Pratt Collard Advisory Partners LLC Activity Q4 2017-Q2 2021

Q2 2021

			Value		Shares		↓ Weighting
PG	New	PROCTER AND GAMBLE CO	$15,514,000	–	114,977	–	10.34%	–
DMRC	New	DIGIMARC CORP NEW	$8,244,000	–	246,084	–	5.50%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$5,745,000	–	20,670	–	3.83%	–
AAPL	New	APPLE INC	$5,448,000	–	39,775	–	3.63%	–
MSFT	New	MICROSOFT CORP	$4,751,000	–	17,537	–	3.17%	–
CMCSA	New	COMCAST CORP NEWcl a	$4,717,000	–	82,730	–	3.14%	–
JNJ	New	JOHNSON & JOHNSON	$4,520,000	–	27,439	–	3.01%	–
GOOG	New	ALPHABET INCcap stk cl c	$3,637,000	–	1,451	–	2.42%	–
DHR	New	DANAHER CORPORATION	$3,624,000	–	13,504	–	2.42%	–
ABT	New	ABBOTT LABS	$3,466,000	–	29,895	–	2.31%	–
MRK	New	MERCK & CO INC	$2,930,000	–	37,670	–	1.95%	–
MET	New	METLIFE INC	$2,904,000	–	48,520	–	1.94%	–
DIS	New	DISNEY WALT CO	$2,896,000	–	16,476	–	1.93%	–
WMT	New	WALMART INC	$2,755,000	–	19,536	–	1.84%	–
MDT	New	MEDTRONIC PLC	$2,700,000	–	21,754	–	1.80%	–
PEP	New	PEPSICO INC	$2,508,000	–	16,926	–	1.67%	–
LSI	New	LIFE STORAGE INC	$2,482,000	–	23,117	–	1.66%	–
GLW	New	CORNING INC	$2,475,000	–	60,505	–	1.65%	–
PAYX	New	PAYCHEX INC	$2,468,000	–	23,002	–	1.64%	–
ECL	New	ECOLAB INC	$2,413,000	–	11,715	–	1.61%	–
MTB	New	M & T BK CORP	$2,229,000	–	15,341	–	1.49%	–
BX	New	BLACKSTONE GROUP INC	$2,179,000	–	22,430	–	1.45%	–
MCD	New	MCDONALDS CORP	$2,169,000	–	9,388	–	1.45%	–
NTRS	New	NORTHERN TR CORP	$1,975,000	–	17,085	–	1.32%	–
CVS	New	CVS HEALTH CORP	$1,880,000	–	22,527	–	1.25%	–
CSCO	New	CISCO SYS INC	$1,850,000	–	34,900	–	1.23%	–
TRV	New	TRAVELERS COMPANIES INC	$1,731,000	–	11,565	–	1.15%	–
WFC	New	WELLS FARGO CO NEW	$1,695,000	–	37,435	–	1.13%	–
CVX	New	CHEVRON CORP NEW	$1,666,000	–	15,905	–	1.11%	–
COST	New	COSTCO WHSL CORP NEW	$1,601,000	–	4,047	–	1.07%	–
CDXS	New	CODEXIS INC	$1,542,000	–	68,047	–	1.03%	–
XOM	New	EXXON MOBIL CORP	$1,511,000	–	23,956	–	1.01%	–
FNV	New	FRANCO NEV CORP	$1,502,000	–	10,352	–	1.00%	–
MMM	New	3M CO	$1,447,000	–	7,287	–	0.96%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,415,000	–	25,256	–	0.94%	–
FDX	New	FEDEX CORP	$1,400,000	–	4,693	–	0.93%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$1,336,000	–	24,880	–	0.89%	–
CL	New	COLGATE PALMOLIVE CO	$1,301,000	–	15,993	–	0.87%	–
TXN	New	TEXAS INSTRS INC	$1,292,000	–	6,718	–	0.86%	–
APD	New	AIR PRODS & CHEMS INC	$1,263,000	–	4,390	–	0.84%	–
WWD	New	WOODWARD INC	$1,232,000	–	10,024	–	0.82%	–
PFE	New	PFIZER INC	$1,187,000	–	30,299	–	0.79%	–
NVDA	New	NVIDIA CORPORATION	$1,155,000	–	1,444	–	0.77%	–
OVV	New	OVINTIV INC	$1,074,000	–	34,120	–	0.72%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,074,000	–	7,324	–	0.72%	–
JPM	New	JPMORGAN CHASE & CO	$1,039,000	–	6,683	–	0.69%	–
UNP	New	UNION PAC CORP	$1,018,000	–	4,631	–	0.68%	–
HON	New	HONEYWELL INTL INC	$1,007,000	–	4,590	–	0.67%	–
WAT	New	WATERS CORP	$944,000	–	2,730	–	0.63%	–
MA	New	MASTERCARD INCORPORATEDcl a	$888,000	–	2,431	–	0.59%	–
BDX	New	BECTON DICKINSON & CO	$886,000	–	3,642	–	0.59%	–
D	New	DOMINION ENERGY INC	$763,000	–	10,375	–	0.51%	–
DLR	New	DIGITAL RLTY TR INC	$758,000	–	5,035	–	0.50%	–
NXPI	New	NXP SEMICONDUCTORS N V	$730,000	–	3,550	–	0.49%	–
NSC	New	NORFOLK SOUTHN CORP	$730,000	–	2,752	–	0.49%	–
WELL	New	WELLTOWER INC	$710,000	–	8,540	–	0.47%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$584,000	–	2,495	–	0.39%	–
MKC	New	MCCORMICK & CO INC	$578,000	–	6,549	–	0.38%	–
NOW	New	SERVICENOW INC	$550,000	–	1,000	–	0.37%	–
HD	New	HOME DEPOT INC	$521,000	–	1,635	–	0.35%	–
ADI	New	ANALOG DEVICES INC	$517,000	–	3,001	–	0.34%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$512,000	–	3,427	–	0.34%	–
FAST	New	FASTENAL CO	$510,000	–	9,800	–	0.34%	–
KO	New	COCA COLA CO	$508,000	–	9,385	–	0.34%	–
ABBV	New	ABBVIE INC	$496,000	–	4,402	–	0.33%	–
AMZN	New	AMAZON COM INC	$495,000	–	144	–	0.33%	–
GLD	New	SPDR GOLD TR	$488,000	–	2,945	–	0.32%	–
GOOGL	New	ALPHABET INCcap stk cl a	$459,000	–	188	–	0.31%	–
WTRG	New	ESSENTIAL UTILS INC	$445,000	–	9,732	–	0.30%	–
APA	New	APA CORPORATION	$425,000	–	19,650	–	0.28%	–
LOW	New	LOWES COS INC	$424,000	–	2,184	–	0.28%	–
GD	New	GENERAL DYNAMICS CORP	$423,000	–	2,249	–	0.28%	–
MVIS	New	MICROVISION INC DEL	$421,000	–	25,125	–	0.28%	–
SYK	New	STRYKER CORPORATION	$421,000	–	1,620	–	0.28%	–
CLX	New	CLOROX CO DEL	$416,000	–	2,315	–	0.28%	–
AMGN	New	AMGEN INC	$393,000	–	1,610	–	0.26%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$362,000	–	2,450	–	0.24%	–
IBB	New	ISHARES TRishares biotech	$350,000	–	2,140	–	0.23%	–
SJM	New	SMUCKER J M CO	$343,000	–	2,644	–	0.23%	–
GIS	New	GENERAL MLS INC	$337,000	–	5,539	–	0.22%	–
GE	New	GENERAL ELECTRIC CO	$330,000	–	24,524	–	0.22%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$325,000	–	450	–	0.22%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$321,000	–	654	–	0.21%	–
LIN	New	LINDE PLC	$317,000	–	1,099	–	0.21%	–
BA	New	BOEING CO	$315,000	–	1,316	–	0.21%	–
CHD	New	CHURCH & DWIGHT INC	$308,000	–	3,616	–	0.20%	–
IJR	New	ISHARES TRcore s&p scp etf	$300,000	–	2,653	–	0.20%	–
CERN	New	CERNER CORP	$297,000	–	3,799	–	0.20%	–
V	New	VISA INC	$271,000	–	1,160	–	0.18%	–
LLY	New	LILLY ELI & CO	$259,000	–	1,127	–	0.17%	–
NEM	New	NEWMONT CORP	$255,000	–	4,029	–	0.17%	–
SON	New	SONOCO PRODS CO	$249,000	–	3,717	–	0.17%	–
WST	New	WEST PHARMACEUTICAL SVSC INC	$246,000	–	685	–	0.16%	–
NFG	New	NATIONAL FUEL GAS CO	$227,000	–	4,353	–	0.15%	–
SLB	New	SCHLUMBERGER LTD	$215,000	–	6,712	–	0.14%	–
DUK	New	DUKE ENERGY CORP NEW	$212,000	–	2,150	–	0.14%	–
DOV	New	DOVER CORP	$204,000	–	1,355	–	0.14%	–

