Sure Dividend June 2018 Newsletter OB6K...5 Analysis of Top 10 Stocks Kimberly-Clark Corp. (KMB) Overview & Current Events Kimberly-Clark is a global consumer products giant that operates

Sure Dividend

LONG-TERM INVESTING IN HIGH-QUALITY DIVIDEND STOCKS

June 2018 Edition

By Ben Reynolds, Nick McCullum, & Bob Ciura

Edited by Brad Beams

Published on June 3rd, 2018

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Table of Contents Opening Thoughts - On Margins of Safety - ............................................................................ 3

The Sure Dividend Top 10 – June 2018 ................................................................................... 4

Analysis of Top 10 Stocks ......................................................................................................... 5

Kimberly-Clark Corp. (KMB) ................................................................................................. 5

Southwest Airlines Co. (LUV) .............................................................................................. 10

Owens & Minor Inc. (OMI) .................................................................................................. 15

Altria Group Inc. (MO) ......................................................................................................... 20

Cardinal Health Inc. (CAH) .................................................................................................. 25

Ameriprise Financial Inc. (AMP) .......................................................................................... 30

Aflac Inc. (AFL) ................................................................................................................... 35

Procter & Gamble Co. (PG) ................................................................................................. 40

Mondelez International Inc. (MDLZ) .................................................................................... 45

Franklin Resources Inc. (BEN).............................................................................................. 50

Special Recommendation: GameStop Corp. (GME) ............................................................. 55

Closing Thoughts – Process Over Outcomes – ...................................................................... 60

Portfolio Building Guide ......................................................................................................... 61

Examples .............................................................................................................................. 61

Performance of the Sure Dividend Strategy .......................................................................... 62

List of Stocks by Sector........................................................................................................... 63

List of Stocks by Rank ............................................................................................................ 69

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Opening Thoughts - On Margins of Safety -

The 8 Rules of Dividend Investing is not a strategy that is exclusively focused on value investing. Still, the principles of value investing are embedded in all the analyses we perform. In this month’s Opening Thoughts, we are discussing the old-school value investing principle of ‘margin of safety.’

The margin of safety concept was formalized by Benjamin Graham in his book The Intelligent Investor. It is the difference between a security’s market price and its intrinsic value. The greater this difference, the less risk assumed by an investor and the greater the potential reward.

Benjamin Graham believed the margin of safety concept is perhaps the most important principle of successful investing. In fact, he has called the margin of safety the “secret of sound investment.” While Benjamin Graham is best known as the ‘father of value investing,’ make no mistake – value is important for all investors. More specifically, we believe there are three main ways the margin of safety concept can be very useful for dividend growth investors.

First, a large margin of safety allows investors to profit from poor outcomes at the underlying business. Said another way, it provides an allowance for bad things to happen (i.e. lawsuits or poor capital allocation).

Second, a margin of safety implies a lower stock price. This drives higher dividend yields, at least within the universe of dividend stocks (lower prices cannot create higher yields for non-dividend payers). For investors interested in generating current portfolio income, a large margin of safety helps in this regard.

Third, a wide margin of safety usually causes a company to trade lower on the basis of any traditional valuation multiple (including the P/E ratio and the P/B ratio). And, of course, lower starting valuations result in greater long-term performance. The following chart illustrates this trend by showing the growth of $1 invested at different starting valuations using historical data from the U.S. stock market.

Source: Of Dollars and Data

Many current newsletter recommendations are trading with robust margins of safety when compared to their long-term average valuation multiples. The two most prominent examples are Owens & Minor (OMI) and Cardinal Health (CAH). While each business has experienced some (temporary) trouble in the past year or so, the current margin of safety provided by their stock prices more than compensates investors for this risk.

To conclude, Sure Dividend is not a value investing newsletter. With that said, the principles of value investing are embedded in several factors within The 8 Rules of Dividend Investing (such as dividend yield and share repurchase yield). Accordingly, lower stock prices will cause the same security to rank higher in our system, which allows for greater margins of safety and superior long-term performance.

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The Sure Dividend Top 10 – June 2018

Name Price Fair Value Score Months P/E Yield Payout1 Growth Beta

Kimberly-Clark (KMB) $101 $128 1.00 6 13.9 3.8% 57% 4.0% 0.20

Southwest Air. (LUV) $51 $70 0.94 5 11.0 1.3% 12% 8.0% .32

Owens & Minor (OMI) $16 $29 0.94 6 8.1 6.4% 52% 8.0% 1.77

Altria Group (MO) $56 $64 0.93 2 14.0 5.0% 69% 7.0% .83

Cardinal Health (CAH) $52 $82 0.91 26 10.7 3.6% 37% 9.0% 1.75

Ameriprise Fin. (AMP) $140 $181 0.87 3 9.6 2.6% 25% 8.0% 1.35

Aflac (AFL) $45 $46 0.86 4 11.5 2.3% 27% 8.0% .14

Procter & Gamble (PG) $73 $78 0.85 4 17.4 3.8% 69% 5.0% .40

Mondelez (MDLZ) $39 $47 0.82 2 15.7 2.2% 38% 6.9% .98

Franklin Res. (BEN) $34 $49 0.82 1 9.8 2.7% 27% 3.8% .62

Notes: The ‘Score’ column shows how close the composite rankings are between the top 10. The highest ranked stock will always have a score of 1. The ‘Months’ column shows the number of consecutive months a stock has been in the Top 10. The ‘Price’ column shows the price near the date the newsletter was published. The ‘Fair Value’ column gives a rough estimate of the fair value of each stock. Real fair value is unknowable. The ‘Growth’ column shows the expected future growth rate of intrinsic value on a per-share basis used in rankings. ‘P/E’ shows current price divided by expected current fiscal year adjusted earnings-per-share.

Only one recommendation was replaced from last month: Lowe’s Companies (LOW). It was replaced with Franklin Resources (BEN), an asset management firm with surprisingly high expected total returns thanks to a low valuation multiple.

The stability of the top 10 list shows the ranking method is consistent, not based on rapid swings. Stocks that fall out of the top 10 are holds, not sells. Selling occurs rarely; only when a stock becomes extremely overvalued, or if it reduces its dividend. Extremely overvalued is qualified as a stock with a price-to-earnings ratio (P/E) over 40.

An equally weighted portfolio of the top 10 has the following characteristics:

Top 10 S&P500 Dividend Yield: 3.4% 1.9% Growth Rate: 6.8% 7.4% Expected Total Returns2: 10.2% 9.3%

Note: Data for the ranking is through 5/31/18. Data in the Top 10 and elsewhere in the newsletter is from between 5/31/18 and market close 6/1/18.

1 Payout ratios in this table reflect the company’s anticipated payout ratio in the upcoming fiscal year. 2 Before valuation multiple changes. The Sure Dividend Top 10 is (by our estimates) significantly undervalued relative to the rest of the market.

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Analysis of Top 10 Stocks Kimberly-Clark Corp. (KMB)

Overview & Current Events Kimberly-Clark is a global consumer products giant that operates in 175 countries worldwide. The company has a market capitalization of $36 billion. Kimberly-Clark sells a wide product line that millions of people use every day, such as paper towels, diapers, and tissues. Kimberly-Clark’s brands include Huggies, Pull-Ups, Kotex, Depend, Poise, Kleenex, Scott, Cottonelle, and Viva, among others.

In late April, Kimberly-Clark posted (4/23/18) first-quarter earnings results. Revenue of $4.70 billion rose 4.9% year-over-year and beat expectations by $90 million. Adjusted earnings-per-share increased 9% from the same quarter a year ago to $1.71 and matched analyst expectations. Organic revenue increased 2% for the quarter, including 3% growth in North American consumer products. Consumer tissue was a bright spot, with 5% organic growth for the quarter. Outside North America, organic sales rose 2% in developed markets, and 1% in the developing markets. Overall, volumes increased 3% for the quarter, which shows strong demand for Kimberly-Clark’s products.

Competitive Advantages & Recession Performance

Kimberly-Clark’s main competitive advantage is its strong brand portfolio. Its leading tissue, paper towels, and diaper brands are popular and carry instant recognition with consumers. This helps Kimberly-Clark generate steady profits, even when the economy enters a downturn.

The combination of strong brands, pricing power, and selling products that are necessary for modern life, make Kimberly-Clark an extraordinarily recession-resistant company. It experienced only a minor 4.5% decline in earnings-per-share during the worst of the 2007-2009 financial crisis and resumed healthy earnings growth in subsequent years.

Growth Prospects, Valuation, & Catalyst Kimberly-Clark expects earnings-per-share growth of 11% to 16% in 2018. While higher raw materials costs will be a headwind this year, Kimberly-Clark is aggressively cutting costs elsewhere to offset the impact of cost inflation. The company expects over $2 billion of cost savings through 2021.

Annual earnings growth of 3% to 5% is a reasonable long-term expectation for Kimberly-Clark. In addition to its nearly 4% dividend yield, we expect annual returns of 8% to 10% for Kimberly-Clark, before valuation multiple changes. From a valuation standpoint, Kimberly-Clark’s average price-to-earnings ratio over the past 10 years is 17.4. The stock is currently trading at a price-to-earnings ratio of 13.9. We believe an expanding price-to-earnings ratio could add 4% to annual shareholder returns. After including the impact of a rising valuation, earnings growth, and dividends; total annual returns could reach nearly 12% over the next several years.

Key Statistics, Ratios, & Metrics Maximum Drawdown3: 61.0% 10 Year EPS Growth Rate: 3.9% Dividend Yield: 3.8% 10 Year Dividend Growth Rate: 6.4% Most Recent Dividend Increase: 3.1% 10 Year Historical Avg. P/E Ratio: 17.4 Estimated Fair Value: $128 10 Year Annualized Total Return: 9.4% Dividend History: 46 years of increases Next Ex-Dividend Date: 6/7/18 3 Maximum drawdown occurred in October of 1974.

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Kimberly-Clark Corporation (KMB) Fundamentals

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Kimberly-Clark Corporation (KMB) Valuation Analysis

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Southwest Airlines Co. (LUV) Overview & Current Events

Southwest Airlines is the second-largest United States airline based on market capitalization. The company was founded in 1967 and has grown to carry more than 120 million customers annually.

Southwest Airlines has received negative media attention in the last few months after an incident (4/17/18) involving a severe engine failure which caused one passenger’s death. Subsequently, the company’s first quarter earnings release (4/26/18) saw Southwest guide for a 1%-3% decline in revenue per available seat miles (RASM), with 1%-2% of this decline attributable to “recent softness in bookings following the Flight 1380 accident.” While Southwest’s stock has fallen in the aftermath of this accident, we believe that this has only presented a buying opportunity for long-term investors.

More recently, Southwest Airlines announced (5/16/18) a new $2 billion share repurchase authorization. Simultaneously, Southwest Airlines announced a significant 28.0% increase in its quarterly dividend payment. The company appears committed to returning cash to shareholders, helping it to rank well using The 8 Rules of Dividend Investing.

Competitive Advantage & Recession Performance Southwest’s scale, cost focus, and brand give it a strong competitive advantage. It has remained profitable for 45 consecutive years, a streak unmatched by other airlines. Southwest also has a strong financial position. In 2017, the company’s credit rating was upgraded to A3 with Moody’s, and BBB+ with S&P. These investment-grade ratings allow Southwest to minimize its cost of capital.

While Southwest is arguably the most recession-resistant airline, it would still likely see considerable declines during a recession. Southwest’s earnings-per-share plummeted 74% from 2006 to 2009. However, it did remain profitable during the Great Recession, and maintained its dividend.

Growth Prospects, Valuation, & Catalyst Southwest has positive growth potential moving forward, through new technology and new routes. In 2017, Southwest deployed the largest technology initiative in its history in the form of a new reservation system. Moreover, the company announced (5/3/18) in early may plans to fly to Hawaii nonstop from California airports in Oakland, San Diego, San Jose, and Sacramento. It also plans to fly between the Hawaiian Islands, which is only serviced by one carrier (Hawaiian Airlines) currently.

Southwest appears positioned to deliver earnings-per-share of $4.65 in fiscal 2018, which implies a current price-to-earnings ratio of 11.0. The company’s 10-year average price-to-earnings ratio is 16.1. We believe that a proper multiple for Southwest is around 15 times earnings, which gives a fair value estimate of $70. Reversion to 15 times earnings over the next 5 years would add approximately 6% to the company’s annualized returns during this time period. We expect excellent returns from Southwest due to business growth (~10%), dividend payments (~1%), and valuation multiple expansion.

Key Statistics, Ratios, & Metrics Maximum Drawdown4: 78% 10 Year EPS Growth Rate: 19.1% Dividend Yield: 1.3% 10 Year Dividend Growth Rate: 36.5% Most Recent Dividend Increase: 28.0% 10 Year Historical Avg. P/E Ratio: 16.1 Estimated Fair Value: $70 10 Year Annualized Total Return: 15.2% Dividend History: Steady or rising since 1985 Next Ex-Dividend Date: 6/13/18 (est.)

4 Maximum drawdown occurred in March of 2009.

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Southwest Airlines Co. (LUV) Valuation Analysis


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Owens & Minor Inc. (OMI) Overview & Current Events

Owens & Minor is a healthcare logistics company that provides packaged healthcare products for hospitals and other medical centers. It offers a range of services including distribution, transportation, inventory management, and data analytics. Other customers include group purchasing organizations, product manufacturers, the federal government, and at-home healthcare patients.

In early May, Owens & Minor announced (5/10/18) first-quarter 2018 financial results. Earnings-per-share of $0.43 declined by 2% from the same quarter a year ago. Quarterly revenue of $2.37 billion increased 1.7% year-over-year. While both revenue and earnings-per-share were below analyst estimates, the results showed stabilization. Revenue in the core Global Solutions Group, which represents 99% of total revenue, increased 2.3% for the quarter.

Competitive Advantages & Recession Performance Owens & Minor’s competitive advantage comes from its entrenched position within the healthcare distribution industry and its strong relationships with customers. It distributes ~220,000 different medical and surgical supplies to ~4,400 hospitals worldwide, with an on-time delivery rate of 99%.

Owens & Minor is very recession-resistant. It increased its adjusted earnings-per-share each year from 2007 to 2009, during the Great Recession. Owens & Minor’s dividend is also quite safe. The company is expected to report adjusted earnings-per-share of about $2.00 for 2018, which will likely result in a dividend payout ratio of 52% in 2018.

Growth Prospects, Valuation, & Catalyst Despite the struggles last year, we believe Owens & Minor still has positive long-term growth potential. Healthcare continues to be a growth industry, particularly since the U.S. is an aging population. To capitalize on the demographic changes, Owens & Minor acquired Byram Healthcare, a distributor of direct-to-patient medical supplies. Owens & Minor also acquired the surgical and infection prevention business of Halyard Health for approximately $710 million. This deal expanded Owens & Minor’s portfolio, to include new product categories like sterilization wraps, surgical drapes and gowns, facial protection, protective apparel, and medical exam gloves.

