M. Kraus & Co Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBM	IBM	7,948 (+41.0%)	$2,354 (+48.0%)	0.7%	$161.43	+85.1%	COM	459200101
—	Verizon Communications	64,630 (+21.1%)	$2,632 (+12.2%)	0.7%	$53.11	—	COM	92343v104
—	Netflix Inc.	2,610 (+900.0%)	$245 (-21.8%)	0.1%	$173.52	—	COM	64110l106
DUK	Duke Energy	2,312 (+3.7%)	$271 (-1.8%)	0.1%	$91.19	+33.3%	COM	26441C204

Exited Positions (2)

KMB Kimberly-Clark 0.1%

Value ($000) $245 Shares 1,973 Est. Cost $115.47 Unrealized -6.1%

SYK Stryker Corp. 0.1%

Value ($000) $228 Shares 618 Est. Cost $330.34 Unrealized +10.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KMB	Kimberly-Clark	1,973	$245	0.1%	$115.47	-6.1%	—	494368103
SYK	Stryker Corp.	618	$228	0.1%	$330.34	+10.0%	—	863667101

Decreased Positions (23)

FISV Fiserv, Inc. 0.5%

Value ($000) $1,835 (-69.1%) Shares 27,326 (-40.8%) Est. Cost $114.16 Unrealized -26.5%

MDLZ Mondelez International 1.7%

Value ($000) $6,114 (-16.4%) Shares 113,584 (-2.9%) Est. Cost $30.44 Unrealized +87.5%

CARR Carrier Global Corp 2.1%

Value ($000) $7,464 (-12.6%) Shares 141,263 (-1.3%) Est. Cost $19.64 Unrealized +182.8%

LIN Linde Plc 1.8%

Value ($000) $6,580 (-11.3%) Shares 15,432 (-1.2%) Est. Cost $330.71 Unrealized +29.2%

ITW Illinois Tool Works 2.6%

Value ($000) $9,378 (-7.1%) Shares 38,075 (-1.7%) Est. Cost $70.75 Unrealized +249.9%

PG Procter & Gamble 2.3%

Value ($000) $8,169 (-8.0%) Shares 57,001 (-1.4%) Est. Cost $68.98 Unrealized +113.4%

RSG Republic Services, Inc. 1.0%

Value ($000) $3,410 (-14.9%) Shares 16,090 (-7.8%) Est. Cost $234.91 Unrealized -8.7%

CHD Church & Dwight Co. 2.3%

Value ($000) $8,398 (-5.3%) Shares 100,150 (-1.0%) Est. Cost $38.09 Unrealized +123.8%

— Adobe Systems Inc. 0.6%

Value ($000) $2,121 (-16.9%) Shares 6,061 (-16.2%) Est. Cost $442.91 Unrealized —

ACN Accenture PLC 0.9%

Value ($000) $3,374 (-10.0%) Shares 12,574 (-17.3%) Est. Cost $330.06 Unrealized -23.0%

— Berkshire Hathaway - B 6.1%

Value ($000) $22,012 (-1.6%) Shares 43,791 (-1.6%) Est. Cost $210.62 Unrealized —

LLY Lilly, Eli 0.3%

Value ($000) $995 (+35.9%) Shares 926 (-3.5%) Est. Cost $322.03 Unrealized +196.7%

AMGN Amgen 0.2%

Value ($000) $797 (-22.4%) Shares 2,436 (-33.1%) Est. Cost $207.28 Unrealized +52.4%

DIS Disney, Walt 0.6%

Value ($000) $2,328 (-7.6%) Shares 20,461 (-7.0%) Est. Cost $127.84 Unrealized -14.3%

ORCL Oracle Corporation 0.1%

Value ($000) $382 (-33.3%) Shares 1,959 (-3.7%) Est. Cost $112.35 Unrealized +111.9%

MCHP MicrochipTechnology 1.6%

Value ($000) $5,700 (-2.3%) Shares 89,460 (-1.5%) Est. Cost $57.66 Unrealized +6.4%

OTIS Otis Worldwide Corp 0.6%

Value ($000) $2,124 (-5.6%) Shares 24,316 (-1.2%) Est. Cost $53.86 Unrealized +65.7%

BDX Becton, Dickinson 0.7%

Value ($000) $2,420 (-3.3%) Shares 12,468 (-6.8%) Est. Cost $240.97 Unrealized -21.3%

PAYX Paychex, Inc. 0.1%

Value ($000) $317 (-14.8%) Shares 2,824 (-3.7%) Est. Cost $77.31 Unrealized +50.7%

