# EDGAR Filing Document

**Accession Number:** 0001381296
**File Stem:** 0001381296-25-000005
**Filing Date:** 2025-11
**Character Count:** 23918
**Document Hash:** 65738d22af47374f60f4c05d6c599c23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001381296-25-000005.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001381296-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**EFFECTIVENESS DATE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aureus Asset Management, LLC
- **CENTRAL INDEX KEY:** 0001381296

**ORGANIZATION NAME:**
- **EIN:** 203370384
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12908
- **FILM NUMBER:** 251490222

**BUSINESS ADDRESS:**
- **STREET 1:** ONE WINTHROP SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617 728 8900

**MAIL ADDRESS:**
- **STREET 1:** ONE WINTHROP SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

### 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:** Aureus Asset Management LLC<br>**Address:** ONE WINTHROP SQUARE<br>BOSTON, MA 02110

**Form 13F File Number:** 028-12908

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:** Connor McCarron<br>**Title:** Trader<br>**Phone:** 6177288909

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

Connor McCarron  Boston, MA  11-17-2025<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:** 199

**Form 13F Information Table Value Total:** $1535765708

      (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 |
| Amazon.Com Inc. | Stock | 023135106 |  | 57978755 | 264056 | SH |  | SOLE | 0 | 264055 | 0 | 0 |
| Rollins Inc Com | Stock | 775711104 |  | 275079 | 4683 | SH |  | SOLE | 0 | 4683 | 0 | 0 |
| Powershares Qqq Trust | ETF | 46090E103 |  | 566749 | 944 | SH |  | SOLE | 0 | 944 | 0 | 0 |
| Technology Select Sector Spdr Fund | ETF | 81369Y803 |  | 1575316 | 5589 | SH |  | SOLE | 0 | 5589 | 0 | 0 |
| Starbucks Corporation | Stock | 855244109 |  | 338518 | 4001 | SH |  | SOLE | 0 | 4001 | 0 | 0 |
| Xpo Logistics Inc. | Stock | 983793100 |  | 1292700 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| Johnson  Johnson | Stock | 478160104 |  | 3278076 | 17679 | SH |  | SOLE | 0 | 17679 | 0 | 0 |
| Vanguard Total Stock Market Index Fund | ETF | 922908769 |  | 210026 | 640 | SH |  | SOLE | 0 | 639 | 0 | 0 |
| Costco Wholesale Corporation | Stock | 22160K105 |  | 1120938 | 1211 | SH |  | SOLE | 0 | 1211 | 0 | 0 |
| Cabot Corporation | Stock | 127055101 |  | 5101434 | 67080 | SH |  | SOLE | 0 | 67080 | 0 | 0 |
| iShares Msci Emerging Markets ETF | ETF | 464287234 |  | 1955775 | 36625 | SH |  | SOLE | 0 | 36625 | 0 | 0 |
| Goldman Sachs Group Inc. | Stock | 38141G104 |  | 278723 | 350 | SH |  | SOLE | 0 | 350 | 0 | 0 |
