Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UTHR	UNITED THERAPEUTICS	85,000	$50.4M	1.2%	$480.44	0.0%	COM	91307C102
OSK	OSHKOSH CORP	277,380	$40.83M	1.0%	$158.03	0.0%	COM	688239201
NDSN	NORDSON CORP	16,969	$4.515M	0.1%	$277.17	0.0%	COM	655663102
DD	DUPONT DE NEMOURS	7,000	$321K	0.0%	$46.11	0.0%	COM	26614N102
—	QNITY ELECTRONICS INC	2,150	$248K	0.0%	$115.38	—	COM	74743l100
ITW	ILLINOIS TOOL WORKS	800	$208K	0.0%	$273.24	0.0%	COM	452308109

Increased Positions (28)

GOOG ALPHABET INC CLASS C 1.6%

Value $65.87M (+468.3%) Shares 229,640 (+521.6%) Est. Cost $291.72 Unrealized +11.0%

VIAV VIAVI SOLUTIONS 1.6%

Value $66.56M (+99.7%) Shares 2,000,000 (+7.0%) Est. Cost $16.59 Unrealized +38.4%

TXN TEXAS INSTRUMENTS 2.2%

Value $89.19M (+54.3%) Shares 459,387 (+37.9%) Est. Cost $93.71 Unrealized +120.1%

SOLS SOLSTICE ADVANCED MATL 1.9%

Value $76.77M (+61.4%) Shares 1,008,031 (+2.9%) Est. Cost $47.59 Unrealized +37.0%

FN FABRINET SHS (CI) 1.3%

Value $51.48M (+126.2%) Shares 98,715 (+97.4%) Est. Cost $463.45 Unrealized +6.3%

MTZ MASTEC INC COM 1.7%

Value $69.32M (+63.2%) Shares 215,465 (+10.2%) Est. Cost $213.61 Unrealized +17.1%

WMT WALMART 0.7%

Value $29.61M (+425.8%) Shares 238,225 (+371.4%) Est. Cost $106.29 Unrealized +14.8%

ITT ITT INC 1.2%

Value $50.63M (+37.0%) Shares 265,710 (+24.7%) Est. Cost $181.41 Unrealized +5.0%

MSI MOTOROLA SOLUTIONS 1.9%

Value $78.19M (+18.4%) Shares 180,185 (+4.6%) Est. Cost $246.50 Unrealized +68.7%

BX BLACKSTONE INC 1.3%

Value $54.43M (-18.1%) Shares 473,338 (+9.7%) Est. Cost $58.10 Unrealized +142.5%

PANW PALO ALTO NETWORKS 2.0%

Value $84.06M (-9.7%) Shares 524,331 (+3.7%) Est. Cost $137.69 Unrealized +25.0%

SCHW CHARLES SCHWAB CORP 1.7%

Value $69.62M (+13.6%) Shares 740,788 (+20.8%) Est. Cost $87.72 Unrealized +14.1%

HWKN HAWKINS INC COM 1.4%

Value $58.45M (+12.7%) Shares 380,520 (+4.3%) Est. Cost $90.70 Unrealized +61.2%

MIELY MITSUBISHI ELEC CORP (JP) 1.1%

Value $43.46M (+15.3%) Shares 670,000 (+3.1%) Est. Cost $40.20 Unrealized —

PG PROCTER & GAMBLE 1.3%

Value $53.15M (+11.5%) Shares 367,943 (+10.6%) Est. Cost $86.51 Unrealized +75.4%

IBM IBM 0.2%

Value $9.806M (+25.0%) Shares 40,455 (+52.7%) Est. Cost $260.94 Unrealized +8.8%

HON HONEYWELL INT'L 0.3%

Value $11.11M (+19.2%) Shares 49,143 (+2.9%) Est. Cost $77.52 Unrealized +191.4%

MA MASTERCARD INC CL A 0.3%

Value $14.28M (-11.0%) Shares 28,585 (+1.7%) Est. Cost $467.77 Unrealized +15.2%

TEL TE CONNECTIVITY (SZ) 1.1%

Value $45.98M (+3.7%) Shares 220,000 (+12.8%) Est. Cost $203.40 Unrealized +13.0%

NEE NEXTERA ENERGY 0.1%

Value $5.902M (+31.2%) Shares 63,539 (+13.4%) Est. Cost $65.68 Unrealized +32.7%

— EXXON MOBIL 0.0%

Value $880K (+121.0%) Shares 5,184 (+56.9%) Est. Cost $101.23 Unrealized —

BMY BRISTOL-MYERS SQUIBB 0.0%

Value $997K (+84.0%) Shares 16,445 (+63.7%) Est. Cost $51.38 Unrealized +11.8%

VZ VERIZON COMMUNICATIONS 0.0%

Value $1.722M (+31.8%) Shares 34,299 (+6.9%) Est. Cost $39.75 Unrealized +10.2%

CVX CHEVRON 0.0%

Value $1.234M (+48.1%) Shares 5,963 (+9.2%) Est. Cost $137.79 Unrealized +24.7%

ETR ENTERGY CORP 0.0%

Value $1.011M (+28.9%) Shares 8,995 (+6.1%) Est. Cost $94.70 Unrealized +2.8%

CHKP CHECK POINT SOFTWARE TECH (IS) 0.0%

Value $836K (-17.3%) Shares 5,850 (+7.3%) Est. Cost $106.13 Unrealized +66.2%

VRTX VERTEX PHARMACEUTICALS 1.5%

Value $60.46M (-0.1%) Shares 135,399 (+1.4%) Est. Cost $159.08 Unrealized +193.9%

