# EDGAR Filing Document

**Accession Number:** 0000937589
**File Stem:** 0000937589-25-000003
**Filing Date:** 2025-8
**Character Count:** 27380
**Document Hash:** 8330e5337c7671c9912dac94c760389c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000937589-25-000003.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0000937589-25-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HERITAGE INVESTORS MANAGEMENT CORP
- **CENTRAL INDEX KEY:** 0000937589

**ORGANIZATION NAME:**
- **EIN:** 521009685
- **STATE OF INCORPORATION:** DC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04650
- **FILM NUMBER:** 251178772

**BUSINESS ADDRESS:**
- **STREET 1:** 7101 WISCONSIN AVENUE STE 950
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 3019510440

**MAIL ADDRESS:**
- **STREET 1:** 7101 WISCONSIN AVENUE
- **STREET 2:** SUITE 950
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

### 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:** HERITAGE INVESTORS MANAGEMENT CORP<br>**Address:** 7101 WISCONSIN AVENUE<br>SUITE 950<br>BETHESDA, MD 20814

**Form 13F File Number:** 028-04650

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:** Vijittra Puckdee<br>**Title:** Client Service Specialist<br>**Phone:** 301-951-0440

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

Vijittra Puckdee  Bethesda, MD  08-04-2025<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:** 252

