# EDGAR Filing Document

**Accession Number:** 0001346378
**File Stem:** 0001346378-25-000009
**Filing Date:** 2025-11
**Character Count:** 25559
**Document Hash:** 0282dbdf6769953c0b95b4cb76eb4d81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001346378-25-000009.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001346378-25-000009

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baldwin Investment Management, LLC
- **CENTRAL INDEX KEY:** 0001346378

**ORGANIZATION NAME:**
- **EIN:** 233004562
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11586
- **FILM NUMBER:** 251466491

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 CONSHOHOCKEN STATE RD
- **STREET 2:** SUITE 1-202
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 610-260-1555

**MAIL ADDRESS:**
- **STREET 1:** 1001 CONSHOHOCKEN STATE RD
- **STREET 2:** SUITE 1-202
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Baldwin Investment Management LLC<br>**Address:** 1001 CONSHOHOCKEN STATE RD<br>SUITE 1-202<br>WEST CONSHOHOCKEN, PA 19428

**Form 13F File Number:** 028-11586

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Christina McCloy<br>**Title:** Chief Compliance Officer<br>**Phone:** 610-260-0691

**Signature, Place, and Date of Signing:**

Christina McCloy  West Conshohocken, PA  11-10-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 207

**Form 13F Information Table Value Total:** $873386104

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Abbott Laboratories | Common Stock | 002824100 |  | 5285908 | 39465 | SH |  | SOLE |  | 30855 | 0 | 8610 |
| Abbvie Inc | Common Stock | 00287Y109 |  | 6709994 | 28980 | SH |  | SOLE |  | 18830 | 0 | 10150 |
| Accenture Plc | Common Stock | G1151C101 |  | 2621111 | 10629 | SH |  | SOLE |  | 9584 | 0 | 1045 |
| Adobe Inc | Common Stock | 00724F101 |  | 2018788 | 5723 | SH |  | SOLE |  | 4828 | 0 | 895 |
| Air Products and Chemicals Inc | Common Stock | 009158106 |  | 846250 | 3103 | SH |  | SOLE |  | 803 | 0 | 2300 |
| Allstate Corp | Common Stock | 020002101 |  | 427583 | 1992 | SH |  | SOLE |  | 1742 | 0 | 250 |
| Alphabet Inc Class A | Common Stock | 02079K305 |  | 8221431 | 33819 | SH |  | SOLE |  | 23154 | 0 | 10665 |
| Alphabet Inc Class C | Common Stock | 02079K107 |  | 3841271 | 15772 | SH |  | SOLE |  | 14272 | 0 | 1500 |
| Amazon.com Inc | Common Stock | 023135106 |  | 9082293 | 41364 | SH |  | SOLE |  | 35089 | 0 | 6275 |
| American Express Co | Common Stock | 025816109 |  | 2304194 | 6937 | SH |  | SOLE |  | 3587 | 0 | 3350 |
| American Tower REIT | Common Stock | 03027X100 |  | 2560653 | 13315 | SH |  | SOLE |  | 8945 | 0 | 4370 |
| Amrize AG | Common Stock | H2927K103 |  | 417601 | 8605 | SH |  | SOLE |  | 6805 | 0 | 1800 |
| Analog Devices Inc | Common Stock | 032654105 |  | 863636 | 3515 | SH |  | SOLE |  | 2640 | 0 | 875 |
