CINCINNATI FINANCIAL CORP Activity Q4 2003-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE ORD	$606,257,349	-14.9%	3,541,016	-3.6%	14.64%	-10.4%
MSFT	Sell	MICROSOFT ORD	$288,990,188	-8.3%	915,250	-1.1%	6.98%	-3.4%
EL	Sell	ESTEE LAUDER CL A ORD	$31,498,168	-39.1%	217,905	-17.3%	0.76%	-35.9%
MCHP	New	MICROCHIP TECHNOLOGY ORD	$22,966,213	–	294,250	–	0.55%	–
DG	New	DOLLAR GENERAL ORD	$5,819,000	–	55,000	–	0.14%	–
NEE	New	NEXTERA ENERGY ORD	$2,749,920	–	48,000	–	0.07%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	APPLE ORD	$712,454,914	–	3,673,016	–	16.33%	–
MSFT	New	MICROSOFT ORD	$314,999,500	–	925,000	–	7.22%	–
AVGO	New	BROADCOM ORD	$237,936,049	–	274,300	–	5.46%	–
UNH	New	UNITEDHEALTH GRP ORD	$225,334,606	–	468,822	–	5.17%	–
CME	New	CME GROUP CL A ORD	$185,660,580	–	1,002,000	–	4.26%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$173,781,250	–	837,500	–	3.98%	–
MCD	New	MCDONALD'S ORD	$133,579,656	–	447,638	–	3.06%	–
NSC	New	NORFOLK SOUTHERN ORD	$133,263,904	–	587,687	–	3.06%	–
HD	New	HOME DEPOT ORD	$132,349,415	–	426,054	–	3.03%	–
CSCO	New	CISCO SYSTEMS ORD	$131,755,910	–	2,546,500	–	3.02%	–
DOV	New	DOVER ORD	$124,557,540	–	843,600	–	2.86%	–
QCOM	New	QUALCOMM ORD	$113,980,800	–	957,500	–	2.61%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$107,547,954	–	1,101,700	–	2.46%	–
ACN	New	ACCENTURE CL A ORD	$106,460,100	–	345,000	–	2.44%	–
MDLZ	New	MONDELEZ INTERNATIONAL CL A ORD	$105,617,120	–	1,448,000	–	2.42%	–
SNA	New	SNAP ON ORD	$97,052,017	–	336,764	–	2.22%	–
ADI	New	ANALOG DEVICES ORD	$86,859,935	–	445,870	–	1.99%	–
ABBV	New	ABBVIE ORD	$76,364,964	–	566,800	–	1.75%	–
RPM	New	RPM ORD	$74,002,574	–	824,725	–	1.70%	–
BAX	New	BAXTER INTERNATIONAL ORD	$73,700,043	–	1,617,648	–	1.69%	–
TJX	New	TJX ORD	$73,470,535	–	866,500	–	1.68%	–
PLD	New	PROLOGIS REIT	$72,351,700	–	590,000	–	1.66%	–
CB	New	CHUBB ORD	$69,880,409	–	362,902	–	1.60%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$68,390,850	–	543,000	–	1.57%	–
VLO	New	VALERO ENERGY ORD	$60,367,272	–	514,640	–	1.38%	–
PNW	New	PINNACLE WEST ORD	$59,421,812	–	729,460	–	1.36%	–
EL	New	ESTEE LAUDER CL A ORD	$51,746,130	–	263,500	–	1.19%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$51,156,123	–	232,750	–	1.17%	–
AMT	New	AMERICAN TOWER REIT	$51,122,584	–	263,600	–	1.17%	–
APD	New	AIR PRODUCTS AND CHEMICALS ORD	$43,701,427	–	145,900	–	1.00%	–
JNJ	New	JOHNSON & JOHNSON ORD	$33,269,520	–	201,000	–	0.76%	–
CMCSA	New	COMCAST CL A ORD	$32,269,808	–	776,650	–	0.74%	–
BLK	New	BLACKROCK ORD	$29,373,450	–	42,500	–	0.67%	–
DUK	New	DUKE ENERGY ORD	$27,819,400	–	310,000	–	0.64%	–
ADC	New	AGREE REALTY REIT ORD	$26,646,425	–	407,500	–	0.61%	–
ABT	New	ABBOTT LABORATORIES ORD	$25,924,956	–	237,800	–	0.59%	–
USB	New	US BANCORP ORD	$25,226,040	–	763,500	–	0.58%	–
PEP	New	PEPSICO ORD	$23,615,550	–	127,500	–	0.54%	–
VFC	New	VF ORD	$22,232,787	–	1,164,630	–	0.51%	–
PFE	New	PFIZER ORD	$21,241,388	–	579,100	–	0.49%	–
MMM	New	3M ORD	$21,118,990	–	211,000	–	0.48%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$20,385,434	–	221,991	–	0.47%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$18,100,373	–	486,700	–	0.42%	–
LRCX	New	LAM RESEARCH ORD	$17,822,651	–	27,724	–	0.41%	–
HAS	New	HASBRO ORD	$16,879,062	–	260,600	–	0.39%	–
JPM	New	JPMORGAN CHASE ORD	$13,089,600	–	90,000	–	0.30%	–
T	New	AT&T ORD	$8,485,400	–	532,000	–	0.20%	–
PG	New	PROCTER & GAMBLE ORD	$7,571,826	–	49,900	–	0.17%	–
RTX	New	RAYTHEON TECHNOLOGIES ORD	$6,955,160	–	71,000	–	0.16%	–
ENB	New	ENBRIDGE ORD	$6,903,510	–	185,828	–	0.16%	–
CVX	New	CHEVRON ORD	$5,529,122	–	35,139	–	0.13%	–
NSA	New	NATIONAL STORAGE AFFILIATES ORD	$2,857,105	–	82,030	–	0.06%	–

Q4 2022

			Value		Shares		↓ Weighting
CVX	Exit	CHEVRON ORD	$0	–	-35,139	–	-0.14%	–
RTX	Exit	RAYTHEON TECHNOLOGIES ORD	$0	–	-71,000	–	-0.16%	–
PG	Exit	PROCTER & GAMBLE ORD	$0	–	-49,900	–	-0.17%	–
ENB	Exit	ENBRIDGE ORD	$0	–	-185,828	–	-0.19%	–
T	Exit	AT&T ORD	$0	–	-532,000	–	-0.22%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES ORD	$0	–	-69,000	–	-0.22%	–
LRCX	Exit	LAM RESEARCH ORD	$0	–	-24,224	–	-0.24%	–
JPM	Exit	JPMORGAN CHASE ORD	$0	–	-90,000	–	-0.26%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES CL A ORD	$0	–	-221,991	–	-0.46%	–
HAS	Exit	HASBRO ORD	$0	–	-260,600	–	-0.48%	–
VZ	Exit	VERIZON COMMUNICATIONS ORD	$0	–	-486,700	–	-0.51%	–
PEP	Exit	PEPSICO ORD	$0	–	-127,500	–	-0.57%	–
ADC	Exit	AGREE REALTY REIT ORD	$0	–	-336,000	–	-0.62%	–
CMCSA	Exit	COMCAST CL A ORD	$0	–	-776,650	–	-0.62%	–
ABT	Exit	ABBOTT LABORATORIES ORD	$0	–	-237,800	–	-0.63%	–
MMM	Exit	3M ORD	$0	–	-211,000	–	-0.64%	–
BLK	Exit	BLACKROCK ORD	$0	–	-42,500	–	-0.64%	–
AVB	Exit	AVALONBAY COMMUNITIES REIT ORD	$0	–	-129,400	–	-0.65%	–
PFE	Exit	PFIZER ORD	$0	–	-579,100	–	-0.70%	–
DUK	Exit	DUKE ENERGY ORD	$0	–	-310,000	–	-0.79%	–
USB	Exit	US BANCORP ORD	$0	–	-763,500	–	-0.84%	–
JNJ	Exit	JOHNSON & JOHNSON ORD	$0	–	-201,000	–	-0.90%	–
APD	Exit	AIR PRODUCTS AND CHEMICALS ORD	$0	–	-145,900	–	-0.93%	–
VFC	Exit	VF ORD	$0	–	-1,164,630	–	-0.96%	–
EL	Exit	ESTEE LAUDER CL A ORD	$0	–	-210,500	–	-1.25%	–
PNW	Exit	PINNACLE WEST ORD	$0	–	-729,460	–	-1.29%	–
ADP	Exit	AUTOMATIC DATA PROCESSING ORD	$0	–	-232,750	–	-1.44%	–
TJX	Exit	TJX ORD	$0	–	-866,500	–	-1.48%	–
VLO	Exit	VALERO ENERGY ORD	$0	–	-514,640	–	-1.51%	–
AMT	Exit	AMERICAN TOWER REIT	$0	–	-263,600	–	-1.55%	–
PLD	Exit	PROLOGIS REIT	$0	–	-590,000	–	-1.64%	–
ADI	Exit	ANALOG DEVICES ORD	$0	–	-445,870	–	-1.70%	–
CB	Exit	CHUBB ORD	$0	–	-362,902	–	-1.81%	–
SNA	Exit	SNAP ON ORD	$0	–	-336,764	–	-1.86%	–
RPM	Exit	RPM ORD	$0	–	-824,725	–	-1.88%	–
ABBV	Exit	ABBVIE ORD	$0	–	-566,800	–	-2.08%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL CL A ORD	$0	–	-1,448,000	–	-2.18%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP ORD	$0	–	-543,000	–	-2.22%	–
BAX	Exit	BAXTER INTERNATIONAL ORD	$0	–	-1,563,648	–	-2.31%	–
ACN	Exit	ACCENTURE CL A ORD	$0	–	-345,000	–	-2.43%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL ORD	$0	–	-1,101,700	–	-2.51%	–
DOV	Exit	DOVER ORD	$0	–	-843,600	–	-2.70%	–
CSCO	Exit	CISCO SYSTEMS ORD	$0	–	-2,546,500	–	-2.79%	–
MCD	Exit	MCDONALD'S ORD	$0	–	-447,638	–	-2.83%	–
QCOM	Exit	QUALCOMM ORD	$0	–	-957,500	–	-2.96%	–
HD	Exit	HOME DEPOT ORD	$0	–	-426,054	–	-3.22%	–
AVGO	Exit	BROADCOM ORD	$0	–	-274,300	–	-3.34%	–
NSC	Exit	NORFOLK SOUTHERN ORD	$0	–	-587,687	–	-3.38%	–
HON	Exit	HONEYWELL INTERNATIONAL ORD	$0	–	-837,500	–	-3.83%	–
CME	Exit	CME GROUP CL A ORD	$0	–	-1,002,000	–	-4.86%	–
MSFT	Exit	MICROSOFT ORD	$0	–	-925,000	–	-5.90%	–
UNH	Exit	UNITEDHEALTH GRP ORD	$0	–	-468,822	–	-6.49%	–
AAPL	Exit	APPLE ORD	$0	–	-3,693,016	–	-13.99%	–

Q3 2022

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE ORD	$510,375,000	-5.0%	3,693,016	-6.1%	13.99%	+2.1%
BAX	Buy	BAXTER INTERNATIONAL ORD	$84,218,000	-4.3%	1,563,648	+14.1%	2.31%	+2.8%
AMT	Buy	AMERICAN TOWER REIT	$56,595,000	+6.1%	263,600	+26.4%	1.55%	+14.1%
USB	Buy	US BANCORP ORD	$30,784,000	+5.8%	763,500	+20.7%	0.84%	+13.7%
AVB	Sell	AVALONBAY COMMUNITIES REIT ORD	$23,834,000	-20.0%	129,400	-15.6%	0.65%	-14.1%
ADC	Buy	AGREE REALTY REIT ORD	$22,707,000	+109.9%	336,000	+124.0%	0.62%	+125.4%
LRCX	New	LAM RESEARCH ORD	$8,866,000	–	24,224	–	0.24%	–
IBM	Sell	INTERNATIONAL BUSINESS MACHINES ORD	$8,198,000	-65.8%	69,000	-59.4%	0.22%	-63.2%

