# EDGAR Filing Document

**Accession Number:** 0001381296
**File Stem:** 0001381296-23-000001
**Filing Date:** 2023-2
**Character Count:** 21529
**Document Hash:** e62dff23943c49da03b5144fb7871f99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001381296-23-000001.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001381296-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aureus Asset Management, LLC
- **CENTRAL INDEX KEY:** 0001381296
- **IRS NUMBER:** 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:** 23624582

**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:** 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:** 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  02-14-2023<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:** 174

**Form 13F Information Table Value Total:** $1157900763

      (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 |  | 34975507 | 416375 | SH |  | SOLE | 0 | 416375 | 0 | 0 |
| Technology Select Sector Spdr Fund | ETF | 81369Y803 |  | 396964 | 3190 | SH |  | SOLE | 0 | 3190 | 0 | 0 |
| Starbucks Corporation | Stock | 855244109 |  | 758881 | 7650 | SH |  | SOLE | 0 | 7650 | 0 | 0 |
| Alnylam Pharmaceuticals Inc | Stock | 02043Q107 |  | 609097 | 2563 | SH |  | SOLE | 0 | 2563 | 0 | 0 |
| iShares Gold Trust | ETF | 464285204 |  | 758801 | 21937 | SH |  | SOLE | 0 | 21937 | 0 | 0 |
| Johnson  Johnson | Stock | 478160104 |  | 7992741 | 45246 | SH |  | SOLE | 0 | 45246 | 0 | 0 |
| Costco Wholesale Corporation | Stock | 22160K105 |  | 273631 | 599 | SH |  | SOLE | 0 | 599 | 0 | 0 |
| Cabot Corporation | Stock | 127055101 |  | 4522662 | 67664 | SH |  | SOLE | 0 | 67664 | 0 | 0 |
| Ishares Msci Emerging Markets Etf | ETF | 464287234 |  | 2988074 | 78841 | SH |  | SOLE | 0 | 78841 | 0 | 0 |
| Las Vegas Sands Corp. | Stock | 517834107 |  | 801760 | 16679 | SH |  | SOLE | 0 | 16679 | 0 | 0 |
| Yum! Brands Inc. | Stock | 988498101 |  | 213381 | 1666 | SH |  | SOLE | 0 | 1666 | 0 | 0 |
| Boston Scientific Corporation | Stock | 101137107 |  | 257493 | 5565 | SH |  | SOLE | 0 | 5565 | 0 | 0 |
| Procter  Gamble Company | Stock | 742718109 |  | 3224887 | 21278 | SH |  | SOLE | 0 | 21277 | 0 | 0 |
| Coca-Cola Company | Stock | 191216100 |  | 4614139 | 72538 | SH |  | SOLE | 0 | 72537 | 0 | 0 |
| Powershares Db Commodity Index Tracking Fund | ETF | 46138B103 |  | 1747685 | 70900 | SH |  | SOLE | 0 | 70900 | 0 | 0 |
| Cme Group Inc. Class A | Stock | 12572Q105 |  | 3157656 | 18778 | SH |  | SOLE | 0 | 18777 | 0 | 0 |
| Fortive Corp. | Stock | 34959J108 |  | 28086244 | 437140 | SH |  | SOLE | 0 | 437139 | 0 | 0 |
| Netflix Inc. | Stock | 64110L106 |  | 589760 | 2000 | SH |  | SOLE | 0 | 2000 | 0 | 0 |
