# EDGAR Filing Document

**Accession Number:** 0001702435
**File Stem:** 0001172661-23-000520
**Filing Date:** 2023-2
**Character Count:** 25396
**Document Hash:** b26f0e65dcf4ff4975a0070cbbe653c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-000520.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001172661-23-000520

**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:** Donoghue Forlines LLC
- **CENTRAL INDEX KEY:** 0001702435
- **IRS NUMBER:** 813873851
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18145
- **FILM NUMBER:** 23597921

**BUSINESS ADDRESS:**
- **STREET 1:** ONE INTERNATIONAL PLACE
- **STREET 2:** SUITE 310
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 800-642-4276

**MAIL ADDRESS:**
- **STREET 1:** ONE INTERNATIONAL PLACE
- **STREET 2:** SUITE 310
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W.E. Donoghue & Co., LLC
- **DATE OF NAME CHANGE:** 20180723

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W. E. Donoghue & Co., LLC
- **DATE OF NAME CHANGE:** 20170329

### 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:** Donoghue Forlines LLC<br>**Address:** One International Place<br>Suite 310<br>Boston, MA 02110

**Form 13F File Number:** 028-18145

**CRD Number (if applicable):** 000285403

**SEC File Number (if applicable):** 801-108564

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:** Jack Alexander Earp<br>**Title:** CCO<br>**Phone:** 800-642-4276

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

/s/ Jack Alexander Earp  Boston, MA  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:** 222