| Las Vegas Sands Corp. | Stock | 517834107 |  | 537900 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| Watsco Inc. | Stock | 942622200 |  | 222769 | 551 | SH |  | SOLE | 0 | 551 | 0 | 0 |
| Teledyne Technologies Incorporated | Stock | 879360105 |  | 275439 | 470 | SH |  | SOLE | 0 | 470 | 0 | 0 |
| Yum! Brands Inc. | Stock | 988498101 |  | 431072 | 2836 | SH |  | SOLE | 0 | 2836 | 0 | 0 |
| Procter  Gamble Company | Stock | 742718109 |  | 1845951 | 12014 | SH |  | SOLE | 0 | 12014 | 0 | 0 |
| The Coca-Cola Co. | Stock | 191216100 |  | 5974841 | 90091 | SH |  | SOLE | 0 | 90091 | 0 | 0 |
| Marriott International Inc. | Stock | 571903202 |  | 6171441 | 23696 | SH |  | SOLE | 0 | 23696 | 0 | 0 |
| Powershares DB Commodity Index Tracking Fund | ETF | 46138B103 |  | 1597377 | 70900 | SH |  | SOLE | 0 | 70900 | 0 | 0 |
| CME Group Inc. | Stock | 12572Q105 |  | 5650633 | 20914 | SH |  | SOLE | 0 | 20913 | 0 | 0 |
| NETFlix Inc. | Stock | 64110L106 |  | 1421803 | 1186 | SH |  | SOLE | 0 | 1185 | 0 | 0 |
| Paychex Inc. | Stock | 704326107 |  | 375717 | 2964 | SH |  | SOLE | 0 | 2964 | 0 | 0 |
| Tetra Tech Inc New Com | Stock | 88162G103 |  | 402730 | 12065 | SH |  | SOLE | 0 | 12065 | 0 | 0 |
| Pool Corporation Com | Stock | 73278L105 |  | 549134 | 1771 | SH |  | SOLE | 0 | 1771 | 0 | 0 |
| Merck  Co. Inc. | Stock | 58933Y105 |  | 862297 | 10274 | SH |  | SOLE | 0 | 10274 | 0 | 0 |
| Spdr S 500 ETF Trust | ETF | 78462F103 |  | 5984295 | 8983 | SH |  | SOLE | 0 | 8983 | 0 | 0 |
| Mastercard Incorporated Class A | Stock | 57636Q104 |  | 708168 | 1245 | SH |  | SOLE | 0 | 1245 | 0 | 0 |
| United Rentals Inc. | Stock | 911363109 |  | 286398 | 300 | SH |  | SOLE | 0 | 300 | 0 | 0 |
| Nordson Corp Com | Stock | 655663102 |  | 227858 | 1004 | SH |  | SOLE | 0 | 1004 | 0 | 0 |
| Emerson Electric Co. | Stock | 291011104 |  | 478282 | 3646 | SH |  | SOLE | 0 | 3646 | 0 | 0 |
| Allstate Corporation | Stock | 020002101 |  | 278830 | 1299 | SH |  | SOLE | 0 | 1299 | 0 | 0 |
| iShares Core U.S. REIT ETF | ETF | 464288521 |  | 760659 | 12954 | SH |  | SOLE | 0 | 12954 | 0 | 0 |
| Vertex Pharmaceuticals Incorporated | Stock | 92532F100 |  | 712002 | 1818 | SH |  | SOLE | 0 | 1818 | 0 | 0 |
| Corning Incorporated | Stock | 219350105 |  | 522449 | 6369 | SH |  | SOLE | 0 | 6369 | 0 | 0 |
| The Sherwin-Williams Co. | Stock | 824348106 |  | 5287674 | 15271 | SH |  | SOLE | 0 | 15270 | 0 | 0 |
| Pepsico Inc. | Stock | 713448108 |  | 927334 | 6603 | SH |  | SOLE | 0 | 6603 | 0 | 0 |
| Honeywell International Inc. | Stock | 438516106 |  | 4448090 | 21131 | SH |  | SOLE | 0 | 21131 | 0 | 0 |
| Ingersoll-Rand Plc | Stock | G8994E103 |  | 549392 | 1302 | SH |  | SOLE | 0 | 1302 | 0 | 0 |
| Home Depot Inc. | Stock | 437076102 |  | 2567428 | 6336 | SH |  | SOLE | 0 | 6336 | 0 | 0 |
