Dillon & Associates

Dillon & Associates, Inc." as of March 31, 2012

Portfolio Holdings for Dillon & Associates, Inc."

Dillon & Associates, Inc." holds 0 positions in its portfolio as reported in the March 2012 quarterly 13F filing

                FORM 13F INFORMATION TABLE
				Value	Shares/	SH/	Put/	INVSTMT	Other		Voting Authority
	Name of Issuer	Title of Class	CUSIP	(x$1000)	PRN Amt	PRN	Call	DSCRETN	Managers	Sole	Shared	None
	{S}	{C}	{C}	{C}	{C}	{C}	{C}	{C}	{C}	{C}	{C}	{C}
	Abbott Labs	com	002824100	"7,970"	"130,655"			other	0	"17,775"	0	"112,880"
	Air Products & Chemicals	com	009158106	"4,343"	"47,211"			other	0	"5,350"	0	"41,861"
	Amgen	com	031162100	309	"4,545"			other	0	500	0	"4,045"
	"Apple, Inc"	com	037833100	"9,076"	"15,127"			other	0	"2,730"	0	"12,397"
	Automatic Data Processing	com	053015103	"6,201"	"112,754"			other	0	"15,484"	0	"97,270"
	BHP Billiton Ltd.	com	088606108	463	"6,425"			other	0	"1,000"	0	"5,425"
	CAMAC Energy	com	131745101	15	"15,000"			other	0	0	0	"15,000"
	Canadian Nat'l Railway	com	136375102	"2,874"	"36,375"			other	0	"7,425"	0	"28,950"
	Celgene Corp.	com	151020104	220	"2,820"			other	0	50	0	"2,770"
	Cenovous Energy Inc	com	15135u109	"1,108"	"30,790"			other	0	"3,900"	0	"26,890"
	Chevron Corporation	com	166764100	300	"2,807"			other	0	750	0	"2,057"
	Cisco Systems	com	17275R102	685	"32,627"			other	0	"5,800"	0	"26,827"
	Citrix Systems	com	177376100	495	"6,270"			other	0	575	0	"5,695"
	Coca-Cola	com	191216100	"1,386"	"18,726"			other	0	600	0	"18,126"
	Colgate-Palmolive	com	194162103	"8,667"	"88,437"			other	0	"14,400"	0	"74,037"
	ConocoPhillips	com	20825C104	226	"2,975"			other	0	0	0	"2,975"
	Core Laboratories N.V.	com	N22717107	601	"4,550"			other	0	"1,000"	0	"3,550"
	Dentsply International Inc.	com	249030107	322	"8,050"			other	0	"1,750"	0	"6,300"
	Diageo PLC	com	25243Q205	"1,399"	"14,575"			other	0	825	0	"13,750"
	Eaton Corporation	com	278058102	427	"8,543"			other	0	0	0	"8,543"
	Emerson Electric	com	291011104	"2,968"	"57,080"			other	0	"5,950"	0	"51,130"
	Encana Corp.	com	292505104	212	"10,600"			other	0	"3,450"	0	"7,150"
	Expeditors Intl Wash. Inc.	com	302130109	"1,663"	"35,385"			other	0	"6,025"	0	"29,360"
	Exxon-Mobil	com	30231G102	843	"9,687"			other	0	250	0	"9,437"
	FedEx Corp.	com	31428x106	462	"5,017"			other	0	250	0	"4,767"
	General Electric	com	369604103	282	"14,078"			other	0	0	0	"14,078"
	Google Inc.	com	38259P508	"2,771"	"4,323"			other	0	900	0	"3,423"
	Heinz H. J.	com	423074103	362	"6,700"			other	0	0	0	"6,700"
	Home Depot	com	437076102	"1,120"	"22,400"			other	0	"1,550"	0	"20,850"
	IBM	com	459200101	"1,831"	"8,760"			other	0	950	0	"7,810"
	Johnson & Johnson	com	478160104	"5,567"	"84,349"			other	0	"10,100"	0	"74,249"
	Kellogg Co.	com	487836108	691	"12,800"			other	0	0	0	"12,800"
	Linear Technology	com	535678106	"5,271"	"155,042"			other	0	"20,825"	0	"134,217"
	Lowe's Cos.	com	548661107	"2,111"	"68,081"			other	0	"14,650"	0	"53,431"
	McDonald's Corp.	com	580135101	"3,815"	"38,930"			other	0	"3,550"	0	"35,380"
	Merck & Co. Inc.	com	58933Y105	253	"6,650"			other	0	0	0	"6,650"
	Microsoft	com	594918104	"1,308"	"40,862"			other	0	"8,500"	0	"32,362"
	NextEra Energy Inc.	com	65339F101	330	"5,411"			other	0	0	0	"5,411"
	Norfolk Southern Corp	com	655844108	"2,041"	"30,931"			other	0	"2,500"	0	"28,431"
	Novartis AG ADS	com	66987v109	"2,334"	"42,428"			other	0	"4,198"	0	"38,230"
	Novo-Nordisk A-S ADR	com	670100205	"1,234"	"8,875"			other	0	"1,250"	0	"7,625"
	Oracle Corp.	com	68389x105	"1,395"	"48,119"			other	0	"6,375"	0	"41,744"
	Paychex Inc.	com	704326107	"4,645"	"149,833"			other	0	"21,250"	0	"128,583"
	Pepisco	com	713448108	"6,465"	"97,948"			other	0	"14,775"	0	"83,173"
	Phillip Morris International	com	718172109	329	"3,700"			other	0	0	0	"3,700"
	Procter & Gamble	com	742718109	"6,087"	"90,845"			other	0	"11,325"	0	"79,520"
	Qualcomm Inc.	com	747525103	"8,321"	"122,369"			other	0	"18,050"	0	"104,319"
	SandRidge Energy Inc.	com	80007P307	121	"15,168"			other	0	0	0	"15,168"
	Sanofi Value Right	right	80105N113	11	"10,610"			other	0	"2,000"	0	"8,610"
	Schlumberger	com	806857108	"3,842"	"54,891"			other	0	"7,410"	0	"47,481"
	State Street Corp.	com	857477103	302	"6,565"			other	0	650	0	"5,915"
	Stryker Corp.	com	863667101	"7,236"	"131,567"			other	0	"18,850"	0	"112,717"
	Suncor Energy	com	867229109	"1,568"	"47,525"			other	0	"8,900"	0	"38,625"
	Sysco  Corp.	com	871829107	"7,122"	"237,396"			other	0	"31,790"	0	"205,606"
	Target Corp.	com	87612E106	"1,440"	"24,834"			other	0	"4,300"	0	"20,534"
	Teva Pharmaceuticals	com	881624209	"1,975"	"43,879"			other	0	"5,325"	0	"38,554"
	United Parcel	com	911312106	"2,096"	"25,875"			other	0	"3,775"	0	"22,100"
	United Technologies	com	913017109	"3,330"	"40,118"			other	0	"5,925"	0	"34,193"
	VISA Inc.	com	92826C839	"1,446"	"12,255"			other	0	"1,550"	0	"10,705"
	Walgreen	com	931422109	"1,056"	"32,008"			other	0	"2,150"	0	"29,858"
	Wal-Mart Stores	com	931142103	"1,320"	"21,646"			other	0	600	0	"21,046"