JACOBSON & SCHMITT ADVISORS, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSW	CSW INDUSTRIALS INC	62,484 (+16.3%)	$18,341 (+40.7%)	3.1%	$189.16	+40.8%	COM	126402106
FSV	FIRSTSERVICE CORP NEW	144,994 (+52.4%)	$22,551 (+24.4%)	3.8%	$122.13	+33.0%	COM	33767E202
JKHY	HENRY JACK & ASSOC INC	100,043 (+6.5%)	$18,256 (+30.5%)	3.1%	$146.22	+13.7%	COM	426281101
ELF	E L F BEAUTY INC	188,924 (+34.5%)	$14,366 (-22.8%)	2.4%	$90.00	+9.4%	COM	26856L103
TTD	THE TRADE DESK INC	303,640 (+4.9%)	$11,526 (-18.8%)	1.9%	$65.69	-32.5%	COM CL A	88339J105
TTAN	SERVICETITAN INC	132,410 (+9.9%)	$14,102 (+16.1%)	2.4%	$99.61	-1.9%	SHS CL A	81764X103
AMZN	AMAZON COM INC	129,435 (+1.6%)	$29,876 (+6.8%)	5.0%	$128.53	+78.0%	COM	023135106
HDB	HDFC BANK LTD	399,271 (+4.2%)	$14,589 (+11.5%)	2.5%	$51.80	—	SPONSORED ADS	40415F101
KNSL	KINSALE CAP GROUP INC	42,894 (+18.4%)	$16,777 (+8.9%)	2.8%	$240.54	+69.5%	COM	49714P108
MBB	ISHARES TR	229,052 (+6.1%)	$21,810 (+6.1%)	3.7%	$95.15	—	MBS ETF	464288588
GSHD	GOOSEHEAD INS INC	152,776 (+11.9%)	$11,252 (+10.7%)	1.9%	$75.56	-5.7%	COM CL A	38267D109
V	VISA INC	36,446 (+5.7%)	$12,782 (+8.6%)	2.2%	$167.76	+102.9%	COM CL A	92826C839
BX	BLACKSTONE INC	90,476 (+16.1%)	$13,946 (+4.7%)	2.3%	$70.23	+115.7%	COM	09260D107
COST	COSTCO WHSL CORP NEW	15,915 (+2.7%)	$13,725 (-4.3%)	2.3%	$192.69	+370.1%	COM	22160K105
IUSB	ISHARES TR	779,202 (+2.0%)	$36,264 (+1.6%)	6.1%	$50.41	—	CORE UNIVRSL USD	46434V613
IGSB	ISHARES TR	401,077 (+3.1%)	$21,209 (+2.8%)	3.6%	$51.14	—	ISHS 1-5YR INVS	464288646
TXN	TEXAS INSTRS INC	77,593 (+10.5%)	$13,462 (+4.4%)	2.3%	$177.23	-3.7%	COM	882508104
VTEB	VANGUARD MUN BD FDS	202,625 (+4.1%)	$10,190 (+4.5%)	1.7%	$51.38	—	TAX EXEMPT BD	922907746
NEAR	ISHARES U S ETF TR	177,207 (+4.9%)	$9,055 (+4.5%)	1.5%	$50.52	—	SHORT DURATION B	46431W507
MELI	MERCADOLIBRE INC	5,592 (+13.3%)	$11,264 (-2.4%)	1.9%	$2057.56	+2.1%	COM	58733R102
TFLO	ISHARES TR	80,957 (+6.5%)	$4,085 (+6.3%)	0.7%	$50.58	—	TRS FLT RT BD	46434V860
HYD	VANECK ETF TRUST	12,630 (+36.4%)	$646 (+37.0%)	0.1%	$50.96	—	HIGH YLD MUNIETF	92189H409
FLRN	SPDR SERIES TRUST	117,593 (+5.4%)	$3,614 (+4.9%)	0.6%	$30.85	—	STATE STREET SPD	78468R200
SNPS	SYNOPSYS INC	15,455 (+3.6%)	$7,260 (-1.4%)	1.2%	$561.07	-20.8%	COM	871607107
SPYM	SPDR SERIES TRUST	12,996 (+5.4%)	$1,043 (+7.9%)	0.2%	$73.08	—	STATE STREET SPD	78464A854
OKTA	OKTA INC	92,212 (+7.0%)	$7,974 (+0.9%)	1.3%	$85.44	+2.1%	CL A	679295105
MEAR	ISHARES U S ETF TR	65,389 (+2.3%)	$3,290 (+1.9%)	0.6%	$50.00	—	SHORT MATURITY M	46431W838
VTES	VANGUARD WELLINGTON FD	20,767 (+3.0%)	$2,109 (+2.6%)	0.4%	$101.59	—	SHORT TRM TAX EX	921935870
VCSH	VANGUARD SCOTTSDALE FDS	27,303 (+2.3%)	$2,177 (+2.1%)	0.4%	$79.69	—	SHRT TRM CORP BD	92206C409
IXUS	ISHARES TR	6,762 (+1.1%)	$572 (+3.6%)	0.1%	$77.76	—	CORE MSCI TOTAL	46432F834

