ABSHER WEALTH MANAGEMENT, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BA	BOEING CO	121,319 (+25.5%)	$26,341 (+26.2%)	3.1%	$251.17	-18.1%	COM	097023105
SBUX	STARBUCKS CORP	360,227 (+14.9%)	$30,335 (+14.4%)	3.6%	$81.59	+3.0%	COM	855244109
ABT	ABBOTT LABS	197,281 (+24.7%)	$24,717 (+16.7%)	2.9%	$93.96	+35.5%	COM	002824100
PAYX	PAYCHEX INC	273,824 (+25.0%)	$30,718 (+10.7%)	3.6%	$132.78	-12.2%	COM	704326107
NKE	NIKE INC	494,074 (+2.1%)	$31,477 (-6.8%)	3.7%	$87.16	-25.5%	CL B	654106103
FAST	FASTENAL CO	675,612 (+26.5%)	$27,112 (+3.5%)	3.2%	$35.05	+19.9%	COM	311900104
PAYC	PAYCOM SOFTWARE INC	13,453 (+119.5%)	$2,144 (+68.0%)	0.3%	$193.48	-8.6%	COM	70432V102
LOW	LOWES COS INC	13,593 (+28.6%)	$3,278 (+23.4%)	0.4%	$154.83	+54.9%	COM	548661107
ACN	ACCENTURE PLC IRELAND	5,647 (+25.0%)	$1,515 (+36.0%)	0.2%	$259.30	-2.0%	SHS CLASS A	G1151C101
MCD	MCDONALDS CORP	60,306 (+1.2%)	$18,431 (+1.8%)	2.2%	$207.80	+46.8%	COM	580135101
MRK	MERCK & CO INC	11,872 (+6.8%)	$1,250 (+33.9%)	0.1%	$82.66	+12.8%	COM	58933Y105
FDS	FACTSET RESH SYS INC	1,570 (+54.5%)	$456 (+56.5%)	0.1%	$344.54	-18.7%	COM	303075105
PSA	PUBLIC STORAGE OPER CO	3,659 (+31.8%)	$950 (+18.4%)	0.1%	$280.50	-1.1%	COM	74460D109
COST	COSTCO WHSL CORP NEW	26,739 (+8.0%)	$23,058 (+0.6%)	2.7%	$399.34	+126.8%	COM	22160K105
ORCL	ORACLE CORP	1,542 (+3.4%)	$301 (-28.3%)	0.0%	$120.77	+97.1%	COM	68389X105
SHEL	SHELL PLC	26,284 (+2.8%)	$1,931 (+5.6%)	0.2%	$60.07	—	SPON ADS	780259305
ADBE	ADOBE INC	7,062 (+2.8%)	$2,472 (+2.0%)	0.3%	$449.89	-24.4%	COM	00724F101
ZBH	ZIMMER BIOMET HOLDINGS INC	25,616 (+7.6%)	$2,303 (-1.7%)	0.3%	$98.31	-3.8%	COM	98956P102
PM	PHILIP MORRIS INTL INC	4,604 (+6.2%)	$738 (+5.1%)	0.1%	$79.88	+92.3%	COM	718172109
WSM	WILLIAMS SONOMA INC	3,551 (+4.0%)	$634 (-5.0%)	0.1%	$104.29	+79.5%	COM	969904101
DEO	DIAGEO PLC	6,073 (+4.3%)	$524 (-5.7%)	0.1%	$160.86	—	SPON ADR NEW	25243Q205
LMT	LOCKHEED MARTIN CORP	1,367 (+8.0%)	$661 (+4.6%)	0.1%	$391.78	+21.5%	COM	539830109
TXN	TEXAS INSTRS INC	4,181 (+8.7%)	$725 (+2.6%)	0.1%	$142.64	+19.7%	COM	882508104
VTI	VANGUARD INDEX FDS	921 (+1.1%)	$309 (+3.3%)	0.0%	$268.25	—	TOTAL STK MKT	922908769

