# EDGAR Filing Document

**Accession Number:** 0001518364
**File Stem:** 0001518364-25-000005
**Filing Date:** 2025-8
**Character Count:** 27299
**Document Hash:** 8df7da8fcc6f0a7c4d44e70d6e82d953
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001518364-25-000005.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001518364-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Accredited Investors Inc.
- **CENTRAL INDEX KEY:** 0001518364

**ORGANIZATION NAME:**
- **EIN:** 411581164
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14630
- **FILM NUMBER:** 251196512

**BUSINESS ADDRESS:**
- **STREET 1:** 5200 WEST 73RD STREET
- **CITY:** EDINA
- **STATE:** MN
- **ZIP:** 55439
- **BUSINESS PHONE:** 952-841-2222

**MAIL ADDRESS:**
- **STREET 1:** 5200 WEST 73RD STREET
- **CITY:** EDINA
- **STATE:** MN
- **ZIP:** 55439

### 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:** Accredited Investors Inc.<br>**Address:** 5200 WEST 73RD STREET<br>EDINA, MN 55439

**Form 13F File Number:** 028-14630

**CRD Number (if applicable):** 000105439

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:** Jenna Holm<br>**Title:** Chief Risk and Compliance Officer<br>**Phone:** 952-841-2235

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

Jenna Holm  Edina, MN  08-08-2025<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:** 239