Q4 2020

			Value		Shares		↓ Weighting
MVIS	Exit	MICROVISION INC DEL	$0	–	-25,125	–	-0.04%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-25,964	–	-0.13%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-2,273	–	-0.16%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-1,145	–	-0.17%	–
APA	Exit	APACHE CORP	$0	–	-22,150	–	-0.17%	–
DOV	Exit	DOVER CORP	$0	–	-2,032	–	-0.18%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-654	–	-0.18%	–
NEM	Exit	NEWMONT CORP	$0	–	-3,727	–	-0.19%	–
AMGN	Exit	AMGEN INC	$0	–	-1,005	–	-0.21%	–
LIN	Exit	LINDE PLC	$0	–	-1,099	–	-0.21%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-880	–	-0.21%	–
CERN	Exit	CERNER CORP	$0	–	-3,799	–	-0.22%	–
STT	Exit	STATE STR CORP	$0	–	-4,640	–	-0.22%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-190	–	-0.23%	–
V	Exit	VISA INC	$0	–	-1,395	–	-0.23%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-455	–	-0.23%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-4,390	–	-0.24%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-2,650	–	-0.25%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-2,249	–	-0.25%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-2,315	–	-0.26%	–
T	Exit	AT&T INC	$0	–	-11,495	–	-0.27%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-3,616	–	-0.28%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-3,016	–	-0.29%	–
SYK	Exit	STRYKER CORPORATION	$0	–	-1,715	–	-0.29%	–
LOW	Exit	LOWES COS INC	$0	–	-2,184	–	-0.30%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-2,510	–	-0.30%	–
OVV	Exit	OVINTIV INC	$0	–	-47,485	–	-0.32%	–
WTRG	Exit	ESSENTIAL UTILS INC	$0	–	-10,432	–	-0.34%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-3,630	–	-0.37%	–
NOW	Exit	SERVICENOW INC	$0	–	-1,000	–	-0.40%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,749	–	-0.40%	–
AMZN	Exit	AMAZON COM INC	$0	–	-159	–	-0.41%	–
KO	Exit	COCA COLA CO	$0	–	-10,384	–	-0.42%	–
GLD	Exit	SPDR GOLD TR	$0	–	-2,970	–	-0.43%	–
WELL	Exit	WELLTOWER INC	$0	–	-9,755	–	-0.44%	–
CYBR	Exit	CYBERARK SOFTWARE LTD	$0	–	-5,220	–	-0.44%	–
WAT	Exit	WATERS CORP	$0	–	-2,780	–	-0.44%	–
ABMD	Exit	ABIOMED INC	$0	–	-2,000	–	-0.45%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-2,777	–	-0.49%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-3,307	–	-0.52%	–
ABBV	Exit	ABBVIE INC	$0	–	-7,394	–	-0.53%	–
CLX	Exit	CLOROX CO DEL	$0	–	-3,105	–	-0.53%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-6,790	–	-0.54%	–
INTC	Exit	INTEL CORP	$0	–	-12,999	–	-0.55%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-5,619	–	-0.56%	–
TAP	Exit	MOLSON COORS BEVERAGE COcl b	$0	–	-21,570	–	-0.59%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-3,193	–	-0.61%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-4,740	–	-0.64%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-1,515	–	-0.67%	–
D	Exit	DOMINION ENERGY INC	$0	–	-10,663	–	-0.69%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-2,491	–	-0.69%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-14,860	–	-0.71%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-37,010	–	-0.71%	–
WWD	Exit	WOODWARD INC	$0	–	-11,173	–	-0.73%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-26,347	–	-0.74%	–
UNP	Exit	UNION PAC CORP	$0	–	-4,831	–	-0.78%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-6,836	–	-0.78%	–
CDXS	Exit	CODEXIS INC	$0	–	-83,317	–	-0.80%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-6,956	–	-0.81%	–
CSCO	Exit	CISCO SYS INC	$0	–	-25,732	–	-0.83%	–
FAST	Exit	FASTENAL CO	$0	–	-25,455	–	-0.94%	–
MMM	Exit	3M CO	$0	–	-7,357	–	-0.96%	–
BX	Exit	BLACKSTONE GROUP INC	$0	–	-23,345	–	-1.00%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-16,935	–	-1.00%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-15,993	–	-1.01%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-15,945	–	-1.02%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-12,038	–	-1.06%	–
PFE	Exit	PFIZER INC	$0	–	-35,671	–	-1.07%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-22,602	–	-1.10%	–
MTB	Exit	M & T BK CORP	$0	–	-15,557	–	-1.17%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,185	–	-1.22%	–
FDX	Exit	FEDEX CORP	$0	–	-6,163	–	-1.27%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-15,564	–	-1.34%	–
MET	Exit	METLIFE INC	$0	–	-44,515	–	-1.35%	–
PAYX	Exit	PAYCHEX INC	$0	–	-24,522	–	-1.60%	–
GLW	Exit	CORNING INC	$0	–	-61,460	–	-1.63%	–
MCD	Exit	MCDONALDS CORP	$0	–	-9,713	–	-1.74%	–
DIS	Exit	DISNEY WALT CO	$0	–	-18,074	–	-1.84%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,555	–	-1.87%	–
PEP	Exit	PEPSICO INC	$0	–	-16,878	–	-1.91%	–
ECL	Exit	ECOLAB INC	$0	–	-12,163	–	-1.99%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-23,403	–	-1.99%	–
WMT	Exit	WALMART INC	$0	–	-18,668	–	-2.14%	–
MRK	Exit	MERCK & CO. INC	$0	–	-31,928	–	-2.17%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-15,020	–	-2.65%	–
ABT	Exit	ABBOTT LABS	$0	–	-33,291	–	-2.96%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-26,549	–	-3.23%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-86,106	–	-3.26%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-18,936	–	-3.26%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-21,107	–	-3.68%	–
AAPL	Exit	APPLE INC	$0	–	-41,706	–	-3.95%	–
DMRC	Exit	DIGIMARC CORP NEW	$0	–	-240,336	–	-4.39%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-115,563	–	-13.14%	–

Q3 2020

			Value		Shares		↓ Weighting
PG	Sell	PROCTER AND GAMBLE CO	$16,062,000	+15.0%	115,563	-1.1%	13.14%	+4.9%
DMRC	Buy	DIGIMARC CORP NEW	$5,367,000	+72.6%	240,336	+23.6%	4.39%	+57.4%
AAPL	Buy	APPLE INC	$4,830,000	+25.3%	41,706	+294.8%	3.95%	+14.3%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$4,494,000	+19.6%	21,107	+0.3%	3.68%	+9.1%
MSFT	Sell	MICROSOFT CORP	$3,983,000	+0.4%	18,936	-2.8%	3.26%	-8.4%
CMCSA	Sell	COMCAST CORP NEWcl a	$3,983,000	+17.1%	86,106	-1.3%	3.26%	+6.8%
JNJ	Sell	JOHNSON & JOHNSON	$3,952,000	+3.5%	26,549	-2.3%	3.23%	-5.7%
ABT	Sell	ABBOTT LABS	$3,623,000	+16.8%	33,291	-1.9%	2.96%	+6.5%
DHR	Sell	DANAHER CORPORATION	$3,234,000	+17.6%	15,020	-3.5%	2.65%	+7.2%
MRK	Buy	MERCK & CO. INC	$2,649,000	+7.5%	31,928	+0.2%	2.17%	-2.0%
WMT	Sell	WALMART INC	$2,612,000	+16.0%	18,668	-0.7%	2.14%	+5.8%
MDT	Sell	MEDTRONIC PLC	$2,432,000	+10.8%	23,403	-2.2%	1.99%	+1.1%
ECL	Sell	ECOLAB INC	$2,430,000	-1.1%	12,163	-1.6%	1.99%	-9.8%
PEP	Buy	PEPSICO INC	$2,340,000	+7.2%	16,878	+2.3%	1.91%	-2.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$2,285,000	+4.1%	1,555	+0.1%	1.87%	-5.1%
DIS	Sell	DISNEY WALT CO	$2,243,000	+7.8%	18,074	-3.1%	1.84%	-1.7%
MCD	Sell	MCDONALDS CORP	$2,131,000	+18.2%	9,713	-0.6%	1.74%	+7.8%
GLW	Buy	CORNING INC	$1,992,000	+25.8%	61,460	+0.5%	1.63%	+14.7%
PAYX	Buy	PAYCHEX INC	$1,957,000	+5.9%	24,522	+0.5%	1.60%	-3.4%
MET	Buy	METLIFE INC	$1,655,000	+3.9%	44,515	+2.1%	1.35%	-5.2%
LSI	Buy	LIFE STORAGE INC	$1,638,000	+12.3%	15,564	+1.4%	1.34%	+2.4%
FDX	Buy	FEDEX CORP	$1,550,000	+89.3%	6,163	+5.5%	1.27%	+72.5%
COST	Sell	COSTCO WHSL CORP NEW	$1,486,000	+11.7%	4,185	-4.6%	1.22%	+1.9%
MTB	Sell	M & T BK CORP	$1,432,000	-15.6%	15,557	-4.6%	1.17%	-22.9%
VZ	Buy	VERIZON COMMUNICATIONS INC	$1,344,000	+8.5%	22,602	+0.6%	1.10%	-1.0%
PFE	Buy	PFIZER INC	$1,309,000	+12.5%	35,671	+0.2%	1.07%	+2.6%
TRV	Sell	TRAVELERS COMPANIES INC	$1,302,000	-8.9%	12,038	-3.9%	1.06%	-16.9%
NTRS	Buy	NORTHERN TR CORP	$1,243,000	+2.6%	15,945	+4.4%	1.02%	-6.4%
CL	Sell	COLGATE PALMOLIVE CO	$1,234,000	+4.8%	15,993	-0.5%	1.01%	-4.4%
BX	Buy	BLACKSTONE GROUP INC	$1,219,000	-6.1%	23,345	+1.9%	1.00%	-14.3%
CVX	Buy	CHEVRON CORP NEW	$1,219,000	-0.7%	16,935	+23.1%	1.00%	-9.5%
MMM	Sell	3M CO	$1,178,000	+2.0%	7,357	-0.7%	0.96%	-6.9%
FAST	Sell	FASTENAL CO	$1,147,000	-3.3%	25,455	-8.0%	0.94%	-11.8%
CSCO	Buy	CISCO SYS INC	$1,014,000	-13.6%	25,732	+2.2%	0.83%	-21.2%
CDXS	Sell	CODEXIS INC	$978,000	+2.9%	83,317	-0.0%	0.80%	-6.1%
FNV	Buy	FRANCO NEV CORP	$955,000	+5.1%	6,836	+5.1%	0.78%	-4.2%
XOM	Sell	EXXON MOBIL CORP	$904,000	-34.0%	26,347	-14.0%	0.74%	-39.8%
WFC	Sell	WELLS FARGO CO NEW	$870,000	-16.0%	37,010	-8.5%	0.71%	-23.4%
CVS	Buy	CVS HEALTH CORP	$867,000	-6.6%	14,860	+4.0%	0.71%	-14.8%
MA	Sell	MASTERCARD INCORPORATEDcl a	$843,000	+11.4%	2,491	-2.7%	0.69%	+1.6%
D	Buy	DOMINION ENERGY INC	$842,000	+1.1%	10,663	+3.9%	0.69%	-7.8%
NVDA	Sell	NVIDIA CORPORATION	$820,000	+5.8%	1,515	-25.7%	0.67%	-3.5%
HON	Buy	HONEYWELL INTL INC	$780,000	+76.9%	4,740	+55.4%	0.64%	+61.1%
BDX	Sell	BECTON DICKINSON & CO	$743,000	-4.5%	3,193	-1.8%	0.61%	-12.9%
TAP	Buy	MOLSON COORS BEVERAGE COcl b	$723,000	+4.9%	21,570	+7.6%	0.59%	-4.4%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$684,000	-14.3%	5,619	-15.0%	0.56%	-21.8%
INTC	Sell	INTEL CORP	$673,000	-36.9%	12,999	-27.0%	0.55%	-42.4%
JPM	Sell	JPMORGAN CHASE & CO	$654,000	+0.9%	6,790	-1.5%	0.54%	-7.9%
CLX	Sell	CLOROX CO DEL	$653,000	-7.5%	3,105	-3.5%	0.53%	-15.6%
MKC	Buy	MCCORMICK & CO INC	$642,000	+10.7%	3,307	+2.3%	0.52%	+1.0%
NSC	Sell	NORFOLK SOUTHN CORP	$594,000	+19.3%	2,777	-2.0%	0.49%	+8.7%
WAT	Buy	WATERS CORP	$544,000	+12.2%	2,780	+3.3%	0.44%	+2.3%
WELL	Sell	WELLTOWER INC	$538,000	+5.1%	9,755	-1.4%	0.44%	-4.1%
KO	Buy	COCA COLA CO	$513,000	+10.8%	10,384	+0.2%	0.42%	+1.2%
AMZN	Buy	AMAZON COM INC	$501,000	+30.8%	159	+14.4%	0.41%	+19.2%
HD	Buy	HOME DEPOT INC	$486,000	+11.5%	1,749	+0.6%	0.40%	+1.8%
NXPI	Buy	NXP SEMICONDUCTORS N V	$453,000	+39.4%	3,630	+27.4%	0.37%	+27.1%
WTRG	Buy	ESSENTIAL UTILS INC	$420,000	+1.4%	10,432	+6.4%	0.34%	-7.3%
OVV	Sell	OVINTIV INC	$388,000	-19.2%	47,485	-5.5%	0.32%	-26.5%
DLR	Buy	DIGITAL RLTY TR INC	$369,000	+16.0%	2,510	+12.3%	0.30%	+6.0%
LOW	Buy	LOWES COS INC	$362,000	+23.1%	2,184	+0.5%	0.30%	+12.1%
SYK	Buy	STRYKER CORPORATION	$358,000	+23.0%	1,715	+6.2%	0.29%	+12.3%
T	Buy	AT&T INC	$328,000	-4.1%	11,495	+1.7%	0.27%	-12.7%
IBB	Buy	ISHARES TRnasdaq biotech	$313,000	+5.7%	2,315	+6.9%	0.26%	-3.8%
EMR	Sell	EMERSON ELEC CO	$288,000	+3.2%	4,390	-2.2%	0.24%	-5.6%
V	Sell	VISA INC	$279,000	0.0%	1,395	-3.5%	0.23%	-8.8%
NEM	Buy	NEWMONT CORP	$236,000	+2.6%	3,727	+0.0%	0.19%	-6.3%
DOV	New	DOVER CORP	$220,000	–	2,032	–	0.18%	–
APA	Buy	APACHE CORP	$210,000	-27.6%	22,150	+3.0%	0.17%	-33.8%
KSU	New	KANSAS CITY SOUTHERN	$207,000	–	1,145	–	0.17%	–
DUK	New	DUKE ENERGY CORP NEW	$202,000	–	2,273	–	0.16%	–
GE	Sell	GENERAL ELECTRIC CO	$161,000	-21.5%	25,964	-13.7%	0.13%	-28.3%
OMC	Exit	OMNICOM GROUP INC	$0	–	-3,747	–	-0.18%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-3	–	-0.72%	–