Exited Positions (15)

SCHR SCHWAB STRATEGIC TR 0.4%

Value ($000) $2,426 Shares 96,532 Est. Cost $25.03 Unrealized —

— VERONA PHARMA PLC 0.4%

Value ($000) $2,281 Shares 21,374 Est. Cost $46.44 Unrealized —

LNT ALLIANT ENERGY CORP 0.1%

Value ($000) $598 Shares 8,873 Est. Cost $63.88 Unrealized +4.6%

HD HOME DEPOT INC 0.1%

Value ($000) $363 Shares 896 Est. Cost $389.16 Unrealized -6.3%

QQQ INVESCO QQQ TR 0.1%

Value ($000) $360 Shares 600 Est. Cost $600.37 Unrealized —

VOO VANGUARD INDEX FDS 0.1%

Value ($000) $354 Shares 578 Est. Cost $611.86 Unrealized —

ISRG INTUITIVE SURGICAL INC 0.1%

Value ($000) $335 Shares 748 Est. Cost $479.87 Unrealized +10.9%

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $321 Shares 1,720 Est. Cost $174.29 Unrealized +6.8%

WEC WEC ENERGY GROUP INC 0.1%

Value ($000) $315 Shares 2,752 Est. Cost $107.11 Unrealized +3.0%

MFC MANULIFE FINL CORP 0.1%

Value ($000) $307 Shares 9,870 Est. Cost $30.84 Unrealized +10.1%

XOM EXXON MOBIL CORP 0.0%

Value ($000) $272 Shares 2,416 Est. Cost $109.70 Unrealized +5.3%

SBUX STARBUCKS CORP 0.0%

Value ($000) $247 Shares 2,915 Est. Cost $88.57 Unrealized -5.1%

WMT WALMART INC 0.0%

Value ($000) $221 Shares 2,145 Est. Cost $99.23 Unrealized +8.0%

ORCL ORACLE CORP 0.0%

Value ($000) $210 Shares 746 Est. Cost $254.17 Unrealized -6.3%

APD AIR PRODS & CHEMS INC 0.0%

Value ($000) $209 Shares 766 Est. Cost $268.13 Unrealized -6.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SCHR	SCHWAB STRATEGIC TR	96,532	$2,426	0.4%	$25.03	—	—	808524854
—	VERONA PHARMA PLC	21,374	$2,281	0.4%	$46.44	—	—	925050106
LNT	ALLIANT ENERGY CORP	8,873	$598	0.1%	$63.88	+4.6%	—	018802108
HD	HOME DEPOT INC	896	$363	0.1%	$389.16	-6.3%	—	437076102
QQQ	INVESCO QQQ TR	600	$360	0.1%	$600.37	—	—	46090E103
VOO	VANGUARD INDEX FDS	578	$354	0.1%	$611.86	—	—	922908363
ISRG	INTUITIVE SURGICAL INC	748	$335	0.1%	$479.87	+10.9%	—	46120E602
NVDA	NVIDIA CORPORATION	1,720	$321	0.1%	$174.29	+6.8%	—	67066G104
WEC	WEC ENERGY GROUP INC	2,752	$315	0.1%	$107.11	+3.0%	—	92939U106
MFC	MANULIFE FINL CORP	9,870	$307	0.1%	$30.84	+10.1%	—	56501R106
XOM	EXXON MOBIL CORP	2,416	$272	0.0%	$109.70	+5.3%	—	30231G102
SBUX	STARBUCKS CORP	2,915	$247	0.0%	$88.57	-5.1%	—	855244109
WMT	WALMART INC	2,145	$221	0.0%	$99.23	+8.0%	—	931142103
ORCL	ORACLE CORP	746	$210	0.0%	$254.17	-6.3%	—	68389X105
APD	AIR PRODS & CHEMS INC	766	$209	0.0%	$268.13	-6.1%	—	009158106

