Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LRCX	LAM RESEARCH	535,748	$232M	1.8%	$433.33	—	—	512807306
INTC	INTEL CORP	1,341,703	$187M	1.4%	$139.63	—	—	458140100
SLB	SLB Ltd	3,989,536	$185M	1.4%	$46.49	—	—	806857108
CSCO	CISCO SYSTEMS	1,311,581	$154M	1.2%	$117.46	—	—	17275R102
WDC	WESTERN DIGITAL	187,935	$120M	0.9%	$638.72	—	—	958102105
PANW	PALO ALTO NETWORKS INC	351,256	$120M	0.9%	$341.02	—	—	697435105
CW	CURTISS-WRIGHT CORP	142,936	$108M	0.8%	$757.76	—	—	231561101
GEV	GE VERNOVA INC	89,517	$105M	0.8%	$1174.86	—	—	36828A101
SPG	SIMON PROPERTY GROUP INC	466,269	$104M	0.8%	$223.65	—	—	828806109
APH	AMPHENOL -CL A	580,870	$102M	0.8%	$176.32	—	—	032095101
TXN	TEXAS INSTRUMENTS	337,713	$101M	0.8%	$298.07	—	—	882508104

Increased Positions (10)

AMD ADVANCED MICRO DEVICES 2.3%

Value $294M (+201.3%) Shares 506,119 (+5.5%) Est. Cost $243.16 Unrealized —

GOOG ALPHABET INC-CL C 5.1%

Value $663M (+24.9%) Shares 1,876,532 (+1.4%) Est. Cost $157.69 Unrealized —

KLAC KLA Corp 1.4%

Value $176M (+69.2%) Shares 583,842 (+725.7%) Est. Cost $442.24 Unrealized —

WELL WELLTOWER INC 1.9%

Value $243M (+23.1%) Shares 1,069,814 (+7.3%) Est. Cost $152.98 Unrealized —

ABBV ABBVIE INC 1.1%

Value $143M (+15.2%) Shares 569,015 (+6.0%) Est. Cost $193.37 Unrealized —

VZ VERIZON COMMUNICATIONS 0.8%

Value $100M (-12.7%) Shares 2,372,766 (+3.5%) Est. Cost $43.77 Unrealized —

ADP AUTOMATIC DATA PROCESSING 0.6%

Value $83.04M (+15.5%) Shares 370,801 (+4.8%) Est. Cost $292.91 Unrealized —

CRM SALESFORCE 0.5%

Value $67.81M (-8.3%) Shares 432,871 (+9.3%) Est. Cost $294.50 Unrealized —

BKNG BOOKING HOLDINGS INC 0.7%

Value $85.33M (-2.0%) Shares 478,757 (+2215.9%) Est. Cost $391.88 Unrealized —

NOW SERVICENOW INC 0.4%

Value $48.13M (+1.5%) Shares 484,785 (+6.9%) Est. Cost $172.83 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMD	ADVANCED MICRO DEVICES	506,119 (+5.5%)	$294M (+201.3%)	2.3%	$243.16	—	—	007903107
GOOG	ALPHABET INC-CL C	1,876,532 (+1.4%)	$663M (+24.9%)	5.1%	$157.69	—	—	02079K107
KLAC	KLA Corp	583,842 (+725.7%)	$176M (+69.2%)	1.4%	$442.24	—	—	482480100
WELL	WELLTOWER INC	1,069,814 (+7.3%)	$243M (+23.1%)	1.9%	$152.98	—	—	95040Q104
ABBV	ABBVIE INC	569,015 (+6.0%)	$143M (+15.2%)	1.1%	$193.37	—	—	00287Y109
VZ	VERIZON COMMUNICATIONS	2,372,766 (+3.5%)	$100M (-12.7%)	0.8%	$43.77	—	—	92343V104
ADP	AUTOMATIC DATA PROCESSING	370,801 (+4.8%)	$83.04M (+15.5%)	0.6%	$292.91	—	—	053015103
CRM	SALESFORCE	432,871 (+9.3%)	$67.81M (-8.3%)	0.5%	$294.50	—	—	79466L302
BKNG	BOOKING HOLDINGS INC	478,757 (+2215.9%)	$85.33M (-2.0%)	0.7%	$391.88	—	—	09857L108
NOW	SERVICENOW INC	484,785 (+6.9%)	$48.13M (+1.5%)	0.4%	$172.83	—	—	81762P102

Exited Positions (3)

