# EDGAR Filing Document

**Accession Number:** 0001633716
**File Stem:** 0001633716-25-000004
**Filing Date:** 2025-7
**Character Count:** 28780
**Document Hash:** a2626e95329715b8037afabc883487ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001633716-25-000004.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001633716-25-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**EFFECTIVENESS DATE**: 20250718

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USA FINANCIAL FORMULAS
- **CENTRAL INDEX KEY:** 0001633716

**ORGANIZATION NAME:**
- **EIN:** 383397033
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16517
- **FILM NUMBER:** 251133897

**BUSINESS ADDRESS:**
- **STREET 1:** 6020 EAST FULTON STREET
- **CITY:** ADA
- **STATE:** MI
- **ZIP:** 49301
- **BUSINESS PHONE:** 888-407-8198

**MAIL ADDRESS:**
- **STREET 1:** 6020 EAST FULTON STREET
- **CITY:** ADA
- **STATE:** MI
- **ZIP:** 49301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USA Financial Portformulas Corp
- **DATE OF NAME CHANGE:** 20150212

### 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:** USA FINANCIAL FORMULAS<br>**Address:** 6020 EAST FULTON STREET<br>ADA, MI 49301

**Form 13F File Number:** 028-16517

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:** Jason Clark<br>**Title:** Principal Account Manager<br>**Phone:** 8884440125

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

Jason Clark  Ada, MI  07-18-2025<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:** 240

**Form 13F Information Table Value Total:** $585949785

      (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 | COM | 002824100 |  | 1500326 | 11031 | SH |  | SOLE |  | 0 | 0 | 11031 |
| Albertsons Companies Inc - Ordinary Shares - Class A | COMMON STOCK | 013091103 |  | 188664 | 8771 | SH |  | SOLE |  | 0 | 0 | 8771 |
| AECOM | COM | 00766T100 |  | 88144 | 781 | SH |  | SOLE |  | 0 | 0 | 781 |
| Automatic Data Processing Inc. | COM | 053015103 |  | 264916 | 859 | SH |  | SOLE |  | 0 | 0 | 859 |
| Ameren Corp. | COM | 023608102 |  | 842271 | 8770 | SH |  | SOLE |  | 0 | 0 | 8770 |
| American Electric Power Company Inc. | COM | 025537101 |  | 3043385 | 29331 | SH |  | SOLE |  | 0 | 0 | 29331 |
| Assurant Inc | COM | 04621X108 |  | 202822 | 1027 | SH |  | SOLE |  | 0 | 0 | 1027 |
| Allstate Corp (The) | COM | 020002101 |  | 247007 | 1227 | SH |  | SOLE |  | 0 | 0 | 1227 |
| Applied Materials Inc. | COM | 038222105 |  | 15378 | 84 | SH |  | SOLE |  | 0 | 0 | 84 |
| Ametek Inc | COM | 031100100 |  | 80889 | 447 | SH |  | SOLE |  | 0 | 0 | 447 |
| American Public Education Inc | COM | 02913V103 |  | 58392 | 1917 | SH |  | SOLE |  | 0 | 0 | 1917 |
| AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Apr ETF | ALLIANZIM US EQU | 00888H612 |  | 2821791 | 101212 | SH |  | SOLE |  | 0 | 0 | 101212 |
| Adtalem Global Education Inc | COM | 00737L103 |  | 83845 | 659 | SH |  | SOLE |  | 0 | 0 | 659 |
| Atmos Energy Corp. | COM | 049560105 |  | 1129472 | 7329 | SH |  | SOLE |  | 0 | 0 | 7329 |
| Avery Dennison Corp. | COM | 053611109 |  | 186525 | 1063 | SH |  | SOLE |  | 0 | 0 | 1063 |
| Axis Capital Holdings Ltd | SHS | G0692U109 |  | 258304 | 2488 | SH |  | SOLE |  | 0 | 0 | 2488 |
| Bank Of America Corp. | COM | 060505104 |  | 13865 | 293 | SH |  | SOLE |  | 0 | 0 | 293 |
