# EDGAR Filing Document

**Accession Number:** 0001731372
**File Stem:** 0001731372-26-000001
**Filing Date:** 2026-1
**Character Count:** 26834
**Document Hash:** 885fac4def75e15d0f07a238547974b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001731372-26-000001.hdr.sgml**: 20260116

**ACCESSION NUMBER**: 0001731372-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260116

**DATE AS OF CHANGE**: 20260116

**EFFECTIVENESS DATE**: 20260116

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kendall Capital Management
- **CENTRAL INDEX KEY:** 0001731372

**ORGANIZATION NAME:**
- **EIN:** 270111619
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18568
- **FILM NUMBER:** 26539205

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 TOWER OAKS BOULEVARD
- **STREET 2:** SUITE 240
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20852
- **BUSINESS PHONE:** 3018389110

**MAIL ADDRESS:**
- **STREET 1:** 2000 TOWER OAKS BOULEVARD
- **STREET 2:** SUITE 240
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20852

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Kendall Capital Management<br>**Address:** 2000 TOWER OAKS BOULEVARD<br>SUITE 240<br>ROCKVILLE, MD 20852

**Form 13F File Number:** 028-18568

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:** Brian Mattox<br>**Title:** CCO<br>**Phone:** 3018389110

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

Brian Mattox  Rockville, MD  01-16-2026<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:** 230

