# EDGAR Filing Document

**Accession Number:** 0001299351
**File Stem:** 0001299351-23-000009
**Filing Date:** 2023-2
**Character Count:** 34567
**Document Hash:** 9d9f739ff06e1d48e60b05b3fe77439b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001299351-23-000009.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001299351-23-000009

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Madison Asset Management, LLC
- **CENTRAL INDEX KEY:** 0001299351
- **IRS NUMBER:** 870698416
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10986
- **FILM NUMBER:** 23597652

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 608-274-0300

**MAIL ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711

### 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:** MADISON ASSET MANAGEMENT LLC<br>**Address:** 550 SCIENCE DRIVE<br>MADISON, WI 53711

**Form 13F File Number:** 028-10986

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:** Breeann L. Gumz<br>**Title:** Compliance Analyst<br>**Phone:** 608-216-9124

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

Breeann L. Gumz  Madison, WI  02-08-2023<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:** 317

**Form 13F Information Table Value Total:** $6373821

      (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 |  | 2338 | 19500 | SH |  | SOLE |  | 19500 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 470 | 2906 | SH |  | SOLE |  | 2906 | 0 | 0 |
| Accenture PLC | COM | G1151C101 |  | 50091 | 187719 | SH |  | SOLE |  | 182693 | 0 | 5026 |
| adidas AG - Spons ADR | COM | 00687A107 |  | 1731 | 25551 | SH |  | SOLE |  | 25235 | 0 | 316 |
| Adobe Inc | COM | 00724F101 |  | 33094 | 98338 | SH |  | SOLE |  | 96344 | 0 | 1994 |
| AES Corp/VA | COM | 00130H105 |  | 4458 | 155000 | SH |  | SOLE |  | 155000 | 0 | 0 |
| Aflac Inc | COM | 001055102 |  | 26275 | 365235 | SH |  | SOLE |  | 364713 | 0 | 522 |
| AIA Group Ltd - Spons ADR | COM | 001317205 |  | 2604 | 58614 | SH |  | SOLE |  | 57978 | 0 | 636 |
| Air Liquide SA - Unspons ADR | COM | 009126202 |  | 2078 | 73464 | SH |  | SOLE |  | 72655 | 0 | 809 |
| Air Products  Chemicals Inc | COM | 009158106 |  | 32848 | 106559 | SH |  | SOLE |  | 106541 | 0 | 18 |
| Airbus SE - Unspons ADR | COM | 009279100 |  | 3231 | 108937 | SH |  | SOLE |  | 107707 | 0 | 1230 |
| Alcon Inc | COM | H01301128 |  | 63845 | 931368 | SH |  | SOLE |  | 903382 | 0 | 27986 |
| Alibaba Group Holding Ltd - Sp | COM | 01609W102 |  | 4109 | 46644 | SH |  | SOLE |  | 46299 | 0 | 345 |
| Alliant Energy Corp | COM | 018802108 |  | 384 | 6953 | SH |  | SOLE |  | 6953 | 0 | 0 |
| Allstate Corp | COM | 020002101 |  | 861 | 6349 | SH |  | SOLE |  | 6349 | 0 | 0 |
| Alphabet Inc | COM | 02079K107 |  | 129383 | 1458167 | SH |  | SOLE |  | 1426092 | 0 | 32075 |
| Alphabet Inc | COM | 02079K305 |  | 678 | 7682 | SH |  | SOLE |  | 7682 | 0 | 0 |
| Alteryx Inc | COM | 02156B103 |  | 4812 | 94960 | SH |  | SOLE |  | 94960 | 0 | 0 |
| Altria Group Inc | COM | 02209S103 |  | 753 | 16469 | SH |  | SOLE |  | 16469 | 0 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 53917 | 641866 | SH |  | SOLE |  | 626792 | 0 | 15074 |
| American Electric Power Co Inc | COM | 025537101 |  | 279 | 2943 | SH |  | SOLE |  | 2943 | 0 | 0 |
| American Tower Corp | COM | 03027X100 |  | 37414 | 176600 | SH |  | SOLE |  | 176451 | 0 | 149 |
| AmerisourceBergen Corp | COM | 03073E105 |  | 213 | 1283 | SH |  | SOLE |  | 1176 | 0 | 107 |
| Amgen Inc | COM | 031162100 |  | 2018 | 7683 | SH |  | SOLE |  | 7683 | 0 | 0 |
| Amphenol Corp | COM | 032095101 |  | 57966 | 761314 | SH |  | SOLE |  | 733387 | 0 | 27927 |
| Analog Devices Inc | COM | 032654105 |  | 100543 | 612953 | SH |  | SOLE |  | 600063 | 0 | 12890 |
| APA Corp | COM | 03743Q108 |  | 8930 | 191300 | SH |  | SOLE |  | 191300 | 0 | 0 |
| Apple Inc | COM | 037833100 |  | 32196 | 247792 | SH |  | SOLE |  | 246533 | 0 | 1259 |
| Arch Capital Group Ltd | COM | G0450A105 |  | 267089 | 4254366 | SH |  | SOLE |  | 4108593 | 0 | 145773 |
