13F HOLDINGS REPORT

Goelzer Investment Management, Inc.

Quarter ended Q3 2025 · Filed October 14, 2025 · Accession 0001085146-25-005926

Total Value

$1.89B

Positions

247

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (247)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	ELI LILLY & CO	LLY	544,492	$415.4M	22.02%
2	ISHARES TR	464287200	257,321	$172.2M	9.13%
3	SPDR SERIES TRUST	78464A300	878,567	$77.9M	4.13%
4	ISHARES TR	464287507	1,109,335	$72.4M	3.84%
5	SCHWAB STRATEGIC TR	808524805	1,861,935	$43.3M	2.30%
6	MICROSOFT CORP	MSFT	83,077	$43.0M	2.28%
7	J P MORGAN EXCHANGE TRADED F	46654Q575	777,115	$39.6M	2.10%
8	APPLE INC	AAPL	147,607	$37.6M	1.99%
9	BROADCOM INC	AVGO	107,805	$35.6M	1.88%
10	ALPHABET INC	GOOG	95,453	$23.2M	1.23%
11	JPMORGAN CHASE & CO.	VYLD	65,084	$20.5M	1.09%
12	NVIDIA CORPORATION	NVDA	107,808	$20.1M	1.07%
13	ISHARES TR	464287804	162,553	$19.3M	1.02%
14	EATON CORP PLC	ETN	49,339	$18.5M	0.98%
15	EXXON MOBIL CORP	XOM	160,008	$18.0M	0.96%
16	ISHARES TR	464288653	161,097	$16.6M	0.88%
17	OMEGA HEALTHCARE INVS INC	681936100	338,688	$14.3M	0.76%
18	JANUS DETROIT STR TR	47103U852	312,266	$14.3M	0.76%
19	ABBVIE INC	ABBV	60,681	$14.0M	0.74%
20	ISHARES TR	464288646	255,304	$13.5M	0.72%
21	LOCKHEED MARTIN CORP	LMT	27,082	$13.5M	0.72%
22	NISOURCE INC	NI	306,004	$13.2M	0.70%
23	QUALCOMM INC	QCOM	79,366	$13.2M	0.70%
24	CHEVRON CORP NEW	CVX	83,395	$13.0M	0.69%
25	BANK AMERICA CORP	060505104	226,776	$11.7M	0.62%
26	CATERPILLAR INC	CAT	24,314	$11.6M	0.61%
27	AMAZON COM INC	AMZN	52,543	$11.5M	0.61%
28	ISHARES TR	464287598	53,384	$10.9M	0.58%
29	US BANCORP DEL	USB-PS	221,466	$10.7M	0.57%
30	MERCK & CO INC	MRK	126,996	$10.7M	0.56%
31	TRAVELERS COMPANIES INC	TRV	37,904	$10.6M	0.56%
32	WALMART INC	WMT	102,498	$10.6M	0.56%
33	ENBRIDGE INC	ENNPF	206,093	$10.4M	0.55%
34	ANALOG DEVICES INC	ADI	41,855	$10.3M	0.54%
35	JOHNSON & JOHNSON	JNJ	55,442	$10.3M	0.54%
36	TE CONNECTIVITY PLC	TEL	44,831	$9.8M	0.52%
37	ENTERGY CORP NEW	ENO	104,626	$9.8M	0.52%
38	PRINCIPAL FINANCIAL GROUP IN	PFG	116,194	$9.6M	0.51%
39	SPDR S&P 500 ETF TR	SPY	14,072	$9.4M	0.50%
40	COSTCO WHSL CORP NEW	22160K105	10,049	$9.3M	0.49%
41	PALO ALTO NETWORKS INC	PANW	45,442	$9.3M	0.49%
42	VISA INC	V	25,486	$8.7M	0.46%
43	PROCTER AND GAMBLE CO	742718109	55,723	$8.6M	0.45%
44	UNITEDHEALTH GROUP INC	UNH	24,321	$8.4M	0.45%
45	AMERICAN ELEC PWR CO INC	025537101	74,485	$8.4M	0.44%
46	CISCO SYS INC	CSCO	122,295	$8.4M	0.44%