| Automatic Data Processing Inc. | Stock | 053015103 |  | 2021335 | 6887 | SH |  | SOLE | 0 | 6887 | 0 | 0 |
| Icici Bank Limited Sponsored Adr | ADR | 45104G104 |  | 483347 | 15989 | SH |  | SOLE | 0 | 15989 | 0 | 0 |
| Broadridge Financial Solutions Inc. | Stock | 11133T103 |  | 7035618 | 29540 | SH |  | SOLE | 0 | 29540 | 0 | 0 |
| Sea Ltd Adr | ADR | 81141R100 |  | 353707 | 1979 | SH |  | SOLE | 0 | 1979 | 0 | 0 |
| iShares Russell 1000 Growth ETF | ETF | 464287614 |  | 415948 | 888 | SH |  | SOLE | 0 | 888 | 0 | 0 |
| STERIS Plc | Stock | G8473T100 |  | 7786391 | 31468 | SH |  | SOLE | 0 | 31467 | 0 | 0 |
| Waste Connections Inc. | Stock | 94106B101 |  | 40768745 | 231904 | SH |  | SOLE | 0 | 231904 | 0 | 0 |
| Berkshire Hathaway Inc. Class B | Stock | 084670702 |  | 3486005 | 6934 | SH |  | SOLE | 0 | 6934 | 0 | 0 |
| Alphabet Inc. Class A | Stock | 02079K305 |  | 73660372 | 303004 | SH |  | SOLE | 0 | 303004 | 0 | 0 |
| O'Reilly Automotive Inc. | Stock | 67103H107 |  | 1169846 | 10851 | SH |  | SOLE | 0 | 10851 | 0 | 0 |
| Intuit Inc. | Stock | 461202103 |  | 33389396 | 48893 | SH |  | SOLE | 0 | 48892 | 0 | 0 |
| Constellation Brands Inc. | Stock | 21036P108 |  | 2832937 | 21036 | SH |  | SOLE | 0 | 21036 | 0 | 0 |
| Spotify Technology S A Shs | Stock | L8681T102 |  | 244998 | 351 | SH |  | SOLE | 0 | 351 | 0 | 0 |
| Comcast Corporation | Stock | 20030N101 |  | 4458115 | 141888 | SH |  | SOLE | 0 | 141887 | 0 | 0 |
| Ase Technology Hldg Co Ltd Sponsored Ads | ADR | 00215W100 |  | 128555 | 11592 | SH |  | SOLE | 0 | 11592 | 0 | 0 |
| Generac Holdings Inc. | Stock | 368736104 |  | 535680 | 3200 | SH |  | SOLE | 0 | 3200 | 0 | 0 |
| Microsoft Corporation | Stock | 594918104 |  | 103761401 | 200331 | SH |  | SOLE | 0 | 200330 | 0 | 0 |
| Nextera Energy Inc. | Stock | 65339F101 |  | 44034504 | 583316 | SH |  | SOLE | 0 | 583315 | 0 | 0 |
| Berkshire Hathaway Inc. Class A | Stock | 084670108 |  | 3771000 | 5 | SH |  | SOLE | 0 | 5 | 0 | 0 |
| Boeing Company | Stock | 097023105 |  | 323745 | 1500 | SH |  | SOLE | 0 | 1500 | 0 | 0 |
| Vanguard Small-Cap Index Fund | ETF | 922908751 |  | 226309 | 890 | SH |  | SOLE | 0 | 890 | 0 | 0 |
| Vanguard Mid-Cap ETF | ETF | 922908629 |  | 2540724 | 8650 | SH |  | SOLE | 0 | 8649 | 0 | 0 |
| Linde Plc Com | Stock | G54950103 |  | 340100 | 716 | SH |  | SOLE | 0 | 716 | 0 | 0 |
| Thor Industries Inc. | Stock | 885160101 |  | 216919 | 2092 | SH |  | SOLE | 0 | 2092 | 0 | 0 |
| Moog Inc. | Stock | 615394202 |  | 8618420 | 41501 | SH |  | SOLE | 0 | 41500 | 0 | 0 |
| Welltower Inc. | REIT | 95040Q104 |  | 376944 | 2116 | SH |  | SOLE | 0 | 2116 | 0 | 0 |
| Arch Cap Group Ltd Ord | Stock | G0450A105 |  | 538301 | 5933 | SH |  | SOLE | 0 | 5933 | 0 | 0 |
