# EDGAR Filing Document

**Accession Number:** 0001581298
**File Stem:** 0001581298-23-000001
**Filing Date:** 2023-2
**Character Count:** 19927
**Document Hash:** c1b4e09e142d3e79bf2e6b1803288104
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001581298-23-000001.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001581298-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carlson Capital Management
- **CENTRAL INDEX KEY:** 0001581298
- **IRS NUMBER:** 411689533
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15611
- **FILM NUMBER:** 23587473

**BUSINESS ADDRESS:**
- **STREET 1:** 11 BRIDGE SQ
- **CITY:** NORTHFIELD
- **STATE:** MN
- **ZIP:** 55057
- **BUSINESS PHONE:** 507-645-8887

**MAIL ADDRESS:**
- **STREET 1:** 11 BRIDGE SQ
- **CITY:** NORTHFIELD
- **STATE:** MN
- **ZIP:** 55057

### 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:** Carlson Capital Management<br>**Address:** 11 BRIDGE SQ<br>NORTHFIELD, MN 55057

**Form 13F File Number:** 028-15611

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:** Adam Hoffmann<br>**Title:** Chief Investment Officer<br>**Phone:** 5076458887

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

Adam Hoffmann  NORTHFIELD, MN  02-03-2023<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:** 165

**Form 13F Information Table Value Total:** $1524993737

      (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 |  | 11294518 | 94184 | SH |  | SOLE | 0 | 0 | 0 | 94184 |
| ABBOTT LABS | COM | 002824100 |  | 1390202 | 12662 | SH |  | SOLE | 0 | 0 | 0 | 12662 |
| ABBVIE INC | COM | 00287Y109 |  | 350638 | 2170 | SH |  | SOLE | 0 | 0 | 0 | 2170 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 10141521 | 38006 | SH |  | SOLE | 0 | 0 | 0 | 38006 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 290431 | 3794 | SH |  | SOLE | 0 | 0 | 0 | 3794 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 346626 | 1030 | SH |  | SOLE | 0 | 0 | 0 | 1030 |
| AFLAC INC | COM | 001055102 |  | 266610 | 3706 | SH |  | SOLE | 0 | 0 | 0 | 3706 |
| AIRBNB INC | COM CL A | 009066101 |  | 888602 | 10393 | SH |  | SOLE | 0 | 0 | 0 | 10393 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 306084 | 5544 | SH |  | SOLE | 0 | 0 | 0 | 5544 |
| ALLSTATE CORP | COM | 020002101 |  | 219401 | 1618 | SH |  | SOLE | 0 | 0 | 0 | 1618 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 996205 | 11291 | SH |  | SOLE | 0 | 0 | 0 | 11291 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 876297 | 9876 | SH |  | SOLE | 0 | 0 | 0 | 9876 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 263631 | 5767 | SH |  | SOLE | 0 | 0 | 0 | 5767 |
| AMAZON COM INC | COM | 023135106 |  | 1454253 | 17313 | SH |  | SOLE | 0 | 0 | 0 | 17313 |
| AMERICAN CENTY ETF TR | US SML CP VALU | 025072877 |  | 51582360 | 692288 | SH |  | SOLE | 0 | 0 | 0 | 692288 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 31684636 | 572441 | SH |  | SOLE | 0 | 0 | 0 | 572441 |
| AMERICAN CENTY ETF TR | AVANTIS EMGMKT | 025072604 |  | 15677741 | 310758 | SH |  | SOLE | 0 | 0 | 0 | 310758 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 638335 | 4188 | SH |  | SOLE | 0 | 0 | 0 | 4188 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 344064 | 1105 | SH |  | SOLE | 0 | 0 | 0 | 1105 |
| APPLE INC | COM | 037833100 |  | 6985542 | 53764 | SH |  | SOLE | 0 | 0 | 0 | 53764 |
| ARISTA NETWORKS INC | COM | 040413106 |  | 398635 | 3285 | SH |  | SOLE | 0 | 0 | 0 | 3285 |
| AT INC | COM | 00206R102 |  | 435089 | 23633 | SH |  | SOLE | 0 | 0 | 0 | 23633 |
| BADGER METER INC | COM | 056525108 |  | 711094 | 6522 | SH |  | SOLE | 0 | 0 | 0 | 6522 |
