Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWN	iShares Russell 2000 Value Ind	115,252	$13.62M	4.0%	$96.44	—	RUS 2000 VAL ETF	464287630
MSFT	Microsoft Corp.	194,329	$12.8M	3.8%	$30.24	+91.3%	COM	594918104
JNJ	Johnson & Johnson	98,271	$12.24M	3.6%	$63.59	+46.9%	COM	478160104
GOOG	Alphabet Inc. Cl C	13,092	$10.86M	3.2%	$36.17	+12.6%	CAP STK CL C	02079K107
—	General Electric Company	342,903	$10.22M	3.0%	$24.79	—	COM	369604103
—	Costco Wholesale	57,862	$9.703M	2.9%	$139.91	—	COM	22160k105
AAPL	Apple Computer	66,210	$9.512M	2.8%	$19.33	+57.5%	COM	037833100
PNC	PNC Financial Services Group,	78,670	$9.459M	2.8%	$51.11	+78.7%	COM	693475105
CF	CF Industries Holdings, Inc.	311,559	$9.144M	2.7%	$20.74	+24.4%	COM	125269100
CHKP	Check Point Software	83,033	$8.524M	2.5%	$68.34	+43.4%	ORD	M22465104
PEP	PepsiCo Inc.	70,271	$7.861M	2.3%	$57.78	+41.8%	COM	713448108
TJX	TJX Companies Inc.	95,609	$7.561M	2.2%	$21.69	+56.8%	COM	872540109
ROP	Roper Technologies	36,600	$7.558M	2.2%	$158.12	+20.3%	COM	776696106
LLY	Lilly, Eli	89,011	$7.487M	2.2%	$69.13	+0.6%	COM	532457108
—	SunTrust Banks	130,597	$7.222M	2.1%	$38.96	—	COM	867914103
CVX	ChevronTexaco Corporation	66,875	$7.18M	2.1%	$71.51	+7.4%	COM	166764100
ABT	Abbott Laboratories	161,446	$7.17M	2.1%	$30.67	+20.4%	COM	002824100
CVS	CVS Health Corp.	87,650	$6.881M	2.0%	$62.39	-2.9%	COM	126650100
MA	MasterCard, Inc.	57,153	$6.428M	1.9%	$93.20	+11.9%	CL A	57636Q104
DLTR	Dollar Tree Stores Inc.	81,785	$6.417M	1.9%	$82.25	-6.6%	COM	256746108
CMG	Chipotle Mexican Grill, Inc.	14,175	$6.315M	1.9%	$8.53	-3.2%	COM	169656105
FITB	Fifth Third Bancorp	244,607	$6.213M	1.8%	$12.07	+60.1%	COM	316773100
NSRGY	Nestle SA Spon ADR	77,343	$5.948M	1.8%	$79.02	—	COM	641069406
—	Verizon Communications	116,251	$5.667M	1.7%	$50.09	—	COM	92343v104
—	Discover Financial Services	82,735	$5.658M	1.7%	$56.82	—	COM	254709108
—	United Technologies	50,237	$5.637M	1.7%	$95.02	—	COM	913017109
PPL	PPL Corporation	146,945	$5.494M	1.6%	$17.25	+39.3%	COM	69351T106
XOM	Exxon Mobil Corp.	66,791	$5.478M	1.6%	$53.86	+4.2%	COM	30231G102
—	Allergan PLC	22,635	$5.408M	1.6%	$298.74	—	SHS	G0177J108
—	Dow Chemical Company	81,872	$5.202M	1.5%	$46.74	—	COM	260543103
QCOM	Qualcomm Inc.	89,257	$5.118M	1.5%	$51.71	-12.0%	COM	747525103
SLB	Schlumberger Ltd	63,369	$4.949M	1.5%	$58.07	+9.1%	COM	806857108
APD	Air Products & Chemicals Inc	34,391	$4.653M	1.4%	$86.26	+31.2%	COM	009158106