Based on 2018 expected earnings-per-share, Owens & Minor stock trades for a price-to-earnings ratio of just 8.1. In the past 10 years, the stock has held an average price-to-earnings ratio of 18.2. We believe the stock deserves a price-to-earnings ratio of 14-15, which would result in a fair value price of $29, using 2018 earnings guidance. As a result, the stock appears to be significantly undervalued. In addition, Owens & Minor has a dividend yield of 6.4%. Because of earnings growth, dividends, and a rising valuation, the stock could return 20%+ each year.

Key Statistics, Ratios, & Metrics Maximum Drawdown5: 81.7% 10 Year EPS Growth Rate: 5.5% Dividend Yield: 6.4% 10 Year Dividend Growth Rate: 11.5% Most Recent Dividend Increase: 1.0% 10 Year Historical Avg. P/E Ratio: 18.2 Estimated Fair Value: $29 10 Year Annualized Total Return: -3.8% Dividend History: 20 years of increases Next Ex-Dividend Date: 6/14/18

5 Maximum drawdown occurred in December of 1974.

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Owens & Minor (OMI) Valuation Analysis


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Altria Group Inc. (MO) Overview & Current Events

Altria Group is a consumer staples corporation that was founded in 1919 but can trace its roots back to Philip Morris in 1847. The company sells the Marlboro cigarette brand in the United States along with a number of non-smokable brands, including Skoal, Copenhagen, and Ste. Michelle. Altria also has a 10% ownership stake in the global alcoholic beverage corporation Anheuser Busch InBev.

In late April, Altria reported (4/26/18) results for the first quarter of 2018. Revenue of $4.67 billion increased by 1.7% while earnings-per-share of $0.95 increased by 30% year-over-year. Revenue and earnings-per-share beat analyst expectations by $40 million and $0.03 per share, respectively. Revenue in Altria’s Smokable Products segment declined 0.8% for the quarter. Elsewhere, Ste. Michelle – Altria’s wine brand – grew in both volume and revenue, with wine shipment volume up 6.1%. Equity earnings from its Anheuser Busch InBev investment were $225 million in the quarter.

Competitive Advantage & Recession Performance Altria has strong competitive advantages. The company operates in a highly regulated industry and owns the most valuable cigarette brand in the United States. In addition, Altria’s size allows it to capture remarkable economies of scale. Altria reported gross margin of 47% in 2017. Moreover, it spent just $199 million on capital expenditures and generated $4.9 billion of operating cash flow.

Altria’s competitive advantages combined with the addictive nature of its products cause it to be highly recession-resistant. The company’s earnings rose steadily during the 2008-2010 financial crisis. Investors can expect the cigarette maker to perform similarly well during future downturns.

Growth Prospects, Valuation, & Catalyst Altria’s main risk is the declining rate of smoking. Last quarter, Altria’s cigarette shipment volume declined 4.2% while the cigarette industry overall declined 5.5%. Still, Altria has positive long-term growth potential. In response to the changing business climate, the company has invested heavily in ‘reduced-risk’ products. Altria’s non-combustible product portfolio includes e-vapor and e-cigarettes. Altria is awaiting regulatory approval from the FDA for IQOS, its new reduced-risk product line.

Altria’s 2018 financial guidance calls for adjusted earnings-per-share between $3.90 and $4.03. Using the midpoint of this guidance band ($3.97), the company is trading at a price-to-earnings ratio of 14.0. For context, the firm has traded at an average price-to-earnings ratio of approximately 16.2 over the last decade. Altria’s 10-year average price-to-earnings ratio combined with its 2018 financial guidance gives a fair value estimate of $64. Shares currently trade around $56. If the company can revert to its 10-year average price-to-earnings ratio over the next 10 years, the expanding valuation would add approximately 3% to Altria’s annualized returns during this period. Through dividends, earnings growth, and valuation expansion, we see Altria delivering 12%-14% total returns for today’s investors.

Key Statistics, Ratios, & Metrics Maximum Drawdown6: 58% 10 Year EPS Growth Rate: 12.1% Dividend Yield: 5.0% 10 Year Dividend Growth Rate: 5.6% Most Recent Dividend Increase: 15% 10 Year Historical Avg. P/E Ratio: 16.2 Estimated Fair Value: $64 10 Year Annualized Total Return: 15.4% Dividend History: 52 increases in 49 years Next Ex-Dividend Date: 6/13/18 (est.)

6 Maximum drawdown occurred in September of 1974.

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Altria Group (MO) Valuation Analysis


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Cardinal Health Inc. (CAH) Overview & Current Events

Cardinal Health is one of the ‘Big 3’ companies that dominates the healthcare distribution industry, along with McKesson (MCK) and AmerisourceBergen (ABC). Cardinal Health serves over 24,000 pharmacies in the U.S., and more than 85% of U.S. hospitals.

In early May, Cardinal Health reported (5/2/18) fiscal third-quarter financial results. Revenue increased 6% to $33.6 billion in the quarter. Unfortunately, GAAP operating earnings declined by 10% to $546 million. On an adjusted basis, earnings-per-share decreased by 9% to $1.39. Cardinal Health saw price deflation in the pharmaceutical segment, due to generics, which drove down segment operating profit by 4% last quarter. For the full year, the company now expects to generate adjusted earnings-per-share between $4.85 and $4.95, down from $5.25 to $5.50 previously.


Cardinal Health has an entrenched position in the healthcare distribution industry, generating annual revenue of $130 billion. This kind of scale is very difficult to replicate which helps ensure Cardinal Health’s competitive position. In addition, the healthcare distribution industry carries low profit margins, which further disincentivizes competition from trying to enter the market.

Cardinal Health is exceptionally resistant to recessions. Pharmaceutical and medical product distribution enjoys steady demand from year to year. Cardinal Health’s earnings-per-share declined during the Great Recession of 2007-2009, due to the large spin-off of CareFusion, its medication management and infection reduction segment. Adjusting for the spin-off, Cardinal Health managed to grow revenue, operating profits, and dividends during the Great Recession.

Growth Prospects, Valuation, & Catalyst

Despite the recent challenges, we believe Cardinal Health has a positive growth outlook. The U.S. is an aging society. Demand for pharmaceutical and medical products should only grow moving forward. Acquisitions will help drive future growth. For example, in 2017 Cardinal Health acquired the Patient Recovery business from Medtronic (MDT) for $6.1 billion. Management expects the acquisition to add $0.21 of earnings-per-share in 2018, and $0.55 in 2019. Cardinal Health also announced a new $2 billion share repurchase authorization, which will boost per-share earnings growth.

Using the midpoint of Cardinal Health’s new 2018 financial guidance ($4.90), the company is trading at a price-to-earnings ratio of 10.7. In the past 10 years, Cardinal Health stock held an average price-to-earnings ratio of 16.8, which results in a fair value estimate of $82. If Cardinal Health trades up to our fair value estimate, the valuation expansion will add 10% per year to shareholder returns. In addition, we expect Cardinal Health to grow earnings-per-share by 8%-11% per year. Adding in the 3.7% dividend yield, and total returns look extremely attractive for this Dividend Aristocrat.

Key Statistics, Ratios, & Metrics Maximum Drawdown7: 63% 10 Year EPS Growth Rate: N/A (CareFusion spin-off) Dividend Yield: 3.7% 10 Year Dividend Growth Rate: 18.5% Most Recent Dividend Increase: 3.0% 10 Year Historical Avg. P/E Ratio: 16.8 Estimated Fair Value: $82 10 Year Annualized Total Return: 4.7% Dividend History: 32 years of increases Next Ex-Dividend Date: 6/30/18

7 Maximum drawdown occurred in November of 2008.

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Cardinal Health (CAH) Valuation Analysis


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Ameriprise Financial Inc. (AMP) Overview & Current Events

Ameriprise Financial is one of the largest financial services companies in the United States. The company trades with a market capitalization of $19.6 billion and has nearly 10,000 employees and approximately $900 billion in assets under management. Ameriprise Financial’s operating segments include Advice & Wealth Management, Asset Management, Annuities, and Protection (which includes life, health, home, and auto insurance products).

In late April, Ameriprise Financial reported (4/23/18) financial results for the first quarter of 2018. Revenue of $3.4 billion rose 8.4% from last year while earnings-per-share of $3.70 soared 37% year-over-year. Growth was primarily due to fund inflows and the continued strength of the U.S. financial markets. -In addition, per-share earnings growth was bolstered by share buybacks and tax reform.

Competitive Advantage & Recession Performance Ameriprise Financial’s two most important competitive advantages are its top industry position, and financial strength. Ameriprise Financial is one of the largest asset managers in the U.S., which allows it to advertise to build and retain its client base. Its immense resources also allow the company to recruit top investment advisors. In addition, Ameriprise Financial is in good financial condition. The company has a credit rating of ‘A’ and ‘A3’ from Standard & Poor’s and Moody’s, respectively.

Ameriprise is also surprisingly recession-resistant. One might assume that a financial services firm would be among the hardest-hit from the Great Recession of 2007-2009. Indeed, the company reported a loss in 2008. But Ameriprise Financial returned to strong profitability in 2009, and by 2010 its earnings-per-share were higher than in 2007.

Growth Prospects, Valuation, & Catalyst Ameriprise Financial’s future earnings growth will be driven by continued growth in assets under management, which will drive higher fee income. In addition, tax reform is a major catalyst. In 2017, Ameriprise Financial had an effective tax rate of 23%. The company estimates that its ongoing effective tax rate will drop to 17%-19% thanks to tax reform. Over the long term, we believe that Ameriprise Financial is capable of delivering long-term annualized earnings-per-share growth of 8%.

Ameriprise Financial trades at an attractive valuation and has excellent total return potential. Based on 2018 earnings estimates ($14.45), the stock trades at a price-to-earnings ratio of just 9.6. For comparison, the company’s 10-year average price-to-earnings ratio is 12.5, which gives a fair value estimate of $181. If the company can revert to its (still low) long-term average valuation multiple of 12.5 over a period of 5 years, this will add about 5% to the company’s annualized returns during this time period. Between earnings-per-share growth (8%), valuation expansion (5%), and dividend payments (~2.6%), Ameriprise Financial’s total returns could reach ~15% per year.

Key Statistics, Ratios, & Metrics Maximum Drawdown8: 81% 10 Year EPS Growth Rate: 10.7% Dividend Yield: 2.6% 10 Year Dividend Growth Rate: 19.6% Most Recent Dividend Increase: 8.4% 10 Year Historical Avg. P/E Ratio: 12.5 Estimated Fair Value: $181 10 Year Annualized Total Return: 13.8% Dividend History: 9 years of increases Next Ex-Dividend Date: 8/3/18 (est.) 8 Maximum drawdown occurred in November of 2008.

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Ameriprise Financial (AMP) Valuation Analysis


35

Aflac Inc. (AFL) Overview & Current Events

Aflac is a diversified insurance corporation. Its products include accident, short-term disability, critical illness, dental, vision, and life insurance. Approximately 70% of Aflac’s premium income is derived from Japan, with the remaining 30% coming from the U.S.

In mid-February, Aflac announced (2/13/18) a 2-for-1 stock split. While a stock split alone does not create value, there could be a psychological benefit for investors. Aflac stock is half the price it was before the split, which could allow more retail investors the opportunity to buy into the company.

More recently, Aflac announced (4/25/18) 2018 first-quarter financial results. Revenue of $5.5 billion increased 2.8% but missed analyst expectations by $10 million. Earnings-per-share of $1.05 beat expectations by $0.08 per share for the quarter. Excluding the impact of the stronger yen, adjusted earnings per diluted share increased 21.4% last quarter, driven largely by tax reform. Premium income rose 2.7% in the U.S., and 2.2% in Japan last quarter.

Competitive Advantage & Recession Performance Aflac’s main competitive advantage is its strong brand. The insurance industry is highly competitive, but Aflac’s high brand recognition helps retain customers and bring in new ones. The company maintains its brand image with advertising, where it invests heavily each year.

In addition, Aflac is a recession-resistant business. Insurance is a product many consumers want, even during recessions. This helps Aflac remain consistently profitable. During the Great Recession, Aflac’s earnings-per-share declined 20% in 2008, but rose 49% in 2009, and 31% in 2010.

Growth Prospects, Valuation, & Catalyst Aflac’s most important growth catalyst is new products. Premium income is expected to rise 2% to 3% in 2018. Aflac is also expanding its offerings of “third-sector” products in Japan. These include non-traditional products such as cancer insurance. Aflac expects 2% to 3% growth in third-sector products in Japan this year. Another growth catalyst for Aflac is rising interest rates. As an insurer, Aflac has a large pool of insurance float that can be invested to generate corporate profit. Aflac ended last quarter with $132.7 billion of cash and investments, up from $120.5 billion at the same point a year ago.

Aflac expects an additional 12% earnings growth in 2018. We believe the company can reasonably be expected to grow earnings by 8% per year over the long-term. The stock is not currently undervalued, but earnings growth and dividends can drive satisfactory returns for shareholders. Aflac stock trades for a price-to-earnings ratio of 11.5. Fair value for Aflac is a price-to-earnings ratio of 12, which results in a fair value price of $46. While investors may not see continued expansion of the price-to-earnings ratio; earnings growth and the 2.3% current dividend yield could generate total returns of 10%+ per year for Aflac shareholders.

Key Statistics, Ratios, & Metrics Maximum Drawdown9: 83% 10 Year EPS Growth Rate: 9.1% Dividend Yield: 2.3% 10 Year Dividend Growth Rate: 8.0% Most Recent Dividend Increase: 21% 10 Year Historical Avg. P/E Ratio: 11.6 Estimated Fair Value: $46 10 Year Annualized Total Return: 5.5% Dividend History: 35 years of increases Next Ex-Dividend Date: 8/21/18 (est.) 9 Maximum drawdown occurred in October of 1974.

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Aflac (AFL) Valuation Analysis

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Procter & Gamble Co. (PG) Overview & Current Events

Procter & Gamble is one of the largest consumer goods corporations based on its market capitalization of $181.9 billion. Procter & Gamble has been in operation for 180 years and distributes products to more than 180 countries in 10 different product categories.

In mid-April, Procter & Gamble reported (4/19/18) financial results for the third quarter of fiscal 2018. Quarterly net sales of $16.3 billion increased by 4% versus the prior year while organic net sales increased by 1%. Diluted earnings-per-share (EPS) of $0.95 increased by 2% year-on-year while core earnings-per-share grew 4%. While the company’s earnings-per-share and revenue both came in higher than expected, the markets pummeled Procter & Gamble’s stocks due to pricing headwinds. Pricing was 2% lower than the prior year, although this was more than offset by volume growth.

More recently, Procter & Gamble announced (5/9/18) a tender offer to repurchase a $1.25 billion basket of debt securities. The company later announced (5/22/18) early results of the debt tender offer and increased the tender’s value to approximately $1.40 billion. Pricing was finalized the next day (5/23/18) and the total amount offered was $1.404 billion.

