Sure Dividend LONG-TERM INVESTING IN HIGH-QUALITY DIVIDEND STOCKS. November 2018 Edition. By Ben Reynolds, Nick McCullum, & Bob Ciura

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5 Sure Dividend LONG-TERM INVESTING IN HIGH-QUALITY DIVIDEND STOCKS November 2018 Edition By Ben Reynolds, Nick McCullum, & Bob Ciura Edited by Brad Beams Published on November 4 th, 2018

6 The Sure Dividend Top 10 November 2018 Name Price Fair Value Score Months P/E Payout 1 Growth Beta Illinois Tool (ITW) $130 $ % 53% 8.0% 1.2 Altria Group (MO) $63 $ % 80% 7.0% 0.0 Cardinal Health (CAH) $52 $ % 37% 9.0% 1.1 Kimberly-Clark (KMB) $105 $ % 60% 4.0% 0.8 Ameriprise (AMP) $127 $ % 30% 8.0% 1.2 United Parcel (UPS) $106 $ % 51% 7.2% 1.7 Franklin Res. (BEN) $31 $ % 27% 3.8% 0.3 Aflac (AFL) $43 $ % 25% 8.0% 0.7 Southwest Air. (LUV) $51 $ % 16% 8.0% 1.7 Northrop Grum. (NOC) $275 $ % 25% 10.0% 1.3 Notes: Price data is from midday 11/2/18. All other data is from 10/31/18 through 11/2/18. 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 the rankings. P/E shows current price divided by expected current fiscal year adjusted earnings-per-share. Three recommendations changed from last month. Vector Group (VGR) was removed due to qualitative concerns surrounding its risk. Owens & Minor (OMI) was removed due to its recent dividend cut (see the sell recommendation section for more on this). Finally, Procter & Gamble (PG) fell off the list due to normal rankings fluctuations. These stocks were replaced by Northrop Grumman (NOC), United Parcel Service (UPS), and Illinois Tool Works (ITW). 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&P 500 Dividend : 3.0% 1.9% Growth Rate: 7.3% 7.4% Expected Total Returns 2 : 10.3% 9.3% Note: Data for the newsletter was obtained between market open 10/31/18 and market close 11/2/ 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) somewhat undervalued relative to the rest of the market.

7 Dividend Kings (50 years) Ticker Name Price Dividend P/E Payout AWR American States Water Company $ % % DOV Dover Corporation $ % % NWN Northwest Natural Holding Company $ % % PH Parker-Hannifin Corporation $ % % GPC Genuine Parts Company $ % % PG Procter & Gamble Company (The) $ % % EMR Emerson Electric Company $ % % MMM 3M Company $ % % VVC Vectren Corporation $ % % CINF Cincinnati Financial Corporation $ % % KO Coca-Cola Company (The) $ % % JNJ Johnson & Johnson $ % % LANC Lancaster Colony Corporation $ % % LOW Lowe's Companies Inc. $ % % CL Colgate-Palmolive Company $ % % NDSN Nordson Corporation $ % % ITW Illinois Tool Works Inc. $ % % FMCB TR Tootsie Roll Industries Inc. $ % HRL Hormel Foods Corporation $ % % CWT California Water Service Group $ % % SJW SJW Group (DE) $ % % FRT Federal Realty Investment Trust $ % % SWK Stanley Black & Decker Inc. $ % % SCL Stepan Company $ % % ABM ABM Industries Incorporated $ % %

