Elefante Mark B Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	2,898 (+33.4%)	$3,114 (+87.9%)	1.9%	$820.65	+16.4%	COM	532457108
AMAT	APPLIED MATERIAL	9,498 (+58.9%)	$2,441 (+99.4%)	1.5%	$197.57	+21.2%	COM	038222105
AXP	AMERICAN EXPRESS	6,642 (+47.3%)	$2,457 (+64.1%)	1.5%	$316.48	+12.8%	COM	025816109
DHR	DANAHER CORP	22,445 (+4.2%)	$5,138 (+20.4%)	3.1%	$179.42	+22.4%	COM	235851102
ADI	ANALOG DEVICES	24,866 (+3.5%)	$6,744 (+14.2%)	4.1%	$173.91	+44.1%	COM	032654105
SCHW	CHARLES SCHWAB	20,185 (+56.2%)	$2,017 (+63.4%)	1.2%	$90.69	+4.5%	COM	808513105
JNJ	JOHNSON AND JOHNSON	22,458 (+4.6%)	$4,648 (+16.8%)	2.8%	$138.68	+42.1%	COM	478160104
ROK	ROCKWELL AUTOMATION	12,720 (+2.7%)	$4,949 (+14.4%)	3.0%	$239.92	+56.4%	COM	773903109
HD	HOME DEPOT	11,951 (+3.2%)	$4,112 (-12.3%)	2.5%	$329.40	+10.7%	COM	437076102
VRTX	VERTEX PHARMACEUTICALS	7,015 (+5.3%)	$3,180 (+21.9%)	1.9%	$456.82	-5.6%	COM	92532F100
AMZN	AMAZON.COM	28,502 (+3.7%)	$6,579 (+9.0%)	4.0%	$207.63	+10.2%	COM	023135106
TJX	TJX COS	39,833 (+3.1%)	$6,119 (+9.5%)	3.7%	$113.08	+30.6%	COM	872540109
ADP	AUTOMATIC DATA PROCESSING	19,908 (+4.8%)	$5,121 (-8.2%)	3.1%	$234.31	+13.0%	COM	053015103
UBER	UBER TECHNOLOGIES INC	25,225 (+44.6%)	$2,061 (+20.6%)	1.3%	$84.29	+6.8%	COM	90353T100
BRK/B	BERKSHIRE HATHAWAY CL B	1,057 (+60.2%)	$531 (+60.1%)	0.3%	$476.63	+4.4%	COM	084670702
XOM	EXXON MOBIL	7,850 (+18.0%)	$945 (+26.0%)	0.6%	$110.64	+4.4%	COM	30231G102
XYL	XYLEM INC	28,984 (+3.2%)	$3,947 (-4.7%)	2.4%	$110.05	+30.5%	COM	98419M100
ATR	APTARGROUP	32,041 (+4.4%)	$3,908 (-4.7%)	2.4%	$139.14	-11.6%	COM	038336103
ABBV	ABBVIE	4,340 (+24.4%)	$992 (+22.7%)	0.6%	$187.23	+21.5%	COM	00287Y109
CVX	CHEVRON	21,355 (+7.1%)	$3,255 (+5.1%)	2.0%	$133.70	+13.2%	COM	166764100
MSFT	MICROSOFT	16,109 (+5.3%)	$7,791 (-1.7%)	4.8%	$336.10	+48.9%	COM	594918104
ABT	ABBOTT LABS	45,653 (+4.6%)	$5,720 (-2.2%)	3.5%	$99.89	+27.4%	COM	002824100
SBGSY	SCHNEIDER ELEC SA ADR	74,502 (+3.8%)	$4,093 (+1.8%)	2.5%	$50.23	—	COM	80687P106
ASML	ASML HOLDING NV	513 (+4.1%)	$549 (+14.5%)	0.3%	$976.07	—	COM	N07059210
PG	PROCTER & GAMBLE	31,600 (+6.0%)	$4,529 (-1.2%)	2.8%	$141.11	+4.3%	COM	742718109
CRWD	CROWDSTRIKE HOLDINGS INC	907 (+10.5%)	$425 (+5.6%)	0.3%	$448.46	+13.5%	COM	22788C105

Exited Positions (2)

