Saturna Capital CORP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UL	Unilever ADS	575,543	$37,641	0.5%	$65.40	—	ADR	904767803
MICC	The Magnum Ice Cream Co BV	121,551	$1,927	0.0%	$15.68	0.0%	Common Stock	N5505D105
ISRG	Intuitive Surgical	783	$443	0.0%	$532.37	0.0%	Common Stock	46120E602
GEV	GE Vernova Inc	613	$401	0.0%	$609.04	0.0%	Common Stock	36828A101
BMI	Badger Meter	2,233	$389	0.0%	$179.79	0.0%	Common Stock	056525108
FSS	Federal Signal	3,341	$363	0.0%	$114.40	0.0%	Common Stock	313855108
AMAT	Applied Materials	1,185	$305	0.0%	$239.49	0.0%	Common Stock	038222105
MU	Micron Technology	968	$276	0.0%	$229.35	0.0%	Common Stock	595112103
INSW	International Seaways, Inc.	5,402	$262	0.0%	$48.84	0.0%	Common Stock	Y41053102

Increased Positions (31)

AMD Advanced Micro Devices 1.2%

Value ($000) $90,596 (+111.0%) Shares 423,030 (+59.4%) Est. Cost $153.31 Unrealized +46.5%

NOW ServiceNow 1.9%

Value ($000) $145,251 (-16.8%) Shares 948,175 (+399.9%) Est. Cost $159.21 Unrealized +7.7%

CRH CRH PLC 0.3%

Value ($000) $21,791 (+62.2%) Shares 174,605 (+55.9%) Est. Cost $106.40 Unrealized +12.0%

NKE Nike, Class B 0.3%

Value ($000) $19,160 (+76.3%) Shares 300,730 (+93.0%) Est. Cost $66.44 Unrealized -2.3%

WM Waste Management 0.5%

Value ($000) $35,951 (+28.6%) Shares 163,631 (+29.3%) Est. Cost $220.61 Unrealized -3.6%

ABBV AbbVie 2.4%

Value ($000) $178,289 (+2.8%) Shares 780,291 (+4.2%) Est. Cost $160.42 Unrealized +41.8%

LIN Linde 0.8%

Value ($000) $60,428 (-6.7%) Shares 141,721 (+4.0%) Est. Cost $326.31 Unrealized +30.9%

APD Air Products & Chemicals 0.4%

Value ($000) $28,652 (-7.5%) Shares 115,991 (+2.2%) Est. Cost $102.15 Unrealized +146.4%

APH Amphenol Corp Class A 0.1%

Value ($000) $4,799 (+75.8%) Shares 35,515 (+61.0%) Est. Cost $112.63 Unrealized +18.6%

HD Home Depot 0.3%

Value ($000) $22,238 (+5.9%) Shares 64,627 (+24.8%) Est. Cost $375.31 Unrealized -2.9%

SAP SAP ADS 0.1%

Value ($000) $5,373 (+19.9%) Shares 22,121 (+31.8%) Est. Cost $195.52 Unrealized —

CTVA Corteva 0.0%

Value ($000) $2,556 (+47.9%) Shares 38,135 (+49.2%) Est. Cost $59.44 Unrealized +8.6%

AMZN Amazon.com 0.1%

Value ($000) $7,036 (+10.5%) Shares 30,484 (+5.1%) Est. Cost $127.89 Unrealized +78.9%

TLK Telekomunikasi Indonesia ADS 0.0%

Value ($000) $2,526 (+33.2%) Shares 120,000 (+19.1%) Est. Cost $26.66 Unrealized —

GSK GlaxoSmithKline ADS 0.0%

Value ($000) $1,430 (+60.5%) Shares 29,162 (+41.2%) Est. Cost $36.62 Unrealized —

NEE NextEra Energy 0.0%

Value ($000) $1,770 (+42.8%) Shares 22,042 (+34.3%) Est. Cost $71.35 Unrealized +15.6%

DHR Danaher 0.0%

Value ($000) $1,695 (+43.0%) Shares 7,404 (+23.9%) Est. Cost $200.77 Unrealized +9.4%

TER Teradyne 0.0%

Value ($000) $1,101 (+81.8%) Shares 5,690 (+29.3%) Est. Cost $123.22 Unrealized +39.2%

RSG Republic Services 0.0%

Value ($000) $2,717 (+16.4%) Shares 12,819 (+26.1%) Est. Cost $179.77 Unrealized +19.4%

EME EMCOR Group 0.0%

Value ($000) $1,072 (+49.7%) Shares 1,753 (+58.9%) Est. Cost $480.83 Unrealized +34.7%

ROST Ross Stores 0.0%

Value ($000) $1,519 (+30.0%) Shares 8,434 (+10.0%) Est. Cost $127.31 Unrealized +30.9%

META Meta Platforms Inc Cl A 0.0%

Value ($000) $3,176 (-8.0%) Shares 4,811 (+2.3%) Est. Cost $485.82 Unrealized +37.4%

PSX Phillips 66 0.0%

Value ($000) $726 (+41.1%) Shares 5,624 (+48.7%) Est. Cost $128.62 Unrealized +4.2%

SAN Banco Santander ADS 0.0%

Value ($000) $415 (+66.7%) Shares 35,400 (+48.9%) Est. Cost $9.81 Unrealized —

CCJ Cameco Corp 0.0%

Value ($000) $923 (+14.8%) Shares 10,092 (+5.2%) Est. Cost $41.44 Unrealized +117.0%

BHP BHP Biliton ADR 0.0%

Value ($000) $726 (+12.0%) Shares 12,025 (+3.4%) Est. Cost $55.67 Unrealized —

SITM SITIME CORP COM 0.0%

Value ($000) $357 (+23.3%) Shares 1,010 (+5.2%) Est. Cost $187.26 Unrealized +67.1%

WELL Welltower 0.0%

Value ($000) $1,180 (+5.5%) Shares 6,360 (+1.3%) Est. Cost $151.01 Unrealized +23.5%