| Aon PLC | ADR | G0403H108 |  | 320922 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| Apple Inc | Common Stock | 037833100 |  | 18457160 | 72486 | SH |  | SOLE |  | 51959 | 0 | 20527 |
| Ares Capital Corp | Common Stock | 04010L103 |  | 1240311 | 60770 | SH |  | SOLE |  | 43420 | 0 | 17350 |
| ASML Holdings NV | NY Registry Shs | N07059210 |  | 1291432 | 1334 | SH |  | SOLE |  | 399 | 0 | 935 |
| Autodesk Inc | Common Stock | 052769106 |  | 929820 | 2927 | SH |  | SOLE |  | 2547 | 0 | 380 |
| Automatic Data Processing Inc | Common Stock | 053015103 |  | 868467 | 2959 | SH |  | SOLE |  | 1459 | 0 | 1500 |
| Avantis US Small Cap Value ETF | US SML CP VALU | 025072877 |  | 261290 | 2625 | SH |  | SOLE |  | 2625 | 0 | 0 |
| Axalta Coating Systems | Common Stock | G0750C108 |  | 1879647 | 65676 | SH |  | SOLE |  | 40826 | 0 | 24850 |
| Baidu Inc ADR | ADR | 056752108 |  | 408751 | 3102 | SH |  | SOLE |  | 2167 | 0 | 935 |
| Baker Hughes Co | Common Stock | 05722G100 |  | 3578581 | 73452 | SH |  | SOLE |  | 60502 | 0 | 12950 |
| Bank of America Corp | Common Stock | 060505104 |  | 1005747 | 19495 | SH |  | SOLE |  | 3595 | 0 | 15900 |
| Berkshire Hathaway Inc A | CL A | 084670108 |  | 419335200 | 556 | SH |  | SOLE |  | 555 | 0 | 1 |
| Berkshire Hathaway Inc B | CL B | 084670702 |  | 9541000 | 18978 | SH |  | SOLE |  | 13904 | 0 | 5074 |
| Blackrock Inc | Common Stock | 09290D101 |  | 5422030 | 4651 | SH |  | SOLE |  | 3391 | 0 | 1260 |
| Blackstone Inc | PRTNRSP UNITS | 09260D107 |  | 2137504 | 12511 | SH |  | SOLE |  | 11111 | 0 | 1400 |
| Borg Warner Inc | Common Stock | 099724106 |  | 1078559 | 24535 | SH |  | SOLE |  | 17185 | 0 | 7350 |
| Boston Scientific Corp | Common Stock | 101137107 |  | 1283346 | 13145 | SH |  | SOLE |  | 11485 | 0 | 1660 |
| Bristol-Myers Squibb | Common Stock | 110122108 |  | 377434 | 8369 | SH |  | SOLE |  | 3520 | 0 | 4849 |
| Broadcom Limited | Common Stock | 11135F101 |  | 23823518 | 72212 | SH |  | SOLE |  | 60337 | 0 | 11875 |
| Brookfield Renewable Partners LP | PRTNRSP UNITS | G16258108 |  | 687484 | 26657 | SH |  | SOLE |  | 17257 | 0 | 9400 |
| C S X Corp | Common Stock | 126408103 |  | 279925 | 7883 | SH |  | SOLE |  | 5883 | 0 | 2000 |
| Cabot Corporation | Common Stock | 127055101 |  | 435767 | 5730 | SH |  | SOLE |  | 0 | 0 | 5730 |
| Cambria Shareholder Yield ETF | SHSHLD YIELD ETF | 132061201 |  | 286944 | 4179 | SH |  | SOLE |  | 4179 | 0 | 0 |
| Canadian Pacific Kansas City Ltd | Common Stock | 13646K108 |  | 311741 | 4185 | SH |  | SOLE |  | 2385 | 0 | 1800 |
| Capital One Financial | Common Stock | 14040H105 |  | 2960177 | 13925 | SH |  | SOLE |  | 11525 | 0 | 2400 |
| Carnival Corp | Common Stock | 143658300 |  | 610839 | 21129 | SH |  | SOLE |  | 7229 | 0 | 13900 |
| Carrier Global Corp | Common Stock | 14448C104 |  | 671028 | 11240 | SH |  | SOLE |  | 3640 | 0 | 7600 |
| Caterpillar Inc | Common Stock | 149123101 |  | 4094901 | 8582 | SH |  | SOLE |  | 5632 | 0 | 2950 |
