Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BROS	Dutch Bros Inc	61,521	$4.43M	0.5%	$72.01	—	—	26701L100
AZN	AstraZeneca PLC	15,165	$2.881M	0.4%	$189.98	—	—	G0593M107
HON	Honeywell Int'l	3,277	$734K	0.1%	$223.99	—	—	438516205
HONA	Honeywell Aerospace Inc	3,277	$724K	0.1%	$220.93	—	—	43849R105
CAT	Caterpillar	246	$262K	0.0%	$1065.04	—	—	149123101
AMD	Advanced Micro Devices	435	$253K	0.0%	$581.61	—	—	007903107
—	GE Aerospace	564	$211K	0.0%	$374.11	—	—	369604103
PLTR	Palantir Technologies Inc	1,710	$200K	0.0%	$116.96	—	—	69608A108

Increased Positions (25)

PANW Palo Alto Networks 5.3%

Value $43.63M (+117.7%) Shares 127,941 (+2.1%) Est. Cost $158.42 Unrealized —

AXP American Express 0.9%

Value $6.989M (+1320.5%) Shares 20,678 (+1169.4%) Est. Cost $339.42 Unrealized —

LLY Lilly (Eli) 1.8%

Value $14.5M (+76.1%) Shares 12,093 (+35.1%) Est. Cost $933.66 Unrealized —

AMZN Amazon.com Inc 3.0%

Value $24.38M (+17.5%) Shares 102,422 (+2.7%) Est. Cost $146.01 Unrealized —

ECL Ecolab Inc 2.0%

Value $16.61M (+19.4%) Shares 59,520 (+13.8%) Est. Cost $137.89 Unrealized —

CASY Casey's General Stores 3.0%

Value $24.32M (+11.9%) Shares 30,585 (+2.5%) Est. Cost $467.13 Unrealized —

ADP Automatic Data Proc 2.0%

Value $16.73M (+15.8%) Shares 74,710 (+4.9%) Est. Cost $65.85 Unrealized —

ETN Eaton Corp PLC 1.3%

Value $10.52M (+26.9%) Shares 24,693 (+6.6%) Est. Cost $286.06 Unrealized —

MNST Monster Beverage Corp 0.7%

Value $5.931M (+40.7%) Shares 61,784 (+5.5%) Est. Cost $59.73 Unrealized —

ASML ASML Holding NV 0.4%

Value $3.429M (+52.4%) Shares 1,724 (+1.2%) Est. Cost $791.94 Unrealized —

MSFT Microsoft Corp 1.1%

Value $8.655M (+13.6%) Shares 23,204 (+12.7%) Est. Cost $229.91 Unrealized —

SYK Stryker Corp 3.6%

Value $29.68M (+3.4%) Shares 94,225 (+8.0%) Est. Cost $101.71 Unrealized —

ABT Abbott Laboratories 2.8%

Value $22.97M (-3.6%) Shares 252,404 (+9.1%) Est. Cost $48.74 Unrealized —

GNRC Generac Holdings Inc 0.2%

Value $1.649M (+51.8%) Shares 5,628 (+1.1%) Est. Cost $186.03 Unrealized —

ISRG Intuitive Surgical 2.0%

Value $16.19M (+2.6%) Shares 40,683 (+18.8%) Est. Cost $362.27 Unrealized —

NFLX Netflix Inc 0.5%

Value $4.254M (+10.1%) Shares 59,922 (+48.9%) Est. Cost $82.11 Unrealized —

TSM Taiwan Semiconductor Mfg ADR 0.1%

Value $722K (+90.0%) Shares 1,511 (+34.3%) Est. Cost $351.20 Unrealized —

GEV GE Vernova Inc 0.1%

Value $674K (+87.2%) Shares 574 (+39.3%) Est. Cost $860.34 Unrealized —

ROK Rockwell Automation Inc 0.1%

Value $670K (+41.9%) Shares 1,353 (+2.9%) Est. Cost $307.12 Unrealized —

CELH Celsius Holdings Inc 0.2%

