# EDGAR Filing Document

**Accession Number:** 0001330463
**File Stem:** 0001330463-23-000001
**Filing Date:** 2023-2
**Character Count:** 24260
**Document Hash:** 3b935a48c042a58f7b7c41fe205eed4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001330463-23-000001.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001330463-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ironwood Investment Counsel, LLC
- **CENTRAL INDEX KEY:** 0001330463
- **IRS NUMBER:** 861017967
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11471
- **FILM NUMBER:** 23578307

**BUSINESS ADDRESS:**
- **STREET 1:** 14646 NORTH KIERLAND BLVD., SUITE 135
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85254
- **BUSINESS PHONE:** 602-493-4042

**MAIL ADDRESS:**
- **STREET 1:** 14646 NORTH KIERLAND BLVD., SUITE 135
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85254

### 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:** Ironwood Investment Counsel LLC<br>**Address:** 14646 NORTH KIERLAND BLVD. SUITE 135<br>SCOTTSDALE, AZ 85254

**Form 13F File Number:** 028-11471

**CRD Number (if applicable):** 000110623

**SEC File Number (if applicable):** 801-60073

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:** Matthew Carter<br>**Title:** Chief Compliance Officer<br>**Phone:** 602-493-4042

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

Matthew Carter  Scottsdale, AZ  02-01-2023<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:** 206

**Form 13F Information Table Value Total:** $412272700

      (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 Company | COM | 88579Y101 |  | 4140800 | 34529 | SH |  | SOLE |  | 34529 | 0 | 0 |
| Abbott Laboratories | COM | 028241000 |  | 833600 | 7593 | SH |  | SOLE |  | 7593 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 1233800 | 7634 | SH |  | SOLE |  | 7634 | 0 | 0 |
| Accenture PLC | SH CL A | G1151C101 |  | 2240600 | 8397 | SH |  | SOLE |  | 8397 | 0 | 0 |
| Adobe Systems Inc | COM | 00724F101 |  | 2862500 | 8506 | SH |  | SOLE |  | 8506 | 0 | 0 |
| Advanced Micro Devices | COM | 007903107 |  | 372200 | 5747 | SH |  | SOLE |  | 5747 | 0 | 0 |
| Affiliated Managers Group Inc | COM | 008252108 |  | 551300 | 3480 | SH |  | SOLE |  | 3480 | 0 | 0 |
| Air Prod  Chemicals Inc | COM | 009158106 |  | 1354700 | 4394 | SH |  | SOLE |  | 4394 | 0 | 0 |
| Alphabet Inc Class A | CAP STK CL A | 02079K305 |  | 5720100 | 64832 | SH |  | SOLE |  | 64832 | 0 | 0 |
| Alphabet Inc Class C Capital S | CAP STK CL C | 02079K107 |  | 763000 | 8600 | SH |  | SOLE |  | 8600 | 0 | 0 |
| Altice USA Inc | CL A | 02156K103 |  | 120000 | 26100 | SH |  | SOLE |  | 26100 | 0 | 0 |
| Amazon.com Inc. | COM | 023135106 |  | 4135100 | 49227 | SH |  | SOLE |  | 49227 | 0 | 0 |
