NICHOLS & PRATT ADVISERS LLP /MA Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	454,563	$142,642	8.9%	$286.33	0.0%	CAPSTK CL C	02079K107
MA	MASTERCARD INC	145,132	$82,853	5.2%	$558.95	0.0%	CL A	57636Q104
KMI	KINDER MORGAN INC	1,829,062	$50,281	3.1%	$26.91	0.0%	COM	49456B101
MRK	MERCK & CO INC	451,621	$47,538	3.0%	$93.24	0.0%	COM	58933Y105
VZ	VERIZON COMMUNICATIONS INC	793,686	$32,327	2.0%	$40.48	0.0%	COM	92343V104
IQV	IQVIA HOLDINGS INC	123,745	$27,893	1.7%	$217.58	0.0%	COM	46266C105
LIN	LINDE PLC	61,631	$26,279	1.6%	$427.28	0.0%	SHS	G54950103
MDT	MEDTRONIC PLC	158,148	$15,192	0.9%	$97.14	0.0%	SHS	G5960L103
CSCO	CISCO SYSTEMS INC	182,013	$14,020	0.9%	$73.79	0.0%	COM	17275R102
ALC	ALCON AG	177,161	$13,962	0.9%	$77.00	0.0%	ORD SHS	H01301128
ACN	ACCENTURE PLC	50,226	$13,476	0.8%	$254.06	0.0%	SHS CLASS A	G1151C101
XOM	EXXON MOBIL CORP	75,293	$9,061	0.6%	$115.49	0.0%	COM	30231G102
JPM	JPMORGAN CHASE & CO	22,733	$7,325	0.5%	$309.53	0.0%	COM	46625H100
GPN	GLOBAL PAYMENTS INC	81,471	$6,306	0.4%	$80.29	0.0%	COM	37940X102
NVDA	NVIDIA CORP	31,470	$5,869	0.4%	$186.13	0.0%	COM	67066G104
ABBV	ABBVIE INC	24,632	$5,628	0.4%	$227.54	0.0%	COM	00287Y109
COST	COSTCO WHOLESALE CORP	5,827	$5,025	0.3%	$905.73	0.0%	COM	22160K105
RTX	RTX CORP	21,607	$3,963	0.2%	$173.32	0.0%	COM	75513E101
QSR	RESTAURANT BRANDS INTERNATIONAL INC	53,634	$3,659	0.2%	$68.91	0.0%	COM	76131D103
V	VISA INC	8,697	$3,050	0.2%	$340.38	0.0%	COM CL A	92826C839
GOOGL	ALPHABET INC	8,370	$2,620	0.2%	$285.60	0.0%	CAPSTK CL A	02079K305
GEV	GE VERNOVA INC	3,912	$2,557	0.2%	$609.04	0.0%	COM	36828A101
MMM	3M CO	15,535	$2,487	0.2%	$163.18	0.0%	COM	88579Y101
KEYS	KEYSIGHT TECHNOLOGIES INC	11,963	$2,431	0.2%	$185.56	0.0%	COM	49338L103
NVS	NOVARTIS AG	17,347	$2,392	0.1%	$137.87	—	SPONSORED ADR	66987V109
CB	CHUBB LTD	5,714	$1,783	0.1%	$292.40	0.0%	COM	H1467J104
SPGI	S&P GLOBAL INC	2,960	$1,547	0.1%	$494.21	0.0%	COM	78409V104
AVGO	BROADCOM INC	3,167	$1,096	0.1%	$357.00	0.0%	COM	11135F101
SPY	SPDR S&P 500 ETF TRUST	1,500	$1,023	0.1%	$681.92	—	TR UNIT	78462F103
CRM	SALESFORCE INC	3,147	$834	0.1%	$248.17	0.0%	COM	79466L302
IEFA	ISHARES TR	9,000	$805	0.1%	$89.46	—	CORE MSCI EAFE	46432F842
SHOP	SHOPIFY INC	4,664	$751	0.0%	$160.56	0.0%	CL A	82509L107
T	AT&T INC	21,091	$524	0.0%	$25.29	0.0%	COM	00206R102
ASO	ACADEMY SPORTS & OUTDOORS INC	10,300	$515	0.0%	$49.49	0.0%	COM	00402L107
ADBE	ADOBE INC	1,428	$500	0.0%	$340.09	0.0%	COM	00724F101
BLK	BLACKROCK INC	455	$487	0.0%	$1089.41	0.0%	COM	09290D101
ALNY	ALNYLAM PHARMACEUTICALS INC	1,039	$413	0.0%	$442.56	0.0%	COM	02043Q107
ETN	EATON CORP PLC	1,176	$375	0.0%	$354.39	0.0%	SHS	G29183103
EFA	ISHARES TR	3,592	$345	0.0%	$96.03	—	MSCI EAFE ETF	464287465
NEE	NEXTERA ENERGY INC	3,837	$308	0.0%	$82.50	0.0%	COM	65339F101
NOW	SERVICENOW INC	1,730	$265	0.0%	$171.54	0.0%	COM	81762P102
UNM	UNUM GROUP	3,270	$253	0.0%	$76.48	0.0%	COM	91529Y106
META	META PLATFORMS INC	350	$231	0.0%	$667.32	0.0%	CL A	30303M102
APH	AMPHENOL CORP NEW	1,500	$203	0.0%	$133.54	0.0%	CL A	032095101
MDY	SPDR S&P MIDCAP 400 ETF TR	335	$202	0.0%	$603.28	—	UTSER1 S&PDCRP	78467Y107
INDB	INDEPENDENT BANK CORP MASS	2,750	$201	0.0%	$70.51	0.0%	COM	453836108