| BANK AMERICA CORP | COM | 060505104 |  | 359356 | 10850 | SH |  | SOLE | 0 | 0 | 0 | 10850 |
| BERKLEY W R CORP | COM | 084423102 |  | 208421 | 2872 | SH |  | SOLE | 0 | 0 | 0 | 2872 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2190410 | 7091 | SH |  | SOLE | 0 | 0 | 0 | 7091 |
| BOEING CO | COM | 097023105 |  | 331262 | 1739 | SH |  | SOLE | 0 | 0 | 0 | 1739 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 547605 | 11835 | SH |  | SOLE | 0 | 0 | 0 | 11835 |
| BROADCOM INC | COM | 11135F101 |  | 509655 | 912 | SH |  | SOLE | 0 | 0 | 0 | 912 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 582779 | 6365 | SH |  | SOLE | 0 | 0 | 0 | 6365 |
| CHEVRON CORP NEW | COM | 166764100 |  | 658840 | 3671 | SH |  | SOLE | 0 | 0 | 0 | 3671 |
| CIGNA CORP NEW | COM | 125523100 |  | 751148 | 2267 | SH |  | SOLE | 0 | 0 | 0 | 2267 |
| CISCO SYS INC | COM | 17275R102 |  | 340150 | 7140 | SH |  | SOLE | 0 | 0 | 0 | 7140 |
| COASTAL FINL CORP WA | COM NEW | 19046P209 |  | 3297793 | 69398 | SH |  | SOLE | 0 | 0 | 0 | 69398 |
| COCA COLA CO | COM | 191216100 |  | 716630 | 11266 | SH |  | SOLE | 0 | 0 | 0 | 11266 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 230933 | 2931 | SH |  | SOLE | 0 | 0 | 0 | 2931 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 825860 | 1809 | SH |  | SOLE | 0 | 0 | 0 | 1809 |
| DANAHER CORPORATION | COM | 235851102 |  | 686041 | 2585 | SH |  | SOLE | 0 | 0 | 0 | 2585 |
| DIMENSIONAL ETF TRUST | INTL SMALL CAP V | 25434V781 |  | 4082309 | 183805 | SH |  | SOLE | 0 | 0 | 0 | 183805 |
| DIMENSIONAL ETF TRUST | US EQUITY ETF | 25434V401 |  | 1963985 | 47200 | SH |  | SOLE | 0 | 0 | 0 | 47200 |
| DIMENSIONAL ETF TRUST | INTL HIGH PROFIT | 25434V765 |  | 67339356 | 3053939 | SH |  | SOLE | 0 | 0 | 0 | 3053939 |
| DIMENSIONAL ETF TRUST | INTERNATNAL VAL | 25434V807 |  | 22078545 | 726268 | SH |  | SOLE | 0 | 0 | 0 | 726268 |
| DIMENSIONAL ETF TRUST | EMERGING MKTS CO | 25434V732 |  | 31819944 | 1416738 | SH |  | SOLE | 0 | 0 | 0 | 1416738 |
| DIMENSIONAL ETF TRUST | US SMALL CAP ETF | 25434V500 |  | 12419100 | 242798 | SH |  | SOLE | 0 | 0 | 0 | 242798 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 |  | 24390515 | 728510 | SH |  | SOLE | 0 | 0 | 0 | 728510 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 31441605 | 715395 | SH |  | SOLE | 0 | 0 | 0 | 715395 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 2119655 | 87300 | SH |  | SOLE | 0 | 0 | 0 | 87300 |
| DIMENSIONAL ETF TRUST | US HIGH PROFITAB | 25434V831 |  | 28450433 | 1184941 | SH |  | SOLE | 0 | 0 | 0 | 1184941 |
| DIMENSIONAL ETF TRUST | US REAL ESTATE E | 25434V823 |  | 5802249 | 274338 | SH |  | SOLE | 0 | 0 | 0 | 274338 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 243788 | 990 | SH |  | SOLE | 0 | 0 | 0 | 990 |
| ELECTROMED INC | COM | 285409108 |  | 128335 | 12234 | SH |  | SOLE | 0 | 0 | 0 | 12234 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 205223 | 400 | SH |  | SOLE | 0 | 0 | 0 | 400 |
| EMERSON ELEC CO | COM | 291011104 |  | 312483 | 3253 | SH |  | SOLE | 0 | 0 | 0 | 3253 |
| ETF SER SOLUTIONS | DISTILLATE US | 26922A321 |  | 267497618 | 6556314 | SH |  | SOLE | 0 | 0 | 0 | 6556314 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1768302 | 16032 | SH |  | SOLE | 0 | 0 | 0 | 16032 |
| FASTENAL CO | COM | 311900104 |  | 411873 | 8704 | SH |  | SOLE | 0 | 0 | 0 | 8704 |
| FISERV INC | COM | 337738108 |  | 251866 | 2492 | SH |  | SOLE | 0 | 0 | 0 | 2492 |
| FULLER H B CO | COM | 359694106 |  | 831645 | 11612 | SH |  | SOLE | 0 | 0 | 0 | 11612 |
