# EDGAR Filing Document

**Accession Number:** 0001313893
**File Stem:** 0001313893-25-000003
**Filing Date:** 2025-6
**Character Count:** 15508
**Document Hash:** 4a88233df640bc915eea0fdb399b0fd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001313893-25-000003.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001313893-25-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**EFFECTIVENESS DATE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Maple Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001313893

**ORGANIZATION NAME:**
- **EIN:** 200577885
- **STATE OF INCORPORATION:** VT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12099
- **FILM NUMBER:** 251051214

**BUSINESS ADDRESS:**
- **STREET 1:** 535 STONE CUTTER'S WAY
- **CITY:** MONTPELIER
- **STATE:** VT
- **ZIP:** 05602
- **BUSINESS PHONE:** 802-229-2838

**MAIL ADDRESS:**
- **STREET 1:** 535 STONE CUTTER'S WAY
- **CITY:** MONTPELIER
- **STATE:** VT
- **ZIP:** 05602

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2025

**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:** Maple Capital Management Inc.<br>**Address:** 535 STONE CUTTER'S WAY<br>MONTPELIER, VT 05602

**Form 13F File Number:** 028-12099

**CRD Number (if applicable):** 000130209

**SEC File Number (if applicable):** 801-62783

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:** Ricky Bowers<br>**Title:** Operations and Compliance Manager<br>**Phone:** 8022292838

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

Rick Bowers  Montpelier, VT  06-16-2025<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:** 120

