BOWEN HANES & CO INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UTHR	UNITED THERAPEUTICS	85,000	$50,403	1.2%	$480.44	0.0%	COM	91307C102
OSK	OSHKOSH CORP	277,380	$40,833	1.0%	$158.03	0.0%	COM	688239201
NDSN	NORDSON CORP	16,969	$4,515	0.1%	$277.17	0.0%	COM	655663102
DD	DUPONT DE NEMOURS	7,000	$321	0.0%	$46.11	0.0%	COM	26614N102
—	QNITY ELECTRONICS INC	2,150	$248	0.0%	$115.38	—	COM	74743l100
ITW	ILLINOIS TOOL WORKS	800	$208	0.0%	$273.24	0.0%	COM	452308109

Increased Positions (28)

TXN TEXAS INSTRUMENTS 2.2%

Value ($000) $89,185 (+154200.0%) Shares 459,387 (+37.9%) Est. Cost $93.71 Unrealized +120.1%

PANW PALO ALTO NETWORKS 2.0%

Value ($000) $84,061 (+90150.1%) Shares 524,331 (+3.7%) Est. Cost $137.69 Unrealized +25.0%

MSI MOTOROLA SOLUTIONS 1.9%

Value ($000) $78,195 (+118294.6%) Shares 180,185 (+4.6%) Est. Cost $246.50 Unrealized +68.7%

SOLS SOLSTICE ADVANCED MATL 1.9%

Value ($000) $76,772 (+161256.1%) Shares 1,008,031 (+2.9%) Est. Cost $47.59 Unrealized +37.0%

SCHW CHARLES SCHWAB CORP 1.7%

Value ($000) $69,619 (+113519.6%) Shares 740,788 (+20.8%) Est. Cost $87.72 Unrealized +14.1%

MTZ MASTEC INC COM 1.7%

Value ($000) $69,324 (+163079.9%) Shares 215,465 (+10.2%) Est. Cost $213.61 Unrealized +17.1%

VIAV VIAVI SOLUTIONS 1.6%

Value ($000) $66,560 (+199641.9%) Shares 2,000,000 (+7.0%) Est. Cost $16.59 Unrealized +38.4%

GOOG ALPHABET INC CLASS C 1.6%

Value ($000) $65,875 (+568175.8%) Shares 229,640 (+521.6%) Est. Cost $291.72 Unrealized +11.0%

VRTX VERTEX PHARMACEUTICALS 1.5%

Value ($000) $60,461 (+99794.4%) Shares 135,399 (+1.4%) Est. Cost $159.08 Unrealized +193.9%

HWKN HAWKINS INC COM 1.4%

Value ($000) $58,448 (+112629.3%) Shares 380,520 (+4.3%) Est. Cost $90.70 Unrealized +61.2%

BX BLACKSTONE INC 1.3%

Value ($000) $54,429 (+81752.0%) Shares 473,338 (+9.7%) Est. Cost $58.10 Unrealized +142.5%

PG PROCTER & GAMBLE 1.3%

Value ($000) $53,146 (+111393.7%) Shares 367,943 (+10.6%) Est. Cost $86.51 Unrealized +75.4%

FN FABRINET SHS (CI) 1.3%

Value ($000) $51,482 (+226054.7%) Shares 98,715 (+97.4%) Est. Cost $463.45 Unrealized +6.3%

ITT ITT INC 1.2%

Value ($000) $50,626 (+136881.8%) Shares 265,710 (+24.7%) Est. Cost $181.41 Unrealized +5.0%

TEL TE CONNECTIVITY (SZ) 1.1%

Value ($000) $45,984 (+103552.5%) Shares 220,000 (+12.8%) Est. Cost $203.40 Unrealized +13.0%

MIELY MITSUBISHI ELEC CORP (JP) 1.1%

Value ($000) $43,463 (+115186.2%) Shares 670,000 (+3.1%) Est. Cost $40.20 Unrealized —

WMT WALMART 0.7%

Value ($000) $29,607 (+525678.8%) Shares 238,225 (+371.4%) Est. Cost $106.29 Unrealized +14.8%

MA MASTERCARD INC CL A 0.3%

Value ($000) $14,283 (+88933.7%) Shares 28,585 (+1.7%) Est. Cost $467.77 Unrealized +15.2%

HON HONEYWELL INT'L 0.3%

Value ($000) $11,108 (+119082.3%) Shares 49,143 (+2.9%) Est. Cost $77.52 Unrealized +191.4%

IBM IBM 0.2%

Value ($000) $9,806 (+124863.5%) Shares 40,455 (+52.7%) Est. Cost $260.94 Unrealized +8.8%

NEE NEXTERA ENERGY 0.1%

Value ($000) $5,902 (+131073.6%) Shares 63,539 (+13.4%) Est. Cost $65.68 Unrealized +32.7%

ABBV ABBVIE INC 0.1%

Value ($000) $2,706 (+99078.0%) Shares 12,440 (+4.2%) Est. Cost $167.64 Unrealized +32.8%

VZ VERIZON COMMUNICATIONS 0.0%

Value ($000) $1,722 (+131738.4%) Shares 34,299 (+6.9%) Est. Cost $39.75 Unrealized +10.2%

CVX CHEVRON 0.0%

Value ($000) $1,234 (+148008.6%) Shares 5,963 (+9.2%) Est. Cost $137.79 Unrealized +24.7%

ETR ENTERGY CORP 0.0%

Value ($000) $1,011 (+128813.0%) Shares 8,995 (+6.1%) Est. Cost $94.70 Unrealized +2.8%

BMY BRISTOL-MYERS SQUIBB 0.0%

Value ($000) $997 (+183920.1%) Shares 16,445 (+63.7%) Est. Cost $51.38 Unrealized +11.8%

— EXXON MOBIL 0.0%

Value ($000) $880 (+220884.2%) Shares 5,184 (+56.9%) Est. Cost $101.23 Unrealized —