Competitive Advantage & Recession Performance Procter & Gamble’s strongest competitive advantage is its brand power. The company has 22 brands that have over $1 billion in annual sales and another 19 brands generating over $500 million in annual sales. Procter & Gamble’s brand power is a result of consistent and deliberate investments in marketing. The company’s advertising spend has exceeded $7 billion in each of the past 6 fiscal years.

Procter & Gamble’s leadership within the consumer goods sector means that the business is very recession-resilient. The company’s earnings-per-share declined by just 3% during the Great Recession of 2007-2009. Moreover, the company has a conservatively financed balance sheet that has earned an Aa3 rating from Moody’s and an AA- rating from Standard & Poor’s.

Growth Prospects, Valuation, & Catalyst Procter & Gamble is expecting to generate 6% to 8% growth in core earnings-per-share in fiscal 2018. Applying these growth rates to 2017’s earnings-per-share of $3.92 gives an earnings-per-share guidance band of $4.16 to $4.23. Using the midpoint of this guidance band ($4.20), Procter & Gamble is trading at a forward price-to-earnings ratio of 17.4. For context, Procter & Gamble traded at an average price-to-earnings ratio of 18.6 over the last 10 years, which gives a fair value estimate of $78. The company appears to be noticeably undervalued today. We believe that Procter & Gamble is positioned to deliver double-digit total returns based on our estimates of 5%-7% long-term earnings-per-share growth, valuation expansion, and the company’s near-4% dividend yield.

Key Statistics, Ratios, & Metrics Maximum Drawdown10: 54.8% 10 Year EPS Growth Rate: 3.5% Dividend Yield: 3.9% 10 Year Dividend Growth Rate: 8.5% Most Recent Dividend Increase: 4.0% 10 Year Historical Avg. P/E Ratio: 18.6 Estimated Fair Value: $78 10 Year Annualized Total Return: 4.5% Dividend History: 62 years of increases Next Ex-Dividend Date: 7/18/18 (est.)

10 Maximum drawdown occurred in October of 1974.

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Procter & Gamble (PG) Valuation Analysis


45

Mondelez International Inc. (MDLZ) Overview & Current Events

Mondelez International was created when Kraft Foods Inc. spun off its North American grocery business from its North American snacks and international businesses. The North American grocery business merged with Heinz to form Kraft-Heinz (KHC), while the North American snacks/international business trades as Mondelez International. Mondelez is a massive food company, with a market capitalization of $57 billion. The company’s product line includes biscuits, chocolate, gum, and candy. Its core brands are Oreo, belVita, Cadbury, Ritz, Triscuit, and Trident.

Mondelez recently reported (5/1/18) first-quarter results. Organic sales increased 2.4% year-over-year, thanks mostly to the international markets. International growth more than offset a 1.8% decline in North America. Overall, Mondelez’s adjusted earnings-per-share increased 9.6% from the same quarter a year ago. For 2018, Mondelez expects organic sales growth of 1%-2%, along with 10%+ adjusted earnings growth. In addition to sales growth, earnings will be driven by margin expansion.


Mondelez’s main competitive advantages are its brand strength and global scale. With so many brands that are consumed every day by millions of people, Mondelez generates steady cash flow and has the ability to raise prices over time.

These qualities also allow Mondelez to hold up very well during recessions. During the Great Recession, the company remained highly profitable and actually grew earnings-per-share by 8% in 2009. While this was prior to the spin-off from Kraft, it can be reasonably assumed that Mondelez would perform similarly well during the next recession, since people will always need to eat.


Mondelez’s biggest growth opportunity is the international markets. Sales are declining in the U.S. due to changing consumer eating habits, but Mondelez is still enjoying high growth abroad. Nearly 75% of its annual revenue is derived from outside North America. Organic sales increased 4.7% in Europe; 3.6% in the Asia, Middle East, and Africa segment; and 2.2% in Latin America last quarter.

Mondelez has also grown through acquisitions. On May 6th, Mondelez announced the $500 million acquisition of Tate's Bake Shop, which makes cookies and other baked goods. That brand’s sales have quadrupled over the past five years. The deal boosts exposure to the premium snacks category.

Our fair value estimate for Mondelez is a share price of $47. With a current share price of $39, we believe shares are undervalued, and Mondelez stock could return 4% per year just from expansion of the valuation multiple. In addition, we believe annual earnings growth and dividends will combine for annual returns of 9%. As a result, total expected returns could reach 13% per year.

Key Statistics, Ratios, & Metrics Maximum Drawdown11: 38% 10 Year EPS Growth Rate: N/A (Kraft spin-off) Dividend Yield: 2.2% 10 Year Dividend Growth Rate: N/A (Kraft spin-off) Most Recent Dividend Increase: 16% 10 Year Historical Avg. P/E Ratio: 18.9 Estimated Fair Value: $47 10 Year Annualized Total Return: 10.0% Dividend History: 5 increases since spin-off Next Ex-Dividend Date: 6/28/18


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Mondelez International (MDLZ) Valuation Analysis


50

Franklin Resources Inc. (BEN) Overview & Current Events

Franklin Resources is a global investment management organization. The company’s primary offering is its suite of mutual funds and ETFs under the Franklin Templeton name. Franklin Resources was founded in 1947, has offices in 33 countries, and trades with a market capitalization of $17.7 billion.

In late April, Franklin Resources reported (4/26/18) financial results for the second quarter of fiscal 2018. Revenues increased by 1% over the prior year’s period while net income and diluted earnings-per-share both expanded by 5%. The company’s performance was driven by rising assets under management (AUM). Average AUM increased by 3% over the prior year’s period. Franklin Resources’ performance beat expectations and shares rose modestly following the earnings release.

Prior to that, Franklin Resources announced (4/12/18) that the company has been authorized to repurchase an additional 80.0 million shares of company stock. For context, the company had 541.7 million shares outstanding on March 31. The additional share repurchase authorization, which has no expiration, amounts to 14.8% of the company’s share count at the end of the most recent quarter.

Competitive Advantage & Recession Performance Unfortunately, the asset management industry is highly competitive. Underperforming funds can cause investors to sell, even though performance is measured over irrationally short time periods. Still, Franklin Resources does have competitive strength thanks to the Franklin Templeton brand. This gives the company prestige and authority relative to smaller and less-established competitors.

Franklin Resources’ earnings-per-share declined by 45% during the worst of the Great Recession. The combination of declining asset values and fund outflows serves to significantly reduce the company’s earnings during recessions. With that said, the company was still very profitable during the Great Recession and returned to new earnings-per-share highs by 2011.

Growth Prospects, Valuation, & Catalyst Franklin Resources reduced its share count by 2.8% per year over the last decade. Earnings-per-share grew by 2.4% per year over the same period. Share repurchases accounted for all the company’s growth over the last decade, and then some. This trend is unlikely to continue. Growth should pick up with the launch of a host of country-specific ETFs as well as the acquisition of U.K.-based Edinburgh Partners. We expect earnings-per-share growth of 6% over full economic cycles.

Franklin Resources is expected to generate earnings-per-share of about $3.40 in fiscal 2018. The company is trading at a price-to-earnings ratio of 9.8 using this estimate. The company’s historical average price-to-earnings ratio is 14.5. Franklin Resources is significantly undervalued today. We believe that Franklin Resources should easily deliver double-digit total returns for today’s investors through earnings growth (~6%), dividend payments (2.7%), and meaningful valuation expansion.

Key Statistics, Ratios, & Metrics Maximum Drawdown12: 73% 10 Year EPS Growth Rate: 2.4% Dividend Yield: 2.7% 10 Year Dividend Growth Rate: 15.2% Most Recent Dividend Increase: 15.0% 10 Year Historical Avg. P/E Ratio: 14.5 Estimated Fair Value: $49 10 Year Annualized Total Return: 2.9% Dividend History: 37 years of increases Next Ex-Dividend Date: 6/28/18 (est.)


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Franklin Resources (BEN) Valuation Analysis


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Special Recommendation: GameStop Corp. (GME) GameStop is currently the highest-ranked security in the Sure Analysis Research Database, but the company does not qualify for inclusion in the newsletter’s Top 10 according to The 8 Rules of Dividend Investing. We are including it as a special recommendation in this month’s edition.

Overview & Current Events

GameStop is a video game and consumer electronics retailer. The company has over 7,000 stores and annual revenue of $9.2 billion. Its business includes the core retailing segment, as well as its Technology Brands segment which contains ~1,400 Spring Mobile AT&T and Simply Mac stores. Spring Mobile sells all of AT&T’s services while Simply Mac sells the full line of Apple products.

In late May, GameStop (5/31/18) reported first-quarter results. Total global sales declined 5.5% to $1.93 billion, or a 7.5% decline excluding foreign exchange. Comparable-store sales fell 5.3%, consisting of a 2.6% decline in the U.S. and an 11.6% drop in the international markets. New hardware sales decreased 7.9% for the quarter while new software sales decreased 10.3%, as GameStop faced unfavorable comparisons with the launch of the Nintendo Switch in the first quarter of fiscal 2017.

Competitive Advantage & Recession Performance

GameStop shares have declined by approximately 41% in the past 12 months, due to the pressures facing brick-and-mortar retailers. This risk is amplified because the video game retail business does not offer many durable competitive advantages. Online retailers can easily sell the same products as GameStop, for a lower price and the convenience of at-home delivery.

However, the company performed surprisingly well during the Great Recession. GameStop’s earnings-per-share increased 30% from 2007-2009. It could be argued that consumers gravitate toward cheaper forms of at-home entertainment during tough economic times, such as video games.


GameStop’s growth prospects in 2018 and beyond rely on continued success from new hardware and software releases. Performance deteriorated in the first quarter, as momentum from new releases will slow in 2018. More broadly, the rise of digital video game downloading threatens to make physical software sales obsolete. The rapid growth of digital downloads is also a risk for GameStop’s highly-lucrative pre-owned business, which represented 33% of the company’s total gross profit last quarter. As a result, we do not expect high earnings growth for GameStop going forward.

Our estimate of fair value for GameStop stock is $30 per share, which would represent a price-to-earnings ratio of 10. The stock currently trades for a price-to-earnings ratio of just 4.3, which implies significant upside potential. Valuation expansion could add 18% to GameStop’s annual returns. In addition, the stock yields an 11.5% dividend. If the dividend remains intact, this would elevate shareholder returns to over 29% per year, even if earnings decline at a ~1% annual pace.

Key Statistics, Ratios, & Metrics Maximum Drawdown13: 75% 10 Year EPS Growth Rate: 14% Dividend Yield: 11.5% 5 Year Dividend Growth Rate: 11% (since 2012) Most Recent Dividend Increase: 2.7% 10 Year Historical Avg. P/E Ratio: 10.0 Estimated Fair Value: $30 10 Year Annualized Total Return: -9.7% Dividend History: 5 increases since 2012 Next Ex-Dividend Date: 6/5/18 (est.) 13 Maximum drawdown occurred in July of 2012.

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Note: 2017’s valuation figure is not meaningful due to significant one-time impairment charges that negatively impacted earnings. Accordingly, the valuation figure has been excluded from this chart.

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GameStop Corporation (GME): Valuation Analysis


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Disclaimer Nothing presented herein is, or is intended to constitute, specific investment advice. Nothing in this newsletter should be construed as a recommendation to follow any investment strategy or allocation. Any forward-looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. While Sure Dividend has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability or completeness of third-party information presented herein. No guarantee of investment performance is being provided and no inference to the contrary should be made. There is a risk of loss from an investment in securities. Past performance is not a guarantee of future performance.

Closing Thoughts – Process Over Outcomes –

At Sure Dividend, we advocate for a quantitative approach to investing in dividend growth stocks called The 8 Rules of Dividend Investing. This is because we believe that systematizing your investment strategy is one of the easiest methods to improve long-term portfolio performance. In this month’s Closing Thoughts, we want to describe the profound benefits of following a systematic investing strategy.

On the surface, it may seem as though the key to being a successful systematic investor is creating the system. For instance, consider The 8 Rules of Dividend Investing, which uses factors such as dividend yield, share repurchase yield, stock price volatility, and dividend history to quantitatively identify stocks with strong return potential. Each of these individual factors has been empirically tested to ensure that it has historically improved returns and/or reduced risk. Together, they have driven the success of the newsletter’s historical recommendations.

The complexity of this system makes it seem as though it is the factors that are the main drivers of returns. Make no mistake, the factors are indeed important. However, the real benefit of systematic investing is that it creates a process which removes biases and prevents investors from making dangerous investing mistakes.

Perhaps the most important component of a successful systematic investment strategy is well-defined sell criteria. At Sure Dividend, we recommend selling securities when (1) they reduce their dividend payments or (2) they become irrationally overvalued. These criteria are rarely met. This is by design.

We believe that one of the most common mistakes made by investors is selling too soon. The research supports this idea. Fidelity performed a study between 2003-2013 to determine the characteristics of the investors with the strongest portfolio performance. Inactivity was a common theme. In fact, the best subset of investors was literally dead. While unfortunate, this had the unforeseen benefit of preventing those investors from selling stocks too soon. Gains were instead left in their accounts to compound over the long run.

“The big money is not in the buying and selling, but in the waiting.” – Charlie Munger

Systematic investing also has other benefits. Quantitative stock selection processes allow investors to search within a much larger investable universe than qualitative methods. As an example, some readers may have been unfamiliar with one of our smaller recommendations – Owens & Minor (OMI) – yet the quantitative nature of The 8 Rules of Dividend Investing allowed us to identify this mispricing in the market.

Lastly, systematic investing allows you to have conviction in your stock holdings. Having well-defined buy criteria helps you remember why you bought a stock, which allows you to hold through periods of volatility. In the context of our newsletter strategy, readers will always remember why they own a company (it ranked highly using The 8 Rules), which prevents them from second-guessing their purchases and selling at the wrong time.

In conclusion, we believe that formalizing a process and sticking to it is far more important than measuring short-term investing outcomes. Over the long-term, follow the process (buying high-quality businesses at fair or better prices and rarely selling) and the returns will take care of themselves.

The next newsletter publishes on Sunday, July 1st, 2018.

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Portfolio Building Guide

The process of building a high-quality dividend growth portfolio is not complex: Each month invest in the top ranked security in which you own the smallest dollar amount out of the Top 10. Over time, you will build a well-diversified portfolio of great businesses purchased at attractive prices. Alternatively, the Top 10 list is also useful as an idea generation tool for those with a different portfolio allocation plan. If you are looking to add additional yield to your portfolio, The Sure Retirement Newsletter offers a Top 10 list with 4%+ dividend yields. The Sure Dividend International Newsletter provides additional geographic diversification.