47	VERIZON COMMUNICATIONS INC	VZ	189,922	$8.3M	0.44%
48	MCKESSON CORP	MCK	10,725	$8.3M	0.44%
49	WELLS FARGO CO NEW	949746101	98,277	$8.2M	0.44%
50	INTERNATIONAL BUSINESS MACHS	INTR	28,824	$8.1M	0.43%
51	CITIZENS FINL GROUP INC	CIA	152,975	$8.1M	0.43%
52	WILLIAMS SONOMA INC	WSM	40,129	$7.8M	0.42%
53	PIMCO ETF TR	72201R866	147,179	$7.7M	0.41%
54	PEPSICO INC	PEP	54,229	$7.6M	0.40%
55	BERKSHIRE HATHAWAY INC DEL	BRK-A	14,615	$7.3M	0.39%
56	GENTEX CORP	GNTX	259,045	$7.3M	0.39%
57	RTX CORPORATION	RTX	43,058	$7.2M	0.38%
58	ARISTA NETWORKS INC	ANET	48,580	$7.1M	0.38%
59	BOOKING HOLDINGS INC	BKNG	1,308	$7.1M	0.37%
60	TJX COS INC NEW	872540109	47,470	$6.9M	0.36%
61	MEDTRONIC PLC	MDT	70,237	$6.7M	0.35%
62	META PLATFORMS INC	META	8,971	$6.6M	0.35%
63	ISHARES TR	464287309	54,193	$6.5M	0.35%
64	SPDR S&P MIDCAP 400 ETF TR	MDY	10,971	$6.5M	0.35%
65	ISHARES TR	464288240	99,481	$6.5M	0.34%
66	SYSCO CORP	SYY	78,532	$6.5M	0.34%
67	ISHARES TR	464287606	66,331	$6.4M	0.34%
68	ASTRAZENECA PLC	AZN	82,015	$6.3M	0.33%
69	J P MORGAN EXCHANGE TRADED F	46641Q654	121,944	$6.2M	0.33%
70	ADOBE INC	ADBE	17,556	$6.2M	0.33%
71	LOWES COS INC	548661107	24,452	$6.1M	0.33%
72	ISHARES TR	464288638	112,280	$6.1M	0.32%
73	PRUDENTIAL FINL INC	PUKPF	57,417	$6.0M	0.32%
74	INTERPUBLIC GROUP COS INC	INTR	206,289	$5.8M	0.31%
75	KLA CORP	KLAC	5,277	$5.7M	0.30%
76	HOME DEPOT INC	HD	13,807	$5.6M	0.30%
77	AIR PRODS & CHEMS INC	AIIR	20,131	$5.5M	0.29%
78	PRICE T ROWE GROUP INC	TROW	53,397	$5.5M	0.29%
79	BRISTOL-MYERS SQUIBB CO	CELG-RI	121,368	$5.5M	0.29%
80	SOUTHERN CO	SOMN	57,478	$5.4M	0.29%
81	STANLEY BLACK & DECKER INC	SWK	72,851	$5.4M	0.29%
82	COCA COLA CO	KO	80,511	$5.3M	0.28%
83	INGREDION INC	INGR	42,881	$5.2M	0.28%
84	UNION PAC CORP	UNP	22,103	$5.2M	0.28%
85	JOHNSON CTLS INTL PLC	G51502105	46,955	$5.2M	0.27%
86	CORNING INC	GLW	62,908	$5.2M	0.27%
87	HONEYWELL INTL INC	438516106	23,896	$5.0M	0.27%
88	MASTERCARD INCORPORATED	MA	8,646	$4.9M	0.26%
89	RIO TINTO PLC	RTNTF	72,896	$4.8M	0.25%
90	APOLLO GLOBAL MGMT INC	03769M106	34,626	$4.6M	0.24%
91	AMERICAN EXPRESS CO	AXP	13,831	$4.6M	0.24%
92	GATX CORP	GATX	26,223	$4.6M	0.24%
93	BERKSHIRE HATHAWAY INC DEL	BRK-A	6	$4.5M	0.24%
94	FIFTH THIRD BANCORP	FITBM	101,018	$4.5M	0.24%
95	PFIZER INC	PFE	176,501	$4.5M	0.24%
96	ISHARES TR	464287705	34,570	$4.5M	0.24%
97	CORTEVA INC	CTVA	65,218	$4.4M	0.23%
98	NEXSTAR MEDIA GROUP INC	NXST	22,206	$4.4M	0.23%
