# EDGAR Filing Document

**Accession Number:** 0001730815
**File Stem:** 0001104659-25-106807
**Filing Date:** 2025-11
**Character Count:** 17979
**Document Hash:** caae4709dd24fc7389e920f75cff47b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-106807.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001104659-25-106807

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Poehling Capital Management, INC.
- **CENTRAL INDEX KEY:** 0001730815

**ORGANIZATION NAME:**
- **EIN:** 134280487
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18383
- **FILM NUMBER:** 251452497

**BUSINESS ADDRESS:**
- **STREET 1:** 525 JUNCTION RD.
- **STREET 2:** SUITE 8900
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717
- **BUSINESS PHONE:** 6086649600

**MAIL ADDRESS:**
- **STREET 1:** 525 JUNCTION RD.
- **STREET 2:** SUITE 8900
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Poehling Capital Management, LLC
- **DATE OF NAME CHANGE:** 20180208

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** Poehling Capital Management INC.<br>**Address:** 525 Junction Rd.<br>Suite 8900<br>Madison, WI 53717

**Form 13F File Number:** 028-18383

**CRD Number (if applicable):** 000131668

**SEC File Number (if applicable):** 801-63189

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:** Patrick Poehling<br>**Title:** Vice President<br>**Phone:** 608-664-9600

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

/s/ Patrick Poehling  Madison, WI  11-04-2025<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:** 136

