# EDGAR Filing Document

**Accession Number:** 0001569765
**File Stem:** 0001085146-23-000145
**Filing Date:** 2023-1
**Character Count:** 20261
**Document Hash:** a9b561fd30d1434d0ca87e1b478430f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-000145.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001085146-23-000145

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**EFFECTIVENESS DATE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Paragon Capital Management Ltd
- **CENTRAL INDEX KEY:** 0001569765
- **IRS NUMBER:** 841137703
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15316
- **FILM NUMBER:** 23530790

**BUSINESS ADDRESS:**
- **STREET 1:** 999 18TH STREET
- **STREET 2:** SUITE 1401
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 303-293-3680

**MAIL ADDRESS:**
- **STREET 1:** 999 18TH STREET
- **STREET 2:** SUITE 1401
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

### 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:** Paragon Capital Management Ltd<br>**Address:** 999 18TH STREET<br>SUITE 1401<br>DENVER, CO 80202

**Form 13F File Number:** 028-15316

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 Goodstadt<br>**Title:** Investment Advisor<br>**Phone:** 303 296-1458

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

/s/Brian Goodstadt  Denver, CO  01-17-2023<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:** 173

**Form 13F Information Table Value Total:** $375245298

      (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 LABS | COM | 002824100 |  | 861934 | 7850 | SH |  | SOLE |  | 7850 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 1355359 | 8386 | SH |  | SOLE |  | 8386 | 0 | 0 |
| ACADEMY SPORTS  OUTDOORS IN | COM | 00402L107 |  | 290021 | 5520 | SH |  | SOLE |  | 5520 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 406664 | 1524 | SH |  | SOLE |  | 1524 | 0 | 0 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 104146 | 10770 | SH |  | SOLE |  | 10770 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 287616 | 3998 | SH |  | SOLE |  | 3998 | 0 | 0 |
| AGNC INVT CORP | COM | 00123Q104 |  | 185441 | 17917 | SH |  | SOLE |  | 17917 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 50476122 | 590364 | SH |  | SOLE |  | 590364 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 228886 | 1687 | SH |  | SOLE |  | 1687 | 0 | 0 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 375281 | 6780 | SH |  | SOLE |  | 6780 | 0 | 0 |
| AMERICAN EQTY INVT LIFE HLD | COM | 025676206 |  | 260764 | 5716 | SH |  | SOLE |  | 5716 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 385923 | 2612 | SH |  | SOLE |  | 2612 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 236897 | 3746 | SH |  | SOLE |  | 3746 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 740645 | 2820 | SH |  | SOLE |  | 2820 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 300140 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 3192043 | 24567 | SH |  | SOLE |  | 24567 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 498906 | 5123 | SH |  | SOLE |  | 5123 | 0 | 0 |
| ASANA INC | CL A | 04342Y104 |  | 1324013 | 96152 | SH |  | SOLE |  | 96152 | 0 | 0 |
| ASE TECHNOLOGY HLDG CO LTD | SPONSORED ADS | 00215W100 |  | 202139 | 32239 | SH |  | SOLE |  | 32239 | 0 | 0 |
| ASSOCIATED BANC CORP | COM | 045487105 |  | 242399 | 10498 | SH |  | SOLE |  | 10498 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 257650 | 1078 | SH |  | SOLE |  | 1078 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 221910 | 4875 | SH |  | SOLE |  | 4875 | 0 | 0 |
| BARCLAYS BANK PLC | DJUBS CMDT ETN36 | 06738C778 |  | 422825 | 12543 | SH |  | SOLE |  | 12543 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 354449 | 1393 | SH |  | SOLE |  | 1393 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 219443 | 5452 | SH |  | SOLE |  | 5452 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 222512 | 4340 | SH |  | SOLE |  | 4340 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 273907 | 3806 | SH |  | SOLE |  | 3806 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE CO | COM SB VTG SHS A | 11275Q107 |  | 4039143 | 103834 | SH |  | SOLE |  | 103834 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 209887 | 3235 | SH |  | SOLE |  | 3235 | 0 | 0 |
| CABOT CORP | COM | 127055101 |  | 202458 | 3029 | SH |  | SOLE |  | 3029 | 0 | 0 |
| CALIFORNIA RES CORP | COM STOCK | 13057Q305 |  | 209022 | 4804 | SH |  | SOLE |  | 4804 | 0 | 0 |
