Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RSP	INVESCO EXCHANGE TRADED FD T	9,210	$1.978M	0.7%	$214.74	—	S&P500 EQL WGT	46137V357
HON	HONEYWELL TECHNOLOGIES INC	8,000	$1.791M	0.6%	$223.90	—	COM	438516205
HONA	HONEYWELL AEROSPACE INC	8,000	$1.769M	0.6%	$221.08	—	COM	43849R105
IWM	ISHARES TR	4,330	$1.307M	0.4%	$301.91	—	RUSSELL 2000 ETF	464287655
ANET	ARISTA NETWORKS INC	7,370	$1.246M	0.4%	$169.05	—	COM	040413205
FERG	FERGUSON ENTERPRISES INC	4,600	$1.079M	0.4%	$234.58	—	COM	31488V107

Increased Positions (1)

AXON AXON ENTERPRISE INC 0.7%

Value $2.046M (+184.3%) Shares 3,390 (+100.0%) Est. Cost $565.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AXON	AXON ENTERPRISE INC	3,390 (+100.0%)	$2.046M (+184.3%)	0.7%	$565.20	—	COM	05464C101

Exited Positions (2)

HON HONEYWELL INTL INC 1.2%

Value $3.616M Shares 16,000 Est. Cost $60.82 Unrealized —

ADBE ADOBE SYSTEMS INC 0.4%

Value $1.185M Shares 4,875 Est. Cost $86.68 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTL INC	16,000	$3.616M	1.2%	$60.82	—	—	438516106
ADBE	ADOBE SYSTEMS INC	4,875	$1.185M	0.4%	$86.68	—	—	00724F101

Unchanged Positions (66)

