# EDGAR Filing Document

**Accession Number:** 0001339270
**File Stem:** 0001339270-23-000001
**Filing Date:** 2023-1
**Character Count:** 31382
**Document Hash:** 504170751c84db0978c26c912fe34931
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001339270-23-000001.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001339270-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOL Capital Management CO
- **CENTRAL INDEX KEY:** 0001339270
- **IRS NUMBER:** 521499373
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11529
- **FILM NUMBER:** 23546298

**BUSINESS ADDRESS:**
- **STREET 1:** 111 ROCKVILLE PIKE
- **STREET 2:** SUITE 750
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-881-3727

**MAIL ADDRESS:**
- **STREET 1:** 111 ROCKVILLE PIKE
- **STREET 2:** SUITE 750
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

### 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:** SOL Capital Management CO<br>**Address:** 111 ROCKVILLE PIKE<br>SUITE 750<br>ROCKVILLE, MD 20850

**Form 13F File Number:** 028-11529

**CRD Number (if applicable):** 000110226

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:** Sandra G. Horne<br>**Title:** VP/Chief Compliance Officer<br>**Phone:** 301-692-1225

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

Sandra G. Horne  Bedford, VA  01-24-2023<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:** 275

**Form 13F Information Table Value Total:** $565105668

      (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 |
| AT Inc. | COM | 00206R102 |  | 1363050 | 74039 | SH |  | SOLE |  | 74039 | 0 | 0 |
| AbbVie Inc. | COM | 00287y109 |  | 239021 | 1479 | SH |  | SOLE |  | 1479 | 0 | 0 |
| Agilent Technologies Inc. | COM | 00846U101 |  | 545624 | 3646 | SH |  | SOLE |  | 3646 | 0 | 0 |
| Alibaba Group Holding Limited | COM | 01609w102 |  | 2692647 | 30567 | SH |  | SOLE |  | 30567 | 0 | 0 |
| Alphabet Inc Cl A | COM | 02079k305 |  | 1001410 | 11350 | SH |  | SOLE |  | 11350 | 0 | 0 |
| Alphabet Inc Cl C | COM | 02079k107 |  | 1368660 | 15425 | SH |  | SOLE |  | 15425 | 0 | 0 |
| Altria Group Inc | COM | 02209S103 |  | 203867 | 4460 | SH |  | SOLE |  | 4460 | 0 | 0 |
| Amazon.Com Inc. | COM | 023135106 |  | 2569980 | 30595 | SH |  | SOLE |  | 30595 | 0 | 0 |
| American Express Company | COM | 025816109 |  | 1684866 | 11403 | SH |  | SOLE |  | 11403 | 0 | 0 |
| American International Group N | COM | 026874784 |  | 2007554 | 31745 | SH |  | SOLE |  | 31745 | 0 | 0 |
| Amgen Inc. | COM | 031162100 |  | 553382 | 2107 | SH |  | SOLE |  | 2107 | 0 | 0 |
| Apollo Commercial Real Estate | COM | 03762U105 |  | 303217 | 28180 | SH |  | SOLE |  | 28180 | 0 | 0 |
| Apollo Global Management Inc. | COM | 03769m106 |  | 4436594 | 69550 | SH |  | SOLE |  | 69550 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 13213349 | 101696 | SH |  | SOLE |  | 101696 | 0 | 0 |
| Applied Materials Inc | COM | 038222105 |  | 740088 | 7600 | SH |  | SOLE |  | 7600 | 0 | 0 |
| Autodesk Inc | COM | 052769106 |  | 265355 | 1420 | SH |  | SOLE |  | 1420 | 0 | 0 |
| BHP Billiton Ltd Adr F Sponsor | COM | 088606108 |  | 217175 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| Banco Santander S.A. (ADR) | COM | 05964h105 |  | 68077 | 23077 | SH |  | SOLE |  | 23077 | 0 | 0 |
| Bank of America Corp. | COM | 060505104 |  | 5253898 | 158632 | SH |  | SOLE |  | 158632 | 0 | 0 |
| Becton Dickinson  Co | COM | 075887109 |  | 684830 | 2693 | SH |  | SOLE |  | 2693 | 0 | 0 |
| Berkshire Hathaway Cl B | COM | 084670702 |  | 2473671 | 8008 | SH |  | SOLE |  | 8008 | 0 | 0 |
| Blackstone Group Inc. Cl A | COM | 09260D107 |  | 5585394 | 75285 | SH |  | SOLE |  | 75285 | 0 | 0 |
