Hamilton Point Investment Advisors, LLC Activity Q4 2013-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$17,462,684	-6.4%	55,305	+0.9%	4.31%	-3.5%
AAPL	Buy	APPLE INC	$17,238,689	-10.5%	100,687	+1.4%	4.25%	-7.6%
EME	Buy	EMCOR GROUP INC	$13,289,055	+15.3%	63,164	+1.2%	3.28%	+18.9%
GOOG	Buy	ALPHABET INCcap stk cl c	$11,659,279	+9.7%	88,428	+0.6%	2.88%	+13.2%
DHR	Sell	DANAHER CORPORATION	$10,480,438	+2.5%	42,243	-0.7%	2.59%	+5.7%
CHD	Buy	CHURCH & DWIGHT CO INC	$10,421,833	-7.8%	113,738	+0.9%	2.57%	-4.8%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$10,396,998	+10.4%	42,993	+1.0%	2.57%	+14.0%
ADBE	Buy	ADOBE INC	$9,963,956	+6.0%	19,541	+1.6%	2.46%	+9.4%
ETN	Buy	EATON CORP PLC	$9,945,747	+6.3%	46,632	+0.2%	2.45%	+9.7%
AXP	Sell	AMERICAN EXPRESS CO	$9,891,132	-14.8%	66,299	-0.6%	2.44%	-12.1%
TJX	Buy	TJX COS INC NEW	$9,488,287	+5.4%	106,754	+0.6%	2.34%	+8.8%
AMGN	Sell	AMGEN INC	$9,330,777	+20.0%	34,718	-0.9%	2.30%	+23.9%
DE	Sell	DEERE & CO	$9,015,239	-7.0%	23,804	-0.2%	2.22%	-4.0%
RTX	Buy	RTX CORPORATION	$8,712,720	-26.5%	121,060	+0.1%	2.15%	-24.1%
WAT	Sell	WATERS CORP	$8,150,984	+1.6%	29,725	-1.2%	2.01%	+4.8%
ACN	Buy	ACCENTURE PLC IRELAND	$8,119,757	+0.4%	26,439	+0.9%	2.00%	+3.6%
BDX	Buy	BECTON DICKINSON & CO	$7,997,528	-0.8%	30,935	+1.3%	1.97%	+2.4%
LFUS	Buy	LITTELFUSE INC	$7,603,151	-14.6%	30,742	+0.6%	1.88%	-11.8%
AVUV	Buy	AMERICAN CENTY ETF TRus sml cp valu	$7,528,990	+4.5%	96,587	+4.0%	1.86%	+7.8%
JNJ	Sell	JOHNSON & JOHNSON	$7,096,620	-8.8%	45,564	-3.1%	1.75%	-5.9%
TXN	Sell	TEXAS INSTRS INC	$6,572,256	-11.7%	41,332	-0.0%	1.62%	-8.9%
GNTX	Sell	GENTEX CORP	$6,488,427	+9.6%	199,398	-1.5%	1.60%	+13.1%
HUBB	Buy	HUBBELL INC	$6,249,501	-5.0%	19,940	+0.5%	1.54%	-2.0%
WSM	Buy	WILLIAMS SONOMA INC	$6,056,405	+24.9%	38,973	+0.6%	1.50%	+28.9%
WM	Sell	WASTE MGMT INC DEL	$5,865,470	-12.2%	38,477	-0.1%	1.45%	-9.4%
PEP	Buy	PEPSICO INC	$5,639,756	-8.2%	33,285	+0.4%	1.39%	-5.2%
CSCO	Sell	CISCO SYS INC	$5,622,473	+0.2%	104,585	-3.6%	1.39%	+3.4%
ROP	Buy	ROPER TECHNOLOGIES INC	$5,615,560	+1.7%	11,596	+0.9%	1.39%	+4.9%
UL	Sell	UNILEVER PLCspon adr new	$5,529,625	-6.3%	111,936	-1.1%	1.36%	-3.3%
NKE	Buy	NIKE INCcl b	$5,409,333	-12.4%	56,370	+1.0%	1.34%	-9.6%
MGRC	Sell	MCGRATH RENTCORP	$5,396,455	+5.3%	53,835	-2.8%	1.33%	+8.6%
RELX	Buy	RELX PLCsponsored adr	$5,142,464	+2.4%	152,595	+1.5%	1.27%	+5.7%
FFIV	Sell	F5 INC	$5,121,943	+10.0%	31,786	-0.2%	1.26%	+13.5%
WSO	Buy	WATSCO INC	$5,019,648	-0.9%	13,289	+0.1%	1.24%	+2.3%
GPC	Buy	GENUINE PARTS CO	$4,945,730	-13.8%	34,031	+0.9%	1.22%	-11.0%
YETI	Sell	YETI HLDGS INC	$4,899,393	+22.9%	101,605	-1.0%	1.21%	+26.7%
WMT	Sell	WALMART INC	$4,891,513	-1.1%	30,585	-2.8%	1.21%	+2.0%
POOL	Sell	POOL CORP	$4,887,152	-6.6%	13,724	-1.7%	1.21%	-3.6%
NEE	Buy	NEXTERA ENERGY INC	$4,858,287	-22.8%	84,802	+0.0%	1.20%	-20.3%
MAIN	Buy	MAIN STR CAP CORP	$4,633,629	+5.5%	114,045	+4.0%	1.14%	+8.9%
JPM	Sell	JPMORGAN CHASE & CO	$4,488,805	-4.8%	30,953	-4.5%	1.11%	-1.8%
IAU	Buy	ISHARES GOLD TRishares new	$4,456,326	-2.5%	127,360	+1.4%	1.10%	+0.6%
CMI	Sell	CUMMINS INC	$4,289,793	-8.1%	18,777	-1.4%	1.06%	-5.2%
COO	Sell	COOPER COS INC	$4,136,992	-17.6%	13,009	-0.7%	1.02%	-15.0%
BR	Sell	BROADRIDGE FINL SOLUTIONS IN	$3,969,853	-43.4%	22,073	-47.6%	0.98%	-41.5%
PFE	Buy	PFIZER INC	$3,906,000	+445.4%	117,757	+503.1%	0.96%	+463.7%
PAYX	Sell	PAYCHEX INC	$3,879,817	-0.0%	33,641	-3.0%	0.96%	+3.1%
CL	Sell	COLGATE PALMOLIVE CO	$3,653,948	-9.4%	51,384	-1.9%	0.90%	-6.5%
EOG	Buy	EOG RES INC	$3,512,646	+21.5%	27,711	+9.7%	0.87%	+25.5%
LLY	Buy	ELI LILLY & CO	$3,193,952	+14.6%	5,946	+0.0%	0.79%	+18.1%
RIO	Sell	RIO TINTO PLCsponsored adr	$2,702,236	-3.6%	42,461	-3.3%	0.67%	-0.4%
DG	Sell	DOLLAR GEN CORP NEW	$2,683,706	-38.2%	25,366	-0.8%	0.66%	-36.3%
WTRG	Sell	ESSENTIAL UTILS INC	$2,384,068	-15.1%	69,446	-1.4%	0.59%	-12.5%
VZ	Buy	VERIZON COMMUNICATIONS INC	$2,294,909	-12.2%	70,809	+0.7%	0.57%	-9.4%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$2,234,418	-2.1%	15,926	-6.6%	0.55%	+0.9%
SYBT	Buy	STOCK YDS BANCORP INC	$1,695,611	-12.9%	42,828	+0.4%	0.42%	-10.3%
SBSI	Buy	SOUTHSIDE BANCSHARES INC	$1,687,799	+10.0%	58,808	+0.2%	0.42%	+13.6%
VITL	Sell	VITAL FARMS INC	$1,662,436	-33.7%	143,561	-31.4%	0.41%	-31.7%
NVDA	Sell	NVIDIA CORPORATION	$1,562,919	+0.9%	3,593	-1.9%	0.39%	+4.3%
GWW	Buy	GRAINGER W W INC	$1,055,748	-9.0%	1,526	+3.7%	0.26%	-5.8%
ABT	Buy	ABBOTT LABS	$969,042	-11.1%	10,006	+0.0%	0.24%	-8.4%
LOW	Sell	LOWES COS INC	$816,188	-9.0%	3,927	-1.2%	0.20%	-6.5%
TYL	Buy	TYLER TECHNOLOGIES INC	$690,032	+35.9%	1,787	+46.6%	0.17%	+40.5%
XOM	Sell	EXXON MOBIL CORP	$613,650	+8.5%	5,219	-1.0%	0.15%	+11.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$592,708	+2.0%	1,692	-0.7%	0.15%	+5.0%
GOOGL	Buy	ALPHABET INCcap stk cl a	$571,727	+30.0%	4,369	+18.9%	0.14%	+34.3%
INTU	Buy	INTUIT	$440,430	+14.2%	862	+2.4%	0.11%	+18.5%
PWC	Buy	INVESCO EXCHANGE TRADED FD Tbloomberg mvp mu	$360,225	-5.0%	9,792	+200.0%	0.09%	-2.2%
GLD	Sell	SPDR GOLD TR	$357,130	-4.1%	2,083	-0.2%	0.09%	-1.1%
INTC	Sell	INTEL CORP	$322,083	-9.9%	9,060	-15.3%	0.08%	-7.1%
OKE	New	ONEOK INC NEW	$287,592	–	4,534	–	0.07%	–
V	Buy	VISA INC	$256,461	+1.4%	1,115	+4.7%	0.06%	+5.0%
EMR	Sell	EMERSON ELEC CO	$251,468	-7.4%	2,604	-13.3%	0.06%	-4.6%
ASML	Buy	ASML HOLDING N V	$241,351	-16.3%	410	+3.0%	0.06%	-13.0%
IJR	Sell	ISHARES TRcore s&p scp etf	$47,395	-20.7%	500	-16.7%	0.01%	-14.3%
OVV	Buy	OVINTIV INC	$28,590	+28.6%	601	+2.9%	0.01%	+40.0%
PRF	Buy	INVESCO EXCHANGE TRADED FD Tftse rafi 1000	$21,638	-2.8%	680	+400.0%	0.01%	0.0%
VB	Sell	VANGUARD INDEX FDSsmall cp etf	$2,269	-92.2%	12	-91.8%	0.00%	-85.7%
IWO	Exit	ISHARES TRrus 2000 grw etf	$0	–	-59	–	-0.00%	–
IWN	Exit	ISHARES TRrus 2000 val etf	$0	–	-143	–	-0.01%	–
IBB	Exit	ISHARES TRishares biotech	$0	–	-814	–	-0.02%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-1,101	–	-0.05%	–
VTWO	Exit	VANGUARD SCOTTSDALE FDSvng rus2000idx	$0	–	-2,790	–	-0.05%	–
CSX	Exit	CSX CORP	$0	–	-6,356	–	-0.05%	–
FTNT	Exit	FORTINET INC	$0	–	-3,020	–	-0.06%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-4,700	–	-0.07%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$19,254,890	–	99,267	–	4.60%	–
MSFT	New	MICROSOFT CORP	$18,665,810	–	54,812	–	4.46%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$11,847,395	–	120,941	–	2.83%	–
AXP	New	AMERICAN EXPRESS CO	$11,613,709	–	66,669	–	2.78%	–
EME	New	EMCOR GROUP INC	$11,528,958	–	62,393	–	2.76%	–
CHD	New	CHURCH & DWIGHT CO INC	$11,301,143	–	112,752	–	2.70%	–
GOOG	New	ALPHABET INCcap stk cl c	$10,628,468	–	87,860	–	2.54%	–
DHR	New	DANAHER CORPORATION	$10,226,339	–	42,562	–	2.45%	–
DE	New	DEERE & CO	$9,691,503	–	23,845	–	2.32%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$9,413,856	–	42,587	–	2.25%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$9,400,833	–	19,225	–	2.25%	–
ETN	New	EATON CORP PLC	$9,358,057	–	46,534	–	2.24%	–
TJX	New	TJX COS INC NEW	$9,000,610	–	106,152	–	2.15%	–
LFUS	New	LITTELFUSE INC	$8,897,812	–	30,544	–	2.13%	–
ACN	New	ACCENTURE PLC IRELAND	$8,089,183	–	26,214	–	1.93%	–
BDX	New	BECTON DICKINSON & CO	$8,060,382	–	30,531	–	1.93%	–
WAT	New	WATERS CORP	$8,023,210	–	30,101	–	1.92%	–
JNJ	New	JOHNSON & JOHNSON	$7,779,122	–	46,998	–	1.86%	–
AMGN	New	AMGEN INC	$7,774,837	–	35,019	–	1.86%	–
TXN	New	TEXAS INSTRS INC	$7,443,169	–	41,346	–	1.78%	–
AVUV	New	AMERICAN CENTY ETF TRus sml cp valu	$7,206,266	–	92,852	–	1.72%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$7,008,136	–	42,127	–	1.68%	–
WM	New	WASTE MGMT INC DEL	$6,682,607	–	38,534	–	1.60%	–
HUBB	New	HUBBELL INC	$6,577,268	–	19,837	–	1.57%	–
NEE	New	NEXTERA ENERGY INC	$6,290,502	–	84,778	–	1.50%	–
NKE	New	NIKE INCcl b	$6,176,656	–	55,792	–	1.48%	–
PEP	New	PEPSICO INC	$6,142,020	–	33,161	–	1.47%	–
GNTX	New	GENTEX CORP	$5,922,318	–	202,403	–	1.42%	–
UL	New	UNILEVER PLCspon adr new	$5,902,804	–	113,232	–	1.41%	–
GPC	New	GENUINE PARTS CO	$5,738,621	–	33,722	–	1.37%	–
CSCO	New	CISCO SYS INC	$5,612,118	–	108,468	–	1.34%	–
ROP	New	ROPER TECHNOLOGIES INC	$5,523,759	–	11,489	–	1.32%	–
POOL	New	POOL CORP	$5,233,003	–	13,968	–	1.25%	–
MGRC	New	MCGRATH RENTCORP	$5,124,626	–	55,413	–	1.23%	–
WSO	New	WATSCO INC	$5,063,761	–	13,274	–	1.21%	–
RELX	New	RELX PLCsponsored adr	$5,023,839	–	150,279	–	1.20%	–
COO	New	COOPER COS INC	$5,021,783	–	13,097	–	1.20%	–
WMT	New	WALMART INC	$4,945,407	–	31,463	–	1.18%	–
WSM	New	WILLIAMS SONOMA INC	$4,849,677	–	38,754	–	1.16%	–
JPM	New	JPMORGAN CHASE & CO	$4,716,329	–	32,428	–	1.13%	–
CMI	New	CUMMINS INC	$4,669,072	–	19,045	–	1.12%	–
FFIV	New	F5 INC	$4,656,724	–	31,839	–	1.11%	–
IAU	New	ISHARES GOLD TRishares new	$4,570,948	–	125,610	–	1.09%	–
MAIN	New	MAIN STR CAP CORP	$4,390,271	–	109,675	–	1.05%	–
DG	New	DOLLAR GEN CORP NEW	$4,343,110	–	25,581	–	1.04%	–
CL	New	COLGATE PALMOLIVE CO	$4,033,379	–	52,354	–	0.96%	–
YETI	New	YETI HLDGS INC	$3,987,120	–	102,655	–	0.95%	–
PAYX	New	PAYCHEX INC	$3,881,218	–	34,694	–	0.93%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$3,719,384	–	8,360	–	0.89%	–
EOG	New	EOG RES INC	$2,890,983	–	25,262	–	0.69%	–
WTRG	New	ESSENTIAL UTILS INC	$2,809,569	–	70,398	–	0.67%	–
RIO	New	RIO TINTO PLCsponsored adr	$2,803,679	–	43,917	–	0.67%	–
LLY	New	LILLY ELI & CO	$2,787,993	–	5,945	–	0.67%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,613,962	–	70,287	–	0.62%	–
VITL	New	VITAL FARMS INC	$2,509,195	–	209,274	–	0.60%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,281,327	–	17,049	–	0.55%	–
SYBT	New	STOCK YDS BANCORP INC	$1,946,817	–	42,638	–	0.47%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,553,430	–	3	–	0.37%	–
NVDA	New	NVIDIA CORPORATION	$1,548,676	–	3,661	–	0.37%	–
SBSI	New	SOUTHSIDE BANCSHARES INC	$1,534,685	–	58,665	–	0.37%	–
SPGI	New	S&P GLOBAL INC	$1,523,382	–	3,800	–	0.36%	–
MRK	New	MERCK & CO INC	$1,226,111	–	10,559	–	0.29%	–
VOO	New	VANGUARD INDEX FDS	$1,202,037	–	2,940	–	0.29%	–
GWW	New	GRAINGER W W INC	$1,160,016	–	1,471	–	0.28%	–
UNP	New	UNION PAC CORP	$1,136,869	–	5,556	–	0.27%	–
ABT	New	ABBOTT LABS	$1,090,490	–	10,003	–	0.26%	–
PG	New	PROCTER AND GAMBLE CO	$1,057,931	–	6,972	–	0.25%	–
ABBV	New	ABBVIE INC	$908,350	–	6,742	–	0.22%	–
LOW	New	LOWES COS INC	$897,158	–	3,975	–	0.22%	–
AMD	New	ADVANCED MICRO DEVICES INC	$873,462	–	7,668	–	0.21%	–
KO	New	COCA COLA CO	$857,955	–	14,139	–	0.20%	–
ITW	New	ILLINOIS TOOL WKS INC	$794,645	–	3,160	–	0.19%	–
PFE	New	PFIZER INC	$716,177	–	19,525	–	0.17%	–
IWF	New	ISHARES TRrus 1000 grw etf	$681,346	–	2,476	–	0.16%	–
MCHP	New	MICROCHIP TECHNOLOGY INC.	$635,551	–	7,094	–	0.15%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$581,064	–	1,704	–	0.14%	–
XOM	New	EXXON MOBIL CORP	$565,529	–	5,273	–	0.14%	–
PBHC	New	PATHFINDER BANCORP INC MD	$535,700	–	38,429	–	0.13%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$514,564	–	1,391	–	0.12%	–
TYL	New	TYLER TECHNOLOGIES INC	$507,677	–	1,219	–	0.12%	–
IWM	New	ISHARES TRrussell 2000 etf	$489,898	–	2,616	–	0.12%	–
VTV	New	VANGUARD INDEX FDSvalue etf	$483,140	–	3,400	–	0.12%	–
IVV	New	ISHARES TRcore s&p500 etf	$475,573	–	1,067	–	0.11%	–
AMZN	New	AMAZON COM INC	$470,730	–	3,611	–	0.11%	–
VIG	New	VANGUARD SPECIALIZED FUNDSdiv app etf	$464,313	–	2,845	–	0.11%	–
GOOGL	New	ALPHABET INCcap stk cl a	$439,778	–	3,674	–	0.10%	–
PM	New	PHILIP MORRIS INTL INC	$421,865	–	4,266	–	0.10%	–
HON	New	HONEYWELL INTL INC	$405,248	–	1,953	–	0.10%	–
RYN	New	RAYONIER INC	$396,268	–	12,620	–	0.10%	–
INTU	New	INTUIT	$385,796	–	842	–	0.09%	–
MCD	New	MCDONALDS CORP	$384,650	–	1,289	–	0.09%	–
MMM	New	3M CO	$379,141	–	3,788	–	0.09%	–
PWC	New	INVESCO EXCHANGE TRADED FD Tdynmc mkt etf	$379,029	–	3,264	–	0.09%	–
GLD	New	SPDR GOLD TR	$372,228	–	2,088	–	0.09%	–
INTC	New	INTEL CORP	$357,507	–	10,691	–	0.08%	–
CI	New	THE CIGNA GROUP	$355,520	–	1,267	–	0.08%	–
MDB	New	MONGODB INCcl a	$346,465	–	843	–	0.08%	–
TTD	New	THE TRADE DESK INC	$345,946	–	4,480	–	0.08%	–
VGT	New	VANGUARD WORLD FDSinf tech etf	$340,098	–	768	–	0.08%	–
HD	New	HOME DEPOT INC	$326,793	–	1,052	–	0.08%	–
IWD	New	ISHARES TRrus 1000 val etf	$310,136	–	1,965	–	0.07%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$292,904	–	4,700	–	0.07%	–
ASML	New	ASML HOLDING N V	$288,451	–	398	–	0.07%	–
GIS	New	GENERAL MLS INC	$277,577	–	3,619	–	0.07%	–
EMR	New	EMERSON ELEC CO	$271,532	–	3,004	–	0.06%	–
STX	New	SEAGATE TECHNOLOGY HLDNGS PL	$266,552	–	4,263	–	0.06%	–
AMAT	New	APPLIED MATLS INC	$259,738	–	1,797	–	0.06%	–
GD	New	GENERAL DYNAMICS CORP	$249,359	–	1,159	–	0.06%	–
V	New	VISA INC	$252,916	–	1,065	–	0.06%	–
SYY	New	SYSCO CORP	$237,514	–	3,201	–	0.06%	–
BLK	New	BLACKROCK INC	$234,988	–	340	–	0.06%	–
IJH	New	ISHARES TRcore s&p mcp etf	$235,332	–	900	–	0.06%	–
FTNT	New	FORTINET INC	$228,282	–	3,020	–	0.06%	–
SYK	New	STRYKER CORPORATION	$229,380	–	750	–	0.06%	–
FICO	New	FAIR ISAAC CORP	$217,677	–	269	–	0.05%	–
CSX	New	CSX CORP	$216,740	–	6,356	–	0.05%	–
TT	New	TRANE TECHNOLOGIES PLC	$210,577	–	1,101	–	0.05%	–
VTWO	New	VANGUARD SCOTTSDALE FDSvng rus2000idx	$210,980	–	2,790	–	0.05%	–
OVV	New	OVINTIV INCcall	$190,350	–	5,000	–	0.05%	–
AVXL	New	ANAVEX LIFE SCIENCES CORP	$165,039	–	20,300	–	0.04%	–
XLV	New	SELECT SECTOR SPDR TRsbi healthcare	$149,719	–	1,128	–	0.04%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$150,563	–	866	–	0.04%	–
VUG	New	VANGUARD INDEX FDSgrowth etf	$134,972	–	477	–	0.03%	–
IWV	New	ISHARES TRrussell 3000 etf	$127,240	–	500	–	0.03%	–
IWR	New	ISHARES TRrus mid cap etf	$122,106	–	1,672	–	0.03%	–
EFA	New	ISHARES TRmsci eafe etf	$113,898	–	1,571	–	0.03%	–
IBB	New	ISHARES TRishares biotech	$103,345	–	814	–	0.02%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$93,252	–	1,425	–	0.02%	–
IWS	New	ISHARES TRrus mdcp val etf	$89,410	–	814	–	0.02%	–
XLY	New	SELECT SECTOR SPDR TRsbi cons discr	$64,018	–	377	–	0.02%	–
IJR	New	ISHARES TRcore s&p scp etf	$59,790	–	600	–	0.01%	–
IWP	New	ISHARES TRrus md cp gr etf	$45,609	–	472	–	0.01%	–
IYW	New	ISHARES TRu.s. tech etf	$42,024	–	386	–	0.01%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$35,738	–	333	–	0.01%	–
SOXX	New	ISHARES TRishares semicdtr	$36,015	–	71	–	0.01%	–
XLE	New	SELECT SECTOR SPDR TRenergy	$36,202	–	446	–	0.01%	–
VB	New	VANGUARD INDEX FDSsmall cp etf	$29,237	–	147	–	0.01%	–
OVV	New	OVINTIV INC	$22,233	–	584	–	0.01%	–
IWN	New	ISHARES TRrus 2000 val etf	$20,134	–	143	–	0.01%	–
PRF	New	INVESCO EXCHANGE TRADED FD Tftse rafi 1000	$22,256	–	136	–	0.01%	–
IWO	New	ISHARES TRrus 2000 grw etf	$14,317	–	59	–	0.00%	–
ICF	New	ISHARES TRcohen steer reit	$12,225	–	220	–	0.00%	–
TIP	New	ISHARES TRtips bd etf	$6,457	–	60	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-769	–	-0.06%	–
HD	Exit	HOME DEPOT INC	$0	–	-899	–	-0.08%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,560	–	-0.09%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-6,150	–	-0.09%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,268	–	-0.09%	–
INTC	Exit	INTEL CORP	$0	–	-12,117	–	-0.10%	–
RYN	Exit	RAYONIER INC	$0	–	-10,960	–	-0.10%	–
ABT	Exit	ABBOTT LABS	$0	–	-3,446	–	-0.10%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-2,655	–	-0.10%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-4,009	–	-0.11%	–
INTU	Exit	INTUIT	$0	–	-900	–	-0.11%	–
MRK	Exit	MERCK & CO INC	$0	–	-4,368	–	-0.12%	–
KO	Exit	COCA COLA CO	$0	–	-6,821	–	-0.12%	–
PFE	Exit	PFIZER INC	$0	–	-9,974	–	-0.13%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-5,840	–	-0.17%	–
LLY	Exit	LILLY ELI & CO	$0	–	-2,362	–	-0.23%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-38,429	–	-0.24%	–
LOW	Exit	LOWES COS INC	$0	–	-4,273	–	-0.24%	–
UNP	Exit	UNION PAC CORP	$0	–	-5,300	–	-0.31%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-3,824	–	-0.36%	–
HELE	Exit	HELEN OF TROY LTD	$0	–	-21,041	–	-0.62%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-17,079	–	-0.62%	–
SBSI	Exit	SOUTHSIDE BANCSHARES INC	$0	–	-58,014	–	-0.62%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-43,059	–	-0.72%	–
MAIN	Exit	MAIN STR CAP CORP	$0	–	-72,700	–	-0.74%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-70,529	–	-0.81%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-84,136	–	-0.86%	–
SYBT	Exit	STOCK YDS BANCORP INC	$0	–	-42,246	–	-0.88%	–
YETI	Exit	YETI HLDGS INC	$0	–	-102,973	–	-0.89%	–
WTRG	Exit	ESSENTIAL UTILS INC	$0	–	-72,849	–	-0.92%	–
RELX	Exit	RELX PLCsponsored adr	$0	–	-135,203	–	-1.00%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-31,973	–	-1.02%	–
WSO	Exit	WATSCO INC	$0	–	-13,298	–	-1.04%	–
COO	Exit	COOPER COS INC	$0	–	-13,070	–	-1.05%	–
PAYX	Exit	PAYCHEX INC	$0	–	-30,799	–	-1.05%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-52,518	–	-1.12%	–
CMI	Exit	CUMMINS INC	$0	–	-18,693	–	-1.16%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-19,271	–	-1.16%	–
WMT	Exit	WALMART INC	$0	–	-30,477	–	-1.20%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-11,923	–	-1.30%	–
CSCO	Exit	CISCO SYS INC	$0	–	-111,522	–	-1.36%	–
PEP	Exit	PEPSICO INC	$0	–	-27,542	–	-1.37%	–
HUBB	Exit	HUBBELL INC	$0	–	-20,542	–	-1.39%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-38,895	–	-1.39%	–
POOL	Exit	POOL CORP	$0	–	-14,564	–	-1.41%	–
MGRC	Exit	MCGRATH RENTCORP	$0	–	-56,053	–	-1.43%	–
NKE	Exit	NIKE INCcl b	$0	–	-56,955	–	-1.44%	–
GNTX	Exit	GENTEX CORP	$0	–	-202,618	–	-1.47%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-32,383	–	-1.48%	–
FFIV	Exit	F5 INC	$0	–	-34,062	–	-1.50%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-113,010	–	-1.51%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-41,098	–	-1.89%	–
EBAY	Exit	EBAY INC.	$0	–	-170,149	–	-1.90%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-39,228	–	-1.91%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-43,517	–	-1.92%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-26,632	–	-1.94%	–
ETN	Exit	EATON CORP PLC	$0	–	-48,009	–	-1.95%	–
TJX	Exit	TJX COS INC NEW	$0	–	-106,269	–	-2.01%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-42,908	–	-2.02%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-29,979	–	-2.03%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-86,185	–	-2.06%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-42,061	–	-2.09%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-52,695	–	-2.09%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-27,053	–	-2.12%	–
AMGN	Exit	AMGEN INC	$0	–	-33,906	–	-2.32%	–
DE	Exit	DEERE & CO	$0	–	-24,890	–	-2.54%	–
WAT	Exit	WATERS CORP	$0	–	-31,358	–	-2.57%	–
CHD	Exit	CHURCH & DWIGHT CO INC	$0	–	-119,054	–	-2.59%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-92,149	–	-2.69%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-67,760	–	-2.78%	–
EME	Exit	EMCOR GROUP INC	$0	–	-87,646	–	-3.08%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-44,710	–	-3.09%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-125,455	–	-3.12%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-45,254	–	-3.56%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-54,223	–	-3.84%	–
AAPL	Exit	APPLE INC	$0	–	-105,544	–	-4.44%	–