**Form 13F Information Table Value Total:** $3163348

      (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 |
| ANGI INC | CL A NEW | 00183L201 |  | 271 | 17761 | SH |  | SOLE |  | 17761 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 18852 | 651405 | SH |  | SOLE |  | 651405 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 5724 | 42088 | SH |  | SOLE |  | 42088 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 12503 | 67356 | SH |  | SOLE |  | 67356 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 24436 | 63161 | SH |  | SOLE |  | 63161 | 0 | 0 |
| AEHR TEST SYS | COM | 00760J108 |  | 626 | 48413 | SH |  | SOLE |  | 48413 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 327 | 2301 | SH |  | SOLE |  | 2301 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 18412 | 65277 | SH |  | SOLE |  | 65277 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 2298 | 12138 | SH |  | SOLE |  | 12138 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 70084 | 395086 | SH |  | SOLE |  | 395086 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 74475 | 422599 | SH |  | SOLE |  | 422599 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 1375 | 23445 | SH |  | SOLE |  | 23445 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 72085 | 328569 | SH |  | SOLE |  | 328569 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADS RP CL B | 02390A101 |  | 1045 | 58256 | SH |  | SOLE |  | 58256 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 52349 | 164113 | SH |  | SOLE |  | 164113 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 23894 | 108106 | SH |  | SOLE |  | 108106 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 16073 | 57566 | SH |  | SOLE |  | 57566 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 1264 | 5311 | SH |  | SOLE |  | 5311 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 149059 | 726513 | SH |  | SOLE |  | 726513 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 8271 | 156709 | SH |  | SOLE |  | 156709 | 0 | 0 |
| ARCOSA INC | COM | 039653100 |  | 529 | 6096 | SH |  | SOLE |  | 6096 | 0 | 0 |
| ASURE SOFTWARE INC | COM | 04649U102 |  | 194 | 19882 | SH |  | SOLE |  | 19882 | 0 | 0 |
| ATLANTIC UN BANKSHARES CORP | COM | 04911A107 |  | 235 | 7504 | SH |  | SOLE |  | 7504 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 21792 | 70661 | SH |  | SOLE |  | 70661 | 0 | 0 |
| AVIAT NETWORKS INC | COM NEW | 05366Y201 |  | 449 | 18649 | SH |  | SOLE |  | 18649 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 5955 | 7193 | SH |  | SOLE |  | 7193 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 303 | 2104 | SH |  | SOLE |  | 2104 | 0 | 0 |
| BALCHEM CORP | COM | 057665200 |  | 215 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 34615 | 731508 | SH |  | SOLE |  | 731508 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 610 | 20134 | SH |  | SOLE |  | 20134 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 729 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 9082 | 18696 | SH |  | SOLE |  | 18696 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 1361 | 9096 | SH |  | SOLE |  | 9096 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 41660 | 39705 | SH |  | SOLE |  | 39705 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 24109 | 115062 | SH |  | SOLE |  | 115062 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 19136 | 178160 | SH |  | SOLE |  | 178160 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 7103 | 153453 | SH |  | SOLE |  | 153453 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 156130 | 566406 | SH |  | SOLE |  | 566406 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 1303 | 21063 | SH |  | SOLE |  | 21063 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 274 | 4948 | SH |  | SOLE |  | 4948 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 646 | 23998 | SH |  | SOLE |  | 23998 | 0 | 0 |
| BURLINGTON STORES INC | COM | 122017106 |  | 10758 | 46242 | SH |  | SOLE |  | 46242 | 0 | 0 |
| THE CIGNA GROUP | COM | 125523100 |  | 4195 | 12691 | SH |  | SOLE |  | 12691 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 278 | 1010 | SH |  | SOLE |  | 1010 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 17633 | 540401 | SH |  | SOLE |  | 540401 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 688 | 9972 | SH |  | SOLE |  | 9972 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 32796 | 154146 | SH |  | SOLE |  | 154146 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 3533 | 48265 | SH |  | SOLE |  | 48265 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 50626 | 130410 | SH |  | SOLE |  | 130410 | 0 | 0 |
| CENTRUS ENERGY CORP | CL A | 15643U104 |  | 640 | 3492 | SH |  | SOLE |  | 3492 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 602 | 3657 | SH |  | SOLE |  | 3657 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 1198 | 104618 | SH |  | SOLE |  | 104618 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 23052 | 160989 | SH |  | SOLE |  | 160989 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 26197 | 466560 | SH |  | SOLE |  | 466560 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 45453 | 655133 | SH |  | SOLE |  | 655133 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 26870 | 315667 | SH |  | SOLE |  | 315667 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 171 | 22562 | SH |  | SOLE |  | 22562 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 18883 | 266897 | SH |  | SOLE |  | 266897 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 611 | 6846 | SH |  | SOLE |  | 6846 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 14226 | 398586 | SH |  | SOLE |  | 398586 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 18491 | 206051 | SH |  | SOLE |  | 206051 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 23886 | 146827 | SH |  | SOLE |  | 146827 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 657 | 12493 | SH |  | SOLE |  | 12493 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 5806 | 77905 | SH |  | SOLE |  | 77905 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 22664 | 22895 | SH |  | SOLE |  | 22895 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 331 | 649 | SH |  | SOLE |  | 649 | 0 | 0 |
