Ramsay, Stattman, Vela & Price, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Alphabet Inc. Cl. A	41,712 (+1.5%)	$13,056 (+30.7%)	2.4%	$189.27	—	COM	02079k305
AMZN	Amazon.com	86,140 (+9.4%)	$19,883 (+15.0%)	3.6%	$156.59	+46.1%	COM	023135106
TMO	Thermo Fisher Scientific	15,508 (+2.2%)	$8,986 (+22.1%)	1.6%	$540.42	+4.6%	COM	883556102
—	Cisco Systems	88,809 (+1.9%)	$6,841 (+14.7%)	1.2%	$48.43	—	COM	17275r102
—	SPDR S&P 500	6,993 (+14.4%)	$4,769 (+17.1%)	0.9%	$290.27	—	COM	78462f103
ABT	Abbott Laboratories	110,587 (+2.6%)	$13,855 (-4.0%)	2.5%	$37.30	+241.3%	COM	002824100
BDX	Becton Dickinson	29,751 (+6.6%)	$5,774 (+10.6%)	1.0%	$118.02	+60.6%	COM	075887109
IJR	S&P Core Small-Cap iShares	15,316 (+21.6%)	$1,841 (+23.0%)	0.3%	$100.13	—	COM	464287804
VEA	Vanguare FTSE Devel. Mkts. ETF	25,632 (+4.4%)	$1,601 (+8.9%)	0.3%	$44.62	—	COM	921943858
—	Vanguard Shrt-Term Corp. Bond ETF	36,560 (+3.2%)	$2,915 (+2.9%)	0.5%	$79.58	—	COM	92206c409
SCHW	Charles Schwab Corp.	12,340 (+1.8%)	$1,233 (+6.5%)	0.2%	$73.72	+28.5%	COM	808513105
CVX	Chevron Corp.	43,995 (+2.8%)	$6,705 (+0.9%)	1.2%	$118.88	+27.4%	COM	166764100
VWO	Vanguare FTSE Emerg. Mkts. ETF	28,113 (+3.9%)	$1,511 (+3.1%)	0.3%	$42.21	—	COM	922042858
—	Adobe Inc.	12,325 (+1.4%)	$4,314 (+0.6%)	0.8%	$424.12	—	COM	00724f101
PG	Procter & Gamble	84,572 (+7.1%)	$12,120 (-0.1%)	2.2%	$81.07	+81.5%	COM	742718109

Exited Positions (1)

BMY Bristol-Myers Squibb 0.1%

Value ($000) $633 Shares 14,025 Est. Cost $57.71 Unrealized -17.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BMY	Bristol-Myers Squibb	14,025	$633	0.1%	$57.71	-17.6%	—	110122108

Decreased Positions (31)

FISV Fiserv, Inc. 0.2%

Value ($000) $835 (-92.3%) Shares 12,428 (-85.2%) Est. Cost $110.29 Unrealized -24.0%

— Alphabet Inc. Cl. C 5.5%

Value ($000) $30,468 (+23.5%) Shares 97,093 (-4.1%) Est. Cost $135.51 Unrealized —

AAPL Apple Inc. 8.1%

Value ($000) $45,206 (+4.2%) Shares 166,286 (-2.4%) Est. Cost $97.02 Unrealized +176.6%

ROP Roper Technologies 0.2%

Value ($000) $895 (-65.4%) Shares 2,011 (-61.3%) Est. Cost $557.81 Unrealized -17.1%

DHR Danaher Corp. 2.6%

Value ($000) $14,474 (+13.0%) Shares 63,226 (-2.1%) Est. Cost $48.55 Unrealized +352.2%

— Costco Wholesale 2.0%

Value ($000) $11,067 (-9.5%) Shares 12,834 (-2.8%) Est. Cost $497.83 Unrealized —

JNJ Johnson & Johnson 2.6%

Value ($000) $14,688 (+8.5%) Shares 70,975 (-2.8%) Est. Cost $83.09 Unrealized +137.1%

— Linde plc 1.3%

Value ($000) $7,209 (-12.0%) Shares 16,906 (-2.0%) Est. Cost $355.65 Unrealized —

