# EDGAR Filing Document

**Accession Number:** 0001518364
**File Stem:** 0001518364-25-000009
**Filing Date:** 2025-10
**Character Count:** 29766
**Document Hash:** bc5c247988aa087e96ca23c39f121f56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001518364-25-000009.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001518364-25-000009

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Accredited Investors Inc.
- **CENTRAL INDEX KEY:** 0001518364

**ORGANIZATION NAME:**
- **EIN:** 411581164
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14630
- **FILM NUMBER:** 251433363

**BUSINESS ADDRESS:**
- **STREET 1:** 5200 WEST 73RD STREET
- **CITY:** EDINA
- **STATE:** MN
- **ZIP:** 55439
- **BUSINESS PHONE:** 952-841-2222

**MAIL ADDRESS:**
- **STREET 1:** 5200 WEST 73RD STREET
- **CITY:** EDINA
- **STATE:** MN
- **ZIP:** 55439

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** Accredited Investors Inc.<br>**Address:** 5200 WEST 73RD STREET<br>EDINA, MN 55439

**Form 13F File Number:** 028-14630

**CRD Number (if applicable):** 000105439

**SEC File Number (if applicable):** 028-14630

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:** Jenna Holm<br>**Title:** Chief Risk and Compliance Officer<br>**Phone:** 952-841-2235

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

Jenna Holm  Edina, MN  10-30-2025<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:** 264

