BRISTOL JOHN W & CO INC /NY/ Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$290,627,352	-8.0%	920,435	-0.8%	5.74%	-4.1%
AMZN	Sell	AMAZON COM INC	$240,952,527	-3.3%	1,895,473	-0.8%	4.76%	+0.8%
FB	Sell	META PLATFORMS INCcl a	$206,298,007	-16.2%	687,179	-19.9%	4.08%	-12.6%
MA	Sell	MASTERCARD INCORPORATEDcl a	$179,585,171	-0.2%	453,601	-0.8%	3.55%	+4.1%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$162,616,730	-3.8%	321,269	-0.9%	3.21%	+0.2%
ANET	Sell	ARISTA NETWORKS INC	$155,602,021	+12.5%	845,985	-0.8%	3.07%	+17.3%
AAPL	Sell	APPLE INC	$155,551,476	-12.4%	908,542	-0.8%	3.07%	-8.7%
GOOGL	Buy	ALPHABET INCcap stk cl a	$154,401,452	+9.5%	1,179,898	+0.2%	3.05%	+14.2%
JPM	Sell	JPMORGAN CHASE & CO	$150,351,951	-1.1%	1,036,767	-0.8%	2.97%	+3.1%
FDX	Sell	FEDEX CORP	$145,099,598	+6.0%	547,711	-0.8%	2.87%	+10.5%
GOOG	Sell	ALPHABET INCcap stk cl c	$138,656,360	+6.9%	1,051,622	-2.0%	2.74%	+11.4%
COST	Sell	COSTCO WHSL CORP NEW	$134,637,312	+4.1%	238,313	-0.8%	2.66%	+8.5%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$131,239,194	+1.8%	374,648	-0.9%	2.59%	+6.1%
BDX	Sell	BECTON DICKINSON & CO	$123,570,360	-2.9%	477,973	-0.9%	2.44%	+1.2%
WDAY	Sell	WORKDAY INCcl a	$112,736,522	-5.7%	524,722	-0.9%	2.23%	-1.7%
ISRG	Sell	INTUITIVE SURGICAL INC	$110,553,431	-15.2%	378,232	-0.8%	2.18%	-11.6%
CMCSA	Sell	COMCAST CORP NEWcl a	$109,260,057	+5.8%	2,464,142	-0.8%	2.16%	+10.3%
NSRGY	Sell	NESTLE SA ADR	$106,513,228	-6.7%	941,179	-0.8%	2.10%	-2.7%
TMUS	Sell	T-MOBILE US INC	$105,187,773	+0.0%	751,073	-0.8%	2.08%	+4.3%
TJX	Sell	TJX COS INC NEW	$103,499,960	+4.0%	1,164,491	-0.8%	2.04%	+8.4%
NFLX	Buy	NETFLIX INC	$103,138,041	+10.7%	273,141	+29.2%	2.04%	+15.4%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$99,673,534	-15.0%	54,412	-0.8%	1.97%	-11.4%
	Sell	CANADIAN PACIFIC KANSAS CITY	$98,947,962	-8.6%	1,329,767	-0.8%	1.96%	-4.7%
ROST	Sell	ROSS STORES INC	$97,883,600	-0.5%	866,610	-1.2%	1.93%	+3.8%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$96,312,223	+18.2%	218,981	-1.2%	1.90%	+23.3%
UNH	Sell	UNITEDHEALTH GROUP INC	$95,703,833	+4.0%	189,817	-0.8%	1.89%	+8.4%
SBAC	New	SBA COMMUNICATIONS CORP NEWcl a	$92,724,549	–	463,229	–	1.83%	–
TXN	Sell	TEXAS INSTRS INC	$90,507,856	-12.4%	569,196	-0.8%	1.79%	-8.6%
BKNG	Sell	BOOKING HOLDINGS INC	$89,900,226	-12.1%	29,151	-23.0%	1.78%	-8.3%
JNJ	Sell	JOHNSON & JOHNSON	$89,640,355	-6.9%	575,540	-1.1%	1.77%	-2.9%
TDG	Sell	TRANSDIGM GROUP INC	$86,538,020	-6.5%	102,639	-0.9%	1.71%	-2.6%
NKE	Sell	NIKE INCcl b	$85,119,107	-14.0%	890,181	-0.8%	1.68%	-10.3%
IFNNY	Sell	INFINEON TECHNOLOGIES-ADR	$83,682,934	-20.4%	2,522,850	-0.8%	1.65%	-17.0%
ADI	Sell	ANALOG DEVICES INC	$80,608,460	-10.8%	460,383	-0.8%	1.59%	-7.1%
APD	Sell	AIR PRODS & CHEMS INC	$80,037,828	-6.2%	282,420	-0.8%	1.58%	-2.2%
YUM	Sell	YUM BRANDS INC	$78,467,817	-10.6%	628,044	-0.9%	1.55%	-6.8%
WAB	Sell	WABTEC	$77,521,520	-4.0%	729,477	-0.9%	1.53%	+0.1%
DAL	Sell	DELTA AIR LINES INC DEL	$76,024,714	-22.9%	2,054,722	-0.9%	1.50%	-19.6%
NVS	Sell	NOVARTIS AGsponsored adr	$68,797,161	-0.1%	675,409	-1.0%	1.36%	+4.1%
DG	Buy	DOLLAR GEN CORP NEW	$64,378,242	-16.8%	608,490	+33.5%	1.27%	-13.2%
SPGI	Sell	S&P GLOBAL INC	$63,150,521	-9.8%	172,821	-1.0%	1.25%	-6.0%
MCO	Sell	MOODYS CORP	$62,121,714	-10.0%	196,482	-1.0%	1.23%	-6.1%
PGR	Sell	PROGRESSIVE CORP	$54,360,153	+4.2%	390,238	-0.9%	1.07%	+8.7%
SCHW	Sell	SCHWAB CHARLES CORP	$53,710,976	-4.5%	978,342	-1.4%	1.06%	-0.5%
CRM	Sell	SALESFORCE INC	$53,096,118	-4.8%	261,841	-0.8%	1.05%	-0.7%
ECL	Sell	ECOLAB INC	$851,235	-98.4%	5,025	-98.2%	0.02%	-98.3%
DIS	Sell	DISNEY WALT CO	$289,349	-99.0%	3,570	-98.9%	0.01%	-98.9%

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$315,994,218	–	927,921	–	5.99%	–
AMZN	New	AMAZON COM INC	$249,206,083	–	1,911,676	–	4.72%	–
FB	New	META PLATFORMS INCcl a	$246,105,151	–	857,569	–	4.66%	–
MA	New	MASTERCARD INCORPORATEDcl a	$179,903,286	–	457,420	–	3.41%	–
AAPL	New	APPLE INC	$177,660,227	–	915,916	–	3.37%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$169,104,393	–	324,110	–	3.20%	–
JPM	New	JPMORGAN CHASE & CO	$152,079,045	–	1,045,648	–	2.88%	–
GOOGL	New	ALPHABET INCcap stk cl a	$140,960,515	–	1,177,615	–	2.67%	–
ANET	New	ARISTA NETWORKS INC	$138,266,513	–	853,181	–	2.62%	–
FDX	New	FEDEX CORP	$136,934,506	–	552,378	–	2.59%	–
ISRG	New	INTUITIVE SURGICAL INC	$130,375,225	–	381,281	–	2.47%	–
GOOG	New	ALPHABET INCcap stk cl c	$129,760,043	–	1,072,663	–	2.46%	–
COST	New	COSTCO WHSL CORP NEW	$129,360,332	–	240,277	–	2.45%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$128,912,322	–	378,042	–	2.44%	–
BDX	New	BECTON DICKINSON & CO	$127,325,687	–	482,276	–	2.41%	–
WDAY	New	WORKDAY INCcl a	$119,603,334	–	529,476	–	2.27%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$117,307,038	–	54,842	–	2.22%	–
NSRGY	New	NESTLE SA ADR	$114,194,940	–	948,857	–	2.16%	–
	New	CANADIAN PACIFIC KANSAS CITY	$108,248,196	–	1,340,203	–	2.05%	–
TMUS	New	T-MOBILE US INC	$105,164,941	–	757,127	–	1.99%	–
IFNNY	New	INFINEON TECHNOLOGIES-ADR	$105,098,635	–	2,542,914	–	1.99%	–
TXN	New	TEXAS INSTRS INC	$103,274,954	–	573,686	–	1.96%	–
CMCSA	New	COMCAST CORP NEWcl a	$103,229,978	–	2,484,476	–	1.96%	–
BKNG	New	BOOKING HOLDINGS INC	$102,218,292	–	37,854	–	1.94%	–
TJX	New	TJX COS INC NEW	$99,550,583	–	1,174,084	–	1.89%	–
NKE	New	NIKE INCcl b	$98,994,275	–	896,931	–	1.88%	–
DAL	New	DELTA AIR LINES INC DEL	$98,560,356	–	2,073,209	–	1.87%	–
ROST	New	ROSS STORES INC	$98,356,063	–	877,161	–	1.86%	–
JNJ	New	JOHNSON & JOHNSON	$96,293,247	–	581,762	–	1.82%	–
NFLX	New	NETFLIX INC	$93,151,742	–	211,473	–	1.76%	–
TDG	New	TRANSDIGM GROUP INC	$92,564,478	–	103,520	–	1.75%	–
UNH	New	UNITEDHEALTH GROUP INC	$92,001,225	–	191,414	–	1.74%	–
ADI	New	ANALOG DEVICES INC	$90,408,204	–	464,084	–	1.71%	–
YUM	New	YUM BRANDS INC	$87,767,130	–	633,469	–	1.66%	–
APD	New	AIR PRODS & CHEMS INC	$85,284,878	–	284,729	–	1.62%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$81,463,563	–	221,748	–	1.54%	–
WAB	New	WABTEC	$80,725,126	–	736,073	–	1.53%	–
DG	New	DOLLAR GEN CORP NEW	$77,400,834	–	455,889	–	1.47%	–
SPGI	New	S&P GLOBAL INC	$69,992,989	–	174,594	–	1.33%	–
MCO	New	MOODYS CORP	$69,002,600	–	198,443	–	1.31%	–
NVS	New	NOVARTIS AGsponsored adr	$68,874,102	–	682,530	–	1.30%	–
SCHW	New	SCHWAB CHARLES CORP	$56,266,293	–	992,701	–	1.07%	–
CRM	New	SALESFORCE INC	$55,757,852	–	263,930	–	1.06%	–
PGR	New	PROGRESSIVE CORP	$52,150,206	–	393,973	–	0.99%	–
ECL	New	ECOLAB INC	$52,169,773	–	279,446	–	0.99%	–
DIS	New	DISNEY WALT CO	$27,960,711	–	313,180	–	0.53%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$5,178,100	–	10	–	0.10%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$2,502,162	–	5,117	–	0.05%	–
ROP	New	ROPER TECHNOLOGIES INC	$1,565,966	–	3,257	–	0.03%	–
MRK	New	MERCK & CO INC	$1,557,765	–	13,500	–	0.03%	–
UNP	New	UNION PAC CORP	$1,547,541	–	7,563	–	0.03%	–
DE	New	DEERE & CO	$1,215,570	–	3,000	–	0.02%	–
ILMN	New	ILLUMINA INC	$1,076,380	–	5,741	–	0.02%	–
GPC	New	GENUINE PARTS CO	$999,472	–	5,906	–	0.02%	–
MCD	New	MCDONALDS CORP	$880,906	–	2,952	–	0.02%	–
BK	New	BANK NEW YORK MELLON CORP	$840,849	–	18,887	–	0.02%	–
CTVA	New	CORTEVA INC	$807,987	–	14,101	–	0.02%	–
COP	New	CONOCOPHILLIPS	$647,148	–	6,246	–	0.01%	–
MKC	New	MCCORMICK & CO INC	$643,757	–	7,380	–	0.01%	–
MDLZ	New	MONDELEZ INTL INCcl a	$547,050	–	7,500	–	0.01%	–
ORCL	New	ORACLE CORP	$524,949	–	4,408	–	0.01%	–
AXP	New	AMERICAN EXPRESS CO	$496,644	–	2,851	–	0.01%	–
NSC	New	NORFOLK SOUTHN CORP	$490,935	–	2,165	–	0.01%	–
KMB	New	KIMBERLY-CLARK CORP	$407,553	–	2,952	–	0.01%	–
PEP	New	PEPSICO INC	$310,244	–	1,675	–	0.01%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$327,707	–	1,491	–	0.01%	–
KLAC	New	KLA CORP	$248,330	–	512	–	0.01%	–
EXPD	New	EXPEDITORS INTL WASH INC	$242,260	–	2,000	–	0.01%	–
WAT	New	WATERS CORP	$266,540	–	1,000	–	0.01%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$10,505	–	275	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
WAT	Exit	WATERS CORP	$0	–	-1,000	–	-0.01%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-1,491	–	-0.01%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-1,000	–	-0.01%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-2,952	–	-0.01%	–
D	Exit	DOMINION ENERGY INC	$0	–	-5,000	–	-0.01%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE C	$0	–	-30,000	–	-0.01%	–
MMM	Exit	3M CO	$0	–	-3,692	–	-0.01%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-7,654	–	-0.01%	–
WY	Exit	WEYERHAEUSER CO MTN BE	$0	–	-14,761	–	-0.01%	–
PCH	Exit	POTLATCHDELTIC CORPORATION	$0	–	-11,073	–	-0.01%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-2,165	–	-0.01%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,420	–	-0.01%	–
PEP	Exit	PEPSICO INC	$0	–	-3,200	–	-0.01%	–
PFE	Exit	PFIZER INC	$0	–	-11,498	–	-0.01%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-7,380	–	-0.01%	–
INTC	Exit	INTEL CORP	$0	–	-22,449	–	-0.01%	–
DOW	Exit	DOW INC	$0	–	-14,101	–	-0.02%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-15,484	–	-0.02%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,952	–	-0.02%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-18,887	–	-0.02%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-11,070	–	-0.02%	–
CTVA	Exit	CORTEVA INC	$0	–	-14,101	–	-0.02%	–
SYY	Exit	SYSCO CORP	$0	–	-12,104	–	-0.02%	–
GLW	Exit	CORNING INC	$0	–	-29,129	–	-0.02%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-5,906	–	-0.02%	–
DE	Exit	DEERE & CO	$0	–	-3,000	–	-0.02%	–
PSX	Exit	PHILLIPS 66	$0	–	-12,500	–	-0.02%	–
ILMN	Exit	ILLUMINA INC	$0	–	-5,955	–	-0.03%	–
ABT	Exit	ABBOTT LABS	$0	–	-12,917	–	-0.03%	–
HPQ	Exit	HP INC	$0	–	-50,000	–	-0.03%	–
LOW	Exit	LOWES COS INC	$0	–	-7,380	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-23,958	–	-0.05%	–
UNP	Exit	UNION PAC CORP	$0	–	-11,641	–	-0.06%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-24,620	–	-0.06%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-10	–	-0.10%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-136,132	–	-0.94%	–
ECL	Exit	ECOLAB INC	$0	–	-282,462	–	-1.02%	–
WAB	Exit	WABTEC	$0	–	-518,301	–	-1.05%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-596,010	–	-1.07%	–
DIS	Exit	DISNEY WALT CO	$0	–	-521,298	–	-1.23%	–
NFLX	Exit	NETFLIX INC	$0	–	-215,934	–	-1.27%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-679,666	–	-1.29%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-146,935	–	-1.32%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-175,589	–	-1.34%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-104,297	–	-1.37%	–
IFNNY	Exit	INFINEON TECHNOLOGIES-ADR	$0	–	-2,555,668	–	-1.40%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-2,090,739	–	-1.47%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-549,040	–	-1.60%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-474,844	–	-1.65%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-221,714	–	-1.68%	–
YUM	Exit	YUM BRANDS INC	$0	–	-632,593	–	-1.68%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-385,068	–	-1.80%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,507,258	–	-1.84%	–
ROST	Exit	ROSS STORES INC	$0	–	-876,243	–	-1.84%	–
TJX	Exit	TJX COS INC NEW	$0	–	-1,205,242	–	-1.87%	–
NKE	Exit	NIKE INCcl b	$0	–	-901,708	–	-1.87%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-47,017	–	-1.93%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-532,488	–	-2.03%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-54,912	–	-2.06%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-358,809	–	-2.09%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-908,796	–	-2.17%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-1,347,760	–	-2.25%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-196,164	–	-2.32%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-593,505	–	-2.42%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-859,376	–	-2.42%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-192,892	–	-2.44%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-718,718	–	-2.44%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-368,281	–	-2.46%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-447,944	–	-2.50%	–
FDX	Exit	FEDEX CORP	$0	–	-673,452	–	-2.50%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-761,272	–	-2.55%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-952,320	–	-2.56%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-441,972	–	-2.65%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-697,289	–	-2.70%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,134,538	–	-2.73%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,049,202	–	-2.74%	–
AAPL	Exit	APPLE INC	$0	–	-917,944	–	-3.17%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-458,046	–	-3.26%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-303,580	–	-3.85%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,669,270	–	-4.71%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-974,943	–	-5.68%	–

Q3 2022

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$227,064,000	-9.7%	974,943	-0.4%	5.68%	-7.8%
AMZN	Sell	AMAZON COM INC	$188,627,000	+6.3%	1,669,270	-0.1%	4.71%	+8.5%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$153,973,000	-6.5%	303,580	+0.2%	3.85%	-4.6%
MA	Sell	MASTERCARD INCORPORATEDcl a	$130,241,000	-10.0%	458,046	-0.2%	3.26%	-8.2%
AAPL	Buy	APPLE INC	$126,860,000	+1.2%	917,944	+0.1%	3.17%	+3.3%
JPM	Buy	JPMORGAN CHASE & CO	$109,641,000	-7.1%	1,049,202	+0.1%	2.74%	-5.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$109,086,000	-13.7%	1,134,538	+1864.2%	2.73%	-11.9%
TXN	Sell	TEXAS INSTRS INC	$107,927,000	+0.3%	697,289	-0.4%	2.70%	+2.4%
DG	Sell	DOLLAR GEN CORP NEW	$106,011,000	-2.5%	441,972	-0.3%	2.65%	-0.6%
NSRGY	New	NESTLE SA ADR	$102,480,000	–	952,320	–	2.56%	–
TMUS	Buy	T-MOBILE US INC	$102,140,000	-0.1%	761,272	+0.2%	2.55%	+2.0%
FDX	Buy	FEDEX CORP	$99,988,000	-34.5%	673,452	+0.0%	2.50%	-33.2%
BDX	Buy	BECTON DICKINSON & CO	$99,816,000	-9.5%	447,944	+0.1%	2.50%	-7.6%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$98,338,000	+20.5%	368,281	+23.2%	2.46%	+23.0%
FB	Buy	META PLATFORMS INCcl a	$97,516,000	-15.7%	718,718	+0.2%	2.44%	-13.9%
UNH	Sell	UNITEDHEALTH GROUP INC	$97,418,000	-26.1%	192,892	-24.9%	2.44%	-24.6%
ANET	Buy	ARISTA NETWORKS INC	$97,015,000	+20.6%	859,376	+0.1%	2.42%	+23.0%
JNJ	Buy	JOHNSON & JOHNSON	$96,955,000	-7.7%	593,505	+0.3%	2.42%	-5.8%
COST	Buy	COSTCO WHSL CORP NEW	$92,642,000	-1.4%	196,164	+0.1%	2.32%	+0.6%
CP	Buy	CANADIAN PAC RY LTD	$89,923,000	-4.3%	1,347,760	+0.2%	2.25%	-2.3%
GOOGL	Buy	ALPHABET INCcap stk cl a	$86,926,000	-10.2%	908,796	+1946.6%	2.17%	-8.4%
APD	Buy	AIR PRODS & CHEMS INC	$83,506,000	-3.1%	358,809	+0.1%	2.09%	-1.1%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$82,519,000	-8.0%	54,912	-19.9%	2.06%	-6.1%
WDAY	Buy	WORKDAY INCcl a	$81,055,000	+9.7%	532,488	+0.6%	2.03%	+11.9%
BKNG	Sell	BOOKING HOLDINGS INC	$77,258,000	-6.2%	47,017	-0.1%	1.93%	-4.2%
NKE	Sell	NIKE INCcl b	$74,950,000	-18.9%	901,708	-0.3%	1.87%	-17.3%
TJX	Buy	TJX COS INC NEW	$74,870,000	+11.5%	1,205,242	+0.3%	1.87%	+13.8%
ROST	Buy	ROSS STORES INC	$73,841,000	+20.1%	876,243	+0.1%	1.84%	+22.5%
CMCSA	Buy	COMCAST CORP NEWcl a	$73,538,000	-25.2%	2,507,258	+0.0%	1.84%	-23.7%
ISRG	Buy	INTUITIVE SURGICAL INC	$72,178,000	+27.5%	385,068	+36.6%	1.80%	+30.2%
YUM	Sell	YUM BRANDS INC	$67,270,000	-6.8%	632,593	-0.5%	1.68%	-4.9%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$67,257,000	-35.3%	221,714	-0.1%	1.68%	-34.0%
ADI	Buy	ANALOG DEVICES INC	$66,165,000	-4.2%	474,844	+0.4%	1.65%	-2.2%
PGR	Sell	PROGRESSIVE CORP	$63,804,000	-32.3%	549,040	-32.2%	1.60%	-30.9%
DAL	Buy	DELTA AIR LINES INC DEL	$58,666,000	-2.8%	2,090,739	+0.3%	1.47%	-0.9%
IFNNY	New	INFINEON TECHNOLOGIES-ADR	$56,122,000	–	2,555,668	–	1.40%	–
TDG	Buy	TRANSDIGM GROUP INC	$54,738,000	-1.9%	104,297	+0.3%	1.37%	+0.1%
SPGI	Buy	S&P GLOBAL INC	$53,616,000	-9.3%	175,589	+0.2%	1.34%	-7.4%
ROP	Buy	ROPER TECHNOLOGIES INC	$52,844,000	-8.5%	146,935	+0.4%	1.32%	-6.6%
NVS	Sell	NOVARTIS AGsponsored adr	$51,662,000	-11.4%	679,666	-1.5%	1.29%	-9.6%
NFLX	Buy	NETFLIX INC	$50,839,000	+35.2%	215,934	+0.5%	1.27%	+38.0%
DIS	Sell	DISNEY WALT CO	$49,174,000	-0.9%	521,298	-0.8%	1.23%	+1.2%
SCHW	New	SCHWAB CHARLES CORP	$42,835,000	–	596,010	–	1.07%	–
WAB	Buy	WABTEC	$42,164,000	-0.7%	518,301	+0.2%	1.05%	+1.3%
ECL	Buy	ECOLAB INC	$40,793,000	-5.4%	282,462	+0.7%	1.02%	-3.4%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$37,463,000	-25.3%	136,132	-0.6%	0.94%	-23.8%
UNP	Buy	UNION PAC CORP	$2,268,000	-8.3%	11,641	+0.4%	0.06%	-6.6%
MRK	Buy	MERCK & CO INC	$2,064,000	-5.0%	23,958	+0.5%	0.05%	-1.9%
ILMN	Buy	ILLUMINA INC	$1,136,000	+285.1%	5,955	+272.0%	0.03%	+300.0%
GLW	Sell	CORNING INC	$845,000	-32.0%	29,129	-26.1%	0.02%	-30.0%
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$629,000	–	15,484	–	0.02%	–
INTC	Buy	INTEL CORP	$579,000	-30.7%	22,449	+0.4%	0.01%	-30.0%
PFE	Buy	PFIZER INC	$503,000	-13.3%	11,498	+3.9%	0.01%	-7.1%
PEP	Sell	PEPSICO INC	$522,000	-21.4%	3,200	-19.7%	0.01%	-18.8%
MDLZ	Buy	MONDELEZ INTL INCcl a	$419,000	-10.1%	7,654	+2.1%	0.01%	-9.1%
HPE	Sell	HEWLETT PACKARD ENTERPRISE C	$359,000	-45.9%	30,000	-40.0%	0.01%	-43.8%