ABBV ABBVIE INC 0.1%

Value $2.706M (-0.8%) Shares 12,440 (+4.2%) Est. Cost $167.64 Unrealized +32.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC CLASS C	229,640 (+521.6%)	$65.87M (+468.3%)	1.6%	$291.72	+11.0%	COM	02079K107
VIAV	VIAVI SOLUTIONS	2,000,000 (+7.0%)	$66.56M (+99.7%)	1.6%	$16.59	+38.4%	COM	925550105
TXN	TEXAS INSTRUMENTS	459,387 (+37.9%)	$89.19M (+54.3%)	2.2%	$93.71	+120.1%	COM	882508104
SOLS	SOLSTICE ADVANCED MATL	1,008,031 (+2.9%)	$76.77M (+61.4%)	1.9%	$47.59	+37.0%	COM	83443Q103
FN	FABRINET SHS (CI)	98,715 (+97.4%)	$51.48M (+126.2%)	1.3%	$463.45	+6.3%	COM	G3323L100
MTZ	MASTEC INC COM	215,465 (+10.2%)	$69.32M (+63.2%)	1.7%	$213.61	+17.1%	COM	576323109
WMT	WALMART	238,225 (+371.4%)	$29.61M (+425.8%)	0.7%	$106.29	+14.8%	COM	931142103
ITT	ITT INC	265,710 (+24.7%)	$50.63M (+37.0%)	1.2%	$181.41	+5.0%	COM	45073V108
MSI	MOTOROLA SOLUTIONS	180,185 (+4.6%)	$78.19M (+18.4%)	1.9%	$246.50	+68.7%	COM	620076307
BX	BLACKSTONE INC	473,338 (+9.7%)	$54.43M (-18.1%)	1.3%	$58.10	+142.5%	COM	09260D107
PANW	PALO ALTO NETWORKS	524,331 (+3.7%)	$84.06M (-9.7%)	2.0%	$137.69	+25.0%	COM	697435105
SCHW	CHARLES SCHWAB CORP	740,788 (+20.8%)	$69.62M (+13.6%)	1.7%	$87.72	+14.1%	COM	808513105
HWKN	HAWKINS INC COM	380,520 (+4.3%)	$58.45M (+12.7%)	1.4%	$90.70	+61.2%	COM	420261109
MIELY	MITSUBISHI ELEC CORP (JP)	670,000 (+3.1%)	$43.46M (+15.3%)	1.1%	$40.20	—	COM	606776201
PG	PROCTER & GAMBLE	367,943 (+10.6%)	$53.15M (+11.5%)	1.3%	$86.51	+75.4%	COM	742718109
IBM	IBM	40,455 (+52.7%)	$9.806M (+25.0%)	0.2%	$260.94	+8.8%	COM	459200101
HON	HONEYWELL INT'L	49,143 (+2.9%)	$11.11M (+19.2%)	0.3%	$77.52	+191.4%	COM	438516106
MA	MASTERCARD INC CL A	28,585 (+1.7%)	$14.28M (-11.0%)	0.3%	$467.77	+15.2%	COM	57636Q104
TEL	TE CONNECTIVITY (SZ)	220,000 (+12.8%)	$45.98M (+3.7%)	1.1%	$203.40	+13.0%	COM	G87052109
NEE	NEXTERA ENERGY	63,539 (+13.4%)	$5.902M (+31.2%)	0.1%	$65.68	+32.7%	COM	65339F101
—	EXXON MOBIL	5,184 (+56.9%)	$880K (+121.0%)	0.0%	$101.23	—	COM	30231g102
BMY	BRISTOL-MYERS SQUIBB	16,445 (+63.7%)	$997K (+84.0%)	0.0%	$51.38	+11.8%	COM	110122108
VZ	VERIZON COMMUNICATIONS	34,299 (+6.9%)	$1.722M (+31.8%)	0.0%	$39.75	+10.2%	COM	92343V104
CVX	CHEVRON	5,963 (+9.2%)	$1.234M (+48.1%)	0.0%	$137.79	+24.7%	COM	166764100
ETR	ENTERGY CORP	8,995 (+6.1%)	$1.011M (+28.9%)	0.0%	$94.70	+2.8%	COM	29364G103
CHKP	CHECK POINT SOFTWARE TECH (IS)	5,850 (+7.3%)	$836K (-17.3%)	0.0%	$106.13	+66.2%	COM	M22465104
VRTX	VERTEX PHARMACEUTICALS	135,399 (+1.4%)	$60.46M (-0.1%)	1.5%	$159.08	+193.9%	COM	92532F100
ABBV	ABBVIE INC	12,440 (+4.2%)	$2.706M (-0.8%)	0.1%	$167.64	+32.8%	COM	00287Y109

Exited Positions (9)

