# EDGAR Filing Document

**Accession Number:** 0001316617
**File Stem:** 0001316617-23-000002
**Filing Date:** 2023-2
**Character Count:** 19365
**Document Hash:** ee0fa43f85dd1b284bd22ee192f73fc4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001316617-23-000002.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001316617-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Saturna Capital CORP
- **CENTRAL INDEX KEY:** 0001316617
- **IRS NUMBER:** 911454817
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11042
- **FILM NUMBER:** 23606848

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 N. STATE ST.
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98225
- **BUSINESS PHONE:** 360-734-9900

**MAIL ADDRESS:**
- **STREET 1:** 1300 N. STATE ST.
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98225

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** Saturna Capital CORP<br>**Address:** 1300 N. STATE ST.<br>BELLINGHAM, WA 98225

**Form 13F File Number:** 028-11042

**CRD Number (if applicable):** 000025586

**SEC File Number (if applicable):** 801-35428

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:** Michael Lewis<br>**Title:** Chief Compliance Officer<br>**Phone:** 360-734-9900

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

Michael Lewis  Bellingham, WA  02-09-2023<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:** 151

**Form 13F Information Table Value Total:** $4649069683

      (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 | Common Stock | 88579Y101 |  | 24073580 | 200747 | SH |  | SOLE | 0 | 200000 | 0 | 747 |
| Abbott Laboratories | Common Stock | 002824100 |  | 47519088 | 432818 | SH |  | SOLE | 0 | 373499 | 0 | 59319 |
| AbbVie | Common Stock | 00287Y109 |  | 25233947 | 156141 | SH |  | SOLE | 0 | 140000 | 0 | 16141 |
| Accenture Class A | Common Stock | G1151C101 |  | 4137087 | 15504 | SH |  | SOLE | 0 | 9200 | 0 | 6304 |
| Activision Blizzard | Common Stock | 00507V109 |  | 206685 | 2700 | SH |  | SOLE | 0 | 1900 | 0 | 800 |
| Adobe | Common Stock | 00724F101 |  | 114528899 | 340323 | SH |  | SOLE | 0 | 326050 | 0 | 14273 |
| Advanced Micro Devices | Common Stock | 007903107 |  | 43168233 | 666485 | SH |  | SOLE | 0 | 666450 | 0 | 35 |
| Agilent Technologies | Common Stock | 00846U101 |  | 136255427 | 910494 | SH |  | SOLE | 0 | 900000 | 0 | 10494 |
| Agnico-Eagle Mines | Common Stock | 008474108 |  | 1222805 | 23520 | SH |  | SOLE | 0 | 18000 | 0 | 5520 |
| Air Products  Chemicals | Common Stock | 009158106 |  | 34398733 | 111590 | SH |  | SOLE | 0 | 110000 | 0 | 1590 |
| Albemarle Corp | Common Stock | 012653101 |  | 736240 | 3395 | SH |  | SOLE | 0 | 3000 | 0 | 395 |
| Alcon | Common Stock | H01301128 |  | 1808623 | 26384 | SH |  | SOLE | 0 | 25000 | 0 | 1384 |
| Alphabet inc. C | Common Stock | 02079K107 |  | 351460 | 3961 | SH |  | SOLE | 0 | 0 | 0 | 3961 |
