# EDGAR Filing Document

**Accession Number:** 0001346378
**File Stem:** 0001346378-23-000002
**Filing Date:** 2023-2
**Character Count:** 24073
**Document Hash:** 41d23185d8a1a979c42cb516fd4f8f1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001346378-23-000002.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001346378-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baldwin Investment Management, LLC
- **CENTRAL INDEX KEY:** 0001346378
- **IRS NUMBER:** 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:** 23609451

**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:** 12-31-2022

**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:** Peter H Havens<br>**Title:** Chairman<br>**Phone:** 610-260-0453

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

Peter H Havens  W. Conshohocken, PA  02-10-2023<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:** 195

**Form 13F Information Table Value Total:** $553114768

      (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 |  | 4263143 | 38830 | SH |  | SOLE |  | 38830 | 0 | 0 |
| Abbvie Inc | Common Stock | 00287Y109 |  | 6139615 | 37990 | SH |  | SOLE |  | 28459 | 0 | 9531 |
| Accenture Plc | Common Stock | G1151C101 |  | 3622887 | 13577 | SH |  | SOLE |  | 13176 | 0 | 401 |
| Adobe Inc | Common Stock | 00724F101 |  | 2503110 | 7438 | SH |  | SOLE |  | 7038 | 0 | 400 |
| Air Products and Chemicals Inc | Common Stock | 009158106 |  | 1270339 | 4121 | SH |  | SOLE |  | 1370 | 0 | 2751 |
| Allstate Corp | Common Stock | 020002101 |  | 264420 | 1950 | SH |  | SOLE |  | 1950 | 0 | 0 |
| Alphabet Inc Class A | Common Stock | 02079K305 |  | 2912472 | 33010 | SH |  | SOLE |  | 32810 | 0 | 200 |
| Alphabet Inc Class C | Common Stock | 02079K107 |  | 1759960 | 19835 | SH |  | SOLE |  | 19635 | 0 | 200 |
| Amazon.com Inc | Common Stock | 023135106 |  | 2994348 | 35647 | SH |  | SOLE |  | 35647 | 0 | 0 |
| American Express Co | Common Stock | 025816109 |  | 595433 | 4030 | SH |  | SOLE |  | 4030 | 0 | 0 |
| American Tower REIT | Common Stock | 03027X100 |  | 2432475 | 11482 | SH |  | SOLE |  | 10082 | 0 | 1400 |
| Amgen Inc | Common Stock | 031162100 |  | 336179 | 1280 | SH |  | SOLE |  | 1180 | 0 | 100 |
| Aon PLC | ADR | G0403H108 |  | 420196 | 1400 | SH |  | SOLE |  | 900 | 0 | 500 |
| Apple Inc | Common Stock | 037833100 |  | 10022711 | 77139 | SH |  | SOLE |  | 67931 | 0 | 9208 |
| Ares Capital Corp | Common Stock | 04010L103 |  | 757827 | 41030 | SH |  | SOLE |  | 41030 | 0 | 0 |
| AstraZeneca PLC | ADR | 046353108 |  | 342797 | 5056 | SH |  | SOLE |  | 256 | 0 | 4800 |
| Autodesk Inc | Common Stock | 052769106 |  | 1518319 | 8125 | SH |  | SOLE |  | 8125 | 0 | 0 |
| Automatic Data Processing Inc | Common Stock | 053015103 |  | 734495 | 3075 | SH |  | SOLE |  | 1425 | 0 | 1650 |
| Baker Hughes Co | Common Stock | 05722G100 |  | 518252 | 17550 | SH |  | SOLE |  | 17550 | 0 | 0 |
| Bank of America Corp | Common Stock | 060505104 |  | 1914005 | 57790 | SH |  | SOLE |  | 39650 | 0 | 18140 |
| Berkshire Hathaway Cl A | CL A | 084670108 |  | 267165247 | 570 | SH |  | SOLE |  | 570 | 0 | 0 |
