# EDGAR Filing Document

**Accession Number:** 0000943442
**File Stem:** 0001062993-25-013000
**Filing Date:** 2025-7
**Character Count:** 21354
**Document Hash:** 0e3cfd397aa401b9d885c6590ddaea49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-013000.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0001062993-25-013000

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**EFFECTIVENESS DATE**: 20250721

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HUDSON VALLEY INVESTMENT ADVISORS INC /ADV
- **CENTRAL INDEX KEY:** 0000943442

**ORGANIZATION NAME:**
- **EIN:** 061420079
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15104
- **FILM NUMBER:** 251136770

**BUSINESS ADDRESS:**
- **STREET 1:** 117 GRAND STREET, SUITE 201
- **CITY:** GOSHEN
- **STATE:** NY
- **ZIP:** 10924
- **BUSINESS PHONE:** 9142946127

**MAIL ADDRESS:**
- **STREET 1:** 117 GRAND STREET, SUITE 201
- **CITY:** GOSHEN
- **STATE:** NY
- **ZIP:** 10924

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HUDSON VALLEY INVESTMENT ADVISORS INC                   /ADV
- **DATE OF NAME CHANGE:** 19950404

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** HUDSON VALLEY INVESTMENT ADVISORS INC /ADV<br>**Address:** 117 GRAND STREET SUITE 201<br>GOSHEN, NY 10924

**Form 13F File Number:** 028-15104

**CRD Number (if applicable):** 000107387

**SEC File Number (if applicable):** 801-48913

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:** Mark Lazarczyk<br>**Title:** Chief Compliance Officer<br>**Phone:** 845-294-6127

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

Mark Lazarczyk  Goshen, NY  07-21-2025<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:** 175

