13F HOLDINGS REPORT

Goelzer Investment Management, Inc.

Quarter ended Q2 2025 · Filed July 9, 2025 · Accession 0001085146-25-003611

Total Value

$1.83B

Positions

244

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (244)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	ELI LILLY & CO	LLY	557,659	$434.7M	23.82%
2	ISHARES TR	464287200	256,906	$159.5M	8.74%
3	ISHARES TR	464287507	1,180,815	$73.2M	4.01%
4	SPDR SERIES TRUST	78464A300	885,572	$70.6M	3.87%
5	SCHWAB STRATEGIC TR	808524805	1,881,382	$41.6M	2.28%
6	MICROSOFT CORP	MSFT	83,361	$41.5M	2.27%
7	J P MORGAN EXCHANGE TRADED F	46654Q575	762,196	$38.3M	2.10%
8	APPLE INC	AAPL	147,666	$30.3M	1.66%
9	BROADCOM INC	AVGO	108,742	$30.0M	1.64%
10	JPMORGAN CHASE & CO.	VYLD	65,626	$19.0M	1.04%
11	ISHARES TR	464287804	164,692	$18.0M	0.99%
12	EATON CORP PLC	ETN	49,994	$17.8M	0.98%
13	EXXON MOBIL CORP	XOM	162,289	$17.5M	0.96%
14	ALPHABET INC	GOOG	96,484	$17.1M	0.94%
15	NVIDIA CORPORATION	NVDA	108,308	$17.1M	0.94%
16	ISHARES TR	464288653	159,031	$16.2M	0.89%
17	JANUS DETROIT STR TR	47103U852	311,295	$14.0M	0.77%
18	ISHARES TR	464288646	246,185	$13.0M	0.71%
19	QUALCOMM INC	QCOM	80,876	$12.9M	0.71%
20	LOCKHEED MARTIN CORP	LMT	27,491	$12.7M	0.70%
21	NISOURCE INC	NI	314,059	$12.7M	0.69%
22	OMEGA HEALTHCARE INVS INC	681936100	342,310	$12.5M	0.69%
23	CHEVRON CORP NEW	CVX	84,525	$12.1M	0.66%
24	AMAZON COM INC	AMZN	52,898	$11.6M	0.64%
25	BANK AMERICA CORP	060505104	230,785	$10.9M	0.60%
26	ISHARES TR	464287598	53,268	$10.3M	0.57%
27	MERCK & CO INC	MRK	129,165	$10.2M	0.56%
28	TRAVELERS COMPANIES INC	TRV	38,186	$10.2M	0.56%
29	US BANCORP DEL	USB-PS	224,855	$10.2M	0.56%
30	ANALOG DEVICES INC	ADI	42,700	$10.2M	0.56%
31	PEPSICO INC	PEP	75,993	$10.0M	0.55%
32	TE CONNECTIVITY PLC	TEL	59,396	$10.0M	0.55%
33	COSTCO WHSL CORP NEW	22160K105	10,021	$9.9M	0.54%
34	ENBRIDGE INC	ENNPF	209,996	$9.5M	0.52%
35	CATERPILLAR INC	CAT	24,511	$9.5M	0.52%
36	PRINCIPAL FINANCIAL GROUP IN	PFG	118,931	$9.4M	0.52%
37	ABBVIE INC	ABBV	50,327	$9.3M	0.51%
38	PALO ALTO NETWORKS INC	PANW	45,555	$9.3M	0.51%
39	VISA INC	V	25,674	$9.1M	0.50%
40	PROCTER AND GAMBLE CO	742718109	56,316	$9.0M	0.49%
41	ENTERGY CORP NEW	ENO	106,377	$8.8M	0.48%
42	PIMCO ETF TR	72201R866	171,377	$8.8M	0.48%
43	SPDR S&P 500 ETF TR	SPY	14,140	$8.7M	0.48%
44	CISCO SYS INC	CSCO	124,833	$8.7M	0.47%
45	INTERNATIONAL BUSINESS MACHS	INTR	29,274	$8.6M	0.47%