| Berkshire Hathaway Inc B | CL B | 084670702 |  | 5708163 | 18479 | SH |  | SOLE |  | 13544 | 0 | 4935 |
| Blackrock Inc | Common Stock | 09247X101 |  | 3694710 | 5214 | SH |  | SOLE |  | 4614 | 0 | 600 |
| Blackstone Inc | PRTNRSP UNITS | 09260D107 |  | 931085 | 12550 | SH |  | SOLE |  | 12550 | 0 | 0 |
| Bristol-Myers Squibb | Common Stock | 110122108 |  | 4560771 | 63388 | SH |  | SOLE |  | 51088 | 0 | 12300 |
| Broadcom Limited | Common Stock | 11135F101 |  | 5509906 | 9854 | SH |  | SOLE |  | 9854 | 0 | 0 |
| Brookfield Renewable Partners LP | PRTNRSP UNITS | G16258108 |  | 718440 | 28352 | SH |  | SOLE |  | 28352 | 0 | 0 |
| C S X Corp | Common Stock | 126408103 |  | 201370 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| Cabot Corporation | Common Stock | 127055101 |  | 1653442 | 24737 | SH |  | SOLE |  | 14177 | 0 | 10560 |
| Canadian Pac Ltd | Common Stock | 13645T100 |  | 312980 | 4196 | SH |  | SOLE |  | 4196 | 0 | 0 |
| Capital One Financial | Common Stock | 14040H105 |  | 1512611 | 16272 | SH |  | SOLE |  | 14072 | 0 | 2200 |
| Carrier Global Corp | Common Stock | 14448C104 |  | 615739 | 14927 | SH |  | SOLE |  | 3717 | 0 | 11210 |
| Caterpillar Inc | Common Stock | 149123101 |  | 2234616 | 9328 | SH |  | SOLE |  | 4826 | 0 | 4502 |
| CH Robinson Worldwide Inc | Common Stock | 12541W209 |  | 206010 | 2250 | SH |  | SOLE |  | 2250 | 0 | 0 |
| Charles Schwab Corp | Common Stock | 808513105 |  | 773902 | 9295 | SH |  | SOLE |  | 9295 | 0 | 0 |
| Check Point Software Technologies | Common Stock | M22465104 |  | 421753 | 3343 | SH |  | SOLE |  | 3343 | 0 | 0 |
| Chevron Corp. | Common Stock | 166764100 |  | 2457218 | 13690 | SH |  | SOLE |  | 13480 | 0 | 210 |
| Chubb Corp. | Common Stock | H1467J104 |  | 989391 | 4485 | SH |  | SOLE |  | 4485 | 0 | 0 |
| Cintas Corp | Common Stock | 172908105 |  | 458394 | 1015 | SH |  | SOLE |  | 1015 | 0 | 0 |
| Cisco Systems Inc | Common Stock | 17275R102 |  | 959327 | 20137 | SH |  | SOLE |  | 19087 | 0 | 1050 |
| CME Group Inc | Common Stock | 12572Q105 |  | 266534 | 1585 | SH |  | SOLE |  | 1585 | 0 | 0 |
| Coca Cola Co. | Common Stock | 191216100 |  | 833291 | 13100 | SH |  | SOLE |  | 10450 | 0 | 2650 |
| Colgate Palmolive Co | Common Stock | 194162103 |  | 388592 | 4932 | SH |  | SOLE |  | 3730 | 0 | 1202 |
| Comcast Corp | Common Stock | 20030N101 |  | 1001891 | 28650 | SH |  | SOLE |  | 23350 | 0 | 5300 |
| Constellation Brands Inc | Common Stock | 21036P108 |  | 2267674 | 9785 | SH |  | SOLE |  | 9785 | 0 | 0 |
| Corteva Agriscience Inc | Common Stock | 22052L104 |  | 2141355 | 36430 | SH |  | SOLE |  | 29110 | 0 | 7320 |
| Costco Wholesale Corporation | Common Stock | 22160K105 |  | 4806315 | 10529 | SH |  | SOLE |  | 10229 | 0 | 300 |
| Crown Castle International | Common Stock | 22822V101 |  | 728116 | 5368 | SH |  | SOLE |  | 5218 | 0 | 150 |
| Cummins Inc | Common Stock | 231021106 |  | 397356 | 1640 | SH |  | SOLE |  | 1440 | 0 | 200 |
| Customers Bancorp Inc | Common Stock | 23204G100 |  | 974244 | 34377 | SH |  | SOLE |  | 34377 | 0 | 0 |