CHKP CHECK POINT SOFTWARE TECH (IS) 0.0%

Value ($000) $836 (+82558.0%) Shares 5,850 (+7.3%) Est. Cost $106.13 Unrealized +66.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TXN	TEXAS INSTRUMENTS	459,387 (+37.9%)	$89,185 (+154200.0%)	2.2%	$93.71	+120.1%	COM	882508104
PANW	PALO ALTO NETWORKS	524,331 (+3.7%)	$84,061 (+90150.1%)	2.0%	$137.69	+25.0%	COM	697435105
MSI	MOTOROLA SOLUTIONS	180,185 (+4.6%)	$78,195 (+118294.6%)	1.9%	$246.50	+68.7%	COM	620076307
SOLS	SOLSTICE ADVANCED MATL	1,008,031 (+2.9%)	$76,772 (+161256.1%)	1.9%	$47.59	+37.0%	COM	83443Q103
SCHW	CHARLES SCHWAB CORP	740,788 (+20.8%)	$69,619 (+113519.6%)	1.7%	$87.72	+14.1%	COM	808513105
MTZ	MASTEC INC COM	215,465 (+10.2%)	$69,324 (+163079.9%)	1.7%	$213.61	+17.1%	COM	576323109
VIAV	VIAVI SOLUTIONS	2,000,000 (+7.0%)	$66,560 (+199641.9%)	1.6%	$16.59	+38.4%	COM	925550105
GOOG	ALPHABET INC CLASS C	229,640 (+521.6%)	$65,875 (+568175.8%)	1.6%	$291.72	+11.0%	COM	02079K107
VRTX	VERTEX PHARMACEUTICALS	135,399 (+1.4%)	$60,461 (+99794.4%)	1.5%	$159.08	+193.9%	COM	92532F100
HWKN	HAWKINS INC COM	380,520 (+4.3%)	$58,448 (+112629.3%)	1.4%	$90.70	+61.2%	COM	420261109
BX	BLACKSTONE INC	473,338 (+9.7%)	$54,429 (+81752.0%)	1.3%	$58.10	+142.5%	COM	09260D107
PG	PROCTER & GAMBLE	367,943 (+10.6%)	$53,146 (+111393.7%)	1.3%	$86.51	+75.4%	COM	742718109
FN	FABRINET SHS (CI)	98,715 (+97.4%)	$51,482 (+226054.7%)	1.3%	$463.45	+6.3%	COM	G3323L100
ITT	ITT INC	265,710 (+24.7%)	$50,626 (+136881.8%)	1.2%	$181.41	+5.0%	COM	45073V108
TEL	TE CONNECTIVITY (SZ)	220,000 (+12.8%)	$45,984 (+103552.5%)	1.1%	$203.40	+13.0%	COM	G87052109
MIELY	MITSUBISHI ELEC CORP (JP)	670,000 (+3.1%)	$43,463 (+115186.2%)	1.1%	$40.20	—	COM	606776201
WMT	WALMART	238,225 (+371.4%)	$29,607 (+525678.8%)	0.7%	$106.29	+14.8%	COM	931142103
MA	MASTERCARD INC CL A	28,585 (+1.7%)	$14,283 (+88933.7%)	0.3%	$467.77	+15.2%	COM	57636Q104
HON	HONEYWELL INT'L	49,143 (+2.9%)	$11,108 (+119082.3%)	0.3%	$77.52	+191.4%	COM	438516106
IBM	IBM	40,455 (+52.7%)	$9,806 (+124863.5%)	0.2%	$260.94	+8.8%	COM	459200101
NEE	NEXTERA ENERGY	63,539 (+13.4%)	$5,902 (+131073.6%)	0.1%	$65.68	+32.7%	COM	65339F101
ABBV	ABBVIE INC	12,440 (+4.2%)	$2,706 (+99078.0%)	0.1%	$167.64	+32.8%	COM	00287Y109
VZ	VERIZON COMMUNICATIONS	34,299 (+6.9%)	$1,722 (+131738.4%)	0.0%	$39.75	+10.2%	COM	92343V104
CVX	CHEVRON	5,963 (+9.2%)	$1,234 (+148008.6%)	0.0%	$137.79	+24.7%	COM	166764100
ETR	ENTERGY CORP	8,995 (+6.1%)	$1,011 (+128813.0%)	0.0%	$94.70	+2.8%	COM	29364G103
BMY	BRISTOL-MYERS SQUIBB	16,445 (+63.7%)	$997 (+183920.1%)	0.0%	$51.38	+11.8%	COM	110122108
—	EXXON MOBIL	5,184 (+56.9%)	$880 (+220884.2%)	0.0%	$101.23	—	COM	30231g102
CHKP	CHECK POINT SOFTWARE TECH (IS)	5,850 (+7.3%)	$836 (+82558.0%)	0.0%	$106.13	+66.2%	COM	M22465104

Exited Positions (9)

