411	-8.3%	0.65%	-11.2%
PFE	Buy	PFIZER INC	$847,560	-8.6%	25,552	+1.1%	0.58%	-4.6%
CLX	Sell	CLOROX CO DEL	$759,755	-19.3%	5,797	-2.0%	0.52%	-15.6%
WHR	Sell	WHIRLPOOL CORP	$744,308	-16.5%	5,567	-7.1%	0.51%	-12.9%
MDT	Sell	MEDTRONIC PLC	$717,151	-12.3%	9,152	-1.4%	0.49%	-8.5%
BSV	Sell	VANGUARD BD INDEX FDS	$700,660	-3.3%	9,321	-2.8%	0.48%	+0.8%
CCI	New	CROWN CASTLE INC	$642,277	–	6,979	–	0.44%	–
BLK	Sell	BLACKROCK INC	$605,115	-13.3%	936	-7.3%	0.42%	-9.6%
VTI	Sell	VANGUARD INDEX FDS	$592,836	-21.9%	2,791	-19.0%	0.41%	-18.6%
BK	Sell	BANK NEW YORK MELLON CORP	$559,269	-6.0%	13,113	-1.8%	0.38%	-1.8%
FLOT	Buy	ISHARES TR	$543,861	+18.3%	10,687	+18.1%	0.37%	+23.4%
XLC	Sell	SELECT SECTOR SPDR TR	$538,920	-14.8%	8,219	-15.4%	0.37%	-11.0%
AMT	New	AMERICAN TOWER CORP NEW	$514,729	–	3,130	–	0.35%	–
SYY	Sell	SYSCO CORP	$504,952	-15.4%	7,645	-5.0%	0.35%	-11.7%
ENB	Buy	ENBRIDGE INC	$428,499	+3.0%	12,846	+14.7%	0.30%	+7.7%
EXR	Buy	EXTRA SPACE STORAGE INC	$418,235	-6.0%	3,440	+15.1%	0.29%	-1.7%
O	Sell	REALTY INCOME CORP	$383,539	-20.4%	7,680	-4.7%	0.26%	-16.7%
PG	Sell	PROCTER AND GAMBLE CO	$377,340	-13.9%	2,587	-10.4%	0.26%	-10.0%
IFF	Buy	INTERNATIONAL FLAVORS&FRAGRA	$373,163	+45.0%	5,474	+69.3%	0.26%	+51.2%
RHI	Sell	ROBERT HALF INC.	$353,576	-49.2%	4,825	-47.8%	0.24%	-47.1%
ACWX	Sell	ISHARES TR	$323,006	-14.2%	6,871	-10.1%	0.22%	-10.5%
ECL	Sell	ECOLAB INC	$302,548	-10.4%	1,786	-1.2%	0.21%	-6.3%
NOBL	Sell	PROSHARES TR	$284,246	-31.0%	3,210	-26.5%	0.20%	-27.9%
HRL	Sell	HORMEL FOODS CORP	$247,385	-20.5%	6,505	-15.9%	0.17%	-17.1%
BIV	Sell	VANGUARD BD INDEX FDS	$225,607	-14.4%	3,120	-11.0%	0.16%	-10.9%
BIL	New	SPDR SER TR	$214,492	–	2,336	–	0.15%	–
IJR	New	ISHARES TR	$202,810	–	2,150	–	0.14%	–
ORCL	Exit	ORACLE CORP	$0	–	-2,325	–	-0.18%	–

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$10,045,589	–	29,499	–	6.62%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$5,618,505	–	213,226	–	3.70%	–
XLK	New	SELECT SECTOR SPDR TR	$5,550,828	–	31,927	–	3.66%	–
FAST	New	FASTENAL CO	$5,080,927	–	86,132	–	3.35%	–
LOW	New	LOWES COS INC	$4,985,262	–	22,088	–	3.29%	–
QCOM	New	QUALCOMM INC	$4,920,876	–	41,338	–	3.24%	–
ITW	New	ILLINOIS TOOL WKS INC	$4,554,413	–	18,206	–	3.00%	–
SWK	New	STANLEY BLACK & DECKER INC	$4,327,996	–	46,185	–	2.85%	–
CMCSA	New	COMCAST CORP NEW	$4,253,474	–	102,370	–	2.80%	–
CSCO	New	CISCO SYS INC	$4,062,004	–	78,508	–	2.68%	–
SPY	New	SPDR S&P 500 ETF TR	$3,802,456	–	8,578	–	2.51%	–
AAPL	New	APPLE INC	$3,509,111	–	18,091	–	2.31%	–
ABBV	New	ABBVIE INC	$3,467,546	–	25,737	–	2.29%	–
ESS	New	ESSEX PPTY TR INC	$3,425,232	–	14,619	–	2.26%	–
PII	New	POLARIS INC	$3,406,477	–	28,169	–	2.24%	–
TFC	New	TRUIST FINL CORP	$3,366,058	–	110,908	–	2.22%	–
AMGN	New	AMGEN INC	$3,139,807	–	14,142	–	2.07%	–
TGT	New	TARGET CORP	$2,905,625	–	22,029	–	1.92%	–
TROW	New	PRICE T ROWE GROUP INC	$2,870,288	–	25,623	–	1.89%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$2,640,218	–	34,942	–	1.74%	–
AMP	New	AMERIPRISE FINL INC	$2,610,113	–	7,858	–	1.72%	–
JPM	New	JPMORGAN CHASE & CO	$2,518,730	–	17,318	–	1.66%	–
PNR	New	PENTAIR PLC	$2,474,955	–	38,312	–	1.63%	–
INTC	New	INTEL CORP	$2,342,271	–	70,044	–	1.54%	–
CAT	New	CATERPILLAR INC	$2,245,944	–	9,128	–	1.48%	–
USB	New	US BANCORP DEL	$2,208,559	–	66,845	–	1.46%	–
EMR	New	EMERSON ELEC CO	$2,103,375	–	23,270	–	1.39%	–
DLR	New	DIGITAL RLTY TR INC	$2,038,842	–	17,905	–	1.34%	–
UPS	New	UNITED PARCEL SERVICE INC	$2,016,921	–	11,252	–	1.33%	–
CMI	New	CUMMINS INC	$1,807,320	–	7,372	–	1.19%	–
MRK	New	MERCK & CO INC	$1,725,888	–	14,957	–	1.14%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,712,302	–	46,042	–	1.13%	–
DE	New	DEERE & CO	$1,680,323	–	4,147	–	1.11%	–
LEG	New	LEGGETT & PLATT INC	$1,611,506	–	54,406	–	1.06%	–
PEP	New	PEPSICO INC	$1,551,958	–	8,379	–	1.02%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTD	$1,541,957	–	15,279	–	1.02%	–
AFL	New	AFLAC INC	$1,364,660	–	19,551	–	0.90%	–
APD	New	AIR PRODS & CHEMS INC	$1,320,029	–	4,407	–	0.87%	–
	New	FEDERAL RLTY INVT TR NEW	$1,302,427	–	13,459	–	0.86%	–
VCSH	New	VANGUARD SCOTTSDALE FDS	$1,197,017	–	15,821	–	0.79%	–
MO	New	ALTRIA GROUP INC	$1,107,087	–	24,439	–	0.73%	–
LMT	New	LOCKHEED MARTIN CORP	$1,063,017	–	2,309	–	0.70%	–
JNJ	New	JOHNSON & JOHNSON	$992,458	–	5,996	–	0.65%	–
GBCI	New	GLACIER BANCORP INC NEW	$979,954	–	31,439	–	0.65%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$968,834	–	4,408	–	0.64%	–
CLX	New	CLOROX CO DEL	$941,040	–	5,917	–	0.62%	–
TU	New	TELUS CORPORATION	$929,877	–	47,784	–	0.61%	–
PFE	New	PFIZER INC	$927,160	–	25,277	–	0.61%	–
WHR	New	WHIRLPOOL CORP	$891,550	–	5,992	–	0.59%	–
MDT	New	MEDTRONIC PLC	$817,480	–	9,279	–	0.54%	–
VTI	New	VANGUARD INDEX FDS	$759,305	–	3,447	–	0.50%	–
BSV	New	VANGUARD BD INDEX FDS	$724,414	–	9,586	–	0.48%	–
GD	New	GENERAL DYNAMICS CORP	$718,171	–	3,338	–	0.47%	–
PSA	New	PUBLIC STORAGE	$700,512	–	2,400	–	0.46%	–
BLK	New	BLACKROCK INC	$698,051	–	1,010	–	0.46%	–
RHI	New	ROBERT HALF INTL INC	$695,785	–	9,250	–	0.46%	–
VNQ	New	VANGUARD INDEX FDS	$683,939	–	8,185	–	0.45%	–
ABT	New	ABBOTT LABS	$657,064	–	6,027	–	0.43%	–
XLC	New	SELECT SECTOR SPDR TR	$632,513	–	9,719	–	0.42%	–
WTRG	New	ESSENTIAL UTILS INC	$617,128	–	15,463	–	0.41%	–
SYY	New	SYSCO CORP	$596,939	–	8,045	–	0.39%	–
BK	New	BANK NEW YORK MELLON CORP	$594,698	–	13,358	–	0.39%	–
TTD	New	THE TRADE DESK INC	$555,984	–	7,200	–	0.37%	–
VLO	New	VALERO ENERGY CORP	$530,079	–	4,519	–	0.35%	–
SCHB	New	SCHWAB STRATEGIC TR	$504,055	–	6,941	–	0.33%	–
	New	SL GREEN RLTY CORP	$489,755	–	16,298	–	0.32%	–
O	New	REALTY INCOME CORP	$481,608	–	8,055	–	0.32%	–
FLOT	New	ISHARES TR	$459,769	–	9,047	–	0.30%	–
EXR	New	EXTRA SPACE STORAGE INC	$445,062	–	2,990	–	0.29%	–
FDX	New	FEDEX CORP	$440,766	–	1,778	–	0.29%	–
PG	New	PROCTER AND GAMBLE CO	$438,073	–	2,887	–	0.29%	–
XOM	New	EXXON MOBIL CORP	$419,669	–	3,913	–	0.28%	–
ENB	New	ENBRIDGE INC	$415,931	–	11,196	–	0.27%	–
NOBL	New	PROSHARES TR	$412,004	–	4,370	–	0.27%	–
AOS	New	SMITH A O CORP	$405,821	–	5,576	–	0.27%	–
CVS	New	CVS HEALTH CORP	$382,496	–	5,533	–	0.25%	–
ACWX	New	ISHARES TR	$376,336	–	7,646	–	0.25%	–
SDY	New	SPDR SER TR	$373,256	–	3,045	–	0.25%	–
ECL	New	ECOLAB INC	$337,536	–	1,808	–	0.22%	–
HRL	New	HORMEL FOODS CORP	$311,021	–	7,733	–	0.20%	–
PM	New	PHILIP MORRIS INTL INC	$311,505	–	3,191	–	0.20%	–
PPG	New	PPG INDS INC	$307,723	–	2,075	–	0.20%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIO	$282,989	–	4,335	–	0.19%	–
ORCL	New	ORACLE CORP	$276,884	–	2,325	–	0.18%	–
BIV	New	VANGUARD BD INDEX FDS	$263,681	–	3,505	–	0.17%	–
PAYX	New	PAYCHEX INC	$262,895	–	2,350	–	0.17%	–
XLF	New	SELECT SECTOR SPDR TR	$260,915	–	7,740	–	0.17%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$257,314	–	3,233	–	0.17%	–
QQQ	New	INVESCO QQQ TR	$240,123	–	650	–	0.16%	–
CL	New	COLGATE PALMOLIVE CO	$230,118	–	2,987	–	0.15%	–
COP	New	CONOCOPHILLIPS	$226,906	–	2,190	–	0.15%	–

Q4 2022

			Value		Shares		↓ Weighting
CIXX	Exit	CI FINL CORP	$0	–	-18,500	–	-0.14%	–
USB	Exit	US BANCORP DEL	$0	–	-5,435	–	-0.17%	–
FDX	Exit	FEDEX CORP	$0	–	-1,506	–	-0.18%	–
ECL	Exit	ECOLAB INC	$0	–	-1,748	–	-0.20%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-3,664	–	-0.20%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-6,035	–	-0.21%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,350	–	-0.21%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-3,191	–	-0.21%	–
BIV	Exit	VANGUARD BD INDEX FDS	$0	–	-3,715	–	-0.22%	–
ACWX	Exit	ISHARES TR	$0	–	-6,976	–	-0.22%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-2,815	–	-0.23%	–
PPG	Exit	PPG INDS INC	$0	–	-2,627	–	-0.23%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-1,035	–	-0.24%	–
AOS	Exit	SMITH A O CORP	$0	–	-6,390	–	-0.25%	–
TTD	Exit	THE TRADE DESK INC	$0	–	-5,300	–	-0.25%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-3,200	–	-0.25%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,026	–	-0.28%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-2,617	–	-0.28%	–
SDY	Exit	SPDR SER TR	$0	–	-3,244	–	-0.29%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-2,937	–	-0.30%	–
ENB	Exit	ENBRIDGE INC	$0	–	-10,376	–	-0.31%	–
NOBL	Exit	PROSHARES TR	$0	–	-4,920	–	-0.31%	–
SCHB	Exit	SCHWAB STRATEGIC TR	$0	–	-6,470	–	-0.34%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-4,681	–	-0.36%	–
XLF	Exit	SELECT SECTOR SPDR TR	$0	–	-14,740	–	-0.36%	–
VTI	Exit	VANGUARD INDEX FDS	$0	–	-2,542	–	-0.36%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-2,990	–	-0.41%	–
O	Exit	REALTY INCOME CORP	$0	–	-9,296	–	-0.43%	–
BLK	Exit	BLACKROCK INC	$0	–	-989	–	-0.43%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-5,119	–	-0.44%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-7,047	–	-0.47%	–
ABT	Exit	ABBOTT LABS	$0	–	-6,157	–	-0.47%	–
SYY	Exit	SYSCO CORP	$0	–	-8,533	–	-0.48%	–
FLOT	Exit	ISHARES TR	$0	–	-11,987	–	-0.48%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-13,485	–	-0.49%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-12,801	–	-0.49%	–
WTRG	Exit	ESSENTIAL UTILS INC	$0	–	-15,463	–	-0.51%	–
VNQ	Exit	VANGUARD INDEX FDS	$0	–	-8,231	–	-0.52%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-2,400	–	-0.56%	–
BSV	Exit	VANGUARD BD INDEX FDS	$0	–	-9,796	–	-0.58%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-19,302	–	-0.59%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-3,823	–	-0.64%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-22,729	–	-0.69%	–
CLX	Exit	CLOROX CO DEL	$0	–	-7,088	–	-0.72%	–
TU	Exit	TELUS CORPORATION	$0	–	-47,784	–	-0.76%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-5,947	–	-0.77%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-4,373	–	-0.79%	–
PFE	Exit	PFIZER INC	$0	–	-25,477	–	-0.89%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-2,890	–	-0.89%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTD	$0	–	-16,354	–	-0.89%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-4,923	–	-0.91%	–
AFL	Exit	AFLAC INC	$0	–	-20,581	–	-0.92%	–
	Exit	FEDERAL RLTY INVT TR NEW	$0	–	-12,970	–	-0.93%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDS	$0	–	-17,416	–	-1.03%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-17,038	–	-1.10%	–
PNR	Exit	PENTAIR PLC	$0	–	-34,737	–	-1.12%	–
PEP	Exit	PEPSICO INC	$0	–	-9,235	–	-1.20%	–
GBCI	Exit	GLACIER BANCORP INC NEW	$0	–	-31,439	–	-1.23%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-14,891	–	-1.24%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-21,251	–	-1.27%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-39,562	–	-1.27%	–
CAT	Exit	CATERPILLAR INC	$0	–	-10,353	–	-1.35%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-23,270	–	-1.36%	–
INTC	Exit	INTEL CORP	$0	–	-66,495	–	-1.36%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-11,729	–	-1.51%	–
CMI	Exit	CUMMINS INC	$0	–	-9,373	–	-1.52%	–
MRK	Exit	MERCK & CO INC	$0	–	-22,415	–	-1.54%	–
CMCSA	Exit	COMCAST CORP NEW	$0	–	-67,239	–	-1.57%	–
TGT	Exit	TARGET CORP	$0	–	-13,902	–	-1.64%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-19,728	–	-1.65%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-9,516	–	-1.91%	–
DE	Exit	DEERE & CO	$0	–	-7,331	–	-1.95%	–
SPY	Exit	SPDR S&P 500 ETF TR	$0	–	-7,705	–	-2.19%	–
AAPL	Exit	APPLE INC	$0	–	-19,956	–	-2.19%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-43,140	–	-2.29%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-90,839	–	-2.40%	–
PII	Exit	POLARIS INC	$0	–	-31,589	–	-2.40%	–
CSCO	Exit	CISCO SYS INC	$0	–	-79,255	–	-2.52%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-18,921	–	-2.72%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-42,599	–	-2.73%	–
AMGN	Exit	AMGEN INC	$0	–	-16,891	–	-3.03%	–
FAST	Exit	FASTENAL CO	$0	–	-90,335	–	-3.31%	–
XLK	Exit	SELECT SECTOR SPDR TR	$0	–	-35,449	–	-3.35%	–
ABBV	Exit	ABBVIE INC	$0	–	-31,929	–	-3.41%	–
LOW	Exit	LOWES COS INC	$0	–	-23,193	–	-3.47%	–
QCOM	Exit	QUALCOMM INC	$0	–	-40,121	–	-3.61%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-218,876	–	-4.14%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-30,679	–	-5.68%	–

Q3 2022

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$7,145,000	-11.9%	30,679	-2.8%	5.68%	-6.5%
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$5,205,000	-6.8%	218,876	-4.5%	4.14%	-1.1%
QCOM	Buy	QUALCOMM INC	$4,533,000	-10.4%	40,121	+1.3%	3.61%	-4.9%
LOW	Buy	LOWES COS INC	$4,356,000	+7.6%	23,193	+0.1%	3.47%	+14.2%
ABBV	Sell	ABBVIE INC	$4,285,000	-35.4%	31,929	-26.3%	3.41%	-31.4%
XLK	Sell	SELECT SECTOR SPDR TR	$4,211,000	-9.7%	35,449	-3.4%	3.35%	-4.2%
AMGN	Sell	AMGEN INC	$3,807,000	-8.0%	16,891	-0.7%	3.03%	-2.3%
ADM	Sell	ARCHER DANIELS MIDLAND CO	$3,427,000	-12.1%	42,599	-15.2%	2.73%	-6.7%
CSCO	Buy	CISCO SYS INC	$3,170,000	-5.5%	79,255	+0.8%	2.52%	+0.4%
LEG	Sell	LEGGETT & PLATT INC	$3,018,000	-19.8%	90,839	-16.5%	2.40%	-14.8%
CAH	Sell	CARDINAL HEALTH INC	$2,877,000	+20.2%	43,140	-5.8%	2.29%	+27.6%
SPY	Buy	SPDR S&P 500 ETF TR	$2,752,000	-4.5%	7,705	+0.9%	2.19%	+1.4%
DE	Sell	DEERE & CO	$2,448,000	+6.8%	7,331	-4.2%	1.95%	+13.3%
TROW	New	PRICE T ROWE GROUP INC	$2,072,000	–	19,728	–	1.65%	–
TGT	Buy	TARGET CORP	$2,063,000	+621.3%	13,902	+587.2%	1.64%	+666.8%
CMCSA	Sell	COMCAST CORP NEW	$1,972,000	-31.3%	67,239	-8.1%	1.57%	-27.1%
MRK	Sell	MERCK & CO INC	$1,930,000	-29.4%	22,415	-25.3%	1.54%	-25.0%
UPS	Buy	UNITED PARCEL SERVICE INC	$1,895,000	-10.7%	11,729	+0.9%	1.51%	-5.2%
INTC	Buy	INTEL CORP	$1,714,000	-3.9%	66,495	+39.5%	1.36%	+2.1%
MO	Sell	ALTRIA GROUP INC	$1,598,000	-26.4%	39,562	-23.8%	1.27%	-21.8%
SWK	Buy	STANLEY BLACK & DECKER INC	$1,598,000	-13.1%	21,251	+21.2%	1.27%	-7.8%
JPM	Buy	JPMORGAN CHASE & CO	$1,556,000	+87.9%	14,891	+102.6%	1.24%	+99.4%
GBCI	Sell	GLACIER BANCORP INC NEW	$1,545,000	-2.6%	31,439	-6.0%	1.23%	+3.4%
PNR	New	PENTAIR PLC	$1,411,000	–	34,737	–	1.12%	–
MDT	Buy	MEDTRONIC PLC	$1,376,000	+30.8%	17,038	+45.4%	1.10%	+39.0%
VCSH	Sell	VANGUARD SCOTTSDALE FDS	$1,294,000	-37.5%	17,416	-35.9%	1.03%	-33.7%
	Buy	FEDERAL RLTY INVT TR NEW	$1,169,000	-0.1%	12,970	+6.1%	0.93%	+6.0%
AFL	Sell	AFLAC INC	$1,157,000	-4.6%	20,581	-6.2%	0.92%	+1.3%
APD	Buy	AIR PRODS & CHEMS INC	$1,146,000	+5.8%	4,923	+9.3%	0.91%	+12.3%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTD	$1,121,000	+41.0%	16,354	+68.3%	0.89%	+49.7%
LMT	Sell	LOCKHEED MARTIN CORP	$1,116,000	-12.2%	2,890	-2.2%	0.89%	-6.8%
PFE	Sell	PFIZER INC	$1,115,000	-18.9%	25,477	-2.9%	0.89%	-14.0%
CLX	Sell	CLOROX CO DEL	$910,000	-13.4%	7,088	-4.9%	0.72%	-8.1%
VZ	Buy	VERIZON COMMUNICATIONS INC	$863,000	-14.1%	22,729	+14.8%	0.69%	-8.8%
BK	Sell	BANK NEW YORK MELLON CORP	$744,000	-41.0%	19,302	-36.1%	0.59%	-37.3%
BSV	Sell	VANGUARD BD INDEX FDS	$733,000	-21.0%	9,796	-18.9%	0.58%	-16.2%
WTRG	Sell	ESSENTIAL UTILS INC	$640,000	-20.1%	15,463	-11.5%	0.51%	-15.2%
XLC	Sell	SELECT SECTOR SPDR TR	$613,000	-39.7%	12,801	-31.7%	0.49%	-36.0%
HRL	Sell	HORMEL FOODS CORP	$613,000	-6.6%	13,485	-2.6%	0.49%	-0.8%
FLOT	Buy	ISHARES TR	$603,000	+3.6%	11,987	+2.8%	0.48%	+10.1%
BLK	New	BLACKROCK INC	$544,000	–	989	–	0.43%	–
O	Sell	REALTY INCOME CORP	$541,000	-27.3%	9,296	-14.7%	0.43%	-22.9%
VTI	Buy	VANGUARD INDEX FDS	$456,000	+12.0%	2,542	+17.8%	0.36%	+19.0%
CVS	Sell	CVS HEALTH CORP	$446,000	-43.3%	4,681	-44.9%	0.36%	-39.7%
SCHB	Buy	SCHWAB STRATEGIC TR	$430,000	-1.6%	6,470	+6.0%	0.34%	+4.3%
NOBL	Sell	PROSHARES TR	$393,000	-10.9%	4,920	-4.8%	0.31%	-5.4%
ENB	Buy	ENBRIDGE INC	$385,000	-4.5%	10,376	+8.7%	0.31%	+1.3%
SDY	Sell	SPDR SER TR	$362,000	-49.9%	3,244	-46.8%	0.29%	-46.9%
WHR	Buy	WHIRLPOOL CORP	$353,000	-9.3%	2,617	+4.3%	0.28%	-3.8%
XOM	Sell	EXXON MOBIL CORP	$352,000	-6.1%	4,026	-7.9%	0.28%	-0.4%
DLR	Buy	DIGITAL RLTY TR INC	$317,000	-16.6%	3,200	+9.4%	0.25%	-11.6%
VRTX	Sell	VERTEX PHARMACEUTICALS INC	$300,000	-51.6%	1,035	-53.0%	0.24%	-48.6%
PPG	New	PPG INDS INC	$291,000	–	2,627	–	0.23%	–
ACWX	Buy	ISHARES TR	$279,000	-6.1%	6,976	+5.7%	0.22%	-0.4%
TFC	Sell	TRUIST FINL CORP	$263,000	-75.1%	6,035	-72.9%	0.21%	-73.6%
ECL	New	ECOLAB INC	$252,000	–	1,748	–	0.20%	–
FDX	Buy	FEDEX CORP	$224,000	-31.3%	1,506	+4.7%	0.18%	-27.0%
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-3,081	–	-0.31%	–
MKCV	Exit	MCCORMICK & CO INC	$0	–	-5,155	–	-0.32%	–

