# EDGAR Filing Document

**Accession Number:** 0001730815
**File Stem:** 0001104659-26-011330
**Filing Date:** 2026-2
**Character Count:** 18553
**Document Hash:** 9078839ac11ccbc12d4e1f463f908c6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-011330.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001104659-26-011330

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Poehling Capital Management, INC.
- **CENTRAL INDEX KEY:** 0001730815

**ORGANIZATION NAME:**
- **EIN:** 134280487
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18383
- **FILM NUMBER:** 26605955

**BUSINESS ADDRESS:**
- **STREET 1:** 525 JUNCTION RD.
- **STREET 2:** SUITE 8900
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717
- **BUSINESS PHONE:** 6086649600

**MAIL ADDRESS:**
- **STREET 1:** 525 JUNCTION RD.
- **STREET 2:** SUITE 8900
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Poehling Capital Management, LLC
- **DATE OF NAME CHANGE:** 20180208

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Poehling Capital Management INC.<br>**Address:** 525 Junction Rd.<br>Suite 8900<br>Madison, WI 53717

**Form 13F File Number:** 028-18383

**CRD Number (if applicable):** 000131668

**SEC File Number (if applicable):** 801-63189

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:** Patrick Poehling<br>**Title:** Vice President<br>**Phone:** 608-664-9600

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

/s/ Patrick Poehling  Madison, WI  02-05-2026<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:** 141

