Long Road Investment Counsel, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ALPHABET CL A	45,205	$14,149	5.4%	$313.00	—	COM	02079k305
—	RB GLOBAL INC	55,840	$5,744	2.2%	$102.87	—	COM	74935q107
—	BROADRIDGE	16,950	$3,783	1.4%	$223.17	—	COM	11133t103
FIS	FIDELITY NATIONAL INFORMATION	37,372	$2,484	0.9%	$65.64	0.0%	COM	31620M106
GEV	GE VERNOVA	3,569	$2,333	0.9%	$609.04	0.0%	COM	36828A101
—	ACCENTURE	7,375	$1,979	0.7%	$268.30	—	COM	g1151c101
—	VISA INC CL A	1,487	$522	0.2%	$350.71	—	COM	92826c839
AXP	AMER EXPRESS	573	$212	0.1%	$356.97	0.0%	COM	025816109

Increased Positions (14)

AMG AFFILIATED MANAGERS GROUP 1.7%

Value ($000) $4,492 (+24.8%) Shares 15,581 (+3.2%) Est. Cost $184.80 Unrealized +39.9%

DORM DORMAN PRODUCTS 1.3%

Value ($000) $3,480 (-20.0%) Shares 28,250 (+1.3%) Est. Cost $54.53 Unrealized +147.6%

TMO THERMO FISHER 1.7%

Value ($000) $4,468 (+22.4%) Shares 7,711 (+2.5%) Est. Cost $182.93 Unrealized +208.9%

IDXX IDEXX LABS 2.9%

Value ($000) $7,650 (+8.0%) Shares 11,307 (+2.0%) Est. Cost $496.91 Unrealized +37.0%

— COSTCO 0.3%

Value ($000) $809 (+114.2%) Shares 938 (+129.9%) Est. Cost $622.35 Unrealized —

KNX KNIGHT-SWIFT TRANSPORTATION 0.2%

Value ($000) $500 (+64.1%) Shares 9,555 (+24.0%) Est. Cost $37.97 Unrealized +23.2%

— JPMORGAN CHASE 0.5%

Value ($000) $1,267 (+17.0%) Shares 3,932 (+14.6%) Est. Cost $294.02 Unrealized —

BOOT BOOT BARN 0.4%

Value ($000) $1,142 (+9.0%) Shares 6,471 (+2.4%) Est. Cost $80.65 Unrealized +131.3%

BWA BORG WARNER 0.8%

Value ($000) $2,119 (+3.6%) Shares 47,030 (+1.1%) Est. Cost $33.98 Unrealized +28.6%

— STATE STREET SPDR S&PMIDCAP 40 0.4%

Value ($000) $1,116 (+7.0%) Shares 1,850 (+5.7%) Est. Cost $294.37 Unrealized —

NTRS NORTHERN TRUST 0.1%

Value ($000) $335 (+24.3%) Shares 2,450 (+22.5%) Est. Cost $106.06 Unrealized +23.3%

LOW LOWES 0.1%

Value ($000) $316 (+18.6%) Shares 1,310 (+23.6%) Est. Cost $205.51 Unrealized +16.7%

SMG SCOTTS MIRACLE-GRO CO CL A 0.3%

Value ($000) $681 (+3.8%) Shares 11,675 (+1.3%) Est. Cost $47.58 Unrealized +16.0%

