Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TMO	Thermo Electron Corp	59,334	$26.2M	5.9%	$79.76	+410.8%	COM	883556102
SYK	Stryker Corp	91,233	$19.01M	4.3%	$56.92	+222.6%	COM	863667101
UNH	United Health Group Inc.	54,901	$17.12M	3.9%	$50.94	+452.1%	COM	91324P102
MSFT	Microsoft Corp	76,404	$16.07M	3.6%	$26.70	+651.8%	COM	594918104
PEP	Pepsico Inc.	109,987	$15.24M	3.4%	$56.00	+105.7%	COM	713448108
PG	Procter & Gamble Co	72,194	$10.03M	2.3%	$55.24	+110.6%	COM	742718109
JPM	JP Morgan Chase & Co	103,967	$10.01M	2.3%	$36.38	+134.9%	COM	46625H100
AMAT	Applied Materials Inc	164,344	$9.77M	2.2%	$12.92	+355.6%	COM	038222105
CSCO	Cisco Systems Inc	224,766	$8.854M	2.0%	$15.35	+141.5%	COM	17275R102
—	Constellation Brands Inc	46,636	$8.838M	2.0%	$154.53	—	COM	20136p108
AMZN	Amazon.com Inc	2,800	$8.816M	2.0%	$76.22	+106.8%	COM	023135106
JNJ	Johnson & Johnson	57,544	$8.567M	1.9%	$59.66	+112.9%	COM	478160104
SCHW	Charles Schwab Corp	235,936	$8.548M	1.9%	$15.92	+103.6%	COM	808513105
CVS	CVS Corp	138,170	$8.069M	1.8%	$53.04	-1.2%	COM	126650100
MMM	Minnesota Mining & Manufacturi	48,357	$7.746M	1.7%	$62.10	+77.7%	COM	88579Y101
CSX	CSX Corp	98,192	$7.627M	1.7%	$6.68	+243.4%	COM	126408103
DE	Deere & Co	33,242	$7.367M	1.7%	$85.75	+109.7%	COM	244199105
ORCL	Oracle Corp	122,319	$7.302M	1.6%	$27.57	+91.3%	COM	68389X105
NVS	Novartis AG ADR	83,653	$7.274M	1.6%	$70.83	—	COM	66987V109
NEE	NextEra Energy, Inc.	26,058	$7.233M	1.6%	$14.15	+326.0%	COM	65339F101
POST	Post Holdings Inc.	82,115	$7.062M	1.6%	$41.33	+38.1%	COM	737446104
ZBH	Zimmer Holdings Inc	46,792	$6.37M	1.4%	$72.18	+73.2%	COM	98956P102
EPD	Enterprise Products Partners L	380,441	$6.007M	1.4%	$47.63	—	PTP	293792107
IBM	International Business Machine	49,241	$5.991M	1.4%	$117.09	-19.8%	COM	459200101
V	Visa, Inc	27,730	$5.545M	1.3%	$139.18	+38.1%	COM	92826C839
PAGS	Pagseguro Digital LTD	146,645	$5.53M	1.2%	$27.27	+42.5%	COM	G68707101
—	Berry Plastics Group Inc	110,480	$5.338M	1.2%	$43.90	—	COM	08579w103
—	Activision Blizzard	62,567	$5.065M	1.1%	$49.47	—	COM	00507v109
UNP	Union Pacific Corp	25,692	$5.058M	1.1%	$66.07	+149.5%	COM	907818108
—	Alphabet Inc. Class C	3,255	$4.771M	1.1%	$1050.25	—	COM	38259p508
BIDU	Baidu, Inc	35,818	$4.534M	1.0%	$100.79	—	COM	056752108
TCEHY	Tencent Holdings Ltd	66,793	$4.519M	1.0%	$51.79	—	COM	88032Q109
—	Alibaba Group Holding-SP	13,381	$3.934M	0.9%	$168.69	—	COM	01609w102
—	Raytheon Technologies Corp	66,488	$3.826M	0.9%	$92.74	—	COM	913017109
—	New Relic Inc	66,998	$3.776M	0.9%	$58.56	—	COM	64829b100