Q2 2020

			Value		Shares		↓ Weighting
PG	New	PROCTER AND GAMBLE CO	$13,965,000	–	116,793	–	12.53%	–
MSFT	New	MICROSOFT CORP	$3,966,000	–	19,488	–	3.56%	–
AAPL	New	APPLE INC	$3,854,000	–	10,564	–	3.46%	–
JNJ	New	JOHNSON & JOHNSON	$3,820,000	–	27,164	–	3.43%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,758,000	–	21,054	–	3.37%	–
CMCSA	New	COMCAST CORP NEWcl a	$3,401,000	–	87,261	–	3.05%	–
DMRC	New	DIGIMARC CORP NEW	$3,110,000	–	194,476	–	2.79%	–
ABT	New	ABBOTT LABS	$3,102,000	–	33,931	–	2.78%	–
DHR	New	DANAHER CORPORATION	$2,751,000	–	15,560	–	2.47%	–
MRK	New	MERCK & CO. INC	$2,465,000	–	31,873	–	2.21%	–
ECL	New	ECOLAB INC	$2,458,000	–	12,356	–	2.20%	–
WMT	New	WALMART INC	$2,252,000	–	18,803	–	2.02%	–
GOOG	New	ALPHABET INCcap stk cl c	$2,195,000	–	1,553	–	1.97%	–
MDT	New	MEDTRONIC PLC	$2,194,000	–	23,928	–	1.97%	–
PEP	New	PEPSICO INC	$2,182,000	–	16,501	–	1.96%	–
DIS	New	DISNEY WALT CO	$2,080,000	–	18,653	–	1.87%	–
PAYX	New	PAYCHEX INC	$1,848,000	–	24,402	–	1.66%	–
MCD	New	MCDONALDS CORP	$1,803,000	–	9,773	–	1.62%	–
MTB	New	M & T BK CORP	$1,696,000	–	16,315	–	1.52%	–
MET	New	METLIFE INC	$1,593,000	–	43,615	–	1.43%	–
GLW	New	CORNING INC	$1,584,000	–	61,145	–	1.42%	–
LSI	New	LIFE STORAGE INC	$1,458,000	–	15,353	–	1.31%	–
TRV	New	TRAVELERS COMPANIES INC	$1,429,000	–	12,532	–	1.28%	–
XOM	New	EXXON MOBIL CORP	$1,370,000	–	30,636	–	1.23%	–
COST	New	COSTCO WHSL CORP NEW	$1,330,000	–	4,385	–	1.19%	–
BX	New	BLACKSTONE GROUP INC	$1,298,000	–	22,916	–	1.16%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,239,000	–	22,466	–	1.11%	–
CVX	New	CHEVRON CORP NEW	$1,228,000	–	13,760	–	1.10%	–
NTRS	New	NORTHERN TR CORP	$1,212,000	–	15,280	–	1.09%	–
FAST	New	FASTENAL CO	$1,186,000	–	27,680	–	1.06%	–
CL	New	COLGATE PALMOLIVE CO	$1,177,000	–	16,068	–	1.06%	–
CSCO	New	CISCO SYS INC	$1,174,000	–	25,172	–	1.05%	–
PFE	New	PFIZER INC	$1,164,000	–	35,584	–	1.04%	–
MMM	New	3M CO	$1,155,000	–	7,407	–	1.04%	–
INTC	New	INTEL CORP	$1,066,000	–	17,818	–	0.96%	–
WFC	New	WELLS FARGO CO NEW	$1,036,000	–	40,470	–	0.93%	–
CDXS	New	CODEXIS INC	$950,000	–	83,352	–	0.85%	–
CVS	New	CVS HEALTH CORP	$928,000	–	14,285	–	0.83%	–
FNV	New	FRANCO NEV CORP	$909,000	–	6,506	–	0.82%	–
TXN	New	TEXAS INSTRS INC	$883,000	–	6,956	–	0.79%	–
WWD	New	WOODWARD INC	$866,000	–	11,173	–	0.78%	–
D	New	DOMINION ENERGY INC	$833,000	–	10,259	–	0.75%	–
FDX	New	FEDEX CORP	$819,000	–	5,843	–	0.74%	–
UNP	New	UNION PAC CORP	$817,000	–	4,831	–	0.73%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$802,000	–	3	–	0.72%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$798,000	–	6,609	–	0.72%	–
BDX	New	BECTON DICKINSON & CO	$778,000	–	3,253	–	0.70%	–
NVDA	New	NVIDIA CORPORATION	$775,000	–	2,040	–	0.70%	–
MA	New	MASTERCARD INCORPORATEDcl a	$757,000	–	2,560	–	0.68%	–
ABBV	New	ABBVIE INC	$726,000	–	7,394	–	0.65%	–
CLX	New	CLOROX CO DEL	$706,000	–	3,217	–	0.63%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$689,000	–	20,045	–	0.62%	–
JPM	New	JPMORGAN CHASE & CO	$648,000	–	6,890	–	0.58%	–
MKC	New	MCCORMICK & CO INC	$580,000	–	3,232	–	0.52%	–
CYBR	New	CYBERARK SOFTWARE LTD	$518,000	–	5,220	–	0.46%	–
WELL	New	WELLTOWER INC	$512,000	–	9,895	–	0.46%	–
NSC	New	NORFOLK SOUTHERN CORP	$498,000	–	2,834	–	0.45%	–
GLD	New	SPDR GOLD TR	$497,000	–	2,970	–	0.45%	–
WAT	New	WATERS CORP	$485,000	–	2,690	–	0.44%	–
ABMD	New	ABIOMED INC	$483,000	–	2,000	–	0.43%	–
OVV	New	OVINTIV INC	$480,000	–	50,260	–	0.43%	–
KO	New	COCA COLA CO	$463,000	–	10,364	–	0.42%	–
HON	New	HONEYWELL INTL INC	$441,000	–	3,050	–	0.40%	–
HD	New	HOME DEPOT INC	$436,000	–	1,739	–	0.39%	–
WTRG	New	ESSENTIAL UTILS INC	$414,000	–	9,807	–	0.37%	–
NOW	New	SERVICENOW INC	$405,000	–	1,000	–	0.36%	–
AMZN	New	AMAZON COM INC	$383,000	–	139	–	0.34%	–
ADI	New	ANALOG DEVICES INC	$370,000	–	3,016	–	0.33%	–
T	New	AT&T INC	$342,000	–	11,302	–	0.31%	–
GD	New	GENERAL DYNAMICS CORP	$336,000	–	2,249	–	0.30%	–
NXPI	New	NXP SEMICONDUCTORS N V	$325,000	–	2,850	–	0.29%	–
DLR	New	DIGITAL RLTY TR INC	$318,000	–	2,235	–	0.28%	–
IBB	New	ISHARES TRnasdaq biotech	$296,000	–	2,165	–	0.27%	–
STT	New	STATE STR CORP	$295,000	–	4,640	–	0.26%	–
LOW	New	LOWES COS INC	$294,000	–	2,174	–	0.26%	–
SYK	New	STRYKER CORPORATION	$291,000	–	1,615	–	0.26%	–
APA	New	APACHE CORP	$290,000	–	21,500	–	0.26%	–
CHD	New	CHURCH & DWIGHT INC	$280,000	–	3,616	–	0.25%	–
V	New	VISA INC	$279,000	–	1,445	–	0.25%	–
EMR	New	EMERSON ELEC CO	$279,000	–	4,490	–	0.25%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$277,000	–	2,650	–	0.25%	–
GOOGL	New	ALPHABET INCcap stk cl a	$269,000	–	190	–	0.24%	–
CERN	New	CERNER CORP	$260,000	–	3,799	–	0.23%	–
AMGN	New	AMGEN INC	$237,000	–	1,005	–	0.21%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$232,000	–	455	–	0.21%	–
LIN	New	LINDE PLC	$232,000	–	1,099	–	0.21%	–
NEM	New	NEWMONT CORP	$230,000	–	3,726	–	0.21%	–
APD	New	AIR PRODS & CHEMS INC	$212,000	–	880	–	0.19%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$212,000	–	654	–	0.19%	–
GE	New	GENERAL ELECTRIC CO	$205,000	–	30,084	–	0.18%	–
OMC	New	OMNICOM GROUP INC	$205,000	–	3,747	–	0.18%	–
MVIS	New	MICROVISION INC DEL	$34,000	–	25,125	–	0.03%	–