PFE PFIZER 0.1%

Value ($000) $325 (+5.8%) Shares 13,043 (+8.3%) Est. Cost $28.76 Unrealized -13.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMG	AFFILIATED MANAGERS GROUP	15,581 (+3.2%)	$4,492 (+24.8%)	1.7%	$184.80	+39.9%	COM	008252108
DORM	DORMAN PRODUCTS	28,250 (+1.3%)	$3,480 (-20.0%)	1.3%	$54.53	+147.6%	COM	258278100
TMO	THERMO FISHER	7,711 (+2.5%)	$4,468 (+22.4%)	1.7%	$182.93	+208.9%	COM	883556102
IDXX	IDEXX LABS	11,307 (+2.0%)	$7,650 (+8.0%)	2.9%	$496.91	+37.0%	COM	45168D104
—	COSTCO	938 (+129.9%)	$809 (+114.2%)	0.3%	$622.35	—	COM	22160k105
KNX	KNIGHT-SWIFT TRANSPORTATION	9,555 (+24.0%)	$500 (+64.1%)	0.2%	$37.97	+23.2%	COM	499049104
—	JPMORGAN CHASE	3,932 (+14.6%)	$1,267 (+17.0%)	0.5%	$294.02	—	COM	46625h100
BOOT	BOOT BARN	6,471 (+2.4%)	$1,142 (+9.0%)	0.4%	$80.65	+131.3%	COM	099406100
BWA	BORG WARNER	47,030 (+1.1%)	$2,119 (+3.6%)	0.8%	$33.98	+28.6%	COM	099724106
—	STATE STREET SPDR S&PMIDCAP 40	1,850 (+5.7%)	$1,116 (+7.0%)	0.4%	$294.37	—	ETF	78467y107
NTRS	NORTHERN TRUST	2,450 (+22.5%)	$335 (+24.3%)	0.1%	$106.06	+23.3%	COM	665859104
LOW	LOWES	1,310 (+23.6%)	$316 (+18.6%)	0.1%	$205.51	+16.7%	COM	548661107
SMG	SCOTTS MIRACLE-GRO CO CL A	11,675 (+1.3%)	$681 (+3.8%)	0.3%	$47.58	+16.0%	COM	810186106
PFE	PFIZER	13,043 (+8.3%)	$325 (+5.8%)	0.1%	$28.76	-13.0%	COM	717081103

Exited Positions (9)

GOOGL ALPHABET CL A 4.5%

Value ($000) $11,792 Shares 48,505 Est. Cost $180.70 Unrealized +58.1%

RBA RB GLOBAL 2.3%

Value ($000) $6,124 Shares 56,515 Est. Cost $112.11 Unrealized -9.4%

BR BROADRIDGE 1.6%

Value ($000) $4,102 Shares 17,225 Est. Cost $247.24 Unrealized -8.1%

— FIDELITY NATL INFORMATION SVCS 0.9%

Value ($000) $2,435 Shares 36,922 Est. Cost $97.25 Unrealized —

— GE VERONA 0.8%

Value ($000) $2,197 Shares 3,572 Est. Cost $305.32 Unrealized —

ACN ACCENTURE 0.7%

Value ($000) $1,750 Shares 7,095 Est. Cost $260.61 Unrealized -2.5%

V VISA INC 0.2%

Value ($000) $426 Shares 1,247 Est. Cost $345.14 Unrealized -1.4%

BRK/B BERKSHIRE HATHAWAY CL B 0.1%

Value ($000) $352 Shares 700 Est. Cost $296.98 Unrealized +67.5%

FISV FISERV 0.1%

Value ($000) $207 Shares 1,604 Est. Cost $218.93 Unrealized -61.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET CL A	48,505	$11,792	4.5%	$180.70	+58.1%	—	02079K305
RBA	RB GLOBAL	56,515	$6,124	2.3%	$112.11	-9.4%	—	74935Q107
BR	BROADRIDGE	17,225	$4,102	1.6%	$247.24	-8.1%	—	11133T103
—	FIDELITY NATL INFORMATION SVCS	36,922	$2,435	0.9%	$97.25	—	—	31620m106
—	GE VERONA	3,572	$2,197	0.8%	$305.32	—	—	36828a101
ACN	ACCENTURE	7,095	$1,750	0.7%	$260.61	-2.5%	—	G1151C101
V	VISA INC	1,247	$426	0.2%	$345.14	-1.4%	—	92826C839
BRK/B	BERKSHIRE HATHAWAY CL B	700	$352	0.1%	$296.98	+67.5%	—	084670702
FISV	FISERV	1,604	$207	0.1%	$218.93	-61.7%	—	337738108

Decreased Positions (29)

ORLY OREILLY AUTO 10.2%

Value ($000) $26,886 (-22.0%) Shares 294,765 (-7.7%) Est. Cost $89.27 Unrealized +9.4%