| Kkr  Co. L.P. | Stock | 48251W104 |  | 222215 | 1710 | SH |  | SOLE | 0 | 1710 | 0 | 0 |
| Vanguard S 500 Index Fund | ETF | 922908363 |  | 221416 | 362 | SH |  | SOLE | 0 | 361 | 0 | 0 |
| Uber Technologies Inc Com | Stock | 90353T100 |  | 426170 | 4350 | SH |  | SOLE | 0 | 4350 | 0 | 0 |
| Booz Allen Hamilton Holding Corporation Class A | Stock | 099502106 |  | 749625 | 7500 | SH |  | SOLE | 0 | 7500 | 0 | 0 |
| iShares Russell Top 200 ETF | ETF | 464289446 |  | 996600 | 6000 | SH |  | SOLE | 0 | 6000 | 0 | 0 |
| Wabtec Corporation | Stock | 929740108 |  | 33562437 | 167419 | SH |  | SOLE | 0 | 167418 | 0 | 0 |
| Eli Lilly And Company | Stock | 532457108 |  | 2716280 | 3560 | SH |  | SOLE | 0 | 3560 | 0 | 0 |
| Vanguard Russell 1000 Value Index Fund | ETF | 92206C714 |  | 1953449 | 21858 | SH |  | SOLE | 0 | 21858 | 0 | 0 |
| iShares Russell 2000 ETF | ETF | 464287655 |  | 4678297 | 19335 | SH |  | SOLE | 0 | 19335 | 0 | 0 |
| Apollo Global Management Inc. | Stock | 03769M106 |  | 23114988 | 173445 | SH |  | SOLE | 0 | 173444 | 0 | 0 |
| Vertiv Holdings Co Com Cl A | Stock | 92537N108 |  | 403249 | 2673 | SH |  | SOLE | 0 | 2673 | 0 | 0 |
| Digital Realty Trust Inc. | REIT | 253868103 |  | 239439 | 1385 | SH |  | SOLE | 0 | 1385 | 0 | 0 |
| Micron Technology Inc. | Stock | 595112103 |  | 930801 | 5563 | SH |  | SOLE | 0 | 5563 | 0 | 0 |
| Carrier Global Corporation | Stock | 14448C104 |  | 1004154 | 16820 | SH |  | SOLE | 0 | 16820 | 0 | 0 |
| Sysco Corporation | Stock | 871829107 |  | 263488 | 3200 | SH |  | SOLE | 0 | 3200 | 0 | 0 |
| Coherent Corp. | Stock | 19247G107 |  | 1270019 | 11790 | SH |  | SOLE | 0 | 11790 | 0 | 0 |
| American Electric Power Company Inc. | Stock | 025537101 |  | 426375 | 3790 | SH |  | SOLE | 0 | 3790 | 0 | 0 |
| CNX Resources Corp. | Stock | 12653C108 |  | 22024588 | 685697 | SH |  | SOLE | 0 | 685697 | 0 | 0 |
| Bentley Sys Inc Com Cl B | Stock | 08265T208 |  | 323449 | 6283 | SH |  | SOLE | 0 | 6283 | 0 | 0 |
| Chemed Corporation | Stock | 16359R103 |  | 412816 | 922 | SH |  | SOLE | 0 | 922 | 0 | 0 |
| EVE HLDG INC COM | Stock | 29970N104 |  | 74295 | 19500 | SH |  | SOLE | 0 | 19500 | 0 | 0 |
| Xylem Inc. | Stock | 98419M100 |  | 457250 | 3100 | SH |  | SOLE | 0 | 3100 | 0 | 0 |
| Visa Inc. | Stock | 92826C839 |  | 60630597 | 177604 | SH |  | SOLE | 0 | 177604 | 0 | 0 |
| Hershey Company | Stock | 427866108 |  | 526546 | 2815 | SH |  | SOLE | 0 | 2815 | 0 | 0 |
| Robinhood Mkts Inc Com Cl A | Stock | 770700102 |  | 573722 | 4007 | SH |  | SOLE | 0 | 4007 | 0 | 0 |
| Gxo Logistics Incorporated Common Stock | Stock | 36262G101 |  | 528900 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| Vanguard Growth Index Fund | ETF | 922908736 |  | 3744795 | 7808 | SH |  | SOLE | 0 | 7808 | 0 | 0 |
