# EDGAR Filing Document

**Accession Number:** 0001079112
**File Stem:** 0001079112-25-000009
**Filing Date:** 2025-10
**Character Count:** 30955
**Document Hash:** 3d5c0b3565478163895e9e527fe7da50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001079112-25-000009.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001079112-25-000009

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOWLAND CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001079112

**ORGANIZATION NAME:**
- **EIN:** 461580977
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03717
- **FILM NUMBER:** 251426173

**BUSINESS ADDRESS:**
- **STREET 1:** 75 FEDERAL STREET
- **STREET 2:** SUITE 1100
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6173579110

**MAIL ADDRESS:**
- **STREET 1:** 75 FEDERAL STREET SUITE 1100
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110-1911

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HOWLAND CAPITAL MANAGEMENT INC
- **DATE OF NAME CHANGE:** 19990325

### 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:** HOWLAND CAPITAL MANAGEMENT LLC<br>**Address:** 75 FEDERAL STREET SUITE 1100<br>BOSTON, MA 02110-1911

**Form 13F File Number:** 028-03717

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:** Lauren T. McDonough<br>**Title:** Compliance Associate<br>**Phone:** 6173579110

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

Lauren T. McDonough  Boston, MA  10-28-2025<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:** 274

**Form 13F Information Table Value Total:** $2624820649

      (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 CO | COM | 88579Y101 |  | 908446 | 5854 | SH |  | SOLE |  | 5850 | 0 | 4 |
| ABBOTT LABS | COM | 002824100 |  | 6013371 | 44896 | SH |  | SOLE |  | 19889 | 0 | 25007 |
| ABBVIE INC | COM | 00287Y109 |  | 6663027 | 28777 | SH |  | SOLE |  | 13335 | 0 | 15442 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 3549314 | 14393 | SH |  | SOLE |  | 11686 | 0 | 2707 |
| ADOBE INC | COM | 00724F101 |  | 1103402 | 3128 | SH |  | SOLE |  | 718 | 0 | 2410 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 214210 | 1324 | SH |  | SOLE |  | 125 | 0 | 1199 |
| AGNC INVT CORP | COM | 00123Q104 |  | 324731 | 32768 | SH |  | SOLE |  | 32768 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 1172151 | 4298 | SH |  | SOLE |  | 1080 | 0 | 3218 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 208340 | 2750 | SH |  | SOLE |  | 2350 | 0 | 400 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 1934808 | 4243 | SH |  | SOLE |  | 1234 | 0 | 3009 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 142637775 | 586745 | SH |  | SOLE |  | 449554 | 0 | 137191 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 11457567 | 47044 | SH |  | SOLE |  | 19730 | 0 | 27314 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 305598 | 4553 | SH |  | SOLE |  | 1200 | 0 | 3353 |
| AMAZON COM INC | COM | 023135106 |  | 62015571 | 282441 | SH |  | SOLE |  | 179485 | 0 | 102956 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 732413 | 2205 | SH |  | SOLE |  | 250 | 0 | 1955 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 37914989 | 195448 | SH |  | SOLE |  | 162877 | 0 | 32571 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 27610146 | 198363 | SH |  | SOLE |  | 160833 | 0 | 37530 |
| AMGEN INC | COM | 031162100 |  | 980645 | 3475 | SH |  | SOLE |  | 1605 | 0 | 1870 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 80575619 | 650259 | SH |  | SOLE |  | 524703 | 0 | 125556 |
| ANALOG DEVICES INC | COM | 032654105 |  | 287961 | 1172 | SH |  | SOLE |  | 772 | 0 | 400 |
