# EDGAR Filing Document

**Accession Number:** 0001521951
**File Stem:** 0001140361-26-018481
**Filing Date:** 2026-5
**Character Count:** 22549
**Document Hash:** 5da86ecee8819a2a93afb7bda01b8c68
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-018481.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001140361-26-018481

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST BUSINESS FINANCIAL SERVICES, INC.
- **CENTRAL INDEX KEY:** 0001521951
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 391576570
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15585
- **FILM NUMBER:** 26931113

**BUSINESS ADDRESS:**
- **STREET 1:** 401 CHARMANY DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53719
- **BUSINESS PHONE:** 608-238-8008

**MAIL ADDRESS:**
- **STREET 1:** 401 CHARMANY DRIVE
- **STREET 2:** PO BOX 44961
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53744

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Business Financial Services, Inc.
- **DATE OF NAME CHANGE:** 20110527

### 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:** First Business Financial Services Inc.<br>**Address:** 401 CHARMANY DRIVE<br>PO BOX 44961<br>MADISON, WI 53744

**Form 13F File Number:** 028-15585

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:** Doug Heding<br>**Title:** President Private Wealth<br>**Phone:** 608-232-5971

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

/s/ Doug Heding  MADISON, WI  04-20-2026<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:** 192

**Form 13F Information Table Value Total:** $1124729547

      (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 |
| Abbott Laboratories | Com | 002824100 |  | 597334 | 5818 | SH |  | SOLE |  | 3296 | 0 | 2522 |
| Abbvie Inc Com | Com | 00287Y109 |  | 1558533 | 7166 | SH |  | SOLE |  | 5294 | 0 | 1872 |
| Abrdn Physical Silver Shares E | Com | 003264108 |  | 226288 | 3160 | SH |  | SOLE |  | 3160 | 0 | 0 |
| Abrdn Physical Gold Shares ETF | Com | 00326A104 |  | 272004 | 6096 | SH |  | SOLE |  | 6096 | 0 | 0 |
| Advanced Micro Devices Inc | Com | 007903107 |  | 713226 | 3506 | SH |  | SOLE |  | 3506 | 0 | 0 |
| ATI Inc | Com | 01741R102 |  | 1088623 | 7484 | SH |  | SOLE |  | 7484 | 0 | 0 |
| Alliant Energy Corp | Com | 018802108 |  | 390661 | 5444 | SH |  | SOLE |  | 2328 | 0 | 3116 |
| Alphabet Inc Cap Stk Cl C | Com | 02079K107 |  | 1974744 | 6884 | SH |  | SOLE |  | 6884 | 0 | 0 |
| Alphabet Inc Cap Stk Cl A | Com | 02079K305 |  | 12123817 | 42161 | SH |  | SOLE |  | 42161 | 0 | 0 |
| Oklo Inc. | Com | 02156V109 |  | 329774 | 6650 | SH |  | SOLE |  | 1650 | 0 | 5000 |
| Altria Group Inc | Com | 02209S103 |  | 548113 | 8306 | SH |  | SOLE |  | 1553 | 0 | 6753 |
| Amazon.com Inc | Com | 023135106 |  | 2575467 | 12366 | SH |  | SOLE |  | 11006 | 0 | 1360 |
| American Electric Power Inc | Com | 025537101 |  | 1707579 | 13027 | SH |  | SOLE |  | 13027 | 0 | 0 |
