# EDGAR Filing Document

**Accession Number:** 0000922372
**File Stem:** 0002085853-26-000080
**Filing Date:** 2026-1
**Character Count:** 21113
**Document Hash:** 52aa120887061610ffd5111b803a679b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002085853-26-000080.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0002085853-26-000080

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**EFFECTIVENESS DATE**: 20260126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIVERSIFIED MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0000922372

**ORGANIZATION NAME:**
- **EIN:** 391771341
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25973
- **FILM NUMBER:** 26558618

**BUSINESS ADDRESS:**
- **STREET 1:** 330 E. KILBOURN AVE.
- **STREET 2:** SUITE 1475
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4142921900

**MAIL ADDRESS:**
- **STREET 1:** 330 E. KILBOURN AVE.
- **STREET 2:** SUITE 1475
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HOMAN MARK J CPA SC /WI/                                /ADV
- **DATE OF NAME CHANGE:** 19970122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DIVERSIFIED MANAGEMENT INC                              /ADV
- **DATE OF NAME CHANGE:** 19940428

### 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:** DIVERSIFIED MANAGEMENT INC<br>**Address:** 330 E. KILBOURN AVE.<br>SUITE 1475<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-25973

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:** MICHAEL P. SCHMIDT<br>**Title:** CHAIRMAN AND PRESIDENT<br>**Phone:** 414-292-1903

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

/s/ MICHAEL P. SCHMIDT  Milwaukee, WI  01-26-2026<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:** 177