| APPLE INC | COM | 037833100 |  | 134325219 | 527531 | SH |  | SOLE |  | 344556 | 0 | 182975 |
| APPLIED MATLS INC | COM | 038222105 |  | 572863 | 2798 | SH |  | SOLE |  | 2784 | 0 | 14 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 335928 | 347 | SH |  | SOLE |  | 285 | 0 | 62 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 537040 | 7000 | SH |  | SOLE |  | 4500 | 0 | 2500 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 27459938 | 93076 | SH |  | SOLE |  | 73785 | 0 | 19291 |
| AVERY DENNISON CORP | COM | 053611109 |  | 353531 | 2180 | SH |  | SOLE |  | 2000 | 0 | 180 |
| BANK AMERICA CORP | COM | 060505104 |  | 2011649 | 38993 | SH |  | SOLE |  | 9851 | 0 | 29142 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 626271 | 3346 | SH |  | SOLE |  | 2514 | 0 | 832 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 9804600 | 13 | SH |  | SOLE |  | 1 | 0 | 12 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 90791325 | 180593 | SH |  | SOLE |  | 147167 | 0 | 33426 |
| BLACKSTONE INC | COM | 09260D107 |  | 9399313 | 55015 | SH |  | SOLE |  | 41297 | 0 | 13718 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 241635 | 2475 | SH |  | SOLE |  | 2475 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 285088 | 8273 | SH |  | SOLE |  | 8273 | 0 | 0 |
| BRINKER INTL INC | COM | 109641100 |  | 1587048 | 12528 | SH |  | SOLE |  | 546 | 0 | 11982 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1094126 | 24260 | SH |  | SOLE |  | 8285 | 0 | 15975 |
| BROADCOM INC | COM | 11135F101 |  | 2583196 | 7830 | SH |  | SOLE |  | 2342 | 0 | 5488 |
| BROWN  BROWN INC | COM | 115236101 |  | 487333 | 5196 | SH |  | SOLE |  | 336 | 0 | 4860 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 238932 | 8750 | SH |  | SOLE |  | 8750 | 0 | 0 |
| CACI INTL INC | CL A | 127190304 |  | 698292 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 313076 | 3320 | SH |  | SOLE |  | 1600 | 0 | 1720 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 234980 | 3936 | SH |  | SOLE |  | 3136 | 0 | 800 |
| CATERPILLAR INC | COM | 149123101 |  | 3208834 | 6725 | SH |  | SOLE |  | 6017 | 0 | 708 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 318335 | 1298 | SH |  | SOLE |  | 1298 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 23453760 | 151032 | SH |  | SOLE |  | 111329 | 0 | 39703 |
| CHUBB LIMITED | COM | H1467J104 |  | 27547936 | 97274 | SH |  | SOLE |  | 82490 | 0 | 14784 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 440429 | 5026 | SH |  | SOLE |  | 3400 | 0 | 1626 |
| CINTAS CORP | COM | 172908105 |  | 1909329 | 9302 | SH |  | SOLE |  | 43 | 0 | 9259 |
| CISCO SYS INC | COM | 17275R102 |  | 2467020 | 36057 | SH |  | SOLE |  | 17013 | 0 | 19044 |
| COCA COLA CO | COM | 191216100 |  | 4618555 | 69109 | SH |  | SOLE |  | 39357 | 0 | 29752 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1950696 | 24402 | SH |  | SOLE |  | 13655 | 0 | 10747 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 483523 | 15389 | SH |  | SOLE |  | 2722 | 0 | 12667 |
| COMMSCOPE HLDG CO INC | COM | 20337X109 |  | 1280196 | 82700 | SH |  | SOLE |  | 82700 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1411851 | 14926 | SH |  | SOLE |  | 287 | 0 | 14639 |
| COPART INC | COM | 217204106 |  | 212439 | 4724 | SH |  | SOLE |  | 324 | 0 | 4400 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 342125 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 847452 | 10331 | SH |  | SOLE |  | 5241 | 0 | 5090 |
| CORTEVA INC | COM | 22052L104 |  | 272482 | 4029 | SH |  | SOLE |  | 2221 | 0 | 1808 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 9084133 | 9814 | SH |  | SOLE |  | 2221 | 0 | 7593 |