| Amer Electric Pwr Co Inc | COM | 025537101 |  | 498400 | 5250 | SH |  | SOLE |  | 5250 | 0 | 0 |
| Ameren Corp | COM | 023608102 |  | 414200 | 4658 | SH |  | SOLE |  | 4658 | 0 | 0 |
| American Express | COM | 025816109 |  | 6455500 | 43692 | SH |  | SOLE |  | 43692 | 0 | 0 |
| AmerisourceBergen Corp | COM | 03073E105 |  | 399300 | 2410 | SH |  | SOLE |  | 2410 | 0 | 0 |
| Amgen | COM | 031162100 |  | 967000 | 3681 | SH |  | SOLE |  | 3681 | 0 | 0 |
| Anheuser-Busch Inbev SA ADR | Sponsored ADR | 03524A108 |  | 4898600 | 81590 | SH |  | SOLE |  | 81590 | 0 | 0 |
| Apple | COM | 037833100 |  | 17621900 | 135626 | SH |  | SOLE |  | 135626 | 0 | 0 |
| AT | COM | 00206R102 |  | 1798200 | 97680 | SH |  | SOLE |  | 97316 | 0 | 364 |
| Auto Data Processing | COM | 053015103 |  | 2224500 | 9313 | SH |  | SOLE |  | 9313 | 0 | 0 |
| B O K Financial Cp New | COM NEW | 05561Q201 |  | 267000 | 2573 | SH |  | SOLE |  | 2573 | 0 | 0 |
| Bancfirst Corp Oklahoma | COM | 05945F103 |  | 1007600 | 11427 | SH |  | SOLE |  | 11427 | 0 | 0 |
| Bank Of America Corp | COM | 060505104 |  | 288300 | 8707 | SH |  | SOLE |  | 8707 | 0 | 0 |
| Berkshire Hathaway Inc Class A | CL A | 084670108 |  | 937400 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| Berkshire Hathaway Inc Class B | CL B NEW | 084670207 |  | 6368700 | 20617 | SH |  | SOLE |  | 20602 | 0 | 15 |
| BlackRock Inc | COM | 09247X101 |  | 310400 | 438 | SH |  | SOLE |  | 438 | 0 | 0 |
| Boeing Co | COM | 097023105 |  | 470600 | 2470 | SH |  | SOLE |  | 2470 | 0 | 0 |
| Bristol-Myers Squibb Co | COM | 11133T103 |  | 467500 | 6497 | SH |  | SOLE |  | 6497 | 0 | 0 |
| Broadcom Ltd | COM | 11135F101 |  | 2316200 | 4142 | SH |  | SOLE |  | 4142 | 0 | 0 |
| Broadmark Realty Capital | COM | 11135B100 |  | 133700 | 37580 | SH |  | SOLE |  | 37580 | 0 | 0 |
| Brown  Brown Inc | COM | 115236101 |  | 2463000 | 43235 | SH |  | SOLE |  | 43235 | 0 | 0 |
| Cabot Corp | COM | 127055101 |  | 201200 | 3011 | SH |  | SOLE |  | 3011 | 0 | 0 |
| Canadian Pacific Railway Limited | COM | 136385101 |  | 221900 | 2975 | SH |  | SOLE |  | 2975 | 0 | 0 |
| Capital One Financial | COM | 14040H105 |  | 4264600 | 45875 | SH |  | SOLE |  | 45875 | 0 | 0 |
| Cardinal Health | COM | 14149Y108 |  | 3301000 | 42942 | SH |  | SOLE |  | 42942 | 0 | 0 |
| Caterpillar Inc | COM | 149123101 |  | 710100 | 2964 | SH |  | SOLE |  | 2964 | 0 | 0 |
| CH Robinson Worldwide Inc. | COM | 12541W209 |  | 1501600 | 16400 | SH |  | SOLE |  | 16400 | 0 | 0 |
| Charles Schwab Corp | COM | 808513105 |  | 7379500 | 88632 | SH |  | SOLE |  | 88632 | 0 | 0 |
| Chevron Corp | COM | 166764100 |  | 2622600 | 14611 | SH |  | SOLE |  | 14611 | 0 | 0 |
| Chubb Limited | COM | H1467J104 |  | 371900 | 1686 | SH |  | SOLE |  | 1686 | 0 | 0 |
