ALTA CAPITAL MANAGEMENT LLC/ Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BJ	Bj's Wholesale Club	139,522	$12,561	0.8%	$91.80	0.0%	COM	05550J101
MCK	McKesson Corp	12,765	$10,471	0.7%	$815.57	0.0%	COM	58155Q103
BMI	Badger Meter Inc	47,749	$8,328	0.6%	$179.79	0.0%	COM	056525108
SPY	SPDR S&P 500	10,167	$6,933	0.5%	$681.92	—	COM	78462F103
PWR	Quanta Services Inc	3,992	$1,685	0.1%	$439.27	0.0%	COM	74762E102
JLL	Jones Lang Lasalle	755	$254	0.0%	$313.44	0.0%	COM	48020Q107
CPAY	Corpay Inc	744	$224	0.0%	$290.32	0.0%	COM	219948106
DSDVY	DSV A/S	1,625	$205	0.0%	$126.34	—	COM	26251A108

Increased Positions (13)

CME CME Group Inc 0.9%

Value ($000) $13,017 (+217.2%) Shares 47,666 (+213.8%) Est. Cost $270.46 Unrealized +0.1%

DPZ Dominos Pizza Inc 0.6%

Value ($000) $8,275 (+118.1%) Shares 19,852 (+125.9%) Est. Cost $416.24 Unrealized -0.2%

— Oracle Corporation 0.6%

Value ($000) $8,672 (-29.9%) Shares 44,493 (+1.2%) Est. Cost $187.23 Unrealized —

KR Kroger Co 0.2%

Value ($000) $3,063 (+179.6%) Shares 49,020 (+201.7%) Est. Cost $56.16 Unrealized +16.1%

VST Vistra Corp 0.8%

Value ($000) $11,540 (+17.6%) Shares 71,532 (+42.8%) Est. Cost $158.55 Unrealized +14.7%

TXN Texas Instruments 0.3%

Value ($000) $4,699 (+16.2%) Shares 27,084 (+23.0%) Est. Cost $176.53 Unrealized -3.3%

MO Altria Group Inc 0.3%

Value ($000) $4,817 (+8.8%) Shares 83,545 (+24.7%) Est. Cost $49.65 Unrealized +19.6%

TSLA Tesla Motors 0.1%

Value ($000) $978 (+10.1%) Shares 2,174 (+8.9%) Est. Cost $325.41 Unrealized +36.2%

RY Royal Bank of Canada 0.0%

Value ($000) $287 (+20.4%) Shares 1,686 (+4.0%) Est. Cost $123.99 Unrealized +23.9%

ULTA Ulta Beauty Inc 0.0%

Value ($000) $261 (+19.2%) Shares 431 (+7.8%) Est. Cost $315.63 Unrealized +74.2%

STE Steris Plc 0.0%

Value ($000) $270 (+10.0%) Shares 1,064 (+7.4%) Est. Cost $169.17 Unrealized +48.5%