CRM SALESFORCE.COM 0.9%

Value ($000) $1,472 Shares 6,210 Est. Cost $287.59 Unrealized -13.7%

AFL AFLAC INC 0.1%

Value ($000) $201 Shares 1,800 Est. Cost $104.19 Unrealized +5.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRM	SALESFORCE.COM	6,210	$1,472	0.9%	$287.59	-13.7%	—	79466L302
AFL	AFLAC INC	1,800	$201	0.1%	$104.19	+5.4%	—	001055102

Decreased Positions (12)

GOOGL ALPHABET INC CL A 7.3%

Value ($000) $11,874 (+26.4%) Shares 37,937 (-1.8%) Est. Cost $175.75 Unrealized +62.5%

FISV FISERV 0.9%

Value ($000) $1,529 (-61.8%) Shares 22,761 (-26.7%) Est. Cost $156.49 Unrealized -46.4%

AMD ADVANCED MICRO DEVICES 3.4%

Value ($000) $5,550 (+24.0%) Shares 25,915 (-6.3%) Est. Cost $138.89 Unrealized +61.7%

CARR CARRIER GLOBAL 1.3%

Value ($000) $2,150 (-29.4%) Shares 40,680 (-20.3%) Est. Cost $71.45 Unrealized -22.3%

UNH UNITEDHEALTH GROUP 1.4%

Value ($000) $2,310 (-23.6%) Shares 6,997 (-20.0%) Est. Cost $419.28 Unrealized -19.6%

MKC MCCORMICK & CO 1.1%

Value ($000) $1,740 (-24.9%) Shares 25,540 (-26.2%) Est. Cost $75.09 Unrealized -12.2%

NVO NOVO NORDISK A S ADR 0.2%

Value ($000) $273 (-66.9%) Shares 5,370 (-63.9%) Est. Cost $72.87 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY L 0.3%

Value ($000) $466 (-17.5%) Shares 6,335 (-16.5%) Est. Cost $75.88 Unrealized -3.0%

CNI CANADIAN NATL RAILWAY 1.6%

Value ($000) $2,674 (+2.6%) Shares 27,053 (-2.1%) Est. Cost $93.53 Unrealized +2.8%

GOOG ALPHABET INC CL C 0.2%

Value ($000) $372 (+9.1%) Shares 1,185 (-15.4%) Est. Cost $175.67 Unrealized +63.0%

APH AMPHENOL 0.5%

Value ($000) $803 (-3.4%) Shares 5,943 (-11.5%) Est. Cost $69.34 Unrealized +92.6%

PEP PEPSICO 0.3%

Value ($000) $413 (+0.6%) Shares 2,875 (-1.5%) Est. Cost $103.93 Unrealized +40.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC CL A	37,937 (-1.8%)	$11,874 (+26.4%)	7.3%	$175.75	+62.5%	COM	02079K305
FISV	FISERV	22,761 (-26.7%)	$1,529 (-61.8%)	0.9%	$156.49	-46.4%	COM	337738108
AMD	ADVANCED MICRO DEVICES	25,915 (-6.3%)	$5,550 (+24.0%)	3.4%	$138.89	+61.7%	COM	007903107
CARR	CARRIER GLOBAL	40,680 (-20.3%)	$2,150 (-29.4%)	1.3%	$71.45	-22.3%	COM	14448C104
UNH	UNITEDHEALTH GROUP	6,997 (-20.0%)	$2,310 (-23.6%)	1.4%	$419.28	-19.6%	COM	91324P102
MKC	MCCORMICK & CO	25,540 (-26.2%)	$1,740 (-24.9%)	1.1%	$75.09	-12.2%	COM	579780206
NVO	NOVO NORDISK A S ADR	5,370 (-63.9%)	$273 (-66.9%)	0.2%	$72.87	—	COM	670100205
CP	CANADIAN PACIFIC KANSAS CITY L	6,335 (-16.5%)	$466 (-17.5%)	0.3%	$75.88	-3.0%	COM	13646K108
CNI	CANADIAN NATL RAILWAY	27,053 (-2.1%)	$2,674 (+2.6%)	1.6%	$93.53	+2.8%	COM	136375102
GOOG	ALPHABET INC CL C	1,185 (-15.4%)	$372 (+9.1%)	0.2%	$175.67	+63.0%	COM	02079K107
APH	AMPHENOL	5,943 (-11.5%)	$803 (-3.4%)	0.5%	$69.34	+92.6%	COM	032095101
PEP	PEPSICO	2,875 (-1.5%)	$413 (+0.6%)	0.3%	$103.93	+40.4%	COM	713448108