Examples Portfolio 1 Portfolio 2

Ticker Name Amount Ticker Name Amount KMB Kimberly-Clark $ 1,002 KMB Kimberly-Clark $ 4,374 LUV Southwest Airlines $ - LUV Southwest Airlines $ 4,878 OMI Owens & Minor $ - OMI Owens & Minor $ 4,353 MO Altria Group $ - MO Altria Group $ 7,428 CAH Cardinal Health $ - CAH Cardinal Health $ 3,309 AMP Ameriprise Financial $ - AMP Ameriprise Financial $ 8,099 AFL Aflac $ - AFL Aflac $ 5,629 PG Procter & Gamble $ - PG Procter & Gamble $ 2,176 MDLZ Mondelez $ - MDLZ Mondelez $ 1,079 BEN Franklin Resources $ - BEN Franklin Resources $ 4,864

- If you had portfolio 1, you would buy LUV, the top-ranked security you own least. - If you had portfolio 2, you would buy MDLZ, the top-ranked security you own least.

If you have an existing portfolio or a large lump sum to invest, switch over to the Sure Dividend strategy over 20 months. Each month, take 1/20 of your initial portfolio value, and buy the top-ranked security you own the least out of the Top 10. When you sell a security use the proceeds to purchase the top-ranked security you own the least. Reinvest dividends in the same manner.

This simple investing process will build a diversified portfolio of high-quality dividend securities over a period of less than 2 years. Further, higher ranked securities will receive proportionately more investment dollars as they will stay in the Top 10 rankings longer. You will build up large positions in the highest quality securities over your investing career.

If your portfolio grows too large to manage comfortably (for example, you are not comfortable holding 40+ securities – which would happen after around 4 years of the Sure Dividend system), you will need to sell holdings. I recommend eliminating positions that have the lowest yields if you are in or near retirement. If you are not near retirement, eliminate positions that rank the lowest in the newsletter until you are comfortable with the number of positions in your portfolio. Reinvest the proceeds into the highest ranked securities you currently own, until your highest ranked holding makes up 10% of your portfolio’s total value. Then add to the next highest ranked holding, and so on.

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Performance of the Sure Dividend Strategy

The portfolio building guide is designed to build a high-quality dividend growth portfolio over time. We expect this approach to slightly underperform the market during bull markets, and significantly outperform the market during bear markets (on a relative basis, absolute returns are likely to be negative during recessions).

Hypothetical returns from investing $1,000 per month since Sure Dividend’s inception (April 2014) into the highest ranked security you own the least out of the Top 10 is shown below. Once the portfolio reaches 30 holdings, the highest ranked security you already own is purchased, if the purchase does not push ownership of any security above 10% of total portfolio value. Transaction costs are not included but are minimal for either strategy. S&P 500 and Dividend Aristocrat returns are calculated using the ETFs SPY and NOBL respectively and assume purchasing $1,000 per month. Returns assume dividends are reinvested.

Sure Dividend S&P 500 (SPY) Dividend Arist. (NOBL) Cumulative Return of $1.0014: $1.60 $1.59 $1.53 Compound Annual Growth Rate: 12.0% 11.9% 10.8% Annualized Volatility: 8.0% 10.3% 8.8% Sharpe Ratio15: 1.26 0.96 1.00

The performance of the Sure Dividend strategy has exceeded expectations so far. It has slightly outperformed the S&P 500 over the last 4 years (with significantly lower volatility), despite a near constant bull market. As can be seen in the image above, the strategy significantly outperformed during the mini bear markets of early 2016 and 2018. Additionally, the strategy has outperformed the Dividend Aristocrats ETF while keeping a similar bull/bear market profile. 14 Data from market close 5/31/18 15 2% risk-free rate used

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List of Stocks by Sector All the stocks in the Sure Dividend database are sorted by rank below in order based on The 8 Rules of Dividend Investing (highest to lowest) based on sector. Dividend yield is included next to each stock’s ticker symbol. MLPs, REITs, and BDCs are included in The Sure Retirement Newsletter. Investors looking for additional geographic diversification should see The Sure Dividend International Newsletter.

Basic Materials 1. Sensient Technologies Corp. (SXT) - 1.9% 2. Ecolab Inc. (ECL) - 1.1% 3. Air Products & Chemicals Inc. (APD) - 2.7% 4. PPG Industries Inc. (PPG) - 1.8% 5. Johnson Controls Intl. plc (JCI) - 3% 6. Sherwin-Williams Co. (SHW) - 0.9% 7. MDU Resources Grp. Inc. (MDU) - 2.8% 8. NewMarket Corp. (NEU) - 1.8% 9. Monsanto Co. (MON) - 1.7% 10. Praxair Inc. (PX) - 2.1% 11. Martin Marietta Materials Inc. (MLM) - 0.8% 12. International Flavors & Fragrances Inc. (IFF) - 2.2% 13. Albemarle Corp. (ALB) - 1.4% 14. Masco Corp. (MAS) - 1.1% 15. Eastman Chemical Co. (EMN) - 2.1% 16. Stepan Co. (SCL) - 1.2% 17. Westlake Chemical Corp. (WLK) - 0.7% 18. H.B. Fuller Co. (FUL) - 1.2% 19. LyondellBasell Industries N.V. (LYB) - 3.5% 20. Royal Gold Inc. (RGLD) - 1.1% 21. Nucor Corp. (NUE) - 2.4% 22. Weyerhaeuser Co. (WY) - 3.4% 23. Vulcan Materials Co. (VMC) - 0.9% 24. FMC Corp. (FMC) - 0.8% 25. DowDuPont Inc. (DWDP) - 2.4% 26. RPM Intl. Inc. (RPM) - 2.5% 27. CF Industries Holdings Inc. (CF) - 2.9% 28. Hawkins Inc. (HWKN) - 2.6% 29. Compass Minerals Intl. Inc. (CMP) - 4.4% 30. Newmont Mining Corp. (NEM) - 1.4% 31. Mosaic Co./The (MOS) - 0.4%

Communication Services 1. Vodafone Grp. plc (VOD) - 6.8% 2. BCE Inc. (BCE) - 5.6% 3. AT&T Inc. (T) - 6.1% 4. Verizon Communications Inc. (VZ) - 4.9% 5. Comcast Corp. (CMCSA) - 2.4% 6. American Tower Corp. (AMT) - 2.2% 7. Telephone & Data Systems Inc. (TDS) - 2.5% 8. ATN Intl. Inc. (ATNI) - 1.3% 9. Consolidated Communications Hldgs. Inc. (CNSL) - 13.6% 10. CenturyLink Inc. (CTL) - 11.8%

11. IDT Corp. (IDT) - 6.8%

Consumer Cyclical 1. McDonald's Corp. (MCD) - 2.5% 2. Wendy's Co./The (WEN) - 2.1% 3. Polaris Industries Inc. (PII) - 2.1% 4. Harley-Davidson Inc. (HOG) - 3.5% 5. The Home Depot Inc. (HD) - 2.2% 6. Yum! Brands Inc. (YUM) - 1.8% 7. Lowe's Companies Inc. (LOW) - 1.7% 8. Best Buy Co. Inc. (BBY) - 2.6% 9. Leggett & Platt Inc. (LEG) - 3.6% 10. Bemis Co. Inc. (BMS) - 2.9% 11. Williams-Sonoma Inc. (WSM) - 3.1% 12. Walt Disney Co./The (DIS) - 1.7% 13. Tiffany & Co. (TIF) - 1.7% 14. Time Warner Inc. (TWX) - 1.7% 15. CBS Corp. (CBS) - 1.4% 16. GameStop Corp. (GME) - 11.3% 17. Ross Stores Inc. (ROST) - 1.1% 18. NIKE Inc. (NKE) - 1.1% 19. TJX Companies Inc./The (TJX) - 1.7% 20. VF Corp. (VFC) - 2.3% 21. Marriott Intl. Inc. (MAR) - 1.2% 22. Carlisle Companies Inc. (CSL) - 1.4% 23. International Paper Co. (IP) - 3.5% 24. H&R Block Inc. (HRB) - 3.4% 25. Starbucks Corp. (SBUX) - 2.1% 26. Sonoco Products Co. (SON) - 3.2% 27. Weyco Grp. Inc. (WEYS) - 2.7% 28. AptarGroup Inc. (ATR) - 1.4% 29. Signet Jewelers Ltd (SIG) - 3.4% 30. Whirlpool Corp. (WHR) - 3.1% 31. GUESS? Inc. (GES) - 3.7% 32. Meredith Corp. (MDP) - 4.3% 33. Hasbro Inc. (HAS) - 2.9% 34. L Brands Inc. (LB) - 6.6% 35. Darden Restaurants Inc. (DRI) - 2.8% 36. Matthews Intl. Corp. (MATW) - 1.4% 37. Genuine Parts Co. (GPC) - 3.1% 38. Royal Caribbean Cruises Ltd (RCL) - 2.3% 39. Nordstrom Inc. (JWN) - 3% 40. WestRock Co. (WRK) - 2.9% 41. Cracker Barrel Old Country Store Inc. (CBRL) - 3.1% 42. Tractor Supply Co. (TSCO) - 1.7%

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43. Ball Corp. (BLL) - 1.1% 44. Wolverine World Wide Inc. (WWW) - 1% 45. John Wiley & Sons Inc. (JW.A) - 1.9% 46. Macy's Inc. (M) - 4.2% 47. Omnicom Grp. Inc. (OMC) - 3.4% 48. Carnival Corp. (CCL) - 3.2% 49. Kohl's Corp. (KSS) - 3.6% 50. Interpublic Grp. of Companies Inc./The (IPG) - 3.7% 51. Wyndham Worldwide Corp. (WYN) - 1.5% 52. DineEquity Inc. (DIN) - 3.9% 53. Tailored Brands Inc. (TLRD) - 2.1% 54. Columbia Sportswear Co. (COLM) - 1% 55. Foot Locker Inc. (FL) - 2.5% 56. Twenty-First Century Fox Inc. (FOXA) - 0.9% 57. Gap Inc./The (GPS) - 3.4% 58. Expedia Inc. (EXPE) - 1% 59. Tapestry Inc. (TPR) - 3.1% 60. Ford Motor Co. (F) - 5.2% 61. International Speedway Corp. (ISCA) - 1.1% 62. Las Vegas Sands Corp. (LVS) - 3.7% 63. Hanesbrands Inc. (HBI) - 3.2% 64. Sealed Air Corp. (SEE) - 1.4% 65. Monro Inc. (MNRO) - 1.4% 66. National CineMedia Inc. (NCMI) - 9.2% 67. Fortune Brands Home & Security Inc. (FBHS) - 1.4% 68. D.R. Horton Inc. (DHI) - 1.2% 69. PulteGroup Inc. (PHM) - 1.2% 70. Ralph Lauren Corp. (RL) - 1.5% 71. Goodyear Tire & Rubber Co./The (GT) - 2.3% 72. BorgWarner Inc. (BWA) - 1.4% 73. General Motors Co. (GM) - 4% 74. Abercrombie & Fitch Co. (ANF) - 3.1% 75. Wynn Resorts, Ltd (WYNN) - 1.5% 76. NACCO Industries Inc. (NC) - 1.8% 77. Barnes & Noble Inc. (BKS) - 10.6% 78. Hilton Worldwide Holdings Inc. (HLT) - 0.7% 79. PVH Corp. (PVH) - 0.1% 80. News Corp. (NWSA) - 1.3% 81. News Corp. (NWS) - 1.3% 82. Lennar Corp. (LEN) - 0.3% 83. Viacom Inc. (VIAB) - 2.9% 84. Advance Auto Parts Inc. (AAP) - 0.2% 85. Gannett Co. Inc. (GCI) - 5.9% 86. Mattel Inc. (MAT) - 0% 87. Buckle Inc./The (BKE) - 3.9%

Consumer Defensive 1. Kimberly-Clark Corp. (KMB) - 3.8% 2. Altria Grp. Inc. (MO) - 5% 3. Procter & Gamble Co./The (PG) - 3.8% 4. Mondelez Intl. Inc. (MDLZ) - 2.2% 5. Archer-Daniels-Midland Co. (ADM) - 3% 6. Church & Dwight Co. Inc. (CHD) - 1.8% 7. PepsiCo Inc. (PEP) - 3.6% 8. J. M. Smucker Co./The (SJM) - 2.9% 9. Vector Grp. Ltd (VGR) - 8.3%

10. Kraft-Heinz Co./The (KHC) - 4.3% 11. Coca-Cola Co./The (KO) - 3.6% 12. Sysco Corp. (SYY) - 2.2% 13. Universal Corp. (UVV) - 4.5% 14. Flowers Foods Inc. (FLO) - 3.5% 15. Philip Morris Intl. Inc. (PM) - 5.3% 16. Colgate-Palmolive Co. (CL) - 2.6% 17. General Mills Inc. (GIS) - 4.6% 18. Unilever plc (UL) - 3.4% 19. Brown-Forman Corp. (BF.B) - 1.1% 20. Hormel Foods Corp. (HRL) - 2% 21. Hershey Co./The (HSY) - 2.9% 22. Target Corp. (TGT) - 3.4% 23. Kellogg Co. (K) - 3.3% 24. Clorox Co./The (CLX) - 3.1% 25. Walgreens Boots Alliance Inc. (WBA) - 2.5% 26. McCormick & Co. (MKC) - 2% 27. Andersons Inc./The (ANDE) - 2% 28. Lancaster Colony Corp. (LANC) - 1.8% 29. Wal-Mart Stores Inc. (WMT) - 2.5% 30. Tyson Foods Inc. (TSN) - 1.7% 31. Nu Skin Enterprises Inc. (NUS) - 1.8% 32. Diageo plc (DEO) - 2.4% 33. Costco Wholesale Corp. (COST) - 1.1% 34. Bunge Ltd (BG) - 2.8% 35. Casey's General Stores Inc. (CASY) - 1.1% 36. Molson Coors Brewing Co. (TAP) - 2.6% 37. Estée Lauder Companies Inc./The (EL) - 1% 38. Kroger Co./The (KR) - 2% 39. Tootsie Roll Industries Inc. (TR) - 1.2% 40. Dr Pepper Snapple Grp. Inc. (DPS) - 1.9% 41. J&J Snack Foods Corp. (JJSF) - 1.3% 42. Campbell Soup Co. (CPB) - 4.1% 43. Newell Brands Inc. (NWL) - 3.7% 44. Constellation Brands Inc. (STZ) - 1.3% 45. Dollar General Corp. (DG) - 1.2% 46. Conagra Brands Inc. (CAG) - 2.3% 47. Coty Inc. (COTY) - 3.7%