— FedEx Corp. 0.8%

Value ($000) $4,574 (+19.0%) Shares 15,834 (-2.9%) Est. Cost $162.39 Unrealized —

APD Air Products 0.7%

Value ($000) $3,935 (-15.4%) Shares 15,928 (-6.6%) Est. Cost $262.71 Unrealized -4.2%

NKE Nike, Inc. 0.8%

Value ($000) $4,544 (-11.2%) Shares 71,326 (-2.8%) Est. Cost $42.19 Unrealized +53.8%

IWM Russell 2000 iShares 1.5%

Value ($000) $8,378 (-6.3%) Shares 34,034 (-7.9%) Est. Cost $100.01 Unrealized —

IJH S&P Core Mid-Cap iShares 1.6%

Value ($000) $9,113 (-4.8%) Shares 138,072 (-5.8%) Est. Cost $72.11 Unrealized —

BRK/B Berkshire Hathaway Cl. B 4.3%

Value ($000) $23,994 (-1.6%) Shares 47,735 (-1.5%) Est. Cost $131.65 Unrealized +277.9%

KO Coca-Cola Co. 1.7%

Value ($000) $9,715 (+3.7%) Shares 138,963 (-1.6%) Est. Cost $30.40 Unrealized +128.2%

— Merck & Co. 0.3%

Value ($000) $1,848 (+21.1%) Shares 17,560 (-3.4%) Est. Cost $80.32 Unrealized —

EFA MSCI EAFE iShares 1.0%

Value ($000) $5,673 (-4.7%) Shares 59,075 (-7.3%) Est. Cost $59.42 Unrealized —

SBUX Starbucks Corp. 0.9%

Value ($000) $5,152 (-4.8%) Shares 61,181 (-4.3%) Est. Cost $56.91 Unrealized +47.7%

NSRGY Nestle S.A. ADR 1.1%

Value ($000) $6,009 (+3.2%) Shares 60,828 (-4.1%) Est. Cost $77.91 Unrealized —

ASML ASML Holding N.V. 0.8%

Value ($000) $4,379 (+4.2%) Shares 4,093 (-5.7%) Est. Cost $784.30 Unrealized —

EEM MSCI Emerging Markets iShares 0.2%

Value ($000) $1,058 (-13.4%) Shares 19,346 (-15.5%) Est. Cost $44.06 Unrealized —

CL Colgate-Palmolive 0.6%

Value ($000) $3,485 (-4.5%) Shares 44,104 (-3.4%) Est. Cost $46.68 Unrealized +67.7%

MKC McCormick & Co. 0.7%

Value ($000) $3,659 (-4.0%) Shares 53,718 (-5.7%) Est. Cost $67.68 Unrealized -2.6%

— Diageo plc ADR 0.1%

Value ($000) $297 (-31.7%) Shares 3,437 (-24.4%) Est. Cost $119.39 Unrealized —

— IDEXX Laboratories 0.5%

Value ($000) $2,734 (+4.5%) Shares 4,041 (-1.3%) Est. Cost $526.05 Unrealized —

— RTX Corporation 0.3%

Value ($000) $1,479 (+7.1%) Shares 8,064 (-2.3%) Est. Cost $73.20 Unrealized —

— Zimmer Biomet 0.1%

Value ($000) $809 (-10.7%) Shares 8,996 (-2.2%) Est. Cost $105.52 Unrealized —

— Fortive Corp. 0.2%

Value ($000) $984 (+9.1%) Shares 17,830 (-3.2%) Est. Cost $53.85 Unrealized —

CAT Caterpillar Inc. 0.1%

Value ($000) $590 (+15.6%) Shares 1,030 (-3.7%) Est. Cost $146.00 Unrealized +280.5%