**Form 13F Information Table Value Total:** $282724589

      (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 LABS | COM | 002824100 |  | 1007543 | 9177 | SH |  | SOLE |  | 9177 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 571776 | 3538 | SH |  | SOLE |  | 3538 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 474844 | 1411 | SH |  | SOLE |  | 1411 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 270693 | 3166 | SH |  | SOLE |  | 3166 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 201899 | 2395 | SH |  | SOLE |  | 2395 | 0 | 0 |
| ALLIANCE RESOURCE PARTNERS L | UT LTD PART | 01877R108 |  | 372933 | 18353 | SH |  | SOLE |  | 18353 | 0 | 0 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 2501741 | 60138 | SH |  | SOLE |  | 60138 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 721898 | 8182 | SH |  | SOLE |  | 8182 | 0 | 0 |
| AMDOCS LTD | SHS | G02602103 |  | 1373954 | 15115 | SH |  | SOLE |  | 15115 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 992172 | 15689 | SH |  | SOLE |  | 15689 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 839177 | 3961 | SH |  | SOLE |  | 3961 | 0 | 0 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 2184572 | 7016 | SH |  | SOLE |  | 7016 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 435194 | 1657 | SH |  | SOLE |  | 1657 | 0 | 0 |
| ANSYS INC | COM | 03662Q105 |  | 237725 | 984 | SH |  | SOLE |  | 984 | 0 | 0 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 507270 | 47013 | SH |  | SOLE |  | 47013 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 1137984 | 36721 | SH |  | SOLE |  | 36721 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 938095 | 7220 | SH |  | SOLE |  | 7220 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 252470 | 1962 | SH |  | SOLE |  | 1962 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 307775 | 1647 | SH |  | SOLE |  | 1647 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 1162166 | 10831 | SH |  | SOLE |  | 10831 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 525748 | 3255 | SH |  | SOLE |  | 3255 | 0 | 0 |
| AVIENT CORPORATION | COM | 05368V106 |  | 335709 | 9944 | SH |  | SOLE |  | 9944 | 0 | 0 |
| BENTLEY SYS INC | COM CL B | 08265T208 |  | 1452195 | 39291 | SH |  | SOLE |  | 39291 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 934206 | 11647 | SH |  | SOLE |  | 11647 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 1301561 | 20976 | SH |  | SOLE |  | 20976 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 1318102 | 12611 | SH |  | SOLE |  | 12611 | 0 | 0 |
| BOSTON PROPERTIES INC | COM | 101121101 |  | 412711 | 6107 | SH |  | SOLE |  | 6107 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 1139871 | 32633 | SH |  | SOLE |  | 32633 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 2529762 | 35160 | SH |  | SOLE |  | 35160 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 1911106 | 3418 | SH |  | SOLE |  | 3418 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 902049 | 9852 | SH |  | SOLE |  | 9852 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 1568971 | 9767 | SH |  | SOLE |  | 9767 | 0 | 0 |
| CAMPBELL SOUP CO | COM | 134429109 |  | 1043860 | 18394 | SH |  | SOLE |  | 18394 | 0 | 0 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 1238861 | 5522 | SH |  | SOLE |  | 5522 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 1270061 | 7112 | SH |  | SOLE |  | 7112 | 0 | 0 |
| CELANESE CORP DEL | COM | 150870103 |  | 429612 | 4202 | SH |  | SOLE |  | 4202 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 1056736 | 12403 | SH |  | SOLE |  | 12403 | 0 | 0 |
| CHENIERE ENERGY PARTNERS LP | COM UNIT | 16411Q101 |  | 786398 | 13828 | SH |  | SOLE |  | 13828 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1469485 | 8187 | SH |  | SOLE |  | 8187 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 1428438 | 29984 | SH |  | SOLE |  | 29984 | 0 | 0 |