| Archer-Daniels-Midland Co | COM | 039483102 |  | 29985 | 322945 | SH |  | SOLE |  | 322582 | 0 | 363 |
| Arista Networks Inc | COM | 040413106 |  | 61471 | 506556 | SH |  | SOLE |  | 487943 | 0 | 18613 |
| Armstrong World Industries Inc | COM | 04247X102 |  | 28402 | 414086 | SH |  | SOLE |  | 401016 | 0 | 13070 |
| Artisan Partners Asset Managem | COM | 04316A108 |  | 337 | 11358 | SH |  | SOLE |  | 11358 | 0 | 0 |
| ASML Holding NV - NY Reg Shrs | COM | N07059210 |  | 3564 | 6522 | SH |  | SOLE |  | 6471 | 0 | 51 |
| AstraZeneca PLC - Spons ADR | COM | 046353108 |  | 3688 | 54389 | SH |  | SOLE |  | 53878 | 0 | 511 |
| Automatic Data Processing Inc | COM | 053015103 |  | 21029 | 88038 | SH |  | SOLE |  | 87678 | 0 | 360 |
| Axis Capital Holdings Ltd | COM | G0692U109 |  | 6418 | 118476 | SH |  | SOLE |  | 118476 | 0 | 0 |
| Baker Hughes Co | COM | 05722G100 |  | 37833 | 1281173 | SH |  | SOLE |  | 1281011 | 0 | 162 |
| Barrick Gold Corp | COM | 067901108 |  | 7551 | 439500 | SH |  | SOLE |  | 439500 | 0 | 0 |
| Becton Dickinson and Co | COM | 075887109 |  | 85255 | 335252 | SH |  | SOLE |  | 326881 | 0 | 8371 |
| Berkshire Hathaway Inc | COM | 084670702 |  | 79263 | 256598 | SH |  | SOLE |  | 249935 | 0 | 6663 |
| Black Knight Inc | COM | 09215C105 |  | 66171 | 1071593 | SH |  | SOLE |  | 1034533 | 0 | 37060 |
| BlackRock Inc | COM | 09247X101 |  | 52480 | 74058 | SH |  | SOLE |  | 73831 | 0 | 227 |
| Box Inc | COM | 10316T104 |  | 8305 | 266779 | SH |  | SOLE |  | 266779 | 0 | 0 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 42227 | 586894 | SH |  | SOLE |  | 584507 | 0 | 2387 |
| Broadcom Inc | COM | 11135F101 |  | 308 | 551 | SH |  | SOLE |  | 551 | 0 | 0 |
| Brookfield Asset Management Lt | COM | 113004105 |  | 16222 | 565827 | SH |  | SOLE |  | 546898 | 0 | 18929 |
| Brookfield Corp | COM | 11271J107 |  | 71318 | 2266930 | SH |  | SOLE |  | 2190609 | 0 | 76321 |
| Brown-Forman Corp | COM | 115637209 |  | 18241 | 277719 | SH |  | SOLE |  | 267528 | 0 | 10191 |
| Brown  Brown Inc | COM | 115236101 |  | 75497 | 1325202 | SH |  | SOLE |  | 1276742 | 0 | 48460 |
| BRP Group Inc | COM | 05589G102 |  | 4406 | 175276 | SH |  | SOLE |  | 175276 | 0 | 0 |
| Cameco Corp | COM | 13321L108 |  | 4045 | 178445 | SH |  | SOLE |  | 177066 | 0 | 1379 |
| Canadian Pacific Railway Ltd | COM | 13645T100 |  | 2598 | 34826 | SH |  | SOLE |  | 34556 | 0 | 270 |
| Carlisle Cos Inc | COM | 142339100 |  | 70287 | 298270 | SH |  | SOLE |  | 287897 | 0 | 10373 |
| CarMax Inc | COM | 143130102 |  | 42070 | 690912 | SH |  | SOLE |  | 665117 | 0 | 25795 |
| Caterpillar Inc | COM | 149123101 |  | 36700 | 153199 | SH |  | SOLE |  | 153018 | 0 | 181 |
| CDW Corp/DE | COM | 12514G108 |  | 65003 | 363999 | SH |  | SOLE |  | 350673 | 0 | 13326 |
| Charles Schwab Corp/The | COM | 808513105 |  | 5606 | 67330 | SH |  | SOLE |  | 67330 | 0 | 0 |
| Chemours Co/The | COM | 163851108 |  | 2793 | 91199 | SH |  | SOLE |  | 91199 | 0 | 0 |
| Cheniere Energy Inc | COM | 16411R208 |  | 537 | 3583 | SH |  | SOLE |  | 3583 | 0 | 0 |
| Chevron Corp | COM | 166764100 |  | 36927 | 205732 | SH |  | SOLE |  | 205705 | 0 | 27 |
| Ciena Corp | COM | 171779309 |  | 8230 | 161428 | SH |  | SOLE |  | 161428 | 0 | 0 |
| Cigna Corp | COM | 125523100 |  | 208 | 629 | SH |  | SOLE |  | 629 | 0 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 48931 | 1027109 | SH |  | SOLE |  | 1025326 | 0 | 1783 |
| CME Group Inc | COM | 12572Q105 |  | 35579 | 211576 | SH |  | SOLE |  | 211546 | 0 | 30 |
| Coca-Cola Co | COM | 191216100 |  | 18681 | 293680 | SH |  | SOLE |  | 293415 | 0 | 265 |
| Cogent Communications Holdings | COM | 19239V302 |  | 4772 | 83605 | SH |  | SOLE |  | 83605 | 0 | 0 |
| Comcast Corp | COM | 20030N101 |  | 29049 | 830671 | SH |  | SOLE |  | 830538 | 0 | 133 |
| CommVault Systems Inc | COM | 204166102 |  | 4789 | 76205 | SH |  | SOLE |  | 76205 | 0 | 0 |
| Concrete Pumping Holdings Inc | COM | 206704108 |  | 915 | 156329 | SH |  | SOLE |  | 156329 | 0 | 0 |
| Constellation Brands Inc | COM | 21036P108 |  | 6854 | 29575 | SH |  | SOLE |  | 29575 | 0 | 0 |