46	JOHNSON & JOHNSON	JNJ	56,372	$8.6M	0.47%
47	VERIZON COMMUNICATIONS INC	VZ	190,087	$8.2M	0.45%
48	WALMART INC	WMT	82,973	$8.1M	0.44%
49	WELLS FARGO CO NEW	949746101	100,076	$8.0M	0.44%
50	MCKESSON CORP	MCK	10,821	$7.9M	0.43%
51	AMERICAN ELEC PWR CO INC	025537101	76,147	$7.9M	0.43%
52	BOOKING HOLDINGS INC	BKNG	1,308	$7.6M	0.41%
53	UNITEDHEALTH GROUP INC	UNH	24,109	$7.5M	0.41%
54	ISHARES TR	464287309	68,138	$7.5M	0.41%
55	ADOBE INC	ADBE	18,738	$7.2M	0.40%
56	BERKSHIRE HATHAWAY INC DEL	BRK-A	14,619	$7.1M	0.39%
57	CITIZENS FINL GROUP INC	CIA	155,756	$7.0M	0.38%
58	META PLATFORMS INC	META	8,986	$6.6M	0.36%
59	WILLIAMS SONOMA INC	WSM	40,561	$6.6M	0.36%
60	RTX CORPORATION	RTX	43,373	$6.3M	0.35%
61	PRUDENTIAL FINL INC	PUKPF	58,566	$6.3M	0.34%
62	SPDR S&P MIDCAP 400 ETF TR	MDY	11,088	$6.3M	0.34%
63	ISHARES TR	464287606	68,344	$6.2M	0.34%
64	ISHARES TR	464288240	101,107	$6.2M	0.34%
65	MEDTRONIC PLC	MDT	70,572	$6.2M	0.34%
66	SYSCO CORP	SYY	80,129	$6.1M	0.33%
67	INGREDION INC	INGR	43,893	$6.0M	0.33%
68	TJX COS INC NEW	872540109	47,603	$5.9M	0.32%
69	ASTRAZENECA PLC	AZN	83,875	$5.9M	0.32%
70	AIR PRODS & CHEMS INC	AIIR	20,653	$5.8M	0.32%
71	GENTEX CORP	GNTX	264,764	$5.8M	0.32%
72	BRISTOL-MYERS SQUIBB CO	CELG-RI	124,548	$5.8M	0.32%
73	HONEYWELL INTL INC	438516106	24,160	$5.6M	0.31%
74	J P MORGAN EXCHANGE TRADED F	46641Q654	110,222	$5.6M	0.31%
75	ISHARES TR	464288638	104,828	$5.6M	0.31%
76	LOWES COS INC	548661107	24,482	$5.4M	0.30%
77	SOUTHERN CO	SOMN	58,599	$5.4M	0.29%
78	PRICE T ROWE GROUP INC	TROW	54,891	$5.3M	0.29%
79	UNION PAC CORP	UNP	22,559	$5.2M	0.28%
80	INTERPUBLIC GROUP COS INC	INTR	211,490	$5.2M	0.28%
81	HOME DEPOT INC	HD	14,025	$5.1M	0.28%
82	THE CIGNA GROUP	125523100	15,354	$5.1M	0.28%
83	STANLEY BLACK & DECKER INC	SWK	74,867	$5.1M	0.28%
84	JOHNSON CTLS INTL PLC	G51502105	47,953	$5.1M	0.28%
85	ARISTA NETWORKS INC	ANET	49,015	$5.0M	0.27%
86	CORTEVA INC	CTVA	67,201	$5.0M	0.27%
87	APOLLO GLOBAL MGMT INC	03769M106	34,845	$4.9M	0.27%
88	MASTERCARD INCORPORATED	MA	8,594	$4.8M	0.26%
89	KLA CORP	KLAC	5,324	$4.8M	0.26%
90	AMERICAN EXPRESS CO	AXP	14,014	$4.5M	0.24%
91	PFIZER INC	PFE	182,241	$4.4M	0.24%
92	BERKSHIRE HATHAWAY INC DEL	BRK-A	6	$4.4M	0.24%
93	RIO TINTO PLC	RTNTF	73,874	$4.3M	0.24%
94	ISHARES TR	464287705	34,849	$4.3M	0.24%
95	FIFTH THIRD BANCORP	FITBM	104,012	$4.3M	0.23%
96	GATX CORP	GATX	26,923	$4.1M	0.23%
97	HANOVER INS GROUP INC	410867105	24,105	$4.1M	0.22%