Exited Positions (19)

IVV ISHARES TR 0.1%

Value ($000) $1,254 Shares 1,873 Est. Cost $669.30 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 0.1%

Value ($000) $634 Shares 10,587 Est. Cost $59.92 Unrealized —

SPMD SPDR SERIES TRUST 0.0%

Value ($000) $415 Shares 7,251 Est. Cost $57.19 Unrealized —

— UNILEVER PLC 0.0%

Value ($000) $318 Shares 5,363 Est. Cost $54.40 Unrealized —

BND VANGUARD BD INDEX FDS 0.0%

Value ($000) $285 Shares 3,835 Est. Cost $74.37 Unrealized —

IEMG ISHARES INC 0.0%

Value ($000) $284 Shares 4,311 Est. Cost $65.92 Unrealized —

DFAS DIMENSIONAL ETF TRUST 0.0%

Value ($000) $206 Shares 3,007 Est. Cost $68.46 Unrealized —

PFE PFIZER INC 0.0%

Value ($000) $203 Shares 7,970 Est. Cost $26.36 Unrealized -5.0%

LH LABCORP HOLDINGS INC 0.0%

Value ($000) $201 Shares 700 Est. Cost $266.78 Unrealized -0.6%

AVUV AMERICAN CENTY ETF TR 0.0%

Value ($000) $200 Shares 2,010 Est. Cost $99.53 Unrealized —

AVDV AMERICAN CENTY ETF TR 0.0%

Value ($000) $189 Shares 2,124 Est. Cost $89.03 Unrealized —

SPYM SPDR SERIES TRUST 0.0%

Value ($000) $133 Shares 1,698 Est. Cost $78.34 Unrealized —

SPSB SPDR SERIES TRUST 0.0%

Value ($000) $115 Shares 3,797 Est. Cost $30.29 Unrealized —

IJJ ISHARES TR 0.0%

Value ($000) $36 Shares 280 Est. Cost $129.72 Unrealized —

IWB ISHARES TR 0.0%

Value ($000) $33 Shares 90 Est. Cost $365.48 Unrealized —

SOXX ISHARES TR 0.0%

Value ($000) $10 Shares 37 Est. Cost $271.11 Unrealized —

VV VANGUARD INDEX FDS 0.0%

Value ($000) $8 Shares 27 Est. Cost $307.85 Unrealized —

VO VANGUARD INDEX FDS 0.0%

Value ($000) $5 Shares 17 Est. Cost $242.12 Unrealized —

VB VANGUARD INDEX FDS 0.0%

Value ($000) $2 Shares 8 Est. Cost $218.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES TR	1,873	$1,254	0.1%	$669.30	—	—	464287200
VEA	VANGUARD TAX-MANAGED FDS	10,587	$634	0.1%	$59.92	—	—	921943858
SPMD	SPDR SERIES TRUST	7,251	$415	0.0%	$57.19	—	—	78464A847
—	UNILEVER PLC	5,363	$318	0.0%	$54.40	—	—	904767704
BND	VANGUARD BD INDEX FDS	3,835	$285	0.0%	$74.37	—	—	921937835
IEMG	ISHARES INC	4,311	$284	0.0%	$65.92	—	—	46434G103
DFAS	DIMENSIONAL ETF TRUST	3,007	$206	0.0%	$68.46	—	—	25434V500
PFE	PFIZER INC	7,970	$203	0.0%	$26.36	-5.0%	—	717081103
LH	LABCORP HOLDINGS INC	700	$201	0.0%	$266.78	-0.6%	—	504922105
AVUV	AMERICAN CENTY ETF TR	2,010	$200	0.0%	$99.53	—	—	025072877
AVDV	AMERICAN CENTY ETF TR	2,124	$189	0.0%	$89.03	—	—	025072802
SPYM	SPDR SERIES TRUST	1,698	$133	0.0%	$78.34	—	—	78464A854
SPSB	SPDR SERIES TRUST	3,797	$115	0.0%	$30.29	—	—	78464A474
IJJ	ISHARES TR	280	$36	0.0%	$129.72	—	—	464287705
IWB	ISHARES TR	90	$33	0.0%	$365.48	—	—	464287622
SOXX	ISHARES TR	37	$10	0.0%	$271.11	—	—	464287523
VV	VANGUARD INDEX FDS	27	$8	0.0%	$307.85	—	—	922908637
VO	VANGUARD INDEX FDS	17	$5	0.0%	$242.12	—	—	922908629
VB	VANGUARD INDEX FDS	8	$2	0.0%	$218.00	—	—	922908751