| CELANESE CORP DEL | COM | 150870103 |  | 200334 | 1959 | SH |  | SOLE |  | 1959 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 663174 | 3694 | SH |  | SOLE |  | 3694 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 299863 | 905 | SH |  | SOLE |  | 905 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 644697 | 13532 | SH |  | SOLE |  | 13532 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 204094 | 5184 | SH |  | SOLE |  | 5184 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 534048 | 8395 | SH |  | SOLE |  | 8395 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 8129366 | 229708 | SH |  | SOLE |  | 229708 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 927570 | 11772 | SH |  | SOLE |  | 11772 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 691252 | 19767 | SH |  | SOLE |  | 19767 | 0 | 0 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 248697 | 5149 | SH |  | SOLE |  | 5149 | 0 | 0 |
| CRESTWOOD EQUITY PARTNERS LP | UNIT LTD PARTNER | 226344208 |  | 869508 | 33200 | SH |  | SOLE |  | 33200 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 376351 | 1553 | SH |  | SOLE |  | 1553 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 217319 | 2332 | SH |  | SOLE |  | 2332 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 264478 | 2967 | SH |  | SOLE |  | 2967 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 943502 | 15339 | SH |  | SOLE |  | 15339 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 311833 | 1750 | SH |  | SOLE |  | 1750 | 0 | 0 |
| DIGITALOCEAN HLDGS INC | COM | 25402D102 |  | 9603871 | 377066 | SH |  | SOLE |  | 377066 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 393955 | 4534 | SH |  | SOLE |  | 4534 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 |  | 253604 | 3114 | SH |  | SOLE |  | 3114 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 361800 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 211575 | 323 | SH |  | SOLE |  | 323 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 205616 | 1885 | SH |  | SOLE |  | 1885 | 0 | 0 |
| EVEREST RE GROUP LTD | COM | G3223R108 |  | 245140 | 740 | SH |  | SOLE |  | 740 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 449914 | 4079 | SH |  | SOLE |  | 4079 | 0 | 0 |
| F N B CORP | COM | 302520101 |  | 215821 | 16538 | SH |  | SOLE |  | 16538 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD VI | FT CBOE EQTY BFR | 33740U505 |  | 737531 | 23222 | SH |  | SOLE |  | 23222 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 485136 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| FLEXSHARES TR | MORNSTAR UPSTR | 33939L407 |  | 7081479 | 162904 | SH |  | SOLE |  | 162904 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 |  | 220537 | 8360 | SH |  | SOLE |  | 8360 | 0 | 0 |
| GAP INC | COM | 364760108 |  | 181642 | 16103 | SH |  | SOLE |  | 16103 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 308444 | 3678 | SH |  | SOLE |  | 3678 | 0 | 0 |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 |  | 239471 | 3158 | SH |  | SOLE |  | 3158 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 208645 | 901 | SH |  | SOLE |  | 901 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 235107 | 14731 | SH |  | SOLE |  | 14731 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 579871 | 1835 | SH |  | SOLE |  | 1835 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 279447 | 1304 | SH |  | SOLE |  | 1304 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 217775 | 15445 | SH |  | SOLE |  | 15445 | 0 | 0 |
| ICAHN ENTERPRISES LP | DEPOSITARY UNIT | 451100101 |  | 259728 | 5127 | SH |  | SOLE |  | 5127 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 488625 | 2218 | SH |  | SOLE |  | 2218 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 221028 | 2257 | SH |  | SOLE |  | 2257 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 253659 | 9597 | SH |  | SOLE |  | 9597 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | COM | 460690100 |  | 212684 | 6385 | SH |  | SOLE |  | 6385 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 202976 | 1437 | SH |  | SOLE |  | 1437 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S PUR VAL | 46137V258 |  | 2906766 | 37275 | SH |  | SOLE |  | 37275 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S QUALITY | 46137V241 |  | 43239655 | 982719 | SH |  | SOLE |  | 982719 | 0 | 0 |