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	APPLE ORD	$537,446,000	–	3,931,000	–	13.70%	–
UNH	New	UNITEDHEALTH GRP ORD	$240,801,000	–	468,822	–	6.14%	–
MSFT	New	MICROSOFT ORD	$237,568,000	–	925,000	–	6.06%	–
CME	New	CME GROUP CL A ORD	$205,109,000	–	1,002,000	–	5.23%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$145,566,000	–	837,500	–	3.71%	–
NSC	New	NORFOLK SOUTHERN ORD	$133,575,000	–	587,687	–	3.41%	–
AVGO	New	BROADCOM ORD	$133,258,000	–	274,300	–	3.40%	–
QCOM	New	QUALCOMM ORD	$122,311,000	–	957,500	–	3.12%	–
HD	New	HOME DEPOT ORD	$116,854,000	–	426,054	–	2.98%	–
MCD	New	MCDONALD'S ORD	$110,513,000	–	447,638	–	2.82%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$108,782,000	–	1,101,700	–	2.77%	–
CSCO	New	CISCO SYSTEMS ORD	$108,583,000	–	2,546,500	–	2.77%	–
DOV	New	DOVER ORD	$102,346,000	–	843,600	–	2.61%	–
ACN	New	ACCENTURE CL A ORD	$95,789,000	–	345,000	–	2.44%	–
MDLZ	New	MONDELEZ INTERNATIONAL CL A ORD	$89,906,000	–	1,448,000	–	2.29%	–
BAX	New	BAXTER INTERNATIONAL ORD	$88,037,000	–	1,370,648	–	2.24%	–
ABBV	New	ABBVIE ORD	$86,811,000	–	566,800	–	2.21%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$85,669,000	–	543,000	–	2.18%	–
CB	New	CHUBB ORD	$71,339,000	–	362,902	–	1.82%	–
PLD	New	PROLOGIS REIT	$69,414,000	–	590,000	–	1.77%	–
SNA	New	SNAP ON ORD	$66,353,000	–	336,764	–	1.69%	–
ADI	New	ANALOG DEVICES ORD	$65,137,000	–	445,870	–	1.66%	–
RPM	New	RPM ORD	$64,922,000	–	824,725	–	1.66%	–
VLO	New	VALERO ENERGY ORD	$54,696,000	–	514,640	–	1.39%	–
EL	New	ESTEE LAUDER CL A ORD	$53,608,000	–	210,500	–	1.37%	–
PNW	New	PINNACLE WEST ORD	$53,338,000	–	729,460	–	1.36%	–
AMT	New	AMERICAN TOWER REIT	$53,321,000	–	208,619	–	1.36%	–
VFC	New	VF ORD	$51,442,000	–	1,164,630	–	1.31%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$48,887,000	–	232,750	–	1.25%	–
TJX	New	TJX ORD	$48,394,000	–	866,500	–	1.23%	–
JNJ	New	JOHNSON & JOHNSON ORD	$35,680,000	–	201,000	–	0.91%	–
APD	New	AIR PRODUCTS AND CHEMICALS ORD	$35,086,000	–	145,900	–	0.90%	–
DUK	New	DUKE ENERGY ORD	$33,235,000	–	310,000	–	0.85%	–
CMCSA	New	COMCAST CL A ORD	$30,476,000	–	776,650	–	0.78%	–
PFE	New	PFIZER ORD	$30,362,000	–	579,100	–	0.77%	–
AVB	New	AVALONBAY COMMUNITIES REIT ORD	$29,798,000	–	153,400	–	0.76%	–
USB	New	US BANCORP ORD	$29,108,000	–	632,500	–	0.74%	–
MMM	New	3M ORD	$27,306,000	–	211,000	–	0.70%	–
BLK	New	BLACKROCK ORD	$25,884,000	–	42,500	–	0.66%	–
ABT	New	ABBOTT LABORATORIES ORD	$25,837,000	–	237,800	–	0.66%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$24,700,000	–	486,700	–	0.63%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES ORD	$24,002,000	–	170,000	–	0.61%	–
HAS	New	HASBRO ORD	$21,338,000	–	260,600	–	0.54%	–
PEP	New	PEPSICO ORD	$21,249,000	–	127,500	–	0.54%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$19,415,000	–	221,991	–	0.50%	–
T	New	AT&T ORD	$11,151,000	–	532,000	–	0.28%	–
ADC	New	AGREE REALTY REIT ORD	$10,820,000	–	150,000	–	0.28%	–
JPM	New	JPMORGAN CHASE ORD	$10,135,000	–	90,000	–	0.26%	–
ENB	New	ENBRIDGE ORD	$7,853,000	–	185,828	–	0.20%	–
PG	New	PROCTER & GAMBLE ORD	$7,175,000	–	49,900	–	0.18%	–
RTX	New	RAYTHEON TECHNOLOGIES ORD	$6,824,000	–	71,000	–	0.17%	–
CVX	New	CHEVRON ORD	$5,087,000	–	35,139	–	0.13%	–

Q4 2021

			Value		Shares		↓ Weighting
VTRS	Exit	VIATRIS ORD	$0	–	-71,854	–	-0.02%	–
XOM	Exit	EXXON MOBIL ORD	$0	–	-25,000	–	-0.04%	–
RTX	Exit	RAYTHEON TECHNOLOGIES ORD	$0	–	-71,000	–	-0.15%	–
PG	Exit	PROCTER & GAMBLE ORD	$0	–	-49,900	–	-0.17%	–
EL	Exit	ESTEE LAUDER CL A ORD	$0	–	-31,936	–	-0.24%	–
ENB	Exit	ENBRIDGE ORD	$0	–	-293,428	–	-0.29%	–
T	Exit	AT&T ORD	$0	–	-532,000	–	-0.35%	–
JPM	Exit	JPMORGAN CHASE ORD	$0	–	-90,000	–	-0.36%	–
PNW	Exit	PINNACLE WEST ORD	$0	–	-252,460	–	-0.45%	–
PEP	Exit	PEPSICO ORD	$0	–	-127,500	–	-0.47%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES CL A ORD	$0	–	-221,991	–	-0.51%	–
CVX	Exit	CHEVRON ORD	$0	–	-224,000	–	-0.56%	–
HAS	Exit	HASBRO ORD	$0	–	-260,600	–	-0.57%	–
PFE	Exit	PFIZER ORD	$0	–	-579,100	–	-0.61%	–
VZ	Exit	VERIZON COMMUNICATIONS ORD	$0	–	-486,700	–	-0.64%	–
ABT	Exit	ABBOTT LABORATORIES ORD	$0	–	-237,800	–	-0.69%	–
DUK	Exit	DUKE ENERGY ORD	$0	–	-310,000	–	-0.74%	–
JNJ	Exit	JOHNSON & JOHNSON ORD	$0	–	-201,000	–	-0.80%	–
AVB	Exit	AVALONBAY COMMUNITIES REIT ORD	$0	–	-153,400	–	-0.84%	–
APD	Exit	AIR PRODUCTS AND CHEMICALS ORD	$0	–	-132,900	–	-0.84%	–
BLK	Exit	BLACKROCK ORD	$0	–	-42,500	–	-0.88%	–
MMM	Exit	3M ORD	$0	–	-211,000	–	-0.91%	–
USB	Exit	US BANCORP ORD	$0	–	-632,500	–	-0.92%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES ORD	$0	–	-277,700	–	-0.95%	–
CMCSA	Exit	COMCAST CL A ORD	$0	–	-776,650	–	-1.07%	–
ADP	Exit	AUTOMATIC DATA PROCESSING ORD	$0	–	-232,750	–	-1.14%	–
VLO	Exit	VALERO ENERGY ORD	$0	–	-746,540	–	-1.29%	–
AMT	Exit	AMERICAN TOWER REIT	$0	–	-201,619	–	-1.31%	–
TJX	Exit	TJX ORD	$0	–	-866,500	–	-1.40%	–
ABBV	Exit	ABBVIE ORD	$0	–	-566,800	–	-1.50%	–
CB	Exit	CHUBB ORD	$0	–	-362,902	–	-1.55%	–
RPM	Exit	RPM ORD	$0	–	-824,725	–	-1.57%	–
SNA	Exit	SNAP ON ORD	$0	–	-336,764	–	-1.73%	–
ADI	Exit	ANALOG DEVICES ORD	$0	–	-430,870	–	-1.77%	–
PLD	Exit	PROLOGIS REIT	$0	–	-590,000	–	-1.82%	–
VFC	Exit	VF ORD	$0	–	-1,164,630	–	-1.92%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL CL A ORD	$0	–	-1,448,000	–	-2.07%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP ORD	$0	–	-543,000	–	-2.61%	–
MCD	Exit	MCDONALD'S ORD	$0	–	-447,638	–	-2.65%	–
BAX	Exit	BAXTER INTERNATIONAL ORD	$0	–	-1,370,648	–	-2.71%	–
ACN	Exit	ACCENTURE CL A ORD	$0	–	-345,000	–	-2.71%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL ORD	$0	–	-1,266,562	–	-2.95%	–
QCOM	Exit	QUALCOMM ORD	$0	–	-957,500	–	-3.03%	–
DOV	Exit	DOVER ORD	$0	–	-796,800	–	-3.04%	–
AVGO	Exit	BROADCOM ORD	$0	–	-268,300	–	-3.20%	–
CSCO	Exit	CISCO SYSTEMS ORD	$0	–	-2,546,500	–	-3.40%	–
HD	Exit	HOME DEPOT ORD	$0	–	-426,054	–	-3.43%	–
NSC	Exit	NORFOLK SOUTHERN ORD	$0	–	-587,687	–	-3.45%	–
HON	Exit	HONEYWELL INTERNATIONAL ORD	$0	–	-837,500	–	-4.37%	–
UNH	Exit	UNITEDHEALTH GRP ORD	$0	–	-468,822	–	-4.50%	–
CME	Exit	CME GROUP CL A ORD	$0	–	-1,002,000	–	-4.76%	–
MSFT	Exit	MICROSOFT ORD	$0	–	-925,000	–	-6.40%	–
AAPL	Exit	APPLE ORD	$0	–	-3,931,000	–	-13.66%	–

Q3 2021

			Value		Shares		↓ Weighting
HD	Buy	HOME DEPOT ORD	$139,856,000	+3.8%	426,054	+0.8%	3.43%	+4.4%
BAX	Buy	BAXTER INTERNATIONAL ORD	$110,241,000	+1.8%	1,370,648	+1.9%	2.71%	+2.4%
VFC	Buy	VF ORD	$78,019,000	-16.2%	1,164,630	+2.6%	1.92%	-15.7%
SNA	Buy	SNAP ON ORD	$70,367,000	-3.9%	336,764	+2.7%	1.73%	-3.4%
ABBV	Buy	ABBVIE ORD	$61,141,000	+0.7%	566,800	+5.2%	1.50%	+1.3%
CMCSA	Buy	COMCAST CL A ORD	$43,438,000	+7.8%	776,650	+9.9%	1.07%	+8.4%
USB	Buy	US BANCORP ORD	$37,596,000	+59.0%	632,500	+52.4%	0.92%	+60.0%
APD	Buy	AIR PRODUCTS AND CHEMICALS ORD	$34,037,000	-5.6%	132,900	+6.0%	0.84%	-5.1%
PNW	Buy	PINNACLE WEST ORD	$18,268,000	+2.5%	252,460	+16.1%	0.45%	+3.2%
EL	Buy	ESTEE LAUDER CL A ORD	$9,579,000	+653.1%	31,936	+698.4%	0.24%	+658.1%