MUFG Mitsubishi UFJ Fin'l Grp 0.0%

Value ($000) $191 (+5.1%) Shares 12,067 (+5.7%) Est. Cost $15.94 Unrealized —

TLN Talen Energy 0.0%

Value ($000) $299 (+0.0%) Shares 797 (+13.5%) Est. Cost $364.56 Unrealized +6.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CME	CME Group Inc	47,666 (+213.8%)	$13,017 (+217.2%)	0.9%	$270.46	+0.1%	COM	12572Q105
DPZ	Dominos Pizza Inc	19,852 (+125.9%)	$8,275 (+118.1%)	0.6%	$416.24	-0.2%	COM	25754A201
—	Oracle Corporation	44,493 (+1.2%)	$8,672 (-29.9%)	0.6%	$187.23	—	COM	68389x105
KR	Kroger Co	49,020 (+201.7%)	$3,063 (+179.6%)	0.2%	$56.16	+16.1%	COM	501044101
VST	Vistra Corp	71,532 (+42.8%)	$11,540 (+17.6%)	0.8%	$158.55	+14.7%	COM	92840M102
TXN	Texas Instruments	27,084 (+23.0%)	$4,699 (+16.2%)	0.3%	$176.53	-3.3%	COM	882508104
MO	Altria Group Inc	83,545 (+24.7%)	$4,817 (+8.8%)	0.3%	$49.65	+19.6%	COM	02209S103
TSLA	Tesla Motors	2,174 (+8.9%)	$978 (+10.1%)	0.1%	$325.41	+36.2%	COM	88160R101
RY	Royal Bank of Canada	1,686 (+4.0%)	$287 (+20.4%)	0.0%	$123.99	+23.9%	COM	780087102
ULTA	Ulta Beauty Inc	431 (+7.8%)	$261 (+19.2%)	0.0%	$315.63	+74.2%	COM	90384S303
STE	Steris Plc	1,064 (+7.4%)	$270 (+10.0%)	0.0%	$169.17	+48.5%	COM	G8473T100
MUFG	Mitsubishi UFJ Fin'l Grp	12,067 (+5.7%)	$191 (+5.1%)	0.0%	$15.94	—	COM	606822104
TLN	Talen Energy	797 (+13.5%)	$299 (+0.0%)	0.0%	$364.56	+6.6%	COM	87422Q109

Exited Positions (9)

BAH Booz Allen Hamilton 1.6%

Value ($000) $23,683 Shares 236,949 Est. Cost $138.12 Unrealized -35.9%

IDXX Idexx Laboratories 0.4%

Value ($000) $6,518 Shares 10,202 Est. Cost $432.08 Unrealized +57.6%

NVO Novo-Nordisk 0.1%

Value ($000) $1,287 Shares 23,198 Est. Cost $110.78 Unrealized —

ECL Ecolab Inc 0.0%

Value ($000) $411 Shares 1,500 Est. Cost $165.27 Unrealized +60.8%

DLTR Dollar Tree Stores 0.0%

Value ($000) $376 Shares 3,980 Est. Cost $86.50 Unrealized +23.9%

SBUX Starbucks 0.0%

Value ($000) $305 Shares 3,600 Est. Cost $73.96 Unrealized +13.7%

DE Deere & Co 0.0%

Value ($000) $299 Shares 654 Est. Cost $383.90 Unrealized +21.8%

RTX RTX Corp 0.0%

Value ($000) $272 Shares 1,628 Est. Cost $60.26 Unrealized +187.6%

BABA Alibaba Group 0.0%

Value ($000) $251 Shares 1,402 Est. Cost $178.73 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BAH	Booz Allen Hamilton	236,949	$23,683	1.6%	$138.12	-35.9%	—	099502106
IDXX	Idexx Laboratories	10,202	$6,518	0.4%	$432.08	+57.6%	—	45168D104
NVO	Novo-Nordisk	23,198	$1,287	0.1%	$110.78	—	—	670100205
ECL	Ecolab Inc	1,500	$411	0.0%	$165.27	+60.8%	—	278865100
DLTR	Dollar Tree Stores	3,980	$376	0.0%	$86.50	+23.9%	—	256746108
SBUX	Starbucks	3,600	$305	0.0%	$73.96	+13.7%	—	855244109
DE	Deere & Co	654	$299	0.0%	$383.90	+21.8%	—	244199105
RTX	RTX Corp	1,628	$272	0.0%	$60.26	+187.6%	—	75513E101
BABA	Alibaba Group	1,402	$251	0.0%	$178.73	—	—	01609W102

Decreased Positions (63)

FISV Fiserv Inc 0.0%

Value ($000) $301 (-99.3%) Shares 4,481 (-98.6%) Est. Cost $126.75 Unrealized -33.8%

MSFT Microsoft Corp 6.0%

Value ($000) $89,653 (-20.2%) Shares 185,378 (-14.5%) Est. Cost $288.46 Unrealized +73.5%

ZTS Zoetis Inc 0.1%

Value ($000) $1,277 (-94.6%) Shares 10,153 (-93.8%) Est. Cost $134.11 Unrealized -2.9%

