# EDGAR Filing Document

**Accession Number:** 0001434323
**File Stem:** 0001434323-26-000002
**Filing Date:** 2026-4
**Character Count:** 22780
**Document Hash:** f9c245f981f4181520b5d29f558dcf08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001434323-26-000002.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001434323-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260414

**DATE AS OF CHANGE**: 20260414

**EFFECTIVENESS DATE**: 20260414

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Palisade Asset Management, LLC
- **CENTRAL INDEX KEY:** 0001434323

**ORGANIZATION NAME:**
- **EIN:** 270125285
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13058
- **FILM NUMBER:** 26859636

**BUSINESS ADDRESS:**
- **STREET 1:** 100 SOUTH FIFTH STREET, SUITE 420
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 612-455-2900

**MAIL ADDRESS:**
- **STREET 1:** 100 SOUTH FIFTH STREET, SUITE 420
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** Palisade Asset Management LLC<br>**Address:** 100 SOUTH FIFTH STREET SUITE 420<br>MINNEAPOLIS, MN 55402

**Form 13F File Number:** 028-13058

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:** Jennifer McCord<br>**Title:** Chief Compliance Officer<br>**Phone:** 6124552900

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

Jennifer McCord  Minneapolis, MN  04-14-2026<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:** 195

**Form 13F Information Table Value Total:** $995903275

      (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 |  | 12732723 | 87673 | SH |  | SOLE |  | 75439 | 0 | 12234 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 21136673 | 205870 | SH |  | SOLE |  | 159274 | 0 | 46596 |
| ABBVIE INC | COM | 00287Y109 |  | 13834322 | 63609 | SH |  | SOLE |  | 46518 | 0 | 17091 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 9123918 | 46013 | SH |  | SOLE |  | 37733 | 0 | 8280 |
| AFLAC INC | COM | 001055102 |  | 7566589 | 68969 | SH |  | SOLE |  | 47817 | 0 | 21152 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 4351358 | 15132 | SH |  | SOLE |  | 13162 | 0 | 1970 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2971593 | 10359 | SH |  | SOLE |  | 7927 | 0 | 2432 |
| AMAZON COM INC | COM | 023135106 |  | 1445186 | 6939 | SH |  | SOLE |  | 6506 | 0 | 433 |
| AMCOR PLC | COM NEW | G0250X149 |  | 460385 | 11582 | SH |  | SOLE |  | 8930 | 0 | 2652 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 483323 | 4840 | SH |  | SOLE |  | 4190 | 0 | 650 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1950694 | 6449 | SH |  | SOLE |  | 5899 | 0 | 550 |
| AMERICAN TOWER CORP | COM | 03027X100 |  | 6496084 | 37641 | SH |  | SOLE |  | 31461 | 0 | 6180 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 1214990 | 2734 | SH |  | SOLE |  | 1734 | 0 | 1000 |
| AMGEN INC | COM | 031162100 |  | 25903901 | 73622 | SH |  | SOLE |  | 59162 | 0 | 14460 |
| AMPHENOL CORP | CL A | 032095101 |  | 4865613 | 38509 | SH |  | SOLE |  | 38509 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 1404001 | 33082 | SH |  | SOLE |  | 0 | 0 | 33082 |
| APPLE INC | COM | 037833100 |  | 50029806 | 197131 | SH |  | SOLE |  | 163311 | 0 | 33820 |
| APPLIED MATLS INC | COM | 038222105 |  | 205758 | 602 | SH |  | SOLE |  | 589 | 0 | 13 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 1661985 | 22864 | SH |  | SOLE |  | 20464 | 0 | 2400 |