Q2 2022

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$8,110,000	–	31,579	–	6.08%	–
ABBV	New	ABBVIE INC	$6,634,000	–	43,312	–	4.97%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$5,584,000	–	229,126	–	4.18%	–
QCOM	New	QUALCOMM INC	$5,058,000	–	39,596	–	3.79%	–
XLK	New	SELECT SECTOR SPDR TR	$4,664,000	–	36,689	–	3.50%	–
FAST	New	FASTENAL CO	$4,510,000	–	90,335	–	3.38%	–
AMGN	New	AMGEN INC	$4,137,000	–	17,003	–	3.10%	–
LOW	New	LOWES COS INC	$4,049,000	–	23,178	–	3.04%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$3,900,000	–	50,254	–	2.92%	–
LEG	New	LEGGETT & PLATT INC	$3,761,000	–	108,770	–	2.82%	–
ITW	New	ILLINOIS TOOL WKS INC	$3,448,000	–	18,921	–	2.58%	–
CSCO	New	CISCO SYS INC	$3,353,000	–	78,630	–	2.51%	–
PII	New	POLARIS INC	$3,136,000	–	31,589	–	2.35%	–
SPY	New	SPDR S&P 500 ETF TR	$2,881,000	–	7,638	–	2.16%	–
CMCSA	New	COMCAST CORP NEW	$2,871,000	–	73,172	–	2.15%	–
MRK	New	MERCK & CO INC	$2,734,000	–	29,990	–	2.05%	–
AAPL	New	APPLE INC	$2,728,000	–	19,956	–	2.04%	–
CAH	New	CARDINAL HEALTH INC	$2,393,000	–	45,780	–	1.79%	–
DE	New	DEERE & CO	$2,293,000	–	7,656	–	1.72%	–
AMP	New	AMERIPRISE FINL INC	$2,262,000	–	9,516	–	1.70%	–
MO	New	ALTRIA GROUP INC	$2,170,000	–	51,942	–	1.63%	–
UPS	New	UNITED PARCEL SERVICE INC	$2,123,000	–	11,629	–	1.59%	–
VCSH	New	VANGUARD SCOTTSDALE FDS	$2,072,000	–	27,170	–	1.55%	–
EMR	New	EMERSON ELEC CO	$1,851,000	–	23,270	–	1.39%	–
CAT	New	CATERPILLAR INC	$1,851,000	–	10,353	–	1.39%	–
SWK	New	STANLEY BLACK & DECKER INC	$1,839,000	–	17,540	–	1.38%	–
CMI	New	CUMMINS INC	$1,814,000	–	9,373	–	1.36%	–
INTC	New	INTEL CORP	$1,783,000	–	47,673	–	1.34%	–
GBCI	New	GLACIER BANCORP INC NEW	$1,586,000	–	33,439	–	1.19%	–
PEP	New	PEPSICO INC	$1,539,000	–	9,235	–	1.15%	–
PFE	New	PFIZER INC	$1,375,000	–	26,227	–	1.03%	–
LMT	New	LOCKHEED MARTIN CORP	$1,271,000	–	2,955	–	0.95%	–
BK	New	BANK NEW YORK MELLON CORP	$1,260,000	–	30,202	–	0.94%	–
AFL	New	AFLAC INC	$1,213,000	–	21,931	–	0.91%	–
	New	FEDERAL RLTY INVT TR NEW	$1,170,000	–	12,220	–	0.88%	–
APD	New	AIR PRODS & CHEMS INC	$1,083,000	–	4,503	–	0.81%	–
TU	New	TELUS CORPORATION	$1,065,000	–	47,784	–	0.80%	–
TFC	New	TRUIST FINL CORP	$1,056,000	–	22,271	–	0.79%	–
JNJ	New	JOHNSON & JOHNSON	$1,056,000	–	5,947	–	0.79%	–
CLX	New	CLOROX CO DEL	$1,051,000	–	7,454	–	0.79%	–
MDT	New	MEDTRONIC PLC	$1,052,000	–	11,719	–	0.79%	–
XLC	New	SELECT SECTOR SPDR TR	$1,017,000	–	18,742	–	0.76%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,005,000	–	19,804	–	0.75%	–
BSV	New	VANGUARD BD INDEX FDS	$928,000	–	12,085	–	0.70%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$919,000	–	4,373	–	0.69%	–
GD	New	GENERAL DYNAMICS CORP	$846,000	–	3,823	–	0.63%	–
JPM	New	JPMORGAN CHASE & CO	$828,000	–	7,350	–	0.62%	–
WTRG	New	ESSENTIAL UTILS INC	$801,000	–	17,463	–	0.60%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTD	$795,000	–	9,719	–	0.60%	–
CVS	New	CVS HEALTH CORP	$786,000	–	8,488	–	0.59%	–
VNQ	New	VANGUARD INDEX FDS	$750,000	–	8,231	–	0.56%	–
PSA	New	PUBLIC STORAGE	$750,000	–	2,400	–	0.56%	–
O	New	REALTY INCOME CORP	$744,000	–	10,896	–	0.56%	–
SDY	New	SPDR SER TR	$723,000	–	6,094	–	0.54%	–
SYY	New	SYSCO CORP	$723,000	–	8,533	–	0.54%	–
ABT	New	ABBOTT LABS	$669,000	–	6,157	–	0.50%	–
HRL	New	HORMEL FOODS CORP	$656,000	–	13,847	–	0.49%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$620,000	–	2,200	–	0.46%	–
FLOT	New	ISHARES TR	$582,000	–	11,663	–	0.44%	–
VLO	New	VALERO ENERGY CORP	$544,000	–	5,119	–	0.41%	–
SBUX	New	STARBUCKS CORP	$538,000	–	7,047	–	0.40%	–
EXR	New	EXTRA SPACE STORAGE INC	$509,000	–	2,990	–	0.38%	–
XLF	New	SELECT SECTOR SPDR TR	$464,000	–	14,740	–	0.35%	–
NOBL	New	PROSHARES TR	$441,000	–	5,170	–	0.33%	–
SCHB	New	SCHWAB STRATEGIC TR	$437,000	–	6,105	–	0.33%	–
MKCV	New	MCCORMICK & CO INC	$429,000	–	5,155	–	0.32%	–
PG	New	PROCTER AND GAMBLE CO	$422,000	–	2,937	–	0.32%	–
KMB	New	KIMBERLY-CLARK CORP	$416,000	–	3,081	–	0.31%	–
VTI	New	VANGUARD INDEX FDS	$407,000	–	2,158	–	0.30%	–
ENB	New	ENBRIDGE INC	$403,000	–	9,546	–	0.30%	–
WHR	New	WHIRLPOOL CORP	$389,000	–	2,510	–	0.29%	–
DLR	New	DIGITAL RLTY TR INC	$380,000	–	2,925	–	0.28%	–
XOM	New	EXXON MOBIL CORP	$375,000	–	4,373	–	0.28%	–
AOS	New	SMITH A O CORP	$349,000	–	6,390	–	0.26%	–
FDX	New	FEDEX CORP	$326,000	–	1,439	–	0.24%	–
PM	New	PHILIP MORRIS INTL INC	$315,000	–	3,191	–	0.24%	–
ACWX	New	ISHARES TR	$297,000	–	6,600	–	0.22%	–
CL	New	COLGATE PALMOLIVE CO	$294,000	–	3,664	–	0.22%	–
BIV	New	VANGUARD BD INDEX FDS	$288,000	–	3,715	–	0.22%	–
TGT	New	TARGET CORP	$286,000	–	2,023	–	0.21%	–
PAYX	New	PAYCHEX INC	$268,000	–	2,350	–	0.20%	–
COP	New	CONOCOPHILLIPS	$253,000	–	2,815	–	0.19%	–
USB	New	US BANCORP DEL	$250,000	–	5,435	–	0.19%	–
TTD	New	THE TRADE DESK INC	$222,000	–	5,300	–	0.17%	–
CIXX	New	CI FINL CORP	$196,000	–	18,500	–	0.15%	–

Q4 2021

			Value		Shares		↓ Weighting
QQQ	Exit	INVESCO QQQ TR	$0	–	-600	–	-0.15%	–
BA	Exit	BOEING CO	$0	–	-989	–	-0.16%	–
XLB	Exit	SELECT SECTOR SPDR TR	$0	–	-2,995	–	-0.17%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-4,392	–	-0.17%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,223	–	-0.18%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-3,379	–	-0.18%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-995	–	-0.18%	–
AOS	Exit	SMITH A O CORP	$0	–	-4,815	–	-0.21%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,650	–	-0.21%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-3,191	–	-0.22%	–
USB	Exit	US BANCORP DEL	$0	–	-5,235	–	-0.22%	–
XLV	Exit	SELECT SECTOR SPDR TR	$0	–	-2,527	–	-0.23%	–
ACWX	Exit	ISHARES TR	$0	–	-6,700	–	-0.26%	–
CIXX	Exit	CI FINL CORP	$0	–	-18,500	–	-0.27%	–
TTD	Exit	THE TRADE DESK INC	$0	–	-5,500	–	-0.28%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-2,937	–	-0.29%	–
MKCV	Exit	MCCORMICK & CO INC	$0	–	-5,155	–	-0.30%	–
VTI	Exit	VANGUARD INDEX FDS	$0	–	-1,915	–	-0.30%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-3,003	–	-0.31%	–
ENB	Exit	ENBRIDGE INC	$0	–	-10,896	–	-0.31%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-10,648	–	-0.31%	–
BIV	Exit	VANGUARD BD INDEX FDS	$0	–	-4,910	–	-0.31%	–
SCHB	Exit	SCHWAB STRATEGIC TR	$0	–	-5,940	–	-0.31%	–
NOBL	Exit	PROSHARES TR	$0	–	-5,170	–	-0.33%	–
FLOT	Exit	ISHARES TR	$0	–	-9,210	–	-0.33%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-2,615	–	-0.38%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-7,648	–	-0.38%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-4,163	–	-0.39%	–
SYY	Exit	SYSCO CORP	$0	–	-8,769	–	-0.49%	–
O	Exit	REALTY INCOME CORP	$0	–	-10,631	–	-0.49%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-4,370	–	-0.52%	–
SDY	Exit	SPDR SER TR	$0	–	-6,379	–	-0.53%	–
CLX	Exit	CLOROX CO DEL	$0	–	-4,539	–	-0.54%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-8,868	–	-0.54%	–
ABT	Exit	ABBOTT LABS	$0	–	-6,449	–	-0.54%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-3,963	–	-0.55%	–
BSV	Exit	VANGUARD BD INDEX FDS	$0	–	-9,529	–	-0.56%	–
XLF	Exit	SELECT SECTOR SPDR TR	$0	–	-21,217	–	-0.57%	–
WTRG	Exit	ESSENTIAL UTILS INC	$0	–	-17,463	–	-0.57%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-13,731	–	-0.57%	–
VNQ	Exit	VANGUARD INDEX FDS	$0	–	-8,431	–	-0.61%	–
T	Exit	AT&T INC	$0	–	-32,182	–	-0.62%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-4,498	–	-0.64%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTD	$0	–	-8,519	–	-0.68%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-6,172	–	-0.71%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-8,532	–	-0.76%	–
TU	Exit	TELUS CORPORATION	$0	–	-53,120	–	-0.83%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-7,545	–	-0.88%	–
PFE	Exit	PFIZER INC	$0	–	-29,851	–	-0.91%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-4,729	–	-1.00%	–
AFL	Exit	AFLAC INC	$0	–	-27,979	–	-1.04%	–
PEP	Exit	PEPSICO INC	$0	–	-9,714	–	-1.04%	–
FRT	Exit	FEDERAL RLTY INVT TR	$0	–	-12,396	–	-1.04%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-36,112	–	-1.15%	–
CMI	Exit	CUMMINS INC	$0	–	-8,043	–	-1.28%	–
GBCI	Exit	GLACIER BANCORP INC NEW	$0	–	-33,439	–	-1.32%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-35,738	–	-1.32%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-41,513	–	-1.34%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-40,075	–	-1.41%	–
CAT	Exit	CATERPILLAR INC	$0	–	-10,523	–	-1.44%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-6,104	–	-1.50%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-23,795	–	-1.59%	–
INTC	Exit	INTEL CORP	$0	–	-42,488	–	-1.61%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDS	$0	–	-27,919	–	-1.64%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-29,139	–	-1.66%	–
MRK	Exit	MERCK & CO. INC	$0	–	-31,085	–	-1.66%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-12,879	–	-1.67%	–
DE	Exit	DEERE & CO	$0	–	-7,656	–	-1.82%	–
MMM	Exit	3M CO	$0	–	-14,950	–	-1.87%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-11,115	–	-2.09%	–
AAPL	Exit	APPLE INC	$0	–	-21,094	–	-2.12%	–
SPY	Exit	SPDR S&P 500 ETF TR	$0	–	-7,473	–	-2.28%	–
PII	Exit	POLARIS INC	$0	–	-27,513	–	-2.34%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-57,993	–	-2.48%	–
AMGN	Exit	AMGEN INC	$0	–	-16,424	–	-2.48%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-35,582	–	-2.79%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-19,413	–	-2.85%	–
CSCO	Exit	CISCO SYS INC	$0	–	-81,239	–	-3.15%	–
FAST	Exit	FASTENAL CO	$0	–	-93,000	–	-3.42%	–
LOW	Exit	LOWES COS INC	$0	–	-23,765	–	-3.43%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-229,092	–	-3.53%	–
QCOM	Exit	QUALCOMM INC	$0	–	-40,363	–	-3.70%	–
ABBV	Exit	ABBVIE INC	$0	–	-50,705	–	-3.89%	–
XLK	Exit	SELECT SECTOR SPDR TR	$0	–	-39,112	–	-4.16%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-32,135	–	-6.44%	–

Q3 2021

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$9,059,000	+1.4%	32,135	-2.6%	6.44%	+5.8%
XLK	Sell	SELECT SECTOR SPDR TR	$5,840,000	-0.5%	39,112	-1.6%	4.16%	+3.8%
ABBV	Sell	ABBVIE INC	$5,470,000	-5.2%	50,705	-1.1%	3.89%	-1.2%
QCOM	Sell	QUALCOMM INC	$5,206,000	-10.6%	40,363	-0.9%	3.70%	-6.7%
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$4,958,000	-12.8%	229,092	-2.8%	3.53%	-9.1%
LOW	Sell	LOWES COS INC	$4,821,000	+3.1%	23,765	-1.4%	3.43%	+7.6%
FAST	Sell	FASTENAL CO	$4,800,000	-3.6%	93,000	-2.9%	3.42%	+0.5%
CSCO	Sell	CISCO SYS INC	$4,422,000	+0.8%	81,239	-1.8%	3.15%	+5.2%
ITW	Sell	ILLINOIS TOOL WKS INC	$4,011,000	-8.7%	19,413	-1.3%	2.85%	-4.8%
SBUX	Sell	STARBUCKS CORP	$3,925,000	-3.6%	35,582	-2.3%	2.79%	+0.5%
AMGN	Buy	AMGEN INC	$3,493,000	-5.8%	16,424	+7.9%	2.48%	-1.8%
ADM	Sell	ARCHER DANIELS MIDLAND CO	$3,480,000	-2.6%	57,993	-1.7%	2.48%	+1.6%
PII	Sell	POLARIS INC	$3,292,000	-14.6%	27,513	-2.3%	2.34%	-10.9%
SPY	Buy	SPDR S&P 500 ETF TR	$3,207,000	+10.9%	7,473	+10.7%	2.28%	+15.8%
AAPL	Sell	APPLE INC	$2,985,000	+0.6%	21,094	-2.7%	2.12%	+4.9%
AMP	Sell	AMERIPRISE FINL INC	$2,936,000	-7.2%	11,115	-12.6%	2.09%	-3.2%
MMM	Sell	3M CO	$2,623,000	-12.1%	14,950	-0.5%	1.87%	-8.3%
DE	Sell	DEERE & CO	$2,565,000	-8.3%	7,656	-3.4%	1.82%	-4.3%
UPS	Sell	UNITED PARCEL SERVICE INC	$2,345,000	-15.5%	12,879	-3.4%	1.67%	-11.8%
MRK	Buy	MERCK & CO. INC	$2,335,000	+26.3%	31,085	+30.7%	1.66%	+31.7%
XLC	Buy	SELECT SECTOR SPDR TR	$2,334,000	+0.6%	29,139	+1.6%	1.66%	+4.9%
VCSH	Buy	VANGUARD SCOTTSDALE FDS	$2,301,000	+3.1%	27,919	+3.4%	1.64%	+7.6%
INTC	Sell	INTEL CORP	$2,264,000	-7.9%	42,488	-3.0%	1.61%	-3.9%
EMR	Sell	EMERSON ELEC CO	$2,241,000	-7.9%	23,795	-5.9%	1.59%	-3.9%
LMT	Buy	LOCKHEED MARTIN CORP	$2,106,000	+38.2%	6,104	+51.5%	1.50%	+44.2%
CAT	Sell	CATERPILLAR INC	$2,020,000	-13.0%	10,523	-1.3%	1.44%	-9.2%
CAH	Sell	CARDINAL HEALTH INC	$1,982,000	-21.9%	40,075	-9.9%	1.41%	-18.5%
MO	Buy	ALTRIA GROUP INC	$1,890,000	+61.7%	41,513	+69.4%	1.34%	+68.8%
BK	Buy	BANK NEW YORK MELLON CORP	$1,853,000	+3.6%	35,738	+2.4%	1.32%	+8.1%
GBCI	Sell	GLACIER BANCORP INC NEW	$1,851,000	-2.8%	33,439	-3.3%	1.32%	+1.5%
CMI	Sell	CUMMINS INC	$1,806,000	-10.2%	8,043	-2.5%	1.28%	-6.3%
LEG	Sell	LEGGETT & PLATT INC	$1,619,000	-14.3%	36,112	-1.0%	1.15%	-10.6%
FRT	Sell	FEDERAL RLTY INVT TR	$1,463,000	-4.8%	12,396	-5.4%	1.04%	-0.6%
PEP	Sell	PEPSICO INC	$1,461,000	-0.9%	9,714	-2.4%	1.04%	+3.4%
AFL	Sell	AFLAC INC	$1,459,000	-19.4%	27,979	-17.1%	1.04%	-16.0%
PSA	Sell	PUBLIC STORAGE	$1,405,000	-4.6%	4,729	-3.5%	1.00%	-0.4%
PFE	Sell	PFIZER INC	$1,284,000	+1.3%	29,851	-7.8%	0.91%	+5.7%
JPM	Buy	JPMORGAN CHASE & CO	$1,235,000	+6.6%	7,545	+1.4%	0.88%	+11.3%
TU	Sell	TELUS CORPORATION	$1,167,000	-3.8%	53,120	-1.8%	0.83%	+0.4%
MDT	Sell	MEDTRONIC PLC	$1,069,000	-2.3%	8,532	-3.2%	0.76%	+2.0%
JNJ	Sell	JOHNSON & JOHNSON	$997,000	-2.4%	6,172	-0.5%	0.71%	+1.7%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$899,000	-2.5%	4,498	-3.1%	0.64%	+1.7%
T	Sell	AT&T INC	$869,000	-65.0%	32,182	-62.7%	0.62%	-63.5%
VNQ	Sell	VANGUARD INDEX FDS	$858,000	-2.4%	8,431	-2.4%	0.61%	+1.8%
WTRG	Sell	ESSENTIAL UTILS INC	$805,000	-2.4%	17,463	-3.3%	0.57%	+1.8%
TFC	Sell	TRUIST FINL CORP	$805,000	+2.8%	13,731	-2.7%	0.57%	+7.3%
XLF	Sell	SELECT SECTOR SPDR TR	$796,000	-11.2%	21,217	-13.1%	0.57%	-7.4%
BSV	Buy	VANGUARD BD INDEX FDS	$781,000	+7.1%	9,529	+7.4%	0.56%	+11.9%
CLX	Buy	CLOROX CO DEL	$752,000	+65.6%	4,539	+80.0%	0.54%	+72.6%
SDY	Buy	SPDR SER TR	$750,000	-3.2%	6,379	+0.6%	0.53%	+1.1%
EXR	Sell	EXTRA SPACE STORAGE INC	$734,000	-28.2%	4,370	-30.0%	0.52%	-25.1%
O	Buy	REALTY INCOME CORP	$690,000	+35.3%	10,631	+39.1%	0.49%	+41.1%
SYY	Sell	SYSCO CORP	$688,000	-0.3%	8,769	-1.1%	0.49%	+3.8%
KMB	Buy	KIMBERLY-CLARK CORP	$551,000	+3.4%	4,163	+4.5%	0.39%	+8.0%
VLO	Sell	VALERO ENERGY CORP	$540,000	-10.1%	7,648	-0.7%	0.38%	-6.3%
WHR	Sell	WHIRLPOOL CORP	$533,000	-57.8%	2,615	-54.8%	0.38%	-56.0%
FLOT	Buy	ISHARES TR	$468,000	+6.8%	9,210	+7.0%	0.33%	+11.4%
NOBL	Buy	PROSHARES TR	$458,000	-0.2%	5,170	+2.1%	0.33%	+4.2%
BIV	Buy	VANGUARD BD INDEX FDS	$439,000	+5.3%	4,910	+6.0%	0.31%	+9.9%
HRL	New	HORMEL FOODS CORP	$437,000	–	10,648	–	0.31%	–
ENB	Buy	ENBRIDGE INC	$434,000	+55.6%	10,896	+56.6%	0.31%	+62.6%
VTI	Buy	VANGUARD INDEX FDS	$425,000	+6.2%	1,915	+6.7%	0.30%	+10.6%
MKCV	New	MCCORMICK & CO INC	$418,000	–	5,155	–	0.30%	–
PG	Sell	PROCTER AND GAMBLE CO	$411,000	+2.8%	2,937	-1.0%	0.29%	+7.0%
ACWX	Buy	ISHARES TR	$371,000	+6.9%	6,700	+10.9%	0.26%	+11.4%
XLV	New	SELECT SECTOR SPDR TR	$322,000	–	2,527	–	0.23%	–
PM	Sell	PHILIP MORRIS INTL INC	$302,000	-7.4%	3,191	-3.0%	0.22%	-3.2%
AOS	Sell	SMITH A O CORP	$294,000	-15.5%	4,815	-0.4%	0.21%	-11.8%
CL	Sell	COLGATE PALMOLIVE CO	$255,000	-8.9%	3,379	-1.8%	0.18%	-5.2%
APD	New	AIR PRODS & CHEMS INC	$255,000	–	995	–	0.18%	–
XOM	Sell	EXXON MOBIL CORP	$248,000	-11.4%	4,223	-4.8%	0.18%	-7.9%
XLB	Sell	SELECT SECTOR SPDR TR	$237,000	-36.1%	2,995	-33.6%	0.17%	-33.2%
VZ	Buy	VERIZON COMMUNICATIONS INC	$237,000	+2.2%	4,392	+6.2%	0.17%	+7.0%
XLE	Exit	SELECT SECTOR SPDR TR	$0	–	-3,758	–	-0.14%	–
SONO	Exit	SONOS INC	$0	–	-6,140	–	-0.15%	–
TGT	Exit	TARGET CORP	$0	–	-930	–	-0.15%	–
XLY	Exit	SELECT SECTOR SPDR TR	$0	–	-1,696	–	-0.21%	–

