# EDGAR Filing Document

**Accession Number:** 0001050068
**File Stem:** 0001085146-23-000154
**Filing Date:** 2023-1
**Character Count:** 19302
**Document Hash:** caa665893bbc1ec5c52e915b0ef1710a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-000154.hdr.sgml**: 20230118

**ACCESSION NUMBER**: 0001085146-23-000154

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230118

**DATE AS OF CHANGE**: 20230117

**EFFECTIVENESS DATE**: 20230118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESTMENT PARTNERS, LTD.
- **CENTRAL INDEX KEY:** 0001050068
- **IRS NUMBER:** 341828939
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16440
- **FILM NUMBER:** 23532794

**BUSINESS ADDRESS:**
- **STREET 1:** 419 W HIGH AVE
- **STREET 2:** PO BOX 309
- **CITY:** NEW PHILADELPHIA
- **STATE:** OH
- **ZIP:** 44663
- **BUSINESS PHONE:** 3303089707

**MAIL ADDRESS:**
- **STREET 1:** 419 W HIGH AVE
- **STREET 2:** PO BOX 309
- **CITY:** NEW PHILADELPHIA
- **STATE:** OH
- **ZIP:** 44663

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INVESTMENT PARTNERS LTD /OH/                            /ADV
- **DATE OF NAME CHANGE:** 19971120

### 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:** INVESTMENT PARTNERS LTD.<br>**Address:** 419 W High Ave<br>Po Box 309<br>NEW PHILADELPHIA, OH 44663

**Form 13F File Number:** 028-16440

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:** Douglas G Bambeck<br>**Title:** CCO<br>**Phone:** 330-308-9707

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

/s/  Douglas G Bambeck  New Philadelphia, OH  01-17-2023<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:** 142