FICO FAIR ISAAC CORP 1.2%

Value $50.72M Shares 30,000 Est. Cost $858.21 Unrealized +70.9%

ROL ROLLINS INC 0.5%

Value $22.37M Shares 372,645 Est. Cost $58.66 Unrealized +5.4%

KKR KKR & CO INC 0.4%

Value $15.2M Shares 119,195 Est. Cost $132.15 Unrealized -13.2%

— CHARTWELL RETIREMENT (CA) 0.3%

Value $12.31M Shares 840,000 Est. Cost $0.01 Unrealized —

META META PLATFORMS 0.0%

Value $525K Shares 795 Est. Cost $743.23 Unrealized -11.8%

MFC MANULIFE FINL CORP ADR (CA) 0.0%

Value $260K Shares 7,160 Est. Cost $33.94 Unrealized +9.3%

— BROOKFIELD INFRASTRUCTURE CORP 0.0%

Value $224K Shares 4,927 Est. Cost $41.60 Unrealized —

A AGILENT TECHNOLOGIES 0.0%

Value $218K Shares 1,600 Est. Cost $120.55 Unrealized +11.8%

CCI CROWN CASTLE INT'L 0.0%

Value $202K Shares 2,270 Est. Cost $99.10 Unrealized -10.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FICO	FAIR ISAAC CORP	30,000	$50.72M	1.2%	$858.21	+70.9%	—	303250104
ROL	ROLLINS INC	372,645	$22.37M	0.5%	$58.66	+5.4%	—	775711104
KKR	KKR & CO INC	119,195	$15.2M	0.4%	$132.15	-13.2%	—	48251W104
—	CHARTWELL RETIREMENT (CA)	840,000	$12.31M	0.3%	$0.01	—	—	16141a103
META	META PLATFORMS	795	$525K	0.0%	$743.23	-11.8%	—	30303M102
MFC	MANULIFE FINL CORP ADR (CA)	7,160	$260K	0.0%	$33.94	+9.3%	—	56501R106
—	BROOKFIELD INFRASTRUCTURE CORP	4,927	$224K	0.0%	$41.60	—	—	11275Q107
A	AGILENT TECHNOLOGIES	1,600	$218K	0.0%	$120.55	+11.8%	—	00846U101
CCI	CROWN CASTLE INT'L	2,270	$202K	0.0%	$99.10	-10.5%	—	22822V101

Decreased Positions (42)

SPGI S & P GLOBAL 0.3%

Value $11.5M (-85.7%) Shares 27,030 (-82.4%) Est. Cost $104.05 Unrealized +366.4%

AMZN AMAZON.COM INC 0.1%

Value $3.952M (-94.1%) Shares 18,974 (-93.5%) Est. Cost $185.16 Unrealized +22.5%

GLW CORNING 4.6%

Value $187M (+49.5%) Shares 1,377,592 (-3.8%) Est. Cost $40.81 Unrealized +173.6%

TMO THERMO FISHER SCIENTIFIC 0.2%

Value $8.648M (-85.3%) Shares 17,595 (-82.7%) Est. Cost $246.27 Unrealized +133.3%

BMI BADGER METER INC 0.0%

Value $1.718M (-96.2%) Shares 11,275 (-95.6%) Est. Cost $181.03 Unrealized -10.6%

GEV GE VERNOVA INC 3.7%

Value $150M (+30.5%) Shares 172,293 (-2.3%) Est. Cost $351.01 Unrealized +109.9%

NVDA NVIDIA CORP COM 2.6%

Value $106M (-23.7%) Shares 609,815 (-18.4%) Est. Cost $92.51 Unrealized +101.7%

ATI ATI INC 3.7%

Value $152M (+12.3%) Shares 1,043,105 (-11.4%) Est. Cost $23.62 Unrealized +457.3%

ADP AUTOMATIC DATA PROCESSING 0.1%

Value $5.946M (-51.9%) Shares 29,263 (-39.1%) Est. Cost $74.18 Unrealized +224.7%