| CVS Corp | Common Stock | 126650100 |  | 1373248 | 14736 | SH |  | SOLE |  | 9730 | 0 | 5006 |
| Danaher Corp | Common Stock | 235851102 |  | 3556702 | 13400 | SH |  | SOLE |  | 12300 | 0 | 1100 |
| Darden Restaurants Inc | Common Stock | 237194105 |  | 1302377 | 9415 | SH |  | SOLE |  | 9415 | 0 | 0 |
| Deere  Co | Common Stock | 244199105 |  | 1152078 | 2687 | SH |  | SOLE |  | 2687 | 0 | 0 |
| Diageo PLC ADR's | ADR | 25243Q205 |  | 282431 | 1585 | SH |  | SOLE |  | 1585 | 0 | 0 |
| Diamondback Energy | Common Stock | 25278X109 |  | 435234 | 3182 | SH |  | SOLE |  | 2682 | 0 | 500 |
| Donegal Group Inc | Common Stock | 257701201 |  | 306720 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| Duke Energy Corp. | Common Stock | 26441C204 |  | 1025162 | 9954 | SH |  | SOLE |  | 8054 | 0 | 1900 |
| Eaton Corp | Common Stock | G29183103 |  | 1058628 | 6745 | SH |  | SOLE |  | 6745 | 0 | 0 |
| Edwards Lifesciences Corp | Common Stock | 28176E108 |  | 305155 | 4090 | SH |  | SOLE |  | 4090 | 0 | 0 |
| Elevance Health Inc | Common Stock | 036752103 |  | 333431 | 650 | SH |  | SOLE |  | 650 | 0 | 0 |
| Eli Lilly  Company | Common Stock | 532457108 |  | 2861610 | 7822 | SH |  | SOLE |  | 7722 | 0 | 100 |
| Enterprise Products Partners | Unit Ltd Partn | 293792107 |  | 4879862 | 202316 | SH |  | SOLE |  | 188206 | 0 | 14110 |
| Enviva Inc. | Unit Ltd Partn | 29415B103 |  | 2133367 | 40275 | SH |  | SOLE |  | 39175 | 0 | 1100 |
| EOG Resources Inc | Common Stock | 26875P101 |  | 233136 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| Exxon Mobil Corporation | Common Stock | 30231G102 |  | 3165082 | 28695 | SH |  | SOLE |  | 26195 | 0 | 2500 |
| Factset Research Systems | Common Stock | 303075105 |  | 337418 | 841 | SH |  | SOLE |  | 841 | 0 | 0 |
| FedEx Corp | Common Stock | 31428X106 |  | 768264 | 4436 | SH |  | SOLE |  | 4436 | 0 | 0 |
| Financial Select Sector SPDR Fund | SPDR ETF | 81369Y605 |  | 302328 | 8840 | SH |  | SOLE |  | 2400 | 0 | 6440 |
| First Solar Inc | Common Stock | 336433107 |  | 786098 | 5248 | SH |  | SOLE |  | 5248 | 0 | 0 |
| Fiserv Inc | Common Stock | 337738108 |  | 2707160 | 26785 | SH |  | SOLE |  | 10630 | 0 | 16155 |
| Foot Locker Inc. - FL | Common Stock | 344849104 |  | 207845 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| Fortive Corp | Common Stock | 34959J108 |  | 703216 | 10945 | SH |  | SOLE |  | 10945 | 0 | 0 |
| Freeport McMoRan | Common Stock | 35671D857 |  | 752362 | 19799 | SH |  | SOLE |  | 9399 | 0 | 10400 |
| General Motors | Common Stock | 37045V100 |  | 280894 | 8350 | SH |  | SOLE |  | 8350 | 0 | 0 |
| GlobalFoundries Inc | Common Stock | G39387108 |  | 1597030 | 29635 | SH |  | SOLE |  | 26185 | 0 | 3450 |
| Globus Medical Inc | Common Stock | 379577208 |  | 229494 | 3090 | SH |  | SOLE |  | 3090 | 0 | 0 |
| Goldman Sachs Group Inc | Common Stock | 38141G104 |  | 3059516 | 8910 | SH |  | SOLE |  | 7010 | 0 | 1900 |
| GXO Logistics Inc | Common Stock | 36262G101 |  | 471938 | 11055 | SH |  | SOLE |  | 11055 | 0 | 0 |