**Form 13F Information Table Value Total:** $1792805232

      (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 |  | 4491615 | 28945 | SH |  | SOLE |  | 27423 | 0 | 1522 |
| ABBOTT LABS | COM | 002824100 |  | 1926528 | 14383 | SH |  | SOLE |  | 14251 | 0 | 132 |
| ABBVIE INC | COM | 00287Y109 |  | 2085261 | 9006 | SH |  | SOLE |  | 8980 | 0 | 26 |
| ACADIAN ASSET MANAGEMENT INC | COM | 10948W103 |  | 1589 | 33 | SH |  | SOLE |  | 0 | 0 | 33 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 1284539 | 5209 | SH |  | SOLE |  | 5209 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 384281 | 2375 | SH |  | SOLE |  | 600 | 0 | 1775 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 497942 | 2786 | SH |  | SOLE |  | 2776 | 0 | 10 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 255651 | 3792 | SH |  | SOLE |  | 3792 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 4232635 | 17411 | SH |  | SOLE |  | 16370 | 0 | 1041 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 8756357 | 35953 | SH |  | SOLE |  | 32282 | 0 | 3671 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 567666 | 8593 | SH |  | SOLE |  | 8251 | 0 | 342 |
| AMAZON COM INC | COM | 023135106 |  | 51038081 | 232446 | SH |  | SOLE |  | 102829 | 0 | 129617 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1650094 | 4968 | SH |  | SOLE |  | 4906 | 0 | 62 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 279030 | 568 | SH |  | SOLE |  | 565 | 0 | 3 |
| AMGEN INC | COM | 031162100 |  | 643350 | 2280 | SH |  | SOLE |  | 2140 | 0 | 140 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 1453815 | 11748 | SH |  | SOLE |  | 11691 | 0 | 57 |
| ANALOG DEVICES INC | COM | 032654105 |  | 753808 | 3068 | SH |  | SOLE |  | 3062 | 0 | 6 |
| AON PLC | SHS CL A | G0403H108 |  | 1495497 | 4194 | SH |  | SOLE |  | 4187 | 0 | 7 |
| APPLE INC | COM | 037833100 |  | 62239417 | 244431 | SH |  | SOLE |  | 236094 | 0 | 8337 |
| APPLIED MATLS INC | COM | 038222105 |  | 648636 | 3168 | SH |  | SOLE |  | 2851 | 0 | 317 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 223591 | 10955 | SH |  | SOLE |  | 10001 | 0 | 954 |
| AT INC | COM | 00206R102 |  | 328382 | 11628 | SH |  | SOLE |  | 11501 | 0 | 127 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 15245244 | 51943 | SH |  | SOLE |  | 51932 | 0 | 11 |
| AUTOZONE INC | COM | 053332102 |  | 235963 | 55 | SH |  | SOLE |  | 55 | 0 | 0 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 229590190 | 2578796 | SH |  | SOLE |  | 2447043 | 0 | 131753 |
| BANK AMERICA CORP | COM | 060505104 |  | 1299705 | 25193 | SH |  | SOLE |  | 24435 | 0 | 758 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 205281 | 1884 | SH |  | SOLE |  | 1881 | 0 | 3 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 59581800 | 79 | SH |  | SOLE |  | 79 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 24968894 | 49666 | SH |  | SOLE |  | 48348 | 0 | 1318 |
| BLACKROCK INC | COM | 09290D101 |  | 261304 | 224 | SH |  | SOLE |  | 124 | 0 | 100 |
| BLACKSTONE INC | COM | 09260D107 |  | 219093 | 1282 | SH |  | SOLE |  | 1282 | 0 | 0 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 391050 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 403892 | 31628 | SH |  | SOLE |  | 15500 | 0 | 16128 |
| BNY MELLON ETF TRUST | US LRG CP CORE | 09661T107 |  | 394127 | 3070 | SH |  | SOLE |  | 3070 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 251546 | 1165 | SH |  | SOLE |  | 1165 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 665801 | 14763 | SH |  | SOLE |  | 14763 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 1209243 | 3666 | SH |  | SOLE |  | 3330 | 0 | 336 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 850505 | 3571 | SH |  | SOLE |  | 3571 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 1372373 | 3907 | SH |  | SOLE |  | 3901 | 0 | 6 |
| CAMECO CORP | COM | 13321L108 |  | 204786 | 2442 | SH |  | SOLE |  | 2442 | 0 | 0 |
| CANTERBURY PK HLDG CORP | COM | 13811E101 |  | 174453 | 10782 | SH |  | SOLE |  | 10782 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 857149 | 1797 | SH |  | SOLE |  | 1781 | 0 | 16 |
| CELCUITY INC | COM | 15102K100 |  | 1339481 | 27115 | SH |  | SOLE |  | 27115 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 13347363 | 100811 | SH |  | SOLE |  | 61044 | 0 | 39767 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 709500 | 7432 | SH |  | SOLE |  | 7406 | 0 | 26 |