Value $1.336M (+7.1%) Shares 46,064 (+29.1%) Est. Cost $50.02 Unrealized —

EMR Emerson Electric 0.1%

Value $477K (+13.6%) Shares 3,335 (+4.0%) Est. Cost $54.78 Unrealized —

— NextEra Energy Inc 0.9%

Value $7.649M (-0.7%) Shares 86,923 (+4.9%) Est. Cost $92.77 Unrealized —

BRK/B Berkshire Hathaway Cl B 0.0%

Value $282K (+14.2%) Shares 564 (+9.5%) Est. Cost $450.99 Unrealized —

LIN Linde PLC 0.0%

Value $281K (+11.1%) Shares 541 (+5.9%) Est. Cost $451.99 Unrealized —

ENB Enbridge Inc 0.0%

Value $288K (+1.8%) Shares 5,337 (+1.9%) Est. Cost $36.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PANW	Palo Alto Networks	127,941 (+2.1%)	$43.63M (+117.7%)	5.3%	$158.42	—	—	697435105
AXP	American Express	20,678 (+1169.4%)	$6.989M (+1320.5%)	0.9%	$339.42	—	—	025816109
LLY	Lilly (Eli)	12,093 (+35.1%)	$14.5M (+76.1%)	1.8%	$933.66	—	—	532457108
AMZN	Amazon.com Inc	102,422 (+2.7%)	$24.38M (+17.5%)	3.0%	$146.01	—	—	023135106
ECL	Ecolab Inc	59,520 (+13.8%)	$16.61M (+19.4%)	2.0%	$137.89	—	—	278865100
CASY	Casey's General Stores	30,585 (+2.5%)	$24.32M (+11.9%)	3.0%	$467.13	—	—	147528103
ADP	Automatic Data Proc	74,710 (+4.9%)	$16.73M (+15.8%)	2.0%	$65.85	—	—	053015103
ETN	Eaton Corp PLC	24,693 (+6.6%)	$10.52M (+26.9%)	1.3%	$286.06	—	—	G29183103
MNST	Monster Beverage Corp	61,784 (+5.5%)	$5.931M (+40.7%)	0.7%	$59.73	—	—	61174X109
ASML	ASML Holding NV	1,724 (+1.2%)	$3.429M (+52.4%)	0.4%	$791.94	—	—	N07059210
MSFT	Microsoft Corp	23,204 (+12.7%)	$8.655M (+13.6%)	1.1%	$229.91	—	—	594918104
SYK	Stryker Corp	94,225 (+8.0%)	$29.68M (+3.4%)	3.6%	$101.71	—	—	863667101
ABT	Abbott Laboratories	252,404 (+9.1%)	$22.97M (-3.6%)	2.8%	$48.74	—	—	002824100
GNRC	Generac Holdings Inc	5,628 (+1.1%)	$1.649M (+51.8%)	0.2%	$186.03	—	—	368736104
ISRG	Intuitive Surgical	40,683 (+18.8%)	$16.19M (+2.6%)	2.0%	$362.27	—	—	46120E602
NFLX	Netflix Inc	59,922 (+48.9%)	$4.254M (+10.1%)	0.5%	$82.11	—	—	64110L106
TSM	Taiwan Semiconductor Mfg ADR	1,511 (+34.3%)	$722K (+90.0%)	0.1%	$351.20	—	—	874039100
GEV	GE Vernova Inc	574 (+39.3%)	$674K (+87.2%)	0.1%	$860.34	—	—	36828A101
ROK	Rockwell Automation Inc	1,353 (+2.9%)	$670K (+41.9%)	0.1%	$307.12	—	—	773903109
CELH	Celsius Holdings Inc	46,064 (+29.1%)	$1.336M (+7.1%)	0.2%	$50.02	—	—	15118V207
EMR	Emerson Electric	3,335 (+4.0%)	$477K (+13.6%)	0.1%	$54.78	—	—	291011104
—	NextEra Energy Inc	86,923 (+4.9%)	$7.649M (-0.7%)	0.9%	$92.77	—	—	65339f101
BRK/B	Berkshire Hathaway Cl B	564 (+9.5%)	$282K (+14.2%)	0.0%	$450.99	—	—	084670702
LIN	Linde PLC	541 (+5.9%)	$281K (+11.1%)	0.0%	$451.99	—	—	G54950103
ENB	Enbridge Inc	5,337 (+1.9%)	$288K (+1.8%)	0.0%	$36.39	—	—	29250N105

Exited Positions (3)