| Hershey Co. - HSY | Common Stock | 427866108 |  | 324430 | 1401 | SH |  | SOLE |  | 0 | 0 | 1401 |
| Home Depot Inc | Common Stock | 437076102 |  | 3667135 | 11610 | SH |  | SOLE |  | 10260 | 0 | 1350 |
| Honeywell International | Common Stock | 438516106 |  | 1749974 | 8166 | SH |  | SOLE |  | 6616 | 0 | 1550 |
| Icici Bank Ltd Adr | ADR | 45104G104 |  | 1350810 | 61709 | SH |  | SOLE |  | 61709 | 0 | 0 |
| Illinois Tool Works Inc | Common Stock | 452308109 |  | 352921 | 1602 | SH |  | SOLE |  | 400 | 0 | 1202 |
| Immunome Inc. | Common Stock | 45257U108 |  | 56121 | 25394 | SH |  | SOLE |  | 25394 | 0 | 0 |
| Infosys Technologies Ltd | Sponsored ADR | 456788108 |  | 1413803 | 78501 | SH |  | SOLE |  | 58501 | 0 | 20000 |
| Insperity Inc. - NSP | Common Stock | 45778Q107 |  | 931520 | 8200 | SH |  | SOLE |  | 0 | 0 | 8200 |
| Intercontinental Exchange | Common Stock | 45866F104 |  | 1586554 | 15465 | SH |  | SOLE |  | 7755 | 0 | 7710 |
| International Business Machines Corp | Common Stock | 459200101 |  | 1245749 | 8842 | SH |  | SOLE |  | 1379 | 0 | 7463 |
| Intuitive Surgical | Common Stock | 46120E602 |  | 2163929 | 8155 | SH |  | SOLE |  | 8155 | 0 | 0 |
| Iqvia Holdings Inc | Common Stock | 46266C105 |  | 630037 | 3075 | SH |  | SOLE |  | 2725 | 0 | 350 |
| iShares NASDAQ Biotechnology Index Fund | iShares ETF | 464287556 |  | 359735 | 2740 | SH |  | SOLE |  | 585 | 0 | 2155 |
| Ishares S 500 Value | iShares ETF | 464287408 |  | 290140 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| iShares S Smallcap 600 | S Smlcap 600 | 464287804 |  | 1778286 | 18790 | SH |  | SOLE |  | 16590 | 0 | 2200 |
| iShares TIPS Bond Fund | Barclys TIPS BD | 464287176 |  | 553488 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| Itau UniBanco Multiplo ADR | SPONS ADR | 465562106 |  | 328344 | 69712 | SH |  | SOLE |  | 69712 | 0 | 0 |
| J.P. Morgan Chase  Co | Common Stock | 46625H100 |  | 6680422 | 49817 | SH |  | SOLE |  | 40461 | 0 | 9356 |
| Jacobs Solutions Inc | Common Stock | 46982L108 |  | 633729 | 5278 | SH |  | SOLE |  | 5278 | 0 | 0 |
| Johnson  Johnson | Common Stock | 478160104 |  | 5145991 | 29131 | SH |  | SOLE |  | 24205 | 0 | 4926 |
| Kimberly Clark Corp | Common Stock | 494368103 |  | 1882310 | 13866 | SH |  | SOLE |  | 13566 | 0 | 300 |
| L3Harris Technologies | Common Stock | 502431109 |  | 1385013 | 6652 | SH |  | SOLE |  | 6652 | 0 | 0 |
| Lam Research Corp | Common Stock | 512807108 |  | 4386148 | 10436 | SH |  | SOLE |  | 10436 | 0 | 0 |
| Leidos Holdings Inc | Common Stock | 525327102 |  | 886226 | 8425 | SH |  | SOLE |  | 8425 | 0 | 0 |
| Linde PLC | SPONS ADR | G5494J103 |  | 5141249 | 15762 | SH |  | SOLE |  | 13137 | 0 | 2625 |
| Lockheed Martin Corp | Common Stock | 539830109 |  | 737032 | 1515 | SH |  | SOLE |  | 1080 | 0 | 435 |
| Lowes Companies Inc | Common Stock | 548661107 |  | 2513816 | 12617 | SH |  | SOLE |  | 12617 | 0 | 0 |
| Marvell Technology Group | Common Stock | 573874104 |  | 836548 | 22585 | SH |  | SOLE |  | 22585 | 0 | 0 |
| Mastercard Inc | Common Stock | 57636Q104 |  | 556368 | 1600 | SH |  | SOLE |  | 1400 | 0 | 200 |