| Becton Dickinson  Co. | COM | 075887109 |  | 160882 | 934 | SH |  | SOLE |  | 0 | 0 | 934 |
| SPDR Series Trust - SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | BLOOMBERG 1-3 MO | 78468R663 |  | 23119996 | 252044 | SH |  | SOLE |  | 0 | 0 | 252044 |
| BJ`s Wholesale Club Holdings Inc | COM | 05550J101 |  | 237549 | 2203 | SH |  | SOLE |  | 0 | 0 | 2203 |
| Bank Of New York Mellon Corp | COM | 064058100 |  | 13484 | 148 | SH |  | SOLE |  | 0 | 0 | 148 |
| Broadridge Financial Solutions Inc. | COM | 11133T103 |  | 249349 | 1026 | SH |  | SOLE |  | 0 | 0 | 1026 |
| Berkshire Hathaway Inc. - Ordinary Shares - Class B | CL B NEW | 084670702 |  | 605755 | 1247 | SH |  | SOLE |  | 0 | 0 | 1247 |
| Vanguard Short-Term Bond ETF | SHORT TRM BOND | 921937827 |  | 942433 | 11975 | SH |  | SOLE |  | 0 | 0 | 11975 |
| Boston Scientific Corp. | COM | 101137107 |  | 1646703 | 15331 | SH |  | SOLE |  | 0 | 0 | 15331 |
| Cardinal Health Inc. | COM | 14149Y108 |  | 236880 | 1410 | SH |  | SOLE |  | 0 | 0 | 1410 |
| Caterpillar Inc. | COM | 149123101 |  | 178577 | 460 | SH |  | SOLE |  | 0 | 0 | 460 |
| Chubb Limited | COM | H1467J104 |  | 399814 | 1380 | SH |  | SOLE |  | 0 | 0 | 1380 |
| Chefs` Warehouse Inc | COM | 163086101 |  | 114028 | 1787 | SH |  | SOLE |  | 0 | 0 | 1787 |
| Cigna Group (The) | COM | 125523100 |  | 13884 | 42 | SH |  | SOLE |  | 0 | 0 | 42 |
| Cincinnati Financial Corp. | COM | 172062101 |  | 183172 | 1230 | SH |  | SOLE |  | 0 | 0 | 1230 |
| Colgate-Palmolive Co. | COM | 194162103 |  | 12726 | 140 | SH |  | SOLE |  | 0 | 0 | 140 |
| CME Group Inc - Ordinary Shares - Class A | COM | 12572Q105 |  | 302631 | 1098 | SH |  | SOLE |  | 0 | 0 | 1098 |
| CMS Energy Corporation | COM | 125896100 |  | 915743 | 13218 | SH |  | SOLE |  | 0 | 0 | 13218 |
| Centerpoint Energy Inc. | COM | 15189T107 |  | 901049 | 24525 | SH |  | SOLE |  | 0 | 0 | 24525 |
| Mr. Cooper Group Inc | COM | 62482R107 |  | 131752 | 883 | SH |  | SOLE |  | 0 | 0 | 883 |
| Corcept Therapeutics Inc | COM | 218352102 |  | 56298 | 767 | SH |  | SOLE |  | 0 | 0 | 767 |
| CorMedix Inc | COM | 21900C308 |  | 54960 | 4461 | SH |  | SOLE |  | 0 | 0 | 4461 |
| Cisco Systems Inc. | COM | 17275R102 |  | 3179963 | 45834 | SH |  | SOLE |  | 0 | 0 | 45834 |
| CSG Systems International Inc. | COM | 126349109 |  | 54338 | 832 | SH |  | SOLE |  | 0 | 0 | 832 |
| Cintas Corporation | COM | 172908105 |  | 203257 | 912 | SH |  | SOLE |  | 0 | 0 | 912 |
| Carvana Co. - Ordinary Shares - Class A | CL A | 146869102 |  | 248340 | 737 | SH |  | SOLE |  | 0 | 0 | 737 |
| CVS Health Corp | COM | 126650100 |  | 1429128 | 20718 | SH |  | SOLE |  | 0 | 0 | 20718 |
| Dominion Energy Inc | COM | 25746U109 |  | 90884 | 1608 | SH |  | SOLE |  | 0 | 0 | 1608 |
| Dana Inc | COM | 235825205 |  | 26926 | 1570 | SH |  | SOLE |  | 0 | 0 | 1570 |
| Donaldson Co. Inc. | COM | 257651109 |  | 83914 | 1210 | SH |  | SOLE |  | 0 | 0 | 1210 |
| Delcath Systems Inc | COM NEW | 24661P807 |  | 24861 | 1828 | SH |  | SOLE |  | 0 | 0 | 1828 |
| Deere  Co. | COM | 244199105 |  | 813584 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| Quest Diagnostics Inc. | COM | 74834L100 |  | 692474 | 3855 | SH |  | SOLE |  | 0 | 0 | 3855 |
| SPDR Dow Jones Industrial Average ETF | UT SER 1 | 78467X109 |  | 4990802 | 11326 | SH |  | SOLE |  | 0 | 0 | 11326 |