**Form 13F Information Table Value Total:** $488745623

      (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 |  | 5365912 | 33516 | SH |  | SOLE |  | 0 | 0 | 33516 |
| ABBVIE INC | COM | 00287Y109 |  | 648912 | 2840 | SH |  | SOLE |  | 0 | 0 | 2840 |
| ADOBE INC | COM | 00724F101 |  | 278242 | 795 | SH |  | SOLE |  | 0 | 0 | 795 |
| ADVANCED MICRO DEVIC | COM | 007903107 |  | 574377 | 2682 | SH |  | SOLE |  | 0 | 0 | 2682 |
| AFFILIATED MANAGERS GROU | COM | 008252108 |  | 5247849 | 18204 | SH |  | SOLE |  | 0 | 0 | 18204 |
| ALIBABA GROUP HLDG LTD F SPONSORED ADR 1 ADR REPS    8  ORD SHS | SPONSORE ADS | 01609W102 |  | 5485610 | 37424 | SH |  | SOLE |  | 0 | 0 | 37424 |
| ALIMENTATION COUCHE-TA F CLASS                  A | COM | 002011646 |  | 9884649 | 180905 | SH |  | SOLE |  | 0 | 0 | 180905 |
| ALPHABET INC CLASS            CLASS A | CAP STK CL A | 02079K305 |  | 800569 | 2558 | SH |  | SOLE |  | 0 | 0 | 2558 |
| ALPHABET INC CLASS            CLASS C | CAP STK CL C | 02079K107 |  | 20289443 | 64657 | SH |  | SOLE |  | 0 | 0 | 64657 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 1798531 | 31192 | SH |  | SOLE |  | 0 | 0 | 31192 |
| AMAZON.COM INC | COM | 023135106 |  | 7806493 | 33821 | SH |  | SOLE |  | 0 | 0 | 33821 |
| AMERICAN INTL GROUP INC | COM | 026874784 |  | 2545626 | 29756 | SH |  | SOLE |  | 0 | 0 | 29756 |
| APOLLO GLOBAL MGMT INC N CLASS            CLASS A | COM CL A | 03768E105 |  | 445427 | 3077 | SH |  | SOLE |  | 0 | 0 | 3077 |
| APPLE INC | COM | 037833100 |  | 12414395 | 45665 | SH |  | SOLE |  | 0 | 0 | 45665 |
| APPLOVIN CORP CLASS                  A | COM CL A | 03831W108 |  | 235837 | 350 | SH |  | SOLE |  | 0 | 0 | 350 |
| ARCH CAPITAL GROUP LTD F | ORD | G0450A105 |  | 758152 | 7904 | SH |  | SOLE |  | 0 | 0 | 7904 |
| BANK NEW YORK MELLON COR | COM | 064058100 |  | 2799162 | 24112 | SH |  | SOLE |  | 0 | 0 | 24112 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 3102372 | 56407 | SH |  | SOLE |  | 0 | 0 | 56407 |
| BAUSCH HEALTH COS INC  F | COM | 071734107 |  | 597825 | 86018 | SH |  | SOLE |  | 0 | 0 | 86018 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 1602048 | 8255 | SH |  | SOLE |  | 0 | 0 | 8255 |
| BERKSHIRE HATHAWAY CLASS            CLASS B | CL B NEW | 084670702 |  | 29578942 | 58846 | SH |  | SOLE |  | 0 | 0 | 58846 |
| BLACKROCK INC NEW | COM | 09247X101 |  | 277009 | 259 | SH |  | SOLE |  | 0 | 0 | 259 |
| BLACKSTONE INC | COM CL A | 09260D107 |  | 391824 | 2542 | SH |  | SOLE |  | 0 | 0 | 2542 |
| BOOKING HLDGS INC | COM | 09857L108 |  | 1231726 | 230 | SH |  | SOLE |  | 0 | 0 | 230 |
| BP P L C               F SPONSORED ADR 1 ADR REPS    6  ORD SHS | SPONSORED ADR | 055622104 |  | 982824 | 28299 | SH |  | SOLE |  | 0 | 0 | 28299 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 2910495 | 53958 | SH |  | SOLE |  | 0 | 0 | 53958 |
| BRITISH AMERN TOB PLC  F UNSPONSORED ADR 1 ADR REPS    1  ORD SHS | SPONSORED ADR | 110448107 |  | 6803233 | 120156 | SH |  | SOLE |  | 0 | 0 | 120156 |