Q2 2021

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$8,935,000	–	32,984	–	6.09%	–
XLK	New	SELECT SECTOR SPDR TR	$5,872,000	–	39,766	–	4.00%	–
QCOM	New	QUALCOMM INC	$5,823,000	–	40,738	–	3.97%	–
ABBV	New	ABBVIE INC	$5,773,000	–	51,248	–	3.94%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$5,687,000	–	235,664	–	3.88%	–
FAST	New	FASTENAL CO	$4,981,000	–	95,793	–	3.40%	–
LOW	New	LOWES COS INC	$4,677,000	–	24,110	–	3.19%	–
ITW	New	ILLINOIS TOOL WKS INC	$4,395,000	–	19,661	–	3.00%	–
CSCO	New	CISCO SYS INC	$4,385,000	–	82,737	–	2.99%	–
SBUX	New	STARBUCKS CORP	$4,073,000	–	36,426	–	2.78%	–
PII	New	POLARIS INC	$3,855,000	–	28,150	–	2.63%	–
AMGN	New	AMGEN INC	$3,710,000	–	15,222	–	2.53%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$3,573,000	–	58,966	–	2.44%	–
AMP	New	AMERIPRISE FINL INC	$3,165,000	–	12,717	–	2.16%	–
MMM	New	3M CO	$2,984,000	–	15,024	–	2.04%	–
AAPL	New	APPLE INC	$2,968,000	–	21,669	–	2.02%	–
SPY	New	SPDR S&P 500 ETF TR	$2,891,000	–	6,753	–	1.97%	–
DE	New	DEERE & CO	$2,796,000	–	7,928	–	1.91%	–
UPS	New	UNITED PARCEL SERVICE INC	$2,774,000	–	13,339	–	1.89%	–
CAH	New	CARDINAL HEALTH INC	$2,539,000	–	44,476	–	1.73%	–
T	New	AT&T INC	$2,485,000	–	86,342	–	1.70%	–
INTC	New	INTEL CORP	$2,459,000	–	43,809	–	1.68%	–
EMR	New	EMERSON ELEC CO	$2,433,000	–	25,285	–	1.66%	–
CAT	New	CATERPILLAR INC	$2,321,000	–	10,667	–	1.58%	–
XLC	New	SELECT SECTOR SPDR TR	$2,321,000	–	28,671	–	1.58%	–
VCSH	New	VANGUARD SCOTTSDALE FDS	$2,232,000	–	26,989	–	1.52%	–
CMI	New	CUMMINS INC	$2,011,000	–	8,248	–	1.37%	–
GBCI	New	GLACIER BANCORP INC NEW	$1,904,000	–	34,567	–	1.30%	–
LEG	New	LEGGETT & PLATT INC	$1,890,000	–	36,471	–	1.29%	–
MRK	New	MERCK & CO. INC	$1,849,000	–	23,780	–	1.26%	–
AFL	New	AFLAC INC	$1,811,000	–	33,745	–	1.24%	–
BK	New	BANK NEW YORK MELLON CORP	$1,788,000	–	34,895	–	1.22%	–
FRT	New	FEDERAL RLTY INVT TR	$1,536,000	–	13,106	–	1.05%	–
LMT	New	LOCKHEED MARTIN CORP	$1,524,000	–	4,029	–	1.04%	–
PEP	New	PEPSICO INC	$1,474,000	–	9,948	–	1.00%	–
PSA	New	PUBLIC STORAGE	$1,473,000	–	4,899	–	1.00%	–
PFE	New	PFIZER INC	$1,267,000	–	32,367	–	0.86%	–
WHR	New	WHIRLPOOL CORP	$1,262,000	–	5,788	–	0.86%	–
TU	New	TELUS CORPORATION	$1,213,000	–	54,100	–	0.83%	–
MO	New	ALTRIA GROUP INC	$1,169,000	–	24,513	–	0.80%	–
JPM	New	JPMORGAN CHASE & CO	$1,158,000	–	7,442	–	0.79%	–
MDT	New	MEDTRONIC PLC	$1,094,000	–	8,810	–	0.75%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTD	$1,024,000	–	8,519	–	0.70%	–
JNJ	New	JOHNSON & JOHNSON	$1,022,000	–	6,204	–	0.70%	–
EXR	New	EXTRA SPACE STORAGE INC	$1,022,000	–	6,239	–	0.70%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$922,000	–	4,640	–	0.63%	–
XLF	New	SELECT SECTOR SPDR TR	$896,000	–	24,409	–	0.61%	–
VNQ	New	VANGUARD INDEX FDS	$879,000	–	8,636	–	0.60%	–
WTRG	New	ESSENTIAL UTILS INC	$825,000	–	18,052	–	0.56%	–
TFC	New	TRUIST FINL CORP	$783,000	–	14,105	–	0.53%	–
SDY	New	SPDR SER TR	$775,000	–	6,342	–	0.53%	–
ABT	New	ABBOTT LABS	$748,000	–	6,449	–	0.51%	–
GD	New	GENERAL DYNAMICS CORP	$746,000	–	3,963	–	0.51%	–
CVS	New	CVS HEALTH CORP	$740,000	–	8,868	–	0.50%	–
BSV	New	VANGUARD BD INDEX FDS	$729,000	–	8,869	–	0.50%	–
SYY	New	SYSCO CORP	$690,000	–	8,870	–	0.47%	–
VLO	New	VALERO ENERGY CORP	$601,000	–	7,700	–	0.41%	–
KMB	New	KIMBERLY-CLARK CORP	$533,000	–	3,982	–	0.36%	–
O	New	REALTY INCOME CORP	$510,000	–	7,641	–	0.35%	–
NOBL	New	PROSHARES TR	$459,000	–	5,065	–	0.31%	–
CLX	New	CLOROX CO DEL	$454,000	–	2,521	–	0.31%	–
DLR	New	DIGITAL RLTY TR INC	$452,000	–	3,003	–	0.31%	–
SCHB	New	SCHWAB STRATEGIC TR	$449,000	–	5,940	–	0.31%	–
FLOT	New	ISHARES TR	$438,000	–	8,610	–	0.30%	–
TTD	New	THE TRADE DESK INC	$425,000	–	5,500	–	0.29%	–
BIV	New	VANGUARD BD INDEX FDS	$417,000	–	4,630	–	0.28%	–
VTI	New	VANGUARD INDEX FDS	$400,000	–	1,795	–	0.27%	–
PG	New	PROCTER AND GAMBLE CO	$400,000	–	2,967	–	0.27%	–
XLB	New	SELECT SECTOR SPDR TR	$371,000	–	4,510	–	0.25%	–
ACWX	New	ISHARES TR	$347,000	–	6,040	–	0.24%	–
AOS	New	SMITH A O CORP	$348,000	–	4,835	–	0.24%	–
CIXX	New	CI FINL CORP	$340,000	–	18,500	–	0.23%	–
PM	New	PHILIP MORRIS INTL INC	$326,000	–	3,291	–	0.22%	–
XLY	New	SELECT SECTOR SPDR TR	$303,000	–	1,696	–	0.21%	–
USB	New	US BANCORP DEL	$298,000	–	5,235	–	0.20%	–
PAYX	New	PAYCHEX INC	$284,000	–	2,650	–	0.19%	–
XOM	New	EXXON MOBIL CORP	$280,000	–	4,438	–	0.19%	–
CL	New	COLGATE PALMOLIVE CO	$280,000	–	3,440	–	0.19%	–
ENB	New	ENBRIDGE INC	$279,000	–	6,958	–	0.19%	–
BA	New	BOEING CO	$237,000	–	989	–	0.16%	–
VZ	New	VERIZON COMMUNICATIONS INC	$232,000	–	4,137	–	0.16%	–
TGT	New	TARGET CORP	$225,000	–	930	–	0.15%	–
SONO	New	SONOS INC	$216,000	–	6,140	–	0.15%	–
QQQ	New	INVESCO QQQ TR	$213,000	–	600	–	0.14%	–
XLE	New	SELECT SECTOR SPDR TR	$202,000	–	3,758	–	0.14%	–

Q4 2020

			Value		Shares		↓ Weighting
ENB	Exit	ENBRIDGE INC	$0	–	-6,958	–	-0.17%	–
PAYX	Exit	PAYCHEX INC	$0	–	-2,650	–	-0.18%	–
TBT	Exit	PROSHARES TR	$0	–	-13,600	–	-0.18%	–
ACWX	Exit	ISHARES TR	$0	–	-4,745	–	-0.18%	–
SCHB	Exit	SCHWAB STRATEGIC TR	$0	–	-4,380	–	-0.20%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-4,137	–	-0.21%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-3,491	–	-0.22%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-6,991	–	-0.23%	–
BIV	Exit	VANGUARD BD INDEX FDS	$0	–	-2,915	–	-0.23%	–
VTI	Exit	VANGUARD INDEX FDS	$0	–	-1,620	–	-0.23%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-7,525	–	-0.24%	–
FLOT	Exit	ISHARES TR	$0	–	-5,700	–	-0.24%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-3,870	–	-0.25%	–
XLY	Exit	SELECT SECTOR SPDR TR	$0	–	-2,079	–	-0.26%	–
BA	Exit	BOEING CO	$0	–	-6,185	–	-0.28%	–
NOBL	Exit	PROSHARES TR	$0	–	-4,535	–	-0.28%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,758	–	-0.28%	–
TTD	Exit	THE TRADE DESK INC	$0	–	-668	–	-0.29%	–
SPYX	Exit	SPDR SER TR	$0	–	-4,378	–	-0.31%	–
XLV	Exit	SELECT SECTOR SPDR TR	$0	–	-3,852	–	-0.34%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-2,967	–	-0.35%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-10,515	–	-0.39%	–
FRT	Exit	FEDERAL RLTY INVT TR	$0	–	-6,305	–	-0.39%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,356	–	-0.42%	–
VTR	Exit	VENTAS INC	$0	–	-12,151	–	-0.43%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTD	$0	–	-6,370	–	-0.44%	–
SYY	Exit	SYSCO CORP	$0	–	-8,870	–	-0.47%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-9,526	–	-0.47%	–
BSV	Exit	VANGUARD BD INDEX FDS	$0	–	-7,525	–	-0.53%	–
VNQ	Exit	VANGUARD INDEX FDS	$0	–	-8,590	–	-0.57%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-5,162	–	-0.61%	–
ABT	Exit	ABBOTT LABS	$0	–	-6,649	–	-0.61%	–
SDY	Exit	SPDR SER TR	$0	–	-7,862	–	-0.61%	–
WTRG	Exit	ESSENTIAL UTILS INC	$0	–	-18,052	–	-0.62%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-5,165	–	-0.64%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-7,252	–	-0.66%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-6,172	–	-0.78%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-8,985	–	-0.79%	–
TU	Exit	TELUS CORPORATION	$0	–	-55,780	–	-0.83%	–
GBCI	Exit	GLACIER BANCORP INC NEW	$0	–	-34,567	–	-0.94%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-7,831	–	-0.98%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-6,005	–	-1.13%	–
AFL	Exit	AFLAC INC	$0	–	-37,910	–	-1.16%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-7,668	–	-1.19%	–
XLC	Exit	SELECT SECTOR SPDR TR	$0	–	-25,781	–	-1.30%	–
PEP	Exit	PEPSICO INC	$0	–	-11,106	–	-1.30%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-41,594	–	-1.45%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-27,506	–	-1.53%	–
CMI	Exit	CUMMINS INC	$0	–	-8,755	–	-1.56%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-12,487	–	-1.58%	–
DE	Exit	DEERE & CO	$0	–	-8,554	–	-1.60%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDS	$0	–	-24,494	–	-1.72%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-44,155	–	-1.75%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-14,140	–	-1.84%	–
PFE	Exit	PFIZER INC	$0	–	-61,242	–	-1.90%	–
MMM	Exit	3M CO	$0	–	-14,681	–	-1.99%	–
SPY	Exit	SPDR S&P 500 ETF TR	$0	–	-7,035	–	-1.99%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-14,190	–	-2.00%	–
PII	Exit	POLARIS INC	$0	–	-28,980	–	-2.31%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-59,871	–	-2.35%	–
AAPL	Exit	APPLE INC	$0	–	-24,854	–	-2.43%	–
XLE	Exit	SELECT SECTOR SPDR TR	$0	–	-27,001	–	-2.66%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-213,994	–	-2.86%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-39,514	–	-2.87%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-19,860	–	-3.24%	–
CSCO	Exit	CISCO SYS INC	$0	–	-99,432	–	-3.31%	–
AMGN	Exit	AMGEN INC	$0	–	-15,745	–	-3.38%	–
LOW	Exit	LOWES COS INC	$0	–	-25,095	–	-3.52%	–
ABBV	Exit	ABBVIE INC	$0	–	-52,477	–	-3.89%	–
FAST	Exit	FASTENAL CO	$0	–	-105,584	–	-4.03%	–
T	Exit	AT&T INC	$0	–	-168,112	–	-4.05%	–
INTC	Exit	INTEL CORP	$0	–	-93,001	–	-4.07%	–
QCOM	Exit	QUALCOMM INC	$0	–	-43,055	–	-4.28%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-35,921	–	-6.39%	–

Q3 2020

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$7,555,000	+1.2%	35,921	-2.1%	6.39%	-0.9%
QCOM	Buy	QUALCOMM INC	$5,067,000	+31.8%	43,055	+2.2%	4.28%	+29.1%
INTC	Sell	INTEL CORP	$4,816,000	-17.9%	93,001	-5.1%	4.07%	-19.5%
T	Buy	AT&T INC	$4,793,000	-4.9%	168,112	+0.8%	4.05%	-6.8%
FAST	Sell	FASTENAL CO	$4,761,000	+1.9%	105,584	-3.2%	4.03%	-0.1%
ABBV	Sell	ABBVIE INC	$4,596,000	-14.7%	52,477	-4.4%	3.89%	-16.4%
LOW	Sell	LOWES COS INC	$4,162,000	+18.5%	25,095	-3.5%	3.52%	+16.1%
AMGN	Sell	AMGEN INC	$4,002,000	+3.4%	15,745	-4.1%	3.38%	+1.3%
CSCO	Sell	CISCO SYS INC	$3,917,000	-18.8%	99,432	-3.9%	3.31%	-20.5%
ITW	Sell	ILLINOIS TOOL WKS INC	$3,837,000	+8.6%	19,860	-1.7%	3.24%	+6.4%
SBUX	Sell	STARBUCKS CORP	$3,395,000	+6.8%	39,514	-8.5%	2.87%	+4.7%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$3,379,000	-13.0%	213,994	+0.2%	2.86%	-14.7%
XLE	Buy	SELECT SECTOR SPDR TR	$3,151,000	+56.3%	27,001	+39.9%	2.66%	+53.2%
AAPL	Buy	APPLE INC	$2,878,000	+24.9%	24,854	+293.4%	2.43%	+22.4%
ADM	Sell	ARCHER DANIELS MIDLAND CO	$2,783,000	+14.5%	59,871	-1.7%	2.35%	+12.3%
PII	Sell	POLARIS INC	$2,734,000	-1.2%	28,980	-3.1%	2.31%	-3.2%
UPS	Sell	UNITED PARCEL SERVICE INC	$2,364,000	+46.2%	14,190	-2.4%	2.00%	+43.2%
SPY	Sell	SPDR S&P 500 ETF TR	$2,356,000	+8.3%	7,035	-0.3%	1.99%	+6.1%
MMM	Buy	3M CO	$2,352,000	+8.6%	14,681	+5.7%	1.99%	+6.4%
PFE	Sell	PFIZER INC	$2,248,000	+9.3%	61,242	-2.6%	1.90%	+7.1%
AMP	Sell	AMERIPRISE FINL INC	$2,179,000	-1.4%	14,140	-4.0%	1.84%	-3.4%
CAH	Buy	CARDINAL HEALTH INC	$2,073,000	+3.3%	44,155	+14.8%	1.75%	+1.2%
VCSH	Sell	VANGUARD SCOTTSDALE FDS	$2,029,000	-13.5%	24,494	-13.7%	1.72%	-15.3%
DE	Sell	DEERE & CO	$1,896,000	+40.4%	8,554	-0.5%	1.60%	+37.7%
CAT	Sell	CATERPILLAR INC DEL	$1,862,000	+12.4%	12,487	-4.7%	1.58%	+10.1%
EMR	Sell	EMERSON ELEC CO	$1,804,000	+3.9%	27,506	-1.8%	1.53%	+1.8%
LEG	Sell	LEGGETT & PLATT INC	$1,712,000	+10.0%	41,594	-6.1%	1.45%	+7.7%
PEP	Sell	PEPSICO INC	$1,539,000	+4.6%	11,106	-0.2%	1.30%	+2.5%
XLC	Buy	SELECT SECTOR SPDR TR	$1,531,000	+97.5%	25,781	+79.8%	1.30%	+93.6%
WHR	Sell	WHIRLPOOL CORP	$1,410,000	+18.1%	7,668	-16.8%	1.19%	+15.6%
AFL	Sell	AFLAC INC	$1,378,000	-5.0%	37,910	-5.8%	1.16%	-6.9%
PSA	Sell	PUBLIC STORAGE	$1,337,000	+14.0%	6,005	-1.8%	1.13%	+11.8%
TU	Sell	TELUS CORPORATION	$982,000	+4.6%	55,780	-0.4%	0.83%	+2.6%
MDT	Buy	MEDTRONIC PLC	$934,000	+21.8%	8,985	+7.5%	0.79%	+19.3%
EXR	Sell	EXTRA SPACE STORAGE INC	$776,000	+11.3%	7,252	-3.8%	0.66%	+9.0%
SDY	Buy	SPDR SER TR	$726,000	+5.7%	7,862	+4.3%	0.61%	+3.5%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$720,000	-5.6%	5,162	+0.7%	0.61%	-7.6%
CVS	Buy	CVS HEALTH CORP	$556,000	+47.1%	9,526	+63.8%	0.47%	+44.2%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTD	$516,000	+21.4%	6,370	-14.9%	0.44%	+18.8%
VTR	Sell	VENTAS INC	$510,000	-42.3%	12,151	-49.7%	0.43%	-43.5%
CLX	Sell	CLOROX CO DEL	$495,000	-10.6%	2,356	-6.7%	0.42%	-12.3%
FRT	Buy	FEDERAL RLTY INVT TR	$463,000	+89.0%	6,305	+119.7%	0.39%	+85.8%
VLO	Sell	VALERO ENERGY CORP	$456,000	-38.0%	10,515	-15.9%	0.39%	-39.2%
XLV	New	SELECT SECTOR SPDR TR	$406,000	–	3,852	–	0.34%	–
SPYX	Buy	SPDR SER TR	$366,000	+18.4%	4,378	+8.0%	0.31%	+16.1%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$336,000	-11.8%	2,758	-12.7%	0.28%	-13.7%
NOBL	Buy	PROSHARES TR	$327,000	+11.2%	4,535	+3.8%	0.28%	+9.1%
BA	Buy	BOEING CO	$327,000	+60.3%	6,185	+456.2%	0.28%	+57.4%
XLY	New	SELECT SECTOR SPDR TR	$306,000	–	2,079	–	0.26%	–
FLOT	New	ISHARES TR	$289,000	–	5,700	–	0.24%	–
TFC	Sell	TRUIST FINL CORP	$286,000	+0.7%	7,525	-0.3%	0.24%	-1.2%
MO	New	ALTRIA GROUP INC	$270,000	–	6,991	–	0.23%	–
PM	Buy	PHILIP MORRIS INTL INC	$262,000	+11.0%	3,491	+3.7%	0.22%	+8.8%
SCHB	Buy	SCHWAB STRATEGIC TR	$242,000	+7.6%	4,380	+0.7%	0.20%	+5.7%
DEO	Exit	DIAGEO P L C	$0	–	-1,805	–	-0.21%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-5,780	–	-0.21%	–
KSS	Exit	KOHLS CORP	$0	–	-15,446	–	-0.28%	–
VFC	Exit	V F CORP	$0	–	-7,410	–	-0.39%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-10,468	–	-0.40%	–
DOW	Exit	DOW INC	$0	–	-16,199	–	-0.57%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-31,025	–	-0.68%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-15,009	–	-0.89%	–

Q2 2020

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$7,466,000	–	36,688	–	6.44%	–
INTC	New	INTEL CORP	$5,864,000	–	98,016	–	5.06%	–
ABBV	New	ABBVIE INC	$5,390,000	–	54,899	–	4.65%	–
T	New	AT&T INC	$5,042,000	–	166,798	–	4.35%	–
CSCO	New	CISCO SYS INC	$4,826,000	–	103,480	–	4.16%	–
FAST	New	FASTENAL CO	$4,671,000	–	109,044	–	4.03%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$3,882,000	–	213,629	–	3.35%	–
AMGN	New	AMGEN INC	$3,870,000	–	16,410	–	3.34%	–
QCOM	New	QUALCOMM INC	$3,844,000	–	42,147	–	3.32%	–
ITW	New	ILLINOIS TOOL WKS INC	$3,534,000	–	20,210	–	3.05%	–
LOW	New	LOWES COS INC	$3,513,000	–	26,000	–	3.03%	–
SBUX	New	STARBUCKS CORP	$3,178,000	–	43,183	–	2.74%	–
PII	New	POLARIS INC	$2,768,000	–	29,905	–	2.39%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$2,430,000	–	60,897	–	2.10%	–
VCSH	New	VANGUARD SCOTTSDALE FDS	$2,347,000	–	28,394	–	2.03%	–
AAPL	New	APPLE INC	$2,305,000	–	6,318	–	1.99%	–
AMP	New	AMERIPRISE FINL INC	$2,210,000	–	14,730	–	1.91%	–
SPY	New	SPDR S&P 500 ETF TR	$2,176,000	–	7,058	–	1.88%	–
MMM	New	3M CO	$2,166,000	–	13,884	–	1.87%	–
PFE	New	PFIZER INC	$2,057,000	–	62,901	–	1.78%	–
XLE	New	SELECT SECTOR SPDR TR	$2,016,000	–	19,297	–	1.74%	–
CAH	New	CARDINAL HEALTH INC	$2,007,000	–	38,464	–	1.73%	–
EMR	New	EMERSON ELEC CO	$1,737,000	–	28,006	–	1.50%	–
CAT	New	CATERPILLAR INC DEL	$1,657,000	–	13,097	–	1.43%	–
UPS	New	UNITED PARCEL SERVICE INC	$1,617,000	–	14,540	–	1.40%	–
LEG	New	LEGGETT & PLATT INC	$1,557,000	–	44,294	–	1.34%	–
CMI	New	CUMMINS INC	$1,517,000	–	8,755	–	1.31%	–
PEP	New	PEPSICO INC	$1,472,000	–	11,133	–	1.27%	–
AFL	New	AFLAC INC	$1,451,000	–	40,259	–	1.25%	–
DE	New	DEERE & CO	$1,350,000	–	8,593	–	1.16%	–
GBCI	New	GLACIER BANCORP INC NEW	$1,220,000	–	34,567	–	1.05%	–
WHR	New	WHIRLPOOL CORP	$1,194,000	–	9,215	–	1.03%	–
PSA	New	PUBLIC STORAGE	$1,173,000	–	6,115	–	1.01%	–
KMB	New	KIMBERLY CLARK CORP	$1,107,000	–	7,831	–	0.96%	–
SPG	New	SIMON PPTY GROUP INC NEW	$1,026,000	–	15,009	–	0.89%	–
TU	New	TELUS CORPORATION	$939,000	–	55,980	–	0.81%	–
VTR	New	VENTAS INC	$884,000	–	24,146	–	0.76%	–
JNJ	New	JOHNSON & JOHNSON	$868,000	–	6,172	–	0.75%	–
WFC	New	WELLS FARGO CO NEW	$794,000	–	31,025	–	0.68%	–
XLC	New	SELECT SECTOR SPDR TR	$775,000	–	14,335	–	0.67%	–
MDT	New	MEDTRONIC PLC	$767,000	–	8,360	–	0.66%	–
WTRG	New	ESSENTIAL UTILS INC	$763,000	–	18,052	–	0.66%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$763,000	–	5,127	–	0.66%	–
VLO	New	VALERO ENERGY CORP	$736,000	–	12,510	–	0.64%	–
DLR	New	DIGITAL RLTY TR INC	$734,000	–	5,165	–	0.63%	–
EXR	New	EXTRA SPACE STORAGE INC	$697,000	–	7,542	–	0.60%	–
SDY	New	SPDR SER TR	$687,000	–	7,537	–	0.59%	–
VNQ	New	VANGUARD INDEX FDS	$675,000	–	8,590	–	0.58%	–
DOW	New	DOW INC	$660,000	–	16,199	–	0.57%	–
BSV	New	VANGUARD BD INDEX FDS	$625,000	–	7,525	–	0.54%	–
ABT	New	ABBOTT LABS	$608,000	–	6,649	–	0.52%	–
CLX	New	CLOROX CO DEL	$554,000	–	2,526	–	0.48%	–
SYY	New	SYSCO CORP	$485,000	–	8,870	–	0.42%	–
XOM	New	EXXON MOBIL CORP	$468,000	–	10,468	–	0.40%	–
VFC	New	V F CORP	$452,000	–	7,410	–	0.39%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTD	$425,000	–	7,489	–	0.37%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$381,000	–	3,158	–	0.33%	–
CVS	New	CVS HEALTH CORP	$378,000	–	5,815	–	0.33%	–
PG	New	PROCTER & GAMBLE CO	$355,000	–	2,967	–	0.31%	–
KSS	New	KOHLS CORP	$321,000	–	15,446	–	0.28%	–
SPYX	New	SPDR SER TR	$309,000	–	4,055	–	0.27%	–
NOBL	New	PROSHARES TR	$294,000	–	4,370	–	0.25%	–
TFC	New	TRUIST FINL CORP	$284,000	–	7,550	–	0.24%	–
CL	New	COLGATE PALMOLIVE CO	$284,000	–	3,870	–	0.24%	–
BIV	New	VANGUARD BD INDEX FDS	$272,000	–	2,915	–	0.24%	–
TTD	New	THE TRADE DESK INC	$272,000	–	668	–	0.24%	–
VTI	New	VANGUARD INDEX FDS	$254,000	–	1,620	–	0.22%	–
FRT	New	FEDERAL REALTY INVT TR	$245,000	–	2,870	–	0.21%	–
COP	New	CONOCOPHILLIPS	$243,000	–	5,780	–	0.21%	–
DEO	New	DIAGEO P L C	$243,000	–	1,805	–	0.21%	–
PM	New	PHILIP MORRIS INTL INC	$236,000	–	3,366	–	0.20%	–
VZ	New	VERIZON COMMUNICATIONS INC	$228,000	–	4,137	–	0.20%	–
SCHB	New	SCHWAB STRATEGIC TR	$225,000	–	4,350	–	0.19%	–
TBT	New	PROSHARES TR	$216,000	–	13,600	–	0.19%	–
ENB	New	ENBRIDGE INC	$212,000	–	6,958	–	0.18%	–
ACWX	New	ISHARES TR	$205,000	–	4,745	–	0.18%	–
BA	New	BOEING CO	$204,000	–	1,112	–	0.18%	–
PAYX	New	PAYCHEX INC	$201,000	–	2,650	–	0.17%	–