**Form 13F Information Table Value Total:** $1691161975

      (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 |  | 4358131 | 28627 | SH |  | SOLE |  | 27105 | 0 | 1522 |
| ABBOTT LABS | COM | 002824100 |  | 2068613 | 15209 | SH |  | SOLE |  | 15089 | 0 | 120 |
| ABBVIE INC | COM | 00287Y109 |  | 1482764 | 7988 | SH |  | SOLE |  | 7962 | 0 | 26 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 1650172 | 5521 | SH |  | SOLE |  | 5521 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 318682 | 2810 | SH |  | SOLE |  | 2800 | 0 | 10 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 241881 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2503660 | 14207 | SH |  | SOLE |  | 13181 | 0 | 1026 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 5805008 | 32725 | SH |  | SOLE |  | 31097 | 0 | 1628 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 490212 | 8361 | SH |  | SOLE |  | 8319 | 0 | 42 |
| AMAZON COM INC | COM | 023135106 |  | 53457358 | 243664 | SH |  | SOLE |  | 102696 | 0 | 140968 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 197568440 | 2492034 | SH |  | SOLE |  | 2362038 | 0 | 129996 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1584397 | 4967 | SH |  | SOLE |  | 4905 | 0 | 62 |
| AMERICAN TOWER CORP | NEW COM | 03027X100 |  | 257992 | 1167 | SH |  | SOLE |  | 1167 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 303159 | 568 | SH |  | SOLE |  | 565 | 0 | 3 |
| AMGEN INC | COM | 031162100 |  | 604019 | 2163 | SH |  | SOLE |  | 2163 | 0 | 0 |
| AMPHENOL CORP | NEW CL A | 032095101 |  | 1122195 | 11364 | SH |  | SOLE |  | 11307 | 0 | 57 |
| ANALOG DEVICES INC | COM | 032654105 |  | 710728 | 2986 | SH |  | SOLE |  | 2980 | 0 | 6 |
| AON PLC | SHS CL A | G0403H108 |  | 1506241 | 4222 | SH |  | SOLE |  | 4215 | 0 | 7 |
| APPLE INC | COM | 037833100 |  | 46711428 | 227672 | SH |  | SOLE |  | 220935 | 0 | 6737 |
| APPLIED MATLS INC | COM | 038222105 |  | 503042 | 2748 | SH |  | SOLE |  | 2731 | 0 | 17 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 240571 | 10955 | SH |  | SOLE |  | 10001 | 0 | 954 |
| AT INC | COM | 00206R102 |  | 349978 | 12093 | SH |  | SOLE |  | 11966 | 0 | 127 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 16098357 | 52200 | SH |  | SOLE |  | 52189 | 0 | 11 |
| BANK AMERICA CORP | COM | 060505104 |  | 1182298 | 24985 | SH |  | SOLE |  | 24227 | 0 | 758 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 303852 | 3335 | SH |  | SOLE |  | 3332 | 0 | 3 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 57575200 | 79 | SH |  | SOLE |  | 79 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 24998026 | 51461 | SH |  | SOLE |  | 49443 | 0 | 2018 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 360067 | 6998 | SH |  | SOLE |  | 6278 | 0 | 720 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 461250 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 453548 | 31628 | SH |  | SOLE |  | 15500 | 0 | 16128 |
| BNY MELLON ETF TRUST | US LRG CP CORE | 09661T107 |  | 230465 | 1946 | SH |  | SOLE |  | 1946 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 271443 | 1295 | SH |  | SOLE |  | 1295 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 683220 | 14760 | SH |  | SOLE |  | 14760 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 733106 | 2660 | SH |  | SOLE |  | 2424 | 0 | 236 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 923271 | 3799 | SH |  | SOLE |  | 3799 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 10896094 | 113560 | SH |  | SOLE |  | 68565 | 0 | 44995 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 881925 | 2862 | SH |  | SOLE |  | 2856 | 0 | 6 |
| CANTERBURY PK HLDG CORP | COM | 13811E101 |  | 207338 | 10782 | SH |  | SOLE |  | 10782 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 666471 | 1717 | SH |  | SOLE |  | 1701 | 0 | 16 |
| CELCUITY INC | COM | 15102K100 |  | 388685 | 29115 | SH |  | SOLE |  | 29115 | 0 | 0 |