FICO FAIR ISAAC CORP 0.0%

Value ($000) $51 Shares 30,000 Est. Cost $858.21 Unrealized +70.9%

ROL ROLLINS INC 0.0%

Value ($000) $22 Shares 372,645 Est. Cost $58.66 Unrealized +5.4%

KKR KKR & CO INC 0.0%

Value ($000) $15 Shares 119,195 Est. Cost $132.15 Unrealized -13.2%

— CHARTWELL RETIREMENT (CA) 0.0%

Value ($000) $12 Shares 840,000 Est. Cost $0.01 Unrealized —

META META PLATFORMS 0.0%

Value ($000) $1 Shares 795 Est. Cost $743.23 Unrealized -11.8%

MFC MANULIFE FINL CORP ADR (CA) 0.0%

Value ($000) $0 Shares 7,160 Est. Cost $33.94 Unrealized +9.3%

— BROOKFIELD INFRASTRUCTURE CORP 0.0%

Value ($000) $0 Shares 4,927 Est. Cost $41.60 Unrealized —

A AGILENT TECHNOLOGIES 0.0%

Value ($000) $0 Shares 1,600 Est. Cost $120.55 Unrealized +11.8%

CCI CROWN CASTLE INT'L 0.0%

Value ($000) $0 Shares 2,270 Est. Cost $99.10 Unrealized -10.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FICO	FAIR ISAAC CORP	30,000	$51	0.0%	$858.21	+70.9%	—	303250104
ROL	ROLLINS INC	372,645	$22	0.0%	$58.66	+5.4%	—	775711104
KKR	KKR & CO INC	119,195	$15	0.0%	$132.15	-13.2%	—	48251W104
—	CHARTWELL RETIREMENT (CA)	840,000	$12	0.0%	$0.01	—	—	16141a103
META	META PLATFORMS	795	$1	0.0%	$743.23	-11.8%	—	30303M102
MFC	MANULIFE FINL CORP ADR (CA)	7,160	$0	0.0%	$33.94	+9.3%	—	56501R106
—	BROOKFIELD INFRASTRUCTURE CORP	4,927	$0	0.0%	$41.60	—	—	11275Q107
A	AGILENT TECHNOLOGIES	1,600	$0	0.0%	$120.55	+11.8%	—	00846U101
CCI	CROWN CASTLE INT'L	2,270	$0	0.0%	$99.10	-10.5%	—	22822V101

Decreased Positions (42)

GLW CORNING 4.6%

Value ($000) $187,311 (+149355.6%) Shares 1,377,592 (-3.8%) Est. Cost $40.81 Unrealized +173.6%

ATI ATI INC 3.7%

Value ($000) $151,730 (+112165.4%) Shares 1,043,105 (-11.4%) Est. Cost $23.62 Unrealized +457.3%

GEV GE VERNOVA INC 3.7%

Value ($000) $150,395 (+130402.1%) Shares 172,293 (-2.3%) Est. Cost $351.01 Unrealized +109.9%

NVDA NVIDIA CORP COM 2.6%

Value ($000) $106,352 (+76183.2%) Shares 609,815 (-18.4%) Est. Cost $92.51 Unrealized +101.7%

RYCEY ROLLS ROYCE HOLDINGS ADR (GB) 1.6%

Value ($000) $65,230 (+96089.4%) Shares 4,230,215 (-1.9%) Est. Cost $11.22 Unrealized —

— BROOKFIELD INFRASTRUCTURE PART 0.6%

Value ($000) $26,434 (+102376.9%) Shares 731,836 (-1.4%) Est. Cost $36.11 Unrealized —

SPGI S & P GLOBAL 0.3%

Value ($000) $11,497 (+14188.3%) Shares 27,030 (-82.4%) Est. Cost $104.05 Unrealized +366.4%

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $8,907 (+111911.4%) Shares 36,439 (-5.2%) Est. Cost $76.51 Unrealized +197.8%

TMO THERMO FISHER SCIENTIFIC 0.2%

Value ($000) $8,648 (+14604.0%) Shares 17,595 (-82.7%) Est. Cost $246.27 Unrealized +133.3%

CHD CHURCH AND DWIGHT 0.2%

Value ($000) $6,872 (+97267.2%) Shares 73,641 (-12.5%) Est. Cost $36.56 Unrealized +159.3%

XYL XYLEM 0.2%

Value ($000) $6,784 (+74897.3%) Shares 56,772 (-14.5%) Est. Cost $125.90 Unrealized +8.4%

ADP AUTOMATIC DATA PROCESSING 0.1%

Value ($000) $5,946 (+47988.4%) Shares 29,263 (-39.1%) Est. Cost $74.18 Unrealized +224.7%

AVY AVERY DENNISON 0.1%

Value ($000) $5,580 (+92538.8%) Shares 32,312 (-2.4%) Est. Cost $71.68 Unrealized +163.8%

LMT LOCKHEED MARTIN 0.1%

Value ($000) $4,362 (+114461.1%) Shares 7,218 (-8.3%) Est. Cost $191.01 Unrealized +214.6%

PEP PEPSICO 0.1%

Value ($000) $3,909 (+106618.9%) Shares 25,173 (-1.4%) Est. Cost $151.81 Unrealized +1.9%

CAT CATERPILLAR 0.1%

Value ($000) $3,893 (+112609.6%) Shares 5,495 (-8.9%) Est. Cost $324.24 Unrealized +111.1%

AMZN AMAZON.COM INC 0.1%

Value ($000) $3,952 (+5755.1%) Shares 18,974 (-93.5%) Est. Cost $185.16 Unrealized +22.5%

CL COLGATE PALMOLIVE 0.1%

Value ($000) $3,302 (+97920.8%) Shares 38,746 (-9.1%) Est. Cost $47.57 Unrealized +86.6%

CSCO CISCO SYSTEMS 0.1%

Value ($000) $3,258 (+99199.1%) Shares 41,990 (-1.4%) Est. Cost $42.52 Unrealized +83.2%

CNI CANADIAN NAT'L RWY ADR (CA) 0.1%

Value ($000) $3,162 (+100037.3%) Shares 30,771 (-3.7%) Est. Cost $42.46 Unrealized +140.5%

CNQ CANADIAN NATURAL RESOURCES ADR 0.1%

Value ($000) $2,763 (+134156.1%) Shares 56,700 (-6.7%) Est. Cost $26.07 Unrealized +42.7%

MKC MCCORMICK & CO 0.1%

Value ($000) $2,615 (+65497.3%) Shares 51,838 (-11.4%) Est. Cost $62.69 Unrealized +6.4%

CP CANADIAN PACIFIC KANSAS CITY L 0.0%

Value ($000) $2,026 (+82360.2%) Shares 25,757 (-22.8%) Est. Cost $77.35 Unrealized -0.1%

KO COCA-COLA 0.0%

Value ($000) $1,825 (+105168.3%) Shares 24,002 (-3.2%) Est. Cost $41.12 Unrealized +81.8%

BMI BADGER METER INC 0.0%

Value ($000) $1,718 (+3728.1%) Shares 11,275 (-95.6%) Est. Cost $181.03 Unrealized -10.6%

GRMN GARMIN LTD (SZ) 0.0%

Value ($000) $1,560 (+32582.6%) Shares 6,725 (-71.4%) Est. Cost $131.71 Unrealized +62.9%

