13F HOLDINGS REPORT

Goelzer Investment Management, Inc.

Quarter ended Q4 2025 · Filed January 14, 2026 · Accession 0001550057-26-000001

Total Value

$2.16B

Positions

271

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (271)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	ELI LILLY & CO	LLY	542,867	$583.4M	27.06%
2	ISHARES TR	464287200	271,624	$186.0M	8.63%
3	SPDR SERIES TRUST	78464A300	879,145	$80.0M	3.71%
4	ISHARES TR	464287507	1,121,755	$74.0M	3.43%
5	SCHWAB STRATEGIC TR	808524805	1,840,603	$44.2M	2.05%
6	APPLE INC	AAPL	155,765	$42.3M	1.96%
7	J P MORGAN EXCHANGE TRADED F	46654Q575	809,486	$41.3M	1.92%
8	MICROSOFT CORP	MSFT	84,072	$40.7M	1.89%
9	BROADCOM INC	AVGO	107,858	$37.3M	1.73%
10	ALPHABET INC	GOOG	94,521	$29.7M	1.38%
11	ISHARES TR	464288240	425,029	$28.5M	1.32%
12	JPMORGAN CHASE & CO.	VYLD	66,060	$21.3M	0.99%
13	NVIDIA CORPORATION	NVDA	108,172	$20.2M	0.94%
14	ISHARES TR	464287804	162,703	$19.6M	0.91%
15	EXXON MOBIL CORP	XOM	160,855	$19.4M	0.90%
16	ISHARES TR	464288653	170,709	$17.4M	0.81%
17	EATON CORP PLC	ETN	49,457	$15.8M	0.73%
18	OMEGA HEALTHCARE INVS INC	681936100	338,476	$15.0M	0.70%
19	JANUS DETROIT STR TR	47103U852	325,991	$14.9M	0.69%
20	ABBVIE INC	ABBV	62,539	$14.3M	0.66%
21	QUALCOMM INC	QCOM	80,354	$13.7M	0.64%
22	MERCK & CO INC	MRK	127,960	$13.5M	0.62%
23	CHEVRON CORP NEW	CVX	88,319	$13.5M	0.62%
24	LOCKHEED MARTIN CORP	LMT	27,049	$13.1M	0.61%
25	ISHARES TR	464288646	246,984	$13.1M	0.61%
26	BANK AMERICA CORP	060505104	235,335	$12.9M	0.60%
27	NISOURCE INC	NI	308,714	$12.9M	0.60%
28	CATERPILLAR INC	CAT	22,116	$12.7M	0.59%
29	AMAZON COM INC	AMZN	52,716	$12.2M	0.56%
30	FARMERS & MERCHANTS BANCORP	FMCB	485,064	$12.0M	0.56%
31	US BANCORP DEL	USB-PS	219,464	$11.7M	0.54%
32	JOHNSON & JOHNSON	JNJ	55,979	$11.6M	0.54%
33	WALMART INC	WMT	103,862	$11.6M	0.54%
34	ANALOG DEVICES INC	ADI	42,074	$11.4M	0.53%
35	TRAVELERS COMPANIES INC	TRV	38,139	$11.1M	0.51%
36	ISHARES TR	464287598	50,291	$10.6M	0.49%
37	PRINCIPAL FINANCIAL GROUP IN	PFG	116,588	$10.3M	0.48%
38	TE CONNECTIVITY PLC	TEL	44,635	$10.2M	0.47%
39	ENBRIDGE INC	ENNPF	207,261	$9.9M	0.46%
40	WELLS FARGO CO NEW	949746101	105,640	$9.8M	0.46%
41	ENTERGY CORP NEW	ENO	104,790	$9.7M	0.45%
42	CISCO SYS INC	CSCO	123,614	$9.5M	0.44%
43	SPDR S&P 500 ETF TR	SPY	13,740	$9.4M	0.43%
44	COSTCO WHSL CORP NEW	22160K105	10,834	$9.3M	0.43%
45	VISA INC	V	26,493	$9.3M	0.43%
46	CITIZENS FINL GROUP INC	CIA	154,454	$9.0M	0.42%
47	RTX CORPORATION	RTX	48,060	$8.8M	0.41%
48	INTERNATIONAL BUSINESS MACHS	INTR	29,591	$8.8M	0.41%
49	AMERICAN ELEC PWR CO INC	025537101	74,690	$8.6M	0.40%
50	MCKESSON CORP	MCK	10,223	$8.4M	0.39%
