WENDELL DAVID ASSOCIATES INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AAPL	Sell	Apple	$52,738	-13.5%	308,028	-2.0%	6.20%	-9.9%
MA	Sell	Mastercard	$49,378	-1.9%	124,720	-2.6%	5.81%	+2.2%
ADP	Buy	Automatic Data Processing	$45,235	+10.2%	188,026	+0.7%	5.32%	+14.8%
MSFT	Sell	Microsoft	$42,715	-7.9%	135,281	-0.6%	5.03%	-4.0%
TJX	Sell	TJX Companies	$35,922	+3.6%	404,165	-1.2%	4.23%	+7.9%
SYK	Sell	Stryker	$33,300	-12.8%	121,858	-2.6%	3.92%	-9.2%
LLY	Buy	Lilly, Eli	$23,236	+17.1%	43,260	+2.3%	2.73%	+22.0%
ABT	Buy	Abbott Labs	$21,733	-10.0%	224,399	+1.3%	2.56%	-6.2%
MCD	Sell	McDonald's	$20,226	-12.0%	76,775	-0.3%	2.38%	-8.3%
INTU	Buy	Intuit	$20,049	+14.6%	39,239	+2.7%	2.36%	+19.3%
DHR	Sell	Danaher	$18,949	+2.0%	76,377	-1.3%	2.23%	+6.2%
FISV	Sell	Fiserv	$18,924	-13.1%	167,530	-2.9%	2.23%	-9.4%
BR	Sell	Broadridge Financial Solutions	$18,599	+6.0%	103,878	-2.0%	2.19%	+10.3%
JNJ	Buy	Johnson & Johnson	$17,929	-0.5%	115,112	+5.8%	2.11%	+3.6%
NKE	Sell	NIKE 'B'	$17,558	-15.1%	183,627	-2.0%	2.07%	-11.6%
CHD	Sell	Church & Dwight	$16,284	-8.7%	177,716	-0.2%	1.92%	-4.9%
ABBV	Buy	AbbVie	$15,394	+14.5%	103,275	+3.5%	1.81%	+19.2%
PEP	Sell	PepsiCo	$15,197	-9.2%	89,689	-0.7%	1.79%	-5.4%
GOOGL	Sell	Alphabet Class A	$15,048	+8.9%	114,990	-0.4%	1.77%	+13.5%
PG	Buy	Procter & Gamble	$13,685	-3.4%	93,825	+0.5%	1.61%	+0.6%
FDS	Buy	FactSet Research Systems	$13,641	+10.2%	31,197	+0.9%	1.60%	+14.7%
NEE	Buy	NextEra Energy	$13,061	-18.7%	227,974	+5.3%	1.54%	-15.3%
MKC	Buy	McCormick	$12,357	-13.0%	163,362	+0.4%	1.45%	-9.4%
WSO	Sell	Watsco	$12,319	-2.0%	32,614	-1.0%	1.45%	+2.1%
XOM	Buy	ExxonMobil	$11,898	+14.8%	101,189	+4.7%	1.40%	+19.6%
ECL	Sell	Ecolab	$11,849	-10.4%	69,949	-1.3%	1.39%	-6.8%
KO	Buy	Coca-Cola	$10,293	-6.9%	183,872	+0.2%	1.21%	-3.0%
COST	Buy	Costco Wholesale	$9,963	+8.2%	17,635	+3.1%	1.17%	+12.7%
HD	Buy	Home Depot	$8,906	-0.3%	29,473	+2.5%	1.05%	+3.9%
IDXX	Buy	IDEXX Labs	$8,372	-10.9%	19,146	+2.4%	0.98%	-7.2%
ACN	Sell	Accenture 'A'	$7,701	-4.2%	25,077	-3.7%	0.91%	-0.2%
AMT	Sell	American Tower REIT	$7,189	-17.0%	43,715	-2.2%	0.85%	-13.6%
NVO	Buy	Novo Nordisk ADR	$6,409	+12.7%	70,470	+100.6%	0.75%	+17.4%
SHW	Sell	Sherwin-Williams	$6,206	-5.9%	24,333	-2.0%	0.73%	-2.0%
QCOM	Buy	QUALCOMM	$5,870	-5.2%	52,852	+1.6%	0.69%	-1.3%
CL	Sell	Colgate-Palmolive	$5,861	-13.2%	82,423	-5.9%	0.69%	-9.4%
BFB	Buy	Brown-Forman 'B'	$5,770	-3.8%	100,025	+11.4%	0.68%	+0.3%
AMZN	Buy	Amazon.com	$5,326	-0.5%	41,895	+2.0%	0.63%	+3.6%
MRK	Buy	Merck	$5,238	-10.4%	50,877	+0.5%	0.62%	-6.7%
PAYX	Buy	Paychex	$4,955	+4.1%	42,962	+0.9%	0.58%	+8.4%
BRKB	Buy	Berkshire Hathaway 'B'	$4,939	+6.6%	14,098	+3.8%	0.58%	+11.1%
WMT	Buy	Walmart	$4,878	+2.9%	30,501	+1.1%	0.57%	+7.3%
LOW	Sell	Lowe's	$4,838	-8.9%	23,276	-1.1%	0.57%	-5.2%
V	Buy	Visa	$4,540	+2.3%	19,737	+5.6%	0.53%	+6.6%
RTX	Sell	RTX Corporation	$4,491	-30.3%	62,397	-5.1%	0.53%	-27.4%
ITW	Sell	Illinois Tool Works	$4,461	-17.7%	19,370	-10.6%	0.52%	-14.2%
SYY	Sell	Sysco	$4,262	-14.6%	64,525	-4.0%	0.50%	-11.2%
PFF	Sell	iShares S&P US Pfd ETFdebt	$4,027	-10.3%	133,566	-8.0%	0.47%	-6.5%
BDX	Sell	Becton, Dickinson	$3,935	-3.5%	15,219	-1.5%	0.46%	+0.4%
ZTS	Buy	Zoetis	$3,831	+4.7%	22,017	+3.6%	0.45%	+9.2%
FTV	Sell	Fortive	$3,769	-7.0%	50,825	-6.3%	0.44%	-3.3%
EMR	Buy	Emerson Electric	$3,533	+9.7%	36,585	+2.6%	0.42%	+14.3%
ADI	Sell	Analog Devices	$3,480	-38.8%	19,875	-31.9%	0.41%	-36.3%
ORLY	Sell	O'Reilly Automotive	$3,467	-7.6%	3,815	-2.9%	0.41%	-3.8%
HON	Sell	Honeywell Int'l	$3,432	-17.5%	18,579	-7.3%	0.40%	-14.0%
GWW	Sell	Grainger, W.W.	$3,260	-14.6%	4,712	-2.6%	0.38%	-10.9%
CSCO	Sell	Cisco Systems	$3,045	+3.9%	56,649	-0.0%	0.36%	+8.2%
DE	Sell	Deere & Company	$2,970	-7.6%	7,869	-0.8%	0.35%	-3.9%
UNP	Sell	Union Pacific	$2,942	-0.8%	14,446	-0.4%	0.35%	+3.3%
ULTA	Sell	Ulta Beauty	$2,927	-15.1%	7,328	-0.0%	0.34%	-11.8%
BCPC	Buy	Balchem	$2,726	-7.3%	21,977	+0.7%	0.32%	-3.3%
EW	Sell	Edwards Lifesciences	$2,609	-28.6%	37,655	-2.8%	0.31%	-25.7%
HSY	Sell	Hershey Company	$2,368	-32.0%	11,835	-15.1%	0.28%	-29.0%
ISRG	Sell	Intuitive Surgical	$2,214	-17.0%	7,575	-2.9%	0.26%	-13.6%
VZ	Sell	Verizon Communications	$2,163	-16.1%	66,733	-3.7%	0.25%	-12.7%
SBUX	Buy	Starbucks	$2,160	-6.3%	23,664	+1.7%	0.25%	-2.3%
TMO	Buy	Thermo Fisher Scientific	$2,150	+15.3%	4,247	+18.8%	0.25%	+19.9%
FAST	Sell	Fastenal	$2,142	-9.2%	39,200	-2.0%	0.25%	-5.6%
POOL	Sell	Pool	$2,092	-5.1%	5,876	-0.2%	0.25%	-1.2%
PFE	Buy	Pfizer	$2,000	-5.1%	60,307	+4.9%	0.24%	-1.3%
EXPD	Sell	Expeditors Int'l	$1,790	-14.8%	15,615	-9.9%	0.21%	-11.0%
EL	Sell	Estee Lauder	$1,582	-28.2%	10,945	-2.5%	0.19%	-25.3%
CVX	Buy	Chevron	$1,376	+21.9%	8,161	+13.7%	0.16%	+26.6%
JKHY	Buy	Jack Henry & Associates	$1,372	-3.2%	9,075	+7.1%	0.16%	+0.6%
IBM	Buy	IBM	$1,258	+23.2%	8,965	+17.5%	0.15%	+28.7%
INTC	Sell	Intel	$1,120	+4.9%	31,511	-1.3%	0.13%	+9.1%
BMY	Buy	Bristol-Myers Squibb	$1,109	-5.2%	19,099	+4.4%	0.13%	-1.5%
GILD	Buy	Gilead Sciences	$1,093	+0.6%	14,585	+3.5%	0.13%	+4.9%
PM	Sell	Philip Morris Int'l	$1,067	-29.8%	11,524	-25.9%	0.13%	-26.7%
CARR	Sell	Carrier Global	$981	+10.1%	17,770	-0.8%	0.12%	+13.9%
LMT	New	Lockheed Martin	$950	–	2,323	–	0.11%	–
DIS	Buy	Disney, Walt	$897	+0.8%	11,066	+11.0%	0.11%	+5.0%
NOC	Buy	Northrop Grumman	$851	+36.6%	1,934	+41.6%	0.10%	+42.9%
NSC	Buy	Norfolk Southern	$829	+100.2%	4,210	+130.7%	0.10%	+108.5%
FLO	Sell	Flowers Foods	$833	-11.5%	37,575	-0.7%	0.10%	-7.5%
MMM	Buy	3M Company	$835	-0.6%	8,919	+6.3%	0.10%	+3.2%
JPM	Sell	JPMorgan Chase	$659	-5.7%	4,546	-5.4%	0.08%	-1.3%
WBA	Sell	Walgreens Boots Alliance	$644	-26.6%	28,953	-5.9%	0.08%	-23.2%
EOG	Sell	EOG Resources	$639	+10.4%	5,040	-0.4%	0.08%	+15.4%
CVS	Sell	CVS Health	$577	-17.1%	8,264	-17.9%	0.07%	-13.9%
BAC	Sell	Bank of America	$575	-9.0%	21,001	-4.6%	0.07%	-4.2%
NVDA	Buy	NVIDIA	$561	+58.0%	1,289	+53.6%	0.07%	+65.0%
CSX	Sell	CSX	$540	-45.2%	17,568	-39.2%	0.06%	-42.3%
TMUS	Sell	T-Mobile US	$508	-49.4%	3,625	-49.8%	0.06%	-46.9%
ORCL	Buy	Oracle	$498	+12.9%	4,703	+27.0%	0.06%	+18.0%
COP	Buy	ConocoPhillips	$497	+18.3%	4,151	+2.5%	0.06%	+23.4%
MDLZ	Buy	Mondelez Int'l	$495	+6.2%	7,132	+11.8%	0.06%	+9.4%
RHHBY	Sell	Roche Holding Ltd ADR	$475	-19.8%	14,000	-9.7%	0.06%	-16.4%
OTIS	Sell	Otis Worldwide	$470	-11.0%	5,852	-1.3%	0.06%	-8.3%
PGR	Sell	Progressive	$470	-5.4%	3,375	-10.1%	0.06%	-1.8%
DUK	Buy	Duke Energy	$469	+5.2%	5,314	+7.0%	0.06%	+10.0%
TSCO	Buy	Tractor Supply Company	$427	+36.0%	2,105	+48.2%	0.05%	+42.9%
UNH	Sell	UnitedHealth Group	$422	0.0%	837	-4.8%	0.05%	+4.2%
LIN	Buy	Linde plc	$406	+70.6%	1,090	+74.4%	0.05%	+77.8%
EQIX	Buy	Equinix REIT	$379	-1.0%	522	+6.7%	0.04%	+4.7%
ETN	New	Eaton	$363	–	1,700	–	0.04%	–
APH	New	Amphenol 'A'	$367	–	4,370	–	0.04%	–
DRI	New	Darden Restaurants	$358	–	2,500	–	0.04%	–
T	Sell	AT&T	$360	-9.5%	23,937	-4.0%	0.04%	-6.7%
CMI	Sell	Cummins	$347	-9.6%	1,521	-2.9%	0.04%	-4.7%
HEI	Buy	HEICO	$342	-2.6%	2,110	+6.3%	0.04%	0.0%
GIS	New	General Mills	$322	–	5,032	–	0.04%	–
PANW	New	Palo Alto Networks	$312	–	1,332	–	0.04%	–
EQR	Sell	Equity Residential Properties	$311	-31.0%	5,300	-22.4%	0.04%	-27.5%
LHX	Sell	L3 Harris Technologies	$278	-11.7%	1,595	-1.0%	0.03%	-8.3%
DG	Sell	Dollar General	$269	-91.0%	2,539	-85.7%	0.03%	-90.6%
ROLL	New	RBC Bearings	$243	–	1,040	–	0.03%	–
	New	General Electric	$246	–	2,222	–	0.03%	–
AME	New	Ametek	$244	–	1,650	–	0.03%	–
CTAS	Buy	Cintas	$230	+10.6%	478	+14.4%	0.03%	+17.4%
WEX	Buy	WEX	$224	+11.4%	1,189	+7.9%	0.03%	+13.0%
EFX	Sell	Equifax	$220	-23.3%	1,200	-1.6%	0.03%	-18.8%
GOOG	Sell	Alphabet Class C	$222	-10.8%	1,680	-18.4%	0.03%	-7.1%
ATVI	New	Activision Blizzard	$211	–	2,250	–	0.02%	–
BSTK	New	Brite-Strike Tactical Illumina	$1	–	53,000	–	0.00%	–
RSG	Exit	Republic Services	$0	–	-1,350	–	-0.02%	–
O	Exit	Realty Income REIT	$0	–	-3,755	–	-0.02%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	Apple	$60,978	–	314,369	–	6.89%	–
MA	New	Mastercard	$50,348	–	128,014	–	5.69%	–
MSFT	New	Microsoft	$46,368	–	136,160	–	5.24%	–
ADP	New	Automatic Data Processing	$41,056	–	186,796	–	4.64%	–
SYK	New	Stryker	$38,180	–	125,145	–	4.31%	–
TJX	New	TJX Companies	$34,675	–	408,951	–	3.92%	–
ABT	New	Abbott Labs	$24,145	–	221,476	–	2.73%	–
MCD	New	McDonald's	$22,976	–	76,994	–	2.60%	–
FISV	New	Fiserv	$21,770	–	172,574	–	2.46%	–
NKE	New	NIKE 'B'	$20,686	–	187,421	–	2.34%	–
LLY	New	Lilly, Eli	$19,841	–	42,306	–	2.24%	–
DHR	New	Danaher	$18,576	–	77,402	–	2.10%	–
JNJ	New	Johnson & Johnson	$18,012	–	108,822	–	2.04%	–
CHD	New	Church & Dwight	$17,841	–	178,005	–	2.02%	–
BR	New	Broadridge Financial Solutions	$17,553	–	105,980	–	1.98%	–
INTU	New	Intuit	$17,499	–	38,191	–	1.98%	–
PEP	New	PepsiCo	$16,733	–	90,343	–	1.89%	–
NEE	New	NextEra Energy	$16,071	–	216,597	–	1.82%	–
MKC	New	McCormick	$14,200	–	162,790	–	1.60%	–
PG	New	Procter & Gamble	$14,163	–	93,334	–	1.60%	–
GOOGL	New	Alphabet Class A	$13,815	–	115,415	–	1.56%	–
ABBV	New	AbbVie	$13,445	–	99,794	–	1.52%	–
ECL	New	Ecolab	$13,231	–	70,874	–	1.50%	–
WSO	New	Watsco	$12,564	–	32,935	–	1.42%	–
FDS	New	FactSet Research Systems	$12,383	–	30,907	–	1.40%	–
KO	New	Coca-Cola	$11,055	–	183,572	–	1.25%	–
XOM	New	ExxonMobil	$10,365	–	96,639	–	1.17%	–
IDXX	New	IDEXX Labs	$9,392	–	18,701	–	1.06%	–
COST	New	Costco Wholesale	$9,209	–	17,104	–	1.04%	–
MPC	New	Marathon Petroleum	$9,054	–	77,647	–	1.02%	–
HD	New	Home Depot	$8,936	–	28,766	–	1.01%	–
AMT	New	American Tower REIT	$8,666	–	44,685	–	0.98%	–
ACN	New	Accenture 'A'	$8,037	–	26,045	–	0.91%	–
CL	New	Colgate-Palmolive	$6,749	–	87,601	–	0.76%	–
SHW	New	Sherwin-Williams	$6,592	–	24,828	–	0.74%	–
RTX	New	Raytheon Technologies	$6,439	–	65,733	–	0.73%	–
QCOM	New	QUALCOMM	$6,194	–	52,032	–	0.70%	–
BFB	New	Brown-Forman 'B'	$5,995	–	89,768	–	0.68%	–
MRK	New	Merck	$5,843	–	50,639	–	0.66%	–
ADI	New	Analog Devices	$5,686	–	29,185	–	0.64%	–
NVO	New	Novo Nordisk ADR	$5,686	–	35,135	–	0.64%	–
ITW	New	Illinois Tool Works	$5,421	–	21,670	–	0.61%	–
AMZN	New	Amazon.com	$5,354	–	41,070	–	0.60%	–
LOW	New	Lowe's	$5,313	–	23,541	–	0.60%	–
SYY	New	Sysco	$4,989	–	67,235	–	0.56%	–
APD	New	Air Products & Chemicals	$4,933	–	16,470	–	0.56%	–
PAYX	New	Paychex	$4,761	–	42,562	–	0.54%	–
WMT	New	Walmart	$4,740	–	30,156	–	0.54%	–
BRKB	New	Berkshire Hathaway 'B'	$4,632	–	13,583	–	0.52%	–
PFF	New	iShares S&P US Pfd ETFdebt	$4,488	–	145,118	–	0.51%	–
V	New	Visa	$4,437	–	18,682	–	0.50%	–
HON	New	Honeywell Int'l	$4,160	–	20,049	–	0.47%	–
BDX	New	Becton, Dickinson	$4,077	–	15,444	–	0.46%	–
FTV	New	Fortive	$4,054	–	54,225	–	0.46%	–
GWW	New	Grainger, W.W.	$3,816	–	4,839	–	0.43%	–
ORLY	New	O'Reilly Automotive	$3,751	–	3,927	–	0.42%	–
ZTS	New	Zoetis	$3,659	–	21,246	–	0.41%	–
EW	New	Edwards Lifesciences	$3,655	–	38,745	–	0.41%	–
HSY	New	Hershey Company	$3,481	–	13,940	–	0.39%	–
ULTA	New	Ulta Beauty	$3,449	–	7,330	–	0.39%	–
EMR	New	Emerson Electric	$3,222	–	35,643	–	0.36%	–
DE	New	Deere & Company	$3,213	–	7,929	–	0.36%	–
DG	New	Dollar General	$3,005	–	17,702	–	0.34%	–
UNP	New	Union Pacific	$2,967	–	14,501	–	0.34%	–
BCPC	New	Balchem	$2,942	–	21,827	–	0.33%	–
CSCO	New	Cisco Systems	$2,932	–	56,675	–	0.33%	–
ISRG	New	Intuitive Surgical	$2,667	–	7,800	–	0.30%	–
VZ	New	Verizon Communications	$2,577	–	69,283	–	0.29%	–
AMGN	New	Amgen	$2,530	–	11,395	–	0.29%	–
FAST	New	Fastenal	$2,360	–	40,000	–	0.27%	–
SBUX	New	Starbucks	$2,306	–	23,274	–	0.26%	–
EL	New	Estee Lauder	$2,203	–	11,220	–	0.25%	–
POOL	New	Pool	$2,205	–	5,886	–	0.25%	–
PFE	New	Pfizer	$2,108	–	57,464	–	0.24%	–
EXPD	New	Expeditors Int'l	$2,100	–	17,336	–	0.24%	–
TMO	New	Thermo Fisher Scientific	$1,865	–	3,574	–	0.21%	–
PPG	New	PPG Industries	$1,847	–	12,457	–	0.21%	–
PM	New	Philip Morris Int'l	$1,519	–	15,558	–	0.17%	–
JKHY	New	Jack Henry & Associates	$1,418	–	8,475	–	0.16%	–
BMY	New	Bristol-Myers Squibb	$1,170	–	18,299	–	0.13%	–
CVX	New	Chevron	$1,129	–	7,178	–	0.13%	–
GILD	New	Gilead Sciences	$1,086	–	14,085	–	0.12%	–
INTC	New	Intel	$1,068	–	31,936	–	0.12%	–
IBM	New	IBM	$1,021	–	7,632	–	0.12%	–
TMUS	New	T-Mobile US	$1,004	–	7,225	–	0.11%	–
CSX	New	CSX	$985	–	28,879	–	0.11%	–
K	New	Kellogg	$950	–	14,100	–	0.11%	–
FLO	New	Flowers Foods	$941	–	37,825	–	0.11%	–
DIS	New	Disney, Walt	$890	–	9,973	–	0.10%	–
CARR	New	Carrier Global	$891	–	17,920	–	0.10%	–
WBA	New	Walgreens Boots Alliance	$877	–	30,774	–	0.10%	–
HPQ	New	HP	$851	–	27,700	–	0.10%	–
MMM	New	3M Company	$840	–	8,394	–	0.10%	–
MRO	New	Marathon Oil	$773	–	33,588	–	0.09%	–
FBHS	New	Fortune Brands Home & Security	$744	–	10,347	–	0.08%	–
ROST	New	Ross Stores	$721	–	6,430	–	0.08%	–
JPM	New	JPMorgan Chase	$699	–	4,804	–	0.08%	–
CVS	New	CVS Health	$696	–	10,064	–	0.08%	–
BAC	New	Bank of America	$632	–	22,018	–	0.07%	–
NOC	New	Northrop Grumman	$623	–	1,366	–	0.07%	–
RHHBY	New	Roche Holding Ltd ADR	$592	–	15,496	–	0.07%	–
EOG	New	EOG Resources	$579	–	5,059	–	0.06%	–
GPC	New	Genuine Parts	$551	–	3,255	–	0.06%	–
PRU	New	Prudential Financial	$529	–	6,000	–	0.06%	–
OTIS	New	Otis Worldwide	$528	–	5,927	–	0.06%	–
BRKA	New	Berkshire Hathaway 'A'	$518	–	1	–	0.06%	–
PGR	New	Progressive	$497	–	3,753	–	0.06%	–
TRMB	New	Trimble	$494	–	9,335	–	0.06%	–
MDLZ	New	Mondelez Int'l	$466	–	6,382	–	0.05%	–
ALCO	New	Alico	$455	–	17,866	–	0.05%	–
EQR	New	Equity Residential Properties	$451	–	6,830	–	0.05%	–
DUK	New	Duke Energy	$446	–	4,966	–	0.05%	–
ORCL	New	Oracle	$441	–	3,703	–	0.05%	–
UNH	New	UnitedHealth Group	$422	–	879	–	0.05%	–
COP	New	ConocoPhillips	$420	–	4,051	–	0.05%	–
NSC	New	Norfolk Southern	$414	–	1,825	–	0.05%	–
CAT	New	Caterpillar	$407	–	1,653	–	0.05%	–
T	New	AT&T	$398	–	24,937	–	0.04%	–
EQIX	New	Equinix REIT	$383	–	489	–	0.04%	–
CMI	New	Cummins	$384	–	1,566	–	0.04%	–
TECH	New	Bio-Techne	$375	–	4,600	–	0.04%	–
HEI	New	HEICO	$351	–	1,985	–	0.04%	–
CNMD	New	Conmed	$357	–	2,625	–	0.04%	–
NVDA	New	NVIDIA	$355	–	839	–	0.04%	–
HSIC	New	Henry Schein	$337	–	4,150	–	0.04%	–
LHX	New	L3 Harris Technologies	$315	–	1,611	–	0.04%	–
HPE	New	Hewlett Packard Enterprise	$323	–	19,200	–	0.04%	–
INGR	New	Ingredion	$318	–	3,000	–	0.04%	–
WELL	New	Welltower	$311	–	3,850	–	0.04%	–
TSCO	New	Tractor Supply Company	$314	–	1,420	–	0.04%	–
MO	New	Altria	$308	–	6,800	–	0.04%	–
TXN	New	Texas Instruments	$297	–	1,650	–	0.03%	–
ADBE	New	Adobe	$289	–	590	–	0.03%	–
EFX	New	Equifax	$287	–	1,220	–	0.03%	–
WM	New	Waste Management	$245	–	1,412	–	0.03%	–
WSM	New	Williams Sonoma	$250	–	2,000	–	0.03%	–
GOOG	New	Alphabet Class C	$249	–	2,060	–	0.03%	–
LIN	New	Linde plc	$238	–	625	–	0.03%	–
ALL	New	Allstate	$218	–	2,000	–	0.02%	–
O	New	Realty Income REIT	$225	–	3,755	–	0.02%	–
WY	New	Weyerhaeuser	$224	–	6,680	–	0.02%	–
PEAK	New	Healthpeak Properties	$209	–	10,400	–	0.02%	–
WEX	New	WEX	$201	–	1,102	–	0.02%	–
RSG	New	Republic Services	$207	–	1,350	–	0.02%	–
CTAS	New	Cintas	$208	–	418	–	0.02%	–
KMI	New	Kinder Morgan Delaware	$172	–	10,000	–	0.02%	–
LLEG	New	Laidlaw EGY Group	$0	–	1,350,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
LLEG	Exit	Laidlaw EGY Group	$0	–	-1,350,000	–	0.00%	–
KMI	Exit	Kinder Morgan Delaware	$0	–	-10,000	–	-0.02%	–
BMO	Exit	Bank of Montreal	$0	–	-2,300	–	-0.03%	–
WM	Exit	Waste Management	$0	–	-1,250	–	-0.03%	–
CNMD	Exit	Conmed	$0	–	-2,625	–	-0.03%	–
EFX	Exit	Equifax	$0	–	-1,200	–	-0.03%	–
O	Exit	Realty Income REIT	$0	–	-3,755	–	-0.03%	–
CTAS	Exit	Cintas	$0	–	-560	–	-0.03%	–
ORCL	Exit	Oracle	$0	–	-3,703	–	-0.03%	–
MO	Exit	Altria	$0	–	-5,800	–	-0.03%	–
HPE	Exit	Hewlett Packard Enterprise	$0	–	-19,200	–	-0.03%	–
PEAK	Exit	Healthpeak Properties	$0	–	-10,400	–	-0.03%	–
WSM	Exit	Williams Sonoma	$0	–	-2,000	–	-0.03%	–
WELL	Exit	Welltower	$0	–	-3,850	–	-0.03%	–
INGR	Exit	Ingredion	$0	–	-3,000	–	-0.03%	–
TXN	Exit	Texas Instruments	$0	–	-1,650	–	-0.03%	–
ALL	Exit	Allstate	$0	–	-2,000	–	-0.03%	–
USB	Exit	US Bancorp	$0	–	-6,321	–	-0.03%	–
TSCO	Exit	Tractor Supply Company	$0	–	-1,400	–	-0.04%	–
EQIX	Exit	Equinix REIT	$0	–	-459	–	-0.04%	–
PYPL	Exit	PayPal Holdings	$0	–	-3,110	–	-0.04%	–
CAT	Exit	Caterpillar	$0	–	-1,682	–	-0.04%	–
HEI	Exit	HEICO	$0	–	-1,985	–	-0.04%	–
MDLZ	Exit	Mondelez Int'l	$0	–	-6,022	–	-0.04%	–
LHX	Exit	L3 Harris Technologies	$0	–	-1,570	–	-0.04%	–
FPE	Exit	1st Trust Pfd Sec & Inc ETFdebt	$0	–	-19,500	–	-0.04%	–
TECH	Exit	Bio-Techne	$0	–	-1,150	–	-0.04%	–
CMI	Exit	Cummins	$0	–	-1,754	–	-0.05%	–
HSIC	Exit	Henry Schein	$0	–	-5,554	–	-0.05%	–
OTIS	Exit	Otis Worldwide	$0	–	-6,202	–	-0.05%	–
NSC	Exit	Norfolk Southern	$0	–	-1,935	–	-0.06%	–
BRKA	Exit	Berkshire Hathaway 'A'	$0	–	-1	–	-0.06%	–
COP	Exit	ConocoPhillips	$0	–	-4,051	–	-0.06%	–
T	Exit	AT&T	$0	–	-27,956	–	-0.06%	–
UNH	Exit	UnitedHealth Group	$0	–	-863	–	-0.06%	–
DUK	Exit	Duke Energy	$0	–	-4,697	–	-0.06%	–
ADBE	Exit	Adobe	$0	–	-1,587	–	-0.06%	–
PGR	Exit	Progressive	$0	–	-3,928	–	-0.06%	–
EQR	Exit	Equity Residential Properties	$0	–	-6,830	–	-0.06%	–
GPC	Exit	Genuine Parts	$0	–	-3,255	–	-0.06%	–
GNRC	Exit	Generac Holdings	$0	–	-2,718	–	-0.06%	–
ALCO	Exit	Alico	$0	–	-17,866	–	-0.07%	–
PRU	Exit	Prudential Financial	$0	–	-6,000	–	-0.07%	–
TRMB	Exit	Trimble	$0	–	-9,935	–	-0.07%	–
FBHS	Exit	Fortune Brands Home & Security	$0	–	-10,347	–	-0.08%	–
ROST	Exit	Ross Stores	$0	–	-6,605	–	-0.08%	–
JPM	Exit	JPMorgan Chase	$0	–	-5,391	–	-0.08%	–
EOG	Exit	EOG Resources	$0	–	-5,359	–	-0.08%	–
NOC	Exit	Northrop Grumman	$0	–	-1,366	–	-0.09%	–
CARR	Exit	Carrier Global	$0	–	-18,720	–	-0.09%	–
BAC	Exit	Bank of America	$0	–	-22,318	–	-0.09%	–
HPQ	Exit	HP	$0	–	-27,700	–	-0.09%	–
RHHBY	Exit	Roche Holding Ltd ADR	$0	–	-17,500	–	-0.10%	–
MRO	Exit	Marathon Oil	$0	–	-33,588	–	-0.10%	–
GILD	Exit	Gilead Sciences	$0	–	-14,135	–	-0.12%	–
CSX	Exit	CSX	$0	–	-32,729	–	-0.12%	–
IBM	Exit	IBM	$0	–	-7,632	–	-0.12%	–
MMM	Exit	3M Company	$0	–	-8,394	–	-0.12%	–
CVX	Exit	Chevron	$0	–	-6,553	–	-0.13%	–
FLO	Exit	Flowers Foods	$0	–	-38,500	–	-0.13%	–
CVS	Exit	CVS Health	$0	–	-10,064	–	-0.13%	–
K	Exit	Kellogg	$0	–	-14,100	–	-0.13%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-32,074	–	-0.14%	–
HSY	Exit	Hershey Company	$0	–	-5,075	–	-0.15%	–
INTC	Exit	Intel	$0	–	-49,336	–	-0.17%	–
PM	Exit	Philip Morris Int'l	$0	–	-15,429	–	-0.17%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-18,299	–	-0.18%	–
DIS	Exit	Disney, Walt	$0	–	-14,303	–	-0.18%	–
PPG	Exit	PPG Industries	$0	–	-12,457	–	-0.19%	–
ISRG	Exit	Intuitive Surgical	$0	–	-7,800	–	-0.20%	–
JKHY	Exit	Jack Henry & Associates	$0	–	-8,535	–	-0.21%	–
EXPD	Exit	Expeditors Int'l	$0	–	-17,886	–	-0.21%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-3,144	–	-0.22%	–
FAST	Exit	Fastenal	$0	–	-40,000	–	-0.25%	–
ADI	Exit	Analog Devices	$0	–	-13,433	–	-0.25%	–
ULTA	Exit	Ulta Beauty	$0	–	-5,060	–	-0.27%	–
SBUX	Exit	Starbucks	$0	–	-24,284	–	-0.28%	–
CSCO	Exit	Cisco Systems	$0	–	-56,025	–	-0.30%	–
PFE	Exit	Pfizer	$0	–	-55,784	–	-0.33%	–
GWW	Exit	Grainger, W.W.	$0	–	-5,016	–	-0.33%	–
FTV	Exit	Fortive	$0	–	-43,575	–	-0.34%	–
AMGN	Exit	Amgen	$0	–	-11,415	–	-0.35%	–
EMR	Exit	Emerson Electric	$0	–	-36,143	–	-0.36%	–
DE	Exit	Deere & Company	$0	–	-8,294	–	-0.37%	–
BCPC	Exit	Balchem	$0	–	-23,377	–	-0.38%	–
UNP	Exit	Union Pacific	$0	–	-14,640	–	-0.38%	–
ORLY	Exit	O'Reilly Automotive	$0	–	-4,055	–	-0.38%	–
ZTS	Exit	Zoetis	$0	–	-19,400	–	-0.39%	–
POOL	Exit	Pool	$0	–	-9,196	–	-0.39%	–
VZ	Exit	Verizon Communications	$0	–	-77,680	–	-0.40%	–
V	Exit	Visa	$0	–	-18,709	–	-0.45%	–
HON	Exit	Honeywell Int'l	$0	–	-20,029	–	-0.45%	–
BDX	Exit	Becton, Dickinson	$0	–	-16,404	–	-0.49%	–
NVO	Exit	Novo Nordisk ADR	$0	–	-37,719	–	-0.51%	–
BRKB	Exit	Berkshire Hathaway 'B'	$0	–	-14,113	–	-0.51%	–
APD	Exit	Air Products & Chemicals	$0	–	-16,830	–	-0.53%	–
WMT	Exit	Walmart	$0	–	-30,756	–	-0.54%	–
ITW	Exit	Illinois Tool Works	$0	–	-22,545	–	-0.55%	–
EL	Exit	Estee Lauder	$0	–	-20,234	–	-0.59%	–
MRK	Exit	Merck	$0	–	-51,014	–	-0.59%	–
SYY	Exit	Sysco	$0	–	-64,475	–	-0.61%	–
LOW	Exit	Lowe's	$0	–	-24,451	–	-0.62%	–
PAYX	Exit	Paychex	$0	–	-42,912	–	-0.65%	–
SHW	Exit	Sherwin-Williams	$0	–	-24,512	–	-0.68%	–
RTX	Exit	Raytheon Technologies	$0	–	-66,380	–	-0.73%	–
AMZN	Exit	Amazon.com	$0	–	-49,720	–	-0.76%	–
DG	Exit	Dollar General	$0	–	-24,102	–	-0.78%	–
EW	Exit	Edwards Lifesciences	$0	–	-70,960	–	-0.79%	–
QCOM	Exit	QUALCOMM	$0	–	-52,208	–	-0.79%	–
PFF	Exit	iShares S&P US Pfd ETFdebt	$0	–	-189,988	–	-0.81%	–
BFB	Exit	Brown-Forman 'B'	$0	–	-90,756	–	-0.81%	–
CL	Exit	Colgate-Palmolive	$0	–	-89,320	–	-0.84%	–
IDXX	Exit	IDEXX Labs	$0	–	-19,361	–	-0.85%	–
ACN	Exit	Accenture 'A'	$0	–	-25,913	–	-0.90%	–
COST	Exit	Costco Wholesale	$0	–	-14,807	–	-0.94%	–
MPC	Exit	Marathon Petroleum	$0	–	-77,647	–	-1.04%	–
HD	Exit	Home Depot	$0	–	-28,868	–	-1.07%	–
WSO	Exit	Watsco	$0	–	-31,365	–	-1.09%	–
XOM	Exit	ExxonMobil	$0	–	-95,889	–	-1.13%	–
KO	Exit	Coca-Cola	$0	–	-188,733	–	-1.42%	–
AMT	Exit	American Tower REIT	$0	–	-49,515	–	-1.43%	–
ECL	Exit	Ecolab	$0	–	-79,144	–	-1.54%	–
GOOGL	Exit	Alphabet Class A	$0	–	-119,660	–	-1.54%	–
PG	Exit	Procter & Gamble	$0	–	-93,318	–	-1.58%	–
FDS	Exit	FactSet Research Systems	$0	–	-31,430	–	-1.69%	–
LLY	Exit	Lilly, Eli	$0	–	-40,091	–	-1.74%	–
CHD	Exit	Church & Dwight	$0	–	-183,023	–	-1.76%	–
ABBV	Exit	AbbVie	$0	–	-101,755	–	-1.84%	–
INTU	Exit	Intuit	$0	–	-35,467	–	-1.85%	–
MKC	Exit	McCormick	$0	–	-202,941	–	-1.95%	–
PEP	Exit	PepsiCo	$0	–	-90,106	–	-1.98%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-104,545	–	-2.03%	–
NKE	Exit	NIKE 'B'	$0	–	-188,598	–	-2.11%	–
FISV	Exit	Fiserv	$0	–	-177,308	–	-2.23%	–
NEE	Exit	NextEra Energy	$0	–	-221,354	–	-2.34%	–
MCD	Exit	McDonald's	$0	–	-77,004	–	-2.39%	–
JNJ	Exit	Johnson & Johnson	$0	–	-108,812	–	-2.39%	–
DHR	Exit	Danaher	$0	–	-78,681	–	-2.73%	–
ABT	Exit	Abbott Labs	$0	–	-221,689	–	-2.89%	–
SYK	Exit	Stryker	$0	–	-125,853	–	-3.43%	–
TJX	Exit	TJX Companies	$0	–	-416,082	–	-3.48%	–
MSFT	Exit	Microsoft	$0	–	-136,844	–	-4.29%	–
MA	Exit	Mastercard	$0	–	-131,180	–	-5.02%	–
ADP	Exit	Automatic Data Processing	$0	–	-188,619	–	-5.74%	–
AAPL	Exit	Apple	$0	–	-324,945	–	-6.04%	–

