Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TDG	Transdigm Group	8,829	$9.558M	0.8%	$1082.60	$1202.11	-9.9%	COM	893641100
ROL	Rollins Inc	210,291	$6.334M	0.5%	$30.12	$37.57	-19.8%	COM	775711104
HXL	Hexcel Corp	41,530	$3.485M	0.3%	$83.92	$97.24	-13.7%	COM	428291108
SPCX	Space Ex Tech	3,254	$491K	0.0%	$150.86	$138.41	+9.0%	COM	84615Q103
TELWY	Tokyo Electron Ltd	1,681	$319K	0.0%	$189.98 *	$171.07	+0.6%	COM	889110201
BDNNY	Boliden AB ADR	2,144	$219K	0.0%	$102.03	$108.72	-6.2%	COM	09752V102
SNOW	Snowflake Inc	620	$211K	0.0%	$339.56	$308.95	+9.9%	COM	833445109
WMB	Williams Companies Inc	2,855	$194K	0.0%	$67.97	$72.74	-6.6%	COM	969457100
VTV	Vanguard Value Inx ETF	890	$192K	0.0%	$216.08	$222.24	-2.8%	COM	922908744
MEDP	Medpace Holdings	278	$174K	0.0%	$624.18	$585.82	+6.5%	COM	58506Q109
ALIZY	Allianz SE	3,664	$172K	0.0%	$46.98	$49.86	-5.8%	COM	018820100
ULTA	Ulta Beauty Inc	314	$171K	0.0%	$546.17	$518.11	+5.4%	COM	90384S303
COST	Costco Wholesale	187	$170K	0.0%	$910.34	$933.54	-2.5%	COM	22160K105
AXAHY	AXA SA	3,313	$159K	0.0%	$47.86	$50.90	-6.0%	COM	054536107
CHKP	Check Point Software	1,222	$157K	0.0%	$128.35	$132.81	-3.4%	COM	M22465104
STE	Steris Plc	746	$157K	0.0%	$210.01	$221.96	-5.4%	COM	G8473T100
QLYS	Qualys Inc	786	$147K	0.0%	$187.20	$168.37	+11.2%	COM	74758T303
CVCO	Cavco Industries	258	$145K	0.0%	$560.26	$567.28	-1.2%	COM	149568107
KEY	KeyCorp	7,142	$143K	0.0%	$20.07	$22.23	-9.7%	COM	493267108
JNJ	Johnson & Johnson	535	$142K	0.0%	$264.74	$263.82	+0.3%	COM	478160104
EXLS	Exlservice Holdings	4,044	$139K	0.0%	$34.38	$33.33	+3.1%	COM	302081104
ECL	Ecolab Inc	500	$137K	0.0%	$274.58	$277.71	-1.1%	COM	278865100
SHEL	Shell PLC	1,431	$136K	0.0%	$95.05	$90.23	+5.3%	COM	780259305
HUBB	Hubbell Inc	277	$126K	0.0%	$453.60	$475.51	-4.6%	COM	443510607
CLH	Clean Harbors Inc	404	$125K	0.0%	$310.23	$311.78	-0.5%	COM	184496107
RBA	RB Global Inc	1,433	$117K	0.0%	$81.39	$95.08	-14.4%	COM	74935Q107
EQIX	Equinix Inc	110	$111K	0.0%	$1011.57	$1011.57	—	COM	29444U700
DE	Deere & Co	156	$105K	0.0%	$674.40	$636.05	+5.6%	COM	244199105
FELE	Franklin Electric	1,091	$105K	0.0%	$95.89	$102.34	-6.3%	COM	353514102
RSG	Republic Services Inc	492	$103K	0.0%	$209.87	$217.61	-3.6%	COM	760759100
SBGSY	Schneider Electric SE	1,538	$101K	0.0%	$65.75	$65.72	+0.0%	COM	80687P106
SAP	SAP SE	478	$99,653	0.0%	$208.48	$194.11	+7.4%	COM	803054204
TDY	Teledyne Tech	163	$98,910	0.0%	$606.81	$635.78	-4.6%	COM	879360105
KAI	Kadant Inc	369	$96,500	0.0%	$261.52	$301.48	-13.3%	COM	48282T104
UPS	United Parcel Service	1,024	$95,759	0.0%	$93.51	$104.99	-11.0%	COM	911312106
VZ	Verizon Commun	2,056	$94,328	0.0%	$45.88	$47.04	-2.5%	COM	92343V104
OTCM	OTC Markets Group Inc	1,659	$89,552	0.0%	$53.98	$54.10	-0.2%	COM	67106F108
CB	Chubb Corp	250	$81,312	0.0%	$325.25	$345.24	-5.8%	COM	H1467J104
CAVA	Cava Group Inc	1,450	$78,445	0.0%	$54.10	$63.59	-14.9%	COM	148929102
WAL	Western Alliance Banc	1,021	$76,677	0.0%	$75.10	$80.27	-6.4%	COM	957638109
SBUX	Starbucks	800	$75,168	0.0%	$93.96	$103.19	-8.9%	COM	855244109
HIG	Hartford Ins Group	605	$74,027	0.0%	$122.36	$137.26	-10.9%	COM	416515104
ANET	Arista Networks	354	$72,070	0.0%	$203.59	$188.22	+8.2%	COM	040413205
AVAV	AeroVironment Inc	500	$71,110	0.0%	$142.22	$157.75	-9.8%	COM	008073108
LMB	Limbach Hldgs	1,442	$70,557	0.0%	$48.93	$57.57	-15.0%	COM	53263P105
MU	Micron Technology	65	$69,232	0.0%	$1065.11	$949.89	+12.1%	COM	595112103
ADI	Analog Devices Inc	157	$62,283	0.0%	$396.71	$376.70	+5.3%	COM	032654105
DRI	Darden Restaurants Inc	263	$50,824	0.0%	$193.25	$209.03	-7.6%	COM	237194105
PH	Parker-Hannifin Corp	53	$50,637	0.0%	$955.42	$981.63	-2.7%	COM	701094104
GWW	WW Grainger Inc	39	$48,584	0.0%	$1245.74	$1319.50	-5.6%	COM	384802104
RVTY	Revvity Inc	300	$45,867	0.0%	$152.89	$123.01	+24.3%	COM	714046109
DG	Dollar General Corp	362	$43,399	0.0%	$119.89	$123.31	-3.0%	COM	256677105
IBN	ICICI Bank Ltd	1,560	$42,978	0.0%	$27.55	$29.41	-6.3%	COM	45104G104
MPWR	Monolithic Pwr Sys	30	$40,416	0.0%	$1347.20	$1310.20	+2.8%	COM	609839105
AMGN	Amgen Inc	95	$40,043	0.0%	$421.51	$398.57	+5.8%	COM	031162100
TYL	Tyler Technologies, Inc.	124	$39,506	0.0%	$318.60	$329.59	-3.3%	COM	902252105
ALLE	Allegion PLC	250	$38,442	0.0%	$153.77	$153.56	+0.1%	COM	G0176J109
PG	Procter & Gamble Co	244	$35,448	0.0%	$145.28	$146.54	-0.9%	COM	742718109
ON	ON Semiconductor Corp	444	$34,130	0.0%	$76.87	$80.30	-4.3%	COM	682189105
AWK	American Water Works	259	$33,532	0.0%	$129.47	$135.27	-4.3%	COM	030420103
UL	Unilever PLC	505	$30,668	0.0%	$60.73	$62.82	-3.3%	COM	904767803
FTNT	Fortinet Inc	161	$28,780	0.0%	$178.76	$162.13	+10.3%	COM	34959E109
APD	Air Products & Chemicals	99	$27,544	0.0%	$278.22	$297.44	-6.5%	COM	009158106
FISV	Fiserv Inc	600	$27,108	0.0%	$45.18	$51.18	-11.7%	COM	337738108
ITW	Illinois Tool Works Inc	99	$25,470	0.0%	$257.27	$277.65	-7.3%	COM	452308109
ADBE	Adobe Inc	100	$23,994	0.0%	$239.94	$250.37	-4.2%	COM	00724F101
CDNS	Cadence Design Systems	72	$23,773	0.0%	$330.18	$328.63	+0.5%	COM	127387108
NVO	Novo-Nordisk	610	$23,125	0.0%	$37.91	$46.10	-17.8%	COM	670100205
WCN	Waste Connections	150	$23,089	0.0%	$153.93	$165.10	-6.8%	COM	94106B101
MTD	Mettler Toledo Int'l	15	$22,664	0.0%	$1510.93	$1378.99	+9.6%	COM	592688105
OKLO	Oklo Inc	577	$21,360	0.0%	$37.02	$42.23	-12.3%	COM	02156V109
SHAK	Shake Shack	350	$20,538	0.0%	$58.68	$63.72	-7.9%	COM	819047101
STRL	Sterling Infrastructure	35	$17,212	0.0%	$491.77	$562.79	-12.6%	COM	859241101
STZ	Constellation Brands	150	$16,959	0.0%	$113.06	$128.93	-12.3%	COM	21036P108
NDAQ	Nasdaq Inc	163	$14,997	0.0%	$92.01	$93.44	-1.5%	COM	631103108
MSCI	MSCI Inc	27	$14,543	0.0%	$538.63	$571.81	-5.8%	COM	55354G100
NFLX	Netflix Inc	200	$13,916	0.0%	$69.58	$75.15	-7.4%	COM	64110L106
CAT	Caterpillar Inc	15	$12,161	0.0%	$810.73	$848.11	-4.4%	COM	149123101
CSGP	Costar Group	403	$11,042	0.0%	$27.40	$30.03	-8.8%	COM	22160N109
ODFL	Old Dominion Frght Ln	60	$10,430	0.0%	$173.83	$204.65	-15.1%	COM	679580100
CSCO	Cisco Systems Inc	89	$9,579	0.0%	$107.63	$112.66	-4.5%	COM	17275R102
FICO	Fair Isaac Inc	15	$8,887	0.0%	$592.47	$1094.86	-45.9%	COM	303250104
CMG	Chipotle Mexican Grill	274	$8,754	0.0%	$31.95	$34.66	-7.8%	COM	169656105
IBIT	iShares Bitcoin ETF	177	$8,379	0.0%	$47.34	$40.33	+17.4%	COM	46438F101
ULS	UL Solutions Inc	107	$7,021	0.0%	$65.62	$78.34	-16.2%	COM	903731107
SCHG	Schwab U.S. Large-Cap Growth	185	$6,647	0.0%	$35.93	$35.06	+2.5%	COM	808524300
PM	Philip Morris Int'l	34	$6,487	0.0%	$190.79	$188.94	+1.0%	COM	718172109
MBGL	Mobility Global Inc	362	$6,208	0.0%	$17.15	$20.11	-14.7%	COM	60744M106
ETHA	iShares Ethereum Tr ETF	277	$5,573	0.0%	$20.12 *	$5.45	+23.1%	COM	46438R105
KO	Coca Cola Co	60	$5,164	0.0%	$86.07	$86.73	-0.8%	COM	191216100
DFAW	Dimensional World EQ ETF	61	$5,020	0.0%	$82.30	$84.04	-2.1%	COM	25434V617
GPC	Genuine Parts Co	38	$4,778	0.0%	$125.74	$130.13	-3.4%	COM	372460105
PSA	Public Storage	15	$4,242	0.0%	$282.80	$282.80	—	COM	74460D109
DUK	Duke Energy Corp	36	$4,104	0.0%	$114.00	$122.50	-6.9%	COM	26441C204
PNC	PNC Finl Services Group	18	$4,000	0.0%	$222.22	$245.12	-9.3%	COM	693475105
NEE	Nextera Energy Inc	50	$3,787	0.0%	$75.74	$84.59	-10.5%	COM	65339F101
KMI	Kinder Morgan	116	$3,497	0.0%	$30.15	$31.70	-4.9%	COM	49456B101
BDX	Becton Dickinson & Co	19	$3,401	0.0%	$179.00	$173.72	+3.0%	COM	075887109
CMCSA	Comcast Corp Cl A	128	$2,785	0.0%	$21.76	$24.49	-11.1%	COM	20030N101
ACN	Accenture Plc	15	$2,750	0.0%	$183.33	$168.99	+8.5%	COM	G1151C101
NKE	Nike Inc	75	$2,655	0.0%	$35.40	$40.15	-11.8%	COM	654106103
—	Conocophillips	21	$2,628	0.0%	$125.14	$125.14	—	COM	20825c104
SOXX	iShares Semiconductor ETF	4	$2,274	0.0%	$568.50	$535.31	+6.2%	COM	464287523
CPRT	Copart Inc	82	$2,236	0.0%	$27.27	$29.98	-9.0%	COM	217204106
IYW	iShares US Tech ETF	8	$2,119	0.0%	$264.88	$249.63	+6.1%	COM	464287721
IGM	iShares S&P GSTI Tec	12	$2,028	0.0%	$169.00	$160.32	+5.4%	COM	464287549
WSO	Watson Inc	6	$1,816	0.0%	$302.67	$334.20	-9.4%	COM	942622200
FIS	Fidelity Ntl Info	42	$1,381	0.0%	$32.88	$40.52	-18.8%	COM	31620M106

