Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MSFT	MICROSOFT CORP	325,047 (+140.7%)	$140M (+131.7%)	9.7%	$430.30	$372.94	+14.3%	COM	594918104
AXP	AMERICAN EXPRESS CO	200,179 (+22.6%)	$54.29M (+43.6%)	3.8%	$271.20	$120.98	+120.7%	COM	025816109
ADI	ANALOG DEVICES INC	306,282 (+24.3%)	$70.5M (+25.4%)	4.9%	$230.17 *	$102.75	+119.4%	COM	032654105
BKNG	BOOKING HOLDINGS INC	11,592 (+26.6%)	$48.93M (+34.9%)	3.4%	$4220.84	$2218.99	+88.1%	COM	09857L108
ECL	ECOLAB INC	207,704 (+19.7%)	$53.15M (+28.4%)	3.7%	$255.90	$149.81	+68.3%	COM	278865100
APH	AMPHENOL CORP	1,045,687 (+24.1%)	$68.31M (+20.1%)	4.7%	$65.32	$46.94	+37.5%	COM	032095101
AWK	AMERICAN WATER WORKS CO INC	213,662 (+29.5%)	$31.25M (+46.6%)	2.2%	$146.24 *	$125.28	+13.3%	COM	030420103
—	ICON PLC	152,774 (+22.6%)	$43.89M (+12.4%)	3.0%	$287.31	$242.67	—	COM	000571120
MCHP	MICROCHIP TECHNOLOGY	618,962 (+21.6%)	$49.7M (+6.7%)	3.4%	$80.29 *	$54.31	+42.3%	COM	595017104

Exited Positions (2)

ULTA ULTA BEAUTY INC 1.8%

Value $25.57M Shares 66,261 Share Price $385.87 Est. Cost/Share $258.84 Unrealized @ Report Date +50.3%

ALB ALBEMARLE CORP 1.6%

Value $22.82M Shares 237,843 Share Price $95.92 * Est. Cost/Share $63.48 Unrealized @ Report Date +45.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ULTA	ULTA BEAUTY INC	66,261	$25.57M	1.8%	$385.87	$258.84	+50.3%	—	90384S303
ALB	ALBEMARLE CORP	237,843	$22.82M	1.6%	$95.92 *	$63.48	+45.6%	—	012653101

Decreased Positions (15)

DG DOLLAR GENERAL CORP 1.3%

Value $18.31M (-45.3%) Shares 216,559 (-14.5%) Share Price $84.57 * Est. Cost/Share $121.58 Unrealized @ Report Date -32.7%

FDX FEDEX CORP 2.4%

Value $34.74M (-20.0%) Shares 126,288 (-12.4%) Share Price $275.06 * Est. Cost/Share $129.75 Unrealized @ Report Date +105.0%

COR CENCORA INC 2.1%

Value $29.71M (-14.0%) Shares 132,005 (-13.9%) Share Price $225.08 Est. Cost/Share $65.57 Unrealized @ Report Date +239.9%

TMO THERMO FISHER SCIENT 2.7%

Value $39.24M (+10.1%) Shares 63,396 (-1.5%) Share Price $618.97 Est. Cost/Share $115.92 Unrealized @ Report Date +431.3%

BDX BECTON DICKINSON AND 2.1%

Value $29.8M (-10.5%) Shares 123,104 (-13.6%) Share Price $242.05 * Est. Cost/Share $140.76 Unrealized @ Report Date +66.9%

BALL BALL CORP 2.2%

Value $31.59M (-9.4%) Shares 465,107 (-19.9%) Share Price $67.91 Est. Cost/Share $35.74 Unrealized @ Report Date +86.5%

PEP PEPSICO INC 2.1%

Value $30.41M (-9.3%) Shares 177,386 (-12.8%) Share Price $171.41 * Est. Cost/Share $77.07 Unrealized @ Report Date +110.4%

ATO ATMOS ENERGY CORP 2.3%

Value $32.49M (-8.5%) Shares 234,214 (-23.1%) Share Price $138.71 * Est. Cost/Share $68.71 Unrealized @ Report Date +96.3%

AZO AUTOZONE INC 2.5%

Value $35.92M (-5.5%) Shares 11,404 (-11.1%) Share Price $3150.04 Est. Cost/Share $625.39 Unrealized @ Report Date +403.7%

TSCO TRACTOR SUPPLY CO 2.6%

Value $37.72M (-4.7%) Shares 129,664 (-11.6%) Share Price $290.93 * Est. Cost/Share $16.93 Unrealized @ Report Date +236.7%

CASY CASEY'S GENERAL STOR 3.2%

Value $45.65M (-3.0%) Shares 121,493 (-1.5%) Share Price $375.71 Est. Cost/Share $123.22 Unrealized @ Report Date +202.9%

BAX BAXTER INTERNATIONAL 1.9%

Value $27.95M (-3.3%) Shares 730,472 (-14.7%) Share Price $38.26 * Est. Cost/Share $63.76 Unrealized @ Report Date -41.8%

ODFL OLD DOMINION FREIGHT 1.9%

Value $27.79M (-3.1%) Shares 139,923 (-13.8%) Share Price $198.64 Est. Cost/Share $91.12 Unrealized @ Report Date +116.2%

— AON PLC 2.4%

Value $34.11M (+2.1%) Shares 98,574 (-13.4%) Share Price $345.99 Est. Cost/Share $306.23 Unrealized @ Report Date —