| INVESCO LTD | SHS | G491BT108 |  | 199185 | 11072 | SH |  | SOLE |  | 11072 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 2710457 | 49787 | SH |  | SOLE |  | 49787 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 1129491 | 18324 | SH |  | SOLE |  | 18324 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 621060 | 12466 | SH |  | SOLE |  | 12466 | 0 | 0 |
| ISHARES TR | MORNINGSTAR GRWT | 464287119 |  | 252698 | 5191 | SH |  | SOLE |  | 5191 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 3032181 | 46194 | SH |  | SOLE |  | 46194 | 0 | 0 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 858405 | 8135 | SH |  | SOLE |  | 8135 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 998308 | 6582 | SH |  | SOLE |  | 6582 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 532224 | 2481 | SH |  | SOLE |  | 2481 | 0 | 0 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 695546 | 5015 | SH |  | SOLE |  | 5015 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 285427 | 1637 | SH |  | SOLE |  | 1637 | 0 | 0 |
| ISHARES TR | S SML 600 GWT | 464287887 |  | 313835 | 2904 | SH |  | SOLE |  | 2904 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 742419 | 6975 | SH |  | SOLE |  | 6975 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1698017 | 9612 | SH |  | SOLE |  | 9612 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 526390 | 3925 | SH |  | SOLE |  | 3925 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 266315 | 1279 | SH |  | SOLE |  | 1279 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 241635 | 2670 | SH |  | SOLE |  | 2670 | 0 | 0 |
| LEVI STRAUSS  CO NEW | CL A COM STK | 52736R102 |  | 179753 | 11582 | SH |  | SOLE |  | 11582 | 0 | 0 |
| LIBERTY GLOBAL PLC | SHS CL C | G5480U120 |  | 232130 | 11947 | SH |  | SOLE |  | 11947 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 571577 | 1562 | SH |  | SOLE |  | 1562 | 0 | 0 |
| LKQ CORP | COM | 501889208 |  | 222399 | 4164 | SH |  | SOLE |  | 4164 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 262495 | 539 | SH |  | SOLE |  | 539 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 295079 | 1481 | SH |  | SOLE |  | 1481 | 0 | 0 |
| LYFT INC | CL A COM | 55087P104 |  | 3138661 | 284815 | SH |  | SOLE |  | 284815 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 227663 | 1529 | SH |  | SOLE |  | 1529 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 352603 | 1338 | SH |  | SOLE |  | 1338 | 0 | 0 |
| MDU RES GROUP INC | COM | 552690109 |  | 242538 | 7994 | SH |  | SOLE |  | 7994 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 539710 | 4864 | SH |  | SOLE |  | 4864 | 0 | 0 |
| MERITAGE HOMES CORP | COM | 59001A102 |  | 229670 | 2491 | SH |  | SOLE |  | 2491 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 274367 | 3791 | SH |  | SOLE |  | 3791 | 0 | 0 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 189462 | 14574 | SH |  | SOLE |  | 14574 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 17725724 | 73912 | SH |  | SOLE |  | 73912 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 644618 | 12512 | SH |  | SOLE |  | 12512 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 204833 | 1554 | SH |  | SOLE |  | 1554 | 0 | 0 |
| OKTA INC | CL A | 679295105 |  | 8893628 | 130157 | SH |  | SOLE |  | 130157 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 210540 | 8718 | SH |  | SOLE |  | 8718 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 828698 | 10138 | SH |  | SOLE |  | 10138 | 0 | 0 |
| PAGERDUTY INC | COM | 69553P100 |  | 476938 | 17957 | SH |  | SOLE |  | 17957 | 0 | 0 |
| PENSKE AUTOMOTIVE GRP INC | COM | 70959W103 |  | 237560 | 2067 | SH |  | SOLE |  | 2067 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 364595 | 2018 | SH |  | SOLE |  | 2018 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1010658 | 19724 | SH |  | SOLE |  | 19724 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 332119 | 3191 | SH |  | SOLE |  | 3191 | 0 | 0 |
| PIMCO ETF TR | INTER MUN BD ACT | 72201R866 |  | 935272 | 18203 | SH |  | SOLE |  | 18203 | 0 | 0 |
| PINTEREST INC | CL A | 72352L106 |  | 15711564 | 647099 | SH |  | SOLE |  | 647099 | 0 | 0 |
| POET TECHNOLOGIES INC | COM NEW | 73044W302 |  | 1323666 | 438300 | SH |  | SOLE |  | 438300 | 0 | 0 |
| PRINCIPAL FINANCIAL GROUP IN | COM | 74251V102 |  | 257886 | 3073 | SH |  | SOLE |  | 3073 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1359493 | 8970 | SH |  | SOLE |  | 8970 | 0 | 0 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 24499798 | 272250 | SH |  | SOLE |  | 272250 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 201307 | 2024 | SH |  | SOLE |  | 2024 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 291073 | 6393 | SH |  | SOLE |  | 6393 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 213042 | 2111 | SH |  | SOLE |  | 2111 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 201651 | 9353 | SH |  | SOLE |  | 9353 | 0 | 0 |