Increased Positions (17)

MCK McKesson Corp 1.8%

Value $21.33M (+147.8%) Shares 24,985 (+119.3%) Share Price $853.81 Est. Cost/Share $839.91 Unrealized @ Report Date +1.7%

APH Amphenol Corp 3.5%

Value $41.51M (-18.5%) Shares 492,421 (+70.4%) Share Price $84.30 Est. Cost/Share $78.75 Unrealized @ Report Date +7.1%

RACE Ferrari NV 0.7%

Value $7.807M (+77.5%) Shares 19,872 (+68.2%) Share Price $392.86 Est. Cost/Share $447.22 Unrealized @ Report Date -12.2%

CME CME Group Inc 1.1%

Value $13.15M (+34.4%) Shares 50,200 (+13.3%) Share Price $261.98 Est. Cost/Share $269.67 Unrealized @ Report Date -2.9%

BLK Blackrock Inc 0.5%

Value $6.094M (+23.4%) Shares 5,758 (+12.1%) Share Price $1058.29 Est. Cost/Share $1040.48 Unrealized @ Report Date +1.7%

WM Waste Management 1.7%

Value $20.41M (+4.5%) Shares 100,098 (+14.2%) Share Price $203.92 Est. Cost/Share $221.38 Unrealized @ Report Date -7.9%

KR Kroger Co 0.4%

Value $4.338M (+19.8%) Shares 73,995 (+13.5%) Share Price $58.62 Est. Cost/Share $59.15 Unrealized @ Report Date -0.9%

— Oracle Corporation 0.7%

Value $8.896M (+5.9%) Shares 64,790 (+13.0%) Share Price $137.30 Est. Cost/Share $173.07 Unrealized @ Report Date —

MCD Mcdonalds 0.4%

Value $4.599M (-3.8%) Shares 19,912 (+12.6%) Share Price $230.95 Est. Cost/Share $230.17 Unrealized @ Report Date +0.3%

TTE TotalEnergies SE 0.0%

Value $469K (+31.1%) Shares 5,490 (+19.2%) Share Price $85.50 Est. Cost/Share $78.04 Unrealized @ Report Date +9.6%

AZN AstraZeneca PLC 0.0%

Value $357K (-10.7%) Shares 2,208 (+4.8%) Share Price $161.51 Est. Cost/Share $190.22 Unrealized @ Report Date -15.8%

RY Royal Bank of Canada 0.0%

Value $360K (+11.5%) Shares 1,830 (+17.4%) Share Price $196.59 Est. Cost/Share $140.91 Unrealized @ Report Date +39.5%

ABBV AbbVie Inc 0.0%

Value $347K (+9.3%) Shares 1,326 (+5.2%) Share Price $261.59 Est. Cost/Share $92.73 Unrealized @ Report Date +182.1%

SUHJY Sun Hung Kai Pptys ADR 0.0%

Value $286K (+8.5%) Shares 20,863 (+13.9%) Share Price $13.71 Est. Cost/Share $16.05 Unrealized @ Report Date -14.6%

ALC Alcon AG 0.0%

Value $239K (+6.0%) Shares 3,698 (+9.9%) Share Price $64.75 Est. Cost/Share $78.02 Unrealized @ Report Date -17.0%

NVZMY Novonesis (Novozymes) 0.0%

Value $244K (+1.8%) Shares 3,852 (+1.6%) Share Price $63.42 Est. Cost/Share $60.17 Unrealized @ Report Date +5.4%

SAXPY Sampo Oyj 0.0%

Value $224K (-1.7%) Shares 11,391 (+4.5%) Share Price $19.69 Est. Cost/Share $21.99 Unrealized @ Report Date -10.4%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MCK	McKesson Corp	24,985 (+119.3%)	$21.33M (+147.8%)	1.8%	$853.81	$839.91	+1.7%	COM	58155Q103
APH	Amphenol Corp	492,421 (+70.4%)	$41.51M (-18.5%)	3.5%	$84.30	$78.75	+7.1%	COM	032095101
RACE	Ferrari NV	19,872 (+68.2%)	$7.807M (+77.5%)	0.7%	$392.86	$447.22	-12.2%	COM	N3167Y103
CME	CME Group Inc	50,200 (+13.3%)	$13.15M (+34.4%)	1.1%	$261.98	$269.67	-2.9%	COM	12572Q105
BLK	Blackrock Inc	5,758 (+12.1%)	$6.094M (+23.4%)	0.5%	$1058.29	$1040.48	+1.7%	COM	09290D101
WM	Waste Management	100,098 (+14.2%)	$20.41M (+4.5%)	1.7%	$203.92	$221.38	-7.9%	COM	94106L109
KR	Kroger Co	73,995 (+13.5%)	$4.338M (+19.8%)	0.4%	$58.62	$59.15	-0.9%	COM	501044101
—	Oracle Corporation	64,790 (+13.0%)	$8.896M (+5.9%)	0.7%	$137.30	$173.07	—	COM	68389x105
MCD	Mcdonalds	19,912 (+12.6%)	$4.599M (-3.8%)	0.4%	$230.95	$230.17	+0.3%	COM	580135101
TTE	TotalEnergies SE	5,490 (+19.2%)	$469K (+31.1%)	0.0%	$85.50	$78.04	+9.6%	COM	F92124100
AZN	AstraZeneca PLC	2,208 (+4.8%)	$357K (-10.7%)	0.0%	$161.51	$190.22	-15.8%	COM	G0593M107
RY	Royal Bank of Canada	1,830 (+17.4%)	$360K (+11.5%)	0.0%	$196.59	$140.91	+39.5%	COM	780087102
ABBV	AbbVie Inc	1,326 (+5.2%)	$347K (+9.3%)	0.0%	$261.59	$92.73	+182.1%	COM	00287Y109
SUHJY	Sun Hung Kai Pptys ADR	20,863 (+13.9%)	$286K (+8.5%)	0.0%	$13.71	$16.05	-14.6%	COM	86676H302
ALC	Alcon AG	3,698 (+9.9%)	$239K (+6.0%)	0.0%	$64.75	$78.02	-17.0%	COM	H01301128
NVZMY	Novonesis (Novozymes)	3,852 (+1.6%)	$244K (+1.8%)	0.0%	$63.42	$60.17	+5.4%	COM	670108109
SAXPY	Sampo Oyj	11,391 (+4.5%)	$224K (-1.7%)	0.0%	$19.69	$21.99	-10.4%	COM	79588J102

Exited Positions (2)

TOELY Tokyo Electron Ltd 0.0%

Value $373K Shares 1,535 Share Price $243.01 Est. Cost/Share $243.01 Unrealized @ Report Date —

TECH Bio-Techne Corp 0.0%

Value $248K Shares 3,504 Share Price $70.65 * Est. Cost/Share $54.00 Unrealized @ Report Date +34.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TOELY	Tokyo Electron Ltd	1,535	$373K	0.0%	$243.01	$243.01	—	—	889110102
TECH	Bio-Techne Corp	3,504	$248K	0.0%	$70.65 *	$54.00	+34.2%	—	09073M104

