Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TMO	Thermo Electron Corp	59,334	$16.83M	4.9%	$79.76	+289.3%	COM	883556102
SYK	Stryker Corp	91,783	$15.28M	4.5%	$56.92	+222.1%	COM	863667101
UNH	United Health Group Inc.	54,901	$13.69M	4.0%	$50.94	+390.3%	COM	91324P102
PEP	Pepsico Inc.	109,817	$13.19M	3.9%	$56.00	+101.4%	COM	713448108
MSFT	Microsoft Corp	79,004	$12.46M	3.7%	$26.70	+485.5%	COM	594918104
JPM	JP Morgan Chase & Co	103,967	$9.36M	2.7%	$36.38	+184.8%	COM	46625H100
CSCO	Cisco Systems Inc	223,602	$8.79M	2.6%	$15.35	+138.9%	COM	17275R102
PG	Procter & Gamble Co	72,194	$7.941M	2.3%	$55.24	+88.0%	COM	742718109
SCHW	Charles Schwab Corp	235,936	$7.932M	2.3%	$15.92	+143.0%	COM	808513105
JNJ	Johnson & Johnson	57,644	$7.559M	2.2%	$59.66	+101.4%	COM	478160104
AMAT	Applied Materials Inc	163,030	$7.47M	2.2%	$12.92	+320.6%	COM	038222105
NVS	Novartis AG ADR	83,653	$6.897M	2.0%	$70.83	—	COM	66987V109
POST	Post Holdings Inc.	82,089	$6.811M	2.0%	$41.33	+57.3%	COM	737446104
—	Constellation Brands Inc	46,677	$6.692M	2.0%	$154.53	—	COM	20136p108
MMM	Minnesota Mining & Manufacturi	48,357	$6.601M	1.9%	$62.10	+70.6%	COM	88579Y101
CVS	CVS Corp	109,402	$6.491M	1.9%	$53.22	+3.9%	COM	126650100
—	Raytheon Technologies Corp	66,488	$6.272M	1.8%	$92.74	—	COM	913017109
NEE	NextEra Energy, Inc.	26,058	$6.27M	1.8%	$14.15	+283.7%	COM	65339F101
CSX	CSX Corp	103,292	$5.919M	1.7%	$6.68	+222.7%	COM	126408103
ORCL	Oracle Corp	122,319	$5.912M	1.7%	$27.57	+72.3%	COM	68389X105
IBM	International Business Machine	49,341	$5.473M	1.6%	$117.09	-16.1%	COM	459200101
AMZN	Amazon.com Inc	2,799	$5.457M	1.6%	$76.22	+27.0%	COM	023135106
EPD	Enterprise Products Partners L	380,441	$5.44M	1.6%	$47.63	—	PTP	293792107
ZBH	Zimmer Holdings Inc	46,892	$4.74M	1.4%	$72.18	+73.0%	COM	98956P102
DE	Deere & Co	33,242	$4.593M	1.3%	$85.75	+69.9%	COM	244199105
V	Visa, Inc	27,760	$4.473M	1.3%	$139.18	+29.8%	COM	92826C839
—	Berry Plastics Group Inc	130,988	$4.416M	1.3%	$43.90	—	COM	08579w103
—	Alphabet Inc. Class C	3,230	$3.753M	1.1%	$1050.25	—	COM	38259p508
—	Activision Blizzard	62,567	$3.721M	1.1%	$49.47	—	COM	00507v109
UNP	Union Pacific Corp	25,692	$3.624M	1.1%	$66.07	+119.4%	COM	907818108
CVX	ChevronTexaco Corp	49,950	$3.619M	1.1%	$73.32	+3.7%	COM	166764100
BIDU	Baidu, Inc	35,818	$3.61M	1.1%	$100.79	—	COM	056752108
MCK	McKesson Corp	25,456	$3.443M	1.0%	$129.68	+8.6%	COM	58155Q103
TCEHY	Tencent Holdings Ltd	66,793	$3.279M	1.0%	$51.79	—	COM	88032Q109
—	New Relic Inc	67,277	$3.111M	0.9%	$58.56	—	COM	64829b100
PAGS	Pagseguro Digital LTD	152,645	$2.951M	0.9%	$27.27	+11.4%	COM	G68707101
—	Arista Networks	14,460	$2.929M	0.9%	$202.56	—	COM	040413106
LVS	Las Vegas Sands Corp	67,772	$2.878M	0.8%	$41.67	+36.4%	COM	517834107
—	Medtronic PLC	30,607	$2.76M	0.8%	$52.84	—	COM	585055106
INTC	Intel Corp	50,936	$2.757M	0.8%	$19.08	+174.3%	COM	458140100
—	Alibaba Group Holding-SP	13,407	$2.607M	0.8%	$168.69	—	COM	01609w102
