Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FSS	Federal Signal Corp	169,285 (+169.9%)	$21.75M (+220.6%)	3.3%	$123.55	—	COM	313855108
FAST	Fastenal Co.	472,440 (+160.7%)	$22.69M (+169.8%)	3.4%	$46.55	—	COM	311900104
WSO	Watsco, Inc.	78,012 (+40.1%)	$32.51M (+60.5%)	4.9%	$373.91	—	COM	942622200
XYL	Xylem Inc.	181,050 (+124.0%)	$21.4M (+121.6%)	3.2%	$126.36	—	COM	98419M100
WAT	Waters Corporation	23,590 (+101.3%)	$8.847M (+153.5%)	1.3%	$371.09	—	COM	941848103
ROL	Rollins, Inc.	495,655 (+8.8%)	$20.69M (-15.0%)	3.1%	$39.88	—	COM	775711104
A	Agilent Tech, Inc.	69,500 (+25.9%)	$9.232M (+46.7%)	1.4%	$132.85	—	COM	00846U101

Exited Positions (1)

PHO Invesco Water ETF 0.3%

Value $2.192M Shares 32,780 Est. Cost $53.35 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PHO	Invesco Water ETF	32,780	$2.192M	0.3%	$53.35	—	—	46137V142

Decreased Positions (9)

APH Amphenol Corp. 6.2%

Value $41.34M (+33.1%) Shares 234,451 (-4.6%) Est. Cost $49.89 Unrealized —

BMI Badger Meter Inc 1.4%

Value $9.348M (-49.8%) Shares 63,000 (-48.4%) Est. Cost $173.97 Unrealized —

WPM Wheaton Precious Mtls 7.7%

Value $51.07M (-15.2%) Shares 454,640 (-1.0%) Est. Cost $26.64 Unrealized —

DHR Danaher Corp. 2.1%

Value $14.1M (-35.3%) Shares 74,024 (-35.6%) Est. Cost $171.58 Unrealized —

ADI Analog Devices 4.0%

Value $26.69M (-11.8%) Shares 67,200 (-29.4%) Est. Cost $184.36 Unrealized —

FISV Fiserv Inc. 0.8%

Value $5.423M (-32.5%) Shares 110,558 (-23.2%) Est. Cost $64.10 Unrealized —

RYAN Ryan Specialty Hldngs 2.7%

Value $17.56M (+8.4%) Shares 465,146 (-3.1%) Est. Cost $38.70 Unrealized —

GNRC Generac Holdings 0.7%

Value $4.729M (+23.2%) Shares 16,150 (-17.8%) Est. Cost $113.74 Unrealized —

ORA Ormat Technologies 0.4%

Value $2.842M (-9.3%) Shares 26,100 (-6.8%) Est. Cost $68.71 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APH	Amphenol Corp.	234,451 (-4.6%)	$41.34M (+33.1%)	6.2%	$49.89	—	COM	032095101
BMI	Badger Meter Inc	63,000 (-48.4%)	$9.348M (-49.8%)	1.4%	$173.97	—	COM	056525108
WPM	Wheaton Precious Mtls	454,640 (-1.0%)	$51.07M (-15.2%)	7.7%	$26.64	—	COM	962879102
DHR	Danaher Corp.	74,024 (-35.6%)	$14.1M (-35.3%)	2.1%	$171.58	—	COM	235851102
ADI	Analog Devices	67,200 (-29.4%)	$26.69M (-11.8%)	4.0%	$184.36	—	COM	032654105
FISV	Fiserv Inc.	110,558 (-23.2%)	$5.423M (-32.5%)	0.8%	$64.10	—	COM	337738108
RYAN	Ryan Specialty Hldngs	465,146 (-3.1%)	$17.56M (+8.4%)	2.7%	$38.70	—	COM	78351F107
GNRC	Generac Holdings	16,150 (-17.8%)	$4.729M (+23.2%)	0.7%	$113.74	—	COM	368736104
ORA	Ormat Technologies	26,100 (-6.8%)	$2.842M (-9.3%)	0.4%	$68.71	—	COM	686688102

Unchanged Positions (20)