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	APPLE ORD	$538,390,000	–	3,931,000	–	13.15%	–
MSFT	New	MICROSOFT ORD	$250,583,000	–	925,000	–	6.12%	–
CME	New	CME GROUP CL A ORD	$213,105,000	–	1,002,000	–	5.20%	–
UNH	New	UNITEDHEALTH GRP ORD	$187,735,000	–	468,822	–	4.58%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$183,706,000	–	837,500	–	4.49%	–
NSC	New	NORFOLK SOUTHERN ORD	$155,978,000	–	587,687	–	3.81%	–
QCOM	New	QUALCOMM ORD	$136,855,000	–	957,500	–	3.34%	–
CSCO	New	CISCO SYSTEMS ORD	$134,965,000	–	2,546,500	–	3.30%	–
HD	New	HOME DEPOT ORD	$134,748,000	–	422,554	–	3.29%	–
AVGO	New	BROADCOM ORD	$127,936,000	–	268,300	–	3.12%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$125,529,000	–	1,266,562	–	3.06%	–
DOV	New	DOVER ORD	$119,998,000	–	796,800	–	2.93%	–
BAX	New	BAXTER INTERNATIONAL ORD	$108,244,000	–	1,344,648	–	2.64%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$103,583,000	–	543,000	–	2.53%	–
MCD	New	MCDONALD'S ORD	$103,400,000	–	447,638	–	2.52%	–
ACN	New	ACCENTURE CL A ORD	$101,703,000	–	345,000	–	2.48%	–
VFC	New	VF ORD	$93,085,000	–	1,134,630	–	2.27%	–
MDLZ	New	MONDELEZ INTERNATIONAL CL A ORD	$90,413,000	–	1,448,000	–	2.21%	–
ADI	New	ANALOG DEVICES ORD	$74,179,000	–	430,870	–	1.81%	–
SNA	New	SNAP ON ORD	$73,232,000	–	327,764	–	1.79%	–
RPM	New	RPM ORD	$73,137,000	–	824,725	–	1.79%	–
PLD	New	PROLOGIS REIT	$70,523,000	–	590,000	–	1.72%	–
ABBV	New	ABBVIE ORD	$60,690,000	–	538,800	–	1.48%	–
TJX	New	TJX ORD	$58,419,000	–	866,500	–	1.43%	–
VLO	New	VALERO ENERGY ORD	$58,290,000	–	746,540	–	1.42%	–
CB	New	CHUBB ORD	$57,680,000	–	362,902	–	1.41%	–
AMT	New	AMERICAN TOWER REIT	$54,465,000	–	201,619	–	1.33%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$46,229,000	–	232,750	–	1.13%	–
MMM	New	3M ORD	$41,911,000	–	211,000	–	1.02%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES ORD	$40,708,000	–	277,700	–	0.99%	–
CMCSA	New	COMCAST CL A ORD	$40,293,000	–	706,650	–	0.98%	–
BLK	New	BLACKROCK ORD	$37,186,000	–	42,500	–	0.91%	–
APD	New	AIR PRODUCTS AND CHEMICALS ORD	$36,075,000	–	125,400	–	0.88%	–
JNJ	New	JOHNSON & JOHNSON ORD	$33,113,000	–	201,000	–	0.81%	–
AVB	New	AVALONBAY COMMUNITIES REIT ORD	$32,013,000	–	153,400	–	0.78%	–
DUK	New	DUKE ENERGY ORD	$30,603,000	–	310,000	–	0.75%	–
ABT	New	ABBOTT LABORATORIES ORD	$27,568,000	–	237,800	–	0.67%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$27,270,000	–	486,700	–	0.67%	–
HAS	New	HASBRO ORD	$24,632,000	–	260,600	–	0.60%	–
USB	New	US BANCORP ORD	$23,643,000	–	415,000	–	0.58%	–
CVX	New	CHEVRON ORD	$23,462,000	–	224,000	–	0.57%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$22,836,000	–	221,991	–	0.56%	–
PFE	New	PFIZER ORD	$22,678,000	–	579,100	–	0.55%	–
PEP	New	PEPSICO ORD	$18,892,000	–	127,500	–	0.46%	–
PNW	New	PINNACLE WEST ORD	$17,825,000	–	217,460	–	0.44%	–
T	New	AT&T ORD	$15,311,000	–	532,000	–	0.37%	–
JPM	New	JPMORGAN CHASE ORD	$13,999,000	–	90,000	–	0.34%	–
ENB	New	ENBRIDGE ORD	$11,749,000	–	293,428	–	0.29%	–
PG	New	PROCTER & GAMBLE ORD	$6,733,000	–	49,900	–	0.16%	–
RTX	New	RAYTHEON TECHNOLOGIES ORD	$6,057,000	–	71,000	–	0.15%	–
XOM	New	EXXON MOBIL ORD	$1,577,000	–	25,000	–	0.04%	–
EL	New	ESTEE LAUDER CL A ORD	$1,272,000	–	4,000	–	0.03%	–
VTRS	New	VIATRIS ORD	$1,027,000	–	71,854	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
XOM	Exit	EXXON MOBIL ORD	$0	–	-25,000	–	-0.03%	–
RTX	Exit	RAYTHEON TECHNOLOGIES ORD	$0	–	-47,000	–	-0.08%	–
PG	Exit	PROCTER & GAMBLE ORD	$0	–	-49,900	–	-0.21%	–
ENB	Exit	ENBRIDGE ORD	$0	–	-293,428	–	-0.26%	–
JPM	Exit	JPMORGAN CHASE ORD	$0	–	-90,000	–	-0.26%	–
PNW	Exit	PINNACLE WEST ORD	$0	–	-193,460	–	-0.44%	–
USB	Exit	US BANCORP ORD	$0	–	-415,000	–	-0.45%	–
T	Exit	AT&T ORD	$0	–	-532,000	–	-0.46%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES CL A ORD	$0	–	-221,991	–	-0.48%	–
CVX	Exit	CHEVRON ORD	$0	–	-224,000	–	-0.49%	–
PEP	Exit	PEPSICO ORD	$0	–	-127,500	–	-0.54%	–
PFE	Exit	PFIZER ORD	$0	–	-579,100	–	-0.65%	–
HAS	Exit	HASBRO ORD	$0	–	-273,600	–	-0.69%	–
BLK	Exit	BLACKROCK ORD	$0	–	-42,500	–	-0.73%	–
ABT	Exit	ABBOTT LABORATORIES ORD	$0	–	-237,800	–	-0.79%	–
DIS	Exit	WALT DISNEY ORD	$0	–	-210,000	–	-0.79%	–
DUK	Exit	DUKE ENERGY ORD	$0	–	-310,000	–	-0.84%	–
VZ	Exit	VERIZON COMMUNICATIONS ORD	$0	–	-486,700	–	-0.88%	–
JNJ	Exit	JOHNSON & JOHNSON ORD	$0	–	-201,000	–	-0.91%	–
CMCSA	Exit	COMCAST CL A ORD	$0	–	-661,650	–	-0.93%	–
VLO	Exit	VALERO ENERGY ORD	$0	–	-721,540	–	-0.95%	–
ADP	Exit	AUTOMATIC DATA PROCESSING ORD	$0	–	-232,750	–	-0.99%	–
APD	Exit	AIR PRODUCTS AND CHEMICALS ORD	$0	–	-113,400	–	-1.03%	–
MMM	Exit	3M ORD	$0	–	-211,000	–	-1.03%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES ORD	$0	–	-277,700	–	-1.03%	–
ABBV	Exit	ABBVIE ORD	$0	–	-426,800	–	-1.14%	–
AVB	Exit	AVALONBAY COMMUNITIES REIT ORD	$0	–	-278,950	–	-1.27%	–
CB	Exit	CHUBB ORD	$0	–	-362,902	–	-1.28%	–
SNA	Exit	SNAP ON ORD	$0	–	-318,764	–	-1.43%	–
TJX	Exit	TJX ORD	$0	–	-866,500	–	-1.47%	–
AMT	Exit	AMERICAN TOWER REIT	$0	–	-201,619	–	-1.49%	–
ADI	Exit	ANALOG DEVICES ORD	$0	–	-430,870	–	-1.53%	–
PLD	Exit	PROLOGIS REIT	$0	–	-590,000	–	-1.81%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP ORD	$0	–	-543,000	–	-1.82%	–
MDLZ	Exit	MONDELEZ INTERNATIONAL CL A ORD	$0	–	-1,048,000	–	-1.84%	–
RPM	Exit	RPM ORD	$0	–	-824,725	–	-2.08%	–
ACN	Exit	ACCENTURE CL A ORD	$0	–	-345,000	–	-2.38%	–
VFC	Exit	VF ORD	$0	–	-1,134,630	–	-2.43%	–
DOV	Exit	DOVER ORD	$0	–	-796,800	–	-2.63%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL ORD	$0	–	-1,266,562	–	-2.90%	–
AVGO	Exit	BROADCOM ORD	$0	–	-263,000	–	-2.92%	–
MCD	Exit	MCDONALD'S ORD	$0	–	-447,638	–	-3.00%	–
CSCO	Exit	CISCO SYSTEMS ORD	$0	–	-2,546,500	–	-3.06%	–
BAX	Exit	BAXTER INTERNATIONAL ORD	$0	–	-1,284,648	–	-3.15%	–
QCOM	Exit	QUALCOMM ORD	$0	–	-957,500	–	-3.44%	–
HD	Exit	HOME DEPOT ORD	$0	–	-422,554	–	-3.58%	–
NSC	Exit	NORFOLK SOUTHERN ORD	$0	–	-587,687	–	-3.83%	–
HON	Exit	HONEYWELL INTERNATIONAL ORD	$0	–	-837,500	–	-4.20%	–
UNH	Exit	UNITEDHEALTH GRP ORD	$0	–	-468,822	–	-4.46%	–
CME	Exit	CME GROUP CL A ORD	$0	–	-1,002,000	–	-5.11%	–
MSFT	Exit	MICROSOFT ORD	$0	–	-925,000	–	-5.93%	–
AAPL	Exit	APPLE ORD	$0	–	-3,931,000	–	-13.88%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE ORD	$455,249,000	+6.8%	3,931,000	+236.3%	13.88%	-3.0%
MSFT	Sell	MICROSOFT ORD	$194,555,000	+2.5%	925,000	-0.9%	5.93%	-6.9%
BAX	Buy	BAXTER INTERNATIONAL ORD	$103,311,000	+21.6%	1,284,648	+30.1%	3.15%	+10.5%
CSCO	Buy	CISCO SYSTEMS ORD	$100,307,000	-12.1%	2,546,500	+4.1%	3.06%	-20.1%
PM	Buy	PHILIP MORRIS INTERNATIONAL ORD	$94,979,000	+64.2%	1,266,562	+53.4%	2.90%	+49.2%
MDLZ	Buy	MONDELEZ INTERNATIONAL CL A ORD	$60,208,000	+29.7%	1,048,000	+15.4%	1.84%	+17.9%
ADI	Buy	ANALOG DEVICES ORD	$50,300,000	-2.2%	430,870	+2.8%	1.53%	-11.1%
SNA	Buy	SNAP ON ORD	$46,900,000	+21.9%	318,764	+14.8%	1.43%	+10.9%
CB	Buy	CHUBB ORD	$42,140,000	+26.6%	362,902	+38.0%	1.28%	+15.0%
AVB	Buy	AVALONBAY COMMUNITIES REIT ORD	$41,658,000	+46.8%	278,950	+52.0%	1.27%	+33.4%
ADP	Buy	AUTOMATIC DATA PROCESSING ORD	$32,466,000	+746.8%	232,750	+803.9%	0.99%	+667.4%
JNJ	Buy	JOHNSON & JOHNSON ORD	$29,925,000	+6.4%	201,000	+0.5%	0.91%	-3.3%
DIS	Sell	WALT DISNEY ORD	$26,057,000	-56.9%	210,000	-61.3%	0.79%	-60.8%
PFE	Buy	PFIZER ORD	$21,253,000	+52.9%	579,100	+36.2%	0.65%	+39.1%
LYB	Buy	LYONDELLBASELL INDUSTRIES CL A ORD	$15,648,000	+33.8%	221,991	+24.7%	0.48%	+21.7%
PNW	New	PINNACLE WEST ORD	$14,422,000	–	193,460	–	0.44%	–
OTIS	Exit	OTIS WORLDWIDE ORD	$0	–	-23,500	–	-0.04%	–