BSX Boston Scientific 0.1%

Value ($000) $4,081 (-1.0%) Shares 42,804 (+1.4%) Est. Cost $68.39 Unrealized +43.4%

FND Floor & Decor Holdings, Inc. Class 0.0%

Value ($000) $555 (+5.2%) Shares 9,108 (+27.4%) Est. Cost $79.89 Unrealized -18.9%

ENPH Enphase Energy 0.0%

Value ($000) $337 (-5.3%) Shares 10,515 (+4.5%) Est. Cost $86.47 Unrealized -62.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMD	Advanced Micro Devices	423,030 (+59.4%)	$90,596 (+111.0%)	1.2%	$153.31	+46.5%	Common Stock	007903107
NOW	ServiceNow	948,175 (+399.9%)	$145,251 (-16.8%)	1.9%	$159.21	+7.7%	Common Stock	81762P102
CRH	CRH PLC	174,605 (+55.9%)	$21,791 (+62.2%)	0.3%	$106.40	+12.0%	Common Stock	G25508105
NKE	Nike, Class B	300,730 (+93.0%)	$19,160 (+76.3%)	0.3%	$66.44	-2.3%	Common Stock	654106103
WM	Waste Management	163,631 (+29.3%)	$35,951 (+28.6%)	0.5%	$220.61	-3.6%	Common Stock	94106L109
ABBV	AbbVie	780,291 (+4.2%)	$178,289 (+2.8%)	2.4%	$160.42	+41.8%	Common Stock	00287Y109
LIN	Linde	141,721 (+4.0%)	$60,428 (-6.7%)	0.8%	$326.31	+30.9%	Common Stock	G54950103
APD	Air Products & Chemicals	115,991 (+2.2%)	$28,652 (-7.5%)	0.4%	$102.15	+146.4%	Common Stock	009158106
APH	Amphenol Corp Class A	35,515 (+61.0%)	$4,799 (+75.8%)	0.1%	$112.63	+18.6%	Common Stock	032095101
HD	Home Depot	64,627 (+24.8%)	$22,238 (+5.9%)	0.3%	$375.31	-2.9%	Common Stock	437076102
SAP	SAP ADS	22,121 (+31.8%)	$5,373 (+19.9%)	0.1%	$195.52	—	ADR	803054204
CTVA	Corteva	38,135 (+49.2%)	$2,556 (+47.9%)	0.0%	$59.44	+8.6%	Common Stock	22052L104
AMZN	Amazon.com	30,484 (+5.1%)	$7,036 (+10.5%)	0.1%	$127.89	+78.9%	Common Stock	023135106
TLK	Telekomunikasi Indonesia ADS	120,000 (+19.1%)	$2,526 (+33.2%)	0.0%	$26.66	—	ADR	715684106
GSK	GlaxoSmithKline ADS	29,162 (+41.2%)	$1,430 (+60.5%)	0.0%	$36.62	—	ADR	37733W204
NEE	NextEra Energy	22,042 (+34.3%)	$1,770 (+42.8%)	0.0%	$71.35	+15.6%	Common Stock	65339F101
DHR	Danaher	7,404 (+23.9%)	$1,695 (+43.0%)	0.0%	$200.77	+9.4%	Common Stock	235851102
TER	Teradyne	5,690 (+29.3%)	$1,101 (+81.8%)	0.0%	$123.22	+39.2%	Common Stock	880770102
RSG	Republic Services	12,819 (+26.1%)	$2,717 (+16.4%)	0.0%	$179.77	+19.4%	Common Stock	760759100
EME	EMCOR Group	1,753 (+58.9%)	$1,072 (+49.7%)	0.0%	$480.83	+34.7%	Common Stock	29084Q100
ROST	Ross Stores	8,434 (+10.0%)	$1,519 (+30.0%)	0.0%	$127.31	+30.9%	Common Stock	778296103
META	Meta Platforms Inc Cl A	4,811 (+2.3%)	$3,176 (-8.0%)	0.0%	$485.82	+37.4%	Common Stock	30303M102
PSX	Phillips 66	5,624 (+48.7%)	$726 (+41.1%)	0.0%	$128.62	+4.2%	Common Stock	718546104
SAN	Banco Santander ADS	35,400 (+48.9%)	$415 (+66.7%)	0.0%	$9.81	—	ADR	05964H105
CCJ	Cameco Corp	10,092 (+5.2%)	$923 (+14.8%)	0.0%	$41.44	+117.0%	Common Stock	13321L108
BHP	BHP Biliton ADR	12,025 (+3.4%)	$726 (+12.0%)	0.0%	$55.67	—	ADR	088606108
SITM	SITIME CORP COM	1,010 (+5.2%)	$357 (+23.3%)	0.0%	$187.26	+67.1%	Common Stock	82982T106
WELL	Welltower	6,360 (+1.3%)	$1,180 (+5.5%)	0.0%	$151.01	+23.5%	Common Stock	95040Q104
BSX	Boston Scientific	42,804 (+1.4%)	$4,081 (-1.0%)	0.1%	$68.39	+43.4%	Common Stock	101137107
FND	Floor & Decor Holdings, Inc. Class	9,108 (+27.4%)	$555 (+5.2%)	0.0%	$79.89	-18.9%	Common Stock	339750101
ENPH	Enphase Energy	10,515 (+4.5%)	$337 (-5.3%)	0.0%	$86.47	-62.5%	Common Stock	29355A107

Exited Positions (16)