| Copart Inc | COM | 217204106 |  | 104627 | 1718289 | SH |  | SOLE |  | 1659222 | 0 | 59067 |
| Costco Wholesale Corp | COM | 22160K105 |  | 23133 | 50675 | SH |  | SOLE |  | 50242 | 0 | 433 |
| Crane Holdings Co | COM | 224441105 |  | 3817 | 37998 | SH |  | SOLE |  | 37998 | 0 | 0 |
| CSX Corp | COM | 126408103 |  | 213 | 6888 | SH |  | SOLE |  | 6888 | 0 | 0 |
| CTS Corp | COM | 126501105 |  | 4336 | 109984 | SH |  | SOLE |  | 109984 | 0 | 0 |
| CVS Health Corp | COM | 126650100 |  | 41686 | 447326 | SH |  | SOLE |  | 447267 | 0 | 59 |
| CyberArk Software Ltd | COM | M2682V108 |  | 2399 | 18501 | SH |  | SOLE |  | 18365 | 0 | 136 |
| Danaher Corp | COM | 235851102 |  | 65863 | 248148 | SH |  | SOLE |  | 242394 | 0 | 5754 |
| DBS Group Holdings Ltd - Spons | COM | 23304Y100 |  | 2948 | 29080 | SH |  | SOLE |  | 28766 | 0 | 314 |
| Deere  Co | COM | 244199105 |  | 217 | 507 | SH |  | SOLE |  | 507 | 0 | 0 |
| Deutsche Telekom AG - Spons AD | COM | 251566105 |  | 2968 | 148533 | SH |  | SOLE |  | 146933 | 0 | 1600 |
| Diageo PLC - Spons ADR | COM | 25243Q205 |  | 2366 | 13276 | SH |  | SOLE |  | 13133 | 0 | 143 |
| Diamondback Energy Inc | COM | 25278X109 |  | 6223 | 45500 | SH |  | SOLE |  | 45500 | 0 | 0 |
| Discover Financial Services | COM | 254709108 |  | 278 | 2844 | SH |  | SOLE |  | 2844 | 0 | 0 |
| Dollar Tree Inc | COM | 256746108 |  | 153792 | 1087329 | SH |  | SOLE |  | 1051150 | 0 | 36179 |
| Dominion Energy Inc | COM | 25746U109 |  | 27557 | 449397 | SH |  | SOLE |  | 449321 | 0 | 76 |
| Duke Energy Corp | COM | 26441C204 |  | 980 | 9519 | SH |  | SOLE |  | 9519 | 0 | 0 |
| Duluth Holdings Inc | COM | 26443V101 |  | 4714 | 762777 | SH |  | SOLE |  | 762777 | 0 | 0 |
| Ecolab Inc | COM | 278865100 |  | 8246 | 56650 | SH |  | SOLE |  | 55924 | 0 | 726 |
| Edgewell Personal Care Co | COM | 28035Q102 |  | 5222 | 135499 | SH |  | SOLE |  | 135499 | 0 | 0 |
| Eli Lilly  Co | COM | 532457108 |  | 32850 | 89794 | SH |  | SOLE |  | 89070 | 0 | 724 |
| Emerson Electric Co | COM | 291011104 |  | 19165 | 199510 | SH |  | SOLE |  | 198990 | 0 | 520 |
| Encompass Health Corp | COM | 29261A100 |  | 7930 | 132584 | SH |  | SOLE |  | 132584 | 0 | 0 |
| Entegris Inc | COM | 29362U104 |  | 4414 | 67291 | SH |  | SOLE |  | 67291 | 0 | 0 |
| EOG Resources Inc | COM | 26875P101 |  | 31378 | 242266 | SH |  | SOLE |  | 242234 | 0 | 32 |
| EQT Corp | COM | 26884L109 |  | 3045 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| EssilorLuxottica SA - Unspons | COM | 297284200 |  | 1639 | 18090 | SH |  | SOLE |  | 17894 | 0 | 196 |
| Estee Lauder Cos Inc/The | COM | 518439104 |  | 4386 | 17679 | SH |  | SOLE |  | 17431 | 0 | 248 |
| Expeditors International of Wa | COM | 302130109 |  | 35243 | 339138 | SH |  | SOLE |  | 326813 | 0 | 12325 |
| Exxon Mobil Corp | COM | 30231G102 |  | 7321 | 66375 | SH |  | SOLE |  | 66375 | 0 | 0 |
| Fastenal Co | COM | 311900104 |  | 19433 | 410677 | SH |  | SOLE |  | 410149 | 0 | 528 |
| FedEx Corp | COM | 31428X106 |  | 4434 | 25600 | SH |  | SOLE |  | 25600 | 0 | 0 |
| Ferguson PLC | COM | G3421J106 |  | 26344 | 207479 | SH |  | SOLE |  | 201784 | 0 | 5695 |
| Ferrari NV | COM | N3167Y103 |  | 2948 | 13762 | SH |  | SOLE |  | 13655 | 0 | 107 |
| Fiserv Inc | COM | 337738108 |  | 75158 | 743619 | SH |  | SOLE |  | 726173 | 0 | 17446 |
| Floor  Decor Holdings Inc | COM | 339750101 |  | 42639 | 612360 | SH |  | SOLE |  | 589343 | 0 | 23017 |
| FormFactor Inc | COM | 346375108 |  | 2478 | 111451 | SH |  | SOLE |  | 111451 | 0 | 0 |
| Garmin Ltd | COM | H2906T109 |  | 4593 | 49772 | SH |  | SOLE |  | 49772 | 0 | 0 |
| Gartner Inc | COM | 366651107 |  | 112118 | 333546 | SH |  | SOLE |  | 321070 | 0 | 12476 |
| General Dynamics Corp | COM | 369550108 |  | 653 | 2630 | SH |  | SOLE |  | 2630 | 0 | 0 |
| Genmab A/S - Spons ADR | COM | 372303206 |  | 2492 | 58809 | SH |  | SOLE |  | 58170 | 0 | 639 |
| Gilead Sciences Inc | COM | 375558103 |  | 870 | 10129 | SH |  | SOLE |  | 10129 | 0 | 0 |