| Blackstone Mortgage Trust Inc | COM | 09257W100 |  | 283678 | 13400 | SH |  | SOLE |  | 13400 | 0 | 0 |
| Boeing Company | COM | 097023105 |  | 2066816 | 10850 | SH |  | SOLE |  | 10850 | 0 | 0 |
| Bristol-Myers Squibb Co. | COM | 110122108 |  | 920070 | 12788 | SH |  | SOLE |  | 12788 | 0 | 0 |
| Brookfield Asset Management Cl | COM | 113004105 |  | 434695 | 15162 | SH |  | SOLE |  | 15162 | 0 | 0 |
| Brookfield Corporation | COM | 11271J107 |  | 2206038 | 70122 | SH |  | SOLE |  | 70122 | 0 | 0 |
| Byline Bancorp Inc. | COM | 124411109 |  | 1235579 | 53791 | SH |  | SOLE |  | 53791 | 0 | 0 |
| CSX Corp. | COM | 126408103 |  | 353172 | 11400 | SH |  | SOLE |  | 11400 | 0 | 0 |
| CVS Health Corp. | COM | 126650100 |  | 2579083 | 27676 | SH |  | SOLE |  | 27676 | 0 | 0 |
| Carlyle Group | COM | 14316J108 |  | 4366487 | 146330 | SH |  | SOLE |  | 146330 | 0 | 0 |
| Caterpillar Inc. | COM | 149123101 |  | 1266554 | 5287 | SH |  | SOLE |  | 5287 | 0 | 0 |
| Charles Schwab Corp. | COM | 808513105 |  | 3438471 | 41298 | SH |  | SOLE |  | 41298 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 652267 | 3634 | SH |  | SOLE |  | 3634 | 0 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 1974957 | 41456 | SH |  | SOLE |  | 41456 | 0 | 0 |
| Citigroup Inc. | COM | 172967424 |  | 1679164 | 37125 | SH |  | SOLE |  | 37125 | 0 | 0 |
| Coca-Cola Co. | COM | 191216100 |  | 269625 | 4239 | SH |  | SOLE |  | 4239 | 0 | 0 |
| Comcast Corp New Cl A | COM | 20030N101 |  | 2473288 | 70726 | SH |  | SOLE |  | 70726 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 763224 | 6468 | SH |  | SOLE |  | 6468 | 0 | 0 |
| Costco Wholesale Corp. New | COM | 22160K105 |  | 2260588 | 4952 | SH |  | SOLE |  | 4952 | 0 | 0 |
| DXC Technology Company Com. | COM | 23355l106 |  | 279018 | 10529 | SH |  | SOLE |  | 10529 | 0 | 0 |
| Danaher Corporation | COM | 235851102 |  | 469793 | 1770 | SH |  | SOLE |  | 1770 | 0 | 0 |
| Dell Inc | COM | 24703l202 |  | 243934 | 6065 | SH |  | SOLE |  | 6065 | 0 | 0 |
| Diageo Plc New (ADR) | COM | 25243Q205 |  | 245902 | 1380 | SH |  | SOLE |  | 1380 | 0 | 0 |
| DraftKings Inc Com Cl A | COM | 26142v105 |  | 455600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 1095741 | 9934 | SH |  | SOLE |  | 9934 | 0 | 0 |
| FedEx Corp. | COM | 31428X106 |  | 2411810 | 13925 | SH |  | SOLE |  | 13925 | 0 | 0 |
| General Electric Company | COM | 369604301 |  | 3389724 | 40455 | SH |  | SOLE |  | 40455 | 0 | 0 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 846432 | 2465 | SH |  | SOLE |  | 2465 | 0 | 0 |
| HP Inc. | COM | 40434l105 |  | 918578 | 34186 | SH |  | SOLE |  | 34186 | 0 | 0 |
| Hewlett Packard Enterprise Com | COM | 42824c109 |  | 486652 | 30492 | SH |  | SOLE |  | 30492 | 0 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 4299486 | 13612 | SH |  | SOLE |  | 13612 | 0 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 1779976 | 8306 | SH |  | SOLE |  | 8306 | 0 | 0 |
| Host Hotels  Resorts Inc. | COM | 44107P104 |  | 366839 | 22856 | SH |  | SOLE |  | 22856 | 0 | 0 |
| Humana Inc. | COM | 444859102 |  | 1132964 | 2212 | SH |  | SOLE |  | 2212 | 0 | 0 |
| Intel Corp. | COM | 458140100 |  | 1700141 | 64326 | SH |  | SOLE |  | 64326 | 0 | 0 |
| International Bancshares Corp. | COM | 459044103 |  | 11772904 | 257275 | SH |  | SOLE |  | 257275 | 0 | 0 |
| International Business Machine | COM | 459200101 |  | 960968 | 6821 | SH |  | SOLE |  | 6821 | 0 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 4523461 | 33732 | SH |  | SOLE |  | 33732 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 1545823 | 8751 | SH |  | SOLE |  | 8751 | 0 | 0 |