Q2 2020

			Value		Shares		↓ Weighting
AAPL	New	APPLE ORD	$426,451,000	–	1,169,000	–	14.30%	–
MSFT	New	MICROSOFT ORD	$189,865,000	–	932,950	–	6.37%	–
CME	New	CME GROUP CL A ORD	$162,865,000	–	1,002,000	–	5.46%	–
UNH	New	UNITEDHEALTH GRP ORD	$138,279,000	–	468,822	–	4.64%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$121,094,000	–	837,500	–	4.06%	–
CSCO	New	CISCO SYSTEMS ORD	$114,105,000	–	2,446,500	–	3.83%	–
HD	New	HOME DEPOT ORD	$105,854,000	–	422,554	–	3.55%	–
NSC	New	NORFOLK SOUTHERN ORD	$103,180,000	–	587,687	–	3.46%	–
QCOM	New	QUALCOMM ORD	$87,334,000	–	957,500	–	2.93%	–
BAX	New	BAXTER INTERNATIONAL ORD	$84,993,000	–	987,148	–	2.85%	–
AVGO	New	BROADCOM ORD	$83,005,000	–	263,000	–	2.78%	–
MCD	New	MCDONALD'S ORD	$82,576,000	–	447,638	–	2.77%	–
DOV	New	DOVER ORD	$76,939,000	–	796,800	–	2.58%	–
ACN	New	ACCENTURE CL A ORD	$74,078,000	–	345,000	–	2.48%	–
VFC	New	VF ORD	$69,144,000	–	1,134,630	–	2.32%	–
RPM	New	RPM ORD	$61,904,000	–	824,725	–	2.08%	–
DIS	New	WALT DISNEY ORD	$60,438,000	–	542,000	–	2.03%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$57,839,000	–	825,562	–	1.94%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$57,129,000	–	543,000	–	1.92%	–
PLD	New	PROLOGIS REIT	$55,065,000	–	590,000	–	1.85%	–
AMT	New	AMERICAN TOWER REIT	$52,127,000	–	201,619	–	1.75%	–
ADI	New	ANALOG DEVICES ORD	$51,419,000	–	419,270	–	1.72%	–
MDLZ	New	MONDELEZ INTERNATIONAL CL A ORD	$46,426,000	–	908,000	–	1.56%	–
TJX	New	TJX ORD	$43,810,000	–	866,500	–	1.47%	–
VLO	New	VALERO ENERGY ORD	$42,441,000	–	721,540	–	1.42%	–
ABBV	New	ABBVIE ORD	$41,903,000	–	426,800	–	1.40%	–
SNA	New	SNAP ON ORD	$38,473,000	–	277,764	–	1.29%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES ORD	$33,538,000	–	277,700	–	1.12%	–
CB	New	CHUBB ORD	$33,289,000	–	262,902	–	1.12%	–
MMM	New	3M ORD	$32,914,000	–	211,000	–	1.10%	–
AVB	New	AVALONBAY COMMUNITIES REIT ORD	$28,384,000	–	183,550	–	0.95%	–
JNJ	New	JOHNSON & JOHNSON ORD	$28,126,000	–	200,000	–	0.94%	–
APD	New	AIR PRODUCTS AND CHEMICALS ORD	$27,382,000	–	113,400	–	0.92%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$26,832,000	–	486,700	–	0.90%	–
CMCSA	New	COMCAST CL A ORD	$25,791,000	–	661,650	–	0.86%	–
DUK	New	DUKE ENERGY ORD	$24,766,000	–	310,000	–	0.83%	–
BLK	New	BLACKROCK ORD	$23,124,000	–	42,500	–	0.78%	–
ABT	New	ABBOTT LABORATORIES ORD	$21,742,000	–	237,800	–	0.73%	–
HAS	New	HASBRO ORD	$20,506,000	–	273,600	–	0.69%	–
CVX	New	CHEVRON ORD	$19,988,000	–	224,000	–	0.67%	–
PEP	New	PEPSICO ORD	$16,863,000	–	127,500	–	0.57%	–
T	New	AT&T ORD	$16,082,000	–	532,000	–	0.54%	–
USB	New	US BANCORP ORD	$15,280,000	–	415,000	–	0.51%	–
PFE	New	PFIZER ORD	$13,901,000	–	425,100	–	0.47%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$11,698,000	–	177,991	–	0.39%	–
ENB	New	ENBRIDGE ORD	$8,926,000	–	293,428	–	0.30%	–
JPM	New	JPMORGAN CHASE ORD	$8,465,000	–	90,000	–	0.28%	–
PG	New	PROCTER & GAMBLE ORD	$5,967,000	–	49,900	–	0.20%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$3,834,000	–	25,750	–	0.13%	–
RTX	New	RAYTHEON TECHNOLOGIES ORD	$2,896,000	–	47,000	–	0.10%	–
OTIS	New	OTIS WORLDWIDE ORD	$1,336,000	–	23,500	–	0.04%	–
XOM	New	EXXON MOBIL ORD	$1,118,000	–	25,000	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
XOM	Exit	EXXON MOBIL ORD	$0	–	-25,000	–	-0.06%	–
UTX	Exit	UNITED TECHNOLOGIES ORD	$0	–	-21,000	–	-0.10%	–
ADP	Exit	AUTOMATIC DATA PROCESSING ORD	$0	–	-25,750	–	-0.15%	–
PG	Exit	PROCTER & GAMBLE ORD	$0	–	-49,900	–	-0.22%	–
ENB	Exit	ENBRIDGE ORD	$0	–	-293,428	–	-0.37%	–
JPM	Exit	JPMORGAN CHASE ORD	$0	–	-90,000	–	-0.38%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES CL A ORD	$0	–	-128,991	–	-0.41%	–
PFE	Exit	PFIZER ORD	$0	–	-425,100	–	-0.54%	–
PEP	Exit	PEPSICO ORD	$0	–	-119,500	–	-0.58%	–
BLK	Exit	BLACKROCK ORD	$0	–	-42,500	–	-0.68%	–
ABT	Exit	ABBOTT LABORATORIES ORD	$0	–	-237,800	–	-0.71%	–
T	Exit	AT&T ORD	$0	–	-532,000	–	-0.72%	–
USB	Exit	US BANCORP ORD	$0	–	-415,000	–	-0.82%	–
APD	Exit	AIR PRODUCTS AND CHEMICALS ORD	$0	–	-113,400	–	-0.90%	–
EL	Exit	ESTEE LAUDER CL A ORD	$0	–	-129,405	–	-0.92%	–
JNJ	Exit	JOHNSON & JOHNSON ORD	$0	–	-200,000	–	-0.92%	–
CVX	Exit	CHEVRON ORD	$0	–	-224,000	–	-0.95%	–
AVB	Exit	AVALONBAY COMMUNITIES REIT ORD	$0	–	-135,550	–	-1.04%	–
VZ	Exit	VERIZON COMMUNICATIONS ORD	$0	–	-486,700	–	-1.05%	–
DUK	Exit	DUKE ENERGY ORD	$0	–	-310,000	–	-1.06%	–
SNA	Exit	SNAP ON ORD	$0	–	-190,000	–	-1.06%	–
ABBV	Exit	ABBVIE ORD	$0	–	-426,800	–	-1.15%	–
HAS	Exit	HASBRO ORD	$0	–	-273,600	–	-1.16%	–
MMM	Exit	3M ORD	$0	–	-211,000	–	-1.24%	–
CB	Exit	CHUBB ORD	$0	–	-242,902	–	-1.40%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES ORD	$0	–	-277,700	–	-1.44%	–
TJX	Exit	TJX ORD	$0	–	-800,000	–	-1.59%	–
AMT	Exit	AMERICAN TOWER REIT	$0	–	-201,619	–	-1.59%	–
ADI	Exit	ANALOG DEVICES ORD	$0	–	-419,270	–	-1.67%	–
PLD	Exit	PROLOGIS REIT	$0	–	-590,000	–	-1.79%	–
RPM	Exit	RPM ORD	$0	–	-824,725	–	-2.02%	–
VLO	Exit	VALERO ENERGY ORD	$0	–	-721,540	–	-2.19%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL ORD	$0	–	-825,562	–	-2.24%	–
ACN	Exit	ACCENTURE CL A ORD	$0	–	-345,000	–	-2.37%	–
AVGO	Exit	BROADCOM ORD	$0	–	-241,500	–	-2.38%	–
DIS	Exit	WALT DISNEY ORD	$0	–	-542,000	–	-2.52%	–
QCOM	Exit	QUALCOMM ORD	$0	–	-957,500	–	-2.61%	–
GILD	Exit	GILEAD SCIENCES ORD	$0	–	-1,158,419	–	-2.62%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP ORD	$0	–	-543,000	–	-2.72%	–
DOV	Exit	DOVER ORD	$0	–	-796,800	–	-2.83%	–
MCD	Exit	MCDONALD'S ORD	$0	–	-447,638	–	-3.43%	–
HD	Exit	HOME DEPOT ORD	$0	–	-422,554	–	-3.50%	–
VFC	Exit	VF ORD	$0	–	-1,134,630	–	-3.60%	–
UNH	Exit	UNITEDHEALTH GRP ORD	$0	–	-468,822	–	-3.64%	–
NSC	Exit	NORFOLK SOUTHERN ORD	$0	–	-587,687	–	-3.77%	–
CSCO	Exit	CISCO SYSTEMS ORD	$0	–	-2,446,500	–	-4.31%	–
MSFT	Exit	MICROSOFT ORD	$0	–	-932,950	–	-4.63%	–
HON	Exit	HONEYWELL INTERNATIONAL ORD	$0	–	-837,500	–	-5.06%	–
CME	Exit	CME GROUP CL A ORD	$0	–	-1,002,000	–	-7.56%	–
AAPL	Exit	APPLE ORD	$0	–	-1,169,000	–	-9.34%	–

Q3 2019

			Value		Shares		↓ Weighting
CSCO	Buy	CISCO SYSTEMS ORD	$120,882,000	-7.4%	2,446,500	+2.6%	4.31%	-9.8%
AVGO	Buy	BROADCOM ORD	$66,671,000	-1.0%	241,500	+3.2%	2.38%	-3.6%
ABBV	Buy	ABBVIE ORD	$32,317,000	+12.0%	426,800	+7.6%	1.15%	+9.1%
SNA	Buy	SNAP ON ORD	$29,743,000	+87.1%	190,000	+97.9%	1.06%	+82.3%
AVB	Buy	AVALONBAY COMMUNITIES REIT ORD	$29,188,000	+151.1%	135,550	+137.0%	1.04%	+144.4%
EL	Buy	ESTEE LAUDER CL A ORD	$25,745,000	+95.3%	129,405	+79.7%	0.92%	+90.3%
PSA	Exit	PUBLIC STORAGE REIT ORD	$0	–	-77,000	–	-0.67%	–

Q2 2019

			Value		Shares		↓ Weighting
AAPL	New	APPLE ORD	$231,368,000	–	1,169,000	–	8.47%	–
CME	New	CME GROUP CL A ORD	$194,498,000	–	1,002,000	–	7.12%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$146,219,000	–	837,500	–	5.36%	–
CSCO	New	CISCO SYSTEMS ORD	$130,504,000	–	2,384,500	–	4.78%	–
MSFT	New	MICROSOFT ORD	$124,978,000	–	932,950	–	4.58%	–
NSC	New	NORFOLK SOUTHERN ORD	$117,144,000	–	587,687	–	4.29%	–
UNH	New	UNITEDHEALTH GRP ORD	$114,397,000	–	468,822	–	4.19%	–
VFC	New	VF ORD	$99,110,000	–	1,134,630	–	3.63%	–
MCD	New	MCDONALD'S ORD	$92,957,000	–	447,638	–	3.40%	–
HD	New	HOME DEPOT ORD	$87,879,000	–	422,554	–	3.22%	–
DOV	New	DOVER ORD	$79,839,000	–	796,800	–	2.92%	–
GILD	New	GILEAD SCIENCES ORD	$78,263,000	–	1,158,419	–	2.87%	–
DIS	New	WALT DISNEY ORD	$75,685,000	–	542,000	–	2.77%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$74,543,000	–	543,000	–	2.73%	–
QCOM	New	QUALCOMM ORD	$72,837,000	–	957,500	–	2.67%	–
AVGO	New	BROADCOM ORD	$67,359,000	–	234,000	–	2.47%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$64,831,000	–	825,562	–	2.38%	–
ACN	New	ACCENTURE CL A ORD	$63,746,000	–	345,000	–	2.34%	–
VLO	New	VALERO ENERGY ORD	$61,771,000	–	721,540	–	2.26%	–
RPM	New	RPM ORD	$50,399,000	–	824,725	–	1.85%	–
ADI	New	ANALOG DEVICES ORD	$47,323,000	–	419,270	–	1.73%	–
PLD	New	PROLOGIS REIT	$47,259,000	–	590,000	–	1.73%	–
TJX	New	TJX ORD	$42,304,000	–	800,000	–	1.55%	–
AMT	New	AMERICAN TOWER REIT	$41,221,000	–	201,619	–	1.51%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES ORD	$38,295,000	–	277,700	–	1.40%	–
MMM	New	3M ORD	$36,575,000	–	211,000	–	1.34%	–
CB	New	CHUBB ORD	$35,777,000	–	242,902	–	1.31%	–
HAS	New	HASBRO ORD	$28,914,000	–	273,600	–	1.06%	–
ABBV	New	ABBVIE ORD	$28,855,000	–	396,800	–	1.06%	–
CVX	New	CHEVRON ORD	$27,875,000	–	224,000	–	1.02%	–
JNJ	New	JOHNSON & JOHNSON ORD	$27,856,000	–	200,000	–	1.02%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$27,805,000	–	486,700	–	1.02%	–
DUK	New	DUKE ENERGY ORD	$27,354,000	–	310,000	–	1.00%	–
APD	New	AIR PRODUCTS AND CHEMICALS ORD	$25,670,000	–	113,400	–	0.94%	–
USB	New	US BANCORP ORD	$21,746,000	–	415,000	–	0.80%	–
ABT	New	ABBOTT LABORATORIES ORD	$19,999,000	–	237,800	–	0.73%	–
BLK	New	BLACKROCK ORD	$19,945,000	–	42,500	–	0.73%	–
PFE	New	PFIZER ORD	$18,415,000	–	425,100	–	0.67%	–
PSA	New	PUBLIC STORAGE REIT ORD	$18,339,000	–	77,000	–	0.67%	–
T	New	AT&T ORD	$17,827,000	–	532,000	–	0.65%	–
SNA	New	SNAP ON ORD	$15,901,000	–	96,000	–	0.58%	–
PEP	New	PEPSICO ORD	$15,670,000	–	119,500	–	0.57%	–
EL	New	ESTEE LAUDER CL A ORD	$13,184,000	–	72,000	–	0.48%	–
AVB	New	AVALONBAY COMMUNITIES REIT ORD	$11,622,000	–	57,200	–	0.43%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$11,110,000	–	128,991	–	0.41%	–
ENB	New	ENBRIDGE ORD	$10,587,000	–	293,428	–	0.39%	–
JPM	New	JPMORGAN CHASE ORD	$10,062,000	–	90,000	–	0.37%	–
PG	New	PROCTER & GAMBLE ORD	$5,472,000	–	49,900	–	0.20%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$4,257,000	–	25,750	–	0.16%	–
UTX	New	UNITED TECHNOLOGIES ORD	$2,734,000	–	21,000	–	0.10%	–
XOM	New	EXXON MOBIL ORD	$1,916,000	–	25,000	–	0.07%	–