| CHEVRON CORP NEW | COM | 166764100 |  | 874093 | 5629 | SH |  | SOLE |  | 5604 | 0 | 25 |
| CHUBB LIMITED | COM | H1467J104 |  | 279992 | 992 | SH |  | SOLE |  | 981 | 0 | 11 |
| CINTAS CORP | COM | 172908105 |  | 410520 | 2000 | SH |  | SOLE |  | 1988 | 0 | 12 |
| CISCO SYS INC | COM | 17275R102 |  | 647684 | 9466 | SH |  | SOLE |  | 8932 | 0 | 534 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 523734 | 42929 | SH |  | SOLE |  | 42929 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 1008020 | 15199 | SH |  | SOLE |  | 15153 | 0 | 46 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 204216 | 2159 | SH |  | SOLE |  | 1927 | 0 | 232 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 2305065 | 2490 | SH |  | SOLE |  | 2482 | 0 | 8 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 274613 | 560 | SH |  | SOLE |  | 560 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 212927 | 466 | SH |  | SOLE |  | 361 | 0 | 105 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 401493 | 2832 | SH |  | SOLE |  | 2782 | 0 | 50 |
| DEXCOM INC | COM | 252131107 |  | 294528 | 4377 | SH |  | SOLE |  | 4377 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 259675 | 4461 | SH |  | SOLE |  | 4461 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US EQUITY MARKET | 25434V401 |  | 255279 | 3524 | SH |  | SOLE |  | 3524 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 |  | 436030 | 9757 | SH |  | SOLE |  | 9757 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 291229 | 628 | SH |  | SOLE |  | 528 | 0 | 100 |
| DONALDSON INC | COM | 257651109 |  | 354043 | 4326 | SH |  | SOLE |  | 4326 | 0 | 0 |
| DUTCH BROS INC | CL A | 26701L100 |  | 219409 | 4192 | SH |  | SOLE |  | 4192 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 579869 | 1549 | SH |  | SOLE |  | 1392 | 0 | 157 |
| EBAY INC. | COM | 278642103 |  | 304319 | 3346 | SH |  | SOLE |  | 3335 | 0 | 11 |
| ECOLAB INC | COM | 278865100 |  | 879781 | 3213 | SH |  | SOLE |  | 3213 | 0 | 0 |
| EDAP TMS S A | SPONSORED ADR | 268311107 |  | 49077 | 21431 | SH |  | SOLE |  | 21431 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 366095 | 1133 | SH |  | SOLE |  | 953 | 0 | 180 |
| EMERSON ELEC CO | COM | 291011104 |  | 407445 | 3106 | SH |  | SOLE |  | 2596 | 0 | 510 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 319984 | 1497 | SH |  | SOLE |  | 1497 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2044590 | 18134 | SH |  | SOLE |  | 16874 | 0 | 1260 |
| FASTENAL CO | COM | 311900104 |  | 1562280 | 31857 | SH |  | SOLE |  | 31851 | 0 | 6 |
| FIDELITY COMWLTH TR | NASDAQ COMPSIT | 315912808 |  | 391714 | 4395 | SH |  | SOLE |  | 3950 | 0 | 445 |
| FIDUS INVT CORP | COM | 316500107 |  | 405200 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| FIRST TR EXCHANGE TRADED FD | NASDAQ CYB ETF | 33734X846 |  | 215108 | 2830 | SH |  | SOLE |  | 2830 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | US EQTY OPPT ETF | 336920103 |  | 440158 | 2649 | SH |  | SOLE |  | 2649 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 349142 | 2708 | SH |  | SOLE |  | 2700 | 0 | 8 |
| GE VERNOVA INC | COM | 36828A101 |  | 711439 | 1157 | SH |  | SOLE |  | 1079 | 0 | 78 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1336775 | 4444 | SH |  | SOLE |  | 4132 | 0 | 312 |
| GENERAL MLS INC | COM | 370334104 |  | 5953190 | 118072 | SH |  | SOLE |  | 105717 | 0 | 12355 |
| GOLDEN ENTMT INC | COM | 381013101 |  | 277065 | 11750 | SH |  | SOLE |  | 11750 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 318540 | 400 | SH |  | SOLE |  | 385 | 0 | 15 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 269317 | 44737 | SH |  | SOLE |  | 44737 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 2167669 | 25514 | SH |  | SOLE |  | 25514 | 0 | 0 |
| GRAINGER W W INC | COM | 384802104 |  | 24777 | 26 | SH |  | SOLE |  | 25 | 0 | 1 |
| GRANITE PT MTG TR INC | COM STK | 38741L107 |  | 47163 | 15721 | SH |  | SOLE |  | 15721 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S PUR GWT | 46137V266 |  | 201092 | 4214 | SH |  | SOLE |  | 4214 | 0 | 0 |
| HERCULES CAPITAL INC | COM | 427096508 |  | 434930 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1968219 | 4858 | SH |  | SOLE |  | 4858 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 536661 | 2549 | SH |  | SOLE |  | 2549 | 0 | 0 |