| Cencora Inc | Common Stock | 03073E105 |  | 1065102 | 3408 | SH |  | SOLE |  | 3408 | 0 | 0 |
| Check Point Software Technologies | Common Stock | M22465104 |  | 507136 | 2451 | SH |  | SOLE |  | 2451 | 0 | 0 |
| Chevron Corp. | Common Stock | 166764100 |  | 1327730 | 8550 | SH |  | SOLE |  | 6485 | 0 | 2065 |
| Chubb Corp. | Common Stock | H1467J104 |  | 1760393 | 6237 | SH |  | SOLE |  | 4912 | 0 | 1325 |
| Cigna Corporation | Common Stock | 125523100 |  | 721778 | 2504 | SH |  | SOLE |  | 2504 | 0 | 0 |
| Cintas Corp | Common Stock | 172908105 |  | 821040 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| Cisco Systems Inc | Common Stock | 17275R102 |  | 908084 | 13272 | SH |  | SOLE |  | 7572 | 0 | 5700 |
| CME Group Inc | Common Stock | 12572Q105 |  | 1235038 | 4571 | SH |  | SOLE |  | 3801 | 0 | 770 |
| Coca Cola Co. | Common Stock | 191216100 |  | 846906 | 12770 | SH |  | SOLE |  | 9370 | 0 | 3400 |
| Colgate Palmolive Co | Common Stock | 194162103 |  | 461414 | 5772 | SH |  | SOLE |  | 1722 | 0 | 4050 |
| Comcast Corp | Common Stock | 20030N101 |  | 437304 | 13918 | SH |  | SOLE |  | 8918 | 0 | 5000 |
| Constellation Brands Inc | Common Stock | 21036P108 |  | 552416 | 4102 | SH |  | SOLE |  | 1707 | 0 | 2395 |
| Corning Inc | Common Stock | 219350105 |  | 629580 | 7675 | SH |  | SOLE |  | 7675 | 0 | 0 |
| Corteva Agriscience Inc | Common Stock | 22052L104 |  | 1090804 | 16129 | SH |  | SOLE |  | 7029 | 0 | 9100 |
| Costco Wholesale Corporation | Common Stock | 22160K105 |  | 10226181 | 11048 | SH |  | SOLE |  | 9146 | 0 | 1902 |
| Crowdstrike Hldgs Inc | Common Stock | 22788C105 |  | 375141 | 765 | SH |  | SOLE |  | 765 | 0 | 0 |
| Cummins Inc | Common Stock | 231021106 |  | 523739 | 1240 | SH |  | SOLE |  | 790 | 0 | 450 |
| Danaher Corp | Common Stock | 235851102 |  | 2466038 | 12438 | SH |  | SOLE |  | 9795 | 0 | 2643 |
| Darden Restaurants Inc | Common Stock | 237194105 |  | 2041230 | 10723 | SH |  | SOLE |  | 7828 | 0 | 2895 |
| Datadog Inc | Common Stock | 23804L103 |  | 1183344 | 8310 | SH |  | SOLE |  | 7235 | 0 | 1075 |
| Deere  Co | Common Stock | 244199105 |  | 1828583 | 3999 | SH |  | SOLE |  | 3272 | 0 | 727 |
| Dell Inc | Common Stock | 24703L202 |  | 308775 | 2178 | SH |  | SOLE |  | 2178 | 0 | 0 |
| Diamondback Energy | Common Stock | 25278X109 |  | 1213345 | 8479 | SH |  | SOLE |  | 6504 | 0 | 1975 |
| Dover Corp | Common Stock | 260003108 |  | 241904 | 1450 | SH |  | SOLE |  | 1450 | 0 | 0 |
| Duke Energy Corp. | Common Stock | 26441C204 |  | 983009 | 7944 | SH |  | SOLE |  | 6613 | 0 | 1331 |
| Dutch Bros Inc | Common Stock | 26701L100 |  | 356959 | 6820 | SH |  | SOLE |  | 6820 | 0 | 0 |
| Eagle Materials Inc | Common Stock | 26969P108 |  | 419472 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| Eaton Corp | Common Stock | G29183103 |  | 4756718 | 12710 | SH |  | SOLE |  | 8630 | 0 | 4080 |
| Edwards Lifesciences Corp | Common Stock | 28176E108 |  | 1173160 | 15085 | SH |  | SOLE |  | 11360 | 0 | 3725 |