KEYS Keysight Technologies 2.0%

Value ($000) $148,974 Shares 851,670 Est. Cost $82.93 Unrealized +123.7%

— Unilever ADS 0.5%

Value ($000) $36,317 Shares 612,638 Est. Cost $46.36 Unrealized —

MKC McCormick & Co 0.4%

Value ($000) $33,294 Shares 497,596 Est. Cost $57.84 Unrealized +14.0%

MELI MercadoLibre 0.1%

Value ($000) $4,195 Shares 1,795 Est. Cost $106.45 Unrealized +1873.1%

ROP Roper Technologies 0.0%

Value ($000) $667 Shares 1,338 Est. Cost $397.97 Unrealized +16.1%

ACN Accenture, Class A 0.0%

Value ($000) $666 Shares 2,700 Est. Cost $182.77 Unrealized +39.0%

MCHP Microchip Technology 0.0%

Value ($000) $561 Shares 8,743 Est. Cost $53.89 Unrealized +13.9%

COP ConocoPhillips 0.0%

Value ($000) $463 Shares 4,890 Est. Cost $81.71 Unrealized +10.2%

CDNS Cadence Design Systems 0.0%

Value ($000) $414 Shares 1,180 Est. Cost $344.03 Unrealized -5.1%

VZ Verizon Communications 0.0%

Value ($000) $326 Shares 7,410 Est. Cost $38.74 Unrealized +4.5%

PH Parker Hannifin 0.0%

Value ($000) $318 Shares 420 Est. Cost $408.94 Unrealized +100.0%

UNP Union Pacific 0.0%

Value ($000) $292 Shares 1,234 Est. Cost $83.32 Unrealized +172.8%

SHEL Shell Plc 0.0%

Value ($000) $272 Shares 3,800 Est. Cost $54.88 Unrealized —

CP Canadian Pacific Kansas City Ltd 0.0%

Value ($000) $238 Shares 3,200 Est. Cost $78.33 Unrealized -6.0%

WSO Watsco 0.0%

Value ($000) $217 Shares 537 Est. Cost $370.41 Unrealized -3.6%

IOVA Iovance Biotherapeutics Inc 0.0%

Value ($000) $45 Shares 20,553 Est. Cost $6.99 Unrealized -66.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KEYS	Keysight Technologies	851,670	$148,974	2.0%	$82.93	+123.7%	—	49338L103
—	Unilever ADS	612,638	$36,317	0.5%	$46.36	—	—	904767704
MKC	McCormick & Co	497,596	$33,294	0.4%	$57.84	+14.0%	—	579780206
MELI	MercadoLibre	1,795	$4,195	0.1%	$106.45	+1873.1%	—	58733R102
ROP	Roper Technologies	1,338	$667	0.0%	$397.97	+16.1%	—	776696106
ACN	Accenture, Class A	2,700	$666	0.0%	$182.77	+39.0%	—	G1151C101
MCHP	Microchip Technology	8,743	$561	0.0%	$53.89	+13.9%	—	595017104
COP	ConocoPhillips	4,890	$463	0.0%	$81.71	+10.2%	—	20825C104
CDNS	Cadence Design Systems	1,180	$414	0.0%	$344.03	-5.1%	—	127387108
VZ	Verizon Communications	7,410	$326	0.0%	$38.74	+4.5%	—	92343V104
PH	Parker Hannifin	420	$318	0.0%	$408.94	+100.0%	—	701094104
UNP	Union Pacific	1,234	$292	0.0%	$83.32	+172.8%	—	907818108
SHEL	Shell Plc	3,800	$272	0.0%	$54.88	—	—	780259305
CP	Canadian Pacific Kansas City Ltd	3,200	$238	0.0%	$78.33	-6.0%	—	13646K108
WSO	Watsco	537	$217	0.0%	$370.41	-3.6%	—	942622200
IOVA	Iovance Biotherapeutics Inc	20,553	$45	0.0%	$6.99	-66.9%	—	462260100

Decreased Positions (46)

INTU Intuit 0.1%

Value ($000) $5,442 (-97.3%) Shares 8,215 (-97.2%) Est. Cost $54.39 Unrealized +1114.8%

LLY Eli Lilly 8.0%

Value ($000) $603,267 (+34.1%) Shares 561,346 (-4.8%) Est. Cost $42.21 Unrealized +2163.6%

MSFT Microsoft 6.8%

Value ($000) $514,301 (-10.9%) Shares 1,063,439 (-4.6%) Est. Cost $187.68 Unrealized +166.7%

IT Gartner 0.0%

Value ($000) $346 (-98.8%) Shares 1,371 (-98.8%) Est. Cost $63.95 Unrealized +276.4%

TSM Taiwan Semiconductor ADS 8.2%

Value ($000) $620,272 (+3.8%) Shares 2,041,106 (-4.6%) Est. Cost $18.32 Unrealized —

PG Procter & Gamble 0.0%

Value ($000) $2,357 (-90.4%) Shares 16,444 (-89.7%) Est. Cost $148.00 Unrealized -0.6%

ADBE Adobe 0.8%

Value ($000) $57,976 (-26.5%) Shares 165,650 (-25.9%) Est. Cost $44.30 Unrealized +667.7%

A Agilent Technologies 0.4%

Value ($000) $27,131 (-31.2%) Shares 199,390 (-35.1%) Est. Cost $27.97 Unrealized +413.9%

LOW Lowe's 1.3%

Value ($000) $101,136 (-5.5%) Shares 419,371 (-1.5%) Est. Cost $34.33 Unrealized +598.6%

TXN Texas Instruments 0.6%

Value ($000) $44,650 (-8.5%) Shares 257,365 (-3.1%) Est. Cost $134.30 Unrealized +27.1%

MRK Merck & Co 0.2%

Value ($000) $14,844 (+21.9%) Shares 141,026 (-2.8%) Est. Cost $99.07 Unrealized -5.9%

ORLY O'Reilly Automotive 0.1%

Value ($000) $5,131 (-17.0%) Shares 56,250 (-1.8%) Est. Cost $88.94 Unrealized +9.8%

KVUE Kenvue Inc 0.4%

Value ($000) $28,926 (+3.7%) Shares 1,676,887 (-2.4%) Est. Cost $20.23 Unrealized -19.6%

CPRT Copart 0.0%

Value ($000) $598 (-60.9%) Shares 15,262 (-55.1%) Est. Cost $55.96 Unrealized -25.9%