INTC INTEL CORP 4.0%

Value $11.87M Shares 85,000 Est. Cost $17.92 Unrealized —

CAT CATERPILLAR INC 4.5%

Value $13.31M Shares 12,500 Est. Cost $62.67 Unrealized —

— APPLIED MATLS INC 2.4%

Value $7.23M Shares 10,000 Est. Cost $235.99 Unrealized —

GL GLOBE LIFE INC 4.1%

Value $12.06M Shares 67,500 Est. Cost $86.06 Unrealized —

CSCO CISCO SYS INC 2.4%

Value $7.048M Shares 60,000 Est. Cost $15.20 Unrealized —

JPM JPMORGAN CHASE & CO 7.4%

Value $21.93M Shares 67,000 Est. Cost $39.63 Unrealized —

BK BANK NEW YORK MELLON CORP 3.9%

Value $11.57M Shares 80,000 Est. Cost $24.30 Unrealized —

XOM EXXON MOBIL CORP 2.4%

Value $7.043M Shares 51,505 Est. Cost $62.77 Unrealized —

WMT WALMART INC 4.2%

Value $12.46M Shares 110,000 Est. Cost $44.14 Unrealized —

UNH UNITEDHEALTH GROUP INC 1.0%

Value $3.117M Shares 7,500 Est. Cost $139.78 Unrealized —

TXN TEXAS INSTRS INC 1.0%

Value $2.981M Shares 10,000 Est. Cost $77.65 Unrealized —

JNJ JOHNSON & JOHNSON 8.7%

Value $25.9M Shares 102,000 Est. Cost $65.75 Unrealized —

APH AMPHENOL CORP NEW 1.1%

Value $3.154M Shares 18,200 Est. Cost $45.68 Unrealized —

TDG TRANSDIGM GROUP INC 2.3%

Value $6.711M Shares 5,065 Est. Cost $81.23 Unrealized —

GOOG ALPHABET INC-CL C 1.4%

Value $4.255M Shares 12,000 Est. Cost $108.11 Unrealized —

LMT LOCKHEED MARTIN CORP 1.5%

Value $4.33M Shares 8,500 Est. Cost $97.17 Unrealized —

ABBV ABBVIE INC 1.7%

Value $5.033M Shares 20,000 Est. Cost $33.39 Unrealized —

ADI ANALOG DEVICES INC 1.1%

Value $3.376M Shares 8,500 Est. Cost $66.51 Unrealized —

PFE PFIZER INC 1.3%

Value $3.792M Shares 157,488 Est. Cost $17.62 Unrealized —

HD HOME DEPOT INC 2.8%

Value $8.464M Shares 24,000 Est. Cost $58.72 Unrealized —

LHX L3HARRIS TECHNOLOGIES INC 1.0%

Value $2.906M Shares 10,000 Est. Cost $180.55 Unrealized —

EMR EMERSON ELEC CO 2.0%

Value $6.084M Shares 42,500 Est. Cost $48.18 Unrealized —

MRK MERCK & CO INC 2.7%

Value $8.005M Shares 62,295 Est. Cost $31.29 Unrealized —

AAON AAON INC 0.5%

Value $1.537M Shares 13,000 Est. Cost $87.39 Unrealized —

UNP UNION PAC CORP 1.4%

Value $4.08M Shares 15,000 Est. Cost $189.39 Unrealized —

LYV LIVE NATION ENTERTAINMENT INC 0.8%

Value $2.416M Shares 13,010 Est. Cost $86.36 Unrealized —

ZTS ZOETIS INC 0.2%

Value $708K Shares 9,610 Est. Cost $42.07 Unrealized —

WST WEST PHARMACEUTICAL SVSC INC 0.5%

Value $1.339M Shares 3,700 Est. Cost $95.48 Unrealized —

CVX CHEVRON CORP NEW 0.6%

Value $1.658M Shares 10,000 Est. Cost $74.65 Unrealized —

BA BOEING CO 1.6%

Value $4.871M Shares 22,500 Est. Cost $111.79 Unrealized —

NVDA NVIDIA CORP 1.0%

Value $3.083M Shares 15,640 Est. Cost $134.25 Unrealized —

NSC NORFOLK SOUTHN CORP 1.3%

Value $3.932M Shares 12,500 Est. Cost $65.71 Unrealized —

CSGP COSTAR GROUP INC 0.3%

Value $948K Shares 32,000 Est. Cost $79.51 Unrealized —

BAC BANK AMERICA CORP 0.8%

Value $2.279M Shares 40,000 Est. Cost $11.68 Unrealized —

PGR PROGRESSIVE CORP 0.9%

Value $2.62M Shares 11,600 Est. Cost $36.13 Unrealized —

AMZN AMAZON COM INC 0.7%

Value $2.133M Shares 8,800 Est. Cost $124.61 Unrealized —

CPRT COPART INC 0.5%

Value $1.585M Shares 54,800 Est. Cost $32.80 Unrealized —

WSO WATSCO INC 0.7%

Value $2.052M Shares 5,000 Est. Cost $98.91 Unrealized —

ICE INTERCONTINENTAL EXCHANGE INC 0.3%

Value $954K Shares 7,500 Est. Cost $52.22 Unrealized —

AJG GALLAGHER ARTHUR J & CO 1.3%

Value $3.788M Shares 16,500 Est. Cost $40.18 Unrealized —

GWRE GUIDEWIRE SOFTWARE INC 0.5%

Value $1.368M Shares 10,500 Est. Cost $51.79 Unrealized —

MA MASTERCARD INCORPORATED 1.2%

Value $3.513M Shares 6,630 Est. Cost $71.82 Unrealized —

BAX BAXTER INTL INC 0.3%

Value $853K Shares 40,000 Est. Cost $29.22 Unrealized —

ABT ABBOTT LABS 0.5%

Value $1.361M Shares 15,000 Est. Cost $30.51 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.3%

Value $953K Shares 22,500 Est. Cost $26.61 Unrealized —

AVY AVERY DENNISON CORP 0.8%

Value $2.516M Shares 15,500 Est. Cost $37.09 Unrealized —

ITW ILLINOIS TOOL WKS INC 1.4%

Value $4.057M Shares 15,000 Est. Cost $59.45 Unrealized —

IDXX IDEXX LABORATORIES INC 0.9%

Value $2.805M Shares 5,245 Est. Cost $501.01 Unrealized —

V VISA INC 0.4%

Value $1.149M Shares 3,350 Est. Cost $142.46 Unrealized —

BWXT BWX TECHNOLOGIES INC 0.8%

Value $2.253M Shares 11,675 Est. Cost $114.27 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.8%