| Paychex Inc. | Stock | 704326107 |  | 1234296 | 10681 | SH |  | SOLE | 0 | 10681 | 0 | 0 |
| Pool Corporation Com | Stock | 73278L105 |  | 535426 | 1771 | SH |  | SOLE | 0 | 1771 | 0 | 0 |
| Merck  Co. Inc. | Stock | 58933Y105 |  | 1134575 | 10226 | SH |  | SOLE | 0 | 10226 | 0 | 0 |
| Spdr S 500 Etf Trust | ETF | 78462F103 |  | 5779080 | 15111 | SH |  | SOLE | 0 | 15111 | 0 | 0 |
| First Republic Bank | Stock | 33616C100 |  | 12335875 | 101205 | SH |  | SOLE | 0 | 101204 | 0 | 0 |
| Nordson Corp Com | Stock | 655663102 |  | 246516 | 1037 | SH |  | SOLE | 0 | 1037 | 0 | 0 |
| Allstate Corporation | Stock | 020002101 |  | 203400 | 1500 | SH |  | SOLE | 0 | 1500 | 0 | 0 |
| Vertex Pharmaceuticals Incorporated | Stock | 92532F100 |  | 688163 | 2383 | SH |  | SOLE | 0 | 2383 | 0 | 0 |
| Verizon Communications Inc. | Stock | 92343V104 |  | 691943 | 17562 | SH |  | SOLE | 0 | 17562 | 0 | 0 |
| Sherwin-Williams Company | Stock | 824348106 |  | 31465060 | 132579 | SH |  | SOLE | 0 | 132579 | 0 | 0 |
| Pepsico Inc. | Stock | 713448108 |  | 1064641 | 5893 | SH |  | SOLE | 0 | 5893 | 0 | 0 |
| Te Connectivity Ltd. | Stock | H84989104 |  | 343137 | 2989 | SH |  | SOLE | 0 | 2989 | 0 | 0 |
| Honeywell International Inc. | Stock | 438516106 |  | 5637733 | 26308 | SH |  | SOLE | 0 | 26307 | 0 | 0 |
| Xcel Energy Inc. | Stock | 98389B100 |  | 262211 | 3740 | SH |  | SOLE | 0 | 3740 | 0 | 0 |
| Home Depot Inc. | Stock | 437076102 |  | 32216687 | 101997 | SH |  | SOLE | 0 | 101996 | 0 | 0 |
| Automatic Data Processing Inc. | Stock | 053015103 |  | 2585898 | 10826 | SH |  | SOLE | 0 | 10826 | 0 | 0 |
| Icici Bank Limited Sponsored Adr | ADR | 45104G104 |  | 224329 | 10248 | SH |  | SOLE | 0 | 10248 | 0 | 0 |
| Becton Dickinson And Company | Stock | 075887109 |  | 1258276 | 4948 | SH |  | SOLE | 0 | 4948 | 0 | 0 |
| Broadridge Financial Solutions Inc. | Stock | 11133T103 |  | 3487814 | 26003 | SH |  | SOLE | 0 | 26003 | 0 | 0 |
| Ishares Russell 1000 Growth Etf | ETF | 464287614 |  | 1919278 | 8959 | SH |  | SOLE | 0 | 8958 | 0 | 0 |
| Steris Plc | Stock | G8473T100 |  | 6410366 | 34709 | SH |  | SOLE | 0 | 34708 | 0 | 0 |
| Centene Corporation | Stock | 15135B101 |  | 876359 | 10686 | SH |  | SOLE | 0 | 10686 | 0 | 0 |
| United Therapeutics Corp Del Com | Stock | 91307C102 |  | 695225 | 2500 | SH |  | SOLE | 0 | 2500 | 0 | 0 |
| Waste Connections Inc. | Stock | 94106B101 |  | 34168340 | 257758 | SH |  | SOLE | 0 | 257757 | 0 | 0 |
| Berkshire Hathaway Inc. Class B | Stock | 084670702 |  | 1694008 | 5484 | SH |  | SOLE | 0 | 5484 | 0 | 0 |
| Adobe Systems Incorporated | Stock | 00724F101 |  | 22197519 | 65960 | SH |  | SOLE | 0 | 65960 | 0 | 0 |
