# EDGAR Filing Document

**Accession Number:** 0001161670
**File Stem:** 0001161670-25-000004
**Filing Date:** 2025-7
**Character Count:** 23094
**Document Hash:** 51825f213bde473f918f4c51714b08ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001161670-25-000004.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001161670-25-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**EFFECTIVENESS DATE**: 20250722

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CULLINAN ASSOCIATES INC
- **CENTRAL INDEX KEY:** 0001161670

**ORGANIZATION NAME:**
- **EIN:** 611172632
- **STATE OF INCORPORATION:** KY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10216
- **FILM NUMBER:** 251139997

**BUSINESS ADDRESS:**
- **STREET 1:** 295 N. HUBBARDS LANE
- **STREET 2:** SUITE 203
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40207
- **BUSINESS PHONE:** 5028930300

**MAIL ADDRESS:**
- **STREET 1:** 295 N. HUBBARDS LANE
- **STREET 2:** SUITE 203
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40207

### 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:** CULLINAN ASSOCIATES INC<br>**Address:** 295 N. HUBBARDS LANE<br>SUITE 203<br>LOUISVILLE, KY 40207

**Form 13F File Number:** 028-10216

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:** Brian L. Cullinan<br>**Title:** Principal  CCO<br>**Phone:** 502-893-0300

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

Brian L. Cullinan  Louisville, KY  07-22-2025<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:** 210