| Eli Lilly  Company | Common Stock | 532457108 |  | 8453143 | 11079 | SH |  | SOLE |  | 7839 | 0 | 3240 |
| Emerson Electric Co | Common Stock | 291011104 |  | 208183 | 1587 | SH |  | SOLE |  | 1387 | 0 | 200 |
| Enterprise Products Partners | Unit Ltd Partn | 293792107 |  | 6017599 | 192440 | SH |  | SOLE |  | 68590 | 0 | 123850 |
| Exelon Corporation | Common Stock | 30161N101 |  | 290315 | 6450 | SH |  | SOLE |  | 5350 | 0 | 1100 |
| Expand Energy Corp | Common Stock | 165167735 |  | 756216 | 7118 | SH |  | SOLE |  | 5218 | 0 | 1900 |
| Exxon Mobil Corporation | Common Stock | 30231G102 |  | 6412378 | 56873 | SH |  | SOLE |  | 41174 | 0 | 15699 |
| FedEx Corp | Common Stock | 31428X106 |  | 230386 | 977 | SH |  | SOLE |  | 977 | 0 | 0 |
| First Solar Inc | Common Stock | 336433107 |  | 1351187 | 6127 | SH |  | SOLE |  | 4127 | 0 | 2000 |
| Fiserv Inc | Common Stock | 337738108 |  | 1589062 | 12325 | SH |  | SOLE |  | 1550 | 0 | 10775 |
| Fortive Corp | Common Stock | 34959J108 |  | 668909 | 13654 | SH |  | SOLE |  | 12904 | 0 | 750 |
| Freeport McMoRan | Common Stock | 35671D857 |  | 1487771 | 37934 | SH |  | SOLE |  | 17914 | 0 | 20020 |
| GE Vernova Inc. | Common Stock | 36828A101 |  | 268711 | 437 | SH |  | SOLE |  | 437 | 0 | 0 |
| Goldman Sachs Group Inc | Common Stock | 38141G104 |  | 5110085 | 6417 | SH |  | SOLE |  | 4912 | 0 | 1505 |
| GXO Logistics Inc | Common Stock | 36262G101 |  | 803346 | 15189 | SH |  | SOLE |  | 11504 | 0 | 3685 |
| Home Depot Inc | Common Stock | 437076102 |  | 4705877 | 11614 | SH |  | SOLE |  | 7559 | 0 | 4055 |
| Honeywell International | Common Stock | 438516106 |  | 1297285 | 6163 | SH |  | SOLE |  | 3988 | 0 | 2175 |
| HSBC PLC Spon ADR | ADR | 404280406 |  | 405083 | 5707 | SH |  | SOLE |  | 4007 | 0 | 1700 |
| HubSpot Inc | Common Stock | 443573100 |  | 288633 | 617 | SH |  | SOLE |  | 502 | 0 | 115 |
| Icici Bank Ltd Adr | ADR | 45104G104 |  | 2038651 | 67438 | SH |  | SOLE |  | 47226 | 0 | 20212 |
| Immunome Inc. | Common Stock | 45257U108 |  | 297364 | 25394 | SH |  | SOLE |  | 21773 | 0 | 3621 |
| Industrial Select Sector SPDR Fund | SBI INT-INDS | 81369Y704 |  | 303833 | 1970 | SH |  | SOLE |  | 1970 | 0 | 0 |
| Infosys Technologies Ltd | Sponsored ADR | 456788108 |  | 1217647 | 74840 | SH |  | SOLE |  | 32440 | 0 | 42400 |
| Intercontinental Exchange | Common Stock | 45866F104 |  | 1610500 | 9559 | SH |  | SOLE |  | 5409 | 0 | 4150 |
| International Business Machines Corp | Common Stock | 459200101 |  | 1778737 | 6304 | SH |  | SOLE |  | 2249 | 0 | 4055 |
| Intuitive Surgical | Common Stock | 46120E602 |  | 4723643 | 10562 | SH |  | SOLE |  | 8297 | 0 | 2265 |
| Iqvia Hldgs Inc | Common Stock | 46266C105 |  | 523855 | 2758 | SH |  | SOLE |  | 2108 | 0 | 650 |
| iShares MSCI EAFE Index Fund | MSCI EAFE ETF | 464287465 |  | 357140 | 3825 | SH |  | SOLE |  | 3825 | 0 | 0 |