Q2 2022

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$251,446,000	–	979,039	–	6.16%	–
AMZN	New	AMAZON COM INC	$177,469,000	–	1,670,927	–	4.35%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$164,650,000	–	303,067	–	4.03%	–
FDX	New	FEDEX CORP	$152,657,000	–	673,358	–	3.74%	–
MA	New	MASTERCARD INCORPORATEDcl a	$144,758,000	–	458,850	–	3.54%	–
UNH	New	UNITEDHEALTH GROUP INC	$131,901,000	–	256,801	–	3.23%	–
GOOG	New	ALPHABET INCcap stk cl c	$126,347,000	–	57,760	–	3.09%	–
AAPL	New	APPLE INC	$125,379,000	–	917,047	–	3.07%	–
JPM	New	JPMORGAN CHASE & CO	$118,021,000	–	1,048,051	–	2.89%	–
FB	New	META PLATFORMS INCcl a	$115,642,000	–	717,160	–	2.83%	–
BDX	New	BECTON DICKINSON & CO	$110,278,000	–	447,321	–	2.70%	–
DG	New	DOLLAR GEN CORP NEW	$108,772,000	–	443,172	–	2.66%	–
TXN	New	TEXAS INSTRS INC	$107,581,000	–	700,172	–	2.64%	–
JNJ	New	JOHNSON & JOHNSON	$105,067,000	–	591,888	–	2.57%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$104,014,000	–	222,001	–	2.55%	–
TMUS	New	T-MOBILE US INC	$102,208,000	–	759,687	–	2.50%	–
CMCSA	New	COMCAST CORP NEWcl a	$98,345,000	–	2,506,244	–	2.41%	–
GOOGL	New	ALPHABET INCcap stk cl a	$96,772,000	–	44,406	–	2.37%	–
PGR	New	PROGRESSIVE CORP	$94,181,000	–	810,022	–	2.31%	–
COST	New	COSTCO WHSL CORP NEW	$93,956,000	–	196,035	–	2.30%	–
CP	New	CANADIAN PAC RY LTD	$93,925,000	–	1,344,856	–	2.30%	–
NKE	New	NIKE INCcl b	$92,444,000	–	904,535	–	2.26%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$89,673,000	–	68,596	–	2.20%	–
APD	New	AIR PRODS & CHEMS INC	$86,170,000	–	358,322	–	2.11%	–
BKNG	New	BOOKING HOLDINGS INC	$82,323,000	–	47,069	–	2.02%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$81,602,000	–	298,889	–	2.00%	–
ANET	New	ARISTA NETWORKS INC	$80,469,000	–	858,433	–	1.97%	–
WDAY	New	WORKDAY INCcl a	$73,893,000	–	529,398	–	1.81%	–
YUM	New	YUM BRANDS INC	$72,169,000	–	635,797	–	1.77%	–
ADI	New	ANALOG DEVICES INC	$69,075,000	–	472,827	–	1.69%	–
TJX	New	TJX COS INC NEW	$67,124,000	–	1,201,862	–	1.64%	–
ROST	New	ROSS STORES INC	$61,472,000	–	875,301	–	1.51%	–
DAL	New	DELTA AIR LINES INC DEL	$60,378,000	–	2,084,165	–	1.48%	–
SPGI	New	S&P GLOBAL INC	$59,094,000	–	175,323	–	1.45%	–
NVS	New	NOVARTIS AGsponsored adr	$58,317,000	–	689,894	–	1.43%	–
ROP	New	ROPER TECHNOLOGIES INC	$57,784,000	–	146,420	–	1.42%	–
ISRG	New	INTUITIVE SURGICAL INC	$56,597,000	–	281,988	–	1.39%	–
TDG	New	TRANSDIGM GROUP INC	$55,792,000	–	103,960	–	1.37%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$50,122,000	–	136,925	–	1.23%	–
DIS	New	DISNEY WALT CO	$49,622,000	–	525,650	–	1.22%	–
ECL	New	ECOLAB INC	$43,127,000	–	280,485	–	1.06%	–
WAB	New	WABTEC	$42,451,000	–	517,187	–	1.04%	–
NFLX	New	NETFLIX INC	$37,589,000	–	214,949	–	0.92%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$4,090,000	–	10	–	0.10%	–
UNP	New	UNION PAC CORP	$2,474,000	–	11,599	–	0.06%	–
COP	New	CONOCOPHILLIPS	$2,211,000	–	24,620	–	0.05%	–
MRK	New	MERCK & CO INC	$2,173,000	–	23,834	–	0.05%	–
HPQ	New	HP INC	$1,639,000	–	50,000	–	0.04%	–
ABT	New	ABBOTT LABS	$1,403,000	–	12,917	–	0.03%	–
LOW	New	LOWES COS INC	$1,289,000	–	7,380	–	0.03%	–
GLW	New	CORNING INC	$1,242,000	–	39,426	–	0.03%	–
PSX	New	PHILLIPS 66	$1,025,000	–	12,500	–	0.02%	–
SYY	New	SYSCO CORP	$1,025,000	–	12,104	–	0.02%	–
DE	New	DEERE & CO	$898,000	–	3,000	–	0.02%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$852,000	–	11,070	–	0.02%	–
INTC	New	INTEL CORP	$836,000	–	22,351	–	0.02%	–
CTVA	New	CORTEVA INC	$763,000	–	14,101	–	0.02%	–
GPC	New	GENUINE PARTS CO	$785,000	–	5,906	–	0.02%	–
BK	New	BANK NEW YORK MELLON CORP	$788,000	–	18,887	–	0.02%	–
DOW	New	DOW INC	$728,000	–	14,101	–	0.02%	–
MCD	New	MCDONALDS CORP	$729,000	–	2,952	–	0.02%	–
HPE	New	HEWLETT PACKARD ENTERPRISE C	$663,000	–	50,000	–	0.02%	–
PEP	New	PEPSICO INC	$664,000	–	3,985	–	0.02%	–
MKC	New	MCCORMICK & CO INC	$614,000	–	7,380	–	0.02%	–
PFE	New	PFIZER INC	$580,000	–	11,070	–	0.01%	–
PCH	New	POTLATCHDELTIC CORPORATION	$489,000	–	11,073	–	0.01%	–
NSC	New	NORFOLK SOUTHN CORP	$492,000	–	2,165	–	0.01%	–
MMM	New	3M CO	$478,000	–	3,692	–	0.01%	–
AXP	New	AMERICAN EXPRESS CO	$474,000	–	3,420	–	0.01%	–
WY	New	WEYERHAEUSER CO MTN BE	$489,000	–	14,761	–	0.01%	–
MDLZ	New	MONDELEZ INTL INCcl a	$466,000	–	7,500	–	0.01%	–
D	New	DOMINION ENERGY INC	$399,000	–	5,000	–	0.01%	–
KMB	New	KIMBERLY-CLARK CORP	$399,000	–	2,952	–	0.01%	–
WAT	New	WATERS CORP	$331,000	–	1,000	–	0.01%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$313,000	–	1,491	–	0.01%	–
MLM	New	MARTIN MARIETTA MATLS INC	$299,000	–	1,000	–	0.01%	–
ILMN	New	ILLUMINA INC	$295,000	–	1,601	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
DANOY	Exit	DANONE-SPONS ADR	$0	–	-850	–	0.00%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-2,000	–	-0.00%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-1,824	–	-0.00%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-3,000	–	-0.00%	–
AMGN	Exit	AMGEN INC	$0	–	-1,362	–	-0.01%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-1,000	–	-0.01%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-1,491	–	-0.01%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-8,000	–	-0.01%	–
D	Exit	DOMINION ENERGY INC	$0	–	-5,000	–	-0.01%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-8,555	–	-0.01%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-2,952	–	-0.01%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-7,500	–	-0.01%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-6,694	–	-0.01%	–
PFE	Exit	PFIZER INC	$0	–	-11,070	–	-0.01%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-2,000	–	-0.01%	–
PHG	Exit	KONINKLIJKE PHILIPS N V	$0	–	-10,391	–	-0.01%	–
WY	Exit	WEYERHAEUSER CO MTN BE	$0	–	-14,761	–	-0.01%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-7,380	–	-0.01%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,670	–	-0.01%	–
CTVA	Exit	CORTEVA INC	$0	–	-14,101	–	-0.01%	–
PCH	Exit	POTLATCHDELTIC CORPORATION	$0	–	-11,073	–	-0.01%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-11,070	–	-0.01%	–
ILMN	Exit	ILLUMINA INC	$0	–	-1,585	–	-0.01%	–
MMM	Exit	3M CO	$0	–	-3,692	–	-0.01%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,952	–	-0.01%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-5,906	–	-0.01%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE C	$0	–	-50,000	–	-0.01%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-5,318	–	-0.01%	–
DOW	Exit	DOW INC	$0	–	-14,101	–	-0.02%	–
PSX	Exit	PHILLIPS 66	$0	–	-12,500	–	-0.02%	–
SYY	Exit	SYSCO CORP	$0	–	-12,104	–	-0.02%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-18,887	–	-0.02%	–
DE	Exit	DEERE & CO	$0	–	-3,000	–	-0.02%	–
INTC	Exit	INTEL CORP	$0	–	-23,151	–	-0.02%	–
HPQ	Exit	HP INC	$0	–	-50,000	–	-0.03%	–
LOW	Exit	LOWES COS INC	$0	–	-7,380	–	-0.03%	–
ABT	Exit	ABBOTT LABS	$0	–	-12,917	–	-0.03%	–
GLW	Exit	CORNING INC	$0	–	-42,139	–	-0.03%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-11,936	–	-0.03%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-24,620	–	-0.03%	–
MRK	Exit	MERCK & CO INC	$0	–	-23,834	–	-0.03%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-12	–	-0.09%	–
WAT	Exit	WATERS CORP	$0	–	-80,091	–	-0.53%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-843,698	–	-0.72%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-351,654	–	-0.78%	–
ROST	Exit	ROSS STORES INC	$0	–	-467,177	–	-0.95%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-734,244	–	-1.12%	–
ECL	Exit	ECOLAB INC	$0	–	-297,347	–	-1.16%	–
ISRG	Exit	INTUITIVE SURGICAL INC	$0	–	-66,880	–	-1.24%	–
PEP	Exit	PEPSICO INC	$0	–	-451,774	–	-1.27%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-109,913	–	-1.28%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-551,092	–	-1.31%	–
IFNNY	Exit	INFINEON TECHNOLOGIES-ADR	$0	–	-1,739,264	–	-1.34%	–
YUM	Exit	YUM BRANDS INC	$0	–	-672,745	–	-1.54%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-144,527	–	-1.55%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-499,284	–	-1.56%	–
TJX	Exit	TJX COS INC NEW	$0	–	-1,268,483	–	-1.56%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-315,159	–	-1.61%	–
DIS	Exit	DISNEY WALT CO	$0	–	-557,448	–	-1.76%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-379,896	–	-1.77%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-277,284	–	-1.78%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-800,184	–	-1.80%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-376,373	–	-1.80%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-54,029	–	-1.83%	–
NFLX	Exit	NETFLIX INC	$0	–	-163,073	–	-1.86%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-470,350	–	-1.86%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-632,841	–	-1.91%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-246,603	–	-1.96%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-526,221	–	-1.97%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-236,657	–	-1.97%	–
UNP	Exit	UNION PAC CORP	$0	–	-578,945	–	-2.12%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-258,523	–	-2.17%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-473,545	–	-2.17%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-50,059	–	-2.22%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-1,322,940	–	-2.23%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-44,938	–	-2.24%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-324,184	–	-2.36%	–
FDX	Exit	FEDEX CORP	$0	–	-595,796	–	-2.44%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-185,278	–	-2.52%	–
AAPL	Exit	APPLE INC	$0	–	-979,854	–	-2.59%	–
NKE	Exit	NIKE INCcl b	$0	–	-956,554	–	-2.59%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-740,835	–	-2.66%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,651,939	–	-2.77%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-63,108	–	-3.14%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-487,005	–	-3.16%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-517,679	–	-3.28%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,092,447	–	-3.34%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-320,792	–	-3.42%	–
AMZN	Exit	AMAZON COM INC	$0	–	-76,903	–	-4.72%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,034,357	–	-5.44%	–

Q3 2021

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$291,606,000	+2.5%	1,034,357	-1.5%	5.44%	+4.2%
AMZN	Sell	AMAZON COM INC	$252,629,000	-5.9%	76,903	-1.4%	4.72%	-4.4%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$183,278,000	+11.6%	320,792	-1.5%	3.42%	+13.4%
JPM	Sell	JPMORGAN CHASE & CO	$178,823,000	+3.8%	1,092,447	-1.4%	3.34%	+5.5%
FB	Sell	FACEBOOK INCcl a	$175,695,000	-3.9%	517,679	-1.5%	3.28%	-2.4%
MA	Sell	MASTERCARD INCORPORATEDcl a	$169,322,000	-6.1%	487,005	-1.4%	3.16%	-4.6%
GOOG	Sell	ALPHABET INCcap stk cl c	$168,202,000	+3.3%	63,108	-2.9%	3.14%	+4.9%
CMCSA	Buy	COMCAST CORP NEWcl a	$148,323,000	+17.2%	2,651,939	+19.5%	2.77%	+19.1%
TXN	Sell	TEXAS INSTRS INC	$142,396,000	-1.5%	740,835	-1.4%	2.66%	+0.2%
NKE	Sell	NIKE INCcl b	$138,920,000	-7.4%	956,554	-1.5%	2.59%	-5.9%
AAPL	Sell	APPLE INC	$138,650,000	+2.0%	979,854	-1.3%	2.59%	+3.6%
CHTR	Sell	CHARTER COMMUNICATIONS INC Ncl a	$134,801,000	-17.5%	185,278	-18.1%	2.52%	-16.1%
FDX	Sell	FEDEX CORP	$130,652,000	-27.6%	595,796	-1.5%	2.44%	-26.4%
UNH	Sell	UNITEDHEALTH GROUP INC	$126,672,000	-3.8%	324,184	-1.4%	2.36%	-2.3%
GOOGL	Buy	ALPHABET INCcap stk cl a	$120,143,000	+10.0%	44,938	+0.5%	2.24%	+11.8%
PGR	Sell	PROGRESSIVE CORP	$119,581,000	-9.1%	1,322,940	-1.2%	2.23%	-7.6%
BKNG	Sell	BOOKING HOLDINGS INC	$118,834,000	+6.9%	50,059	-1.5%	2.22%	+8.6%
BDX	Sell	BECTON DICKINSON & CO	$116,406,000	-0.2%	473,545	-1.3%	2.17%	+1.4%
COST	Sell	COSTCO WHSL CORP NEW	$116,168,000	+12.0%	258,523	-1.4%	2.17%	+13.7%
UNP	Sell	UNION PAC CORP	$113,479,000	-12.0%	578,945	-1.3%	2.12%	-10.6%
ROP	Sell	ROPER TECHNOLOGIES INC	$105,579,000	-6.5%	236,657	-1.4%	1.97%	-5.0%
VRSK	Sell	VERISK ANALYTICS INC	$105,386,000	+13.0%	526,221	-1.4%	1.97%	+14.8%
SPGI	Sell	S&P GLOBAL INC	$104,779,000	-15.3%	246,603	-18.2%	1.96%	-13.9%
JNJ	Sell	JOHNSON & JOHNSON	$102,204,000	-3.5%	632,841	-1.5%	1.91%	-1.9%
DG	Sell	DOLLAR GEN CORP NEW	$99,780,000	-3.3%	470,350	-1.4%	1.86%	-1.8%
NFLX	Sell	NETFLIX INC	$99,530,000	+13.8%	163,073	-1.5%	1.86%	+15.6%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$98,199,000	+15.5%	54,029	-1.5%	1.83%	+17.3%
APD	Sell	AIR PRODS & CHEMS INC	$96,393,000	-12.2%	376,373	-1.3%	1.80%	-10.8%
NSRGY	Sell	NESTLE SA ADR	$96,190,000	-5.1%	800,184	-1.5%	1.80%	-3.5%
ANET	Sell	ARISTA NETWORKS INC	$95,286,000	-6.5%	277,284	-1.4%	1.78%	-4.9%
WDAY	Sell	WORKDAY INCcl a	$94,932,000	+3.1%	379,896	-1.5%	1.77%	+4.7%
DIS	Buy	DISNEY WALT CO	$94,303,000	+29.9%	557,448	+35.0%	1.76%	+32.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$86,019,000	-3.3%	315,159	-1.5%	1.61%	-1.7%
TJX	Sell	TJX COS INC NEW	$83,695,000	-3.5%	1,268,483	-1.4%	1.56%	-1.9%
ADI	Sell	ANALOG DEVICES INC	$83,620,000	-4.1%	499,284	-1.4%	1.56%	-2.5%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$83,207,000	-3.1%	144,527	-1.5%	1.55%	-1.6%
YUM	Sell	YUM BRANDS INC	$82,283,000	+4.8%	672,745	-1.5%	1.54%	+6.4%
IFNNY	Buy	INFINEON TECHNOLOGIES-ADR	$71,553,000	+58.6%	1,739,264	+55.4%	1.34%	+61.2%
TMUS	New	T-MOBILE US INC	$70,408,000	–	551,092	–	1.31%	–
TDG	Sell	TRANSDIGM GROUP INC	$68,649,000	-4.9%	109,913	-1.4%	1.28%	-3.4%
PEP	Sell	PEPSICO INC	$67,952,000	+0.0%	451,774	-1.5%	1.27%	+1.6%
ISRG	Sell	INTUITIVE SURGICAL INC	$66,489,000	+6.7%	66,880	-1.3%	1.24%	+8.4%
ECL	Sell	ECOLAB INC	$62,032,000	-0.1%	297,347	-1.3%	1.16%	+1.6%
NVS	Sell	NOVARTIS AGsponsored adr	$60,046,000	-11.7%	734,244	-1.5%	1.12%	-10.2%
ROST	Sell	ROSS STORES INC	$50,852,000	-13.4%	467,177	-1.3%	0.95%	-12.0%
GWRE	Sell	GUIDEWIRE SOFTWARE INC	$41,801,000	+3.9%	351,654	-1.4%	0.78%	+5.5%
RHHBY	Sell	ROCHE HOLDINGS LTD-SPONS ADR	$38,363,000	-4.2%	843,698	-1.0%	0.72%	-2.6%
WAT	Sell	WATERS CORP	$28,616,000	-67.8%	80,091	-68.8%	0.53%	-67.3%
CNI	New	CANADIAN NATL RY CO	$211,000	–	1,824	–	0.00%	–
DANOY	New	DANONE-SPONS ADR	$12,000	–	850	–	0.00%	–
CC	Exit	CHEMOURS CO	$0	–	-6,600	–	-0.00%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-3,868	–	-0.00%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-1,000,673	–	-0.67%	–