Decreased Positions (24)

AAPL APPLE INC 0.1%

Value ($000) $502 (-88.2%) Shares 1,848 (-88.9%) Est. Cost $223.11 Unrealized +20.3%

DHR DANAHER CORPORATION 3.7%

Value ($000) $21,797 (+14.1%) Shares 95,217 (-1.2%) Est. Cost $159.90 Unrealized +37.3%

MSFT MICROSOFT CORP 3.2%

Value ($000) $18,767 (-9.9%) Shares 38,805 (-3.5%) Est. Cost $418.48 Unrealized +19.6%

FLS FLOWSERVE CORP 2.2%

Value ($000) $13,165 (+10.9%) Shares 189,751 (-15.1%) Est. Cost $33.31 Unrealized +92.4%

ASML ASML HOLDING N V 3.0%

Value ($000) $18,093 (-6.3%) Shares 16,912 (-15.2%) Est. Cost $417.07 Unrealized —

IBP INSTALLED BLDG PRODS INC 2.7%

Value ($000) $15,944 (-5.1%) Shares 61,467 (-9.7%) Est. Cost $194.14 Unrealized +33.0%

NKE NIKE INC 0.9%

Value ($000) $5,095 (-12.5%) Shares 79,978 (-4.3%) Est. Cost $62.22 Unrealized +4.3%

JPM JPMORGAN CHASE & CO. 0.1%

Value ($000) $664 (-43.3%) Shares 2,060 (-44.5%) Est. Cost $272.45 Unrealized +13.6%

LLY ELI LILLY & CO 0.3%

Value ($000) $1,681 (+29.2%) Shares 1,564 (-8.3%) Est. Cost $773.40 Unrealized +23.6%

NEE NEXTERA ENERGY INC 0.1%

Value ($000) $377 (-32.2%) Shares 4,694 (-36.2%) Est. Cost $69.89 Unrealized +18.0%

MCD MCDONALDS CORP 0.0%

Value ($000) $204 (-46.2%) Shares 666 (-46.5%) Est. Cost $302.70 Unrealized +0.8%

INTU INTUIT 0.3%

Value ($000) $1,567 (-9.6%) Shares 2,365 (-6.9%) Est. Cost $674.49 Unrealized -2.0%

ETN EATON CORP PLC 0.1%

Value ($000) $538 (-20.6%) Shares 1,690 (-6.7%) Est. Cost $306.71 Unrealized +15.5%

MUB ISHARES TR 0.2%

Value ($000) $1,144 (-7.8%) Shares 10,680 (-8.3%) Est. Cost $109.80 Unrealized —

ABBV ABBVIE INC 0.1%

Value ($000) $470 (-16.8%) Shares 2,059 (-15.6%) Est. Cost $185.91 Unrealized +22.4%

AMD ADVANCED MICRO DEVICES INC 0.1%

Value ($000) $464 (+24.5%) Shares 2,166 (-5.9%) Est. Cost $113.50 Unrealized +97.9%

RVNU DBX ETF TR 0.2%

Value ($000) $1,199 (-6.9%) Shares 48,868 (-6.4%) Est. Cost $24.08 Unrealized —

SHYD VANECK ETF TRUST 0.2%

Value ($000) $952 (-6.5%) Shares 41,567 (-6.6%) Est. Cost $22.59 Unrealized —

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $557 (+10.1%) Shares 2,691 (-1.3%) Est. Cost $151.09 Unrealized +30.4%

SUB ISHARES TR 0.1%

Value ($000) $683 (-4.6%) Shares 6,399 (-4.6%) Est. Cost $106.34 Unrealized —

SCI SERVICE CORP INTL 0.0%

Value ($000) $234 (-11.6%) Shares 3,000 (-5.6%) Est. Cost $78.17 Unrealized +2.3%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $408 (-1.4%) Shares 811 (-1.3%) Est. Cost $507.55 Unrealized -2.0%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $585 (-0.7%) Shares 858 (-2.9%) Est. Cost $644.35 Unrealized —

