# EDGAR Filing Document

**Accession Number:** 0000937589
**File Stem:** 0000937589-23-000001
**Filing Date:** 2023-2
**Character Count:** 28057
**Document Hash:** 595854ace9e5a85c750d9f44b218f4bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000937589-23-000001.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0000937589-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HERITAGE INVESTORS MANAGEMENT CORP
- **CENTRAL INDEX KEY:** 0000937589
- **IRS NUMBER:** 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:** 23589501

**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:** 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:** 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  02-06-2023<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:** 261

**Form 13F Information Table Value Total:** $2193523

      (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 |
| AES CORP | COM | 00130H105 |  | 221 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 10950 | 594786 | SH |  | SOLE |  | 594786 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 4971 | 45281 | SH |  | SOLE |  | 45281 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 12603 | 77985 | SH |  | SOLE |  | 77985 | 0 | 0 |
| AEHR TEST SYS | COM | 00760J108 |  | 1145 | 56947 | SH |  | SOLE |  | 56947 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 18126 | 58802 | SH |  | SOLE |  | 58802 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 3250 | 15411 | SH |  | SOLE |  | 15411 | 0 | 0 |
| ALLBIRDS INC | COM CL A | 01675A109 |  | 40 | 16459 | SH |  | SOLE |  | 16459 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 38446 | 433291 | SH |  | SOLE |  | 433291 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 39132 | 443524 | SH |  | SOLE |  | 443524 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 3402 | 74416 | SH |  | SOLE |  | 74416 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 26011 | 309649 | SH |  | SOLE |  | 309649 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADR L SHS | 02364W105 |  | 1435 | 78865 | SH |  | SOLE |  | 78865 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 28041 | 189788 | SH |  | SOLE |  | 189788 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 16995 | 80220 | SH |  | SOLE |  | 80220 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 17939 | 68302 | SH |  | SOLE |  | 68302 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 108392 | 834237 | SH |  | SOLE |  | 834237 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 13628 | 146773 | SH |  | SOLE |  | 146773 | 0 | 0 |
| ARCOSA INC | COM | 039653100 |  | 368 | 6764 | SH |  | SOLE |  | 6764 | 0 | 0 |
| ASPIRA WOMENS HEALTH INC | COM | 04537Y109 |  | 18 | 53064 | SH |  | SOLE |  | 53064 | 0 | 0 |
| ASURE SOFTWARE INC | COM | 04649U102 |  | 191 | 20445 | SH |  | SOLE |  | 20445 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 19238 | 80540 | SH |  | SOLE |  | 80540 | 0 | 0 |
| AVIAT NETWORKS INC | COM NEW | 05366Y201 |  | 598 | 19177 | SH |  | SOLE |  | 19177 | 0 | 0 |
| AVID TECHNOLOGY INC | COM | 05367P100 |  | 782 | 29407 | SH |  | SOLE |  | 29407 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 1664 | 10030 | SH |  | SOLE |  | 10030 | 0 | 0 |
| BALCHEM CORP | COM | 057665200 |  | 220 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 21099 | 637033 | SH |  | SOLE |  | 637033 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 1709 | 33529 | SH |  | SOLE |  | 33529 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 5835 | 18891 | SH |  | SOLE |  | 18891 | 0 | 0 |
| BIOMERICA INC | COM NEW | 09061H307 |  | 236 | 70350 | SH |  | SOLE |  | 70350 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 25472 | 35946 | SH |  | SOLE |  | 35946 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 396 | 5343 | SH |  | SOLE |  | 5343 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 17459 | 91651 | SH |  | SOLE |  | 91651 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 11228 | 242655 | SH |  | SOLE |  | 242655 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 11204 | 155714 | SH |  | SOLE |  | 155714 | 0 | 0 |