Q2 2021

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$284,394,000	–	1,049,810	–	5.22%	–
AMZN	New	AMAZON COM INC	$268,371,000	–	78,011	–	4.93%	–
FB	New	FACEBOOK INCcl a	$182,810,000	–	525,755	–	3.36%	–
FDX	New	FEDEX CORP	$180,461,000	–	604,903	–	3.32%	–
MA	New	MASTERCARD INCORPORATEDcl a	$180,397,000	–	494,114	–	3.31%	–
JPM	New	JPMORGAN CHASE & CO	$172,320,000	–	1,107,882	–	3.16%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$164,244,000	–	325,578	–	3.02%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$163,303,000	–	226,354	–	3.00%	–
GOOG	New	ALPHABET INCcap stk cl c	$162,865,000	–	64,982	–	2.99%	–
NKE	New	NIKE INCcl b	$150,063,000	–	971,344	–	2.76%	–
TXN	New	TEXAS INSTRS INC	$144,502,000	–	751,440	–	2.65%	–
AAPL	New	APPLE INC	$135,990,000	–	992,922	–	2.50%	–
UNH	New	UNITEDHEALTH GROUP INC	$131,704,000	–	328,900	–	2.42%	–
PGR	New	PROGRESSIVE CORP	$131,517,000	–	1,339,143	–	2.42%	–
UNP	New	UNION PAC CORP	$128,950,000	–	586,324	–	2.37%	–
CMCSA	New	COMCAST CORP NEWcl a	$126,530,000	–	2,219,032	–	2.32%	–
SPGI	New	S&P GLOBAL INC	$123,694,000	–	301,364	–	2.27%	–
BDX	New	BECTON DICKINSON & CO	$116,659,000	–	479,704	–	2.14%	–
ROP	New	ROPER TECHNOLOGIES INC	$112,908,000	–	240,129	–	2.07%	–
BKNG	New	BOOKING HOLDINGS INC	$111,164,000	–	50,804	–	2.04%	–
APD	New	AIR PRODS & CHEMS INC	$109,739,000	–	381,463	–	2.02%	–
GOOGL	New	ALPHABET INCcap stk cl a	$109,223,000	–	44,731	–	2.01%	–
JNJ	New	JOHNSON & JOHNSON	$105,864,000	–	642,610	–	1.94%	–
COST	New	COSTCO WHSL CORP NEW	$103,758,000	–	262,233	–	1.91%	–
DG	New	DOLLAR GEN CORP NEW	$103,234,000	–	477,073	–	1.90%	–
ANET	New	ARISTA NETWORKS INC	$101,868,000	–	281,161	–	1.87%	–
NSRGY	New	NESTLE SA ADR	$101,335,000	–	812,371	–	1.86%	–
VRSK	New	VERISK ANALYTICS INC	$93,260,000	–	533,767	–	1.71%	–
WDAY	New	WORKDAY INCcl a	$92,116,000	–	385,842	–	1.69%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$88,928,000	–	319,980	–	1.63%	–
WAT	New	WATERS CORP	$88,811,000	–	256,967	–	1.63%	–
NFLX	New	NETFLIX INC	$87,472,000	–	165,602	–	1.61%	–
ADI	New	ANALOG DEVICES INC	$87,168,000	–	506,320	–	1.60%	–
TJX	New	TJX COS INC NEW	$86,732,000	–	1,286,449	–	1.59%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$85,893,000	–	146,665	–	1.58%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$85,005,000	–	54,830	–	1.56%	–
YUM	New	YUM BRANDS INC	$78,548,000	–	682,852	–	1.44%	–
DIS	New	DISNEY WALT CO	$72,572,000	–	412,884	–	1.33%	–
TDG	New	TRANSDIGM GROUP INC	$72,187,000	–	111,521	–	1.33%	–
NVS	New	NOVARTIS AGsponsored adr	$67,998,000	–	745,268	–	1.25%	–
PEP	New	PEPSICO INC	$67,948,000	–	458,585	–	1.25%	–
ISRG	New	INTUITIVE SURGICAL INC	$62,309,000	–	67,754	–	1.14%	–
ECL	New	ECOLAB INC	$62,073,000	–	301,367	–	1.14%	–
ROST	New	ROSS STORES INC	$58,698,000	–	473,374	–	1.08%	–
IFNNY	New	INFINEON TECHNOLOGIES-ADR	$45,110,000	–	1,119,089	–	0.83%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$40,215,000	–	356,771	–	0.74%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$40,037,000	–	852,049	–	0.74%	–
CNQ	New	CANADIAN NAT RES LTD	$36,304,000	–	1,000,673	–	0.67%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$5,023,000	–	12	–	0.09%	–
MRK	New	MERCK & CO INC	$1,854,000	–	23,834	–	0.03%	–
GLW	New	CORNING INC	$1,723,000	–	42,139	–	0.03%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,750,000	–	11,936	–	0.03%	–
COP	New	CONOCOPHILLIPS	$1,499,000	–	24,620	–	0.03%	–
HPQ	New	HP INC	$1,510,000	–	50,000	–	0.03%	–
ABT	New	ABBOTT LABS	$1,497,000	–	12,917	–	0.03%	–
LOW	New	LOWES COS INC	$1,431,000	–	7,380	–	0.03%	–
INTC	New	INTEL CORP	$1,300,000	–	23,151	–	0.02%	–
PSX	New	PHILLIPS 66	$1,073,000	–	12,500	–	0.02%	–
DE	New	DEERE & CO	$1,058,000	–	3,000	–	0.02%	–
BK	New	BANK NEW YORK MELLON CORP	$968,000	–	18,887	–	0.02%	–
SYY	New	SYSCO CORP	$941,000	–	12,104	–	0.02%	–
DOW	New	DOW INC	$892,000	–	14,101	–	0.02%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$795,000	–	5,318	–	0.02%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$740,000	–	11,070	–	0.01%	–
ILMN	New	ILLUMINA INC	$750,000	–	1,585	–	0.01%	–
GPC	New	GENUINE PARTS CO	$747,000	–	5,906	–	0.01%	–
MMM	New	3M CO	$733,000	–	3,692	–	0.01%	–
MCD	New	MCDONALDS CORP	$682,000	–	2,952	–	0.01%	–
HPE	New	HEWLETT PACKARD ENTERPRISE C	$729,000	–	50,000	–	0.01%	–
MKC	New	MCCORMICK & CO INC	$652,000	–	7,380	–	0.01%	–
AXP	New	AMERICAN EXPRESS CO	$606,000	–	3,670	–	0.01%	–
PCH	New	POTLATCHDELTIC CORPORATION	$589,000	–	11,073	–	0.01%	–
CTVA	New	CORTEVA INC	$625,000	–	14,101	–	0.01%	–
DD	New	DUPONT DE NEMOURS INC	$518,000	–	6,694	–	0.01%	–
NSC	New	NORFOLK SOUTHN CORP	$531,000	–	2,000	–	0.01%	–
PHG	New	KONINKLIJKE PHILIPS N V	$516,000	–	10,391	–	0.01%	–
MDLZ	New	MONDELEZ INTL INCcl a	$468,000	–	7,500	–	0.01%	–
WY	New	WEYERHAEUSER CO MTN BE	$508,000	–	14,761	–	0.01%	–
PFE	New	PFIZER INC	$434,000	–	11,070	–	0.01%	–
KMB	New	KIMBERLY-CLARK CORP	$395,000	–	2,952	–	0.01%	–
DAL	New	DELTA AIR LINES INC DEL	$370,000	–	8,555	–	0.01%	–
D	New	DOMINION ENERGY INC	$368,000	–	5,000	–	0.01%	–
AMGN	New	AMGEN INC	$332,000	–	1,362	–	0.01%	–
BSX	New	BOSTON SCIENTIFIC CORP	$342,000	–	8,000	–	0.01%	–
MLM	New	MARTIN MARIETTA MATLS INC	$352,000	–	1,000	–	0.01%	–
EXPD	New	EXPEDITORS INTL WASH INC	$253,000	–	2,000	–	0.01%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$296,000	–	1,491	–	0.01%	–
CL	New	COLGATE PALMOLIVE CO	$244,000	–	3,000	–	0.00%	–
CC	New	CHEMOURS CO	$230,000	–	6,600	–	0.00%	–
SNY	New	SANOFIsponsored adr	$204,000	–	3,868	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
CNI	Exit	CANADIAN NATL RY CO	$0	–	-2,000	–	-0.01%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-1,491	–	-0.01%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-1,000	–	-0.01%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-3,500	–	-0.01%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-3,000	–	-0.01%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-9,390	–	-0.01%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-8,000	–	-0.01%	–
SNY	Exit	SANOFIsponsored adr	$0	–	-7,000	–	-0.01%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,830	–	-0.01%	–
AMGN	Exit	AMGEN INC	$0	–	-1,450	–	-0.01%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,670	–	-0.01%	–
D	Exit	DOMINION ENERGY INC	$0	–	-5,000	–	-0.01%	–
PFE	Exit	PFIZER INC	$0	–	-11,070	–	-0.01%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-2,000	–	-0.01%	–
WY	Exit	WEYERHAEUSER CO MTN BE	$0	–	-14,761	–	-0.01%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-2,952	–	-0.01%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-7,500	–	-0.01%	–
PHG	Exit	KONINKLIJKE PHILIPS N Vny reg sh new	$0	–	-10,202	–	-0.01%	–
PCH	Exit	POTLATCHDELTIC CORPORATION	$0	–	-11,073	–	-0.01%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-5,906	–	-0.01%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-18,887	–	-0.02%	–
BMY	Exit	BRISTOL-MYERS SQUIBB CO	$0	–	-11,070	–	-0.02%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,952	–	-0.02%	–
DE	Exit	DEERE & CO	$0	–	-3,000	–	-0.02%	–
MKC	Exit	MCCORMICK & CO INC	$0	–	-3,690	–	-0.02%	–
SYY	Exit	SYSCO CORP	$0	–	-12,104	–	-0.02%	–
MRK	Exit	MERCK & CO. INC	$0	–	-10,334	–	-0.02%	–
DIS	Exit	DISNEY WALT CO	$0	–	-8,070	–	-0.02%	–
INTC	Exit	INTEL CORP	$0	–	-23,151	–	-0.03%	–
LOW	Exit	LOWES COS INC	$0	–	-7,380	–	-0.03%	–
GLW	Exit	CORNING INC	$0	–	-42,160	–	-0.03%	–
ABT	Exit	ABBOTT LABS	$0	–	-12,917	–	-0.03%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-12	–	-0.09%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-1,714,714	–	-0.62%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-357,408	–	-0.84%	–
ROST	Exit	ROSS STORES INC	$0	–	-475,944	–	-1.01%	–
YUM	Exit	YUM BRANDS INC	$0	–	-530,745	–	-1.10%	–
WAT	Exit	WATERS CORP	$0	–	-261,579	–	-1.16%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-113,302	–	-1.22%	–
MMM	Exit	3M CO	$0	–	-359,749	–	-1.31%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-284,713	–	-1.34%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-510,151	–	-1.35%	–
ECL	Exit	ECOLAB INC	$0	–	-307,047	–	-1.39%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-42,107	–	-1.40%	–
PEP	Exit	PEPSICO INC	$0	–	-466,251	–	-1.46%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-755,822	–	-1.49%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-39,668	–	-1.54%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-323,995	–	-1.56%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-149,204	–	-1.66%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-366,355	–	-1.79%	–
NFLX	Exit	NETFLIX INC	$0	–	-168,330	–	-1.91%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-72,481	–	-2.04%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-387,931	–	-2.05%	–
TJX	Exit	TJX COS INC NEW	$0	–	-1,678,004	–	-2.12%	–
UNP	Exit	UNION PAC CORP	$0	–	-475,942	–	-2.12%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-267,169	–	-2.15%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-652,899	–	-2.20%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-541,050	–	-2.27%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-486,049	–	-2.31%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-69,609	–	-2.32%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-334,591	–	-2.36%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,256,435	–	-2.37%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,124,684	–	-2.45%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-385,672	–	-2.60%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-303,134	–	-2.71%	–
AAPL	Exit	APPLE INC	$0	–	-1,035,759	–	-2.72%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-892,752	–	-2.89%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-1,384,503	–	-2.97%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-380,022	–	-3.11%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-535,008	–	-3.18%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-229,397	–	-3.25%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,163,649	–	-3.31%	–
FDX	Exit	FEDEX CORP	$0	–	-614,174	–	-3.50%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-383,309	–	-3.84%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-500,888	–	-3.84%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,057,080	–	-5.04%	–
AMZN	Exit	AMAZON COM INC	$0	–	-79,164	–	-5.65%	–

Q3 2020

			Value		Shares		↓ Weighting
AMZN	Sell	AMAZON COM INC	$249,266,000	+6.7%	79,164	-6.5%	5.65%	-2.5%
MSFT	Buy	MICROSOFT CORP	$222,335,000	+3.9%	1,057,080	+0.6%	5.04%	-5.1%
MA	Buy	MASTERCARD INCORPORATEDcl a	$169,386,000	+14.4%	500,888	+0.0%	3.84%	+4.5%
TMO	Buy	THERMO FISHER SCIENTIFIC INC	$169,239,000	+22.0%	383,309	+0.1%	3.84%	+11.4%
FDX	Buy	FEDEX CORP	$154,477,000	+122.1%	614,174	+23.8%	3.50%	+102.8%
NKE	Buy	NIKE INCcl b	$146,084,000	+28.2%	1,163,649	+0.1%	3.31%	+17.1%
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$143,222,000	+22.5%	229,397	+0.1%	3.25%	+11.9%
FB	Sell	FACEBOOK INCcl a	$140,119,000	+15.2%	535,008	-0.1%	3.18%	+5.2%
SPGI	Sell	S&P GLOBAL INC	$137,036,000	+9.1%	380,022	-0.3%	3.11%	-0.3%
PGR	Buy	PROGRESSIVE CORP	$131,071,000	+18.3%	1,384,503	+0.1%	2.97%	+8.1%
TXN	Buy	TEXAS INSTRS INC	$127,476,000	+12.6%	892,752	+0.1%	2.89%	+2.8%
AAPL	Buy	APPLE INC	$119,951,000	+4.8%	1,035,759	+230.1%	2.72%	-4.3%
ROP	Buy	ROPER TECHNOLOGIES INC	$119,772,000	+2.0%	303,134	+0.2%	2.71%	-6.9%
APD	Sell	AIR PRODS & CHEMS INC	$114,876,000	+4.1%	385,672	-15.6%	2.60%	-5.0%
JPM	Sell	JPMORGAN CHASE & CO	$108,273,000	+1.8%	1,124,684	-0.5%	2.45%	-7.0%
CMCSA	Buy	COMCAST CORP NEWcl a	$104,382,000	+18.9%	2,256,435	+0.2%	2.37%	+8.6%
UNH	Sell	UNITEDHEALTH GROUP INC	$104,316,000	+5.4%	334,591	-0.3%	2.36%	-3.7%
GOOG	Buy	ALPHABET INCcap stk cl c	$102,297,000	+4.8%	69,609	+0.8%	2.32%	-4.3%
DG	Buy	DOLLAR GEN CORP NEW	$101,886,000	+10.1%	486,049	+0.0%	2.31%	+0.5%
VRSK	Buy	VERISK ANALYTICS INC	$100,262,000	+8.9%	541,050	+0.0%	2.27%	-0.5%
JNJ	Buy	JOHNSON & JOHNSON	$97,203,000	+7.4%	652,899	+1.5%	2.20%	-1.9%
COST	Sell	COSTCO WHSL CORP NEW	$94,845,000	+0.2%	267,169	-14.4%	2.15%	-8.5%
UNP	Buy	UNION PAC CORP	$93,699,000	+16.5%	475,942	+0.0%	2.12%	+6.4%
TJX	Sell	TJX COS INC NEW	$93,381,000	+10.0%	1,678,004	-0.0%	2.12%	+0.5%
BDX	Buy	BECTON DICKINSON & CO	$90,264,000	-2.6%	387,931	+0.2%	2.05%	-11.0%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$90,145,000	+18.0%	72,481	-0.1%	2.04%	+7.8%
NFLX	Sell	NETFLIX INC	$84,170,000	+9.8%	168,330	-0.1%	1.91%	+0.3%
WDAY	Sell	WORKDAY INCcl a	$78,814,000	+14.7%	366,355	-0.1%	1.79%	+4.8%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$73,174,000	-31.4%	149,204	-39.1%	1.66%	-37.4%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$68,992,000	+83.5%	323,995	+53.9%	1.56%	+67.6%
BKNG	Sell	BOOKING HOLDINGS INC	$67,859,000	+7.3%	39,668	-0.1%	1.54%	-2.0%
NVS	Buy	NOVARTIS AGsponsored adr	$65,726,000	+0.1%	755,822	+0.6%	1.49%	-8.5%
PEP	Sell	PEPSICO INC	$64,622,000	+4.6%	466,251	-0.1%	1.46%	-4.4%
GOOGL	Buy	ALPHABET INCcap stk cl a	$61,712,000	+4.1%	42,107	+0.8%	1.40%	-4.8%
ECL	Buy	ECOLAB INC	$61,360,000	+0.5%	307,047	+0.1%	1.39%	-8.2%
ADI	Buy	ANALOG DEVICES INC	$59,555,000	-3.0%	510,151	+1.9%	1.35%	-11.4%
ANET	Buy	ARISTA NETWORKS INC	$58,916,000	+0.1%	284,713	+1.6%	1.34%	-8.6%
MMM	Buy	3M CO	$57,625,000	+3.9%	359,749	+1.2%	1.31%	-5.1%
TDG	Buy	TRANSDIGM GROUP INC	$53,832,000	+10.7%	113,302	+3.0%	1.22%	+1.2%
WAT	Sell	WATERS CORP	$51,186,000	+6.3%	261,579	-2.0%	1.16%	-2.9%
YUM	Sell	YUM BRANDS INC	$48,457,000	+4.7%	530,745	-0.3%	1.10%	-4.4%
ROST	New	ROSS STORES INC	$44,415,000	–	475,944	–	1.01%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$37,266,000	–	357,408	–	0.84%	–
CNQ	Buy	CANADIAN NAT RES LTD	$27,453,000	-7.8%	1,714,714	+0.3%	0.62%	-15.8%
ABT	New	ABBOTT LABS	$1,406,000	–	12,917	–	0.03%	–
LOW	New	LOWES COS INC	$1,224,000	–	7,380	–	0.03%	–
INTC	Buy	INTEL CORP	$1,198,000	+326.3%	23,151	+392.6%	0.03%	+285.7%
DIS	Buy	DISNEY WALT CO	$1,001,000	+96.3%	8,070	+76.6%	0.02%	+76.9%
MRK	New	MERCK & CO. INC	$857,000	–	10,334	–	0.02%	–
SYY	New	SYSCO CORP	$753,000	–	12,104	–	0.02%	–
MKC	New	MCCORMICK & CO INC	$716,000	–	3,690	–	0.02%	–
DE	New	DEERE & CO	$665,000	–	3,000	–	0.02%	–
MCD	New	MCDONALDS CORP	$648,000	–	2,952	–	0.02%	–
BMY	New	BRISTOL-MYERS SQUIBB CO	$667,000	–	11,070	–	0.02%	–
GPC	New	GENUINE PARTS CO	$562,000	–	5,906	–	0.01%	–
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$481,000	–	10,202	–	0.01%	–
PCH	New	POTLATCHDELTIC CORPORATION	$466,000	–	11,073	–	0.01%	–
KMB	New	KIMBERLY CLARK CORP	$436,000	–	2,952	–	0.01%	–
WY	New	WEYERHAEUSER CO MTN BE	$421,000	–	14,761	–	0.01%	–
MDLZ	New	MONDELEZ INTL INCcl a	$431,000	–	7,500	–	0.01%	–
D	New	DOMINION ENERGY INC	$395,000	–	5,000	–	0.01%	–
PFE	New	PFIZER INC	$406,000	–	11,070	–	0.01%	–
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$344,000	-35.7%	2,830	-36.1%	0.01%	-38.5%
SNY	New	SANOFIsponsored adr	$351,000	–	7,000	–	0.01%	–
DAL	Sell	DELTA AIR LINES INC DEL	$287,000	-38.0%	9,390	-43.1%	0.01%	-36.4%
BSX	New	BOSTON SCIENTIFIC CORP	$306,000	–	8,000	–	0.01%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$208,000	–	1,491	–	0.01%	–
MLM	New	MARTIN MARIETTA MATLS INC	$235,000	–	1,000	–	0.01%	–
CL	New	COLGATE PALMOLIVE CO	$231,000	–	3,000	–	0.01%	–
VZ	New	VERIZON COMMUNICATIONS INC	$208,000	–	3,500	–	0.01%	–
CNI	New	CANADIAN NATL RY CO	$213,000	–	2,000	–	0.01%	–
DANOY	Exit	DANONE-SPONS ADR	$0	–	-3,150	–	-0.00%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-5,136	–	-0.01%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-853,877	–	-0.92%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-840,621	–	-2.30%	–

Q2 2020

			Value		Shares		↓ Weighting
AMZN	New	AMAZON COM INC	$233,587,000	–	84,669	–	5.80%	–
MSFT	New	MICROSOFT CORP	$213,934,000	–	1,051,223	–	5.31%	–
MA	New	MASTERCARD INCORPORATEDcl a	$148,111,000	–	500,880	–	3.68%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$138,724,000	–	382,855	–	3.44%	–
SPGI	New	S&P GLOBAL INC	$125,589,000	–	381,175	–	3.12%	–
FB	New	FACEBOOK INCcl a	$121,605,000	–	535,539	–	3.02%	–
ROP	New	ROPER TECHNOLOGIES INC	$117,435,000	–	302,466	–	2.91%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$116,935,000	–	229,266	–	2.90%	–
AAPL	New	APPLE INC	$114,455,000	–	313,746	–	2.84%	–
NKE	New	NIKE INCcl b	$113,938,000	–	1,162,036	–	2.83%	–
TXN	New	TEXAS INSTRS INC	$113,205,000	–	891,590	–	2.81%	–
PGR	New	PROGRESSIVE CORP OHIO	$110,766,000	–	1,382,668	–	2.75%	–
APD	New	AIR PRODS & CHEMS INC	$110,390,000	–	457,177	–	2.74%	–
ADBE	New	ADOBE INC	$106,733,000	–	245,188	–	2.65%	–
JPM	New	JPMORGAN CHASE & CO	$106,333,000	–	1,130,477	–	2.64%	–
UNH	New	UNITEDHEALTH GROUP INC	$98,941,000	–	335,451	–	2.46%	–
GOOG	New	ALPHABET INCcap stk cl c	$97,589,000	–	69,036	–	2.42%	–
COST	New	COSTCO WHSL CORP NEW	$94,644,000	–	312,141	–	2.35%	–
NSRGY	New	NESTLE SA ADR	$92,838,000	–	840,621	–	2.30%	–
BDX	New	BECTON DICKINSON & CO	$92,634,000	–	387,152	–	2.30%	–
DG	New	DOLLAR GEN CORP NEW	$92,572,000	–	485,915	–	2.30%	–
VRSK	New	VERISK ANALYTICS INC	$92,069,000	–	540,944	–	2.28%	–
JNJ	New	JOHNSON & JOHNSON	$90,503,000	–	643,557	–	2.25%	–
CMCSA	New	COMCAST CORP NEWcl a	$87,801,000	–	2,252,465	–	2.18%	–
TJX	New	TJX COS INC NEW	$84,854,000	–	1,678,286	–	2.10%	–
UNP	New	UNION PAC CORP	$80,455,000	–	475,869	–	2.00%	–
NFLX	New	NETFLIX INC	$76,670,000	–	168,491	–	1.90%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$76,373,000	–	72,573	–	1.90%	–
FDX	New	FEDEX CORP	$69,545,000	–	495,968	–	1.73%	–
WDAY	New	WORKDAY INCcl a	$68,727,000	–	366,818	–	1.70%	–
NVS	New	NOVARTIS AGsponsored adr	$65,644,000	–	751,583	–	1.63%	–
BKNG	New	BOOKING HOLDINGS INC	$63,230,000	–	39,709	–	1.57%	–
PEP	New	PEPSICO INC	$61,756,000	–	466,932	–	1.53%	–
ADI	New	ANALOG DEVICES INC	$61,428,000	–	500,883	–	1.52%	–
ECL	New	ECOLAB INC	$61,045,000	–	306,836	–	1.52%	–
GOOGL	New	ALPHABET INCcap stk cl a	$59,263,000	–	41,792	–	1.47%	–
ANET	New	ARISTA NETWORKS INC	$58,841,000	–	280,157	–	1.46%	–
MMM	New	3M CO	$55,475,000	–	355,631	–	1.38%	–
TDG	New	TRANSDIGM GROUP INC	$48,625,000	–	109,999	–	1.21%	–
WAT	New	WATERS CORP	$48,152,000	–	266,918	–	1.20%	–
YUM	New	YUM BRANDS INC	$46,264,000	–	532,322	–	1.15%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$37,591,000	–	210,581	–	0.93%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$37,041,000	–	853,877	–	0.92%	–
CNQ	New	CANADIAN NAT RES LTD	$29,783,000	–	1,708,745	–	0.74%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,208,000	–	12	–	0.08%	–
GLW	New	CORNING INC	$1,092,000	–	42,160	–	0.03%	–
BK	New	BANK NEW YORK MELLON CORP	$730,000	–	18,887	–	0.02%	–
DIS	New	DISNEY WALT CO	$510,000	–	4,570	–	0.01%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$535,000	–	4,430	–	0.01%	–
DAL	New	DELTA AIR LINES INC DEL	$463,000	–	16,490	–	0.01%	–
AXP	New	AMERICAN EXPRESS CO	$349,000	–	3,670	–	0.01%	–
NSC	New	NORFOLK SOUTHERN CORP	$351,000	–	2,000	–	0.01%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$316,000	–	5,136	–	0.01%	–
AMGN	New	AMGEN INC	$342,000	–	1,450	–	0.01%	–
INTC	New	INTEL CORP	$281,000	–	4,700	–	0.01%	–
DANOY	New	DANONE-SPONS ADR	$43,000	–	3,150	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
KO	Exit	COCA COLA CO	$0	–	-200	–	0.00%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-200	–	0.00%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-200	–	-0.00%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-1,456	–	-0.00%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-2,160	–	-0.00%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-2,000	–	-0.01%	–
INTC	Exit	INTEL CORP	$0	–	-4,700	–	-0.01%	–
AMGN	Exit	AMGEN INC	$0	–	-1,450	–	-0.01%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-1,600	–	-0.01%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-2,000	–	-0.01%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,725	–	-0.01%	–
RTN	Exit	RAYTHEON CO	$0	–	-2,200	–	-0.01%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-3,670	–	-0.01%	–
DIS	Exit	DISNEY WALT CO	$0	–	-3,670	–	-0.01%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-4,430	–	-0.02%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-18,887	–	-0.02%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-16,250	–	-0.02%	–
GLW	Exit	CORNING INC	$0	–	-41,150	–	-0.03%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-10	–	-0.08%	–
BWA	Exit	BORGWARNER INC	$0	–	-1,133,226	–	-1.08%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-1,286,594	–	-1.14%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-269,536	–	-1.19%	–
NFLX	Exit	NETFLIX INC	$0	–	-175,080	–	-1.22%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-1,779,085	–	-1.23%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-923,016	–	-1.24%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,008,426	–	-1.32%	–
USB	Exit	US BANCORP DEL	$0	–	-928,849	–	-1.33%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-42,883	–	-1.36%	–
FDX	Exit	FEDEX CORP	$0	–	-363,966	–	-1.37%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-1,570,526	–	-1.48%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-379,184	–	-1.54%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,321,761	–	-1.54%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-71,250	–	-1.55%	–
MMM	Exit	3M CO	$0	–	-365,886	–	-1.56%	–
WAT	Exit	WATERS CORP	$0	–	-275,101	–	-1.59%	–
YUM	Exit	YUM BRANDS INC	$0	–	-548,712	–	-1.61%	–
PEP	Exit	PEPSICO INC	$0	–	-479,161	–	-1.70%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-419,714	–	-1.72%	–
DANOY	Exit	DANONE-SPONS ADR	$0	–	-3,811,239	–	-1.73%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-780,464	–	-1.76%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-1,134,929	–	-1.76%	–
ADBE	Exit	ADOBE INC	$0	–	-252,326	–	-1.81%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-541,518	–	-1.82%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-347,046	–	-1.96%	–
CSCO	Exit	CISCO SYS INC	$0	–	-1,537,511	–	-1.97%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-187,940	–	-2.01%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-443,227	–	-2.05%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-487,478	–	-2.05%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-40,671	–	-2.07%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-502,304	–	-2.07%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-327,383	–	-2.15%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-72,053	–	-2.28%	–
ECL	Exit	ECOLAB INC	$0	–	-466,176	–	-2.40%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-866,077	–	-2.44%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-323,151	–	-2.44%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-265,884	–	-2.46%	–
AAPL	Exit	APPLE INC	$0	–	-423,683	–	-2.46%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-390,894	–	-2.48%	–
TJX	Exit	TJX COS INC NEW	$0	–	-1,718,833	–	-2.48%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-1,413,810	–	-2.83%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,189,876	–	-2.90%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-508,132	–	-2.92%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-911,890	–	-3.06%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,005,551	–	-3.07%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-417,184	–	-3.12%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-939,550	–	-3.39%	–
AMZN	Exit	AMAZON COM INC	$0	–	-75,923	–	-3.42%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-511,507	–	-3.60%	–

