13F HOLDINGS REPORT

DONALDSON CAPITAL MANAGEMENT, LLC

Quarter ended Q4 2025 · Filed January 14, 2026 · Accession 0001487438-26-000001

Total Value

$3.14B

Positions

231

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (231)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	KARMAN HLDGS INC	KRMN	3,501,433	$256.2M	8.15%
2	BROADCOM INC	AVGO	476,954	$165.1M	5.25%
3	APPLE INC	AAPL	565,368	$153.7M	4.89%
4	SELECT SECTOR SPDR TR	81369Y852	1,140,302	$134.2M	4.27%
5	MICROSOFT CORP	MSFT	274,842	$132.9M	4.23%
6	JPMORGAN CHASE & CO.	VYLD	345,590	$111.4M	3.54%
7	ABBVIE INC	ABBV	478,637	$109.4M	3.48%
8	ISHARES TR	46434V878	2,150,661	$108.8M	3.46%
9	ISHARES TR	464287523	298,148	$89.8M	2.86%
10	MORGAN STANLEY	MS-PQ	462,510	$82.1M	2.61%
11	MERCK & CO INC	MRK	777,961	$81.9M	2.60%
12	ELI LILLY & CO	LLY	67,908	$73.0M	2.32%
13	COSTCO WHSL CORP NEW	22160K105	83,927	$72.4M	2.30%
14	RTX CORPORATION	RTX	379,513	$69.6M	2.21%
15	EXXON MOBIL CORP	XOM	577,725	$69.5M	2.21%
16	CITIGROUP INC	C-PR	580,100	$67.7M	2.15%
17	HOME DEPOT INC	HD	192,691	$66.3M	2.11%
18	MCDONALDS CORP	MCD	211,078	$64.5M	2.05%
19	GOLDMAN SACHS GROUP INC	GSCE	73,383	$64.5M	2.05%
20	FASTENAL CO	FAST	1,393,083	$55.9M	1.78%
21	SOUTHERN CO	SOMN	570,252	$49.7M	1.58%
22	GENERAL DYNAMICS CORP	GD	143,327	$48.3M	1.53%
23	INTERNATIONAL BUSINESS MACHS	INTR	161,495	$47.8M	1.52%
24	CENCORA INC	COR	137,099	$46.3M	1.47%
25	WEC ENERGY GROUP INC	WEC	437,434	$46.1M	1.47%
26	PAYCHEX INC	PAYX	407,131	$45.7M	1.45%
27	PRICE T ROWE GROUP INC	TROW	399,985	$41.0M	1.30%
28	WATSCO INC	WSO-B	109,931	$37.0M	1.18%
29	XCEL ENERGY INC	XELLL	460,226	$34.0M	1.08%
30	CHEVRON CORP NEW	CVX	194,127	$29.6M	0.94%
31	PACCAR INC	PCAR	231,670	$25.4M	0.81%
32	EATON CORP PLC	ETN	71,473	$22.8M	0.72%
33	SCHWAB STRATEGIC TR	808524300	695,380	$22.7M	0.72%
34	J P MORGAN EXCHANGE TRADED F	46641Q837	436,286	$22.1M	0.70%
35	ISHARES U S ETF TR	46431W507	426,381	$21.8M	0.69%
36	ALPHABET INC	GOOG	65,524	$20.5M	0.65%
37	AMAZON COM INC	AMZN	81,070	$18.7M	0.60%
38	NVIDIA CORPORATION	NVDA	89,756	$16.7M	0.53%
39	VISA INC	V	44,935	$15.8M	0.50%
40	MOODYS CORP	MCO	29,006	$14.8M	0.47%
41	ISHARES TR	464287226	146,381	$14.6M	0.46%
42	MASTERCARD INCORPORATED	MA	23,632	$13.5M	0.43%
43	ISHARES TR	464287242	119,821	$13.2M	0.42%