Q3 2022

			Value		Shares		↓ Weighting
AAPL	Sell	Apple	$44,907,000	+0.4%	324,945	-0.7%	6.04%	+6.2%
ADP	Sell	Automatic Data Processing	$42,664,000	+7.1%	188,619	-0.5%	5.74%	+13.4%
MA	Sell	Mastercard	$37,300,000	-10.5%	131,180	-0.7%	5.02%	-5.3%
MSFT	Sell	Microsoft	$31,871,000	-9.9%	136,844	-0.6%	4.29%	-4.6%
TJX	Sell	TJX Companies	$25,847,000	+10.9%	416,082	-0.3%	3.48%	+17.3%
SYK	Sell	Stryker	$25,490,000	+1.0%	125,853	-0.8%	3.43%	+6.9%
ABT	Sell	Abbott Labs	$21,451,000	-11.1%	221,689	-0.2%	2.89%	-5.9%
DHR	Sell	Danaher	$20,323,000	+1.8%	78,681	-0.0%	2.73%	+7.8%
JNJ	Sell	Johnson & Johnson	$17,776,000	-8.1%	108,812	-0.1%	2.39%	-2.7%
MCD	Buy	McDonald's	$17,768,000	-6.5%	77,004	+0.1%	2.39%	-1.0%
NEE	Sell	NextEra Energy	$17,356,000	+1.1%	221,354	-0.2%	2.34%	+7.0%
FISV	Sell	Fiserv	$16,591,000	+4.8%	177,308	-0.3%	2.23%	+10.9%
NKE	Sell	NIKE 'B'	$15,676,000	-19.1%	188,598	-0.5%	2.11%	-14.4%
BR	Buy	Broadridge Financial Solutions	$15,088,000	+3.2%	104,545	+2.0%	2.03%	+9.3%
PEP	Buy	PepsiCo	$14,711,000	-1.4%	90,106	+0.6%	1.98%	+4.3%
MKC	Sell	McCormick	$14,464,000	-16.8%	202,941	-2.8%	1.95%	-12.0%
INTU	Buy	Intuit	$13,737,000	+1.3%	35,467	+0.8%	1.85%	+7.2%
ABBV	Sell	AbbVie	$13,657,000	-12.9%	101,755	-0.6%	1.84%	-7.9%
CHD	Sell	Church & Dwight	$13,075,000	-29.3%	183,023	-8.2%	1.76%	-25.1%
FDS	Sell	FactSet Research Systems	$12,575,000	+3.7%	31,430	-0.3%	1.69%	+9.7%
PG	Buy	Procter & Gamble	$11,781,000	-12.1%	93,318	+0.1%	1.58%	-7.0%
GOOGL	Buy	Alphabet Class A	$11,445,000	-12.9%	119,660	+1883.8%	1.54%	-7.8%
ECL	Sell	Ecolab	$11,430,000	-16.5%	79,144	-11.1%	1.54%	-11.6%
AMT	Buy	American Tower REIT	$10,631,000	-15.1%	49,515	+1.1%	1.43%	-10.1%
KO	Buy	Coca-Cola	$10,573,000	-10.8%	188,733	+0.2%	1.42%	-5.6%
WSO	Buy	Watsco	$8,075,000	+11.1%	31,365	+3.0%	1.09%	+17.5%
HD	Sell	Home Depot	$7,966,000	+0.5%	28,868	-0.1%	1.07%	+6.3%
COST	Buy	Costco Wholesale	$6,993,000	-0.8%	14,807	+0.6%	0.94%	+4.9%
ACN	Sell	Accenture 'A'	$6,667,000	-8.5%	25,913	-1.2%	0.90%	-3.1%
IDXX	Sell	IDEXX Labs	$6,308,000	-10.3%	19,361	-3.4%	0.85%	-5.0%
CL	Sell	Colgate-Palmolive	$6,275,000	-12.3%	89,320	-0.0%	0.84%	-7.3%
BFB	Sell	Brown-Forman 'B'	$6,042,000	-5.6%	90,756	-0.5%	0.81%	-0.1%
PFF	Sell	iShares S&P US Pfd ETFdebt	$6,017,000	-18.3%	189,988	-15.2%	0.81%	-13.5%
EW	Sell	Edwards Lifesciences	$5,863,000	-13.6%	70,960	-0.5%	0.79%	-8.5%
DG	Sell	Dollar General	$5,781,000	-2.4%	24,102	-0.1%	0.78%	+3.3%
AMZN	Sell	Amazon.com	$5,618,000	-6.5%	49,720	-12.2%	0.76%	-1.0%
RTX	Sell	Raytheon Technologies	$5,434,000	-15.1%	66,380	-0.4%	0.73%	-10.2%
SHW	Sell	Sherwin-Williams	$5,019,000	-9.0%	24,512	-0.5%	0.68%	-3.8%
PAYX	Sell	Paychex	$4,815,000	-1.7%	42,912	-0.2%	0.65%	+4.0%
SYY	Sell	Sysco	$4,559,000	-17.7%	64,475	-1.4%	0.61%	-12.9%
MRK	Buy	Merck	$4,393,000	-5.2%	51,014	+0.4%	0.59%	+0.3%
ITW	Sell	Illinois Tool Works	$4,073,000	-1.9%	22,545	-1.0%	0.55%	+3.8%
APD	Sell	Air Products & Chemicals	$3,917,000	-5.1%	16,830	-2.0%	0.53%	+0.4%
BRKB	Buy	Berkshire Hathaway 'B'	$3,768,000	-1.7%	14,113	+0.5%	0.51%	+3.9%
BDX	Sell	Becton, Dickinson	$3,655,000	-9.9%	16,404	-0.3%	0.49%	-4.7%
HON	Sell	Honeywell Int'l	$3,344,000	-11.8%	20,029	-8.2%	0.45%	-6.6%
V	Buy	Visa	$3,324,000	-9.4%	18,709	+0.4%	0.45%	-4.3%
VZ	Sell	Verizon Communications	$2,950,000	-25.9%	77,680	-1.0%	0.40%	-21.5%
POOL	Sell	Pool	$2,926,000	-12.3%	9,196	-3.2%	0.39%	-7.1%
ZTS	Buy	Zoetis	$2,877,000	-13.6%	19,400	+0.1%	0.39%	-8.7%
ORLY	Buy	O'Reilly Automotive	$2,852,000	+25.9%	4,055	+13.1%	0.38%	+33.3%
UNP	Sell	Union Pacific	$2,852,000	-9.4%	14,640	-0.8%	0.38%	-4.0%
EMR	Sell	Emerson Electric	$2,646,000	-8.3%	36,143	-0.3%	0.36%	-3.0%
AMGN	Sell	Amgen	$2,573,000	-8.3%	11,415	-1.0%	0.35%	-3.1%
FTV	New	Fortive	$2,540,000	–	43,575	–	0.34%	–
PFE	Buy	Pfizer	$2,441,000	-16.0%	55,784	+0.6%	0.33%	-11.4%
CSCO	Sell	Cisco Systems	$2,241,000	-6.3%	56,025	-0.1%	0.30%	-0.7%
SBUX	Sell	Starbucks	$2,046,000	+1.6%	24,284	-7.9%	0.28%	+7.4%
ULTA	Sell	Ulta Beauty	$2,030,000	+2.6%	5,060	-1.5%	0.27%	+8.3%
ADI	Buy	Analog Devices	$1,872,000	+66.0%	13,433	+73.9%	0.25%	+76.2%
TMO	Buy	Thermo Fisher Scientific	$1,595,000	-5.8%	3,144	+0.8%	0.22%	0.0%
JKHY	Sell	Jack Henry & Associates	$1,556,000	+0.1%	8,535	-1.2%	0.21%	+5.6%
DIS	Sell	Disney, Walt	$1,349,000	-17.7%	14,303	-17.6%	0.18%	-12.5%
PM	Buy	Philip Morris Int'l	$1,281,000	-15.4%	15,429	+0.7%	0.17%	-10.9%
HSY	Sell	Hershey Company	$1,119,000	+2.4%	5,075	-0.1%	0.15%	+8.6%
WBA	Sell	Walgreens Boots Alliance	$1,007,000	-20.0%	32,074	-3.5%	0.14%	-15.6%
K	Buy	Kellogg	$982,000	+5.9%	14,100	+8.5%	0.13%	+11.9%
CVX	Buy	Chevron	$941,000	+0.7%	6,553	+1.5%	0.13%	+6.7%
MMM	Sell	3M Company	$928,000	-17.1%	8,394	-2.9%	0.12%	-12.0%
CSX	Sell	CSX	$872,000	-14.0%	32,729	-6.2%	0.12%	-9.3%
GILD	Sell	Gilead Sciences	$872,000	-0.9%	14,135	-0.7%	0.12%	+4.5%
CARR	Sell	Carrier Global	$666,000	-1.0%	18,720	-0.8%	0.09%	+4.7%
ROST	Sell	Ross Stores	$557,000	+19.3%	6,605	-0.8%	0.08%	+27.1%
GNRC	Sell	Generac Holdings	$484,000	-17.0%	2,718	-1.8%	0.06%	-12.2%
PGR	Sell	Progressive	$456,000	-2.6%	3,928	-2.5%	0.06%	+1.7%
ADBE	Sell	Adobe	$437,000	-63.9%	1,587	-51.9%	0.06%	-61.7%
UNH	Buy	UnitedHealth Group	$436,000	+4.1%	863	+5.9%	0.06%	+11.3%
T	Sell	AT&T	$429,000	-40.2%	27,956	-18.3%	0.06%	-36.3%
OTIS	Sell	Otis Worldwide	$396,000	-10.0%	6,202	-0.4%	0.05%	-5.4%
CMI	Sell	Cummins	$357,000	+3.8%	1,754	-1.4%	0.05%	+9.1%
MDLZ	Sell	Mondelez Int'l	$330,000	-15.6%	6,022	-4.4%	0.04%	-12.0%
TECH	Sell	Bio-Techne	$327,000	-24.5%	1,150	-8.0%	0.04%	-20.0%
PYPL	Sell	PayPal Holdings	$268,000	-22.1%	3,110	-36.8%	0.04%	-18.2%
USB	Buy	US Bancorp	$255,000	-9.6%	6,321	+3.3%	0.03%	-5.6%
ORCL	Sell	Oracle	$226,000	-19.3%	3,703	-7.7%	0.03%	-16.7%
O	Buy	Realty Income REIT	$219,000	-7.2%	3,755	+8.7%	0.03%	-3.3%
CTAS	Sell	Cintas	$217,000	+3.3%	560	-0.5%	0.03%	+7.4%
WM	New	Waste Management	$200,000	–	1,250	–	0.03%	–
BMO	Sell	Bank of Montreal	$202,000	-15.8%	2,300	-8.0%	0.03%	-12.9%
CHTR	Exit	Charter Communications	$0	–	-461	–	-0.03%	–
WY	Exit	Weyerhaeuser	$0	–	-6,680	–	-0.03%	–
CTSH	Exit	Cognizant Technology	$0	–	-3,404	–	-0.03%	–
LIN	Exit	Linde plc	$0	–	-811	–	-0.03%	–
GOOG	Exit	Alphabet Class C	$0	–	-133	–	-0.04%	–
CDK	Exit	CDK Global	$0	–	-21,047	–	-0.15%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	Apple	$44,733,000	–	327,190	–	5.69%	–
MA	New	Mastercard	$41,689,000	–	132,145	–	5.30%	–
ADP	New	Automatic Data Processing	$39,820,000	–	189,584	–	5.06%	–
MSFT	New	Microsoft	$35,369,000	–	137,714	–	4.50%	–
SYK	New	Stryker	$25,235,000	–	126,853	–	3.21%	–
ABT	New	Abbott Labs	$24,124,000	–	222,034	–	3.07%	–
TJX	New	TJX Companies	$23,315,000	–	417,462	–	2.96%	–
DHR	New	Danaher	$19,956,000	–	78,716	–	2.54%	–
NKE	New	NIKE 'B'	$19,377,000	–	189,595	–	2.46%	–
JNJ	New	Johnson & Johnson	$19,339,000	–	108,947	–	2.46%	–
MCD	New	McDonald's	$18,998,000	–	76,954	–	2.42%	–
CHD	New	Church & Dwight	$18,482,000	–	199,460	–	2.35%	–
MKC	New	McCormick	$17,387,000	–	208,856	–	2.21%	–
NEE	New	NextEra Energy	$17,172,000	–	221,689	–	2.18%	–
FISV	New	Fiserv	$15,830,000	–	177,928	–	2.01%	–
ABBV	New	AbbVie	$15,683,000	–	102,399	–	1.99%	–
PEP	New	PepsiCo	$14,922,000	–	89,536	–	1.90%	–
BR	New	Broadridge Financial Solutions	$14,616,000	–	102,530	–	1.86%	–
ECL	New	Ecolab	$13,685,000	–	89,004	–	1.74%	–
INTU	New	Intuit	$13,561,000	–	35,183	–	1.72%	–
PG	New	Procter & Gamble	$13,404,000	–	93,218	–	1.70%	–
GOOGL	New	Alphabet Class A	$13,145,000	–	6,032	–	1.67%	–
LLY	New	Lilly, Eli	$12,999,000	–	40,091	–	1.65%	–
AMT	New	American Tower	$12,515,000	–	48,965	–	1.59%	–
FDS	New	FactSet Research Systems	$12,125,000	–	31,530	–	1.54%	–
KO	New	Coca-Cola	$11,848,000	–	188,338	–	1.51%	–
XOM	New	ExxonMobil	$8,212,000	–	95,889	–	1.04%	–
HD	New	Home Depot	$7,924,000	–	28,892	–	1.01%	–
PFF	New	iShares S&P US Pfd ETFdebt	$7,365,000	–	223,986	–	0.94%	–
ACN	New	Accenture 'A'	$7,285,000	–	26,238	–	0.93%	–
WSO	New	Watsco	$7,270,000	–	30,440	–	0.92%	–
CL	New	Colgate-Palmolive	$7,159,000	–	89,335	–	0.91%	–
COST	New	Costco Wholesale	$7,052,000	–	14,713	–	0.90%	–
IDXX	New	IDEXX Labs	$7,031,000	–	20,046	–	0.89%	–
EW	New	Edwards Lifesciences	$6,782,000	–	71,320	–	0.86%	–
QCOM	New	QUALCOMM	$6,669,000	–	52,208	–	0.85%	–
RTX	New	Raytheon Technologies	$6,404,000	–	66,630	–	0.81%	–
BFB	New	Brown-Forman 'B'	$6,401,000	–	91,233	–	0.81%	–
MPC	New	Marathon Petroleum	$6,383,000	–	77,647	–	0.81%	–
AMZN	New	Amazon.com	$6,011,000	–	56,600	–	0.76%	–
DG	New	Dollar General	$5,924,000	–	24,136	–	0.75%	–
SYY	New	Sysco	$5,540,000	–	65,400	–	0.70%	–
SHW	New	Sherwin-Williams	$5,517,000	–	24,638	–	0.70%	–
EL	New	Estee Lauder	$5,153,000	–	20,234	–	0.66%	–
PAYX	New	Paychex	$4,898,000	–	43,012	–	0.62%	–
MRK	New	Merck	$4,633,000	–	50,814	–	0.59%	–
LOW	New	Lowe's	$4,271,000	–	24,451	–	0.54%	–
NVO	New	Novo Nordisk ADR	$4,203,000	–	37,719	–	0.53%	–
ITW	New	Illinois Tool Works	$4,150,000	–	22,770	–	0.53%	–
APD	New	Air Products & Chemicals	$4,128,000	–	17,167	–	0.52%	–
BDX	New	Becton, Dickinson	$4,058,000	–	16,459	–	0.52%	–
VZ	New	Verizon Communications	$3,983,000	–	78,484	–	0.51%	–
BRKB	New	Berkshire Hathaway 'B'	$3,834,000	–	14,043	–	0.49%	–
HON	New	Honeywell Int'l	$3,791,000	–	21,809	–	0.48%	–
WMT	New	Walmart	$3,739,000	–	30,756	–	0.48%	–
V	New	Visa	$3,670,000	–	18,638	–	0.47%	–
ZTS	New	Zoetis	$3,331,000	–	19,377	–	0.42%	–
POOL	New	Pool	$3,335,000	–	9,496	–	0.42%	–
UNP	New	Union Pacific	$3,149,000	–	14,765	–	0.40%	–
BCPC	New	Balchem	$3,033,000	–	23,377	–	0.39%	–
PFE	New	Pfizer	$2,906,000	–	55,434	–	0.37%	–
EMR	New	Emerson Electric	$2,885,000	–	36,268	–	0.37%	–
AMGN	New	Amgen	$2,805,000	–	11,530	–	0.36%	–
DE	New	Deere & Company	$2,484,000	–	8,294	–	0.32%	–
CSCO	New	Cisco Systems	$2,392,000	–	56,101	–	0.30%	–
GWW	New	Grainger, W.W.	$2,279,000	–	5,016	–	0.29%	–
ORLY	New	O'Reilly Automotive	$2,265,000	–	3,586	–	0.29%	–
SBUX	New	Starbucks	$2,014,000	–	26,364	–	0.26%	–
FAST	New	Fastenal	$1,997,000	–	40,000	–	0.25%	–
ULTA	New	Ulta Beauty	$1,979,000	–	5,135	–	0.25%	–
INTC	New	Intel	$1,846,000	–	49,336	–	0.24%	–
EXPD	New	Expeditors Int'l	$1,743,000	–	17,886	–	0.22%	–
TMO	New	Thermo Fisher Scientific	$1,694,000	–	3,119	–	0.22%	–
DIS	New	Disney, Walt	$1,639,000	–	17,363	–	0.21%	–
ISRG	New	Intuitive Surgical	$1,566,000	–	7,800	–	0.20%	–
JKHY	New	Jack Henry & Associates	$1,554,000	–	8,635	–	0.20%	–
PM	New	Philip Morris Int'l	$1,514,000	–	15,329	–	0.19%	–
PPG	New	PPG Industries	$1,424,000	–	12,457	–	0.18%	–
BMY	New	Bristol-Myers Squibb	$1,409,000	–	18,299	–	0.18%	–
WBA	New	Walgreens Boots Alliance	$1,259,000	–	33,224	–	0.16%	–
ADBE	New	Adobe	$1,209,000	–	3,302	–	0.15%	–
CDK	New	CDK Global	$1,153,000	–	21,047	–	0.15%	–
ADI	New	Analog Devices	$1,128,000	–	7,723	–	0.14%	–
MMM	New	3M Company	$1,119,000	–	8,644	–	0.14%	–
HSY	New	Hershey Company	$1,093,000	–	5,080	–	0.14%	–
IBM	New	IBM	$1,078,000	–	7,632	–	0.14%	–
CSX	New	CSX	$1,014,000	–	34,904	–	0.13%	–
FLO	New	Flowers Foods	$1,013,000	–	38,500	–	0.13%	–
CVX	New	Chevron	$934,000	–	6,453	–	0.12%	–
CVS	New	CVS Health	$933,000	–	10,064	–	0.12%	–
K	New	Kellogg	$927,000	–	13,000	–	0.12%	–
HPQ	New	HP	$908,000	–	27,700	–	0.12%	–
GILD	New	Gilead Sciences	$880,000	–	14,235	–	0.11%	–
MRO	New	Marathon Oil	$755,000	–	33,588	–	0.10%	–
RHHBY	New	Roche Holding Ltd ADR	$730,000	–	17,500	–	0.09%	–
T	New	AT&T	$717,000	–	34,211	–	0.09%	–
BAC	New	Bank of America	$695,000	–	22,318	–	0.09%	–
CARR	New	Carrier Global	$673,000	–	18,870	–	0.09%	–
NOC	New	Northrop Grumman	$654,000	–	1,366	–	0.08%	–
ALCO	New	Alico	$637,000	–	17,866	–	0.08%	–
FBHS	New	Fortune Brands Home & Security	$620,000	–	10,347	–	0.08%	–
JPM	New	JPMorgan Chase	$607,000	–	5,391	–	0.08%	–
EOG	New	EOG Resources	$592,000	–	5,359	–	0.08%	–
GNRC	New	Generac Holdings	$583,000	–	2,768	–	0.07%	–
TRMB	New	Trimble	$579,000	–	9,935	–	0.07%	–
PRU	New	Prudential Financial	$574,000	–	6,000	–	0.07%	–
DUK	New	Duke Energy	$504,000	–	4,697	–	0.06%	–
EQR	New	Equity Residential Properties	$493,000	–	6,830	–	0.06%	–
PGR	New	Progressive	$468,000	–	4,028	–	0.06%	–
ROST	New	Ross Stores	$467,000	–	6,655	–	0.06%	–
NSC	New	Norfolk Southern	$440,000	–	1,935	–	0.06%	–
OTIS	New	Otis Worldwide	$440,000	–	6,227	–	0.06%	–
TECH	New	Bio-Techne	$433,000	–	1,250	–	0.06%	–
GPC	New	Genuine Parts	$433,000	–	3,255	–	0.06%	–
HSIC	New	Henry Schein	$426,000	–	5,554	–	0.05%	–
UNH	New	UnitedHealth Group	$419,000	–	815	–	0.05%	–
BRKA	New	Berkshire Hathaway 'A'	$409,000	–	1	–	0.05%	–
MDLZ	New	Mondelez Int'l	$391,000	–	6,302	–	0.05%	–
LHX	New	L3 Harris Technologies	$379,000	–	1,570	–	0.05%	–
COP	New	ConocoPhillips	$364,000	–	4,051	–	0.05%	–
PYPL	New	PayPal Holdings	$344,000	–	4,923	–	0.04%	–
CMI	New	Cummins	$344,000	–	1,779	–	0.04%	–
FPE	New	1st Trust Pfd Sec & Inc ETFdebt	$336,000	–	19,500	–	0.04%	–
WELL	New	Welltower	$317,000	–	3,850	–	0.04%	–
CAT	New	Caterpillar	$301,000	–	1,682	–	0.04%	–
EQIX	New	Equinix REIT	$302,000	–	459	–	0.04%	–
GOOG	New	Alphabet Class C	$291,000	–	133	–	0.04%	–
USB	New	US Bancorp	$282,000	–	6,121	–	0.04%	–
ORCL	New	Oracle	$280,000	–	4,013	–	0.04%	–
TSCO	New	Tractor Supply Company	$271,000	–	1,400	–	0.03%	–
INGR	New	Ingredion	$264,000	–	3,000	–	0.03%	–
PEAK	New	Healthpeak Properties	$269,000	–	10,400	–	0.03%	–
HEI	New	HEICO	$260,000	–	1,985	–	0.03%	–
CNMD	New	Conmed	$251,000	–	2,625	–	0.03%	–
ALL	New	Allstate	$253,000	–	2,000	–	0.03%	–
TXN	New	Texas Instruments	$254,000	–	1,650	–	0.03%	–
HPE	New	Hewlett Packard Enterprise	$255,000	–	19,200	–	0.03%	–
MO	New	Altria	$242,000	–	5,800	–	0.03%	–
BMO	New	Bank of Montreal	$240,000	–	2,500	–	0.03%	–
O	New	Realty Income REIT	$236,000	–	3,455	–	0.03%	–
LIN	New	Linde plc	$233,000	–	811	–	0.03%	–
CTSH	New	Cognizant Technology	$230,000	–	3,404	–	0.03%	–
WSM	New	Williams Sonoma	$222,000	–	2,000	–	0.03%	–
EFX	New	Equifax	$219,000	–	1,200	–	0.03%	–
WY	New	Weyerhaeuser	$221,000	–	6,680	–	0.03%	–
CHTR	New	Charter Communications	$216,000	–	461	–	0.03%	–
CTAS	New	Cintas	$210,000	–	563	–	0.03%	–
KMI	New	Kinder Morgan Delaware	$168,000	–	10,000	–	0.02%	–
LLEG	New	Laidlaw EGY Group	$0	–	1,350,000	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
LLEG	Exit	Laidlaw EGY Group	$0	–	-1,350,000	–	0.00%	–
RHI	Exit	Robert Half International	$0	–	-2,000	–	-0.02%	–
POOL	Exit	Pool	$0	–	-468	–	-0.02%	–
WY	Exit	Weyerhaeuser	$0	–	-6,680	–	-0.03%	–
CTSH	Exit	Cognizant Technology	$0	–	-3,404	–	-0.03%	–
TSCO	Exit	Tractor Supply Company	$0	–	-1,250	–	-0.03%	–
GOOG	Exit	Alphabet Class C	$0	–	-95	–	-0.03%	–
EQIX	Exit	Equinix REIT	$0	–	-314	–	-0.03%	–
CTAS	Exit	Cintas	$0	–	-653	–	-0.03%	–
PRAA	Exit	PRA Group	$0	–	-6,050	–	-0.03%	–
ALL	Exit	Allstate	$0	–	-2,000	–	-0.03%	–
MO	Exit	Altria	$0	–	-5,800	–	-0.03%	–
HEI	Exit	HEICO	$0	–	-2,001	–	-0.03%	–
USB	Exit	US Bancorp	$0	–	-4,421	–	-0.03%	–
VEEV	Exit	Veeva Systems Cl A	$0	–	-889	–	-0.03%	–
INGR	Exit	Ingredion	$0	–	-3,000	–	-0.03%	–
COP	Exit	ConocoPhillips	$0	–	-4,051	–	-0.03%	–
WEX	Exit	WEX	$0	–	-1,608	–	-0.03%	–
EFX	Exit	Equifax	$0	–	-1,200	–	-0.03%	–
CAT	Exit	Caterpillar	$0	–	-1,653	–	-0.04%	–
TXN	Exit	Texas Instruments	$0	–	-1,650	–	-0.04%	–
CHTR	Exit	Charter Communications	$0	–	-461	–	-0.04%	–
FB	Exit	Facebook	$0	–	-999	–	-0.04%	–
UNH	Exit	United Health Group	$0	–	-876	–	-0.04%	–
CNMD	Exit	Conmed	$0	–	-2,625	–	-0.04%	–
PEAK	Exit	Healthpeak Properties	$0	–	-10,400	–	-0.04%	–
MDLZ	Exit	Mondelez Int'l	$0	–	-6,022	–	-0.04%	–
LHX	Exit	L3 Harris Technologies	$0	–	-1,570	–	-0.04%	–
WSM	Exit	Williams Sonoma	$0	–	-2,000	–	-0.04%	–
ORCL	Exit	Oracle	$0	–	-4,188	–	-0.04%	–
GNRC	Exit	Generac Holdings	$0	–	-912	–	-0.04%	–
PGR	Exit	Progressive	$0	–	-4,228	–	-0.04%	–
HPE	Exit	Hewlett Packard Enterprise	$0	–	-27,700	–	-0.04%	–
FPE	Exit	1st Trust Pfd Sec & Inc ETFdebt	$0	–	-19,500	–	-0.04%	–
XRAY	Exit	Dentsply Sirona	$0	–	-6,900	–	-0.04%	–
BMO	Exit	Bank of Montreal	$0	–	-4,009	–	-0.04%	–
BRKA	Exit	Berkshire Hathaway 'A'	$0	–	-1	–	-0.05%	–
GPC	Exit	Genuine Parts	$0	–	-3,405	–	-0.05%	–
CMI	Exit	Cummins	$0	–	-1,899	–	-0.05%	–
HSIC	Exit	Henry Schein	$0	–	-5,704	–	-0.05%	–
DUK	Exit	Duke Energy	$0	–	-4,697	–	-0.05%	–
MRO	Exit	Marathon Oil	$0	–	-33,588	–	-0.05%	–
NSC	Exit	Norfolk Southern	$0	–	-1,970	–	-0.05%	–
NOC	Exit	Northrop Grumman	$0	–	-1,366	–	-0.06%	–
WELL	Exit	Welltower	$0	–	-6,100	–	-0.06%	–
ILMN	Exit	Illumina	$0	–	-1,245	–	-0.06%	–
EOG	Exit	EOG Resources	$0	–	-6,559	–	-0.06%	–
ALCO	Exit	Alico	$0	–	-17,866	–	-0.07%	–
TECH	Exit	Bio-Techne	$0	–	-1,250	–	-0.07%	–
PRU	Exit	Prudential Financial	$0	–	-6,000	–	-0.07%	–
CVX	Exit	Chevron	$0	–	-6,678	–	-0.08%	–
OTIS	Exit	Otis Worldwide	$0	–	-8,941	–	-0.08%	–
HPQ	Exit	HP	$0	–	-27,700	–	-0.08%	–
ROST	Exit	Ross Stores	$0	–	-7,155	–	-0.09%	–
TRMB	Exit	Trimble	$0	–	-9,835	–	-0.09%	–
EQR	Exit	Equity Residential Properties	$0	–	-9,970	–	-0.09%	–
K	Exit	Kellogg	$0	–	-13,000	–	-0.09%	–
CVS	Exit	CVS Health	$0	–	-10,064	–	-0.10%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-1,505	–	-0.10%	–
JPM	Exit	JPMorgan Chase	$0	–	-5,391	–	-0.10%	–
HSY	Exit	Hershey Company	$0	–	-5,320	–	-0.10%	–
RHHBY	Exit	Roche Holding Ltd ADR	$0	–	-19,850	–	-0.10%	–
FBHS	Exit	Fortune Brands Home & Security	$0	–	-10,347	–	-0.10%	–
BAC	Exit	Bank of America	$0	–	-22,318	–	-0.11%	–
FLO	Exit	Flowers Foods	$0	–	-40,525	–	-0.11%	–
CDK	Exit	CDK Global	$0	–	-22,678	–	-0.11%	–
GILD	Exit	Gilead Sciences	$0	–	-14,985	–	-0.12%	–
CARR	Exit	Carrier Global	$0	–	-20,660	–	-0.12%	–
IBM	Exit	IBM	$0	–	-7,732	–	-0.12%	–
CSX	Exit	CSX	$0	–	-36,504	–	-0.12%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-18,299	–	-0.12%	–
PYPL	Exit	PayPal Holdings	$0	–	-4,711	–	-0.14%	–
PM	Exit	Philip Morris Int'l	$0	–	-15,181	–	-0.16%	–
T	Exit	AT&T	$0	–	-55,370	–	-0.17%	–
MMM	Exit	3M Company	$0	–	-9,004	–	-0.18%	–
ULTA	Exit	Ulta Beauty	$0	–	-4,549	–	-0.18%	–
ORLY	Exit	O'Reilly Automotive	$0	–	-2,741	–	-0.19%	–
JKHY	Exit	Jack Henry & Associates	$0	–	-10,460	–	-0.19%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-36,988	–	-0.19%	–
EPAM	Exit	EPAM Systems	$0	–	-3,100	–	-0.20%	–
PPG	Exit	PPG Industries	$0	–	-12,457	–	-0.20%	–
EXPD	Exit	Expeditors Int'l	$0	–	-19,936	–	-0.26%	–
PFE	Exit	Pfizer	$0	–	-55,434	–	-0.27%	–
AMGN	Exit	Amgen	$0	–	-11,299	–	-0.27%	–
GWW	Exit	Grainger, W.W.	$0	–	-6,282	–	-0.28%	–
FAST	Exit	Fastenal	$0	–	-50,300	–	-0.29%	–
ISRG	Exit	Intuitive Surgical	$0	–	-2,625	–	-0.29%	–
INTC	Exit	Intel	$0	–	-50,036	–	-0.30%	–
UNP	Exit	Union Pacific	$0	–	-16,055	–	-0.35%	–
ADBE	Exit	Adobe	$0	–	-5,511	–	-0.35%	–
CSCO	Exit	Cisco Systems	$0	–	-58,701	–	-0.36%	–
DE	Exit	Deere & Company	$0	–	-9,629	–	-0.36%	–
EMR	Exit	Emerson Electric	$0	–	-37,318	–	-0.39%	–
SBUX	Exit	Starbucks	$0	–	-34,450	–	-0.42%	–
BRKB	Exit	Berkshire Hathaway 'B'	$0	–	-13,960	–	-0.42%	–
MRK	Exit	Merck	$0	–	-50,982	–	-0.43%	–
BCPC	Exit	Balchem	$0	–	-26,727	–	-0.43%	–
NVO	Exit	Novo Nordisk ADR	$0	–	-41,819	–	-0.45%	–
V	Exit	Visa	$0	–	-18,064	–	-0.45%	–
VZ	Exit	Verizon Communications	$0	–	-79,106	–	-0.48%	–
ZTS	Exit	Zoetis	$0	–	-22,442	–	-0.49%	–
APD	Exit	Air Products & Chemicals	$0	–	-17,207	–	-0.49%	–
WMT	Exit	Walmart	$0	–	-32,839	–	-0.51%	–
BDX	Exit	Becton, Dickinson	$0	–	-18,761	–	-0.51%	–
ITW	Exit	Illinois Tool Works	$0	–	-22,335	–	-0.52%	–
MPC	Exit	Marathon Petroleum	$0	–	-77,734	–	-0.54%	–
HON	Exit	Honeywell Int'l	$0	–	-22,937	–	-0.54%	–
DG	Exit	Dollar General	$0	–	-23,484	–	-0.56%	–
PAYX	Exit	Paychex	$0	–	-44,637	–	-0.56%	–
LOW	Exit	Lowe's	$0	–	-25,341	–	-0.57%	–
RTX	Exit	Raytheon Technologies	$0	–	-60,430	–	-0.58%	–
SYY	Exit	Sysco	$0	–	-68,325	–	-0.60%	–
XOM	Exit	ExxonMobil	$0	–	-98,249	–	-0.64%	–
EL	Exit	Estee Lauder	$0	–	-22,279	–	-0.74%	–
QCOM	Exit	QUALCOMM	$0	–	-52,620	–	-0.76%	–
COST	Exit	Costco Wholesale	$0	–	-15,215	–	-0.76%	–
WSO	Exit	Watsco	$0	–	-26,175	–	-0.77%	–
SHW	Exit	Sherwin-Williams	$0	–	-25,175	–	-0.78%	–
CL	Exit	Colgate-Palmolive	$0	–	-98,300	–	-0.83%	–
BFB	Exit	Brown-Forman 'B'	$0	–	-111,832	–	-0.84%	–
EW	Exit	Edwards Lifesciences	$0	–	-70,325	–	-0.89%	–
PFF	Exit	iShares S&P US Pfd ETFdebt	$0	–	-220,198	–	-0.95%	–
DIS	Exit	Disney, Walt	$0	–	-52,305	–	-0.99%	–
LLY	Exit	Lilly, Eli	$0	–	-40,366	–	-1.04%	–
HD	Exit	Home Depot	$0	–	-28,847	–	-1.06%	–
KO	Exit	Coca-Cola	$0	–	-195,925	–	-1.15%	–
ACN	Exit	Accenture 'A'	$0	–	-33,023	–	-1.18%	–
AMZN	Exit	Amazon.com	$0	–	-3,386	–	-1.24%	–
ABBV	Exit	AbbVie	$0	–	-106,413	–	-1.28%	–
AMT	Exit	American Tower	$0	–	-49,228	–	-1.46%	–
PEP	Exit	PepsiCo	$0	–	-87,198	–	-1.46%	–
PG	Exit	Procter & Gamble	$0	–	-93,994	–	-1.46%	–
FDS	Exit	FactSet Research Systems	$0	–	-33,932	–	-1.49%	–
IDXX	Exit	IDEXX Labs	$0	–	-22,722	–	-1.58%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-100,349	–	-1.86%	–
GOOGL	Exit	Alphabet Class A	$0	–	-6,314	–	-1.88%	–
CHD	Exit	Church & Dwight	$0	–	-209,074	–	-1.92%	–
JNJ	Exit	Johnson & Johnson	$0	–	-110,178	–	-1.98%	–
NEE	Exit	NextEra Energy	$0	–	-229,265	–	-2.01%	–
MKC	Exit	McCormick	$0	–	-226,210	–	-2.04%	–
MCD	Exit	McDonald's	$0	–	-78,285	–	-2.10%	–
FISV	Exit	Fiserv	$0	–	-187,918	–	-2.27%	–
INTU	Exit	Intuit	$0	–	-41,875	–	-2.52%	–
ECL	Exit	Ecolab	$0	–	-118,826	–	-2.76%	–
ABT	Exit	Abbott Labs	$0	–	-219,704	–	-2.89%	–
DHR	Exit	Danaher	$0	–	-85,602	–	-2.90%	–
TJX	Exit	TJX Companies	$0	–	-435,061	–	-3.20%	–
NKE	Exit	NIKE 'B'	$0	–	-210,357	–	-3.41%	–
SYK	Exit	Stryker	$0	–	-128,162	–	-3.77%	–
MSFT	Exit	Microsoft	$0	–	-140,696	–	-4.42%	–
ADP	Exit	Automatic Data Processing	$0	–	-199,056	–	-4.44%	–
MA	Exit	Mastercard	$0	–	-140,108	–	-5.43%	–
AAPL	Exit	Apple	$0	–	-358,213	–	-5.65%	–

Q3 2021

			Value		Shares		↓ Weighting
AAPL	Sell	Apple	$50,687,000	+2.0%	358,213	-1.3%	5.65%	+1.6%
MA	Sell	Mastercard	$48,713,000	-5.4%	140,108	-0.6%	5.43%	-5.7%
ADP	Sell	Automatic Data Processing	$39,795,000	-0.2%	199,056	-0.8%	4.44%	-0.6%
MSFT	Sell	Microsoft	$39,665,000	+3.9%	140,696	-0.1%	4.42%	+3.5%
SYK	Buy	Stryker	$33,799,000	+2.2%	128,162	+0.7%	3.77%	+1.8%
NKE	Sell	NIKE 'B'	$30,550,000	-7.4%	210,357	-1.5%	3.41%	-7.8%
TJX	Buy	TJX Companies	$28,705,000	+0.6%	435,061	+2.8%	3.20%	+0.2%
DHR	Buy	Danaher	$26,061,000	+13.7%	85,602	+0.2%	2.90%	+13.3%
ABT	Sell	Abbott Labs	$25,954,000	+1.9%	219,704	-0.0%	2.89%	+1.5%
ECL	Buy	Ecolab	$24,789,000	+1.3%	118,826	+0.1%	2.76%	+0.9%
INTU	Sell	Intuit	$22,592,000	+4.9%	41,875	-4.7%	2.52%	+4.5%
FISV	Buy	Fiserv	$20,389,000	+2.6%	187,918	+1.0%	2.27%	+2.2%
MCD	Buy	McDonald's	$18,875,000	+4.6%	78,285	+0.2%	2.10%	+4.2%
MKC	Sell	McCormick	$18,330,000	-8.4%	226,210	-0.2%	2.04%	-8.8%
NEE	Buy	NextEra Energy	$18,002,000	+9.0%	229,265	+1.7%	2.01%	+8.5%
JNJ	Buy	Johnson & Johnson	$17,794,000	-1.7%	110,178	+0.3%	1.98%	-2.1%
CHD	Buy	Church & Dwight	$17,263,000	-1.9%	209,074	+1.3%	1.92%	-2.2%
GOOGL	Buy	Alphabet Class A	$16,881,000	+9.5%	6,314	+0.0%	1.88%	+9.1%
BR	Buy	Broadridge Financial Solutions	$16,722,000	+10.4%	100,349	+7.0%	1.86%	+10.0%
IDXX	Sell	IDEXX Labs	$14,131,000	-6.3%	22,722	-4.9%	1.58%	-6.7%
FDS	Sell	FactSet Research Systems	$13,396,000	+16.9%	33,932	-0.6%	1.49%	+16.5%
PG	Buy	Procter & Gamble	$13,140,000	+5.1%	93,994	+1.4%	1.46%	+4.6%
PEP	Buy	PepsiCo	$13,115,000	+5.4%	87,198	+3.9%	1.46%	+5.0%
AMT	Sell	American Tower	$13,066,000	-2.8%	49,228	-1.0%	1.46%	-3.1%
ABBV	Buy	AbbVie	$11,479,000	-2.7%	106,413	+1.6%	1.28%	-3.0%
AMZN	Sell	Amazon.com	$11,123,000	-5.2%	3,386	-0.7%	1.24%	-5.6%
ACN	Sell	Accenture 'A'	$10,565,000	+5.0%	33,023	-3.2%	1.18%	+4.6%
KO	Buy	Coca-Cola	$10,280,000	-2.5%	195,925	+0.6%	1.15%	-2.9%
HD	Buy	Home Depot	$9,469,000	+3.3%	28,847	+0.3%	1.06%	+2.9%
LLY	Buy	Lilly, Eli	$9,327,000	+2.1%	40,366	+1.4%	1.04%	+1.7%
PFF	Buy	iShares S&P US Pfd ETFdebt	$8,546,000	-0.5%	220,198	+0.8%	0.95%	-0.9%
EW	Buy	Edwards Lifesciences	$7,961,000	+11.2%	70,325	+1.7%	0.89%	+10.9%
BFB	Sell	Brown-Forman 'B'	$7,494,000	-11.1%	111,832	-0.5%	0.84%	-11.5%
CL	Sell	Colgate-Palmolive	$7,430,000	-7.7%	98,300	-0.7%	0.83%	-8.2%
SHW	Buy	Sherwin-Williams	$7,042,000	+5.2%	25,175	+2.5%	0.78%	+4.8%
WSO	Buy	Watsco	$6,926,000	+4.2%	26,175	+12.8%	0.77%	+3.8%
COST	Sell	Costco Wholesale	$6,837,000	+13.0%	15,215	-0.5%	0.76%	+12.6%
QCOM	Sell	QUALCOMM	$6,787,000	-9.8%	52,620	-0.0%	0.76%	-10.1%
EL	Buy	Estee Lauder	$6,682,000	-4.8%	22,279	+0.9%	0.74%	-5.2%
SYY	Buy	Sysco	$5,364,000	+1.9%	68,325	+1.0%	0.60%	+1.5%
RTX	Buy	Raytheon Technologies	$5,195,000	+3.4%	60,430	+2.6%	0.58%	+3.0%
LOW	Sell	Lowe's	$5,141,000	+3.4%	25,341	-1.2%	0.57%	+2.9%
PAYX	Buy	Paychex	$5,019,000	+5.3%	44,637	+0.5%	0.56%	+4.9%
DG	Buy	Dollar General	$4,982,000	+5.8%	23,484	+7.9%	0.56%	+5.3%
HON	Buy	Honeywell Int'l	$4,869,000	-2.9%	22,937	+0.3%	0.54%	-3.4%
ITW	Buy	Illinois Tool Works	$4,615,000	-6.4%	22,335	+1.2%	0.52%	-6.7%
BDX	Sell	Becton, Dickinson	$4,612,000	-20.7%	18,761	-21.6%	0.51%	-21.0%
APD	Sell	Air Products & Chemicals	$4,407,000	-11.5%	17,207	-0.6%	0.49%	-11.8%
ZTS	Buy	Zoetis	$4,357,000	+5.8%	22,442	+1.6%	0.49%	+5.4%
VZ	Buy	Verizon Communications	$4,273,000	+0.4%	79,106	+4.1%	0.48%	-0.2%
V	Buy	Visa	$4,024,000	-2.1%	18,064	+2.7%	0.45%	-2.4%
NVO	Buy	Novo Nordisk ADR	$4,015,000	+15.9%	41,819	+1.1%	0.45%	+15.5%
BCPC	Buy	Balchem	$3,877,000	+10.9%	26,727	+0.4%	0.43%	+10.5%
MRK	Sell	Merck	$3,829,000	-5.1%	50,982	-1.8%	0.43%	-5.5%
BRKB	Sell	Berkshire Hathaway 'B'	$3,810,000	-3.9%	13,960	-2.2%	0.42%	-4.3%
SBUX	Sell	Starbucks	$3,800,000	-3.1%	34,450	-1.8%	0.42%	-3.4%
CSCO	Buy	Cisco Systems	$3,195,000	+4.5%	58,701	+1.8%	0.36%	+4.1%
ADBE	Buy	Adobe	$3,173,000	+0.7%	5,511	+2.4%	0.35%	+0.3%
UNP	Buy	Union Pacific	$3,147,000	-10.4%	16,055	+0.5%	0.35%	-10.7%
INTC	Buy	Intel	$2,666,000	-3.8%	50,036	+1.4%	0.30%	-4.2%
FAST	Buy	Fastenal	$2,596,000	+0.5%	50,300	+1.2%	0.29%	0.0%
WBA	Buy	Walgreens Boots Alliance	$1,740,000	-8.8%	36,988	+2.0%	0.19%	-8.9%
JKHY	Sell	Jack Henry & Associates	$1,716,000	-0.1%	10,460	-0.5%	0.19%	-0.5%
ORLY	Buy	O'Reilly Automotive	$1,675,000	+10.3%	2,741	+2.2%	0.19%	+10.0%
ULTA	Buy	Ulta Beauty	$1,642,000	+19.1%	4,549	+14.1%	0.18%	+18.8%
MMM	Buy	3M Company	$1,579,000	-10.6%	9,004	+1.2%	0.18%	-11.1%
T	Sell	AT&T	$1,496,000	-6.8%	55,370	-0.7%	0.17%	-7.2%
PM	Buy	Philip Morris Int'l	$1,439,000	-0.8%	15,181	+3.7%	0.16%	-1.2%
PYPL	Buy	PayPal Holdings	$1,226,000	-8.8%	4,711	+2.1%	0.14%	-9.3%
CARR	Buy	Carrier Global	$1,069,000	+9.8%	20,660	+3.1%	0.12%	+9.2%
RHHBY	Sell	Roche Holding Ltd ADR	$903,000	-11.2%	19,850	-8.3%	0.10%	-11.4%
JPM	Buy	JPMorgan Chase	$882,000	+11.2%	5,391	+5.7%	0.10%	+10.1%
TMO	Buy	Thermo Fisher Scientific	$860,000	+24.8%	1,505	+10.3%	0.10%	+24.7%
OTIS	Buy	Otis Worldwide	$736,000	+9.7%	8,941	+8.9%	0.08%	+9.3%
TECH	Sell	Bio-Techne	$606,000	-0.3%	1,250	-7.4%	0.07%	0.0%
NSC	Sell	Norfolk Southern	$471,000	-11.5%	1,970	-1.7%	0.05%	-11.7%
GPC	Sell	Genuine Parts	$413,000	-13.1%	3,405	-9.3%	0.05%	-13.2%
BMO	New	Bank of Montreal	$400,000	–	4,009	–	0.04%	–
PGR	Sell	Progressive	$382,000	-10.3%	4,228	-2.4%	0.04%	-10.4%
GNRC	Sell	Generac Holdings	$373,000	-20.3%	912	-19.1%	0.04%	-19.2%
MDLZ	Buy	Mondelez Int'l	$350,000	-4.6%	6,022	+2.4%	0.04%	-4.9%
LHX	Sell	L3 Harris Technologies	$346,000	-12.6%	1,570	-14.2%	0.04%	-11.4%
UNH	Buy	United Health Group	$342,000	+25.7%	876	+29.0%	0.04%	+26.7%
TXN	Sell	Texas Instruments	$317,000	-3.9%	1,650	-3.8%	0.04%	-5.4%
WEX	Sell	WEX	$283,000	-10.2%	1,608	-1.0%	0.03%	-8.6%
HEI	Sell	HEICO	$264,000	-36.5%	2,001	-33.0%	0.03%	-38.3%
USB	New	US Bancorp	$263,000	–	4,421	–	0.03%	–
GOOG	Buy	Alphabet Class C	$253,000	+18.8%	95	+11.8%	0.03%	+16.7%
CTAS	Sell	Cintas	$249,000	-27.4%	653	-27.3%	0.03%	-26.3%
CTSH	New	Cognizant Technology	$253,000	–	3,404	–	0.03%	–
EQIX	Sell	Equinix REIT	$248,000	-23.5%	314	-22.3%	0.03%	-22.2%
POOL	Sell	Pool	$203,000	-13.6%	468	-8.8%	0.02%	-11.5%
RHI	New	Robert Half International	$201,000	–	2,000	–	0.02%	–
GE	Exit	General Electric	$0	–	-13,274	–	-0.02%	–
FDX	Exit	FedEx	$0	–	-703	–	-0.02%	–
SMG	Exit	Scotts Miracle-Gro	$0	–	-1,200	–	-0.03%	–
	Exit	Polen Growth Fund Inst CL	$0	–	-20,140	–	-0.12%	–

Q2 2021

			Value		Shares		↓ Weighting
MA	New	Mastercard	$51,477,000	–	140,999	–	5.76%	–
AAPL	New	Apple	$49,694,000	–	362,833	–	5.56%	–
ADP	New	Automatic Data Processing	$39,867,000	–	200,721	–	4.46%	–
MSFT	New	Microsoft	$38,167,000	–	140,891	–	4.27%	–
SYK	New	Stryker	$33,056,000	–	127,272	–	3.70%	–
NKE	New	NIKE 'B'	$33,008,000	–	213,657	–	3.70%	–
TJX	New	TJX Companies	$28,531,000	–	423,183	–	3.19%	–
ABT	New	Abbott Labs	$25,476,000	–	219,754	–	2.85%	–
ECL	New	Ecolab	$24,460,000	–	118,756	–	2.74%	–
DHR	New	Danaher	$22,917,000	–	85,397	–	2.56%	–
INTU	New	Intuit	$21,531,000	–	43,925	–	2.41%	–
MKC	New	McCormick	$20,014,000	–	226,605	–	2.24%	–
FISV	New	Fiserv	$19,879,000	–	185,973	–	2.22%	–
JNJ	New	Johnson & Johnson	$18,104,000	–	109,893	–	2.03%	–
MCD	New	McDonald's	$18,048,000	–	78,135	–	2.02%	–
CHD	New	Church & Dwight	$17,590,000	–	206,402	–	1.97%	–
NEE	New	NextEra Energy	$16,520,000	–	225,435	–	1.85%	–
GOOGL	New	Alphabet Class A	$15,415,000	–	6,313	–	1.72%	–
BR	New	Broadridge Financial Solutions	$15,142,000	–	93,744	–	1.70%	–
IDXX	New	IDEXX Labs	$15,086,000	–	23,887	–	1.69%	–
AMT	New	American Tower	$13,438,000	–	49,743	–	1.50%	–
PG	New	Procter & Gamble	$12,507,000	–	92,694	–	1.40%	–
PEP	New	PepsiCo	$12,439,000	–	83,948	–	1.39%	–
ABBV	New	AbbVie	$11,793,000	–	104,700	–	1.32%	–
AMZN	New	Amazon.com	$11,731,000	–	3,410	–	1.31%	–
FDS	New	FactSet Research Systems	$11,455,000	–	34,132	–	1.28%	–
KO	New	Coca-Cola	$10,539,000	–	194,768	–	1.18%	–
ACN	New	Accenture 'A'	$10,058,000	–	34,118	–	1.13%	–
DIS	New	Disney, Walt	$9,194,000	–	52,305	–	1.03%	–
HD	New	Home Depot	$9,167,000	–	28,747	–	1.03%	–
LLY	New	Lilly, Eli	$9,139,000	–	39,816	–	1.02%	–
PFF	New	iShares S&P US Pfd ETFdebt	$8,592,000	–	218,423	–	0.96%	–
BFB	New	Brown-Forman 'B'	$8,426,000	–	112,434	–	0.94%	–
CL	New	Colgate-Palmolive	$8,054,000	–	99,000	–	0.90%	–
QCOM	New	QUALCOMM	$7,524,000	–	52,639	–	0.84%	–
EW	New	Edwards Lifesciences	$7,159,000	–	69,125	–	0.80%	–
EL	New	Estee Lauder	$7,021,000	–	22,074	–	0.79%	–
SHW	New	Sherwin-Williams	$6,691,000	–	24,560	–	0.75%	–
WSO	New	Watsco	$6,650,000	–	23,200	–	0.74%	–
XOM	New	ExxonMobil	$6,198,000	–	98,249	–	0.69%	–
COST	New	Costco Wholesale	$6,048,000	–	15,285	–	0.68%	–
BDX	New	Becton, Dickinson	$5,819,000	–	23,926	–	0.65%	–
SYY	New	Sysco	$5,262,000	–	67,680	–	0.59%	–
RTX	New	Raytheon Technologies	$5,024,000	–	58,895	–	0.56%	–
HON	New	Honeywell Int'l	$5,017,000	–	22,872	–	0.56%	–
LOW	New	Lowe's	$4,974,000	–	25,641	–	0.56%	–
APD	New	Air Products & Chemicals	$4,979,000	–	17,307	–	0.56%	–
ITW	New	Illinois Tool Works	$4,932,000	–	22,060	–	0.55%	–
PAYX	New	Paychex	$4,768,000	–	44,437	–	0.53%	–
DG	New	Dollar General	$4,709,000	–	21,762	–	0.53%	–
MPC	New	Marathon Petroleum	$4,697,000	–	77,734	–	0.53%	–
WMT	New	Walmart	$4,631,000	–	32,839	–	0.52%	–
VZ	New	Verizon Communications	$4,257,000	–	75,971	–	0.48%	–
ZTS	New	Zoetis	$4,117,000	–	22,092	–	0.46%	–
V	New	Visa	$4,112,000	–	17,585	–	0.46%	–
MRK	New	Merck	$4,036,000	–	51,902	–	0.45%	–
BRKB	New	Berkshire Hathaway 'B'	$3,965,000	–	14,268	–	0.44%	–
SBUX	New	Starbucks	$3,921,000	–	35,065	–	0.44%	–
EMR	New	Emerson Electric	$3,591,000	–	37,318	–	0.40%	–
UNP	New	Union Pacific	$3,514,000	–	15,980	–	0.39%	–
BCPC	New	Balchem	$3,495,000	–	26,627	–	0.39%	–
NVO	New	Novo Nordisk ADR	$3,464,000	–	41,350	–	0.39%	–
DE	New	Deere & Company	$3,396,000	–	9,629	–	0.38%	–
ADBE	New	Adobe	$3,151,000	–	5,381	–	0.35%	–
CSCO	New	Cisco Systems	$3,056,000	–	57,662	–	0.34%	–
INTC	New	Intel	$2,770,000	–	49,336	–	0.31%	–
AMGN	New	Amgen	$2,754,000	–	11,299	–	0.31%	–
GWW	New	Grainger, W.W.	$2,752,000	–	6,282	–	0.31%	–
FAST	New	Fastenal	$2,584,000	–	49,700	–	0.29%	–
EXPD	New	Expeditors Int'l	$2,524,000	–	19,936	–	0.28%	–
ISRG	New	Intuitive Surgical	$2,414,000	–	2,625	–	0.27%	–
PFE	New	Pfizer	$2,171,000	–	55,434	–	0.24%	–
PPG	New	PPG Industries	$2,115,000	–	12,457	–	0.24%	–
WBA	New	Walgreens Boots Alliance	$1,907,000	–	36,253	–	0.21%	–
MMM	New	3M Company	$1,767,000	–	8,894	–	0.20%	–
JKHY	New	Jack Henry & Associates	$1,718,000	–	10,510	–	0.19%	–
T	New	AT&T	$1,605,000	–	55,760	–	0.18%	–
EPAM	New	EPAM Systems	$1,584,000	–	3,100	–	0.18%	–
ORLY	New	O'Reilly Automotive	$1,518,000	–	2,681	–	0.17%	–
PM	New	Philip Morris Int'l	$1,451,000	–	14,641	–	0.16%	–
ULTA	New	Ulta Beauty	$1,379,000	–	3,987	–	0.15%	–
PYPL	New	PayPal Holdings	$1,345,000	–	4,616	–	0.15%	–
BMY	New	Bristol-Myers Squibb	$1,223,000	–	18,299	–	0.14%	–
CSX	New	CSX	$1,171,000	–	36,504	–	0.13%	–
IBM	New	IBM	$1,133,000	–	7,732	–	0.13%	–
CDK	New	CDK Global	$1,127,000	–	22,678	–	0.13%	–
	New	Polen Growth Fund Inst CL	$1,060,000	–	20,140	–	0.12%	–
GILD	New	Gilead Sciences	$1,032,000	–	14,985	–	0.12%	–
FBHS	New	Fortune Brands Home & Security	$1,031,000	–	10,347	–	0.12%	–
RHHBY	New	Roche Holding Ltd ADR	$1,017,000	–	21,650	–	0.11%	–
FLO	New	Flowers Foods	$981,000	–	40,525	–	0.11%	–
CARR	New	Carrier Global	$974,000	–	20,040	–	0.11%	–
HSY	New	Hershey Company	$927,000	–	5,320	–	0.10%	–
BAC	New	Bank of America	$920,000	–	22,318	–	0.10%	–
ROST	New	Ross Stores	$887,000	–	7,155	–	0.10%	–
HPQ	New	HP	$836,000	–	27,700	–	0.09%	–
K	New	Kellogg	$836,000	–	13,000	–	0.09%	–
CVS	New	CVS Health	$840,000	–	10,064	–	0.09%	–
TRMB	New	Trimble	$805,000	–	9,835	–	0.09%	–
JPM	New	JPMorgan Chase	$793,000	–	5,098	–	0.09%	–
EQR	New	Equity Residential Properties	$768,000	–	9,970	–	0.09%	–
CVX	New	Chevron	$699,000	–	6,678	–	0.08%	–
TMO	New	Thermo Fisher Scientific	$689,000	–	1,365	–	0.08%	–
OTIS	New	Otis Worldwide	$671,000	–	8,209	–	0.08%	–
ALCO	New	Alico	$636,000	–	17,866	–	0.07%	–
PRU	New	Prudential Financial	$615,000	–	6,000	–	0.07%	–
TECH	New	Bio-Techne	$608,000	–	1,350	–	0.07%	–
ILMN	New	Illumina	$589,000	–	1,245	–	0.07%	–
EOG	New	EOG Resources	$547,000	–	6,559	–	0.06%	–
NSC	New	Norfolk Southern	$532,000	–	2,005	–	0.06%	–
WELL	New	Welltower	$507,000	–	6,100	–	0.06%	–
NOC	New	Northrop Grumman	$496,000	–	1,366	–	0.06%	–
GPC	New	Genuine Parts	$475,000	–	3,755	–	0.05%	–
DUK	New	Duke Energy	$464,000	–	4,697	–	0.05%	–
GNRC	New	Generac Holdings	$468,000	–	1,127	–	0.05%	–
CMI	New	Cummins	$463,000	–	1,899	–	0.05%	–
MRO	New	Marathon Oil	$457,000	–	33,588	–	0.05%	–
XRAY	New	Dentsply Sirona	$436,000	–	6,900	–	0.05%	–
PGR	New	Progressive	$426,000	–	4,333	–	0.05%	–
HSIC	New	Henry Schein	$423,000	–	5,704	–	0.05%	–
HEI	New	HEICO	$416,000	–	2,986	–	0.05%	–
BRKA	New	Berkshire Hathaway 'A'	$419,000	–	1	–	0.05%	–
FPE	New	1st Trust Pfd Sec & Inc ETFdebt	$402,000	–	19,500	–	0.04%	–
HPE	New	Hewlett Packard Enterprise	$404,000	–	27,700	–	0.04%	–
LHX	New	L3 Harris Technologies	$396,000	–	1,830	–	0.04%	–
MDLZ	New	Mondelez Int'l	$367,000	–	5,882	–	0.04%	–
CAT	New	Caterpillar	$360,000	–	1,653	–	0.04%	–
CNMD	New	Conmed	$361,000	–	2,625	–	0.04%	–
PEAK	New	Healthpeak Properties	$346,000	–	10,400	–	0.04%	–
FB	New	Facebook	$347,000	–	999	–	0.04%	–
CTAS	New	Cintas	$343,000	–	898	–	0.04%	–
CHTR	New	Charter Communications	$333,000	–	461	–	0.04%	–
TXN	New	Texas Instruments	$330,000	–	1,715	–	0.04%	–
WSM	New	Williams Sonoma	$319,000	–	2,000	–	0.04%	–
ORCL	New	Oracle	$326,000	–	4,188	–	0.04%	–
EQIX	New	Equinix REIT	$324,000	–	404	–	0.04%	–
WEX	New	WEX	$315,000	–	1,624	–	0.04%	–
EFX	New	Equifax	$287,000	–	1,200	–	0.03%	–
MO	New	Altria	$277,000	–	5,800	–	0.03%	–
VEEV	New	Veeva Systems Cl A	$276,000	–	889	–	0.03%	–
UNH	New	United Health Group	$272,000	–	679	–	0.03%	–
INGR	New	Ingredion	$272,000	–	3,000	–	0.03%	–
ALL	New	Allstate	$261,000	–	2,000	–	0.03%	–
COP	New	ConocoPhillips	$247,000	–	4,051	–	0.03%	–
WY	New	Weyerhaeuser	$230,000	–	6,680	–	0.03%	–
TSCO	New	Tractor Supply Company	$233,000	–	1,250	–	0.03%	–
SMG	New	Scotts Miracle-Gro	$230,000	–	1,200	–	0.03%	–
PRAA	New	PRA Group	$233,000	–	6,050	–	0.03%	–
POOL	New	Pool	$235,000	–	513	–	0.03%	–
FDX	New	FedEx	$210,000	–	703	–	0.02%	–
GOOG	New	Alphabet Class C	$213,000	–	85	–	0.02%	–
GE	New	General Electric	$179,000	–	13,274	–	0.02%	–
LLEG	New	Laidlaw EGY Group	$0	–	1,350,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
EMBI	Exit	Emerald Bioscience	$0	–	-13,000	–	0.00%	–
LLEG	Exit	Laidlaw EGY Group	$0	–	-1,350,000	–	0.00%	–
CTDH	Exit	Cyclo Therapeutics	$0	–	-30,000	–	-0.00%	–
ARFXF	Exit	ProMis Neurosciences	$0	–	-60,000	–	-0.00%	–
GE	Exit	General Electric	$0	–	-13,274	–	-0.01%	–
MRO	Exit	Marathon Oil	$0	–	-43,588	–	-0.02%	–
CNMD	Exit	Conmed	$0	–	-2,625	–	-0.03%	–
USB	Exit	US Bancorp	$0	–	-6,098	–	-0.03%	–
MO	Exit	Altria	$0	–	-5,800	–	-0.03%	–
ORCL	Exit	Oracle	$0	–	-3,754	–	-0.03%	–
INGR	Exit	Ingredion	$0	–	-3,000	–	-0.03%	–
TXN	Exit	Texas Instruments	$0	–	-1,602	–	-0.03%	–
CAT	Exit	Caterpillar	$0	–	-1,553	–	-0.03%	–
FDX	Exit	FedEx	$0	–	-978	–	-0.03%	–
VEEV	Exit	Veeva Systems Cl A	$0	–	-870	–	-0.03%	–
FPE	Exit	1st Trust Pfd Sec & Inc ETFdebt	$0	–	-13,000	–	-0.03%	–
WEX	Exit	WEX	$0	–	-1,830	–	-0.03%	–
HPE	Exit	Hewlett Packard Enterprise	$0	–	-27,700	–	-0.04%	–
PRAA	Exit	PRA Group	$0	–	-6,800	–	-0.04%	–
CHTR	Exit	Charter Communications	$0	–	-441	–	-0.04%	–
LKQ	Exit	LKQ	$0	–	-10,600	–	-0.04%	–
XRAY	Exit	Dentsply Sirona	$0	–	-6,900	–	-0.04%	–
LHX	Exit	L3 Harris Technologies	$0	–	-1,830	–	-0.04%	–
WRI	Exit	Weingarten Realty	$0	–	-19,175	–	-0.04%	–
BRKA	Exit	Berkshire Hathaway 'A'	$0	–	-1	–	-0.04%	–
HSIC	Exit	Henry Schein	$0	–	-5,704	–	-0.04%	–
MDLZ	Exit	Mondelez Int'l	$0	–	-5,882	–	-0.04%	–
CMI	Exit	Cummins	$0	–	-1,650	–	-0.05%	–
EOG	Exit	EOG Resources	$0	–	-9,769	–	-0.05%	–
GPC	Exit	Genuine Parts	$0	–	-3,785	–	-0.05%	–
TECH	Exit	Bio-Techne	$0	–	-1,500	–	-0.05%	–
PRU	Exit	Prudential Financial	$0	–	-6,000	–	-0.05%	–
ILMN	Exit	Illumina	$0	–	-1,250	–	-0.05%	–
SRCL	Exit	Stericycle	$0	–	-6,350	–	-0.05%	–
CTAS	Exit	Cintas	$0	–	-1,203	–	-0.05%	–
PEAK	Exit	Healthpeak Properties	$0	–	-14,600	–	-0.05%	–
DUK	Exit	Duke Energy	$0	–	-4,697	–	-0.06%	–
PGR	Exit	Progressive	$0	–	-4,428	–	-0.06%	–
NSC	Exit	Norfolk Southern	$0	–	-2,005	–	-0.06%	–
NOC	Exit	Northrop Grumman	$0	–	-1,366	–	-0.06%	–
JPM	Exit	JPMorgan Chase	$0	–	-4,936	–	-0.06%	–
CVX	Exit	Chevron	$0	–	-6,547	–	-0.06%	–
ALCO	Exit	Alico	$0	–	-17,866	–	-0.07%	–
HPQ	Exit	HP	$0	–	-27,700	–	-0.07%	–
TRMB	Exit	Trimble	$0	–	-10,835	–	-0.07%	–
BAC	Exit	Bank of America	$0	–	-22,018	–	-0.07%	–
EQR	Exit	Equity Residential Properties	$0	–	-10,742	–	-0.07%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-1,329	–	-0.08%	–
CVS	Exit	CVS Health	$0	–	-10,054	–	-0.08%	–
CARR	Exit	Carrier Global	$0	–	-21,330	–	-0.09%	–
OTIS	Exit	Otis Worldwide	$0	–	-10,970	–	-0.09%	–
ROST	Exit	Ross Stores	$0	–	-7,555	–	-0.09%	–
HSY	Exit	Hershey Company	$0	–	-5,245	–	-0.10%	–
ULTA	Exit	Ulta Beauty	$0	–	-3,632	–	-0.11%	–
PYPL	Exit	PayPal Holdings	$0	–	-4,208	–	-0.11%	–
K	Exit	Kellogg	$0	–	-13,000	–	-0.11%	–
FBHS	Exit	Fortune Brands Home & Security	$0	–	-10,347	–	-0.12%	–
CSX	Exit	CSX	$0	–	-12,156	–	-0.13%	–
IBM	Exit	IBM	$0	–	-7,807	–	-0.13%	–
FLO	Exit	Flowers Foods	$0	–	-40,275	–	-0.13%	–
GILD	Exit	Gilead Sciences	$0	–	-16,085	–	-0.14%	–
PM	Exit	Philip Morris Int'l	$0	–	-13,774	–	-0.14%	–
ORLY	Exit	O'Reilly Automotive	$0	–	-2,280	–	-0.14%	–
CDK	Exit	CDK Global	$0	–	-25,229	–	-0.15%	–
WELL	Exit	Welltower	$0	–	-20,125	–	-0.15%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-19,261	–	-0.16%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-36,953	–	-0.18%	–
TIF	Exit	Tiffany	$0	–	-11,900	–	-0.18%	–
MMM	Exit	3M Company	$0	–	-8,594	–	-0.18%	–
RHHBY	Exit	Roche Holding Ltd ADR	$0	–	-33,200	–	-0.19%	–
EPAM	Exit	EPAM Systems	$0	–	-4,500	–	-0.19%	–
PPG	Exit	PPG Industries	$0	–	-12,457	–	-0.20%	–
EXPD	Exit	Expeditors Int'l	$0	–	-19,937	–	-0.24%	–
JKHY	Exit	Jack Henry & Associates	$0	–	-11,145	–	-0.24%	–
ISRG	Exit	Intuitive Surgical	$0	–	-2,625	–	-0.25%	–
T	Exit	AT&T	$0	–	-71,127	–	-0.27%	–
PFE	Exit	Pfizer	$0	–	-56,107	–	-0.27%	–
ADBE	Exit	Adobe Systems	$0	–	-4,310	–	-0.28%	–
DE	Exit	Deere & Company	$0	–	-9,629	–	-0.28%	–
FAST	Exit	Fastenal	$0	–	-49,600	–	-0.30%	–
GWW	Exit	Grainger, W.W.	$0	–	-6,282	–	-0.30%	–
MPC	Exit	Marathon Petroleum	$0	–	-77,868	–	-0.30%	–
CSCO	Exit	Cisco Systems	$0	–	-60,862	–	-0.32%	–
EMR	Exit	Emerson Electric	$0	–	-37,569	–	-0.33%	–
BCPC	Exit	Balchem	$0	–	-26,635	–	-0.35%	–
INTC	Exit	Intel	$0	–	-51,436	–	-0.36%	–
AMGN	Exit	Amgen	$0	–	-11,487	–	-0.39%	–
NVO	Exit	Novo Nordisk ADR	$0	–	-42,400	–	-0.39%	–
ZTS	Exit	Zoetis	$0	–	-18,832	–	-0.42%	–
SBUX	Exit	Starbucks	$0	–	-36,355	–	-0.42%	–
BRKB	Exit	Berkshire Hathaway 'B'	$0	–	-15,113	–	-0.43%	–
UNP	Exit	Union Pacific	$0	–	-16,730	–	-0.44%	–
V	Exit	Visa	$0	–	-16,580	–	-0.44%	–
PAYX	Exit	Paychex	$0	–	-45,753	–	-0.49%	–
HON	Exit	Honeywell Int'l	$0	–	-22,512	–	-0.49%	–
RTX	Exit	Raytheon Technologies	$0	–	-65,954	–	-0.51%	–
DG	Exit	Dollar General	$0	–	-18,221	–	-0.51%	–
XOM	Exit	ExxonMobil	$0	–	-114,141	–	-0.52%	–
VZ	Exit	Verizon Communications	$0	–	-69,666	–	-0.55%	–
LOW	Exit	Lowe's	$0	–	-25,808	–	-0.57%	–
MRK	Exit	Merck	$0	–	-51,896	–	-0.57%	–
SYY	Exit	Sysco	$0	–	-69,365	–	-0.58%	–
ITW	Exit	Illinois Tool Works	$0	–	-22,438	–	-0.58%	–
SHW	Exit	Sherwin-Williams	$0	–	-6,249	–	-0.58%	–
COST	Exit	Costco Wholesale	$0	–	-12,643	–	-0.60%	–
WMT	Exit	Walmart	$0	–	-32,120	–	-0.60%	–
EW	Exit	Edwards Lifesciences	$0	–	-57,435	–	-0.61%	–
APD	Exit	Air Products & Chemicals	$0	–	-17,407	–	-0.69%	–
EL	Exit	Estee Lauder	$0	–	-23,759	–	-0.69%	–
WSO	Exit	Watsco	$0	–	-23,695	–	-0.74%	–
LLY	Exit	Lilly, Eli	$0	–	-40,053	–	-0.79%	–
QCOM	Exit	QUALCOMM	$0	–	-53,037	–	-0.83%	–
PFF	Exit	iShares S&P US Pfd ETFdebt	$0	–	-172,572	–	-0.84%	–
DIS	Exit	Disney, Walt	$0	–	-56,452	–	-0.93%	–
HD	Exit	Home Depot	$0	–	-26,519	–	-0.98%	–
CL	Exit	Colgate-Palmolive	$0	–	-99,770	–	-1.03%	–
BDX	Exit	Becton, Dickinson	$0	–	-33,665	–	-1.04%	–
ACN	Exit	Accenture 'A'	$0	–	-36,408	–	-1.10%	–
GOOGL	Exit	Alphabet Class A	$0	–	-6,127	–	-1.20%	–
ABBV	Exit	AbbVie	$0	–	-103,606	–	-1.21%	–
BFB	Exit	Brown-Forman 'B'	$0	–	-123,093	–	-1.24%	–
PEP	Exit	PepsiCo	$0	–	-70,301	–	-1.30%	–
AMZN	Exit	Amazon.com	$0	–	-3,126	–	-1.31%	–
KO	Exit	Coca-Cola	$0	–	-199,837	–	-1.32%	–
IDXX	Exit	IDEXX Labs	$0	–	-25,402	–	-1.33%	–
AMT	Exit	American Tower	$0	–	-45,644	–	-1.47%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-89,935	–	-1.58%	–
FDS	Exit	FactSet Research Systems	$0	–	-35,480	–	-1.58%	–
PG	Exit	Procter & Gamble	$0	–	-91,115	–	-1.69%	–
INTU	Exit	Intuit	$0	–	-44,286	–	-1.93%	–
NEE	Exit	NextEra Energy	$0	–	-52,599	–	-1.95%	–
JNJ	Exit	Johnson & Johnson	$0	–	-109,587	–	-2.18%	–
MCD	Exit	McDonald's	$0	–	-78,213	–	-2.29%	–
FISV	Exit	Fiserv	$0	–	-177,782	–	-2.44%	–
DHR	Exit	Danaher	$0	–	-85,700	–	-2.46%	–
CHD	Exit	Church & Dwight	$0	–	-202,143	–	-2.52%	–
MKC	Exit	McCormick	$0	–	-113,638	–	-2.94%	–
ABT	Exit	Abbott Labs	$0	–	-207,963	–	-3.02%	–
TJX	Exit	TJX Companies	$0	–	-424,514	–	-3.15%	–
ECL	Exit	Ecolab	$0	–	-120,238	–	-3.20%	–
SYK	Exit	Stryker	$0	–	-122,665	–	-3.41%	–
NKE	Exit	NIKE 'B'	$0	–	-220,154	–	-3.68%	–
ADP	Exit	Automatic Data Processing	$0	–	-203,842	–	-3.79%	–
MSFT	Exit	Microsoft	$0	–	-139,732	–	-3.92%	–
AAPL	Exit	Apple	$0	–	-370,306	–	-5.72%	–
MA	Exit	Mastercard	$0	–	-143,541	–	-6.47%	–