NUE NUCOR CORP 0.0%

Value ($000) $269 (-1.3%) Shares 1,650 (-18.1%) Est. Cost $115.51 Unrealized +29.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	1,848 (-88.9%)	$502 (-88.2%)	0.1%	$223.11	+20.3%	COM	037833100
DHR	DANAHER CORPORATION	95,217 (-1.2%)	$21,797 (+14.1%)	3.7%	$159.90	+37.3%	COM	235851102
MSFT	MICROSOFT CORP	38,805 (-3.5%)	$18,767 (-9.9%)	3.2%	$418.48	+19.6%	COM	594918104
FLS	FLOWSERVE CORP	189,751 (-15.1%)	$13,165 (+10.9%)	2.2%	$33.31	+92.4%	COM	34354P105
ASML	ASML HOLDING N V	16,912 (-15.2%)	$18,093 (-6.3%)	3.0%	$417.07	—	N Y REGISTRY SHS	N07059210
IBP	INSTALLED BLDG PRODS INC	61,467 (-9.7%)	$15,944 (-5.1%)	2.7%	$194.14	+33.0%	COM	45780R101
NKE	NIKE INC	79,978 (-4.3%)	$5,095 (-12.5%)	0.9%	$62.22	+4.3%	CL B	654106103
JPM	JPMORGAN CHASE & CO.	2,060 (-44.5%)	$664 (-43.3%)	0.1%	$272.45	+13.6%	COM	46625H100
LLY	ELI LILLY & CO	1,564 (-8.3%)	$1,681 (+29.2%)	0.3%	$773.40	+23.6%	COM	532457108
NEE	NEXTERA ENERGY INC	4,694 (-36.2%)	$377 (-32.2%)	0.1%	$69.89	+18.0%	COM	65339F101
MCD	MCDONALDS CORP	666 (-46.5%)	$204 (-46.2%)	0.0%	$302.70	+0.8%	COM	580135101
INTU	INTUIT	2,365 (-6.9%)	$1,567 (-9.6%)	0.3%	$674.49	-2.0%	COM	461202103
ETN	EATON CORP PLC	1,690 (-6.7%)	$538 (-20.6%)	0.1%	$306.71	+15.5%	SHS	G29183103
MUB	ISHARES TR	10,680 (-8.3%)	$1,144 (-7.8%)	0.2%	$109.80	—	NATIONAL MUN ETF	464288414
ABBV	ABBVIE INC	2,059 (-15.6%)	$470 (-16.8%)	0.1%	$185.91	+22.4%	COM	00287Y109
AMD	ADVANCED MICRO DEVICES INC	2,166 (-5.9%)	$464 (+24.5%)	0.1%	$113.50	+97.9%	COM	007903107
RVNU	DBX ETF TR	48,868 (-6.4%)	$1,199 (-6.9%)	0.2%	$24.08	—	XTRACK MUN INFRA	233051705
SHYD	VANECK ETF TRUST	41,567 (-6.6%)	$952 (-6.5%)	0.2%	$22.59	—	SHRT HGH YLD MUN	92189F387
JNJ	JOHNSON & JOHNSON	2,691 (-1.3%)	$557 (+10.1%)	0.1%	$151.09	+30.4%	COM	478160104
SUB	ISHARES TR	6,399 (-4.6%)	$683 (-4.6%)	0.1%	$106.34	—	SHRT NAT MUN ETF	464288158
SCI	SERVICE CORP INTL	3,000 (-5.6%)	$234 (-11.6%)	0.0%	$78.17	+2.3%	COM	817565104
BRK/B	BERKSHIRE HATHAWAY INC DEL	811 (-1.3%)	$408 (-1.4%)	0.1%	$507.55	-2.0%	CL B NEW	084670702
SPY	SPDR S&P 500 ETF TR	858 (-2.9%)	$585 (-0.7%)	0.1%	$644.35	—	TR UNIT	78462F103
NUE	NUCOR CORP	1,650 (-18.1%)	$269 (-1.3%)	0.0%	$115.51	+29.7%	COM	670346105

Unchanged Positions (17)