Q4 2018

			Value		Shares		↓ Weighting
CMI	Exit	CUMMINS ORD	$0	–	-17,000	–	-0.10%	–
UTX	Exit	UNITED TECHNOLOGIES ORD	$0	–	-21,000	–	-0.11%	–
ADP	Exit	AUTOMATIC DATA PROCESSING ORD	$0	–	-25,750	–	-0.15%	–
PG	Exit	PROCTER & GAMBLE ORD	$0	–	-49,900	–	-0.16%	–
JPM	Exit	JPMORGAN CHASE ORD	$0	–	-60,000	–	-0.26%	–
USB	Exit	US BANCORP ORD	$0	–	-135,000	–	-0.28%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES CL A ORD	$0	–	-84,991	–	-0.34%	–
ENB	Exit	ENBRIDGE ORD	$0	–	-293,428	–	-0.37%	–
PEP	Exit	PEPSICO ORD	$0	–	-119,500	–	-0.52%	–
BLK	Exit	BLACKROCK ORD	$0	–	-35,000	–	-0.64%	–
PFE	Exit	PFIZER ORD	$0	–	-394,000	–	-0.68%	–
ABT	Exit	ABBOTT LABORATORIES ORD	$0	–	-237,800	–	-0.68%	–
PSA	Exit	PUBLIC STORAGE REIT ORD	$0	–	-88,642	–	-0.70%	–
T	Exit	AT&T ORD	$0	–	-532,000	–	-0.70%	–
PX	Exit	PRAXAIR ORD	$0	–	-113,000	–	-0.71%	–
TJX	Exit	TJX ORD	$0	–	-195,000	–	-0.85%	–
CVX	Exit	CHEVRON ORD	$0	–	-199,000	–	-0.95%	–
DUK	Exit	DUKE ENERGY ORD	$0	–	-310,000	–	-0.96%	–
VZ	Exit	VERIZON COMMUNICATIONS ORD	$0	–	-486,700	–	-1.01%	–
JNJ	Exit	JOHNSON & JOHNSON ORD	$0	–	-200,000	–	-1.08%	–
AMT	Exit	AMERICAN TOWER REIT	$0	–	-194,119	–	-1.10%	–
HAS	Exit	HASBRO ORD	$0	–	-273,600	–	-1.12%	–
ABBV	Exit	ABBVIE ORD	$0	–	-341,800	–	-1.26%	–
CB	Exit	CHUBB ORD	$0	–	-242,902	–	-1.26%	–
ADI	Exit	ANALOG DEVICES ORD	$0	–	-419,270	–	-1.51%	–
MMM	Exit	3M ORD	$0	–	-189,000	–	-1.55%	–
PLD	Exit	PROLOGIS REIT	$0	–	-590,000	–	-1.56%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHINES ORD	$0	–	-277,700	–	-1.63%	–
VLO	Exit	VALERO ENERGY ORD	$0	–	-452,540	–	-2.00%	–
RPM	Exit	RPM ORD	$0	–	-824,725	–	-2.08%	–
AVGO	Exit	BROADCOM ORD	$0	–	-227,900	–	-2.19%	–
ACN	Exit	ACCENTURE CL A ORD	$0	–	-345,000	–	-2.28%	–
DIS	Exit	WALT DISNEY ORD	$0	–	-542,000	–	-2.47%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP ORD	$0	–	-473,000	–	-2.51%	–
QCOM	Exit	QUALCOMM ORD	$0	–	-912,500	–	-2.56%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL ORD	$0	–	-825,562	–	-2.62%	–
DOV	Exit	DOVER ORD	$0	–	-796,800	–	-2.74%	–
GILD	Exit	GILEAD SCIENCES ORD	$0	–	-938,419	–	-2.82%	–
MCD	Exit	MCDONALD'S ORD	$0	–	-447,638	–	-2.91%	–
HD	Exit	HOME DEPOT ORD	$0	–	-362,554	–	-2.92%	–
PII	Exit	POLARIS INDUSTRIES ORD	$0	–	-780,000	–	-3.06%	–
VFC	Exit	VF ORD	$0	–	-1,134,630	–	-4.12%	–
NSC	Exit	NORFOLK SOUTHERN ORD	$0	–	-587,687	–	-4.13%	–
MSFT	Exit	MICROSOFT ORD	$0	–	-932,950	–	-4.15%	–
CSCO	Exit	CISCO SYSTEMS ORD	$0	–	-2,384,500	–	-4.51%	–
UNH	Exit	UNITEDHEALTH GRP ORD	$0	–	-468,822	–	-4.85%	–
HON	Exit	HONEYWELL INTERNATIONAL ORD	$0	–	-947,500	–	-6.13%	–
CME	Exit	CME GROUP CL A ORD	$0	–	-975,000	–	-6.46%	–
AAPL	Exit	APPLE ORD	$0	–	-1,169,000	–	-10.27%	–

Q3 2018

			Value		Shares		↓ Weighting
HD	Buy	HOME DEPOT ORD	$75,103,000	+14.0%	362,554	+7.4%	2.92%	+4.4%
AVGO	Buy	BROADCOM ORD	$56,230,000	+24.7%	227,900	+22.6%	2.19%	+14.1%
PLD	Buy	PROLOGIS REIT	$39,996,000	+189.9%	590,000	+181.0%	1.56%	+165.5%
AMT	Buy	AMERICAN TOWER REIT	$28,205,000	+132.6%	194,119	+130.8%	1.10%	+113.0%
TJX	New	TJX ORD	$21,844,000	–	195,000	–	0.85%	–
APY	Exit	APERGY CORPORATION	$0	–	-147,115	–	-0.26%	–
GPC	Exit	GENUINE PARTS ORD	$0	–	-673,000	–	-2.62%	–

Q2 2018

			Value		Shares		↓ Weighting
AAPL	New	APPLE ORD	$216,394,000	–	1,169,000	–	9.19%	–
CME	New	CME GROUP CL A ORD	$159,822,000	–	975,000	–	6.79%	–
HON	New	HONEYWELL INTERNATIONAL ORD	$136,487,000	–	947,500	–	5.80%	–
UNH	New	UNITEDHEALTH GRP ORD	$115,021,000	–	468,822	–	4.89%	–
CSCO	New	CISCO SYSTEMS ORD	$102,605,000	–	2,384,500	–	4.36%	–
PII	New	POLARIS INDUSTRIES ORD	$95,300,000	–	780,000	–	4.05%	–
VFC	New	VF ORD	$92,495,000	–	1,134,630	–	3.93%	–
MSFT	New	MICROSOFT ORD	$91,998,000	–	932,950	–	3.91%	–
NSC	New	NORFOLK SOUTHERN ORD	$88,664,000	–	587,687	–	3.77%	–
MCD	New	MCDONALD'S ORD	$70,140,000	–	447,638	–	2.98%	–
PM	New	PHILIP MORRIS INTERNATIONAL ORD	$66,656,000	–	825,562	–	2.83%	–
GILD	New	GILEAD SCIENCES ORD	$66,478,000	–	938,419	–	2.82%	–
HD	New	HOME DEPOT ORD	$65,857,000	–	337,554	–	2.80%	–
PNC	New	PNC FINANCIAL SERVICES GROUP ORD	$63,902,000	–	473,000	–	2.72%	–
GPC	New	GENUINE PARTS ORD	$61,775,000	–	673,000	–	2.62%	–
DOV	New	DOVER ORD	$58,326,000	–	796,800	–	2.48%	–
DIS	New	WALT DISNEY ORD	$56,807,000	–	542,000	–	2.41%	–
ACN	New	ACCENTURE CL A ORD	$56,439,000	–	345,000	–	2.40%	–
QCOM	New	QUALCOMM ORD	$51,210,000	–	912,500	–	2.18%	–
VLO	New	VALERO ENERGY ORD	$50,155,000	–	452,540	–	2.13%	–
RPM	New	RPM ORD	$48,098,000	–	824,725	–	2.04%	–
AVGO	New	BROADCOM ORD	$45,107,000	–	185,900	–	1.92%	–
ADI	New	ANALOG DEVICES ORD	$40,216,000	–	419,270	–	1.71%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES ORD	$38,795,000	–	277,700	–	1.65%	–
MMM	New	3M ORD	$37,180,000	–	189,000	–	1.58%	–
ABBV	New	ABBVIE ORD	$31,668,000	–	341,800	–	1.35%	–
CB	New	CHUBB ORD	$30,853,000	–	242,902	–	1.31%	–
HAS	New	HASBRO ORD	$25,256,000	–	273,600	–	1.07%	–
CVX	New	CHEVRON ORD	$25,160,000	–	199,000	–	1.07%	–
DUK	New	DUKE ENERGY ORD	$24,515,000	–	310,000	–	1.04%	–
VZ	New	VERIZON COMMUNICATIONS ORD	$24,486,000	–	486,700	–	1.04%	–
JNJ	New	JOHNSON & JOHNSON ORD	$24,268,000	–	200,000	–	1.03%	–
PSA	New	PUBLIC STORAGE REIT ORD	$20,109,000	–	88,642	–	0.85%	–
PX	New	PRAXAIR ORD	$17,871,000	–	113,000	–	0.76%	–
BLK	New	BLACKROCK ORD	$17,466,000	–	35,000	–	0.74%	–
T	New	AT&T ORD	$17,083,000	–	532,000	–	0.73%	–
ABT	New	ABBOTT LABORATORIES ORD	$14,503,000	–	237,800	–	0.62%	–
PFE	New	PFIZER ORD	$14,294,000	–	394,000	–	0.61%	–
PLD	New	PROLOGIS REIT	$13,795,000	–	210,000	–	0.59%	–
PEP	New	PEPSICO ORD	$13,010,000	–	119,500	–	0.55%	–
AMT	New	AMERICAN TOWER REIT	$12,127,000	–	84,119	–	0.52%	–
ENB	New	ENBRIDGE ORD	$10,472,000	–	293,428	–	0.44%	–
LYB	New	LYONDELLBASELL INDUSTRIES CL A ORD	$9,336,000	–	84,991	–	0.40%	–
USB	New	US BANCORP ORD	$6,753,000	–	135,000	–	0.29%	–
JPM	New	JPMORGAN CHASE ORD	$6,252,000	–	60,000	–	0.27%	–
APY	New	APERGY CORPORATION	$6,142,000	–	147,115	–	0.26%	–
PG	New	PROCTER & GAMBLE ORD	$3,895,000	–	49,900	–	0.16%	–
ADP	New	AUTOMATIC DATA PROCESSING ORD	$3,454,000	–	25,750	–	0.15%	–
UTX	New	UNITED TECHNOLOGIES ORD	$2,626,000	–	21,000	–	0.11%	–
CMI	New	CUMMINS ORD	$2,261,000	–	17,000	–	0.10%	–

Q4 2017

			Value		Shares		↓ Weighting
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-21,000	–	-0.11%	–
CMI	Exit	CUMMINS INC	$0	–	-17,000	–	-0.13%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-13,642	–	-0.13%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-61,382	–	-0.14%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-52,000	–	-0.20%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-49,900	–	-0.21%	–
LYB	Exit	LYONDELLBASELL	$0	–	-50,000	–	-0.22%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-60,000	–	-0.26%	–
USB	Exit	US BANCORP	$0	–	-135,000	–	-0.33%	–
ENB	Exit	ENBRIDGE INC	$0	–	-293,428	–	-0.56%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-237,800	–	-0.58%	–
PEP	Exit	PEPSICO INC	$0	–	-119,500	–	-0.60%	–
PFE	Exit	PFIZER INC	$0	–	-394,000	–	-0.64%	–
BLK	Exit	BLACKROCK INC	$0	–	-35,000	–	-0.71%	–
PX	Exit	PRAXAIR INC	$0	–	-113,000	–	-0.72%	–
T	Exit	AT&T INC	$0	–	-532,000	–	-0.95%	–
CVX	Exit	CHEVRON CORP	$0	–	-199,000	–	-1.06%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-486,700	–	-1.09%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-200,000	–	-1.18%	–
HAS	Exit	HASBRO INC	$0	–	-273,600	–	-1.21%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-351,940	–	-1.23%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-534,000	–	-1.26%	–
ABBV	Exit	ABBVIE INC	$0	–	-341,800	–	-1.38%	–
CB	Exit	CHUBB LTD	$0	–	-242,902	–	-1.57%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-419,270	–	-1.64%	–
MMM	Exit	3M CO	$0	–	-189,000	–	-1.80%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-273,900	–	-1.80%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-824,725	–	-1.92%	–
ACN	Exit	ACCENTURE PLC-CL A	$0	–	-345,000	–	-2.12%	–
QCOM	Exit	QUALCOMM INC	$0	–	-912,500	–	-2.15%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-722,500	–	-2.20%	–
HD	Exit	HOME DEPOT INC	$0	–	-308,054	–	-2.29%	–
DIS	Exit	THE WALT DISNEY CO.	$0	–	-542,000	–	-2.43%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-2,601,293	–	-2.86%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-473,000	–	-2.90%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-925,000	–	-3.13%	–
MCD	Exit	MCDONALD'S CORP	$0	–	-447,638	–	-3.19%	–
VFC	Exit	VF CORP	$0	–	-1,134,630	–	-3.28%	–
DOV	Exit	DOVER CORP	$0	–	-796,800	–	-3.31%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-938,419	–	-3.45%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-587,687	–	-3.53%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-823,000	–	-3.58%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-2,384,500	–	-3.64%	–
PII	Exit	POLARIS INDUSTRIES INC	$0	–	-780,000	–	-3.71%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-825,562	–	-4.16%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-468,822	–	-4.17%	–
CME	Exit	CME GROUP INC	$0	–	-975,000	–	-6.01%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-947,500	–	-6.10%	–
AAPL	Exit	APPLE INC	$0	–	-1,169,000	–	-8.18%	–