— ORACLE 4.8%

Value ($000) $12,560 (-36.9%) Shares 64,439 (-9.0%) Est. Cost $218.63 Unrealized —

GOOG ALPHABET CL C 5.7%

Value ($000) $14,937 (+25.5%) Shares 47,599 (-2.6%) Est. Cost $182.46 Unrealized +56.9%

FAST FASTENAL 3.7%

Value ($000) $9,695 (-19.6%) Shares 241,590 (-1.8%) Est. Cost $27.64 Unrealized +52.1%

ADP ADP 5.0%

Value ($000) $13,169 (-15.2%) Shares 51,195 (-3.3%) Est. Cost $86.63 Unrealized +205.7%

INTU INTUIT 1.0%

Value ($000) $2,564 (-27.4%) Shares 3,870 (-25.1%) Est. Cost $125.24 Unrealized +427.6%

ITW ILLINOIS TOOL WORKS 3.5%

Value ($000) $9,262 (-9.0%) Shares 37,606 (-3.7%) Est. Cost $85.76 Unrealized +188.7%

EXPD EXPEDITORS 2.1%

Value ($000) $5,507 (+18.0%) Shares 36,955 (-2.9%) Est. Cost $37.23 Unrealized +264.3%

AAPL APPLE 2.7%

Value ($000) $7,150 (-10.4%) Shares 26,300 (-16.1%) Est. Cost $95.62 Unrealized +180.6%

EFX EQUIFAX 0.3%

Value ($000) $898 (-40.5%) Shares 4,139 (-29.7%) Est. Cost $84.88 Unrealized +157.6%

SYY SYSCO 0.4%

Value ($000) $926 (-31.2%) Shares 12,568 (-23.2%) Est. Cost $48.58 Unrealized +55.4%

EL LAUDER, ESTEE 1.3%

Value ($000) $3,402 (+12.9%) Shares 32,484 (-5.0%) Est. Cost $67.87 Unrealized +42.7%

ABT ABBOTT LABS 0.6%

Value ($000) $1,506 (-18.5%) Shares 12,024 (-12.9%) Est. Cost $52.07 Unrealized +144.5%

JNJ JOHNSON & JOHNSON 1.1%

Value ($000) $2,979 (+10.2%) Shares 14,395 (-1.3%) Est. Cost $109.16 Unrealized +80.5%

KMX CARMAX 0.4%

Value ($000) $927 (-21.4%) Shares 23,980 (-8.8%) Est. Cost $57.00 Unrealized -29.8%

— ADOBE 0.2%

Value ($000) $571 (-30.6%) Shares 1,632 (-30.0%) Est. Cost $301.57 Unrealized —

SBUX STARBUCKS 2.1%

Value ($000) $5,471 (-4.3%) Shares 64,970 (-3.8%) Est. Cost $38.84 Unrealized +116.4%

AFL AFLAC 1.8%

Value ($000) $4,703 (-4.7%) Shares 42,650 (-3.5%) Est. Cost $34.47 Unrealized +218.6%

GILD GILEAD SCIENCES 1.1%

Value ($000) $2,940 (+8.5%) Shares 23,950 (-1.8%) Est. Cost $69.59 Unrealized +73.7%

GEN GEN DIGITAL 0.8%

Value ($000) $2,010 (-6.8%) Shares 73,925 (-2.7%) Est. Cost $12.67 Unrealized +111.8%

PG PROCTER & GAMBLE 0.3%

Value ($000) $690 (-16.1%) Shares 4,815 (-10.0%) Est. Cost $100.82 Unrealized +46.0%

EFA ISHARES MSCI EAFE ETF 0.5%

Value ($000) $1,281 (-8.9%) Shares 13,340 (-11.5%) Est. Cost $61.60 Unrealized —

ECL ECOLAB 0.1%

Value ($000) $336 (-27.0%) Shares 1,280 (-23.8%) Est. Cost $96.70 Unrealized +174.8%

ABBV ABBVIE 0.5%

Value ($000) $1,288 (-6.9%) Shares 5,639 (-5.6%) Est. Cost $201.95 Unrealized +12.7%