**Form 13F Information Table Value Total:** $1293933146

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 22544768 | 169957 | SH |  | SOLE | 0 | 167787 | 0 | 2170 |
| ABBVIE INC | COM | 00287Y109 |  | 718455 | 3429 | SH |  | SOLE | 0 | 3429 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 34550105 | 110723 | SH |  | SOLE | 0 | 109707 | 0 | 1016 |
| ADOBE INC | COM | 00724F101 |  | 209791 | 547 | SH |  | SOLE | 0 | 547 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 20905915 | 70887 | SH |  | SOLE | 0 | 70210 | 0 | 677 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1532953 | 9913 | SH |  | SOLE | 0 | 9913 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 63198546 | 404522 | SH |  | SOLE | 0 | 398445 | 0 | 6077 |
| AMAZON COM INC | COM | 023135106 |  | 71588940 | 376269 | SH |  | SOLE | 0 | 372684 | 0 | 3585 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 31430998 | 116822 | SH |  | SOLE | 0 | 115709 | 0 | 1113 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 251546 | 1156 | SH |  | SOLE | 0 | 1156 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 113188563 | 509560 | SH |  | SOLE | 0 | 504546 | 0 | 5014 |
| APPLIED MATLS INC | COM | 038222105 |  | 12446677 | 85768 | SH |  | SOLE | 0 | 84924 | 0 | 844 |
| AT INC | COM | 00206R102 |  | 249092 | 8808 | SH |  | SOLE | 0 | 8808 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 721356 | 2361 | SH |  | SOLE | 0 | 2361 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 4790650 | 6 | SH |  | SOLE | 0 | 6 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 3036771 | 5702 | SH |  | SOLE | 0 | 5702 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 339292 | 4609 | SH |  | SOLE | 0 | 4577 | 0 | 32 |
| BROADCOM INC | COM | 11135F101 |  | 210297 | 1256 | SH |  | SOLE | 0 | 1256 | 0 | 0 |
| CALIFORNIA WTR SVC GROUP | COM | 130788102 |  | 323083 | 6667 | SH |  | SOLE | 0 | 6667 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 290663 | 881 | SH |  | SOLE | 0 | 881 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 332138 | 4250 | SH |  | SOLE | 0 | 4250 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 27243069 | 162849 | SH |  | SOLE | 0 | 161381 | 0 | 1468 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 16602639 | 330664 | SH |  | SOLE | 0 | 326377 | 0 | 4287 |
| CISCO SYS INC | COM | 17275R102 |  | 662148 | 10730 | SH |  | SOLE | 0 | 10689 | 0 | 41 |
| CME GROUP INC | COM | 12572Q105 |  | 16948773 | 63888 | SH |  | SOLE | 0 | 63252 | 0 | 636 |
| COCA COLA CO | COM | 191216100 |  | 563242 | 7864 | SH |  | SOLE | 0 | 7864 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 13293219 | 141870 | SH |  | SOLE | 0 | 140610 | 0 | 1260 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 220249 | 2097 | SH |  | SOLE | 0 | 2097 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 232887 | 1269 | SH |  | SOLE | 0 | 1269 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 58799943 | 62171 | SH |  | SOLE | 0 | 61663 | 0 | 508 |
| DANAHER CORPORATION | COM | 235851102 |  | 2313425 | 11285 | SH |  | SOLE | 0 | 11117 | 0 | 168 |
| DISNEY WALT CO | COM | 254687106 |  | 301825 | 3058 | SH |  | SOLE | 0 | 3058 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 11725560 | 46251 | SH |  | SOLE | 0 | 45920 | 0 | 331 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 279193 | 3852 | SH |  | SOLE | 0 | 3852 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 38065493 | 46089 | SH |  | SOLE | 0 | 45434 | 0 | 655 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1832235 | 15406 | SH |  | SOLE | 0 | 15406 | 0 | 0 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 |  | 4377105 | 95884 | SH |  | SOLE | 0 | 94957 | 0 | 927 |
| FORD MTR CO | COM | 345370860 |  | 144011 | 14358 | SH |  | SOLE | 0 | 14358 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 |  | 192500 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| GAMCO GLOBAL GOLD NAT RES | COM SH BEN INT | 36465A109 |  | 43700 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 13040973 | 65156 | SH |  | SOLE | 0 | 64688 | 0 | 468 |
| GMS INC | COM | 36251C103 |  | 1843884 | 25200 | SH |  | SOLE | 0 | 25200 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 30363069 | 82848 | SH |  | SOLE | 0 | 82057 | 0 | 791 |
| HONEYWELL INTL INC | COM | 438516106 |  | 32063742 | 151423 | SH |  | SOLE | 0 | 149698 | 0 | 1725 |
| IDEXX LABS INC | COM | 45168D104 |  | 240631 | 573 | SH |  | SOLE | 0 | 573 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 769107 | 3093 | SH |  | SOLE | 0 | 3093 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 19128813 | 38623 | SH |  | SOLE | 0 | 38252 | 0 | 371 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 719078 | 4151 | SH |  | SOLE | 0 | 4151 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1122126 | 2393 | SH |  | SOLE | 0 | 2393 | 0 | 0 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 389433 | 3995 | SH |  | SOLE | 0 | 3995 | 0 | 0 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 581447 | 8329 | SH |  | SOLE | 0 | 8329 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 540915 | 9755 | SH |  | SOLE | 0 | 9755 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 666984 | 3903 | SH |  | SOLE | 0 | 3903 | 0 | 0 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 495252 | 4697 | SH |  | SOLE | 0 | 4697 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 2088447 | 25553 | SH |  | SOLE | 0 | 25403 | 0 | 150 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 465631 | 1518 | SH |  | SOLE | 0 | 318 | 0 | 1200 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 1938319 | 33219 | SH |  | SOLE | 0 | 32904 | 0 | 315 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 236345 | 2546 | SH |  | SOLE | 0 | 2546 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 34637171 | 331234 | SH |  | SOLE | 0 | 327346 | 0 | 3888 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 390209 | 1956 | SH |  | SOLE | 0 | 1956 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 2084940 | 3711 | SH |  | SOLE | 0 | 3711 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 1623147 | 32059 | SH |  | SOLE | 0 | 32009 | 0 | 50 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 338455 | 6318 | SH |  | SOLE | 0 | 6318 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 27857895 | 167981 | SH |  | SOLE | 0 | 166287 | 0 | 1694 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 47645873 | 194235 | SH |  | SOLE | 0 | 192321 | 0 | 1914 |