Q4 2019

			Value		Shares		↓ Weighting
PSX	Exit	PHILLIPS 66	$0	–	-2,327	–	-0.20%	–
ENB	Exit	ENBRIDGE INC	$0	–	-6,958	–	-0.20%	–
PAYX	Exit	PAYCHEX INC	$0	–	-3,009	–	-0.21%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-9,385	–	-0.22%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-4,623	–	-0.24%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-3,870	–	-0.24%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-3,827	–	-0.24%	–
KSS	Exit	KOHLS CORP	$0	–	-6,255	–	-0.26%	–
MMM	Exit	3M CO	$0	–	-1,960	–	-0.27%	–
TBT	Exit	PROSHARES TR	$0	–	-13,600	–	-0.28%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-2,092	–	-0.28%	–
TGT	Exit	TARGET CORP	$0	–	-3,218	–	-0.29%	–
DEO	Exit	DIAGEO P L C	$0	–	-2,125	–	-0.29%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTD	$0	–	-7,489	–	-0.29%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-2,842	–	-0.30%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,987	–	-0.31%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-2,470	–	-0.32%	–
MET	Exit	METLIFE INC	$0	–	-9,017	–	-0.36%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-3,663	–	-0.36%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-33,635	–	-0.37%	–
BSV	Exit	VANGUARD BD INDEX FD INC	$0	–	-5,480	–	-0.37%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-13,210	–	-0.38%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-7,994	–	-0.38%	–
BA	Exit	BOEING CO	$0	–	-1,220	–	-0.39%	–
CTVA	Exit	CORTEVA INC	$0	–	-18,711	–	-0.44%	–
BBT	Exit	BB&T CORP	$0	–	-9,900	–	-0.44%	–
CLX	Exit	CLOROX CO DEL	$0	–	-3,615	–	-0.46%	–
USB	Exit	US BANCORP DEL	$0	–	-10,116	–	-0.47%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-13,114	–	-0.52%	–
SYY	Exit	SYSCO CORP	$0	–	-8,040	–	-0.54%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-5,365	–	-0.59%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-24,360	–	-0.59%	–
ABT	Exit	ABBOTT LABS	$0	–	-8,431	–	-0.59%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-6,635	–	-0.61%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-5,632	–	-0.61%	–
SDY	Exit	SPDR SERIES TRUST	$0	–	-7,512	–	-0.65%	–
VNQ	Exit	VANGUARD INDEX FDS	$0	–	-8,590	–	-0.67%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-5,512	–	-0.68%	–
COH	Exit	COACH INC	$0	–	-34,385	–	-0.75%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-8,115	–	-0.80%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-22,052	–	-0.83%	–
DOW	Exit	DOW INC	$0	–	-20,774	–	-0.83%	–
TU	Exit	TELUS CORP	$0	–	-28,725	–	-0.86%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-12,930	–	-0.93%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-16,377	–	-0.97%	–
AAPL	Exit	APPLE INC	$0	–	-6,042	–	-1.14%	–
GBCI	Exit	GLACIER BANCORP INC NEW	$0	–	-34,567	–	-1.18%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-10,175	–	-1.22%	–
CMI	Exit	CUMMINS INC	$0	–	-8,904	–	-1.22%	–
DE	Exit	DEERE & CO	$0	–	-8,593	–	-1.22%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-12,164	–	-1.23%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-20,478	–	-1.23%	–
PEP	Exit	PEPSICO INC	$0	–	-11,358	–	-1.31%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-31,011	–	-1.32%	–
SPY	Exit	SPDR S&P 500 ETF TR	$0	–	-5,290	–	-1.32%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-6,685	–	-1.38%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-13,047	–	-1.39%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-10,500	–	-1.40%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDS	$0	–	-22,139	–	-1.51%	–
PEB	Exit	PEBBLEBROOK HOTEL TR	$0	–	-65,565	–	-1.54%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-27,781	–	-1.56%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-46,514	–	-1.60%	–
LOW	Exit	LOWES COS INC	$0	–	-17,405	–	-1.61%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-15,215	–	-1.88%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-55,232	–	-1.91%	–
PII	Exit	POLARIS INDS INC	$0	–	-25,860	–	-1.92%	–
VFC	Exit	V F CORP	$0	–	-25,675	–	-1.92%	–
AFL	Exit	AFLAC INC	$0	–	-44,020	–	-1.94%	–
PFE	Exit	PFIZER INC	$0	–	-69,081	–	-2.09%	–
AMGN	Exit	AMGEN INC	$0	–	-16,360	–	-2.66%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-20,696	–	-2.73%	–
QCOM	Exit	QUALCOMM INC	$0	–	-44,871	–	-2.88%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-121,288	–	-2.92%	–
FAST	Exit	FASTENAL CO	$0	–	-113,744	–	-3.13%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-43,183	–	-3.21%	–
ABBV	Exit	ABBVIE INC	$0	–	-53,284	–	-3.40%	–
VTR	Exit	VENTAS INC	$0	–	-55,592	–	-3.42%	–
INTC	Exit	INTEL CORP	$0	–	-100,301	–	-4.35%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-38,107	–	-4.46%	–
CSCO	Exit	CISCO SYS INC	$0	–	-111,230	–	-4.62%	–
T	Exit	AT&T INC	$0	–	-166,341	–	-5.30%	–

Q3 2019

			Value		Shares		↓ Weighting
T	Sell	AT&T INC	$6,294,000	+12.2%	166,341	-0.7%	5.30%	+11.2%
CSCO	Sell	CISCO SYS INC	$5,496,000	-10.6%	111,230	-0.9%	4.62%	-11.3%
MSFT	Sell	MICROSOFT CORP	$5,298,000	+0.5%	38,107	-3.1%	4.46%	-0.3%
INTC	Sell	INTEL CORP	$5,169,000	+6.7%	100,301	-0.9%	4.35%	+5.8%
VTR	Sell	VENTAS INC	$4,060,000	+4.3%	55,592	-2.4%	3.42%	+3.5%
ABBV	Buy	ABBVIE INC	$4,035,000	+4.5%	53,284	+0.3%	3.40%	+3.6%
SBUX	Sell	STARBUCKS CORP	$3,818,000	+1.7%	43,183	-3.6%	3.21%	+0.8%
FAST	Sell	FASTENAL CO	$3,716,000	-0.1%	113,744	-0.3%	3.13%	-0.9%
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$3,466,000	-1.3%	121,288	-0.3%	2.92%	-2.1%
QCOM	Sell	QUALCOMM INC	$3,423,000	-0.5%	44,871	-0.8%	2.88%	-1.3%
ITW	Sell	ILLINOIS TOOL WKS INC	$3,239,000	+3.2%	20,696	-0.6%	2.73%	+2.3%
AMGN	Sell	AMGEN INC	$3,166,000	+4.9%	16,360	-0.2%	2.66%	+4.0%
PFE	Buy	PFIZER INC	$2,482,000	-14.1%	69,081	+3.5%	2.09%	-14.8%
AFL	Sell	AFLAC INC	$2,303,000	-7.1%	44,020	-2.7%	1.94%	-7.8%
VFC	Sell	V F CORP	$2,285,000	-3.1%	25,675	-4.9%	1.92%	-3.8%
PII	Buy	POLARIS INDS INC	$2,276,000	+3.8%	25,860	+7.6%	1.92%	+3.0%
ADM	Buy	ARCHER DANIELS MIDLAND CO	$2,268,000	+5.2%	55,232	+4.5%	1.91%	+4.4%
AMP	Sell	AMERIPRISE FINL INC	$2,238,000	+0.5%	15,215	-0.8%	1.88%	-0.3%
LOW	Buy	LOWES COS INC	$1,914,000	+9.7%	17,405	+0.7%	1.61%	+8.9%
LEG	Buy	LEGGETT & PLATT INC	$1,904,000	+13.8%	46,514	+6.6%	1.60%	+12.9%
PEB	Sell	PEBBLEBROOK HOTEL TR	$1,824,000	-4.7%	65,565	-3.5%	1.54%	-5.5%
VCSH	Buy	VANGUARD SCOTTSDALE FDS	$1,794,000	+3.3%	22,139	+2.9%	1.51%	+2.5%
WHR	Sell	WHIRLPOOL CORP	$1,663,000	+10.6%	10,500	-0.6%	1.40%	+9.6%
PSA	Sell	PUBLIC STORAGE	$1,640,000	-2.7%	6,685	-5.6%	1.38%	-3.5%
SPY	Buy	SPDR S&P 500 ETF TR	$1,570,000	+12.1%	5,290	+10.7%	1.32%	+11.1%
WFC	Buy	WELLS FARGO & CO NEW	$1,564,000	+24.5%	31,011	+16.8%	1.32%	+23.5%
PEP	Sell	PEPSICO INC	$1,557,000	+2.1%	11,358	-2.4%	1.31%	+1.2%
DD	Sell	DUPONT DE NEMOURS INC	$1,460,000	-18.1%	20,478	-13.7%	1.23%	-18.7%
AAPL	Sell	APPLE INC	$1,353,000	+10.5%	6,042	-2.3%	1.14%	+9.7%
XOM	Sell	EXXON MOBIL CORP	$1,156,000	-9.0%	16,377	-1.2%	0.97%	-9.7%
TU	Sell	TELUS CORP	$1,023,000	-3.9%	28,725	-0.3%	0.86%	-4.7%
DOW	Sell	DOW INC	$990,000	-8.0%	20,774	-4.8%	0.83%	-8.8%
EXR	Sell	EXTRA SPACE STORAGE INC	$948,000	-0.9%	8,115	-10.1%	0.80%	-1.7%
COH	Sell	COACH INC	$896,000	-33.3%	34,385	-18.8%	0.75%	-33.9%
VNQ	Sell	VANGUARD INDEX FDS	$801,000	+3.1%	8,590	-3.4%	0.67%	+2.3%
SDY	Buy	SPDR SERIES TRUST	$771,000	+4.5%	7,512	+2.7%	0.65%	+3.7%
JNJ	Buy	JOHNSON & JOHNSON	$729,000	-5.3%	5,632	+1.8%	0.61%	-6.1%
ABT	Sell	ABBOTT LABS	$705,000	-3.2%	8,431	-2.6%	0.59%	-4.0%
BEN	Sell	FRANKLIN RES INC	$703,000	-18.4%	24,360	-1.6%	0.59%	-19.0%
DLR	Sell	DIGITAL RLTY TR INC	$696,000	+0.3%	5,365	-8.9%	0.59%	-0.5%
CAH	Buy	CARDINAL HEALTH INC	$619,000	+2.8%	13,114	+2.5%	0.52%	+2.0%
CLX	Sell	CLOROX CO DEL	$549,000	-4.0%	3,615	-3.2%	0.46%	-4.7%
BBT	Buy	BB&T CORP	$528,000	+63.5%	9,900	+50.6%	0.44%	+62.0%
CTVA	Sell	CORTEVA INC	$524,000	-25.5%	18,711	-21.3%	0.44%	-26.0%
BA	Buy	BOEING CO	$464,000	+13.7%	1,220	+8.9%	0.39%	+12.7%
BSV	Buy	VANGUARD BD INDEX FD INC	$443,000	+10.2%	5,480	+9.7%	0.37%	+9.4%
SPG	New	SIMON PPTY GROUP INC NEW	$384,000	–	2,470	–	0.32%	–
PG	Sell	PROCTER & GAMBLE CO	$372,000	-2.6%	2,987	-14.3%	0.31%	-3.4%
DEO	Sell	DIAGEO P L C	$347,000	-37.0%	2,125	-33.5%	0.29%	-37.5%
TGT	Sell	TARGET CORP	$344,000	-14.2%	3,218	-30.5%	0.29%	-15.0%
MMM	New	3M CO	$322,000	–	1,960	–	0.27%	–
KSS	Buy	KOHLS CORP	$311,000	+9.5%	6,255	+4.6%	0.26%	+8.7%
RDSA	Exit	ROYAL DUTCH SHELL PLC	$0	–	-3,180	–	-0.18%	–

Q2 2019

			Value		Shares		↓ Weighting
CSCO	New	CISCO SYS INC	$6,145,000	–	112,275	–	5.21%	–
T	New	AT&T INC	$5,612,000	–	167,461	–	4.76%	–
MSFT	New	MICROSOFT CORP	$5,270,000	–	39,340	–	4.47%	–
INTC	New	INTEL CORP	$4,846,000	–	101,241	–	4.11%	–
VTR	New	VENTAS INC	$3,892,000	–	56,942	–	3.30%	–
ABBV	New	ABBVIE INC	$3,863,000	–	53,119	–	3.28%	–
SBUX	New	STARBUCKS CORP	$3,755,000	–	44,788	–	3.19%	–
FAST	New	FASTENAL CO	$3,719,000	–	114,104	–	3.16%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$3,511,000	–	121,623	–	2.98%	–
QCOM	New	QUALCOMM INC	$3,440,000	–	45,216	–	2.92%	–
ITW	New	ILLINOIS TOOL WKS INC	$3,140,000	–	20,821	–	2.66%	–
AMGN	New	AMGEN INC	$3,019,000	–	16,385	–	2.56%	–
PFE	New	PFIZER INC	$2,891,000	–	66,726	–	2.45%	–
AFL	New	AFLAC INC	$2,479,000	–	45,220	–	2.10%	–
VFC	New	V F CORP	$2,358,000	–	26,990	–	2.00%	–
AMP	New	AMERIPRISE FINL INC	$2,226,000	–	15,335	–	1.89%	–
PII	New	POLARIS INDS INC	$2,193,000	–	24,035	–	1.86%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$2,156,000	–	52,842	–	1.83%	–
PEB	New	PEBBLEBROOK HOTEL TR	$1,914,000	–	67,915	–	1.62%	–
EMR	New	EMERSON ELEC CO	$1,854,000	–	27,781	–	1.57%	–
DD	New	DUPONT DE NEMOURS INC	$1,782,000	–	23,738	–	1.51%	–
CAT	New	CATERPILLAR INC DEL	$1,778,000	–	13,047	–	1.51%	–
LOW	New	LOWES COS INC	$1,744,000	–	17,280	–	1.48%	–
VCSH	New	VANGUARD SCOTTSDALE FDS	$1,736,000	–	21,514	–	1.47%	–
PSA	New	PUBLIC STORAGE	$1,686,000	–	7,078	–	1.43%	–
LEG	New	LEGGETT & PLATT INC	$1,673,000	–	43,614	–	1.42%	–
CMI	New	CUMMINS INC	$1,526,000	–	8,904	–	1.30%	–
PEP	New	PEPSICO INC	$1,525,000	–	11,633	–	1.29%	–
WHR	New	WHIRLPOOL CORP	$1,504,000	–	10,565	–	1.28%	–
DE	New	DEERE & CO	$1,424,000	–	8,593	–	1.21%	–
SPY	New	SPDR S&P 500 ETF TR	$1,401,000	–	4,780	–	1.19%	–
GBCI	New	GLACIER BANCORP INC NEW	$1,402,000	–	34,567	–	1.19%	–
KMB	New	KIMBERLY CLARK CORP	$1,356,000	–	10,175	–	1.15%	–
COH	New	COACH INC	$1,344,000	–	42,360	–	1.14%	–
XOM	New	EXXON MOBIL CORP	$1,270,000	–	16,577	–	1.08%	–
UPS	New	UNITED PARCEL SERVICE INC	$1,256,000	–	12,164	–	1.07%	–
WFC	New	WELLS FARGO & CO NEW	$1,256,000	–	26,546	–	1.07%	–
AAPL	New	APPLE INC	$1,224,000	–	6,185	–	1.04%	–
VLO	New	VALERO ENERGY CORP NEW	$1,107,000	–	12,930	–	0.94%	–
DOW	New	DOW INC	$1,076,000	–	21,812	–	0.91%	–
TU	New	TELUS CORP	$1,064,000	–	28,825	–	0.90%	–
EXR	New	EXTRA SPACE STORAGE INC	$957,000	–	9,022	–	0.81%	–
WTR	New	AQUA AMERICA INC	$912,000	–	22,052	–	0.77%	–
BEN	New	FRANKLIN RES INC	$862,000	–	24,760	–	0.73%	–
VNQ	New	VANGUARD INDEX FDS	$777,000	–	8,890	–	0.66%	–
JNJ	New	JOHNSON & JOHNSON	$770,000	–	5,532	–	0.65%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$760,000	–	5,512	–	0.64%	–
SDY	New	SPDR SERIES TRUST	$738,000	–	7,312	–	0.63%	–
ABT	New	ABBOTT LABS	$728,000	–	8,656	–	0.62%	–
CTVA	New	CORTEVA INC	$703,000	–	23,789	–	0.60%	–
DLR	New	DIGITAL RLTY TR INC	$694,000	–	5,890	–	0.59%	–
MDT	New	MEDTRONIC PLC	$646,000	–	6,635	–	0.55%	–
CAH	New	CARDINAL HEALTH INC	$602,000	–	12,789	–	0.51%	–
CLX	New	CLOROX CO DEL	$572,000	–	3,735	–	0.48%	–
SYY	New	SYSCO CORP	$569,000	–	8,040	–	0.48%	–
DEO	New	DIAGEO P L C	$551,000	–	3,195	–	0.47%	–
USB	New	US BANCORP DEL	$530,000	–	10,116	–	0.45%	–
SLB	New	SCHLUMBERGER LTD	$525,000	–	13,210	–	0.44%	–
COP	New	CONOCOPHILLIPS	$488,000	–	7,994	–	0.41%	–
ET	New	ENERGY TRANSFER EQUITY L P	$474,000	–	33,635	–	0.40%	–
CVX	New	CHEVRON CORP NEW	$456,000	–	3,663	–	0.39%	–
MET	New	METLIFE INC	$448,000	–	9,017	–	0.38%	–
PXD	New	PIONEER NAT RES CO	$437,000	–	2,842	–	0.37%	–
BA	New	BOEING CO	$408,000	–	1,120	–	0.35%	–
BSV	New	VANGUARD BD INDEX FD INC	$402,000	–	4,995	–	0.34%	–
TGT	New	TARGET CORP	$401,000	–	4,628	–	0.34%	–
TBT	New	PROSHARES TR	$394,000	–	13,600	–	0.33%	–
PG	New	PROCTER & GAMBLE CO	$382,000	–	3,487	–	0.32%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$346,000	–	2,092	–	0.29%	–
BBT	New	BB&T CORP	$323,000	–	6,575	–	0.27%	–
PM	New	PHILIP MORRIS INTL INC	$301,000	–	3,827	–	0.26%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTD	$293,000	–	7,489	–	0.25%	–
KSS	New	KOHLS CORP	$284,000	–	5,980	–	0.24%	–
CL	New	COLGATE PALMOLIVE CO	$277,000	–	3,870	–	0.24%	–
VZ	New	VERIZON COMMUNICATIONS INC	$264,000	–	4,623	–	0.22%	–
FITB	New	FIFTH THIRD BANCORP	$262,000	–	9,385	–	0.22%	–
ENB	New	ENBRIDGE INC	$251,000	–	6,958	–	0.21%	–
PAYX	New	PAYCHEX INC	$248,000	–	3,009	–	0.21%	–
PSX	New	PHILLIPS 66	$218,000	–	2,327	–	0.18%	–
RDSA	New	ROYAL DUTCH SHELL PLC	$207,000	–	3,180	–	0.18%	–

Q4 2018

			Value		Shares		↓ Weighting
ESV	Exit	ENSCO PLC	$0	–	-15,000	–	-0.10%	–
WU	Exit	WESTERN UN CO	$0	–	-10,150	–	-0.16%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-6,325	–	-0.16%	–
ENB	Exit	ENBRIDGE INC	$0	–	-6,958	–	-0.18%	–
GLW	Exit	CORNING INC	$0	–	-6,425	–	-0.18%	–
PAYX	Exit	PAYCHEX INC	$0	–	-3,084	–	-0.18%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC	$0	–	-3,530	–	-0.19%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-9,385	–	-0.21%	–
PSX	Exit	PHILLIPS 66	$0	–	-2,327	–	-0.21%	–
TGT	Exit	TARGET CORP	$0	–	-3,255	–	-0.23%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-4,440	–	-0.24%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-3,662	–	-0.24%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,765	–	-0.25%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-3,977	–	-0.27%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-2,234	–	-0.27%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,863	–	-0.28%	–
BSV	Exit	VANGUARD BD INDEX FD INC	$0	–	-5,165	–	-0.32%	–
HBI	Exit	HANESBRANDS INC	$0	–	-22,592	–	-0.33%	–
VIAB	Exit	VIACOM INC NEW	$0	–	-12,318	–	-0.33%	–
BA	Exit	BOEING CO	$0	–	-1,130	–	-0.34%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-13,910	–	-0.34%	–
USB	Exit	US BANCORP DEL	$0	–	-8,466	–	-0.36%	–
KSS	Exit	KOHLS CORP	$0	–	-6,205	–	-0.37%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTD	$0	–	-10,524	–	-0.37%	–
MET	Exit	METLIFE INC	$0	–	-10,664	–	-0.40%	–
TBT	Exit	PROSHARES TR	$0	–	-13,600	–	-0.42%	–
SDY	Exit	SPDR SERIES TRUST	$0	–	-5,612	–	-0.44%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-4,854	–	-0.46%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-10,849	–	-0.46%	–
SYY	Exit	SYSCO CORP	$0	–	-8,040	–	-0.47%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-26,478	–	-0.47%	–
DEO	Exit	DIAGEO P L C	$0	–	-4,400	–	-0.50%	–
AAPL	Exit	APPLE INC	$0	–	-2,869	–	-0.52%	–
CWT	Exit	CALIFORNIA WTR SVC GROUP	$0	–	-15,120	–	-0.52%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-5,915	–	-0.54%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-12,490	–	-0.54%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-3,892	–	-0.54%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-8,794	–	-0.55%	–
VNQ	Exit	VANGUARD INDEX FDS	$0	–	-8,890	–	-0.58%	–
ABT	Exit	ABBOTT LABS	$0	–	-9,806	–	-0.58%	–
CLX	Exit	CLOROX CO DEL	$0	–	-5,096	–	-0.62%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-5,642	–	-0.63%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-22,052	–	-0.65%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-9,490	–	-0.66%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-78,322	–	-0.71%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-9,120	–	-0.87%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-18,000	–	-0.88%	–
TU	Exit	TELUS CORP	$0	–	-30,065	–	-0.89%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NV	$0	–	-13,405	–	-0.94%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-14,340	–	-0.98%	–
CMI	Exit	CUMMINS INC	$0	–	-8,904	–	-1.05%	–
TUP	Exit	TUPPERWARE BRANDS CORP	$0	–	-39,524	–	-1.06%	–
PEP	Exit	PEPSICO INC	$0	–	-12,001	–	-1.08%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,546	–	-1.12%	–
PII	Exit	POLARIS INDS INC	$0	–	-13,840	–	-1.12%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-12,930	–	-1.18%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-7,448	–	-1.21%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-10,165	–	-1.24%	–
DE	Exit	DEERE & CO	$0	–	-10,268	–	-1.24%	–
NGG	Exit	NATIONAL GRID PLC	$0	–	-30,019	–	-1.25%	–
GBCI	Exit	GLACIER BANCORP INC NEW	$0	–	-36,867	–	-1.28%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-11,310	–	-1.28%	–
HRB	Exit	BLOCK H & R INC	$0	–	-63,020	–	-1.30%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-35,606	–	-1.44%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-13,797	–	-1.69%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-27,530	–	-1.70%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDS	$0	–	-28,964	–	-1.82%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-15,960	–	-1.90%	–
TPR	Exit	TAPESTRY INC	$0	–	-49,250	–	-1.99%	–
ABBV	Exit	ABBVIE INC	$0	–	-26,633	–	-2.02%	–
AFL	Exit	AFLAC INC	$0	–	-55,075	–	-2.08%	–
PEB	Exit	PEBBLEBROOK HOTEL TR	$0	–	-71,538	–	-2.09%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-48,135	–	-2.13%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-46,814	–	-2.14%	–
VFC	Exit	V F CORP	$0	–	-30,190	–	-2.27%	–
SPY	Exit	SPDR S&P 500 ETF TR	$0	–	-9,777	–	-2.28%	–
PFE	Exit	PFIZER INC	$0	–	-69,687	–	-2.47%	–
QCOM	Exit	QUALCOMM INC	$0	–	-42,892	–	-2.48%	–
VTR	Exit	VENTAS INC	$0	–	-56,952	–	-2.49%	–
AMGN	Exit	AMGEN INC	$0	–	-16,565	–	-2.76%	–
FAST	Exit	FASTENAL CO	$0	–	-62,240	–	-2.90%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-126,818	–	-2.93%	–
T	Exit	AT&T INC	$0	–	-141,322	–	-3.82%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-78,484	–	-4.06%	–
INTC	Exit	INTEL CORP	$0	–	-107,815	–	-4.10%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-45,057	–	-4.14%	–
CSCO	Exit	CISCO SYS INC	$0	–	-125,395	–	-4.90%	–

