# EDGAR Filing Document

**Accession Number:** 0001050068
**File Stem:** 0001050068-26-000002
**Filing Date:** 2026-5
**Character Count:** 20561
**Document Hash:** 349acb06082c4fffef23674ad9a1cc67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001050068-26-000002.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001050068-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESTMENT PARTNERS, LTD.
- **CENTRAL INDEX KEY:** 0001050068

**ORGANIZATION NAME:**
- **EIN:** 341828939
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16440
- **FILM NUMBER:** 26941920

**BUSINESS ADDRESS:**
- **STREET 1:** 419 W HIGH AVE
- **STREET 2:** PO BOX 309
- **CITY:** NEW PHILADELPHIA
- **STATE:** OH
- **ZIP:** 44663
- **BUSINESS PHONE:** 3303089707

**MAIL ADDRESS:**
- **STREET 1:** 419 W HIGH AVE
- **STREET 2:** PO BOX 309
- **CITY:** NEW PHILADELPHIA
- **STATE:** OH
- **ZIP:** 44663

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INVESTMENT PARTNERS LTD /OH/                            /ADV
- **DATE OF NAME CHANGE:** 19971120

### 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:** INVESTMENT PARTNERS LTD.<br>**Address:** 419 W High Ave<br>Po Box 309<br>NEW PHILADELPHIA, OH 44663

**Form 13F File Number:** 028-16440

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:** Douglas G Bambeck<br>**Title:** CCO<br>**Phone:** 330-308-9707

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

/s/  Douglas G Bambeck  New Philadelphia, OH  05-05-2026<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:** 152

