DF DENT & CO INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NETFLIX INC	368,624	$34,562	0.5%	$93.76	—	COM	64110l106
LB	LANDBRIDGE COMPANY LLC CL A	438,992	$21,506	0.3%	$58.15	0.0%	COM	514952100
IWP	ISHARES RUSSELL MIDCAP GROWTH	28,433	$3,894	0.1%	$136.94	—	ETFS	464287481
IWO	ISHARES RUSSELL 2000 GROWTH IN	6,534	$2,111	0.0%	$323.01	—	ETFS	464287648
—	EQT CORP	38,970	$2,089	0.0%	$53.60	—	COM	26884l109
IVV	ISHARES CORE S&P 500 ETF	1,998	$1,369	0.0%	$684.94	—	ETFS	464287200
IJR	ISHARES CORE S&P SMALL CAP ETF	8,436	$1,014	0.0%	$120.18	—	ETFS	464287804
MP	MP MATERIALS CORP COM CL A	16,587	$838	0.0%	$63.41	0.0%	COM	553368101
IJH	ISHARES CORE S&P MID CAP ETF	9,750	$644	0.0%	$66.00	—	ETFS	464287507
—	QUANTA SVCS INC COM	1,328	$560	0.0%	$422.06	—	COM	74762e102
APD	AIR PROD & CHEMICALS	1,370	$338	0.0%	$251.65	0.0%	COM	009158106
CVS	CVS HEALTH CORP	2,601	$206	0.0%	$78.67	0.0%	COM	126650100
—	CONSTELLATION ENERGY CORP COM	576	$203	0.0%	$353.27	—	COM	21037t109

Increased Positions (62)

— NOVANTA INC COM NPV 0.8%

Value ($000) $55,654 (+89.2%) Shares 467,719 (+59.3%) Est. Cost $120.14 Unrealized —

— KINSALE CAPITAL GROUP INC. 1.8%

Value ($000) $123,498 (+9.6%) Shares 315,756 (+19.2%) Est. Cost $368.40 Unrealized —

AAPL APPLE INC 1.0%

Value ($000) $68,826 (+16.7%) Shares 253,165 (+9.3%) Est. Cost $192.69 Unrealized +39.3%

— PROCORE TECHNOLOGIES INC 1.2%

Value ($000) $83,348 (+12.4%) Shares 1,145,828 (+12.7%) Est. Cost $70.59 Unrealized —

ONTO ONTO INNOVATION INC 0.3%

Value ($000) $19,187 (+84.6%) Shares 121,545 (+51.1%) Est. Cost $118.87 Unrealized +19.5%

CWST CASELLA WASTE SYSTEMS INC CL A 0.5%

Value ($000) $33,642 (+28.2%) Shares 343,498 (+24.2%) Est. Cost $95.50 Unrealized -2.8%

— SERVICENOW INC 0.9%

Value ($000) $63,971 (+11.2%) Shares 417,591 (+568.2%) Est. Cost $262.36 Unrealized —

FND FLOOR & DECOR HOLDINGS, INC. 0.7%

Value ($000) $49,591 (-10.2%) Shares 814,439 (+8.7%) Est. Cost $80.71 Unrealized -19.7%

— ENSIGN GROUP INC COM 0.1%

Value ($000) $9,473 (+118.7%) Shares 54,378 (+116.9%) Est. Cost $173.54 Unrealized —

BRO BROWN & BROWN 0.4%

Value ($000) $30,840 (+15.2%) Shares 386,955 (+35.6%) Est. Cost $93.55 Unrealized -10.9%

— ALPHABET INC. CLASS A 0.2%

Value ($000) $11,463 (+46.1%) Shares 36,623 (+13.5%) Est. Cost $172.88 Unrealized —

ESE ESCO TECHNOLOGIES INC 0.3%

Value ($000) $21,065 (+16.6%) Shares 107,812 (+26.0%) Est. Cost $185.50 Unrealized +13.6%

MASI MASIMO CORP COM 0.3%

Value ($000) $18,550 (+15.7%) Shares 142,626 (+31.3%) Est. Cost $149.44 Unrealized -4.2%

— EAGLE MATERIALS INC 0.3%

Value ($000) $21,029 (-8.8%) Shares 101,749 (+2.9%) Est. Cost $209.71 Unrealized —

— GOOSEHEAD INSURANCE, INC. 1.1%

Value ($000) $76,939 (+2.1%) Shares 1,044,660 (+3.2%) Est. Cost $68.39 Unrealized —

APH AMPHENOL CORP NEW CL A 0.1%

Value ($000) $3,961 (+34.2%) Shares 29,308 (+22.9%) Est. Cost $68.01 Unrealized +96.4%

KO COCA COLA COM 0.0%

Value ($000) $2,599 (+56.9%) Shares 37,180 (+48.8%) Est. Cost $58.29 Unrealized +19.0%

— UBER TECHNOLOGIES, INC. 1.0%

Value ($000) $66,793 (+1.4%) Shares 817,443 (+21.6%) Est. Cost $74.56 Unrealized —

LVMUY LVMH MOET HENNESSY LOU VUITTON 0.0%

Value ($000) $2,012 (+73.2%) Shares 13,340 (+40.5%) Est. Cost $145.21 Unrealized —

EFA ISHARES MSCI EAFE ETF 0.0%

Value ($000) $2,291 (+42.2%) Shares 23,852 (+38.3%) Est. Cost $78.81 Unrealized —

ADP AUTO DATA PROCESSING 0.1%

Value ($000) $5,632 (-10.5%) Shares 21,893 (+2.1%) Est. Cost $151.88 Unrealized +74.4%

PG PROCTER & GAMBLE CO 0.3%

Value ($000) $18,789 (-3.0%) Shares 131,109 (+4.0%) Est. Cost $80.24 Unrealized +83.4%

NSRGY NESTLE S A F SPONSORED ADR 1 A 0.0%

Value ($000) $710 (+244.1%) Shares 7,192 (+219.6%) Est. Cost $97.20 Unrealized —

HD HOME DEPOT INC 0.0%

Value ($000) $3,323 (-12.8%) Shares 9,658 (+2.7%) Est. Cost $273.87 Unrealized +33.1%

VOO VANGUARD S&P 500 ETF 0.1%

Value ($000) $9,076 (+5.6%) Shares 14,472 (+3.1%) Est. Cost $313.50 Unrealized —

— NEXTERA ENERGY INC SHS 0.0%

Value ($000) $2,017 (+31.2%) Shares 25,129 (+23.4%) Est. Cost $84.73 Unrealized —

— 3M COMPANY 0.0%

Value ($000) $796 (+113.2%) Shares 4,971 (+106.7%) Est. Cost $144.64 Unrealized —

DXCM DEXCOM INC 0.0%

Value ($000) $1,680 (+26.0%) Shares 25,317 (+27.7%) Est. Cost $83.84 Unrealized -22.9%

VEU VANGUARD FTSE ALL WORLD EX US 0.1%

Value ($000) $4,297 (+8.7%) Shares 58,418 (+5.4%) Est. Cost $49.07 Unrealized —

ADI ANALOG DEVICES INC 0.0%

Value ($000) $2,502 (+14.3%) Shares 9,224 (+3.5%) Est. Cost $159.03 Unrealized +57.6%

TJX TJX COMPANIES INC 0.0%

Value ($000) $1,324 (+29.8%) Shares 8,619 (+22.1%) Est. Cost $104.63 Unrealized +41.2%

— META PLATFORMS INC CL A 0.0%

Value ($000) $2,595 (+11.6%) Shares 3,931 (+24.2%) Est. Cost $621.73 Unrealized —

— NVIDIA CORP 0.0%

Value ($000) $1,239 (+25.4%) Shares 6,642 (+25.5%) Est. Cost $174.89 Unrealized —

— EOG RES INC COM 0.0%

Value ($000) $888 (+36.2%) Shares 8,458 (+45.4%) Est. Cost $120.22 Unrealized —

PEP PEPSICO INC 0.0%

Value ($000) $1,846 (+14.6%) Shares 12,863 (+12.1%) Est. Cost $114.15 Unrealized +27.8%

DIS WALT DISNEY CO 0.0%

Value ($000) $1,827 (+13.1%) Shares 16,062 (+13.9%) Est. Cost $105.53 Unrealized +3.8%

— ORACLE CORP 0.0%

Value ($000) $2,589 (+8.1%) Shares 13,282 (+56.0%) Est. Cost $208.35 Unrealized —

— TERRENO REALTY CORP 0.0%

Value ($000) $2,397 (+7.3%) Shares 40,828 (+3.8%) Est. Cost $62.12 Unrealized —

MDLZ MONDELEZ INTL INC 0.0%

Value ($000) $1,342 (-10.7%) Shares 24,936 (+3.7%) Est. Cost $58.17 Unrealized -1.9%

— RANGE RESOURCES CORP DEL 0.0%

Value ($000) $1,966 (+7.4%) Shares 55,760 (+14.6%) Est. Cost $31.17 Unrealized —

CAT CATERPILLAR INC DEL COM 0.0%

Value ($000) $488 (+34.6%) Shares 852 (+12.1%) Est. Cost $303.00 Unrealized +83.3%

HON HONEYWELL INTL INC 0.0%

Value ($000) $954 (+12.4%) Shares 4,891 (+21.3%) Est. Cost $179.08 Unrealized +8.9%

— BROADCOM INC 0.0%

Value ($000) $531 (+24.4%) Shares 1,533 (+18.6%) Est. Cost $293.16 Unrealized —

SBUX STARBUCKS CORP COM 0.0%

Value ($000) $993 (+10.5%) Shares 11,797 (+11.0%) Est. Cost $84.83 Unrealized -0.9%

MCD MC DONALDS CORP 0.0%

Value ($000) $1,399 (+5.5%) Shares 4,576 (+4.9%) Est. Cost $243.70 Unrealized +25.2%

— McKESSON CORP 0.0%

Value ($000) $1,016 (+7.4%) Shares 1,238 (+1.1%) Est. Cost $773.08 Unrealized —

PFE PFIZER INC 0.0%

Value ($000) $1,104 (+6.7%) Shares 44,330 (+9.2%) Est. Cost $23.52 Unrealized +6.5%

VIG VANGUARD DIVIDEND APPREC 0.0%

Value ($000) $1,154 (+6.2%) Shares 5,249 (+4.3%) Est. Cost $130.04 Unrealized —

SYK STRYKER CORP 0.0%

Value ($000) $1,923 (+3.1%) Shares 5,470 (+8.4%) Est. Cost $257.11 Unrealized +41.4%

