# EDGAR Filing Document

**Accession Number:** 0001002672
**File Stem:** 0001062993-23-001647
**Filing Date:** 2023-1
**Character Count:** 21430
**Document Hash:** d1ab1c613a26f06a83bdb951ed3c10d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-23-001647.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001062993-23-001647

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bell Bank
- **CENTRAL INDEX KEY:** 0001002672
- **IRS NUMBER:** 450416150
- **STATE OF INCORPORATION:** ND
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05106
- **FILM NUMBER:** 23571424

**BUSINESS ADDRESS:**
- **STREET 1:** 3100 13TH AVE S
- **CITY:** FARGO
- **STATE:** ND
- **ZIP:** 58103
- **BUSINESS PHONE:** 7014513011

**MAIL ADDRESS:**
- **STREET 1:** 3100 13TH AVE S
- **CITY:** FARGO
- **STATE:** ND
- **ZIP:** 58103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bell State Bank & Trust
- **DATE OF NAME CHANGE:** 20130802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STATE BANK & TRUST
- **DATE OF NAME CHANGE:** 20040507

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHERN CAPITAL MANAGEMENT CO/ND/
- **DATE OF NAME CHANGE:** 19990407

### 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:** Bell Bank<br>**Address:** 3100 13TH AVE S<br>FARGO, ND 58103

**Form 13F File Number:** 028-05106

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:** Miranda Seeger<br>**Title:** Vice President Wealth Operations<br>**Phone:** 701-451-3015

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

Miranda Seeger  Fargo, ND  01-27-2023<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:** 182