| BROADCOM INC | COM | 11135F101 |  | 382094 | 1104 | SH |  | SOLE |  | 0 | 0 | 1104 |
| CANADIAN PACIFIC KAN   F | COM | 13645T100 |  | 294520 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 10251178 | 651696 | SH |  | SOLE |  | 0 | 0 | 651696 |
| CARRIER GLOBAL CORP | COM | 14448C104 |  | 2031275 | 38442 | SH |  | SOLE |  | 0 | 0 | 38442 |
| CENTENE CORP DEL | COM | 15135B101 |  | 3975008 | 96598 | SH |  | SOLE |  | 0 | 0 | 96598 |
| CHARLES SCHWAB CORP | COM | 808513105 |  | 17622226 | 176381 | SH |  | SOLE |  | 0 | 0 | 176381 |
| CHUBB LTD              F | COM | H1467J104 |  | 247823 | 794 | SH |  | SOLE |  | 0 | 0 | 794 |
| CISCO SYS INC | COM | 17275R102 |  | 236713 | 3073 | SH |  | SOLE |  | 0 | 0 | 3073 |
| CITIGROUP INC | COM NEW | 172967424 |  | 7282740 | 62411 | SH |  | SOLE |  | 0 | 0 | 62411 |
| CLOROX CO | COM | 189054109 |  | 432057 | 4285 | SH |  | SOLE |  | 0 | 0 | 4285 |
| CNH INDL N V           F | SHS | N20944109 |  | 2121162 | 230061 | SH |  | SOLE |  | 0 | 0 | 230061 |
| COGNYTE SOFTWARE LTD   F | ORD SHS | M25133105 |  | 172941 | 18398 | SH |  | SOLE |  | 0 | 0 | 18398 |
| CONSTELLATION BRANDS INC CLASS            CLASS A | CL A | 21036P108 |  | 4177567 | 30281 | SH |  | SOLE |  | 0 | 0 | 30281 |
| CONSTELLATION ENERGY COR | COM | 21037T109 |  | 443354 | 1255 | SH |  | SOLE |  | 0 | 0 | 1255 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 623472 | 723 | SH |  | SOLE |  | 0 | 0 | 723 |
| COTERRA ENERGY INC | COM | 127097103 |  | 1730198 | 65737 | SH |  | SOLE |  | 0 | 0 | 65737 |
| CRACKER BARREL OLD CTRY | COM | 22410J106 |  | 320980 | 12637 | SH |  | SOLE |  | 0 | 0 | 12637 |
| DEERE  CO | COM | 244199105 |  | 648073 | 1392 | SH |  | SOLE |  | 0 | 0 | 1392 |
| DIAGEO PLC             F SPONSORED ADR 1 ADR REPS    4  ORD SHS | SPON ADR NEW | 25243Q205 |  | 8152342 | 94498 | SH |  | SOLE |  | 0 | 0 | 94498 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 5329669 | 46846 | SH |  | SOLE |  | 0 | 0 | 46846 |
| DXC TECHNOLOGY CO | COM | 23355L106 |  | 775468 | 52933 | SH |  | SOLE |  | 0 | 0 | 52933 |
| EVEREST REINSURANCE GR F | COM | G3223R108 |  | 1311588 | 3865 | SH |  | SOLE |  | 0 | 0 | 3865 |
| FABRINET               F | COM | G3323L100 |  | 400646 | 880 | SH |  | SOLE |  | 0 | 0 | 880 |
| FAIRFAX FINL HLDGS LTD F | COM | 303901102 |  | 34783866 | 18249 | SH |  | SOLE |  | 0 | 0 | 18249 |
| FASTENAL CO | COM | 311900104 |  | 751394 | 18724 | SH |  | SOLE |  | 0 | 0 | 18724 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 295839 | 6320 | SH |  | SOLE |  | 0 | 0 | 6320 |
| FIRST BUSINESS FINL SVCS | COM | 319390100 |  | 2841356 | 52327 | SH |  | SOLE |  | 0 | 0 | 52327 |
| FISERV INC | COM | 337738108 |  | 13881084 | 206656 | SH |  | SOLE |  | 0 | 0 | 206656 |
| FRANKLIN RES INC | COM | 354613101 |  | 1314499 | 55023 | SH |  | SOLE |  | 0 | 0 | 55023 |
| GENERAC HLDGS INC | COM | 368736104 |  | 1378837 | 10111 | SH |  | SOLE |  | 0 | 0 | 10111 |
