Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL TECHNOLOGIES	14,365	$3.216M	1.1%	$223.88	—	—	438516205
HONA	HONEYWELL AEROSPACE,INC.	14,365	$3.176M	1.1%	$221.09	—	—	43849R105
BKH	BLACK HILLS CORP	42,075	$3.13M	1.1%	$74.39	—	—	092113109
XOM	EXXONMOBIL CORP	16,702	$2.283M	0.8%	$136.69	—	—	30233Q108
INTC	INTEL CORP	1,475	$206K	0.1%	$139.66	—	—	458140100

Increased Positions (8)

TJX TJX COMPANIES INC. 1.2%

Value $3.423M (+532.7%) Shares 22,591 (+566.4%) Est. Cost $147.36 Unrealized —

— ALPHABET, INC. - CLASS A 1.9%

Value $5.478M (+82.2%) Shares 15,329 (+46.6%) Est. Cost $297.87 Unrealized —

AAPL APPLE INC. 6.1%

Value $17.13M (+16.5%) Shares 59,207 (+2.2%) Est. Cost $89.90 Unrealized —

SLB SLB LIMITED 1.9%

Value $5.418M (+33.3%) Shares 116,540 (+47.3%) Est. Cost $47.72 Unrealized —

UNP UNION PACIFIC CORP. 3.4%

Value $9.58M (+14.4%) Shares 35,221 (+2.1%) Est. Cost $164.34 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 4.0%

Value $11.37M (-7.6%) Shares 101,238 (+7.8%) Est. Cost $71.06 Unrealized —

BF/B BROWN FORMAN CL B 0.5%

Value $1.424M (+67.9%) Shares 53,445 (+66.7%) Est. Cost $33.30 Unrealized —

AEP AMERICAN ELECTRIC POWER COMPAN 1.9%

Value $5.407M (+8.9%) Shares 39,522 (+4.3%) Est. Cost $77.30 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TJX	TJX COMPANIES INC.	22,591 (+566.4%)	$3.423M (+532.7%)	1.2%	$147.36	—	—	872540109
—	ALPHABET, INC. - CLASS A	15,329 (+46.6%)	$5.478M (+82.2%)	1.9%	$297.87	—	—	02079k305
AAPL	APPLE INC.	59,207 (+2.2%)	$17.13M (+16.5%)	6.1%	$89.90	—	—	037833100
SLB	SLB LIMITED	116,540 (+47.3%)	$5.418M (+33.3%)	1.9%	$47.72	—	—	806857108
UNP	UNION PACIFIC CORP.	35,221 (+2.1%)	$9.58M (+14.4%)	3.4%	$164.34	—	—	907818108
WPM	WHEATON PRECIOUS METALS CORP	101,238 (+7.8%)	$11.37M (-7.6%)	4.0%	$71.06	—	—	962879102
BF/B	BROWN FORMAN CL B	53,445 (+66.7%)	$1.424M (+67.9%)	0.5%	$33.30	—	—	115637209
AEP	AMERICAN ELECTRIC POWER COMPAN	39,522 (+4.3%)	$5.407M (+8.9%)	1.9%	$77.30	—	—	025537101

Exited Positions (3)

HON HONEYWELL INTERNATIONAL 2.0%

Value $5.543M Shares 24,522 Est. Cost $186.49 Unrealized —

XOM EXXONMOBIL CORP 0.8%

Value $2.284M Shares 13,462 Est. Cost $62.33 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.6%

Value $1.559M Shares 7,665 Est. Cost $224.60 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTERNATIONAL	24,522	$5.543M	2.0%	$186.49	—	—	438516106
XOM	EXXONMOBIL CORP	13,462	$2.284M	0.8%	$62.33	—	—	30231G102
AMD	ADVANCED MICRO DEVICES INC	7,665	$1.559M	0.6%	$224.60	—	—	007903107

Decreased Positions (15)