VYM VANGUARD HIGH DIVIDEND YIELD E 0.0%

Value ($000) $1,406 (+4.2%) Shares 9,798 (+2.4%) Est. Cost $106.49 Unrealized —

VTI VANGUARD TOTAL STK MKT ETF 0.0%

Value ($000) $709 (+7.2%) Shares 2,115 (+5.0%) Est. Cost $305.41 Unrealized —

SYY SYSCO CORP COM 0.0%

Value ($000) $485 (-8.2%) Shares 6,576 (+2.6%) Est. Cost $78.77 Unrealized -4.1%

— ABBVIE INC SHS 0.1%

Value ($000) $7,832 (+0.5%) Shares 34,277 (+1.8%) Est. Cost $142.05 Unrealized —

CVX CHEVRON CORP 0.0%

Value ($000) $2,142 (+1.6%) Shares 14,055 (+3.6%) Est. Cost $132.48 Unrealized +14.3%

LOW LOWE'S COMPANIES INC 0.1%

Value ($000) $4,999 (-0.6%) Shares 20,729 (+3.6%) Est. Cost $102.73 Unrealized +133.5%

PM PHILIP MORRIS INTL 0.0%

Value ($000) $520 (+5.4%) Shares 3,240 (+6.5%) Est. Cost $166.23 Unrealized -7.6%

— SPDR FUND CONSUMER DISCRE SELE 0.0%

Value ($000) $319 (-6.9%) Shares 2,674 (+86.9%) Est. Cost $135.53 Unrealized —

— NXP SEMICONDUCTORS 0.0%

Value ($000) $1,072 (+2.1%) Shares 4,940 (+7.1%) Est. Cost $230.51 Unrealized —

— W E C ENERGY GROUP INC 0.0%

Value ($000) $815 (+1.9%) Shares 7,732 (+10.8%) Est. Cost $113.70 Unrealized —

VWO VANGUARD FTSE EMERGING MARKETS 0.0%

Value ($000) $1,071 (+0.8%) Shares 19,921 (+1.6%) Est. Cost $41.55 Unrealized —

— TECHNOLOGY SELECT SECTOR SPDR 0.0%

Value ($000) $275 (+2.2%) Shares 1,912 (+100.0%) Est. Cost $198.60 Unrealized —

UNP UNION PACIFIC CORP 0.0%

Value ($000) $237 (-0.8%) Shares 1,024 (+1.4%) Est. Cost $177.18 Unrealized +28.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NOVANTA INC COM NPV	467,719 (+59.3%)	$55,654 (+89.2%)	0.8%	$120.14	—	COM	67000b104
—	KINSALE CAPITAL GROUP INC.	315,756 (+19.2%)	$123,498 (+9.6%)	1.8%	$368.40	—	COM	49714p108
AAPL	APPLE INC	253,165 (+9.3%)	$68,826 (+16.7%)	1.0%	$192.69	+39.3%	COM	037833100
—	PROCORE TECHNOLOGIES INC	1,145,828 (+12.7%)	$83,348 (+12.4%)	1.2%	$70.59	—	COM	74275k108
ONTO	ONTO INNOVATION INC	121,545 (+51.1%)	$19,187 (+84.6%)	0.3%	$118.87	+19.5%	COM	683344105
CWST	CASELLA WASTE SYSTEMS INC CL A	343,498 (+24.2%)	$33,642 (+28.2%)	0.5%	$95.50	-2.8%	COM	147448104
—	SERVICENOW INC	417,591 (+568.2%)	$63,971 (+11.2%)	0.9%	$262.36	—	COM	81762p102
FND	FLOOR & DECOR HOLDINGS, INC.	814,439 (+8.7%)	$49,591 (-10.2%)	0.7%	$80.71	-19.7%	COM	339750101
—	ENSIGN GROUP INC COM	54,378 (+116.9%)	$9,473 (+118.7%)	0.1%	$173.54	—	COM	29358p101
BRO	BROWN & BROWN	386,955 (+35.6%)	$30,840 (+15.2%)	0.4%	$93.55	-10.9%	COM	115236101
—	ALPHABET INC. CLASS A	36,623 (+13.5%)	$11,463 (+46.1%)	0.2%	$172.88	—	COM	02079k305
ESE	ESCO TECHNOLOGIES INC	107,812 (+26.0%)	$21,065 (+16.6%)	0.3%	$185.50	+13.6%	COM	296315104
MASI	MASIMO CORP COM	142,626 (+31.3%)	$18,550 (+15.7%)	0.3%	$149.44	-4.2%	COM	574795100
—	EAGLE MATERIALS INC	101,749 (+2.9%)	$21,029 (-8.8%)	0.3%	$209.71	—	COM	26969p108
—	GOOSEHEAD INSURANCE, INC.	1,044,660 (+3.2%)	$76,939 (+2.1%)	1.1%	$68.39	—	COM	38267d109
APH	AMPHENOL CORP NEW CL A	29,308 (+22.9%)	$3,961 (+34.2%)	0.1%	$68.01	+96.4%	COM	032095101
KO	COCA COLA COM	37,180 (+48.8%)	$2,599 (+56.9%)	0.0%	$58.29	+19.0%	COM	191216100
—	UBER TECHNOLOGIES, INC.	817,443 (+21.6%)	$66,793 (+1.4%)	1.0%	$74.56	—	COM	90353t100
LVMUY	LVMH MOET HENNESSY LOU VUITTON	13,340 (+40.5%)	$2,012 (+73.2%)	0.0%	$145.21	—	COM	502441306
EFA	ISHARES MSCI EAFE ETF	23,852 (+38.3%)	$2,291 (+42.2%)	0.0%	$78.81	—	ETFS	464287465
ADP	AUTO DATA PROCESSING	21,893 (+2.1%)	$5,632 (-10.5%)	0.1%	$151.88	+74.4%	COM	053015103
PG	PROCTER & GAMBLE CO	131,109 (+4.0%)	$18,789 (-3.0%)	0.3%	$80.24	+83.4%	COM	742718109
NSRGY	NESTLE S A F SPONSORED ADR 1 A	7,192 (+219.6%)	$710 (+244.1%)	0.0%	$97.20	—	COM	641069406
HD	HOME DEPOT INC	9,658 (+2.7%)	$3,323 (-12.8%)	0.0%	$273.87	+33.1%	COM	437076102
VOO	VANGUARD S&P 500 ETF	14,472 (+3.1%)	$9,076 (+5.6%)	0.1%	$313.50	—	ETFS	922908363
—	NEXTERA ENERGY INC SHS	25,129 (+23.4%)	$2,017 (+31.2%)	0.0%	$84.73	—	COM	65339f101
—	3M COMPANY	4,971 (+106.7%)	$796 (+113.2%)	0.0%	$144.64	—	COM	88579y101
DXCM	DEXCOM INC	25,317 (+27.7%)	$1,680 (+26.0%)	0.0%	$83.84	-22.9%	COM	252131107
VEU	VANGUARD FTSE ALL WORLD EX US	58,418 (+5.4%)	$4,297 (+8.7%)	0.1%	$49.07	—	ETFS	922042775
ADI	ANALOG DEVICES INC	9,224 (+3.5%)	$2,502 (+14.3%)	0.0%	$159.03	+57.6%	COM	032654105
TJX	TJX COMPANIES INC	8,619 (+22.1%)	$1,324 (+29.8%)	0.0%	$104.63	+41.2%	COM	872540109
—	META PLATFORMS INC CL A	3,931 (+24.2%)	$2,595 (+11.6%)	0.0%	$621.73	—	COM	30303m102
—	NVIDIA CORP	6,642 (+25.5%)	$1,239 (+25.4%)	0.0%	$174.89	—	COM	67066g104
—	EOG RES INC COM	8,458 (+45.4%)	$888 (+36.2%)	0.0%	$120.22	—	COM	26875p101
PEP	PEPSICO INC	12,863 (+12.1%)	$1,846 (+14.6%)	0.0%	$114.15	+27.8%	COM	713448108
DIS	WALT DISNEY CO	16,062 (+13.9%)	$1,827 (+13.1%)	0.0%	$105.53	+3.8%	COM	254687106
—	ORACLE CORP	13,282 (+56.0%)	$2,589 (+8.1%)	0.0%	$208.35	—	COM	68389x105
—	TERRENO REALTY CORP	40,828 (+3.8%)	$2,397 (+7.3%)	0.0%	$62.12	—	COM	88146m101
MDLZ	MONDELEZ INTL INC	24,936 (+3.7%)	$1,342 (-10.7%)	0.0%	$58.17	-1.9%	COM	609207105
—	RANGE RESOURCES CORP DEL	55,760 (+14.6%)	$1,966 (+7.4%)	0.0%	$31.17	—	COM	75281a109
CAT	CATERPILLAR INC DEL COM	852 (+12.1%)	$488 (+34.6%)	0.0%	$303.00	+83.3%	COM	149123101
HON	HONEYWELL INTL INC	4,891 (+21.3%)	$954 (+12.4%)	0.0%	$179.08	+8.9%	COM	438516106
—	BROADCOM INC	1,533 (+18.6%)	$531 (+24.4%)	0.0%	$293.16	—	COM	11135f101
SBUX	STARBUCKS CORP COM	11,797 (+11.0%)	$993 (+10.5%)	0.0%	$84.83	-0.9%	COM	855244109
MCD	MC DONALDS CORP	4,576 (+4.9%)	$1,399 (+5.5%)	0.0%	$243.70	+25.2%	COM	580135101
—	McKESSON CORP	1,238 (+1.1%)	$1,016 (+7.4%)	0.0%	$773.08	—	COM	58155q103
PFE	PFIZER INC	44,330 (+9.2%)	$1,104 (+6.7%)	0.0%	$23.52	+6.5%	COM	717081103
VIG	VANGUARD DIVIDEND APPREC	5,249 (+4.3%)	$1,154 (+6.2%)	0.0%	$130.04	—	ETFS	921908844
SYK	STRYKER CORP	5,470 (+8.4%)	$1,923 (+3.1%)	0.0%	$257.11	+41.4%	COM	863667101
VYM	VANGUARD HIGH DIVIDEND YIELD E	9,798 (+2.4%)	$1,406 (+4.2%)	0.0%	$106.49	—	ETFS	921946406
VTI	VANGUARD TOTAL STK MKT ETF	2,115 (+5.0%)	$709 (+7.2%)	0.0%	$305.41	—	ETFS	922908769
SYY	SYSCO CORP COM	6,576 (+2.6%)	$485 (-8.2%)	0.0%	$78.77	-4.1%	COM	871829107
—	ABBVIE INC SHS	34,277 (+1.8%)	$7,832 (+0.5%)	0.1%	$142.05	—	COM	00287y109
CVX	CHEVRON CORP	14,055 (+3.6%)	$2,142 (+1.6%)	0.0%	$132.48	+14.3%	COM	166764100
LOW	LOWE'S COMPANIES INC	20,729 (+3.6%)	$4,999 (-0.6%)	0.1%	$102.73	+133.5%	COM	548661107
PM	PHILIP MORRIS INTL	3,240 (+6.5%)	$520 (+5.4%)	0.0%	$166.23	-7.6%	COM	718172109
—	SPDR FUND CONSUMER DISCRE SELE	2,674 (+86.9%)	$319 (-6.9%)	0.0%	$135.53	—	ETFS	81369y407
—	NXP SEMICONDUCTORS	4,940 (+7.1%)	$1,072 (+2.1%)	0.0%	$230.51	—	COM	n6596x109
—	W E C ENERGY GROUP INC	7,732 (+10.8%)	$815 (+1.9%)	0.0%	$113.70	—	COM	92939u106
VWO	VANGUARD FTSE EMERGING MARKETS	19,921 (+1.6%)	$1,071 (+0.8%)	0.0%	$41.55	—	ETFS	922042858
—	TECHNOLOGY SELECT SECTOR SPDR	1,912 (+100.0%)	$275 (+2.2%)	0.0%	$198.60	—	ETFS	81369y803
UNP	UNION PACIFIC CORP	1,024 (+1.4%)	$237 (-0.8%)	0.0%	$177.18	+28.3%	COM	907818108