| Church  Dwight Co Inc | COM | 171340102 |  | 483600 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| Cigna Corp | COM | 125523100 |  | 685200 | 2068 | SH |  | SOLE |  | 2068 | 0 | 0 |
| Cintas Corp | COM | 172908105 |  | 1040100 | 2303 | SH |  | SOLE |  | 2303 | 0 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 7889100 | 165599 | SH |  | SOLE |  | 165599 | 0 | 0 |
| Clarivate PLC | ORD SHS | G21810109 |  | 564200 | 67650 | SH |  | SOLE |  | 67650 | 0 | 0 |
| Clorox Company | COM | 189054109 |  | 1448900 | 10325 | SH |  | SOLE |  | 10325 | 0 | 0 |
| Coca Cola | COM | 191216100 |  | 1429300 | 22470 | SH |  | SOLE |  | 22470 | 0 | 0 |
| Comcast Corp New Cl A | CL A | 20030N101 |  | 3473400 | 99327 | SH |  | SOLE |  | 99327 | 0 | 0 |
| Communication Services Sel Sect SPDR ETF | COMMUNICATION | 81369Y852 |  | 1426600 | 29728 | SH |  | SOLE |  | 29728 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 221300 | 1875 | SH |  | SOLE |  | 1875 | 0 | 0 |
| Consumer Discret Sel Sect SPDR ETF | SBI CONS DISCR | 81369Y407 |  | 313500 | 2427 | SH |  | SOLE |  | 2427 | 0 | 0 |
| Corning Inc | COM | 219350105 |  | 672100 | 21044 | SH |  | SOLE |  | 21044 | 0 | 0 |
| Corteva Inc | COM | 22052L104 |  | 2102000 | 35760 | SH |  | SOLE |  | 35760 | 0 | 0 |
| Costco | COM | 22160K105 |  | 1168800 | 2560 | SH |  | SOLE |  | 2560 | 0 | 0 |
| Crown Castle International | COM | 22822V101 |  | 1170800 | 8632 | SH |  | SOLE |  | 8632 | 0 | 0 |
| Cummins Inc | COM | 231021106 |  | 4220300 | 17418 | SH |  | SOLE |  | 17418 | 0 | 0 |
| CVS Health Corp | COM | 126650100 |  | 7705400 | 82685 | SH |  | SOLE |  | 82685 | 0 | 0 |
| Darling Ingredients Inc | COM | 237266101 |  | 260900 | 4169 | SH |  | SOLE |  | 4169 | 0 | 0 |
| Deere  Co | COM | 244199105 |  | 431300 | 1006 | SH |  | SOLE |  | 1006 | 0 | 0 |
| Diageo Plc New Adr | Sponsored ADR | 25243Q205 |  | 327300 | 1837 | SH |  | SOLE |  | 1837 | 0 | 0 |
| Eaton Corp PLC | SHS | G29183103 |  | 496800 | 3165 | SH |  | SOLE |  | 3165 | 0 | 0 |
| Emerson Electric | COM | 291011104 |  | 1788000 | 18613 | SH |  | SOLE |  | 18613 | 0 | 0 |
| Energizer Holding Inc | COM | 29272W109 |  | 218900 | 6525 | SH |  | SOLE |  | 6525 | 0 | 0 |
| Energy Transfer Partners | UNIT LTD PARTN | 29273R109 |  | 241000 | 20309 | SH |  | SOLE |  | 20309 | 0 | 0 |
| Enerpac Tool Group Corp | CL A COM | 292765104 |  | 321800 | 12646 | SH |  | SOLE |  | 12646 | 0 | 0 |
| Enterprise Products Partners LP | COM | 293792107 |  | 217500 | 9020 | SH |  | SOLE |  | 9020 | 0 | 0 |
| Equifax Inc | COM | 294429105 |  | 320600 | 1650 | SH |  | SOLE |  | 1650 | 0 | 0 |
| Essential Utilities Inc | COM | 29670G102 |  | 233300 | 4889 | SH |  | SOLE |  | 4889 | 0 | 0 |
| Exxon Mobil | COM | 30231G102 |  | 4036100 | 36592 | SH |  | SOLE |  | 36592 | 0 | 0 |