8 Dividend Aristocrats (25 years) Ticker Name Price Dividend P/E Payout MMM 3M Company $ % % AOS A.O. Smith Corporation $ % % ABT Abbott Laboratories $ % % ABBV AbbVie Inc. $ % % AFL AFLAC Incorporated $ % % APD Air Products and Chemicals Inc. $ % % ADM Archer-Daniels-Midland Company $ % % T AT&T Inc. $ % % ADP Automatic Data Processing Inc. $ % % BDX Becton Dickinson and Company $ % % BF.B Brown Forman Inc Class B $ % % CAH Cardinal Health Inc. $ % % CVX Chevron Corporation $ % % CINF Cincinnati Financial Corporation $ % % CTAS Cintas Corporation $ % % CLX Clorox Company (The) $ % % KO Coca-Cola Company (The) $ % % CL Colgate-Palmolive Company $ % % ED Consolidated Edison Inc. $ % % DOV Dover Corporation $ % % ECL Ecolab Inc. $ % % EMR Emerson Electric Company $ % % XOM Exxon Mobil Corporation $ % % FRT Federal Realty Investment Trust $ % % BEN Franklin Resources Inc. $ % % GD General Dynamics Corporation $ % % GPC Genuine Parts Company $ % % HRL Hormel Foods Corporation $ % % ITW Illinois Tool Works Inc. $ % % JNJ Johnson & Johnson $ % % KMB Kimberly-Clark Corporation $ % % LEG Leggett & Platt Incorporated $ % % LOW Lowe's Companies Inc. $ % % MKC McCormick & Company Incorporated $ % % MCD McDonald's Corporation $ % % MDT Medtronic plc. $ % % NUE Nucor Corporation $ % % PNR Pentair plc. $ % % PEP PepsiCo Inc. $ % % PPG PPG Industries Inc. $ % % PX Praxair Inc. $ % % PG Procter & Gamble Company (The) $ % % ROP Roper Technologies Inc. $ % % SPGI S&P Global Inc. $ % % SHW Sherwin-Williams Company (The) $ % % SWK Stanley Black & Decker Inc. $ % % SYY Sysco Corporation $ % % TROW T. Rowe Price Group Inc. $ % % TGT Target Corporation $ % % VFC V.F. Corporation $ % GWW W.W. Grainger Inc. $ % % WMT Walmart Inc. $ % % WBA Walgreens Boots Alliance Inc. $ % %

9 Stocks with a 10 year history of Dividend Increases Ticker Name Price Dividend P/E Payout AAN Aaron's Inc. $ % % ABC AmerisourceBergen Corporation $ % % ABM ABM Industries Incorporated $ % % ABT Abbott Laboratories $ % % ACN Accenture plc Class A (Ireland) $ % % ADI Analog Devices Inc. $ % % ADM Archer Daniels Midland Company $ % % ADP Automatic Data Processing Inc. $ % % AEL American Equity Investment Life Holding Company $ % % AFG American Financial Group Inc. $ % % AFL AFLAC Incorporated $ % % AFSI AmTrust Financial Services Inc. $ % % AIZ Assurant Inc. $ % % ALB Albemarle Corporation $ % % AMP Ameriprise Financial Inc. $ % % ANDE The Andersons Inc. $ % % AOS A.O. Smith Corporation $ % % APD Air Products and Chemicals Inc. $ % % APU AmeriGas Partners L.P. $ % % ATNI ATN International Inc. $ % % ATO Atmos Energy Corporation $ % % ATR AptarGroup Inc. $ % % ATRI Atrion Corporation $ % AVA Avista Corporation $ % % AWR American States Water Company $ % % AXS Axis Capital Holdings Limited $ % % BANF BancFirst Corporation $ % % BBY Best Buy Co. Inc. $ % % BDX Becton Dickinson and Company $ % % BEN Franklin Resources Inc. $ % % BF.B Brown Forman Inc Class B $ % % BG Bunge Limited $ % % BKH Black Hills Corporation $ % % BMI Badger Meter Inc. $ % % BMRC Bank of Marin Bancorp $ % % BMS Bemis Company Inc. $ % % BOKF BOK Financial Corporation $ % % BPL Buckeye Partners L.P. $ % % BR Broadridge Financial Solutions Inc.Common Stock $ % % BRC Brady Corporation $ % % BRO Brown & Brown Inc. $ % % CAH Cardinal Health Inc. $ % % CASS Cass Information Systems Inc $ % CASY Caseys General Stores Inc. $ % %