| BROADSTONE NET LEASE INC | COM | 11135E203 |  | 324 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 40387 | 72231 | SH |  | SOLE |  | 72231 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 672 | 21368 | SH |  | SOLE |  | 21368 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 2655 | 40429 | SH |  | SOLE |  | 40429 | 0 | 0 |
| BURLINGTON STORES INC | COM | 122017106 |  | 8881 | 43802 | SH |  | SOLE |  | 43802 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 4622 | 13949 | SH |  | SOLE |  | 13949 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 219 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 17304 | 558565 | SH |  | SOLE |  | 558565 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 2195 | 23556 | SH |  | SOLE |  | 23556 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 13994 | 150534 | SH |  | SOLE |  | 150534 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 2295 | 55648 | SH |  | SOLE |  | 55648 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 38655 | 161360 | SH |  | SOLE |  | 161360 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 421 | 3657 | SH |  | SOLE |  | 3657 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 3240 | 105798 | SH |  | SOLE |  | 105798 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 27480 | 153101 | SH |  | SOLE |  | 153101 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 10505 | 7571 | SH |  | SOLE |  | 7571 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 31899 | 669585 | SH |  | SOLE |  | 669585 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 15715 | 347450 | SH |  | SOLE |  | 347450 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 548 | 34031 | SH |  | SOLE |  | 34031 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 17354 | 272822 | SH |  | SOLE |  | 272822 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 234 | 6675 | SH |  | SOLE |  | 6675 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 12982 | 371224 | SH |  | SOLE |  | 371224 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 22977 | 194719 | SH |  | SOLE |  | 194719 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 26121 | 112713 | SH |  | SOLE |  | 112713 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 474 | 14848 | SH |  | SOLE |  | 14848 | 0 | 0 |
| QUIDELORTHO CORP | COM | 219798105 |  | 540 | 6299 | SH |  | SOLE |  | 6299 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 4769 | 81129 | SH |  | SOLE |  | 81129 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 9258 | 20281 | SH |  | SOLE |  | 20281 | 0 | 0 |
| DXC TECHNOLOGY CO | COM | 23355L106 |  | 2192 | 82717 | SH |  | SOLE |  | 82717 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1442 | 5432 | SH |  | SOLE |  | 5432 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 248 | 4028 | SH |  | SOLE |  | 4028 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 657 | 6557 | SH |  | SOLE |  | 6557 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 27872 | 320805 | SH |  | SOLE |  | 320805 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 2656 | 27152 | SH |  | SOLE |  | 27152 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 681 | 11107 | SH |  | SOLE |  | 11107 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 2857 | 56694 | SH |  | SOLE |  | 56694 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 1742 | 16910 | SH |  | SOLE |  | 16910 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 11927 | 173788 | SH |  | SOLE |  | 173788 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 5727 | 44220 | SH |  | SOLE |  | 44220 | 0 | 0 |
| EAGLE BANCORP INC MD | COM | 268948106 |  | 2690 | 61045 | SH |  | SOLE |  | 61045 | 0 | 0 |
| EVI INDS INC | COM | 26929N102 |  | 724 | 30329 | SH |  | SOLE |  | 30329 | 0 | 0 |
| EARTHSTONE ENERGY INC | CL A | 27032D304 |  | 660 | 46351 | SH |  | SOLE |  | 46351 | 0 | 0 |
| ELANCO ANIMAL HEALTH INC | COM | 28414H103 |  | 2220 | 181700 | SH |  | SOLE |  | 181700 | 0 | 0 |