| Fastenal Co | COM | 311900104 |  | 276500 | 5845 | SH |  | SOLE |  | 5845 | 0 | 0 |
| Financial Select Sector SPDR | FINANCIAL | 81369Y605 |  | 425300 | 12436 | SH |  | SOLE |  | 12436 | 0 | 0 |
| First Trust Preferred Sec  Inc ETF | PFD SECS INC ETF | 33739E108 |  | 4823300 | 287103 | SH |  | SOLE |  | 287103 | 0 | 0 |
| Fiserv Inc | COM | 337738108 |  | 3540500 | 35030 | SH |  | SOLE |  | 35030 | 0 | 0 |
| Franklin Resources Inc | COM | 354613101 |  | 1122300 | 42546 | SH |  | SOLE |  | 42546 | 0 | 0 |
| Gallagher Arthur J  Co | COM | 363576109 |  | 207300 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| General Electric | COM | 369604103 |  | 277600 | 3314 | SH |  | SOLE |  | 3314 | 0 | 0 |
| General Mills Inc | COM | 370334104 |  | 2161100 | 25773 | SH |  | SOLE |  | 25773 | 0 | 0 |
| Genuine Parts CO | COM | 372460105 |  | 207500 | 1196 | SH |  | SOLE |  | 1196 | 0 | 0 |
| Gilead Sciences Inc | COM | 375558103 |  | 495500 | 5772 | SH |  | SOLE |  | 5772 | 0 | 0 |
| Health Care Select Sector SPDR ETF | SBI HEALTHCARE | 81369Y209 |  | 208200 | 1532 | SH |  | SOLE |  | 1532 | 0 | 0 |
| Heico Corporation | COM | 422806109 |  | 537100 | 3496 | SH |  | SOLE |  | 3496 | 0 | 0 |
| Heico Corporation Class A | CL A | 422806208 |  | 413700 | 3452 | SH |  | SOLE |  | 3452 | 0 | 0 |
| Hershey Company | COM | 427866108 |  | 414200 | 1788 | SH |  | SOLE |  | 1788 | 0 | 0 |
| Hillenbrand Inc | COM | 431571108 |  | 363700 | 8525 | SH |  | SOLE |  | 8525 | 0 | 0 |
| Home Depot | COM | 437076102 |  | 5937800 | 18799 | SH |  | SOLE |  | 18799 | 0 | 0 |
| Honeywell International | COM | 438516106 |  | 428300 | 1999 | SH |  | SOLE |  | 1999 | 0 | 0 |
| Hubbell Inc CL B | COM | 443510607 |  | 1567400 | 6679 | SH |  | SOLE |  | 6679 | 0 | 0 |
| IBM | COM | 459200101 |  | 6788800 | 48185 | SH |  | SOLE |  | 48185 | 0 | 0 |
| Industrial Select SPDR | SBI INT-INDS | 81369Y704 |  | 299300 | 3048 | SH |  | SOLE |  | 3048 | 0 | 0 |
| Intel Corporation | COM | 458140100 |  | 906100 | 34283 | SH |  | SOLE |  | 34283 | 0 | 0 |
| International Flavors  Fragrances | COM | 459044103 |  | 324900 | 3099 | SH |  | SOLE |  | 3099 | 0 | 0 |
| iShares Barclays 1-3 Yr Treas | 1 3 YR TREAS BD | 464287457 |  | 3393500 | 41808 | SH |  | SOLE |  | 41808 | 0 | 0 |
| iShares Barclays Aggregate Bond | CORE US AGGBD ET | 464287226 |  | 5264800 | 54282 | SH |  | SOLE |  | 54282 | 0 | 0 |
| iShares Core 1-5 Year USD Bond ETF | CORE 1 5 YR USD | 46432F859 |  | 3248600 | 69953 | SH |  | SOLE |  | 69953 | 0 | 0 |
| iShares Dow Jones Select Dividend Index | SELECT DIVID ETF | 464287168 |  | 332800 | 2760 | SH |  | SOLE |  | 2760 | 0 | 0 |
| iShares MSCI ACWI ex US Index | MSCI ACWI EX US | 464288240 |  | 516300 | 11349 | SH |  | SOLE |  | 11349 | 0 | 0 |