| ASML HLDG NV | N Y REGISTRY SHS | N07059210 |  | 289262 | 219 | SH |  | SOLE |  | 219 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 1978133 | 68235 | SH |  | SOLE |  | 62980 | 0 | 5255 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 12843618 | 63213 | SH |  | SOLE |  | 51484 | 0 | 11729 |
| BALL CORP | COM | 058498106 |  | 8598910 | 145473 | SH |  | SOLE |  | 105748 | 0 | 39725 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 6516083 | 41443 | SH |  | SOLE |  | 35193 | 0 | 6250 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1886132 | 3936 | SH |  | SOLE |  | 3922 | 0 | 14 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 2901685 | 55524 | SH |  | SOLE |  | 53160 | 0 | 2364 |
| BLACKROCK INC | COM | 09290D101 |  | 11857885 | 12330 | SH |  | SOLE |  | 9865 | 0 | 2465 |
| BOEING CO | COM | 097023105 |  | 294366 | 1479 | SH |  | SOLE |  | 1294 | 0 | 185 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 227532 | 3626 | SH |  | SOLE |  | 3626 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 950932 | 15679 | SH |  | SOLE |  | 13954 | 0 | 1725 |
| BROADCOM INC | COM | 11135F101 |  | 1010259 | 3264 | SH |  | SOLE |  | 3264 | 0 | 0 |
| C H ROBINSON WORLDWIDE IN | COM NEW | 12541W209 |  | 400063 | 2409 | SH |  | SOLE |  | 2409 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 6063001 | 8558 | SH |  | SOLE |  | 6832 | 0 | 1726 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 2172675 | 50340 | SH |  | SOLE |  | 48485 | 0 | 1855 |
| CHEVRON CORPORATION | COM | 166764100 |  | 19539843 | 94441 | SH |  | SOLE |  | 73475 | 0 | 20966 |
| CHUBB LTD SWITZ | COM | H1467J104 |  | 502259 | 1541 | SH |  | SOLE |  | 381 | 0 | 1160 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 655573 | 7025 | SH |  | SOLE |  | 6175 | 0 | 850 |
| CISCO SYS INC | COM | 17275R102 |  | 27578823 | 355443 | SH |  | SOLE |  | 293869 | 0 | 61574 |
| CLOROX CO DEL | COM | 189054109 |  | 448200 | 4325 | SH |  | SOLE |  | 3125 | 0 | 1200 |
| COCA COLA CO | COM | 191216100 |  | 3112868 | 40932 | SH |  | SOLE |  | 32024 | 0 | 8908 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 9433427 | 110682 | SH |  | SOLE |  | 88466 | 0 | 22216 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1659372 | 12571 | SH |  | SOLE |  | 10418 | 0 | 2153 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 706469 | 709 | SH |  | SOLE |  | 607 | 0 | 102 |
| CSX CORP | COM | 126408103 |  | 283122 | 6897 | SH |  | SOLE |  | 6897 | 0 | 0 |
| DANAHER CORP DEL | COM | 235851102 |  | 3890024 | 20517 | SH |  | SOLE |  | 20432 | 0 | 85 |
| DEERE  CO | COM | 244199105 |  | 20753662 | 36843 | SH |  | SOLE |  | 27149 | 0 | 9694 |
| DELTA AIR LINES INC | COM NEW | 247361702 |  | 301221 | 4531 | SH |  | SOLE |  | 4531 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 953354 | 9892 | SH |  | SOLE |  | 9288 | 0 | 604 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 234422 | 3792 | SH |  | SOLE |  | 3142 | 0 | 650 |
| DONALDSON INC | COM | 257651109 |  | 7223626 | 85114 | SH |  | SOLE |  | 69085 | 0 | 16029 |
| DT MIDSTREAM INC | COMMON STOCK | 23345M107 |  | 202005 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| DTE ENERGY CO | COM | 233331107 |  | 440561 | 3013 | SH |  | SOLE |  | 3013 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 447803 | 1252 | SH |  | SOLE |  | 1252 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 20379527 | 76609 | SH |  | SOLE |  | 62492 | 0 | 14117 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 345706 | 4317 | SH |  | SOLE |  | 3192 | 0 | 1125 |