| ZURN ELKAY WATER SOLNS CORP COM | Stock | 98983L108 |  | 296900 | 6313 | SH |  | SOLE | 0 | 6313 | 0 | 0 |
| Costar Group Inc. | Stock | 22160N109 |  | 28607926 | 339077 | SH |  | SOLE | 0 | 339077 | 0 | 0 |
| Ads Tec Energy Plc Shs | Stock | G0085J117 |  | 180000 | 15000 | SH |  | SOLE | 0 | 15000 | 0 | 0 |
| American Tower Corporation | REIT | 03027X100 |  | 4077823 | 21203 | SH |  | SOLE | 0 | 21203 | 0 | 0 |
| Zebra Technologies Corp Cl A | Stock | 989207105 |  | 203257 | 684 | SH |  | SOLE | 0 | 684 | 0 | 0 |
| Healthequity Inc. | Stock | 42226A107 |  | 27644693 | 291703 | SH |  | SOLE | 0 | 291703 | 0 | 0 |
| iShares Core S Total U.S. Stock Market ETF | ETF | 464287150 |  | 483995 | 3323 | SH |  | SOLE | 0 | 3323 | 0 | 0 |
| Meta Platforms Inc. | Stock | 30303M102 |  | 53555075 | 72926 | SH |  | SOLE | 0 | 72925 | 0 | 0 |
| Asml Holding Nv Adr | ADR | N07059210 |  | 353353 | 365 | SH |  | SOLE | 0 | 365 | 0 | 0 |
| Lpl Finl Hldgs Inc Com | Stock | 50212V100 |  | 1155432 | 3473 | SH |  | SOLE | 0 | 3473 | 0 | 0 |
| Palo Alto Networks Inc. | Stock | 697435105 |  | 508643 | 2498 | SH |  | SOLE | 0 | 2498 | 0 | 0 |
| Mondelez Intl Inc. Class A | Stock | 609207105 |  | 611394 | 9787 | SH |  | SOLE | 0 | 9787 | 0 | 0 |
| Broadcom Limited | Stock | 11135F101 |  | 70083921 | 212433 | SH |  | SOLE | 0 | 212433 | 0 | 0 |
| Rxo Inc Common Stock | Stock | 74982T103 |  | 153800 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| Novartis Ag Sponsored Adr | ADR | 66987V109 |  | 489027 | 3813 | SH |  | SOLE | 0 | 3813 | 0 | 0 |
| iShares Core MSCI EAFE ETF | ETF | 46432F842 |  | 285064 | 3265 | SH |  | SOLE | 0 | 3264 | 0 | 0 |
| Accenture Plc | Stock | G1151C101 |  | 272740 | 1106 | SH |  | SOLE | 0 | 1106 | 0 | 0 |
| Equifax Inc. | Stock | 294429105 |  | 333489 | 1300 | SH |  | SOLE | 0 | 1300 | 0 | 0 |
| Blackrock Aaa Clo ETF | ETF | 092528504 |  | 3450632 | 66403 | SH |  | SOLE | 0 | 66403 | 0 | 0 |
| Nice Systems Ltd. Sponsored Adr | ADR | 653656108 |  | 621830 | 4295 | SH |  | SOLE | 0 | 4295 | 0 | 0 |
| Nvidia Corporation | Stock | 67066G104 |  | 4677974 | 25072 | SH |  | SOLE | 0 | 25072 | 0 | 0 |
| Abbvie Inc. | Stock | 00287Y109 |  | 1557338 | 6726 | SH |  | SOLE | 0 | 6726 | 0 | 0 |
| S Global Inc. | Stock | 78409V104 |  | 33204198 | 68222 | SH |  | SOLE | 0 | 68221 | 0 | 0 |
| Interactive Brokers Group Inc Com Cl A | Stock | 45841N107 |  | 420842 | 6116 | SH |  | SOLE | 0 | 6116 | 0 | 0 |
| Cabot Oil  Gas Corporation | Stock | 127097103 |  | 505732 | 21384 | SH |  | SOLE | 0 | 21384 | 0 | 0 |
| Lennox Intl Inc Com | Stock | 526107107 |  | 212803 | 402 | SH |  | SOLE | 0 | 402 | 0 | 0 |