Energy 1. Enbridge Inc. (ENB) - 6.7% 2. Royal Dutch Shell plc (RDS.A) - 5.4% 3. ONEOK Inc. (OKE) - 4.5% 4. Royal Dutch Shell plc (RDS.B) - 5.2% 5. Exxon Mobil Corp. (XOM) - 4% 6. Chevron Corp. (CVX) - 3.6% 7. Cabot Oil & Gas Corp. (COG) - 1.1% 8. Helmerich & Payne Inc. (HP) - 4.2% 9. Schlumberger Ltd (SLB) - 2.9% 10. Andeavor (ANDV) - 1.6% 11. Phillips 66 (PSX) - 2.7% 12. TOTAL S.A. (TOT) - 4.8% 13. Valero Energy Corp. (VLO) - 2.6% 14. National Fuel Gas Co. (NFG) - 3.2% 15. Targa Resources Corp. (TRGP) - 7.5% 16. Occidental Petroleum Corp. (OXY) - 3.7%

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17. Marathon Petroleum Corp. (MPC) - 2.3% 18. BP plc (BP) - 5.3% 19. Apache Corp. (APA) - 2.5% 20. Imperial Oil Ltd (IMO) - 1.8% 21. Halliburton Co. (HAL) - 1.4% 22. EOG Resources Inc. (EOG) - 0.6% 23. Vermilion Energy Inc. (VET) - 6.2% 24. PBF Energy Inc. (PBF) - 2.5% 25. Range Resources Corp. (RRC) - 0.5% 26. Kinder Morgan Inc. (KMI) - 4.8% 27. National Oilwell Varco Inc. (NOV) - 0.5% 28. ConocoPhillips (COP) - 1.7% 29. Hess Corp. (HES) - 1.6% 30. EQT Corp. (EQT) - 0.2% 31. Williams Companies Inc./The (WMB) - 5% 32. Noble Energy Inc. (NBL) - 1.2% 33. Cimarex Energy Co. (XEC) - 0.7% 34. Anadarko Petroleum Corp. (APC) - 1.4% 35. Pioneer Natural Resources Co. (PXD) - 0.2% 36. Devon Energy Corp. (DVN) - 0.8% 37. Marathon Oil Corp. (MRO) - 0.9%

Financial Services 1. Ameriprise Financial Inc. (AMP) - 2.6% 2. Aflac Inc. (AFL) - 2.3% 3. Franklin Resources Inc. (BEN) - 2.7% 4. Assurant Inc. (AIZ) - 2.4% 5. Charles Schwab Corp. (SCHW) - 0.7% 6. Torchmark Corp. (TMK) - 0.8% 7. Mastercard Inc. (MA) - 0.5% 8. Hartford Financial Srvcs. Grp. Inc./The (HIG) - 1.9% 9. S&P Global Inc. (SPGI) - 1% 10. The Toronto-Dominion Bank (TD) - 3.6% 11. American Intl. Grp. Inc. (AIG) - 2.4% 12. Axis Capital Holdings Ltd (AXS) - 2.7% 13. Bank of Nova Scotia/The (BNS) - 4.2% 14. State Street Corp. (STT) - 1.7% 15. Invesco Ltd (IVZ) - 4.4% 16. Old Republic Intl. Corp. (ORI) - 3.7% 17. Royal Bank of Canada (RY) - 3.9% 18. Bank of Montreal (BMO) - 3.7% 19. Raymond James Financial Inc. (RJF) - 1.2% 20. The Travelers Companies Inc. (TRV) - 2.4% 21. Canadian Imperial Bank of Commerce (CM) - 4.8% 22. Erie Indemnity Co. (ERIE) - 3% 23. Visa Inc. (V) - 0.6% 24. M&T Bank Corp. (MTB) - 1.8% 25. SEI Inv.s Co. (SEIC) - 0.9% 26. Comerica Inc. (CMA) - 1.4% 27. Everest Re Grp. Ltd (RE) - 2.3% 28. W. R. Berkley Corp. (WRB) - 0.7% 29. BlackRock Inc. (BLK) - 2.2% 30. American Express Co. (AXP) - 1.4% 31. Marsh & McLennan Companies Inc. (MMC) - 2.1% 32. Moody's Corp. (MCO) - 1% 33. FactSet Research Systems Inc. (FDS) - 1.3%

34. Unum Grp. (UNM) - 2.4% 35. The Goldman Sachs Grp. Inc. (GS) - 1.4% 36. Discover Financial Srvcs. (DFS) - 1.9% 37. 1st Source Corp. (SRCE) - 1.8% 38. Aon plc (AON) - 1.1% 39. UMB Financial Corp. (UMBF) - 1.5% 40. SunTrust Banks Inc. (STI) - 2.4% 41. Chubb Ltd (CB) - 2.2% 42. Wells Fargo & Co. (WFC) - 2.9% 43. Northern Trust Corp. (NTRS) - 1.6% 44. American Financial Grp. Inc. (AFG) - 1.3% 45. Bank of the Ozarks Inc. (OZRK) - 1.6% 46. First Financial Bankshares Inc. (FFIN) - 1.6% 47. KeyCorp (KEY) - 2.4% 48. Western Union Co./The (WU) - 3.8% 49. RenaissanceRe Holdings Ltd (RNR) - 1.1% 50. Mercury General Corp. (MCY) - 5.2% 51. Arthur J. Gallagher & Co. (AJG) - 2.5% 52. T. Rowe Price Grp. Inc. (TROW) - 2.3% 53. CNO Financial Grp. Inc. (CNO) - 2% 54. Lincoln National Corp. (LNC) - 2% 55. Cullen/Frost Bankers Inc. (CFR) - 2.3% 56. Farmers & Merchants Bancorp (FMCB) - 1.9% 57. Eaton Vance Corp. (EV) - 2.3% 58. Total System Srvcs. Inc. (TSS) - 0.6% 59. PNC Financial Srvcs. Grp. Inc./The (PNC) - 2.1% 60. BOK Financial Corp. (BOKF) - 1.8% 61. First Financial Corp. (THFF) - 2.3% 62. RLI Corp. (RLI) - 1.3% 63. Regions Financial Corp. (RF) - 2% 64. Westpac Banking Corp. (WBK) - 6.6% 65. Allstate Corp./The (ALL) - 2% 66. Tompkins Financial Corp. (TMP) - 2.2% 67. Infinity Property & Casualty Corp. (IPCC) - 1.6% 68. Commerce Bancshares Inc. (CBSH) - 1.4% 69. Principal Financial Grp. Inc. (PFG) - 3.5% 70. Prosperity Bancshares Inc. (PB) - 2% 71. U.S. Bancorp (USB) - 2.4% 72. MetLife Inc. (MET) - 3.6% 73. Fifth Third Bancorp (FITB) - 2.1% 74. Community Bank System Inc. (CBU) - 2.3% 75. Hercules Capital Inc. (HTGC) - 10% 76. United Bankshares Inc. (UBSI) - 3.7% 77. Cincinnati Financial Corp. (CINF) - 3% 78. BancFirst Corp. (BANF) - 1.4% 79. XL Grp. Ltd (XL) - 1.6% 80. Cboe Global Markets Inc. (CBOE) - 1.1% 81. People's United Financial Inc. (PBCT) - 3.8% 82. JPMorgan Chase & Co. (JPM) - 2.1% 83. Nasdaq Inc. (NDAQ) - 1.9% 84. HSBC Holdings plc (HSBC) - 5.2% 85. Huntington Bancshares Inc. (HBAN) - 3% 86. Morgan Stanley (MS) - 2% 87. BB&T Corp. (BBT) - 2.8% 88. Bank of New York Mellon Corp./The (BK) - 1.7% 89. AmTrust Financial Srvcs. Inc. (AFSI) - 5.1% 90. Eagle Financial Srvcs. Inc. (EFSI) - 2.7%

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91. Banco Latinoamericano de Comercio (BLX) - 5.7% 92. Westamerica Bancorporation (WABC) - 2.8% 93. Loews Corp. (L) - 0.5% 94. Prudential Financial Inc. (PRU) - 3.7% 95. Harleysville Financial Corp. (HARL) - 3.9% 96. Chesapeake Financial Shares Inc. (CPKF) - 2% 97. Citizens Financial Grp. Inc. (CFG) - 2.2% 98. Westwood Holdings Grp. Inc. (WHG) - 4.6% 99. Brown & Brown Inc. (BRO) - 1.1% 100. Southside Bancshares Inc. (SBSI) - 3.5% 101. Citigroup Inc. (C) - 1.9% 102. Intercontinental Exchange, Inc. (ICE) - 1.3% 103. American Equity Inv. Life Holding Co. (AEL) - 0.7% 104. Zions Bancorporation (ZION) - 1.7% 105. Community Trust Bancorp Inc. (CTBI) - 2.6% 106. Hanover Insurance Grp. Inc./The (THG) - 1.8% 107. Bank of America Corp. (BAC) - 1.6% 108. Progressive Corp./The (PGR) - 0% 109. Capital One Financial Corp. (COF) - 1.7% 110. Greenhill & Co. Inc. (GHL) - 0.8% 111. CME Grp. Inc. (CME) - 1.7% 112. First Republic Bank (FRC) - 0.7% 113. Willis Towers Watson plc (WLTW) - 1.6% 114. Associated Banc-Corp (ASB) - 2.2% 115. FS Inv. Corp. (FSIC) - 9.9% 116. Virtu Financial Inc. (VIRT) - 3.1% 117. New York Community Bancorp Inc. (NYCB) - 5.8% 118. Navient Corp. (NAVI) - 4.5% 119. Synchrony Financial (SYF) - 1.7% Healthcare 1. Owens & Minor Inc. (OMI) - 6.4% 2. Cardinal Health Inc. (CAH) - 3.6% 3. Johnson & Johnson (JNJ) - 3% 4. CVS Health Corp. (CVS) - 3% 5. Merck & Co. Inc. (MRK) - 3.2% 6. Bristol-Myers Squibb Co. (BMY) - 3% 7. Becton, Dickinson & Co. (BDX) - 1.3% 8. AbbVie Inc. (ABBV) - 3.7% 9. Baxter Intl. Inc. (BAX) - 1.1% 10. Novo Nordisk A/S (NVO) - 2.7% 11. Pfizer Inc. (PFE) - 3.8% 12. Patterson Companies Inc. (PDCO) - 4.9% 13. Eli Lilly & Co. (LLY) - 2.7% 14. Humana Inc. (HUM) - 0.7% 15. UnitedHealth Grp. Inc. (UNH) - 1.2% 16. Abbott Laboratories (ABT) - 1.8% 17. Medtronic plc (MDT) - 2.1% 18. West Pharmaceutical Srvcs. Inc. (WST) - 0.6% 19. PerkinElmer Inc. (PKI) - 0.4% 20. Aetna Inc. (AET) - 1.1% 21. Quest Diagnostics Inc. (DGX) - 1.9% 22. Anthem Inc. (ANTM) - 1.3% 23. AmerisourceBergen Corp. (ABC) - 1.8% 24. Zoetis Inc. (ZTS) - 0.6% 25. Stryker Corp. (SYK) - 1.1%

26. Amgen Inc. (AMGN) - 2.9% 27. Dentsply Sirona Inc. (XRAY) - 0.8% 28. McKesson Corp. (MCK) - 0.9% 29. Perrigo Co. plc (PRGO) - 1% 30. National HealthCare Corp. (NHC) - 3% 31. ResMed Inc. (RMD) - 1.4% 32. Atrion Corp. (ATRI) - 0.8% 33. Zimmer Biomet Holdings Inc. (ZBH) - 0.9% 34. Universal Health Srvcs. Inc. (UHS) - 0.3% 35. Agilent Technologies Inc. (A) - 1% 36. Danaher Corp. (DHR) - 0.6% 37. Cigna Corp. (CI) - 0% 38. The Cooper Companies Inc. (COO) - 0% 39. Gilead Sciences Inc. (GILD) - 3.4% 40. Thermo Fisher Scientific Inc. (TMO) - 0.3% Industrials 1. Southwest Airlines Co. (LUV) - 1.3% 2. Illinois Tool Works Inc. (ITW) - 2.1% 3. General Dynamics Corp. (GD) - 1.8% 4. R.R. Donnelley & Sons Co. (RRD) - 8.7% 5. Raytheon Co. (RTN) - 1.6% 6. Northrop Grumman Corp. (NOC) - 1.5% 7. United Technologies Corp. (UTX) - 2.2% 8. Republic Srvcs. Inc. (RSG) - 2% 9. Waste Mgmt. Inc. (WM) - 2.2% 10. Lindsay Corp. (LNN) - 1.2% 11. Eaton Corp. plc (ETN) - 3.4% 12. ABM Industries Inc. (ABM) - 2.4% 13. CSX Corp. (CSX) - 1.3% 14. Lockheed Martin Corp. (LMT) - 2.5% 15. Donaldson Co. Inc. (DCI) - 1.6% 16. HNI Corp. (HNI) - 3.1% 17. Stanley Black & Decker Inc. (SWK) - 1.8% 18. Aaron's Inc. (AAN) - 0.3% 19. 3M Co. (MMM) - 2.7% 20. Pentair plc (PNR) - 1.6% 21. United Parcel Service Inc. (UPS) - 3.1% 22. Jack Henry & Associates Inc. (JKHY) - 1.2% 23. Dover Corp. (DOV) - 2.4% 24. Flowserve Corp. (FLS) - 1.8% 25. A. O. Smith Corp. (AOS) - 1.1% 26. Toro Co./The (TTC) - 1.3% 27. Parker-Hannifin Corp. (PH) - 1.7% 28. Cummins Inc. (CMI) - 3% 29. Honeywell Intl. Inc. (HON) - 2% 30. C.H. Robinson Worldwide Inc. (CHRW) - 2.1% 31. Norfolk Southern Corp. (NSC) - 1.9% 32. Macquarie Infra. Corp. (MIC) - 10.3% 33. L3 Technologies Inc. (LLL) - 1.6% 34. Emerson Electric Co. (EMR) - 2.7% 35. Snap-on Inc. (SNA) - 2.2% 36. Lincoln Electric Holdings Inc. (LECO) - 1.7% 37. Automatic Data Processing Inc. (ADP) - 2.1% 38. Brady Corp. (BRC) - 2.1% 39. Expeditors Intl. of Washington Inc. (EXPD) - 1.2%