10 Ticker Name Price Dividend P/E Payout CAT Caterpillar Inc. $ % % CB Chubb Limited $ % % CBRL Cracker Barrel Old Country Store Inc. $ % % CBSH Commerce Bancshares Inc. $ % % CBU Community Bank System Inc. $ % % CFR Cullen/Frost Bankers Inc. $ % % CHD Church & Dwight Company Inc. $ % % CHRW C.H. Robinson Worldwide Inc. $ % % CINF Cincinnati Financial Corporation $ % % CL Colgate Palmolive Company $ % % CLX Clorox Company (The) $ % % CMI Cummins Inc. $ % % CMP Compass Minerals Intl Inc $ % % CMS CMS Energy Corporation $ % % CNP CenterPoint Energy Inc (Holding Co) $ % % COLM Columbia Sportswear Company $ % % COST Costco Wholesale Corporation $ % % CPK Chesapeake Utilities Corporation $ % % CSL Carlisle Companies Incorporated $ % % CSX CSX Corporation $ % % CTAS Cintas Corporation $ % % CTBI Community Trust Bancorp Inc. $ % % CTWS Connecticut Water Service Inc. $ % CVS CVS Health Corporation $ % % CVX Chevron Corporation $ % % CWT California Water Service Group $ % % D Dominion Energy Inc. $ % % DCI Donaldson Company Inc. $ % % DLR Digital Realty Trust Inc. $ % % DNB Dun & Bradstreet Corporation (The) $ % % DOV Dover Corporation $ % % DUK Duke Energy Corporation (Holding Company) $ % % ECL Ecolab Inc. $ % % ED Consolidated Edison Inc. $ % % EEP Enbridge Energy L.P. Class A $ % % EIX Edison International $ % % ELS Equity Lifestyle Properties Inc. $ % % EMR Emerson Electric Company $ % % ENSG The Ensign Group Inc. $ % % EPD Enterprise Products Partners L.P. $ % % ERIE Erie Indemnity Company $ % % ES Eversource Energy (D/B/A) $ % % ESS Essex Property Trust Inc. $ % % ETE Energy Transfer Equity L.P. representing Limited $ % %

11 Ticker Name Price Dividend P/E Payout ETP Energy Transfer Partners L.P. representing limited $ % % EV Eaton Vance Corporation $ % % EVR Evercore Inc. Class A $ % % EXPD Expeditors International of Washington Inc. $ % % FAST Fastenal Company $ % % FDS FactSet Research Systems Inc. $ % % FDX FedEx Corporation $ % % FELE Franklin Electric Co. Inc. $ % % FLO Flowers Foods Inc. $ % % FRT Federal Realty Investment Trust $ % % FUL H. B. Fuller Company $ % % GD General Dynamics Corporation $ % % GEL Genesis Energy L.P. $ % % GGG Graco Inc. $ % % GIS General Mills Inc. $ % % GPC Genuine Parts Company $ % % GPS Gap Inc. (The) $ % % GRC Gorman Rupp Company (The) $ % GWW W.W. Grainger Inc. $ % % HAS Hasbro Inc. $ % % HCP HCP Inc. $ % % HCSG Healthcare Services Group Inc. $ % % HEI Heico Corporation $ % % HEP Holly Energy Partners L.P. $ % % HP Helmerich & Payne Inc. $ % % HRL Hormel Foods Corporation $ % % HRS Harris Corporation $ % % HUBB Hubbell Inc $ % % HWKN Hawkins Inc. $ % IBM International Business Machines Corporation $ % % IFF Internationa Flavors & Fragrances Inc. $ % % ISCA International Speedway Corporation $ % % ITT ITT Inc. $ % % ITW Illinois Tool Works Inc. $ % % IVZ Invesco Ltd $ % % JBHT J.B. Hunt Transport Services Inc. $ % % JJSF J & J Snack Foods Corp. $ % % JKHY Jack Henry & Associates Inc. $ % % JNJ Johnson & Johnson $ % % JW.A John Wiley & Sons Inc. $ % % K Kellogg Company $ % % KMB Kimberly Clark Corporation $ % % KO Coca Cola Company (The) $ % % KR Kroger Company (The) $ % %