51	UNITEDHEALTH GROUP INC	UNH	24,984	$8.2M	0.38%
52	BERKSHIRE HATHAWAY INC DEL	BRK-A	16,192	$8.1M	0.38%
53	PROCTER AND GAMBLE CO	742718109	54,836	$7.9M	0.36%
54	META PLATFORMS INC	META	11,856	$7.8M	0.36%
55	VERIZON COMMUNICATIONS INC	VZ	191,914	$7.8M	0.36%
56	ASTRAZENECA PLC	AZN	82,536	$7.6M	0.35%
57	PIMCO ETF TR	72201R866	143,409	$7.5M	0.35%
58	TJX COS INC NEW	872540109	48,615	$7.5M	0.35%
59	PEPSICO INC	PEP	51,579	$7.4M	0.34%
60	PALO ALTO NETWORKS INC	PANW	38,883	$7.2M	0.33%
61	WILLIAMS SONOMA INC	WSM	39,668	$7.1M	0.33%
62	MBX BIOSCIENCES INC	MBX	221,672	$7.0M	0.32%
63	ISHARES TR	464287309	56,037	$6.9M	0.32%
64	BRISTOL-MYERS SQUIBB CO	CELG-RI	127,957	$6.9M	0.32%
65	BOOKING HOLDINGS INC	BKNG	1,286	$6.9M	0.32%
66	MEDTRONIC PLC	MDT	71,579	$6.9M	0.32%
67	SPDR S&P MIDCAP 400 ETF TR	MDY	10,874	$6.6M	0.30%
68	ISHARES TR	464287606	67,589	$6.5M	0.30%
69	PRUDENTIAL FINL INC	PUKPF	55,880	$6.3M	0.29%
70	KLA CORP	KLAC	5,154	$6.3M	0.29%
71	UNION PAC CORP	UNP	26,626	$6.2M	0.29%
72	LOWES COS INC	548661107	25,292	$6.1M	0.28%
73	ISHARES TR	464288638	112,636	$6.1M	0.28%
74	RIO TINTO PLC	RTNTF	73,226	$5.9M	0.27%
75	COCA COLA CO	KO	83,502	$5.8M	0.27%
76	SYSCO CORP	SYY	77,326	$5.7M	0.26%
77	OMNICOM GROUP INC	OMC	69,578	$5.6M	0.26%
78	GENTEX CORP	GNTX	241,426	$5.6M	0.26%
79	ADOBE INC	ADBE	15,507	$5.4M	0.25%
80	JOHNSON CTLS INTL PLC	G51502105	45,232	$5.4M	0.25%
81	PRICE T ROWE GROUP INC	TROW	52,287	$5.4M	0.25%
82	STANLEY BLACK & DECKER INC	SWK	71,110	$5.3M	0.25%
83	ARISTA NETWORKS INC	ANET	39,605	$5.2M	0.24%
84	SOUTHERN CO	SOMN	58,006	$5.1M	0.23%
85	MASTERCARD INCORPORATED	MA	8,857	$5.1M	0.23%
86	AMERICAN EXPRESS CO	AXP	13,594	$5.0M	0.23%
87	HOME DEPOT INC	HD	14,450	$5.0M	0.23%
88	AIR PRODS & CHEMS INC	AIIR	19,264	$4.8M	0.22%
89	INGREDION INC	INGR	43,085	$4.8M	0.22%
90	FIFTH THIRD BANCORP	FITBM	101,462	$4.7M	0.22%
91	JANUS DETROIT STR TR	47103U845	92,458	$4.7M	0.22%
92	HONEYWELL INTL INC	438516106	23,644	$4.6M	0.21%
93	ACCENTURE PLC IRELAND	ACN	17,189	$4.6M	0.21%
94	NEXSTAR MEDIA GROUP INC	NXST	22,448	$4.6M	0.21%
95	BERKSHIRE HATHAWAY INC DEL	BRK-A	6	$4.5M	0.21%
96	GATX CORP	GATX	26,271	$4.5M	0.21%
97	PFIZER INC	PFE	178,841	$4.5M	0.21%
98	HANOVER INS GROUP INC	410867105	23,366	$4.3M	0.20%
99	SCHWAB CHARLES CORP	SCHW-PJ	41,916	$4.2M	0.19%
100	THE CIGNA GROUP	125523100	15,152	$4.2M	0.19%
101	J P MORGAN EXCHANGE TRADED F	46641Q654	81,769	$4.2M	0.19%
102	CORTEVA INC	CTVA	60,918	$4.1M	0.19%
103	ISHARES TR	464287705	31,027	$4.1M	0.19%
104	ALPHABET INC	GOOG	12,466	$3.9M	0.18%
105	FREEPORT-MCMORAN INC	FCX	76,700	$3.9M	0.18%
106	ISHARES TR	464287614	7,928	$3.8M	0.17%
107	BLACKROCK INC	BLK	3,491	$3.7M	0.17%