| Glacier Bancorp Inc | COM | 37637Q105 |  | 32109 | 649720 | SH |  | SOLE |  | 626034 | 0 | 23686 |
| Globus Medical Inc | COM | 379577208 |  | 5861 | 78921 | SH |  | SOLE |  | 78921 | 0 | 0 |
| Gogo Inc | COM | 38046C109 |  | 4356 | 295124 | SH |  | SOLE |  | 295124 | 0 | 0 |
| Hain Celestial Group Inc/The | COM | 405217100 |  | 2966 | 183338 | SH |  | SOLE |  | 183338 | 0 | 0 |
| HDFC Bank Ltd - Spons ADR | COM | 40415F101 |  | 5938 | 86803 | SH |  | SOLE |  | 86134 | 0 | 669 |
| Helios Technologies Inc | COM | 42328H109 |  | 2034 | 37364 | SH |  | SOLE |  | 37364 | 0 | 0 |
| Hershey Co/The | COM | 427866108 |  | 302 | 1303 | SH |  | SOLE |  | 1303 | 0 | 0 |
| Hillman Solutions Corp | COM | 431636109 |  | 3473 | 481705 | SH |  | SOLE |  | 481705 | 0 | 0 |
| Home Depot Inc | COM | 437076102 |  | 56301 | 178247 | SH |  | SOLE |  | 177717 | 0 | 530 |
| Honeywell International Inc | COM | 438516106 |  | 30030 | 140132 | SH |  | SOLE |  | 139980 | 0 | 152 |
| Humana Inc | COM | 444859102 |  | 5710 | 11149 | SH |  | SOLE |  | 11149 | 0 | 0 |
| Huntsman Corp | COM | 447011107 |  | 3088 | 112368 | SH |  | SOLE |  | 112368 | 0 | 0 |
| Illinois Tool Works Inc | COM | 452308109 |  | 4587 | 20822 | SH |  | SOLE |  | 20822 | 0 | 0 |
| Infosys Ltd - Spons ADR | COM | 456788108 |  | 3110 | 172659 | SH |  | SOLE |  | 171317 | 0 | 1342 |
| International Business Machine | COM | 459200101 |  | 1394 | 9892 | SH |  | SOLE |  | 9892 | 0 | 0 |
| Intuit Inc | COM | 461202103 |  | 7210 | 18525 | SH |  | SOLE |  | 18525 | 0 | 0 |
| Iron Mountain Inc | COM | 46284V101 |  | 1738 | 34871 | SH |  | SOLE |  | 34871 | 0 | 0 |
| Itau Unibanco Holding SA - Spo | COM | 465562106 |  | 2028 | 430635 | SH |  | SOLE |  | 427488 | 0 | 3147 |
| Jacobs Solutions Inc | COM | 46982L108 |  | 72628 | 604878 | SH |  | SOLE |  | 588970 | 0 | 15908 |
| Johnson  Johnson | COM | 478160104 |  | 46140 | 261192 | SH |  | SOLE |  | 260843 | 0 | 349 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 54622 | 407325 | SH |  | SOLE |  | 406131 | 0 | 1194 |
| Kerry Group PLC - Spons ADR | COM | 492460100 |  | 2053 | 22941 | SH |  | SOLE |  | 22645 | 0 | 296 |
| Kinder Morgan Inc/DE | COM | 49456B101 |  | 26256 | 1452185 | SH |  | SOLE |  | 1451945 | 0 | 240 |
| KION Group AG - Unspons ADR | COM | 497216101 |  | 2218 | 313333 | SH |  | SOLE |  | 309584 | 0 | 3749 |
| Kraft Heinz Co/The | COM | 500754106 |  | 269 | 6619 | SH |  | SOLE |  | 6619 | 0 | 0 |
| Laboratory Corp of America Hol | COM | 50540R409 |  | 67972 | 288653 | SH |  | SOLE |  | 278059 | 0 | 10594 |
| Las Vegas Sands Corp | COM | 517834107 |  | 10720 | 223000 | SH |  | SOLE |  | 223000 | 0 | 0 |
| Lasertec Corp - Unspons ADR | COM | 51809L109 |  | 2102 | 64863 | SH |  | SOLE |  | 64164 | 0 | 699 |
| Liberty Broadband Corp | COM | 530307305 |  | 92810 | 1216864 | SH |  | SOLE |  | 1174927 | 0 | 41937 |
| Liberty Media Corp-Liberty For | COM | 531229870 |  | 7149 | 133808 | SH |  | SOLE |  | 133808 | 0 | 0 |
| Liberty Media Corp-Liberty For | COM | 531229854 |  | 11143 | 186401 | SH |  | SOLE |  | 174661 | 0 | 11740 |
| Linde PLC | COM | G5494J103 |  | 14486 | 44411 | SH |  | SOLE |  | 43975 | 0 | 436 |
| London Stock Exchange Group PL | COM | 54211N101 |  | 1765 | 82359 | SH |  | SOLE |  | 81426 | 0 | 933 |
| Lonza Group AG - Unspons ADR | COM | 54338V101 |  | 2119 | 43470 | SH |  | SOLE |  | 42992 | 0 | 478 |
| Lowe's Cos Inc | COM | 548661107 |  | 83912 | 421162 | SH |  | SOLE |  | 410449 | 0 | 10713 |
| Lumen Technologies Inc | COM | 550241103 |  | 1634 | 313000 | SH |  | SOLE |  | 313000 | 0 | 0 |
| LVMH Moet Hennessy Louis Vuitt | COM | 502441306 |  | 2155 | 14877 | SH |  | SOLE |  | 14716 | 0 | 161 |
| Magnite Inc | COM | 55955D100 |  | 2954 | 278974 | SH |  | SOLE |  | 278974 | 0 | 0 |
| Manulife Financial Corp | COM | 56501R106 |  | 3664 | 205360 | SH |  | SOLE |  | 203730 | 0 | 1630 |
| Markel Corp | COM | 570535104 |  | 51849 | 39354 | SH |  | SOLE |  | 37928 | 0 | 1426 |
| Marsh  McLennan Cos Inc | COM | 571748102 |  | 62640 | 378537 | SH |  | SOLE |  | 366882 | 0 | 11655 |
