Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ROP	Roper Technologies	57,325 (+2766.3%)	$20.03M (+2859.6%)	3.2%	$349.41	$385.02	-9.2%	COM	776696106
APH	Amphenol Corp.	307,828 (+31.3%)	$25.95M (-37.2%)	4.1%	$84.30	$70.34	+19.9%	COM	032095101
PGR	Progressive Corp.	104,152 (+57.1%)	$21.59M (+49.1%)	3.4%	$207.31	$121.82	+70.2%	COM	743315103
FSS	Federal Signal Corp	174,050 (+2.8%)	$19.28M (-11.3%)	3.1%	$110.79	$114.24	-3.0%	COM	313855108
ALSN	Allison Transmission	175,274 (+6.2%)	$19.85M (+6.7%)	3.2%	$113.26	$43.40	+160.9%	COM	01973R101
BMI	Badger Meter Inc	84,600 (+34.3%)	$10.45M (+11.8%)	1.7%	$123.54	$162.78	-24.1%	COM	056525108
SASKF	ATHA Energy Corp.	118,000 (+58.4%)	$79,797 (+53.5%)	0.0%	$0.68	$0.68	+1.7%	COM	046824108

Exited Positions (2)

ROL Rollins, Inc. 3.3%

Value $20.69M Shares 495,655 Share Price $41.74 * Est. Cost/Share $40.64 Unrealized @ Report Date -25.9%

STLNF Stallion Uranium Corp 0.0%

Value $25,377 Shares 180,000 Share Price $0.14 Est. Cost/Share $0.30 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ROL	Rollins, Inc.	495,655	$20.69M	3.3%	$41.74 *	$40.64	-25.9%	—	775711104
STLNF	Stallion Uranium Corp	180,000	$25,377	0.0%	$0.14	$0.30	—	—	852919208

Decreased Positions (20)

WSO Watsco, Inc. 2.5%

Value $15.61M (-52.0%) Shares 51,565 (-33.9%) Share Price $302.69 Est. Cost/Share $369.69 Unrealized @ Report Date -18.1%

— Aon plc 3.7%

Value $23.58M (-19.9%) Shares 85,202 (-4.1%) Share Price $276.77 Est. Cost/Share $172.84 Unrealized @ Report Date —

WPM Wheaton Precious Mtls 9.0%

Value $56.35M (+10.4%) Shares 421,408 (-7.3%) Share Price $133.72 Est. Cost/Share $26.64 Unrealized @ Report Date +401.9%

KAI Kadant Inc. 3.0%

Value $19.03M (-20.0%) Shares 72,782 (-3.9%) Share Price $261.52 Est. Cost/Share $302.84 Unrealized @ Report Date -13.6%

XYL Xylem Inc. 2.7%

Value $17.25M (-19.4%) Shares 170,310 (-5.9%) Share Price $101.27 Est. Cost/Share $122.42 Unrealized @ Report Date -17.3%

V Visa Inc. 4.8%

Value $30.33M (-8.8%) Shares 84,419 (-12.9%) Share Price $359.33 Est. Cost/Share $208.01 Unrealized @ Report Date +72.7%

FISV Fiserv Inc. 0.4%

Value $2.821M (-48.0%) Shares 62,449 (-43.5%) Share Price $45.18 Est. Cost/Share $64.10 Unrealized @ Report Date -29.5%

FERG Ferguson Enterprises 3.5%

Value $22.27M (-10.0%) Shares 100,032 (-4.0%) Share Price $222.62 Est. Cost/Share $206.45 Unrealized @ Report Date +7.8%

AME Ametek Inc. 5.0%

Value $31.52M (-6.8%) Shares 127,243 (-8.9%) Share Price $247.73 Est. Cost/Share $125.21 Unrealized @ Report Date +97.8%

ECL Ecolab Inc. 4.3%

Value $27.2M (-6.8%) Shares 99,043 (-5.4%) Share Price $274.58 Est. Cost/Share $96.52 Unrealized @ Report Date +184.5%