| Johnson Controls Inc. | COM | g51502105 |  | 547584 | 8556 | SH |  | SOLE |  | 8556 | 0 | 0 |
| KKR  Co. Inc. | COM | 48251w104 |  | 5994215 | 129130 | SH |  | SOLE |  | 129130 | 0 | 0 |
| Koninklijke Philips Electronic | COM | 500472303 |  | 569005 | 37959 | SH |  | SOLE |  | 37959 | 0 | 0 |
| Lockheed Martin Corp. | COM | 539830109 |  | 1003629 | 2063 | SH |  | SOLE |  | 2063 | 0 | 0 |
| Lowe's Companies Inc. | COM | 548661107 |  | 653507 | 3280 | SH |  | SOLE |  | 3280 | 0 | 0 |
| Lumen Technologies Inc. | COM | 550241103 |  | 1390859 | 266448 | SH |  | SOLE |  | 266448 | 0 | 0 |
| Marriott International Inc. C | COM | 571903202 |  | 335002 | 2250 | SH |  | SOLE |  | 2250 | 0 | 0 |
| Marsh  McLennan Companies In | COM | 571748102 |  | 404599 | 2445 | SH |  | SOLE |  | 2445 | 0 | 0 |
| McDonald's Corp. | COM | 580135101 |  | 2256080 | 8561 | SH |  | SOLE |  | 8561 | 0 | 0 |
| McKesson Corp. | COM | 58155Q103 |  | 742805 | 1980 | SH |  | SOLE |  | 1980 | 0 | 0 |
| Merck  Co. Inc. New | COM | 58933Y105 |  | 436255 | 3932 | SH |  | SOLE |  | 3932 | 0 | 0 |
| Meta Platforms Inc. | COM | 30303m102 |  | 3145086 | 26135 | SH |  | SOLE |  | 26135 | 0 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 6646132 | 27713 | SH |  | SOLE |  | 27713 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 265262 | 3120 | SH |  | SOLE |  | 3120 | 0 | 0 |
| Motorola Solutions Inc. | COM | 620076307 |  | 279210 | 1083 | SH |  | SOLE |  | 1083 | 0 | 0 |
| Netflix Inc. | COM | 64110l106 |  | 1431348 | 4854 | SH |  | SOLE |  | 4854 | 0 | 0 |
| Nike Inc. Cl B | COM | 654106103 |  | 703932 | 6016 | SH |  | SOLE |  | 6016 | 0 | 0 |
| Nokia Corp (ADR) | COM | 654902204 |  | 718796 | 154913 | SH |  | SOLE |  | 154913 | 0 | 0 |
| Oracle Corp. | COM | 68389X105 |  | 2799023 | 34243 | SH |  | SOLE |  | 34243 | 0 | 0 |
| PNC Financial Services Group | COM | 693475105 |  | 543314 | 3440 | SH |  | SOLE |  | 3440 | 0 | 0 |
| Paramount Global Class B | COM | 92556h206 |  | 640832 | 37964 | SH |  | SOLE |  | 37964 | 0 | 0 |
| Paypal Holdings Inc. | COM | 70450y103 |  | 2207891 | 31001 | SH |  | SOLE |  | 31001 | 0 | 0 |
| Pepsico Inc. | COM | 713448108 |  | 696444 | 3855 | SH |  | SOLE |  | 3855 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 2237936 | 43676 | SH |  | SOLE |  | 43676 | 0 | 0 |
| Philip Morris International In | COM | 718172109 |  | 523293 | 5170 | SH |  | SOLE |  | 5170 | 0 | 0 |
| Procter  Gamble Co. | COM | 742718109 |  | 2413290 | 15923 | SH |  | SOLE |  | 15923 | 0 | 0 |
| Qualcomm Inc. | COM | 747525103 |  | 1397337 | 12710 | SH |  | SOLE |  | 12710 | 0 | 0 |
| Qurate Retail Group | COM | 74915m100 |  | 44010 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| Raytheon Technologies Corp | COM | 75513E101 |  | 445562 | 4415 | SH |  | SOLE |  | 4415 | 0 | 0 |
| Rio Tinto Plc | COM | 767204100 |  | 274120 | 3850 | SH |  | SOLE |  | 3850 | 0 | 0 |
| Roblox Corp Ordinary Shares Cl | COM | 771049103 |  | 1718216 | 60373 | SH |  | SOLE |  | 60373 | 0 | 0 |
| SAP AG (ADR) | COM | 803054204 |  | 515744 | 4998 | SH |  | SOLE |  | 4998 | 0 | 0 |
| SJW Group Com | COM | 784305104 |  | 487180 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| SOFI Technologies Inc. | COM | 83406f102 |  | 49488 | 10735 | SH |  | SOLE |  | 10735 | 0 | 0 |
| Schlumberger Ltd F | COM | 806857108 |  | 304455 | 5695 | SH |  | SOLE |  | 5695 | 0 | 0 |
| Sempra Energy | COM | 816851109 |  | 230435 | 1491 | SH |  | SOLE |  | 1491 | 0 | 0 |
| Shell PLC | COM | 780259305 |  | 1220040 | 21423 | SH |  | SOLE |  | 21423 | 0 | 0 |
| Sony Corp. (ADR) | COM | 835699307 |  | 1223150 | 16035 | SH |  | SOLE |  | 16035 | 0 | 0 |
| Stellantis N.V. | COM | N82405106 |  | 491320 | 34600 | SH |  | SOLE |  | 34600 | 0 | 0 |