**Form 13F Information Table Value Total:** $860684869

      (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 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 229216 | 859 | SH |  | SOLE |  | 859 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 5301141 | 100763 | SH |  | SOLE |  | 100763 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 1799144 | 10699 | SH |  | SOLE |  | 10699 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 7507905 | 90424 | SH |  | SOLE |  | 90424 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 596089 | 3772 | SH |  | SOLE |  | 3772 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 2223809 | 30912 | SH |  | SOLE |  | 30912 | 0 | 0 |
| AGNC INVT CORP | COM | 00123Q104 |  | 4798943 | 463666 | SH |  | SOLE |  | 463666 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 7100976 | 385713 | SH |  | SOLE |  | 385713 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 390194 | 3554 | SH |  | SOLE |  | 3554 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 11713008 | 72477 | SH |  | SOLE |  | 72477 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 676778 | 3209 | SH |  | SOLE |  | 3209 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 793396 | 5851 | SH |  | SOLE |  | 5851 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1383744 | 15595 | SH |  | SOLE |  | 15595 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1459589 | 16543 | SH |  | SOLE |  | 16543 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 2345196 | 27919 | SH |  | SOLE |  | 27919 | 0 | 0 |
| AMEDISYS INC | COM | 023436108 |  | 861799 | 10316 | SH |  | SOLE |  | 10316 | 0 | 0 |
| AMERICAN RES CORP | CL A | 02927U208 |  | 439527 | 332975 | SH |  | SOLE |  | 332975 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 9114396 | 34703 | SH |  | SOLE |  | 34703 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 1951957 | 11900 | SH |  | SOLE |  | 11900 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN | COM NEW | 035710839 |  | 2235745 | 106060 | SH |  | SOLE |  | 106060 | 0 | 0 |
| ANSYS INC | COM | 03662Q105 |  | 1113005 | 4607 | SH |  | SOLE |  | 4607 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 3658049 | 28154 | SH |  | SOLE |  | 28154 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 8821032 | 477587 | SH |  | SOLE |  | 477587 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 458778 | 13852 | SH |  | SOLE |  | 13852 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1456772 | 4716 | SH |  | SOLE |  | 4716 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 313473 | 1132 | SH |  | SOLE |  | 1132 | 0 | 0 |
| BLACKLINE INC | COM | 09239B109 |  | 947363 | 14083 | SH |  | SOLE |  | 14083 | 0 | 0 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 |  | 1860017 | 87861 | SH |  | SOLE |  | 87861 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1405687 | 19537 | SH |  | SOLE |  | 19537 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 361975 | 1511 | SH |  | SOLE |  | 1511 | 0 | 0 |
| CERTARA INC | COM | 15687V109 |  | 514931 | 32043 | SH |  | SOLE |  | 32043 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 460205 | 2112 | SH |  | SOLE |  | 2112 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 736447 | 4103 | SH |  | SOLE |  | 4103 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 11296826 | 237129 | SH |  | SOLE |  | 237129 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 1180093 | 18552 | SH |  | SOLE |  | 18552 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 304344 | 8703 | SH |  | SOLE |  | 8703 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 256281 | 4360 | SH |  | SOLE |  | 4360 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 241945 | 530 | SH |  | SOLE |  | 530 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 2439807 | 31571 | SH |  | SOLE |  | 31571 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 2277834 | 8582 | SH |  | SOLE |  | 8582 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 621702 | 1450 | SH |  | SOLE |  | 1450 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 |  | 136750 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 236259 | 2415 | SH |  | SOLE |  | 2415 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 7422598 | 147303 | SH |  | SOLE |  | 147303 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 8405735 | 81617 | SH |  | SOLE |  | 81617 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 295109 | 4300 | SH |  | SOLE |  | 4300 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 824452 | 5664 | SH |  | SOLE |  | 5664 | 0 | 0 |
| ENSIGN GROUP INC | COM | 29358P101 |  | 777221 | 8215 | SH |  | SOLE |  | 8215 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 295575 | 5970 | SH |  | SOLE |  | 5970 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 4487960 | 30493 | SH |  | SOLE |  | 30493 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 10944297 | 99223 | SH |  | SOLE |  | 99223 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 1683409 | 35575 | SH |  | SOLE |  | 35575 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 328490 | 19553 | SH |  | SOLE |  | 19553 | 0 | 0 |
| FIVE BELOW INC | COM | 33829M101 |  | 1705027 | 9640 | SH |  | SOLE |  | 9640 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 11756299 | 136940 | SH |  | SOLE |  | 136940 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 5647139 | 160704 | SH |  | SOLE |  | 160704 | 0 | 0 |
| GOLDMAN SACHS PHYSICAL GOLD | UNIT | 38150K103 |  | 312378 | 17268 | SH |  | SOLE |  | 17268 | 0 | 0 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 1662243 | 15732 | SH |  | SOLE |  | 15732 | 0 | 0 |
| GUIDEWIRE SOFTWARE INC | COM | 40171V100 |  | 404138 | 6460 | SH |  | SOLE |  | 6460 | 0 | 0 |
| HANESBRANDS INC | COM | 410345102 |  | 133064 | 20922 | SH |  | SOLE |  | 20922 | 0 | 0 |