12 Ticker Name Price Dividend P/E Payout KWR Quaker Chemical Corporation $ % % LANC Lancaster Colony Corporation $ % % LAZ Lazard LTD. LTD. Class A $ % % LECO Lincoln Electric Holdings Inc. $ % % LEG Leggett & Platt Incorporated $ % % LLL L3 Technologies Inc. $ % % LMT Lockheed Martin Corporation $ % % LNN Lindsay Corporation $ % % LNT Alliant Energy Corporation $ % % LOW Lowe's Companies Inc. $ % % MATW Matthews International Corporation $ % % MCD McDonald's Corporation $ % % MCHP Microchip Technology Incorporated $ % % MCK McKesson Corporation $ % % MCY Mercury General Corporation $ % % MDP Meredith Corporation $ % % MDT Medtronic plc. $ % % MDU MDU Resources Group Inc. $ % % MGEE MGE Energy Inc. $ % MGRC McGrath RentCorp $ % % MKC McCormick & Company Incorporated $ % % MMM 3M Company $ % % MMP Magellan Midstream Partners L.P. Limited $ % % MNRO Monro Inc. $ % % MO Altria Group Inc. $ % % MSA MSA Safety Incorporated $ % % MSEX Middlesex Water Company $ % % MSFT Microsoft Corporation $ % % MSM MSC Industrial Direct Company Inc. $ % % MXIM Maxim Integrated Products Inc. $ % % NC NACCO Industries Inc. $ % NDSN Nordson Corporation $ % % NEE NextEra Energy Inc. $ % % NEU NewMarket Corp $ % NFG National Fuel Gas Company $ % % NHC National HealthCare Corporation $ % NHI National Health Investors Inc. $ % % NJR NewJersey Resources Corporation $ % % NKE Nike Inc. $ % % NNN National Retail Properties $ % % NOC Northrop Grumman Corporation $ % % NUE Nucor Corporation $ % % NUS Nu Skin Enterprises Inc. $ % % NWE NorthWestern Corporation $ % %

13 Ticker Name Price Dividend P/E Payout NWN Northwest Natural Holding Company $ % % O Realty Income Corporation $ % % OGE OGE Energy Corp $ % % OHI Omega Healthcare Investors Inc. $ % % OKE ONEOK Inc. $ % % OMI Owens & Minor Inc. $ % % ORI Old Republic International Corporation $ % % OXY Occidental Petroleum Corporation $ % % OZK Bank OZK $ % % PB Prosperity Bancshares Inc. $ % % PBCT People's United Financial Inc. $ % % PEP PepsiCo Inc. $ % % PG Procter & Gamble Company (The) $ % % PII Polaris Industries Inc. $ % % POR Portland General Electric Co $ % % PPG PPG Industries Inc. $ % % PPL PPL Corporation $ % % PRGO Perrigo Company plc $ % % QCOM QUALCOMM Incorporated $ % % R Ryder System Inc. $ % % RBC Regal Beloit Corporation $ % % RGLD Royal Gold Inc. $ % % RHI Robert Half International Inc. $ % % RLI RLI Corp. (DE) $ % % RNR RenaissanceRe Holdings Ltd. $ % % ROL Rollins Inc. $ % % ROP Roper Technologies Inc. $ % % ROST Ross Stores Inc. $ % % RPM RPM International Inc. $ % % RSG Republic Services Inc. $ % % RTN Raytheon Company $ % % SBSI Southside Bancshares Inc. $ % % SCG SCANA Corporation $ % % SCL Stepan Company $ % % SEIC SEI Investments Company $ % % SEP Spectra Energy Partners LP representing Limited $ % % SHW Sherwin Williams Company (The) $ % % SJI South Jersey Industries Inc. $ % % SJM J.M. Smucker Company (The) $ % % SJW SJW Group (DE) $ % % SKT Tanger Factory Outlet Centers Inc. $ % % SLGN Silgan Holdings Inc. $ % % SO Southern Company (The) $ % % SON Sonoco Products Company $ % %