| Mc Cormick  Co Inc N-Vt | Common Stock | 579780206 |  | 431028 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| McDonald's Corp | Common Stock | 580135101 |  | 2330923 | 8845 | SH |  | SOLE |  | 7644 | 0 | 1201 |
| McKesson Corp | Common Stock | 58155Q103 |  | 849647 | 2265 | SH |  | SOLE |  | 2265 | 0 | 0 |
| Merck  Co Inc | Common Stock | 58933Y105 |  | 667031 | 6012 | SH |  | SOLE |  | 3812 | 0 | 2200 |
| Mettler Toledo Intl Inc | Common Stock | 592688105 |  | 2432692 | 1683 | SH |  | SOLE |  | 1683 | 0 | 0 |
| Microsoft Corp | Common Stock | 594918104 |  | 9222518 | 38456 | SH |  | SOLE |  | 19870 | 0 | 18586 |
| Mondelez International | Common Stock | 609207105 |  | 1420632 | 21315 | SH |  | SOLE |  | 20715 | 0 | 600 |
| Morgan Stanley  Co | Common Stock | 617446448 |  | 1677870 | 19735 | SH |  | SOLE |  | 19735 | 0 | 0 |
| Nextera Energy | Common Stock | 65339F101 |  | 2949975 | 35287 | SH |  | SOLE |  | 35287 | 0 | 0 |
| Nike Inc | Common Stock | 654106103 |  | 3310163 | 28290 | SH |  | SOLE |  | 28290 | 0 | 0 |
| Novo Nordisk | ADR | 670100205 |  | 1648306 | 12179 | SH |  | SOLE |  | 8079 | 0 | 4100 |
| Nucor Corp | Common Stock | 670346105 |  | 440904 | 3345 | SH |  | SOLE |  | 3345 | 0 | 0 |
| Nvidia Corp | Common Stock | 67066G104 |  | 2739127 | 18743 | SH |  | SOLE |  | 18693 | 0 | 50 |
| NXP Semiconductors N.V. | Common Stock | N6596X109 |  | 676842 | 4283 | SH |  | SOLE |  | 4283 | 0 | 0 |
| On Semiconductor Co | Common Stock | 682189105 |  | 261954 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| Oracle Corp | Common Stock | 68389X105 |  | 792878 | 9700 | SH |  | SOLE |  | 9700 | 0 | 0 |
| Otis Worldwide Corp | Common Stock | 68902V107 |  | 576205 | 7358 | SH |  | SOLE |  | 1508 | 0 | 5850 |
| Parker Hannifin Corp | Common Stock | 701094104 |  | 203700 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| Paychex Inc | Common Stock | 704326107 |  | 703183 | 6085 | SH |  | SOLE |  | 6085 | 0 | 0 |
| Pepsico Inc. | Common Stock | 713448108 |  | 2597349 | 14377 | SH |  | SOLE |  | 10377 | 0 | 4000 |
| Pfizer Inc. | Common Stock | 717081103 |  | 918682 | 17929 | SH |  | SOLE |  | 15129 | 0 | 2800 |
| Philip Morris International | Common Stock | 718172109 |  | 361826 | 3575 | SH |  | SOLE |  | 1700 | 0 | 1875 |
| Pioneer Natural Resources | Common Stock | 723787107 |  | 1618143 | 7085 | SH |  | SOLE |  | 6985 | 0 | 100 |
| PNC Financial Services Group Inc | Common Stock | 693475105 |  | 1850725 | 11718 | SH |  | SOLE |  | 8268 | 0 | 3450 |
| Powershares QQQ Trust | QQQ Trust | 46090E103 |  | 336918 | 1265 | SH |  | SOLE |  | 1265 | 0 | 0 |
| PPG Industries Inc | Common Stock | 693506107 |  | 324661 | 2582 | SH |  | SOLE |  | 180 | 0 | 2402 |
| Price T. Rowe Group - TROW | Common Stock | 74144T108 |  | 561659 | 5150 | SH |  | SOLE |  | 0 | 0 | 5150 |
| Procter  Gamble Co. | Common Stock | 742718109 |  | 973621 | 6424 | SH |  | SOLE |  | 3045 | 0 | 3379 |
| Progressive Corp | Common Stock | 743315103 |  | 522083 | 4025 | SH |  | SOLE |  | 4025 | 0 | 0 |