| COUPANG INC | CL A | 22266T109 |  | 1675688 | 52040 | SH |  | SOLE |  | 51040 | 0 | 1000 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 1308825 | 2669 | SH |  | SOLE |  | 790 | 0 | 1879 |
| CSX CORP | COM | 126408103 |  | 777208 | 21887 | SH |  | SOLE |  | 19787 | 0 | 2100 |
| CUMMINS INC | COM | 231021106 |  | 384357 | 910 | SH |  | SOLE |  | 910 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 35377885 | 178155 | SH |  | SOLE |  | 140654 | 0 | 37501 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 685677 | 3602 | SH |  | SOLE |  | 3602 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 642432 | 1400 | SH |  | SOLE |  | 1200 | 0 | 200 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 260574 | 1838 | SH |  | SOLE |  | 200 | 0 | 1638 |
| DISNEY WALT CO | COM | 254687106 |  | 583950 | 5100 | SH |  | SOLE |  | 5011 | 0 | 89 |
| DOLLY VARDEN SILVER CORP | COM NO PAR | 256827783 |  | 79659 | 15900 | SH |  | SOLE |  | 15900 | 0 | 0 |
| DORCHESTER MINERALS LP | COM UNIT | 25820R105 |  | 265554 | 10257 | SH |  | SOLE |  | 10257 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 232728 | 1395 | SH |  | SOLE |  | 1395 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 486642 | 6247 | SH |  | SOLE |  | 4355 | 0 | 1892 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 640151 | 35270 | SH |  | SOLE |  | 33194 | 0 | 2076 |
| EATON CORP PLC | SHS | G29183103 |  | 5270563 | 14083 | SH |  | SOLE |  | 241 | 0 | 13842 |
| EBAY INC. | COM | 278642103 |  | 300135 | 3300 | SH |  | SOLE |  | 1300 | 0 | 2000 |
| ECOLAB INC | COM | 278865100 |  | 46141972 | 168096 | SH |  | SOLE |  | 133905 | 0 | 34191 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 2417792 | 31089 | SH |  | SOLE |  | 13170 | 0 | 17919 |
| ELI LILLY  CO | COM | 532457108 |  | 2314942 | 3034 | SH |  | SOLE |  | 1774 | 0 | 1260 |
| EMERSON ELEC CO | COM | 291011104 |  | 3220601 | 24551 | SH |  | SOLE |  | 8086 | 0 | 16465 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 279867 | 8950 | SH |  | SOLE |  | 7150 | 0 | 1800 |
| EQUIFAX INC | COM | 294429105 |  | 1231344 | 4800 | SH |  | SOLE |  | 1000 | 0 | 3800 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 308271 | 4712 | SH |  | SOLE |  | 266 | 0 | 4446 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 17372182 | 154077 | SH |  | SOLE |  | 93735 | 0 | 60342 |
| FEDEX CORP | COM | 31428X106 |  | 513431 | 2164 | SH |  | SOLE |  | 283 | 0 | 1881 |
| FISERV INC | COM | 337738108 |  | 1797414 | 13941 | SH |  | SOLE |  | 10258 | 0 | 3683 |
| FORTINET INC | COM | 34959E109 |  | 571744 | 6800 | SH |  | SOLE |  | 350 | 0 | 6450 |
| FRANCO NEV CORP | COM | 351858105 |  | 1431529 | 6422 | SH |  | SOLE |  | 6422 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 19455927 | 64599 | SH |  | SOLE |  | 4190 | 0 | 60409 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 1511839 | 20131 | SH |  | SOLE |  | 540 | 0 | 19591 |
| GE VERNOVA INC | COM | 36828A101 |  | 9806426 | 15948 | SH |  | SOLE |  | 949 | 0 | 14999 |
| GENERAL MLS INC | COM | 370334104 |  | 708301 | 14048 | SH |  | SOLE |  | 9800 | 0 | 4248 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 1228215 | 11065 | SH |  | SOLE |  | 10940 | 0 | 125 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 1041332 | 11600 | SH |  | SOLE |  | 11600 | 0 | 0 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 191500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 1327307 | 7096 | SH |  | SOLE |  | 6096 | 0 | 1000 |