**Form 13F Information Table Value Total:** $1516175881

      (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 Company | COM | 88579Y101 |  | 517616 | 3400 | SH |  | SOLE |  | 0 | 0 | 3400 |
| AFLAC Inc | COM | 001055102 |  | 13419744 | 127250 | SH |  | SOLE |  | 0 | 0 | 127250 |
| ASML Holding NV | COM | N07059210 |  | 240417 | 300 | SH |  | SOLE |  | 0 | 0 | 300 |
| AT Inc | COM | 00206R102 |  | 835064 | 28855 | SH |  | SOLE |  | 0 | 0 | 28855 |
| AbbVie Inc | COM | 00287Y109 |  | 16361104 | 88143 | SH |  | SOLE |  | 0 | 0 | 88143 |
| Abbott Laboratories | COM | 002824100 |  | 4637125 | 34094 | SH |  | SOLE |  | 0 | 0 | 34094 |
| Accenture PLC | COM | G1151C101 |  | 2504399 | 8379 | SH |  | SOLE |  | 0 | 0 | 8379 |
| Adobe | COM | 00724F101 |  | 4487808 | 11600 | SH |  | SOLE |  | 0 | 0 | 11600 |
| Advanced Micro | COM | 007903107 |  | 641246 | 4519 | SH |  | SOLE |  | 0 | 0 | 4519 |
| Agilent | COM | 00846U101 |  | 826070 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| Airbnb Inc | COM | 009066101 |  | 10750772 | 81236 | SH |  | SOLE |  | 0 | 0 | 81236 |
| Allstate Corp | COM | 020002101 |  | 241572 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| Alphabet Class A | COM | 02079K305 |  | 23383957 | 132690 | SH |  | SOLE |  | 0 | 0 | 132690 |
| Alphabet Class C | COM | 02079K107 |  | 15614045 | 88021 | SH |  | SOLE |  | 0 | 0 | 88021 |
| Altria Group | COM | 02209S103 |  | 1789798 | 30527 | SH |  | SOLE |  | 0 | 0 | 30527 |
| Amazon | COM | 023135106 |  | 27882933 | 127093 | SH |  | SOLE |  | 0 | 0 | 127093 |
| American Express Co | COM | 025816109 |  | 17481699 | 54805 | SH |  | SOLE |  | 0 | 0 | 54805 |
| American Tower REIT | COM | 03027X100 |  | 3671363 | 16611 | SH |  | SOLE |  | 0 | 0 | 16611 |
| Amgen Inc | COM | 031162100 |  | 9506021 | 34046 | SH |  | SOLE |  | 0 | 0 | 34046 |
| Analog Devices | COM | 032654105 |  | 2215357 | 9307 | SH |  | SOLE |  | 0 | 0 | 9307 |
| AppFolio Inc | COM | 03783C100 |  | 276336 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| Apple Inc | COM | 037833100 |  | 93063716 | 453593 | SH |  | SOLE |  | 0 | 0 | 453593 |
| Applied Materials | COM | 038222105 |  | 11684149 | 63823 | SH |  | SOLE |  | 0 | 0 | 63823 |
| Applovin Corp | COM | 03831W108 |  | 459305 | 1312 | SH |  | SOLE |  | 0 | 0 | 1312 |
| Aptiv PLC | COM | G6095L109 |  | 388854 | 5700 | SH |  | SOLE |  | 0 | 0 | 5700 |
| AstraZeneca PLC | COM | 046353108 |  | 560857 | 8026 | SH |  | SOLE |  | 0 | 0 | 8026 |
| Atlassian Corp CL A | COM | 049468101 |  | 3659073 | 18017 | SH |  | SOLE |  | 0 | 0 | 18017 |
| Automatic Data | COM | 053015103 |  | 3330720 | 10800 | SH |  | SOLE |  | 0 | 0 | 10800 |
| Axon Enterprise Inc | COM | 05464C101 |  | 413970 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| BP PLC ADS | COM | 055622104 |  | 227468 | 7600 | SH |  | SOLE |  | 0 | 0 | 7600 |
| Baidu Inc | COM | 056752108 |  | 463104 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| Bank Of America | COM | 060505104 |  | 2665299 | 56325 | SH |  | SOLE |  | 0 | 0 | 56325 |
| Baxter Intl | COM | 071813109 |  | 566236 | 18700 | SH |  | SOLE |  | 0 | 0 | 18700 |
| Berkshire Hathaway Cl B | COM | 113809107 |  | 7450254 | 15337 | SH |  | SOLE |  | 0 | 0 | 15337 |
| Blackrock Inc | COM | 09247X101 |  | 751263 | 716 | SH |  | SOLE |  | 0 | 0 | 716 |