Q3 2022

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$14,586,000	+2.6%	105,544	+1.5%	4.44%	+7.2%
MSFT	Buy	MICROSOFT CORP	$12,629,000	-7.6%	54,223	+1.9%	3.84%	-3.4%
DHR	Buy	DANAHER CORPORATION	$11,700,000	+2.8%	45,254	+0.9%	3.56%	+7.4%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$10,270,000	-14.8%	125,455	+0.0%	3.12%	-10.9%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$10,159,000	+9.2%	44,710	+1.5%	3.09%	+14.2%
EME	Sell	EMCOR GROUP INC	$10,121,000	+12.0%	87,646	-0.1%	3.08%	+17.1%
AXP	Sell	AMERICAN EXPRESS CO	$9,141,000	-3.5%	67,760	-0.5%	2.78%	+0.8%
GOOG	Buy	ALPHABET INCcap stk cl c	$8,860,000	-11.8%	92,149	+1907.6%	2.69%	-7.8%
CHD	Buy	CHURCH & DWIGHT CO INC	$8,505,000	-22.6%	119,054	+0.4%	2.59%	-19.1%
WAT	Sell	WATERS CORP	$8,452,000	-18.7%	31,358	-0.1%	2.57%	-15.0%
DE	Buy	DEERE & CO	$8,339,000	+13.0%	24,890	+1.4%	2.54%	+18.1%
AMGN	Buy	AMGEN INC	$7,642,000	-5.3%	33,906	+2.2%	2.32%	-1.0%
ACN	Buy	ACCENTURE PLC IRELAND	$6,961,000	-6.4%	27,053	+1.0%	2.12%	-2.1%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$6,879,000	-9.3%	52,695	+0.2%	2.09%	-5.2%
JNJ	Buy	JOHNSON & JOHNSON	$6,871,000	-4.2%	42,061	+4.1%	2.09%	+0.0%
NEE	Sell	NEXTERA ENERGY INC	$6,758,000	+1.1%	86,185	-0.1%	2.06%	+5.7%
BDX	Buy	BECTON DICKINSON & CO	$6,680,000	-9.6%	29,979	+0.0%	2.03%	-5.5%
TXN	Sell	TEXAS INSTRS INC	$6,641,000	+0.5%	42,908	-0.2%	2.02%	+5.0%
TJX	Sell	TJX COS INC NEW	$6,601,000	+10.4%	106,269	-0.7%	2.01%	+15.4%
ETN	Buy	EATON CORP PLC	$6,403,000	+6.0%	48,009	+0.2%	1.95%	+10.8%
DG	Buy	DOLLAR GEN CORP NEW	$6,388,000	-2.1%	26,632	+0.2%	1.94%	+2.3%
BR	Buy	BROADRIDGE FINL SOLUTIONS IN	$6,312,000	+1.5%	43,517	+0.2%	1.92%	+6.1%
WM	Sell	WASTE MGMT INC DEL	$6,285,000	+4.6%	39,228	-0.1%	1.91%	+9.3%
EBAY	Sell	EBAY INC.	$6,263,000	-12.6%	170,149	-1.0%	1.90%	-8.6%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$6,206,000	-15.1%	41,098	+0.8%	1.89%	-11.2%
UL	Buy	UNILEVER PLCspon adr new	$4,954,000	-3.2%	113,010	+1.2%	1.51%	+1.2%
FFIV	Sell	F5 INC	$4,930,000	-5.7%	34,062	-0.3%	1.50%	-1.4%
GPC	Buy	GENUINE PARTS CO	$4,864,000	+12.3%	32,383	+0.1%	1.48%	+17.4%
GNTX	Buy	GENTEX CORP	$4,830,000	-14.3%	202,618	+0.5%	1.47%	-10.5%
NKE	Buy	NIKE INCcl b	$4,751,000	-18.6%	56,955	+0.0%	1.44%	-14.9%
MGRC	Buy	MCGRATH RENTCORP	$4,701,000	+10.4%	56,053	+0.0%	1.43%	+15.3%
POOL	Sell	POOL CORP	$4,634,000	-9.5%	14,564	-0.1%	1.41%	-5.4%
WSM	Buy	WILLIAMS SONOMA INC	$4,584,000	+6.6%	38,895	+0.3%	1.39%	+11.4%
HUBB	Sell	HUBBELL INC	$4,581,000	+24.7%	20,542	-0.2%	1.39%	+30.3%
PEP	Buy	PEPSICO INC	$4,496,000	+1.8%	27,542	+3.9%	1.37%	+6.4%
CSCO	Buy	CISCO SYS INC	$4,461,000	-5.6%	111,522	+0.6%	1.36%	-1.4%
ROP	Sell	ROPER TECHNOLOGIES INC	$4,288,000	-9.5%	11,923	-0.7%	1.30%	-5.4%
WMT	Buy	WALMART INC	$3,953,000	+10.3%	30,477	+3.4%	1.20%	+15.2%
LFUS	Sell	LITTELFUSE INC	$3,829,000	-22.6%	19,271	-1.0%	1.16%	-19.1%
CMI	New	CUMMINS INC	$3,804,000	–	18,693	–	1.16%	–
CL	Buy	COLGATE PALMOLIVE CO	$3,689,000	-9.8%	52,518	+2.8%	1.12%	-5.8%
PAYX	Buy	PAYCHEX INC	$3,456,000	-1.3%	30,799	+0.1%	1.05%	+3.1%
COO	Sell	COOPER COS INC	$3,449,000	-15.7%	13,070	-0.0%	1.05%	-11.9%
WSO	Sell	WATSCO INC	$3,424,000	+7.8%	13,298	-0.0%	1.04%	+12.7%
JPM	Buy	JPMORGAN CHASE & CO	$3,341,000	-4.2%	31,973	+3.3%	1.02%	+0.1%
RELX	Buy	RELX PLCsponsored adr	$3,287,000	-9.7%	135,203	+0.1%	1.00%	-5.7%
WTRG	Buy	ESSENTIAL UTILS INC	$3,014,000	-9.7%	72,849	+0.0%	0.92%	-5.7%
YETI	Buy	YETI HLDGS INC	$2,937,000	-33.7%	102,973	+0.6%	0.89%	-30.7%
SYBT	Buy	STOCK YDS BANCORP INC	$2,885,000	+13.7%	42,246	+0.1%	0.88%	+18.8%
LEG	Buy	LEGGETT & PLATT INC	$2,832,000	-3.7%	84,136	+0.2%	0.86%	+0.7%
VZ	Buy	VERIZON COMMUNICATIONS INC	$2,678,000	-24.4%	70,529	+1.0%	0.81%	-21.0%
MAIN	Buy	MAIN STR CAP CORP	$2,446,000	-12.5%	72,700	+0.2%	0.74%	-8.5%
RIO	Buy	RIO TINTO PLCsponsored adr	$2,371,000	-8.1%	43,059	+1.8%	0.72%	-3.9%
SBSI	Buy	SOUTHSIDE BANCSHARES INC	$2,051,000	-5.3%	58,014	+0.2%	0.62%	-1.0%
HELE	Buy	HELEN OF TROY LTD	$2,029,000	-40.1%	21,041	+0.8%	0.62%	-37.4%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$2,029,000	-11.5%	17,079	+5.1%	0.62%	-7.5%
LOW	Buy	LOWES COS INC	$803,000	+9.5%	4,273	+1.8%	0.24%	+14.6%
LLY	Buy	LILLY ELI & CO	$764,000	+26.5%	2,362	+26.9%	0.23%	+31.8%
GOOGL	Buy	ALPHABET INCcap stk cl a	$559,000	+0.9%	5,840	+2199.2%	0.17%	+5.6%
PFE	Buy	PFIZER INC	$436,000	+57.4%	9,974	+88.9%	0.13%	+64.2%
MRK	Buy	MERCK & CO INC	$379,000	+17.3%	4,368	+24.1%	0.12%	+22.3%
INTU	New	INTUIT	$349,000	–	900	–	0.11%	–
PG	New	PROCTER AND GAMBLE CO	$335,000	–	2,655	–	0.10%	–
ABT	Buy	ABBOTT LABS	$333,000	+52.1%	3,446	+71.2%	0.10%	+57.8%
RYN	Buy	RAYONIER INC	$328,000	-19.0%	10,960	+1.2%	0.10%	-15.3%
INTC	Buy	INTEL CORP	$312,000	+1.3%	12,117	+47.3%	0.10%	+5.6%
ABBV	New	ABBVIE INC	$304,000	–	2,268	–	0.09%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$292,000	–	6,150	–	0.09%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-655	–	-0.06%	–
MMM	Exit	3M CO	$0	–	-25,972	–	-0.98%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$14,220,000	–	104,011	–	4.14%	–
MSFT	New	MICROSOFT CORP	$13,663,000	–	53,198	–	3.98%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$12,055,000	–	125,428	–	3.51%	–
DHR	New	DANAHER CORPORATION	$11,379,000	–	44,839	–	3.31%	–
CHD	New	CHURCH & DWIGHT CO INC	$10,986,000	–	118,567	–	3.20%	–
WAT	New	WATERS CORP	$10,394,000	–	31,403	–	3.02%	–
GOOG	New	ALPHABET INCcap stk cl c	$10,040,000	–	4,590	–	2.92%	–
AXP	New	AMERICAN EXPRESS CO	$9,474,000	–	68,087	–	2.76%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$9,301,000	–	44,063	–	2.71%	–
EME	New	EMCOR GROUP INC	$9,034,000	–	87,744	–	2.63%	–
AMGN	New	AMGEN INC	$8,071,000	–	33,174	–	2.35%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$7,586,000	–	52,611	–	2.21%	–
ACN	New	ACCENTURE PLC IRELAND	$7,434,000	–	26,774	–	2.16%	–
BDX	New	BECTON DICKINSON & CO	$7,388,000	–	29,967	–	2.15%	–
DE	New	DEERE & CO	$7,381,000	–	24,554	–	2.15%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$7,308,000	–	40,781	–	2.13%	–
JNJ	New	JOHNSON & JOHNSON	$7,175,000	–	40,422	–	2.09%	–
EBAY	New	EBAY INC.	$7,164,000	–	171,931	–	2.08%	–
NEE	New	NEXTERA ENERGY INC	$6,682,000	–	86,262	–	1.94%	–
TXN	New	TEXAS INSTRS INC	$6,605,000	–	42,987	–	1.92%	–
DG	New	DOLLAR GEN CORP NEW	$6,526,000	–	26,591	–	1.90%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$6,217,000	–	43,415	–	1.81%	–
ETN	New	EATON CORP PLC	$6,038,000	–	47,928	–	1.76%	–
WM	New	WASTE MGMT INC DEL	$6,007,000	–	39,266	–	1.75%	–
TJX	New	TJX COS INC NEW	$5,978,000	–	107,032	–	1.74%	–
NKE	New	NIKE INCcl b	$5,838,000	–	56,953	–	1.70%	–
GNTX	New	GENTEX CORP	$5,639,000	–	201,615	–	1.64%	–
FFIV	New	F5 INC	$5,226,000	–	34,150	–	1.52%	–
POOL	New	POOL CORP	$5,121,000	–	14,580	–	1.49%	–
UL	New	UNILEVER PLCspon adr new	$5,116,000	–	111,634	–	1.49%	–
LFUS	New	LITTELFUSE INC	$4,947,000	–	19,474	–	1.44%	–
ROP	New	ROPER TECHNOLOGIES INC	$4,738,000	–	12,006	–	1.38%	–
CSCO	New	CISCO SYS INC	$4,727,000	–	110,847	–	1.38%	–
YETI	New	YETI HLDGS INC	$4,431,000	–	102,398	–	1.29%	–
PEP	New	PEPSICO INC	$4,418,000	–	26,507	–	1.28%	–
GPC	New	GENUINE PARTS CO	$4,332,000	–	32,354	–	1.26%	–
WSM	New	WILLIAMS SONOMA INC	$4,301,000	–	38,762	–	1.25%	–
MGRC	New	MCGRATH RENTCORP	$4,258,000	–	56,030	–	1.24%	–
CL	New	COLGATE PALMOLIVE CO	$4,092,000	–	51,065	–	1.19%	–
COO	New	COOPER COS INC	$4,093,000	–	13,071	–	1.19%	–
HUBB	New	HUBBELL INC	$3,674,000	–	20,575	–	1.07%	–
RELX	New	RELX PLCsponsored adr	$3,639,000	–	135,096	–	1.06%	–
WMT	New	WALMART INC	$3,585,000	–	29,483	–	1.04%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,543,000	–	69,804	–	1.03%	–
PAYX	New	PAYCHEX INC	$3,503,000	–	30,764	–	1.02%	–
JPM	New	JPMORGAN CHASE & CO	$3,487,000	–	30,961	–	1.02%	–
HELE	New	HELEN OF TROY LTD	$3,390,000	–	20,872	–	0.99%	–
MMM	New	3M CO	$3,361,000	–	25,972	–	0.98%	–
WTRG	New	ESSENTIAL UTILS INC	$3,339,000	–	72,820	–	0.97%	–
WSO	New	WATSCO INC	$3,176,000	–	13,299	–	0.92%	–
LEG	New	LEGGETT & PLATT INC	$2,940,000	–	83,953	–	0.86%	–
MAIN	New	MAIN STR CAP CORP	$2,796,000	–	72,570	–	0.81%	–
RIO	New	RIO TINTO PLCsponsored adr	$2,579,000	–	42,282	–	0.75%	–
SYBT	New	STOCK YDS BANCORP INC	$2,537,000	–	42,206	–	0.74%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,293,000	–	16,244	–	0.67%	–
SBSI	New	SOUTHSIDE BANCSHARES INC	$2,166,000	–	57,877	–	0.63%	–
SPGI	New	S&P GLOBAL INC	$1,289,000	–	3,824	–	0.38%	–
UNP	New	UNION PAC CORP	$1,130,000	–	5,300	–	0.33%	–
PBHC	New	PATHFINDER BANCORP INC MD	$766,000	–	38,429	–	0.22%	–
LOW	New	LOWES COS INC	$733,000	–	4,198	–	0.21%	–
LLY	New	LILLY ELI & CO	$604,000	–	1,862	–	0.18%	–
GOOGL	New	ALPHABET INCcap stk cl a	$554,000	–	254	–	0.16%	–
KO	New	COCA COLA CO	$432,000	–	6,821	–	0.13%	–
RYN	New	RAYONIER INC	$405,000	–	10,825	–	0.12%	–
XOM	New	EXXON MOBIL CORP	$343,000	–	4,009	–	0.10%	–
MRK	New	MERCK & CO INC	$323,000	–	3,521	–	0.09%	–
INTC	New	INTEL CORP	$308,000	–	8,226	–	0.09%	–
PFE	New	PFIZER INC	$277,000	–	5,279	–	0.08%	–
AMZN	New	AMAZON COM INC	$272,000	–	2,560	–	0.08%	–
HD	New	HOME DEPOT INC	$247,000	–	899	–	0.07%	–
ABT	New	ABBOTT LABS	$219,000	–	2,013	–	0.06%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$210,000	–	769	–	0.06%	–
PSA	New	PUBLIC STORAGE	$205,000	–	655	–	0.06%	–

Q4 2021

			Value		Shares		↓ Weighting
SYK	Exit	STRYKER CORPORATION	$0	–	-790	–	-0.06%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-1,350	–	-0.06%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-1,088	–	-0.06%	–
KMX	Exit	CARMAX INC	$0	–	-1,797	–	-0.06%	–
ABT	Exit	ABBOTT LABS	$0	–	-2,013	–	-0.06%	–
PFE	Exit	PFIZER INC	$0	–	-5,658	–	-0.06%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-964	–	-0.07%	–
MRK	Exit	MERCK & CO INC	$0	–	-3,390	–	-0.07%	–
HD	Exit	HOME DEPOT INC	$0	–	-820	–	-0.07%	–
CSX	Exit	CSX CORP	$0	–	-9,900	–	-0.08%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,209	–	-0.08%	–
AMZN	Exit	AMAZON COM INC	$0	–	-94	–	-0.08%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,819	–	-0.08%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-20,000	–	-0.09%	–
KO	Exit	COCA COLA CO	$0	–	-6,672	–	-0.09%	–
RYN	Exit	RAYONIER INC	$0	–	-10,825	–	-0.10%	–
LLY	Exit	LILLY ELI & CO	$0	–	-1,862	–	-0.11%	–
INTC	Exit	INTEL CORP	$0	–	-8,379	–	-0.12%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-223	–	-0.16%	–
LOW	Exit	LOWES COS INC	$0	–	-4,254	–	-0.23%	–
UNP	Exit	UNION PAC CORP	$0	–	-5,300	–	-0.28%	–
SBSI	Exit	SOUTHSIDE BANCSHARES INC	$0	–	-41,732	–	-0.42%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-3,824	–	-0.43%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-37,032	–	-0.44%	–
SYBT	Exit	STOCK YDS BANCORP INC	$0	–	-33,715	–	-0.53%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-16,986	–	-0.55%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-16,455	–	-0.61%	–
MGRC	Exit	MCGRATH RENTCORP	$0	–	-32,233	–	-0.62%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-40,129	–	-0.71%	–
MAIN	Exit	MAIN STR CAP CORP	$0	–	-67,719	–	-0.74%	–
T	Exit	AT&T INC	$0	–	-110,173	–	-0.79%	–
WSO	Exit	WATSCO INC	$0	–	-12,188	–	-0.86%	–
WTRG	Exit	ESSENTIAL UTILS INC	$0	–	-70,297	–	-0.86%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-80,222	–	-0.89%	–
HUBB	Exit	HUBBELL INC	$0	–	-19,384	–	-0.93%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-48,478	–	-0.97%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-67,905	–	-0.97%	–
RELX	Exit	RELX PLCsponsored adr	$0	–	-128,577	–	-0.98%	–
PEP	Exit	PEPSICO INC	$0	–	-25,304	–	-1.01%	–
GNTX	Exit	GENTEX CORP	$0	–	-115,678	–	-1.01%	–
WMT	Exit	WALMART INC	$0	–	-29,160	–	-1.08%	–
MMM	Exit	3M CO	$0	–	-23,975	–	-1.12%	–
HELE	Exit	HELEN OF TROY LTD	$0	–	-19,881	–	-1.19%	–
YETI	Exit	YETI HLDGS INC	$0	–	-55,737	–	-1.27%	–
COO	Exit	COOPER COS INC	$0	–	-12,133	–	-1.33%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-11,367	–	-1.35%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-18,704	–	-1.36%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-31,368	–	-1.36%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-25,621	–	-1.44%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-37,218	–	-1.48%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-109,099	–	-1.57%	–
DE	Exit	DEERE & CO	$0	–	-18,433	–	-1.64%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-35,090	–	-1.65%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-38,772	–	-1.66%	–
AMGN	Exit	AMGEN INC	$0	–	-30,633	–	-1.73%	–
TJX	Exit	TJX COS INC NEW	$0	–	-98,967	–	-1.73%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-32,976	–	-1.74%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-84,340	–	-1.76%	–
ETN	Exit	EATON CORP PLC	$0	–	-45,701	–	-1.81%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-40,868	–	-1.82%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-28,039	–	-1.83%	–
NKE	Exit	NIKE INCcl b	$0	–	-53,926	–	-2.08%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-41,713	–	-2.13%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-25,212	–	-2.14%	–
CSCO	Exit	CISCO SYS INC	$0	–	-152,650	–	-2.21%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-42,474	–	-2.26%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-112,005	–	-2.46%	–
EME	Exit	EMCOR GROUP INC	$0	–	-82,261	–	-2.52%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-28,031	–	-2.53%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-49,798	–	-2.55%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-60,696	–	-2.66%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-117,624	–	-2.68%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-38,063	–	-2.75%	–
WAT	Exit	WATERS CORP	$0	–	-29,669	–	-2.82%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-64,303	–	-2.86%	–
EBAY	Exit	EBAY INC.	$0	–	-158,862	–	-2.94%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-4,289	–	-3.04%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-43,186	–	-3.49%	–
AAPL	Exit	APPLE INC	$0	–	-99,933	–	-3.76%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-50,890	–	-3.81%	–