**Form 13F Information Table Value Total:** $189124953

      (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 LABS | COM | 002824100 | BBG001S5N9M6 | 963499 | 8776 | SH |  | SOLE |  | 0 | 0 | 8776 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 851720 | 5270 | SH |  | SOLE |  | 0 | 0 | 5270 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG001SCXK90 | 213899 | 802 | SH |  | SOLE |  | 0 | 0 | 802 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 | BBG001S5NCQ5 | 315665 | 938 | SH |  | SOLE |  | 0 | 0 | 938 |
| AFLAC INC | COM | 001055102 | BBG001S5NGJ4 | 209985 | 2919 | SH |  | SOLE |  | 0 | 0 | 2919 |
| ALBEMARLE CORP | COM | 012653101 | BBG001S7SBP9 | 333007 | 1536 | SH |  | SOLE |  | 0 | 0 | 1536 |
| ALLSTATE CORP | COM | 020002101 | BBG001S9BM06 | 529823 | 3907 | SH |  | SOLE |  | 0 | 0 | 3907 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 303511 | 3440 | SH |  | SOLE |  | 0 | 0 | 3440 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 705961 | 7956 | SH |  | SOLE |  | 0 | 0 | 7956 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 567756 | 6759 | SH |  | SOLE |  | 0 | 0 | 6759 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 | BBG001S5NFD2 | 1585299 | 16696 | SH |  | SOLE |  | 0 | 0 | 16696 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 | BBG001S5NPQ6 | 420866 | 1987 | SH |  | SOLE |  | 0 | 0 | 1987 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 252450 | 961 | SH |  | SOLE |  | 0 | 0 | 961 |
| ANALOG DEVICES INC | COM | 032654105 | BBG001S5ND38 | 379663 | 2315 | SH |  | SOLE |  | 0 | 0 | 2315 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 5013344 | 38585 | SH |  | SOLE |  | 0 | 0 | 38585 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 | BBG001S5ND74 | 483095 | 5203 | SH |  | SOLE |  | 0 | 0 | 5203 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 | BBG001SCG0R3 | 353311 | 647 | SH |  | SOLE |  | 0 | 0 | 647 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 236070 | 12823 | SH |  | SOLE |  | 0 | 0 | 12823 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 | BBG001S82KF6 | 1417018 | 5932 | SH |  | SOLE |  | 0 | 0 | 5932 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 331825 | 10019 | SH |  | SOLE |  | 0 | 0 | 10019 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 1348657 | 4366 | SH |  | SOLE |  | 0 | 0 | 4366 |
| BLACKROCK INC | COM | 09247X101 | BBG001SDBP55 | 322948 | 456 | SH |  | SOLE |  | 0 | 0 | 456 |
| BLACKROCK MUNIASSETS FD INC | COM | 09254J102 | BBG001S7DTL0 | 277165 | 25616 | SH |  | SOLE |  | 0 | 0 | 25616 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 760728 | 3994 | SH |  | SOLE |  | 0 | 0 | 3994 |
| BP PLC | SPONSORED ADR | 055622104 | BBG001S5W4F5 | 562758 | 16111 | SH |  | SOLE |  | 0 | 0 | 16111 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG001S8N8J6 | 1058826 | 14716 | SH |  | SOLE |  | 0 | 0 | 14716 |
| CATERPILLAR INC | COM | 149123101 | BBG001S5PJ06 | 1146388 | 4785 | SH |  | SOLE |  | 0 | 0 | 4785 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 1539337 | 8576 | SH |  | SOLE |  | 0 | 0 | 8576 |
| CINCINNATI FINL CORP | COM | 172062101 | BBG001S5PTM0 | 629666 | 6150 | SH |  | SOLE |  | 0 | 0 | 6150 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 1055555 | 22157 | SH |  | SOLE |  | 0 | 0 | 22157 |
| COCA COLA CO | COM | 191216100 | BBG001S5SMQ8 | 1203065 | 18913 | SH |  | SOLE |  | 0 | 0 | 18913 |
| COCA-COLA FEMSA SAB DE CV | SPONSORD ADR REP | 191241108 | BBG001S6R487 | 365668 | 5387 | SH |  | SOLE |  | 0 | 0 | 5387 |
| COLGATE PALMOLIVE CO | COM | 194162103 | BBG001S5PVM5 | 239967 | 3046 | SH |  | SOLE |  | 0 | 0 | 3046 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG001S5PXL2 | 243527 | 6964 | SH |  | SOLE |  | 0 | 0 | 6964 |
| CORNING INC | COM | 219350105 | BBG001S5RLH1 | 217192 | 6800 | SH |  | SOLE |  | 0 | 0 | 6800 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 877314 | 1922 | SH |  | SOLE |  | 0 | 0 | 1922 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 845193 | 9728 | SH |  | SOLE |  | 0 | 0 | 9728 |