| GENERAL MLS INC | COM | 370334104 |  | 622167 | 7420 | SH |  | SOLE | 0 | 0 | 0 | 7420 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 238649 | 695 | SH |  | SOLE | 0 | 0 | 0 | 695 |
| GRACO INC | COM | 384109104 |  | 5217933 | 77579 | SH |  | SOLE | 0 | 0 | 0 | 77579 |
| GREENBRIER COS INC | NOTE 2.875% 2/0 | 393657AK7 |  | 51945 | 55000 | PRN |  | SOLE | 0 | 0 | 0 | 55000 |
| HEICO CORP NEW | COM | 422806109 |  | 308970 | 2011 | SH |  | SOLE | 0 | 0 | 0 | 2011 |
| HOME DEPOT INC | COM | 437076102 |  | 630457 | 1996 | SH |  | SOLE | 0 | 0 | 0 | 1996 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1560318 | 7281 | SH |  | SOLE | 0 | 0 | 0 | 7281 |
| HORMEL FOODS CORP | COM | 440452100 |  | 265147 | 5821 | SH |  | SOLE | 0 | 0 | 0 | 5821 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 2449951 | 173755 | SH |  | SOLE | 0 | 0 | 0 | 173755 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 237924 | 1080 | SH |  | SOLE | 0 | 0 | 0 | 1080 |
| INTEL CORP | COM | 458140100 |  | 311617 | 11790 | SH |  | SOLE | 0 | 0 | 0 | 11790 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 568773 | 4037 | SH |  | SOLE | 0 | 0 | 0 | 4037 |
| INVESCO EXCHANGE TRADED FD T | FTSE RAFI 1000 | 46137V613 |  | 285631 | 1841 | SH |  | SOLE | 0 | 0 | 0 | 1841 |
| INVESCO EXCHANGE TRADED FD T | FTSE RAFI 1500 | 46137V597 |  | 256941 | 1622 | SH |  | SOLE | 0 | 0 | 0 | 1622 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 554661 | 2083 | SH |  | SOLE | 0 | 0 | 0 | 2083 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 1975089 | 57100 | SH |  | SOLE | 0 | 0 | 0 | 57100 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 1399459 | 29967 | SH |  | SOLE | 0 | 0 | 0 | 29967 |
| ISHARES TR | S 100 ETF | 464287101 |  | 230781 | 1353 | SH |  | SOLE | 0 | 0 | 0 | 1353 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 965452 | 4501 | SH |  | SOLE | 0 | 0 | 0 | 4501 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 1717669 | 12387 | SH |  | SOLE | 0 | 0 | 0 | 12387 |
| ISHARES TR | US TRSPRTION | 464287192 |  | 309613 | 1450 | SH |  | SOLE | 0 | 0 | 0 | 1450 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 3006927 | 35459 | SH |  | SOLE | 0 | 0 | 0 | 35459 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 623843 | 9504 | SH |  | SOLE | 0 | 0 | 0 | 9504 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 6533136 | 142396 | SH |  | SOLE | 0 | 0 | 0 | 142396 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 320717 | 1497 | SH |  | SOLE | 0 | 0 | 0 | 1497 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 1514744 | 24574 | SH |  | SOLE | 0 | 0 | 0 | 24574 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 270955 | 1554 | SH |  | SOLE | 0 | 0 | 0 | 1554 |
| ISHARES TR | MSCI INTL QUALTY | 46434V456 |  | 44562065 | 1375797 | SH |  | SOLE | 0 | 0 | 0 | 1375797 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 223971 | 1535 | SH |  | SOLE | 0 | 0 | 0 | 1535 |
| ISHARES TR | CORE S ETF | 464287200 |  | 850617 | 2214 | SH |  | SOLE | 0 | 0 | 0 | 2214 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2873050 | 16264 | SH |  | SOLE | 0 | 0 | 0 | 16264 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 717616 | 5351 | SH |  | SOLE | 0 | 0 | 0 | 5351 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 412680 | 3040 | SH |  | SOLE | 0 | 0 | 0 | 3040 |
| KORU MEDICAL SYSTEMS INC | COM | 759910102 |  | 53550 | 15000 | SH |  | SOLE | 0 | 0 | 0 | 15000 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 211638 | 853 | SH |  | SOLE | 0 | 0 | 0 | 853 |
