The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ATHA Energy Corp. COM 046824108 79,797 118,000 SH SOLE 118,000 0 0
Agilent Tech, Inc. COM 00846U101 11,122,610 64,550 SH SOLE 64,550 0 0
Allison Transmission COM 01973R101 19,851,533 175,274 SH SOLE 175,274 0 0
Amer. Water Works COM 030420103 20,786,408 160,550 SH SOLE 160,550 0 0
Ametek Inc. COM 031100100 31,521,908 127,243 SH SOLE 127,243 0 0
Amphenol Corp. COM 032095101 25,949,900 307,828 SH SOLE 307,828 0 0
Analog Devices COM 032654105 25,642,938 64,639 SH SOLE 64,639 0 0
Aon plc COM g0403h108 23,581,358 85,202 SH SOLE 85,202 0 0
Badger Meter Inc COM 056525108 10,451,484 84,600 SH SOLE 84,600 0 0
Charles Schwab COM 808513105 20,717,459 211,965 SH SOLE 211,965 0 0
Danaher Corp. COM 235851102 15,773,252 71,195 SH SOLE 71,195 0 0
Donaldson Co., Inc. COM 257651109 22,645,197 260,170 SH SOLE 260,170 0 0
Ecolab Inc. COM 278865100 27,195,227 99,043 SH SOLE 99,043 0 0
Fastenal Co. COM 311900104 22,533,178 454,940 SH SOLE 454,940 0 0
Federal Signal Corp COM 313855108 19,282,999 174,050 SH SOLE 174,050 0 0
Ferguson Enterprises COM 31488V107 22,269,124 100,032 SH SOLE 100,032 0 0
Fiserv Inc. COM 337738108 2,821,446 62,449 SH SOLE 62,449 0 0
Generac Holdings COM 368736104 3,342,242 16,150 SH SOLE 16,150 0 0
HEICO Corp. COM 422806109 5,760,420 19,000 SH SOLE 19,000 0 0
Kadant Inc. COM 48282T104 19,033,949 72,782 SH SOLE 72,782 0 0
Kornit Digital COM M6372Q113 19,421,218 1,168,545 SH SOLE 1,168,545 0 0
Microsoft Corp. COM 594918104 5,420,840 10,569 SH SOLE 10,569 0 0
NexGen Energy Ltd. COM 65340P106 11,196,617 1,225,500 SH SOLE 1,225,500 0 0
Ormat Technologies COM 686688102 2,387,889 26,100 SH SOLE 26,100 0 0
Pfizer, Inc. COM 717081103 4,705,800 165,000 SH SOLE 165,000 0 0
Progressive Corp. COM 743315103 21,591,751 104,152 SH SOLE 104,152 0 0
Roper Technologies COM 776696106 20,029,928 57,325 SH SOLE 57,325 0 0
Ryan Specialty Hldngs COM 78351F107 17,237,893 465,889 SH SOLE 465,889 0 0
Service Corp. Int'l COM 817565104 26,075,664 342,425 SH SOLE 342,425 0 0
Tyler Technologies COM 902252105 20,517,840 64,400 SH SOLE 64,400 0 0
Viper Energy Inc COM 64361Q101 307,153 7,700 SH SOLE 7,700 0 0
Visa Inc. COM 92826C839 30,334,279 84,419 SH SOLE 84,419 0 0
Waters Corporation COM 941848103 10,365,210 23,590 SH SOLE 23,590 0 0
Watsco, Inc. COM 942622200 15,608,210 51,565 SH SOLE 51,565 0 0
Wheaton Precious Mtls COM 962879102 19,484,475 145,711 SH SOLE 145,711 0 0
Wheaton Precious Mtls COM 962879102 36,866,203 275,697 SH SOLE 275,697 0 0
Xylem Inc. COM 98419M100 17,247,294 170,310 SH SOLE 170,310 0 0