108	TARGET CORP	TGT	36,556	$3.6M	0.17%
109	DISNEY WALT CO	254687106	31,049	$3.5M	0.16%
110	BOSTON SCIENTIFIC CORP	BSX	35,048	$3.3M	0.16%
111	STARBUCKS CORP	SBUX	39,523	$3.3M	0.15%
112	CORNING INC	GLW	35,917	$3.1M	0.15%
113	T-MOBILE US INC	TMUSZ	15,083	$3.1M	0.14%
114	TESLA INC	TSLA	6,560	$3.0M	0.14%
115	APTIV PLC	APTV	38,615	$2.9M	0.14%
116	LAM RESEARCH CORP	LRCX	16,064	$2.7M	0.13%
117	EQUINIX INC	EQIX	3,531	$2.7M	0.13%
118	VANGUARD INDEX FDS	922908629	9,147	$2.7M	0.12%
119	ZOETIS INC	ZTS	20,636	$2.6M	0.12%
120	VANGUARD INDEX FDS	922908751	9,954	$2.6M	0.12%
121	GENERAL DYNAMICS CORP	GD	7,551	$2.5M	0.12%
122	EOG RES INC	EOG	23,645	$2.5M	0.12%
123	ISHARES TR	464287499	24,765	$2.4M	0.11%
124	UNUM GROUP	UNMA	27,478	$2.1M	0.10%
125	ISHARES TR	464287473	14,501	$2.0M	0.09%
126	ISHARES TR	464287879	17,902	$2.0M	0.09%
127	ISHARES TR	464287465	20,425	$2.0M	0.09%
128	EASTMAN CHEM CO	EMN	30,664	$2.0M	0.09%
129	AMERICAN INTL GROUP INC	026874784	21,290	$1.8M	0.08%
130	VANGUARD SCOTTSDALE FDS	92206C714	19,268	$1.8M	0.08%
131	VANGUARD INDEX FDS	922908769	5,284	$1.8M	0.08%
132	CARRIER GLOBAL CORPORATION	CARR	33,174	$1.8M	0.08%
133	CUMMINS INC	CMI	3,292	$1.7M	0.08%
134	NORFOLK SOUTHN CORP	655844108	5,784	$1.7M	0.08%
135	NEXTERA ENERGY INC	NEE-PW	20,669	$1.7M	0.08%
136	NETFLIX INC	NFLX	17,306	$1.6M	0.08%
137	VEEVA SYS INC	VEEV	6,978	$1.6M	0.07%
138	KINDER MORGAN INC DEL	EP-PC	55,007	$1.5M	0.07%
139	ISHARES TR	46436E718	15,047	$1.5M	0.07%
140	INTUIT	INTU	2,203	$1.5M	0.07%
141	ISHARES TR	464287432	16,639	$1.5M	0.07%
142	VANGUARD BD INDEX FDS	921937835	19,513	$1.4M	0.07%
143	ORACLE CORP	ORCL-PD	7,220	$1.4M	0.07%
144	MCDONALDS CORP	MCD	4,550	$1.4M	0.06%
145	OTIS WORLDWIDE CORP	OTIS	15,151	$1.3M	0.06%
146	PROGRESSIVE CORP	743315103	5,419	$1.2M	0.06%
147	HARTFORD INSURANCE GROUP INC	HIG-PG	8,802	$1.2M	0.06%
148	VANGUARD WORLD FD	92204A702	1,568	$1.2M	0.05%
149	CSX CORP	CSX	32,483	$1.2M	0.05%
150	ABBOTT LABS	ABLZF	9,359	$1.2M	0.05%
151	VANGUARD SCOTTSDALE FDS	92206C680	9,622	$1.2M	0.05%
152	INVESCO QQQ TR	IVZ	1,876	$1.2M	0.05%
153	VANGUARD INDEX FDS	922908363	1,827	$1.1M	0.05%
154	VISTRA CORP	VST	7,098	$1.1M	0.05%
155	COTERRA ENERGY INC	CTRA	42,650	$1.1M	0.05%
156	AUTODESK INC	ADSK	3,722	$1.1M	0.05%
157	VANGUARD INTL EQUITY INDEX F	922042858	20,488	$1.1M	0.05%
158	KROGER CO	KR	17,380	$1.1M	0.05%
159	EVERGY INC	EVRG	14,800	$1.1M	0.05%
160	AUTOMATIC DATA PROCESSING IN	ADP	4,099	$1.1M	0.05%
161	ISHARES TR	464288166	9,434	$1.0M	0.05%
162	SLB LIMITED	SLB	26,758	$1.0M	0.05%
163	DIGI INTL INC	253798102	23,350	$1.0M	0.05%
164	IQVIA HLDGS INC	IQV	4,477	$1.0M	0.05%
165	EMERSON ELEC CO	EMR	7,170	$951,603	0.04%