| EMCORE CORP | COM NEW | 290846203 |  | 12 | 12727 | SH |  | SOLE |  | 12727 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 1573 | 10619 | SH |  | SOLE |  | 10619 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 283 | 2947 | SH |  | SOLE |  | 2947 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 202 | 5178 | SH |  | SOLE |  | 5178 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 18115 | 27655 | SH |  | SOLE |  | 27655 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 5306 | 107166 | SH |  | SOLE |  | 107166 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 11801 | 106992 | SH |  | SOLE |  | 106992 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 4348 | 36128 | SH |  | SOLE |  | 36128 | 0 | 0 |
| FEDERAL RLTY INVT TR NEW | SH BEN INT NEW | 313745101 |  | 241 | 2384 | SH |  | SOLE |  | 2384 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 16333 | 94304 | SH |  | SOLE |  | 94304 | 0 | 0 |
| FORD MTR CO DEL | COM | 345370860 |  | 560 | 48141 | SH |  | SOLE |  | 48141 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 373 | 9804 | SH |  | SOLE |  | 9804 | 0 | 0 |
| GSE SYS INC | COM | 36227K106 |  | 69 | 96356 | SH |  | SOLE |  | 96356 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 224 | 902 | SH |  | SOLE |  | 902 | 0 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 2142 | 25569 | SH |  | SOLE |  | 25569 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 1698 | 50463 | SH |  | SOLE |  | 50463 | 0 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 |  | 150 | 27013 | SH |  | SOLE |  | 27013 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 23358 | 68024 | SH |  | SOLE |  | 68024 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 134 | 13226 | SH |  | SOLE |  | 13226 | 0 | 0 |
| GRAHAM CORP | COM | 384556106 |  | 494 | 51306 | SH |  | SOLE |  | 51306 | 0 | 0 |
| GRUPO TELEVISA S A B | SPON ADR REP ORD | 40049J206 |  | 66 | 14408 | SH |  | SOLE |  | 14408 | 0 | 0 |
| HF SINCLAIR CORP | COM | 403949100 |  | 241 | 4641 | SH |  | SOLE |  | 4641 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 3383 | 85975 | SH |  | SOLE |  | 85975 | 0 | 0 |
| HARMONIC INC | COM | 413160102 |  | 154 | 11788 | SH |  | SOLE |  | 11788 | 0 | 0 |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 |  | 316 | 4164 | SH |  | SOLE |  | 4164 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 6519 | 28151 | SH |  | SOLE |  | 28151 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 41007 | 129826 | SH |  | SOLE |  | 129826 | 0 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 |  | 656 | 28711 | SH |  | SOLE |  | 28711 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 13608 | 63498 | SH |  | SOLE |  | 63498 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 1634 | 41469 | SH |  | SOLE |  | 41469 | 0 | 0 |
| HUDSON TECHNOLOGIES INC | COM | 444144109 |  | 134 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| IAC INC | COM NEW | 44891N208 |  | 3938 | 88698 | SH |  | SOLE |  | 88698 | 0 | 0 |
| INSPERITY INC | COM | 45778Q107 |  | 354 | 3113 | SH |  | SOLE |  | 3113 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 13814 | 522676 | SH |  | SOLE |  | 522676 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 8371 | 59414 | SH |  | SOLE |  | 59414 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1434 | 5385 | SH |  | SOLE |  | 5385 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 9812 | 47890 | SH |  | SOLE |  | 47890 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 436 | 1135 | SH |  | SOLE |  | 1135 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 1615 | 42616 | SH |  | SOLE |  | 42616 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 8838 | 134648 | SH |  | SOLE |  | 134648 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 1347 | 19965 | SH |  | SOLE |  | 19965 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 3033 | 12538 | SH |  | SOLE |  | 12538 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 378 | 1763 | SH |  | SOLE |  | 1763 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 3407 | 19542 | SH |  | SOLE |  | 19542 | 0 | 0 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 242 | 2401 | SH |  | SOLE |  | 2401 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 2957 | 31244 | SH |  | SOLE |  | 31244 | 0 | 0 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 211 | 2306 | SH |  | SOLE |  | 2306 | 0 | 0 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 297 | 14949 | SH |  | SOLE |  | 14949 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 240 | 7863 | SH |  | SOLE |  | 7863 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 10356 | 168013 | SH |  | SOLE |  | 168013 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 4424 | 94733 | SH |  | SOLE |  | 94733 | 0 | 0 |