**Form 13F Information Table Value Total:** $475750717

      (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 |
| APPLE INC | COM | 037833100 |  | 11722887 | 46039 | SH |  | SOLE |  | 0 | 0 | 46039 |
| ABBVIE INC | COM | 00287Y109 |  | 944683 | 4080 | SH |  | SOLE |  | 0 | 0 | 4080 |
| ARCH CAPITAL GROUP LTD F | ORD | G0450A105 |  | 571236 | 6296 | SH |  | SOLE |  | 0 | 0 | 6296 |
| AMERICAN INTL GROUP INC | COM | 026874784 |  | 2173987 | 27680 | SH |  | SOLE |  | 0 | 0 | 27680 |
| ADVANCED MICRO DEVIC | COM | 007903107 |  | 442010 | 2732 | SH |  | SOLE |  | 0 | 0 | 2732 |
| AFFILIATED MANAGERS GROU | COM | 008252108 |  | 4367561 | 18318 | SH |  | SOLE |  | 0 | 0 | 18318 |
| AMAZON.COM INC | COM | 023135106 |  | 7244426 | 32994 | SH |  | SOLE |  | 0 | 0 | 32994 |
| ALIMENTATION COUCHE-TA F CLASS                  A | COM | 002011646 |  | 6707607 | 126350 | SH |  | SOLE |  | 0 | 0 | 126350 |
| APOLLO GLOBAL MGMT INC N | COM CL A | 03768E105 |  | 384617 | 2886 | SH |  | SOLE |  | 0 | 0 | 2886 |
| APPLOVIN CORP CLASS                  A | COM CL A | 03831W108 |  | 251489 | 350 | SH |  | SOLE |  | 0 | 0 | 350 |
| BROADCOM INC | COM | 11135F101 |  | 364221 | 1104 | SH |  | SOLE |  | 0 | 0 | 1104 |
| ALIBABA GROUP HLDG LTD F SPONSORED ADR 1 ADR REPS    8  ORD SHS | SPONSORE ADS | 01609W102 |  | 6610865 | 36988 | SH |  | SOLE |  | 0 | 0 | 36988 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 2914771 | 56499 | SH |  | SOLE |  | 0 | 0 | 56499 |
| BAXTER INTL INC | COM | 071813109 |  | 365094 | 16034 | SH |  | SOLE |  | 0 | 0 | 16034 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 1512708 | 8082 | SH |  | SOLE |  | 0 | 0 | 8082 |
| FRANKLIN RES INC | COM | 354613101 |  | 1272867 | 55031 | SH |  | SOLE |  | 0 | 0 | 55031 |
| BAUSCH HEALTH COS INC  F | COM | 071734107 |  | 554990 | 86045 | SH |  | SOLE |  | 0 | 0 | 86045 |
| BANK NEW YORK MELLON COR | COM | 064058100 |  | 5136810 | 47144 | SH |  | SOLE |  | 0 | 0 | 47144 |
| BOOKING HLDGS INC | COM | 09857L108 |  | 1252631 | 232 | SH |  | SOLE |  | 0 | 0 | 232 |
| BLACKROCK INC NEW | COM | 09247X101 |  | 304027 | 261 | SH |  | SOLE |  | 0 | 0 | 261 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 2540393 | 56328 | SH |  | SOLE |  | 0 | 0 | 56328 |
| BP P L C               F SPONSORED ADR 1 ADR REPS    6  ORD SHS | SPONSORED ADR | 055622104 |  | 893617 | 25932 | SH |  | SOLE |  | 0 | 0 | 25932 |
| BERKSHIRE HATHAWAY CLASS                  B | CL B NEW | 084670702 |  | 29577702 | 58833 | SH |  | SOLE |  | 0 | 0 | 58833 |
| BRITISH AMERN TOB PLC  F UNSPONSORED ADR 1 ADR REPS    1  ORD SHS | SPONSORED ADR | 110448107 |  | 6398988 | 120554 | SH |  | SOLE |  | 0 | 0 | 120554 |
| BLACKSTONE INC | COM CL A | 09260D107 |  | 460441 | 2695 | SH |  | SOLE |  | 0 | 0 | 2695 |
| CITIGROUP INC | COM NEW | 172967424 |  | 6348521 | 62547 | SH |  | SOLE |  | 0 | 0 | 62547 |
| CARRIER GLOBAL CORP | COM | 14448C104 |  | 2291883 | 38390 | SH |  | SOLE |  | 0 | 0 | 38390 |
| CHUBB LTD              F | COM | H1467J104 |  | 230881 | 818 | SH |  | SOLE |  | 0 | 0 | 818 |
| CONSTELLATION ENERGY COR | COM | 21037T109 |  | 412983 | 1255 | SH |  | SOLE |  | 0 | 0 | 1255 |
| COGNYTE SOFTWARE LTD   F | ORD SHS | M25133105 |  | 154543 | 18398 | SH |  | SOLE |  | 0 | 0 | 18398 |
| CENTENE CORP DEL | COM | 15135B101 |  | 3424103 | 95967 | SH |  | SOLE |  | 0 | 0 | 95967 |
| CNH INDL N V           F | SHS | N20944109 |  | 2871594 | 264663 | SH |  | SOLE |  | 0 | 0 | 264663 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 15293954 | 835279 | SH |  | SOLE |  | 0 | 0 | 835279 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 669230 | 723 | SH |  | SOLE |  | 0 | 0 | 723 |
