# EDGAR Filing Document

**Accession Number:** 0000919530
**File Stem:** 0000919530-25-000006
**Filing Date:** 2025-11
**Character Count:** 20209
**Document Hash:** ef823a0d0289de9ef641b7abb99b759f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919530-25-000006.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0000919530-25-000006

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JOHN G ULLMAN & ASSOCIATES INC
- **CENTRAL INDEX KEY:** 0000919530

**ORGANIZATION NAME:**
- **EIN:** 101113141
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03893
- **FILM NUMBER:** 251452480

**BUSINESS ADDRESS:**
- **STREET 1:** 51 EAST MARKET STREET
- **STREET 2:** P O BOX 1424
- **CITY:** CORNING
- **STATE:** NY
- **ZIP:** 14830
- **BUSINESS PHONE:** 6079363785

**MAIL ADDRESS:**
- **STREET 1:** 51 EAST MARKET STREET
- **STREET 2:** P O BOX 1424
- **CITY:** CORNING
- **STATE:** NY
- **ZIP:** 14830

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** JOHN G ULLMAN  ASSOCIATES INC<br>**Address:** 51 EAST MARKET STREET<br>P O BOX 1424<br>CORNING, NY 14830

**Form 13F File Number:** 028-03893

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** John G. Ullman<br>**Title:** CEO<br>**Phone:** 607.936.3720

**Signature, Place, and Date of Signing:**

John G. Ullman  Corning, NY  11-05-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 173