| Dover Corp. | COM | 260003108 |  | 167106 | 912 | SH |  | SOLE |  | 0 | 0 | 912 |
| Amdocs Ltd | SHS | G02602103 |  | 290782 | 3187 | SH |  | SOLE |  | 0 | 0 | 3187 |
| Darden Restaurants Inc. | COM | 237194105 |  | 929642 | 4265 | SH |  | SOLE |  | 0 | 0 | 4265 |
| DTE Energy Co. | COM | 233331107 |  | 912384 | 6888 | SH |  | SOLE |  | 0 | 0 | 6888 |
| Duke Energy Corp. | COM NEW | 26441C204 |  | 1215636 | 10302 | SH |  | SOLE |  | 0 | 0 | 10302 |
| Brinker International Inc. | COM | 109641100 |  | 88903 | 493 | SH |  | SOLE |  | 0 | 0 | 493 |
| EBay Inc. | COM | 278642103 |  | 12956 | 174 | SH |  | SOLE |  | 0 | 0 | 174 |
| SPDR Series Trust - SPDR Bloomberg Barclays Emerging Markets Local Bon | BLOOMBERG EMERGI | 78464A391 |  | 977809 | 45692 | SH |  | SOLE |  | 0 | 0 | 45692 |
| Ecolab Inc. | COM | 278865100 |  | 199386 | 740 | SH |  | SOLE |  | 0 | 0 | 740 |
| Consolidated Edison Inc. | COM | 209115104 |  | 204212 | 2035 | SH |  | SOLE |  | 0 | 0 | 2035 |
| iShares MSCI Emerging Markets ETF | MSCI EMG MKT ETF | 464287234 |  | 67857375 | 1406662 | SH |  | SOLE |  | 0 | 0 | 1406662 |
| iShares MSCI EAFE ETF | MSCI EAFE ETF | 464287465 |  | 67825825 | 758763 | SH |  | SOLE |  | 0 | 0 | 758763 |
| Encompass Health Corp | COM | 29261A100 |  | 257891 | 2103 | SH |  | SOLE |  | 0 | 0 | 2103 |
| Emerson Electric Co. | COM | 291011104 |  | 189329 | 1420 | SH |  | SOLE |  | 0 | 0 | 1420 |
| BlackRock Institutional Trust Company N.A. - BTC iShares MSCI Pacific | PAC JP ETF | 464286665 |  | 151122 | 3061 | SH |  | SOLE |  | 0 | 0 | 3061 |
| Equitable Holdings Inc | COM | 29452E101 |  | 207402 | 3697 | SH |  | SOLE |  | 0 | 0 | 3697 |
| EQT Corp | COM | 26884L109 |  | 961289 | 16483 | SH |  | SOLE |  | 0 | 0 | 16483 |
| iShares Trust - iShare Inc iShares ESG Aware MSCI EM ETF | ESG AWR MSCI EM | 46434G863 |  | 993782 | 25371 | SH |  | SOLE |  | 0 | 0 | 25371 |
| Esquire Financial Holdings Inc | COM | 29667J101 |  | 126655 | 1338 | SH |  | SOLE |  | 0 | 0 | 1338 |
| Entergy Corp. | COM | 29364G103 |  | 1442381 | 17353 | SH |  | SOLE |  | 0 | 0 | 17353 |
| Evergy Inc | COM | 30034W106 |  | 723696 | 10499 | SH |  | SOLE |  | 0 | 0 | 10499 |
| Evertec Inc | COM | 30040P103 |  | 25776 | 715 | SH |  | SOLE |  | 0 | 0 | 715 |
| Edwards Lifesciences Corp | COM | 28176E108 |  | 1332229 | 17034 | SH |  | SOLE |  | 0 | 0 | 17034 |
| BlackRock Institutional Trust Company N.A. - BTC iShares MSCI Canada E | MSCI CDA ETF | 464286509 |  | 953383 | 20636 | SH |  | SOLE |  | 0 | 0 | 20636 |
| iShares MSCI Hong Kong ETF | MSCI HONG KG ETF | 464286871 |  | 153041 | 7706 | SH |  | SOLE |  | 0 | 0 | 7706 |
| iShares MSCI Japan ETF | MSCI JPN ETF NEW | 46434G822 |  | 147616 | 1969 | SH |  | SOLE |  | 0 | 0 | 1969 |
| Exelon Corp. | COM | 30161N101 |  | 2538333 | 58460 | SH |  | SOLE |  | 0 | 0 | 58460 |
| Exelixis Inc | COM | 30161Q104 |  | 298521 | 6773 | SH |  | SOLE |  | 0 | 0 | 6773 |
| National Vision Holdings Inc | COM | 63845R107 |  | 128350 | 5578 | SH |  | SOLE |  | 0 | 0 | 5578 |
| EZCorp Inc. - Ordinary Shares - Class A | CL A NON VTG | 302301106 |  | 30966 | 2231 | SH |  | SOLE |  | 0 | 0 | 2231 |
| Fastenal Co. | COM | 311900104 |  | 200970 | 4785 | SH |  | SOLE |  | 0 | 0 | 4785 |
| Franklin Electric Co. Inc. | COM | 353514102 |  | 77266 | 861 | SH |  | SOLE |  | 0 | 0 | 861 |