| CANADIAN PACIFIC KAN   F | COM | 13645T100 |  | 297960 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| VANECK OIL REFINERS ETF | OIL REFINERS ETF | 92189F585 |  | 319130 | 8698 | SH |  | SOLE |  | 0 | 0 | 8698 |
| SALESFORCE INC | COM | 79466L302 |  | 432762 | 1826 | SH |  | SOLE |  | 0 | 0 | 1826 |
| CISCO SYS INC | COM | 17275R102 |  | 210255 | 3073 | SH |  | SOLE |  | 0 | 0 | 3073 |
| COTERRA ENERGY INC | COM | 127097103 |  | 1558606 | 65903 | SH |  | SOLE |  | 0 | 0 | 65903 |
| CVS HEALTH CORP | COM | 126650100 |  | 1621115 | 21503 | SH |  | SOLE |  | 0 | 0 | 21503 |
| DEERE  CO | COM | 244199105 |  | 636506 | 1392 | SH |  | SOLE |  | 0 | 0 | 1392 |
| DIAGEO PLC             F SPONSORED ADR 1 ADR REPS    4  ORD SHS | SPON ADR NEW | 25243Q205 |  | 5266686 | 55189 | SH |  | SOLE |  | 0 | 0 | 55189 |
| HF SINCLAIR CORP | COM | 403949100 |  | 3495527 | 66785 | SH |  | SOLE |  | 0 | 0 | 66785 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 5927207 | 51766 | SH |  | SOLE |  | 0 | 0 | 51766 |
| DXC TECHNOLOGY CO | COM | 23355L106 |  | 1102653 | 80899 | SH |  | SOLE |  | 0 | 0 | 80899 |
| EVEREST REINSURANCE GR F | COM | G3223R108 |  | 1202690 | 3434 | SH |  | SOLE |  | 0 | 0 | 3434 |
| LAUDER ESTEE COS INC CLASS                  A | CL A | 518439104 |  | 4795579 | 54421 | SH |  | SOLE |  | 0 | 0 | 54421 |
| FASTENAL CO | COM | 311900104 |  | 918225 | 18724 | SH |  | SOLE |  | 0 | 0 | 18724 |
| FIRST BUSINESS FINL SVCS | COM | 319390100 |  | 2989842 | 58327 | SH |  | SOLE |  | 0 | 0 | 58327 |
| FISERV INC | COM | 337738108 |  | 1976755 | 15332 | SH |  | SOLE |  | 0 | 0 | 15332 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 281556 | 6320 | SH |  | SOLE |  | 0 | 0 | 6320 |
| FAIRFAX FINL HLDGS LTD F | COM | 303901102 |  | 31830813 | 18198 | SH |  | SOLE |  | 0 | 0 | 18198 |
| TECHNIPFMC PLC         F | COM | G87110105 |  | 1018638 | 25821 | SH |  | SOLE |  | 0 | 0 | 25821 |
| GERON CORP | COM | 374163103 |  | 104395 | 76201 | SH |  | SOLE |  | 0 | 0 | 76201 |
| GENERAC HLDGS INC | COM | 368736104 |  | 1695427 | 10128 | SH |  | SOLE |  | 0 | 0 | 10128 |
| ALPHABET INC CLASS                  C | CAP STK CL C | 02079K107 |  | 15757500 | 64699 | SH |  | SOLE |  | 0 | 0 | 64699 |
| ALPHABET INC CLASS            CLASS A | CAP STK CL A | 02079K305 |  | 469575 | 1932 | SH |  | SOLE |  | 0 | 0 | 1932 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 4354442 | 5468 | SH |  | SOLE |  | 0 | 0 | 5468 |
| HOME DEPOT INC | COM | 437076102 |  | 413945 | 1022 | SH |  | SOLE |  | 0 | 0 | 1022 |
| HOWARD HUGHES HLDGS INC | COM | 44267T102 |  | 540514 | 6578 | SH |  | SOLE |  | 0 | 0 | 6578 |
| HERSHEY CO | COM | 427866108 |  | 6862677 | 36689 | SH |  | SOLE |  | 0 | 0 | 36689 |
| IAC INC | COM | 44919P508 |  | 1128432 | 33121 | SH |  | SOLE |  | 0 | 0 | 33121 |
| ISHARES CORE MSCI EAFE ETF | CORE MSCI EAFE | 46432F842 |  | 213386 | 2444 | SH |  | SOLE |  | 0 | 0 | 2444 |
| ISHARES US OIL GAS EXL PROD ETF | US OIL GS EX ETF | 464288851 |  | 324100 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| ISHARES CORE S SMALL CAP ETF | CORE S SCP ETF | 464287804 |  | 403190 | 3393 | SH |  | SOLE |  | 0 | 0 | 3393 |
| INTEL CORP | COM | 458140100 |  | 704449 | 20997 | SH |  | SOLE |  | 0 | 0 | 20997 |
| ISHARES US AEROSPACE DEFENSE ETF | US AER DEF ETF | 464288760 |  | 491761 | 2350 | SH |  | SOLE |  | 0 | 0 | 2350 |
| INVESCO LTD            F | INTRM GOV CR ETF | G491BT108 |  | 5823158 | 253843 | SH |  | SOLE |  | 0 | 0 | 253843 |