**Form 13F Information Table Value Total:** $742668709

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579y101 |  | 605202 | 3900 | SH |  | SOLE |  | 0 | 0 | 3900 |
| ABBOTT LABS | COM | 002824100 |  | 4050078 | 30238 | SH |  | SOLE |  | 0 | 0 | 30238 |
| ABBVIE INC | COM | 00287y109 |  | 244275 | 1055 | SH |  | SOLE |  | 0 | 0 | 1055 |
| ACV AUCTIONS INC CLASS A | COM | 00091g104 |  | 656874 | 66284 | SH |  | SOLE |  | 0 | 0 | 66284 |
| ADOBE INC | COM | 00724f101 |  | 2296402 | 6510 | SH |  | SOLE |  | 0 | 0 | 6510 |
| AGCO CORP DEL | COM | 001084102 |  | 460401 | 4300 | SH |  | SOLE |  | 0 | 0 | 4300 |
| AGILENT TECHNOLOGIES INC | COM | 00846u101 |  | 2191576 | 17075 | SH |  | SOLE |  | 0 | 0 | 17075 |
| ALGONQUIN PWR  UTILS F | COM | 015857105 |  | 399259 | 74350 | SH |  | SOLE |  | 0 | 0 | 74350 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 761733 | 11300 | SH |  | SOLE |  | 0 | 0 | 11300 |
| ALPHABET INC CLASS A | COM | 02079k305 |  | 5426721 | 22323 | SH |  | SOLE |  | 0 | 0 | 22323 |
| ALPHABET INC CLASS C | COM | 02079k107 |  | 4133774 | 16973 | SH |  | SOLE |  | 0 | 0 | 16973 |
| AMAZON.COM INC | COM | 023135106 |  | 14950302 | 68089 | SH |  | SOLE |  | 0 | 0 | 68089 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 381375 | 3390 | SH |  | SOLE |  | 0 | 0 | 3390 |
| AMERISERV FINL INC | COM | 03074a102 |  | 189036 | 65185 | SH |  | SOLE |  | 0 | 0 | 65185 |
| AMGEN INC | COM | 031162100 |  | 2539800 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| APPLE INC | COM | 037833100 |  | 4343479 | 17058 | SH |  | SOLE |  | 0 | 0 | 17058 |
| APTIV PLC F | COM | G3265R107 |  | 702693 | 8150 | SH |  | SOLE |  | 0 | 0 | 8150 |
| ARGAN INC | COM | 04010e109 |  | 1107205 | 4100 | SH |  | SOLE |  | 0 | 0 | 4100 |
| ASTEC INDUSTRIES INC | COM | 046224101 |  | 8676684 | 180276 | SH |  | SOLE |  | 0 | 0 | 180276 |
| AVALON ADVANCED MATERIALS INC | COM | 05337L304 |  | 527 | 18750 | SH |  | SOLE |  | 0 | 0 | 18750 |
| AVANTOR INC | COM | 05352a100 |  | 203424 | 16300 | SH |  | SOLE |  | 0 | 0 | 16300 |
| AZENTA INC | COM | 114340102 |  | 1511189 | 52618 | SH |  | SOLE |  | 0 | 0 | 52618 |
| BAXTER INTL INC | COM | 071813109 |  | 1203030 | 52834 | SH |  | SOLE |  | 0 | 0 | 52834 |
| BCE INC F | COM | 05534b760 |  | 2927095 | 125143 | SH |  | SOLE |  | 0 | 0 | 125143 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 846570 | 4523 | SH |  | SOLE |  | 0 | 0 | 4523 |
| BERKSHIRE HATHAWAY CLASS B | COM | 084670702 |  | 944648 | 1879 | SH |  | SOLE |  | 0 | 0 | 1879 |
| BLACK HILLS CORP | COM | 092113109 |  | 3220603 | 52291 | SH |  | SOLE |  | 0 | 0 | 52291 |
| BLOOM ENERGY CORP CLASS A | COM | 093712107 |  | 19043726 | 225183 | SH |  | SOLE |  | 0 | 0 | 225183 |
| BRISTOL-MYERS SQUIBB | COM | 110122108 |  | 6860080 | 152108 | SH |  | SOLE |  | 0 | 0 | 152108 |