CVX	ChevronTexaco Corp	51,408	$3.701M	0.8%	$73.22	-9.2%	COM	166764100
MAR	Marriot International Inc	38,785	$3.591M	0.8%	$83.76	+8.6%	COM	571903202
PZZA	Papa John's Intl Inc	42,135	$3.467M	0.8%	$51.29	+54.7%	COM	698813102
MCK	McKesson Corp	22,825	$3.399M	0.8%	$129.68	+13.2%	COM	58155Q103
PPG	PPG Industries Inc	27,070	$3.305M	0.7%	$94.71	+11.2%	COM	693506107
INTU	Intuit Inc	9,980	$3.256M	0.7%	$55.85	+441.9%	COM	461202103
COST	Costco Wholesale Corp	9,127	$3.24M	0.7%	$86.75	+256.3%	COM	22160K105
—	Medtronic PLC	30,557	$3.175M	0.7%	$52.84	—	COM	585055106
—	Arista Networks	14,450	$2.99M	0.7%	$202.56	—	COM	040413106
—	Anheuser-Busch Cos Inc	54,410	$2.932M	0.7%	$90.26	—	COM	035229103
FDX	FedEx Corp	11,591	$2.915M	0.7%	$181.32	-0.2%	COM	31428X106
EADSY	Airbus SE	160,000	$2.901M	0.7%	$17.99	—	COM	009279100
—	LabCorp	15,400	$2.899M	0.7%	$126.36	—	COM	50540r409
—	Gores Metropoulos Inc	251,000	$2.866M	0.6%	$11.42	—	COM	382872109
—	Duke Energy Corp	32,057	$2.839M	0.6%	$68.47	—	COM	26441C105
WMB	Williams Cos Inc.	142,592	$2.802M	0.6%	$19.29	-20.2%	COM	969457100
IVV	iShares S&P 500 Index Fund/US	8,135	$2.734M	0.6%	$163.22	—	COM	464287200
CAG	ConAgra Foods Inc.	76,300	$2.725M	0.6%	$22.26	+30.1%	COM	205887102
LVS	Las Vegas Sands Corp	57,552	$2.685M	0.6%	$41.67	+9.5%	COM	517834107
—	Simply Good Foods Co	120,990	$2.668M	0.6%	$19.26	—	COM	82900l102
—	Social Capital Hedosophia Hold	140,000	$2.659M	0.6%	$11.75	—	COM	KYG8250T1
INTC	Intel Corp	50,936	$2.637M	0.6%	$19.08	+143.8%	COM	458140100
PFE	Pfizer Inc	69,506	$2.551M	0.6%	$16.56	+63.7%	COM	717081103
DRI	Darden Restaurants Inc	23,450	$2.362M	0.5%	$70.74	0.0%	COM	237194105
—	Change Healthcare, Inc	160,680	$2.331M	0.5%	$10.77	—	COM	15912k001
—	Constellium NV	296,762	$2.33M	0.5%	$11.04	—	COM	n22035104
MA	Mastercard, Inc.	6,842	$2.314M	0.5%	$71.04	+344.4%	COM	57636Q104
BURL	Burlington Coat Factory	11,000	$2.267M	0.5%	$194.78	0.0%	COM	122017106
—	Nasdaq-100 Index Tracking Stoc	7,738	$2.15M	0.5%	$148.32	—	COM	73935a104
TGT	Target Corp	13,376	$2.106M	0.5%	$47.01	+152.4%	COM	87612E106
WY	Weyerhaeuser Co	73,840	$2.106M	0.5%	$21.11	+5.7%	COM	962166104
—	Discovery Communications, Inc.	96,241	$2.095M	0.5%	$31.85	—	COM	039014718
OTIS	Otis Worldwide Corp	33,242	$2.075M	0.5%	$47.48	+18.9%	COM	68902V107
CARR	Carrier	66,488	$2.031M	0.5%	$17.13	+53.9%	COM	14448C104
—	Social Capital Hedosophia Hold	142,400	$1.964M	0.4%	$11.87	—	COM	KYG8251K1
ZTS	Zoetis	11,408	$1.887M	0.4%	$87.06	+68.5%	COM	98978V103
—	Flying Eagle Acquisition Corp	150,000	$1.824M	0.4%	$12.16	—	COM	34407y103