| Zoetis Inc. Class A | Stock | 98978V103 |  | 277130 | 1894 | SH |  | SOLE | 0 | 1894 | 0 | 0 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | ADR | 874039100 |  | 33012658 | 118202 | SH |  | SOLE | 0 | 118202 | 0 | 0 |
| Integer Hldgs Corp Com | Stock | 45826H109 |  | 234146 | 2266 | SH |  | SOLE | 0 | 2266 | 0 | 0 |
| Blackstone Group L.P. | Stock | 09260D107 |  | 40778696 | 238681 | SH |  | SOLE | 0 | 238681 | 0 | 0 |
| Barclays ETN Select MLP | ETF | 06742C723 |  | 477335 | 16577 | SH |  | SOLE | 0 | 16577 | 0 | 0 |
| Factset Resh Sys Inc Com | Stock | 303075105 |  | 222030 | 775 | SH |  | SOLE | 0 | 775 | 0 | 0 |
| Simpson Mfg Inc Com | Stock | 829073105 |  | 428865 | 2561 | SH |  | SOLE | 0 | 2561 | 0 | 0 |
| Stryker Corporation | Stock | 863667101 |  | 1203646 | 3256 | SH |  | SOLE | 0 | 3256 | 0 | 0 |
| General Dynamics Corporation | Stock | 369550108 |  | 555830 | 1630 | SH |  | SOLE | 0 | 1630 | 0 | 0 |
| Resmed Inc. | Stock | 761152107 |  | 279752 | 1022 | SH |  | SOLE | 0 | 1022 | 0 | 0 |
| Mcdonald's Corporation | Stock | 580135101 |  | 4573848 | 15051 | SH |  | SOLE | 0 | 15051 | 0 | 0 |
| Cisco Systems Inc. | Stock | 17275R102 |  | 988943 | 14454 | SH |  | SOLE | 0 | 14454 | 0 | 0 |
| Vanguard Intermediate-Term Bond ETF | ETF | 921937819 |  | 3429509 | 43917 | SH |  | SOLE | 0 | 43917 | 0 | 0 |
| Ul Solutions Inc Class A Com Shs | Stock | 903731107 |  | 220658 | 3114 | SH |  | SOLE | 0 | 3114 | 0 | 0 |
| Universal Display Corp Com | Stock | 91347P105 |  | 249773 | 1739 | SH |  | SOLE | 0 | 1739 | 0 | 0 |
| QXO Inc Com New | Stock | 82846H405 |  | 7798456 | 409153 | SH |  | SOLE | 0 | 409153 | 0 | 0 |
| Gaming And Leisure Properties Inc. | REIT | 36467J108 |  | 6560685 | 140757 | SH |  | SOLE | 0 | 140757 | 0 | 0 |
| iShares Core S 500 ETF | ETF | 464287200 |  | 16027356 | 23946 | SH |  | SOLE | 0 | 23946 | 0 | 0 |
| Allegion Plc | Stock | G0176J109 |  | 323664 | 1825 | SH |  | SOLE | 0 | 1825 | 0 | 0 |
| Texas Pac Ld Tr Sub Ctf Prop I T | Stock | 88262P102 |  | 232476 | 249 | SH |  | SOLE | 0 | 249 | 0 | 0 |
| Mettler-Toledo International Inc. | Stock | 592688105 |  | 724290 | 590 | SH |  | SOLE | 0 | 590 | 0 | 0 |
| Siteone Landscape Supply Inc Com | Stock | 82982L103 |  | 557446 | 4328 | SH |  | SOLE | 0 | 4328 | 0 | 0 |
| Union Pacific Corporation | Stock | 907818108 |  | 586434 | 2481 | SH |  | SOLE | 0 | 2481 | 0 | 0 |
| Salesforce.Com Inc. | Stock | 79466L302 |  | 251694 | 1062 | SH |  | SOLE | 0 | 1062 | 0 | 0 |
| Idexx Laboratories Inc. | Stock | 45168D104 |  | 493862 | 773 | SH |  | SOLE | 0 | 773 | 0 | 0 |
| Thermo Fisher Scientific Inc. | Stock | 883556102 |  | 37386866 | 77083 | SH |  | SOLE | 0 | 77083 | 0 | 0 |
| Lockheed Martin Corporation | Stock | 539830109 |  | 1415278 | 2835 | SH |  | SOLE | 0 | 2835 | 0 | 0 |