Increased Positions (9)

SNPS SYNOPSYS INC 1.0%

Value ($000) $16,633 (+98.4%) Shares 35,411 (+108.4%) Est. Cost $471.45 Unrealized -5.8%

RTO RENTOKIL INITIAL PLC 1.8%

Value ($000) $29,375 (+33.5%) Shares 997,112 (+14.4%) Est. Cost $30.27 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 1.5%

Value ($000) $24,173 (+23.5%) Shares 41,718 (+3.4%) Est. Cost $508.00 Unrealized +11.3%

APD AIR PRODUCTS AND CHEMICALS INC 1.0%

Value ($000) $15,344 (+10.7%) Shares 62,116 (+22.3%) Est. Cost $212.68 Unrealized +18.3%

IBM INTERNATIONAL BUSINESS MACHINES CORP 0.2%

Value ($000) $2,455 (+13.2%) Shares 8,288 (+7.8%) Est. Cost $127.54 Unrealized +134.3%

IJR ISHARES TR 0.1%

Value ($000) $1,350 (+22.4%) Shares 11,230 (+21.0%) Est. Cost $111.22 Unrealized —

MS MORGAN STANLEY 0.0%

Value ($000) $745 (+18.8%) Shares 4,195 (+6.3%) Est. Cost $115.59 Unrealized +44.0%

CVX CHEVRON CORP 0.0%

Value ($000) $689 (+5.9%) Shares 4,518 (+7.9%) Est. Cost $94.28 Unrealized +60.6%

HD HOME DEPOT INC/THE 0.0%

Value ($000) $370 (-8.7%) Shares 1,075 (+7.5%) Est. Cost $183.94 Unrealized +98.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNPS	SYNOPSYS INC	35,411 (+108.4%)	$16,633 (+98.4%)	1.0%	$471.45	-5.8%	COM	871607107
RTO	RENTOKIL INITIAL PLC	997,112 (+14.4%)	$29,375 (+33.5%)	1.8%	$30.27	—	SPONSORED ADR	760125104
TMO	THERMO FISHER SCIENTIFIC INC	41,718 (+3.4%)	$24,173 (+23.5%)	1.5%	$508.00	+11.3%	COM	883556102
APD	AIR PRODUCTS AND CHEMICALS INC	62,116 (+22.3%)	$15,344 (+10.7%)	1.0%	$212.68	+18.3%	COM	009158106
IBM	INTERNATIONAL BUSINESS MACHINES CORP	8,288 (+7.8%)	$2,455 (+13.2%)	0.2%	$127.54	+134.3%	COM	459200101
IJR	ISHARES TR	11,230 (+21.0%)	$1,350 (+22.4%)	0.1%	$111.22	—	CORE S&P SCP ETF	464287804
MS	MORGAN STANLEY	4,195 (+6.3%)	$745 (+18.8%)	0.0%	$115.59	+44.0%	COM NEW	617446448
CVX	CHEVRON CORP	4,518 (+7.9%)	$689 (+5.9%)	0.0%	$94.28	+60.6%	COM	166764100
HD	HOME DEPOT INC/THE	1,075 (+7.5%)	$370 (-8.7%)	0.0%	$183.94	+98.2%	COM	437076102

Exited Positions (45)

