# EDGAR Filing Document

**Accession Number:** 0002109063
**File Stem:** 0002109063-26-000002
**Filing Date:** 2026-4
**Character Count:** 12209
**Document Hash:** bb80c97c3b9aedf2fe942f227fb84cbf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002109063-26-000002.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0002109063-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260408

**DATE AS OF CHANGE**: 20260408

**EFFECTIVENESS DATE**: 20260408

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Winter & Associates, Inc.
- **CENTRAL INDEX KEY:** 0002109063

**ORGANIZATION NAME:**
- **EIN:** 901818683
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26378
- **FILM NUMBER:** 26848177

**BUSINESS ADDRESS:**
- **STREET 1:** 964 GRAND AVENUE
- **CITY:** ST. PAUL
- **STATE:** MN
- **ZIP:** 55105
- **BUSINESS PHONE:** 6514145000

**MAIL ADDRESS:**
- **STREET 1:** 964 GRAND AVENUE
- **CITY:** ST. PAUL
- **STATE:** MN
- **ZIP:** 55105

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Winter  Associates Inc.<br>**Address:** 964 GRAND AVENUE<br>ST. PAUL, MN 55105

**Form 13F File Number:** 028-26378

**CRD Number (if applicable):** 000310349

**SEC File Number (if applicable):** 801-123146

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:** Nicole Winter Tietel<br>**Title:** President<br>**Phone:** 651-414-5000

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

/s/Nicole Winter Tietel  St. Paul, MN  04-08-2026<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:** 84