| Fox Corporation - Ordinary Shares - Class A | CL A COM | 35137L105 |  | 1572314 | 28057 | SH |  | SOLE |  | 0 | 0 | 28057 |
| General Dynamics Corp. | COM | 369550108 |  | 174413 | 598 | SH |  | SOLE |  | 0 | 0 | 598 |
| Graco Inc. | COM | 384109104 |  | 86486 | 1006 | SH |  | SOLE |  | 0 | 0 | 1006 |
| Gilead Sciences Inc. | COM | 375558103 |  | 3345613 | 30176 | SH |  | SOLE |  | 0 | 0 | 30176 |
| Globe Life Inc | COM | 37959E102 |  | 868663 | 6989 | SH |  | SOLE |  | 0 | 0 | 6989 |
| Gogo Inc | ORDINARY SHARES | 38046C109 |  | 76101 | 5184 | SH |  | SOLE |  | 0 | 0 | 5184 |
| Alphabet Inc - Ordinary Shares - Class C | CAP STK CL C | 02079K107 |  | 13836 | 78 | SH |  | SOLE |  | 0 | 0 | 78 |
| Grindr Inc - Ordinary Shares - Class A | COM | 39854F101 |  | 83286 | 3669 | SH |  | SOLE |  | 0 | 0 | 3669 |
| Groupon Inc | COM NEW | 399473206 |  | 56798 | 1698 | SH |  | SOLE |  | 0 | 0 | 1698 |
| BlackRock Institutional Trust Company N.A. - BTC iShares S GSCI Comm | UNIT BEN INT | 46428R107 |  | 22249799 | 1009519 | SH |  | SOLE |  | 0 | 0 | 1009519 |
| W.W. Grainger Inc. | COM | 384802104 |  | 354722 | 341 | SH |  | SOLE |  | 0 | 0 | 341 |
| HCI Group Inc | COM | 40416E103 |  | 78840 | 518 | SH |  | SOLE |  | 0 | 0 | 518 |
| Healthcare Services Group Inc. | COM | 421906108 |  | 59955 | 3989 | SH |  | SOLE |  | 0 | 0 | 3989 |
| Home Depot Inc. | COM | 437076102 |  | 78094 | 213 | SH |  | SOLE |  | 0 | 0 | 213 |
| Himax Technologies - ADR | SPONSORED ADR | 43289P106 |  | 31907 | 3573 | SH |  | SOLE |  | 0 | 0 | 3573 |
| Heritage Insurance Holdings Inc. | COM | 42727J102 |  | 24516 | 983 | SH |  | SOLE |  | 0 | 0 | 983 |
| H World Group Limited - ADR | SPONSORED ADS | 44332N106 |  | 28289 | 834 | SH |  | SOLE |  | 0 | 0 | 834 |
| Huron Consulting Group Inc | COM | 447462102 |  | 51302 | 373 | SH |  | SOLE |  | 0 | 0 | 373 |
| Howmet Aerospace Inc | COM | 443201108 |  | 979044 | 5260 | SH |  | SOLE |  | 0 | 0 | 5260 |
| iShares iBoxx USD High Yield Corp Bond ETF | IBOXX HI YD ETF | 464288513 |  | 8442765 | 104684 | SH |  | SOLE |  | 0 | 0 | 104684 |
| International Business Machines Corp. | COM | 459200101 |  | 226981 | 770 | SH |  | SOLE |  | 0 | 0 | 770 |
| Intercontinental Exchange Inc | COM | 45866F104 |  | 667831 | 3640 | SH |  | SOLE |  | 0 | 0 | 3640 |
| Idacorp Inc. | COM | 451107106 |  | 189800 | 1644 | SH |  | SOLE |  | 0 | 0 | 1644 |
| iShares Trust - iShares Core MSCI International Developed Markets ETF | CORE MSCI INTL | 46435G326 |  | 935064 | 12297 | SH |  | SOLE |  | 0 | 0 | 12297 |
| iShares 7-10 Year Treasury Bond ETF | 7-10 YR TRSY BD | 464287440 |  | 72594 | 758 | SH |  | SOLE |  | 0 | 0 | 758 |
| BlackRock Institutional Trust Company N.A. - BTC iShares Europe ETF | EUROPE ETF | 464287861 |  | 1084548 | 17147 | SH |  | SOLE |  | 0 | 0 | 17147 |
| iShares Core S 500 | CORE S ETF | 464287200 |  | 19177117 | 30886 | SH |  | SOLE |  | 0 | 0 | 30886 |
| iShares S 500 Growth ETF | S 500 GRWT ETF | 464287309 |  | 63098310 | 573100 | SH |  | SOLE |  | 0 | 0 | 573100 |
| iShares Russell 1000 ETF | RUS 1000 ETF | 464287622 |  | 786444 | 2316 | SH |  | SOLE |  | 0 | 0 | 2316 |
| iShares Russell 2000 ETF | RUSSELL 2000 ETF | 464287655 |  | 3453 | 16 | SH |  | SOLE |  | 0 | 0 | 16 |
| iShares Russell 3000 ETF | RUSSELL 3000 ETF | 464287689 |  | 788346 | 2246 | SH |  | SOLE |  | 0 | 0 | 2246 |