14 Ticker Name Price Dividend P/E Payout SPGI S&P Global Inc. $ % % SR Spire Inc. $ % % SRCE 1st Source Corporation $ % % SWK Stanley Black & Decker Inc. $ % % SWX Southwest Gas Holdings Inc. $ % % SXT Sensient Technologies Corporation $ % % SYK Stryker Corporation $ % % SYY Sysco Corporation $ % % T AT&T Inc. $ % % TCP TC PipeLines LP representing Limited Partner $ % % TDS Telephone and Data Systems Inc. $ % % TGT Target Corporation $ % % THG Hanover Insurance Group Inc $ % % TIF Tiffany & Co. $ % % TJX TJX Companies Inc. (The) $ % % TLP TransMontaigne Partners L.P. Transmontaigne $ % % TMK Torchmark Corporation $ % % TMP Tompkins Financial Corporation $ % TNC Tennant Company $ % % TR Tootsie Roll Industries Inc. $ % TROW T. Rowe Price Group Inc. $ % % TRV The Travelers Companies Inc. $ % % TTC Toro Company (The) $ % % TXN Texas Instruments Incorporated $ % % UBA Urstadt Biddle Properties Inc. $ % % UBSI United Bankshares Inc. $ % % UGI UGI Corporation $ % % UHT Universal Health Realty Income Trust $ % UMBF UMB Financial Corporation $ % % UNP Union Pacific Corporation $ % % UTX United Technologies Corporation $ % % UVV Universal Corporation $ % VFC V.F. Corporation $ % VGR Vector Group Ltd. $ % % VSEC VSE Corporation $ % VVC Vectren Corporation $ % % VZ Verizon Communications Inc. $ % % WABC Westamerica Bancorporation $ % WBA Walgreens Boots Alliance Inc. $ % % WEC WEC Energy Group Inc. $ % % WELL Welltower Inc. $ % % WHG Westwood Holdings Group Inc $ % WLK Westlake Chemical Corporation $ % % WM Waste Management Inc. $ % %

15 Ticker Name Price Dividend P/E Payout WMT Walmart Inc. $ % % WPC W.P. Carey Inc. REIT $ % % WRB W.R. Berkley Corporation $ % % WSM Williams Sonoma Inc. (DE) $ % % WST West Pharmaceutical Services Inc. $ % % WTR Aqua America Inc. $ % % XEL Xcel Energy Inc. $ % % XLNX Xilinx Inc. $ % % XOM Exxon Mobil Corporation $ % % YORW The York Water Company $ % % YUM Yum! Brands Inc. $ % % Data provided for free by IEX. View IEX s Terms of Use.