| Alphabet Inc. Class A | Stock | 02079K305 |  | 44366544 | 502851 | SH |  | SOLE | 0 | 502851 | 0 | 0 |
| Fiserv Inc Com | Stock | 337738108 |  | 690308 | 6830 | SH |  | SOLE | 0 | 6830 | 0 | 0 |
| O'Reilly Automotive Inc. | Stock | 67103H107 |  | 27588809 | 32687 | SH |  | SOLE | 0 | 32687 | 0 | 0 |
| Constellation Brands Inc. Class A | Stock | 21036P108 |  | 211118 | 911 | SH |  | SOLE | 0 | 910 | 0 | 0 |
| Comcast Corporation Class A | Stock | 20030N101 |  | 6358185 | 181818 | SH |  | SOLE | 0 | 181818 | 0 | 0 |
| Generac Holdings Inc. | Stock | 368736104 |  | 322112 | 3200 | SH |  | SOLE | 0 | 3200 | 0 | 0 |
| Microsoft Corporation | Stock | 594918104 |  | 54408146 | 226871 | SH |  | SOLE | 0 | 226870 | 0 | 0 |
| Schlumberger Nv | Stock | 806857108 |  | 448583 | 8391 | SH |  | SOLE | 0 | 8391 | 0 | 0 |
| Cvs Health Corporation | Stock | 126650100 |  | 711972 | 7640 | SH |  | SOLE | 0 | 7640 | 0 | 0 |
| Ameriprise Financial Inc. | Stock | 03076C106 |  | 251276 | 807 | SH |  | SOLE | 0 | 807 | 0 | 0 |
| Cowen Inc Class A | Stock | 223622606 |  | 1902962 | 49274 | SH |  | SOLE | 0 | 49274 | 0 | 0 |
| Berkshire Hathaway Inc. Class A | Stock | 084670108 |  | 3749688 | 8 | SH |  | SOLE | 0 | 8 | 0 | 0 |
| Boeing Company | Stock | 097023105 |  | 2690481 | 14124 | SH |  | SOLE | 0 | 14124 | 0 | 0 |
| Vanguard Mid-Cap Index Fund | ETF | 922908629 |  | 2218676 | 10886 | SH |  | SOLE | 0 | 10886 | 0 | 0 |
| Nextera Energy Inc. | Stock | 65339F101 |  | 340754 | 4076 | SH |  | SOLE | 0 | 4076 | 0 | 0 |
| Align Technology Inc Com | Stock | 016255101 |  | 13692683 | 64925 | SH |  | SOLE | 0 | 64925 | 0 | 0 |
| Tesla Motors Inc. | Stock | 88160R101 |  | 272228 | 2210 | SH |  | SOLE | 0 | 2210 | 0 | 0 |
| Moog Inc. Class A | Stock | 615394202 |  | 767900 | 8750 | SH |  | SOLE | 0 | 8750 | 0 | 0 |
| Reinsurance Group Amer Inc Com New | Stock | 759351604 |  | 256046 | 1802 | SH |  | SOLE | 0 | 1802 | 0 | 0 |
| Arch Cap Group Ltd Ord | Stock | G0450A105 |  | 283766 | 4520 | SH |  | SOLE | 0 | 4520 | 0 | 0 |
| Vanguard S 500 Index Fund | ETF | 922908363 |  | 294423 | 838 | SH |  | SOLE | 0 | 838 | 0 | 0 |
| Astrazeneca Plc Sponsored Adr | ADR | 046353108 |  | 228418 | 3369 | SH |  | SOLE | 0 | 3369 | 0 | 0 |
| Oncternal Therapeutics Inc Com | Stock | 68236P107 |  | 30211 | 30211 | SH |  | SOLE | 0 | 30211 | 0 | 0 |
| Spdr S Midcap 400 Etf Trust | ETF | 78467Y107 |  | 905063 | 2044 | SH |  | SOLE | 0 | 2044 | 0 | 0 |
| Booz Allen Hamilton Holding Corporation Class A | Stock | 099502106 |  | 38136930 | 364877 | SH |  | SOLE | 0 | 364876 | 0 | 0 |
| Anterix Inc Com | Stock | 03676C100 |  | 319448 | 9930 | SH |  | SOLE | 0 | 9930 | 0 | 0 |