| BROADCOM INC | COM | 11135f101 |  | 27026557 | 81921 | SH |  | SOLE |  | 0 | 0 | 81921 |
| CACI INTL INC CLASS A | COM | 127190304 |  | 9925223 | 19899 | SH |  | SOLE |  | 0 | 0 | 19899 |
| CHEVRON CORP NEW | COM | 166764100 |  | 995549 | 6411 | SH |  | SOLE |  | 0 | 0 | 6411 |
| CIENA CORP | COM | 171779309 |  | 2432689 | 16700 | SH |  | SOLE |  | 0 | 0 | 16700 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 488631 | 3900 | SH |  | SOLE |  | 0 | 0 | 3900 |
| CISCO SYSTEMS INC | COM | 17275r102 |  | 22866990 | 334215 | SH |  | SOLE |  | 0 | 0 | 334215 |
| COHERENT CORP | COM | 19247g107 |  | 4066430 | 37750 | SH |  | SOLE |  | 0 | 0 | 37750 |
| CONSTELLATION ENERGY COR | COM | 21037t109 |  | 811157 | 2465 | SH |  | SOLE |  | 0 | 0 | 2465 |
| CORNING INC | COM | 219350105 |  | 33564099 | 409169 | SH |  | SOLE |  | 0 | 0 | 409169 |
| CROWN HLDGS INC | COM | 228368106 |  | 2486130 | 25739 | SH |  | SOLE |  | 0 | 0 | 25739 |
| DENTSPLY SIRONA INC | COM | 24906p109 |  | 300753 | 23700 | SH |  | SOLE |  | 0 | 0 | 23700 |
| DISNEY WALT CO | COM | 254687106 |  | 8569638 | 74844 | SH |  | SOLE |  | 0 | 0 | 74844 |
| DOMINION ENERGY INC | COM | 25746u109 |  | 11040451 | 180488 | SH |  | SOLE |  | 0 | 0 | 180488 |
| DUKE ENERGY CORP NEW | COM | 26441c204 |  | 792371 | 6403 | SH |  | SOLE |  | 0 | 0 | 6403 |
| EAGLE BANCORP MONT INC | COM | 26942g100 |  | 986721 | 57135 | SH |  | SOLE |  | 0 | 0 | 57135 |
| EAGLE MATLS INC | COM | 26969p108 |  | 5709480 | 24500 | SH |  | SOLE |  | 0 | 0 | 24500 |
| EATON CORP PLC F | COM | g29183103 |  | 324849 | 868 | SH |  | SOLE |  | 0 | 0 | 868 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 4270997 | 21175 | SH |  | SOLE |  | 0 | 0 | 21175 |
| ELI LILLY AND CO | COM | 532457108 |  | 2168446 | 2842 | SH |  | SOLE |  | 0 | 0 | 2842 |
| EMERA INC F | COM | 290876101 |  | 757878 | 15800 | SH |  | SOLE |  | 0 | 0 | 15800 |
| EMERSON ELEC CO | COM | 291011104 |  | 36940550 | 281602 | SH |  | SOLE |  | 0 | 0 | 281602 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 3594666 | 28300 | SH |  | SOLE |  | 0 | 0 | 28300 |
| EQT CORP | COM | 26884l109 |  | 7829755 | 143850 | SH |  | SOLE |  | 0 | 0 | 143850 |
| ESSENTIAL UTILS INC | COM | 29670g102 |  | 18550507 | 464925 | SH |  | SOLE |  | 0 | 0 | 464925 |
| EVERSOURCE ENERGY | COM | 30040w108 |  | 11590484 | 162925 | SH |  | SOLE |  | 0 | 0 | 162925 |
| EVERUS CONSTRUCTION GROUP ORD | COM | 300426103 |  | 6941205 | 80947 | SH |  | SOLE |  | 0 | 0 | 80947 |
| EXXON MOBIL CORP | COM | 30231g102 |  | 12040486 | 106789 | SH |  | SOLE |  | 0 | 0 | 106789 |
| FIRST BUSEY ORD | COM | 319383204 |  | 530436 | 22913 | SH |  | SOLE |  | 0 | 0 | 22913 |
| FIRSTENERGY CORP | COM | 337932107 |  | 247428 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| FISERV INC | COM | 337738108 |  | 4895601 | 37971 | SH |  | SOLE |  | 0 | 0 | 37971 |