**Form 13F Information Table Value Total:** $913443815

      (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 |
| 3M Co | COM | 88579Y101 |  | 334471 | 2197 | SH |  | SOLE |  | 1497 | 0 | 700 |
| Abbott Laboratories | COM | 002824100 |  | 1400767 | 10299 | SH |  | SOLE |  | 1745 | 0 | 8554 |
| AbbVie Inc | COM | 00287Y109 |  | 9521192 | 51294 | SH |  | SOLE |  | 44603 | 0 | 6691 |
| Adobe Systems Inc | COM | 00724F101 |  | 9415885 | 24337 | SH |  | SOLE |  | 19649 | 0 | 4688 |
| Advanced Micro Devices Inc | COM | 007903107 |  | 3141240 | 22137 | SH |  | SOLE |  | 13592 | 0 | 8545 |
| Aflac Inc | COM | 001055102 |  | 339792 | 3222 | SH |  | SOLE |  | 3222 | 0 | 0 |
| AGNC Investment Corp | COM | 00123Q104 |  | 147040 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| Alphabet Inc Class A | COM | 02079K305 |  | 1186028 | 6730 | SH |  | SOLE |  | 6050 | 0 | 680 |
| Alphabet Inc Class C | COM | 02079K107 |  | 21306668 | 120113 | SH |  | SOLE |  | 100246 | 0 | 19867 |
| Alps Barrons 400 ETF | COM | 00162Q726 |  | 231028 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| Amazon.com Inc | COM | 023135106 |  | 21856729 | 99624 | SH |  | SOLE |  | 84366 | 0 | 15258 |
| Amcor Plc | COM | G0250X107 |  | 101090 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| American Express Co | COM | 025816109 |  | 14561118 | 45649 | SH |  | SOLE |  | 39778 | 0 | 5871 |
| American Tower Corp | COM | 03027X100 |  | 728703 | 3297 | SH |  | SOLE |  | 1801 | 0 | 1496 |
| Amgen Inc | COM | 031162100 |  | 354038 | 1268 | SH |  | SOLE |  | 668 | 0 | 600 |
| Amphenol Corp | COM | 032095101 |  | 5537999 | 56081 | SH |  | SOLE |  | 53538 | 0 | 2543 |
| Apple Inc | COM | 037833100 |  | 26456907 | 128951 | SH |  | SOLE |  | 104153 | 0 | 24798 |
| AT Inc | COM | 00206R102 |  | 996093 | 34419 | SH |  | SOLE |  | 27245 | 0 | 7174 |
| Automatic Data Processing Inc | COM | 053015103 |  | 2561262 | 8305 | SH |  | SOLE |  | 3535 | 0 | 4770 |
| AutoZone Inc | COM | 053332102 |  | 9997035 | 2692 | SH |  | SOLE |  | 2299 | 0 | 393 |
| Baker Hughes Co | COM | 05722G100 |  | 4671154 | 121836 | SH |  | SOLE |  | 111738 | 0 | 10098 |
| Balchem Corp | COM | 057665200 |  | 396886 | 2493 | SH |  | SOLE |  | 2350 | 0 | 143 |
| Bank of America Corporation | COM | 060505104 |  | 3868768 | 81758 | SH |  | SOLE |  | 65202 | 0 | 16556 |
| Bank of New York Mellon Corp | COM | 064058100 |  | 317974 | 3490 | SH |  | SOLE |  | 3390 | 0 | 100 |
| Blackstone Inc | COM | 09260D107 |  | 1858681 | 12426 | SH |  | SOLE |  | 12426 | 0 | 0 |
| Blue Owl Capital Corp - Class A | COM | 09581B103 |  | 4517673 | 235173 | SH |  | SOLE |  | 221753 | 0 | 13420 |
| Boeing Co | COM | 097023105 |  | 642000 | 3064 | SH |  | SOLE |  | 1500 | 0 | 1564 |
| BP PLC | COM | 055622104 |  | 213670 | 7139 | SH |  | SOLE |  | 7139 | 0 | 0 |
| BrightSpire Capital Inc | COM | 10949T109 |  | 60600 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| Bristol-Myers Squibb Company | COM | 110122108 |  | 277231 | 5989 | SH |  | SOLE |  | 5964 | 0 | 25 |
