Hanson & Doremus Investment Management Q4 2025 Filing

Filed January 20, 2026

Portfolio Value

$831.9M

Holdings

484

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (484 positions)

#	Stock	Shares	Value	% Portfolio
1	SCHBSchwab U.S. Broad Market ETF	7,007,872	$183.8M	22.09%
2	VGITVanguard Intermediate Treasury ETF	1,117,525	$67.0M	8.05%
3	VEAVanguard Developed Market ETF	813,857	$50.8M	6.11%
4	VCITVanguard Intermediate Corporate ETF	594,793	$49.8M	5.99%
5	ESGVVanguard ESG US Stock ETF	216,416	$26.2M	3.15%
6	VWOVanguard Emerging Market ETF	480,201	$25.8M	3.10%
7	TSMTaiwan Semiconductor ADR	82,135	$25.0M	3.00%
8	MSFTMicrosoft	45,050	$21.8M	2.62%
9	VSGXVanguard ESG International Stock ETF	234,527	$16.8M	2.02%
10	SCHFSchwab Int'l Equity ETF	623,303	$15.0M	1.80%
11	AAPLApple Inc.	47,366	$12.9M	1.55%
12	VCEBVanguard ESG US Corporate Bond ETF	189,845	$12.1M	1.45%
13	SCHWThe Charles Schwab Corp.	119,585	$11.9M	1.44%
14	GLWCorning	135,301	$11.8M	1.42%
15	GOOGLAlphabet, Inc. Cl A	32,470	$10.2M	1.22%
16	STXSeagate Technology PLC	35,876	$9.9M	1.19%
17	COSTCostco	10,254	$8.8M	1.06%
18	BRK/BBerkshire Hathaway Cl B	17,593	$8.8M	1.06%
19	GOOGAlphabet, Inc Cl C	25,132	$7.9M	0.95%
20	VVisa Inc	20,514	$7.2M	0.86%
21	IBMIBM Corp.	23,928	$7.1M	0.85%
22	VTEBVanguard Tax-Exempt Bond ETF	136,880	$6.9M	0.83%
23	AMZNAmazon.Com	26,904	$6.2M	0.75%
24	MRKMerck	58,591	$6.2M	0.74%
25	CBChubb Limited	18,714	$5.8M	0.70%
26	TRMKTrustmark Corp.	139,397	$5.4M	0.65%
27	IWDiShares Russell 1000 Val ETF	25,673	$5.4M	0.65%
28	VTIVanguard Total Stk Mkt ETF	15,314	$5.1M	0.62%
29	AVGOBroadcom Ltd	14,588	$5.0M	0.61%
30	JPMJP Morgan Chase & Co	15,186	$4.9M	0.59%
31	CATCaterpillar	7,930	$4.5M	0.55%
32	MDTMedtronic Inc.	46,313	$4.4M	0.53%
33	NINisource Inc.	99,304	$4.1M	0.50%
34	LLYEli Lilly & Co.	3,725	$4.0M	0.48%
35	CSCOCisco Systems, Inc.	48,811	$3.8M	0.45%
36	ABBVAbbVie Inc.	16,013	$3.7M	0.44%
37	AMGNAmgen Incorporated	11,047	$3.6M	0.43%
38	GQ9SPDR Gold Trust ETF	8,717	$3.5M	0.42%
39	KRCKilroy Realty Corp REIT	92,231	$3.4M	0.41%
40	BABoeing Co.	15,723	$3.4M	0.41%
41	PFEPfizer Inc.	129,234	$3.2M	0.39%
42	XOMExxon Mobil Corporation	26,344	$3.2M	0.38%
43	MUNIPIMCO Intermediate Muni Bond ETF	57,139	$3.0M	0.36%
44	HONHoneywell International	15,306	$3.0M	0.36%
45	SLBSchlumberger Limited	77,740	$3.0M	0.36%
46	JNJJohnson & Johnson	13,818	$2.9M	0.34%
47	IQVIQVIA Holdings Inc.	12,466	$2.8M	0.34%