98	NEXSTAR MEDIA GROUP INC	NXST	22,821	$3.9M	0.22%
99	TARGET CORP	TGT	39,072	$3.9M	0.21%
100	ZOETIS INC	ZTS	24,593	$3.8M	0.21%
101	BOSTON SCIENTIFIC CORP	BSX	35,537	$3.8M	0.21%
102	STARBUCKS CORP	SBUX	41,578	$3.8M	0.21%
103	DISNEY WALT CO	254687106	30,215	$3.7M	0.21%
104	SCHWAB CHARLES CORP	SCHW-PJ	41,021	$3.7M	0.21%
105	T-MOBILE US INC	TMUSZ	15,325	$3.7M	0.20%
106	FREEPORT-MCMORAN INC	FCX	83,493	$3.6M	0.20%
107	BLACKROCK INC	BLK	3,402	$3.6M	0.20%
108	ISHARES TR	464287614	8,058	$3.4M	0.19%
109	CORNING INC	GLW	64,852	$3.4M	0.19%
110	COCA COLA CO	KO	47,508	$3.4M	0.18%
111	NEXTERA ENERGY INC	NEE-PW	47,986	$3.3M	0.18%
112	JANUS DETROIT STR TR	47103U845	60,452	$3.1M	0.17%
113	IQVIA HLDGS INC	IQV	19,311	$3.0M	0.17%
114	TESLA INC	TSLA	9,510	$3.0M	0.17%
115	EQUINIX INC	EQIX	3,557	$2.8M	0.16%
116	EOG RES INC	EOG	23,506	$2.8M	0.15%
117	VANGUARD INDEX FDS	922908629	9,864	$2.8M	0.15%
118	INTUITIVE SURGICAL INC	ISRG	4,994	$2.7M	0.15%
119	EASTMAN CHEM CO	EMN	36,302	$2.7M	0.15%
120	APTIV PLC	APTV	38,543	$2.6M	0.14%
121	SCHLUMBERGER LTD	SLB	75,525	$2.6M	0.14%
122	VANGUARD INDEX FDS	922908751	10,447	$2.5M	0.14%
123	ACCENTURE PLC IRELAND	ACN	8,224	$2.5M	0.13%
124	UNUM GROUP	UNMA	29,263	$2.4M	0.13%
125	ISHARES TR	464287499	25,577	$2.4M	0.13%
126	GENERAL DYNAMICS CORP	GD	7,875	$2.3M	0.13%
127	INVESCO QQQ TR	IVZ	3,898	$2.2M	0.12%
128	ISHARES TR	464287473	16,148	$2.1M	0.12%
129	VEEVA SYS INC	VEEV	7,209	$2.1M	0.11%
130	CARRIER GLOBAL CORPORATION	CARR	27,611	$2.0M	0.11%
131	SALESFORCE INC	CRM	7,361	$2.0M	0.11%
132	ALPHABET INC	GOOG	10,991	$1.9M	0.11%
133	AMERICAN INTL GROUP INC	026874784	21,762	$1.9M	0.10%
134	ISHARES TR	464287879	18,603	$1.9M	0.10%
135	ISHARES TR	464287465	20,697	$1.9M	0.10%
136	VANGUARD INDEX FDS	922908769	5,389	$1.6M	0.09%
137	ORACLE CORP	ORCL-PD	7,325	$1.6M	0.09%
138	LAM RESEARCH CORP	LRCX	15,953	$1.6M	0.09%
139	ISHARES TR	464287432	15,675	$1.4M	0.08%
140	AUTOMATIC DATA PROCESSING IN	ADP	4,332	$1.3M	0.07%
141	VANGUARD BD INDEX FDS	921937835	17,719	$1.3M	0.07%
142	OTIS WORLDWIDE CORP	OTIS	12,995	$1.3M	0.07%
143	NORFOLK SOUTHN CORP	655844108	4,416	$1.1M	0.06%
144	VANGUARD INDEX FDS	922908363	1,981	$1.1M	0.06%
145	ISHARES TR	464288166	10,245	$1.1M	0.06%
146	MCDONALDS CORP	MCD	3,780	$1.1M	0.06%
147	VANGUARD SCOTTSDALE FDS	92206C680	10,074	$1.1M	0.06%
148	VANGUARD WORLD FD	92204A702	1,601	$1.1M	0.06%
149	ISHARES TR	46432F842	12,717	$1.1M	0.06%