A Agilent Tech, Inc. 1.8%

Value $11.12M (+20.5%) Shares 64,550 (-7.1%) Share Price $172.31 Est. Cost/Share $130.59 Unrealized @ Report Date +31.9%

SCI Service Corp. Int'l 4.1%

Value $26.08M (-6.7%) Shares 342,425 (-6.9%) Share Price $76.15 Est. Cost/Share $38.46 Unrealized @ Report Date +98.0%

DCI Donaldson Co., Inc. 3.6%

Value $22.65M (-7.4%) Shares 260,170 (-4.5%) Share Price $87.04 Est. Cost/Share $72.73 Unrealized @ Report Date +19.7%

DHR Danaher Corp. 2.5%

Value $15.77M (+11.9%) Shares 71,195 (-3.8%) Share Price $221.55 Est. Cost/Share $171.58 Unrealized @ Report Date +29.1%

SCHW Charles Schwab 3.3%

Value $20.72M (-6.8%) Shares 211,965 (-12.0%) Share Price $97.74 Est. Cost/Share $65.84 Unrealized @ Report Date +48.5%

AWK Amer. Water Works 3.3%

Value $20.79M (-6.7%) Shares 160,550 (-5.2%) Share Price $129.47 Est. Cost/Share $136.82 Unrealized @ Report Date -5.4%

HEI HEICO Corp. 0.9%

Value $5.76M (-17.1%) Shares 19,000 (-2.6%) Share Price $303.18 Est. Cost/Share $167.85 Unrealized @ Report Date +80.6%

ADI Analog Devices 4.1%

Value $25.64M (-3.9%) Shares 64,639 (-3.8%) Share Price $396.71 Est. Cost/Share $184.36 Unrealized @ Report Date +115.2%

KRNT Kornit Digital 3.1%

Value $19.42M (-4.8%) Shares 1,168,545 (-6.9%) Share Price $16.62 Est. Cost/Share $17.65 Unrealized @ Report Date -5.8%

FAST Fastenal Co. 3.6%

Value $22.53M (-0.7%) Shares 454,940 (-3.7%) Share Price $49.53 Est. Cost/Share $45.12 Unrealized @ Report Date +9.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WSO	Watsco, Inc.	51,565 (-33.9%)	$15.61M (-52.0%)	2.5%	$302.69	$369.69	-18.1%	COM	942622200
—	Aon plc	85,202 (-4.1%)	$23.58M (-19.9%)	3.7%	$276.77	$172.84	—	COM	g0403h108
WPM	Wheaton Precious Mtls	421,408 (-7.3%)	$56.35M (+10.4%)	9.0%	$133.72	$26.64	+401.9%	COM	962879102
KAI	Kadant Inc.	72,782 (-3.9%)	$19.03M (-20.0%)	3.0%	$261.52	$302.84	-13.6%	COM	48282T104
XYL	Xylem Inc.	170,310 (-5.9%)	$17.25M (-19.4%)	2.7%	$101.27	$122.42	-17.3%	COM	98419M100
V	Visa Inc.	84,419 (-12.9%)	$30.33M (-8.8%)	4.8%	$359.33	$208.01	+72.7%	COM	92826C839
FISV	Fiserv Inc.	62,449 (-43.5%)	$2.821M (-48.0%)	0.4%	$45.18	$64.10	-29.5%	COM	337738108
FERG	Ferguson Enterprises	100,032 (-4.0%)	$22.27M (-10.0%)	3.5%	$222.62	$206.45	+7.8%	COM	31488V107
AME	Ametek Inc.	127,243 (-8.9%)	$31.52M (-6.8%)	5.0%	$247.73	$125.21	+97.8%	COM	031100100
ECL	Ecolab Inc.	99,043 (-5.4%)	$27.2M (-6.8%)	4.3%	$274.58	$96.52	+184.5%	COM	278865100
A	Agilent Tech, Inc.	64,550 (-7.1%)	$11.12M (+20.5%)	1.8%	$172.31	$130.59	+31.9%	COM	00846U101
SCI	Service Corp. Int'l	342,425 (-6.9%)	$26.08M (-6.7%)	4.1%	$76.15	$38.46	+98.0%	COM	817565104
DCI	Donaldson Co., Inc.	260,170 (-4.5%)	$22.65M (-7.4%)	3.6%	$87.04	$72.73	+19.7%	COM	257651109
DHR	Danaher Corp.	71,195 (-3.8%)	$15.77M (+11.9%)	2.5%	$221.55	$171.58	+29.1%	COM	235851102
SCHW	Charles Schwab	211,965 (-12.0%)	$20.72M (-6.8%)	3.3%	$97.74	$65.84	+48.5%	COM	808513105
AWK	Amer. Water Works	160,550 (-5.2%)	$20.79M (-6.7%)	3.3%	$129.47	$136.82	-5.4%	COM	030420103
HEI	HEICO Corp.	19,000 (-2.6%)	$5.76M (-17.1%)	0.9%	$303.18	$167.85	+80.6%	COM	422806109
ADI	Analog Devices	64,639 (-3.8%)	$25.64M (-3.9%)	4.1%	$396.71	$184.36	+115.2%	COM	032654105
KRNT	Kornit Digital	1,168,545 (-6.9%)	$19.42M (-4.8%)	3.1%	$16.62	$17.65	-5.8%	COM	M6372Q113
FAST	Fastenal Co.	454,940 (-3.7%)	$22.53M (-0.7%)	3.6%	$49.53	$45.12	+9.8%	COM	311900104