| ITRON INC | COM | 465741106 |  | 218 | 4312 | SH |  | SOLE |  | 4312 | 0 | 0 |
| JBG SMITH PPTYS | COM | 46590V100 |  | 345 | 18192 | SH |  | SOLE |  | 18192 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 31788 | 237044 | SH |  | SOLE |  | 237044 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 28626 | 162048 | SH |  | SOLE |  | 162048 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 328 | 18826 | SH |  | SOLE |  | 18826 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 348 | 2566 | SH |  | SOLE |  | 2566 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 6267 | 30100 | SH |  | SOLE |  | 30100 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 11289 | 107322 | SH |  | SOLE |  | 107322 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 221 | 605 | SH |  | SOLE |  | 605 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 12825 | 26363 | SH |  | SOLE |  | 26363 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 222 | 3801 | SH |  | SOLE |  | 3801 | 0 | 0 |
| MARATHON OIL CORP | COM | 565849106 |  | 201 | 7443 | SH |  | SOLE |  | 7443 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 603 | 5181 | SH |  | SOLE |  | 5181 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 39190 | 263213 | SH |  | SOLE |  | 263213 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 25667 | 75944 | SH |  | SOLE |  | 75944 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 53624 | 154213 | SH |  | SOLE |  | 154213 | 0 | 0 |
| MATCH GROUP INC NEW | COM | 57667L107 |  | 1797 | 43308 | SH |  | SOLE |  | 43308 | 0 | 0 |
| MATERION CORP | COM | 576690101 |  | 536 | 6129 | SH |  | SOLE |  | 6129 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 30553 | 115939 | SH |  | SOLE |  | 115939 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 9272 | 24718 | SH |  | SOLE |  | 24718 | 0 | 0 |
| MERCER INTL INC | COM | 588056101 |  | 176 | 15144 | SH |  | SOLE |  | 15144 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 31828 | 286867 | SH |  | SOLE |  | 286867 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 80624 | 336184 | SH |  | SOLE |  | 336184 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 468 | 3306 | SH |  | SOLE |  | 3306 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 330 | 1835 | SH |  | SOLE |  | 1835 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 7850 | 117772 | SH |  | SOLE |  | 117772 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 21385 | 251530 | SH |  | SOLE |  | 251530 | 0 | 0 |
| MUELLER WTR PRODS INC | COM SER A | 624758108 |  | 175 | 16300 | SH |  | SOLE |  | 16300 | 0 | 0 |
| NAPCO SEC TECHNOLOGIES INC | COM | 630402105 |  | 819 | 29814 | SH |  | SOLE |  | 29814 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 421 | 1427 | SH |  | SOLE |  | 1427 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 841 | 7041 | SH |  | SOLE |  | 7041 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 8719 | 104293 | SH |  | SOLE |  | 104293 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 33657 | 287642 | SH |  | SOLE |  | 287642 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 11129 | 45162 | SH |  | SOLE |  | 45162 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 268 | 491 | SH |  | SOLE |  | 491 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 7309 | 50012 | SH |  | SOLE |  | 50012 | 0 | 0 |
| NUVEEN MUN VALUE FD INC | COM | 670928100 |  | 86 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 302 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 365 | 4469 | SH |  | SOLE |  | 4469 | 0 | 0 |
| OPTION CARE HEALTH INC | COM NEW | 68404L201 |  | 261 | 8687 | SH |  | SOLE |  | 8687 | 0 | 0 |
