Ayrshire Capital Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ICE	INTERCONTINENTAL EXCHANGE IN	31,947	$5,174	2.4%	$156.20	0.0%	COM	45866F104
AVGO	BROADCOM INC	13,732	$4,753	2.2%	$357.00	0.0%	COM	11135F101
GOOG	ALPHABET INC	14,358	$4,506	2.1%	$286.33	0.0%	CAP STK CL C	02079K107
JPM	JPMORGAN CHASE & CO.	10,933	$3,523	1.6%	$309.53	0.0%	COM	46625H100
UBER	UBER TECHNOLOGIES INC	8,981	$734	0.3%	$90.05	0.0%	COM	90353T100
AKRE	PROFESIONALLY MANAGED PORTFO	6,890	$451	0.2%	$65.51	—	AKRE FOCUS ETF	74316P579
MRK	MERCK & CO INC	1,917	$202	0.1%	$93.24	0.0%	COM	58933Y105

Increased Positions (23)

KLAC KLA CORP 3.7%

Value ($000) $8,134 (+298.8%) Shares 6,695 (+254.0%) Est. Cost $941.70 Unrealized +24.4%

AJG GALLAGHER ARTHUR J & CO 2.9%

Value ($000) $6,320 (+39.6%) Shares 24,421 (+67.1%) Est. Cost $217.18 Unrealized +21.7%

ETN EATON CORP PLC 3.0%

Value ($000) $6,609 (-12.0%) Shares 20,750 (+3.4%) Est. Cost $251.59 Unrealized +40.9%

MA MASTERCARD INCORPORATED 3.5%

Value ($000) $7,532 (+12.3%) Shares 13,194 (+11.8%) Est. Cost $320.00 Unrealized +74.7%

AIG AMERICAN INTL GROUP INC 2.8%

Value ($000) $6,087 (+11.7%) Shares 71,155 (+2.5%) Est. Cost $54.70 Unrealized +45.7%

HD HOME DEPOT INC 2.6%

Value ($000) $5,656 (-10.0%) Shares 16,436 (+6.0%) Est. Cost $222.88 Unrealized +63.6%

NVDA NVIDIA CORPORATION 3.4%

Value ($000) $7,369 (+8.6%) Shares 39,511 (+8.6%) Est. Cost $127.89 Unrealized +45.5%

PANW PALO ALTO NETWORKS INC 3.3%

Value ($000) $7,088 (-7.0%) Shares 38,477 (+2.8%) Est. Cost $191.71 Unrealized +5.2%

AMZN AMAZON COM INC 3.6%

Value ($000) $7,793 (+6.8%) Shares 33,763 (+1.6%) Est. Cost $129.91 Unrealized +76.1%

RSG REPUBLIC SVCS INC 3.1%

Value ($000) $6,793 (+6.7%) Shares 32,052 (+15.5%) Est. Cost $182.18 Unrealized +17.8%

DGRO ISHARES TR 0.4%

Value ($000) $773 (+40.6%) Shares 11,130 (+37.9%) Est. Cost $54.02 Unrealized —

CRM SALESFORCE INC 0.7%

Value ($000) $1,510 (+15.2%) Shares 5,699 (+3.1%) Est. Cost $224.05 Unrealized +10.8%

PG PROCTER AND GAMBLE CO 2.4%

Value ($000) $5,197 (+3.9%) Shares 36,262 (+11.4%) Est. Cost $122.85 Unrealized +19.8%

ITOT ISHARES TR 0.2%

Value ($000) $485 (+59.5%) Shares 3,262 (+56.3%) Est. Cost $128.93 Unrealized —

BX BLACKSTONE INC 3.3%

Value ($000) $7,167 (-2.2%) Shares 46,497 (+8.4%) Est. Cost $147.44 Unrealized +2.7%

ROP ROPER TECHNOLOGIES INC 3.1%

Value ($000) $6,857 (+2.2%) Shares 15,405 (+14.5%) Est. Cost $370.01 Unrealized +24.9%