| CIVITAS RESOURCES INC | COM NEW | 17888H103 |  | 403830 | 6971 | SH |  | SOLE |  | 6971 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 2329207 | 36617 | SH |  | SOLE |  | 36617 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 942442 | 26950 | SH |  | SOLE |  | 26950 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1090084 | 9238 | SH |  | SOLE |  | 9238 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 1304508 | 13687 | SH |  | SOLE |  | 13687 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 1411276 | 57439 | SH |  | SOLE |  | 57439 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 250801 | 2382 | SH |  | SOLE |  | 2382 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 |  | 867011 | 6392 | SH |  | SOLE |  | 6392 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 929163 | 6717 | SH |  | SOLE |  | 6717 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 261366 | 3556 | SH |  | SOLE |  | 3556 | 0 | 0 |
| DBX ETF TR | XTRACK USD HIGH | 233051432 |  | 931239 | 27625 | SH |  | SOLE |  | 27625 | 0 | 0 |
| DCP MIDSTREAM LP | COM UT LTD PTN | 23311P100 |  | 582199 | 15009 | SH |  | SOLE |  | 15009 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 897000 | 14583 | SH |  | SOLE |  | 14583 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 653398 | 4777 | SH |  | SOLE |  | 4777 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 891329 | 9111 | SH |  | SOLE |  | 9111 | 0 | 0 |
| DOCUSIGN INC | COM | 256163106 |  | 246952 | 4456 | SH |  | SOLE |  | 4456 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 1838681 | 36489 | SH |  | SOLE |  | 36489 | 0 | 0 |
| DT MIDSTREAM INC | COMMON STOCK | 23345M107 |  | 458824 | 8303 | SH |  | SOLE |  | 8303 | 0 | 0 |
| DYNATRACE INC | COM NEW | 268150109 |  | 213944 | 5586 | SH |  | SOLE |  | 5586 | 0 | 0 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 443884 | 2998 | SH |  | SOLE |  | 2998 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 249608 | 6019 | SH |  | SOLE |  | 6019 | 0 | 0 |
| ECOPETROL S A | SPONSORED ADS | 279158109 |  | 732188 | 69932 | SH |  | SOLE |  | 69932 | 0 | 0 |
| ELEMENT SOLUTIONS INC | COM | 28618M106 |  | 332750 | 18293 | SH |  | SOLE |  | 18293 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 636398 | 6625 | SH |  | SOLE |  | 6625 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 815825 | 68730 | SH |  | SOLE |  | 68730 | 0 | 0 |
| ENI S P A | SPONSORED ADR | 26874R108 |  | 829277 | 28935 | SH |  | SOLE |  | 28935 | 0 | 0 |
| ENLINK MIDSTREAM LLC | COM UNIT REP LTD | 29336T100 |  | 541126 | 43994 | SH |  | SOLE |  | 43994 | 0 | 0 |
| ENPHASE ENERGY INC | COM | 29355A107 |  | 1377792 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 924930 | 38347 | SH |  | SOLE |  | 38347 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 1667570 | 12875 | SH |  | SOLE |  | 12875 | 0 | 0 |
| EQUINOR ASA | SPONSORED ADR | 29446M102 |  | 1061408 | 29640 | SH |  | SOLE |  | 29640 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 892800 | 31108 | SH |  | SOLE |  | 31108 | 0 | 0 |
| EQUITRANS MIDSTREAM CORP | COM | 294600101 |  | 397102 | 59269 | SH |  | SOLE |  | 59269 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 |  | 495353 | 7668 | SH |  | SOLE |  | 7668 | 0 | 0 |
| ERIE INDTY CO | CL A | 29530P102 |  | 1181917 | 4752 | SH |  | SOLE |  | 4752 | 0 | 0 |
| ETSY INC | COM | 29786A106 |  | 220395 | 1840 | SH |  | SOLE |  | 1840 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 934925 | 8571 | SH |  | SOLE |  | 8571 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 533675 | 3626 | SH |  | SOLE |  | 3626 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1642257 | 14889 | SH |  | SOLE |  | 14889 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 1379360 | 3438 | SH |  | SOLE |  | 3438 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 |  | 226263 | 378 | SH |  | SOLE |  | 378 | 0 | 0 |
| FIDELITY NATIONAL FINANCIAL | FNF GROUP COM | 31620R303 |  | 926505 | 24628 | SH |  | SOLE |  | 24628 | 0 | 0 |
| FIRSTENERGY CORP | COM | 337932107 |  | 1004253 | 23945 | SH |  | SOLE |  | 23945 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 290896 | 5950 | SH |  | SOLE |  | 5950 | 0 | 0 |
| GAMING  LEISURE PPTYS INC | COM | 36467J108 |  | 658678 | 12645 | SH |  | SOLE |  | 12645 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 2173795 | 101437 | SH |  | SOLE |  | 101437 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 970110 | 3910 | SH |  | SOLE |  | 3910 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 1269920 | 7319 | SH |  | SOLE |  | 7319 | 0 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 |  | 494340 | 89231 | SH |  | SOLE |  | 89231 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 2709512 | 31561 | SH |  | SOLE |  | 31561 | 0 | 0 |