Q3 2019

			Value		Shares		↓ Weighting
MA	Sell	MASTERCARD INCcl a	$138,910,000	+1.8%	511,507	-0.9%	3.60%	+2.1%
AMZN	Sell	AMAZON COM INC	$131,795,000	-9.2%	75,923	-0.9%	3.42%	-8.9%
MSFT	Sell	MICROSOFT CORP	$130,625,000	+2.8%	939,550	-0.9%	3.39%	+3.2%
COST	Sell	COSTCO WHSL CORP NEW	$120,195,000	+8.0%	417,184	-0.9%	3.12%	+8.4%
JPM	Sell	JPMORGAN CHASE & CO	$118,343,000	+4.4%	1,005,551	-0.8%	3.07%	+4.8%
TXN	Sell	TEXAS INSTRS INC	$117,853,000	+11.6%	911,890	-0.9%	3.06%	+12.0%
APD	Sell	AIR PRODS & CHEMS INC	$112,734,000	-3.0%	508,132	-1.0%	2.92%	-2.7%
NKE	Sell	NIKE INCcl b	$111,753,000	+10.8%	1,189,876	-0.9%	2.90%	+11.2%
PGR	Sell	PROGRESSIVE CORP OHIO	$109,217,000	-4.2%	1,413,810	-0.9%	2.83%	-3.8%
TJX	Sell	TJX COS INC NEW	$95,807,000	+4.5%	1,718,833	-0.9%	2.48%	+4.9%
SPGI	Sell	S&P GLOBAL INC	$95,761,000	+6.6%	390,894	-0.9%	2.48%	+7.0%
AAPL	Sell	APPLE INC	$94,893,000	+12.5%	423,683	-0.6%	2.46%	+12.8%
ROP	Sell	ROPER TECHNOLOGIES INC	$94,815,000	-3.5%	265,884	-0.9%	2.46%	-3.2%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$94,124,000	-1.7%	323,151	-0.9%	2.44%	-1.3%
NSRGY	Sell	NESTLE SA ADR	$93,883,000	+4.1%	866,077	-0.7%	2.44%	+4.5%
ECL	Sell	ECOLAB INC	$92,322,000	-0.7%	466,176	-1.0%	2.40%	-0.3%
GOOG	Sell	ALPHABET INCcap stk cl c	$87,832,000	+11.9%	72,053	-0.8%	2.28%	+12.3%
BDX	Sell	BECTON DICKINSON & CO	$82,814,000	0.0%	327,383	-0.4%	2.15%	+0.4%
DG	Sell	DOLLAR GEN CORP NEW	$79,836,000	+16.7%	502,304	-0.8%	2.07%	+17.1%
BKNG	Sell	BOOKING HLDGS INC	$79,822,000	+4.5%	40,671	-0.2%	2.07%	+4.8%
UNP	Sell	UNION PACIFIC CORP	$78,962,000	-4.9%	487,478	-0.7%	2.05%	-4.5%
FB	Sell	FACEBOOK INCcl a	$78,930,000	-8.3%	443,227	-0.6%	2.05%	-8.0%
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$77,454,000	–	187,940	–	2.01%	–
CSCO	Sell	CISCO SYS INC	$75,969,000	-10.3%	1,537,511	-0.7%	1.97%	-10.0%
UNH	Sell	UNITEDHEALTH GROUP INC	$75,420,000	-11.5%	347,046	-0.6%	1.96%	-11.2%
JNJ	Sell	JOHNSON & JOHNSON	$70,061,000	-7.8%	541,518	-0.7%	1.82%	-7.4%
ADBE	Sell	ADOBE INC	$69,705,000	-7.0%	252,326	-0.8%	1.81%	-6.6%
RDSB	Sell	ROYAL DUTCH SHELL PLCspon adr b	$67,982,000	-9.5%	1,134,929	-0.7%	1.76%	-9.2%
NVS	Sell	NOVARTIS A Gsponsored adr	$67,823,000	-5.4%	780,464	-0.6%	1.76%	-5.1%
DANOY	Sell	DANONE-SPONS ADR	$66,812,000	+2.5%	3,811,239	-1.0%	1.73%	+2.8%
VRSK	Sell	VERISK ANALYTICS INC	$66,373,000	+7.3%	419,714	-0.7%	1.72%	+7.6%
PEP	Sell	PEPSICO INC	$65,693,000	+3.5%	479,161	-1.0%	1.70%	+3.8%
YUM	Sell	YUM BRANDS INC	$62,241,000	+1.2%	548,712	-1.3%	1.61%	+1.5%
WAT	Sell	WATERS CORP	$61,411,000	+2.4%	275,101	-1.3%	1.59%	+2.8%
MMM	Sell	3M CO	$60,152,000	-8.0%	365,886	-3.0%	1.56%	-7.7%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$59,884,000	+13.5%	71,250	-1.0%	1.55%	+13.9%
CMCSA	Sell	COMCAST CORP NEWcl a	$59,585,000	-36.8%	1,321,761	-40.7%	1.54%	-36.6%
ITW	Sell	ILLINOIS TOOL WKS INC	$59,338,000	+2.9%	379,184	-0.8%	1.54%	+3.3%
RHHBY	Sell	ROCHE HOLDINGS LTD-SPONS ADR	$57,245,000	+2.7%	1,570,526	-1.1%	1.48%	+3.1%
FDX	Sell	FEDEX CORP	$52,982,000	-12.2%	363,966	-1.0%	1.37%	-12.0%
GOOGL	Sell	ALPHABET INCcap stk cl a	$52,367,000	+12.3%	42,883	-0.4%	1.36%	+12.7%
USB	Sell	US BANCORP DEL	$51,403,000	+4.4%	928,849	-1.2%	1.33%	+4.7%
WFC	Sell	WELLS FARGO CO NEW	$50,865,000	+4.9%	1,008,426	-1.6%	1.32%	+5.2%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDG L	$47,785,000	-3.7%	923,016	-0.2%	1.24%	-3.4%
CNQ	Sell	CANADIAN NAT RES LTD	$47,378,000	-2.1%	1,779,085	-0.9%	1.23%	-1.8%
NFLX	Sell	NETFLIX INC	$46,855,000	-27.6%	175,080	-0.7%	1.22%	-27.4%
WDAY	Sell	WORKDAY INCcl a	$45,810,000	-18.2%	269,536	-1.0%	1.19%	-17.9%
SLB	Sell	SCHLUMBERGER LTD	$43,963,000	-14.9%	1,286,594	-1.0%	1.14%	-14.6%
BWA	Sell	BORGWARNER INC	$41,566,000	-13.6%	1,133,226	-1.1%	1.08%	-13.3%
GLW	New	CORNING INC	$1,174,000	–	41,150	–	0.03%	–
GD	Sell	GENERAL DYNAMICS CORP	$292,000	-38.3%	1,600	-38.5%	0.01%	-33.3%
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-3,100	–	-0.00%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-8,900	–	-0.01%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-3,350	–	-0.01%	–
ALC	Exit	ALCON INC	$0	–	-3,902	–	-0.01%	–
RHT	Exit	RED HAT INC	$0	–	-224,283	–	-1.09%	–

Q2 2019

			Value		Shares		↓ Weighting
AMZN	New	AMAZON COM INC	$145,111,000	–	76,631	–	3.75%	–
MA	New	MASTERCARD INCcl a	$136,481,000	–	515,936	–	3.53%	–
MSFT	New	MICROSOFT CORP	$127,027,000	–	948,243	–	3.28%	–
APD	New	AIR PRODS & CHEMS INC	$116,236,000	–	513,478	–	3.00%	–
PGR	New	PROGRESSIVE CORP OHIO	$113,995,000	–	1,426,187	–	2.95%	–
JPM	New	JPMORGAN CHASE & CO	$113,335,000	–	1,013,728	–	2.93%	–
COST	New	COSTCO WHSL CORP NEW	$111,276,000	–	421,088	–	2.88%	–
TXN	New	TEXAS INSTRS INC	$105,588,000	–	920,079	–	2.73%	–
NKE	New	NIKE INCcl b	$100,844,000	–	1,201,242	–	2.61%	–
ROP	New	ROPER TECHNOLOGIES INC	$98,280,000	–	268,334	–	2.54%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$95,719,000	–	325,929	–	2.47%	–
CMCSA	New	COMCAST CORP NEWcl a	$94,312,000	–	2,230,657	–	2.44%	–
ECL	New	ECOLAB INC	$92,952,000	–	470,787	–	2.40%	–
TJX	New	TJX COS INC NEW	$91,705,000	–	1,734,209	–	2.37%	–
NSRGY	New	NESTLE SA ADR	$90,195,000	–	872,287	–	2.33%	–
SPGI	New	S&P GLOBAL INC	$89,823,000	–	394,326	–	2.32%	–
FB	New	FACEBOOK INCcl a	$86,060,000	–	445,906	–	2.22%	–
UNH	New	UNITEDHEALTH GROUP INC	$85,201,000	–	349,169	–	2.20%	–
CSCO	New	CISCO SYS INC	$84,727,000	–	1,548,098	–	2.19%	–
AAPL	New	APPLE INC	$84,376,000	–	426,314	–	2.18%	–
UNP	New	UNION PACIFIC CORP	$83,006,000	–	490,841	–	2.14%	–
BDX	New	BECTON DICKINSON & CO	$82,814,000	–	328,613	–	2.14%	–
GOOG	New	ALPHABET INCcap stk cl c	$78,498,000	–	72,622	–	2.03%	–
BKNG	New	BOOKING HLDGS INC	$76,394,000	–	40,750	–	1.98%	–
JNJ	New	JOHNSON & JOHNSON	$75,959,000	–	545,368	–	1.96%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$75,117,000	–	1,142,641	–	1.94%	–
ADBE	New	ADOBE INC	$74,917,000	–	254,256	–	1.94%	–
NVS	New	NOVARTIS A Gsponsored adr	$71,678,000	–	784,993	–	1.85%	–
DG	New	DOLLAR GEN CORP NEW	$68,440,000	–	506,362	–	1.77%	–
MMM	New	3M CO	$65,385,000	–	377,207	–	1.69%	–
DANOY	New	DANONE-SPONS ADR	$65,178,000	–	3,849,866	–	1.68%	–
NFLX	New	NETFLIX INC	$64,759,000	–	176,300	–	1.67%	–
PEP	New	PEPSICO INC	$63,479,000	–	484,089	–	1.64%	–
VRSK	New	VERISK ANALYTICS INC	$61,886,000	–	422,549	–	1.60%	–
YUM	New	YUM BRANDS INC	$61,515,000	–	555,837	–	1.59%	–
FDX	New	FEDEX CORP	$60,378,000	–	367,732	–	1.56%	–
WAT	New	WATERS CORP	$59,979,000	–	278,660	–	1.55%	–
ITW	New	ILLINOIS TOOL WKS INC	$57,648,000	–	382,256	–	1.49%	–
WDAY	New	WORKDAY INCcl a	$55,993,000	–	272,365	–	1.45%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$55,756,000	–	1,588,500	–	1.44%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$52,759,000	–	71,988	–	1.36%	–
SLB	New	SCHLUMBERGER LTD	$51,638,000	–	1,299,406	–	1.34%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$49,619,000	–	925,200	–	1.28%	–
USB	New	US BANCORP DEL	$49,251,000	–	939,896	–	1.27%	–
WFC	New	WELLS FARGO CO NEW	$48,509,000	–	1,025,117	–	1.25%	–
CNQ	New	CANADIAN NAT RES LTD	$48,413,000	–	1,795,072	–	1.25%	–
BWA	New	BORGWARNER INC	$48,122,000	–	1,146,322	–	1.24%	–
GOOGL	New	ALPHABET INCcap stk cl a	$46,633,000	–	43,067	–	1.20%	–
RHT	New	RED HAT INC	$42,112,000	–	224,283	–	1.09%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,184,000	–	10	–	0.08%	–
DAL	New	DELTA AIR LINES INC DEL	$923,000	–	16,250	–	0.02%	–
BK	New	BANK NEW YORK MELLON CORP	$834,000	–	18,887	–	0.02%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$611,000	–	4,430	–	0.02%	–
DIS	New	DISNEY WALT CO	$512,000	–	3,670	–	0.01%	–
AXP	New	AMERICAN EXPRESS CO	$453,000	–	3,670	–	0.01%	–
GD	New	GENERAL DYNAMICS CORP	$473,000	–	2,600	–	0.01%	–
NSC	New	NORFOLK SOUTHERN CORP	$399,000	–	2,000	–	0.01%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$368,000	–	1,725	–	0.01%	–
RTN	New	RAYTHEON CO	$383,000	–	2,200	–	0.01%	–
AMGN	New	AMGEN INC	$267,000	–	1,450	–	0.01%	–
ALC	New	ALCON INC	$242,000	–	3,902	–	0.01%	–
INTC	New	INTEL CORP	$225,000	–	4,700	–	0.01%	–
CVS	New	CVS HEALTH CORP	$183,000	–	3,350	–	0.01%	–
COG	New	CABOT OIL & GAS CORP	$204,000	–	8,900	–	0.01%	–
CNI	New	CANADIAN NATL RY CO	$185,000	–	2,000	–	0.01%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$141,000	–	2,160	–	0.00%	–
JCI	New	JOHNSON CTLS INTL PLC	$128,000	–	3,100	–	0.00%	–
XOM	New	EXXON MOBIL CORP	$111,000	–	1,456	–	0.00%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$21,000	–	200	–	0.00%	–
KO	New	COCA COLA CO	$10,000	–	200	–	0.00%	–
MO	New	ALTRIA GROUP INC	$9,000	–	200	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
UN	Exit	UNILEVER N V	$0	–	-250	–	0.00%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-9,643	–	-0.00%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-250	–	-0.00%	–
WMT	Exit	WALMART INC	$0	–	-200	–	-0.00%	–
LGFB	Exit	LIONS GATE ENTMNT CORPcl b non vtg	$0	–	-2,275	–	-0.00%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-456	–	-0.00%	–
LGFA	Exit	LIONS GATE ENTMNT CORPcl a vtg	$0	–	-2,275	–	-0.00%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-412	–	-0.00%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-4,890	–	-0.00%	–
CIEN	Exit	CIENA CORP	$0	–	-5,300	–	-0.00%	–
VVV	Exit	VALVOLINE INC	$0	–	-6,829	–	-0.00%	–
T	Exit	AT&T INC	$0	–	-4,430	–	-0.00%	–
BBY	Exit	BEST BUY INC	$0	–	-1,850	–	-0.00%	–
ON	Exit	ON SEMICONDUCTOR CORP	$0	–	-9,600	–	-0.01%	–
DOX	Exit	AMDOCS LTD	$0	–	-2,900	–	-0.01%	–
CERN	Exit	CERNER CORP	$0	–	-2,654	–	-0.01%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-2,400	–	-0.01%	–
AEP	Exit	AMERICAN ELEC PWR INC	$0	–	-2,450	–	-0.01%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-6,100	–	-0.01%	–
PFE	Exit	PFIZER INC	$0	–	-5,250	–	-0.01%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,115	–	-0.01%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-2,488	–	-0.01%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-2,900	–	-0.01%	–
M	Exit	MACYS INC	$0	–	-6,700	–	-0.01%	–
BKU	Exit	BANKUNITED INC	$0	–	-5,875	–	-0.01%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-11,400	–	-0.01%	–
ZBH	Exit	ZIMMER BIOMET HLDGS INC	$0	–	-1,950	–	-0.01%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-2,720	–	-0.01%	–
EVHC	Exit	ENVISION HEALTHCARE CORP	$0	–	-6,700	–	-0.01%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-5,014	–	-0.01%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-3,675	–	-0.01%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-7,100	–	-0.01%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-19,075	–	-0.01%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-5,350	–	-0.01%	–
EOG	Exit	EOG RES INC	$0	–	-5,300	–	-0.02%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-16,000	–	-0.02%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-4,308	–	-0.02%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-10	–	-0.08%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-74,621	–	-0.90%	–
BWA	Exit	BORGWARNER INC	$0	–	-1,200,581	–	-1.36%	–
CELG	Exit	CELGENE CORP	$0	–	-575,537	–	-1.36%	–
RHT	Exit	RED HAT INC	$0	–	-379,860	–	-1.37%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-1,701,467	–	-1.37%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-44,470	–	-1.42%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-939,750	–	-1.43%	–
VRSK	Exit	VERISK ANALYTICS INC	$0	–	-455,909	–	-1.45%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-395,563	–	-1.48%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-389,252	–	-1.50%	–
PEP	Exit	PEPSICO INC	$0	–	-521,552	–	-1.54%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-984,787	–	-1.59%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-371,353	–	-1.64%	–
DANOY	Exit	DANONE-SPONS ADR	$0	–	-4,240,670	–	-1.74%	–
NFLX	Exit	NETFLIX INC	$0	–	-182,554	–	-1.81%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-627,821	–	-1.82%	–
USB	Exit	US BANCORP DEL	$0	–	-1,334,418	–	-1.86%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-262,244	–	-1.87%	–
YUM	Exit	YUM BRANDS INC	$0	–	-784,236	–	-1.89%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,037,431	–	-1.91%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-844,382	–	-1.92%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,448,449	–	-2.01%	–
FDX	Exit	FEDEX CORP	$0	–	-316,373	–	-2.02%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-294,544	–	-2.03%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-930,591	–	-2.06%	–
AAPL	Exit	APPLE INC	$0	–	-345,251	–	-2.06%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-477,121	–	-2.08%	–
ECL	Exit	ECOLAB INC	$0	–	-512,398	–	-2.12%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-588,858	–	-2.15%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-421,472	–	-2.18%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-281,562	–	-2.21%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-1,178,078	–	-2.21%	–
MMM	Exit	3M CO	$0	–	-400,758	–	-2.23%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-354,002	–	-2.29%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-76,154	–	-2.40%	–
CSCO	Exit	CISCO SYS INC	$0	–	-1,947,330	–	-2.51%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-360,261	–	-2.54%	–
UNP	Exit	UNION PAC CORP	$0	–	-620,930	–	-2.68%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-961,095	–	-2.73%	–
TJX	Exit	TJX COS INC NEW	$0	–	-931,427	–	-2.76%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-449,133	–	-2.79%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,290,103	–	-2.89%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-999,016	–	-3.02%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,049,865	–	-3.13%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-1,739,906	–	-3.27%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-640,427	–	-3.77%	–
AMZN	Exit	AMAZON COM INC	$0	–	-81,344	–	-4.31%	–

Q3 2018

			Value		Shares		↓ Weighting
AMZN	Sell	AMAZON COM INC	$162,932,000	+16.3%	81,344	-1.3%	4.31%	+8.6%
MA	Sell	MASTERCARD INCORPORATEDcl a	$142,565,000	+11.6%	640,427	-1.5%	3.77%	+4.2%
PGR	Sell	PROGRESSIVE CORP OHIO	$123,603,000	+19.3%	1,739,906	-0.7%	3.27%	+11.4%
JPM	Sell	JPMORGAN CHASE & CO	$118,467,000	+6.6%	1,049,865	-1.6%	3.13%	-0.5%
MSFT	Sell	MICROSOFT CORP	$114,257,000	+15.1%	999,016	-0.7%	3.02%	+7.5%
NKE	Sell	NIKE INCcl b	$109,298,000	+5.1%	1,290,103	-1.2%	2.89%	-1.9%
COST	Sell	COSTCO WHSL CORP NEW	$105,492,000	+11.1%	449,133	-1.2%	2.79%	+3.8%
TJX	Sell	TJX COS INC NEW	$104,338,000	+16.1%	931,427	-1.4%	2.76%	+8.4%
TXN	Sell	TEXAS INSTRS INC	$103,116,000	-4.0%	961,095	-1.3%	2.73%	-10.3%
UNP	Sell	UNION PAC CORP	$101,106,000	+13.6%	620,930	-1.2%	2.68%	+6.1%
UNH	Sell	UNITEDHEALTH GROUP INC	$95,844,000	+7.1%	360,261	-1.2%	2.54%	0.0%
CSCO	Sell	CISCO SYS INC	$94,738,000	+11.7%	1,947,330	-1.2%	2.51%	+4.3%
GOOG	Sell	ALPHABET INCcap stk cl c	$90,888,000	+5.7%	76,154	-1.2%	2.40%	-1.3%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$86,405,000	+16.4%	354,002	-1.2%	2.29%	+8.7%
MMM	Buy	3M CO	$84,444,000	+27.4%	400,758	+19.0%	2.23%	+19.0%
RDSB	Sell	ROYAL DUTCH SHELL PLCspon adr b	$83,561,000	-4.0%	1,178,078	-1.7%	2.21%	-10.3%
ROP	Sell	ROPER TECHNOLOGIES INC	$83,401,000	+6.2%	281,562	-1.1%	2.21%	-0.9%
SPGI	Sell	S&P GLOBAL INC	$82,351,000	-5.7%	421,472	-1.6%	2.18%	-11.9%
JNJ	Buy	JOHNSON & JOHNSON	$81,363,000	+15.2%	588,858	+1.1%	2.15%	+7.5%
ECL	Sell	ECOLAB INC	$80,334,000	+10.4%	512,398	-1.2%	2.12%	+3.1%
FB	Sell	FACEBOOK INCcl a	$78,467,000	-16.5%	477,121	-1.3%	2.08%	-22.0%
AAPL	Sell	APPLE INC	$77,937,000	+20.8%	345,251	-1.0%	2.06%	+12.8%
NSRGY	Sell	NESTLE SA ADR	$77,949,000	+7.0%	930,591	-1.1%	2.06%	-0.1%
BDX	Sell	BECTON DICKINSON & CO	$76,876,000	+7.4%	294,544	-1.5%	2.03%	+0.3%
FDX	Sell	FEDEX CORP	$76,179,000	+4.6%	316,373	-1.4%	2.02%	-2.3%
WFC	Sell	WELLS FARGO CO NEW	$76,130,000	-6.4%	1,448,449	-1.3%	2.01%	-12.6%
NVS	Sell	NOVARTIS A Gsponsored adr	$72,752,000	+12.8%	844,382	-1.1%	1.92%	+5.4%
CMCSA	Sell	COMCAST CORP NEWcl a	$72,145,000	+6.8%	2,037,431	-1.1%	1.91%	-0.3%
YUM	Sell	YUM BRANDS INC	$71,295,000	+14.9%	784,236	-1.1%	1.89%	+7.3%
ADBE	Sell	ADOBE SYS INC	$70,793,000	+9.5%	262,244	-1.1%	1.87%	+2.3%
USB	Sell	US BANCORP DEL	$70,471,000	+4.0%	1,334,418	-1.5%	1.86%	-2.9%
DG	Sell	DOLLAR GEN CORP NEW	$68,621,000	+9.6%	627,821	-1.2%	1.82%	+2.3%
NFLX	Sell	NETFLIX INC	$68,299,000	-5.6%	182,554	-1.2%	1.81%	-11.8%
DANOY	Sell	DANONE-SPONS ADR	$65,706,000	+4.4%	4,240,670	-1.1%	1.74%	-2.5%
APD	Sell	AIR PRODS & CHEMS INC	$62,035,000	+6.5%	371,353	-0.7%	1.64%	-0.5%
SLB	Sell	SCHLUMBERGER LTD	$59,993,000	-10.2%	984,787	-1.2%	1.59%	-16.2%
PEP	Sell	PEPSICO INC	$58,310,000	+0.9%	521,552	-1.7%	1.54%	-5.7%
WDAY	Sell	WORKDAY INCcl a	$56,823,000	+18.5%	389,252	-1.7%	1.50%	+10.7%
ITW	New	ILLINOIS TOOL WKS INC	$55,822,000	–	395,563	–	1.48%	–
VRSK	Buy	VERISK ANALYTICS INC	$54,960,000	+51.1%	455,909	+34.9%	1.45%	+41.2%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDG L	$53,970,000	+20.3%	939,750	-1.1%	1.43%	+12.4%
GOOGL	Sell	ALPHABET INCcap stk cl a	$53,679,000	+4.9%	44,470	-1.9%	1.42%	-2.0%
RHT	Buy	RED HAT INC	$51,767,000	+85.2%	379,860	+82.6%	1.37%	+72.9%
RHHBY	Sell	ROCHE HOLDINGS LTD-SPONS ADR	$51,766,000	+8.0%	1,701,467	-1.5%	1.37%	+0.8%
CELG	Sell	CELGENE CORP	$51,505,000	+10.8%	575,537	-1.7%	1.36%	+3.5%
BWA	Sell	BORGWARNER INC	$51,361,000	-2.0%	1,200,581	-1.2%	1.36%	-8.5%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$33,917,000	+4.2%	74,621	-1.1%	0.90%	-2.7%
SWKS	Sell	SKYWORKS SOLUTIONS INC	$333,000	-39.2%	3,675	-35.2%	0.01%	-43.8%
CERN	Sell	CERNER CORP	$171,000	-99.7%	2,654	-99.7%	0.01%	-99.7%
T	Sell	AT&T INC	$149,000	-17.7%	4,430	-21.3%	0.00%	-20.0%
SHOP	Sell	SHOPIFY INCcl a	$68,000	-99.7%	412	-99.7%	0.00%	-99.7%
SWN	Sell	SOUTHWESTERN ENERGY CO	$49,000	-99.7%	9,643	-99.7%	0.00%	-99.8%
MXIM	Exit	MAXIM INTEGRATED PRODS INC	$0	–	-650	–	-0.00%	–
NUAN	Exit	NUANCE COMMUNICATIONS INC	$0	–	-8,750	–	-0.00%	–

