Tandem Investment Advisors, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BR	BROADRIDGE FINL SOLUTI COM	151,579	$33,828	1.3%	$227.30	0.0%	COM	11133T103
SPY	SPDR TR UNIT SER 1	928	$633	0.0%	$681.92	—	COM	78462F103
DUK	DUKE ENERGY CORP NEW	2,744	$322	0.0%	$121.57	0.0%	COM	26441C204
COR	AMERISOURCEBERGEN CORP COM	947	$320	0.0%	$340.62	0.0%	COM	03073E105
—	ICON PLC SHS	1,379	$251	0.0%	$182.22	—	COM	g4705a100
GWW	GRAINGER W W INC COM	219	$221	0.0%	$968.92	0.0%	COM	384802104
DIS	DISNEY WALT CO COM	1,891	$215	0.0%	$109.53	0.0%	COM	254687106
MRSH	MARSH & MCLENNAN COS COM	1,096	$203	0.0%	$186.43	0.0%	COM	571748102
MFC	MANULIFE FINL CORP COM	5,551	$201	0.0%	$33.94	0.0%	COM	56501R106
OREAF	OREA MINING CORP COM	11,000	$0	0.0%	$0.00	0.0%	COM	685782104

Increased Positions (16)

INTU INTUIT COM 3.4%

Value ($000) $92,235 (+157086.3%) Shares 139,240 (+62.0%) Est. Cost $696.95 Unrealized -5.2%

ADP AUTOMATIC DATA PROCESSING 3.2%

Value ($000) $84,896 (+93347.9%) Shares 330,041 (+6.6%) Est. Cost $231.82 Unrealized +14.2%

CHD CHURCH & DWIGHT INC COM 2.5%

Value ($000) $66,890 (+106672.7%) Shares 797,733 (+11.6%) Est. Cost $91.44 Unrealized -6.7%

— INTUITIVE SURGICAL INC COM NEW 0.2%

Value ($000) $6,097 (+147774.5%) Shares 10,765 (+16.8%) Est. Cost $230.75 Unrealized —

QLYS QUALYS INC COM 0.2%

Value ($000) $5,992 (+106850.9%) Shares 45,090 (+6.5%) Est. Cost $132.90 Unrealized +3.5%

TYL TYLER TECHNOLOGIES INC COM 0.2%

Value ($000) $4,909 (+101578.0%) Shares 10,814 (+17.2%) Est. Cost $376.78 Unrealized +26.4%

— FORTINET INC COM 0.1%

Value ($000) $3,593 (+128304.1%) Shares 45,243 (+35.9%) Est. Cost $21.06 Unrealized —

EXLS EXLSERVICE HOLDINGS IN COM 0.1%

Value ($000) $3,125 (+98544.9%) Shares 73,635 (+2.3%) Est. Cost $41.49 Unrealized -1.5%

AKAM AKAMAI TECHNOLOGIES INC 0.1%

Value ($000) $2,686 (+116983.9%) Shares 30,784 (+1.6%) Est. Cost $86.16 Unrealized -4.5%

PM PHILIP MORRIS INTL INC COM 0.0%

Value ($000) $648 (+130580.6%) Shares 4,041 (+32.2%) Est. Cost $122.77 Unrealized +25.1%

BMI BADGER METER INC COM 0.0%

Value ($000) $483 (+156304.5%) Shares 2,771 (+60.4%) Est. Cost $189.88 Unrealized -5.3%

UNH UNITEDHEALTH GROUP INC COM 0.0%

Value ($000) $443 (+145040.3%) Shares 1,341 (+52.0%) Est. Cost $312.04 Unrealized +8.1%

CVX CHEVRON CORP 0.0%

Value ($000) $390 (+175000.5%) Shares 2,562 (+78.4%) Est. Cost $145.13 Unrealized +4.3%

KNSL KINSALE CAP GROUP INC COM 0.0%

Value ($000) $359 (+105307.3%) Shares 919 (+14.7%) Est. Cost $447.16 Unrealized -8.8%

LOW LOWES COS INC COM 0.0%

Value ($000) $346 (+152138.8%) Shares 1,433 (+58.7%) Est. Cost $242.59 Unrealized -1.1%