AAPL Apple Inc 4.3%

Value ($000) $65,201 (-23.1%) Shares 239,833 (-27.9%) Est. Cost $107.87 Unrealized +148.8%

NVDA Nvidia Corp 7.5%

Value ($000) $113,010 (-12.8%) Shares 605,949 (-12.8%) Est. Cost $111.37 Unrealized +67.1%

AZO Autozone Inc 2.3%

Value ($000) $34,410 (-31.9%) Shares 10,146 (-13.9%) Est. Cost $2957.95 Unrealized +27.7%

APH Amphenol Corp 4.2%

Value ($000) $63,385 (-19.5%) Shares 469,034 (-26.3%) Est. Cost $38.70 Unrealized +245.1%

ETN Eaton Corp 1.7%

Value ($000) $25,934 (-31.3%) Shares 81,423 (-19.3%) Est. Cost $363.27 Unrealized -2.4%

MELI Mercadolibre Inc 2.2%

Value ($000) $32,554 (-25.9%) Shares 16,162 (-14.0%) Est. Cost $2053.39 Unrealized +2.3%

BKNG Booking Holdings 2.7%

Value ($000) $40,147 (-18.0%) Shares 7,496 (-17.3%) Est. Cost $2002.49 Unrealized +156.6%

META Meta Platforms Inc 3.6%

Value ($000) $53,820 (-14.0%) Shares 81,533 (-4.3%) Est. Cost $629.44 Unrealized +6.0%

AVGO Broadcom Inc 4.4%

Value ($000) $65,940 (-10.6%) Shares 190,523 (-14.8%) Est. Cost $197.73 Unrealized +80.5%

MA Mastercard Inc 3.2%

Value ($000) $47,630 (-13.7%) Shares 83,432 (-14.0%) Est. Cost $265.28 Unrealized +110.7%

CPRT Copart Inc 1.4%

Value ($000) $20,958 (-26.3%) Shares 535,319 (-15.3%) Est. Cost $45.25 Unrealized -8.4%

SHW Sherwin Williams Co 1.6%

Value ($000) $23,571 (-23.0%) Shares 72,743 (-17.7%) Est. Cost $236.36 Unrealized +41.4%

QSR Restaurant Brands Int'l 0.2%

Value ($000) $3,236 (-67.4%) Shares 47,423 (-69.4%) Est. Cost $59.36 Unrealized +16.1%

INTU Intuit Inc 2.1%

Value ($000) $30,923 (-17.0%) Shares 46,681 (-14.5%) Est. Cost $363.05 Unrealized +82.0%

GOOGL Alphabet Inc Cl A 8.4%

Value ($000) $125,422 (-4.8%) Shares 400,710 (-26.0%) Est. Cost $108.41 Unrealized +163.4%

TJX TJX Companies 3.7%

Value ($000) $55,172 (-9.5%) Shares 359,169 (-14.8%) Est. Cost $55.01 Unrealized +168.5%

BRK/B Berkshire Hthwy Cl B 2.2%

Value ($000) $32,664 (-14.7%) Shares 64,984 (-14.7%) Est. Cost $470.97 Unrealized +5.6%

AMZN Amazon.com Inc 6.6%

Value ($000) $98,530 (-5.2%) Shares 426,868 (-9.8%) Est. Cost $153.67 Unrealized +48.9%

VRSN Verisign Inc 0.9%

Value ($000) $13,078 (-29.0%) Shares 53,828 (-18.3%) Est. Cost $190.27 Unrealized +31.8%

ASML ASML Holdings 2.8%

Value ($000) $42,318 (-10.8%) Shares 39,555 (-19.2%) Est. Cost $694.60 Unrealized —

V Visa Inc 1.7%

Value ($000) $24,897 (-16.1%) Shares 70,990 (-18.3%) Est. Cost $168.30 Unrealized +102.2%

