Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TMO	Thermo Electron Corp	59,334	$21.5M	5.3%	$362.34	$79.76	+347.9%	COM	883556102
SYK	Stryker Corp	91,283	$16.45M	4.0%	$180.19 *	$56.92	+199.0%	COM	863667101
UNH	United Health Group Inc.	54,901	$16.19M	4.0%	$294.95 *	$50.94	+429.6%	COM	91324P102
MSFT	Microsoft Corp	79,004	$16.08M	3.9%	$203.51 *	$26.70	+627.6%	COM	594918104
PEP	Pepsico Inc.	109,817	$14.53M	3.6%	$132.27 *	$56.00	+99.6%	COM	713448108
CSCO	Cisco Systems Inc	223,602	$10.43M	2.6%	$46.64 *	$15.35	+156.4%	COM	17275R102
AMAT	Applied Materials Inc	164,339	$9.934M	2.4%	$60.45 *	$12.92	+345.2%	COM	038222105
JPM	JP Morgan Chase & Co	103,967	$9.779M	2.4%	$94.06 *	$36.38	+122.8%	COM	46625H100
PG	Procter & Gamble Co	72,194	$8.632M	2.1%	$119.57 *	$55.24	+88.8%	COM	742718109
—	Constellation Brands Inc	46,677	$8.166M	2.0%	$174.95	$154.53	—	COM	20136p108
JNJ	Johnson & Johnson	57,644	$8.106M	2.0%	$140.62 *	$59.66	+101.8%	COM	478160104
SCHW	Charles Schwab Corp	235,936	$7.96M	2.0%	$33.74 *	$15.92	+96.8%	COM	808513105
AMZN	Amazon.com Inc	2,799	$7.722M	1.9%	$2758.84 *	$76.22	+81.0%	COM	023135106
MMM	Minnesota Mining & Manufacturi	48,357	$7.543M	1.8%	$155.99 *	$62.10	+71.6%	COM	88579Y101
NVS	Novartis AG ADR	83,653	$7.306M	1.8%	$87.34	$65.31	+33.7%	COM	66987V109
POST	Post Holdings Inc.	82,089	$7.193M	1.8%	$87.62 *	$41.33	+38.8%	COM	737446104
CVS	CVS Corp	108,402	$7.043M	1.7%	$64.97 *	$53.22	+2.2%	COM	126650100
EPD	Enterprise Products Partners L	380,441	$6.913M	1.7%	$18.17	$47.63	—	PTP	293792107
CSX	CSX Corp	98,292	$6.855M	1.7%	$69.74 *	$6.68	+223.2%	COM	126408103
ORCL	Oracle Corp	122,319	$6.761M	1.7%	$55.27 *	$27.57	+85.4%	COM	68389X105
NEE	NextEra Energy, Inc.	26,058	$6.258M	1.5%	$240.16 *	$14.15	+269.8%	COM	65339F101
IBM	International Business Machine	49,241	$5.947M	1.5%	$120.77 *	$117.09	-22.0%	COM	459200101
ZBH	Zimmer Holdings Inc	46,892	$5.597M	1.4%	$119.36 *	$72.18	+53.6%	COM	98956P102
—	Berry Plastics Group Inc	122,832	$5.444M	1.3%	$44.32	$43.90	—	COM	08579w103
V	Visa, Inc	27,760	$5.362M	1.3%	$193.16 *	$139.18	+33.4%	COM	92826C839
DE	Deere & Co	33,242	$5.224M	1.3%	$157.15 *	$85.75	+70.6%	COM	244199105
PAGS	Pagseguro Digital LTD	146,645	$5.182M	1.3%	$35.34	$27.27	+29.6%	COM	G68707101
—	Activision Blizzard	62,567	$4.749M	1.2%	$75.90	$49.47	—	COM	00507v109
—	New Relic Inc	67,053	$4.62M	1.1%	$68.90	$58.56	—	COM	64829b100
CVX	ChevronTexaco Corp	51,408	$4.587M	1.1%	$89.23 *	$73.22	-4.3%	COM	166764100
—	Alphabet Inc. Class C	3,230	$4.58M	1.1%	$1417.96	$1050.25	—	COM	38259p508
UNP	Union Pacific Corp	25,692	$4.344M	1.1%	$169.08 *	$66.07	+126.6%	COM	907818108
BIDU	Baidu, Inc	35,818	$4.294M	1.1%	$119.88	$121.83	-1.6%	COM	056752108
TCEHY	Tencent Holdings Ltd	66,793	$4.275M	1.0%	$64.00	$48.65	+31.5%	COM	88032Q109