**Form 13F Information Table Value Total:** $478044459

      (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 |
| ACM Research Inc | COM CL A | 00108J109 |  | 3322518 | 84221 | SH |  | SOLE |  | 0 | 0 | 84221 |
| AES Corp | COM | 00130H105 |  | 224593 | 15662 | SH |  | SOLE |  | 0 | 0 | 15662 |
| Abbvie Inc | COM | 00287Y109 |  | 5693514 | 24918 | SH |  | SOLE |  | 0 | 0 | 24918 |
| Adeia Inc | COM | 00676P107 |  | 569681 | 33025 | SH |  | SOLE |  | 0 | 0 | 33025 |
| Adtalem Global Education Inc | COM | 00737L103 |  | 367008 | 3547 | SH |  | SOLE |  | 0 | 0 | 3547 |
| Affiliated Managers Group Inc | COM | 008252108 |  | 1039249 | 3605 | SH |  | SOLE |  | 0 | 0 | 3605 |
| Albertsons Companies Inc | COMMON STOCK | 013091103 |  | 813686 | 47390 | SH |  | SOLE |  | 0 | 0 | 47390 |
| Allison Transmission Holdings Inc | COM | 01973R101 |  | 1637867 | 16730 | SH |  | SOLE |  | 0 | 0 | 16730 |
| Alphabet Inc A | CAP STK CL A | 02079K305 |  | 6092858 | 19466 | SH |  | SOLE |  | 0 | 0 | 19466 |
| Altria Group Inc | COM | 02209S103 |  | 699531 | 12132 | SH |  | SOLE |  | 0 | 0 | 12132 |
| Amazon.com Inc | COM | 023135106 |  | 218356 | 946 | SH |  | SOLE |  | 0 | 0 | 946 |
| Cencora Inc | COM | 03073E105 |  | 5869757 | 17379 | SH |  | SOLE |  | 0 | 0 | 17379 |
| Amgen Inc | COM | 031162100 |  | 980948 | 2997 | SH |  | SOLE |  | 0 | 0 | 2997 |
| Amneal Pharmaceuticals Inc | COM STK CL A | 03168L105 |  | 431739 | 34265 | SH |  | SOLE |  | 0 | 0 | 34265 |
| Apollo Global Management Inc | COM | 03769M106 |  | 703534 | 4860 | SH |  | SOLE |  | 0 | 0 | 4860 |
| Apple Inc | COM | 037833100 |  | 5731852 | 21084 | SH |  | SOLE |  | 0 | 0 | 21084 |
| Arrow Electronics Inc | COM | 042735100 |  | 2793063 | 25350 | SH |  | SOLE |  | 0 | 0 | 25350 |
| AstraZeneca plc | SPONSORED ADR | 046353108 |  | 738505 | 8033 | SH |  | SOLE |  | 0 | 0 | 8033 |
| Autonation Inc | COM | 05329W102 |  | 1718946 | 8325 | SH |  | SOLE |  | 0 | 0 | 8325 |
| Autozone Inc | COM | 053332102 |  | 267928 | 79 | SH |  | SOLE |  | 0 | 0 | 79 |
| Avnet Inc | COM | 053807103 |  | 7871177 | 163710 | SH |  | SOLE |  | 0 | 0 | 163710 |
| Bancorp Inc | COM | 05969A105 |  | 1095512 | 16225 | SH |  | SOLE |  | 0 | 0 | 16225 |
| Basanite Inc | COM | 06975Q100 |  | 933 | 31000 | SH |  | SOLE |  | 0 | 0 | 31000 |
| H Block Inc | COM | 093671105 |  | 3084592 | 70780 | SH |  | SOLE |  | 0 | 0 | 70780 |
| BorgWarner Inc | COM | 099724106 |  | 2209968 | 49045 | SH |  | SOLE |  | 0 | 0 | 49045 |
| Brighthouse Financial Inc | COM | 10922N103 |  | 1143544 | 17650 | SH |  | SOLE |  | 0 | 0 | 17650 |
| Acadian Asset Management Inc | COM | 10948W103 |  | 1516220 | 32260 | SH |  | SOLE |  | 0 | 0 | 32260 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 3062983 | 56785 | SH |  | SOLE |  | 0 | 0 | 56785 |
| Broadcom Inc | COM | 11135F101 |  | 15897411 | 45933 | SH |  | SOLE |  | 0 | 0 | 45933 |
| Builders FirstSource Inc | COM | 12008R107 |  | 227901 | 2215 | SH |  | SOLE |  | 0 | 0 | 2215 |
| Cboe Global Markets Inc | COM | 12503M108 |  | 2224362 | 8862 | SH |  | SOLE |  | 0 | 0 | 8862 |
| CBRE Group Inc | CL A | 12504L109 |  | 1747948 | 10871 | SH |  | SOLE |  | 0 | 0 | 10871 |
| CDW Corp | COM | 12514G108 |  | 3779550 | 27750 | SH |  | SOLE |  | 0 | 0 | 27750 |
| CSG Systems International Inc | COM | 126349109 |  | 4600250 | 59985 | SH |  | SOLE |  | 0 | 0 | 59985 |
