The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
MASTERCARD INC COM 57636Q104 7,209 24,381 SH   SOLE   7,209 0 0
GRAINGER WW INC COM 384802104 6,771 21,554 SH   SOLE   6,771 0 0
LINDE PLC COM COM G5494J103 6,694 31,563 SH   SOLE   6,694 0 0
STARBUCKS CORP COM 855244109 6,389 86,824 SH   SOLE   6,389 0 0
AIR PRODUCTS & CHEMICALS COM 009158106 5,793 23,992 SH   SOLE   5,793 0 0
TRACTOR SUPPLY COMPANY COM 892356106 5,239 39,757 SH   SOLE   5,239 0 0
MICROSOFT CORP COM 594918104 5,103 25,079 SH   SOLE   5,103 0 0
AUTO DATA PROCESSING COM 053015103 4,499 30,217 SH   SOLE   4,499 0 0
HERSHEY FOODS CORP COM 427866108 4,350 33,564 SH   SOLE   4,350 0 0
TEXAS INSTRUMENTS INC COM 882508104 4,212 33,176 SH   SOLE   4,212 0 0
AGILENT TECHNOLOGIES COM 00846U101 4,179 47,301 SH   SOLE   4,179 0 0
PEPSICO INCORPORATED COM 713448108 4,179 31,602 SH   SOLE   4,179 0 0
CHEVRONTEXACO CORP COM 166764100 4,137 46,367 SH   SOLE   4,137 0 0
JOHNSON & JOHNSON COM 478160104 3,907 27,785 SH   SOLE   3,907 0 0
EXXON MOBIL CORP COM 30231G102 3,864 86,413 SH   SOLE   3,864 0 0
MC CORMICK & CO NEW VT COM 579780206 3,861 21,524 SH   SOLE   3,861 0 0
APPLE, INC COM 037833100 3,623 9,934 SH   SOLE   3,623 0 0
BROWN FORMAN CORP CL B COM 115637209 3,394 53,324 SH   SOLE   3,394 0 0
ABBOTT LABORATORIES COM 002824100 3,292 36,007 SH   SOLE   3,292 0 0
KIMBERLY-CLARK CORP COM 494368103 3,144 22,249 SH   SOLE   3,144 0 0
BROADRIDGE FINANCIAL COM 11133T103 3,070 24,329 SH   SOLE   3,070 0 0
UNION PACIFIC CORP COM 907818108 3,051 18,051 SH   SOLE   3,051 0 0
ABBVIE INC COM COM 00287Y109 3,047 31,037 SH   SOLE   3,047 0 0
INTL FLAVOR & FRAGRANCES COM 459506101 3,046 24,876 SH   SOLE   3,046 0 0
DISNEY WALT HOLDING CO COM 254687106 2,991 26,826 SH   SOLE   2,991 0 0
FIDELITY NATL INFO SVCS COM 31620M106 2,893 21,576 SH   SOLE   2,893 0 0
EMERSON ELECTRIC COM 291011104 2,883 46,483 SH   SOLE   2,883 0 0
LAUDER ESTEE CORP CL A COM 518439104 2,762 14,642 SH   SOLE   2,762 0 0
SYSCO CORP. COM 871829107 2,601 47,594 SH   SOLE   2,601 0 0
KEYSIGHT TECHNOLOGIES INC COM COM 49338L103 2,577 25,575 SH   SOLE   2,577 0 0
SONOCO PRODUCTS INC COM 835495102 2,299 43,967 SH   SOLE   2,299 0 0
HOME DEPOT INC COM 437076102 2,264 9,041 SH   SOLE   2,264 0 0
GORMAN-RUPP CO COM COM 383082104 2,127 68,438 SH   SOLE   2,127 0 0
DOW CHEMICAL COM 260557103 2,104 51,642 SH   SOLE   2,104 0 0
DEERE & CO COM 244199105 2,066 13,150 SH   SOLE   2,066 0 0
TRANE TECHNOLOGIES PLC COM G8994E103 2,042 22,955 SH   SOLE   2,042 0 0
STERIS PLC COM 859152100 2,025 13,200 SH   SOLE   2,025 0 0