TXRH TEXAS ROADHOUSE INC 3.2%

Value $45.64M (+1.3%) Shares 258,429 (-1.5%) Share Price $176.60 Est. Cost/Share $83.31 Unrealized @ Report Date +108.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
DG	DOLLAR GENERAL CORP	216,559 (-14.5%)	$18.31M (-45.3%)	1.3%	$84.57 *	$121.58	-32.7%	COM	256677105
FDX	FEDEX CORP	126,288 (-12.4%)	$34.74M (-20.0%)	2.4%	$275.06 *	$129.75	+105.0%	COM	31428X106
COR	CENCORA INC	132,005 (-13.9%)	$29.71M (-14.0%)	2.1%	$225.08	$65.57	+239.9%	COM	03073E105
TMO	THERMO FISHER SCIENT	63,396 (-1.5%)	$39.24M (+10.1%)	2.7%	$618.97	$115.92	+431.3%	COM	883556102
BDX	BECTON DICKINSON AND	123,104 (-13.6%)	$29.8M (-10.5%)	2.1%	$242.05 *	$140.76	+66.9%	COM	075887109
BALL	BALL CORP	465,107 (-19.9%)	$31.59M (-9.4%)	2.2%	$67.91	$35.74	+86.5%	COM	058498106
PEP	PEPSICO INC	177,386 (-12.8%)	$30.41M (-9.3%)	2.1%	$171.41 *	$77.07	+110.4%	COM	713448108
ATO	ATMOS ENERGY CORP	234,214 (-23.1%)	$32.49M (-8.5%)	2.3%	$138.71 *	$68.71	+96.3%	COM	049560105
AZO	AUTOZONE INC	11,404 (-11.1%)	$35.92M (-5.5%)	2.5%	$3150.04	$625.39	+403.7%	COM	053332102
TSCO	TRACTOR SUPPLY CO	129,664 (-11.6%)	$37.72M (-4.7%)	2.6%	$290.93 *	$16.93	+236.7%	COM	892356106
CASY	CASEY'S GENERAL STOR	121,493 (-1.5%)	$45.65M (-3.0%)	3.2%	$375.71	$123.22	+202.9%	COM	147528103
BAX	BAXTER INTERNATIONAL	730,472 (-14.7%)	$27.95M (-3.3%)	1.9%	$38.26 *	$63.76	-41.8%	COM	071813109
ODFL	OLD DOMINION FREIGHT	139,923 (-13.8%)	$27.79M (-3.1%)	1.9%	$198.64	$91.12	+116.2%	COM	679580100
—	AON PLC	98,574 (-13.4%)	$34.11M (+2.1%)	2.4%	$345.99	$306.23	—	COM	00BLP1HW5
TXRH	TEXAS ROADHOUSE INC	258,429 (-1.5%)	$45.64M (+1.3%)	3.2%	$176.60	$83.31	+108.1%	COM	882681109

Unchanged Positions (10)

STT STATE STREET BK 2.9%

Value $41.59M Shares 470,127 Share Price $88.47 * Est. Cost/Share $53.64 Unrealized @ Report Date +57.5%

— ACCENTURE PLC 2.3%

Value $33.47M Shares 94,683 Share Price $353.48 Est. Cost/Share $290.07 Unrealized @ Report Date —

NKE NIKE INC 2.0%

Value $28.71M Shares 323,380 Share Price $88.77 * Est. Cost/Share $54.84 Unrealized @ Report Date +56.7%

OTIS OTIS WORLDWIDE CORP 2.7%

Value $39.47M Shares 379,699 Share Price $103.94 * Est. Cost/Share $69.45 Unrealized @ Report Date +46.4%

TJX TJX COS INC THE 2.9%

Value $41.59M Shares 353,854 Share Price $117.54 Est. Cost/Share $38.19 Unrealized @ Report Date +203.0%

TTC TORO CO THE 2.1%

Value $30.89M Shares 354,652 Share Price $87.09 Est. Cost/Share $111.33 Unrealized @ Report Date -22.1%

SYK STRYKER CORP 2.6%

Value $36.87M Shares 101,838 Share Price $362.06 Est. Cost/Share $183.06 Unrealized @ Report Date +95.1%

PPG PPG INDUSTRIES INC 2.3%

Value $32.6M Shares 246,118 Share Price $132.46 * Est. Cost/Share $87.16 Unrealized @ Report Date +47.3%

WWD WOODWARD INC 3.0%

Value $43.08M Shares 251,171 Share Price $171.51 Est. Cost/Share $107.95 Unrealized @ Report Date +57.7%

CDW CDW CORP DE 2.8%

Value $40M Shares 176,756 Share Price $226.30 Est. Cost/Share $231.54 Unrealized @ Report Date -4.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
STT	STATE STREET BK	470,127	$41.59M	2.9%	$88.47 *	$53.64	+57.5%	COM	857477103
—	ACCENTURE PLC	94,683	$33.47M	2.3%	$353.48	$290.07	—	COM	00B4BNMY3
NKE	NIKE INC	323,380	$28.71M	2.0%	$88.77 *	$54.84	+56.7%	CL B	654106103
OTIS	OTIS WORLDWIDE CORP	379,699	$39.47M	2.7%	$103.94 *	$69.45	+46.4%	COM	68902V107
TJX	TJX COS INC THE	353,854	$41.59M	2.9%	$117.54	$38.19	+203.0%	COM	872540109
TTC	TORO CO THE	354,652	$30.89M	2.1%	$87.09	$111.33	-22.1%	COM	891092108
SYK	STRYKER CORP	101,838	$36.87M	2.6%	$362.06	$183.06	+95.1%	COM	863667101
PPG	PPG INDUSTRIES INC	246,118	$32.6M	2.3%	$132.46 *	$87.16	+47.3%	COM	693506107
WWD	WOODWARD INC	251,171	$43.08M	3.0%	$171.51	$107.95	+57.7%	COM	980745103
CDW	CDW CORP DE	176,756	$40M	2.8%	$226.30	$231.54	-4.1%	COM	12514G108