| Ishares MSCI India Index | MSCI India ETF | 46429B598 |  | 975917 | 18746 | SH |  | SOLE |  | 13386 | 0 | 5360 |
| iShares MSCI Japan Index Fund | MSCI Japan ETF | 46434G822 |  | 635343 | 7921 | SH |  | SOLE |  | 4534 | 0 | 3387 |
| iShares Russell Midcap Index Fd | Rus Mid Cap ETF | 464287499 |  | 807448 | 8363 | SH |  | SOLE |  | 8363 | 0 | 0 |
| iShares S Smallcap 600 | S Smlcap 600 | 464287804 |  | 1773894 | 14928 | SH |  | SOLE |  | 14928 | 0 | 0 |
| iShares TIPS Bond Fund | Barclys TIPS BD | 464287176 |  | 578344 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| Ishares Tr Russell 2000 Index Fd | Russell 2000 ETF | 464287655 |  | 559412 | 2312 | SH |  | SOLE |  | 2312 | 0 | 0 |
| Ishares Tr S Midcap | S Midcap | 464287507 |  | 236241 | 3620 | SH |  | SOLE |  | 3620 | 0 | 0 |
| iShares Trust Dow Jones US Tech Fund | US Tech ETF | 464287721 |  | 378010 | 1930 | SH |  | SOLE |  | 1930 | 0 | 0 |
| Itau UniBanco Multiplo ADR | SPONS ADR | 465562106 |  | 530594 | 72288 | SH |  | SOLE |  | 43739 | 0 | 28549 |
| J.P. Morgan Chase  Co | Common Stock | 46625H100 |  | 15389602 | 48789 | SH |  | SOLE |  | 33439 | 0 | 15350 |
| Johnson  Johnson | Common Stock | 478160104 |  | 3326344 | 17940 | SH |  | SOLE |  | 9358 | 0 | 8582 |
| Johnson Controls Inc | Common Stock | G51502105 |  | 380867 | 3464 | SH |  | SOLE |  | 3464 | 0 | 0 |
| Kimberly Clark Corp | Common Stock | 494368103 |  | 1427672 | 11482 | SH |  | SOLE |  | 8432 | 0 | 3050 |
| Kyndryl Holdings | Common Stock | 50155Q100 |  | 251651 | 8380 | SH |  | SOLE |  | 7100 | 0 | 1280 |
| L3Harris Technologies | Common Stock | 502431109 |  | 1188656 | 3892 | SH |  | SOLE |  | 2437 | 0 | 1455 |
| Lam Research Corp | Common Stock | 512807306 |  | 13393811 | 100028 | SH |  | SOLE |  | 83553 | 0 | 16475 |
| Leidos Holdings Inc | Common Stock | 525327102 |  | 519640 | 2750 | SH |  | SOLE |  | 1600 | 0 | 1150 |
| Linde PLC | SPONS ADR | G54950103 |  | 5705858 | 12012 | SH |  | SOLE |  | 8352 | 0 | 3660 |
| Lockheed Martin Corp | Common Stock | 539830109 |  | 673934 | 1350 | SH |  | SOLE |  | 495 | 0 | 855 |
| Lowes Companies Inc | Common Stock | 548661107 |  | 2719558 | 10822 | SH |  | SOLE |  | 9722 | 0 | 1100 |
| Marvell Technology Group | Common Stock | 573874104 |  | 807072 | 9600 | SH |  | SOLE |  | 4325 | 0 | 5275 |
| Mastercard Inc | Common Stock | 57636Q104 |  | 2410617 | 4238 | SH |  | SOLE |  | 3343 | 0 | 895 |
| McDonald's Corp | Common Stock | 580135101 |  | 2299840 | 7568 | SH |  | SOLE |  | 2417 | 0 | 5151 |
| McKesson Corp | Common Stock | 58155Q103 |  | 919323 | 1190 | SH |  | SOLE |  | 840 | 0 | 350 |
| Merck  Co Inc | Common Stock | 58933Y105 |  | 467490 | 5570 | SH |  | SOLE |  | 4870 | 0 | 700 |
| Meta Platforms Inc | Common Stock | 30303M102 |  | 1440876 | 1962 | SH |  | SOLE |  | 1837 | 0 | 125 |
| Mettler Toledo Intl Inc | Common Stock | 592688105 |  | 1302494 | 1061 | SH |  | SOLE |  | 547 | 0 | 514 |