Q3 2020

			Value		Shares		↓ Weighting
MA	Sell	Mastercard	$48,541,000	+12.6%	143,541	-1.6%	6.47%	+3.5%
AAPL	Buy	Apple	$42,885,000	+23.1%	370,306	+287.8%	5.72%	+13.2%
MSFT	Sell	Microsoft	$29,390,000	-0.2%	139,732	-3.5%	3.92%	-8.3%
ADP	Sell	Automatic Data Processing	$28,434,000	-7.3%	203,842	-1.0%	3.79%	-14.7%
NKE	Sell	NIKE 'B'	$27,638,000	+27.0%	220,154	-0.8%	3.68%	+16.8%
SYK	Buy	Stryker	$25,560,000	+16.0%	122,665	+0.3%	3.41%	+6.7%
ECL	Sell	Ecolab	$24,028,000	-0.6%	120,238	-1.1%	3.20%	-8.6%
TJX	Sell	TJX Companies	$23,624,000	+9.1%	424,514	-0.9%	3.15%	+0.3%
ABT	Buy	Abbott Labs	$22,633,000	+22.4%	207,963	+2.9%	3.02%	+12.6%
MKC	Sell	McCormick	$22,057,000	+6.4%	113,638	-1.6%	2.94%	-2.1%
CHD	Sell	Church & Dwight	$18,943,000	+21.0%	202,143	-0.2%	2.52%	+11.3%
DHR	Sell	Danaher	$18,454,000	+20.6%	85,700	-1.0%	2.46%	+10.9%
FISV	Buy	Fiserv	$18,320,000	+6.1%	177,782	+0.5%	2.44%	-2.4%
MCD	Sell	McDonald's	$17,167,000	+17.6%	78,213	-1.1%	2.29%	+8.2%
JNJ	Sell	Johnson & Johnson	$16,315,000	+3.3%	109,587	-2.4%	2.18%	-5.0%
NEE	Sell	NextEra Energy	$14,599,000	+14.7%	52,599	-0.7%	1.95%	+5.5%
INTU	Sell	Intuit	$14,447,000	+8.2%	44,286	-1.7%	1.93%	-0.5%
FDS	Sell	FactSet Research Systems	$11,882,000	+0.8%	35,480	-1.1%	1.58%	-7.3%
BR	Buy	Broadridge Financial Solutions	$11,871,000	+5.4%	89,935	+0.8%	1.58%	-3.1%
AMT	Sell	American Tower	$11,034,000	-6.9%	45,644	-0.5%	1.47%	-14.4%
IDXX	Sell	IDEXX Labs	$9,986,000	+18.4%	25,402	-0.5%	1.33%	+8.9%
KO	Sell	Coca-Cola	$9,866,000	+9.3%	199,837	-1.1%	1.32%	+0.5%
AMZN	Sell	Amazon.com	$9,843,000	+13.7%	3,126	-0.4%	1.31%	+4.5%
PEP	Buy	PepsiCo	$9,744,000	+14.8%	70,301	+9.6%	1.30%	+5.6%
BFB	Sell	Brown-Forman 'B'	$9,271,000	+16.7%	123,093	-1.3%	1.24%	+7.4%
ABBV	Sell	AbbVie	$9,075,000	-11.5%	103,606	-0.8%	1.21%	-18.6%
GOOGL	Buy	Alphabet Class A	$8,980,000	+4.2%	6,127	+0.8%	1.20%	-4.2%
ACN	Sell	Accenture 'A'	$8,228,000	+3.3%	36,408	-1.8%	1.10%	-4.9%
BDX	Sell	Becton, Dickinson	$7,833,000	-10.2%	33,665	-7.6%	1.04%	-17.4%
CL	Sell	Colgate-Palmolive	$7,697,000	+1.9%	99,770	-3.2%	1.03%	-6.2%
HD	Sell	Home Depot	$7,365,000	+3.4%	26,519	-6.7%	0.98%	-4.9%
DIS	Sell	Disney, Walt	$7,005,000	-8.1%	56,452	-17.4%	0.93%	-15.5%
PFF	Buy	iShares S&P US Pfd ETFdebt	$6,290,000	+5.5%	172,572	+0.2%	0.84%	-3.0%
QCOM	Sell	QUALCOMM	$6,241,000	+28.9%	53,037	-0.1%	0.83%	+18.5%
WSO	Buy	Watsco	$5,518,000	+31.1%	23,695	+0.0%	0.74%	+20.5%
APD	Sell	Air Products & Chemicals	$5,185,000	+23.0%	17,407	-0.3%	0.69%	+13.1%
EL	Buy	Estee Lauder	$5,185,000	+16.0%	23,759	+0.3%	0.69%	+6.6%
EW	Buy	Edwards Lifesciences	$4,584,000	+51.6%	57,435	+31.3%	0.61%	+39.5%
COST	Buy	Costco Wholesale	$4,488,000	+66.3%	12,643	+42.0%	0.60%	+52.9%
SHW	Buy	Sherwin-Williams	$4,354,000	+36.5%	6,249	+13.2%	0.58%	+25.5%
ITW	Sell	Illinois Tool Works	$4,335,000	+1.7%	22,438	-8.0%	0.58%	-6.5%
SYY	Sell	Sysco	$4,316,000	-0.6%	69,365	-12.7%	0.58%	-8.7%
XOM	Sell	ExxonMobil	$3,918,000	-27.6%	114,141	-5.7%	0.52%	-33.4%
DG	New	Dollar General	$3,819,000	–	18,221	–	0.51%	–
RTX	Sell	Raytheon Technologies	$3,795,000	-8.2%	65,954	-1.7%	0.51%	-15.5%
HON	Sell	Honeywell Int'l	$3,706,000	+8.6%	22,512	-4.6%	0.49%	-0.2%
PAYX	Sell	Paychex	$3,650,000	-2.1%	45,753	-7.0%	0.49%	-9.8%
V	Sell	Visa	$3,316,000	+1.3%	16,580	-2.2%	0.44%	-6.8%
UNP	Sell	Union Pacific	$3,294,000	+15.9%	16,730	-0.4%	0.44%	+6.6%
BRKB	Buy	Berkshire Hathaway 'B'	$3,218,000	+23.6%	15,113	+3.6%	0.43%	+13.8%
SBUX	Sell	Starbucks	$3,124,000	-14.2%	36,355	-26.5%	0.42%	-21.2%
ZTS	Buy	Zoetis	$3,114,000	+27.2%	18,832	+5.4%	0.42%	+16.9%
NVO	Sell	Novo Nordisk ADR	$2,944,000	+3.9%	42,400	-2.0%	0.39%	-4.6%
INTC	Sell	Intel	$2,663,000	-19.0%	51,436	-6.4%	0.36%	-25.4%
BCPC	Sell	Balchem	$2,600,000	+0.5%	26,635	-2.3%	0.35%	-7.5%
EMR	Sell	Emerson Electric	$2,463,000	+3.0%	37,569	-2.6%	0.33%	-5.5%
CSCO	Sell	Cisco Systems	$2,397,000	-18.3%	60,862	-3.3%	0.32%	-24.9%
ADBE	Buy	Adobe Systems	$2,114,000	+23.6%	4,310	+9.7%	0.28%	+13.7%
PFE	Buy	Pfizer	$2,059,000	+14.3%	56,107	+1.8%	0.27%	+5.0%
T	Sell	AT&T	$2,028,000	-6.6%	71,127	-1.0%	0.27%	-14.3%
JKHY	Sell	Jack Henry & Associates	$1,812,000	-15.1%	11,145	-3.9%	0.24%	-21.7%
EXPD	Buy	Expeditors Int'l	$1,805,000	+24.1%	19,937	+4.2%	0.24%	+14.2%
RHHBY	Sell	Roche Holding Ltd ADR	$1,421,000	-7.3%	33,200	-6.1%	0.19%	-14.9%
MMM	Sell	3M Company	$1,377,000	+1.0%	8,594	-1.7%	0.18%	-7.1%
WBA	Sell	Walgreens Boots Alliance	$1,327,000	-23.5%	36,953	-9.7%	0.18%	-29.5%
BMY	Sell	Bristol-Myers Squibb	$1,161,000	+2.3%	19,261	-0.3%	0.16%	-6.1%
CDK	Sell	CDK Global	$1,100,000	+2.8%	25,229	-2.3%	0.15%	-5.2%
ORLY	Buy	O'Reilly Automotive	$1,051,000	+17.0%	2,280	+7.0%	0.14%	+7.7%
PM	Sell	Philip Morris Int'l	$1,033,000	-0.9%	13,774	-7.4%	0.14%	-8.6%
FLO	Sell	Flowers Foods	$980,000	-9.1%	40,275	-16.5%	0.13%	-16.0%
ULTA	Sell	Ulta Beauty	$813,000	-12.6%	3,632	-20.6%	0.11%	-20.0%
HSY	Buy	Hershey Company	$752,000	+11.1%	5,245	+0.5%	0.10%	+2.0%
OTIS	Sell	Otis Worldwide	$685,000	-37.8%	10,970	-43.4%	0.09%	-43.1%
CARR	Sell	Carrier Global	$651,000	-0.8%	21,330	-27.8%	0.09%	-8.4%
BAC	Sell	Bank of America	$530,000	-8.0%	22,018	-9.2%	0.07%	-14.5%
PGR	Sell	Progressive	$419,000	0.0%	4,428	-15.3%	0.06%	-8.2%
CTAS	Sell	Cintas	$400,000	+9.0%	1,203	-12.7%	0.05%	0.0%
SRCL	Sell	Stericycle	$400,000	+1.3%	6,350	-9.9%	0.05%	-7.0%
ILMN	Sell	Illumina	$386,000	-19.2%	1,250	-3.1%	0.05%	-26.1%
EOG	Sell	EOG Resources	$351,000	-30.8%	9,769	-2.3%	0.05%	-35.6%
WRI	Sell	Weingarten Realty	$325,000	-50.4%	19,175	-44.6%	0.04%	-54.7%
XRAY	Sell	Dentsply Sirona	$302,000	-15.4%	6,900	-14.8%	0.04%	-23.1%
WEX	Sell	WEX	$254,000	-31.4%	1,830	-18.5%	0.03%	-37.0%
FDX	New	FedEx	$246,000	–	978	–	0.03%	–
CAT	New	Caterpillar	$232,000	–	1,553	–	0.03%	–
USB	Sell	US Bancorp	$219,000	-79.8%	6,098	-79.3%	0.03%	-81.5%
CNMD	New	Conmed	$207,000	–	2,625	–	0.03%	–
ARFXF	New	ProMis Neurosciences	$6,000	–	60,000	–	0.00%	–
CTDH	New	Cyclo Therapeutics	$4,000	–	30,000	–	0.00%	–
EMBI	New	Emerald Bioscience	$1,000	–	13,000	–	0.00%	–
KIM	Exit	Kimco Realty	$0	–	-10,667	–	-0.02%	–
EFX	Exit	Equifax	$0	–	-1,200	–	-0.03%	–
SEIC	Exit	SEI Investments	$0	–	-7,000	–	-0.06%	–
HP	Exit	Helmerich & Payne	$0	–	-20,982	–	-0.06%	–

Q2 2020

			Value		Shares		↓ Weighting
MA	New	Mastercard	$43,126,000	–	145,845	–	6.25%	–
AAPL	New	Apple	$34,838,000	–	95,499	–	5.05%	–
ADP	New	Automatic Data Processing	$30,662,000	–	205,936	–	4.44%	–
MSFT	New	Microsoft	$29,461,000	–	144,762	–	4.27%	–
ECL	New	Ecolab	$24,180,000	–	121,538	–	3.50%	–
SYK	New	Stryker	$22,031,000	–	122,266	–	3.19%	–
NKE	New	NIKE 'B'	$21,767,000	–	221,999	–	3.16%	–
TJX	New	TJX Companies	$21,656,000	–	428,323	–	3.14%	–
MKC	New	McCormick	$20,721,000	–	115,493	–	3.00%	–
ABT	New	Abbott Labs	$18,485,000	–	202,178	–	2.68%	–
FISV	New	Fiserv	$17,266,000	–	176,867	–	2.50%	–
JNJ	New	Johnson & Johnson	$15,791,000	–	112,287	–	2.29%	–
CHD	New	Church & Dwight	$15,651,000	–	202,468	–	2.27%	–
DHR	New	Danaher	$15,307,000	–	86,565	–	2.22%	–
MCD	New	McDonald's	$14,594,000	–	79,113	–	2.12%	–
INTU	New	Intuit	$13,348,000	–	45,066	–	1.94%	–
NEE	New	NextEra Energy	$12,725,000	–	52,984	–	1.84%	–
AMT	New	American Tower	$11,858,000	–	45,864	–	1.72%	–
FDS	New	FactSet Research Systems	$11,786,000	–	35,880	–	1.71%	–
BR	New	Broadridge Financial Solutions	$11,262,000	–	89,248	–	1.63%	–
PG	New	Procter & Gamble	$10,895,000	–	91,115	–	1.58%	–
ABBV	New	AbbVie	$10,259,000	–	104,490	–	1.49%	–
KO	New	Coca-Cola	$9,029,000	–	202,087	–	1.31%	–
BDX	New	Becton, Dickinson	$8,720,000	–	36,445	–	1.26%	–
AMZN	New	Amazon.com	$8,660,000	–	3,139	–	1.26%	–
GOOGL	New	Alphabet Class A	$8,619,000	–	6,078	–	1.25%	–
PEP	New	PepsiCo	$8,487,000	–	64,171	–	1.23%	–
IDXX	New	IDEXX Labs	$8,433,000	–	25,542	–	1.22%	–
ACN	New	Accenture 'A'	$7,964,000	–	37,088	–	1.15%	–
BFB	New	Brown-Forman 'B'	$7,942,000	–	124,750	–	1.15%	–
DIS	New	Disney, Walt	$7,625,000	–	68,382	–	1.10%	–
CL	New	Colgate-Palmolive	$7,551,000	–	103,070	–	1.09%	–
HD	New	Home Depot	$7,124,000	–	28,436	–	1.03%	–
LLY	New	Lilly, Eli	$6,576,000	–	40,053	–	0.95%	–
PFF	New	iShares S&P US Pfd ETFdebt	$5,964,000	–	172,172	–	0.86%	–
XOM	New	ExxonMobil	$5,411,000	–	120,993	–	0.78%	–
QCOM	New	QUALCOMM	$4,842,000	–	53,087	–	0.70%	–
EL	New	Estee Lauder	$4,470,000	–	23,689	–	0.65%	–
SYY	New	Sysco	$4,344,000	–	79,465	–	0.63%	–
ITW	New	Illinois Tool Works	$4,264,000	–	24,388	–	0.62%	–
APD	New	Air Products & Chemicals	$4,215,000	–	17,457	–	0.61%	–
WSO	New	Watsco	$4,209,000	–	23,685	–	0.61%	–
RTX	New	Raytheon Technologies	$4,135,000	–	67,102	–	0.60%	–
MRK	New	Merck	$4,013,000	–	51,896	–	0.58%	–
WMT	New	Walmart	$3,847,000	–	32,120	–	0.56%	–
VZ	New	Verizon Communications	$3,841,000	–	69,666	–	0.56%	–
PAYX	New	Paychex	$3,728,000	–	49,215	–	0.54%	–
SBUX	New	Starbucks	$3,641,000	–	49,480	–	0.53%	–
LOW	New	Lowe's	$3,487,000	–	25,808	–	0.50%	–
HON	New	Honeywell Int'l	$3,412,000	–	23,597	–	0.50%	–
INTC	New	Intel	$3,287,000	–	54,936	–	0.48%	–
V	New	Visa	$3,273,000	–	16,945	–	0.47%	–
SHW	New	Sherwin-Williams	$3,190,000	–	5,521	–	0.46%	–
EW	New	Edwards Lifesciences	$3,024,000	–	43,750	–	0.44%	–
CSCO	New	Cisco Systems	$2,934,000	–	62,910	–	0.42%	–
MPC	New	Marathon Petroleum	$2,911,000	–	77,868	–	0.42%	–
UNP	New	Union Pacific	$2,841,000	–	16,805	–	0.41%	–
NVO	New	Novo Nordisk ADR	$2,834,000	–	43,275	–	0.41%	–
AMGN	New	Amgen	$2,709,000	–	11,487	–	0.39%	–
COST	New	Costco Wholesale	$2,699,000	–	8,901	–	0.39%	–
BRKB	New	Berkshire Hathaway 'B'	$2,604,000	–	14,588	–	0.38%	–
BCPC	New	Balchem	$2,586,000	–	27,260	–	0.38%	–
ZTS	New	Zoetis	$2,448,000	–	17,867	–	0.36%	–
EMR	New	Emerson Electric	$2,392,000	–	38,569	–	0.35%	–
T	New	AT&T	$2,171,000	–	71,827	–	0.32%	–
JKHY	New	Jack Henry & Associates	$2,134,000	–	11,595	–	0.31%	–
FAST	New	Fastenal	$2,125,000	–	49,600	–	0.31%	–
GWW	New	Grainger, W.W.	$1,974,000	–	6,282	–	0.29%	–
PFE	New	Pfizer	$1,802,000	–	55,107	–	0.26%	–
WBA	New	Walgreens Boots Alliance	$1,734,000	–	40,903	–	0.25%	–
ADBE	New	Adobe Systems	$1,711,000	–	3,930	–	0.25%	–
RHHBY	New	Roche Holding Ltd ADR	$1,533,000	–	35,350	–	0.22%	–
DE	New	Deere & Company	$1,513,000	–	9,629	–	0.22%	–
ISRG	New	Intuitive Surgical	$1,496,000	–	2,625	–	0.22%	–
EXPD	New	Expeditors Int'l	$1,455,000	–	19,137	–	0.21%	–
TIF	New	Tiffany	$1,451,000	–	11,900	–	0.21%	–
MMM	New	3M Company	$1,364,000	–	8,744	–	0.20%	–
PPG	New	PPG Industries	$1,321,000	–	12,457	–	0.19%	–
GILD	New	Gilead Sciences	$1,238,000	–	16,085	–	0.18%	–
BMY	New	Bristol-Myers Squibb	$1,135,000	–	19,311	–	0.16%	–
EPAM	New	EPAM Systems	$1,134,000	–	4,500	–	0.16%	–
OTIS	New	Otis Worldwide	$1,102,000	–	19,378	–	0.16%	–
USB	New	US Bancorp	$1,085,000	–	29,475	–	0.16%	–
FLO	New	Flowers Foods	$1,078,000	–	48,225	–	0.16%	–
CDK	New	CDK Global	$1,070,000	–	25,828	–	0.16%	–
PM	New	Philip Morris Int'l	$1,042,000	–	14,874	–	0.15%	–
WELL	New	Welltower	$1,041,000	–	20,125	–	0.15%	–
IBM	New	IBM	$943,000	–	7,807	–	0.14%	–
ULTA	New	Ulta Beauty	$930,000	–	4,572	–	0.14%	–
ORLY	New	O'Reilly Automotive	$898,000	–	2,130	–	0.13%	–
K	New	Kellogg	$859,000	–	13,000	–	0.12%	–
CSX	New	CSX	$848,000	–	12,156	–	0.12%	–
PYPL	New	PayPal Holdings	$733,000	–	4,208	–	0.11%	–
HSY	New	Hershey Company	$677,000	–	5,220	–	0.10%	–
FBHS	New	Fortune Brands Home & Security	$661,000	–	10,347	–	0.10%	–
CVS	New	CVS Health	$653,000	–	10,054	–	0.10%	–
CARR	New	Carrier Global	$656,000	–	29,531	–	0.10%	–
WRI	New	Weingarten Realty	$655,000	–	34,625	–	0.10%	–
ROST	New	Ross Stores	$644,000	–	7,555	–	0.09%	–
EQR	New	Equity Residential Properties	$632,000	–	10,742	–	0.09%	–
CVX	New	Chevron	$584,000	–	6,547	–	0.08%	–
BAC	New	Bank of America	$576,000	–	24,252	–	0.08%	–
ALCO	New	Alico	$557,000	–	17,866	–	0.08%	–
EOG	New	EOG Resources	$507,000	–	9,999	–	0.07%	–
TMO	New	Thermo Fisher Scientific	$482,000	–	1,329	–	0.07%	–
HPQ	New	HP	$483,000	–	27,700	–	0.07%	–
ILMN	New	Illumina	$478,000	–	1,290	–	0.07%	–
TRMB	New	Trimble	$468,000	–	10,835	–	0.07%	–
JPM	New	JPMorgan Chase	$464,000	–	4,936	–	0.07%	–
PGR	New	Progressive	$419,000	–	5,228	–	0.06%	–
NOC	New	Northrop Grumman	$420,000	–	1,366	–	0.06%	–
HP	New	Helmerich & Payne	$409,000	–	20,982	–	0.06%	–
PEAK	New	Healthpeak Properties	$402,000	–	14,600	–	0.06%	–
TECH	New	Bio-Techne	$396,000	–	1,500	–	0.06%	–
SRCL	New	Stericycle	$395,000	–	7,050	–	0.06%	–
SEIC	New	SEI Investments	$385,000	–	7,000	–	0.06%	–
DUK	New	Duke Energy	$375,000	–	4,697	–	0.05%	–
WEX	New	WEX	$370,000	–	2,245	–	0.05%	–
PRU	New	Prudential Financial	$365,000	–	6,000	–	0.05%	–
CTAS	New	Cintas	$367,000	–	1,378	–	0.05%	–
XRAY	New	Dentsply Sirona	$357,000	–	8,100	–	0.05%	–
NSC	New	Norfolk Southern	$352,000	–	2,005	–	0.05%	–
HSIC	New	Henry Schein	$333,000	–	5,704	–	0.05%	–
GPC	New	Genuine Parts	$329,000	–	3,785	–	0.05%	–
LHX	New	L3 Harris Technologies	$310,000	–	1,830	–	0.04%	–
MDLZ	New	Mondelez Int'l	$301,000	–	5,882	–	0.04%	–
CMI	New	Cummins	$286,000	–	1,650	–	0.04%	–
LKQ	New	LKQ	$278,000	–	10,600	–	0.04%	–
BRKA	New	Berkshire Hathaway 'A'	$267,000	–	1	–	0.04%	–
HPE	New	Hewlett Packard Enterprise	$270,000	–	27,700	–	0.04%	–
MRO	New	Marathon Oil	$267,000	–	43,588	–	0.04%	–
PRAA	New	PRA Group	$263,000	–	6,800	–	0.04%	–
INGR	New	Ingredion	$249,000	–	3,000	–	0.04%	–
FPE	New	1st Trust Pfd Sec & Inc ETFdebt	$239,000	–	13,000	–	0.04%	–
MO	New	Altria	$228,000	–	5,800	–	0.03%	–
CHTR	New	Charter Communications	$225,000	–	441	–	0.03%	–
ORCL	New	Oracle	$207,000	–	3,754	–	0.03%	–
EFX	New	Equifax	$206,000	–	1,200	–	0.03%	–
VEEV	New	Veeva Systems Cl A	$204,000	–	870	–	0.03%	–
TXN	New	Texas Instruments	$203,000	–	1,602	–	0.03%	–
KIM	New	Kimco Realty	$137,000	–	10,667	–	0.02%	–
GE	New	General Electric	$91,000	–	13,274	–	0.01%	–
LLEG	New	Laidlaw EGY Group	$0	–	1,350,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
TXN	Exit	Texas Instruments	$0	–	-1,602	–	-0.03%	–
WY	Exit	Weyerhaeuser	$0	–	-7,728	–	-0.03%	–
ALL	Exit	Allstate	$0	–	-2,000	–	-0.03%	–
RCL	Exit	Royal Caribbean Cruises	$0	–	-2,000	–	-0.03%	–
DD	Exit	DuPont de Nemours	$0	–	-3,093	–	-0.03%	–
KIM	Exit	Kimco Realty	$0	–	-10,650	–	-0.03%	–
NBL	Exit	Noble Energy	$0	–	-9,900	–	-0.03%	–
PSX	Exit	Phillips 66	$0	–	-2,296	–	-0.03%	–
PRAA	Exit	PRA Group	$0	–	-6,850	–	-0.03%	–
ORCL	Exit	Oracle	$0	–	-4,254	–	-0.03%	–
INGR	Exit	Ingredion	$0	–	-3,000	–	-0.04%	–
FDX	Exit	FedEx	$0	–	-1,686	–	-0.04%	–
FPE	Exit	1st Trust Pfd Sec & Inc ETFdebt	$0	–	-13,000	–	-0.04%	–
CNMD	Exit	Conmed	$0	–	-2,625	–	-0.04%	–
MO	Exit	Altria	$0	–	-6,371	–	-0.04%	–
CTAS	Exit	Cintas	$0	–	-1,000	–	-0.04%	–
CMI	Exit	Cummins	$0	–	-1,650	–	-0.04%	–
COP	Exit	ConocoPhillips	$0	–	-4,663	–	-0.04%	–
SRCL	Exit	Stericycle	$0	–	-5,175	–	-0.04%	–
VSM	Exit	Versum Materials	$0	–	-5,178	–	-0.04%	–
WM	Exit	Waste Management	$0	–	-2,450	–	-0.04%	–
TECH	Exit	Bio-Techne	$0	–	-1,500	–	-0.04%	–
BRKA	Exit	Berkshire Hathaway 'A'	$0	–	-1	–	-0.05%	–
ORLY	Exit	O'Reilly Automotive	$0	–	-800	–	-0.05%	–
ILMN	Exit	Illumina	$0	–	-1,075	–	-0.05%	–
CAT	Exit	Caterpillar	$0	–	-2,853	–	-0.05%	–
NSC	Exit	Norfolk Southern	$0	–	-2,005	–	-0.05%	–
MDLZ	Exit	Mondelez Int'l	$0	–	-6,807	–	-0.06%	–
GE	Exit	General Electric	$0	–	-41,725	–	-0.06%	–
GPC	Exit	Genuine Parts	$0	–	-3,785	–	-0.06%	–
LHX	Exit	L3 Harris Technologies	$0	–	-1,830	–	-0.06%	–
COST	Exit	Costco Wholesale	$0	–	-1,359	–	-0.06%	–
PYPL	Exit	Paypal Holdings	$0	–	-3,820	–	-0.06%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-1,349	–	-0.06%	–
PGR	Exit	Progressive	$0	–	-5,228	–	-0.06%	–
SEIC	Exit	SEI Investments	$0	–	-7,000	–	-0.06%	–
HPE	Exit	Hewlett Packard Enterprise	$0	–	-27,700	–	-0.06%	–
LKQ	Exit	LKQ	$0	–	-13,500	–	-0.06%	–
XRAY	Exit	Dentsply Sirona	$0	–	-8,300	–	-0.06%	–
SLB	Exit	Schlumberger	$0	–	-12,896	–	-0.06%	–
DUK	Exit	Duke Energy	$0	–	-5,180	–	-0.07%	–
NOC	Exit	Northrop Grumman	$0	–	-1,366	–	-0.08%	–
HCP	Exit	HCP	$0	–	-14,600	–	-0.08%	–
HPQ	Exit	HP	$0	–	-27,700	–	-0.08%	–
MRO	Exit	Marathon Oil	$0	–	-43,588	–	-0.08%	–
TRMB	Exit	Trimble	$0	–	-13,835	–	-0.08%	–
FBHS	Exit	Fortune Brands Home & Security	$0	–	-10,347	–	-0.08%	–
JPM	Exit	JPMorgan Chase	$0	–	-4,913	–	-0.08%	–
HSIC	Exit	Henry Schein	$0	–	-9,504	–	-0.09%	–
ALCO	Exit	Alico	$0	–	-17,866	–	-0.09%	–
CVS	Exit	CVS Health	$0	–	-9,835	–	-0.09%	–
SHW	Exit	Sherwin-Williams	$0	–	-1,165	–	-0.09%	–
BAC	Exit	Bank of America	$0	–	-24,452	–	-0.10%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-14,436	–	-0.11%	–
RTN	Exit	Raytheon	$0	–	-3,768	–	-0.11%	–
CVX	Exit	Chevron	$0	–	-6,397	–	-0.11%	–
CELG	Exit	Celgene	$0	–	-8,000	–	-0.12%	–
CTSH	Exit	Cognizant Technology	$0	–	-13,350	–	-0.12%	–
EPAM	Exit	EPAM Systems	$0	–	-4,500	–	-0.12%	–
CSX	Exit	CSX	$0	–	-12,156	–	-0.12%	–
K	Exit	Kellogg	$0	–	-13,000	–	-0.12%	–
HSY	Exit	Hershey Company	$0	–	-5,470	–	-0.12%	–
ROST	Exit	Ross Stores	$0	–	-7,805	–	-0.12%	–
BFS	Exit	Saul Centers	$0	–	-15,835	–	-0.13%	–
EQR	Exit	Equity Residential Properties	$0	–	-10,220	–	-0.13%	–
EOG	Exit	EOG Resources	$0	–	-12,409	–	-0.14%	–
HP	Exit	Helmerich & Payne	$0	–	-27,470	–	-0.16%	–
FLO	Exit	Flowers Foods	$0	–	-48,225	–	-0.16%	–
PM	Exit	Philip Morris Int'l	$0	–	-15,986	–	-0.18%	–
GILD	Exit	Gilead Sciences	$0	–	-19,710	–	-0.18%	–
ULTA	Exit	Ulta Beauty	$0	–	-5,092	–	-0.19%	–
IBM	Exit	IBM	$0	–	-9,230	–	-0.20%	–
TIF	Exit	Tiffany	$0	–	-14,650	–	-0.20%	–
RHHBY	Exit	Roche Holding Ltd ADR	$0	–	-38,350	–	-0.20%	–
ISRG	Exit	Intuitive Surgical	$0	–	-2,670	–	-0.21%	–
CDK	Exit	CDK Global	$0	–	-30,166	–	-0.21%	–
PPG	Exit	PPG Industries	$0	–	-12,457	–	-0.22%	–
MMM	Exit	3M Company	$0	–	-9,144	–	-0.22%	–
FTV	Exit	Fortive	$0	–	-22,014	–	-0.22%	–
EXPD	Exit	Expeditors Int'l	$0	–	-20,774	–	-0.23%	–
WRI	Exit	Weingarten Realty	$0	–	-54,648	–	-0.23%	–
DE	Exit	Deere & Company	$0	–	-9,629	–	-0.24%	–
FAST	Exit	Fastenal	$0	–	-51,500	–	-0.25%	–
ZTS	Exit	Zoetis	$0	–	-14,052	–	-0.26%	–
GWW	Exit	Grainger, W.W.	$0	–	-6,297	–	-0.27%	–
WELL	Exit	Welltower	$0	–	-20,625	–	-0.27%	–
PFE	Exit	Pfizer	$0	–	-57,835	–	-0.30%	–
AMGN	Exit	Amgen	$0	–	-11,563	–	-0.33%	–
NVO	Exit	Novo Nordisk ADR	$0	–	-43,675	–	-0.33%	–
V	Exit	Visa	$0	–	-15,344	–	-0.39%	–
EMR	Exit	Emerson Electric	$0	–	-39,442	–	-0.39%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-47,953	–	-0.39%	–
EW	Exit	Edwards Lifesciences	$0	–	-12,155	–	-0.39%	–
JKHY	Exit	Jack Henry & Associates	$0	–	-19,020	–	-0.41%	–
T	Exit	AT&T	$0	–	-74,131	–	-0.41%	–
UNP	Exit	Union Pacific	$0	–	-17,580	–	-0.42%	–
LOW	Exit	Lowe's	$0	–	-26,147	–	-0.42%	–
INTC	Exit	Intel	$0	–	-56,186	–	-0.42%	–
BCPC	Exit	Balchem	$0	–	-32,525	–	-0.47%	–
CSCO	Exit	Cisco Systems	$0	–	-65,915	–	-0.48%	–
QCOM	Exit	QUALCOMM	$0	–	-48,810	–	-0.54%	–
WMT	Exit	Walmart	$0	–	-31,653	–	-0.55%	–
APD	Exit	Air Products & Chemicals	$0	–	-17,457	–	-0.57%	–
VZ	Exit	Verizon Communications	$0	–	-64,202	–	-0.57%	–
BRKB	Exit	Berkshire Hathaway 'B'	$0	–	-18,839	–	-0.57%	–
WSO	Exit	Watsco	$0	–	-23,785	–	-0.59%	–
AMZN	Exit	Amazon.com	$0	–	-2,399	–	-0.61%	–
PAYX	Exit	Paychex	$0	–	-50,695	–	-0.61%	–
SBUX	Exit	Starbucks	$0	–	-47,820	–	-0.62%	–
MRK	Exit	Merck	$0	–	-50,574	–	-0.62%	–
LLY	Exit	Lilly, Eli	$0	–	-40,053	–	-0.66%	–
HON	Exit	Honeywell Int'l	$0	–	-27,397	–	-0.68%	–
EL	Exit	Estee Lauder	$0	–	-23,434	–	-0.68%	–
MPC	Exit	Marathon Petroleum	$0	–	-77,357	–	-0.69%	–
WEX	Exit	WEX	$0	–	-23,955	–	-0.71%	–
USB	Exit	US Bancorp	$0	–	-89,217	–	-0.72%	–
PFF	Exit	iShares S&P US Pfd ETFdebt	$0	–	-157,522	–	-0.87%	–
HD	Exit	Home Depot	$0	–	-27,951	–	-0.95%	–
ITW	Exit	Illinois Tool Works	$0	–	-41,719	–	-0.96%	–
SYY	Exit	Sysco	$0	–	-82,376	–	-0.96%	–
ACN	Exit	Accenture 'A'	$0	–	-36,704	–	-1.03%	–
GOOGL	Exit	Alphabet Class A	$0	–	-5,857	–	-1.05%	–
UTX	Exit	United Technologies	$0	–	-53,154	–	-1.06%	–
IDXX	Exit	IDEXX Labs	$0	–	-26,930	–	-1.07%	–
ABBV	Exit	AbbVie	$0	–	-105,388	–	-1.17%	–
CL	Exit	Colgate-Palmolive	$0	–	-110,360	–	-1.19%	–
BFB	Exit	Brown-Forman 'B'	$0	–	-130,112	–	-1.20%	–
XOM	Exit	ExxonMobil	$0	–	-124,161	–	-1.28%	–
PEP	Exit	PepsiCo	$0	–	-64,410	–	-1.29%	–
FDS	Exit	FactSet Research Systems	$0	–	-37,073	–	-1.32%	–
DIS	Exit	Disney, Walt	$0	–	-69,198	–	-1.32%	–
BDX	Exit	Becton, Dickinson	$0	–	-36,113	–	-1.34%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-78,614	–	-1.43%	–
AMT	Exit	American Tower	$0	–	-46,294	–	-1.50%	–
KO	Exit	Coca-Cola	$0	–	-207,343	–	-1.65%	–
PG	Exit	Procter & Gamble	$0	–	-94,590	–	-1.72%	–
INTU	Exit	Intuit	$0	–	-45,708	–	-1.78%	–
DHR	Exit	Danaher	$0	–	-85,862	–	-1.82%	–
NEE	Exit	NextEra Energy	$0	–	-54,814	–	-1.87%	–
JNJ	Exit	Johnson & Johnson	$0	–	-117,567	–	-2.23%	–
CHD	Exit	Church & Dwight	$0	–	-210,824	–	-2.32%	–
ABT	Exit	Abbott Labs	$0	–	-190,438	–	-2.33%	–
MCD	Exit	McDonald's	$0	–	-78,999	–	-2.48%	–
FISV	Exit	Fiserv	$0	–	-173,459	–	-2.63%	–
MKC	Exit	McCormick	$0	–	-118,615	–	-2.72%	–
MSFT	Exit	Microsoft	$0	–	-140,544	–	-2.86%	–
NKE	Exit	NIKE 'B'	$0	–	-222,639	–	-3.06%	–
AAPL	Exit	Apple	$0	–	-101,138	–	-3.32%	–
TJX	Exit	TJX Companies	$0	–	-433,775	–	-3.54%	–
ECL	Exit	Ecolab	$0	–	-124,976	–	-3.62%	–
SYK	Exit	Stryker	$0	–	-120,828	–	-3.83%	–
ADP	Exit	Automatic Data Processing	$0	–	-206,910	–	-4.89%	–
MA	Exit	Mastercard	$0	–	-151,742	–	-6.04%	–

