13F HOLDINGS REPORT

Goelzer Investment Management, Inc.

Quarter ended Q1 2025 · Filed April 23, 2025 · Accession 0001085146-25-002237

Total Value

$1.70B

Positions

228

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (228)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	ELI LILLY & CO	LLY	543,946	$419.9M	24.71%
2	ISHARES TR	464287200	246,714	$145.2M	8.54%
3	SPDR SER TR	78464A300	834,383	$72.8M	4.28%
4	ISHARES TR	464287507	1,130,136	$70.4M	4.14%
5	APPLE INC	AAPL	152,016	$38.1M	2.24%
6	MICROSOFT CORP	MSFT	86,834	$36.6M	2.15%
7	SCHWAB STRATEGIC TR	808524805	1,869,838	$34.6M	2.04%
8	EATON CORP PLC	ETN	57,054	$18.9M	1.11%
9	ISHARES TR	464287804	164,060	$18.9M	1.11%
10	ALPHABET INC	GOOG	94,218	$17.9M	1.06%
11	EXXON MOBIL CORP	XOM	163,445	$17.6M	1.03%
12	QUALCOMM INC	QCOM	106,466	$16.4M	0.96%
13	ISHARES TR	464288653	151,674	$15.1M	0.89%
14	BROADCOM INC	AVGO	62,052	$14.4M	0.85%
15	LOCKHEED MARTIN CORP	LMT	28,678	$13.9M	0.82%
16	NVIDIA CORPORATION	NVDA	100,126	$13.4M	0.79%
17	JANUS DETROIT STR TR	47103U852	299,634	$13.2M	0.78%
18	OMEGA HEALTHCARE INVS INC	681936100	340,556	$12.9M	0.76%
19	MERCK & CO INC	MRK	129,574	$12.9M	0.76%
20	JPMORGAN CHASE & CO.	VYLD	51,820	$12.4M	0.73%
21	ISHARES TR	464288646	236,965	$12.3M	0.72%
22	PEPSICO INC	PEP	78,526	$11.9M	0.70%
23	CHEVRON CORP NEW	CVX	80,184	$11.6M	0.68%
24	NISOURCE INC	NI	314,496	$11.6M	0.68%
25	US BANCORP DEL	USB-PS	238,204	$11.4M	0.67%
26	AMAZON COM INC	AMZN	48,444	$10.6M	0.63%
27	PIMCO ETF TR	72201R866	201,589	$10.4M	0.61%
28	BANK AMERICA CORP	060505104	226,725	$10.0M	0.59%
29	ISHARES TR	464287598	52,952	$9.8M	0.58%
30	PRINCIPAL FINANCIAL GROUP IN	PFG	120,953	$9.4M	0.55%
31	TRAVELERS COMPANIES INC	TRV	38,341	$9.2M	0.54%
32	ANALOG DEVICES INC	ADI	43,462	$9.2M	0.54%
33	ABBVIE INC	ABBV	51,049	$9.1M	0.53%
34	BERKSHIRE HATHAWAY INC DEL	BRK-A	19,804	$9.0M	0.53%
35	PALO ALTO NETWORKS INC	PANW	48,767	$8.9M	0.52%
36	SPDR S&P 500 ETF TR	SPY	15,114	$8.9M	0.52%
37	ENBRIDGE INC	ENNPF	208,714	$8.9M	0.52%
38	COSTCO WHSL CORP NEW	22160K105	9,606	$8.8M	0.52%
39	CITIZENS FINL GROUP INC	CIA	198,798	$8.7M	0.51%
40	TE CONNECTIVITY PLC	TEL	60,081	$8.6M	0.51%
41	AIR PRODS & CHEMS INC	AIIR	29,074	$8.4M	0.50%
42	JOHNSON & JOHNSON	JNJ	56,832	$8.2M	0.48%