V Visa Inc. 5.0%

Value $33.27M Shares 96,971 Est. Cost $208.01 Unrealized —

AME Ametek Inc. 5.1%

Value $33.81M Shares 139,731 Est. Cost $125.21 Unrealized —

NXE NexGen Energy Ltd. 1.7%

Value $11.51M Shares 1,225,500 Est. Cost $1.31 Unrealized —

SCI Service Corp. Int'l 4.2%

Value $27.94M Shares 367,783 Est. Cost $38.46 Unrealized —

KRNT Kornit Digital 3.1%

Value $20.4M Shares 1,255,265 Est. Cost $17.63 Unrealized —

KAI Kadant Inc. 3.6%

Value $23.8M Shares 75,735 Est. Cost $303.58 Unrealized —

HEI HEICO Corp. 1.0%

Value $6.946M Shares 19,500 Est. Cost $167.85 Unrealized —

DCI Donaldson Co., Inc. 3.7%

Value $24.45M Shares 272,330 Est. Cost $72.73 Unrealized —

PGR Progressive Corp. 2.2%

Value $14.48M Shares 66,280 Est. Cost $68.01 Unrealized —

ECL Ecolab Inc. 4.4%

Value $29.17M Shares 104,693 Est. Cost $96.52 Unrealized —

— Aon plc 4.4%

Value $29.46M Shares 88,807 Est. Cost $172.84 Unrealized —

AWK Amer. Water Works 3.4%

Value $22.28M Shares 169,344 Est. Cost $136.82 Unrealized —

ALSN Allison Transmission 2.8%

Value $18.61M Shares 165,037 Est. Cost $38.61 Unrealized —

FERG Ferguson Enterprises 3.7%

Value $24.74M Shares 104,225 Est. Cost $206.45 Unrealized —

SCHW Charles Schwab 3.4%

Value $22.23M Shares 240,933 Est. Cost $65.84 Unrealized —

VNOM Viper Energy Inc 0.0%

Value $326K Shares 7,700 Est. Cost $37.86 Unrealized —

STLNF Stallion Uranium Corp 0.0%

Value $25,377 Shares 180,000 Est. Cost $0.30 Unrealized —

ROP Roper Technologies 0.1%

Value $677K Shares 2,000 Est. Cost $433.92 Unrealized —

MSFT Microsoft Corp. 0.6%

Value $3.942M Shares 10,569 Est. Cost $90.57 Unrealized —

SASKF ATHA Energy Corp. 0.0%

Value $51,991 Shares 74,500 Est. Cost $0.60 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
V	Visa Inc.	96,971	$33.27M	5.0%	$208.01	—	COM	92826C839
AME	Ametek Inc.	139,731	$33.81M	5.1%	$125.21	—	COM	031100100
NXE	NexGen Energy Ltd.	1,225,500	$11.51M	1.7%	$1.31	—	COM	65340P106
SCI	Service Corp. Int'l	367,783	$27.94M	4.2%	$38.46	—	COM	817565104
KRNT	Kornit Digital	1,255,265	$20.4M	3.1%	$17.63	—	COM	M6372Q113
KAI	Kadant Inc.	75,735	$23.8M	3.6%	$303.58	—	COM	48282T104
HEI	HEICO Corp.	19,500	$6.946M	1.0%	$167.85	—	COM	422806109
DCI	Donaldson Co., Inc.	272,330	$24.45M	3.7%	$72.73	—	COM	257651109
PGR	Progressive Corp.	66,280	$14.48M	2.2%	$68.01	—	COM	743315103
ECL	Ecolab Inc.	104,693	$29.17M	4.4%	$96.52	—	COM	278865100
—	Aon plc	88,807	$29.46M	4.4%	$172.84	—	COM	g0403h108
AWK	Amer. Water Works	169,344	$22.28M	3.4%	$136.82	—	COM	030420103
ALSN	Allison Transmission	165,037	$18.61M	2.8%	$38.61	—	COM	01973R101
FERG	Ferguson Enterprises	104,225	$24.74M	3.7%	$206.45	—	COM	31488V107
SCHW	Charles Schwab	240,933	$22.23M	3.4%	$65.84	—	COM	808513105
VNOM	Viper Energy Inc	7,700	$326K	0.0%	$37.86	—	COM	64361Q101
STLNF	Stallion Uranium Corp	180,000	$25,377	0.0%	$0.30	—	COM	852919208
ROP	Roper Technologies	2,000	$677K	0.1%	$433.92	—	COM	776696106
MSFT	Microsoft Corp.	10,569	$3.942M	0.6%	$90.57	—	COM	594918104
SASKF	ATHA Energy Corp.	74,500	$51,991	0.0%	$0.60	—	COM	046824108