AZN AstraZeneca PLC 0.3%

Value $2.812M Shares 14,274 Est. Cost $68.26 Unrealized —

HON Honeywell Int'l 0.2%

Value $1.519M Shares 6,721 Est. Cost $147.16 Unrealized —

ADBE Adobe Inc 0.0%

Value $224K Shares 923 Est. Cost $407.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AZN	AstraZeneca PLC	14,274	$2.812M	0.3%	$68.26	—	—	046353108
HON	Honeywell Int'l	6,721	$1.519M	0.2%	$147.16	—	—	438516106
ADBE	Adobe Inc	923	$224K	0.0%	$407.08	—	—	00724F101

Decreased Positions (18)

NVDA NVIDIA Corp 20.8%

Value $170M (+13.5%) Shares 848,222 (-1.2%) Est. Cost $92.10 Unrealized —

NVO Novo-Nordisk A-S ADR 0.3%

Value $2.774M (-63.7%) Shares 57,796 (-72.0%) Est. Cost $77.22 Unrealized —

PAYC Paycom Software 0.4%

Value $3.497M (-58.1%) Shares 27,756 (-59.4%) Est. Cost $163.50 Unrealized —

CRM Salesforce.com 0.2%

Value $1.849M (-70.1%) Shares 11,779 (-64.4%) Est. Cost $200.42 Unrealized —

CMG Chipotle Mexican Grill 0.6%

Value $4.771M (-46.7%) Shares 140,314 (-49.8%) Est. Cost $58.52 Unrealized —

LOW Lowe's Companies Inc 1.9%

Value $15.26M (-12.6%) Shares 69,382 (-6.2%) Est. Cost $46.15 Unrealized —

PAYX Paychex Inc 0.2%

Value $1.995M (-43.0%) Shares 20,359 (-46.5%) Est. Cost $26.31 Unrealized —

REGN Regeneron Pharmaceuticals 0.3%

Value $2.55M (-24.9%) Shares 4,086 (-6.9%) Est. Cost $636.97 Unrealized —

PEP PepsiCo Inc 0.3%

Value $2.805M (-21.3%) Shares 20,775 (-9.7%) Est. Cost $59.61 Unrealized —

MCD McDonald's Corp 0.3%

Value $2.452M (-15.2%) Shares 9,081 (-2.3%) Est. Cost $71.84 Unrealized —

SBUX Starbucks Corp 0.8%

Value $6.392M (-5.6%) Shares 62,662 (-16.7%) Est. Cost $47.13 Unrealized —

WMT Wal-Mart Stores 0.2%

Value $1.783M (-10.5%) Shares 15,775 (-1.8%) Est. Cost $45.14 Unrealized —

META Meta Platforms Inc 0.8%

Value $6.827M (-2.9%) Shares 12,126 (-1.3%) Est. Cost $184.97 Unrealized —

QCOM QUALCOMM Inc 0.1%

Value $1.017M (+24.3%) Shares 5,497 (-13.3%) Est. Cost $47.08 Unrealized —

CL Colgate-Palmolive 0.3%

Value $2.084M (-7.5%) Shares 22,650 (-14.5%) Est. Cost $44.38 Unrealized —

HD Home Depot 0.4%

Value $3.512M (-2.3%) Shares 9,950 (-8.9%) Est. Cost $72.61 Unrealized —

PG Procter & Gamble 0.3%

Value $2.352M (-0.9%) Shares 15,997 (-3.0%) Est. Cost $58.59 Unrealized —

MDLZ Mondelez Int'l 0.0%

Value $304K (-1.9%) Shares 5,242 (-2.0%) Est. Cost $42.12 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA Corp	848,222 (-1.2%)	$170M (+13.5%)	20.8%	$92.10	—	—	67066G104
NVO	Novo-Nordisk A-S ADR	57,796 (-72.0%)	$2.774M (-63.7%)	0.3%	$77.22	—	—	670100205
PAYC	Paycom Software	27,756 (-59.4%)	$3.497M (-58.1%)	0.4%	$163.50	—	—	70432V102
CRM	Salesforce.com	11,779 (-64.4%)	$1.849M (-70.1%)	0.2%	$200.42	—	—	79466L302
CMG	Chipotle Mexican Grill	140,314 (-49.8%)	$4.771M (-46.7%)	0.6%	$58.52	—	—	169656105
LOW	Lowe's Companies Inc	69,382 (-6.2%)	$15.26M (-12.6%)	1.9%	$46.15	—	—	548661107
PAYX	Paychex Inc	20,359 (-46.5%)	$1.995M (-43.0%)	0.2%	$26.31	—	—	704326107
REGN	Regeneron Pharmaceuticals	4,086 (-6.9%)	$2.55M (-24.9%)	0.3%	$636.97	—	—	75886F107
PEP	PepsiCo Inc	20,775 (-9.7%)	$2.805M (-21.3%)	0.3%	$59.61	—	—	713448108
MCD	McDonald's Corp	9,081 (-2.3%)	$2.452M (-15.2%)	0.3%	$71.84	—	—	580135101
SBUX	Starbucks Corp	62,662 (-16.7%)	$6.392M (-5.6%)	0.8%	$47.13	—	—	855244109
WMT	Wal-Mart Stores	15,775 (-1.8%)	$1.783M (-10.5%)	0.2%	$45.14	—	—	931142103
META	Meta Platforms Inc	12,126 (-1.3%)	$6.827M (-2.9%)	0.8%	$184.97	—	—	30303M102
QCOM	QUALCOMM Inc	5,497 (-13.3%)	$1.017M (+24.3%)	0.1%	$47.08	—	—	747525103
CL	Colgate-Palmolive	22,650 (-14.5%)	$2.084M (-7.5%)	0.3%	$44.38	—	—	194162103
HD	Home Depot	9,950 (-8.9%)	$3.512M (-2.3%)	0.4%	$72.61	—	—	437076102
PG	Procter & Gamble	15,997 (-3.0%)	$2.352M (-0.9%)	0.3%	$58.59	—	—	742718109
MDLZ	Mondelez Int'l	5,242 (-2.0%)	$304K (-1.9%)	0.0%	$42.12	—	—	609207105

Unchanged Positions (29)