**Form 13F Information Table Value Total:** $428469634

      (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 |  | 580683 | 3627 | SH |  | SOLE |  | 0 | 0 | 3627 |
| ABBOTT LABS | COM | 002824100 |  | 498153 | 3976 | SH |  | SOLE |  | 0 | 0 | 3976 |
| ABBVIE INC | COM | 00287Y109 |  | 1356774 | 5938 | SH |  | SOLE |  | 0 | 0 | 5938 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 429280 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 206678 | 1410 | SH |  | SOLE |  | 0 | 0 | 1410 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 320828 | 2015 | SH |  | SOLE |  | 0 | 0 | 2015 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3943064 | 12566 | SH |  | SOLE |  | 0 | 0 | 12566 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1673909 | 5348 | SH |  | SOLE |  | 0 | 0 | 5348 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 438389 | 7603 | SH |  | SOLE |  | 0 | 0 | 7603 |
| AMAZON COM INC | COM | 023135106 |  | 6637922 | 28758 | SH |  | SOLE |  | 0 | 0 | 28758 |
| AMGEN INC | COM | 031162100 |  | 289997 | 886 | SH |  | SOLE |  | 0 | 0 | 886 |
| ANALOG DEVICES INC | COM | 032654105 |  | 430123 | 1586 | SH |  | SOLE |  | 0 | 0 | 1586 |
| APPLE INC | COM | 037833100 |  | 19755746 | 72669 | SH |  | SOLE |  | 0 | 0 | 72669 |
| APPLIED MATLS INC | COM | 038222105 |  | 738846 | 2875 | SH |  | SOLE |  | 0 | 0 | 2875 |
| ARAMARK | COM | 03852U106 |  | 508336 | 13791 | SH |  | SOLE |  | 0 | 0 | 13791 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 225529 | 2932 | SH |  | SOLE |  | 0 | 0 | 2932 |
| ARK ETF TR | AUTNMUS TECHNLGY | 00214Q203 |  | 321048 | 2800 | SH |  | SOLE |  | 0 | 0 | 2800 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 |  | 1465825 | 35980 | SH |  | SOLE |  | 0 | 0 | 35980 |
| AT INC | COM | 00206R102 |  | 663023 | 26692 | SH |  | SOLE |  | 0 | 0 | 26692 |
| AVERY DENNISON CORP | COM | 053611109 |  | 415232 | 2283 | SH |  | SOLE |  | 0 | 0 | 2283 |
| BANK AMERICA CORP | COM | 060505104 |  | 2200000 | 40000 | SH |  | SOLE |  | 0 | 0 | 40000 |
| BANK FIRST CORP | COM | 06211J100 |  | 247173 | 2029 | SH |  | SOLE |  | 0 | 0 | 2029 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 232884 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2194067 | 4365 | SH |  | SOLE |  | 0 | 0 | 4365 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 754800 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BLACKROCK INC | COM | 09290D101 |  | 329665 | 308 | SH |  | SOLE |  | 0 | 0 | 308 |
| BOEING CO | COM | 097023105 |  | 205396 | 946 | SH |  | SOLE |  | 0 | 0 | 946 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 905051 | 169 | SH |  | SOLE |  | 0 | 0 | 169 |
| BROADCOM INC | COM | 11135F101 |  | 820041 | 2369 | SH |  | SOLE |  | 0 | 0 | 2369 |
| CATERPILLAR INC | COM | 149123101 |  | 2010774 | 3510 | SH |  | SOLE |  | 0 | 0 | 3510 |
| CISCO SYS INC | COM | 17275R102 |  | 1296974 | 16837 | SH |  | SOLE |  | 0 | 0 | 16837 |
| COCA COLA CO | COM | 191216100 |  | 612761 | 8765 | SH |  | SOLE |  | 0 | 0 | 8765 |
| CORE  MAIN INC | CL A | 21874C102 |  | 200760 | 3863 | SH |  | SOLE |  | 0 | 0 | 3863 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 866768 | 1005 | SH |  | SOLE |  | 0 | 0 | 1005 |
| DEERE  CO | COM | 244199105 |  | 365472 | 785 | SH |  | SOLE |  | 0 | 0 | 785 |
| DONALDSON INC | COM | 257651109 |  | 291957 | 3293 | SH |  | SOLE |  | 0 | 0 | 3293 |
| EA SERIES TRUST | MORGAN DEMPSEY L | 02072L482 |  | 2541956 | 89609 | SH |  | SOLE |  | 0 | 0 | 89609 |
| EATON CORP PLC | SHS | G29183103 |  | 3380028 | 10612 | SH |  | SOLE |  | 0 | 0 | 10612 |
| ELI LILLY  CO | COM | 532457108 |  | 2202943 | 2050 | SH |  | SOLE |  | 0 | 0 | 2050 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 3042842 | 25285 | SH |  | SOLE |  | 0 | 0 | 25285 |
| FEDEX CORP | COM | 31428X106 |  | 235710 | 816 | SH |  | SOLE |  | 0 | 0 | 816 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 734456 | 3299 | SH |  | SOLE |  | 0 | 0 | 3299 |
| FIRSTCASH HOLDINGS INC | COM | 33768G107 |  | 271424 | 1703 | SH |  | SOLE |  | 0 | 0 | 1703 |
| FISERV INC | COM | 337738108 |  | 381526 | 5680 | SH |  | SOLE |  | 0 | 0 | 5680 |
| FRESENIUS MEDICAL CARE AG | SPONSORED ADR | 358029106 |  | 300108 | 12599 | SH |  | SOLE |  | 0 | 0 | 12599 |
| GATES INDL CORP PLC | ORD SHS | G39108108 |  | 209762 | 9770 | SH |  | SOLE |  | 0 | 0 | 9770 |