TYL Tyler Technologies 0.0%

Value ($000) $1,154 (-40.1%) Shares 2,543 (-36.1%) Est. Cost $477.12 Unrealized -0.2%

QCOM Qualcomm 0.1%

Value ($000) $8,178 (-8.5%) Shares 47,811 (-11.0%) Est. Cost $82.68 Unrealized +106.6%

SCCO Southern Copper 0.1%

Value ($000) $6,203 (+13.2%) Shares 43,239 (-4.2%) Est. Cost $52.60 Unrealized +152.4%

MSI Motorola Solutions 0.0%

Value ($000) $2,716 (-19.4%) Shares 7,085 (-3.9%) Est. Cost $234.94 Unrealized +70.6%

FTNT Fortinet Inc. 0.0%

Value ($000) $1,082 (-36.7%) Shares 13,625 (-33.0%) Est. Cost $94.47 Unrealized -12.2%

FAST Fastenal 0.0%

Value ($000) $1,365 (-23.3%) Shares 34,010 (-6.3%) Est. Cost $25.81 Unrealized +62.8%

ACM Aecom Technology 0.0%

Value ($000) $373 (-49.2%) Shares 3,915 (-30.5%) Est. Cost $120.14 Unrealized -2.4%

COST Costco Wholesale 0.0%

Value ($000) $3,661 (-9.0%) Shares 4,246 (-2.3%) Est. Cost $215.24 Unrealized +320.8%

SNN Smith & Nephew plc ADS 0.0%

Value ($000) $367 (-47.1%) Shares 11,178 (-41.5%) Est. Cost $33.28 Unrealized —

WY Weyerhaeuser 0.0%

Value ($000) $260 (-52.2%) Shares 10,990 (-50.0%) Est. Cost $28.96 Unrealized -20.6%

VIRT Virtu Financial 0.0%

Value ($000) $250 (-53.1%) Shares 7,500 (-50.0%) Est. Cost $20.52 Unrealized +66.7%

PSA Public Storage International 0.0%

Value ($000) $1,781 (-13.4%) Shares 6,863 (-3.7%) Est. Cost $229.90 Unrealized +20.6%

PCH Potlatch 0.0%

Value ($000) $308 (-47.1%) Shares 7,740 (-45.8%) Est. Cost $46.20 Unrealized —

AEM Agnico-Eagle Mines 0.1%

Value ($000) $4,362 (-5.3%) Shares 25,731 (-5.8%) Est. Cost $52.72 Unrealized +218.4%

EMR Emerson Electric 0.0%

Value ($000) $420 (-27.0%) Shares 3,164 (-27.9%) Est. Cost $119.44 Unrealized +10.8%

TSCO Tractor Supply 0.0%

Value ($000) $717 (-15.0%) Shares 14,330 (-3.4%) Est. Cost $52.44 Unrealized +2.4%

PLD Prologis Inc 0.0%

Value ($000) $1,584 (+6.7%) Shares 12,410 (-4.3%) Est. Cost $110.04 Unrealized +12.6%

CRWD CrowdStrike Holdings Inc Class A 0.0%

Value ($000) $274 (-22.4%) Shares 583 (-18.8%) Est. Cost $454.77 Unrealized +12.0%

FSLR First Solar 0.0%

Value ($000) $838 (+10.2%) Shares 3,208 (-7.0%) Est. Cost $178.27 Unrealized +41.5%

IBM International Business Machines 0.0%

Value ($000) $579 (-11.6%) Shares 1,956 (-15.8%) Est. Cost $171.01 Unrealized +74.7%

TEL TE Connectivity 0.0%

Value ($000) $2,752 (-2.5%) Shares 12,095 (-5.9%) Est. Cost $146.90 Unrealized +57.4%

NSC Norfolk Southern 0.0%

Value ($000) $1,114 (-5.8%) Shares 3,860 (-2.0%) Est. Cost $61.33 Unrealized +370.6%

MNST Monster Beverage 0.0%

Value ($000) $2,191 (-2.5%) Shares 28,575 (-14.4%) Est. Cost $43.19 Unrealized +65.9%

EQR Equity Residential Property Trust 0.0%

Value ($000) $567 (-8.5%) Shares 9,000 (-6.0%) Est. Cost $57.27 Unrealized +5.9%

EQIX Equinix 0.0%

Value ($000) $1,067 (-3.8%) Shares 1,393 (-1.7%) Est. Cost $777.84 Unrealized +0.4%

MAA Mid-America Apartment Communities 0.0%

Value ($000) $521 (-4.7%) Shares 3,750 (-4.1%) Est. Cost $128.71 Unrealized +3.3%

FBIN Fortune Brands Innovations 0.0%

Value ($000) $222 (-9.4%) Shares 4,440 (-3.3%) Est. Cost $62.92 Unrealized -20.9%

STX Seagate Technology Holdings PLC 0.0%

Value ($000) $223 (-8.3%) Shares 811 (-21.4%) Est. Cost $169.71 Unrealized +52.6%

CPT Camden Property Trust 0.0%

Value ($000) $622 (-2.8%) Shares 5,650 (-5.7%) Est. Cost $92.64 Unrealized +11.3%

RTX Raytheon Technologies 0.0%

Value ($000) $224 (+6.8%) Shares 1,219 (-2.6%) Est. Cost $154.28 Unrealized +12.3%

CRM Salesforce Inc. 0.0%

Value ($000) $1,506 (-0.5%) Shares 5,686 (-11.0%) Est. Cost $202.81 Unrealized +22.4%