Q4 2019

			Value		Shares		↓ Weighting
MVIS	Exit	MICROVISION INC DEL	$0	–	-25,125	–	-0.01%	–
OBELF	Exit	OBSIDIAN ENERGY LTD	$0	–	-162,494	–	-0.11%	–
DOV	Exit	DOVER CORP	$0	–	-2,032	–	-0.16%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-505	–	-0.16%	–
TEUM	Exit	PARETEUM CORP	$0	–	-163,749	–	-0.17%	–
LIN	Exit	LINDE PLC	$0	–	-1,099	–	-0.17%	–
SON	Exit	SONOCO PRODS CO	$0	–	-3,717	–	-0.17%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-2,750	–	-0.17%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-2,325	–	-0.18%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-654	–	-0.18%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-190	–	-0.18%	–
AMZN	Exit	AMAZON COM INC	$0	–	-134	–	-0.18%	–
APA	Exit	APACHE CORP	$0	–	-9,300	–	-0.19%	–
LOW	Exit	LOWES COS INC	$0	–	-2,174	–	-0.19%	–
V	Exit	VISA INC	$0	–	-1,395	–	-0.19%	–
NOW	Exit	SERVICENOW INC	$0	–	-1,000	–	-0.20%	–
CERN	Exit	CERNER CORP	$0	–	-3,799	–	-0.20%	–
NFG	Exit	NATIONAL FUEL GAS CO N J	$0	–	-5,553	–	-0.21%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-3,616	–	-0.21%	–
STT	Exit	STATE STR CORP	$0	–	-4,790	–	-0.22%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-3,041	–	-0.23%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-32,844	–	-0.23%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-4,580	–	-0.24%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-4,047	–	-0.25%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-7,260	–	-0.25%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-9,574	–	-0.26%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-2,120	–	-0.26%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-3,001	–	-0.26%	–
SYK	Exit	STRYKER CORP	$0	–	-1,600	–	-0.27%	–
BA	Exit	BOEING CO	$0	–	-930	–	-0.28%	–
PSX	Exit	PHILLIPS 66	$0	–	-3,568	–	-0.29%	–
NVDA	Exit	NVIDIA CORP	$0	–	-2,100	–	-0.29%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-2,200	–	-0.29%	–
AVP	Exit	AVON PRODS INC	$0	–	-84,505	–	-0.29%	–
ABMD	Exit	ABIOMED INC	$0	–	-2,200	–	-0.31%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-2,249	–	-0.32%	–
KEY	Exit	KEYCORP NEW	$0	–	-23,108	–	-0.32%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,854	–	-0.34%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-3,345	–	-0.37%	–
XYL	Exit	XYLEM INC	$0	–	-6,230	–	-0.39%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-11,279	–	-0.40%	–
WAT	Exit	WATERS CORP	$0	–	-2,290	–	-0.40%	–
CYBR	Exit	CYBERARK SOFTWARE LTD	$0	–	-5,200	–	-0.41%	–
CLX	Exit	CLOROX CO DEL	$0	–	-3,507	–	-0.42%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-3,029	–	-0.43%	–
ABBV	Exit	ABBVIE INC	$0	–	-7,685	–	-0.46%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-6,730	–	-0.48%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-25,917	–	-0.49%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-11,985	–	-0.54%	–
ECA	Exit	ENCANA CORP	$0	–	-150,575	–	-0.54%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-11,335	–	-0.56%	–
D	Exit	DOMINION ENERGY INC	$0	–	-8,850	–	-0.56%	–
KO	Exit	COCA COLA CO	$0	–	-13,214	–	-0.57%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-2,888	–	-0.58%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-8,439	–	-0.59%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-2,785	–	-0.60%	–
FDX	Exit	FEDEX CORP	$0	–	-5,333	–	-0.61%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-4,831	–	-0.62%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-6,740	–	-0.62%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-6,981	–	-0.71%	–
CDXS	Exit	CODEXIS INC	$0	–	-66,407	–	-0.72%	–
FAST	Exit	FASTENAL CO	$0	–	-28,355	–	-0.73%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-3	–	-0.74%	–
INTC	Exit	INTEL CORP	$0	–	-18,338	–	-0.74%	–
LLY	Exit	LILLY ELI & CO	$0	–	-8,835	–	-0.78%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-16,522	–	-0.78%	–
CSCO	Exit	CISCO SYS INC	$0	–	-20,924	–	-0.81%	–
BX	Exit	BLACKSTONE GROUP INC	$0	–	-21,700	–	-0.84%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-7,492	–	-0.86%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-10,295	–	-0.96%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,303	–	-0.98%	–
WWD	Exit	WOODWARD INC	$0	–	-11,573	–	-0.98%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-17,808	–	-1.03%	–
NTRS	Exit	NORTHERN TR CORP	$0	–	-14,160	–	-1.04%	–
T	Exit	AT&T INC	$0	–	-36,499	–	-1.09%	–
MET	Exit	METLIFE INC	$0	–	-31,585	–	-1.17%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-31,390	–	-1.25%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-15,037	–	-1.25%	–
MMM	Exit	3M CO	$0	–	-10,133	–	-1.31%	–
GLW	Exit	CORNING INC	$0	–	-61,465	–	-1.38%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,498	–	-1.44%	–
PFE	Exit	PFIZER INC	$0	–	-52,548	–	-1.49%	–
PAYX	Exit	PAYCHEX INC	$0	–	-23,775	–	-1.55%	–
PEP	Exit	PEPSICO INC	$0	–	-14,693	–	-1.59%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-14,024	–	-1.64%	–
MTB	Exit	M & T BK CORP	$0	–	-13,525	–	-1.68%	–
MCD	Exit	MCDONALDS CORP	$0	–	-10,115	–	-1.71%	–
ECL	Exit	ECOLAB INC	$0	–	-11,236	–	-1.75%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-16,266	–	-1.85%	–
AAPL	Exit	APPLE INC	$0	–	-10,679	–	-1.88%	–
MRK	Exit	MERCK & CO INC	$0	–	-29,711	–	-1.97%	–
WMT	Exit	WALMART INC	$0	–	-21,918	–	-2.05%	–
WELL	Exit	WELLTOWER INC	$0	–	-28,984	–	-2.07%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-24,514	–	-2.10%	–
DIS	Exit	DISNEY WALT CO	$0	–	-20,901	–	-2.15%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-21,298	–	-2.33%	–
ABT	Exit	ABBOTT LABS	$0	–	-35,522	–	-2.34%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-44,524	–	-2.48%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-27,173	–	-2.77%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-89,611	–	-3.18%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-22,327	–	-3.66%	–
DMRC	Exit	DIGIMARC CORP NEW	$0	–	-171,050	–	-5.27%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-120,478	–	-11.80%	–