**Form 13F Information Table Value Total:** $114225538

      (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 |  | 1149131 | 7952 | SH |  | SOLE |  | 7952 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 620573 | 2069 | SH |  | SOLE |  | 2069 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 520576 | 1749 | SH |  | SOLE |  | 1749 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 973939 | 4577 | SH |  | SOLE |  | 4577 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 4954034 | 19137 | SH |  | SOLE |  | 19137 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 549742 | 1154 | SH |  | SOLE |  | 1154 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 416586 | 2095 | SH |  | SOLE |  | 2095 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 228102 | 1557 | SH |  | SOLE |  | 1557 | 0 | 0 |
| CREDIT SUISSE HIGH YIELD CRE | SH BEN INT | 22544F103 | BBG001S5Y2J3 | 49628 | 26258 | SH |  | SOLE |  | 26258 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTERNATNAL VAL | 25434V807 |  | 4656318 | 87099 | SH |  | SOLE |  | 87099 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 250959 | 3974 | SH |  | SOLE |  | 3974 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 335967 | 362 | SH |  | SOLE |  | 362 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 225022 | 465 | SH |  | SOLE |  | 465 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 220175 | 674 | SH |  | SOLE |  | 674 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 333415 | 1461 | SH |  | SOLE |  | 1461 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 556433 | 2255 | SH |  | SOLE |  | 2255 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 612793 | 1354 | SH |  | SOLE |  | 1354 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S 500 HB ETF | 46138E370 |  | 3392995 | 28852 | SH |  | SOLE |  | 28852 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S SMLCP STAP | 46138E172 |  | 608220 | 19225 | SH |  | SOLE |  | 19225 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S HDL VOL | 46138E362 |  | 1573595 | 31630 | SH |  | SOLE |  | 31630 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 3496067 | 5941 | SH |  | SOLE |  | 5941 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 682970 | 9737 | SH |  | SOLE |  | 9737 | 0 | 0 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 |  | 1785955 | 17284 | SH |  | SOLE |  | 17284 | 0 | 0 |
| ISHARES TR | 10+ YR INVST GRD | 464289511 |  | 506305 | 10189 | SH |  | SOLE |  | 10189 | 0 | 0 |
| ISHARES TR | CORE LT USDB ETF | 464289479 |  | 236280 | 4819 | SH |  | SOLE |  | 4819 | 0 | 0 |
| ISHARES TR | CORE MSCI INTL | 46435G326 |  | 514723 | 6067 | SH |  | SOLE |  | 6067 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 1119779 | 7759 | SH |  | SOLE |  | 7759 | 0 | 0 |
| ISHARES TR | CORE UNIVRSL USD | 46434V613 |  | 257755 | 5590 | SH |  | SOLE |  | 5590 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 756446 | 7637 | SH |  | SOLE |  | 7637 | 0 | 0 |
| ISHARES TR | ESG AWARE MSCI | 46435U663 |  | 302015 | 6317 | SH |  | SOLE |  | 6317 | 0 | 0 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 1515827 | 28552 | SH |  | SOLE |  | 28552 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 1594056 | 27912 | SH |  | SOLE |  | 27912 | 0 | 0 |
| ISHARES TR | RESIDENTIAL MULT | 464288562 |  | 1867226 | 22032 | SH |  | SOLE |  | 22032 | 0 | 0 |
| ISHARES TR | RUS TOP 200 ETF | 464289446 |  | 3265801 | 20075 | SH |  | SOLE |  | 20075 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 204917 | 812 | SH |  | SOLE |  | 812 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 482802 | 4359 | SH |  | SOLE |  | 4359 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | INTL BD OPP ETF | 46641Q852 |  | 3355147 | 70368 | SH |  | SOLE |  | 70368 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 367834 | 1245 | SH |  | SOLE |  | 1245 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 345538 | 1566 | SH |  | SOLE |  | 1566 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 236469 | 276 | SH |  | SOLE |  | 276 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 440652 | 769 | SH |  | SOLE |  | 769 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 631776 | 1694 | SH |  | SOLE |  | 1694 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 272165 | 3670 | SH |  | SOLE |  | 3670 | 0 | 0 |
| NOUVEAU MONDE GRAPHITE INC | COM NEW | 66979W842 |  | 28907 | 12791 | SH |  | SOLE |  | 12791 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3314908 | 18661 | SH |  | SOLE |  | 18661 | 0 | 0 |
| PACER FDS TR | US CASH COWS 100 | 69374H881 |  | 6510936 | 104075 | SH |  | SOLE |  | 104075 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 382844 | 2588 | SH |  | SOLE |  | 2588 | 0 | 0 |
| PIMCO ETF TR | 15+ YR US TIPS | 72201R304 |  | 561522 | 10878 | SH |  | SOLE |  | 10878 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 211434 | 1077 | SH |  | SOLE |  | 1077 | 0 | 0 |
| SABA CAPITAL INCOME  OPPORT | COM NEW | 880198205 |  | 333254 | 39673 | SH |  | SOLE |  | 39673 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 206308 | 1115 | SH |  | SOLE |  | 1115 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US S | 808524763 |  | 5321927 | 161515 | SH |  | SOLE |  | 161515 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 408124 | 13320 | SH |  | SOLE |  | 13320 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET IND | 81369Y704 |  | 220086 | 1337 | SH |  | SOLE |  | 1337 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET REA | 81369Y860 |  | 852071 | 20404 | SH |  | SOLE |  | 20404 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R747 |  | 411510 | 3165 | SH |  | SOLE |  | 3165 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 299154 | 454 | SH |  | SOLE |  | 454 | 0 | 0 |
| STATE STR SPDR S MIDCAP 40 | UTSER1 S | 78467Y107 |  | 5658134 | 9050 | SH |  | SOLE |  | 9050 | 0 | 0 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 226383 | 575 | SH |  | SOLE |  | 575 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 |  | 376618 | 1102 | SH |  | SOLE |  | 1102 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 1490665 | 4225 | SH |  | SOLE |  | 4225 | 0 | 0 |
| TRUST FOR PROFESSIONAL MANAG | MAIRS  PWR MINN | 89834G836 |  | 332956 | 14971 | SH |  | SOLE |  | 14971 | 0 | 0 |
| UNITED STS COMMODITY INDEX F | COMM IDX FND | 911717106 |  | 1212203 | 12545 | SH |  | SOLE |  | 12545 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 291451 | 1036 | SH |  | SOLE |  | 1036 | 0 | 0 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 363249 | 3746 | SH |  | SOLE |  | 3746 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 425281 | 5444 | SH |  | SOLE |  | 5444 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 2903875 | 39525 | SH |  | SOLE |  | 39525 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 1671684 | 34914 | SH |  | SOLE |  | 34914 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 791114 | 8755 | SH |  | SOLE |  | 8755 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 528143 | 872 | SH |  | SOLE |  | 872 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 225981 | 1030 | SH |  | SOLE |  | 1030 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 3353442 | 12630 | SH |  | SOLE |  | 12630 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 1914876 | 5888 | SH |  | SOLE |  | 5888 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1957053 | 36235 | SH |  | SOLE |  | 36235 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 418102 | 7053 | SH |  | SOLE |  | 7053 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 861562 | 14773 | SH |  | SOLE |  | 14773 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 2171113 | 27472 | SH |  | SOLE |  | 27472 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 6211527 | 79666 | SH |  | SOLE |  | 79666 | 0 | 0 |
| VANGUARD WORLD FD | ESG US STK ETF | 921910733 |  | 273917 | 2403 | SH |  | SOLE |  | 2403 | 0 | 0 |
| VICTORY PORTFOLIOS II | SHORT TRM BD ETF | 92647N535 |  | 10043757 | 198454 | SH |  | SOLE |  | 198454 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 263750 | 870 | SH |  | SOLE |  | 870 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 471256 | 3717 | SH |  | SOLE |  | 3717 | 0 | 0 |
| WISDOMTREE TR | US MIDCAP DIVID | 97717W505 |  | 230566 | 4347 | SH |  | SOLE |  | 4347 | 0 | 0 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 |  | 4027187 | 45541 | SH |  | SOLE |  | 45541 | 0 | 0 |

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