44	ACCENTURE PLC IRELAND	ACN	44,402	$11.9M	0.38%
45	VANGUARD INDEX FDS	922908363	18,098	$11.3M	0.36%
46	VANGUARD SPECIALIZED FUNDS	921908844	46,521	$10.2M	0.33%
47	SELECT SECTOR SPDR TR	81369Y803	70,659	$10.2M	0.32%
48	APPLOVIN CORP	APP	14,693	$9.9M	0.31%
49	TAIWAN SEMICONDUCTOR MFG LTD	874039100	31,477	$9.6M	0.30%
50	AUTOMATIC DATA PROCESSING IN	ADP	37,108	$9.5M	0.30%
51	GE AEROSPACE	369604301	30,254	$9.3M	0.30%
52	META PLATFORMS INC	META	13,767	$9.1M	0.29%
53	PROGRESSIVE CORP	743315103	38,741	$8.8M	0.28%
54	LOCKHEED MARTIN CORP	LMT	17,617	$8.5M	0.27%
55	HDFC BANK LTD	HDB	231,267	$8.5M	0.27%
56	NU HLDGS LTD	NU	503,548	$8.4M	0.27%
57	BOOKING HOLDINGS INC	BKNG	1,565	$8.4M	0.27%
58	SOMNIGROUP INTERNATIONAL INC	SGI	93,392	$8.3M	0.27%
59	BLACKROCK INC	BLK	7,737	$8.3M	0.26%
60	UBER TECHNOLOGIES INC	UBER	99,364	$8.1M	0.26%
61	MERCADOLIBRE INC	MELI	3,907	$7.9M	0.25%
62	ISHARES TR	464287507	117,832	$7.8M	0.25%
63	ALLSTATE CORP	ALL-PJ	36,266	$7.5M	0.24%
64	NEXTERA ENERGY INC	NEE-PW	93,997	$7.5M	0.24%
65	JOHNSON & JOHNSON	JNJ	35,699	$7.4M	0.23%
66	BERKSHIRE HATHAWAY INC DEL	BRK-A	14,614	$7.3M	0.23%
67	SCHWAB STRATEGIC TR	808524797	250,116	$6.9M	0.22%
68	OREILLY AUTOMOTIVE INC	67103H107	72,171	$6.6M	0.21%
69	VANGUARD INDEX FDS	922908736	13,037	$6.4M	0.20%
70	AFLAC INC	AFL	56,976	$6.3M	0.20%
71	CUMMINS INC	CMI	11,848	$6.0M	0.19%
72	CISCO SYS INC	CSCO	75,888	$5.8M	0.19%
73	CME GROUP INC	CME	21,363	$5.8M	0.19%
74	ECOLAB INC	ECL	20,868	$5.5M	0.17%
75	SCHWAB STRATEGIC TR	808524102	192,702	$5.1M	0.16%
76	INTUIT	INTU	7,413	$4.9M	0.16%
77	UNITEDHEALTH GROUP INC	UNH	13,964	$4.6M	0.15%
78	ISHARES TR	464287804	34,811	$4.2M	0.13%
79	VANGUARD WHITEHALL FDS	921946406	29,118	$4.2M	0.13%
80	AMPHENOL CORP NEW	032095101	30,234	$4.1M	0.13%
81	SPDR S&P 500 ETF TR	SPY	5,578	$3.8M	0.12%
82	ISHARES U S ETF TR	46431W838	73,776	$3.7M	0.12%
83	NORTHROP GRUMMAN CORP	NOC	6,498	$3.7M	0.12%
84	ISHARES TR	464287200	5,398	$3.7M	0.12%
85	TEXAS INSTRS INC	882508104	21,166	$3.7M	0.12%
86	CINCINNATI FINL CORP	172062101	21,895	$3.6M	0.11%
87	BRISTOL-MYERS SQUIBB CO	CELG-RI	61,122	$3.3M	0.10%
88	INVESCO EXCH TRADED FD TR II	IVZ	119,312	$3.2M	0.10%
89	ALPHABET INC	GOOG	10,322	$3.2M	0.10%
90	CINTAS CORP	CTAS	16,430	$3.1M	0.10%
91	MOTOROLA SOLUTIONS INC	MSI	7,937	$3.0M	0.10%