| CHEVRON CORP | NEW COM | 166764100 |  | 741808 | 5181 | SH |  | SOLE |  | 5156 | 0 | 25 |
| CHUBB LIMITED | COM | H1467J104 |  | 258720 | 893 | SH |  | SOLE |  | 882 | 0 | 11 |
| CINTAS CORP | COM | 172908105 |  | 460227 | 2065 | SH |  | SOLE |  | 2053 | 0 | 12 |
| CISCO SYS INC | COM | 17275R102 |  | 592921 | 8546 | SH |  | SOLE |  | 8526 | 0 | 20 |
| CLEVELAND-CLIFFS INC | NEW COM | 185899101 |  | 352860 | 46429 | SH |  | SOLE |  | 46429 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 1036319 | 14648 | SH |  | SOLE |  | 14602 | 0 | 46 |
| COSTCO WHSL CORP | NEW COM | 22160K105 |  | 2398390 | 2423 | SH |  | SOLE |  | 2415 | 0 | 8 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 222059 | 436 | SH |  | SOLE |  | 436 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 347203 | 2832 | SH |  | SOLE |  | 2782 | 0 | 50 |
| DEXCOM INC | COM | 252131107 |  | 382068 | 4377 | SH |  | SOLE |  | 4377 | 0 | 0 |
| DIMENSIONAL ETF TRUST US | US EQUITY MARKET | 25434V401 |  | 236178 | 3524 | SH |  | SOLE |  | 3524 | 0 | 0 |
| DIMENSIONAL ETF TRUST US | US MKTWIDE VALUE | 25434V724 |  | 406851 | 9623 | SH |  | SOLE |  | 9623 | 0 | 0 |
| DIMENSIONAL ETF TRUST US | US TARGETED VLU | 25434V609 |  | 282535 | 5236 | SH |  | SOLE |  | 5236 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 984417 | 7938 | SH |  | SOLE |  | 7938 | 0 | 0 |
| DONALDSON INC | COM | 257651109 |  | 353233 | 5093 | SH |  | SOLE |  | 5093 | 0 | 0 |
| DURECT CORP | COM NEW | 266605500 |  | 58387 | 91919 | SH |  | SOLE |  | 91919 | 0 | 0 |
| DUTCH BROS INC | CL A | 26701L100 |  | 286607 | 4192 | SH |  | SOLE |  | 4192 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 435885 | 1221 | SH |  | SOLE |  | 1214 | 0 | 7 |
| EBAY INC. | COM | 278642103 |  | 249143 | 3346 | SH |  | SOLE |  | 3335 | 0 | 11 |
| ECOLAB INC | COM | 278865100 |  | 1104468 | 4099 | SH |  | SOLE |  | 4099 | 0 | 0 |
| EDAP TMS S A | SPONSORED ADR | 268311107 |  | 35361 | 21431 | SH |  | SOLE |  | 21431 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 370679 | 953 | SH |  | SOLE |  | 953 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 3002183 | 3851 | SH |  | SOLE |  | 3841 | 0 | 10 |
| EMERSON ELEC CO | COM | 291011104 |  | 380790 | 2856 | SH |  | SOLE |  | 2596 | 0 | 260 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 364686 | 2162 | SH |  | SOLE |  | 2162 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1811890 | 16808 | SH |  | SOLE |  | 16035 | 0 | 773 |
| FASTENAL CO | COM | 311900104 |  | 1425186 | 33933 | SH |  | SOLE |  | 33927 | 0 | 6 |
| FIDELITY COMWLTH TR | NASDAQ COMPSIT | 315912808 |  | 352029 | 4395 | SH |  | SOLE |  | 3950 | 0 | 445 |
| FIDUS INVT CORP | COM | 316500107 |  | 404000 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| FIRST TR EXCHANGE TRADED FD | NASDAQ CYB ETF | 33734X846 |  | 213891 | 2830 | SH |  | SOLE |  | 2830 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | US EQTY OPPT ETF | 336920103 |  | 383867 | 2649 | SH |  | SOLE |  | 2649 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 644469 | 3738 | SH |  | SOLE |  | 3730 | 0 | 8 |
| FULLER H B CO | COM | 359694106 |  | 221593 | 3684 | SH |  | SOLE |  | 3684 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 240730 | 752 | SH |  | SOLE |  | 752 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1685361 | 6548 | SH |  | SOLE |  | 6548 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 984815 | 1861 | SH |  | SOLE |  | 1861 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 6106948 | 117872 | SH |  | SOLE |  | 105517 | 0 | 12355 |
| GOLDEN ENTMT INC | COM | 381013101 |  | 345803 | 11750 | SH |  | SOLE |  | 11750 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 285223 | 403 | SH |  | SOLE |  | 388 | 0 | 15 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 225027 | 44737 | SH |  | SOLE |  | 44737 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 2302449 | 26782 | SH |  | SOLE |  | 26782 | 0 | 0 |