Q3 2017

			Value		Shares		↓ Weighting
HD	Buy	HOME DEPOT INC	$50,385,000	+11.5%	308,054	+4.6%	2.29%	+6.9%
PSA	New	PUBLIC STORAGE	$2,919,000	–	13,642	–	0.13%	–

Q2 2017

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$168,359,000	–	1,169,000	–	7.98%	–
HON	New	HONEYWELL INTERNATIONAL INC	$126,292,000	–	947,500	–	5.98%	–
CME	New	CME GROUP INC	$122,109,000	–	975,000	–	5.79%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$96,962,000	–	825,562	–	4.60%	–
UNH	New	UNITEDHEALTH GROUP INC	$86,929,000	–	468,822	–	4.12%	–
GPC	New	GENUINE PARTS CO	$76,341,000	–	823,000	–	3.62%	–
CSCO	New	CISCO SYSTEMS INC	$74,635,000	–	2,384,500	–	3.54%	–
PII	New	POLARIS INDUSTRIES INC	$71,939,000	–	780,000	–	3.41%	–
NSC	New	NORFOLK SOUTHERN CORP	$71,522,000	–	587,687	–	3.39%	–
GE	New	GENERAL ELECTRIC CO	$70,261,000	–	2,601,293	–	3.33%	–
MCD	New	MCDONALD'S CORP	$68,560,000	–	447,638	–	3.25%	–
GILD	New	GILEAD SCIENCES INC	$66,421,000	–	938,419	–	3.15%	–
VFC	New	VF CORP	$65,355,000	–	1,134,630	–	3.10%	–
DOV	New	DOVER CORP	$63,919,000	–	796,800	–	3.03%	–
MSFT	New	MICROSOFT CORP	$63,760,000	–	925,000	–	3.02%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$59,064,000	–	473,000	–	2.80%	–
DIS	New	THE WALT DISNEY CO.	$57,588,000	–	542,000	–	2.73%	–
CAH	New	CARDINAL HEALTH INC	$56,297,000	–	722,500	–	2.67%	–
QCOM	New	QUALCOMM INC	$50,388,000	–	912,500	–	2.39%	–
HD	New	HOME DEPOT INC	$45,185,000	–	294,554	–	2.14%	–
RPM	New	RPM INTERNATIONAL INC	$44,989,000	–	824,725	–	2.13%	–
ACN	New	ACCENTURE PLC-CL A	$42,670,000	–	345,000	–	2.02%	–
IBM	New	INTL BUSINESS MACHINES CORP	$42,134,000	–	273,900	–	2.00%	–
MMM	New	3M CO	$39,348,000	–	189,000	–	1.86%	–
CB	New	CHUBB LTD	$35,313,000	–	242,902	–	1.67%	–
ADI	New	ANALOG DEVICES INC	$32,619,000	–	419,270	–	1.55%	–
HAS	New	HASBRO INC	$30,509,000	–	273,600	–	1.45%	–
GIS	New	GENERAL MILLS INC	$29,584,000	–	534,000	–	1.40%	–
JNJ	New	JOHNSON & JOHNSON	$26,458,000	–	200,000	–	1.25%	–
ABBV	New	ABBVIE INC	$24,784,000	–	341,800	–	1.18%	–
VLO	New	VALERO ENERGY CORP	$23,742,000	–	351,940	–	1.12%	–
VZ	New	VERIZON COMMUNICATIONS INC	$21,736,000	–	486,700	–	1.03%	–
CVX	New	CHEVRON CORP	$20,762,000	–	199,000	–	0.98%	–
T	New	AT&T INC	$20,072,000	–	532,000	–	0.95%	–
PX	New	PRAXAIR INC	$14,978,000	–	113,000	–	0.71%	–
BLK	New	BLACKROCK INC	$14,784,000	–	35,000	–	0.70%	–
PEP	New	PEPSICO INC	$13,801,000	–	119,500	–	0.65%	–
PFE	New	PFIZER INC	$13,234,000	–	394,000	–	0.63%	–
ENB	New	ENBRIDGE INC	$11,681,000	–	293,428	–	0.55%	–
ABT	New	ABBOTT LABORATORIES	$11,559,000	–	237,800	–	0.55%	–
USB	New	US BANCORP	$7,009,000	–	135,000	–	0.33%	–
JPM	New	JP MORGAN CHASE	$5,484,000	–	60,000	–	0.26%	–
PG	New	PROCTER & GAMBLE CO/THE	$4,349,000	–	49,900	–	0.21%	–
DUK	New	DUKE ENERGY CORP	$4,347,000	–	52,000	–	0.21%	–
LYB	New	LYONDELLBASELL	$4,220,000	–	50,000	–	0.20%	–
CMI	New	CUMMINS INC	$2,758,000	–	17,000	–	0.13%	–
COP	New	CONOCOPHILLIPS	$2,698,000	–	61,382	–	0.13%	–
UTX	New	UNITED TECHNOLOGIES CORP	$2,564,000	–	21,000	–	0.12%	–

Q4 2016

			Value		Shares		↓ Weighting
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-21,000	–	-0.12%	–
CMI	Exit	CUMMINS INC	$0	–	-17,000	–	-0.12%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-60,000	–	-0.22%	–
LYB	Exit	LYONDELLBASELL	$0	–	-50,000	–	-0.22%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-52,000	–	-0.23%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-49,900	–	-0.25%	–
USB	Exit	US BANCORP	$0	–	-135,000	–	-0.32%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-237,800	–	-0.56%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-262,000	–	-0.63%	–
BLK	Exit	BLACKROCK INC	$0	–	-35,000	–	-0.70%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-298,200	–	-0.71%	–
PEP	Exit	PEPSICO INC	$0	–	-119,500	–	-0.72%	–
PFE	Exit	PFIZER INC	$0	–	-394,000	–	-0.74%	–
PX	Exit	PRAXAIR INC	$0	–	-113,000	–	-0.76%	–
CVX	Exit	CHEVRON CORP	$0	–	-199,000	–	-1.14%	–
ABBV	Exit	ABBVIE INC	$0	–	-341,800	–	-1.20%	–
T	Exit	AT&T INC	$0	–	-532,000	–	-1.20%	–
HAS	Exit	HASBRO INC	$0	–	-273,600	–	-1.20%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-287,500	–	-1.26%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-200,000	–	-1.31%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-486,700	–	-1.40%	–
PII	Exit	POLARIS INDUSTRIES INC	$0	–	-360,000	–	-1.55%	–
CB	Exit	CHUBB LTD	$0	–	-242,902	–	-1.69%	–
MMM	Exit	3M CO	$0	–	-189,000	–	-1.85%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-534,000	–	-1.89%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-220,500	–	-1.94%	–
DIS	Exit	THE WALT DISNEY CO.	$0	–	-407,000	–	-2.10%	–
ACN	Exit	ACCENTURE PLC-CL A	$0	–	-315,000	–	-2.14%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-473,000	–	-2.36%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-824,725	–	-2.46%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-595,500	–	-2.57%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-819,200	–	-2.70%	–
MCD	Exit	MCDONALD'S CORP	$0	–	-447,638	–	-2.87%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-925,000	–	-2.96%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-740,738	–	-2.96%	–
QCOM	Exit	QUALCOMM INC	$0	–	-802,500	–	-3.05%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-587,687	–	-3.17%	–
VFC	Exit	VF CORP	$0	–	-1,024,420	–	-3.19%	–
DOV	Exit	DOVER CORP	$0	–	-796,800	–	-3.26%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-468,822	–	-3.64%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-2,384,500	–	-4.20%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-2,601,293	–	-4.28%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-825,562	–	-4.46%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-823,000	–	-4.59%	–
CME	Exit	CME GROUP INC	$0	–	-975,000	–	-5.66%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-947,500	–	-6.13%	–
AAPL	Exit	APPLE INC	$0	–	-1,169,000	–	-7.34%	–

Q3 2016

			Value		Shares		↓ Weighting
CAH	Buy	CARDINAL HEALTH INC	$46,270,000	+19.1%	595,500	+19.6%	2.57%	+17.1%
DIS	Buy	THE WALT DISNEY CO.	$37,794,000	+8.2%	407,000	+14.0%	2.10%	+6.4%
GILD	Buy	GILEAD SCIENCES INC	$22,747,000	+14.8%	287,500	+21.1%	1.26%	+12.9%
LYB	Buy	LYONDELLBASELL	$4,033,000	+984.1%	50,000	+900.0%	0.22%	+966.7%
CMI	New	CUMMINS INC	$2,179,000	–	17,000	–	0.12%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-767,177	–	-0.81%	–
GAS	Exit	AGL RESOURCES INC	$0	–	-524,897	–	-1.95%	–

Q2 2016

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$111,756,000	–	1,169,000	–	6.31%	–
HON	New	HONEYWELL INTERNATIONAL INC	$110,213,000	–	947,500	–	6.22%	–
CME	New	CME GROUP INC	$94,965,000	–	975,000	–	5.36%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$83,976,000	–	825,562	–	4.74%	–
GPC	New	GENUINE PARTS CO	$83,329,000	–	823,000	–	4.70%	–
GE	New	GENERAL ELECTRIC CO	$81,889,000	–	2,601,293	–	4.62%	–
CSCO	New	CISCO SYSTEMS INC	$68,411,000	–	2,384,500	–	3.86%	–
UNH	New	UNITEDHEALTH GROUP INC	$66,198,000	–	468,822	–	3.74%	–
VFC	New	VF CORP	$62,992,000	–	1,024,420	–	3.56%	–
DOV	New	DOVER CORP	$55,234,000	–	796,800	–	3.12%	–
WMT	New	WAL-MART STORES INC	$54,089,000	–	740,738	–	3.05%	–
MCD	New	MCDONALD'S CORP	$53,869,000	–	447,638	–	3.04%	–
NSC	New	NORFOLK SOUTHERN CORP	$50,030,000	–	587,687	–	2.82%	–
MSFT	New	MICROSOFT CORP	$47,332,000	–	925,000	–	2.67%	–
QCOM	New	QUALCOMM INC	$42,990,000	–	802,500	–	2.43%	–
RPM	New	RPM INTERNATIONAL INC	$41,195,000	–	824,725	–	2.32%	–
CAH	New	CARDINAL HEALTH INC	$38,849,000	–	498,000	–	2.19%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$38,497,000	–	473,000	–	2.17%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$38,117,000	–	819,200	–	2.15%	–
GIS	New	GENERAL MILLS INC	$38,085,000	–	534,000	–	2.15%	–
ACN	New	ACCENTURE PLC-CL A	$35,686,000	–	315,000	–	2.01%	–
DIS	New	THE WALT DISNEY CO.	$34,922,000	–	357,000	–	1.97%	–
GAS	New	AGL RESOURCES INC	$34,627,000	–	524,897	–	1.95%	–
IBM	New	INTL BUSINESS MACHINES CORP	$33,467,000	–	220,500	–	1.89%	–
MMM	New	3M CO	$33,098,000	–	189,000	–	1.87%	–
CB	New	CHUBB LTD	$31,750,000	–	242,902	–	1.79%	–
PII	New	POLARIS INDUSTRIES INC	$29,434,000	–	360,000	–	1.66%	–
VZ	New	VERIZON COMMUNICATIONS INC	$27,177,000	–	486,700	–	1.53%	–
JNJ	New	JOHNSON & JOHNSON	$24,260,000	–	200,000	–	1.37%	–
T	New	AT&T INC	$22,988,000	–	532,000	–	1.30%	–
HAS	New	HASBRO INC	$22,980,000	–	273,600	–	1.30%	–
ABBV	New	ABBVIE INC	$21,161,000	–	341,800	–	1.19%	–
CVX	New	CHEVRON CORP	$20,861,000	–	199,000	–	1.18%	–
GILD	New	GILEAD SCIENCES INC	$19,812,000	–	237,500	–	1.12%	–
KMI	New	KINDER MORGAN INC	$14,362,000	–	767,177	–	0.81%	–
PFE	New	PFIZER INC	$13,873,000	–	394,000	–	0.78%	–
PX	New	PRAXAIR INC	$12,700,000	–	113,000	–	0.72%	–
PEP	New	PEPSICO INC	$12,660,000	–	119,500	–	0.71%	–
BLK	New	BLACKROCK INC	$11,989,000	–	35,000	–	0.68%	–
COP	New	CONOCOPHILLIPS	$11,423,000	–	262,000	–	0.64%	–
SE	New	SPECTRA ENERGY CORP	$10,923,000	–	298,200	–	0.62%	–
ABT	New	ABBOTT LABORATORIES	$9,348,000	–	237,800	–	0.53%	–
USB	New	US BANCORP	$5,445,000	–	135,000	–	0.31%	–
DUK	New	DUKE ENERGY CORP	$4,461,000	–	52,000	–	0.25%	–
PG	New	PROCTER & GAMBLE CO/THE	$4,225,000	–	49,900	–	0.24%	–
JPM	New	JP MORGAN CHASE	$3,728,000	–	60,000	–	0.21%	–
UTX	New	UNITED TECHNOLOGIES CORP	$2,154,000	–	21,000	–	0.12%	–
LYB	New	LYONDELLBASELL	$372,000	–	5,000	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-21,000	–	-0.12%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-49,900	–	-0.23%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-60,000	–	-0.24%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-52,000	–	-0.24%	–
USB	Exit	US BANCORP	$0	–	-135,000	–	-0.36%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-298,200	–	-0.51%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-100,000	–	-0.52%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-237,800	–	-0.62%	–
BLK	Exit	BLACKROCK INC	$0	–	-35,000	–	-0.68%	–
PEP	Exit	PEPSICO INC	$0	–	-119,500	–	-0.73%	–
PX	Exit	PRAXAIR INC	$0	–	-113,000	–	-0.75%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-271,845	–	-0.78%	–
PFE	Exit	PFIZER INC	$0	–	-394,000	–	-0.80%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-262,000	–	-0.82%	–
ABBV	Exit	ABBVIE INC	$0	–	-231,800	–	-0.82%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-145,500	–	-0.93%	–
CVX	Exit	CHEVRON CORP	$0	–	-199,000	–	-1.02%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-200,000	–	-1.21%	–
HAS	Exit	HASBRO INC	$0	–	-273,600	–	-1.28%	–
T	Exit	AT&T INC	$0	–	-622,000	–	-1.32%	–
PII	Exit	POLARIS INDUSTRIES INC	$0	–	-175,000	–	-1.36%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-556,700	–	-1.57%	–
MMM	Exit	3M CO	$0	–	-189,000	–	-1.74%	–
CB	Exit	CHUBB CORP	$0	–	-234,840	–	-1.87%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-534,000	–	-1.95%	–
ACN	Exit	ACCENTURE PLC-CL A	$0	–	-315,000	–	-2.01%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-220,500	–	-2.08%	–
GAS	Exit	AGL RESOURCES INC	$0	–	-524,897	–	-2.08%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-819,200	–	-2.15%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-824,725	–	-2.24%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-1,280,000	–	-2.30%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-414,000	–	-2.40%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-925,000	–	-2.66%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-554,687	–	-2.75%	–
QCOM	Exit	QUALCOMM INC	$0	–	-802,500	–	-2.80%	–
MCD	Exit	MCDONALD'S CORP	$0	–	-447,638	–	-2.86%	–
DOV	Exit	DOVER CORP	$0	–	-796,800	–	-2.96%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-740,738	–	-3.12%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-468,822	–	-3.53%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-2,384,500	–	-4.06%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-825,562	–	-4.25%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-2,601,293	–	-4.26%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-823,000	–	-4.43%	–
VFC	Exit	VF CORP	$0	–	-1,024,420	–	-4.54%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-947,500	–	-5.82%	–
CME	Exit	CME GROUP INC	$0	–	-975,000	–	-5.87%	–
AAPL	Exit	APPLE INC	$0	–	-1,169,000	–	-8.37%	–