| GENPACT LIMITED | SHS | G3922B107 |  | 253360 | 5416 | SH |  | SOLE |  | 0 | 0 | 5416 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 306850 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 4263150 | 4850 | SH |  | SOLE |  | 0 | 0 | 4850 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 765153 | 11193 | SH |  | SOLE |  | 0 | 0 | 11193 |
| HOME DEPOT INC | COM | 437076102 |  | 2180562 | 6337 | SH |  | SOLE |  | 0 | 0 | 6337 |
| INTEL CORP | COM | 458140100 |  | 3792483 | 102777 | SH |  | SOLE |  | 0 | 0 | 102777 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 858009 | 2897 | SH |  | SOLE |  | 0 | 0 | 2897 |
| INVESCO EXCH TRADED FD TR II | RUSEL 1000 EQL | 46138E420 |  | 984007 | 18693 | SH |  | SOLE |  | 0 | 0 | 18693 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 6388817 | 33352 | SH |  | SOLE |  | 0 | 0 | 33352 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 10563740 | 17196 | SH |  | SOLE |  | 0 | 0 | 17196 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 240043 | 3571 | SH |  | SOLE |  | 0 | 0 | 3571 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 569138 | 7970 | SH |  | SOLE |  | 0 | 0 | 7970 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 405519 | 2875 | SH |  | SOLE |  | 0 | 0 | 2875 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 2784158 | 22588 | SH |  | SOLE |  | 0 | 0 | 22588 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 717803 | 2916 | SH |  | SOLE |  | 0 | 0 | 2916 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 229416 | 1082 | SH |  | SOLE |  | 0 | 0 | 1082 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 207750 | 2080 | SH |  | SOLE |  | 0 | 0 | 2080 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 718463 | 7463 | SH |  | SOLE |  | 0 | 0 | 7463 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 833894 | 2582 | SH |  | SOLE |  | 0 | 0 | 2582 |
| ISHARES TR | CORE S ETF | 464287200 |  | 4489517 | 6555 | SH |  | SOLE |  | 0 | 0 | 6555 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 339539 | 3170 | SH |  | SOLE |  | 0 | 0 | 3170 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 276889 | 585 | SH |  | SOLE |  | 0 | 0 | 585 |
| ISHARES TR | S SML 600 GWT | 464287887 |  | 871281 | 6172 | SH |  | SOLE |  | 0 | 0 | 6172 |
| ISHARES TR | EAFE GRWTH ETF | 464288885 |  | 4596510 | 40349 | SH |  | SOLE |  | 0 | 0 | 40349 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 13837109 | 144092 | SH |  | SOLE |  | 0 | 0 | 144092 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 516989 | 5779 | SH |  | SOLE |  | 0 | 0 | 5779 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 297239 | 5433 | SH |  | SOLE |  | 0 | 0 | 5433 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 14646653 | 221919 | SH |  | SOLE |  | 0 | 0 | 221919 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 11700134 | 97355 | SH |  | SOLE |  | 0 | 0 | 97355 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 339699 | 1615 | SH |  | SOLE |  | 0 | 0 | 1615 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 255219 | 1408 | SH |  | SOLE |  | 0 | 0 | 1408 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 237904 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 780555 | 6864 | SH |  | SOLE |  | 0 | 0 | 6864 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 16727414 | 122151 | SH |  | SOLE |  | 0 | 0 | 122151 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3390052 | 16381 | SH |  | SOLE |  | 0 | 0 | 16381 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 1309826 | 10938 | SH |  | SOLE |  | 0 | 0 | 10938 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 6126330 | 19013 | SH |  | SOLE |  | 0 | 0 | 19013 |
| KOHLS CORP | COM | 500255104 |  | 211795 | 10377 | SH |  | SOLE |  | 0 | 0 | 10377 |
| KONINKLIJKE PHILIPS N V | NY REGIS SHS NEW | 500472303 |  | 445141 | 16438 | SH |  | SOLE |  | 0 | 0 | 16438 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 250880 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| LISTED FDS TR | HORIZON KINETICS | 53656F623 |  | 9200863 | 206947 | SH |  | SOLE |  | 0 | 0 | 206947 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 259731 | 537 | SH |  | SOLE |  | 0 | 0 | 537 |