| Alphabet Class A | Common Stock | 02079K305 |  | 64486425 | 730890 | SH |  | SOLE | 0 | 693680 | 0 | 37210 |
| Amazon.com | Common Stock | 023135106 |  | 2394000 | 28500 | SH |  | SOLE | 0 | 26980 | 0 | 1520 |
| Amgen | Common Stock | 031162100 |  | 122240010 | 465428 | SH |  | SOLE | 0 | 461000 | 0 | 4428 |
| ANAVEX LIFE SCIENCES CORP COM NEW | Common Stock | 032797300 |  | 113898 | 12300 | SH |  | SOLE | 0 | 0 | 0 | 12300 |
| Aon PLC | Common Stock | G0403H108 |  | 499433 | 1664 | SH |  | SOLE | 0 | 0 | 0 | 1664 |
| Apple | Common Stock | 037833100 |  | 290211388 | 2233598 | SH |  | SOLE | 0 | 2037528 | 0 | 196070 |
| ASML Holding NY | Common Stock | N07059210 |  | 171847171 | 314508 | SH |  | SOLE | 0 | 313475 | 0 | 1033 |
| AstraZeneca ADS | ADR | 046353108 |  | 72430265 | 1068293 | SH |  | SOLE | 0 | 1040000 | 0 | 28293 |
| Barrick Gold | Common Stock | 067901108 |  | 2660804 | 154878 | SH |  | SOLE | 0 | 154740 | 0 | 138 |
| BCE | Common Stock | 05534B760 |  | 270293 | 6150 | SH |  | SOLE | 0 | 4000 | 0 | 2150 |
| BHP Biliton ADR | ADR | 088606108 |  | 1375462 | 22167 | SH |  | SOLE | 0 | 19500 | 0 | 2667 |
| BioNTech SE | Common Stock | 09075V102 |  | 1024801 | 6822 | SH |  | SOLE | 0 | 5300 | 0 | 1522 |
| Booking Holdings | Common Stock | 09857L108 |  | 457469 | 227 | SH |  | SOLE | 0 | 0 | 0 | 227 |
| Boston Scientific | Common Stock | 101137107 |  | 555240 | 12000 | SH |  | SOLE | 0 | 12000 | 0 | 0 |
| Bristol-Myers Squibb | Common Stock | 110122108 |  | 49158614 | 683233 | SH |  | SOLE | 0 | 653200 | 0 | 30033 |
| Canadian National Railway | Common Stock | 136375102 |  | 48503040 | 408000 | SH |  | SOLE | 0 | 396000 | 0 | 12000 |
| Canadian Pacific Railway | Common Stock | 13645T100 |  | 1890036 | 25339 | SH |  | SOLE | 0 | 20764 | 0 | 4575 |
| CGI Group Inc Class A | Common Stock | 12532H104 |  | 516780 | 6000 | SH |  | SOLE | 0 | 0 | 0 | 6000 |
| Charles River Laboratories | Common Stock | 159864107 |  | 783351 | 3595 | SH |  | SOLE | 0 | 0 | 0 | 3595 |
| Chevron Corporation | Common Stock | 166764100 |  | 297235 | 1656 | SH |  | SOLE | 0 | 0 | 0 | 1656 |
| Chubb | Common Stock | H1467J104 |  | 699302 | 3170 | SH |  | SOLE | 0 | 2810 | 0 | 360 |
| Church  Dwight | Common Stock | 171340102 |  | 96542567 | 1197650 | SH |  | SOLE | 0 | 1176450 | 0 | 21200 |
| Cisco Systems | Common Stock | 17275R102 |  | 103604709 | 2174742 | SH |  | SOLE | 0 | 2105000 | 0 | 69742 |
| Clorox | Common Stock | 189054109 |  | 242771 | 1730 | SH |  | SOLE | 0 | 0 | 0 | 1730 |
| Colgate-Palmolive | Common Stock | 194162103 |  | 34152156 | 433458 | SH |  | SOLE | 0 | 433400 | 0 | 58 |
| Columbia Sportswear | Common Stock | 198516106 |  | 525480 | 6000 | SH |  | SOLE | 0 | 0 | 0 | 6000 |
| Comfort Systems USA | Common Stock | 199908104 |  | 1047228 | 9100 | SH |  | SOLE | 0 | 0 | 0 | 9100 |