KNSL Kinsale Capital Group 0.8%

Value ($000) $11,437 (-26.4%) Shares 29,242 (-20.0%) Est. Cost $448.88 Unrealized -9.2%

ADSK Autodesk Inc 1.0%

Value ($000) $15,666 (-20.1%) Shares 52,924 (-14.3%) Est. Cost $287.53 Unrealized +5.2%

SPGI S&P Global Inc 2.5%

Value ($000) $36,821 (-9.0%) Shares 70,457 (-15.3%) Est. Cost $275.50 Unrealized +79.4%

HD Home Depot Inc 0.5%

Value ($000) $7,977 (-25.8%) Shares 23,182 (-12.6%) Est. Cost $209.38 Unrealized +74.1%

CEG Constellation Energy 1.0%

Value ($000) $15,180 (-14.0%) Shares 42,971 (-19.9%) Est. Cost $322.17 Unrealized +12.7%

UNH United Health Group 0.4%

Value ($000) $6,106 (-26.7%) Shares 18,495 (-23.4%) Est. Cost $460.23 Unrealized -26.7%

CTAS Cintas Corp 0.8%

Value ($000) $12,686 (-14.9%) Shares 67,455 (-7.1%) Est. Cost $163.12 Unrealized +15.3%

WM Waste Management 1.8%

Value ($000) $26,828 (-6.6%) Shares 122,106 (-6.1%) Est. Cost $221.01 Unrealized -3.8%

LOW Lowes Companies 0.7%

Value ($000) $11,109 (-13.1%) Shares 46,066 (-9.5%) Est. Cost $148.04 Unrealized +62.0%

GDDY GoDaddy Inc 0.6%

Value ($000) $9,222 (-15.1%) Shares 74,325 (-6.4%) Est. Cost $87.27 Unrealized +48.3%

RACE Ferrari NV 0.3%

Value ($000) $4,811 (-24.7%) Shares 13,019 (-1.2%) Est. Cost $479.13 Unrealized -16.5%

FSS Federal Signal Corp 0.5%

Value ($000) $7,505 (-15.0%) Shares 69,116 (-6.9%) Est. Cost $90.40 Unrealized +26.5%

NSSC Napco Security Tech 0.6%

Value ($000) $8,326 (-13.5%) Shares 199,666 (-10.9%) Est. Cost $25.08 Unrealized +67.3%

MKL Markel Group Inc 0.3%

Value ($000) $4,052 (-23.7%) Shares 1,885 (-32.2%) Est. Cost $1147.72 Unrealized +76.5%

TMO Thermo Fisher Sci 2.7%

Value ($000) $41,006 (-2.6%) Shares 70,766 (-18.5%) Est. Cost $352.78 Unrealized +60.2%

GOOG Alphabet Inc Cl C 0.3%

Value ($000) $4,079 (-16.3%) Shares 13,000 (-35.0%) Est. Cost $128.75 Unrealized +122.4%

FAST Fastenal Company 0.2%

Value ($000) $3,222 (-19.0%) Shares 80,297 (-1.0%) Est. Cost $37.95 Unrealized +10.7%

ADP Automatic Data Proc 0.3%

Value ($000) $3,912 (-15.2%) Shares 15,207 (-3.2%) Est. Cost $292.39 Unrealized -9.4%

AMT American Tower Corp 0.3%

Value ($000) $4,167 (-13.5%) Shares 23,733 (-5.3%) Est. Cost $196.50 Unrealized -8.2%

UNP Union Pacific 0.4%

Value ($000) $6,209 (-8.5%) Shares 26,843 (-6.5%) Est. Cost $214.28 Unrealized +6.1%

PSX Phillips 66 0.1%

Value ($000) $933 (-34.0%) Shares 7,231 (-30.5%) Est. Cost $68.95 Unrealized +94.4%

ABBV AbbVie Inc 0.0%

Value ($000) $349 (-53.6%) Shares 1,528 (-53.0%) Est. Cost $72.53 Unrealized +213.7%