— ALPHABET INC CL C 7.2%

Value ($000) $115,477 Shares 474,140 Est. Cost $131.62 Unrealized —

— MASTERCARD INC CL A 5.2%

Value ($000) $82,628 Shares 145,265 Est. Cost $94.13 Unrealized —

— KINDER MORGAN INC 3.2%

Value ($000) $51,784 Shares 1,829,160 Est. Cost $19.71 Unrealized —

— MERCK & CO INC 2.4%

Value ($000) $38,174 Shares 454,832 Est. Cost $47.27 Unrealized —

— VERIZON COMMUNICATIONS 2.2%

Value ($000) $34,734 Shares 790,316 Est. Cost $44.71 Unrealized —

— LINDE PLC 1.8%

Value ($000) $28,557 Shares 60,121 Est. Cost $375.59 Unrealized —

— IQVIA HOLDINGS INC 1.5%

Value ($000) $23,287 Shares 122,603 Est. Cost $202.34 Unrealized —

— MEDTRONIC PLC 0.9%

Value ($000) $15,036 Shares 157,878 Est. Cost $83.95 Unrealized —

— ACCENTURE PLC CL A 0.9%

Value ($000) $13,675 Shares 55,456 Est. Cost $181.66 Unrealized —

— ALCON INC 0.8%

Value ($000) $13,198 Shares 177,137 Est. Cost $76.82 Unrealized —

— CISCO SYSTEMS INC 0.8%

Value ($000) $12,711 Shares 185,781 Est. Cost $25.32 Unrealized —

— EXXON MOBIL CORP 0.5%

Value ($000) $8,685 Shares 77,029 Est. Cost $91.51 Unrealized —

— GLOBAL PAYMENTS INC 0.5%

Value ($000) $7,744 Shares 93,214 Est. Cost $134.59 Unrealized —

— JP MORGAN CHASE & CO 0.4%

Value ($000) $7,191 Shares 22,797 Est. Cost $69.25 Unrealized —

— NVIDIA CORP 0.4%

Value ($000) $6,594 Shares 35,340 Est. Cost $143.80 Unrealized —

— ABBVIE INC 0.4%

Value ($000) $5,672 Shares 24,499 Est. Cost $100.54 Unrealized —

— COSTCO WHOLESALE CORP NEW 0.3%

Value ($000) $5,198 Shares 5,616 Est. Cost $544.73 Unrealized —

— RTX CORPORATION 0.2%

Value ($000) $3,557 Shares 21,257 Est. Cost $96.65 Unrealized —

— VISA INC CL A 0.2%

Value ($000) $2,970 Shares 8,699 Est. Cost $230.39 Unrealized —

— RESTAURANT BRANDS INTERNATIONAL INC 0.2%

Value ($000) $2,769 Shares 43,169 Est. Cost $68.62 Unrealized —

— 3M CO 0.2%

Value ($000) $2,422 Shares 15,605 Est. Cost $124.55 Unrealized —

— GE VERNOVA LLC 0.2%

Value ($000) $2,419 Shares 3,934 Est. Cost $171.51 Unrealized —

— NOVARTIS AG SPONSORED ADR 0.1%

Value ($000) $2,210 Shares 17,237 Est. Cost $72.31 Unrealized —

— ALPHABET INC CL A 0.1%

Value ($000) $2,065 Shares 8,495 Est. Cost $146.62 Unrealized —

— KEYSIGHT TECHNOLOGIES INC 0.1%

Value ($000) $1,910 Shares 10,920 Est. Cost $156.25 Unrealized —

— CHUBB LTD 0.1%

Value ($000) $1,541 Shares 5,460 Est. Cost $193.76 Unrealized —

— S&P GLOBAL INC 0.1%

Value ($000) $1,442 Shares 2,962 Est. Cost $167.11 Unrealized —

— SPDR S&P 500 ETF TRUST 0.1%

Value ($000) $990 Shares 1,486 Est. Cost $427.61 Unrealized —

— BROADCOM INC 0.1%

Value ($000) $883 Shares 2,677 Est. Cost $244.76 Unrealized —

— ISHARES CORE MSCI EAFE ETF 0.0%

Value ($000) $786 Shares 9,000 Est. Cost $83.48 Unrealized —

— SALESFORCE INC 0.0%

Value ($000) $738 Shares 3,115 Est. Cost $247.29 Unrealized —

— SHOPIFY INC CL A 0.0%

Value ($000) $694 Shares 4,668 Est. Cost $80.14 Unrealized —

— AT&T INC 0.0%

Value ($000) $620 Shares 21,941 Est. Cost $30.90 Unrealized —

— ADOBE INC 0.0%

Value ($000) $530 Shares 1,503 Est. Cost $375.89 Unrealized —

— ACADEMY SPORTS & OUTDOORS INC 0.0%

Value ($000) $515 Shares 10,300 Est. Cost $52.39 Unrealized —

— BLACKROCK INC 0.0%

Value ($000) $484 Shares 415 Est. Cost $1049.25 Unrealized —

— ALNYLAM PHARMACEUTICALS INC 0.0%

Value ($000) $476 Shares 1,043 Est. Cost $275.03 Unrealized —

— EATON CORP PLC 0.0%