Exited Positions (22)

— IDEX CORP 0.3%

Value ($000) $18,919 Shares 116,241 Est. Cost $213.59 Unrealized —

CRL CHARLES RIVER LABORATORIES INT 0.2%

Value ($000) $11,683 Shares 74,672 Est. Cost $184.89 Unrealized -1.9%

PAAS PAN AMERICAN SILVER 0.1%

Value ($000) $6,168 Shares 159,244 Est. Cost $32.15 Unrealized +30.2%

— ZOETIS INC 0.0%

Value ($000) $3,222 Shares 22,018 Est. Cost $173.67 Unrealized —

— INGERSOLL-RAND, INC. 0.0%

Value ($000) $1,660 Shares 20,094 Est. Cost $65.36 Unrealized —

— NUTRIEN LTD 0.0%

Value ($000) $1,441 Shares 24,550 Est. Cost $56.49 Unrealized —

WSM WILLIAMS SONOMA INC COM 0.0%

Value ($000) $1,384 Shares 7,080 Est. Cost $190.33 Unrealized -1.6%

PGR PROGRESSIVE CORPORATION 0.0%

Value ($000) $951 Shares 3,852 Est. Cost $231.70 Unrealized -8.4%

— GLOBAL X DEFENSE TECH ETF 0.0%

Value ($000) $881 Shares 12,545 Est. Cost $70.24 Unrealized —

KLAC KLA CORPORATION 0.0%

Value ($000) $832 Shares 771 Est. Cost $930.36 Unrealized +26.0%

WSO/B WATSCO CLASS B 0.0%

Value ($000) $499 Shares 1,245 Est. Cost $427.71 Unrealized -14.2%

LII LENNOX INTERNATIONAL INC. 0.0%

Value ($000) $426 Shares 804 Est. Cost $581.04 Unrealized -14.0%

— GOLDMAN SACHS GROUP 0.0%

Value ($000) $403 Shares 506 Est. Cost $796.35 Unrealized —

— CDW CORP COM 0.0%

Value ($000) $323 Shares 2,028 Est. Cost $190.92 Unrealized —

NEM NEWMONT GOLDCORP CORP 0.0%

Value ($000) $295 Shares 3,501 Est. Cost $69.39 Unrealized +30.0%

— INVESCO CURRENCYSHARES SWISS F 0.0%

Value ($000) $285 Shares 2,560 Est. Cost $100.38 Unrealized —

— ALLISON TRANSMISSION HLDGS INC 0.0%

Value ($000) $255 Shares 3,003 Est. Cost $84.88 Unrealized —

BA BOEING CO 0.0%

Value ($000) $238 Shares 1,103 Est. Cost $225.47 Unrealized -8.8%

— OTIS WORLDWIDE ORD SHS 0.0%

Value ($000) $234 Shares 2,555 Est. Cost $97.69 Unrealized —

BMY BRISTOL-MYERS SQUIBB 0.0%

Value ($000) $230 Shares 5,110 Est. Cost $45.51 Unrealized +4.4%

— JACOBS SOLUTIONS INC COM 0.0%

Value ($000) $222 Shares 1,480 Est. Cost $149.86 Unrealized —

— ADOBE SYSTEMS INC 0.0%

Value ($000) $214 Shares 606 Est. Cost $352.75 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	IDEX CORP	116,241	$18,919	0.3%	$213.59	—	—	45167r104
CRL	CHARLES RIVER LABORATORIES INT	74,672	$11,683	0.2%	$184.89	-1.9%	—	159864107
PAAS	PAN AMERICAN SILVER	159,244	$6,168	0.1%	$32.15	+30.2%	—	697900108
—	ZOETIS INC	22,018	$3,222	0.0%	$173.67	—	—	98978v103
—	INGERSOLL-RAND, INC.	20,094	$1,660	0.0%	$65.36	—	—	45687v106
—	NUTRIEN LTD	24,550	$1,441	0.0%	$56.49	—	—	67077m108
WSM	WILLIAMS SONOMA INC COM	7,080	$1,384	0.0%	$190.33	-1.6%	—	969904101
PGR	PROGRESSIVE CORPORATION	3,852	$951	0.0%	$231.70	-8.4%	—	743315103
—	GLOBAL X DEFENSE TECH ETF	12,545	$881	0.0%	$70.24	—	—	37960a529
KLAC	KLA CORPORATION	771	$832	0.0%	$930.36	+26.0%	—	482480100
WSO/B	WATSCO CLASS B	1,245	$499	0.0%	$427.71	-14.2%	—	942622101
LII	LENNOX INTERNATIONAL INC.	804	$426	0.0%	$581.04	-14.0%	—	526107107
—	GOLDMAN SACHS GROUP	506	$403	0.0%	$796.35	—	—	38141g104
—	CDW CORP COM	2,028	$323	0.0%	$190.92	—	—	12514g108
NEM	NEWMONT GOLDCORP CORP	3,501	$295	0.0%	$69.39	+30.0%	—	651639106
—	INVESCO CURRENCYSHARES SWISS F	2,560	$285	0.0%	$100.38	—	—	46138r108
—	ALLISON TRANSMISSION HLDGS INC	3,003	$255	0.0%	$84.88	—	—	01973r101
BA	BOEING CO	1,103	$238	0.0%	$225.47	-8.8%	—	097023105
—	OTIS WORLDWIDE ORD SHS	2,555	$234	0.0%	$97.69	—	—	68902v107
BMY	BRISTOL-MYERS SQUIBB	5,110	$230	0.0%	$45.51	+4.4%	—	110122108
—	JACOBS SOLUTIONS INC COM	1,480	$222	0.0%	$149.86	—	—	46982l108
—	ADOBE SYSTEMS INC	606	$214	0.0%	$352.75	—	—	00724f101

Decreased Positions (122)

SNPS SYNOPSYS INC 0.2%

Value ($000) $13,617 (-80.3%) Shares 28,990 (-79.3%) Est. Cost $565.30 Unrealized -21.4%

— VERALTO CORP 1.6%

Value ($000) $114,121 (-32.2%) Shares 1,143,729 (-27.5%) Est. Cost $85.69 Unrealized —

CPRT COPART INC COM 0.7%

Value ($000) $45,684 (-53.7%) Shares 1,166,892 (-46.8%) Est. Cost $52.59 Unrealized -21.1%

VEEV VEEVA SYSTEMS, INC. 1.9%

Value ($000) $132,777 (-28.3%) Shares 594,801 (-4.3%) Est. Cost $189.12 Unrealized +40.3%

— COSTAR GROUP INC 1.9%

Value ($000) $134,993 (-26.5%) Shares 2,007,630 (-7.8%) Est. Cost $84.16 Unrealized —

VMC VULCAN MATERIALS CO 3.0%

Value ($000) $211,336 (-17.8%) Shares 740,958 (-11.4%) Est. Cost $124.83 Unrealized +134.8%

MANH MANHATTAN ASSOCS INC COM 1.1%

Value ($000) $79,114 (-34.1%) Shares 456,491 (-22.0%) Est. Cost $204.36 Unrealized -10.5%

TYL TYLER TECHNOLOGIES INC 1.3%

Value ($000) $91,359 (-30.9%) Shares 201,254 (-20.4%) Est. Cost $479.93 Unrealized -0.7%

FAST FASTENAL CO 1.7%

Value ($000) $116,349 (-24.8%) Shares 2,899,293 (-8.1%) Est. Cost $22.04 Unrealized +90.7%

HEI/A HEICO CORP CL A 3.6%

Value ($000) $249,420 (-12.7%) Shares 988,075 (-12.1%) Est. Cost $99.65 Unrealized +147.8%

— ALPHABET INC CL C 3.7%

Value ($000) $258,863 (+15.0%) Shares 824,929 (-10.8%) Est. Cost $123.76 Unrealized —

ECL ECOLAB INC 2.7%

Value ($000) $186,369 (-13.6%) Shares 709,923 (-9.8%) Est. Cost $103.84 Unrealized +155.9%

— MASTERCARD INC CL A 2.6%

Value ($000) $181,690 (-13.3%) Shares 318,262 (-13.6%) Est. Cost $394.48 Unrealized —

MSFT MICROSOFT CORP 2.2%

Value ($000) $154,982 (-14.1%) Shares 320,463 (-8.0%) Est. Cost $209.17 Unrealized +139.3%

MSI MOTOROLA SOLUTIONS INC. 0.5%

Value ($000) $34,885 (-42.1%) Shares 91,007 (-30.9%) Est. Cost $431.39 Unrealized -7.1%

— APPFOLIO, INC 1.3%

Value ($000) $93,408 (-20.8%) Shares 401,494 (-6.1%) Est. Cost $200.78 Unrealized —

MPWR MONOLITHIC PWR SYS INC COM 1.7%

Value ($000) $115,359 (-16.3%) Shares 127,277 (-15.0%) Est. Cost $588.18 Unrealized +63.3%

CDNS CADENCE DESIGN SYS 1.6%

Value ($000) $112,139 (-16.6%) Shares 358,753 (-6.2%) Est. Cost $281.85 Unrealized +15.8%

— WASTE CONNECTIONS INC 2.6%

Value ($000) $182,540 (-10.7%) Shares 1,040,943 (-10.5%) Est. Cost $142.76 Unrealized —

— INTUITIVE SURGICAL INC 2.5%

Value ($000) $172,961 (+13.8%) Shares 305,391 (-10.1%) Est. Cost $343.18 Unrealized —

BAH BOOZ ALLEN HAMILTON HOLDING CO 0.5%

Value ($000) $31,988 (-39.1%) Shares 379,188 (-27.8%) Est. Cost $116.49 Unrealized -24.0%

— GUIDEWIRE SOFTWARE INC 1.3%

Value ($000) $91,019 (-18.3%) Shares 452,807 (-6.6%) Est. Cost $76.08 Unrealized —