Q3 2021

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$14,347,000	+5.0%	50,890	+0.9%	3.81%	+2.9%
AAPL	Buy	APPLE INC	$14,141,000	+5.0%	99,933	+1.6%	3.76%	+3.0%
DHR	Sell	DANAHER CORPORATION	$13,157,000	+12.4%	43,186	-0.9%	3.49%	+10.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$11,431,000	+7.6%	4,289	+1.2%	3.04%	+5.5%
EBAY	Buy	EBAY INC.	$11,068,000	-0.3%	158,862	+0.5%	2.94%	-2.2%
AXP	Buy	AMERICAN EXPRESS CO	$10,773,000	+1.8%	64,303	+0.4%	2.86%	-0.2%
WAT	Sell	WATERS CORP	$10,601,000	+3.1%	29,669	-0.3%	2.82%	+1.0%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$10,364,000	+121.7%	38,063	+100.0%	2.75%	+117.4%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$10,111,000	+1.9%	117,624	+1.1%	2.68%	-0.1%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$10,001,000	-13.1%	60,696	+1.1%	2.66%	-14.8%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$9,605,000	+3.1%	49,798	+0.0%	2.55%	+1.1%
FB	Buy	FACEBOOK INCcl a	$9,514,000	-2.3%	28,031	+0.1%	2.53%	-4.2%
EME	Buy	EMCOR GROUP INC	$9,491,000	-6.2%	82,261	+0.2%	2.52%	-8.0%
CHD	Buy	CHURCH & DWIGHT INC	$9,248,000	-2.4%	112,005	+0.8%	2.46%	-4.3%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$8,531,000	+0.9%	42,474	+0.2%	2.26%	-1.1%
CSCO	Buy	CISCO SYS INC	$8,309,000	+3.2%	152,650	+0.5%	2.21%	+1.2%
ACN	Sell	ACCENTURE PLC IRELAND	$8,066,000	+8.1%	25,212	-0.4%	2.14%	+6.0%
TXN	Buy	TEXAS INSTRS INC	$8,018,000	+0.6%	41,713	+0.6%	2.13%	-1.4%
NKE	Buy	NIKE INCcl b	$7,846,000	-5.6%	53,926	+0.4%	2.08%	-7.5%
BDX	Buy	BECTON DICKINSON & CO	$6,893,000	+2.1%	28,039	+1.1%	1.83%	+0.2%
BR	Sell	BROADRIDGE FINL SOLUTIONS IN	$6,836,000	+2.4%	40,868	-0.8%	1.82%	+0.4%
ETN	Buy	EATON CORP PLC	$6,824,000	+1.3%	45,701	+0.6%	1.81%	-0.7%
NEE	Sell	NEXTERA ENERGY INC	$6,622,000	+6.5%	84,340	-0.6%	1.76%	+4.5%
FFIV	Sell	F5 NETWORKS INC	$6,555,000	+4.5%	32,976	-1.9%	1.74%	+2.4%
TJX	Buy	TJX COS INC NEW	$6,530,000	-1.1%	98,967	+1.0%	1.73%	-3.1%
AMGN	Buy	AMGEN INC	$6,514,000	-11.9%	30,633	+1.0%	1.73%	-13.6%
JNJ	Buy	JOHNSON & JOHNSON	$6,262,000	-1.5%	38,772	+0.4%	1.66%	-3.4%
WSM	Buy	WILLIAMS SONOMA INC	$6,222,000	+12.2%	35,090	+1.0%	1.65%	+10.0%
DE	Sell	DEERE & CO	$6,196,000	-5.2%	18,433	-0.2%	1.64%	-7.0%
UL	Buy	UNILEVER PLCspon adr new	$5,915,000	-7.1%	109,099	+0.2%	1.57%	-8.9%
WM	Sell	WASTE MGMT INC DEL	$5,559,000	+6.2%	37,218	-0.4%	1.48%	+4.1%
DG	Buy	DOLLAR GEN CORP NEW	$5,435,000	-1.6%	25,621	+0.3%	1.44%	-3.6%
JPM	Buy	JPMORGAN CHASE & CO	$5,135,000	+6.0%	31,368	+0.7%	1.36%	+3.9%
LFUS	Buy	LITTELFUSE INC	$5,111,000	+7.3%	18,704	+0.0%	1.36%	+5.2%
ROP	Buy	ROPER TECHNOLOGIES INC	$5,071,000	-3.9%	11,367	+1.3%	1.35%	-5.8%
COO	Sell	COOPER COS INC	$5,015,000	+4.0%	12,133	-0.3%	1.33%	+2.0%
YETI	Buy	YETI HLDGS INC	$4,776,000	-5.7%	55,737	+1.0%	1.27%	-7.6%
HELE	Buy	HELEN OF TROY LTD	$4,467,000	+0.7%	19,881	+2.3%	1.19%	-1.2%
MMM	Buy	3M CO	$4,206,000	-10.2%	23,975	+1.7%	1.12%	-11.9%
WMT	Sell	WALMART INC	$4,064,000	-2.1%	29,160	-0.9%	1.08%	-4.0%
GNTX	Buy	GENTEX CORP	$3,815,000	+0.4%	115,678	+0.7%	1.01%	-1.6%
PEP	Sell	PEPSICO INC	$3,806,000	+1.0%	25,304	-0.5%	1.01%	-0.9%
RELX	Sell	RELX PLCsponsored adr	$3,711,000	+6.8%	128,577	-1.3%	0.98%	+4.7%
VZ	Buy	VERIZON COMMUNICATIONS INC	$3,668,000	-2.3%	67,905	+1.3%	0.97%	-4.2%
CL	Buy	COLGATE PALMOLIVE CO	$3,664,000	-6.6%	48,478	+0.5%	0.97%	-8.5%
HUBB	Sell	HUBBELL INC	$3,502,000	-3.4%	19,384	-0.1%	0.93%	-5.2%
CPB	Sell	CAMPBELL SOUP CO	$3,354,000	-8.8%	80,222	-0.6%	0.89%	-10.5%
WTRG	Sell	ESSENTIAL UTILS INC	$3,239,000	+0.5%	70,297	-0.3%	0.86%	-1.5%
WSO	Buy	WATSCO INC	$3,225,000	-6.3%	12,188	+1.5%	0.86%	-8.2%
T	Sell	AT&T INC	$2,976,000	-7.3%	110,173	-1.2%	0.79%	-9.2%
MAIN	Buy	MAIN STR CAP CORP	$2,797,000	+1.8%	67,719	+1.8%	0.74%	-0.1%
RIO	Buy	RIO TINTO PLCsponsored adr	$2,681,000	-18.9%	40,129	+1.8%	0.71%	-20.4%
MGRC	Buy	MCGRATH RENTCORP	$2,319,000	-10.1%	32,233	+1.9%	0.62%	-11.9%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$2,286,000	-4.2%	16,455	+1.1%	0.61%	-6.0%
GPC	Buy	GENUINE PARTS CO	$2,073,000	-2.6%	16,986	+1.6%	0.55%	-4.5%
SYBT	Buy	STOCK YDS BANCORP INC	$1,987,000	+17.4%	33,715	+1.9%	0.53%	+15.3%
LEG	Buy	LEGGETT & PLATT INC	$1,676,000	-12.6%	37,032	+0.8%	0.44%	-14.3%
SPGI	Buy	S&P GLOBAL INC	$1,625,000	+4.2%	3,824	+0.6%	0.43%	+2.1%
SBSI	Buy	SOUTHSIDE BANCSHARES INC	$1,598,000	+2.0%	41,732	+1.9%	0.42%	0.0%
UNP	Buy	UNION PAC CORP	$1,039,000	-9.5%	5,300	+1.6%	0.28%	-11.3%
LOW	Buy	LOWES COS INC	$863,000	+217.3%	4,254	+203.4%	0.23%	+209.5%
GOOGL	Sell	ALPHABET INCcap stk cl a	$596,000	+9.0%	223	-0.4%	0.16%	+6.8%
LLY	New	LILLY ELI & CO	$430,000	–	1,862	–	0.11%	–
AMZN	Buy	AMAZON COM INC	$309,000	+18.4%	94	+23.7%	0.08%	+15.5%
MRK	Buy	MERCK & CO INC	$257,000	+7.1%	3,390	+10.9%	0.07%	+4.6%
PYPL	Sell	PAYPAL HLDGS INC	$251,000	-18.0%	964	-8.2%	0.07%	-19.3%
PFE	Buy	PFIZER INC	$243,000	+15.2%	5,658	+5.1%	0.06%	+14.0%
ABT	Buy	ABBOTT LABS	$238,000	+10.2%	2,013	+8.1%	0.06%	+8.6%
KMX	Buy	CARMAX INC	$230,000	+7.0%	1,797	+8.0%	0.06%	+5.2%
NVDA	New	NVIDIA CORPORATION	$225,000	–	1,088	–	0.06%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-4,150	–	-0.06%	–

Q2 2021

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$13,665,000	–	50,444	–	3.70%	–
AAPL	New	APPLE INC	$13,466,000	–	98,321	–	3.65%	–
DHR	New	DANAHER CORPORATION	$11,702,000	–	43,573	–	3.17%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$11,507,000	–	60,012	–	3.12%	–
EBAY	New	EBAY INC.	$11,099,000	–	158,081	–	3.01%	–
GOOG	New	ALPHABET INCcap stk cl c	$10,622,000	–	4,238	–	2.88%	–
AXP	New	AMERICAN EXPRESS CO	$10,582,000	–	64,046	–	2.87%	–
WAT	New	WATERS CORP	$10,286,000	–	29,762	–	2.79%	–
EME	New	EMCOR GROUP INC	$10,113,000	–	82,092	–	2.74%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$9,927,000	–	116,358	–	2.69%	–
FB	New	FACEBOOK INCcl a	$9,739,000	–	28,008	–	2.64%	–
CHD	New	CHURCH & DWIGHT INC	$9,471,000	–	111,133	–	2.56%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$9,317,000	–	49,780	–	2.52%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$8,456,000	–	42,373	–	2.29%	–
NKE	New	NIKE INCcl b	$8,312,000	–	53,705	–	2.25%	–
CSCO	New	CISCO SYS INC	$8,051,000	–	151,897	–	2.18%	–
TXN	New	TEXAS INSTRS INC	$7,972,000	–	41,455	–	2.16%	–
ACN	New	ACCENTURE PLC IRELAND	$7,459,000	–	25,304	–	2.02%	–
AMGN	New	AMGEN INC	$7,391,000	–	30,320	–	2.00%	–
BDX	New	BECTON DICKINSON & CO	$6,748,000	–	27,747	–	1.83%	–
ETN	New	EATON CORP PLC	$6,735,000	–	45,450	–	1.82%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$6,675,000	–	41,179	–	1.81%	–
TJX	New	TJX COS INC NEW	$6,605,000	–	97,964	–	1.79%	–
DE	New	DEERE & CO	$6,533,000	–	18,476	–	1.77%	–
UL	New	UNILEVER PLCspon adr new	$6,368,000	–	108,848	–	1.72%	–
JNJ	New	JOHNSON & JOHNSON	$6,360,000	–	38,607	–	1.72%	–
FFIV	New	F5 NETWORKS INC	$6,272,000	–	33,603	–	1.70%	–
NEE	New	NEXTERA ENERGY INC	$6,216,000	–	84,821	–	1.68%	–
WSM	New	WILLIAMS SONOMA INC	$5,547,000	–	34,744	–	1.50%	–
DG	New	DOLLAR GEN CORP NEW	$5,526,000	–	25,539	–	1.50%	–
ROP	New	ROPER TECHNOLOGIES INC	$5,276,000	–	11,220	–	1.43%	–
WM	New	WASTE MGMT INC DEL	$5,236,000	–	37,374	–	1.42%	–
YETI	New	YETI HLDGS INC	$5,067,000	–	55,189	–	1.37%	–
JPM	New	JPMORGAN CHASE & CO	$4,843,000	–	31,139	–	1.31%	–
COO	New	COOPER COS INC	$4,823,000	–	12,172	–	1.31%	–
LFUS	New	LITTELFUSE INC	$4,764,000	–	18,699	–	1.29%	–
MMM	New	3M CO	$4,684,000	–	23,581	–	1.27%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$4,675,000	–	19,032	–	1.27%	–
HELE	New	HELEN OF TROY LTD	$4,434,000	–	19,435	–	1.20%	–
WMT	New	WALMART INC	$4,151,000	–	29,433	–	1.12%	–
CL	New	COLGATE PALMOLIVE CO	$3,925,000	–	48,247	–	1.06%	–
GNTX	New	GENTEX CORP	$3,800,000	–	114,848	–	1.03%	–
PEP	New	PEPSICO INC	$3,767,000	–	25,421	–	1.02%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,756,000	–	67,035	–	1.02%	–
CPB	New	CAMPBELL SOUP CO	$3,679,000	–	80,695	–	1.00%	–
HUBB	New	HUBBELL INC	$3,624,000	–	19,399	–	0.98%	–
RELX	New	RELX PLCsponsored adr	$3,475,000	–	130,309	–	0.94%	–
WSO	New	WATSCO INC	$3,442,000	–	12,007	–	0.93%	–
RIO	New	RIO TINTO PLCsponsored adr	$3,306,000	–	39,408	–	0.90%	–
WTRG	New	ESSENTIAL UTILS INC	$3,222,000	–	70,494	–	0.87%	–
T	New	AT&T INC	$3,211,000	–	111,555	–	0.87%	–
MAIN	New	MAIN STR CAP CORP	$2,747,000	–	66,530	–	0.74%	–
MGRC	New	MCGRATH RENTCORP	$2,580,000	–	31,634	–	0.70%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$2,385,000	–	16,273	–	0.65%	–
GPC	New	GENUINE PARTS CO	$2,128,000	–	16,716	–	0.58%	–
LEG	New	LEGGETT & PLATT INC	$1,918,000	–	36,730	–	0.52%	–
SYBT	New	STOCK YDS BANCORP INC	$1,692,000	–	33,080	–	0.46%	–
SBSI	New	SOUTHSIDE BANCSHARES INC	$1,566,000	–	40,962	–	0.42%	–
SPGI	New	S&P GLOBAL INC	$1,560,000	–	3,800	–	0.42%	–
UNP	New	UNION PAC CORP	$1,148,000	–	5,219	–	0.31%	–
GOOGL	New	ALPHABET INCcap stk cl a	$547,000	–	224	–	0.15%	–
INTC	New	INTEL CORP	$470,000	–	8,379	–	0.13%	–
RYN	New	RAYONIER INC	$389,000	–	10,825	–	0.10%	–
KO	New	COCA COLA CO	$364,000	–	6,672	–	0.10%	–
XOM	New	EXXON MOBIL CORP	$329,000	–	5,209	–	0.09%	–
DIS	New	DISNEY WALT CO	$320,000	–	1,819	–	0.09%	–
PBHC	New	PATHFINDER BANCORP INC MD	$316,000	–	20,000	–	0.09%	–
CSX	New	CSX CORP	$318,000	–	9,900	–	0.09%	–
PYPL	New	PAYPAL HLDGS INC	$306,000	–	1,050	–	0.08%	–
LOW	New	LOWES COS INC	$272,000	–	1,402	–	0.07%	–
HD	New	HOME DEPOT INC	$261,000	–	820	–	0.07%	–
AMZN	New	AMAZON COM INC	$261,000	–	76	–	0.07%	–
MRK	New	MERCK & CO INC	$240,000	–	3,058	–	0.06%	–
KMX	New	CARMAX INC	$215,000	–	1,664	–	0.06%	–
ABT	New	ABBOTT LABS	$216,000	–	1,863	–	0.06%	–
COF	New	CAPITAL ONE FINL CORP	$209,000	–	1,350	–	0.06%	–
PFE	New	PFIZER INC	$211,000	–	5,383	–	0.06%	–
SYK	New	STRYKER CORPORATION	$206,000	–	790	–	0.06%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$203,000	–	4,150	–	0.06%	–

Q4 2020

			Value		Shares		↓ Weighting
ABT	Exit	ABBOTT LABS	$0	–	-1,933	–	-0.07%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-20,000	–	-0.08%	–
PFE	Exit	PFIZER INC	$0	–	-5,853	–	-0.08%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,819	–	-0.08%	–
HD	Exit	HOME DEPOT INC	$0	–	-838	–	-0.08%	–
AMZN	Exit	AMAZON COM INC	$0	–	-78	–	-0.09%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,250	–	-0.09%	–
MRK	Exit	MERCK & CO. INC	$0	–	-3,058	–	-0.09%	–
CSX	Exit	CSX CORP	$0	–	-3,300	–	-0.09%	–
LOW	Exit	LOWES COS INC	$0	–	-1,555	–	-0.09%	–
RYN	Exit	RAYONIER INC	$0	–	-11,275	–	-0.10%	–
KO	Exit	COCA COLA CO	$0	–	-7,013	–	-0.12%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-298	–	-0.15%	–
INTC	Exit	INTEL CORP	$0	–	-8,529	–	-0.16%	–
MAIN	Exit	MAIN STR CAP CORP	$0	–	-22,784	–	-0.24%	–
UNP	Exit	UNION PAC CORP	$0	–	-5,321	–	-0.37%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-3,800	–	-0.48%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-36,739	–	-0.54%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-16,452	–	-0.56%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-45,225	–	-0.61%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-16,007	–	-0.69%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-39,232	–	-0.84%	–
HUBB	Exit	HUBBELL INC	$0	–	-19,232	–	-0.93%	–
WSO	Exit	WATSCO INC	$0	–	-11,639	–	-0.96%	–
WTRG	Exit	ESSENTIAL UTILS INC	$0	–	-70,779	–	-1.00%	–
GNTX	Exit	GENTEX CORP	$0	–	-110,702	–	-1.00%	–
RELX	Exit	RELX PLCsponsored adr	$0	–	-131,057	–	-1.03%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-30,826	–	-1.05%	–
T	Exit	AT&T INC	$0	–	-109,892	–	-1.10%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-18,063	–	-1.13%	–
PEP	Exit	PEPSICO INC	$0	–	-25,171	–	-1.23%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-46,405	–	-1.26%	–
MMM	Exit	3M CO	$0	–	-23,321	–	-1.32%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-78,964	–	-1.35%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-43,236	–	-1.38%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-66,211	–	-1.39%	–
FFIV	Exit	F5 NETWORKS INC	$0	–	-32,357	–	-1.40%	–
COO	Exit	COOPER COS INC	$0	–	-11,832	–	-1.41%	–
DE	Exit	DEERE & CO	$0	–	-18,248	–	-1.43%	–
WMT	Exit	WALMART INC	$0	–	-29,948	–	-1.48%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-37,502	–	-1.50%	–
ETN	Exit	EATON CORP PLC	$0	–	-45,405	–	-1.63%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-24,480	–	-1.81%	–
TJX	Exit	TJX COS INC NEW	$0	–	-92,415	–	-1.81%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-49,261	–	-1.89%	–
EME	Exit	EMCOR GROUP INC	$0	–	-80,090	–	-1.91%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-41,131	–	-1.92%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-24,606	–	-1.96%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-38,115	–	-2.00%	–
WAT	Exit	WATERS CORP	$0	–	-29,116	–	-2.01%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-40,456	–	-2.04%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-21,071	–	-2.06%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-42,127	–	-2.08%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-4,093	–	-2.12%	–
CSCO	Exit	CISCO SYS INC	$0	–	-155,663	–	-2.16%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-26,579	–	-2.18%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-62,128	–	-2.20%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-106,126	–	-2.31%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-114,485	–	-2.32%	–
NKE	Exit	NIKE INCcl b	$0	–	-53,093	–	-2.35%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-17,759	–	-2.47%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-27,079	–	-2.50%	–
AMGN	Exit	AMGEN INC	$0	–	-29,427	–	-2.64%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-65,900	–	-2.80%	–
EBAY	Exit	EBAY INC.	$0	–	-155,723	–	-2.86%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-57,630	–	-2.96%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-44,541	–	-3.38%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-108,718	–	-3.59%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-49,354	–	-3.66%	–
AAPL	Exit	APPLE INC	$0	–	-131,476	–	-5.37%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$15,226,000	+36.3%	131,476	+329.5%	5.37%	+24.6%
MSFT	Sell	MICROSOFT CORP	$10,381,000	+2.0%	49,354	-1.3%	3.66%	-6.8%
CHD	Sell	CHURCH & DWIGHT INC	$10,188,000	+21.2%	108,718	-0.0%	3.59%	+10.8%
DHR	Buy	DANAHER CORPORATION	$9,599,000	+22.1%	44,541	+0.3%	3.38%	+11.6%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$8,385,000	+14.6%	57,630	+0.7%	2.96%	+4.8%
EBAY	Buy	EBAY INC.	$8,113,000	-0.1%	155,723	+0.6%	2.86%	-8.7%
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$7,930,000	+12.2%	65,900	+0.2%	2.80%	+2.6%
AMGN	Buy	AMGEN INC	$7,479,000	+11.0%	29,427	+3.0%	2.64%	+1.5%
FB	Buy	FACEBOOK INCcl a	$7,092,000	+17.7%	27,079	+2.0%	2.50%	+7.6%
ROP	Sell	ROPER TECHNOLOGIES INC	$7,017,000	+1.5%	17,759	-0.3%	2.47%	-7.3%
NKE	Buy	NIKE INCcl b	$6,678,000	+28.8%	53,093	+0.7%	2.35%	+17.8%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$6,587,000	-6.1%	114,485	+0.5%	2.32%	-14.2%
UL	Buy	UNILEVER PLCspon adr new	$6,546,000	+12.9%	106,126	+0.4%	2.31%	+3.2%
AXP	Buy	AMERICAN EXPRESS CO	$6,228,000	+6.8%	62,128	+1.4%	2.20%	-2.4%
BDX	Buy	BECTON DICKINSON & CO	$6,184,000	-1.4%	26,579	+1.4%	2.18%	-9.8%
CSCO	Sell	CISCO SYS INC	$6,132,000	-16.0%	155,663	-0.5%	2.16%	-23.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$6,015,000	+6.8%	4,093	+2.7%	2.12%	-2.3%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$5,915,000	-5.3%	42,127	+1.0%	2.08%	-13.4%
NEE	Sell	NEXTERA ENERGY INC	$5,848,000	+15.5%	21,071	-0.0%	2.06%	+5.6%
TXN	Buy	TEXAS INSTRS INC	$5,777,000	+13.9%	40,456	+1.3%	2.04%	+4.1%
WAT	Buy	WATERS CORP	$5,697,000	+9.7%	29,116	+1.1%	2.01%	+0.2%
JNJ	Buy	JOHNSON & JOHNSON	$5,675,000	+7.4%	38,115	+1.4%	2.00%	-1.8%
ACN	Buy	ACCENTURE PLC IRELAND	$5,561,000	+6.4%	24,606	+1.1%	1.96%	-2.7%
BR	Buy	BROADRIDGE FINL SOLUTIONS IN	$5,453,000	+5.5%	41,131	+0.9%	1.92%	-3.6%
EME	Buy	EMCOR GROUP INC	$5,423,000	+4.2%	80,090	+1.8%	1.91%	-4.7%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$5,372,000	+3.5%	49,261	+0.6%	1.89%	-5.4%
TJX	Buy	TJX COS INC NEW	$5,143,000	+11.4%	92,415	+1.2%	1.81%	+1.8%
DG	Buy	DOLLAR GEN CORP NEW	$5,131,000	+11.8%	24,480	+1.6%	1.81%	+2.1%
ETN	Buy	EATON CORP PLC	$4,633,000	+17.9%	45,405	+1.1%	1.63%	+7.7%
WM	Buy	WASTE MGMT INC DEL	$4,244,000	+7.7%	37,502	+0.8%	1.50%	-1.6%
WMT	Buy	WALMART INC	$4,190,000	+17.3%	29,948	+0.5%	1.48%	+7.3%
DE	Buy	DEERE & CO	$4,058,000	+42.3%	18,248	+1.0%	1.43%	+30.0%
COO	Buy	COOPER COS INC	$3,989,000	+19.9%	11,832	+0.8%	1.41%	+9.6%
FFIV	Buy	F5 NETWORKS INC	$3,972,000	-10.6%	32,357	+1.5%	1.40%	-18.3%
VZ	Buy	VERIZON COMMUNICATIONS INC	$3,939,000	+10.2%	66,211	+2.1%	1.39%	+0.7%
WSM	Buy	WILLIAMS SONOMA INC	$3,910,000	+12.3%	43,236	+1.9%	1.38%	+2.7%
CPB	Buy	CAMPBELL SOUP CO	$3,819,000	-2.3%	78,964	+0.3%	1.35%	-10.6%
MMM	Buy	3M CO	$3,736,000	+4.3%	23,321	+1.6%	1.32%	-4.6%
CL	Buy	COLGATE PALMOLIVE CO	$3,580,000	+6.0%	46,405	+0.6%	1.26%	-3.1%
PEP	Buy	PEPSICO INC	$3,489,000	+8.5%	25,171	+3.5%	1.23%	-0.8%
LFUS	Buy	LITTELFUSE INC	$3,203,000	+5.8%	18,063	+1.8%	1.13%	-3.3%
T	Buy	AT&T INC	$3,133,000	-3.5%	109,892	+2.4%	1.10%	-11.8%
JPM	Buy	JPMORGAN CHASE & CO	$2,968,000	+3.6%	30,826	+1.2%	1.05%	-5.3%
RELX	Buy	RELX PLCsponsored adr	$2,932,000	-4.2%	131,057	+0.9%	1.03%	-12.5%
GNTX	Buy	GENTEX CORP	$2,851,000	+1.4%	110,702	+1.5%	1.00%	-7.3%
WTRG	Buy	ESSENTIAL UTILS INC	$2,849,000	-4.5%	70,779	+0.3%	1.00%	-12.7%
WSO	New	WATSCO INC	$2,711,000	–	11,639	–	0.96%	–
HUBB	Buy	HUBBELL INC	$2,632,000	+10.6%	19,232	+1.3%	0.93%	+1.1%
RIO	Buy	RIO TINTO PLCsponsored adr	$2,369,000	+8.4%	39,232	+0.8%	0.84%	-0.9%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$1,948,000	+2.8%	16,007	+2.0%	0.69%	-6.0%
GSK	Buy	GLAXOSMITHKLINE PLCsponsored adr	$1,724,000	-7.1%	45,225	+0.6%	0.61%	-15.0%
GPC	Buy	GENUINE PARTS CO	$1,579,000	+10.7%	16,452	+1.3%	0.56%	+1.1%
LEG	Buy	LEGGETT & PLATT INC	$1,527,000	+17.2%	36,739	+0.2%	0.54%	+7.2%
MAIN	Buy	MAIN STR CAP CORP	$678,000	-3.6%	22,784	+1.6%	0.24%	-11.8%
INTC	Buy	INTEL CORP	$442,000	-9.4%	8,529	+4.7%	0.16%	-17.0%
GOOGL	Buy	ALPHABET INCcap stk cl a	$437,000	+9.8%	298	+6.0%	0.15%	+0.7%
KO	Sell	COCA COLA CO	$349,000	+2.9%	7,013	-6.7%	0.12%	-6.1%
AMZN	Buy	AMAZON COM INC	$246,000	+18.8%	78	+4.0%	0.09%	+8.8%
PYPL	New	PAYPAL HLDGS INC	$246,000	–	1,250	–	0.09%	–
HD	New	HOME DEPOT INC	$233,000	–	838	–	0.08%	–
PFE	New	PFIZER INC	$215,000	–	5,853	–	0.08%	–
ABT	New	ABBOTT LABS	$210,000	–	1,933	–	0.07%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,999	–	-0.10%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-27,756	–	-0.59%	–