| CRYOPORT INC | COM PAR $0.001 | 229050307 |  | 123 | 16425 | SH |  | SOLE |  | 16425 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 522 | 4050 | SH |  | SOLE |  | 4050 | 0 | 0 |
| DXC TECHNOLOGY CO | COM | 23355L106 |  | 973 | 63637 | SH |  | SOLE |  | 63637 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 918 | 4647 | SH |  | SOLE |  | 4647 | 0 | 0 |
| DATA STORAGE CORP | COM NEW | 23786R201 |  | 69 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 9120 | 67896 | SH |  | SOLE |  | 67896 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 772 | 4428 | SH |  | SOLE |  | 4428 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 50386 | 406304 | SH |  | SOLE |  | 406304 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 629 | 11128 | SH |  | SOLE |  | 11128 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 1321 | 49895 | SH |  | SOLE |  | 49895 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 920 | 7795 | SH |  | SOLE |  | 7795 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 10627 | 154939 | SH |  | SOLE |  | 154939 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 5308 | 44377 | SH |  | SOLE |  | 44377 | 0 | 0 |
| EAGLE BANCORP INC MD | COM | 268948106 |  | 584 | 29978 | SH |  | SOLE |  | 29978 | 0 | 0 |
| EVI INDS INC | COM | 26929N102 |  | 543 | 24862 | SH |  | SOLE |  | 24862 | 0 | 0 |
| ELANCO ANIMAL HEALTH INC | COM | 28414H103 |  | 2120 | 148469 | SH |  | SOLE |  | 148469 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 4102 | 7668 | SH |  | SOLE |  | 7668 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 678 | 21850 | SH |  | SOLE |  | 21850 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 23135 | 29083 | SH |  | SOLE |  | 29083 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 3583 | 67425 | SH |  | SOLE |  | 67425 | 0 | 0 |
| EXELIXIS INC | COM | 30161Q104 |  | 337 | 7644 | SH |  | SOLE |  | 7644 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 10719 | 99434 | SH |  | SOLE |  | 99434 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 22594 | 30612 | SH |  | SOLE |  | 30612 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 23200 | 102062 | SH |  | SOLE |  | 102062 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 351 | 32358 | SH |  | SOLE |  | 32358 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 453 | 10444 | SH |  | SOLE |  | 10444 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 556 | 7506 | SH |  | SOLE |  | 7506 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 2800 | 5291 | SH |  | SOLE |  | 5291 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 255 | 873 | SH |  | SOLE |  | 873 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 5393 | 20954 | SH |  | SOLE |  | 20954 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 1647 | 33475 | SH |  | SOLE |  | 33475 | 0 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 |  | 31 | 10571 | SH |  | SOLE |  | 10571 | 0 | 0 |
| GLOBAL X FDS | ARTIFICIAL ETF | 37954Y632 |  | 296 | 6778 | SH |  | SOLE |  | 6778 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 42917 | 60639 | SH |  | SOLE |  | 60639 | 0 | 0 |
| GRAHAM CORP | COM | 384556106 |  | 1804 | 36428 | SH |  | SOLE |  | 36428 | 0 | 0 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 204 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 3677 | 180425 | SH |  | SOLE |  | 180425 | 0 | 0 |
| HARMONIC INC | COM | 413160102 |  | 112 | 11786 | SH |  | SOLE |  | 11786 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 336 | 2652 | SH |  | SOLE |  | 2652 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 4244 | 25574 | SH |  | SOLE |  | 25574 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 50522 | 137798 | SH |  | SOLE |  | 137798 | 0 | 0 |
| HONDA MOTOR LTD | ADR ECH CNV IN 3 | 438128308 |  | 460 | 15940 | SH |  | SOLE |  | 15940 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 14366 | 61689 | SH |  | SOLE |  | 61689 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 5586 | 30013 | SH |  | SOLE |  | 30013 | 0 | 0 |
| IAC INC | COM NEW | 44891N208 |  | 2524 | 67596 | SH |  | SOLE |  | 67596 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 11150 | 497765 | SH |  | SOLE |  | 497765 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 14368 | 48741 | SH |  | SOLE |  | 48741 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2373 | 4302 | SH |  | SOLE |  | 4302 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 1054 | 1338 | SH |  | SOLE |  | 1338 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 16500 | 104704 | SH |  | SOLE |  | 104704 | 0 | 0 |
| ISHARES INC | MSCI EMERG MRKT | 464286533 |  | 214 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 276 | 444 | SH |  | SOLE |  | 444 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 1791 | 37124 | SH |  | SOLE |  | 37124 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 10486 | 117308 | SH |  | SOLE |  | 117308 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 1592 | 17310 | SH |  | SOLE |  | 17310 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 4400 | 70937 | SH |  | SOLE |  | 70937 | 0 | 0 |
| ISHARES TR | S MC 400GR ETF | 464287606 |  | 264 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 856 | 2016 | SH |  | SOLE |  | 2016 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 771 | 2696 | SH |  | SOLE |  | 2696 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 3715 | 17218 | SH |  | SOLE |  | 17218 | 0 | 0 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 294 | 2380 | SH |  | SOLE |  | 2380 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 4244 | 38837 | SH |  | SOLE |  | 38837 | 0 | 0 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 224 | 2250 | SH |  | SOLE |  | 2250 | 0 | 0 |