PEP PepsiCo Inc. 2.1%

Value ($000) $7,585 (+0.5%) Shares 52,850 (-1.6%) Est. Cost $72.96 Unrealized +100.0%

— NVIDIA Corp. 0.3%

Value ($000) $1,215 (-3.0%) Shares 6,515 (-3.0%) Est. Cost $152.79 Unrealized —

PFE Pfizer, Inc. 0.1%

Value ($000) $444 (-5.7%) Shares 17,839 (-3.5%) Est. Cost $19.33 Unrealized +29.5%

DCI Donaldson Company 0.1%

Value ($000) $293 (+3.9%) Shares 3,304 (-4.0%) Est. Cost $33.30 Unrealized +159.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	Fiserv, Inc.	27,326 (-40.8%)	$1,835 (-69.1%)	0.5%	$114.16	-26.5%	COM	337738108
MDLZ	Mondelez International	113,584 (-2.9%)	$6,114 (-16.4%)	1.7%	$30.44	+87.5%	COM	609207105
CARR	Carrier Global Corp	141,263 (-1.3%)	$7,464 (-12.6%)	2.1%	$19.64	+182.8%	COM	14448C104
LIN	Linde Plc	15,432 (-1.2%)	$6,580 (-11.3%)	1.8%	$330.71	+29.2%	COM	G54950103
ITW	Illinois Tool Works	38,075 (-1.7%)	$9,378 (-7.1%)	2.6%	$70.75	+249.9%	COM	452308109
PG	Procter & Gamble	57,001 (-1.4%)	$8,169 (-8.0%)	2.3%	$68.98	+113.4%	COM	742718109
RSG	Republic Services, Inc.	16,090 (-7.8%)	$3,410 (-14.9%)	1.0%	$234.91	-8.7%	COM	760759100
CHD	Church & Dwight Co.	100,150 (-1.0%)	$8,398 (-5.3%)	2.3%	$38.09	+123.8%	COM	171340102
—	Adobe Systems Inc.	6,061 (-16.2%)	$2,121 (-16.9%)	0.6%	$442.91	—	COM	00724f101
ACN	Accenture PLC	12,574 (-17.3%)	$3,374 (-10.0%)	0.9%	$330.06	-23.0%	COM	G1151C101
—	Berkshire Hathaway - B	43,791 (-1.6%)	$22,012 (-1.6%)	6.1%	$210.62	—	COM	846702074
LLY	Lilly, Eli	926 (-3.5%)	$995 (+35.9%)	0.3%	$322.03	+196.7%	COM	532457108
AMGN	Amgen	2,436 (-33.1%)	$797 (-22.4%)	0.2%	$207.28	+52.4%	COM	031162100
DIS	Disney, Walt	20,461 (-7.0%)	$2,328 (-7.6%)	0.6%	$127.84	-14.3%	COM	254687106
ORCL	Oracle Corporation	1,959 (-3.7%)	$382 (-33.3%)	0.1%	$112.35	+111.9%	COM	68389X105
MCHP	MicrochipTechnology	89,460 (-1.5%)	$5,700 (-2.3%)	1.6%	$57.66	+6.4%	COM	595017104
OTIS	Otis Worldwide Corp	24,316 (-1.2%)	$2,124 (-5.6%)	0.6%	$53.86	+65.7%	COM	68902V107
BDX	Becton, Dickinson	12,468 (-6.8%)	$2,420 (-3.3%)	0.7%	$240.97	-21.3%	COM	075887109
PAYX	Paychex, Inc.	2,824 (-3.7%)	$317 (-14.8%)	0.1%	$77.31	+50.7%	COM	704326107
PEP	PepsiCo Inc.	52,850 (-1.6%)	$7,585 (+0.5%)	2.1%	$72.96	+100.0%	COM	713448108
—	NVIDIA Corp.	6,515 (-3.0%)	$1,215 (-3.0%)	0.3%	$152.79	—	COM	67066g104
PFE	Pfizer, Inc.	17,839 (-3.5%)	$444 (-5.7%)	0.1%	$19.33	+29.5%	COM	717081103
DCI	Donaldson Company	3,304 (-4.0%)	$293 (+3.9%)	0.1%	$33.30	+159.5%	COM	257651109

Unchanged Positions (54)