| GERON CORP | COM | 374163103 |  | 100585 | 76201 | SH |  | SOLE |  | 0 | 0 | 76201 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 4787913 | 5447 | SH |  | SOLE |  | 0 | 0 | 5447 |
| HERSHEY CO | COM | 427866108 |  | 6674662 | 36678 | SH |  | SOLE |  | 0 | 0 | 36678 |
| HF SINCLAIR CORP | COM | 403949100 |  | 3054136 | 66279 | SH |  | SOLE |  | 0 | 0 | 66279 |
| HOME DEPOT INC | COM | 437076102 |  | 351535 | 1022 | SH |  | SOLE |  | 0 | 0 | 1022 |
| HOWARD HUGHES HLDGS INC | COM | 44267T102 |  | 253509 | 3178 | SH |  | SOLE |  | 0 | 0 | 3178 |
| IAC INC | COM | 44919P508 |  | 378723 | 9686 | SH |  | SOLE |  | 0 | 0 | 9686 |
| ILLUMINA INC | COM | 452327109 |  | 291438 | 2222 | SH |  | SOLE |  | 0 | 0 | 2222 |
| INVESCO LTD            F | INTRM GOV CR ETF | G491BT108 |  | 6656319 | 253381 | SH |  | SOLE |  | 0 | 0 | 253381 |
| ISHARES CORE MSCI EAFE ETF | CORE MSCI EAFE | 46432F842 |  | 218640 | 2444 | SH |  | SOLE |  | 0 | 0 | 2444 |
| ISHARES CORE S SMALL CAP ETF | CORE S SCP ETF | 464287804 |  | 407771 | 3393 | SH |  | SOLE |  | 0 | 0 | 3393 |
| ISHARES MSCI USA MOMNTUM FCT ETF | MSCI USA MMENTM | 46432F396 |  | 245053 | 979 | SH |  | SOLE |  | 0 | 0 | 979 |
| ISHARES RUSSELL 1000 GROWTH ETF | RUS 1000 GRW ETF | 464287614 |  | 772426 | 1632 | SH |  | SOLE |  | 0 | 0 | 1632 |
| ISHARES RUSSELL 1000 VALUE ETF | CORE S SCP ETF | 464287598 |  | 397332 | 1889 | SH |  | SOLE |  | 0 | 0 | 1889 |
| ISHARES RUSSELL MID CAP ETF | RUS MID CAP ETF | 464287499 |  | 361109 | 3751 | SH |  | SOLE |  | 0 | 0 | 3751 |
| ISHARES US AEROSPACE DEFENSE ETF | US AER DEF ETF | 464288760 |  | 504522 | 2350 | SH |  | SOLE |  | 0 | 0 | 2350 |
| ISHARES US OIL GAS EXL PROD ETF | US OIL GS EX ETF | 464288851 |  | 312410 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| JACKSON FINL INC CLASS                  A | COM CL A | 46817M107 |  | 5044972 | 47304 | SH |  | SOLE |  | 0 | 0 | 47304 |
| JAZZ PHARMACEUTICALS P F | SHS USD | G50871105 |  | 3857130 | 22689 | SH |  | SOLE |  | 0 | 0 | 22689 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 7622000 | 122995 | SH |  | SOLE |  | 0 | 0 | 122995 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1207878 | 5837 | SH |  | SOLE |  | 0 | 0 | 5837 |
| JOHNSON CONTROLS INT   F | SHS | G51502105 |  | 253750 | 2119 | SH |  | SOLE |  | 0 | 0 | 2119 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1371110 | 4255 | SH |  | SOLE |  | 0 | 0 | 4255 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 3486321 | 124467 | SH |  | SOLE |  | 0 | 0 | 124467 |
| KKR  CO INC | COM | 48248M102 |  | 4023141 | 31559 | SH |  | SOLE |  | 0 | 0 | 31559 |
| KRANESHARES CSI CHINA INTERNET ETF | CSI CHI INTERNET | 500767306 |  | 539420 | 15842 | SH |  | SOLE |  | 0 | 0 | 15842 |
| LAM RESH CORP | COM | 512807108 |  | 564894 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| LAUDER ESTEE COS INC CLASS            CLASS A | CL A | 518439104 |  | 5649644 | 53950 | SH |  | SOLE |  | 0 | 0 | 53950 |