Decreased Positions (83)

PANW Palo Alto Networks 1.3%

Value $15.48M (-61.4%) Shares 38,951 (-66.9%) Share Price $397.31 Est. Cost/Share $186.26 Unrealized @ Report Date +113.3%

GOOGL Alphabet Inc Cl A 6.8%

Value $81.26M (-19.1%) Shares 236,174 (-16.0%) Share Price $344.08 Est. Cost/Share $108.41 Unrealized @ Report Date +217.4%

MSFT Microsoft Corp 7.5%

Value $89.41M (+22.3%) Shares 174,315 (-11.1%) Share Price $512.90 Est. Cost/Share $297.36 Unrealized @ Report Date +72.5%

BJ Bj's Wholesale Club 0.0%

Value $117K (-99.2%) Shares 1,272 (-99.2%) Share Price $92.00 Est. Cost/Share $92.75 Unrealized @ Report Date -0.8%

V Visa Inc 0.7%

Value $8.436M (-62.1%) Shares 23,476 (-63.8%) Share Price $359.33 Est. Cost/Share $168.30 Unrealized @ Report Date +113.5%

AVGO Broadcom Inc 5.6%

Value $66.52M (-16.8%) Shares 189,404 (-10.5%) Share Price $351.19 Est. Cost/Share $210.82 Unrealized @ Report Date +66.6%

TMO Thermo Fisher Sci 1.7%

Value $20.12M (-35.6%) Shares 29,803 (-52.2%) Share Price $675.05 Est. Cost/Share $352.78 Unrealized @ Report Date +91.4%

AMZN Amazon.com Inc 6.5%

Value $77.85M (-12.1%) Shares 312,445 (-15.9%) Share Price $249.15 Est. Cost/Share $153.67 Unrealized @ Report Date +62.1%

ETN Eaton Corp 3.9%

Value $46.02M (-13.9%) Shares 107,095 (-14.7%) Share Price $429.71 Est. Cost/Share $368.45 Unrealized @ Report Date +16.6%

AZO Autozone Inc 1.7%

Value $20.71M (-25.6%) Shares 7,318 (-16.0%) Share Price $2830.02 Est. Cost/Share $2957.95 Unrealized @ Report Date -4.3%

BKNG Booking Holdings 1.9%

Value $22.55M (-23.1%) Shares 138,432 (-15.8%) Share Price $162.91 Est. Cost/Share $249.07 Unrealized @ Report Date -34.6%

TSM Taiwan Semi Manuf Co 2.3%

Value $27.15M (-19.1%) Shares 59,525 (-15.3%) Share Price $456.19 Est. Cost/Share $387.17 Unrealized @ Report Date +17.8%

ASML ASML Holdings 1.8%

Value $21.45M (-22.8%) Shares 11,840 (-15.2%) Share Price $1811.68 Est. Cost/Share $718.70 Unrealized @ Report Date +152.1%

HD Home Depot Inc 0.2%

Value $2.466M (-69.2%) Shares 8,667 (-61.8%) Share Price $284.50 Est. Cost/Share $209.38 Unrealized @ Report Date +35.9%

META Meta Platforms Inc 4.7%

Value $55.87M (+10.6%) Shares 77,048 (-14.1%) Share Price $725.18 Est. Cost/Share $629.65 Unrealized @ Report Date +15.2%

BRK/B Berkshire Hthwy Cl B 2.0%

Value $23.31M (-16.5%) Shares 46,802 (-16.0%) Share Price $497.95 Est. Cost/Share $470.97 Unrealized @ Report Date +5.7%

SHW Sherwin Williams Co 1.4%

Value $17M (-20.7%) Shares 52,594 (-15.5%) Share Price $323.27 Est. Cost/Share $236.36 Unrealized @ Report Date +36.8%

MELI Mercadolibre Inc 2.2%

Value $26.27M (-12.8%) Shares 15,198 (-14.4%) Share Price $1728.53 Est. Cost/Share $2037.17 Unrealized @ Report Date -15.2%

TXN Texas Instruments 2.1%

Value $24.79M (-13.3%) Shares 88,520 (-7.8%) Share Price $280.09 Est. Cost/Share $242.20 Unrealized @ Report Date +15.6%

AAPL Apple Inc 2.2%

Value $25.69M (-12.6%) Shares 77,134 (-24.1%) Share Price $333.02 Est. Cost/Share $107.87 Unrealized @ Report Date +208.7%

SPY SPDR S&P 500 0.0%

Value $390K (-90.1%) Shares 511 (-90.3%) Share Price $762.63 Est. Cost/Share $713.87 Unrealized @ Report Date +6.8%

SYK Stryker Corp 1.3%

Value $16.03M (-17.9%) Shares 58,197 (-6.1%) Share Price $275.39 Est. Cost/Share $315.13 Unrealized @ Report Date -12.6%

NVDA Nvidia Corp 8.1%

Value $95.89M (-3.5%) Shares 419,885 (-15.4%) Share Price $228.38 Est. Cost/Share $111.37 Unrealized @ Report Date +105.1%

MA Mastercard Inc 2.8%

Value $33.3M (-9.3%) Shares 60,385 (-15.5%) Share Price $551.47 Est. Cost/Share $265.28 Unrealized @ Report Date +107.9%

SPGI S&P Global Inc 1.4%

Value $16.2M (-17.2%) Shares 41,075 (-14.5%) Share Price $394.47 Est. Cost/Share $275.50 Unrealized @ Report Date +43.2%

VST Vistra Corp 0.9%

Value $10.83M (-22.3%) Shares 78,311 (-10.9%) Share Price $138.35 Est. Cost/Share $159.38 Unrealized @ Report Date -13.2%

FSS Federal Signal Corp 0.7%

Value $8.096M (-27.0%) Shares 73,074 (-15.3%) Share Price $110.79 Est. Cost/Share $96.06 Unrealized @ Report Date +15.3%

JPM JP Morgan Chase 0.5%

Value $6.165M (-25.7%) Shares 18,635 (-26.5%) Share Price $330.83 Est. Cost/Share $117.65 Unrealized @ Report Date +181.2%

UNP Union Pacific 0.5%

Value $5.532M (-22.6%) Shares 20,328 (-22.6%) Share Price $272.13 Est. Cost/Share $214.28 Unrealized @ Report Date +27.0%

BMI Badger Meter Inc 0.4%

Value $4.357M (-26.9%) Shares 35,264 (-12.2%) Share Price $123.54 Est. Cost/Share $179.79 Unrealized @ Report Date -31.3%

CEG Constellation Energy 0.7%

Value $7.952M (-15.8%) Shares 31,305 (-17.6%) Share Price $254.02 Est. Cost/Share $322.17 Unrealized @ Report Date -21.2%