| ISHARES RUSSELL 1000 VALUE ETF | CORE S SCP ETF | 464287598 |  | 384582 | 1889 | SH |  | SOLE |  | 0 | 0 | 1889 |
| ISHARES RUSSELL 1000 GROWTH ETF | RUS 1000 GRW ETF | 464287614 |  | 764445 | 1632 | SH |  | SOLE |  | 0 | 0 | 1632 |
| ISHARES RUSSELL MID CAP ETF | RUS MID CAP ETF | 464287499 |  | 362159 | 3751 | SH |  | SOLE |  | 0 | 0 | 3751 |
| JAZZ PHARMACEUTICALS P F | SHS USD | G50871105 |  | 3033641 | 23017 | SH |  | SOLE |  | 0 | 0 | 23017 |
| JOHNSON CONTROLS INT   F | SHS | G51502105 |  | 232984 | 2119 | SH |  | SOLE |  | 0 | 0 | 2119 |
| JEFFERIES FINL GROUP INC | COM | 47233W109 |  | 8100108 | 123817 | SH |  | SOLE |  | 0 | 0 | 123817 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1097422 | 5919 | SH |  | SOLE |  | 0 | 0 | 5919 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1342030 | 4255 | SH |  | SOLE |  | 0 | 0 | 4255 |
| JACKSON FINL INC CLASS                  A | COM CL A | 46817M107 |  | 5018477 | 49575 | SH |  | SOLE |  | 0 | 0 | 49575 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 2149524 | 84262 | SH |  | SOLE |  | 0 | 0 | 84262 |
| KKR  CO INC | COM | 48248M102 |  | 4248455 | 32693 | SH |  | SOLE |  | 0 | 0 | 32693 |
| KRANESHARES CSI CHINA INTERNET ETF | CSI CHI INTERNET | 500767306 |  | 675773 | 16086 | SH |  | SOLE |  | 0 | 0 | 16086 |
| LOEWS CORP | COM | 540424108 |  | 375258 | 3738 | SH |  | SOLE |  | 0 | 0 | 3738 |
| LAM RESH CORP | COM | 512807108 |  | 441870 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| MASTERCARD INC CLASS                  A | CL A | 57636Q104 |  | 8305195 | 14601 | SH |  | SOLE |  | 0 | 0 | 14601 |
| MCDONALDS CORP | COM | 580135101 |  | 448999 | 1478 | SH |  | SOLE |  | 0 | 0 | 1478 |
| MEDTRONIC PLC          F | SHS | G5960L103 |  | 6114884 | 64205 | SH |  | SOLE |  | 0 | 0 | 64205 |
| META PLATFORMS INC CLASS                  A | CL A | 30303M102 |  | 4656704 | 6341 | SH |  | SOLE |  | 0 | 0 | 6341 |
| MGE ENERGY INC | COM | 55277P104 |  | 246479 | 2928 | SH |  | SOLE |  | 0 | 0 | 2928 |
| MARKEL GROUP INC | COM | 570535104 |  | 25182168 | 13175 | SH |  | SOLE |  | 0 | 0 | 13175 |
| 3M CO | COM | 88579Y101 |  | 10423596 | 67171 | SH |  | SOLE |  | 0 | 0 | 67171 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 2114316 | 32006 | SH |  | SOLE |  | 0 | 0 | 32006 |
| THE MOSAIC CO | COM | 61945C103 |  | 488572 | 14088 | SH |  | SOLE |  | 0 | 0 | 14088 |
| MARATHON PETE CORP | COM | 56585A102 |  | 4709987 | 24437 | SH |  | SOLE |  | 0 | 0 | 24437 |
| MICROSOFT CORP | COM | 594918104 |  | 12051206 | 23267 | SH |  | SOLE |  | 0 | 0 | 23267 |
| ISHARES MSCI USA MOMNTUM FCT ETF | MSCI USA MMENTM | 46432F396 |  | 251065 | 979 | SH |  | SOLE |  | 0 | 0 | 979 |
| NETFLIX INC | COM | 64110L106 |  | 2372663 | 1979 | SH |  | SOLE |  | 0 | 0 | 1979 |
| NESTLE S A             F SPONSORED ADR 1 ADR REPS    1  ORD SHS | COM | 641069406 |  | 2296820 | 25028 | SH |  | SOLE |  | 0 | 0 | 25028 |
| NVIDIA CORP | COM | 67066G104 |  | 2918546 | 15642 | SH |  | SOLE |  | 0 | 0 | 15642 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 3393549 | 317748 | SH |  | SOLE |  | 0 | 0 | 317748 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 5219519 | 110466 | SH |  | SOLE |  | 0 | 0 | 110466 |
| PETROLEO BRASILEIRO SA F SPONSORED ADR 1 ADR REPS    2  ORD SHS | SPONSORED ADR | 71654V408 |  | 2986127 | 235871 | SH |  | SOLE |  | 0 | 0 | 235871 |
| PEPSICO INC | COM | 713448108 |  | 9879673 | 70348 | SH |  | SOLE |  | 0 | 0 | 70348 |
| PFIZER INC | COM | 717081103 |  | 1514502 | 59439 | SH |  | SOLE |  | 0 | 0 | 59439 |