| iShares U.S. Consumer Services ETF | US CONSUM DISCRE | 464287580 |  | 3576578 | 35895 | SH |  | SOLE |  | 0 | 0 | 35895 |
| iShares U.S. Financials ETF | U.S. FINLS ETF | 464287788 |  | 3576343 | 29559 | SH |  | SOLE |  | 0 | 0 | 29559 |
| BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Real Est | ETF | 464287739 |  | 4206461 | 44386 | SH |  | SOLE |  | 0 | 0 | 44386 |
| iShares U.S. Technology ETF | U.S. TECH ETF | 464287721 |  | 3539733 | 20429 | SH |  | SOLE |  | 0 | 0 | 20429 |
| BlackRock Institutional Trust Company N.A. - BTC iShares U.S. Telecomm | US TELECOM ETF | 464287713 |  | 3633190 | 122001 | SH |  | SOLE |  | 0 | 0 | 122001 |
| ALLIANZIM US BUFFERED 15 UNCAPPED JAN | ALLIANZIM US EQU | 00888H513 |  | 2794828 | 107367 | SH |  | SOLE |  | 0 | 0 | 107367 |
| Johnson Controls International plc - Registered Shares | SHS | G51502105 |  | 1445832 | 13689 | SH |  | SOLE |  | 0 | 0 | 13689 |
| Johnson  Johnson | COM | 478160104 |  | 261050 | 1709 | SH |  | SOLE |  | 0 | 0 | 1709 |
| Infusive US Trust - Infusive Compounding Global Equities ETF | ADS REPSTG COM A | 46591M109 |  | 31615 | 621 | SH |  | SOLE |  | 0 | 0 | 621 |
| AIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF | ALLIANZIM US EQU | 00888H570 |  | 2818769 | 102360 | SH |  | SOLE |  | 0 | 0 | 102360 |
| Kroger Co. | COM | 501044101 |  | 968785 | 13506 | SH |  | SOLE |  | 0 | 0 | 13506 |
| Kratos Defense  Security Solutions Inc | COM NEW | 50077B207 |  | 66656 | 1435 | SH |  | SOLE |  | 0 | 0 | 1435 |
| Centrus Energy Corp - Ordinary Shares - Class A | CL A | 15643U104 |  | 34987 | 191 | SH |  | SOLE |  | 0 | 0 | 191 |
| Labcorp Holdings Inc. | COM SHS | 504922105 |  | 687776 | 2620 | SH |  | SOLE |  | 0 | 0 | 2620 |
| Linde Plc. | SHS | G54950103 |  | 268371 | 572 | SH |  | SOLE |  | 0 | 0 | 572 |
| Lincoln Educational Services Corp | COM | 533535100 |  | 114051 | 4948 | SH |  | SOLE |  | 0 | 0 | 4948 |
| Cheniere Energy Inc. | COM NEW | 16411R208 |  | 898345 | 3689 | SH |  | SOLE |  | 0 | 0 | 3689 |
| Lindsay Corporation | COM | 535555106 |  | 25532 | 177 | SH |  | SOLE |  | 0 | 0 | 177 |
| Grand Canyon Education Inc | COM | 38526M106 |  | 266112 | 1408 | SH |  | SOLE |  | 0 | 0 | 1408 |
| Lowe`s Cos. Inc. | COM | 548661107 |  | 232298 | 1047 | SH |  | SOLE |  | 0 | 0 | 1047 |
| LPL Financial Holdings Inc | COM | 50212V100 |  | 268479 | 716 | SH |  | SOLE |  | 0 | 0 | 716 |
| iShares iBoxx USD Inv Grade Corp Bond ETF | IBOXX INV CP ETF | 464287242 |  | 38142417 | 347983 | SH |  | SOLE |  | 0 | 0 | 347983 |
| Stride Inc | COM | 86333M108 |  | 77822 | 536 | SH |  | SOLE |  | 0 | 0 | 536 |
| Mastercard Incorporated - Ordinary Shares - Class A | CL A | 57636Q104 |  | 2333175 | 4152 | SH |  | SOLE |  | 0 | 0 | 4152 |
| Marsh  McLennan Cos. Inc. | COM | 571748102 |  | 477728 | 2185 | SH |  | SOLE |  | 0 | 0 | 2185 |
| 3M Co. | COM | 88579Y101 |  | 687211 | 4514 | SH |  | SOLE |  | 0 | 0 | 4514 |
| Monster Beverage Corp. | COM | 61174X109 |  | 2779212 | 44368 | SH |  | SOLE |  | 0 | 0 | 44368 |
| Mosaic Company | COM | 61945C103 |  | 666015 | 18257 | SH |  | SOLE |  | 0 | 0 | 18257 |
| MSCI Inc | COM | 55354G100 |  | 245691 | 426 | SH |  | SOLE |  | 0 | 0 | 426 |
| Microsoft Corporation | COM | 594918104 |  | 240746 | 484 | SH |  | SOLE |  | 0 | 0 | 484 |
| Motorola Solutions Inc | COM NEW | 620076307 |  | 221162 | 526 | SH |  | SOLE |  | 0 | 0 | 526 |