COST	Costco Wholesale Corp	9,127	$2.602M	0.8%	$86.75	+220.2%	COM	22160K105
—	Duke Energy Corp	31,901	$2.58M	0.8%	$68.47	—	COM	26441C105
—	Anheuser-Busch Cos Inc	54,410	$2.401M	0.7%	$90.26	—	COM	035229103
—	Simply Good Foods Co	120,990	$2.33M	0.7%	$19.26	—	COM	82900l102
INTU	Intuit Inc	9,980	$2.295M	0.7%	$55.85	+367.2%	COM	461202103
PFE	Pfizer Inc	69,506	$2.269M	0.7%	$16.56	+56.0%	COM	717081103
PPG	PPG Industries Inc	27,070	$2.263M	0.7%	$94.71	+4.5%	COM	693506107
PZZA	Papa John's Intl Inc	42,200	$2.252M	0.7%	$51.29	+0.8%	COM	698813102
CAG	ConAgra Foods Inc.	76,300	$2.239M	0.7%	$22.26	+5.8%	COM	205887102
WMB	Williams Cos Inc.	156,056	$2.208M	0.6%	$19.29	-27.5%	COM	969457100
IVV	iShares S&P 500 Index Fund/US	8,047	$2.079M	0.6%	$163.22	—	COM	464287200
—	LabCorp	15,400	$1.946M	0.6%	$126.36	—	COM	50540r409
—	Magnachip Semiconductor	174,353	$1.927M	0.6%	$10.00	—	COM	55933j203
—	Discovery Communications, Inc.	96,241	$1.871M	0.5%	$31.85	—	COM	039014718
—	GasLog Ltd.	497,293	$1.8M	0.5%	$12.48	—	COM	G37585109
EIX	Edison International	31,900	$1.748M	0.5%	$31.78	+67.0%	COM	281020107
—	Nasdaq-100 Index Tracking Stoc	9,172	$1.746M	0.5%	$145.44	—	COM	73935a104
MA	Mastercard, Inc.	6,842	$1.653M	0.5%	$71.04	+305.2%	COM	57636Q104
XOM	Exxon Mobil Corp	41,460	$1.574M	0.5%	$54.32	-22.5%	COM	30231G102
—	Constellium NV	296,962	$1.547M	0.5%	$11.04	—	COM	n22035104
—	Magellan Midstream Partners (L	42,000	$1.533M	0.5%	$54.13	—	PTP	559080106
—	Lyft	55,796	$1.498M	0.4%	$40.43	—	COM	55087p104
T	AT&T Corp	50,109	$1.461M	0.4%	$13.10	+38.7%	COM	00206R102
—	Goldman Sachs Middle Market Le	78,085	$1.459M	0.4%	$19.10	—	COM	9EQ4GKU01
FDX	FedEx Corp	11,640	$1.411M	0.4%	$181.32	-30.4%	COM	31428X106
YUM	Yum! Brands Inc.	19,950	$1.367M	0.4%	$38.97	+114.4%	COM	988498101
ZTS	Zoetis	11,408	$1.343M	0.4%	$87.06	+43.9%	COM	98978V103
BK	Bank of New York Co Inc/The	38,486	$1.296M	0.4%	$21.22	+66.7%	COM	064058100
ET	Energy Transfer Equity LP	278,964	$1.283M	0.4%	$14.71	—	PTP	29273V100
WY	Weyerhaeuser Co	73,840	$1.252M	0.4%	$21.11	+0.3%	COM	962166104
—	Royal Dutch Petroleum Co	35,700	$1.246M	0.4%	$63.44	—	COM	780259206
TGT	Target Corp	13,376	$1.244M	0.4%	$47.01	+102.0%	COM	87612E106
CHTR	Charter Communications Inc	2,483	$1.083M	0.3%	$214.89	+127.6%	COM	16119P108
—	Despegar.com Corp	182,705	$1.036M	0.3%	$17.26	—	COM	G27358103
SO	Southern Co/The	19,000	$1.029M	0.3%	$26.74	+88.7%	COM	842587107
—	Australia and New Zealand Bank	91,370	$955K	0.3%	$26.12	—	COM	052528304
—	Yum China Holdings Inc	19,950	$850K	0.2%	$26.12	—	COM	98850p109
BMY	Bristol-Myers Squibb Co	15,040	$838K	0.2%	$29.94	+62.2%	COM	110122108
VWO	Vanguard MSCI Emerging Mkts	24,628	$826K	0.2%	$39.59	—	COM	922042858
—	Comcast Corp Cl A	23,622	$812K	0.2%	$46.99	—	COM	20030n101
AMGN	Amgen Inc.	3,997	$810K	0.2%	$73.34	+148.5%	COM	031162100
ABT	Abbott Laboratories	10,038	$792K	0.2%	$28.85	+161.1%	COM	002824100
CLPHY	CLP Holdings Ltd	86,400	$789K	0.2%	$8.16	—	COM	18946Q101