| ELI LILLY  CO | COM | 532457108 |  | 13261244 | 14418 | SH |  | SOLE |  | 13808 | 0 | 610 |
| EMERSON ELEC CO | COM | 291011104 |  | 4220941 | 32216 | SH |  | SOLE |  | 27550 | 0 | 4666 |
| EVERUS CONSTR GROUP | COM | 300426103 |  | 485227 | 4110 | SH |  | SOLE |  | 3185 | 0 | 925 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 9870231 | 58177 | SH |  | SOLE |  | 42527 | 0 | 15650 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 1095800 | 5050 | SH |  | SOLE |  | 4255 | 0 | 795 |
| FASTENAL CO | COM | 311900104 |  | 5047068 | 108773 | SH |  | SOLE |  | 92433 | 0 | 16340 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 1199984 | 21160 | SH |  | SOLE |  | 20260 | 0 | 900 |
| FEDEX CORP | COM | 31428X106 |  | 3906583 | 10968 | SH |  | SOLE |  | 9973 | 0 | 995 |
| FISERV INC | COM | 337738108 |  | 684443 | 12266 | SH |  | SOLE |  | 12266 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 450627 | 1588 | SH |  | SOLE |  | 1576 | 0 | 12 |
| GE VERNOVA INC | COM | 36828A101 |  | 387568 | 444 | SH |  | SOLE |  | 441 | 0 | 3 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 14840833 | 43240 | SH |  | SOLE |  | 32624 | 0 | 10616 |
| GENERAL MILLS INC | COM | 370334104 |  | 2309353 | 62046 | SH |  | SOLE |  | 54350 | 0 | 7696 |
| GENUINE PARTS CO | COM | 372460105 |  | 1969171 | 18621 | SH |  | SOLE |  | 17341 | 0 | 1280 |
| GLOBE LIFE INC | COM | 37959E102 |  | 1564828 | 11244 | SH |  | SOLE |  | 11244 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 4608431 | 54441 | SH |  | SOLE |  | 16685 | 0 | 37756 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 505371 | 478 | SH |  | SOLE |  | 478 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 9908436 | 47662 | SH |  | SOLE |  | 39014 | 0 | 8648 |
| HOME DEPOT INC | COM | 437076102 |  | 22426352 | 68188 | SH |  | SOLE |  | 57428 | 0 | 10760 |
| HONEYWELL INTL INC | COM | 438516106 |  | 3662139 | 16202 | SH |  | SOLE |  | 14873 | 0 | 1329 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 1022420 | 3928 | SH |  | SOLE |  | 3428 | 0 | 500 |
| INGERSOLL RAND INC | COM | 45687V106 |  | 204306 | 2550 | SH |  | SOLE |  | 2550 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 4420105 | 100161 | SH |  | SOLE |  | 89807 | 0 | 10354 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 320528 | 4779 | SH |  | SOLE |  | 4779 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 24166042 | 99699 | SH |  | SOLE |  | 79329 | 0 | 20370 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 477125 | 1035 | SH |  | SOLE |  | 1035 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 1095145 | 15701 | SH |  | SOLE |  | 12342 | 0 | 3359 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 214740 | 2250 | SH |  | SOLE |  | 2250 | 0 | 0 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 |  | 215660 | 1589 | SH |  | SOLE |  | 1589 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 4708828 | 52014 | SH |  | SOLE |  | 43732 | 0 | 8282 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 5415096 | 80188 | SH |  | SOLE |  | 68616 | 0 | 11572 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 5035923 | 40511 | SH |  | SOLE |  | 35934 | 0 | 4577 |
| ISHARES TR | CORE S ETF | 464287200 |  | 499483 | 765 | SH |  | SOLE |  | 755 | 0 | 10 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 518786 | 5226 | SH |  | SOLE |  | 5226 | 0 | 0 |
| ISHARES TR | EAFE GRWTH ETF | 464288885 |  | 855768 | 7684 | SH |  | SOLE |  | 7684 | 0 | 0 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 556287 | 7482 | SH |  | SOLE |  | 4578 | 0 | 2904 |