BKH Black Hills Corp 0.3%

Value ($000) $4,296 (+10.3%) Shares 61,889 (-2.2%) Est. Cost $57.23 Unrealized +16.1%

BR Broadridge Fin'l Solutns 0.0%

Value ($000) $259 (-59.4%) Shares 1,161 (-56.7%) Est. Cost $112.00 Unrealized +102.9%

CRM Salesforce.Com Inc 0.2%

Value ($000) $2,846 (-11.0%) Shares 10,743 (-20.4%) Est. Cost $252.64 Unrealized -1.8%

LMT Lockheed Martin Corp 0.4%

Value ($000) $5,702 (-5.8%) Shares 11,790 (-2.8%) Est. Cost $428.90 Unrealized +11.0%

CVX Chevron Corp New 0.5%

Value ($000) $6,902 (-4.4%) Shares 45,283 (-2.6%) Est. Cost $134.05 Unrealized +12.9%

LLY Eli Lily & Co 0.1%

Value ($000) $1,082 (+39.2%) Shares 1,007 (-1.2%) Est. Cost $583.54 Unrealized +63.8%

BA Boeing Co 0.0%

Value ($000) $606 (-32.2%) Shares 2,790 (-32.6%) Est. Cost $222.00 Unrealized -7.4%

TTWO Take-Two Interactive 0.0%

Value ($000) $300 (-42.1%) Shares 1,172 (-41.6%) Est. Cost $163.05 Unrealized +52.9%

ADBE Adobe Inc 0.0%

Value ($000) $426 (-28.8%) Shares 1,218 (-28.3%) Est. Cost $430.71 Unrealized -21.0%

MCD Mcdonalds 0.3%

Value ($000) $4,608 (-3.5%) Shares 15,076 (-4.1%) Est. Cost $215.68 Unrealized +41.5%

TSM Taiwan Semi Manuf Co 0.0%

Value ($000) $314 (-22.0%) Shares 1,034 (-28.3%) Est. Cost $123.77 Unrealized —

PEP Pepsico Inc 0.2%

Value ($000) $3,719 (-1.8%) Shares 25,912 (-3.9%) Est. Cost $128.53 Unrealized +13.5%

JPM JP Morgan Chase 0.5%

Value ($000) $8,256 (+0.6%) Shares 25,622 (-1.5%) Est. Cost $117.65 Unrealized +163.1%