**Form 13F Information Table Value Total:** $281095205

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABORATORIES | COM | 002824100 | BBG001S5N9M6 | 702662 | 6844 | SH |  | SOLE |  | 0 | 0 | 6844 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 1299093 | 5973 | SH |  | SOLE |  | 0 | 0 | 5973 |
| AFFILIATED MANAGERS GROUP | COM | 008252108 | BBG001S6DMD6 | 365813 | 1322 | SH |  | SOLE |  | 0 | 0 | 1322 |
| AFLAC INC | COM | 001055102 | BBG001S5NGJ4 | 223215 | 2035 | SH |  | SOLE |  | 0 | 0 | 2035 |
| ALLSTATE CORP | COM | 020002101 | BBG001S9BM06 | 428784 | 2068 | SH |  | SOLE |  | 0 | 0 | 2068 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 1898990 | 6604 | SH |  | SOLE |  | 0 | 0 | 6604 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 2299004 | 8014 | SH |  | SOLE |  | 0 | 0 | 8014 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 | BBG001TBMNT5 | 280013 | 5319 | SH |  | SOLE |  | 0 | 0 | 5319 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 1332443 | 6398 | SH |  | SOLE |  | 0 | 0 | 6398 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 | BBG001S5NFD2 | 2365151 | 18044 | SH |  | SOLE |  | 0 | 0 | 18044 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 231877 | 659 | SH |  | SOLE |  | 0 | 0 | 659 |
| ANALOG DEVICES INC | COM | 032654105 | BBG001S5ND38 | 467134 | 1468 | SH |  | SOLE |  | 0 | 0 | 1468 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 8955992 | 35289 | SH |  | SOLE |  | 0 | 0 | 35289 |
| ASML HLDG NV | N Y REGISTRY SHS | N07059210 | BBG001SCG0R3 | 1281924 | 971 | SH |  | SOLE |  | 0 | 0 | 971 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 392267 | 13531 | SH |  | SOLE |  | 0 | 0 | 13531 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 | BBG001S82KF6 | 1415479 | 6967 | SH |  | SOLE |  | 0 | 0 | 6967 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 340894 | 6993 | SH |  | SOLE |  | 0 | 0 | 6993 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 2465206 | 5144 | SH |  | SOLE |  | 0 | 0 | 5144 |
| BLACKROCK ETF TRUST | ISHARES INTL DIV | 09290C848 | BBG01QVVCRV1 | 212884 | 7488 | SH |  | SOLE |  | 0 | 0 | 7488 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WR0 | 403016 | 419 | SH |  | SOLE |  | 0 | 0 | 419 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 330281 | 1659 | SH |  | SOLE |  | 0 | 0 | 1659 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG001S8N8J6 | 755655 | 12459 | SH |  | SOLE |  | 0 | 0 | 12459 |
| CARDINAL HEALTH INC | COM | 14149Y108 | BBG001S7PC34 | 202891 | 960 | SH |  | SOLE |  | 0 | 0 | 960 |
| CATERPILLAR INC | COM | 149123101 | BBG001S5PJ06 | 2434586 | 3436 | SH |  | SOLE |  | 0 | 0 | 3436 |
| CAVA GROUP INC | COM | 148929102 | BBG00GBR8762 | 549796 | 6796 | SH |  | SOLE |  | 0 | 0 | 6796 |
| CHEVRON CORPORATION | COM | 166764100 | BBG001S67ZC5 | 1463197 | 7072 | SH |  | SOLE |  | 0 | 0 | 7072 |
| CINCINNATI FINL CORP | COM | 172062101 | BBG001S5PTM0 | 427925 | 2720 | SH |  | SOLE |  | 0 | 0 | 2720 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 1004107 | 12941 | SH |  | SOLE |  | 0 | 0 | 12941 |
| COCA COLA CO | COM | 191216100 | BBG001S5SMQ8 | 995432 | 13089 | SH |  | SOLE |  | 0 | 0 | 13089 |
| COLGATE PALMOLIVE CO | COM | 194162103 | BBG001S5PVM5 | 333289 | 3910 | SH |  | SOLE |  | 0 | 0 | 3910 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 | BBG001S9KRQ7 | 2082759 | 2090 | SH |  | SOLE |  | 0 | 0 | 2090 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 | BBG00BLYKRZ7 | 708985 | 1816 | SH |  | SOLE |  | 0 | 0 | 1816 |
| DBX ETF TR | XTRACK MSCI EAFE | 233051630 | BBG009RY6HH4 | 1686941 | 52050 | SH |  | SOLE |  | 0 | 0 | 52050 |
| DIGITAL RLTY TR INC | COM | 253868103 | BBG001SM0K30 | 339516 | 1884 | SH |  | SOLE |  | 0 | 0 | 1884 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 497379 | 5161 | SH |  | SOLE |  | 0 | 0 | 5161 |
| DNP SELECT INCOME FD INC | COM | 23325P104 | BBG001S5QKC9 | 853347 | 82849 | SH |  | SOLE |  | 0 | 0 | 82849 |
| EATON CORP PLC | SHS | G29183103 | BBG001S5QZ45 | 515975 | 1443 | SH |  | SOLE |  | 0 | 0 | 1443 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 5298185 | 5760 | SH |  | SOLE |  | 0 | 0 | 5760 |