MCO Moody's 0.0%

Value ($000) $2,231 (+0.0%) Shares 4,368 (-6.7%) Est. Cost $53.10 Unrealized +817.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INTU	Intuit	8,215 (-97.2%)	$5,442 (-97.3%)	0.1%	$54.39	+1114.8%	Common Stock	461202103
LLY	Eli Lilly	561,346 (-4.8%)	$603,267 (+34.1%)	8.0%	$42.21	+2163.6%	Common Stock	532457108
MSFT	Microsoft	1,063,439 (-4.6%)	$514,301 (-10.9%)	6.8%	$187.68	+166.7%	Common Stock	594918104
IT	Gartner	1,371 (-98.8%)	$346 (-98.8%)	0.0%	$63.95	+276.4%	Common Stock	366651107
TSM	Taiwan Semiconductor ADS	2,041,106 (-4.6%)	$620,272 (+3.8%)	8.2%	$18.32	—	ADR	874039100
PG	Procter & Gamble	16,444 (-89.7%)	$2,357 (-90.4%)	0.0%	$148.00	-0.6%	Common Stock	742718109
ADBE	Adobe	165,650 (-25.9%)	$57,976 (-26.5%)	0.8%	$44.30	+667.7%	Common Stock	00724F101
A	Agilent Technologies	199,390 (-35.1%)	$27,131 (-31.2%)	0.4%	$27.97	+413.9%	Common Stock	00846U101
LOW	Lowe's	419,371 (-1.5%)	$101,136 (-5.5%)	1.3%	$34.33	+598.6%	Common Stock	548661107
TXN	Texas Instruments	257,365 (-3.1%)	$44,650 (-8.5%)	0.6%	$134.30	+27.1%	Common Stock	882508104
MRK	Merck & Co	141,026 (-2.8%)	$14,844 (+21.9%)	0.2%	$99.07	-5.9%	Common Stock	58933Y105
ORLY	O'Reilly Automotive	56,250 (-1.8%)	$5,131 (-17.0%)	0.1%	$88.94	+9.8%	Common Stock	67103H107
KVUE	Kenvue Inc	1,676,887 (-2.4%)	$28,926 (+3.7%)	0.4%	$20.23	-19.6%	Common Stock	49177J102
CPRT	Copart	15,262 (-55.1%)	$598 (-60.9%)	0.0%	$55.96	-25.9%	Common Stock	217204106
TYL	Tyler Technologies	2,543 (-36.1%)	$1,154 (-40.1%)	0.0%	$477.12	-0.2%	Common Stock	902252105
QCOM	Qualcomm	47,811 (-11.0%)	$8,178 (-8.5%)	0.1%	$82.68	+106.6%	Common Stock	747525103
SCCO	Southern Copper	43,239 (-4.2%)	$6,203 (+13.2%)	0.1%	$52.60	+152.4%	Common Stock	84265V105
MSI	Motorola Solutions	7,085 (-3.9%)	$2,716 (-19.4%)	0.0%	$234.94	+70.6%	Common Stock	620076307
FTNT	Fortinet Inc.	13,625 (-33.0%)	$1,082 (-36.7%)	0.0%	$94.47	-12.2%	Common Stock	34959E109
FAST	Fastenal	34,010 (-6.3%)	$1,365 (-23.3%)	0.0%	$25.81	+62.8%	Common Stock	311900104
ACM	Aecom Technology	3,915 (-30.5%)	$373 (-49.2%)	0.0%	$120.14	-2.4%	Common Stock	00766T100
COST	Costco Wholesale	4,246 (-2.3%)	$3,661 (-9.0%)	0.0%	$215.24	+320.8%	Common Stock	22160K105
SNN	Smith & Nephew plc ADS	11,178 (-41.5%)	$367 (-47.1%)	0.0%	$33.28	—	ADR	83175M205
WY	Weyerhaeuser	10,990 (-50.0%)	$260 (-52.2%)	0.0%	$28.96	-20.6%	Common Stock	962166104
VIRT	Virtu Financial	7,500 (-50.0%)	$250 (-53.1%)	0.0%	$20.52	+66.7%	Common Stock	928254101
PSA	Public Storage International	6,863 (-3.7%)	$1,781 (-13.4%)	0.0%	$229.90	+20.6%	Common Stock	74460D109
PCH	Potlatch	7,740 (-45.8%)	$308 (-47.1%)	0.0%	$46.20	—	Common Stock	737630103
AEM	Agnico-Eagle Mines	25,731 (-5.8%)	$4,362 (-5.3%)	0.1%	$52.72	+218.4%	Common Stock	008474108
EMR	Emerson Electric	3,164 (-27.9%)	$420 (-27.0%)	0.0%	$119.44	+10.8%	Common Stock	291011104
TSCO	Tractor Supply	14,330 (-3.4%)	$717 (-15.0%)	0.0%	$52.44	+2.4%	Common Stock	892356106
PLD	Prologis Inc	12,410 (-4.3%)	$1,584 (+6.7%)	0.0%	$110.04	+12.6%	Common Stock	74340W103
CRWD	CrowdStrike Holdings Inc Class A	583 (-18.8%)	$274 (-22.4%)	0.0%	$454.77	+12.0%	Common Stock	22788C105
FSLR	First Solar	3,208 (-7.0%)	$838 (+10.2%)	0.0%	$178.27	+41.5%	Common Stock	336433107
IBM	International Business Machines	1,956 (-15.8%)	$579 (-11.6%)	0.0%	$171.01	+74.7%	Common Stock	459200101
TEL	TE Connectivity	12,095 (-5.9%)	$2,752 (-2.5%)	0.0%	$146.90	+57.4%	Common Stock	G87052109
NSC	Norfolk Southern	3,860 (-2.0%)	$1,114 (-5.8%)	0.0%	$61.33	+370.6%	Common Stock	655844108
MNST	Monster Beverage	28,575 (-14.4%)	$2,191 (-2.5%)	0.0%	$43.19	+65.9%	Common Stock	61174X109
EQR	Equity Residential Property Trust	9,000 (-6.0%)	$567 (-8.5%)	0.0%	$57.27	+5.9%	Common Stock	29476L107
EQIX	Equinix	1,393 (-1.7%)	$1,067 (-3.8%)	0.0%	$777.84	+0.4%	Common Stock	29444U700
MAA	Mid-America Apartment Communities	3,750 (-4.1%)	$521 (-4.7%)	0.0%	$128.71	+3.3%	Common Stock	59522J103
FBIN	Fortune Brands Innovations	4,440 (-3.3%)	$222 (-9.4%)	0.0%	$62.92	-20.9%	Common Stock	34964C106
STX	Seagate Technology Holdings PLC	811 (-21.4%)	$223 (-8.3%)	0.0%	$169.71	+52.6%	Common Stock	G7997R103
CPT	Camden Property Trust	5,650 (-5.7%)	$622 (-2.8%)	0.0%	$92.64	+11.3%	Common Stock	133131102
RTX	Raytheon Technologies	1,219 (-2.6%)	$224 (+6.8%)	0.0%	$154.28	+12.3%	Common Stock	75513E101
CRM	Salesforce Inc.	5,686 (-11.0%)	$1,506 (-0.5%)	0.0%	$202.81	+22.4%	Common Stock	79466L302
MCO	Moody's	4,368 (-6.7%)	$2,231 (+0.0%)	0.0%	$53.10	+817.7%	Common Stock	615369105