GOOG Alphabet Inc. Class C 8.9%

Value ($000) $31,898 Shares 101,651 Est. Cost $112.44 Unrealized +154.6%

MSFT Microsoft Corp. 10.1%

Value ($000) $36,248 Shares 74,952 Est. Cost $44.66 Unrealized +1020.8%

TMO Thermo Fisher Scientific 4.8%

Value ($000) $17,198 Shares 29,680 Est. Cost $97.72 Unrealized +478.3%

CSCO Cisco Systems Inc. 3.3%

Value ($000) $11,796 Shares 153,139 Est. Cost $19.72 Unrealized +274.1%

ROK Rockwell Automation 3.5%

Value ($000) $12,509 Shares 32,152 Est. Cost $102.14 Unrealized +267.4%

RTX RTX Corporation 4.0%

Value ($000) $14,340 Shares 78,188 Est. Cost $57.94 Unrealized +199.2%

JNJ Johnson & Johnson 2.9%

Value ($000) $10,235 Shares 49,457 Est. Cost $83.35 Unrealized +136.4%

ABT Abbott Laboratories 2.7%

Value ($000) $9,492 Shares 75,760 Est. Cost $36.21 Unrealized +251.5%

LHX L3 Harris Technologies 3.9%

Value ($000) $13,972 Shares 47,593 Est. Cost $180.64 Unrealized +59.7%

NSC Norfolk Southern 3.4%

Value ($000) $12,224 Shares 42,339 Est. Cost $73.03 Unrealized +295.2%

— NextEra Energy, Inc. 3.0%

Value ($000) $10,713 Shares 133,445 Est. Cost $79.48 Unrealized —

AAPL Apple Inc. 2.0%

Value ($000) $7,260 Shares 26,704 Est. Cost $143.95 Unrealized +86.4%

GOOGL Alphabet Inc. Class A 0.6%

Value ($000) $1,991 Shares 6,361 Est. Cost $109.31 Unrealized +161.3%

ECL Ecolab Inc. 2.7%

Value ($000) $9,695 Shares 36,931 Est. Cost $103.62 Unrealized +156.4%

ENB Enbridge Inc. 1.9%

Value ($000) $6,832 Shares 142,848 Est. Cost $27.25 Unrealized +72.9%

AVGO Broadcom Inc 2.3%

Value ($000) $8,160 Shares 23,577 Est. Cost $179.53 Unrealized +98.9%

MRK Merck & Co Inc. 0.3%

Value ($000) $1,096 Shares 10,408 Est. Cost $54.23 Unrealized +71.9%

— Eaton Corporation 0.3%

Value ($000) $1,185 Shares 3,719 Est. Cost $311.23 Unrealized —

HD Home Depot 0.2%

Value ($000) $846 Shares 2,459 Est. Cost $228.80 Unrealized +59.3%

— AbbVie Inc. 2.5%

Value ($000) $8,968 Shares 39,248 Est. Cost $64.98 Unrealized —

— SPDR Gold Trust 0.3%

Value ($000) $1,135 Shares 2,865 Est. Cost $127.10 Unrealized —

AMZN Amazon.com, Inc. 0.6%

Value ($000) $2,173 Shares 9,413 Est. Cost $128.13 Unrealized +78.6%

COST Costco Companies, Inc. 0.2%

Value ($000) $707 Shares 820 Est. Cost $397.05 Unrealized +128.1%

DOV Dover Corp. 0.1%

Value ($000) $342 Shares 1,750 Est. Cost $99.71 Unrealized +82.4%

WMT Walmart Inc 0.2%

Value ($000) $661 Shares 5,929 Est. Cost $51.65 Unrealized +107.5%

— J.P. Morgan Chase 0.8%

Value ($000) $2,820 Shares 8,752 Est. Cost $101.87 Unrealized —

XOM Exxon Mobil 0.2%

Value ($000) $576 Shares 4,789 Est. Cost $72.71 Unrealized +58.8%

— American Express Co. 0.1%

Value ($000) $309 Shares 836 Est. Cost $227.69 Unrealized —

— Altria Group Inc. 0.1%

Value ($000) $208 Shares 3,600 Est. Cost $60.02 Unrealized —

VGT Vanguard Info Tech Index ETF 0.1%

Value ($000) $468 Shares 3,409 Est. Cost $128.91 Unrealized —

CVX Chevron Corp 0.4%