| LOWES COS INC | COM | 548661107 |  | 241160 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| MARCUS CORP DEL | COM | 566330106 |  | 564952 | 36425 | SH |  | SOLE |  | 0 | 0 | 36425 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 612554 | 1073 | SH |  | SOLE |  | 0 | 0 | 1073 |
| MCDONALDS CORP | COM | 580135101 |  | 1101796 | 3605 | SH |  | SOLE |  | 0 | 0 | 3605 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 313732 | 3266 | SH |  | SOLE |  | 0 | 0 | 3266 |
| MERCK  CO INC | COM | 58933Y105 |  | 909252 | 8638 | SH |  | SOLE |  | 0 | 0 | 8638 |
| META PLATFORMS INC | CL A | 30303M102 |  | 3192979 | 4837 | SH |  | SOLE |  | 0 | 0 | 4837 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 2534690 | 8881 | SH |  | SOLE |  | 0 | 0 | 8881 |
| MICROSOFT CORP | COM | 594918104 |  | 6356562 | 13144 | SH |  | SOLE |  | 0 | 0 | 13144 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 240731 | 1356 | SH |  | SOLE |  | 0 | 0 | 1356 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 243650 | 3035 | SH |  | SOLE |  | 0 | 0 | 3035 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 423264 | 1466 | SH |  | SOLE |  | 0 | 0 | 1466 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 657452 | 1153 | SH |  | SOLE |  | 0 | 0 | 1153 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 508800 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 297345 | 2916 | SH |  | SOLE |  | 0 | 0 | 2916 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2273603 | 12191 | SH |  | SOLE |  | 0 | 0 | 12191 |
| ONEMAIN HLDGS INC | COM | 68268W103 |  | 234128 | 3466 | SH |  | SOLE |  | 0 | 0 | 3466 |
| ORACLE CORP | COM | 68389X105 |  | 931341 | 4778 | SH |  | SOLE |  | 0 | 0 | 4778 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 332460 | 3645 | SH |  | SOLE |  | 0 | 0 | 3645 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 1434463 | 1632 | SH |  | SOLE |  | 0 | 0 | 1632 |
| PEPSICO INC | COM | 713448108 |  | 1947479 | 13569 | SH |  | SOLE |  | 0 | 0 | 13569 |
| PFIZER INC | COM | 717081103 |  | 809723 | 32519 | SH |  | SOLE |  | 0 | 0 | 32519 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 393719 | 2455 | SH |  | SOLE |  | 0 | 0 | 2455 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 599809 | 4185 | SH |  | SOLE |  | 0 | 0 | 4185 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 236793 | 2098 | SH |  | SOLE |  | 0 | 0 | 2098 |
| PTC INC | COM | 69370C100 |  | 359744 | 2065 | SH |  | SOLE |  | 0 | 0 | 2065 |
| QUALCOMM INC | COM | 747525103 |  | 519987 | 3040 | SH |  | SOLE |  | 0 | 0 | 3040 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 450484 | 2596 | SH |  | SOLE |  | 0 | 0 | 2596 |
| RB GLOBAL INC | COM | 74935Q107 |  | 411480 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 211930 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 46918788 | 120592 | SH |  | SOLE |  | 0 | 0 | 120592 |
| RTX CORPORATION | COM | 75513E101 |  | 557918 | 3042 | SH |  | SOLE |  | 0 | 0 | 3042 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 952842 | 9537 | SH |  | SOLE |  | 0 | 0 | 9537 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 447923 | 15728 | SH |  | SOLE |  | 0 | 0 | 15728 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 658612 | 21903 | SH |  | SOLE |  | 0 | 0 | 21903 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 423519 | 9368 | SH |  | SOLE |  | 0 | 0 | 9368 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 |  | 1019437 | 37466 | SH |  | SOLE |  | 0 | 0 | 37466 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 402140 | 9420 | SH |  | SOLE |  | 0 | 0 | 9420 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 220562 | 1532 | SH |  | SOLE |  | 0 | 0 | 1532 |
| SERVICENOW INC | COM | 81762P102 |  | 1914875 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| SIMPSON MFG INC | COM | 829073105 |  | 205228 | 1271 | SH |  | SOLE |  | 0 | 0 | 1271 |
| SMITH  NEPHEW PLC | SPDN ADR NEW | 83175M205 |  | 271831 | 8285 | SH |  | SOLE |  | 0 | 0 | 8285 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 525184 | 20515 | SH |  | SOLE |  | 0 | 0 | 20515 |