| ISHARES TR | S SML 600 GWT | 464287887 |  | 213 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 319 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 246 | 18773 | SH |  | SOLE |  | 18773 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 211 | 3970 | SH |  | SOLE |  | 3970 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 205 | 3886 | SH |  | SOLE |  | 3886 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 12366 | 148130 | SH |  | SOLE |  | 148130 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 6995 | 116527 | SH |  | SOLE |  | 116527 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 569 | 9290 | SH |  | SOLE |  | 9290 | 0 | 0 |
| ITRON INC | COM | 465741106 |  | 291 | 2208 | SH |  | SOLE |  | 2208 | 0 | 0 |
| JBG SMITH PPTYS | COM | 46590V100 |  | 210 | 12142 | SH |  | SOLE |  | 12142 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 59146 | 204014 | SH |  | SOLE |  | 204014 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 26836 | 175689 | SH |  | SOLE |  | 175689 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 327 | 2536 | SH |  | SOLE |  | 2536 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 7562 | 30148 | SH |  | SOLE |  | 30148 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 16720 | 105981 | SH |  | SOLE |  | 105981 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 939 | 1204 | SH |  | SOLE |  | 1204 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 13677 | 29531 | SH |  | SOLE |  | 29531 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 214 | 2340 | SH |  | SOLE |  | 2340 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 538 | 3240 | SH |  | SOLE |  | 3240 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 63585 | 232732 | SH |  | SOLE |  | 232732 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 36037 | 65646 | SH |  | SOLE |  | 65646 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 73420 | 130655 | SH |  | SOLE |  | 130655 | 0 | 0 |
| MATCH GROUP INC NEW | COM | 57667L107 |  | 717 | 23203 | SH |  | SOLE |  | 23203 | 0 | 0 |
| MATERION CORP | COM | 576690101 |  | 455 | 5727 | SH |  | SOLE |  | 5727 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 30655 | 104921 | SH |  | SOLE |  | 104921 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 15056 | 20547 | SH |  | SOLE |  | 20547 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 26037 | 328920 | SH |  | SOLE |  | 328920 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 146017 | 293555 | SH |  | SOLE |  | 293555 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 8899 | 22015 | SH |  | SOLE |  | 22015 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 9606 | 142437 | SH |  | SOLE |  | 142437 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 34668 | 246115 | SH |  | SOLE |  | 246115 | 0 | 0 |
| NAPCO SEC TECHNOLOGIES INC | COM | 630402105 |  | 864 | 29097 | SH |  | SOLE |  | 29097 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 2002 | 1495 | SH |  | SOLE |  | 1495 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 885 | 7040 | SH |  | SOLE |  | 7040 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 12172 | 175344 | SH |  | SOLE |  | 175344 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 25980 | 365707 | SH |  | SOLE |  | 365707 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 10054 | 39277 | SH |  | SOLE |  | 39277 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 80730 | 510983 | SH |  | SOLE |  | 510983 | 0 | 0 |
| NUVVE HOLDING CORP | COM | 67079Y308 |  | 95 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 774 | 3540 | SH |  | SOLE |  | 3540 | 0 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 563 | 58115 | SH |  | SOLE |  | 58115 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 2303 | 23260 | SH |  | SOLE |  | 23260 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 358 | 1922 | SH |  | SOLE |  | 1922 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 16080 | 169159 | SH |  | SOLE |  | 169159 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 115959 | 566648 | SH |  | SOLE |  | 566648 | 0 | 0 |
| PARK-OHIO HLDGS CORP | COM | 700666100 |  | 278 | 15580 | SH |  | SOLE |  | 15580 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 10517 | 141514 | SH |  | SOLE |  | 141514 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 20314 | 153848 | SH |  | SOLE |  | 153848 | 0 | 0 |
| PERMIAN RESOURCES CORP | CLASS A COM | 71424F105 |  | 812 | 59585 | SH |  | SOLE |  | 59585 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 11275 | 465146 | SH |  | SOLE |  | 465146 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 7388 | 40567 | SH |  | SOLE |  | 40567 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 9832 | 82411 | SH |  | SOLE |  | 82411 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 16790 | 173986 | SH |  | SOLE |  | 173986 | 0 | 0 |
| PRIMEENERGY RESOURCES CORP | COM | 74158E104 |  | 728 | 4970 | SH |  | SOLE |  | 4970 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 12539 | 78705 | SH |  | SOLE |  | 78705 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 3997 | 25095 | SH |  | SOLE |  | 25095 | 0 | 0 |
| RAPID7 INC | COM | 753422104 |  | 1083 | 46815 | SH |  | SOLE |  | 46815 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 37637 | 257749 | SH |  | SOLE |  | 257749 | 0 | 0 |
| RESIDEO TECHNOLOGIES INC | COM | 76118Y104 |  | 2197 | 99605 | SH |  | SOLE |  | 99605 | 0 | 0 |
| RINGCENTRAL INC | CL A | 76680R206 |  | 3983 | 140511 | SH |  | SOLE |  | 140511 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 6589 | 93583 | SH |  | SOLE |  | 93583 | 0 | 0 |