| CSX Corp | COM | 126408103 |  | 222720 | 6144 | SH |  | SOLE |  | 0 | 0 | 6144 |
| CVS Health Corp | COM | 126650100 |  | 284109 | 3580 | SH |  | SOLE |  | 0 | 0 | 3580 |
| CACI International Inc | CL A | 127190304 |  | 425715 | 799 | SH |  | SOLE |  | 0 | 0 | 799 |
| Cal-Maine Foods Inc | COM NEW | 128030202 |  | 2480595 | 31175 | SH |  | SOLE |  | 0 | 0 | 31175 |
| Capital Bancorp Inc | COM | 139737100 |  | 1691327 | 60040 | SH |  | SOLE |  | 0 | 0 | 60040 |
| Capital One Financial Corp | COM | 14040H105 |  | 984466 | 4062 | SH |  | SOLE |  | 0 | 0 | 4062 |
| Cardinal Health Inc | COM | 14149Y108 |  | 393532 | 1915 | SH |  | SOLE |  | 0 | 0 | 1915 |
| Cars.Com Inc | COM | 14575E105 |  | 431636 | 35380 | SH |  | SOLE |  | 0 | 0 | 35380 |
| Caterpillar Inc | COM | 149123101 |  | 307058 | 536 | SH |  | SOLE |  | 0 | 0 | 536 |
| Celestica Inc | COM | 15101Q207 |  | 6398183 | 21644 | SH |  | SOLE |  | 0 | 0 | 21644 |
| Chevron Corp | COM | 166764100 |  | 314727 | 2065 | SH |  | SOLE |  | 0 | 0 | 2065 |
| Cirrus Logic Inc | COM | 172755100 |  | 1256100 | 10600 | SH |  | SOLE |  | 0 | 0 | 10600 |
| Cisco Systems Inc | COM | 17275R102 |  | 1801963 | 23393 | SH |  | SOLE |  | 0 | 0 | 23393 |
| Civitas Resources Inc | COM NEW | 17888H103 |  | 234870 | 8670 | SH |  | SOLE |  | 0 | 0 | 8670 |
| Collegium Pharmaceutical Inc | COM | 19459J104 |  | 768117 | 16590 | SH |  | SOLE |  | 0 | 0 | 16590 |
| Comcast Corp | CL A | 20030N101 |  | 411705 | 13774 | SH |  | SOLE |  | 0 | 0 | 13774 |
| Consensus Cloud Solution | COM | 20848V105 |  | 210127 | 9630 | SH |  | SOLE |  | 0 | 0 | 9630 |
| Constellation Brands Inc. | CL A | 21036P108 |  | 497346 | 3605 | SH |  | SOLE |  | 0 | 0 | 3605 |
| Corpay Inc | COM SHS | 219948106 |  | 1372241 | 4560 | SH |  | SOLE |  | 0 | 0 | 4560 |
| Cummins Inc | COM | 231021106 |  | 4059098 | 7952 | SH |  | SOLE |  | 0 | 0 | 7952 |
| DR Horton Inc | COM | 23331A109 |  | 284171 | 1973 | SH |  | SOLE |  | 0 | 0 | 1973 |
| Dell Technologies Inc | CL C | 24703L202 |  | 7548142 | 59963 | SH |  | SOLE |  | 0 | 0 | 59963 |
| Deluxe Corp | COM | 248019101 |  | 595340 | 26661 | SH |  | SOLE |  | 0 | 0 | 26661 |
| Enova International Inc | COM | 29357K103 |  | 884250 | 5625 | SH |  | SOLE |  | 0 | 0 | 5625 |
| Equitable Holdings Inc | COM | 29452E101 |  | 5751593 | 120705 | SH |  | SOLE |  | 0 | 0 | 120705 |
| Evercore Inc | CLASS A | 29977A105 |  | 251785 | 740 | SH |  | SOLE |  | 0 | 0 | 740 |
| Expedia Group Inc | COM NEW | 30212P303 |  | 3705695 | 13080 | SH |  | SOLE |  | 0 | 0 | 13080 |
| Exxon Mobil Corp | COM | 30231G102 |  | 383609 | 3188 | SH |  | SOLE |  | 0 | 0 | 3188 |
| FS KKR Capital Corp | COM | 302635206 |  | 278754 | 18822 | SH |  | SOLE |  | 0 | 0 | 18822 |
| Meta Platforms Inc | CL A | 30303M102 |  | 2320876 | 3516 | SH |  | SOLE |  | 0 | 0 | 3516 |
| Federated Hermes Inc | CL B | 314211103 |  | 4563154 | 87635 | SH |  | SOLE |  | 0 | 0 | 87635 |
| Fidelity National Information Services Inc | COM | 31620M106 |  | 618743 | 9310 | SH |  | SOLE |  | 0 | 0 | 9310 |
| Fiserv Inc | COM | 337738108 |  | 716570 | 10668 | SH |  | SOLE |  | 0 | 0 | 10668 |
| Ford Motor Co | COM | 345370860 |  | 1261947 | 96185 | SH |  | SOLE |  | 0 | 0 | 96185 |
| Gartner Inc | COM | 366651107 |  | 1312613 | 5203 | SH |  | SOLE |  | 0 | 0 | 5203 |