— WISCONSIN ENERGY CORP COM 0.0%

Value ($000) $267 (+93629.8%) Shares 2,533 (+1.8%) Est. Cost $1.97 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INTU	INTUIT COM	139,240 (+62.0%)	$92,235 (+157086.3%)	3.4%	$696.95	-5.2%	COM	461202103
ADP	AUTOMATIC DATA PROCESSING	330,041 (+6.6%)	$84,896 (+93347.9%)	3.2%	$231.82	+14.2%	COM	053015103
CHD	CHURCH & DWIGHT INC COM	797,733 (+11.6%)	$66,890 (+106672.7%)	2.5%	$91.44	-6.7%	COM	171340102
—	INTUITIVE SURGICAL INC COM NEW	10,765 (+16.8%)	$6,097 (+147774.5%)	0.2%	$230.75	—	COM	46120e602
QLYS	QUALYS INC COM	45,090 (+6.5%)	$5,992 (+106850.9%)	0.2%	$132.90	+3.5%	COM	74758T303
TYL	TYLER TECHNOLOGIES INC COM	10,814 (+17.2%)	$4,909 (+101578.0%)	0.2%	$376.78	+26.4%	COM	902252105
—	FORTINET INC COM	45,243 (+35.9%)	$3,593 (+128304.1%)	0.1%	$21.06	—	COM	34959e109
EXLS	EXLSERVICE HOLDINGS IN COM	73,635 (+2.3%)	$3,125 (+98544.9%)	0.1%	$41.49	-1.5%	COM	302081104
AKAM	AKAMAI TECHNOLOGIES INC	30,784 (+1.6%)	$2,686 (+116983.9%)	0.1%	$86.16	-4.5%	COM	00971T101
PM	PHILIP MORRIS INTL INC COM	4,041 (+32.2%)	$648 (+130580.6%)	0.0%	$122.77	+25.1%	COM	718172109
BMI	BADGER METER INC COM	2,771 (+60.4%)	$483 (+156304.5%)	0.0%	$189.88	-5.3%	COM	056525108
UNH	UNITEDHEALTH GROUP INC COM	1,341 (+52.0%)	$443 (+145040.3%)	0.0%	$312.04	+8.1%	COM	91324P102
CVX	CHEVRON CORP	2,562 (+78.4%)	$390 (+175000.5%)	0.0%	$145.13	+4.3%	COM	166764100
KNSL	KINSALE CAP GROUP INC COM	919 (+14.7%)	$359 (+105307.3%)	0.0%	$447.16	-8.8%	COM	49714P108
LOW	LOWES COS INC COM	1,433 (+58.7%)	$346 (+152138.8%)	0.0%	$242.59	-1.1%	COM	548661107
—	WISCONSIN ENERGY CORP COM	2,533 (+1.8%)	$267 (+93629.8%)	0.0%	$1.97	—	COM	976657106

Exited Positions (7)