MSFT MICROSOFT CORPORATION 4.1%

Value $11.51M (-27.5%) Shares 30,866 (-28.1%) Est. Cost $77.26 Unrealized —

APH AMPHENOL CORPORATION CL A 6.6%

Value $18.58M (+13.7%) Shares 105,401 (-18.5%) Est. Cost $54.38 Unrealized —

CVX CHEVRON CORPORATION 2.3%

Value $6.494M (-23.6%) Shares 39,178 (-4.6%) Est. Cost $98.36 Unrealized —

ABT ABBOTT LABORATORIES 3.1%

Value $8.84M (-12.5%) Shares 97,419 (-1.0%) Est. Cost $67.27 Unrealized —

AMZN AMAZON.COM,INC. 3.5%

Value $9.825M (+12.4%) Shares 41,222 (-1.8%) Est. Cost $179.29 Unrealized —

GNRC GENERAC HOLDINGS INC. 1.0%

Value $2.888M (+47.3%) Shares 9,864 (-1.7%) Est. Cost $183.13 Unrealized —

EOG EOG RESOURCES, INC. 2.0%

Value $5.619M (-12.7%) Shares 43,312 (-2.7%) Est. Cost $70.14 Unrealized —

EQT EQT CORP. 0.7%

Value $1.998M (-17.5%) Shares 37,580 (-1.3%) Est. Cost $55.27 Unrealized —

HWM HOWMET AEROSPACE INC 0.8%

Value $2.363M (+13.8%) Shares 8,789 (-2.4%) Est. Cost $226.53 Unrealized —

SYK STRYKER CORPORATION 1.6%

Value $4.437M (-5.9%) Shares 14,093 (-1.8%) Est. Cost $315.88 Unrealized —

AMAT APPLIED MATERIALS, INC. 0.2%

Value $564K (+50.8%) Shares 780 (-28.8%) Est. Cost $93.86 Unrealized —

LHX L3 HARRIS TECHNOLOGIES, INC. 0.2%

Value $565K (-16.7%) Shares 1,945 (-1.0%) Est. Cost $288.43 Unrealized —

FDS FACTSET RESEARCH SYSTEMS, INC. 1.6%

Value $4.401M (+2.3%) Shares 19,128 (-3.5%) Est. Cost $259.48 Unrealized —

NVDA NVIDIA CORPORATION 0.5%

Value $1.32M (+8.2%) Shares 6,595 (-5.7%) Est. Cost $109.53 Unrealized —

PG PROCTER & GAMBLE COMPANY 2.3%

Value $6.389M (+0.2%) Shares 43,566 (-1.3%) Est. Cost $132.88 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORPORATION	30,866 (-28.1%)	$11.51M (-27.5%)	4.1%	$77.26	—	—	594918104
APH	AMPHENOL CORPORATION CL A	105,401 (-18.5%)	$18.58M (+13.7%)	6.6%	$54.38	—	—	032095101
CVX	CHEVRON CORPORATION	39,178 (-4.6%)	$6.494M (-23.6%)	2.3%	$98.36	—	—	166764100
ABT	ABBOTT LABORATORIES	97,419 (-1.0%)	$8.84M (-12.5%)	3.1%	$67.27	—	—	002824100
AMZN	AMAZON.COM,INC.	41,222 (-1.8%)	$9.825M (+12.4%)	3.5%	$179.29	—	—	023135106
GNRC	GENERAC HOLDINGS INC.	9,864 (-1.7%)	$2.888M (+47.3%)	1.0%	$183.13	—	—	368736104
EOG	EOG RESOURCES, INC.	43,312 (-2.7%)	$5.619M (-12.7%)	2.0%	$70.14	—	—	26875P101
EQT	EQT CORP.	37,580 (-1.3%)	$1.998M (-17.5%)	0.7%	$55.27	—	—	26884L109
HWM	HOWMET AEROSPACE INC	8,789 (-2.4%)	$2.363M (+13.8%)	0.8%	$226.53	—	—	443201108
SYK	STRYKER CORPORATION	14,093 (-1.8%)	$4.437M (-5.9%)	1.6%	$315.88	—	—	863667101
AMAT	APPLIED MATERIALS, INC.	780 (-28.8%)	$564K (+50.8%)	0.2%	$93.86	—	—	038222105
LHX	L3 HARRIS TECHNOLOGIES, INC.	1,945 (-1.0%)	$565K (-16.7%)	0.2%	$288.43	—	—	502431109
FDS	FACTSET RESEARCH SYSTEMS, INC.	19,128 (-3.5%)	$4.401M (+2.3%)	1.6%	$259.48	—	—	303075105
NVDA	NVIDIA CORPORATION	6,595 (-5.7%)	$1.32M (+8.2%)	0.5%	$109.53	—	—	67066G104
PG	PROCTER & GAMBLE COMPANY	43,566 (-1.3%)	$6.389M (+0.2%)	2.3%	$132.88	—	—	742718109

Unchanged Positions (19)