—	AmTrust Financial Services	250,034	$4.616M	1.4%	$31.42	—	COM	032359309
OXY	Occidental Petroleum	68,931	$4.367M	1.3%	$52.64	-1.0%	COM	674599105
—	AmerisourceBergen Corp.	44,510	$3.939M	1.2%	$90.55	—	COM	03073e105
PG	Procter & Gamble	35,615	$3.2M	0.9%	$57.14	+22.6%	COM	742718109
—	Rockwell Collins Inc.	30,141	$2.928M	0.9%	$97.14	—	COM	774341101
KEY	KeyCorp	160,475	$2.853M	0.8%	$6.67	+87.2%	COM	493267108
BAC	Bank of America Corp.	116,467	$2.747M	0.8%	$12.67	+53.0%	COM	060505104
—	Liberty Property Trust	68,767	$2.651M	0.8%	$36.78	—	SH BEN INT	531172104
—	BCE Inc.	54,360	$2.407M	0.7%	$41.84	—	COM NEW	05534b760
PAA	Plains All Amer Pipeline LP	75,361	$2.382M	0.7%	$54.10	—	UNIT LTD PARTN	726503105
EFA	iShares MSCI EAFE Index Fund	33,898	$2.112M	0.6%	$61.04	—	MSCI EAFE ETF	464287465
—	AT&T, Inc.	49,430	$2.054M	0.6%	$35.58	—	COM	00206r102
—	Energy Transfer Partners, L.P.	54,825	$2.002M	0.6%	$36.52	—	COM	29278n103
WPC	WP Carey Inc	30,845	$1.919M	0.6%	$59.85	—	COM	92936U109
PAYX	Paychex Inc.	28,500	$1.679M	0.5%	$46.69	0.0%	COM	704326107
MRK	Merck & Co.	26,183	$1.664M	0.5%	$33.54	+37.3%	COM	58933Y105
—	3M Co.	8,562	$1.638M	0.5%	$123.70	—	COM	88579y101
PFE	Pfizer, Inc.	44,761	$1.531M	0.5%	$17.91	+19.6%	COM	717081103
SUI	Sun Communities Inc.	18,008	$1.447M	0.4%	$50.23	—	COM	866674104
KMB	Kimberly-Clark Corp.	10,711	$1.41M	0.4%	$66.95	+38.3%	COM	494368103
UNP	Union Pacific Corp.	12,689	$1.344M	0.4%	$66.26	+32.3%	COM	907818108
IJR	iShares Core S&P Small-Cap ETF	17,020	$1.177M	0.3%	$86.66	—	CORE S&P SCP ETF	464287804
KELYA	Kelly Services Cl A	52,700	$1.152M	0.3%	$14.88	+31.2%	CL A	488152208
—	J.P. Morgan Chase	12,692	$1.115M	0.3%	$55.83	—	COM	46625h100
ADP	Automatic Data Processing	10,849	$1.111M	0.3%	$48.76	+73.1%	COM	053015103
WELL	Welltower Inc.	15,095	$1.069M	0.3%	$44.87	+8.8%	COM	95040Q104
LMT	Lockheed Martin Corp	3,296	$882K	0.3%	$164.53	+25.7%	COM	539830109
—	Cerner Corporation	14,876	$875K	0.3%	$67.81	—	COM	156782104
—	Buckeye Partners L P Unit Ltd	12,130	$832K	0.2%	$67.58	—	UNIT LTD PARTN	118230101
KO	Coca-Cola Co.	19,107	$811K	0.2%	$28.32	+11.3%	COM	191216100
CBU	Community Bank System Inc	14,750	$811K	0.2%	$23.84	+90.0%	COM	203607106
HD	Home Depot Inc.	5,419	$796K	0.2%	$80.70	+41.7%	COM	437076102
—	Terra Nitrogen Company, LP	8,085	$794K	0.2%	$181.79	—	COM UNIT	881005201
PDER	Pardee Resources Company, Inc.	4,700	$776K	0.2%	$171.95	+2.8%	COM	699437109