Q3 2019

			Value		Shares		↓ Weighting
MA	Sell	Mastercard	$41,209,000	+2.2%	151,742	-0.4%	6.04%	-0.2%
ADP	Buy	Automatic Data Processing	$33,399,000	-1.5%	206,910	+0.9%	4.89%	-3.8%
SYK	Buy	Stryker	$26,135,000	+7.2%	120,828	+1.9%	3.83%	+4.6%
ECL	Sell	Ecolab	$24,750,000	-0.8%	124,976	-1.1%	3.62%	-3.2%
TJX	Buy	TJX Companies	$24,179,000	+6.0%	433,775	+0.5%	3.54%	+3.4%
AAPL	Sell	Apple	$22,652,000	+12.1%	101,138	-0.9%	3.32%	+9.4%
NKE	Buy	NIKE 'B'	$20,910,000	+14.0%	222,639	+1.9%	3.06%	+11.3%
MSFT	Buy	Microsoft	$19,540,000	+7.9%	140,544	+4.0%	2.86%	+5.3%
MKC	Sell	McCormick	$18,540,000	+0.8%	118,615	-0.1%	2.72%	-1.7%
FISV	Buy	Fiserv	$17,969,000	+14.7%	173,459	+0.9%	2.63%	+12.0%
MCD	Sell	McDonald's	$16,962,000	+2.9%	78,999	-0.5%	2.48%	+0.4%
ABT	Sell	Abbott Labs	$15,934,000	-1.3%	190,438	-0.8%	2.33%	-3.7%
CHD	Sell	Church & Dwight	$15,862,000	+1.7%	210,824	-1.3%	2.32%	-0.8%
JNJ	Buy	Johnson & Johnson	$15,211,000	-6.8%	117,567	+0.3%	2.23%	-9.1%
NEE	Sell	NextEra Energy	$12,771,000	+12.7%	54,814	-0.9%	1.87%	+10.0%
DHR	Buy	Danaher	$12,401,000	+1.5%	85,862	+0.4%	1.82%	-0.9%
INTU	Buy	Intuit	$12,156,000	+2.2%	45,708	+0.5%	1.78%	-0.2%
PG	Sell	Procter & Gamble	$11,765,000	+13.2%	94,590	-0.2%	1.72%	+10.4%
KO	Sell	Coca-Cola	$11,288,000	+6.8%	207,343	-0.1%	1.65%	+4.2%
AMT	Buy	American Tower	$10,237,000	+9.1%	46,294	+0.9%	1.50%	+6.5%
BR	Buy	Broadridge Financial Solutions	$9,782,000	+0.2%	78,614	+2.9%	1.43%	-2.2%
BDX	Buy	Becton, Dickinson	$9,135,000	+6.0%	36,113	+5.6%	1.34%	+3.5%
DIS	Buy	Disney, Walt	$9,018,000	-5.2%	69,198	+1.6%	1.32%	-7.4%
FDS	Sell	FactSet Research Systems	$9,008,000	-15.9%	37,073	-0.8%	1.32%	-17.9%
PEP	Buy	PepsiCo	$8,831,000	+4.9%	64,410	+0.3%	1.29%	+2.3%
XOM	Sell	ExxonMobil	$8,767,000	-10.2%	124,161	-2.6%	1.28%	-12.4%
BFB	Sell	Brown-Forman 'B'	$8,168,000	+10.5%	130,112	-2.5%	1.20%	+7.7%
CL	Sell	Colgate-Palmolive	$8,113,000	+0.5%	110,360	-2.0%	1.19%	-1.9%
ABBV	Sell	AbbVie	$7,980,000	+1.5%	105,388	-2.5%	1.17%	-0.9%
IDXX	Sell	IDEXX Labs	$7,323,000	-4.3%	26,930	-3.1%	1.07%	-6.6%
UTX	Buy	United Technologies	$7,257,000	+5.8%	53,154	+0.9%	1.06%	+3.3%
GOOGL	Buy	Alphabet Class A	$7,152,000	+13.6%	5,857	+0.7%	1.05%	+10.9%
ACN	Sell	Accenture 'A'	$7,060,000	+3.3%	36,704	-0.7%	1.03%	+0.9%
SYY	Buy	Sysco	$6,541,000	+13.2%	82,376	+0.9%	0.96%	+10.5%
ITW	Sell	Illinois Tool Works	$6,529,000	+1.1%	41,719	-2.6%	0.96%	-1.3%
HD	Buy	Home Depot	$6,485,000	+18.1%	27,951	+5.8%	0.95%	+15.3%
PFF	Buy	iShares S&P US Pfd ETFdebt	$5,912,000	+2.5%	157,522	+0.7%	0.87%	+0.1%
USB	Sell	US Bancorp	$4,937,000	-1.3%	89,217	-6.5%	0.72%	-3.6%
WEX	Buy	WEX	$4,841,000	+2.5%	23,955	+5.5%	0.71%	0.0%
MPC	Buy	Marathon Petroleum	$4,699,000	+10.1%	77,357	+1.3%	0.69%	+7.5%
EL	Buy	Estee Lauder	$4,662,000	+8.8%	23,434	+0.2%	0.68%	+6.2%
HON	Buy	Honeywell Int'l	$4,636,000	-1.8%	27,397	+1.3%	0.68%	-4.1%
LLY	Sell	Lilly, Eli	$4,479,000	+0.4%	40,053	-0.5%	0.66%	-1.9%
MRK	Buy	Merck	$4,257,000	+0.8%	50,574	+0.4%	0.62%	-1.7%
SBUX	Sell	Starbucks	$4,228,000	+4.2%	47,820	-1.2%	0.62%	+1.6%
PAYX	Sell	Paychex	$4,196,000	+0.3%	50,695	-0.3%	0.61%	-2.2%
AMZN	Buy	Amazon.com	$4,164,000	+0.2%	2,399	+9.3%	0.61%	-2.2%
WSO	Sell	Watsco	$4,024,000	+2.9%	23,785	-0.6%	0.59%	+0.3%
BRKB	Buy	Berkshire Hathaway 'B'	$3,919,000	+0.1%	18,839	+2.5%	0.57%	-2.4%
VZ	Sell	Verizon Communications	$3,875,000	+5.5%	64,202	-0.2%	0.57%	+2.9%
APD	Sell	Air Products & Chemicals	$3,873,000	-2.8%	17,457	-0.9%	0.57%	-5.2%
WMT	Buy	Walmart	$3,757,000	+9.2%	31,653	+1.6%	0.55%	+6.6%
CSCO	Sell	Cisco Systems	$3,257,000	-10.9%	65,915	-1.3%	0.48%	-13.1%
BCPC	Sell	Balchem	$3,226,000	-2.3%	32,525	-1.5%	0.47%	-4.6%
INTC	Sell	Intel	$2,895,000	+7.3%	56,186	-0.3%	0.42%	+4.7%
LOW	Sell	Lowe's	$2,875,000	+7.7%	26,147	-1.1%	0.42%	+5.2%
UNP	Sell	Union Pacific	$2,848,000	-11.9%	17,580	-8.0%	0.42%	-14.0%
T	Buy	AT&T	$2,805,000	+14.7%	74,131	+1.6%	0.41%	+12.0%
JKHY	Sell	Jack Henry & Associates	$2,776,000	+7.4%	19,020	-1.4%	0.41%	+4.9%
EW	Buy	Edwards Lifesciences	$2,673,000	+19.6%	12,155	+0.5%	0.39%	+16.7%
WBA	Sell	Walgreens Boots Alliance	$2,652,000	-9.9%	47,953	-11.0%	0.39%	-12.2%
EMR	Sell	Emerson Electric	$2,637,000	-1.2%	39,442	-1.4%	0.39%	-3.5%
V	Buy	Visa	$2,639,000	+5.4%	15,344	+6.3%	0.39%	+2.7%
NVO	Sell	Novo Nordisk ADR	$2,258,000	-6.5%	43,675	-7.7%	0.33%	-8.6%
PFE	Buy	Pfizer	$2,078,000	-14.8%	57,835	+2.7%	0.30%	-16.9%
ZTS	Buy	Zoetis	$1,751,000	+26.6%	14,052	+15.3%	0.26%	+23.1%
DE	Sell	Deere & Company	$1,624,000	-1.3%	9,629	-3.0%	0.24%	-3.6%
WRI	Sell	Weingarten Realty	$1,592,000	-0.6%	54,648	-6.4%	0.23%	-2.9%
FTV	Buy	Fortive	$1,509,000	-14.2%	22,014	+2.0%	0.22%	-16.3%
MMM	Sell	3M Company	$1,503,000	-17.5%	9,144	-13.0%	0.22%	-19.4%
CDK	Sell	CDK Global	$1,451,000	-3.4%	30,166	-0.7%	0.21%	-5.8%
ISRG	Sell	Intuitive Surgical	$1,442,000	+1.6%	2,670	-1.3%	0.21%	-0.9%
IBM	Buy	IBM	$1,342,000	+6.3%	9,230	+0.8%	0.20%	+4.2%
ULTA	Buy	Ulta Beauty	$1,276,000	-5.8%	5,092	+30.3%	0.19%	-7.9%
GILD	Sell	Gilead Sciences	$1,249,000	-7.8%	19,710	-1.7%	0.18%	-9.9%
PM	Buy	Philip Morris Int'l	$1,214,000	-1.1%	15,986	+2.3%	0.18%	-3.3%
FLO	Sell	Flowers Foods	$1,115,000	-8.3%	48,225	-7.7%	0.16%	-10.4%
HP	Sell	Helmerich & Payne	$1,101,000	-35.0%	27,470	-17.9%	0.16%	-36.6%
EOG	Sell	EOG Resources	$921,000	-26.8%	12,409	-8.1%	0.14%	-28.6%
ROST	Sell	Ross Stores	$857,000	+5.4%	7,805	-4.9%	0.12%	+2.5%
HSY	Sell	Hershey Company	$848,000	+13.4%	5,470	-2.0%	0.12%	+10.7%
K	Sell	Kellogg	$837,000	+14.8%	13,000	-4.4%	0.12%	+12.8%
EPAM	Sell	EPAM Systems	$820,000	-21.1%	4,500	-25.0%	0.12%	-23.1%
CTSH	Sell	Cognizant Technology	$805,000	-34.3%	13,350	-31.0%	0.12%	-35.9%
CELG	Sell	Celgene	$794,000	-8.5%	8,000	-14.8%	0.12%	-10.8%
CVX	Sell	Chevron	$759,000	-6.1%	6,397	-1.5%	0.11%	-8.3%
BMY	Sell	Bristol-Myers Squibb	$732,000	+11.1%	14,436	-0.7%	0.11%	+8.1%
BAC	Buy	Bank of America	$713,000	+2.0%	24,452	+1.5%	0.10%	-1.0%
HSIC	Sell	Henry Schein	$604,000	-12.7%	9,504	-4.0%	0.09%	-15.4%
JPM	Buy	JPMorgan Chase	$578,000	+10.3%	4,913	+4.9%	0.08%	+7.6%
HCP	Sell	HCP	$520,000	+7.0%	14,600	-3.9%	0.08%	+4.1%
XRAY	Sell	Dentsply Sirona	$442,000	-14.8%	8,300	-6.7%	0.06%	-16.7%
PYPL	Buy	Paypal Holdings	$396,000	+31.1%	3,820	+44.7%	0.06%	+28.9%
LHX	New	L3 Harris Technologies	$382,000	–	1,830	–	0.06%	–
GPC	Sell	Genuine Parts	$377,000	-6.2%	3,785	-2.6%	0.06%	-8.3%
GE	Buy	General Electric	$373,000	-14.1%	41,725	+0.9%	0.06%	-15.4%
NSC	Sell	Norfolk Southern	$360,000	-12.6%	2,005	-2.9%	0.05%	-14.5%
CAT	Buy	Caterpillar	$360,000	-4.0%	2,853	+3.6%	0.05%	-5.4%
ILMN	Buy	Illumina	$327,000	-4.9%	1,075	+15.0%	0.05%	-7.7%
MO	Buy	Altria	$261,000	-12.1%	6,371	+1.6%	0.04%	-15.6%
FDX	Sell	FedEx	$245,000	-86.8%	1,686	-85.1%	0.04%	-87.1%
PRAA	New	PRA Group	$231,000	–	6,850	–	0.03%	–
DD	Buy	DuPont de Nemours	$221,000	-3.1%	3,093	+1.6%	0.03%	-5.9%
TXN	New	Texas Instruments	$207,000	–	1,602	–	0.03%	–
KDP	Exit	Keurig Dr. Pepper	$0	–	-7,125	–	-0.03%	–
BKNG	Exit	Booking Holdings	$0	–	-118	–	-0.03%	–
LLL	Exit	L3 Technologies	$0	–	-1,350	–	-0.05%	–
HCSG	Exit	Healthcare Services Group	$0	–	-16,050	–	-0.07%	–

Q2 2019

			Value		Shares		↓ Weighting
MA	New	Mastercard	$40,321,000	–	152,424	–	6.05%	–
ADP	New	Automatic Data Processing	$33,898,000	–	205,033	–	5.09%	–
ECL	New	Ecolab	$24,951,000	–	126,371	–	3.74%	–
SYK	New	Stryker	$24,380,000	–	118,593	–	3.66%	–
TJX	New	TJX Companies	$22,817,000	–	431,484	–	3.42%	–
AAPL	New	Apple	$20,201,000	–	102,068	–	3.03%	–
MKC	New	McCormick	$18,401,000	–	118,708	–	2.76%	–
NKE	New	NIKE 'B'	$18,344,000	–	218,513	–	2.75%	–
MSFT	New	Microsoft	$18,105,000	–	135,149	–	2.72%	–
MCD	New	McDonald's	$16,488,000	–	79,399	–	2.47%	–
JNJ	New	Johnson & Johnson	$16,322,000	–	117,185	–	2.45%	–
ABT	New	Abbott Labs	$16,148,000	–	192,008	–	2.42%	–
FISV	New	Fiserv	$15,665,000	–	171,839	–	2.35%	–
CHD	New	Church & Dwight	$15,600,000	–	213,518	–	2.34%	–
DHR	New	Danaher	$12,219,000	–	85,492	–	1.83%	–
INTU	New	Intuit	$11,891,000	–	45,500	–	1.78%	–
NEE	New	NextEra Energy	$11,332,000	–	55,314	–	1.70%	–
FDS	New	FactSet Research Systems	$10,713,000	–	37,385	–	1.61%	–
KO	New	Coca-Cola	$10,570,000	–	207,582	–	1.59%	–
PG	New	Procter & Gamble	$10,394,000	–	94,795	–	1.56%	–
XOM	New	ExxonMobil	$9,764,000	–	127,421	–	1.46%	–
BR	New	Broadridge Financial Solutions	$9,759,000	–	76,434	–	1.46%	–
DIS	New	Disney, Walt	$9,510,000	–	68,102	–	1.43%	–
AMT	New	American Tower	$9,381,000	–	45,882	–	1.41%	–
BDX	New	Becton, Dickinson	$8,617,000	–	34,193	–	1.29%	–
PEP	New	PepsiCo	$8,422,000	–	64,228	–	1.26%	–
CL	New	Colgate-Palmolive	$8,074,000	–	112,660	–	1.21%	–
ABBV	New	AbbVie	$7,862,000	–	108,118	–	1.18%	–
IDXX	New	IDEXX Labs	$7,649,000	–	27,780	–	1.15%	–
BFB	New	Brown-Forman 'B'	$7,395,000	–	133,412	–	1.11%	–
UTX	New	United Technologies	$6,860,000	–	52,691	–	1.03%	–
ACN	New	Accenture 'A'	$6,833,000	–	36,979	–	1.02%	–
ITW	New	Illinois Tool Works	$6,457,000	–	42,818	–	0.97%	–
GOOGL	New	Alphabet Class A	$6,295,000	–	5,814	–	0.94%	–
SYY	New	Sysco	$5,776,000	–	81,676	–	0.87%	–
PFF	New	iShares S&P US Pfd ETFdebt	$5,766,000	–	156,480	–	0.86%	–
HD	New	Home Depot	$5,493,000	–	26,413	–	0.82%	–
USB	New	US Bancorp	$5,002,000	–	95,467	–	0.75%	–
WEX	New	WEX	$4,724,000	–	22,700	–	0.71%	–
HON	New	Honeywell Int'l	$4,721,000	–	27,041	–	0.71%	–
LLY	New	Lilly, Eli	$4,460,000	–	40,253	–	0.67%	–
EL	New	Estee Lauder	$4,283,000	–	23,389	–	0.64%	–
MPC	New	Marathon Petroleum	$4,267,000	–	76,357	–	0.64%	–
MRK	New	Merck	$4,224,000	–	50,373	–	0.63%	–
PAYX	New	Paychex	$4,184,000	–	50,845	–	0.63%	–
AMZN	New	Amazon.com	$4,157,000	–	2,195	–	0.62%	–
SBUX	New	Starbucks	$4,057,000	–	48,395	–	0.61%	–
APD	New	Air Products & Chemicals	$3,986,000	–	17,607	–	0.60%	–
BRKB	New	Berkshire Hathaway 'B'	$3,917,000	–	18,376	–	0.59%	–
WSO	New	Watsco	$3,912,000	–	23,925	–	0.59%	–
QCOM	New	QUALCOMM	$3,713,000	–	48,810	–	0.56%	–
VZ	New	Verizon Communications	$3,674,000	–	64,306	–	0.55%	–
CSCO	New	Cisco Systems	$3,657,000	–	66,815	–	0.55%	–
WMT	New	Walmart	$3,442,000	–	31,153	–	0.52%	–
BCPC	New	Balchem	$3,302,000	–	33,025	–	0.50%	–
UNP	New	Union Pacific	$3,231,000	–	19,105	–	0.48%	–
WBA	New	Walgreens Boots Alliance	$2,944,000	–	53,853	–	0.44%	–
INTC	New	Intel	$2,697,000	–	56,336	–	0.40%	–
EMR	New	Emerson Electric	$2,669,000	–	40,000	–	0.40%	–
LOW	New	Lowe's	$2,669,000	–	26,446	–	0.40%	–
JKHY	New	Jack Henry & Associates	$2,584,000	–	19,295	–	0.39%	–
V	New	Visa	$2,504,000	–	14,429	–	0.38%	–
T	New	AT&T	$2,445,000	–	72,977	–	0.37%	–
PFE	New	Pfizer	$2,440,000	–	56,330	–	0.37%	–
NVO	New	Novo Nordisk ADR	$2,414,000	–	47,300	–	0.36%	–
EW	New	Edwards Lifesciences	$2,235,000	–	12,100	–	0.34%	–
AMGN	New	Amgen	$2,131,000	–	11,563	–	0.32%	–
FDX	New	FedEx	$1,855,000	–	11,296	–	0.28%	–
MMM	New	3M Company	$1,822,000	–	10,514	–	0.27%	–
FTV	New	Fortive	$1,759,000	–	21,576	–	0.26%	–
HP	New	Helmerich & Payne	$1,694,000	–	33,470	–	0.25%	–
GWW	New	Grainger, W.W.	$1,689,000	–	6,297	–	0.25%	–
WELL	New	Welltower	$1,682,000	–	20,625	–	0.25%	–
FAST	New	Fastenal	$1,678,000	–	51,500	–	0.25%	–
DE	New	Deere & Company	$1,645,000	–	9,929	–	0.25%	–
WRI	New	Weingarten Realty	$1,601,000	–	58,398	–	0.24%	–
EXPD	New	Expeditors Int'l	$1,576,000	–	20,774	–	0.24%	–
CDK	New	CDK Global	$1,502,000	–	30,382	–	0.22%	–
PPG	New	PPG Industries	$1,454,000	–	12,457	–	0.22%	–
ISRG	New	Intuitive Surgical	$1,419,000	–	2,705	–	0.21%	–
ZTS	New	Zoetis	$1,383,000	–	12,184	–	0.21%	–
TIF	New	Tiffany	$1,372,000	–	14,650	–	0.21%	–
GILD	New	Gilead Sciences	$1,355,000	–	20,060	–	0.20%	–
ULTA	New	Ulta Beauty	$1,355,000	–	3,907	–	0.20%	–
RHHBY	New	Roche Holding Ltd ADR	$1,346,000	–	38,350	–	0.20%	–
IBM	New	IBM	$1,263,000	–	9,157	–	0.19%	–
EOG	New	EOG Resources	$1,258,000	–	13,499	–	0.19%	–
CTSH	New	Cognizant Technology	$1,226,000	–	19,336	–	0.18%	–
PM	New	Philip Morris Int'l	$1,228,000	–	15,634	–	0.18%	–
FLO	New	Flowers Foods	$1,216,000	–	52,275	–	0.18%	–
EPAM	New	EPAM Systems	$1,039,000	–	6,000	–	0.16%	–
CSX	New	CSX	$941,000	–	12,156	–	0.14%	–
BFS	New	Saul Centers	$889,000	–	15,835	–	0.13%	–
CELG	New	Celgene	$868,000	–	9,390	–	0.13%	–
ROST	New	Ross Stores	$813,000	–	8,205	–	0.12%	–
CVX	New	Chevron	$808,000	–	6,497	–	0.12%	–
EQR	New	Equity Residential Properties	$776,000	–	10,220	–	0.12%	–
HSY	New	Hershey Company	$748,000	–	5,580	–	0.11%	–
K	New	Kellogg	$729,000	–	13,600	–	0.11%	–
BAC	New	Bank of America	$699,000	–	24,102	–	0.10%	–
HSIC	New	Henry Schein	$692,000	–	9,904	–	0.10%	–
BMY	New	Bristol-Myers Squibb	$659,000	–	14,536	–	0.10%	–
RTN	New	Raytheon	$655,000	–	3,768	–	0.10%	–
TRMB	New	Trimble	$624,000	–	13,835	–	0.09%	–
MRO	New	Marathon Oil	$619,000	–	43,588	–	0.09%	–
FBHS	New	Fortune Brands Home & Security	$591,000	–	10,347	–	0.09%	–
HPQ	New	HP	$576,000	–	27,700	–	0.09%	–
ALCO	New	Alico	$542,000	–	17,866	–	0.08%	–
SHW	New	Sherwin-Williams	$534,000	–	1,165	–	0.08%	–
CVS	New	CVS Health	$536,000	–	9,835	–	0.08%	–
JPM	New	JPMorgan Chase	$524,000	–	4,683	–	0.08%	–
XRAY	New	Dentsply Sirona	$519,000	–	8,900	–	0.08%	–
SLB	New	Schlumberger	$512,000	–	12,896	–	0.08%	–
HCSG	New	Healthcare Services Group	$487,000	–	16,050	–	0.07%	–
HCP	New	HCP	$486,000	–	15,200	–	0.07%	–
DUK	New	Duke Energy	$457,000	–	5,180	–	0.07%	–
NOC	New	Northrop Grumman	$441,000	–	1,366	–	0.07%	–
GE	New	General Electric	$434,000	–	41,354	–	0.06%	–
PGR	New	Progressive	$418,000	–	5,228	–	0.06%	–
NSC	New	Norfolk Southern	$412,000	–	2,065	–	0.06%	–
HPE	New	Hewlett Packard Enterprise	$414,000	–	27,700	–	0.06%	–
GPC	New	Genuine Parts	$402,000	–	3,885	–	0.06%	–
SEIC	New	SEI Investments	$393,000	–	7,000	–	0.06%	–
TMO	New	Thermo Fisher Scientific	$396,000	–	1,349	–	0.06%	–
CAT	New	Caterpillar	$375,000	–	2,753	–	0.06%	–
MDLZ	New	Mondelez Int'l	$367,000	–	6,807	–	0.06%	–
LKQ	New	LKQ	$359,000	–	13,500	–	0.05%	–
COST	New	Costco Wholesale	$359,000	–	1,359	–	0.05%	–
ILMN	New	Illumina	$344,000	–	935	–	0.05%	–
LLL	New	L3 Technologies	$331,000	–	1,350	–	0.05%	–
BRKA	New	Berkshire Hathaway 'A'	$318,000	–	1	–	0.05%	–
TECH	New	Bio-Techne	$313,000	–	1,500	–	0.05%	–
PYPL	New	Paypal Holdings	$302,000	–	2,640	–	0.04%	–
MO	New	Altria	$297,000	–	6,268	–	0.04%	–
ORLY	New	O'Reilly Automotive	$295,000	–	800	–	0.04%	–
COP	New	ConocoPhillips	$284,000	–	4,663	–	0.04%	–
CMI	New	Cummins	$283,000	–	1,650	–	0.04%	–
WM	New	Waste Management	$283,000	–	2,450	–	0.04%	–
VSM	New	Versum Materials	$267,000	–	5,178	–	0.04%	–
FPE	New	1st Trust Pfd Sec & Inc ETFdebt	$252,000	–	13,000	–	0.04%	–
SRCL	New	Stericycle	$247,000	–	5,175	–	0.04%	–
INGR	New	Ingredion	$247,000	–	3,000	–	0.04%	–
CTAS	New	Cintas	$237,000	–	1,000	–	0.04%	–
RCL	New	Royal Caribbean Cruises	$242,000	–	2,000	–	0.04%	–
ORCL	New	Oracle	$242,000	–	4,254	–	0.04%	–
DD	New	DuPont de Nemours	$228,000	–	3,043	–	0.03%	–
CNMD	New	Conmed	$225,000	–	2,625	–	0.03%	–
NBL	New	Noble Energy	$222,000	–	9,900	–	0.03%	–
BKNG	New	Booking Holdings	$221,000	–	118	–	0.03%	–
PSX	New	Phillips 66	$215,000	–	2,296	–	0.03%	–
KDP	New	Keurig Dr. Pepper	$206,000	–	7,125	–	0.03%	–
WY	New	Weyerhaeuser	$204,000	–	7,728	–	0.03%	–
KIM	New	Kimco Realty	$197,000	–	10,650	–	0.03%	–
ALL	New	Allstate	$203,000	–	2,000	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
CNMD	Exit	Conmed	$0	–	-2,625	–	-0.03%	–
TSCO	Exit	Tractor Supply Company	$0	–	-2,255	–	-0.03%	–
KDP	Exit	Keurig Dr. Pepper	$0	–	-9,175	–	-0.03%	–
KIM	Exit	Kimco Realty	$0	–	-12,650	–	-0.03%	–
WM	Exit	Waste Management	$0	–	-2,450	–	-0.03%	–
TMO	Exit	Thermo Fisher Scientific	$0	–	-906	–	-0.03%	–
LRLCY	Exit	L'Oreal ADR	$0	–	-4,650	–	-0.04%	–
DXC	Exit	DXC Technology	$0	–	-2,379	–	-0.04%	–
KHC	Exit	Kraft Heinz	$0	–	-4,133	–	-0.04%	–
ESRX	Exit	Express Scripts	$0	–	-2,527	–	-0.04%	–
CMI	Exit	Cummins	$0	–	-1,700	–	-0.04%	–
FPE	Exit	1st Trust Pfd Sec & Inc ETFdebt	$0	–	-13,000	–	-0.04%	–
ORCL	Exit	Oracle	$0	–	-4,951	–	-0.04%	–
SHW	Exit	Sherwin-Williams	$0	–	-572	–	-0.04%	–
SU	Exit	Suncor Energy	$0	–	-6,750	–	-0.04%	–
CTAS	Exit	Cintas	$0	–	-1,400	–	-0.04%	–
BKNG	Exit	Booking Holdings	$0	–	-139	–	-0.04%	–
LLL	Exit	L3 Technologies	$0	–	-1,350	–	-0.04%	–
WY	Exit	Weyerhaeuser	$0	–	-9,088	–	-0.05%	–
AET	Exit	Aetna	$0	–	-1,500	–	-0.05%	–
COST	Exit	Costco Wholesale	$0	–	-1,314	–	-0.05%	–
NBL	Exit	Noble Energy	$0	–	-9,900	–	-0.05%	–
TECH	Exit	Bio-Techne	$0	–	-1,500	–	-0.05%	–
INGR	Exit	Ingredion	$0	–	-3,000	–	-0.05%	–
PSX	Exit	Phillips 66	$0	–	-2,812	–	-0.05%	–
MDLZ	Exit	Mondelez Int'l	$0	–	-7,307	–	-0.05%	–
BRKA	Exit	Berkshire Hathaway 'A'	$0	–	-1	–	-0.05%	–
STT	Exit	State Street	$0	–	-3,899	–	-0.05%	–
PGR	Exit	Progressive	$0	–	-5,200	–	-0.06%	–
GPC	Exit	Genuine Parts	$0	–	-3,885	–	-0.06%	–
NOC	Exit	Northrop Grumman	$0	–	-1,282	–	-0.06%	–
NSC	Exit	Norfolk Southern	$0	–	-2,255	–	-0.06%	–
DUK	Exit	Duke Energy	$0	–	-5,180	–	-0.06%	–
PRAA	Exit	PRA Group	$0	–	-11,750	–	-0.07%	–
MO	Exit	Altria	$0	–	-7,036	–	-0.07%	–
SEIC	Exit	SEI Investments	$0	–	-7,000	–	-0.07%	–
HCP	Exit	HCP	$0	–	-16,500	–	-0.07%	–
COP	Exit	ConocoPhillips	$0	–	-5,735	–	-0.07%	–
HPE	Exit	Hewlett Packard Enterprise	$0	–	-27,700	–	-0.07%	–
GE	Exit	General Electric	$0	–	-42,047	–	-0.07%	–
XRAY	Exit	Dentsply Sirona	$0	–	-13,900	–	-0.08%	–
CAT	Exit	Caterpillar	$0	–	-3,553	–	-0.08%	–
FBHS	Exit	Fortune Brands Home & Security	$0	–	-10,847	–	-0.09%	–
DWDP	Exit	DowDupont	$0	–	-9,138	–	-0.09%	–
TRMB	Exit	Trimble	$0	–	-13,760	–	-0.09%	–
ALCO	Exit	Alico	$0	–	-17,866	–	-0.09%	–
JPM	Exit	JPMorgan Chase	$0	–	-5,332	–	-0.09%	–
SRCL	Exit	Stericycle	$0	–	-10,472	–	-0.10%	–
HCSG	Exit	Healthcare Services Group	$0	–	-15,600	–	-0.10%	–
HPQ	Exit	HP	$0	–	-27,700	–	-0.11%	–
EQR	Exit	Equity Residential Properties	$0	–	-10,720	–	-0.11%	–
HSY	Exit	Hershey Company	$0	–	-7,035	–	-0.11%	–
BFS	Exit	Saul Centers	$0	–	-14,835	–	-0.13%	–
CVX	Exit	Chevron	$0	–	-6,937	–	-0.13%	–
HSIC	Exit	Henry Schein	$0	–	-10,354	–	-0.14%	–
CSX	Exit	CSX	$0	–	-12,156	–	-0.14%	–
ROST	Exit	Ross Stores	$0	–	-9,085	–	-0.14%	–
RTN	Exit	Raytheon	$0	–	-4,453	–	-0.14%	–
SLB	Exit	Schlumberger	$0	–	-15,531	–	-0.15%	–
ULTA	Exit	Ulta Beauty	$0	–	-3,335	–	-0.15%	–
K	Exit	Kellogg	$0	–	-13,600	–	-0.15%	–
ZTS	Exit	Zoetis	$0	–	-10,650	–	-0.15%	–
MRO	Exit	Marathon Oil	$0	–	-44,260	–	-0.16%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-16,985	–	-0.16%	–
FLO	Exit	Flowers Foods	$0	–	-58,125	–	-0.17%	–
CVS	Exit	CVS Health	$0	–	-15,660	–	-0.19%	–
WELL	Exit	Welltower	$0	–	-20,625	–	-0.21%	–
PPG	Exit	PPG Industries	$0	–	-12,457	–	-0.21%	–
RHHBY	Exit	Roche Holding Ltd ADR	$0	–	-45,350	–	-0.21%	–
IBM	Exit	IBM	$0	–	-9,325	–	-0.22%	–
PM	Exit	Philip Morris Int'l	$0	–	-17,659	–	-0.22%	–
DE	Exit	Deere & Company	$0	–	-10,250	–	-0.24%	–
ISRG	Exit	Intuitive Surgical	$0	–	-2,835	–	-0.25%	–
FAST	Exit	Fastenal	$0	–	-28,050	–	-0.25%	–
EXPD	Exit	Expeditors Int'l	$0	–	-22,274	–	-0.26%	–
FTV	Exit	Fortive	$0	–	-19,868	–	-0.26%	–
EW	Exit	Edwards Lifesciences	$0	–	-10,015	–	-0.27%	–
EOG	Exit	EOG Resources	$0	–	-13,830	–	-0.28%	–
GILD	Exit	Gilead Sciences	$0	–	-23,926	–	-0.29%	–
TIF	Exit	Tiffany	$0	–	-15,000	–	-0.30%	–
WRI	Exit	Weingarten Realty	$0	–	-65,673	–	-0.30%	–
V	Exit	Visa	$0	–	-13,306	–	-0.31%	–
CDK	Exit	CDK Global	$0	–	-33,879	–	-0.33%	–
GWW	Exit	Grainger, W.W.	$0	–	-6,412	–	-0.36%	–
NVO	Exit	Novo Nordisk ADR	$0	–	-48,593	–	-0.36%	–
HP	Exit	Helmerich & Payne	$0	–	-36,020	–	-0.39%	–
AMGN	Exit	Amgen	$0	–	-11,964	–	-0.39%	–
PFE	Exit	Pfizer	$0	–	-57,613	–	-0.40%	–
MMM	Exit	3M Company	$0	–	-12,264	–	-0.40%	–
T	Exit	AT&T	$0	–	-80,434	–	-0.42%	–
INTC	Exit	Intel	$0	–	-58,713	–	-0.43%	–
WMT	Exit	Walmart	$0	–	-31,053	–	-0.45%	–
SBUX	Exit	Starbucks	$0	–	-52,755	–	-0.47%	–
APD	Exit	Air Products & Chemicals	$0	–	-18,157	–	-0.47%	–
CTSH	Exit	Cognizant Technology	$0	–	-40,837	–	-0.49%	–
UNP	Exit	Union Pacific	$0	–	-19,411	–	-0.49%	–
EMR	Exit	Emerson Electric	$0	–	-41,502	–	-0.50%	–
JKHY	Exit	Jack Henry & Associates	$0	–	-19,945	–	-0.50%	–
EL	Exit	Estee Lauder	$0	–	-22,158	–	-0.50%	–
LOW	Exit	Lowe's	$0	–	-28,575	–	-0.51%	–
BRKB	Exit	Berkshire Hathaway 'B'	$0	–	-15,559	–	-0.52%	–
VZ	Exit	Verizon Communications	$0	–	-65,419	–	-0.54%	–
QCOM	Exit	QUALCOMM	$0	–	-49,595	–	-0.56%	–
CSCO	Exit	Cisco Systems	$0	–	-74,494	–	-0.56%	–
WEX	Exit	WEX	$0	–	-18,820	–	-0.59%	–
AMZN	Exit	Amazon.com	$0	–	-1,893	–	-0.59%	–
BCPC	Exit	Balchem	$0	–	-34,650	–	-0.60%	–
HON	Exit	Honeywell Int'l	$0	–	-23,410	–	-0.61%	–
PAYX	Exit	Paychex	$0	–	-53,045	–	-0.61%	–
FDX	Exit	FedEx	$0	–	-16,269	–	-0.61%	–
MRK	Exit	Merck	$0	–	-55,575	–	-0.61%	–
WSO	Exit	Watsco	$0	–	-22,960	–	-0.64%	–
LLY	Exit	Lilly, Eli	$0	–	-40,533	–	-0.68%	–
HD	Exit	Home Depot	$0	–	-21,235	–	-0.68%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-65,938	–	-0.75%	–
USB	Exit	US Bancorp	$0	–	-97,715	–	-0.80%	–
PFF	Exit	iShares S&P US Pfd ETFdebt	$0	–	-162,205	–	-0.94%	–
ITW	Exit	Illinois Tool Works	$0	–	-42,980	–	-0.94%	–
GOOGL	Exit	Alphabet Class A	$0	–	-5,205	–	-0.98%	–
MPC	Exit	Marathon Petroleum	$0	–	-79,079	–	-0.98%	–
AMT	Exit	American Tower	$0	–	-43,564	–	-0.99%	–
ACN	Exit	Accenture 'A'	$0	–	-38,204	–	-1.01%	–
SYY	Exit	Sysco	$0	–	-89,235	–	-1.02%	–
BFB	Exit	Brown-Forman 'B'	$0	–	-131,682	–	-1.04%	–
BDX	Exit	Becton, Dickinson	$0	–	-26,186	–	-1.06%	–
DIS	Exit	Disney, Walt	$0	–	-61,160	–	-1.11%	–
CELG	Exit	Celgene	$0	–	-80,780	–	-1.13%	–
IDXX	Exit	IDEXX Labs	$0	–	-30,371	–	-1.18%	–
PEP	Exit	PepsiCo	$0	–	-68,030	–	-1.18%	–
UTX	Exit	United Technologies	$0	–	-57,044	–	-1.24%	–
PG	Exit	Procter & Gamble	$0	–	-99,467	–	-1.29%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-64,209	–	-1.32%	–
FDS	Exit	FactSet Research Systems	$0	–	-38,788	–	-1.35%	–
DHR	Exit	Danaher	$0	–	-80,360	–	-1.36%	–
NEE	Exit	NextEra Energy	$0	–	-54,474	–	-1.42%	–
CL	Exit	Colgate-Palmolive	$0	–	-136,468	–	-1.42%	–
KO	Exit	Coca-Cola	$0	–	-221,653	–	-1.59%	–
INTU	Exit	Intuit	$0	–	-46,887	–	-1.66%	–
ABBV	Exit	AbbVie	$0	–	-116,180	–	-1.71%	–
XOM	Exit	ExxonMobil	$0	–	-138,872	–	-1.84%	–
CHD	Exit	Church & Dwight	$0	–	-216,608	–	-2.00%	–
MCD	Exit	McDonald's	$0	–	-80,880	–	-2.11%	–
MSFT	Exit	Microsoft	$0	–	-122,962	–	-2.19%	–
FISV	Exit	Fiserv	$0	–	-172,044	–	-2.21%	–
ABT	Exit	Abbott Labs	$0	–	-198,550	–	-2.27%	–
MKC	Exit	McCormick	$0	–	-119,640	–	-2.46%	–
JNJ	Exit	Johnson & Johnson	$0	–	-119,505	–	-2.57%	–
NKE	Exit	NIKE 'B'	$0	–	-221,170	–	-2.92%	–
ECL	Exit	Ecolab	$0	–	-129,685	–	-3.17%	–
SYK	Exit	Stryker	$0	–	-125,604	–	-3.48%	–
AAPL	Exit	Apple	$0	–	-102,203	–	-3.59%	–
TJX	Exit	TJX Companies	$0	–	-212,098	–	-3.70%	–
ADP	Exit	Automatic Data Processing	$0	–	-215,244	–	-5.05%	–
MA	Exit	Mastercard	$0	–	-156,353	–	-5.42%	–

Q3 2018

			Value		Shares		↓ Weighting
MA	Sell	Mastercard	$34,806,000	+12.1%	156,353	-1.1%	5.42%	+2.2%
ADP	Sell	Automatic Data Processing	$32,429,000	+11.6%	215,244	-0.6%	5.05%	+1.8%
TJX	Sell	TJX Companies	$23,759,000	+16.9%	212,098	-0.7%	3.70%	+6.7%
AAPL	Sell	Apple	$23,071,000	+21.0%	102,203	-0.8%	3.59%	+10.4%
SYK	Sell	Stryker	$22,317,000	+4.9%	125,604	-0.3%	3.48%	-4.2%
ECL	Sell	Ecolab	$20,332,000	+11.5%	129,685	-0.2%	3.17%	+1.7%
NKE	Sell	NIKE 'B'	$18,738,000	+4.7%	221,170	-1.6%	2.92%	-4.5%
JNJ	Buy	Johnson & Johnson	$16,512,000	+16.0%	119,505	+1.9%	2.57%	+5.8%
MKC	Buy	McCormick	$15,763,000	+14.8%	119,640	+1.2%	2.46%	+4.8%
ABT	Sell	Abbott Labs	$14,566,000	+19.1%	198,550	-1.0%	2.27%	+8.6%
FISV	Buy	Fiserv	$14,173,000	+11.3%	172,044	+0.1%	2.21%	+1.6%
MCD	Buy	McDonald's	$13,530,000	+6.9%	80,880	+0.1%	2.11%	-2.5%
CHD	Buy	Church & Dwight	$12,860,000	+12.5%	216,608	+0.7%	2.00%	+2.7%
XOM	Sell	ExxonMobil	$11,807,000	+1.9%	138,872	-0.8%	1.84%	-7.0%
INTU	Sell	Intuit	$10,662,000	+10.4%	46,887	-0.8%	1.66%	+0.7%
KO	Sell	Coca-Cola	$10,238,000	+2.7%	221,653	-2.5%	1.59%	-6.3%
CL	Sell	Colgate-Palmolive	$9,137,000	-3.8%	136,468	-6.9%	1.42%	-12.2%
NEE	Buy	NextEra Energy	$9,130,000	+1.8%	54,474	+1.4%	1.42%	-7.1%
DHR	Buy	Danaher	$8,732,000	+12.7%	80,360	+2.3%	1.36%	+2.8%
FDS	Buy	FactSet Research Systems	$8,677,000	+13.2%	38,788	+0.3%	1.35%	+3.3%
BR	Sell	Broadridge Financial Solutions	$8,472,000	+11.5%	64,209	-2.7%	1.32%	+1.7%
PG	Sell	Procter & Gamble	$8,279,000	+3.6%	99,467	-2.8%	1.29%	-5.5%
UTX	Sell	United Technologies	$7,975,000	+11.2%	57,044	-0.5%	1.24%	+1.5%
PEP	Sell	PepsiCo	$7,606,000	+2.0%	68,030	-0.6%	1.18%	-6.8%
IDXX	Sell	IDEXX Labs	$7,582,000	+11.5%	30,371	-2.7%	1.18%	+1.8%
CELG	Sell	Celgene	$7,229,000	+11.8%	80,780	-0.8%	1.13%	+2.0%
DIS	Buy	Disney, Walt	$7,152,000	+13.0%	61,160	+1.3%	1.11%	+3.1%
BDX	Buy	Becton, Dickinson	$6,835,000	+19.0%	26,186	+9.2%	1.06%	+8.5%
BFB	Buy	Brown-Forman 'B'	$6,657,000	+5.4%	131,682	+2.2%	1.04%	-3.8%
SYY	Buy	Sysco	$6,536,000	+8.2%	89,235	+0.9%	1.02%	-1.3%
ACN	Sell	Accenture 'A'	$6,502,000	+3.5%	38,204	-0.6%	1.01%	-5.6%
AMT	Buy	American Tower	$6,330,000	+4.7%	43,564	+3.9%	0.99%	-4.5%
GOOGL	Buy	Alphabet Class A	$6,283,000	+10.0%	5,205	+2.9%	0.98%	+0.3%
ITW	Buy	Illinois Tool Works	$6,065,000	+11.8%	42,980	+9.7%	0.94%	+2.1%
PFF	Buy	iShares S&P US Pfd ETFdebt	$6,023,000	-1.3%	162,205	+0.3%	0.94%	-9.9%
USB	Sell	US Bancorp	$5,160,000	+4.6%	97,715	-1.0%	0.80%	-4.5%
WBA	Sell	Walgreens Boots Alliance	$4,807,000	+14.6%	65,938	-5.6%	0.75%	+4.6%
HD	Buy	Home Depot	$4,399,000	+10.6%	21,235	+4.1%	0.68%	+0.9%
WSO	Buy	Watsco	$4,089,000	+7.9%	22,960	+8.0%	0.64%	-1.5%
FDX	Buy	FedEx	$3,917,000	+22.7%	16,269	+15.7%	0.61%	+11.9%
PAYX	Sell	Paychex	$3,907,000	+7.5%	53,045	-0.2%	0.61%	-1.9%
HON	Buy	Honeywell Int'l	$3,895,000	+29.1%	23,410	+11.8%	0.61%	+17.9%
BCPC	Sell	Balchem	$3,884,000	+13.1%	34,650	-1.0%	0.60%	+3.2%
AMZN	Buy	Amazon.com	$3,792,000	+18.0%	1,893	+0.1%	0.59%	+7.7%
WEX	Buy	WEX	$3,778,000	+8.8%	18,820	+3.2%	0.59%	-0.8%
CSCO	Buy	Cisco Systems	$3,624,000	+13.5%	74,494	+0.4%	0.56%	+3.5%
QCOM	Sell	QUALCOMM	$3,572,000	+27.1%	49,595	-0.9%	0.56%	+15.8%
VZ	Buy	Verizon Communications	$3,493,000	+6.8%	65,419	+0.7%	0.54%	-2.5%
BRKB	Buy	Berkshire Hathaway 'B'	$3,331,000	+15.6%	15,559	+0.8%	0.52%	+5.5%
EL	Buy	Estee Lauder	$3,220,000	+6.0%	22,158	+4.1%	0.50%	-3.3%
JKHY	Sell	Jack Henry & Associates	$3,193,000	+18.5%	19,945	-3.5%	0.50%	+8.0%
EMR	Sell	Emerson Electric	$3,178,000	+6.9%	41,502	-3.5%	0.50%	-2.4%
UNP	Buy	Union Pacific	$3,161,000	+15.4%	19,411	+0.4%	0.49%	+5.1%
CTSH	Buy	Cognizant Technology	$3,151,000	+0.0%	40,837	+2.4%	0.49%	-8.7%
SBUX	Sell	Starbucks	$2,999,000	-21.1%	52,755	-32.2%	0.47%	-28.0%
WMT	Sell	Walmart	$2,916,000	+9.2%	31,053	-0.4%	0.45%	-0.4%
T	Sell	AT&T	$2,701,000	+1.8%	80,434	-2.7%	0.42%	-7.1%
MMM	Buy	3M Company	$2,584,000	+7.5%	12,264	+0.4%	0.40%	-2.0%
HP	Sell	Helmerich & Payne	$2,477,000	+7.6%	36,020	-0.3%	0.39%	-1.8%
GWW	Sell	Grainger, W.W.	$2,292,000	+14.1%	6,412	-1.5%	0.36%	+4.1%
NVO	Sell	Novo Nordisk ADR	$2,291,000	-0.0%	48,593	-2.2%	0.36%	-8.7%
CDK	Sell	CDK Global	$2,119,000	-4.3%	33,879	-0.5%	0.33%	-12.7%
V	Sell	Visa	$1,997,000	+12.6%	13,306	-0.6%	0.31%	+2.6%
WRI	Sell	Weingarten Realty	$1,954,000	-4.3%	65,673	-0.9%	0.30%	-12.9%
TIF	Sell	Tiffany	$1,935,000	-2.1%	15,000	-0.2%	0.30%	-10.7%
GILD	Sell	Gilead Sciences	$1,847,000	-9.3%	23,926	-16.8%	0.29%	-17.2%
EOG	Buy	EOG Resources	$1,764,000	+3.3%	13,830	+0.7%	0.28%	-5.8%
EW	Buy	Edwards Lifesciences	$1,744,000	+25.5%	10,015	+4.9%	0.27%	+14.8%
FTV	Buy	Fortive	$1,673,000	+13.7%	19,868	+4.1%	0.26%	+4.0%
ISRG	Buy	Intuitive Surgical	$1,627,000	+20.6%	2,835	+0.5%	0.25%	+10.0%
PM	Sell	Philip Morris Int'l	$1,440,000	-1.5%	17,659	-2.5%	0.22%	-10.4%
RHHBY	Sell	Roche Holding Ltd ADR	$1,368,000	+8.2%	45,350	-0.9%	0.21%	-1.4%
CVS	Sell	CVS Health	$1,233,000	+17.9%	15,660	-3.6%	0.19%	+7.3%
ZTS	Sell	Zoetis	$975,000	+5.3%	10,650	-2.1%	0.15%	-3.8%
ULTA	Buy	Ulta Beauty	$941,000	+30.2%	3,335	+7.8%	0.15%	+19.5%
SLB	Sell	Schlumberger	$946,000	-24.9%	15,531	-17.3%	0.15%	-31.6%
ROST	Sell	Ross Stores	$900,000	+16.0%	9,085	-0.8%	0.14%	+6.1%
HSIC	Sell	Henry Schein	$880,000	+15.3%	10,354	-1.4%	0.14%	+5.4%
CVX	Buy	Chevron	$848,000	-2.8%	6,937	+0.6%	0.13%	-11.4%
HSY	Sell	Hershey Company	$718,000	+6.7%	7,035	-2.8%	0.11%	-2.6%
HCSG	Buy	Healthcare Services Group	$634,000	-2.8%	15,600	+3.3%	0.10%	-10.8%
SRCL	Sell	Stericycle	$614,000	-20.5%	10,472	-11.4%	0.10%	-27.3%
XRAY	Sell	Dentsply Sirona	$525,000	-32.5%	13,900	-21.8%	0.08%	-38.3%
GE	Sell	General Electric	$475,000	-24.2%	42,047	-8.7%	0.07%	-30.8%
HCP	Sell	HCP	$434,000	-11.6%	16,500	-13.2%	0.07%	-19.0%
PRAA	Sell	PRA Group	$423,000	-11.1%	11,750	-4.9%	0.07%	-18.5%
MDLZ	Sell	Mondelez Int'l	$314,000	+1.9%	7,307	-2.7%	0.05%	-7.5%
AET	Sell	Aetna	$304,000	-17.2%	1,500	-25.0%	0.05%	-25.4%
BKNG	Buy	Booking Holdings	$276,000	+3.8%	139	+6.1%	0.04%	-4.4%
SHW	New	Sherwin-Williams	$260,000	–	572	–	0.04%	–
FPE	New	1st Trust Pfd Sec & Inc ETFdebt	$248,000	–	13,000	–	0.04%	–
ESRX	New	Express Scripts	$240,000	–	2,527	–	0.04%	–
KHC	Buy	Kraft Heinz	$228,000	-7.3%	4,133	+5.8%	0.04%	-14.3%
DXC	New	DXC Technology	$222,000	–	2,379	–	0.04%	–
WM	New	Waste Management	$221,000	–	2,450	–	0.03%	–
TMO	New	Thermo Fisher Scientific	$221,000	–	906	–	0.03%	–
KDP	New	Keurig Dr. Pepper	$213,000	–	9,175	–	0.03%	–
TSCO	New	Tractor Supply Company	$205,000	–	2,255	–	0.03%	–
CNMD	New	Conmed	$208,000	–	2,625	–	0.03%	–
ADI	Exit	Analog Devices	$0	–	-2,322	–	-0.04%	–
PX	Exit	Praxair	$0	–	-1,470	–	-0.04%	–
WGL	Exit	WGL Holdings	$0	–	-4,717	–	-0.07%	–
DPS	Exit	Dr. Pepper Snapple	$0	–	-9,175	–	-0.19%	–