INTU Intuit Inc 1.1%

Value $12.64M (-9.8%) Shares 45,830 (-14.6%) Share Price $275.71 Est. Cost/Share $385.18 Unrealized @ Report Date -28.4%

UNH United Health Group 0.3%

Value $3.815M (-20.7%) Shares 10,391 (-10.2%) Share Price $367.11 Est. Cost/Share $460.23 Unrealized @ Report Date -20.2%

WEC WEC Energy Group 0.3%

Value $3.762M (-20.8%) Shares 37,327 (-8.2%) Share Price $100.78 Est. Cost/Share $78.43 Unrealized @ Report Date +28.5%

MKL Markel Group Inc 0.2%

Value $2.55M (-27.1%) Shares 1,489 (-16.8%) Share Price $1712.45 Est. Cost/Share $1147.72 Unrealized @ Report Date +49.2%

CVX Chevron Corp New 0.3%

Value $3.996M (-17.7%) Shares 19,570 (-33.2%) Share Price $204.22 Est. Cost/Share $134.05 Unrealized @ Report Date +52.3%

NSSC Napco Security Tech 0.3%

Value $3.297M (-20.5%) Shares 92,562 (-15.2%) Share Price $35.62 Est. Cost/Share $25.08 Unrealized @ Report Date +42.0%

BKH Black Hills Corp 0.4%

Value $4.816M (-12.9%) Shares 68,717 (-7.6%) Share Price $70.08 Est. Cost/Share $59.76 Unrealized @ Report Date +17.3%

IWD iShares Russell 1000 Val ETF 0.0%

Value $32,974 (-95.0%) Shares 133 (-95.1%) Share Price $247.92 Est. Cost/Share $232.93 Unrealized @ Report Date +6.4%

LLY Eli Lily & Co 0.1%

Value $629K (-48.9%) Shares 544 (-47.0%) Share Price $1157.08 Est. Cost/Share $590.66 Unrealized @ Report Date +95.9%

MO Altria Group Inc 0.3%

Value $3.997M (-12.7%) Shares 59,349 (-6.7%) Share Price $67.34 Est. Cost/Share $49.65 Unrealized @ Report Date +35.6%

PWR Quanta Services Inc 0.2%

Value $2.429M (-17.9%) Shares 3,780 (-8.0%) Share Price $642.55 Est. Cost/Share $442.71 Unrealized @ Report Date +45.1%

ZTS Zoetis Inc 0.1%

Value $599K (-46.3%) Shares 8,574 (-44.7%) Share Price $69.83 Est. Cost/Share $129.16 Unrealized @ Report Date -45.9%

CRM Salesforce.Com Inc 0.2%

Value $2.307M (+28.8%) Shares 10,049 (-12.1%) Share Price $229.59 Est. Cost/Share $248.72 Unrealized @ Report Date -7.7%

GOOG Alphabet Inc Cl C 0.3%

Value $4.089M (-11.0%) Shares 12,000 (-7.7%) Share Price $340.74 Est. Cost/Share $128.75 Unrealized @ Report Date +164.7%

VRT Vertiv Holdings Co 0.0%

Value $493K (-50.0%) Shares 2,042 (-30.6%) Share Price $241.37 Est. Cost/Share $102.08 Unrealized @ Report Date +136.4%

ZION Zions Bancorp 0.1%

Value $1.489M (-23.6%) Shares 23,765 (-15.7%) Share Price $62.65 Est. Cost/Share $38.42 Unrealized @ Report Date +63.1%

PEP Pepsico Inc 0.3%

Value $2.982M (-12.7%) Shares 23,535 (-6.7%) Share Price $126.72 Est. Cost/Share $128.53 Unrealized @ Report Date -1.4%

DPZ Dominos Pizza Inc 0.3%

Value $3.412M (-11.1%) Shares 11,387 (-12.1%) Share Price $299.61 Est. Cost/Share $414.75 Unrealized @ Report Date -27.8%

ADSK Autodesk Inc 0.3%

Value $3.734M (-9.3%) Shares 17,867 (-15.6%) Share Price $209.00 Est. Cost/Share $287.53 Unrealized @ Report Date -27.3%

VRSN Verisign Inc 0.5%

Value $6.421M (-5.4%) Shares 22,770 (-15.6%) Share Price $282.01 Est. Cost/Share $190.27 Unrealized @ Report Date +48.2%

ADP Automatic Data Proc 0.3%

Value $3.752M (+10.8%) Shares 14,540 (-3.9%) Share Price $258.06 Est. Cost/Share $288.23 Unrealized @ Report Date -10.5%

T AT&T 0.3%

Value $4.005M (+9.8%) Shares 164,149 (-6.9%) Share Price $24.40 Est. Cost/Share $16.73 Unrealized @ Report Date +45.8%

LMT Lockheed Martin Corp 0.3%

Value $3.82M (-7.8%) Shares 7,501 (-7.7%) Share Price $509.25 Est. Cost/Share $482.43 Unrealized @ Report Date +5.6%

PSX Phillips 66 0.1%

Value $1.32M (+29.7%) Shares 5,170 (-14.1%) Share Price $255.36 Est. Cost/Share $68.95 Unrealized @ Report Date +270.3%

QSR Restaurant Brands Int'l 0.2%

Value $2.763M (-9.6%) Shares 38,875 (-7.8%) Share Price $71.08 Est. Cost/Share $59.36 Unrealized @ Report Date +19.8%

KNSL Kinsale Capital Group 0.0%

Value $21,624 (-93.0%) Shares 67 (-92.8%) Share Price $322.75 Est. Cost/Share $445.83 Unrealized @ Report Date -27.6%

TSLA Tesla Motors 0.1%

Value $982K (-20.9%) Shares 2,767 (-6.2%) Share Price $354.81 Est. Cost/Share $344.45 Unrealized @ Report Date +3.0%

BA Boeing Co 0.0%

Value $426K (-31.4%) Shares 2,290 (-20.2%) Share Price $186.05 Est. Cost/Share $222.16 Unrealized @ Report Date -16.3%

CTAS Cintas Corp 0.6%

Value $6.982M (-2.5%) Shares 35,796 (-15.0%) Share Price $195.06 Est. Cost/Share $163.12 Unrealized @ Report Date +19.6%

FAST Fastenal Company 0.3%

Value $3.686M (-4.5%) Shares 74,419 (-7.4%) Share Price $49.53 Est. Cost/Share $37.95 Unrealized @ Report Date +30.5%

MRAAY Murata Mfg Co Ltd 0.0%

Value $200K (-45.5%) Shares 8,028 (-20.7%) Share Price $24.90 Est. Cost/Share $9.13 Unrealized @ Report Date +172.8%

TLN Talen Energy 0.0%

Value $200K (-39.6%) Shares 639 (-25.8%) Share Price $312.69 Est. Cost/Share $363.71 Unrealized @ Report Date -14.0%