— LAM RESEARCH 1.1%

Value $139M Shares 652,032 Est. Cost $171.18 Unrealized —

— CISCO SYSTEMS 0.8%

Value $107M Shares 1,379,499 Est. Cost $77.05 Unrealized —

FISV FISERV 0.1%

Value $12.24M Shares 219,365 Est. Cost $204.14 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LAM RESEARCH	652,032	$139M	1.1%	$171.18	—	—	512807108
—	CISCO SYSTEMS	1,379,499	$107M	0.8%	$77.05	—	—	002198163
FISV	FISERV	219,365	$12.24M	0.1%	$204.14	—	—	337738108

Decreased Positions (16)

NVDA NVIDIA 11.9%

Value $1.544B (+9.6%) Shares 7,715,089 (-4.5%) Est. Cost $104.36 Unrealized —

AMAT APPLIED MATERIALS 2.0%

Value $262M (+100.5%) Shares 362,421 (-5.2%) Est. Cost $326.57 Unrealized —

GOOGL ALPHABET INC-CL A 4.0%

Value $515M (+16.1%) Shares 1,440,207 (-6.6%) Est. Cost $144.01 Unrealized —

BKR BAKER HUGHES CO 1.3%

Value $174M (-23.9%) Shares 3,141,884 (-16.3%) Est. Cost $32.83 Unrealized —

NFLX NETFLIX INC 0.8%

Value $105M (-26.6%) Shares 1,465,830 (-1.1%) Est. Cost $103.71 Unrealized —

UNH UNITEDHEALTH GROUP 0.8%

Value $106M (+51.8%) Shares 256,026 (-1.2%) Est. Cost $495.31 Unrealized —

PG PROCTER & GAMBLE CO 0.9%

Value $114M (-16.7%) Shares 779,511 (-17.9%) Est. Cost $145.64 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC-A 0.6%

Value $80.12M (-21.5%) Shares 686,694 (-1.6%) Est. Cost $161.93 Unrealized —

BAC BANK OF AMERICA CORP 1.2%

Value $150M (+15.7%) Shares 2,627,191 (-1.0%) Est. Cost $42.47 Unrealized —

MS MORGAN STANLEY 0.8%

Value $106M (+16.4%) Shares 508,175 (-8.3%) Est. Cost $179.67 Unrealized —

GS GOLDMAN SACHS GROUP 0.9%

Value $113M (+14.6%) Shares 111,237 (-4.1%) Est. Cost $932.60 Unrealized —

SPGI S&P GLOBAL 0.5%

Value $62.73M (-11.5%) Shares 154,024 (-7.6%) Est. Cost $533.84 Unrealized —

KO COCA-COLA COMPANY 0.9%

Value $122M (+4.7%) Shares 1,505,504 (-2.0%) Est. Cost $68.34 Unrealized —

MA MASTERCARD INC 1.5%

Value $198M (-1.6%) Shares 385,332 (-4.3%) Est. Cost $470.88 Unrealized —

AMGN AMGEN 0.7%

Value $94.28M (-2.5%) Shares 260,359 (-5.2%) Est. Cost $349.67 Unrealized —

HD HOME DEPOT 0.9%

Value $112M (-1.6%) Shares 316,784 (-8.3%) Est. Cost $354.68 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA	7,715,089 (-4.5%)	$1.544B (+9.6%)	11.9%	$104.36	—	—	67066G104
AMAT	APPLIED MATERIALS	362,421 (-5.2%)	$262M (+100.5%)	2.0%	$326.57	—	—	038222105
GOOGL	ALPHABET INC-CL A	1,440,207 (-6.6%)	$515M (+16.1%)	4.0%	$144.01	—	—	02079K305
BKR	BAKER HUGHES CO	3,141,884 (-16.3%)	$174M (-23.9%)	1.3%	$32.83	—	—	05722G100
NFLX	NETFLIX INC	1,465,830 (-1.1%)	$105M (-26.6%)	0.8%	$103.71	—	—	64110L106
UNH	UNITEDHEALTH GROUP	256,026 (-1.2%)	$106M (+51.8%)	0.8%	$495.31	—	—	91324P102
PG	PROCTER & GAMBLE CO	779,511 (-17.9%)	$114M (-16.7%)	0.9%	$145.64	—	—	742718109
PLTR	PALANTIR TECHNOLOGIES INC-A	686,694 (-1.6%)	$80.12M (-21.5%)	0.6%	$161.93	—	—	69608A108
BAC	BANK OF AMERICA CORP	2,627,191 (-1.0%)	$150M (+15.7%)	1.2%	$42.47	—	—	060505104
MS	MORGAN STANLEY	508,175 (-8.3%)	$106M (+16.4%)	0.8%	$179.67	—	—	617446448
GS	GOLDMAN SACHS GROUP	111,237 (-4.1%)	$113M (+14.6%)	0.9%	$932.60	—	—	38141G104
SPGI	S&P GLOBAL	154,024 (-7.6%)	$62.73M (-11.5%)	0.5%	$533.84	—	—	78409V104
KO	COCA-COLA COMPANY	1,505,504 (-2.0%)	$122M (+4.7%)	0.9%	$68.34	—	—	191216100
MA	MASTERCARD INC	385,332 (-4.3%)	$198M (-1.6%)	1.5%	$470.88	—	—	57636Q104
AMGN	AMGEN	260,359 (-5.2%)	$94.28M (-2.5%)	0.7%	$349.67	—	—	031162100
HD	HOME DEPOT	316,784 (-8.3%)	$112M (-1.6%)	0.9%	$354.68	—	—	437076102