Value ($000) $1,477 Shares 9,689 Est. Cost $82.86 Unrealized +82.7%

HON Honeywell International 0.1%

Value ($000) $339 Shares 1,739 Est. Cost $166.83 Unrealized +16.9%

TJX TJX Companies 0.1%

Value ($000) $440 Shares 2,866 Est. Cost $75.64 Unrealized +95.3%

KO Coca-Cola 0.1%

Value ($000) $482 Shares 6,888 Est. Cost $41.73 Unrealized +66.3%

META Meta Platforms Inc Class A 0.1%

Value ($000) $215 Shares 325 Est. Cost $621.68 Unrealized +7.3%

WFC Wells Fargo 0.1%

Value ($000) $237 Shares 2,539 Est. Cost $71.15 Unrealized +21.8%

— ConocoPhillips 0.5%

Value ($000) $1,829 Shares 19,536 Est. Cost $62.39 Unrealized —

— Visa, Inc. 0.2%

Value ($000) $585 Shares 1,668 Est. Cost $203.37 Unrealized —

IWM iShares Russell 2000 ETF 0.2%

Value ($000) $720 Shares 2,925 Est. Cost $216.80 Unrealized —

— FlexShares Quality Dividend In 0.2%

Value ($000) $646 Shares 8,000 Est. Cost $55.29 Unrealized —

VTI Vanguard Total Stock Mkt ETF 0.1%

Value ($000) $488 Shares 1,455 Est. Cost $289.76 Unrealized —

— Midcap SPDR Trust Series 1 0.2%

Value ($000) $830 Shares 1,375 Est. Cost $480.85 Unrealized —

— 3M Company 0.1%

Value ($000) $315 Shares 1,965 Est. Cost $161.08 Unrealized —

UNP Union Pacific Corp. 0.1%

Value ($000) $403 Shares 1,744 Est. Cost $152.08 Unrealized +49.5%

IVW iShares S&P 500 Growth ETF 0.1%

Value ($000) $370 Shares 3,000 Est. Cost $70.48 Unrealized —

SPY SPDR S&P 500 ETF 0.1%

Value ($000) $290 Shares 426 Est. Cost $534.62 Unrealized —

VOO Vanguard S&P 500 ETF 0.1%

Value ($000) $282 Shares 450 Est. Cost $307.89 Unrealized —

VUG Vanguard Growth Index Fund ETF 0.1%

Value ($000) $260 Shares 532 Est. Cost $438.40 Unrealized —

GD General Dynamics 0.1%

Value ($000) $305 Shares 906 Est. Cost $228.84 Unrealized +49.0%

MCD McDonald's Corp. 0.2%

Value ($000) $679 Shares 2,222 Est. Cost $201.91 Unrealized +51.1%

PM Philip Morris Int'l 0.1%

Value ($000) $304 Shares 1,895 Est. Cost $81.30 Unrealized +88.9%

— MasterCard Inc. 0.2%

Value ($000) $874 Shares 1,531 Est. Cost $254.06 Unrealized —

— Yum! Brands, Inc. 0.1%

Value ($000) $339 Shares 2,242 Est. Cost $87.04 Unrealized —

— GoLogiq Inc - Restricted Share 0.0%

Value ($000) $0 Shares 17,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc. Class C	101,651	$31,898	8.9%	$112.44	+154.6%	COM	02079K107
MSFT	Microsoft Corp.	74,952	$36,248	10.1%	$44.66	+1020.8%	COM	594918104
TMO	Thermo Fisher Scientific	29,680	$17,198	4.8%	$97.72	+478.3%	COM	883556102
CSCO	Cisco Systems Inc.	153,139	$11,796	3.3%	$19.72	+274.1%	COM	17275R102
ROK	Rockwell Automation	32,152	$12,509	3.5%	$102.14	+267.4%	COM	773903109
RTX	RTX Corporation	78,188	$14,340	4.0%	$57.94	+199.2%	COM	75513E101
JNJ	Johnson & Johnson	49,457	$10,235	2.9%	$83.35	+136.4%	COM	478160104
ABT	Abbott Laboratories	75,760	$9,492	2.7%	$36.21	+251.5%	COM	002824100
LHX	L3 Harris Technologies	47,593	$13,972	3.9%	$180.64	+59.7%	COM	502431109