| Broadcom Inc | COM | 11135F101 |  | 16019391 | 58115 | SH |  | SOLE |  | 38185 | 0 | 19930 |
| Brookfield Real Assets Income Fund Inc - Shs Ben Int | COM | 112830104 |  | 133700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Capital One Financial Corp | COM | 14040H105 |  | 747213 | 3512 | SH |  | SOLE |  | 3512 | 0 | 0 |
| Cardinal Health Inc | COM | 14149Y108 |  | 252000 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| Caterpillar Inc | COM | 149123101 |  | 1022545 | 2634 | SH |  | SOLE |  | 1734 | 0 | 900 |
| CBRE Group Inc | COM | 12504L109 |  | 5522269 | 39411 | SH |  | SOLE |  | 37009 | 0 | 2402 |
| Charles Schwab Corp | COM | 808513105 |  | 6152131 | 67428 | SH |  | SOLE |  | 62643 | 0 | 4785 |
| Chart Industries Inc | COM | 16115Q308 |  | 9229456 | 56055 | SH |  | SOLE |  | 50080 | 0 | 5975 |
| Chevron Corp | COM | 166764100 |  | 3092329 | 21596 | SH |  | SOLE |  | 17119 | 0 | 4477 |
| Chipotle Mexican Grill Inc | COM | 169656105 |  | 9016960 | 160587 | SH |  | SOLE |  | 139192 | 0 | 21395 |
| Chubb Ltd | COM | H1467J104 |  | 439191 | 1516 | SH |  | SOLE |  | 1516 | 0 | 0 |
| Ciena Corp | COM | 171779309 |  | 7203967 | 88578 | SH |  | SOLE |  | 80385 | 0 | 8193 |
| Cigna Corp | COM | 125523100 |  | 268100 | 811 | SH |  | SOLE |  | 441 | 0 | 370 |
| Cisco Systems Inc | COM | 17275R102 |  | 8914199 | 128484 | SH |  | SOLE |  | 117273 | 0 | 11211 |
| Coca-Cola Co | COM | 191216100 |  | 312220 | 4413 | SH |  | SOLE |  | 1813 | 0 | 2600 |
| Commercial Metals Co | COM | 201723103 |  | 714575 | 14610 | SH |  | SOLE |  | 14610 | 0 | 0 |
| Communication Services Select Sector SPDR ETF | COM | 81369Y852 |  | 7328814 | 67528 | SH |  | SOLE |  | 0 | 0 | 67528 |
| ConocoPhillips | COM | 20825C104 |  | 1298179 | 14466 | SH |  | SOLE |  | 8592 | 0 | 5874 |
| Consolidated Edison Inc | COM | 209115104 |  | 245958 | 2451 | SH |  | SOLE |  | 2451 | 0 | 0 |
| Consumer Discretionary Select Sector SPDR ETF | COM | 81369Y407 |  | 7604594 | 34991 | SH |  | SOLE |  | 0 | 0 | 34991 |
| Consumer Staples Select Sector SPDR  ETF | COM | 81369Y308 |  | 3969797 | 49028 | SH |  | SOLE |  | 0 | 0 | 49028 |
| Corning Inc | COM | 219350105 |  | 505653 | 9615 | SH |  | SOLE |  | 6740 | 0 | 2875 |
| Costco Wholesale Corp | COM | 22160K105 |  | 1813570 | 1832 | SH |  | SOLE |  | 1467 | 0 | 365 |
| CSW Industrials Inc | COM | 126402106 |  | 921298 | 3212 | SH |  | SOLE |  | 3212 | 0 | 0 |
| CSX Corp | COM | 126408103 |  | 5179565 | 158737 | SH |  | SOLE |  | 131701 | 0 | 27036 |
| CVS Health Corp | COM | 126650100 |  | 532123 | 7714 | SH |  | SOLE |  | 7714 | 0 | 0 |
| Danaher Corp | COM | 235851102 |  | 7702875 | 38994 | SH |  | SOLE |  | 34072 | 0 | 4922 |
| Devon Energy Corp | COM | 25179M103 |  | 209946 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| Digital Realty Trust Inc | COM | 253868103 |  | 396949 | 2277 | SH |  | SOLE |  | 2277 | 0 | 0 |
