Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
JNJ	Johnson & Johnson	144,647	$17.55M	11.1%	$65.75	+53.2%	COM	478160104
—	JPMorgan Chase	98,476	$10.26M	6.5%	$58.86	—	COM	46625h100
XOM	Exxon Mobil	69,177	$5.723M	3.6%	$55.85	+0.5%	COM	30231G102
PFE	Pfizer	147,623	$5.356M	3.4%	$17.65	+37.7%	COM	717081103
—	DowDuPont	69,145	$4.558M	2.9%	$69.27	—	COM	26078j100
INTC	Intel	83,012	$4.127M	2.6%	$18.86	+138.8%	COM	458140100
PG	Procter & Gamble	45,211	$3.529M	2.2%	$58.01	+6.5%	COM	742718109
PEP	PepsiCo	31,790	$3.461M	2.2%	$57.75	+41.5%	COM	713448108
BMY	Bristol-Myers Squibb	57,647	$3.19M	2.0%	$34.56	+17.6%	COM	110122108
NSRGY	Nestle ADR	40,493	$3.136M	2.0%	$74.13	—	COM	641069406
DIS	Disney	29,825	$3.126M	2.0%	$65.29	+48.8%	COM	254687106
CVX	Chevron	24,124	$3.05M	1.9%	$71.37	+24.9%	COM	166764100
ABBV	Abbvie	32,160	$2.98M	1.9%	$30.59	+130.5%	COM	00287Y109
AAPL	Apple	15,085	$2.793M	1.8%	$22.88	+86.8%	COM	037833100
CLX	Clorox	20,000	$2.705M	1.7%	$63.81	+55.0%	COM	189054109
—	Merck	38,059	$2.31M	1.5%	$50.04	—	COM	58933y105
AMAT	Applied Materials	45,815	$2.116M	1.3%	$42.12	+12.1%	COM	038222105
ABT	Abbott Laboratories	33,435	$2.039M	1.3%	$29.33	+81.2%	COM	002824100
HD	Home Depot	10,387	$2.027M	1.3%	$77.50	+100.0%	COM	437076102
SCHW	Schwab, Charles	36,528	$1.867M	1.2%	$33.67	+48.1%	COM	808513105
SPGI	S&P Global	8,592	$1.752M	1.1%	$96.34	+91.9%	COM	78409V104
MKC	McCormick	14,768	$1.714M	1.1%	$27.37	+65.9%	COM	579780206
IBM	International Business Machine	12,250	$1.711M	1.1%	$106.43	-6.1%	COM	459200101
—	IAC Interactive Corp.	10,530	$1.606M	1.0%	$119.77	—	COM	44919P508
—	General Electric	114,614	$1.56M	1.0%	$27.94	—	COM	369604103
MSFT	Microsoft	15,609	$1.539M	1.0%	$35.32	+154.1%	COM	594918104
—	Verizon Communications	29,994	$1.509M	1.0%	$50.46	—	COM	92343v104
AXP	American Express	15,000	$1.47M	0.9%	$69.27	+27.9%	COM	025816109
WM	Waste Management	17,856	$1.452M	0.9%	$40.01	+81.7%	COM	94106L109
WLK	Westlake Chemical Corp.	12,604	$1.357M	0.9%	$66.78	+48.8%	COM	960413102
—	Alphabet Class C	1,195	$1.333M	0.8%	$808.51	—	COM	02079k107
HUM	Humana	4,360	$1.298M	0.8%	$237.50	+15.5%	COM	444859102
MCD	McDonald's Corp.	8,125	$1.273M	0.8%	$70.01	+93.6%	COM	580135101
—	3M	6,360	$1.251M	0.8%	$140.23	—	COM	88579y101
EMR	Emerson Electric	17,486	$1.209M	0.8%	$48.20	+21.7%	COM	291011104
LEA	Lear Corp.	6,100	$1.133M	0.7%	$130.35	+28.5%	COM	521865204
—	Dell Technologies Class V	12,898	$1.091M	0.7%	$77.03	—	COM	24703L103
