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Saratoga Research & Investment Management (SaratogaRIM) Reports are published quarterly. Original publish dates are located on the upper right hand corner of each report cover. The opinions in the reports are those of SaratogaRIM, and under no circumstances should be considered as a solicitation or relied upon in making investment decisions. All data, information and opinions are subject to change without notice. Report archive is publicly available for the sake of interest and convenience only. Please see disclosures relevant to each quarter at the end of every report. Past performance does not guarantee future returns.