| iShares MSCI EAFE Growth Index | EAFE GRWTH ETF | 464288885 |  | 2164900 | 25847 | SH |  | SOLE |  | 25847 | 0 | 0 |
| iShares MSCI EAFE Index | MSCI EAFE ETF | 464287465 |  | 797800 | 12155 | SH |  | SOLE |  | 12155 | 0 | 0 |
| iShares MSCI EAFE Value Index | EAFE VALUE ETF | 464288877 |  | 5038400 | 109817 | SH |  | SOLE |  | 109817 | 0 | 0 |
| iShares PHLX Semiconductor ETF | ISHARES SEMICDTR | 464287523 |  | 337600 | 970 | SH |  | SOLE |  | 970 | 0 | 0 |
| iShares Russell 1000 Value Index | RUS 1000 VAL ETF | 464287598 |  | 1949600 | 12856 | SH |  | SOLE |  | 12856 | 0 | 0 |
| iShares Russell 2000 Growth Index | RUS 2000 GRW ETF | 464287648 |  | 852100 | 3972 | SH |  | SOLE |  | 3972 | 0 | 0 |
| iShares Russell 2000 Index | RUSSELL 2000 ETF | 464287655 |  | 319300 | 1831 | SH |  | SOLE |  | 1831 | 0 | 0 |
| iShares Russell Midcap Value | RUS MDCP VAL ETF | 464287473 |  | 211200 | 2005 | SH |  | SOLE |  | 2005 | 0 | 0 |
| iShares S 500 Grwth | S 500 GRWT ETF | 464287309 |  | 459300 | 7852 | SH |  | SOLE |  | 7852 | 0 | 0 |
| iShares S 500 Index | S 500 Index | 464287200 |  | 5097600 | 13267 | SH |  | SOLE |  | 13267 | 0 | 0 |
| iShares S 600 Small Cap Index | CORE S SCP ETF | 464287804 |  | 406900 | 4299 | SH |  | SOLE |  | 4299 | 0 | 0 |
| iShares S MidCap 400 Index | CORE S MCP ETF | 464287507 |  | 381700 | 1578 | SH |  | SOLE |  | 1578 | 0 | 0 |
| iShares S National Muni | NATIONAL MUN ETF | 464288414 |  | 377700 | 3579 | SH |  | SOLE |  | 3579 | 0 | 0 |
| iShares S SmallCap 600 Grwth Idx | S SML 600 GWT | 464287887 |  | 211500 | 1957 | SH |  | SOLE |  | 1957 | 0 | 0 |
| iShares Short-Term National Muni Bd ETF | SHRT NAT MUN ETF | 464288158 |  | 608300 | 5834 | SH |  | SOLE |  | 5834 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 9884800 | 55957 | SH |  | SOLE |  | 55957 | 0 | 0 |
| Johnson Controls | SHS | G51502105 |  | 263500 | 4117 | SH |  | SOLE |  | 4117 | 0 | 0 |
| JP Morgan Chase  Co | COM | 46625H100 |  | 2926800 | 21826 | SH |  | SOLE |  | 21826 | 0 | 0 |
| JPMorgan Ultra-Short Income ETF | ULTRA SHRT INC | 46641Q837 |  | 4161200 | 83008 | SH |  | SOLE |  | 83008 | 0 | 0 |
| JPMorgan Ultra-Short Municipal Inc ETF | ULTRA SHT MUNCPL | 46641Q654 |  | 2829400 | 55989 | SH |  | SOLE |  | 55989 | 0 | 0 |
| KLA Corporation | COM NEW | 482480100 |  | 4085200 | 10835 | SH |  | SOLE |  | 10835 | 0 | 0 |
| Laboratory Corp of America Holdings | COM NEW | 50540R409 |  | 3576300 | 15187 | SH |  | SOLE |  | 15187 | 0 | 0 |
| Lam Research Corporation | COM | 512807108 |  | 228000 | 542 | SH |  | SOLE |  | 542 | 0 | 0 |
| Leslie's Inc | COM | 527064109 |  | 148600 | 12175 | SH |  | SOLE |  | 12175 | 0 | 0 |
| LightPath Technologies Inc | COM CL A | 532257805 |  | 37200 | 30495 | SH |  | SOLE |  | 30495 | 0 | 0 |
| Lilly Eli  Co | COM CL A | 532457108 |  | 1292800 | 3534 | SH |  | SOLE |  | 3534 | 0 | 0 |