Q3 2018

			Value		Shares		↓ Weighting
CSCO	Sell	CISCO SYS INC	$6,100,000	+3.4%	125,395	-8.5%	4.90%	+3.7%
MSFT	Sell	MICROSOFT CORP	$5,153,000	+2.5%	45,057	-11.7%	4.14%	+2.8%
INTC	Sell	INTEL CORP	$5,099,000	-11.1%	107,815	-6.6%	4.10%	-10.8%
DWDP	Sell	DOWDUPONT INC	$5,047,000	-6.9%	78,484	-4.6%	4.06%	-6.6%
T	Buy	AT&T INC	$4,746,000	+39.1%	141,322	+33.0%	3.82%	+39.5%
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$3,643,000	-3.0%	126,818	-6.6%	2.93%	-2.7%
AMGN	Sell	AMGEN INC	$3,434,000	+5.6%	16,565	-6.0%	2.76%	+5.9%
VTR	Sell	VENTAS INC	$3,097,000	-9.7%	56,952	-5.5%	2.49%	-9.5%
QCOM	Sell	QUALCOMM INC	$3,090,000	+21.2%	42,892	-5.6%	2.48%	+21.5%
PFE	Sell	PFIZER INC	$3,071,000	+14.8%	69,687	-5.5%	2.47%	+15.1%
SPY	Buy	SPDR S&P 500 ETF TR	$2,842,000	+7.3%	9,777	+0.2%	2.28%	+7.7%
VFC	Sell	V F CORP	$2,821,000	-17.9%	30,190	-28.3%	2.27%	-17.6%
SBUX	Buy	STARBUCKS CORP	$2,661,000	+34.7%	46,814	+15.7%	2.14%	+35.0%
KHC	Buy	KRAFT HEINZ CO	$2,653,000	-2.2%	48,135	+11.5%	2.13%	-1.9%
AFL	Sell	AFLAC INC	$2,592,000	-0.3%	55,075	-8.8%	2.08%	+0.0%
ABBV	Sell	ABBVIE INC	$2,519,000	+1.7%	26,633	-0.4%	2.02%	+2.0%
TPR	New	TAPESTRY INC	$2,476,000	–	49,250	–	1.99%	–
AMP	Sell	AMERIPRISE FINL INC	$2,357,000	-5.9%	15,960	-10.8%	1.90%	-5.6%
VCSH	Sell	VANGUARD SCOTTSDALE FDS	$2,264,000	-5.1%	28,964	-5.2%	1.82%	-4.8%
EMR	Sell	EMERSON ELEC CO	$2,108,000	-19.9%	27,530	-27.7%	1.70%	-19.7%
ADM	Sell	ARCHER DANIELS MIDLAND CO	$1,790,000	-3.8%	35,606	-12.3%	1.44%	-3.6%
HRB	Sell	BLOCK H & R INC	$1,623,000	-8.5%	63,020	-19.0%	1.30%	-8.2%
ITW	New	ILLINOIS TOOL WKS INC	$1,596,000	–	11,310	–	1.28%	–
NGG	Sell	NATIONAL GRID PLC	$1,557,000	-16.3%	30,019	-9.9%	1.25%	-16.1%
VLO	Sell	VALERO ENERGY CORP NEW	$1,471,000	-0.8%	12,930	-3.4%	1.18%	-0.5%
PII	Sell	POLARIS INDS INC	$1,397,000	-22.0%	13,840	-5.6%	1.12%	-21.8%
TUP	Sell	TUPPERWARE BRANDS CORP	$1,322,000	-39.1%	39,524	-24.9%	1.06%	-38.9%
XOM	Sell	EXXON MOBIL CORP	$1,219,000	-5.0%	14,340	-7.5%	0.98%	-4.7%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NV	$1,174,000	-12.2%	13,405	+1.0%	0.94%	-11.9%
TU	Sell	TELUS CORP	$1,108,000	+1.5%	30,065	-2.2%	0.89%	+1.8%
SLB	Buy	SCHLUMBERGER LTD	$1,097,000	+17.1%	18,000	+28.8%	0.88%	+17.4%
WHR	New	WHIRLPOOL CORP	$1,083,000	–	9,120	–	0.87%	–
GE	Sell	GENERAL ELECTRIC CO	$884,000	-29.8%	78,322	-15.3%	0.71%	-29.5%
EXR	Sell	EXTRA SPACE STORAGE INC	$822,000	-33.0%	9,490	-22.8%	0.66%	-32.8%
JNJ	Buy	JOHNSON & JOHNSON	$780,000	+60.2%	5,642	+40.6%	0.63%	+60.8%
ABT	Sell	ABBOTT LABS	$719,000	+14.1%	9,806	-5.1%	0.58%	+14.5%
CAH	Sell	CARDINAL HEALTH INC	$674,000	-12.8%	12,490	-21.1%	0.54%	-12.6%
DLR	Sell	DIGITAL RLTY TR INC	$665,000	-20.1%	5,915	-20.7%	0.54%	-19.8%
AAPL	Buy	APPLE INC	$648,000	+23.2%	2,869	+0.9%	0.52%	+23.5%
DEO	Sell	DIAGEO P L C	$623,000	-3.6%	4,400	-1.9%	0.50%	-3.3%
SYY	Sell	SYSCO CORP	$589,000	+3.7%	8,040	-3.3%	0.47%	+4.2%
UPS	Sell	UNITED PARCEL SERVICE INC	$567,000	-20.9%	4,854	-28.1%	0.46%	-20.7%
SDY	Buy	SPDR SERIES TRUST	$550,000	+12.5%	5,612	+6.3%	0.44%	+12.8%
KSS	Sell	KOHLS CORP	$463,000	-75.8%	6,205	-76.3%	0.37%	-75.7%
BEN	New	FRANKLIN RES INC	$423,000	–	13,910	–	0.34%	–
VIAB	Sell	VIACOM INC NEW	$416,000	-16.8%	12,318	-25.8%	0.33%	-16.7%
HBI	Sell	HANESBRANDS INC	$416,000	-59.3%	22,592	-51.4%	0.33%	-59.3%
PG	Buy	PROCTER & GAMBLE CO	$331,000	+12.2%	3,977	+5.3%	0.27%	+12.7%
PM	Buy	PHILIP MORRIS INTL INC	$299,000	+47.3%	3,662	+45.8%	0.24%	+47.2%
TGT	Sell	TARGET CORP	$287,000	-37.7%	3,255	-46.2%	0.23%	-37.6%
GLW	New	CORNING INC	$227,000	–	6,425	–	0.18%	–
WU	Sell	WESTERN UN CO	$193,000	-18.2%	10,150	-12.4%	0.16%	-18.0%
TTE	Exit	TOTAL S A	$0	–	-4,931	–	-0.24%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-5,165	–	-0.27%	–
CA	Exit	CA INC	$0	–	-11,832	–	-0.34%	–
COH	Exit	COACH INC	$0	–	-56,745	–	-2.12%	–

Q2 2018

			Value		Shares		↓ Weighting
CSCO	New	CISCO SYS INC	$5,898,000	–	137,063	–	4.73%	–
INTC	New	INTEL CORP	$5,735,000	–	115,376	–	4.60%	–
DWDP	New	DOWDUPONT	$5,421,000	–	82,239	–	4.34%	–
MSFT	New	MICROSOFT CORP	$5,029,000	–	51,000	–	4.03%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$3,755,000	–	135,718	–	3.01%	–
VFC	New	V F CORP	$3,434,000	–	42,125	–	2.75%	–
VTR	New	VENTAS INC	$3,431,000	–	60,252	–	2.75%	–
T	New	AT&T INC	$3,412,000	–	106,268	–	2.74%	–
AMGN	New	AMGEN INC	$3,253,000	–	17,625	–	2.61%	–
FAST	New	FASTENAL CO	$2,996,000	–	62,240	–	2.40%	–
PEB	New	PEBBLEBROOK HOTEL TR	$2,776,000	–	71,538	–	2.22%	–
KHC	New	KRAFT HEINZ CO	$2,713,000	–	43,180	–	2.18%	–
PFE	New	PFIZER INC	$2,676,000	–	73,757	–	2.14%	–
COH	New	COACH INC	$2,651,000	–	56,745	–	2.12%	–
SPY	New	SPDR S&P 500 ETF TR	$2,648,000	–	9,760	–	2.12%	–
EMR	New	EMERSON ELEC CO	$2,633,000	–	38,083	–	2.11%	–
AFL	New	AFLAC INC	$2,599,000	–	60,405	–	2.08%	–
QCOM	New	QUALCOMM INC	$2,550,000	–	45,437	–	2.04%	–
AMP	New	AMERIPRISE FINL INC	$2,504,000	–	17,900	–	2.01%	–
ABBV	New	ABBVIE INC	$2,476,000	–	26,728	–	1.98%	–
VCSH	New	VANGUARD SCOTTSDALE FDS	$2,385,000	–	30,544	–	1.91%	–
TUP	New	TUPPERWARE BRANDS CORP	$2,170,000	–	52,624	–	1.74%	–
SBUX	New	STARBUCKS CORP	$1,976,000	–	40,449	–	1.58%	–
KSS	New	KOHLS CORP	$1,911,000	–	26,215	–	1.53%	–
CAT	New	CATERPILLAR INC DEL	$1,872,000	–	13,797	–	1.50%	–
NGG	New	NATIONAL GRID PLC	$1,861,000	–	33,330	–	1.49%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$1,861,000	–	40,606	–	1.49%	–
PII	New	POLARIS INDS INC	$1,791,000	–	14,660	–	1.44%	–
HRB	New	BLOCK H & R INC	$1,773,000	–	77,820	–	1.42%	–
PSA	New	PUBLIC STORAGE	$1,690,000	–	7,448	–	1.36%	–
VLO	New	VALERO ENERGY CORP NEW	$1,483,000	–	13,380	–	1.19%	–
WFC	New	WELLS FARGO & CO NEW	$1,472,000	–	26,546	–	1.18%	–
GBCI	New	GLACIER BANCORP INC NEW	$1,449,000	–	36,867	–	1.16%	–
DE	New	DEERE & CO	$1,435,000	–	10,268	–	1.15%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,420,000	–	10,165	–	1.14%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NV	$1,337,000	–	13,270	–	1.07%	–
PEP	New	PEPSICO INC	$1,307,000	–	12,001	–	1.05%	–
XOM	New	EXXON MOBIL CORP	$1,283,000	–	15,505	–	1.03%	–
GE	New	GENERAL ELECTRIC CO	$1,259,000	–	92,522	–	1.01%	–
EXR	New	EXTRA SPACE STORAGE INC	$1,227,000	–	12,290	–	0.98%	–
CMI	New	CUMMINS INC	$1,184,000	–	8,904	–	0.95%	–
TU	New	TELUS CORP	$1,092,000	–	30,755	–	0.88%	–
HBI	New	HANESBRANDS INC	$1,023,000	–	46,457	–	0.82%	–
SLB	New	SCHLUMBERGER LTD	$937,000	–	13,975	–	0.75%	–
DLR	New	DIGITAL RLTY TR INC	$832,000	–	7,455	–	0.67%	–
WTR	New	AQUA AMERICA INC	$778,000	–	22,052	–	0.62%	–
CAH	New	CARDINAL HEALTH INC	$773,000	–	15,822	–	0.62%	–
PXD	New	PIONEER NAT RES CO	$735,000	–	3,892	–	0.59%	–
VNQ	New	VANGUARD INDEX FDS	$724,000	–	8,890	–	0.58%	–
UPS	New	UNITED PARCEL SERVICE INC	$717,000	–	6,754	–	0.58%	–
CLX	New	CLOROX CO DEL	$689,000	–	5,096	–	0.55%	–
DEO	New	DIAGEO P L C	$646,000	–	4,485	–	0.52%	–
ABT	New	ABBOTT LABS	$630,000	–	10,331	–	0.50%	–
COP	New	CONOCOPHILLIPS	$612,000	–	8,794	–	0.49%	–
CWT	New	CALIFORNIA WTR SVC GROUP	$592,000	–	15,120	–	0.48%	–
SYY	New	SYSCO CORP	$568,000	–	8,315	–	0.46%	–
VZ	New	VERIZON COMMUNICATIONS INC	$546,000	–	10,849	–	0.44%	–
AAPL	New	APPLE INC	$526,000	–	2,844	–	0.42%	–
ET	New	ENERGY TRANSFER EQUITY L P	$504,000	–	26,478	–	0.40%	–
VIAB	New	VIACOM INC NEW	$500,000	–	16,593	–	0.40%	–
TBT	New	PROSHARES TR	$489,000	–	13,600	–	0.39%	–
SDY	New	SPDR SERIES TRUST	$489,000	–	5,277	–	0.39%	–
JNJ	New	JOHNSON & JOHNSON	$487,000	–	4,012	–	0.39%	–
MET	New	METLIFE INC	$465,000	–	10,664	–	0.37%	–
TGT	New	TARGET CORP	$461,000	–	6,055	–	0.37%	–
CA	New	CA INC	$422,000	–	11,832	–	0.34%	–
USB	New	US BANCORP DEL	$420,000	–	8,466	–	0.34%	–
BSV	New	VANGUARD BD INDEX FD INC	$404,000	–	5,165	–	0.32%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTD	$385,000	–	10,524	–	0.31%	–
BA	New	BOEING CO	$379,000	–	1,130	–	0.30%	–
CVX	New	CHEVRON CORP NEW	$362,000	–	2,863	–	0.29%	–
CVS	New	CVS HEALTH CORP	$332,000	–	5,165	–	0.27%	–
GLD	New	SPDR GOLD TRUST	$328,000	–	2,765	–	0.26%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$300,000	–	2,234	–	0.24%	–
TTE	New	TOTAL S A	$299,000	–	4,931	–	0.24%	–
PG	New	PROCTER & GAMBLE CO	$295,000	–	3,777	–	0.24%	–
CL	New	COLGATE PALMOLIVE CO	$288,000	–	4,440	–	0.23%	–
FITB	New	FIFTH THIRD BANCORP	$270,000	–	9,385	–	0.22%	–
PSX	New	PHILLIPS 66	$261,000	–	2,327	–	0.21%	–
RDSA	New	ROYAL DUTCH SHELL PLC	$244,000	–	3,530	–	0.20%	–
WU	New	WESTERN UN CO	$236,000	–	11,593	–	0.19%	–
WY	New	WEYERHAEUSER CO	$231,000	–	6,325	–	0.18%	–
ENB	New	ENBRIDGE INC	$230,000	–	6,958	–	0.18%	–
PAYX	New	PAYCHEX INC	$211,000	–	3,084	–	0.17%	–
PM	New	PHILIP MORRIS INTL INC	$203,000	–	2,512	–	0.16%	–
ESV	New	ENSCO PLC	$109,000	–	15,000	–	0.09%	–

Q4 2017

			Value		Shares		↓ Weighting
ESV	Exit	ENSCO PLC	$0	–	-15,000	–	-0.07%	–
PSX	Exit	PHILLIPS 66	$0	–	-2,327	–	-0.17%	–
WU	Exit	WESTERN UN CO	$0	–	-11,170	–	-0.17%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-6,325	–	-0.17%	–
IP	Exit	INTL PAPER CO	$0	–	-4,015	–	-0.18%	–
PAYX	Exit	PAYCHEX INC	$0	–	-3,884	–	-0.18%	–
GLW	Exit	CORNING INC	$0	–	-7,825	–	-0.18%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,590	–	-0.18%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-9,385	–	-0.21%	–
TTE	Exit	TOTAL S A	$0	–	-5,025	–	-0.21%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-2,432	–	-0.21%	–
ENB	Exit	ENBRIDGE INC	$0	–	-7,048	–	-0.23%	–
TBT	Exit	PROSHARES TR	$0	–	-8,300	–	-0.23%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,435	–	-0.23%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-2,734	–	-0.23%	–
MET	Exit	METLIFE INC	$0	–	-6,288	–	-0.26%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-2,879	–	-0.27%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-4,820	–	-0.28%	–
CA	Exit	CA INC	$0	–	-11,832	–	-0.31%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-3,403	–	-0.31%	–
BA	Exit	BOEING CO	$0	–	-1,577	–	-0.31%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTD	$0	–	-10,785	–	-0.32%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-8,243	–	-0.32%	–
AAPL	Exit	APPLE INC	$0	–	-2,699	–	-0.32%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,242	–	-0.33%	–
USB	Exit	US BANCORP DEL	$0	–	-8,466	–	-0.36%	–
NUS	Exit	NU SKIN ENTERPRISES INC	$0	–	-7,475	–	-0.36%	–
SYY	Exit	SYSCO CORP	$0	–	-8,615	–	-0.36%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC	$0	–	-8,096	–	-0.38%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-26,978	–	-0.39%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-9,986	–	-0.39%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-3,892	–	-0.45%	–
CWT	Exit	CALIFORNIA WTR SVC GROUP	$0	–	-15,120	–	-0.45%	–
ABT	Exit	ABBOTT LABS	$0	–	-11,021	–	-0.46%	–
VNQ	Exit	VANGUARD INDEX FDS	$0	–	-7,700	–	-0.50%	–
SDY	Exit	SPDR SERIES TRUST	$0	–	-7,535	–	-0.54%	–
BSV	Exit	VANGUARD BD INDEX FD INC	$0	–	-8,975	–	-0.56%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-22,052	–	-0.57%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-23,012	–	-0.57%	–
CLX	Exit	CLOROX CO DEL	$0	–	-5,841	–	-0.60%	–
EXR	Exit	EXTRA SPACE STORAGE INC	$0	–	-10,780	–	-0.67%	–
DEO	Exit	DIAGEO P L C	$0	–	-6,570	–	-0.68%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-14,654	–	-0.80%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-12,855	–	-0.82%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-9,781	–	-0.90%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-15,683	–	-0.94%	–
TU	Exit	TELUS CORP	$0	–	-35,398	–	-1.00%	–
QCOM	Exit	QUALCOMM INC	$0	–	-25,612	–	-1.04%	–
VIAB	Exit	VIACOM INC NEW	$0	–	-48,880	–	-1.06%	–
GBCI	Exit	GLACIER BANCORP INC NEW	$0	–	-36,867	–	-1.09%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,546	–	-1.14%	–
PEP	Exit	PEPSICO INC	$0	–	-13,456	–	-1.17%	–
CMI	Exit	CUMMINS INC	$0	–	-9,014	–	-1.18%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NV	$0	–	-13,295	–	-1.24%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-7,450	–	-1.25%	–
PII	Exit	POLARIS INDS INC	$0	–	-15,592	–	-1.28%	–
KSS	Exit	KOHLS CORP	$0	–	-37,193	–	-1.33%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-12,148	–	-1.38%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-42,881	–	-1.43%	–
DE	Exit	DEERE & CO	$0	–	-14,744	–	-1.45%	–
SPY	Exit	SPDR S&P 500 ETF TR	$0	–	-8,085	–	-1.59%	–
HRB	Exit	BLOCK H & R INC	$0	–	-82,245	–	-1.70%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-17,595	–	-1.72%	–
PFE	Exit	PFIZER INC	$0	–	-64,787	–	-1.81%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-39,298	–	-1.93%	–
NGG	Exit	NATIONAL GRID PLC	$0	–	-39,911	–	-1.96%	–
AFL	Exit	AFLAC INC	$0	–	-32,984	–	-2.10%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDS	$0	–	-33,979	–	-2.13%	–
COH	Exit	COACH INC	$0	–	-71,495	–	-2.25%	–
VFC	Exit	V F CORP	$0	–	-46,901	–	-2.33%	–
ABBV	Exit	ABBVIE INC	$0	–	-33,654	–	-2.34%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-124,244	–	-2.35%	–
PEB	Exit	PEBBLEBROOK HOTEL TR	$0	–	-85,023	–	-2.40%	–
VTR	Exit	VENTAS INC	$0	–	-48,387	–	-2.46%	–
AMGN	Exit	AMGEN INC	$0	–	-16,970	–	-2.48%	–
FAST	Exit	FASTENAL CO	$0	–	-71,790	–	-2.56%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-22,273	–	-2.59%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-50,172	–	-2.63%	–
T	Exit	AT&T INC	$0	–	-97,081	–	-2.98%	–
TUP	Exit	TUPPERWARE BRANDS CORP	$0	–	-63,060	–	-3.05%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-60,486	–	-3.53%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-175,567	–	-3.58%	–
INTC	Exit	INTEL CORP	$0	–	-133,952	–	-3.99%	–
CSCO	Exit	CISCO SYS INC	$0	–	-155,484	–	-4.09%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-87,619	–	-4.75%	–

Q3 2017

			Value		Shares		↓ Weighting
DWDP	New	DOWDUPONT INC	$6,066,000	–	87,619	–	4.75%	–
CSCO	Sell	CISCO SYS INC	$5,229,000	+4.0%	155,484	-3.2%	4.09%	+7.2%
INTC	Sell	INTEL CORP	$5,101,000	+9.2%	133,952	-3.3%	3.99%	+12.5%
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$4,577,000	-5.4%	175,567	-1.7%	3.58%	-2.5%
MSFT	Sell	MICROSOFT CORP	$4,506,000	+3.1%	60,486	-4.6%	3.53%	+6.2%
TUP	Sell	TUPPERWARE BRANDS CORP	$3,898,000	-12.2%	63,060	-0.3%	3.05%	-9.5%
T	Buy	AT&T INC	$3,803,000	+5.6%	97,081	+1.7%	2.98%	+8.9%
CAH	Sell	CARDINAL HEALTH INC	$3,358,000	-17.1%	50,172	-3.5%	2.63%	-14.6%
AMP	Sell	AMERIPRISE FINL INC	$3,308,000	+6.5%	22,273	-8.7%	2.59%	+9.7%
FAST	Sell	FASTENAL CO	$3,272,000	-16.9%	71,790	-20.6%	2.56%	-14.3%
AMGN	Sell	AMGEN INC	$3,164,000	+3.0%	16,970	-4.9%	2.48%	+6.2%
VTR	Sell	VENTAS INC	$3,151,000	-8.1%	48,387	-1.9%	2.46%	-5.3%
PEB	Sell	PEBBLEBROOK HOTEL TR	$3,073,000	+6.1%	85,023	-5.3%	2.40%	+9.3%
GE	Buy	GENERAL ELECTRIC CO	$3,004,000	-8.2%	124,244	+2.6%	2.35%	-5.4%
ABBV	Sell	ABBVIE INC	$2,990,000	+19.3%	33,654	-2.6%	2.34%	+23.0%
VFC	Sell	V F CORP	$2,981,000	+6.4%	46,901	-3.6%	2.33%	+9.6%
COH	Sell	COACH INC	$2,880,000	-19.7%	71,495	-5.7%	2.25%	-17.3%
VCSH	Sell	VANGUARD SCOTTSDALE FDS	$2,723,000	-8.0%	33,979	-8.1%	2.13%	-5.2%
AFL	Sell	AFLAC INC	$2,685,000	+0.9%	32,984	-3.7%	2.10%	+4.0%
NGG	Sell	NATIONAL GRID PLC	$2,503,000	-5.2%	39,911	-5.1%	1.96%	-2.3%
EMR	Sell	EMERSON ELEC CO	$2,469,000	+4.0%	39,298	-1.3%	1.93%	+7.2%
PFE	Buy	PFIZER INC	$2,313,000	+37.2%	64,787	+29.1%	1.81%	+41.4%
CAT	Sell	CATERPILLAR INC DEL	$2,194,000	+11.9%	17,595	-3.5%	1.72%	+15.4%
HRB	Sell	BLOCK H & R INC	$2,178,000	-32.8%	82,245	-21.5%	1.70%	-30.7%
SPY	Sell	SPDR S&P 500 ETF TR	$2,031,000	+3.9%	8,085	-0.0%	1.59%	+7.1%
DE	Sell	DEERE & CO	$1,852,000	-5.8%	14,744	-7.2%	1.45%	-2.9%
ADM	Buy	ARCHER DANIELS MIDLAND CO	$1,823,000	+8.3%	42,881	+5.3%	1.43%	+11.5%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$1,762,000	-14.4%	12,148	-9.2%	1.38%	-11.8%
KSS	Sell	KOHLS CORP	$1,698,000	+15.3%	37,193	-2.4%	1.33%	+18.9%
PII	Buy	POLARIS INDS INC	$1,631,000	+15.6%	15,592	+1.9%	1.28%	+19.1%
PSA	Buy	PUBLIC STORAGE	$1,594,000	+22.4%	7,450	+19.3%	1.25%	+26.2%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NV	$1,586,000	+10.0%	13,295	+1.7%	1.24%	+13.3%
CMI	Sell	CUMMINS INC	$1,515,000	-4.8%	9,014	-8.2%	1.18%	-2.0%
PEP	Sell	PEPSICO INC	$1,499,000	-10.7%	13,456	-7.4%	1.17%	-7.9%
WFC	Sell	WELLS FARGO & CO NEW	$1,464,000	-6.6%	26,546	-6.2%	1.14%	-3.8%
VIAB	Sell	VIACOM INC NEW	$1,361,000	-27.0%	48,880	-12.0%	1.06%	-24.7%
QCOM	Buy	QUALCOMM INC	$1,328,000	+65.4%	25,612	+76.1%	1.04%	+70.3%
TU	Sell	TELUS CORP	$1,273,000	+1.5%	35,398	-2.6%	1.00%	+4.6%
VLO	Sell	VALERO ENERGY CORP NEW	$1,206,000	+0.9%	15,683	-11.4%	0.94%	+4.1%
DLR	Sell	DIGITAL RLTY TR INC	$1,157,000	-8.6%	9,781	-12.8%	0.90%	-5.8%
XOM	Sell	EXXON MOBIL CORP	$1,054,000	-8.8%	12,855	-10.3%	0.82%	-6.0%
SLB	Sell	SCHLUMBERGER LTD	$1,022,000	-14.0%	14,654	-18.8%	0.80%	-11.3%
DEO	Sell	DIAGEO P L C	$868,000	-1.3%	6,570	-10.5%	0.68%	+1.8%
EXR	Buy	EXTRA SPACE STORAGE INC	$862,000	+8.6%	10,780	+5.8%	0.67%	+11.8%
OHI	Sell	OMEGA HEALTHCARE INVS INC	$734,000	-11.4%	23,012	-8.2%	0.57%	-8.7%
BSV	Sell	VANGUARD BD INDEX FD INC	$716,000	-21.8%	8,975	-21.8%	0.56%	-19.4%
SDY	Sell	SPDR SERIES TRUST	$688,000	-35.9%	7,535	-37.6%	0.54%	-34.0%
ABT	Sell	ABBOTT LABS	$588,000	+6.9%	11,021	-2.6%	0.46%	+10.0%
COP	Sell	CONOCOPHILLIPS	$500,000	+5.0%	9,986	-7.8%	0.39%	+8.3%
ET	New	ENERGY TRANSFER EQUITY L P	$493,000	–	26,978	–	0.39%	–
RDSA	Sell	ROYAL DUTCH SHELL PLC	$490,000	+7.7%	8,096	-5.3%	0.38%	+11.0%
NUS	Sell	NU SKIN ENTERPRISES INC	$460,000	-15.6%	7,475	-13.8%	0.36%	-13.0%
JNJ	Sell	JOHNSON & JOHNSON	$421,000	-22.8%	3,242	-21.3%	0.33%	-20.5%
AAPL	Sell	APPLE INC	$416,000	-4.4%	2,699	-10.5%	0.32%	-1.5%
VZ	Buy	VERIZON COMMUNICATIONS INC	$408,000	+11.2%	8,243	+0.4%	0.32%	+14.3%
BA	Sell	BOEING CO	$401,000	-8.0%	1,577	-28.4%	0.31%	-5.1%
CVX	Sell	CHEVRON CORP NEW	$400,000	+7.8%	3,403	-4.3%	0.31%	+11.0%
MET	Buy	METLIFE INC	$327,000	+4.8%	6,288	+10.5%	0.26%	+8.0%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$299,000	+4.2%	2,734	-2.5%	0.23%	+7.3%
GLD	Buy	SPDR GOLD TRUST	$296,000	+7.2%	2,435	+4.3%	0.23%	+10.5%
PM	Sell	PHILIP MORRIS INTL INC	$270,000	-10.0%	2,432	-4.9%	0.21%	-7.5%
TTE	Sell	TOTAL S A	$269,000	-14.9%	5,025	-21.1%	0.21%	-12.5%
PG	Sell	PROCTER & GAMBLE CO	$236,000	+4.0%	2,590	-0.4%	0.18%	+7.6%
WY	Sell	WEYERHAEUSER CO	$215,000	-6.1%	6,325	-7.6%	0.17%	-3.4%
PSX	New	PHILLIPS 66	$213,000	–	2,327	–	0.17%	–
ESV	Sell	ENSCO PLC	$90,000	0.0%	15,000	-14.2%	0.07%	+2.9%
TEF	Exit	TELEFONICA S A	$0	–	-18,201	–	-0.14%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-8,836	–	-0.16%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-6,957	–	-0.43%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTD	$0	–	-61,639	–	-1.56%	–
DOW	Exit	DOW CHEM CO	$0	–	-83,719	–	-4.01%	–