| American Express CO | Com | 025816109 |  | 445251 | 1472 | SH |  | SOLE |  | 1472 | 0 | 0 |
| CENCORA INC | Com | 03073E105 |  | 4819222 | 15341 | SH |  | SOLE |  | 15341 | 0 | 0 |
| Ameriprise Financial Inc | Com | 03076C106 |  | 451066 | 1015 | SH |  | SOLE |  | 1015 | 0 | 0 |
| Analog Devices Inc | Com | 032654105 |  | 4254804 | 13374 | SH |  | SOLE |  | 13374 | 0 | 0 |
| Apollo Global Mgmt Inc | Com | 03769M106 |  | 1214701 | 10902 | SH |  | SOLE |  | 10902 | 0 | 0 |
| Apple Inc | Com | 037833100 |  | 15092638 | 59469 | SH |  | SOLE |  | 54857 | 0 | 4612 |
| Applied Materials Inc | Com | 038222105 |  | 372209 | 1089 | SH |  | SOLE |  | 1089 | 0 | 0 |
| Arista Networks Inc | Com | 040413205 |  | 8124721 | 66173 | SH |  | SOLE |  | 66173 | 0 | 0 |
| Bank of America Corp | Com | 060505104 |  | 3785438 | 77650 | SH |  | SOLE |  | 77650 | 0 | 0 |
| Bank Of Montreal ADR | Com | 063671101 |  | 376922 | 2785 | SH |  | SOLE |  | 72 | 0 | 2713 |
| Berkshire Hathaway Inc Class A | Com | 084670108 |  | 4308840 | 6 | SH |  | SOLE |  | 6 | 0 | 0 |
| Berkshire Hathaway INC-CL B | Com | 084670702 |  | 1053761 | 2199 | SH |  | SOLE |  | 2083 | 0 | 116 |
| Blackstone Inc | Com | 09260D107 |  | 335426 | 2917 | SH |  | SOLE |  | 2917 | 0 | 0 |
| Blackrock Inc New | Com | 09290D101 |  | 803028 | 835 | SH |  | SOLE |  | 835 | 0 | 0 |
| Broadcom Inc | Com | 11135F101 |  | 12890163 | 41647 | SH |  | SOLE |  | 41647 | 0 | 0 |
| Capital One Finl Corp Com | Com | 14040H105 |  | 283861 | 1556 | SH |  | SOLE |  | 1556 | 0 | 0 |
| Caterpillar Inc | Com | 149123101 |  | 417283 | 589 | SH |  | SOLE |  | 589 | 0 | 0 |
| Charles River Labs Intl | Com | 159864107 |  | 224250 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| Chevron Corp | Com | 166764100 |  | 565044 | 2731 | SH |  | SOLE |  | 2234 | 0 | 497 |
| Ciena Corp | Com | 171779309 |  | 11666312 | 30050 | SH |  | SOLE |  | 30050 | 0 | 0 |
| Cisco Systems Inc | Com | 17275R102 |  | 2409170 | 31050 | SH |  | SOLE |  | 28337 | 0 | 2713 |
| Cintas Corporation | Com | 172908105 |  | 484924 | 2867 | SH |  | SOLE |  | 2867 | 0 | 0 |
| Citigroup Inc | Com | 172967424 |  | 4542184 | 40051 | SH |  | SOLE |  | 40051 | 0 | 0 |
| Coca-Cola Co | Com | 191216100 |  | 2948154 | 38766 | SH |  | SOLE |  | 22393 | 0 | 16373 |
| Colgate-Palmolive Co | Com | 194162103 |  | 1287911 | 15111 | SH |  | SOLE |  | 14629 | 0 | 482 |
| Corning Inc | Com | 219350105 |  | 1218563 | 8962 | SH |  | SOLE |  | 8962 | 0 | 0 |
| Costco Wholesale Corp | Com | 22160K105 |  | 4632403 | 4649 | SH |  | SOLE |  | 4649 | 0 | 0 |
| Cummins Inc | Com | 231021106 |  | 443328 | 824 | SH |  | SOLE |  | 824 | 0 | 0 |
| Darden Restaurants Inc | Com | 237194105 |  | 2094491 | 10684 | SH |  | SOLE |  | 10684 | 0 | 0 |
| Denison Mines Corp. | Com | 248356107 |  | 35300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Walt Disney Company | Com | 254687106 |  | 219843 | 2281 | SH |  | SOLE |  | 2281 | 0 | 0 |