| Gilead Sciences Inc | COM | 375558103 |  | 1061946 | 8652 | SH |  | SOLE |  | 0 | 0 | 8652 |
| Glaxosmithkline Plc | SPONSORED ADR | 37733W204 |  | 2057522 | 41956 | SH |  | SOLE |  | 0 | 0 | 41956 |
| Goldman Sachs BDC Inc | SHS | 38147U107 |  | 149454 | 16105 | SH |  | SOLE |  | 0 | 0 | 16105 |
| Green Brick Partners Inc | COM | 392709101 |  | 1522826 | 24303 | SH |  | SOLE |  | 0 | 0 | 24303 |
| Greenbrier Companies Inc. | COM | 393657101 |  | 216172 | 4625 | SH |  | SOLE |  | 0 | 0 | 4625 |
| Group 1 Automotive Inc | COM | 398905109 |  | 757102 | 1925 | SH |  | SOLE |  | 0 | 0 | 1925 |
| HCA Healthcare Inc | COM | 40412C101 |  | 1825423 | 3910 | SH |  | SOLE |  | 0 | 0 | 3910 |
| HP Inc | COM | 40434L105 |  | 2714974 | 121857 | SH |  | SOLE |  | 0 | 0 | 121857 |
| Hewlett Packard Enterprise Co | COM | 42824C109 |  | 6058420 | 252224 | SH |  | SOLE |  | 0 | 0 | 252224 |
| Incyte Corp. | COM | 45337C102 |  | 793123 | 8030 | SH |  | SOLE |  | 0 | 0 | 8030 |
| Innoviva Inc | COM | 45781M101 |  | 621589 | 31095 | SH |  | SOLE |  | 0 | 0 | 31095 |
| International Business Machine Corp | COM | 459200101 |  | 961201 | 3245 | SH |  | SOLE |  | 0 | 0 | 3245 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 519741 | 1613 | SH |  | SOLE |  | 0 | 0 | 1613 |
| Jackson Financial Inc | COM CL A | 46817M107 |  | 3782876 | 35470 | SH |  | SOLE |  | 0 | 0 | 35470 |
| Johnson  Johnson | COM | 478160104 |  | 1544680 | 7464 | SH |  | SOLE |  | 0 | 0 | 7464 |
| Ziff Davis Inc | COM | 48123V102 |  | 237262 | 6750 | SH |  | SOLE |  | 0 | 0 | 6750 |
| KLA Corp | COM NEW | 482480100 |  | 7152091 | 5886 | SH |  | SOLE |  | 0 | 0 | 5886 |
| Kraft Heinz Co | COM | 500754106 |  | 756358 | 31190 | SH |  | SOLE |  | 0 | 0 | 31190 |
| L3Harris Technologies Inc | COM | 502431109 |  | 409530 | 1395 | SH |  | SOLE |  | 0 | 0 | 1395 |
| Lam Research Corp | COM NEW | 512807306 |  | 623951 | 3645 | SH |  | SOLE |  | 0 | 0 | 3645 |
| Lear Corp | COM NEW | 521865204 |  | 1130529 | 9865 | SH |  | SOLE |  | 0 | 0 | 9865 |
| Leidos Holdings Inc | COM | 525327102 |  | 1205974 | 6685 | SH |  | SOLE |  | 0 | 0 | 6685 |
| Lincoln National Corporation | COM | 534187109 |  | 706691 | 15870 | SH |  | SOLE |  | 0 | 0 | 15870 |
| Magna International Inc | COM | 559222401 |  | 491959 | 9230 | SH |  | SOLE |  | 0 | 0 | 9230 |
| Marriott International Inc | CL A | 571903202 |  | 1770850 | 5708 | SH |  | SOLE |  | 0 | 0 | 5708 |
| Masco Corp | COM | 574599106 |  | 246225 | 3880 | SH |  | SOLE |  | 0 | 0 | 3880 |
| Mastercard Inc | CL A | 57636Q104 |  | 3876899 | 6791 | SH |  | SOLE |  | 0 | 0 | 6791 |
| Maximus Inc | COM | 577933104 |  | 299530 | 3470 | SH |  | SOLE |  | 0 | 0 | 3470 |
| McKesson Corp | COM | 58155Q103 |  | 2663482 | 3247 | SH |  | SOLE |  | 0 | 0 | 3247 |
| Medpace Holdings Inc | COM | 58506Q109 |  | 1378851 | 2455 | SH |  | SOLE |  | 0 | 0 | 2455 |
| Merck  Co Inc | COM | 58933Y105 |  | 1979625 | 18807 | SH |  | SOLE |  | 0 | 0 | 18807 |
| Microsoft Corp | COM | 594918104 |  | 1576601 | 3260 | SH |  | SOLE |  | 0 | 0 | 3260 |
| Molson Coors Beverages Co Class B | CL B | 60871R209 |  | 1464352 | 31370 | SH |  | SOLE |  | 0 | 0 | 31370 |
| Mueller Industries Inc | COM | 624756102 |  | 888552 | 7740 | SH |  | SOLE |  | 0 | 0 | 7740 |
| Claritev Corp | CL A NEW | 62548M209 |  | 373250 | 8731 | SH |  | SOLE |  | 0 | 0 | 8731 |
