# EDGAR Filing Document

**Accession Number:** 0001752762
**File Stem:** 0001437749-25-024802
**Filing Date:** 2025-8
**Character Count:** 17509
**Document Hash:** 6a0fa3cf364447f152082b306fe45f88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-024802.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001437749-25-024802

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Next Capital Management LLC
- **CENTRAL INDEX KEY:** 0001752762

**ORGANIZATION NAME:**
- **EIN:** 134044755
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19131
- **FILM NUMBER:** 251184232

**BUSINESS ADDRESS:**
- **STREET 1:** ELEVEN TIMES SQUARE
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2124331111

**MAIL ADDRESS:**
- **STREET 1:** ELEVEN TIMES SQUARE
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Next Capital Management LLC<br>**Address:** ELEVEN TIMES SQUARE<br>15TH FLOOR<br>NEW YORK, NY 10036

**Form 13F File Number:** 028-19131

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:** Catherine A. Sanford<br>**Title:** Chief Operating Officer<br>**Phone:** 212-433-1106

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

/s/ Catherine A. Sanford  New York, NY  08-05-2025<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:** 137

**Form 13F Information Table Value Total:** $270616321

      (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 |  | 222240 | 1634 | SH |  | SOLE |  | 0 | 0 | 1634 |
| ABBVIE INC | COM | 00287Y109 |  | 348333 | 1877 | SH |  | SOLE |  | 0 | 0 | 1877 |
| ACV AUCTIONS INC        CLASS                  A | COM | 00091G104 |  | 259617 | 16006 | SH |  | SOLE |  | 0 | 0 | 16006 |
| ALPHABET INC            CLASS                  A | COM | 02079K305 |  | 1228645 | 6972 | SH |  | SOLE |  | 0 | 0 | 6972 |
| ALPHABET INC            CLASS                  C | COM | 02079K107 |  | 1203414 | 6784 | SH |  | SOLE |  | 0 | 0 | 6784 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 297606 | 5076 | SH |  | SOLE |  | 0 | 0 | 5076 |
| AMAZON.COM INC | COM | 023135106 |  | 9645920 | 43967 | SH |  | SOLE |  | 0 | 0 | 43967 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 526582 | 5075 | SH |  | SOLE |  | 0 | 0 | 5075 |
| APOLLO GLOBAL MGMT INC N | COM | 03769M106 |  | 242172 | 1707 | SH |  | SOLE |  | 0 | 0 | 1707 |
| APPLE INC | COM | 037833100 |  | 9030285 | 44014 | SH |  | SOLE |  | 0 | 0 | 44014 |
| ARK GENOMIC REVOLUTION  ETF | UIE | 00214Q302 |  | 317670 | 13046 | SH |  | SOLE |  | 0 | 0 | 13046 |
| ASTERA LABS INC | COM | 04626A103 |  | 468556 | 5182 | SH |  | SOLE |  | 0 | 0 | 5182 |
| BERKSHIRE HATHAWAY      CLASS                  B | COM | 084670702 |  | 4104271 | 8449 | SH |  | SOLE |  | 0 | 0 | 8449 |
| BERKSHIRE HATHAWAY INC DCLASS                  A | COM | 084670108 |  | 1457600 | 2 | SH |  | SOLE |  | 0 | 0 | 2 |
| BLACKROCK TCP CAP CORP | COM | 09259E108 |  | 8738160 | 1134826 | SH |  | SOLE |  | 0 | 0 | 1134826 |
| BLACKSTONE INC | COM | 09260D107 |  | 676945 | 4526 | SH |  | SOLE |  | 0 | 0 | 4526 |
| BLUE OWL CAP CORP | COM | 69121K104 |  | 564465 | 39363 | SH |  | SOLE |  | 0 | 0 | 39363 |
