# EDGAR Filing Document

**Accession Number:** 0002008851
**File Stem:** 0002008851-26-000002
**Filing Date:** 2026-4
**Character Count:** 22092
**Document Hash:** 429478cce13ab974743e42fbe7f259a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002008851-26-000002.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0002008851-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260422

**EFFECTIVENESS DATE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capital Management Associates, Inc
- **CENTRAL INDEX KEY:** 0002008851

**ORGANIZATION NAME:**
- **EIN:** 411655392
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23530
- **FILM NUMBER:** 26885156

**BUSINESS ADDRESS:**
- **STREET 1:** 7900 XERXES AVE S
- **STREET 2:** SUITE 500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55431
- **BUSINESS PHONE:** 952-746-1110

**MAIL ADDRESS:**
- **STREET 1:** 7900 XERXES AVE S
- **STREET 2:** SUITE 500
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55431

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** Capital Management Associates Inc<br>**Address:** 7900 XERXES AVE S<br>SUITE 500<br>MINNEAPOLIS, MN 55431

**Form 13F File Number:** 028-23530

**CRD Number (if applicable):** 000105010

**SEC File Number (if applicable):** 801-18361

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:** Melissa Glennie<br>**Title:** CCO<br>**Phone:** 952-746-1110

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

/s/Melissa Glennie  Minneapolis, MN  04-22-2026<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:** 166