| ISHARES TR | GLOBAL 100 ETF | 464287572 |  | 389524 | 3220 | SH |  | SOLE |  | 3220 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 241041 | 1742 | SH |  | SOLE |  | 1742 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 3582349 | 36882 | SH |  | SOLE |  | 34025 | 0 | 2857 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 645441 | 3365 | SH |  | SOLE |  | 3365 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 610075 | 1711 | SH |  | SOLE |  | 1711 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 2240687 | 5255 | SH |  | SOLE |  | 3131 | 0 | 2124 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 499246 | 2337 | SH |  | SOLE |  | 2337 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 605048 | 1928 | SH |  | SOLE |  | 831 | 0 | 1097 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 217650 | 1148 | SH |  | SOLE |  | 312 | 0 | 836 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 554407 | 5702 | SH |  | SOLE |  | 4742 | 0 | 960 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 8177456 | 32974 | SH |  | SOLE |  | 32189 | 0 | 785 |
| ISHARES TR | S 100 ETF | 464287101 |  | 829209 | 2607 | SH |  | SOLE |  | 2607 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 592048 | 5234 | SH |  | SOLE |  | 482 | 0 | 4752 |
| ISHARES TR | S MC 400GR ETF | 464287606 |  | 629580 | 6257 | SH |  | SOLE |  | 5773 | 0 | 484 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 392152 | 2590 | SH |  | SOLE |  | 1065 | 0 | 1525 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 894579 | 8106 | SH |  | SOLE |  | 8051 | 0 | 55 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 25164854 | 102949 | SH |  | SOLE |  | 81105 | 0 | 21844 |
| JOHNSON CONTROLS INTERNATION | SHS | G51502105 |  | 1963334 | 14993 | SH |  | SOLE |  | 12701 | 0 | 2292 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 22208198 | 75497 | SH |  | SOLE |  | 58490 | 0 | 17007 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 2149256 | 22279 | SH |  | SOLE |  | 20474 | 0 | 1805 |
| KLA CORP | COM NEW | 482480100 |  | 5175522 | 3515 | SH |  | SOLE |  | 2475 | 0 | 1040 |
| KNIFE RIVER CORP | COMMON STOCK | 498894104 |  | 212944 | 2608 | SH |  | SOLE |  | 2433 | 0 | 175 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 17100802 | 49546 | SH |  | SOLE |  | 36957 | 0 | 12589 |
| LINDE PLC | SHS | G54950103 |  | 1553217 | 3133 | SH |  | SOLE |  | 3125 | 0 | 8 |
| LOWES COS INC | COM | 548661107 |  | 1565828 | 6627 | SH |  | SOLE |  | 5527 | 0 | 1100 |
| MARATHON PETE CORP | COM | 56585A102 |  | 734006 | 3006 | SH |  | SOLE |  | 3006 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 276312 | 553 | SH |  | SOLE |  | 534 | 0 | 19 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 1913845 | 37943 | SH |  | SOLE |  | 35883 | 0 | 2060 |
| MCDONALDS CORP | COM | 580135101 |  | 15977105 | 51408 | SH |  | SOLE |  | 40103 | 0 | 11305 |
| MCKESSON CORP | COM | 58155Q103 |  | 282108 | 326 | SH |  | SOLE |  | 326 | 0 | 0 |
| MDU RES GROUP INC | COM | 552690109 |  | 366827 | 17704 | SH |  | SOLE |  | 14004 | 0 | 3700 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 4387023 | 50629 | SH |  | SOLE |  | 46149 | 0 | 4480 |
| MERCK  CO INC | COM | 58933Y105 |  | 4234088 | 35199 | SH |  | SOLE |  | 32844 | 0 | 2355 |