| Duke Energy Corp | Com | 26441C204 |  | 402379 | 3073 | SH |  | SOLE |  | 3073 | 0 | 0 |
| EOG Res Inc | Com | 26875P101 |  | 278876 | 1929 | SH |  | SOLE |  | 1929 | 0 | 0 |
| Electronic Arts Inc | Com | 285512109 |  | 2892915 | 14190 | SH |  | SOLE |  | 14190 | 0 | 0 |
| Equinix Inc | Com | 29444U700 |  | 3231851 | 3297 | SH |  | SOLE |  | 3297 | 0 | 0 |
| Essential Utilities Inc | Com | 29670G102 |  | 569659 | 14146 | SH |  | SOLE |  | 14146 | 0 | 0 |
| Expedia Group Inc New | Com | 30212P303 |  | 2817320 | 12202 | SH |  | SOLE |  | 12202 | 0 | 0 |
| Exxon Mobil Corp | Com | 30231G102 |  | 4961876 | 29246 | SH |  | SOLE |  | 25360 | 0 | 3886 |
| Meta Platforms Inc | Com | 30303M102 |  | 2472174 | 4321 | SH |  | SOLE |  | 4321 | 0 | 0 |
| Fidelity Enhanced Large Cap ET | Com | 31609A305 |  | 213693 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| First Business Financial Servi | Com | 319390100 |  | 19485502 | 361311 | SH |  | SOLE |  | 0 | 0 | 361311 |
| FT Vest Rising Dividend Target | Com | 33738D879 |  | 205729 | 8052 | SH |  | SOLE |  | 8052 | 0 | 0 |
| Arthur J. Gallagher  Co | Com | 363576109 |  | 224593 | 1037 | SH |  | SOLE |  | 1037 | 0 | 0 |
| GE Vernova Inc | Com | 36828A101 |  | 224335 | 257 | SH |  | SOLE |  | 257 | 0 | 0 |
| General Dynamics Corp | Com | 369550108 |  | 3384836 | 9862 | SH |  | SOLE |  | 9862 | 0 | 0 |
| GE Aerospace | Com | 369604301 |  | 337403 | 1189 | SH |  | SOLE |  | 782 | 0 | 407 |
| Gilead Sciences Inc | Com | 375558103 |  | 259646 | 1863 | SH |  | SOLE |  | 1863 | 0 | 0 |
| Global X US Infr Dev ETF | Com | 37954Y673 |  | 274425 | 5401 | SH |  | SOLE |  | 5401 | 0 | 0 |
| Goldman Sachs Group Inc | Com | 38141G104 |  | 313862 | 371 | SH |  | SOLE |  | 371 | 0 | 0 |
| Goldman Sachs S 500 Premium | Com | 38149W622 |  | 203963 | 4076 | SH |  | SOLE |  | 4076 | 0 | 0 |
| Goldman Sachs Nasdaq-100 Premi | Com | 38149W630 |  | 201474 | 4071 | SH |  | SOLE |  | 4071 | 0 | 0 |
| Hilton Worldwide Hldgs Inc | Com | 43300A203 |  | 214376 | 705 | SH |  | SOLE |  | 705 | 0 | 0 |
| Home Depot Inc | Com | 437076102 |  | 522935 | 1590 | SH |  | SOLE |  | 1590 | 0 | 0 |
| Illinois Tool Works Inc | Com | 452308109 |  | 652287 | 2506 | SH |  | SOLE |  | 2506 | 0 | 0 |
| Intercontinental Exchange Inc | Com | 45866F104 |  | 2717327 | 17277 | SH |  | SOLE |  | 17277 | 0 | 0 |
| International Business Machine | Com | 459200101 |  | 485750 | 2004 | SH |  | SOLE |  | 1929 | 0 | 75 |
| Intuitive Surgical Inc | Com | 46120E602 |  | 617727 | 1340 | SH |  | SOLE |  | 1340 | 0 | 0 |
| Iqvia Holdings Inc | Com | 46266C105 |  | 1528721 | 8964 | SH |  | SOLE |  | 8964 | 0 | 0 |
| iShares S 500 Core | Com | 464287200 |  | 4228882 | 6474 | SH |  | SOLE |  | 6474 | 0 | 0 |
| iShares Core US Aggregate Bond | Com | 464287226 |  | 37295342 | 375696 | SH |  | SOLE |  | 375696 | 0 | 0 |
| Ishares Tr Global Tech ETF | Com | 464287291 |  | 314206 | 3143 | SH |  | SOLE |  | 3143 | 0 | 0 |