IVV Core S&P 500 iShares 0.0%

Value ($000) $227 (-18.0%) Shares 331 (-19.9%) Est. Cost $549.13 Unrealized —

RAL Ralliant Corp. 0.0%

Value ($000) $225 (-15.7%) Shares 4,416 (-27.6%) Est. Cost $49.24 Unrealized -4.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	Fiserv, Inc.	12,428 (-85.2%)	$835 (-92.3%)	0.2%	$110.29	-24.0%	COM	337738108
—	Alphabet Inc. Cl. C	97,093 (-4.1%)	$30,468 (+23.5%)	5.5%	$135.51	—	COM	02079k107
AAPL	Apple Inc.	166,286 (-2.4%)	$45,206 (+4.2%)	8.1%	$97.02	+176.6%	COM	037833100
ROP	Roper Technologies	2,011 (-61.3%)	$895 (-65.4%)	0.2%	$557.81	-17.1%	COM	776696106
DHR	Danaher Corp.	63,226 (-2.1%)	$14,474 (+13.0%)	2.6%	$48.55	+352.2%	COM	235851102
—	Costco Wholesale	12,834 (-2.8%)	$11,067 (-9.5%)	2.0%	$497.83	—	COM	22160k105
JNJ	Johnson & Johnson	70,975 (-2.8%)	$14,688 (+8.5%)	2.6%	$83.09	+137.1%	COM	478160104
—	Linde plc	16,906 (-2.0%)	$7,209 (-12.0%)	1.3%	$355.65	—	COM	g54950103
—	FedEx Corp.	15,834 (-2.9%)	$4,574 (+19.0%)	0.8%	$162.39	—	COM	31428x106
APD	Air Products	15,928 (-6.6%)	$3,935 (-15.4%)	0.7%	$262.71	-4.2%	COM	009158106
NKE	Nike, Inc.	71,326 (-2.8%)	$4,544 (-11.2%)	0.8%	$42.19	+53.8%	COM	654106103
IWM	Russell 2000 iShares	34,034 (-7.9%)	$8,378 (-6.3%)	1.5%	$100.01	—	COM	464287655
IJH	S&P Core Mid-Cap iShares	138,072 (-5.8%)	$9,113 (-4.8%)	1.6%	$72.11	—	COM	464287507
BRK/B	Berkshire Hathaway Cl. B	47,735 (-1.5%)	$23,994 (-1.6%)	4.3%	$131.65	+277.9%	COM	084670702
KO	Coca-Cola Co.	138,963 (-1.6%)	$9,715 (+3.7%)	1.7%	$30.40	+128.2%	COM	191216100
—	Merck & Co.	17,560 (-3.4%)	$1,848 (+21.1%)	0.3%	$80.32	—	COM	58933y105
EFA	MSCI EAFE iShares	59,075 (-7.3%)	$5,673 (-4.7%)	1.0%	$59.42	—	COM	464287465
SBUX	Starbucks Corp.	61,181 (-4.3%)	$5,152 (-4.8%)	0.9%	$56.91	+47.7%	COM	855244109
NSRGY	Nestle S.A. ADR	60,828 (-4.1%)	$6,009 (+3.2%)	1.1%	$77.91	—	COM	641069406
ASML	ASML Holding N.V.	4,093 (-5.7%)	$4,379 (+4.2%)	0.8%	$784.30	—	COM	N07059210
EEM	MSCI Emerging Markets iShares	19,346 (-15.5%)	$1,058 (-13.4%)	0.2%	$44.06	—	COM	464287234
CL	Colgate-Palmolive	44,104 (-3.4%)	$3,485 (-4.5%)	0.6%	$46.68	+67.7%	COM	194162103
MKC	McCormick & Co.	53,718 (-5.7%)	$3,659 (-4.0%)	0.7%	$67.68	-2.6%	COM	579780206
—	Diageo plc ADR	3,437 (-24.4%)	$297 (-31.7%)	0.1%	$119.39	—	COM	25243q205
—	IDEXX Laboratories	4,041 (-1.3%)	$2,734 (+4.5%)	0.5%	$526.05	—	COM	45168d104
—	RTX Corporation	8,064 (-2.3%)	$1,479 (+7.1%)	0.3%	$73.20	—	COM	75513e101
—	Zimmer Biomet	8,996 (-2.2%)	$809 (-10.7%)	0.1%	$105.52	—	COM	98956p102
—	Fortive Corp.	17,830 (-3.2%)	$984 (+9.1%)	0.2%	$53.85	—	COM	34959j108
CAT	Caterpillar Inc.	1,030 (-3.7%)	$590 (+15.6%)	0.1%	$146.00	+280.5%	COM	149123101
IVV	Core S&P 500 iShares	331 (-19.9%)	$227 (-18.0%)	0.0%	$549.13	—	COM	464287200
RAL	Ralliant Corp.	4,416 (-27.6%)	$225 (-15.7%)	0.0%	$49.24	-4.8%	COM	750940108