| Lockheed Martin Corp | COM | 539830109 |  | 6914000 | 14212 | SH |  | SOLE |  | 14212 | 0 | 0 |
| Lowes Companies | COM | 548661107 |  | 3963800 | 19894 | SH |  | SOLE |  | 19894 | 0 | 0 |
| LPL Financial Holdings Inc. | COM | 50212V100 |  | 461500 | 2135 | SH |  | SOLE |  | 2135 | 0 | 0 |
| Magellan Midstream Ptnrs | COM UNIT RP LP | 559080106 |  | 238400 | 4750 | SH |  | SOLE |  | 4750 | 0 | 0 |
| Marsh  McLennan Inc | COM | 571748102 |  | 797600 | 4820 | SH |  | SOLE |  | 4820 | 0 | 0 |
| Mastercard | COM | 57636Q104 |  | 4537000 | 13047 | SH |  | SOLE |  | 13047 | 0 | 0 |
| McCormick  Co | COM | 579780206 |  | 827300 | 9980 | SH |  | SOLE |  | 9980 | 0 | 0 |
| McDonalds | COM | 580135101 |  | 2999000 | 11380 | SH |  | SOLE |  | 11380 | 0 | 0 |
| McKesson Corp | COM | 58155Q103 |  | 4576600 | 12200 | SH |  | SOLE |  | 12200 | 0 | 0 |
| Medtronic | COM | 585055106 |  | 3327900 | 42820 | SH |  | SOLE |  | 42820 | 0 | 0 |
| Merck  Co Inc | COM | 589331107 |  | 8123000 | 73213 | SH |  | SOLE |  | 73213 | 0 | 0 |
| Meta Platforms Inc Class A | CL A | 30303M102 |  | 1118400 | 9293 | SH |  | SOLE |  | 9293 | 0 | 0 |
| Microchip Technology Inc | COM | 595017104 |  | 471700 | 6716 | SH |  | SOLE |  | 6716 | 0 | 0 |
| Microsoft | COM | 594918104 |  | 23414900 | 97635 | SH |  | SOLE |  | 97635 | 0 | 0 |
| Molson Coors Brewing Co B | CL B | 60871R209 |  | 847500 | 16451 | SH |  | SOLE |  | 16451 | 0 | 0 |
| Mondelez International Inc | CL A | 609207105 |  | 1850200 | 27760 | SH |  | SOLE |  | 27760 | 0 | 0 |
| Moodys Corp | COM | 615369105 |  | 864800 | 3104 | SH |  | SOLE |  | 3104 | 0 | 0 |
| Morgan Stanley | COM NEW | 617446448 |  | 1218600 | 14333 | SH |  | SOLE |  | 14333 | 0 | 0 |
| Northern Trust Corp | COM | 665859104 |  | 407000 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| Novo-Nordisk A-S Adr | ADR | 670100205 |  | 230000 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| Nuveen Pref  Income Securities Fund | COM | 67072C105 |  | 68000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| OGE Energy Corp. | COM | 670837103 |  | 4006200 | 101296 | SH |  | SOLE |  | 101296 | 0 | 0 |
| Omnicom Group Inc | COM | 681919106 |  | 2333700 | 28610 | SH |  | SOLE |  | 28610 | 0 | 0 |
| Paychex Inc | COM | 704326107 |  | 2241000 | 19393 | SH |  | SOLE |  | 19393 | 0 | 0 |
| Pepsico Incorporated | COM | 713448108 |  | 8456900 | 46811 | SH |  | SOLE |  | 46811 | 0 | 0 |
| Pfizer | COM | 717081103 |  | 2277400 | 44447 | SH |  | SOLE |  | 44447 | 0 | 0 |
| Philip Morris Int'l Inc | COM | 718172109 |  | 238500 | 2356 | SH |  | SOLE |  | 2356 | 0 | 0 |
| Pinnacle West Capital Cp | COM | 723484101 |  | 670900 | 8824 | SH |  | SOLE |  | 8824 | 0 | 0 |