Q2 2018

			Value		Shares		↓ Weighting
AMZN	New	AMAZON COM INC	$140,113,000	–	82,429	–	3.97%	–
MA	New	MASTERCARD INCORPORATEDcl a	$127,743,000	–	650,026	–	3.62%	–
JPM	New	JPMORGAN CHASE & CO	$111,161,000	–	1,066,809	–	3.15%	–
TXN	New	TEXAS INSTRS INC	$107,387,000	–	974,036	–	3.04%	–
NKE	New	NIKE INCcl b	$104,017,000	–	1,305,440	–	2.95%	–
PGR	New	PROGRESSIVE CORP OHIO	$103,642,000	–	1,752,188	–	2.94%	–
MSFT	New	MICROSOFT CORP	$99,241,000	–	1,006,404	–	2.81%	–
COST	New	COSTCO WHSL CORP NEW	$94,965,000	–	454,422	–	2.69%	–
FB	New	FACEBOOK INCcl a	$93,961,000	–	483,538	–	2.66%	–
TJX	New	TJX COS INC NEW	$89,893,000	–	944,450	–	2.55%	–
UNH	New	UNITEDHEALTH GROUP INC	$89,497,000	–	364,789	–	2.54%	–
UNP	New	UNION PAC CORP	$89,037,000	–	628,438	–	2.52%	–
SPGI	New	S&P GLOBAL INC	$87,329,000	–	428,312	–	2.47%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$87,036,000	–	1,198,021	–	2.46%	–
GOOG	New	ALPHABET INCcap stk cl c	$85,963,000	–	77,052	–	2.44%	–
CSCO	New	CISCO SYS INC	$84,786,000	–	1,970,402	–	2.40%	–
WFC	New	WELLS FARGO CO NEW	$81,354,000	–	1,467,417	–	2.30%	–
ROP	New	ROPER TECHNOLOGIES INC	$78,531,000	–	284,627	–	2.22%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$74,243,000	–	358,418	–	2.10%	–
NSRGY	New	NESTLE SA ADR	$72,879,000	–	941,029	–	2.06%	–
FDX	New	FEDEX CORP	$72,831,000	–	320,755	–	2.06%	–
ECL	New	ECOLAB INC	$72,795,000	–	518,744	–	2.06%	–
NFLX	New	NETFLIX INC	$72,331,000	–	184,787	–	2.05%	–
BDX	New	BECTON DICKINSON & CO	$71,606,000	–	298,905	–	2.03%	–
JNJ	New	JOHNSON & JOHNSON	$70,645,000	–	582,206	–	2.00%	–
USB	New	US BANCORP DEL	$67,770,000	–	1,354,863	–	1.92%	–
CMCSA	New	COMCAST CORP NEWcl a	$67,578,000	–	2,059,689	–	1.91%	–
SLB	New	SCHLUMBERGER LTD	$66,836,000	–	997,113	–	1.89%	–
MMM	New	3M CO	$66,276,000	–	336,903	–	1.88%	–
ADBE	New	ADOBE SYS INC	$64,648,000	–	265,156	–	1.83%	–
AAPL	New	APPLE INC	$64,533,000	–	348,619	–	1.83%	–
NVS	New	NOVARTIS A Gsponsored adr	$64,486,000	–	853,665	–	1.83%	–
DANOY	New	DANONE-SPONS ADR	$62,961,000	–	4,288,650	–	1.78%	–
DG	New	DOLLAR GEN CORP NEW	$62,638,000	–	635,269	–	1.77%	–
YUM	New	YUM BRANDS INC	$62,031,000	–	793,030	–	1.76%	–
CERN	New	CERNER CORP	$60,673,000	–	1,014,764	–	1.72%	–
APD	New	AIR PRODS & CHEMS INC	$58,247,000	–	374,028	–	1.65%	–
PEP	New	PEPSICO INC	$57,771,000	–	530,643	–	1.64%	–
BWA	New	BORGWARNER INC	$52,420,000	–	1,214,555	–	1.48%	–
GOOGL	New	ALPHABET INCcap stk cl a	$51,169,000	–	45,315	–	1.45%	–
WDAY	New	WORKDAY INCcl a	$47,956,000	–	395,940	–	1.36%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$47,939,000	–	1,726,634	–	1.36%	–
CELG	New	CELGENE CORP	$46,487,000	–	585,329	–	1.32%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$44,878,000	–	949,801	–	1.27%	–
VRSK	New	VERISK ANALYTICS INC	$36,378,000	–	337,960	–	1.03%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$32,548,000	–	75,452	–	0.92%	–
RHT	New	RED HAT INC	$27,953,000	–	208,027	–	0.79%	–
SHOP	New	SHOPIFY INCcl a	$22,542,000	–	154,515	–	0.64%	–
SWN	New	SOUTHWESTERN ENERGY CO	$18,949,000	–	3,575,300	–	0.54%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,820,000	–	10	–	0.08%	–
BK	New	BANK NEW YORK MELLON CORP	$863,000	–	16,000	–	0.02%	–
GD	New	GENERAL DYNAMICS CORP	$803,000	–	4,308	–	0.02%	–
EOG	New	EOG RES INC	$659,000	–	5,300	–	0.02%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$548,000	–	5,675	–	0.02%	–
COG	New	CABOT OIL & GAS CORP	$454,000	–	19,075	–	0.01%	–
AER	New	AERCAP HOLDINGS NV	$384,000	–	7,100	–	0.01%	–
WDC	New	WESTERN DIGITAL CORP	$388,000	–	5,014	–	0.01%	–
CVS	New	CVS HEALTH CORP	$344,000	–	5,350	–	0.01%	–
EVHC	New	ENVISION HEALTHCARE CORP	$295,000	–	6,700	–	0.01%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$266,000	–	2,720	–	0.01%	–
BKU	New	BANKUNITED INC	$240,000	–	5,875	–	0.01%	–
M	New	MACYS INC	$251,000	–	6,700	–	0.01%	–
STWD	New	STARWOOD PPTY TR INC	$247,000	–	11,400	–	0.01%	–
ZBH	New	ZIMMER BIOMET HLDGS INC	$217,000	–	1,950	–	0.01%	–
JCI	New	JOHNSON CTLS INTL PLC	$204,000	–	6,100	–	0.01%	–
GILD	New	GILEAD SCIENCES INC	$205,000	–	2,900	–	0.01%	–
ON	New	ON SEMICONDUCTOR CORP	$213,000	–	9,600	–	0.01%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$195,000	–	2,488	–	0.01%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$208,000	–	1,115	–	0.01%	–
AEP	New	AMERICAN ELEC PWR INC	$170,000	–	2,450	–	0.01%	–
DOX	New	AMDOCS LTD	$192,000	–	2,900	–	0.01%	–
COP	New	CONOCOPHILLIPS	$167,000	–	2,400	–	0.01%	–
PFE	New	PFIZER INC	$190,000	–	5,250	–	0.01%	–
T	New	AT&T INC	$181,000	–	5,630	–	0.01%	–
BBY	New	BEST BUY INC	$138,000	–	1,850	–	0.00%	–
CIEN	New	CIENA CORP	$141,000	–	5,300	–	0.00%	–
VVV	New	VALVOLINE INC	$147,000	–	6,829	–	0.00%	–
INVH	New	INVITATION HOMES INC	$113,000	–	4,890	–	0.00%	–
NUAN	New	NUANCE COMMUNICATIONS INC	$121,000	–	8,750	–	0.00%	–
LGFB	New	LIONS GATE ENTMNT CORPcl b non vtg	$53,000	–	2,275	–	0.00%	–
LGFA	New	LIONS GATE ENTMNT CORPcl a vtg	$56,000	–	2,275	–	0.00%	–
PG	New	PROCTER AND GAMBLE CO	$20,000	–	250	–	0.00%	–
MXIM	New	MAXIM INTEGRATED PRODS INC	$38,000	–	650	–	0.00%	–
XOM	New	EXXON MOBIL CORP	$38,000	–	456	–	0.00%	–
WMT	New	WALMART INC	$17,000	–	200	–	0.00%	–
UN	New	UNILEVER N V	$14,000	–	250	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-3,227	–	-0.01%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,115	–	-0.01%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-1,726	–	-0.01%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-8,000	–	-0.01%	–
SCG	Exit	SCANA CORP NEW	$0	–	-7,183	–	-0.01%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-16,000	–	-0.02%	–
JSTS	Exit	JUSTISS OIL INC	$0	–	-17,143	–	-0.03%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-10	–	-0.08%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-3,943,665	–	-0.70%	–
MON	Exit	MONSANTO CO NEW	$0	–	-221,663	–	-0.77%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-340,631	–	-1.04%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-48,258	–	-1.36%	–
AAPL	Exit	APPLE INC	$0	–	-308,492	–	-1.37%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-744,681	–	-1.38%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-291,982	–	-1.44%	–
YUM	Exit	YUM BRANDS INC	$0	–	-690,740	–	-1.47%	–
NFLX	Exit	NETFLIX INC	$0	–	-283,420	–	-1.48%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-664,410	–	-1.56%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-1,008,909	–	-1.58%	–
UNP	Exit	UNION PAC CORP	$0	–	-487,652	–	-1.63%	–
CSX	Exit	CSX CORP	$0	–	-1,086,359	–	-1.70%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-847,487	–	-1.71%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-397,121	–	-1.73%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-318,264	–	-1.80%	–
PEP	Exit	PEPSICO INC	$0	–	-561,106	–	-1.81%	–
PCAR	Exit	PACCAR INC	$0	–	-865,637	–	-1.81%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,211,053	–	-1.81%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-332,614	–	-1.82%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-427,495	–	-1.84%	–
BWA	Exit	BORGWARNER INC	$0	–	-1,285,453	–	-1.90%	–
CSCO	Exit	CISCO SYS INC	$0	–	-2,084,931	–	-2.02%	–
ECL	Exit	ECOLAB INC	$0	–	-548,283	–	-2.04%	–
DANOY	Exit	DANONE-SPONS ADR	$0	–	-4,530,637	–	-2.05%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-2,244,568	–	-2.07%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,893,375	–	-2.10%	–
TJX	Exit	TJX COS INC NEW	$0	–	-990,668	–	-2.11%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-301,504	–	-2.12%	–
MMM	Exit	3M CO	$0	–	-353,933	–	-2.15%	–
CELG	Exit	CELGENE CORP	$0	–	-514,186	–	-2.17%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-384,746	–	-2.18%	–
USB	Exit	US BANCORP DEL	$0	–	-1,428,978	–	-2.21%	–
CERN	Exit	CERNER CORP	$0	–	-1,074,262	–	-2.21%	–
FDX	Exit	FEDEX CORP	$0	–	-342,037	–	-2.23%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-80,716	–	-2.24%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-905,586	–	-2.24%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-479,985	–	-2.28%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-505,213	–	-2.28%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,064,123	–	-2.29%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-1,291,466	–	-2.33%	–
AMZN	Exit	AMAZON COM INC	$0	–	-86,541	–	-2.40%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-994,395	–	-2.41%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,557,680	–	-2.48%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-1,805,657	–	-2.52%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-1,030,099	–	-2.67%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-687,764	–	-2.80%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,122,657	–	-3.10%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,710,684	–	-6.42%	–

Q3 2017

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON & JOHNSON	$222,406,000	-3.1%	1,710,684	-1.4%	6.42%	-4.8%
JPM	Sell	JPMORGAN CHASE & CO	$107,225,000	+1.3%	1,122,657	-3.0%	3.10%	-0.4%
MA	Sell	MASTERCARD INCORPORATEDcl a	$97,112,000	+12.3%	687,764	-3.4%	2.80%	+10.4%
TXN	Sell	TEXAS INSTRS INC	$92,338,000	+13.0%	1,030,099	-3.0%	2.67%	+11.1%
PGR	Sell	PROGRESSIVE CORP OHIO	$87,430,000	+7.5%	1,805,657	-2.1%	2.52%	+5.7%
WFC	Sell	WELLS FARGO CO NEW	$85,906,000	-3.9%	1,557,680	-3.4%	2.48%	-5.4%
NSRGY	Sell	NESTLE SA ADR	$83,346,000	-6.3%	994,395	-2.6%	2.41%	-7.9%
AMZN	Sell	AMAZON COM INC	$83,196,000	-3.3%	86,541	-2.7%	2.40%	-4.9%
RDSB	Sell	ROYAL DUTCH SHELL PLCspon adr b	$80,768,000	+11.2%	1,291,466	-3.2%	2.33%	+9.3%
MSFT	Sell	MICROSOFT CORP	$79,267,000	+4.7%	1,064,123	-3.1%	2.29%	+2.9%
SPGI	Sell	S&P GLOBAL INC	$78,970,000	+3.1%	505,213	-3.7%	2.28%	+1.4%
COST	Sell	COSTCO WHSL CORP NEW	$78,857,000	-0.4%	479,985	-3.1%	2.28%	-2.1%
NVS	Sell	NOVARTIS A Gsponsored adr	$77,745,000	-1.2%	905,586	-3.9%	2.24%	-2.9%
GOOG	Sell	ALPHABET INCcap stk cl c	$77,416,000	+2.4%	80,716	-3.0%	2.24%	+0.7%
FDX	Sell	FEDEX CORP	$77,157,000	+0.6%	342,037	-3.1%	2.23%	-1.1%
CERN	Sell	CERNER CORP	$76,616,000	+3.4%	1,074,262	-3.6%	2.21%	+1.7%
USB	Sell	US BANCORP DEL	$76,579,000	+0.3%	1,428,978	-2.8%	2.21%	-1.4%
UNH	Sell	UNITEDHEALTH GROUP INC	$75,353,000	+2.1%	384,746	-3.4%	2.18%	+0.3%
CELG	Sell	CELGENE CORP	$74,979,000	+9.5%	514,186	-2.5%	2.17%	+7.7%
MMM	Sell	3M CO	$74,291,000	-1.7%	353,933	-2.5%	2.15%	-3.4%
ROP	Sell	ROPER TECHNOLOGIES INC	$73,386,000	+1.9%	301,504	-3.1%	2.12%	+0.2%
TJX	New	TJX COS INC NEW	$73,042,000	–	990,668	–	2.11%	–
CMCSA	Sell	COMCAST CORP NEWcl a	$72,857,000	-3.5%	1,893,375	-2.4%	2.10%	-5.1%
RHHBY	Sell	ROCHE HOLDINGS LTD-SPONS ADR	$71,680,000	-3.4%	2,244,568	-3.6%	2.07%	-5.0%
DANOY	Sell	DANONE-SPONS ADR	$71,097,000	+1.4%	4,530,637	-3.0%	2.05%	-0.3%
ECL	Sell	ECOLAB INC	$70,515,000	-6.5%	548,283	-3.4%	2.04%	-8.0%
CSCO	Sell	CISCO SYS INC	$70,116,000	+3.3%	2,084,931	-3.8%	2.02%	+1.6%
BWA	Sell	BORGWARNER INC	$65,854,000	+17.5%	1,285,453	-2.8%	1.90%	+15.6%
ADBE	Sell	ADOBE SYS INC	$63,774,000	+2.9%	427,495	-2.5%	1.84%	+1.2%
TMO	New	THERMO FISHER SCIENTIFIC INC	$62,931,000	–	332,614	–	1.82%	–
NKE	Sell	NIKE INCcl b	$62,793,000	-15.4%	1,211,053	-3.8%	1.81%	-16.8%
PCAR	Sell	PACCAR INC	$62,620,000	+5.8%	865,637	-3.5%	1.81%	+4.0%
PEP	Sell	PEPSICO INC	$62,524,000	-6.3%	561,106	-2.9%	1.81%	-7.8%
BDX	Sell	BECTON DICKINSON & CO	$62,364,000	-2.6%	318,264	-3.0%	1.80%	-4.3%
APD	Sell	AIR PRODS & CHEMS INC	$60,053,000	+2.7%	397,121	-2.8%	1.73%	+0.9%
SLB	Sell	SCHLUMBERGER LTD	$59,121,000	+2.5%	847,487	-3.2%	1.71%	+0.8%
CSX	Sell	CSX CORP	$58,946,000	-3.5%	1,086,359	-2.9%	1.70%	-5.1%
UNP	Sell	UNION PAC CORP	$56,553,000	+3.3%	487,652	-3.0%	1.63%	+1.6%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDGS	$54,532,000	-3.4%	1,008,909	-3.0%	1.58%	-5.0%
DG	Sell	DOLLAR GEN CORP NEW	$53,850,000	+9.1%	664,410	-2.9%	1.56%	+7.3%
NFLX	Sell	NETFLIX INC	$51,398,000	+18.1%	283,420	-2.7%	1.48%	+16.1%
YUM	Sell	YUM BRANDS INC	$50,845,000	-3.7%	690,740	-3.5%	1.47%	-5.4%
FB	Sell	FACEBOOK INCcl a	$49,891,000	+10.3%	291,982	-2.6%	1.44%	+8.4%
PYPL	Sell	PAYPAL HLDGS INC	$47,682,000	-23.3%	744,681	-35.7%	1.38%	-24.6%
AAPL	Sell	APPLE INC	$47,545,000	+3.6%	308,492	-3.2%	1.37%	+1.9%
GOOGL	Sell	ALPHABET INCcap stk cl a	$46,990,000	+1.3%	48,258	-3.3%	1.36%	-0.4%
WDAY	Sell	WORKDAY INCcl a	$35,899,000	+5.8%	340,631	-2.7%	1.04%	+4.0%
MON	Sell	MONSANTO CO NEW	$26,560,000	-2.2%	221,663	-3.4%	0.77%	-3.9%
SWN	Sell	SOUTHWESTERN ENERGY CO	$24,096,000	-2.5%	3,943,665	-2.9%	0.70%	-4.1%
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$2,747,000	-10.1%	10	-16.7%	0.08%	-12.2%
DIS	Exit	DISNEY WALT CO	$0	–	-440,993	–	-1.38%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-657,404	–	-1.81%	–