**Form 13F Information Table Value Total:** $442296714

      (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 CO | COM | 88579Y101 | BBG001S5T7X2 | 1875156 | 12912 | SH |  | SOLE |  | 7133 | 0 | 5779 |
| 3M CO | COM | 88579Y101 | BBG001S5T7X2 | 4357 | 30 | SH |  | OTR |  | 0 | 0 | 30 |
| ABRDN SILVER ETF TRUST | PHYSCL SILVR SHS | 003264108 | BBG001T56K58 | 19551105 | 273022 | SH |  | SOLE |  | 273022 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 253881 | 1248 | SH |  | SOLE |  | 1248 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 1554969 | 5407 | SH |  | SOLE |  | 5407 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 1090943 | 3803 | SH |  | SOLE |  | 3803 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 2154387 | 10344 | SH |  | SOLE |  | 10144 | 0 | 200 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 301184 | 856 | SH |  | SOLE |  | 856 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 130702 | 515 | SH |  | OTR |  | 0 | 0 | 515 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 13764144 | 54234 | SH |  | SOLE |  | 54234 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG001S5NMM7 | 782563 | 2290 | SH |  | SOLE |  | 2290 | 0 | 0 |
| ASE TECHNOLOGY HLDG CO LTD | SPONSORED ADS | 00215W100 | BBG00KLHLBL3 | 209039 | 9642 | SH |  | SOLE |  | 9642 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 157436 | 5431 | SH |  | SOLE |  | 5431 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 120598 | 4160 | SH |  | OTR |  | 0 | 0 | 4160 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 4662137 | 9729 | SH |  | SOLE |  | 9479 | 0 | 250 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG001S63L94 | 982289 | 15654 | SH |  | SOLE |  | 15654 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG001S8N8J6 | 230652 | 3803 | SH |  | SOLE |  | 3803 | 0 | 0 |
| CAPITAL GROUP CORE BALANCED | SHS | 14021D107 | BBG01J9W1K83 | 10300825 | 299356 | SH |  | SOLE |  | 258848 | 0 | 40508 |
| CAPITAL GROUP CORE EQUITY ET | SHS CREATION UNI | 14020V108 | BBG015D25YS8 | 3598798 | 93670 | SH |  | SOLE |  | 93670 | 0 | 0 |
| CAPITAL GROUP DIVIDEND VALUE | SHS CREATION UNI | 14020W106 | BBG015H8BXT5 | 1755989 | 41279 | SH |  | SOLE |  | 38724 | 0 | 2555 |
| CAPITAL GROUP GROWTH ETF | SHS CREATION UNI | 14020G101 | BBG015DMY5P8 | 1221690 | 30398 | SH |  | SOLE |  | 30398 | 0 | 0 |
| CAPITAL GRP FIXED INCM ETF T | CORE BOND ETF | 14020Y508 | BBG01J5S7N48 | 942531 | 35892 | SH |  | SOLE |  | 35892 | 0 | 0 |
| CAPITAL GRP FIXED INCM ETF T | MUNICIPAL INCOME | 14020Y201 | BBG019XRCM29 | 662851 | 24414 | SH |  | SOLE |  | 24414 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 | BBG001S5PJ06 | 5118020 | 7224 | SH |  | SOLE |  | 7224 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 | BBG001S5PJ06 | 7085 | 10 | SH |  | OTR |  | 0 | 0 | 10 |
| CHEVRON CORPORATION | COM | 166764100 | BBG001S67ZC5 | 7862 | 38 | SH |  | OTR |  | 0 | 0 | 38 |
| CHEVRON CORPORATION | COM | 166764100 | BBG001S67ZC5 | 448167 | 2166 | SH |  | SOLE |  | 2166 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 | BBG001SP50B3 | 256272 | 8006 | SH |  | SOLE |  | 8006 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 20639 | 266 | SH |  | OTR |  | 0 | 0 | 266 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 413167 | 5325 | SH |  | SOLE |  | 5325 | 0 | 0 |
| COCA COLA CO | COM | 191216100 | BBG001S5SMQ8 | 271757 | 3573 | SH |  | SOLE |  | 3573 | 0 | 0 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 | BBG001S9KRQ7 | 386026 | 387 | SH |  | SOLE |  | 387 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 | BBG001S5QM08 | 1386983 | 7075 | SH |  | SOLE |  | 7075 | 0 | 0 |
| DEERE  CO | COM | 244199105 | BBG001S5QFF7 | 2639047 | 4685 | SH |  | SOLE |  | 4685 | 0 | 0 |
| DELTA AIR LINES INC | COM NEW | 247361702 | BBG001SPT759 | 427318 | 6428 | SH |  | SOLE |  | 6428 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US SMALL CAP ETF | 25434V500 | BBG011DXXVM0 | 494140 | 6947 | SH |  | SOLE |  | 6947 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 | BBG001S5QNR7 | 543046 | 4147 | SH |  | SOLE |  | 4147 | 0 | 0 |
| ECOLAB INC | COM | 278865100 | BBG001S5QRB5 | 1477080 | 5553 | SH |  | SOLE |  | 5553 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 384277 | 418 | SH |  | SOLE |  | 418 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 | BBG001S5QVT7 | 8254 | 63 | SH |  | OTR |  | 0 | 0 | 63 |