Q2 2020

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$11,167,000	–	30,611	–	4.31%	–
MSFT	New	MICROSOFT CORP	$10,176,000	–	50,002	–	3.92%	–
CHD	New	CHURCH & DWIGHT INC	$8,406,000	–	108,748	–	3.24%	–
EBAY	New	EBAY INC.	$8,120,000	–	154,813	–	3.13%	–
DHR	New	DANAHER CORPORATION	$7,861,000	–	44,409	–	3.03%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$7,316,000	–	57,216	–	2.82%	–
CSCO	New	CISCO SYS INC	$7,297,000	–	156,446	–	2.81%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$7,067,000	–	65,780	–	2.72%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$7,018,000	–	113,898	–	2.71%	–
ROP	New	ROPER TECHNOLOGIES INC	$6,916,000	–	17,812	–	2.67%	–
AMGN	New	AMGEN INC	$6,737,000	–	28,563	–	2.60%	–
BDX	New	BECTON DICKINSON & CO	$6,270,000	–	26,205	–	2.42%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$6,247,000	–	41,703	–	2.41%	–
FB	New	FACEBOOK INCcl a	$6,026,000	–	26,536	–	2.32%	–
AXP	New	AMERICAN EXPRESS CO	$5,831,000	–	61,255	–	2.25%	–
UL	New	UNILEVER PLCspon adr new	$5,800,000	–	105,683	–	2.24%	–
GOOG	New	ALPHABET INCcap stk cl c	$5,632,000	–	3,984	–	2.17%	–
JNJ	New	JOHNSON & JOHNSON	$5,284,000	–	37,576	–	2.04%	–
ACN	New	ACCENTURE PLC IRELAND	$5,227,000	–	24,344	–	2.02%	–
EME	New	EMCOR GROUP INC	$5,204,000	–	78,676	–	2.01%	–
WAT	New	WATERS CORP	$5,194,000	–	28,794	–	2.00%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$5,189,000	–	48,958	–	2.00%	–
NKE	New	NIKE INCcl b	$5,183,000	–	52,727	–	2.00%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$5,168,000	–	40,784	–	1.99%	–
TXN	New	TEXAS INSTRS INC	$5,072,000	–	39,943	–	1.96%	–
NEE	New	NEXTERA ENERGY INC	$5,063,000	–	21,081	–	1.95%	–
TJX	New	TJX COS INC NEW	$4,618,000	–	91,335	–	1.78%	–
DG	New	DOLLAR GEN CORP NEW	$4,591,000	–	24,097	–	1.77%	–
FFIV	New	F5 NETWORKS INC	$4,445,000	–	31,869	–	1.71%	–
WM	New	WASTE MGMT INC DEL	$3,941,000	–	37,207	–	1.52%	–
ETN	New	EATON CORP PLC	$3,931,000	–	44,932	–	1.52%	–
CPB	New	CAMPBELL SOUP CO	$3,907,000	–	78,724	–	1.51%	–
MMM	New	3M CO	$3,582,000	–	22,962	–	1.38%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,576,000	–	64,866	–	1.38%	–
WMT	New	WALMART INC	$3,571,000	–	29,812	–	1.38%	–
WSM	New	WILLIAMS SONOMA INC	$3,481,000	–	42,443	–	1.34%	–
CL	New	COLGATE PALMOLIVE CO	$3,378,000	–	46,109	–	1.30%	–
COO	New	COOPER COS INC	$3,328,000	–	11,734	–	1.28%	–
T	New	AT&T INC	$3,245,000	–	107,358	–	1.25%	–
PEP	New	PEPSICO INC	$3,215,000	–	24,311	–	1.24%	–
RELX	New	RELX PLCsponsored adr	$3,060,000	–	129,892	–	1.18%	–
LFUS	New	LITTELFUSE INC	$3,026,000	–	17,737	–	1.17%	–
WTRG	New	ESSENTIAL UTILS INC	$2,982,000	–	70,594	–	1.15%	–
JPM	New	JPMORGAN CHASE & CO	$2,864,000	–	30,452	–	1.10%	–
DE	New	DEERE & CO	$2,852,000	–	18,062	–	1.10%	–
GNTX	New	GENTEX CORP	$2,811,000	–	109,085	–	1.08%	–
HUBB	New	HUBBELL INC	$2,380,000	–	18,987	–	0.92%	–
RIO	New	RIO TINTO PLCsponsored adr	$2,186,000	–	38,917	–	0.84%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,895,000	–	15,687	–	0.73%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$1,855,000	–	44,960	–	0.72%	–
OMC	New	OMNICOM GROUP INC	$1,533,000	–	27,756	–	0.59%	–
GPC	New	GENUINE PARTS CO	$1,426,000	–	16,247	–	0.55%	–
LEG	New	LEGGETT & PLATT INC	$1,303,000	–	36,648	–	0.50%	–
SPGI	New	S&P GLOBAL INC	$1,252,000	–	3,800	–	0.48%	–
UNP	New	UNION PAC CORP	$900,000	–	5,321	–	0.35%	–
MAIN	New	MAIN STR CAP CORP	$703,000	–	22,431	–	0.27%	–
INTC	New	INTEL CORP	$488,000	–	8,149	–	0.19%	–
GOOGL	New	ALPHABET INCcap stk cl a	$398,000	–	281	–	0.15%	–
KO	New	COCA COLA CO	$339,000	–	7,513	–	0.13%	–
RYN	New	RAYONIER INC	$280,000	–	11,275	–	0.11%	–
XOM	New	EXXON MOBIL CORP	$268,000	–	5,999	–	0.10%	–
MRK	New	MERCK & CO. INC	$238,000	–	3,058	–	0.09%	–
CSX	New	CSX CORP	$230,000	–	3,300	–	0.09%	–
LOW	New	LOWES COS INC	$210,000	–	1,555	–	0.08%	–
AMZN	New	AMAZON COM INC	$207,000	–	75	–	0.08%	–
DIS	New	DISNEY WALT CO	$203,000	–	1,819	–	0.08%	–
PBHC	New	PATHFINDER BANCORP INC MD	$191,000	–	20,000	–	0.07%	–

Q4 2019

			Value		Shares		↓ Weighting
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-7,310	–	-0.08%	–
PFE	Exit	PFIZER INC	$0	–	-6,201	–	-0.09%	–
CSX	Exit	CSX CORP	$0	–	-3,300	–	-0.09%	–
MRK	Exit	MERCK & CO INC	$0	–	-2,923	–	-0.10%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,726	–	-0.10%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,992	–	-0.11%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-20,000	–	-0.11%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-4,150	–	-0.11%	–
BA	Exit	BOEING CO	$0	–	-909	–	-0.14%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-301	–	-0.15%	–
KO	Exit	COCA COLA CO	$0	–	-7,453	–	-0.17%	–
INTC	Exit	INTEL CORP	$0	–	-8,449	–	-0.18%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-6,588	–	-0.19%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-5,357	–	-0.35%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-3,800	–	-0.38%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-34,723	–	-0.59%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-15,624	–	-0.64%	–
VFC	Exit	V F CORP	$0	–	-18,850	–	-0.68%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-42,770	–	-0.75%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-36,783	–	-0.78%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-26,180	–	-0.84%	–
MMM	Exit	3M CO	$0	–	-13,218	–	-0.89%	–
HUBB	Exit	HUBBELL INC	$0	–	-17,303	–	-0.93%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-57,371	–	-1.02%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-33,728	–	-1.09%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-83,505	–	-1.10%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-40,295	–	-1.12%	–
K	Exit	KELLOGG CO	$0	–	-44,832	–	-1.18%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-65,118	–	-1.19%	–
RELX	Exit	RELX PLCsponsored adr	$0	–	-123,708	–	-1.20%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-42,825	–	-1.28%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-26,788	–	-1.30%	–
COO	Exit	COOPER COS INC	$0	–	-10,793	–	-1.31%	–
EME	Exit	EMCOR GROUP INC	$0	–	-37,949	–	-1.33%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-28,698	–	-1.38%	–
WMT	Exit	WALMART INC	$0	–	-28,464	–	-1.38%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-74,489	–	-1.43%	–
ETN	Exit	EATON CORP PLC	$0	–	-42,506	–	-1.44%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-59,682	–	-1.47%	–
T	Exit	AT&T INC	$0	–	-100,438	–	-1.55%	–
FTV	Exit	FORTIVE CORP	$0	–	-56,530	–	-1.58%	–
SCHW	Exit	THE CHARLES SCHWAB CORPORATI	$0	–	-96,342	–	-1.64%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-35,406	–	-1.66%	–
PSX	Exit	PHILLIPS 66	$0	–	-41,266	–	-1.72%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-22,204	–	-1.74%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-47,025	–	-1.86%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-33,823	–	-1.89%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-19,894	–	-1.89%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-3,809	–	-1.90%	–
NKE	Exit	NIKE INCcl b	$0	–	-50,372	–	-1.93%	–
TJX	Exit	TJX COS INC NEW	$0	–	-85,070	–	-1.94%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-2,458	–	-1.97%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-38,755	–	-1.98%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-37,676	–	-1.99%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-38,286	–	-2.02%	–
CSCO	Exit	CISCO SYS INC	$0	–	-100,518	–	-2.03%	–
AMGN	Exit	AMGEN INC	$0	–	-26,710	–	-2.11%	–
EBAY	Exit	EBAY INC	$0	–	-146,988	–	-2.34%	–
WAT	Exit	WATERS CORP	$0	–	-26,362	–	-2.40%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-33,656	–	-2.44%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-99,638	–	-2.44%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-24,251	–	-2.50%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-17,366	–	-2.53%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-42,955	–	-2.54%	–
RTN	Exit	RAYTHEON CO	$0	–	-32,338	–	-2.59%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-40,681	–	-2.69%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-47,713	–	-2.71%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-62,788	–	-2.81%	–
DE	Exit	DEERE & CO	$0	–	-45,827	–	-3.17%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-106,475	–	-3.27%	–
AAPL	Exit	APPLE INC	$0	–	-37,910	–	-3.47%	–

Q3 2019

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$8,491,000	+13.4%	37,910	+0.2%	3.47%	+8.4%
CHD	Buy	CHURCH & DWIGHT INC	$8,011,000	+4.3%	106,475	+1.3%	3.27%	-0.3%
DE	Buy	DEERE & CO	$7,765,000	+1.8%	45,827	+0.0%	3.17%	-2.7%
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$6,875,000	-4.1%	62,788	+1.3%	2.81%	-8.3%
MSFT	Buy	MICROSOFT CORP	$6,634,000	+8.8%	47,713	+4.8%	2.71%	+4.0%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$6,599,000	-0.5%	40,681	+1.9%	2.69%	-4.8%
RTN	Sell	RAYTHEON CO	$6,344,000	+12.3%	32,338	-0.4%	2.59%	+7.4%
DHR	Buy	DANAHER CORPORATION	$6,211,000	+1.2%	42,955	+0.1%	2.54%	-3.3%
ROP	Buy	ROPER TECHNOLOGIES INC	$6,193,000	-2.5%	17,366	+0.2%	2.53%	-6.7%
BDX	Buy	BECTON DICKINSON & CO	$6,135,000	+2.1%	24,251	+1.7%	2.50%	-2.4%
UL	Buy	UNILEVER PLCspon adr new	$5,988,000	-0.5%	99,638	+2.6%	2.44%	-4.9%
LFUS	Buy	LITTELFUSE INC	$5,968,000	+1.4%	33,656	+1.2%	2.44%	-3.0%
WAT	Buy	WATERS CORP	$5,885,000	+6.0%	26,362	+2.2%	2.40%	+1.3%
EBAY	Buy	EBAY INC	$5,730,000	-0.1%	146,988	+1.3%	2.34%	-4.4%
AMGN	Buy	AMGEN INC	$5,169,000	+7.6%	26,710	+2.4%	2.11%	+2.8%
CSCO	Buy	CISCO SYS INC	$4,967,000	-6.7%	100,518	+3.4%	2.03%	-10.8%
JNJ	Buy	JOHNSON & JOHNSON	$4,953,000	-5.8%	38,286	+1.4%	2.02%	-10.0%
TXN	Buy	TEXAS INSTRS INC	$4,869,000	+18.1%	37,676	+4.9%	1.99%	+12.9%
BR	Buy	BROADRIDGE FINL SOLUTIONS IN	$4,843,000	+1.8%	38,755	+4.4%	1.98%	-2.7%
BKNG	Buy	BOOKING HLDGS INC	$4,824,000	+6.5%	2,458	+1.7%	1.97%	+1.8%
TJX	Buy	TJX COS INC NEW	$4,742,000	+7.9%	85,070	+2.4%	1.94%	+3.2%
NKE	Buy	NIKE INCcl b	$4,731,000	+11.8%	50,372	+0.2%	1.93%	+7.0%
GOOG	Buy	ALPHABET INCcap stk cl c	$4,643,000	+14.2%	3,809	+1.2%	1.90%	+9.2%
NEE	Buy	NEXTERA ENERGY INC	$4,635,000	+18.4%	19,894	+4.1%	1.89%	+13.2%
UTX	Buy	UNITED TECHNOLOGIES CORP	$4,618,000	+7.4%	33,823	+2.4%	1.89%	+2.7%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$4,547,000	+0.2%	47,025	+1.2%	1.86%	-4.1%
ACN	Buy	ACCENTURE PLC IRELAND	$4,271,000	+8.6%	22,204	+4.4%	1.74%	+3.9%
PSX	Buy	PHILLIPS 66	$4,226,000	+11.4%	41,266	+1.8%	1.72%	+6.5%
WM	Buy	WASTE MGMT INC DEL	$4,072,000	+4.1%	35,406	+4.4%	1.66%	-0.5%
SCHW	Buy	THE CHARLES SCHWAB CORPORATI	$4,030,000	+6.1%	96,342	+2.0%	1.64%	+1.4%
FTV	Buy	FORTIVE CORP	$3,876,000	-15.5%	56,530	+0.5%	1.58%	-19.2%
T	Buy	AT&T INC	$3,801,000	+18.3%	100,438	+4.7%	1.55%	+13.0%
VZ	Buy	VERIZON COMMUNICATIONS INC	$3,602,000	+11.6%	59,682	+5.6%	1.47%	+6.7%
ETN	Buy	EATON CORP PLC	$3,534,000	+3.3%	42,506	+3.5%	1.44%	-1.2%
CPB	Buy	CAMPBELL SOUP CO	$3,495,000	+21.9%	74,489	+4.1%	1.43%	+16.6%
JPM	Buy	JPMORGAN CHASE & CO	$3,377,000	+568.7%	28,698	+535.8%	1.38%	+538.4%
WMT	Buy	WALMART INC	$3,378,000	+12.3%	28,464	+4.6%	1.38%	+7.3%
EME	Buy	EMCOR GROUP INC	$3,268,000	+0.1%	37,949	+2.4%	1.33%	-4.3%
COO	Buy	COOPER COS INC	$3,206,000	-6.5%	10,793	+6.0%	1.31%	-10.6%
CVX	Buy	CHEVRON CORP NEW	$3,177,000	-0.4%	26,788	+4.5%	1.30%	-4.8%
CL	Buy	COLGATE PALMOLIVE CO	$3,148,000	+8.4%	42,825	+5.7%	1.28%	+3.6%
RELX	Buy	RELX PLCsponsored adr	$2,934,000	+1.6%	123,708	+4.6%	1.20%	-2.8%
WTR	Buy	AQUA AMERICA INC	$2,919,000	+11.8%	65,118	+3.2%	1.19%	+6.9%
K	Buy	KELLOGG CO	$2,885,000	+23.2%	44,832	+2.6%	1.18%	+17.8%
WSM	Buy	WILLIAMS SONOMA INC	$2,739,000	+8.3%	40,295	+3.6%	1.12%	+3.5%
FHI	Buy	FEDERATED INVS INC PAcl b	$2,706,000	+4.3%	83,505	+4.6%	1.10%	-0.3%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$2,673,000	+5.2%	33,728	+2.6%	1.09%	+0.6%
MAIN	Buy	MAIN STREET CAPITAL CORP	$2,491,000	+10.1%	57,371	+4.8%	1.02%	+5.3%
HUBB	Buy	HUBBELL INC	$2,274,000	+7.2%	17,303	+6.3%	0.93%	+2.4%
MMM	Buy	3M CO	$2,173,000	-2.2%	13,218	+3.1%	0.89%	-6.5%
OMC	Buy	OMNICOM GROUP INC	$2,067,000	-0.2%	26,180	+4.4%	0.84%	-4.5%
RIO	Buy	RIO TINTO PLCsponsored adr	$1,916,000	-12.8%	36,783	+4.4%	0.78%	-16.6%
GSK	Buy	GLAXOSMITHKLINE PLCsponsored adr	$1,845,000	+10.7%	42,770	+3.9%	0.75%	+5.8%
VFC	Buy	V F CORP	$1,677,000	+5.6%	18,850	+3.7%	0.68%	+1.0%
GPC	Buy	GENUINE PARTS CO	$1,568,000	-0.2%	15,624	+3.8%	0.64%	-4.6%
LEG	Buy	LEGGETT & PLATT INC	$1,435,000	+10.2%	34,723	+3.4%	0.59%	+5.4%
UNP	Sell	UNION PACIFIC CORP	$868,000	-5.7%	5,357	-1.6%	0.35%	-9.9%
GOOGL	Buy	ALPHABET INCcap stk cl a	$368,000	+23.1%	301	+9.1%	0.15%	+17.2%
PFE	Buy	PFIZER INC	$223,000	+8.3%	6,201	+30.2%	0.09%	+3.4%
RYN	Exit	RAYONIER INC	$0	–	-10,225	–	-0.13%	–
MXIM	Exit	MAXIM INTEGRATED PRODS INC	$0	–	-39,018	–	-1.00%	–