| LILLY ELI  CO | COM | 532457108 |  | 1329385 | 3634 | SH |  | SOLE | 0 | 0 | 0 | 3634 |
| LOWES COS INC | COM | 548661107 |  | 238490 | 1197 | SH |  | SOLE | 0 | 0 | 0 | 1197 |
| MAIN STR CAP CORP | COM | 56035L104 |  | 2517404 | 68130 | SH |  | SOLE | 0 | 0 | 0 | 68130 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 266171 | 1788 | SH |  | SOLE | 0 | 0 | 0 | 1788 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 226025 | 650 | SH |  | SOLE | 0 | 0 | 0 | 650 |
| MCDONALDS CORP | COM | 580135101 |  | 428500 | 1626 | SH |  | SOLE | 0 | 0 | 0 | 1626 |
| MCKESSON CORP | COM | 58155Q103 |  | 900313 | 2400 | SH |  | SOLE | 0 | 0 | 0 | 2400 |
| MERCK  CO INC | COM | 58933Y105 |  | 512811 | 4622 | SH |  | SOLE | 0 | 0 | 0 | 4622 |
| META PLATFORMS INC | CL A | 30303M102 |  | 444109 | 3690 | SH |  | SOLE | 0 | 0 | 0 | 3690 |
| MICROSOFT CORP | COM | 594918104 |  | 7913081 | 32996 | SH |  | SOLE | 0 | 0 | 0 | 32996 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 468970 | 5516 | SH |  | SOLE | 0 | 0 | 0 | 5516 |
| NETFLIX INC | COM | 64110L106 |  | 263328 | 893 | SH |  | SOLE | 0 | 0 | 0 | 893 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 909178 | 10875 | SH |  | SOLE | 0 | 0 | 0 | 10875 |
| NIKE INC | CL B | 654106103 |  | 435876 | 3725 | SH |  | SOLE | 0 | 0 | 0 | 3725 |
| NOMAD FOODS LTD | USD ORD SHS | G6564A105 |  | 172400 | 10000 | SH |  | SOLE | 0 | 0 | 0 | 10000 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 462409 | 3164 | SH |  | SOLE | 0 | 0 | 0 | 3164 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 300896 | 4777 | SH |  | SOLE | 0 | 0 | 0 | 4777 |
| ORACLE CORP | COM | 68389X105 |  | 259443 | 3174 | SH |  | SOLE | 0 | 0 | 0 | 3174 |
| PACER FDS TR | US CASH COWS 100 | 69374H881 |  | 81419221 | 1760416 | SH |  | SOLE | 0 | 0 | 0 | 1760416 |
| PACER FDS TR | DEVELOPED MRKT | 69374H873 |  | 43248771 | 1587111 | SH |  | SOLE | 0 | 0 | 0 | 1587111 |
| PEPSICO INC | COM | 713448108 |  | 1119877 | 6199 | SH |  | SOLE | 0 | 0 | 0 | 6199 |
| PFIZER INC | COM | 717081103 |  | 819719 | 15998 | SH |  | SOLE | 0 | 0 | 0 | 15998 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 362028 | 3577 | SH |  | SOLE | 0 | 0 | 0 | 3577 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 799782 | 5277 | SH |  | SOLE | 0 | 0 | 0 | 5277 |
| PROLOGIS INC. | COM | 74340W103 |  | 202801 | 1799 | SH |  | SOLE | 0 | 0 | 0 | 1799 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 416598 | 4128 | SH |  | SOLE | 0 | 0 | 0 | 4128 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 |  | 240597 | 2559 | SH |  | SOLE | 0 | 0 | 0 | 2559 |
| S GLOBAL INC | COM | 78409V104 |  | 310154 | 926 | SH |  | SOLE | 0 | 0 | 0 | 926 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 309477 | 3717 | SH |  | SOLE | 0 | 0 | 0 | 3717 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 366274 | 8174 | SH |  | SOLE | 0 | 0 | 0 | 8174 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 2823313 | 62532 | SH |  | SOLE | 0 | 0 | 0 | 62532 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 4189587 | 130071 | SH |  | SOLE | 0 | 0 | 0 | 130071 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 1467635 | 22230 | SH |  | SOLE | 0 | 0 | 0 | 22230 |
| SEASPINE HLDGS CORP | COM | 81255T108 |  | 158333 | 18962 | SH |  | SOLE | 0 | 0 | 0 | 18962 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 784613 | 3306 | SH |  | SOLE | 0 | 0 | 0 | 3306 |
| SPDR INDEX SHS FDS | S INTL SMLCP | 78463X871 |  | 2148548 | 73055 | SH |  | SOLE | 0 | 0 | 0 | 73055 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 2470873 | 6461 | SH |  | SOLE | 0 | 0 | 0 | 6461 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 274087 | 619 | SH |  | SOLE | 0 | 0 | 0 | 619 |
