FOUNDERS CAPITAL MANAGEMENT, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UPS	UNITED PARCEL SERVICE INC	117,723 (+2.5%)	$11,677 (+21.7%)	1.7%	$118.91	-22.0%	CL B	911312106
CNI	CANADIAN NATL RY CO	51,953 (+46.9%)	$5,136 (+53.9%)	0.8%	$98.89	-2.8%	COM	136375102
CAC	CAMDEN NATL CORP	12,988 (+39.7%)	$563 (+57.0%)	0.1%	$31.11	+28.2%	COM	133034108
KHC	KRAFT HEINZ CO	97,967 (+2.4%)	$2,376 (-4.6%)	0.4%	$30.22	-18.5%	COM	500754106
FAST	FASTENAL CO	10,428 (+2.2%)	$418 (-16.3%)	0.1%	$28.65	+46.7%	COM	311900104
WMT	WALMART INC	7,594 (+2.1%)	$846 (+10.3%)	0.1%	$48.38	+121.6%	COM	931142103
TSM	TAIWAN SEMICONDUCTOR MFG LTD	2,157 (+2.6%)	$655 (+11.6%)	0.1%	$112.34	—	SPONSORED ADS	874039100
CMI	CUMMINS INC	519 (+5.1%)	$265 (+27.0%)	0.0%	$384.80	+21.2%	COM	231021106
CARR	CARRIER GLOBAL CORPORATION	6,505 (+28.8%)	$344 (+14.0%)	0.1%	$43.63	+27.3%	COM	14448C104
JPM	JPMORGAN CHASE & CO.	754 (+6.6%)	$243 (+8.9%)	0.0%	$254.56	+21.6%	COM	46625H100
—	ADAMS DIVERSIFIED EQUITY FD	12,046 (+1.9%)	$281 (+6.6%)	0.0%	$21.40	—	COM	006212104
MA	MASTERCARD INCORPORATED	1,045 (+2.4%)	$597 (+2.7%)	0.1%	$455.04	+22.8%	CL A	57636Q104
MDT	MEDTRONIC PLC	7,509 (+1.0%)	$721 (+1.9%)	0.1%	$61.47	+58.0%	SHS	G5960L103
UNH	UNITEDHEALTH GROUP INC	982 (+3.0%)	$324 (-1.5%)	0.0%	$243.23	+38.6%	COM	91324P102
NSC	NORFOLK SOUTHN CORP	1,417 (+4.6%)	$409 (+0.5%)	0.1%	$127.79	+125.8%	COM	655844108

Exited Positions (2)

IJR ISHARES TR 0.2%

Value ($000) $1,209 Shares 10,172 Est. Cost $92.40 Unrealized —

GIS GENERAL MLS INC 0.0%

Value ($000) $202 Shares 4,000 Est. Cost $40.17 Unrealized +18.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IJR	ISHARES TR	10,172	$1,209	0.2%	$92.40	—	—	464287804
GIS	GENERAL MLS INC	4,000	$202	0.0%	$40.17	+18.1%	—	370334104

Decreased Positions (19)

FDX FEDEX CORP 2.9%

Value ($000) $19,734 (+20.3%) Shares 68,318 (-1.8%) Est. Cost $194.38 Unrealized +34.6%

HD HOME DEPOT INC 1.6%

Value ($000) $11,088 (-19.2%) Shares 32,222 (-4.8%) Est. Cost $80.96 Unrealized +350.3%

AXP AMERICAN EXPRESS CO 4.2%

Value ($000) $28,054 (+9.5%) Shares 75,831 (-1.7%) Est. Cost $72.73 Unrealized +390.8%

ORCL ORACLE CORP 0.1%

Value ($000) $962 (-61.7%) Shares 4,934 (-44.8%) Est. Cost $42.29 Unrealized +462.9%

WFC WELLS FARGO CO NEW 3.4%

Value ($000) $22,689 (-5.2%) Shares 243,442 (-14.8%) Est. Cost $41.59 Unrealized +108.3%

CMCSA COMCAST CORP NEW 0.9%

Value ($000) $6,331 (-9.7%) Shares 211,794 (-5.1%) Est. Cost $37.16 Unrealized -23.2%