| BOOKING HLDGS INC | COM | 09857L108 |  | 295251 | 51 | SH |  | SOLE |  | 0 | 0 | 51 |
| BROOKFIELD CORP        FCLASS                  A | FGC | 11271J107 |  | 649425 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| CARIBOU BIOSCIENCES INC | COM | 142038108 |  | 25200 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| CBIZ INC | COM | 124805102 |  | 788810 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| CHARLES SCHWAB CORP | COM | 808513105 |  | 1522248 | 16684 | SH |  | SOLE |  | 0 | 0 | 16684 |
| CHARLES SCHWAB US MC    ETF | UIE | 808524508 |  | 227200 | 8100 | SH |  | SOLE |  | 0 | 0 | 8100 |
| COMCAST CORP NEW        CLASS                  A | COM | 20030N101 |  | 398943 | 11178 | SH |  | SOLE |  | 0 | 0 | 11178 |
| CRITICAL METALS CORP.  F | FGO | G2662B103 |  | 71536 | 19982 | SH |  | SOLE |  | 0 | 0 | 19982 |
| CSG SYS INTL INC | COM | 126349109 |  | 587790 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| CYTODYN INC | COM | 23283M101 |  | 8856 | 32500 | SH |  | SOLE |  | 0 | 0 | 32500 |
| DIREXN DLY ARSPC DFNS BL3X SHRS ETF | UIE | 25460E661 |  | 207520 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| DOCGO INC | COM | 256086109 |  | 23550 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| E2OPEN PARENT HLDGS INC CLASS                  A | COM | 29788T103 |  | 47116 | 14587 | SH |  | SOLE |  | 0 | 0 | 14587 |
| ECOLAB INC | COM | 278865100 |  | 1017136 | 3775 | SH |  | SOLE |  | 0 | 0 | 3775 |
| ELI LILLY AND CO | COM | 532457108 |  | 1328319 | 1704 | SH |  | SOLE |  | 0 | 0 | 1704 |
| ENTERPRISE PRODS PART LP | MLP | 293792107 |  | 453521 | 14625 | SH |  | SOLE |  | 0 | 0 | 14625 |
| ERMENEGILDO ZEGNA N V  F | FGO | N30577105 |  | 156251 | 18275 | SH |  | SOLE |  | 0 | 0 | 18275 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 703072 | 6522 | SH |  | SOLE |  | 0 | 0 | 6522 |
| FIRST TRUST NORTH       AMERICAN ENERG ETF | UIE | 33738D101 |  | 725631 | 19345 | SH |  | SOLE |  | 0 | 0 | 19345 |
| GE VERNOVA INC | COM | 36828A101 |  | 268808 | 508 | SH |  | SOLE |  | 0 | 0 | 508 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1073310 | 1519 | SH |  | SOLE |  | 0 | 0 | 1519 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 4093855 | 279444 | SH |  | SOLE |  | 0 | 0 | 279444 |
| HOME DEPOT INC | COM | 437076102 |  | 730714 | 1993 | SH |  | SOLE |  | 0 | 0 | 1993 |
| HONEYWELL INTL INC | COM | 438516106 |  | 312525 | 1342 | SH |  | SOLE |  | 0 | 0 | 1342 |
| ILLUMINA INC | COM | 452327109 |  | 341377 | 3578 | SH |  | SOLE |  | 0 | 0 | 3578 |
| INVESCO NASDAQ 100 ETF | UIE | 46138G649 |  | 1850442 | 8148 | SH |  | SOLE |  | 0 | 0 | 8148 |
| INVESCO QQQ TRUST | UIE | 46090E103 |  | 12025967 | 21800 | SH |  | SOLE |  | 0 | 0 | 21800 |
| INVESCO S 500  EQUAL  WEIGHT ETF | UIE | 46137V357 |  | 293382 | 1614 | SH |  | SOLE |  | 0 | 0 | 1614 |
| INVESCO S 500 QUALITY ETF | UIE | 46137V241 |  | 1041892 | 14621 | SH |  | SOLE |  | 0 | 0 | 14621 |
| ISHARES CORE MSCI       EMERGING ETF | UIE | 46434G103 |  | 4931292 | 82147 | SH |  | SOLE |  | 0 | 0 | 82147 |
| ISHARES CORE MSCI EAFE  ETF | UIE | 46432F842 |  | 9711605 | 116335 | SH |  | SOLE |  | 0 | 0 | 116335 |