| TE Connectivity Ltd. F | COM | h84989104 |  | 1100932 | 9590 | SH |  | SOLE |  | 9590 | 0 | 0 |
| Tapestry Inc. | COM | 876030107 |  | 300032 | 7879 | SH |  | SOLE |  | 7879 | 0 | 0 |
| Target Corp. | COM | 87612E106 |  | 288392 | 1935 | SH |  | SOLE |  | 1935 | 0 | 0 |
| Tesla Motors Inc. | COM | 88160r101 |  | 1008351 | 8186 | SH |  | SOLE |  | 8186 | 0 | 0 |
| Teva Pharmaceutical Industries | COM | 881624209 |  | 111446 | 12220 | SH |  | SOLE |  | 12220 | 0 | 0 |
| The Walt Disney Co. | COM | 254687106 |  | 2238205 | 25762 | SH |  | SOLE |  | 25762 | 0 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 1138827 | 2068 | SH |  | SOLE |  | 2068 | 0 | 0 |
| UBS Group CHF0.10 | COM | H42097107 |  | 738959 | 39580 | SH |  | SOLE |  | 39580 | 0 | 0 |
| UnitedHealth Group Inc. | COM | 91324P102 |  | 7339282 | 13843 | SH |  | SOLE |  | 13843 | 0 | 0 |
| VMWare Inc. | COM | 928563402 |  | 358091 | 2917 | SH |  | SOLE |  | 2917 | 0 | 0 |
| Verizon Communications Inc. | COM | 92343V104 |  | 282340 | 7166 | SH |  | SOLE |  | 7166 | 0 | 0 |
| Visa Inc. Cl A | COM | 92826C839 |  | 423623 | 2039 | SH |  | SOLE |  | 2039 | 0 | 0 |
| WPP PLC F Sponsored ADR | COM | 92937A102 |  | 341662 | 6950 | SH |  | SOLE |  | 6950 | 0 | 0 |
| Wal-Mart Inc. | COM | 931142103 |  | 1502974 | 10600 | SH |  | SOLE |  | 10600 | 0 | 0 |
| Warner Bros. Discovery Inc. Se | COM | 934423104 |  | 1562825 | 164855 | SH |  | SOLE |  | 164855 | 0 | 0 |
| Waste Management Inc. | COM | 94106L109 |  | 854996 | 5450 | SH |  | SOLE |  | 5450 | 0 | 0 |
| WeWork Inc. | COM | 96209A104 |  | 1793350 | 1254091 | SH |  | SOLE |  | 1254091 | 0 | 0 |
| Wells Fargo  Co. New | COM | 949746101 |  | 2294415 | 55568 | SH |  | SOLE |  | 55568 | 0 | 0 |
| Yum China Holdings Inc. | COM | 98850p109 |  | 586394 | 10730 | SH |  | SOLE |  | 10730 | 0 | 0 |
| Yum! Brands Inc. | COM | 988498101 |  | 1385826 | 10820 | SH |  | SOLE |  | 10820 | 0 | 0 |
| eBay Inc. | COM | 278642103 |  | 802652 | 19355 | SH |  | SOLE |  | 19355 | 0 | 0 |
| ARK Innovations ETF | COM | 00214q104 |  | 224928 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| Avantis Emerging Markets Equit | COM | 025072604 |  | 3098437 | 61416 | SH |  | SOLE |  | 61416 | 0 | 0 |
| Avantis International Equity E | COM | 025072703 |  | 2279883 | 42863 | SH |  | SOLE |  | 42863 | 0 | 0 |
| Avantis International Large Ca | COM | 025072364 |  | 235249 | 5215 | SH |  | SOLE |  | 5215 | 0 | 0 |
| Avantis International Small Ca | COM | 025072802 |  | 227765 | 4115 | SH |  | SOLE |  | 4115 | 0 | 0 |
| Avantis Real Estate ETF | COM | 025072356 |  | 3112784 | 75700 | SH |  | SOLE |  | 75700 | 0 | 0 |
| Avantis U.S. Equity ETF | COM | 025072885 |  | 3470482 | 51029 | SH |  | SOLE |  | 51029 | 0 | 0 |
| Avantis U.S. Large Cap Value E | COM | 025072349 |  | 2669255 | 53183 | SH |  | SOLE |  | 53183 | 0 | 0 |
| Avantis US Small Cap ValueETF | COM | 025072877 |  | 1201250 | 16122 | SH |  | SOLE |  | 16122 | 0 | 0 |
| Capital Group International Fo | COM | 14019w109 |  | 12188383 | 585136 | SH |  | SOLE |  | 585136 | 0 | 0 |
| Dimensional Emerging Core Equi | COM | 25434v302 |  | 7065793 | 321904 | SH |  | SOLE |  | 321904 | 0 | 0 |
| Dimensional Emerging Mkts Core | COM | 25434V732 |  | 500858 | 22300 | SH |  | SOLE |  | 22300 | 0 | 0 |
| Dimensional International Valu | COM | 25434v807 |  | 1097136 | 36090 | SH |  | SOLE |  | 36090 | 0 | 0 |
| Dimensional Intl Core Equity M | COM | 25434v203 |  | 2135036 | 85265 | SH |  | SOLE |  | 85265 | 0 | 0 |
| Dimensional US Core Equity Mar | COM | 25434V104 |  | 308703 | 11425 | SH |  | SOLE |  | 11425 | 0 | 0 |