Q3 2019

			Value		Shares		↓ Weighting
PG	Sell	PROCTER & GAMBLE CO	$14,985,000	+12.8%	120,478	-0.6%	11.80%	+12.7%
DMRC	Buy	DIGIMARC CORP NEW	$6,686,000	-7.4%	171,050	+5.2%	5.27%	-7.5%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$4,644,000	-5.3%	22,327	-2.9%	3.66%	-5.4%
CMCSA	Sell	COMCAST CORP NEWcl a	$4,040,000	+3.2%	89,611	-3.2%	3.18%	+3.0%
JNJ	Sell	JOHNSON & JOHNSON	$3,516,000	-7.5%	27,173	-0.5%	2.77%	-7.6%
XOM	Sell	EXXON MOBIL CORP	$3,144,000	-8.2%	44,524	-0.3%	2.48%	-8.2%
ABT	Sell	ABBOTT LABS	$2,972,000	-2.6%	35,522	-2.1%	2.34%	-2.7%
MSFT	Sell	MICROSOFT CORP	$2,961,000	-0.1%	21,298	-3.7%	2.33%	-0.2%
DIS	Sell	DISNEY WALT CO	$2,724,000	-6.7%	20,901	-0.0%	2.15%	-6.8%
MDT	Buy	MEDTRONIC PLC	$2,663,000	+11.8%	24,514	+0.3%	2.10%	+11.7%
WELL	Sell	WELLTOWER INC	$2,627,000	+10.1%	28,984	-0.9%	2.07%	+10.0%
WMT	Sell	WALMART INC	$2,601,000	+5.6%	21,918	-1.7%	2.05%	+5.5%
MRK	Sell	MERCK & CO INC	$2,501,000	+0.1%	29,711	-0.3%	1.97%	0.0%
AAPL	Buy	APPLE INC	$2,392,000	+14.2%	10,679	+0.9%	1.88%	+14.0%
DHR	Sell	DANAHER CORPORATION	$2,349,000	-0.3%	16,266	-1.3%	1.85%	-0.4%
ECL	Sell	ECOLAB INC	$2,225,000	-1.8%	11,236	-2.0%	1.75%	-1.8%
MCD	Sell	MCDONALDS CORP	$2,172,000	+2.5%	10,115	-0.9%	1.71%	+2.4%
MTB	Buy	M & T BK CORP	$2,137,000	-6.9%	13,525	+0.2%	1.68%	-7.1%
TRV	Sell	TRAVELERS COMPANIES INC	$2,085,000	-1.9%	14,024	-1.3%	1.64%	-2.0%
PEP	Sell	PEPSICO INC	$2,014,000	+3.5%	14,693	-1.0%	1.59%	+3.3%
PAYX	Sell	PAYCHEX INC	$1,968,000	+0.5%	23,775	-0.1%	1.55%	+0.3%
PFE	Sell	PFIZER INC	$1,888,000	-17.4%	52,548	-0.4%	1.49%	-17.5%
GLW	Buy	CORNING INC	$1,753,000	-7.2%	61,465	+8.0%	1.38%	-7.3%
MMM	Sell	3M CO	$1,666,000	-7.2%	10,133	-2.2%	1.31%	-7.3%
WFC	Buy	WELLS FARGO CO NEW	$1,583,000	+11.2%	31,390	+4.3%	1.25%	+11.0%
MET	Buy	METLIFE INC	$1,490,000	+5.2%	31,585	+10.7%	1.17%	+5.1%
T	Sell	AT&T INC	$1,381,000	-0.1%	36,499	-11.6%	1.09%	-0.3%
NTRS	Buy	NORTHERN TR CORP	$1,321,000	+10.2%	14,160	+6.3%	1.04%	+10.2%
CL	Sell	COLGATE PALMOLIVE CO	$1,309,000	+1.5%	17,808	-1.1%	1.03%	+1.4%
WWD	Sell	WOODWARD INC	$1,248,000	-6.4%	11,573	-1.8%	0.98%	-6.6%
COST	Buy	COSTCO WHSL CORP NEW	$1,240,000	+9.8%	4,303	+0.7%	0.98%	+9.8%
CVX	Buy	CHEVRON CORP NEW	$1,221,000	-0.8%	10,295	+4.0%	0.96%	-0.9%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$1,089,000	+5.2%	7,492	-0.1%	0.86%	+5.1%
BX	New	BLACKSTONE GROUP INC	$1,060,000	–	21,700	–	0.84%	–
CSCO	Buy	CISCO SYS INC	$1,034,000	-9.3%	20,924	+0.5%	0.81%	-9.5%
VZ	Sell	VERIZON COMMUNICATIONS INC	$997,000	+5.2%	16,522	-0.5%	0.78%	+4.9%
INTC	Sell	INTEL CORP	$945,000	-2.5%	18,338	-9.4%	0.74%	-2.6%
FAST	Buy	FASTENAL CO	$926,000	+2.7%	28,355	+2.4%	0.73%	+2.5%
CDXS	Buy	CODEXIS INC	$911,000	+2.7%	66,407	+38.0%	0.72%	+2.7%
FDX	Buy	FEDEX CORP	$776,000	-9.2%	5,333	+2.4%	0.61%	-9.3%
MA	Buy	MASTERCARD INCcl a	$756,000	+7.1%	2,785	+4.3%	0.60%	+7.0%
KO	Sell	COCA COLA CO	$719,000	+6.0%	13,214	-0.8%	0.57%	+5.8%
D	Sell	DOMINION ENERGY INC	$717,000	+1.4%	8,850	-3.3%	0.56%	+1.3%
CVS	Buy	CVS HEALTH CORP	$715,000	+20.6%	11,335	+4.2%	0.56%	+20.3%
ECA	Buy	ENCANA CORP	$690,000	-4.6%	150,575	+6.7%	0.54%	-4.6%
TAP	Buy	MOLSON COORS BREWING COcl b	$689,000	+47.2%	11,985	+43.5%	0.54%	+47.2%
DVN	Sell	DEVON ENERGY CORP NEW	$624,000	-23.3%	25,917	-9.2%	0.49%	-23.4%
FNV	New	FRANCO NEVADA CORP	$614,000	–	6,730	–	0.48%	–
ABBV	Sell	ABBVIE INC	$582,000	+2.6%	7,685	-1.5%	0.46%	+2.5%
NSC	Sell	NORFOLK SOUTHERN CORP	$544,000	-14.7%	3,029	-5.4%	0.43%	-14.7%
XYL	Buy	XYLEM INC	$496,000	-4.6%	6,230	+0.2%	0.39%	-4.6%
GLD	Sell	SPDR GOLD TRUST	$465,000	+3.8%	3,345	-0.4%	0.37%	+3.7%
KEY	Sell	KEYCORP NEW	$412,000	-7.4%	23,108	-7.8%	0.32%	-7.4%
AVP	Sell	AVON PRODS INC	$372,000	-6.8%	84,505	-17.8%	0.29%	-7.0%
PSX	Sell	PHILLIPS 66	$365,000	+6.4%	3,568	-2.7%	0.29%	+6.7%
BA	Sell	BOEING CO	$354,000	-5.6%	930	-9.7%	0.28%	-5.7%
ADI	Sell	ANALOG DEVICES INC	$335,000	-51.4%	3,001	-50.9%	0.26%	-51.5%
SLB	Sell	SCHLUMBERGER LTD	$327,000	-18.5%	9,574	-5.2%	0.26%	-18.4%
OXY	Sell	OCCIDENTAL PETE CORP	$323,000	-28.9%	7,260	-19.6%	0.25%	-29.1%
OMC	Sell	OMNICOM GROUP INC	$317,000	-9.9%	4,047	-5.8%	0.25%	-10.1%
GE	Buy	GENERAL ELECTRIC CO	$294,000	-13.5%	32,844	+1.4%	0.23%	-13.4%
DUK	Sell	DUKE ENERGY CORP NEW	$292,000	+7.7%	3,041	-0.8%	0.23%	+7.5%
STT	Sell	STATE STR CORP	$284,000	+4.4%	4,790	-1.2%	0.22%	+4.7%
APA	Buy	APACHE CORP	$238,000	+13.9%	9,300	+29.2%	0.19%	+13.3%
TEUM	Sell	PARETEUM CORP	$211,000	-52.0%	163,749	-2.9%	0.17%	-52.2%
OBELF	Buy	OBSIDIAN ENERGY LTD	$135,000	-24.6%	162,494	+8.1%	0.11%	-24.8%
CSX	Exit	CSX CORP	$0	–	-2,590	–	-0.16%	–
BLL	Exit	BALL CORP	$0	–	-3,225	–	-0.18%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-11,014	–	-0.22%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-21,700	–	-0.76%	–