CMCSA COMCAST CORP NEW CL A 0.0%

Value ($000) $75 Shares 2,377,476 Est. Cost $37.34 Unrealized -23.6%

WTRG ESSENTIAL UTILS INC COM 0.0%

Value ($000) $38 Shares 948,863 Est. Cost $44.55 Unrealized -11.7%

PEP PEPSICO INC 0.0%

Value ($000) $0 Shares 2,112 Est. Cost $140.43 Unrealized +3.9%

— DU PONT E I DE NEMOURS 0.0%

Value ($000) $0 Shares 3,532 Est. Cost $67.35 Unrealized —

META META PLATFORMS INC CL A 0.0%

Value ($000) $0 Shares 358 Est. Cost $643.25 Unrealized +3.7%

ROST ROSS STORES INC COM 0.0%

Value ($000) $0 Shares 1,456 Est. Cost $142.18 Unrealized +17.2%

AMGN AMGEN INC COM 0.0%

Value ($000) $0 Shares 750 Est. Cost $277.77 Unrealized +13.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMCSA	COMCAST CORP NEW CL A	2,377,476	$75	0.0%	$37.34	-23.6%	—	20030N101
WTRG	ESSENTIAL UTILS INC COM	948,863	$38	0.0%	$44.55	-11.7%	—	29670G102
PEP	PEPSICO INC	2,112	$0	0.0%	$140.43	+3.9%	—	713448108
—	DU PONT E I DE NEMOURS	3,532	$0	0.0%	$67.35	—	—	26614n102
META	META PLATFORMS INC CL A	358	$0	0.0%	$643.25	+3.7%	—	30303M102
ROST	ROSS STORES INC COM	1,456	$0	0.0%	$142.18	+17.2%	—	778296103
AMGN	AMGEN INC COM	750	$0	0.0%	$277.77	+13.7%	—	031162100

Decreased Positions (51)

V VISA INC CL A 5.4%

Value ($000) $146,280 (+98201.5%) Shares 417,098 (-4.3%) Est. Cost $225.73 Unrealized +50.8%

— GENPACT LIMITED SHS 4.9%

Value ($000) $132,010 (+107227.8%) Shares 2,821,933 (-3.9%) Est. Cost $0.04 Unrealized —

ICE INTERCONTINENTAL EXCHANGE INC 4.9%

Value ($000) $132,017 (+92355.2%) Shares 815,120 (-3.8%) Est. Cost $105.58 Unrealized +48.0%

APH AMPHENOL CORP NEW CL A 4.8%

Value ($000) $128,044 (+82668.4%) Shares 947,488 (-24.2%) Est. Cost $53.56 Unrealized +149.3%

RMD RESMED INC COM 4.5%

Value ($000) $120,470 (+87012.1%) Shares 500,145 (-1.0%) Est. Cost $177.88 Unrealized +43.6%

JKHY HENRY JACK & ASSOC INC COM 4.4%

Value ($000) $118,575 (+117827.4%) Shares 649,796 (-3.8%) Est. Cost $161.95 Unrealized +2.7%

MA MASTERCARD INC CL A 4.2%

Value ($000) $112,898 (+96544.7%) Shares 197,762 (-3.7%) Est. Cost $385.53 Unrealized +45.0%

— STERIS PLC SHS USD 4.2%

Value ($000) $112,568 (+98138.2%) Shares 444,021 (-4.1%) Est. Cost $68.32 Unrealized —

MSFT MICROSOFT CORP COM 4.1%

Value ($000) $109,690 (+88387.8%) Shares 226,811 (-5.2%) Est. Cost $238.75 Unrealized +109.7%

NEE NEXTERA ENERGY INC COM 3.9%

Value ($000) $104,305 (+99271.1%) Shares 1,299,263 (-6.6%) Est. Cost $63.29 Unrealized +30.3%

ACN ACCENTURE PLC IRELAND SHS CLAS 3.8%

Value ($000) $103,224 (+101205.4%) Shares 384,734 (-6.9%) Est. Cost $269.37 Unrealized -5.7%

BRO BROWN & BROWN INC 3.8%

Value ($000) $102,958 (+79147.8%) Shares 1,291,818 (-6.7%) Est. Cost $70.94 Unrealized +17.5%

SYK STRYKER CORP COM 3.6%

Value ($000) $95,378 (+91899.5%) Shares 271,368 (-3.2%) Est. Cost $235.03 Unrealized +54.6%

— ZOETIS INC CL A 3.3%

Value ($000) $89,052 (+76916.2%) Shares 707,775 (-10.4%) Est. Cost $0.16 Unrealized —

— TERRENO RLTY CORP COM 3.0%

Value ($000) $80,542 (+99926.5%) Shares 1,371,867 (-3.3%) Est. Cost $9.99 Unrealized —

— BLACKROCK INC COM 2.8%

Value ($000) $74,129 (+88946.5%) Shares 69,257 (-3.0%) Est. Cost $518.33 Unrealized —

WCN WASTE CONNECTIONS INC COM 2.4%

Value ($000) $63,617 (+95296.6%) Shares 362,780 (-4.4%) Est. Cost $123.15 Unrealized +40.3%