| Dimensional US Target Value ET | COM | 25434v609 |  | 1965708 | 44726 | SH |  | SOLE |  | 44726 | 0 | 0 |
| Direxion Daily Financial Bull | COM | 25459y694 |  | 882600 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| ETFMG Prime Mobile Payments ET | COM | 26924G409 |  | 1657675 | 42223 | SH |  | SOLE |  | 42223 | 0 | 0 |
| Energy Select Sector SPDR | COM | 81369Y506 |  | 8278686 | 94646 | SH |  | SOLE |  | 94646 | 0 | 0 |
| Financial Select Sector SPDR | COM | 81369Y605 |  | 1307911 | 38243 | SH |  | SOLE |  | 38243 | 0 | 0 |
| Franklin FTSE Asia ex-Japan ET | COM | 35473p660 |  | 752422 | 36659 | SH |  | SOLE |  | 36659 | 0 | 0 |
| Global X MLP  Energy Infrastr | COM | 37954y293 |  | 4297245 | 105428 | SH |  | SOLE |  | 105428 | 0 | 0 |
| Global X Robotics  AI Themati | COM | 37954y715 |  | 5831843 | 283788 | SH |  | SOLE |  | 283788 | 0 | 0 |
| Global X Silver Miners ETF | COM | 37954y848 |  | 207923 | 7381 | SH |  | SOLE |  | 7381 | 0 | 0 |
| Goldman Sachs Innovative Equit | COM | 38149W820 |  | 3241946 | 79440 | SH |  | SOLE |  | 79440 | 0 | 0 |
| Harbor Long Term Growers ETF | COM | 41151j406 |  | 735825 | 54234 | SH |  | SOLE |  | 54234 | 0 | 0 |
| Health Care Sector Select SPDR | COM | 81369Y209 |  | 1578849 | 11622 | SH |  | SOLE |  | 11622 | 0 | 0 |
| Industrial Select Sector SPDR | COM | 81369y704 |  | 1507032 | 15345 | SH |  | SOLE |  | 15345 | 0 | 0 |
| Invesco Dynamic Leisure  Ente | COM | 46137V720 |  | 254142 | 6980 | SH |  | SOLE |  | 6980 | 0 | 0 |
| Invesco KBW Bank ETF | COM | 46138e628 |  | 15485948 | 299999 | SH |  | SOLE |  | 299999 | 0 | 0 |
| Invesco KBW Regional Banking | COM | 46138e578 |  | 374678 | 6575 | SH |  | SOLE |  | 6575 | 0 | 0 |
| Invesco NASDAQ 100 ETF | COM | 46138G649 |  | 4475286 | 40859 | SH |  | SOLE |  | 40859 | 0 | 0 |
| Invesco QQQ Trust Series 1 | COM | 46090e103 |  | 11381073 | 42741 | SH |  | SOLE |  | 42741 | 0 | 0 |
| Invesco S 500 Pure Growth ET | COM | 46137v266 |  | 732276 | 4830 | SH |  | SOLE |  | 4830 | 0 | 0 |
| Invesco S 500 Pure Value ETF | COM | 46137v258 |  | 3297852 | 42291 | SH |  | SOLE |  | 42291 | 0 | 0 |
| Invesco Water Resources | COM | 46137v142 |  | 257700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| JP Morgan International Growth | COM | 46641Q324 |  | 539817 | 10280 | SH |  | SOLE |  | 10280 | 0 | 0 |
| KraneShares CSI China Internet | COM | 500767306 |  | 1613284 | 53420 | SH |  | SOLE |  | 53420 | 0 | 0 |
| Materials Select Sector SPDR E | COM | 81369Y100 |  | 966339 | 12440 | SH |  | SOLE |  | 12440 | 0 | 0 |
| Robo Global Healthcare Tech | COM | 301505723 |  | 5513481 | 190910 | SH |  | SOLE |  | 190910 | 0 | 0 |
| Robo Global Robotics  Automat | COM | 301505707 |  | 1261983 | 27239 | SH |  | SOLE |  | 27239 | 0 | 0 |
| Royce Value Trust Inc. | COM | 780910105 |  | 439662 | 33157 | SH |  | SOLE |  | 33157 | 0 | 0 |
| SPDR DJ International Real Est | COM | 78463X863 |  | 248827 | 9295 | SH |  | SOLE |  | 9295 | 0 | 0 |
| SPDR Dow Jones Global Real Est | COM | 78463x749 |  | 1218534 | 29793 | SH |  | SOLE |  | 29793 | 0 | 0 |
| SPDR Dow Jones Industrial Aver | COM | 78467x109 |  | 1187818 | 3585 | SH |  | SOLE |  | 3585 | 0 | 0 |
| SPDR Gold Trust ETF | COM | 78463v107 |  | 485170 | 2860 | SH |  | SOLE |  | 2860 | 0 | 0 |
| SPDR KBW Regional Banking ETF | COM | 78464A698 |  | 909883 | 15490 | SH |  | SOLE |  | 15490 | 0 | 0 |
| SPDR S 400 Mid Cap Value ETF | COM | 78464A839 |  | 689592 | 10655 | SH |  | SOLE |  | 10655 | 0 | 0 |
| SPDR S 500 Index ETF | COM | 78462F103 |  | 2470115 | 6459 | SH |  | SOLE |  | 6459 | 0 | 0 |
| SPDR S Bank ETF | COM | 78464A797 |  | 241417 | 5347 | SH |  | SOLE |  | 5347 | 0 | 0 |