| Jpmorgan Chase  Co. | Stock | 46625H100 |  | 5533638 | 17543 | SH |  | SOLE | 0 | 17543 | 0 | 0 |
| Chevron Corporation | Stock | 166764100 |  | 987023 | 6356 | SH |  | SOLE | 0 | 6356 | 0 | 0 |
| ConocoPhillips | Stock | 20825C104 |  | 414493 | 4382 | SH |  | SOLE | 0 | 4382 | 0 | 0 |
| Vanguard FTSE Developed Markets ETF | ETF | 921943858 |  | 2310203 | 38555 | SH |  | SOLE | 0 | 38554 | 0 | 0 |
| Danaher Corporation | Stock | 235851102 |  | 2544271 | 12833 | SH |  | SOLE | 0 | 12833 | 0 | 0 |
| Tjx Companies Inc. | Stock | 872540109 |  | 409915 | 2836 | SH |  | SOLE | 0 | 2836 | 0 | 0 |
| Wal-Mart Stores Inc. | Stock | 931142103 |  | 803868 | 7800 | SH |  | SOLE | 0 | 7800 | 0 | 0 |
| International Business Machines Corporation | Stock | 459200101 |  | 205412 | 728 | SH |  | SOLE | 0 | 728 | 0 | 0 |
| Oracle Corporation | Stock | 68389X105 |  | 42974611 | 152804 | SH |  | SOLE | 0 | 152804 | 0 | 0 |
| Raytheon Technologies Corporation | Stock | 75513E101 |  | 2624738 | 15686 | SH |  | SOLE | 0 | 15686 | 0 | 0 |
| Vanguard FTSE Emerging Markets ETF | ETF | 922042858 |  | 3235647 | 59720 | SH |  | SOLE | 0 | 59720 | 0 | 0 |
| Texas Instruments Incorporated | Stock | 882508104 |  | 6453861 | 35127 | SH |  | SOLE | 0 | 35126 | 0 | 0 |
| Morgan Stanley | Stock | 617446448 |  | 9029406 | 56803 | SH |  | SOLE | 0 | 56803 | 0 | 0 |
| Caterpillar Inc. | Stock | 149123101 |  | 1993533 | 4178 | SH |  | SOLE | 0 | 4178 | 0 | 0 |
| Alphabet Inc. | Stock | 02079K107 |  | 19552114 | 80280 | SH |  | SOLE | 0 | 80279 | 0 | 0 |
| American Express Company | Stock | 025816109 |  | 46396686 | 139682 | SH |  | SOLE | 0 | 139681 | 0 | 0 |
| Amgen Inc. | Stock | 031162100 |  | 1487758 | 5272 | SH |  | SOLE | 0 | 5272 | 0 | 0 |
| Applied Materials Inc. | Stock | 038222105 |  | 36270733 | 177155 | SH |  | SOLE | 0 | 177155 | 0 | 0 |
| Paycom Software Inc. | Stock | 70432V102 |  | 31340207 | 150573 | SH |  | SOLE | 0 | 150572 | 0 | 0 |
| Embraer S.A. Sponsored Ads | ADR | 29082A107 |  | 544050 | 9000 | SH |  | SOLE | 0 | 9000 | 0 | 0 |
| Williams Companies Inc. | Stock | 969457100 |  | 8642253 | 136421 | SH |  | SOLE | 0 | 136420 | 0 | 0 |
| Agnico-Eagle Mines Limited | Stock | 008474108 |  | 828641 | 4916 | SH |  | SOLE | 0 | 4916 | 0 | 0 |
| Mercadolibre Inc Com | Stock | 58733R102 |  | 453366 | 194 | SH |  | SOLE | 0 | 194 | 0 | 0 |
| Vanguard Dividend Appreciation ETF | ETF | 921908844 |  | 801508 | 3714 | SH |  | SOLE | 0 | 3714 | 0 | 0 |
| Liberty Media Corp. Series C Liberty Media | Stock | 531229755 |  | 202215 | 1936 | SH |  | SOLE | 0 | 1936 | 0 | 0 |
| Eaton Corp Plc Shs | Stock | G29183103 |  | 857033 | 2290 | SH |  | SOLE | 0 | 2290 | 0 | 0 |