GRMN GARMIN LTD (SZ) 0.0%

Value $1.56M (-67.3%) Shares 6,725 (-71.4%) Est. Cost $131.71 Unrealized +62.9%

RYCEY ROLLS ROYCE HOLDINGS ADR (GB) 1.6%

Value $65.23M (-3.8%) Shares 4,230,215 (-1.9%) Est. Cost $11.22 Unrealized —

XYL XYLEM 0.2%

Value $6.784M (-25.0%) Shares 56,772 (-14.5%) Est. Cost $125.90 Unrealized +8.4%

MKC MCCORMICK & CO 0.1%

Value $2.615M (-34.4%) Shares 51,838 (-11.4%) Est. Cost $62.69 Unrealized +6.4%

— SERVICE NOW INC 0.0%

Value $1.046M (-52.1%) Shares 10,000 (-29.8%) Est. Cost $212.23 Unrealized —

ORCL ORACLE CORP COM 0.0%

Value $983K (-49.8%) Shares 6,680 (-33.5%) Est. Cost $85.53 Unrealized +98.3%

JNJ JOHNSON & JOHNSON 0.2%

Value $8.907M (+12.0%) Shares 36,439 (-5.2%) Est. Cost $76.51 Unrealized +197.8%

CNQ CANADIAN NATURAL RESOURCES ADR 0.1%

Value $2.763M (+34.3%) Shares 56,700 (-6.7%) Est. Cost $26.07 Unrealized +42.7%

— BROOKFIELD INFRASTRUCTURE PART 0.6%

Value $26.43M (+2.5%) Shares 731,836 (-1.4%) Est. Cost $36.11 Unrealized —

BSX BOSTON SCIENTIFIC CORP COM 0.0%

Value $662K (-47.3%) Shares 10,550 (-19.9%) Est. Cost $89.79 Unrealized -4.4%

ZTS ZOETIS 0.0%

Value $1.201M (-32.6%) Shares 10,161 (-28.3%) Est. Cost $76.57 Unrealized +64.5%

LMT LOCKHEED MARTIN 0.1%

Value $4.362M (+14.6%) Shares 7,218 (-8.3%) Est. Cost $191.01 Unrealized +214.6%

DIS WALT DISNEY 0.0%

Value $742K (-37.6%) Shares 7,695 (-26.3%) Est. Cost $89.73 Unrealized +22.0%

AVY AVERY DENNISON 0.1%

Value $5.58M (-7.4%) Shares 32,312 (-2.4%) Est. Cost $71.68 Unrealized +163.8%

CAT CATERPILLAR 0.1%

Value $3.893M (+12.7%) Shares 5,495 (-8.9%) Est. Cost $324.24 Unrealized +111.1%

CP CANADIAN PACIFIC KANSAS CITY L 0.0%

Value $2.026M (-17.5%) Shares 25,757 (-22.8%) Est. Cost $77.35 Unrealized -0.1%

PEP PEPSICO 0.1%

Value $3.909M (+6.7%) Shares 25,173 (-1.4%) Est. Cost $151.81 Unrealized +1.9%

CHD CHURCH AND DWIGHT 0.2%

Value $6.872M (-2.6%) Shares 73,641 (-12.5%) Est. Cost $36.56 Unrealized +159.3%

— NOVARTIS AG ADS (SZ) 0.0%

Value $214K (-44.6%) Shares 1,400 (-50.0%) Est. Cost $0.14 Unrealized —

GILD GILEAD SCIENCES 0.0%

Value $210K (-43.3%) Shares 1,510 (-50.0%) Est. Cost $120.88 Unrealized +14.5%

MRSH MARSH & MCLENNAN 0.0%

Value $1.498M (-9.4%) Shares 8,636 (-3.1%) Est. Cost $151.54 Unrealized +19.7%

KMB KIMBERLY-CLARK 0.0%

Value $790K (-16.0%) Shares 8,190 (-12.2%) Est. Cost $92.24 Unrealized +11.8%

UPS UNITED PARCEL SERVICE 0.0%

Value $531K (-19.5%) Shares 5,395 (-18.8%) Est. Cost $92.43 Unrealized +18.9%

KO COCA-COLA 0.0%

Value $1.825M (+5.3%) Shares 24,002 (-3.2%) Est. Cost $41.12 Unrealized +81.8%

NSC NORFOLK SOUTHERN 0.0%

Value $423K (-17.3%) Shares 1,475 (-16.9%) Est. Cost $164.84 Unrealized +80.9%

KMI KINDER MORGAN 0.0%

Value $656K (+13.4%) Shares 19,575 (-7.1%) Est. Cost $25.21 Unrealized +18.0%

CL COLGATE PALMOLIVE 0.1%

Value $3.302M (-2.0%) Shares 38,746 (-9.1%) Est. Cost $47.57 Unrealized +86.6%

ABT ABBOTT LABORATORIES 0.0%

Value $264K (-20.1%) Shares 2,569 (-2.5%) Est. Cost $63.56 Unrealized +81.6%

APD AIR PRODUCTS AND CHEMICALS 0.0%

Value $216K (-16.1%) Shares 745 (-28.7%) Est. Cost $251.65 Unrealized +7.9%

LRCX LAM RESEARCH CORP 0.0%

Value $427K (-5.9%) Shares 2,000 (-24.5%) Est. Cost $105.52 Unrealized +114.1%

CSCO CISCO SYSTEMS 0.1%

Value $3.258M (-0.7%) Shares 41,990 (-1.4%) Est. Cost $42.52 Unrealized +83.2%

DUK DUKE ENERGY CORP NEW 0.0%

Value $831K (-0.8%) Shares 6,343 (-11.2%) Est. Cost $67.17 Unrealized +80.0%

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

Value $3.162M (+0.1%) Shares 30,771 (-3.7%) Est. Cost $42.46 Unrealized +140.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPGI	S & P GLOBAL	27,030 (-82.4%)	$11.5M (-85.7%)	0.3%	$104.05	+366.4%	COM	78409V104