| ENBRIDGE INC | COM | 29250N105 | BBG001S6Q6D7 | 630659 | 11649 | SH |  | SOLE |  | 0 | 0 | 11649 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 2648493 | 15611 | SH |  | SOLE |  | 0 | 0 | 15611 |
| FARMERS NATIONAL BANC CORP | COM | 309627107 | BBG001S7S1W3 | 138874 | 10553 | SH |  | SOLE |  | 0 | 0 | 10553 |
| FIRST TR EXCHANGE TRADED FD | SMID RISNG ETF | 33741X102 | BBG00J3TCS97 | 951393 | 24129 | SH |  | SOLE |  | 0 | 0 | 24129 |
| GE AEROSPACE | COM NEW | 369604301 | BBG001S5PVD5 | 481537 | 1697 | SH |  | SOLE |  | 0 | 0 | 1697 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 313616 | 359 | SH |  | SOLE |  | 0 | 0 | 359 |
| GENERAL DYNAMICS CORP | COM | 369550108 | BBG001S5RHP1 | 682303 | 1988 | SH |  | SOLE |  | 0 | 0 | 1988 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG001S6Y1X7 | 650559 | 4668 | SH |  | SOLE |  | 0 | 0 | 4668 |
| GLOBAL X FDS | US INFR DEV ETF | 37954Y673 | BBG00G5CR9C0 | 326810 | 6432 | SH |  | SOLE |  | 0 | 0 | 6432 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 639009 | 755 | SH |  | SOLE |  | 0 | 0 | 755 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 1380349 | 4197 | SH |  | SOLE |  | 0 | 0 | 4197 |
| HONEYWELL INTL INC | COM | 438516106 | BBG001S5X1N1 | 498807 | 2207 | SH |  | SOLE |  | 0 | 0 | 2207 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 | BBG001S5RSZ6 | 940403 | 60090 | SH |  | SOLE |  | 0 | 0 | 60090 |
| INTEL CORP | COM | 458140100 | BBG001S5SF65 | 459398 | 10410 | SH |  | SOLE |  | 0 | 0 | 10410 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG001S5S399 | 831102 | 3429 | SH |  | SOLE |  | 0 | 0 | 3429 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG001S7XR78 | 545351 | 1183 | SH |  | SOLE |  | 0 | 0 | 1183 |
| INVESCO EXCH TRADED FD TR II | S LOW VOL | 46138E354 | BBG001V18CG8 | 368789 | 5042 | SH |  | SOLE |  | 0 | 0 | 5042 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 | BBG001V0MBC0 | 451063 | 22100 | SH |  | SOLE |  | 0 | 0 | 22100 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 | BBG00KJR2NN7 | 581677 | 3031 | SH |  | SOLE |  | 0 | 0 | 3031 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 1943580 | 3367 | SH |  | SOLE |  | 0 | 0 | 3367 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 1619864 | 42162 | SH |  | SOLE |  | 0 | 0 | 42162 |
| ISHARES ETHEREUM TR | SHS | 46438R105 | BBG01NXX8HZ5 | 861548 | 54425 | SH |  | SOLE |  | 0 | 0 | 54425 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG001SQLN69 | 2973289 | 43635 | SH |  | SOLE |  | 0 | 0 | 43635 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 | BBG005DW06B7 | 4881900 | 115384 | SH |  | SOLE |  | 0 | 0 | 115384 |
| ISHARES TR | CORE 40/60 MODER | 464289875 | BBG001T3YV21 | 499333 | 10541 | SH |  | SOLE |  | 0 | 0 | 10541 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 | BBG006MJFZK4 | 1100596 | 15682 | SH |  | SOLE |  | 0 | 0 | 15682 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 | BBG001V0XLT8 | 665252 | 4902 | SH |  | SOLE |  | 0 | 0 | 4902 |
| ISHARES TR | CORE INTL AGGR | 46435G672 | BBG00BDV2SQ0 | 3354700 | 67040 | SH |  | SOLE |  | 0 | 0 | 67040 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 | BBG003H6TRS0 | 5513540 | 60903 | SH |  | SOLE |  | 0 | 0 | 60903 |
| ISHARES TR | CORE S MCP ETF | 464287507 | BBG001SFC7V0 | 1857905 | 27512 | SH |  | SOLE |  | 0 | 0 | 27512 |
| ISHARES TR | CORE S SCP ETF | 464287804 | BBG001SFC7W9 | 229434 | 1846 | SH |  | SOLE |  | 0 | 0 | 1846 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 3274823 | 5013 | SH |  | SOLE |  | 0 | 0 | 5013 |
| ISHARES TR | FUTURE AI  TECH | 46435U556 | BBG00L9G3V33 | 275644 | 5924 | SH |  | SOLE |  | 0 | 0 | 5924 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 | BBG001SSD858 | 6293174 | 119733 | SH |  | SOLE |  | 0 | 0 | 119733 |
| ISHARES TR | MSCI EAFE ETF | 464287465 | BBG001SG09V7 | 4048476 | 41681 | SH |  | SOLE |  | 0 | 0 | 41681 |