| HORMEL FOODS CORP | COM | 440452100 |  | 239285 | 9672 | SH |  | SOLE |  | 2500 | 0 | 7172 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 381275 | 1943 | SH |  | SOLE |  | 1906 | 0 | 37 |
| HUBSPOT INC | COM | 443573100 |  | 279744 | 598 | SH |  | SOLE |  | 598 | 0 | 0 |
| INNOVATOR ETFS TRUST | US EQTY PWR BUF | 45782C656 |  | 1052275 | 24500 | SH |  | SOLE |  | 24500 | 0 | 0 |
| INNOVATOR ETFS TRUST | US SML CP PWR B | 45782C599 |  | 636560 | 19278 | SH |  | SOLE |  | 19278 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 433089 | 12909 | SH |  | SOLE |  | 12876 | 0 | 33 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 738413 | 2617 | SH |  | SOLE |  | 2358 | 0 | 259 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 474064 | 1060 | SH |  | SOLE |  | 1055 | 0 | 5 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2330951 | 3883 | SH |  | SOLE |  | 3104 | 0 | 779 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 210264 | 1107 | SH |  | SOLE |  | 1107 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 2334119 | 16026 | SH |  | SOLE |  | 15942 | 0 | 84 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 2921647 | 29144 | SH |  | SOLE |  | 29141 | 0 | 3 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 270067 | 1053 | SH |  | SOLE |  | 1053 | 0 | 0 |
| ISHARES TR | ESG AWRE 1 5 YR | 46435G243 |  | 4355674 | 172093 | SH |  | SOLE |  | 159843 | 0 | 12250 |
| ISHARES TR | ESG EAFE ETF | 46436E759 |  | 6036251 | 79697 | SH |  | SOLE |  | 75028 | 0 | 4669 |
| ISHARES TR | ESG MSCI USA ETF | 46436E767 |  | 4294468 | 74934 | SH |  | SOLE |  | 72400 | 0 | 2534 |
| ISHARES TR | ESG ADV TTL USD | 46436E619 |  | 1721093 | 39187 | SH |  | SOLE |  | 39187 | 0 | 0 |
| ISHARES TR | ESG AWR US AGRGT | 46435U549 |  | 11814563 | 245983 | SH |  | SOLE |  | 232998 | 0 | 12985 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 295346 | 2568 | SH |  | SOLE |  | 2568 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 661699 | 8150 | SH |  | SOLE |  | 8150 | 0 | 0 |
| ISHARES TR | INTL SEL DIV ETF | 464288448 |  | 200696 | 5491 | SH |  | SOLE |  | 5491 | 0 | 0 |
| ISHARES TR | MSCI AC ASIA ETF | 464288182 |  | 384401 | 4214 | SH |  | SOLE |  | 4214 | 0 | 0 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 5810614 | 62493 | SH |  | SOLE |  | 58291 | 0 | 4202 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 559657 | 6410 | SH |  | SOLE |  | 6410 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 58055888 | 621783 | SH |  | SOLE |  | 612315 | 0 | 9468 |
| ISHARES TR | ESG MSCI KLD 400 | 464288570 |  | 3308614 | 26269 | SH |  | SOLE |  | 25715 | 0 | 554 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 201837 | 1038 | SH |  | SOLE |  | 1038 | 0 | 0 |
| ISHARES TR | ESG AWARE MSCI | 46435U663 |  | 13619056 | 302109 | SH |  | SOLE |  | 286567 | 0 | 15542 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 746069 | 7006 | SH |  | SOLE |  | 7006 | 0 | 0 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 535950 | 1977 | SH |  | SOLE |  | 1956 | 0 | 21 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 46556874 | 99393 | SH |  | SOLE |  | 97501 | 0 | 1892 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 73423529 | 303453 | SH |  | SOLE |  | 292787 | 0 | 10666 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 834664 | 2608 | SH |  | SOLE |  | 2608 | 0 | 0 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 28595132 | 200795 | SH |  | SOLE |  | 196200 | 0 | 4595 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 8467893 | 60628 | SH |  | SOLE |  | 59568 | 0 | 1060 |
| ISHARES TR | S 100 ETF | 464287101 |  | 292899 | 880 | SH |  | SOLE |  | 880 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 86457194 | 129176 | SH |  | SOLE |  | 125838 | 0 | 3338 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 559899 | 4638 | SH |  | SOLE |  | 4638 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 75395761 | 634484 | SH |  | SOLE |  | 594384 | 0 | 40100 |
| ISHARES TR | S MC 400GR ETF | 464287606 |  | 345779 | 3606 | SH |  | SOLE |  | 3551 | 0 | 55 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 268391 | 2069 | SH |  | SOLE |  | 2069 | 0 | 0 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 1161668 | 8175 | SH |  | SOLE |  | 8175 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 317217 | 2871 | SH |  | SOLE |  | 2774 | 0 | 97 |