Q2 2019

			Value		Shares		↓ Weighting
CHD	New	CHURCH & DWIGHT INC	$7,681,000	–	105,130	–	3.28%	–
DE	New	DEERE & CO	$7,628,000	–	45,822	–	3.26%	–
AAPL	New	APPLE INC	$7,490,000	–	37,843	–	3.20%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$7,166,000	–	61,983	–	3.06%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$6,629,000	–	39,908	–	2.83%	–
ROP	New	ROPER TECHNOLOGIES INC	$6,351,000	–	17,339	–	2.71%	–
DHR	New	DANAHER CORPORATION	$6,139,000	–	42,904	–	2.62%	–
MSFT	New	MICROSOFT CORP	$6,097,000	–	45,513	–	2.60%	–
UL	New	UNILEVER PLCspon adr new	$6,020,000	–	97,145	–	2.57%	–
BDX	New	BECTON DICKINSON & CO	$6,011,000	–	23,853	–	2.57%	–
LFUS	New	LITTELFUSE INC	$5,885,000	–	33,266	–	2.51%	–
EBAY	New	EBAY INC	$5,733,000	–	145,140	–	2.45%	–
RTN	New	RAYTHEON CO	$5,648,000	–	32,481	–	2.41%	–
WAT	New	WATERS CORP	$5,552,000	–	25,796	–	2.37%	–
CSCO	New	CISCO SYS INC	$5,323,000	–	97,257	–	2.27%	–
JNJ	New	JOHNSON & JOHNSON	$5,260,000	–	37,768	–	2.25%	–
AMGN	New	AMGEN INC	$4,806,000	–	26,079	–	2.05%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$4,756,000	–	37,110	–	2.03%	–
FTV	New	FORTIVE CORP	$4,585,000	–	56,243	–	1.96%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$4,536,000	–	46,450	–	1.94%	–
BKNG	New	BOOKING HLDGS INC	$4,531,000	–	2,417	–	1.94%	–
TJX	New	TJX COS INC NEW	$4,393,000	–	83,080	–	1.88%	–
UTX	New	UNITED TECHNOLOGIES CORP	$4,299,000	–	33,020	–	1.84%	–
NKE	New	NIKE INCcl b	$4,230,000	–	50,257	–	1.81%	–
TXN	New	TEXAS INSTRS INC	$4,124,000	–	35,933	–	1.76%	–
GOOG	New	ALPHABET INCcap stk cl c	$4,066,000	–	3,762	–	1.74%	–
ACN	New	ACCENTURE PLC IRELAND	$3,931,000	–	21,273	–	1.68%	–
NEE	New	NEXTERA ENERGY INC	$3,916,000	–	19,118	–	1.67%	–
WM	New	WASTE MGMT INC DEL	$3,913,000	–	33,916	–	1.67%	–
SCHW	New	THE CHARLES SCHWAB CORPORATI	$3,797,000	–	94,467	–	1.62%	–
PSX	New	PHILLIPS 66	$3,793,000	–	40,548	–	1.62%	–
COO	New	COOPER COS INC	$3,429,000	–	10,179	–	1.46%	–
ETN	New	EATON CORP PLC	$3,420,000	–	41,061	–	1.46%	–
EME	New	EMCOR GROUP INC	$3,264,000	–	37,049	–	1.39%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,229,000	–	56,512	–	1.38%	–
T	New	AT&T INC	$3,214,000	–	95,901	–	1.37%	–
CVX	New	CHEVRON CORP NEW	$3,189,000	–	25,629	–	1.36%	–
WMT	New	WALMART INC	$3,008,000	–	27,222	–	1.28%	–
CL	New	COLGATE PALMOLIVE CO	$2,903,000	–	40,511	–	1.24%	–
RELX	New	RELX PLCsponsored adr	$2,888,000	–	118,318	–	1.23%	–
CPB	New	CAMPBELL SOUP CO	$2,867,000	–	71,539	–	1.22%	–
WTR	New	AQUA AMERICA INC	$2,610,000	–	63,078	–	1.12%	–
FHI	New	FEDERATED INVS INC PAcl b	$2,594,000	–	79,800	–	1.11%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$2,541,000	–	32,883	–	1.08%	–
WSM	New	WILLIAMS SONOMA INC	$2,528,000	–	38,887	–	1.08%	–
K	New	KELLOGG CO	$2,341,000	–	43,692	–	1.00%	–
MXIM	New	MAXIM INTEGRATED PRODS INC	$2,334,000	–	39,018	–	1.00%	–
MAIN	New	MAIN STREET CAPITAL CORP	$2,262,000	–	54,736	–	0.97%	–
MMM	New	3M CO	$2,223,000	–	12,823	–	0.95%	–
RIO	New	RIO TINTO PLCsponsored adr	$2,196,000	–	35,218	–	0.94%	–
HUBB	New	HUBBELL INC	$2,122,000	–	16,270	–	0.91%	–
OMC	New	OMNICOM GROUP INC	$2,071,000	–	25,068	–	0.88%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$1,667,000	–	41,170	–	0.71%	–
VFC	New	V F CORP	$1,588,000	–	18,176	–	0.68%	–
GPC	New	GENUINE PARTS CO	$1,571,000	–	15,054	–	0.67%	–
LEG	New	LEGGETT & PLATT INC	$1,302,000	–	33,596	–	0.56%	–
UNP	New	UNION PACIFIC CORP	$920,000	–	5,443	–	0.39%	–
SPGI	New	S&P GLOBAL INC	$866,000	–	3,800	–	0.37%	–
XOM	New	EXXON MOBIL CORP	$505,000	–	6,588	–	0.22%	–
JPM	New	JPMORGAN CHASE & CO	$505,000	–	4,514	–	0.22%	–
INTC	New	INTEL CORP	$404,000	–	8,449	–	0.17%	–
KO	New	COCA COLA CO	$382,000	–	7,453	–	0.16%	–
BA	New	BOEING CO	$331,000	–	909	–	0.14%	–
RYN	New	RAYONIER INC	$310,000	–	10,225	–	0.13%	–
GOOGL	New	ALPHABET INCcap stk cl a	$299,000	–	276	–	0.13%	–
PBHC	New	PATHFINDER BANCORP INC MD	$291,000	–	20,000	–	0.12%	–
DIS	New	DISNEY WALT CO	$278,000	–	1,992	–	0.12%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$266,000	–	4,150	–	0.11%	–
CSX	New	CSX CORP	$255,000	–	3,300	–	0.11%	–
MRK	New	MERCK & CO INC	$247,000	–	2,923	–	0.10%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$238,000	–	1,726	–	0.10%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$211,000	–	7,310	–	0.09%	–
PFE	New	PFIZER INC	$206,000	–	4,761	–	0.09%	–

Q4 2018

			Value		Shares		↓ Weighting
MRK	Exit	MERCK & CO INC	$0	–	-2,800	–	-0.09%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-7,310	–	-0.10%	–
CSX	Exit	CSX CORP	$0	–	-3,300	–	-0.11%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,648	–	-0.12%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-4,150	–	-0.13%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-20,000	–	-0.14%	–
BA	Exit	BOEING CO	$0	–	-836	–	-0.14%	–
KO	Exit	COCA COLA CO	$0	–	-6,834	–	-0.15%	–
RYN	Exit	RAYONIER INC	$0	–	-10,225	–	-0.16%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-289	–	-0.16%	–
INTC	Exit	INTEL CORP	$0	–	-8,959	–	-0.20%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-4,242	–	-0.22%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-6,675	–	-0.27%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-3,800	–	-0.35%	–
UNP	Exit	UNION PAC CORP	$0	–	-5,378	–	-0.41%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-32,531	–	-0.67%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-15,302	–	-0.72%	–
VFC	Exit	V F CORP	$0	–	-17,522	–	-0.76%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-24,008	–	-0.77%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-40,697	–	-0.77%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-34,051	–	-0.81%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-77,405	–	-0.87%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-31,417	–	-0.90%	–
HUBB	Exit	HUBBELL INC	$0	–	-15,357	–	-0.96%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-53,336	–	-0.96%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-17,820	–	-0.97%	–
MXIM	Exit	MAXIM INTEGRATED PRODS INC	$0	–	-37,358	–	-0.98%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-54,977	–	-0.99%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-60,245	–	-1.04%	–
RELX	Exit	RELX PLCsponsored adr	$0	–	-114,573	–	-1.12%	–
WMT	Exit	WALMART INC	$0	–	-25,935	–	-1.14%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-37,464	–	-1.15%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-37,579	–	-1.18%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-68,679	–	-1.18%	–
MMM	Exit	3M CO	$0	–	-12,147	–	-1.20%	–
EME	Exit	EMCOR GROUP INC	$0	–	-34,643	–	-1.22%	–
WAT	Exit	WATERS CORP	$0	–	-13,720	–	-1.25%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-53,666	–	-1.34%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-32,876	–	-1.39%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-24,845	–	-1.42%	–
T	Exit	AT&T INC	$0	–	-90,874	–	-1.43%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-39,605	–	-1.46%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-18,655	–	-1.46%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-19,355	–	-1.54%	–
ETN	Exit	EATON CORP PLC	$0	–	-39,629	–	-1.61%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-66,331	–	-1.70%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-34,797	–	-1.75%	–
NKE	Exit	NIKE INCcl b	$0	–	-46,746	–	-1.86%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-29,820	–	-1.95%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-3,505	–	-1.96%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-44,235	–	-1.99%	–
PSX	Exit	PHILLIPS 66	$0	–	-37,683	–	-1.99%	–
TJX	Exit	TJX COS INC NEW	$0	–	-38,485	–	-2.02%	–
CSCO	Exit	CISCO SYS INC	$0	–	-88,917	–	-2.02%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-88,522	–	-2.04%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-40,134	–	-2.04%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-2,230	–	-2.07%	–
FTV	Exit	FORTIVE CORP	$0	–	-52,955	–	-2.08%	–
EBAY	Exit	EBAY INC	$0	–	-136,103	–	-2.10%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-35,842	–	-2.22%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-35,327	–	-2.28%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-16,644	–	-2.30%	–
AMGN	Exit	AMGEN INC	$0	–	-24,156	–	-2.34%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-43,787	–	-2.34%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-37,154	–	-2.63%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-98,919	–	-2.75%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-31,166	–	-2.88%	–
RTN	Exit	RAYTHEON CO	$0	–	-30,603	–	-2.96%	–
DE	Exit	DEERE & CO	$0	–	-42,899	–	-3.03%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-57,824	–	-3.18%	–
AAPL	Exit	APPLE INC	$0	–	-35,167	–	-3.71%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-30,977	–	-3.78%	–

Q3 2018

			Value		Shares		↓ Weighting
BDX	Sell	BECTON DICKINSON & CO	$8,085,000	+7.6%	30,977	-1.2%	3.78%	+1.5%
AAPL	Buy	APPLE INC	$7,939,000	+22.5%	35,167	+0.4%	3.71%	+15.5%
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$6,804,000	+20.6%	57,824	+0.1%	3.18%	+13.7%
DE	Buy	DEERE & CO	$6,479,000	+7.9%	42,899	+0.3%	3.03%	+1.7%
RTN	Buy	RAYTHEON CO	$6,324,000	+7.5%	30,603	+0.5%	2.96%	+1.3%
LFUS	Buy	LITTELFUSE INC	$6,167,000	-12.9%	31,166	+0.5%	2.88%	-17.8%
CHD	Buy	CHURCH & DWIGHT INC	$5,873,000	+12.2%	98,919	+0.4%	2.75%	+5.8%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$5,623,000	+12.7%	37,154	+0.4%	2.63%	+6.3%
MSFT	Sell	MICROSOFT CORP	$5,008,000	-5.0%	43,787	-18.1%	2.34%	-10.4%
AMGN	Buy	AMGEN INC	$5,007,000	+12.6%	24,156	+0.3%	2.34%	+6.2%
ROP	Buy	ROPER TECHNOLOGIES INC	$4,930,000	+7.6%	16,644	+0.3%	2.30%	+1.5%
JNJ	Buy	JOHNSON & JOHNSON	$4,881,000	+14.1%	35,327	+0.2%	2.28%	+7.5%
BR	Buy	BROADRIDGE FINL SOLUTIONS IN	$4,747,000	+15.3%	35,842	+0.5%	2.22%	+8.8%
EBAY	Sell	EBAY INC	$4,494,000	-9.0%	136,103	-0.0%	2.10%	-14.2%
FTV	Buy	FORTIVE CORP	$4,459,000	+9.6%	52,955	+0.4%	2.08%	+3.4%
BKNG	Buy	BOOKING HLDGS INC	$4,424,000	-1.5%	2,230	+0.6%	2.07%	-7.1%
DHR	Buy	DANAHER CORP DEL	$4,367,000	+10.4%	40,134	+0.3%	2.04%	+4.1%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$4,351,000	-3.3%	88,522	+0.6%	2.04%	-8.7%
CSCO	Buy	CISCO SYS INC	$4,326,000	+13.9%	88,917	+0.8%	2.02%	+7.4%
TJX	Buy	TJX COS INC NEW	$4,311,000	+18.0%	38,485	+0.2%	2.02%	+11.3%
PSX	Sell	PHILLIPS 66	$4,248,000	+0.4%	37,683	-0.0%	1.99%	-5.4%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$4,247,000	-0.4%	44,235	+0.4%	1.99%	-6.1%
GOOG	Buy	ALPHABET INCcap stk cl c	$4,183,000	+7.1%	3,505	+0.1%	1.96%	+1.0%
UTX	Buy	UNITED TECHNOLOGIES CORP	$4,169,000	+12.3%	29,820	+0.4%	1.95%	+6.0%
NKE	Sell	NIKE INCcl b	$3,970,000	-1.1%	46,746	-6.9%	1.86%	-6.7%
TXN	Sell	TEXAS INSTRS INC	$3,733,000	-18.5%	34,797	-16.3%	1.75%	-23.1%
UL	Buy	UNILEVER PLCspon adr new	$3,646,000	-0.1%	66,331	+0.5%	1.70%	-5.8%
ETN	Buy	EATON CORP PLC	$3,437,000	+16.6%	39,629	+0.5%	1.61%	+10.0%
ACN	Buy	ACCENTURE PLC IRELAND	$3,294,000	+4.5%	19,355	+0.5%	1.54%	-1.5%
NEE	Buy	NEXTERA ENERGY INC	$3,127,000	+0.8%	18,655	+0.4%	1.46%	-4.9%
CVS	Buy	CVS HEALTH CORP	$3,118,000	+22.4%	39,605	+0.1%	1.46%	+15.4%
T	Buy	AT&T INC	$3,052,000	+51.6%	90,874	+44.9%	1.43%	+43.0%
CVX	Buy	CHEVRON CORP NEW	$3,038,000	-3.2%	24,845	+0.0%	1.42%	-8.7%
WM	Buy	WASTE MGMT INC DEL	$2,971,000	+11.8%	32,876	+0.6%	1.39%	+5.4%
VZ	Buy	VERIZON COMMUNICATIONS INC	$2,865,000	+48.7%	53,666	+40.1%	1.34%	+40.3%
WAT	Buy	WATERS CORP	$2,671,000	+1.4%	13,720	+0.9%	1.25%	-4.3%
EME	Buy	EMCOR GROUP INC	$2,602,000	-0.6%	34,643	+0.8%	1.22%	-6.2%
MMM	Buy	3M CO	$2,560,000	+7.7%	12,147	+0.5%	1.20%	+1.5%
CPB	Buy	CAMPBELL SOUP CO	$2,516,000	-9.3%	68,679	+0.3%	1.18%	-14.5%
CL	Buy	COLGATE PALMOLIVE CO	$2,516,000	+3.6%	37,579	+0.3%	1.18%	-2.2%
WSM	Buy	WILLIAMS SONOMA INC	$2,462,000	+7.7%	37,464	+0.6%	1.15%	+1.6%
WMT	Buy	WALMART INC	$2,436,000	+10.3%	25,935	+0.5%	1.14%	+4.0%
RELX	Buy	RELX PLCsponsored adr	$2,398,000	-3.0%	114,573	+0.8%	1.12%	-8.5%
WTR	Buy	AQUA AMERICA INC	$2,223,000	+5.5%	60,245	+0.6%	1.04%	-0.5%
AMAT	Buy	APPLIED MATLS INC	$2,125,000	-16.1%	54,977	+0.3%	0.99%	-20.8%
MXIM	Buy	MAXIM INTEGRATED PRODS INC	$2,107,000	-3.2%	37,358	+0.7%	0.98%	-8.7%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$2,080,000	+10.5%	17,820	+0.5%	0.97%	+4.2%
MAIN	Buy	MAIN STREET CAPITAL CORP	$2,064,000	+1.8%	53,336	+0.6%	0.96%	-4.0%
HUBB	New	HUBBELL INC	$2,051,000	–	15,357	–	0.96%	–
SLB	Buy	SCHLUMBERGER LTD	$1,930,000	-7.9%	31,417	+1.2%	0.90%	-13.1%
FHI	Buy	FEDERATED INVS INC PAcl b	$1,867,000	+4.1%	77,405	+0.6%	0.87%	-1.8%
RIO	Buy	RIO TINTO PLCsponsored adr	$1,737,000	-7.9%	34,051	+0.2%	0.81%	-13.2%
GSK	Buy	GLAXOSMITHKLINE PLCsponsored adr	$1,655,000	+0.1%	40,697	+0.4%	0.77%	-5.6%
OMC	Buy	OMNICOM GROUP INC	$1,647,000	-10.3%	24,008	+0.5%	0.77%	-15.4%
VFC	Buy	V F CORP	$1,637,000	+15.3%	17,522	+0.6%	0.76%	+8.7%
GPC	Buy	GENUINE PARTS CO	$1,532,000	+8.7%	15,302	+0.4%	0.72%	+2.4%
LEG	Buy	LEGGETT & PLATT INC	$1,437,000	-1.4%	32,531	+0.5%	0.67%	-6.9%
XOM	Sell	EXXON MOBIL CORP	$568,000	-0.4%	6,675	-3.2%	0.27%	-6.0%
INTC	Buy	INTEL CORP	$424,000	+94.5%	8,959	+104.4%	0.20%	+83.3%
GOOGL	Sell	ALPHABET INCcap stk cl a	$349,000	+4.2%	289	-2.7%	0.16%	-1.8%
MRK	New	MERCK & CO INC	$200,000	–	2,800	–	0.09%	–
BMS	Exit	BEMIS INC	$0	–	-35,889	–	-0.75%	–

Q2 2018

			Value		Shares		↓ Weighting
BDX	New	BECTON DICKINSON & CO	$7,512,000	–	31,359	–	3.72%	–
LFUS	New	LITTELFUSE INC	$7,079,000	–	31,022	–	3.51%	–
AAPL	New	APPLE INC	$6,482,000	–	35,017	–	3.21%	–
DE	New	DEERE & CO	$6,007,000	–	42,761	–	2.98%	–
RTN	New	RAYTHEON CO	$5,885,000	–	30,463	–	2.92%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$5,643,000	–	57,769	–	2.80%	–
MSFT	New	MICROSOFT CORP	$5,274,000	–	53,488	–	2.62%	–
CHD	New	CHURCH & DWIGHT INC	$5,236,000	–	98,504	–	2.60%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$4,989,000	–	37,004	–	2.47%	–
EBAY	New	EBAY INC	$4,937,000	–	136,168	–	2.45%	–
TXN	New	TEXAS INSTRS INC	$4,581,000	–	41,554	–	2.27%	–
ROP	New	ROPER TECHNOLOGIES INC	$4,581,000	–	16,602	–	2.27%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$4,498,000	–	88,027	–	2.23%	–
BKNG	New	BOOKING HLDGS INC	$4,492,000	–	2,216	–	2.23%	–
AMGN	New	AMGEN INC	$4,445,000	–	24,082	–	2.20%	–
JNJ	New	JOHNSON & JOHNSON	$4,279,000	–	35,262	–	2.12%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$4,265,000	–	44,065	–	2.12%	–
PSX	New	PHILLIPS 66	$4,233,000	–	37,693	–	2.10%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$4,117,000	–	35,652	–	2.04%	–
FTV	New	FORTIVE CORP	$4,067,000	–	52,745	–	2.02%	–
NKE	New	NIKE INCcl b	$4,013,000	–	50,236	–	1.99%	–
DHR	New	DANAHER CORP DEL	$3,955,000	–	40,014	–	1.96%	–
GOOG	New	ALPHABET INCcap stk cl c	$3,907,000	–	3,502	–	1.94%	–
CSCO	New	CISCO SYS INC	$3,797,000	–	88,247	–	1.88%	–
UTX	New	UNITED TECHNOLOGIES CORP	$3,712,000	–	29,690	–	1.84%	–
TJX	New	TJX COS INC NEW	$3,654,000	–	38,395	–	1.81%	–
UL	New	UNILEVER PLCspon adr new	$3,650,000	–	66,031	–	1.81%	–
ACN	New	ACCENTURE PLC IRELAND	$3,152,000	–	19,265	–	1.56%	–
CVX	New	CHEVRON CORP NEW	$3,140,000	–	24,840	–	1.56%	–
NEE	New	NEXTERA ENERGY INC	$3,103,000	–	18,576	–	1.54%	–
ETN	New	EATON CORP PLC	$2,947,000	–	39,424	–	1.46%	–
CPB	New	CAMPBELL SOUP CO	$2,775,000	–	68,454	–	1.38%	–
WM	New	WASTE MGMT INC DEL	$2,658,000	–	32,681	–	1.32%	–
WAT	New	WATERS CORP	$2,633,000	–	13,603	–	1.30%	–
EME	New	EMCOR GROUP INC	$2,619,000	–	34,373	–	1.30%	–
CVS	New	CVS HEALTH CORP	$2,547,000	–	39,573	–	1.26%	–
AMAT	New	APPLIED MATLS INC	$2,532,000	–	54,817	–	1.26%	–
RELX	New	RELX PLCsponsored adr	$2,471,000	–	113,672	–	1.22%	–
CL	New	COLGATE PALMOLIVE CO	$2,428,000	–	37,466	–	1.20%	–
MMM	New	3M CO	$2,377,000	–	12,084	–	1.18%	–
WSM	New	WILLIAMS SONOMA INC	$2,285,000	–	37,234	–	1.13%	–
WMT	New	WALMART INC	$2,209,000	–	25,795	–	1.10%	–
MXIM	New	MAXIM INTEGRATED PRODS INC	$2,176,000	–	37,093	–	1.08%	–
WTR	New	AQUA AMERICA INC	$2,107,000	–	59,900	–	1.04%	–
SLB	New	SCHLUMBERGER LTD	$2,096,000	–	31,042	–	1.04%	–
MAIN	New	MAIN STREET CAPITAL CORP	$2,028,000	–	53,021	–	1.00%	–
T	New	AT&T INC	$2,013,000	–	62,694	–	1.00%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,927,000	–	38,296	–	0.96%	–
RIO	New	RIO TINTO PLCsponsored adr	$1,885,000	–	33,971	–	0.94%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$1,883,000	–	17,726	–	0.93%	–
OMC	New	OMNICOM GROUP INC	$1,836,000	–	23,890	–	0.91%	–
FHI	New	FEDERATED INVS INC PAcl b	$1,794,000	–	76,915	–	0.89%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$1,654,000	–	40,537	–	0.82%	–
BMS	New	BEMIS INC	$1,515,000	–	35,889	–	0.75%	–
LEG	New	LEGGETT & PLATT INC	$1,457,000	–	32,356	–	0.72%	–
VFC	New	V F CORP	$1,420,000	–	17,413	–	0.70%	–
GPC	New	GENUINE PARTS CO	$1,410,000	–	15,247	–	0.70%	–
SPGI	New	S&P GLOBAL INC	$775,000	–	3,800	–	0.38%	–
UNP	New	UNION PAC CORP	$762,000	–	5,378	–	0.38%	–
XOM	New	EXXON MOBIL CORP	$570,000	–	6,894	–	0.28%	–
JPM	New	JPMORGAN CHASE & CO	$442,000	–	4,242	–	0.22%	–
RYN	New	RAYONIER INC	$396,000	–	10,225	–	0.20%	–
GOOGL	New	ALPHABET INCcap stk cl a	$335,000	–	297	–	0.17%	–
PBHC	New	PATHFINDER BANCORP INC MD	$319,000	–	20,000	–	0.16%	–
KO	New	COCA COLA CO	$302,000	–	6,834	–	0.15%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$287,000	–	4,150	–	0.14%	–
BA	New	BOEING CO	$280,000	–	836	–	0.14%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$230,000	–	1,648	–	0.11%	–
INTC	New	INTEL CORP	$218,000	–	4,384	–	0.11%	–
CSX	New	CSX CORP	$210,000	–	3,300	–	0.10%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$202,000	–	7,310	–	0.10%	–

Q4 2017

			Value		Shares		↓ Weighting
BA	Exit	BOEING CO	$0	–	-836	–	-0.12%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,276	–	-0.13%	–
KO	Exit	COCA COLA CO	$0	–	-5,977	–	-0.15%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-4,150	–	-0.16%	–
RYN	Exit	RAYONIER INC	$0	–	-10,225	–	-0.16%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-308	–	-0.16%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-20,000	–	-0.17%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,133	–	-0.17%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-3,798	–	-0.20%	–
HBI	Exit	HANESBRANDS INC	$0	–	-18,404	–	-0.24%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-3,800	–	-0.32%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-7,424	–	-0.33%	–
UNP	Exit	UNION PAC CORP	$0	–	-5,357	–	-0.34%	–
QCOM	Exit	QUALCOMM INC	$0	–	-19,527	–	-0.55%	–
VFC	Exit	V F CORP	$0	–	-16,233	–	-0.56%	–
T	Exit	AT&T INC	$0	–	-28,210	–	-0.60%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-14,150	–	-0.74%	–
TCAP	Exit	TRIANGLE CAP CORP	$0	–	-96,649	–	-0.75%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-29,602	–	-0.77%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-31,281	–	-0.80%	–
BMS	Exit	BEMIS INC	$0	–	-32,954	–	-0.81%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-36,766	–	-0.82%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-21,300	–	-0.86%	–
MXIM	Exit	MAXIM INTEGRATED PRODS INC	$0	–	-33,681	–	-0.87%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-14,417	–	-0.92%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-21,720	–	-0.92%	–
CPB	Exit	CAMPBELL SOUP CO	$0	–	-36,305	–	-0.92%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-34,789	–	-0.93%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-55,195	–	-0.99%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP INC	$0	–	-20,783	–	-1.00%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-23,071	–	-1.01%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-26,910	–	-1.02%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-48,759	–	-1.05%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-16,334	–	-1.06%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-70,935	–	-1.14%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-118,616	–	-1.24%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-17,062	–	-1.25%	–
RELX	Exit	RELX PLCsponsored adr	$0	–	-103,645	–	-1.25%	–
MMM	Exit	3M CO	$0	–	-11,231	–	-1.28%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-30,271	–	-1.28%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-16,739	–	-1.33%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-34,017	–	-1.34%	–
NKE	Exit	NIKE INCcl b	$0	–	-48,021	–	-1.35%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-49,615	–	-1.40%	–
TJX	Exit	TJX COS INC NEW	$0	–	-35,946	–	-1.43%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-32,921	–	-1.45%	–
SJM	Exit	SMUCKER J M CO	$0	–	-25,773	–	-1.46%	–
CSCO	Exit	CISCO SYS INC	$0	–	-80,760	–	-1.47%	–
ETN	Exit	EATON CORP PLC	$0	–	-35,901	–	-1.49%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-37,234	–	-1.64%	–
PSX	Exit	PHILLIPS 66	$0	–	-34,894	–	-1.73%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-3,337	–	-1.73%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-28,107	–	-1.77%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-38,442	–	-1.79%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-38,010	–	-1.84%	–
FTV	Exit	FORTIVE CORP	$0	–	-51,392	–	-1.97%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-63,740	–	-2.00%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-49,945	–	-2.01%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-16,036	–	-2.11%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-36,019	–	-2.14%	–
AMGN	Exit	AMGEN INC	$0	–	-22,635	–	-2.28%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-33,264	–	-2.34%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-41,414	–	-2.34%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-23,035	–	-2.44%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-93,588	–	-2.45%	–
BCR	Exit	BARD C R INC	$0	–	-15,264	–	-2.65%	–
EBAY	Exit	EBAY INC	$0	–	-128,605	–	-2.68%	–
AAPL	Exit	APPLE INC	$0	–	-33,021	–	-2.75%	–
DE	Exit	DEERE & CO	$0	–	-41,115	–	-2.81%	–
RTN	Exit	RAYTHEON CO	$0	–	-29,433	–	-2.97%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-29,344	–	-3.11%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-131,910	–	-3.12%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-3,190	–	-3.16%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-55,252	–	-3.41%	–