TDG TRANSDIGM GROUP INC 2.9%

Value ($000) $199,142 (-9.1%) Shares 149,748 (-9.9%) Est. Cost $252.00 Unrealized +420.1%

— VISA INC CL A 3.4%

Value ($000) $236,038 (-7.7%) Shares 673,030 (-10.2%) Est. Cost $237.48 Unrealized —

— VERISK ANALYTICS INC 0.6%

Value ($000) $40,245 (-29.4%) Shares 179,913 (-20.6%) Est. Cost $234.88 Unrealized —

MORN MORNINGSTAR INC 0.5%

Value ($000) $31,638 (-31.7%) Shares 145,591 (-27.1%) Est. Cost $266.36 Unrealized -18.7%

WST WEST PHARMACEUTICALS, INC. 1.3%

Value ($000) $87,930 (-12.6%) Shares 319,582 (-16.7%) Est. Cost $320.78 Unrealized -14.8%

— PTC INC 0.8%

Value ($000) $53,446 (-18.8%) Shares 306,792 (-5.4%) Est. Cost $165.92 Unrealized —

AMZN AMAZON.COM INC 2.9%

Value ($000) $201,893 (-5.7%) Shares 874,676 (-10.3%) Est. Cost $120.32 Unrealized +90.1%

MCO MOODYS CORP 2.6%

Value ($000) $179,783 (-6.0%) Shares 351,928 (-12.3%) Est. Cost $110.76 Unrealized +340.0%

TEAM ATLASSIAN CORPORATION CL A 0.5%

Value ($000) $33,177 (-25.3%) Shares 204,622 (-26.5%) Est. Cost $171.61 Unrealized -8.6%

ABT ABBOTT LABORATORIES 0.1%

Value ($000) $3,844 (-73.7%) Shares 30,684 (-71.9%) Est. Cost $119.35 Unrealized +6.7%

RGEN REPLIGEN CORPORATION 1.2%

Value ($000) $81,201 (+13.6%) Shares 495,550 (-7.3%) Est. Cost $154.03 Unrealized +1.7%

— O REILLY AUTOMOTIVE 0.6%

Value ($000) $44,515 (-17.0%) Shares 488,052 (-1.9%) Est. Cost $114.52 Unrealized —

MUSA MURPHY USA INC COM 0.3%

Value ($000) $18,124 (-33.1%) Shares 44,916 (-35.7%) Est. Cost $346.86 Unrealized +10.5%

— S & P GLOBAL INC 1.8%

Value ($000) $126,259 (-6.6%) Shares 241,603 (-13.0%) Est. Cost $400.89 Unrealized —

— CROWDSTRIKE HOLDINGS, INC. 0.4%

Value ($000) $29,000 (-23.4%) Shares 61,865 (-19.8%) Est. Cost $195.81 Unrealized —

— PERIMETER SOLUTIONS INC 1.0%

Value ($000) $69,800 (+13.4%) Shares 2,535,404 (-7.8%) Est. Cost $12.48 Unrealized —

SHW SHERWIN-WILLIAMS 0.6%

Value ($000) $38,505 (-15.6%) Shares 118,832 (-9.8%) Est. Cost $251.81 Unrealized +32.7%

— HEALTHEQUITY, INC. 0.2%

Value ($000) $12,841 (-34.2%) Shares 140,169 (-31.9%) Est. Cost $67.71 Unrealized —

— SPS COMMERCE INC 0.3%

Value ($000) $18,073 (-26.9%) Shares 202,771 (-14.6%) Est. Cost $153.69 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 1.5%

Value ($000) $104,291 (+6.6%) Shares 179,983 (-10.8%) Est. Cost $261.98 Unrealized +115.7%

— CBRE GROUP INC 2.0%

Value ($000) $138,389 (-4.5%) Shares 860,684 (-6.4%) Est. Cost $81.90 Unrealized —

INTU INTUIT INC. 0.9%

Value ($000) $59,946 (-9.5%) Shares 90,496 (-6.7%) Est. Cost $508.99 Unrealized +29.8%

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $11,240 (-36.0%) Shares 54,315 (-42.6%) Est. Cost $118.02 Unrealized +66.9%

— AMERICAN TOWER CORP 0.4%

Value ($000) $28,099 (-16.8%) Shares 160,045 (-8.9%) Est. Cost $193.94 Unrealized —

— EXPONENT INC 0.1%

Value ($000) $8,278 (-39.5%) Shares 119,183 (-39.5%) Est. Cost $97.94 Unrealized —

— RBC BEARINGS INC 0.6%

Value ($000) $42,832 (+12.9%) Shares 95,516 (-1.8%) Est. Cost $316.32 Unrealized —

JBTM JBT MAREL CORPORATION COM 0.1%

Value ($000) $5,708 (-45.9%) Shares 37,883 (-49.6%) Est. Cost $104.36 Unrealized +35.0%

— ENTEGRIS INC 0.4%

Value ($000) $24,784 (-16.0%) Shares 294,170 (-7.8%) Est. Cost $103.17 Unrealized —

UTZ UTZ BRANDS INC. 0.2%

Value ($000) $13,486 (-24.5%) Shares 1,299,250 (-11.7%) Est. Cost $14.35 Unrealized -24.8%

— SITEONE LANDSCAPE SUPPLY, INC. 0.6%

Value ($000) $44,410 (-8.8%) Shares 356,537 (-5.7%) Est. Cost $162.31 Unrealized —

DSGX THE DESCARTES SYSTEMS GROUP IN 0.4%

Value ($000) $30,865 (-12.0%) Shares 352,094 (-5.4%) Est. Cost $80.21 Unrealized +11.4%

BAC BANK AMER CORP COM 0.0%

Value ($000) $921 (-80.6%) Shares 16,745 (-81.8%) Est. Cost $44.60 Unrealized +18.1%

DHR DANAHER CORP 1.6%

Value ($000) $111,213 (+3.6%) Shares 485,817 (-10.3%) Est. Cost $102.67 Unrealized +113.8%

ROP ROPER TECHNOLOGIES INC 0.3%

Value ($000) $18,340 (-16.9%) Shares 41,201 (-6.9%) Est. Cost $163.99 Unrealized +181.8%

PAYX PAYCHEX INC 0.1%

Value ($000) $3,632 (-50.6%) Shares 32,378 (-44.2%) Est. Cost $82.15 Unrealized +41.9%

— MERCK & CO. INC. 0.0%

Value ($000) $3,457 (-49.8%) Shares 32,842 (-60.0%) Est. Cost $81.50 Unrealized —

— ASML HOLDINGS 1.1%

Value ($000) $75,781 (+4.5%) Shares 70,832 (-5.4%) Est. Cost $902.27 Unrealized —

MTD METTLER TOLEDO INTL 0.6%

Value ($000) $43,151 (+7.1%) Shares 30,950 (-5.7%) Est. Cost $1276.92 Unrealized +9.4%

ODFL OLD DOMINION FGHT LINES INC CO 0.7%

Value ($000) $49,097 (+5.8%) Shares 313,118 (-5.1%) Est. Cost $163.90 Unrealized -12.6%

FSS FEDERAL SIGNAL CORP 0.3%

Value ($000) $21,664 (-10.6%) Shares 199,505 (-2.1%) Est. Cost $89.46 Unrealized +27.9%

— AGILYSYS INC 0.3%

Value ($000) $24,102 (+11.3%) Shares 202,813 (-1.4%) Est. Cost $104.61 Unrealized —

FISV FISERV INC COM 0.0%

Value ($000) $2,179 (-51.9%) Shares 32,435 (-7.7%) Est. Cost $64.57 Unrealized +29.9%

— MEDPACE HOLDINGS, INC. 0.4%

Value ($000) $30,701 (-6.9%) Shares 54,661 (-14.8%) Est. Cost $301.90 Unrealized —

— BIO-TECHNE CORP 2.2%

Value ($000) $152,448 (-1.5%) Shares 2,592,215 (-6.8%) Est. Cost $80.32 Unrealized —

MKL MARKEL GROUP INC 1.1%

Value ($000) $73,806 (-2.8%) Shares 34,334 (-13.5%) Est. Cost $942.91 Unrealized +114.9%

ALRM ALARM.COM 0.3%

Value ($000) $20,930 (-8.7%) Shares 410,231 (-5.0%) Est. Cost $62.98 Unrealized -19.1%

— KADANT INC 0.2%

Value ($000) $13,569 (-12.2%) Shares 47,606 (-8.3%) Est. Cost $290.29 Unrealized —

MCHP MICROCHIP TECH INC 0.4%

Value ($000) $24,845 (-6.8%) Shares 389,906 (-6.1%) Est. Cost $74.76 Unrealized -17.9%

BMI BADGER METER INC COM 0.3%

Value ($000) $21,249 (-7.0%) Shares 121,832 (-4.8%) Est. Cost $195.98 Unrealized -8.3%

HLNE HAMILTON LANE INC 0.5%

Value ($000) $37,038 (-3.9%) Shares 275,763 (-3.5%) Est. Cost $90.71 Unrealized +38.6%

LMAT LEMAITRE VASCULAR 0.2%

Value ($000) $14,126 (-9.5%) Shares 174,178 (-2.4%) Est. Cost $49.15 Unrealized +74.9%

BRK/B BERKSHIRE HATHAWAY INC CL B 0.2%

Value ($000) $10,738 (-11.8%) Shares 21,363 (-11.8%) Est. Cost $200.78 Unrealized +147.8%

AXP AMERICAN EXPRESS CO 0.0%

Value ($000) $346 (-80.2%) Shares 936 (-82.2%) Est. Cost $293.65 Unrealized +21.6%

— CORE & MAIN INC CL A 0.4%

Value ($000) $26,066 (-4.9%) Shares 501,558 (-1.5%) Est. Cost $38.97 Unrealized —

— MSCI INC COM 1.0%

Value ($000) $68,099 (-1.9%) Shares 118,696 (-3.0%) Est. Cost $540.48 Unrealized —

QCOM QUALCOMM INC 0.6%

Value ($000) $44,177 (-2.8%) Shares 258,267 (-5.5%) Est. Cost $98.08 Unrealized +74.1%

— APPLIED INDL TECHNOLOGIES INC 0.4%

Value ($000) $24,461 (-4.3%) Shares 95,265 (-2.7%) Est. Cost $232.56 Unrealized —

ILMN ILLUMINA INC 0.0%

Value ($000) $628 (-60.0%) Shares 4,790 (-71.0%) Est. Cost $227.77 Unrealized -48.5%

ISHG ISHARES 1-3 YEAR INTERNATIONAL 0.0%

Value ($000) $632 (-59.3%) Shares 8,400 (-58.8%) Est. Cost $70.38 Unrealized —

— SPDR BLOOMBERG SHORT TERM INTE 0.0%

Value ($000) $611 (-59.5%) Shares 22,300 (-58.9%) Est. Cost $26.26 Unrealized —

EMR EMERSON ELECTRIC CO 0.0%

Value ($000) $585 (-56.5%) Shares 4,410 (-57.0%) Est. Cost $100.13 Unrealized +32.2%