MRSH MARSH & MCLENNAN 0.0%

Value ($000) $1,498 (+90517.9%) Shares 8,636 (-3.1%) Est. Cost $151.54 Unrealized +19.7%

ZTS ZOETIS 0.0%

Value ($000) $1,201 (+67303.6%) Shares 10,161 (-28.3%) Est. Cost $76.57 Unrealized +64.5%

— SERVICE NOW INC 0.0%

Value ($000) $1,046 (+47792.8%) Shares 10,000 (-29.8%) Est. Cost $212.23 Unrealized —

ORCL ORACLE CORP COM 0.0%

Value ($000) $983 (+50114.4%) Shares 6,680 (-33.5%) Est. Cost $85.53 Unrealized +98.3%

DUK DUKE ENERGY CORP NEW 0.0%

Value ($000) $831 (+99129.6%) Shares 6,343 (-11.2%) Est. Cost $67.17 Unrealized +80.0%

KMB KIMBERLY-CLARK 0.0%

Value ($000) $790 (+83862.7%) Shares 8,190 (-12.2%) Est. Cost $92.24 Unrealized +11.8%

DIS WALT DISNEY 0.0%

Value ($000) $742 (+62327.9%) Shares 7,695 (-26.3%) Est. Cost $89.73 Unrealized +22.0%

BSX BOSTON SCIENTIFIC CORP COM 0.0%

Value ($000) $662 (+52608.0%) Shares 10,550 (-19.9%) Est. Cost $89.79 Unrealized -4.4%

KMI KINDER MORGAN 0.0%

Value ($000) $656 (+113259.2%) Shares 19,575 (-7.1%) Est. Cost $25.21 Unrealized +18.0%

UPS UNITED PARCEL SERVICE 0.0%

Value ($000) $531 (+80440.2%) Shares 5,395 (-18.8%) Est. Cost $92.43 Unrealized +18.9%

LRCX LAM RESEARCH CORP 0.0%

Value ($000) $427 (+94023.4%) Shares 2,000 (-24.5%) Est. Cost $105.52 Unrealized +114.1%

NSC NORFOLK SOUTHERN 0.0%

Value ($000) $423 (+82580.7%) Shares 1,475 (-16.9%) Est. Cost $164.84 Unrealized +80.9%

ABT ABBOTT LABORATORIES 0.0%

Value ($000) $264 (+79827.0%) Shares 2,569 (-2.5%) Est. Cost $63.56 Unrealized +81.6%

APD AIR PRODUCTS AND CHEMICALS 0.0%

Value ($000) $216 (+83781.8%) Shares 745 (-28.7%) Est. Cost $251.65 Unrealized +7.9%