—	Celgene Corp.	6,199	$771K	0.2%	$111.96	—	COM	151020104
BRK/B	Berkshire Hathaway Inc. Cl B	4,583	$764K	0.2%	$119.51	+40.0%	CL B NEW	084670702
BRK/A	Berkshire Hathaway Inc. Cl A	3	$750K	0.2%	$230816.08	+8.7%	CL A	084670108
IBM	International Business Machine	4,241	$739K	0.2%	$108.65	+5.3%	COM	459200101
SBUX	Starbucks Corporation	12,290	$718K	0.2%	$46.18	+1.3%	COM	855244109
INTC	Intel Corporation	19,059	$687K	0.2%	$21.78	+36.2%	COM	458140100
WM	Waste Management Inc.	8,925	$651K	0.2%	$42.89	+42.1%	COM	94106L109
—	Diageo PLC Spon ADR	5,392	$623K	0.2%	$114.76	—	SPON ADR NEW	25243q205
—	Invesco Limited	20,020	$613K	0.2%	$35.42	—	SHS	g491bt108
DIS	Disney, Walt	5,371	$609K	0.2%	$61.62	+67.2%	COM DISNEY	254687106
BSV	Vanguard Short-Term Bond Fund	7,125	$568K	0.2%	$80.83	—	SHORT TRM BOND	921937827
—	Du Pont, E. I.	7,034	$565K	0.2%	$55.01	—	COM	263534109
—	Enbridge Energy Partners, L.P.	27,383	$520K	0.2%	$30.49	—	COM	29250r106
AMG	Affiliated Managers Group, Inc	3,165	$519K	0.2%	$158.80	-3.5%	COM	008252108
IWD	iShares Russell 1000 Value Ind	4,276	$491K	0.1%	$85.26	—	RUS 1000 VAL ETF	464287598
SPGI	S&P Global Inc	3,727	$487K	0.1%	$96.34	+19.1%	COM	78409V104
—	CYS Investments Inc	60,600	$482K	0.1%	$8.14	—	COM	12673a108
—	Capstead Mortgage Corp.	45,175	$476K	0.1%	$11.92	—	COM NO PAR	14067E506
IWM	iShares Russell 2000 Index Fun	3,367	$463K	0.1%	$102.08	—	RUS 2000 ETF	464287655
—	Vereit Inc.	53,799	$457K	0.1%	$8.49	—	COM	92339V100
SHW	Sherwin Williams	1,438	$446K	0.1%	$57.96	+60.4%	COM	824348106
AMZN	Amazon.com Inc.	496	$440K	0.1%	$34.63	+20.4%	COM	023135106
BGS	B&G Foods, Inc.	10,784	$434K	0.1%	$14.57	+42.0%	COM	05508R106
DHR	Danaher Corp	5,040	$431K	0.1%	$41.01	+73.8%	COM	235851102
BMY	Bristol-Myers Squibb	7,888	$429K	0.1%	$32.10	+24.4%	COM	110122108
WEC	Wisconsin Energy Corp.	7,000	$424K	0.1%	$36.78	+20.5%	COM	92939U106
IWR	iShares Russell Midcap Index F	2,142	$401K	0.1%	$133.02	—	RUS MID CAP ETF	464287499
NEE	NextEra Energy, Inc.	3,097	$398K	0.1%	$18.03	+39.5%	COM	65339F101
ITW	Illinois Tool Works	3,007	$398K	0.1%	$59.02	+77.2%	COM	452308109
SYK	Stryker Corporation	2,935	$386K	0.1%	$71.08	+61.1%	COM	863667101
EMR	Emerson Electric Co	6,375	$382K	0.1%	$40.45	+18.5%	COM	291011104
—	Cisco Systems Inc.	11,130	$376K	0.1%	$28.50	—	COM	17275r102
SO	Southern Company	7,519	$374K	0.1%	$29.57	+15.5%	COM	842587107
—	Versum Materials Inc	12,129	$371K	0.1%	$28.09	—	COM	92532w103