MRAAY Murata Mfg Co Ltd 0.0%

Value ($000) $159 (-18.7%) Shares 15,403 (-25.8%) Est. Cost $7.91 Unrealized —

WEGZY WEG SA 0.0%

Value ($000) $125 (+22.4%) Shares 13,862 (-8.2%) Est. Cost $7.88 Unrealized —

EXLS Exlservice Holdings 0.0%

Value ($000) $221 (-6.0%) Shares 5,217 (-2.5%) Est. Cost $44.10 Unrealized -7.3%

ITUB Itau Unibanco Holding SA 0.0%

Value ($000) $93 (-9.8%) Shares 12,971 (-7.5%) Est. Cost $5.75 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	Fiserv Inc	4,481 (-98.6%)	$301 (-99.3%)	0.0%	$126.75	-33.8%	COM	337738108
MSFT	Microsoft Corp	185,378 (-14.5%)	$89,653 (-20.2%)	6.0%	$288.46	+73.5%	COM	594918104
ZTS	Zoetis Inc	10,153 (-93.8%)	$1,277 (-94.6%)	0.1%	$134.11	-2.9%	COM	98978V103
AAPL	Apple Inc	239,833 (-27.9%)	$65,201 (-23.1%)	4.3%	$107.87	+148.8%	COM	037833100
NVDA	Nvidia Corp	605,949 (-12.8%)	$113,010 (-12.8%)	7.5%	$111.37	+67.1%	COM	67066G104
AZO	Autozone Inc	10,146 (-13.9%)	$34,410 (-31.9%)	2.3%	$2957.95	+27.7%	COM	053332102
APH	Amphenol Corp	469,034 (-26.3%)	$63,385 (-19.5%)	4.2%	$38.70	+245.1%	COM	032095101
ETN	Eaton Corp	81,423 (-19.3%)	$25,934 (-31.3%)	1.7%	$363.27	-2.4%	COM	G29183103
MELI	Mercadolibre Inc	16,162 (-14.0%)	$32,554 (-25.9%)	2.2%	$2053.39	+2.3%	COM	58733R102
BKNG	Booking Holdings	7,496 (-17.3%)	$40,147 (-18.0%)	2.7%	$2002.49	+156.6%	COM	09857L108
META	Meta Platforms Inc	81,533 (-4.3%)	$53,820 (-14.0%)	3.6%	$629.44	+6.0%	COM	30303M102
AVGO	Broadcom Inc	190,523 (-14.8%)	$65,940 (-10.6%)	4.4%	$197.73	+80.5%	COM	11135F101
MA	Mastercard Inc	83,432 (-14.0%)	$47,630 (-13.7%)	3.2%	$265.28	+110.7%	COM	57636Q104
CPRT	Copart Inc	535,319 (-15.3%)	$20,958 (-26.3%)	1.4%	$45.25	-8.4%	COM	217204106
SHW	Sherwin Williams Co	72,743 (-17.7%)	$23,571 (-23.0%)	1.6%	$236.36	+41.4%	COM	824348106
QSR	Restaurant Brands Int'l	47,423 (-69.4%)	$3,236 (-67.4%)	0.2%	$59.36	+16.1%	COM	76131D103
INTU	Intuit Inc	46,681 (-14.5%)	$30,923 (-17.0%)	2.1%	$363.05	+82.0%	COM	461202103
GOOGL	Alphabet Inc Cl A	400,710 (-26.0%)	$125,422 (-4.8%)	8.4%	$108.41	+163.4%	COM	02079K305
TJX	TJX Companies	359,169 (-14.8%)	$55,172 (-9.5%)	3.7%	$55.01	+168.5%	COM	872540109
BRK/B	Berkshire Hthwy Cl B	64,984 (-14.7%)	$32,664 (-14.7%)	2.2%	$470.97	+5.6%	COM	084670702
AMZN	Amazon.com Inc	426,868 (-9.8%)	$98,530 (-5.2%)	6.6%	$153.67	+48.9%	COM	023135106
VRSN	Verisign Inc	53,828 (-18.3%)	$13,078 (-29.0%)	0.9%	$190.27	+31.8%	COM	92343E102
ASML	ASML Holdings	39,555 (-19.2%)	$42,318 (-10.8%)	2.8%	$694.60	—	COM	N07059210
V	Visa Inc	70,990 (-18.3%)	$24,897 (-16.1%)	1.7%	$168.30	+102.2%	COM	92826C839
KNSL	Kinsale Capital Group	29,242 (-20.0%)	$11,437 (-26.4%)	0.8%	$448.88	-9.2%	COM	49714P108
ADSK	Autodesk Inc	52,924 (-14.3%)	$15,666 (-20.1%)	1.0%	$287.53	+5.2%	COM	052769106
SPGI	S&P Global Inc	70,457 (-15.3%)	$36,821 (-9.0%)	2.5%	$275.50	+79.4%	COM	78409V104
HD	Home Depot Inc	23,182 (-12.6%)	$7,977 (-25.8%)	0.5%	$209.38	+74.1%	COM	437076102