Q3 2017

			Value		Shares		↓ Weighting
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$6,300,000	+5.2%	55,252	+0.6%	3.41%	+1.4%
PCLN	Sell	PRICELINE GRP INC	$5,840,000	-2.2%	3,190	-0.1%	3.16%	-5.7%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$5,770,000	+2.1%	131,910	+0.3%	3.12%	-1.6%
LFUS	Sell	LITTELFUSE INC	$5,748,000	+18.6%	29,344	-0.1%	3.11%	+14.3%
RTN	Sell	RAYTHEON CO	$5,492,000	+15.5%	29,433	-0.0%	2.97%	+11.4%
DE	Buy	DEERE & CO	$5,188,000	+3.5%	41,115	+1.4%	2.81%	-0.2%
AAPL	Buy	APPLE INC	$5,089,000	+7.3%	33,021	+0.3%	2.75%	+3.5%
EBAY	Buy	EBAY INC	$4,946,000	+10.9%	128,605	+0.7%	2.68%	+7.0%
BCR	Sell	BARD C R INC	$4,892,000	-5.3%	15,264	-6.6%	2.65%	-8.7%
CHD	Buy	CHURCH & DWIGHT INC	$4,534,000	-6.2%	93,588	+0.4%	2.45%	-9.6%
BDX	Buy	BECTON DICKINSON & CO	$4,514,000	+0.9%	23,035	+0.4%	2.44%	-2.7%
FRC	Buy	FIRST REP BK SAN FRANCISCO C	$4,326,000	+5.3%	41,414	+0.9%	2.34%	+1.6%
JNJ	Buy	JOHNSON & JOHNSON	$4,325,000	-1.5%	33,264	+0.2%	2.34%	-5.0%
AMGN	Buy	AMGEN INC	$4,220,000	+8.8%	22,635	+0.5%	2.28%	+4.9%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$3,958,000	+7.1%	36,019	-0.2%	2.14%	+3.2%
ROP	Sell	ROPER TECHNOLOGIES INC	$3,903,000	-38.2%	16,036	-41.2%	2.11%	-40.4%
MSFT	Buy	MICROSOFT CORP	$3,720,000	+8.8%	49,945	+0.7%	2.01%	+4.9%
UL	Buy	UNILEVER PLCspon adr new	$3,694,000	+7.1%	63,740	+0.0%	2.00%	+3.3%
FTV	Buy	FORTIVE CORP	$3,638,000	+12.5%	51,392	+0.7%	1.97%	+8.5%
TXN	Buy	TEXAS INSTRS INC	$3,407,000	+17.6%	38,010	+1.0%	1.84%	+13.5%
DHR	Buy	DANAHER CORP DEL	$3,303,000	+1.9%	38,442	+0.1%	1.79%	-1.7%
UTX	Buy	UNITED TECHNOLOGIES CORP	$3,263,000	-4.3%	28,107	+0.6%	1.77%	-7.7%
GOOG	Buy	ALPHABET INCcap stk cl c	$3,201,000	+6.1%	3,337	+0.5%	1.73%	+2.3%
PSX	Sell	PHILLIPS 66	$3,197,000	+10.7%	34,894	-0.1%	1.73%	+6.7%
CVS	Buy	CVS HEALTH CORP	$3,028,000	+1.1%	37,234	+0.0%	1.64%	-2.5%
ETN	Buy	EATON CORP PLC	$2,757,000	-0.3%	35,901	+1.0%	1.49%	-3.9%
CSCO	Sell	CISCO SYS INC	$2,716,000	+7.1%	80,760	-0.3%	1.47%	+3.2%
SJM	Buy	SMUCKER J M CO	$2,704,000	-11.0%	25,773	+0.4%	1.46%	-14.1%
BR	Buy	BROADRIDGE FINL SOLUTIONS IN	$2,673,000	+8.5%	32,921	+1.0%	1.45%	+4.6%
TJX	Buy	TJX COS INC NEW	$2,650,000	+2.6%	35,946	+0.5%	1.43%	-1.0%
AMAT	New	APPLIED MATLS INC	$2,584,000	–	49,615	–	1.40%	–
NKE	Buy	NIKE INCcl b	$2,499,000	-11.4%	48,021	+0.5%	1.35%	-14.5%
CL	Buy	COLGATE PALMOLIVE CO	$2,478,000	-1.1%	34,017	+0.6%	1.34%	-4.6%
NEE	Buy	NEXTERA ENERGY INC	$2,453,000	+5.4%	16,739	+0.8%	1.33%	+1.6%
WM	Buy	WASTE MGMT INC DEL	$2,369,000	+7.5%	30,271	+0.8%	1.28%	+3.7%
MMM	Buy	3M CO	$2,357,000	+2.0%	11,231	+1.2%	1.28%	-1.7%
RELX	Buy	RELX PLCsponsored adr	$2,316,000	+3.0%	103,645	+0.9%	1.25%	-0.7%
ACN	New	ACCENTURE PLC IRELAND	$2,305,000	–	17,062	–	1.25%	–
POT	Buy	POTASH CORP SASK INC	$2,294,000	+19.4%	118,616	+0.6%	1.24%	+15.0%
FHI	Buy	FEDERATED INVS INC PAcl b	$2,107,000	+6.4%	70,935	+1.2%	1.14%	+2.6%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$1,961,000	+9.3%	16,334	+0.7%	1.06%	+5.4%
MAIN	Buy	MAIN STREET CAPITAL CORP	$1,947,000	+4.7%	48,759	+0.9%	1.05%	+1.1%
SLB	Sell	SCHLUMBERGER LTD	$1,891,000	+5.9%	26,910	-0.8%	1.02%	+2.1%
GILD	Buy	GILEAD SCIENCES INC	$1,869,000	+14.7%	23,071	+0.2%	1.01%	+10.6%
DPS	Buy	DR PEPPER SNAPPLE GROUP INC	$1,851,000	-1.3%	20,783	+0.9%	1.00%	-4.8%
WTR	Buy	AQUA AMERICA INC	$1,832,000	+0.7%	55,195	+1.0%	0.99%	-2.9%
VZ	Buy	VERIZON COMMUNICATIONS INC	$1,722,000	+11.7%	34,789	+0.8%	0.93%	+7.7%
CPB	New	CAMPBELL SOUP CO	$1,700,000	–	36,305	–	0.92%	–
WMT	New	WAL-MART STORES INC	$1,697,000	–	21,720	–	0.92%	–
CVX	Buy	CHEVRON CORP NEW	$1,694,000	+13.6%	14,417	+0.9%	0.92%	+9.6%
MXIM	Buy	MAXIM INTEGRATED PRODS INC	$1,607,000	+7.9%	33,681	+1.5%	0.87%	+4.1%
OMC	Buy	OMNICOM GROUP INC	$1,589,000	-8.9%	21,300	+1.2%	0.86%	-12.2%
GSK	Buy	GLAXOSMITHKLINE PLCsponsored adr	$1,511,000	-4.1%	36,766	+0.7%	0.82%	-7.5%
BMS	Buy	BEMIS INC	$1,502,000	-0.5%	32,954	+0.9%	0.81%	-4.0%
RIO	Buy	RIO TINTO PLCsponsored adr	$1,476,000	+12.3%	31,281	+0.7%	0.80%	+8.4%
LEG	Buy	LEGGETT & PLATT INC	$1,424,000	-7.4%	29,602	+1.1%	0.77%	-10.7%
TCAP	Buy	TRIANGLE CAP CORP	$1,380,000	-17.9%	96,649	+1.3%	0.75%	-20.8%
GPC	Sell	GENUINE PARTS CO	$1,373,000	-48.2%	14,150	-50.5%	0.74%	-50.1%
T	Buy	AT&T INC	$1,105,000	+5.1%	28,210	+1.3%	0.60%	+1.4%
VFC	Buy	V F CORP	$1,032,000	+11.2%	16,233	+0.7%	0.56%	+7.1%
QCOM	Buy	QUALCOMM INC	$1,012,000	-5.2%	19,527	+0.9%	0.55%	-8.5%
UNP	Sell	UNION PAC CORP	$621,000	+5.4%	5,357	-0.9%	0.34%	+1.5%
XOM	Sell	EXXON MOBIL CORP	$609,000	-3.0%	7,424	-4.5%	0.33%	-6.2%
HBI	Sell	HANESBRANDS INC	$453,000	+5.6%	18,404	-0.5%	0.24%	+1.7%
BA	New	BOEING CO	$213,000	–	836	–	0.12%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-2,793	–	-0.38%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-18,915	–	-0.69%	–
CMI	Exit	CUMMINS INC	$0	–	-17,497	–	-1.59%	–

Q2 2017

			Value		Shares		↓ Weighting
ROP	New	ROPER TECHNOLOGIES INC	$6,316,000	–	27,279	–	3.54%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$5,990,000	–	54,917	–	3.36%	–
PCLN	New	PRICELINE GRP INC	$5,973,000	–	3,193	–	3.35%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$5,652,000	–	131,574	–	3.17%	–
BCR	New	BARD C R INC	$5,164,000	–	16,336	–	2.90%	–
DE	New	DEERE & CO	$5,012,000	–	40,554	–	2.81%	–
LFUS	New	LITTELFUSE INC	$4,847,000	–	29,375	–	2.72%	–
CHD	New	CHURCH & DWIGHT INC	$4,836,000	–	93,208	–	2.71%	–
RTN	New	RAYTHEON CO	$4,755,000	–	29,446	–	2.67%	–
AAPL	New	APPLE INC	$4,743,000	–	32,931	–	2.66%	–
BDX	New	BECTON DICKINSON & CO	$4,475,000	–	22,937	–	2.51%	–
EBAY	New	EBAY INC	$4,458,000	–	127,675	–	2.50%	–
JNJ	New	JOHNSON & JOHNSON	$4,390,000	–	33,185	–	2.46%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$4,107,000	–	41,026	–	2.30%	–
AMGN	New	AMGEN INC	$3,879,000	–	22,525	–	2.18%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$3,697,000	–	36,082	–	2.08%	–
UL	New	UNILEVER PLCspon adr new	$3,448,000	–	63,710	–	1.94%	–
MSFT	New	MICROSOFT CORP	$3,419,000	–	49,603	–	1.92%	–
UTX	New	UNITED TECHNOLOGIES CORP	$3,411,000	–	27,935	–	1.91%	–
DHR	New	DANAHER CORP DEL	$3,240,000	–	38,388	–	1.82%	–
FTV	New	FORTIVE CORP	$3,235,000	–	51,060	–	1.82%	–
SJM	New	SMUCKER J M CO	$3,037,000	–	25,669	–	1.70%	–
GOOG	New	ALPHABET INCcap stk cl c	$3,016,000	–	3,319	–	1.69%	–
CVS	New	CVS HEALTH CORP	$2,995,000	–	37,223	–	1.68%	–
TXN	New	TEXAS INSTRS INC	$2,896,000	–	37,645	–	1.62%	–
PSX	New	PHILLIPS 66	$2,889,000	–	34,937	–	1.62%	–
CMI	New	CUMMINS INC	$2,838,000	–	17,497	–	1.59%	–
NKE	New	NIKE INCcl b	$2,819,000	–	47,786	–	1.58%	–
ETN	New	EATON CORP PLC	$2,766,000	–	35,536	–	1.55%	–
GPC	New	GENUINE PARTS CO	$2,652,000	–	28,593	–	1.49%	–
TJX	New	TJX COS INC NEW	$2,582,000	–	35,774	–	1.45%	–
CSCO	New	CISCO SYS INC	$2,537,000	–	81,040	–	1.42%	–
CL	New	COLGATE PALMOLIVE CO	$2,506,000	–	33,811	–	1.41%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$2,463,000	–	32,601	–	1.38%	–
NEE	New	NEXTERA ENERGY INC	$2,327,000	–	16,603	–	1.31%	–
MMM	New	3M CO	$2,311,000	–	11,098	–	1.30%	–
RELX	New	RELX PLCsponsored adr	$2,249,000	–	102,680	–	1.26%	–
WM	New	WASTE MGMT INC DEL	$2,203,000	–	30,041	–	1.24%	–
FHI	New	FEDERATED INVS INC PAcl b	$1,980,000	–	70,085	–	1.11%	–
POT	New	POTASH CORP SASK INC	$1,922,000	–	117,921	–	1.08%	–
DPS	New	DR PEPPER SNAPPLE GROUP INC	$1,876,000	–	20,588	–	1.05%	–
MAIN	New	MAIN STREET CAPITAL CORP	$1,859,000	–	48,329	–	1.04%	–
WTR	New	AQUA AMERICA INC	$1,819,000	–	54,634	–	1.02%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$1,794,000	–	16,222	–	1.01%	–
SLB	New	SCHLUMBERGER LTD	$1,786,000	–	27,120	–	1.00%	–
OMC	New	OMNICOM GROUP INC	$1,745,000	–	21,045	–	0.98%	–
TCAP	New	TRIANGLE CAP CORP	$1,680,000	–	95,364	–	0.94%	–
GILD	New	GILEAD SCIENCES INC	$1,629,000	–	23,021	–	0.91%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$1,575,000	–	36,521	–	0.88%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,541,000	–	34,514	–	0.86%	–
LEG	New	LEGGETT & PLATT INC	$1,538,000	–	29,277	–	0.86%	–
BMS	New	BEMIS INC	$1,510,000	–	32,649	–	0.85%	–
CVX	New	CHEVRON CORP NEW	$1,491,000	–	14,289	–	0.84%	–
MXIM	New	MAXIM INTEGRATED PRODS INC	$1,490,000	–	33,195	–	0.84%	–
RIO	New	RIO TINTO PLCsponsored adr	$1,314,000	–	31,050	–	0.74%	–
CMP	New	COMPASS MINERALS INTL INC	$1,235,000	–	18,915	–	0.69%	–
QCOM	New	QUALCOMM INC	$1,068,000	–	19,347	–	0.60%	–
T	New	AT&T INC	$1,051,000	–	27,860	–	0.59%	–
VFC	New	V F CORP	$928,000	–	16,118	–	0.52%	–
IVV	New	ISHARES TRcore s&p500 etf	$680,000	–	2,793	–	0.38%	–
XOM	New	EXXON MOBIL CORP	$628,000	–	7,774	–	0.35%	–
UNP	New	UNION PAC CORP	$589,000	–	5,407	–	0.33%	–
SPGI	New	S&P GLOBAL INC	$555,000	–	3,800	–	0.31%	–
HBI	New	HANESBRANDS INC	$429,000	–	18,504	–	0.24%	–
JPM	New	JPMORGAN CHASE & CO	$347,000	–	3,798	–	0.20%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$328,000	–	2,133	–	0.18%	–
PBHC	New	PATHFINDER BANCORP INC MD	$314,000	–	20,000	–	0.18%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$296,000	–	4,150	–	0.17%	–
RYN	New	RAYONIER INC	$294,000	–	10,225	–	0.16%	–
GOOGL	New	ALPHABET INCcap stk cl a	$286,000	–	308	–	0.16%	–
KO	New	COCA COLA CO	$268,000	–	5,977	–	0.15%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$216,000	–	1,276	–	0.12%	–

Q4 2016

			Value		Shares		↓ Weighting
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-7,310	–	-0.13%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-20,000	–	-0.15%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-3,798	–	-0.16%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-315	–	-0.16%	–
KO	Exit	COCA COLA CO	$0	–	-5,977	–	-0.16%	–
RYN	Exit	RAYONIER INC	$0	–	-10,225	–	-0.17%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-4,150	–	-0.18%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,138	–	-0.21%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-9,392	–	-0.28%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-3,800	–	-0.30%	–
UNP	Exit	UNION PAC CORP	$0	–	-5,407	–	-0.33%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-2,858	–	-0.39%	–
VFC	Exit	V F CORP	$0	–	-16,433	–	-0.58%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-30,794	–	-0.65%	–
T	Exit	AT&T INC	$0	–	-27,780	–	-0.71%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-13,505	–	-0.76%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-29,293	–	-0.84%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-18,905	–	-0.88%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-14,332	–	-0.93%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-36,956	–	-1.00%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-48,433	–	-1.04%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-55,177	–	-1.06%	–
BMS	Exit	BEMIS INC	$0	–	-33,150	–	-1.06%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-16,243	–	-1.12%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-20,905	–	-1.12%	–
PNY	Exit	PIEDMONT NAT GAS INC	$0	–	-29,835	–	-1.12%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-34,889	–	-1.14%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-22,924	–	-1.14%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP INC	$0	–	-20,471	–	-1.17%	–
TCAP	Exit	TRIANGLE CAP CORP	$0	–	-95,699	–	-1.18%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-116,708	–	-1.20%	–
DE	Exit	DEERE & CO	$0	–	-22,576	–	-1.21%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-30,219	–	-1.21%	–
MMM	Exit	3M CO	$0	–	-11,129	–	-1.23%	–
EBAY	Exit	EBAY INC	$0	–	-60,023	–	-1.24%	–
RELX	Exit	RELX PLCsponsored adr	$0	–	-103,550	–	-1.25%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-22,623	–	-1.26%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-16,715	–	-1.28%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-26,038	–	-1.29%	–
CMI	Exit	CUMMINS INC	$0	–	-16,989	–	-1.37%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-32,711	–	-1.39%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-42,112	–	-1.44%	–
ETN	Exit	EATON CORP PLC	$0	–	-35,495	–	-1.46%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-30,216	–	-1.47%	–
NKE	Exit	NIKE INCcl b	$0	–	-46,893	–	-1.55%	–
CSCO	Exit	CISCO SYS INC	$0	–	-78,420	–	-1.56%	–
FTV	Exit	FORTIVE CORP	$0	–	-49,089	–	-1.57%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-3,236	–	-1.58%	–
TJX	Exit	TJX COS INC NEW	$0	–	-34,589	–	-1.63%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-37,637	–	-1.66%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-31,484	–	-1.73%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-27,076	–	-1.73%	–
PSX	Exit	PHILLIPS 66	$0	–	-34,221	–	-1.73%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-49,001	–	-1.77%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-28,684	–	-1.81%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-37,188	–	-1.83%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-62,320	–	-1.86%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-35,945	–	-1.99%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-36,705	–	-2.05%	–
SJM	Exit	SMUCKER J M CO	$0	–	-25,407	–	-2.16%	–
AAPL	Exit	APPLE INC	$0	–	-32,049	–	-2.28%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-28,358	–	-2.30%	–
BCR	Exit	BARD C R INC	$0	–	-16,362	–	-2.31%	–
AMGN	Exit	AMGEN INC	$0	–	-22,135	–	-2.32%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-32,950	–	-2.45%	–
RTN	Exit	RAYTHEON CO	$0	–	-28,919	–	-2.47%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-128,597	–	-2.55%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-22,654	–	-2.56%	–
HBI	Exit	HANESBRANDS INC	$0	–	-166,939	–	-2.65%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-91,635	–	-2.76%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-59,790	–	-2.79%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-3,090	–	-2.86%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-26,663	–	-3.06%	–