| ConocoPhillips | Common Stock | 20825C104 |  | 2489800 | 21100 | SH |  | SOLE | 0 | 4000 | 0 | 17100 |
| Corteva | Common Stock | 22052L104 |  | 65302581 | 1110966 | SH |  | SOLE | 0 | 1077500 | 0 | 33466 |
| Costco Wholesale | Common Stock | 22160K105 |  | 2133225 | 4673 | SH |  | SOLE | 0 | 3509 | 0 | 1164 |
| CSW Industrials Inc. | Common Stock | 126402106 |  | 819625 | 7070 | SH |  | SOLE | 0 | 0 | 0 | 7070 |
| Devon Energy | Common Stock | 25179M103 |  | 1615253 | 26260 | SH |  | SOLE | 0 | 0 | 0 | 26260 |
| Eaton Corp PLC | Common Stock | G29183103 |  | 2078803 | 13245 | SH |  | SOLE | 0 | 7000 | 0 | 6245 |
| Ecolab | Common Stock | 278865100 |  | 547014 | 3758 | SH |  | SOLE | 0 | 1500 | 0 | 2258 |
| EDAP TMS S.A. | Common Stock | 268311107 |  | 288779 | 27090 | SH |  | SOLE | 0 | 0 | 0 | 27090 |
| Edwards Lifesciences | Common Stock | 28176E108 |  | 1388119 | 18605 | SH |  | SOLE | 0 | 10500 | 0 | 8105 |
| Elevance Health | Common Stock | 036752103 |  | 71366438 | 139124 | SH |  | SOLE | 0 | 138250 | 0 | 874 |
| Eli Lilly | Common Stock | 532457108 |  | 298138747 | 814943 | SH |  | SOLE | 0 | 805000 | 0 | 9943 |
| Enphase Energy | Common Stock | 29355A107 |  | 313978 | 1185 | SH |  | SOLE | 0 | 0 | 0 | 1185 |
| Equinor ADR | ADR | 29446M102 |  | 752010 | 21000 | SH |  | SOLE | 0 | 21000 | 0 | 0 |
| Estee Lauder Class A | Common Stock | 518439104 |  | 113781757 | 458594 | SH |  | SOLE | 0 | 458594 | 0 | 0 |
| Exponent | Common Stock | 30214U102 |  | 693630 | 7000 | SH |  | SOLE | 0 | 0 | 0 | 7000 |
| Fastenal | Common Stock | 311900104 |  | 30393636 | 642300 | SH |  | SOLE | 0 | 635800 | 0 | 6500 |
| Floor  Decor Holdings Inc. Class | Common Stock | 339750101 |  | 1079265 | 15500 | SH |  | SOLE | 0 | 1900 | 0 | 13600 |
| Freeport-McMoRan | Common Stock | 35671D857 |  | 229406 | 6037 | SH |  | SOLE | 0 | 0 | 0 | 6037 |
| Gartner | Common Stock | 366651107 |  | 60720666 | 180641 | SH |  | SOLE | 0 | 179900 | 0 | 741 |
| Genuine Parts | Common Stock | 372460105 |  | 68455421 | 394533 | SH |  | SOLE | 0 | 382000 | 0 | 12533 |
| GlaxoSmithKline ADS | ADR | 37733W204 |  | 911988 | 25953 | SH |  | SOLE | 0 | 13200 | 0 | 12753 |
| Haleon Plc ADR | ADR | 405552100 |  | 92000 | 11500 | SH |  | SOLE | 0 | 11500 | 0 | 0 |
| Hasbro | Common Stock | 418056107 |  | 644693 | 10567 | SH |  | SOLE | 0 | 0 | 0 | 10567 |
| Helmerich  Payne | Common Stock | 423452101 |  | 264208 | 5330 | SH |  | SOLE | 0 | 0 | 0 | 5330 |
| Home Depot | Common Stock | 437076102 |  | 2690495 | 8518 | SH |  | SOLE | 0 | 2100 | 0 | 6418 |
| Honeywell International | Common Stock | 438516106 |  | 56847790 | 265272 | SH |  | SOLE | 0 | 264750 | 0 | 522 |
| Horizon Therapeutics Plc | Common Stock | G46188101 |  | 1971585 | 17325 | SH |  | SOLE | 0 | 17325 | 0 | 0 |
| ICF International | Common Stock | 44925C103 |  | 1109360 | 11200 | SH |  | SOLE | 0 | 0 | 0 | 11200 |