| SLM CORP | COM | 78442P106 |  | 4792 | 146140 | SH |  | SOLE |  | 146140 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 924 | 1495 | SH |  | SOLE |  | 1495 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 945 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 28838 | 50907 | SH |  | SOLE |  | 50907 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 49491 | 181493 | SH |  | SOLE |  | 181493 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 8968 | 265317 | SH |  | SOLE |  | 265317 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 372 | 16834 | SH |  | SOLE |  | 16834 | 0 | 0 |
| SCIENCE APPLICATIONS INTL CO | COM | 808625107 |  | 554 | 4919 | SH |  | SOLE |  | 4919 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 229 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| SENECA FOODS CORP NEW | CL A | 817070501 |  | 1168 | 11511 | SH |  | SOLE |  | 11511 | 0 | 0 |
| SERVICE CORP INTL | COM | 817565104 |  | 648 | 7963 | SH |  | SOLE |  | 7963 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 27094 | 26354 | SH |  | SOLE |  | 26354 | 0 | 0 |
| SHOPIFY INC | CL A | 82509L107 |  | 536 | 4651 | SH |  | SOLE |  | 4651 | 0 | 0 |
| SKY HARBOUR GROUP CORPORATIO | COM CL A | 83085C107 |  | 301 | 30769 | SH |  | SOLE |  | 30769 | 0 | 0 |
| SMITH MIDLAND CORP | COM | 832156103 |  | 1284 | 38268 | SH |  | SOLE |  | 38268 | 0 | 0 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 528 | 6968 | SH |  | SOLE |  | 6968 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 461 | 5029 | SH |  | SOLE |  | 5029 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 30253 | 453298 | SH |  | SOLE |  | 453298 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 224 | 939 | SH |  | SOLE |  | 939 | 0 | 0 |
| TAKEDA PHARMACEUTICAL CO LTD | SPONSORED ADS | 874060205 |  | 1594 | 103109 | SH |  | SOLE |  | 103109 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 4227 | 42853 | SH |  | SOLE |  | 42853 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 317 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 254 | 801 | SH |  | SOLE |  | 801 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 892 | 53200 | SH |  | SOLE |  | 53200 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 358 | 4977 | SH |  | SOLE |  | 4977 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 22944 | 56587 | SH |  | SOLE |  | 56587 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 3829 | 25154 | SH |  | SOLE |  | 25154 | 0 | 0 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 7933 | 46053 | SH |  | SOLE |  | 46053 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 506 | 11775 | SH |  | SOLE |  | 11775 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 7255 | 31531 | SH |  | SOLE |  | 31531 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 7905 | 78317 | SH |  | SOLE |  | 78317 | 0 | 0 |
| UNITED STS LIME  MINERALS I | COM | 911922102 |  | 3118 | 31245 | SH |  | SOLE |  | 31245 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 24771 | 79403 | SH |  | SOLE |  | 79403 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 457 | 3397 | SH |  | SOLE |  | 3397 | 0 | 0 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 1340 | 17330 | SH |  | SOLE |  | 17330 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 616 | 10799 | SH |  | SOLE |  | 10799 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 10815 | 160895 | SH |  | SOLE |  | 160895 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 6009 | 121493 | SH |  | SOLE |  | 121493 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 3562 | 6271 | SH |  | SOLE |  | 6271 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 17815 | 63665 | SH |  | SOLE |  | 63665 | 0 | 0 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 302 | 1057 | SH |  | SOLE |  | 1057 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 34630 | 146132 | SH |  | SOLE |  | 146132 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 7159 | 23555 | SH |  | SOLE |  | 23555 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 17582 | 406339 | SH |  | SOLE |  | 406339 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 92 | 10263 | SH |  | SOLE |  | 10263 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 14426 | 40631 | SH |  | SOLE |  | 40631 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 50395 | 515396 | SH |  | SOLE |  | 515396 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 842 | 73409 | SH |  | SOLE |  | 73409 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 327 | 4081 | SH |  | SOLE |  | 4081 | 0 | 0 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 377 | 5760 | SH |  | SOLE |  | 5760 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 17469 | 117893 | SH |  | SOLE |  | 117893 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 18803 | 420554 | SH |  | SOLE |  | 420554 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 13552 | 148581 | SH |  | SOLE |  | 148581 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 30639 | 196467 | SH |  | SOLE |  | 196467 | 0 | 0 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 252 | 1750 | SH |  | SOLE |  | 1750 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 18714 | 62612 | SH |  | SOLE |  | 62612 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 11739 | 25021 | SH |  | SOLE |  | 25021 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 6179 | 70880 | SH |  | SOLE |  | 70880 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 603 | 4175 | SH |  | SOLE |  | 4175 | 0 | 0 |
| TRONOX HOLDINGS PLC | SHS | G9087Q102 |  | 82 | 16250 | SH |  | SOLE |  | 16250 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 10068 | 86054 | SH |  | SOLE |  | 86054 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 988 | 1233 | SH |  | SOLE |  | 1233 | 0 | 0 |

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