| HEICO CORP NEW | COM | 422806109 |  | 2188602 | 14245 | SH |  | SOLE |  | 14245 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 225318 | 973 | SH |  | SOLE |  | 973 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 790221 | 5572 | SH |  | SOLE |  | 5572 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 5553873 | 347987 | SH |  | SOLE |  | 347987 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 980429 | 3104 | SH |  | SOLE |  | 3104 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 275590 | 1286 | SH |  | SOLE |  | 1286 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 8459732 | 599981 | SH |  | SOLE |  | 599981 | 0 | 0 |
| IAC INC | COM NEW | 44891N208 |  | 298723 | 6728 | SH |  | SOLE |  | 6728 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 1236935 | 3032 | SH |  | SOLE |  | 3032 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 661598 | 3272 | SH |  | SOLE |  | 3272 | 0 | 0 |
| INDEPENDENCE RLTY TR INC | COM | 45378A106 |  | 1483781 | 88006 | SH |  | SOLE |  | 88006 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 8241878 | 311838 | SH |  | SOLE |  | 311838 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 9269576 | 65793 | SH |  | SOLE |  | 65793 | 0 | 0 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 6034416 | 174254 | SH |  | SOLE |  | 174254 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 126937540 | 476707 | SH |  | SOLE |  | 476707 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S QUALITY | 46137V241 |  | 806036 | 18319 | SH |  | SOLE |  | 18319 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 528673 | 1376 | SH |  | SOLE |  | 1376 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 25883333 | 266866 | SH |  | SOLE |  | 266866 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 310337 | 4601 | SH |  | SOLE |  | 4601 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 236271 | 1558 | SH |  | SOLE |  | 1558 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 495751 | 2314 | SH |  | SOLE |  | 2314 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 721431 | 3363 | SH |  | SOLE |  | 3363 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 |  | 382397 | 8342 | SH |  | SOLE |  | 8342 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 378755 | 12406 | SH |  | SOLE |  | 12406 | 0 | 0 |
| ISHARES TR | MSCI USA ESG SLC | 464288802 |  | 679881 | 8259 | SH |  | SOLE |  | 8259 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 126173197 | 2046937 | SH |  | SOLE |  | 2046937 | 0 | 0 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 629263 | 9572 | SH |  | SOLE |  | 9572 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1676116 | 12499 | SH |  | SOLE |  | 12499 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT INC | 46641Q837 |  | 4263005 | 85039 | SH |  | SOLE |  | 85039 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 656608 | 3717 | SH |  | SOLE |  | 3717 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 9590177 | 235573 | SH |  | SOLE |  | 235573 | 0 | 0 |
| LEGGETT  PLATT INC | COM | 524660107 |  | 7147486 | 221765 | SH |  | SOLE |  | 221765 | 0 | 0 |
| LIFE STORAGE INC | COM | 53223X107 |  | 975150 | 9900 | SH |  | SOLE |  | 9900 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 618270 | 1690 | SH |  | SOLE |  | 1690 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 435895 | 896 | SH |  | SOLE |  | 896 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 653308 | 3279 | SH |  | SOLE |  | 3279 | 0 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 155968 | 29879 | SH |  | SOLE |  | 29879 | 0 | 0 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 203608 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 650255 | 1870 | SH |  | SOLE |  | 1870 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 3687575 | 13993 | SH |  | SOLE |  | 13993 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 357037 | 3218 | SH |  | SOLE |  | 3218 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 6214695 | 25914 | SH |  | SOLE |  | 25914 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 463869 | 5456 | SH |  | SOLE |  | 5456 | 0 | 0 |
| NEOGEN CORP | COM | 640491106 |  | 182181 | 11962 | SH |  | SOLE |  | 11962 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 665249 | 2256 | SH |  | SOLE |  | 2256 | 0 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 4635887 | 567428 | SH |  | SOLE |  | 567428 | 0 | 0 |
| NEWELL BRANDS INC | COM | 651229106 |  | 5502194 | 420657 | SH |  | SOLE |  | 420657 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 804316 | 9621 | SH |  | SOLE |  | 9621 | 0 | 0 |
| NINE ENERGY SERVICE INC | COM | 65441V101 |  | 541359 | 37258 | SH |  | SOLE |  | 37258 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 361745 | 1468 | SH |  | SOLE |  | 1468 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3985384 | 27271 | SH |  | SOLE |  | 27271 | 0 | 0 |
| OAK STR HEALTH INC | COM | 67181A107 |  | 426221 | 19815 | SH |  | SOLE |  | 19815 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 326551 | 3995 | SH |  | SOLE |  | 3995 | 0 | 0 |
| OTTER TAIL CORP | COM | 689648103 |  | 416019 | 7086 | SH |  | SOLE |  | 7086 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 1705464 | 5496 | SH |  | SOLE |  | 5496 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 369204 | 5184 | SH |  | SOLE |  | 5184 | 0 | 0 |
| PAYSIGN INC | COM | 70451A104 |  | 25800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 557697 | 3087 | SH |  | SOLE |  | 3087 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1483398 | 28950 | SH |  | SOLE |  | 28950 | 0 | 0 |
| PHILLIPS EDISON  CO INC | COMMON STOCK | 71844V201 |  | 1713629 | 53820 | SH |  | SOLE |  | 53820 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 264467 | 2541 | SH |  | SOLE |  | 2541 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1519086 | 10023 | SH |  | SOLE |  | 10023 | 0 | 0 |