| SPDR S Global Natural Resour | COM | 78463X541 |  | 3900966 | 68414 | SH |  | SOLE |  | 68414 | 0 | 0 |
| SPDR S Kensho New Economies | COM | 78468R648 |  | 2603494 | 66045 | SH |  | SOLE |  | 66045 | 0 | 0 |
| SPDR S Metals and Mining ETF | COM | 78464A755 |  | 206711 | 4150 | SH |  | SOLE |  | 4150 | 0 | 0 |
| SPDR S MidCap 400 ETF | COM | 78467Y107 |  | 1124687 | 2540 | SH |  | SOLE |  | 2540 | 0 | 0 |
| SPDR S Oil  Gas Explor  Pr | COM | 78468r556 |  | 204635 | 1506 | SH |  | SOLE |  | 1506 | 0 | 0 |
| SPDR Series Trust Biotech | COM | 78464a870 |  | 376405 | 4535 | SH |  | SOLE |  | 4535 | 0 | 0 |
| Schwab 1000 Index ETF | COM | 808524722 |  | 457747 | 12395 | SH |  | SOLE |  | 12395 | 0 | 0 |
| Schwab Emerging Markets Equity | COM | 808524706 |  | 429019 | 18125 | SH |  | SOLE |  | 18125 | 0 | 0 |
| Schwab Fundamental Intl Large | COM | 808524755 |  | 342881 | 11795 | SH |  | SOLE |  | 11795 | 0 | 0 |
| Schwab Fundamental US Large Co | COM | 808524771 |  | 542683 | 10155 | SH |  | SOLE |  | 10155 | 0 | 0 |
| Schwab International Equity ET | COM | 808524805 |  | 604517 | 18768 | SH |  | SOLE |  | 18768 | 0 | 0 |
| Schwab International Small Cap | COM | 808524888 |  | 1021705 | 32466 | SH |  | SOLE |  | 32466 | 0 | 0 |
| Schwab Strategic US Large Cap | COM | 808524300 |  | 330304 | 5945 | SH |  | SOLE |  | 5945 | 0 | 0 |
| Schwab US Broad Market ETF | COM | 808524102 |  | 960592 | 21437 | SH |  | SOLE |  | 21437 | 0 | 0 |
| Schwab US Large Cap Value ETF | COM | 808524409 |  | 953527 | 14443 | SH |  | SOLE |  | 14443 | 0 | 0 |
| Schwab US Mid Cap ETF | COM | 808524508 |  | 709178 | 10809 | SH |  | SOLE |  | 10809 | 0 | 0 |
| Schwab US Small Cap ETF | COM | 808524607 |  | 218754 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| Select Sector SPDR TR Communic | COM | 81369y852 |  | 245949 | 5125 | SH |  | SOLE |  | 5125 | 0 | 0 |
| Technology Select Sector SPDR | COM | 81369Y803 |  | 545296 | 4382 | SH |  | SOLE |  | 4382 | 0 | 0 |
| The Emerging Mkts Internet  E | COM | 301505889 |  | 7342061 | 246958 | SH |  | SOLE |  | 246958 | 0 | 0 |
| The Next Frontier Internet  E | COM | 301505590 |  | 111247 | 11410 | SH |  | SOLE |  | 11410 | 0 | 0 |
| Vaneck Vectors Gold Miners ETF | COM | 92189f106 |  | 217816 | 7600 | SH |  | SOLE |  | 7600 | 0 | 0 |
| Vanguard Dividend Appreciation | COM | 921908844 |  | 674062 | 4439 | SH |  | SOLE |  | 4439 | 0 | 0 |
| Vanguard Emerging Markets ETF | COM | 922042858 |  | 4569417 | 117225 | SH |  | SOLE |  | 117225 | 0 | 0 |
| Vanguard Energy ETF | COM | 92204A306 |  | 810514 | 6683 | SH |  | SOLE |  | 6683 | 0 | 0 |
| Vanguard European ETF | COM | 922042874 |  | 1990573 | 35905 | SH |  | SOLE |  | 35905 | 0 | 0 |
| Vanguard Extended Market Index | COM | 922908652 |  | 8556450 | 64402 | SH |  | SOLE |  | 64402 | 0 | 0 |
| Vanguard FTSE All World Ex-US | COM | 922042775 |  | 4843023 | 96590 | SH |  | SOLE |  | 96590 | 0 | 0 |
| Vanguard FTSE All-World Ex-US | COM | 922042718 |  | 2199826 | 21397 | SH |  | SOLE |  | 21397 | 0 | 0 |
| Vanguard FTSE Developed Market | COM | 921943858 |  | 508467 | 12115 | SH |  | SOLE |  | 12115 | 0 | 0 |
| Vanguard Financials ETF | COM | 92204A405 |  | 4747875 | 57390 | SH |  | SOLE |  | 57390 | 0 | 0 |
| Vanguard Global ex-US Real Est | COM | 922042676 |  | 2647248 | 64036 | SH |  | SOLE |  | 64036 | 0 | 0 |
| Vanguard Growth ETF | COM | 922908736 |  | 2456306 | 11526 | SH |  | SOLE |  | 11526 | 0 | 0 |
| Vanguard Health Care ETF | COM | 92204A504 |  | 1369484 | 5521 | SH |  | SOLE |  | 5521 | 0 | 0 |
| Vanguard High Dividend Yield E | COM | 921946406 |  | 842415 | 7785 | SH |  | SOLE |  | 7785 | 0 | 0 |
| Vanguard Index Fund Small Cap | COM | 922908611 |  | 686492 | 4323 | SH |  | SOLE |  | 4323 | 0 | 0 |