| ISHARES TR | ISHARES NEW | 464285204 |  | 406129 | 5581 | SH |  | SOLE |  | 5581 | 0 | 0 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 16479163 | 242948 | SH |  | SOLE |  | 237406 | 0 | 5542 |
| ISHARES TR | ESG OPTIMIZED | 464288802 |  | 7682561 | 56635 | SH |  | SOLE |  | 53814 | 0 | 2821 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 3926352 | 10743 | SH |  | SOLE |  | 10686 | 0 | 57 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 2949205 | 14486 | SH |  | SOLE |  | 14453 | 0 | 33 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 107631094 | 1649266 | SH |  | SOLE |  | 1552815 | 0 | 96451 |
| ISHARES TR | US CONSUM DISCRE | 464287580 |  | 292182 | 2788 | SH |  | SOLE |  | 2788 | 0 | 0 |
| ISHARES TR | US BR DEL SE ETF | 464288794 |  | 309540 | 1750 | SH |  | SOLE |  | 1750 | 0 | 0 |
| ISHARES TR | US INDUSTRIALS | 464287754 |  | 309839 | 2124 | SH |  | SOLE |  | 2124 | 0 | 0 |
| ISHARES TR | U.S. INSRNCE ETF | 464288786 |  | 256000 | 1910 | SH |  | SOLE |  | 1910 | 0 | 0 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 474833 | 2424 | SH |  | SOLE |  | 2424 | 0 | 0 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 329585 | 1575 | SH |  | SOLE |  | 1575 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1447428 | 7806 | SH |  | SOLE |  | 7308 | 0 | 498 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 6434329 | 20399 | SH |  | SOLE |  | 20294 | 0 | 105 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 439533 | 7698 | SH |  | SOLE |  | 7698 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | US VALUE FACTR | 46641Q753 |  | 228000 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| KAYNE ANDERSON BDC INC | COM SHS | 48662X105 |  | 677961 | 50898 | SH |  | SOLE |  | 50898 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 228276 | 1836 | SH |  | SOLE |  | 1836 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 982826 | 7340 | SH |  | SOLE |  | 7310 | 0 | 30 |
| ELI LILLY  CO | COM | 532457108 |  | 2907009 | 3810 | SH |  | SOLE |  | 3800 | 0 | 10 |
| LOWES COS INC | COM | 548661107 |  | 280713 | 1117 | SH |  | SOLE |  | 1117 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 935209 | 1644 | SH |  | SOLE |  | 1623 | 0 | 21 |
| MCDONALDS CORP | COM | 580135101 |  | 1253265 | 4124 | SH |  | SOLE |  | 4119 | 0 | 5 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 918886 | 9648 | SH |  | SOLE |  | 8489 | 0 | 1159 |
| MERCK  CO INC | COM | 58933Y105 |  | 827381 | 9858 | SH |  | SOLE |  | 9858 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2882516 | 3925 | SH |  | SOLE |  | 3890 | 0 | 35 |
| MICROSOFT CORP | COM | 594918104 |  | 21855324 | 42196 | SH |  | SOLE |  | 40860 | 0 | 1336 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 1456362 | 2443 | SH |  | SOLE |  | 2443 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 453237 | 2851 | SH |  | SOLE |  | 2836 | 0 | 15 |
| MOSAIC CO NEW | COM | 61945C103 |  | 305704 | 8815 | SH |  | SOLE |  | 8815 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 341036 | 746 | SH |  | SOLE |  | 696 | 0 | 50 |
| MUELLER INDS INC | COM | 624756102 |  | 570867 | 5646 | SH |  | SOLE |  | 5600 | 0 | 46 |
| NETFLIX INC | COM | 64110L106 |  | 1045804 | 872 | SH |  | SOLE |  | 859 | 0 | 13 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 341064 | 4518 | SH |  | SOLE |  | 4418 | 0 | 100 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 313359 | 1043 | SH |  | SOLE |  | 1043 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 412966 | 3049 | SH |  | SOLE |  | 3049 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 254787 | 2583 | SH |  | SOLE |  | 2583 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 14075462 | 75439 | SH |  | SOLE |  | 64689 | 0 | 10750 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 9878387 | 450040 | SH |  | SOLE |  | 449880 | 0 | 160 |
| ORACLE CORP | COM | 68389X105 |  | 3383880 | 12032 | SH |  | SOLE |  | 11967 | 0 | 65 |
| OTTER TAIL CORP | COM | 689648103 |  | 356654 | 4351 | SH |  | SOLE |  | 4351 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 562766 | 3085 | SH |  | SOLE |  | 3071 | 0 | 14 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 342692 | 1683 | SH |  | SOLE |  | 1383 | 0 | 300 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 220024 | 3281 | SH |  | SOLE |  | 3231 | 0 | 50 |