FDX FEDEX CORP 2.8%

Value ($000) $16,646 Shares 57,628 Est. Cost $206.52 Unrealized +26.6%

APH AMPHENOL CORP NEW 5.6%

Value ($000) $33,364 Shares 246,887 Est. Cost $44.80 Unrealized +198.1%

FAST FASTENAL CO 1.9%

Value ($000) $11,021 Shares 274,645 Est. Cost $28.99 Unrealized +45.0%

GOOGL ALPHABET INC 1.1%

Value ($000) $6,334 Shares 20,236 Est. Cost $115.17 Unrealized +148.0%

APP APPLOVIN CORP 3.3%

Value ($000) $19,779 Shares 29,353 Est. Cost $91.24 Unrealized +590.6%

IDXX IDEXX LABS INC 2.3%

Value ($000) $13,723 Shares 20,284 Est. Cost $437.34 Unrealized +55.7%

SCHW SCHWAB CHARLES CORP 2.7%

Value ($000) $15,956 Shares 159,705 Est. Cost $38.73 Unrealized +144.6%

GOOG ALPHABET INC 0.1%

Value ($000) $328 Shares 1,045 Est. Cost $209.93 Unrealized +36.4%

EAT BRINKER INTL INC 0.1%

Value ($000) $530 Shares 3,695 Est. Cost $156.94 Unrealized -16.5%

CTAS CINTAS CORP 0.1%

Value ($000) $487 Shares 2,592 Est. Cost $214.11 Unrealized -12.1%

MAS MASCO CORP 0.0%

Value ($000) $292 Shares 4,600 Est. Cost $62.21 Unrealized +4.1%

ABT ABBOTT LABS 0.1%

Value ($000) $354 Shares 2,827 Est. Cost $130.60 Unrealized -2.5%

ITW ILLINOIS TOOL WKS INC 0.1%

Value ($000) $394 Shares 1,600 Est. Cost $237.16 Unrealized +4.4%

VUG VANGUARD INDEX FDS 0.1%

Value ($000) $360 Shares 737 Est. Cost $479.61 Unrealized —

IWB ISHARES TR 0.0%

Value ($000) $271 Shares 727 Est. Cost $365.48 Unrealized —

VTV VANGUARD INDEX FDS 0.0%

Value ($000) $215 Shares 1,124 Est. Cost $186.49 Unrealized —

SPG SIMON PPTY GROUP INC NEW 0.0%

Value ($000) $208 Shares 1,125 Est. Cost $169.06 Unrealized +6.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP	57,628	$16,646	2.8%	$206.52	+26.6%	COM	31428X106
APH	AMPHENOL CORP NEW	246,887	$33,364	5.6%	$44.80	+198.1%	CL A	032095101
FAST	FASTENAL CO	274,645	$11,021	1.9%	$28.99	+45.0%	COM	311900104
GOOGL	ALPHABET INC	20,236	$6,334	1.1%	$115.17	+148.0%	CAP STK CL A	02079K305
APP	APPLOVIN CORP	29,353	$19,779	3.3%	$91.24	+590.6%	COM CL A	03831W108
IDXX	IDEXX LABS INC	20,284	$13,723	2.3%	$437.34	+55.7%	COM	45168D104
SCHW	SCHWAB CHARLES CORP	159,705	$15,956	2.7%	$38.73	+144.6%	COM	808513105
GOOG	ALPHABET INC	1,045	$328	0.1%	$209.93	+36.4%	CAP STK CL C	02079K107
EAT	BRINKER INTL INC	3,695	$530	0.1%	$156.94	-16.5%	COM	109641100
CTAS	CINTAS CORP	2,592	$487	0.1%	$214.11	-12.1%	COM	172908105
MAS	MASCO CORP	4,600	$292	0.0%	$62.21	+4.1%	COM	574599106
ABT	ABBOTT LABS	2,827	$354	0.1%	$130.60	-2.5%	COM	002824100
ITW	ILLINOIS TOOL WKS INC	1,600	$394	0.1%	$237.16	+4.4%	COM	452308109
VUG	VANGUARD INDEX FDS	737	$360	0.1%	$479.61	—	GROWTH ETF	922908736
IWB	ISHARES TR	727	$271	0.0%	$365.48	—	RUS 1000 ETF	464287622
VTV	VANGUARD INDEX FDS	1,124	$215	0.0%	$186.49	—	VALUE ETF	922908744
SPG	SIMON PPTY GROUP INC NEW	1,125	$208	0.0%	$169.06	+6.5%	COM	828806109