| NCR Voyix Corp | COM | 62886E108 |  | 213180 | 20900 | SH |  | SOLE |  | 0 | 0 | 20900 |
| National Fuel Gas Co | COM | 636180101 |  | 1227720 | 15335 | SH |  | SOLE |  | 0 | 0 | 15335 |
| Navient Corp | COM | 63938C108 |  | 163800 | 12600 | SH |  | SOLE |  | 0 | 0 | 12600 |
| Rithm Capital Corp | COM NEW | 64828T201 |  | 1578048 | 144775 | SH |  | SOLE |  | 0 | 0 | 144775 |
| Nexstar Media Group Inc | COMMON STOCK | 65336K103 |  | 5773524 | 28434 | SH |  | SOLE |  | 0 | 0 | 28434 |
| Norfolk Southern Corp | COM | 655844108 |  | 636050 | 2203 | SH |  | SOLE |  | 0 | 0 | 2203 |
| Gen Digital Inc | COM | 668771108 |  | 5287639 | 194470 | SH |  | SOLE |  | 0 | 0 | 194470 |
| Novartis AG | SPONSORED ADR | 66987V109 |  | 316412 | 2295 | SH |  | SOLE |  | 0 | 0 | 2295 |
| Nvidia Corp | COM | 67066G104 |  | 3458509 | 18544 | SH |  | SOLE |  | 0 | 0 | 18544 |
| O'Reilly Automotive Inc | COM | 67103H107 |  | 2089621 | 22910 | SH |  | SOLE |  | 0 | 0 | 22910 |
| Omnicom Group Inc | COM | 681919106 |  | 7768231 | 96201 | SH |  | SOLE |  | 0 | 0 | 96201 |
| Onemain Holdings Inc | COM | 68268W103 |  | 929488 | 13760 | SH |  | SOLE |  | 0 | 0 | 13760 |
| Oracle Corp | COM | 68389X105 |  | 214401 | 1100 | SH |  | SOLE |  | 0 | 0 | 1100 |
| Organon  Co | COMMON STOCK | 68622V106 |  | 124615 | 17380 | SH |  | SOLE |  | 0 | 0 | 17380 |
| Owens Corning | NEW COM | 690742101 |  | 319503 | 2855 | SH |  | SOLE |  | 0 | 0 | 2855 |
| Park Hotels and Resorts Inc | COM | 700517105 |  | 115740 | 11065 | SH |  | SOLE |  | 0 | 0 | 11065 |
| Patrick Industries Inc | COM | 703343103 |  | 300351 | 2770 | SH |  | SOLE |  | 0 | 0 | 2770 |
| Penske Automotive Group Inc | COM | 70959W103 |  | 1169763 | 7390 | SH |  | SOLE |  | 0 | 0 | 7390 |
| Permian Resources Corp | CLASS A COM | 71424F105 |  | 1101145 | 78485 | SH |  | SOLE |  | 0 | 0 | 78485 |
| Pfizer Inc | COM | 717081103 |  | 1031982 | 41445 | SH |  | SOLE |  | 0 | 0 | 41445 |
| Photronics Inc | COM | 719405102 |  | 1484320 | 46385 | SH |  | SOLE |  | 0 | 0 | 46385 |
| Pricesmart Inc | COM | 741511109 |  | 1431559 | 11670 | SH |  | SOLE |  | 0 | 0 | 11670 |
| Progress Software Corp | COM | 743312100 |  | 475352 | 11065 | SH |  | SOLE |  | 0 | 0 | 11065 |
| Qualcomm Inc | COM | 747525103 |  | 2103744 | 12299 | SH |  | SOLE |  | 0 | 0 | 12299 |
| Radian Group Inc | COM | 750236101 |  | 477947 | 13280 | SH |  | SOLE |  | 0 | 0 | 13280 |
| Regeneron Pharmaceuticals Inc | COM | 75886F107 |  | 1640165 | 2125 | SH |  | SOLE |  | 0 | 0 | 2125 |
| Upbound Group Inc | COM | 76009N100 |  | 1139117 | 64870 | SH |  | SOLE |  | 0 | 0 | 64870 |
| Restaurant Brands International Inc | COM | 76131D103 |  | 855945 | 12545 | SH |  | SOLE |  | 0 | 0 | 12545 |
| Ryder System Inc | COM | 783549108 |  | 2813433 | 14700 | SH |  | SOLE |  | 0 | 0 | 14700 |
| S Global Inc | COM | 78409V104 |  | 658986 | 1261 | SH |  | SOLE |  | 0 | 0 | 1261 |
| SLM Corp | COM | 78442P106 |  | 1331623 | 49210 | SH |  | SOLE |  | 0 | 0 | 49210 |
| Sanmina Corp | COM | 801056102 |  | 891416 | 5940 | SH |  | SOLE |  | 0 | 0 | 5940 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 220008 | 4540 | SH |  | SOLE |  | 0 | 0 | 4540 |
| Service Properties Trust | COM SH BEN INT | 81761L102 |  | 36967 | 20091 | SH |  | SOLE |  | 0 | 0 | 20091 |
| Sinclair Inc | CL A | 829242106 |  | 371866 | 24305 | SH |  | SOLE |  | 0 | 0 | 24305 |