| PEPSICO INC | COM | 713448108 |  | 1301568 | 9268 | SH |  | SOLE |  | 9258 | 0 | 10 |
| PFIZER INC | COM | 717081103 |  | 486945 | 19111 | SH |  | SOLE |  | 19111 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 789728 | 4869 | SH |  | SOLE |  | 4679 | 0 | 190 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 410236 | 20719 | SH |  | SOLE |  | 0 | 0 | 20719 |
| INVESCO EXCH TRADED FD TR II | KBW REGL BKG | 46138E578 |  | 454662 | 7492 | SH |  | SOLE |  | 7492 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | KBW BK ETF | 46138E628 |  | 277302 | 3546 | SH |  | SOLE |  | 3466 | 0 | 80 |
| INVESCO EXCHANGE TRADED FD T | RAFI US 1500 | 46137V597 |  | 8464303 | 186356 | SH |  | SOLE |  | 177388 | 0 | 8968 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1697188 | 11046 | SH |  | SOLE |  | 11046 | 0 | 0 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 258156 | 2505 | SH |  | SOLE |  | 2505 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 265843 | 1598 | SH |  | SOLE |  | 598 | 0 | 1000 |
| RTX CORPORATION | COM | 75513E101 |  | 498665 | 2980 | SH |  | SOLE |  | 2742 | 0 | 238 |
| ROBLOX CORP | CL A | 771049103 |  | 52163030 | 376574 | SH |  | SOLE |  | 376574 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 255847 | 732 | SH |  | SOLE |  | 732 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 216793 | 1143 | SH |  | SOLE |  | 1143 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 17653256 | 26499 | SH |  | SOLE |  | 26179 | 0 | 320 |
| SALESFORCE INC | COM | 79466L302 |  | 301227 | 1271 | SH |  | SOLE |  | 1171 | 0 | 100 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 488188 | 11364 | SH |  | SOLE |  | 11364 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US S | 808524763 |  | 13311708 | 427205 | SH |  | SOLE |  | 425231 | 0 | 1974 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 362721 | 15581 | SH |  | SOLE |  | 9278 | 0 | 6303 |
| SCHWAB STRATEGIC TR | INTL SCEQT ETF | 808524888 |  | 208754 | 4587 | SH |  | SOLE |  | 4587 | 0 | 0 |
| SCHWAB STRATEGIC TR | 1000 INDEX ETF | 808524722 |  | 280714 | 8740 | SH |  | SOLE |  | 7168 | 0 | 1572 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 123560865 | 4805946 | SH |  | SOLE |  | 4515792 | 0 | 290154 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 1458526 | 45707 | SH |  | SOLE |  | 44568 | 0 | 1139 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 278060 | 10557 | SH |  | SOLE |  | 3897 | 0 | 6660 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 361144 | 6704 | SH |  | SOLE |  | 6704 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 922868 | 6210 | SH |  | SOLE |  | 6060 | 0 | 150 |
| SOLAREDGE TECHNOLOGIES INC | COM | 83417M104 |  | 256965 | 6945 | SH |  | SOLE |  | 6945 | 0 | 0 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 610280 | 8360 | SH |  | SOLE |  | 7982 | 0 | 378 |
| SOUTHERN CO | COM | 842587107 |  | 220435 | 2326 | SH |  | SOLE |  | 2326 | 0 | 0 |
| SOW GOOD INC | COM | 84612H106 |  | 156906 | 208209 | SH |  | SOLE |  | 208209 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 |  | 604266 | 6586 | SH |  | SOLE |  | 6586 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 239942 | 675 | SH |  | SOLE |  | 675 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A854 |  | 535051 | 6830 | SH |  | SOLE |  | 6812 | 0 | 18 |
| SPDR SERIES TRUST | PRTFLO S VL | 78464A508 |  | 42466159 | 767507 | SH |  | SOLE |  | 740571 | 0 | 26936 |
| SPDR SERIES TRUST | S DIVID ETF | 78464A763 |  | 696749 | 4975 | SH |  | SOLE |  | 4975 | 0 | 0 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 303124 | 3965 | SH |  | SOLE |  | 3965 | 0 | 0 |
| SPDR SERIES TRUST | S 600 SMCP VAL | 78464A300 |  | 653882 | 7376 | SH |  | SOLE |  | 7376 | 0 | 0 |
| SPDR INDEX SHS FDS | S INTL SMLCP | 78463X871 |  | 1713275 | 42640 | SH |  | SOLE |  | 41409 | 0 | 1231 |
| SPS COMM INC | COM | 78463M107 |  | 851553 | 8177 | SH |  | SOLE |  | 8177 | 0 | 0 |
| TACTILE SYS TECHNOLOGY INC | COM | 87357P100 |  | 1596236 | 115335 | SH |  | SOLE |  | 115335 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 625617 | 2240 | SH |  | SOLE |  | 2160 | 0 | 80 |
| TARGET CORP | COM | 87612E106 |  | 785824 | 8761 | SH |  | SOLE |  | 8600 | 0 | 161 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 327700 | 5891 | SH |  | SOLE |  | 5171 | 0 | 720 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 804710 | 2855 | SH |  | SOLE |  | 2694 | 0 | 161 |