LIN LINDE PLC 2.9%

Value ($000) $6,405 (-1.4%) Shares 15,021 (+9.9%) Est. Cost $358.44 Unrealized +19.2%

ARCC ARES CAPITAL CORP 0.8%

Value ($000) $1,664 (+3.9%) Shares 82,271 (+4.8%) Est. Cost $13.48 Unrealized +46.8%

WMB WILLIAMS COS INC 0.4%

Value ($000) $896 (+5.5%) Shares 14,901 (+11.2%) Est. Cost $55.99 Unrealized +7.3%

IESC IES HLDGS INC 0.1%

Value ($000) $273 (+15.4%) Shares 702 (+18.0%) Est. Cost $352.96 Unrealized +13.9%

ABT ABBOTT LABS 2.3%

Value ($000) $5,077 (+0.6%) Shares 40,525 (+7.6%) Est. Cost $87.80 Unrealized +45.0%

ECL ECOLAB INC 2.8%

Value ($000) $6,100 (-0.4%) Shares 23,238 (+3.9%) Est. Cost $182.61 Unrealized +45.5%

COST COSTCO WHSL CORP NEW 3.2%

Value ($000) $6,971 (-0.2%) Shares 8,083 (+7.1%) Est. Cost $338.51 Unrealized +167.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KLAC	KLA CORP	6,695 (+254.0%)	$8,134 (+298.8%)	3.7%	$941.70	+24.4%	COM NEW	482480100
AJG	GALLAGHER ARTHUR J & CO	24,421 (+67.1%)	$6,320 (+39.6%)	2.9%	$217.18	+21.7%	COM	363576109
ETN	EATON CORP PLC	20,750 (+3.4%)	$6,609 (-12.0%)	3.0%	$251.59	+40.9%	SHS	G29183103
MA	MASTERCARD INCORPORATED	13,194 (+11.8%)	$7,532 (+12.3%)	3.5%	$320.00	+74.7%	CL A	57636Q104
AIG	AMERICAN INTL GROUP INC	71,155 (+2.5%)	$6,087 (+11.7%)	2.8%	$54.70	+45.7%	COM NEW	026874784
HD	HOME DEPOT INC	16,436 (+6.0%)	$5,656 (-10.0%)	2.6%	$222.88	+63.6%	COM	437076102
NVDA	NVIDIA CORPORATION	39,511 (+8.6%)	$7,369 (+8.6%)	3.4%	$127.89	+45.5%	COM	67066G104
PANW	PALO ALTO NETWORKS INC	38,477 (+2.8%)	$7,088 (-7.0%)	3.3%	$191.71	+5.2%	COM	697435105
AMZN	AMAZON COM INC	33,763 (+1.6%)	$7,793 (+6.8%)	3.6%	$129.91	+76.1%	COM	023135106
RSG	REPUBLIC SVCS INC	32,052 (+15.5%)	$6,793 (+6.7%)	3.1%	$182.18	+17.8%	COM	760759100
DGRO	ISHARES TR	11,130 (+37.9%)	$773 (+40.6%)	0.4%	$54.02	—	CORE DIV GRWTH	46434V621
CRM	SALESFORCE INC	5,699 (+3.1%)	$1,510 (+15.2%)	0.7%	$224.05	+10.8%	COM	79466L302
PG	PROCTER AND GAMBLE CO	36,262 (+11.4%)	$5,197 (+3.9%)	2.4%	$122.85	+19.8%	COM	742718109
ITOT	ISHARES TR	3,262 (+56.3%)	$485 (+59.5%)	0.2%	$128.93	—	CORE S&P TTL STK	464287150
BX	BLACKSTONE INC	46,497 (+8.4%)	$7,167 (-2.2%)	3.3%	$147.44	+2.7%	COM	09260D107
ROP	ROPER TECHNOLOGIES INC	15,405 (+14.5%)	$6,857 (+2.2%)	3.1%	$370.01	+24.9%	COM	776696106
LIN	LINDE PLC	15,021 (+9.9%)	$6,405 (-1.4%)	2.9%	$358.44	+19.2%	SHS	G54950103
ARCC	ARES CAPITAL CORP	82,271 (+4.8%)	$1,664 (+3.9%)	0.8%	$13.48	+46.8%	COM	04010L103
WMB	WILLIAMS COS INC	14,901 (+11.2%)	$896 (+5.5%)	0.4%	$55.99	+7.3%	COM	969457100
IESC	IES HLDGS INC	702 (+18.0%)	$273 (+15.4%)	0.1%	$352.96	+13.9%	COM	44951W106
ABT	ABBOTT LABS	40,525 (+7.6%)	$5,077 (+0.6%)	2.3%	$87.80	+45.0%	COM	002824100
ECL	ECOLAB INC	23,238 (+3.9%)	$6,100 (-0.4%)	2.8%	$182.61	+45.5%	COM	278865100
COST	COSTCO WHSL CORP NEW	8,083 (+7.1%)	$6,971 (-0.2%)	3.2%	$338.51	+167.6%	COM	22160K105