150	EMERSON ELEC CO	EMR	7,806	$1.0M	0.06%
151	TC ENERGY CORP	TRPRF	20,372	$993,950	0.05%
152	CUMMINS INC	CMI	2,998	$981,845	0.05%
153	ABBOTT LABS	ABLZF	6,900	$938,469	0.05%
154	CROWDSTRIKE HLDGS INC	CRWD	1,742	$887,219	0.05%
155	ISHARES TR	46436E718	8,741	$880,148	0.05%
156	VANGUARD INDEX FDS	922908611	4,436	$865,065	0.05%
157	VERTEX PHARMACEUTICALS INC	VRTX	1,899	$845,435	0.05%
158	DIGITAL RLTY TR INC	253868103	4,816	$839,574	0.05%
159	SELECT SECTOR SPDR TR	81369Y506	9,751	$826,981	0.05%
160	VANGUARD INDEX FDS	922908512	5,025	$826,412	0.05%
161	DIGI INTL INC	253798102	23,350	$813,981	0.04%
162	ISHARES TR	46432F339	4,381	$800,935	0.04%
163	SELECT SECTOR SPDR TR	81369Y605	15,268	$799,589	0.04%
164	GOLDMAN SACHS ETF TR	NVGLF	6,270	$761,053	0.04%
165	ISHARES TR	464287440	7,821	$749,015	0.04%
166	VANGUARD INTL EQUITY INDEX F	922042858	15,073	$745,511	0.04%
167	ISHARES TR	464287515	6,670	$730,365	0.04%
168	FARMERS & MERCHANTS BANCORP	FMCB	27,564	$696,818	0.04%
169	DBX ETF TR	233051200	15,774	$690,113	0.04%
170	ECOLAB INC	ECL	2,519	$678,720	0.04%
171	3M CO	MMM	4,455	$678,230	0.04%
172	ISHARES TR	464287408	3,447	$673,613	0.04%
173	TRACTOR SUPPLY CO	TSCO	12,587	$664,231	0.04%
174	FRANKLIN ELEC INC	FELE	7,060	$633,565	0.03%
175	BOEING CO	BA-PA	3,001	$628,800	0.03%
176	SELECT SECTOR SPDR TR	81369Y803	2,442	$618,389	0.03%
177	SCHWAB STRATEGIC TR	808524102	25,314	$603,233	0.03%
178	VANGUARD INDEX FDS	922908538	2,077	$590,679	0.03%
179	AMERICAN TOWER CORP NEW	03027X100	2,643	$584,156	0.03%
180	WASTE MGMT INC DEL	94106L109	2,546	$582,576	0.03%
181	ISHARES TR	464288182	6,693	$552,976	0.03%
182	VANGUARD SCOTTSDALE FDS	92206C730	1,892	$531,422	0.03%
183	ELEVANCE HEALTH INC	ELV	1,332	$518,255	0.03%
184	VALERO ENERGY CORP	VLO	3,854	$518,055	0.03%
185	SNAP ON INC	SNA	1,601	$498,200	0.03%
186	CHUBB LIMITED	CB	1,707	$494,697	0.03%
187	AON PLC	AON	1,386	$494,470	0.03%
188	HUNTINGTON INGALLS INDS INC	446413106	2,000	$482,920	0.03%
189	STRYKER CORPORATION	SYK	1,210	$478,900	0.03%
190	TAIWAN SEMICONDUCTOR MFG LTD	874039100	2,084	$472,006	0.03%
191	FASTENAL CO	FAST	11,173	$469,266	0.03%
192	SELECT SECTOR SPDR TR	81369Y209	3,476	$468,582	0.03%
193	SELECT SECTOR SPDR TR	81369Y407	2,142	$465,550	0.03%
194	CRANE COMPANY	CR	2,451	$465,421	0.03%
195	THERMO FISHER SCIENTIFIC INC	TMO	1,147	$465,063	0.03%
196	ULTA BEAUTY INC	ULTA	967	$452,382	0.02%
197	VANGUARD SCOTTSDALE FDS	92206C714	5,271	$449,142	0.02%