GOOGL Alphabet Inc CL A 8.4%

Value $68.74M Shares 192,561 Est. Cost $107.08 Unrealized —

AAPL Apple Inc 8.9%

Value $72.58M Shares 251,126 Est. Cost $83.04 Unrealized —

V VISA Inc 4.9%

Value $40.34M Shares 117,613 Est. Cost $65.92 Unrealized —

GOOG Alphabet Inc CL C 2.5%

Value $20.31M Shares 57,547 Est. Cost $107.05 Unrealized —

NSC Norfolk Southern Corp 1.9%

Value $15.54M Shares 49,318 Est. Cost $96.62 Unrealized —

CNI Canadian Nat'l Railway 1.1%

Value $8.693M Shares 73,054 Est. Cost $49.21 Unrealized —

COST Costco Wholesale Corp 1.7%

Value $13.56M Shares 14,503 Est. Cost $733.93 Unrealized —

JPM JPMorgan Chase & Co 0.6%

Value $5.083M Shares 15,544 Est. Cost $86.41 Unrealized —

ADI Analog Devices 0.2%

Value $1.885M Shares 4,749 Est. Cost $191.54 Unrealized —

— AbbVie Inc 0.2%

Value $1.771M Shares 7,026 Est. Cost $216.97 Unrealized —

CSCO Cisco Systems 0.1%

Value $633K Shares 5,413 Est. Cost $21.69 Unrealized —

JNJ Johnson & Johnson 0.7%

Value $5.843M Shares 23,002 Est. Cost $59.66 Unrealized —

APD Air Products & Chemicals 2.0%

Value $16.65M Shares 56,812 Est. Cost $105.06 Unrealized —

UNH UnitedHealth Group Inc 0.1%

Value $463K Shares 1,113 Est. Cost $226.92 Unrealized —

SYY Sysco Corp 0.1%

Value $1.009M Shares 12,014 Est. Cost $24.88 Unrealized —

ORLY O'Reilly Automotive Inc 2.1%

Value $17.45M Shares 189,729 Est. Cost $86.55 Unrealized —

RTX RTX Corp 1.0%

Value $7.773M Shares 40,908 Est. Cost $67.89 Unrealized —

HSY Hershey Company 0.0%

Value $371K Shares 2,121 Est. Cost $193.08 Unrealized —

TSLA Tesla Motors Inc 0.0%

Value $366K Shares 870 Est. Cost $331.19 Unrealized —

USB U S Bancorp 0.0%

Value $309K Shares 5,150 Est. Cost $38.64 Unrealized —

COF Capital One Fin'l 0.0%

Value $302K Shares 1,500 Est. Cost $131.88 Unrealized —

IBRX ImmunityBio Inc 0.0%

Value $214K Shares 23,800 Est. Cost $2.69 Unrealized —

AFL AFLAC Inc 0.0%

Value $386K Shares 3,300 Est. Cost $65.19 Unrealized —

KO Coca-Cola Co 0.0%

Value $302K Shares 3,728 Est. Cost $39.62 Unrealized —

AMGN Amgen Inc 0.1%

Value $899K Shares 2,483 Est. Cost $88.83 Unrealized —