| LOEWS CORP | COM | 540424108 |  | 393649 | 3738 | SH |  | SOLE |  | 0 | 0 | 3738 |
| MARATHON PETE CORP | COM | 56585A102 |  | 3957113 | 24332 | SH |  | SOLE |  | 0 | 0 | 24332 |
| MARKEL GROUP INC | COM | 570535104 |  | 28422672 | 13222 | SH |  | SOLE |  | 0 | 0 | 13222 |
| MASTERCARD INC CLASS            CLASS A | CL A | 57636Q104 |  | 8294316 | 14529 | SH |  | SOLE |  | 0 | 0 | 14529 |
| MCDONALDS CORP | COM | 580135101 |  | 444184 | 1453 | SH |  | SOLE |  | 0 | 0 | 1453 |
| MEDTRONIC PLC          F | SHS | G5960L103 |  | 6137754 | 63895 | SH |  | SOLE |  | 0 | 0 | 63895 |
| META PLATFORMS INC CLASS                  A | CL A | 30303M102 |  | 4184311 | 6339 | SH |  | SOLE |  | 0 | 0 | 6339 |
| MGE ENERGY INC | COM | 55277P104 |  | 245298 | 3128 | SH |  | SOLE |  | 0 | 0 | 3128 |
| MICROSOFT CORP | COM | 594918104 |  | 8345604 | 17257 | SH |  | SOLE |  | 0 | 0 | 17257 |
| MOLSON COORS BEVERAG B CLASS            CLASS B | CL B | 60871R209 |  | 916095 | 19625 | SH |  | SOLE |  | 0 | 0 | 19625 |
| NESTLE S A             F SPONSORED ADR 1 ADR REPS    1  ORD SHS | COM | 641069406 |  | 2529953 | 25612 | SH |  | SOLE |  | 0 | 0 | 25612 |
| NETFLIX INC | COM | 64110L106 |  | 1855510 | 19790 | SH |  | SOLE |  | 0 | 0 | 19790 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 210815 | 2626 | SH |  | SOLE |  | 0 | 0 | 2626 |
| NVIDIA CORP | COM | 67066G104 |  | 2651532 | 14217 | SH |  | SOLE |  | 0 | 0 | 14217 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 4081653 | 99262 | SH |  | SOLE |  | 0 | 0 | 99262 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 1552248 | 216492 | SH |  | SOLE |  | 0 | 0 | 216492 |
| PALANTIR TECHNOLOGIES IN CLASS            CLASS A | CL A | 69608A108 |  | 595996 | 3353 | SH |  | SOLE |  | 0 | 0 | 3353 |
| PARAMOUNT SKYDANCE CORP CLASS                  B | COM CL B | 69932A204 |  | 8572724 | 639756 | SH |  | SOLE |  | 0 | 0 | 639756 |
| PEPSICO INC | COM | 713448108 |  | 10096488 | 70349 | SH |  | SOLE |  | 0 | 0 | 70349 |
| PETROLEO BRASILEIRO SA F SPONSORED ADR 1 ADR REPS    2  ORD SHS | SPONSORED ADR | 71654V408 |  | 2832695 | 239046 | SH |  | SOLE |  | 0 | 0 | 239046 |
| PFIZER INC | COM | 717081103 |  | 938036 | 37672 | SH |  | SOLE |  | 0 | 0 | 37672 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 249422 | 1555 | SH |  | SOLE |  | 0 | 0 | 1555 |
| PHILLIPS 66 | COM | 718546104 |  | 1187039 | 9199 | SH |  | SOLE |  | 0 | 0 | 9199 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 1966925 | 19212 | SH |  | SOLE |  | 0 | 0 | 19212 |
| RAPID7 INC | COM | 753422104 |  | 212086 | 13953 | SH |  | SOLE |  | 0 | 0 | 13953 |
| RTX CORP | COM | 75513E101 |  | 436859 | 2382 | SH |  | SOLE |  | 0 | 0 | 2382 |
| SABRE CORP | COM | 78573M104 |  | 55322 | 40678 | SH |  | SOLE |  | 0 | 0 | 40678 |
| SALESFORCE INC | COM | 79466L302 |  | 2493333 | 9412 | SH |  | SOLE |  | 0 | 0 | 9412 |
| SCHWAB US LARGE CAP ETF | US LRG CAP ETF | 808524201 |  | 4082426 | 151707 | SH |  | SOLE |  | 0 | 0 | 151707 |