| Idacorp | Common Stock | 451107106 |  | 345120 | 3200 | SH |  | SOLE | 0 | 0 | 0 | 3200 |
| Illinois Tool Works | Common Stock | 452308109 |  | 69833338 | 316992 | SH |  | SOLE | 0 | 300525 | 0 | 16467 |
| Infosys ADS | ADR | 456788108 |  | 1801000 | 100000 | SH |  | SOLE | 0 | 100000 | 0 | 0 |
| Intel | Common Stock | 458140100 |  | 24616717 | 931393 | SH |  | SOLE | 0 | 900000 | 0 | 31393 |
| Intuit | Common Stock | 461202103 |  | 116528187 | 299389 | SH |  | SOLE | 0 | 285600 | 0 | 13789 |
| Johnson  Johnson | Common Stock | 478160104 |  | 94293650 | 533788 | SH |  | SOLE | 0 | 508815 | 0 | 24973 |
| Johnson Controls International | Common Stock | G51502105 |  | 110394304 | 1724911 | SH |  | SOLE | 0 | 1701850 | 0 | 23061 |
| JP Morgan Chase | Common Stock | 46625H100 |  | 361534 | 2696 | SH |  | SOLE | 0 | 0 | 0 | 2696 |
| Juniper Networks | Common Stock | 48203R104 |  | 862536 | 26988 | SH |  | SOLE | 0 | 0 | 0 | 26988 |
| Keysight Technologies | Common Stock | 49338L103 |  | 85535000 | 500000 | SH |  | SOLE | 0 | 500000 | 0 | 0 |
| Kimberly-Clark | Common Stock | 494368103 |  | 31884960 | 234880 | SH |  | SOLE | 0 | 230000 | 0 | 4880 |
| Lincoln Electric Holdings | Common Stock | 533900106 |  | 44719655 | 309500 | SH |  | SOLE | 0 | 307000 | 0 | 2500 |
| Linde | Common Stock | G5494J103 |  | 44532703 | 136528 | SH |  | SOLE | 0 | 136500 | 0 | 28 |
| Lowe's | Common Stock | 548661107 |  | 86213937 | 432714 | SH |  | SOLE | 0 | 414700 | 0 | 18014 |
| Lululemon Athletica | Common Stock | 550021109 |  | 50426210 | 157395 | SH |  | SOLE | 0 | 156050 | 0 | 1345 |
| Mastercard Class A | Common Stock | 57636Q104 |  | 3749573 | 10783 | SH |  | SOLE | 0 | 10274 | 0 | 509 |
| McCormick  Co | Common Stock | 579780206 |  | 47456349 | 572522 | SH |  | SOLE | 0 | 559288 | 0 | 13234 |
| MercadoLibre | Common Stock | 58733R102 |  | 2720662 | 3215 | SH |  | SOLE | 0 | 3215 | 0 | 0 |
| Merck  Co | Common Stock | 58933Y105 |  | 51900080 | 467779 | SH |  | SOLE | 0 | 450000 | 0 | 17779 |
| Microchip Technology | Common Stock | 595017104 |  | 450232 | 6409 | SH |  | SOLE | 0 | 0 | 0 | 6409 |
| Microsoft | Common Stock | 594918104 |  | 156205798 | 651346 | SH |  | SOLE | 0 | 626158 | 0 | 25188 |
| Monster Beverage | Common Stock | 61174X109 |  | 1765708 | 17391 | SH |  | SOLE | 0 | 16100 | 0 | 1291 |
| Moody's | Common Stock | 615369105 |  | 1586741 | 5695 | SH |  | SOLE | 0 | 0 | 0 | 5695 |
| Motorola Solutions | Common Stock | 620076307 |  | 81661856 | 316875 | SH |  | SOLE | 0 | 316770 | 0 | 105 |
| Newmont | Common Stock | 651639106 |  | 1109200 | 23500 | SH |  | SOLE | 0 | 4000 | 0 | 19500 |
| NextEra Energy | Common Stock | 65339F101 |  | 334400 | 4000 | SH |  | SOLE | 0 | 4000 | 0 | 0 |
| NICE Systems ADR | ADR | 653656108 |  | 3091223 | 16075 | SH |  | SOLE | 0 | 16075 | 0 | 0 |