Unchanged Positions (8)

WAT Waters Corporation 1.6%

Value $10.37M Shares 23,590 Share Price $439.39 Est. Cost/Share $341.59 Unrealized @ Report Date +28.6%

MSFT Microsoft Corp. 0.9%

Value $5.421M Shares 10,569 Share Price $512.90 Est. Cost/Share $90.57 Unrealized @ Report Date +466.3%

GNRC Generac Holdings 0.5%

Value $3.342M Shares 16,150 Share Price $206.95 Est. Cost/Share $113.74 Unrealized @ Report Date +82.0%

PFE Pfizer, Inc. 0.7%

Value $4.706M Shares 165,000 Share Price $28.52 Est. Cost/Share $26.16 Unrealized @ Report Date +9.0%

ORA Ormat Technologies 0.4%

Value $2.388M Shares 26,100 Share Price $91.49 Est. Cost/Share $68.71 Unrealized @ Report Date +33.1%

RYAN Ryan Specialty Hldngs 2.7%

Value $17.24M Shares 465,889 Share Price $37.00 Est. Cost/Share $38.70 Unrealized @ Report Date -4.4%

NXE NexGen Energy Ltd. 1.8%

Value $11.2M Shares 1,225,500 Share Price $9.14 Est. Cost/Share $1.31 Unrealized @ Report Date +596.5%

VNOM Viper Energy Inc 0.0%

Value $307K Shares 7,700 Share Price $39.89 Est. Cost/Share $37.86 Unrealized @ Report Date +5.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WAT	Waters Corporation	23,590	$10.37M	1.6%	$439.39	$341.59	+28.6%	COM	941848103
MSFT	Microsoft Corp.	10,569	$5.421M	0.9%	$512.90	$90.57	+466.3%	COM	594918104
GNRC	Generac Holdings	16,150	$3.342M	0.5%	$206.95	$113.74	+82.0%	COM	368736104
PFE	Pfizer, Inc.	165,000	$4.706M	0.7%	$28.52	$26.16	+9.0%	COM	717081103
ORA	Ormat Technologies	26,100	$2.388M	0.4%	$91.49	$68.71	+33.1%	COM	686688102
RYAN	Ryan Specialty Hldngs	465,889	$17.24M	2.7%	$37.00	$38.70	-4.4%	COM	78351F107
NXE	NexGen Energy Ltd.	1,225,500	$11.2M	1.8%	$9.14	$1.31	+596.5%	COM	65340P106
VNOM	Viper Energy Inc	7,700	$307K	0.0%	$39.89	$37.86	+5.4%	COM	64361Q101