Unchanged Positions (32)

MSFT Microsoft Corp. 9.2%

Value ($000) $50,924 Shares 105,297 Est. Cost $114.65 Unrealized +336.6%

ADP Automatic Data Proc. 2.6%

Value ($000) $14,185 Shares 55,144 Est. Cost $71.41 Unrealized +270.9%

HD Home Depot Inc. 2.1%

Value ($000) $11,742 Shares 34,123 Est. Cost $270.22 Unrealized +34.9%

AMAT Applied Materials 1.2%

Value ($000) $6,417 Shares 24,970 Est. Cost $129.71 Unrealized +84.6%

SYK Stryker Corp. 3.0%

Value ($000) $16,825 Shares 47,869 Est. Cost $89.70 Unrealized +305.2%

ITW Illinois Tool Works 2.2%

Value ($000) $12,234 Shares 49,673 Est. Cost $63.05 Unrealized +292.7%

— Visa Inc. 3.5%

Value ($000) $19,294 Shares 55,014 Est. Cost $130.28 Unrealized —

PANW Palo Alto Networks 1.0%

Value ($000) $5,336 Shares 28,970 Est. Cost $138.24 Unrealized +45.9%

AMD Advanced Micro Devices 0.2%

Value ($000) $1,158 Shares 5,405 Est. Cost $119.62 Unrealized +87.8%

— Nvidia Corp. 5.8%

Value ($000) $31,936 Shares 171,237 Est. Cost $139.85 Unrealized —

XOM Exxon Mobil Corp. 0.5%

Value ($000) $2,947 Shares 24,485 Est. Cost $54.52 Unrealized +111.8%

PEP PepsiCo, Inc. 2.2%

Value ($000) $12,404 Shares 86,426 Est. Cost $82.11 Unrealized +77.7%

EMR Emerson Electric 1.8%

Value ($000) $10,076 Shares 75,922 Est. Cost $47.35 Unrealized +179.5%

PNC PNC Financial Services 0.4%

Value ($000) $2,087 Shares 10,000 Est. Cost $174.10 Unrealized +10.7%

URI United Rentals 0.1%

Value ($000) $425 Shares 525 Est. Cost $682.18 Unrealized +27.1%

WMT Walmart Inc. 0.2%

Value ($000) $1,046 Shares 9,385 Est. Cost $44.39 Unrealized +141.5%

— JPMorgan Chase 0.6%

Value ($000) $3,182 Shares 9,875 Est. Cost $122.45 Unrealized —

— Tesla Inc. 1.0%

Value ($000) $5,412 Shares 12,035 Est. Cost $534.47 Unrealized —

T AT&T Inc. 0.1%

Value ($000) $363 Shares 14,610 Est. Cost $12.97 Unrealized +94.9%

AXP American Express Co. 0.1%

Value ($000) $453 Shares 1,225 Est. Cost $292.46 Unrealized +22.1%

EL Estee Lauder Cos. Cl. A 0.1%

Value ($000) $285 Shares 2,720 Est. Cost $274.96 Unrealized -64.8%

DIS Walt Disney Co. 1.1%

Value ($000) $5,923 Shares 52,062 Est. Cost $102.86 Unrealized +6.5%

— Xcel Energy 0.0%

Value ($000) $212 Shares 2,870 Est. Cost $67.46 Unrealized —

VO Vanguard Mid-Cap ETF 0.3%

Value ($000) $1,443 Shares 4,973 Est. Cost $123.50 Unrealized —

— Vanguard Info. Technology ETF 0.2%

Value ($000) $1,386 Shares 1,839 Est. Cost $74.00 Unrealized —

ITA U.S. Aerospace & Defense iShar 0.1%

Value ($000) $301 Shares 1,400 Est. Cost $149.64 Unrealized —

AVUS Avantis US Equity ETF 0.0%

Value ($000) $276 Shares 2,466 Est. Cost $95.15 Unrealized —

VTIP Vanguard Short-Term Infl. Prot. ETF 0.0%