| Micron Technology Inc | Common Stock | 595112103 |  | 217516 | 1300 | SH |  | SOLE |  | 1100 | 0 | 200 |
| Microsoft Corp | Common Stock | 594918104 |  | 16930750 | 32688 | SH |  | SOLE |  | 20255 | 0 | 12433 |
| Mizuho Financial Group Inc | ADR | 60687Y109 |  | 192960 | 28800 | SH |  | SOLE |  | 18900 | 0 | 9900 |
| Mondelez International | Common Stock | 609207105 |  | 1259246 | 20158 | SH |  | SOLE |  | 16814 | 0 | 3344 |
| Morgan Stanley  Co | Common Stock | 617446448 |  | 3127012 | 19672 | SH |  | SOLE |  | 14572 | 0 | 5100 |
| Nextera Energy | Common Stock | 65339F101 |  | 2881151 | 38166 | SH |  | SOLE |  | 31541 | 0 | 6625 |
| Nike Inc | Common Stock | 654106103 |  | 1471153 | 21098 | SH |  | SOLE |  | 17973 | 0 | 3125 |
| Novo Nordisk | ADR | 670100205 |  | 1213788 | 21874 | SH |  | SOLE |  | 9649 | 0 | 12225 |
| Nucor Corp | Common Stock | 670346105 |  | 227522 | 1680 | SH |  | SOLE |  | 1595 | 0 | 85 |
| Nvidia Corp | Common Stock | 67066G104 |  | 22051694 | 118189 | SH |  | SOLE |  | 98014 | 0 | 20175 |
| NXP Semiconductors N.V. | Common Stock | N6596X109 |  | 1149353 | 5047 | SH |  | SOLE |  | 3447 | 0 | 1600 |
| Ocugen Inc | Common Stock | 67577C105 |  | 40750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| Oracle Corp | Common Stock | 68389X105 |  | 2258357 | 8030 | SH |  | SOLE |  | 7680 | 0 | 350 |
| Palo Alto Networks | Common Stock | 697435105 |  | 4938803 | 24255 | SH |  | SOLE |  | 18176 | 0 | 6079 |
| Parker Hannifin Corp | Common Stock | 701094104 |  | 457164 | 603 | SH |  | SOLE |  | 453 | 0 | 150 |
| Pepsico Inc. | Common Stock | 713448108 |  | 1548211 | 11024 | SH |  | SOLE |  | 5834 | 0 | 5190 |
| Pfizer Inc. | Common Stock | 717081103 |  | 1366696 | 53638 | SH |  | SOLE |  | 45838 | 0 | 7800 |
| Phillips 66 | Common Stock | 718546104 |  | 353652 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| PNC Financial Services Group Inc | Common Stock | 693475105 |  | 569235 | 2833 | SH |  | SOLE |  | 1733 | 0 | 1100 |
| Powershares QQQ Trust | Unit Ser 1 | 46090E103 |  | 230108 | 383 | SH |  | SOLE |  | 335 | 0 | 48 |
| Procter  Gamble Co. | Common Stock | 742718109 |  | 1081621 | 7040 | SH |  | SOLE |  | 2920 | 0 | 4120 |
| Progressive Corp | Common Stock | 743315103 |  | 219045 | 887 | SH |  | SOLE |  | 887 | 0 | 0 |
| Prologis Inc | Common Stock | 74340W103 |  | 989224 | 8638 | SH |  | SOLE |  | 6638 | 0 | 2000 |
| Public Service Enterprise Group | Common Stock | 744573106 |  | 242034 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| Qualcomm Inc | Common Stock | 747525103 |  | 243218 | 1462 | SH |  | SOLE |  | 1082 | 0 | 380 |
| Rockwell Automation | Common Stock | 773903109 |  | 3684046 | 10540 | SH |  | SOLE |  | 7750 | 0 | 2790 |
| RPM International Inc | Common Stock | 749685103 |  | 468573 | 3975 | SH |  | SOLE |  | 2475 | 0 | 1500 |
| RTX Corp | Common Stock | 75513E101 |  | 7237351 | 43252 | SH |  | SOLE |  | 35203 | 0 | 8049 |