| ISHARES TR | MSCI EAFE MIN VL | 46429B689 | BBG0025X2WP7 | 878187 | 9611 | SH |  | SOLE |  | 0 | 0 | 9611 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN4B6 | 231296 | 4938 | SH |  | SOLE |  | 0 | 0 | 4938 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 | BBG0025X2G81 | 2889993 | 31162 | SH |  | SOLE |  | 0 | 0 | 31162 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 | BBG001SZV978 | 2410348 | 22707 | SH |  | SOLE |  | 0 | 0 | 22707 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 | BBG001S56320 | 14802034 | 34714 | SH |  | SOLE |  | 0 | 0 | 34714 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 | BBG001S562P7 | 12131782 | 56778 | SH |  | SOLE |  | 0 | 0 | 56778 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 | BBG001S562F8 | 2717120 | 8658 | SH |  | SOLE |  | 0 | 0 | 8658 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 | BBG001S56277 | 3259785 | 17194 | SH |  | SOLE |  | 0 | 0 | 17194 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 | BBG001S561Z8 | 5520987 | 43092 | SH |  | SOLE |  | 0 | 0 | 43092 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 | BBG001S561V2 | 5486642 | 37647 | SH |  | SOLE |  | 0 | 0 | 37647 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 923348 | 3723 | SH |  | SOLE |  | 0 | 0 | 3723 |
| ISHARES TR | S 500 GRWT ETF | 464287309 | BBG001S561Q8 | 6221278 | 55002 | SH |  | SOLE |  | 0 | 0 | 55002 |
| ISHARES TR | S 500 VAL ETF | 464287408 | BBG001S561K4 | 5150397 | 24392 | SH |  | SOLE |  | 0 | 0 | 24392 |
| ISHARES TR | SELECT DIVID ETF | 464287168 | BBG001SDJVG2 | 526852 | 3480 | SH |  | SOLE |  | 0 | 0 | 3480 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 | BBG001SLS4Q3 | 725052 | 6808 | SH |  | SOLE |  | 0 | 0 | 6808 |
| ISHARES TR | TRUST ISHARE 0-1 | 464288679 | BBG001SSD803 | 400385 | 3627 | SH |  | SOLE |  | 0 | 0 | 3627 |
| JACOBS SOLUTIONS INC | COM | 46982L108 | BBG019C1BQS3 | 237073 | 1863 | SH |  | SOLE |  | 0 | 0 | 1863 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 1137642 | 4654 | SH |  | SOLE |  | 0 | 0 | 4654 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG001S8CRC3 | 5084820 | 17286 | SH |  | SOLE |  | 0 | 0 | 17286 |
| KLA CORP | COM NEW | 482480100 | BBG001S5SLM4 | 368103 | 250 | SH |  | SOLE |  | 0 | 0 | 250 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 | BBG001S5S0N9 | 284934 | 826 | SH |  | SOLE |  | 0 | 0 | 826 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG001S7PS57 | 886540 | 1467 | SH |  | SOLE |  | 0 | 0 | 1467 |
| MARATHON PETE CORP | COM | 56585A102 | BBG001S169P1 | 245136 | 1004 | SH |  | SOLE |  | 0 | 0 | 1004 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG001S5T7M4 | 287584 | 1658 | SH |  | SOLE |  | 0 | 0 | 1658 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 1708925 | 5499 | SH |  | SOLE |  | 0 | 0 | 5499 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 598690 | 4977 | SH |  | SOLE |  | 0 | 0 | 4977 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 328777 | 575 | SH |  | SOLE |  | 0 | 0 | 575 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG001S6P675 | 1496753 | 4430 | SH |  | SOLE |  | 0 | 0 | 4430 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 7485063 | 20221 | SH |  | SOLE |  | 0 | 0 | 20221 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG001S9V5Z3 | 341863 | 2077 | SH |  | SOLE |  | 0 | 0 | 2077 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG001S5RB29 | 480874 | 5177 | SH |  | SOLE |  | 0 | 0 | 5177 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG001S5TP26 | 860349 | 1261 | SH |  | SOLE |  | 0 | 0 | 1261 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 8067040 | 46256 | SH |  | SOLE |  | 0 | 0 | 46256 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 2252623 | 15313 | SH |  | SOLE |  | 0 | 0 | 15313 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 | BBG001T53796 | 1149322 | 7857 | SH |  | SOLE |  | 0 | 0 | 7857 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG001T9NWN5 | 257153 | 1604 | SH |  | SOLE |  | 0 | 0 | 1604 |
| PARK NATL CORP | COM | 700658107 | BBG001S7X549 | 454391 | 2780 | SH |  | SOLE |  | 0 | 0 | 2780 |
| PENNANTPARK FLOATING RATE CA | COM | 70806A106 | BBG001V0Y5S3 | 80400 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 1719612 | 11074 | SH |  | SOLE |  | 0 | 0 | 11074 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 451330 | 16073 | SH |  | SOLE |  | 0 | 0 | 16073 |
| PHILLIPS 66 | COM | 718546104 | BBG00286S4P7 | 282520 | 1551 | SH |  | SOLE |  | 0 | 0 | 1551 |
| PRINCIPAL EXCHANGE TRADED FD | SPECTRUM PFD | 74255Y888 | BBG00H3P9YB7 | 1873362 | 99541 | SH |  | SOLE |  | 0 | 0 | 99541 |