| META PLATFORMS INC | CL A | 30303M102 |  | 454844 | 795 | SH |  | SOLE |  | 395 | 0 | 400 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 1639560 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 346624 | 1026 | SH |  | SOLE |  | 1026 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 47818931 | 129181 | SH |  | SOLE |  | 109440 | 0 | 19741 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 4288036 | 26056 | SH |  | SOLE |  | 26056 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 3875326 | 41724 | SH |  | SOLE |  | 38744 | 0 | 2980 |
| NIKE INC | CL B | 654106103 |  | 1754206 | 33211 | SH |  | SOLE |  | 32599 | 0 | 612 |
| NORTHERN TR CORP | COM | 665859104 |  | 671611 | 4812 | SH |  | SOLE |  | 3812 | 0 | 1000 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 2506475 | 16409 | SH |  | SOLE |  | 16251 | 0 | 158 |
| NVENT ELEC PLC | SHS | G6700G107 |  | 734519 | 6210 | SH |  | SOLE |  | 5095 | 0 | 1115 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2635359 | 15111 | SH |  | SOLE |  | 14094 | 0 | 1017 |
| ORACLE CORP | COM | 68389X105 |  | 25684818 | 174596 | SH |  | SOLE |  | 138012 | 0 | 36584 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 1332118 | 1488 | SH |  | SOLE |  | 1488 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 1250990 | 13580 | SH |  | SOLE |  | 12420 | 0 | 1160 |
| PENTAIR PLC | SHS | G7S00T104 |  | 1149156 | 13192 | SH |  | SOLE |  | 12277 | 0 | 915 |
| PEPSICO INC | COM | 713448108 |  | 17668586 | 113778 | SH |  | SOLE |  | 91403 | 0 | 22375 |
| PFIZER INC | COM | 717081103 |  | 1146647 | 40835 | SH |  | SOLE |  | 34159 | 0 | 6676 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 243050 | 1470 | SH |  | SOLE |  | 1470 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 739651 | 4060 | SH |  | SOLE |  | 3598 | 0 | 462 |
| PRINCIPAL FINANCIAL GROUP IN | COM | 74251V102 |  | 507951 | 5637 | SH |  | SOLE |  | 5137 | 0 | 500 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 15911366 | 110159 | SH |  | SOLE |  | 89306 | 0 | 20853 |
| ROSS STORES INC | COM | 778296103 |  | 4212804 | 19447 | SH |  | SOLE |  | 17447 | 0 | 2000 |
| ROYAL BK CDA | COM | 780087102 |  | 13618803 | 84181 | SH |  | SOLE |  | 64446 | 0 | 19735 |
| RTX CORPORATION | COM | 75513E101 |  | 12993552 | 67359 | SH |  | SOLE |  | 50661 | 0 | 16698 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 1059813 | 11277 | SH |  | SOLE |  | 11142 | 0 | 135 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 |  | 211967 | 7611 | SH |  | SOLE |  | 7611 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 624195 | 25220 | SH |  | SOLE |  | 25220 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 276269 | 9484 | SH |  | SOLE |  | 9484 | 0 | 0 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 265792 | 9140 | SH |  | SOLE |  | 9140 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 1615427 | 26370 | SH |  | SOLE |  | 17570 | 0 | 8800 |
| SHELL PLC | SPON ADS | 780259305 |  | 311550 | 3350 | SH |  | SOLE |  | 3350 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 686298 | 2141 | SH |  | SOLE |  | 2141 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 269743 | 2797 | SH |  | SOLE |  | 2597 | 0 | 200 |
| SOUTHERN CO | COM | 842587107 |  | 4044864 | 41907 | SH |  | SOLE |  | 24020 | 0 | 17887 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A763 |  | 1374463 | 9418 | SH |  | SOLE |  | 8918 | 0 | 500 |
| STARBUCKS CORP | COM | 855244109 |  | 475813 | 5311 | SH |  | SOLE |  | 5311 | 0 | 0 |