— NOVARTIS AG ADS (SZ) 0.0%

Value ($000) $214 (+55301.6%) Shares 1,400 (-50.0%) Est. Cost $0.14 Unrealized —

GILD GILEAD SCIENCES 0.0%

Value ($000) $210 (+56624.8%) Shares 1,510 (-50.0%) Est. Cost $120.88 Unrealized +14.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLW	CORNING	1,377,592 (-3.8%)	$187,311 (+149355.6%)	4.6%	$40.81	+173.6%	COM	219350105
ATI	ATI INC	1,043,105 (-11.4%)	$151,730 (+112165.4%)	3.7%	$23.62	+457.3%	COM	01741R102
GEV	GE VERNOVA INC	172,293 (-2.3%)	$150,395 (+130402.1%)	3.7%	$351.01	+109.9%	COM	36828A101
NVDA	NVIDIA CORP COM	609,815 (-18.4%)	$106,352 (+76183.2%)	2.6%	$92.51	+101.7%	COM	67066G104
RYCEY	ROLLS ROYCE HOLDINGS ADR (GB)	4,230,215 (-1.9%)	$65,230 (+96089.4%)	1.6%	$11.22	—	COM	775781206
—	BROOKFIELD INFRASTRUCTURE PART	731,836 (-1.4%)	$26,434 (+102376.9%)	0.6%	$36.11	—	UNT	g16252101
SPGI	S & P GLOBAL	27,030 (-82.4%)	$11,497 (+14188.3%)	0.3%	$104.05	+366.4%	COM	78409V104
JNJ	JOHNSON & JOHNSON	36,439 (-5.2%)	$8,907 (+111911.4%)	0.2%	$76.51	+197.8%	COM	478160104
TMO	THERMO FISHER SCIENTIFIC	17,595 (-82.7%)	$8,648 (+14604.0%)	0.2%	$246.27	+133.3%	COM	883556102
CHD	CHURCH AND DWIGHT	73,641 (-12.5%)	$6,872 (+97267.2%)	0.2%	$36.56	+159.3%	COM	171340102
XYL	XYLEM	56,772 (-14.5%)	$6,784 (+74897.3%)	0.2%	$125.90	+8.4%	COM	98419M100
ADP	AUTOMATIC DATA PROCESSING	29,263 (-39.1%)	$5,946 (+47988.4%)	0.1%	$74.18	+224.7%	COM	053015103
AVY	AVERY DENNISON	32,312 (-2.4%)	$5,580 (+92538.8%)	0.1%	$71.68	+163.8%	COM	053611109
LMT	LOCKHEED MARTIN	7,218 (-8.3%)	$4,362 (+114461.1%)	0.1%	$191.01	+214.6%	COM	539830109
PEP	PEPSICO	25,173 (-1.4%)	$3,909 (+106618.9%)	0.1%	$151.81	+1.9%	COM	713448108
CAT	CATERPILLAR	5,495 (-8.9%)	$3,893 (+112609.6%)	0.1%	$324.24	+111.1%	COM	149123101
AMZN	AMAZON.COM INC	18,974 (-93.5%)	$3,952 (+5755.1%)	0.1%	$185.16	+22.5%	COM	023135106
CL	COLGATE PALMOLIVE	38,746 (-9.1%)	$3,302 (+97920.8%)	0.1%	$47.57	+86.6%	COM	194162103
CSCO	CISCO SYSTEMS	41,990 (-1.4%)	$3,258 (+99199.1%)	0.1%	$42.52	+83.2%	COM	17275R102
CNI	CANADIAN NAT'L RWY ADR (CA)	30,771 (-3.7%)	$3,162 (+100037.3%)	0.1%	$42.46	+140.5%	COM	136375102
CNQ	CANADIAN NATURAL RESOURCES ADR	56,700 (-6.7%)	$2,763 (+134156.1%)	0.1%	$26.07	+42.7%	COM	136385101
MKC	MCCORMICK & CO	51,838 (-11.4%)	$2,615 (+65497.3%)	0.1%	$62.69	+6.4%	COM	579780206
CP	CANADIAN PACIFIC KANSAS CITY L	25,757 (-22.8%)	$2,026 (+82360.2%)	0.0%	$77.35	-0.1%	COM	13646K108
KO	COCA-COLA	24,002 (-3.2%)	$1,825 (+105168.3%)	0.0%	$41.12	+81.8%	COM	191216100
BMI	BADGER METER INC	11,275 (-95.6%)	$1,718 (+3728.1%)	0.0%	$181.03	-10.6%	COM	056525108
GRMN	GARMIN LTD (SZ)	6,725 (-71.4%)	$1,560 (+32582.6%)	0.0%	$131.71	+62.9%	COM	H2906T109
MRSH	MARSH & MCLENNAN	8,636 (-3.1%)	$1,498 (+90517.9%)	0.0%	$151.54	+19.7%	COM	571748102
ZTS	ZOETIS	10,161 (-28.3%)	$1,201 (+67303.6%)	0.0%	$76.57	+64.5%	COM	98978V103
—	SERVICE NOW INC	10,000 (-29.8%)	$1,046 (+47792.8%)	0.0%	$212.23	—	COM	81762p102
ORCL	ORACLE CORP COM	6,680 (-33.5%)	$983 (+50114.4%)	0.0%	$85.53	+98.3%	COM	68389X105
DUK	DUKE ENERGY CORP NEW	6,343 (-11.2%)	$831 (+99129.6%)	0.0%	$67.17	+80.0%	COM	26441C204
KMB	KIMBERLY-CLARK	8,190 (-12.2%)	$790 (+83862.7%)	0.0%	$92.24	+11.8%	COM	494368103
DIS	WALT DISNEY	7,695 (-26.3%)	$742 (+62327.9%)	0.0%	$89.73	+22.0%	COM	254687106
BSX	BOSTON SCIENTIFIC CORP COM	10,550 (-19.9%)	$662 (+52608.0%)	0.0%	$89.79	-4.4%	COM	101137107
KMI	KINDER MORGAN	19,575 (-7.1%)	$656 (+113259.2%)	0.0%	$25.21	+18.0%	COM	49456B101
UPS	UNITED PARCEL SERVICE	5,395 (-18.8%)	$531 (+80440.2%)	0.0%	$92.43	+18.9%	COM	911312106
LRCX	LAM RESEARCH CORP	2,000 (-24.5%)	$427 (+94023.4%)	0.0%	$105.52	+114.1%	COM	512807306
NSC	NORFOLK SOUTHERN	1,475 (-16.9%)	$423 (+82580.7%)	0.0%	$164.84	+80.9%	COM	655844108
ABT	ABBOTT LABORATORIES	2,569 (-2.5%)	$264 (+79827.0%)	0.0%	$63.56	+81.6%	COM	002824100
APD	AIR PRODUCTS AND CHEMICALS	745 (-28.7%)	$216 (+83781.8%)	0.0%	$251.65	+7.9%	COM	009158106
—	NOVARTIS AG ADS (SZ)	1,400 (-50.0%)	$214 (+55301.6%)	0.0%	$0.14	—	COM	66987v109
GILD	GILEAD SCIENCES	1,510 (-50.0%)	$210 (+56624.8%)	0.0%	$120.88	+14.5%	COM	375558103

Unchanged Positions (75)