| EMERSON ELEC CO | COM | 291011104 | BBG001S5QVT7 | 1471700 | 11233 | SH |  | SOLE |  | 11233 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 | BBG001S6Q6D7 | 229283 | 4235 | SH |  | SOLE |  | 4235 | 0 | 0 |
| ETFS GOLD TR | PHYSCL GOLD SHS | 00326A104 | BBG001SCTFP8 | 11714222 | 262533 | SH |  | SOLE |  | 262533 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 419569 | 2473 | SH |  | SOLE |  | 2473 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 12725 | 75 | SH |  | OTR |  | 0 | 0 | 75 |
| FASTENAL CO | COM | 311900104 | BBG001S5R1F7 | 436363 | 9404 | SH |  | SOLE |  | 9404 | 0 | 0 |
| FIDELITY COVINGTON TRUST | MSCI INFO TECH I | 316092808 | BBG005FHWBL1 | 470193 | 2260 | SH |  | SOLE |  | 2260 | 0 | 0 |
| FS KKR CAP CORP | COM | 302635206 | BBG001YCZQ07 | 152873 | 15017 | SH |  | SOLE |  | 15017 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG001S5PVD5 | 553943 | 1952 | SH |  | SOLE |  | 1952 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 476603 | 546 | SH |  | SOLE |  | 546 | 0 | 0 |
| GENERAL MILLS INC | COM | 370334104 | BBG001S5RKR2 | 4858029 | 130522 | SH |  | SOLE |  | 130522 | 0 | 0 |
| GRACO INC | COM | 384109104 | BBG001S5RK56 | 956376 | 11298 | SH |  | SOLE |  | 11298 | 0 | 0 |
| HECLA MINING COMPANY | COM | 422704106 | BBG001S5RXF7 | 282873 | 15184 | SH |  | SOLE |  | 15184 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG001S5X1N1 | 219542 | 971 | SH |  | SOLE |  | 971 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG001S5X1N1 | 16952 | 75 | SH |  | OTR |  | 0 | 0 | 75 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG001S5S399 | 360434 | 1487 | SH |  | SOLE |  | 1487 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL REL | 46137V290 | BBG00KJR2T90 | 1198718 | 36125 | SH |  | SOLE |  | 7650 | 0 | 28475 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 22895603 | 39668 | SH |  | SOLE |  | 39023 | 0 | 645 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG001SQLN69 | 344925 | 5062 | SH |  | SOLE |  | 5062 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 | BBG001SFC7V0 | 1911296 | 28303 | SH |  | SOLE |  | 22178 | 0 | 6125 |
| ISHARES TR | CORE S SCP ETF | 464287804 | BBG001SFC7W9 | 1039996 | 8366 | SH |  | SOLE |  | 8366 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 1559031 | 2387 | SH |  | SOLE |  | 2387 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 | BBG001SM1QT8 | 5198783 | 52370 | SH |  | SOLE |  | 11879 | 0 | 40491 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 | BBG00D7BBRS7 | 430290 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| ISHARES TR | MORNINGSTR US EQ | 464287127 | BBG001SBR743 | 792422 | 8818 | SH |  | SOLE |  | 8818 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 | BBG001SG09V7 | 455465 | 4689 | SH |  | SOLE |  | 3464 | 0 | 1225 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 | BBG001SZV978 | 2715582 | 25582 | SH |  | SOLE |  | 25582 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 | BBG001S56320 | 402522 | 944 | SH |  | SOLE |  | 944 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 | BBG001S561Q8 | 263411 | 2329 | SH |  | SOLE |  | 2329 | 0 | 0 |
| ISHARES TR | TRUST ISHARE 0-1 | 464288679 | BBG001SSD803 | 717097 | 6496 | SH |  | SOLE |  | 6496 | 0 | 0 |
| JABIL INC | COM | 466313103 | BBG001S7RB70 | 231098 | 870 | SH |  | SOLE |  | 870 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 2693092 | 11017 | SH |  | SOLE |  | 11017 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 24444 | 100 | SH |  | OTR |  | 0 | 0 | 100 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG001S8CRC3 | 959415 | 3262 | SH |  | SOLE |  | 3262 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 | BBG001S5SLZ0 | 675579 | 7003 | SH |  | SOLE |  | 7003 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 | BBG001S5SLM4 | 736205 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 | BBG001S5S0N9 | 205019 | 594 | SH |  | SOLE |  | 594 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG001S5SVL3 | 234153 | 991 | SH |  | SOLE |  | 991 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 | BBG001S7S2B4 | 210648 | 1019 | SH |  | SOLE |  | 1019 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 511152 | 1023 | SH |  | SOLE |  | 1023 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 969943 | 3121 | SH |  | SOLE |  | 3121 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 480041 | 5540 | SH |  | SOLE |  | 4670 | 0 | 870 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 1777646 | 14778 | SH |  | SOLE |  | 14778 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 1989036 | 3477 | SH |  | SOLE |  | 3477 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 3818454 | 10315 | SH |  | SOLE |  | 10245 | 0 | 70 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG001S5RB29 | 18576 | 200 | SH |  | OTR |  | 0 | 0 | 200 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG001S5RB29 | 287347 | 3094 | SH |  | SOLE |  | 3094 | 0 | 0 |