Decreased Positions (33)

BF/B BROWN FORMAN CORP 0.1%

Value ($000) $702 (-95.0%) Shares 26,935 (-94.8%) Est. Cost $47.50 Unrealized -41.1%

GOOGL ALPHABET INC 4.1%

Value ($000) $34,863 (+24.4%) Shares 111,385 (-3.4%) Est. Cost $112.78 Unrealized +153.2%

PEP PEPSICO INC 4.3%

Value ($000) $36,421 (-10.4%) Shares 253,769 (-12.4%) Est. Cost $141.64 Unrealized +3.0%

MSFT MICROSOFT CORP 4.4%

Value ($000) $36,773 (-8.9%) Shares 76,038 (-2.5%) Est. Cost $161.75 Unrealized +209.5%

WMT WALMART INC 3.5%

Value ($000) $29,796 (+5.4%) Shares 267,449 (-2.5%) Est. Cost $50.86 Unrealized +110.8%

JNJ JOHNSON & JOHNSON 3.9%

Value ($000) $33,238 (-4.2%) Shares 160,607 (-14.2%) Est. Cost $137.40 Unrealized +43.4%

RL RALPH LAUREN CORP 3.4%

Value ($000) $28,502 (+3.8%) Shares 80,602 (-8.0%) Est. Cost $98.11 Unrealized +246.6%

AAPL APPLE INC 2.8%

Value ($000) $23,412 (+3.4%) Shares 86,118 (-3.1%) Est. Cost $109.14 Unrealized +145.9%

META META PLATFORMS INC 0.2%

Value ($000) $1,931 (-22.0%) Shares 2,925 (-13.2%) Est. Cost $221.02 Unrealized +201.9%

WMS ADVANCED DRAIN SYS INC DEL 0.2%

Value ($000) $1,773 (-21.1%) Shares 12,245 (-24.4%) Est. Cost $134.02 Unrealized +8.0%

ADI ANALOG DEVICES INC 4.2%

Value ($000) $35,271 (+1.2%) Shares 130,055 (-8.3%) Est. Cost $141.15 Unrealized +77.6%

GOOG ALPHABET INC 0.2%

Value ($000) $2,098 (+23.9%) Shares 6,687 (-3.8%) Est. Cost $109.74 Unrealized +160.9%

NVDA NVIDIA CORPORATION 0.0%

Value ($000) $278 (-49.5%) Shares 1,493 (-49.5%) Est. Cost $97.20 Unrealized +91.5%

BRK/B BERKSHIRE HATHAWAY INC DEL 2.6%

Value ($000) $22,038 (-1.2%) Shares 43,843 (-1.2%) Est. Cost $218.33 Unrealized +127.9%

HSY HERSHEY CO 0.3%

Value ($000) $2,288 (-10.2%) Shares 12,571 (-7.7%) Est. Cost $189.69 Unrealized -4.0%

TPR TAPESTRY INC 0.1%

Value ($000) $947 (-19.5%) Shares 7,413 (-28.7%) Est. Cost $30.26 Unrealized +276.8%

JPM JPMORGAN CHASE & CO. 4.1%

Value ($000) $34,513 (-0.6%) Shares 107,109 (-2.7%) Est. Cost $115.60 Unrealized +167.8%

LULU LULULEMON ATHLETICA INC 0.4%

Value ($000) $3,147 (+4.9%) Shares 15,145 (-10.2%) Est. Cost $269.24 Unrealized -32.7%