| GODADDY INC | CL A | 380237107 |  | 206578 | 2761 | SH |  | SOLE |  | 2761 | 0 | 0 |
| GRAINGER W W INC | COM | 384802104 |  | 1236544 | 2223 | SH |  | SOLE |  | 2223 | 0 | 0 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 1253973 | 11868 | SH |  | SOLE |  | 11868 | 0 | 0 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 1452232 | 8272 | SH |  | SOLE |  | 8272 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 1321338 | 5706 | SH |  | SOLE |  | 5706 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 243282 | 3252 | SH |  | SOLE |  | 3252 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 855914 | 3994 | SH |  | SOLE |  | 3994 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 544927 | 2322 | SH |  | SOLE |  | 2322 | 0 | 0 |
| HUBSPOT INC | COM | 443573100 |  | 226678 | 784 | SH |  | SOLE |  | 784 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 1248719 | 2438 | SH |  | SOLE |  | 2438 | 0 | 0 |
| HUNTSMAN CORP | COM | 447011107 |  | 487248 | 17731 | SH |  | SOLE |  | 17731 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 955882 | 4339 | SH |  | SOLE |  | 4339 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1356348 | 9627 | SH |  | SOLE |  | 9627 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 412184 | 1059 | SH |  | SOLE |  | 1059 | 0 | 0 |
| IRON MTN INC DEL | COM | 46284V101 |  | 2773255 | 55632 | SH |  | SOLE |  | 55632 | 0 | 0 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 19080931 | 166080 | SH |  | SOLE |  | 166080 | 0 | 0 |
| ISHARES TR | FALN ANGLS USD | 46435G474 |  | 579319 | 23540 | SH |  | SOLE |  | 23540 | 0 | 0 |
| ISHARES TR | US TREAS BD ETF | 46429B267 |  | 7270968 | 320025 | SH |  | SOLE |  | 320025 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 1211287 | 16451 | SH |  | SOLE |  | 16451 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 242849 | 2131 | SH |  | SOLE |  | 2131 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 9924981 | 122274 | SH |  | SOLE |  | 122274 | 0 | 0 |
| ISHARES TR | EXPONENTIAL TECH | 46434V381 |  | 3132582 | 66172 | SH |  | SOLE |  | 66172 | 0 | 0 |
| ISHARES TR | BROAD USD HIGH | 46435U853 |  | 1289730 | 37351 | SH |  | SOLE |  | 37351 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 4784498 | 117009 | SH |  | SOLE |  | 117009 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | HIGH YLD RESRCH | 46641Q878 |  | 461679 | 10531 | SH |  | SOLE |  | 10531 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 1573186 | 9875 | SH |  | SOLE |  | 9875 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1599742 | 9056 | SH |  | SOLE |  | 9056 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 964162 | 13534 | SH |  | SOLE |  | 13534 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 811900 | 44906 | SH |  | SOLE |  | 44906 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 581787 | 6163 | SH |  | SOLE |  | 6163 | 0 | 0 |
| LAMB WESTON HLDGS INC | COM | 513272104 |  | 1379897 | 15442 | SH |  | SOLE |  | 15442 | 0 | 0 |
| LATTICE SEMICONDUCTOR CORP | COM | 518415104 |  | 1384085 | 21333 | SH |  | SOLE |  | 21333 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 1912246 | 5227 | SH |  | SOLE |  | 5227 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 1779580 | 3658 | SH |  | SOLE |  | 3658 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 1225684 | 5670 | SH |  | SOLE |  | 5670 | 0 | 0 |
| LXP INDUSTRIAL TRUST | COM | 529043101 |  | 325921 | 32527 | SH |  | SOLE |  | 32527 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 1780495 | 21444 | SH |  | SOLE |  | 21444 | 0 | 0 |
| MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 |  | 584495 | 11641 | SH |  | SOLE |  | 11641 | 0 | 0 |
| MEDICAL PPTYS TRUST INC | COM | 58463J304 |  | 426049 | 38245 | SH |  | SOLE |  | 38245 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 2902341 | 26159 | SH |  | SOLE |  | 26159 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 543937 | 4520 | SH |  | SOLE |  | 4520 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 2354850 | 33521 | SH |  | SOLE |  | 33521 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 290181 | 1126 | SH |  | SOLE |  | 1126 | 0 | 0 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 850852 | 25909 | SH |  | SOLE |  | 25909 | 0 | 0 |