| Duke Energy Corp | COM | 26441C204 |  | 4996471 | 42343 | SH |  | SOLE |  | 36170 | 0 | 6173 |
| Eagle Point Credit Co LLC | COM | 269808101 |  | 80430 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| Eli Lilly and Co | COM | 532457108 |  | 37438487 | 48027 | SH |  | SOLE |  | 16205 | 0 | 31822 |
| Emerson Electric Co | COM | 291011104 |  | 1400170 | 10502 | SH |  | SOLE |  | 9152 | 0 | 1350 |
| Enbridge Inc | COM | 29250N105 |  | 276999 | 6120 | SH |  | SOLE |  | 4756 | 0 | 1364 |
| Energy Select Sector SPDR ETF | COM | 81369Y506 |  | 2612063 | 30799 | SH |  | SOLE |  | 0 | 0 | 30799 |
| Etfis Ser Tr I Virtus Infracap US Pfd Stk ETF | COM | 26923G822 |  | 249960 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| Extra Space Storage Inc | COM | 30225T102 |  | 414601 | 2812 | SH |  | SOLE |  | 537 | 0 | 2275 |
| Exxon Mobil Corp | COM | 30231G102 |  | 10303015 | 95575 | SH |  | SOLE |  | 76884 | 0 | 18691 |
| Financial Select Sector SPDR  ETF | COM | 81369Y605 |  | 10222729 | 195202 | SH |  | SOLE |  | 0 | 0 | 195202 |
| Fluor Corporation | COM | 343412102 |  | 8133422 | 158639 | SH |  | SOLE |  | 141754 | 0 | 16885 |
| GE Vernova Inc | COM | 36828A101 |  | 449778 | 850 | SH |  | SOLE |  | 195 | 0 | 655 |
| Generac Holdings Inc | COM | 368736104 |  | 2150728 | 15018 | SH |  | SOLE |  | 13621 | 0 | 1397 |
| General Electric Co | COM | 369604301 |  | 981943 | 3815 | SH |  | SOLE |  | 1037 | 0 | 2778 |
| Goldman Sachs Group Inc | COM | 38141G104 |  | 6192105 | 8749 | SH |  | SOLE |  | 8149 | 0 | 600 |
| Health Care Select Sector SPDR ETF | COM | 81369Y209 |  | 7288230 | 54071 | SH |  | SOLE |  | 0 | 0 | 54071 |
| Honeywell International Inc | COM | 438516106 |  | 295292 | 1268 | SH |  | SOLE |  | 988 | 0 | 280 |
| Hubbell Inc | COM | 443510607 |  | 367569 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| Illinois Tool Works Inc | COM | 452308109 |  | 342441 | 1385 | SH |  | SOLE |  | 850 | 0 | 535 |
| Industrial Select Sector SPDR  ETF | COM | 81369Y704 |  | 6256323 | 42410 | SH |  | SOLE |  | 0 | 0 | 42410 |
| International Business Machines Corp | COM | 459200101 |  | 9996285 | 33911 | SH |  | SOLE |  | 30818 | 0 | 3093 |
| Intuitive Surgical Inc | COM | 46120E602 |  | 36528564 | 67221 | SH |  | SOLE |  | 300 | 0 | 66921 |
| Invesco CEF Income Composite ETF | COM | 46138E404 |  | 306856 | 15704 | SH |  | SOLE |  | 15704 | 0 | 0 |
| Invesco QQQ Trust | COM | 46090E103 |  | 1552867 | 2815 | SH |  | SOLE |  | 175 | 0 | 2640 |
| iShares Core S 500 ETF | COM | 464287200 |  | 481198 | 775 | SH |  | SOLE |  | 0 | 0 | 775 |
| iShares Core S Small-Cap ETF | COM | 464287804 |  | 465685 | 4261 | SH |  | SOLE |  | 0 | 0 | 4261 |
| iShares Floating Rate Bond ETF | COM | 46429B655 |  | 7769785 | 152289 | SH |  | SOLE |  | 0 | 0 | 152289 |
| iShares New York Muni Bond ETF | COM | 464288323 |  | 505758 | 9700 | SH |  | SOLE |  | 9700 | 0 | 0 |
| iShares S 500 Growth ETF | COM | 464287309 |  | 324795 | 2950 | SH |  | SOLE |  | 0 | 0 | 2950 |