| Mastercard Inc | COM | 57636Q104 |  | 547 | 1573 | SH |  | SOLE |  | 1573 | 0 | 0 |
| McDonald's Corp | COM | 580135101 |  | 24273 | 92109 | SH |  | SOLE |  | 91911 | 0 | 198 |
| Medtronic PLC | COM | G5960L103 |  | 29942 | 385257 | SH |  | SOLE |  | 385206 | 0 | 51 |
| Merck  Co Inc | COM | 58933Y105 |  | 4181 | 37685 | SH |  | SOLE |  | 37373 | 0 | 312 |
| MGE Energy Inc | COM | 55277P104 |  | 221 | 3138 | SH |  | SOLE |  | 3138 | 0 | 0 |
| Microchip Technology Inc | COM | 595017104 |  | 20301 | 288986 | SH |  | SOLE |  | 278165 | 0 | 10821 |
| Microsoft Corp | COM | 594918104 |  | 42006 | 175157 | SH |  | SOLE |  | 174070 | 0 | 1087 |
| MKS Instruments Inc | COM | 55306N104 |  | 46136 | 544507 | SH |  | SOLE |  | 523846 | 0 | 20661 |
| Model N Inc | COM | 607525102 |  | 6295 | 155192 | SH |  | SOLE |  | 155192 | 0 | 0 |
| Moelis  Co | COM | 60786M105 |  | 30497 | 794816 | SH |  | SOLE |  | 764750 | 0 | 30066 |
| Mondelez International Inc | COM | 609207105 |  | 545 | 8170 | SH |  | SOLE |  | 8170 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 30455 | 358206 | SH |  | SOLE |  | 358156 | 0 | 50 |
| Murata Manufacturing Co Ltd - | COM | 626425102 |  | 1533 | 124621 | SH |  | SOLE |  | 123016 | 0 | 1605 |
| National Instruments Corp | COM | 636518102 |  | 4244 | 115009 | SH |  | SOLE |  | 115009 | 0 | 0 |
| Nestle SA - Spons ADR | COM | 641069406 |  | 9593 | 83169 | SH |  | SOLE |  | 82309 | 0 | 860 |
| New Relic Inc | COM | 64829B100 |  | 5162 | 91447 | SH |  | SOLE |  | 91447 | 0 | 0 |
| Newmont Corp | COM | 651639106 |  | 20173 | 427388 | SH |  | SOLE |  | 427335 | 0 | 53 |
| NextEra Energy Inc | COM | 65339F101 |  | 18417 | 220303 | SH |  | SOLE |  | 217617 | 0 | 2686 |
| Nidec Corp - Spons ADR | COM | 654090109 |  | 1364 | 106811 | SH |  | SOLE |  | 105507 | 0 | 1304 |
| NIKE Inc | COM | 654106103 |  | 27199 | 232447 | SH |  | SOLE |  | 227594 | 0 | 4853 |
| Nordstrom Inc | COM | 655664100 |  | 5229 | 324000 | SH |  | SOLE |  | 324000 | 0 | 0 |
| Norsk Hydro ASA - Spons ADR | COM | 656531605 |  | 1741 | 231154 | SH |  | SOLE |  | 228781 | 0 | 2373 |
| Northern Trust Corp | COM | 665859104 |  | 16335 | 184602 | SH |  | SOLE |  | 184572 | 0 | 30 |
| Novartis AG - Spons ADR | COM | 66987V109 |  | 308 | 3393 | SH |  | SOLE |  | 3393 | 0 | 0 |
| Nucor Corp | COM | 670346105 |  | 772 | 5860 | SH |  | SOLE |  | 5706 | 0 | 154 |
| NXP Semiconductors NV | COM | N6596X109 |  | 3653 | 23116 | SH |  | SOLE |  | 22944 | 0 | 172 |
| Olin Corp | COM | 680665205 |  | 3683 | 69577 | SH |  | SOLE |  | 69577 | 0 | 0 |
| Ollie's Bargain Outlet Holding | COM | 681116109 |  | 1699 | 36279 | SH |  | SOLE |  | 36279 | 0 | 0 |
| OneSpaWorld Holdings Ltd | COM | P73684113 |  | 5157 | 552721 | SH |  | SOLE |  | 552721 | 0 | 0 |
| Oracle Corp | COM | 68389X105 |  | 221 | 2704 | SH |  | SOLE |  | 2704 | 0 | 0 |
| PACCAR Inc | COM | 693718108 |  | 161111 | 1627875 | SH |  | SOLE |  | 1584253 | 0 | 43622 |
| Pagseguro Digital Ltd | COM | G68707101 |  | 1966 | 224959 | SH |  | SOLE |  | 223126 | 0 | 1833 |
| Pan Pacific International Hold | COM | 69807K105 |  | 2435 | 131351 | SH |  | SOLE |  | 129902 | 0 | 1449 |
| Parker-Hannifin Corp | COM | 701094104 |  | 46331 | 159215 | SH |  | SOLE |  | 154820 | 0 | 4395 |
| Paychex Inc | COM | 704326107 |  | 11648 | 100793 | SH |  | SOLE |  | 100651 | 0 | 142 |
| PayPal Holdings Inc | COM | 70450Y103 |  | 11296 | 158609 | SH |  | SOLE |  | 158609 | 0 | 0 |
| PepsiCo Inc | COM | 713448108 |  | 28071 | 155378 | SH |  | SOLE |  | 155086 | 0 | 292 |
| Pfizer Inc | COM | 717081103 |  | 33427 | 652371 | SH |  | SOLE |  | 652284 | 0 | 87 |
| Philip Morris International In | COM | 718172109 |  | 679 | 6704 | SH |  | SOLE |  | 6704 | 0 | 0 |
| Ping An Insurance Group Co of | COM | 72341E304 |  | 3753 | 285413 | SH |  | SOLE |  | 282276 | 0 | 3137 |
| Power Integrations Inc | COM | 739276103 |  | 2744 | 38264 | SH |  | SOLE |  | 38264 | 0 | 0 |
| Primo Water Corp | COM | 74167P108 |  | 5717 | 367886 | SH |  | SOLE |  | 367886 | 0 | 0 |
| Procter  Gamble Co | COM | 742718109 |  | 24241 | 159946 | SH |  | SOLE |  | 159311 | 0 | 635 |