43	ENTERGY CORP NEW	ENO	107,554	$8.2M	0.48%
44	VISA INC	V	24,795	$7.8M	0.46%
45	INTERNATIONAL BUSINESS MACHS	INTR	35,517	$7.8M	0.46%
46	GENTEX CORP	GNTX	269,771	$7.8M	0.46%
47	WALMART INC	WMT	82,916	$7.5M	0.44%
48	UNITEDHEALTH GROUP INC	UNH	14,761	$7.5M	0.44%
49	VERIZON COMMUNICATIONS INC	VZ	185,965	$7.4M	0.44%
50	CISCO SYS INC	CSCO	125,363	$7.4M	0.44%
51	PRICE T ROWE GROUP INC	TROW	63,819	$7.2M	0.42%
52	AMERICAN ELEC PWR CO INC	025537101	77,299	$7.1M	0.42%
53	BRISTOL-MYERS SQUIBB CO	CELG-RI	124,952	$7.1M	0.42%
54	PRUDENTIAL FINL INC	PUKPF	59,321	$7.0M	0.41%
55	PROCTER AND GAMBLE CO	742718109	40,932	$6.9M	0.40%
56	GATX CORP	GATX	44,051	$6.8M	0.40%
57	ADOBE INC	ADBE	14,908	$6.6M	0.39%
58	SPDR S&P MIDCAP 400 ETF TR	MDY	11,420	$6.5M	0.38%
59	BOOKING HOLDINGS INC	BKNG	1,302	$6.5M	0.38%
60	WILLIAMS SONOMA INC	WSM	33,780	$6.3M	0.37%
61	MCKESSON CORP	MCK	10,930	$6.2M	0.37%
62	ISHARES TR	464287309	61,018	$6.2M	0.36%
63	SYSCO CORP	SYY	80,846	$6.2M	0.36%
64	TJX COS INC NEW	872540109	50,984	$6.2M	0.36%
65	ISHARES TR	464287606	67,239	$6.1M	0.36%
66	INGREDION INC	INGR	44,132	$6.1M	0.36%
67	LOWES COS INC	548661107	24,163	$6.0M	0.35%
68	INTERPUBLIC GROUP COS INC	INTR	210,129	$5.9M	0.35%
69	SMUCKER J M CO	832696405	52,988	$5.8M	0.34%
70	MEDTRONIC PLC	MDT	70,676	$5.6M	0.33%
71	CATERPILLAR INC	CAT	15,520	$5.6M	0.33%
72	APOLLO GLOBAL MGMT INC	03769M106	34,080	$5.6M	0.33%
73	META PLATFORMS INC	META	9,590	$5.6M	0.33%
74	ISHARES TR	464288240	106,129	$5.5M	0.33%
75	ASTRAZENECA PLC	AZN	82,783	$5.4M	0.32%
76	STARBUCKS CORP	SBUX	58,858	$5.4M	0.32%
77	ARISTA NETWORKS INC	ANET	48,453	$5.4M	0.32%
78	TARGET CORP	TGT	39,252	$5.3M	0.31%
79	HOME DEPOT INC	HD	13,504	$5.3M	0.31%
80	ISHARES TR	464288638	101,816	$5.2M	0.31%
81	RTX CORPORATION	RTX	44,612	$5.2M	0.30%
82	UNION PAC CORP	UNP	22,604	$5.2M	0.30%
83	HONEYWELL INTL INC	438516106	22,662	$5.1M	0.30%
84	SOUTHERN CO	SOMN	59,755	$4.9M	0.29%
85	TESLA INC	TSLA	12,017	$4.9M	0.29%
86	PFIZER INC	PFE	181,509	$4.8M	0.28%
87	MASTERCARD INCORPORATED	MA	8,483	$4.5M	0.26%
88	RIO TINTO PLC	RTNTF	75,543	$4.4M	0.26%
89	FIFTH THIRD BANCORP	FITBM	104,875	$4.4M	0.26%
90	THE CIGNA GROUP	125523100	15,777	$4.4M	0.26%
91	ISHARES TR	464287705	34,699	$4.3M	0.26%
92	AMERICAN EXPRESS CO	AXP	14,181	$4.2M	0.25%