Value ($000) $440 Shares 1,176 Est. Cost $356.99 Unrealized —

— SOLVENTUM CORP 0.0%

Value ($000) $333 Shares 4,564 Est. Cost $54.23 Unrealized —

— SERVICENOW INC 0.0%

Value ($000) $304 Shares 330 Est. Cost $706.49 Unrealized —

— META PLATFORMS INC CL A 0.0%

Value ($000) $257 Shares 350 Est. Cost $738.09 Unrealized —

— UNUM GROUP 0.0%

Value ($000) $254 Shares 3,270 Est. Cost $73.03 Unrealized —

CVS CVS HEALTH CORP 0.0%

Value ($000) $240 Shares 3,183 Est. Cost $58.53 Unrealized +34.4%

— NEXTERA ENERGY INC 0.0%

Value ($000) $229 Shares 3,037 Est. Cost $98.39 Unrealized —

VMC VULCAN MATERIALS CO 0.0%

Value ($000) $215 Shares 700 Est. Cost $283.25 Unrealized +3.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ALPHABET INC CL C	474,140	$115,477	7.2%	$131.62	—	—	02079k107
—	MASTERCARD INC CL A	145,265	$82,628	5.2%	$94.13	—	—	57636q104
—	KINDER MORGAN INC	1,829,160	$51,784	3.2%	$19.71	—	—	49456b101
—	MERCK & CO INC	454,832	$38,174	2.4%	$47.27	—	—	58933y105
—	VERIZON COMMUNICATIONS	790,316	$34,734	2.2%	$44.71	—	—	92343v104
—	LINDE PLC	60,121	$28,557	1.8%	$375.59	—	—	g54950103
—	IQVIA HOLDINGS INC	122,603	$23,287	1.5%	$202.34	—	—	46266c105
—	MEDTRONIC PLC	157,878	$15,036	0.9%	$83.95	—	—	g5960l103
—	ACCENTURE PLC CL A	55,456	$13,675	0.9%	$181.66	—	—	g1151c101
—	ALCON INC	177,137	$13,198	0.8%	$76.82	—	—	h01301128
—	CISCO SYSTEMS INC	185,781	$12,711	0.8%	$25.32	—	—	17275r102
—	EXXON MOBIL CORP	77,029	$8,685	0.5%	$91.51	—	—	30231g102
—	GLOBAL PAYMENTS INC	93,214	$7,744	0.5%	$134.59	—	—	37940x102
—	JP MORGAN CHASE & CO	22,797	$7,191	0.4%	$69.25	—	—	46625h100
—	NVIDIA CORP	35,340	$6,594	0.4%	$143.80	—	—	67066g104
—	ABBVIE INC	24,499	$5,672	0.4%	$100.54	—	—	00287y109
—	COSTCO WHOLESALE CORP NEW	5,616	$5,198	0.3%	$544.73	—	—	22160k105
—	RTX CORPORATION	21,257	$3,557	0.2%	$96.65	—	—	75513e101
—	VISA INC CL A	8,699	$2,970	0.2%	$230.39	—	—	92826c839
—	RESTAURANT BRANDS INTERNATIONAL INC	43,169	$2,769	0.2%	$68.62	—	—	76131d103
—	3M CO	15,605	$2,422	0.2%	$124.55	—	—	88579y101
—	GE VERNOVA LLC	3,934	$2,419	0.2%	$171.51	—	—	36828a101
—	NOVARTIS AG SPONSORED ADR	17,237	$2,210	0.1%	$72.31	—	—	66987v109
—	ALPHABET INC CL A	8,495	$2,065	0.1%	$146.62	—	—	02079k305
—	KEYSIGHT TECHNOLOGIES INC	10,920	$1,910	0.1%	$156.25	—	—	49338l103
—	CHUBB LTD	5,460	$1,541	0.1%	$193.76	—	—	h1467j104
—	S&P GLOBAL INC	2,962	$1,442	0.1%	$167.11	—	—	78409v104
—	SPDR S&P 500 ETF TRUST	1,486	$990	0.1%	$427.61	—	—	78462f103
—	BROADCOM INC	2,677	$883	0.1%	$244.76	—	—	11135f101
—	ISHARES CORE MSCI EAFE ETF	9,000	$786	0.0%	$83.48	—	—	46432f842
—	SALESFORCE INC	3,115	$738	0.0%	$247.29	—	—	79466l302
—	SHOPIFY INC CL A	4,668	$694	0.0%	$80.14	—	—	82509l107
—	AT&T INC	21,941	$620	0.0%	$30.90	—	—	00206r102
—	ADOBE INC	1,503	$530	0.0%	$375.89	—	—	00724f101
—	ACADEMY SPORTS & OUTDOORS INC	10,300	$515	0.0%	$52.39	—	—	00402l107
—	BLACKROCK INC	415	$484	0.0%	$1049.25	—	—	09290d101
—	ALNYLAM PHARMACEUTICALS INC	1,043	$476	0.0%	$275.03	—	—	02043q107
—	EATON CORP PLC	1,176	$440	0.0%	$356.99	—	—	g29183103
—	SOLVENTUM CORP	4,564	$333	0.0%	$54.23	—	—	83444m101
—	SERVICENOW INC	330	$304	0.0%	$706.49	—	—	81762p102
—	META PLATFORMS INC CL A	350	$257	0.0%	$738.09	—	—	30303m102
—	UNUM GROUP	3,270	$254	0.0%	$73.03	—	—	91529y106
CVS	CVS HEALTH CORP	3,183	$240	0.0%	$58.53	+34.4%	—	126650100
—	NEXTERA ENERGY INC	3,037	$229	0.0%	$98.39	—	—	65339f101
VMC	VULCAN MATERIALS CO	700	$215	0.0%	$283.25	+3.5%	—	929160109