| iShares Short Term National Muni Bond ETF | COM | 464288158 |  | 1199303 | 11278 | SH |  | SOLE |  | 0 | 0 | 11278 |
| iShares U.S. Technology ETF | COM | 464287721 |  | 776250 | 4480 | SH |  | SOLE |  | 0 | 0 | 4480 |
| Johnson  Johnson | COM | 478160104 |  | 1663906 | 10893 | SH |  | SOLE |  | 7283 | 0 | 3610 |
| JP Morgan Ultra-Short Income ETF | COM | 46641Q837 |  | 499908 | 9864 | SH |  | SOLE |  | 9864 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 18413100 | 63513 | SH |  | SOLE |  | 51143 | 0 | 12370 |
| KLA Corp | COM | 482480100 |  | 16578356 | 18508 | SH |  | SOLE |  | 16936 | 0 | 1572 |
| Lincoln Electric Holdings Inc | COM | 533900106 |  | 4447429 | 21453 | SH |  | SOLE |  | 18554 | 0 | 2899 |
| Lockheed Martin Corp | COM | 539830109 |  | 659691 | 1424 | SH |  | SOLE |  | 704 | 0 | 720 |
| Mach Natural Resources LP | COM | 55445L100 |  | 144400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Marsh  McLennan Companies Inc | COM | 571748102 |  | 10272144 | 46981 | SH |  | SOLE |  | 39498 | 0 | 7483 |
| Mastercard Inc | COM | 57636Q104 |  | 609143 | 1084 | SH |  | SOLE |  | 1084 | 0 | 0 |
| Materials Select Sector SPDR  ETF | COM | 81369Y100 |  | 1131607 | 12887 | SH |  | SOLE |  | 0 | 0 | 12887 |
| McDonald's Corp | COM | 580135101 |  | 4987226 | 17070 | SH |  | SOLE |  | 15155 | 0 | 1915 |
| Medtronic PLC | COM | G5960L103 |  | 8948349 | 102654 | SH |  | SOLE |  | 1219 | 0 | 101435 |
| MercadoLibre Inc | COM | 58733R102 |  | 5088738 | 1947 | SH |  | SOLE |  | 1875 | 0 | 72 |
| Merck  Co Inc | COM | 58933Y105 |  | 886166 | 11195 | SH |  | SOLE |  | 9630 | 0 | 1565 |
| Meta Platforms Inc | COM | 30303M102 |  | 15787745 | 21390 | SH |  | SOLE |  | 19524 | 0 | 1866 |
| Microsoft Corp | COM | 594918104 |  | 42715074 | 85875 | SH |  | SOLE |  | 71273 | 0 | 14602 |
| Mondelez International Inc | COM | 609207105 |  | 4031024 | 59772 | SH |  | SOLE |  | 51790 | 0 | 7982 |
| Morgan Stanley | COM | 617446448 |  | 9428405 | 66936 | SH |  | SOLE |  | 55079 | 0 | 11857 |
| NETFLIX Inc | COM | 64110L106 |  | 5959128 | 4450 | SH |  | SOLE |  | 4282 | 0 | 168 |
| NextEra Energy Inc | COM | 65339F101 |  | 3734935 | 53802 | SH |  | SOLE |  | 51895 | 0 | 1907 |
| Norfolk Southern Corp | COM | 655844108 |  | 383955 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| Northrop Grumman Corp | COM | 666807102 |  | 934963 | 1870 | SH |  | SOLE |  | 1825 | 0 | 45 |
| Nucor Corp | COM | 670346105 |  | 3882184 | 29970 | SH |  | SOLE |  | 27511 | 0 | 2459 |
| Nuveen AMT-Free Municipal Credit Income Fund | COM | 67071L106 |  | 125265 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| Nuveen AMT-Free Quality Municipal Income Fund | COM | 670657105 |  | 260660 | 23870 | SH |  | SOLE |  | 23870 | 0 | 0 |
| Nuveen Municipal Credit Income Fund | COM | 67070X101 |  | 125160 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| Nuveen Municipal High Income Opportunity Fund | COM | 670682103 |  | 119255 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| Nuveen Municipal Value Inc | COM | 670928100 |  | 358151 | 41215 | SH |  | SOLE |  | 37515 | 0 | 3700 |