| iShares S 500 Growth | Com | 464287309 |  | 218642 | 1933 | SH |  | SOLE |  | 1933 | 0 | 0 |
| iShares MSCI EAFE ETF | Com | 464287465 |  | 498083 | 5128 | SH |  | SOLE |  | 5128 | 0 | 0 |
| iShares Russell Mid-Cap Value | Com | 464287473 |  | 200684 | 1377 | SH |  | SOLE |  | 1377 | 0 | 0 |
| iShares Core S Mid-Cap ETF | Com | 464287507 |  | 47779771 | 707534 | SH |  | SOLE |  | 707534 | 0 | 0 |
| iShares Russell 1000 Value ETF | Com | 464287598 |  | 56880236 | 266206 | SH |  | SOLE |  | 266206 | 0 | 0 |
| iShares Russell 1000 Growth ET | Com | 464287614 |  | 78162531 | 183308 | SH |  | SOLE |  | 183308 | 0 | 0 |
| iShares Russell 1000 ETF | Com | 464287622 |  | 1513241 | 4244 | SH |  | SOLE |  | 4244 | 0 | 0 |
| iShares Russell 2000 Value | Com | 464287630 |  | 872872 | 4604 | SH |  | SOLE |  | 4604 | 0 | 0 |
| iShares Russell 2000 Growth | Com | 464287648 |  | 982853 | 3132 | SH |  | SOLE |  | 3132 | 0 | 0 |
| iShares Russell 2000 | Com | 464287655 |  | 1227600 | 4950 | SH |  | SOLE |  | 4950 | 0 | 0 |
| iShares Core S Small-Cap ETF | Com | 464287804 |  | 62271976 | 500941 | SH |  | SOLE |  | 500941 | 0 | 0 |
| iShares MSCI ACWI ex US | Com | 464288240 |  | 404315 | 5905 | SH |  | SOLE |  | 5905 | 0 | 0 |
| iShares National Muni Bond ETF | Com | 464288414 |  | 5623827 | 52980 | SH |  | SOLE |  | 52980 | 0 | 0 |
| Ishares Silver Trust | Com | 46428Q109 |  | 703886 | 10330 | SH |  | SOLE |  | 0 | 0 | 10330 |
| iShares Edge MSCI Min Vol USA | Com | 46429B697 |  | 806282 | 8694 | SH |  | SOLE |  | 8694 | 0 | 0 |
| iShares Edge MSCI USA Momentum | Com | 46432F396 |  | 4880197 | 20335 | SH |  | SOLE |  | 20335 | 0 | 0 |
| iShares Core MSCI EAFE ETF | Com | 46432F842 |  | 140868844 | 1556046 | SH |  | SOLE |  | 1556046 | 0 | 0 |
| iShares Core Dividend Growth | Com | 46434V621 |  | 58611178 | 835155 | SH |  | SOLE |  | 835155 | 0 | 0 |
| JPMorgan Chase  Co | Com | 46625H100 |  | 10395614 | 35340 | SH |  | SOLE |  | 35340 | 0 | 0 |
| JPMorgan Ultra-Short Income ET | Com | 46641Q837 |  | 17698469 | 349703 | SH |  | SOLE |  | 349703 | 0 | 0 |
| Johnson  Johnson | Com | 478160104 |  | 1135913 | 4647 | SH |  | SOLE |  | 4547 | 0 | 100 |
| Kroger Co | Com | 501044101 |  | 1906614 | 26349 | SH |  | SOLE |  | 26349 | 0 | 0 |
| Lam Research Corporation | Com | 512807306 |  | 6589488 | 30841 | SH |  | SOLE |  | 30841 | 0 | 0 |
| Lilly Eli Co | Com | 532457108 |  | 5901244 | 6416 | SH |  | SOLE |  | 6416 | 0 | 0 |
| Lowe's Companies Inc | Com | 548661107 |  | 2210399 | 9355 | SH |  | SOLE |  | 9355 | 0 | 0 |
| MGE Energy Inc | Com | 55277P104 |  | 576429 | 7458 | SH |  | SOLE |  | 3926 | 0 | 3532 |
| Marathon Petroleum Corp | Com | 56585A102 |  | 209262 | 857 | SH |  | SOLE |  | 857 | 0 | 0 |
| Marvell Technology Group LTD | Com | 573874104 |  | 308343 | 3113 | SH |  | SOLE |  | 3113 | 0 | 0 |