RS	Reliance Steel & Aluminum	12,307	$1.077M	0.7%	$77.77	+16.9%	COM	759509102
SLB	Schlumberger	15,945	$1.068M	0.7%	$65.00	-15.3%	COM	806857108
CBT	Cabot Corp.	16,932	$1.046M	0.7%	$44.51	+10.0%	COM	127055101
SNPS	Synopsys	12,113	$1.037M	0.7%	$78.29	+11.3%	COM	871607107
—	Suntrust Banks	15,669	$1.034M	0.7%	$60.29	—	COM	867914103
—	Flir Systems	19,749	$1.026M	0.6%	$39.65	—	COM	302445101
BDX	Becton Dickinson	4,144	$993K	0.6%	$195.10	+1.7%	COM	075887109
—	Celgene	12,316	$978K	0.6%	$126.45	—	COM	151020104
VAC	Marriott Vacations Worldwide	8,605	$972K	0.6%	$116.83	+5.8%	COM	57164Y107
—	Anadarko Petroleum	13,165	$964K	0.6%	$51.04	—	COM	032511107
—	Genesee & Wyoming	11,763	$957K	0.6%	$77.59	—	COM	371559105
AMGN	Amgen	5,168	$954K	0.6%	$84.70	+65.6%	COM	031162100
ICLR	Icon PLC	6,999	$928K	0.6%	$106.42	+17.1%	COM	G4705A100
DLB	Dolby Class A	14,925	$921K	0.6%	$47.41	+20.5%	COM	25659T107
NEM	Newmont Mining Corp.	24,134	$910K	0.6%	$28.81	+8.8%	COM	651639106
ROK	Rockwell Automation	5,356	$890K	0.6%	$144.03	+4.7%	COM	773903109
—	Zimmer Biomet	7,900	$881K	0.6%	$93.60	—	COM	98956p102
—	Store Cap Corp	30,945	$848K	0.5%	$25.08	—	COM	862121100
MAA	Mid America Apartment Communit	8,352	$841K	0.5%	$77.38	-7.1%	COM	59522J103
—	Varian Medical Systems	7,384	$840K	0.5%	$101.50	—	COM	92220P105
UNP	Union Pacific	5,750	$815K	0.5%	$72.00	+63.5%	COM	907818108
FITB	Fifth 3rd Bancorp	28,405	$815K	0.5%	$21.02	+12.5%	COM	316773100
CTSH	Cognizant Technology Solutions	10,180	$804K	0.5%	$70.61	-0.3%	COM	192446102
HII	Huntington Ingalls Ind.	3,700	$802K	0.5%	$178.23	+10.9%	COM	446413106
CMS	CMS Energy	16,634	$786K	0.5%	$36.62	-1.5%	COM	125896100
DIOD	Diodes	22,743	$784K	0.5%	$27.37	+20.2%	COM	254543101
—	National Oilwell Varco	18,067	$784K	0.5%	$43.39	—	COM	637071101
—	Mylan N V	21,670	$783K	0.5%	$41.69	—	COM	N59465109
PII	Polaris Ind.	6,305	$770K	0.5%	$95.98	+21.9%	COM	731068102
UNH	United Health Group	3,120	$765K	0.5%	$111.24	+90.7%	COM	91324P102
NDAQ	Nasdaq	8,354	$762K	0.5%	$21.93	+21.9%	COM	631103108
MAS	Masco Corp.	20,251	$758K	0.5%	$33.43	+2.0%	COM	574599106
WMT	Wal-Mart Stores	8,842	$757K	0.5%	$20.33	+24.2%	COM	931142103
PWR	Quanta Services	22,555	$753K	0.5%	$34.50	-0.5%	COM	74762E102
NVDA	Nvidia Corp.	3,107	$736K	0.5%	$4.19	+43.5%	COM	67066G104
—	South Street Corp.	7,976	$688K	0.4%	$89.74	—	COM	840441109
RGA	Reinsurance Group of America	5,130	$685K	0.4%	$136.74	+9.1%	COM	759351604