| NVIDIA Corp | COM | 67066G104 |  | 44298974 | 280390 | SH |  | SOLE |  | 228988 | 0 | 51402 |
| Open Lending Corp | COM | 68373J104 |  | 113383 | 58445 | SH |  | SOLE |  | 58445 | 0 | 0 |
| Oracle Corp | COM | 68389X105 |  | 3389967 | 15505 | SH |  | SOLE |  | 14855 | 0 | 650 |
| Orange County Bancorp Inc | COM | 68417L107 |  | 30016183 | 1161617 | SH |  | SOLE |  | 258649 | 0 | 902968 |
| Oshkosh Corp | COM | 688239201 |  | 355494 | 3131 | SH |  | SOLE |  | 1163 | 0 | 1968 |
| Pangaea Logistics Solution Ltd | COM | G6891L105 |  | 108100 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| PepsiCo Inc | COM | 713448108 |  | 5684960 | 43055 | SH |  | SOLE |  | 33518 | 0 | 9537 |
| Pfizer Inc | COM | 717081103 |  | 712905 | 29410 | SH |  | SOLE |  | 24961 | 0 | 4449 |
| Phillips 66 | COM | 718546104 |  | 265442 | 2225 | SH |  | SOLE |  | 1525 | 0 | 700 |
| Platinum Group Metals Ltd | COM | 72765Q882 |  | 20120 | 13150 | SH |  | SOLE |  | 0 | 0 | 13150 |
| PNC Financial Services Group Inc | COM | 693475105 |  | 293612 | 1575 | SH |  | SOLE |  | 500 | 0 | 1075 |
| PPL Corp | COM | 69351T106 |  | 224521 | 6625 | SH |  | SOLE |  | 5825 | 0 | 800 |
| Procter  Gamble Co | COM | 742718109 |  | 2963895 | 18603 | SH |  | SOLE |  | 14403 | 0 | 4200 |
| Prologis Inc | COM | 74340W103 |  | 4466601 | 42491 | SH |  | SOLE |  | 36132 | 0 | 6359 |
| QUALCOMM Inc | COM | 747525103 |  | 254816 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| Quanta Services Inc | COM | 74762E102 |  | 5222419 | 13813 | SH |  | SOLE |  | 13238 | 0 | 575 |
| Ready Capital Corp | COM | 75574U101 |  | 68609 | 15700 | SH |  | SOLE |  | 15700 | 0 | 0 |
| Real Estate Select Sector SPDR ETF | COM | 81369Y860 |  | 1210582 | 29227 | SH |  | SOLE |  | 0 | 0 | 29227 |
| ResMed Inc | COM | 761152107 |  | 2838000 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| Rithm Capital Corp | COM | 64828T201 |  | 198704 | 17600 | SH |  | SOLE |  | 17600 | 0 | 0 |
| Rockwell Automation Inc | COM | 773903109 |  | 3092171 | 9309 | SH |  | SOLE |  | 8966 | 0 | 343 |
| RTX Corp | COM | 75513E101 |  | 1419168 | 9719 | SH |  | SOLE |  | 4289 | 0 | 5430 |
| Salesforce Inc | COM | 79466L302 |  | 9696311 | 35558 | SH |  | SOLE |  | 30603 | 0 | 4955 |
| Schlumberger Ltd | COM | 806857108 |  | 3259976 | 96449 | SH |  | SOLE |  | 88730 | 0 | 7719 |
| ServiceNow Inc | COM | 81762P102 |  | 5632850 | 5479 | SH |  | SOLE |  | 5283 | 0 | 196 |
| Sherwin-Williams Co | COM | 824348106 |  | 6006053 | 17493 | SH |  | SOLE |  | 13241 | 0 | 4252 |
| Southern Co | COM | 842587107 |  | 1854048 | 20190 | SH |  | SOLE |  | 20190 | 0 | 0 |
| SPDR  S 500 ETF | COM | 78462F103 |  | 12298304 | 19905 | SH |  | SOLE |  | 203 | 0 | 19702 |