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40. Union Pacific Corp. (UNP) - 2% 41. Iron Mountain Inc. (IRM) - 7% 42. Gorman-Rupp Co./The (GRC) - 1.5% 43. Tennant Co. (TNC) - 1.1% 44. Rollins Inc. (ROL) - 1.1% 45. Xylem Inc. (XYL) - 1.2% 46. Roper Technologies Inc. (ROP) - 0.6% 47. Ryder System Inc. (R) - 3% 48. Compass Diversified Holdings LLC (CODI) - 8.7% 49. Healthcare Srvcs. Grp. Inc. (HCSG) - 2.1% 50. J.B. Hunt Transport Srvcs. Inc. (JBHT) - 0.7% 51. Boeing Co./The (BA) - 1.9% 52. FedEx Corp. (FDX) - 0.8% 53. Franklin Electric Co. Inc. (FELE) - 1% 54. Nordson Corp. (NDSN) - 0.9% 55. Caterpillar Inc. (CAT) - 2% 56. Rockwell Automation Inc. (ROK) - 2.1% 57. Graco Inc. (GGG) - 1.1% 58. MSC Industrial Direct Co. Inc. (MSM) - 2.6% 59. Robert Half Intl. Inc. (RHI) - 1.8% 60. Ingersoll-Rand plc (IR) - 2% 61. Regal Beloit Corp. (RBC) - 1.4% 62. W.W. Grainger Inc. (GWW) - 1.8% 63. Delta Air Lines Inc. (DAL) - 2.3% 64. Paychex Inc. (PAYX) - 3.4% 65. Cintas Corp. (CTAS) - 0.9% 66. Avery Dennison Corp. (AVY) - 2% 67. MSA Safety Inc. (MSA) - 1.6% 68. Fidelity National Information Srvcs. Inc. (FIS) - 1.2% 69. Nielsen Holdings plc (NLSN) - 4.7% 70. Rockwell Collins Inc. (COL) - 1% 71. Deere & Co. (DE) - 1.6% 72. Fluor Corp. (FLR) - 1.7% 73. AMETEK Inc. (AME) - 0.8% 74. Herman Miller Inc. (MLHR) - 2.2% 75. Fastenal Co. (FAST) - 2.8% 76. Kansas City Southern (KSU) - 1.3% 77. McGrath RentCorp (MGRC) - 2.1% 78. Equifax Inc. (EFX) - 1.4% 79. Alaska Air Grp. Inc. (ALK) - 2.1% 80. Allegion plc (ALLE) - 1.1% 81. Cass Information Systems Inc. (CASS) - 1.7% 82. BWX Technologies Inc. (BWXT) - 1% 83. Textron Inc. (TXT) - 0.1% 84. General Electric Co. (GE) - 3.4% 85. Global Payments Inc. (GPN) - 0% 86. PACCAR Inc. (PCAR) - 1.7% 87. Costamare Inc. (CMRE) - 5.4% 88. American Airlines Grp. Inc. (AAL) - 0.9% 89. H&E Equipment Srvcs. Inc. (HEES) - 3.1% 90. Arconic Inc. (ARNC) - 1.3% Real Estate 1. National Health Investors Inc. (NHI) - 5.4% 2. Taubman Centers Inc. (TCO) - 4.8%

3. Public Storage (PSA) - 3.8% 4. Simon Property Grp. Inc. (SPG) - 4.8% 5. DDR Corp. (DDR) - 10% 6. Digital Realty Trust Inc. (DLR) - 3.7% 7. Mid-America Apartment Communities Inc. (MAA) - 3.9% 8. AvalonBay Communities Inc. (AVB) - 3.6% 9. Ventas, Inc. (VTR) - 5.8% 10. Alexandria Real Estate Equities Inc. (ARE) - 2.9% 11. New Residential Inv. Corp. (NRZ) - 11.1% 12. Macerich Co. (MAC) - 5.3% 13. Regency Centers Corp. (REG) - 3.8% 14. SL Green Realty Corp. (SLG) - 3.3% 15. The GEO Grp. Inc. (GEO) - 7.5% 16. Host Hotels & Resorts Inc. (HST) - 3.7% 17. Prologis Inc. (PLD) - 3% 18. Duke Realty Corp. (DRE) - 2.8% 19. Equity Residential (EQR) - 3.4% 20. Boston Properties Inc. (BXP) - 2.6% 21. Xenia Hotels & Resorts Inc. (XHR) - 4.4% 22. Uniti Grp. Inc. (UNIT) - 11.5% 23. Equinix Inc. (EQIX) - 2.3% 24. Outfront Media Inc. (OUT) - 7.3% 25. Franklin Street Properties Corp. (FSP) - 8.4%

Technology 1. Motorola Solutions Inc. (MSI) - 1.9% 2. Corning Inc. (GLW) - 2.7% 3. KLA-Tencor Corp. (KLAC) - 2.6% 4. Computer Srvcs. Inc. (CSVI) - 2.5% 5. International Business Machines Corp. (IBM) - 4.4% 6. QUALCOMM Inc. (QCOM) - 4.3% 7. Texas Instruments Inc. (TXN) - 2.2% 8. Microsoft Corp. (MSFT) - 1.7% 9. TE Connectivity Ltd (TEL) - 1.9% 10. Intuit Inc. (INTU) - 0.8% 11. Intel Corp. (INTC) - 2.2% 12. Xilinx Inc. (XLNX) - 2.1% 13. Applied Materials Inc. (AMAT) - 1% 14. Accenture plc (ACN) - 1.7% 15. Maxim Integrated Products Inc. (MXIM) - 2.9% 16. Analog Devices Inc. (ADI) - 2% 17. Apple Inc. (AAPL) - 1.6% 18. Microchip Technology Inc. (MCHP) - 1.5% 19. Broadcom Ltd (AVGO) - 2.8% 20. Activision Blizzard Inc. (ATVI) - 0.5% 21. Cisco Systems Inc. (CSCO) - 3.1% 22. Badger Meter Inc. (BMI) - 1.2% 23. Amphenol Corp. (APH) - 1.1% 24. Harris Corp. (HRS) - 1.5% 25. Skyworks Solutions Inc. (SWKS) - 1.3% 26. NetApp Inc. (NTAP) - 1.5% 27. FLIR Systems Inc. (FLIR) - 1.2% 28. Oracle Corp. (ORCL) - 1.6% 29. Seagate Technology plc (STX) - 4.3% 30. Western Digital Corp. (WDC) - 2.3% 31. DXC Technology Co. (DXC) - 0.8%

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32. Garmin Ltd (GRMN) - 3.5% 33. NVIDIA Corp. (NVDA) - 0.2% 34. CA Inc. (CA) - 2.9% 35. Lam Research Corp. (LRCX) - 2.2% 36. Fortive Corp. (FTV) - 0.4% 37. Juniper Networks Inc. (JNPR) - 2.7% 38. Hewlett Packard Enterprise Co. (HPE) - 2.9% 39. Symantec Corp. (SYMC) - 1.4% 40. Acuity Brands Inc. (AYI) - 0.4% 41. HP Inc. (HPQ) - 2.5% 42. Xerox Corp. (XRX) - 3.6% Utilities 1. South Jersey Industries Inc. (SJI) - 3.4% 2. Southern Co. (SO) - 5.4% 3. Dominion Energy Inc./VA (D) - 5.2% 4. PPL Corp. (PPL) - 6% 5. NextEra Energy Inc. (NEE) - 2.7% 6. CenterPoint Energy Inc. (CNP) - 4.3% 7. SCANA Corp. (SCG) - 6.8% 8. WGL Holdings Inc. (WGL) - 2.3% 9. UGI Corp. (UGI) - 2% 10. Otter Tail Corp. (OTTR) - 2.8% 11. Duke Energy Corp. (DUK) - 4.6% 12. Sempra Energy (SRE) - 3.4% 13. Black Hills Corp. (BKH) - 3.2% 14. Vectren Corp. (VVC) - 2.6% 15. Chesapeake Utilities Corp. (CPK) - 1.8% 16. Alliant Energy Corp. (LNT) - 3.2% 17. Consolidated Edison Inc. (ED) - 3.8% 18. Northwest Natural Gas Co. (NWN) - 3.1% 19. Xcel Energy Inc. (XEL) - 3.3%

20. Eversource Energy (ES) - 3.5% 21. OGE Energy Corp. (OGE) - 3.8% 22. Atmos Energy Corp. (ATO) - 2.2% 23. WEC Energy Grp. Inc. (WEC) - 3.5% 24. CMS Energy Corp. (CMS) - 3.1% 25. New Jersey Resources Corp. (NJR) - 2.4% 26. American Water Works Company Inc. (AWK) - 2.2% 27. Spire Inc. (SR) - 3.1% 28. Connecticut Water Service Inc. (CTWS) - 1.9% 29. NorthWestern Corp. (NWE) - 4% 30. American Electric Power Co. Inc. (AEP) - 3.7% 31. Aqua America Inc. (WTR) - 2.3% 32. DTE Energy Co. (DTE) - 3.5% 33. American States Water Co. (AWR) - 1.8% 34. Edison Intl. (EIX) - 3.9% 35. Public Service Enterprise Grp. Inc. (PEG) - 3.4% 36. Middlesex Water Co. (MSEX) - 2% 37. Portland General Electric Co. (POR) - 3.4% 38. York Water Co./The (YORW) - 2% 39. Southwest Gas Holdings Inc. (SWX) - 2.7% 40. Pinnacle West Capital Corp. (PNW) - 3.5% 41. MGE Energy Inc. (MGEE) - 2.1% 42. California Water Service Grp. (CWT) - 1.8% 43. Entergy Corp. (ETR) - 4.4% 44. Ameren Corp. (AEE) - 3.1% 45. AES Corp./The (AES) - 4.1% 46. Avista Corp. (AVA) - 2.8% 47. Pattern Energy Grp. Inc. (PEGI) - 9.1% 48. SJW Grp. (SJW) - 1.7% 49. NiSource Inc. (NI) - 3.1% 50. PG&E Corp. (PCG) - 0% 51. Exelon Corp. (EXC) - 3.4% 52. FirstEnergy Corp. (FE) - 4.2% 53. NRG Energy Inc. (NRG) - 0.4%

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List of Stocks by Rank

All the stocks in the Sure Dividend database are sorted by rank below in order based on The 8 Rules of Dividend Investing (highest to lowest). Dividend yield is included next to each stock’s ticker symbol. MLPs, REITs, and BDCs are included in The Sure Retirement Newsletter. Investors looking for additional geographic diversification should see The Sure Dividend International Newsletter. 1. Kimberly-Clark Corp. (KMB) - 3.8% 2. Southwest Airlines Co. (LUV) - 1.3% 3. Owens & Minor Inc. (OMI) - 6.4% 4. Altria Grp. Inc. (MO) - 5% 5. Cardinal Health Inc. (CAH) - 3.6% 6. Ameriprise Financial Inc. (AMP) - 2.6% 7. Aflac Inc. (AFL) - 2.3% 8. Procter & Gamble Co./The (PG) - 3.8% 9. Mondelez Intl. Inc. (MDLZ) - 2.2% 10. Franklin Resources Inc. (BEN) - 2.7% 11. Assurant Inc. (AIZ) - 2.4% 12. McDonald's Corp. (MCD) - 2.5% 13. Wendy's Co./The (WEN) - 2.1% 14. Illinois Tool Works Inc. (ITW) - 2.1% 15. Vodafone Grp. plc (VOD) - 6.8% 16. General Dynamics Corp. (GD) - 1.8% 17. R.R. Donnelley & Sons Co. (RRD) - 8.7% 18. Raytheon Co. (RTN) - 1.6% 19. Motorola Solutions Inc. (MSI) - 1.9% 20. Polaris Industries Inc. (PII) - 2.1% 21. Corning Inc. (GLW) - 2.7% 22. Harley-Davidson Inc. (HOG) - 3.5% 23. Charles Schwab Corp. (SCHW) - 0.7% 24. Archer-Daniels-Midland Co. (ADM) - 3% 25. The Home Depot Inc. (HD) - 2.2% 26. Yum! Brands Inc. (YUM) - 1.8% 27. Enbridge Inc. (ENB) - 6.7% 28. Church & Dwight Co. Inc. (CHD) - 1.8% 29. PepsiCo Inc. (PEP) - 3.6% 30. Lowe's Companies Inc. (LOW) - 1.7% 31. Sensient Technologies Corp. (SXT) - 1.9% 32. Best Buy Co. Inc. (BBY) - 2.6% 33. Northrop Grumman Corp. (NOC) - 1.5% 34. Ecolab Inc. (ECL) - 1.1% 35. Torchmark Corp. (TMK) - 0.8% 36. South Jersey Industries Inc. (SJI) - 3.4% 37. J. M. Smucker Co./The (SJM) - 2.9% 38. BCE Inc. (BCE) - 5.6% 39. United Technologies Corp. (UTX) - 2.2% 40. Mastercard Inc. (MA) - 0.5% 41. Vector Grp. Ltd (VGR) - 8.3% 42. Hartford Financial Srvcs. Grp. Inc./The (HIG) - 1.9% 43. Leggett & Platt Inc. (LEG) - 3.6% 44. Bemis Co. Inc. (BMS) - 2.9% 45. S&P Global Inc. (SPGI) - 1% 46. The Toronto-Dominion Bank (TD) - 3.6% 47. Air Products & Chemicals Inc. (APD) - 2.7% 48. Republic Srvcs. Inc. (RSG) - 2%

49. Royal Dutch Shell plc (RDS.A) - 5.4% 50. American Intl. Grp. Inc. (AIG) - 2.4% 51. Johnson & Johnson (JNJ) - 3% 52. Axis Capital Holdings Ltd (AXS) - 2.7% 53. PPG Industries Inc. (PPG) - 1.8% 54. Bank of Nova Scotia/The (BNS) - 4.2% 55. Kraft-Heinz Co./The (KHC) - 4.3% 56. Southern Co. (SO) - 5.4% 57. Coca-Cola Co./The (KO) - 3.6% 58. State Street Corp. (STT) - 1.7% 59. Waste Mgmt. Inc. (WM) - 2.2% 60. Johnson Controls Intl. plc (JCI) - 3% 61. CVS Health Corp. (CVS) - 3% 62. Williams-Sonoma Inc. (WSM) - 3.1% 63. Lindsay Corp. (LNN) - 1.2% 64. Eaton Corp. plc (ETN) - 3.4% 65. Invesco Ltd (IVZ) - 4.4% 66. AT&T Inc. (T) - 6.1% 67. Walt Disney Co./The (DIS) - 1.7% 68. Old Republic Intl. Corp. (ORI) - 3.7% 69. ABM Industries Inc. (ABM) - 2.4% 70. Royal Bank of Canada (RY) - 3.9% 71. Bank of Montreal (BMO) - 3.7% 72. CSX Corp. (CSX) - 1.3% 73. Tiffany & Co. (TIF) - 1.7% 74. Sysco Corp. (SYY) - 2.2% 75. Universal Corp. (UVV) - 4.5% 76. Flowers Foods Inc. (FLO) - 3.5% 77. Lockheed Martin Corp. (LMT) - 2.5% 78. Merck & Co. Inc. (MRK) - 3.2% 79. Raymond James Financial Inc. (RJF) - 1.2% 80. The Travelers Companies Inc. (TRV) - 2.4% 81. Donaldson Co. Inc. (DCI) - 1.6% 82. Philip Morris Intl. Inc. (PM) - 5.3% 83. Colgate-Palmolive Co. (CL) - 2.6% 84. Time Warner Inc. (TWX) - 1.7% 85. ONEOK Inc. (OKE) - 4.5% 86. Dominion Energy Inc./VA (D) - 5.2% 87. Royal Dutch Shell plc (RDS.B) - 5.2% 88. CBS Corp. (CBS) - 1.4% 89. Bristol-Myers Squibb Co. (BMY) - 3% 90. KLA-Tencor Corp. (KLAC) - 2.6% 91. Sherwin-Williams Co. (SHW) - 0.9% 92. General Mills Inc. (GIS) - 4.6% 93. Canadian Imperial Bank of Commerce (CM) - 4.8% 94. HNI Corp. (HNI) - 3.1% 95. Stanley Black & Decker Inc. (SWK) - 1.8% 96. Aaron's Inc. (AAN) - 0.3%