| NNN REIT INC | COM | 637417106 | BBG001S6Z1P5 | 1003256 | 23870 | SH |  | SOLE |  | 23870 | 0 | 0 |
| NUSHARES ETF TR | NUVEEN ESG SMLCP | 67092P607 | BBG00FJ5HWZ7 | 377880 | 8386 | SH |  | SOLE |  | 8386 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 1649702 | 9459 | SH |  | SOLE |  | 9459 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 2983979 | 20284 | SH |  | SOLE |  | 20284 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 | BBG001T53796 | 896589 | 6129 | SH |  | SOLE |  | 5929 | 0 | 200 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG001T9NWN5 | 251702 | 1570 | SH |  | SOLE |  | 1570 | 0 | 0 |
| PIMCO ETF TR | 0-5 HIGH YIELD | 72201R783 | BBG001V1XW67 | 15114742 | 162054 | SH |  | SOLE |  | 162054 | 0 | 0 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 | BBG001T618D9 | 5169018 | 51397 | SH |  | SOLE |  | 51397 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 | BBG001S5WW18 | 378973 | 4204 | SH |  | SOLE |  | 4204 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 49110 | 340 | SH |  | OTR |  | 0 | 0 | 340 |
| PROCTER  GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 453303 | 3138 | SH |  | SOLE |  | 3138 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 | BBG001S5TH79 | 2192232 | 8093 | SH |  | SOLE |  | 8093 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 | BBG001S9GX43 | 1156282 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 | BBG001S884K0 | 226683 | 3705 | SH |  | SOLE |  | 3705 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 | BBG001S6PX49 | 215567 | 279 | SH |  | SOLE |  | 279 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 | BBG01R388JK6 | 635340 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG001S5VXD4 | 357962 | 3809 | SH |  | SOLE |  | 3809 | 0 | 0 |
| SCHWAB STRATEGIC TR | INT-TRM U.S TRES | 808524854 | BBG001T9F7C1 | 223368 | 8967 | SH |  | SOLE |  | 8967 | 0 | 0 |
| SCHWAB STRATEGIC TR | US AGGREGATE B | 808524839 | BBG001WBMLH8 | 1376465 | 59279 | SH |  | SOLE |  | 59279 | 0 | 0 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 | BBG001T5XQT9 | 44817601 | 1785562 | SH |  | SOLE |  | 1785562 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 | BBG0025RWLM4 | 745364 | 24295 | SH |  | SOLE |  | 24295 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 | BBG001T5XQV6 | 1541900 | 60137 | SH |  | SOLE |  | 60137 | 0 | 0 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 | BBG001T5XQW5 | 549403 | 18893 | SH |  | SOLE |  | 18893 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET COM | 81369Y852 | BBG00L5F9FV7 | 361958 | 3265 | SH |  | SOLE |  | 1522 | 0 | 1743 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 | BBG001S7T107 | 802054 | 9784 | SH |  | SOLE |  | 9784 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 | BBG001S7SCQ6 | 332494 | 2268 | SH |  | SOLE |  | 2268 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 | BBG001S7TCZ5 | 363880 | 2738 | SH |  | SOLE |  | 2738 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 | BBG001S7TD56 | 518014 | 11288 | SH |  | SOLE |  | 11288 | 0 | 0 |
| SNAP INC | CL A | 83304A106 | BBG00441QMK5 | 92000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| SONIDA SENIOR LIVING INC | COM | 140475203 | BBG001SBCJQ9 | 852497 | 26434 | SH |  | SOLE |  | 26434 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 462992 | 1076 | SH |  | SOLE |  | 1076 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A847 | BBG001SPT9T9 | 1013647 | 17117 | SH |  | SOLE |  | 17117 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A409 | BBG001SD7RB9 | 928410 | 9482 | SH |  | SOLE |  | 9482 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A631 | BBG0024LG8W4 | 228582 | 900 | SH |  | SOLE |  | 0 | 0 | 900 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R101 | BBG0029J2KF1 | 784358 | 26880 | SH |  | SOLE |  | 26880 | 0 | 0 |
| STATE STR SPDR DOW JONES IND | UT SER 1 | 78467X109 | BBG001S8LH99 | 13436337 | 29008 | SH |  | SOLE |  | 28608 | 0 | 400 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 | BBG001S72SM3 | 67445234 | 103708 | SH |  | SOLE |  | 102500 | 0 | 1208 |