Decreased Positions (23)

FISV FISERV INC 1.3%

Value ($000) $20,533 (-53.8%) Shares 305,682 (-11.4%) Est. Cost $52.37 Unrealized +60.1%

ADP AUTOMATIC DATA PROCESSING INC 4.9%

Value ($000) $78,255 (-13.4%) Shares 304,220 (-1.2%) Est. Cost $45.40 Unrealized +483.3%

AAPL APPLE INC 9.1%

Value ($000) $145,469 (+4.7%) Shares 535,089 (-1.9%) Est. Cost $82.97 Unrealized +223.4%

JNJ JOHNSON & JOHNSON 6.3%

Value ($000) $100,195 (+5.7%) Shares 484,149 (-5.3%) Est. Cost $59.66 Unrealized +230.2%

BRK/B BERKSHIRE HATHAWAY INC 1.9%

Value ($000) $30,931 (-9.1%) Shares 61,535 (-9.1%) Est. Cost $113.56 Unrealized +338.1%

NVO NOVO NORDISK A/S 1.6%

Value ($000) $24,810 (-10.8%) Shares 487,625 (-2.7%) Est. Cost $67.22 Unrealized —

TJX TJX COS INC/THE 3.8%

Value ($000) $60,448 (+3.8%) Shares 393,518 (-2.3%) Est. Cost $40.32 Unrealized +266.3%

KO COCA-COLA CO/THE 1.9%

Value ($000) $30,775 (+4.1%) Shares 440,205 (-1.2%) Est. Cost $27.83 Unrealized +149.4%

STT STATE STREET CORP 0.4%

Value ($000) $6,179 (+10.1%) Shares 47,895 (-1.0%) Est. Cost $45.80 Unrealized +159.8%

CAT CATERPILLAR INC 2.2%

Value ($000) $34,597 (+1.5%) Shares 60,392 (-15.5%) Est. Cost $68.21 Unrealized +714.4%

WAT WATERS CORP 0.2%

Value ($000) $2,545 (+16.3%) Shares 6,701 (-8.2%) Est. Cost $276.33 Unrealized +33.2%

EXPD EXPEDITORS INTERNATIONAL OF WASHINGTON INC 0.1%

Value ($000) $1,832 (+18.7%) Shares 12,296 (-2.4%) Est. Cost $32.16 Unrealized +321.8%