| MURPHY OIL CORP | COM | 626717102 |  | 452379 | 10518 | SH |  | SOLE |  | 10518 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 205585 | 3423 | SH |  | SOLE |  | 3423 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 206273 | 1727 | SH |  | SOLE |  | 1727 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 808630 | 17132 | SH |  | SOLE |  | 17132 | 0 | 0 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 2150069 | 12284 | SH |  | SOLE |  | 12284 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 780412 | 3167 | SH |  | SOLE |  | 3167 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 740070 | 23258 | SH |  | SOLE |  | 23258 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 1216463 | 19312 | SH |  | SOLE |  | 19312 | 0 | 0 |
| OGE ENERGY CORP | COM | 670837103 |  | 966207 | 24430 | SH |  | SOLE |  | 24430 | 0 | 0 |
| OLIN CORP | COM PAR $1 | 680665205 |  | 497583 | 9399 | SH |  | SOLE |  | 9399 | 0 | 0 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 467715 | 16734 | SH |  | SOLE |  | 16734 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 1112993 | 17845 | SH |  | SOLE |  | 17845 | 0 | 0 |
| ONEMAIN HLDGS INC | COM | 68268W103 |  | 835615 | 25086 | SH |  | SOLE |  | 25086 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 1779353 | 27083 | SH |  | SOLE |  | 27083 | 0 | 0 |
| OSHKOSH CORP | COM | 688239201 |  | 365371 | 4143 | SH |  | SOLE |  | 4143 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 198911 | 30983 | SH |  | SOLE |  | 30983 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 285917 | 2049 | SH |  | SOLE |  | 2049 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 777843 | 2673 | SH |  | SOLE |  | 2673 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 358379 | 5032 | SH |  | SOLE |  | 5032 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 961473 | 5322 | SH |  | SOLE |  | 5322 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 |  | 771869 | 83086 | SH |  | SOLE |  | 83086 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 854247 | 80211 | SH |  | SOLE |  | 80211 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1009223 | 19696 | SH |  | SOLE |  | 19696 | 0 | 0 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 584178 | 49675 | SH |  | SOLE |  | 49675 | 0 | 0 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 356928 | 28692 | SH |  | SOLE |  | 28692 | 0 | 0 |
| POPULAR INC | COM NEW | 733174700 |  | 896912 | 13524 | SH |  | SOLE |  | 13524 | 0 | 0 |
| PRINCIPAL FINANCIAL GROUP IN | COM | 74251V102 |  | 2179486 | 25971 | SH |  | SOLE |  | 25971 | 0 | 0 |
| PTC INC | COM | 69370C100 |  | 1478173 | 12314 | SH |  | SOLE |  | 12314 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 795459 | 2839 | SH |  | SOLE |  | 2839 | 0 | 0 |
| PURE STORAGE INC | CL A | 74624M102 |  | 1418735 | 53017 | SH |  | SOLE |  | 53017 | 0 | 0 |
| QIAGEN NV | SHS NEW | N72482123 |  | 203519 | 4081 | SH |  | SOLE |  | 4081 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 1017173 | 6502 | SH |  | SOLE |  | 6502 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 361466 | 501 | SH |  | SOLE |  | 501 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 1134145 | 15929 | SH |  | SOLE |  | 15929 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 217463 | 7641 | SH |  | SOLE |  | 7641 | 0 | 0 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 218111 | 5519 | SH |  | SOLE |  | 5519 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 381461 | 2877 | SH |  | SOLE |  | 2877 | 0 | 0 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 5300852 | 109885 | SH |  | SOLE |  | 109885 | 0 | 0 |
| SCHWAB STRATEGIC TR | INT-TRM U.S TRES | 808524854 |  | 5344212 | 108556 | SH |  | SOLE |  | 108556 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 376622 | 970 | SH |  | SOLE |  | 970 | 0 | 0 |
| SIBANYE STILLWATER LTD | SPONSORED ADR | 82575P107 |  | 599934 | 56279 | SH |  | SOLE |  | 56279 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 1894835 | 16129 | SH |  | SOLE |  | 16129 | 0 | 0 |
| SMITH A O CORP | COM | 831865209 |  | 458607 | 8012 | SH |  | SOLE |  | 8012 | 0 | 0 |
| SNOWFLAKE INC | CL A | 833445109 |  | 311195 | 2168 | SH |  | SOLE |  | 2168 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 902106 | 14938 | SH |  | SOLE |  | 14938 | 0 | 0 |