| GRANITE PT MTG TR | INC COM STK | 38741L107 |  | 38831 | 15721 | SH |  | SOLE |  | 15721 | 0 | 0 |
| HERCULES CAPITAL INC | COM | 427096508 |  | 420440 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1745683 | 4761 | SH |  | SOLE |  | 4761 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 696992 | 2993 | SH |  | SOLE |  | 2993 | 0 | 0 |
| HORMEL FOODS CORP | COM | 440452100 |  | 354841 | 11730 | SH |  | SOLE |  | 4558 | 0 | 7172 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 361651 | 1943 | SH |  | SOLE |  | 1906 | 0 | 37 |
| HUBSPOT INC | COM | 443573100 |  | 332865 | 598 | SH |  | SOLE |  | 598 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 296369 | 13231 | SH |  | SOLE |  | 13198 | 0 | 33 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1054116 | 3576 | SH |  | SOLE |  | 3567 | 0 | 9 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 564603 | 1039 | SH |  | SOLE |  | 1034 | 0 | 5 |
| INVESCO EXCH TRADED FD | TR II KBW BK ETF | 46138E628 |  | 253866 | 3545 | SH |  | SOLE |  | 3465 | 0 | 80 |
| INVESCO EXCH TRADED FD | TR II KBW REGL BKG | 46138E578 |  | 432963 | 7492 | SH |  | SOLE |  | 7492 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD | T RAFI US 1500 | 46137V597 |  | 7838526 | 192735 | SH |  | SOLE |  | 178141 | 0 | 14594 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2190077 | 3970 | SH |  | SOLE |  | 3091 | 0 | 879 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 285671 | 4581 | SH |  | SOLE |  | 4581 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 535107 | 6410 | SH |  | SOLE |  | 6410 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 126584240 | 2041023 | SH |  | SOLE |  | 1922706 | 0 | 118317 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 73856218 | 675782 | SH |  | SOLE |  | 630525 | 0 | 45257 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 2230676 | 16519 | SH |  | SOLE |  | 15936 | 0 | 583 |
| ISHARES TR | CORE S ETF | 464287200 |  | 80033159 | 128899 | SH |  | SOLE |  | 125637 | 0 | 3262 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 2946980 | 29707 | SH |  | SOLE |  | 29705 | 0 | 2 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 15692446 | 247203 | SH |  | SOLE |  | 241661 | 0 | 5542 |
| ISHARES TR | ESG ADV TTL USD | 46436E619 |  | 1697666 | 38982 | SH |  | SOLE |  | 38982 | 0 | 0 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 5574123 | 62476 | SH |  | SOLE |  | 58280 | 0 | 4196 |
| ISHARES TR | ESG AWARE MSCI | 46435U663 |  | 13337651 | 322711 | SH |  | SOLE |  | 303338 | 0 | 19373 |
| ISHARES TR | ESG AWR US AGRGT | 46435U549 |  | 11282526 | 237327 | SH |  | SOLE |  | 224892 | 0 | 12435 |
| ISHARES TR | ESG AWRE 1 5 YR | 46435G243 |  | 4089898 | 162491 | SH |  | SOLE |  | 150528 | 0 | 11963 |
| ISHARES TR | ESG EAFE ETF | 46436E759 |  | 5939791 | 79793 | SH |  | SOLE |  | 75333 | 0 | 4460 |
| ISHARES TR | ESG MSCI KLD 400 | 464288570 |  | 3234923 | 27849 | SH |  | SOLE |  | 26995 | 0 | 854 |
| ISHARES TR | ESG MSCI USA ETF | 46436E767 |  | 4239491 | 78611 | SH |  | SOLE |  | 75639 | 0 | 2972 |
| ISHARES TR | ESG OPTIMIZED | 464288802 |  | 7045222 | 55584 | SH |  | SOLE |  | 52763 | 0 | 2821 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 657298 | 8150 | SH |  | SOLE |  | 8150 | 0 | 0 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 481424 | 2017 | SH |  | SOLE |  | 1955 | 0 | 62 |
| ISHARES TR | MSCI AC ASIA ETF | 464288182 |  | 348161 | 4214 | SH |  | SOLE |  | 4214 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 56307753 | 629911 | SH |  | SOLE |  | 620464 | 0 | 9447 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 237196 | 987 | SH |  | SOLE |  | 987 | 0 | 0 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 780570 | 7471 | SH |  | SOLE |  | 7471 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 3648001 | 10743 | SH |  | SOLE |  | 10686 | 0 | 57 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 39465288 | 92951 | SH |  | SOLE |  | 91030 | 0 | 1921 