| RELIANCE STEEL  ALUMINUM CO | COM | 759509102 |  | 228960 | 1131 | SH |  | SOLE |  | 1131 | 0 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 156856 | 19199 | SH |  | SOLE |  | 19199 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 529014 | 18588 | SH |  | SOLE |  | 18588 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 10556418 | 79617 | SH |  | SOLE |  | 79617 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 203101 | 2321 | SH |  | SOLE |  | 2321 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 290447 | 2138 | SH |  | SOLE |  | 2138 | 0 | 0 |
| SIGNET JEWELERS LIMITED | SHS | G81276100 |  | 200260 | 2945 | SH |  | SOLE |  | 2945 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 331646 | 1955 | SH |  | SOLE |  | 1955 | 0 | 0 |
| SPDR INDEX SHS FDS | S GBLINF ETF | 78463X855 |  | 2542913 | 48510 | SH |  | SOLE |  | 48510 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 6758952 | 17673 | SH |  | SOLE |  | 17673 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 1505486 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 232167 | 2993 | SH |  | SOLE |  | 2993 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 265451 | 2717 | SH |  | SOLE |  | 2717 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 335877 | 4393 | SH |  | SOLE |  | 4393 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 248586 | 6528 | SH |  | SOLE |  | 6528 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 984111 | 6603 | SH |  | SOLE |  | 6603 | 0 | 0 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 |  | 229962 | 7577 | SH |  | SOLE |  | 7577 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1010588 | 6116 | SH |  | SOLE |  | 6116 | 0 | 0 |
| THOR INDS INC | COM | 885160101 |  | 202464 | 2682 | SH |  | SOLE |  | 2682 | 0 | 0 |
| TIMKEN CO | COM | 887389104 |  | 242610 | 3433 | SH |  | SOLE |  | 3433 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 3759000 | 26850 | SH |  | SOLE |  | 26850 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 219798 | 4403 | SH |  | SOLE |  | 4403 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 246924 | 1317 | SH |  | SOLE |  | 1317 | 0 | 0 |
| UMPQUA HLDGS CORP | COM | 904214103 |  | 199617 | 11183 | SH |  | SOLE |  | 11183 | 0 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 234864 | 1667 | SH |  | SOLE |  | 1667 | 0 | 0 |
| UNUM GROUP | COM | 91529Y106 |  | 274203 | 6683 | SH |  | SOLE |  | 6683 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 205894 | 1623 | SH |  | SOLE |  | 1623 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 6572457 | 41388 | SH |  | SOLE |  | 41388 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 6565202 | 46770 | SH |  | SOLE |  | 46770 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 1373336 | 13358 | SH |  | SOLE |  | 13358 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 1113370 | 22496 | SH |  | SOLE |  | 22496 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 17945458 | 238668 | SH |  | SOLE |  | 238668 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 52892361 | 348319 | SH |  | SOLE |  | 348319 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 996392 | 23740 | SH |  | SOLE |  | 23740 | 0 | 0 |
| VANGUARD WHITEHALL FDS | INTL DVD ETF | 921946810 |  | 237808 | 3415 | SH |  | SOLE |  | 3415 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 260631 | 6615 | SH |  | SOLE |  | 6615 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 113367 | 11202 | SH |  | SOLE |  | 11202 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 238643 | 6387 | SH |  | SOLE |  | 6387 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 600107 | 4232 | SH |  | SOLE |  | 4232 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 258828 | 1649 | SH |  | SOLE |  | 1649 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 162486 | 11800 | SH |  | SOLE |  | 11800 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 245775 | 2138 | SH |  | SOLE |  | 2138 | 0 | 0 |
| WISDOMTREE TR | JP SMALLCP DIV | 97717W836 |  | 265272 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 323274 | 2524 | SH |  | SOLE |  | 2524 | 0 | 0 |
| ZOOM VIDEO COMMUNICATIONS IN | CL A | 98980L101 |  | 281866 | 4161 | SH |  | SOLE |  | 4161 | 0 | 0 |

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