WBD WARNER BROS DISCOVERY INC 0.3%

Value ($000) $2,077 (+41.9%) Shares 72,052 (-3.8%) Est. Cost $18.22 Unrealized +28.3%

LMT LOCKHEED MARTIN CORP 1.0%

Value ($000) $6,963 (-5.0%) Shares 14,396 (-2.0%) Est. Cost $99.67 Unrealized +377.8%

ABT ABBOTT LABS 0.6%

Value ($000) $3,716 (-8.7%) Shares 29,658 (-2.4%) Est. Cost $32.75 Unrealized +288.7%

SYK STRYKER CORPORATION 0.4%

Value ($000) $2,481 (-10.2%) Shares 7,058 (-5.5%) Est. Cost $74.78 Unrealized +386.1%

KO COCA COLA CO 1.3%

Value ($000) $9,045 (+3.2%) Shares 129,380 (-2.1%) Est. Cost $28.57 Unrealized +142.9%

GD GENERAL DYNAMICS CORP 1.2%

Value ($000) $8,107 (-3.1%) Shares 24,082 (-1.8%) Est. Cost $144.39 Unrealized +136.1%

— BANK AMERICA CORP 0.4%

Value ($000) $2,796 (-4.7%) Shares 2,233 (-2.6%) Est. Cost $1416.86 Unrealized —

— WELLS FARGO CO NEW 0.1%

Value ($000) $898 (-7.7%) Shares 741 (-6.0%) Est. Cost $1465.13 Unrealized —

AMZN AMAZON COM INC 0.1%

Value ($000) $725 (-4.1%) Shares 3,143 (-8.8%) Est. Cost $123.96 Unrealized +84.6%

MCK MCKESSON CORP 0.2%

Value ($000) $1,299 (-1.7%) Shares 1,583 (-7.4%) Est. Cost $403.96 Unrealized +101.9%

V VISA INC 0.1%

Value ($000) $344 (+1.2%) Shares 980 (-1.5%) Est. Cost $180.72 Unrealized +88.3%

BAC BANK AMERICA CORP 0.1%

Value ($000) $538 (-0.7%) Shares 9,790 (-6.9%) Est. Cost $23.84 Unrealized +120.9%

HIG HARTFORD INSURANCE GROUP INC 0.0%

Value ($000) $216 (+1.1%) Shares 1,566 (-2.1%) Est. Cost $122.91 Unrealized +7.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP	68,318 (-1.8%)	$19,734 (+20.3%)	2.9%	$194.38	+34.6%	COM	31428X106
HD	HOME DEPOT INC	32,222 (-4.8%)	$11,088 (-19.2%)	1.6%	$80.96	+350.3%	COM	437076102
AXP	AMERICAN EXPRESS CO	75,831 (-1.7%)	$28,054 (+9.5%)	4.2%	$72.73	+390.8%	COM	025816109
ORCL	ORACLE CORP	4,934 (-44.8%)	$962 (-61.7%)	0.1%	$42.29	+462.9%	COM	68389X105
WFC	WELLS FARGO CO NEW	243,442 (-14.8%)	$22,689 (-5.2%)	3.4%	$41.59	+108.3%	COM	949746101
CMCSA	COMCAST CORP NEW	211,794 (-5.1%)	$6,331 (-9.7%)	0.9%	$37.16	-23.2%	CL A	20030N101
WBD	WARNER BROS DISCOVERY INC	72,052 (-3.8%)	$2,077 (+41.9%)	0.3%	$18.22	+28.3%	COM SER A	934423104
LMT	LOCKHEED MARTIN CORP	14,396 (-2.0%)	$6,963 (-5.0%)	1.0%	$99.67	+377.8%	COM	539830109
ABT	ABBOTT LABS	29,658 (-2.4%)	$3,716 (-8.7%)	0.6%	$32.75	+288.7%	COM	002824100
SYK	STRYKER CORPORATION	7,058 (-5.5%)	$2,481 (-10.2%)	0.4%	$74.78	+386.1%	COM	863667101
KO	COCA COLA CO	129,380 (-2.1%)	$9,045 (+3.2%)	1.3%	$28.57	+142.9%	COM	191216100
GD	GENERAL DYNAMICS CORP	24,082 (-1.8%)	$8,107 (-3.1%)	1.2%	$144.39	+136.1%	COM	369550108
—	BANK AMERICA CORP	2,233 (-2.6%)	$2,796 (-4.7%)	0.4%	$1416.86	—	7.25%CNV PFD L	060505682
—	WELLS FARGO CO NEW	741 (-6.0%)	$898 (-7.7%)	0.1%	$1465.13	—	PERP PFD CNV A	949746804
AMZN	AMAZON COM INC	3,143 (-8.8%)	$725 (-4.1%)	0.1%	$123.96	+84.6%	COM	023135106
MCK	MCKESSON CORP	1,583 (-7.4%)	$1,299 (-1.7%)	0.2%	$403.96	+101.9%	COM	58155Q103
V	VISA INC	980 (-1.5%)	$344 (+1.2%)	0.1%	$180.72	+88.3%	COM CL A	92826C839
BAC	BANK AMERICA CORP	9,790 (-6.9%)	$538 (-0.7%)	0.1%	$23.84	+120.9%	COM	060505104
HIG	HARTFORD INSURANCE GROUP INC	1,566 (-2.1%)	$216 (+1.1%)	0.0%	$122.91	+7.0%	COM	416515104