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 2825464 | 14547 | SH |  | SOLE |  | 14514 | 0 | 33 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 745523 | 2608 | SH |  | SOLE |  | 2608 | 0 | 0 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 28600013 | 206230 | SH |  | SOLE |  | 201511 | 0 | 4719 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 8867705 | 67108 | SH |  | SOLE |  | 66048 | 0 | 1060 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 49286700 | 228401 | SH |  | SOLE |  | 225293 | 0 | 3108 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 510644 | 4638 | SH |  | SOLE |  | 4638 | 0 | 0 |
| ISHARES TR | S MC 400GR ETF | 464287606 |  | 350637 | 3854 | SH |  | SOLE |  | 3799 | 0 | 55 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 267798 | 2167 | SH |  | SOLE |  | 2167 | 0 | 0 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 1141502 | 8595 | SH |  | SOLE |  | 8595 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 310501 | 2812 | SH |  | SOLE |  | 2774 | 0 | 38 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 420044 | 2424 | SH |  | SOLE |  | 2424 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 430762 | 7577 | SH |  | SOLE |  | 7295 | 0 | 282 |
| J P MORGAN EXCHANGE TRADED F | US VALUE FACTR | 46641Q753 |  | 212304 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1296778 | 8490 | SH |  | SOLE |  | 7992 | 0 | 498 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 6002606 | 20705 | SH |  | SOLE |  | 20635 | 0 | 70 |
| KAYNE ANDERSON BDC INC | COM SHS | 48662X105 |  | 621937 | 40756 | SH |  | SOLE |  | 40756 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 236404 | 1834 | SH |  | SOLE |  | 1834 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 212201 | 2180 | SH |  | SOLE |  | 2150 | 0 | 30 |
| LUCID GROUP INC | COM | 549498103 |  | 21290 | 10090 | SH |  | SOLE |  | 10090 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 890736 | 1585 | SH |  | SOLE |  | 1564 | 0 | 21 |
| MCDONALDS CORP | COM | 580135101 |  | 1201862 | 4114 | SH |  | SOLE |  | 4009 | 0 | 105 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 1000809 | 11481 | SH |  | SOLE |  | 9700 | 0 | 1781 |
| MERCK  CO INC | COM | 58933Y105 |  | 778818 | 9839 | SH |  | SOLE |  | 9839 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2713198 | 3676 | SH |  | SOLE |  | 3648 | 0 | 28 |
| MICROSOFT CORP | COM | 594918104 |  | 19462666 | 39128 | SH |  | SOLE |  | 38800 | 0 | 328 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 337730 | 2398 | SH |  | SOLE |  | 2383 | 0 | 15 |
| MORGAN STANLEY DIRECT LENDIN | COM SHS | 61774A103 |  | 374400 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| MOSAIC CO | NEW COM | 61945C103 |  | 387564 | 10624 | SH |  | SOLE |  | 10624 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 487479 | 1159 | SH |  | SOLE |  | 1109 | 0 | 50 |
| MUELLER INDS INC | COM | 624756102 |  | 448688 | 5646 | SH |  | SOLE |  | 5600 | 0 | 46 |
| NETFLIX INC | COM | 64110L106 |  | 1139986 | 851 | SH |  | SOLE |  | 838 | 0 | 13 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 284969 | 4105 | SH |  | SOLE |  | 4005 | 0 | 100 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 267003 | 1043 | SH |  | SOLE |  | 1043 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 394648 | 3047 | SH |  | SOLE |  | 3047 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 277398 | 3787 | SH |  | SOLE |  | 3787 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 9824114 | 62182 | SH |  | SOLE |  | 61702 | 0 | 480 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 7957588 | 372895 | SH |  | SOLE |  | 372735 | 0 | 160 |
| ORACLE CORP | COM | 68389X105 |  | 2228933 | 10195 | SH |  | SOLE |  | 10167 | 0 | 28 |
| OTTER TAIL CORP | COM | 689648103 |  | 333301 | 4324 | SH |  | SOLE |  | 4324 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 404734 | 2969 | SH |  | SOLE |  | 2955 | 0 | 14 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 283631 | 1386 | SH |  | SOLE |  | 1386 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 243844 | 3281 | SH |  | SOLE |  | 3231 | 0 | 50 |