16 2026 Value Line Selection & Opinion November 16, 2018 The Value Line View Continued from previous page hike this year and presumably be followed by as many as three increases in 2019, as the Fed strives to regain maneuverability in the event a business downturn takes hold in the next several years. All the while, anxieties persist offshore, where uncertainties and possible progress are intertwined on the trade front; weakness is emerging in key economies of Europe; and worrisome leadership changes are taking place in an array of countries. All of this creates unknowns and possible new headwinds. Even so, The bulls are again fully engaged, having made a nice recovery from the reversals of October on upbeat earnings, solid business fundamentals, and some relief that the divisive midterm elections are over. Still, our sense is that continued high levels of volatility will be with us for a while, with the coming news cycle and the ever-changing narrative again playing a pivotal role. Conclusion: We think the backdrop remains sufficiently positive for investors to stay in the game. Please refer to the inside back cover of Selection & Opinion for our statistically-based Asset Allocation Model s current reading. Income Stocks with Healthy Total Return Potential This screen focuses on stocks with good current dividend yields that have favorable prospects for relative price performance over the next three to five years. This combination should result in a group of stocks with worthwhile total return potential. In the first steps of the selection process, we limited the field to equities with Safety ranks of at least 2 (Above Average). Next, we pared our universe with respect to income generation. We selected issues with current dividend yields of at least 3.2%, 100 basis points (1.0%) above the current median of 2.2% for all dividend-paying stocks under Value Line s review. We then required that equities with three- to fiveyear projected price appreciation of less than 60% to be cast aside (the current median is 50%). From this group, we selected issues with a projected average annual total return to (price gains plus dividends) of at least 15%, which is quite favorable in light of the fact that we may experience a period of reduced investment returns in the wake of the strong gains of the last few years. Conservative investors seeking good current income, along with healthy, riskadjusted three- to five-year total return potential, may find these equities of interest. That said, this roster includes stocks from a range of industries, so further research is most likely warranted. Accordingly, we would encourage subscribers to consult each company s most recent review in Rating & Reports before making new commitments. Income Stocks with healthy Total Return Potential Ratings & Reports Page Ticker Company Recent Price Safety Current, % 3 5 Year Est., % 3 5 Year Appreciation Potential, % 3 5 Year Avg. Total Return, % 1739 ABB ABB Ltd. ADR T AT&T Inc BTI Brit. Am. Tobacco ADR CAJ Canon Inc. ADR ETN Eaton Corp. plc BEN Franklin Resources KMB Kimberly-Clark KHC Kraft Heinz Co LEG Leggett & Platt PCAR PACCAR Inc QCOM Qualcomm Inc SLB Schlumberger Ltd WPP WPP PLC ADR Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber s own, non-commercial, internal use. No part of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. To subscribe call VALUELINE