| Smithfield Foods Inc COM NPV | COM | 832248207 |  | 207669 | 9300 | SH |  | SOLE |  | 0 | 0 | 9300 |
| J M Smucker Co | COM NEW | 832696405 |  | 442101 | 4520 | SH |  | SOLE |  | 0 | 0 | 4520 |
| Berkshire Hathaway Inc | CL B NEW | 084670702 |  | 401789 | 799 | SH |  | SOLE |  | 0 | 0 | 799 |
| Sprouts Farmers Market Inc | COM | 85208M102 |  | 790326 | 9920 | SH |  | SOLE |  | 0 | 0 | 9920 |
| Stride Inc | COM | 86333M108 |  | 1614160 | 24860 | SH |  | SOLE |  | 0 | 0 | 24860 |
| Stryker Corp | COM | 863667101 |  | 287151 | 817 | SH |  | SOLE |  | 0 | 0 | 817 |
| TKO Group Holdings Inc | CL A | 87256C101 |  | 466070 | 2230 | SH |  | SOLE |  | 0 | 0 | 2230 |
| Tapestry Inc | COM | 876030107 |  | 1809223 | 14160 | SH |  | SOLE |  | 0 | 0 | 14160 |
| Taylor Morrison Home Corp | COM | 87724P106 |  | 1545043 | 26245 | SH |  | SOLE |  | 0 | 0 | 26245 |
| Tegna Inc | COM | 87901J105 |  | 1210155 | 62347 | SH |  | SOLE |  | 0 | 0 | 62347 |
| Tenet Healthcare Corp | COM NEW | 88033G407 |  | 805810 | 4055 | SH |  | SOLE |  | 0 | 0 | 4055 |
| Texas Instruments Inc | COM | 882508104 |  | 486986 | 2807 | SH |  | SOLE |  | 0 | 0 | 2807 |
| Thor Industries Inc | COM | 885160101 |  | 274642 | 2675 | SH |  | SOLE |  | 0 | 0 | 2675 |
| Tidewater Inc | COM | 88642R109 |  | 506615 | 10030 | SH |  | SOLE |  | 0 | 0 | 10030 |
| Travel and Leisure Co | COM | 894164102 |  | 2605026 | 36935 | SH |  | SOLE |  | 0 | 0 | 36935 |
| UGI Corp | COM | 902681105 |  | 1560457 | 41690 | SH |  | SOLE |  | 0 | 0 | 41690 |
| Union Pacific Corp | COM | 907818108 |  | 283598 | 1226 | SH |  | SOLE |  | 0 | 0 | 1226 |
| United Continental Holdings Inc | COM | 910047109 |  | 726271 | 6495 | SH |  | SOLE |  | 0 | 0 | 6495 |
| United Rentals Inc | COM | 911363109 |  | 1859008 | 2297 | SH |  | SOLE |  | 0 | 0 | 2297 |
| United Therapeutics Corp | COM | 91307C102 |  | 3195873 | 6559 | SH |  | SOLE |  | 0 | 0 | 6559 |
| Unum Group | COM | 91529Y106 |  | 2863625 | 36950 | SH |  | SOLE |  | 0 | 0 | 36950 |
| VSE Corp | COM | 918284100 |  | 7584603 | 43900 | SH |  | SOLE |  | 0 | 0 | 43900 |
| Valero Energy Corp | COM | 91913Y100 |  | 934415 | 5740 | SH |  | SOLE |  | 0 | 0 | 5740 |
| Veeco Instruments Inc | COM | 922417100 |  | 261507 | 9150 | SH |  | SOLE |  | 0 | 0 | 9150 |
| V2X Inc | COM | 92242T101 |  | 1697323 | 31115 | SH |  | SOLE |  | 0 | 0 | 31115 |
| Viatris Inc | COM | 92556V106 |  | 2609396 | 209590 | SH |  | SOLE |  | 0 | 0 | 209590 |
| Victory Capital Holdings Inc | COM CL A | 92645B103 |  | 5633243 | 89289 | SH |  | SOLE |  | 0 | 0 | 89289 |
| Visa Inc | COM CL A | 92826C839 |  | 267592 | 763 | SH |  | SOLE |  | 0 | 0 | 763 |
| Vistra Energy Corp | COM | 92840M102 |  | 792130 | 4910 | SH |  | SOLE |  | 0 | 0 | 4910 |
| Wal-Mart Stores Inc | COM | 931142103 |  | 423804 | 3804 | SH |  | SOLE |  | 0 | 0 | 3804 |
| Warrior Met Coal Inc | COM | 93627C101 |  | 435560 | 4940 | SH |  | SOLE |  | 0 | 0 | 4940 |
| Western Union Co | COM | 959802109 |  | 142182 | 15272 | SH |  | SOLE |  | 0 | 0 | 15272 |
| John Wiley  Sons Inc Class A | CL A | 968223206 |  | 2702393 | 88227 | SH |  | SOLE |  | 0 | 0 | 88227 |
| Accenture Plc | SHS CLASS A | G1151C101 |  | 3169696 | 11814 | SH |  | SOLE |  | 0 | 0 | 11814 |
| Fidelis Insurance Holdings | COM | G3398L118 |  | 1530080 | 78185 | SH |  | SOLE |  | 0 | 0 | 78185 |