Value ($000) $255 Shares 5,165 Est. Cost $48.71 Unrealized —

VOO Vanguard S&P 500 ETF 0.0%

Value ($000) $233 Shares 372 Est. Cost $351.34 Unrealized —

MCD McDonald's Corp. 0.4%

Value ($000) $2,289 Shares 7,490 Est. Cost $202.18 Unrealized +50.9%

TTWO Take-Two Interactive Software 0.1%

Value ($000) $384 Shares 1,500 Est. Cost $130.75 Unrealized +90.7%

— Global X S&P 500 Catholic Valu 0.0%

Value ($000) $231 Shares 2,810 Est. Cost $81.06 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp.	105,297	$50,924	9.2%	$114.65	+336.6%	COM	594918104
ADP	Automatic Data Proc.	55,144	$14,185	2.6%	$71.41	+270.9%	COM	053015103
HD	Home Depot Inc.	34,123	$11,742	2.1%	$270.22	+34.9%	COM	437076102
AMAT	Applied Materials	24,970	$6,417	1.2%	$129.71	+84.6%	COM	038222105
SYK	Stryker Corp.	47,869	$16,825	3.0%	$89.70	+305.2%	COM	863667101
ITW	Illinois Tool Works	49,673	$12,234	2.2%	$63.05	+292.7%	COM	452308109
—	Visa Inc.	55,014	$19,294	3.5%	$130.28	—	COM	92826c839
PANW	Palo Alto Networks	28,970	$5,336	1.0%	$138.24	+45.9%	COM	697435105
AMD	Advanced Micro Devices	5,405	$1,158	0.2%	$119.62	+87.8%	COM	007903107
—	Nvidia Corp.	171,237	$31,936	5.8%	$139.85	—	COM	67066g104
XOM	Exxon Mobil Corp.	24,485	$2,947	0.5%	$54.52	+111.8%	COM	30231G102
PEP	PepsiCo, Inc.	86,426	$12,404	2.2%	$82.11	+77.7%	COM	713448108
EMR	Emerson Electric	75,922	$10,076	1.8%	$47.35	+179.5%	COM	291011104
PNC	PNC Financial Services	10,000	$2,087	0.4%	$174.10	+10.7%	COM	693475105
URI	United Rentals	525	$425	0.1%	$682.18	+27.1%	COM	911363109
WMT	Walmart Inc.	9,385	$1,046	0.2%	$44.39	+141.5%	COM	931142103
—	JPMorgan Chase	9,875	$3,182	0.6%	$122.45	—	COM	46625h100
—	Tesla Inc.	12,035	$5,412	1.0%	$534.47	—	COM	88160r101
T	AT&T Inc.	14,610	$363	0.1%	$12.97	+94.9%	COM	00206R102
AXP	American Express Co.	1,225	$453	0.1%	$292.46	+22.1%	COM	025816109
EL	Estee Lauder Cos. Cl. A	2,720	$285	0.1%	$274.96	-64.8%	COM	518439104
DIS	Walt Disney Co.	52,062	$5,923	1.1%	$102.86	+6.5%	COM	254687106
—	Xcel Energy	2,870	$212	0.0%	$67.46	—	COM	98389b100
VO	Vanguard Mid-Cap ETF	4,973	$1,443	0.3%	$123.50	—	COM	922908629
—	Vanguard Info. Technology ETF	1,839	$1,386	0.2%	$74.00	—	COM	92204a702
ITA	U.S. Aerospace & Defense iShar	1,400	$301	0.1%	$149.64	—	COM	464288760
AVUS	Avantis US Equity ETF	2,466	$276	0.0%	$95.15	—	COM	025072885
VTIP	Vanguard Short-Term Infl. Prot. ETF	5,165	$255	0.0%	$48.71	—	COM	922020805
VOO	Vanguard S&P 500 ETF	372	$233	0.0%	$351.34	—	COM	922908363
MCD	McDonald's Corp.	7,490	$2,289	0.4%	$202.18	+50.9%	COM	580135101
TTWO	Take-Two Interactive Software	1,500	$384	0.1%	$130.75	+90.7%	COM	874054109
—	Global X S&P 500 Catholic Valu	2,810	$231	0.0%	$81.06	—	COM	37954y889