CHESAPEAKE UTIL CORP COM 165303108 1,903 22,664 SH   SOLE   1,903 0 0
CINTAS CORP COM 172908105 1,884 7,076 SH   SOLE   1,884 0 0
NEWMONT GOLDCORP COM 651639106 1,876 30,399 SH   SOLE   1,876 0 0
COSTCO WHOLSALE CORP NEW COM 22160K105 1,824 6,016 SH   SOLE   1,824 0 0
GENERAL MILLS INC COM 370334104 1,775 28,807 SH   SOLE   1,775 0 0
EATON CORPORATION COM 278058102 1,737 19,860 SH   SOLE   1,737 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,731 9,865 SH   SOLE   1,731 0 0
CASEYS GENERAL STORES INC COM 147528103 1,723 11,524 SH   SOLE   1,723 0 0
ANALOG DEVICES INC COM 032654105 1,676 13,669 SH   SOLE   1,676 0 0
MINE SAFTEY APPLIANCE CO COM 553498106 1,647 14,400 SH   SOLE   1,647 0 0
COCA-COLA COMPANY COM 191216100 1,576 35,277 SH   SOLE   1,576 0 0
LOWES COMPANIES INC COM 548661107 1,567 11,600 SH   SOLE   1,567 0 0
MIDDLEBY CORP THE COM 596278101 1,503 19,050 SH   SOLE   1,503 0 0
HONEYWELL INC. COM 438516106 1,496 10,347 SH   SOLE   1,496 0 0
WESTROCK CO COM COM 96145D105 1,460 51,686 SH   SOLE   1,460 0 0
3M COMPANY COM 88579Y101 1,446 9,275 SH   SOLE   1,446 0 0
DARDEN RESTURANTS INC COM 237194105 1,418 18,725 SH   SOLE   1,418 0 0
APPLIED INDL. TECH. COM 03820C105 1,416 22,700 SH   SOLE   1,416 0 0
PARKER-HANNIFIN CORP COM 701094104 1,379 7,525 SH   SOLE   1,379 0 0
ALBANY INT'L CORP. COM 012348108 1,376 23,450 SH   SOLE   1,376 0 0
APPLIED MATERIALS INC COM 038222105 1,322 21,875 SH   SOLE   1,322 0 0
AMERICAN EXPRESS CO. COM 025816109 1,213 12,750 SH   SOLE   1,213 0 0
ATMOS ENERGY CORP COM 049560105 1,197 12,026 SH   SOLE   1,197 0 0
BUNGE COM G16962105 1,197 29,112 SH   SOLE   1,197 0 0
CELANESE CORP. COM 150870103 1,139 13,200 SH   SOLE   1,139 0 0
NORTHERN TRUST CORP COM 665859104 1,102 13,900 SH   SOLE   1,102 0 0
KIRBY CORP COM 497266106 1,097 20,489 SH   SOLE   1,097 0 0
VALERO ENERGY COM 91913Y100 1,079 18,350 SH   SOLE   1,079 0 0
TIMKEN COMPANY COM 887389104 1,073 23,600 SH   SOLE   1,073 0 0
CATERPILLAR INC COM 149123101 1,056 8,353 SH   SOLE   1,056 0 0
FRANKLIN ELEC CO INC COM 353514102 1,039 19,800 SH   SOLE   1,039 0 0
DU PONT E I DE NEMOUR&CO COM 263534109 1,034 19,464 SH   SOLE   1,034 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 1,032 17,565 SH   SOLE   1,032 0 0
MURPHY USA INC. COM 626755102 1,018 9,043 SH   SOLE   1,018 0 0
VERIZON COMM COM 92343V104 1,014 18,410 SH   SOLE   1,014 0 0
DOMINION RESOURCES INC. COM 25746U109 1,005 12,385 SH   SOLE   1,005 0 0
NEENAH PAPER INC COM 640079109 981 19,843 SH   SOLE   981 0 0
OLIN CORP NEW COM 680665205 980 85,375 SH   SOLE   980 0 0
PHILLIPS 66 COM COM 718546104 977 13,600 SH   SOLE   977 0 0