| Mastercard Inc Cl A | Com | 57636Q104 |  | 690530 | 1382 | SH |  | SOLE |  | 1382 | 0 | 0 |
| McDonald's Corp | Com | 580135101 |  | 494778 | 1592 | SH |  | SOLE |  | 1592 | 0 | 0 |
| McKesson Corp | Com | 58155Q103 |  | 452583 | 523 | SH |  | SOLE |  | 523 | 0 | 0 |
| Merck  Co Inc | Com | 58933Y105 |  | 1059033 | 8804 | SH |  | SOLE |  | 8341 | 0 | 463 |
| Microsoft Corp | Com | 594918104 |  | 6680458 | 18047 | SH |  | SOLE |  | 17218 | 0 | 829 |
| Microchip Technology Inc | Com | 595017104 |  | 202617 | 3136 | SH |  | SOLE |  | 3136 | 0 | 0 |
| Mondelez Intl Inc Class A | Com | 609207105 |  | 698482 | 12118 | SH |  | SOLE |  | 954 | 0 | 11164 |
| Morgan Stanley | Com | 617446448 |  | 341647 | 2076 | SH |  | SOLE |  | 2076 | 0 | 0 |
| Netflix Inc | Com | 64110L106 |  | 2031265 | 21126 | SH |  | SOLE |  | 21126 | 0 | 0 |
| Nextera Energy Inc | Com | 65339F101 |  | 3095133 | 33324 | SH |  | SOLE |  | 30208 | 0 | 3116 |
| Norfolk Southern Corp | Com | 655844108 |  | 217546 | 758 | SH |  | SOLE |  | 758 | 0 | 0 |
| Nucor Corp | Com | 670346105 |  | 3321970 | 19645 | SH |  | SOLE |  | 19645 | 0 | 0 |
| Nvidia Corp | Com | 67066G104 |  | 17431280 | 99950 | SH |  | SOLE |  | 96000 | 0 | 3950 |
| Nuveen ESG Large Cap Value | Com | 67092P300 |  | 861361 | 18931 | SH |  | SOLE |  | 18931 | 0 | 0 |
| Oracle Corp | Com | 68389X105 |  | 263915 | 1794 | SH |  | SOLE |  | 1794 | 0 | 0 |
| Oshkosh Corporation | Com | 688239201 |  | 2071097 | 14069 | SH |  | SOLE |  | 13944 | 0 | 125 |
| PNC Financial Services Group I | Com | 693475105 |  | 283002 | 1360 | SH |  | SOLE |  | 599 | 0 | 761 |
| PPL Corp | Com | 69351T106 |  | 212125 | 5553 | SH |  | SOLE |  | 5553 | 0 | 0 |
| Palantir Technologies Inc | Com | 69608A108 |  | 1289458 | 8815 | SH |  | SOLE |  | 8815 | 0 | 0 |
| Parker Hannifin Corp | Com | 701094104 |  | 420763 | 470 | SH |  | SOLE |  | 470 | 0 | 0 |
| Pepsico Inc | Com | 713448108 |  | 591500 | 3809 | SH |  | SOLE |  | 3211 | 0 | 598 |
| Philip Morris International In | Com | 718172109 |  | 1729126 | 10458 | SH |  | SOLE |  | 1070 | 0 | 9388 |
| Phillips 66 | Com | 718546104 |  | 267987 | 1471 | SH |  | SOLE |  | 1471 | 0 | 0 |
| Procter  Gamble Co | Com | 742718109 |  | 774198 | 5360 | SH |  | SOLE |  | 5360 | 0 | 0 |
| Prudential Financial Inc | Com | 744320102 |  | 2739814 | 28046 | SH |  | SOLE |  | 28046 | 0 | 0 |
| Pulte Group Inc Com | Com | 745867101 |  | 306374 | 2605 | SH |  | SOLE |  | 2605 | 0 | 0 |
| Qualcomm Inc | Com | 747525103 |  | 1304284 | 10128 | SH |  | SOLE |  | 10128 | 0 | 0 |
| Quanta Services Inc | Com | 74762E102 |  | 8524634 | 15527 | SH |  | SOLE |  | 15527 | 0 | 0 |
| Republic Services Inc | Com | 760759100 |  | 3116217 | 14228 | SH |  | SOLE |  | 14228 | 0 | 0 |
| Rockwell Automation Inc | Com | 773903109 |  | 235066 | 655 | SH |  | SOLE |  | 655 | 0 | 0 |
| Shell Plc ADR | Com | 780259305 |  | 209901 | 2257 | SH |  | SOLE |  | 2257 | 0 | 0 |