| FLOWSERVE CORP | COM | 34354p105 |  | 7500711 | 141150 | SH |  | SOLE |  | 0 | 0 | 141150 |
| FRANKLIN ELEC INC | COM | 353514102 |  | 514080 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| GE AEROSPACE | COM | 369604301 |  | 436791 | 1452 | SH |  | SOLE |  | 0 | 0 | 1452 |
| GE HEALTHCARE TECHNOLOGI | COM | 36266g107 |  | 3610057 | 48070 | SH |  | SOLE |  | 0 | 0 | 48070 |
| GE VERNOVA INC | COM | 36828a101 |  | 2237621 | 3639 | SH |  | SOLE |  | 0 | 0 | 3639 |
| GENERAC HLDGS INC | COM | 368736104 |  | 9688275 | 57875 | SH |  | SOLE |  | 0 | 0 | 57875 |
| GENERAL MTRS CO | COM | 37045v100 |  | 307898 | 5050 | SH |  | SOLE |  | 0 | 0 | 5050 |
| GERMAN AMERICAN BANCORP ORD | COM | 373865104 |  | 321621 | 8190 | SH |  | SOLE |  | 0 | 0 | 8190 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 776405 | 6995 | SH |  | SOLE |  | 0 | 0 | 6995 |
| GOLDMAN SACHS GROUP INC | COM | 38141g104 |  | 211033 | 265 | SH |  | SOLE |  | 0 | 0 | 265 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 136884 | 18300 | SH |  | SOLE |  | 0 | 0 | 18300 |
| GORMAN RUPP CO CLASS EQUITY | COM | 383082104 |  | 5333948 | 114931 | SH |  | SOLE |  | 0 | 0 | 114931 |
| GRANITE CONSTR INC | COM | 387328107 |  | 8512129 | 77630 | SH |  | SOLE |  | 0 | 0 | 77630 |
| GSK PLC ADR F SPONSORED ADR 1 | COM | 37733w204 |  | 3494234 | 80960 | SH |  | SOLE |  | 0 | 0 | 80960 |
| HAEMONETICS | COM | 405024100 |  | 582443 | 11950 | SH |  | SOLE |  | 0 | 0 | 11950 |
| HALLIBURTON CO | COM | 406216101 |  | 1960817 | 79708 | SH |  | SOLE |  | 0 | 0 | 79708 |
| HONEYWELL INTL INC | COM | 438516106 |  | 6306790 | 29961 | SH |  | SOLE |  | 0 | 0 | 29961 |
| HYDRO ONE LTD F | COM | 448811208 |  | 1058805 | 29700 | SH |  | SOLE |  | 0 | 0 | 29700 |
| IBM CORP | COM | 459200101 |  | 19192523 | 68020 | SH |  | SOLE |  | 0 | 0 | 68020 |
| IDACORP INC | COM | 451107106 |  | 5071785 | 38379 | SH |  | SOLE |  | 0 | 0 | 38379 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 573672 | 2200 | SH |  | SOLE |  | 0 | 0 | 2200 |
| ILLUMINA INC | COM | 452327109 |  | 612556 | 6450 | SH |  | SOLE |  | 0 | 0 | 6450 |
| INTEL CORP | COM | 458140100 |  | 6099692 | 181809 | SH |  | SOLE |  | 0 | 0 | 181809 |
| IQVIA HLDGS INC | COM | 46266c105 |  | 360886 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| ITRON INC | COM | 465741106 |  | 7225103 | 58005 | SH |  | SOLE |  | 0 | 0 | 58005 |
| ITT INC | COM | 45073v108 |  | 410254 | 2295 | SH |  | SOLE |  | 0 | 0 | 2295 |
| JAZZ PHARMACEUTICALS P F | COM | g50871105 |  | 4662425 | 35375 | SH |  | SOLE |  | 0 | 0 | 35375 |
| JOHNSON CONTROLS INTER F | COM | g51502105 |  | 904229 | 8224 | SH |  | SOLE |  | 0 | 0 | 8224 |
| KNIFE RIVER ORD | COM | 498894104 |  | 4454002 | 57942 | SH |  | SOLE |  | 0 | 0 | 57942 |