Unchanged Positions (43)

GOOG ALPHABET INC 20.7%

Value ($000) $139,056 Shares 443,136 Est. Cost $108.08 Unrealized +164.9%

GOOGL ALPHABET INC 5.2%

Value ($000) $34,870 Shares 111,407 Est. Cost $117.05 Unrealized +144.0%

META META PLATFORMS INC 9.1%

Value ($000) $61,064 Shares 92,509 Est. Cost $306.19 Unrealized +117.9%

MSFT MICROSOFT CORP 8.6%

Value ($000) $58,242 Shares 120,429 Est. Cost $47.59 Unrealized +952.0%

REGN REGENERON PHARMACEUTICALS 0.9%

Value ($000) $6,332 Shares 8,203 Est. Cost $502.35 Unrealized +35.1%

AAPL APPLE INC 3.0%

Value ($000) $20,204 Shares 74,316 Est. Cost $107.04 Unrealized +150.7%

AMGN AMGEN INC 0.9%

Value ($000) $6,174 Shares 18,863 Est. Cost $155.02 Unrealized +103.8%

SPY SPDR S&P 500 ETF TR 2.7%

Value ($000) $18,415 Shares 27,004 Est. Cost $422.60 Unrealized —

JNJ JOHNSON & JOHNSON 0.7%

Value ($000) $4,754 Shares 22,971 Est. Cost $68.85 Unrealized +186.2%

CSCO CISCO SYS INC 0.5%

Value ($000) $3,489 Shares 45,293 Est. Cost $16.61 Unrealized +344.2%

UNP UNION PAC CORP 1.7%

Value ($000) $11,477 Shares 49,617 Est. Cost $109.71 Unrealized +107.2%

PEP PEPSICO INC 1.8%

Value ($000) $12,038 Shares 83,879 Est. Cost $65.92 Unrealized +121.4%

MHK MOHAWK INDS INC 0.2%

Value ($000) $1,540 Shares 14,088 Est. Cost $147.17 Unrealized -22.0%

LOW LOWES COS INC 0.8%

Value ($000) $5,313 Shares 22,033 Est. Cost $136.54 Unrealized +75.6%

CSX CSX CORP 2.2%

Value ($000) $14,725 Shares 406,194 Est. Cost $23.32 Unrealized +53.1%

LRCX LAM RESEARCH CORP 0.1%

Value ($000) $960 Shares 5,609 Est. Cost $78.11 Unrealized +98.9%

VONE VANGUARD SCOTTSDALE FDS 1.4%

Value ($000) $9,334 Shares 30,204 Est. Cost $201.56 Unrealized —

QQQ INVESCO QQQ TR 1.2%

Value ($000) $8,391 Shares 13,660 Est. Cost $371.31 Unrealized —

QSR RESTAURANT BRANDS INTL INC 0.4%

Value ($000) $2,853 Shares 41,816 Est. Cost $56.88 Unrealized +21.2%

RTX RTX CORPORATION 0.2%

Value ($000) $1,462 Shares 7,971 Est. Cost $56.32 Unrealized +207.8%

TMO THERMO FISHER SCIENTIFIC INC 0.1%

Value ($000) $728 Shares 1,257 Est. Cost $417.06 Unrealized +35.5%

NYT NEW YORK TIMES CO 0.1%

Value ($000) $555 Shares 8,000 Est. Cost $32.48 Unrealized +90.4%

DIS DISNEY WALT CO 1.3%

Value ($000) $8,886 Shares 78,106 Est. Cost $82.79 Unrealized +32.3%

MKL MARKEL GROUP INC 0.1%

Value ($000) $744 Shares 346 Est. Cost $1144.44 Unrealized +77.0%

BRK/B BERKSHIRE HATHAWAY INC DEL 10.5%