Q2 2017

			Value		Shares		↓ Weighting
DOW	New	DOW CHEM CO	$5,280,000	–	83,719	–	4.01%	–
CSCO	New	CISCO SYS INC	$5,028,000	–	160,628	–	3.82%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$4,836,000	–	178,572	–	3.67%	–
INTC	New	INTEL CORP	$4,673,000	–	138,507	–	3.55%	–
TUP	New	TUPPERWARE BRANDS CORP	$4,442,000	–	63,250	–	3.37%	–
MSFT	New	MICROSOFT CORP	$4,371,000	–	63,417	–	3.32%	–
CAH	New	CARDINAL HEALTH INC	$4,053,000	–	52,012	–	3.08%	–
FAST	New	FASTENAL CO	$3,936,000	–	90,410	–	2.99%	–
T	New	AT&T INC	$3,600,000	–	95,412	–	2.73%	–
COH	New	COACH INC	$3,588,000	–	75,795	–	2.72%	–
VTR	New	VENTAS INC	$3,428,000	–	49,337	–	2.60%	–
GE	New	GENERAL ELECTRIC CO	$3,271,000	–	121,088	–	2.48%	–
HRB	New	BLOCK H & R INC	$3,240,000	–	104,815	–	2.46%	–
AMP	New	AMERIPRISE FINL INC	$3,107,000	–	24,408	–	2.36%	–
AMGN	New	AMGEN INC	$3,072,000	–	17,838	–	2.33%	–
VCSH	New	VANGUARD SCOTTSDALE FDS	$2,960,000	–	36,979	–	2.25%	–
PEB	New	PEBBLEBROOK HOTEL TR	$2,896,000	–	89,818	–	2.20%	–
VFC	New	V F CORP	$2,801,000	–	48,631	–	2.13%	–
AFL	New	AFLAC INC	$2,662,000	–	34,264	–	2.02%	–
NGG	New	NATIONAL GRID PLC	$2,641,000	–	42,046	–	2.00%	–
ABBV	New	ABBVIE INC	$2,506,000	–	34,554	–	1.90%	–
EMR	New	EMERSON ELEC CO	$2,373,000	–	39,798	–	1.80%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,059,000	–	13,384	–	1.56%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTD	$2,048,000	–	61,639	–	1.56%	–
DE	New	DEERE & CO	$1,965,000	–	15,896	–	1.49%	–
CAT	New	CATERPILLAR INC DEL	$1,960,000	–	18,239	–	1.49%	–
SPY	New	SPDR S&P 500 ETF TR	$1,955,000	–	8,086	–	1.48%	–
VIAB	New	VIACOM INC NEW	$1,864,000	–	55,540	–	1.42%	–
PFE	New	PFIZER INC	$1,686,000	–	50,193	–	1.28%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$1,684,000	–	40,706	–	1.28%	–
PEP	New	PEPSICO INC	$1,678,000	–	14,531	–	1.27%	–
CMI	New	CUMMINS INC	$1,592,000	–	9,814	–	1.21%	–
WFC	New	WELLS FARGO & CO NEW	$1,568,000	–	28,296	–	1.19%	–
KSS	New	KOHLS CORP	$1,473,000	–	38,090	–	1.12%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NV	$1,442,000	–	13,070	–	1.10%	–
PII	New	POLARIS INDS INC	$1,411,000	–	15,297	–	1.07%	–
GBCI	New	GLACIER BANCORP INC NEW	$1,350,000	–	36,867	–	1.02%	–
PSA	New	PUBLIC STORAGE	$1,302,000	–	6,245	–	0.99%	–
DLR	New	DIGITAL RLTY TR INC	$1,266,000	–	11,212	–	0.96%	–
TU	New	TELUS CORP	$1,254,000	–	36,326	–	0.95%	–
VLO	New	VALERO ENERGY CORP NEW	$1,195,000	–	17,708	–	0.91%	–
SLB	New	SCHLUMBERGER LTD	$1,188,000	–	18,043	–	0.90%	–
XOM	New	EXXON MOBIL CORP	$1,156,000	–	14,325	–	0.88%	–
SDY	New	SPDR SERIES TRUST	$1,074,000	–	12,085	–	0.82%	–
BSV	New	VANGUARD BD INDEX FD INC	$916,000	–	11,475	–	0.70%	–
DEO	New	DIAGEO P L C	$879,000	–	7,337	–	0.67%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$828,000	–	25,062	–	0.63%	–
QCOM	New	QUALCOMM INC	$803,000	–	14,543	–	0.61%	–
EXR	New	EXTRA SPACE STORAGE INC	$794,000	–	10,185	–	0.60%	–
CLX	New	CLOROX CO DEL	$778,000	–	5,841	–	0.59%	–
WTR	New	AQUA AMERICA INC	$734,000	–	22,052	–	0.56%	–
VNQ	New	VANGUARD INDEX FDS	$641,000	–	7,700	–	0.49%	–
PXD	New	PIONEER NAT RES CO	$621,000	–	3,892	–	0.47%	–
DD	New	DU PONT E I DE NEMOURS & CO	$561,000	–	6,957	–	0.43%	–
CWT	New	CALIFORNIA WTR SVC GROUP	$556,000	–	15,120	–	0.42%	–
ABT	New	ABBOTT LABS	$550,000	–	11,321	–	0.42%	–
JNJ	New	JOHNSON & JOHNSON	$545,000	–	4,117	–	0.41%	–
NUS	New	NU SKIN ENTERPRISES INC	$545,000	–	8,675	–	0.41%	–
COP	New	CONOCOPHILLIPS	$476,000	–	10,829	–	0.36%	–
RDSA	New	ROYAL DUTCH SHELL PLC	$455,000	–	8,546	–	0.34%	–
USB	New	US BANCORP DEL	$440,000	–	8,466	–	0.33%	–
BA	New	BOEING CO	$436,000	–	2,203	–	0.33%	–
AAPL	New	APPLE INC	$435,000	–	3,017	–	0.33%	–
SYY	New	SYSCO CORP	$434,000	–	8,615	–	0.33%	–
CA	New	CA INC	$408,000	–	11,832	–	0.31%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTD	$377,000	–	10,785	–	0.29%	–
CVX	New	CHEVRON CORP NEW	$371,000	–	3,556	–	0.28%	–
VZ	New	VERIZON COMMUNICATIONS INC	$367,000	–	8,211	–	0.28%	–
CL	New	COLGATE PALMOLIVE CO	$357,000	–	4,820	–	0.27%	–
UPS	New	UNITED PARCEL SERVICE INC	$318,000	–	2,879	–	0.24%	–
TTE	New	TOTAL S A	$316,000	–	6,369	–	0.24%	–
MET	New	METLIFE INC	$312,000	–	5,688	–	0.24%	–
PM	New	PHILIP MORRIS INTL INC	$300,000	–	2,557	–	0.23%	–
TBT	New	PROSHARES TR	$298,000	–	8,300	–	0.23%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$287,000	–	2,803	–	0.22%	–
ENB	New	ENBRIDGE INC	$281,000	–	7,048	–	0.21%	–
GLD	New	SPDR GOLD TRUST	$276,000	–	2,335	–	0.21%	–
FITB	New	FIFTH THIRD BANCORP	$244,000	–	9,385	–	0.18%	–
GLW	New	CORNING INC	$235,000	–	7,825	–	0.18%	–
WY	New	WEYERHAEUSER CO	$229,000	–	6,845	–	0.17%	–
PG	New	PROCTER & GAMBLE CO	$227,000	–	2,601	–	0.17%	–
IP	New	INTL PAPER CO	$227,000	–	4,015	–	0.17%	–
PAYX	New	PAYCHEX INC	$221,000	–	3,884	–	0.17%	–
WU	New	WESTERN UN CO	$213,000	–	11,170	–	0.16%	–
LUMN	New	CENTURYLINK INC	$211,000	–	8,836	–	0.16%	–
TEF	New	TELEFONICA S A	$189,000	–	18,201	–	0.14%	–
ESV	New	ENSCO PLC	$90,000	–	17,487	–	0.07%	–

Q4 2016

			Value		Shares		↓ Weighting
ESV	Exit	ENSCO PLC	$0	–	-18,708	–	-0.12%	–
BIIB	Exit	BIOGEN INC	$0	–	-640	–	-0.16%	–
UPS	Exit	UNITED PARCEL SERVICE INC	$0	–	-1,894	–	-0.16%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NV	$0	–	-1,600	–	-0.16%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-6,763	–	-0.17%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-2,227	–	-0.17%	–
GLW	Exit	CORNING INC	$0	–	-9,200	–	-0.17%	–
IP	Exit	INTL PAPER CO	$0	–	-4,540	–	-0.17%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,467	–	-0.17%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-2,600	–	-0.18%	–
WU	Exit	WESTERN UN CO	$0	–	-11,020	–	-0.18%	–
MET	Exit	METLIFE INC	$0	–	-5,283	–	-0.18%	–
BA	Exit	BOEING CO	$0	–	-1,832	–	-0.19%	–
HWKN	Exit	HAWKINS INC	$0	–	-5,960	–	-0.20%	–
PAYX	Exit	PAYCHEX INC	$0	–	-4,509	–	-0.20%	–
TBT	Exit	PROSHARES TR	$0	–	-8,300	–	-0.20%	–
HCP	Exit	HCP INC	$0	–	-7,185	–	-0.21%	–
PFE	Exit	PFIZER INC	$0	–	-8,595	–	-0.23%	–
TTE	Exit	TOTAL S A	$0	–	-6,171	–	-0.23%	–
SEP	Exit	SPECTRA ENERGY PARTNERS LP	$0	–	-7,072	–	-0.24%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,420	–	-0.24%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-6,084	–	-0.25%	–
BIV	Exit	VANGUARD BD INDEX FD INC	$0	–	-3,720	–	-0.25%	–
CA	Exit	CA INC	$0	–	-10,107	–	-0.26%	–
USB	Exit	US BANCORP DEL	$0	–	-8,466	–	-0.28%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-4,900	–	-0.28%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTD	$0	–	-11,933	–	-0.28%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-3,586	–	-0.29%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,761	–	-0.34%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-6,757	–	-0.35%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC	$0	–	-9,296	–	-0.36%	–
SYY	Exit	SYSCO CORP	$0	–	-9,840	–	-0.38%	–
ABT	Exit	ABBOTT LABS	$0	–	-11,396	–	-0.38%	–
CWT	Exit	CALIFORNIA WTR SVC GROUP	$0	–	-15,120	–	-0.38%	–
AAPL	Exit	APPLE INC	$0	–	-4,300	–	-0.38%	–
NUS	Exit	NU SKIN ENTERPRISES INC	$0	–	-7,900	–	-0.40%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-12,009	–	-0.41%	–
VNQ	Exit	VANGUARD INDEX FDS	$0	–	-7,700	–	-0.52%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-22,052	–	-0.52%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-24,778	–	-0.55%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-3,892	–	-0.56%	–
CLX	Exit	CLOROX CO DEL	$0	–	-5,991	–	-0.58%	–
TEF	Exit	TELEFONICA S A	$0	–	-76,626	–	-0.60%	–
SPY	Exit	SPDR S&P 500 ETF TR	$0	–	-4,156	–	-0.70%	–
PII	Exit	POLARIS INDS INC	$0	–	-11,982	–	-0.72%	–
BSV	Exit	VANGUARD BD INDEX FD INC	$0	–	-11,850	–	-0.74%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-25,726	–	-0.84%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-12,457	–	-0.84%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-4,888	–	-0.85%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-20,770	–	-0.86%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,096	–	-0.90%	–
TU	Exit	TELUS CORP	$0	–	-36,771	–	-0.94%	–
SDY	Exit	SPDR SERIES TRUST	$0	–	-14,911	–	-0.98%	–
DEO	Exit	DIAGEO P L C	$0	–	-11,993	–	-1.08%	–
GBCI	Exit	GLACIER BANCORP INC NEW	$0	–	-49,867	–	-1.10%	–
VTR	Exit	VENTAS INC	$0	–	-20,264	–	-1.11%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-19,033	–	-1.16%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-15,560	–	-1.17%	–
PEP	Exit	PEPSICO INC	$0	–	-14,831	–	-1.25%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-23,055	–	-1.59%	–
CMI	Exit	CUMMINS INC	$0	–	-16,316	–	-1.62%	–
DE	Exit	DEERE & CO	$0	–	-26,443	–	-1.75%	–
ABBV	Exit	ABBVIE INC	$0	–	-36,259	–	-1.78%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-42,983	–	-1.82%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-15,176	–	-1.87%	–
PEB	Exit	PEBBLEBROOK HOTEL TR	$0	–	-93,618	–	-1.94%	–
HRB	Exit	BLOCK H & R INC	$0	–	-107,925	–	-1.94%	–
AFL	Exit	AFLAC INC	$0	–	-36,235	–	-2.02%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-26,764	–	-2.08%	–
KSS	Exit	KOHLS CORP	$0	–	-61,985	–	-2.11%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDS	$0	–	-34,229	–	-2.14%	–
VIAB	Exit	VIACOM INC NEW	$0	–	-73,318	–	-2.17%	–
COH	Exit	COACH INC	$0	–	-79,269	–	-2.25%	–
NGG	Exit	NATIONAL GRID PLC	$0	–	-42,966	–	-2.37%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-86,980	–	-2.40%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-126,564	–	-2.91%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-49,316	–	-2.98%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTD	$0	–	-87,339	–	-3.12%	–
T	Exit	AT&T INC	$0	–	-100,700	–	-3.18%	–
FAST	Exit	FASTENAL CO	$0	–	-107,330	–	-3.48%	–
TUP	Exit	TUPPERWARE BRANDS CORP	$0	–	-70,195	–	-3.57%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-81,524	–	-3.65%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-194,395	–	-4.17%	–
DOW	Exit	DOW CHEM CO	$0	–	-106,202	–	-4.28%	–
CSCO	Exit	CISCO SYS INC	$0	–	-181,311	–	-4.47%	–
INTC	Exit	INTEL CORP	$0	–	-154,812	–	-4.54%	–

Q3 2016

			Value		Shares		↓ Weighting
INTC	Sell	INTEL CORP	$5,844,000	+14.0%	154,812	-0.9%	4.54%	+11.1%
CSCO	Sell	CISCO SYS INC	$5,751,000	+8.3%	181,311	-2.1%	4.47%	+5.5%
DOW	Sell	DOW CHEM CO	$5,504,000	+3.1%	106,202	-1.1%	4.28%	+0.5%
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$5,371,000	-6.1%	194,395	-0.5%	4.17%	-8.5%
MSFT	Sell	MICROSOFT CORP	$4,696,000	+7.4%	81,524	-4.6%	3.65%	+4.7%
TUP	Sell	TUPPERWARE BRANDS CORP	$4,589,000	+11.8%	70,195	-3.7%	3.57%	+8.9%
FAST	Buy	FASTENAL CO	$4,484,000	-5.2%	107,330	+0.8%	3.48%	-7.6%
T	Sell	AT&T INC	$4,089,000	-10.1%	100,700	-4.4%	3.18%	-12.4%
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTD	$4,018,000	-8.3%	87,339	+0.2%	3.12%	-10.6%
CAH	Buy	CARDINAL HEALTH INC	$3,832,000	+1.2%	49,316	+1.6%	2.98%	-1.4%
GE	Sell	GENERAL ELECTRIC CO	$3,749,000	-7.6%	126,564	-1.8%	2.91%	-9.9%
OHI	New	OMEGA HEALTHCARE INVS INC	$3,083,000	–	86,980	–	2.40%	–
NGG	Sell	NATIONAL GRID PLC	$3,055,000	-4.8%	42,966	-0.4%	2.37%	-7.2%
COH	Buy	COACH INC	$2,898,000	-10.2%	79,269	+0.1%	2.25%	-12.5%
VIAB	Buy	VIACOM INC NEW	$2,793,000	-0.1%	73,318	+8.8%	2.17%	-2.6%
VCSH	Buy	VANGUARD SCOTTSDALE FDS	$2,757,000	+11.4%	34,229	+11.8%	2.14%	+8.6%
KSS	Sell	KOHLS CORP	$2,712,000	-15.1%	61,985	-26.4%	2.11%	-17.3%
AMP	Buy	AMERIPRISE FINL INC	$2,670,000	+13.8%	26,764	+2.5%	2.08%	+10.9%
AFL	Sell	AFLAC INC	$2,604,000	-6.4%	36,235	-6.1%	2.02%	-8.8%
HRB	New	BLOCK H & R INC	$2,498,000	–	107,925	–	1.94%	–
PEB	Sell	PEBBLEBROOK HOTEL TR	$2,490,000	+1.2%	93,618	-0.1%	1.94%	-1.4%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$2,411,000	+3.5%	15,176	-1.1%	1.87%	+0.9%
EMR	Buy	EMERSON ELEC CO	$2,343,000	+5.0%	42,983	+0.5%	1.82%	+2.3%
ABBV	Sell	ABBVIE INC	$2,287,000	+0.7%	36,259	-1.2%	1.78%	-1.9%
DE	Sell	DEERE & CO	$2,257,000	+1.9%	26,443	-3.2%	1.75%	-0.7%
CMI	Sell	CUMMINS INC	$2,091,000	+13.9%	16,316	-0.1%	1.62%	+10.9%
CAT	Sell	CATERPILLAR INC DEL	$2,047,000	+12.4%	23,055	-4.0%	1.59%	+9.5%
PEP	Sell	PEPSICO INC	$1,613,000	+2.5%	14,831	-0.2%	1.25%	-0.2%
DLR	Sell	DIGITAL RLTY TR INC	$1,511,000	-35.6%	15,560	-27.7%	1.17%	-37.3%
SLB	Sell	SCHLUMBERGER LTD	$1,497,000	-1.2%	19,033	-0.7%	1.16%	-3.8%
VTR	Sell	VENTAS INC	$1,431,000	-3.9%	20,264	-0.9%	1.11%	-6.4%
DEO	Sell	DIAGEO P L C	$1,392,000	+2.1%	11,993	-0.7%	1.08%	-0.5%
SDY	Buy	SPDR SERIES TRUST	$1,258,000	+53.0%	14,911	+52.2%	0.98%	+49.1%
TU	Sell	TELUS CORP	$1,213,000	+1.6%	36,771	-0.8%	0.94%	-0.9%
WFC	Buy	WELLS FARGO & CO NEW	$1,156,000	-6.2%	26,096	+0.2%	0.90%	-8.7%
VLO	Buy	VALERO ENERGY CORP NEW	$1,101,000	+4.3%	20,770	+0.3%	0.86%	+1.7%
XOM	Sell	EXXON MOBIL CORP	$1,087,000	-7.4%	12,457	-0.6%	0.84%	-9.7%
ADM	Buy	ARCHER DANIELS MIDLAND CO	$1,085,000	+2.1%	25,726	+3.8%	0.84%	-0.6%
BSV	Buy	VANGUARD BD INDEX FD INC	$958,000	+26.4%	11,850	+26.7%	0.74%	+23.1%
PII	Buy	POLARIS INDS INC	$928,000	+123.1%	11,982	+135.4%	0.72%	+117.2%
SPY	Sell	SPDR S&P 500 ETF TR	$899,000	-2.5%	4,156	-5.6%	0.70%	-4.9%
TEF	Sell	TELEFONICA S A	$772,000	-49.8%	76,626	-52.8%	0.60%	-51.1%
COP	Sell	CONOCOPHILLIPS	$522,000	-5.9%	12,009	-5.6%	0.41%	-8.4%
NUS	Sell	NU SKIN ENTERPRISES INC	$512,000	-21.4%	7,900	-44.0%	0.40%	-23.3%
AAPL	Sell	APPLE INC	$486,000	+16.8%	4,300	-1.3%	0.38%	+13.9%
SYY	Sell	SYSCO CORP	$482,000	-5.3%	9,840	-2.0%	0.38%	-7.6%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTD	$365,000	+13.4%	11,933	-2.8%	0.28%	+10.5%
CL	Sell	COLGATE PALMOLIVE CO	$363,000	-2.7%	4,900	-3.9%	0.28%	-5.4%
TTE	Sell	TOTAL S A	$294,000	-16.5%	6,171	-15.6%	0.23%	-18.9%
HCP	Sell	HCP INC	$273,000	-91.0%	7,185	-91.6%	0.21%	-91.2%
PAYX	Sell	PAYCHEX INC	$261,000	-48.4%	4,509	-47.0%	0.20%	-49.8%
BA	Buy	BOEING CO	$241,000	+10.6%	1,832	+9.0%	0.19%	+7.5%
MET	New	METLIFE INC	$235,000	–	5,283	–	0.18%	–
PG	Buy	PROCTER & GAMBLE CO	$221,000	+6.8%	2,467	+0.7%	0.17%	+4.2%
IP	New	INTL PAPER CO	$218,000	–	4,540	–	0.17%	–
GLW	New	CORNING INC	$218,000	–	9,200	–	0.17%	–
PM	Buy	PHILIP MORRIS INTL INC	$217,000	+5.3%	2,227	+9.9%	0.17%	+3.0%
BUD	New	ANHEUSER BUSCH INBEV SA/NV	$210,000	–	1,600	–	0.16%	–
BIIB	New	BIOGEN INC	$200,000	–	640	–	0.16%	–
LUMN	Exit	CENTURYLINK INC	$0	–	-6,896	–	-0.16%	–