| PEPSICO INC | COM | 713448108 |  | 1257106 | 9521 | SH |  | SOLE |  | 9311 | 0 | 210 |
| PFIZER INC | COM | 717081103 |  | 495590 | 20445 | SH |  | SOLE |  | 20445 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 827459 | 4543 | SH |  | SOLE |  | 4543 | 0 | 0 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 393040 | 20719 | SH |  | SOLE |  | 0 | 0 | 20719 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1754442 | 11012 | SH |  | SOLE |  | 11012 | 0 | 0 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 252109 | 2504 | SH |  | SOLE |  | 2504 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 53224678 | 505938 | SH |  | SOLE |  | 505938 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 317296 | 955 | SH |  | SOLE |  | 955 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 400387 | 2742 | SH |  | SOLE |  | 2742 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 353406 | 1296 | SH |  | SOLE |  | 1196 | 0 | 100 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 659360 | 7227 | SH |  | SOLE |  | 7201 | 0 | 26 |
| SCHWAB STRATEGIC TR | 1000 INDEX ETF | 808524722 |  | 260479 | 8735 | SH |  | SOLE |  | 7168 | 0 | 1567 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 446223 | 11150 | SH |  | SOLE |  | 11150 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US S | 808524763 |  | 22920159 | 800006 | SH |  | SOLE |  | 759071 | 0 | 40935 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 325416 | 14725 | SH |  | SOLE |  | 8422 | 0 | 6303 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 116378143 | 4883682 | SH |  | SOLE |  | 4582956 | 0 | 300726 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 1335084 | 45706 | SH |  | SOLE |  | 44568 | 0 | 1138 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 257845 | 10550 | SH |  | SOLE |  | 3890 | 0 | 6660 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 334068 | 6379 | SH |  | SOLE |  | 6379 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 722972 | 2855 | SH |  | SOLE |  | 2694 | 0 | 161 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 733049 | 6355 | SH |  | SOLE |  | 6205 | 0 | 150 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 653362 | 8615 | SH |  | SOLE |  | 8237 | 0 | 378 |
| SOUTHERN CO | COM | 842587107 |  | 213597 | 2326 | SH |  | SOLE |  | 2326 | 0 | 0 |
| SOW GOOD INC | COM | 84612H106 |  | 162757 | 208209 | SH |  | SOLE |  | 208209 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 276728 | 628 | SH |  | SOLE |  | 528 | 0 | 100 |
| SPDR INDEX SHS FDS | S INTL SMLCP | 78463X871 |  | 1597439 | 42965 | SH |  | SOLE |  | 41734 | 0 | 1231 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 16476588 | 26668 | SH |  | SOLE |  | 26073 | 0 | 595 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 887252 | 1566 | SH |  | SOLE |  | 1566 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 |  | 335732 | 3660 | SH |  | SOLE |  | 3660 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A854 |  | 496462 | 6830 | SH |  | SOLE |  | 6812 | 0 | 18 |
| SPDR SERIES TRUST | PRTFLO S VL | 78464A508 |  | 41269215 | 788483 | SH |  | SOLE |  | 758776 | 0 | 29707 |
| SPDR SERIES TRUST | S 600 SMCP VAL | 78464A300 |  | 593016 | 7435 | SH |  | SOLE |  | 7435 | 0 | 0 |
| SPDR SERIES TRUST | S DIVID ETF | 78464A763 |  | 731585 | 5390 | SH |  | SOLE |  | 5390 | 0 | 0 |
| SPS COMM INC | COM | 78463M107 |  | 1076336 | 7909 | SH |  | SOLE |  | 7909 | 0 | 0 |
| TACTILE SYS TECHNOLOGY INC | COM | 87357P100 |  | 1169497 | 115335 | SH |  | SOLE |  | 115335 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 484015 | 2137 | SH |  | SOLE |  | 2057 | 0 | 80 |
| TARGET CORP | COM | 87612E106 |  | 808684 | 8198 | SH |  | SOLE |  | 7924 | 0 | 274 |