| Vanguard Large Cap Index FDS E | COM | 922908637 |  | 261300 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| Vanguard Mega Cap 300 Growth I | COM | 921910816 |  | 6357126 | 36945 | SH |  | SOLE |  | 36945 | 0 | 0 |
| Vanguard Mega Cap 300 Index ET | COM | 921910873 |  | 439700 | 3321 | SH |  | SOLE |  | 3321 | 0 | 0 |
| Vanguard Mega Cap 300 Value In | COM | 921910840 |  | 9686516 | 94181 | SH |  | SOLE |  | 94181 | 0 | 0 |
| Vanguard Mid Cap Growth ETF | COM | 922908538 |  | 2140043 | 11905 | SH |  | SOLE |  | 11905 | 0 | 0 |
| Vanguard Mid-Cap ETF | COM | 922908629 |  | 16980838 | 83317 | SH |  | SOLE |  | 83317 | 0 | 0 |
| Vanguard Mid-Cap Value ETF | COM | 922908512 |  | 4786144 | 35390 | SH |  | SOLE |  | 35390 | 0 | 0 |
| Vanguard REIT ETF | COM | 922908553 |  | 1520354 | 18433 | SH |  | SOLE |  | 18433 | 0 | 0 |
| Vanguard S 500 ETF | COM | 922908363 |  | 473958 | 1349 | SH |  | SOLE |  | 1349 | 0 | 0 |
| Vanguard Small Cap ETF | COM | 922908751 |  | 2471917 | 13468 | SH |  | SOLE |  | 13468 | 0 | 0 |
| Vanguard Small Cap Growth ETF | COM | 922908595 |  | 517594 | 2581 | SH |  | SOLE |  | 2581 | 0 | 0 |
| Vanguard Total International S | COM | 921909768 |  | 3979544 | 76944 | SH |  | SOLE |  | 76944 | 0 | 0 |
| Vanguard Total Stock Mkt ETF | COM | 922908769 |  | 2796154 | 14625 | SH |  | SOLE |  | 14625 | 0 | 0 |
| Vanguard Value ETF | COM | 922908744 |  | 12610279 | 89836 | SH |  | SOLE |  | 89836 | 0 | 0 |
| WisdomTree China Ex-State-Owne | COM | 97717X719 |  | 3696822 | 106414 | SH |  | SOLE |  | 106414 | 0 | 0 |
| iShares Core Dividend Growth | COM | 46434v621 |  | 250000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| iShares Core EAFE | COM | 46432F842 |  | 1492798 | 24218 | SH |  | SOLE |  | 24218 | 0 | 0 |
| iShares Core High Dividend ETF | COM | 46429B663 |  | 302296 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| iShares Core MSCI Emerging Mkt | COM | 46434g103 |  | 7478164 | 160132 | SH |  | SOLE |  | 160132 | 0 | 0 |
| iShares Core Russell US Growth | COM | 464287671 |  | 323634 | 3970 | SH |  | SOLE |  | 3970 | 0 | 0 |
| iShares Core S 500 ETF | COM | 464287200 |  | 2779375 | 7234 | SH |  | SOLE |  | 7234 | 0 | 0 |
| iShares Core S Midcap ETF | COM | 464287507 |  | 5384230 | 22259 | SH |  | SOLE |  | 22259 | 0 | 0 |
| iShares Core S Small Cap ETF | COM | 464287804 |  | 2048956 | 21650 | SH |  | SOLE |  | 21650 | 0 | 0 |
| iShares Core S Total US Stoc | COM | 464287150 |  | 451984 | 5330 | SH |  | SOLE |  | 5330 | 0 | 0 |
| iShares DJ US Home Constructio | COM | 464288752 |  | 2126629 | 35090 | SH |  | SOLE |  | 35090 | 0 | 0 |
| iShares Edge MSCI Intl Quality | COM | 46434V456 |  | 1853583 | 57227 | SH |  | SOLE |  | 57227 | 0 | 0 |
| iShares Edge MSCI USA Quality | COM | 46432F339 |  | 2653787 | 23287 | SH |  | SOLE |  | 23287 | 0 | 0 |
| iShares Global REIT ETF | COM | 46434V647 |  | 1023199 | 45055 | SH |  | SOLE |  | 45055 | 0 | 0 |
| iShares MSCI AC Asia Ex-Japan | COM | 464288182 |  | 9582182 | 147896 | SH |  | SOLE |  | 147896 | 0 | 0 |
| iShares MSCI Brazil Index ETF | COM | 464286400 |  | 1757775 | 62845 | SH |  | SOLE |  | 62845 | 0 | 0 |
| iShares MSCI EAFE Growth ETF | COM | 464288885 |  | 1101025 | 13145 | SH |  | SOLE |  | 13145 | 0 | 0 |
| iShares MSCI EAFE Index ETF | COM | 464287465 |  | 406968 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| iShares MSCI EAFE Value Index | COM | 464288877 |  | 2474859 | 53942 | SH |  | SOLE |  | 53942 | 0 | 0 |
| iShares MSCI EMU Index Fund ET | COM | 464286608 |  | 1171815 | 29685 | SH |  | SOLE |  | 29685 | 0 | 0 |
| iShares MSCI Emerging Markets | COM | 464287234 |  | 411594 | 10860 | SH |  | SOLE |  | 10860 | 0 | 0 |