| Ishares Russell Top 200 Etf | ETF | 464289446 |  | 539820 | 6000 | SH |  | SOLE | 0 | 6000 | 0 | 0 |
| Wabtec Corporation | Stock | 929740108 |  | 28274237 | 283281 | SH |  | SOLE | 0 | 283280 | 0 | 0 |
| Eli Lilly And Company | Stock | 532457108 |  | 1235076 | 3376 | SH |  | SOLE | 0 | 3376 | 0 | 0 |
| Vanguard Russell 1000 Value Index Fund | ETF | 92206C714 |  | 1455306 | 21858 | SH |  | SOLE | 0 | 21858 | 0 | 0 |
| Ishares Russell 2000 Etf | ETF | 464287655 |  | 1954576 | 11210 | SH |  | SOLE | 0 | 11210 | 0 | 0 |
| Carrier Global Corporation | Stock | 14448C104 |  | 1309853 | 31754 | SH |  | SOLE | 0 | 31754 | 0 | 0 |
| Sysco Corporation | Stock | 871829107 |  | 532474 | 6965 | SH |  | SOLE | 0 | 6965 | 0 | 0 |
| Warner Music Group Corp | Stock | 934550203 |  | 6483859 | 185147 | SH |  | SOLE | 0 | 185147 | 0 | 0 |
| Ii-Vi Incorporated | Stock | 19247G107 |  | 376974 | 10740 | SH |  | SOLE | 0 | 10740 | 0 | 0 |
| American Electric Power Company Inc. | Stock | 025537101 |  | 439138 | 4625 | SH |  | SOLE | 0 | 4624 | 0 | 0 |
| Brown-Forman Corporation Class B | Stock | 115637209 |  | 3431846 | 52251 | SH |  | SOLE | 0 | 52251 | 0 | 0 |
| Eastern Bankshares Inc Com | Stock | 27627N105 |  | 380725 | 22071 | SH |  | SOLE | 0 | 22071 | 0 | 0 |
| Xylem Inc. | Stock | 98419M100 |  | 342767 | 3100 | SH |  | SOLE | 0 | 3100 | 0 | 0 |
| Marriott Vacations Worldwide Corp. | Stock | 57164Y107 |  | 2584449 | 19202 | SH |  | SOLE | 0 | 19202 | 0 | 0 |
| Cambridge Bancorp Com | Stock | 132152109 |  | 1005607 | 12107 | SH |  | SOLE | 0 | 12107 | 0 | 0 |
| Neogen Corporation | Stock | 640491106 |  | 182760 | 12000 | SH |  | SOLE | 0 | 12000 | 0 | 0 |
| Visa Inc. Class A | Stock | 92826C839 |  | 50730557 | 244179 | SH |  | SOLE | 0 | 244178 | 0 | 0 |
| Hershey Company | Stock | 427866108 |  | 1291003 | 5575 | SH |  | SOLE | 0 | 5575 | 0 | 0 |
| Vanguard Growth Index Fund | ETF | 922908736 |  | 2087767 | 9797 | SH |  | SOLE | 0 | 9796 | 0 | 0 |
| Ads Tec Energy Plc Shs | Stock | G0085J117 |  | 46800 | 15000 | SH |  | SOLE | 0 | 15000 | 0 | 0 |
| American Tower Corporation | REIT | 03027X100 |  | 35751075 | 168749 | SH |  | SOLE | 0 | 168748 | 0 | 0 |
| Ishares Core S Total U.S. Stock Market Etf | ETF | 464287150 |  | 387790 | 4573 | SH |  | SOLE | 0 | 4573 | 0 | 0 |
| Meta Platforms Inc. | Stock | 30303M102 |  | 15282699 | 126996 | SH |  | SOLE | 0 | 126996 | 0 | 0 |
| Lpl Finl Hldgs Inc Com | Stock | 50212V100 |  | 1198663 | 5545 | SH |  | SOLE | 0 | 5545 | 0 | 0 |
| Mondelez Intl Inc. Class A | Stock | 609207105 |  | 5655793 | 84858 | SH |  | SOLE | 0 | 84858 | 0 | 0 |
| Broadcom Limited | Stock | 11135F101 |  | 7916601 | 14159 | SH |  | SOLE | 0 | 14158 | 0 | 0 |