93	JOHNSON CTLS INTL PLC	G51502105	52,498	$4.1M	0.24%
94	BORGWARNER INC	BWA	128,901	$4.1M	0.24%
95	STANLEY BLACK & DECKER INC	SWK	49,921	$4.0M	0.24%
96	CORTEVA INC	CTVA	70,027	$4.0M	0.23%
97	ZOETIS INC	ZTS	23,761	$3.9M	0.23%
98	IQVIA HLDGS INC	IQV	19,599	$3.9M	0.23%
99	ULTA BEAUTY INC	ULTA	8,707	$3.8M	0.22%
100	HANOVER INS GROUP INC	410867105	24,184	$3.7M	0.22%
101	EQUINIX INC	EQIX	3,900	$3.7M	0.22%
102	NEXSTAR MEDIA GROUP INC	NXST	23,226	$3.7M	0.22%
103	ISHARES TR	464287614	8,525	$3.4M	0.20%
104	FREEPORT-MCMORAN INC	FCX	88,819	$3.4M	0.20%
105	INTUITIVE SURGICAL INC	ISRG	6,377	$3.3M	0.20%
106	KLA CORP	KLAC	5,273	$3.3M	0.20%
107	DISNEY WALT CO	254687106	29,680	$3.3M	0.19%
108	NEXTERA ENERGY INC	NEE-PW	45,904	$3.3M	0.19%
109	EASTMAN CHEM CO	EMN	35,964	$3.3M	0.19%
110	T-MOBILE US INC	TMUSZ	14,849	$3.3M	0.19%
111	BOSTON SCIENTIFIC CORP	BSX	35,113	$3.1M	0.18%
112	CORNING INC	GLW	65,080	$3.1M	0.18%
113	WELLS FARGO CO NEW	949746101	43,785	$3.1M	0.18%
114	SCHWAB CHARLES CORP	SCHW-PJ	41,338	$3.1M	0.18%
115	SCHLUMBERGER LTD	SLB	78,107	$3.0M	0.18%
116	EOG RES INC	EOG	23,054	$2.8M	0.17%
117	BAXTER INTL INC	071813109	95,306	$2.8M	0.16%
118	ACCENTURE PLC IRELAND	ACN	7,600	$2.7M	0.16%
119	VANGUARD INDEX FDS	922908629	10,000	$2.6M	0.16%
120	VANGUARD INDEX FDS	922908751	10,126	$2.4M	0.14%
121	ISHARES TR	464287499	25,577	$2.3M	0.13%
122	ISHARES TR	464287473	16,959	$2.2M	0.13%
123	J P MORGAN EXCHANGE TRADED F	46641Q654	42,473	$2.2M	0.13%
124	INVESCO QQQ TR	IVZ	3,852	$2.0M	0.12%
125	ISHARES TR	464287879	18,000	$2.0M	0.12%
126	POLARIS INC	PII	33,858	$2.0M	0.11%
127	CARRIER GLOBAL CORPORATION	CARR	27,611	$1.9M	0.11%
128	AMERICAN INTL GROUP INC	026874784	25,310	$1.8M	0.11%
129	BOOZ ALLEN HAMILTON HLDG COR	BAH	13,397	$1.7M	0.10%
130	ISHARES TR	464287465	20,608	$1.6M	0.09%
131	VEEVA SYS INC	VEEV	7,160	$1.5M	0.09%
132	VANGUARD INDEX FDS	922908769	5,181	$1.5M	0.09%
133	ISHARES TR	464287432	15,401	$1.3M	0.08%
134	VANGUARD BD INDEX FDS	921937835	17,719	$1.3M	0.07%
135	CUMMINS INC	CMI	3,520	$1.2M	0.07%
136	OTIS WORLDWIDE CORP	OTIS	12,995	$1.2M	0.07%
137	AUTOMATIC DATA PROCESSING IN	ADP	4,061	$1.2M	0.07%
138	ALPHABET INC	GOOG	6,237	$1.2M	0.07%
139	MCDONALDS CORP	MCD	3,815	$1.1M	0.07%