DHR Danaher Corporation 1.3%

Value $10.44M Shares 54,953 Est. Cost $87.59 Unrealized —

MRSH Marsh & McLennan 0.0%

Value $301K Shares 1,800 Est. Cost $136.74 Unrealized —

NVS Novartis AG ADS 0.0%

Value $319K Shares 2,031 Est. Cost $72.79 Unrealized —

DIS Disney Walt Co 0.0%

Value $326K Shares 3,397 Est. Cost $95.61 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet Inc CL A	192,561	$68.74M	8.4%	$107.08	—	—	02079K305
AAPL	Apple Inc	251,126	$72.58M	8.9%	$83.04	—	—	037833100
V	VISA Inc	117,613	$40.34M	4.9%	$65.92	—	—	92826C839
GOOG	Alphabet Inc CL C	57,547	$20.31M	2.5%	$107.05	—	—	02079K107
NSC	Norfolk Southern Corp	49,318	$15.54M	1.9%	$96.62	—	—	655844108
CNI	Canadian Nat'l Railway	73,054	$8.693M	1.1%	$49.21	—	—	136375102
COST	Costco Wholesale Corp	14,503	$13.56M	1.7%	$733.93	—	—	22160K105
JPM	JPMorgan Chase & Co	15,544	$5.083M	0.6%	$86.41	—	—	46625H100
ADI	Analog Devices	4,749	$1.885M	0.2%	$191.54	—	—	032654105
—	AbbVie Inc	7,026	$1.771M	0.2%	$216.97	—	—	00287y109
CSCO	Cisco Systems	5,413	$633K	0.1%	$21.69	—	—	17275R102
JNJ	Johnson & Johnson	23,002	$5.843M	0.7%	$59.66	—	—	478160104
APD	Air Products & Chemicals	56,812	$16.65M	2.0%	$105.06	—	—	009158106
UNH	UnitedHealth Group Inc	1,113	$463K	0.1%	$226.92	—	—	91324P102
SYY	Sysco Corp	12,014	$1.009M	0.1%	$24.88	—	—	871829107
ORLY	O'Reilly Automotive Inc	189,729	$17.45M	2.1%	$86.55	—	—	67103H107
RTX	RTX Corp	40,908	$7.773M	1.0%	$67.89	—	—	75513E101
HSY	Hershey Company	2,121	$371K	0.0%	$193.08	—	—	427866108
TSLA	Tesla Motors Inc	870	$366K	0.0%	$331.19	—	—	88160R101
USB	U S Bancorp	5,150	$309K	0.0%	$38.64	—	—	902973304
COF	Capital One Fin'l	1,500	$302K	0.0%	$131.88	—	—	14040H105
IBRX	ImmunityBio Inc	23,800	$214K	0.0%	$2.69	—	—	45256X103
AFL	AFLAC Inc	3,300	$386K	0.0%	$65.19	—	—	001055102
KO	Coca-Cola Co	3,728	$302K	0.0%	$39.62	—	—	191216100
AMGN	Amgen Inc	2,483	$899K	0.1%	$88.83	—	—	031162100
DHR	Danaher Corporation	54,953	$10.44M	1.3%	$87.59	—	—	235851102
MRSH	Marsh & McLennan	1,800	$301K	0.0%	$136.74	—	—	571748102
NVS	Novartis AG ADS	2,031	$319K	0.0%	$72.79	—	—	66987V109
DIS	Disney Walt Co	3,397	$326K	0.0%	$95.61	—	—	254687106