92	PEPSICO INC	PEP	20,311	$2.9M	0.09%
93	CADENCE DESIGN SYSTEM INC	CDNS	9,323	$2.9M	0.09%
94	VALERO ENERGY CORP	VLO	17,067	$2.8M	0.09%
95	AIR PRODS & CHEMS INC	AIIR	11,183	$2.8M	0.09%
96	AMGEN INC	AMGN	8,438	$2.8M	0.09%
97	COCA COLA CO	KO	35,906	$2.5M	0.08%
98	ABBOTT LABS	ABLZF	19,933	$2.5M	0.08%
99	ISHARES TR	464288414	23,125	$2.5M	0.08%
100	CATERPILLAR INC	CAT	4,136	$2.4M	0.08%
101	ROLLINS INC	ROL	35,070	$2.1M	0.07%
102	REPUBLIC SVCS INC	760759100	9,825	$2.1M	0.07%
103	DUKE ENERGY CORP NEW	DUKB	17,362	$2.0M	0.06%
104	PROSHARES TR	74347R206	28,000	$2.0M	0.06%
105	AUTOZONE INC	AZO	564	$1.9M	0.06%
106	SCHWAB STRATEGIC TR	808524805	79,409	$1.9M	0.06%
107	GILEAD SCIENCES INC	GILD	15,189	$1.9M	0.06%
108	ISHARES TR	464287614	3,920	$1.9M	0.06%
109	SCHWAB STRATEGIC TR	808524649	71,792	$1.8M	0.06%
110	VERIZON COMMUNICATIONS INC	VZ	45,369	$1.8M	0.06%
111	VANGUARD WHITEHALL FDS	921946794	19,994	$1.8M	0.06%
112	PROSHARES TR	74348A467	17,105	$1.8M	0.06%
113	ISHARES TR	46429B655	33,375	$1.7M	0.05%
114	PNC FINL SVCS GROUP INC	693475105	8,112	$1.7M	0.05%
115	ENBRIDGE INC	ENNPF	35,118	$1.7M	0.05%
116	ISHARES TR	464288687	54,177	$1.7M	0.05%
117	ROYAL BK CDA	780087102	9,485	$1.6M	0.05%
118	TORONTO DOMINION BK ONT	TORO	16,893	$1.6M	0.05%
119	UNITED PARCEL SERVICE INC	UPS	16,010	$1.6M	0.05%
120	ERIE INDTY CO	29530P102	5,470	$1.6M	0.05%
121	ONEOK INC NEW	OKE	21,091	$1.6M	0.05%
122	WASTE MGMT INC DEL	94106L109	6,958	$1.5M	0.05%
123	WALMART INC	WMT	13,676	$1.5M	0.05%
124	PRUDENTIAL FINL INC	PUKPF	13,271	$1.5M	0.05%
125	LENNOX INTL INC	526107107	2,945	$1.4M	0.05%
126	ISHARES TR	46432F396	5,698	$1.4M	0.05%
127	SPDR SERIES TRUST	78464A763	10,236	$1.4M	0.05%
128	PROSHARES TR	74347R107	24,080	$1.4M	0.04%
129	EXTRA SPACE STORAGE INC	EXR	10,089	$1.3M	0.04%
130	DOMINION ENERGY INC	D	21,963	$1.3M	0.04%
131	HUNTINGTON BANCSHARES INC	HBANP	73,762	$1.3M	0.04%
132	CSX CORP	CSX	32,647	$1.2M	0.04%
133	MARSH & MCLENNAN COS INC	571748102	6,182	$1.1M	0.04%
134	SELECT SECTOR SPDR TR	81369Y605	20,161	$1.1M	0.04%
135	OMNICOM GROUP INC	OMC	13,317	$1.1M	0.03%
136	MSCI INC	MSCI	1,874	$1.1M	0.03%
137	PROCTER AND GAMBLE CO	742718109	7,341	$1.1M	0.03%
138	TESLA INC	TSLA	2,327	$1.0M	0.03%
139	SCHWAB STRATEGIC TR	808524607	36,601	$1.0M	0.03%
140	PFIZER INC	PFE	41,768	$1.0M	0.03%