Q2 2019

			Value		Shares		↓ Weighting
PG	New	PROCTER AND GAMBLE CO	$13,287,000	–	121,178	–	10.48%	–
DMRC	New	DIGIMARC CORP NEW	$7,218,000	–	162,612	–	5.69%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$4,902,000	–	22,997	–	3.87%	–
CMCSA	New	COMCAST CORP NEWcl a	$3,916,000	–	92,621	–	3.09%	–
JNJ	New	JOHNSON & JOHNSON	$3,803,000	–	27,303	–	3.00%	–
XOM	New	EXXON MOBIL CORP	$3,423,000	–	44,669	–	2.70%	–
ABT	New	ABBOTT LABS	$3,050,000	–	36,267	–	2.40%	–
MSFT	New	MICROSOFT CORP	$2,963,000	–	22,118	–	2.34%	–
DIS	New	DISNEY WALT CO	$2,919,000	–	20,906	–	2.30%	–
MRK	New	MERCK & CO INC	$2,498,000	–	29,796	–	1.97%	–
WMT	New	WALMART INC	$2,463,000	–	22,293	–	1.94%	–
WELL	New	WELLTOWER INC	$2,385,000	–	29,258	–	1.88%	–
MDT	New	MEDTRONIC PLC	$2,381,000	–	24,449	–	1.88%	–
DHR	New	DANAHER CORPORATION	$2,356,000	–	16,486	–	1.86%	–
MTB	New	M & T BK CORP	$2,296,000	–	13,500	–	1.81%	–
PFE	New	PFIZER INC	$2,285,000	–	52,740	–	1.80%	–
ECL	New	ECOLAB INC	$2,265,000	–	11,471	–	1.79%	–
TRV	New	TRAVELERS COMPANIES INC	$2,125,000	–	14,211	–	1.68%	–
MCD	New	MCDONALDS CORP	$2,119,000	–	10,205	–	1.67%	–
AAPL	New	APPLE INC	$2,095,000	–	10,586	–	1.65%	–
PAYX	New	PAYCHEX INC	$1,959,000	–	23,800	–	1.54%	–
PEP	New	PEPSICO INC	$1,946,000	–	14,841	–	1.54%	–
GLW	New	CORNING INC	$1,890,000	–	56,890	–	1.49%	–
MMM	New	3M CO	$1,795,000	–	10,356	–	1.42%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,619,000	–	1,498	–	1.28%	–
LSI	New	LIFE STORAGE INC	$1,430,000	–	15,037	–	1.13%	–
WFC	New	WELLS FARGO CO NEW	$1,424,000	–	30,090	–	1.12%	–
MET	New	METLIFE INC	$1,417,000	–	28,535	–	1.12%	–
T	New	AT&T INC	$1,383,000	–	41,273	–	1.09%	–
WWD	New	WOODWARD INC	$1,334,000	–	11,788	–	1.05%	–
CL	New	COLGATE PALMOLIVE CO	$1,290,000	–	17,998	–	1.02%	–
CVX	New	CHEVRON CORP NEW	$1,231,000	–	9,895	–	0.97%	–
NTRS	New	NORTHERN TR CORP	$1,199,000	–	13,320	–	0.94%	–
CSCO	New	CISCO SYS INC	$1,140,000	–	20,824	–	0.90%	–
COST	New	COSTCO WHSL CORP NEW	$1,129,000	–	4,273	–	0.89%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,035,000	–	7,502	–	0.82%	–
LLY	New	LILLY ELI & CO	$979,000	–	8,835	–	0.77%	–
INTC	New	INTEL CORP	$969,000	–	20,238	–	0.76%	–
BX	New	BLACKSTONE GROUP L P	$964,000	–	21,700	–	0.76%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$955,000	–	3	–	0.75%	–
VZ	New	VERIZON COMMUNICATIONS INC	$948,000	–	16,601	–	0.75%	–
FAST	New	FASTENAL CO	$902,000	–	27,680	–	0.71%	–
CDXS	New	CODEXIS INC	$887,000	–	48,107	–	0.70%	–
FDX	New	FEDEX CORP	$855,000	–	5,208	–	0.67%	–
UNP	New	UNION PACIFIC CORP	$817,000	–	4,831	–	0.64%	–
DVN	New	DEVON ENERGY CORP NEW	$814,000	–	28,542	–	0.64%	–
TXN	New	TEXAS INSTRS INC	$801,000	–	6,981	–	0.63%	–
JPM	New	JPMORGAN CHASE & CO	$754,000	–	6,740	–	0.60%	–
BDX	New	BECTON DICKINSON & CO	$728,000	–	2,888	–	0.57%	–
ECA	New	ENCANA CORP	$723,000	–	141,150	–	0.57%	–
D	New	DOMINION ENERGY INC	$707,000	–	9,150	–	0.56%	–
SBUX	New	STARBUCKS CORP	$707,000	–	8,439	–	0.56%	–
MA	New	MASTERCARD INCcl a	$706,000	–	2,670	–	0.56%	–
ADI	New	ANALOG DEVICES INC	$690,000	–	6,114	–	0.54%	–
KO	New	COCA COLA CO	$678,000	–	13,314	–	0.54%	–
CYBR	New	CYBERARK SOFTWARE LTD	$665,000	–	5,200	–	0.52%	–
NSC	New	NORFOLK SOUTHERN CORP	$638,000	–	3,202	–	0.50%	–
CVS	New	CVS HEALTH CORP	$593,000	–	10,875	–	0.47%	–
ABMD	New	ABIOMED INC	$573,000	–	2,200	–	0.45%	–
ABBV	New	ABBVIE INC	$567,000	–	7,799	–	0.45%	–
CLX	New	CLOROX CO DEL	$537,000	–	3,507	–	0.42%	–
XYL	New	XYLEM INC	$520,000	–	6,220	–	0.41%	–
WAT	New	WATERS CORP	$493,000	–	2,290	–	0.39%	–
TAP	New	MOLSON COORS BREWING COcl b	$468,000	–	8,350	–	0.37%	–
WTR	New	AQUA AMERICA INC	$467,000	–	11,279	–	0.37%	–
OXY	New	OCCIDENTAL PETE CORP	$454,000	–	9,035	–	0.36%	–
GLD	New	SPDR GOLD TRUST	$448,000	–	3,360	–	0.35%	–
KEY	New	KEYCORP NEW	$445,000	–	25,058	–	0.35%	–
TEUM	New	PARETEUM CORP	$440,000	–	168,682	–	0.35%	–
GD	New	GENERAL DYNAMICS CORP	$409,000	–	2,249	–	0.32%	–
SLB	New	SCHLUMBERGER LTD	$401,000	–	10,099	–	0.32%	–
AVP	New	AVON PRODS INC	$399,000	–	102,805	–	0.32%	–
HD	New	HOME DEPOT INC	$386,000	–	1,854	–	0.30%	–
HON	New	HONEYWELL INTL INC	$384,000	–	2,200	–	0.30%	–
BA	New	BOEING CO	$375,000	–	1,030	–	0.30%	–
OMC	New	OMNICOM GROUP INC	$352,000	–	4,297	–	0.28%	–
NVDA	New	NVIDIA CORP	$345,000	–	2,100	–	0.27%	–
PSX	New	PHILLIPS 66	$343,000	–	3,668	–	0.27%	–
GE	New	GENERAL ELECTRIC CO	$340,000	–	32,394	–	0.27%	–
SYK	New	STRYKER CORP	$329,000	–	1,600	–	0.26%	–
MKC	New	MCCORMICK & CO INC	$329,000	–	2,120	–	0.26%	–
EMR	New	EMERSON ELEC CO	$306,000	–	4,580	–	0.24%	–
NFG	New	NATIONAL FUEL GAS CO N J	$293,000	–	5,553	–	0.23%	–
CERN	New	CERNER CORP	$278,000	–	3,799	–	0.22%	–
MOS	New	MOSAIC CO NEW	$276,000	–	11,014	–	0.22%	–
NOW	New	SERVICENOW INC	$275,000	–	1,000	–	0.22%	–
DUK	New	DUKE ENERGY CORP NEW	$271,000	–	3,066	–	0.21%	–
STT	New	STATE STR CORP	$272,000	–	4,850	–	0.21%	–
CHD	New	CHURCH & DWIGHT INC	$264,000	–	3,616	–	0.21%	–
IBB	New	ISHARES TRnasdaq biotech	$254,000	–	2,325	–	0.20%	–
AMZN	New	AMAZON COM INC	$254,000	–	134	–	0.20%	–
SON	New	SONOCO PRODS CO	$243,000	–	3,717	–	0.19%	–
V	New	VISA INC	$242,000	–	1,395	–	0.19%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$232,000	–	654	–	0.18%	–
BLL	New	BALL CORP	$226,000	–	3,225	–	0.18%	–
LIN	New	LINDE PLC	$221,000	–	1,099	–	0.17%	–
LOW	New	LOWES COS INC	$219,000	–	2,174	–	0.17%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$215,000	–	2,750	–	0.17%	–
APA	New	APACHE CORP	$209,000	–	7,200	–	0.16%	–
GOOGL	New	ALPHABET INCcap stk cl a	$206,000	–	190	–	0.16%	–
DOV	New	DOVER CORP	$204,000	–	2,032	–	0.16%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$200,000	–	505	–	0.16%	–
CSX	New	CSX CORP	$200,000	–	2,590	–	0.16%	–
OBELF	New	OBSIDIAN ENERGY LTD	$179,000	–	150,286	–	0.14%	–
MVIS	New	MICROVISION INC DEL	$20,000	–	25,125	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
MVIS	Exit	MICROVISION INC DEL	$0	–	-25,125	–	-0.02%	–
AT	Exit	ATLANTIC PWR CORP	$0	–	-84,200	–	-0.15%	–
SON	Exit	SONOCO PRODS CO	$0	–	-3,717	–	-0.16%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-3,030	–	-0.17%	–
FTV	Exit	FORTIVE CORP	$0	–	-2,545	–	-0.17%	–
CHD	Exit	CHURCH & DWIGHT INC	$0	–	-3,616	–	-0.17%	–
AMGN	Exit	AMGEN INC	$0	–	-1,045	–	-0.17%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-188	–	-0.18%	–
XLK	Exit	SELECT SECTOR SPDR TRtechnology	$0	–	-3,005	–	-0.18%	–
ALL	Exit	ALLSTATE CORP	$0	–	-2,311	–	-0.18%	–
CSX	Exit	CSX CORP	$0	–	-3,090	–	-0.18%	–
V	Exit	VISA INC	$0	–	-1,560	–	-0.19%	–
CYBR	Exit	CYBERARK SOFTWARE LTD	$0	–	-3,000	–	-0.19%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$0	–	-654	–	-0.19%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-3,066	–	-0.20%	–
PX	Exit	PRAXAIR INC	$0	–	-1,524	–	-0.20%	–
CERN	Exit	CERNER CORP	$0	–	-3,799	–	-0.20%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-3,225	–	-0.20%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-3,250	–	-0.20%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-2,005	–	-0.21%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE C	$0	–	-16,350	–	-0.21%	–
AVP	Exit	AVON PRODS INC	$0	–	-121,655	–	-0.21%	–
SYK	Exit	STRYKER CORP	$0	–	-1,625	–	-0.23%	–
NFG	Exit	NATIONAL FUEL GAS CO N J	$0	–	-5,701	–	-0.26%	–
OMC	Exit	OMNICOM GROUP INC	$0	–	-4,811	–	-0.26%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-5,304	–	-0.27%	–
IHE	Exit	ISHARES TRu.s. pharma etf	$0	–	-2,100	–	-0.28%	–
IBB	Exit	ISHARES TRnasdaq biotech	$0	–	-2,930	–	-0.28%	–
IPAS	Exit	IPASS INC	$0	–	-179,462	–	-0.29%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-2,200	–	-0.29%	–
BOKF	Exit	BOK FINL CORP	$0	–	-3,830	–	-0.30%	–
XYL	Exit	XYLEM INC	$0	–	-4,730	–	-0.30%	–
LOW	Exit	LOWES COS INC	$0	–	-3,474	–	-0.32%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-5,214	–	-0.32%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-3,585	–	-0.32%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,954	–	-0.32%	–
STT	Exit	STATE STR CORP	$0	–	-4,933	–	-0.33%	–
PSX	Exit	PHILLIPS 66	$0	–	-3,693	–	-0.33%	–
WTR	Exit	AQUA AMERICA INC	$0	–	-11,887	–	-0.35%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-2,249	–	-0.37%	–
WAT	Exit	WATERS CORP	$0	–	-2,390	–	-0.37%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-1,878	–	-0.39%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-44,239	–	-0.40%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-16,370	–	-0.42%	–
ECA	Exit	ENCANA CORP	$0	–	-42,075	–	-0.44%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-6,114	–	-0.45%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-2,570	–	-0.46%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-3,202	–	-0.46%	–
CLX	Exit	CLOROX CO DEL	$0	–	-3,875	–	-0.47%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-10,539	–	-0.48%	–
MET	Exit	METLIFE INC	$0	–	-13,561	–	-0.51%	–
AMZN	Exit	AMAZON COM INC	$0	–	-325	–	-0.52%	–
KO	Exit	COCA COLA CO	$0	–	-14,314	–	-0.53%	–
D	Exit	DOMINION ENERGY INC	$0	–	-9,811	–	-0.55%	–
NVDA	Exit	NVIDIA CORP	$0	–	-2,610	–	-0.59%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-6,981	–	-0.60%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-6,703	–	-0.60%	–
ABBV	Exit	ABBVIE INC	$0	–	-8,148	–	-0.62%	–
KEY	Exit	KEYCORP NEW	$0	–	-39,202	–	-0.62%	–
APA	Exit	APACHE CORP	$0	–	-16,600	–	-0.63%	–
UNP	Exit	UNION PAC CORP	$0	–	-4,871	–	-0.63%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-13,091	–	-0.64%	–
FAST	Exit	FASTENAL CO	$0	–	-13,975	–	-0.65%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-10,425	–	-0.68%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-3,803	–	-0.71%	–
CDXS	Exit	CODEXIS INC	$0	–	-54,457	–	-0.75%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-3	–	-0.77%	–
JWA	Exit	WILEY JOHN & SONS INCcl a	$0	–	-16,190	–	-0.78%	–
LLY	Exit	LILLY ELI & CO	$0	–	-9,200	–	-0.79%	–
ABMD	Exit	ABIOMED INC	$0	–	-2,200	–	-0.79%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-18,987	–	-0.81%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-15,348	–	-0.82%	–
CSCO	Exit	CISCO SYS INC	$0	–	-21,323	–	-0.83%	–
WWD	Exit	WOODWARD INC	$0	–	-12,877	–	-0.83%	–
INTC	Exit	INTEL CORP	$0	–	-22,260	–	-0.84%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-20,520	–	-0.86%	–
OBE	Exit	OBSIDIAN ENERGY LTD	$0	–	-1,181,720	–	-0.90%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-9,835	–	-0.96%	–
BA	Exit	BOEING CO	$0	–	-3,424	–	-1.02%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-8,628	–	-1.04%	–
FDX	Exit	FEDEX CORP	$0	–	-5,488	–	-1.06%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-26,495	–	-1.08%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-34,687	–	-1.11%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-15,377	–	-1.17%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-39,146	–	-1.19%	–
ECL	Exit	ECOLAB INC	$0	–	-9,806	–	-1.23%	–
T	Exit	AT&T INC	$0	–	-47,119	–	-1.26%	–
PEP	Exit	PEPSICO INC	$0	–	-15,269	–	-1.36%	–
MTB	Exit	M & T BK CORP	$0	–	-10,484	–	-1.38%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,461	–	-1.39%	–
MCD	Exit	MCDONALDS CORP	$0	–	-10,679	–	-1.43%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-14,223	–	-1.47%	–
PAYX	Exit	PAYCHEX INC	$0	–	-25,300	–	-1.49%	–
GLW	Exit	CORNING INC	$0	–	-53,650	–	-1.51%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-17,586	–	-1.53%	–
WELL	Exit	WELLTOWER INC	$0	–	-30,331	–	-1.56%	–
MMM	Exit	3M CO	$0	–	-10,231	–	-1.72%	–
MRK	Exit	MERCK & CO INC	$0	–	-30,485	–	-1.73%	–
WMT	Exit	WALMART INC	$0	–	-24,330	–	-1.82%	–
DIS	Exit	DISNEY WALT CO	$0	–	-20,985	–	-1.96%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-25,782	–	-2.03%	–
AAPL	Exit	APPLE INC	$0	–	-11,399	–	-2.06%	–
PFE	Exit	PFIZER INC	$0	–	-58,776	–	-2.07%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-23,589	–	-2.16%	–
ABT	Exit	ABBOTT LABS	$0	–	-43,730	–	-2.56%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-91,905	–	-2.60%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-45,623	–	-3.10%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-28,775	–	-3.18%	–
DMRC	Exit	DIGIMARC CORP NEW	$0	–	-134,395	–	-3.38%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-24,418	–	-4.18%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-130,361	–	-8.67%	–