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97. 3M Co. (MMM) - 2.7% 98. Erie Indemnity Co. (ERIE) - 3% 99. Visa Inc. (V) - 0.6% 100. Computer Srvcs. Inc. (CSVI) - 2.5% 101. Exxon Mobil Corp. (XOM) - 4% 102. Becton, Dickinson & Co. (BDX) - 1.3% 103. International Business Machines Corp. (IBM) - 4.4% 104. GameStop Corp. (GME) - 11.3% 105. Unilever plc (UL) - 3.4% 106. M&T Bank Corp. (MTB) - 1.8% 107. Ross Stores Inc. (ROST) - 1.1% 108. Pentair plc (PNR) - 1.6% 109. SEI Inv.s Co. (SEIC) - 0.9% 110. Chevron Corp. (CVX) - 3.6% 111. Comerica Inc. (CMA) - 1.4% 112. NIKE Inc. (NKE) - 1.1% 113. PPL Corp. (PPL) - 6% 114. TJX Companies Inc./The (TJX) - 1.7% 115. United Parcel Service Inc. (UPS) - 3.1% 116. Brown-Forman Corp. (BF.B) - 1.1% 117. Jack Henry & Associates Inc. (JKHY) - 1.2% 118. MDU Resources Grp. Inc. (MDU) - 2.8% 119. Hormel Foods Corp. (HRL) - 2% 120. Dover Corp. (DOV) - 2.4% 121. Hershey Co./The (HSY) - 2.9% 122. Target Corp. (TGT) - 3.4% 123. NextEra Energy Inc. (NEE) - 2.7% 124. Everest Re Grp. Ltd (RE) - 2.3% 125. W. R. Berkley Corp. (WRB) - 0.7% 126. Flowserve Corp. (FLS) - 1.8% 127. National Health Investors Inc. (NHI) - 5.4% 128. BlackRock Inc. (BLK) - 2.2% 129. American Express Co. (AXP) - 1.4% 130. AbbVie Inc. (ABBV) - 3.7% 131. VF Corp. (VFC) - 2.3% 132. CenterPoint Energy Inc. (CNP) - 4.3% 133. SCANA Corp. (SCG) - 6.8% 134. A. O. Smith Corp. (AOS) - 1.1% 135. Baxter Intl. Inc. (BAX) - 1.1% 136. Marsh & McLennan Companies Inc. (MMC) - 2.1% 137. Kellogg Co. (K) - 3.3% 138. Novo Nordisk A/S (NVO) - 2.7% 139. Toro Co./The (TTC) - 1.3% 140. Parker-Hannifin Corp. (PH) - 1.7% 141. Clorox Co./The (CLX) - 3.1% 142. Moody's Corp. (MCO) - 1% 143. Cummins Inc. (CMI) - 3% 144. Walgreens Boots Alliance Inc. (WBA) - 2.5% 145. Honeywell Intl. Inc. (HON) - 2% 146. QUALCOMM Inc. (QCOM) - 4.3% 147. C.H. Robinson Worldwide Inc. (CHRW) - 2.1% 148. Norfolk Southern Corp. (NSC) - 1.9% 149. Texas Instruments Inc. (TXN) - 2.2% 150. FactSet Research Systems Inc. (FDS) - 1.3% 151. Marriott Intl. Inc. (MAR) - 1.2% 152. Microsoft Corp. (MSFT) - 1.7% 153. NewMarket Corp. (NEU) - 1.8% 154. Carlisle Companies Inc. (CSL) - 1.4% 155. Monsanto Co. (MON) - 1.7%

156. Pfizer Inc. (PFE) - 3.8% 157. Macquarie Infra. Corp. (MIC) - 10.3% 158. McCormick & Co. (MKC) - 2% 159. Praxair Inc. (PX) - 2.1% 160. Andersons Inc./The (ANDE) - 2% 161. L3 Technologies Inc. (LLL) - 1.6% 162. Emerson Electric Co. (EMR) - 2.7% 163. International Paper Co. (IP) - 3.5% 164. H&R Block Inc. (HRB) - 3.4% 165. Starbucks Corp. (SBUX) - 2.1% 166. Lancaster Colony Corp. (LANC) - 1.8% 167. Unum Grp. (UNM) - 2.4% 168. WGL Holdings Inc. (WGL) - 2.3% 169. TE Connectivity Ltd (TEL) - 1.9% 170. Sonoco Products Co. (SON) - 3.2% 171. Martin Marietta Materials Inc. (MLM) - 0.8% 172. Snap-on Inc. (SNA) - 2.2% 173. The Goldman Sachs Grp. Inc. (GS) - 1.4% 174. Weyco Grp. Inc. (WEYS) - 2.7% 175. Discover Financial Srvcs. (DFS) - 1.9% 176. 1st Source Corp. (SRCE) - 1.8% 177. Lincoln Electric Holdings Inc. (LECO) - 1.7% 178. International Flavors & Fragrances Inc. (IFF) - 2.2% 179. Automatic Data Processing Inc. (ADP) - 2.1% 180. Aon plc (AON) - 1.1% 181. Verizon Communications Inc. (VZ) - 4.9% 182. UGI Corp. (UGI) - 2% 183. Otter Tail Corp. (OTTR) - 2.8% 184. Taubman Centers Inc. (TCO) - 4.8% 185. Albemarle Corp. (ALB) - 1.4% 186. Brady Corp. (BRC) - 2.1% 187. Wal-Mart Stores Inc. (WMT) - 2.5% 188. AptarGroup Inc. (ATR) - 1.4% 189. Signet Jewelers Ltd (SIG) - 3.4% 190. Comcast Corp. (CMCSA) - 2.4% 191. Expeditors Intl. of Washington Inc. (EXPD) - 1.2% 192. Patterson Companies Inc. (PDCO) - 4.9% 193. Duke Energy Corp. (DUK) - 4.6% 194. UMB Financial Corp. (UMBF) - 1.5% 195. Union Pacific Corp. (UNP) - 2% 196. Whirlpool Corp. (WHR) - 3.1% 197. GUESS? Inc. (GES) - 3.7% 198. Public Storage (PSA) - 3.8% 199. Intuit Inc. (INTU) - 0.8% 200. Masco Corp. (MAS) - 1.1% 201. SunTrust Banks Inc. (STI) - 2.4% 202. Sempra Energy (SRE) - 3.4% 203. Chubb Ltd (CB) - 2.2% 204. Tyson Foods Inc. (TSN) - 1.7% 205. Black Hills Corp. (BKH) - 3.2% 206. Nu Skin Enterprises Inc. (NUS) - 1.8% 207. Meredith Corp. (MDP) - 4.3% 208. Vectren Corp. (VVC) - 2.6% 209. Hasbro Inc. (HAS) - 2.9% 210. Cabot Oil & Gas Corp. (COG) - 1.1% 211. Wells Fargo & Co. (WFC) - 2.9% 212. Iron Mountain Inc. (IRM) - 7% 213. Northern Trust Corp. (NTRS) - 1.6% 214. Gorman-Rupp Co./The (GRC) - 1.5%

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215. American Financial Grp. Inc. (AFG) - 1.3% 216. Chesapeake Utilities Corp. (CPK) - 1.8% 217. Alliant Energy Corp. (LNT) - 3.2% 218. Eastman Chemical Co. (EMN) - 2.1% 219. Tennant Co. (TNC) - 1.1% 220. Rollins Inc. (ROL) - 1.1% 221. Xylem Inc. (XYL) - 1.2% 222. Intel Corp. (INTC) - 2.2% 223. Eli Lilly & Co. (LLY) - 2.7% 224. Consolidated Edison Inc. (ED) - 3.8% 225. Roper Technologies Inc. (ROP) - 0.6% 226. L Brands Inc. (LB) - 6.6% 227. Bank of the Ozarks Inc. (OZRK) - 1.6% 228. Ryder System Inc. (R) - 3% 229. First Financial Bankshares Inc. (FFIN) - 1.6% 230. Helmerich & Payne Inc. (HP) - 4.2% 231. Diageo plc (DEO) - 2.4% 232. Simon Property Grp. Inc. (SPG) - 4.8% 233. Humana Inc. (HUM) - 0.7% 234. Compass Diversified Holdings LLC (CODI) - 8.7% 235. Northwest Natural Gas Co. (NWN) - 3.1% 236. Healthcare Srvcs. Grp. Inc. (HCSG) - 2.1% 237. Schlumberger Ltd (SLB) - 2.9% 238. J.B. Hunt Transport Srvcs. Inc. (JBHT) - 0.7% 239. KeyCorp (KEY) - 2.4% 240. Boeing Co./The (BA) - 1.9% 241. FedEx Corp. (FDX) - 0.8% 242. Western Union Co./The (WU) - 3.8% 243. RenaissanceRe Holdings Ltd (RNR) - 1.1% 244. Mercury General Corp. (MCY) - 5.2% 245. Xcel Energy Inc. (XEL) - 3.3% 246. Xilinx Inc. (XLNX) - 2.1% 247. Darden Restaurants Inc. (DRI) - 2.8% 248. Eversource Energy (ES) - 3.5% 249. Arthur J. Gallagher & Co. (AJG) - 2.5% 250. T. Rowe Price Grp. Inc. (TROW) - 2.3% 251. CNO Financial Grp. Inc. (CNO) - 2% 252. Franklin Electric Co. Inc. (FELE) - 1% 253. OGE Energy Corp. (OGE) - 3.8% 254. Nordson Corp. (NDSN) - 0.9% 255. Applied Materials Inc. (AMAT) - 1% 256. Lincoln National Corp. (LNC) - 2% 257. Atmos Energy Corp. (ATO) - 2.2% 258. WEC Energy Grp. Inc. (WEC) - 3.5% 259. Caterpillar Inc. (CAT) - 2% 260. Rockwell Automation Inc. (ROK) - 2.1% 261. Graco Inc. (GGG) - 1.1% 262. UnitedHealth Grp. Inc. (UNH) - 1.2% 263. Accenture plc (ACN) - 1.7% 264. Cullen/Frost Bankers Inc. (CFR) - 2.3% 265. Farmers & Merchants Bancorp (FMCB) - 1.9% 266. MSC Industrial Direct Co. Inc. (MSM) - 2.6% 267. CMS Energy Corp. (CMS) - 3.1% 268. New Jersey Resources Corp. (NJR) - 2.4% 269. Maxim Integrated Products Inc. (MXIM) - 2.9% 270. Robert Half Intl. Inc. (RHI) - 1.8% 271. American Water Works Company Inc. (AWK) - 2.2% 272. Matthews Intl. Corp. (MATW) - 1.4% 273. Abbott Laboratories (ABT) - 1.8%

274. American Tower Corp. (AMT) - 2.2% 275. DDR Corp. (DDR) - 10% 276. Eaton Vance Corp. (EV) - 2.3% 277. Stepan Co. (SCL) - 1.2% 278. Total System Srvcs. Inc. (TSS) - 0.6% 279. Spire Inc. (SR) - 3.1% 280. Genuine Parts Co. (GPC) - 3.1% 281. Royal Caribbean Cruises Ltd (RCL) - 2.3% 282. Connecticut Water Service Inc. (CTWS) - 1.9% 283. PNC Financial Srvcs. Grp. Inc./The (PNC) - 2.1% 284. Digital Realty Trust Inc. (DLR) - 3.7% 285. Ingersoll-Rand plc (IR) - 2% 286. BOK Financial Corp. (BOKF) - 1.8% 287. Analog Devices Inc. (ADI) - 2% 288. First Financial Corp. (THFF) - 2.3% 289. Regal Beloit Corp. (RBC) - 1.4% 290. Nordstrom Inc. (JWN) - 3% 291. RLI Corp. (RLI) - 1.3% 292. WestRock Co. (WRK) - 2.9% 293. NorthWestern Corp. (NWE) - 4% 294. Medtronic plc (MDT) - 2.1% 295. Apple Inc. (AAPL) - 1.6% 296. Costco Wholesale Corp. (COST) - 1.1% 297. Westlake Chemical Corp. (WLK) - 0.7% 298. Telephone & Data Systems Inc. (TDS) - 2.5% 299. Cracker Barrel Old Country Store Inc. (CBRL) - 3.1% 300. W.W. Grainger Inc. (GWW) - 1.8% 301. Mid-America Apartment Communities Inc. (MAA) -

3.9% 302. H.B. Fuller Co. (FUL) - 1.2% 303. Bunge Ltd (BG) - 2.8% 304. Regions Financial Corp. (RF) - 2% 305. West Pharmaceutical Srvcs. Inc. (WST) - 0.6% 306. Delta Air Lines Inc. (DAL) - 2.3% 307. American Electric Power Co. Inc. (AEP) - 3.7% 308. Westpac Banking Corp. (WBK) - 6.6% 309. Andeavor (ANDV) - 1.6% 310. Aqua America Inc. (WTR) - 2.3% 311. Allstate Corp./The (ALL) - 2% 312. Phillips 66 (PSX) - 2.7% 313. DTE Energy Co. (DTE) - 3.5% 314. American States Water Co. (AWR) - 1.8% 315. Edison Intl. (EIX) - 3.9% 316. PerkinElmer Inc. (PKI) - 0.4% 317. Tompkins Financial Corp. (TMP) - 2.2% 318. Tractor Supply Co. (TSCO) - 1.7% 319. Infinity Property & Casualty Corp. (IPCC) - 1.6% 320. Ball Corp. (BLL) - 1.1% 321. AvalonBay Communities Inc. (AVB) - 3.6% 322. Aetna Inc. (AET) - 1.1% 323. Casey's General Stores Inc. (CASY) - 1.1% 324. Microchip Technology Inc. (MCHP) - 1.5% 325. Molson Coors Brewing Co. (TAP) - 2.6% 326. Paychex Inc. (PAYX) - 3.4% 327. Estée Lauder Companies Inc./The (EL) - 1% 328. Commerce Bancshares Inc. (CBSH) - 1.4% 329. Wolverine World Wide Inc. (WWW) - 1% 330. John Wiley & Sons Inc. (JW.A) - 1.9% 331. Macy's Inc. (M) - 4.2%