140	ISHARES TR	464288166	10,132	$1.1M	0.06%
141	NORFOLK SOUTHN CORP	655844108	4,471	$1.0M	0.06%
142	ORACLE CORP	ORCL-PD	6,288	$1.0M	0.06%
143	VANGUARD WORLD FD	92204A702	1,659	$1.0M	0.06%
144	VANGUARD SCOTTSDALE FDS	92206C680	9,307	$961,414	0.06%
145	EMERSON ELEC CO	EMR	7,656	$948,809	0.06%
146	VANGUARD INDEX FDS	922908611	4,430	$877,938	0.05%
147	DIGITAL RLTY TR INC	253868103	4,856	$861,115	0.05%
148	SELECT SECTOR SPDR TR	81369Y506	9,763	$836,269	0.05%
149	ABBOTT LABS	ABLZF	7,313	$827,174	0.05%
150	FARMERS & MERCHANTS BANCORP	FMCB	27,564	$811,760	0.05%
151	GOLDMAN SACHS ETF TR	NVGLF	6,687	$770,209	0.05%
152	VERTEX PHARMACEUTICALS INC	VRTX	1,875	$755,063	0.04%
153	SELECT SECTOR SPDR TR	81369Y605	15,462	$747,260	0.04%
154	ISHARES TR	46432F339	4,111	$732,087	0.04%
155	DIGI INTL INC	253798102	23,350	$705,871	0.04%
156	ISHARES TR	464287440	7,351	$679,639	0.04%
157	TRACTOR SUPPLY CO	TSCO	12,587	$667,881	0.04%
158	DBX ETF TR	233051200	15,774	$653,044	0.04%
159	SELECT SECTOR SPDR TR	81369Y803	2,662	$618,905	0.04%
160	VANGUARD INTL EQUITY INDEX F	922042858	13,857	$610,263	0.04%
161	ZIMMER BIOMET HOLDINGS INC	ZBH	5,488	$579,680	0.03%
162	FASTENAL CO	FAST	8,050	$578,876	0.03%
163	ISHARES TR	464287515	5,720	$572,687	0.03%
164	3M CO	MMM	4,350	$561,542	0.03%
165	SNAP ON INC	SNA	1,628	$552,729	0.03%
166	CROWDSTRIKE HLDGS INC	CRWD	1,612	$551,562	0.03%
167	SELECT SECTOR SPDR TR	81369Y407	2,452	$550,133	0.03%
168	ECOLAB INC	ECL	2,315	$542,451	0.03%
169	BOEING CO	BA-PA	3,063	$542,151	0.03%
170	VANGUARD INDEX FDS	922908538	2,114	$536,428	0.03%
171	VANGUARD INDEX FDS	922908363	988	$532,226	0.03%
172	BLACKROCK INC	BLK	510	$522,807	0.03%
173	WASTE MGMT INC DEL	94106L109	2,546	$513,758	0.03%
174	INVESCO EXCHANGE TRADED FD T	IVZ	7,566	$507,158	0.03%
175	SELECT SECTOR SPDR TR	81369Y209	3,666	$504,376	0.03%
176	AON PLC	AON	1,386	$497,796	0.03%
177	VANGUARD SCOTTSDALE FDS	92206C730	1,834	$489,165	0.03%
178	VALERO ENERGY CORP	VLO	3,980	$487,909	0.03%
179	GENERAL DYNAMICS CORP	GD	1,838	$484,295	0.03%
180	ISHARES TR	464288182	6,693	$483,101	0.03%
181	AMERICAN TOWER CORP NEW	03027X100	2,596	$476,133	0.03%
182	CVS HEALTH CORP	CVS	10,588	$475,296	0.03%
183	VANGUARD WORLD FD	92204A504	1,817	$460,955	0.03%