| Blackstone Group | COM | 09260D107 |  | 867564 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| Boeing | COM | 097023105 |  | 1293848 | 6175 | SH |  | SOLE |  | 0 | 0 | 6175 |
| Boston Scientific | COM | 101137107 |  | 1331884 | 12400 | SH |  | SOLE |  | 0 | 0 | 12400 |
| Bristol Myers Squibb Company | COM | 110122108 |  | 3051946 | 65931 | SH |  | SOLE |  | 0 | 0 | 65931 |
| Broadcom Ltd | COM | 11135F101 |  | 2673904 | 9700 | SH |  | SOLE |  | 0 | 0 | 9700 |
| C H Robinsin Worldwide | COM | 12541W209 |  | 3003235 | 31300 | SH |  | SOLE |  | 0 | 0 | 31300 |
| CME Group | COM | 12572Q105 |  | 5347028 | 19400 | SH |  | SOLE |  | 0 | 0 | 19400 |
| CSX Corp | COM | 126408103 |  | 574288 | 17600 | SH |  | SOLE |  | 0 | 0 | 17600 |
| CVS Health Corp | COM | 126650100 |  | 3274287 | 47467 | SH |  | SOLE |  | 0 | 0 | 47467 |
| Canadian National Railway | COM | 136375102 |  | 291312 | 2800 | SH |  | SOLE |  | 0 | 0 | 2800 |
| Capital One Financial | COM | 14040H105 |  | 280630 | 1319 | SH |  | SOLE |  | 0 | 0 | 1319 |
| CarGurus Inc | COM | 141788109 |  | 649318 | 19400 | SH |  | SOLE |  | 0 | 0 | 19400 |
| Carrier Global | COM | 14448C104 |  | 658710 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| Caterpillar | COM | 149123101 |  | 13845991 | 35666 | SH |  | SOLE |  | 0 | 0 | 35666 |
| Charles Schwab Corp | COM | 808513105 |  | 1085756 | 11900 | SH |  | SOLE |  | 0 | 0 | 11900 |
| Chevron Corp | COM | 166764100 |  | 16947540 | 118357 | SH |  | SOLE |  | 0 | 0 | 118357 |
| Chubb Limited | COM | H1467J104 |  | 255533 | 882 | SH |  | SOLE |  | 0 | 0 | 882 |
| Cisco Systems Inc | COM | 17275R102 |  | 6547321 | 94369 | SH |  | SOLE |  | 0 | 0 | 94369 |
| Coca-Cola Company | COM | 191216100 |  | 97456166 | 1377472 | SH |  | SOLE |  | 0 | 0 | 1377472 |
| Coinbase Global Inc. | COM | 19260Q107 |  | 106102085 | 302725 | SH |  | SOLE |  | 0 | 0 | 302725 |
| Colgate-Palmolive Company | COM | 194162103 |  | 4584905 | 50439 | SH |  | SOLE |  | 0 | 0 | 50439 |
| Comcast Corp | COM | 20030N101 |  | 4450186 | 124690 | SH |  | SOLE |  | 0 | 0 | 124690 |
| ConocoPhillips | COM | 20825C104 |  | 1968178 | 21932 | SH |  | SOLE |  | 0 | 0 | 21932 |
| Constl. Energy Corporation | COM | 21037T109 |  | 387312 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| Corteva Inc | COM | 22052L104 |  | 436165 | 5852 | SH |  | SOLE |  | 0 | 0 | 5852 |
| Costco Wholesale Corp | COM | 22160K105 |  | 13685951 | 13825 | SH |  | SOLE |  | 0 | 0 | 13825 |
| Crown Castle | COM | 228227104 |  | 2892774 | 28159 | SH |  | SOLE |  | 0 | 0 | 28159 |
| Cummins | COM | 231021106 |  | 3308877 | 10103 | SH |  | SOLE |  | 0 | 0 | 10103 |
| Danaher Corp | COM | 235851102 |  | 237048 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| Deere  Company | COM | 244199105 |  | 10298956 | 20254 | SH |  | SOLE |  | 0 | 0 | 20254 |
| Diageo PLC ADR | COM | 25243Q205 |  | 211764 | 2100 | SH |  | SOLE |  | 0 | 0 | 2100 |
| Digital Realty Trust | COM | 253868103 |  | 404271 | 2319 | SH |  | SOLE |  | 0 | 0 | 2319 |
| Dominion Energy | COM | 25746U109 |  | 1151765 | 20378 | SH |  | SOLE |  | 0 | 0 | 20378 |
| Doordash Inc | COM | 25809K105 |  | 449881 | 1825 | SH |  | SOLE |  | 0 | 0 | 1825 |
| Dover Corporation | COM | 260003108 |  | 861181 | 4700 | SH |  | SOLE |  | 0 | 0 | 4700 |