| Post Holdings Inc | COM | 737446104 |  | 312200 | 3460 | SH |  | SOLE |  | 3460 | 0 | 0 |
| Powershares QQQ | UNIT SER 1 | 46090E103 |  | 550100 | 2066 | SH |  | SOLE |  | 2066 | 0 | 0 |
| PPG Industries Inc | COM | 693506107 |  | 326900 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| Procter  Gamble | COM | 742718109 |  | 5815100 | 38368 | SH |  | SOLE |  | 38368 | 0 | 0 |
| Proshares S 500 Div | S 500 DV ARIST | 74348A467 |  | 248800 | 2765 | SH |  | SOLE |  | 2465 | 0 | 300 |
| Qualcomm | COM | 747525103 |  | 1891600 | 17206 | SH |  | SOLE |  | 17206 | 0 | 0 |
| Resmed Inc | COM | 761152107 |  | 231000 | 1110 | SH |  | SOLE |  | 1110 | 0 | 0 |
| Rockwell Automation Inc | COM | 773903109 |  | 214900 | 834 | SH |  | SOLE |  | 834 | 0 | 0 |
| S Global Inc | COM | 78409V104 |  | 417400 | 1246 | SH |  | SOLE |  | 1246 | 0 | 0 |
| Schwab Fundamental US Large Company ETF | SCHWAB FDT US LG | 808524771 |  | 3609700 | 67547 | SH |  | SOLE |  | 67547 | 0 | 0 |
| Schwab Fundemental US Small Company ETF | SCHWAB FDT US SC | 808524763 |  | 7185800 | 153805 | SH |  | SOLE |  | 153805 | 0 | 0 |
| Schwab International Equity ETF | INTL EQTY ETF | 808524805 |  | 543400 | 16872 | SH |  | SOLE |  | 16522 | 0 | 350 |
| Schwab U.S. Broad Market ETF | US BRD MKT ETF | 808524102 |  | 452800 | 10106 | SH |  | SOLE |  | 10106 | 0 | 0 |
| Schwab U.S. Dividend Equity ETF | US DIVIDEND EQ | 808524797 |  | 478800 | 6338 | SH |  | SOLE |  | 6338 | 0 | 0 |
| Schwab U.S. Large-Cap ETF | US LRG CAP ETF | 808524201 |  | 309000 | 6845 | SH |  | SOLE |  | 6845 | 0 | 0 |
| SPDR Barclays 1-3 Month T-Bill ETF | BLOOMBERG 1-3 MO | 78468R663 |  | 5688500 | 62189 | SH |  | SOLE |  | 62189 | 0 | 0 |
| SPDR S 500 ETF | TR UNIT | 78462F103 |  | 2011100 | 5258 | SH |  | SOLE |  | 5258 | 0 | 0 |
| Sprott Phys Silver Trust | TR UNIT | 85207K107 |  | 359000 | 43570 | SH |  | SOLE |  | 43570 | 0 | 0 |
| Sprott Physical Gold and Silver Trust | TR UNIT | 85208R101 |  | 365700 | 20400 | SH |  | SOLE |  | 20400 | 0 | 0 |
| Starbucks Corp | COM | 855244109 |  | 6312500 | 63634 | SH |  | SOLE |  | 63634 | 0 | 0 |
| State Street Corp | COM | 857477103 |  | 399100 | 5145 | SH |  | SOLE |  | 5145 | 0 | 0 |
| Stericycle Inc | COM | 858912108 |  | 479900 | 9621 | SH |  | SOLE |  | 9621 | 0 | 0 |
| Stryker | COM | 863667101 |  | 709500 | 2902 | SH |  | SOLE |  | 2902 | 0 | 0 |
| Sysco | COM | 871829107 |  | 8230900 | 107664 | SH |  | SOLE |  | 107664 | 0 | 0 |
| T. Rowe Price Group Inc | COM | 74144T108 |  | 3346800 | 30688 | SH |  | SOLE |  | 30688 | 0 | 0 |
| Target | COM | 87612E106 |  | 641300 | 4303 | SH |  | SOLE |  | 4303 | 0 | 0 |
| Teradyne Inc. | COM | 880770102 |  | 3060300 | 35035 | SH |  | SOLE |  | 35035 | 0 | 0 |
| Tesla Motors Inc. | COM | 88160R101 |  | 1180500 | 9584 | SH |  | SOLE |  | 9584 | 0 | 0 |