—	SPDR Gold Trust	3,085	$366K	0.1%	$125.64	—	GOLD SHS	78463v107
BA	Boeing Co.	2,065	$365K	0.1%	$120.78	+31.4%	COM	097023105
EPD	Enterprise Products Partners L	13,180	$364K	0.1%	$46.28	—	COM	293792107
HON	Honeywell International	2,754	$344K	0.1%	$61.17	+50.3%	COM	438516106
CZNC	Citizens & Northern Corp.	14,425	$336K	0.1%	$10.73	+43.3%	COM	172922106
SYY	Sysco Corp.	6,471	$336K	0.1%	$25.71	+63.5%	COM	871829107
—	Raytheon Company	2,167	$330K	0.1%	$112.28	—	COM NEW	755111507
TMO	Thermo Fisher Scientific, Inc.	2,137	$328K	0.1%	$149.03	+0.1%	COM	883556102
AFL	AFLAC Inc.	4,301	$311K	0.1%	$20.85	+38.2%	COM	001055102
—	Magellan Midstream Partners, L	3,900	$300K	0.1%	$69.00	—	COM UNIT RP LP	559080106
—	PowerShares QQQ Nasdaq 100	2,216	$293K	0.1%	$132.22	—	UNIT SER 1	73935a104
—	Quintiles Transnational Holdin	3,540	$285K	0.1%	$76.31	—	COM	74876Y101
—	Total System Services, Inc.	5,140	$275K	0.1%	$33.28	—	COM	891906109
IJH	iShares Core S&P MidCap	1,579	$270K	0.1%	$170.99	—	CORE S&P MCP ETF	464287507
MDT	Medtronic PLC	3,210	$259K	0.1%	$62.37	0.0%	SHS	G5960L103
VMC	Vulcan Materials Co.	2,050	$247K	0.1%	$88.90	+27.3%	COM	929160109
META	Facebook, Inc.	1,734	$246K	0.1%	$132.71	0.0%	CL A	30303M102
VWO	Vanguard Emerging Markets	6,179	$245K	0.1%	$37.71	—	FTSE EMR MKT ETF	922042858
TIP	iShares Barclays US TIPS Fund	2,115	$242K	0.1%	$116.31	—	TIPS BD ETF	464287176
CBT	Cabot Corporation	4,000	$240K	0.1%	$39.36	+16.3%	COM	127055101
BIIB	Biogen Idec Inc.	869	$238K	0.1%	$322.12	-12.2%	COM	09062X103
AEIS	Advanced Energy Industries, In	3,350	$230K	0.1%	$60.60	0.0%	COM	007973100
CSM	ProShares Large Cap Core Plus	3,875	$226K	0.1%	$58.32	—	PSHS LC COR PLUS	74347R248
EEM	Ishares MSCI Emerging Markets	5,674	$223K	0.1%	$39.30	—	MSCI EMG MKT ETF	464287234
GOOGL	Alphabet Inc. Cl A	256	$217K	0.1%	$41.73	0.0%	CAP STK CL A	02079K305
AROW	Arrow Financial Corp.	6,399	$217K	0.1%	$22.95	0.0%	COM	042744102
HAIN	Hain Celestial Group Inc.	5,705	$212K	0.1%	$37.62	0.0%	COM	405217100
COP	ConocoPhillips	4,198	$209K	0.1%	$39.92	-8.4%	COM	20825C104
WFC	Wells Fargo	3,756	$209K	0.1%	$39.03	+13.7%	COM	949746101
F	Ford Motor Co.	15,754	$183K	0.1%	$8.05	-3.3%	COM PAR $0.01	345370860
—	Enzo Biochem, Inc.	14,000	$117K	0.0%	$4.43	—	COM	294100102
—	VIVUS, Inc.	24,500	$27,000	0.0%	$10.77	—	COM	928551100
—	U.S. Rare Earth Minerals Inc.	25,000	$1,000	0.0%	$0.04	—	COM	903410207
—	HouseRaising, Inc.	10,000	$0	0.0%	—	—	COM	44183w106