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332. Omnicom Grp. Inc. (OMC) - 3.4% 333. Principal Financial Grp. Inc. (PFG) - 3.5% 334. Public Service Enterprise Grp. Inc. (PEG) - 3.4% 335. Prosperity Bancshares Inc. (PB) - 2% 336. Ventas, Inc. (VTR) - 5.8% 337. TOTAL S.A. (TOT) - 4.8% 338. U.S. Bancorp (USB) - 2.4% 339. MetLife Inc. (MET) - 3.6% 340. Middlesex Water Co. (MSEX) - 2% 341. Carnival Corp. (CCL) - 3.2% 342. Valero Energy Corp. (VLO) - 2.6% 343. Portland General Electric Co. (POR) - 3.4% 344. Alexandria Real Estate Equities Inc. (ARE) - 2.9% 345. Broadcom Ltd (AVGO) - 2.8% 346. Cintas Corp. (CTAS) - 0.9% 347. Fifth Third Bancorp (FITB) - 2.1% 348. New Residential Inv. Corp. (NRZ) - 11.1% 349. National Fuel Gas Co. (NFG) - 3.2% 350. Kohl's Corp. (KSS) - 3.6% 351. Community Bank System Inc. (CBU) - 2.3% 352. Hercules Capital Inc. (HTGC) - 10% 353. United Bankshares Inc. (UBSI) - 3.7% 354. Macerich Co. (MAC) - 5.3% 355. Interpublic Grp. of Companies Inc./The (IPG) - 3.7% 356. Wyndham Worldwide Corp. (WYN) - 1.5% 357. Targa Resources Corp. (TRGP) - 7.5% 358. Cincinnati Financial Corp. (CINF) - 3% 359. LyondellBasell Industries N.V. (LYB) - 3.5% 360. Royal Gold Inc. (RGLD) - 1.1% 361. Kroger Co./The (KR) - 2% 362. BancFirst Corp. (BANF) - 1.4% 363. Avery Dennison Corp. (AVY) - 2% 364. Activision Blizzard Inc. (ATVI) - 0.5% 365. York Water Co./The (YORW) - 2% 366. Southwest Gas Holdings Inc. (SWX) - 2.7% 367. Occidental Petroleum Corp. (OXY) - 3.7% 368. Marathon Petroleum Corp. (MPC) - 2.3% 369. DineEquity Inc. (DIN) - 3.9% 370. Pinnacle West Capital Corp. (PNW) - 3.5% 371. MGE Energy Inc. (MGEE) - 2.1% 372. Tootsie Roll Industries Inc. (TR) - 1.2% 373. California Water Service Grp. (CWT) - 1.8% 374. Quest Diagnostics Inc. (DGX) - 1.9% 375. Entergy Corp. (ETR) - 4.4% 376. Anthem Inc. (ANTM) - 1.3% 377. Ameren Corp. (AEE) - 3.1% 378. AmerisourceBergen Corp. (ABC) - 1.8% 379. ATN Intl. Inc. (ATNI) - 1.3% 380. MSA Safety Inc. (MSA) - 1.6% 381. Cisco Systems Inc. (CSCO) - 3.1% 382. Dr Pepper Snapple Grp. Inc. (DPS) - 1.9% 383. XL Grp. Ltd (XL) - 1.6% 384. Cboe Global Markets Inc. (CBOE) - 1.1% 385. People's United Financial Inc. (PBCT) - 3.8% 386. Tailored Brands Inc. (TLRD) - 2.1% 387. JPMorgan Chase & Co. (JPM) - 2.1% 388. Fidelity National Information Srvcs. Inc. (FIS) - 1.2% 389. Columbia Sportswear Co. (COLM) - 1% 390. Nasdaq Inc. (NDAQ) - 1.9%

391. Badger Meter Inc. (BMI) - 1.2% 392. Regency Centers Corp. (REG) - 3.8% 393. HSBC Holdings plc (HSBC) - 5.2% 394. SL Green Realty Corp. (SLG) - 3.3% 395. Zoetis Inc. (ZTS) - 0.6% 396. The GEO Grp. Inc. (GEO) - 7.5% 397. Foot Locker Inc. (FL) - 2.5% 398. Nielsen Holdings plc (NLSN) - 4.7% 399. Stryker Corp. (SYK) - 1.1% 400. AES Corp./The (AES) - 4.1% 401. Rockwell Collins Inc. (COL) - 1% 402. Huntington Bancshares Inc. (HBAN) - 3% 403. Deere & Co. (DE) - 1.6% 404. Amphenol Corp. (APH) - 1.1% 405. Host Hotels & Resorts Inc. (HST) - 3.7% 406. Morgan Stanley (MS) - 2% 407. Amgen Inc. (AMGN) - 2.9% 408. BB&T Corp. (BBT) - 2.8% 409. Twenty-First Century Fox Inc. (FOXA) - 0.9% 410. Nucor Corp. (NUE) - 2.4% 411. Gap Inc./The (GPS) - 3.4% 412. Expedia Inc. (EXPE) - 1% 413. Fluor Corp. (FLR) - 1.7% 414. Bank of New York Mellon Corp./The (BK) - 1.7% 415. AMETEK Inc. (AME) - 0.8% 416. Tapestry Inc. (TPR) - 3.1% 417. J&J Snack Foods Corp. (JJSF) - 1.3% 418. Campbell Soup Co. (CPB) - 4.1% 419. AmTrust Financial Srvcs. Inc. (AFSI) - 5.1% 420. Eagle Financial Srvcs. Inc. (EFSI) - 2.7% 421. Dentsply Sirona Inc. (XRAY) - 0.8% 422. Ford Motor Co. (F) - 5.2% 423. Weyerhaeuser Co. (WY) - 3.4% 424. BP plc (BP) - 5.3% 425. Banco Latinoamericano de Comercio (BLX) - 5.7% 426. Harris Corp. (HRS) - 1.5% 427. International Speedway Corp. (ISCA) - 1.1% 428. Avista Corp. (AVA) - 2.8% 429. Westamerica Bancorporation (WABC) - 2.8% 430. Loews Corp. (L) - 0.5% 431. Skyworks Solutions Inc. (SWKS) - 1.3% 432. Prudential Financial Inc. (PRU) - 3.7% 433. Apache Corp. (APA) - 2.5% 434. Pattern Energy Grp. Inc. (PEGI) - 9.1% 435. Vulcan Materials Co. (VMC) - 0.9% 436. Harleysville Financial Corp. (HARL) - 3.9% 437. Herman Miller Inc. (MLHR) - 2.2% 438. Chesapeake Financial Shares Inc. (CPKF) - 2% 439. Imperial Oil Ltd (IMO) - 1.8% 440. Fastenal Co. (FAST) - 2.8% 441. FMC Corp. (FMC) - 0.8% 442. Citizens Financial Grp. Inc. (CFG) - 2.2% 443. NetApp Inc. (NTAP) - 1.5% 444. Newell Brands Inc. (NWL) - 3.7% 445. Las Vegas Sands Corp. (LVS) - 3.7% 446. DowDuPont Inc. (DWDP) - 2.4% 447. Westwood Holdings Grp. Inc. (WHG) - 4.6% 448. Kansas City Southern (KSU) - 1.3% 449. Hanesbrands Inc. (HBI) - 3.2%

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450. Sealed Air Corp. (SEE) - 1.4% 451. SJW Grp. (SJW) - 1.7% 452. McGrath RentCorp (MGRC) - 2.1% 453. Monro Inc. (MNRO) - 1.4% 454. Prologis Inc. (PLD) - 3% 455. National CineMedia Inc. (NCMI) - 9.2% 456. Brown & Brown Inc. (BRO) - 1.1% 457. Southside Bancshares Inc. (SBSI) - 3.5% 458. McKesson Corp. (MCK) - 0.9% 459. FLIR Systems Inc. (FLIR) - 1.2% 460. Fortune Brands Home & Security Inc. (FBHS) - 1.4% 461. Equifax Inc. (EFX) - 1.4% 462. Alaska Air Grp. Inc. (ALK) - 2.1% 463. Allegion plc (ALLE) - 1.1% 464. D.R. Horton Inc. (DHI) - 1.2% 465. Citigroup Inc. (C) - 1.9% 466. Halliburton Co. (HAL) - 1.4% 467. Duke Realty Corp. (DRE) - 2.8% 468. Perrigo Co. plc (PRGO) - 1% 469. PulteGroup Inc. (PHM) - 1.2% 470. RPM Intl. Inc. (RPM) - 2.5% 471. Intercontinental Exchange, Inc. (ICE) - 1.3% 472. American Equity Inv. Life Holding Co. (AEL) - 0.7% 473. Oracle Corp. (ORCL) - 1.6% 474. Seagate Technology plc (STX) - 4.3% 475. Constellation Brands Inc. (STZ) - 1.3% 476. Cass Information Systems Inc. (CASS) - 1.7% 477. Zions Bancorporation (ZION) - 1.7% 478. National HealthCare Corp. (NHC) - 3% 479. Ralph Lauren Corp. (RL) - 1.5% 480. CF Industries Holdings Inc. (CF) - 2.9% 481. Community Trust Bancorp Inc. (CTBI) - 2.6% 482. Western Digital Corp. (WDC) - 2.3% 483. DXC Technology Co. (DXC) - 0.8% 484. Garmin Ltd (GRMN) - 3.5% 485. Hanover Insurance Grp. Inc./The (THG) - 1.8% 486. Goodyear Tire & Rubber Co./The (GT) - 2.3% 487. Hawkins Inc. (HWKN) - 2.6% 488. ResMed Inc. (RMD) - 1.4% 489. NiSource Inc. (NI) - 3.1% 490. EOG Resources Inc. (EOG) - 0.6% 491. Atrion Corp. (ATRI) - 0.8% 492. NVIDIA Corp. (NVDA) - 0.2% 493. BWX Technologies Inc. (BWXT) - 1% 494. CA Inc. (CA) - 2.9% 495. Bank of America Corp. (BAC) - 1.6% 496. Vermilion Energy Inc. (VET) - 6.2% 497. Equity Residential (EQR) - 3.4% 498. Progressive Corp./The (PGR) - 0% 499. PG&E Corp. (PCG) - 0% 500. Boston Properties Inc. (BXP) - 2.6% 501. BorgWarner Inc. (BWA) - 1.4% 502. Exelon Corp. (EXC) - 3.4% 503. General Motors Co. (GM) - 4% 504. Lam Research Corp. (LRCX) - 2.2% 505. Abercrombie & Fitch Co. (ANF) - 3.1% 506. Capital One Financial Corp. (COF) - 1.7% 507. Greenhill & Co. Inc. (GHL) - 0.8% 508. CME Grp. Inc. (CME) - 1.7%

509. Zimmer Biomet Holdings Inc. (ZBH) - 0.9% 510. Xenia Hotels & Resorts Inc. (XHR) - 4.4% 511. Universal Health Srvcs. Inc. (UHS) - 0.3% 512. Agilent Technologies Inc. (A) - 1% 513. First Republic Bank (FRC) - 0.7% 514. Fortive Corp. (FTV) - 0.4% 515. Dollar General Corp. (DG) - 1.2% 516. Willis Towers Watson plc (WLTW) - 1.6% 517. Conagra Brands Inc. (CAG) - 2.3% 518. Compass Minerals Intl. Inc. (CMP) - 4.4% 519. Textron Inc. (TXT) - 0.1% 520. FirstEnergy Corp. (FE) - 4.2% 521. Danaher Corp. (DHR) - 0.6% 522. Cigna Corp. (CI) - 0% 523. Associated Banc-Corp (ASB) - 2.2% 524. Juniper Networks Inc. (JNPR) - 2.7% 525. FS Inv. Corp. (FSIC) - 9.9% 526. Wynn Resorts, Ltd (WYNN) - 1.5% 527. General Electric Co. (GE) - 3.4% 528. Hewlett Packard Enterprise Co. (HPE) - 2.9% 529. Symantec Corp. (SYMC) - 1.4% 530. PBF Energy Inc. (PBF) - 2.5% 531. NACCO Industries Inc. (NC) - 1.8% 532. Uniti Grp. Inc. (UNIT) - 11.5% 533. Equinix Inc. (EQIX) - 2.3% 534. Virtu Financial Inc. (VIRT) - 3.1% 535. Range Resources Corp. (RRC) - 0.5% 536. Barnes & Noble Inc. (BKS) - 10.6% 537. The Cooper Companies Inc. (COO) - 0% 538. NRG Energy Inc. (NRG) - 0.4% 539. Kinder Morgan Inc. (KMI) - 4.8% 540. Global Payments Inc. (GPN) - 0% 541. Acuity Brands Inc. (AYI) - 0.4% 542. Gilead Sciences Inc. (GILD) - 3.4% 543. National Oilwell Varco Inc. (NOV) - 0.5% 544. ConocoPhillips (COP) - 1.7% 545. Consolidated Communications Hldgs. Inc. (CNSL) -

13.6% 546. Hilton Worldwide Holdings Inc. (HLT) - 0.7% 547. Hess Corp. (HES) - 1.6% 548. CenturyLink Inc. (CTL) - 11.8% 549. PVH Corp. (PVH) - 0.1% 550. Thermo Fisher Scientific Inc. (TMO) - 0.3% 551. EQT Corp. (EQT) - 0.2% 552. News Corp. (NWSA) - 1.3% 553. Newmont Mining Corp. (NEM) - 1.4% 554. Williams Companies Inc./The (WMB) - 5% 555. Noble Energy Inc. (NBL) - 1.2% 556. PACCAR Inc. (PCAR) - 1.7% 557. Outfront Media Inc. (OUT) - 7.3% 558. New York Community Bancorp Inc. (NYCB) - 5.8% 559. News Corp. (NWS) - 1.3% 560. Cimarex Energy Co. (XEC) - 0.7% 561. Lennar Corp. (LEN) - 0.3% 562. Navient Corp. (NAVI) - 4.5% 563. HP Inc. (HPQ) - 2.5% 564. Costamare Inc. (CMRE) - 5.4% 565. Coty Inc. (COTY) - 3.7% 566. Franklin Street Properties Corp. (FSP) - 8.4%

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567. Anadarko Petroleum Corp. (APC) - 1.4% 568. Synchrony Financial (SYF) - 1.7% 569. American Airlines Grp. Inc. (AAL) - 0.9% 570. Xerox Corp. (XRX) - 3.6% 571. Pioneer Natural Resources Co. (PXD) - 0.2% 572. H&E Equipment Srvcs. Inc. (HEES) - 3.1% 573. Viacom Inc. (VIAB) - 2.9% 574. Mosaic Co./The (MOS) - 0.4% 575. Devon Energy Corp. (DVN) - 0.8% 576. Marathon Oil Corp. (MRO) - 0.9% 577. Advance Auto Parts Inc. (AAP) - 0.2% 578. Gannett Co. Inc. (GCI) - 5.9% 579. Mattel Inc. (MAT) - 0% 580. Arconic Inc. (ARNC) - 1.3% 581. IDT Corp. (IDT) - 6.8% 582. Buckle Inc./The (BKE) - 3.9%

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Sure Dividend June 2018 Newsletter OB6K...5 Analysis of Top 10 Stocks Kimberly-Clark Corp. (KMB) Overview & Current Events Kimberly-Clark is a global consumer products giant that operates