Exited Positions (5)

FISV FISERV INC 2.7%

Value ($000) $5,808 Shares 45,050 Est. Cost $113.13 Unrealized -25.9%

ZTS ZOETIS INC 2.2%

Value ($000) $4,766 Shares 32,571 Est. Cost $135.52 Unrealized -3.9%

GILD GILEAD SCIENCES INC 0.3%

Value ($000) $599 Shares 5,400 Est. Cost $51.27 Unrealized +135.8%

DE DEERE & CO 0.2%

Value ($000) $457 Shares 1,000 Est. Cost $461.52 Unrealized +1.3%

NSC NORFOLK SOUTHN CORP 0.1%

Value ($000) $300 Shares 1,000 Est. Cost $239.35 Unrealized +20.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	45,050	$5,808	2.7%	$113.13	-25.9%	—	337738108
ZTS	ZOETIS INC	32,571	$4,766	2.2%	$135.52	-3.9%	—	98978V103
GILD	GILEAD SCIENCES INC	5,400	$599	0.3%	$51.27	+135.8%	—	375558103
DE	DEERE & CO	1,000	$457	0.2%	$461.52	+1.3%	—	244199105
NSC	NORFOLK SOUTHN CORP	1,000	$300	0.1%	$239.35	+20.6%	—	655844108

Decreased Positions (9)

META META PLATFORMS INC 0.2%

Value ($000) $330 (-95.7%) Shares 500 (-95.2%) Est. Cost $665.25 Unrealized +0.3%

APH AMPHENOL CORP NEW 5.2%

Value ($000) $11,223 (-32.2%) Shares 83,050 (-37.9%) Est. Cost $45.68 Unrealized +192.3%

PODD INSULET CORP 0.7%

Value ($000) $1,439 (-75.4%) Shares 5,064 (-73.3%) Est. Cost $218.54 Unrealized +43.1%

MSFT MICROSOFT CORP 6.3%

Value ($000) $13,798 (-12.8%) Shares 28,532 (-6.6%) Est. Cost $217.79 Unrealized +129.8%

AAPL APPLE INC 4.3%

Value ($000) $9,378 (-9.2%) Shares 34,496 (-14.9%) Est. Cost $137.33 Unrealized +95.4%

GOOGL ALPHABET INC 1.2%

Value ($000) $2,531 (+19.0%) Shares 8,087 (-7.6%) Est. Cost $167.68 Unrealized +70.3%

KO COCA COLA CO 0.2%

Value ($000) $354 (-33.8%) Shares 5,060 (-37.2%) Est. Cost $63.79 Unrealized +8.8%

PM PHILIP MORRIS INTL INC 0.3%

Value ($000) $610 (-21.7%) Shares 3,800 (-20.8%) Est. Cost $124.01 Unrealized +23.8%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.5%