| DNP SELECT INCOME FD INC | COM | 23325P104 | BBG001S5QKC9 | 1059889 | 94212 | SH |  | SOLE |  | 0 | 0 | 94212 |
| DOMINION ENERGY INC | COM | 25746U109 | BBG001S5QCP3 | 208023 | 3392 | SH |  | SOLE |  | 0 | 0 | 3392 |
| EMERSON ELEC CO | COM | 291011104 | BBG001S5QVT7 | 339964 | 3539 | SH |  | SOLE |  | 0 | 0 | 3539 |
| ENBRIDGE INC | COM | 29250N105 | BBG001S6Q6D7 | 651916 | 16673 | SH |  | SOLE |  | 0 | 0 | 16673 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 1607182 | 14571 | SH |  | SOLE |  | 0 | 0 | 14571 |
| FIDELITY NATIONAL FINANCIAL | FNF GROUP COM | 31620R303 | BBG006N7S6J1 | 242271 | 6440 | SH |  | SOLE |  | 0 | 0 | 6440 |
| FORD MTR CO DEL | COM | 345370860 | BBG001S5TZ33 | 148814 | 12796 | SH |  | SOLE |  | 0 | 0 | 12796 |
| GENERAL DYNAMICS CORP | COM | 369550108 | BBG001S5RHP1 | 635335 | 2561 | SH |  | SOLE |  | 0 | 0 | 2561 |
| GENERAL MLS INC | COM | 370334104 | BBG001S5RKR2 | 250858 | 2992 | SH |  | SOLE |  | 0 | 0 | 2992 |
| GENUINE PARTS CO | COM | 372460105 | BBG001S5RNH7 | 402023 | 2317 | SH |  | SOLE |  | 0 | 0 | 2317 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG001S6Y1X7 | 628544 | 7321 | SH |  | SOLE |  | 0 | 0 | 7321 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 452135 | 1317 | SH |  | SOLE |  | 0 | 0 | 1317 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 1636641 | 5182 | SH |  | SOLE |  | 0 | 0 | 5182 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 | BBG001S5RSZ6 | 1053635 | 74726 | SH |  | SOLE |  | 0 | 0 | 74726 |
| INNOVATOR ETFS TR | US EQTY PWR BUF | 45782C417 | BBG00RHZ5CR3 | 241741 | 8512 | SH |  | SOLE |  | 0 | 0 | 8512 |
| INTEL CORP | COM | 458140100 | BBG001S5SF65 | 467635 | 17693 | SH |  | SOLE |  | 0 | 0 | 17693 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG001S5S399 | 924093 | 6559 | SH |  | SOLE |  | 0 | 0 | 6559 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG001S7XR78 | 220241 | 830 | SH |  | SOLE |  | 0 | 0 | 830 |
| INVESCO EXCH TRADED FD TR II | S LOW VOL | 46138E354 | BBG001V18CG8 | 243722 | 3814 | SH |  | SOLE |  | 0 | 0 | 3814 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 473802 | 1779 | SH |  | SOLE |  | 0 | 0 | 1779 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG001SQLN69 | 929244 | 42200 | SH |  | SOLE |  | 0 | 0 | 42200 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 | BBG005DW06B7 | 2058354 | 50339 | SH |  | SOLE |  | 0 | 0 | 50339 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 | BBG006MJFZK4 | 902992 | 18060 | SH |  | SOLE |  | 0 | 0 | 18060 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 | BBG001V0XLT8 | 703504 | 6749 | SH |  | SOLE |  | 0 | 0 | 6749 |
| ISHARES TR | CORE INTL AGGR | 46435G672 | BBG00BDV2SQ0 | 1005154 | 21139 | SH |  | SOLE |  | 0 | 0 | 21139 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 | BBG003H6TRS0 | 5262161 | 85369 | SH |  | SOLE |  | 0 | 0 | 85369 |
| ISHARES TR | CORE S MCP ETF | 464287507 | BBG001SFC7V0 | 1634636 | 6758 | SH |  | SOLE |  | 0 | 0 | 6758 |
| ISHARES TR | CORE S SCP ETF | 464287804 | BBG001SFC7W9 | 305843 | 3232 | SH |  | SOLE |  | 0 | 0 | 3232 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 2348059 | 6111 | SH |  | SOLE |  | 0 | 0 | 6111 |
| ISHARES TR | GRWT ALLOCAT ETF | 464289867 | BBG001T3YV58 | 694755 | 14732 | SH |  | SOLE |  | 0 | 0 | 14732 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 | BBG001SSD858 | 1371655 | 27532 | SH |  | SOLE |  | 0 | 0 | 27532 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 | BBG001SSD849 | 405490 | 8190 | SH |  | SOLE |  | 0 | 0 | 8190 |
| ISHARES TR | MSCI EAFE ETF | 464287465 | BBG001SG09V7 | 3236315 | 49304 | SH |  | SOLE |  | 0 | 0 | 49304 |