Unchanged Positions (16)

AAPL APPLE 5.6%

Value ($000) $9,148 Shares 33,650 Est. Cost $206.81 Unrealized +29.8%

RTX RTX CORPORATION 3.2%

Value ($000) $5,245 Shares 28,600 Est. Cost $97.77 Unrealized +77.3%

MRK MERCK 0.3%

Value ($000) $505 Shares 4,800 Est. Cost $95.95 Unrealized -2.8%

NEE NEXTERA ENERGY 1.0%

Value ($000) $1,581 Shares 19,696 Est. Cost $72.01 Unrealized +14.6%

HON HONEYWELL INTL 0.4%

Value ($000) $696 Shares 3,567 Est. Cost $159.37 Unrealized +22.4%

MA MASTERCARD 4.3%

Value ($000) $7,013 Shares 12,284 Est. Cost $403.59 Unrealized +38.5%

NSRGY NESTLE SA ADR 0.4%

Value ($000) $642 Shares 6,500 Est. Cost $81.38 Unrealized —

COST COSTCO WHOLESALE 0.3%

Value ($000) $550 Shares 638 Est. Cost $188.06 Unrealized +381.6%

V VISA 0.4%

Value ($000) $644 Shares 1,835 Est. Cost $336.32 Unrealized +1.2%

SYK STRYKER CORP 0.2%

Value ($000) $301 Shares 855 Est. Cost $167.09 Unrealized +117.5%

ARIMX AMG RIVER ROAD SMALL-MID CAP V 0.3%

Value ($000) $414 Shares 41,685 Est. Cost $10.06 Unrealized —

ECL ECOLAB INC 0.2%

Value ($000) $263 Shares 1,000 Est. Cost $245.53 Unrealized +8.2%

UNP UNION PACIFIC 0.2%

Value ($000) $347 Shares 1,500 Est. Cost $230.22 Unrealized -1.3%

GQGIX GQG PARTNERS EMERGING MARKETS 0.3%

Value ($000) $457 Shares 25,690 Est. Cost $16.81 Unrealized —

NVDA NVIDIA CORP 5.6%

Value ($000) $9,147 Shares 49,045 Est. Cost $135.90 Unrealized +37.0%

JPM JPMORGAN CHASE 0.2%

Value ($000) $249 Shares 772 Est. Cost $252.67 Unrealized +22.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE	33,650	$9,148	5.6%	$206.81	+29.8%	COM	037833100
RTX	RTX CORPORATION	28,600	$5,245	3.2%	$97.77	+77.3%	COM	75513E101
MRK	MERCK	4,800	$505	0.3%	$95.95	-2.8%	COM	58933Y105
NEE	NEXTERA ENERGY	19,696	$1,581	1.0%	$72.01	+14.6%	COM	65339F101
HON	HONEYWELL INTL	3,567	$696	0.4%	$159.37	+22.4%	COM	438516106
MA	MASTERCARD	12,284	$7,013	4.3%	$403.59	+38.5%	COM	57636Q104
NSRGY	NESTLE SA ADR	6,500	$642	0.4%	$81.38	—	COM	641069406
COST	COSTCO WHOLESALE	638	$550	0.3%	$188.06	+381.6%	COM	22160K105
V	VISA	1,835	$644	0.4%	$336.32	+1.2%	COM	92826C839
SYK	STRYKER CORP	855	$301	0.2%	$167.09	+117.5%	COM	863667101
ARIMX	AMG RIVER ROAD SMALL-MID CAP V	41,685	$414	0.3%	$10.06	—	Equity Mutual Fu	00171A878
ECL	ECOLAB INC	1,000	$263	0.2%	$245.53	+8.2%	COM	278865100
UNP	UNION PACIFIC	1,500	$347	0.2%	$230.22	-1.3%	COM	907818108
GQGIX	GQG PARTNERS EMERGING MARKETS	25,690	$457	0.3%	$16.81	—	Equity Mutual Fu	00771X419
NVDA	NVIDIA CORP	49,045	$9,147	5.6%	$135.90	+37.0%	COM	67066G104
JPM	JPMORGAN CHASE	772	$249	0.2%	$252.67	+22.5%	COM	46625H100