| Unifirst Corporation | Stock | 904708104 |  | 209780 | 1087 | SH |  | SOLE | 0 | 1087 | 0 | 0 |
| Vanguard Short-Term Inflation-Protected Securities Etf | ETF | 922020805 |  | 373680 | 8000 | SH |  | SOLE | 0 | 8000 | 0 | 0 |
| Canadian Pacific Railway Limited | Stock | 13645T100 |  | 200573 | 2689 | SH |  | SOLE | 0 | 2689 | 0 | 0 |
| Martin Marietta Materials Inc. | Stock | 573284106 |  | 649578 | 1922 | SH |  | SOLE | 0 | 1922 | 0 | 0 |
| Ishares Core Msci Eafe Etf | ETF | 46432F842 |  | 260059 | 4219 | SH |  | SOLE | 0 | 4219 | 0 | 0 |
| Accenture Plc | Stock | G1151C101 |  | 230402 | 863 | SH |  | SOLE | 0 | 863 | 0 | 0 |
| Equifax Inc. | Stock | 294429105 |  | 252668 | 1300 | SH |  | SOLE | 0 | 1300 | 0 | 0 |
| Nice Systems Ltd. Sponsored Adr | ADR | 653656108 |  | 1384560 | 7200 | SH |  | SOLE | 0 | 7200 | 0 | 0 |
| Abbvie Inc. | Stock | 00287Y109 |  | 419216 | 2594 | SH |  | SOLE | 0 | 2594 | 0 | 0 |
| S Global Inc. | Stock | 78409V104 |  | 32824451 | 98001 | SH |  | SOLE | 0 | 98000 | 0 | 0 |
| Vanguard Ftse All-World Ex-Us Index Fund | ETF | 922042775 |  | 1331267 | 26551 | SH |  | SOLE | 0 | 26551 | 0 | 0 |
| Cabot Oil  Gas Corporation | Stock | 127097103 |  | 525405 | 21384 | SH |  | SOLE | 0 | 21384 | 0 | 0 |
| Casella Waste Sys Inc Cl A | Stock | 147448104 |  | 302568 | 3815 | SH |  | SOLE | 0 | 3815 | 0 | 0 |
| Blackstone Group L.P. | Stock | 09260D107 |  | 31642226 | 426503 | SH |  | SOLE | 0 | 426502 | 0 | 0 |
| Church  Dwight Co. Inc. | Stock | 171340102 |  | 810534 | 10055 | SH |  | SOLE | 0 | 10055 | 0 | 0 |
| Stryker Corporation | Stock | 863667101 |  | 404631 | 1655 | SH |  | SOLE | 0 | 1655 | 0 | 0 |
| General Dynamics Corporation | Stock | 369550108 |  | 396976 | 1600 | SH |  | SOLE | 0 | 1600 | 0 | 0 |
| Mcdonald'S Corporation | Stock | 580135101 |  | 426720 | 1619 | SH |  | SOLE | 0 | 1619 | 0 | 0 |
| Ametek Inc. | Stock | 031100100 |  | 466665 | 3340 | SH |  | SOLE | 0 | 3340 | 0 | 0 |
| Cisco Systems Inc. | Stock | 17275R102 |  | 1166757 | 24491 | SH |  | SOLE | 0 | 24491 | 0 | 0 |
| Autodesk Inc. | Stock | 052769106 |  | 20200086 | 108097 | SH |  | SOLE | 0 | 108097 | 0 | 0 |
| At Inc. | Stock | 00206R102 |  | 229886 | 12487 | SH |  | SOLE | 0 | 12487 | 0 | 0 |
| Vanguard Intermediate Term Bond Index Fund | ETF | 921937819 |  | 2557999 | 34419 | SH |  | SOLE | 0 | 34418 | 0 | 0 |
| Charter Communications Inc. Class A | Stock | 16119P108 |  | 21962829 | 64768 | SH |  | SOLE | 0 | 64768 | 0 | 0 |
| Gaming And Leisure Properties Inc. | REIT | 36467J108 |  | 4543839 | 87231 | SH |  | SOLE | 0 | 87230 | 0 | 0 |
| Ishares Core S 500 Etf | ETF | 464287200 |  | 7316581 | 19043 | SH |  | SOLE | 0 | 19043 | 0 | 0 |