PEP PEPSICO 1.5%

Value ($000) $3,901 (-2.1%) Shares 27,184 (-4.2%) Est. Cost $76.08 Unrealized +91.8%

OMC OMNICOM 1.5%

Value ($000) $4,062 (-2.0%) Shares 50,303 (-1.0%) Est. Cost $53.54 Unrealized +41.5%

BDX BECTON DICKINSON 1.2%

Value ($000) $3,115 (+2.5%) Shares 16,049 (-1.1%) Est. Cost $122.28 Unrealized +55.0%

VWO VANGUARD FTSE EMERGING MARKETS 0.4%

Value ($000) $1,004 (-2.3%) Shares 18,680 (-1.6%) Est. Cost $42.86 Unrealized —

— EXXON MOBIL CORP 0.2%

Value ($000) $584 (+0.0%) Shares 4,849 (-6.3%) Est. Cost $0.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORLY	OREILLY AUTO	294,765 (-7.7%)	$26,886 (-22.0%)	10.2%	$89.27	+9.4%	COM	67103H107
—	ORACLE	64,439 (-9.0%)	$12,560 (-36.9%)	4.8%	$218.63	—	COM	68389x105
GOOG	ALPHABET CL C	47,599 (-2.6%)	$14,937 (+25.5%)	5.7%	$182.46	+56.9%	COM	02079K107
FAST	FASTENAL	241,590 (-1.8%)	$9,695 (-19.6%)	3.7%	$27.64	+52.1%	COM	311900104
ADP	ADP	51,195 (-3.3%)	$13,169 (-15.2%)	5.0%	$86.63	+205.7%	COM	053015103
INTU	INTUIT	3,870 (-25.1%)	$2,564 (-27.4%)	1.0%	$125.24	+427.6%	COM	461202103
ITW	ILLINOIS TOOL WORKS	37,606 (-3.7%)	$9,262 (-9.0%)	3.5%	$85.76	+188.7%	COM	452308109
EXPD	EXPEDITORS	36,955 (-2.9%)	$5,507 (+18.0%)	2.1%	$37.23	+264.3%	COM	302130109
AAPL	APPLE	26,300 (-16.1%)	$7,150 (-10.4%)	2.7%	$95.62	+180.6%	COM	037833100
EFX	EQUIFAX	4,139 (-29.7%)	$898 (-40.5%)	0.3%	$84.88	+157.6%	COM	294429105
SYY	SYSCO	12,568 (-23.2%)	$926 (-31.2%)	0.4%	$48.58	+55.4%	COM	871829107
EL	LAUDER, ESTEE	32,484 (-5.0%)	$3,402 (+12.9%)	1.3%	$67.87	+42.7%	COM	518439104
ABT	ABBOTT LABS	12,024 (-12.9%)	$1,506 (-18.5%)	0.6%	$52.07	+144.5%	COM	002824100
JNJ	JOHNSON & JOHNSON	14,395 (-1.3%)	$2,979 (+10.2%)	1.1%	$109.16	+80.5%	COM	478160104
KMX	CARMAX	23,980 (-8.8%)	$927 (-21.4%)	0.4%	$57.00	-29.8%	COM	143130102
—	ADOBE	1,632 (-30.0%)	$571 (-30.6%)	0.2%	$301.57	—	COM	00724f101
SBUX	STARBUCKS	64,970 (-3.8%)	$5,471 (-4.3%)	2.1%	$38.84	+116.4%	COM	855244109
AFL	AFLAC	42,650 (-3.5%)	$4,703 (-4.7%)	1.8%	$34.47	+218.6%	COM	001055102
GILD	GILEAD SCIENCES	23,950 (-1.8%)	$2,940 (+8.5%)	1.1%	$69.59	+73.7%	COM	375558103
GEN	GEN DIGITAL	73,925 (-2.7%)	$2,010 (-6.8%)	0.8%	$12.67	+111.8%	COM	668771108
PG	PROCTER & GAMBLE	4,815 (-10.0%)	$690 (-16.1%)	0.3%	$100.82	+46.0%	COM	742718109
EFA	ISHARES MSCI EAFE ETF	13,340 (-11.5%)	$1,281 (-8.9%)	0.5%	$61.60	—	ETF	464287465
ECL	ECOLAB	1,280 (-23.8%)	$336 (-27.0%)	0.1%	$96.70	+174.8%	COM	278865100
ABBV	ABBVIE	5,639 (-5.6%)	$1,288 (-6.9%)	0.5%	$201.95	+12.7%	COM	00287Y109
PEP	PEPSICO	27,184 (-4.2%)	$3,901 (-2.1%)	1.5%	$76.08	+91.8%	COM	713448108
OMC	OMNICOM	50,303 (-1.0%)	$4,062 (-2.0%)	1.5%	$53.54	+41.5%	COM	681919106
BDX	BECTON DICKINSON	16,049 (-1.1%)	$3,115 (+2.5%)	1.2%	$122.28	+55.0%	COM	075887109
VWO	VANGUARD FTSE EMERGING MARKETS	18,680 (-1.6%)	$1,004 (-2.3%)	0.4%	$42.86	—	ETF	922042858
—	EXXON MOBIL CORP	4,849 (-6.3%)	$584 (+0.0%)	0.2%	$0.12	—	COM	30231g102