| RyanAir Holdings PLC | ADR | 783513203 |  | 1245892 | 20689 | SH |  | SOLE |  | 16252 | 0 | 4437 |
| Rydex S Equal Weight ETF | S 500 Eq TRD | 46137V357 |  | 1066480 | 5622 | SH |  | SOLE |  | 5392 | 0 | 230 |
| S DEP Receipts | Unit SER 1 | 78462F103 |  | 2746028 | 4122 | SH |  | SOLE |  | 1622 | 0 | 2500 |
| S Global Inc | S Global | 78409V104 |  | 4985014 | 10242 | SH |  | SOLE |  | 7962 | 0 | 2280 |
| Schwab International Equity Fund | Schwab ETF | 808524805 |  | 701957 | 30153 | SH |  | SOLE |  | 30153 | 0 | 0 |
| Schwab US Broad Market ETF | Schwab ETF | 808524102 |  | 493508 | 19195 | SH |  | SOLE |  | 19195 | 0 | 0 |
| Schwab US Dividend Equity ETF | Schwab ETF | 808524797 |  | 618089 | 22641 | SH |  | SOLE |  | 21054 | 0 | 1587 |
| Schwab US Small Cap ETF | Schwab ETF | 808524607 |  | 227292 | 8147 | SH |  | SOLE |  | 8147 | 0 | 0 |
| SHELL ADR EACH REP 2 ORD WI | ADR | 780259305 |  | 477248 | 6672 | SH |  | SOLE |  | 6472 | 0 | 200 |
| Sherwin Williams Co | Common Stock | 824348106 |  | 507963 | 1467 | SH |  | SOLE |  | 1357 | 0 | 110 |
| Shopify Inc | Common Stock | 82509L107 |  | 1334221 | 8978 | SH |  | SOLE |  | 6528 | 0 | 2450 |
| Southern Company | Common Stock | 842587107 |  | 1315218 | 13878 | SH |  | SOLE |  | 10028 | 0 | 3850 |
| SPDR Gold Trust | SPDR Gold ETF | 78463V107 |  | 222169 | 625 | SH |  | SOLE |  | 625 | 0 | 0 |
| Sportradar Group | ADR | H8088L103 |  | 877666 | 32627 | SH |  | SOLE |  | 15631 | 0 | 16996 |
| Starbucks Corp | Common Stock | 855244109 |  | 1259863 | 14892 | SH |  | SOLE |  | 9073 | 0 | 5819 |
| Synopsys Inc | Common Stock | 871607107 |  | 1754495 | 3556 | SH |  | SOLE |  | 2476 | 0 | 1080 |
| Sysco Corp | Common Stock | 871829107 |  | 286132 | 3475 | SH |  | SOLE |  | 2275 | 0 | 1200 |
| Taiwan Semiconductor Manufacturing ADR | Sponsored ADR | 874039100 |  | 4633980 | 16592 | SH |  | SOLE |  | 8320 | 0 | 8272 |
| Technology Select Sector SPDR Fund | SPDR ETF | 81369Y803 |  | 803301 | 2850 | SH |  | SOLE |  | 2100 | 0 | 750 |
| Tesla Inc | Common Stock | 88160R101 |  | 326424 | 734 | SH |  | SOLE |  | 719 | 0 | 15 |
| Texas Instruments Inc. | Common Stock | 882508104 |  | 326488 | 1777 | SH |  | SOLE |  | 1577 | 0 | 200 |
| Thermo Fisher Scientific | Common Stock | 883556102 |  | 4001510 | 8250 | SH |  | SOLE |  | 6240 | 0 | 2010 |
| TJX Inc | Common Stock | 872540109 |  | 2658958 | 18396 | SH |  | SOLE |  | 13346 | 0 | 5050 |
| T-Mobile US | Common Stock | 872590104 |  | 2340491 | 9777 | SH |  | SOLE |  | 8237 | 0 | 1540 |
| Tractor Supply Company | Common Stock | 892356106 |  | 2575074 | 45280 | SH |  | SOLE |  | 24205 | 0 | 21075 |
| Trane Technologies Plc | Common Stock | G8994E103 |  | 1146043 | 2716 | SH |  | SOLE |  | 1991 | 0 | 725 |
| Trip.com Group Ltd | ADR | 89677Q107 |  | 710038 | 9442 | SH |  | SOLE |  | 5642 | 0 | 3800 |
| Uber Technologies Inc | Common Stock | 90353T100 |  | 1727897 | 17637 | SH |  | SOLE |  | 14262 | 0 | 3375 |
