DUNCKER STREETT & CO INC

Somewhere in the middle of this reporting window, Quanta Services' CUSIP was reissued — the security shows up in Duncker Streett & Co's filing as a full exit from the old identifier (16,019 shares, $6.76 million) and a fresh position under the new one (10,392 shares, $5.71 million), a 35% reduction in share count wrapped inside what looks structurally like a sell-and-rebuy. Zoom out from that single event and the same pattern repeats across the top of the book in ordinary form: real trims to Apple (-11.8% shares), Thermo Fisher (-19.1%), Danaher (-18.4%), NVIDIA (-11.8%), and O'Reilly Automotive (-27.2%) — genuine share-count reductions, not price-driven illusions. Four full growth-tech exits (Axon, Uber, Meta, ServiceNow) funded a rotation into small-caps (a new iShares Russell 2000 stake), defensive names (Procter & Gamble, Target), and industrials (L3Harris, KLA), as total AUM fell 6.5% to $526.1 million.