| Prologis Inc | Common Stock | 74340W103 |  | 1869627 | 16585 | SH |  | SOLE |  | 16585 | 0 | 0 |
| Qualcomm Inc | Common Stock | 747525103 |  | 330370 | 3005 | SH |  | SOLE |  | 3005 | 0 | 0 |
| Ralph Lauren Corp. Cl A - RL | Common Stock | 751212101 |  | 211340 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| Raytheon Technologies | Common Stock | 75513E101 |  | 4935111 | 48901 | SH |  | SOLE |  | 36939 | 0 | 11962 |
| RGC Resources Inc | Common Stock | 74955L103 |  | 441000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| Rockwell Automation | Common Stock | 773903109 |  | 665818 | 2585 | SH |  | SOLE |  | 2585 | 0 | 0 |
| RPM International Inc | Common Stock | 749685103 |  | 548254 | 5626 | SH |  | SOLE |  | 5626 | 0 | 0 |
| RXO ORD WI | Common Stock | 74982T103 |  | 282166 | 16405 | SH |  | SOLE |  | 16405 | 0 | 0 |
| RyanAir Holdings PLC | ADR | 783513203 |  | 688390 | 9208 | SH |  | SOLE |  | 9208 | 0 | 0 |
| Rydex S Equal Weight ETF | S 500 Eq TRD | 46137V357 |  | 1144684 | 8104 | SH |  | SOLE |  | 8104 | 0 | 0 |
| S DEP Receipts | Unit SER 1 | 78462F103 |  | 2862489 | 7485 | SH |  | SOLE |  | 2385 | 0 | 5100 |
| S Global Inc | S Global | 78409V104 |  | 1208476 | 3608 | SH |  | SOLE |  | 3608 | 0 | 0 |
| Sarepta Therapeutics Inc. - SRPT | Common Stock | 803607100 |  | 298034 | 2300 | SH |  | SOLE |  | 0 | 0 | 2300 |
| Schwab US Dividend Equity ETF | Schwab ETF | 808524797 |  | 905880 | 11992 | SH |  | SOLE |  | 3560 | 0 | 8432 |
| Schwab US Small Cap ETF | Schwab ETF | 808524607 |  | 239280 | 5907 | SH |  | SOLE |  | 3436 | 0 | 2471 |
| SEI Investments Co. - SEIC | Common Stock | 784117103 |  | 285670 | 4900 | SH |  | SOLE |  | 0 | 0 | 4900 |
| SHELL ADR EACH REP 2 ORD WI | ADR | 780259305 |  | 499964 | 8779 | SH |  | SOLE |  | 7579 | 0 | 1200 |
| Sherwin Williams Co | Common Stock | 824348106 |  | 213597 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| Shopify Inc | Common Stock | 82509L107 |  | 432903 | 12472 | SH |  | SOLE |  | 12472 | 0 | 0 |
| Skechers USA Inc | Common Stock | 830566105 |  | 306235 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| Southern Company | Common Stock | 842587107 |  | 448098 | 6275 | SH |  | SOLE |  | 6125 | 0 | 150 |
| Spdr S Dividend Etf | SPDR ETF | 78464A763 |  | 306520 | 2450 | SH |  | SOLE |  | 2000 | 0 | 450 |
| Sportradar Group | ADR | H8088L103 |  | 211152 | 21200 | SH |  | SOLE |  | 19725 | 0 | 1475 |
| Starbucks Corp | Common Stock | 855244109 |  | 2708656 | 27305 | SH |  | SOLE |  | 27305 | 0 | 0 |
| Sysco Corp | Common Stock | 871829107 |  | 586754 | 7675 | SH |  | SOLE |  | 7175 | 0 | 500 |
| Taiwan Semiconductor Manufacturing ADR | Sponsored ADR | 874039100 |  | 1068708 | 14347 | SH |  | SOLE |  | 14247 | 0 | 100 |
| Target Corporation | Common Stock | 87612E106 |  | 719118 | 4825 | SH |  | SOLE |  | 4825 | 0 | 0 |
| Tata Motors LTD | Sponsored ADR | 876568502 |  | 504792 | 21843 | SH |  | SOLE |  | 21843 | 0 | 0 |
| Technology Select Sector SPDR Fund | SPDR ETF | 81369Y803 |  | 605401 | 4865 | SH |  | SOLE |  | 1400 | 0 | 3465 |