AAPL APPLE INC 3.1%

Value ($000) $126,199 Shares 497,258 Est. Cost $82.98 Unrealized +216.7%

TDY TELEDYNE TECHNOLOGIES 2.7%

Value ($000) $112,128 Shares 185,332 Est. Cost $89.42 Unrealized +586.7%

LLY LILLY ELI & COMPANY 2.6%

Value ($000) $105,448 Shares 114,646 Est. Cost $258.68 Unrealized +304.8%

AXP AMERICAN EXPRESS 2.4%

Value ($000) $96,719 Shares 319,754 Est. Cost $142.09 Unrealized +150.7%

COST COSTCO WHOLESALE 2.3%

Value ($000) $95,153 Shares 95,494 Est. Cost $276.67 Unrealized +248.3%

PH PARKER-HANNIFIN 2.2%

Value ($000) $89,788 Shares 100,295 Est. Cost $567.87 Unrealized +68.7%

ISRG INTUITIVE SURGICAL 2.0%

Value ($000) $83,428 Shares 180,975 Est. Cost $381.90 Unrealized +36.4%

JPM JPMORGAN CHASE 2.0%

Value ($000) $81,032 Shares 275,470 Est. Cost $195.25 Unrealized +59.5%

DE DEERE & CO 2.0%

Value ($000) $80,759 Shares 143,367 Est. Cost $85.16 Unrealized +547.4%

NFLX NETFLIX INC 1.9%

Value ($000) $78,896 Shares 820,550 Est. Cost $99.61 Unrealized -15.8%

WPM WHEATON PRECIOUS METALS (CA) 1.9%

Value ($000) $77,431 Shares 591,030 Est. Cost $59.80 Unrealized +133.9%

UNP UNION PACIFIC 1.8%

Value ($000) $75,948 Shares 313,033 Est. Cost $94.12 Unrealized +158.5%

ETN EATON CORP (IL) 1.8%

Value ($000) $73,101 Shares 204,380 Est. Cost $232.37 Unrealized +52.2%

MSFT MICROSOFT 1.8%

Value ($000) $72,743 Shares 196,513 Est. Cost $93.05 Unrealized +367.1%

HD HOME DEPOT 1.7%

Value ($000) $68,596 Shares 208,569 Est. Cost $100.85 Unrealized +273.8%

WELL WELLTOWER 1.7%

Value ($000) $68,399 Shares 345,956 Est. Cost $54.25 Unrealized +244.6%

ELAN ELANCO ANIMAL HEALTH 1.5%

Value ($000) $63,349 Shares 2,647,270 Est. Cost $17.25 Unrealized +42.5%

V VISA 1.5%

Value ($000) $63,267 Shares 209,327 Est. Cost $78.95 Unrealized +316.9%

CRS CARPENTER TECHNOLOGY COM 1.5%

Value ($000) $63,064 Shares 160,000 Est. Cost $222.19 Unrealized +57.2%

CCJ CAMECO (CA) 1.5%

Value ($000) $62,122 Shares 571,975 Est. Cost $47.04 Unrealized +147.2%

ASML ASML HOLDING (NE) 1.4%

Value ($000) $59,411 Shares 44,980 Est. Cost $680.67 Unrealized —

BA BOEING 1.4%

Value ($000) $56,857 Shares 285,670 Est. Cost $222.90 Unrealized +7.0%

ANET ARISTA NETWORKS INC COM SHS 1.0%

Value ($000) $39,904 Shares 325,000 Est. Cost $128.77 Unrealized +4.9%

EQIX EQUINIX 1.0%

Value ($000) $39,210 Shares 40,000 Est. Cost $634.40 Unrealized +20.4%

SUN SUNOCO LP 0.9%

Value ($000) $38,982 Shares 600,000 Est. Cost $23.33 Unrealized —

EPD ENTERPRISE PRODUCTS PARTNERS L 0.9%

Value ($000) $38,521 Shares 1,018,000 Est. Cost $24.94 Unrealized —

PLD PROLOGIS 0.9%

Value ($000) $38,217 Shares 289,130 Est. Cost $85.94 Unrealized +50.2%

WY WEYERHAEUSER 0.7%

Value ($000) $27,681 Shares 1,133,060 Est. Cost $22.43 Unrealized +6.1%

BEP BROOKFIELD RENEWABLE PARTNERS 0.6%

Value ($000) $25,482 Shares 780,705 Est. Cost $34.37 Unrealized —

NHI NATIONAL HEALTH INVESTORS INC 0.5%

Value ($000) $21,024 Shares 260,000 Est. Cost $74.30 Unrealized —

SPH SUBURBAN PROPANE PARTNERS LP 0.5%

Value ($000) $20,005 Shares 1,016,000 Est. Cost $16.09 Unrealized —

— ENERGY TRANSFER LP 0.5%

Value ($000) $18,818 Shares 975,000 Est. Cost $18.75 Unrealized —

ULTA ULTA BEAUTY INC 0.2%

Value ($000) $6,942 Shares 13,280 Est. Cost $518.84 Unrealized +29.1%

WM WASTE MANAGEMENT 0.1%

Value ($000) $5,659 Shares 24,629 Est. Cost $141.25 Unrealized +60.1%

LHX L3HARRIS 0.1%

Value ($000) $4,704 Shares 13,630 Est. Cost $208.92 Unrealized +64.2%

MAR MARRIOTT INT'L 0.1%

Value ($000) $3,381 Shares 10,338 Est. Cost $198.52 Unrealized +66.6%

EMR EMERSON ELECTRIC 0.1%

Value ($000) $3,168 Shares 24,182 Est. Cost $69.14 Unrealized +114.7%

GOOGL ALPHABET INC CLASS A 0.1%

Value ($000) $2,826 Shares 9,826 Est. Cost $105.47 Unrealized +206.5%

VRT VERTIV HOLDINGS 0.1%

Value ($000) $2,667 Shares 10,645 Est. Cost $106.91 Unrealized +86.9%

CB CHUBB LTD (SZ) 0.1%

Value ($000) $2,312 Shares 7,095 Est. Cost $185.43 Unrealized +70.5%

TT TRANE TECHNOLOGIES PLC (IL) 0.1%

Value ($000) $2,140 Shares 5,135 Est. Cost $93.73 Unrealized +350.4%

MCD MCDONALD'S 0.1%

Value ($000) $2,119 Shares 6,817 Est. Cost $211.79 Unrealized +49.8%