| PALANTIR TECHNOLOGIES IN CLASS                  A | CL A | 69608A108 |  | 843145 | 4622 | SH |  | SOLE |  | 0 | 0 | 4622 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 252221 | 1555 | SH |  | SOLE |  | 0 | 0 | 1555 |
| PARAMOUNT SKYDANCE CORP CLASS            CLASS B | COM CL B | 69932A204 |  | 12003463 | 634432 | SH |  | SOLE |  | 0 | 0 | 634432 |
| PHILLIPS 66 | COM | 718546104 |  | 1259545 | 9260 | SH |  | SOLE |  | 0 | 0 | 9260 |
| RTX CORP | COM | 75513E101 |  | 398580 | 2382 | SH |  | SOLE |  | 0 | 0 | 2382 |
| SABRE CORP | COM | 78573M104 |  | 85739 | 46852 | SH |  | SOLE |  | 0 | 0 | 46852 |
| STARBUCKS CORP | COM | 855244109 |  | 2208568 | 26106 | SH |  | SOLE |  | 0 | 0 | 26106 |
| CHARLES SCHWAB CORP | COM | 808513105 |  | 16876614 | 176774 | SH |  | SOLE |  | 0 | 0 | 176774 |
| SCHWAB US LARGE CAP ETF | US LRG CAP ETF | 808524201 |  | 3995953 | 151707 | SH |  | SOLE |  | 0 | 0 | 151707 |
| SHELL PLC              F TENDER OFFER EXP: | SPON ADS | 780259305 |  | 1227455 | 17160 | SH |  | SOLE |  | 0 | 0 | 17160 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 479686 | 4417 | SH |  | SOLE |  | 0 | 0 | 4417 |
| SCHLUMBERGER LTD       F | COM | 806857108 |  | 1674472 | 48719 | SH |  | SOLE |  | 0 | 0 | 48719 |
| SPHERE ENTERTAINMENT A CLASS                  A | CL A | 55826T102 |  | 3320438 | 53452 | SH |  | SOLE |  | 0 | 0 | 53452 |
| SPDR S 500 ETF | TR UNIT | 78462F103 |  | 387717 | 582 | SH |  | SOLE |  | 0 | 0 | 582 |
| SCRIPPS E W CO OHIO CLASS                  A | CL A NEW | 811054402 |  | 43606 | 17726 | SH |  | SOLE |  | 0 | 0 | 17726 |
| CONSTELLATION BRANDS INC CLASS                  A | CL A | 21036P108 |  | 2743632 | 20373 | SH |  | SOLE |  | 0 | 0 | 20373 |
| SEVEN  I HLDGS CO LTD F SPONSORED ADR 1 ADR REPS    1  ORD SHS | ADR | 81783H105 |  | 1777421 | 132941 | SH |  | SOLE |  | 0 | 0 | 132941 |
| MOLSON COORS BEVERAG B CLASS                  B | CL B | 60871R209 |  | 285166 | 6302 | SH |  | SOLE |  | 0 | 0 | 6302 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 2394539 | 52374 | SH |  | SOLE |  | 0 | 0 | 52374 |
| TARGET CORP EQUITY CLASS             EQUITY | COM | 87612E106 |  | 3939803 | 43922 | SH |  | SOLE |  | 0 | 0 | 43922 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 1614732 | 15732 | SH |  | SOLE |  | 0 | 0 | 15732 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3112189 | 9013 | SH |  | SOLE |  | 0 | 0 | 9013 |
| US BANCORP DEL | COM | 902973304 |  | 822857 | 17026 | SH |  | SOLE |  | 0 | 0 | 17026 |
| VISA INC CLASS                  A | CL A | 92826C839 |  | 7606288 | 22281 | SH |  | SOLE |  | 0 | 0 | 22281 |
| VANGUARD S 500 ETF | S 500 ETF SHS | 922908363 |  | 593396 | 969 | SH |  | SOLE |  | 0 | 0 | 969 |
| VANGUARD UTILITIES ETF | UTILITIES ETF | 92204A876 |  | 236763 | 1250 | SH |  | SOLE |  | 0 | 0 | 1250 |
| VANGUARD TOTAL STOCK MARKET ETF | TOTAL STK MKT | 922908769 |  | 1558151 | 4748 | SH |  | SOLE |  | 0 | 0 | 4748 |
| VIATRIS INC | COM | 92556V106 |  | 6707160 | 677491 | SH |  | SOLE |  | 0 | 0 | 677491 |
| VANGUARD HIGH DIVIDEND YIELD ETF | HIGH DIV YLD | 921946406 |  | 1166502 | 8276 | SH |  | SOLE |  | 0 | 0 | 8276 |
| WARNER BROS DISCOVERY IN | COM SER A | 934423104 |  | 17687930 | 905680 | SH |  | SOLE |  | 0 | 0 | 905680 |
| WELLS FARGO  CO | COM | 949746101 |  | 11666403 | 139184 | SH |  | SOLE |  | 0 | 0 | 139184 |
| WALMART INC | COM | 931142103 |  | 626263 | 6077 | SH |  | SOLE |  | 0 | 0 | 6077 |
| SPDR S BIOTECH ETF | S BIOTECH | 78464A870 |  | 273045 | 2725 | SH |  | SOLE |  | 0 | 0 | 2725 |
| ENERGY SELECT SECTOR SPDR ETF | ENERGY | 81369Y506 |  | 242201 | 2711 | SH |  | SOLE |  | 0 | 0 | 2711 |

---