166	VANGUARD INDEX FDS	922908611	4,464	$945,431	0.04%
167	C H ROBINSON WORLDWIDE INC	CHRW	5,817	$935,141	0.04%
168	3M CO	MMM	5,578	$893,038	0.04%
169	MORGAN STANLEY	MS-PQ	4,925	$874,390	0.04%
170	SELECT SECTOR SPDR TR	81369Y506	19,265	$861,344	0.04%
171	VERTEX PHARMACEUTICALS INC	VRTX	1,870	$847,784	0.04%
172	GOLDMAN SACHS ETF TR	NVGLF	6,270	$829,960	0.04%
173	SELECT SECTOR SPDR TR	81369Y605	14,643	$802,014	0.04%
174	APOLLO GLOBAL MGMT INC	03769M106	5,518	$798,786	0.04%
175	DIGITAL RLTY TR INC	253868103	5,126	$793,044	0.04%
176	GENUINE PARTS CO	GPC	6,425	$790,018	0.04%
177	CROWDSTRIKE HLDGS INC	CRWD	1,674	$784,705	0.04%
178	ISHARES TR	46432F339	3,938	$782,166	0.04%
179	DBX ETF TR	233051200	15,724	$756,482	0.04%
180	BECTON DICKINSON & CO	BDX	3,884	$753,768	0.03%
181	WASTE MGMT INC DEL	94106L109	3,421	$751,628	0.03%
182	TAIWAN SEMICONDUCTOR MFG LTD	874039100	2,458	$746,962	0.03%
183	ISHARES TR	464287440	7,524	$723,554	0.03%
184	SPX TECHNOLOGIES INC	SPXC	3,600	$720,216	0.03%
185	VANGUARD INDEX FDS	922908538	2,567	$716,553	0.03%
186	BOEING CO	BA-PA	3,268	$709,549	0.03%
187	ALLSTATE CORP	ALL-PJ	3,300	$686,895	0.03%
188	ISHARES TR	464287515	6,470	$683,815	0.03%
189	HUNTINGTON INGALLS INDS INC	446413106	2,000	$680,140	0.03%
190	THERMO FISHER SCIENTIFIC INC	TMO	1,173	$679,695	0.03%
191	FRANKLIN ELEC INC	FELE	7,040	$672,532	0.03%
192	BWX TECHNOLOGIES INC	BWXT	3,876	$669,928	0.03%
193	MARATHON PETE CORP	MARA	4,015	$652,960	0.03%
194	TRANE TECHNOLOGIES PLC	TT	1,650	$642,180	0.03%
195	SELECT SECTOR SPDR TR	81369Y803	4,446	$640,080	0.03%
196	ECOLAB INC	ECL	2,415	$633,986	0.03%
197	FIRST SOLAR INC	FSLR	2,408	$629,042	0.03%
198	VALERO ENERGY CORP	VLO	3,844	$625,765	0.03%
199	ISHARES TR	464288182	6,693	$623,253	0.03%
200	TRACTOR SUPPLY CO	TSCO	12,262	$613,237	0.03%
201	CHUBB LIMITED	CB	1,933	$603,181	0.03%
202	PARKER-HANNIFIN CORP	PH	675	$593,298	0.03%
203	PHILIP MORRIS INTL INC	718172109	3,633	$582,734	0.03%
204	INTUITIVE SURGICAL INC	ISRG	1,023	$579,387	0.03%
205	SCHWAB STRATEGIC TR	808524102	21,707	$569,375	0.03%
206	VANGUARD SCOTTSDALE FDS	92206C730	1,816	$561,291	0.03%
207	VANGUARD INDEX FDS	922908512	3,164	$561,227	0.03%
208	NUCOR CORP	NUE	3,435	$560,283	0.03%
209	XCEL ENERGY INC	XELLL	7,486	$552,916	0.03%
210	SNAP ON INC	SNA	1,601	$551,705	0.03%
211	ISHARES TR	46432F842	6,077	$543,649	0.03%
212	L3HARRIS TECHNOLOGIES INC	LHX	1,817	$533,417	0.02%
213	ULTA BEAUTY INC	ULTA	860	$520,309	0.02%
214	LINDE PLC	LIN	1,203	$512,948	0.02%
215	SELECT SECTOR SPDR TR	81369Y209	3,262	$505,035	0.02%
216	CVS HEALTH CORP	CVS	6,294	$499,492	0.02%
217	STRYKER CORPORATION	SYK	1,415	$497,465	0.02%
218	AON PLC	AON	1,386	$489,092	0.02%