Q3 2015

			Value		Shares		↓ Weighting
PNC	Buy	PNC FINANCIAL SERVICES GROUP	$36,929,000	+12.2%	414,000	+20.3%	2.40%	+16.6%
KMI	Buy	KINDER MORGAN INC	$35,430,000	-26.2%	1,280,000	+2.4%	2.30%	-23.3%
LLTC	Buy	LINEAR TECHNOLOGY CORP	$33,055,000	-5.9%	819,200	+3.1%	2.15%	-2.2%
IBM	Buy	INTL BUSINESS MACHINES CORP	$31,966,000	-2.5%	220,500	+9.4%	2.08%	+1.4%
PII	New	POLARIS INDUSTRIES INC	$20,977,000	–	175,000	–	1.36%	–
HAS	Buy	HASBRO INC	$19,738,000	+1.3%	273,600	+5.0%	1.28%	+5.3%
GILD	New	GILEAD SCIENCES INC	$14,287,000	–	145,500	–	0.93%	–
ABBV	Buy	ABBVIE INC	$12,612,000	-13.8%	231,800	+6.4%	0.82%	-10.4%
COP	Buy	CONOCOPHILLIPS	$12,566,000	-15.4%	262,000	+8.3%	0.82%	-12.1%
ABT	Buy	ABBOTT LABORATORIES	$9,564,000	-10.5%	237,800	+9.2%	0.62%	-7.0%
SE	Buy	SPECTRA ENERGY CORP	$7,834,000	-9.6%	298,200	+12.1%	0.51%	-5.9%

Q2 2015

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$146,622,000	–	1,169,000	–	9.16%	–
HON	New	HONEYWELL INTERNATIONAL INC	$96,617,000	–	947,500	–	6.04%	–
CME	New	CME GROUP INC	$90,734,000	–	975,000	–	5.67%	–
GPC	New	GENUINE PARTS CO	$73,683,000	–	823,000	–	4.60%	–
VFC	New	VF CORP	$71,443,000	–	1,024,420	–	4.46%	–
GE	New	GENERAL ELECTRIC CO	$69,116,000	–	2,601,293	–	4.32%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$66,185,000	–	825,562	–	4.13%	–
CSCO	New	CISCO SYSTEMS INC	$65,478,000	–	2,384,500	–	4.09%	–
UNH	New	UNITEDHEALTH GROUP INC	$57,196,000	–	468,822	–	3.57%	–
DOV	New	DOVER CORP	$55,919,000	–	796,800	–	3.49%	–
WMT	New	WAL-MART STORES INC	$52,541,000	–	740,738	–	3.28%	–
QCOM	New	QUALCOMM INC	$50,261,000	–	802,500	–	3.14%	–
NSC	New	NORFOLK SOUTHERN CORP	$48,457,000	–	554,687	–	3.03%	–
KMI	New	KINDER MORGAN INC	$47,988,000	–	1,250,000	–	3.00%	–
MCD	New	MCDONALD'S CORP	$42,557,000	–	447,638	–	2.66%	–
MSFT	New	MICROSOFT CORP	$40,839,000	–	925,000	–	2.55%	–
RPM	New	RPM INTERNATIONAL INC	$40,387,000	–	824,725	–	2.52%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$35,127,000	–	794,200	–	2.19%	–
PNC	New	PNC FINANCIAL SERVICES GROUP	$32,904,000	–	344,000	–	2.06%	–
IBM	New	INTL BUSINESS MACHINES CORP	$32,776,000	–	201,500	–	2.05%	–
ACN	New	ACCENTURE PLC-CL A	$30,486,000	–	315,000	–	1.90%	–
GIS	New	GENERAL MILLS INC	$29,754,000	–	534,000	–	1.86%	–
MMM	New	3M CO	$29,163,000	–	189,000	–	1.82%	–
VZ	New	VERIZON COMMUNICATIONS INC	$25,948,000	–	556,700	–	1.62%	–
GAS	New	AGL RESOURCES INC	$24,439,000	–	524,897	–	1.53%	–
CB	New	CHUBB CORP	$22,343,000	–	234,840	–	1.40%	–
T	New	AT&T INC	$22,093,000	–	622,000	–	1.38%	–
HAS	New	HASBRO INC	$19,490,000	–	260,600	–	1.22%	–
JNJ	New	JOHNSON & JOHNSON	$19,492,000	–	200,000	–	1.22%	–
CVX	New	CHEVRON CORP	$19,198,000	–	199,000	–	1.20%	–
EMR	New	EMERSON ELECTRIC CO	$15,068,000	–	271,845	–	0.94%	–
COP	New	CONOCOPHILLIPS	$14,861,000	–	242,000	–	0.93%	–
ABBV	New	ABBVIE INC	$14,634,000	–	217,800	–	0.91%	–
PX	New	PRAXAIR INC	$13,509,000	–	113,000	–	0.84%	–
PFE	New	PFIZER INC	$13,211,000	–	394,000	–	0.82%	–
BLK	New	BLACKROCK INC	$12,109,000	–	35,000	–	0.76%	–
PEP	New	PEPSICO INC	$11,154,000	–	119,500	–	0.70%	–
ABT	New	ABBOTT LABORATORIES	$10,690,000	–	217,800	–	0.67%	–
SE	New	SPECTRA ENERGY CORP	$8,668,000	–	265,900	–	0.54%	–
ADP	New	AUTOMATIC DATA PROCESSING	$8,023,000	–	100,000	–	0.50%	–
USB	New	US BANCORP	$5,859,000	–	135,000	–	0.37%	–
JPM	New	JP MORGAN CHASE	$4,066,000	–	60,000	–	0.25%	–
PG	New	PROCTER & GAMBLE CO/THE	$3,904,000	–	49,900	–	0.24%	–
DUK	New	DUKE ENERGY CORP	$3,672,000	–	52,000	–	0.23%	–
UTX	New	UNITED TECHNOLOGIES CORP	$2,330,000	–	21,000	–	0.15%	–

Q4 2014

			Value		Shares		↓ Weighting
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-21,000	–	-0.15%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP	$0	–	-30,000	–	-0.17%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-95,000	–	-0.22%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-60,000	–	-0.24%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-52,000	–	-0.26%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-49,900	–	-0.27%	–
USB	Exit	US BANCORP	$0	–	-135,000	–	-0.37%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-100,000	–	-0.54%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-217,800	–	-0.60%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-265,900	–	-0.68%	–
PEP	Exit	PEPSICO INC	$0	–	-119,500	–	-0.73%	–
BLK	Exit	BLACKROCK INC	$0	–	-35,000	–	-0.75%	–
PFE	Exit	PFIZER INC	$0	–	-394,000	–	-0.76%	–
ABBV	Exit	ABBVIE INC	$0	–	-217,800	–	-0.83%	–
HAS	Exit	HASBRO INC	$0	–	-260,600	–	-0.94%	–
PX	Exit	PRAXAIR INC	$0	–	-113,000	–	-0.96%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-271,845	–	-1.12%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-242,000	–	-1.22%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-200,000	–	-1.40%	–
CB	Exit	CHUBB CORP	$0	–	-234,840	–	-1.40%	–
ACN	Exit	ACCENTURE PLC-CL A	$0	–	-265,000	–	-1.42%	–
T	Exit	AT&T INC	$0	–	-622,000	–	-1.44%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-312,500	–	-1.47%	–
CVX	Exit	CHEVRON CORP	$0	–	-199,000	–	-1.56%	–
MMM	Exit	3M CO	$0	–	-189,000	–	-1.76%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-534,000	–	-1.77%	–
GAS	Exit	AGL RESOURCES INC	$0	–	-524,897	–	-1.77%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-556,700	–	-1.83%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-610,000	–	-1.89%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-170,000	–	-2.12%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-794,200	–	-2.32%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-824,725	–	-2.48%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-443,822	–	-2.51%	–
MCD	Exit	MCDONALD'S CORP	$0	–	-447,638	–	-2.79%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-925,000	–	-2.82%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-715,738	–	-3.59%	–
QCOM	Exit	QUALCOMM INC	$0	–	-802,500	–	-3.94%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-2,384,500	–	-3.94%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-554,687	–	-4.06%	–
DOV	Exit	DOVER CORP	$0	–	-796,800	–	-4.20%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-2,601,293	–	-4.38%	–
VFC	Exit	VF CORP	$0	–	-1,024,420	–	-4.44%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-825,562	–	-4.52%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-823,000	–	-4.74%	–
CME	Exit	CME GROUP INC	$0	–	-975,000	–	-5.12%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-947,500	–	-5.79%	–
AAPL	Exit	APPLE INC	$0	–	-1,169,000	–	-7.73%	–

Q3 2014

			Value		Shares		↓ Weighting
PM	Buy	PHILIP MORRIS INTERNATIONAL	$68,852,000	+2.0%	825,562	+3.1%	4.52%	-0.3%
GE	Buy	GENERAL ELECTRIC CO	$66,645,000	+85.8%	2,601,293	+90.6%	4.38%	+81.7%
VZ	Sell	VERIZON COMMUNICATIONS INC	$27,829,000	-16.7%	556,700	-18.5%	1.83%	-18.5%
GAS	Sell	AGL RESOURCES INC	$26,948,000	-23.0%	524,897	-17.5%	1.77%	-24.7%
ACN	New	ACCENTURE PLC-CL A	$21,550,000	–	265,000	–	1.42%	–
CB	Buy	CHUBB CORP	$21,389,000	+52.3%	234,840	+54.1%	1.40%	+48.9%
COP	Buy	CONOCOPHILLIPS	$18,518,000	+87.8%	242,000	+110.4%	1.22%	+83.7%
DUK	Sell	DUKE ENERGY CORP	$3,888,000	-81.6%	52,000	-81.8%	0.26%	-82.1%
PNC	New	PNC FINANCIAL SERVICES GROUP	$2,567,000	–	30,000	–	0.17%	–
INTC	Exit	INTEL CORP	$0	–	-680,700	–	-1.41%	–