Q3 2016

			Value		Shares		↓ Weighting
ROP	Buy	ROPER TECHNOLOGIES INC	$4,865,000	+9.7%	26,663	+2.6%	3.06%	+5.5%
PCLN	Buy	PRICELINE GRP INC	$4,547,000	+21.1%	3,090	+2.7%	2.86%	+16.4%
CL	Buy	COLGATE PALMOLIVE CO	$4,433,000	+3.7%	59,790	+2.4%	2.79%	-0.3%
CHD	Buy	CHURCH & DWIGHT INC	$4,391,000	-4.5%	91,635	+105.1%	2.76%	-8.2%
HBI	Buy	HANESBRANDS INC	$4,215,000	+2.2%	166,939	+1.8%	2.65%	-1.7%
BDX	Buy	BECTON DICKINSON & CO	$4,072,000	+8.3%	22,654	+2.2%	2.56%	+4.2%
SCHW	Buy	SCHWAB CHARLES CORP NEW	$4,060,000	+28.0%	128,597	+2.6%	2.55%	+23.1%
RTN	Buy	RAYTHEON CO	$3,937,000	+2.3%	28,919	+2.2%	2.47%	-1.7%
JNJ	Buy	JOHNSON & JOHNSON	$3,892,000	-0.5%	32,950	+2.2%	2.45%	-4.3%
AMGN	Buy	AMGEN INC	$3,692,000	+67.5%	22,135	+52.8%	2.32%	+61.0%
BCR	Buy	BARD C R INC	$3,670,000	-2.5%	16,362	+2.2%	2.31%	-6.3%
LFUS	Buy	LITTELFUSE INC	$3,653,000	+11.7%	28,358	+2.5%	2.30%	+7.4%
AAPL	Buy	APPLE INC	$3,623,000	+21.9%	32,049	+3.1%	2.28%	+17.1%
SJM	Buy	SMUCKER J M CO	$3,444,000	-9.0%	25,407	+2.3%	2.16%	-12.6%
CVS	Buy	CVS HEALTH CORP	$3,266,000	-4.8%	36,705	+2.4%	2.05%	-8.6%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$3,170,000	-1.8%	35,945	+2.3%	1.99%	-5.6%
UL	Buy	UNILEVER PLCspon adr new	$2,954,000	+1.2%	62,320	+2.3%	1.86%	-2.7%
DHR	Buy	DANAHER CORP DEL	$2,915,000	-20.3%	37,188	+2.7%	1.83%	-23.4%
GPC	Buy	GENUINE PARTS CO	$2,881,000	+3.5%	28,684	+4.3%	1.81%	-0.5%
MSFT	Buy	MICROSOFT CORP	$2,822,000	+20.7%	49,001	+7.2%	1.77%	+16.0%
PSX	Buy	PHILLIPS 66	$2,757,000	+4.2%	34,221	+2.6%	1.73%	+0.1%
UTX	Buy	UNITED TECHNOLOGIES CORP	$2,751,000	+1.6%	27,076	+2.5%	1.73%	-2.3%
XOM	Buy	EXXON MOBIL CORP	$2,748,000	-5.5%	31,484	+1.5%	1.73%	-9.2%
TXN	Buy	TEXAS INSTRS INC	$2,641,000	+17.7%	37,637	+5.1%	1.66%	+13.2%
TJX	Buy	TJX COS INC NEW	$2,587,000	-0.9%	34,589	+2.3%	1.63%	-4.7%
GOOG	Buy	ALPHABET INCcap stk cl c	$2,515,000	+15.8%	3,236	+3.1%	1.58%	+11.3%
FTV	New	FORTIVE CORP	$2,499,000	–	49,089	–	1.57%	–
CSCO	Buy	CISCO SYS INC	$2,487,000	+13.2%	78,420	+2.4%	1.56%	+8.8%
NKE	Buy	NIKE INCcl b	$2,469,000	-2.4%	46,893	+2.3%	1.55%	-6.2%
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$2,345,000	-0.1%	30,216	+2.5%	1.47%	-4.0%
ETN	Buy	EATON CORP PLC	$2,332,000	+50.2%	35,495	+36.5%	1.46%	+44.3%
EMR	Buy	EMERSON ELEC CO	$2,296,000	+7.0%	42,112	+2.3%	1.44%	+2.9%
BR	Buy	BROADRIDGE FINL SOLUTIONS IN	$2,217,000	+8.0%	32,711	+3.9%	1.39%	+3.8%
CMI	Buy	CUMMINS INC	$2,177,000	+16.9%	16,989	+2.6%	1.37%	+12.4%
SLB	Buy	SCHLUMBERGER LTD	$2,048,000	+2.3%	26,038	+2.9%	1.29%	-1.6%
NEE	Buy	NEXTERA ENERGY INC	$2,045,000	-2.7%	16,715	+3.7%	1.28%	-6.4%
CAT	Buy	CATERPILLAR INC DEL	$2,008,000	+23.3%	22,623	+5.3%	1.26%	+18.6%
RELX	Buy	RELX PLCsponsored adr	$1,984,000	+7.9%	103,550	+5.3%	1.25%	+3.7%
EBAY	Buy	EBAY INC	$1,975,000	+44.0%	60,023	+2.4%	1.24%	+38.4%
MMM	Buy	3M CO	$1,961,000	+5.0%	11,129	+4.4%	1.23%	+0.9%
DE	Buy	DEERE & CO	$1,927,000	+8.0%	22,576	+2.5%	1.21%	+3.8%
WM	Buy	WASTE MGMT INC DEL	$1,927,000	-0.4%	30,219	+3.5%	1.21%	-4.2%
POT	Buy	POTASH CORP SASK INC	$1,905,000	+2.6%	116,708	+2.1%	1.20%	-1.3%
TCAP	Buy	TRIANGLE CAP CORP	$1,885,000	+7.1%	95,699	+5.4%	1.18%	+3.0%
DPS	Buy	DR PEPPER SNAPPLE GROUP INC	$1,869,000	+0.1%	20,471	+6.0%	1.17%	-3.8%
GILD	Buy	GILEAD SCIENCES INC	$1,814,000	-4.7%	22,924	+0.5%	1.14%	-8.4%
VZ	Buy	VERIZON COMMUNICATIONS INC	$1,814,000	-2.3%	34,889	+5.0%	1.14%	-6.0%
PNY	Sell	PIEDMONT NAT GAS INC	$1,791,000	-4.0%	29,835	-3.9%	1.12%	-7.8%
OMC	New	OMNICOM GROUP INC	$1,777,000	–	20,905	–	1.12%	–
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$1,776,000	+5.5%	16,243	+4.0%	1.12%	+1.5%
BMS	Buy	BEMIS INC	$1,691,000	+2.4%	33,150	+3.4%	1.06%	-1.5%
WTR	Buy	AQUA AMERICA INC	$1,682,000	-11.1%	55,177	+4.0%	1.06%	-14.6%
MAIN	Buy	MAIN STREET CAPITAL CORP	$1,663,000	+8.7%	48,433	+4.0%	1.04%	+4.5%
GSK	Buy	GLAXOSMITHKLINE PLCsponsored adr	$1,594,000	+3.4%	36,956	+3.9%	1.00%	-0.5%
CVX	Buy	CHEVRON CORP NEW	$1,475,000	+1.9%	14,332	+3.8%	0.93%	-2.0%
CMP	Buy	COMPASS MINERALS INTL INC	$1,393,000	+5.0%	18,905	+5.7%	0.88%	+0.9%
LEG	Buy	LEGGETT & PLATT INC	$1,335,000	-5.9%	29,293	+5.5%	0.84%	-9.5%
KHC	Buy	KRAFT HEINZ CO	$1,209,000	+6.9%	13,505	+5.7%	0.76%	+2.8%
T	Buy	AT&T INC	$1,128,000	+2.1%	27,780	+8.6%	0.71%	-1.8%
RIO	Buy	RIO TINTO PLCsponsored adr	$1,029,000	+12.6%	30,794	+5.4%	0.65%	+8.2%
VFC	Buy	V F CORP	$921,000	-2.5%	16,433	+6.9%	0.58%	-6.3%
IVV	Buy	ISHARES TRcore s&p500 etf	$622,000	+47.0%	2,858	+42.3%	0.39%	+41.2%
UNP	Buy	UNION PAC CORP	$527,000	+13.8%	5,407	+2.0%	0.33%	+9.2%
DVMT	New	DELL TECHNOLOGIES INC	$449,000	–	9,392	–	0.28%	–
JPM	Buy	JPMORGAN CHASE & CO	$253,000	+11.9%	3,798	+4.3%	0.16%	+7.4%
GOOGL	Sell	ALPHABET INCcap stk cl a	$253,000	+12.4%	315	-1.6%	0.16%	+8.2%
KO	Sell	COCA COLA CO	$253,000	-16.2%	5,977	-10.3%	0.16%	-19.3%
SO	Exit	SOUTHERN CO	$0	–	-38,401	–	-1.35%	–
EMC	Exit	E M C CORP MASS	$0	–	-84,824	–	-1.51%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-30,792	–	-1.82%	–

Q2 2016

			Value		Shares		↓ Weighting
CHD	New	CHURCH & DWIGHT INC	$4,596,000	–	44,670	–	3.00%	–
ROP	New	ROPER TECHNOLOGIES INC	$4,433,000	–	25,988	–	2.90%	–
CL	New	COLGATE PALMOLIVE CO	$4,274,000	–	58,390	–	2.79%	–
HBI	New	HANESBRANDS INC	$4,123,000	–	164,067	–	2.70%	–
JNJ	New	JOHNSON & JOHNSON	$3,911,000	–	32,244	–	2.56%	–
RTN	New	RAYTHEON CO	$3,849,000	–	28,309	–	2.52%	–
SJM	New	SMUCKER J M CO	$3,786,000	–	24,838	–	2.48%	–
BCR	New	BARD C R INC	$3,763,000	–	16,003	–	2.46%	–
BDX	New	BECTON DICKINSON & CO	$3,759,000	–	22,168	–	2.46%	–
PCLN	New	PRICELINE GRP INC	$3,755,000	–	3,008	–	2.46%	–
DHR	New	DANAHER CORP DEL	$3,657,000	–	36,208	–	2.39%	–
CVS	New	CVS HEALTH CORP	$3,432,000	–	35,849	–	2.24%	–
LFUS	New	LITTELFUSE INC	$3,269,000	–	27,658	–	2.14%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$3,228,000	–	35,140	–	2.11%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$3,171,000	–	125,282	–	2.07%	–
AAPL	New	APPLE INC	$2,973,000	–	31,097	–	1.94%	–
UL	New	UNILEVER PLCspon adr new	$2,918,000	–	60,915	–	1.91%	–
XOM	New	EXXON MOBIL CORP	$2,908,000	–	31,024	–	1.90%	–
PRGO	New	PERRIGO CO PLC	$2,792,000	–	30,792	–	1.82%	–
GPC	New	GENUINE PARTS CO	$2,783,000	–	27,489	–	1.82%	–
UTX	New	UNITED TECHNOLOGIES CORP	$2,708,000	–	26,411	–	1.77%	–
PSX	New	PHILLIPS 66	$2,647,000	–	33,362	–	1.73%	–
TJX	New	TJX COS INC NEW	$2,611,000	–	33,811	–	1.71%	–
NKE	New	NIKE INCcl b	$2,529,000	–	45,823	–	1.65%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$2,348,000	–	29,466	–	1.54%	–
MSFT	New	MICROSOFT CORP	$2,338,000	–	45,700	–	1.53%	–
EMC	New	E M C CORP MASS	$2,305,000	–	84,824	–	1.51%	–
TXN	New	TEXAS INSTRS INC	$2,244,000	–	35,822	–	1.47%	–
AMGN	New	AMGEN INC	$2,204,000	–	14,484	–	1.44%	–
CSCO	New	CISCO SYS INC	$2,197,000	–	76,581	–	1.44%	–
GOOG	New	ALPHABET INCcap stk cl c	$2,172,000	–	3,138	–	1.42%	–
EMR	New	EMERSON ELEC CO	$2,146,000	–	41,147	–	1.40%	–
NEE	New	NEXTERA ENERGY INC	$2,101,000	–	16,111	–	1.37%	–
SO	New	SOUTHERN CO	$2,059,000	–	38,401	–	1.35%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$2,053,000	–	31,486	–	1.34%	–
SLB	New	SCHLUMBERGER LTD	$2,001,000	–	25,309	–	1.31%	–
WM	New	WASTE MGMT INC DEL	$1,934,000	–	29,191	–	1.26%	–
GILD	New	GILEAD SCIENCES INC	$1,903,000	–	22,817	–	1.24%	–
WTR	New	AQUA AMERICA INC	$1,892,000	–	53,058	–	1.24%	–
MMM	New	3M CO	$1,867,000	–	10,663	–	1.22%	–
DPS	New	DR PEPPER SNAPPLE GROUP INC	$1,867,000	–	19,321	–	1.22%	–
PNY	New	PIEDMONT NAT GAS INC	$1,866,000	–	31,035	–	1.22%	–
CMI	New	CUMMINS INC	$1,862,000	–	16,556	–	1.22%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,856,000	–	33,239	–	1.21%	–
POT	New	POTASH CORP SASK INC	$1,856,000	–	114,313	–	1.21%	–
RELX	New	RELX PLCsponsored adr	$1,839,000	–	98,320	–	1.20%	–
DE	New	DEERE & CO	$1,785,000	–	22,031	–	1.17%	–
TCAP	New	TRIANGLE CAP CORP	$1,760,000	–	90,809	–	1.15%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$1,683,000	–	15,623	–	1.10%	–
BMS	New	BEMIS INC	$1,651,000	–	32,055	–	1.08%	–
CAT	New	CATERPILLAR INC DEL	$1,628,000	–	21,476	–	1.06%	–
ETN	New	EATON CORP PLC	$1,553,000	–	25,997	–	1.02%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$1,541,000	–	35,556	–	1.01%	–
MAIN	New	MAIN STREET CAPITAL CORP	$1,530,000	–	46,578	–	1.00%	–
CVX	New	CHEVRON CORP NEW	$1,447,000	–	13,801	–	0.95%	–
LEG	New	LEGGETT & PLATT INC	$1,418,000	–	27,753	–	0.93%	–
EBAY	New	EBAY INC	$1,372,000	–	58,628	–	0.90%	–
CMP	New	COMPASS MINERALS INTL INC	$1,327,000	–	17,892	–	0.87%	–
KHC	New	KRAFT HEINZ CO	$1,131,000	–	12,779	–	0.74%	–
T	New	AT&T INC	$1,105,000	–	25,572	–	0.72%	–
VFC	New	V F CORP	$945,000	–	15,371	–	0.62%	–
RIO	New	RIO TINTO PLCsponsored adr	$914,000	–	29,214	–	0.60%	–
UNP	New	UNION PAC CORP	$463,000	–	5,302	–	0.30%	–
IVV	New	ISHARES TRcore s&p500 etf	$423,000	–	2,008	–	0.28%	–
SPGI	New	S&P GLOBAL INC	$408,000	–	3,800	–	0.27%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$325,000	–	2,138	–	0.21%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$315,000	–	4,150	–	0.21%	–
KO	New	COCA COLA CO	$302,000	–	6,667	–	0.20%	–
RYN	New	RAYONIER INC	$268,000	–	10,225	–	0.18%	–
JPM	New	JPMORGAN CHASE & CO	$226,000	–	3,640	–	0.15%	–
GOOGL	New	ALPHABET INCcap stk cl a	$225,000	–	320	–	0.15%	–
PBHC	New	PATHFINDER BANCORP INC MD	$225,000	–	20,000	–	0.15%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$214,000	–	7,310	–	0.14%	–

Q4 2015

			Value		Shares		↓ Weighting
CULP	Exit	CULP INC	$0	–	-6,625	–	-0.17%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-3,640	–	-0.17%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-20,000	–	-0.17%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-4,150	–	-0.20%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,738	–	-0.20%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-9,331	–	-0.20%	–
RYN	Exit	RAYONIER INC	$0	–	-13,627	–	-0.24%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-1,911	–	-0.29%	–
UNP	Exit	UNION PAC CORP	$0	–	-4,455	–	-0.31%	–
T	Exit	AT&T INC	$0	–	-21,944	–	-0.56%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-10,809	–	-0.60%	–
TCAP	Exit	TRIANGLE CAP CORP	$0	–	-49,366	–	-0.64%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-24,129	–	-0.64%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-1,363	–	-0.68%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-24,553	–	-0.72%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-12,037	–	-0.74%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-39,971	–	-0.84%	–
PNY	Exit	PIEDMONT NAT GAS INC	$0	–	-26,970	–	-0.85%	–
BMS	Exit	BEMIS INC	$0	–	-27,486	–	-0.85%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-17,570	–	-0.90%	–
ETN	Exit	EATON CORP PLC	$0	–	-22,658	–	-0.91%	–
CMP	Exit	COMPASS MINERALS INTL INC	$0	–	-14,830	–	-0.91%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-30,496	–	-0.92%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-45,624	–	-0.95%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-24,815	–	-0.97%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-28,810	–	-0.98%	–
MMM	Exit	3M CO	$0	–	-9,268	–	-1.03%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-13,370	–	-1.03%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-13,808	–	-1.06%	–
EBAY	Exit	EBAY INC	$0	–	-56,207	–	-1.08%	–
SO	Exit	SOUTHERN CO	$0	–	-32,670	–	-1.14%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-29,682	–	-1.15%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-26,886	–	-1.17%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-36,673	–	-1.19%	–
DE	Exit	DEERE & CO	$0	–	-21,331	–	-1.24%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-33,457	–	-1.24%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-78,338	–	-1.26%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-23,852	–	-1.29%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-55,866	–	-1.36%	–
CMI	Exit	CUMMINS INC	$0	–	-15,987	–	-1.36%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-23,602	–	-1.37%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-39,654	–	-1.37%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-39,640	–	-1.38%	–
VFC	Exit	V F CORP	$0	–	-26,400	–	-1.41%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-22,022	–	-1.43%	–
AMGN	Exit	AMGEN INC	$0	–	-13,762	–	-1.49%	–
CSCO	Exit	CISCO SYS INC	$0	–	-73,770	–	-1.52%	–
EMC	Exit	E M C CORP MASS	$0	–	-81,611	–	-1.54%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP INC	$0	–	-25,579	–	-1.58%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-21,237	–	-1.63%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-25,012	–	-1.74%	–
LFUS	Exit	LITTELFUSE INC	$0	–	-24,445	–	-1.75%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-30,309	–	-1.77%	–
TJX	Exit	TJX COS INC NEW	$0	–	-31,895	–	-1.78%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-3,768	–	-1.80%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-57,896	–	-1.85%	–
PSX	Exit	PHILLIPS 66	$0	–	-31,462	–	-1.90%	–
NKE	Exit	NIKE INCcl b	$0	–	-21,097	–	-2.03%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-33,289	–	-2.10%	–
SJM	Exit	SMUCKER J M CO	$0	–	-23,933	–	-2.14%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-18,287	–	-2.25%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-30,939	–	-2.26%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-21,811	–	-2.27%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-34,500	–	-2.30%	–
BCR	Exit	BARD C R INC	$0	–	-15,815	–	-2.31%	–
RTN	Exit	RAYTHEON CO	$0	–	-27,455	–	-2.35%	–
AAPL	Exit	APPLE INC	$0	–	-30,212	–	-2.61%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-35,490	–	-2.68%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-2,854	–	-2.77%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-42,921	–	-2.82%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-57,288	–	-2.85%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-24,874	–	-3.06%	–
HBI	Exit	HANESBRANDS INC	$0	–	-162,469	–	-3.68%	–

Q3 2015

			Value		Shares		↓ Weighting
HBI	Buy	HANESBRANDS INC	$4,702,000	-6.7%	162,469	+7.5%	3.68%	-9.7%
ROP	Buy	ROPER TECHNOLOGIES INC	$3,898,000	-2.9%	24,874	+6.8%	3.06%	-6.1%
CL	Buy	COLGATE PALMOLIVE CO	$3,635,000	+6.6%	57,288	+9.8%	2.85%	+3.1%
CHD	Buy	CHURCH & DWIGHT INC	$3,601,000	+12.1%	42,921	+8.4%	2.82%	+8.4%
PCLN	Sell	PRICELINE GRP INC	$3,530,000	-10.7%	2,854	-16.9%	2.77%	-13.7%
CVS	Buy	CVS HEALTH CORP	$3,424,000	-2.3%	35,490	+6.2%	2.68%	-5.6%
AAPL	Buy	APPLE INC	$3,332,000	-4.9%	30,212	+8.1%	2.61%	-8.0%
RTN	Buy	RAYTHEON CO	$3,000,000	+29.1%	27,455	+13.0%	2.35%	+24.9%
BCR	Buy	BARD C R INC	$2,946,000	+17.5%	15,815	+7.7%	2.31%	+13.6%
DHR	Buy	DANAHER CORP DEL	$2,940,000	+7.5%	34,500	+7.9%	2.30%	+3.9%
BDX	Buy	BECTON DICKINSON & CO	$2,893,000	+0.4%	21,811	+7.2%	2.27%	-2.9%
JNJ	Buy	JOHNSON & JOHNSON	$2,888,000	+9.9%	30,939	+14.8%	2.26%	+6.3%
PRGO	Buy	PERRIGO CO PLC	$2,876,000	-8.2%	18,287	+7.9%	2.25%	-11.2%
SJM	Buy	SMUCKER J M CO	$2,731,000	+13.7%	23,933	+8.0%	2.14%	+10.0%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$2,675,000	+8.6%	33,289	+8.4%	2.10%	+5.0%
NKE	Buy	NIKE INCcl b	$2,594,000	+25.0%	21,097	+9.8%	2.03%	+20.9%
PSX	Buy	PHILLIPS 66	$2,418,000	+3.9%	31,462	+8.9%	1.90%	+0.5%
UL	Buy	UNILEVER PLCspon adr new	$2,361,000	+3.4%	57,896	+8.9%	1.85%	-0.1%
GOOG	Buy	GOOGLE INCcl c	$2,293,000	+29.5%	3,768	+10.8%	1.80%	+25.3%
TJX	Buy	TJX COS INC NEW	$2,278,000	+18.8%	31,895	+10.0%	1.78%	+14.9%
XOM	Buy	EXXON MOBIL CORP	$2,253,000	+6.8%	30,309	+19.5%	1.77%	+3.3%
LFUS	New	LITTELFUSE INC	$2,228,000	–	24,445	–	1.75%	–
UTX	Buy	UNITED TECHNOLOGIES CORP	$2,226,000	-13.3%	25,012	+8.1%	1.74%	-16.1%
GILD	Buy	GILEAD SCIENCES INC	$2,085,000	-8.1%	21,237	+9.5%	1.63%	-11.1%
DPS	Buy	DR PEPPER SNAPPLE GROUP INC	$2,022,000	+14.7%	25,579	+5.8%	1.58%	+10.9%
EMC	Buy	E M C CORP MASS	$1,972,000	-0.9%	81,611	+8.3%	1.54%	-4.2%
CSCO	Buy	CISCO SYS INC	$1,936,000	+4.4%	73,770	+9.3%	1.52%	+1.0%
AMGN	Buy	AMGEN INC	$1,904,000	+7.2%	13,762	+19.0%	1.49%	+3.7%
GPC	Buy	GENUINE PARTS CO	$1,825,000	+3.2%	22,022	+11.5%	1.43%	-0.2%
VFC	Buy	V F CORP	$1,801,000	+4.2%	26,400	+6.5%	1.41%	+0.7%
MSFT	Buy	MICROSOFT CORP	$1,754,000	+7.9%	39,640	+7.7%	1.38%	+4.4%
EMR	Buy	EMERSON ELEC CO	$1,752,000	-13.7%	39,654	+8.3%	1.37%	-16.5%
AXP	Buy	AMERICAN EXPRESS CO	$1,750,000	+6.3%	23,602	+11.4%	1.37%	+2.8%
CMI	Buy	CUMMINS INC	$1,736,000	-11.7%	15,987	+6.7%	1.36%	-14.5%
PYPL	New	PAYPAL HLDGS INC	$1,734,000	–	55,866	–	1.36%	–
SLB	New	SCHLUMBERGER LTD	$1,645,000	–	23,852	–	1.29%	–
POT	Buy	POTASH CORP SASK INC	$1,610,000	-27.5%	78,338	+9.3%	1.26%	-29.8%
HP	Sell	HELMERICH & PAYNE INC	$1,581,000	-51.4%	33,457	-27.6%	1.24%	-53.0%
DE	Buy	DEERE & CO	$1,578,000	-17.3%	21,331	+8.6%	1.24%	-19.9%
LEG	Buy	LEGGETT & PLATT INC	$1,513,000	-9.9%	36,673	+6.4%	1.19%	-12.8%
BR	Buy	BROADRIDGE FINL SOLUTIONS IN	$1,488,000	+17.8%	26,886	+6.5%	1.17%	+14.0%
TXN	Buy	TEXAS INSTRS INC	$1,470,000	+2.2%	29,682	+6.3%	1.15%	-1.2%
SO	Buy	SOUTHERN CO	$1,460,000	+12.9%	32,670	+5.9%	1.14%	+9.2%
EBAY	Buy	EBAY INC	$1,374,000	-55.9%	56,207	+8.6%	1.08%	-57.4%
NEE	Buy	NEXTERA ENERGY INC	$1,347,000	+5.4%	13,808	+5.9%	1.06%	+1.9%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$1,319,000	+7.3%	13,370	+5.4%	1.03%	+3.8%
MMM	New	3M CO	$1,314,000	–	9,268	–	1.03%	–
VZ	Buy	VERIZON COMMUNICATIONS INC	$1,254,000	-0.6%	28,810	+6.4%	0.98%	-3.9%
WM	Buy	WASTE MGMT INC DEL	$1,236,000	+14.0%	24,815	+6.1%	0.97%	+10.4%
WTR	Buy	AQUA AMERICA INC	$1,208,000	+14.7%	45,624	+6.2%	0.95%	+11.0%
GSK	Sell	GLAXOSMITHKLINE PLCsponsored adr	$1,173,000	-13.4%	30,496	-6.2%	0.92%	-16.3%
ETN	Buy	EATON CORP PLC	$1,162,000	-13.7%	22,658	+13.6%	0.91%	-16.5%
CMP	Buy	COMPASS MINERALS INTL INC	$1,162,000	+1.3%	14,830	+6.2%	0.91%	-1.9%
CAT	New	CATERPILLAR INC DEL	$1,148,000	–	17,570	–	0.90%	–
BMS	Buy	BEMIS INC	$1,088,000	-6.6%	27,486	+6.2%	0.85%	-9.6%
PNY	Buy	PIEDMONT NAT GAS INC	$1,081,000	+20.0%	26,970	+5.7%	0.85%	+16.0%
MAIN	Buy	MAIN STREET CAPITAL CORP	$1,066,000	-11.3%	39,971	+6.1%	0.84%	-14.3%
CVX	Buy	CHEVRON CORP NEW	$949,000	-14.0%	12,037	+5.2%	0.74%	-16.8%
NOV	Buy	NATIONAL OILWELL VARCO INC	$924,000	-15.9%	24,553	+7.8%	0.72%	-18.7%
GOOGL	Buy	GOOGLE INCcl a	$870,000	+20.3%	1,363	+1.8%	0.68%	+16.4%
RIO	Buy	RIO TINTO PLCsponsored adr	$816,000	-12.8%	24,129	+6.2%	0.64%	-15.6%
TCAP	Buy	TRIANGLE CAP CORP	$814,000	-25.6%	49,366	+5.7%	0.64%	-28.0%
KHC	New	KRAFT HEINZ CO	$763,000	–	10,809	–	0.60%	–
T	Sell	AT&T INC	$715,000	-51.5%	21,944	-47.1%	0.56%	-53.1%
UNP	New	UNION PAC CORP	$394,000	–	4,455	–	0.31%	–
IVV	Buy	ISHARES TRcore s&p500 etf	$368,000	+3.1%	1,911	+10.8%	0.29%	-0.3%
RYN	Sell	RAYONIER INC	$301,000	-76.4%	13,627	-72.7%	0.24%	-77.1%
IBM	New	INTERNATIONAL BUSINESS MACHS	$252,000	–	1,738	–	0.20%	–
MMP	Buy	MAGELLAN MIDSTREAM PRTNRS LP	$249,000	+19.1%	4,150	+45.6%	0.20%	+15.4%
JPM	New	JPMORGAN CHASE & CO	$222,000	–	3,640	–	0.17%	–
BIIB	Exit	BIOGEN INC	$0	–	-524	–	-0.17%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-9,931	–	-0.68%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-17,716	–	-0.74%	–