—	AbbVie Inc.	10,038	$765K	0.2%	$41.34	—	COM	002874y10
—	Wynn Resorts Ltd.	11,720	$705K	0.2%	$98.67	—	COM	983143410
VTR	Ventas Inc (REIT)	24,923	$668K	0.2%	$48.41	-18.6%	COM	92276F100
AAPL	Apple Computer Inc	2,458	$625K	0.2%	$30.84	+130.4%	COM	037833100
SLB	Schlumberger Ltd	45,630	$616K	0.2%	$55.13	-54.1%	COM	806857108
MDU	MDU Resources Group Inc	26,324	$566K	0.2%	$6.58	+34.2%	COM	552690109
—	Change Healthcare, Inc	56,680	$566K	0.2%	$9.99	—	COM	15912k001
NI	NiSource Inc	21,200	$529K	0.2%	$7.81	+190.4%	COM	65473P105
—	Alphabet Inc. Class A	455	$529K	0.2%	$967.69	—	COM	38259p706
PAA	Plains All American Pipeline (	95,397	$504K	0.1%	$55.81	—	PTP	726503105
SRE	Sempra Energy	4,400	$497K	0.1%	$27.84	+109.7%	COM	816851109
BAX	Baxter International Inc	6,000	$487K	0.1%	$31.05	+147.2%	COM	071813109
IWP	iShares Russell Midcap Growth	3,805	$463K	0.1%	$71.84	—	COM	464287481
MRK	Merck & Co Inc	5,967	$459K	0.1%	$30.02	+116.8%	COM	58933Y105
HON	Honeywell International Inc	3,350	$448K	0.1%	$53.13	+157.1%	COM	438516106
EMR	Emerson Electric Co.	9,313	$444K	0.1%	$40.02	+44.3%	COM	291011104
CME	CME Group, Inc.	2,300	$398K	0.1%	$39.16	+307.6%	COM	12572Q105
—	United Parcel Service Inc	4,250	$397K	0.1%	$88.36	—	COM	013104104
—	General Electric Co.	49,055	$389K	0.1%	$23.28	—	COM	369604103
—	ViacomCBS, Inc- Class B	25,475	$357K	0.1%	$41.96	—	COM	92556h206
IWS	iShares Russell Midcap Value I	5,367	$344K	0.1%	$58.64	—	COM	464287473
—	Canadian Pacific Railway Ltd	1,500	$329K	0.1%	$152.67	—	COM	135923100
BCE	BCE Inc	7,918	$324K	0.1%	$22.29	+35.0%	COM	05534B760
—	Linde PLC	1,850	$320K	0.1%	$156.22	—	COM	IE00BZ12W
—	Harvest	325,924	$298K	0.1%	$8.14	—	COM	41755M102
BIO	Bio-Rad	850	$298K	0.1%	$242.32	+51.7%	COM	090572207
—	Source Capital Inc.	9,574	$294K	0.1%	$61.73	—	COM	836144105
GILD	Gilead Sciences	3,890	$291K	0.1%	$52.66	+4.3%	COM	375558103
—	Berkshire Hathaway, Inc. Class	100	$272K	0.1%	$2170.00	—	COM	084990175
IEV	iShares S&P Euro 350 Index	7,367	$260K	0.1%	$40.09	—	COM	464287861
BP	BP PLC	9,832	$240K	0.1%	$41.77	—	COM	055622104
WFC	Wells Fargo & Co	8,274	$237K	0.1%	$28.39	+29.0%	COM	949746101
BRK/B	Berkshire Hathaway	1,294	$237K	0.1%	$156.07	+36.2%	COM	084670702
—	Bigen Idec Ltd.	720	$228K	0.1%	$298.61	—	COM	09062x103
—	NuStar Energy LP	20,527	$176K	0.1%	$22.65	—	PTP	67058H102
PFLC	Pacific Financial Corp	12,570	$82,000	0.0%	$6.95	+20.2%	COM	694275108
—	Service Properties Trust	10,000	$54,000	0.0%	$25.60	—	COM	81761l102
—	Oaktree Specialty Lending Corp	12,000	$39,000	0.0%	$4.92	—	COM	67401p108
—	Oncternal Therapeutics, Inc	13,046	$38,000	0.0%	$6.67	—	COM	68236p107
DDEJF	Dundee Bancorp Inc.	58,111	$29,000	0.0%	$22.10	-96.5%	COM	264901109
—	Strata Skin Sciences, Inc	10,020	$9,000	0.0%	$2.10	—	COM	86272a206
BNDSF	Banco de Sabadell SA	10,151	$5,000	0.0%	$1.42	-45.6%	COM	E15819191
PMTYF	Playmates Toys	88,000	$3,000	0.0%	$0.14	-78.4%	COM	G7147S100
PAASF	Pan American Warrants Exp 2/22	10,000	$3,000	0.0%	—	—	WT	697900132