| Progressive Corp | COM | 743315103 |  | 132311 | 1020052 | SH |  | SOLE |  | 988441 | 0 | 31611 |
| Prudential Financial Inc | COM | 744320102 |  | 218 | 2189 | SH |  | SOLE |  | 2189 | 0 | 0 |
| Prudential PLC - Spons ADR | COM | 74435K204 |  | 2554 | 92924 | SH |  | SOLE |  | 91738 | 0 | 1186 |
| PTC Inc | COM | 69370C100 |  | 6180 | 51486 | SH |  | SOLE |  | 51486 | 0 | 0 |
| QUALCOMM Inc | COM | 747525103 |  | 10445 | 95004 | SH |  | SOLE |  | 94165 | 0 | 839 |
| Radius Global Infrastructure I | COM | 750481103 |  | 4904 | 414927 | SH |  | SOLE |  | 414927 | 0 | 0 |
| Regeneron Pharmaceuticals Inc | COM | 75886F107 |  | 6211 | 8609 | SH |  | SOLE |  | 8609 | 0 | 0 |
| Revolve Group Inc | COM | 76156B107 |  | 2446 | 109890 | SH |  | SOLE |  | 109890 | 0 | 0 |
| RLI Corp | COM | 749607107 |  | 324 | 2468 | SH |  | SOLE |  | 2468 | 0 | 0 |
| Robert Half International Inc | COM | 770323103 |  | 2959 | 40078 | SH |  | SOLE |  | 40078 | 0 | 0 |
| Roche Holding AG - Spons ADR | COM | 771195104 |  | 1652 | 42190 | SH |  | SOLE |  | 41651 | 0 | 539 |
| Ross Stores Inc | COM | 778296103 |  | 111680 | 962178 | SH |  | SOLE |  | 926082 | 0 | 36096 |
| S Global Inc | COM | 78409V104 |  | 964 | 2879 | SH |  | SOLE |  | 2633 | 0 | 246 |
| Saia Inc | COM | 78709Y105 |  | 2858 | 13628 | SH |  | SOLE |  | 13628 | 0 | 0 |
| SAP SE - Spons ADR | COM | 803054204 |  | 3407 | 33013 | SH |  | SOLE |  | 32751 | 0 | 262 |
| Shake Shack Inc | COM | 819047101 |  | 3967 | 95517 | SH |  | SOLE |  | 95517 | 0 | 0 |
| Shell PLC - Spons ADR | COM | 780259305 |  | 3689 | 64774 | SH |  | SOLE |  | 64017 | 0 | 757 |
| Shin-Etsu Chemical Co Ltd - Un | COM | 824551105 |  | 1983 | 64985 | SH |  | SOLE |  | 64199 | 0 | 786 |
| Shiseido Co Ltd - Spons ADR | COM | 824841407 |  | 1252 | 25664 | SH |  | SOLE |  | 25334 | 0 | 330 |
| Siemens AG - Spons ADR | COM | 826197501 |  | 2460 | 35766 | SH |  | SOLE |  | 35362 | 0 | 404 |
| Sika AG - Unspons ADR | COM | 82674R103 |  | 1759 | 73550 | SH |  | SOLE |  | 72650 | 0 | 900 |
| Simply Good Foods Co/The | COM | 82900L102 |  | 5302 | 139411 | SH |  | SOLE |  | 139411 | 0 | 0 |
| Sony Group Corp - Spons ADR | COM | 835699307 |  | 2984 | 39122 | SH |  | SOLE |  | 38687 | 0 | 435 |
| Southern Copper Corp | COM | 84265V105 |  | 1879 | 31121 | SH |  | SOLE |  | 30782 | 0 | 339 |
| Starbucks Corp | COM | 855244109 |  | 16669 | 168034 | SH |  | SOLE |  | 168006 | 0 | 28 |
| Stryker Corp | COM | 863667101 |  | 7538 | 30833 | SH |  | SOLE |  | 30833 | 0 | 0 |
| Summit Materials Inc | COM | 86614U100 |  | 4762 | 167726 | SH |  | SOLE |  | 167726 | 0 | 0 |
| Symrise AG - Unspons ADR | COM | 87155N109 |  | 1418 | 52406 | SH |  | SOLE |  | 51822 | 0 | 584 |
| T-Mobile US Inc | COM | 872590104 |  | 8820 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| T Rowe Price Group Inc | COM | 74144T108 |  | 3522 | 32296 | SH |  | SOLE |  | 32296 | 0 | 0 |
| Taiwan Semiconductor Mfg Co Lt | COM | 874039100 |  | 2515 | 33766 | SH |  | SOLE |  | 33484 | 0 | 282 |
| Take-Two Interactive Software | COM | 874054109 |  | 19484 | 187116 | SH |  | SOLE |  | 179860 | 0 | 7256 |
| Target Corp | COM | 87612E106 |  | 30942 | 207612 | SH |  | SOLE |  | 206389 | 0 | 1223 |
| TE Connectivity Ltd | COM | H84989104 |  | 52345 | 455970 | SH |  | SOLE |  | 443887 | 0 | 12083 |
| Tencent Holdings Ltd - Unspons | COM | 88032Q109 |  | 3367 | 79488 | SH |  | SOLE |  | 78625 | 0 | 863 |
| Texas Capital Bancshares Inc | COM | 88224Q107 |  | 5452 | 90392 | SH |  | SOLE |  | 90392 | 0 | 0 |
| Texas Instruments Inc | COM | 882508104 |  | 28171 | 170508 | SH |  | SOLE |  | 170277 | 0 | 231 |
| Thermo Fisher Scientific Inc | COM | 883556102 |  | 382 | 694 | SH |  | SOLE |  | 694 | 0 | 0 |
| Thor Industries Inc | COM | 885160101 |  | 28606 | 378943 | SH |  | SOLE |  | 364759 | 0 | 14184 |
| TJX Cos Inc | COM | 872540109 |  | 74691 | 938331 | SH |  | SOLE |  | 912118 | 0 | 26213 |
| Toray Industries Inc - Unspons | COM | 890880206 |  | 2554 | 228222 | SH |  | SOLE |  | 225314 | 0 | 2908 |