—	Express Scripts	8,491	$656K	0.4%	$70.45	—	COM	30219g108
AMN	AMN Healthcare Svcs.	11,115	$651K	0.4%	$59.68	0.0%	COM	001744101
RIG	Transocean Ltd	48,127	$647K	0.4%	$9.11	+35.1%	COM	H8817H100
—	American Equity Inv. Life Hold	17,350	$625K	0.4%	$29.34	—	COM	025676206
BKR	Baker Hughes A GE	18,897	$624K	0.4%	$26.62	+2.7%	COM	05722G100
—	FedEx	2,665	$605K	0.4%	$218.88	—	COM	31428x106
DOV	Dover Corp.	7,876	$577K	0.4%	$61.59	+10.4%	COM	260003108
BK	Bank of New York Mellon	10,560	$570K	0.4%	$24.30	+83.4%	COM	064058100
AMCX	AMC Networks	8,752	$544K	0.3%	$57.05	0.0%	COM	00164V103
FIS	Fidelity National Info.	5,020	$532K	0.3%	$40.05	+120.8%	COM	31620M106
OC	Owens Corning	8,347	$529K	0.3%	$70.21	-1.6%	COM	690742101
—	Cisco Systems	11,838	$509K	0.3%	$24.53	—	COM	17275R952
EIX	Edison International	8,023	$508K	0.3%	$54.75	-18.2%	COM	281020107
—	AT&T	15,756	$506K	0.3%	$35.09	—	COM	030177109
KMB	Kimberly Clark	4,663	$491K	0.3%	$66.36	+19.7%	COM	494368103
NSC	Norfolk Southern	3,226	$487K	0.3%	$65.71	+90.7%	COM	655844108
—	Wyndham Hotels & Resorts	7,974	$469K	0.3%	$58.82	—	COM	98311a105
—	Zoetis	5,375	$458K	0.3%	$48.94	—	COM	98978v103
SJM	J M Smucker	4,122	$443K	0.3%	$97.06	-9.5%	COM	832696405
NWL	Newell Rubbermaid	16,430	$424K	0.3%	$18.22	0.0%	COM	651229106
AMP	Ameriprise Financial	3,000	$420K	0.3%	$78.85	+55.3%	COM	03076C106
AWK	American Water Works	4,637	$396K	0.2%	$69.22	+3.4%	COM	030420103
—	Wyndham Destinations	7,974	$353K	0.2%	$44.27	—	COM	98310w108
KO	Coca-Cola	7,750	$340K	0.2%	$26.95	+26.2%	COM	191216100
—	First American Financial	6,524	$337K	0.2%	$50.61	—	COM	31847r102
AMZN	Amazon	192	$326K	0.2%	$71.51	+11.0%	COM	023135106
YUM	Yum! Brands	4,160	$325K	0.2%	$40.89	+77.5%	COM	988498101
CAT	Caterpillar	2,332	$316K	0.2%	$66.01	+91.7%	COM	149123101
EFX	Equifax	2,368	$296K	0.2%	$77.84	+42.4%	COM	294429105
—	Dr. Pepper Snapple	2,400	$293K	0.2%	$64.39	—	COM	26138E109
KWR	Quaker Chemical	1,800	$279K	0.2%	$97.60	+57.6%	COM	747316107
UPS	United Parcel Service 'B'	2,400	$255K	0.2%	$65.53	+27.8%	COM	911312106
CBRE	CBRE Group	5,095	$243K	0.2%	$41.51	+13.9%	COM	12504L109
BAC	Bank America	7,821	$220K	0.1%	$22.78	+9.1%	COM	060505104
MCO	Moody's Corp.	1,246	$213K	0.1%	$151.00	+4.8%	COM	615369105
DLR	Digital Realty Trust	1,900	$212K	0.1%	$88.57	-8.2%	COM	253868103
QCOM	Qualcomm	3,721	$209K	0.1%	$49.00	-6.3%	COM	747525103
TRV	Travelers	1,675	$205K	0.1%	$93.44	+18.7%	COM	89417E109
MDLZ	Mondelez	4,911	$201K	0.1%	$34.48	-3.3%	COM	609207105