Value $2.42M Shares 42,000 Est. Cost $34.16 Unrealized —

T AT&T INC 0.1%

Value $311K Shares 15,000 Est. Cost $18.86 Unrealized —

PG PROCTER AND GAMBLE CO 2.5%

Value $7.332M Shares 50,000 Est. Cost $58.01 Unrealized —

MSFT MICROSOFT CORP 2.9%

Value $8.702M Shares 23,220 Est. Cost $85.27 Unrealized —

ADP AUTOMATIC DATA PROCESSING INC 0.4%

Value $1.12M Shares 5,000 Est. Cost $71.77 Unrealized —

META META PLATFORMS INC 0.4%

Value $1.164M Shares 1,880 Est. Cost $743.23 Unrealized —

VEEV VEEVA SYS INC 0.4%

Value $1.213M Shares 6,475 Est. Cost $51.87 Unrealized —

FAST FASTENAL CO 0.5%

Value $1.548M Shares 32,000 Est. Cost $25.73 Unrealized —

WFC WELLS FARGO CO NEW 0.5%

Value $1.488M Shares 18,000 Est. Cost $32.49 Unrealized —

WAT WATERS CORP 0.1%

Value $254K Shares 676 Est. Cost $367.10 Unrealized —

WM WASTE MGMT INC DEL 0.4%

Value $1.114M Shares 5,000 Est. Cost $102.09 Unrealized —

BDX BECTON DICKINSON & CO 0.3%

Value $757K Shares 5,000 Est. Cost $160.56 Unrealized —

AMT AMERICAN TOWER CORP 0.3%

Value $1.008M Shares 6,000 Est. Cost $100.93 Unrealized —

RTX RTX CORPORATION 0.5%

Value $1.518M Shares 8,000 Est. Cost $54.61 Unrealized —

APD AIR PRODS & CHEMS INC 0.4%

Value $1.173M Shares 4,000 Est. Cost $104.91 Unrealized —

ORLY OREILLY AUTOMOTIVE INC 0.5%

Value $1.381M Shares 15,000 Est. Cost $85.66 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INTC	INTEL CORP	85,000	$11.87M	4.0%	$17.92	—	COM	458140100
CAT	CATERPILLAR INC	12,500	$13.31M	4.5%	$62.67	—	COM	149123101
—	APPLIED MATLS INC	10,000	$7.23M	2.4%	$235.99	—	COM	308222105
GL	GLOBE LIFE INC	67,500	$12.06M	4.1%	$86.06	—	COM	37959E102
CSCO	CISCO SYS INC	60,000	$7.048M	2.4%	$15.20	—	COM	17275R102
JPM	JPMORGAN CHASE & CO	67,000	$21.93M	7.4%	$39.63	—	COM	46625H100
BK	BANK NEW YORK MELLON CORP	80,000	$11.57M	3.9%	$24.30	—	COM	064058100
XOM	EXXON MOBIL CORP	51,505	$7.043M	2.4%	$62.77	—	COM	30231G102
WMT	WALMART INC	110,000	$12.46M	4.2%	$44.14	—	COM	931142103
UNH	UNITEDHEALTH GROUP INC	7,500	$3.117M	1.0%	$139.78	—	COM	91324P102
TXN	TEXAS INSTRS INC	10,000	$2.981M	1.0%	$77.65	—	COM	882508104
JNJ	JOHNSON & JOHNSON	102,000	$25.9M	8.7%	$65.75	—	COM	478160104
APH	AMPHENOL CORP NEW	18,200	$3.154M	1.1%	$45.68	—	CL A	032095101
TDG	TRANSDIGM GROUP INC	5,065	$6.711M	2.3%	$81.23	—	COM	893641100
GOOG	ALPHABET INC-CL C	12,000	$4.255M	1.4%	$108.11	—	CAP STK CL C	02079K107
LMT	LOCKHEED MARTIN CORP	8,500	$4.33M	1.5%	$97.17	—	COM	539830109
ABBV	ABBVIE INC	20,000	$5.033M	1.7%	$33.39	—	COM	00287Y109
ADI	ANALOG DEVICES INC	8,500	$3.376M	1.1%	$66.51	—	COM	032654105
PFE	PFIZER INC	157,488	$3.792M	1.3%	$17.62	—	COM	717081103
HD	HOME DEPOT INC	24,000	$8.464M	2.8%	$58.72	—	COM	437076102
LHX	L3HARRIS TECHNOLOGIES INC	10,000	$2.906M	1.0%	$180.55	—	COM	502431109
EMR	EMERSON ELEC CO	42,500	$6.084M	2.0%	$48.18	—	COM	291011104