| TENNANT CO | COM | 880345103 |  | 1066912 | 13162 | SH |  | SOLE |  | 13162 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 2704113 | 6080 | SH |  | SOLE |  | 6040 | 0 | 40 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 590754 | 1218 | SH |  | SOLE |  | 1218 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 387223 | 2679 | SH |  | SOLE |  | 2355 | 0 | 324 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 2317517 | 8300 | SH |  | SOLE |  | 8297 | 0 | 3 |
| US BANCORP DEL | COM NEW | 902973304 |  | 2898314 | 59969 | SH |  | SOLE |  | 59969 | 0 | 0 |
| UMB FINL CORP | COM | 902788108 |  | 1176281 | 9939 | SH |  | SOLE |  | 9939 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 205169 | 868 | SH |  | SOLE |  | 868 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3565417 | 10326 | SH |  | SOLE |  | 9857 | 0 | 469 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 65462485 | 783700 | SH |  | SOLE |  | 783700 | 0 | 0 |
| RBB FD INC | US TREAS 3 MNTH | 74933W452 |  | 1126700 | 22534 | SH |  | SOLE |  | 22534 | 0 | 0 |
| VANGUARD ADMIRAL FDS INC | 500 GRTH IDX F | 921932505 |  | 778731 | 1788 | SH |  | SOLE |  | 1788 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 1173979 | 5440 | SH |  | SOLE |  | 5345 | 0 | 95 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 337921 | 6237 | SH |  | SOLE |  | 6231 | 0 | 6 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 34226213 | 428900 | SH |  | SOLE |  | 402319 | 0 | 26581 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 609807 | 2913 | SH |  | SOLE |  | 2913 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 21759647 | 363145 | SH |  | SOLE |  | 359747 | 0 | 3398 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 720854 | 1503 | SH |  | SOLE |  | 1501 | 0 | 2 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 260335 | 1847 | SH |  | SOLE |  | 1847 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 10858135 | 152139 | SH |  | SOLE |  | 145722 | 0 | 6417 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 261681 | 850 | SH |  | SOLE |  | 850 | 0 | 0 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 8286633 | 20592 | SH |  | SOLE |  | 20411 | 0 | 181 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 8614855 | 29328 | SH |  | SOLE |  | 28806 | 0 | 522 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 |  | 288502 | 982 | SH |  | SOLE |  | 982 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000GRW | 92206C680 |  | 201958 | 1676 | SH |  | SOLE |  | 1676 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 6479446 | 25482 | SH |  | SOLE |  | 24284 | 0 | 1198 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 405524 | 1943 | SH |  | SOLE |  | 1943 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 3904985 | 6377 | SH |  | SOLE |  | 6172 | 0 | 205 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 264570 | 5284 | SH |  | SOLE |  | 5284 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 3203475 | 43608 | SH |  | SOLE |  | 43485 | 0 | 123 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 7075992 | 21562 | SH |  | SOLE |  | 21518 | 0 | 44 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 27724721 | 201195 | SH |  | SOLE |  | 189430 | 0 | 11765 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 88487235 | 474488 | SH |  | SOLE |  | 439470 | 0 | 35018 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 222961 | 5073 | SH |  | SOLE |  | 3534 | 0 | 1539 |
| VISA INC | COM CL A | 92826C839 |  | 2317629 | 6789 | SH |  | SOLE |  | 6601 | 0 | 188 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 67392 | 15600 | SH |  | SOLE |  | 15600 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 1387824 | 13466 | SH |  | SOLE |  | 13331 | 0 | 135 |
| DISNEY WALT CO | COM | 254687106 |  | 924429 | 8074 | SH |  | SOLE |  | 8074 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 225683 | 1022 | SH |  | SOLE |  | 1009 | 0 | 13 |
| WATERS CORP | COM | 941848103 |  | 315700 | 1053 | SH |  | SOLE |  | 1053 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1429405 | 17053 | SH |  | SOLE |  | 16934 | 0 | 119 |
| XCEL ENERGY INC | COM | 98389B100 |  | 1705422 | 21146 | SH |  | SOLE |  | 20971 | 0 | 175 |
| ZOETIS INC | CL A | 98978V103 |  | 534356 | 3652 | SH |  | SOLE |  | 3652 | 0 | 0 |

---