| TENNANT CO | COM | 880345103 |  | 1054115 | 13605 | SH |  | SOLE |  | 13605 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 1921997 | 6050 | SH |  | SOLE |  | 6010 | 0 | 40 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 372212 | 918 | SH |  | SOLE |  | 918 | 0 | 0 |
| TJX COS INC | NEW COM | 872540109 |  | 298105 | 2414 | SH |  | SOLE |  | 2090 | 0 | 324 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 2317423 | 8662 | SH |  | SOLE |  | 8659 | 0 | 3 |
| TREACE MED CONCEPTS INC | COM | 89455T109 |  | 588000 | 100000 | SH |  | SOLE |  | 69000 | 0 | 31000 |
| UMB FINL CORP | COM | 902788108 |  | 1045185 | 9939 | SH |  | SOLE |  | 9939 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 204311 | 888 | SH |  | SOLE |  | 888 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 79106707 | 783700 | SH |  | SOLE |  | 783700 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2951639 | 9461 | SH |  | SOLE |  | 8992 | 0 | 469 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 90440 | 13300 | SH |  | SOLE |  | 13300 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 2900862 | 64107 | SH |  | SOLE |  | 64107 | 0 | 0 |
| VANGUARD ADMIRAL FDS INC | 500 GRTH IDX F | 921932505 |  | 709029 | 1788 | SH |  | SOLE |  | 1788 | 0 | 0 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 3075844 | 15961 | SH |  | SOLE |  | 15961 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 658915 | 1503 | SH |  | SOLE |  | 1501 | 0 | 2 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 242505 | 850 | SH |  | SOLE |  | 850 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 |  | 279271 | 982 | SH |  | SOLE |  | 982 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 8270903 | 29557 | SH |  | SOLE |  | 29017 | 0 | 540 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 3543715 | 6239 | SH |  | SOLE |  | 6102 | 0 | 137 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 344778 | 1768 | SH |  | SOLE |  | 1768 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 6032514 | 25456 | SH |  | SOLE |  | 24278 | 0 | 1178 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 9250620 | 30437 | SH |  | SOLE |  | 30393 | 0 | 44 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 83645642 | 473269 | SH |  | SOLE |  | 436889 | 0 | 36380 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 10352955 | 154016 | SH |  | SOLE |  | 146898 | 0 | 7118 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 271344 | 5486 | SH |  | SOLE |  | 5480 | 0 | 6 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 27726452 | 357761 | SH |  | SOLE |  | 334501 | 0 | 23260 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 26033177 | 202561 | SH |  | SOLE |  | 190795 | 0 | 11766 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 259075 | 5284 | SH |  | SOLE |  | 5284 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 1054588 | 5153 | SH |  | SOLE |  | 5153 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 3012417 | 43601 | SH |  | SOLE |  | 43479 | 0 | 122 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 20763846 | 364214 | SH |  | SOLE |  | 361463 | 0 | 2751 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 255555 | 1917 | SH |  | SOLE |  | 1917 | 0 | 0 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 7568734 | 20670 | SH |  | SOLE |  | 20489 | 0 | 181 |
| VISA INC COM | CL A | 92826C839 |  | 2439549 | 6871 | SH |  | SOLE |  | 6683 | 0 | 188 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 45864 | 15600 | SH |  | SOLE |  | 15600 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 2390698 | 24450 | SH |  | SOLE |  | 24315 | 0 | 135 |
| WATERS CORP | COM | 941848103 |  | 367539 | 1053 | SH |  | SOLE |  | 1053 | 0 | 0 |
| WELLS FARGO CO | NEW COM | 949746101 |  | 1415080 | 17662 | SH |  | SOLE |  | 17543 | 0 | 119 |
| XCEL ENERGY INC | COM | 98389B100 |  | 1448884 | 21276 | SH |  | SOLE |  | 21101 | 0 | 175 |
| ZOETIS INC | CL A | 98978V103 |  | 642150 | 4118 | SH |  | SOLE |  | 4118 | 0 | 0 |

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