| LINDE PLC | SHS | G54950103 |  | 214194 | 460 | SH |  | SOLE | 0 | 460 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 13508118 | 30239 | SH |  | SOLE | 0 | 29932 | 0 | 307 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 43084970 | 78605 | SH |  | SOLE | 0 | 77733 | 0 | 872 |
| MCDONALDS CORP | COM | 580135101 |  | 1103291 | 3532 | SH |  | SOLE | 0 | 3532 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 270928 | 3015 | SH |  | SOLE | 0 | 2992 | 0 | 23 |
| MERCK  CO INC | COM | 58933Y105 |  | 1099759 | 12252 | SH |  | SOLE | 0 | 12230 | 0 | 22 |
| META PLATFORMS INC | CL A | 30303M102 |  | 56041350 | 97233 | SH |  | SOLE | 0 | 96366 | 0 | 867 |
| MICROSOFT CORP | COM | 594918104 |  | 95606106 | 254685 | SH |  | SOLE | 0 | 250653 | 0 | 4032 |
| MOODYS CORP | COM | 615369105 |  | 1002165 | 2152 | SH |  | SOLE | 0 | 2152 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 29038087 | 248891 | SH |  | SOLE | 0 | 246245 | 0 | 2646 |
| NETFLIX INC | COM | 64110L106 |  | 10302591 | 11048 | SH |  | SOLE | 0 | 10947 | 0 | 101 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 601998 | 8492 | SH |  | SOLE | 0 | 8492 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 278062 | 1174 | SH |  | SOLE | 0 | 1174 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 79386388 | 732482 | SH |  | SOLE | 0 | 725720 | 0 | 6762 |
| ORACLE CORP | COM | 68389X105 |  | 697101 | 4986 | SH |  | SOLE | 0 | 4952 | 0 | 34 |
| PEPSICO INC | COM | 713448108 |  | 1610096 | 10738 | SH |  | SOLE | 0 | 10738 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 376790 | 14869 | SH |  | SOLE | 0 | 13256 | 0 | 1613 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 268730 | 1693 | SH |  | SOLE | 0 | 1693 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 1030364 | 5862 | SH |  | SOLE | 0 | 5862 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 2008949 | 11788 | SH |  | SOLE | 0 | 11788 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 225040 | 2013 | SH |  | SOLE | 0 | 2013 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 552382 | 3596 | SH |  | SOLE | 0 | 3596 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 284993 | 1103 | SH |  | SOLE | 0 | 1103 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 844280 | 1432 | SH |  | SOLE | 0 | 1432 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 21415630 | 42148 | SH |  | SOLE | 0 | 41714 | 0 | 434 |
| SCHWAB STRATEGIC TR | US AGGREGATE B | 808524839 |  | 221155 | 9549 | SH |  | SOLE | 0 | 9549 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 1884125 | 67386 | SH |  | SOLE | 0 | 67386 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 597683 | 7580 | SH |  | SOLE | 0 | 7521 | 0 | 59 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 791265 | 2266 | SH |  | SOLE | 0 | 2266 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 269983 | 643 | SH |  | SOLE | 0 | 643 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1993107 | 3563 | SH |  | SOLE | 0 | 3563 | 0 | 0 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 |  | 404162 | 4406 | SH |  | SOLE | 0 | 4406 | 0 | 0 |
| SPDR SER TR | PRTFLO S GW | 78464A409 |  | 271975 | 3384 | SH |  | SOLE | 0 | 3384 | 0 | 0 |
| SPDR SER TR | PORTFOLIO S | 78464A847 |  | 242440 | 4737 | SH |  | SOLE | 0 | 4737 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 605019 | 6168 | SH |  | SOLE | 0 | 6168 | 0 | 0 |
| T ROWE PRICE ETF INC | PRICE BLUE CHIP | 87283Q107 |  | 1506955 | 39563 | SH |  | SOLE | 0 | 39563 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 807283 | 3115 | SH |  | SOLE | 0 | 3115 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 40409712 | 224873 | SH |  | SOLE | 0 | 222898 | 0 | 1975 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 279154 | 561 | SH |  | SOLE | 0 | 561 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 26941405 | 221194 | SH |  | SOLE | 0 | 219586 | 0 | 1608 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 256733 | 762 | SH |  | SOLE | 0 | 762 | 0 | 0 |
| TRUSTMARK CORP | COM | 898402102 |  | 483826 | 14028 | SH |  | SOLE | 0 | 14028 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 895822 | 3792 | SH |  | SOLE | 0 | 3702 | 0 | 90 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 36065750 | 68861 | SH |  | SOLE | 0 | 68112 | 0 | 749 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 405389 | 1475 | SH |  | SOLE | 0 | 1475 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 420660 | 1897 | SH |  | SOLE | 0 | 1897 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 1181935 | 2300 | SH |  | SOLE | 0 | 2300 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 346733 | 5716 | SH |  | SOLE | 0 | 5716 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 974218 | 5022 | SH |  | SOLE | 0 | 5022 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 575489 | 12687 | SH |  | SOLE | 0 | 12687 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 679223 | 1938 | SH |  | SOLE | 0 | 1938 | 0 | 0 |
| VULCAN MATLS CO | COM | 929160109 |  | 344584 | 1477 | SH |  | SOLE | 0 | 1477 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 568234 | 6473 | SH |  | SOLE | 0 | 6473 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 536640 | 2318 | SH |  | SOLE | 0 | 2318 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 14146424 | 85918 | SH |  | SOLE | 0 | 85186 | 0 | 732 |

---