| Transocean Ltd | COM | H8817H100 |  | 8162 | 1790000 | SH |  | SOLE |  | 1790000 | 0 | 0 |
| Travelers Cos Inc | COM | 89417E109 |  | 38220 | 203849 | SH |  | SOLE |  | 203609 | 0 | 240 |
| Treasury Wine Estates Ltd - Sp | COM | 89465J109 |  | 2737 | 297517 | SH |  | SOLE |  | 294292 | 0 | 3225 |
| U.S. Bancorp | COM | 902973304 |  | 69995 | 1605020 | SH |  | SOLE |  | 1573730 | 0 | 31290 |
| Union Pacific Corp | COM | 907818108 |  | 24026 | 116027 | SH |  | SOLE |  | 115460 | 0 | 567 |
| United Parcel Service Inc | COM | 911312106 |  | 9181 | 52813 | SH |  | SOLE |  | 52345 | 0 | 468 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 16553 | 31221 | SH |  | SOLE |  | 30815 | 0 | 406 |
| Verisk Analytics Inc | COM | 92345Y106 |  | 213 | 1210 | SH |  | SOLE |  | 1210 | 0 | 0 |
| Verizon Communications Inc | COM | 92343V104 |  | 257 | 6532 | SH |  | SOLE |  | 6532 | 0 | 0 |
| Vertex Pharmaceuticals Inc | COM | 92532F100 |  | 4570 | 15825 | SH |  | SOLE |  | 15722 | 0 | 103 |
| VICI Properties Inc | COM | 925652109 |  | 795 | 24526 | SH |  | SOLE |  | 24526 | 0 | 0 |
| Visa Inc | COM | 92826C839 |  | 86564 | 416652 | SH |  | SOLE |  | 407671 | 0 | 8981 |
| Wal-Mart de Mexico SAB de CV - | COM | 93114W107 |  | 2469 | 70235 | SH |  | SOLE |  | 69724 | 0 | 511 |
| Walt Disney Co | COM | 254687106 |  | 12242 | 140911 | SH |  | SOLE |  | 139538 | 0 | 1373 |
| Waste Management Inc | COM | 94106L109 |  | 600 | 3824 | SH |  | SOLE |  | 3824 | 0 | 0 |
| Wells Fargo  Co | COM | 949746101 |  | 3633 | 87979 | SH |  | SOLE |  | 87979 | 0 | 0 |
| WillScot Mobile Mini Holdings | COM | 971378104 |  | 9673 | 214151 | SH |  | SOLE |  | 214151 | 0 | 0 |
| Worldline SA/France - Unspons | COM | 98161H101 |  | 1888 | 96861 | SH |  | SOLE |  | 95665 | 0 | 1196 |
| WR Berkley Corp | COM | 084423102 |  | 53896 | 742677 | SH |  | SOLE |  | 715203 | 0 | 27474 |
| WW Grainger Inc | COM | 384802104 |  | 6618 | 11897 | SH |  | SOLE |  | 11852 | 0 | 45 |
| Xometry Inc | COM | 98423F109 |  | 2572 | 79790 | SH |  | SOLE |  | 79790 | 0 | 0 |
| XP Inc | COM | G98239109 |  | 1973 | 128632 | SH |  | SOLE |  | 127551 | 0 | 1081 |
| YETI Holdings Inc | COM | 98585X104 |  | 983 | 23797 | SH |  | SOLE |  | 23797 | 0 | 0 |
| Distillate US Fundamental Stab | ETF | 26922A321 |  | 51489 | 1261987 | SH |  | SOLE |  | 1261987 | 0 | 0 |
| Energy Select Sector SPDR Fund | ETF | 81369Y506 |  | 13992 | 159963 | SH |  | SOLE |  | 159963 | 0 | 0 |
| First Trust Natural Gas ETF | ETF | 33733E807 |  | 4237 | 172879 | SH |  | SOLE |  | 172879 | 0 | 0 |
| First Trust TCW Unconstrained | ETF | 33740F888 |  | 5489 | 227652 | SH |  | SOLE |  | 227652 | 0 | 0 |
| Global X MSCI Norway ETF | ETF | 37950E101 |  | 3382 | 131857 | SH |  | SOLE |  | 131857 | 0 | 0 |
| Global X Uranium ETF | ETF | 37954Y871 |  | 405 | 20148 | SH |  | SOLE |  | 20148 | 0 | 0 |
| Invesco BuyBack Achievers ETF | ETF | 46137V308 |  | 2109 | 24647 | SH |  | SOLE |  | 24647 | 0 | 0 |
| Invesco Optimum Yield Diversif | ETF | 46090F100 |  | 24862 | 1682107 | SH |  | SOLE |  | 1682107 | 0 | 0 |
| Invesco S 500 Quality ETF | ETF | 46137V241 |  | 17603 | 400067 | SH |  | SOLE |  | 400067 | 0 | 0 |
| iShares 20 Year Treasury Bond | ETF | 464287432 |  | 31082 | 312197 | SH |  | SOLE |  | 312197 | 0 | 0 |
| iShares 3-7 Year Treasury Bond | ETF | 464288661 |  | 30347 | 264142 | SH |  | SOLE |  | 264142 | 0 | 0 |
| iShares 7-10 Year Treasury Bon | ETF | 464287440 |  | 3000 | 31325 | SH |  | SOLE |  | 31325 | 0 | 0 |
| iShares Core MSCI EAFE ETF | ETF | 46432F842 |  | 626 | 10155 | SH |  | SOLE |  | 10155 | 0 | 0 |
| iShares Core MSCI Total Intern | ETF | 46432F834 |  | 5259 | 90856 | SH |  | SOLE |  | 90856 | 0 | 0 |
| iShares Core S 500 ETF | ETF | 464287200 |  | 9134 | 23773 | SH |  | SOLE |  | 23773 | 0 | 0 |
| iShares Core S Mid-Cap ETF | ETF | 464287507 |  | 57158 | 236298 | SH |  | SOLE |  | 236215 | 0 | 83 |
| iShares Core S Small-Cap ETF | ETF | 464287804 |  | 62142 | 656618 | SH |  | SOLE |  | 656154 | 0 | 464 |