Unchanged Positions (15)

MU MICRON TECHNOLOGY 3.0%

Value $386M Shares 334,063 Est. Cost $387.04 Unrealized —

AAPL APPLE COMPUTER INC 9.7%

Value $1.257B Shares 4,345,511 Est. Cost $159.30 Unrealized —

AMZN AMAZON.COM 5.3%

Value $694M Shares 2,909,831 Est. Cost $150.35 Unrealized —

AVGO BROADCOM INC 3.8%

Value $495M Shares 1,310,174 Est. Cost $170.93 Unrealized —

LLY ELI LILLY & CO 2.3%

Value $299M Shares 249,204 Est. Cost $654.26 Unrealized —

TSLA TESLA INC 2.8%

Value $362M Shares 861,418 Est. Cost $245.74 Unrealized —

V VISA INC-CLASS A SHARES 2.1%

Value $276M Shares 804,973 Est. Cost $279.70 Unrealized —

JPM JPMORGAN CHASE & CO 2.2%

Value $289M Shares 882,774 Est. Cost $168.90 Unrealized —

COST COSTCO WHOLESALE CORP 1.3%

Value $175M Shares 186,969 Est. Cost $824.78 Unrealized —

MSFT MICROSOFT CORP 7.0%

Value $907M Shares 2,430,917 Est. Cost $294.64 Unrealized —

MRK MERCK & CO 1.0%

Value $125M Shares 970,317 Est. Cost $93.62 Unrealized —

TJX TJX COMPANIES 0.8%

Value $103M Shares 676,762 Est. Cost $154.23 Unrealized —

— LINDE PLC 0.8%

Value $106M Shares 203,325 Est. Cost $495.76 Unrealized —

PLD PROLOGIS INC 1.2%

Value $159M Shares 1,174,787 Est. Cost $117.62 Unrealized —

ORCL ORACLE CORPORATION 0.6%

Value $75.18M Shares 512,981 Est. Cost $162.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY	334,063	$386M	3.0%	$387.04	—	—	595112103
AAPL	APPLE COMPUTER INC	4,345,511	$1.257B	9.7%	$159.30	—	—	037833100
AMZN	AMAZON.COM	2,909,831	$694M	5.3%	$150.35	—	—	023135106
AVGO	BROADCOM INC	1,310,174	$495M	3.8%	$170.93	—	—	11135F101
LLY	ELI LILLY & CO	249,204	$299M	2.3%	$654.26	—	—	532457108
TSLA	TESLA INC	861,418	$362M	2.8%	$245.74	—	—	88160R101
V	VISA INC-CLASS A SHARES	804,973	$276M	2.1%	$279.70	—	—	92826C839
JPM	JPMORGAN CHASE & CO	882,774	$289M	2.2%	$168.90	—	—	46625H100
COST	COSTCO WHOLESALE CORP	186,969	$175M	1.3%	$824.78	—	—	22160K105
MSFT	MICROSOFT CORP	2,430,917	$907M	7.0%	$294.64	—	—	594918104
MRK	MERCK & CO	970,317	$125M	1.0%	$93.62	—	—	58933Y105
TJX	TJX COMPANIES	676,762	$103M	0.8%	$154.23	—	—	872540109
—	LINDE PLC	203,325	$106M	0.8%	$495.76	—	—	53223L109
PLD	PROLOGIS INC	1,174,787	$159M	1.2%	$117.62	—	—	74340W103
ORCL	ORACLE CORPORATION	512,981	$75.18M	0.6%	$162.85	—	—	68389X105