| PROSHARES TR | DJ BRKFLD GLB | 74347B508 |  | 311290 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 708671 | 7875 | SH |  | SOLE |  | 7875 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 8370653 | 84161 | SH |  | SOLE |  | 84161 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 2075648 | 7408 | SH |  | SOLE |  | 7408 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 220776 | 306 | SH |  | SOLE |  | 306 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 10702998 | 150323 | SH |  | SOLE |  | 150323 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 1730216 | 29919 | SH |  | SOLE |  | 29919 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 202708 | 787 | SH |  | SOLE |  | 787 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 1561500 | 42734 | SH |  | SOLE |  | 42734 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 1533355 | 4578 | SH |  | SOLE |  | 4578 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 30870514 | 80722 | SH |  | SOLE |  | 80722 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 426753 | 1288 | SH |  | SOLE |  | 1288 | 0 | 0 |
| SPDR SER TR | PRTFLO S HI | 78468R788 |  | 20148397 | 509055 | SH |  | SOLE |  | 509055 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1264511 | 9537 | SH |  | SOLE |  | 9537 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 861462 | 19080 | SH |  | SOLE |  | 19080 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 1405724 | 25301 | SH |  | SOLE |  | 25301 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 926498 | 12265 | SH |  | SOLE |  | 12265 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 550920 | 17104 | SH |  | SOLE |  | 17104 | 0 | 0 |
| SCHWAB STRATEGIC TR | US REIT ETF | 808524847 |  | 748529 | 38804 | SH |  | SOLE |  | 38804 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 23414962 | 684648 | SH |  | SOLE |  | 684648 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 1150444 | 2963 | SH |  | SOLE |  | 2963 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 8954386 | 125394 | SH |  | SOLE |  | 125394 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 1570534 | 15832 | SH |  | SOLE |  | 15832 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 2959617 | 161463 | SH |  | SOLE |  | 161463 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 5893381 | 147852 | SH |  | SOLE |  | 147852 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 254108 | 1538 | SH |  | SOLE |  | 1538 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 912231 | 7607 | SH |  | SOLE |  | 7607 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 1588192 | 4926 | SH |  | SOLE |  | 4926 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 263827 | 7117 | SH |  | SOLE |  | 7117 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 8443409 | 48570 | SH |  | SOLE |  | 48570 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2669986 | 5036 | SH |  | SOLE |  | 5036 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 292754 | 6713 | SH |  | SOLE |  | 6713 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 283479 | 1369 | SH |  | SOLE |  | 1369 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 8734945 | 68855 | SH |  | SOLE |  | 68855 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 1166183 | 22548 | SH |  | SOLE |  | 22548 | 0 | 0 |
| VANGUARD WORLD FD | ESG US STK ETF | 921910733 |  | 1375618 | 20887 | SH |  | SOLE |  | 20887 | 0 | 0 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 385781 | 2242 | SH |  | SOLE |  | 2242 | 0 | 0 |
| VANGUARD WORLD FD | MEGA CAP VAL ETF | 921910840 |  | 460768 | 4480 | SH |  | SOLE |  | 4480 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 822906 | 19607 | SH |  | SOLE |  | 19607 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 38895652 | 359446 | SH |  | SOLE |  | 359446 | 0 | 0 |
| VANGUARD WORLD FDS | INF TECH ETF | 92204A702 |  | 488058 | 1528 | SH |  | SOLE |  | 1528 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 13935263 | 185334 | SH |  | SOLE |  | 185334 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 11469310 | 147972 | SH |  | SOLE |  | 147972 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 1235203 | 7654 | SH |  | SOLE |  | 7654 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 987523 | 19954 | SH |  | SOLE |  | 19954 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 41939807 | 119371 | SH |  | SOLE |  | 119371 | 0 | 0 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 434570 | 2167 | SH |  | SOLE |  | 2167 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 490602 | 2673 | SH |  | SOLE |  | 2673 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 18858217 | 98636 | SH |  | SOLE |  | 98636 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 1550732 | 8790 | SH |  | SOLE |  | 8790 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 5407138 | 137237 | SH |  | SOLE |  | 137237 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 6162959 | 553725 | SH |  | SOLE |  | 553725 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1364568 | 6568 | SH |  | SOLE |  | 6568 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 494422 | 3487 | SH |  | SOLE |  | 3487 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 2511649 | 16010 | SH |  | SOLE |  | 16010 | 0 | 0 |
| WEST PHARMACEUTICAL SVSC INC | COM | 955306105 |  | 1456581 | 6189 | SH |  | SOLE |  | 6189 | 0 | 0 |
| WORKIVA INC | COM CL A | 98139A105 |  | 973464 | 11593 | SH |  | SOLE |  | 11593 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 934987 | 13336 | SH |  | SOLE |  | 13336 | 0 | 0 |
| XWELL INC | COM | 98420U703 |  | 97257 | 268000 | SH |  | SOLE |  | 268000 | 0 | 0 |
| ZOOMINFO TECHNOLOGIES INC | COMMON STOCK | 98980F104 |  | 572602 | 19017 | SH |  | SOLE |  | 19017 | 0 | 0 |

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