| HOME DEPOT INC | COM | 437076102 |  | 3415752 | 8430 | SH |  | SOLE |  | 3493 | 0 | 4937 |
| HONEYWELL INTL INC | COM | 438516106 |  | 694650 | 3300 | SH |  | SOLE |  | 815 | 0 | 2485 |
| IDEXX LABS INC | COM | 45168D104 |  | 29804858 | 46651 | SH |  | SOLE |  | 40522 | 0 | 6129 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 2151172 | 8199 | SH |  | SOLE |  | 966 | 0 | 7233 |
| ILLUMINA INC | COM | 452327109 |  | 1805475 | 19011 | SH |  | SOLE |  | 1672 | 0 | 17339 |
| INDEPENDENT BK CORP MASS | COM | 453836108 |  | 3474048 | 49800 | SH |  | SOLE |  | 25300 | 0 | 24500 |
| INTEL CORP | COM | 458140100 |  | 1250711 | 37279 | SH |  | SOLE |  | 2441 | 0 | 34838 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 4572403 | 16205 | SH |  | SOLE |  | 6684 | 0 | 9521 |
| INTUIT | COM | 461202103 |  | 1234019 | 1807 | SH |  | SOLE |  | 16 | 0 | 1791 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 1690977 | 3781 | SH |  | SOLE |  | 3425 | 0 | 356 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 4096382 | 21594 | SH |  | SOLE |  | 2296 | 0 | 19298 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1712432 | 2849 | SH |  | SOLE |  | 424 | 0 | 2425 |
| IRON MTN INC DEL | COM | 46284V101 |  | 279404 | 2727 | SH |  | SOLE |  | 1800 | 0 | 927 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 956735 | 14719 | SH |  | SOLE |  | 13185 | 0 | 1534 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 2924627 | 40190 | SH |  | SOLE |  | 37419 | 0 | 2771 |
| ISHARES GOLD TR | SHARES REPRESENT | 46436F103 |  | 9682789 | 251501 | SH |  | SOLE |  | 165130 | 0 | 86371 |
| ISHARES INC | ESG AWR MSCI EM | 46434G863 |  | 667279 | 15368 | SH |  | SOLE |  | 10972 | 0 | 4396 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 13263009 | 160608 | SH |  | SOLE |  | 124893 | 0 | 35715 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 1087558 | 16665 | SH |  | SOLE |  | 14040 | 0 | 2625 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 1389717 | 11695 | SH |  | SOLE |  | 10940 | 0 | 755 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 5424287 | 54270 | SH |  | SOLE |  | 54000 | 0 | 270 |
| ISHARES TR | CORE S ETF | 464287200 |  | 2234124 | 3338 | SH |  | SOLE |  | 950 | 0 | 2388 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 1398388 | 13949 | SH |  | SOLE |  | 157 | 0 | 13792 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 18962714 | 203944 | SH |  | SOLE |  | 191073 | 0 | 12871 |
| ISHARES TR | ESG MSCI KLD 400 | 464288570 |  | 205299 | 1630 | SH |  | SOLE |  | 1630 | 0 | 0 |
| ISHARES TR | IBDS DEC28 ETF | 46435U515 |  | 28750781 | 1126598 | SH |  | SOLE |  | 815715 | 0 | 310883 |
| ISHARES TR | IBOND DEC 2030 | 46436E593 |  | 3210370 | 161528 | SH |  | SOLE |  | 141816 | 0 | 19712 |
| ISHARES TR | IBONDS 2026 TERM | 46436E528 |  | 321379 | 13740 | SH |  | SOLE |  | 13740 | 0 | 0 |
| ISHARES TR | IBONDS 25 TRM HG | 46435U168 |  | 748613 | 32240 | SH |  | SOLE |  | 32240 | 0 | 0 |
| ISHARES TR | IBONDS 25 TRM TS | 46436E866 |  | 2631530 | 112627 | SH |  | SOLE |  | 96831 | 0 | 15796 |
| ISHARES TR | IBONDS 26 TRM TS | 46436E858 |  | 3786475 | 164988 | SH |  | SOLE |  | 142069 | 0 | 22919 |
| ISHARES TR | IBONDS 27 ETF | 46435UAA9 |  | 28549603 | 1172950 | SH |  | SOLE |  | 826358 | 0 | 346592 |
| ISHARES TR | IBONDS 27 TRM TS | 46436E841 |  | 2643376 | 117379 | SH |  | SOLE |  | 101068 | 0 | 16311 |
| ISHARES TR | IBONDS 28 TRM TS | 46436E833 |  | 2810572 | 125556 | SH |  | SOLE |  | 105900 | 0 | 19656 |
| ISHARES TR | IBONDS 29 TRM TS | 46436E825 |  | 3053831 | 139095 | SH |  | SOLE |  | 117911 | 0 | 21184 |