| Duke Energy Hldg | COM | 26441C204 |  | 2860812 | 24244 | SH |  | SOLE |  | 0 | 0 | 24244 |
| Dynatrace Holdings LLC | COM | 268150109 |  | 6017890 | 109000 | SH |  | SOLE |  | 0 | 0 | 109000 |
| Eaton Corp | COM | G29183103 |  | 1485017 | 4160 | SH |  | SOLE |  | 0 | 0 | 4160 |
| Ecolab Inc | COM | 278865100 |  | 6322733 | 23466 | SH |  | SOLE |  | 0 | 0 | 23466 |
| Edwards Lifesciences | COM | 28176E108 |  | 985446 | 12600 | SH |  | SOLE |  | 0 | 0 | 12600 |
| Electronic Arts | COM | 285512109 |  | 16990770 | 106392 | SH |  | SOLE |  | 0 | 0 | 106392 |
| Eli Lilly  Company | COM | 532457108 |  | 6524358 | 8370 | SH |  | SOLE |  | 0 | 0 | 8370 |
| Emerson Electric Company | COM | 291011104 |  | 9359805 | 70200 | SH |  | SOLE |  | 0 | 0 | 70200 |
| Energy Transfer LP | COM | 29273V100 |  | 222999 | 12300 | SH |  | SOLE |  | 0 | 0 | 12300 |
| Equifax Inc | COM | 294429105 |  | 1102322 | 4250 | SH |  | SOLE |  | 0 | 0 | 4250 |
| Exxon Mobil | COM | 30231G102 |  | 28347706 | 262966 | SH |  | SOLE |  | 0 | 0 | 262966 |
| FMC Corporation | COM | 302491303 |  | 603204 | 14448 | SH |  | SOLE |  | 0 | 0 | 14448 |
| Fastenal Company | COM | 311900104 |  | 4919460 | 117130 | SH |  | SOLE |  | 0 | 0 | 117130 |
| Fifth Third Bancorp | COM | 316773100 |  | 756792 | 18400 | SH |  | SOLE |  | 0 | 0 | 18400 |
| First Solar Inc | COM | 336433107 |  | 1241550 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| Fulton Financial | COM | 360271100 |  | 252560 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| GE Aerospace | COM | 369604301 |  | 1719108 | 6679 | SH |  | SOLE |  | 0 | 0 | 6679 |
| GE Vernova Inc | COM | 36828A101 |  | 766209 | 1448 | SH |  | SOLE |  | 0 | 0 | 1448 |
| General Dynamics | COM | 369550108 |  | 752191 | 2579 | SH |  | SOLE |  | 0 | 0 | 2579 |
| Genuine Parts Company | COM | 372460105 |  | 715729 | 5900 | SH |  | SOLE |  | 0 | 0 | 5900 |
| Gilead Sciences | COM | 375558103 |  | 792556 | 7149 | SH |  | SOLE |  | 0 | 0 | 7149 |
| Gitlab Inc Cl A | COM | 37637K108 |  | 2120170 | 47000 | SH |  | SOLE |  | 0 | 0 | 47000 |
| Goldman Sachs | COM | 38141G104 |  | 9949854 | 14058 | SH |  | SOLE |  | 0 | 0 | 14058 |
| HP Inc | COM | 40434L105 |  | 5032376 | 205739 | SH |  | SOLE |  | 0 | 0 | 205739 |
| Hims and Hers Health | COM | 433000106 |  | 2801570 | 56200 | SH |  | SOLE |  | 0 | 0 | 56200 |
| Home Depot | COM | 437076102 |  | 12114152 | 33041 | SH |  | SOLE |  | 0 | 0 | 33041 |
| Honeywell | COM | 438516106 |  | 2163455 | 9290 | SH |  | SOLE |  | 0 | 0 | 9290 |
| Humana | COM | 444859102 |  | 372832 | 1525 | SH |  | SOLE |  | 0 | 0 | 1525 |
| Huntington Ingalls Industries | COM | 446413106 |  | 482920 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| Illinois Tool Works | COM | 452308109 |  | 6494021 | 26265 | SH |  | SOLE |  | 0 | 0 | 26265 |
| Ingersoll-Rand PLC | COM | 45687V106 |  | 299531 | 3601 | SH |  | SOLE |  | 0 | 0 | 3601 |
| Intel Corp | COM | 458140100 |  | 1128714 | 50389 | SH |  | SOLE |  | 0 | 0 | 50389 |
| Intl Business Machines Corp | COM | 459200101 |  | 35710460 | 121143 | SH |  | SOLE |  | 0 | 0 | 121143 |
| Intuit | COM | 461202103 |  | 2181735 | 2770 | SH |  | SOLE |  | 0 | 0 | 2770 |
| Intuitive Surgical Inc | COM | 46120E602 |  | 2662709 | 4900 | SH |  | SOLE |  | 0 | 0 | 4900 |
| Invesco QQQ Tr Unit Ser 1 | COM | 46090E103 |  | 520197 | 943 | SH |  | SOLE |  | 0 | 0 | 943 |