99	HANOVER INS GROUP INC	410867105	23,694	$4.3M	0.23%
100	THE CIGNA GROUP	125523100	14,920	$4.3M	0.23%
101	JANUS DETROIT STR TR	47103U845	83,632	$4.2M	0.23%
102	TESLA INC	TSLA	9,458	$4.2M	0.22%
103	BLACKROCK INC	BLK	3,335	$3.9M	0.21%
104	SCHWAB CHARLES CORP	SCHW-PJ	40,455	$3.9M	0.20%
105	ISHARES TR	464287614	7,923	$3.7M	0.20%
106	T-MOBILE US INC	TMUSZ	15,181	$3.6M	0.19%
107	ZOETIS INC	ZTS	24,538	$3.6M	0.19%
108	NEXTERA ENERGY INC	NEE-PW	47,489	$3.6M	0.19%
109	BOSTON SCIENTIFIC CORP	BSX	35,312	$3.4M	0.18%
110	STARBUCKS CORP	SBUX	40,294	$3.4M	0.18%
111	APTIV PLC	APTV	38,631	$3.3M	0.18%
112	TARGET CORP	TGT	36,951	$3.3M	0.18%
113	DISNEY WALT CO	254687106	28,656	$3.3M	0.17%
114	FREEPORT-MCMORAN INC	FCX	78,373	$3.1M	0.16%
115	VANGUARD INDEX FDS	922908629	9,722	$2.9M	0.15%
116	EQUINIX INC	EQIX	3,565	$2.8M	0.15%
117	VANGUARD INDEX FDS	922908751	10,451	$2.7M	0.14%
118	GENERAL DYNAMICS CORP	GD	7,782	$2.7M	0.14%
119	ALPHABET INC	GOOG	10,772	$2.6M	0.14%
120	EOG RES INC	EOG	22,653	$2.5M	0.13%
121	SCHLUMBERGER LTD	SLB	72,710	$2.5M	0.13%
122	ISHARES TR	464287499	25,341	$2.4M	0.13%
123	UNUM GROUP	UNMA	28,484	$2.2M	0.12%
124	VEEVA SYS INC	VEEV	7,217	$2.2M	0.11%
125	LAM RESEARCH CORP	LRCX	15,964	$2.1M	0.11%
126	ISHARES TR	464287879	18,615	$2.1M	0.11%
127	ORACLE CORP	ORCL-PD	7,220	$2.0M	0.11%
128	ISHARES TR	464287473	14,501	$2.0M	0.11%
129	ISHARES TR	464287465	20,692	$1.9M	0.10%
130	ACCENTURE PLC IRELAND	ACN	7,814	$1.9M	0.10%
131	NETFLIX INC	NFLX	1,524	$1.8M	0.10%
132	VANGUARD INDEX FDS	922908769	5,279	$1.7M	0.09%
133	AMERICAN INTL GROUP INC	026874784	21,407	$1.7M	0.09%
134	INVESCO QQQ TR	IVZ	2,786	$1.7M	0.09%
135	CARRIER GLOBAL CORPORATION	CARR	27,611	$1.6M	0.09%
136	SALESFORCE INC	CRM	6,679	$1.6M	0.08%
137	ISHARES TR	464287432	16,406	$1.5M	0.08%
138	VANGUARD BD INDEX FDS	921937835	18,452	$1.4M	0.07%
139	NORFOLK SOUTHN CORP	655844108	4,416	$1.3M	0.07%
140	EASTMAN CHEM CO	EMN	20,453	$1.3M	0.07%
141	AUTOMATIC DATA PROCESSING IN	ADP	4,362	$1.3M	0.07%
142	CUMMINS INC	CMI	2,995	$1.3M	0.07%
143	KROGER CO	KR	18,076	$1.2M	0.06%
144	VANGUARD WORLD FD	92204A702	1,601	$1.2M	0.06%
145	OTIS WORLDWIDE CORP	OTIS	12,995	$1.2M	0.06%
146	VANGUARD SCOTTSDALE FDS	92206C680	9,811	$1.2M	0.06%
147	MCDONALDS CORP	MCD	3,864	$1.2M	0.06%
148	ISHARES TR	464288166	9,689	$1.1M	0.06%
149	ISHARES TR	46436E718	10,481	$1.1M	0.06%
150	VANGUARD INDEX FDS	922908363	1,684	$1.0M	0.05%
151	ABBOTT LABS	ABLZF	7,551	$1.0M	0.05%