JNJ JOHNSON & JOHNSON COM 2.1%

Value ($000) $55,589 (+106250.6%) Shares 268,613 (-4.7%) Est. Cost $135.46 Unrealized +45.4%

RSG REPUBLIC SVCS INC COM 1.9%

Value ($000) $50,744 (+91304.8%) Shares 239,439 (-1.0%) Est. Cost $113.49 Unrealized +89.1%

EXPD EXPEDITORS INTL WASH 1.8%

Value ($000) $48,913 (+114138.3%) Shares 328,256 (-6.0%) Est. Cost $89.69 Unrealized +51.2%

BDX BECTON DICKINSON & CO COM 1.8%

Value ($000) $47,920 (+94763.6%) Shares 246,923 (-8.5%) Est. Cost $222.07 Unrealized -14.6%

COST COSTCO WHOLESALE CORP 1.6%

Value ($000) $43,799 (+89768.3%) Shares 50,791 (-3.5%) Est. Cost $450.71 Unrealized +101.0%

— VERISK ANALYTICS INC COM 1.4%

Value ($000) $37,590 (+83927.6%) Shares 168,044 (-5.5%) Est. Cost $112.51 Unrealized —

MEDP MEDPACE HLDGS INC COM 0.3%

Value ($000) $7,960 (+105166.7%) Shares 14,173 (-3.6%) Est. Cost $328.61 Unrealized +72.7%

IDXX IDEXX LABS INC COM 0.3%

Value ($000) $7,702 (+102583.6%) Shares 11,385 (-3.0%) Est. Cost $435.67 Unrealized +56.3%

ADBE ADOBE SYS INC COM 0.2%

Value ($000) $4,767 (+95774.2%) Shares 13,620 (-3.4%) Est. Cost $394.41 Unrealized -13.8%

ORLY O REILLY AUTOMOTIVE COM 0.2%

Value ($000) $4,710 (+70435.5%) Shares 51,643 (-16.6%) Est. Cost $86.96 Unrealized +12.4%

SNPS SYNOPSYS INC COM 0.1%

Value ($000) $2,637 (+89822.9%) Shares 5,613 (-5.6%) Est. Cost $565.30 Unrealized -21.4%

CBOE CBOE HLDGS INC COM 0.1%

Value ($000) $2,056 (+62558.2%) Shares 8,193 (-38.8%) Est. Cost $116.31 Unrealized +113.9%

ABBV ABBVIE INC COM 0.1%

Value ($000) $1,876 (+86707.2%) Shares 8,210 (-12.1%) Est. Cost $91.60 Unrealized +148.4%

WMT WAL MART 0.0%

Value ($000) $966 (+77779.2%) Shares 8,668 (-28.0%) Est. Cost $63.02 Unrealized +70.1%

AAPL APPLE COMPUTER INC COM 0.0%

Value ($000) $953 (+64221.2%) Shares 3,504 (-39.8%) Est. Cost $151.76 Unrealized +76.8%

TJX TJX COS INC NEW COM 0.0%

Value ($000) $857 (+102478.3%) Shares 5,576 (-3.5%) Est. Cost $48.28 Unrealized +205.9%

KO COCA COLA CO COM 0.0%

Value ($000) $623 (+86936.0%) Shares 8,914 (-17.5%) Est. Cost $59.38 Unrealized +16.9%

— ALPHABET INC CL C 0.0%

Value ($000) $613 (+108866.1%) Shares 1,955 (-15.4%) Est. Cost $53.65 Unrealized —

RY ROYAL BK CDA MONTREAL COM 0.0%

Value ($000) $545 (+91352.5%) Shares 3,197 (-21.0%) Est. Cost $93.66 Unrealized +64.0%

FAST FASTENAL COMPANY 0.0%

Value ($000) $487 (+80907.8%) Shares 12,132 (-1.0%) Est. Cost $29.17 Unrealized +44.1%

— MSCI INC COM 0.0%

Value ($000) $484 (+95408.5%) Shares 844 (-5.6%) Est. Cost $0.57 Unrealized —

HD HOME DEPOT INC COM 0.0%

Value ($000) $426 (+48308.6%) Shares 1,238 (-43.0%) Est. Cost $292.85 Unrealized +24.5%