CEG	Constellation Energy	42,971 (-19.9%)	$15,180 (-14.0%)	1.0%	$322.17	+12.7%	COM	21037T109
UNH	United Health Group	18,495 (-23.4%)	$6,106 (-26.7%)	0.4%	$460.23	-26.7%	COM	91324P102
CTAS	Cintas Corp	67,455 (-7.1%)	$12,686 (-14.9%)	0.8%	$163.12	+15.3%	COM	172908105
WM	Waste Management	122,106 (-6.1%)	$26,828 (-6.6%)	1.8%	$221.01	-3.8%	COM	94106L109
LOW	Lowes Companies	46,066 (-9.5%)	$11,109 (-13.1%)	0.7%	$148.04	+62.0%	COM	548661107
GDDY	GoDaddy Inc	74,325 (-6.4%)	$9,222 (-15.1%)	0.6%	$87.27	+48.3%	COM	380237107
RACE	Ferrari NV	13,019 (-1.2%)	$4,811 (-24.7%)	0.3%	$479.13	-16.5%	COM	N3167Y103
FSS	Federal Signal Corp	69,116 (-6.9%)	$7,505 (-15.0%)	0.5%	$90.40	+26.5%	COM	313855108
NSSC	Napco Security Tech	199,666 (-10.9%)	$8,326 (-13.5%)	0.6%	$25.08	+67.3%	COM	630402105
MKL	Markel Group Inc	1,885 (-32.2%)	$4,052 (-23.7%)	0.3%	$1147.72	+76.5%	COM	570535104
TMO	Thermo Fisher Sci	70,766 (-18.5%)	$41,006 (-2.6%)	2.7%	$352.78	+60.2%	COM	883556102
GOOG	Alphabet Inc Cl C	13,000 (-35.0%)	$4,079 (-16.3%)	0.3%	$128.75	+122.4%	COM	02079K107
FAST	Fastenal Company	80,297 (-1.0%)	$3,222 (-19.0%)	0.2%	$37.95	+10.7%	COM	311900104
ADP	Automatic Data Proc	15,207 (-3.2%)	$3,912 (-15.2%)	0.3%	$292.39	-9.4%	COM	053015103
AMT	American Tower Corp	23,733 (-5.3%)	$4,167 (-13.5%)	0.3%	$196.50	-8.2%	COM	03027X100
UNP	Union Pacific	26,843 (-6.5%)	$6,209 (-8.5%)	0.4%	$214.28	+6.1%	COM	907818108
PSX	Phillips 66	7,231 (-30.5%)	$933 (-34.0%)	0.1%	$68.95	+94.4%	COM	718546104
ABBV	AbbVie Inc	1,528 (-53.0%)	$349 (-53.6%)	0.0%	$72.53	+213.7%	COM	00287Y109
BKH	Black Hills Corp	61,889 (-2.2%)	$4,296 (+10.3%)	0.3%	$57.23	+16.1%	COM	092113109
BR	Broadridge Fin'l Solutns	1,161 (-56.7%)	$259 (-59.4%)	0.0%	$112.00	+102.9%	COM	11133T103
CRM	Salesforce.Com Inc	10,743 (-20.4%)	$2,846 (-11.0%)	0.2%	$252.64	-1.8%	COM	79466L302
LMT	Lockheed Martin Corp	11,790 (-2.8%)	$5,702 (-5.8%)	0.4%	$428.90	+11.0%	COM	539830109
CVX	Chevron Corp New	45,283 (-2.6%)	$6,902 (-4.4%)	0.5%	$134.05	+12.9%	COM	166764100
LLY	Eli Lily & Co	1,007 (-1.2%)	$1,082 (+39.2%)	0.1%	$583.54	+63.8%	COM	532457108
BA	Boeing Co	2,790 (-32.6%)	$606 (-32.2%)	0.0%	$222.00	-7.4%	COM	097023105
TTWO	Take-Two Interactive	1,172 (-41.6%)	$300 (-42.1%)	0.0%	$163.05	+52.9%	COM	874054109
ADBE	Adobe Inc	1,218 (-28.3%)	$426 (-28.8%)	0.0%	$430.71	-21.0%	COM	00724F101
MCD	Mcdonalds	15,076 (-4.1%)	$4,608 (-3.5%)	0.3%	$215.68	+41.5%	COM	580135101
TSM	Taiwan Semi Manuf Co	1,034 (-28.3%)	$314 (-22.0%)	0.0%	$123.77	—	COM	874039100
PEP	Pepsico Inc	25,912 (-3.9%)	$3,719 (-1.8%)	0.2%	$128.53	+13.5%	COM	713448108
JPM	JP Morgan Chase	25,622 (-1.5%)	$8,256 (+0.6%)	0.5%	$117.65	+163.1%	COM	46625H100
MRAAY	Murata Mfg Co Ltd	15,403 (-25.8%)	$159 (-18.7%)	0.0%	$7.91	—	COM	626425102
WEGZY	WEG SA	13,862 (-8.2%)	$125 (+22.4%)	0.0%	$7.88	—	COM	94858P209
EXLS	Exlservice Holdings	5,217 (-2.5%)	$221 (-6.0%)	0.0%	$44.10	-7.3%	COM	302081104
ITUB	Itau Unibanco Holding SA	12,971 (-7.5%)	$93 (-9.8%)	0.0%	$5.75	—	COM	465562106