SSD SIMPSON MANUFACTURING CO 0.2%

Value ($000) $11,618 (-5.0%) Shares 71,952 (-1.4%) Est. Cost $127.66 Unrealized +32.2%

— T ROWE PRICE GROUP INC 0.1%

Value ($000) $6,863 (-5.7%) Shares 67,031 (-5.5%) Est. Cost $111.40 Unrealized —

— DOUGLAS DYNAMICS INC 0.3%

Value ($000) $17,606 (+2.3%) Shares 539,236 (-2.1%) Est. Cost $28.57 Unrealized —

— POOL CORPORATION 0.0%

Value ($000) $460 (-45.7%) Shares 2,013 (-26.3%) Est. Cost $212.23 Unrealized —

— CROWN CASTLE INC 0.0%

Value ($000) $2,387 (-13.4%) Shares 26,859 (-6.0%) Est. Cost $91.50 Unrealized —

MS MORGAN STANLEY 0.0%

Value ($000) $320 (-53.5%) Shares 1,805 (-58.3%) Est. Cost $135.02 Unrealized +23.3%

TSCO TRACTOR SUPPLY COMP 0.0%

Value ($000) $1,933 (-15.2%) Shares 38,650 (-3.6%) Est. Cost $58.52 Unrealized -8.2%

CSW CSW INDUSTRIALS INC 0.4%

Value ($000) $27,102 (-1.2%) Shares 92,332 (-18.3%) Est. Cost $256.64 Unrealized +3.8%

ITW ILLINOIS TOOL WORKS 0.0%

Value ($000) $1,227 (-20.8%) Shares 4,980 (-16.2%) Est. Cost $210.06 Unrealized +17.9%

LH LABCORP HOLDINGS INC 0.0%

Value ($000) $676 (-32.3%) Shares 2,695 (-22.5%) Est. Cost $214.65 Unrealized +23.5%

— IDEXX LABS INC 0.4%

Value ($000) $28,710 (+1.1%) Shares 42,437 (-4.5%) Est. Cost $309.51 Unrealized —

— INVESCO S&P 500 MOMENTUM ETF 0.0%

Value ($000) $581 (-34.6%) Shares 4,872 (-33.7%) Est. Cost $121.06 Unrealized —

— SHOPIFY INC. 0.1%

Value ($000) $5,367 (+5.4%) Shares 33,341 (-2.7%) Est. Cost $65.25 Unrealized —

— CONSTELLATION SOFTWARE F 0.0%

Value ($000) $1,490 (-15.6%) Shares 621 (-4.5%) Est. Cost $678.09 Unrealized —

— NOVARTIS AG F SPONSORED ADR 1 0.0%

Value ($000) $459 (-36.8%) Shares 3,331 (-41.2%) Est. Cost $100.79 Unrealized —

WRB BERKLEY W R CORP 0.0%

Value ($000) $914 (-22.0%) Shares 13,040 (-14.7%) Est. Cost $31.93 Unrealized +127.8%

— M & T BANK CORP 0.0%

Value ($000) $396 (-39.3%) Shares 1,963 (-40.5%) Est. Cost $155.52 Unrealized —

— SERVICETITAN INC CL A 0.1%

Value ($000) $9,540 (+2.5%) Shares 89,575 (-3.0%) Est. Cost $101.74 Unrealized —

— RTX CORP 0.0%

Value ($000) $620 (-26.3%) Shares 3,383 (-32.7%) Est. Cost $111.38 Unrealized —

— ACCENTURE PLC F CLASS A 0.0%

Value ($000) $641 (-24.2%) Shares 2,388 (-30.3%) Est. Cost $245.10 Unrealized —

PNC PNC FINL SERVICES 0.0%

Value ($000) $752 (-19.6%) Shares 3,601 (-22.6%) Est. Cost $115.00 Unrealized +67.6%

— CISCO SYSTEMS INC 0.1%

Value ($000) $3,681 (+4.1%) Shares 47,788 (-7.5%) Est. Cost $34.55 Unrealized —

WFC WELLS FARGO BK N A 0.0%

Value ($000) $297 (-31.2%) Shares 3,189 (-38.1%) Est. Cost $73.46 Unrealized +17.9%

— VENTAS INC REIT 0.0%

Value ($000) $366 (-25.8%) Shares 4,729 (-32.9%) Est. Cost $62.98 Unrealized —

— CAMECO CORP 0.0%

Value ($000) $3,345 (+3.8%) Shares 36,561 (-4.9%) Est. Cost $34.20 Unrealized —

— UNITEDHEALTH GRP INC 0.0%

Value ($000) $884 (-11.6%) Shares 2,677 (-7.6%) Est. Cost $254.32 Unrealized —

— SBA COMMUNICATIONS CORP CL A 0.0%

Value ($000) $1,359 (-7.6%) Shares 7,024 (-7.7%) Est. Cost $231.76 Unrealized —

— CAPITAL ONE FINL CORP COM 0.1%

Value ($000) $7,086 (+1.6%) Shares 29,236 (-10.9%) Est. Cost $158.04 Unrealized —

— BLACKSTONE GROUP ORD SHS CLASS 0.0%

Value ($000) $878 (-10.9%) Shares 5,694 (-1.2%) Est. Cost $131.37 Unrealized —

— EDWARDS LIFESCIENCES 0.0%

Value ($000) $1,873 (+6.0%) Shares 21,973 (-3.3%) Est. Cost $74.34 Unrealized —

HAYW HAYWARD HOLDINGS INC 0.5%

Value ($000) $35,181 (+0.3%) Shares 2,277,103 (-1.9%) Est. Cost $14.51 Unrealized +8.9%

— COMCAST CORP NEW CL A 0.0%

Value ($000) $523 (-8.6%) Shares 17,492 (-3.9%) Est. Cost $35.61 Unrealized —

TRMB TRIMBLE INC 0.0%

Value ($000) $340 (-9.3%) Shares 4,345 (-5.4%) Est. Cost $42.24 Unrealized +88.6%

— BOOKING HOLDING, INC. 0.0%

Value ($000) $798 (-2.8%) Shares 149 (-2.0%) Est. Cost $3878.97 Unrealized —

BOH BANK OF HAWAII CORP 0.0%

Value ($000) $207 (-8.2%) Shares 3,025 (-11.9%) Est. Cost $64.69 Unrealized +1.2%

— EXXON MOBIL CORP 0.0%

Value ($000) $1,589 (-1.1%) Shares 13,205 (-7.4%) Est. Cost $94.03 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD A 0.0%

Value ($000) $279 (+3.8%) Shares 918 (-4.6%) Est. Cost $279.29 Unrealized —

IBM IBM CORP 0.0%

Value ($000) $1,113 (-0.8%) Shares 3,757 (-5.5%) Est. Cost $129.79 Unrealized +130.2%