YUM Yum Brands Inc 0.0%

Value $213K (-37.9%) Shares 1,562 (-27.1%) Share Price $136.34 Est. Cost/Share $133.51 Unrealized @ Report Date +2.1%

CPAY Corpay Inc 0.0%

Value $149K (-43.1%) Shares 384 (-51.2%) Share Price $388.60 Est. Cost/Share $332.14 Unrealized @ Report Date +17.0%

TTWO Take-Two Interactive 0.0%

Value $169K (-38.2%) Shares 816 (-25.5%) Share Price $207.50 Est. Cost/Share $220.65 Unrealized @ Report Date -6.0%

JLL Jones Lang Lasalle 0.0%

Value $157K (-39.5%) Shares 515 (-38.6%) Share Price $305.52 Est. Cost/Share $310.75 Unrealized @ Report Date -1.7%

OXY Occidental Petroleum 0.0%

Value $537K (-15.7%) Shares 9,712 (-26.0%) Share Price $55.32 Est. Cost/Share $47.02 Unrealized @ Report Date +17.6%

DSDVY DSV A/S 0.0%

Value $144K (-36.5%) Shares 1,631 (-14.2%) Share Price $88.04 Est. Cost/Share $123.47 Unrealized @ Report Date -28.7%

LVMUY LVMH Moet Hennessy 0.0%

Value $209K (-23.0%) Shares 2,370 (-3.3%) Share Price $88.03 Est. Cost/Share $110.95 Unrealized @ Report Date -20.7%

DBSDY DBS Group Holdings Ltd 0.0%

Value $358K (+15.6%) Shares 1,473 (-3.4%) Share Price $242.88 Est. Cost/Share $180.23 Unrealized @ Report Date +34.8%

BURL Burlington Stores 0.0%

Value $195K (-19.2%) Shares 729 (-4.2%) Share Price $267.19 Est. Cost/Share $322.49 Unrealized @ Report Date -17.1%

NSRGY Nestle SA 0.0%

Value $269K (-14.5%) Shares 2,962 (-3.3%) Share Price $90.78 Est. Cost/Share $99.22 Unrealized @ Report Date -8.5%

DBOEY Deutsche Borse AG 0.0%

Value $333K (+14.7%) Shares 10,295 (-3.7%) Share Price $32.32 Est. Cost/Share $26.89 Unrealized @ Report Date +20.2%

CFRUY Cie. Fin. Richemont SA 0.0%

Value $318K (-11.3%) Shares 14,938 (-3.8%) Share Price $21.30 Est. Cost/Share $19.59 Unrealized @ Report Date +8.7%

NGG National Grid plc 0.0%

Value $280K (-12.4%) Shares 3,691 (-4.3%) Share Price $75.82 Est. Cost/Share $86.14 Unrealized @ Report Date -12.0%

MUFG Mitsubishi UFJ Fin'l Grp 0.0%

Value $352K (-8.3%) Shares 15,261 (-21.0%) Share Price $23.07 Est. Cost/Share $15.98 Unrealized @ Report Date +44.4%

ING ING Groep NV 0.0%

Value $332K (+9.2%) Shares 9,361 (-3.5%) Share Price $35.50 Est. Cost/Share $28.13 Unrealized @ Report Date +26.2%

SIEGY Siemens AG 0.0%

Value $314K (-7.2%) Shares 2,022 (-3.8%) Share Price $155.30 Est. Cost/Share $149.46 Unrealized @ Report Date +3.9%

AIQUY Air Liquide SA 0.0%

Value $278K (-6.1%) Shares 7,227 (-3.7%) Share Price $38.46 Est. Cost/Share $38.90 Unrealized @ Report Date -1.1%

LRLCY L'Oreal Company 0.0%

Value $278K (-6.0%) Shares 3,252 (-3.6%) Share Price $85.47 Est. Cost/Share $87.90 Unrealized @ Report Date -2.8%

SMCAY Smc Corp Japan 0.0%

Value $338K (-1.1%) Shares 14,799 (-3.6%) Share Price $22.81 Est. Cost/Share $21.14 Unrealized @ Report Date +7.9%