| SCRIPPS E W CO OHIO CLASS            CLASS A | CL A NEW | 811054402 |  | 70727 | 17726 | SH |  | SOLE |  | 0 | 0 | 17726 |
| SEVEN  I HLDGS CO LTD F SPONSORED ADR 1 ADR REPS    1  ORD SHS | ADR | 81783H105 |  | 2120950 | 147186 | SH |  | SOLE |  | 0 | 0 | 147186 |
| SHELL PLC              F TENDER OFFER EXP: | SPON ADS | 780259305 |  | 1256581 | 17101 | SH |  | SOLE |  | 0 | 0 | 17101 |
| SLB LIMITED            F | COM | 806857108 |  | 1742567 | 45403 | SH |  | SOLE |  | 0 | 0 | 45403 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 2175099 | 22238 | SH |  | SOLE |  | 0 | 0 | 22238 |
| SPDR S 500 ETF | TR UNIT | 78462F103 |  | 373010 | 547 | SH |  | SOLE |  | 0 | 0 | 547 |
| SPHERE ENTERTAINMENT A CLASS            CLASS A | CL A | 55826T102 |  | 2379947 | 25031 | SH |  | SOLE |  | 0 | 0 | 25031 |
| STARBUCKS CORP | COM | 855244109 |  | 1885041 | 22385 | SH |  | SOLE |  | 0 | 0 | 22385 |
| STATE STREET SPDR S BIOTCH ETF | S BIOTECH | 78464A870 |  | 330918 | 2714 | SH |  | SOLE |  | 0 | 0 | 2714 |
| STATE STRET ENRGY SLECT SEC SPDR ETF | ENERGY | 81369Y506 |  | 246620 | 5516 | SH |  | SOLE |  | 0 | 0 | 5516 |
| TARGET CORP EQUITY CLASS             EQUITY | COM | 87612E106 |  | 3751352 | 38377 | SH |  | SOLE |  | 0 | 0 | 38377 |
| TECHNIPFMC PLC         F | COM | G87110105 |  | 1150584 | 25821 | SH |  | SOLE |  | 0 | 0 | 25821 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 2835333 | 57617 | SH |  | SOLE |  | 0 | 0 | 57617 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2991787 | 9063 | SH |  | SOLE |  | 0 | 0 | 9063 |
| US BANCORP DEL | COM | 902973304 |  | 903054 | 16924 | SH |  | SOLE |  | 0 | 0 | 16924 |
| VANECK OIL REFINERS ETF | OIL REFINERS ETF | 92189F585 |  | 318539 | 8493 | SH |  | SOLE |  | 0 | 0 | 8493 |
| VANGUARD HEALTH CARE ETF | HEALTH CAR ETF | 92204A504 |  | 201495 | 700 | SH |  | SOLE |  | 0 | 0 | 700 |
| VANGUARD HIGH DIVIDEND YIELD ETF | HIGH DIV YLD | 921946406 |  | 1187772 | 8276 | SH |  | SOLE |  | 0 | 0 | 8276 |
| VANGUARD S 500 ETF | S 500 ETF SHS | 922908363 |  | 607689 | 969 | SH |  | SOLE |  | 0 | 0 | 969 |
| VANGUARD TOTAL INTERNATIONAL STK ETF | VG TL INTL STK F | 921909768 |  | 254233 | 3370 | SH |  | SOLE |  | 0 | 0 | 3370 |
| VANGUARD TOTAL STOCK MARKET ETF | TOTAL STK MKT | 922908769 |  | 1591862 | 4748 | SH |  | SOLE |  | 0 | 0 | 4748 |
| VANGUARD UTILITIES ETF | UTILITIES ETF | 92204A876 |  | 231300 | 1250 | SH |  | SOLE |  | 0 | 0 | 1250 |
| VIATRIS INC | COM | 92556V106 |  | 8432375 | 677299 | SH |  | SOLE |  | 0 | 0 | 677299 |
| VISA INC CLASS            CLASS A | CL A | 92826C839 |  | 7803297 | 22250 | SH |  | SOLE |  | 0 | 0 | 22250 |
| WALMART INC | COM | 931142103 |  | 661140 | 5934 | SH |  | SOLE |  | 0 | 0 | 5934 |
| WARNER BROS DISCOVERY IN TENDER OFFER EXP: 01/21/26 | COM SER A | 934423104 |  | 13944499 | 483848 | SH |  | SOLE |  | 0 | 0 | 483848 |
| WELLS FARGO  CO | COM | 949746101 |  | 12899998 | 138412 | SH |  | SOLE |  | 0 | 0 | 138412 |

---