STANLEY BLACK & DECKER INC. COM 854502101 960 6,890 SH   SOLE   960 0 0
CHUBB CORPORATION COM 171232101 948 7,492 SH   SOLE   948 0 0
ENBRIDGE INC. COM 29250N105 930 30,583 SH   SOLE   930 0 0
STRYKER CORP COM 863667101 927 5,150 SH   SOLE   927 0 0
MURPHY OIL CORP COM 626717102 897 65,020 SH   SOLE   897 0 0
DOVER CORPORATION COM 260003108 881 9,125 SH   SOLE   881 0 0
AVNET INC COM 053807103 874 31,350 SH   SOLE   874 0 0
ADVANSIX INC COM COM 00773T101 854 72,776 SH   SOLE   854 0 0
ALLEGION PUBLIC LTD. CO. COM G0176J109 810 7,931 SH   SOLE   810 0 0
SPIRE COM 84857L101 801 12,200 SH   SOLE   801 0 0
METLIFE INC COM 59156R108 792 21,700 SH   SOLE   792 0 0
INGEVITY CORP COM COM 45688C107 774 14,735 SH   SOLE   774 0 0
ONEOK, INC COM 682680103 774 23,317 SH   SOLE   774 0 0
MARATHON PETE CORP COM COM 56585A102 772 20,671 SH   SOLE   772 0 0
MERCK & CO INC COM 58933Y105 759 9,825 SH   SOLE   759 0 0
KANSAS CITY SOUTHERN NEW COM 485170302 751 5,033 SH   SOLE   751 0 0
INTEL COM 458140100 725 12,128 SH   SOLE   725 0 0
GOODYEAR TIRE & RUBBER COM 382550101 710 79,467 SH   SOLE   710 0 0
SCHLUMBERGER LTD F COM 806857108 708 38,552 SH   SOLE   708 0 0
CORTEVA INC COM COM 22052L104 707 26,405 SH   SOLE   707 0 0
CSX CORP COM 126408103 690 9,900 SH   SOLE   690 0 0
CONOCOPHILLIPS COM 20825C104 676 16,107 SH   SOLE   676 0 0
DUKE ENERGY CORPORATION COM 26441C105 661 8,281 SH   SOLE   661 0 0
MARKEL CORP. COM 570535104 655 710 SH   SOLE   655 0 0
CORNING INC. COM 219350105 645 24,925 SH   SOLE   645 0 0
SHERWIN WILLIAMS CO COM 824348106 635 1,100 SH   SOLE   635 0 0
CALAVO GROWERS INC COM 128246105 597 9,500 SH   SOLE   597 0 0
O-I GLASS, INC. COM 690768403 585 65,200 SH   SOLE   585 0 0
INGERSOLL-RAND COMPANY COM G47791101 580 20,641 SH   SOLE   580 0 0
INTERCONTINENTAL EXCHANGE COM 45866F104 549 6,000 SH   SOLE   549 0 0
AMERICAN STATES WATER CO COM 029899101 542 6,900 SH   SOLE   542 0 0
GAP INC COM 364760108 538 42,667 SH   SOLE   538 0 0
ANGLOGOLD LTD COM 035128206 535 18,150 SH   SOLE   535 0 0
BRIGHTHOUSE FINL INC COM COM 10922N103 518 18,650 SH   SOLE   518 0 0
GENUINE PARTS CO COM COM 372460105 518 5,960 SH   SOLE   518 0 0
BANK OF NEW YORK CO INC COM 064058100 514 13,300 SH   SOLE   514 0 0
INTL BUSINESS MACHINES COM 459200101 505 4,186 SH   SOLE   505 0 0
RAYTHEON TECHNOLOGIES CO. COM 75513E101 487 7,911 SH   SOLE   487 0 0
ALAMOS GOLD INC. COM 011532108 469 50,000 SH   SOLE   469 0 0
AMGEN INC COM 031162100 455 1,930 SH   SOLE   455 0 0
HESS CORPORATION COM 42809H107 450 8,700 SH   SOLE   450 0 0