| ISHARES TR | IBONDS DEC 2029 | 46436E163 |  | 3142769 | 123101 | SH |  | SOLE |  | 78501 | 0 | 44600 |
| ISHARES TR | IBONDS DEC 2030 | 46436E726 |  | 15331189 | 692153 | SH |  | SOLE |  | 506480 | 0 | 185673 |
| ISHARES TR | IBONDS DEC 2031 | 46436E460 |  | 1634534 | 79462 | SH |  | SOLE |  | 52676 | 0 | 26786 |
| ISHARES TR | IBONDS DEC 2031 | 46436E486 |  | 6710422 | 316231 | SH |  | SOLE |  | 213009 | 0 | 103222 |
| ISHARES TR | IBONDS DEC 2032 | 46436E312 |  | 1257763 | 49093 | SH |  | SOLE |  | 28913 | 0 | 20180 |
| ISHARES TR | IBONDS DEC 25 | 46435U432 |  | 2120161 | 79140 | SH |  | SOLE |  | 64440 | 0 | 14700 |
| ISHARES TR | IBONDS DEC 26 | 46435U259 |  | 4946119 | 192756 | SH |  | SOLE |  | 108036 | 0 | 84720 |
| ISHARES TR | IBONDS DEC 27 | 46435U283 |  | 4985713 | 195710 | SH |  | SOLE |  | 110995 | 0 | 84715 |
| ISHARES TR | IBONDS DEC 28 | 46435U325 |  | 9243733 | 360520 | SH |  | SOLE |  | 256470 | 0 | 104050 |
| ISHARES TR | IBONDS DEC 29 | 46436E205 |  | 20395172 | 868989 | SH |  | SOLE |  | 610487 | 0 | 258502 |
| ISHARES TR | IBONDS DEC2026 | 46435GAA0 |  | 32328769 | 1330402 | SH |  | SOLE |  | 958520 | 0 | 371882 |
| ISHARES TR | IBONDS DEC25 ETF | 46434VBD1 |  | 24528511 | 973740 | SH |  | SOLE |  | 664338 | 0 | 309402 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 970140 | 11949 | SH |  | SOLE |  | 224 | 0 | 11725 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 533517 | 5714 | SH |  | SOLE |  | 5714 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 1988403 | 37236 | SH |  | SOLE |  | 24236 | 0 | 13000 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 227695 | 623 | SH |  | SOLE |  | 623 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 4266279 | 9108 | SH |  | SOLE |  | 8882 | 0 | 226 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 1005165 | 5685 | SH |  | SOLE |  | 5685 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 329815 | 3416 | SH |  | SOLE |  | 3416 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 487792 | 2016 | SH |  | SOLE |  | 1916 | 0 | 100 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 2372786 | 16698 | SH |  | SOLE |  | 16448 | 0 | 250 |
| ISHARES TR | ULTRA SHORT DUR | 46434V878 |  | 3682420 | 72560 | SH |  | SOLE |  | 66968 | 0 | 5592 |
| JANUS DETROIT STR TR | HENDRSN SHRT ETF | 47103U886 |  | 4677769 | 94903 | SH |  | SOLE |  | 89556 | 0 | 5347 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 13844986 | 74668 | SH |  | SOLE |  | 66703 | 0 | 7965 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 11281670 | 35766 | SH |  | SOLE |  | 29799 | 0 | 5967 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 705998 | 5621 | SH |  | SOLE |  | 1603 | 0 | 4018 |
| KINSALE CAP GROUP INC | COM | 49714P108 |  | 33284675 | 78269 | SH |  | SOLE |  | 64081 | 0 | 14188 |
| KLA CORP | COM NEW | 482480100 |  | 392611 | 364 | SH |  | SOLE |  | 355 | 0 | 9 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 735428 | 2408 | SH |  | SOLE |  | 2384 | 0 | 24 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 |  | 319409 | 3058 | SH |  | SOLE |  | 3000 | 0 | 58 |
| LINDE PLC | SHS | G54950103 |  | 671650 | 1414 | SH |  | SOLE |  | 1346 | 0 | 68 |
| LOWES COS INC | COM | 548661107 |  | 655417 | 2608 | SH |  | SOLE |  | 2408 | 0 | 200 |
| MARKEL GROUP INC | COM | 570535104 |  | 361248 | 189 | SH |  | SOLE |  | 189 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 2356692 | 11694 | SH |  | SOLE |  | 7750 | 0 | 3944 |
| MASCO CORP | COM | 574599106 |  | 1215706 | 17271 | SH |  | SOLE |  | 571 | 0 | 16700 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 4132405 | 7265 | SH |  | SOLE |  | 4524 | 0 | 2741 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 20276340 | 303039 | SH |  | SOLE |  | 255455 | 0 | 47584 |