| iShares Core S U.S. Growth E | ETF | 464287671 |  | 3908 | 47944 | SH |  | SOLE |  | 47944 | 0 | 0 |
| iShares Core U.S. Aggregate Bo | ETF | 464287226 |  | 24089 | 248368 | SH |  | SOLE |  | 248368 | 0 | 0 |
| iShares Edge MSCI Min Vol USA | ETF | 46429B697 |  | 272 | 3773 | SH |  | SOLE |  | 3773 | 0 | 0 |
| iShares Edge MSCI USA Quality | ETF | 46432F339 |  | 930 | 8162 | SH |  | SOLE |  | 8162 | 0 | 0 |
| iShares iBoxx High Yield Corpo | ETF | 464288513 |  | 434 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| iShares Intermediate Governmen | ETF | 464288612 |  | 289 | 2817 | SH |  | SOLE |  | 2817 | 0 | 0 |
| iShares MBS ETF | ETF | 464288588 |  | 2017 | 21748 | SH |  | SOLE |  | 21748 | 0 | 0 |
| iShares MSCI ACWI ex US ETF | ETF | 464288240 |  | 6605 | 145159 | SH |  | SOLE |  | 145159 | 0 | 0 |
| iShares MSCI Global Gold Miner | ETF | 46434G855 |  | 3447 | 154358 | SH |  | SOLE |  | 154358 | 0 | 0 |
| iShares MSCI International Qua | ETF | 46434V456 |  | 4693 | 144875 | SH |  | SOLE |  | 144875 | 0 | 0 |
| iShares MSCI Switzerland ETF | ETF | 464286749 |  | 4811 | 114731 | SH |  | SOLE |  | 114731 | 0 | 0 |
| iShares Nasdaq Biotechnology E | ETF | 464287556 |  | 4047 | 30826 | SH |  | SOLE |  | 30826 | 0 | 0 |
| iShares Russell 1000 ETF | ETF | 464287622 |  | 424 | 2015 | SH |  | SOLE |  | 2015 | 0 | 0 |
| iShares Russell 1000 Growth ET | ETF | 464287614 |  | 823 | 3841 | SH |  | SOLE |  | 3841 | 0 | 0 |
| iShares Russell 2000 ETF | ETF | 464287655 |  | 337 | 1932 | SH |  | SOLE |  | 1932 | 0 | 0 |
| iShares Russell 2000 Growth ET | ETF | 464287648 |  | 242 | 1129 | SH |  | SOLE |  | 1129 | 0 | 0 |
| iShares Russell Mid-Cap ETF | ETF | 464287499 |  | 1192 | 17672 | SH |  | SOLE |  | 17418 | 0 | 254 |
| iShares Russell Mid-Cap Growth | ETF | 464287481 |  | 262 | 3128 | SH |  | SOLE |  | 3128 | 0 | 0 |
| iShares Short Treasury Bond ET | ETF | 464288679 |  | 1444 | 13139 | SH |  | SOLE |  | 13139 | 0 | 0 |
| iShares Treasury Floating Rate | ETF | 46434V860 |  | 92845 | 1841805 | SH |  | SOLE |  | 1841805 | 0 | 0 |
| Janus Henderson Mortgage-Backe | ETF | 47103U852 |  | 34047 | 748939 | SH |  | SOLE |  | 748939 | 0 | 0 |
| Schwab Fundamental U.S. Large | ETF | 808524771 |  | 1229 | 23007 | SH |  | SOLE |  | 23007 | 0 | 0 |
| Schwab Intermediate-Term U.S. | ETF | 808524854 |  | 40432 | 821291 | SH |  | SOLE |  | 821291 | 0 | 0 |
| Schwab US Dividend Equity ETF | ETF | 808524797 |  | 31432 | 416100 | SH |  | SOLE |  | 416100 | 0 | 0 |
| Schwab US TIPS ETF | ETF | 808524870 |  | 7074 | 136597 | SH |  | SOLE |  | 136597 | 0 | 0 |
| SPDR Gold Shares | ETF | 78463V107 |  | 1192 | 7028 | SH |  | SOLE |  | 7028 | 0 | 0 |
| SPDR S 500 ETF Trust | ETF | 78462F103 |  | 93763 | 245176 | SH |  | SOLE |  | 244977 | 0 | 199 |
| SPDR S Dividend ETF | ETF | 78464A763 |  | 19223 | 153650 | SH |  | SOLE |  | 153263 | 0 | 387 |
| SPDR S MidCap 400 ETF Trust | ETF | 78467Y107 |  | 9373 | 21167 | SH |  | SOLE |  | 20610 | 0 | 557 |
| SPDR S North American Natura | ETF | 78463X152 |  | 7453 | 137457 | SH |  | SOLE |  | 137457 | 0 | 0 |
| VanEck Gold Miners ETF/USA | ETF | 92189F106 |  | 13168 | 459455 | SH |  | SOLE |  | 459455 | 0 | 0 |
| Vanguard Dividend Appreciation | ETF | 921908844 |  | 6779 | 44645 | SH |  | SOLE |  | 44645 | 0 | 0 |
| Vanguard Extended Duration Tre | ETF | 921910709 |  | 40011 | 483050 | SH |  | SOLE |  | 483050 | 0 | 0 |
| Vanguard FTSE All-World ex-US | ETF | 922042775 |  | 46824 | 933869 | SH |  | SOLE |  | 933869 | 0 | 0 |
| Vanguard Health Care ETF | ETF | 92204A504 |  | 10475 | 42231 | SH |  | SOLE |  | 42231 | 0 | 0 |
| Vanguard Information Technolog | ETF | 92204A702 |  | 64323 | 201382 | SH |  | SOLE |  | 201382 | 0 | 0 |
| Vanguard Large-Cap ETF | ETF | 922908637 |  | 9582 | 55008 | SH |  | SOLE |  | 55008 | 0 | 0 |
| Vanguard Short-Term Bond ETF | ETF | 921937827 |  | 475 | 6312 | SH |  | SOLE |  | 6312 | 0 | 0 |
| Vanguard Short-Term Corporate | ETF | 92206C409 |  | 35028 | 465863 | SH |  | SOLE |  | 465863 | 0 | 0 |

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