| STRATEGIC TRUST | RUNNING GWTH ETF | 48817R870 | BBG01GX67JZ6 | 3681571 | 114299 | SH |  | SOLE |  | 111457 | 0 | 2842 |
| T ROWE PRICE ETF INC | CAP APPRECIATION | 87283Q867 | BBG01GZY8BG0 | 202442 | 5688 | SH |  | SOLE |  | 5688 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 569784 | 1686 | SH |  | SOLE |  | 1686 | 0 | 0 |
| TARGET CORP | COM | 87612E106 | BBG001SC0K41 | 574488 | 4740 | SH |  | SOLE |  | 4740 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 322721 | 868 | SH |  | SOLE |  | 868 | 0 | 0 |
| TORO CO | COM | 891092108 | BBG001S5WX98 | 530833 | 5681 | SH |  | SOLE |  | 5681 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 1829532 | 6761 | SH |  | SOLE |  | 6571 | 0 | 190 |
| US BANCORP | COM NEW | 902973304 | BBG001S6T8C1 | 606541 | 11662 | SH |  | SOLE |  | 11662 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 | BBG004N1LGK2 | 286474 | 5962 | SH |  | SOLE |  | 5962 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 | BBG001SHTTS4 | 7189749 | 16460 | SH |  | SOLE |  | 16460 | 0 | 0 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 | BBG001SHTTQ6 | 1667882 | 5581 | SH |  | SOLE |  | 5581 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 | BBG001SRN7S6 | 1271052 | 4939 | SH |  | SOLE |  | 4939 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 5677359 | 19769 | SH |  | SOLE |  | 19769 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 2240296 | 25257 | SH |  | SOLE |  | 5707 | 0 | 19550 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 40519687 | 67810 | SH |  | SOLE |  | 67810 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG001SHTTV0 | 10975497 | 41904 | SH |  | SOLE |  | 41904 | 0 | 0 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 | BBG001SHTTW9 | 9496091 | 31418 | SH |  | SOLE |  | 31418 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 1292529 | 4029 | SH |  | SOLE |  | 3654 | 0 | 375 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG001SHVR78 | 1502961 | 7660 | SH |  | SOLE |  | 7660 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 | BBG001SP7T00 | 144417 | 1923 | SH |  | OTR |  | 0 | 0 | 1923 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 | BBG001SP7T00 | 65487 | 872 | SH |  | SOLE |  | 872 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 722461 | 13367 | SH |  | SOLE |  | 13367 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 329720 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 | BBG001T62M38 | 295252 | 3568 | SH |  | SOLE |  | 3568 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 | BBG001SQX4T3 | 900884 | 4189 | SH |  | SOLE |  | 4189 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 1295378 | 20215 | SH |  | SOLE |  | 20215 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 | BBG001SS0V24 | 270283 | 1825 | SH |  | SOLE |  | 475 | 0 | 1350 |
| VANGUARD WORLD FD | CONSUM DIS ETF | 92204A108 | BBG001SHVTQ3 | 2039290 | 5680 | SH |  | SOLE |  | 5680 | 0 | 0 |
| VANGUARD WORLD FD | FINANCIALS ETF | 92204A405 | BBG001SHTTM0 | 1331568 | 11022 | SH |  | SOLE |  | 11022 | 0 | 0 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 | BBG001SHVR32 | 2134369 | 7837 | SH |  | SOLE |  | 7837 | 0 | 0 |
| VANGUARD WORLD FD | INDUSTRIAL ETF | 92204A603 | BBG001SHVTX5 | 2051598 | 6571 | SH |  | SOLE |  | 6571 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 | BBG001SHTTR5 | 2569372 | 3683 | SH |  | SOLE |  | 3683 | 0 | 0 |
| VANGUARD WORLD FD | MEGA CAP VAL ETF | 921910840 | BBG001T0Y6L1 | 232790 | 1606 | SH |  | SOLE |  | 1606 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 317505 | 6325 | SH |  | SOLE |  | 6325 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 299772 | 992 | SH |  | SOLE |  | 992 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 611955 | 4924 | SH |  | SOLE |  | 4924 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 24980 | 201 | SH |  | OTR |  | 0 | 0 | 201 |
| WASTE MGMT INC DEL | COM | 94106L109 | BBG001S5XH47 | 492403 | 2143 | SH |  | SOLE |  | 2143 | 0 | 0 |
| WELLS FARGO  CO | COM | 949746101 | BBG001S5XF23 | 333725 | 4192 | SH |  | SOLE |  | 4192 | 0 | 0 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 | BBG00L8YYQ05 | 1347064 | 14533 | SH |  | SOLE |  | 12918 | 0 | 1615 |
| XCEL ENERGY INC | COM | 98389B100 | BBG001S7F0X8 | 13187 | 166 | SH |  | OTR |  | 0 | 0 | 166 |
| XCEL ENERGY INC | COM | 98389B100 | BBG001S7F0X8 | 5070852 | 63832 | SH |  | SOLE |  | 22845 | 0 | 40987 |

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