| Trimble Inc. | Stock | 896239100 |  | 603557 | 7392 | SH |  | SOLE | 0 | 7392 | 0 | 0 |
| Alibaba Group Holding Ltd. Sponsored Adr | ADR | 01609W102 |  | 299730 | 1677 | SH |  | SOLE | 0 | 1677 | 0 | 0 |
| Badger Meter Inc Com | Stock | 056525108 |  | 500560 | 2803 | SH |  | SOLE | 0 | 2803 | 0 | 0 |
| Vanguard Short-Term Bond ETF | ETF | 921937827 |  | 1038948 | 13166 | SH |  | SOLE | 0 | 13166 | 0 | 0 |
| Philip Morris International Inc. | Stock | 718172109 |  | 1826859 | 11263 | SH |  | SOLE | 0 | 11263 | 0 | 0 |
| Roper Technologies Inc. | Stock | 776696106 |  | 25152926 | 50438 | SH |  | SOLE | 0 | 50438 | 0 | 0 |
| Tko Group Holdings Inc Cl A | Stock | 87256C101 |  | 396044 | 1961 | SH |  | SOLE | 0 | 1961 | 0 | 0 |
| Bristol-Myers Squibb Company | Stock | 110122108 |  | 887839 | 19686 | SH |  | SOLE | 0 | 19686 | 0 | 0 |
| W R Berkley Corporation Com | Stock | 084423102 |  | 355823 | 4644 | SH |  | SOLE | 0 | 4644 | 0 | 0 |
| Altria Group Inc. | Stock | 02209S103 |  | 816237 | 12356 | SH |  | SOLE | 0 | 12356 | 0 | 0 |
| Loews Corp Com | Stock | 540424108 |  | 944770 | 9411 | SH |  | SOLE | 0 | 9411 | 0 | 0 |
| Cadence Design System Inc Com | Stock | 127387108 |  | 278198 | 792 | SH |  | SOLE | 0 | 792 | 0 | 0 |
| Exxon Mobil Corporation | Stock | 30231G102 |  | 397878 | 3529 | SH |  | SOLE | 0 | 3528 | 0 | 0 |
| Unitedhealth Group Incorporated | Stock | 91324P102 |  | 44834272 | 129842 | SH |  | SOLE | 0 | 129841 | 0 | 0 |
| Travelers Companies Inc. | Stock | 89417E109 |  | 722621 | 2588 | SH |  | SOLE | 0 | 2588 | 0 | 0 |
| Deere  Company | Stock | 244199105 |  | 5929479 | 12967 | SH |  | SOLE | 0 | 12967 | 0 | 0 |
| Novo Nordisk A/S Sponsored Adr Class B | ADR | 670100205 |  | 1650106 | 29737 | SH |  | SOLE | 0 | 29737 | 0 | 0 |
| Sap Se Sponsored Adr | ADR | 803054204 |  | 345235 | 1292 | SH |  | SOLE | 0 | 1292 | 0 | 0 |
| Charles Schwab Corporation | Stock | 808513105 |  | 59398708 | 622171 | SH |  | SOLE | 0 | 622171 | 0 | 0 |
| Blackrock Inc. | Stock | 09290D101 |  | 999151 | 857 | SH |  | SOLE | 0 | 857 | 0 | 0 |
| Apple Inc. | Stock | 037833100 |  | 61691212 | 242278 | SH |  | SOLE | 0 | 242277 | 0 | 0 |
| Abbott Laboratories | Stock | 002824100 |  | 35184104 | 262686 | SH |  | SOLE | 0 | 262685 | 0 | 0 |
| Booking Holdings Inc | Stock | 09857L108 |  | 35178944 | 6516 | SH |  | SOLE | 0 | 6515 | 0 | 0 |
| iShares Russell 1000 ETF | ETF | 464287622 |  | 393987 | 1078 | SH |  | SOLE | 0 | 1078 | 0 | 0 |
| Marsh  Mclennan Companies Inc. | Stock | 571748102 |  | 229946 | 1141 | SH |  | SOLE | 0 | 1141 | 0 | 0 |
| iShares Russell 1000 Value ETF | ETF | 464287598 |  | 5546810 | 27245 | SH |  | SOLE | 0 | 27245 | 0 | 0 |

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