17 2028 Value Line Selection & Opinion November 16, 2018 Portfolio I: Stocks With Above-Average Year-Ahead Price Potential Primarily suitable for more aggressive investors Ratings & Reports Page Ticker Company Recent Price Timeliness Safety P/E % Beta Financial Strength Industry Name 971 ALSN Allison Transmission B+ Auto Parts 758 ALL Allstate Corp A+ Insurance (Prop/Cas.) 2634 GOOG Alphabet Inc Nil 1.10 A++ Internet 836 AMGN Amgen A++ Biotechnology 1019 CMCSA Comcast Corp A Cable TV 309 FDX FedEx Corp A++ Air Transport 442 IT Gartner Inc Nil 0.95 B++ Information Services 1140 HD Home Depot A++ Retail Building Supply 1917 HRL Hormel Foods A Food Processing 810 IQV IQVIA Holdings Nil 0.90 B+ Medical Services 1799 ICE Intercontinental Exch A Brokers & Exchanges 2126 KAR KAR Auction Svcs B+ Retail Automotive 811 LH Laboratory Corp Nil 0.90 A Medical Services 1141 LOW Lowe s Cos A+ Retail Building Supply 1928 MDLZ Mondelez Int l A Food Processing 953 MSI Motorola Solutions B++ Telecom. Equipment 1981 PEP PepsiCo, Inc A++ Beverage 1840 SCI Service Corp. Int l B+ Funeral Services 1143 SHW Sherwin-Williams A+ Retail Building Supply 350 UNP Union Pacific A++ Railroad To qualify for purchase in the above portfolio, a stock must have a Timeliness Rank of 1 or 2 and a Financial Strength Rating of at least B+. If a stock s Timeliness rank falls to 3, or lower, it will be automatically removed. Stocks in the above portfolio are selected and monitored by Michael F. Napoli, CFA, Senior Analyst. Portfolio II: Stocks For Income And Potential Price Appreciation Primarily suitable for more conservative investors Ratings & Reports Page Ticker Company Recent Price Timeliness Safety P/E % Beta Financial Strength Industry Name 918 T AT&T Inc A++ Telecom. Services 1583 ARLP Alliance Resource B+ Metals & Mining (Div.) 2510 CM.TO Can. Imperial Bank A+ Bank 507 CVX Chevron Corp A++ Petroleum (Integrated) 357 CBRL Cracker Barrel A Restaurant 308 DAL Delta Air Lines B+ Air Transport 1975 DEO Diageo plc A+ Beverage 633 EPD Enterprise Products B+ Pipeline MLPs 734 ITW Illinois Tool Works A++ Metal Fabricating 575 IFF Int l Flavors & Frag A+ Chemical (Specialty) 215 JNJ Johnson & Johnson A++ Med Supp Non-Invasive 1922 KHC Kraft Heinz Co A+ Food Processing 718 LMT Lockheed Martin A++ Aerospace/Defense 1141 LOW Lowe s Cos A+ Retail Building Supply 1928 MDLZ Mondelez Int l A Food Processing 1542 O Realty Income Corp A R.E.I.T RCL Royal Caribbean B++ Recreation 316 UPS United Parcel Serv A Air Transport 968 WBA Walgreens Boots A+ Pharmacy Services 418 WM Waste Management A Environmental To qualify for purchase in the above portfolio, a stock must have a yield that is in the top half of the Value Line universe and a Safety Rank of 3 or better. Stocks are selected and monitored by Wayne Nef, Senior Analyst Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber s own, non-commercial, internal use. No part of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. To subscribe call VALUELINE

18 November 16, 2018 Value Line Selection & Opinion 2029 Portfolio Iii: STOCKS with LONG-TERM price GROWTH potential Primarily suitable for investors with a 3- to 5-year horizon Ratings & Reports Page Ticker Company Recent Price Timeliness Safety P/E % Beta 3- to 5-Yr. Apprec. Potential Industry Name 1606 ABBV AbbVie Inc % Drug 2588 ADBE Adobe Systems Nil Computer Software 758 ALL Allstate Corp Insurance (Prop/Cas.) 1992 MO Altria Group Tobacco 1394 AAPL Apple Inc Computers/Peripherals 2120 AN AutoNation, Inc Nil Retail Automotive 2508 BK Bank of NY Mellon Bank 1614 CELG Celgene Corp Nil Drug 437 CSGP CoStar Group Nil Information Services 2641 FB Facebook Inc Nil Internet 309 FDX FedEx Corp Air Transport 1917 HRL Hormel Foods Food Processing 1358 INTC Intel Corp Semiconductor 1166 IP Int l Paper Paper/Forest Products 2111 PVH PVH Corp Apparel 413 RSG Republic Services Environmental 313 LUV Southwest Airlines Air Transport 373 SBUX Starbucks Corp Restaurant 821 UNH UnitedHealth Group Medical Services 2581 V Visa Inc Financial Svcs. (Div.) To qualify for purchase in the above portfolio, a stock must have above-average 3- to 5-year price-appreciation potential. As the price of a stock in this Portfolio rises, the computed appreciation potential may fall; it may still be held. This portfolio is most appropriate for investors focused on long-term capital gains. Stocks in the above portfolio are selected and monitored by Justin Hellman, Editorial Analyst. Portfolio IV: STOCKS with ABOVE-AVERAGE DIVIDEND YIELDS Primarily suitable for investors interested in current income Ratings & Reports Page Ticker Company Recent Price Timeliness Safety P/E % Beta Financial Strength Industry Name 918 T AT&T Inc A++ Telecom. Services 903 LNT Alliant Energy A Electric Util. (Central) 2661 BX Blackstone Group LP B++ Public/Private Equity 706 BA Boeing A++ Aerospace/Defense 1993 BTI Brit. Am. Tobacco ADR B++ Tobacco 153 CAT Caterpillar Inc A+ Heavy Truck & Equip 1969 KO Coca-Cola A++ Beverage 138 ED Consol. Edison A+ Electric Utility (East) 982 ETN Eaton Corp. plc A+ Auto Parts 1358 INTC Intel Corp A++ Semiconductor 1195 KMB Kimberly-Clark A++ Household Products 579 LYB LyondellBasell Inds A Chemical (Specialty) 366 MCD McDonald s Corp A++ Restaurant 1622 MRK Merck & Co A++ Drug 2628 PAYX Paychex, Inc A IT Services 1630 PFE Pfizer, Inc A++ Drug 1561 PRU Prudential Fin l B++ Insurance (Life) 148 SO Southern Co A Electric Utility (East) 316 UPS United Parcel Serv A Air Transport 418 WM Waste Management A Environmental To qualify for purchase in the above portfolio, a stock must have a yield that is at least 1% above the median for the Value Line universe, and a Financial Strength Rating of at least B+. Stocks are selected and monitored by Adam Rosner, Editorial Analyst Value Line, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. the publisher is not responsible for any errors or omissions herein. This publication is strictly for subscriber s own, non-commercial, internal use. No part of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. To subscribe call VALUELINE