WAT WATERS CORP 0.1%

Value ($000) $947 (+16.3%) Shares 2,492 (-8.2%) Est. Cost $285.10 Unrealized +29.1%

DG DOLLAR GEN CORP NEW 0.1%

Value ($000) $1,257 (+11.3%) Shares 9,466 (-13.4%) Est. Cost $84.62 Unrealized +31.8%

CMI CUMMINS INC 0.3%

Value ($000) $2,774 (-4.1%) Shares 5,434 (-20.7%) Est. Cost $210.76 Unrealized +121.3%

HD HOME DEPOT INC 0.1%

Value ($000) $543 (-16.3%) Shares 1,578 (-1.5%) Est. Cost $252.52 Unrealized +44.4%

NXPI NXP SEMICONDUCTORS N V 0.1%

Value ($000) $690 (-11.1%) Shares 3,177 (-6.7%) Est. Cost $127.25 Unrealized +67.9%

UI UBIQUITI INC 0.0%

Value ($000) $258 (-22.8%) Shares 467 (-7.9%) Est. Cost $364.15 Unrealized +73.7%

MA MASTERCARD INCORPORATED 0.1%

Value ($000) $989 (-6.3%) Shares 1,733 (-6.6%) Est. Cost $342.42 Unrealized +63.2%

DIS DISNEY WALT CO 0.1%

Value ($000) $1,210 (-4.4%) Shares 10,638 (-3.8%) Est. Cost $114.53 Unrealized -4.4%

UPS UNITED PARCEL SERVICE INC 0.1%

Value ($000) $608 (-7.3%) Shares 6,132 (-21.9%) Est. Cost $120.28 Unrealized -22.9%

AME AMETEK INC 0.2%

Value ($000) $1,612 (+2.8%) Shares 7,853 (-5.9%) Est. Cost $167.55 Unrealized +16.0%

DUK DUKE ENERGY CORP NEW 0.0%

Value ($000) $418 (-8.4%) Shares 3,567 (-3.3%) Est. Cost $91.72 Unrealized +32.5%

HON HONEYWELL INTL INC 0.0%

Value ($000) $218 (-8.6%) Shares 1,115 (-1.4%) Est. Cost $176.10 Unrealized +10.7%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.0%