Q2 2017

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$229,610,000	–	1,735,663	–	6.74%	–
JPM	New	JPMORGAN CHASE & CO	$105,798,000	–	1,157,529	–	3.11%	–
WFC	New	WELLS FARGO CO NEW	$89,346,000	–	1,612,446	–	2.62%	–
NSRGY	New	NESTLE SA ADR0	$88,992,000	–	1,021,253	–	2.61%	–
MA	New	MASTERCARD INCORPORATEDcl a	$86,475,000	–	712,022	–	2.54%	–
AMZN	New	AMAZON COM INC	$86,065,000	–	88,910	–	2.53%	–
TXN	New	TEXAS INSTRS INC	$81,703,000	–	1,062,044	–	2.40%	–
PGR	New	PROGRESSIVE CORP OHIO	$81,304,000	–	1,844,035	–	2.39%	–
COST	New	COSTCO WHSL CORP NEW	$79,204,000	–	495,242	–	2.33%	–
NVS	New	NOVARTIS A Gsponsored adr	$78,675,000	–	942,560	–	2.31%	–
FDX	New	FEDEX CORP	$76,700,000	–	352,920	–	2.25%	–
SPGI	New	S&P GLOBAL INC	$76,594,000	–	524,650	–	2.25%	–
USB	New	US BANCORP DEL	$76,365,000	–	1,470,830	–	2.24%	–
MSFT	New	MICROSOFT CORP	$75,709,000	–	1,098,348	–	2.22%	–
GOOG	New	ALPHABET INCcap stk cl c	$75,612,000	–	83,206	–	2.22%	–
MMM	New	3M CO	$75,611,000	–	363,183	–	2.22%	–
CMCSA	New	COMCAST CORP NEWcl a	$75,476,000	–	1,939,254	–	2.22%	–
ECL	New	ECOLAB INC	$75,379,000	–	567,830	–	2.21%	–
NKE	New	NIKE INCcl b	$74,252,000	–	1,258,516	–	2.18%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR0	$74,193,000	–	2,327,621	–	2.18%	–
CERN	New	CERNER CORP	$74,063,000	–	1,114,226	–	2.18%	–
UNH	New	UNITEDHEALTH GROUP INC	$73,830,000	–	398,178	–	2.17%	–
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$72,649,000	–	1,334,726	–	2.13%	–
ROP	New	ROPER TECHNOLOGIES INC	$72,026,000	–	311,088	–	2.12%	–
DANOY	New	DANONE-SPONS ADR0	$70,135,000	–	4,671,989	–	2.06%	–
CELG	New	CELGENE CORP	$68,501,000	–	527,462	–	2.01%	–
CSCO	New	CISCO SYS INC	$67,847,000	–	2,167,626	–	1.99%	–
PEP	New	PEPSICO INC	$66,707,000	–	577,600	–	1.96%	–
BDX	New	BECTON DICKINSON & CO	$64,022,000	–	328,132	–	1.88%	–
PYPL	New	PAYPAL HLDGS INC	$62,167,000	–	1,158,325	–	1.83%	–
ADBE	New	ADOBE SYS INC	$62,000,000	–	438,347	–	1.82%	–
TIF	New	TIFFANY & CO NEW	$61,711,000	–	657,404	–	1.81%	–
CSX	New	CSX CORP	$61,058,000	–	1,119,100	–	1.79%	–
PCAR	New	PACCAR INC	$59,214,000	–	896,639	–	1.74%	–
APD	New	AIR PRODS & CHEMS INC	$58,476,000	–	408,752	–	1.72%	–
SLB	New	SCHLUMBERGER LTD	$57,672,000	–	875,945	–	1.69%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$56,447,000	–	1,039,722	–	1.66%	–
BWA	New	BORGWARNER INC	$56,038,000	–	1,322,904	–	1.65%	–
UNP	New	UNION PAC CORP	$54,760,000	–	502,801	–	1.61%	–
YUM	New	YUM BRANDS INC	$52,798,000	–	715,812	–	1.55%	–
DG	New	DOLLAR GEN CORP NEW	$49,344,000	–	684,484	–	1.45%	–
DIS	New	DISNEY WALT CO	$46,856,000	–	440,993	–	1.38%	–
GOOGL	New	ALPHABET INCcap stk cl a	$46,408,000	–	49,918	–	1.36%	–
AAPL	New	APPLE INC	$45,888,000	–	318,619	–	1.35%	–
FB	New	FACEBOOK INCcl a	$45,242,000	–	299,655	–	1.33%	–
NFLX	New	NETFLIX INC	$43,519,000	–	291,271	–	1.28%	–
WDAY	New	WORKDAY INCcl a	$33,945,000	–	349,950	–	1.00%	–
MON	New	MONSANTO CO NEW	$27,161,000	–	229,476	–	0.80%	–
SWN	New	SOUTHWESTERN ENERGY CO	$24,704,000	–	4,063,131	–	0.73%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,056,000	–	12	–	0.09%	–
JSTS	New	JUSTISS OIL INC0	$1,117,000	–	17,143	–	0.03%	–
BK	New	BANK NEW YORK MELLON CORP	$816,000	–	16,000	–	0.02%	–
SCG	New	SCANA CORP NEW	$481,000	–	7,183	–	0.01%	–
SU	New	SUNCOR ENERGY INC NEW	$234,000	–	8,000	–	0.01%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$189,000	–	1,115	–	0.01%	–
CVX	New	CHEVRON CORP NEW	$180,000	–	1,726	–	0.01%	–
DVN	New	DEVON ENERGY CORP NEW	$165,000	–	3,227	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
	Exit	DEVON ENERGY PRODUCTION CO L P	$0	–	-1	–	-0.00%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-3,226	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,115	–	-0.00%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-1,726	–	-0.01%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-8,000	–	-0.01%	–
SCG	Exit	SCANA CORP NEW	$0	–	-7,183	–	-0.01%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-16,000	–	-0.02%	–
JSTS	Exit	JUSTISS OIL INC	$0	–	-17,143	–	-0.03%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-14	–	-0.08%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-59,735	–	-0.14%	–
MON	Exit	MONSANTO CO NEW	$0	–	-283,649	–	-0.80%	–
KMX	Exit	CARMAX INC	$0	–	-567,155	–	-0.83%	–
NFLX	Exit	NETFLIX INC	$0	–	-353,775	–	-0.96%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-426,225	–	-1.07%	–
AAPL	Exit	APPLE INC	$0	–	-390,400	–	-1.21%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-366,362	–	-1.29%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-1,263,394	–	-1.31%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-61,489	–	-1.36%	–
DIS	Exit	DISNEY WALT CO	$0	–	-540,622	–	-1.38%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-3,721,657	–	-1.41%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-544,331	–	-1.51%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-1,720,671	–	-1.51%	–
BWA	Exit	BORGWARNER INC	$0	–	-1,613,310	–	-1.56%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,398,459	–	-1.57%	–
YUM	Exit	YUM BRANDS INC	$0	–	-632,034	–	-1.58%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-538,250	–	-1.60%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-809,680	–	-1.61%	–
UNP	Exit	UNION PAC CORP	$0	–	-632,354	–	-1.69%	–
DANOY	Exit	DANONE-SPONS ADR	$0	–	-4,175,097	–	-1.70%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,180,295	–	-1.71%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,407,104	–	-1.71%	–
CERN	Exit	CERNER CORP	$0	–	-1,020,955	–	-1.73%	–
PCAR	Exit	PACCAR INC	$0	–	-1,106,271	–	-1.78%	–
ECL	Exit	ECOLAB INC	$0	–	-548,092	–	-1.83%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-442,765	–	-1.86%	–
CELG	Exit	CELGENE CORP	$0	–	-648,217	–	-1.86%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-861,818	–	-1.86%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-487,459	–	-1.87%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-868,278	–	-1.88%	–
RDSB	Exit	ROYAL DUTCH SHELL PLCspon adr b	$0	–	-1,316,494	–	-1.91%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-382,049	–	-1.91%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-2,249,843	–	-1.92%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-2,241,196	–	-1.94%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-401,661	–	-1.98%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-476,077	–	-1.99%	–
GWW	Exit	GRAINGER W W INC	$0	–	-326,034	–	-2.01%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-498,769	–	-2.06%	–
FDX	Exit	FEDEX CORP	$0	–	-437,325	–	-2.10%	–
USB	Exit	US BANCORP DEL	$0	–	-1,808,469	–	-2.13%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,187,633	–	-2.16%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-101,687	–	-2.17%	–
PEP	Exit	PEPSICO INC	$0	–	-729,716	–	-2.18%	–
MMM	Exit	3M CO	$0	–	-450,759	–	-2.18%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,389,047	–	-2.20%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-648,553	–	-2.25%	–
CSCO	Exit	CISCO SYS INC	$0	–	-2,675,945	–	-2.33%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-875,884	–	-2.45%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,422,333	–	-2.60%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-1,416,912	–	-2.73%	–
AMZN	Exit	AMAZON COM INC	$0	–	-136,559	–	-3.14%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-1,501,873	–	-3.26%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,866,081	–	-6.05%	–

Q3 2016

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON & JOHNSON	$220,440,000	-4.2%	1,866,081	-1.7%	6.05%	-6.9%
NSRGY	Sell	NESTLE SA ADR	$118,598,000	-1.1%	1,501,873	-3.4%	3.26%	-3.8%
AMZN	Sell	AMAZON COM INC	$114,342,000	+12.9%	136,559	-3.5%	3.14%	+9.8%
TXN	Sell	TEXAS INSTRS INC	$99,439,000	+8.4%	1,416,912	-3.2%	2.73%	+5.5%
JPM	Sell	JPMORGAN CHASE & CO	$94,713,000	+4.1%	1,422,333	-2.9%	2.60%	+1.2%
MA	Buy	MASTERCARD INCORPORATEDcl a	$89,139,000	+41.6%	875,884	+22.5%	2.45%	+37.7%
CSCO	Sell	CISCO SYS INC	$84,881,000	+6.8%	2,675,945	-3.4%	2.33%	+3.9%
SPGI	Sell	S&P GLOBAL INC	$82,081,000	+13.7%	648,553	-3.7%	2.25%	+10.5%
MSFT	Sell	MICROSOFT CORP	$80,009,000	+9.0%	1,389,047	-3.1%	2.20%	+6.0%
MMM	Sell	3M CO	$79,437,000	-2.9%	450,759	-3.5%	2.18%	-5.5%
PEP	Sell	PEPSICO INC	$79,371,000	-0.6%	729,716	-3.2%	2.18%	-3.3%
GOOG	Buy	ALPHABET INCcap stk cl c	$79,040,000	+24.0%	101,687	+10.4%	2.17%	+20.6%
CMCSA	Sell	COMCAST CORP NEWcl a	$78,788,000	-0.5%	1,187,633	-2.2%	2.16%	-3.2%
USB	Sell	US BANCORP DEL	$77,565,000	+2.9%	1,808,469	-3.2%	2.13%	+0.1%
FDX	Sell	FEDEX CORP	$76,392,000	+12.0%	437,325	-2.7%	2.10%	+9.0%
APD	Sell	AIR PRODS & CHEMS INC	$74,985,000	+2.5%	498,769	-3.1%	2.06%	-0.3%
GWW	Sell	GRAINGER W W INC	$73,305,000	-4.4%	326,034	-3.4%	2.01%	-7.0%
COST	Sell	COSTCO WHSL CORP NEW	$72,607,000	-5.7%	476,077	-2.9%	1.99%	-8.3%
BDX	Sell	BECTON DICKINSON & CO	$72,191,000	+2.4%	401,661	-3.4%	1.98%	-0.4%
PGR	Sell	PROGRESSIVE CORP OHIO	$70,598,000	-8.8%	2,241,196	-3.0%	1.94%	-11.3%
RHHBY	Sell	ROCHE HOLDINGS LTD-SPONS ADR	$69,916,000	-8.4%	2,249,843	-3.1%	1.92%	-10.9%
ROP	Sell	ROPER TECHNOLOGIES INC	$69,712,000	+3.5%	382,049	-3.2%	1.91%	+0.7%
RDSB	New	ROYAL DUTCH SHELL PLCspon adr b	$69,550,000	–	1,316,494	–	1.91%	–
NVS	Buy	NOVARTIS A Gsponsored adr	$68,559,000	+5.6%	868,278	+10.4%	1.88%	+2.7%
UNH	Sell	UNITEDHEALTH GROUP INC	$68,244,000	-4.0%	487,459	-3.2%	1.87%	-6.6%
CELG	Buy	CELGENE CORP	$67,758,000	+29.7%	648,217	+22.4%	1.86%	+26.1%
SLB	Sell	SCHLUMBERGER LTD	$67,773,000	-3.8%	861,818	-3.2%	1.86%	-6.4%
CP	Sell	CANADIAN PAC RY LTD	$67,610,000	+14.9%	442,765	-3.1%	1.86%	+11.7%
ECL	Sell	ECOLAB INC	$66,714,000	-0.6%	548,092	-3.1%	1.83%	-3.3%
PCAR	Sell	PACCAR INC	$65,027,000	+9.6%	1,106,271	-3.3%	1.78%	+6.6%
CERN	Sell	CERNER CORP	$63,044,000	+2.0%	1,020,955	-3.2%	1.73%	-0.8%
WFC	Sell	WELLS FARGO & CO NEW	$62,307,000	-11.4%	1,407,104	-5.3%	1.71%	-13.9%
NKE	Buy	NIKE INCcl b	$62,143,000	+6.5%	1,180,295	+11.7%	1.71%	+3.6%
DANOY	Sell	DANONE-SPONS ADR	$61,981,000	+1.9%	4,175,097	-3.3%	1.70%	-0.9%
UNP	Sell	UNION PAC CORP	$61,673,000	+9.5%	632,354	-2.1%	1.69%	+6.5%
TIF	Sell	TIFFANY & CO NEW	$58,807,000	+15.9%	809,680	-3.3%	1.61%	+12.6%
ADBE	Sell	ADOBE SYS INC	$58,422,000	-16.5%	538,250	-26.3%	1.60%	-18.7%
YUM	Sell	YUM BRANDS INC	$57,395,000	+6.1%	632,034	-3.1%	1.58%	+3.1%
PYPL	Sell	PAYPAL HLDGS INC	$57,295,000	+9.1%	1,398,459	-2.7%	1.57%	+6.1%
BWA	Sell	BORGWARNER INC	$56,756,000	+15.5%	1,613,310	-3.1%	1.56%	+12.3%
CNQ	Sell	CANADIAN NAT RES LTD	$55,130,000	+0.5%	1,720,671	-3.3%	1.51%	-2.3%
RL	Sell	RALPH LAUREN CORPcl a	$55,054,000	+9.4%	544,331	-3.0%	1.51%	+6.4%
SWN	Sell	SOUTHWESTERN ENERGY CO	$51,508,000	+6.4%	3,721,657	-3.2%	1.41%	+3.5%
DIS	Sell	DISNEY WALT CO	$50,202,000	-7.5%	540,622	-2.5%	1.38%	-10.0%
GOOGL	Sell	ALPHABET INCcap stk cl a	$49,441,000	+9.1%	61,489	-4.5%	1.36%	+6.1%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDGS	$47,630,000	-8.4%	1,263,394	-3.2%	1.31%	-11.0%
FB	Sell	FACEBOOK INCcl a	$46,993,000	+8.7%	366,362	-3.2%	1.29%	+5.7%
AAPL	Sell	APPLE INC	$44,135,000	-32.1%	390,400	-42.6%	1.21%	-34.0%
WDAY	Sell	WORKDAY INCcl a	$39,081,000	+19.0%	426,225	-3.1%	1.07%	+15.7%
NFLX	Sell	NETFLIX INC	$34,865,000	+4.3%	353,775	-3.1%	0.96%	+1.5%
KMX	Sell	CARMAX INC	$30,258,000	+5.4%	567,155	-3.1%	0.83%	+2.6%
MON	Sell	MONSANTO CO NEW	$28,989,000	-53.0%	283,649	-52.4%	0.80%	-54.3%
ANET	Sell	ARISTA NETWORKS INC	$5,082,000	+27.9%	59,735	-3.2%	0.14%	+24.1%
	New	DEVON ENERGY PRODUCTION CO L P	$79,000	–	1	–	0.00%	–
	Exit	DEVON ENERGY PRODUCTION CO L P	$0	–	-1	–	-0.00%	–
	Exit	PRAIRIESKY ROYALTY LTD	$0	–	-35,493	–	-0.02%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-604,969	–	-1.29%	–

Q2 2016

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$230,174,000	–	1,897,563	–	6.50%	–
NSRGY	New	NESTLE SA ADR	$119,911,000	–	1,554,450	–	3.38%	–
AMZN	New	AMAZON COM INC	$101,300,000	–	141,555	–	2.86%	–
TXN	New	TEXAS INSTRS INC	$91,699,000	–	1,463,665	–	2.59%	–
JPM	New	JPMORGAN CHASE & CO	$91,006,000	–	1,464,530	–	2.57%	–
MMM	New	3M CO	$81,782,000	–	467,005	–	2.31%	–
PEP	New	PEPSICO INC	$79,854,000	–	753,767	–	2.25%	–
CSCO	New	CISCO SYS INC	$79,457,000	–	2,769,485	–	2.24%	–
CMCSA	New	COMCAST CORP NEWcl a	$79,150,000	–	1,214,142	–	2.23%	–
PGR	New	PROGRESSIVE CORP OHIO	$77,380,000	–	2,309,858	–	2.18%	–
COST	New	COSTCO WHSL CORP NEW	$76,982,000	–	490,205	–	2.17%	–
GWW	New	GRAINGER W W INC	$76,662,000	–	337,348	–	2.16%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$76,318,000	–	2,322,501	–	2.15%	–
USB	New	US BANCORP DEL	$75,372,000	–	1,868,888	–	2.13%	–
MSFT	New	MICROSOFT CORP	$73,375,000	–	1,433,944	–	2.07%	–
APD	New	AIR PRODS & CHEMS INC	$73,129,000	–	514,850	–	2.06%	–
SPGI	New	S&P GLOBAL INC	$72,200,000	–	673,135	–	2.04%	–
UNH	New	UNITEDHEALTH GROUP INC	$71,084,000	–	503,428	–	2.01%	–
BDX	New	BECTON DICKINSON & CO	$70,498,000	–	415,698	–	1.99%	–
SLB	New	SCHLUMBERGER LTD	$70,424,000	–	890,547	–	1.99%	–
WFC	New	WELLS FARGO & CO NEW	$70,324,000	–	1,485,815	–	1.98%	–
ADBE	New	ADOBE SYS INC	$69,954,000	–	730,288	–	1.97%	–
FDX	New	FEDEX CORP	$68,185,000	–	449,235	–	1.92%	–
ROP	New	ROPER TECHNOLOGIES INC	$67,324,000	–	394,723	–	1.90%	–
ECL	New	ECOLAB INC	$67,085,000	–	565,643	–	1.89%	–
AAPL	New	APPLE INC	$65,002,000	–	679,940	–	1.84%	–
NVS	New	NOVARTIS A Gsponsored adr	$64,898,000	–	786,548	–	1.83%	–
GOOG	New	ALPHABET INCcap stk cl c	$63,759,000	–	92,124	–	1.80%	–
MA	New	MASTERCARD INCcl a	$62,970,000	–	715,075	–	1.78%	–
CERN	New	CERNER CORP	$61,824,000	–	1,055,015	–	1.74%	–
MON	New	MONSANTO CO NEW	$61,652,000	–	596,188	–	1.74%	–
DANOY	New	DANONE-SPONS ADR	$60,807,000	–	4,315,909	–	1.72%	–
PCAR	New	PACCAR INC	$59,312,000	–	1,143,474	–	1.67%	–
CP	New	CANADIAN PAC RY LTD	$58,862,000	–	457,037	–	1.66%	–
NKE	New	NIKE INCcl b	$58,351,000	–	1,057,083	–	1.65%	–
UNP	New	UNION PAC CORP	$56,333,000	–	645,656	–	1.59%	–
CNQ	New	CANADIAN NAT RES LTD	$54,840,000	–	1,778,779	–	1.55%	–
DIS	New	DISNEY WALT CO	$54,257,000	–	554,661	–	1.53%	–
YUM	New	YUM BRANDS INC	$54,102,000	–	652,462	–	1.53%	–
PYPL	New	PAYPAL HLDGS INC	$52,493,000	–	1,437,764	–	1.48%	–
CELG	New	CELGENE CORP	$52,246,000	–	529,716	–	1.48%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$51,999,000	–	1,305,206	–	1.47%	–
TIF	New	TIFFANY & CO NEW	$50,761,000	–	837,086	–	1.43%	–
RL	New	RALPH LAUREN CORPcl a	$50,305,000	–	561,320	–	1.42%	–
BWA	New	BORGWARNER INC	$49,132,000	–	1,664,351	–	1.39%	–
SWN	New	SOUTHWESTERN ENERGY CO	$48,390,000	–	3,846,599	–	1.37%	–
CAT	New	CATERPILLAR INC DEL	$45,863,000	–	604,969	–	1.29%	–
GOOGL	New	ALPHABET INCcap stk cl a	$45,299,000	–	64,388	–	1.28%	–
FB	New	FACEBOOK INCcl a	$43,230,000	–	378,281	–	1.22%	–
NFLX	New	NETFLIX INC	$33,412,000	–	365,242	–	0.94%	–
WDAY	New	WORKDAY INCcl a	$32,854,000	–	439,983	–	0.93%	–
KMX	New	CARMAX INC	$28,698,000	–	585,321	–	0.81%	–
ANET	New	ARISTA NETWORKS INC	$3,973,000	–	61,707	–	0.11%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$3,038,000	–	14	–	0.09%	–
JSTS	New	JUSTISS OIL INC	$1,166,000	–	17,143	–	0.03%	–
	New	PRAIRIESKY ROYALTY LTD	$663,000	–	35,493	–	0.02%	–
BK	New	BANK NEW YORK MELLON CORP	$622,000	–	16,000	–	0.02%	–
SCG	New	SCANA CORP NEW	$543,000	–	7,183	–	0.02%	–
SU	New	SUNCOR ENERGY INC NEW	$222,000	–	8,000	–	0.01%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$161,000	–	1,115	–	0.01%	–
CVX	New	CHEVRON CORP NEW	$181,000	–	1,726	–	0.01%	–
DVN	New	DEVON ENERGY CORP NEW	$117,000	–	3,226	–	0.00%	–
	New	DEVON ENERGY PRODUCTION CO L P	$83,000	–	1	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
	Exit	DEVON ENERGY PRODUCTION CO L P	$0	–	-1	–	-0.00%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-3,226	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,115	–	-0.00%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-1,726	–	-0.00%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-8,000	–	-0.01%	–
SCG	Exit	SCANA CORP NEW	$0	–	-7,183	–	-0.01%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-16,000	–	-0.02%	–
JSTS	Exit	JUSTISS OIL INC	$0	–	-17,143	–	-0.03%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-14	–	-0.07%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-69,281	–	-0.11%	–
CRRTQ	Exit	CARBO CERAMICS INC	$0	–	-518,200	–	-0.26%	–
GTLS	Exit	CHART INDS INC	$0	–	-586,060	–	-0.30%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-3,247,645	–	-0.32%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-2,103,954	–	-0.71%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-1,582,854	–	-0.82%	–
KMX	Exit	CARMAX INC	$0	–	-662,646	–	-1.05%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-684,709	–	-1.20%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,634,295	–	-1.36%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-592,826	–	-1.42%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-774,434	–	-1.43%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-342,217	–	-1.43%	–
BWA	Exit	BORGWARNER INC	$0	–	-1,291,364	–	-1.44%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-756,721	–	-1.45%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-464,291	–	-1.46%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-714,242	–	-1.47%	–
CIT	Exit	CIT GROUP INC	$0	–	-1,445,828	–	-1.55%	–
MON	Exit	MONSANTO CO NEW	$0	–	-680,747	–	-1.55%	–
YUM	Exit	YUM BRANDS INC	$0	–	-731,993	–	-1.56%	–
ECL	Exit	ECOLAB INC	$0	–	-555,359	–	-1.63%	–
DANOY	Exit	DANONE-SPONS ADR	$0	–	-4,884,108	–	-1.64%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-103,473	–	-1.68%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-477,920	–	-1.69%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-1,109,939	–	-1.70%	–
DIS	Exit	DISNEY WALT CO	$0	–	-625,680	–	-1.71%	–
UNP	Exit	UNION PAC CORP	$0	–	-725,314	–	-1.71%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-100,588	–	-1.72%	–
MHFI	Exit	MCGRAW HILL FINL INC	$0	–	-761,867	–	-1.76%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-569,591	–	-1.76%	–
PCAR	Exit	PACCAR INC	$0	–	-1,291,403	–	-1.80%	–
GWW	Exit	GRAINGER W W INC	$0	–	-330,730	–	-1.90%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,610,705	–	-1.90%	–
CERN	Exit	CERNER CORP	$0	–	-1,196,731	–	-1.92%	–
FDX	Exit	FEDEX CORP	$0	–	-505,432	–	-1.94%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-516,092	–	-1.98%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,016,407	–	-2.01%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,378,990	–	-2.10%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-550,926	–	-2.13%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-2,613,542	–	-2.14%	–
PEP	Exit	PEPSICO INC	$0	–	-855,850	–	-2.16%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-884,218	–	-2.17%	–
CSCO	Exit	CISCO SYS INC	$0	–	-3,124,071	–	-2.19%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-651,431	–	-2.22%	–
AAPL	Exit	APPLE INC	$0	–	-766,433	–	-2.26%	–
MMM	Exit	3M CO	$0	–	-603,058	–	-2.28%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-2,616,511	–	-2.30%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-1,676,514	–	-2.30%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-1,052,948	–	-2.31%	–
USB	Exit	US BANCORP DEL	$0	–	-2,116,365	–	-2.32%	–
NKE	Exit	NIKE INCcl b	$0	–	-750,074	–	-2.46%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-1,991,832	–	-2.64%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,658,992	–	-2.70%	–
AMZN	Exit	AMAZON COM INC	$0	–	-225,116	–	-3.08%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-1,759,465	–	-3.52%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,091,319	–	-5.22%	–