| MCDONALDS CORP | COM | 580135101 |  | 2680310 | 8820 | SH |  | SOLE |  | 1832 | 0 | 6988 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 30913043 | 13228 | SH |  | SOLE |  | 10209 | 0 | 3019 |
| MERCK  CO INC | COM | 58933Y105 |  | 3923547 | 46301 | SH |  | SOLE |  | 25366 | 0 | 20935 |
| META PLATFORMS INC | CL A | 30303M102 |  | 71480885 | 97335 | SH |  | SOLE |  | 77813 | 0 | 19522 |
| MICROSOFT CORP | COM | 594918104 |  | 148621091 | 286941 | SH |  | SOLE |  | 218323 | 0 | 68618 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 215547 | 3423 | SH |  | SOLE |  | 844 | 0 | 2579 |
| MOODYS CORP | COM | 615369105 |  | 501734 | 1053 | SH |  | SOLE |  | 23 | 0 | 1030 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 2485976 | 15639 | SH |  | SOLE |  | 15639 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 20492644 | 182530 | SH |  | SOLE |  | 179630 | 0 | 2900 |
| NEOGENOMICS INC | COM NEW | 64049M209 |  | 271135 | 35121 | SH |  | SOLE |  | 21000 | 0 | 14121 |
| NETFLIX INC | COM | 64110L106 |  | 2780296 | 2319 | SH |  | SOLE |  | 1289 | 0 | 1030 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 769923 | 10199 | SH |  | SOLE |  | 766 | 0 | 9433 |
| NIKE INC | CL B | 654106103 |  | 540703 | 7710 | SH |  | SOLE |  | 3480 | 0 | 4230 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 684034 | 2277 | SH |  | SOLE |  | 150 | 0 | 2127 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 300146 | 5409 | SH |  | SOLE |  | 5006 | 0 | 403 |
| NUCOR CORP | COM | 670346105 |  | 2717289 | 19983 | SH |  | SOLE |  | 200 | 0 | 19783 |
| NUTRIEN LTD | COM | 67077M108 |  | 338939 | 5720 | SH |  | SOLE |  | 5720 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 91844190 | 492225 | SH |  | SOLE |  | 386135 | 0 | 106090 |
| ORACLE CORP | COM | 68389X105 |  | 2043490 | 7266 | SH |  | SOLE |  | 6560 | 0 | 706 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 50334010 | 466877 | SH |  | SOLE |  | 357595 | 0 | 109282 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 297331 | 3252 | SH |  | SOLE |  | 2715 | 0 | 537 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 560942 | 3075 | SH |  | SOLE |  | 2050 | 0 | 1025 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 698213 | 3429 | SH |  | SOLE |  | 2752 | 0 | 677 |
| PAYCHEX INC | COM | 704326107 |  | 3004973 | 23706 | SH |  | SOLE |  | 20975 | 0 | 2731 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 235381 | 3510 | SH |  | SOLE |  | 3000 | 0 | 510 |
| PEPSICO INC | COM | 713448108 |  | 4447454 | 31668 | SH |  | SOLE |  | 24563 | 0 | 7105 |
| PERSONALIS INC | COM | 71535D106 |  | 2155988 | 330673 | SH |  | SOLE |  | 40400 | 0 | 290273 |
| PFIZER INC | COM | 717081103 |  | 1358161 | 53303 | SH |  | SOLE |  | 38263 | 0 | 15040 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 555373 | 3424 | SH |  | SOLE |  | 721 | 0 | 2703 |
| PHILLIPS 66 | COM | 718546104 |  | 254086 | 1868 | SH |  | SOLE |  | 1069 | 0 | 799 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 |  | 9052031 | 89900 | SH |  | SOLE |  | 83350 | 0 | 6550 |
| PIMCO ETF TR | ENHNCD LW DUR AC | 72201R718 |  | 6959264 | 72383 | SH |  | SOLE |  | 64916 | 0 | 7467 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 24474141 | 159285 | SH |  | SOLE |  | 111932 | 0 | 47353 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 360539 | 3498 | SH |  | SOLE |  | 3490 | 0 | 8 |
| PROSHARES TR | ULTRPRO S | 74347X864 |  | 242380 | 2174 | SH |  | SOLE |  | 2174 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 342702 | 2060 | SH |  | SOLE |  | 1095 | 0 | 965 |