| LABCORP HLDGS INC | COM | 504922105 |  | 634403 | 2210 | SH |  | SOLE |  | 0 | 0 | 2210 |
| LINDSAY CORP | COM | 535555106 |  | 8148966 | 57975 | SH |  | SOLE |  | 0 | 0 | 57975 |
| LOWES COS INC | COM | 548661107 |  | 5084001 | 20230 | SH |  | SOLE |  | 0 | 0 | 20230 |
| LUMENTUM HOLDINGS INC | COM | 55024U109 |  | 6129774 | 37673 | SH |  | SOLE |  | 0 | 0 | 37673 |
| M D U RESOURCES GRP | COM | 552690109 |  | 6976533 | 391720 | SH |  | SOLE |  | 0 | 0 | 391720 |
| MACOM TECHNOLOGY SOLUTIO | COM | 55405y100 |  | 709593 | 5700 | SH |  | SOLE |  | 0 | 0 | 5700 |
| MERCK  CO. INC. | COM | 58933y105 |  | 8284365 | 98706 | SH |  | SOLE |  | 0 | 0 | 98706 |
| META PLATFORMS INC CLASS A | COM | 30303m102 |  | 231330 | 315 | SH |  | SOLE |  | 0 | 0 | 315 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 495769 | 2963 | SH |  | SOLE |  | 0 | 0 | 2963 |
| MICROSOFT CORP | COM | 594918104 |  | 16552991 | 31959 | SH |  | SOLE |  | 0 | 0 | 31959 |
| MODERNA INC | COM | 60770k107 |  | 613462 | 23750 | SH |  | SOLE |  | 0 | 0 | 23750 |
| NATIONAL BANK OF CANADA ORD | COM | 633067103 |  | 353579 | 3330 | SH |  | SOLE |  | 0 | 0 | 3330 |
| NEW JERSEY RES CORP | COM | 646025106 |  | 5825861 | 120994 | SH |  | SOLE |  | 0 | 0 | 120994 |
| NEXSTAR MEDIA GROUP INC | COM | 65336k103 |  | 5432906 | 27475 | SH |  | SOLE |  | 0 | 0 | 27475 |
| NEXTERA ENERGY INC | COM | 65339f101 |  | 11825735 | 156653 | SH |  | SOLE |  | 0 | 0 | 156653 |
| NORWOOD FINL CORP | COM | 669549107 |  | 320292 | 12600 | SH |  | SOLE |  | 0 | 0 | 12600 |
| OCEANFIRST FINL CORP | COM | 675234108 |  | 474390 | 27000 | SH |  | SOLE |  | 0 | 0 | 27000 |
| OGE ENERGY CORP | COM | 670837103 |  | 23516681 | 508249 | SH |  | SOLE |  | 0 | 0 | 508249 |
| ORACLE CORP | COM | 68389x105 |  | 4392969 | 15620 | SH |  | SOLE |  | 0 | 0 | 15620 |
| OTTER TAIL CORP | COM | 689648103 |  | 1692680 | 20650 | SH |  | SOLE |  | 0 | 0 | 20650 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 423937 | 2082 | SH |  | SOLE |  | 0 | 0 | 2082 |
| PAYPAL HLDGS INC | COM | 70450y103 |  | 2650882 | 39530 | SH |  | SOLE |  | 0 | 0 | 39530 |
| PFIZER INC | COM | 717081103 |  | 3888184 | 152598 | SH |  | SOLE |  | 0 | 0 | 152598 |
| PHILLIPS 66 | COM | 718546104 |  | 523677 | 3850 | SH |  | SOLE |  | 0 | 0 | 3850 |
| PORTLAND GENERAL ELECTRIC CO | COM | 736508847 |  | 9672696 | 219834 | SH |  | SOLE |  | 0 | 0 | 219834 |
| PUBLIC SVC ENTERPRISE GR | COM | 744573106 |  | 3190008 | 38222 | SH |  | SOLE |  | 0 | 0 | 38222 |
| QUEST DIAGNOSTICS INC | COM | 74834l100 |  | 212306 | 1114 | SH |  | SOLE |  | 0 | 0 | 1114 |
| RBB BANCORP | COM | 74930b105 |  | 766346 | 40850 | SH |  | SOLE |  | 0 | 0 | 40850 |