Q3 2015

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON & JOHNSON	$195,225,000	-12.3%	2,091,319	-8.5%	5.22%	+9.4%
NSRGY	Sell	NESTLE SA ADR	$131,901,000	-11.3%	1,759,465	-14.6%	3.52%	+10.7%
AMZN	Sell	AMAZON COM INC	$115,235,000	-13.8%	225,116	-26.9%	3.08%	+7.7%
JPM	Sell	JPMORGAN CHASE & CO	$101,149,000	-22.8%	1,658,992	-14.2%	2.70%	-3.7%
TXN	Sell	TEXAS INSTRS INC	$98,636,000	-18.1%	1,991,832	-14.9%	2.64%	+2.2%
NKE	Sell	NIKE INCcl b	$92,237,000	-1.8%	750,074	-13.8%	2.46%	+22.6%
USB	Buy	US BANCORP DEL	$86,792,000	+3.8%	2,116,365	+9.8%	2.32%	+29.5%
ADBE	Sell	ADOBE SYS INC	$86,573,000	-13.1%	1,052,948	-14.4%	2.31%	+8.4%
WFC	Sell	WELLS FARGO & CO NEW	$86,089,000	-21.3%	1,676,514	-13.8%	2.30%	-1.8%
RHHBY	Sell	ROCHE HOLDINGS LTD-SPONS ADR	$86,025,000	-18.9%	2,616,511	-13.6%	2.30%	+1.2%
MMM	Sell	3M CO	$85,496,000	-21.3%	603,058	-14.3%	2.28%	-1.7%
AAPL	Sell	APPLE INC	$84,538,000	-24.0%	766,433	-13.6%	2.26%	-5.1%
APD	Sell	AIR PRODS & CHEMS INC	$83,110,000	-21.7%	651,431	-16.1%	2.22%	-2.3%
CSCO	Sell	CISCO SYS INC	$82,007,000	-17.5%	3,124,071	-13.7%	2.19%	+2.9%
NVS	Sell	NOVARTIS A Gsponsored adr	$81,277,000	-19.9%	884,218	-14.4%	2.17%	-0.1%
PEP	Sell	PEPSICO INC	$80,707,000	-12.3%	855,850	-13.2%	2.16%	+9.5%
PGR	Sell	PROGRESSIVE CORP OHIO	$80,079,000	-5.7%	2,613,542	-14.4%	2.14%	+17.7%
COST	Sell	COSTCO WHSL CORP NEW	$79,647,000	-7.4%	550,926	-13.5%	2.13%	+15.5%
CMCSA	Sell	COMCAST CORP NEWcl a	$78,437,000	-18.6%	1,378,990	-13.9%	2.10%	+1.6%
AXP	Sell	AMERICAN EXPRESS CO	$75,346,000	-21.4%	1,016,407	-17.6%	2.01%	-1.9%
CP	Buy	CANADIAN PAC RY LTD	$74,095,000	+2.4%	516,092	+14.3%	1.98%	+27.8%
FDX	Sell	FEDEX CORP	$72,772,000	-27.0%	505,432	-13.6%	1.94%	-8.9%
CERN	Buy	CERNER CORP	$71,756,000	-0.6%	1,196,731	+14.5%	1.92%	+24.1%
MSFT	Sell	MICROSOFT CORP	$71,290,000	-13.2%	1,610,705	-13.4%	1.90%	+8.4%
GWW	Sell	GRAINGER W W INC	$71,110,000	-22.0%	330,730	-14.2%	1.90%	-2.7%
PCAR	Sell	PACCAR INC	$67,372,000	-29.8%	1,291,403	-14.1%	1.80%	-12.3%
UNH	Sell	UNITEDHEALTH GROUP INC	$66,078,000	-18.5%	569,591	-14.3%	1.76%	+1.7%
MHFI	Sell	MCGRAW HILL FINL INC	$65,901,000	-25.5%	761,867	-13.5%	1.76%	-7.1%
GOOGL	Sell	GOOGLE INCcl a	$64,212,000	+0.7%	100,588	-14.8%	1.72%	+25.7%
UNP	Sell	UNION PAC CORP	$64,125,000	-19.9%	725,314	-13.6%	1.71%	0.0%
DIS	Sell	DISNEY WALT CO	$63,944,000	-47.6%	625,680	-41.5%	1.71%	-34.6%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDGS	$63,600,000	-12.4%	1,109,939	-14.3%	1.70%	+9.4%
BDX	Sell	BECTON DICKINSON & CO	$63,401,000	-20.0%	477,920	-14.6%	1.69%	-0.2%
GOOG	Sell	GOOGLE INCcl c	$62,955,000	+0.5%	103,473	-14.0%	1.68%	+25.5%
DANOY	Sell	DANONE-SPONS ADR	$61,519,000	-15.2%	4,884,108	-13.0%	1.64%	+5.8%
ECL	Sell	ECOLAB INC	$60,934,000	-15.5%	555,359	-12.9%	1.63%	+5.5%
YUM	Sell	YUM BRANDS INC	$58,523,000	-41.1%	731,993	-33.6%	1.56%	-26.5%
MON	Sell	MONSANTO CO NEW	$58,095,000	-31.2%	680,747	-14.1%	1.55%	-14.1%
CIT	Sell	CIT GROUP INC	$57,876,000	-26.2%	1,445,828	-14.3%	1.55%	-7.9%
TIF	Sell	TIFFANY & CO NEW	$55,154,000	-28.5%	714,242	-15.0%	1.47%	-10.8%
RL	Sell	RALPH LAUREN CORPcl a	$54,861,000	-21.8%	464,291	-12.4%	1.46%	-2.4%
PG	Sell	PROCTER & GAMBLE CO	$54,439,000	-41.2%	756,721	-36.0%	1.45%	-26.6%
BWA	New	BORGWARNER INC	$53,708,000	–	1,291,364	–	1.44%	–
ROP	Sell	ROPER TECHNOLOGIES INC	$53,625,000	-22.0%	342,217	-14.2%	1.43%	-2.7%
SLB	Buy	SCHLUMBERGER LTD	$53,413,000	-19.0%	774,434	+1.2%	1.43%	+1.1%
FB	Sell	FACEBOOK INCcl a	$53,295,000	-11.4%	592,826	-15.5%	1.42%	+10.6%
PYPL	New	PAYPAL HLDGS INC	$50,729,000	–	1,634,295	–	1.36%	–
CAT	Sell	CATERPILLAR INC DEL	$44,753,000	-34.0%	684,709	-14.3%	1.20%	-17.6%
KMX	Sell	CARMAX INC	$39,308,000	-23.3%	662,646	-14.4%	1.05%	-4.3%
CNQ	Sell	CANADIAN NAT RES LTD	$30,787,000	-39.1%	1,582,854	-15.0%	0.82%	-24.0%
SWN	Sell	SOUTHWESTERN ENERGY CO	$26,699,000	-52.3%	2,103,954	-14.6%	0.71%	-40.5%
PBRA	Sell	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$11,951,000	-61.3%	3,247,645	-14.3%	0.32%	-51.8%
GTLS	Sell	CHART INDS INC	$11,258,000	-53.9%	586,060	-14.3%	0.30%	-42.4%
CRRTQ	Sell	CARBO CERAMICS INC	$9,841,000	-60.8%	518,200	-14.1%	0.26%	-51.0%
ANET	Sell	ARISTA NETWORKS INC	$4,239,000	-35.8%	69,281	-14.3%	0.11%	-19.9%
	New	DEVON ENERGY PRODUCTION CO L P	$89,000	–	1	–	0.00%	–
	Exit	DEVON ENERGY PRODUCTION CO L P	$0	–	-1	–	-0.00%	–
EBAY	Exit	EBAY INC	$0	–	-1,935,904	–	-2.50%	–

Q2 2015

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$222,730,000	–	2,285,343	–	4.77%	–
NSRGY	New	NESTLE SA ADR	$148,752,000	–	2,059,502	–	3.18%	–
AMZN	New	AMAZON.COM INC	$133,626,000	–	307,831	–	2.86%	–
JPM	New	JP MORGAN CHASE	$131,063,000	–	1,934,230	–	2.80%	–
DIS	New	WALT DISNEY CO.	$122,109,000	–	1,069,821	–	2.61%	–
TXN	New	TEXAS INSTRUMENTS INC	$120,502,000	–	2,339,385	–	2.58%	–
EBAY	New	EBAY INC	$116,619,000	–	1,935,904	–	2.50%	–
AAPL	New	APPLE INC	$111,235,000	–	886,866	–	2.38%	–
WFC	New	WELLS FARGO & CO.	$109,438,000	–	1,945,904	–	2.34%	–
MMM	New	3M CO.	$108,589,000	–	703,752	–	2.32%	–
APD	New	AIR PRODUCTS & CHEMICALS INC.	$106,203,000	–	776,164	–	2.27%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$106,086,000	–	3,027,249	–	2.27%	–
NVS	New	NOVARTIS AG-ADR	$101,527,000	–	1,032,404	–	2.17%	–
FDX	New	FEDEX CORPORATION	$99,728,000	–	585,256	–	2.13%	–
ADBE	New	ADOBE SYSTEMS INC.	$99,673,000	–	1,230,380	–	2.13%	–
CSCO	New	CISCO SYSTEMS INC	$99,462,000	–	3,622,053	–	2.13%	–
YUM	New	YUM! BRANDS INC.	$99,363,000	–	1,103,053	–	2.13%	–
CMCSA	New	COMCAST CORP	$96,333,000	–	1,601,814	–	2.06%	–
AXP	New	AMERICAN EXPRESS CO.	$95,883,000	–	1,233,700	–	2.05%	–
PCAR	New	PACCAR INC	$95,909,000	–	1,503,045	–	2.05%	–
NKE	New	NIKE INC CL B	$93,949,000	–	869,739	–	2.01%	–
PG	New	PROCTER & GAMBLE CO.	$92,575,000	–	1,183,215	–	1.98%	–
PEP	New	PEPSICO INC	$92,006,000	–	985,705	–	1.97%	–
GWW	New	GRAINGER WW	$91,215,000	–	385,441	–	1.95%	–
MHFI	New	MCGRAW HILL FINANCIAL INC	$88,489,000	–	880,930	–	1.89%	–
COST	New	COSTCO WHOLESALE CORP	$86,043,000	–	637,074	–	1.84%	–
PGR	New	PROGRESSV CP OH	$84,963,000	–	3,052,944	–	1.82%	–
MON	New	MONSANTO COMPANY	$84,426,000	–	792,063	–	1.81%	–
USB	New	US BANCORP	$83,651,000	–	1,927,446	–	1.79%	–
MSFT	New	MICROSOFT CORP	$82,099,000	–	1,859,540	–	1.76%	–
UNH	New	UNITEDHEALTH GROUP INC.	$81,081,000	–	664,599	–	1.74%	–
UNP	New	UNION PACIFIC CORPORATION	$80,036,000	–	839,212	–	1.71%	–
BDX	New	BECTON DICKINSON	$79,263,000	–	559,566	–	1.70%	–
CIT	New	CIT GROUP INC.	$78,420,000	–	1,686,804	–	1.68%	–
TIF	New	TIFFANY & CO.	$77,182,000	–	840,764	–	1.65%	–
NCLH	New	NORWEGIAN CRUISE LINE HOLDINGS LTD	$72,591,000	–	1,295,341	–	1.55%	–
DANOY	New	DANONE-SPONS ADR	$72,560,000	–	5,614,986	–	1.55%	–
CP	New	CANADIAN PACIFIC RAILWAY LTD	$72,365,000	–	451,630	–	1.55%	–
CERN	New	CERNER CORPORATION	$72,201,000	–	1,045,483	–	1.54%	–
ECL	New	ECOLAB INC	$72,125,000	–	637,882	–	1.54%	–
RL	New	RALPH LAUREN CORP	$70,143,000	–	529,943	–	1.50%	–
ROP	New	ROPER TECHNOLOGIES INC	$68,789,000	–	398,872	–	1.47%	–
CAT	New	CATERPILLAR INC	$67,773,000	–	799,023	–	1.45%	–
SLB	New	SCHLUMBERGER LTD	$65,956,000	–	765,243	–	1.41%	–
GOOGL	New	GOOGLE INC-CL A	$63,756,000	–	118,057	–	1.36%	–
GOOG	New	GOOGLE INC-CL C	$62,643,000	–	120,349	–	1.34%	–
FB	New	FACEBOOK INC	$60,156,000	–	701,401	–	1.29%	–
SWN	New	SOUTHWESTERN ENERGY CO	$55,966,000	–	2,462,213	–	1.20%	–
KMX	New	CARMAX INC	$51,246,000	–	773,994	–	1.10%	–
CNQ	New	CANADIAN NATURAL RESOURCES	$50,564,000	–	1,861,696	–	1.08%	–
PBRA	New	PETROLEO BRASILEIRO-SPON ADR	$30,917,000	–	3,788,858	–	0.66%	–
CRRTQ	New	CARBO CERAMICS INC	$25,104,000	–	603,017	–	0.54%	–
GTLS	New	CHART INDUSTRIES INC	$24,440,000	–	683,639	–	0.52%	–
ANET	New	ARISTA NETWORKS INC.	$6,607,000	–	80,829	–	0.14%	–
BRKA	New	BERKSHIRE HATHAWAY Aunsupervised assets	$2,868,000	–	14	–	0.06%	–
JSTS	New	JUSTISS OIL INC	$2,263,000	–	17,143	–	0.05%	–
BK	New	BANK OF NEW YORK MELLON CORPunsupervised assets	$672,000	–	16,000	–	0.01%	–
SCG	New	SCANA CORP	$364,000	–	7,183	–	0.01%	–
SU	New	SUNCOR ENERGY INC	$220,000	–	8,000	–	0.01%	–
DVN	New	DEVON ENERGY	$192,000	–	3,226	–	0.00%	–
CVX	New	CHEVRON CORP	$167,000	–	1,726	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY B	$152,000	–	1,115	–	0.00%	–
	New	DEVON ENERGY PRODUCTION CO L P	$99,000	–	1	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
	Exit	DEVON ENERGY PRODUCTION CO L P	$0	–	-1	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,165	–	-0.00%	–
ESYS	Exit	ELECSYS CORP	$0	–	-16,200	–	-0.00%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-1,726	–	-0.00%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-3,226	–	-0.00%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-8,000	–	-0.01%	–
SCG	Exit	SCANA CORP NEW	$0	–	-7,183	–	-0.01%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-16,000	–	-0.01%	–
JSTS	Exit	JUSTISS OIL INC	$0	–	-17,143	–	-0.04%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-14	–	-0.05%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-61,776	–	-0.10%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-99,125	–	-0.16%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-108,705	–	-0.19%	–
CRRTQ	Exit	CARBO CERAMICS INC	$0	–	-506,723	–	-0.54%	–
GTLS	Exit	CHART INDS INC	$0	–	-676,700	–	-0.74%	–
MEGEF	Exit	MEG ENERGY CORP	$0	–	-1,397,871	–	-0.77%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-1,602,725	–	-1.04%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-866,281	–	-1.23%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-4,705,274	–	-1.26%	–
CIT	Exit	CIT GROUP INC	$0	–	-1,524,358	–	-1.26%	–
YUM	Exit	YUM BRANDS INC	$0	–	-986,437	–	-1.28%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-2,208,449	–	-1.39%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-1,121,446	–	-1.39%	–
QCOM	Exit	QUALCOMM INC	$0	–	-1,106,538	–	-1.49%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-145,427	–	-1.51%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-1,696,544	–	-1.51%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-145,483	–	-1.54%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-2,300,036	–	-1.60%	–
DANOY	Exit	DANONE-SPONS ADR	$0	–	-6,781,183	–	-1.63%	–
MHFI	Exit	MCGRAW HILL FINL INC	$0	–	-1,081,742	–	-1.64%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-1,483,143	–	-1.67%	–
ALTR	Exit	ALTERA CORP	$0	–	-2,646,042	–	-1.70%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-3,751,712	–	-1.70%	–
NKE	Exit	NIKE INCcl b	$0	–	-1,068,354	–	-1.71%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-983,059	–	-1.75%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-780,039	–	-1.76%	–
USB	Exit	US BANCORP DEL	$0	–	-2,367,156	–	-1.78%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-1,032,604	–	-1.79%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-885,298	–	-1.81%	–
AAPL	Exit	APPLE INC	$0	–	-1,080,622	–	-1.96%	–
CSCO	Exit	CISCO SYS INC	$0	–	-4,460,890	–	-2.02%	–
PEP	Exit	PEPSICO INC	$0	–	-1,208,090	–	-2.02%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-1,920,037	–	-2.08%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-1,810,723	–	-2.12%	–
GWW	Exit	GRAINGER W W INC	$0	–	-469,980	–	-2.12%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-1,266,543	–	-2.14%	–
AMZN	Exit	AMAZON COM INC	$0	–	-374,305	–	-2.17%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,450,095	–	-2.18%	–
MMM	Exit	3M CO	$0	–	-871,233	–	-2.22%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-2,408,560	–	-2.24%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,446,699	–	-2.36%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,526,985	–	-2.40%	–
MON	Exit	MONSANTO CO NEW	$0	–	-1,205,363	–	-2.44%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-3,676,009	–	-2.45%	–
EBAY	Exit	EBAY INC	$0	–	-2,412,676	–	-2.46%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-2,889,774	–	-2.48%	–
UNP	Exit	UNION PAC CORP	$0	–	-1,281,191	–	-2.50%	–
FDX	Exit	FEDEX CORP	$0	–	-874,904	–	-2.54%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,593,307	–	-2.55%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-710,372	–	-2.65%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-1,158,303	–	-2.71%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-3,479,574	–	-2.90%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-2,547,092	–	-3.36%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,545,671	–	-4.88%	–

Q3 2014

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON & JOHNSON	$271,343,000	-0.3%	2,545,671	-2.1%	4.88%	+5.9%
NSRGY	Sell	NESTLE SA ADR	$187,267,000	-8.6%	2,547,092	-3.7%	3.36%	-2.9%
MSFT	Sell	MICROSOFT CORP	$161,313,000	+6.8%	3,479,574	-3.9%	2.90%	+13.4%
APD	Sell	AIR PRODS & CHEMS INC	$150,788,000	-2.9%	1,158,303	-4.1%	2.71%	+3.1%
CP	Sell	CANADIAN PAC RY LTD	$147,381,000	+9.9%	710,372	-4.1%	2.65%	+16.7%
DIS	Sell	DISNEY WALT CO	$141,852,000	-0.3%	1,593,307	-4.0%	2.55%	+5.8%
FDX	Sell	FEDEX CORP	$141,253,000	+2.2%	874,904	-4.1%	2.54%	+8.6%
UNP	Sell	UNION PAC CORP	$138,907,000	+3.9%	1,281,191	-4.4%	2.50%	+10.3%
TXN	Sell	TEXAS INSTRS INC	$137,813,000	-3.5%	2,889,774	-3.3%	2.48%	+2.5%
EBAY	Buy	EBAY INC	$136,630,000	+39.2%	2,412,676	+23.0%	2.46%	+47.8%
RHHBY	Sell	ROCHE HOLDINGS LTD-SPONS ADR	$136,143,000	-4.5%	3,676,009	-3.9%	2.45%	+1.4%
MON	Sell	MONSANTO CO NEW	$135,615,000	-13.5%	1,205,363	-4.1%	2.44%	-8.1%
AXP	Sell	AMERICAN EXPRESS CO	$133,672,000	-11.1%	1,526,985	-3.6%	2.40%	-5.6%
CMCSA	Sell	COMCAST CORP NEWcl a	$131,583,000	-3.9%	2,446,699	-4.1%	2.36%	+2.1%
WFC	Sell	WELLS FARGO & CO NEW	$124,932,000	-5.3%	2,408,560	-4.0%	2.24%	+0.6%
MMM	Sell	3M CO	$123,436,000	-4.9%	871,233	-3.8%	2.22%	+1.0%
PG	Sell	PROCTER & GAMBLE CO	$121,431,000	+2.3%	1,450,095	-4.0%	2.18%	+8.6%
AMZN	Sell	AMAZON COM INC	$120,691,000	-4.4%	374,305	-3.7%	2.17%	+1.5%
NVS	Sell	NOVARTIS A Gsponsored adr	$119,220,000	+0.0%	1,266,543	-3.8%	2.14%	+6.2%
GWW	Sell	GRAINGER W W INC	$118,270,000	-4.2%	469,980	-3.2%	2.12%	+1.7%
BHI	Sell	BAKER HUGHES INC	$117,806,000	-16.1%	1,810,723	-4.0%	2.12%	-10.9%
JPM	Sell	JPMORGAN CHASE & CO	$115,663,000	+0.3%	1,920,037	-4.0%	2.08%	+6.5%
PEP	Sell	PEPSICO INC	$112,461,000	+0.5%	1,208,090	-3.6%	2.02%	+6.7%
CSCO	Sell	CISCO SYS INC	$112,281,000	-22.5%	4,460,890	-23.5%	2.02%	-17.7%
AAPL	Sell	APPLE INC	$108,873,000	-27.1%	1,080,622	-32.8%	1.96%	-22.7%
BDX	Sell	BECTON DICKINSON & CO	$100,756,000	-7.2%	885,298	-3.6%	1.81%	-1.5%
TIF	Sell	TIFFANY & CO NEW	$99,450,000	-7.4%	1,032,604	-3.6%	1.79%	-1.7%
USB	Sell	US BANCORP DEL	$99,018,000	-7.1%	2,367,156	-3.8%	1.78%	-1.3%
COST	Sell	COSTCO WHSL CORP NEW	$97,754,000	+4.5%	780,039	-3.9%	1.76%	+11.1%
CAT	Sell	CATERPILLAR INC DEL	$97,352,000	-12.5%	983,059	-4.0%	1.75%	-7.1%
NKE	New	NIKE INCcl b	$95,297,000	–	1,068,354	–	1.71%	–
PGR	Sell	PROGRESSIVE CORP OHIO	$94,843,000	-4.4%	3,751,712	-4.1%	1.70%	+1.5%
ALTR	Sell	ALTERA CORP	$94,675,000	-1.2%	2,646,042	-4.0%	1.70%	+4.9%
EMR	Sell	EMERSON ELEC CO	$92,815,000	-9.4%	1,483,143	-3.9%	1.67%	-3.8%
MHFI	Sell	MCGRAW HILL FINL INC	$91,353,000	-2.3%	1,081,742	-3.9%	1.64%	+3.8%
DANOY	Sell	DANONE-SPONS ADR	$90,803,000	-13.3%	6,781,183	-3.8%	1.63%	-7.9%
CNQ	Sell	CANADIAN NAT RES LTD	$89,333,000	-18.8%	2,300,036	-4.0%	1.60%	-13.8%
GOOGL	Sell	GOOGLE INCcl a	$85,604,000	-3.2%	145,483	-3.8%	1.54%	+2.7%
GOOG	Sell	GOOGLE INCcl c	$83,964,000	-3.5%	145,427	-3.9%	1.51%	+2.4%
ADI	Sell	ANALOG DEVICES INC	$83,962,000	-12.1%	1,696,544	-4.0%	1.51%	-6.7%
QCOM	Sell	QUALCOMM INC	$82,736,000	-9.4%	1,106,538	-4.1%	1.49%	-3.8%
ADBE	Sell	ADOBE SYS INC	$77,593,000	-7.4%	1,121,446	-3.2%	1.39%	-1.7%
SWN	Sell	SOUTHWESTERN ENERGY CO	$77,185,000	-26.0%	2,208,449	-3.7%	1.39%	-21.5%
YUM	Sell	YUM BRANDS INC	$71,004,000	-14.8%	986,437	-3.9%	1.28%	-9.5%
PBRA	Sell	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$70,062,000	-8.6%	4,705,274	-4.0%	1.26%	-3.0%
CIT	Sell	CIT GROUP INC	$70,059,000	-3.6%	1,524,358	-4.0%	1.26%	+2.4%
FB	Sell	FACEBOOK INCcl a	$68,471,000	+12.8%	866,281	-4.0%	1.23%	+19.8%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDGS	$57,730,000	+9.0%	1,602,725	-4.0%	1.04%	+15.7%
MEGEF	Sell	MEG ENERGY CORP	$42,817,000	-18.1%	1,397,871	-4.0%	0.77%	-13.0%
GTLS	New	CHART INDS INC	$41,367,000	–	676,700	–	0.74%	–
CRRTQ	Buy	CARBO CERAMICS INC	$30,013,000	-51.3%	506,723	+26.7%	0.54%	-48.3%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$10,452,000	-90.2%	108,705	-89.6%	0.19%	-89.6%
ANET	Sell	ARISTA NETWORKS INC	$8,756,000	+40.3%	99,125	-0.9%	0.16%	+48.1%
XOM	New	EXXON MOBIL CORP	$5,810,000	–	61,776	–	0.10%	–
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$161,000	+4.5%	1,165	-4.1%	0.00%	0.0%
	Exit	NAFCO OIL & GAS OVRDG	$0	–	-1	–	0.00%	–
ADDYY	Exit	ADIDAS AG-SPONSORED ADR	$0	–	-1,476,100	–	-1.26%	–