YUM	Yum! Brands Inc.	19,950	$1.821M	0.4%	$38.97	+113.9%	COM	988498101
EIX	Edison International	31,900	$1.622M	0.4%	$31.78	+31.3%	COM	281020107
CHTR	Charter Communications Inc	2,483	$1.55M	0.4%	$214.89	+174.6%	COM	16119P108
—	Magellan Midstream Partners (L	45,055	$1.541M	0.3%	$53.40	—	PTP	559080106
—	Lyft	55,796	$1.537M	0.3%	$40.43	—	COM	55087p104
ET	Energy Transfer LP	278,964	$1.512M	0.3%	$14.71	—	PTP	29273V100
XOM	Exxon Mobil Corp	42,760	$1.468M	0.3%	$53.73	-39.8%	COM	30231G102
—	Goldman Sachs Middle Market Le	78,085	$1.417M	0.3%	$19.10	—	COM	9EQ4GKU01
T	AT&T Corp	47,715	$1.36M	0.3%	$13.10	+18.8%	COM	00206R102
BK	Bank of New York Co Inc/The	38,486	$1.322M	0.3%	$21.22	+46.9%	COM	064058100
—	GasLog Ltd.	441,340	$1.196M	0.3%	$12.48	—	COM	G37585109
AAPL	Apple Computer Inc	9,832	$1.139M	0.3%	$87.18	+21.5%	COM	037833100
—	Australia and New Zealand Bank	91,370	$1.138M	0.3%	$26.12	—	COM	052528304
—	Comcast Corp Cl A	23,622	$1.093M	0.2%	$46.99	—	COM	20030n101
ABT	Abbott Laboratories	10,038	$1.092M	0.2%	$28.85	+220.1%	COM	002824100
—	Yum China Holdings Inc	19,950	$1.056M	0.2%	$26.12	—	COM	98850p109
VTR	Ventas Inc (REIT)	24,923	$1.046M	0.2%	$48.41	-31.8%	COM	92276F100
—	Despegar.com Corp	162,768	$1.035M	0.2%	$17.26	—	COM	G27358103
SO	Southern Co/The	19,000	$1.03M	0.2%	$26.74	+62.8%	COM	842587107
AMGN	Amgen Inc.	3,997	$1.016M	0.2%	$73.34	+185.7%	COM	031162100
BMY	Bristol-Myers Squibb Co	15,040	$907K	0.2%	$29.94	+62.3%	COM	110122108
—	Royal Dutch Petroleum Co	35,700	$899K	0.2%	$63.44	—	COM	780259206
—	AbbVie Inc.	10,038	$879K	0.2%	$41.34	—	COM	002874y10
CLPHY	CLP Holdings Ltd	86,400	$807K	0.2%	$8.16	—	COM	18946Q101
—	Wynn Resorts Ltd.	10,338	$742K	0.2%	$98.67	—	COM	983143410
—	Alphabet Inc. Class A	500	$735K	0.2%	$1012.89	—	COM	38259p706
—	United Parcel Service Inc	4,250	$708K	0.2%	$88.36	—	COM	013104104
IWP	iShares Russell Midcap Growth	3,816	$660K	0.1%	$71.84	—	COM	464287481
VWO	Vanguard MSCI Emerging Mkts	14,673	$634K	0.1%	$39.59	—	COM	922042858
EMR	Emerson Electric Co.	9,313	$611K	0.1%	$40.02	+46.9%	COM	291011104
—	Cooper Companies, Inc.	1,800	$607K	0.1%	$283.89	—	COM	216648402
MDU	MDU Resources Group Inc	26,324	$592K	0.1%	$6.58	+11.3%	COM	552690109
—	ViacomCBS, Inc- Class B	20,872	$585K	0.1%	$41.96	—	COM	92556h206
PAA	Plains All American Pipeline (	95,397	$570K	0.1%	$55.81	—	PTP	726503105
HON	Honeywell International Inc	3,350	$551K	0.1%	$53.13	+150.8%	COM	438516106
SRE	Sempra Energy	4,400	$521K	0.1%	$27.84	+85.4%	COM	816851109