VEA VANGUARD FTSE DEVELOPED MARKET 0.0%

Value ($000) $253 (+0.4%) Shares 4,045 (-3.7%) Est. Cost $47.90 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNPS	SYNOPSYS INC	28,990 (-79.3%)	$13,617 (-80.3%)	0.2%	$565.30	-21.4%	COM	871607107
—	VERALTO CORP	1,143,729 (-27.5%)	$114,121 (-32.2%)	1.6%	$85.69	—	COM	92338c103
CPRT	COPART INC COM	1,166,892 (-46.8%)	$45,684 (-53.7%)	0.7%	$52.59	-21.1%	COM	217204106
VEEV	VEEVA SYSTEMS, INC.	594,801 (-4.3%)	$132,777 (-28.3%)	1.9%	$189.12	+40.3%	COM	922475108
—	COSTAR GROUP INC	2,007,630 (-7.8%)	$134,993 (-26.5%)	1.9%	$84.16	—	COM	22160n109
VMC	VULCAN MATERIALS CO	740,958 (-11.4%)	$211,336 (-17.8%)	3.0%	$124.83	+134.8%	COM	929160109
MANH	MANHATTAN ASSOCS INC COM	456,491 (-22.0%)	$79,114 (-34.1%)	1.1%	$204.36	-10.5%	COM	562750109
TYL	TYLER TECHNOLOGIES INC	201,254 (-20.4%)	$91,359 (-30.9%)	1.3%	$479.93	-0.7%	COM	902252105
FAST	FASTENAL CO	2,899,293 (-8.1%)	$116,349 (-24.8%)	1.7%	$22.04	+90.7%	COM	311900104
HEI/A	HEICO CORP CL A	988,075 (-12.1%)	$249,420 (-12.7%)	3.6%	$99.65	+147.8%	COM	422806208
—	ALPHABET INC CL C	824,929 (-10.8%)	$258,863 (+15.0%)	3.7%	$123.76	—	COM	02079k107
ECL	ECOLAB INC	709,923 (-9.8%)	$186,369 (-13.6%)	2.7%	$103.84	+155.9%	COM	278865100
—	MASTERCARD INC CL A	318,262 (-13.6%)	$181,690 (-13.3%)	2.6%	$394.48	—	COM	57636q104
MSFT	MICROSOFT CORP	320,463 (-8.0%)	$154,982 (-14.1%)	2.2%	$209.17	+139.3%	COM	594918104
MSI	MOTOROLA SOLUTIONS INC.	91,007 (-30.9%)	$34,885 (-42.1%)	0.5%	$431.39	-7.1%	COM	620076307
—	APPFOLIO, INC	401,494 (-6.1%)	$93,408 (-20.8%)	1.3%	$200.78	—	COM	03783c100
MPWR	MONOLITHIC PWR SYS INC COM	127,277 (-15.0%)	$115,359 (-16.3%)	1.7%	$588.18	+63.3%	COM	609839105
CDNS	CADENCE DESIGN SYS	358,753 (-6.2%)	$112,139 (-16.6%)	1.6%	$281.85	+15.8%	COM	127387108
—	WASTE CONNECTIONS INC	1,040,943 (-10.5%)	$182,540 (-10.7%)	2.6%	$142.76	—	COM	94106b101
—	INTUITIVE SURGICAL INC	305,391 (-10.1%)	$172,961 (+13.8%)	2.5%	$343.18	—	COM	46120e602
BAH	BOOZ ALLEN HAMILTON HOLDING CO	379,188 (-27.8%)	$31,988 (-39.1%)	0.5%	$116.49	-24.0%	COM	099502106
—	GUIDEWIRE SOFTWARE INC	452,807 (-6.6%)	$91,019 (-18.3%)	1.3%	$76.08	—	COM	40171v100
TDG	TRANSDIGM GROUP INC	149,748 (-9.9%)	$199,142 (-9.1%)	2.9%	$252.00	+420.1%	COM	893641100
—	VISA INC CL A	673,030 (-10.2%)	$236,038 (-7.7%)	3.4%	$237.48	—	COM	92826c839
—	VERISK ANALYTICS INC	179,913 (-20.6%)	$40,245 (-29.4%)	0.6%	$234.88	—	COM	92345y106
MORN	MORNINGSTAR INC	145,591 (-27.1%)	$31,638 (-31.7%)	0.5%	$266.36	-18.7%	COM	617700109
WST	WEST PHARMACEUTICALS, INC.	319,582 (-16.7%)	$87,930 (-12.6%)	1.3%	$320.78	-14.8%	COM	955306105
—	PTC INC	306,792 (-5.4%)	$53,446 (-18.8%)	0.8%	$165.92	—	COM	69370c100
AMZN	AMAZON.COM INC	874,676 (-10.3%)	$201,893 (-5.7%)	2.9%	$120.32	+90.1%	COM	023135106
MCO	MOODYS CORP	351,928 (-12.3%)	$179,783 (-6.0%)	2.6%	$110.76	+340.0%	COM	615369105
TEAM	ATLASSIAN CORPORATION CL A	204,622 (-26.5%)	$33,177 (-25.3%)	0.5%	$171.61	-8.6%	COM	049468101
ABT	ABBOTT LABORATORIES	30,684 (-71.9%)	$3,844 (-73.7%)	0.1%	$119.35	+6.7%	COM	002824100
RGEN	REPLIGEN CORPORATION	495,550 (-7.3%)	$81,201 (+13.6%)	1.2%	$154.03	+1.7%	COM	759916109
—	O REILLY AUTOMOTIVE	488,052 (-1.9%)	$44,515 (-17.0%)	0.6%	$114.52	—	COM	67103h107
MUSA	MURPHY USA INC COM	44,916 (-35.7%)	$18,124 (-33.1%)	0.3%	$346.86	+10.5%	COM	626755102
—	S & P GLOBAL INC	241,603 (-13.0%)	$126,259 (-6.6%)	1.8%	$400.89	—	COM	78409v104
—	CROWDSTRIKE HOLDINGS, INC.	61,865 (-19.8%)	$29,000 (-23.4%)	0.4%	$195.81	—	COM	22788c105
—	PERIMETER SOLUTIONS INC	2,535,404 (-7.8%)	$69,800 (+13.4%)	1.0%	$12.48	—	COM	71385m107
SHW	SHERWIN-WILLIAMS	118,832 (-9.8%)	$38,505 (-15.6%)	0.6%	$251.81	+32.7%	COM	824348106
—	HEALTHEQUITY, INC.	140,169 (-31.9%)	$12,841 (-34.2%)	0.2%	$67.71	—	COM	42226a107
—	SPS COMMERCE INC	202,771 (-14.6%)	$18,073 (-26.9%)	0.3%	$153.69	—	COM	78463m107
TMO	THERMO FISHER SCIENTIFIC INC	179,983 (-10.8%)	$104,291 (+6.6%)	1.5%	$261.98	+115.7%	COM	883556102
—	CBRE GROUP INC	860,684 (-6.4%)	$138,389 (-4.5%)	2.0%	$81.90	—	COM	12504l109
INTU	INTUIT INC.	90,496 (-6.7%)	$59,946 (-9.5%)	0.9%	$508.99	+29.8%	COM	461202103
JNJ	JOHNSON & JOHNSON	54,315 (-42.6%)	$11,240 (-36.0%)	0.2%	$118.02	+66.9%	COM	478160104
—	AMERICAN TOWER CORP	160,045 (-8.9%)	$28,099 (-16.8%)	0.4%	$193.94	—	COM	03027x100
—	EXPONENT INC	119,183 (-39.5%)	$8,278 (-39.5%)	0.1%	$97.94	—	COM	30214u102
—	RBC BEARINGS INC	95,516 (-1.8%)	$42,832 (+12.9%)	0.6%	$316.32	—	COM	75524b104
JBTM	JBT MAREL CORPORATION COM	37,883 (-49.6%)	$5,708 (-45.9%)	0.1%	$104.36	+35.0%	COM	477839104
—	ENTEGRIS INC	294,170 (-7.8%)	$24,784 (-16.0%)	0.4%	$103.17	—	COM	29362u104
UTZ	UTZ BRANDS INC.	1,299,250 (-11.7%)	$13,486 (-24.5%)	0.2%	$14.35	-24.8%	COM	918090101
—	SITEONE LANDSCAPE SUPPLY, INC.	356,537 (-5.7%)	$44,410 (-8.8%)	0.6%	$162.31	—	COM	82982l103
DSGX	THE DESCARTES SYSTEMS GROUP IN	352,094 (-5.4%)	$30,865 (-12.0%)	0.4%	$80.21	+11.4%	COM	249906108
BAC	BANK AMER CORP COM	16,745 (-81.8%)	$921 (-80.6%)	0.0%	$44.60	+18.1%	COM	060505104
DHR	DANAHER CORP	485,817 (-10.3%)	$111,213 (+3.6%)	1.6%	$102.67	+113.8%	COM	235851102
ROP	ROPER TECHNOLOGIES INC	41,201 (-6.9%)	$18,340 (-16.9%)	0.3%	$163.99	+181.8%	COM	776696106
PAYX	PAYCHEX INC	32,378 (-44.2%)	$3,632 (-50.6%)	0.1%	$82.15	+41.9%	COM	704326107
—	MERCK & CO. INC.	32,842 (-60.0%)	$3,457 (-49.8%)	0.0%	$81.50	—	COM	58933y105
—	ASML HOLDINGS	70,832 (-5.4%)	$75,781 (+4.5%)	1.1%	$902.27	—	COM	n07059210
MTD	METTLER TOLEDO INTL	30,950 (-5.7%)	$43,151 (+7.1%)	0.6%	$1276.92	+9.4%	COM	592688105
ODFL	OLD DOMINION FGHT LINES INC CO	313,118 (-5.1%)	$49,097 (+5.8%)	0.7%	$163.90	-12.6%	COM	679580100
FSS	FEDERAL SIGNAL CORP	199,505 (-2.1%)	$21,664 (-10.6%)	0.3%	$89.46	+27.9%	COM	313855108
—	AGILYSYS INC	202,813 (-1.4%)	$24,102 (+11.3%)	0.3%	$104.61	—	COM	00847j105
FISV	FISERV INC COM	32,435 (-7.7%)	$2,179 (-51.9%)	0.0%	$64.57	+29.9%	COM	337738108
—	MEDPACE HOLDINGS, INC.	54,661 (-14.8%)	$30,701 (-6.9%)	0.4%	$301.90	—	COM	58506q109
—	BIO-TECHNE CORP	2,592,215 (-6.8%)	$152,448 (-1.5%)	2.2%	$80.32	—	COM	09073m104
MKL	MARKEL GROUP INC	34,334 (-13.5%)	$73,806 (-2.8%)	1.1%	$942.91	+114.9%	COM	570535104
ALRM	ALARM.COM	410,231 (-5.0%)	$20,930 (-8.7%)	0.3%	$62.98	-19.1%	COM	011642105
—	KADANT INC	47,606 (-8.3%)	$13,569 (-12.2%)	0.2%	$290.29	—	COM	48282t104
MCHP	MICROCHIP TECH INC	389,906 (-6.1%)	$24,845 (-6.8%)	0.4%	$74.76	-17.9%	COM	595017104
BMI	BADGER METER INC COM	121,832 (-4.8%)	$21,249 (-7.0%)	0.3%	$195.98	-8.3%	COM	056525108
HLNE	HAMILTON LANE INC	275,763 (-3.5%)	$37,038 (-3.9%)	0.5%	$90.71	+38.6%	COM	407497106
LMAT	LEMAITRE VASCULAR	174,178 (-2.4%)	$14,126 (-9.5%)	0.2%	$49.15	+74.9%	COM	525558201
BRK/B	BERKSHIRE HATHAWAY INC CL B	21,363 (-11.8%)	$10,738 (-11.8%)	0.2%	$200.78	+147.8%	COM	084670702
AXP	AMERICAN EXPRESS CO	936 (-82.2%)	$346 (-80.2%)	0.0%	$293.65	+21.6%	COM	025816109
—	CORE & MAIN INC CL A	501,558 (-1.5%)	$26,066 (-4.9%)	0.4%	$38.97	—	COM	21874c102
—	MSCI INC COM	118,696 (-3.0%)	$68,099 (-1.9%)	1.0%	$540.48	—	COM	55354g100
QCOM	QUALCOMM INC	258,267 (-5.5%)	$44,177 (-2.8%)	0.6%	$98.08	+74.1%	COM	747525103
—	APPLIED INDL TECHNOLOGIES INC	95,265 (-2.7%)	$24,461 (-4.3%)	0.4%	$232.56	—	COM	03820c105
ILMN	ILLUMINA INC	4,790 (-71.0%)	$628 (-60.0%)	0.0%	$227.77	-48.5%	COM	452327109
ISHG	ISHARES 1-3 YEAR INTERNATIONAL	8,400 (-58.8%)	$632 (-59.3%)	0.0%	$70.38	—	ETFS	464288125
—	SPDR BLOOMBERG SHORT TERM INTE	22,300 (-58.9%)	$611 (-59.5%)	0.0%	$26.26	—	ETFS	78464a334
EMR	EMERSON ELECTRIC CO	4,410 (-57.0%)	$585 (-56.5%)	0.0%	$100.13	+32.2%	COM	291011104
SSD	SIMPSON MANUFACTURING CO	71,952 (-1.4%)	$11,618 (-5.0%)	0.2%	$127.66	+32.2%	COM	829073105
—	T ROWE PRICE GROUP INC	67,031 (-5.5%)	$6,863 (-5.7%)	0.1%	$111.40	—	COM	74144t108
—	DOUGLAS DYNAMICS INC	539,236 (-2.1%)	$17,606 (+2.3%)	0.3%	$28.57	—	COM	25960r105
—	POOL CORPORATION	2,013 (-26.3%)	$460 (-45.7%)	0.0%	$212.23	—	COM	73278l105
—	CROWN CASTLE INC	26,859 (-6.0%)	$2,387 (-13.4%)	0.0%	$91.50	—	COM	22822v101
MS	MORGAN STANLEY	1,805 (-58.3%)	$320 (-53.5%)	0.0%	$135.02	+23.3%	COM	617446448
TSCO	TRACTOR SUPPLY COMP	38,650 (-3.6%)	$1,933 (-15.2%)	0.0%	$58.52	-8.2%	COM	892356106
CSW	CSW INDUSTRIALS INC	92,332 (-18.3%)	$27,102 (-1.2%)	0.4%	$256.64	+3.8%	COM	126402106
ITW	ILLINOIS TOOL WORKS	4,980 (-16.2%)	$1,227 (-20.8%)	0.0%	$210.06	+17.9%	COM	452308109
LH	LABCORP HOLDINGS INC	2,695 (-22.5%)	$676 (-32.3%)	0.0%	$214.65	+23.5%	COM	504922105
—	IDEXX LABS INC	42,437 (-4.5%)	$28,710 (+1.1%)	0.4%	$309.51	—	COM	45168d104
—	INVESCO S&P 500 MOMENTUM ETF	4,872 (-33.7%)	$581 (-34.6%)	0.0%	$121.06	—	ETFS	46138e339
—	SHOPIFY INC.	33,341 (-2.7%)	$5,367 (+5.4%)	0.1%	$65.25	—	COM	82509l107
—	CONSTELLATION SOFTWARE F	621 (-4.5%)	$1,490 (-15.6%)	0.0%	$678.09	—	COM	21037x100
—	NOVARTIS AG F SPONSORED ADR 1	3,331 (-41.2%)	$459 (-36.8%)	0.0%	$100.79	—	COM	66987v109
WRB	BERKLEY W R CORP	13,040 (-14.7%)	$914 (-22.0%)	0.0%	$31.93	+127.8%	COM	084423102
—	M & T BANK CORP	1,963 (-40.5%)	$396 (-39.3%)	0.0%	$155.52	—	COM	55261f104
—	SERVICETITAN INC CL A	89,575 (-3.0%)	$9,540 (+2.5%)	0.1%	$101.74	—	COM	81764x103
—	RTX CORP	3,383 (-32.7%)	$620 (-26.3%)	0.0%	$111.38	—	COM	75513e101
—	ACCENTURE PLC F CLASS A	2,388 (-30.3%)	$641 (-24.2%)	0.0%	$245.10	—	COM	g1151c101
PNC	PNC FINL SERVICES	3,601 (-22.6%)	$752 (-19.6%)	0.0%	$115.00	+67.6%	COM	693475105
—	CISCO SYSTEMS INC	47,788 (-7.5%)	$3,681 (+4.1%)	0.1%	$34.55	—	COM	17275r102
WFC	WELLS FARGO BK N A	3,189 (-38.1%)	$297 (-31.2%)	0.0%	$73.46	+17.9%	COM	949746101
—	VENTAS INC REIT	4,729 (-32.9%)	$366 (-25.8%)	0.0%	$62.98	—	COM	92276f100
—	CAMECO CORP	36,561 (-4.9%)	$3,345 (+3.8%)	0.0%	$34.20	—	COM	13321l108
—	UNITEDHEALTH GRP INC	2,677 (-7.6%)	$884 (-11.6%)	0.0%	$254.32	—	COM	91324p102
—	SBA COMMUNICATIONS CORP CL A	7,024 (-7.7%)	$1,359 (-7.6%)	0.0%	$231.76	—	COM	78410g104
—	CAPITAL ONE FINL CORP COM	29,236 (-10.9%)	$7,086 (+1.6%)	0.1%	$158.04	—	COM	14040h105
—	BLACKSTONE GROUP ORD SHS CLASS	5,694 (-1.2%)	$878 (-10.9%)	0.0%	$131.37	—	COM	09260d107
—	EDWARDS LIFESCIENCES	21,973 (-3.3%)	$1,873 (+6.0%)	0.0%	$74.34	—	COM	28176e108
HAYW	HAYWARD HOLDINGS INC	2,277,103 (-1.9%)	$35,181 (+0.3%)	0.5%	$14.51	+8.9%	COM	421298100
—	COMCAST CORP NEW CL A	17,492 (-3.9%)	$523 (-8.6%)	0.0%	$35.61	—	COM	20030n101
TRMB	TRIMBLE INC	4,345 (-5.4%)	$340 (-9.3%)	0.0%	$42.24	+88.6%	COM	896239100
—	BOOKING HOLDING, INC.	149 (-2.0%)	$798 (-2.8%)	0.0%	$3878.97	—	COM	09857l108
BOH	BANK OF HAWAII CORP	3,025 (-11.9%)	$207 (-8.2%)	0.0%	$64.69	+1.2%	COM	062540109
—	EXXON MOBIL CORP	13,205 (-7.4%)	$1,589 (-1.1%)	0.0%	$94.03	—	COM	30231g102
TSM	TAIWAN SEMICONDUCTOR MFG LTD A	918 (-4.6%)	$279 (+3.8%)	0.0%	$279.29	—	COM	874039100
IBM	IBM CORP	3,757 (-5.5%)	$1,113 (-0.8%)	0.0%	$129.79	+130.2%	COM	459200101
VEA	VANGUARD FTSE DEVELOPED MARKET	4,045 (-3.7%)	$253 (+0.4%)	0.0%	$47.90	—	ETFS	921943858