| Mettler-Toledo International Inc. | Stock | 592688105 |  | 949661 | 657 | SH |  | SOLE | 0 | 657 | 0 | 0 |
| Siteone Landscape Supply Inc Com | Stock | 82982L103 |  | 557270 | 4750 | SH |  | SOLE | 0 | 4750 | 0 | 0 |
| Charles Riv Labs Intl Inc Com | Stock | 159864107 |  | 209620 | 962 | SH |  | SOLE | 0 | 962 | 0 | 0 |
| Salesforce.Com Inc. | Stock | 79466L302 |  | 20893532 | 157580 | SH |  | SOLE | 0 | 157580 | 0 | 0 |
| Idexx Laboratories Inc. | Stock | 45168D104 |  | 452020 | 1108 | SH |  | SOLE | 0 | 1108 | 0 | 0 |
| Thermo Fisher Scientific Inc. | Stock | 883556102 |  | 28054914 | 50945 | SH |  | SOLE | 0 | 50945 | 0 | 0 |
| Lockheed Martin Corporation | Stock | 539830109 |  | 3041922 | 6253 | SH |  | SOLE | 0 | 6252 | 0 | 0 |
| Jpmorgan Chase  Co. | Stock | 46625H100 |  | 4559004 | 33997 | SH |  | SOLE | 0 | 33997 | 0 | 0 |
| Chevron Corporation | Stock | 166764100 |  | 1175168 | 6547 | SH |  | SOLE | 0 | 6547 | 0 | 0 |
| Vanguard Ftse Developed Markets Etf | ETF | 921943858 |  | 2219416 | 52881 | SH |  | SOLE | 0 | 52881 | 0 | 0 |
| Danaher Corporation | Stock | 235851102 |  | 2696710 | 10160 | SH |  | SOLE | 0 | 10160 | 0 | 0 |
| Wal-Mart Stores Inc. | Stock | 931142103 |  | 719632 | 5075 | SH |  | SOLE | 0 | 5075 | 0 | 0 |
| Oracle Corporation | Stock | 68389X105 |  | 325325 | 3980 | SH |  | SOLE | 0 | 3980 | 0 | 0 |
| Raytheon Technologies Corporation | Stock | 75513E101 |  | 1776898 | 17607 | SH |  | SOLE | 0 | 17607 | 0 | 0 |
| Vanguard Ftse Emerging Markets Etf | ETF | 922042858 |  | 2864913 | 73497 | SH |  | SOLE | 0 | 73497 | 0 | 0 |
| Texas Instruments Incorporated | Stock | 882508104 |  | 570835 | 3455 | SH |  | SOLE | 0 | 3455 | 0 | 0 |
| Pfizer Inc. | Stock | 717081103 |  | 694574 | 13555 | SH |  | SOLE | 0 | 13555 | 0 | 0 |
| Morgan Stanley | Stock | 617446448 |  | 4681703 | 55066 | SH |  | SOLE | 0 | 55065 | 0 | 0 |
| Caterpillar Inc. | Stock | 149123101 |  | 1391685 | 5809 | SH |  | SOLE | 0 | 5809 | 0 | 0 |
| Alphabet Inc. Class C | Stock | 02079K107 |  | 6836824 | 77052 | SH |  | SOLE | 0 | 77052 | 0 | 0 |
| American Express Company | Stock | 025816109 |  | 29472480 | 199475 | SH |  | SOLE | 0 | 199475 | 0 | 0 |
| Amgen Inc. | Stock | 031162100 |  | 308339 | 1174 | SH |  | SOLE | 0 | 1174 | 0 | 0 |
| Applied Materials Inc. | Stock | 038222105 |  | 3249243 | 33367 | SH |  | SOLE | 0 | 33366 | 0 | 0 |
| Otis Worldwide Corporation | Stock | 68902V107 |  | 3623557 | 46272 | SH |  | SOLE | 0 | 46271 | 0 | 0 |
| Analog Devices Inc. | Stock | 032654105 |  | 374828 | 2285 | SH |  | SOLE | 0 | 2285 | 0 | 0 |
| Williams Companies Inc. | Stock | 969457100 |  | 4928159 | 149792 | SH |  | SOLE | 0 | 149792 | 0 | 0 |
| Vanguard Dividend Appreciation Index Fund | ETF | 921908844 |  | 1519411 | 10006 | SH |  | SOLE | 0 | 10006 | 0 | 0 |