BAESY BAE Systems Plc 0.0%

Value $256K (+1.4%) Shares 2,469 (-4.2%) Share Price $103.63 Est. Cost/Share $112.89 Unrealized @ Report Date -8.2%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
PANW	Palo Alto Networks	38,951 (-66.9%)	$15.48M (-61.4%)	1.3%	$397.31	$186.26	+113.3%	COM	697435105
GOOGL	Alphabet Inc Cl A	236,174 (-16.0%)	$81.26M (-19.1%)	6.8%	$344.08	$108.41	+217.4%	COM	02079K305
MSFT	Microsoft Corp	174,315 (-11.1%)	$89.41M (+22.3%)	7.5%	$512.90	$297.36	+72.5%	COM	594918104
BJ	Bj's Wholesale Club	1,272 (-99.2%)	$117K (-99.2%)	0.0%	$92.00	$92.75	-0.8%	COM	05550J101
V	Visa Inc	23,476 (-63.8%)	$8.436M (-62.1%)	0.7%	$359.33	$168.30	+113.5%	COM	92826C839
AVGO	Broadcom Inc	189,404 (-10.5%)	$66.52M (-16.8%)	5.6%	$351.19	$210.82	+66.6%	COM	11135F101
TMO	Thermo Fisher Sci	29,803 (-52.2%)	$20.12M (-35.6%)	1.7%	$675.05	$352.78	+91.4%	COM	883556102
AMZN	Amazon.com Inc	312,445 (-15.9%)	$77.85M (-12.1%)	6.5%	$249.15	$153.67	+62.1%	COM	023135106
ETN	Eaton Corp	107,095 (-14.7%)	$46.02M (-13.9%)	3.9%	$429.71	$368.45	+16.6%	COM	G29183103
AZO	Autozone Inc	7,318 (-16.0%)	$20.71M (-25.6%)	1.7%	$2830.02	$2957.95	-4.3%	COM	053332102
BKNG	Booking Holdings	138,432 (-15.8%)	$22.55M (-23.1%)	1.9%	$162.91	$249.07	-34.6%	COM	09857L108
TSM	Taiwan Semi Manuf Co	59,525 (-15.3%)	$27.15M (-19.1%)	2.3%	$456.19	$387.17	+17.8%	COM	874039100
ASML	ASML Holdings	11,840 (-15.2%)	$21.45M (-22.8%)	1.8%	$1811.68	$718.70	+152.1%	COM	N07059210
HD	Home Depot Inc	8,667 (-61.8%)	$2.466M (-69.2%)	0.2%	$284.50	$209.38	+35.9%	COM	437076102
META	Meta Platforms Inc	77,048 (-14.1%)	$55.87M (+10.6%)	4.7%	$725.18	$629.65	+15.2%	COM	30303M102
BRK/B	Berkshire Hthwy Cl B	46,802 (-16.0%)	$23.31M (-16.5%)	2.0%	$497.95	$470.97	+5.7%	COM	084670702
SHW	Sherwin Williams Co	52,594 (-15.5%)	$17M (-20.7%)	1.4%	$323.27	$236.36	+36.8%	COM	824348106
MELI	Mercadolibre Inc	15,198 (-14.4%)	$26.27M (-12.8%)	2.2%	$1728.53	$2037.17	-15.2%	COM	58733R102
TXN	Texas Instruments	88,520 (-7.8%)	$24.79M (-13.3%)	2.1%	$280.09	$242.20	+15.6%	COM	882508104
AAPL	Apple Inc	77,134 (-24.1%)	$25.69M (-12.6%)	2.2%	$333.02	$107.87	+208.7%	COM	037833100
SPY	SPDR S&P 500	511 (-90.3%)	$390K (-90.1%)	0.0%	$762.63	$713.87	+6.8%	COM	78462F103
SYK	Stryker Corp	58,197 (-6.1%)	$16.03M (-17.9%)	1.3%	$275.39	$315.13	-12.6%	COM	863667101
NVDA	Nvidia Corp	419,885 (-15.4%)	$95.89M (-3.5%)	8.1%	$228.38	$111.37	+105.1%	COM	67066G104
MA	Mastercard Inc	60,385 (-15.5%)	$33.3M (-9.3%)	2.8%	$551.47	$265.28	+107.9%	COM	57636Q104
SPGI	S&P Global Inc	41,075 (-14.5%)	$16.2M (-17.2%)	1.4%	$394.47	$275.50	+43.2%	COM	78409V104
VST	Vistra Corp	78,311 (-10.9%)	$10.83M (-22.3%)	0.9%	$138.35	$159.38	-13.2%	COM	92840M102
FSS	Federal Signal Corp	73,074 (-15.3%)	$8.096M (-27.0%)	0.7%	$110.79	$96.06	+15.3%	COM	313855108
JPM	JP Morgan Chase	18,635 (-26.5%)	$6.165M (-25.7%)	0.5%	$330.83	$117.65	+181.2%	COM	46625H100
UNP	Union Pacific	20,328 (-22.6%)	$5.532M (-22.6%)	0.5%	$272.13	$214.28	+27.0%	COM	907818108
BMI	Badger Meter Inc	35,264 (-12.2%)	$4.357M (-26.9%)	0.4%	$123.54	$179.79	-31.3%	COM	056525108
CEG	Constellation Energy	31,305 (-17.6%)	$7.952M (-15.8%)	0.7%	$254.02	$322.17	-21.2%	COM	21037T109
INTU	Intuit Inc	45,830 (-14.6%)	$12.64M (-9.8%)	1.1%	$275.71	$385.18	-28.4%	COM	461202103
UNH	United Health Group	10,391 (-10.2%)	$3.815M (-20.7%)	0.3%	$367.11	$460.23	-20.2%	COM	91324P102
WEC	WEC Energy Group	37,327 (-8.2%)	$3.762M (-20.8%)	0.3%	$100.78	$78.43	+28.5%	COM	92939U106
MKL	Markel Group Inc	1,489 (-16.8%)	$2.55M (-27.1%)	0.2%	$1712.45	$1147.72	+49.2%	COM	570535104
CVX	Chevron Corp New	19,570 (-33.2%)	$3.996M (-17.7%)	0.3%	$204.22	$134.05	+52.3%	COM	166764100
NSSC	Napco Security Tech	92,562 (-15.2%)	$3.297M (-20.5%)	0.3%	$35.62	$25.08	+42.0%	COM	630402105
BKH	Black Hills Corp	68,717 (-7.6%)	$4.816M (-12.9%)	0.4%	$70.08	$59.76	+17.3%	COM	092113109
IWD	iShares Russell 1000 Val ETF	133 (-95.1%)	$32,974 (-95.0%)	0.0%	$247.92	$232.93	+6.4%	COM	464287598
LLY	Eli Lily & Co	544 (-47.0%)	$629K (-48.9%)	0.1%	$1157.08	$590.66	+95.9%	COM	532457108