| ISHARES TR | MSCI EAFE MIN VL | 46429B689 | BBG0025X2WP7 | 1458546 | 22939 | SH |  | SOLE |  | 0 | 0 | 22939 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 | BBG0025X2G81 | 4186889 | 58071 | SH |  | SOLE |  | 0 | 0 | 58071 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 | BBG001SZV978 | 3709239 | 35152 | SH |  | SOLE |  | 0 | 0 | 35152 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 | BBG001S56320 | 10249275 | 47840 | SH |  | SOLE |  | 0 | 0 | 47840 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 | BBG001S562P7 | 10797534 | 71200 | SH |  | SOLE |  | 0 | 0 | 71200 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 | BBG001S562F8 | 2334561 | 10883 | SH |  | SOLE |  | 0 | 0 | 10883 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 | BBG001S56277 | 2834700 | 20442 | SH |  | SOLE |  | 0 | 0 | 20442 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 | BBG001S561Z8 | 3526955 | 42188 | SH |  | SOLE |  | 0 | 0 | 42188 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 | BBG001S561V2 | 3518296 | 33399 | SH |  | SOLE |  | 0 | 0 | 33399 |
| ISHARES TR | RUS MID CAP ETF | 464287499 | BBG001SJCNS1 | 234425 | 3476 | SH |  | SOLE |  | 0 | 0 | 3476 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 730862 | 4192 | SH |  | SOLE |  | 0 | 0 | 4192 |
| ISHARES TR | S 500 GRWT ETF | 464287309 | BBG001S561Q8 | 3242253 | 55423 | SH |  | SOLE |  | 0 | 0 | 55423 |
| ISHARES TR | S 500 VAL ETF | 464287408 | BBG001S561K4 | 3556268 | 24514 | SH |  | SOLE |  | 0 | 0 | 24514 |
| ISHARES TR | SELECT DIVID ETF | 464287168 | BBG001SDJVG2 | 618002 | 5124 | SH |  | SOLE |  | 0 | 0 | 5124 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 1356464 | 7679 | SH |  | SOLE |  | 0 | 0 | 7679 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG001S8CRC3 | 2791004 | 20813 | SH |  | SOLE |  | 0 | 0 | 20813 |
| LILLY ELI  CO | COM | 532457108 | BBG001S5STL8 | 2617264 | 7154 | SH |  | SOLE |  | 0 | 0 | 7154 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG001S7PS57 | 747493 | 1537 | SH |  | SOLE |  | 0 | 0 | 1537 |
| LOWES COS INC | COM | 548661107 | BBG001S5SVL3 | 355535 | 1784 | SH |  | SOLE |  | 0 | 0 | 1784 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 986925 | 3745 | SH |  | SOLE |  | 0 | 0 | 3745 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 595500 | 5367 | SH |  | SOLE |  | 0 | 0 | 5367 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 5403471 | 22531 | SH |  | SOLE |  | 0 | 0 | 22531 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG001S5RB29 | 479813 | 5739 | SH |  | SOLE |  | 0 | 0 | 5739 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 472403 | 4037 | SH |  | SOLE |  | 0 | 0 | 4037 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG001S5TP26 | 602899 | 1105 | SH |  | SOLE |  | 0 | 0 | 1105 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 352695 | 2413 | SH |  | SOLE |  | 0 | 0 | 2413 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 1235242 | 15112 | SH |  | SOLE |  | 0 | 0 | 15112 |
| PAYCHEX INC | COM | 704326107 | BBG001S5V135 | 228709 | 1979 | SH |  | SOLE |  | 0 | 0 | 1979 |
| PAYPAL HLDGS INC | COM | 70450Y103 | BBG0077VNXW5 | 217221 | 3050 | SH |  | SOLE |  | 0 | 0 | 3050 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 1387339 | 7679 | SH |  | SOLE |  | 0 | 0 | 7679 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 1685897 | 32902 | SH |  | SOLE |  | 0 | 0 | 32902 |
| PRINCIPAL EXCHANGE TRADED FD | SPECTRUM PFD | 74255Y888 | BBG00H3P9YB7 | 2177128 | 127243 | SH |  | SOLE |  | 0 | 0 | 127243 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 1355727 | 8945 | SH |  | SOLE |  | 0 | 0 | 8945 |
| PRUDENTIAL FINL INC | COM | 744320102 | BBG001S97MM7 | 254785 | 2562 | SH |  | SOLE |  | 0 | 0 | 2562 |
| QUALCOMM INC | COM | 747525103 | BBG001S6VS70 | 280528 | 2552 | SH |  | SOLE |  | 0 | 0 | 2552 |
| SABA CAPITAL INCOME  OPRNT | SHS NEW | 78518H202 | BBG001S6Q335 | 306029 | 40214 | SH |  | SOLE |  | 0 | 0 | 40214 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | BBG001S7T1S7 | 963605 | 11016 | SH |  | SOLE |  | 0 | 0 | 11016 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 | BBG001S7T223 | 564676 | 16511 | SH |  | SOLE |  | 0 | 0 | 16511 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 | BBG001S7T107 | 469665 | 6300 | SH |  | SOLE |  | 0 | 0 | 6300 |