| NIAGEN BIOSCIENCE INC | COM NEW | 171077407 |  | 145627 | 10106 | SH |  | SOLE |  | 0 | 0 | 10106 |
| Nordson Corp. | COM | 655663102 |  | 161206 | 752 | SH |  | SOLE |  | 0 | 0 | 752 |
| NiSource Inc | COM | 65473P105 |  | 947062 | 23477 | SH |  | SOLE |  | 0 | 0 | 23477 |
| Nicolet Bankshares Inc. | COM | 65406E102 |  | 26795 | 217 | SH |  | SOLE |  | 0 | 0 | 217 |
| Nike Inc. - Ordinary Shares - Class B | CL B | 654106103 |  | 14776 | 208 | SH |  | SOLE |  | 0 | 0 | 208 |
| ServiceNow Inc | COM | 81762P102 |  | 12337 | 12 | SH |  | SOLE |  | 0 | 0 | 12 |
| NRG Energy Inc. | COM NEW | 629377508 |  | 904547 | 5633 | SH |  | SOLE |  | 0 | 0 | 5633 |
| Bank of N T Butterfield  Son Ltd. | SHS NEW | G0772R208 |  | 26657 | 602 | SH |  | SOLE |  | 0 | 0 | 602 |
| NetEase Inc - ADR | SPONSORED ADS | 64110W102 |  | 30415 | 226 | SH |  | SOLE |  | 0 | 0 | 226 |
| Nucor Corp. | COM | 670346105 |  | 184076 | 1421 | SH |  | SOLE |  | 0 | 0 | 1421 |
| NVR Inc. | COM | 62944T105 |  | 29543 | 4 | SH |  | SOLE |  | 0 | 0 | 4 |
| NorthWestern Energy Group Inc | COM NEW | 668074305 |  | 53249 | 1038 | SH |  | SOLE |  | 0 | 0 | 1038 |
| ALLIANZIM US BUFFER 15 UNCAPPED OCT ETF | ALLIANZIM US EQU | 00888H547 |  | 2783229 | 105943 | SH |  | SOLE |  | 0 | 0 | 105943 |
| BlackRock Institutional Trust Company N.A. - BTC iShares S 100 ETF | S 100 ETF | 464287101 |  | 778832 | 2559 | SH |  | SOLE |  | 0 | 0 | 2559 |
| OSI ETF Trust - OShares Europe Quality Dividend ETF | OSHARES EUR QLT | 00162Q379 |  | 269301 | 8247 | SH |  | SOLE |  | 0 | 0 | 8247 |
| OSI ETF Trust - O`Shares Global Internet Giants ETF | OSHS GBL INTER | 00162Q361 |  | 274818 | 5128 | SH |  | SOLE |  | 0 | 0 | 5128 |
| Oneok Inc. | COM | 682680103 |  | 41 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| Okta Inc - Ordinary Shares - Class A | CL A | 679295105 |  | 207138 | 2072 | SH |  | SOLE |  | 0 | 0 | 2072 |
| Option Care Health Inc. - Registered Shares | COM NEW | 68404L201 |  | 26179 | 806 | SH |  | SOLE |  | 0 | 0 | 806 |
| OSI Systems Inc. | COM | 671044105 |  | 55316 | 246 | SH |  | SOLE |  | 0 | 0 | 246 |
| Otter Tail Corporation | COM | 689648103 |  | 87960 | 1141 | SH |  | SOLE |  | 0 | 0 | 1141 |
| OSI ETF Trust - OwShares U.S. Quality Dividend ETF | OSHARES US QUALT | 00162Q387 |  | 536138 | 9934 | SH |  | SOLE |  | 0 | 0 | 9934 |
| OSI ETF Trust - OShares U.S. Small-Cap Quality Dividend ETF | OSHARES US SMLCP | 00162Q395 |  | 262674 | 6079 | SH |  | SOLE |  | 0 | 0 | 6079 |
| Procter  Gamble Co. | COM | 742718109 |  | 246149 | 1545 | SH |  | SOLE |  | 0 | 0 | 1545 |
| Progressive Corp. | COM | 743315103 |  | 216423 | 811 | SH |  | SOLE |  | 0 | 0 | 811 |
| Palomar Holdings Inc | COM | 69753M105 |  | 101651 | 659 | SH |  | SOLE |  | 0 | 0 | 659 |
| Pentair plc | SHS | G7S00T104 |  | 180887 | 1762 | SH |  | SOLE |  | 0 | 0 | 1762 |
| Pinnacle West Capital Corp. | COM | 723484101 |  | 89112 | 996 | SH |  | SOLE |  | 0 | 0 | 996 |
| Insulet Corporation | COM | 45784P101 |  | 881275 | 2805 | SH |  | SOLE |  | 0 | 0 | 2805 |
| Portland General Electric Co | COM NEW | 736508847 |  | 78619 | 1935 | SH |  | SOLE |  | 0 | 0 | 1935 |
| PPG Industries Inc. | COM | 693506107 |  | 79398 | 698 | SH |  | SOLE |  | 0 | 0 | 698 |
| Pricesmart Inc. | COM | 741511109 |  | 53045 | 505 | SH |  | SOLE |  | 0 | 0 | 505 |