MO	Altria Group Inc	59,349 (-6.7%)	$3.997M (-12.7%)	0.3%	$67.34	$49.65	+35.6%	COM	02209S103
PWR	Quanta Services Inc	3,780 (-8.0%)	$2.429M (-17.9%)	0.2%	$642.55	$442.71	+45.1%	COM	74762E102
ZTS	Zoetis Inc	8,574 (-44.7%)	$599K (-46.3%)	0.1%	$69.83	$129.16	-45.9%	COM	98978V103
CRM	Salesforce.Com Inc	10,049 (-12.1%)	$2.307M (+28.8%)	0.2%	$229.59	$248.72	-7.7%	COM	79466L302
GOOG	Alphabet Inc Cl C	12,000 (-7.7%)	$4.089M (-11.0%)	0.3%	$340.74	$128.75	+164.7%	COM	02079K107
VRT	Vertiv Holdings Co	2,042 (-30.6%)	$493K (-50.0%)	0.0%	$241.37	$102.08	+136.4%	COM	92537N108
ZION	Zions Bancorp	23,765 (-15.7%)	$1.489M (-23.6%)	0.1%	$62.65	$38.42	+63.1%	COM	989701107
PEP	Pepsico Inc	23,535 (-6.7%)	$2.982M (-12.7%)	0.3%	$126.72	$128.53	-1.4%	COM	713448108
DPZ	Dominos Pizza Inc	11,387 (-12.1%)	$3.412M (-11.1%)	0.3%	$299.61	$414.75	-27.8%	COM	25754A201
ADSK	Autodesk Inc	17,867 (-15.6%)	$3.734M (-9.3%)	0.3%	$209.00	$287.53	-27.3%	COM	052769106
VRSN	Verisign Inc	22,770 (-15.6%)	$6.421M (-5.4%)	0.5%	$282.01	$190.27	+48.2%	COM	92343E102
ADP	Automatic Data Proc	14,540 (-3.9%)	$3.752M (+10.8%)	0.3%	$258.06	$288.23	-10.5%	COM	053015103
T	AT&T	164,149 (-6.9%)	$4.005M (+9.8%)	0.3%	$24.40	$16.73	+45.8%	COM	00206R102
LMT	Lockheed Martin Corp	7,501 (-7.7%)	$3.82M (-7.8%)	0.3%	$509.25	$482.43	+5.6%	COM	539830109
PSX	Phillips 66	5,170 (-14.1%)	$1.32M (+29.7%)	0.1%	$255.36	$68.95	+270.3%	COM	718546104
QSR	Restaurant Brands Int'l	38,875 (-7.8%)	$2.763M (-9.6%)	0.2%	$71.08	$59.36	+19.8%	COM	76131D103
KNSL	Kinsale Capital Group	67 (-92.8%)	$21,624 (-93.0%)	0.0%	$322.75	$445.83	-27.6%	COM	49714P108
TSLA	Tesla Motors	2,767 (-6.2%)	$982K (-20.9%)	0.1%	$354.81	$344.45	+3.0%	COM	88160R101
BA	Boeing Co	2,290 (-20.2%)	$426K (-31.4%)	0.0%	$186.05	$222.16	-16.3%	COM	097023105
CTAS	Cintas Corp	35,796 (-15.0%)	$6.982M (-2.5%)	0.6%	$195.06	$163.12	+19.6%	COM	172908105
FAST	Fastenal Company	74,419 (-7.4%)	$3.686M (-4.5%)	0.3%	$49.53	$37.95	+30.5%	COM	311900104
MRAAY	Murata Mfg Co Ltd	8,028 (-20.7%)	$200K (-45.5%)	0.0%	$24.90	$9.13	+172.8%	COM	626425102
TLN	Talen Energy	639 (-25.8%)	$200K (-39.6%)	0.0%	$312.69	$363.71	-14.0%	COM	87422Q109
YUM	Yum Brands Inc	1,562 (-27.1%)	$213K (-37.9%)	0.0%	$136.34	$133.51	+2.1%	COM	988498101
CPAY	Corpay Inc	384 (-51.2%)	$149K (-43.1%)	0.0%	$388.60	$332.14	+17.0%	COM	219948106
TTWO	Take-Two Interactive	816 (-25.5%)	$169K (-38.2%)	0.0%	$207.50	$220.65	-6.0%	COM	874054109
JLL	Jones Lang Lasalle	515 (-38.6%)	$157K (-39.5%)	0.0%	$305.52	$310.75	-1.7%	COM	48020Q107
OXY	Occidental Petroleum	9,712 (-26.0%)	$537K (-15.7%)	0.0%	$55.32	$47.02	+17.6%	COM	674599105
DSDVY	DSV A/S	1,631 (-14.2%)	$144K (-36.5%)	0.0%	$88.04	$123.47	-28.7%	COM	26251A108
LVMUY	LVMH Moet Hennessy	2,370 (-3.3%)	$209K (-23.0%)	0.0%	$88.03	$110.95	-20.7%	COM	502441306
DBSDY	DBS Group Holdings Ltd	1,473 (-3.4%)	$358K (+15.6%)	0.0%	$242.88	$180.23	+34.8%	COM	23304Y100
BURL	Burlington Stores	729 (-4.2%)	$195K (-19.2%)	0.0%	$267.19	$322.49	-17.1%	COM	122017106
NSRGY	Nestle SA	2,962 (-3.3%)	$269K (-14.5%)	0.0%	$90.78	$99.22	-8.5%	COM	641069406
DBOEY	Deutsche Borse AG	10,295 (-3.7%)	$333K (+14.7%)	0.0%	$32.32	$26.89	+20.2%	COM	251542106
CFRUY	Cie. Fin. Richemont SA	14,938 (-3.8%)	$318K (-11.3%)	0.0%	$21.30	$19.59	+8.7%	COM	204319107
NGG	National Grid plc	3,691 (-4.3%)	$280K (-12.4%)	0.0%	$75.82	$86.14	-12.0%	COM	636274409
MUFG	Mitsubishi UFJ Fin'l Grp	15,261 (-21.0%)	$352K (-8.3%)	0.0%	$23.07	$15.98	+44.4%	COM	606822104
ING	ING Groep NV	9,361 (-3.5%)	$332K (+9.2%)	0.0%	$35.50	$28.13	+26.2%	COM	456837103
SIEGY	Siemens AG	2,022 (-3.8%)	$314K (-7.2%)	0.0%	$155.30	$149.46	+3.9%	COM	826197501
AIQUY	Air Liquide SA	7,227 (-3.7%)	$278K (-6.1%)	0.0%	$38.46	$38.90	-1.1%	COM	009126202
LRLCY	L'Oreal Company	3,252 (-3.6%)	$278K (-6.0%)	0.0%	$85.47	$87.90	-2.8%	COM	502117203
SMCAY	Smc Corp Japan	14,799 (-3.6%)	$338K (-1.1%)	0.0%	$22.81	$21.14	+7.9%	COM	78445W306
BAESY	BAE Systems Plc	2,469 (-4.2%)	$256K (+1.4%)	0.0%	$103.63	$112.89	-8.2%	COM	05523R107