BHP BHP GROUP LTD 0.3%

Value ($000) $4,379 (+6.9%) Shares 72,539 (-1.3%) Est. Cost $57.11 Unrealized —

SYY SYSCO CORP 0.1%

Value ($000) $1,162 (-17.1%) Shares 15,771 (-7.4%) Est. Cost $29.38 Unrealized +157.0%

EMR EMERSON ELECTRIC CO 0.3%

Value ($000) $4,144 (-4.9%) Shares 31,227 (-6.0%) Est. Cost $40.02 Unrealized +230.7%

MKC MCCORMICK & CO INC/MD 0.2%

Value ($000) $2,851 (-6.1%) Shares 41,855 (-7.7%) Est. Cost $69.93 Unrealized -5.7%

AMGN AMGEN INC 0.1%

Value ($000) $932 (+8.4%) Shares 2,847 (-6.6%) Est. Cost $136.00 Unrealized +132.3%

GE GE AEROSPACE COM 0.4%

Value ($000) $7,124 (+0.9%) Shares 23,129 (-1.5%) Est. Cost $64.58 Unrealized +365.8%

WDS WOODSIDE ENERGY GROUP LTD 0.1%

Value ($000) $2,274 (+2.5%) Shares 145,864 (-1.0%) Est. Cost $19.92 Unrealized —

WFC WELLS FARGO & CO 0.0%

Value ($000) $513 (+7.3%) Shares 5,500 (-3.5%) Est. Cost $31.30 Unrealized +176.8%

IVV ISHARES TR 0.0%

Value ($000) $224 (-11.2%) Shares 327 (-13.3%) Est. Cost $586.69 Unrealized —

MCD MCDONALD'S CORP 0.0%

Value ($000) $367 (-7.2%) Shares 1,200 (-7.7%) Est. Cost $132.12 Unrealized +130.9%

PFE PFIZER INC 0.0%

Value ($000) $565 (-4.4%) Shares 22,700 (-2.2%) Est. Cost $20.43 Unrealized +22.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	305,682 (-11.4%)	$20,533 (-53.8%)	1.3%	$52.37	+60.1%	COM	337738108
ADP	AUTOMATIC DATA PROCESSING INC	304,220 (-1.2%)	$78,255 (-13.4%)	4.9%	$45.40	+483.3%	COM	053015103
AAPL	APPLE INC	535,089 (-1.9%)	$145,469 (+4.7%)	9.1%	$82.97	+223.4%	COM	037833100
JNJ	JOHNSON & JOHNSON	484,149 (-5.3%)	$100,195 (+5.7%)	6.3%	$59.66	+230.2%	COM	478160104
BRK/B	BERKSHIRE HATHAWAY INC	61,535 (-9.1%)	$30,931 (-9.1%)	1.9%	$113.56	+338.1%	CL B NEW	084670702
NVO	NOVO NORDISK A/S	487,625 (-2.7%)	$24,810 (-10.8%)	1.6%	$67.22	—	ADR	670100205
TJX	TJX COS INC/THE	393,518 (-2.3%)	$60,448 (+3.8%)	3.8%	$40.32	+266.3%	COM	872540109
KO	COCA-COLA CO/THE	440,205 (-1.2%)	$30,775 (+4.1%)	1.9%	$27.83	+149.4%	COM	191216100
STT	STATE STREET CORP	47,895 (-1.0%)	$6,179 (+10.1%)	0.4%	$45.80	+159.8%	COM	857477103
CAT	CATERPILLAR INC	60,392 (-15.5%)	$34,597 (+1.5%)	2.2%	$68.21	+714.4%	COM	149123101
WAT	WATERS CORP	6,701 (-8.2%)	$2,545 (+16.3%)	0.2%	$276.33	+33.2%	COM	941848103
EXPD	EXPEDITORS INTERNATIONAL OF WASHINGTON INC	12,296 (-2.4%)	$1,832 (+18.7%)	0.1%	$32.16	+321.8%	COM	302130109
BHP	BHP GROUP LTD	72,539 (-1.3%)	$4,379 (+6.9%)	0.3%	$57.11	—	ADS	088606108
SYY	SYSCO CORP	15,771 (-7.4%)	$1,162 (-17.1%)	0.1%	$29.38	+157.0%	COM	871829107
EMR	EMERSON ELECTRIC CO	31,227 (-6.0%)	$4,144 (-4.9%)	0.3%	$40.02	+230.7%	COM	291011104
MKC	MCCORMICK & CO INC/MD	41,855 (-7.7%)	$2,851 (-6.1%)	0.2%	$69.93	-5.7%	COM NON VTG	579780206
AMGN	AMGEN INC	2,847 (-6.6%)	$932 (+8.4%)	0.1%	$136.00	+132.3%	COM	031162100
GE	GE AEROSPACE COM	23,129 (-1.5%)	$7,124 (+0.9%)	0.4%	$64.58	+365.8%	COM NEW	369604301
WDS	WOODSIDE ENERGY GROUP LTD	145,864 (-1.0%)	$2,274 (+2.5%)	0.1%	$19.92	—	SPONSORED ADR	980228308
WFC	WELLS FARGO & CO	5,500 (-3.5%)	$513 (+7.3%)	0.0%	$31.30	+176.8%	COM	949746101
IVV	ISHARES TR	327 (-13.3%)	$224 (-11.2%)	0.0%	$586.69	—	CORE S&P500 ETF	464287200
MCD	MCDONALD'S CORP	1,200 (-7.7%)	$367 (-7.2%)	0.0%	$132.12	+130.9%	COM	580135101
PFE	PFIZER INC	22,700 (-2.2%)	$565 (-4.4%)	0.0%	$20.43	+22.5%	COM	717081103