Q3 2018

			Value		Shares		↓ Weighting
PG	Buy	PROCTER AND GAMBLE CO	$10,850,000	+7.7%	130,361	+1.0%	8.67%	-0.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$5,228,000	+14.3%	24,418	-0.3%	4.18%	+5.7%
DMRC	Sell	DIGIMARC CORP NEW	$4,227,000	+16.9%	134,395	-0.4%	3.38%	+8.1%
JNJ	Sell	JOHNSON & JOHNSON	$3,976,000	+13.5%	28,775	-0.3%	3.18%	+5.0%
XOM	Sell	EXXON MOBIL CORP	$3,879,000	+0.5%	45,623	-2.2%	3.10%	-7.0%
CMCSA	Buy	COMCAST CORP NEWcl a	$3,254,000	+13.0%	91,905	+4.7%	2.60%	+4.5%
ABT	Sell	ABBOTT LABS	$3,208,000	+17.9%	43,730	-1.9%	2.56%	+9.1%
MSFT	Buy	MICROSOFT CORP	$2,698,000	+17.8%	23,589	+1.5%	2.16%	+8.9%
PFE	Sell	PFIZER INC	$2,590,000	-2.8%	58,776	-20.0%	2.07%	-10.1%
AAPL	Sell	APPLE INC	$2,573,000	+21.7%	11,399	-0.2%	2.06%	+12.5%
MDT	Buy	MEDTRONIC PLC	$2,536,000	+15.3%	25,782	+0.4%	2.03%	+6.7%
DIS	Buy	DISNEY WALT CO	$2,454,000	+16.7%	20,985	+4.6%	1.96%	+8.0%
WMT	Buy	WALMART INC	$2,285,000	+26.1%	24,330	+15.0%	1.82%	+16.6%
MRK	Buy	MERCK & CO INC	$2,163,000	+34.7%	30,485	+15.3%	1.73%	+24.6%
MMM	Sell	3M CO	$2,156,000	+6.8%	10,231	-0.3%	1.72%	-1.3%
WELL	Sell	WELLTOWER INC	$1,951,000	+2.1%	30,331	-0.5%	1.56%	-5.5%
GLW	Sell	CORNING INC	$1,894,000	+26.8%	53,650	-1.2%	1.51%	+17.3%
GOOG	Sell	ALPHABET INCcap stk cl c	$1,744,000	+5.6%	1,461	-1.4%	1.39%	-2.4%
MTB	Buy	M & T BK CORP	$1,725,000	+7.9%	10,484	+11.7%	1.38%	-0.1%
PEP	Sell	PEPSICO INC	$1,707,000	+0.7%	15,269	-1.9%	1.36%	-6.8%
T	Buy	AT&T INC	$1,582,000	+15.6%	47,119	+10.5%	1.26%	+6.9%
ECL	Buy	ECOLAB INC	$1,537,000	+14.0%	9,806	+2.1%	1.23%	+5.5%
LSI	Sell	LIFE STORAGE INC	$1,463,000	-2.5%	15,377	-0.3%	1.17%	-9.8%
DVN	Buy	DEVON ENERGY CORP NEW	$1,385,000	-8.5%	34,687	+0.7%	1.11%	-15.4%
BK	Sell	BANK NEW YORK MELLON CORP	$1,351,000	-5.5%	26,495	-0.1%	1.08%	-12.6%
FDX	Buy	FEDEX CORP	$1,321,000	+15.1%	5,488	+8.5%	1.06%	+6.5%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$1,305,000	+11.4%	8,628	+2.9%	1.04%	+3.1%
CVX	Sell	CHEVRON CORP NEW	$1,203,000	-5.2%	9,835	-2.0%	0.96%	-12.3%
OBE	Buy	OBSIDIAN ENERGY LTD	$1,123,000	-9.4%	1,181,720	+7.8%	0.90%	-16.2%
WFC	Buy	WELLS FARGO CO NEW	$1,079,000	+25.6%	20,520	+32.5%	0.86%	+16.2%
CSCO	Buy	CISCO SYS INC	$1,037,000	+15.2%	21,323	+1.9%	0.83%	+6.6%
CL	Sell	COLGATE PALMOLIVE CO	$1,028,000	+1.0%	15,348	-2.3%	0.82%	-6.6%
VZ	Sell	VERIZON COMMUNICATIONS INC	$1,014,000	+5.1%	18,987	-1.0%	0.81%	-2.8%
LLY	Buy	LILLY ELI & CO	$987,000	+103.9%	9,200	+62.1%	0.79%	+88.5%
JWA	Sell	WILEY JOHN & SONS INCcl a	$981,000	-3.4%	16,190	-0.6%	0.78%	-10.6%
CDXS	Sell	CODEXIS INC	$934,000	+8.1%	54,457	-9.2%	0.75%	0.0%
COST	Sell	COSTCO WHSL CORP NEW	$893,000	+10.9%	3,803	-1.3%	0.71%	+2.6%
FAST	Buy	FASTENAL CO	$811,000	+25.0%	13,975	+3.7%	0.65%	+15.7%
SLB	Sell	SCHLUMBERGER LTD	$798,000	-11.1%	13,091	-2.2%	0.64%	-17.9%
UNP	Buy	UNION PAC CORP	$793,000	+24.5%	4,871	+8.3%	0.63%	+15.1%
APA	Buy	APACHE CORP	$791,000	+9.1%	16,600	+7.1%	0.63%	+1.0%
KEY	Sell	KEYCORP NEW	$780,000	-6.9%	39,202	-8.6%	0.62%	-14.0%
ABBV	Sell	ABBVIE INC	$771,000	-0.9%	8,148	-3.0%	0.62%	-8.3%
NVDA	Sell	NVIDIA CORP	$733,000	+5.0%	2,610	-11.4%	0.59%	-2.8%
D	Sell	DOMINION ENERGY INC	$690,000	-1.8%	9,811	-4.8%	0.55%	-9.2%
KO	Sell	COCA COLA CO	$661,000	-20.7%	14,314	-24.7%	0.53%	-26.7%
AMZN	Sell	AMAZON COM INC	$651,000	+14.4%	325	-3.0%	0.52%	+5.9%
MET	Buy	METLIFE INC	$634,000	+91.0%	13,561	+78.0%	0.51%	+76.3%
SBUX	Buy	STARBUCKS CORP	$599,000	+38.7%	10,539	+19.2%	0.48%	+28.4%
MA	Buy	MASTERCARD INCORPORATEDcl a	$572,000	+14.4%	2,570	+1.0%	0.46%	+5.8%
ECA	Sell	ENCANA CORP	$552,000	-4.0%	42,075	-4.5%	0.44%	-11.3%
MOS	Buy	MOSAIC CO NEW	$532,000	+18.0%	16,370	+1.8%	0.42%	+9.3%
GE	Sell	GENERAL ELECTRIC CO	$499,000	-25.4%	44,239	-10.0%	0.40%	-31.0%
BDX	Buy	BECTON DICKINSON & CO	$490,000	+10.6%	1,878	+1.6%	0.39%	+2.1%
WTR	Sell	AQUA AMERICA INC	$439,000	+4.0%	11,887	-0.8%	0.35%	-3.6%
STT	Sell	STATE STR CORP	$413,000	-11.9%	4,933	-2.0%	0.33%	-18.5%
HD	Sell	HOME DEPOT INC	$405,000	+5.5%	1,954	-0.7%	0.32%	-2.4%
EMR	Sell	EMERSON ELEC CO	$399,000	+8.7%	5,214	-1.9%	0.32%	+0.6%
XYL	Buy	XYLEM INC	$378,000	+20.0%	4,730	+1.1%	0.30%	+11.0%
IPAS	New	IPASS INC	$366,000	–	179,462	–	0.29%	–
IHE	Sell	ISHARES TRu.s. pharma etf	$353,000	+1.4%	2,100	-8.7%	0.28%	-6.3%
DWDP	Sell	DOWDUPONT INC	$341,000	-4.2%	5,304	-1.9%	0.27%	-11.4%
OMC	Sell	OMNICOM GROUP INC	$327,000	-17.0%	4,811	-6.8%	0.26%	-23.2%
AVP	Buy	AVON PRODS INC	$268,000	+53.1%	121,655	+12.8%	0.21%	+41.7%
HPE	Sell	HEWLETT PACKARD ENTERPRISE C	$267,000	+10.3%	16,350	-1.4%	0.21%	+1.9%
PX	Sell	PRAXAIR INC	$245,000	0.0%	1,524	-1.6%	0.20%	-7.5%
CYBR	New	CYBERARK SOFTWARE LTD	$240,000	–	3,000	–	0.19%	–
V	New	VISA INC	$234,000	–	1,560	–	0.19%	–
CSX	New	CSX CORP	$229,000	–	3,090	–	0.18%	–
AMGN	New	AMGEN INC	$217,000	–	1,045	–	0.17%	–
CHD	New	CHURCH & DWIGHT INC	$215,000	–	3,616	–	0.17%	–
FTV	New	FORTIVE CORP	$214,000	–	2,545	–	0.17%	–
HP	New	HELMERICH & PAYNE INC	$208,000	–	3,030	–	0.17%	–
SON	New	SONOCO PRODS CO	$206,000	–	3,717	–	0.16%	–
AT	Sell	ATLANTIC PWR CORP	$185,000	-48.3%	84,200	-48.2%	0.15%	-52.1%
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-2,055	–	-0.18%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-2,666	–	-0.19%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-754	–	-0.19%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-7,324	–	-0.23%	–
PLPC	Exit	PREFORMED LINE PRODS CO	$0	–	-3,420	–	-0.26%	–
QCOM	Exit	QUALCOMM INC	$0	–	-7,720	–	-0.37%	–
IPAS	Exit	IPASS INC	$0	–	-1,790,120	–	-0.53%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-31,450	–	-0.60%	–