ROK ROCKWELL AUTOMATION 0.1%

Value ($000) $2,058 Shares 5,735 Est. Cost $258.83 Unrealized +58.5%

VMC VULCAN MATERIALS 0.0%

Value ($000) $1,959 Shares 7,194 Est. Cost $140.56 Unrealized +118.2%

AWK AMERICAN WATER WORKS 0.0%

Value ($000) $1,689 Shares 12,413 Est. Cost $109.40 Unrealized +17.8%

CMI CUMMINS INC 0.0%

Value ($000) $1,291 Shares 2,400 Est. Cost $106.81 Unrealized +438.8%

FDX FEDEX CORPORATION 0.0%

Value ($000) $1,170 Shares 3,285 Est. Cost $220.40 Unrealized +53.8%

BEPC BROOKFIELD RENEWABLE CORP-A (C 0.0%

Value ($000) $1,140 Shares 28,620 Est. Cost $29.14 Unrealized +40.6%

TSM TAIWAN SEMICONDUCTOR MFG (TW) 0.0%

Value ($000) $1,112 Shares 3,290 Est. Cost $81.08 Unrealized —

RTX RTX CORP 0.0%

Value ($000) $1,014 Shares 5,258 Est. Cost $54.84 Unrealized +258.5%

PFE PFIZER 0.0%

Value ($000) $1,010 Shares 35,984 Est. Cost $24.61 Unrealized +6.4%

BNS BANK OF NOVA SCOTIA ADR (CA) 0.0%

Value ($000) $989 Shares 14,267 Est. Cost $56.50 Unrealized +32.6%

GEHC GE HEALTHCARE TECHNOLOGIES INC 0.0%

Value ($000) $883 Shares 12,405 Est. Cost $77.79 Unrealized +5.7%

MDT MEDTRONIC PLC (IL) 0.0%

Value ($000) $858 Shares 9,904 Est. Cost $82.69 Unrealized +20.3%

STT STATE STREET 0.0%

Value ($000) $764 Shares 6,038 Est. Cost $50.46 Unrealized +158.2%

LOW LOWE'S COMPANIES 0.0%

Value ($000) $728 Shares 3,083 Est. Cost $167.66 Unrealized +61.9%

IP INT'L PAPER 0.0%

Value ($000) $692 Shares 19,370 Est. Cost $34.96 Unrealized +25.3%

SNA SNAP-ON 0.0%

Value ($000) $679 Shares 1,870 Est. Cost $145.51 Unrealized +155.2%

GNRC GENERAC HOLDINGS 0.0%

Value ($000) $492 Shares 2,520 Est. Cost $243.69 Unrealized -24.9%

TTEK TETRA TECH 0.0%

Value ($000) $481 Shares 15,975 Est. Cost $37.30 Unrealized -1.1%

RHHBY ROCHE HOLDING AG (SZ) 0.0%

Value ($000) $475 Shares 9,550 Est. Cost $42.13 Unrealized —

EFX EQUIFAX 0.0%

Value ($000) $448 Shares 2,486 Est. Cost $53.06 Unrealized +285.1%

NEM NEWMONT CORP 0.0%

Value ($000) $416 Shares 3,844 Est. Cost $54.30 Unrealized +117.5%

— CAPITAL ONE FINANCIAL CP 0.0%

Value ($000) $397 Shares 2,174 Est. Cost $98.90 Unrealized —

TSLA TESLA MOTORS INC 0.0%

Value ($000) $372 Shares 1,000 Est. Cost $321.74 Unrealized +32.4%

— CITIGROUP INC 0.0%

Value ($000) $365 Shares 3,220 Est. Cost $0.06 Unrealized —

MMM 3M COMPANY 0.0%

Value ($000) $362 Shares 2,495 Est. Cost $79.56 Unrealized +106.1%

— AON PLC 0.0%

Value ($000) $334 Shares 1,035 Est. Cost $192.79 Unrealized —

MRK MERCK & CO INC NEW 0.0%

Value ($000) $265 Shares 2,204 Est. Cost $93.24 Unrealized +22.6%

MDLZ MONDELEZ INTERNATIONAL 0.0%

Value ($000) $256 Shares 4,445 Est. Cost $36.08 Unrealized +61.2%

PNC PNC FINL SVCS GROUP 0.0%

Value ($000) $256 Shares 1,228 Est. Cost $167.50 Unrealized +34.3%

WAB WABTEC 0.0%

Value ($000) $250 Shares 1,000 Est. Cost $191.67 Unrealized +24.7%

ADSK AUTODESK INC COM 0.0%

Value ($000) $239 Shares 1,000 Est. Cost $205.89 Unrealized +23.2%

ACN ACCENTURE LTD (IL) 0.0%

Value ($000) $213 Shares 1,076 Est. Cost $169.31 Unrealized +49.6%

IR INGERSOLL RAND (IL) 0.0%

Value ($000) $212 Shares 2,646 Est. Cost $50.89 Unrealized +77.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	497,258	$126,199	3.1%	$82.98	+216.7%	COM	037833100
TDY	TELEDYNE TECHNOLOGIES	185,332	$112,128	2.7%	$89.42	+586.7%	COM	879360105
LLY	LILLY ELI & COMPANY	114,646	$105,448	2.6%	$258.68	+304.8%	COM	532457108
AXP	AMERICAN EXPRESS	319,754	$96,719	2.4%	$142.09	+150.7%	COM	025816109
COST	COSTCO WHOLESALE	95,494	$95,153	2.3%	$276.67	+248.3%	COM	22160K105
PH	PARKER-HANNIFIN	100,295	$89,788	2.2%	$567.87	+68.7%	COM	701094104
ISRG	INTUITIVE SURGICAL	180,975	$83,428	2.0%	$381.90	+36.4%	COM	46120E602
JPM	JPMORGAN CHASE	275,470	$81,032	2.0%	$195.25	+59.5%	COM	46625H100
DE	DEERE & CO	143,367	$80,759	2.0%	$85.16	+547.4%	COM	244199105
NFLX	NETFLIX INC	820,550	$78,896	1.9%	$99.61	-15.8%	COM	64110L106
WPM	WHEATON PRECIOUS METALS (CA)	591,030	$77,431	1.9%	$59.80	+133.9%	COM	962879102
UNP	UNION PACIFIC	313,033	$75,948	1.8%	$94.12	+158.5%	COM	907818108
ETN	EATON CORP (IL)	204,380	$73,101	1.8%	$232.37	+52.2%	COM	G29183103