152	EMERSON ELEC CO	EMR	7,538	$988,835	0.05%
153	VANGUARD INDEX FDS	922908611	4,482	$935,439	0.05%
154	IQVIA HLDGS INC	IQV	4,713	$895,188	0.05%
155	SELECT SECTOR SPDR TR	81369Y506	9,757	$871,713	0.05%
156	CROWDSTRIKE HLDGS INC	CRWD	1,739	$852,771	0.05%
157	DIGI INTL INC	253798102	23,350	$851,341	0.05%
158	ISHARES TR	46432F339	4,337	$843,547	0.04%
159	DIGITAL RLTY TR INC	253868103	4,816	$832,591	0.04%
160	SELECT SECTOR SPDR TR	81369Y605	15,287	$823,485	0.04%
161	GOLDMAN SACHS ETF TR	NVGLF	6,270	$816,856	0.04%
162	ISHARES TR	464287515	6,470	$744,115	0.04%
163	VANGUARD INTL EQUITY INDEX F	922042858	13,607	$737,228	0.04%
164	DBX ETF TR	233051200	15,754	$731,301	0.04%
165	VERTEX PHARMACEUTICALS INC	VRTX	1,866	$730,801	0.04%
166	ISHARES TR	464287440	7,519	$725,260	0.04%
167	TRACTOR SUPPLY CO	TSCO	12,392	$704,749	0.04%
168	SELECT SECTOR SPDR TR	81369Y803	2,480	$699,138	0.04%
169	SCHWAB STRATEGIC TR	808524102	27,180	$698,798	0.04%
170	ECOLAB INC	ECL	2,522	$690,675	0.04%
171	FARMERS & MERCHANTS BANCORP	FMCB	27,564	$689,376	0.04%
172	VANGUARD INDEX FDS	922908512	3,893	$679,650	0.04%
173	3M CO	MMM	4,375	$678,913	0.04%
174	FRANKLIN ELEC INC	FELE	7,060	$672,112	0.04%
175	VALERO ENERGY CORP	VLO	3,844	$654,480	0.03%
176	BOEING CO	BA-PA	2,913	$628,713	0.03%
177	ISHARES TR	464288182	6,693	$610,536	0.03%
178	VANGUARD INDEX FDS	922908538	1,964	$577,004	0.03%
179	HUNTINGTON INGALLS INDS INC	446413106	2,000	$575,820	0.03%
180	WASTE MGMT INC DEL	94106L109	2,546	$562,234	0.03%
181	SNAP ON INC	SNA	1,616	$559,993	0.03%
182	THERMO FISHER SCIENTIFIC INC	TMO	1,147	$556,318	0.03%
183	TAIWAN SEMICONDUCTOR MFG LTD	874039100	1,982	$553,553	0.03%
184	VANGUARD SCOTTSDALE FDS	92206C730	1,827	$552,467	0.03%
185	FASTENAL CO	FAST	11,250	$551,700	0.03%
186	ISHARES TR	46432F842	6,118	$534,163	0.03%
187	FIRST SOLAR INC	FSLR	2,408	$531,037	0.03%
188	ULTA BEAUTY INC	ULTA	932	$509,571	0.03%
189	AON PLC	AON	1,386	$494,220	0.03%
190	CHUBB LIMITED	CB	1,738	$490,556	0.03%
191	XCEL ENERGY INC	XELLL	6,050	$487,933	0.03%
192	INTUITIVE SURGICAL INC	ISRG	1,084	$484,798	0.03%
193	SELECT SECTOR SPDR TR	81369Y209	3,481	$484,462	0.03%
194	AMERICAN TOWER CORP NEW	03027X100	2,506	$481,954	0.03%
195	SELECT SECTOR SPDR TR	81369Y407	1,946	$466,295	0.02%
196	STRYKER CORPORATION	SYK	1,240	$458,358	0.02%
197	CRANE COMPANY	CR	2,451	$451,328	0.02%
198	ISHARES TR	464287655	1,863	$450,772	0.02%
199	VANGUARD SCOTTSDALE FDS	92206C714	4,978	$444,884	0.02%