| SPDR SER TR | BLOOMBERG HIGH Y | 78468R622 |  | 670050 | 7445 | SH |  | SOLE |  | 7445 | 0 | 0 |
| SPDR SER TR | PORTFOLIO SH TSR | 78468R101 |  | 3477489 | 120370 | SH |  | SOLE |  | 120370 | 0 | 0 |
| SPDR SER TR | BLOOMBERG SHT TE | 78468R408 |  | 498084 | 20548 | SH |  | SOLE |  | 20548 | 0 | 0 |
| SPDR SER TR | PORTFLI INTRMDIT | 78464A672 |  | 3806159 | 134779 | SH |  | SOLE |  | 134779 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 428885 | 23398 | SH |  | SOLE |  | 23398 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 1261405 | 12911 | SH |  | SOLE |  | 12911 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 863561 | 26280 | SH |  | SOLE |  | 26280 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 1588468 | 4975 | SH |  | SOLE |  | 4975 | 0 | 0 |
| TERNIUM SA | SPONSORED ADS | 880890108 |  | 426862 | 13968 | SH |  | SOLE |  | 13968 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 905075 | 5478 | SH |  | SOLE |  | 5478 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 233519 | 5209 | SH |  | SOLE |  | 5209 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 1240260 | 8859 | SH |  | SOLE |  | 8859 | 0 | 0 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 1294058 | 20845 | SH |  | SOLE |  | 20845 | 0 | 0 |
| TRIMTABS ETF TR | DONOGHUE FRLINS | 89628W500 |  | 319652 | 14490 | SH |  | SOLE |  | 14490 | 0 | 0 |
| TRIMTABS ETF TR | DONOGHUE FRLNS | 89628W609 |  | 212363 | 10377 | SH |  | SOLE |  | 10377 | 0 | 0 |
| TRIMTABS ETF TR | DONOGHUE FORLNS | 89628W708 |  | 9689868 | 379475 | SH |  | SOLE |  | 379475 | 0 | 0 |
| TRIMTABS ETF TR | FCF INTL QLTY ET | 89628W401 |  | 1450339 | 57351 | SH |  | SOLE |  | 57351 | 0 | 0 |
| TRIMTABS ETF TR | FCF US QLTY ETF | 89628W302 |  | 6853131 | 147293 | SH |  | SOLE |  | 147293 | 0 | 0 |
| UBIQUITI INC | COM | 90353W103 |  | 214721 | 785 | SH |  | SOLE |  | 785 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 1353736 | 2886 | SH |  | SOLE |  | 2886 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 968052 | 4675 | SH |  | SOLE |  | 4675 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 904663 | 5204 | SH |  | SOLE |  | 5204 | 0 | 0 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 |  | 525431 | 19446 | SH |  | SOLE |  | 19446 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 7116490 | 121691 | SH |  | SOLE |  | 121691 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 7426921 | 128449 | SH |  | SOLE |  | 128449 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 239811 | 1486 | SH |  | SOLE |  | 1486 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 997963 | 25329 | SH |  | SOLE |  | 25329 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 1583958 | 5485 | SH |  | SOLE |  | 5485 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 996168 | 89503 | SH |  | SOLE |  | 89503 | 0 | 0 |
| VIRTU FINL INC | CL A | 928254101 |  | 908429 | 44509 | SH |  | SOLE |  | 44509 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1284788 | 6184 | SH |  | SOLE |  | 6184 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 777811 | 4958 | SH |  | SOLE |  | 4958 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 383078 | 1536 | SH |  | SOLE |  | 1536 | 0 | 0 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 634734 | 23640 | SH |  | SOLE |  | 23640 | 0 | 0 |
| WEX INC | COM | 96208T104 |  | 1298399 | 7934 | SH |  | SOLE |  | 7934 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 844576 | 25671 | SH |  | SOLE |  | 25671 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 971764 | 8456 | SH |  | SOLE |  | 8456 | 0 | 0 |
| WOODSIDE ENERGY GROUP LTD | SPONSORED ADR | 980228308 |  | 746709 | 30843 | SH |  | SOLE |  | 30843 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 303704 | 1815 | SH |  | SOLE |  | 1815 | 0 | 0 |
| WORLD WRESTLING ENTMT INC | CL A | 98156Q108 |  | 1151067 | 16799 | SH |  | SOLE |  | 16799 | 0 | 0 |
| ZILLOW GROUP INC | CL C CAP STK | 98954M200 |  | 1309916 | 40668 | SH |  | SOLE |  | 40668 | 0 | 0 |
| ZOOM VIDEO COMMUNICATIONS IN | CL A | 98980L101 |  | 221984 | 3277 | SH |  | SOLE |  | 3277 | 0 | 0 |
| ZSCALER INC | COM | 98980G102 |  | 215631 | 1927 | SH |  | SOLE |  | 1927 | 0 | 0 |

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