Q2 2018

			Value		Shares		↓ Weighting
MA	New	Mastercard	$31,061,000	–	158,056	–	5.30%	–
ADP	New	Automatic Data Processing	$29,057,000	–	216,619	–	4.96%	–
SYK	New	Stryker	$21,269,000	–	125,954	–	3.63%	–
TJX	New	TJX Companies	$20,321,000	–	213,499	–	3.47%	–
AAPL	New	Apple	$19,074,000	–	103,039	–	3.26%	–
ECL	New	Ecolab	$18,243,000	–	129,998	–	3.11%	–
NKE	New	NIKE 'B'	$17,904,000	–	224,695	–	3.06%	–
JNJ	New	Johnson & Johnson	$14,233,000	–	117,295	–	2.43%	–
MKC	New	McCormick	$13,726,000	–	118,240	–	2.34%	–
FISV	New	Fiserv	$12,733,000	–	171,864	–	2.17%	–
MCD	New	McDonald's	$12,654,000	–	80,760	–	2.16%	–
ABT	New	Abbott Labs	$12,233,000	–	200,575	–	2.09%	–
MSFT	New	Microsoft	$12,125,000	–	122,962	–	2.07%	–
XOM	New	ExxonMobil	$11,585,000	–	140,030	–	1.98%	–
CHD	New	Church & Dwight	$11,433,000	–	215,063	–	1.95%	–
ABBV	New	AbbVie	$10,764,000	–	116,180	–	1.84%	–
KO	New	Coca-Cola	$9,972,000	–	227,363	–	1.70%	–
INTU	New	Intuit	$9,655,000	–	47,257	–	1.65%	–
CL	New	Colgate-Palmolive	$9,496,000	–	146,513	–	1.62%	–
NEE	New	NextEra Energy	$8,972,000	–	53,714	–	1.53%	–
PG	New	Procter & Gamble	$7,989,000	–	102,344	–	1.36%	–
DHR	New	Danaher	$7,751,000	–	78,545	–	1.32%	–
FDS	New	FactSet Research Systems	$7,662,000	–	38,678	–	1.31%	–
BR	New	Broadridge Financial Solutions	$7,598,000	–	66,009	–	1.30%	–
PEP	New	PepsiCo	$7,455,000	–	68,475	–	1.27%	–
UTX	New	United Technologies	$7,170,000	–	57,344	–	1.22%	–
IDXX	New	IDEXX Labs	$6,799,000	–	31,198	–	1.16%	–
CELG	New	Celgene	$6,468,000	–	81,440	–	1.10%	–
DIS	New	Disney, Walt	$6,329,000	–	60,385	–	1.08%	–
BFB	New	Brown-Forman 'B'	$6,315,000	–	128,859	–	1.08%	–
ACN	New	Accenture 'A'	$6,285,000	–	38,419	–	1.07%	–
PFF	New	iShares S&P US Pfd ETFdebt	$6,101,000	–	161,780	–	1.04%	–
AMT	New	American Tower	$6,046,000	–	41,934	–	1.03%	–
SYY	New	Sysco	$6,039,000	–	88,435	–	1.03%	–
BDX	New	Becton, Dickinson	$5,746,000	–	23,985	–	0.98%	–
GOOGL	New	Alphabet Class A	$5,714,000	–	5,060	–	0.98%	–
MPC	New	Marathon Petroleum	$5,548,000	–	79,079	–	0.95%	–
ITW	New	Illinois Tool Works	$5,427,000	–	39,170	–	0.93%	–
USB	New	US Bancorp	$4,935,000	–	98,665	–	0.84%	–
WBA	New	Walgreens Boots Alliance	$4,193,000	–	69,863	–	0.72%	–
HD	New	Home Depot	$3,979,000	–	20,395	–	0.68%	–
SBUX	New	Starbucks	$3,802,000	–	77,820	–	0.65%	–
WSO	New	Watsco	$3,788,000	–	21,250	–	0.65%	–
PAYX	New	Paychex	$3,635,000	–	53,175	–	0.62%	–
WEX	New	WEX	$3,474,000	–	18,240	–	0.59%	–
LLY	New	Lilly, Eli	$3,459,000	–	40,533	–	0.59%	–
BCPC	New	Balchem	$3,433,000	–	34,985	–	0.59%	–
MRK	New	Merck	$3,373,000	–	55,575	–	0.58%	–
VZ	New	Verizon Communications	$3,270,000	–	64,994	–	0.56%	–
AMZN	New	Amazon.com	$3,214,000	–	1,891	–	0.55%	–
CSCO	New	Cisco Systems	$3,193,000	–	74,206	–	0.54%	–
FDX	New	FedEx	$3,192,000	–	14,059	–	0.54%	–
CTSH	New	Cognizant Technology	$3,150,000	–	39,877	–	0.54%	–
EL	New	Estee Lauder	$3,037,000	–	21,283	–	0.52%	–
HON	New	Honeywell Int'l	$3,016,000	–	20,940	–	0.52%	–
EMR	New	Emerson Electric	$2,973,000	–	43,002	–	0.51%	–
INTC	New	Intel	$2,919,000	–	58,713	–	0.50%	–
BRKB	New	Berkshire Hathaway 'B'	$2,881,000	–	15,434	–	0.49%	–
APD	New	Air Products & Chemicals	$2,828,000	–	18,157	–	0.48%	–
QCOM	New	QUALCOMM	$2,810,000	–	50,070	–	0.48%	–
UNP	New	Union Pacific	$2,740,000	–	19,341	–	0.47%	–
LOW	New	Lowe's	$2,731,000	–	28,575	–	0.47%	–
JKHY	New	Jack Henry & Associates	$2,695,000	–	20,670	–	0.46%	–
WMT	New	Walmart	$2,671,000	–	31,188	–	0.46%	–
T	New	AT&T	$2,653,000	–	82,634	–	0.45%	–
MMM	New	3M Company	$2,403,000	–	12,214	–	0.41%	–
HP	New	Helmerich & Payne	$2,303,000	–	36,120	–	0.39%	–
NVO	New	Novo Nordisk ADR	$2,292,000	–	49,693	–	0.39%	–
CDK	New	CDK Global	$2,215,000	–	34,045	–	0.38%	–
AMGN	New	Amgen	$2,208,000	–	11,964	–	0.38%	–
PFE	New	Pfizer	$2,090,000	–	57,613	–	0.36%	–
WRI	New	Weingarten Realty	$2,042,000	–	66,273	–	0.35%	–
GILD	New	Gilead Sciences	$2,037,000	–	28,756	–	0.35%	–
GWW	New	Grainger, W.W.	$2,008,000	–	6,512	–	0.34%	–
TIF	New	Tiffany	$1,977,000	–	15,025	–	0.34%	–
V	New	Visa	$1,773,000	–	13,386	–	0.30%	–
EOG	New	EOG Resources	$1,708,000	–	13,730	–	0.29%	–
EXPD	New	Expeditors Int'l	$1,628,000	–	22,274	–	0.28%	–
FTV	New	Fortive	$1,472,000	–	19,093	–	0.25%	–
PM	New	Philip Morris Int'l	$1,462,000	–	18,109	–	0.25%	–
DE	New	Deere & Company	$1,433,000	–	10,250	–	0.24%	–
EW	New	Edwards Lifesciences	$1,390,000	–	9,548	–	0.24%	–
ISRG	New	Intuitive Surgical	$1,349,000	–	2,820	–	0.23%	–
FAST	New	Fastenal	$1,350,000	–	28,050	–	0.23%	–
IBM	New	IBM	$1,303,000	–	9,325	–	0.22%	–
PPG	New	PPG Industries	$1,292,000	–	12,457	–	0.22%	–
WELL	New	Welltower	$1,293,000	–	20,625	–	0.22%	–
RHHBY	New	Roche Holding Ltd ADR	$1,264,000	–	45,750	–	0.22%	–
SLB	New	Schlumberger	$1,259,000	–	18,781	–	0.22%	–
FLO	New	Flowers Foods	$1,211,000	–	58,125	–	0.21%	–
DPS	New	Dr. Pepper Snapple	$1,119,000	–	9,175	–	0.19%	–
CVS	New	CVS Health	$1,046,000	–	16,250	–	0.18%	–
K	New	Kellogg	$950,000	–	13,600	–	0.16%	–
BMY	New	Bristol-Myers Squibb	$940,000	–	16,985	–	0.16%	–
MRO	New	Marathon Oil	$923,000	–	44,260	–	0.16%	–
ZTS	New	Zoetis	$926,000	–	10,875	–	0.16%	–
CVX	New	Chevron	$872,000	–	6,897	–	0.15%	–
RTN	New	Raytheon	$860,000	–	4,453	–	0.15%	–
BFS	New	Saul Centers	$795,000	–	14,835	–	0.14%	–
XRAY	New	Dentsply Sirona	$778,000	–	17,773	–	0.13%	–
SRCL	New	Stericycle	$772,000	–	11,822	–	0.13%	–
CSX	New	CSX	$775,000	–	12,156	–	0.13%	–
ROST	New	Ross Stores	$776,000	–	9,160	–	0.13%	–
HSIC	New	Henry Schein	$763,000	–	10,504	–	0.13%	–
ULTA	New	Ulta Beauty	$723,000	–	3,095	–	0.12%	–
EQR	New	Equity Residential Properties	$683,000	–	10,720	–	0.12%	–
HSY	New	Hershey Company	$673,000	–	7,235	–	0.12%	–
HCSG	New	Healthcare Services Group	$652,000	–	15,100	–	0.11%	–
GE	New	General Electric	$627,000	–	46,047	–	0.11%	–
HPQ	New	HP	$629,000	–	27,700	–	0.11%	–
DWDP	New	DowDupont	$602,000	–	9,138	–	0.10%	–
FBHS	New	Fortune Brands Home & Security	$582,000	–	10,847	–	0.10%	–
ALCO	New	Alico	$566,000	–	17,866	–	0.10%	–
JPM	New	JPMorgan Chase	$556,000	–	5,332	–	0.10%	–
HCP	New	HCP	$491,000	–	19,000	–	0.08%	–
CAT	New	Caterpillar	$482,000	–	3,553	–	0.08%	–
PRAA	New	PRA Group	$476,000	–	12,350	–	0.08%	–
TRMB	New	Trimble	$452,000	–	13,760	–	0.08%	–
SEIC	New	SEI Investments	$438,000	–	7,000	–	0.08%	–
WGL	New	WGL Holdings	$419,000	–	4,717	–	0.07%	–
DUK	New	Duke Energy	$410,000	–	5,180	–	0.07%	–
HPE	New	Hewlett Packard Enterprise	$405,000	–	27,700	–	0.07%	–
COP	New	ConocoPhillips	$399,000	–	5,735	–	0.07%	–
MO	New	Altria	$400,000	–	7,036	–	0.07%	–
NOC	New	Northrop Grumman	$394,000	–	1,282	–	0.07%	–
AET	New	Aetna	$367,000	–	2,000	–	0.06%	–
STT	New	State Street	$363,000	–	3,899	–	0.06%	–
GPC	New	Genuine Parts	$357,000	–	3,885	–	0.06%	–
NBL	New	Noble Energy	$349,000	–	9,900	–	0.06%	–
NSC	New	Norfolk Southern	$340,000	–	2,255	–	0.06%	–
INGR	New	Ingredion	$332,000	–	3,000	–	0.06%	–
WY	New	Weyerhaeuser	$331,000	–	9,088	–	0.06%	–
PSX	New	Phillips 66	$316,000	–	2,812	–	0.05%	–
PGR	New	Progressive	$308,000	–	5,200	–	0.05%	–
MDLZ	New	Mondelez Int'l	$308,000	–	7,507	–	0.05%	–
BRKA	New	Berkshire Hathaway 'A'	$282,000	–	1	–	0.05%	–
COST	New	Costco Wholesale	$275,000	–	1,314	–	0.05%	–
SU	New	Suncor Energy	$275,000	–	6,750	–	0.05%	–
BKNG	New	Booking Holdings	$266,000	–	131	–	0.04%	–
LLL	New	L3 Technologies	$260,000	–	1,350	–	0.04%	–
CTAS	New	Cintas	$259,000	–	1,400	–	0.04%	–
KHC	New	Kraft Heinz	$246,000	–	3,908	–	0.04%	–
PX	New	Praxair	$232,000	–	1,470	–	0.04%	–
CMI	New	Cummins	$226,000	–	1,700	–	0.04%	–
LRLCY	New	L'Oreal ADR	$229,000	–	4,650	–	0.04%	–
ADI	New	Analog Devices	$223,000	–	2,322	–	0.04%	–
TECH	New	Bio-Techne	$222,000	–	1,500	–	0.04%	–
KIM	New	Kimco Realty	$215,000	–	12,650	–	0.04%	–
ORCL	New	Oracle	$218,000	–	4,951	–	0.04%	–

Q4 2017

			Value		Shares		↓ Weighting
DXC	Exit	DXC Technology	$0	–	-2,379	–	-0.04%	–
WM	Exit	Waste Management	$0	–	-2,616	–	-0.04%	–
CTAS	Exit	Cintas	$0	–	-1,450	–	-0.04%	–
VFC	Exit	VF Corporation	$0	–	-3,365	–	-0.04%	–
COST	Exit	Costco Wholesale	$0	–	-1,314	–	-0.04%	–
VSM	Exit	Versum Materials	$0	–	-5,728	–	-0.04%	–
ORCL	Exit	Oracle	$0	–	-4,599	–	-0.04%	–
PSX	Exit	Phillips 66	$0	–	-2,478	–	-0.04%	–
NSC	Exit	Norfolk Southern	$0	–	-1,755	–	-0.04%	–
PCLN	Exit	The Priceline Group	$0	–	-128	–	-0.04%	–
SU	Exit	Suncor Energy	$0	–	-6,750	–	-0.04%	–
BTI	Exit	British American Tobacco	$0	–	-3,854	–	-0.04%	–
PGR	Exit	Progressive	$0	–	-5,200	–	-0.04%	–
KIM	Exit	Kimco Realty	$0	–	-13,750	–	-0.05%	–
LLL	Exit	L3 Technologies	$0	–	-1,425	–	-0.05%	–
BRKA	Exit	Berkshire Hathaway 'A'	$0	–	-1	–	-0.05%	–
NBL	Exit	Noble Energy	$0	–	-9,900	–	-0.05%	–
CMI	Exit	Cummins	$0	–	-1,700	–	-0.05%	–
GOOG	Exit	Alphabet Class C	$0	–	-305	–	-0.05%	–
WY	Exit	Weyerhaeuser	$0	–	-9,088	–	-0.06%	–
AET	Exit	Aetna	$0	–	-2,000	–	-0.06%	–
COP	Exit	ConocoPhillips	$0	–	-6,435	–	-0.06%	–
MDLZ	Exit	Mondelez Int'l	$0	–	-7,963	–	-0.06%	–
KHC	Exit	Kraft Heinz	$0	–	-4,538	–	-0.06%	–
INGR	Exit	Ingredion	$0	–	-3,000	–	-0.06%	–
MO	Exit	Altria	$0	–	-5,833	–	-0.06%	–
TWX	Exit	Time Warner New	$0	–	-3,610	–	-0.06%	–
NOC	Exit	Northrop Grumman	$0	–	-1,282	–	-0.06%	–
STT	Exit	State Street	$0	–	-3,899	–	-0.07%	–
WGL	Exit	WGL Holdings	$0	–	-4,717	–	-0.07%	–
MNST	Exit	Monster Beverage	$0	–	-7,264	–	-0.07%	–
HPE	Exit	Hewlett Packard Enterprise	$0	–	-27,700	–	-0.07%	–
SEIC	Exit	SEI Investments	$0	–	-7,000	–	-0.08%	–
DUK	Exit	Duke Energy	$0	–	-5,180	–	-0.08%	–
PRAA	Exit	PRA Group	$0	–	-15,100	–	-0.08%	–
CAT	Exit	Caterpillar	$0	–	-3,553	–	-0.08%	–
JPM	Exit	JPMorgan Chase	$0	–	-4,943	–	-0.08%	–
HCP	Exit	HCP	$0	–	-19,600	–	-0.10%	–
EW	Exit	Edwards Lifesciences	$0	–	-5,025	–	-0.10%	–
HPQ	Exit	HP	$0	–	-27,700	–	-0.10%	–
TRMB	Exit	Trimble	$0	–	-14,160	–	-0.10%	–
MRO	Exit	Marathon Oil	$0	–	-44,260	–	-0.11%	–
FDX	Exit	FedEx	$0	–	-2,662	–	-0.11%	–
ZTS	Exit	Zoetis	$0	–	-9,500	–	-0.11%	–
ALCO	Exit	Alico	$0	–	-17,866	–	-0.11%	–
DWDP	Exit	DowDupont	$0	–	-8,923	–	-0.11%	–
CVX	Exit	Chevron	$0	–	-5,557	–	-0.12%	–
CSX	Exit	CSX	$0	–	-12,156	–	-0.12%	–
RTN	Exit	Raytheon	$0	–	-3,653	–	-0.12%	–
FBHS	Exit	Fortune Brands Home & Security	$0	–	-10,347	–	-0.12%	–
EQR	Exit	Equity Residential Properties	$0	–	-10,720	–	-0.12%	–
GPC	Exit	Genuine Parts	$0	–	-7,460	–	-0.13%	–
ULTA	Exit	Ulta Beauty	$0	–	-3,315	–	-0.13%	–
HCSG	Exit	Healthcare Services Group	$0	–	-14,200	–	-0.14%	–
HSY	Exit	Hershey Company	$0	–	-7,275	–	-0.14%	–
ROST	Exit	Ross Stores	$0	–	-12,410	–	-0.14%	–
DPS	Exit	Dr. Pepper Snapple	$0	–	-9,760	–	-0.15%	–
K	Exit	Kellogg	$0	–	-14,700	–	-0.16%	–
BFS	Exit	Saul Centers	$0	–	-15,130	–	-0.17%	–
TSCO	Exit	Tractor Supply Company	$0	–	-14,965	–	-0.17%	–
FTV	Exit	Fortive	$0	–	-13,885	–	-0.17%	–
ISRG	Exit	Intuitive Surgical	$0	–	-965	–	-0.18%	–
D	Exit	Dominion Energy	$0	–	-13,347	–	-0.18%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-16,186	–	-0.18%	–
FLO	Exit	Flowers Foods	$0	–	-63,250	–	-0.21%	–
SLB	Exit	Schlumberger	$0	–	-17,406	–	-0.22%	–
PX	Exit	Praxair	$0	–	-8,870	–	-0.22%	–
GWW	Exit	Grainger, W.W.	$0	–	-7,012	–	-0.22%	–
FAST	Exit	Fastenal	$0	–	-27,750	–	-0.22%	–
DE	Exit	Deere & Company	$0	–	-10,375	–	-0.23%	–
PPG	Exit	PPG Industries	$0	–	-12,457	–	-0.24%	–
V	Exit	Visa	$0	–	-12,851	–	-0.24%	–
TIF	Exit	Tiffany	$0	–	-15,215	–	-0.25%	–
XRAY	Exit	Dentsply Sirona	$0	–	-23,814	–	-0.25%	–
EXPD	Exit	Expeditors Int'l	$0	–	-23,950	–	-0.25%	–
HSIC	Exit	Henry Schein	$0	–	-17,542	–	-0.25%	–
EOG	Exit	EOG Resources	$0	–	-14,910	–	-0.26%	–
WELL	Exit	Welltower	$0	–	-20,625	–	-0.26%	–
IBM	Exit	IBM	$0	–	-10,574	–	-0.27%	–
HON	Exit	Honeywell Int'l	$0	–	-12,358	–	-0.31%	–
SRCL	Exit	Stericycle	$0	–	-25,207	–	-0.32%	–
AMZN	Exit	Amazon.com	$0	–	-1,966	–	-0.33%	–
HP	Exit	Helmerich & Payne	$0	–	-37,572	–	-0.35%	–
CVS	Exit	CVS Health	$0	–	-25,000	–	-0.36%	–
WRI	Exit	Weingarten Realty	$0	–	-64,573	–	-0.36%	–
PFE	Exit	Pfizer	$0	–	-59,013	–	-0.37%	–
WEX	Exit	WEX	$0	–	-18,940	–	-0.38%	–
PM	Exit	Philip Morris Int'l	$0	–	-19,577	–	-0.38%	–
INTC	Exit	Intel	$0	–	-57,596	–	-0.39%	–
HD	Exit	Home Depot	$0	–	-13,584	–	-0.39%	–
GE	Exit	General Electric	$0	–	-94,544	–	-0.40%	–
AMGN	Exit	Amgen	$0	–	-12,300	–	-0.40%	–
LOW	Exit	Lowe's	$0	–	-29,775	–	-0.42%	–
UNP	Exit	Union Pacific	$0	–	-20,621	–	-0.42%	–
CDK	Exit	CDK Global	$0	–	-38,580	–	-0.43%	–
WMT	Exit	Wal-Mart Stores	$0	–	-31,530	–	-0.44%	–
NVO	Exit	Novo Nordisk ADR	$0	–	-52,461	–	-0.45%	–
CSCO	Exit	Cisco Systems	$0	–	-76,071	–	-0.45%	–
RHHBY	Exit	Roche Holding Ltd ADR	$0	–	-81,900	–	-0.46%	–
MMM	Exit	3M Company	$0	–	-12,513	–	-0.46%	–
EL	Exit	Estee Lauder	$0	–	-24,603	–	-0.47%	–
QCOM	Exit	QUALCOMM	$0	–	-51,973	–	-0.48%	–
JKHY	Exit	Jack Henry & Associates	$0	–	-26,470	–	-0.48%	–
BRKB	Exit	Berkshire Hathaway 'B'	$0	–	-14,880	–	-0.48%	–
EMR	Exit	Emerson Electric	$0	–	-43,494	–	-0.48%	–
CTSH	Exit	Cognizant Technology	$0	–	-38,562	–	-0.49%	–
T	Exit	AT&T	$0	–	-73,025	–	-0.50%	–
APD	Exit	Air Products & Chemicals	$0	–	-18,957	–	-0.51%	–
WSO	Exit	Watsco	$0	–	-17,915	–	-0.51%	–
BCPC	Exit	Balchem	$0	–	-36,525	–	-0.52%	–
VZ	Exit	Verizon Communications	$0	–	-62,119	–	-0.54%	–
GILD	Exit	Gilead Sciences	$0	–	-38,393	–	-0.55%	–
MRK	Exit	Merck	$0	–	-50,337	–	-0.57%	–
PAYX	Exit	Paychex	$0	–	-54,525	–	-0.58%	–
BDX	Exit	Becton, Dickinson	$0	–	-16,882	–	-0.58%	–
LLY	Exit	Lilly, Eli	$0	–	-40,332	–	-0.61%	–
MPC	Exit	Marathon Petroleum	$0	–	-79,479	–	-0.79%	–
SYY	Exit	Sysco	$0	–	-92,157	–	-0.88%	–
SBUX	Exit	Starbucks	$0	–	-97,504	–	-0.92%	–
GOOGL	Exit	Alphabet Class A	$0	–	-5,405	–	-0.93%	–
AMT	Exit	American Tower 'A'	$0	–	-38,543	–	-0.93%	–
USB	Exit	US Bancorp	$0	–	-99,290	–	-0.94%	–
ITW	Exit	Illinois Tool Works	$0	–	-36,060	–	-0.94%	–
DIS	Exit	Disney, Walt	$0	–	-56,315	–	-0.98%	–
IDXX	Exit	IDEXX Labs	$0	–	-35,992	–	-0.99%	–
ACN	Exit	Accenture Ltd. 'A'	$0	–	-42,219	–	-1.01%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-71,316	–	-1.02%	–
BFB	Exit	Brown-Forman 'B'	$0	–	-108,919	–	-1.04%	–
PFF	Exit	iShares S&P US Pfddebt	$0	–	-156,080	–	-1.07%	–
DHR	Exit	Danaher	$0	–	-78,660	–	-1.19%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-89,128	–	-1.22%	–
UTX	Exit	United Technologies	$0	–	-62,096	–	-1.27%	–
NEE	Exit	NextEra Energy	$0	–	-50,463	–	-1.31%	–
FDS	Exit	FactSet Research Systems	$0	–	-42,951	–	-1.37%	–
INTU	Exit	Intuit	$0	–	-55,223	–	-1.39%	–
PEP	Exit	PepsiCo	$0	–	-80,171	–	-1.58%	–
MSFT	Exit	Microsoft	$0	–	-128,268	–	-1.69%	–
PG	Exit	Procter & Gamble	$0	–	-114,008	–	-1.83%	–
ABBV	Exit	AbbVie	$0	–	-120,093	–	-1.89%	–
XOM	Exit	ExxonMobil	$0	–	-135,541	–	-1.96%	–
ABT	Exit	Abbott Labs	$0	–	-212,252	–	-2.00%	–
CHD	Exit	Church & Dwight	$0	–	-236,453	–	-2.02%	–
FISV	Exit	Fiserv	$0	–	-95,980	–	-2.19%	–
MKC	Exit	McCormick	$0	–	-124,615	–	-2.26%	–
MCD	Exit	McDonald's	$0	–	-83,366	–	-2.31%	–
NKE	Exit	NIKE 'B'	$0	–	-254,025	–	-2.33%	–
CELG	Exit	Celgene	$0	–	-92,735	–	-2.39%	–
KO	Exit	Coca-Cola	$0	–	-311,371	–	-2.48%	–
CL	Exit	Colgate-Palmolive	$0	–	-206,857	–	-2.66%	–
JNJ	Exit	Johnson & Johnson	$0	–	-116,489	–	-2.68%	–
TJX	Exit	TJX Companies	$0	–	-226,028	–	-2.94%	–
AAPL	Exit	Apple	$0	–	-112,677	–	-3.07%	–
ECL	Exit	Ecolab	$0	–	-140,468	–	-3.19%	–
SYK	Exit	Stryker	$0	–	-136,409	–	-3.42%	–
MA	Exit	Mastercard	$0	–	-178,322	–	-4.45%	–
ADP	Exit	Automatic Data Processing	$0	–	-240,336	–	-4.64%	–

Q3 2017

			Value		Shares		↓ Weighting
ADP	Sell	Automatic Data Processing	$26,274,000	+4.2%	240,336	-2.3%	4.64%	-2.3%
MA	Sell	Mastercard	$25,179,000	+16.2%	178,322	-0.0%	4.45%	+9.0%
SYK	Buy	Stryker	$19,373,000	+2.8%	136,409	+0.5%	3.42%	-3.6%
ECL	Buy	Ecolab	$18,066,000	-2.6%	140,468	+0.5%	3.19%	-8.7%
AAPL	Buy	Apple	$17,366,000	+7.8%	112,677	+0.7%	3.07%	+1.1%
TJX	Buy	TJX Companies	$16,665,000	+3.4%	226,028	+1.2%	2.94%	-3.1%
JNJ	Buy	Johnson & Johnson	$15,145,000	-1.1%	116,489	+0.7%	2.68%	-7.2%
CL	Sell	Colgate-Palmolive	$15,070,000	-2.5%	206,857	-0.8%	2.66%	-8.6%
KO	Sell	Coca-Cola	$14,015,000	-0.3%	311,371	-0.6%	2.48%	-6.5%
CELG	Buy	Celgene	$13,523,000	+17.0%	92,735	+4.2%	2.39%	+9.7%
NKE	Buy	NIKE 'B'	$13,171,000	-11.1%	254,025	+1.1%	2.33%	-16.7%
MCD	Sell	McDonald's	$13,062,000	+1.5%	83,366	-0.8%	2.31%	-4.8%
MKC	Buy	McCormick	$12,790,000	+5.9%	124,615	+0.6%	2.26%	-0.7%
FISV	Buy	Fiserv	$12,378,000	+8.6%	95,980	+3.0%	2.19%	+1.9%
CHD	Buy	Church & Dwight	$11,456,000	-6.4%	236,453	+0.2%	2.02%	-12.3%
ABT	Buy	Abbott Labs	$11,326,000	+10.5%	212,252	+0.7%	2.00%	+3.6%
XOM	Sell	ExxonMobil	$11,112,000	-4.0%	135,541	-5.5%	1.96%	-9.9%
ABBV	Buy	AbbVie	$10,671,000	+22.7%	120,093	+0.2%	1.89%	+15.1%
PG	Buy	Procter & Gamble	$10,372,000	+17.1%	114,008	+12.1%	1.83%	+9.8%
MSFT	Sell	Microsoft	$9,555,000	+7.3%	128,268	-0.7%	1.69%	+0.6%
PEP	Sell	PepsiCo	$8,934,000	-3.7%	80,171	-0.2%	1.58%	-9.6%
INTU	Buy	Intuit	$7,849,000	+7.5%	55,223	+0.4%	1.39%	+0.8%
FDS	Buy	FactSet Research Systems	$7,736,000	+9.2%	42,951	+0.8%	1.37%	+2.4%
NEE	Buy	NextEra Energy	$7,395,000	+30.4%	50,463	+24.7%	1.31%	+22.4%
UTX	Sell	United Technologies	$7,208,000	-5.8%	62,096	-0.9%	1.27%	-11.7%
WBA	Sell	Walgreens Boots Alliance	$6,882,000	-4.8%	89,128	-3.5%	1.22%	-10.7%
DHR	Buy	Danaher	$6,747,000	+15.0%	78,660	+13.2%	1.19%	+7.9%
PFF	Buy	iShares S&P US Pfddebt	$6,057,000	+39.9%	156,080	+41.1%	1.07%	+31.1%
BFB	Buy	Brown-Forman 'B'	$5,914,000	+12.0%	108,919	+0.3%	1.04%	+5.0%
BR	Buy	Broadridge Financial Solutions	$5,764,000	+16.9%	71,316	+9.3%	1.02%	+9.7%
ACN	Buy	Accenture Ltd. 'A'	$5,703,000	+10.4%	42,219	+1.1%	1.01%	+3.5%
IDXX	Sell	IDEXX Labs	$5,596,000	-7.6%	35,992	-4.1%	0.99%	-13.3%
DIS	Buy	Disney, Walt	$5,551,000	-1.5%	56,315	+6.1%	0.98%	-7.6%
ITW	Sell	Illinois Tool Works	$5,335,000	+2.3%	36,060	-1.0%	0.94%	-4.1%
USB	Sell	US Bancorp	$5,321,000	-0.5%	99,290	-3.6%	0.94%	-6.7%
AMT	Buy	American Tower 'A'	$5,268,000	+21.0%	38,543	+17.2%	0.93%	+13.5%
GOOGL	Buy	Alphabet Class A	$5,263,000	+12.7%	5,405	+7.6%	0.93%	+5.7%
SBUX	Buy	Starbucks	$5,237,000	-4.2%	97,504	+4.0%	0.92%	-10.2%
SYY	Sell	Sysco	$4,972,000	+7.0%	92,157	-0.2%	0.88%	+0.3%
MPC	Buy	Marathon Petroleum	$4,457,000	+132.1%	79,479	+116.6%	0.79%	+117.7%
LLY	Sell	Lilly, Eli	$3,450,000	+2.8%	40,332	-1.1%	0.61%	-3.5%
BDX	Buy	Becton, Dickinson	$3,308,000	+99.0%	16,882	+98.2%	0.58%	+86.9%
PAYX	Sell	Paychex	$3,269,000	+4.9%	54,525	-0.4%	0.58%	-1.5%
MRK	Buy	Merck	$3,223,000	+5.8%	50,337	+5.9%	0.57%	-0.7%
GILD	Sell	Gilead Sciences	$3,111,000	+4.9%	38,393	-8.4%	0.55%	-1.6%
VZ	Buy	Verizon Communications	$3,074,000	+13.1%	62,119	+2.1%	0.54%	+6.1%
BCPC	Buy	Balchem	$2,969,000	+4.9%	36,525	+0.3%	0.52%	-1.5%
WSO	Buy	Watsco	$2,886,000	+47.3%	17,915	+41.0%	0.51%	+38.2%
APD	Sell	Air Products & Chemicals	$2,867,000	+5.4%	18,957	-0.3%	0.51%	-1.0%
T	Buy	AT&T	$2,860,000	+5.4%	73,025	+1.5%	0.50%	-1.2%
CTSH	Buy	Cognizant Technology	$2,797,000	+12.5%	38,562	+3.0%	0.49%	+5.6%
EMR	Buy	Emerson Electric	$2,733,000	+6.6%	43,494	+1.2%	0.48%	0.0%
BRKB	Buy	Berkshire Hathaway 'B'	$2,728,000	+9.6%	14,880	+1.3%	0.48%	+2.8%
JKHY	Sell	Jack Henry & Associates	$2,721,000	-1.4%	26,470	-0.4%	0.48%	-7.5%
QCOM	Sell	QUALCOMM	$2,694,000	-6.5%	51,973	-0.4%	0.48%	-12.3%
EL	Buy	Estee Lauder	$2,653,000	+15.6%	24,603	+2.9%	0.47%	+8.6%
MMM	Buy	3M Company	$2,626,000	+2.4%	12,513	+1.6%	0.46%	-3.9%
RHHBY	Sell	Roche Holding Ltd ADR	$2,621,000	-19.1%	81,900	-19.6%	0.46%	-24.1%
CSCO	Buy	Cisco Systems	$2,558,000	+7.6%	76,071	+0.1%	0.45%	+0.9%
WMT	Buy	Wal-Mart Stores	$2,464,000	+3.4%	31,530	+0.1%	0.44%	-3.1%
CDK	Sell	CDK Global	$2,434,000	-2.8%	38,580	-4.4%	0.43%	-8.9%
LOW	Sell	Lowe's	$2,380,000	+3.0%	29,775	-0.1%	0.42%	-3.2%
AMGN	Sell	Amgen	$2,293,000	+6.5%	12,300	-1.6%	0.40%	-0.2%
GE	Buy	General Electric	$2,286,000	+4.6%	94,544	+16.9%	0.40%	-1.9%
HD	Buy	Home Depot	$2,222,000	+10.2%	13,584	+3.4%	0.39%	+3.4%
INTC	Buy	Intel	$2,193,000	+13.7%	57,596	+0.7%	0.39%	+6.9%
PM	Buy	Philip Morris Int'l	$2,173,000	-4.7%	19,577	+0.9%	0.38%	-10.5%
WEX	Buy	WEX	$2,125,000	+11.9%	18,940	+4.0%	0.38%	+4.7%
PFE	Buy	Pfizer	$2,107,000	+34.4%	59,013	+26.4%	0.37%	+26.1%
WRI	Sell	Weingarten Realty	$2,050,000	-12.2%	64,573	-16.8%	0.36%	-17.7%
CVS	Sell	CVS Health	$2,033,000	-20.8%	25,000	-21.7%	0.36%	-25.8%
HP	Buy	Helmerich & Payne	$1,958,000	-3.6%	37,572	+0.5%	0.35%	-9.7%
AMZN	Buy	Amazon.com	$1,890,000	-0.4%	1,966	+0.3%	0.33%	-6.7%
SRCL	Sell	Stericycle	$1,805,000	-20.4%	25,207	-15.2%	0.32%	-25.5%
HON	New	Honeywell Int'l	$1,752,000	–	12,358	–	0.31%	–
WELL	Buy	Welltower	$1,450,000	-5.2%	20,625	+1.0%	0.26%	-11.1%
EOG	Buy	EOG Resources	$1,442,000	+11.4%	14,910	+4.2%	0.26%	+4.5%
HSIC	Buy	Henry Schein	$1,438,000	-12.4%	17,542	+95.5%	0.25%	-17.8%
TIF	Sell	Tiffany	$1,396,000	-2.4%	15,215	-0.2%	0.25%	-8.5%
V	Buy	Visa	$1,352,000	+29.3%	12,851	+15.2%	0.24%	+21.3%
PPG	New	PPG Industries	$1,354,000	–	12,457	–	0.24%	–
DE	Buy	Deere & Company	$1,303,000	+2.8%	10,375	+1.2%	0.23%	-3.8%
GWW	Sell	Grainger, W.W.	$1,260,000	-14.5%	7,012	-14.1%	0.22%	-19.8%
PX	Sell	Praxair	$1,239,000	-35.0%	8,870	-38.3%	0.22%	-39.0%
SLB	Buy	Schlumberger	$1,214,000	+12.7%	17,406	+6.4%	0.22%	+5.9%
FLO	Sell	Flowers Foods	$1,190,000	+3.4%	63,250	-4.9%	0.21%	-3.2%
BMY	Buy	Bristol-Myers Squibb	$1,032,000	+18.6%	16,186	+3.7%	0.18%	+11.0%
D	Buy	Dominion Energy	$1,027,000	+1.1%	13,347	+0.7%	0.18%	-5.2%
FTV	Buy	Fortive	$983,000	+13.4%	13,885	+1.5%	0.17%	+6.7%
TSCO	Sell	Tractor Supply Company	$947,000	-22.4%	14,965	-33.6%	0.17%	-27.4%
DPS	Buy	Dr. Pepper Snapple	$863,000	0.0%	9,760	+3.0%	0.15%	-6.7%
ROST	Buy	Ross Stores	$801,000	+16.8%	12,410	+4.5%	0.14%	+10.1%
HSY	Buy	Hershey Company	$794,000	+7.3%	7,275	+5.5%	0.14%	+0.7%
ULTA	Buy	Ulta Beauty	$749,000	+101.9%	3,315	+156.8%	0.13%	+88.6%
FBHS	New	Fortune Brands Home & Security	$696,000	–	10,347	–	0.12%	–
RTN	New	Raytheon	$682,000	–	3,653	–	0.12%	–
CSX	Buy	CSX	$660,000	+0.3%	12,156	+0.8%	0.12%	-5.6%
CVX	Buy	Chevron	$653,000	+15.6%	5,557	+2.6%	0.12%	+8.5%
DWDP	New	DowDupont	$618,000	–	8,923	–	0.11%	–
ALCO	New	Alico	$610,000	–	17,866	–	0.11%	–
ZTS	Buy	Zoetis	$606,000	+21.4%	9,500	+18.8%	0.11%	+13.8%
MRO	New	Marathon Oil	$600,000	–	44,260	–	0.11%	–
FDX	New	FedEx	$600,000	–	2,662	–	0.11%	–
TRMB	Sell	Trimble	$556,000	+7.1%	14,160	-2.7%	0.10%	0.0%
EW	Buy	Edwards Lifesciences	$549,000	+73.7%	5,025	+88.2%	0.10%	+61.7%
HCP	Buy	HCP	$545,000	-11.2%	19,600	+2.1%	0.10%	-17.2%
JPM	Buy	JPMorgan Chase	$472,000	+11.8%	4,943	+7.1%	0.08%	+3.8%
DUK	Buy	Duke Energy	$435,000	+3.6%	5,180	+3.0%	0.08%	-2.5%
PRAA	Sell	PRA Group	$433,000	-29.4%	15,100	-6.6%	0.08%	-33.0%
WGL	Buy	WGL Holdings	$397,000	+30.2%	4,717	+29.2%	0.07%	+22.8%
TWX	Sell	Time Warner New	$370,000	+0.5%	3,610	-1.5%	0.06%	-5.8%
KHC	Sell	Kraft Heinz	$352,000	-19.5%	4,538	-11.2%	0.06%	-24.4%
COP	Sell	ConocoPhillips	$322,000	-3.0%	6,435	-14.9%	0.06%	-9.5%
WY	Sell	Weyerhaeuser	$309,000	-4.3%	9,088	-5.8%	0.06%	-9.8%
CMI	Buy	Cummins	$286,000	+17.7%	1,700	+13.3%	0.05%	+10.9%
BTI	New	British American Tobacco	$241,000	–	3,854	–	0.04%	–
SU	New	Suncor Energy	$236,000	–	6,750	–	0.04%	–
NSC	New	Norfolk Southern	$232,000	–	1,755	–	0.04%	–
PCLN	Buy	The Priceline Group	$234,000	+12.0%	128	+14.3%	0.04%	+5.1%
PSX	New	Phillips 66	$227,000	–	2,478	–	0.04%	–
VSM	New	Versum Materials	$222,000	–	5,728	–	0.04%	–
ORCL	Buy	Oracle	$222,000	+3.7%	4,599	+7.8%	0.04%	-2.5%
COST	New	Costco Wholesale	$216,000	–	1,314	–	0.04%	–
VFC	Sell	VF Corporation	$214,000	+1.4%	3,365	-8.2%	0.04%	-5.0%
CTAS	New	Cintas	$209,000	–	1,450	–	0.04%	–
WM	New	Waste Management	$205,000	–	2,616	–	0.04%	–
DXC	New	DXC Technology	$204,000	–	2,379	–	0.04%	–
REGN	Exit	Regeneron Pharmaceuticals	$0	–	-415	–	-0.04%	–
ADI	Exit	Analog Devices	$0	–	-2,633	–	-0.04%	–
GIS	Exit	General Mills	$0	–	-3,782	–	-0.04%	–
PNRA	Exit	Panera Bread	$0	–	-2,821	–	-0.17%	–

Q2 2017

			Value		Shares		↓ Weighting
ADP	New	Automatic Data Processing	$25,210,000	–	246,046	–	4.75%	–
MA	New	Mastercard	$21,666,000	–	178,392	–	4.08%	–
SYK	New	Stryker	$18,838,000	–	135,740	–	3.55%	–
ECL	New	Ecolab	$18,549,000	–	139,728	–	3.50%	–
TJX	New	TJX Companies	$16,122,000	–	223,393	–	3.04%	–
AAPL	New	Apple	$16,113,000	–	111,882	–	3.04%	–
CL	New	Colgate-Palmolive	$15,453,000	–	208,459	–	2.91%	–
JNJ	New	Johnson & Johnson	$15,308,000	–	115,719	–	2.88%	–
NKE	New	NIKE 'B'	$14,819,000	–	251,175	–	2.79%	–
KO	New	Coca-Cola	$14,052,000	–	313,311	–	2.65%	–
MCD	New	McDonald's	$12,865,000	–	83,999	–	2.42%	–
CHD	New	Church & Dwight	$12,242,000	–	235,961	–	2.31%	–
MKC	New	McCormick & Co.	$12,074,000	–	123,825	–	2.28%	–
XOM	New	ExxonMobil	$11,577,000	–	143,406	–	2.18%	–
CELG	New	Celgene	$11,558,000	–	89,000	–	2.18%	–
FISV	New	Fiserv	$11,395,000	–	93,140	–	2.15%	–
ABT	New	Abbott Labs	$10,247,000	–	210,794	–	1.93%	–
PEP	New	PepsiCo	$9,273,000	–	80,292	–	1.75%	–
MSFT	New	Microsoft	$8,904,000	–	129,168	–	1.68%	–
PG	New	Procter & Gamble	$8,861,000	–	101,678	–	1.67%	–
ABBV	New	AbbVie	$8,695,000	–	119,910	–	1.64%	–
UTX	New	United Technologies	$7,651,000	–	62,660	–	1.44%	–
INTU	New	Intuit	$7,304,000	–	54,998	–	1.38%	–
WBA	New	Walgreens Boots Alliance	$7,229,000	–	92,318	–	1.36%	–
FDS	New	FactSet Research Systems	$7,084,000	–	42,626	–	1.34%	–
IDXX	New	IDEXX Labs	$6,056,000	–	37,516	–	1.14%	–
DHR	New	Danaher	$5,865,000	–	69,500	–	1.10%	–
NEE	New	NextEra Energy	$5,670,000	–	40,463	–	1.07%	–
DIS	New	Disney, Walt	$5,638,000	–	53,062	–	1.06%	–
SBUX	New	Starbucks	$5,466,000	–	93,734	–	1.03%	–
USB	New	US Bancorp	$5,349,000	–	103,015	–	1.01%	–
BFB	New	Brown-Forman 'B'	$5,280,000	–	108,644	–	1.00%	–
ITW	New	Illinois Tool Works	$5,217,000	–	36,422	–	0.98%	–
ACN	New	Accenture Ltd. 'A'	$5,167,000	–	41,779	–	0.97%	–
BR	New	Broadridge Financial Solutions	$4,932,000	–	65,273	–	0.93%	–
GOOGL	New	Alphabet Inc. Class A	$4,669,000	–	5,022	–	0.88%	–
SYY	New	Sysco Corp.	$4,648,000	–	92,357	–	0.88%	–
AMT	New	American Tower 'A'	$4,352,000	–	32,888	–	0.82%	–
PFF	New	iShares S&P US Pfddebt	$4,331,000	–	110,580	–	0.82%	–
LLY	New	Lilly, Eli	$3,355,000	–	40,766	–	0.63%	–
RHHBY	New	Roche Holding Ltd ADR	$3,239,000	–	101,850	–	0.61%	–
PAYX	New	Paychex	$3,116,000	–	54,725	–	0.59%	–
MRK	New	Merck	$3,046,000	–	47,529	–	0.57%	–
GILD	New	Gilead Sciences	$2,966,000	–	41,908	–	0.56%	–
QCOM	New	QUALCOMM	$2,882,000	–	52,188	–	0.54%	–
BCPC	New	Balchem	$2,831,000	–	36,425	–	0.53%	–
JKHY	New	Jack Henry & Associates	$2,760,000	–	26,570	–	0.52%	–
APD	New	Air Products & Chemicals	$2,719,000	–	19,007	–	0.51%	–
VZ	New	Verizon Communications	$2,718,000	–	60,853	–	0.51%	–
T	New	AT&T	$2,714,000	–	71,925	–	0.51%	–
CVS	New	CVS Health	$2,568,000	–	31,915	–	0.48%	–
MMM	New	3M Company	$2,564,000	–	12,318	–	0.48%	–
EMR	New	Emerson Electric	$2,563,000	–	42,994	–	0.48%	–
CDK	New	CDK Global Inc.	$2,504,000	–	40,346	–	0.47%	–
BRKB	New	Berkshire Hathaway 'B'	$2,489,000	–	14,695	–	0.47%	–
CTSH	New	Cognizant Technology	$2,486,000	–	37,437	–	0.47%	–
WMT	New	Wal-Mart Stores	$2,383,000	–	31,490	–	0.45%	–
CSCO	New	Cisco Systems	$2,378,000	–	75,971	–	0.45%	–
WRI	New	Weingarten Realty	$2,336,000	–	77,623	–	0.44%	–
LOW	New	Lowe's	$2,310,000	–	29,798	–	0.44%	–
EL	New	Estee Lauder	$2,294,000	–	23,903	–	0.43%	–
PM	New	Philip Morris Int'l	$2,279,000	–	19,407	–	0.43%	–
SRCL	New	Stericycle	$2,269,000	–	29,732	–	0.43%	–
NVO	New	Novo Nordisk ADR	$2,250,000	–	52,461	–	0.42%	–
UNP	New	Union Pacific	$2,246,000	–	20,621	–	0.42%	–
GE	New	General Electric	$2,185,000	–	80,900	–	0.41%	–
AMGN	New	Amgen	$2,153,000	–	12,500	–	0.41%	–
HP	New	Helmerich & Payne	$2,031,000	–	37,372	–	0.38%	–
HD	New	Home Depot	$2,016,000	–	13,143	–	0.38%	–
WSO	New	Watsco	$1,959,000	–	12,705	–	0.37%	–
INTC	New	Intel	$1,929,000	–	57,171	–	0.36%	–
MPC	New	Marathon Petroleum	$1,920,000	–	36,691	–	0.36%	–
PX	New	Praxair	$1,905,000	–	14,375	–	0.36%	–
WEX	New	WEX	$1,899,000	–	18,215	–	0.36%	–
AMZN	New	Amazon.com	$1,898,000	–	1,961	–	0.36%	–
BDX	New	Becton, Dickinson	$1,662,000	–	8,516	–	0.31%	–
HSIC	New	Henry Schein	$1,642,000	–	8,971	–	0.31%	–
IBM	New	IBM	$1,627,000	–	10,574	–	0.31%	–
PFE	New	Pfizer	$1,568,000	–	46,691	–	0.30%	–
XRAY	New	Dentsply Sirona	$1,544,000	–	23,814	–	0.29%	–
WELL	New	Welltower, Inc.	$1,529,000	–	20,425	–	0.29%	–
GWW	New	Grainger, W.W.	$1,473,000	–	8,162	–	0.28%	–
TIF	New	Tiffany	$1,431,000	–	15,240	–	0.27%	–
EXPD	New	Expeditors Int'l	$1,353,000	–	23,950	–	0.26%	–
EOG	New	EOG Resources	$1,295,000	–	14,310	–	0.24%	–
DE	New	Deere & Company	$1,267,000	–	10,250	–	0.24%	–
TSCO	New	Tractor Supply Company	$1,221,000	–	22,530	–	0.23%	–
FAST	New	Fastenal	$1,208,000	–	27,750	–	0.23%	–
FLO	New	Flowers Foods	$1,151,000	–	66,500	–	0.22%	–
SLB	New	Schlumberger	$1,077,000	–	16,356	–	0.20%	–
V	New	Visa	$1,046,000	–	11,151	–	0.20%	–
K	New	Kellogg	$1,021,000	–	14,700	–	0.19%	–
D	New	Dominion Energy	$1,016,000	–	13,260	–	0.19%	–
ISRG	New	Intuitive Surgical	$903,000	–	965	–	0.17%	–
PNRA	New	Panera Bread	$888,000	–	2,821	–	0.17%	–
BFS	New	Saul Centers	$877,000	–	15,130	–	0.16%	–
BMY	New	Bristol-Myers Squibb	$870,000	–	15,611	–	0.16%	–
FTV	New	Fortive	$867,000	–	13,685	–	0.16%	–
DPS	New	Dr. Pepper Snapple	$863,000	–	9,475	–	0.16%	–
HSY	New	Hershey Company	$740,000	–	6,895	–	0.14%	–
EQR	New	Equity Residential Properties	$706,000	–	10,720	–	0.13%	–
GPC	New	Genuine Parts	$692,000	–	7,460	–	0.13%	–
ROST	New	Ross Stores	$686,000	–	11,875	–	0.13%	–
HCSG	New	Healthcare Services Group	$665,000	–	14,200	–	0.12%	–
CSX	New	CSX Corp.	$658,000	–	12,056	–	0.12%	–
HCP	New	HCP Inc.	$614,000	–	19,200	–	0.12%	–
PRAA	New	PRA Group	$613,000	–	16,175	–	0.12%	–
CVX	New	Chevron	$565,000	–	5,415	–	0.11%	–
TRMB	New	Trimble Inc.	$519,000	–	14,560	–	0.10%	–
ZTS	New	Zoetis	$499,000	–	8,000	–	0.09%	–
HPQ	New	HP Inc.	$484,000	–	27,700	–	0.09%	–
HPE	New	Hewlett Packard Enterprise	$460,000	–	27,700	–	0.09%	–
KHC	New	Kraft Heinz	$437,000	–	5,108	–	0.08%	–
MO	New	Altria	$434,000	–	5,833	–	0.08%	–
JPM	New	JPMorgan Chase	$422,000	–	4,617	–	0.08%	–
DUK	New	Duke Energy	$420,000	–	5,030	–	0.08%	–
CAT	New	Caterpillar	$382,000	–	3,553	–	0.07%	–
SEIC	New	SEI Investments	$376,000	–	7,000	–	0.07%	–
ULTA	New	Ulta Beauty	$371,000	–	1,291	–	0.07%	–
TWX	New	Time Warner New	$368,000	–	3,666	–	0.07%	–
MNST	New	Monster Beverage	$361,000	–	7,264	–	0.07%	–
INGR	New	Ingredion	$358,000	–	3,000	–	0.07%	–
STT	New	State Street Corp.	$350,000	–	3,899	–	0.07%	–
MDLZ	New	Mondelez Int'l	$344,000	–	7,963	–	0.06%	–
COP	New	ConocoPhillips	$332,000	–	7,561	–	0.06%	–
NOC	New	Northrop Grumman	$329,000	–	1,282	–	0.06%	–
WY	New	Weyerhaeuser	$323,000	–	9,648	–	0.06%	–
EW	New	Edwards Lifesciences	$316,000	–	2,670	–	0.06%	–
AET	New	Aetna	$304,000	–	2,000	–	0.06%	–
WGL	New	WGL Holdings	$305,000	–	3,650	–	0.06%	–
NBL	New	Noble Energy	$280,000	–	9,900	–	0.05%	–
GOOG	New	Alphabet Inc. Class C	$277,000	–	305	–	0.05%	–
BRKA	New	Berkshire Hathaway 'A'	$255,000	–	1	–	0.05%	–
KIM	New	Kimco Realty	$252,000	–	13,750	–	0.05%	–
CMI	New	Cummins Inc.	$243,000	–	1,500	–	0.05%	–
LLL	New	L3 Technologies	$238,000	–	1,425	–	0.04%	–
PGR	New	Progressive Corp.	$229,000	–	5,200	–	0.04%	–
VFC	New	VF Corporation	$211,000	–	3,665	–	0.04%	–
GIS	New	General Mills	$210,000	–	3,782	–	0.04%	–
ORCL	New	Oracle Corp.	$214,000	–	4,266	–	0.04%	–
ADI	New	Analog Devices	$205,000	–	2,633	–	0.04%	–
PCLN	New	The Priceline Group	$209,000	–	112	–	0.04%	–
REGN	New	Regeneron Pharmaceuticals	$204,000	–	415	–	0.04%	–