Unchanged Positions (66)

WSO WATSCO INC 0.1%

Value ($000) $7,278 Shares 21,600 Est. Cost $199.10 Unrealized +79.3%

LLY LILLY ELI & CO 0.1%

Value ($000) $4,801 Shares 4,467 Est. Cost $364.11 Unrealized +162.4%

— COSTCO WHOLESALE CO 0.2%

Value ($000) $13,777 Shares 15,976 Est. Cost $456.30 Unrealized —

— MARKETAXESS HLDGS INC COM 0.1%

Value ($000) $7,633 Shares 42,116 Est. Cost $223.34 Unrealized —

— J P MORGAN CHASE & CO 0.2%

Value ($000) $11,737 Shares 36,424 Est. Cost $163.46 Unrealized —

FNV FRANCO-NEVADA CORPORATION 0.0%

Value ($000) $2,324 Shares 11,210 Est. Cost $127.59 Unrealized +58.9%

— LINDE PLC SHS 0.0%

Value ($000) $1,511 Shares 3,544 Est. Cost $433.62 Unrealized —

DKS DICK'S SPORTING GOODS INC. 0.0%

Value ($000) $1,084 Shares 5,475 Est. Cost $215.56 Unrealized +0.7%

GWW GRAINGER W W INC COM 0.0%

Value ($000) $2,361 Shares 2,340 Est. Cost $1000.75 Unrealized -3.2%

— PELOTON INTERACTIVE INC CL A C 0.0%

Value ($000) $284 Shares 46,100 Est. Cost $23.69 Unrealized —

WAB WABTEC 0.0%

Value ($000) $2,101 Shares 9,843 Est. Cost $68.71 Unrealized +198.9%

— CHUBB LTD 0.0%

Value ($000) $1,325 Shares 4,245 Est. Cost $169.98 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 0.0%

Value ($000) $2,556 Shares 21,750 Est. Cost $53.03 Unrealized +101.9%

INTC INTEL CORP 0.0%

Value ($000) $995 Shares 26,965 Est. Cost $19.90 Unrealized +89.8%

WMT WALMART INC 0.0%

Value ($000) $1,343 Shares 12,052 Est. Cost $47.38 Unrealized +126.2%

AMGN AMGEN INC. 0.0%

Value ($000) $633 Shares 1,933 Est. Cost $165.14 Unrealized +91.3%

MRSH MARSH COM 0.0%

Value ($000) $1,063 Shares 5,728 Est. Cost $158.48 Unrealized +17.6%

— EATON CORP PLC SHS 0.0%

Value ($000) $467 Shares 1,467 Est. Cost $208.45 Unrealized —

CNI CANADIAN NATL RAILWY F 0.0%

Value ($000) $1,473 Shares 14,900 Est. Cost $45.58 Unrealized +110.9%

— SPDR GOLD TRUST 0.0%

Value ($000) $620 Shares 1,565 Est. Cost $145.32 Unrealized —

USB U S BANCORP 0.0%

Value ($000) $591 Shares 11,070 Est. Cost $27.85 Unrealized +75.0%

NSC NORFOLK SOUTHERN CO 0.0%

Value ($000) $1,305 Shares 4,521 Est. Cost $207.35 Unrealized +39.2%

RPM RPM INTERNATIONAL INC 0.0%

Value ($000) $380 Shares 3,650 Est. Cost $50.33 Unrealized +115.1%

MIDD MIDDLEBY CORP 0.0%

Value ($000) $451 Shares 3,031 Est. Cost $116.32 Unrealized +12.9%

— EAST WEST BANCORP INC 0.0%

Value ($000) $798 Shares 7,100 Est. Cost $36.00 Unrealized —

HUBB HUBBELL INC 0.0%

Value ($000) $1,114 Shares 2,509 Est. Cost $403.40 Unrealized +8.4%

— KEYSIGHT TECHNOLOGIES INC 0.0%

Value ($000) $290 Shares 1,425 Est. Cost $50.24 Unrealized —

— ALTRIA GROUP INC 0.0%

Value ($000) $259 Shares 4,486 Est. Cost $58.63 Unrealized —

FICO FAIR ISAAC CORP 0.0%

Value ($000) $309 Shares 183 Est. Cost $1503.82 Unrealized +14.5%

— VANGUARD HEALTH CARE 0.0%

Value ($000) $347 Shares 1,204 Est. Cost $204.32 Unrealized —

— VERIZON COMMUNICATN 0.0%

Value ($000) $414 Shares 10,173 Est. Cost $46.95 Unrealized —

— PROLOGIS INC. 0.0%

Value ($000) $283 Shares 2,215 Est. Cost $105.87 Unrealized —

NEOG NEOGEN CORP COM 0.0%

Value ($000) $154 Shares 22,000 Est. Cost $31.13 Unrealized -79.8%

MKC MCCORMICK & CO INC COM NON VTG 0.0%

Value ($000) $1,580 Shares 23,196 Est. Cost $58.29 Unrealized +13.1%

EPD ENTERPRISE PRODS PART LP 0.0%

Value ($000) $1,101 Shares 34,332 Est. Cost $31.20 Unrealized —

— ISHARES MSCI EMERGING MARKETS 0.0%

Value ($000) $358 Shares 4,930 Est. Cost $60.65 Unrealized —

SO SOUTHERN COMPANY 0.0%

Value ($000) $291 Shares 3,341 Est. Cost $49.70 Unrealized +82.9%

— EMCOR GROUP INC 0.0%

Value ($000) $370 Shares 605 Est. Cost $350.20 Unrealized —

— WISDOMTREE TR INDIA ERNGS FD 0.0%

Value ($000) $417 Shares 9,000 Est. Cost $34.80 Unrealized —

SHBI SHORE BANCSHARES, INC. 0.0%

Value ($000) $256 Shares 14,500 Est. Cost $17.50 Unrealized -4.1%

— W.P. CAREY INC. REIT 0.0%

Value ($000) $352 Shares 5,464 Est. Cost $64.59 Unrealized —

RSG REPUBLIC SVCS INC 0.0%

Value ($000) $209 Shares 986 Est. Cost $221.89 Unrealized -3.3%

O REALTY INCM CRP MD PV$1.REIT 0.0%

Value ($000) $215 Shares 3,813 Est. Cost $52.73 Unrealized +8.8%

— ISHARES CORE MSCI EAFE ETF 0.0%

Value ($000) $683 Shares 7,630 Est. Cost $76.30 Unrealized —

VNQ VANGUARD REIT ETF 0.0%

Value ($000) $489 Shares 5,522 Est. Cost $84.94 Unrealized —

— CANADIAN PACIFIC KANSAS CITY C 0.0%

Value ($000) $601 Shares 8,166 Est. Cost $80.47 Unrealized —

BDX BECTON DICKINSON&CO 0.0%

Value ($000) $315 Shares 1,625 Est. Cost $119.09 Unrealized +59.2%

CL COLGATE-PALMOLIVE CO 0.0%

Value ($000) $905 Shares 11,453 Est. Cost $49.68 Unrealized +57.6%

— BLACKLINE INC 0.0%

Value ($000) $236 Shares 4,270 Est. Cost $53.82 Unrealized —

— CALAMOS CONV OPP AND INC FD SH 0.0%

Value ($000) $308 Shares 29,418 Est. Cost $15.13 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DELAWA 0.1%