MRK	Merck & Co Inc	5,967	$495K	0.1%	$30.02	+119.6%	COM	58933Y105
SLB	Schlumberger Ltd	31,080	$484K	0.1%	$55.13	-70.0%	COM	806857108
BAX	Baxter International Inc	6,000	$483K	0.1%	$31.05	+142.2%	COM	071813109
NI	NiSource Inc	21,200	$466K	0.1%	$7.81	+147.9%	COM	65473P105
—	Canadian Pacific Railway Ltd	1,500	$457K	0.1%	$152.67	—	COM	135923100
—	Linde PLC	1,850	$441K	0.1%	$156.22	—	COM	IE00BZ12W
IWS	iShares Russell Midcap Value I	5,437	$440K	0.1%	$58.64	—	COM	464287473
BIO	Bio-Rad	750	$387K	0.1%	$242.32	+109.0%	COM	090572207
CME	CME Group, Inc.	2,300	$385K	0.1%	$39.16	+247.9%	COM	12572Q105
—	Herc Holdings Inc	8,997	$356K	0.1%	$30.69	—	COM	42704l104
—	Source Capital Inc.	9,574	$353K	0.1%	$61.73	—	COM	836144105
—	Harvest	325,924	$342K	0.1%	$8.14	—	COM	41755M102
LOW	Lowe's Cos	2,000	$332K	0.1%	$103.31	+35.4%	COM	548661107
BCE	BCE Inc	7,918	$328K	0.1%	$22.29	+31.4%	COM	05534B760
—	Berkshire Hathaway, Inc. Class	100	$320K	0.1%	$2170.00	—	COM	084990175
—	DuPont de Nemours, Inc.	5,765	$320K	0.1%	$53.08	—	COM	26614n102
IEV	iShares S&P Euro 350 Index	7,444	$312K	0.1%	$40.10	—	COM	464287861
—	General Electric Co.	49,055	$306K	0.1%	$23.28	—	COM	369604103
TJX	TJX Companies	5,096	$284K	0.1%	$46.63	+7.3%	COM	872540109
BRK/B	Berkshire Hathaway	1,294	$276K	0.1%	$156.07	+31.1%	COM	084670702
—	Dow Chemical Co	5,765	$271K	0.1%	$40.76	—	COM	260543103
GILD	Gilead Sciences	3,890	$246K	0.1%	$52.66	+6.6%	COM	375558103
KLAC	Kla-Tencor Corp	1,250	$242K	0.1%	$160.31	+16.1%	COM	482480100
ADBE	Adobe Systems Inc	470	$231K	0.1%	$370.53	+25.5%	COM	00724F101
—	SalesForce.com Inc	905	$227K	0.1%	$250.83	—	COM	79466l302
META	Facebook Inc.	850	$223K	0.1%	$256.10	0.0%	COM	30303M102
—	NuStar Energy LP	20,527	$218K	0.0%	$22.65	—	PTP	67058H102
NYT	New York Times Company Class A	4,869	$208K	0.0%	$34.45	+20.6%	COM	650111107
—	Bigen Idec Ltd.	720	$204K	0.0%	$283.33	—	COM	09062x103
PFLC	Pacific Financial Corp	14,570	$110K	0.0%	$6.74	-18.5%	COM	694275108
—	Service Properties Trust	10,000	$79,000	0.0%	$25.60	—	COM	81761l102
DDEJF	Dundee Bancorp Inc.	58,111	$60,000	0.0%	$22.10	-95.2%	COM	264901109
—	Oaktree Specialty Lending Corp	12,000	$58,000	0.0%	$4.92	—	COM	67401p108
—	Oncternal Therapeutics, Inc	13,046	$22,000	0.0%	$6.67	—	COM	68236p107
—	Strata Skin Sciences, Inc	10,020	$14,000	0.0%	$2.10	—	COM	86272a206
PAASF	Pan American Warrants Exp 2/22	13,000	$10,000	0.0%	$0.69	—	WT	697900132
BNDSF	Banco de Sabadell SA	10,151	$4,000	0.0%	$1.42	-83.4%	COM	E15819191
PMTYF	Playmates Toys	88,000	$3,000	0.0%	$0.14	-84.6%	COM	G7147S100