| RANGE RES CORP | COM | 75281A109 |  | 214548 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 20064605 | 35685 | SH |  | SOLE |  | 25528 | 0 | 10157 |
| ROSS STORES INC | COM | 778296103 |  | 294266 | 1931 | SH |  | SOLE |  | 131 | 0 | 1800 |
| RTX CORPORATION | COM | 75513E101 |  | 3765595 | 22504 | SH |  | SOLE |  | 6651 | 0 | 15853 |
| S GLOBAL INC | COM | 78409V104 |  | 49214656 | 101117 | SH |  | SOLE |  | 81614 | 0 | 19503 |
| SALESFORCE INC | COM | 79466L302 |  | 845201 | 3560 | SH |  | SOLE |  | 248 | 0 | 3312 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 327312 | 9444 | SH |  | SOLE |  | 8994 | 0 | 450 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 418400 | 15326 | SH |  | SOLE |  | 10191 | 0 | 5135 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 12302923 | 137709 | SH |  | SOLE |  | 105503 | 0 | 32206 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 252102 | 1052 | SH |  | SOLE |  | 829 | 0 | 223 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 327468 | 2353 | SH |  | SOLE |  | 1695 | 0 | 658 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 1320796 | 4686 | SH |  | SOLE |  | 4362 | 0 | 324 |
| SEMPRA | COM | 816851109 |  | 255994 | 2845 | SH |  | SOLE |  | 2722 | 0 | 123 |
| SERVICE CORP INTL | COM | 817565104 |  | 1496296 | 17980 | SH |  | SOLE |  | 266 | 0 | 17714 |
| SERVICENOW INC | COM | 81762P102 |  | 26295161 | 28573 | SH |  | SOLE |  | 21225 | 0 | 7348 |
| SHELL PLC | SPON ADS | 780259305 |  | 940548 | 13149 | SH |  | SOLE |  | 400 | 0 | 12749 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 316828 | 915 | SH |  | SOLE |  | 352 | 0 | 563 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 718827 | 4837 | SH |  | SOLE |  | 818 | 0 | 4019 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 2004691 | 10682 | SH |  | SOLE |  | 136 | 0 | 10546 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 406935 | 22080 | SH |  | SOLE |  | 22080 | 0 | 0 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 1409428 | 53347 | SH |  | SOLE |  | 53347 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 7453495 | 20968 | SH |  | SOLE |  | 20575 | 0 | 393 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 34918945 | 52273 | SH |  | SOLE |  | 45396 | 0 | 6877 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 649661 | 1087 | SH |  | SOLE |  | 1087 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 815629 | 9641 | SH |  | SOLE |  | 6510 | 0 | 3131 |
| STATE STR CORP | COM | 857477103 |  | 291186 | 2510 | SH |  | SOLE |  | 910 | 0 | 1600 |
| STRATEGY INC | CL A NEW | 594972408 |  | 202993 | 630 | SH |  | SOLE |  | 540 | 0 | 90 |
| STRYKER CORPORATION | COM | 863667101 |  | 37049126 | 99995 | SH |  | SOLE |  | 61205 | 0 | 38790 |
| SYNOPSYS INC | COM | 871607107 |  | 17056493 | 34570 | SH |  | SOLE |  | 26865 | 0 | 7705 |
| SYSCO CORP | COM | 871829107 |  | 2280324 | 27694 | SH |  | SOLE |  | 10324 | 0 | 17370 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 344801 | 1231 | SH |  | SOLE |  | 571 | 0 | 660 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 46059425 | 209809 | SH |  | SOLE |  | 170997 | 0 | 38812 |
| TERRENO RLTY CORP | COM | 88146M101 |  | 7682966 | 134465 | SH |  | SOLE |  | 103988 | 0 | 30477 |
| TEXAS INSTRS INC | COM | 882508104 |  | 863899 | 4702 | SH |  | SOLE |  | 1971 | 0 | 2731 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 15375184 | 16468 | SH |  | SOLE |  | 16468 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 1321915 | 4586 | SH |  | SOLE |  | 1150 | 0 | 3436 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 36763186 | 75731 | SH |  | SOLE |  | 62724 | 0 | 13007 |