219	VANGUARD WORLD FD	92204A504	1,635	$470,635	0.02%
220	AMERICAN TOWER CORP NEW	03027X100	2,673	$469,299	0.02%
221	CRANE COMPANY	CR	2,451	$452,038	0.02%
222	GOLDMAN SACHS GROUP INC	GSCE	502	$441,258	0.02%
223	FASTENAL CO	FAST	10,946	$439,263	0.02%
224	ADVANCED MICRO DEVICES INC	AMD	2,028	$434,317	0.02%
225	SELECT SECTOR SPDR TR	81369Y704	2,722	$422,236	0.02%
226	SELECT SECTOR SPDR TR	81369Y407	3,453	$412,323	0.02%
227	GOLDMAN SACHS ETF TR	NVGLF	8,953	$384,442	0.02%
228	AFLAC INC	AFL	3,444	$379,770	0.02%
229	VANGUARD INDEX FDS	922908553	4,276	$378,384	0.02%
230	ELEVANCE HEALTH INC FORMERLY	ELV	1,032	$361,768	0.02%
231	VANGUARD WHITEHALL FDS	921946406	2,431	$348,898	0.02%
232	ONEOK INC NEW	OKE	4,719	$346,847	0.02%
233	OLD NATL BANCORP IND	680033107	15,475	$345,248	0.02%
234	LINCOLN NATL CORP IND	534187109	7,600	$338,428	0.02%
235	DANAHER CORPORATION	235851102	1,476	$337,965	0.02%
236	ISHARES TR	464287655	1,369	$336,994	0.02%
237	ISHARES TR	464287408	1,562	$331,254	0.02%
238	CHART INDS INC	16115Q308	1,595	$328,937	0.02%
239	VANGUARD INTL EQUITY INDEX F	922042775	4,451	$327,416	0.02%
240	BORGWARNER INC	BWA	7,265	$327,361	0.02%
241	PROSHARES TR	74348A467	3,145	$327,301	0.02%
242	J P MORGAN EXCHANGE TRADED F	46641Q134	4,343	$325,204	0.02%
243	GE AEROSPACE	369604301	1,043	$321,276	0.01%
244	VANGUARD WORLD FD	92204A884	1,613	$312,401	0.01%
245	VANGUARD INDEX FDS	922908736	625	$304,913	0.01%
246	ASML HOLDING N V	ASMLF	274	$293,544	0.01%
247	PHILLIPS 66	PSX	2,270	$292,921	0.01%
248	CITIGROUP INC	C-PR	2,481	$289,508	0.01%
249	AMGEN INC	AMGN	875	$286,397	0.01%
250	ISHARES TR	464287150	1,898	$282,214	0.01%
251	TC ENERGY CORP	TRPRF	5,072	$279,011	0.01%
252	CONOCOPHILLIPS	COP	2,970	$278,022	0.01%
253	CAPITAL ONE FINL CORP	14040H105	1,141	$276,533	0.01%
254	ISHARES TR	464287481	2,017	$276,208	0.01%
255	ISHARES INC	46434G103	3,987	$268,007	0.01%
256	MONDELEZ INTL INC	609207105	4,749	$255,639	0.01%
257	ISHARES BITCOIN TRUST ETF	IBIT	5,132	$254,804	0.01%
258	SPDR INDEX SHS FDS	78463X848	7,005	$251,620	0.01%
259	DEERE & CO	DE	535	$249,080	0.01%
260	BP PLC	BPPFF	7,074	$245,681	0.01%
261	MANULIFE FINL CORP	56501R106	6,745	$244,709	0.01%
262	DOVER CORP	DOV	1,228	$239,734	0.01%
263	DICKS SPORTING GOODS INC	253393102	1,210	$239,544	0.01%
264	ISHARES TR	464288414	2,069	$221,611	0.01%
265	ISHARES TR	464288257	1,546	$218,726	0.01%
266	BLACKSTONE INC	BX	1,411	$217,492	0.01%
267	SHELL PLC	RYDAF	2,932	$215,407	0.01%
268	WABTEC	929740108	1,006	$214,731	0.01%
269	SELECT SECTOR SPDR TR	81369Y308	2,625	$203,879	0.01%
270	FIRST MERCHANTS CORP	FRMEP	5,389	$201,980	0.01%
271	AMERICAN RES CORP	AREC	13,522	$33,535	0.00%