Dillon & Associates

Dillon & Associates, Inc." as of Sept. 30, 2012

Portfolio Holdings for Dillon & Associates, Inc."

Dillon & Associates, Inc." holds 0 positions in its portfolio as reported in the September 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}
	Abbott Labs	com	002824100	"9,119"	"132,155"			other	0	"17,575"	0	"114,580"
	Air Products & Chemicals	com	009158106	"3,904"	"47,041"			other	0	"5,300"	0	"41,741"
	Amgen	com	031162100	338	"4,025"			other	0	500	0	"3,525"
	"Apple, Inc"	com	037833100	"10,128"	"15,184"			other	0	"2,720"	0	"12,464"
	Automatic Data Processing	com	053015103	"6,709"	"113,711"			other	0	"15,692"	0	"98,019"
	BHP Billiton Ltd.	com	088606108	451	"6,540"			other	0	"1,000"	0	"5,540"
	CAMAC Energy	com	131745101	7	"15,000"			other	0	0	0	"15,000"
	Canadian Nat'l Railway	com	136375102	"3,257"	"37,013"			other	0	"7,525"	0	"29,488"
	Celgene Corp.	com	151020104	658	"8,655"			other	0	675	0	"7,980"
	Cenovous Energy Inc	com	15135u109	"1,148"	"32,790"			other	0	"4,400"	0	"28,390"
	Chevron Corporation	com	166764100	363	"3,103"			other	0	750	0	"2,353"
	Cisco Systems	com	17275R102	429	"22,597"			other	0	"5,800"	0	"16,797"
	Citrix Systems	com	177376100	"1,443"	"18,735"			other	0	"2,075"	0	"16,660"
	Coca-Cola	com	191216100	"1,450"	"38,152"			other	0	"1,200"	0	"36,952"
	Colgate-Palmolive	com	194162103	"9,352"	"87,401"			other	0	"14,300"	0	"73,101"
	Core Laboratories N.V.	com	N22717107	532	"4,400"			other	0	"1,200"	0	"3,200"
	Dentsply International Inc.	com	249030107	253	"6,650"			other	0	750	0	"5,900"
	Diageo PLC	com	25243Q205	"1,658"	"14,675"			other	0	775	0	"13,900"
	Eaton Corporation	com	278058102	419	"8,909"			other	0	0	0	"8,909"
	Ecolab Inc.	com	278865100	218	"3,360"			other	0	"1,100"	0	"2,260"
	Emerson Electric	com	291011104	"2,839"	"59,155"			other	0	"5,975"	0	"53,180"
	Encana Corporation	com	292505104	201	"9,150"			other	0	"2,150"	0	"7,000"
	Expeditors Intl Wash. Inc.	com	302130109	"1,278"	"35,505"			other	0	"6,025"	0	"29,480"
	Exxon-Mobil	com	30231G102	902	"9,912"			other	0	275	0	"9,637"
	FedEx Corp.	com	31428x106	410	"4,827"			other	0	250	0	"4,577"
	General Electric	com	369604103	299	"12,998"			other	0	0	0	"12,998"
	Google Inc.	com	38259P508	"3,689"	"4,893"			other	0	950	0	"3,943"
	Heinz H. J.	com	423074103	375	"6,700"			other	0	0	0	"6,700"
	Home Depot	com	437076102	"1,289"	"21,485"			other	0	"1,550"	0	"19,935"
	IBM	com	459200101	"1,989"	"9,610"			other	0	950	0	"8,660"
	Johnson & Johnson	com	478160104	"5,483"	"79,470"			other	0	"10,000"	0	"69,470"
	Kellogg Co.	com	487836108	619	"11,900"			other	0	0	0	"11,900"
	Linear Technology	com	535678106	"2,955"	"92,330"			other	0	"8,725"	0	"83,605"
	Lowe's Cos.	com	548661107	"2,011"	"67,031"			other	0	"14,150"	0	"52,881"
	McDonald's Corp.	com	580135101	"3,683"	"40,035"			other	0	"3,825"	0	"36,210"
	Merck & Co. Inc.	com	58933Y105	304	"6,750"			other	0	0	0	"6,750"
	Microsoft	com	594918104	"1,028"	"34,250"			other	0	"6,900"	0	"27,350"
	NextEra Energy Inc.	com	65339F101	389	"5,550"			other	0	0	0	"5,550"
	Norfolk Southern Corp	com	655844108	"2,154"	"33,656"			other	0	"2,600"	0	"31,056"
	Novartis AG ADS	com	66987v109	"1,394"	"22,855"			other	0	"2,606"	0	"20,249"
	Novo-Nordisk A-S ADR	com	670100205	"2,289"	"14,490"			other	0	"2,275"	0	"12,215"
	Oracle Corp.	com	68389x105	"1,092"	"35,219"			other	0	"2,775"	0	"32,444"
	Paychex Inc.	com	704326107	"5,024"	"152,233"			other	0	"21,250"	0	"130,983"
	PepsiCo	com	713448108	"6,915"	"97,398"			other	0	"14,575"	0	"82,823"
	Phillip Morris International	com	718172109	"1,254"	"13,928"			other	0	"1,225"	0	"12,703"
	Procter & Gamble	com	742718109	"6,179"	"89,545"			other	0	"11,325"	0	"78,220"
	Qualcomm Inc.	com	747525103	"7,760"	"125,155"			other	0	"18,450"	0	"106,705"
	Rockwell Medical Tech Inc.	com	774374102	83	"10,334"			other	0	0	0	"10,334"
	SandRidge Energy Inc.	com	80007P307	106	"15,168"			other	0	0	0	"15,168"
	Sanofi Value Right	right	80105N113	21	"10,460"			other	0	"2,000"	0	"8,460"
	Schlumberger	com	806857108	"4,042"	"56,136"			other	0	"7,555"	0	"48,581"
	Starbucks Corp.	com	855244109	310	"6,075"			other	0	600	0	"5,475"
	Stryker Corp.	com	863667101	"7,179"	"128,191"			other	0	"18,050"	0	"110,141"
	Suncor Energy	com	867229109	"1,454"	"44,050"			other	0	"7,200"	0	"36,850"
	Sysco  Corp.	com	871829107	"6,938"	"223,821"			other	0	"29,900"	0	"193,921"
	Target Corp.	com	87612E106	"1,687"	"26,784"			other	0	"4,550"	0	"22,234"
	Teva Pharmaceuticals	com	881624209	"1,727"	"42,117"			other	0	"5,025"	0	"37,092"
	United Parcel Cl B	com	911312106	"2,083"	"28,925"			other	0	"4,300"	0	"24,625"
	United Technologies	com	913017109	"3,127"	"40,093"			other	0	"5,925"	0	"34,168"
	VISA Inc.	com	92826C839	"2,605"	"19,441"			other	0	"2,525"	0	"16,916"
	Walgreen	com	931422109	550	"15,275"			other	0	"2,050"	0	"13,225"
	Wal-Mart Stores	com	931142103	"1,571"	"21,235"			other	0	600	0	"20,635"