NSC	Norfolk Southern	42,339	$12,224	3.4%	$73.03	+295.2%	COM	655844108
—	NextEra Energy, Inc.	133,445	$10,713	3.0%	$79.48	—	COM	65339f101
AAPL	Apple Inc.	26,704	$7,260	2.0%	$143.95	+86.4%	COM	037833100
GOOGL	Alphabet Inc. Class A	6,361	$1,991	0.6%	$109.31	+161.3%	COM	02079K305
ECL	Ecolab Inc.	36,931	$9,695	2.7%	$103.62	+156.4%	COM	278865100
ENB	Enbridge Inc.	142,848	$6,832	1.9%	$27.25	+72.9%	COM	29250N105
AVGO	Broadcom Inc	23,577	$8,160	2.3%	$179.53	+98.9%	COM	11135F101
MRK	Merck & Co Inc.	10,408	$1,096	0.3%	$54.23	+71.9%	COM	58933Y105
—	Eaton Corporation	3,719	$1,185	0.3%	$311.23	—	COM	278058102
HD	Home Depot	2,459	$846	0.2%	$228.80	+59.3%	COM	437076102
—	AbbVie Inc.	39,248	$8,968	2.5%	$64.98	—	COM	00287y109
—	SPDR Gold Trust	2,865	$1,135	0.3%	$127.10	—	ETF	78463v107
AMZN	Amazon.com, Inc.	9,413	$2,173	0.6%	$128.13	+78.6%	COM	023135106
COST	Costco Companies, Inc.	820	$707	0.2%	$397.05	+128.1%	COM	22160K105
DOV	Dover Corp.	1,750	$342	0.1%	$99.71	+82.4%	COM	260003108
WMT	Walmart Inc	5,929	$661	0.2%	$51.65	+107.5%	COM	931142103
—	J.P. Morgan Chase	8,752	$2,820	0.8%	$101.87	—	COM	46625h100
XOM	Exxon Mobil	4,789	$576	0.2%	$72.71	+58.8%	COM	30231G102
—	American Express Co.	836	$309	0.1%	$227.69	—	COM	258161090
—	Altria Group Inc.	3,600	$208	0.1%	$60.02	—	COM	02209s103
VGT	Vanguard Info Tech Index ETF	3,409	$468	0.1%	$128.91	—	ETF	92204A702
CVX	Chevron Corp	9,689	$1,477	0.4%	$82.86	+82.7%	COM	166764100
HON	Honeywell International	1,739	$339	0.1%	$166.83	+16.9%	COM	438516106
TJX	TJX Companies	2,866	$440	0.1%	$75.64	+95.3%	COM	872540109
KO	Coca-Cola	6,888	$482	0.1%	$41.73	+66.3%	COM	191216100
META	Meta Platforms Inc Class A	325	$215	0.1%	$621.68	+7.3%	COM	30303M102
WFC	Wells Fargo	2,539	$237	0.1%	$71.15	+21.8%	COM	949746101
—	ConocoPhillips	19,536	$1,829	0.5%	$62.39	—	COM	20825c104
—	Visa, Inc.	1,668	$585	0.2%	$203.37	—	COM	92826c839
IWM	iShares Russell 2000 ETF	2,925	$720	0.2%	$216.80	—	ETF	464287655
—	FlexShares Quality Dividend In	8,000	$646	0.2%	$55.29	—	ETF	33939l860
VTI	Vanguard Total Stock Mkt ETF	1,455	$488	0.1%	$289.76	—	ETF	922908769
—	Midcap SPDR Trust Series 1	1,375	$830	0.2%	$480.85	—	ETF	78467y107
—	3M Company	1,965	$315	0.1%	$161.08	—	COM	88579y101
UNP	Union Pacific Corp.	1,744	$403	0.1%	$152.08	+49.5%	COM	907818108
IVW	iShares S&P 500 Growth ETF	3,000	$370	0.1%	$70.48	—	ETF	464287309
SPY	SPDR S&P 500 ETF	426	$290	0.1%	$534.62	—	ETF	78462F103
VOO	Vanguard S&P 500 ETF	450	$282	0.1%	$307.89	—	ETF	922908363
VUG	Vanguard Growth Index Fund ETF	532	$260	0.1%	$438.40	—	ETF	922908736
GD	General Dynamics	906	$305	0.1%	$228.84	+49.0%	COM	369550108
MCD	McDonald's Corp.	2,222	$679	0.2%	$201.91	+51.1%	COM	580135101
PM	Philip Morris Int'l	1,895	$304	0.1%	$81.30	+88.9%	COM	718172109
—	MasterCard Inc.	1,531	$874	0.2%	$254.06	—	COM	57636q104
—	Yum! Brands, Inc.	2,242	$339	0.1%	$87.04	—	COM	988498810
—	GoLogiq Inc - Restricted Share	17,000	$0	0.0%	—	—	COM	361999337