Unchanged Positions (28)

SYK STRYKER 5.7%

Value ($000) $14,957 Shares 42,556 Est. Cost $97.82 Unrealized +271.5%

— INTERCONTINENTAL EXCHANGE 3.0%

Value ($000) $8,031 Shares 49,585 Est. Cost $3.50 Unrealized —

APD AIR PRODUCTS & CHEMICALS INC 1.4%

Value ($000) $3,621 Shares 14,660 Est. Cost $158.62 Unrealized +58.6%

STT STATE STREET 1.1%

Value ($000) $2,838 Shares 22,001 Est. Cost $55.88 Unrealized +112.9%

WEX WEX 1.5%

Value ($000) $4,087 Shares 27,434 Est. Cost $191.34 Unrealized -21.3%

WDAY WORKDAY 0.8%

Value ($000) $2,017 Shares 9,391 Est. Cost $255.22 Unrealized -11.0%

CTAS CINTAS CORP 1.0%

Value ($000) $2,595 Shares 13,800 Est. Cost $147.16 Unrealized +27.8%

CAKE CHEESECAKE 0.8%

Value ($000) $2,177 Shares 43,120 Est. Cost $40.46 Unrealized +23.7%

MSFT MICROSOFT 0.8%

Value ($000) $2,209 Shares 4,567 Est. Cost $189.90 Unrealized +163.6%

GNTX GENTEX 0.2%

Value ($000) $612 Shares 26,300 Est. Cost $27.75 Unrealized -13.1%

MCO MOODYS 0.7%

Value ($000) $1,879 Shares 3,679 Est. Cost $86.57 Unrealized +463.0%

PYPL PAYPAL 0.3%

Value ($000) $893 Shares 15,300 Est. Cost $65.14 Unrealized -0.5%

GE GE AEROSPACE 1.7%

Value ($000) $4,412 Shares 14,324 Est. Cost $66.01 Unrealized +355.7%

AMGN AMGEN 0.3%

Value ($000) $720 Shares 2,200 Est. Cost $276.08 Unrealized +14.4%

TSCO TRACTOR SUPPLY 0.3%

Value ($000) $663 Shares 13,250 Est. Cost $48.37 Unrealized +11.0%

PHIN PHINIA INC 0.4%

Value ($000) $929 Shares 14,826 Est. Cost $46.97 Unrealized +17.4%

— JACOBS SOLUTIONS INC 0.2%

Value ($000) $606 Shares 4,575 Est. Cost $108.39 Unrealized —

IRM IRON MOUNTAIN 0.1%

Value ($000) $290 Shares 3,500 Est. Cost $93.15 Unrealized -0.4%

— GE HEALTHCARE 0.3%

Value ($000) $673 Shares 8,209 Est. Cost $80.71 Unrealized —

— SPDR S&P 500 ETF 0.7%

Value ($000) $1,827 Shares 2,679 Est. Cost $424.72 Unrealized —

PAYX PAYCHEX 0.1%

Value ($000) $224 Shares 2,000 Est. Cost $143.17 Unrealized -18.6%

MS MORGAN STANLEY 0.1%

Value ($000) $259 Shares 1,461 Est. Cost $120.96 Unrealized +37.6%

META META PLATFORMS 0.1%

Value ($000) $234 Shares 355 Est. Cost $512.12 Unrealized +30.3%

MDT MEDTRONIC 0.3%