| Qifu Technology Inc. - ADR | ADR | 88557W101 |  | 31306 | 722 | SH |  | SOLE |  | 0 | 0 | 722 |
| Invesco QQQ Trust ETF | UNIT SER 1 | 46090E103 |  | 63233390 | 114628 | SH |  | SOLE |  | 0 | 0 | 114628 |
| Red Violet Inc | COM | 75704L104 |  | 121376 | 2467 | SH |  | SOLE |  | 0 | 0 | 2467 |
| Royal Gold Inc. | COM | 780287108 |  | 271028 | 1524 | SH |  | SOLE |  | 0 | 0 | 1524 |
| Ralph Lauren Corp - Ordinary Shares - Class A | CL A | 751212101 |  | 881262 | 3213 | SH |  | SOLE |  | 0 | 0 | 3213 |
| Rollins Inc. | COM | 775711104 |  | 644937 | 11431 | SH |  | SOLE |  | 0 | 0 | 11431 |
| Royalty Pharma plc - Ordinary Shares - Class A | SHS CLASS A | G7709Q104 |  | 32175 | 893 | SH |  | SOLE |  | 0 | 0 | 893 |
| Republic Services Inc. | COM | 760759100 |  | 1204690 | 4885 | SH |  | SOLE |  | 0 | 0 | 4885 |
| RTX Corp | COM | 75513E101 |  | 1891251 | 12952 | SH |  | SOLE |  | 0 | 0 | 12952 |
| Charles Schwab Corp. | COM | 808513105 |  | 899991 | 9864 | SH |  | SOLE |  | 0 | 0 | 9864 |
| Sherwin-Williams Co. | COM | 824348106 |  | 174084 | 507 | SH |  | SOLE |  | 0 | 0 | 507 |
| AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF | ALLIANZIM US EQU | 00888H869 |  | 5585553 | 174494 | SH |  | SOLE |  | 0 | 0 | 174494 |
| AIM ETF Products Trust - AllianzIM U.S. Large Cap 6 Month Buffer10 Apr/Oct ETF | ALLIANZIM US EQU | 00888H877 |  | 5477156 | 165423 | SH |  | SOLE |  | 0 | 0 | 165423 |
| SLM Corp. | COM | 78442P106 |  | 301537 | 9196 | SH |  | SOLE |  | 0 | 0 | 9196 |
| StoneX Group Inc | COM | 861896108 |  | 130604 | 1433 | SH |  | SOLE |  | 0 | 0 | 1433 |
| Southern Company | COM | 842587107 |  | 679817 | 7403 | SH |  | SOLE |  | 0 | 0 | 7403 |
| S Global Inc | COM | 78409V104 |  | 250463 | 475 | SH |  | SOLE |  | 0 | 0 | 475 |
| SiriusPoint Ltd | COM | G8192H106 |  | 26935 | 1321 | SH |  | SOLE |  | 0 | 0 | 1321 |
| Spotify Technology S.A. | SHS | L8681T102 |  | 259361 | 338 | SH |  | SOLE |  | 0 | 0 | 338 |
| SPDR S 500 | TR UNIT | 78462F103 |  | 67096039 | 108596 | SH |  | SOLE |  | 0 | 0 | 108596 |
| AT Inc. | COM | 00206R102 |  | 968448 | 33464 | SH |  | SOLE |  | 0 | 0 | 33464 |
| Target Corp | COM | 87612E106 |  | 123608 | 1253 | SH |  | SOLE |  | 0 | 0 | 1253 |
| TG Therapeutics Inc | COM | 88322Q108 |  | 53877 | 1497 | SH |  | SOLE |  | 0 | 0 | 1497 |
| Hanover Insurance Group Inc | COM | 410867105 |  | 183629 | 1081 | SH |  | SOLE |  | 0 | 0 | 1081 |
| Millicom International Cellular S.A. | COM STK | L6388F110 |  | 30088 | 803 | SH |  | SOLE |  | 0 | 0 | 803 |
| TJX Companies Inc. | COM | 872540109 |  | 447775 | 3626 | SH |  | SOLE |  | 0 | 0 | 3626 |
| T-Mobile US Inc | COM | 872590104 |  | 215149 | 903 | SH |  | SOLE |  | 0 | 0 | 903 |
| Turning Point Brands Inc | COM | 90041L105 |  | 88727 | 1171 | SH |  | SOLE |  | 0 | 0 | 1171 |
| Tapestry Inc | COM | 876030107 |  | 1040988 | 11855 | SH |  | SOLE |  | 0 | 0 | 11855 |
| Travelers Companies Inc. | COM | 89417E109 |  | 867632 | 3243 | SH |  | SOLE |  | 0 | 0 | 3243 |
| TXNM Energy Inc. | COM | 69349H107 |  | 90056 | 1599 | SH |  | SOLE |  | 0 | 0 | 1599 |
| Unilever plc - ADR | SPON ADR NEW | 904767704 |  | 264621 | 4326 | SH |  | SOLE |  | 0 | 0 | 4326 |
| Union Pacific Corp. | COM | 907818108 |  | 13575 | 59 | SH |  | SOLE |  | 0 | 0 | 59 |
| Urban Outfitters Inc. | COM | 917047102 |  | 116644 | 1608 | SH |  | SOLE |  | 0 | 0 | 1608 |