| J P Morgan Chase  Co | COM | 46625H100 |  | 22712061 | 78342 | SH |  | SOLE |  | 0 | 0 | 78342 |
| Johnson  Johnson | COM | 478160104 |  | 28820455 | 188677 | SH |  | SOLE |  | 0 | 0 | 188677 |
| KLA Corporation | COM | 482480100 |  | 8743643 | 9761 | SH |  | SOLE |  | 0 | 0 | 9761 |
| Keysight Technologies | COM | 49338L103 |  | 262176 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| Kimberly-Clark | COM | 494368103 |  | 657492 | 5100 | SH |  | SOLE |  | 0 | 0 | 5100 |
| Kraft Heinz Co | COM | 500754106 |  | 328998 | 12742 | SH |  | SOLE |  | 0 | 0 | 12742 |
| Lam Research Corp | COM | 512807108 |  | 9441980 | 97000 | SH |  | SOLE |  | 0 | 0 | 97000 |
| Leidos Holdings Inc. | COM | 525327102 |  | 631040 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| Levi Strauss  Co | COM | 52736R102 |  | 184900 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| Lincoln National Corporation | COM | 534187109 |  | 719680 | 20800 | SH |  | SOLE |  | 0 | 0 | 20800 |
| Linde PLC | COM | G5494J103 |  | 375813 | 801 | SH |  | SOLE |  | 0 | 0 | 801 |
| Lockheed Martin | COM | 539830109 |  | 9891971 | 21358 | SH |  | SOLE |  | 0 | 0 | 21358 |
| Lowes Companies Inc | COM | 548661107 |  | 18742468 | 84475 | SH |  | SOLE |  | 0 | 0 | 84475 |
| Marathon Petroleum Corp | COM | 56585A102 |  | 408631 | 2460 | SH |  | SOLE |  | 0 | 0 | 2460 |
| Mastercard | COM | 57636Q104 |  | 2528730 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| McCormick and Co | COM | 579780206 |  | 454920 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| McDonalds Corp | COM | 580135101 |  | 19489873 | 66707 | SH |  | SOLE |  | 0 | 0 | 66707 |
| Medtronic Plc | COM | G5960L103 |  | 4280570 | 49106 | SH |  | SOLE |  | 0 | 0 | 49106 |
| Merck  Company Inc | COM | 58933Y105 |  | 3925835 | 49594 | SH |  | SOLE |  | 0 | 0 | 49594 |
| Meta Platforms Inc | COM | 30303M102 |  | 15392760 | 20855 | SH |  | SOLE |  | 0 | 0 | 20855 |
| Metlife Inc | COM | 59156R108 |  | 241903 | 3008 | SH |  | SOLE |  | 0 | 0 | 3008 |
| Microchip | COM | 595017104 |  | 436294 | 6200 | SH |  | SOLE |  | 0 | 0 | 6200 |
| Microsoft Corp | COM | 594918104 |  | 84473603 | 169827 | SH |  | SOLE |  | 0 | 0 | 169827 |
| Mondelez Intl | COM | 609207105 |  | 3074387 | 45587 | SH |  | SOLE |  | 0 | 0 | 45587 |
| Morgan Stanley | COM | 617446448 |  | 5700886 | 40472 | SH |  | SOLE |  | 0 | 0 | 40472 |
| Netflix | COM | 64110L106 |  | 1740869 | 1300 | SH |  | SOLE |  | 0 | 0 | 1300 |
| New Atlas Holdco Inc | COM | 642045108 |  | 3369240 | 252000 | SH |  | SOLE |  | 0 | 0 | 252000 |
| New York Times Company | COM | 650111107 |  | 8517693 | 152156 | SH |  | SOLE |  | 0 | 0 | 152156 |
| NextEra Energy | COM | 65339F101 |  | 1481076 | 21335 | SH |  | SOLE |  | 0 | 0 | 21335 |
| Nike Inc Cl B | COM | 654106103 |  | 747341 | 10520 | SH |  | SOLE |  | 0 | 0 | 10520 |
| Norfolk Southern | COM | 655844108 |  | 4965818 | 19400 | SH |  | SOLE |  | 0 | 0 | 19400 |
| Northrop Grumman Corp | COM | 666807102 |  | 2795888 | 5592 | SH |  | SOLE |  | 0 | 0 | 5592 |
| Novartis AG | COM | 66987V109 |  | 568747 | 4700 | SH |  | SOLE |  | 0 | 0 | 4700 |
| Novo Nordisk ADR | COM | 670100205 |  | 598748 | 8675 | SH |  | SOLE |  | 0 | 0 | 8675 |
| Nucor Corp | COM | 670346105 |  | 825040 | 6369 | SH |  | SOLE |  | 0 | 0 | 6369 |