198	VANGUARD WORLD FD	92204A504	1,735	$430,870	0.02%
199	SELECT SECTOR SPDR TR	81369Y704	2,818	$415,748	0.02%
200	FIRST SOLAR INC	FSLR	2,508	$415,175	0.02%
201	VANGUARD INDEX FDS	922908553	4,639	$413,150	0.02%
202	XCEL ENERGY INC	XELLL	6,050	$412,005	0.02%
203	ISHARES TR	464287655	1,863	$402,017	0.02%
204	SPDR INDEX SHS FDS	78463X848	12,113	$395,611	0.02%
205	CONOCOPHILLIPS	COP	4,385	$393,510	0.02%
206	PROSHARES TR	74348A467	3,835	$386,185	0.02%
207	ISHARES TR	464287150	2,808	$379,193	0.02%
208	BORGWARNER INC	BWA	11,184	$374,441	0.02%
209	AFLAC INC	AFL	3,503	$369,427	0.02%
210	GOLDMAN SACHS ETF TR	NVGLF	8,953	$355,076	0.02%
211	ISHARES TR	464289438	1,420	$350,045	0.02%
212	VANGUARD WORLD FD	92204A884	2,036	$348,151	0.02%
213	CVS HEALTH CORP	CVS	4,867	$335,726	0.02%
214	ISHARES TR	464287226	3,378	$335,098	0.02%
215	VANGUARD WHITEHALL FDS	921946406	2,431	$324,077	0.02%
216	ISHARES INC	46434G103	5,337	$320,381	0.02%
217	INVESCO EXCHANGE TRADED FD T	IVZ	4,455	$317,464	0.02%
218	CSX CORP	CSX	9,593	$313,020	0.02%
219	MARATHON PETE CORP	MARA	1,869	$310,460	0.02%
220	VANGUARD TAX-MANAGED FDS	921943858	5,431	$309,622	0.02%
221	J P MORGAN EXCHANGE TRADED F	46641Q134	4,343	$307,355	0.02%
222	AMGEN INC	AMGN	1,093	$305,177	0.02%
223	VANGUARD INTL EQUITY INDEX F	922042775	4,451	$299,197	0.02%
224	VANGUARD SPECIALIZED FUNDS	921908844	1,445	$295,749	0.02%
225	LINDE PLC	LIN	627	$294,176	0.02%
226	MORGAN STANLEY	MS-PQ	2,069	$291,403	0.02%
227	ADVANCED MICRO DEVICES INC	AMD	2,048	$290,612	0.02%
228	ISHARES TR	464287481	2,017	$279,718	0.02%
229	PHILLIPS 66	PSX	2,270	$270,811	0.01%
230	CHART INDS INC	16115Q308	1,595	$262,617	0.01%
231	FIRST MERCHANTS CORP	FRMEP	6,765	$259,100	0.01%
232	L3HARRIS TECHNOLOGIES INC	LHX	1,001	$251,091	0.01%
233	DICKS SPORTING GOODS INC	253393102	1,210	$239,351	0.01%
234	PAYCHEX INC	PAYX	1,630	$237,100	0.01%
235	COLGATE PALMOLIVE CO	CL	2,526	$229,614	0.01%
236	SELECT SECTOR SPDR TR	81369Y308	2,821	$228,415	0.01%
237	COMCAST CORP NEW	CCZ	6,186	$220,779	0.01%
238	TRANE TECHNOLOGIES PLC	TT	500	$218,705	0.01%
239	MANULIFE FINL CORP	56501R106	6,628	$211,831	0.01%
240	WABTEC	929740108	1,000	$209,350	0.01%
241	DANAHER CORPORATION	235851102	1,057	$208,893	0.01%
242	SPDR SERIES TRUST	78464A649	7,918	$202,701	0.01%
243	ZIMMER BIOMET HOLDINGS INC	ZBH	2,213	$201,833	0.01%
244	AMERICAN RES CORP	AREC	13,522	$11,202	0.00%