| Nike Class B | Common Stock | 654106103 |  | 2376590 | 20311 | SH |  | SOLE | 0 | 10276 | 0 | 10035 |
| Norfolk Southern | Common Stock | 655844108 |  | 63004666 | 255680 | SH |  | SOLE | 0 | 250000 | 0 | 5680 |
| Novartis ADS | ADR | 66987V109 |  | 28186341 | 310696 | SH |  | SOLE | 0 | 297350 | 0 | 13346 |
| Novo Nordisk ADS | ADR | 670100205 |  | 144632715 | 1068662 | SH |  | SOLE | 0 | 1042295 | 0 | 26367 |
| Nutrien | Common Stock | 67077M108 |  | 547725 | 7500 | SH |  | SOLE | 0 | 7500 | 0 | 0 |
| NVIDIA | Common Stock | 67066G104 |  | 2339994 | 16012 | SH |  | SOLE | 0 | 11400 | 0 | 4612 |
| NXP Semiconductors | Common Stock | N6596X109 |  | 1132759 | 7168 | SH |  | SOLE | 0 | 2750 | 0 | 4418 |
| O'Reilly Automotive | Common Stock | 67103H107 |  | 1759803 | 2085 | SH |  | SOLE | 0 | 1460 | 0 | 625 |
| Oracle | Common Stock | 68389X105 |  | 63942096 | 782262 | SH |  | SOLE | 0 | 757800 | 0 | 24462 |
| Orange ADR | ADR | 684060106 |  | 197600 | 20000 | SH |  | SOLE | 0 | 20000 | 0 | 0 |
| Parker Hannifin | Common Stock | 701094104 |  | 11876292 | 40812 | SH |  | SOLE | 0 | 40800 | 0 | 12 |
| Paypal | Common Stock | 70450Y103 |  | 1061178 | 14900 | SH |  | SOLE | 0 | 14900 | 0 | 0 |
| PepsiCo | Common Stock | 713448108 |  | 225825 | 1250 | SH |  | SOLE | 0 | 1250 | 0 | 0 |
| Pfizer | Common Stock | 717081103 |  | 59976215 | 1170496 | SH |  | SOLE | 0 | 1112100 | 0 | 58396 |
| PPG Industries | Common Stock | 693506107 |  | 48608569 | 386580 | SH |  | SOLE | 0 | 379000 | 0 | 7580 |
| Procter  Gamble | Common Stock | 742718109 |  | 22411632 | 147873 | SH |  | SOLE | 0 | 136150 | 0 | 11723 |
| Prologis Inc | Common Stock | 74340W103 |  | 768368 | 6816 | SH |  | SOLE | 0 | 0 | 0 | 6816 |
| Public Storage International | Common Stock | 74460D109 |  | 1065282 | 3802 | SH |  | SOLE | 0 | 0 | 0 | 3802 |
| Qualcomm | Common Stock | 747525103 |  | 4088449 | 37188 | SH |  | SOLE | 0 | 16450 | 0 | 20738 |
| Quimica y Minera Chile ADS | ADR | 833635105 |  | 1596800 | 20000 | SH |  | SOLE | 0 | 20000 | 0 | 0 |
| Raymond James Financial | Common Stock | 754730109 |  | 892411 | 8352 | SH |  | SOLE | 0 | 0 | 0 | 8352 |
| Rio Tinto ADS | ADR | 767204100 |  | 5021736 | 70530 | SH |  | SOLE | 0 | 63800 | 0 | 6730 |
| Rockwell Automation | Common Stock | 773903109 |  | 77348271 | 300300 | SH |  | SOLE | 0 | 300000 | 0 | 300 |
| Roper Technologies | Common Stock | 776696106 |  | 907389 | 2100 | SH |  | SOLE | 0 | 0 | 0 | 2100 |
| Ross Stores | Common Stock | 778296103 |  | 1949976 | 16800 | SH |  | SOLE | 0 | 2000 | 0 | 14800 |
| RPM International | Common Stock | 749685103 |  | 1890530 | 19400 | SH |  | SOLE | 0 | 19400 | 0 | 0 |
| Salesforce Inc. | Common Stock | 79466L302 |  | 589363 | 4445 | SH |  | SOLE | 0 | 0 | 0 | 4445 |
| SENSEONICS HLDGS INC COM | Common Stock | 81727U105 |  | 13823 | 13420 | SH |  | SOLE | 0 | 0 | 0 | 13420 |