Value ($000) $70,505 Shares 140,267 Est. Cost $145.64 Unrealized +241.6%

PG PROCTER AND GAMBLE CO 0.1%

Value ($000) $879 Shares 6,134 Est. Cost $66.06 Unrealized +122.8%

ABBV ABBVIE INC 0.8%

Value ($000) $5,231 Shares 22,893 Est. Cost $38.54 Unrealized +490.5%

SAM BOSTON BEER INC 0.1%

Value ($000) $584 Shares 2,995 Est. Cost $481.26 Unrealized -57.2%

WBS WEBSTER FINL CORP 0.1%

Value ($000) $697 Shares 11,079 Est. Cost $46.76 Unrealized +27.0%

MTB M & T BK CORP 0.5%

Value ($000) $3,125 Shares 15,512 Est. Cost $135.58 Unrealized +40.2%

COF CAPITAL ONE FINL CORP 0.0%

Value ($000) $291 Shares 1,200 Est. Cost $186.79 Unrealized +19.0%

FBP FIRST BANCORP P R 0.1%

Value ($000) $539 Shares 26,000 Est. Cost $10.68 Unrealized +92.9%

CI THE CIGNA GROUP 0.1%

Value ($000) $640 Shares 2,326 Est. Cost $201.34 Unrealized +38.7%

KEY KEYCORP 0.0%

Value ($000) $307 Shares 14,857 Est. Cost $10.65 Unrealized +73.5%

INTC INTEL CORP 0.0%

Value ($000) $312 Shares 8,450 Est. Cost $24.23 Unrealized +55.9%

OFG OFG BANCORP 0.1%

Value ($000) $410 Shares 10,000 Est. Cost $25.09 Unrealized +63.2%

PNC PNC FINL SVCS GROUP INC 0.1%

Value ($000) $812 Shares 3,890 Est. Cost $126.41 Unrealized +52.5%

CVX CHEVRON CORP NEW 0.3%

Value ($000) $2,065 Shares 13,547 Est. Cost $138.22 Unrealized +9.5%

OTIS OTIS WORLDWIDE CORP 0.0%

Value ($000) $222 Shares 2,537 Est. Cost $80.95 Unrealized +10.2%

DRI DARDEN RESTAURANTS INC 0.0%

Value ($000) $276 Shares 1,500 Est. Cost $126.33 Unrealized +44.1%

SHEL SHELL PLC 0.0%

Value ($000) $257 Shares 3,496 Est. Cost $64.38 Unrealized —

AMP AMERIPRISE FINL INC 0.1%

Value ($000) $490 Shares 1,000 Est. Cost $298.23 Unrealized +58.9%

BRK/A BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $755 Shares 1 Est. Cost $216493.73 Unrealized +244.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	443,136	$139,056	20.7%	$108.08	+164.9%	CAP STK CL C	02079K107
GOOGL	ALPHABET INC	111,407	$34,870	5.2%	$117.05	+144.0%	CAP STK CL A	02079K305
META	META PLATFORMS INC	92,509	$61,064	9.1%	$306.19	+117.9%	CL A	30303M102
MSFT	MICROSOFT CORP	120,429	$58,242	8.6%	$47.59	+952.0%	COM	594918104
REGN	REGENERON PHARMACEUTICALS	8,203	$6,332	0.9%	$502.35	+35.1%	COM	75886F107
AAPL	APPLE INC	74,316	$20,204	3.0%	$107.04	+150.7%	COM	037833100
AMGN	AMGEN INC	18,863	$6,174	0.9%	$155.02	+103.8%	COM	031162100
SPY	SPDR S&P 500 ETF TR	27,004	$18,415	2.7%	$422.60	—	TR UNIT	78462F103