Unchanged Positions (64)

GOOGL Alphabet, Class A 6.0%

Value ($000) $450,770 Shares 1,440,160 Est. Cost $118.29 Unrealized +141.4%

ORCL Oracle 2.4%

Value ($000) $183,941 Shares 943,724 Est. Cost $49.69 Unrealized +379.1%

AZO AutoZone 1.8%

Value ($000) $138,817 Shares 40,931 Est. Cost $2489.34 Unrealized +51.8%

ASML ASML Holding NY 4.5%

Value ($000) $342,449 Shares 320,088 Est. Cost $79.11 Unrealized —

AAPL Apple 6.4%

Value ($000) $485,569 Shares 1,786,099 Est. Cost $84.93 Unrealized +216.0%

AZN AstraZeneca ADS 2.0%

Value ($000) $150,325 Shares 1,635,207 Est. Cost $64.96 Unrealized —

JCI Johnson Controls International 4.2%

Value ($000) $315,145 Shares 2,631,693 Est. Cost $51.02 Unrealized +125.0%

AVGO Broadcom Ltd 7.0%

Value ($000) $529,213 Shares 1,529,076 Est. Cost $153.30 Unrealized +132.9%

CSCO Cisco Systems 1.8%

Value ($000) $134,210 Shares 1,742,310 Est. Cost $25.52 Unrealized +189.2%

TT Trane 2.1%

Value ($000) $156,718 Shares 402,668 Est. Cost $151.44 Unrealized +173.1%

ROK Rockwell Automation 1.6%

Value ($000) $117,290 Shares 301,462 Est. Cost $67.20 Unrealized +458.4%

ETN Eaton Corp PLC 0.9%

Value ($000) $64,760 Shares 203,321 Est. Cost $225.60 Unrealized +57.1%

TJX TJX Companies 2.5%

Value ($000) $188,717 Shares 1,228,549 Est. Cost $33.44 Unrealized +341.7%

NVO Novo Nordisk ADS 1.4%

Value ($000) $105,455 Shares 2,072,619 Est. Cost $79.05 Unrealized —

KMB Kimberly-Clark 0.4%

Value ($000) $30,380 Shares 301,117 Est. Cost $75.39 Unrealized +43.8%

GPC Genuine Parts 0.6%

Value ($000) $47,218 Shares 384,010 Est. Cost $54.12 Unrealized +137.8%

SYK Stryker 1.5%

Value ($000) $111,481 Shares 317,184 Est. Cost $60.66 Unrealized +499.1%

TRMB Trimble 1.8%

Value ($000) $132,262 Shares 1,688,095 Est. Cost $30.06 Unrealized +165.1%

CHD Church & Dwight 1.3%

Value ($000) $99,499 Shares 1,186,630 Est. Cost $34.94 Unrealized +144.1%

ITW Illinois Tool Works 1.0%

Value ($000) $75,477 Shares 306,443 Est. Cost $49.85 Unrealized +396.6%

UPS United Parcel Service, Cl B 0.4%

Value ($000) $30,277 Shares 305,245 Est. Cost $142.35 Unrealized -34.8%

GWW W.W. Grainger 1.1%

Value ($000) $82,736 Shares 81,994 Est. Cost $201.89 Unrealized +379.9%

JNJ Johnson & Johnson 0.5%

Value ($000) $37,438 Shares 180,902 Est. Cost $68.83 Unrealized +186.2%

ABT Abbott Laboratories 0.7%

Value ($000) $49,096 Shares 391,855 Est. Cost $33.21 Unrealized +283.4%

SQM Quimica y Minera Chile ADS 0.1%

Value ($000) $7,612 Shares 110,641 Est. Cost $51.53 Unrealized —

NVS Novartis ADS 0.6%

Value ($000) $43,107 Shares 312,662 Est. Cost $74.14 Unrealized —

B Barrick Mining Corporation 0.1%

Value ($000) $9,244 Shares 212,261 Est. Cost $20.26 Unrealized +84.7%

CNI Canadian National Railway 0.5%

Value ($000) $37,980 Shares 384,214 Est. Cost $43.32 Unrealized +121.9%

NVDA NVIDIA 5.5%

Value ($000) $415,820 Shares 2,229,598 Est. Cost $100.76 Unrealized +84.7%

RIO Rio Tinto ADS 0.1%

Value ($000) $8,518 Shares 106,429 Est. Cost $64.29 Unrealized —

LECO Lincoln Electric Holdings 0.9%

Value ($000) $64,457 Shares 268,975 Est. Cost $60.59 Unrealized +290.9%

NICE NICE Systems ADR 0.0%

Value ($000) $2,136 Shares 18,892 Est. Cost $62.28 Unrealized —

CL Colgate-Palmolive 0.5%

Value ($000) $35,579 Shares 450,252 Est. Cost $47.65 Unrealized +64.3%

FERG Ferguson Enterprises Inc 0.7%

Value ($000) $53,225 Shares 239,074 Est. Cost $197.21 Unrealized +20.7%

JBL Jabil Inc 0.1%

Value ($000) $6,727 Shares 29,500 Est. Cost $105.95 Unrealized +101.3%

INFY Infosys ADS 0.0%

Value ($000) $3,742 Shares 210,000 Est. Cost $19.07 Unrealized —

FIX Comfort Systems USA 0.0%

Value ($000) $2,106 Shares 2,256 Est. Cost $76.02 Unrealized +1114.2%