Unchanged Positions (7)

TJX TJX Companies 2.1%

Value $24.69M Shares 186,631 Share Price $132.31 Est. Cost/Share $55.01 Unrealized @ Report Date +140.5%

WMT Wal-Mart Stores Inc 0.1%

Value $1.039M Shares 10,000 Share Price $103.92 Est. Cost/Share $53.38 Unrealized @ Report Date +94.7%

LECO Lincoln Elec Hldgs Inc 2.2%

Value $26.63M Shares 100,634 Share Price $264.58 Est. Cost/Share $264.19 Unrealized @ Report Date +0.1%

— Adams Nat Res ETF 0.0%

Value $440K Shares 16,000 Share Price $27.53 Est. Cost/Share $20.63 Unrealized @ Report Date —

MAR Marriott Int'l Inc New 0.0%

Value $371K Shares 1,043 Share Price $355.86 Est. Cost/Share $198.52 Unrealized @ Report Date +79.2%

SNY Sanofi SA 0.0%

Value $244K Shares 5,922 Share Price $41.23 Est. Cost/Share $46.63 Unrealized @ Report Date -11.6%

BRK/A Berkshire Hthwy Cl A 0.1%

Value $747K Shares 1 Share Price $747005.00 Est. Cost/Share $265840.40 Unrealized @ Report Date +181.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TJX	TJX Companies	186,631	$24.69M	2.1%	$132.31	$55.01	+140.5%	COM	872540109
WMT	Wal-Mart Stores Inc	10,000	$1.039M	0.1%	$103.92	$53.38	+94.7%	COM	931142103
LECO	Lincoln Elec Hldgs Inc	100,634	$26.63M	2.2%	$264.58	$264.19	+0.1%	COM	533900106
—	Adams Nat Res ETF	16,000	$440K	0.0%	$27.53	$20.63	—	COM	00548F105
MAR	Marriott Int'l Inc New	1,043	$371K	0.0%	$355.86	$198.52	+79.2%	COM	571903202
SNY	Sanofi SA	5,922	$244K	0.0%	$41.23	$46.63	-11.6%	COM	80105N105
BRK/A	Berkshire Hthwy Cl A	1	$747K	0.1%	$747005.00	$265840.40	+181.0%	COM	084670108