| Ulta Beauty Inc. | Common Stock | 90384S303 |  | 1800448 | 3293 | SH |  | SOLE |  | 2843 | 0 | 450 |
| Union Pacific Corp | Common Stock | 907818108 |  | 3092192 | 13082 | SH |  | SOLE |  | 11007 | 0 | 2075 |
| UnitedHealth Group | Common Stock | 91324P102 |  | 1121880 | 3249 | SH |  | SOLE |  | 2249 | 0 | 1000 |
| Vanguard Dividend Appreciation ETF | Vang ETF | 921908844 |  | 622807 | 2886 | SH |  | SOLE |  | 2356 | 0 | 530 |
| Vanguard FTSE Developed Markets ETF | Vang ETF | 921943858 |  | 220654 | 3682 | SH |  | SOLE |  | 3182 | 0 | 500 |
| Vanguard FTSE Emerging Mkt ETF | Vang ETF | 922042858 |  | 469849 | 8672 | SH |  | SOLE |  | 7672 | 0 | 1000 |
| Vanguard Mid Cap Growth | Vang ETF | 922908538 |  | 1513019 | 5150 | SH |  | SOLE |  | 0 | 0 | 5150 |
| Vanguard Mid Cap Value | Vang ETF | 922908512 |  | 490134 | 2808 | SH |  | SOLE |  | 2548 | 0 | 260 |
| Vanguard Mid-Cap ETF | Vang ETF | 922908629 |  | 226370 | 771 | SH |  | SOLE |  | 706 | 0 | 65 |
| Vanguard S 500 Etf | Vang ETF | 922908363 |  | 5395477 | 8811 | SH |  | SOLE |  | 4437 | 0 | 4374 |
| Vanguard Small Cap Value | Vang ETF | 922908611 |  | 989412 | 4741 | SH |  | SOLE |  | 4369 | 0 | 372 |
| Vanguard Total Interntl Stk | Vang ETF | 921909768 |  | 1855865 | 25264 | SH |  | SOLE |  | 24466 | 0 | 798 |
| Vanguard Total Stock Market ETF | Vang ETF | 922908769 |  | 2452304 | 7473 | SH |  | SOLE |  | 7262 | 0 | 211 |
| VERALTO ORD WI | Common Stock | 92338C103 |  | 315676 | 2961 | SH |  | SOLE |  | 2482 | 0 | 479 |
| Vertex Pharmaceuticals | Common Stock | 92532F100 |  | 6167547 | 15748 | SH |  | SOLE |  | 11380 | 0 | 4368 |
| Vertiv Holdings Co | Common Stock | 92537N108 |  | 3666066 | 24301 | SH |  | SOLE |  | 18192 | 0 | 6109 |
| Viking Holdings | Common Stock | G93A5A101 |  | 1478476 | 23785 | SH |  | SOLE |  | 18785 | 0 | 5000 |
| Visa Inc. | Common Stock | 92826C839 |  | 7351981 | 21536 | SH |  | SOLE |  | 18661 | 0 | 2875 |
| Vulcan Materials Company | Common Stock | 929160109 |  | 1080669 | 3513 | SH |  | SOLE |  | 38 | 0 | 3475 |
| Wal-Mart Stores Inc. | Common Stock | 931142103 |  | 1018954 | 9887 | SH |  | SOLE |  | 8787 | 0 | 1100 |
| Walt Disney Co | Common Stock | 254687106 |  | 1019322 | 8902 | SH |  | SOLE |  | 6477 | 0 | 2425 |
| Waste Management Inc | Common Stock | 94106L109 |  | 2381872 | 10786 | SH |  | SOLE |  | 6496 | 0 | 4290 |
| Welltower Inc | Common Stock | 95040Q104 |  | 726099 | 4076 | SH |  | SOLE |  | 2826 | 0 | 1250 |
| Xylem Inc | Common Stock | 98419M100 |  | 281283 | 1907 | SH |  | SOLE |  | 602 | 0 | 1305 |
| Yum! Brands Inc | Common Stock | 988498101 |  | 1048648 | 6899 | SH |  | SOLE |  | 4999 | 0 | 1900 |
| Zoetis Inc | Common Stock | 98978V103 |  | 3360327 | 22966 | SH |  | SOLE |  | 15886 | 0 | 7080 |
| Zscaler Inc | Common Stock | 98980G102 |  | 1680493 | 5608 | SH |  | SOLE |  | 4109 | 0 | 1499 |

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