| Texas Instruments Inc | COM | 882508104 |  | 896800 | 5428 | SH |  | SOLE |  | 5428 | 0 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 713200 | 3444 | SH |  | SOLE |  | 3444 | 0 | 0 |
| United Parcel Service B | COM | 911312106 |  | 7037700 | 40484 | SH |  | SOLE |  | 40484 | 0 | 0 |
| Unitedhealth Group Inc | COM | 91324P102 |  | 1337200 | 2522 | SH |  | SOLE |  | 2522 | 0 | 0 |
| US Bancorp | COM | 902973304 |  | 5756900 | 132010 | SH |  | SOLE |  | 132010 | 0 | 0 |
| US Foods Holding Corp | COM | 912008109 |  | 341900 | 10050 | SH |  | SOLE |  | 10050 | 0 | 0 |
| Vanguard Div Apprciation | DIV APP ETF | 921908844 |  | 1569400 | 10335 | SH |  | SOLE |  | 10335 | 0 | 0 |
| Vanguard Growth ETF | GROWTH ETF | 922908736 |  | 258600 | 1213 | SH |  | SOLE |  | 1213 | 0 | 0 |
| Vanguard Information Technology ETF | INF TECH ETF | 92204A702 |  | 216900 | 679 | SH |  | SOLE |  | 679 | 0 | 0 |
| Vanguard Intl Divdend | INTL DVD ETF | 921946810 |  | 977500 | 14039 | SH |  | SOLE |  | 13924 | 0 | 115 |
| Vanguard Mid-Cap ETF | MID CAP ETF | 922908629 |  | 274900 | 1349 | SH |  | SOLE |  | 1349 | 0 | 0 |
| Vanguard MSCI EAFE ETF | VAN FTSE DEV MKT | 921943858 |  | 330500 | 7876 | SH |  | SOLE |  | 7876 | 0 | 0 |
| Vanguard REIT ETF | REIT ETF | 922908553 |  | 520400 | 6310 | SH |  | SOLE |  | 6310 | 0 | 0 |
| Vanguard S 500 ETF | S 500 ETF SHS | 922908363 |  | 261000 | 743 | SH |  | SOLE |  | 743 | 0 | 0 |
| Vanguard Small Cap ETF | SMALL CP ETF | 922908751 |  | 212800 | 1159 | SH |  | SOLE |  | 1159 | 0 | 0 |
| Vanguard Total Bond Market | TOTAL BND MRKT | 921937835 |  | 216700 | 3017 | SH |  | SOLE |  | 2667 | 0 | 350 |
| Vanguard Total Stock Market ETF | TOTAL STK MKT | 922908769 |  | 1157600 | 6054 | SH |  | SOLE |  | 6054 | 0 | 0 |
| Vanguard Value ETF | VALUE ETF | 922908744 |  | 292400 | 2083 | SH |  | SOLE |  | 2083 | 0 | 0 |
| Verizon Communications | COM | 92343V104 |  | 1898600 | 48188 | SH |  | SOLE |  | 48188 | 0 | 0 |
| Visa | COM | 92826C839 |  | 1299100 | 6253 | SH |  | SOLE |  | 6253 | 0 | 0 |
| Walgreens Boots Alliance Inc. | COM | 931427108 |  | 1415000 | 37875 | SH |  | SOLE |  | 37875 | 0 | 0 |
| Wal-Mart Stores | COM | 931142103 |  | 1873300 | 13212 | SH |  | SOLE |  | 13212 | 0 | 0 |
| Walt Disney Co | COM | 254687106 |  | 3455000 | 39767 | SH |  | SOLE |  | 39767 | 0 | 0 |
| Waste Management Inc. | COM | 94106L109 |  | 1529700 | 9750 | SH |  | SOLE |  | 9750 | 0 | 0 |
| Wells Fargo | COM | 949746101 |  | 1094000 | 26497 | SH |  | SOLE |  | 26497 | 0 | 0 |
| Weyerhaeuser Co | COM NEW | 962166104 |  | 248000 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| Willis Towers Watson PLC | COM | G96629103 |  | 984900 | 4027 | SH |  | SOLE |  | 4027 | 0 | 0 |

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