| SELECT SECTOR SPDR TR | SBI INT-INDS | 81369Y704 | BBG001S7T232 | 609884 | 6210 | SH |  | SOLE |  | 0 | 0 | 6210 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 | BBG001S7TD56 | 2836286 | 40231 | SH |  | SOLE |  | 0 | 0 | 40231 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 | BBG001S7R733 | 622605 | 8015 | SH |  | SOLE |  | 0 | 0 | 8015 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 889423 | 5243 | SH |  | SOLE |  | 0 | 0 | 5243 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 2601835 | 6803 | SH |  | SOLE |  | 0 | 0 | 6803 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 | BBG001S63NQ1 | 251505 | 568 | SH |  | SOLE |  | 0 | 0 | 568 |
| SPDR SER TR | NUVEEN BLMBRG SH | 78468R739 | BBG001T083N5 | 1022191 | 21758 | SH |  | SOLE |  | 0 | 0 | 21758 |
| SPDR SER TR | PRTFLO S VL | 78464A508 | BBG001SG4284 | 350088 | 9002 | SH |  | SOLE |  | 0 | 0 | 9002 |
| SPDR SER TR | S BIOTECH | 78464A870 | BBG001SQDKG3 | 283070 | 3410 | SH |  | SOLE |  | 0 | 0 | 3410 |
| SPDR SER TR | S DIVID ETF | 78464A763 | BBG001SPTBP8 | 2110230 | 16867 | SH |  | SOLE |  | 0 | 0 | 16867 |
| STARBUCKS CORP | COM | 855244109 | BBG001S72KH6 | 394111 | 3973 | SH |  | SOLE |  | 0 | 0 | 3973 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 204191 | 2741 | SH |  | SOLE |  | 0 | 0 | 2741 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 957506 | 1739 | SH |  | SOLE |  | 0 | 0 | 1739 |
| TORO CO | COM | 891092108 | BBG001S5WX98 | 219042 | 1935 | SH |  | SOLE |  | 0 | 0 | 1935 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 | BBG001S60L15 | 235381 | 3635 | SH |  | SOLE |  | 0 | 0 | 3635 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 | BBG001SDGSH1 | 348098 | 2002 | SH |  | SOLE |  | 0 | 0 | 2002 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 1245898 | 2350 | SH |  | SOLE |  | 0 | 0 | 2350 |
| VANECK ETF TRUST | HIGH YLD MUNIETF | 92189H409 | BBG001SZDBR1 | 813906 | 16101 | SH |  | SOLE |  | 0 | 0 | 16101 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 | BBG001ST39Q2 | 1709447 | 22708 | SH |  | SOLE |  | 0 | 0 | 22708 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 2580438 | 12661 | SH |  | SOLE |  | 0 | 0 | 12661 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 1754217 | 21268 | SH |  | SOLE |  | 0 | 0 | 21268 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG001SHTTV0 | 1917075 | 10445 | SH |  | SOLE |  | 0 | 0 | 10445 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 5303993 | 136070 | SH |  | SOLE |  | 0 | 0 | 136070 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 | BBG001T0SKD6 | 2386869 | 23216 | SH |  | SOLE |  | 0 | 0 | 23216 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000VAL | 92206C714 | BBG001TCH581 | 400592 | 6017 | SH |  | SOLE |  | 0 | 0 | 6017 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 | BBG001SQX4T3 | 4439175 | 29234 | SH |  | SOLE |  | 0 | 0 | 29234 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 7005832 | 166925 | SH |  | SOLE |  | 0 | 0 | 166925 |
| VANGUARD WHITEHALL FDS | INTL DVD ETF | 921946810 | BBG00C863MQ1 | 1589444 | 22827 | SH |  | SOLE |  | 0 | 0 | 22827 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 1112950 | 28247 | SH |  | SOLE |  | 0 | 0 | 28247 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 1369128 | 6590 | SH |  | SOLE |  | 0 | 0 | 6590 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 1152126 | 8126 | SH |  | SOLE |  | 0 | 0 | 8126 |
| XYLEM INC | COM | 98419M100 | BBG001V05C73 | 210083 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| YUM BRANDS INC | COM | 988498101 | BBG001S7JQ30 | 404165 | 3156 | SH |  | SOLE |  | 0 | 0 | 3156 |

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