Q4 2016

			Value		Shares		↓ Weighting
KYN	Exit	Kayne Anderson	$0	–	-9,987	–	-0.04%	–
PSX	Exit	Phillips 66	$0	–	-2,637	–	-0.04%	–
BRKA	Exit	Berkshire Hathaway 'A'	$0	–	-1	–	-0.04%	–
CMI	Exit	Cummins Inc.	$0	–	-1,750	–	-0.04%	–
LLL	Exit	L-3 Communications	$0	–	-1,525	–	-0.04%	–
WGL	Exit	WGL Holdings	$0	–	-3,650	–	-0.04%	–
AET	Exit	Aetna	$0	–	-2,000	–	-0.05%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-305	–	-0.05%	–
SU	Exit	Suncor Energy	$0	–	-8,750	–	-0.05%	–
GIS	Exit	General Mills	$0	–	-3,882	–	-0.05%	–
NOC	Exit	Northrop Grumman	$0	–	-1,282	–	-0.05%	–
TWX	Exit	Time Warner New	$0	–	-3,610	–	-0.06%	–
WY	Exit	Weyerhaeuser	$0	–	-9,648	–	-0.06%	–
SEIC	Exit	SEI Investments	$0	–	-7,000	–	-0.06%	–
CAT	Exit	Caterpillar	$0	–	-3,703	–	-0.06%	–
ULTA	Exit	Ulta Salon Cosmetics	$0	–	-1,405	–	-0.07%	–
JPM	Exit	JP Morgan Chase	$0	–	-5,084	–	-0.07%	–
MNST	Exit	Monster Beverage	$0	–	-2,400	–	-0.07%	–
MDLZ	Exit	Mondelez Int'l	$0	–	-8,011	–	-0.07%	–
V	Exit	Visa	$0	–	-4,250	–	-0.07%	–
STT	Exit	State Street Corp.	$0	–	-5,104	–	-0.07%	–
NBL	Exit	Noble Energy	$0	–	-9,900	–	-0.07%	–
COP	Exit	ConocoPhillips	$0	–	-8,235	–	-0.07%	–
CSX	Exit	CSX Corp.	$0	–	-12,000	–	-0.07%	–
MO	Exit	Altria	$0	–	-5,900	–	-0.07%	–
DUK	Exit	Duke Energy	$0	–	-5,030	–	-0.08%	–
INGR	Exit	Ingredion	$0	–	-3,000	–	-0.08%	–
KIM	Exit	Kimco Realty	$0	–	-14,050	–	-0.08%	–
TRMB	Exit	Trimble Navigation Limited	$0	–	-14,160	–	-0.08%	–
HPQ	Exit	HP Inc.	$0	–	-27,700	–	-0.08%	–
KHC	Exit	Kraft Heinz	$0	–	-5,208	–	-0.09%	–
HCSG	Exit	Healthcare Services Group	$0	–	-12,200	–	-0.10%	–
HPE	Exit	Hewlett Packard Enterprise	$0	–	-27,791	–	-0.12%	–
CVX	Exit	Chevron	$0	–	-6,246	–	-0.13%	–
HAIN	Exit	Hain Celestial Group	$0	–	-18,475	–	-0.13%	–
EQR	Exit	Equity Residential Properties	$0	–	-10,720	–	-0.14%	–
HSY	Exit	Hershey Company	$0	–	-7,295	–	-0.14%	–
PRAA	Exit	PRA Group	$0	–	-20,415	–	-0.14%	–
FTV	Exit	Fortive	$0	–	-14,215	–	-0.14%	–
HCP	Exit	HCP Inc.	$0	–	-19,200	–	-0.14%	–
ISRG	Exit	Intuitive Surgical	$0	–	-1,020	–	-0.15%	–
GPC	Exit	Genuine Parts	$0	–	-7,460	–	-0.15%	–
ROST	Exit	Ross Stores	$0	–	-11,670	–	-0.15%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-16,276	–	-0.17%	–
DPS	Exit	Dr. Pepper Snapple	$0	–	-9,675	–	-0.17%	–
PNRA	Exit	Panera Bread	$0	–	-4,577	–	-0.18%	–
BFS	Exit	Saul Centers	$0	–	-14,250	–	-0.19%	–
DE	Exit	Deere & Company	$0	–	-11,350	–	-0.19%	–
D	Exit	Dominion Resources	$0	–	-14,850	–	-0.22%	–
TIF	Exit	Tiffany	$0	–	-15,640	–	-0.22%	–
FLO	Exit	Flowers Foods	$0	–	-76,100	–	-0.23%	–
EL	Exit	Estee Lauder	$0	–	-13,348	–	-0.23%	–
K	Exit	Kellogg	$0	–	-15,700	–	-0.24%	–
LLTC	Exit	Linear Technology	$0	–	-20,623	–	-0.24%	–
SLB	Exit	Schlumberger	$0	–	-16,568	–	-0.26%	–
EXPD	Exit	Expeditors Int'l	$0	–	-25,350	–	-0.26%	–
VFC	Exit	VF Corporation	$0	–	-23,605	–	-0.26%	–
MPC	Exit	Marathon Petroleum	$0	–	-34,838	–	-0.28%	–
CTSH	Exit	Cognizant Technology	$0	–	-31,356	–	-0.30%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-1,867	–	-0.30%	–
WELL	Exit	Welltower, Inc.	$0	–	-20,200	–	-0.30%	–
EOG	Exit	EOG Resources	$0	–	-15,760	–	-0.30%	–
BDX	Exit	Becton, Dickinson	$0	–	-8,666	–	-0.31%	–
FAST	Exit	Fastenal	$0	–	-38,500	–	-0.32%	–
AMZN	Exit	Amazon.com	$0	–	-1,950	–	-0.32%	–
HSIC	Exit	Henry Schein	$0	–	-10,071	–	-0.32%	–
HD	Exit	Home Depot	$0	–	-13,134	–	-0.33%	–
XRAY	Exit	Dentsply Sirona	$0	–	-28,667	–	-0.34%	–
PFE	Exit	Pfizer	$0	–	-52,166	–	-0.35%	–
IBM	Exit	IBM	$0	–	-11,141	–	-0.35%	–
BRKB	Exit	Berkshire Hathaway 'B'	$0	–	-12,350	–	-0.35%	–
WEX	Exit	WEX	$0	–	-18,335	–	-0.39%	–
GWW	Exit	Grainger, W.W.	$0	–	-8,842	–	-0.39%	–
PM	Exit	Philip Morris Int'l	$0	–	-21,179	–	-0.41%	–
AMGN	Exit	Amgen	$0	–	-12,500	–	-0.41%	–
JKHY	Exit	Jack Henry & Associates	$0	–	-24,970	–	-0.42%	–
INTC	Exit	Intel	$0	–	-56,755	–	-0.42%	–
UNP	Exit	Union Pacific	$0	–	-22,048	–	-0.42%	–
LOW	Exit	Lowe's	$0	–	-29,775	–	-0.42%	–
MMM	Exit	3M Company	$0	–	-12,521	–	-0.44%	–
GE	Exit	General Electric	$0	–	-79,077	–	-0.46%	–
EMR	Exit	Emerson Electric	$0	–	-43,661	–	-0.47%	–
CSCO	Exit	Cisco Systems	$0	–	-76,269	–	-0.48%	–
HP	Exit	Helmerich & Payne	$0	–	-37,622	–	-0.50%	–
WMT	Exit	Wal-Mart Stores	$0	–	-35,279	–	-0.50%	–
	Exit	CDK Global Inc.	$0	–	-44,879	–	-0.51%	–
TSCO	Exit	Tractor Supply Company	$0	–	-41,185	–	-0.55%	–
T	Exit	AT&T	$0	–	-69,834	–	-0.56%	–
APD	Exit	Air Products & Chemicals	$0	–	-19,007	–	-0.56%	–
WRI	Exit	Weingarten Realty	$0	–	-74,723	–	-0.58%	–
BCPC	Exit	Balchem	$0	–	-37,835	–	-0.58%	–
NVO	Exit	Novo Nordisk ADR	$0	–	-71,131	–	-0.58%	–
MRK	Exit	Merck	$0	–	-50,028	–	-0.62%	–
AMT	Exit	American Tower 'A'	$0	–	-27,715	–	-0.62%	–
PAYX	Exit	Paychex	$0	–	-54,675	–	-0.62%	–
LLY	Exit	Lilly, Eli	$0	–	-41,350	–	-0.66%	–
SRCL	Exit	Stericycle	$0	–	-41,647	–	-0.66%	–
CVS	Exit	CVS Health	$0	–	-38,200	–	-0.67%	–
VZ	Exit	Verizon Communications	$0	–	-67,091	–	-0.69%	–
RHHBY	Exit	Roche Holding Ltd ADR	$0	–	-122,000	–	-0.74%	–
USB	Exit	US Bancorp	$0	–	-90,424	–	-0.76%	–
DIS	Exit	Disney, Walt	$0	–	-44,594	–	-0.82%	–
PFF	Exit	iShares S&P US Pfddebt	$0	–	-105,875	–	-0.82%	–
NEE	Exit	NextEra Energy	$0	–	-34,538	–	-0.83%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-62,748	–	-0.84%	–
SBUX	Exit	Starbucks	$0	–	-83,019	–	-0.89%	–
SYY	Exit	Sysco Corp.	$0	–	-92,057	–	-0.89%	–
ITW	Exit	Illinois Tool Works	$0	–	-38,104	–	-0.90%	–
GILD	Exit	Gilead Sciences	$0	–	-58,568	–	-0.91%	–
PX	Exit	Praxair	$0	–	-38,929	–	-0.93%	–
DHR	Exit	Danaher	$0	–	-64,040	–	-0.99%	–
QCOM	Exit	QUALCOMM	$0	–	-74,526	–	-1.01%	–
BFB	Exit	Brown-Forman 'B'	$0	–	-114,933	–	-1.08%	–
ACN	Exit	Accenture Ltd. 'A'	$0	–	-45,325	–	-1.09%	–
IDXX	Exit	IDEXX Labs	$0	–	-53,306	–	-1.18%	–
INTU	Exit	Intuit	$0	–	-57,426	–	-1.25%	–
UTX	Exit	United Technologies	$0	–	-67,127	–	-1.34%	–
FDS	Exit	FactSet Research Systems	$0	–	-42,626	–	-1.36%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-93,628	–	-1.49%	–
MSFT	Exit	Microsoft	$0	–	-131,370	–	-1.49%	–
ABBV	Exit	AbbVie	$0	–	-136,803	–	-1.70%	–
PEP	Exit	PepsiCo	$0	–	-81,481	–	-1.75%	–
PG	Exit	Procter & Gamble	$0	–	-105,674	–	-1.87%	–
CELG	Exit	Celgene	$0	–	-91,715	–	-1.89%	–
ABT	Exit	Abbott Labs	$0	–	-229,058	–	-1.91%	–
FISV	Exit	Fiserv	$0	–	-98,435	–	-1.93%	–
MCD	Exit	McDonald's	$0	–	-89,117	–	-2.03%	–
CHD	Exit	Church & Dwight	$0	–	-248,229	–	-2.35%	–
MKC	Exit	McCormick & Co.	$0	–	-124,090	–	-2.45%	–
AAPL	Exit	Apple	$0	–	-116,573	–	-2.60%	–
XOM	Exit	ExxonMobil	$0	–	-154,785	–	-2.66%	–
KO	Exit	Coca-Cola	$0	–	-321,566	–	-2.68%	–
NKE	Exit	NIKE 'B'	$0	–	-265,519	–	-2.76%	–
JNJ	Exit	Johnson & Johnson	$0	–	-118,958	–	-2.77%	–
SYK	Exit	Stryker	$0	–	-131,259	–	-3.01%	–
CL	Exit	Colgate-Palmolive	$0	–	-217,936	–	-3.19%	–
TJX	Exit	TJX Companies	$0	–	-233,550	–	-3.44%	–
ECL	Exit	Ecolab	$0	–	-145,468	–	-3.49%	–
MA	Exit	Mastercard	$0	–	-186,867	–	-3.75%	–
ADP	Exit	Automatic Data Processing	$0	–	-256,756	–	-4.47%	–

Q3 2016

			Value		Shares		↓ Weighting
ADP	Sell	Automatic Data Processing	$22,646,000	-4.4%	256,756	-0.3%	4.47%	-3.9%
MA	Buy	Mastercard	$19,017,000	+15.7%	186,867	+0.1%	3.75%	+16.3%
ECL	Sell	Ecolab	$17,706,000	+1.7%	145,468	-0.6%	3.49%	+2.2%
TJX	Sell	TJX Companies	$17,465,000	-2.9%	233,550	-0.0%	3.44%	-2.4%
CL	Sell	Colgate-Palmolive	$16,158,000	+0.8%	217,936	-0.7%	3.19%	+1.3%
SYK	Sell	Stryker	$15,280,000	-3.2%	131,259	-0.2%	3.01%	-2.7%
JNJ	Sell	Johnson & Johnson	$14,053,000	-2.6%	118,958	-0.2%	2.77%	-2.1%
NKE	Buy	NIKE 'B'	$13,980,000	-3.7%	265,519	+0.6%	2.76%	-3.2%
KO	Sell	Coca-Cola	$13,609,000	-6.5%	321,566	-0.6%	2.68%	-6.1%
XOM	Buy	ExxonMobil	$13,510,000	-6.9%	154,785	+0.3%	2.66%	-6.4%
AAPL	Buy	Apple	$13,179,000	+19.2%	116,573	+1.2%	2.60%	+19.8%
MKC	Sell	McCormick & Co.	$12,399,000	-7.7%	124,090	-1.1%	2.45%	-7.2%
CHD	Buy	Church & Dwight	$11,895,000	-7.6%	248,229	+98.5%	2.35%	-7.2%
MCD	Buy	McDonald's	$10,281,000	-3.8%	89,117	+0.1%	2.03%	-3.3%
FISV	Sell	Fiserv	$9,791,000	-9.5%	98,435	-0.8%	1.93%	-9.0%
ABT	Sell	Abbott Labs	$9,687,000	+7.0%	229,058	-1.3%	1.91%	+7.5%
CELG	Buy	Celgene	$9,587,000	+5.7%	91,715	+0.1%	1.89%	+6.2%
PG	Sell	Procter & Gamble	$9,484,000	+4.8%	105,674	-0.7%	1.87%	+5.3%
PEP	Buy	PepsiCo	$8,863,000	+3.4%	81,481	+0.7%	1.75%	+3.9%
ABBV	Sell	AbbVie	$8,628,000	+0.7%	136,803	-1.0%	1.70%	+1.2%
MSFT	Sell	Microsoft	$7,567,000	+11.7%	131,370	-1.1%	1.49%	+12.3%
WBA	Sell	Walgreens Boots Alliance	$7,548,000	-4.3%	93,628	-1.5%	1.49%	-3.9%
FDS	Buy	FactSet Research Systems	$6,910,000	+2.9%	42,626	+2.2%	1.36%	+3.5%
UTX	Buy	United Technologies	$6,820,000	-1.2%	67,127	+0.2%	1.34%	-0.7%
INTU	Buy	Intuit	$6,317,000	0.0%	57,426	+1.8%	1.25%	+0.5%
IDXX	Sell	IDEXX Labs	$6,009,000	+20.2%	53,306	-0.9%	1.18%	+20.7%
ACN	Sell	Accenture Ltd. 'A'	$5,537,000	+5.2%	45,325	-2.7%	1.09%	+5.7%
BFB	Buy	Brown-Forman 'B'	$5,452,000	-4.2%	114,933	+101.9%	1.08%	-3.8%
QCOM	Sell	QUALCOMM	$5,105,000	+23.2%	74,526	-2.9%	1.01%	+23.9%
DHR	Buy	Danaher	$5,020,000	-14.3%	64,040	+10.4%	0.99%	-13.9%
PX	Sell	Praxair	$4,704,000	+6.8%	38,929	-1.1%	0.93%	+7.3%
GILD	Buy	Gilead Sciences	$4,634,000	-3.8%	58,568	+0.9%	0.91%	-3.4%
ITW	Sell	Illinois Tool Works	$4,566,000	+13.6%	38,104	-1.4%	0.90%	+14.2%
SYY	Sell	Sysco Corp.	$4,512,000	-4.3%	92,057	-0.4%	0.89%	-3.8%
SBUX	Buy	Starbucks	$4,495,000	+6.4%	83,019	+12.0%	0.89%	+7.0%
BR	Buy	Broadridge Financial Solutions	$4,254,000	+8.7%	62,748	+4.2%	0.84%	+9.2%
NEE	Sell	NextEra Energy	$4,225,000	-7.6%	34,538	-1.8%	0.83%	-7.2%
PFF	Buy	iShares S&P US Pfddebt	$4,182,000	+0.1%	105,875	+1.3%	0.82%	+0.6%
DIS	Buy	Disney, Walt	$4,141,000	+27.8%	44,594	+34.8%	0.82%	+28.5%
USB	Buy	US Bancorp	$3,878,000	+10.4%	90,424	+3.0%	0.76%	+10.9%
RHHBY	Sell	Roche Holding Ltd ADR	$3,778,000	-22.3%	122,000	-17.2%	0.74%	-22.0%
VZ	Buy	Verizon Communications	$3,487,000	-5.2%	67,091	+2.1%	0.69%	-4.7%
CVS	Buy	CVS Health	$3,399,000	-1.4%	38,200	+6.4%	0.67%	-1.0%
SRCL	Sell	Stericycle	$3,338,000	-59.9%	41,647	-48.0%	0.66%	-59.7%
PAYX	Sell	Paychex	$3,164,000	-4.6%	54,675	-1.1%	0.62%	-4.1%
AMT	Buy	American Tower 'A'	$3,141,000	+1.3%	27,715	+1.9%	0.62%	+2.0%
MRK	Sell	Merck	$3,122,000	+7.0%	50,028	-0.6%	0.62%	+7.5%
NVO	Sell	Novo Nordisk ADR	$2,958,000	-25.4%	71,131	-3.1%	0.58%	-25.1%
BCPC	Sell	Balchem	$2,933,000	+28.8%	37,835	-0.3%	0.58%	+29.5%
WRI	Buy	Weingarten Realty	$2,913,000	+13.4%	74,723	+19.3%	0.58%	+14.1%
T	Buy	AT&T	$2,836,000	-2.8%	69,834	+2.9%	0.56%	-2.4%
TSCO	Buy	Tractor Supply Company	$2,774,000	-24.6%	41,185	+1.9%	0.55%	-24.2%
	Sell	CDK Global Inc.	$2,574,000	+2.5%	44,879	-1.7%	0.51%	+3.0%
WMT	Sell	Wal-Mart Stores	$2,544,000	-1.9%	35,279	-0.7%	0.50%	-1.4%
HP	Buy	Helmerich & Payne	$2,532,000	+1.9%	37,622	+1.5%	0.50%	+2.3%
CSCO	Sell	Cisco Systems	$2,419,000	+6.3%	76,269	-2.8%	0.48%	+6.7%
EMR	Buy	Emerson Electric	$2,380,000	+6.8%	43,661	+1.9%	0.47%	+7.1%
GE	Sell	General Electric	$2,342,000	-4.7%	79,077	-0.3%	0.46%	-4.1%
UNP	Sell	Union Pacific	$2,150,000	+0.0%	22,048	-10.7%	0.42%	+0.5%
INTC	Sell	Intel	$2,143,000	+12.9%	56,755	-1.3%	0.42%	+13.4%
JKHY	Buy	Jack Henry & Associates	$2,136,000	-0.6%	24,970	+1.1%	0.42%	-0.2%
PM	Sell	Philip Morris Int'l	$2,059,000	-7.8%	21,179	-3.2%	0.41%	-7.3%
GWW	Sell	Grainger, W.W.	$1,988,000	-2.1%	8,842	-1.1%	0.39%	-1.5%
WEX	Buy	WEX	$1,982,000	+24.8%	18,335	+2.7%	0.39%	+25.3%
BRKB	Sell	Berkshire Hathaway 'B'	$1,784,000	-0.6%	12,350	-0.2%	0.35%	0.0%
PFE	Buy	Pfizer	$1,767,000	-3.0%	52,166	+0.2%	0.35%	-2.5%
IBM	Sell	IBM	$1,770,000	+3.8%	11,141	-0.7%	0.35%	+4.2%
XRAY	Buy	Dentsply Sirona	$1,704,000	-3.8%	28,667	+0.4%	0.34%	-3.4%
HD	Sell	Home Depot	$1,690,000	+0.4%	13,134	-0.2%	0.33%	+0.6%
FAST	Sell	Fastenal	$1,609,000	-6.7%	38,500	-1.8%	0.32%	-6.5%
WELL	New	Welltower, Inc.	$1,510,000	–	20,200	–	0.30%	–
GOOGL	Buy	Alphabet Inc. Class A	$1,501,000	+598.1%	1,867	+512.1%	0.30%	+604.8%
CTSH	Buy	Cognizant Technology	$1,496,000	-8.6%	31,356	+9.2%	0.30%	-8.1%
MPC	Buy	Marathon Petroleum	$1,414,000	+15.2%	34,838	+7.9%	0.28%	+15.8%
VFC	Sell	VF Corporation	$1,323,000	-15.0%	23,605	-7.4%	0.26%	-14.4%
SLB	Buy	Schlumberger	$1,303,000	+0.5%	16,568	+1.0%	0.26%	+1.2%
LLTC	Sell	Linear Technology	$1,223,000	+22.1%	20,623	-3.3%	0.24%	+22.3%
EL	Buy	Estee Lauder	$1,182,000	+276.4%	13,348	+287.1%	0.23%	+275.8%
FLO	Sell	Flowers Foods	$1,151,000	-21.9%	76,100	-1.9%	0.23%	-21.5%
TIF	Buy	Tiffany	$1,136,000	+20.6%	15,640	+1.3%	0.22%	+21.1%
DE	Sell	Deere & Company	$969,000	-3.1%	11,350	-8.1%	0.19%	-2.6%
BFS	Sell	Saul Centers	$949,000	+5.6%	14,250	-1.7%	0.19%	+6.2%
PNRA	Sell	Panera Bread	$891,000	-15.5%	4,577	-8.0%	0.18%	-15.0%
DPS	Sell	Dr. Pepper Snapple	$883,000	-6.9%	9,675	-1.0%	0.17%	-6.5%
ROST	Sell	Ross Stores	$750,000	+11.1%	11,670	-1.5%	0.15%	+12.1%
FTV	New	Fortive	$724,000	–	14,215	–	0.14%	–
PRAA	Sell	PRA Group	$705,000	+7.5%	20,415	-25.3%	0.14%	+7.8%
HSY	Buy	Hershey Company	$697,000	-14.9%	7,295	+0.7%	0.14%	-14.9%
HAIN	Sell	Hain Celestial Group	$657,000	-59.5%	18,475	-43.0%	0.13%	-59.1%
CVX	Buy	Chevron	$643,000	+6.1%	6,246	+8.2%	0.13%	+6.7%
MO	Buy	Altria	$373,000	-3.4%	5,900	+5.4%	0.07%	-2.6%
COP	Sell	ConocoPhillips	$358,000	-8.7%	8,235	-7.7%	0.07%	-7.8%
V	Sell	Visa	$351,000	+6.0%	4,250	-5.0%	0.07%	+6.2%
JPM	Sell	JP Morgan Chase	$339,000	+3.4%	5,084	-4.0%	0.07%	+4.7%
ULTA	Sell	Ulta Salon Cosmetics	$334,000	-5.9%	1,405	-3.4%	0.07%	-5.7%
CAT	Sell	Caterpillar	$329,000	+16.3%	3,703	-0.7%	0.06%	+16.1%
WY	Buy	Weyerhaeuser	$308,000	+12.4%	9,648	+5.5%	0.06%	+13.0%
SU	Sell	Suncor Energy	$243,000	-26.1%	8,750	-25.5%	0.05%	-26.2%
CMI	Sell	Cummins Inc.	$224,000	+9.8%	1,750	-4.1%	0.04%	+10.0%
KYN	Sell	Kayne Anderson	$206,000	-1.0%	9,987	-3.9%	0.04%	0.0%
ORCL	Exit	Oracle Corp.	$0	–	-5,222	–	-0.04%	–
WFC	Exit	Wells Fargo	$0	–	-4,750	–	-0.04%	–
HCN	Exit	Welltower, Inc.	$0	–	-19,200	–	-0.29%	–

Q2 2016

			Value		Shares		↓ Weighting
ADP	New	Automatic Data Processing	$23,688,000	–	257,481	–	4.65%	–
TJX	New	TJX Companies	$17,989,000	–	233,625	–	3.53%	–
ECL	New	Ecolab	$17,415,000	–	146,348	–	3.42%	–
MA	New	MasterCard	$16,436,000	–	186,772	–	3.23%	–
CL	New	Colgate-Palmolive	$16,024,000	–	219,511	–	3.14%	–
SYK	New	Stryker	$15,777,000	–	131,474	–	3.10%	–
KO	New	Coca-Cola	$14,554,000	–	323,416	–	2.86%	–
NKE	New	NIKE 'B'	$14,511,000	–	263,839	–	2.85%	–
XOM	New	ExxonMobil	$14,507,000	–	154,325	–	2.85%	–
JNJ	New	Johnson & Johnson	$14,427,000	–	119,233	–	2.83%	–
MKC	New	McCormick & Co.	$13,427,000	–	125,490	–	2.64%	–
CHD	New	Church & Dwight	$12,880,000	–	125,050	–	2.53%	–
AAPL	New	Apple, Inc.	$11,057,000	–	115,178	–	2.17%	–
FISV	New	Fiserv	$10,817,000	–	99,235	–	2.12%	–
MCD	New	McDonald's	$10,682,000	–	89,017	–	2.10%	–
CELG	New	Celgene	$9,067,000	–	91,590	–	1.78%	–
ABT	New	Abbott Labs	$9,054,000	–	232,160	–	1.78%	–
PG	New	Procter & Gamble	$9,048,000	–	106,448	–	1.78%	–
PEP	New	PepsiCo	$8,573,000	–	80,881	–	1.68%	–
ABBV	New	AbbVie	$8,566,000	–	138,163	–	1.68%	–
SRCL	New	Stericycle	$8,324,000	–	80,037	–	1.63%	–
WBA	New	Walgreens Boots Alliance	$7,891,000	–	95,078	–	1.55%	–
UTX	New	United Technologies	$6,900,000	–	66,992	–	1.35%	–
MSFT	New	Microsoft	$6,773,000	–	132,800	–	1.33%	–
FDS	New	FactSet Research Systems	$6,712,000	–	41,691	–	1.32%	–
INTU	New	Intuit	$6,317,000	–	56,401	–	1.24%	–
DHR	New	Danaher	$5,860,000	–	58,019	–	1.15%	–
BFB	New	Brown-Forman 'B'	$5,693,000	–	56,929	–	1.12%	–
ACN	New	Accenture Ltd. 'A'	$5,261,000	–	46,560	–	1.03%	–
IDXX	New	IDEXX Labs	$5,001,000	–	53,776	–	0.98%	–
RHHBY	New	Roche Holding Ltd ADR	$4,864,000	–	147,390	–	0.96%	–
GILD	New	Gilead Sciences	$4,819,000	–	58,058	–	0.95%	–
SYY	New	Sysco Corp.	$4,715,000	–	92,457	–	0.92%	–
NEE	New	NextEra Energy	$4,574,000	–	35,188	–	0.90%	–
PX	New	Praxair	$4,406,000	–	39,344	–	0.86%	–
SBUX	New	Starbucks	$4,224,000	–	74,104	–	0.83%	–
PFF	New	iShares S&P US Pfddebt	$4,179,000	–	104,475	–	0.82%	–
QCOM	New	QUALCOMM	$4,143,000	–	76,726	–	0.81%	–
ITW	New	Illinois Tool Works	$4,020,000	–	38,654	–	0.79%	–
NVO	New	Novo Nordisk ADR	$3,964,000	–	73,406	–	0.78%	–
BR	New	Broadridge Financial Solutions	$3,913,000	–	60,198	–	0.77%	–
TSCO	New	Tractor Supply Company	$3,677,000	–	40,410	–	0.72%	–
VZ	New	Verizon Communications	$3,679,000	–	65,691	–	0.72%	–
USB	New	US Bancorp	$3,513,000	–	87,824	–	0.69%	–
CVS	New	CVS Health	$3,448,000	–	35,915	–	0.68%	–
PAYX	New	Paychex	$3,316,000	–	55,270	–	0.65%	–
LLY	New	Lilly, Eli	$3,267,000	–	41,350	–	0.64%	–
DIS	New	Disney, Walt	$3,241,000	–	33,074	–	0.64%	–
AMT	New	American Tower 'A'	$3,100,000	–	27,190	–	0.61%	–
MRK	New	Merck	$2,919,000	–	50,328	–	0.57%	–
T	New	AT&T	$2,917,000	–	67,834	–	0.57%	–
APD	New	Air Products	$2,699,000	–	19,007	–	0.53%	–
WMT	New	Wal-Mart Stores	$2,594,000	–	35,529	–	0.51%	–
WRI	New	Weingarten Realty	$2,568,000	–	62,623	–	0.50%	–
	New	CDK Global Inc.	$2,510,000	–	45,637	–	0.49%	–
HP	New	Helmerich & Payne	$2,484,000	–	37,072	–	0.49%	–
GE	New	General Electric	$2,458,000	–	79,297	–	0.48%	–
LOW	New	Lowe's	$2,352,000	–	29,775	–	0.46%	–
CSCO	New	Cisco Systems	$2,276,000	–	78,469	–	0.45%	–
BCPC	New	Balchem	$2,278,000	–	37,960	–	0.45%	–
PM	New	Philip Morris Int'l	$2,232,000	–	21,879	–	0.44%	–
EMR	New	Emerson Electric	$2,229,000	–	42,861	–	0.44%	–
MMM	New	3M Company	$2,191,000	–	12,521	–	0.43%	–
JKHY	New	Jack Henry & Associates	$2,148,000	–	24,695	–	0.42%	–
UNP	New	Union Pacific	$2,149,000	–	24,701	–	0.42%	–
GWW	New	Grainger, W.W.	$2,030,000	–	8,942	–	0.40%	–
INTC	New	Intel	$1,898,000	–	57,505	–	0.37%	–
AMGN	New	Amgen	$1,900,000	–	12,500	–	0.37%	–
PFE	New	Pfizer	$1,822,000	–	52,068	–	0.36%	–
BRKB	New	Berkshire Hathaway 'B'	$1,794,000	–	12,369	–	0.35%	–
HSIC	New	Henry Schein	$1,783,000	–	10,071	–	0.35%	–
XRAY	New	Dentsply Sirona	$1,771,000	–	28,567	–	0.35%	–
FAST	New	Fastenal	$1,725,000	–	39,200	–	0.34%	–
IBM	New	IBM	$1,705,000	–	11,216	–	0.34%	–
HD	New	Home Depot	$1,684,000	–	13,159	–	0.33%	–
CTSH	New	Cognizant Technology	$1,636,000	–	28,706	–	0.32%	–
HAIN	New	Hain Celestial Group	$1,622,000	–	32,430	–	0.32%	–
WEX	New	WEX	$1,588,000	–	17,848	–	0.31%	–
VFC	New	VF Corporation	$1,556,000	–	25,505	–	0.30%	–
FLO	New	Flowers Foods	$1,474,000	–	77,600	–	0.29%	–
BDX	New	Becton, Dickinson	$1,473,000	–	8,666	–	0.29%	–
HCN	New	Welltower, Inc.	$1,459,000	–	19,200	–	0.29%	–
AMZN	New	Amazon.com	$1,396,000	–	1,950	–	0.27%	–
EOG	New	EOG Resources	$1,308,000	–	15,760	–	0.26%	–
SLB	New	Schlumberger	$1,296,000	–	16,409	–	0.25%	–
K	New	Kellogg	$1,287,000	–	15,700	–	0.25%	–
EXPD	New	Expeditors Int'l	$1,242,000	–	25,350	–	0.24%	–
MPC	New	Marathon Petroleum	$1,227,000	–	32,288	–	0.24%	–
BMY	New	Bristol-Myers Squibb	$1,204,000	–	16,276	–	0.24%	–
D	New	Dominion Resources	$1,158,000	–	14,850	–	0.23%	–
PNRA	New	Panera Bread	$1,055,000	–	4,977	–	0.21%	–
LLTC	New	Linear Technology	$1,002,000	–	21,323	–	0.20%	–
DE	New	Deere & Company	$1,000,000	–	12,350	–	0.20%	–
DPS	New	Dr. Pepper Snapple	$948,000	–	9,775	–	0.19%	–
TIF	New	Tiffany	$942,000	–	15,440	–	0.18%	–
BFS	New	Saul Centers	$899,000	–	14,500	–	0.18%	–
HSY	New	Hershey Company	$819,000	–	7,245	–	0.16%	–
GPC	New	Genuine Parts	$753,000	–	7,460	–	0.15%	–
EQR	New	Equity Residential Properties	$740,000	–	10,720	–	0.14%	–
ISRG	New	Intuitive Surgical	$674,000	–	1,020	–	0.13%	–
HCP	New	HCP Inc.	$672,000	–	19,200	–	0.13%	–
ROST	New	Ross Stores	$675,000	–	11,845	–	0.13%	–
PRAA	New	PRA Group	$656,000	–	27,340	–	0.13%	–
CVX	New	Chevron	$606,000	–	5,770	–	0.12%	–
HCSG	New	Healthcare Services Group	$500,000	–	12,200	–	0.10%	–
HPE	New	Hewlett Packard Enterprise	$500,000	–	27,791	–	0.10%	–
KHC	New	Kraft Heinz	$458,000	–	5,208	–	0.09%	–
KIM	New	Kimco Realty	$436,000	–	14,050	–	0.09%	–
DUK	New	Duke Energy	$433,000	–	5,030	–	0.08%	–
COP	New	ConocoPhillips	$392,000	–	8,920	–	0.08%	–
MNST	New	Monster Beverage	$386,000	–	2,400	–	0.08%	–
INGR	New	Ingredion	$387,000	–	3,000	–	0.08%	–
MO	New	Altria	$386,000	–	5,600	–	0.08%	–
MDLZ	New	Mondelez Int'l	$369,000	–	8,011	–	0.07%	–
HPQ	New	HP Inc.	$360,000	–	27,700	–	0.07%	–
NBL	New	Noble Energy	$356,000	–	9,900	–	0.07%	–
ULTA	New	Ulta Salon Cosmetics	$355,000	–	1,455	–	0.07%	–
TRMB	New	Trimble Navigation Limited	$340,000	–	14,160	–	0.07%	–
SEIC	New	SEI Investments	$336,000	–	7,000	–	0.07%	–
SU	New	Suncor Energy	$329,000	–	11,750	–	0.06%	–
V	New	Visa	$331,000	–	4,475	–	0.06%	–
JPM	New	JP Morgan Chase	$328,000	–	5,294	–	0.06%	–
EL	New	Estee Lauder	$314,000	–	3,448	–	0.06%	–
CSX	New	CSX Corp.	$312,000	–	12,000	–	0.06%	–
CAT	New	Caterpillar	$283,000	–	3,728	–	0.06%	–
NOC	New	Northrop Grumman	$285,000	–	1,282	–	0.06%	–
STT	New	State Street Corp.	$276,000	–	5,104	–	0.05%	–
GIS	New	General Mills	$276,000	–	3,882	–	0.05%	–
WY	New	Weyerhaeuser	$274,000	–	9,148	–	0.05%	–
TWX	New	Time Warner New	$267,000	–	3,610	–	0.05%	–
WGL	New	WGL Holdings	$259,000	–	3,650	–	0.05%	–
AET	New	Aetna	$244,000	–	2,000	–	0.05%	–
WFC	New	Wells Fargo	$223,000	–	4,750	–	0.04%	–
LLL	New	L-3 Communications	$224,000	–	1,525	–	0.04%	–
BRKA	New	Berkshire Hathaway 'A'	$217,000	–	1	–	0.04%	–
ORCL	New	Oracle Corp.	$214,000	–	5,222	–	0.04%	–
GOOGL	New	Alphabet Inc. Class A	$215,000	–	305	–	0.04%	–
KYN	New	Kayne Anderson	$208,000	–	10,387	–	0.04%	–
PSX	New	Phillips 66	$208,000	–	2,637	–	0.04%	–
GOOG	New	Alphabet Inc. Class C	$211,000	–	305	–	0.04%	–
CMI	New	Cummins Inc.	$204,000	–	1,825	–	0.04%	–

Q4 2015

			Value		Shares		↓ Weighting
VFC	Exit	VF Corporation	$0	–	-2,985	–	-0.04%	–
REGN	Exit	Regeneron Pharmaceuticals	$0	–	-455	–	-0.04%	–
AET	Exit	Aetna	$0	–	-2,000	–	-0.04%	–
ULTA	Exit	Ulta Salon Cosmetics	$0	–	-1,365	–	-0.05%	–
TROW	Exit	T Rowe Price	$0	–	-3,250	–	-0.05%	–
SIRO	Exit	Sirona Dental Systems	$0	–	-2,450	–	-0.05%	–
JPM	Exit	JP Morgan Chase	$0	–	-3,909	–	-0.05%	–
WGL	Exit	WGL Holdings	$0	–	-4,150	–	-0.05%	–
UAA	Exit	Under Armour	$0	–	-2,450	–	-0.05%	–
ORCL	Exit	Oracle Corp.	$0	–	-6,819	–	-0.05%	–
TWX	Exit	Time Warner New	$0	–	-3,610	–	-0.05%	–
INGR	Exit	Ingredion	$0	–	-3,000	–	-0.05%	–
EL	Exit	Estee Lauder	$0	–	-3,448	–	-0.06%	–
NSC	Exit	Norfolk Southern	$0	–	-3,640	–	-0.06%	–
NOC	Exit	Northrop Grumman	$0	–	-1,920	–	-0.06%	–
MNST	Exit	Monster Beverage	$0	–	-2,400	–	-0.07%	–
CSX	Exit	CSX Corp.	$0	–	-12,000	–	-0.07%	–
KIM	Exit	Kimco Realty	$0	–	-13,500	–	-0.07%	–
BBBY	Exit	Bed Bath & Beyond	$0	–	-5,835	–	-0.07%	–
RDSA	Exit	Royal Dutch Shell PLC 'A'	$0	–	-7,048	–	-0.07%	–
SEIC	Exit	SEI Investments	$0	–	-7,000	–	-0.07%	–
NBL	Exit	Noble Energy	$0	–	-11,400	–	-0.07%	–
CAT	Exit	Caterpillar	$0	–	-5,278	–	-0.07%	–
TRMB	Exit	Trimble Navigation Limited	$0	–	-21,660	–	-0.07%	–
SU	Exit	Suncor Energy	$0	–	-13,750	–	-0.08%	–
DUK	Exit	Duke Energy	$0	–	-5,197	–	-0.08%	–
MO	Exit	Altria	$0	–	-7,150	–	-0.08%	–
MDLZ	Exit	Mondelez Int'l	$0	–	-9,391	–	-0.08%	–
WFC	Exit	Wells Fargo	$0	–	-7,960	–	-0.08%	–
V	Exit	Visa	$0	–	-5,825	–	-0.08%	–
KYN	Exit	Kayne Anderson	$0	–	-18,079	–	-0.08%	–
HCSG	Exit	Healthcare Services Group	$0	–	-12,700	–	-0.09%	–
KHC	Exit	Kraft Heinz	$0	–	-6,385	–	-0.09%	–
ISRG	Exit	Intuitive Surgical	$0	–	-1,020	–	-0.10%	–
IRBT	Exit	iRobot	$0	–	-17,090	–	-0.10%	–
CVX	Exit	Chevron	$0	–	-6,517	–	-0.11%	–
	Exit	Roche Holdings AG Genusschein	$0	–	-2,000	–	-0.11%	–
	Exit	Bank of America	$0	–	-33,494	–	-0.11%	–
CMI	Exit	Cummins Inc.	$0	–	-5,045	–	-0.11%	–
ROST	Exit	Ross Stores	$0	–	-11,540	–	-0.11%	–
HCN	Exit	Welltower, Inc.	$0	–	-8,200	–	-0.12%	–
STT	Exit	State Street Corp.	$0	–	-8,954	–	-0.12%	–
GIS	Exit	General Mills	$0	–	-11,082	–	-0.13%	–
MRO	Exit	Marathon Oil	$0	–	-41,389	–	-0.13%	–
GPC	Exit	Genuine Parts	$0	–	-7,550	–	-0.13%	–
HSY	Exit	Hershey Company	$0	–	-7,001	–	-0.13%	–
HCP	Exit	HCP Inc.	$0	–	-18,400	–	-0.14%	–
HPQ	Exit	Hewlett-Packard	$0	–	-27,791	–	-0.15%	–
BFS	Exit	Saul Centers	$0	–	-14,500	–	-0.16%	–
EQR	Exit	Equity Residential Properties	$0	–	-10,720	–	-0.16%	–
DPS	Exit	Dr. Pepper Snapple	$0	–	-10,675	–	-0.17%	–
BMY	Exit	Bristol-Myers Squibb	$0	–	-14,359	–	-0.17%	–
LLTC	Exit	Linear Technology	$0	–	-21,396	–	-0.18%	–
COP	Exit	ConocoPhillips	$0	–	-18,249	–	-0.18%	–
PNRA	Exit	Panera Bread	$0	–	-4,860	–	-0.19%	–
JCI	Exit	Johnson Controls	$0	–	-25,075	–	-0.21%	–
D	Exit	Dominion Resources	$0	–	-14,850	–	-0.21%	–
AMZN	Exit	Amazon.com	$0	–	-2,050	–	-0.22%	–
K	Exit	Kellogg	$0	–	-15,700	–	-0.22%	–
WRI	Exit	Weingarten Realty	$0	–	-33,887	–	-0.23%	–
SLB	Exit	Schlumberger	$0	–	-16,208	–	-0.23%	–
BDX	Exit	Becton, Dickinson	$0	–	-8,591	–	-0.24%	–
DE	Exit	Deere & Company	$0	–	-15,525	–	-0.24%	–
TIF	Exit	Tiffany	$0	–	-15,440	–	-0.24%	–
DIS	Exit	Disney, Walt	$0	–	-11,696	–	-0.24%	–
EXPD	Exit	Expeditors Int'l	$0	–	-25,400	–	-0.24%	–
HSIC	Exit	Henry Schein	$0	–	-10,775	–	-0.29%	–
BRKB	Exit	Berkshire Hathaway 'B'	$0	–	-11,444	–	-0.30%	–
XRAY	Exit	Dentsply Int'l	$0	–	-29,279	–	-0.31%	–
MPC	Exit	Marathon Petroleum	$0	–	-32,388	–	-0.31%	–
CTSH	Exit	Cognizant Technology	$0	–	-24,631	–	-0.32%	–
JKHY	Exit	Jack Henry & Associates	$0	–	-22,210	–	-0.32%	–
FAST	Exit	Fastenal	$0	–	-42,950	–	-0.33%	–
HD	Exit	Home Depot	$0	–	-14,050	–	-0.33%	–
AMGN	Exit	Amgen	$0	–	-12,465	–	-0.35%	–
EMR	Exit	Emerson Electric	$0	–	-39,261	–	-0.35%	–
WEX	Exit	WEX	$0	–	-20,125	–	-0.36%	–
HP	Exit	Helmerich & Payne	$0	–	-38,872	–	-0.38%	–
PFE	Exit	Pfizer	$0	–	-60,342	–	-0.38%	–
MMM	Exit	3M Company	$0	–	-13,221	–	-0.38%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-34,216	–	-0.39%	–
INTC	Exit	Intel	$0	–	-63,475	–	-0.39%	–
CSCO	Exit	Cisco Systems	$0	–	-77,404	–	-0.41%	–
LOW	Exit	Lowe's	$0	–	-29,775	–	-0.42%	–
PM	Exit	Philip Morris Int'l	$0	–	-26,544	–	-0.43%	–
IBM	Exit	IBM	$0	–	-15,107	–	-0.45%	–
PFF	Exit	iShares S&P US Pfddebt	$0	–	-56,775	–	-0.45%	–
FLO	Exit	Flowers Foods	$0	–	-89,300	–	-0.46%	–
AMT	Exit	American Tower 'A'	$0	–	-25,390	–	-0.46%	–
T	Exit	AT&T	$0	–	-68,242	–	-0.46%	–
PRAA	Exit	PRA Group	$0	–	-42,620	–	-0.46%	–
TSCO	Exit	Tractor Supply Company	$0	–	-27,460	–	-0.47%	–
BCPC	Exit	Balchem	$0	–	-38,110	–	-0.48%	–
SIAL	Exit	Sigma-Aldrich	$0	–	-16,963	–	-0.48%	–
	Exit	CDK Global Inc.	$0	–	-49,917	–	-0.49%	–
WMT	Exit	Wal-Mart Stores	$0	–	-37,848	–	-0.50%	–
APD	Exit	Air Products	$0	–	-19,207	–	-0.50%	–
MRK	Exit	Merck	$0	–	-51,308	–	-0.52%	–
CVS	Exit	CVS Health	$0	–	-26,225	–	-0.52%	–
PAYX	Exit	Paychex	$0	–	-54,245	–	-0.53%	–
GE	Exit	General Electric	$0	–	-112,639	–	-0.58%	–
HAIN	Exit	Hain Celestial Group	$0	–	-55,830	–	-0.60%	–
VZ	Exit	Verizon Communications	$0	–	-68,100	–	-0.62%	–
ITW	Exit	Illinois Tool Works	$0	–	-37,054	–	-0.62%	–
GWW	Exit	Grainger, W.W.	$0	–	-14,497	–	-0.64%	–
SBUX	Exit	Starbucks	$0	–	-60,374	–	-0.71%	–
LLY	Exit	Lilly, Eli	$0	–	-41,750	–	-0.72%	–
NEE	Exit	NextEra Energy	$0	–	-37,993	–	-0.76%	–
USB	Exit	US Bancorp	$0	–	-92,824	–	-0.78%	–
IDXX	Exit	IDEXX Labs	$0	–	-52,335	–	-0.80%	–
SYY	Exit	Sysco Corp.	$0	–	-100,463	–	-0.80%	–
NVO	Exit	Novo Nordisk ADR	$0	–	-78,800	–	-0.87%	–
QCOM	Exit	QUALCOMM	$0	–	-80,291	–	-0.89%	–
EOG	Exit	EOG Resources	$0	–	-63,460	–	-0.95%	–
UNP	Exit	Union Pacific	$0	–	-52,706	–	-0.95%	–
DHR	Exit	Danaher	$0	–	-56,410	–	-0.98%	–
ACN	Exit	Accenture Ltd. 'A'	$0	–	-50,026	–	-1.01%	–
GILD	Exit	Gilead Sciences	$0	–	-50,818	–	-1.02%	–
PX	Exit	Praxair	$0	–	-49,359	–	-1.03%	–
INTU	Exit	Intuit	$0	–	-59,884	–	-1.09%	–
FDS	Exit	FactSet Research Systems	$0	–	-36,175	–	-1.19%	–
BFB	Exit	Brown-Forman 'B'	$0	–	-59,767	–	-1.19%	–
MSFT	Exit	Microsoft	$0	–	-137,867	–	-1.24%	–
RHHBY	Exit	Roche Holding Ltd ADR	$0	–	-200,493	–	-1.36%	–
PEP	Exit	PepsiCo	$0	–	-83,593	–	-1.61%	–
PG	Exit	Procter & Gamble	$0	–	-109,752	–	-1.62%	–
WBA	Exit	Walgreens Boots Alliance	$0	–	-95,533	–	-1.63%	–
ABBV	Exit	AbbVie	$0	–	-149,099	–	-1.65%	–
UTX	Exit	United Technologies	$0	–	-92,996	–	-1.70%	–
FISV	Exit	Fiserv	$0	–	-102,910	–	-1.84%	–
ABT	Exit	Abbott Labs	$0	–	-224,769	–	-1.84%	–
MCD	Exit	McDonald's	$0	–	-94,131	–	-1.91%	–
CELG	Exit	Celgene	$0	–	-90,595	–	-2.01%	–
MKC	Exit	McCormick & Co.	$0	–	-127,865	–	-2.15%	–
CHD	Exit	Church & Dwight	$0	–	-135,065	–	-2.33%	–
SRCL	Exit	Stericycle	$0	–	-83,487	–	-2.38%	–
SYK	Exit	Stryker	$0	–	-127,477	–	-2.46%	–
JNJ	Exit	Johnson & Johnson	$0	–	-137,166	–	-2.62%	–
AAPL	Exit	Apple, Inc.	$0	–	-118,705	–	-2.68%	–
KO	Exit	Coca-Cola	$0	–	-337,339	–	-2.77%	–
XOM	Exit	ExxonMobil	$0	–	-187,075	–	-2.84%	–
CL	Exit	Colgate-Palmolive	$0	–	-229,312	–	-2.96%	–
NKE	Exit	NIKE 'B'	$0	–	-131,555	–	-3.32%	–
TJX	Exit	TJX Companies	$0	–	-239,080	–	-3.48%	–
ECL	Exit	Ecolab	$0	–	-154,630	–	-3.49%	–
MA	Exit	MasterCard	$0	–	-189,623	–	-3.50%	–
ADP	Exit	Automatic Data Processing	$0	–	-251,157	–	-4.12%	–