| iShares MSCI Japan Index ETF | COM | 46434g822 |  | 861241 | 15820 | SH |  | SOLE |  | 15820 | 0 | 0 |
| iShares Nasdaq Biotechnology | COM | 464287556 |  | 3332928 | 25386 | SH |  | SOLE |  | 25386 | 0 | 0 |
| iShares Russell 1000 ETF | COM | 464287622 |  | 481249 | 2286 | SH |  | SOLE |  | 2286 | 0 | 0 |
| iShares Russell 1000 Growth In | COM | 464287614 |  | 1966723 | 9180 | SH |  | SOLE |  | 9180 | 0 | 0 |
| iShares Russell 1000 Value Ind | COM | 464287598 |  | 5289704 | 34881 | SH |  | SOLE |  | 34881 | 0 | 0 |
| iShares Russell 2000 Index ETF | COM | 464287655 |  | 3154870 | 18094 | SH |  | SOLE |  | 18094 | 0 | 0 |
| iShares Russell 2000 Value Ind | COM | 464287630 |  | 815380 | 5880 | SH |  | SOLE |  | 5880 | 0 | 0 |
| iShares Russell 3000 Index Fun | COM | 464287689 |  | 290636 | 1317 | SH |  | SOLE |  | 1317 | 0 | 0 |
| iShares Russell Midcap Index F | COM | 464287499 |  | 359508 | 5330 | SH |  | SOLE |  | 5330 | 0 | 0 |
| iShares Russell Midcap Value I | COM | 464287473 |  | 2077410 | 19721 | SH |  | SOLE |  | 19721 | 0 | 0 |
| iShares S 100 Index ETF | COM | 464287101 |  | 696778 | 4085 | SH |  | SOLE |  | 4085 | 0 | 0 |
| iShares S 500/Barra Growth E | COM | 464287309 |  | 783549 | 13394 | SH |  | SOLE |  | 13394 | 0 | 0 |
| iShares S 500/Barra Value ET | COM | 464287408 |  | 2543512 | 17533 | SH |  | SOLE |  | 17533 | 0 | 0 |
| iShares S Global Healthcare | COM | 464287325 |  | 288592 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| iShares S Global Technology | COM | 464287291 |  | 4768567 | 106370 | SH |  | SOLE |  | 106370 | 0 | 0 |
| iShares S Midcap 400/Growth | COM | 464287606 |  | 879089 | 12871 | SH |  | SOLE |  | 12871 | 0 | 0 |
| iShares S Midcap 400/Value E | COM | 464287705 |  | 3592109 | 35636 | SH |  | SOLE |  | 35636 | 0 | 0 |
| iShares S Small Cap 600 Barr | COM | 464287887 |  | 263150 | 2435 | SH |  | SOLE |  | 2435 | 0 | 0 |
| iShares S Small Cap 600 Valu | COM | 464287879 |  | 535533 | 5865 | SH |  | SOLE |  | 5865 | 0 | 0 |
| iShares Silver Trust | COM | 46428q109 |  | 286260 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| iShares Trust - iShares Core U | COM | 464287663 |  | 362332 | 5130 | SH |  | SOLE |  | 5130 | 0 | 0 |
| iShares Trust Core MSCI Total | COM | 46432F834 |  | 231404 | 3998 | SH |  | SOLE |  | 3998 | 0 | 0 |
| JP Morgan Ultra Short Income F | COM | 46641q837 |  | 4277493 | 85328 | SH |  | SOLE |  | 85328 | 0 | 0 |
| PCM Fund Inc. | COM | 69323T101 |  | 1128558 | 143400 | SH |  | SOLE |  | 143400 | 0 | 0 |
| PIMCO Access Fund | COM | 72203T100 |  | 7215893 | 487890 | SH |  | SOLE |  | 487890 | 0 | 0 |
| PIMCO Dynamic Income | COM | 72201y101 |  | 5134483 | 277840 | SH |  | SOLE |  | 277840 | 0 | 0 |
| PIMCO Dynamic Income Opportuni | COM | 69355M107 |  | 11711482 | 917109 | SH |  | SOLE |  | 917109 | 0 | 0 |
| PIMCO Short Maturity ETF | COM | 72201r833 |  | 8095811 | 82066 | SH |  | SOLE |  | 82066 | 0 | 0 |
| SPDR SSgA Ultra Short Term Bon | COM | 78467V707 |  | 647757 | 16200 | SH |  | SOLE |  | 16200 | 0 | 0 |
| Vanguard Short-Term Corporate | COM | 92206c409 |  | 462644 | 6153 | SH |  | SOLE |  | 6153 | 0 | 0 |
| Vanguard Ultra Short Bond ETF | COM | 92203c303 |  | 416500 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| iShares Short Maturity Bond ET | COM | 46431W507 |  | 574488 | 11660 | SH |  | SOLE |  | 11660 | 0 | 0 |
| iShares Short Treasury Bond ET | COM | 464288679 |  | 361087 | 3285 | SH |  | SOLE |  | 3285 | 0 | 0 |
| iShares US PFD ETF US PFD STK | COM | 464288687 |  | 905825 | 29670 | SH |  | SOLE |  | 29670 | 0 | 0 |

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