184	FIRST SOLAR INC	FSLR	2,569	$452,761	0.03%
185	VANGUARD INDEX FDS	922908512	2,655	$429,500	0.03%
186	THERMO FISHER SCIENTIFIC INC	TMO	819	$426,127	0.03%
187	VANGUARD INDEX FDS	922908553	4,672	$416,150	0.02%
188	ISHARES TR	464287655	1,863	$411,649	0.02%
189	TAIWAN SEMICONDUCTOR MFG LTD	874039100	2,078	$410,385	0.02%
190	XCEL ENERGY INC	XELLL	6,050	$408,496	0.02%
191	CRANE COMPANY	CR	2,672	$405,476	0.02%
192	VANGUARD SCOTTSDALE FDS	92206C714	4,929	$400,482	0.02%
193	COCA COLA CO	KO	6,295	$391,927	0.02%
194	ISHARES TR	464287150	2,971	$382,131	0.02%
195	HUNTINGTON INGALLS INDS INC	446413106	2,022	$382,127	0.02%
196	SELECT SECTOR SPDR TR	81369Y704	2,870	$378,186	0.02%
197	CHART INDS INC	16115Q308	1,942	$370,612	0.02%
198	STRYKER CORPORATION	SYK	1,015	$365,451	0.02%
199	AFLAC INC	AFL	3,503	$362,351	0.02%
200	CHUBB LIMITED	CB	1,290	$356,427	0.02%
201	VANGUARD INDEX FDS	922908736	832	$341,487	0.02%
202	CSX CORP	CSX	10,565	$340,933	0.02%
203	VANGUARD WORLD FD	92204A884	2,184	$338,395	0.02%
204	CONOCOPHILLIPS	COP	3,332	$330,435	0.02%
205	COMCAST CORP NEW	CCZ	8,802	$330,340	0.02%
206	VANGUARD INTL EQUITY INDEX F	922042775	5,709	$327,754	0.02%
207	GOLDMAN SACHS ETF TR	NVGLF	9,370	$312,396	0.02%
208	VANGUARD WHITEHALL FDS	921946406	2,431	$310,172	0.02%
209	DICKS SPORTING GOODS INC	253393102	1,330	$304,358	0.02%
210	ISHARES TR	464287481	2,277	$288,610	0.02%
211	VANGUARD SPECIALIZED FUNDS	921908844	1,445	$282,975	0.02%
212	LINDE PLC	LIN	663	$277,579	0.02%
213	KRAFT HEINZ CO	KHC	8,889	$272,982	0.02%
214	EPAM SYS INC	EPAM	1,167	$272,868	0.02%
215	PHILLIPS 66	PSX	2,320	$264,318	0.02%
216	AMGEN INC	AMGN	1,010	$263,247	0.02%
217	BECTON DICKINSON & CO	BDX	1,159	$262,943	0.02%
218	MARATHON PETE CORP	MARA	1,854	$258,633	0.02%
219	VANGUARD INDEX FDS	922908744	1,519	$257,167	0.02%
220	J P MORGAN EXCHANGE TRADED F	46641Q134	4,343	$254,109	0.01%
221	ELEVANCE HEALTH INC	ELV	682	$251,590	0.01%
222	SELECT SECTOR SPDR TR	81369Y308	3,059	$240,446	0.01%
223	COLGATE PALMOLIVE CO	CL	2,620	$238,185	0.01%
224	PAYCHEX INC	PAYX	1,630	$228,559	0.01%
225	ISHARES TR	46432F842	3,229	$226,935	0.01%
226	MANULIFE FINL CORP	56501R106	7,240	$222,341	0.01%
227	ADVANCED MICRO DEVICES INC	AMD	1,799	$217,302	0.01%
228	BP PLC	BPPFF	7,237	$213,926	0.01%