Q3 2015

			Value		Shares		↓ Weighting
ADP	Buy	Automatic Data Processing	$20,093,000	+0.8%	251,157	+0.8%	4.12%	+6.6%
MA	Sell	MasterCard	$17,066,000	-3.2%	189,623	-0.0%	3.50%	+2.4%
ECL	Buy	Ecolab	$17,009,000	-2.1%	154,630	+0.6%	3.49%	+3.6%
TJX	Buy	TJX Companies	$16,975,000	+8.5%	239,080	+0.9%	3.48%	+14.8%
NKE	Sell	NIKE 'B'	$16,181,000	+10.9%	131,555	-2.6%	3.32%	+17.3%
CL	Sell	Colgate-Palmolive	$14,447,000	-3.2%	229,312	-0.2%	2.96%	+2.4%
XOM	Sell	ExxonMobil	$13,844,000	-15.7%	187,075	-5.5%	2.84%	-10.8%
KO	Sell	Coca-Cola	$13,494,000	+1.5%	337,339	-1.1%	2.77%	+7.4%
AAPL	Buy	Apple, Inc.	$13,058,000	-9.5%	118,705	+2.8%	2.68%	-4.3%
JNJ	Buy	Johnson & Johnson	$12,756,000	-3.4%	137,166	+0.7%	2.62%	+2.2%
SYK	Buy	Stryker	$11,983,000	-1.1%	127,477	+1.0%	2.46%	+4.6%
SRCL	Buy	Stericycle	$11,605,000	+5.5%	83,487	+1.7%	2.38%	+11.6%
CHD	Sell	Church & Dwight	$11,345,000	+3.6%	135,065	-0.1%	2.33%	+9.7%
MKC	Buy	McCormick & Co.	$10,485,000	+2.1%	127,865	+0.9%	2.15%	+8.0%
CELG	Sell	Celgene	$9,784,000	-8.0%	90,595	-1.2%	2.01%	-2.7%
MCD	Sell	McDonald's	$9,319,000	+2.3%	94,131	-1.9%	1.91%	+8.2%
ABT	Buy	Abbott Labs	$8,991,000	-17.8%	224,769	+0.7%	1.84%	-13.1%
FISV	Sell	Fiserv	$8,953,000	+2.5%	102,910	-2.2%	1.84%	+8.5%
UTX	Sell	United Technologies	$8,277,000	-24.4%	92,996	-5.7%	1.70%	-20.0%
ABBV	Sell	AbbVie	$8,051,000	-20.2%	149,099	-1.0%	1.65%	-15.5%
WBA	Sell	Walgreens Boots Alliance	$7,929,000	-1.6%	95,533	-0.4%	1.63%	+4.1%
PG	Sell	Procter & Gamble	$7,902,000	-8.6%	109,752	-1.0%	1.62%	-3.3%
PEP	Buy	PepsiCo	$7,858,000	+2.7%	83,593	+1.6%	1.61%	+8.6%
RHHBY	Sell	Roche Holding Ltd ADR	$6,616,000	-6.1%	200,493	-0.4%	1.36%	-0.7%
MSFT	Sell	Microsoft	$6,066,000	-0.8%	137,867	-0.8%	1.24%	+5.0%
BFB	Buy	Brown-Forman 'B'	$5,797,000	-2.2%	59,767	+0.8%	1.19%	+3.5%
FDS	Sell	FactSet Research Systems	$5,788,000	-2.1%	36,175	-0.3%	1.19%	+3.6%
INTU	Sell	Intuit	$5,330,000	-12.1%	59,884	-0.3%	1.09%	-7.1%
PX	Sell	Praxair	$5,035,000	-20.3%	49,359	-6.2%	1.03%	-15.7%
GILD	Buy	Gilead Sciences	$4,980,000	-11.5%	50,818	+5.7%	1.02%	-6.3%
ACN	Sell	Accenture Ltd. 'A'	$4,903,000	-3.4%	50,026	-4.4%	1.01%	+2.1%
DHR	Sell	Danaher	$4,795,000	-3.8%	56,410	-2.7%	0.98%	+1.8%
UNP	Sell	Union Pacific	$4,638,000	-8.0%	52,706	-0.7%	0.95%	-2.7%
EOG	Sell	EOG Resources	$4,633,000	-19.6%	63,460	-3.1%	0.95%	-14.9%
QCOM	Sell	QUALCOMM	$4,336,000	-23.8%	80,291	-11.1%	0.89%	-19.4%
NVO	Sell	Novo Nordisk ADR	$4,255,000	-2.3%	78,800	-0.5%	0.87%	+3.3%
SYY	Sell	Sysco Corp.	$3,918,000	+6.5%	100,463	-1.7%	0.80%	+12.6%
IDXX	Buy	IDEXX Labs	$3,873,000	+24.1%	52,335	+7.3%	0.80%	+31.2%
USB	Sell	US Bancorp	$3,806,000	-5.2%	92,824	-0.5%	0.78%	+0.3%
NEE	Sell	NextEra Energy	$3,723,000	-0.2%	37,993	-0.2%	0.76%	+5.5%
SBUX	Buy	Starbucks	$3,441,000	+9.0%	60,374	+3.2%	0.71%	+15.2%
GWW	Sell	Grainger, W.W.	$3,117,000	-31.2%	14,497	-24.1%	0.64%	-27.2%
ITW	Sell	Illinois Tool Works	$3,038,000	-11.0%	37,054	-0.1%	0.62%	-5.7%
VZ	Buy	Verizon Communications	$2,996,000	-6.3%	68,100	+0.1%	0.62%	-0.8%
HAIN	Buy	Hain Celestial Group	$2,903,000	-2.0%	55,830	+24.4%	0.60%	+3.7%
GE	Sell	General Electric	$2,816,000	-10.0%	112,639	-2.8%	0.58%	-4.8%
PAYX	Buy	Paychex	$2,604,000	+3.2%	54,245	+1.1%	0.53%	+9.2%
CVS	Buy	CVS Health	$2,518,000	+19.4%	26,225	+30.6%	0.52%	+26.4%
MRK	Buy	Merck	$2,514,000	-14.0%	51,308	+0.1%	0.52%	-9.0%
WMT	Sell	Wal-Mart Stores	$2,460,000	-13.9%	37,848	-5.9%	0.50%	-8.8%
	Sell	CDK Global Inc.	$2,396,000	-15.3%	49,917	-4.7%	0.49%	-10.4%
SIAL	Sell	Sigma-Aldrich	$2,358,000	-50.8%	16,963	-50.8%	0.48%	-48.0%
BCPC	Buy	Balchem	$2,325,000	+20.4%	38,110	+10.5%	0.48%	+27.2%
TSCO	Buy	Tractor Supply Company	$2,307,000	+50.8%	27,460	+61.5%	0.47%	+59.6%
PRAA	Sell	PRA Group	$2,259,000	-16.4%	42,620	-2.2%	0.46%	-11.5%
T	Buy	AT&T	$2,252,000	-7.7%	68,242	+0.7%	0.46%	-2.3%
AMT	Buy	American Tower 'A'	$2,234,000	-3.4%	25,390	+2.1%	0.46%	+2.2%
FLO	Sell	Flowers Foods	$2,233,000	+14.6%	89,300	-3.8%	0.46%	+21.2%
IBM	Sell	IBM	$2,191,000	-15.3%	15,107	-4.8%	0.45%	-10.4%
PM	Sell	Philip Morris Int'l	$2,097,000	-2.0%	26,544	-0.7%	0.43%	+3.6%
CSCO	Sell	Cisco Systems	$2,013,000	-5.5%	77,404	-1.9%	0.41%	0.0%
INTC	Sell	Intel	$1,904,000	-1.6%	63,475	-1.6%	0.39%	+4.3%
BR	Buy	Broadridge Financial Solutions	$1,882,000	+129.8%	34,216	+108.9%	0.39%	+142.8%
MMM	Sell	3M Company	$1,877,000	-17.0%	13,221	-10.0%	0.38%	-12.3%
PFE	Buy	Pfizer	$1,871,000	-8.2%	60,342	+0.7%	0.38%	-2.8%
WEX	Buy	WEX	$1,751,000	-22.4%	20,125	+1.6%	0.36%	-18.0%
EMR	Sell	Emerson Electric	$1,727,000	-26.7%	39,261	-8.4%	0.35%	-22.5%
AMGN	Sell	Amgen	$1,720,000	-12.5%	12,465	-2.4%	0.35%	-7.3%
FAST	Sell	Fastenal	$1,589,000	-16.7%	42,950	-5.4%	0.33%	-11.9%
JKHY	Buy	Jack Henry & Associates	$1,555,000	+31.9%	22,210	+22.5%	0.32%	+39.3%
CTSH	Buy	Cognizant Technology	$1,552,000	+7.0%	24,631	+3.6%	0.32%	+13.5%
XRAY	Buy	Dentsply Int'l	$1,493,000	-1.8%	29,279	+0.1%	0.31%	+3.7%
BRKB	Buy	Berkshire Hathaway 'B'	$1,488,000	-3.4%	11,444	+1.1%	0.30%	+2.0%
DIS	Buy	Disney, Walt	$1,193,000	-6.7%	11,696	+3.4%	0.24%	-1.2%
DE	Sell	Deere & Company	$1,149,000	-24.3%	15,525	-0.8%	0.24%	-19.7%
SLB	Buy	Schlumberger	$1,118,000	-19.7%	16,208	+0.1%	0.23%	-15.2%
WRI	Buy	Weingarten Realty	$1,118,000	+0.9%	33,887	+1.0%	0.23%	+6.5%
K	Sell	Kellogg	$1,052,000	+1.8%	15,700	-4.3%	0.22%	+8.0%
PNRA	Sell	Panera Bread	$938,000	-3.6%	4,860	-12.6%	0.19%	+2.1%
COP	Sell	ConocoPhillips	$876,000	-37.6%	18,249	-20.7%	0.18%	-33.8%
DPS	Buy	Dr. Pepper Snapple	$843,000	+9.2%	10,675	+0.9%	0.17%	+15.3%
HPQ	Buy	Hewlett-Packard	$723,000	-13.0%	27,791	+0.3%	0.15%	-8.1%
HSY	Buy	Hershey Company	$644,000	+49.1%	7,001	+44.3%	0.13%	+57.1%
GPC	Buy	Genuine Parts	$627,000	+4.7%	7,550	+13.5%	0.13%	+11.2%
GIS	Sell	General Mills	$621,000	-0.8%	11,082	-0.9%	0.13%	+5.0%
ROST	Sell	Ross Stores	$554,000	-34.8%	11,540	-33.4%	0.11%	-30.9%
CMI	Sell	Cummins Inc.	$550,000	-25.6%	5,045	-10.6%	0.11%	-21.0%
	New	Bank of America	$536,000	–	33,494	–	0.11%	–
CVX	Sell	Chevron	$515,000	-31.3%	6,517	-16.6%	0.11%	-26.9%
IRBT	Sell	iRobot	$496,000	-14.8%	17,090	-6.0%	0.10%	-9.7%
KHC	New	Kraft Heinz	$453,000	–	6,385	–	0.09%	–
V	Buy	Visa	$408,000	+19.0%	5,825	+13.9%	0.08%	+25.4%
MDLZ	Sell	Mondelez Int'l	$394,000	+0.3%	9,391	-1.9%	0.08%	+6.6%
TRMB	Sell	Trimble Navigation Limited	$347,000	-36.8%	21,660	-9.2%	0.07%	-33.6%
CAT	Sell	Caterpillar	$343,000	-60.8%	5,278	-48.6%	0.07%	-58.8%
BBBY	Sell	Bed Bath & Beyond	$333,000	-19.4%	5,835	-2.5%	0.07%	-15.0%
JPM	Sell	JP Morgan Chase	$238,000	-42.4%	3,909	-36.6%	0.05%	-38.8%
UAA	Buy	Under Armour	$238,000	+18.4%	2,450	+1.0%	0.05%	+25.6%
TROW	Sell	T Rowe Price	$228,000	-24.0%	3,250	-15.6%	0.05%	-19.0%
ULTA	New	Ulta Salon Cosmetics	$222,000	–	1,365	–	0.05%	–
VFC	New	VF Corporation	$203,000	–	2,985	–	0.04%	–
BRKA	Exit	Berkshire Hathaway 'A'	$0	–	-1	–	-0.04%	–
DD	Exit	DuPont	$0	–	-3,586	–	-0.04%	–
KRFT	Exit	Kraft Foods Group	$0	–	-6,385	–	-0.10%	–
FCX	Exit	Freeport-McMoRan	$0	–	-29,715	–	-0.11%	–
	Exit	Bank of America	$0	–	-33,494	–	-0.11%	–
MON	Exit	Monsanto	$0	–	-8,400	–	-0.17%	–

Q2 2015

			Value		Shares		↓ Weighting
ADP	New	Automatic Data Processing	$19,934,000	–	249,174	–	3.87%	–
MA	New	MasterCard	$17,639,000	–	189,668	–	3.42%	–
ECL	New	Ecolab	$17,374,000	–	153,750	–	3.37%	–
XOM	New	ExxonMobil	$16,424,000	–	197,883	–	3.19%	–
TJX	New	TJX Companies	$15,645,000	–	237,045	–	3.04%	–
CL	New	Colgate-Palmolive	$14,930,000	–	229,687	–	2.90%	–
NKE	New	NIKE 'B'	$14,589,000	–	135,080	–	2.83%	–
AAPL	New	Apple, Inc.	$14,432,000	–	115,453	–	2.80%	–
KO	New	Coca-Cola	$13,297,000	–	340,939	–	2.58%	–
JNJ	New	Johnson & Johnson	$13,208,000	–	136,166	–	2.56%	–
SYK	New	Stryker	$12,122,000	–	126,272	–	2.35%	–
SRCL	New	Stericycle	$11,003,000	–	82,112	–	2.14%	–
CHD	New	Church & Dwight	$10,948,000	–	135,155	–	2.12%	–
UTX	New	United Technologies	$10,951,000	–	98,661	–	2.12%	–
ABT	New	Abbott Labs	$10,941,000	–	223,294	–	2.12%	–
CELG	New	Celgene	$10,633,000	–	91,665	–	2.06%	–
MKC	New	McCormick & Co.	$10,267,000	–	126,750	–	1.99%	–
ABBV	New	AbbVie	$10,088,000	–	150,574	–	1.96%	–
MCD	New	McDonald's	$9,111,000	–	95,906	–	1.77%	–
FISV	New	Fiserv	$8,733,000	–	105,220	–	1.69%	–
PG	New	Procter & Gamble	$8,650,000	–	110,897	–	1.68%	–
WBA	New	Walgreens Boots Alliance	$8,058,000	–	95,933	–	1.56%	–
PEP	New	PepsiCo	$7,653,000	–	82,293	–	1.48%	–
RHHBY	New	Roche Holding Ltd ADR	$7,046,000	–	201,318	–	1.37%	–
PX	New	Praxair	$6,314,000	–	52,619	–	1.22%	–
MSFT	New	Microsoft	$6,115,000	–	138,967	–	1.19%	–
INTU	New	Intuit	$6,065,000	–	60,046	–	1.18%	–
BFB	New	Brown-Forman 'B'	$5,927,000	–	59,267	–	1.15%	–
FDS	New	FactSet Research Systems	$5,913,000	–	36,275	–	1.15%	–
EOG	New	EOG Resources	$5,762,000	–	65,480	–	1.12%	–
QCOM	New	QUALCOMM	$5,692,000	–	90,357	–	1.10%	–
GILD	New	Gilead Sciences	$5,624,000	–	48,070	–	1.09%	–
ACN	New	Accenture Ltd 'A'	$5,076,000	–	52,326	–	0.98%	–
UNP	New	Union Pacific	$5,043,000	–	53,086	–	0.98%	–
DHR	New	Danaher	$4,985,000	–	57,970	–	0.97%	–
SIAL	New	Sigma-Aldrich	$4,793,000	–	34,484	–	0.93%	–
GWW	New	Grainger, W.W.	$4,530,000	–	19,112	–	0.88%	–
NVO	New	Novo Nordisk ADR	$4,357,000	–	79,225	–	0.84%	–
USB	New	US Bancorp	$4,013,000	–	93,324	–	0.78%	–
NEE	New	NextEra Energy	$3,732,000	–	38,078	–	0.72%	–
SYY	New	Sysco Corp.	$3,678,000	–	102,180	–	0.71%	–
LLY	New	Lilly, Eli	$3,465,000	–	41,750	–	0.67%	–
ITW	New	Illinois Tool Works	$3,414,000	–	37,104	–	0.66%	–
VZ	New	Verizon Communications	$3,196,000	–	68,000	–	0.62%	–
SBUX	New	Starbucks	$3,158,000	–	58,474	–	0.61%	–
GE	New	General Electric	$3,129,000	–	115,894	–	0.61%	–
IDXX	New	IDEXX Labs	$3,122,000	–	48,780	–	0.61%	–
HAIN	New	Hain Celestial Group	$2,963,000	–	44,890	–	0.58%	–
MRK	New	Merck	$2,922,000	–	51,269	–	0.57%	–
WMT	New	Wal-Mart Stores	$2,856,000	–	40,225	–	0.55%	–
	New	CDK Global Inc.	$2,829,000	–	52,398	–	0.55%	–
HP	New	Helmerich & Payne	$2,721,000	–	38,872	–	0.53%	–
PRAA	New	PRA Group	$2,703,000	–	43,595	–	0.52%	–
APD	New	Air Products	$2,631,000	–	19,207	–	0.51%	–
IBM	New	IBM	$2,588,000	–	15,876	–	0.50%	–
PAYX	New	Paychex	$2,523,000	–	53,675	–	0.49%	–
T	New	AT&T	$2,439,000	–	67,742	–	0.47%	–
EMR	New	Emerson Electric	$2,357,000	–	42,861	–	0.46%	–
AMT	New	American Tower 'A'	$2,312,000	–	24,865	–	0.45%	–
MMM	New	3M Company	$2,262,000	–	14,691	–	0.44%	–
WEX	New	WEX	$2,257,000	–	19,800	–	0.44%	–
PFF	New	iShares S&P US Pfddebt	$2,214,000	–	56,775	–	0.43%	–
PM	New	Philip Morris Int'l	$2,140,000	–	26,744	–	0.42%	–
CSCO	New	Cisco Systems	$2,130,000	–	78,894	–	0.41%	–
CVS	New	CVS Health	$2,108,000	–	20,075	–	0.41%	–
PFE	New	Pfizer	$2,038,000	–	59,942	–	0.40%	–
LOW	New	Lowe's	$1,995,000	–	29,775	–	0.39%	–
AMGN	New	Amgen	$1,966,000	–	12,765	–	0.38%	–
FLO	New	Flowers Foods	$1,949,000	–	92,800	–	0.38%	–
BCPC	New	Balchem	$1,931,000	–	34,485	–	0.38%	–
INTC	New	Intel	$1,935,000	–	64,493	–	0.38%	–
FAST	New	Fastenal	$1,907,000	–	45,400	–	0.37%	–
MPC	New	Marathon Petroleum	$1,684,000	–	32,388	–	0.33%	–
HD	New	Home Depot	$1,560,000	–	14,050	–	0.30%	–
BRKB	New	Berkshire Hathaway 'B'	$1,540,000	–	11,325	–	0.30%	–
TSCO	New	Tractor Supply Company	$1,530,000	–	17,005	–	0.30%	–
HSIC	New	Henry Schein	$1,530,000	–	10,775	–	0.30%	–
XRAY	New	Dentsply Int'l	$1,521,000	–	29,254	–	0.30%	–
DE	New	Deere & Company	$1,518,000	–	15,650	–	0.29%	–
CTSH	New	Cognizant Technology	$1,451,000	–	23,781	–	0.28%	–
TIF	New	Tiffany	$1,420,000	–	15,440	–	0.28%	–
COP	New	ConocoPhillips	$1,403,000	–	22,999	–	0.27%	–
SLB	New	Schlumberger	$1,393,000	–	16,196	–	0.27%	–
DIS	New	Disney, Walt	$1,279,000	–	11,316	–	0.25%	–
JCI	New	Johnson Controls	$1,254,000	–	25,075	–	0.24%	–
BDX	New	Becton, Dickinson	$1,220,000	–	8,591	–	0.24%	–
JKHY	New	Jack Henry & Associates	$1,179,000	–	18,135	–	0.23%	–
EXPD	New	Expeditors Int'l	$1,168,000	–	25,400	–	0.23%	–
MRO	New	Marathon Oil	$1,118,000	–	41,389	–	0.22%	–
WRI	New	Weingarten Realty	$1,108,000	–	33,562	–	0.22%	–
K	New	Kellogg	$1,033,000	–	16,400	–	0.20%	–
D	New	Dominion Resources	$995,000	–	14,850	–	0.19%	–
PNRA	New	Panera Bread	$973,000	–	5,560	–	0.19%	–
BMY	New	Bristol-Myers Squibb	$948,000	–	14,359	–	0.18%	–
LLTC	New	Linear Technology	$941,000	–	21,396	–	0.18%	–
MON	New	Monsanto	$899,000	–	8,400	–	0.17%	–
AMZN	New	Amazon.com	$890,000	–	2,050	–	0.17%	–
CAT	New	Caterpillar	$874,000	–	10,278	–	0.17%	–
ROST	New	Ross Stores	$850,000	–	17,340	–	0.16%	–
HPQ	New	Hewlett-Packard	$831,000	–	27,700	–	0.16%	–
BR	New	Broadridge Financial Solutions	$819,000	–	16,380	–	0.16%	–
DPS	New	Dr. Pepper Snapple	$772,000	–	10,575	–	0.15%	–
EQR	New	Equity Residential Properties	$750,000	–	10,720	–	0.14%	–
CVX	New	Chevron	$750,000	–	7,817	–	0.14%	–
CMI	New	Cummins Inc.	$739,000	–	5,645	–	0.14%	–
BFS	New	Saul Centers	$711,000	–	14,500	–	0.14%	–
STT	New	State Street Corp.	$689,000	–	8,954	–	0.13%	–
HCP	New	HCP Inc.	$662,000	–	18,400	–	0.13%	–
GIS	New	General Mills	$626,000	–	11,182	–	0.12%	–
GPC	New	Genuine Parts	$599,000	–	6,650	–	0.12%	–
IRBT	New	iRobot	$582,000	–	18,190	–	0.11%	–
FCX	New	Freeport-McMoRan	$565,000	–	29,715	–	0.11%	–
	New	Bank of America	$569,000	–	33,494	–	0.11%	–
	New	Roche Holdings AG Genusschein	$562,000	–	2,000	–	0.11%	–
TRMB	New	Trimble Navigation Limited	$549,000	–	23,860	–	0.11%	–
KRFT	New	Kraft Foods Group	$543,000	–	6,385	–	0.10%	–
KYN	New	Kayne Anderson	$542,000	–	18,079	–	0.10%	–
HCN	New	Health Care REIT	$541,000	–	8,200	–	0.10%	–
ISRG	New	Intuitive Surgical	$495,000	–	1,020	–	0.10%	–
NBL	New	Noble Energy	$490,000	–	11,400	–	0.10%	–
WFC	New	Wells Fargo	$446,000	–	7,960	–	0.09%	–
HSY	New	Hershey Company	$432,000	–	4,851	–	0.08%	–
HCSG	New	Healthcare Services Group	$419,000	–	12,700	–	0.08%	–
JPM	New	JP Morgan Chase	$413,000	–	6,168	–	0.08%	–
BBBY	New	Bed Bath & Beyond	$413,000	–	5,985	–	0.08%	–
RDSA	New	Royal Dutch Shell PLC 'A'	$402,000	–	7,048	–	0.08%	–
CSX	New	CSX Corp.	$396,000	–	12,000	–	0.08%	–
MDLZ	New	Mondelez Int'l	$393,000	–	9,575	–	0.08%	–
SU	New	Suncor Energy	$385,000	–	13,750	–	0.08%	–
DUK	New	Duke Energy	$369,000	–	5,197	–	0.07%	–
MO	New	Altria	$350,000	–	7,150	–	0.07%	–
SEIC	New	SEI Investments	$343,000	–	7,000	–	0.07%	–
V	New	Visa	$343,000	–	5,115	–	0.07%	–
MNST	New	Monster Beverage	$322,000	–	2,400	–	0.06%	–
NSC	New	Norfolk Southern	$317,000	–	3,640	–	0.06%	–
TWX	New	Time Warner New	$314,000	–	3,610	–	0.06%	–
NOC	New	Northrop Grumman	$305,000	–	1,920	–	0.06%	–
KIM	New	Kimco Realty	$297,000	–	13,500	–	0.06%	–
TROW	New	T Rowe Price	$300,000	–	3,850	–	0.06%	–
EL	New	Estee Lauder	$300,000	–	3,448	–	0.06%	–
ORCL	New	Oracle Corp.	$273,000	–	6,819	–	0.05%	–
AET	New	Aetna	$254,000	–	2,000	–	0.05%	–
SIRO	New	Sirona Dental Systems	$245,000	–	2,450	–	0.05%	–
INGR	New	Ingredion	$240,000	–	3,000	–	0.05%	–
REGN	New	Regeneron Pharmaceuticals	$232,000	–	455	–	0.04%	–
WGL	New	WGL Holdings	$224,000	–	4,150	–	0.04%	–
DD	New	DuPont	$219,000	–	3,586	–	0.04%	–
BRKA	New	Berkshire Hathaway 'A'	$205,000	–	1	–	0.04%	–
UAA	New	Under Armour	$201,000	–	2,425	–	0.04%	–

Q4 2014

			Value		Shares		↓ Weighting
	Exit	Berkshire Hathaway 'A'	$0	–	-1	–	-0.04%	–
HSY	Exit	Hershey Company	$0	–	-2,351	–	-0.05%	–
MNST	Exit	Monster Beverage	$0	–	-2,400	–	-0.05%	–
	Exit	Ingredion	$0	–	-3,000	–	-0.05%	–
GPC	Exit	Genuine Parts	$0	–	-2,875	–	-0.05%	–
SEIC	Exit	SEI Investments	$0	–	-7,000	–	-0.05%	–
V	Exit	Visa	$0	–	-1,215	–	-0.05%	–
DD	Exit	DuPont	$0	–	-3,586	–	-0.05%	–
TWX	Exit	Time Warner New	$0	–	-3,610	–	-0.06%	–
ORCL	Exit	Oracle Corp.	$0	–	-7,019	–	-0.06%	–
EL	Exit	Estee Lauder	$0	–	-3,657	–	-0.06%	–
KIM	Exit	Kimco Realty	$0	–	-13,500	–	-0.06%	–
NSC	Exit	Norfolk Southern	$0	–	-2,640	–	-0.06%	–
TROW	Exit	T Rowe Price	$0	–	-3,850	–	-0.06%	–
KRFT	Exit	Kraft Foods Group	$0	–	-5,385	–	-0.06%	–
JKHY	Exit	Jack Henry & Associates	$0	–	-6,150	–	-0.07%	–
HCSG	Exit	Healthcare Services Group	$0	–	-12,700	–	-0.08%	–
JPM	Exit	JP Morgan Chase	$0	–	-6,168	–	-0.08%	–
CSX	Exit	CSX Corp.	$0	–	-12,000	–	-0.08%	–
DUK	Exit	Duke Energy	$0	–	-5,116	–	-0.08%	–
BBBY	Exit	Bed Bath & Beyond	$0	–	-6,110	–	-0.08%	–
WFC	Exit	Wells Fargo	$0	–	-7,960	–	-0.09%	–
ISRG	Exit	Intuitive Surgical	$0	–	-1,030	–	-0.10%	–
SU	Exit	Suncor Energy	$0	–	-13,750	–	-0.10%	–
HCN	Exit	Health Care REIT	$0	–	-8,200	–	-0.11%	–
RDSA	Exit	Royal Dutch Shell PLC 'A'	$0	–	-7,048	–	-0.11%	–
	Exit	Bank of America	$0	–	-33,294	–	-0.12%	–
GIS	Exit	General Mills	$0	–	-11,282	–	-0.12%	–
DIS	Exit	Disney, Walt	$0	–	-6,391	–	-0.12%	–
	Exit	Roche Holdings AG Genusschein	$0	–	-2,000	–	-0.12%	–
BFS	Exit	Saul Centers	$0	–	-13,000	–	-0.13%	–
HCP	Exit	HCP Inc.	$0	–	-15,900	–	-0.13%	–
ROST	Exit	Ross Stores	$0	–	-8,600	–	-0.14%	–
DPS	Exit	Dr. Pepper Snapple	$0	–	-10,375	–	-0.14%	–
EQR	Exit	Equity Residential Properties	$0	–	-10,720	–	-0.14%	–
CMI	Exit	Cummins Inc.	$0	–	-5,195	–	-0.14%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-16,380	–	-0.14%	–
AMZN	Exit	Amazon.com	$0	–	-2,219	–	-0.15%	–
PFF	Exit	iShares S&P US Pfddebt	$0	–	-17,875	–	-0.15%	–
	Exit	State Street Corp.	$0	–	-9,704	–	-0.15%	–
KYN	Exit	Kayne Anderson	$0	–	-17,579	–	-0.15%	–
	Exit	Bristol-Myers Squibb	$0	–	-15,049	–	-0.16%	–
NBL	Exit	Noble Energy	$0	–	-11,400	–	-0.16%	–
SBUX	Exit	Starbucks	$0	–	-11,807	–	-0.18%	–
AMT	Exit	American Tower 'A'	$0	–	-9,465	–	-0.19%	–
CVX	Exit	Chevron	$0	–	-7,533	–	-0.19%	–
FCX	Exit	Freeport-McMoRan	$0	–	-28,215	–	-0.19%	–
IRBT	Exit	iRobot	$0	–	-31,590	–	-0.20%	–
LLTC	Exit	Linear Technology	$0	–	-21,864	–	-0.20%	–
HPQ	Exit	Hewlett-Packard	$0	–	-27,700	–	-0.20%	–
CTSH	Exit	Cognizant Technology	$0	–	-21,509	–	-0.20%	–
MON	Exit	Monsanto	$0	–	-8,850	–	-0.21%	–
CAT	Exit	Caterpillar	$0	–	-10,228	–	-0.21%	–
K	Exit	Kellogg	$0	–	-16,400	–	-0.21%	–
BDX	Exit	Becton, Dickinson	$0	–	-8,963	–	-0.21%	–
WRI	Exit	Weingarten Realty	$0	–	-32,112	–	-0.21%	–
D	Exit	Dominion Resources	$0	–	-15,100	–	-0.22%	–
JCI	Exit	Johnson Controls	$0	–	-25,075	–	-0.23%	–
HSIC	Exit	Henry Schein	$0	–	-9,725	–	-0.24%	–
EXPD	Exit	Expeditors Int'l	$0	–	-27,950	–	-0.24%	–
BCPC	Exit	Balchem	$0	–	-21,350	–	-0.25%	–
HD	Exit	Home Depot	$0	–	-13,930	–	-0.27%	–
MPC	Exit	Marathon Petroleum	$0	–	-15,726	–	-0.28%	–
TIF	Exit	Tiffany	$0	–	-14,440	–	-0.29%	–
XRAY	Exit	Dentsply Int'l	$0	–	-30,254	–	-0.29%	–
TRMB	Exit	Trimble Navigation Limited	$0	–	-47,310	–	-0.31%	–
PRAA	Exit	Portfolio Recovery Associates	$0	–	-29,955	–	-0.32%	–
MRO	Exit	Marathon Oil	$0	–	-41,389	–	-0.33%	–
LOW	Exit	Lowe's	$0	–	-29,775	–	-0.33%	–
SLB	Exit	Schlumberger	$0	–	-15,709	–	-0.33%	–
BRKB	Exit	Berkshire Hathaway 'B'	$0	–	-11,790	–	-0.34%	–
CVS	Exit	CVS Health	$0	–	-20,875	–	-0.35%	–
COP	Exit	ConocoPhillips	$0	–	-21,711	–	-0.35%	–
FLO	Exit	Flowers Foods	$0	–	-94,825	–	-0.36%	–
AMGN	Exit	Amgen	$0	–	-12,865	–	-0.38%	–
PFE	Exit	Pfizer	$0	–	-60,042	–	-0.38%	–
MMM	Exit	3M Company	$0	–	-13,166	–	-0.39%	–
WEX	Exit	WEX	$0	–	-17,385	–	-0.40%	–
FAST	Exit	Fastenal	$0	–	-42,850	–	-0.40%	–
PM	Exit	Philip Morris Int'l	$0	–	-23,839	–	-0.41%	–
CSCO	Exit	Cisco Systems	$0	–	-80,144	–	-0.42%	–
DE	Exit	Deere & Company	$0	–	-24,810	–	-0.42%	–
IDXX	Exit	IDEXX Labs	$0	–	-17,455	–	-0.43%	–
INTC	Exit	Intel	$0	–	-64,372	–	-0.47%	–
PAYX	Exit	Paychex	$0	–	-51,625	–	-0.47%	–
APD	Exit	Air Products	$0	–	-19,207	–	-0.52%	–
T	Exit	A T & T	$0	–	-75,482	–	-0.55%	–
VZ	Exit	Verizon Communications	$0	–	-53,028	–	-0.55%	–
PNRA	Exit	Panera Bread	$0	–	-16,503	–	-0.56%	–
LLY	Exit	Lilly, Eli	$0	–	-41,750	–	-0.57%	–
EMR	Exit	Emerson Electric	$0	–	-43,161	–	-0.57%	–
MRK	Exit	Merck	$0	–	-47,233	–	-0.58%	–
GE	Exit	General Electric	$0	–	-114,494	–	-0.62%	–
ITW	Exit	Illinois Tool Works	$0	–	-37,054	–	-0.65%	–
GILD	Exit	Gilead Sciences	$0	–	-29,890	–	-0.66%	–
FPL	Exit	NextEra Energy	$0	–	-35,999	–	-0.70%	–
WMT	Exit	Wal-Mart Stores	$0	–	-46,353	–	-0.73%	–
HP	Exit	Helmerich & Payne	$0	–	-36,822	–	-0.75%	–
NVO	Exit	Novo Nordisk ADR	$0	–	-78,250	–	-0.78%	–
USB	Exit	US Bancorp	$0	–	-91,891	–	-0.80%	–
SYY	Exit	Sysco Corp.	$0	–	-103,780	–	-0.82%	–
FDS	Exit	FactSet Research Systems	$0	–	-35,275	–	-0.90%	–
ACN	Exit	Accenture Ltd 'A'	$0	–	-53,540	–	-0.90%	–
DHR	Exit	Danaher	$0	–	-58,143	–	-0.92%	–
IBM	Exit	IBM	$0	–	-23,321	–	-0.92%	–
UNP	Exit	Union Pacific	$0	–	-43,306	–	-0.98%	–
GWW	Exit	Grainger, W.W.	$0	–	-19,537	–	-1.03%	–
BFB	Exit	Brown-Forman 'B'	$0	–	-55,065	–	-1.03%	–
INTU	Exit	Intuit	$0	–	-61,571	–	-1.13%	–
WAG	Exit	Walgreen	$0	–	-96,133	–	-1.18%	–
MSFT	Exit	Microsoft	$0	–	-139,361	–	-1.34%	–
EOG	Exit	EOG Resources	$0	–	-65,160	–	-1.34%	–
FISV	Exit	Fiserv	$0	–	-99,695	–	-1.35%	–
PX	Exit	Praxair	$0	–	-53,424	–	-1.44%	–
RHHBY	Exit	Roche Holding Ltd ADR	$0	–	-202,502	–	-1.56%	–
PEP	Exit	PepsiCo	$0	–	-81,683	–	-1.58%	–
MKC	Exit	McCormick & Co.	$0	–	-122,425	–	-1.71%	–
CELG	Exit	Celgene	$0	–	-90,540	–	-1.79%	–
QCOM	Exit	QUALCOMM	$0	–	-117,732	–	-1.84%	–
ABBV	Exit	AbbVie	$0	–	-154,234	–	-1.86%	–
SRCL	Exit	Stericycle	$0	–	-76,650	–	-1.87%	–
ABT	Exit	Abbott Labs	$0	–	-221,735	–	-1.94%	–
SYK	Exit	Stryker	$0	–	-115,282	–	-1.95%	–
CHD	Exit	Church & Dwight	$0	–	-135,430	–	-1.98%	–
PG	Exit	Procter & Gamble	$0	–	-114,397	–	-2.00%	–
MCD	Exit	McDonald's	$0	–	-101,698	–	-2.01%	–
UTX	Exit	United Technologies	$0	–	-94,411	–	-2.09%	–
AAPL	Exit	Apple, Inc.	$0	–	-112,705	–	-2.37%	–
NKE	Exit	NIKE 'B'	$0	–	-128,905	–	-2.39%	–
MA	Exit	MasterCard	$0	–	-181,518	–	-2.80%	–
TJX	Exit	TJX Companies	$0	–	-231,992	–	-2.85%	–
SIAL	Exit	Sigma-Aldrich	$0	–	-101,743	–	-2.88%	–
JNJ	Exit	Johnson & Johnson	$0	–	-133,513	–	-2.98%	–
KO	Exit	Coca-Cola	$0	–	-344,539	–	-3.09%	–
CL	Exit	Colgate-Palmolive	$0	–	-229,584	–	-3.11%	–
ECL	Exit	Ecolab	$0	–	-147,775	–	-3.54%	–
XOM	Exit	ExxonMobil	$0	–	-199,245	–	-3.90%	–
ADP	Exit	Automatic Data Processing	$0	–	-251,999	–	-4.36%	–

Q3 2014

			Value		Shares		↓ Weighting
ADP	Buy	Automatic Data Processing	$20,916,000	+5.1%	251,999	+0.0%	4.36%	+4.1%
XOM	Buy	ExxonMobil	$18,729,000	-6.7%	199,245	+0.3%	3.90%	-7.6%
ECL	Buy	Ecolab	$16,994,000	+4.4%	147,775	+0.8%	3.54%	+3.4%
CL	Sell	Colgate-Palmolive	$14,923,000	-4.7%	229,584	-0.3%	3.11%	-5.6%
KO	Sell	Coca-Cola	$14,815,000	-5.6%	344,539	-7.8%	3.09%	-6.5%
JNJ	Sell	Johnson & Johnson	$14,286,000	+1.5%	133,513	-0.4%	2.98%	+0.6%
SIAL	Sell	Sigma-Aldrich	$13,837,000	+34.3%	101,743	-0.2%	2.88%	+33.0%
TJX	Buy	TJX Companies	$13,688,000	+13.6%	231,992	+2.0%	2.85%	+12.5%
MA	Buy	MasterCard	$13,432,000	+2.4%	181,518	+1.0%	2.80%	+1.4%
NKE	Buy	NIKE 'B'	$11,473,000	+18.7%	128,905	+4.0%	2.39%	+17.5%
AAPL	Buy	Apple, Inc.	$11,383,000	+10.8%	112,705	+2.0%	2.37%	+9.8%
UTX	Buy	United Technologies	$10,008,000	-5.3%	94,411	+2.7%	2.09%	-6.2%
MCD	Sell	McDonald's	$9,661,000	-17.7%	101,698	-12.5%	2.01%	-18.5%
PG	Sell	Procter & Gamble	$9,609,000	+6.2%	114,397	-0.1%	2.00%	+5.2%
CHD	Buy	Church & Dwight	$9,480,000	+1.2%	135,430	+1.2%	1.98%	+0.2%
SYK	Buy	Stryker	$9,338,000	-3.0%	115,282	+0.6%	1.95%	-3.9%
ABT	Sell	Abbott Labs	$9,313,000	+0.1%	221,735	-2.3%	1.94%	-0.8%
SRCL	Buy	Stericycle	$8,968,000	+2.1%	76,650	+2.9%	1.87%	+1.1%
ABBV	Sell	AbbVie	$8,946,000	-5.4%	154,234	-8.6%	1.86%	-6.3%
QCOM	Buy	QUALCOMM	$8,830,000	-4.9%	117,732	+0.2%	1.84%	-5.8%
CELG	Buy	Celgene	$8,601,000	+13.6%	90,540	+2.8%	1.79%	+12.5%
MKC	Buy	McCormick & Co.	$8,202,000	-6.9%	122,425	+0.0%	1.71%	-7.8%
PEP	Sell	PepsiCo	$7,597,000	+4.4%	81,683	-0.1%	1.58%	+3.5%
RHHBY	Buy	Roche Holding Ltd ADR	$7,493,000	+2.8%	202,502	+2.8%	1.56%	+1.8%
PX	Buy	Praxair	$6,892,000	-0.7%	53,424	+2.4%	1.44%	-1.6%
FISV	Buy	Fiserv	$6,480,000	+9.4%	99,695	+1.0%	1.35%	+8.4%
EOG	Buy	EOG Resources	$6,451,000	-12.8%	65,160	+3.1%	1.34%	-13.6%
MSFT	Sell	Microsoft	$6,411,000	+8.6%	139,361	-0.8%	1.34%	+7.6%
WAG	Buy	Walgreen	$5,672,000	-20.0%	96,133	+0.3%	1.18%	-20.8%
INTU	Buy	Intuit	$5,418,000	+10.1%	61,571	+1.4%	1.13%	+9.1%
BFB	Buy	Brown-Forman 'B'	$4,956,000	-4.0%	55,065	+0.3%	1.03%	-5.0%
GWW	Buy	Grainger, W.W.	$4,923,000	-0.4%	19,537	+0.4%	1.03%	-1.4%
UNP	Buy	Union Pacific	$4,677,000	+19.5%	43,306	+10.7%	0.98%	+18.3%
IBM	Sell	IBM	$4,431,000	+0.9%	23,321	-3.9%	0.92%	0.0%
DHR	Sell	Danaher	$4,419,000	-3.9%	58,143	-0.1%	0.92%	-4.8%
ACN	Sell	Accenture Ltd 'A'	$4,337,000	-2.4%	53,540	-2.4%	0.90%	-3.3%
FDS	Buy	FactSet Research Systems	$4,304,000	+3.0%	35,275	+1.3%	0.90%	+2.0%
SYY	Sell	Sysco Corp.	$3,944,000	+1.2%	103,780	-1.5%	0.82%	+0.1%
USB	Sell	US Bancorp	$3,859,000	-3.5%	91,891	-1.1%	0.80%	-4.4%
NVO	Sell	Novo Nordisk ADR	$3,756,000	+4.2%	78,250	-0.1%	0.78%	+3.3%
HP	Sell	Helmerich & Payne	$3,609,000	-15.9%	36,822	-0.4%	0.75%	-16.7%
WMT	Sell	Wal-Mart Stores	$3,523,000	-3.0%	46,353	-4.3%	0.73%	-3.9%
FPL	Buy	NextEra Energy	$3,384,000	-6.5%	35,999	+1.4%	0.70%	-7.5%
GILD	Buy	Gilead Sciences	$3,168,000	+48.7%	29,890	+16.4%	0.66%	+47.3%
ITW	Sell	Illinois Tool Works	$3,113,000	-5.2%	37,054	-0.7%	0.65%	-6.1%
GE	Buy	General Electric	$2,977,000	+0.3%	114,494	+0.3%	0.62%	-0.6%
EMR	Sell	Emerson Electric	$2,719,000	-5.9%	43,161	-1.4%	0.57%	-6.7%
LLY	Buy	Lilly, Eli	$2,714,000	+5.4%	41,750	+0.5%	0.57%	+4.4%
PNRA	Sell	Panera Bread	$2,690,000	+3.0%	16,503	-5.2%	0.56%	+2.2%
VZ	Buy	Verizon Communications	$2,651,000	+8.8%	53,028	+6.6%	0.55%	+7.8%
T	Sell	A T & T	$2,642,000	-0.3%	75,482	-0.3%	0.55%	-1.3%
APD	Sell	Air Products	$2,497,000	-0.3%	19,207	-1.0%	0.52%	-1.3%
PAYX	Buy	Paychex	$2,272,000	+5.0%	51,625	+0.2%	0.47%	+4.2%
INTC	Buy	Intel	$2,253,000	+14.8%	64,372	+1.7%	0.47%	+13.8%
IDXX	Buy	IDEXX Labs	$2,060,000	-11.6%	17,455	+0.4%	0.43%	-12.4%
DE	Sell	Deere & Company	$2,034,000	-31.2%	24,810	-23.6%	0.42%	-31.8%
CSCO	Sell	Cisco Systems	$2,004,000	-0.4%	80,144	-0.4%	0.42%	-1.2%
PM	Sell	Philip Morris Int'l	$1,979,000	-1.8%	23,839	-0.6%	0.41%	-2.6%
FAST	Buy	Fastenal	$1,928,000	-7.8%	42,850	+0.5%	0.40%	-8.6%
WEX	Sell	WEX	$1,912,000	-3.9%	17,385	-8.3%	0.40%	-4.8%
AMGN	Buy	Amgen	$1,801,000	+18.9%	12,865	+0.2%	0.38%	+17.6%
COP	Buy	ConocoPhillips	$1,672,000	-7.5%	21,711	+3.3%	0.35%	-8.2%
BRKB	Buy	Berkshire Hathaway 'B'	$1,627,000	+9.1%	11,790	+0.4%	0.34%	+8.0%
SLB	Buy	Schlumberger	$1,602,000	-9.4%	15,709	+4.9%	0.33%	-10.2%
PRAA	Buy	Portfolio Recovery Associates	$1,558,000	-8.2%	29,955	+5.9%	0.32%	-9.0%
TRMB	Buy	Trimble Navigation Limited	$1,467,000	-13.7%	47,310	+3.0%	0.31%	-14.5%
XRAY	Sell	Dentsply Int'l	$1,392,000	-3.2%	30,254	-1.1%	0.29%	-4.3%
MPC	Sell	Marathon Petroleum	$1,337,000	+7.0%	15,726	-1.8%	0.28%	+6.1%
HD	Buy	Home Depot	$1,282,000	+16.1%	13,930	+2.2%	0.27%	+15.1%
BCPC	Buy	Balchem	$1,217,000	+6.0%	21,350	+0.5%	0.25%	+5.0%
EXPD	Sell	Expeditors Int'l	$1,146,000	-7.5%	27,950	-0.7%	0.24%	-8.4%
JCI	Buy	Johnson Controls	$1,103,000	-2.3%	25,075	+11.1%	0.23%	-3.4%
WRI	Buy	Weingarten Realty	$1,028,000	+9.2%	32,112	+12.6%	0.21%	+8.1%
BDX	Sell	Becton, Dickinson	$1,022,000	-3.9%	8,963	-0.6%	0.21%	-4.9%
K	Buy	Kellogg	$1,017,000	-4.6%	16,400	+1.5%	0.21%	-5.4%
CAT	Sell	Caterpillar	$1,013,000	-11.1%	10,228	-2.2%	0.21%	-12.1%
MON	Sell	Monsanto	$1,000,000	-10.4%	8,850	-1.7%	0.21%	-11.5%
CTSH	Buy	Cognizant Technology	$968,000	-5.6%	21,509	+2.9%	0.20%	-6.5%
IRBT	Sell	iRobot	$948,000	-27.2%	31,590	-0.6%	0.20%	-27.7%
CVX	Buy	Chevron	$896,000	-8.9%	7,533	+0.3%	0.19%	-9.7%
AMT	New	American Tower 'A'	$890,000	–	9,465	–	0.19%	–
SBUX	Buy	Starbucks	$886,000	+66.2%	11,807	+70.7%	0.18%	+65.2%
	Sell	State Street Corp.	$718,000	-22.1%	9,704	-29.4%	0.15%	-22.7%
PFF	New	iShares S&P US Pfddebt	$715,000	–	17,875	–	0.15%	–
CMI	Sell	Cummins Inc.	$686,000	-15.8%	5,195	-1.9%	0.14%	-16.9%
DPS	Buy	Dr. Pepper Snapple	$664,000	+13.9%	10,375	+5.1%	0.14%	+12.2%
HCP	Buy	HCP Inc.	$636,000	-0.6%	15,900	+1.9%	0.13%	-1.5%
DIS	Buy	Disney, Walt	$569,000	+8.6%	6,391	+4.9%	0.12%	+8.2%
GIS	Sell	General Mills	$564,000	-6.5%	11,282	-0.9%	0.12%	-7.1%
WFC	Sell	Wells Fargo	$414,000	-3.0%	7,960	-1.3%	0.09%	-4.4%
BBBY	Sell	Bed Bath & Beyond	$403,000	+10.4%	6,110	-4.7%	0.08%	+9.1%
HCSG	Sell	Healthcare Services Group	$368,000	-2.4%	12,700	-2.3%	0.08%	-2.5%
JKHY	New	Jack Henry & Associates	$344,000	–	6,150	–	0.07%	–
TROW	Sell	T Rowe Price	$300,000	-18.5%	3,850	-12.0%	0.06%	-18.2%
EL	Sell	Estee Lauder	$274,000	-6.5%	3,657	-7.6%	0.06%	-8.1%
GPC	Sell	Genuine Parts	$253,000	-6.6%	2,875	-6.5%	0.05%	-7.0%
HSY	Buy	Hershey Company	$223,000	0.0%	2,351	+2.2%	0.05%	-2.1%
MNST	New	Monster Beverage	$221,000	–	2,400	–	0.05%	–
	New	Berkshire Hathaway 'A'	$207,000	–	1	–	0.04%	–
PCL	Exit	Plum Creek Timber	$0	–	-4,585	–	-0.04%	–
SIRO	Exit	Sirona Dental Systems	$0	–	-2,550	–	-0.04%	–
MDLZ	Exit	Mondelez Int'l	$0	–	-5,658	–	-0.04%	–