Value ($000) $1,043 (-8.5%) Shares 2,075 (-8.5%) Est. Cost $382.51 Unrealized +30.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	500 (-95.2%)	$330 (-95.7%)	0.2%	$665.25	+0.3%	CL A	30303M102
APH	AMPHENOL CORP NEW	83,050 (-37.9%)	$11,223 (-32.2%)	5.2%	$45.68	+192.3%	CL A	032095101
PODD	INSULET CORP	5,064 (-73.3%)	$1,439 (-75.4%)	0.7%	$218.54	+43.1%	COM	45784P101
MSFT	MICROSOFT CORP	28,532 (-6.6%)	$13,798 (-12.8%)	6.3%	$217.79	+129.8%	COM	594918104
AAPL	APPLE INC	34,496 (-14.9%)	$9,378 (-9.2%)	4.3%	$137.33	+95.4%	COM	037833100
GOOGL	ALPHABET INC	8,087 (-7.6%)	$2,531 (+19.0%)	1.2%	$167.68	+70.3%	CAP STK CL A	02079K305
KO	COCA COLA CO	5,060 (-37.2%)	$354 (-33.8%)	0.2%	$63.79	+8.8%	COM	191216100
PM	PHILIP MORRIS INTL INC	3,800 (-20.8%)	$610 (-21.7%)	0.3%	$124.01	+23.8%	COM	718172109
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,075 (-8.5%)	$1,043 (-8.5%)	0.5%	$382.51	+30.1%	CL B NEW	084670702

Unchanged Positions (10)

LLY ELI LILLY & CO 4.8%

Value ($000) $10,372 Shares 9,651 Est. Cost $609.47 Unrealized +56.8%

DHR DANAHER CORPORATION 4.0%

Value ($000) $8,746 Shares 38,203 Est. Cost $154.92 Unrealized +41.7%

TJX TJX COS INC NEW 4.3%

Value ($000) $9,347 Shares 60,849 Est. Cost $60.65 Unrealized +143.5%

COR CENCORA INC 3.2%

Value ($000) $6,900 Shares 20,430 Est. Cost $227.20 Unrealized +49.9%

WFC WELLS FARGO CO NEW 0.2%

Value ($000) $484 Shares 5,193 Est. Cost $50.90 Unrealized +70.2%

SPY SPDR S&P 500 ETF TR 0.9%

Value ($000) $1,871 Shares 2,743 Est. Cost $325.30 Unrealized —

SPGI S&P GLOBAL INC 0.2%

Value ($000) $535 Shares 1,023 Est. Cost $250.84 Unrealized +97.0%

VOO VANGUARD INDEX FDS 0.2%

Value ($000) $396 Shares 631 Est. Cost $436.80 Unrealized —

MDY SPDR S&P MIDCAP 400 ETF TR 0.2%

Value ($000) $402 Shares 667 Est. Cost $369.18 Unrealized —

— BLACKSTONE MORTGAGE TRUST IN 0.0%

Value ($000) $10 Shares 10,000 Est. Cost $0.97 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	9,651	$10,372	4.8%	$609.47	+56.8%	COM	532457108
DHR	DANAHER CORPORATION	38,203	$8,746	4.0%	$154.92	+41.7%	COM	235851102
TJX	TJX COS INC NEW	60,849	$9,347	4.3%	$60.65	+143.5%	COM	872540109
COR	CENCORA INC	20,430	$6,900	3.2%	$227.20	+49.9%	COM	03073E105
WFC	WELLS FARGO CO NEW	5,193	$484	0.2%	$50.90	+70.2%	COM	949746101
SPY	SPDR S&P 500 ETF TR	2,743	$1,871	0.9%	$325.30	—	TR UNIT	78462F103
SPGI	S&P GLOBAL INC	1,023	$535	0.2%	$250.84	+97.0%	COM	78409V104
VOO	VANGUARD INDEX FDS	631	$396	0.2%	$436.80	—	S&P 500 ETF SHS	922908363
MDY	SPDR S&P MIDCAP 400 ETF TR	667	$402	0.2%	$369.18	—	UTSER1 S&PDCRP	78467Y107
—	BLACKSTONE MORTGAGE TRUST IN	10,000	$10	0.0%	$0.97	—	NOTE 5.500% 3/1	09257WAE0