Value ($000) $302 (+4.1%) Shares 995 (-4.3%) Est. Cost $226.49 Unrealized —

GWW WW GRAINGER INC 0.0%

Value ($000) $272 (-3.1%) Shares 270 (-8.5%) Est. Cost $1000.75 Unrealized -3.2%

AVGO BROADCOM INC 0.0%

Value ($000) $319 (+0.6%) Shares 921 (-4.1%) Est. Cost $215.92 Unrealized +65.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BF/B	BROWN FORMAN CORP	26,935 (-94.8%)	$702 (-95.0%)	0.1%	$47.50	-41.1%	CL B	115637209
GOOGL	ALPHABET INC	111,385 (-3.4%)	$34,863 (+24.4%)	4.1%	$112.78	+153.2%	CAP STK CL A	02079K305
PEP	PEPSICO INC	253,769 (-12.4%)	$36,421 (-10.4%)	4.3%	$141.64	+3.0%	COM	713448108
MSFT	MICROSOFT CORP	76,038 (-2.5%)	$36,773 (-8.9%)	4.4%	$161.75	+209.5%	COM	594918104
WMT	WALMART INC	267,449 (-2.5%)	$29,796 (+5.4%)	3.5%	$50.86	+110.8%	COM	931142103
JNJ	JOHNSON & JOHNSON	160,607 (-14.2%)	$33,238 (-4.2%)	3.9%	$137.40	+43.4%	COM	478160104
RL	RALPH LAUREN CORP	80,602 (-8.0%)	$28,502 (+3.8%)	3.4%	$98.11	+246.6%	CL A	751212101
AAPL	APPLE INC	86,118 (-3.1%)	$23,412 (+3.4%)	2.8%	$109.14	+145.9%	COM	037833100
META	META PLATFORMS INC	2,925 (-13.2%)	$1,931 (-22.0%)	0.2%	$221.02	+201.9%	CL A	30303M102
WMS	ADVANCED DRAIN SYS INC DEL	12,245 (-24.4%)	$1,773 (-21.1%)	0.2%	$134.02	+8.0%	COM	00790R104
ADI	ANALOG DEVICES INC	130,055 (-8.3%)	$35,271 (+1.2%)	4.2%	$141.15	+77.6%	COM	032654105
GOOG	ALPHABET INC	6,687 (-3.8%)	$2,098 (+23.9%)	0.2%	$109.74	+160.9%	CAP STK CL C	02079K107
NVDA	NVIDIA CORPORATION	1,493 (-49.5%)	$278 (-49.5%)	0.0%	$97.20	+91.5%	COM	67066G104
BRK/B	BERKSHIRE HATHAWAY INC DEL	43,843 (-1.2%)	$22,038 (-1.2%)	2.6%	$218.33	+127.9%	CL B NEW	084670702
HSY	HERSHEY CO	12,571 (-7.7%)	$2,288 (-10.2%)	0.3%	$189.69	-4.0%	COM	427866108
TPR	TAPESTRY INC	7,413 (-28.7%)	$947 (-19.5%)	0.1%	$30.26	+276.8%	COM	876030107
JPM	JPMORGAN CHASE & CO.	107,109 (-2.7%)	$34,513 (-0.6%)	4.1%	$115.60	+167.8%	COM	46625H100
LULU	LULULEMON ATHLETICA INC	15,145 (-10.2%)	$3,147 (+4.9%)	0.4%	$269.24	-32.7%	COM	550021109
WAT	WATERS CORP	2,492 (-8.2%)	$947 (+16.3%)	0.1%	$285.10	+29.1%	COM	941848103
DG	DOLLAR GEN CORP NEW	9,466 (-13.4%)	$1,257 (+11.3%)	0.1%	$84.62	+31.8%	COM	256677105
CMI	CUMMINS INC	5,434 (-20.7%)	$2,774 (-4.1%)	0.3%	$210.76	+121.3%	COM	231021106
HD	HOME DEPOT INC	1,578 (-1.5%)	$543 (-16.3%)	0.1%	$252.52	+44.4%	COM	437076102
NXPI	NXP SEMICONDUCTORS N V	3,177 (-6.7%)	$690 (-11.1%)	0.1%	$127.25	+67.9%	COM	N6596X109
UI	UBIQUITI INC	467 (-7.9%)	$258 (-22.8%)	0.0%	$364.15	+73.7%	COM	90353W103
MA	MASTERCARD INCORPORATED	1,733 (-6.6%)	$989 (-6.3%)	0.1%	$342.42	+63.2%	CL A	57636Q104
DIS	DISNEY WALT CO	10,638 (-3.8%)	$1,210 (-4.4%)	0.1%	$114.53	-4.4%	COM	254687106
UPS	UNITED PARCEL SERVICE INC	6,132 (-21.9%)	$608 (-7.3%)	0.1%	$120.28	-22.9%	CL B	911312106
AME	AMETEK INC	7,853 (-5.9%)	$1,612 (+2.8%)	0.2%	$167.55	+16.0%	COM	031100100
DUK	DUKE ENERGY CORP NEW	3,567 (-3.3%)	$418 (-8.4%)	0.0%	$91.72	+32.5%	COM NEW	26441C204
HON	HONEYWELL INTL INC	1,115 (-1.4%)	$218 (-8.6%)	0.0%	$176.10	+10.7%	COM	438516106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	995 (-4.3%)	$302 (+4.1%)	0.0%	$226.49	—	SPONSORED ADS	874039100
GWW	WW GRAINGER INC	270 (-8.5%)	$272 (-3.1%)	0.0%	$1000.75	-3.2%	COM	384802104
AVGO	BROADCOM INC	921 (-4.1%)	$319 (+0.6%)	0.0%	$215.92	+65.3%	COM	11135F101