AMZN AMAZON COM INC 0.0%

Value ($000) $392 (+86854.1%) Shares 1,699 (-17.3%) Est. Cost $156.25 Unrealized +46.4%

— ALPHABET INC CL A 0.0%

Value ($000) $383 (+107001.9%) Shares 1,225 (-16.7%) Est. Cost $38.34 Unrealized —

— GENERAL ELEC CO COM 0.0%

Value ($000) $370 (+87150.9%) Shares 1,201 (-14.8%) Est. Cost $0.30 Unrealized —

PG PROCTER & GAMBLE CO 0.0%

Value ($000) $364 (+19927.2%) Shares 2,542 (-78.5%) Est. Cost $160.88 Unrealized -8.5%

MO ALTRIA GROUP INC 0.0%

Value ($000) $347 (+84656.0%) Shares 6,012 (-3.0%) Est. Cost $35.29 Unrealized +68.2%

FDS FACTSET RESH SYS INC COM 0.0%

Value ($000) $372 (+789.3%) Shares 1,283 (-99.1%) Est. Cost $315.28 Unrealized -11.2%

JPM JPMORGAN CHASE & CO 0.0%

Value ($000) $325 (+88247.8%) Shares 1,009 (-13.6%) Est. Cost $156.63 Unrealized +97.6%

— EATON CORP PLC SHS 0.0%

Value ($000) $274 (+77627.3%) Shares 859 (-8.8%) Est. Cost $0.36 Unrealized —

— MERCK & CO INC NEW COM 0.0%

Value ($000) $266 (+102366.5%) Shares 2,531 (-18.4%) Est. Cost $0.08 Unrealized —

IT GARTNER INC COM 0.0%

Value ($000) $236 (+87450.4%) Shares 937 (-8.8%) Est. Cost $366.10 Unrealized -34.3%

CAT CATERPILLAR INC DEL COM 0.0%

Value ($000) $225 (+107863.9%) Shares 392 (-10.1%) Est. Cost $425.39 Unrealized +30.6%