| TJX COS INC NEW | COM | 872540109 |  | 62509937 | 432475 | SH |  | SOLE |  | 364969 | 0 | 67506 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 25367931 | 19247 | SH |  | SOLE |  | 14847 | 0 | 4400 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 421343 | 1509 | SH |  | SOLE |  | 544 | 0 | 965 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 24091803 | 245910 | SH |  | SOLE |  | 200229 | 0 | 45681 |
| UGI CORP NEW | COM | 902681105 |  | 336350 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 2098966 | 8880 | SH |  | SOLE |  | 5336 | 0 | 3544 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 428760 | 5133 | SH |  | SOLE |  | 4290 | 0 | 843 |
| UNIVERSAL CORP VA | COM | 913456109 |  | 356619 | 6383 | SH |  | SOLE |  | 6383 | 0 | 0 |
| VALHI INC NEW | COM | 918905209 |  | 157800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 417738 | 5468 | SH |  | SOLE |  | 5400 | 0 | 68 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 397746 | 1900 | SH |  | SOLE |  | 1710 | 0 | 190 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 200641 | 650 | SH |  | SOLE |  | 650 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 |  | 345713 | 1175 | SH |  | SOLE |  | 1152 | 0 | 23 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 1586443 | 9042 | SH |  | SOLE |  | 9020 | 0 | 22 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 2257086 | 7657 | SH |  | SOLE |  | 485 | 0 | 7172 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 43593827 | 70986 | SH |  | SOLE |  | 19989 | 0 | 50997 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 1901916 | 7456 | SH |  | SOLE |  | 649 | 0 | 6807 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 5856320 | 17797 | SH |  | SOLE |  | 15985 | 0 | 1812 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 1629171 | 8692 | SH |  | SOLE |  | 8384 | 0 | 308 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 140439460 | 1967766 | SH |  | SOLE |  | 1574733 | 0 | 393033 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 3919002 | 72333 | SH |  | SOLE |  | 43988 | 0 | 28345 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 697845 | 3221 | SH |  | SOLE |  | 3140 | 0 | 81 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 958601 | 15998 | SH |  | SOLE |  | 5103 | 0 | 10895 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 2352174 | 16688 | SH |  | SOLE |  | 788 | 0 | 15900 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 331504 | 444 | SH |  | SOLE |  | 250 | 0 | 194 |
| VERALTO CORP | COM SHS | 92338C103 |  | 222725 | 2087 | SH |  | SOLE |  | 1914 | 0 | 173 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 366456 | 8338 | SH |  | SOLE |  | 1758 | 0 | 6580 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 751166 | 1918 | SH |  | SOLE |  | 1129 | 0 | 789 |
| VISA INC | COM CL A | 92826C839 |  | 60982075 | 178634 | SH |  | SOLE |  | 135703 | 0 | 42931 |
| WALMART INC | COM | 931142103 |  | 37697390 | 365781 | SH |  | SOLE |  | 291106 | 0 | 74675 |
| WATSCO INC | COM | 942622200 |  | 36836582 | 91112 | SH |  | SOLE |  | 74009 | 0 | 17103 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 701756 | 28308 | SH |  | SOLE |  | 4960 | 0 | 23348 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 1789440 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 645392 | 4246 | SH |  | SOLE |  | 3995 | 0 | 251 |
| ZOETIS INC | CL A | 98978V103 |  | 342536 | 2341 | SH |  | SOLE |  | 2020 | 0 | 321 |

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