141	INTERNATIONAL PAPER CO	460146103	25,810	$1.0M	0.03%
142	UNION PAC CORP	UNP	4,148	$959,486	0.03%
143	TJX COS INC NEW	872540109	6,222	$955,709	0.03%
144	SPDR SERIES TRUST	78464A854	11,724	$940,499	0.03%
145	STARBUCKS CORP	SBUX	11,151	$939,026	0.03%
146	VANGUARD INDEX FDS	922908629	3,235	$938,862	0.03%
147	SELECT SECTOR SPDR TR	81369Y704	5,995	$929,973	0.03%
148	INVESCO QQQ TR	IVZ	1,490	$915,322	0.03%
149	ISHARES TR	46432F842	9,991	$893,804	0.03%
150	AT&T INC	T-PC	34,734	$862,787	0.03%
151	ISHARES TR	464287408	4,056	$860,061	0.03%
152	DIMENSIONAL ETF TRUST	25434V708	21,126	$836,396	0.03%
153	NOVO-NORDISK A S	NONOF	15,794	$803,599	0.03%
154	CNO FINL GROUP INC	12621E103	18,693	$793,892	0.03%
155	BEST BUY INC	BBY	11,442	$765,813	0.02%
156	DISNEY WALT CO	254687106	6,662	$757,969	0.02%
157	BERKSHIRE HATHAWAY INC DEL	BRK-A	1	$754,800	0.02%
158	HARTFORD FDS EXCHANGE TRADED	41653L503	19,138	$748,487	0.02%
159	NIKE INC	NKE	11,366	$724,132	0.02%
160	AMERICAN ELEC PWR CO INC	025537101	6,021	$694,282	0.02%
161	GOLDMAN SACHS ETF TR	NVGLF	5,184	$686,206	0.02%
162	STRYKER CORPORATION	SYK	1,946	$683,961	0.02%
163	ISHARES TR	46432F339	3,081	$611,948	0.02%
164	HONEYWELL INTL INC	438516106	3,105	$605,805	0.02%
165	SELECT SECTOR SPDR TR	81369Y506	12,915	$577,452	0.02%
166	FIRST FINANCIAL CORPORATION	320218100	9,506	$574,353	0.02%
167	WHIRLPOOL CORP	WHR-PA	7,958	$574,090	0.02%
168	EQUIFAX INC	EFX	2,612	$566,752	0.02%
169	ISHARES TR	464288158	5,297	$565,190	0.02%
170	EMERSON ELEC CO	EMR	4,093	$543,223	0.02%
171	ISHARES TR	464287655	2,190	$539,090	0.02%
172	SPDR SERIES TRUST	78464A409	4,929	$525,924	0.02%
173	CRANE COMPANY	CR	2,813	$518,802	0.02%
174	SCHWAB STRATEGIC TR	808524508	17,235	$518,244	0.02%
175	VANGUARD INTL EQUITY INDEX F	922042775	6,903	$507,785	0.02%
176	ISHARES TR	464287465	5,122	$491,866	0.02%
177	SELECT SECTOR SPDR TR	81369Y886	11,404	$486,824	0.02%
178	TRAVELERS COMPANIES INC	TRV	1,664	$482,632	0.02%
179	L3HARRIS TECHNOLOGIES INC	LHX	1,631	$478,813	0.02%
180	NASDAQ INC	NDAQ	4,868	$472,829	0.02%
181	VANGUARD INDEX FDS	922908769	1,400	$469,385	0.01%
182	WELLS FARGO CO NEW	949746101	4,800	$447,360	0.01%
183	ADVANCED MICRO DEVICES INC	AMD	2,063	$441,812	0.01%
184	SELECT SECTOR SPDR TR	81369Y209	2,852	$441,452	0.01%