Q2 2014

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$272,125,000	–	2,601,084	–	4.60%	–
NSRGY	New	NESTLE SA ADR	$204,887,000	–	2,644,740	–	3.47%	–
MON	New	MONSANTO CO NEW	$156,785,000	–	1,256,891	–	2.65%	–
APD	New	AIR PRODS & CHEMS INC	$155,369,000	–	1,207,969	–	2.63%	–
MSFT	New	MICROSOFT CORP	$151,018,000	–	3,621,537	–	2.56%	–
AXP	New	AMERICAN EXPRESS CO	$150,328,000	–	1,584,567	–	2.54%	–
AAPL	New	APPLE INC	$149,424,000	–	1,607,920	–	2.53%	–
CSCO	New	CISCO SYS INC	$144,839,000	–	5,828,533	–	2.45%	–
TXN	New	TEXAS INSTRS INC	$142,800,000	–	2,988,073	–	2.42%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$142,605,000	–	3,824,952	–	2.41%	–
DIS	New	DISNEY WALT CO	$142,341,000	–	1,660,149	–	2.41%	–
BHI	New	BAKER HUGHES INC	$140,487,000	–	1,887,001	–	2.38%	–
FDX	New	FEDEX CORP	$138,173,000	–	912,754	–	2.34%	–
CMCSA	New	COMCAST CORP NEWcl a	$136,929,000	–	2,550,830	–	2.32%	–
CP	New	CANADIAN PAC RY LTD	$134,116,000	–	740,401	–	2.27%	–
UNP	New	UNION PAC CORP	$133,746,000	–	1,340,810	–	2.26%	–
WFC	New	WELLS FARGO & CO NEW	$131,875,000	–	2,509,032	–	2.23%	–
MMM	New	3M CO	$129,760,000	–	905,891	–	2.20%	–
AMZN	New	AMAZON COM INC	$126,222,000	–	388,639	–	2.14%	–
GWW	New	GRAINGER W W INC	$123,457,000	–	485,534	–	2.09%	–
NVS	New	NOVARTIS A Gsponsored adr	$119,170,000	–	1,316,359	–	2.02%	–
PG	New	PROCTER & GAMBLE CO	$118,735,000	–	1,510,810	–	2.01%	–
JPM	New	JPMORGAN CHASE & CO	$115,289,000	–	2,000,857	–	1.95%	–
PEP	New	PEPSICO INC	$111,916,000	–	1,252,693	–	1.89%	–
CAT	New	CATERPILLAR INC DEL	$111,237,000	–	1,023,622	–	1.88%	–
CNQ	New	CANADIAN NAT RES LTD	$110,044,000	–	2,396,953	–	1.86%	–
BDX	New	BECTON DICKINSON & CO	$108,625,000	–	918,218	–	1.84%	–
TIF	New	TIFFANY & CO NEW	$107,391,000	–	1,071,231	–	1.82%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$107,130,000	–	1,043,849	–	1.81%	–
USB	New	US BANCORP DEL	$106,554,000	–	2,459,688	–	1.80%	–
DANOY	New	DANONE-SPONS ADR	$104,704,000	–	7,049,596	–	1.77%	–
SWN	New	SOUTHWESTERN ENERGY CO	$104,374,000	–	2,294,445	–	1.77%	–
EMR	New	EMERSON ELEC CO	$102,393,000	–	1,543,000	–	1.73%	–
PGR	New	PROGRESSIVE CORP OHIO	$99,232,000	–	3,912,919	–	1.68%	–
EBAY	New	EBAY INC	$98,164,000	–	1,960,917	–	1.66%	–
ALTR	New	ALTERA CORP	$95,787,000	–	2,755,662	–	1.62%	–
ADI	New	ANALOG DEVICES INC	$95,536,000	–	1,766,891	–	1.62%	–
COST	New	COSTCO WHSL CORP NEW	$93,504,000	–	811,950	–	1.58%	–
MHFI	New	MCGRAW HILL FINL INC	$93,478,000	–	1,125,832	–	1.58%	–
QCOM	New	QUALCOMM INC	$91,343,000	–	1,153,316	–	1.55%	–
GOOGL	New	GOOGLE INCcl a	$88,465,000	–	151,308	–	1.50%	–
GOOG	New	GOOGLE INCcl c	$87,012,000	–	151,251	–	1.47%	–
ADBE	New	ADOBE SYS INC	$83,788,000	–	1,157,931	–	1.42%	–
YUM	New	YUM BRANDS INC	$83,341,000	–	1,026,365	–	1.41%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$76,673,000	–	4,902,378	–	1.30%	–
ADDYY	New	ADIDAS AG-SPONSORED ADR	$74,747,000	–	1,476,100	–	1.26%	–
CIT	New	CIT GROUP INC	$72,644,000	–	1,587,492	–	1.23%	–
CRRTQ	New	CARBO CERAMICS INC	$61,622,000	–	399,832	–	1.04%	–
FB	New	FACEBOOK INCcl a	$60,705,000	–	902,138	–	1.03%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$52,949,000	–	1,670,301	–	0.90%	–
MEGEF	New	MEG ENERGY CORP	$52,255,000	–	1,455,972	–	0.88%	–
ANET	New	ARISTA NETWORKS INC	$6,239,000	–	100,000	–	0.11%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,659,000	–	14	–	0.04%	–
JSTS	New	JUSTISS OIL INC	$1,843,000	–	17,143	–	0.03%	–
BK	New	BANK NEW YORK MELLON CORP	$600,000	–	16,000	–	0.01%	–
SCG	New	SCANA CORP NEW	$387,000	–	7,183	–	0.01%	–
SU	New	SUNCOR ENERGY INC NEW	$342,000	–	8,000	–	0.01%	–
CVX	New	CHEVRON CORP NEW	$225,000	–	1,726	–	0.00%	–
DVN	New	DEVON ENERGY CORP NEW	$256,000	–	3,226	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$154,000	–	1,215	–	0.00%	–
ESYS	New	ELECSYS CORP	$196,000	–	16,200	–	0.00%	–
	New	DEVON ENERGY PRODUCTION CO L P	$131,000	–	1	–	0.00%	–
	New	NAFCO OIL & GAS OVRDG	$0	–	1	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	DISTRIBUTION INTL CORPunsupervised assets	$0	–	-1,450	–	0.00%	–
	Exit	NAFCO OIL & GAS OVRDG	$0	–	-1	–	0.00%	–
	Exit	PARENTS HOUSE TRUSTunsupervised assets	$0	–	-142	–	0.00%	–
LPI	Exit	LAREDO PETE HLDGS INC	$0	–	-125	–	0.00%	–
	Exit	OZ OVERSEAS FUND	$0	–	-60,009	–	-0.00%	–
ESYS	Exit	ELECSYS CORP	$0	–	-16,200	–	-0.00%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-3,226	–	-0.00%	–
	Exit	DEVON ENERGY PRODUCTION CO L P	$0	–	-1	–	-0.00%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-1,266	–	-0.00%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-1,726	–	-0.00%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-8,000	–	-0.01%	–
SCG	Exit	SCANA CORP NEW	$0	–	-7,183	–	-0.01%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-16,000	–	-0.01%	–
JSTS	Exit	JUSTISS OIL INC	$0	–	-17,143	–	-0.03%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-14	–	-0.04%	–
UTIW	Exit	UTI WORLDWIDE INCord	$0	–	-3,308,287	–	-0.94%	–
MEGEF	Exit	MEG ENERGY CORP	$0	–	-1,569,231	–	-1.01%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-776,035	–	-1.21%	–
CRRTQ	Exit	CARBO CERAMICS INC	$0	–	-657,562	–	-1.22%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,384,562	–	-1.30%	–
MTB	Exit	M & T BK CORP	$0	–	-685,158	–	-1.44%	–
ALTR	Exit	ALTERA CORP	$0	–	-2,104,463	–	-1.46%	–
YUM	Exit	YUM BRANDS INC	$0	–	-1,100,924	–	-1.47%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-2,587,191	–	-1.52%	–
UNP	Exit	UNION PAC CORP	$0	–	-537,107	–	-1.56%	–
QCOM	Exit	QUALCOMM INC	$0	–	-1,244,682	–	-1.57%	–
EBAY	Exit	EBAY INC	$0	–	-1,582,824	–	-1.65%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-1,152,975	–	-1.65%	–
EOG	Exit	EOG RES INC	$0	–	-529,961	–	-1.68%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-2,486,859	–	-1.69%	–
KO	Exit	COCA COLA CO	$0	–	-2,523,505	–	-1.79%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,277,283	–	-1.81%	–
USB	Exit	US BANCORP DEL	$0	–	-2,661,680	–	-1.82%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-984,664	–	-1.84%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-802,466	–	-1.85%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-2,036,425	–	-1.87%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-878,357	–	-1.89%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-546,976	–	-1.90%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-1,128,930	–	-1.98%	–
PEP	Exit	PEPSICO INC	$0	–	-1,353,504	–	-2.01%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-1,676,611	–	-2.03%	–
NVS	Exit	NOVARTIS A Gsponsored adr	$0	–	-1,414,213	–	-2.03%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-2,093,866	–	-2.04%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-2,720,691	–	-2.10%	–
MON	Exit	MONSANTO CO NEW	$0	–	-1,086,351	–	-2.12%	–
DIS	Exit	DISNEY WALT CO	$0	–	-1,799,422	–	-2.17%	–
MMM	Exit	3M CO	$0	–	-980,549	–	-2.19%	–
AAPL	Exit	APPLE INC	$0	–	-249,472	–	-2.23%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-2,764,532	–	-2.34%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,711,101	–	-2.42%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-3,250,653	–	-2.45%	–
FDX	Exit	FEDEX CORP	$0	–	-1,192,677	–	-2.55%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-1,306,034	–	-2.60%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-2,069,781	–	-2.61%	–
AMZN	Exit	AMAZON COM INC	$0	–	-450,339	–	-2.64%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-5,264,412	–	-2.68%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-3,064,841	–	-2.70%	–
CSCO	Exit	CISCO SYS INC	$0	–	-6,285,308	–	-2.76%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-4,701,178	–	-2.93%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-189,977	–	-3.12%	–
GWW	Exit	GRAINGER W W INC	$0	–	-645,202	–	-3.16%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-2,886,860	–	-3.78%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,517,748	–	-4.09%	–

Q3 2013

			Value		Shares		↓ Weighting
JNJ	Sell	JOHNSON & JOHNSON	$218,264,000	-4.3%	2,517,748	-5.3%	4.09%	-2.0%
NSRGY	Sell	NESTLE SA ADR	$201,929,000	-0.7%	2,886,860	-7.1%	3.78%	+1.7%
GWW	Sell	GRAINGER W W INC	$168,856,000	-3.2%	645,202	-6.7%	3.16%	-0.7%
GOOGL	Sell	GOOGLE INCcl a	$166,403,000	-7.5%	189,977	-7.0%	3.12%	-5.2%
MSFT	Sell	MICROSOFT CORP	$156,455,000	-10.4%	4,701,178	-7.0%	2.93%	-8.2%
CSCO	Sell	CISCO SYS INC	$147,271,000	-10.5%	6,285,308	-7.1%	2.76%	-8.3%
ADI	Sell	ANALOG DEVICES INC	$144,201,000	-2.8%	3,064,841	-6.9%	2.70%	-0.4%
PGR	Sell	PROGRESSIVE CORP OHIO	$143,350,000	-0.2%	5,264,412	-6.9%	2.68%	+2.2%
AMZN	Sell	AMAZON COM INC	$140,794,000	+4.8%	450,339	-6.9%	2.64%	+7.5%
RHHBY	Sell	ROCHE HOLDINGS LTD-SPONS ADR	$139,569,000	+1.1%	2,069,781	-6.9%	2.61%	+3.6%
APD	Sell	AIR PRODS & CHEMS INC	$139,184,000	+8.2%	1,306,034	-7.0%	2.60%	+10.9%
FDX	Sell	FEDEX CORP	$136,096,000	+7.9%	1,192,677	-6.8%	2.55%	+10.6%
TXN	Sell	TEXAS INSTRS INC	$130,969,000	+7.4%	3,250,653	-7.1%	2.45%	+10.1%
AXP	Sell	AMERICAN EXPRESS CO	$129,222,000	-7.2%	1,711,101	-8.2%	2.42%	-5.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$124,722,000	+0.6%	2,764,532	-6.9%	2.34%	+3.1%
AAPL	Sell	APPLE INC	$118,936,000	+11.9%	249,472	-6.9%	2.23%	+14.7%
MMM	Sell	3M CO	$117,087,000	+1.7%	980,549	-6.9%	2.19%	+4.2%
DIS	Sell	DISNEY WALT CO	$116,045,000	-5.0%	1,799,422	-7.0%	2.17%	-2.7%
MON	Sell	MONSANTO CO NEW	$113,382,000	-1.5%	1,086,351	-6.8%	2.12%	+0.9%
WFC	Sell	WELLS FARGO & CO NEW	$112,419,000	-6.5%	2,720,691	-6.6%	2.10%	-4.2%
ADBE	Sell	ADOBE SYS INC	$108,755,000	+6.0%	2,093,866	-7.1%	2.04%	+8.6%
EMR	Sell	EMERSON ELEC CO	$108,477,000	+10.9%	1,676,611	-6.5%	2.03%	+13.7%
NVS	Sell	NOVARTIS A Gsponsored adr	$108,484,000	+0.8%	1,414,213	-7.1%	2.03%	+3.3%
PEP	Sell	PEPSICO INC	$107,604,000	-9.4%	1,353,504	-6.8%	2.01%	-7.2%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$105,600,000	-2.8%	1,128,930	-7.3%	1.98%	-0.4%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$101,289,000	-9.9%	546,976	-7.0%	1.90%	-7.7%
COST	Sell	COSTCO WHSL CORP NEW	$101,160,000	-2.9%	878,357	-6.8%	1.89%	-0.5%
BHI	Sell	BAKER HUGHES INC	$99,988,000	-1.1%	2,036,425	-7.1%	1.87%	+1.4%
CP	Sell	CANADIAN PAC RY LTD	$98,944,000	-5.6%	802,466	-7.1%	1.85%	-3.3%
BDX	Sell	BECTON DICKINSON & CO	$98,486,000	-5.7%	984,664	-6.8%	1.84%	-3.3%
USB	Sell	US BANCORP DEL	$97,364,000	-5.9%	2,661,680	-7.0%	1.82%	-3.5%
PG	Sell	PROCTER & GAMBLE CO	$96,550,000	-8.4%	1,277,283	-6.7%	1.81%	-6.2%
KO	Sell	COCA COLA CO	$95,590,000	-11.9%	2,523,505	-6.7%	1.79%	-9.7%
SWN	Sell	SOUTHWESTERN ENERGY CO	$90,472,000	-7.6%	2,486,859	-7.2%	1.69%	-5.3%
EOG	Sell	EOG RES INC	$89,712,000	+19.4%	529,961	-7.1%	1.68%	+22.4%
TIF	Sell	TIFFANY & CO NEW	$88,341,000	-2.9%	1,152,975	-7.7%	1.65%	-0.5%
EBAY	Sell	EBAY INC	$88,314,000	-0.0%	1,582,824	-7.3%	1.65%	+2.5%
QCOM	Sell	QUALCOMM INC	$83,792,000	+2.6%	1,244,682	-6.9%	1.57%	+5.2%
UNP	Sell	UNION PAC CORP	$83,434,000	-6.1%	537,107	-6.7%	1.56%	-3.8%
CNQ	Sell	CANADIAN NAT RES LTD	$81,341,000	+3.0%	2,587,191	-7.4%	1.52%	+5.5%
YUM	New	YUM BRANDS INC	$78,595,000	–	1,100,924	–	1.47%	–
ALTR	Sell	ALTERA CORP	$78,202,000	+4.3%	2,104,463	-7.4%	1.46%	+6.9%
MTB	Sell	M & T BK CORP	$76,683,000	-6.8%	685,158	-7.0%	1.44%	-4.5%
FB	Sell	FACEBOOK INCcl a	$69,547,000	+86.5%	1,384,562	-7.6%	1.30%	+91.2%
CRRTQ	Sell	CARBO CERAMICS INC	$65,171,000	+36.5%	657,562	-7.1%	1.22%	+39.9%
CAT	Sell	CATERPILLAR INC DEL	$64,721,000	-5.7%	776,035	-6.8%	1.21%	-3.3%
MEGEF	Sell	MEG ENERGY CORP	$54,121,000	+24.0%	1,569,231	-1.5%	1.01%	+27.1%
UTIW	Sell	UTI WORLDWIDE INCord	$49,988,000	-15.1%	3,308,287	-7.5%	0.94%	-12.9%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$144,000	-0.7%	1,266	-2.6%	0.00%	0.0%
	New	DEVON ENERGY PRODUCTION CO L P	$171,000	–	1	–	0.00%	–
	New	OZ OVERSEAS FUND	$60,000	–	60,009	–	0.00%	–
LPI	New	LAREDO PETE HLDGS INC	$4,000	–	125	–	0.00%	–
	Exit	LYNNER PRTNRS PURCHASE M/NT.convertible bonds	$0	–	-405,000	–	0.00%	–
	Exit	OZ OVERSEAS FUND	$0	–	-60,010	–	-0.00%	–
EXC	Exit	EXELON CORP	$0	–	-2,640,947	–	-1.49%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-2,199,804	–	-1.53%	–

Q2 2013

			Value		Shares		↓ Weighting
JNJ	New	JOHNSON & JOHNSON	$228,177,000	–	2,657,546	–	4.17%	–
NSRGY	New	NESTLE SA ADR	$203,447,000	–	3,107,204	–	3.72%	–
GOOGL	New	GOOGLE INCcl a	$179,903,000	–	204,349	–	3.29%	–
MSFT	New	MICROSOFT CORP	$174,573,000	–	5,053,493	–	3.19%	–
GWW	New	GRAINGER W W INC	$174,348,000	–	691,363	–	3.18%	–
CSCO	New	CISCO SYS INC	$164,561,000	–	6,762,330	–	3.01%	–
ADI	New	ANALOG DEVICES INC	$148,364,000	–	3,292,582	–	2.71%	–
PGR	New	PROGRESSIVE CORP OHIO	$143,681,000	–	5,652,301	–	2.62%	–
AXP	New	AMERICAN EXPRESS CO	$139,319,000	–	1,863,545	–	2.54%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$138,004,000	–	2,222,515	–	2.52%	–
AMZN	New	AMAZON COM INC	$134,288,000	–	483,590	–	2.45%	–
APD	New	AIR PRODS & CHEMS INC	$128,619,000	–	1,404,598	–	2.35%	–
FDX	New	FEDEX CORP	$126,164,000	–	1,279,809	–	2.30%	–
CMCSA	New	COMCAST CORP NEWcl a	$124,000,000	–	2,970,068	–	2.26%	–
DIS	New	DISNEY WALT CO	$122,192,000	–	1,934,953	–	2.23%	–
TXN	New	TEXAS INSTRS INC	$121,909,000	–	3,498,103	–	2.23%	–
WFC	New	WELLS FARGO & CO NEW	$120,272,000	–	2,914,262	–	2.20%	–
PEP	New	PEPSICO INC	$118,795,000	–	1,452,439	–	2.17%	–
MMM	New	3M CO	$115,168,000	–	1,053,204	–	2.10%	–
MON	New	MONSANTO CO NEW	$115,143,000	–	1,165,418	–	2.10%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$112,456,000	–	588,436	–	2.05%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$108,623,000	–	1,217,334	–	1.98%	–
KO	New	COCA COLA CO	$108,449,000	–	2,703,779	–	1.98%	–
NVS	New	NOVARTIS A Gsponsored adr	$107,639,000	–	1,522,254	–	1.97%	–
AAPL	New	APPLE INC	$106,244,000	–	267,934	–	1.94%	–
PG	New	PROCTER & GAMBLE CO	$105,451,000	–	1,369,673	–	1.93%	–
CP	New	CANADIAN PAC RY LTD	$104,841,000	–	863,746	–	1.92%	–
BDX	New	BECTON DICKINSON & CO	$104,427,000	–	1,056,629	–	1.91%	–
COST	New	COSTCO WHSL CORP NEW	$104,163,000	–	942,053	–	1.90%	–
USB	New	US BANCORP DEL	$103,441,000	–	2,861,446	–	1.89%	–
ADBE	New	ADOBE SYS INC	$102,641,000	–	2,252,874	–	1.88%	–
BHI	New	BAKER HUGHES INC	$101,131,000	–	2,192,305	–	1.85%	–
SWN	New	SOUTHWESTERN ENERGY CO	$97,918,000	–	2,680,490	–	1.79%	–
EMR	New	EMERSON ELEC CO	$97,802,000	–	1,793,224	–	1.79%	–
TIF	New	TIFFANY & CO NEW	$91,014,000	–	1,249,503	–	1.66%	–
UNP	New	UNION PAC CORP	$88,860,000	–	575,969	–	1.62%	–
EBAY	New	EBAY INC	$88,325,000	–	1,707,749	–	1.61%	–
POT	New	POTASH CORP SASK INC	$83,879,000	–	2,199,804	–	1.53%	–
MTB	New	M & T BK CORP	$82,311,000	–	736,565	–	1.50%	–
QCOM	New	QUALCOMM INC	$81,657,000	–	1,336,662	–	1.49%	–
EXC	New	EXELON CORP	$81,552,000	–	2,640,947	–	1.49%	–
CNQ	New	CANADIAN NAT RES LTD	$78,997,000	–	2,795,373	–	1.44%	–
EOG	New	EOG RES INC	$75,106,000	–	570,366	–	1.37%	–
ALTR	New	ALTERA CORP	$74,962,000	–	2,272,278	–	1.37%	–
CAT	New	CATERPILLAR INC DEL	$68,653,000	–	832,258	–	1.25%	–
UTIW	New	UTI WORLDWIDE INCord	$58,880,000	–	3,574,993	–	1.08%	–
CRRTQ	New	CARBO CERAMICS INC	$47,728,000	–	707,817	–	0.87%	–
MEGEF	New	MEG ENERGY CORP ADR	$43,634,000	–	1,593,055	–	0.80%	–
FB	New	FACEBOOK INCcl a	$37,281,000	–	1,498,449	–	0.68%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$2,360,000	–	14	–	0.04%	–
JSTS	New	JUSTISS OIL INC	$1,714,000	–	17,143	–	0.03%	–
BK	New	BANK NEW YORK MELLON CORP	$449,000	–	16,000	–	0.01%	–
SCG	New	SCANA CORP NEW	$353,000	–	7,183	–	0.01%	–
SU	New	SUNCOR ENERGY INC NEW	$237,000	–	8,000	–	0.00%	–
	New	OZ OVERSEAS FUND	$231,000	–	60,010	–	0.00%	–
CVX	New	CHEVRON CORP NEW	$204,000	–	1,726	–	0.00%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$145,000	–	1,300	–	0.00%	–
DVN	New	DEVON ENERGY CORP NEW	$167,000	–	3,226	–	0.00%	–
ESYS	New	ELECSYS CORP	$110,000	–	16,200	–	0.00%	–
	New	NAFCO OIL & GAS OVRDG	$0	–	1	–	0.00%	–
	New	LYNNER PRTNRS PURCHASE M/NT.convertible bonds	$0	–	405,000	–	0.00%	–
	New	PARENTS HOUSE TRUSTunsupervised assets	$0	–	142	–	0.00%	–
	New	DISTRIBUTION INTL CORPunsupervised assets	$0	–	1,450	–	0.00%	–

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