Q2 2018

			Value		Shares		↓ Weighting
PG	New	PROCTER AND GAMBLE CO	$10,075,000	–	129,068	–	8.70%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$4,573,000	–	24,498	–	3.95%	–
XOM	New	EXXON MOBIL CORP	$3,861,000	–	46,668	–	3.33%	–
DMRC	New	DIGIMARC CORP NEW	$3,617,000	–	134,945	–	3.12%	–
JNJ	New	JOHNSON & JOHNSON	$3,502,000	–	28,860	–	3.02%	–
CMCSA	New	COMCAST CORP NEWcl a	$2,880,000	–	87,790	–	2.49%	–
ABT	New	ABBOTT LABS	$2,720,000	–	44,590	–	2.35%	–
PFE	New	PFIZER INC	$2,665,000	–	73,454	–	2.30%	–
MSFT	New	MICROSOFT CORP	$2,291,000	–	23,229	–	1.98%	–
MDT	New	MEDTRONIC PLC	$2,199,000	–	25,682	–	1.90%	–
AAPL	New	APPLE INC	$2,115,000	–	11,427	–	1.83%	–
DIS	New	DISNEY WALT CO	$2,102,000	–	20,060	–	1.82%	–
MMM	New	3M CO	$2,019,000	–	10,261	–	1.74%	–
WELL	New	WELLTOWER INC	$1,911,000	–	30,491	–	1.65%	–
WMT	New	WALMART INC	$1,812,000	–	21,155	–	1.56%	–
TRV	New	TRAVELERS COMPANIES INC	$1,740,000	–	14,223	–	1.50%	–
DHR	New	DANAHER CORP DEL	$1,735,000	–	17,586	–	1.50%	–
PAYX	New	PAYCHEX INC	$1,729,000	–	25,300	–	1.49%	–
PEP	New	PEPSICO INC	$1,695,000	–	15,567	–	1.46%	–
MCD	New	MCDONALDS CORP	$1,673,000	–	10,679	–	1.44%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,652,000	–	1,481	–	1.43%	–
MRK	New	MERCK & CO INC	$1,606,000	–	26,450	–	1.39%	–
MTB	New	M & T BK CORP	$1,598,000	–	9,389	–	1.38%	–
DVN	New	DEVON ENERGY CORP NEW	$1,514,000	–	34,437	–	1.31%	–
LSI	New	LIFE STORAGE INC	$1,501,000	–	15,427	–	1.30%	–
GLW	New	CORNING INC	$1,494,000	–	54,300	–	1.29%	–
BK	New	BANK NEW YORK MELLON CORP	$1,430,000	–	26,510	–	1.24%	–
T	New	AT&T INC	$1,369,000	–	42,639	–	1.18%	–
ECL	New	ECOLAB INC	$1,348,000	–	9,606	–	1.16%	–
CVX	New	CHEVRON CORP NEW	$1,269,000	–	10,035	–	1.10%	–
BX	New	BLACKSTONE GROUP L P	$1,259,000	–	39,146	–	1.09%	–
OBE	New	OBSIDIAN ENERGY LTD	$1,239,000	–	1,096,570	–	1.07%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,171,000	–	8,383	–	1.01%	–
BA	New	BOEING CO	$1,149,000	–	3,424	–	0.99%	–
FDX	New	FEDEX CORP	$1,148,000	–	5,058	–	0.99%	–
INTC	New	INTEL CORP	$1,107,000	–	22,260	–	0.96%	–
CL	New	COLGATE PALMOLIVE CO	$1,018,000	–	15,708	–	0.88%	–
JWA	New	WILEY JOHN & SONS INCcl a	$1,016,000	–	16,290	–	0.88%	–
WWD	New	WOODWARD INC	$990,000	–	12,877	–	0.86%	–
VZ	New	VERIZON COMMUNICATIONS INC	$965,000	–	19,187	–	0.83%	–
CSCO	New	CISCO SYS INC	$900,000	–	20,923	–	0.78%	–
ABMD	New	ABIOMED INC	$900,000	–	2,200	–	0.78%	–
SLB	New	SCHLUMBERGER LTD	$898,000	–	13,391	–	0.78%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$872,000	–	10,425	–	0.75%	–
CDXS	New	CODEXIS INC	$864,000	–	60,007	–	0.75%	–
WFC	New	WELLS FARGO CO NEW	$859,000	–	15,490	–	0.74%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$846,000	–	3	–	0.73%	–
KEY	New	KEYCORP NEW	$838,000	–	42,910	–	0.72%	–
KO	New	COCA COLA CO	$834,000	–	19,014	–	0.72%	–
COST	New	COSTCO WHSL CORP NEW	$805,000	–	3,853	–	0.70%	–
ABBV	New	ABBVIE INC	$778,000	–	8,398	–	0.67%	–
TXN	New	TEXAS INSTRS INC	$770,000	–	6,981	–	0.66%	–
APA	New	APACHE CORP	$725,000	–	15,500	–	0.63%	–
D	New	DOMINION ENERGY INC	$703,000	–	10,311	–	0.61%	–
NVDA	New	NVIDIA CORP	$698,000	–	2,947	–	0.60%	–
JPM	New	JPMORGAN CHASE & CO	$698,000	–	6,703	–	0.60%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$694,000	–	31,450	–	0.60%	–
GE	New	GENERAL ELECTRIC CO	$669,000	–	49,139	–	0.58%	–
FAST	New	FASTENAL CO	$649,000	–	13,475	–	0.56%	–
UNP	New	UNION PAC CORP	$637,000	–	4,496	–	0.55%	–
IPAS	New	IPASS INC	$617,000	–	1,790,120	–	0.53%	–
ADI	New	ANALOG DEVICES INC	$586,000	–	6,114	–	0.51%	–
ECA	New	ENCANA CORP	$575,000	–	44,075	–	0.50%	–
AMZN	New	AMAZON COM INC	$569,000	–	335	–	0.49%	–
CLX	New	CLOROX CO DEL	$524,000	–	3,875	–	0.45%	–
MA	New	MASTERCARD INCORPORATEDcl a	$500,000	–	2,545	–	0.43%	–
LLY	New	LILLY ELI & CO	$484,000	–	5,675	–	0.42%	–
NSC	New	NORFOLK SOUTHERN CORP	$483,000	–	3,202	–	0.42%	–
STT	New	STATE STR CORP	$469,000	–	5,033	–	0.40%	–
WAT	New	WATERS CORP	$463,000	–	2,390	–	0.40%	–
MOS	New	MOSAIC CO NEW	$451,000	–	16,080	–	0.39%	–
BDX	New	BECTON DICKINSON & CO	$443,000	–	1,848	–	0.38%	–
QCOM	New	QUALCOMM INC	$433,000	–	7,720	–	0.37%	–
SBUX	New	STARBUCKS CORP	$432,000	–	8,839	–	0.37%	–
GLD	New	SPDR GOLD TRUST	$425,000	–	3,585	–	0.37%	–
WTR	New	AQUA AMERICA INC	$422,000	–	11,987	–	0.36%	–
GD	New	GENERAL DYNAMICS CORP	$419,000	–	2,249	–	0.36%	–
PSX	New	PHILLIPS 66	$415,000	–	3,693	–	0.36%	–
OMC	New	OMNICOM GROUP INC	$394,000	–	5,161	–	0.34%	–
HD	New	HOME DEPOT INC	$384,000	–	1,968	–	0.33%	–
EMR	New	EMERSON ELEC CO	$367,000	–	5,314	–	0.32%	–
BOKF	New	BOK FINL CORP	$360,000	–	3,830	–	0.31%	–
AT	New	ATLANTIC PWR CORP	$358,000	–	162,700	–	0.31%	–
DWDP	New	DOWDUPONT INC	$356,000	–	5,404	–	0.31%	–
IHE	New	ISHARES TRu.s. pharma etf	$348,000	–	2,300	–	0.30%	–
LOW	New	LOWES COS INC	$332,000	–	3,474	–	0.29%	–
MET	New	METLIFE INC	$332,000	–	7,620	–	0.29%	–
IBB	New	ISHARES TRnasdaq biotech	$322,000	–	2,930	–	0.28%	–
HON	New	HONEYWELL INTL INC	$317,000	–	2,200	–	0.27%	–
XYL	New	XYLEM INC	$315,000	–	4,680	–	0.27%	–
PLPC	New	PREFORMED LINE PRODS CO	$304,000	–	3,420	–	0.26%	–
NFG	New	NATIONAL FUEL GAS CO N J	$302,000	–	5,701	–	0.26%	–
SYK	New	STRYKER CORP	$274,000	–	1,625	–	0.24%	–
WY	New	WEYERHAEUSER CO	$267,000	–	7,324	–	0.23%	–
PX	New	PRAXAIR INC	$245,000	–	1,549	–	0.21%	–
HPE	New	HEWLETT PACKARD ENTERPRISE C	$242,000	–	16,575	–	0.21%	–
DUK	New	DUKE ENERGY CORP NEW	$242,000	–	3,066	–	0.21%	–
MKC	New	MCCORMICK & CO INC	$233,000	–	2,005	–	0.20%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRutser1 s&pdcrp	$232,000	–	654	–	0.20%	–
GILD	New	GILEAD SCIENCES INC	$230,000	–	3,250	–	0.20%	–
CERN	New	CERNER CORP	$227,000	–	3,799	–	0.20%	–
COP	New	CONOCOPHILLIPS	$225,000	–	3,225	–	0.19%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$221,000	–	754	–	0.19%	–
PM	New	PHILIP MORRIS INTL INC	$215,000	–	2,666	–	0.19%	–
GOOGL	New	ALPHABET INCcap stk cl a	$212,000	–	188	–	0.18%	–
ALL	New	ALLSTATE CORP	$211,000	–	2,311	–	0.18%	–
XLK	New	SELECT SECTOR SPDR TRtechnology	$209,000	–	3,005	–	0.18%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$207,000	–	2,055	–	0.18%	–
AVP	New	AVON PRODS INC	$175,000	–	107,805	–	0.15%	–
MVIS	New	MICROVISION INC DEL	$28,000	–	25,125	–	0.02%	–

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