| BARK INC | COM | 68622E104 |  | 48 | 32116 | SH |  | SOLE |  | 32116 | 0 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 1523 | 54538 | SH |  | SOLE |  | 54538 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 2172 | 27734 | SH |  | SOLE |  | 27734 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 339 | 6690 | SH |  | SOLE |  | 6690 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 408 | 2582 | SH |  | SOLE |  | 2582 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 13894 | 140390 | SH |  | SOLE |  | 140390 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 46355 | 332199 | SH |  | SOLE |  | 332199 | 0 | 0 |
| PARK-OHIO HLDGS CORP | COM | 700666100 |  | 232 | 18969 | SH |  | SOLE |  | 18969 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 6747 | 94739 | SH |  | SOLE |  | 94739 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 18853 | 104357 | SH |  | SOLE |  | 104357 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 19086 | 372482 | SH |  | SOLE |  | 372482 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 10933 | 108018 | SH |  | SOLE |  | 108018 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 9446 | 90761 | SH |  | SOLE |  | 90761 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 19212 | 176159 | SH |  | SOLE |  | 176159 | 0 | 0 |
| PRIMEENERGY RESOURCES CORP | COM | 74158E104 |  | 583 | 6715 | SH |  | SOLE |  | 6715 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 14141 | 93304 | SH |  | SOLE |  | 93304 | 0 | 0 |
| QORVO INC | COM | 74736K101 |  | 231 | 2550 | SH |  | SOLE |  | 2550 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 2850 | 25921 | SH |  | SOLE |  | 25921 | 0 | 0 |
| QUANTUM CORP | COM NEW | 747906501 |  | 14 | 12615 | SH |  | SOLE |  | 12615 | 0 | 0 |
| RAPID7 INC | COM | 753422104 |  | 3116 | 91699 | SH |  | SOLE |  | 91699 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 25300 | 250692 | SH |  | SOLE |  | 250692 | 0 | 0 |
| RESIDEO TECHNOLOGIES INC | COM | 76118Y104 |  | 3090 | 187858 | SH |  | SOLE |  | 187858 | 0 | 0 |
| RINGCENTRAL INC | CL A | 76680R206 |  | 3081 | 87027 | SH |  | SOLE |  | 87027 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 6073 | 106639 | SH |  | SOLE |  | 106639 | 0 | 0 |
| SLM CORP | COM | 78442P106 |  | 5471 | 329586 | SH |  | SOLE |  | 329586 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1086 | 2839 | SH |  | SOLE |  | 2839 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 356 | 2096 | SH |  | SOLE |  | 2096 | 0 | 0 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 244 | 2938 | SH |  | SOLE |  | 2938 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 2316 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 25451 | 57478 | SH |  | SOLE |  | 57478 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 22131 | 166916 | SH |  | SOLE |  | 166916 | 0 | 0 |
| SANDY SPRING BANCORP INC | COM | 800363103 |  | 234 | 6640 | SH |  | SOLE |  | 6640 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 9379 | 175434 | SH |  | SOLE |  | 175434 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 271 | 3102 | SH |  | SOLE |  | 3102 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 211 | 1696 | SH |  | SOLE |  | 1696 | 0 | 0 |
| SENECA FOODS CORP NEW | CL A | 817070501 |  | 745 | 12220 | SH |  | SOLE |  | 12220 | 0 | 0 |
| SERVICE CORP INTL | COM | 817565104 |  | 553 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 7501 | 19318 | SH |  | SOLE |  | 19318 | 0 | 0 |
| SMITH MIDLAND CORP | COM | 832156103 |  | 869 | 42401 | SH |  | SOLE |  | 42401 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 309 | 4323 | SH |  | SOLE |  | 4323 | 0 | 0 |
| SOUTHWESTERN ENERGY CO | COM | 845467109 |  | 176 | 30050 | SH |  | SOLE |  | 30050 | 0 | 0 |
| SPLUNK INC | COM | 848637104 |  | 12945 | 150368 | SH |  | SOLE |  | 150368 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 543 | 5470 | SH |  | SOLE |  | 5470 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 956 | 12320 | SH |  | SOLE |  | 12320 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 15786 | 480397 | SH |  | SOLE |  | 480397 | 0 | 0 |
| TAKEDA PHARMACEUTICAL CO LTD | SPONSORED ADS | 874060205 |  | 2682 | 171943 | SH |  | SOLE |  | 171943 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 4953 | 33232 | SH |  | SOLE |  | 33232 | 0 | 0 |