Unchanged Positions (12)

T AT&T 0.3%

Value ($000) $4,452 Shares 179,237 Est. Cost $16.73 Unrealized +51.1%

WEC WEC Energy Group 0.3%

Value ($000) $4,279 Shares 40,578 Est. Cost $78.01 Unrealized +41.3%

GCAAF Guardian Cap Group 0.3%

Value ($000) $4,585 Shares 93,400 Est. Cost $23.88 Unrealized +99.4%

WMT Wal-Mart Stores Inc 0.1%

Value ($000) $1,114 Shares 10,000 Est. Cost $53.38 Unrealized +100.8%

OXY Occidental Petroleum 0.0%

Value ($000) $580 Shares 14,097 Est. Cost $47.02 Unrealized -11.6%

ZION Zions Bancorp 0.1%

Value ($000) $1,630 Shares 27,838 Est. Cost $38.42 Unrealized +41.7%

MAR Marriott Int'l Inc New 0.0%

Value ($000) $322 Shares 1,037 Est. Cost $198.52 Unrealized +43.7%

VRT Vertiv Holdings Co 0.0%

Value ($000) $477 Shares 2,942 Est. Cost $102.08 Unrealized +70.0%

— Guardian Cap Group (Voting) 0.0%

Value ($000) $294 Shares 6,000 Est. Cost $46.87 Unrealized —

— Adams Nat Res ETF 0.0%

Value ($000) $348 Shares 16,000 Est. Cost $20.63 Unrealized —

BRK/A Berkshire Hthwy Cl A 0.1%

Value ($000) $755 Shares 1 Est. Cost $265840.40 Unrealized +180.8%

YUM Yum Brands Inc 0.0%

Value ($000) $321 Shares 2,123 Est. Cost $133.51 Unrealized +10.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
T	AT&T	179,237	$4,452	0.3%	$16.73	+51.1%	COM	00206R102
WEC	WEC Energy Group	40,578	$4,279	0.3%	$78.01	+41.3%	COM	92939U106
GCAAF	Guardian Cap Group	93,400	$4,585	0.3%	$23.88	+99.4%	COM	401339304
WMT	Wal-Mart Stores Inc	10,000	$1,114	0.1%	$53.38	+100.8%	COM	931142103
OXY	Occidental Petroleum	14,097	$580	0.0%	$47.02	-11.6%	COM	674599105
ZION	Zions Bancorp	27,838	$1,630	0.1%	$38.42	+41.7%	COM	989701107
MAR	Marriott Int'l Inc New	1,037	$322	0.0%	$198.52	+43.7%	COM	571903202
VRT	Vertiv Holdings Co	2,942	$477	0.0%	$102.08	+70.0%	COM	92537N108
—	Guardian Cap Group (Voting)	6,000	$294	0.0%	$46.87	—	COM	CA4013392
—	Adams Nat Res ETF	16,000	$348	0.0%	$20.63	—	COM	00548F105
BRK/A	Berkshire Hthwy Cl A	1	$755	0.1%	$265840.40	+180.8%	COM	084670108
YUM	Yum Brands Inc	2,123	$321	0.0%	$133.51	+10.6%	COM	988498101