MSFT	MICROSOFT	196,513	$72,743	1.8%	$93.05	+367.1%	COM	594918104
HD	HOME DEPOT	208,569	$68,596	1.7%	$100.85	+273.8%	COM	437076102
WELL	WELLTOWER	345,956	$68,399	1.7%	$54.25	+244.6%	COM	95040Q104
ELAN	ELANCO ANIMAL HEALTH	2,647,270	$63,349	1.5%	$17.25	+42.5%	COM	28414H103
V	VISA	209,327	$63,267	1.5%	$78.95	+316.9%	COM	92826C839
CRS	CARPENTER TECHNOLOGY COM	160,000	$63,064	1.5%	$222.19	+57.2%	COM	144285103
CCJ	CAMECO (CA)	571,975	$62,122	1.5%	$47.04	+147.2%	COM	13321L108
ASML	ASML HOLDING (NE)	44,980	$59,411	1.4%	$680.67	—	COM	N07059210
BA	BOEING	285,670	$56,857	1.4%	$222.90	+7.0%	COM	097023105
ANET	ARISTA NETWORKS INC COM SHS	325,000	$39,904	1.0%	$128.77	+4.9%	COM	040413205
EQIX	EQUINIX	40,000	$39,210	1.0%	$634.40	+20.4%	COM	29444U700
SUN	SUNOCO LP	600,000	$38,982	0.9%	$23.33	—	COM	86765K109
EPD	ENTERPRISE PRODUCTS PARTNERS L	1,018,000	$38,521	0.9%	$24.94	—	COM	293792107
PLD	PROLOGIS	289,130	$38,217	0.9%	$85.94	+50.2%	COM	74340W103
WY	WEYERHAEUSER	1,133,060	$27,681	0.7%	$22.43	+6.1%	COM	962166104
BEP	BROOKFIELD RENEWABLE PARTNERS	780,705	$25,482	0.6%	$34.37	—	UNT	G16258108
NHI	NATIONAL HEALTH INVESTORS INC	260,000	$21,024	0.5%	$74.30	—	COM	63633D104
SPH	SUBURBAN PROPANE PARTNERS LP	1,016,000	$20,005	0.5%	$16.09	—	UNT	864482104
—	ENERGY TRANSFER LP	975,000	$18,818	0.5%	$18.75	—	COM	29273v100
ULTA	ULTA BEAUTY INC	13,280	$6,942	0.2%	$518.84	+29.1%	COM	90384S303
WM	WASTE MANAGEMENT	24,629	$5,659	0.1%	$141.25	+60.1%	COM	94106L109
LHX	L3HARRIS	13,630	$4,704	0.1%	$208.92	+64.2%	COM	502431109
MAR	MARRIOTT INT'L	10,338	$3,381	0.1%	$198.52	+66.6%	COM	571903202
EMR	EMERSON ELECTRIC	24,182	$3,168	0.1%	$69.14	+114.7%	COM	291011104
GOOGL	ALPHABET INC CLASS A	9,826	$2,826	0.1%	$105.47	+206.5%	COM	02079K305
VRT	VERTIV HOLDINGS	10,645	$2,667	0.1%	$106.91	+86.9%	COM	92537N108
CB	CHUBB LTD (SZ)	7,095	$2,312	0.1%	$185.43	+70.5%	COM	H1467J104
TT	TRANE TECHNOLOGIES PLC (IL)	5,135	$2,140	0.1%	$93.73	+350.4%	COM	G8994E103
MCD	MCDONALD'S	6,817	$2,119	0.1%	$211.79	+49.8%	COM	580135101
ROK	ROCKWELL AUTOMATION	5,735	$2,058	0.1%	$258.83	+58.5%	COM	773903109
VMC	VULCAN MATERIALS	7,194	$1,959	0.0%	$140.56	+118.2%	COM	929160109
AWK	AMERICAN WATER WORKS	12,413	$1,689	0.0%	$109.40	+17.8%	COM	030420103
CMI	CUMMINS INC	2,400	$1,291	0.0%	$106.81	+438.8%	COM	231021106
FDX	FEDEX CORPORATION	3,285	$1,170	0.0%	$220.40	+53.8%	COM	31428X106
BEPC	BROOKFIELD RENEWABLE CORP-A (C	28,620	$1,140	0.0%	$29.14	+40.6%	COM	11285B108
TSM	TAIWAN SEMICONDUCTOR MFG (TW)	3,290	$1,112	0.0%	$81.08	—	COM	874039100
RTX	RTX CORP	5,258	$1,014	0.0%	$54.84	+258.5%	COM	75513E101
PFE	PFIZER	35,984	$1,010	0.0%	$24.61	+6.4%	COM	717081103
BNS	BANK OF NOVA SCOTIA ADR (CA)	14,267	$989	0.0%	$56.50	+32.6%	COM	064149107
GEHC	GE HEALTHCARE TECHNOLOGIES INC	12,405	$883	0.0%	$77.79	+5.7%	COM	36266G107
MDT	MEDTRONIC PLC (IL)	9,904	$858	0.0%	$82.69	+20.3%	COM	G5960L103
STT	STATE STREET	6,038	$764	0.0%	$50.46	+158.2%	COM	857477103
LOW	LOWE'S COMPANIES	3,083	$728	0.0%	$167.66	+61.9%	COM	548661107
IP	INT'L PAPER	19,370	$692	0.0%	$34.96	+25.3%	COM	460146103
SNA	SNAP-ON	1,870	$679	0.0%	$145.51	+155.2%	COM	833034101
GNRC	GENERAC HOLDINGS	2,520	$492	0.0%	$243.69	-24.9%	COM	368736104
TTEK	TETRA TECH	15,975	$481	0.0%	$37.30	-1.1%	COM	88162G103
RHHBY	ROCHE HOLDING AG (SZ)	9,550	$475	0.0%	$42.13	—	COM	771195104
EFX	EQUIFAX	2,486	$448	0.0%	$53.06	+285.1%	COM	294429105
NEM	NEWMONT CORP	3,844	$416	0.0%	$54.30	+117.5%	COM	651639106
—	CAPITAL ONE FINANCIAL CP	2,174	$397	0.0%	$98.90	—	COM	14040h105
TSLA	TESLA MOTORS INC	1,000	$372	0.0%	$321.74	+32.4%	COM	88160R101
—	CITIGROUP INC	3,220	$365	0.0%	$0.06	—	COM	172967101
MMM	3M COMPANY	2,495	$362	0.0%	$79.56	+106.1%	COM	88579Y101
—	AON PLC	1,035	$334	0.0%	$192.79	—	COM	037389103
MRK	MERCK & CO INC NEW	2,204	$265	0.0%	$93.24	+22.6%	COM	58933Y105
MDLZ	MONDELEZ INTERNATIONAL	4,445	$256	0.0%	$36.08	+61.2%	COM	609207105
PNC	PNC FINL SVCS GROUP	1,228	$256	0.0%	$167.50	+34.3%	COM	693475105
WAB	WABTEC	1,000	$250	0.0%	$191.67	+24.7%	COM	929740108
ADSK	AUTODESK INC COM	1,000	$239	0.0%	$205.89	+23.2%	COM	052769106
ACN	ACCENTURE LTD (IL)	1,076	$213	0.0%	$169.31	+49.6%	COM	G1151C101
IR	INGERSOLL RAND (IL)	2,646	$212	0.0%	$50.89	+77.7%	COM	45687V106