NVDA NVIDIA CORP COM 0.0%

Value ($000) $211 (+76189.5%) Shares 1,129 (-23.7%) Est. Cost $174.29 Unrealized +6.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
V	VISA INC CL A	417,098 (-4.3%)	$146,280 (+98201.5%)	5.4%	$225.73	+50.8%	COM	92826C839
—	GENPACT LIMITED SHS	2,821,933 (-3.9%)	$132,010 (+107227.8%)	4.9%	$0.04	—	COM	g3922b107
ICE	INTERCONTINENTAL EXCHANGE INC	815,120 (-3.8%)	$132,017 (+92355.2%)	4.9%	$105.58	+48.0%	COM	45866F104
APH	AMPHENOL CORP NEW CL A	947,488 (-24.2%)	$128,044 (+82668.4%)	4.8%	$53.56	+149.3%	COM	032095101
RMD	RESMED INC COM	500,145 (-1.0%)	$120,470 (+87012.1%)	4.5%	$177.88	+43.6%	COM	761152107
JKHY	HENRY JACK & ASSOC INC COM	649,796 (-3.8%)	$118,575 (+117827.4%)	4.4%	$161.95	+2.7%	COM	426281101
MA	MASTERCARD INC CL A	197,762 (-3.7%)	$112,898 (+96544.7%)	4.2%	$385.53	+45.0%	COM	57636Q104
—	STERIS PLC SHS USD	444,021 (-4.1%)	$112,568 (+98138.2%)	4.2%	$68.32	—	COM	g84720104
MSFT	MICROSOFT CORP COM	226,811 (-5.2%)	$109,690 (+88387.8%)	4.1%	$238.75	+109.7%	COM	594918104
NEE	NEXTERA ENERGY INC COM	1,299,263 (-6.6%)	$104,305 (+99271.1%)	3.9%	$63.29	+30.3%	COM	65339F101
ACN	ACCENTURE PLC IRELAND SHS CLAS	384,734 (-6.9%)	$103,224 (+101205.4%)	3.8%	$269.37	-5.7%	COM	G1151C101
BRO	BROWN & BROWN INC	1,291,818 (-6.7%)	$102,958 (+79147.8%)	3.8%	$70.94	+17.5%	COM	115236101
SYK	STRYKER CORP COM	271,368 (-3.2%)	$95,378 (+91899.5%)	3.6%	$235.03	+54.6%	COM	863667101
—	ZOETIS INC CL A	707,775 (-10.4%)	$89,052 (+76916.2%)	3.3%	$0.16	—	COM	98978v103
—	TERRENO RLTY CORP COM	1,371,867 (-3.3%)	$80,542 (+99926.5%)	3.0%	$9.99	—	COM	88146m101
—	BLACKROCK INC COM	69,257 (-3.0%)	$74,129 (+88946.5%)	2.8%	$518.33	—	COM	09247X101
WCN	WASTE CONNECTIONS INC COM	362,780 (-4.4%)	$63,617 (+95296.6%)	2.4%	$123.15	+40.3%	COM	94106B101
JNJ	JOHNSON & JOHNSON COM	268,613 (-4.7%)	$55,589 (+106250.6%)	2.1%	$135.46	+45.4%	COM	478160104
RSG	REPUBLIC SVCS INC COM	239,439 (-1.0%)	$50,744 (+91304.8%)	1.9%	$113.49	+89.1%	COM	760759100
EXPD	EXPEDITORS INTL WASH	328,256 (-6.0%)	$48,913 (+114138.3%)	1.8%	$89.69	+51.2%	COM	302130109
BDX	BECTON DICKINSON & CO COM	246,923 (-8.5%)	$47,920 (+94763.6%)	1.8%	$222.07	-14.6%	COM	075887109
COST	COSTCO WHOLESALE CORP	50,791 (-3.5%)	$43,799 (+89768.3%)	1.6%	$450.71	+101.0%	COM	22160K105
—	VERISK ANALYTICS INC COM	168,044 (-5.5%)	$37,590 (+83927.6%)	1.4%	$112.51	—	COM	92345y106
MEDP	MEDPACE HLDGS INC COM	14,173 (-3.6%)	$7,960 (+105166.7%)	0.3%	$328.61	+72.7%	COM	58506Q109
IDXX	IDEXX LABS INC COM	11,385 (-3.0%)	$7,702 (+102583.6%)	0.3%	$435.67	+56.3%	COM	45168D104
ADBE	ADOBE SYS INC COM	13,620 (-3.4%)	$4,767 (+95774.2%)	0.2%	$394.41	-13.8%	COM	00724F101
ORLY	O REILLY AUTOMOTIVE COM	51,643 (-16.6%)	$4,710 (+70435.5%)	0.2%	$86.96	+12.4%	COM	67103H107
SNPS	SYNOPSYS INC COM	5,613 (-5.6%)	$2,637 (+89822.9%)	0.1%	$565.30	-21.4%	COM	871607107
CBOE	CBOE HLDGS INC COM	8,193 (-38.8%)	$2,056 (+62558.2%)	0.1%	$116.31	+113.9%	COM	12503M108
ABBV	ABBVIE INC COM	8,210 (-12.1%)	$1,876 (+86707.2%)	0.1%	$91.60	+148.4%	COM	00287Y109
WMT	WAL MART	8,668 (-28.0%)	$966 (+77779.2%)	0.0%	$63.02	+70.1%	COM	931142103
AAPL	APPLE COMPUTER INC COM	3,504 (-39.8%)	$953 (+64221.2%)	0.0%	$151.76	+76.8%	COM	037833100
TJX	TJX COS INC NEW COM	5,576 (-3.5%)	$857 (+102478.3%)	0.0%	$48.28	+205.9%	COM	872540109
KO	COCA COLA CO COM	8,914 (-17.5%)	$623 (+86936.0%)	0.0%	$59.38	+16.9%	COM	191216100
—	ALPHABET INC CL C	1,955 (-15.4%)	$613 (+108866.1%)	0.0%	$53.65	—	COM	38259p706
RY	ROYAL BK CDA MONTREAL COM	3,197 (-21.0%)	$545 (+91352.5%)	0.0%	$93.66	+64.0%	COM	780087102
FAST	FASTENAL COMPANY	12,132 (-1.0%)	$487 (+80907.8%)	0.0%	$29.17	+44.1%	COM	311900104
—	MSCI INC COM	844 (-5.6%)	$484 (+95408.5%)	0.0%	$0.57	—	COM	55354g100
HD	HOME DEPOT INC COM	1,238 (-43.0%)	$426 (+48308.6%)	0.0%	$292.85	+24.5%	COM	437076102
AMZN	AMAZON COM INC	1,699 (-17.3%)	$392 (+86854.1%)	0.0%	$156.25	+46.4%	COM	023135106
—	ALPHABET INC CL A	1,225 (-16.7%)	$383 (+107001.9%)	0.0%	$38.34	—	COM	38259p508
—	GENERAL ELEC CO COM	1,201 (-14.8%)	$370 (+87150.9%)	0.0%	$0.30	—	COM	369604103
PG	PROCTER & GAMBLE CO	2,542 (-78.5%)	$364 (+19927.2%)	0.0%	$160.88	-8.5%	COM	742718109
MO	ALTRIA GROUP INC	6,012 (-3.0%)	$347 (+84656.0%)	0.0%	$35.29	+68.2%	COM	02209S103
FDS	FACTSET RESH SYS INC COM	1,283 (-99.1%)	$372 (+789.3%)	0.0%	$315.28	-11.2%	COM	303075105
JPM	JPMORGAN CHASE & CO	1,009 (-13.6%)	$325 (+88247.8%)	0.0%	$156.63	+97.6%	COM	46625H100
—	EATON CORP PLC SHS	859 (-8.8%)	$274 (+77627.3%)	0.0%	$0.36	—	COM	g29183103
—	MERCK & CO INC NEW COM	2,531 (-18.4%)	$266 (+102366.5%)	0.0%	$0.08	—	COM	58933y105
IT	GARTNER INC COM	937 (-8.8%)	$236 (+87450.4%)	0.0%	$366.10	-34.3%	COM	366651107
CAT	CATERPILLAR INC DEL COM	392 (-10.1%)	$225 (+107863.9%)	0.0%	$425.39	+30.6%	COM	149123101
NVDA	NVIDIA CORP COM	1,129 (-23.7%)	$211 (+76189.5%)	0.0%	$174.29	+6.8%	COM	67066G104