| Healthequity Inc | Stock | 42226A107 |  | 24637077 | 399693 | SH |  | SOLE | 0 | 399693 | 0 | 0 |
| Ipg Photonics Corporation | Stock | 44980X109 |  | 378680 | 4000 | SH |  | SOLE | 0 | 4000 | 0 | 0 |
| Vanguard Short-Term Bond Index Fund | ETF | 921937827 |  | 438807 | 5829 | SH |  | SOLE | 0 | 5829 | 0 | 0 |
| Philip Morris International Inc. | Stock | 718172109 |  | 1836350 | 18144 | SH |  | SOLE | 0 | 18143 | 0 | 0 |
| Pnc Financial Services Group Inc. | Stock | 693475105 |  | 1146171 | 7257 | SH |  | SOLE | 0 | 7257 | 0 | 0 |
| Bristol-Myers Squibb Company | Stock | 110122108 |  | 3044034 | 42308 | SH |  | SOLE | 0 | 42307 | 0 | 0 |
| W R Berkley Corporation Com | Stock | 084423102 |  | 304431 | 4195 | SH |  | SOLE | 0 | 4195 | 0 | 0 |
| Altria Group Inc. | Stock | 02209S103 |  | 605535 | 13247 | SH |  | SOLE | 0 | 13247 | 0 | 0 |
| Loews Corp Com | Stock | 540424108 |  | 781214 | 13393 | SH |  | SOLE | 0 | 13393 | 0 | 0 |
| American Water Works Company Inc. | Stock | 030420103 |  | 32982019 | 216389 | SH |  | SOLE | 0 | 216389 | 0 | 0 |
| Agilent Technologies Inc. | Stock | 00846U101 |  | 328482 | 2195 | SH |  | SOLE | 0 | 2195 | 0 | 0 |
| Exxon Mobil Corporation | Stock | 30231G102 |  | 2516368 | 22814 | SH |  | SOLE | 0 | 22813 | 0 | 0 |
| Unitedhealth Group Incorporated | Stock | 91324P102 |  | 32883055 | 62022 | SH |  | SOLE | 0 | 62022 | 0 | 0 |
| Travelers Companies Inc. | Stock | 89417E109 |  | 1111816 | 5930 | SH |  | SOLE | 0 | 5930 | 0 | 0 |
| Deere  Company | Stock | 244199105 |  | 737896 | 1721 | SH |  | SOLE | 0 | 1721 | 0 | 0 |
| Paypal Holdings Inc. | Stock | 70450Y103 |  | 20578093 | 288937 | SH |  | SOLE | 0 | 288936 | 0 | 0 |
| Charles Schwab Corporation | Stock | 808513105 |  | 49383225 | 593121 | SH |  | SOLE | 0 | 593120 | 0 | 0 |
| Toronto-Dominion Bank | Stock | 891160509 |  | 537508 | 8300 | SH |  | SOLE | 0 | 8300 | 0 | 0 |
| Blackrock Inc. | Stock | 09247X101 |  | 414549 | 585 | SH |  | SOLE | 0 | 585 | 0 | 0 |
| Ishares Msci Eafe Etf | ETF | 464287465 |  | 1003833 | 15293 | SH |  | SOLE | 0 | 15293 | 0 | 0 |
| Apple Inc. | Stock | 037833100 |  | 45698347 | 351715 | SH |  | SOLE | 0 | 351715 | 0 | 0 |
| Abbott Laboratories | Stock | 002824100 |  | 7828434 | 71304 | SH |  | SOLE | 0 | 71303 | 0 | 0 |
| Walt Disney Company | Stock | 254687106 |  | 695120 | 8001 | SH |  | SOLE | 0 | 8000 | 0 | 0 |
| Booking Holdings Inc | Stock | 09857L108 |  | 27224418 | 13509 | SH |  | SOLE | 0 | 13508 | 0 | 0 |
| Ishares Russell 1000 Value Etf | ETF | 464287598 |  | 3917271 | 25831 | SH |  | SOLE | 0 | 25831 | 0 | 0 |

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