AMZN	AMAZON.COM INC	18,974 (-93.5%)	$3.952M (-94.1%)	0.1%	$185.16	+22.5%	COM	023135106
GLW	CORNING	1,377,592 (-3.8%)	$187M (+49.5%)	4.6%	$40.81	+173.6%	COM	219350105
TMO	THERMO FISHER SCIENTIFIC	17,595 (-82.7%)	$8.648M (-85.3%)	0.2%	$246.27	+133.3%	COM	883556102
BMI	BADGER METER INC	11,275 (-95.6%)	$1.718M (-96.2%)	0.0%	$181.03	-10.6%	COM	056525108
GEV	GE VERNOVA INC	172,293 (-2.3%)	$150M (+30.5%)	3.7%	$351.01	+109.9%	COM	36828A101
NVDA	NVIDIA CORP COM	609,815 (-18.4%)	$106M (-23.7%)	2.6%	$92.51	+101.7%	COM	67066G104
ATI	ATI INC	1,043,105 (-11.4%)	$152M (+12.3%)	3.7%	$23.62	+457.3%	COM	01741R102
ADP	AUTOMATIC DATA PROCESSING	29,263 (-39.1%)	$5.946M (-51.9%)	0.1%	$74.18	+224.7%	COM	053015103
GRMN	GARMIN LTD (SZ)	6,725 (-71.4%)	$1.56M (-67.3%)	0.0%	$131.71	+62.9%	COM	H2906T109
RYCEY	ROLLS ROYCE HOLDINGS ADR (GB)	4,230,215 (-1.9%)	$65.23M (-3.8%)	1.6%	$11.22	—	COM	775781206
XYL	XYLEM	56,772 (-14.5%)	$6.784M (-25.0%)	0.2%	$125.90	+8.4%	COM	98419M100
MKC	MCCORMICK & CO	51,838 (-11.4%)	$2.615M (-34.4%)	0.1%	$62.69	+6.4%	COM	579780206
—	SERVICE NOW INC	10,000 (-29.8%)	$1.046M (-52.1%)	0.0%	$212.23	—	COM	81762p102
ORCL	ORACLE CORP COM	6,680 (-33.5%)	$983K (-49.8%)	0.0%	$85.53	+98.3%	COM	68389X105
JNJ	JOHNSON & JOHNSON	36,439 (-5.2%)	$8.907M (+12.0%)	0.2%	$76.51	+197.8%	COM	478160104
CNQ	CANADIAN NATURAL RESOURCES ADR	56,700 (-6.7%)	$2.763M (+34.3%)	0.1%	$26.07	+42.7%	COM	136385101
—	BROOKFIELD INFRASTRUCTURE PART	731,836 (-1.4%)	$26.43M (+2.5%)	0.6%	$36.11	—	UNT	g16252101
BSX	BOSTON SCIENTIFIC CORP COM	10,550 (-19.9%)	$662K (-47.3%)	0.0%	$89.79	-4.4%	COM	101137107
ZTS	ZOETIS	10,161 (-28.3%)	$1.201M (-32.6%)	0.0%	$76.57	+64.5%	COM	98978V103
LMT	LOCKHEED MARTIN	7,218 (-8.3%)	$4.362M (+14.6%)	0.1%	$191.01	+214.6%	COM	539830109
DIS	WALT DISNEY	7,695 (-26.3%)	$742K (-37.6%)	0.0%	$89.73	+22.0%	COM	254687106
AVY	AVERY DENNISON	32,312 (-2.4%)	$5.58M (-7.4%)	0.1%	$71.68	+163.8%	COM	053611109
CAT	CATERPILLAR	5,495 (-8.9%)	$3.893M (+12.7%)	0.1%	$324.24	+111.1%	COM	149123101
CP	CANADIAN PACIFIC KANSAS CITY L	25,757 (-22.8%)	$2.026M (-17.5%)	0.0%	$77.35	-0.1%	COM	13646K108
PEP	PEPSICO	25,173 (-1.4%)	$3.909M (+6.7%)	0.1%	$151.81	+1.9%	COM	713448108
CHD	CHURCH AND DWIGHT	73,641 (-12.5%)	$6.872M (-2.6%)	0.2%	$36.56	+159.3%	COM	171340102
—	NOVARTIS AG ADS (SZ)	1,400 (-50.0%)	$214K (-44.6%)	0.0%	$0.14	—	COM	66987v109
GILD	GILEAD SCIENCES	1,510 (-50.0%)	$210K (-43.3%)	0.0%	$120.88	+14.5%	COM	375558103
MRSH	MARSH & MCLENNAN	8,636 (-3.1%)	$1.498M (-9.4%)	0.0%	$151.54	+19.7%	COM	571748102
KMB	KIMBERLY-CLARK	8,190 (-12.2%)	$790K (-16.0%)	0.0%	$92.24	+11.8%	COM	494368103
UPS	UNITED PARCEL SERVICE	5,395 (-18.8%)	$531K (-19.5%)	0.0%	$92.43	+18.9%	COM	911312106
KO	COCA-COLA	24,002 (-3.2%)	$1.825M (+5.3%)	0.0%	$41.12	+81.8%	COM	191216100
NSC	NORFOLK SOUTHERN	1,475 (-16.9%)	$423K (-17.3%)	0.0%	$164.84	+80.9%	COM	655844108
KMI	KINDER MORGAN	19,575 (-7.1%)	$656K (+13.4%)	0.0%	$25.21	+18.0%	COM	49456B101
CL	COLGATE PALMOLIVE	38,746 (-9.1%)	$3.302M (-2.0%)	0.1%	$47.57	+86.6%	COM	194162103
ABT	ABBOTT LABORATORIES	2,569 (-2.5%)	$264K (-20.1%)	0.0%	$63.56	+81.6%	COM	002824100
APD	AIR PRODUCTS AND CHEMICALS	745 (-28.7%)	$216K (-16.1%)	0.0%	$251.65	+7.9%	COM	009158106
LRCX	LAM RESEARCH CORP	2,000 (-24.5%)	$427K (-5.9%)	0.0%	$105.52	+114.1%	COM	512807306
CSCO	CISCO SYSTEMS	41,990 (-1.4%)	$3.258M (-0.7%)	0.1%	$42.52	+83.2%	COM	17275R102
DUK	DUKE ENERGY CORP NEW	6,343 (-11.2%)	$831K (-0.8%)	0.0%	$67.17	+80.0%	COM	26441C204
CNI	CANADIAN NAT'L RWY ADR (CA)	30,771 (-3.7%)	$3.162M (+0.1%)	0.1%	$42.46	+140.5%	COM	136375102

Unchanged Positions (75)