—	Raytheon Technologies Corp	66,488	$4.097M	1.0%	$61.62	$92.74	—	COM	913017109
MCK	McKesson Corp	23,956	$3.675M	0.9%	$153.41 *	$129.68	+14.3%	COM	58155Q103
PZZA	Papa John's Intl Inc	42,135	$3.346M	0.8%	$79.41 *	$51.29	+33.6%	COM	698813102
MAR	Marriot International Inc	38,764	$3.323M	0.8%	$85.72 *	$83.76	-1.3%	COM	571903202
INTC	Intel Corp	50,936	$3.048M	0.7%	$59.84 *	$19.08	+179.5%	COM	458140100
—	Arista Networks	14,460	$3.037M	0.7%	$210.03	$202.56	—	COM	040413106
INTU	Intuit Inc	10,032	$2.971M	0.7%	$296.15 *	$55.85	+412.2%	COM	461202103
—	Alibaba Group Holding-SP	13,407	$2.892M	0.7%	$215.71	$168.69	—	COM	01609w102
PPG	PPG Industries Inc	27,070	$2.871M	0.7%	$106.06 *	$94.71	+0.6%	COM	693506107
—	Medtronic PLC	30,607	$2.807M	0.7%	$91.71	$52.84	—	COM	585055106
COST	Costco Wholesale Corp	9,127	$2.767M	0.7%	$303.17 *	$86.75	+221.0%	COM	22160K105
WMB	Williams Cos Inc.	143,108	$2.722M	0.7%	$19.02 *	$19.29	-25.7%	COM	969457100
CAG	ConAgra Foods Inc.	76,300	$2.683M	0.7%	$35.16 *	$22.26	+24.5%	COM	205887102
—	Anheuser-Busch Cos Inc	54,410	$2.682M	0.7%	$49.29	$90.26	—	COM	035229103
LVS	Las Vegas Sands Corp	57,552	$2.621M	0.6%	$45.54 *	$41.67	+4.4%	COM	517834107
—	Duke Energy Corp	32,057	$2.561M	0.6%	$79.89	$68.47	—	COM	26441C105
—	LabCorp	15,400	$2.558M	0.6%	$166.10	$126.36	—	COM	50540r409
IVV	iShares S&P 500 Index Fund/US	8,113	$2.512M	0.6%	$309.63	$163.85	+89.0%	COM	464287200
—	Nasdaq-100 Index Tracking Stoc	9,438	$2.337M	0.6%	$247.62	$148.32	—	COM	73935a104
—	Constellium NV	296,962	$2.281M	0.6%	$7.68	$11.04	—	COM	n22035104
PFE	Pfizer Inc	69,506	$2.273M	0.6%	$32.70 *	$16.56	+43.9%	COM	717081103
—	Simply Good Foods Co	120,990	$2.248M	0.6%	$18.58	$19.26	—	COM	82900l102
—	Discovery Communications, Inc.	96,241	$2.031M	0.5%	$21.10	$31.85	—	COM	039014718
MA	Mastercard, Inc.	6,842	$2.023M	0.5%	$295.67 *	$71.04	+303.6%	COM	57636Q104
ET	Energy Transfer LP	278,964	$1.986M	0.5%	$7.12	$14.71	—	PTP	29273V100
—	Magellan Midstream Partners (L	45,000	$1.943M	0.5%	$43.18	$53.40	—	PTP	559080106
XOM	Exxon Mobil Corp	42,760	$1.912M	0.5%	$44.71 *	$53.73	-34.9%	COM	30231G102
OTIS	Otis Worldwide Corp	33,242	$1.89M	0.5%	$56.86 *	$47.48	+10.4%	COM	68902V107
—	Lyft	55,796	$1.842M	0.5%	$33.01	$40.43	—	COM	55087p104
—	Change Healthcare, Inc	160,680	$1.8M	0.4%	$11.20	$10.77	—	COM	15912k001
—	Magnachip Semiconductor	174,353	$1.796M	0.4%	$10.30	$10.00	—	COM	55933j203
YUM	Yum! Brands Inc.	19,950	$1.734M	0.4%	$86.92 *	$38.97	+101.3%	COM	988498101
EIX	Edison International	31,900	$1.732M	0.4%	$54.29 *	$31.78	+32.4%	COM	281020107
—	Social Capital Hedosophia Hold	142,400	$1.69M	0.4%	$11.87	$11.87	—	COM	KYG8251K1
WY	Weyerhaeuser Co	73,840	$1.658M	0.4%	$22.45 *	$21.11	-13.5%	COM	962166104