| State Street SPDR S 500 ETF | Com | 78462F103 |  | 28454976 | 43754 | SH |  | SOLE |  | 43754 | 0 | 0 |
| Spdr Gold Trust | Com | 78463V107 |  | 1827442 | 4247 | SH |  | SOLE |  | 0 | 0 | 4247 |
| State St SPDR Port Developed W | Com | 78463X889 |  | 294169 | 6444 | SH |  | SOLE |  | 6444 | 0 | 0 |
| STATE STREET SPDR S MIDCAP 4 | Com | 78467Y107 |  | 547066 | 887 | SH |  | SOLE |  | 887 | 0 | 0 |
| Salesforce Inc. | Com | 79466L302 |  | 991031 | 5309 | SH |  | SOLE |  | 5309 | 0 | 0 |
| SLB Limited | Com | 806857108 |  | 1992853 | 38779 | SH |  | SOLE |  | 38779 | 0 | 0 |
| The Charles Schwab Corp | Com | 808513105 |  | 270756 | 2881 | SH |  | SOLE |  | 2881 | 0 | 0 |
| State Street Consumer Dis Sele | Com | 81369Y407 |  | 1406060 | 12902 | SH |  | SOLE |  | 12902 | 0 | 0 |
| State Street Energy Select Sec | Com | 81369Y506 |  | 3322987 | 54244 | SH |  | SOLE |  | 54244 | 0 | 0 |
| Financial Select Sector SPDR E | Com | 81369Y605 |  | 1189570 | 24095 | SH |  | SOLE |  | 24095 | 0 | 0 |
| State Street Industrial Select | Com | 81369Y704 |  | 2266322 | 14013 | SH |  | SOLE |  | 14013 | 0 | 0 |
| State Street Technology Select | Com | 81369Y803 |  | 4850584 | 36498 | SH |  | SOLE |  | 36498 | 0 | 0 |
| State Street Comm Svcs Select | Com | 81369Y852 |  | 811163 | 7317 | SH |  | SOLE |  | 7317 | 0 | 0 |
| State Street Utilities Select | Com | 81369Y886 |  | 362715 | 7904 | SH |  | SOLE |  | 7904 | 0 | 0 |
| Servicenow Inc | Com | 81762P102 |  | 237329 | 2270 | SH |  | SOLE |  | 2270 | 0 | 0 |
| Simplify Managed Futures ETF | Com | 82889N699 |  | 730689 | 24179 | SH |  | SOLE |  | 24179 | 0 | 0 |
| Southern Company | Com | 842587107 |  | 507792 | 5261 | SH |  | SOLE |  | 5261 | 0 | 0 |
| STRATTEC Security Corporation | Com | 863111100 |  | 281867 | 3598 | SH |  | SOLE |  | 0 | 0 | 3598 |
| Stryker Corp | Com | 863667101 |  | 3175822 | 9665 | SH |  | SOLE |  | 9665 | 0 | 0 |
| TJX Companies Inc | Com | 872540109 |  | 3109519 | 19471 | SH |  | SOLE |  | 19471 | 0 | 0 |
| T Mobile US Inc | Com | 872590104 |  | 3550347 | 16904 | SH |  | SOLE |  | 16904 | 0 | 0 |
| Tetra Tech Inc New | Com | 88162G103 |  | 506618 | 16820 | SH |  | SOLE |  | 16820 | 0 | 0 |
| Texas Instruments Inc | Com | 882508104 |  | 2639527 | 13596 | SH |  | SOLE |  | 13596 | 0 | 0 |
| Thermo Fisher Scientific Inc | Com | 883556102 |  | 262969 | 535 | SH |  | SOLE |  | 535 | 0 | 0 |
| Thomson Reuters Corp. | Com | 884903808 |  | 354701 | 3942 | SH |  | SOLE |  | 3942 | 0 | 0 |
| Return Stacked Global Stocks | Com | 88636J204 |  | 2128040 | 78208 | SH |  | SOLE |  | 78208 | 0 | 0 |
| Toll Brothers Inc | Com | 889478103 |  | 2317670 | 16983 | SH |  | SOLE |  | 16983 | 0 | 0 |
| Transdigm Group Inc | Com | 893641100 |  | 755642 | 652 | SH |  | SOLE |  | 652 | 0 | 0 |
| Truist Financial Corporation | Com | 89832Q109 |  | 201211 | 4377 | SH |  | SOLE |  | 3327 | 0 | 1050 |
| US Bancorp | Com | 902973304 |  | 262807 | 5053 | SH |  | SOLE |  | 1671 | 0 | 3382 |