| Nvidia Corp | COM | 67066G104 |  | 18930994 | 119824 | SH |  | SOLE |  | 0 | 0 | 119824 |
| Okta Inc | COM | 679295105 |  | 2829151 | 28300 | SH |  | SOLE |  | 0 | 0 | 28300 |
| Oracle Corp | COM | 68389X105 |  | 26237349 | 120008 | SH |  | SOLE |  | 0 | 0 | 120008 |
| PNC Finl | COM | 693475105 |  | 906374 | 4862 | SH |  | SOLE |  | 0 | 0 | 4862 |
| Palantir Technologies Inc | COM | 69608A108 |  | 572544 | 4200 | SH |  | SOLE |  | 0 | 0 | 4200 |
| Palo Alto Networks Inc | COM | 697435105 |  | 286496 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| PayPal Hldg Inc | COM | 70450Y103 |  | 1918571 | 25815 | SH |  | SOLE |  | 0 | 0 | 25815 |
| PepsiCo | COM | 713448108 |  | 3722605 | 28193 | SH |  | SOLE |  | 0 | 0 | 28193 |
| Petroleo Brasileiro | COM | 71654V408 |  | 415332 | 33200 | SH |  | SOLE |  | 0 | 0 | 33200 |
| Pfizer Inc | COM | 717081103 |  | 1854384 | 76501 | SH |  | SOLE |  | 0 | 0 | 76501 |
| Philip Morris | COM | 718172109 |  | 7877851 | 43254 | SH |  | SOLE |  | 0 | 0 | 43254 |
| Phillips 66 | COM | 718546104 |  | 1149933 | 9639 | SH |  | SOLE |  | 0 | 0 | 9639 |
| Plains GP Holdings | COM | 72651A207 |  | 388600 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| ProLogis Inc | COM | 74340W103 |  | 2761407 | 26269 | SH |  | SOLE |  | 0 | 0 | 26269 |
| Procore Technologies Inc | COM | 74275K108 |  | 1368400 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| Procter  Gamble Co | COM | 742718109 |  | 41804293 | 262392 | SH |  | SOLE |  | 0 | 0 | 262392 |
| Progressive Corp | COM | 743315103 |  | 1067440 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| Prudential Financial | COM | 744320102 |  | 5836299 | 54321 | SH |  | SOLE |  | 0 | 0 | 54321 |
| Qualcomm Inc | COM | 747525103 |  | 5716692 | 35895 | SH |  | SOLE |  | 0 | 0 | 35895 |
| Qualys Inc | COM | 74758T303 |  | 14687036 | 102800 | SH |  | SOLE |  | 0 | 0 | 102800 |
| Quantum Scape Corp | COM | 71467V109 |  | 678720 | 101000 | SH |  | SOLE |  | 0 | 0 | 101000 |
| RTX Corporation | COM | 75513E101 |  | 2603975 | 17833 | SH |  | SOLE |  | 0 | 0 | 17833 |
| Robinhood Markets Inc | COM | 770700102 |  | 870759 | 9300 | SH |  | SOLE |  | 0 | 0 | 9300 |
| Rockwell | COM | 773903109 |  | 431821 | 1300 | SH |  | SOLE |  | 0 | 0 | 1300 |
| Roper Technologies | COM | 776696106 |  | 2834200 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| Ross Stores | COM | 778296103 |  | 442320 | 3467 | SH |  | SOLE |  | 0 | 0 | 3467 |
| S Global Inc. | COM | 78409V104 |  | 65088678 | 123440 | SH |  | SOLE |  | 0 | 0 | 123440 |
| SPDR Gold Trust ETF | COM | 78463V107 |  | 426762 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| SPDR S 500 Trust | COM | 78462F103 |  | 38418790 | 62181 | SH |  | SOLE |  | 0 | 0 | 62181 |
| Salesforce.com Inc | COM | 79466L302 |  | 4799426 | 17600 | SH |  | SOLE |  | 0 | 0 | 17600 |
| Science Applications Intl Corp | COM | 808625107 |  | 394135 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| Sealed Air | COM | 81211K100 |  | 276167 | 8900 | SH |  | SOLE |  | 0 | 0 | 8900 |
| ServiceNow | COM | 81762P102 |  | 1850544 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| Shell PLC | COM | 780259305 |  | 359091 | 5100 | SH |  | SOLE |  | 0 | 0 | 5100 |