48	ISRGIntuitive Surgical	4,923	$2.8M	0.34%
49	IOTSamsara Inc.	77,898	$2.8M	0.33%
50	PGProcter & Gamble	19,213	$2.8M	0.33%
51	KOCoca-Cola Co	38,065	$2.7M	0.32%
52	ROPRoper Industries Inc	5,922	$2.6M	0.32%
53	ABTAbbott Laboratories	20,675	$2.6M	0.31%
54	FSLRFirst Solar Inc	9,875	$2.6M	0.31%
55	YUMCYum China Hldgs Inc Com	52,136	$2.5M	0.30%
56	VLOValero Energy	14,473	$2.4M	0.28%
57	VUGVanguard Growth ETF	4,771	$2.3M	0.28%
58	PCORProcore Technologies, Inc.	30,825	$2.2M	0.27%
59	GDXVaneck Vectors Gold Miners ETF	26,144	$2.2M	0.27%
60	VOOVanguard 500 ETF	3,455	$2.2M	0.26%
61	ATRAptarGroup, Inc	17,502	$2.1M	0.26%
62	SPYSPDR S&P 500 ETF	2,979	$2.0M	0.24%
63	NCLHNorwegian Cruise Line Holding Ltd	90,857	$2.0M	0.24%
64	XYLXylem Inc	14,242	$1.9M	0.23%
65	MCKMcKesson Corp.	2,209	$1.8M	0.22%
66	DISWalt Disney Hldg	15,048	$1.7M	0.21%
67	GEGE Aerospace	4,940	$1.5M	0.18%
68	MCDMcDonald's Corp	4,944	$1.5M	0.18%
69	DUKDuke Energy Corporation	12,713	$1.5M	0.18%
70	AXPAmerican Express Company	4,000	$1.5M	0.18%
71	SONYSony Group Corp	56,226	$1.4M	0.17%
72	SPYXSPDR S&P 500 Fossil Fl Fr ETF	25,461	$1.4M	0.17%
73	WMTWal-Mart Stores	12,784	$1.4M	0.17%
74	NVDANvidia Corp	7,583	$1.4M	0.17%
75	CHEChemed Corp.	3,137	$1.3M	0.16%
76	DOVDover Corporation	6,841	$1.3M	0.16%
77	EMREmerson Electric Co.	9,990	$1.3M	0.16%
78	TRVThe Travelers Companies Inc.	4,302	$1.2M	0.15%
79	AMKRAmkor Technology Inc	30,624	$1.2M	0.15%
80	AZNAstraZeneca plc ADR	12,409	$1.1M	0.14%
81	IAU*Ishares Gold ETF	12,833	$1.0M	0.13%
82	FDXFedex Corporation	3,531	$1.0M	0.12%
83	BMYBristol Myers	18,556	$1.0M	0.12%
84	PEPPepsico, Inc.	6,857	$984K	0.12%
85	MKSIM K S Instruments Inc.	6,005	$960K	0.12%
86	CVXChevron Corp.	6,015	$917K	0.11%
87	DEDeere & Company	1,956	$911K	0.11%
88	HDHome Depot	2,639	$908K	0.11%
89	EWBCEast West Bancorp	7,948	$893K	0.11%
90	BACVerizon Communications Inc.	20,986	$855K	0.10%
91	MTBM&T Bank Corp	4,176	$841K	0.10%
92	VIGVanguard Div Appreciation ETF	3,529	$776K	0.09%
93	BEPCBrookfield Renewable Corp Ordinary Shares - Class	19,998	$767K	0.09%
94	TJXTJX Companies Inc	4,878	$749K	0.09%
95	XLKSector SPDR Tech Select Shares	5,012	$722K	0.09%
96	DGROiShares Core Dividend Growth ETF	10,262	$712K	0.09%
97	GEVGE Vernova Inc.	1,048	$685K	0.08%
98	COPConoco Phillips	7,322	$685K	0.08%
99	INTCIntel Corp.	18,460	$681K	0.08%
100	ETNEaton Corp.	2,094	$667K	0.08%

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