MSFT MICROSOFT 1.8%

Value $72.74M Shares 196,513 Est. Cost $93.05 Unrealized +367.1%

AXP AMERICAN EXPRESS 2.4%

Value $96.72M Shares 319,754 Est. Cost $142.09 Unrealized +150.7%

LLY LILLY ELI & COMPANY 2.6%

Value $105M Shares 114,646 Est. Cost $258.68 Unrealized +304.8%

ISRG INTUITIVE SURGICAL 2.0%

Value $83.43M Shares 180,975 Est. Cost $381.90 Unrealized +36.4%

TDY TELEDYNE TECHNOLOGIES 2.7%

Value $112M Shares 185,332 Est. Cost $89.42 Unrealized +586.7%

DE DEERE & CO 2.0%

Value $80.76M Shares 143,367 Est. Cost $85.16 Unrealized +547.4%

CRS CARPENTER TECHNOLOGY COM 1.5%

Value $63.06M Shares 160,000 Est. Cost $222.19 Unrealized +57.2%

COST COSTCO WHOLESALE 2.3%

Value $95.15M Shares 95,494 Est. Cost $276.67 Unrealized +248.3%

ASML ASML HOLDING (NE) 1.4%

Value $59.41M Shares 44,980 Est. Cost $680.67 Unrealized —

V VISA 1.5%

Value $63.27M Shares 209,327 Est. Cost $78.95 Unrealized +316.9%

CCJ CAMECO (CA) 1.5%

Value $62.12M Shares 571,975 Est. Cost $47.04 Unrealized +147.2%

AAPL APPLE INC 3.1%

Value $126M Shares 497,258 Est. Cost $82.98 Unrealized +216.7%

EQIX EQUINIX 1.0%

Value $39.21M Shares 40,000 Est. Cost $634.40 Unrealized +20.4%

ETN EATON CORP (IL) 1.8%

Value $73.1M Shares 204,380 Est. Cost $232.37 Unrealized +52.2%

JPM JPMORGAN CHASE 2.0%

Value $81.03M Shares 275,470 Est. Cost $195.25 Unrealized +59.5%

WPM WHEATON PRECIOUS METALS (CA) 1.9%

Value $77.43M Shares 591,030 Est. Cost $59.80 Unrealized +133.9%

SUN SUNOCO LP 0.9%

Value $38.98M Shares 600,000 Est. Cost $23.33 Unrealized —

EPD ENTERPRISE PRODUCTS PARTNERS L 0.9%

Value $38.52M Shares 1,018,000 Est. Cost $24.94 Unrealized —

BA BOEING 1.4%

Value $56.86M Shares 285,670 Est. Cost $222.90 Unrealized +7.0%

BEP BROOKFIELD RENEWABLE PARTNERS 0.6%

Value $25.48M Shares 780,705 Est. Cost $34.37 Unrealized —

WELL WELLTOWER 1.7%

Value $68.4M Shares 345,956 Est. Cost $54.25 Unrealized +244.6%

ELAN ELANCO ANIMAL HEALTH 1.5%

Value $63.35M Shares 2,647,270 Est. Cost $17.25 Unrealized +42.5%

UNP UNION PACIFIC 1.8%

Value $75.95M Shares 313,033 Est. Cost $94.12 Unrealized +158.5%

HD HOME DEPOT 1.7%

Value $68.6M Shares 208,569 Est. Cost $100.85 Unrealized +273.8%

— ENERGY TRANSFER LP 0.5%

Value $18.82M Shares 975,000 Est. Cost $18.75 Unrealized —

ANET ARISTA NETWORKS INC COM SHS 1.0%

Value $39.9M Shares 325,000 Est. Cost $128.77 Unrealized +4.9%

NFLX NETFLIX INC 1.9%

Value $78.9M Shares 820,550 Est. Cost $99.61 Unrealized -15.8%

PH PARKER-HANNIFIN 2.2%

Value $89.79M Shares 100,295 Est. Cost $567.87 Unrealized +68.7%

PLD PROLOGIS 0.9%

Value $38.22M Shares 289,130 Est. Cost $85.94 Unrealized +50.2%

SPH SUBURBAN PROPANE PARTNERS LP 0.5%

Value $20.01M Shares 1,016,000 Est. Cost $16.09 Unrealized —

NHI NATIONAL HEALTH INVESTORS INC 0.5%

Value $21.02M Shares 260,000 Est. Cost $74.30 Unrealized —

ULTA ULTA BEAUTY INC 0.2%

Value $6.942M Shares 13,280 Est. Cost $518.84 Unrealized +29.1%

VRT VERTIV HOLDINGS 0.1%

Value $2.667M Shares 10,645 Est. Cost $106.91 Unrealized +86.9%

LHX L3HARRIS 0.1%

Value $4.704M Shares 13,630 Est. Cost $208.92 Unrealized +64.2%

WY WEYERHAEUSER 0.7%

Value $27.68M Shares 1,133,060 Est. Cost $22.43 Unrealized +6.1%

GOOGL ALPHABET INC CLASS A 0.1%

Value $2.826M Shares 9,826 Est. Cost $105.47 Unrealized +206.5%

WM WASTE MANAGEMENT 0.1%

Value $5.659M Shares 24,629 Est. Cost $141.25 Unrealized +60.1%

FDX FEDEX CORPORATION 0.0%

Value $1.17M Shares 3,285 Est. Cost $220.40 Unrealized +53.8%

MAR MARRIOTT INT'L 0.1%

Value $3.381M Shares 10,338 Est. Cost $198.52 Unrealized +66.6%

ROK ROCKWELL AUTOMATION 0.1%

Value $2.058M Shares 5,735 Est. Cost $258.83 Unrealized +58.5%

GNRC GENERAC HOLDINGS 0.0%

Value $492K Shares 2,520 Est. Cost $243.69 Unrealized -24.9%

TT TRANE TECHNOLOGIES PLC (IL) 0.1%

Value $2.14M Shares 5,135 Est. Cost $93.73 Unrealized +350.4%

GEHC GE HEALTHCARE TECHNOLOGIES INC 0.0%

Value $883K Shares 12,405 Est. Cost $77.79 Unrealized +5.7%