Unchanged Positions (29)

FAST FASTENAL CO 2.9%

Value ($000) $46,235 Shares 1,152,129 Est. Cost $25.84 Unrealized +62.7%

MSFT MICROSOFT CORP 5.5%

Value ($000) $88,107 Shares 182,183 Est. Cost $31.61 Unrealized +1483.4%

PG PROCTER & GAMBLE CO/THE 3.4%

Value ($000) $53,837 Shares 375,671 Est. Cost $55.02 Unrealized +167.5%

AMZN AMAZON.COM INC 2.9%

Value ($000) $46,730 Shares 202,451 Est. Cost $123.27 Unrealized +85.6%

SO SOUTHERN CO/THE 1.0%

Value ($000) $16,267 Shares 186,548 Est. Cost $29.88 Unrealized +204.2%

PEP PEPSICO INC 3.2%

Value ($000) $51,286 Shares 357,347 Est. Cost $57.06 Unrealized +155.7%

INTU INTUIT INC 2.1%

Value ($000) $33,652 Shares 50,802 Est. Cost $169.75 Unrealized +289.2%

QCOM QUALCOMM INC 1.9%

Value ($000) $29,861 Shares 174,574 Est. Cost $85.15 Unrealized +100.6%

SYK STRYKER CORP 1.1%

Value ($000) $17,976 Shares 51,146 Est. Cost $58.15 Unrealized +525.1%

ABT ABBOTT LABORATORIES 0.3%

Value ($000) $4,250 Shares 33,920 Est. Cost $41.49 Unrealized +206.9%

INTC INTEL CORP 0.2%

Value ($000) $2,831 Shares 76,716 Est. Cost $17.18 Unrealized +119.8%

DHR DANAHER CORP 0.1%

Value ($000) $1,597 Shares 6,976 Est. Cost $161.49 Unrealized +36.0%

SHW SHERWIN-WILLIAMS CO/THE 0.2%

Value ($000) $3,014 Shares 9,303 Est. Cost $211.92 Unrealized +57.7%

ECL ECOLAB INC 0.3%

Value ($000) $4,035 Shares 15,372 Est. Cost $145.53 Unrealized +82.6%

BMY BRISTOL-MYERS SQUIBB CO 0.0%

Value ($000) $547 Shares 10,145 Est. Cost $33.80 Unrealized +40.6%

CMI CUMMINS INC 0.0%

Value ($000) $248 Shares 485 Est. Cost $380.68 Unrealized +22.5%

PANW PALO ALTO NETWORKS INC 0.0%

Value ($000) $378 Shares 2,050 Est. Cost $185.70 Unrealized +8.6%

UNP UNION PACIFIC CORP 0.1%

Value ($000) $1,443 Shares 6,238 Est. Cost $197.69 Unrealized +15.0%

LOW LOWE'S COS INC 0.0%

Value ($000) $687 Shares 2,850 Est. Cost $220.63 Unrealized +8.7%

CTAS CINTAS CORP 0.0%

Value ($000) $268 Shares 1,425 Est. Cost $169.46 Unrealized +11.0%

AXP AMERICAN EXPRESS CO 0.0%

Value ($000) $231 Shares 625 Est. Cost $279.37 Unrealized +27.8%

MRSH MARSH & MCLENNAN COS INC 0.0%

Value ($000) $237 Shares 1,277 Est. Cost $155.95 Unrealized +19.5%

GIS GENERAL MILLS INC 0.0%

Value ($000) $205 Shares 4,405 Est. Cost $36.19 Unrealized +31.1%

HON HONEYWELL INTL INC 0.0%

Value ($000) $215 Shares 1,100 Est. Cost $207.11 Unrealized -5.8%

ITW ILLINOIS TOOL WORKS INC 0.0%