| Hamilton Insurance Group Ltd | CL B | G42706104 |  | 1037294 | 37179 | SH |  | SOLE |  | 0 | 0 | 37179 |
| Invesco Limited | SHS | G491BT108 |  | 507668 | 19325 | SH |  | SOLE |  | 0 | 0 | 19325 |
| Jazz Pharmaceutical PLC | SHS USD | G50871105 |  | 1411680 | 8304 | SH |  | SOLE |  | 0 | 0 | 8304 |
| Nomad Foods Ltd | USD ORD SHS | G6564A105 |  | 710005 | 56755 | SH |  | SOLE |  | 0 | 0 | 56755 |
| Teekay Tankers Ltd | CL A | G8726X106 |  | 1067599 | 19985 | SH |  | SOLE |  | 0 | 0 | 19985 |
| Bunge Global SA | COM SHS | H11356104 |  | 538934 | 6050 | SH |  | SOLE |  | 0 | 0 | 6050 |
| Costamare Inc | SHS | Y1771G102 |  | 4029845 | 255215 | SH |  | SOLE |  | 0 | 0 | 255215 |
| Fidelity Enhanced Mid Cap ETF | ENHANCED MID | 31609A503 |  | 396614 | 10902 | SH |  | SOLE |  | 0 | 0 | 10902 |
| First Trust Dow Jones Select MicroCap Index ETF | COM SHS ANNUAL | 33718M105 |  | 1768192 | 22209 | SH |  | SOLE |  | 0 | 0 | 22209 |
| FlexShares Global Upstream Natural Resources Index ETF | MORNSTAR UPSTR | 33939L407 |  | 1102876 | 24054 | SH |  | SOLE |  | 0 | 0 | 24054 |
| FlexShares iBoxx 5-Yr Target Duration TIPS Index | IBOXX 5YR TRGT | 33939L605 |  | 4419050 | 184396 | SH |  | SOLE |  | 0 | 0 | 184396 |
| PowerShares Buyback Achievers ETF | BUYBACK ACHIEV | 46137V308 |  | 1085522 | 8082 | SH |  | SOLE |  | 0 | 0 | 8082 |
| Invesco S SmallCap Momentum ETF | S SMLCP MOMENT | 46137V498 |  | 1224170 | 17000 | SH |  | SOLE |  | 0 | 0 | 17000 |
| iShares Core US Aggregate Bond ETF | CORE US AGGBD ET | 464287226 |  | 278166 | 2785 | SH |  | SOLE |  | 0 | 0 | 2785 |
| iShares S 500 Value ETF | S 500 VAL ETF | 464287408 |  | 306865 | 1447 | SH |  | SOLE |  | 0 | 0 | 1447 |
| iShares Russell Mid Growth ETF | RUS MD CP GR ETF | 464287481 |  | 317427 | 2318 | SH |  | SOLE |  | 0 | 0 | 2318 |
| iShares Russell Mid Cap ETF | RUS MID CAP ETF | 464287499 |  | 1058970 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| iShares Russell 1000 Growth ETF | RUS 1000 GRW ETF | 464287614 |  | 634222 | 1340 | SH |  | SOLE |  | 0 | 0 | 1340 |
| iShares Russell 1000 ETF | RUS 1000 ETF | 464287622 |  | 1556498 | 4168 | SH |  | SOLE |  | 0 | 0 | 4168 |
| iShares Russell 2000 ETF | RUSSELL 2000 ETF | 464287655 |  | 243452 | 989 | SH |  | SOLE |  | 0 | 0 | 989 |
| iShares Core S Small-Cap ETF | CORE S SCP ETF | 464287804 |  | 317756 | 2644 | SH |  | SOLE |  | 0 | 0 | 2644 |
| iShares S Small-Cap 600 Value ETF | SP SMCP600VL ETF | 464287879 |  | 713138 | 6271 | SH |  | SOLE |  | 0 | 0 | 6271 |
| iShares S Small-Cap 600 Growth ETF | S SML 600 GWT | 464287887 |  | 755488 | 5352 | SH |  | SOLE |  | 0 | 0 | 5352 |
| iShares Morningstar Mid-Cap Growth ETF | MRGSTR MD CP GRW | 464288307 |  | 245051 | 3069 | SH |  | SOLE |  | 0 | 0 | 3069 |
| iShares Residential and Multi Real Estate ETF | RESIDENTIAL MULT | 464288562 |  | 981185 | 11873 | SH |  | SOLE |  | 0 | 0 | 11873 |
| iShares Morningstar Small-Cap Growth ETF | MRGSTR SM CP GR | 464288604 |  | 1305695 | 23543 | SH |  | SOLE |  | 0 | 0 | 23543 |
| iShares Micro-Cap ETF | MICRO-CAP ETF | 464288869 |  | 2711652 | 17195 | SH |  | SOLE |  | 0 | 0 | 17195 |
| iShares Russell Top 200 ETF | RUS TOP 200 ETF | 464289446 |  | 390743 | 2290 | SH |  | SOLE |  | 0 | 0 | 2290 |