Q2 2014

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$108,635,000	–	1,169,000	–	7.30%	–
HON	New	HONEYWELL INTL INC	$88,070,000	–	947,500	–	5.91%	–
DOV	New	DOVER CORP	$72,469,000	–	796,800	–	4.87%	–
GPC	New	GENUINE PARTS CO	$72,259,000	–	823,000	–	4.85%	–
CME	New	CME GROUP INC	$69,176,000	–	975,000	–	4.64%	–
PM	New	PHILIP MORRIS INTL INC	$67,495,000	–	800,562	–	4.53%	–
VFC	New	V F CORP	$64,538,000	–	1,024,420	–	4.33%	–
QCOM	New	QUALCOMM INC	$63,558,000	–	802,500	–	4.27%	–
CSCO	New	CISCO SYS INC	$59,255,000	–	2,384,500	–	3.98%	–
NSC	New	NORFOLK SOUTHERN CORP	$57,149,000	–	554,687	–	3.84%	–
WMT	New	WAL-MART STORES INC	$53,730,000	–	715,738	–	3.61%	–
MCD	New	MCDONALDS CORP	$45,095,000	–	447,638	–	3.03%	–
MSFT	New	MICROSOFT CORP	$38,573,000	–	925,000	–	2.59%	–
RPM	New	RPM INTL INC	$38,086,000	–	824,725	–	2.56%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$37,383,000	–	794,200	–	2.51%	–
UNH	New	UNITEDHEALTH GROUP INC	$36,282,000	–	443,822	–	2.44%	–
GE	New	GENERAL ELECTRIC CO	$35,872,000	–	1,365,000	–	2.41%	–
GAS	New	AGL RES INC	$34,999,000	–	635,997	–	2.35%	–
VZ	New	VERIZON COMMUNICATIONS INC	$33,405,000	–	682,700	–	2.24%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$30,816,000	–	170,000	–	2.07%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$29,774,000	–	610,000	–	2.00%	–
GIS	New	GENERAL MLS INC	$28,056,000	–	534,000	–	1.88%	–
MMM	New	3M CO	$27,072,000	–	189,000	–	1.82%	–
CVX	New	CHEVRON CORP NEW	$25,979,000	–	199,000	–	1.74%	–
BAX	New	BAXTER INTL INC	$22,594,000	–	312,500	–	1.52%	–
T	New	AT&T INC	$21,994,000	–	622,000	–	1.48%	–
DUK	New	DUKE ENERGY CORP NEW	$21,169,000	–	285,333	–	1.42%	–
INTC	New	INTEL CORP	$21,034,000	–	680,700	–	1.41%	–
JNJ	New	JOHNSON & JOHNSON	$20,924,000	–	200,000	–	1.40%	–
EMR	New	EMERSON ELEC CO	$18,040,000	–	271,845	–	1.21%	–
PX	New	PRAXAIR INC	$15,011,000	–	113,000	–	1.01%	–
CB	New	CHUBB CORP	$14,042,000	–	152,350	–	0.94%	–
HAS	New	HASBRO INC	$13,825,000	–	260,600	–	0.93%	–
ABBV	New	ABBVIE INC	$12,293,000	–	217,800	–	0.83%	–
PFE	New	PFIZER INC	$11,694,000	–	394,000	–	0.78%	–
SE	New	SPECTRA ENERGY CORP	$11,295,000	–	265,900	–	0.76%	–
BLK	New	BLACKROCK INC	$11,186,000	–	35,000	–	0.75%	–
PEP	New	PEPSICO INC	$10,676,000	–	119,500	–	0.72%	–
COP	New	CONOCOPHILLIPS	$9,859,000	–	115,000	–	0.66%	–
ABT	New	ABBOTT LABS	$8,908,000	–	217,800	–	0.60%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$7,928,000	–	100,000	–	0.53%	–
USB	New	US BANCORP DEL	$5,848,000	–	135,000	–	0.39%	–
PG	New	PROCTER & GAMBLE CO	$3,922,000	–	49,900	–	0.26%	–
JPM	New	JPMORGAN CHASE & CO	$3,457,000	–	60,000	–	0.23%	–
LEG	New	LEGGETT & PLATT INC	$3,257,000	–	95,000	–	0.22%	–
UTX	New	UNITED TECHNOLOGIES CORP	$2,424,000	–	21,000	–	0.16%	–

Q4 2013

			Value		Shares		↓ Weighting
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-21,000	–	-0.18%	–
LEG	Exit	LEGGETT & PLATT INC	$0	–	-95,000	–	-0.23%	–
JPM	Exit	JP MORGAN CHASE	$0	–	-60,000	–	-0.25%	–
PG	Exit	PROCTER & GAMBLE CO/THE	$0	–	-49,900	–	-0.30%	–
USB	Exit	US BANCORP	$0	–	-135,000	–	-0.39%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-100,000	–	-0.56%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-217,800	–	-0.58%	–
ADP	Exit	AUTOMATIC DATA PROCESSING	$0	–	-100,000	–	-0.58%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-265,900	–	-0.73%	–
BLK	Exit	BLACKROCK INC	$0	–	-35,000	–	-0.76%	–
PEP	Exit	PEPSICO INC	$0	–	-119,500	–	-0.76%	–
ABBV	Exit	ABBVIE INC	$0	–	-217,800	–	-0.78%	–
PFE	Exit	PFIZER INC	$0	–	-394,000	–	-0.90%	–
CB	Exit	CHUBB CORP	$0	–	-127,350	–	-0.91%	–
HAS	Exit	HASBRO INC	$0	–	-260,600	–	-0.98%	–
PX	Exit	PRAXAIR INC	$0	–	-113,000	–	-1.08%	–
BAX	Exit	BAXTER INTERNATIONAL INC	$0	–	-235,000	–	-1.23%	–
INTC	Exit	INTEL CORP	$0	–	-680,700	–	-1.25%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-200,000	–	-1.38%	–
EMR	Exit	EMERSON ELECTRIC CO	$0	–	-271,845	–	-1.40%	–
VIVO	Exit	MERIDIAN BIOSCIENCE INC	$0	–	-780,000	–	-1.47%	–
DUK	Exit	DUKE ENERGY CORP	$0	–	-285,333	–	-1.52%	–
T	Exit	AT&T INC	$0	–	-622,000	–	-1.68%	–
MMM	Exit	3M CO	$0	–	-189,000	–	-1.80%	–
CVX	Exit	CHEVRON CORP	$0	–	-199,000	–	-1.93%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-610,000	–	-1.96%	–
GIS	Exit	GENERAL MILLS INC	$0	–	-534,000	–	-2.04%	–
GAS	Exit	AGL RESOURCES INC	$0	–	-635,997	–	-2.34%	–
RPM	Exit	RPM INTERNATIONAL INC	$0	–	-824,725	–	-2.38%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-925,000	–	-2.46%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-170,000	–	-2.51%	–
LLTC	Exit	LINEAR TECHNOLOGY CORP	$0	–	-794,200	–	-2.52%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-682,700	–	-2.54%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-554,687	–	-3.43%	–
MCD	Exit	MCDONALD'S CORP	$0	–	-447,638	–	-3.44%	–
VFC	Exit	VF CORP	$0	–	-256,105	–	-4.07%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-702,438	–	-4.15%	–
QCOM	Exit	QUALCOMM INC	$0	–	-802,500	–	-4.31%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-2,384,500	–	-4.46%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-690,562	–	-4.77%	–
CME	Exit	CME GROUP INC	$0	–	-900,000	–	-5.31%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-823,000	–	-5.32%	–
DOV	Exit	DOVER CORP	$0	–	-796,800	–	-5.72%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-947,500	–	-6.28%	–
AAPL	Exit	APPLE INC	$0	–	-167,000	–	-6.36%	–

Q3 2013

			Value		Shares		↓ Weighting
PM	Buy	PHILIP MORRIS INTERNATIONAL	$59,796,000	+37.9%	690,562	+38.0%	4.77%	+31.7%
CVX	Sell	CHEVRON CORP	$24,179,000	-14.9%	199,000	-17.1%	1.93%	-18.7%

Q2 2013

			Value		Shares		↓ Weighting
HON	New	HONEYWELL INTERNATIONAL INC	$75,175,000	–	947,500	–	6.29%	–
CME	New	CME GROUP INC	$68,355,000	–	900,000	–	5.72%	–
AAPL	New	APPLE INC	$66,221,000	–	167,000	–	5.54%	–
GPC	New	GENUINE PARTS CO	$64,252,000	–	823,000	–	5.37%	–
DOV	New	DOVER CORP	$61,879,000	–	796,800	–	5.18%	–
CSCO	New	CISCO SYSTEMS INC	$58,027,000	–	2,384,500	–	4.85%	–
WMT	New	WAL-MART STORES INC	$52,325,000	–	702,438	–	4.38%	–
VFC	New	VF CORP	$49,444,000	–	256,105	–	4.14%	–
QCOM	New	QUALCOMM INC	$49,025,000	–	802,500	–	4.10%	–
MCD	New	MCDONALD'S CORP	$44,316,000	–	447,638	–	3.71%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$43,359,000	–	500,562	–	3.63%	–
NSC	New	NORFOLK SOUTHERN CORP	$40,298,000	–	554,687	–	3.37%	–
VZ	New	VERIZON COMMUNICATIONS INC	$34,367,000	–	682,700	–	2.87%	–
IBM	New	INTL BUSINESS MACHINES CORP	$32,489,000	–	170,000	–	2.72%	–
MSFT	New	MICROSOFT CORP	$31,954,000	–	925,000	–	2.67%	–
LLTC	New	LINEAR TECHNOLOGY CORP	$29,258,000	–	794,200	–	2.45%	–
CVX	New	CHEVRON CORP	$28,402,000	–	240,000	–	2.38%	–
GAS	New	AGL RESOURCES INC	$27,259,000	–	635,997	–	2.28%	–
RPM	New	RPM INTERNATIONAL INC	$26,342,000	–	824,725	–	2.20%	–
GIS	New	GENERAL MILLS INC	$25,915,000	–	534,000	–	2.17%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$22,723,000	–	610,000	–	1.90%	–
T	New	AT&T INC	$22,019,000	–	622,000	–	1.84%	–
MMM	New	3M CO	$20,667,000	–	189,000	–	1.73%	–
DUK	New	DUKE ENERGY CORP	$19,260,000	–	285,333	–	1.61%	–
JNJ	New	JOHNSON & JOHNSON	$17,172,000	–	200,000	–	1.44%	–
VIVO	New	MERIDIAN BIOSCIENCE INC	$16,770,000	–	780,000	–	1.40%	–
INTC	New	INTEL CORP	$16,493,000	–	680,700	–	1.38%	–
BAX	New	BAXTER INTERNATIONAL INC	$16,278,000	–	235,000	–	1.36%	–
EMR	New	EMERSON ELECTRIC CO	$14,826,000	–	271,845	–	1.24%	–
PX	New	PRAXAIR INC	$13,013,000	–	113,000	–	1.09%	–
HAS	New	HASBRO INC	$11,683,000	–	260,600	–	0.98%	–
PFE	New	PFIZER INC	$11,036,000	–	394,000	–	0.92%	–
CB	New	CHUBB CORP	$10,780,000	–	127,350	–	0.90%	–
PEP	New	PEPSICO INC	$9,774,000	–	119,500	–	0.82%	–
SE	New	SPECTRA ENERGY CORP	$9,163,000	–	265,900	–	0.77%	–
ABBV	New	ABBVIE INC	$9,004,000	–	217,800	–	0.75%	–
BLK	New	BLACKROCK INC	$8,990,000	–	35,000	–	0.75%	–
ABT	New	ABBOTT LABORATORIES	$7,597,000	–	217,800	–	0.64%	–
ADP	New	AUTOMATIC DATA PROCESSING	$6,886,000	–	100,000	–	0.58%	–
COP	New	CONOCOPHILLIPS	$6,050,000	–	100,000	–	0.51%	–
USB	New	US BANCORP	$4,880,000	–	135,000	–	0.41%	–
PG	New	PROCTER & GAMBLE CO/THE	$3,842,000	–	49,900	–	0.32%	–
JPM	New	JP MORGAN CHASE	$3,167,000	–	60,000	–	0.26%	–
LEG	New	LEGGETT & PLATT INC	$2,954,000	–	95,000	–	0.25%	–
UTX	New	UNITED TECHNOLOGIES CORP	$1,952,000	–	21,000	–	0.16%	–

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