19 THIS IS NOT INVESTMENT ADVICE - EDUCATIONAL PURPOSES ONLY - Data accuracy is not guranteed Symbol Name Strategy Expense Mstar Ratings 5 year Medalist 5 year return MPT Stats Sharpe Std Dev Sortino VIG Vanguard Dividend Appreciation ETF US 10 year dividend growers that pass a profitability screen. 1.94% 0.08% 3 Stars Gold 9.69% 9.70% VYM Vanguard Hi Dividend ETF Highest half of Us divd payers by yield excl REITs. Market Cap weighted. 3.07% 0.08% 5 Stars Silver 10.02% 9.25% SDY SPDR S&P Dividend ETF S&P 500 Divided Aristocrats. 20 year Divd growth record. Weighted by yield 2.51% 0.35% 5 Stars Silver 10.21% 9.33% SCHD Schwab US Dividend Equity ETF 100 Stocks with high Divd. s, ROE, Cash Flow/Debt & 5 year Divd. Growth rates. 2.76% 0.07% 5 Stars Silver 10.25% 9.73% SPHD Invesco High Div Low Vol ETF 75 stocks with the highest divd yield in the S&P500. Removes the highest volatile 25. Limits holding to 3% 4.07% 0.30% 5 Stars Bronze 11.30% 8.93% DGRW WisdomTree US Quality Divd Growth ETF 300 Divd. Paying stocks with high ROA, ROE for the past 3 years and a forecast for high earnings growth. 2.01% 0.28% 5 Stars Bronze 11.69% 10.58% DLN WisdomTree Large Cap Divd ETF Large Cap US divd payers weighted by the expected Divd payment 2.60% 0.28% 5 Stars Bronze 10.13% 9.29% DON WisdomTree Mid Cap Divd ETF Mid Cap US divd payers weighted by the expected Divd payment 2.32% 0.38% 5 Stars Bronze 10.01% 9.91% DES WisdomTree Small Cap Divd ETF Small Cap US divd payers weighted by the expected Divd payment 3.35% 0.38% 4 Stars Bronze 7.89% 13.17% SMDV Pro shares Russell 2000 Divd Growers ETF year history Russell 2000 stocks that have grown dividends for 10 years. 1.85% 0.40% 5 Stars NR 12.84% 10.69% THIS IS NOT INVESTMENT ADVICE - EDUCATIONAL PURPOSES ONLY - Data accuracy is not guranteed