185	ELEVANCE HEALTH INC FORMERLY	ELV	1,234	$432,451	0.01%
186	NETFLIX INC	NFLX	4,552	$426,796	0.01%
187	SPDR INDEX SHS FDS	78463X889	9,433	$418,920	0.01%
188	VANGUARD TAX-MANAGED FDS	921943858	6,557	$409,616	0.01%
189	GENUINE PARTS CO	GPC	3,212	$394,908	0.01%
190	MCKESSON CORP	MCK	469	$385,013	0.01%
191	SPDR SERIES TRUST	78468R663	4,150	$379,227	0.01%
192	COPART INC	CPRT	9,611	$376,271	0.01%
193	GE VERNOVA INC	GEV	565	$369,267	0.01%
194	ORACLE CORP	ORCL-PD	1,879	$366,290	0.01%
195	SPDR SERIES TRUST	78464A805	4,421	$364,733	0.01%
196	CVS HEALTH CORP	CVS	4,579	$363,376	0.01%
197	ISHARES TR	464288281	3,671	$353,444	0.01%
198	SPDR GOLD TR	GLD	891	$353,112	0.01%
199	TE CONNECTIVITY PLC	TEL	1,543	$351,048	0.01%
200	ANALOG DEVICES INC	ADI	1,244	$337,373	0.01%
201	BP PLC	BPPFF	8,881	$308,437	0.01%
202	DEERE & CO	DE	652	$303,556	0.01%
203	VANECK ETF TRUST	92189H409	5,898	$301,506	0.01%
204	FIRST INTERNET BANCORP	INBKZ	14,250	$297,398	0.01%
205	SPDR DOW JONES INDL AVERAGE	78467X109	612	$293,874	0.01%
206	PENSKE AUTOMOTIVE GRP INC	70959W103	1,843	$291,781	0.01%
207	ISHARES TR	46429B697	3,050	$287,188	0.01%
208	PIMCO ETF TR	72201R569	5,750	$285,746	0.01%
209	ISHARES TR	464287598	1,353	$284,590	0.01%
210	INVESCO EXCHANGE TRADED FD T	IVZ	1,439	$275,655	0.01%
211	ROSS STORES INC	ROST	1,511	$272,192	0.01%
212	COLGATE PALMOLIVE CO	CL	3,401	$268,747	0.01%
213	DANAHER CORPORATION	235851102	1,168	$267,406	0.01%
214	FEDEX CORP	FDX	916	$264,611	0.01%
215	QUALCOMM INC	QCOM	1,547	$264,596	0.01%
216	BOEING CO	BA-PA	1,210	$262,715	0.01%
217	CARRIER GLOBAL CORPORATION	CARR	4,866	$257,093	0.01%
218	ISHARES INC	46434G103	3,690	$248,042	0.01%
219	AMERICAN EXPRESS CO	AXP	668	$247,275	0.01%
220	PALANTIR TECHNOLOGIES INC	PLTR	1,363	$242,273	0.01%
221	MASTEC INC	MTZ	1,100	$239,107	0.01%
222	SPDR SERIES TRUST	78464A508	4,178	$237,352	0.01%
223	SYNOPSYS INC	SNPS	502	$235,799	0.01%
224	BANK AMERICA CORP	060505104	4,066	$223,617	0.01%
225	VANGUARD SCOTTSDALE FDS	92206C409	2,788	$222,287	0.01%
226	VANGUARD MUN BD FDS	922907746	4,351	$218,812	0.01%
227	TOYOTA MOTOR CORP	TOYOF	1,006	$215,344	0.01%
228	SHERWIN WILLIAMS CO	SHW	656	$212,420	0.01%
229	SELECT SECTOR SPDR TR	81369Y407	1,749	$208,867	0.01%
230	ASML HOLDING N V	ASMLF	193	$206,483	0.01%
231	OTIS WORLDWIDE CORP	OTIS	2,309	$201,691	0.01%