BARRICK GOLD COM 067901108 447 16,600 SH   SOLE   447 0 0
CDK GLOBAL HOLDINGS LLC COM COM 12508E101 431 10,427 SH   SOLE   431 0 0
PFIZER INC COM 717081103 429 13,138 SH   SOLE   429 0 0
PACCAR INC COM 693718108 411 5,500 SH   SOLE   411 0 0
ARTESIAN RES CORP CLA COM 043113208 410 11,313 SH   SOLE   410 0 0
ONE GAS INC COM COM 68235P108 397 5,158 SH   SOLE   397 0 0
NETAPP INC. COM 64110D104 390 8,800 SH   SOLE   390 0 0
GLOBAL PAYMENTS INC. COM 37940X102 390 2,300 SH   SOLE   390 0 0
ASTRAZENECA PLC ADR COM 046353108 388 7,346 SH   SOLE   388 0 0
MARATHON OIL CO. COM 565849106 384 62,775 SH   SOLE   384 0 0
AMERITRADE HLDNG CORP CL A COM 87236Y108 383 10,550 SH   SOLE   383 0 0
AGNICO-EAGLE MINES LTD COM 008474108 365 5,700 SH   SOLE   365 0 0
PAYPAL HOLDINGS INC. COM 70450Y103 362 2,081 SH   SOLE   362 0 0
LILLY ELI & COMPANY COM 532457108 361 2,203 SH   SOLE   361 0 0
KNOWLES CORP COM COM 49926D109 348 22,862 SH   SOLE   348 0 0
AEROJET ROCKETDYNE HLDGS INC C OM COM 007800105 344 8,700 SH   SOLE   344 0 0
CAMPBELL SOUP COMPANY COM 134429109 342 6,900 SH   SOLE   342 0 0
NEXTERA ENERGY INC COM 65339F101 341 1,420 SH   SOLE   341 0 0
PENSKE AUTOMOTIVE GROUP COM 70959W103 340 8,800 SH   SOLE   340 0 0
BP PLC COM 055622104 326 13,992 SH   SOLE   326 0 0
COMMERCIAL METALS CO COM 201723103 318 15,600 SH   SOLE   318 0 0
AMER ELECTRIC PWR CO INC COM 025537101 316 3,980 SH   SOLE   316 0 0
NUVEEN QUALITY MUNICIPAL COM 67066V101 314 22,435 SH   SOLE   314 0 0
AVERY DENNISON CORP COM 053611109 313 2,750 SH   SOLE   313 0 0
TRANSDIGM GROUP INC. COM 893641100 302 685 SH   SOLE   302 0 0
ALLEGHENY TECH INC COM 01741R102 297 29,200 SH   SOLE   297 0 0
HELMERICH & PAYNE INC COM 423452101 296 15,200 SH   SOLE   296 0 0
KINROSS GOLD CORP NEW COM 496902404 285 39,600 SH   SOLE   285 0 0
OLD REPUBLIC INTL CORP COM 680223104 280 17,200 SH   SOLE   280 0 0
ZOETIS INC. COM 98978V103 274 2,000 SH   SOLE   274 0 0
BECTON DICKINSON & CO COM 075887109 272 1,140 SH   SOLE   272 0 0
XEROX CORP COM 984121103 268 17,533 SH   SOLE   268 0 0
NUTRIEN LTD CO COM COM 67077M108 265 8,260 SH   SOLE   265 0 0
PERRIGO CO COM G97822103 262 4,750 SH   SOLE   262 0 0
INTERNATIONAL PAPER CO COM 460146103 258 7,338 SH   SOLE   258 0 0
VALVOLINE INC. COM 92047W101 249 12,900 SH   SOLE   249 0 0
DENNYS CORP COM 24869P104 247 24,500 SH   SOLE   247 0 0
HOLLYFRONTIER CORP COM COM 435758305 241 8,268 SH   SOLE   241 0 0
CHURCHILL DOWNS INC KY COM 171484108 239 1,800 SH   SOLE   239 0 0
ASHLAND INC COM 044186104 221 3,200 SH   SOLE   221 0 0
EXPEDITORS INTL WASH COM 302130109 220 2,900 SH   SOLE   220 0 0