Q2 2015

			Value		Shares		↓ Weighting
HBI	New	HANESBRANDS INC	$5,038,000	–	151,198	–	4.08%	–
ROP	New	ROPER TECHNOLOGIES INC	$4,016,000	–	23,289	–	3.25%	–
PCLN	New	PRICELINE GRP INC	$3,954,000	–	3,434	–	3.20%	–
CVS	New	CVS HEALTH CORP	$3,506,000	–	33,430	–	2.84%	–
AAPL	New	APPLE INC	$3,504,000	–	27,939	–	2.84%	–
CL	New	COLGATE PALMOLIVE CO	$3,411,000	–	52,155	–	2.76%	–
HP	New	HELMERICH & PAYNE INC	$3,253,000	–	46,192	–	2.64%	–
CHD	New	CHURCH & DWIGHT INC	$3,212,000	–	39,586	–	2.60%	–
PRGO	New	PERRIGO CO PLC	$3,132,000	–	16,947	–	2.54%	–
EBAY	New	EBAY INC	$3,117,000	–	51,736	–	2.53%	–
BDX	New	BECTON DICKINSON & CO	$2,881,000	–	20,341	–	2.33%	–
DHR	New	DANAHER CORP DEL	$2,736,000	–	31,970	–	2.22%	–
JNJ	New	JOHNSON & JOHNSON	$2,627,000	–	26,956	–	2.13%	–
UTX	New	UNITED TECHNOLOGIES CORP	$2,567,000	–	23,142	–	2.08%	–
BCR	New	BARD C R INC	$2,508,000	–	14,690	–	2.03%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$2,463,000	–	30,699	–	2.00%	–
SJM	New	SMUCKER J M CO	$2,402,000	–	22,153	–	1.95%	–
PSX	New	PHILLIPS 66	$2,327,000	–	28,882	–	1.88%	–
RTN	New	RAYTHEON CO	$2,324,000	–	24,288	–	1.88%	–
UL	New	UNILEVER PLCspon adr new	$2,284,000	–	53,171	–	1.85%	–
GILD	New	GILEAD SCIENCES INC	$2,270,000	–	19,390	–	1.84%	–
POT	New	POTASH CORP SASK INC	$2,220,000	–	71,688	–	1.80%	–
XOM	New	EXXON MOBIL CORP	$2,110,000	–	25,355	–	1.71%	–
NKE	New	NIKE INCcl b	$2,076,000	–	19,217	–	1.68%	–
EMR	New	EMERSON ELEC CO	$2,030,000	–	36,616	–	1.64%	–
EMC	New	E M C CORP MASS	$1,989,000	–	75,351	–	1.61%	–
CMI	New	CUMMINS INC	$1,965,000	–	14,982	–	1.59%	–
TJX	New	TJX COS INC NEW	$1,918,000	–	28,993	–	1.55%	–
DE	New	DEERE & CO	$1,907,000	–	19,649	–	1.54%	–
CSCO	New	CISCO SYS INC	$1,854,000	–	67,519	–	1.50%	–
AMGN	New	AMGEN INC	$1,776,000	–	11,567	–	1.44%	–
GOOG	New	GOOGLE INCcl c	$1,770,000	–	3,400	–	1.43%	–
GPC	New	GENUINE PARTS CO	$1,769,000	–	19,757	–	1.43%	–
DPS	New	DR PEPPER SNAPPLE GROUP INC	$1,763,000	–	24,184	–	1.43%	–
VFC	New	V F CORP	$1,729,000	–	24,795	–	1.40%	–
LEG	New	LEGGETT & PLATT INC	$1,679,000	–	34,483	–	1.36%	–
AXP	New	AMERICAN EXPRESS CO	$1,646,000	–	21,179	–	1.33%	–
MSFT	New	MICROSOFT CORP	$1,625,000	–	36,804	–	1.32%	–
T	New	AT&T INC	$1,475,000	–	41,515	–	1.20%	–
TXN	New	TEXAS INSTRS INC	$1,439,000	–	27,927	–	1.17%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$1,355,000	–	32,525	–	1.10%	–
ETN	New	EATON CORP PLC	$1,346,000	–	19,949	–	1.09%	–
SO	New	SOUTHERN CO	$1,293,000	–	30,855	–	1.05%	–
NEE	New	NEXTERA ENERGY INC	$1,278,000	–	13,038	–	1.04%	–
RYN	New	RAYONIER INC	$1,274,000	–	49,861	–	1.03%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$1,263,000	–	25,256	–	1.02%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,262,000	–	27,076	–	1.02%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$1,229,000	–	12,680	–	1.00%	–
MAIN	New	MAIN STREET CAPITAL CORP	$1,202,000	–	37,681	–	0.97%	–
BMS	New	BEMIS INC	$1,165,000	–	25,876	–	0.94%	–
CMP	New	COMPASS MINERALS INTL INC	$1,147,000	–	13,965	–	0.93%	–
CVX	New	CHEVRON CORP NEW	$1,103,000	–	11,437	–	0.89%	–
NOV	New	NATIONAL OILWELL VARCO INC	$1,099,000	–	22,773	–	0.89%	–
TCAP	New	TRIANGLE CAP CORP	$1,094,000	–	46,682	–	0.89%	–
WM	New	WASTE MGMT INC DEL	$1,084,000	–	23,390	–	0.88%	–
WTR	New	AQUA AMERICA INC	$1,053,000	–	42,980	–	0.85%	–
RIO	New	RIO TINTO PLCsponsored adr	$936,000	–	22,719	–	0.76%	–
BNS	New	BANK N S HALIFAX	$915,000	–	17,716	–	0.74%	–
PNY	New	PIEDMONT NAT GAS INC	$901,000	–	25,510	–	0.73%	–
KRFT	New	KRAFT FOODS GROUP INC	$846,000	–	9,931	–	0.68%	–
GOOGL	New	GOOGLE INCcl a	$723,000	–	1,339	–	0.59%	–
KMI	New	KINDER MORGAN INC DEL	$358,000	–	9,331	–	0.29%	–
IVV	New	ISHARES TRcore s&p500 etf	$357,000	–	1,725	–	0.29%	–
PBHC	New	PATHFINDER BANCORP INC MD	$235,000	–	20,000	–	0.19%	–
BIIB	New	BIOGEN INC	$212,000	–	524	–	0.17%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$209,000	–	2,850	–	0.17%	–
CULP	New	CULP INC	$205,000	–	6,625	–	0.17%	–

Q4 2014

			Value		Shares		↓ Weighting
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-3,350	–	-0.20%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-5,500	–	-0.21%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-2,850	–	-0.22%	–
MAT	Exit	MATTEL INC	$0	–	-23,483	–	-0.67%	–
PNY	Exit	PIEDMONT NAT GAS INC	$0	–	-24,105	–	-0.75%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-1,379	–	-0.75%	–
SO	Exit	SOUTHERN CO	$0	–	-18,885	–	-0.77%	–
BHP	Exit	BHP BILLITON LTDsponsored adr	$0	–	-15,272	–	-0.84%	–
BMS	Exit	BEMIS INC	$0	–	-24,816	–	-0.88%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-41,347	–	-0.90%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-17,338	–	-1.00%	–
WM	Exit	WASTE MGMT INC DEL	$0	–	-22,565	–	-1.00%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-21,909	–	-1.00%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-35,636	–	-1.02%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-19,404	–	-1.02%	–
TCAP	Exit	TRIANGLE CAP CORP	$0	–	-44,697	–	-1.05%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-9,630	–	-1.07%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-33,316	–	-1.08%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-12,660	–	-1.11%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-12,145	–	-1.11%	–
ETN	Exit	EATON CORP PLC	$0	–	-18,891	–	-1.11%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-27,380	–	-1.17%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-193,255	–	-1.18%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-26,546	–	-1.18%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-25,462	–	-1.18%	–
T	Exit	AT&T INC	$0	–	-39,185	–	-1.28%	–
RYN	Exit	RAYONIER INC	$0	–	-45,306	–	-1.31%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-7,462	–	-1.32%	–
DE	Exit	DEERE & CO	$0	–	-18,314	–	-1.40%	–
DPS	Exit	DR PEPPER SNAPPLE GROUP INC	$0	–	-23,379	–	-1.40%	–
CSCO	Exit	CISCO SYS INC	$0	–	-61,900	–	-1.45%	–
VFC	Exit	V F CORP	$0	–	-23,790	–	-1.46%	–
NKE	Exit	NIKE INCcl b	$0	–	-17,632	–	-1.46%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-34,877	–	-1.50%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-18,982	–	-1.55%	–
GIS	Exit	GENERAL MLS INC	$0	–	-34,368	–	-1.61%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-3,020	–	-1.62%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-20,019	–	-1.63%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-16,344	–	-1.64%	–
CMI	Exit	CUMMINS INC	$0	–	-14,194	–	-1.74%	–
BCR	Exit	BARD C R INC	$0	–	-13,725	–	-1.82%	–
EMC	Exit	E M C CORP MASS	$0	–	-70,136	–	-1.91%	–
SJM	Exit	SMUCKER J M CO	$0	–	-20,758	–	-1.91%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-49,681	–	-1.94%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-34,429	–	-2.00%	–
PSX	Exit	PHILLIPS 66	$0	–	-26,721	–	-2.02%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-19,225	–	-2.04%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-23,273	–	-2.04%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-29,890	–	-2.11%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-21,575	–	-2.12%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-28,074	–	-2.17%	–
RTN	Exit	RAYTHEON CO	$0	–	-23,054	–	-2.18%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-67,859	–	-2.18%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-16,547	–	-2.31%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-32,113	–	-2.38%	–
PETM	Exit	PETSMART INC	$0	–	-36,859	–	-2.40%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-37,126	–	-2.42%	–
AAPL	Exit	APPLE INC	$0	–	-25,902	–	-2.43%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-24,976	–	-2.48%	–
EBAY	Exit	EBAY INC	$0	–	-47,996	–	-2.53%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-37,589	–	-2.66%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-48,846	–	-2.96%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-22,160	–	-3.02%	–
HBI	Exit	HANESBRANDS INC	$0	–	-31,434	–	-3.14%	–

Q3 2014

			Value		Shares		↓ Weighting
HBI	Buy	HANESBRANDS INC	$3,377,000	+9.3%	31,434	+0.2%	3.14%	+9.4%
ROP	Buy	ROPER INDS INC NEW	$3,242,000	+0.5%	22,160	+0.3%	3.02%	+0.6%
CL	Buy	COLGATE PALMOLIVE CO	$3,186,000	-4.1%	48,846	+0.3%	2.96%	-4.0%
NOV	Buy	NATIONAL OILWELL VARCO INC	$2,861,000	-7.3%	37,589	+0.3%	2.66%	-7.2%
EBAY	Buy	EBAY INC	$2,718,000	+13.3%	47,996	+0.1%	2.53%	+13.4%
JNJ	Buy	JOHNSON & JOHNSON	$2,662,000	+2.0%	24,976	+0.2%	2.48%	+2.1%
AAPL	Buy	APPLE INC	$2,610,000	+8.8%	25,902	+0.3%	2.43%	+8.9%
CHD	Buy	CHURCH & DWIGHT INC	$2,605,000	+0.3%	37,126	+0.1%	2.42%	+0.4%
PETM	Sell	PETSMART INC	$2,583,000	+17.1%	36,859	-0.0%	2.40%	+17.2%
CVS	Buy	CVS HEALTH CORP	$2,556,000	+5.7%	32,113	+0.1%	2.38%	+5.7%
PRGO	Buy	PERRIGO CO PLC	$2,485,000	+3.2%	16,547	+0.2%	2.31%	+3.3%
POT	Buy	POTASH CORP SASK INC	$2,345,000	-8.5%	67,859	+0.5%	2.18%	-8.5%
RTN	Sell	RAYTHEON CO	$2,343,000	+10.2%	23,054	-0.0%	2.18%	+10.2%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$2,332,000	+5.0%	28,074	+0.2%	2.17%	+5.1%
UTX	Buy	UNITED TECHNOLOGIES CORP	$2,278,000	-7.8%	21,575	+0.7%	2.12%	-7.7%
DHR	Buy	DANAHER CORP DEL	$2,271,000	-3.5%	29,890	+0.0%	2.11%	-3.4%
XOM	Buy	EXXON MOBIL CORP	$2,189,000	-6.5%	23,273	+0.1%	2.04%	-6.4%
BDX	Buy	BECTON DICKINSON & CO	$2,188,000	-3.2%	19,225	+0.6%	2.04%	-3.1%
PSX	Buy	PHILLIPS 66	$2,173,000	+1.4%	26,721	+0.3%	2.02%	+1.5%
EMR	Buy	EMERSON ELEC CO	$2,155,000	-5.4%	34,429	+0.2%	2.00%	-5.4%
UL	Buy	UNILEVER PLCspon adr new	$2,082,000	-7.3%	49,681	+0.2%	1.94%	-7.2%
SJM	Buy	SMUCKER J M CO	$2,055,000	-6.6%	20,758	+0.5%	1.91%	-6.6%
EMC	Buy	E M C CORP MASS	$2,052,000	+11.9%	70,136	+0.7%	1.91%	+12.0%
BCR	Sell	BARD C R INC	$1,959,000	-0.6%	13,725	-0.4%	1.82%	-0.5%
CMI	Sell	CUMMINS INC	$1,873,000	-14.6%	14,194	-0.1%	1.74%	-14.5%
AXP	Buy	AMERICAN EXPRESS CO	$1,752,000	-7.0%	20,019	+0.8%	1.63%	-7.0%
GOOG	Buy	GOOGLE INCcl c	$1,744,000	+1.0%	3,020	+0.6%	1.62%	+1.1%
GIS	Sell	GENERAL MLS INC	$1,734,000	-4.0%	34,368	-0.0%	1.61%	-3.9%
GPC	Buy	GENUINE PARTS CO	$1,665,000	+1.9%	18,982	+2.0%	1.55%	+2.0%
MSFT	Buy	MICROSOFT CORP	$1,617,000	+13.6%	34,877	+2.1%	1.50%	+13.7%
NKE	Buy	NIKE INCcl b	$1,573,000	+15.6%	17,632	+0.5%	1.46%	+15.7%
VFC	Buy	V F CORP	$1,571,000	+7.2%	23,790	+2.3%	1.46%	+7.3%
CSCO	Buy	CISCO SYS INC	$1,558,000	+2.2%	61,900	+0.8%	1.45%	+2.3%
DPS	Buy	DR PEPPER SNAPPLE GROUP INC	$1,504,000	+12.2%	23,379	+2.1%	1.40%	+12.3%
DE	Buy	DEERE & CO	$1,502,000	-8.9%	18,314	+0.6%	1.40%	-8.8%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$1,417,000	+5.3%	7,462	+0.5%	1.32%	+5.4%
RYN	Buy	RAYONIER INC	$1,411,000	-12.1%	45,306	+0.3%	1.31%	-12.1%
T	Buy	AT&T INC	$1,381,000	+1.7%	39,185	+2.0%	1.28%	+1.7%
VZ	Buy	VERIZON COMMUNICATIONS INC	$1,273,000	+4.2%	25,462	+2.0%	1.18%	+4.2%
TXN	Buy	TEXAS INSTRS INC	$1,266,000	+2.0%	26,546	+2.3%	1.18%	+2.1%
ABEV	Buy	AMBEV SAsponsored adr	$1,266,000	-5.1%	193,255	+2.0%	1.18%	-5.1%
GSK	Buy	GLAXOSMITHKLINE PLCsponsored adr	$1,259,000	-12.1%	27,380	+2.2%	1.17%	-12.1%
ETN	Buy	EATON CORP PLC	$1,197,000	-16.1%	18,891	+2.2%	1.11%	-16.1%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$1,194,000	-2.1%	12,145	+2.2%	1.11%	-2.0%
NEE	Buy	NEXTERA ENERGY INC	$1,189,000	-6.5%	12,660	+2.0%	1.11%	-6.4%
LEG	Buy	LEGGETT & PLATT INC	$1,163,000	+3.8%	33,316	+2.0%	1.08%	+3.9%
CVX	Buy	CHEVRON CORP NEW	$1,149,000	-6.9%	9,630	+1.9%	1.07%	-6.8%
TCAP	Buy	TRIANGLE CAP CORP	$1,132,000	-7.8%	44,697	+3.3%	1.05%	-7.7%
KRFT	Buy	KRAFT FOODS GROUP INC	$1,094,000	-4.0%	19,404	+2.2%	1.02%	-3.9%
MAIN	New	MAIN STREET CAPITAL CORP	$1,092,000	–	35,636	–	1.02%	–
RIO	Buy	RIO TINTO PLCsponsored adr	$1,077,000	-7.4%	21,909	+2.2%	1.00%	-7.3%
WM	Buy	WASTE MGMT INC DEL	$1,073,000	+8.6%	22,565	+2.2%	1.00%	+8.7%
BNS	Buy	BANK N S HALIFAX	$1,072,000	-5.1%	17,338	+2.2%	1.00%	-5.0%
WTR	Buy	AQUA AMERICA INC	$973,000	-8.2%	41,347	+2.3%	0.90%	-8.1%
BMS	Buy	BEMIS INC	$944,000	-4.3%	24,816	+2.3%	0.88%	-4.1%
BHP	Sell	BHP BILLITON LTDsponsored adr	$899,000	-14.1%	15,272	-0.1%	0.84%	-14.0%
SO	Buy	SOUTHERN CO	$824,000	-1.8%	18,885	+2.2%	0.77%	-1.8%
GOOGL	Sell	GOOGLE INCcl a	$811,000	-1.9%	1,379	-2.5%	0.75%	-2.0%
PNY	Buy	PIEDMONT NAT GAS INC	$808,000	-8.7%	24,105	+1.9%	0.75%	-8.5%
MAT	Buy	MATTEL INC	$720,000	-19.6%	23,483	+2.2%	0.67%	-19.5%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$222,000	+3.3%	5,500	+100.0%	0.21%	+3.0%
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$214,000	–	3,350	–	0.20%	–
HSH	Exit	Hillshire Brands Co	$0	–	-3,772	–	-0.22%	–
DNOW	Exit	Now Inc	$0	–	-8,773	–	-0.30%	–

Q2 2014

			Value		Shares		↓ Weighting
CL	New	Colgate Palmolive Co	$3,322,000	–	48,721	–	3.09%	–
ROP	New	Roper Industries Inc	$3,225,000	–	22,090	–	3.00%	–
HBI	New	Hanesbrands Inc	$3,089,000	–	31,384	–	2.87%	–
NOV	New	National Oilwell Varco Inc	$3,086,000	–	37,474	–	2.87%	–
JNJ	New	Johnson & Johnson	$2,609,000	–	24,936	–	2.42%	–
CHD	New	Church & Dwight Inc	$2,596,000	–	37,106	–	2.41%	–
POT	New	Potash Corp Saskatchewan Inc	$2,564,000	–	67,549	–	2.38%	–
UTX	New	United Technologies Corp	$2,472,000	–	21,415	–	2.30%	–
CVS	New	CVS Caremark Corporation	$2,419,000	–	32,095	–	2.25%	–
PRGO	New	Perrigo Co plc shs	$2,408,000	–	16,517	–	2.24%	–
EBAY	New	eBay Inc	$2,399,000	–	47,931	–	2.23%	–
AAPL	New	Apple Inc	$2,399,000	–	25,817	–	2.23%	–
DHR	New	Danaher Corp	$2,353,000	–	29,885	–	2.19%	–
XOM	New	Exxon Mobil Corp	$2,341,000	–	23,248	–	2.18%	–
EMR	New	Emerson Electric Co	$2,279,000	–	34,349	–	2.12%	–
BDX	New	Becton Dickinson & Co	$2,261,000	–	19,111	–	2.10%	–
UL	New	Unilever PLC Sp ADRspon adr new	$2,246,000	–	49,576	–	2.09%	–
ADP	New	Automatic Data Processing Inc	$2,221,000	–	28,014	–	2.06%	–
PETM	New	PetSmart Inc	$2,205,000	–	36,874	–	2.05%	–
SJM	New	Smucker J M Co	$2,201,000	–	20,655	–	2.05%	–
CMI	New	Cummins Inc	$2,192,000	–	14,209	–	2.04%	–
PSX	New	Phillips 66	$2,143,000	–	26,641	–	1.99%	–
RTN	New	Raytheon Co	$2,127,000	–	23,059	–	1.98%	–
BCR	New	Bard C R Inc	$1,971,000	–	13,785	–	1.83%	–
AXP	New	American Express Co	$1,884,000	–	19,861	–	1.75%	–
EMC	New	EMC Corp MA	$1,834,000	–	69,642	–	1.70%	–
KMB	New	Kimberly Clark Corp	$1,818,000	–	16,344	–	1.69%	–
GIS	New	General Mills Inc	$1,806,000	–	34,378	–	1.68%	–
GOOG	New	Google Inc Cl C	$1,726,000	–	3,001	–	1.60%	–
DE	New	Deere & Co	$1,648,000	–	18,203	–	1.53%	–
GPC	New	Genuine Parts Co	$1,634,000	–	18,607	–	1.52%	–
RYN	New	Rayonier Inc	$1,605,000	–	45,148	–	1.49%	–
CSCO	New	Cisco Systems Inc	$1,525,000	–	61,385	–	1.42%	–
VFC	New	VF Corp	$1,465,000	–	23,260	–	1.36%	–
GSK	New	GlaxoSmithKline PLC Sp ADRsponsored adr	$1,433,000	–	26,800	–	1.33%	–
ETN	New	Eaton Corp PLC	$1,427,000	–	18,486	–	1.33%	–
MSFT	New	Microsoft Corp	$1,424,000	–	34,147	–	1.32%	–
NKE	New	Nike Inc Cl B	$1,361,000	–	17,552	–	1.26%	–
T	New	AT&T Inc	$1,358,000	–	38,405	–	1.26%	–
IBM	New	International Business Machine	$1,346,000	–	7,425	–	1.25%	–
DPS	New	Dr Pepper Snapple Group Inc	$1,341,000	–	22,894	–	1.25%	–
ABEV	New	AMBEV SAsponsored adr	$1,334,000	–	189,550	–	1.24%	–
NEE	New	NextEra Energy Inc	$1,272,000	–	12,415	–	1.18%	–
TXN	New	Texas Instruments Inc	$1,241,000	–	25,961	–	1.15%	–
CVX	New	Chevron Corp	$1,234,000	–	9,455	–	1.15%	–
TCAP	New	Triangle Cap Corp	$1,228,000	–	43,285	–	1.14%	–
VZ	New	Verizon Communications Inc	$1,222,000	–	24,967	–	1.14%	–
UPS	New	United Parcel Service Inc Cl B	$1,220,000	–	11,885	–	1.13%	–
RIO	New	Rio Tinto PLC Sp ADRsponsored adr	$1,163,000	–	21,434	–	1.08%	–
KRFT	New	Kraft Foods Group Inc	$1,139,000	–	18,994	–	1.06%	–
BNS	New	BANK N S HALIFAX	$1,130,000	–	16,973	–	1.05%	–
LEG	New	Leggett & Platt Inc	$1,120,000	–	32,661	–	1.04%	–
WTR	New	Aqua America Inc	$1,060,000	–	40,437	–	0.98%	–
BHP	New	BHP Billiton Ltd Sp ADRsponsored adr	$1,046,000	–	15,282	–	0.97%	–
WM	New	Waste Management Inc	$988,000	–	22,080	–	0.92%	–
BMS	New	Bemis Inc	$986,000	–	24,261	–	0.92%	–
MAT	New	Mattel Inc	$895,000	–	22,978	–	0.83%	–
PNY	New	Piedmont Natural Gas Inc	$885,000	–	23,660	–	0.82%	–
SO	New	Southern Co	$839,000	–	18,485	–	0.78%	–
GOOGL	New	Google Inc Cl A	$827,000	–	1,414	–	0.77%	–
DNOW	New	Now Inc	$318,000	–	8,773	–	0.30%	–
MMP	New	Magellan Midstream Partners LP	$240,000	–	2,850	–	0.22%	–
HSH	New	Hillshire Brands Co	$235,000	–	3,772	–	0.22%	–
EPD	New	Enterprise Products Partners L	$215,000	–	2,750	–	0.20%	–

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