| Shell Plc | ADR | 780259305 |  | 566596 | 9949 | SH |  | SOLE | 0 | 8900 | 0 | 1049 |
| Sony ADS | ADR | 835699307 |  | 2485965 | 32590 | SH |  | SOLE | 0 | 30900 | 0 | 1690 |
| Southern Copper | Common Stock | 84265V105 |  | 2174040 | 36000 | SH |  | SOLE | 0 | 36000 | 0 | 0 |
| Starbucks | Common Stock | 855244109 |  | 334602 | 3373 | SH |  | SOLE | 0 | 3213 | 0 | 160 |
| STMicroelectronics (NY shares) | ADR | 861012102 |  | 2521913 | 70900 | SH |  | SOLE | 0 | 20900 | 0 | 50000 |
| Stryker | Common Stock | 863667101 |  | 76694802 | 313693 | SH |  | SOLE | 0 | 303000 | 0 | 10693 |
| Taiwan Semiconductor ADS | ADR | 874039100 |  | 156516228 | 2101171 | SH |  | SOLE | 0 | 2063146 | 0 | 38025 |
| TE Connectivity | Common Stock | H84989104 |  | 1367383 | 11911 | SH |  | SOLE | 0 | 3200 | 0 | 8711 |
| Telekomunikasi Indonesia ADS | ADR | 715684106 |  | 2036552 | 85390 | SH |  | SOLE | 0 | 67000 | 0 | 18390 |
| Telus | Common Stock | 87971M103 |  | 1815140 | 94000 | SH |  | SOLE | 0 | 86000 | 0 | 8000 |
| Texas Instruments | Common Stock | 882508104 |  | 44101514 | 266926 | SH |  | SOLE | 0 | 256600 | 0 | 10326 |
| TJX Companies | Common Stock | 872540109 |  | 98013152 | 1231321 | SH |  | SOLE | 0 | 1176700 | 0 | 54621 |
| Toronto-Dominion Bank | Common Stock | 891160509 |  | 420940 | 6500 | SH |  | SOLE | 0 | 0 | 0 | 6500 |
| TotalEnergies SE ADR | ADR | 89151E109 |  | 1477504 | 23800 | SH |  | SOLE | 0 | 23800 | 0 | 0 |
| Tractor Supply | Common Stock | 892356106 |  | 1191216 | 5295 | SH |  | SOLE | 0 | 2500 | 0 | 2795 |
| Trane | Common Stock | G8994E103 |  | 67403250 | 400995 | SH |  | SOLE | 0 | 400000 | 0 | 995 |
| Trimble | Common Stock | 896239100 |  | 79215689 | 1566766 | SH |  | SOLE | 0 | 1517000 | 0 | 49766 |
| Tyler Technologies | Common Stock | 902252105 |  | 617415 | 1915 | SH |  | SOLE | 0 | 0 | 0 | 1915 |
| Unilever ADS | ADR | 904767704 |  | 24331235 | 483242 | SH |  | SOLE | 0 | 465600 | 0 | 17642 |
| Union Pacific | Common Stock | 907818108 |  | 63694732 | 307600 | SH |  | SOLE | 0 | 300000 | 0 | 7600 |
| United Parcel Service Class B | Common Stock | 911312106 |  | 21580671 | 124141 | SH |  | SOLE | 0 | 110000 | 0 | 14141 |
| UnitedHealth Group | Common Stock | 91324P102 |  | 949022 | 1790 | SH |  | SOLE | 0 | 300 | 0 | 1490 |
| Verizon Communications | Common Stock | 92343V104 |  | 217606 | 5523 | SH |  | SOLE | 0 | 5000 | 0 | 523 |
| VF | Common Stock | 918204108 |  | 762036 | 27600 | SH |  | SOLE | 0 | 26000 | 0 | 1600 |
| Virtu Financial | Common Stock | 928254101 |  | 336765 | 16500 | SH |  | SOLE | 0 | 16500 | 0 | 0 |
| Visa | Common Stock | 92826C839 |  | 317250 | 1527 | SH |  | SOLE | 0 | 900 | 0 | 627 |
| W.W. Grainger | Common Stock | 384802104 |  | 45529619 | 81851 | SH |  | SOLE | 0 | 80000 | 0 | 1851 |
| Walt Disney Company | Common Stock | 254687106 |  | 312768 | 3600 | SH |  | SOLE | 0 | 2600 | 0 | 1000 |

---