Value ($000) $234 Shares 950 Est. Cost $156.32 Unrealized +58.4%

GWW WW GRAINGER INC 0.0%

Value ($000) $213 Shares 211 Est. Cost $956.89 Unrealized +1.3%

IWM ISHARES TR 0.0%

Value ($000) $390 Shares 1,585 Est. Cost $137.03 Unrealized —

CL COLGATE-PALMOLIVE CO 0.0%

Value ($000) $400 Shares 5,065 Est. Cost $44.38 Unrealized +76.4%

AFL AFLAC INC 0.0%

Value ($000) $236 Shares 2,140 Est. Cost $76.99 Unrealized +42.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FAST	FASTENAL CO	1,152,129	$46,235	2.9%	$25.84	+62.7%	COM	311900104
MSFT	MICROSOFT CORP	182,183	$88,107	5.5%	$31.61	+1483.4%	COM	594918104
PG	PROCTER & GAMBLE CO/THE	375,671	$53,837	3.4%	$55.02	+167.5%	COM	742718109
AMZN	AMAZON.COM INC	202,451	$46,730	2.9%	$123.27	+85.6%	COM	023135106
SO	SOUTHERN CO/THE	186,548	$16,267	1.0%	$29.88	+204.2%	COM	842587107
PEP	PEPSICO INC	357,347	$51,286	3.2%	$57.06	+155.7%	COM	713448108
INTU	INTUIT INC	50,802	$33,652	2.1%	$169.75	+289.2%	COM	461202103
QCOM	QUALCOMM INC	174,574	$29,861	1.9%	$85.15	+100.6%	COM	747525103
SYK	STRYKER CORP	51,146	$17,976	1.1%	$58.15	+525.1%	COM	863667101
ABT	ABBOTT LABORATORIES	33,920	$4,250	0.3%	$41.49	+206.9%	COM	002824100
INTC	INTEL CORP	76,716	$2,831	0.2%	$17.18	+119.8%	COM	458140100
DHR	DANAHER CORP	6,976	$1,597	0.1%	$161.49	+36.0%	COM	235851102
SHW	SHERWIN-WILLIAMS CO/THE	9,303	$3,014	0.2%	$211.92	+57.7%	COM	824348106
ECL	ECOLAB INC	15,372	$4,035	0.3%	$145.53	+82.6%	COM	278865100
BMY	BRISTOL-MYERS SQUIBB CO	10,145	$547	0.0%	$33.80	+40.6%	COM	110122108
CMI	CUMMINS INC	485	$248	0.0%	$380.68	+22.5%	COM	231021106
PANW	PALO ALTO NETWORKS INC	2,050	$378	0.0%	$185.70	+8.6%	COM	697435105
UNP	UNION PACIFIC CORP	6,238	$1,443	0.1%	$197.69	+15.0%	COM	907818108
LOW	LOWE'S COS INC	2,850	$687	0.0%	$220.63	+8.7%	COM	548661107
CTAS	CINTAS CORP	1,425	$268	0.0%	$169.46	+11.0%	COM	172908105
AXP	AMERICAN EXPRESS CO	625	$231	0.0%	$279.37	+27.8%	COM	025816109
MRSH	MARSH & MCLENNAN COS INC	1,277	$237	0.0%	$155.95	+19.5%	COM	571748102
GIS	GENERAL MILLS INC	4,405	$205	0.0%	$36.19	+31.1%	COM	370334104
HON	HONEYWELL INTL INC	1,100	$215	0.0%	$207.11	-5.8%	COM	438516106
ITW	ILLINOIS TOOL WORKS INC	950	$234	0.0%	$156.32	+58.4%	COM	452308109
GWW	WW GRAINGER INC	211	$213	0.0%	$956.89	+1.3%	COM	384802104
IWM	ISHARES TR	1,585	$390	0.0%	$137.03	—	RUSSELL 2000 ETF	464287655
CL	COLGATE-PALMOLIVE CO	5,065	$400	0.0%	$44.38	+76.4%	COM	194162103
AFL	AFLAC INC	2,140	$236	0.0%	$76.99	+42.7%	COM	001055102