| REGENERON PHARMS INC | COM | 75886f107 |  | 1099238 | 1955 | SH |  | SOLE |  | 0 | 0 | 1955 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 244358 | 490 | SH |  | SOLE |  | 0 | 0 | 490 |
| SALESFORCE INC | COM | 79466l302 |  | 2885475 | 12175 | SH |  | SOLE |  | 0 | 0 | 12175 |
| SANDISK CORP SNDK | COM | 80004C200 |  | 3162693 | 28188 | SH |  | SOLE |  | 0 | 0 | 28188 |
| SCHLUMBERGER LTD F | COM | 806857108 |  | 9455874 | 275120 | SH |  | SOLE |  | 0 | 0 | 275120 |
| SEAGATE TECHNOLOGY HOLDINGS | COM | G7997R103 |  | 315848 | 1338 | SH |  | SOLE |  | 0 | 0 | 1338 |
| SHERWIN-WILLIAMS CO | COM | 824348106 |  | 398199 | 1150 | SH |  | SOLE |  | 0 | 0 | 1150 |
| SMITH A O CORP | COM | 831865209 |  | 712077 | 9700 | SH |  | SOLE |  | 0 | 0 | 9700 |
| SNOWFLAKE INC CLASS A | COM | 833445109 |  | 4525886 | 20066 | SH |  | SOLE |  | 0 | 0 | 20066 |
| SOLVENTUM CORP | COM | 83444m101 |  | 2036554 | 27898 | SH |  | SOLE |  | 0 | 0 | 27898 |
| SOUTHERN CO | COM | 842587107 |  | 2462125 | 25980 | SH |  | SOLE |  | 0 | 0 | 25980 |
| STATE STR CORP | COM | 857477103 |  | 4941214 | 42593 | SH |  | SOLE |  | 0 | 0 | 42593 |
| SYSCO CORP | COM | 871829107 |  | 5781750 | 70218 | SH |  | SOLE |  | 0 | 0 | 70218 |
| TE CONNECTIVITY PLC F | COM | g87052109 |  | 22440137 | 102219 | SH |  | SOLE |  | 0 | 0 | 102219 |
| TERADATA CORP DEL | COM | 88076w103 |  | 563562 | 26200 | SH |  | SOLE |  | 0 | 0 | 26200 |
| TEXAS INSTRS INC | COM | 882508104 |  | 641401 | 3491 | SH |  | SOLE |  | 0 | 0 | 3491 |
| THE COCA-COLA CO | COM | 191216100 |  | 412643 | 6222 | SH |  | SOLE |  | 0 | 0 | 6222 |
| THERMO FISHER SCIENTIFIC | COM | 883556102 |  | 5863892 | 12090 | SH |  | SOLE |  | 0 | 0 | 12090 |
| TOMPKINS FINL CORP | COM | 890110109 |  | 5617455 | 84843 | SH |  | SOLE |  | 0 | 0 | 84843 |
| TUTOR PERINI CORP | COM | 901109108 |  | 327950 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| TWILIO CL A ORD | COM | 90138F102 |  | 1975877 | 19741 | SH |  | SOLE |  | 0 | 0 | 19741 |
| UNITED THERAPEUTICS CORP | COM | 91307c102 |  | 2968007 | 7080 | SH |  | SOLE |  | 0 | 0 | 7080 |
| VERIZON COMMUNICATIONS I | COM | 92343v104 |  | 207971 | 4732 | SH |  | SOLE |  | 0 | 0 | 4732 |
| VONTIER CORP | COM | 928881101 |  | 2577839 | 61421 | SH |  | SOLE |  | 0 | 0 | 61421 |
| VULCAN MATLS CO | COM | 929160109 |  | 7798167 | 25350 | SH |  | SOLE |  | 0 | 0 | 25350 |
| WATERSTONE FINL INC MD | COM | 94188p101 |  | 881369 | 56498 | SH |  | SOLE |  | 0 | 0 | 56498 |
| WATTS WATER TECHNOLOGIES CLASS | COM | 942749102 |  | 3267576 | 11700 | SH |  | SOLE |  | 0 | 0 | 11700 |
| WEBSTER FINL CORP | COM | 947890109 |  | 1655404 | 27850 | SH |  | SOLE |  | 0 | 0 | 27850 |
| WEC ENERGY GROUP INC | COM | 92939u106 |  | 282579 | 2466 | SH |  | SOLE |  | 0 | 0 | 2466 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 9131523 | 76058 | SH |  | SOLE |  | 0 | 0 | 76058 |