| TEGNA INC | COM | 87901J105 |  | 311 | 14680 | SH |  | SOLE |  | 14680 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 502 | 55005 | SH |  | SOLE |  | 55005 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 276 | 1669 | SH |  | SOLE |  | 1669 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 206 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 21821 | 39625 | SH |  | SOLE |  | 39625 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 3806 | 31738 | SH |  | SOLE |  | 31738 | 0 | 0 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 6556 | 48001 | SH |  | SOLE |  | 48001 | 0 | 0 |
| TRINITY INDS INC | COM | 896522109 |  | 219 | 7404 | SH |  | SOLE |  | 7404 | 0 | 0 |
| TUSIMPLE HLDGS INC | CL A | 90089L108 |  | 26 | 15767 | SH |  | SOLE |  | 15767 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 5903 | 28505 | SH |  | SOLE |  | 28505 | 0 | 0 |
| UNITED GUARDIAN INC | COM | 910571108 |  | 137 | 13209 | SH |  | SOLE |  | 13209 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 14325 | 82403 | SH |  | SOLE |  | 82403 | 0 | 0 |
| UNITED STS LIME  MINERALS I | COM | 911922102 |  | 1508 | 10710 | SH |  | SOLE |  | 10710 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 32060 | 60469 | SH |  | SOLE |  | 60469 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 482 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 276 | 6568 | SH |  | SOLE |  | 6568 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 9169 | 182874 | SH |  | SOLE |  | 182874 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 5060 | 129809 | SH |  | SOLE |  | 129809 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 661 | 13368 | SH |  | SOLE |  | 13368 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 6554 | 18657 | SH |  | SOLE |  | 18657 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 14173 | 69538 | SH |  | SOLE |  | 69538 | 0 | 0 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 200 | 1150 | SH |  | SOLE |  | 1150 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 28974 | 157861 | SH |  | SOLE |  | 157861 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 5540 | 28974 | SH |  | SOLE |  | 28974 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 15107 | 383426 | SH |  | SOLE |  | 383426 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 129 | 11552 | SH |  | SOLE |  | 11552 | 0 | 0 |
| VIMEO INC | COMMON STOCK | 92719V100 |  | 62 | 17970 | SH |  | SOLE |  | 17970 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 9323 | 44875 | SH |  | SOLE |  | 44875 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 29929 | 211081 | SH |  | SOLE |  | 211081 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 2389 | 63948 | SH |  | SOLE |  | 63948 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 779 | 82078 | SH |  | SOLE |  | 82078 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 290 | 1850 | SH |  | SOLE |  | 1850 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 352 | 8534 | SH |  | SOLE |  | 8534 | 0 | 0 |
| WIRELESS TELECOM GROUP INC | COM | 976524108 |  | 20 | 11100 | SH |  | SOLE |  | 11100 | 0 | 0 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 206 | 5685 | SH |  | SOLE |  | 5685 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 18627 | 145429 | SH |  | SOLE |  | 145429 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 22828 | 417709 | SH |  | SOLE |  | 417709 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 18881 | 148089 | SH |  | SOLE |  | 148089 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 25173 | 171770 | SH |  | SOLE |  | 171770 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 8895 | 33334 | SH |  | SOLE |  | 33334 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 10740 | 32926 | SH |  | SOLE |  | 32926 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 5620 | 72310 | SH |  | SOLE |  | 72310 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 219 | 4163 | SH |  | SOLE |  | 4163 | 0 | 0 |
| TRONOX HOLDINGS PLC | SHS | G9087Q102 |  | 261 | 19048 | SH |  | SOLE |  | 19048 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 7025 | 120457 | SH |  | SOLE |  | 120457 | 0 | 0 |

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