ITRI Itron 0.0%

Value ($000) $649 Shares 6,992 Est. Cost $103.73 Unrealized +5.0%

CSW CSW Industrials, Inc. 0.0%

Value ($000) $893 Shares 3,042 Est. Cost $74.30 Unrealized +258.4%

GOOG Alphabet inc., C 0.0%

Value ($000) $628 Shares 2,001 Est. Cost $176.37 Unrealized +62.4%

ZS Zscaler 0.0%

Value ($000) $328 Shares 1,458 Est. Cost $158.33 Unrealized +78.3%

LMB Limbach Holdings, Inc 0.0%

Value ($000) $401 Shares 5,145 Est. Cost $27.46 Unrealized +199.8%

MPWR Monolithic Power Systems 0.1%

Value ($000) $6,146 Shares 6,781 Est. Cost $623.08 Unrealized +54.2%

CB Chubb 0.0%

Value ($000) $989 Shares 3,170 Est. Cost $139.24 Unrealized +110.0%

— Dynavax Technologies Corp 0.0%

Value ($000) $209 Shares 13,613 Est. Cost $12.77 Unrealized —

AGX Argan, Inc. 0.0%

Value ($000) $498 Shares 1,589 Est. Cost $78.01 Unrealized +306.1%

SONY Sony ADS 0.0%

Value ($000) $512 Shares 20,000 Est. Cost $31.09 Unrealized —

PWR Quanta Services 0.0%

Value ($000) $3,018 Shares 7,150 Est. Cost $248.01 Unrealized +77.1%

PANW Palo Alto Networks Inc. 0.0%

Value ($000) $476 Shares 2,584 Est. Cost $149.40 Unrealized +35.0%

TD Toronto-Dominion Bank 0.0%

Value ($000) $268 Shares 2,850 Est. Cost $65.26 Unrealized +29.4%

NXPI NXP Semiconductors 0.0%

Value ($000) $625 Shares 2,879 Est. Cost $106.71 Unrealized +100.2%

JPM JP Morgan Chase 0.0%

Value ($000) $1,248 Shares 3,873 Est. Cost $201.21 Unrealized +53.8%

D Dominion Energy 0.0%

Value ($000) $727 Shares 12,413 Est. Cost $46.54 Unrealized +28.4%

MTRX Matrix Service Company 0.0%

Value ($000) $206 Shares 17,606 Est. Cost $8.17 Unrealized +53.7%

WFC Wells Fargo 0.0%

Value ($000) $238 Shares 2,558 Est. Cost $71.15 Unrealized +21.8%

NVT nVent Electric plc 0.0%

Value ($000) $545 Shares 5,340 Est. Cost $66.23 Unrealized +56.5%

ECL Ecolab 0.0%

Value ($000) $394 Shares 1,500 Est. Cost $151.74 Unrealized +75.1%

ALC Alcon 0.0%

Value ($000) $240 Shares 3,045 Est. Cost $58.66 Unrealized +31.3%

V Visa 0.0%

Value ($000) $480 Shares 1,369 Est. Cost $223.39 Unrealized +52.4%

SKM SK Telecom ADR 0.0%

Value ($000) $226 Shares 11,000 Est. Cost $19.51 Unrealized —

MA Mastercard, Class A 0.0%

Value ($000) $3,186 Shares 5,580 Est. Cost $332.00 Unrealized +68.4%

AON Aon PLC 0.0%

Value ($000) $702 Shares 1,989 Est. Cost $200.91 Unrealized +73.8%

NTRS Northern Trust 0.0%

Value ($000) $228 Shares 1,667 Est. Cost $100.50 Unrealized +30.1%

EXPO Exponent 0.0%

Value ($000) $278 Shares 4,000 Est. Cost $74.54 Unrealized -6.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet, Class A	1,440,160	$450,770	6.0%	$118.29	+141.4%	Common Stock	02079K305
ORCL	Oracle	943,724	$183,941	2.4%	$49.69	+379.1%	Common Stock	68389X105
AZO	AutoZone	40,931	$138,817	1.8%	$2489.34	+51.8%	Common Stock	053332102
ASML	ASML Holding NY	320,088	$342,449	4.5%	$79.11	—	Common Stock	N07059210
AAPL	Apple	1,786,099	$485,569	6.4%	$84.93	+216.0%	Common Stock	037833100
AZN	AstraZeneca ADS	1,635,207	$150,325	2.0%	$64.96	—	ADR	046353108
JCI	Johnson Controls International	2,631,693	$315,145	4.2%	$51.02	+125.0%	Common Stock	G51502105
AVGO	Broadcom Ltd	1,529,076	$529,213	7.0%	$153.30	+132.9%	Common Stock	11135F101
CSCO	Cisco Systems	1,742,310	$134,210	1.8%	$25.52	+189.2%	Common Stock	17275R102
TT	Trane	402,668	$156,718	2.1%	$151.44	+173.1%	Common Stock	G8994E103
ROK	Rockwell Automation	301,462	$117,290	1.6%	$67.20	+458.4%	Common Stock	773903109
ETN	Eaton Corp PLC	203,321	$64,760	0.9%	$225.60	+57.1%	Common Stock	G29183103
TJX	TJX Companies	1,228,549	$188,717	2.5%	$33.44	+341.7%	Common Stock	872540109
NVO	Novo Nordisk ADS	2,072,619	$105,455	1.4%	$79.05	—	ADR	670100205
KMB	Kimberly-Clark	301,117	$30,380	0.4%	$75.39	+43.8%	Common Stock	494368103