| SOURCE CAPITAL | COM SHS OF BEN I | 836144303 |  | 5344493 | 116794 | SH |  | SOLE |  | 0 | 0 | 116794 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 3422533 | 8636 | SH |  | SOLE |  | 0 | 0 | 8636 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 273965 | 6169 | SH |  | SOLE |  | 0 | 0 | 6169 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 35074963 | 51436 | SH |  | SOLE |  | 0 | 0 | 51436 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 6492687 | 10762 | SH |  | SOLE |  | 0 | 0 | 10762 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A821 |  | 262916 | 2844 | SH |  | SOLE |  | 0 | 0 | 2844 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A409 |  | 536381 | 5027 | SH |  | SOLE |  | 0 | 0 | 5027 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A839 |  | 218207 | 2578 | SH |  | SOLE |  | 0 | 0 | 2578 |
| STMICROELECTRONICS N V | NY REGISTRY | 861012102 |  | 648500 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| SYSCO CORP | COM | 871829107 |  | 372282 | 5052 | SH |  | SOLE |  | 0 | 0 | 5052 |
| T ROWE PRICE ETF INC | CAP APPRECIATION | 87283Q867 |  | 5666800 | 148268 | SH |  | SOLE |  | 0 | 0 | 148268 |
| TCW STRATEGIC INCOME FD INC | COM | 872340104 |  | 5002293 | 1012610 | SH |  | SOLE |  | 0 | 0 | 1012610 |
| TERADYNE INC | COM | 880770102 |  | 909732 | 4700 | SH |  | SOLE |  | 0 | 0 | 4700 |
| TESLA INC | COM | 88160R101 |  | 355279 | 790 | SH |  | SOLE |  | 0 | 0 | 790 |
| TEXAS INSTRS INC | COM | 882508104 |  | 729525 | 4205 | SH |  | SOLE |  | 0 | 0 | 4205 |
| THE CIGNA GROUP | COM | 125523100 |  | 540552 | 1964 | SH |  | SOLE |  | 0 | 0 | 1964 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1846707 | 3187 | SH |  | SOLE |  | 0 | 0 | 3187 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 245196 | 630 | SH |  | SOLE |  | 0 | 0 | 630 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 420914 | 6436 | SH |  | SOLE |  | 0 | 0 | 6436 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 590181 | 5950 | SH |  | SOLE |  | 0 | 0 | 5950 |
| UNITED RENTALS INC | COM | 911363109 |  | 208952 | 258 | SH |  | SOLE |  | 0 | 0 | 258 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1397026 | 4232 | SH |  | SOLE |  | 0 | 0 | 4232 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 231130 | 642 | SH |  | SOLE |  | 0 | 0 | 642 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 417236 | 5633 | SH |  | SOLE |  | 0 | 0 | 5633 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 1150777 | 2359 | SH |  | SOLE |  | 0 | 0 | 2359 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 5066936 | 15113 | SH |  | SOLE |  | 0 | 0 | 15113 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 7936991 | 37476 | SH |  | SOLE |  | 0 | 0 | 37476 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 2822741 | 4501 | SH |  | SOLE |  | 0 | 0 | 4501 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 738001 | 2861 | SH |  | SOLE |  | 0 | 0 | 2861 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 742929 | 2459 | SH |  | SOLE |  | 0 | 0 | 2459 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 25908617 | 146071 | SH |  | SOLE |  | 0 | 0 | 146071 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 519260 | 7059 | SH |  | SOLE |  | 0 | 0 | 7059 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 3939777 | 17926 | SH |  | SOLE |  | 0 | 0 | 17926 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 3746728 | 49665 | SH |  | SOLE |  | 0 | 0 | 49665 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 476958 | 7635 | SH |  | SOLE |  | 0 | 0 | 7635 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 264577 | 351 | SH |  | SOLE |  | 0 | 0 | 351 |
| VISA INC | COM CL A | 92826C839 |  | 480473 | 1370 | SH |  | SOLE |  | 0 | 0 | 1370 |
| VULCAN MATLS CO | COM | 929160109 |  | 285220 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| WALMART INC | COM | 931142103 |  | 940474 | 8442 | SH |  | SOLE |  | 0 | 0 | 8442 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 248625 | 1132 | SH |  | SOLE |  | 0 | 0 | 1132 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 2688335 | 25492 | SH |  | SOLE |  | 0 | 0 | 25492 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 813356 | 8727 | SH |  | SOLE |  | 0 | 0 | 8727 |
| WILLSCOT HLDGS CORP | COM CL A | 971378104 |  | 17650884 | 937381 | SH |  | SOLE |  | 0 | 0 | 937381 |
| WW GRAINGER INC | COM | 384802104 |  | 416785 | 413 | SH |  | SOLE |  | 0 | 0 | 413 |
| XOMA ROYALTY CORPORATION | COM NEW | 98419J206 |  | 265900 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| ZIONS BANCORPORATION N A | COM | 989701107 |  | 387652 | 6622 | SH |  | SOLE |  | 0 | 0 | 6622 |

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