JNJ	JOHNSON & JOHNSON	22,971	$4,754	0.7%	$68.85	+186.2%	COM	478160104
CSCO	CISCO SYS INC	45,293	$3,489	0.5%	$16.61	+344.2%	COM	17275R102
UNP	UNION PAC CORP	49,617	$11,477	1.7%	$109.71	+107.2%	COM	907818108
PEP	PEPSICO INC	83,879	$12,038	1.8%	$65.92	+121.4%	COM	713448108
MHK	MOHAWK INDS INC	14,088	$1,540	0.2%	$147.17	-22.0%	COM	608190104
LOW	LOWES COS INC	22,033	$5,313	0.8%	$136.54	+75.6%	COM	548661107
CSX	CSX CORP	406,194	$14,725	2.2%	$23.32	+53.1%	COM	126408103
LRCX	LAM RESEARCH CORP	5,609	$960	0.1%	$78.11	+98.9%	COM NEW	512807306
VONE	VANGUARD SCOTTSDALE FDS	30,204	$9,334	1.4%	$201.56	—	VNG RUS1000IDX	92206C730
QQQ	INVESCO QQQ TR	13,660	$8,391	1.2%	$371.31	—	UNIT SER 1	46090E103
QSR	RESTAURANT BRANDS INTL INC	41,816	$2,853	0.4%	$56.88	+21.2%	COM	76131D103
RTX	RTX CORPORATION	7,971	$1,462	0.2%	$56.32	+207.8%	COM	75513E101
TMO	THERMO FISHER SCIENTIFIC INC	1,257	$728	0.1%	$417.06	+35.5%	COM	883556102
NYT	NEW YORK TIMES CO	8,000	$555	0.1%	$32.48	+90.4%	CL A	650111107
DIS	DISNEY WALT CO	78,106	$8,886	1.3%	$82.79	+32.3%	COM	254687106
MKL	MARKEL GROUP INC	346	$744	0.1%	$1144.44	+77.0%	COM	570535104
BRK/B	BERKSHIRE HATHAWAY INC DEL	140,267	$70,505	10.5%	$145.64	+241.6%	CL B NEW	084670702
PG	PROCTER AND GAMBLE CO	6,134	$879	0.1%	$66.06	+122.8%	COM	742718109
ABBV	ABBVIE INC	22,893	$5,231	0.8%	$38.54	+490.5%	COM	00287Y109
SAM	BOSTON BEER INC	2,995	$584	0.1%	$481.26	-57.2%	CL A	100557107
WBS	WEBSTER FINL CORP	11,079	$697	0.1%	$46.76	+27.0%	COM	947890109
MTB	M & T BK CORP	15,512	$3,125	0.5%	$135.58	+40.2%	COM	55261F104
COF	CAPITAL ONE FINL CORP	1,200	$291	0.0%	$186.79	+19.0%	COM	14040H105
FBP	FIRST BANCORP P R	26,000	$539	0.1%	$10.68	+92.9%	COM NEW	318672706
CI	THE CIGNA GROUP	2,326	$640	0.1%	$201.34	+38.7%	COM	125523100
KEY	KEYCORP	14,857	$307	0.0%	$10.65	+73.5%	COM	493267108
INTC	INTEL CORP	8,450	$312	0.0%	$24.23	+55.9%	COM	458140100
OFG	OFG BANCORP	10,000	$410	0.1%	$25.09	+63.2%	COM	67103X102
PNC	PNC FINL SVCS GROUP INC	3,890	$812	0.1%	$126.41	+52.5%	COM	693475105
CVX	CHEVRON CORP NEW	13,547	$2,065	0.3%	$138.22	+9.5%	COM	166764100
OTIS	OTIS WORLDWIDE CORP	2,537	$222	0.0%	$80.95	+10.2%	COM	68902V107
DRI	DARDEN RESTAURANTS INC	1,500	$276	0.0%	$126.33	+44.1%	COM	237194105
SHEL	SHELL PLC	3,496	$257	0.0%	$64.38	—	SPON ADS	780259305
AMP	AMERIPRISE FINL INC	1,000	$490	0.1%	$298.23	+58.9%	COM	03076C106
BRK/A	BERKSHIRE HATHAWAY INC DEL	1	$755	0.1%	$216493.73	+244.8%	CL A	084670108