MRK	MERCK & CO INC	62,295	$8.005M	2.7%	$31.29	—	COM	58933Y105
AAON	AAON INC	13,000	$1.537M	0.5%	$87.39	—	COM	000360206
UNP	UNION PAC CORP	15,000	$4.08M	1.4%	$189.39	—	COM	907818108
LYV	LIVE NATION ENTERTAINMENT INC	13,010	$2.416M	0.8%	$86.36	—	COM	538034109
ZTS	ZOETIS INC	9,610	$708K	0.2%	$42.07	—	CL A	98978V103
WST	WEST PHARMACEUTICAL SVSC INC	3,700	$1.339M	0.5%	$95.48	—	COM	955306105
CVX	CHEVRON CORP NEW	10,000	$1.658M	0.6%	$74.65	—	COM	166764100
BA	BOEING CO	22,500	$4.871M	1.6%	$111.79	—	COM	097023105
NVDA	NVIDIA CORP	15,640	$3.083M	1.0%	$134.25	—	COM	67066G104
NSC	NORFOLK SOUTHN CORP	12,500	$3.932M	1.3%	$65.71	—	COM	655844108
CSGP	COSTAR GROUP INC	32,000	$948K	0.3%	$79.51	—	COM	22160N109
BAC	BANK AMERICA CORP	40,000	$2.279M	0.8%	$11.68	—	COM	060505104
PGR	PROGRESSIVE CORP	11,600	$2.62M	0.9%	$36.13	—	COM	743315103
AMZN	AMAZON COM INC	8,800	$2.133M	0.7%	$124.61	—	COM	023135106
CPRT	COPART INC	54,800	$1.585M	0.5%	$32.80	—	COM	217204106
WSO	WATSCO INC	5,000	$2.052M	0.7%	$98.91	—	COM	942622200
ICE	INTERCONTINENTAL EXCHANGE INC	7,500	$954K	0.3%	$52.22	—	COM	45866F104
AJG	GALLAGHER ARTHUR J & CO	16,500	$3.788M	1.3%	$40.18	—	COM	363576109
GWRE	GUIDEWIRE SOFTWARE INC	10,500	$1.368M	0.5%	$51.79	—	COM	40171V100
MA	MASTERCARD INCORPORATED	6,630	$3.513M	1.2%	$71.82	—	CL A	57636Q104
BAX	BAXTER INTL INC	40,000	$853K	0.3%	$29.22	—	COM	071813109
ABT	ABBOTT LABS	15,000	$1.361M	0.5%	$30.51	—	COM	002824100
VZ	VERIZON COMMUNICATIONS INC	22,500	$953K	0.3%	$26.61	—	COM	92343V104
AVY	AVERY DENNISON CORP	15,500	$2.516M	0.8%	$37.09	—	COM	053611109
ITW	ILLINOIS TOOL WKS INC	15,000	$4.057M	1.4%	$59.45	—	COM	452308109
IDXX	IDEXX LABORATORIES INC	5,245	$2.805M	0.9%	$501.01	—	COM	45168D104
V	VISA INC	3,350	$1.149M	0.4%	$142.46	—	COM CL A	92826C839
BWXT	BWX TECHNOLOGIES INC	11,675	$2.253M	0.8%	$114.27	—	COM	05605H100
BMY	BRISTOL-MYERS SQUIBB CO	42,000	$2.42M	0.8%	$34.16	—	COM	110122108
T	AT&T INC	15,000	$311K	0.1%	$18.86	—	COM	00206R102
PG	PROCTER AND GAMBLE CO	50,000	$7.332M	2.5%	$58.01	—	COM	742718109
MSFT	MICROSOFT CORP	23,220	$8.702M	2.9%	$85.27	—	COM	594918104
ADP	AUTOMATIC DATA PROCESSING INC	5,000	$1.12M	0.4%	$71.77	—	COM	053015103
META	META PLATFORMS INC	1,880	$1.164M	0.4%	$743.23	—	CL A	30303M102
VEEV	VEEVA SYS INC	6,475	$1.213M	0.4%	$51.87	—	CL A COM	922475108
FAST	FASTENAL CO	32,000	$1.548M	0.5%	$25.73	—	COM	311900104
WFC	WELLS FARGO CO NEW	18,000	$1.488M	0.5%	$32.49	—	COM	949746101
WAT	WATERS CORP	676	$254K	0.1%	$367.10	—	COM	941848103
WM	WASTE MGMT INC DEL	5,000	$1.114M	0.4%	$102.09	—	COM	94106L109
BDX	BECTON DICKINSON & CO	5,000	$757K	0.3%	$160.56	—	COM	075887109
AMT	AMERICAN TOWER CORP	6,000	$1.008M	0.3%	$100.93	—	COM	03027X100
RTX	RTX CORPORATION	8,000	$1.518M	0.5%	$54.61	—	COM	75513E101
APD	AIR PRODS & CHEMS INC	4,000	$1.173M	0.4%	$104.91	—	COM	009158106
ORLY	OREILLY AUTOMOTIVE INC	15,000	$1.381M	0.5%	$85.66	—	COM	67103H107