— CAPITAL ONE FINANCIAL CP 0.0%

Value $397K Shares 2,174 Est. Cost $98.90 Unrealized —

PFE PFIZER 0.0%

Value $1.01M Shares 35,984 Est. Cost $24.61 Unrealized +6.4%

TSM TAIWAN SEMICONDUCTOR MFG (TW) 0.0%

Value $1.112M Shares 3,290 Est. Cost $81.08 Unrealized —

CB CHUBB LTD (SZ) 0.1%

Value $2.312M Shares 7,095 Est. Cost $185.43 Unrealized +70.5%

VMC VULCAN MATERIALS 0.0%

Value $1.959M Shares 7,194 Est. Cost $140.56 Unrealized +118.2%

MDT MEDTRONIC PLC (IL) 0.0%

Value $858K Shares 9,904 Est. Cost $82.69 Unrealized +20.3%

EFX EQUIFAX 0.0%

Value $448K Shares 2,486 Est. Cost $53.06 Unrealized +285.1%

TSLA TESLA MOTORS INC 0.0%

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

ACN ACCENTURE LTD (IL) 0.0%

Value $213K Shares 1,076 Est. Cost $169.31 Unrealized +49.6%

IP INT'L PAPER 0.0%

Value $692K Shares 19,370 Est. Cost $34.96 Unrealized +25.3%

AWK AMERICAN WATER WORKS 0.0%

Value $1.689M Shares 12,413 Est. Cost $109.40 Unrealized +17.8%

CMI CUMMINS INC 0.0%

Value $1.291M Shares 2,400 Est. Cost $106.81 Unrealized +438.8%

BNS BANK OF NOVA SCOTIA ADR (CA) 0.0%

Value $989K Shares 14,267 Est. Cost $56.50 Unrealized +32.6%

EMR EMERSON ELECTRIC 0.1%

Value $3.168M Shares 24,182 Est. Cost $69.14 Unrealized +114.7%

ADSK AUTODESK INC COM 0.0%

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

TTEK TETRA TECH 0.0%

Value $481K Shares 15,975 Est. Cost $37.30 Unrealized -1.1%

RTX RTX CORP 0.0%

Value $1.014M Shares 5,258 Est. Cost $54.84 Unrealized +258.5%

BEPC BROOKFIELD RENEWABLE CORP-A (C 0.0%

Value $1.14M Shares 28,620 Est. Cost $29.14 Unrealized +40.6%

WAB WABTEC 0.0%

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

MMM 3M COMPANY 0.0%

Value $362K Shares 2,495 Est. Cost $79.56 Unrealized +106.1%

MCD MCDONALD'S 0.1%

Value $2.119M Shares 6,817 Est. Cost $211.79 Unrealized +49.8%

SNA SNAP-ON 0.0%

Value $679K Shares 1,870 Est. Cost $145.51 Unrealized +155.2%

MRK MERCK & CO INC NEW 0.0%

Value $265K Shares 2,204 Est. Cost $93.24 Unrealized +22.6%

NEM NEWMONT CORP 0.0%

Value $416K Shares 3,844 Est. Cost $54.30 Unrealized +117.5%

— AON PLC 0.0%

Value $334K Shares 1,035 Est. Cost $192.79 Unrealized —

RHHBY ROCHE HOLDING AG (SZ) 0.0%

Value $475K Shares 9,550 Est. Cost $42.13 Unrealized —

MDLZ MONDELEZ INTERNATIONAL 0.0%

Value $256K Shares 4,445 Est. Cost $36.08 Unrealized +61.2%

STT STATE STREET 0.0%

Value $764K Shares 6,038 Est. Cost $50.46 Unrealized +158.2%

LOW LOWE'S COMPANIES 0.0%

Value $728K Shares 3,083 Est. Cost $167.66 Unrealized +61.9%

— CITIGROUP INC 0.0%

Value $365K Shares 3,220 Est. Cost $0.06 Unrealized —

IR INGERSOLL RAND (IL) 0.0%

Value $212K Shares 2,646 Est. Cost $50.89 Unrealized +77.7%

PNC PNC FINL SVCS GROUP 0.0%

Value $256K Shares 1,228 Est. Cost $167.50 Unrealized +34.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT	196,513	$72.74M	1.8%	$93.05	+367.1%	COM	594918104
AXP	AMERICAN EXPRESS	319,754	$96.72M	2.4%	$142.09	+150.7%	COM	025816109
LLY	LILLY ELI & COMPANY	114,646	$105M	2.6%	$258.68	+304.8%	COM	532457108
ISRG	INTUITIVE SURGICAL	180,975	$83.43M	2.0%	$381.90	+36.4%	COM	46120E602
TDY	TELEDYNE TECHNOLOGIES	185,332	$112M	2.7%	$89.42	+586.7%	COM	879360105
DE	DEERE & CO	143,367	$80.76M	2.0%	$85.16	+547.4%	COM	244199105
CRS	CARPENTER TECHNOLOGY COM	160,000	$63.06M	1.5%	$222.19	+57.2%	COM	144285103
COST	COSTCO WHOLESALE	95,494	$95.15M	2.3%	$276.67	+248.3%	COM	22160K105
ASML	ASML HOLDING (NE)	44,980	$59.41M	1.4%	$680.67	—	COM	N07059210
V	VISA	209,327	$63.27M	1.5%	$78.95	+316.9%	COM	92826C839
CCJ	CAMECO (CA)	571,975	$62.12M	1.5%	$47.04	+147.2%	COM	13321L108
AAPL	APPLE INC	497,258	$126M	3.1%	$82.98	+216.7%	COM	037833100
EQIX	EQUINIX	40,000	$39.21M	1.0%	$634.40	+20.4%	COM	29444U700
ETN	EATON CORP (IL)	204,380	$73.1M	1.8%	$232.37	+52.2%	COM	G29183103
JPM	JPMORGAN CHASE	275,470	$81.03M	2.0%	$195.25	+59.5%	COM	46625H100
WPM	WHEATON PRECIOUS METALS (CA)	591,030	$77.43M	1.9%	$59.80	+133.9%	COM	962879102
SUN	SUNOCO LP	600,000	$38.98M	0.9%	$23.33	—	COM	86765K109