| Under Armour Inc | Com | 904311206 |  | 115800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| Union Pacific Corp | Com | 907818108 |  | 345006 | 1422 | SH |  | SOLE |  | 1422 | 0 | 0 |
| United States Commodity Index | Com | 911717106 |  | 331418 | 3477 | SH |  | SOLE |  | 3477 | 0 | 0 |
| UnitedHealth Group Inc | Com | 91324P102 |  | 202943 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| Vanguard World Mega Cap Val ET | Com | 921910840 |  | 204524 | 1411 | SH |  | SOLE |  | 1411 | 0 | 0 |
| Vanguard FTSE Developed Market | Com | 921943858 |  | 420493 | 6562 | SH |  | SOLE |  | 6562 | 0 | 0 |
| Vanguard Short-Term Inflation | Com | 922020805 |  | 6634459 | 132822 | SH |  | SOLE |  | 132822 | 0 | 0 |
| Vanguard Information Technolog | Com | 92204A702 |  | 362117 | 519 | SH |  | SOLE |  | 519 | 0 | 0 |
| Vanguard Communication SVCS ET | Com | 92204A884 |  | 1115008 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| Vanguard Mid-Cap ETF | Com | 922908629 |  | 920412 | 3205 | SH |  | SOLE |  | 3205 | 0 | 0 |
| Vanguard Index Growth | Com | 922908736 |  | 677025 | 1550 | SH |  | SOLE |  | 1550 | 0 | 0 |
| Vanguard Index Value | Com | 922908744 |  | 527582 | 2689 | SH |  | SOLE |  | 2689 | 0 | 0 |
| Vanguard Small-Cap ETF | Com | 922908751 |  | 1327934 | 5070 | SH |  | SOLE |  | 5070 | 0 | 0 |
| Vanguard Total Stock Market ET | Com | 922908769 |  | 255745561 | 797187 | SH |  | SOLE |  | 797187 | 0 | 0 |
| Verizon Communications Inc | Com | 92343V104 |  | 226904 | 4520 | SH |  | SOLE |  | 4520 | 0 | 0 |
| Visa Inc | Com | 92826C839 |  | 370848 | 1227 | SH |  | SOLE |  | 1227 | 0 | 0 |
| Wal-Mart Inc | Com | 931142103 |  | 1095404 | 8814 | SH |  | SOLE |  | 8814 | 0 | 0 |
| Waste Mgmt Inc Del | Com | 94106L109 |  | 381222 | 1659 | SH |  | SOLE |  | 1659 | 0 | 0 |
| Weyco Group Inc | Com | 962149100 |  | 453700 | 14156 | SH |  | SOLE |  | 0 | 0 | 14156 |
| Wisdomtree Tr US Qtly Div Grt | Com | 97717X669 |  | 223377 | 2543 | SH |  | SOLE |  | 2543 | 0 | 0 |
| Woodward Inc | Com | 980745103 |  | 357920 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| Xcel Energy Inc. | Com | 98389B100 |  | 332377 | 4184 | SH |  | SOLE |  | 4047 | 0 | 137 |
| Amdocs Ltd ADR | Com | G02602103 |  | 290407 | 4450 | SH |  | SOLE |  | 4450 | 0 | 0 |
| Aon PLC Shs Cl A | Com | G0403H108 |  | 446728 | 1384 | SH |  | SOLE |  | 1384 | 0 | 0 |
| Accenture PLC | Com | G1151C101 |  | 771150 | 3889 | SH |  | SOLE |  | 3889 | 0 | 0 |
| Eaton Corp PLC | Com | G29183103 |  | 777217 | 2173 | SH |  | SOLE |  | 2173 | 0 | 0 |
| TE Connectivity PLC ADR | Com | G87052109 |  | 496423 | 2375 | SH |  | SOLE |  | 2375 | 0 | 0 |
| Chubb Limited Com | Com | H1467J104 |  | 200121 | 614 | SH |  | SOLE |  | 614 | 0 | 0 |
| ASML Holding N V N Y Registry | Com | N07059210 |  | 966848 | 732 | SH |  | SOLE |  | 56 | 0 | 676 |

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