—	Social Capital Hedosophia Hold	140,000	$1.645M	0.4%	$11.75	$11.75	—	COM	KYG8250T1
FDX	FedEx Corp	11,640	$1.632M	0.4%	$140.21 *	$181.32	-30.1%	COM	31428X106
TGT	Target Corp	13,376	$1.604M	0.4%	$119.92 *	$47.01	+120.0%	COM	87612E106
ZTS	Zoetis	11,408	$1.563M	0.4%	$137.01 *	$87.06	+50.1%	COM	98978V103
BK	Bank of New York Co Inc/The	38,486	$1.487M	0.4%	$38.64 *	$21.22	+55.0%	COM	064058100
CARR	Carrier	66,488	$1.477M	0.4%	$22.21 *	$17.13	+20.9%	COM	14448C104
T	AT&T Corp	47,715	$1.442M	0.4%	$30.22 *	$13.10	+18.8%	COM	00206R102
EADSY	Airbus SE	80,000	$1.428M	0.4%	$17.85	$16.51	+8.1%	COM	009279100
—	GasLog Ltd.	482,293	$1.355M	0.3%	$2.81	$12.48	—	COM	G37585109
—	Goldman Sachs Middle Market Le	78,085	$1.334M	0.3%	$17.08	$19.10	—	COM	9EQ4GKU01
CHTR	Charter Communications Inc	2,483	$1.266M	0.3%	$509.87	$214.89	+137.4%	COM	16119P108
—	Despegar.com Corp	168,732	$1.211M	0.3%	$7.18	$17.26	—	COM	G27358103
—	Australia and New Zealand Bank	91,370	$1.177M	0.3%	$12.88	$26.12	—	COM	052528304
—	Royal Dutch Petroleum Co	35,700	$1.167M	0.3%	$32.69	$63.44	—	COM	780259206
—	AbbVie Inc.	10,038	$986K	0.2%	$98.23	$41.34	—	COM	002874y10
SO	Southern Co/The	19,000	$985K	0.2%	$51.84 *	$26.74	+57.0%	COM	842587107
—	Yum China Holdings Inc	19,950	$959K	0.2%	$48.07	$26.12	—	COM	98850p109
AMGN	Amgen Inc.	3,997	$943K	0.2%	$235.93 *	$73.34	+171.1%	COM	031162100
—	Comcast Corp Cl A	23,622	$921K	0.2%	$38.99	$46.99	—	COM	20030n101
ABT	Abbott Laboratories	10,038	$918K	0.2%	$91.45 *	$28.85	+187.5%	COM	002824100
VTR	Ventas Inc (REIT)	24,923	$913K	0.2%	$36.63 *	$48.41	-37.5%	COM	92276F100
AAPL	Apple Computer Inc	2,458	$897K	0.2%	$364.93 *	$30.84	+186.8%	COM	037833100
BMY	Bristol-Myers Squibb Co	15,040	$884K	0.2%	$58.78 *	$29.94	+57.4%	COM	110122108
PAA	Plains All American Pipeline (	95,397	$843K	0.2%	$8.84	$55.81	—	PTP	726503105
CLPHY	CLP Holdings Ltd	86,400	$842K	0.2%	$9.75	$8.62	+13.1%	COM	18946Q101
—	Wynn Resorts Ltd.	10,338	$770K	0.2%	$74.48	$98.67	—	COM	983143410
SLB	Schlumberger Ltd	40,630	$747K	0.2%	$18.39 *	$55.13	-70.4%	COM	806857108
—	Alphabet Inc. Class A	455	$643K	0.2%	$1413.19	$967.69	—	COM	38259p706
IWP	iShares Russell Midcap Growth	3,813	$603K	0.1%	$158.14 *	$35.74	+121.2%	COM	464287481
—	ViacomCBS, Inc- Class B	25,475	$594K	0.1%	$23.32	$41.96	—	COM	92556h206
MDU	MDU Resources Group Inc	26,324	$584K	0.1%	$22.19 *	$6.58	+9.2%	COM	552690109
VWO	Vanguard MSCI Emerging Mkts	14,641	$580K	0.1%	$39.61	$38.30	+3.4%	COM	922042858
EMR	Emerson Electric Co.	9,313	$578K	0.1%	$62.06 *	$40.02	+37.8%	COM	291011104
BAX	Baxter International Inc	6,000	$517K	0.1%	$86.17 *	$31.05	+147.7%	COM	071813109
SRE	Sempra Energy	4,400	$516K	0.1%	$117.27 *	$27.84	+76.4%	COM	816851109
—	Cooper Companies, Inc.	1,800	$511K	0.1%	$283.89	$283.89	—	COM	216648402