| SPDR  S MidCap 400 ETF | COM | 78467Y107 |  | 2447760 | 4321 | SH |  | SOLE |  | 0 | 0 | 4321 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF | COM | 78464A375 |  | 41363139 | 1231779 | SH |  | SOLE |  | 0 | 0 | 1231779 |
| SPDR Portfolio S 400 Mid Cap ETF | COM | 78464A847 |  | 1272492 | 23400 | SH |  | SOLE |  | 0 | 0 | 23400 |
| SPDR Portfolio S 500 Growth ETF | COM | 78464A409 |  | 484416 | 5082 | SH |  | SOLE |  | 0 | 0 | 5082 |
| SPDR Portfolio S 500 Value ETF | COM | 78464A508 |  | 349003 | 6668 | SH |  | SOLE |  | 0 | 0 | 6668 |
| SPDR Portfolio S 600 Small Cap ETF | COM | 78468R853 |  | 5630740 | 132177 | SH |  | SOLE |  | 0 | 0 | 132177 |
| SPDR Portfolio Short Term Corporate Bond ETF | COM | 78464A474 |  | 32756542 | 1085013 | SH |  | SOLE |  | 0 | 0 | 1085013 |
| SPDR Portfolio S 500 ETF | COM | 78464A854 |  | 2737942 | 37666 | SH |  | SOLE |  | 12622 | 0 | 25044 |
| Starbucks Corp | COM | 855244109 |  | 6231234 | 68004 | SH |  | SOLE |  | 59808 | 0 | 8196 |
| Sunoco Lp Com Unit Repstg Ltd Partnership Int | COM | 86765K109 |  | 644688 | 12030 | SH |  | SOLE |  | 12030 | 0 | 0 |
| Sysco Corp | COM | 871829107 |  | 692574 | 9144 | SH |  | SOLE |  | 7399 | 0 | 1745 |
| Take-Two Interactive Software Inc | COM | 874054109 |  | 4996396 | 20574 | SH |  | SOLE |  | 19717 | 0 | 857 |
| Technology Select Sector SPDR  ETF | COM | 81369Y803 |  | 23351604 | 92215 | SH |  | SOLE |  | 0 | 0 | 92215 |
| Tesla Inc | COM | 88160R101 |  | 249681 | 786 | SH |  | SOLE |  | 786 | 0 | 0 |
| Texas Instruments Inc | COM | 882508104 |  | 228382 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| The Home Depot Inc | COM | 437076102 |  | 8230562 | 22449 | SH |  | SOLE |  | 16712 | 0 | 5737 |
| Thermo Fisher Scientific Inc | COM | 883556102 |  | 8651926 | 21339 | SH |  | SOLE |  | 17955 | 0 | 3384 |
| Trimble Inc | COM | 896239100 |  | 3528283 | 46437 | SH |  | SOLE |  | 44537 | 0 | 1900 |
| United Rentals Inc | COM | 911363109 |  | 9122167 | 12108 | SH |  | SOLE |  | 10229 | 0 | 1879 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 6051723 | 19398 | SH |  | SOLE |  | 16334 | 0 | 3064 |
| Utilities Select Sector SPDR ETF | COM | 81369Y886 |  | 1724414 | 21117 | SH |  | SOLE |  | 325 | 0 | 20792 |
| Verizon Communications Inc | COM | 92343V104 |  | 959114 | 22166 | SH |  | SOLE |  | 18887 | 0 | 3279 |
| Visa Inc | COM | 92826C839 |  | 12551728 | 35351 | SH |  | SOLE |  | 28856 | 0 | 6495 |
| W.W. Grainger Inc | COM | 384802104 |  | 7171415 | 6894 | SH |  | SOLE |  | 6222 | 0 | 672 |
| Walgreen Boots Alliance Inc | COM | 931427108 |  | 119966 | 10450 | SH |  | SOLE |  | 10450 | 0 | 0 |
| Walmart Inc | COM | 931142103 |  | 3737791 | 38227 | SH |  | SOLE |  | 23687 | 0 | 14540 |
| Walt Disney Co | COM | 254687106 |  | 438375 | 3535 | SH |  | SOLE |  | 2920 | 0 | 615 |
| Webster Financial Corp | COM | 947890109 |  | 2521155 | 46175 | SH |  | SOLE |  | 46175 | 0 | 0 |
| Weyerhaeuser Co | COM | 962166104 |  | 2946977 | 114712 | SH |  | SOLE |  | 104005 | 0 | 10707 |

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