Value ($000) $701 Shares 7,300 Est. Cost $59.47 Unrealized +63.3%

TSLA TESLA MOTOR 0.1%

Value ($000) $202 Shares 450 Est. Cost $346.84 Unrealized +27.8%

BP BP 0.1%

Value ($000) $205 Shares 5,900 Est. Cost $34.46 Unrealized —

MA MASTERCARD 0.1%

Value ($000) $380 Shares 665 Est. Cost $542.01 Unrealized +3.1%

BRK/A BERKSHIRE CL A 0.6%

Value ($000) $1,510 Shares 2 Est. Cost $216493.73 Unrealized +244.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SYK	STRYKER	42,556	$14,957	5.7%	$97.82	+271.5%	COM	863667101
—	INTERCONTINENTAL EXCHANGE	49,585	$8,031	3.0%	$3.50	—	COM	45866f104
APD	AIR PRODUCTS & CHEMICALS INC	14,660	$3,621	1.4%	$158.62	+58.6%	COM	009158106
STT	STATE STREET	22,001	$2,838	1.1%	$55.88	+112.9%	COM	857477103
WEX	WEX	27,434	$4,087	1.5%	$191.34	-21.3%	COM	96208T104
WDAY	WORKDAY	9,391	$2,017	0.8%	$255.22	-11.0%	COM	98138H101
CTAS	CINTAS CORP	13,800	$2,595	1.0%	$147.16	+27.8%	COM	172908105
CAKE	CHEESECAKE	43,120	$2,177	0.8%	$40.46	+23.7%	COM	163072101
MSFT	MICROSOFT	4,567	$2,209	0.8%	$189.90	+163.6%	COM	594918104
GNTX	GENTEX	26,300	$612	0.2%	$27.75	-13.1%	COM	371901109
MCO	MOODYS	3,679	$1,879	0.7%	$86.57	+463.0%	COM	615369105
PYPL	PAYPAL	15,300	$893	0.3%	$65.14	-0.5%	COM	70450Y103
GE	GE AEROSPACE	14,324	$4,412	1.7%	$66.01	+355.7%	COM	369604301
AMGN	AMGEN	2,200	$720	0.3%	$276.08	+14.4%	COM	031162100
TSCO	TRACTOR SUPPLY	13,250	$663	0.3%	$48.37	+11.0%	COM	892356106
PHIN	PHINIA INC	14,826	$929	0.4%	$46.97	+17.4%	COM	71880K101
—	JACOBS SOLUTIONS INC	4,575	$606	0.2%	$108.39	—	COM	46982l108
IRM	IRON MOUNTAIN	3,500	$290	0.1%	$93.15	-0.4%	COM	46284V101
—	GE HEALTHCARE	8,209	$673	0.3%	$80.71	—	COM	36266g107
—	SPDR S&P 500 ETF	2,679	$1,827	0.7%	$424.72	—	ETF	78462f103
PAYX	PAYCHEX	2,000	$224	0.1%	$143.17	-18.6%	COM	704326107
MS	MORGAN STANLEY	1,461	$259	0.1%	$120.96	+37.6%	COM	617446448
META	META PLATFORMS	355	$234	0.1%	$512.12	+30.3%	COM	30303M102
MDT	MEDTRONIC	7,300	$701	0.3%	$59.47	+63.3%	COM	G5960L103
TSLA	TESLA MOTOR	450	$202	0.1%	$346.84	+27.8%	COM	88160R101
BP	BP	5,900	$205	0.1%	$34.46	—	COM	055622104
MA	MASTERCARD	665	$380	0.1%	$542.01	+3.1%	COM	57636Q104
BRK/A	BERKSHIRE CL A	2	$1,510	0.6%	$216493.73	+244.8%	COM	084670108