| STATE STR SPDR DOW JONES IND | UT SER 1 | 78467X109 |  | 468286 | 1011 | SH |  | SOLE |  | 1011 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 25264303 | 38848 | SH |  | SOLE |  | 37852 | 0 | 996 |
| STATE STR SPDR S MIDCAP 40 | UTSER1 S | 78467Y107 |  | 6445759 | 10451 | SH |  | SOLE |  | 10041 | 0 | 410 |
| STRYKER CORPORATION | COM | 863667101 |  | 12321468 | 37498 | SH |  | SOLE |  | 34614 | 0 | 2884 |
| SYSCO CORP | COM | 871829107 |  | 1312686 | 18403 | SH |  | SOLE |  | 16717 | 0 | 1686 |
| TARGET CORP | COM | 87612E106 |  | 18297080 | 150966 | SH |  | SOLE |  | 109899 | 0 | 41067 |
| TESLA INC | COM | 88160R101 |  | 271006 | 729 | SH |  | SOLE |  | 96 | 0 | 633 |
| TEXAS INSTRS INC | COM | 882508104 |  | 12898468 | 66439 | SH |  | SOLE |  | 56538 | 0 | 9901 |
| TJX COS INC NEW | COM | 872540109 |  | 16385380 | 102601 | SH |  | SOLE |  | 88976 | 0 | 13625 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 8611530 | 190100 | SH |  | SOLE |  | 163005 | 0 | 27095 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 8527720 | 29237 | SH |  | SOLE |  | 26467 | 0 | 2770 |
| TYSON FOODS INC | CL A | 902494103 |  | 510318 | 7965 | SH |  | SOLE |  | 4965 | 0 | 3000 |
| UNION PAC CORP | COM | 907818108 |  | 1634046 | 6735 | SH |  | SOLE |  | 3948 | 0 | 2787 |
| UNITED PARCEL SVCS INC | CL B | 911312106 |  | 1062800 | 10803 | SH |  | SOLE |  | 10057 | 0 | 746 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 21551141 | 79645 | SH |  | SOLE |  | 68592 | 0 | 11053 |
| US BANCORP | COM NEW | 902973304 |  | 12975045 | 249472 | SH |  | SOLE |  | 205982 | 0 | 43490 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 266209 | 3615 | SH |  | SOLE |  | 2821 | 0 | 794 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 656494 | 2286 | SH |  | SOLE |  | 2286 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 5905886 | 9884 | SH |  | SOLE |  | 7861 | 0 | 2023 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 3559067 | 11094 | SH |  | SOLE |  | 8594 | 0 | 2500 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1118457 | 20693 | SH |  | SOLE |  | 18068 | 0 | 2625 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 215553 | 1558 | SH |  | SOLE |  | 1558 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 225425 | 4513 | SH |  | SOLE |  | 4513 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 1173583 | 5457 | SH |  | SOLE |  | 5457 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 868380 | 11262 | SH |  | SOLE |  | 11262 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 1223736 | 19097 | SH |  | SOLE |  | 16897 | 0 | 2200 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 315999 | 860 | SH |  | SOLE |  | 860 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 2201220 | 43849 | SH |  | SOLE |  | 39694 | 0 | 4155 |
| VISA INC | COM CL A | 92826C839 |  | 13146232 | 43496 | SH |  | SOLE |  | 35368 | 0 | 8128 |
| WALMART INC | COM | 931142103 |  | 7126094 | 57339 | SH |  | SOLE |  | 45171 | 0 | 12168 |
| WATERS CORP | COM | 941848103 |  | 1589061 | 5336 | SH |  | SOLE |  | 4524 | 0 | 812 |
| WELLS FARGO  CO | COM | 949746101 |  | 1350345 | 16962 | SH |  | SOLE |  | 16032 | 0 | 930 |
| WILLIAMS COS INC | COM | 969457100 |  | 1003200 | 13784 | SH |  | SOLE |  | 13784 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 6544029 | 82377 | SH |  | SOLE |  | 61319 | 0 | 21058 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 |  | 1058154 | 5061 | SH |  | SOLE |  | 5061 | 0 | 0 |

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