| XYLEM INC | COM | 98419m100 |  | 417425 | 2830 | SH |  | SOLE |  | 0 | 0 | 2830 |
| ZIMMER BIOMET HLDGS INC | COM | 98956p102 |  | 2235950 | 22700 | SH |  | SOLE |  | 0 | 0 | 22700 |
| BP P L C F SPONSORED ADR 1 ADR | ADR | 055622104 |  | 756397 | 21950 | SH |  | SOLE |  | 0 | 0 | 21950 |
| CRH ADR REPSG 1 ORD | ADR | 12626K203 |  | 299750 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| EQUINOR ASA F SPONSORED ADR 1 | ADR | 29446m102 |  | 1978656 | 81159 | SH |  | SOLE |  | 0 | 0 | 81159 |
| NOVARTIS AG | ADR | 66987V109 |  | 382155 | 2980 | SH |  | SOLE |  | 0 | 0 | 2980 |
| ROCHE HLDG LTD F SPONSORED ADR | ADR | 771195104 |  | 221593 | 5300 | SH |  | SOLE |  | 0 | 0 | 5300 |
| SHELL PLC F SPONSORED ADR 1 AD | ADR | 780259305 |  | 793983 | 11100 | SH |  | SOLE |  | 0 | 0 | 11100 |
| SKANSKA AB F SPONSORED ADR 1 A | ADR | 830561205 |  | 1887041 | 72766 | SH |  | SOLE |  | 0 | 0 | 72766 |
| TAIWAN SEMICONDUCTOR M F SPONS | ADR | 874039100 |  | 37797712 | 135335 | SH |  | SOLE |  | 0 | 0 | 135335 |
| FIDELITY ENHANCED SMALL CAP ET | ETF | 31609A206 |  | 213765 | 5847 | SH |  | SOLE |  | 0 | 0 | 5847 |
| INVSC QQQ TRUST SRS 1 ETF | ETF | 46090e103 |  | 227540 | 379 | SH |  | SOLE |  | 0 | 0 | 379 |
| INVSC S P 500 EQUAL WEIGHT ETF | ETF | 46137v357 |  | 210377 | 1109 | SH |  | SOLE |  | 0 | 0 | 1109 |
| INVSC WATER RESC PORTFOLIO ETF | ETF | 46137v142 |  | 282671 | 3920 | SH |  | SOLE |  | 0 | 0 | 3920 |
| ISHARES BIOTECHNOLOGY ETF | ETF | 464287556 |  | 245429 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| ISHS MSCI EMERG MRKT MIN VOL F | ETF | 464286533 |  | 338299 | 5300 | SH |  | SOLE |  | 0 | 0 | 5300 |
| SELECT SECTOR UTI SELECT SPDR | ETF | 81369y886 |  | 615441 | 7057 | SH |  | SOLE |  | 0 | 0 | 7057 |
| SPDR S REGIONAL BANKING ETF | ETF | 78464a698 |  | 272190 | 4300 | SH |  | SOLE |  | 0 | 0 | 4300 |
| VANECK VIETNAM ETF | ETF | 92189f817 |  | 5346184 | 299674 | SH |  | SOLE |  | 0 | 0 | 299674 |
| VANGUARD FTSE EMERGING MARKETS | ETF | 922042858 |  | 1365336 | 25200 | SH |  | SOLE |  | 0 | 0 | 25200 |
| VANGUARD INFORMATION TECHNOLOG | ETF | 92204A702 |  | 332250 | 445 | SH |  | SOLE |  | 0 | 0 | 445 |
| VANGUARD S 500 ETF | ETF | 922908363 |  | 4186842 | 6837 | SH |  | SOLE |  | 0 | 0 | 6837 |
| VANGUARD TOTAL STOCK MARKET ET | ETF | 922908769 |  | 444342 | 1354 | SH |  | SOLE |  | 0 | 0 | 1354 |
| VANGUARD VALUE ETF | ETF | 922908744 |  | 203274 | 1090 | SH |  | SOLE |  | 0 | 0 | 1090 |
| MEXICO FUND INC | CEF | 592835102 |  | 208820 | 10600 | SH |  | SOLE |  | 0 | 0 | 10600 |
| TORTOISE ENERGY INFRASTR | CEF | 89147l886 |  | 656735 | 15241 | SH |  | SOLE |  | 0 | 0 | 15241 |
| AMERICAN TOWER CORP NEW REIT | REIT | 03027x100 |  | 10908006 | 56718 | SH |  | SOLE |  | 0 | 0 | 56718 |

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