HON	Honeywell International Inc	3,350	$484K	0.1%	$144.48 *	$53.13	+129.3%	COM	438516106
NI	NiSource Inc	21,200	$482K	0.1%	$22.74 *	$7.81	+141.5%	COM	65473P105
—	United Parcel Service Inc	4,250	$473K	0.1%	$111.29	$88.36	—	COM	013104104
MRK	Merck & Co Inc	5,967	$461K	0.1%	$77.26 *	$30.02	+106.6%	COM	58933Y105
IWS	iShares Russell Midcap Value I	5,418	$415K	0.1%	$76.60	$58.58	+30.6%	COM	464287473
—	Linde PLC	1,850	$392K	0.1%	$211.89	$156.22	—	COM	IE00BZ12W
BIO	Bio-Rad	850	$384K	0.1%	$451.76	$242.32	+86.3%	COM	090572207
—	Canadian Pacific Railway Ltd	1,500	$383K	0.1%	$255.33	$152.67	—	COM	135923100
CME	CME Group, Inc.	2,300	$374K	0.1%	$162.61 *	$39.16	+235.3%	COM	12572Q105
—	General Electric Co.	49,055	$335K	0.1%	$6.83	$23.28	—	COM	369604103
BCE	BCE Inc	7,918	$331K	0.1%	$41.80 *	$22.29	+29.4%	COM	05534B760
—	Source Capital Inc.	9,574	$317K	0.1%	$33.11	$61.73	—	COM	836144105
—	DuPont de Nemours, Inc.	5,765	$306K	0.1%	$53.08	$53.08	—	COM	26614n102
IEV	iShares S&P Euro 350 Index	7,444	$301K	0.1%	$40.44	$41.86	-3.5%	COM	464287861
GILD	Gilead Sciences	3,890	$299K	0.1%	$76.86 *	$52.66	+18.0%	COM	375558103
—	Harvest	325,924	$293K	0.1%	$0.90	$8.14	—	COM	41755M102
—	NuStar Energy LP	20,527	$293K	0.1%	$14.27	$22.65	—	PTP	67058H102
—	Herc Holdings Inc	9,222	$283K	0.1%	$30.69	$30.69	—	COM	42704l104
LOW	Lowe's Cos	2,000	$270K	0.1%	$135.00 *	$103.31	+18.4%	COM	548661107
—	Berkshire Hathaway, Inc. Class	100	$267K	0.1%	$2670.00	$2170.00	—	COM	084990175
TJX	TJX Companies	5,096	$258K	0.1%	$50.63 *	$46.63	+0.7%	COM	872540109
KLAC	Kla-Tencor Corp	1,250	$243K	0.1%	$194.40 *	$160.31	+14.0%	COM	482480100
—	Dow Chemical Co	5,765	$235K	0.1%	$40.76	$40.76	—	COM	260543103
BRK/B	Berkshire Hathaway	1,294	$231K	0.1%	$178.52	$156.07	+14.4%	COM	084670702
BP	BP PLC	9,832	$229K	0.1%	$23.29	$42.56	-45.2%	COM	055622104
WFC	Wells Fargo & Co	8,274	$212K	0.1%	$25.62 *	$28.39	-20.3%	COM	949746101
ADBE	Adobe Systems Inc	470	$205K	0.1%	$436.17	$370.53	+17.5%	COM	00724F101
NYT	New York Times Company Class A	4,869	$205K	0.1%	$42.10 *	$34.45	+15.6%	COM	650111107
PFLC	Pacific Financial Corp	14,570	$107K	0.0%	$7.34 *	$6.74	-20.4%	COM	694275108
—	Service Properties Trust	10,000	$71,000	0.0%	$7.10	$25.60	—	COM	81761l102
DDEJF	Dundee Bancorp Inc.	58,111	$58,000	0.0%	$1.00 *	$22.10	-96.4%	COM	264901109
—	Oaktree Specialty Lending Corp	12,000	$54,000	0.0%	$4.50	$4.92	—	COM	67401p108
—	Oncternal Therapeutics, Inc	13,046	$37,000	0.0%	$2.84	$6.67	—	COM	68236p107
—	Strata Skin Sciences, Inc	10,020	$12,000	0.0%	$1.20	$2.10	—	COM	86272a206
PAASF	Pan American Warrants Exp 2/22	13,000	$9,000	0.0%	$0.69	$0.69	—	WT	697900132
BNDSF	Banco de Sabadell SA	10,151	$4,000	0.0%	$0.39	$1.42	-73.9%	COM	E15819191
PMTYF	Playmates Toys	88,000	$3,000	0.0%	$0.03	$0.14	-84.4%	COM	G7147S100