| Texas Instruments Inc. | Common Stock | 882508104 |  | 666663 | 4035 | SH |  | SOLE |  | 4035 | 0 | 0 |
| Thermo Fisher Scientific | Common Stock | 883556102 |  | 4204582 | 7635 | SH |  | SOLE |  | 6735 | 0 | 900 |
| TJX Inc | Common Stock | 872540109 |  | 760180 | 9550 | SH |  | SOLE |  | 9550 | 0 | 0 |
| Tractor Supply Company | Common Stock | 892356106 |  | 1525297 | 6780 | SH |  | SOLE |  | 4310 | 0 | 2470 |
| Trane Technologies Plc | Common Stock | G8994E103 |  | 688329 | 4095 | SH |  | SOLE |  | 2595 | 0 | 1500 |
| Trip.com Group Ltd | ADR | 89677Q107 |  | 352738 | 10254 | SH |  | SOLE |  | 10254 | 0 | 0 |
| Ulta Beauty Inc. | Common Stock | 90384S303 |  | 2209320 | 4710 | SH |  | SOLE |  | 4610 | 0 | 100 |
| Union Pacific Corp | Common Stock | 907818108 |  | 3370271 | 16276 | SH |  | SOLE |  | 16276 | 0 | 0 |
| UnitedHealth Group | Common Stock | 91324P102 |  | 1339765 | 2527 | SH |  | SOLE |  | 2427 | 0 | 100 |
| Vanguard Dividend | Vang ETF | 921908844 |  | 700166 | 4611 | SH |  | SOLE |  | 301 | 0 | 4310 |
| Vanguard FTSE Dev Mkts ETF | Vang ETF | 921943858 |  | 345914 | 8242 | SH |  | SOLE |  | 2962 | 0 | 5280 |
| Vanguard FTSE Emerging Mkt ETF | Vang ETF | 922042858 |  | 231527 | 5940 | SH |  | SOLE |  | 5940 | 0 | 0 |
| Vanguard Large Cap Etf | Vang ETF | 922908637 |  | 461630 | 2650 | SH |  | SOLE |  | 2600 | 0 | 50 |
| Vanguard Mid Cap Value | Vang ETF | 922908512 |  | 854041 | 6315 | SH |  | SOLE |  | 50 | 0 | 6265 |
| Vanguard Mid-Cap ETF | Vang ETF | 922908629 |  | 480141 | 2356 | SH |  | SOLE |  | 831 | 0 | 1525 |
| Vanguard Mid-Cap Growth - VOT | Vang ETF | 922908538 |  | 1015464 | 5649 | SH |  | SOLE |  | 0 | 0 | 5649 |
| Vanguard Small Cap Value | Vang ETF | 922908611 |  | 477786 | 3009 | SH |  | SOLE |  | 1049 | 0 | 1960 |
| Verizon Communications | Common Stock | 92343V104 |  | 1012816 | 25706 | SH |  | SOLE |  | 19995 | 0 | 5711 |
| Vertex Pharmaceuticals | Common Stock | 92532F100 |  | 2400051 | 8311 | SH |  | SOLE |  | 8111 | 0 | 200 |
| Visa Inc. | Common Stock | 92826C839 |  | 4581427 | 22052 | SH |  | SOLE |  | 21852 | 0 | 200 |
| Vulcan Materials - VMC | Common Stock | 929160109 |  | 1195301 | 6826 | SH |  | SOLE |  | 0 | 0 | 6826 |
| Wal-Mart Stores Inc. | Common Stock | 931142103 |  | 361565 | 2550 | SH |  | SOLE |  | 1750 | 0 | 800 |
| Walt Disney Co | Common Stock | 254687106 |  | 666456 | 7671 | SH |  | SOLE |  | 7571 | 0 | 100 |
| Waste Management Inc | Common Stock | 94106L109 |  | 2243698 | 14302 | SH |  | SOLE |  | 14302 | 0 | 0 |
| WEC Energy Corp | Common Stock | 92939U106 |  | 253152 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| Xcel Energy Inc | Common Stock | 98389B100 |  | 202267 | 2885 | SH |  | SOLE |  | 2485 | 0 | 400 |
| Yum China Holdings Inc | Common Stock | 98850P109 |  | 450043 | 8235 | SH |  | SOLE |  | 8235 | 0 | 0 |
| Yum! Brands Inc | Common Stock | 988498101 |  | 1128001 | 8807 | SH |  | SOLE |  | 7505 | 0 | 1302 |
| Zoetis Inc | Common Stock | 98978V103 |  | 3617405 | 24684 | SH |  | SOLE |  | 21484 | 0 | 3200 |

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