| PROCTER  GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 1155764 | 8002 | SH |  | SOLE |  | 0 | 0 | 8002 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 | BBG001S7T107 | 516474 | 6300 | SH |  | SOLE |  | 0 | 0 | 6300 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 | BBG001S7T1S7 | 993783 | 16222 | SH |  | SOLE |  | 0 | 0 | 16222 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 | BBG001S7T223 | 768740 | 15571 | SH |  | SOLE |  | 0 | 0 | 15571 |
| SELECT SECTOR SPDR TR | STATE STREET IND | 81369Y704 | BBG001S7T232 | 879811 | 5440 | SH |  | SOLE |  | 0 | 0 | 5440 |
| SELECT SECTOR SPDR TR | STATE STREET MAT | 81369Y100 | BBG001S7R733 | 610134 | 12210 | SH |  | SOLE |  | 0 | 0 | 12210 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 | BBG001S7TD56 | 3592888 | 78293 | SH |  | SOLE |  | 0 | 0 | 78293 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 2246974 | 5222 | SH |  | SOLE |  | 0 | 0 | 5222 |
| SPDR INDEX SHS FDS | STATE STREET SPD | 78463X889 | BBG001SRXRJ1 | 2096177 | 45918 | SH |  | SOLE |  | 0 | 0 | 45918 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A763 | BBG001SPTBP8 | 2263383 | 15509 | SH |  | SOLE |  | 0 | 0 | 15509 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 | BBG001S72SM3 | 1047704 | 1611 | SH |  | SOLE |  | 0 | 0 | 1611 |
| STATE STR SPDR S MIDCAP 40 | UTSER1 S | 78467Y107 | BBG001S63NQ1 | 261506 | 424 | SH |  | SOLE |  | 0 | 0 | 424 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 1020342 | 3019 | SH |  | SOLE |  | 0 | 0 | 3019 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 660972 | 1778 | SH |  | SOLE |  | 0 | 0 | 1778 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 682628 | 1389 | SH |  | SOLE |  | 0 | 0 | 1389 |
| VANECK ETF TRUST | CEF MUNI INCOME | 92189F460 | BBG001WL63R3 | 1663563 | 77375 | SH |  | SOLE |  | 0 | 0 | 77375 |
| VANECK ETF TRUST | HIGH YLD MUNIETF | 92189H409 | BBG001SZDBR1 | 684311 | 13648 | SH |  | SOLE |  | 0 | 0 | 13648 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 | BBG001ST39Q2 | 7238877 | 92321 | SH |  | SOLE |  | 0 | 0 | 92321 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 | BBG001SHTTS4 | 387634 | 887 | SH |  | SOLE |  | 0 | 0 | 887 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 2664797 | 9279 | SH |  | SOLE |  | 0 | 0 | 9279 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 1815541 | 20468 | SH |  | SOLE |  | 0 | 0 | 20468 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG001SHTTV0 | 1731464 | 6611 | SH |  | SOLE |  | 0 | 0 | 6611 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 551406 | 1719 | SH |  | SOLE |  | 0 | 0 | 1719 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 8380182 | 155045 | SH |  | SOLE |  | 0 | 0 | 155045 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 | BBG001T0SKD6 | 793641 | 5444 | SH |  | SOLE |  | 0 | 0 | 5444 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000GRW | 92206C680 | BBG001TCH518 | 415067 | 3784 | SH |  | SOLE |  | 0 | 0 | 3784 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000VAL | 92206C714 | BBG001TCH581 | 891349 | 9509 | SH |  | SOLE |  | 0 | 0 | 9509 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 | BBG001SQX4T3 | 6541963 | 30419 | SH |  | SOLE |  | 0 | 0 | 30419 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 17790014 | 277622 | SH |  | SOLE |  | 0 | 0 | 277622 |
| VANGUARD WHITEHALL FDS | INTL DVD ETF | 921946810 | BBG00C863MQ1 | 1880925 | 21263 | SH |  | SOLE |  | 0 | 0 | 21263 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 791147 | 15760 | SH |  | SOLE |  | 0 | 0 | 15760 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 | BBG00L2B8LM7 | 502488 | 2005 | SH |  | SOLE |  | 0 | 0 | 2005 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 890760 | 2947 | SH |  | SOLE |  | 0 | 0 | 2947 |
| VISTRA CORP | COM | 92840M102 | BBG00DXDL6R0 | 404318 | 2690 | SH |  | SOLE |  | 0 | 0 | 2690 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 2315193 | 18629 | SH |  | SOLE |  | 0 | 0 | 18629 |
| WELLS FARGO  CO | COM | 949746101 | BBG001S5XF23 | 229385 | 2881 | SH |  | SOLE |  | 0 | 0 | 2881 |
| YUM BRANDS INC | COM | 988498101 | BBG001S7JQ30 | 282198 | 1815 | SH |  | SOLE |  | 0 | 0 | 1815 |

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