V VISA INC. 8.3%

Value $23.35M Shares 68,057 Est. Cost $99.94 Unrealized —

ETN EATON CORP PLC 3.5%

Value $9.958M Shares 23,369 Est. Cost $225.79 Unrealized —

COP CONOCOPHILLIPS 2.1%

Value $5.977M Shares 57,493 Est. Cost $79.69 Unrealized —

BRK/B BERKSHIRE HATHAWAY - CL B 9.1%

Value $25.69M Shares 51,337 Est. Cost $142.90 Unrealized —

PEP PEPSICO INC. 2.3%

Value $6.436M Shares 47,536 Est. Cost $99.40 Unrealized —

PH PARKER-HANNIFIN CORP. 3.7%

Value $10.58M Shares 10,819 Est. Cost $614.02 Unrealized —

HSY HERSHEY COMPANY COM 1.4%

Value $4.027M Shares 22,955 Est. Cost $199.11 Unrealized —

COST COSTCO WHOLESALE CORP 2.3%

Value $6.634M Shares 7,092 Est. Cost $629.37 Unrealized —

PM PHILIP MORRIS INTERNATIONAL,IN 1.5%

Value $4.214M Shares 23,291 Est. Cost $125.83 Unrealized —

LIN LINDE PLC 2.8%

Value $7.909M Shares 15,240 Est. Cost $456.54 Unrealized —

AZN ASTRAZENECA ADR 2.2%

Value $6.145M Shares 32,405 Est. Cost $173.09 Unrealized —

JNJ JOHNSON & JOHNSON 2.4%

Value $6.863M Shares 27,024 Est. Cost $85.67 Unrealized —

AXP AMERICAN EXPRESS COMPANY 0.7%

Value $1.887M Shares 5,580 Est. Cost $332.68 Unrealized —

AZO AUTOZONE, INC. 1.1%

Value $3.154M Shares 987 Est. Cost $1319.61 Unrealized —

TROW T. ROWE PRICE GROUP 0.3%

Value $905K Shares 7,960 Est. Cost $82.64 Unrealized —

— ALPHABET, INC. - CLASS C 0.1%

Value $397K Shares 1,125 Est. Cost $246.33 Unrealized —

AVGO BROADCOM, INC. 0.1%

Value $404K Shares 1,070 Est. Cost $215.92 Unrealized —

KO COCA COLA CO 0.3%

Value $778K Shares 9,576 Est. Cost $34.70 Unrealized —

PSX PHILLIPS 66 0.1%

Value $225K Shares 1,330 Est. Cost $147.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
V	VISA INC.	68,057	$23.35M	8.3%	$99.94	—	—	92826C839
ETN	EATON CORP PLC	23,369	$9.958M	3.5%	$225.79	—	—	G29183103
COP	CONOCOPHILLIPS	57,493	$5.977M	2.1%	$79.69	—	—	20825C104
BRK/B	BERKSHIRE HATHAWAY - CL B	51,337	$25.69M	9.1%	$142.90	—	—	084670702
PEP	PEPSICO INC.	47,536	$6.436M	2.3%	$99.40	—	—	713448108
PH	PARKER-HANNIFIN CORP.	10,819	$10.58M	3.7%	$614.02	—	—	701094104
HSY	HERSHEY COMPANY COM	22,955	$4.027M	1.4%	$199.11	—	—	427866108
COST	COSTCO WHOLESALE CORP	7,092	$6.634M	2.3%	$629.37	—	—	22160K105
PM	PHILIP MORRIS INTERNATIONAL,IN	23,291	$4.214M	1.5%	$125.83	—	—	718172109
LIN	LINDE PLC	15,240	$7.909M	2.8%	$456.54	—	—	G54950103
AZN	ASTRAZENECA ADR	32,405	$6.145M	2.2%	$173.09	—	—	G0593M107
JNJ	JOHNSON & JOHNSON	27,024	$6.863M	2.4%	$85.67	—	—	478160104
AXP	AMERICAN EXPRESS COMPANY	5,580	$1.887M	0.7%	$332.68	—	—	025816109
AZO	AUTOZONE, INC.	987	$3.154M	1.1%	$1319.61	—	—	053332102
TROW	T. ROWE PRICE GROUP	7,960	$905K	0.3%	$82.64	—	—	74144T108
—	ALPHABET, INC. - CLASS C	1,125	$397K	0.1%	$246.33	—	—	02079k107
AVGO	BROADCOM, INC.	1,070	$404K	0.1%	$215.92	—	—	11135F101
KO	COCA COLA CO	9,576	$778K	0.3%	$34.70	—	—	191216100
PSX	PHILLIPS 66	1,330	$225K	0.1%	$147.11	—	—	718546104