Q2 2016

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$5,718,000	–	195,411	–	4.56%	–
DOW	New	DOW CHEM CO	$5,338,000	–	107,380	–	4.26%	–
CSCO	New	CISCO SYS INC	$5,312,000	–	185,168	–	4.24%	–
INTC	New	INTEL CORP	$5,125,000	–	156,250	–	4.09%	–
FAST	New	FASTENAL CO	$4,728,000	–	106,505	–	3.77%	–
T	New	AT&T INC	$4,550,000	–	105,296	–	3.63%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTD	$4,380,000	–	87,189	–	3.49%	–
MSFT	New	MICROSOFT CORP	$4,371,000	–	85,426	–	3.49%	–
TUP	New	TUPPERWARE BRANDS CORP	$4,104,000	–	72,920	–	3.27%	–
GE	New	GENERAL ELECTRIC CO	$4,056,000	–	128,839	–	3.24%	–
CAH	New	CARDINAL HEALTH INC	$3,787,000	–	48,542	–	3.02%	–
COH	New	COACH INC	$3,227,000	–	79,209	–	2.57%	–
NGG	New	NATIONAL GRID PLC	$3,208,000	–	43,159	–	2.56%	–
KSS	New	KOHLS CORP	$3,195,000	–	84,259	–	2.55%	–
HCP	New	HCP INC	$3,023,000	–	85,431	–	2.41%	–
VIAB	New	VIACOM INC NEW	$2,795,000	–	67,402	–	2.23%	–
AFL	New	AFLAC INC	$2,783,000	–	38,570	–	2.22%	–
VCSH	New	VANGUARD SCOTTSDALE FDS	$2,474,000	–	30,604	–	1.97%	–
PEB	New	PEBBLEBROOK HOTEL TR	$2,460,000	–	93,718	–	1.96%	–
DLR	New	DIGITAL RLTY TR INC	$2,345,000	–	21,520	–	1.87%	–
AMP	New	AMERIPRISE FINL INC	$2,346,000	–	26,114	–	1.87%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,329,000	–	15,343	–	1.86%	–
ABBV	New	ABBVIE INC	$2,271,000	–	36,684	–	1.81%	–
EMR	New	EMERSON ELEC CO	$2,232,000	–	42,783	–	1.78%	–
DE	New	DEERE & CO	$2,215,000	–	27,328	–	1.77%	–
CMI	New	CUMMINS INC	$1,836,000	–	16,331	–	1.46%	–
CAT	New	CATERPILLAR INC DEL	$1,821,000	–	24,022	–	1.45%	–
PEP	New	PEPSICO INC	$1,574,000	–	14,861	–	1.26%	–
TEF	New	TELEFONICA S A	$1,539,000	–	162,335	–	1.23%	–
SLB	New	SCHLUMBERGER LTD	$1,515,000	–	19,158	–	1.21%	–
VTR	New	VENTAS INC	$1,489,000	–	20,448	–	1.19%	–
DEO	New	DIAGEO P L C	$1,363,000	–	12,075	–	1.09%	–
GBCI	New	GLACIER BANCORP INC NEW	$1,325,000	–	49,867	–	1.06%	–
PSA	New	PUBLIC STORAGE	$1,249,000	–	4,888	–	1.00%	–
WFC	New	WELLS FARGO & CO NEW	$1,233,000	–	26,044	–	0.98%	–
TU	New	TELUS CORP	$1,194,000	–	37,071	–	0.95%	–
XOM	New	EXXON MOBIL CORP	$1,174,000	–	12,526	–	0.94%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$1,063,000	–	24,794	–	0.85%	–
VLO	New	VALERO ENERGY CORP NEW	$1,056,000	–	20,703	–	0.84%	–
SPY	New	SPDR S&P 500 ETF TR	$922,000	–	4,401	–	0.74%	–
CLX	New	CLOROX CO DEL	$829,000	–	5,991	–	0.66%	–
SDY	New	SPDR SERIES TRUST	$822,000	–	9,795	–	0.66%	–
WTR	New	AQUA AMERICA INC	$786,000	–	22,052	–	0.63%	–
BSV	New	VANGUARD BD INDEX FD INC	$758,000	–	9,350	–	0.60%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$712,000	–	24,778	–	0.57%	–
VNQ	New	VANGUARD INDEX FDS	$683,000	–	7,700	–	0.54%	–
NUS	New	NU SKIN ENTERPRISES INC	$651,000	–	14,100	–	0.52%	–
PXD	New	PIONEER NAT RES CO	$589,000	–	3,892	–	0.47%	–
COP	New	CONOCOPHILLIPS	$555,000	–	12,728	–	0.44%	–
CWT	New	CALIFORNIA WTR SVC GROUP	$528,000	–	15,120	–	0.42%	–
RDSA	New	ROYAL DUTCH SHELL PLC	$513,000	–	9,296	–	0.41%	–
SYY	New	SYSCO CORP	$509,000	–	10,040	–	0.41%	–
PAYX	New	PAYCHEX INC	$506,000	–	8,509	–	0.40%	–
JNJ	New	JOHNSON & JOHNSON	$456,000	–	3,761	–	0.36%	–
ABT	New	ABBOTT LABS	$448,000	–	11,396	–	0.36%	–
DD	New	DU PONT E I DE NEMOURS & CO	$438,000	–	6,757	–	0.35%	–
AAPL	New	APPLE INC	$416,000	–	4,356	–	0.33%	–
PII	New	POLARIS INDS INC	$416,000	–	5,089	–	0.33%	–
CVX	New	CHEVRON CORP NEW	$376,000	–	3,586	–	0.30%	–
CL	New	COLGATE PALMOLIVE CO	$373,000	–	5,100	–	0.30%	–
TTE	New	TOTAL S A	$352,000	–	7,311	–	0.28%	–
USB	New	US BANCORP DEL	$341,000	–	8,466	–	0.27%	–
VZ	New	VERIZON COMMUNICATIONS INC	$340,000	–	6,084	–	0.27%	–
CA	New	CA INC	$332,000	–	10,107	–	0.26%	–
BIV	New	VANGUARD BD INDEX FD INC	$328,000	–	3,720	–	0.26%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTD	$322,000	–	12,283	–	0.26%	–
GLD	New	SPDR GOLD TRUST	$306,000	–	2,420	–	0.24%	–
PFE	New	PFIZER INC	$303,000	–	8,595	–	0.24%	–
TBT	New	PROSHARES TR	$263,000	–	8,300	–	0.21%	–
HWKN	New	HAWKINS INC	$259,000	–	5,960	–	0.21%	–
SEP	New	SPECTRA ENERGY PARTNERS LP	$259,000	–	7,072	–	0.21%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$239,000	–	2,600	–	0.19%	–
BA	New	BOEING CO	$218,000	–	1,680	–	0.17%	–
WU	New	WESTERN UN CO	$211,000	–	11,020	–	0.17%	–
PG	New	PROCTER & GAMBLE CO	$207,000	–	2,450	–	0.16%	–
PM	New	PHILIP MORRIS INTL INC	$206,000	–	2,027	–	0.16%	–
UPS	New	UNITED PARCEL SERVICE INC	$204,000	–	1,894	–	0.16%	–
LUMN	New	CENTURYLINK INC	$200,000	–	6,896	–	0.16%	–
WY	New	WEYERHAEUSER CO	$201,000	–	6,763	–	0.16%	–
ESV	New	ENSCO PLC	$182,000	–	18,708	–	0.14%	–

Q4 2015

			Value		Shares		↓ Weighting
ERF	Exit	ENERPLUS CORP.	$0	–	-19,230	–	-0.08%	–
LNCOQ	Exit	LINN CO, LLC	$0	–	-50,460	–	-0.12%	–
MXF	Exit	MEXICO FUND, INC. (THE) COMMON	$0	–	-11,430	–	-0.17%	–
PSX	Exit	PHILLIPS 66	$0	–	-2,747	–	-0.18%	–
BAX	Exit	BAXTER INTERNATIONAL INC.	$0	–	-6,804	–	-0.19%	–
BXLT	Exit	BAXALTA INC	$0	–	-7,475	–	-0.20%	–
EFA	Exit	ISHARES MS EAFE INDEX ETF	$0	–	-4,400	–	-0.22%	–
SDY	Exit	SPDR S&P DIVIDEND INDEX FUND	$0	–	-3,735	–	-0.23%	–
CA	Exit	CA TECHNOLOGIES	$0	–	-10,399	–	-0.24%	–
GLD	Exit	STREETTRACKS GOLD TRUST	$0	–	-2,720	–	-0.25%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MANUFACTUR	$0	–	-15,083	–	-0.27%	–
BIV	Exit	VANGUARD INT. BOND INDEX FUND ETF	$0	–	-3,720	–	-0.27%	–
ADP	Exit	AUTOMATIC DATA PROCESSING, INC.	$0	–	-4,000	–	-0.28%	–
TTE	Exit	TOTAL SA	$0	–	-7,241	–	-0.28%	–
HWKN	Exit	HAWKINS, INC.	$0	–	-8,436	–	-0.28%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,488	–	-0.28%	–
DD	Exit	E.I. DU PONT DE NEMOURS	$0	–	-6,882	–	-0.28%	–
CWT	Exit	CALIFORNIA WATER SERVICE GROUP	$0	–	-15,120	–	-0.29%	–
USB	Exit	U.S. BANCORP	$0	–	-8,466	–	-0.30%	–
NUS	Exit	NU SKIN ENTERPRISES CLASS A	$0	–	-8,700	–	-0.31%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GOLD INC.	$0	–	-37,645	–	-0.31%	–
TBT	Exit	ULTRASHORT 20+ YEAR TREASURY	$0	–	-8,722	–	-0.32%	–
PAYX	Exit	PAYCHEX, INC.	$0	–	-8,318	–	-0.34%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-5,174	–	-0.35%	–
AAPL	Exit	APPLE INC.	$0	–	-3,925	–	-0.37%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-10,874	–	-0.38%	–
PXD	Exit	PIONEER NATURAL RESOURCES COMPA	$0	–	-3,892	–	-0.41%	–
CL	Exit	COLGATE-PALMOLIVE COMPANY COMMO	$0	–	-7,800	–	-0.42%	–
RDSA	Exit	ROYAL DUTCH SHELL	$0	–	-10,516	–	-0.43%	–
SYY	Exit	SYSCO	$0	–	-14,064	–	-0.47%	–
VZ	Exit	VERIZON COMMUNICATIONS INC.	$0	–	-13,219	–	-0.49%	–
VNQ	Exit	VANGUARD REIT INDEX ETF	$0	–	-7,700	–	-0.50%	–
WTR	Exit	AQUA AMERICA, INC. COMMON STOCK	$0	–	-22,052	–	-0.50%	–
SLB	Exit	SCHLUMBERGER N.V.	$0	–	-8,645	–	-0.51%	–
BSV	Exit	VANGUARD ST BOND INDEX FUND ETF	$0	–	-8,310	–	-0.57%	–
ESV	Exit	ENSCO PLC	$0	–	-48,662	–	-0.59%	–
SXL	Exit	SUNOCO LOGISTICS PARTNERS LP CO	$0	–	-25,278	–	-0.62%	–
PEB	Exit	PEBBLEBROOK HOTEL TRUST	$0	–	-25,938	–	-0.79%	–
SPY	Exit	SPDR S&P 500 INDEX FUND	$0	–	-5,353	–	-0.88%	–
XOM	Exit	EXXON MOBIL CORPORATION	$0	–	-14,254	–	-0.91%	–
PSA	Exit	PUBLIC STORAGE COMMON STOCK	$0	–	-5,330	–	-0.97%	–
TU	Exit	TELUS CORPORATION	$0	–	-36,671	–	-0.99%	–
WFC	Exit	WELLS FARGO & COMPANY COMMON ST	$0	–	-25,795	–	-1.14%	–
CLX	Exit	CLOROX COMPANY	$0	–	-11,547	–	-1.15%	–
GBCI	Exit	GLACIER BANCORP, INC.	$0	–	-53,867	–	-1.22%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-33,782	–	-1.28%	–
DEO	Exit	DIAGEO PLC COMMON STOCK	$0	–	-14,810	–	-1.37%	–
PEP	Exit	PEPSICO, INC.	$0	–	-19,352	–	-1.57%	–
VLO	Exit	VALERO ENERGY CORP.	$0	–	-31,521	–	-1.63%	–
ABBV	Exit	ABBVIE INC.	$0	–	-35,768	–	-1.67%	–
DE	Exit	DEERE & COMPANY	$0	–	-26,789	–	-1.70%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS LP	$0	–	-95,843	–	-2.05%	–
COP	Exit	CONOCO, INC.	$0	–	-51,598	–	-2.13%	–
VCSH	Exit	VANGUARD SHORT-TERM CORP BOND ETF	$0	–	-31,829	–	-2.18%	–
COH	Exit	COACH, INC. COMMON STOCK	$0	–	-90,339	–	-2.25%	–
CAT	Exit	CATERPILLAR, INC.	$0	–	-41,642	–	-2.34%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES	$0	–	-18,975	–	-2.36%	–
DLR	Exit	DIGITAL REALTY TRUST, INC. COMM	$0	–	-42,165	–	-2.37%	–
TEF	Exit	TELEFONICA SA	$0	–	-236,953	–	-2.45%	–
AFL	Exit	AFLAC INC.	$0	–	-52,323	–	-2.61%	–
NGG	Exit	NATIONAL GRID PLC	$0	–	-49,917	–	-2.99%	–
TUP	Exit	TUPPERWARE BRANDS CORPORATION C	$0	–	-71,925	–	-3.06%	–
HCP	Exit	HCP, INC.	$0	–	-95,709	–	-3.06%	–
T	Exit	AT&T	$0	–	-120,014	–	-3.36%	–
KSS	Exit	KOHL'S CORPORATION	$0	–	-84,592	–	-3.37%	–
CAH	Exit	CARDINAL HEALTH, INC.	$0	–	-57,467	–	-3.79%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-179,933	–	-3.90%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-105,724	–	-4.02%	–
FAST	Exit	FASTENAL COMPANY	$0	–	-128,474	–	-4.04%	–
INTC	Exit	INTEL CORPORATION	$0	–	-161,915	–	-4.19%	–
CSCO	Exit	CISCO SYSTEMS, INC.	$0	–	-193,799	–	-4.37%	–
TEVA	Exit	TEVA PHARMACEUTICAL IND LTD	$0	–	-92,949	–	-4.51%	–
DOW	Exit	DOW CHEMICAL COMPANY	$0	–	-137,023	–	-4.99%	–

Q3 2015

			Value		Shares		↓ Weighting
DOW	Sell	DOW CHEMICAL COMPANY	$5,810,000	-17.3%	137,023	-0.2%	4.99%	-6.2%
TEVA	Sell	TEVA PHARMACEUTICAL IND LTD	$5,248,000	-11.0%	92,949	-6.8%	4.51%	+0.9%
CSCO	Buy	CISCO SYSTEMS, INC.	$5,087,000	+2.9%	193,799	+7.6%	4.37%	+16.6%
INTC	Buy	INTEL CORPORATION	$4,880,000	+2.6%	161,915	+3.6%	4.19%	+16.4%
FAST	Buy	FASTENAL COMPANY	$4,703,000	-7.3%	128,474	+6.8%	4.04%	+5.2%
MSFT	Buy	MICROSOFT CORPORATION	$4,679,000	+1.1%	105,724	+0.9%	4.02%	+14.7%
GE	Sell	GENERAL ELECTRIC	$4,538,000	-5.1%	179,933	-0.0%	3.90%	+7.6%
CAH	Sell	CARDINAL HEALTH, INC.	$4,415,000	-8.3%	57,467	-0.2%	3.79%	+4.0%
KSS	Buy	KOHL'S CORPORATION	$3,917,000	-12.8%	84,592	+18.0%	3.37%	-1.1%
T	Buy	AT&T	$3,910,000	-6.8%	120,014	+1.6%	3.36%	+5.7%
HCP	Buy	HCP, INC.	$3,565,000	+45.6%	95,709	+42.5%	3.06%	+65.1%
TUP	Sell	TUPPERWARE BRANDS CORPORATION C	$3,560,000	-25.2%	71,925	-2.5%	3.06%	-15.2%
NGG	Buy	NATIONAL GRID PLC	$3,476,000	+9.4%	49,917	+1.4%	2.99%	+24.0%
AFL	Sell	AFLAC INC.	$3,042,000	-6.8%	52,323	-0.3%	2.61%	+5.7%
TEF	Sell	TELEFONICA SA	$2,853,000	-36.9%	236,953	-25.6%	2.45%	-28.4%
IBM	Sell	INTERNATIONAL BUSINESS MACHINES	$2,751,000	-39.7%	18,975	-32.3%	2.36%	-31.6%
CAT	Buy	CATERPILLAR, INC.	$2,722,000	-3.9%	41,642	+24.8%	2.34%	+9.0%
COH	Sell	COACH, INC. COMMON STOCK	$2,614,000	-21.7%	90,339	-6.3%	2.25%	-11.2%
VCSH	Sell	VANGUARD SHORT-TERM CORP BOND ETF	$2,537,000	-0.2%	31,829	-0.3%	2.18%	+13.2%
COP	Sell	CONOCO, INC.	$2,475,000	-22.0%	51,598	-0.2%	2.13%	-11.6%
EPD	Buy	ENTERPRISE PRODUCTS PARTNERS LP	$2,386,000	+62.3%	95,843	+94.8%	2.05%	+84.0%
DE	Sell	DEERE & COMPANY	$1,982,000	-24.9%	26,789	-1.5%	1.70%	-14.8%
ABBV	Sell	ABBVIE INC.	$1,946,000	-19.4%	35,768	-0.4%	1.67%	-8.6%
VLO	Sell	VALERO ENERGY CORP.	$1,894,000	-4.5%	31,521	-0.5%	1.63%	+8.3%
DEO	Sell	DIAGEO PLC COMMON STOCK	$1,596,000	-13.0%	14,810	-6.3%	1.37%	-1.3%
EMR	New	EMERSON ELEC CO	$1,492,000	–	33,782	–	1.28%	–
CLX	Sell	CLOROX COMPANY	$1,334,000	+6.0%	11,547	-4.5%	1.15%	+20.3%
WFC	Sell	WELLS FARGO & COMPANY COMMON ST	$1,325,000	-8.7%	25,795	-0.1%	1.14%	+3.6%
PSA	Buy	PUBLIC STORAGE COMMON STOCK	$1,128,000	+14.9%	5,330	+0.1%	0.97%	+30.2%
XOM	Sell	EXXON MOBIL CORPORATION	$1,060,000	-49.8%	14,254	-43.8%	0.91%	-43.0%
SPY	Sell	SPDR S&P 500 INDEX FUND	$1,026,000	-27.2%	5,353	-21.9%	0.88%	-17.4%
ESV	Sell	ENSCO PLC	$685,000	-66.1%	48,662	-46.4%	0.59%	-61.5%
BSV	Sell	VANGUARD ST BOND INDEX FUND ETF	$668,000	-0.1%	8,310	-0.4%	0.57%	+13.2%
SLB	Buy	SCHLUMBERGER N.V.	$596,000	+112.9%	8,645	+166.4%	0.51%	+141.5%
SYY	Sell	SYSCO	$548,000	-26.6%	14,064	-32.0%	0.47%	-16.8%
RDSA	Sell	ROYAL DUTCH SHELL	$498,000	-24.2%	10,516	-8.7%	0.43%	-14.1%
CVX	Sell	CHEVRON CORPORATION	$408,000	-22.7%	5,174	-5.5%	0.35%	-12.2%
FCX	Sell	FREEPORT-MCMORAN COPPER & GOLD INC.	$365,000	-75.6%	37,645	-53.1%	0.31%	-72.3%
NUS	Buy	NU SKIN ENTERPRISES CLASS A	$359,000	+38.6%	8,700	+58.2%	0.31%	+57.7%
DD	Buy	E.I. DU PONT DE NEMOURS	$332,000	-24.4%	6,882	+0.3%	0.28%	-14.4%
TTE	Sell	TOTAL SA	$324,000	-21.0%	7,241	-13.2%	0.28%	-10.6%
BIV	Buy	VANGUARD INT. BOND INDEX FUND ETF	$316,000	+16.6%	3,720	+15.0%	0.27%	+32.7%
SDY	Buy	SPDR S&P DIVIDEND INDEX FUND	$270,000	+14.4%	3,735	+20.5%	0.23%	+29.6%
BXLT	New	BAXALTA INC	$236,000	–	7,475	–	0.20%	–
BAX	Sell	BAXTER INTERNATIONAL INC.	$224,000	-57.2%	6,804	-9.0%	0.19%	-51.5%
PSX	Sell	PHILLIPS 66	$211,000	-5.4%	2,747	-0.5%	0.18%	+7.1%
LNCOQ	Sell	LINN CO, LLC	$137,000	-84.1%	50,460	-44.6%	0.12%	-81.9%
ERF	Sell	ENERPLUS CORP.	$93,000	-53.5%	19,230	-15.3%	0.08%	-47.4%
PVAHQ	Exit	PENN VA CORP	$0	–	-11,914	–	-0.04%	–
ATLS	Exit	ATLAS ENERGY LP	$0	–	-16,569	–	-0.06%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,681	–	-0.16%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-7,305	–	-0.18%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-9,096	–	-0.33%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-6,099	–	-0.36%	–
NGLS	Exit	TARGA RESOURCES PARTNERS LP	$0	–	-5,994	–	-0.40%	–