Unchanged Positions (14)

AMGN AMGEN INC 3.0%

Value ($000) $25,656 Shares 78,384 Est. Cost $207.48 Unrealized +52.3%

MTB M & T BK CORP 6.0%

Value ($000) $50,368 Shares 249,989 Est. Cost $140.20 Unrealized +35.6%

V VISA INC 3.7%

Value ($000) $31,514 Shares 89,858 Est. Cost $191.96 Unrealized +77.3%

DE DEERE & CO 3.4%

Value ($000) $28,489 Shares 61,192 Est. Cost $267.57 Unrealized +74.8%

LECO LINCOLN ELEC HLDGS INC 4.4%

Value ($000) $37,393 Shares 156,040 Est. Cost $194.02 Unrealized +22.1%

EMR EMERSON ELEC CO 3.9%

Value ($000) $33,107 Shares 249,452 Est. Cost $73.67 Unrealized +79.7%

CVX CHEVRON CORP NEW 3.3%

Value ($000) $28,025 Shares 183,881 Est. Cost $119.20 Unrealized +27.0%

SNA SNAP ON INC 3.8%

Value ($000) $32,375 Shares 93,950 Est. Cost $280.19 Unrealized +21.5%

MCY MERCURY GENL CORP NEW 0.1%

Value ($000) $1,237 Shares 13,148 Est. Cost $43.30 Unrealized +100.4%

AZO AUTOZONE INC 0.0%

Value ($000) $254 Shares 75 Est. Cost $1861.88 Unrealized +102.9%

AMZN AMAZON COM INC 0.1%

Value ($000) $745 Shares 3,227 Est. Cost $139.95 Unrealized +63.5%

KLAC KLA CORP 0.0%

Value ($000) $259 Shares 213 Est. Cost $930.36 Unrealized +26.0%

MIR MIRION TECHNOLOGIES INC 0.0%

Value ($000) $211 Shares 9,000 Est. Cost $21.62 Unrealized +15.4%

— LIBERTY MEDIA CORP DEL 0.0%

Value ($000) $1 Shares 25,000 Est. Cost $0.72 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMGN	AMGEN INC	78,384	$25,656	3.0%	$207.48	+52.3%	COM	031162100
MTB	M & T BK CORP	249,989	$50,368	6.0%	$140.20	+35.6%	COM	55261F104
V	VISA INC	89,858	$31,514	3.7%	$191.96	+77.3%	COM CL A	92826C839
DE	DEERE & CO	61,192	$28,489	3.4%	$267.57	+74.8%	COM	244199105
LECO	LINCOLN ELEC HLDGS INC	156,040	$37,393	4.4%	$194.02	+22.1%	COM	533900106
EMR	EMERSON ELEC CO	249,452	$33,107	3.9%	$73.67	+79.7%	COM	291011104
CVX	CHEVRON CORP NEW	183,881	$28,025	3.3%	$119.20	+27.0%	COM	166764100
SNA	SNAP ON INC	93,950	$32,375	3.8%	$280.19	+21.5%	COM	833034101
MCY	MERCURY GENL CORP NEW	13,148	$1,237	0.1%	$43.30	+100.4%	COM	589400100
AZO	AUTOZONE INC	75	$254	0.0%	$1861.88	+102.9%	COM	053332102
AMZN	AMAZON COM INC	3,227	$745	0.1%	$139.95	+63.5%	COM	023135106
KLAC	KLA CORP	213	$259	0.0%	$930.36	+26.0%	COM NEW	482480100
MIR	MIRION TECHNOLOGIES INC	9,000	$211	0.0%	$21.62	+15.4%	COM CL A	60471A101
—	LIBERTY MEDIA CORP DEL	25,000	$1	0.0%	$0.72	—	DEB 4.000%11/1	530715AG6