| Sherwin-Williams | COM | 824348106 |  | 652384 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| Southern Co | COM | 842587107 |  | 11492740 | 125152 | SH |  | SOLE |  | 0 | 0 | 125152 |
| Stanley Black  Decker | COM | 854502101 |  | 1693750 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| Stryker | COM | 863667101 |  | 3222406 | 8145 | SH |  | SOLE |  | 0 | 0 | 8145 |
| Sysco Corp | COM | 871829107 |  | 833140 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| T Rowe Price Grp Inc | COM | 74144T108 |  | 250900 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| TJX Companies | COM | 872540109 |  | 6790237 | 54986 | SH |  | SOLE |  | 0 | 0 | 54986 |
| Take Two | COM | 874054109 |  | 704265 | 2900 | SH |  | SOLE |  | 0 | 0 | 2900 |
| Tesla Motors Inc | COM | 88160R101 |  | 3684856 | 11600 | SH |  | SOLE |  | 0 | 0 | 11600 |
| Texas Instruments | COM | 882508104 |  | 18252912 | 87915 | SH |  | SOLE |  | 0 | 0 | 87915 |
| The Travelers Companies | COM | 89417E109 |  | 6236585 | 23311 | SH |  | SOLE |  | 0 | 0 | 23311 |
| Thermo Fisher Scientific | COM | 883556102 |  | 932558 | 2300 | SH |  | SOLE |  | 0 | 0 | 2300 |
| Trane Tech PLC | COM | G8994E103 |  | 918561 | 2100 | SH |  | SOLE |  | 0 | 0 | 2100 |
| Truist Financial Corporation | COM | 89832Q109 |  | 4407980 | 102535 | SH |  | SOLE |  | 0 | 0 | 102535 |
| U S Bancorp | COM | 902973304 |  | 1328087 | 29350 | SH |  | SOLE |  | 0 | 0 | 29350 |
| UBS AG | COM | H42097107 |  | 980780 | 29000 | SH |  | SOLE |  | 0 | 0 | 29000 |
| Uber Technologies Inc | COM | 90353T100 |  | 10586658 | 113469 | SH |  | SOLE |  | 0 | 0 | 113469 |
| Union Pacific Corp | COM | 907818108 |  | 4157546 | 18070 | SH |  | SOLE |  | 0 | 0 | 18070 |
| United Parcel Service Inc Cl B | COM | 911312106 |  | 7306239 | 72382 | SH |  | SOLE |  | 0 | 0 | 72382 |
| UnitedHealth | COM | 91324P102 |  | 3243887 | 10398 | SH |  | SOLE |  | 0 | 0 | 10398 |
| Valero Energy | COM | 91913Y100 |  | 228514 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| Vanguard S 500 ETF | COM | 922908363 |  | 3731957 | 6570 | SH |  | SOLE |  | 0 | 0 | 6570 |
| Verizon Communications Inc | COM | 92343V104 |  | 579818 | 13400 | SH |  | SOLE |  | 0 | 0 | 13400 |
| Vertex Pharmaceutical | COM | 92532F100 |  | 23155742 | 52012 | SH |  | SOLE |  | 0 | 0 | 52012 |
| Vertiv Holdings Co | COM | 92537N108 |  | 744778 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| Visa Inc Cl A | COM | 92826C839 |  | 23644626 | 66595 | SH |  | SOLE |  | 0 | 0 | 66595 |
| Vulcan Materials | COM | 929160109 |  | 286902 | 1100 | SH |  | SOLE |  | 0 | 0 | 1100 |
| Wal-Mart Stores Inc | COM | 931142103 |  | 55501999 | 567621 | SH |  | SOLE |  | 0 | 0 | 567621 |
| Walt Disney Company | COM | 254687106 |  | 9199442 | 74183 | SH |  | SOLE |  | 0 | 0 | 74183 |
| Wells Fargo  Co | COM | 949746101 |  | 3458468 | 43166 | SH |  | SOLE |  | 0 | 0 | 43166 |
| Welltower Inc | COM | 95040Q104 |  | 1416622 | 9215 | SH |  | SOLE |  | 0 | 0 | 9215 |
| Williams-Sonoma | COM | 969904101 |  | 441099 | 2700 | SH |  | SOLE |  | 0 | 0 | 2700 |
| YUM Brands | COM | 988498101 |  | 4713737 | 31811 | SH |  | SOLE |  | 0 | 0 | 31811 |
| Zoetis Inc | COM | 98978V103 |  | 389875 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| iShares Russell 1000 Growth ET | COM | 464287614 |  | 3056976 | 7200 | SH |  | SOLE |  | 0 | 0 | 7200 |

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