| iShares MSCI USA Quality Factor ETF | MSCI USA QLT FCT | 46432F339 |  | 357516 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| iShares Core MSCI EAFE ETF | CORE MSCI EAFE | 46432F842 |  | 1450773 | 16217 | SH |  | SOLE |  | 0 | 0 | 16217 |
| iShares Russell 2500 ETF | RUSEL 2500 ETF | 46435G268 |  | 26443392 | 352861 | SH |  | SOLE |  | 0 | 0 | 352861 |
| JPMorgan International Research Enhanced Equity ETF | INTRNL RES EQT | 46641Q134 |  | 24359587 | 325315 | SH |  | SOLE |  | 0 | 0 | 325315 |
| JPMorgan Ultra-Short Income ETF | ULTRA SHRT ETF | 46641Q837 |  | 11097321 | 219358 | SH |  | SOLE |  | 0 | 0 | 219358 |
| PIMCO Intermediate Municipal Bd Actv ETF | INTER MUN BD ACT | 72201R866 |  | 607956 | 11600 | SH |  | SOLE |  | 0 | 0 | 11600 |
| SPDR S 600 Small Cap Value ETF | STATE STREET SPD | 78464A300 |  | 1273580 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| SPDR Portfolio S 500 ETF | STATE STREET SPD | 78464A854 |  | 222049 | 2768 | SH |  | SOLE |  | 0 | 0 | 2768 |
| Schwab Fundamental US Broad Market ETF | FUNDAMENTAL US B | 808524789 |  | 204137 | 7683 | SH |  | SOLE |  | 0 | 0 | 7683 |
| Technology Select Sector SPDR ETF | STATE STREET TEC | 81369Y803 |  | 638651 | 4436 | SH |  | SOLE |  | 0 | 0 | 4436 |
| T. Rowe Price Small-Mid Cap ETF | SMALL MID CAP | 87283Q826 |  | 24847259 | 692124 | SH |  | SOLE |  | 0 | 0 | 692124 |
| Vanguard FTSE Developed Mkts ETF | VAN FTSE DEV MKT | 921943858 |  | 516252 | 8264 | SH |  | SOLE |  | 0 | 0 | 8264 |
| Vanguard Total World Stock ETF | TT WRLD ST ETF | 922042742 |  | 1224683 | 8682 | SH |  | SOLE |  | 0 | 0 | 8682 |
| Vanguard FTSE All-World ex-US ETF | ALLWRLD EX US | 922042775 |  | 2699302 | 36695 | SH |  | SOLE |  | 0 | 0 | 36695 |
| Vanguard Emerging Markets Stock ETF | FTSE EMR MKT ETF | 922042858 |  | 11713981 | 217894 | SH |  | SOLE |  | 0 | 0 | 217894 |
| Vanguard Short-Term Treasury ETF | SHORT TERM TREAS | 92206C102 |  | 402300 | 6850 | SH |  | SOLE |  | 0 | 0 | 6850 |
| Vanguard Tax-Exempt Bond Index ETF | TAX EXEMPT BD | 922907746 |  | 258390 | 5138 | SH |  | SOLE |  | 0 | 0 | 5138 |
| Vanguard Mid Value Index Fund ETF | MCAP VL IDXVIP | 922908512 |  | 820336 | 4625 | SH |  | SOLE |  | 0 | 0 | 4625 |
| Vanguard Mid-Cap Growth ETF | MCAP GR IDXVIP | 922908538 |  | 290585 | 1041 | SH |  | SOLE |  | 0 | 0 | 1041 |
| Vanguard Real Estate Index Fund ETF | REAL ESTATE ETF | 922908553 |  | 227419 | 2570 | SH |  | SOLE |  | 0 | 0 | 2570 |
| Vanguard Mid-Cap ETF | MID CAP ETF | 922908629 |  | 5816468 | 20042 | SH |  | SOLE |  | 0 | 0 | 20042 |
| Vanguard Large-Cap ETF | LARGE CAP ETF | 922908637 |  | 6947321 | 22069 | SH |  | SOLE |  | 0 | 0 | 22069 |
| Vanguard Growth Index Fund ETF | GROWTH ETF | 922908736 |  | 14203612 | 29114 | SH |  | SOLE |  | 0 | 0 | 29114 |
| Vanguard Value Index Fund ETF | VALUE ETF | 922908744 |  | 3087298 | 16165 | SH |  | SOLE |  | 0 | 0 | 16165 |
| Vanguard Small-Cap ETF | SMALL CP ETF | 922908751 |  | 1524484 | 5910 | SH |  | SOLE |  | 0 | 0 | 5910 |
| Vanguard Total Stock Market ETF | TOTAL STK MKT | 922908769 |  | 4777870 | 14251 | SH |  | SOLE |  | 0 | 0 | 14251 |
| WisdomTree US Total Dividend ETF | US TOTAL DIVIDND | 97717W109 |  | 346310 | 4080 | SH |  | SOLE |  | 0 | 0 | 4080 |
| SPDR Gold MiniShares Trust | SPDR GLD MINIS | 98149E303 |  | 1472206 | 17245 | SH |  | SOLE |  | 0 | 0 | 17245 |

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