Q2 2014

			Value		Shares		↓ Weighting
XOM	New	ExxonMobil	$20,067,000	–	198,683	–	4.22%	–
ADP	New	Automatic Data Processing	$19,901,000	–	251,909	–	4.19%	–
ECL	New	Ecolab	$16,273,000	–	146,605	–	3.42%	–
KO	New	Coca-Cola	$15,695,000	–	373,691	–	3.30%	–
CL	New	Colgate-Palmolive	$15,660,000	–	230,295	–	3.30%	–
JNJ	New	Johnson & Johnson	$14,069,000	–	133,989	–	2.96%	–
MA	New	MasterCard	$13,123,000	–	179,763	–	2.76%	–
TJX	New	TJX Companies	$12,052,000	–	227,392	–	2.54%	–
MCD	New	McDonald's	$11,745,000	–	116,285	–	2.47%	–
UTX	New	United Technologies	$10,567,000	–	91,886	–	2.22%	–
SIAL	New	Sigma-Aldrich	$10,301,000	–	101,993	–	2.17%	–
AAPL	New	Apple, Inc.	$10,273,000	–	110,462	–	2.16%	–
NKE	New	NIKE 'B'	$9,669,000	–	123,957	–	2.04%	–
SYK	New	Stryker	$9,625,000	–	114,582	–	2.03%	–
ABBV	New	AbbVie	$9,454,000	–	168,824	–	1.99%	–
CHD	New	Church & Dwight	$9,370,000	–	133,856	–	1.97%	–
ABT	New	Abbott Labs	$9,301,000	–	226,852	–	1.96%	–
QCOM	New	QUALCOMM	$9,285,000	–	117,529	–	1.95%	–
PG	New	Procter & Gamble	$9,049,000	–	114,547	–	1.90%	–
MKC	New	McCormick & Co.	$8,811,000	–	122,375	–	1.85%	–
SRCL	New	Stericycle	$8,787,000	–	74,465	–	1.85%	–
CELG	New	Celgene	$7,573,000	–	88,060	–	1.59%	–
EOG	New	EOG Resources	$7,396,000	–	63,210	–	1.56%	–
RHHBY	New	Roche Holding Ltd ADR	$7,287,000	–	196,952	–	1.53%	–
PEP	New	PepsiCo	$7,275,000	–	81,740	–	1.53%	–
WAG	New	Walgreen	$7,092,000	–	95,833	–	1.49%	–
PX	New	Praxair	$6,942,000	–	52,194	–	1.46%	–
FISV	New	Fiserv	$5,922,000	–	98,705	–	1.25%	–
MSFT	New	Microsoft	$5,903,000	–	140,552	–	1.24%	–
BFB	New	Brown-Forman 'B'	$5,163,000	–	54,927	–	1.09%	–
GWW	New	Grainger, W.W.	$4,945,000	–	19,467	–	1.04%	–
INTU	New	Intuit	$4,920,000	–	60,746	–	1.04%	–
DHR	New	Danaher	$4,597,000	–	58,193	–	0.97%	–
ACN	New	Accenture Ltd 'A'	$4,442,000	–	54,840	–	0.94%	–
IBM	New	IBM	$4,390,000	–	24,255	–	0.92%	–
HP	New	Helmerich & Payne	$4,289,000	–	36,972	–	0.90%	–
FDS	New	FactSet Research Systems	$4,177,000	–	34,810	–	0.88%	–
USB	New	US Bancorp	$3,997,000	–	92,952	–	0.84%	–
UNP	New	Union Pacific	$3,914,000	–	39,136	–	0.82%	–
SYY	New	Sysco Corp.	$3,899,000	–	105,380	–	0.82%	–
WMT	New	Wal-Mart Stores	$3,631,000	–	48,420	–	0.76%	–
FPL	New	NextEra Energy	$3,621,000	–	35,499	–	0.76%	–
NVO	New	Novo Nordisk ADR	$3,604,000	–	78,350	–	0.76%	–
ITW	New	Illinois Tool Works	$3,283,000	–	37,304	–	0.69%	–
GE	New	General Electric	$2,969,000	–	114,194	–	0.62%	–
DE	New	Deere & Company	$2,956,000	–	32,480	–	0.62%	–
EMR	New	Emerson Electric	$2,890,000	–	43,786	–	0.61%	–
MRK	New	Merck	$2,740,000	–	47,233	–	0.58%	–
T	New	A T & T	$2,651,000	–	75,732	–	0.56%	–
PNRA	New	Panera Bread	$2,611,000	–	17,408	–	0.55%	–
LLY	New	Lilly, Eli	$2,576,000	–	41,550	–	0.54%	–
APD	New	Air Products	$2,504,000	–	19,407	–	0.53%	–
VZ	New	Verizon Communications	$2,437,000	–	49,730	–	0.51%	–
IDXX	New	IDEXX Labs	$2,329,000	–	17,380	–	0.49%	–
PAYX	New	Paychex	$2,164,000	–	51,525	–	0.46%	–
GILD	New	Gilead Sciences	$2,131,000	–	25,680	–	0.45%	–
FAST	New	Fastenal	$2,090,000	–	42,650	–	0.44%	–
PM	New	Philip Morris Int'l	$2,015,000	–	23,989	–	0.42%	–
CSCO	New	Cisco Systems	$2,012,000	–	80,477	–	0.42%	–
WEX	New	WEX	$1,990,000	–	18,950	–	0.42%	–
FLO	New	Flowers Foods	$1,991,000	–	94,825	–	0.42%	–
INTC	New	Intel	$1,962,000	–	63,293	–	0.41%	–
MMM	New	3M Company	$1,883,000	–	13,166	–	0.40%	–
COP	New	ConocoPhillips	$1,808,000	–	21,023	–	0.38%	–
PFE	New	Pfizer	$1,801,000	–	60,042	–	0.38%	–
SLB	New	Schlumberger	$1,768,000	–	14,979	–	0.37%	–
TRMB	New	Trimble Navigation LTD	$1,700,000	–	45,950	–	0.36%	–
PRAA	New	Portfolio Recovery Associates	$1,698,000	–	28,295	–	0.36%	–
MRO	New	Marathon Oil	$1,656,000	–	41,389	–	0.35%	–
CVS	New	CVS/Caremark	$1,566,000	–	20,875	–	0.33%	–
AMGN	New	Amgen	$1,515,000	–	12,840	–	0.32%	–
BRKB	New	Berkshire Hathaway 'B'	$1,491,000	–	11,740	–	0.31%	–
TIF	New	Tiffany	$1,444,000	–	14,440	–	0.30%	–
XRAY	New	Dentsply Int'l	$1,438,000	–	30,604	–	0.30%	–
LOW	New	Lowe's	$1,429,000	–	29,775	–	0.30%	–
IRBT	New	iRobot	$1,303,000	–	31,790	–	0.27%	–
MPC	New	Marathon Petroleum	$1,249,000	–	16,015	–	0.26%	–
EXPD	New	Expeditors Int'l	$1,239,000	–	28,150	–	0.26%	–
HSIC	New	Henry Schein	$1,157,000	–	9,725	–	0.24%	–
BCPC	New	Balchem	$1,148,000	–	21,250	–	0.24%	–
CAT	New	Caterpillar	$1,140,000	–	10,463	–	0.24%	–
JCI	New	Johnson Controls	$1,129,000	–	22,575	–	0.24%	–
MON	New	Monsanto	$1,116,000	–	9,000	–	0.24%	–
HD	New	Home Depot	$1,104,000	–	13,630	–	0.23%	–
D	New	Dominion Resources	$1,087,000	–	15,100	–	0.23%	–
K	New	Kellogg	$1,066,000	–	16,150	–	0.22%	–
BDX	New	Becton, Dickinson	$1,064,000	–	9,013	–	0.22%	–
FCX	New	Freeport McMoran Copper & Gold B	$1,044,000	–	28,215	–	0.22%	–
LLTC	New	Linear Technology	$1,028,000	–	21,864	–	0.22%	–
CTSH	New	Cognizant Technology	$1,025,000	–	20,909	–	0.22%	–
CVX	New	Chevron	$984,000	–	7,513	–	0.21%	–
HPQ	New	Hewlett-Packard	$942,000	–	27,700	–	0.20%	–
WRI	New	Weingarten Realty	$941,000	–	28,512	–	0.20%	–
	New	State Street Corp.	$922,000	–	13,754	–	0.19%	–
NBL	New	Noble Energy	$878,000	–	11,400	–	0.18%	–
CMI	New	Cummins Inc.	$815,000	–	5,295	–	0.17%	–
	New	Bristol-Myers Squibb	$722,000	–	15,049	–	0.15%	–
AMZN	New	Amazon.com	$721,000	–	2,219	–	0.15%	–
BR	New	Broadridge Financial Solutions	$688,000	–	16,380	–	0.14%	–
KYN	New	Kayne Anderson	$686,000	–	17,579	–	0.14%	–
EQR	New	Equity Residential Properties	$675,000	–	10,720	–	0.14%	–
HCP	New	HCP Inc.	$640,000	–	15,600	–	0.14%	–
BFS	New	Saul Centers	$637,000	–	13,000	–	0.13%	–
GIS	New	General Mills	$603,000	–	11,382	–	0.13%	–
	New	Roche Holdings AG Genusschein	$596,000	–	2,000	–	0.12%	–
SU	New	Suncor Energy	$591,000	–	13,750	–	0.12%	–
DPS	New	Dr. Pepper Snapple	$583,000	–	9,875	–	0.12%	–
RDSA	New	Royal Dutch Shell PLC 'A'	$578,000	–	7,048	–	0.12%	–
ROST	New	Ross Stores	$568,000	–	8,600	–	0.12%	–
SBUX	New	Starbucks	$533,000	–	6,917	–	0.11%	–
DIS	New	Disney, Walt	$524,000	–	6,091	–	0.11%	–
HCN	New	Health Care REIT	$517,000	–	8,200	–	0.11%	–
	New	Bank of America	$499,000	–	33,294	–	0.10%	–
WFC	New	Wells Fargo	$427,000	–	8,063	–	0.09%	–
ISRG	New	Intuitive Surgical	$424,000	–	1,030	–	0.09%	–
DUK	New	Duke Energy	$379,000	–	5,116	–	0.08%	–
HCSG	New	Healthcare Services Group	$377,000	–	13,000	–	0.08%	–
CSX	New	CSX Corp.	$372,000	–	12,000	–	0.08%	–
BBBY	New	Bed Bath & Beyond	$365,000	–	6,410	–	0.08%	–
TROW	New	T Rowe Price	$368,000	–	4,375	–	0.08%	–
JPM	New	JP Morgan Chase	$352,000	–	6,168	–	0.07%	–
KRFT	New	Kraft Foods Group	$323,000	–	5,385	–	0.07%	–
KIM	New	Kimco Realty	$311,000	–	13,500	–	0.06%	–
EL	New	Estee Lauder	$293,000	–	3,957	–	0.06%	–
ORCL	New	Oracle Corp.	$288,000	–	7,019	–	0.06%	–
GPC	New	Genuine Parts	$271,000	–	3,075	–	0.06%	–
NSC	New	Norfolk Southern	$272,000	–	2,640	–	0.06%	–
V	New	Visa	$256,000	–	1,215	–	0.05%	–
TWX	New	Time Warner New	$253,000	–	3,610	–	0.05%	–
DD	New	DuPont	$233,000	–	3,586	–	0.05%	–
SEIC	New	SEI Investments	$231,000	–	7,000	–	0.05%	–
	New	Ingredion	$225,000	–	3,000	–	0.05%	–
HSY	New	Hershey Company	$223,000	–	2,300	–	0.05%	–
MDLZ	New	Mondelez Int'l	$215,000	–	5,658	–	0.04%	–
SIRO	New	Sirona Dental Systems	$209,000	–	2,550	–	0.04%	–
PCL	New	Plum Creek Timber	$206,000	–	4,585	–	0.04%	–

Q4 2013

			Value		Shares		↓ Weighting
NSC	Exit	Norfolk Southern	$0	–	-2,640	–	-0.05%	–
GPC	Exit	Genuine Parts	$0	–	-2,575	–	-0.05%	–
HSY	Exit	Hershey Company	$0	–	-2,300	–	-0.05%	–
EMC	Exit	EMC Corp.	$0	–	-8,350	–	-0.05%	–
SEIC	Exit	SEI Investments	$0	–	-7,000	–	-0.05%	–
KRFT	Exit	Kraft Foods Group	$0	–	-4,518	–	-0.06%	–
TWX	Exit	Time Warner New	$0	–	-3,610	–	-0.06%	–
MDLZ	Exit	Mondelez Int'l	$0	–	-8,091	–	-0.06%	–
ORCL	Exit	Oracle Corp.	$0	–	-7,628	–	-0.06%	–
GOOGL	Exit	Google	$0	–	-305	–	-0.06%	–
KIM	Exit	Kimco Realty	$0	–	-13,600	–	-0.06%	–
SBUX	Exit	Starbucks	$0	–	-3,600	–	-0.07%	–
HCSG	Exit	Healthcare Services Group	$0	–	-10,900	–	-0.07%	–
CSX	Exit	CSX Corp.	$0	–	-12,000	–	-0.08%	–
EL	Exit	Estee Lauder	$0	–	-4,782	–	-0.08%	–
TROW	Exit	T Rowe Price	$0	–	-4,713	–	-0.08%	–
TFM	Exit	The Fresh Market	$0	–	-7,300	–	-0.08%	–
DUK	Exit	Duke Energy	$0	–	-5,116	–	-0.08%	–
JPM	Exit	JP Morgan Chase	$0	–	-6,716	–	-0.08%	–
WFC	Exit	Wells Fargo	$0	–	-8,660	–	-0.08%	–
PCL	Exit	Plum Creek Timber	$0	–	-8,515	–	-0.10%	–
DIS	Exit	Disney, Walt	$0	–	-6,625	–	-0.10%	–
ISRG	Exit	Intuitive Surgical	$0	–	-1,155	–	-0.10%	–
RDSA	Exit	Royal Dutch Shell PLC 'A'	$0	–	-7,048	–	-0.11%	–
DPS	Exit	Dr. Pepper Snapple	$0	–	-10,725	–	-0.12%	–
	Exit	Bank of America	$0	–	-36,270	–	-0.12%	–
HCN	Exit	Health Care REIT	$0	–	-8,325	–	-0.12%	–
BR	Exit	Broadridge Financial Solutions	$0	–	-16,555	–	-0.13%	–
	Exit	Roche Holdings AG Genusschein	$0	–	-2,000	–	-0.13%	–
GIS	Exit	General Mills	$0	–	-11,482	–	-0.13%	–
KYN	Exit	Kayne Anderson	$0	–	-15,579	–	-0.14%	–
EQR	Exit	Equity Residential Properties	$0	–	-10,720	–	-0.14%	–
HPQ	Exit	Hewlett-Packard	$0	–	-28,200	–	-0.14%	–
BFS	Exit	Saul Centers	$0	–	-13,000	–	-0.14%	–
HCP	Exit	HCP Inc.	$0	–	-14,700	–	-0.14%	–
	Exit	Bristol-Myers Squibb	$0	–	-15,049	–	-0.17%	–
CMI	Exit	Cummins Inc.	$0	–	-5,295	–	-0.17%	–
AMZN	Exit	Amazon.com	$0	–	-2,327	–	-0.18%	–
TEVA	Exit	Teva Pharmaceutical ADR	$0	–	-19,175	–	-0.18%	–
NBL	Exit	Noble Energy	$0	–	-11,400	–	-0.18%	–
WRI	Exit	Weingarten Realty	$0	–	-26,962	–	-0.19%	–
CTSH	Exit	Cognizant Technology	$0	–	-9,622	–	-0.19%	–
SU	Exit	Suncor Energy	$0	–	-23,150	–	-0.20%	–
CAT	Exit	Caterpillar	$0	–	-10,478	–	-0.21%	–
TRMB	Exit	Trimble Navigation LTD	$0	–	-29,600	–	-0.21%	–
FCX	Exit	Freeport McMoran Copper & Gold B	$0	–	-27,215	–	-0.22%	–
JCI	Exit	Johnson Controls	$0	–	-21,400	–	-0.22%	–
LLTC	Exit	Linear Technology	$0	–	-22,701	–	-0.22%	–
BDX	Exit	Becton, Dickinson	$0	–	-9,250	–	-0.22%	–
D	Exit	Dominion Resources	$0	–	-15,100	–	-0.22%	–
K	Exit	Kellogg	$0	–	-15,854	–	-0.22%	–
ROST	Exit	Ross Stores	$0	–	-12,885	–	-0.23%	–
UNP	Exit	Union Pacific	$0	–	-6,380	–	-0.24%	–
MON	Exit	Monsanto	$0	–	-9,550	–	-0.24%	–
HD	Exit	Home Depot	$0	–	-13,255	–	-0.24%	–
MPC	Exit	Marathon Petroleum	$0	–	-16,015	–	-0.25%	–
HSIC	Exit	Henry Schein	$0	–	-9,875	–	-0.25%	–
COP	Exit	ConocoPhillips	$0	–	-14,712	–	-0.25%	–
BCPC	Exit	Balchem	$0	–	-19,900	–	-0.25%	–
IRBT	Exit	iRobot	$0	–	-27,290	–	-0.25%	–
CVX	Exit	Chevron	$0	–	-8,569	–	-0.25%	–
TIF	Exit	Tiffany	$0	–	-14,440	–	-0.27%	–
PRAA	Exit	Portfolio Recovery Associates	$0	–	-18,720	–	-0.27%	–
	Exit	Marathon Oil	$0	–	-32,189	–	-0.27%	–
CVS	Exit	CVS/Caremark	$0	–	-20,635	–	-0.28%	–
LOW	Exit	Lowe's	$0	–	-26,000	–	-0.30%	–
SLB	Exit	Schlumberger	$0	–	-14,630	–	-0.31%	–
BRKB	Exit	Berkshire Hathaway 'B'	$0	–	-11,740	–	-0.32%	–
AMGN	Exit	Amgen	$0	–	-12,540	–	-0.34%	–
XRAY	Exit	Dentsply Int'l	$0	–	-32,687	–	-0.34%	–
	Exit	State Street Corp.	$0	–	-21,355	–	-0.34%	–
COH	Exit	Coach	$0	–	-28,505	–	-0.38%	–
MMM	Exit	3M Company	$0	–	-13,743	–	-0.39%	–
INTC	Exit	Intel	$0	–	-71,770	–	-0.40%	–
FLO	Exit	Flowers Foods	$0	–	-81,700	–	-0.41%	–
GILD	Exit	Gilead Sciences	$0	–	-27,500	–	-0.42%	–
IDXX	Exit	IDEXX Labs	$0	–	-17,455	–	-0.42%	–
PFE	Exit	Pfizer	$0	–	-60,406	–	-0.42%	–
EXPD	Exit	Expeditors Int'l	$0	–	-41,925	–	-0.44%	–
VZ	Exit	Verizon Communications	$0	–	-41,760	–	-0.47%	–
PM	Exit	Philip Morris Int'l	$0	–	-23,277	–	-0.49%	–
APD	Exit	Air Products	$0	–	-19,107	–	-0.49%	–
FAST	Exit	Fastenal	$0	–	-41,950	–	-0.50%	–
PAYX	Exit	Paychex	$0	–	-52,642	–	-0.52%	–
LLY	Exit	Lilly, Eli	$0	–	-43,868	–	-0.53%	–
MRK	Exit	Merck	$0	–	-46,397	–	-0.53%	–
NVO	Exit	Novo Nordisk ADR	$0	–	-14,205	–	-0.58%	–
CSCO	Exit	Cisco Systems	$0	–	-105,449	–	-0.58%	–
T	Exit	A T & T	$0	–	-73,993	–	-0.60%	–
HP	Exit	Helmerich & Payne	$0	–	-36,972	–	-0.61%	–
GE	Exit	General Electric	$0	–	-115,025	–	-0.66%	–
FPL	Exit	NextEra Energy	$0	–	-35,696	–	-0.68%	–
ITW	Exit	Illinois Tool Works	$0	–	-38,534	–	-0.70%	–
EMR	Exit	Emerson Electric	$0	–	-45,159	–	-0.70%	–
PNRA	Exit	Panera Bread	$0	–	-19,325	–	-0.74%	–
DE	Exit	Deere & Company	$0	–	-38,680	–	-0.75%	–
BFB	Exit	Brown-Forman 'B'	$0	–	-50,237	–	-0.82%	–
USB	Exit	US Bancorp	$0	–	-92,419	–	-0.82%	–
WMT	Exit	Wal-Mart Stores	$0	–	-48,515	–	-0.86%	–
INTU	Exit	Intuit	$0	–	-55,701	–	-0.88%	–
FDS	Exit	FactSet Research Systems	$0	–	-34,680	–	-0.91%	–
DHR	Exit	Danaher	$0	–	-56,618	–	-0.94%	–
GWW	Exit	Grainger, W.W.	$0	–	-15,417	–	-0.97%	–
ACN	Exit	Accenture Ltd 'A'	$0	–	-55,060	–	-0.98%	–
EOG	Exit	EOG Resources	$0	–	-24,585	–	-1.00%	–
SYY	Exit	Sysco Corp.	$0	–	-137,930	–	-1.06%	–
FISV	Exit	Fiserv	$0	–	-46,325	–	-1.12%	–
MSFT	Exit	Microsoft	$0	–	-151,689	–	-1.20%	–
WAG	Exit	Walgreen	$0	–	-95,883	–	-1.24%	–
RHHBY	Exit	Roche Holding Ltd ADR	$0	–	-81,020	–	-1.32%	–
CELG	Exit	Celgene	$0	–	-37,320	–	-1.38%	–
PX	Exit	Praxair	$0	–	-49,578	–	-1.43%	–
PEP	Exit	PepsiCo	$0	–	-81,662	–	-1.57%	–
QCOM	Exit	QUALCOMM	$0	–	-99,133	–	-1.59%	–
AAPL	Exit	Apple, Inc.	$0	–	-15,149	–	-1.73%	–
ABT	Exit	Abbott Labs	$0	–	-229,956	–	-1.82%	–
CHD	Exit	Church & Dwight	$0	–	-126,746	–	-1.82%	–
SYK	Exit	Stryker	$0	–	-118,332	–	-1.93%	–
ABBV	Exit	AbbVie	$0	–	-180,449	–	-1.95%	–
MKC	Exit	McCormick & Co.	$0	–	-129,225	–	-2.01%	–
SRCL	Exit	Stericycle	$0	–	-74,630	–	-2.06%	–
SIAL	Exit	Sigma-Aldrich	$0	–	-101,968	–	-2.08%	–
PG	Exit	Procter & Gamble	$0	–	-119,567	–	-2.18%	–
NKE	Exit	NIKE 'B'	$0	–	-128,107	–	-2.24%	–
UTX	Exit	United Technologies	$0	–	-90,302	–	-2.34%	–
IBM	Exit	IBM	$0	–	-53,472	–	-2.37%	–
MA	Exit	MasterCard	$0	–	-17,079	–	-2.76%	–
JNJ	Exit	Johnson & Johnson	$0	–	-133,885	–	-2.79%	–
TJX	Exit	TJX Companies	$0	–	-218,117	–	-2.93%	–
MCD	Exit	McDonald's	$0	–	-129,420	–	-2.98%	–
CL	Exit	Colgate-Palmolive	$0	–	-225,490	–	-3.19%	–
KO	Exit	Coca-Cola	$0	–	-379,081	–	-3.45%	–
ECL	Exit	Ecolab	$0	–	-146,980	–	-3.49%	–
XOM	Exit	ExxonMobil	$0	–	-204,142	–	-4.21%	–
ADP	Exit	Automatic Data Processing	$0	–	-252,052	–	-4.35%	–

Q3 2013

			Value		Shares		↓ Weighting
ADP	Sell	Automatic Data Processing	$18,148,000	+2.9%	252,052	-1.4%	4.35%	-1.2%
XOM	Buy	ExxonMobil	$17,556,000	-3.3%	204,142	+1.2%	4.21%	-7.2%
ECL	Buy	Ecolab	$14,551,000	+18.3%	146,980	+1.6%	3.49%	+13.6%
KO	Sell	Coca-Cola	$14,405,000	-5.2%	379,081	-0.2%	3.45%	-9.0%
CL	Sell	Colgate-Palmolive	$13,304,000	-0.8%	225,490	-4.2%	3.19%	-4.8%
MCD	Sell	McDonald's	$12,424,000	-7.8%	129,420	-4.9%	2.98%	-11.5%
TJX	Buy	TJX Companies	$12,215,000	+13.3%	218,117	+1.2%	2.93%	+8.8%
JNJ	Sell	Johnson & Johnson	$11,648,000	-2.0%	133,885	-3.1%	2.79%	-5.9%
MA	Buy	MasterCard	$11,494,000	+17.5%	17,079	+0.4%	2.76%	+12.9%
IBM	Buy	IBM	$9,892,000	-2.4%	53,472	+0.8%	2.37%	-6.2%
UTX	Sell	United Technologies	$9,753,000	+13.5%	90,302	-2.3%	2.34%	+8.9%
NKE	Sell	NIKE 'B'	$9,352,000	+12.3%	128,107	-1.5%	2.24%	+7.8%
PG	Sell	Procter & Gamble	$9,087,000	-7.7%	119,567	-6.5%	2.18%	-11.4%
SIAL	Sell	Sigma-Aldrich	$8,667,000	+5.8%	101,968	-0.4%	2.08%	+1.6%
SRCL	Buy	Stericycle	$8,582,000	+5.6%	74,630	+1.0%	2.06%	+1.4%
MKC	Sell	McCormick & Co.	$8,400,000	-11.5%	129,225	-4.7%	2.01%	-15.0%
ABBV	Sell	AbbVie	$8,120,000	+0.6%	180,449	-8.4%	1.95%	-3.5%
SYK	Sell	Stryker	$8,047,000	+4.0%	118,332	-0.6%	1.93%	-0.2%
CHD	Buy	Church & Dwight	$7,605,000	-1.1%	126,746	+2.2%	1.82%	-5.0%
ABT	Sell	Abbott Labs	$7,589,000	-5.8%	229,956	-0.1%	1.82%	-9.6%
AAPL	Sell	Apple, Inc.	$7,226,000	+17.4%	15,149	-2.3%	1.73%	+12.8%
QCOM	Buy	QUALCOMM	$6,642,000	+15.4%	99,133	+5.0%	1.59%	+10.8%
PEP	Sell	PepsiCo	$6,533,000	-5.6%	81,662	-3.2%	1.57%	-9.4%
PX	Buy	Praxair	$5,949,000	+6.2%	49,578	+1.8%	1.43%	+1.9%
CELG	Buy	Celgene	$5,747,000	+32.6%	37,320	+0.8%	1.38%	+27.4%
RHHBY	Buy	Roche Holding Ltd ADR	$5,509,000	+29.0%	81,020	+17.7%	1.32%	+23.9%
WAG	Sell	Walgreen	$5,178,000	+17.0%	95,883	-4.7%	1.24%	+12.3%
MSFT	Sell	Microsoft	$5,006,000	-10.1%	151,689	-4.7%	1.20%	-13.7%
FISV	Buy	Fiserv	$4,679,000	+17.0%	46,325	+0.8%	1.12%	+12.3%
SYY	Sell	Sysco Corp.	$4,414,000	-13.0%	137,930	-7.6%	1.06%	-16.5%
EOG	Buy	EOG Resources	$4,155,000	+41.3%	24,585	+10.4%	1.00%	+35.5%
ACN	Sell	Accenture Ltd 'A'	$4,074,000	-0.7%	55,060	-3.3%	0.98%	-4.6%
GWW	Buy	Grainger, W.W.	$4,039,000	+13.6%	15,417	+9.2%	0.97%	+9.0%
DHR	Buy	Danaher	$3,907,000	+14.9%	56,618	+4.9%	0.94%	+10.4%
FDS	Buy	FactSet Research Systems	$3,780,000	+7.2%	34,680	+0.3%	0.91%	+2.8%
INTU	Buy	Intuit	$3,676,000	+14.6%	55,701	+5.9%	0.88%	+10.0%
WMT	Sell	Wal-Mart Stores	$3,590,000	-1.1%	48,515	-1.1%	0.86%	-5.1%
USB	Buy	US Bancorp	$3,420,000	+4.2%	92,419	+1.3%	0.82%	0.0%
BFB	Buy	Brown-Forman 'B'	$3,416,000	+7.8%	50,237	+7.7%	0.82%	+3.4%
DE	Sell	Deere & Company	$3,133,000	-2.7%	38,680	-2.7%	0.75%	-6.6%
PNRA	Buy	Panera Bread	$3,073,000	-11.2%	19,325	+3.9%	0.74%	-14.7%
ITW	Buy	Illinois Tool Works	$2,929,000	+11.0%	38,534	+0.8%	0.70%	+6.5%
FPL	Sell	NextEra Energy	$2,856,000	-2.8%	35,696	-1.6%	0.68%	-6.7%
GE	Buy	General Electric	$2,761,000	+10.0%	115,025	+5.3%	0.66%	+5.6%
HP	Buy	Helmerich & Payne	$2,551,000	+12.5%	36,972	+1.1%	0.61%	+8.1%
T	Sell	A T & T	$2,516,000	-4.3%	73,993	-1.5%	0.60%	-8.2%
CSCO	Buy	Cisco Systems	$2,425,000	-1.4%	105,449	+2.9%	0.58%	-5.4%
NVO	Buy	Novo Nordisk ADR	$2,401,000	+18.7%	14,205	+8.9%	0.58%	+14.1%
MRK	Buy	Merck	$2,227,000	+9.7%	46,397	+5.2%	0.53%	+5.3%
LLY	Buy	Lilly, Eli	$2,193,000	+2.5%	43,868	+0.4%	0.53%	-1.5%
PAYX	Sell	Paychex	$2,158,000	+10.0%	52,642	-0.7%	0.52%	+5.5%
FAST	Buy	Fastenal	$2,098,000	+11.1%	41,950	+2.2%	0.50%	+6.6%
PM	Sell	Philip Morris Int'l	$2,025,000	-5.1%	23,277	-5.1%	0.49%	-8.8%
VZ	Buy	Verizon Communications	$1,963,000	-4.2%	41,760	+2.0%	0.47%	-8.0%
EXPD	Sell	Expeditors Int'l	$1,845,000	+13.8%	41,925	-1.7%	0.44%	+9.1%
PFE	Buy	Pfizer	$1,752,000	+7.6%	60,406	+3.9%	0.42%	+3.2%
IDXX	Buy	IDEXX Labs	$1,746,000	+15.6%	17,455	+4.0%	0.42%	+11.1%
GILD	Sell	Gilead Sciences	$1,733,000	+23.3%	27,500	-0.2%	0.42%	+18.5%
FLO	Sell	Flowers Foods	$1,716,000	-14.7%	81,700	-10.6%	0.41%	-18.1%
INTC	Sell	Intel	$1,651,000	-15.4%	71,770	-11.8%	0.40%	-18.9%
MMM	Sell	3M Company	$1,635,000	+7.2%	13,743	-1.8%	0.39%	+2.9%
COH	Sell	Coach	$1,568,000	-43.4%	28,505	-41.4%	0.38%	-45.7%
	Buy	State Street Corp.	$1,409,000	+2.5%	21,355	+0.9%	0.34%	-1.5%
AMGN	Buy	Amgen	$1,404,000	+15.0%	12,540	+1.7%	0.34%	+10.5%
XRAY	Sell	Dentsply Int'l	$1,406,000	+3.6%	32,687	-1.2%	0.34%	-0.6%
SLB	Sell	Schlumberger	$1,287,000	+17.2%	14,630	-4.1%	0.31%	+12.8%
CVS	Buy	CVS/Caremark	$1,176,000	+5.1%	20,635	+5.1%	0.28%	+1.1%
	Sell	Marathon Oil	$1,127,000	-0.9%	32,189	-0.9%	0.27%	-4.9%
PRAA	Buy	Portfolio Recovery Associates	$1,123,000	+21.5%	18,720	+212.0%	0.27%	+16.5%
CVX	Buy	Chevron	$1,045,000	+8.4%	8,569	+4.9%	0.25%	+4.1%
IRBT	Buy	iRobot	$1,037,000	+1.3%	27,290	+6.6%	0.25%	-2.7%
COP	Sell	ConocoPhillips	$1,030,000	-1.2%	14,712	-14.0%	0.25%	-5.4%
MPC	Sell	Marathon Petroleum	$1,025,000	-10.7%	16,015	-0.9%	0.25%	-14.3%
HSIC	Buy	Henry Schein	$1,027,000	+12.4%	9,875	+3.7%	0.25%	+7.9%
HD	Sell	Home Depot	$1,007,000	-7.3%	13,255	-6.0%	0.24%	-11.1%
MON	Buy	Monsanto	$993,000	+9.6%	9,550	+4.4%	0.24%	+5.3%
UNP	New	Union Pacific	$989,000	–	6,380	–	0.24%	–
ROST	Buy	Ross Stores	$941,000	+13.2%	12,885	+0.8%	0.23%	+8.7%
K	Sell	Kellogg	$935,000	-10.0%	15,854	-2.3%	0.22%	-13.8%
BDX	Sell	Becton, Dickinson	$925,000	+0.2%	9,250	-0.8%	0.22%	-3.9%
LLTC	Sell	Linear Technology	$908,000	+7.6%	22,701	-0.4%	0.22%	+3.3%
FCX	Sell	Freeport McMoran Copper & Gold B	$898,000	+15.7%	27,215	-1.8%	0.22%	+10.8%
TRMB	Buy	Trimble Navigation LTD	$888,000	+53.4%	29,600	+33.0%	0.21%	+46.9%
CTSH	Buy	Cognizant Technology	$789,000	+49.7%	9,622	+15.0%	0.19%	+43.2%
WRI	Sell	Weingarten Realty	$782,000	-7.5%	26,962	-1.1%	0.19%	-10.9%
AMZN	Buy	Amazon.com	$728,000	+20.7%	2,327	+7.2%	0.18%	+15.9%
CMI	Sell	Cummins Inc.	$704,000	+22.2%	5,295	-0.7%	0.17%	+17.4%
	Sell	Bristol-Myers Squibb	$692,000	-1.1%	15,049	-3.2%	0.17%	-5.1%
HCP	Buy	HCP Inc.	$603,000	-4.0%	14,700	+5.4%	0.14%	-7.6%
BFS	Sell	Saul Centers	$598,000	+0.7%	13,000	-3.7%	0.14%	-3.4%
KYN	Buy	Kayne Anderson	$561,000	-7.6%	15,579	+0.0%	0.14%	-11.2%
HCN	Buy	Health Care REIT	$516,000	-6.0%	8,325	+1.5%	0.12%	-9.5%
	Buy	Bank of America	$508,000	+18.4%	36,270	+9.9%	0.12%	+14.0%
DPS	Sell	Dr. Pepper Snapple	$483,000	-18.4%	10,725	-16.7%	0.12%	-21.6%
RDSA	Sell	Royal Dutch Shell PLC 'A'	$465,000	-1.1%	7,048	-4.1%	0.11%	-5.1%
ISRG	Buy	Intuitive Surgical	$434,000	-20.2%	1,155	+7.4%	0.10%	-23.5%
DIS	Buy	Disney, Walt	$424,000	+37.2%	6,625	+35.1%	0.10%	+32.5%
PCL	Sell	Plum Creek Timber	$400,000	-3.4%	8,515	-3.4%	0.10%	-6.8%
WFC	Buy	Wells Fargo	$355,000	+53.0%	8,660	+53.3%	0.08%	+46.6%
JPM	Buy	JP Morgan Chase	$349,000	+68.6%	6,716	+71.6%	0.08%	+61.5%
TFM	Buy	The Fresh Market	$343,000	-0.6%	7,300	+5.8%	0.08%	-4.7%
DUK	Buy	Duke Energy	$343,000	+3.0%	5,116	+4.6%	0.08%	-1.2%
TROW	Buy	T Rowe Price	$339,000	+16.1%	4,713	+17.8%	0.08%	+11.0%
HCSG	Buy	Healthcare Services Group	$283,000	+26.9%	10,900	+22.5%	0.07%	+21.4%
ORCL	Sell	Oracle Corp.	$252,000	-0.8%	7,628	-6.8%	0.06%	-4.8%
SEIC	New	SEI Investments	$217,000	–	7,000	–	0.05%	–
EMC	New	EMC Corp.	$217,000	–	8,350	–	0.05%	–
HSY	New	Hershey Company	$214,000	–	2,300	–	0.05%	–
NSC	New	Norfolk Southern	$203,000	–	2,640	–	0.05%	–
SO	Exit	Southern Co.	$0	–	-5,400	–	-0.06%	–
TTE	Exit	Total SA ADR	$0	–	-4,925	–	-0.06%	–
MO	Exit	Altria	$0	–	-13,050	–	-0.11%	–

Q2 2013

			Value		Shares		↓ Weighting
XOM	New	ExxonMobil	$18,158,000	–	201,751	–	4.54%	–
ADP	New	Automatic Data Processing	$17,640,000	–	255,648	–	4.41%	–
KO	New	Coca-Cola	$15,201,000	–	380,024	–	3.80%	–
MCD	New	McDonald's	$13,476,000	–	136,117	–	3.37%	–
CL	New	Colgate-Palmolive	$13,411,000	–	235,275	–	3.35%	–
ECL	New	Ecolab	$12,295,000	–	144,650	–	3.07%	–
JNJ	New	Johnson and Johnson	$11,883,000	–	138,177	–	2.97%	–
TJX	New	TJX Companies	$10,778,000	–	215,561	–	2.69%	–
IBM	New	IBM	$10,131,000	–	53,044	–	2.53%	–
PG	New	Procter and Gamble	$9,843,000	–	127,832	–	2.46%	–
MA	New	MasterCard	$9,778,000	–	17,005	–	2.44%	–
MKC	New	McCormick and Co.	$9,490,000	–	135,575	–	2.37%	–
UTX	New	United Technologies	$8,595,000	–	92,422	–	2.15%	–
NKE	New	NIKE 'B'	$8,324,000	–	130,060	–	2.08%	–
SIAL	New	Sigma-Aldrich	$8,191,000	–	102,393	–	2.05%	–
SRCL	New	Stericycle	$8,126,000	–	73,875	–	2.03%	–
ABBV	New	AbbVie	$8,074,000	–	196,922	–	2.02%	–
ABT	New	Abbott Labs	$8,058,000	–	230,231	–	2.01%	–
SYK	New	Stryker	$7,738,000	–	119,052	–	1.93%	–
CHD	New	Church and Dwight	$7,692,000	–	124,070	–	1.92%	–
PEP	New	PepsiCo	$6,921,000	–	84,404	–	1.73%	–
AAPL	New	Apple, Inc.	$6,155,000	–	15,505	–	1.54%	–
QCOM	New	QUALCOMM	$5,757,000	–	94,379	–	1.44%	–
PX	New	Praxair	$5,602,000	–	48,716	–	1.40%	–
MSFT	New	Microsoft	$5,570,000	–	159,151	–	1.39%	–
SYY	New	Sysco Corp.	$5,074,000	–	149,226	–	1.27%	–
WAG	New	Walgreen	$4,427,000	–	100,611	–	1.11%	–
CELG	New	Celgene	$4,333,000	–	37,030	–	1.08%	–
RHHBY	New	Roche Holding Ltd ADR	$4,269,000	–	68,860	–	1.07%	–
ACN	New	Accenture Ltd 'A'	$4,101,000	–	56,955	–	1.02%	–
FISV	New	Fiserv	$4,000,000	–	45,980	–	1.00%	–
WMT	New	Wal-Mart Stores	$3,631,000	–	49,065	–	0.91%	–
GWW	New	Grainger, W.W.	$3,556,000	–	14,112	–	0.89%	–
FDS	New	FactSet Research Systems	$3,527,000	–	34,580	–	0.88%	–
PNRA	New	Panera Bread	$3,461,000	–	18,605	–	0.86%	–
DHR	New	Danaher	$3,401,000	–	53,990	–	0.85%	–
USB	New	US Bancorp	$3,283,000	–	91,192	–	0.82%	–
DE	New	Deere and Company	$3,220,000	–	39,755	–	0.80%	–
INTU	New	Intuit	$3,209,000	–	52,610	–	0.80%	–
BFB	New	Brown-Forman 'B'	$3,170,000	–	46,624	–	0.79%	–
EOG	New	EOG Resources	$2,941,000	–	22,279	–	0.74%	–
FPL	New	NextEra Energy	$2,939,000	–	36,286	–	0.73%	–
COH	New	Coach	$2,770,000	–	48,605	–	0.69%	–
ITW	New	Illinois Tool Works	$2,638,000	–	38,234	–	0.66%	–
T	New	A T and T	$2,629,000	–	75,120	–	0.66%	–
GE	New	General Electric	$2,511,000	–	109,190	–	0.63%	–
EMR	New	Emerson Electric	$2,484,000	–	45,159	–	0.62%	–
CSCO	New	Cisco Systems	$2,460,000	–	102,494	–	0.61%	–
HP	New	Helmerich and Payne	$2,267,000	–	36,572	–	0.57%	–
LLY	New	Lilly, Eli	$2,140,000	–	43,680	–	0.53%	–
PM	New	Philip Morris Int'l	$2,133,000	–	24,517	–	0.53%	–
VZ	New	Verizon Communications	$2,048,000	–	40,958	–	0.51%	–
MRK	New	Merck	$2,030,000	–	44,122	–	0.51%	–
NVO	New	Novo-Nordisk ADR	$2,022,000	–	13,045	–	0.50%	–
FLO	New	Flowers Foods	$2,011,000	–	91,425	–	0.50%	–
PAYX	New	Paychex	$1,961,000	–	53,007	–	0.49%	–
INTC	New	Intel	$1,952,000	–	81,350	–	0.49%	–
FAST	New	Fastenal	$1,888,000	–	41,050	–	0.47%	–
APD	New	Air Products	$1,758,000	–	19,107	–	0.44%	–
PFE	New	Pfizer	$1,628,000	–	58,145	–	0.41%	–
EXPD	New	Expeditors Int'l	$1,621,000	–	42,650	–	0.40%	–
MMM	New	3M Company	$1,525,000	–	13,993	–	0.38%	–
IDXX	New	IDEXX Labs	$1,510,000	–	16,780	–	0.38%	–
GILD	New	Gilead Sciences	$1,405,000	–	27,550	–	0.35%	–
	New	State Street Corp.	$1,375,000	–	21,155	–	0.34%	–
XRAY	New	Dentsply Int'l	$1,357,000	–	33,087	–	0.34%	–
BRKB	New	Berkshire Hathaway 'B'	$1,315,000	–	11,740	–	0.33%	–
AMGN	New	Amgen	$1,221,000	–	12,333	–	0.30%	–
MPC	New	Marathon Petroleum	$1,148,000	–	16,165	–	0.29%	–
	New	Marathon Oil	$1,137,000	–	32,489	–	0.28%	–
CVS	New	CVS/Caremark	$1,119,000	–	19,635	–	0.28%	–
SLB	New	Schlumberger	$1,098,000	–	15,255	–	0.27%	–
HD	New	Home Depot	$1,086,000	–	14,105	–	0.27%	–
LOW	New	Lowe's	$1,066,000	–	26,000	–	0.27%	–
TIF	New	Tiffany	$1,054,000	–	14,440	–	0.26%	–
COP	New	ConocoPhillips	$1,043,000	–	17,106	–	0.26%	–
K	New	Kellogg	$1,039,000	–	16,229	–	0.26%	–
IRBT	New	iRobot	$1,024,000	–	25,595	–	0.26%	–
CVX	New	Chevron	$964,000	–	8,169	–	0.24%	–
BDX	New	Becton, Dickinson	$923,000	–	9,325	–	0.23%	–
PRAA	New	Portfolio Recovery Associat	$924,000	–	6,000	–	0.23%	–
HSIC	New	Henry Schein	$914,000	–	9,525	–	0.23%	–
MON	New	Monsanto	$906,000	–	9,150	–	0.23%	–
BCPC	New	Balchem	$896,000	–	19,900	–	0.22%	–
CAT	New	Caterpillar	$859,000	–	10,478	–	0.22%	–
D	New	Dominion Resources	$861,000	–	15,100	–	0.22%	–
LLTC	New	Linear Technology	$844,000	–	22,801	–	0.21%	–
WRI	New	Weingarten Realty	$845,000	–	27,262	–	0.21%	–
ROST	New	Ross Stores	$831,000	–	12,785	–	0.21%	–
FCX	New	Freeport McMoran Copper	$776,000	–	27,701	–	0.19%	–
JCI	New	Johnson Controls	$770,000	–	21,400	–	0.19%	–
TEVA	New	Teva Pharmaceutical ADR	$748,000	–	19,175	–	0.19%	–
HPQ	New	Hewlett-Packard	$705,000	–	28,200	–	0.18%	–
	New	Bristol-Myers Squibb	$700,000	–	15,549	–	0.18%	–
NBL	New	Noble Energy	$684,000	–	11,400	–	0.17%	–
SU	New	Suncor Energy	$671,000	–	23,150	–	0.17%	–
HCP	New	HCP Inc.	$628,000	–	13,950	–	0.16%	–
EQR	New	Equity Residential Properti	$622,000	–	10,720	–	0.16%	–
KYN	New	Kayne Anderson	$607,000	–	15,575	–	0.15%	–
AMZN	New	Amazon.com	$603,000	–	2,170	–	0.15%	–
DPS	New	Dr. Pepper Snapple	$592,000	–	12,875	–	0.15%	–
BFS	New	Saul Centers	$594,000	–	13,500	–	0.15%	–
TRMB	New	Trimble Navigation LTD	$579,000	–	22,250	–	0.14%	–
CMI	New	Cummins Inc.	$576,000	–	5,330	–	0.14%	–
GIS	New	General Mills	$563,000	–	11,482	–	0.14%	–
HCN	New	Health Care REIT	$549,000	–	8,200	–	0.14%	–
ISRG	New	Intuitive Surgical	$544,000	–	1,075	–	0.14%	–
CTSH	New	Cognizant Technology	$527,000	–	8,365	–	0.13%	–
	New	Roche Holdings AG Genussch	$498,000	–	2,000	–	0.12%	–
RDSA	New	Royal Dutch Shell PLC 'A'	$470,000	–	7,348	–	0.12%	–
MO	New	Altria	$457,000	–	13,050	–	0.11%	–
BR	New	Broadridge Financial Soluti	$447,000	–	16,555	–	0.11%	–
	New	Bank of America	$429,000	–	32,995	–	0.11%	–
PCL	New	Plum Creek Timber	$414,000	–	8,815	–	0.10%	–
TFM	New	The Fresh Market	$345,000	–	6,900	–	0.09%	–
DUK	New	Duke Energy	$333,000	–	4,893	–	0.08%	–
EL	New	Estee Lauder	$316,000	–	4,782	–	0.08%	–
DIS	New	Disney, Walt	$309,000	–	4,905	–	0.08%	–
TROW	New	T Rowe Price	$292,000	–	4,000	–	0.07%	–
KIM	New	Kimco Realty	$286,000	–	13,600	–	0.07%	–
CSX	New	CSX Corp.	$276,000	–	12,000	–	0.07%	–
GOOGL	New	Google	$268,000	–	305	–	0.07%	–
KRFT	New	Kraft Foods Group	$253,000	–	4,518	–	0.06%	–
ORCL	New	Oracle Corp.	$254,000	–	8,184	–	0.06%	–
TTE	New	Total SA ADR	$241,000	–	4,925	–	0.06%	–
SBUX	New	Starbucks	$238,000	–	3,600	–	0.06%	–
SO	New	Southern Co.	$238,000	–	5,400	–	0.06%	–
MDLZ	New	Mondelez Int'l	$235,000	–	8,091	–	0.06%	–
WFC	New	Wells Fargo	$232,000	–	5,650	–	0.06%	–
HCSG	New	Healthcare Services Group	$223,000	–	8,900	–	0.06%	–
TWX	New	Time Warner New	$209,000	–	3,610	–	0.05%	–
JPM	New	JP Morgan Chase	$207,000	–	3,913	–	0.05%	–
GPC	New	Genuine Parts	$201,000	–	2,575	–	0.05%	–

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