| Universal Technical Institute Inc | COM | 913915104 |  | 82827 | 2444 | SH |  | SOLE |  | 0 | 0 | 2444 |
| Visa Inc - Ordinary Shares - Class A | COM CL A | 92826C839 |  | 1511448 | 4257 | SH |  | SOLE |  | 0 | 0 | 4257 |
| Veeva Systems Inc - Ordinary Shares - Class A | CL A COM | 922475108 |  | 192659 | 669 | SH |  | SOLE |  | 0 | 0 | 669 |
| Vanguard FTSE All-World ex-US ETF | ALLWRLD EX US | 922042775 |  | 152052 | 2262 | SH |  | SOLE |  | 0 | 0 | 2262 |
| VICI Properties Inc | COM | 925652109 |  | 240392 | 7374 | SH |  | SOLE |  | 0 | 0 | 7374 |
| Virtu Financial Inc - Ordinary Shares - Class A | CL A | 928254101 |  | 258797 | 5778 | SH |  | SOLE |  | 0 | 0 | 5778 |
| Vanguard Communication Services ETF | COMM SRVC ETF | 92204A884 |  | 429798 | 2513 | SH |  | SOLE |  | 0 | 0 | 2513 |
| Verisk Analytics Inc | COM | 92345Y106 |  | 2957070 | 9493 | SH |  | SOLE |  | 0 | 0 | 9493 |
| Verisign Inc. | COM | 92343E102 |  | 265118 | 918 | SH |  | SOLE |  | 0 | 0 | 918 |
| Vanguard FTSE All-World Ex-US Small Capital Index | FTSE SMCAP ETF | 922042718 |  | 154011 | 1146 | SH |  | SOLE |  | 0 | 0 | 1146 |
| Vanguard Total Stock Market ETF | TOTAL STK MKT | 922908769 |  | 790826 | 2602 | SH |  | SOLE |  | 0 | 0 | 2602 |
| Vanguard Short-Term TIPS ETF | STRM INFPROIDX | 922020805 |  | 944171 | 18782 | SH |  | SOLE |  | 0 | 0 | 18782 |
| Ventas Inc | COM | 92276F100 |  | 658907 | 10434 | SH |  | SOLE |  | 0 | 0 | 10434 |
| Vanguard FTSE Emerging Markets ETF | FTSE EMR MKT ETF | 922042858 |  | 154464 | 3123 | SH |  | SOLE |  | 0 | 0 | 3123 |
| Vanguard International High Dividend Yield ETF | INTL HIGH ETF | 921946794 |  | 940331 | 11738 | SH |  | SOLE |  | 0 | 0 | 11738 |
| Verizon Communications Inc | COM | 92343V104 |  | 12938 | 299 | SH |  | SOLE |  | 0 | 0 | 299 |
| Westinghouse Air Brake Technologies Corp | COM | 929740108 |  | 90230 | 431 | SH |  | SOLE |  | 0 | 0 | 431 |
| Waste Connections Inc | COM | 94106B101 |  | 346739 | 1857 | SH |  | SOLE |  | 0 | 0 | 1857 |
| WEC Energy Group Inc | COM | 92939U106 |  | 267690 | 2569 | SH |  | SOLE |  | 0 | 0 | 2569 |
| Welltower Inc. | COM | 95040Q104 |  | 901319 | 5863 | SH |  | SOLE |  | 0 | 0 | 5863 |
| Willdan Group Inc | COM | 96924N100 |  | 64510 | 1032 | SH |  | SOLE |  | 0 | 0 | 1032 |
| Waste Management Inc. | COM | 94106L109 |  | 1366742 | 5973 | SH |  | SOLE |  | 0 | 0 | 5973 |
| Walmart Inc | COM | 931142103 |  | 152830 | 1563 | SH |  | SOLE |  | 0 | 0 | 1563 |
| W.R. Berkley Corp. | COM | 084423102 |  | 840497 | 11440 | SH |  | SOLE |  | 0 | 0 | 11440 |
| Financial Select Sector SPDR | FINANCIAL | 81369Y605 |  | 424249 | 8101 | SH |  | SOLE |  | 0 | 0 | 8101 |
| Industrial Select Sector SPDR | INDL | 81369Y704 |  | 424563 | 2878 | SH |  | SOLE |  | 0 | 0 | 2878 |
| Technology Select Sector SPDR | TECHNOLOGY | 81369Y803 |  | 428718 | 1693 | SH |  | SOLE |  | 0 | 0 | 1693 |
| Consumer Staples Select Sector SPDR | SBI CONS STPLS | 81369Y308 |  | 402340 | 4969 | SH |  | SOLE |  | 0 | 0 | 4969 |
| Utilities Select Sector SPDR | SBI INT-UTILS | 81369Y886 |  | 401767 | 4920 | SH |  | SOLE |  | 0 | 0 | 4920 |
| Consumer Discretionary Select Sector SPDR | SBI CONS DISCR | 81369Y407 |  | 411188 | 1892 | SH |  | SOLE |  | 0 | 0 | 1892 |

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