EPD	ENTERPRISE PRODUCTS PARTNERS L	1,018,000	$38.52M	0.9%	$24.94	—	COM	293792107
BA	BOEING	285,670	$56.86M	1.4%	$222.90	+7.0%	COM	097023105
BEP	BROOKFIELD RENEWABLE PARTNERS	780,705	$25.48M	0.6%	$34.37	—	UNT	G16258108
WELL	WELLTOWER	345,956	$68.4M	1.7%	$54.25	+244.6%	COM	95040Q104
ELAN	ELANCO ANIMAL HEALTH	2,647,270	$63.35M	1.5%	$17.25	+42.5%	COM	28414H103
UNP	UNION PACIFIC	313,033	$75.95M	1.8%	$94.12	+158.5%	COM	907818108
HD	HOME DEPOT	208,569	$68.6M	1.7%	$100.85	+273.8%	COM	437076102
—	ENERGY TRANSFER LP	975,000	$18.82M	0.5%	$18.75	—	COM	29273v100
ANET	ARISTA NETWORKS INC COM SHS	325,000	$39.9M	1.0%	$128.77	+4.9%	COM	040413205
NFLX	NETFLIX INC	820,550	$78.9M	1.9%	$99.61	-15.8%	COM	64110L106
PH	PARKER-HANNIFIN	100,295	$89.79M	2.2%	$567.87	+68.7%	COM	701094104
PLD	PROLOGIS	289,130	$38.22M	0.9%	$85.94	+50.2%	COM	74340W103
SPH	SUBURBAN PROPANE PARTNERS LP	1,016,000	$20.01M	0.5%	$16.09	—	UNT	864482104
NHI	NATIONAL HEALTH INVESTORS INC	260,000	$21.02M	0.5%	$74.30	—	COM	63633D104
ULTA	ULTA BEAUTY INC	13,280	$6.942M	0.2%	$518.84	+29.1%	COM	90384S303
VRT	VERTIV HOLDINGS	10,645	$2.667M	0.1%	$106.91	+86.9%	COM	92537N108
LHX	L3HARRIS	13,630	$4.704M	0.1%	$208.92	+64.2%	COM	502431109
WY	WEYERHAEUSER	1,133,060	$27.68M	0.7%	$22.43	+6.1%	COM	962166104
GOOGL	ALPHABET INC CLASS A	9,826	$2.826M	0.1%	$105.47	+206.5%	COM	02079K305
WM	WASTE MANAGEMENT	24,629	$5.659M	0.1%	$141.25	+60.1%	COM	94106L109
FDX	FEDEX CORPORATION	3,285	$1.17M	0.0%	$220.40	+53.8%	COM	31428X106
MAR	MARRIOTT INT'L	10,338	$3.381M	0.1%	$198.52	+66.6%	COM	571903202
ROK	ROCKWELL AUTOMATION	5,735	$2.058M	0.1%	$258.83	+58.5%	COM	773903109
GNRC	GENERAC HOLDINGS	2,520	$492K	0.0%	$243.69	-24.9%	COM	368736104
TT	TRANE TECHNOLOGIES PLC (IL)	5,135	$2.14M	0.1%	$93.73	+350.4%	COM	G8994E103
GEHC	GE HEALTHCARE TECHNOLOGIES INC	12,405	$883K	0.0%	$77.79	+5.7%	COM	36266G107
—	CAPITAL ONE FINANCIAL CP	2,174	$397K	0.0%	$98.90	—	COM	14040h105
PFE	PFIZER	35,984	$1.01M	0.0%	$24.61	+6.4%	COM	717081103
TSM	TAIWAN SEMICONDUCTOR MFG (TW)	3,290	$1.112M	0.0%	$81.08	—	COM	874039100
CB	CHUBB LTD (SZ)	7,095	$2.312M	0.1%	$185.43	+70.5%	COM	H1467J104
VMC	VULCAN MATERIALS	7,194	$1.959M	0.0%	$140.56	+118.2%	COM	929160109
MDT	MEDTRONIC PLC (IL)	9,904	$858K	0.0%	$82.69	+20.3%	COM	G5960L103
EFX	EQUIFAX	2,486	$448K	0.0%	$53.06	+285.1%	COM	294429105
TSLA	TESLA MOTORS INC	1,000	$372K	0.0%	$321.74	+32.4%	COM	88160R101
ACN	ACCENTURE LTD (IL)	1,076	$213K	0.0%	$169.31	+49.6%	COM	G1151C101
IP	INT'L PAPER	19,370	$692K	0.0%	$34.96	+25.3%	COM	460146103
AWK	AMERICAN WATER WORKS	12,413	$1.689M	0.0%	$109.40	+17.8%	COM	030420103
CMI	CUMMINS INC	2,400	$1.291M	0.0%	$106.81	+438.8%	COM	231021106
BNS	BANK OF NOVA SCOTIA ADR (CA)	14,267	$989K	0.0%	$56.50	+32.6%	COM	064149107
EMR	EMERSON ELECTRIC	24,182	$3.168M	0.1%	$69.14	+114.7%	COM	291011104
ADSK	AUTODESK INC COM	1,000	$239K	0.0%	$205.89	+23.2%	COM	052769106
TTEK	TETRA TECH	15,975	$481K	0.0%	$37.30	-1.1%	COM	88162G103
RTX	RTX CORP	5,258	$1.014M	0.0%	$54.84	+258.5%	COM	75513E101
BEPC	BROOKFIELD RENEWABLE CORP-A (C	28,620	$1.14M	0.0%	$29.14	+40.6%	COM	11285B108
WAB	WABTEC	1,000	$250K	0.0%	$191.67	+24.7%	COM	929740108
MMM	3M COMPANY	2,495	$362K	0.0%	$79.56	+106.1%	COM	88579Y101
MCD	MCDONALD'S	6,817	$2.119M	0.1%	$211.79	+49.8%	COM	580135101
SNA	SNAP-ON	1,870	$679K	0.0%	$145.51	+155.2%	COM	833034101
MRK	MERCK & CO INC NEW	2,204	$265K	0.0%	$93.24	+22.6%	COM	58933Y105
NEM	NEWMONT CORP	3,844	$416K	0.0%	$54.30	+117.5%	COM	651639106
—	AON PLC	1,035	$334K	0.0%	$192.79	—	COM	037389103
RHHBY	ROCHE HOLDING AG (SZ)	9,550	$475K	0.0%	$42.13	—	COM	771195104
MDLZ	MONDELEZ INTERNATIONAL	4,445	$256K	0.0%	$36.08	+61.2%	COM	609207105
STT	STATE STREET	6,038	$764K	0.0%	$50.46	+158.2%	COM	857477103
LOW	LOWE'S COMPANIES	3,083	$728K	0.0%	$167.66	+61.9%	COM	548661107
—	CITIGROUP INC	3,220	$365K	0.0%	$0.06	—	COM	172967101
IR	INGERSOLL RAND (IL)	2,646	$212K	0.0%	$50.89	+77.7%	COM	45687V106
PNC	PNC FINL SVCS GROUP	1,228	$256K	0.0%	$167.50	+34.3%	COM	693475105