| SPDR SER TR | S 600 SMCP VAL | 78464A300 |  | 556520 | 7498 | SH |  | SOLE | 0 | 0 | 0 | 7498 |
| STARBUCKS CORP | COM | 855244109 |  | 267185 | 2693 | SH |  | SOLE | 0 | 0 | 0 | 2693 |
| TACTILE SYS TECHNOLOGY INC | COM | 87357P100 |  | 202932 | 17677 | SH |  | SOLE | 0 | 0 | 0 | 17677 |
| TARGET CORP | COM | 87612E106 |  | 1311934 | 8803 | SH |  | SOLE | 0 | 0 | 0 | 8803 |
| TJX COS INC NEW | COM | 872540109 |  | 637835 | 8013 | SH |  | SOLE | 0 | 0 | 0 | 8013 |
| TORO CO | COM | 891092108 |  | 283679 | 2506 | SH |  | SOLE | 0 | 0 | 0 | 2506 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 376480 | 2008 | SH |  | SOLE | 0 | 0 | 0 | 2008 |
| UNION PAC CORP | COM | 907818108 |  | 511256 | 2469 | SH |  | SOLE | 0 | 0 | 0 | 2469 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 16376864 | 30889 | SH |  | SOLE | 0 | 0 | 0 | 30889 |
| US BANCORP DEL | COM NEW | 902973304 |  | 565032 | 12956 | SH |  | SOLE | 0 | 0 | 0 | 12956 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 55914248 | 742750 | SH |  | SOLE | 0 | 0 | 0 | 742750 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 64143501 | 368218 | SH |  | SOLE | 0 | 0 | 0 | 368218 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 359456 | 1687 | SH |  | SOLE | 0 | 0 | 0 | 1687 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 429428 | 2107 | SH |  | SOLE | 0 | 0 | 0 | 2107 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 19476615 | 138752 | SH |  | SOLE | 0 | 0 | 0 | 138752 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 7900346 | 95785 | SH |  | SOLE | 0 | 0 | 0 | 95785 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 6881422 | 37493 | SH |  | SOLE | 0 | 0 | 0 | 37493 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 64799393 | 338927 | SH |  | SOLE | 0 | 0 | 0 | 338927 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 330328 | 940 | SH |  | SOLE | 0 | 0 | 0 | 940 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 15100416 | 95091 | SH |  | SOLE | 0 | 0 | 0 | 95091 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 11380289 | 291952 | SH |  | SOLE | 0 | 0 | 0 | 291952 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 1626910 | 15824 | SH |  | SOLE | 0 | 0 | 0 | 15824 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 174848945 | 2325428 | SH |  | SOLE | 0 | 0 | 0 | 2325428 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 5687063 | 98358 | SH |  | SOLE | 0 | 0 | 0 | 98358 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 228414 | 3906 | SH |  | SOLE | 0 | 0 | 0 | 3906 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 701055 | 4617 | SH |  | SOLE | 0 | 0 | 0 | 4617 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 25699633 | 612333 | SH |  | SOLE | 0 | 0 | 0 | 612333 |
| VISA INC | COM CL A | 92826C839 |  | 565126 | 2720 | SH |  | SOLE | 0 | 0 | 0 | 2720 |
| WALMART INC | COM | 931142103 |  | 661055 | 4662 | SH |  | SOLE | 0 | 0 | 0 | 4662 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 267497 | 2853 | SH |  | SOLE | 0 | 0 | 0 | 2853 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1117615 | 27067 | SH |  | SOLE | 0 | 0 | 0 | 27067 |
| WISDOMTREE TR | INTL SMCAP DIV | 97717W760 |  | 5778917 | 99705 | SH |  | SOLE | 0 | 0 | 0 | 99705 |
| WISDOMTREE TR | WISDOMTREE US VA | 97717W547 |  | 2067596 | 36260 | SH |  | SOLE | 0 | 0 | 0 | 36260 |
| XCEL ENERGY INC | COM | 98389B100 |  | 1140142 | 16262 | SH |  | SOLE | 0 | 0 | 0 | 16262 |

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