MACYS INC. COM 55616P104 217 31,550 SH   SOLE   217 0 0
CULLEN FROST BANKERS COM 229899109 216 2,900 SH   SOLE   216 0 0
STEEL DYNAMICS INC COM 858119100 216 8,300 SH   SOLE   216 0 0
KEURIG DR PEPPER INC. COM 49271V100 215 7,600 SH   SOLE   215 0 0
PAN AMERICAN SILVER COM 697900108 212 7,000 SH   SOLE   212 0 0
OCCIDENTAL PETE CORP COM 674599105 211 11,579 SH   SOLE   211 0 0
OTIS WORLDWIDE CORP. COM 68902V107 209 3,677 SH   SOLE   209 0 0
ZIONS BANCORPORATION COM COM 989701107 207 6,100 SH   SOLE   207 0 0
KEYCORP COM 493267108 207 17,016 SH   SOLE   207 0 0
WELLS FARGO & CO NEW COM 949746101 203 7,942 SH   SOLE   203 0 0
US BANCORP DEL COM 902973304 202 5,500 SH   SOLE   202 0 0
PNC BANK CORP COM 693475105 200 1,910 SH   SOLE   200 0 0
CHEMOURS COMPANY COM 163851108 199 13,018 SH   SOLE   199 0 0
HUNTINGTON BANCSHARES INC COM 446150104 198 21,918 SH   SOLE   198 0 0
FERRO CORP COM 315405100 194 16,326 SH   SOLE   194 0 0
MUELLER WATER PRODUCTS COM 624758108 183 19,500 SH   SOLE   183 0 0
REGIONS FINANCIAL CP NEW COM 7591EP100 167 15,038 SH   SOLE   167 0 0
FORD MOTOR COMPANY COM 345370860 158 26,150 SH   SOLE   158 0 0
HALLIBURTON COMPANY COM 406216101 140 10,845 SH   SOLE   140 0 0
TRANSOCEAN SEDCO FOREX COM H8817H100 132 72,435 SH   SOLE   132 0 0
FLUOR CORPORATION COM 343412102 124 10,300 SH   SOLE   124 0 0
NOBLE ENERGY INC. COM 655044105 114 12,800 SH   SOLE   114 0 0
NO EUROPEAN OIL TR COM 659310106 107 34,300 SH   SOLE   107 0 0
FARMER BROS. CO. COM 307675108 100 13,700 SH   SOLE   100 0 0
INTEVAC INC COM 461148108 96 17,600 SH   SOLE   96 0 0
PERMIAN BASIN ROYALTY TR COM 714236106 78 23,900 SH   SOLE   78 0 0
CLIFFS NATURAL RES INC. COM 185899101 67 12,240 SH   SOLE   67 0 0
IAMGOLD CORPORATION COM 450913108 67 17,000 SH   SOLE   67 0 0
TIMKENSTEEL CORP COM COM 887399103 65 16,850 SH   SOLE   65 0 0
YAMANA GOLD INC COM 98462Y100 62 11,500 SH   SOLE   62 0 0
SOLITARIO EXPLORATION COM 8342EP107 60 193,000 SH   SOLE   60 0 0
ORION MARINE GROUP COM 68628V308 47 15,000 SH   SOLE   47 0 0
PDL BIOPHARMA INC COM 69329Y104 37 13,000 SH   SOLE   37 0 0
VALARIS PLC COM G9402V109 37 57,159 SH   SOLE   37 0 0
KOSMOS ENERGY LTD COM 500688106 36 22,000 SH   SOLE   36 0 0
PATTERSON UTIL ENRGY COM 703481101 36 10,400 SH   SOLE   36 0 0
HECLA MINING COM 422704106 32 10,000 SH   SOLE   32 0 0
AEGON N V ORD AMER REG COM 007924103 29 10,000 SH   SOLE   29 0 0
GREAT PANTHER SILVER COM 39115V101 6 12,000 SH   SOLE   6 0 0
STEIN MART INC COM 858375108 4 10,800 SH   SOLE   4 0 0
DENBURY RESOURCES COM 247916208 2 10,100 SH   SOLE   2 0 0