GPC	Genuine Parts	384,010	$47,218	0.6%	$54.12	+137.8%	Common Stock	372460105
SYK	Stryker	317,184	$111,481	1.5%	$60.66	+499.1%	Common Stock	863667101
TRMB	Trimble	1,688,095	$132,262	1.8%	$30.06	+165.1%	Common Stock	896239100
CHD	Church & Dwight	1,186,630	$99,499	1.3%	$34.94	+144.1%	Common Stock	171340102
ITW	Illinois Tool Works	306,443	$75,477	1.0%	$49.85	+396.6%	Common Stock	452308109
UPS	United Parcel Service, Cl B	305,245	$30,277	0.4%	$142.35	-34.8%	Common Stock	911312106
GWW	W.W. Grainger	81,994	$82,736	1.1%	$201.89	+379.9%	Common Stock	384802104
JNJ	Johnson & Johnson	180,902	$37,438	0.5%	$68.83	+186.2%	Common Stock	478160104
ABT	Abbott Laboratories	391,855	$49,096	0.7%	$33.21	+283.4%	Common Stock	002824100
SQM	Quimica y Minera Chile ADS	110,641	$7,612	0.1%	$51.53	—	ADR	833635105
NVS	Novartis ADS	312,662	$43,107	0.6%	$74.14	—	ADR	66987V109
B	Barrick Mining Corporation	212,261	$9,244	0.1%	$20.26	+84.7%	Common Stock	06849F108
CNI	Canadian National Railway	384,214	$37,980	0.5%	$43.32	+121.9%	Common Stock	136375102
NVDA	NVIDIA	2,229,598	$415,820	5.5%	$100.76	+84.7%	Common Stock	67066G104
RIO	Rio Tinto ADS	106,429	$8,518	0.1%	$64.29	—	ADR	767204100
LECO	Lincoln Electric Holdings	268,975	$64,457	0.9%	$60.59	+290.9%	Common Stock	533900106
NICE	NICE Systems ADR	18,892	$2,136	0.0%	$62.28	—	ADR	653656108
CL	Colgate-Palmolive	450,252	$35,579	0.5%	$47.65	+64.3%	Common Stock	194162103
FERG	Ferguson Enterprises Inc	239,074	$53,225	0.7%	$197.21	+20.7%	Common Stock	31488V107
JBL	Jabil Inc	29,500	$6,727	0.1%	$105.95	+101.3%	Common Stock	466313103
INFY	Infosys ADS	210,000	$3,742	0.0%	$19.07	—	ADR	456788108
FIX	Comfort Systems USA	2,256	$2,106	0.0%	$76.02	+1114.2%	Common Stock	199908104
ITRI	Itron	6,992	$649	0.0%	$103.73	+5.0%	Common Stock	465741106
CSW	CSW Industrials, Inc.	3,042	$893	0.0%	$74.30	+258.4%	Common Stock	126402106
GOOG	Alphabet inc., C	2,001	$628	0.0%	$176.37	+62.4%	Common Stock	02079K107
ZS	Zscaler	1,458	$328	0.0%	$158.33	+78.3%	Common Stock	98980G102
LMB	Limbach Holdings, Inc	5,145	$401	0.0%	$27.46	+199.8%	Common Stock	53263P105
MPWR	Monolithic Power Systems	6,781	$6,146	0.1%	$623.08	+54.2%	Common Stock	609839105
CB	Chubb	3,170	$989	0.0%	$139.24	+110.0%	Common Stock	H1467J104
—	Dynavax Technologies Corp	13,613	$209	0.0%	$12.77	—	Common Stock	268158201
AGX	Argan, Inc.	1,589	$498	0.0%	$78.01	+306.1%	Common Stock	04010E109
SONY	Sony ADS	20,000	$512	0.0%	$31.09	—	ADR	835699307
PWR	Quanta Services	7,150	$3,018	0.0%	$248.01	+77.1%	Common Stock	74762E102
PANW	Palo Alto Networks Inc.	2,584	$476	0.0%	$149.40	+35.0%	Common Stock	697435105
TD	Toronto-Dominion Bank	2,850	$268	0.0%	$65.26	+29.4%	Common Stock	891160509
NXPI	NXP Semiconductors	2,879	$625	0.0%	$106.71	+100.2%	Common Stock	N6596X109
JPM	JP Morgan Chase	3,873	$1,248	0.0%	$201.21	+53.8%	Common Stock	46625H100
D	Dominion Energy	12,413	$727	0.0%	$46.54	+28.4%	Common Stock	25746U109
MTRX	Matrix Service Company	17,606	$206	0.0%	$8.17	+53.7%	Common Stock	576853105
WFC	Wells Fargo	2,558	$238	0.0%	$71.15	+21.8%	Common Stock	949746101
NVT	nVent Electric plc	5,340	$545	0.0%	$66.23	+56.5%	Common Stock	G6700G107
ECL	Ecolab	1,500	$394	0.0%	$151.74	+75.1%	Common Stock	278865100
ALC	Alcon	3,045	$240	0.0%	$58.66	+31.3%	Common Stock	H01301128
V	Visa	1,369	$480	0.0%	$223.39	+52.4%	Common Stock	92826C839
SKM	SK Telecom ADR	11,000	$226	0.0%	$19.51	—	ADR	78440P306
MA	Mastercard, Class A	5,580	$3,186	0.0%	$332.00	+68.4%	Common Stock	57636Q104
AON	Aon PLC	1,989	$702	0.0%	$200.91	+73.8%	Common Stock	G0403H108
NTRS	Northern Trust	1,667	$228	0.0%	$100.50	+30.1%	Common Stock	665859104
EXPO	Exponent	4,000	$278	0.0%	$74.54	-6.0%	Common Stock	30214U102