Value ($000) $9,812 Shares 13 Est. Cost $388661.53 Unrealized +92.0%

IYW ISHARES TR U.S. TECH ETF 0.0%

Value ($000) $381 Shares 1,910 Est. Cost $108.87 Unrealized —

— STATE STREET SPDR S&P 500 ETF 0.0%

Value ($000) $277 Shares 406 Est. Cost $491.22 Unrealized —

VB VANGUARD INDEX FDS SMALL CP ET 0.0%

Value ($000) $390 Shares 1,510 Est. Cost $162.66 Unrealized —

GE GE AEROSPACE 0.0%

Value ($000) $228 Shares 741 Est. Cost $272.69 Unrealized +10.3%

— FLAHERTY & CRUMRINE PFD SECS I 0.0%

Value ($000) $203 Shares 12,298 Est. Cost $20.23 Unrealized —

— VANGUARD INFO TECHNOLOGY INDEX 0.0%

Value ($000) $431 Shares 572 Est. Cost $311.91 Unrealized —

IWM ISHARES RUSSELL 2000 ETF 0.0%

Value ($000) $227 Shares 923 Est. Cost $241.96 Unrealized —

— CONOCOPHILLIPS 0.0%

Value ($000) $309 Shares 3,300 Est. Cost $105.87 Unrealized —

PNW PINNACLE WEST CAP CORP 0.0%

Value ($000) $266 Shares 3,000 Est. Cost $62.50 Unrealized +42.8%

OKE ONEOK INC 0.0%

Value ($000) $351 Shares 4,781 Est. Cost $57.97 Unrealized +21.5%

VO VANGUARD MID CAP ETF 0.0%

Value ($000) $203 Shares 700 Est. Cost $293.74 Unrealized —

BP BP PLC 0.0%

Value ($000) $228 Shares 6,555 Est. Cost $29.99 Unrealized —

DVY ISHARES TR SELECT DIVID ETF 0.0%

Value ($000) $241 Shares 1,705 Est. Cost $123.18 Unrealized —

— GAMCO GLOBAL GOLD NAT RES & IN 0.0%

Value ($000) $121 Shares 23,470 Est. Cost $3.68 Unrealized —

— MERGENET SOLUTIONS INC COM 0.0%

Value ($000) $10 Shares 10,000 Est. Cost $1.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WSO	WATSCO INC	21,600	$7,278	0.1%	$199.10	+79.3%	COM	942622200
LLY	LILLY ELI & CO	4,467	$4,801	0.1%	$364.11	+162.4%	COM	532457108
—	COSTCO WHOLESALE CO	15,976	$13,777	0.2%	$456.30	—	COM	22160k105
—	MARKETAXESS HLDGS INC COM	42,116	$7,633	0.1%	$223.34	—	COM	57060d108
—	J P MORGAN CHASE & CO	36,424	$11,737	0.2%	$163.46	—	COM	46625h100
FNV	FRANCO-NEVADA CORPORATION	11,210	$2,324	0.0%	$127.59	+58.9%	COM	351858105
—	LINDE PLC SHS	3,544	$1,511	0.0%	$433.62	—	COM	g54950103
DKS	DICK'S SPORTING GOODS INC.	5,475	$1,084	0.0%	$215.56	+0.7%	COM	253393102
GWW	GRAINGER W W INC COM	2,340	$2,361	0.0%	$1000.75	-3.2%	COM	384802104
—	PELOTON INTERACTIVE INC CL A C	46,100	$284	0.0%	$23.69	—	COM	70614w100
WAB	WABTEC	9,843	$2,101	0.0%	$68.71	+198.9%	COM	929740108
—	CHUBB LTD	4,245	$1,325	0.0%	$169.98	—	COM	h1467j104
WPM	WHEATON PRECIOUS METALS CORP	21,750	$2,556	0.0%	$53.03	+101.9%	COM	962879102
INTC	INTEL CORP	26,965	$995	0.0%	$19.90	+89.8%	COM	458140100
WMT	WALMART INC	12,052	$1,343	0.0%	$47.38	+126.2%	COM	931142103
AMGN	AMGEN INC.	1,933	$633	0.0%	$165.14	+91.3%	COM	031162100
MRSH	MARSH COM	5,728	$1,063	0.0%	$158.48	+17.6%	COM	571748102
—	EATON CORP PLC SHS	1,467	$467	0.0%	$208.45	—	COM	g29183103
CNI	CANADIAN NATL RAILWY F	14,900	$1,473	0.0%	$45.58	+110.9%	COM	136375102
—	SPDR GOLD TRUST	1,565	$620	0.0%	$145.32	—	ETFS	78463v107
USB	U S BANCORP	11,070	$591	0.0%	$27.85	+75.0%	COM	902973304
NSC	NORFOLK SOUTHERN CO	4,521	$1,305	0.0%	$207.35	+39.2%	COM	655844108
RPM	RPM INTERNATIONAL INC	3,650	$380	0.0%	$50.33	+115.1%	COM	749685103
MIDD	MIDDLEBY CORP	3,031	$451	0.0%	$116.32	+12.9%	COM	596278101
—	EAST WEST BANCORP INC	7,100	$798	0.0%	$36.00	—	COM	27579r104
HUBB	HUBBELL INC	2,509	$1,114	0.0%	$403.40	+8.4%	COM	443510607
—	KEYSIGHT TECHNOLOGIES INC	1,425	$290	0.0%	$50.24	—	COM	49338l103
—	ALTRIA GROUP INC	4,486	$259	0.0%	$58.63	—	COM	02209s103
FICO	FAIR ISAAC CORP	183	$309	0.0%	$1503.82	+14.5%	COM	303250104
—	VANGUARD HEALTH CARE	1,204	$347	0.0%	$204.32	—	ETFS	92204a504
—	VERIZON COMMUNICATN	10,173	$414	0.0%	$46.95	—	COM	92343v104
—	PROLOGIS INC.	2,215	$283	0.0%	$105.87	—	COM	74340w103
NEOG	NEOGEN CORP COM	22,000	$154	0.0%	$31.13	-79.8%	COM	640491106
MKC	MCCORMICK & CO INC COM NON VTG	23,196	$1,580	0.0%	$58.29	+13.1%	COM	579780206
EPD	ENTERPRISE PRODS PART LP	34,332	$1,101	0.0%	$31.20	—	COM	293792107
—	ISHARES MSCI EMERGING MARKETS	4,930	$358	0.0%	$60.65	—	ETFS	46434g764
SO	SOUTHERN COMPANY	3,341	$291	0.0%	$49.70	+82.9%	COM	842587107
—	EMCOR GROUP INC	605	$370	0.0%	$350.20	—	COM	29084q100
—	WISDOMTREE TR INDIA ERNGS FD	9,000	$417	0.0%	$34.80	—	ETFS	97717w422
SHBI	SHORE BANCSHARES, INC.	14,500	$256	0.0%	$17.50	-4.1%	COM	825107105
—	W.P. CAREY INC. REIT	5,464	$352	0.0%	$64.59	—	COM	92936u109
RSG	REPUBLIC SVCS INC	986	$209	0.0%	$221.89	-3.3%	COM	760759100
O	REALTY INCM CRP MD PV$1.REIT	3,813	$215	0.0%	$52.73	+8.8%	COM	756109104
—	ISHARES CORE MSCI EAFE ETF	7,630	$683	0.0%	$76.30	—	ETFS	46432f842
VNQ	VANGUARD REIT ETF	5,522	$489	0.0%	$84.94	—	ETFS	922908553
—	CANADIAN PACIFIC KANSAS CITY C	8,166	$601	0.0%	$80.47	—	COM	13646k108
BDX	BECTON DICKINSON&CO	1,625	$315	0.0%	$119.09	+59.2%	COM	075887109
CL	COLGATE-PALMOLIVE CO	11,453	$905	0.0%	$49.68	+57.6%	COM	194162103
—	BLACKLINE INC	4,270	$236	0.0%	$53.82	—	COM	09239b109
—	CALAMOS CONV OPP AND INC FD SH	29,418	$308	0.0%	$15.13	—	COM	128117108
BRK/A	BERKSHIRE HATHAWAY INC DELAWA	13	$9,812	0.1%	$388661.53	+92.0%	COM	084670108
IYW	ISHARES TR U.S. TECH ETF	1,910	$381	0.0%	$108.87	—	ETFS	464287721
—	STATE STREET SPDR S&P 500 ETF	406	$277	0.0%	$491.22	—	ETFS	78462f103
VB	VANGUARD INDEX FDS SMALL CP ET	1,510	$390	0.0%	$162.66	—	ETFS	922908751
GE	GE AEROSPACE	741	$228	0.0%	$272.69	+10.3%	COM	369604301
—	FLAHERTY & CRUMRINE PFD SECS I	12,298	$203	0.0%	$20.23	—	COM	338478100
—	VANGUARD INFO TECHNOLOGY INDEX	572	$431	0.0%	$311.91	—	ETFS	92204a702
IWM	ISHARES RUSSELL 2000 ETF	923	$227	0.0%	$241.96	—	ETFS	464287655
—	CONOCOPHILLIPS	3,300	$309	0.0%	$105.87	—	COM	20825c104
PNW	PINNACLE WEST CAP CORP	3,000	$266	0.0%	$62.50	+42.8%	COM	723484101
OKE	ONEOK INC	4,781	$351	0.0%	$57.97	+21.5%	COM	682680103
VO	VANGUARD MID CAP ETF	700	$203	0.0%	$293.74	—	ETFS	922908629
BP	BP PLC	6,555	$228	0.0%	$29.99	—	COM	055622104
DVY	ISHARES TR SELECT DIVID ETF	1,705	$241	0.0%	$123.18	—	ETFS	464287168
—	GAMCO GLOBAL GOLD NAT RES & IN	23,470	$121	0.0%	$3.68	—	COM	36465a109
—	MERGENET SOLUTIONS INC COM	10,000	$10	0.0%	$1.00	—	COM	58950m109