Q2 2015

			Value		Shares		↓ Weighting
DOW	New	DOW CHEM CO	$7,023,000	–	137,248	–	5.32%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTD	$5,897,000	–	99,774	–	4.47%	–
FAST	New	FASTENAL CO	$5,072,000	–	120,249	–	3.84%	–
CSCO	New	CISCO SYS INC	$4,946,000	–	180,099	–	3.75%	–
CAH	New	CARDINAL HEALTH INC	$4,815,000	–	57,567	–	3.65%	–
GE	New	GENERAL ELECTRIC CO	$4,781,000	–	179,939	–	3.62%	–
TUP	New	TUPPERWARE BRANDS CORP	$4,762,000	–	73,785	–	3.61%	–
INTC	New	INTEL CORP	$4,755,000	–	156,338	–	3.60%	–
MSFT	New	MICROSOFT CORP	$4,627,000	–	104,812	–	3.51%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$4,559,000	–	28,028	–	3.45%	–
TEF	New	TELEFONICA S A	$4,520,000	–	318,341	–	3.42%	–
KSS	New	KOHLS CORP	$4,490,000	–	71,717	–	3.40%	–
T	New	AT&T INC	$4,197,000	–	118,150	–	3.18%	–
COH	New	COACH INC	$3,337,000	–	96,419	–	2.53%	–
AFL	New	AFLAC INC	$3,264,000	–	52,473	–	2.47%	–
NGG	New	NATIONAL GRID PLC	$3,178,000	–	49,212	–	2.41%	–
COP	New	CONOCOPHILLIPS	$3,175,000	–	51,698	–	2.41%	–
CAT	New	CATERPILLAR INC DEL	$2,831,000	–	33,378	–	2.14%	–
DLR	New	DIGITAL RLTY TR INC	$2,812,000	–	42,165	–	2.13%	–
DE	New	DEERE & CO	$2,639,000	–	27,189	–	2.00%	–
VCSH	New	VANGUARD SHORT-TERM CORP BOND ETF	$2,541,000	–	31,934	–	1.92%	–
HCP	New	HCP INC	$2,449,000	–	67,147	–	1.86%	–
ABBV	New	ABBVIE INC	$2,414,000	–	35,929	–	1.83%	–
XOM	New	EXXON MOBIL CORP	$2,110,000	–	25,364	–	1.60%	–
ESV	New	ENSCO PLC	$2,020,000	–	90,715	–	1.53%	–
VLO	New	VALERO ENERGY CORP NEW	$1,983,000	–	31,680	–	1.50%	–
DEO	New	DIAGEO P L C	$1,835,000	–	15,810	–	1.39%	–
PEP	New	PEPSICO INC	$1,806,000	–	19,352	–	1.37%	–
GBCI	New	GLACIER BANCORP INC NEW	$1,585,000	–	53,867	–	1.20%	–
FCX	New	FREEPORT-MCMORAN COPPER & GOLD INC.	$1,495,000	–	80,300	–	1.13%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,470,000	–	49,193	–	1.11%	–
WFC	New	WELLS FARGO & CO NEW	$1,451,000	–	25,808	–	1.10%	–
SPY	New	SPDR S&P 500 ETF TR	$1,410,000	–	6,851	–	1.07%	–
TU	New	TELUS CORP	$1,263,000	–	36,671	–	0.96%	–
CLX	New	CLOROX CO DEL	$1,258,000	–	12,097	–	0.95%	–
PEB	New	PEBBLEBROOK HOTEL TR	$1,112,000	–	25,938	–	0.84%	–
PSA	New	PUBLIC STORAGE	$982,000	–	5,326	–	0.74%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$961,000	–	25,278	–	0.73%	–
LNCOQ	New	LINNCO LLC	$861,000	–	91,100	–	0.65%	–
SYY	New	SYSCO CORP	$747,000	–	20,687	–	0.57%	–
BSV	New	VANGUARD ST BOND INDEX FUND ETF	$669,000	–	8,342	–	0.51%	–
RDSA	New	ROYAL DUTCH SHELL PLC	$657,000	–	11,516	–	0.50%	–
VZ	New	VERIZON COMMUNICATIONS INC	$616,000	–	13,219	–	0.47%	–
VNQ	New	VANGUARD INDEX FDS REIT ETF	$575,000	–	7,700	–	0.44%	–
WTR	New	AQUA AMERICA INC	$540,000	–	22,052	–	0.41%	–
PXD	New	PIONEER NAT RES CO	$540,000	–	3,892	–	0.41%	–
ABT	New	ABBOTT LABS	$534,000	–	10,874	–	0.40%	–
NGLS	New	TARGA RESOURCES PARTNERS LP	$535,000	–	5,994	–	0.40%	–
CVX	New	CHEVRON CORP NEW	$528,000	–	5,474	–	0.40%	–
BAX	New	BAXTER INTL INC	$523,000	–	7,475	–	0.40%	–
CL	New	COLGATE PALMOLIVE CO	$510,000	–	7,800	–	0.39%	–
AAPL	New	APPLE INC	$492,000	–	3,925	–	0.37%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$474,000	–	6,099	–	0.36%	–
NOV	New	NATIONAL OILWELL VARCO INC	$439,000	–	9,096	–	0.33%	–
DD	New	DU PONT E I DE NEMOURS & CO	$439,000	–	6,864	–	0.33%	–
TBT	New	ULTRASHORT 20+ YEAR TREASURY	$434,000	–	8,722	–	0.33%	–
TTE	New	TOTAL S A	$410,000	–	8,341	–	0.31%	–
PAYX	New	PAYCHEX INC	$390,000	–	8,318	–	0.30%	–
USB	New	US BANCORP DEL	$367,000	–	8,466	–	0.28%	–
CWT	New	CALIFORNIA WTR SVC GROUP	$345,000	–	15,120	–	0.26%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTD	$343,000	–	15,083	–	0.26%	–
HWKN	New	HAWKINS INC	$341,000	–	8,436	–	0.26%	–
JNJ	New	JOHNSON & JOHNSON	$340,000	–	3,488	–	0.26%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$321,000	–	4,000	–	0.24%	–
GLD	New	SPDR GOLD TRUST	$306,000	–	2,720	–	0.23%	–
CA	New	CA INC	$305,000	–	10,399	–	0.23%	–
SLB	New	SCHLUMBERGER LTD	$280,000	–	3,245	–	0.21%	–
EFA	New	ISHARES MSCI EAFE ETF	$279,000	–	4,400	–	0.21%	–
BIV	New	VANGUARD INT. BOND INDEX FUND ETF	$271,000	–	3,234	–	0.20%	–
NUS	New	NU SKIN ENTERPRISES INC	$259,000	–	5,500	–	0.20%	–
MXF	New	MEXICO FD INC	$242,000	–	11,430	–	0.18%	–
SE	New	SPECTRA ENERGY CORP	$238,000	–	7,305	–	0.18%	–
SDY	New	SPDR SERIES TRUST S&P DIVID ETF	$236,000	–	3,100	–	0.18%	–
PSX	New	PHILLIPS 66	$223,000	–	2,762	–	0.17%	–
PG	New	PROCTER & GAMBLE CO	$210,000	–	2,681	–	0.16%	–
ERF	New	ENERPLUS CORP	$200,000	–	22,705	–	0.15%	–
ATLS	New	ATLAS ENERGY LP	$83,000	–	16,569	–	0.06%	–
PVAHQ	New	PENN VA CORP	$52,000	–	11,914	–	0.04%	–

Q4 2014

			Value		Shares		↓ Weighting
PVAHQ	Exit	PENN VA CORP	$0	–	-11,914	–	-0.11%	–
SLV	Exit	ISHARES SILVER TRUST	$0	–	-10,800	–	-0.13%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,463	–	-0.15%	–
DEM	Exit	WISDOMTREE TR EMERG MKTS ETF	$0	–	-4,423	–	-0.15%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-2,475	–	-0.18%	–
PSX	Exit	PHILLIPS 66	$0	–	-3,177	–	-0.18%	–
BIV	Exit	VANGUARD INT. BOND INDEX FUND ETF	$0	–	-3,234	–	-0.19%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-6,450	–	-0.19%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-7,072	–	-0.20%	–
EFA	Exit	ISHARES MSCI EAFE ETF	$0	–	-4,400	–	-0.20%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,470	–	-0.20%	–
CA	Exit	CA INC	$0	–	-10,992	–	-0.22%	–
MXF	Exit	MEXICO FD INC	$0	–	-11,430	–	-0.22%	–
PGHEF	Exit	PENGROWTH ENERGY CORP	$0	–	-62,935	–	-0.23%	–
CWT	Exit	CALIFORNIA WTR SVC GROUP	$0	–	-15,120	–	-0.24%	–
USB	Exit	US BANCORP DEL	$0	–	-8,466	–	-0.25%	–
TBT	Exit	ULTRASHORT 20+ YEAR TREASURY	$0	–	-6,262	–	-0.25%	–
BAX	Exit	BAXTER INTL INC	$0	–	-5,361	–	-0.27%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-5,300	–	-0.28%	–
SFNC	Exit	SIMMONS 1ST NATL CORP	$0	–	-11,085	–	-0.30%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTD	$0	–	-21,492	–	-0.31%	–
AAPL	Exit	APPLE INC	$0	–	-4,460	–	-0.32%	–
DD	Exit	DU PONT E I DE NEMOURS & CO	$0	–	-7,207	–	-0.37%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-22,052	–	-0.37%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-8,000	–	-0.37%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-5,012	–	-0.38%	–
VNQ	Exit	VANGUARD INDEX FDS REIT ETF	$0	–	-7,700	–	-0.39%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-16,796	–	-0.41%	–
HWKN	Exit	HAWKINS INC	$0	–	-16,436	–	-0.42%	–
BSV	Exit	VANGUARD ST BOND INDEX FUND ETF	$0	–	-7,407	–	-0.42%	–
ABT	Exit	ABBOTT LABS	$0	–	-14,549	–	-0.43%	–
ERF	Exit	ENERPLUS CORP	$0	–	-32,095	–	-0.43%	–
TTE	Exit	TOTAL S A	$0	–	-9,616	–	-0.44%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-5,296	–	-0.45%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-13,050	–	-0.46%	–
PAYX	Exit	PAYCHEX INC	$0	–	-17,250	–	-0.54%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC	$0	–	-11,716	–	-0.64%	–
SPY	Exit	SPDR S&P 500 ETF TR	$0	–	-4,810	–	-0.68%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-10,174	–	-0.70%	–
VCSH	Exit	VANGUARD SHORT-TERM CORP BOND ETF	$0	–	-12,974	–	-0.74%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-6,688	–	-0.79%	–
SXL	Exit	SUNOCO LOGISTICS PRTNRS L P	$0	–	-25,278	–	-0.87%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-24,560	–	-0.91%	–
PEB	Exit	PEBBLEBROOK HOTEL TR	$0	–	-35,355	–	-0.94%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-52,772	–	-0.95%	–
TU	Exit	TELUS CORP	$0	–	-39,486	–	-0.96%	–
LNCOQ	Exit	LINNCO LLC	$0	–	-47,850	–	-0.99%	–
GBCI	Exit	GLACIER BANCORP INC NEW	$0	–	-53,867	–	-0.99%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-7,392	–	-1.04%	–
ATLS	Exit	ATLAS ENERGY LP	$0	–	-33,138	–	-1.04%	–
CLX	Exit	CLOROX CO DEL	$0	–	-15,415	–	-1.06%	–
LINEQ	Exit	LINN ENERGY LLC	$0	–	-49,350	–	-1.06%	–
SYY	Exit	SYSCO CORP	$0	–	-45,428	–	-1.23%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-39,520	–	-1.30%	–
PEP	Exit	PEPSICO INC	$0	–	-21,331	–	-1.42%	–
HCP	Exit	HCP INC	$0	–	-50,600	–	-1.43%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-49,893	–	-1.43%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-22,199	–	-1.49%	–
ABBV	Exit	ABBVIE INC	$0	–	-36,681	–	-1.51%	–
DE	Exit	DEERE & CO	$0	–	-26,139	–	-1.53%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-37,710	–	-1.68%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-30,903	–	-2.18%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-123,368	–	-2.26%	–
AFL	Exit	AFLAC INC	$0	–	-55,073	–	-2.29%	–
COH	Exit	COACH INC	$0	–	-91,969	–	-2.33%	–
ESV	Exit	ENSCO PLC	$0	–	-79,616	–	-2.34%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GOLD INC.	$0	–	-111,590	–	-2.60%	–
NGG	Exit	NATIONAL GRID PLC	$0	–	-52,457	–	-2.69%	–
T	Exit	AT&T INC	$0	–	-111,474	–	-2.80%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-53,549	–	-2.92%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-161,842	–	-2.95%	–
TUP	Exit	TUPPERWARE BRANDS CORP	$0	–	-66,050	–	-3.25%	–
KSS	Exit	KOHLS CORP	$0	–	-75,534	–	-3.28%	–
CSCO	Exit	CISCO SYS INC	$0	–	-186,664	–	-3.35%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-106,115	–	-3.50%	–
TEF	Exit	TELEFONICA S A	$0	–	-321,795	–	-3.52%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTD	$0	–	-114,629	–	-4.39%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-84,867	–	-4.53%	–
DOW	Exit	DOW CHEM CO	$0	–	-143,675	–	-5.37%	–
INTC	Exit	INTEL CORP	$0	–	-217,938	–	-5.41%	–

Q3 2014

			Value		Shares		↓ Weighting
INTC	Sell	INTEL CORP	$7,589,000	+5.2%	217,938	-6.7%	5.41%	+9.1%
DOW	Sell	DOW CHEM CO	$7,534,000	+0.1%	143,675	-1.7%	5.37%	+3.8%
CAH	Sell	CARDINAL HEALTH INC	$6,358,000	+5.2%	84,867	-3.7%	4.53%	+9.1%
TEVA	Sell	TEVA PHARMACEUTICAL INDS LTD	$6,161,000	+1.0%	114,629	-1.5%	4.39%	+4.8%
TEF	Sell	TELEFONICA S A	$4,946,000	-28.5%	321,795	-20.2%	3.52%	-25.9%
MSFT	Buy	MICROSOFT CORP	$4,919,000	+11.2%	106,115	+0.1%	3.50%	+15.4%
CSCO	Sell	CISCO SYS INC	$4,698,000	+1.2%	186,664	-0.1%	3.35%	+4.9%
KSS	Buy	KOHLS CORP	$4,610,000	+16.7%	75,534	+0.7%	3.28%	+21.0%
TUP	Buy	TUPPERWARE BRANDS CORP	$4,560,000	+23.4%	66,050	+49.6%	3.25%	+28.0%
GE	Buy	GENERAL ELECTRIC CO	$4,146,000	-1.7%	161,842	+0.9%	2.95%	+2.0%
COP	Sell	CONOCOPHILLIPS	$4,098,000	-12.2%	53,549	-1.6%	2.92%	-8.9%
T	Buy	AT&T INC	$3,928,000	+0.1%	111,474	+0.4%	2.80%	+3.8%
NGG	Buy	NATIONAL GRID PLC	$3,771,000	-1.3%	52,457	+2.1%	2.69%	+2.3%
FCX	Buy	FREEPORT-MCMORAN COPPER & GOLD INC.	$3,643,000	-8.7%	111,590	+2.1%	2.60%	-5.3%
ESV	Buy	ENSCO PLC	$3,289,000	-14.3%	79,616	+15.2%	2.34%	-11.2%
COH	New	COACH INC	$3,275,000	–	91,969	–	2.33%	–
AFL	Sell	AFLAC INC	$3,208,000	-6.8%	55,073	-0.4%	2.29%	-3.3%
EQC	New	EQUITY COMWLTH	$3,172,000	–	123,368	–	2.26%	–
CAT	Sell	CATERPILLAR INC DEL	$3,060,000	-10.5%	30,903	-1.7%	2.18%	-7.2%
DLR	Buy	DIGITAL RLTY TR INC	$2,352,000	+7.6%	37,710	+0.6%	1.68%	+11.6%
DE	Buy	DEERE & CO	$2,143,000	-4.7%	26,139	+5.2%	1.53%	-1.2%
ABBV	Sell	ABBVIE INC	$2,119,000	+0.2%	36,681	-2.1%	1.51%	+3.9%
XOM	Sell	EXXON MOBIL CORP	$2,088,000	-8.2%	22,199	-1.8%	1.49%	-4.8%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$2,011,000	+1.3%	49,893	+96.7%	1.43%	+5.0%
HCP	Buy	HCP INC	$2,009,000	-2.9%	50,600	+1.2%	1.43%	+0.6%
PEP	Sell	PEPSICO INC	$1,986,000	+2.3%	21,331	-1.8%	1.42%	+6.1%
SYY	Sell	SYSCO CORP	$1,724,000	+0.6%	45,428	-0.8%	1.23%	+4.2%
CLX	Sell	CLOROX CO DEL	$1,480,000	+3.2%	15,415	-1.8%	1.06%	+7.1%
LNCOQ	Buy	LINNCO LLC	$1,385,000	-2.7%	47,850	+5.2%	0.99%	+0.9%
PEB	Sell	PEBBLEBROOK HOTEL TR	$1,320,000	+0.5%	35,355	-0.6%	0.94%	+4.2%
VCSH	Sell	VANGUARD SHORT-TERM CORP BOND ETF	$1,036,000	-2.8%	12,974	-2.2%	0.74%	+0.8%
SPY	Sell	SPDR S&P 500 ETF TR	$948,000	-5.2%	4,810	-5.9%	0.68%	-1.7%
RDSA	Sell	ROYAL DUTCH SHELL PLC	$892,000	-10.4%	11,716	-3.1%	0.64%	-7.0%
PAYX	Sell	PAYCHEX INC	$762,000	+1.5%	17,250	-4.6%	0.54%	+5.2%
VZ	New	VERIZON COMMUNICATIONS INC	$652,000	–	13,050	–	0.46%	–
CVX	Sell	CHEVRON CORP NEW	$632,000	-11.1%	5,296	-2.8%	0.45%	-8.0%
TTE	Buy	TOTAL S A	$620,000	-7.6%	9,616	+3.4%	0.44%	-4.1%
ERF	Sell	ENERPLUS CORP	$609,000	-28.5%	32,095	-5.2%	0.43%	-25.8%
BSV	Sell	VANGUARD ST BOND INDEX FUND ETF	$593,000	-6.9%	7,407	-6.6%	0.42%	-3.4%
HWKN	Sell	HAWKINS INC	$591,000	-28.5%	16,436	-26.1%	0.42%	-25.9%
DOFSQ	Sell	DIAMOND OFFSHORE DRILLING IN	$576,000	-84.0%	16,796	-76.9%	0.41%	-83.4%
JNJ	Sell	JOHNSON & JOHNSON	$534,000	-3.1%	5,012	-4.8%	0.38%	+0.3%
AAPL	Sell	APPLE INC	$449,000	-21.5%	4,460	-27.6%	0.32%	-18.6%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTD	$434,000	-7.7%	21,492	-2.3%	0.31%	-4.3%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$386,000	-11.5%	5,300	-3.6%	0.28%	-8.3%
PGHEF	Sell	PENGROWTH ENERGY CORP	$327,000	-28.6%	62,935	-1.3%	0.23%	-26.0%
CA	Buy	CA INC	$307,000	+3.0%	10,992	+6.0%	0.22%	+6.8%
GLD	Sell	SPDR GOLD TRUST	$287,000	-43.3%	2,470	-37.5%	0.20%	-41.4%
BIV	Sell	VANGUARD INT. BOND INDEX FUND ETF	$272,000	-6.8%	3,234	-6.3%	0.19%	-3.5%
PBA	Sell	PEMBINA PIPELINE CORP	$272,000	-30.8%	6,450	-29.5%	0.19%	-28.1%
SLB	Sell	SCHLUMBERGER LTD	$252,000	-17.1%	2,475	-3.9%	0.18%	-13.9%
DEM	Sell	WISDOMTREE TR EMERG MKTS ETF	$211,000	-18.8%	4,423	-11.9%	0.15%	-16.2%
PG	New	PROCTER & GAMBLE CO	$206,000	–	2,463	–	0.15%	–
SLV	New	ISHARES SILVER TRUST	$177,000	–	10,800	–	0.13%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-9,385	–	-0.14%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-8,300	–	-0.14%	–
TAP	Exit	MOLSON COORS BREWING CO	$0	–	-6,023	–	-0.31%	–
SPLS	Exit	STAPLES INC	$0	–	-149,595	–	-1.11%	–
3101SC	Exit	COMMONWEALTH REIT	$0	–	-123,923	–	-2.24%	–

Q2 2014

			Value		Shares		↓ Weighting
DOW	New	DOW CHEM CO	$7,524,000	–	146,210	–	5.17%	–
INTC	New	INTEL CORP	$7,216,000	–	233,513	–	4.96%	–
TEF	New	TELEFONICA S A	$6,921,000	–	403,305	–	4.76%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTD	$6,098,000	–	116,334	–	4.19%	–
CAH	New	CARDINAL HEALTH INC	$6,042,000	–	88,122	–	4.15%	–
COP	New	CONOCOPHILLIPS	$4,667,000	–	54,434	–	3.21%	–
CSCO	New	CISCO SYS INC	$4,644,000	–	186,874	–	3.19%	–
MSFT	New	MICROSOFT CORP	$4,422,000	–	106,055	–	3.04%	–
GE	New	GENERAL ELECTRIC CO	$4,216,000	–	160,431	–	2.90%	–
FCX	New	FREEPORT-MCMORAN COPPER & GOLD INC.	$3,990,000	–	109,310	–	2.74%	–
KSS	New	KOHLS CORP	$3,951,000	–	75,009	–	2.72%	–
T	New	AT&T INC	$3,925,000	–	111,004	–	2.70%	–
ESV	New	ENSCO PLC	$3,840,000	–	69,111	–	2.64%	–
NGG	New	NATIONAL GRID PLC	$3,822,000	–	51,387	–	2.63%	–
TUP	New	TUPPERWARE BRANDS CORP	$3,695,000	–	44,140	–	2.54%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$3,601,000	–	72,565	–	2.47%	–
AFL	New	AFLAC INC	$3,441,000	–	55,273	–	2.36%	–
CAT	New	CATERPILLAR INC DEL	$3,418,000	–	31,453	–	2.35%	–
3101SC	New	COMMONWEALTH REIT	$3,262,000	–	123,923	–	2.24%	–
XOM	New	EXXON MOBIL CORP	$2,275,000	–	22,599	–	1.56%	–
DE	New	DEERE & CO	$2,249,000	–	24,839	–	1.54%	–
DLR	New	DIGITAL RLTY TR INC	$2,186,000	–	37,485	–	1.50%	–
ABBV	New	ABBVIE INC	$2,115,000	–	37,481	–	1.45%	–
HCP	New	HCP INC	$2,069,000	–	49,990	–	1.42%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,986,000	–	25,364	–	1.36%	–
VLO	New	VALERO ENERGY CORP NEW	$1,980,000	–	39,520	–	1.36%	–
PEP	New	PEPSICO INC	$1,941,000	–	21,731	–	1.33%	–
SYY	New	SYSCO CORP	$1,714,000	–	45,778	–	1.18%	–
PXD	New	PIONEER NAT RES CO	$1,699,000	–	7,392	–	1.17%	–
SPLS	New	STAPLES INC	$1,622,000	–	149,595	–	1.11%	–
LINEQ	New	LINN ENERGY LLC	$1,596,000	–	49,350	–	1.10%	–
GBCI	New	GLACIER BANCORP INC NEW	$1,529,000	–	53,867	–	1.05%	–
ATLS	New	ATLAS ENERGY LP	$1,487,000	–	33,138	–	1.02%	–
TU	New	TELUS CORP	$1,470,000	–	39,486	–	1.01%	–
CLX	New	CLOROX CO DEL	$1,434,000	–	15,690	–	0.98%	–
LNCOQ	New	LINNCO LLC	$1,423,000	–	45,490	–	0.98%	–
PEB	New	PEBBLEBROOK HOTEL TR	$1,314,000	–	35,555	–	0.90%	–
WFC	New	WELLS FARGO & CO NEW	$1,291,000	–	24,560	–	0.89%	–
SXL	New	SUNOCO LOGISTICS PRTNRS L P	$1,191,000	–	25,278	–	0.82%	–
PSA	New	PUBLIC STORAGE	$1,146,000	–	6,688	–	0.79%	–
AMX	New	AMERICA MOVIL SAB DE CV	$1,095,000	–	52,772	–	0.75%	–
VCSH	New	VANGUARD SHORT-TERM CORP BOND ETF	$1,066,000	–	13,260	–	0.73%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$1,044,000	–	10,174	–	0.72%	–
SPY	New	SPDR S&P 500 ETF TR	$1,000,000	–	5,111	–	0.69%	–
RDSA	New	ROYAL DUTCH SHELL PLC	$996,000	–	12,091	–	0.68%	–
ERF	New	ENERPLUS CORP	$852,000	–	33,845	–	0.58%	–
HWKN	New	HAWKINS INC	$826,000	–	22,236	–	0.57%	–
PAYX	New	PAYCHEX INC	$751,000	–	18,075	–	0.52%	–
CVX	New	CHEVRON CORP NEW	$711,000	–	5,446	–	0.49%	–
TTE	New	TOTAL S A	$671,000	–	9,296	–	0.46%	–
BSV	New	VANGUARD ST BOND INDEX FUND ETF	$637,000	–	7,930	–	0.44%	–
ABT	New	ABBOTT LABS	$595,000	–	14,549	–	0.41%	–
WTR	New	AQUA AMERICA INC	$578,000	–	22,052	–	0.40%	–
VNQ	New	VANGUARD INDEX FDS REIT ETF	$576,000	–	7,700	–	0.40%	–
AAPL	New	APPLE INC	$572,000	–	6,160	–	0.39%	–
JNJ	New	JOHNSON & JOHNSON	$551,000	–	5,262	–	0.38%	–
CL	New	COLGATE PALMOLIVE CO	$545,000	–	8,000	–	0.37%	–
GLD	New	SPDR GOLD TRUST	$506,000	–	3,950	–	0.35%	–
DD	New	DU PONT E I DE NEMOURS & CO	$472,000	–	7,207	–	0.32%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTD	$470,000	–	21,992	–	0.32%	–
PGHEF	New	PENGROWTH ENERGY CORP	$458,000	–	63,735	–	0.32%	–
TAP	New	MOLSON COORS BREWING CO	$447,000	–	6,023	–	0.31%	–
SFNC	New	SIMMONS 1ST NATL CORP	$437,000	–	11,085	–	0.30%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$436,000	–	5,500	–	0.30%	–
PBA	New	PEMBINA PIPELINE CORP	$393,000	–	9,150	–	0.27%	–
BAX	New	BAXTER INTL INC	$388,000	–	5,361	–	0.27%	–
TBT	New	ULTRASHORT 20+ YEAR TREASURY	$380,000	–	6,262	–	0.26%	–
USB	New	US BANCORP DEL	$367,000	–	8,466	–	0.25%	–
CWT	New	CALIFORNIA WTR SVC GROUP	$366,000	–	15,120	–	0.25%	–
MXF	New	MEXICO FD INC	$323,000	–	11,430	–	0.22%	–
SLB	New	SCHLUMBERGER LTD	$304,000	–	2,575	–	0.21%	–
EFA	New	ISHARES MSCI EAFE ETF	$301,000	–	4,400	–	0.21%	–
SE	New	SPECTRA ENERGY CORP	$300,000	–	7,072	–	0.21%	–
CA	New	CA INC	$298,000	–	10,367	–	0.20%	–
BIV	New	VANGUARD INT. BOND INDEX FUND ETF	$292,000	–	3,451	–	0.20%	–
DEM	New	WISDOMTREE TR EMERG MKTS ETF	$260,000	–	5,023	–	0.18%	–
PSX	New	PHILLIPS 66	$256,000	–	3,177	–	0.18%	–
NEM	New	NEWMONT MINING CORP	$211,000	–	8,300	–	0.14%	–
PVAHQ	New	PENN VA CORP	$202,000	–	11,914	–	0.14%	–
FITB	New	FIFTH THIRD BANCORP	$200,000	–	9,385	–	0.14%	–

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