200	SELECT SECTOR SPDR TR	81369Y704	2,840	$438,059	0.02%
201	VANGUARD WORLD FD	92204A504	1,635	$424,446	0.02%
202	VANGUARD INDEX FDS	922908553	4,639	$424,098	0.02%
203	CONOCOPHILLIPS	COP	4,382	$414,494	0.02%
204	BORGWARNER INC	BWA	9,381	$412,389	0.02%
205	ISHARES TR	464287150	2,808	$408,986	0.02%
206	MARATHON PETE CORP	MARA	2,059	$396,852	0.02%
207	AFLAC INC	AFL	3,444	$384,695	0.02%
208	GOLDMAN SACHS ETF TR	NVGLF	8,953	$368,058	0.02%
209	SPDR INDEX SHS FDS	78463X848	10,248	$357,861	0.02%
210	CVS HEALTH CORP	CVS	4,670	$352,072	0.02%
211	VANGUARD WHITEHALL FDS	921946406	2,431	$342,650	0.02%
212	CSX CORP	CSX	9,593	$340,648	0.02%
213	VANGUARD INDEX FDS	922908736	710	$340,524	0.02%
214	VANGUARD WORLD FD	92204A884	1,811	$340,058	0.02%
215	ELEVANCE HEALTH INC FORMERLY	ELV	1,052	$339,923	0.02%
216	LINDE PLC	LIN	707	$335,825	0.02%
217	ADVANCED MICRO DEVICES INC	AMD	2,028	$328,111	0.02%
218	PROSHARES TR	74348A467	3,145	$324,156	0.02%
219	J P MORGAN EXCHANGE TRADED F	46641Q134	4,343	$319,385	0.02%
220	CHART INDS INC	16115Q308	1,595	$319,240	0.02%
221	VANGUARD INTL EQUITY INDEX F	922042775	4,451	$317,668	0.02%
222	L3HARRIS TECHNOLOGIES INC	LHX	1,022	$312,130	0.02%
223	PHILLIPS 66	PSX	2,293	$311,894	0.02%
224	VANGUARD SPECIALIZED FUNDS	921908844	1,445	$311,817	0.02%
225	MORGAN STANLEY	MS-PQ	1,920	$305,249	0.02%
226	AMGEN INC	AMGN	1,039	$293,206	0.02%
227	ISHARES TR	464287481	2,017	$287,241	0.02%
228	TC ENERGY CORP	TRPRF	5,072	$275,968	0.01%
229	DICKS SPORTING GOODS INC	253393102	1,210	$268,887	0.01%
230	ASML HOLDING N V	ASMLF	274	$265,496	0.01%
231	GE AEROSPACE	369604301	867	$260,811	0.01%
232	FIRST MERCHANTS CORP	FRMEP	6,765	$255,041	0.01%
233	ISHARES TR	464287408	1,119	$231,085	0.01%
234	BP PLC	BPPFF	6,659	$229,470	0.01%
235	ISHARES TR	464288414	2,069	$220,328	0.01%
236	SELECT SECTOR SPDR TR	81369Y308	2,810	$220,222	0.01%
237	DANAHER CORPORATION	235851102	1,081	$214,303	0.01%
238	ISHARES TR	464288257	1,546	$213,702	0.01%
239	PAYCHEX INC	PAYX	1,672	$211,943	0.01%
240	TRANE TECHNOLOGIES PLC	TT	500	$210,980	0.01%
241	MANULIFE FINL CORP	56501R106	6,745	$210,107	0.01%
242	ZIMMER BIOMET HOLDINGS INC	ZBH	2,100	$206,834	0.01%
243	COLGATE PALMOLIVE CO	CL	2,526	$201,929	0.01%
244	XYLEM INC	XYL	1,360	$200,600	0.01%
245	WABTEC	929740108	1,000	$200,470	0.01%
246	VANGUARD WORLD FD	92204A876	1,057	$200,207	0.01%
247	AMERICAN RES CORP	AREC	13,522	$36,510	0.00%