Unchanged Positions (6)

ABT ABBOTT LABORATORIES 4.6%

Value ($000) $124,393 Shares 992,844 Est. Cost $85.56 Unrealized +48.8%

ROP ROPER TECHNOLOGIES INC COM 3.7%

Value ($000) $98,472 Shares 221,220 Est. Cost $511.20 Unrealized -9.6%

— BLACKSTONE GROUP L P COM UNIT 0.0%

Value ($000) $546 Shares 3,545 Est. Cost $90.52 Unrealized —

— BERKSHIRE HATHAWAY B 0.0%

Value ($000) $252 Shares 501 Est. Cost $0.47 Unrealized —

— CORTEVA INC COM 0.0%

Value ($000) $240 Shares 3,580 Est. Cost $0.06 Unrealized —

QDEL QUIDEL CORP COM 0.0%

Value ($000) $213 Shares 7,460 Est. Cost $101.94 Unrealized -73.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABT	ABBOTT LABORATORIES	992,844	$124,393	4.6%	$85.56	+48.8%	COM	002824100
ROP	ROPER TECHNOLOGIES INC COM	221,220	$98,472	3.7%	$511.20	-9.6%	COM	776696106
—	BLACKSTONE GROUP L P COM UNIT	3,545	$546	0.0%	$90.52	—	COM	09260d107
—	BERKSHIRE HATHAWAY B	501	$252	0.0%	$0.47	—	COM	084670207
—	CORTEVA INC COM	3,580	$240	0.0%	$0.06	—	COM	22052l104
QDEL	QUIDEL CORP COM	7,460	$213	0.0%	$101.94	-73.4%	COM	219798105