| ISHARES CORE S 500    ETF | UIE | 464287200 |  | 39829910 | 64149 | SH |  | SOLE |  | 0 | 0 | 64149 |
| ISHARES CORE S MID CAPETF | UIE | 464287507 |  | 4073593 | 65682 | SH |  | SOLE |  | 0 | 0 | 65682 |
| ISHARES CORE S SMALL  CAP ETF | UIE | 464287804 |  | 4147455 | 37949 | SH |  | SOLE |  | 0 | 0 | 37949 |
| ISHARES CORE S US     VALUE ETF | UIE | 464287663 |  | 1281960 | 13547 | SH |  | SOLE |  | 0 | 0 | 13547 |
| ISHARES MICRO CAP ETF | UIE | 464288869 |  | 398682 | 3123 | SH |  | SOLE |  | 0 | 0 | 3123 |
| ISHARES MSCI ACWI EX US ETF | UIE | 464288240 |  | 606901 | 9959 | SH |  | SOLE |  | 0 | 0 | 9959 |
| ISHARES MSCI EAFE ETF | UIE | 464287465 |  | 913208 | 10216 | SH |  | SOLE |  | 0 | 0 | 10216 |
| ISHARES MSCI EMERGING   MARKETS ETF | UIE | 464287234 |  | 1664263 | 34500 | SH |  | SOLE |  | 0 | 0 | 34500 |
| ISHARES MSCI GERMANY    ETF | UIE | 464286806 |  | 485507 | 11475 | SH |  | SOLE |  | 0 | 0 | 11475 |
| ISHARES MSCI INDIA INDEXETF | UIE | 46429B598 |  | 222720 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| ISHARES RUSSELL 1000    ETF | UIE | 464287622 |  | 4324095 | 12734 | SH |  | SOLE |  | 0 | 0 | 12734 |
| ISHARES RUSSELL 1000    GROWTH ETF | UIE | 464287614 |  | 7713503 | 18167 | SH |  | SOLE |  | 0 | 0 | 18167 |
| ISHARES RUSSELL 1000    VALUE ETF | UIE | 464287598 |  | 4136046 | 21295 | SH |  | SOLE |  | 0 | 0 | 21295 |
| ISHARES RUSSELL 2000    ETF | UIE | 464287655 |  | 953084 | 4417 | SH |  | SOLE |  | 0 | 0 | 4417 |
| ISHARES RUSSELL MID CAP GROWTH ETF | UIE | 464287481 |  | 1279997 | 9230 | SH |  | SOLE |  | 0 | 0 | 9230 |
| ISHARES RUSSELL MID CAP VALUE ETF | UIE | 464287473 |  | 268244 | 2030 | SH |  | SOLE |  | 0 | 0 | 2030 |
| ISHARES S 500 GROWTH  ETF | UIE | 464287309 |  | 5259760 | 47773 | SH |  | SOLE |  | 0 | 0 | 47773 |
| ISHARES S SMALL CAP   600 ETF | UIE | 464287879 |  | 321353 | 3230 | SH |  | SOLE |  | 0 | 0 | 3230 |
| ISHARES US ENERGY ETF | UIE | 464287796 |  | 248710 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 883353 | 5783 | SH |  | SOLE |  | 0 | 0 | 5783 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1494529 | 9644 | SH |  | SOLE |  | 0 | 0 | 9644 |
| JPMORGAN ULTRA SHORT    INCOME ETF | UIE | 46641Q837 |  | 1022991 | 20185 | SH |  | SOLE |  | 0 | 0 | 20185 |
| KKR  CO INC | COM | 48251W104 |  | 2696917 | 20273 | SH |  | SOLE |  | 0 | 0 | 20273 |
| KRANESHARES CSI CHINA   INTERNET ETF | UIE | 500767306 |  | 1682857 | 49020 | SH |  | SOLE |  | 0 | 0 | 49020 |
| LENNOX INTL INC | COM | 526107107 |  | 322734 | 563 | SH |  | SOLE |  | 0 | 0 | 563 |
| MAYS J W INC | COM | 578473100 |  | 278388 | 7326 | SH |  | SOLE |  | 0 | 0 | 7326 |
| MCDONALDS CORP | COM | 580135101 |  | 1368524 | 4684 | SH |  | SOLE |  | 0 | 0 | 4684 |
| MERCK  CO. INC. | COM | 58933Y105 |  | 460988 | 5814 | SH |  | SOLE |  | 0 | 0 | 5814 |
| META PLATFORMS INC      CLASS                  A | COM | 30303M102 |  | 12294463 | 16657 | SH |  | SOLE |  | 0 | 0 | 16657 |
| MICROSOFT CORP | COM | 594918104 |  | 2510752 | 5048 | SH |  | SOLE |  | 0 | 0 | 5048 |
| MIDCAP FINL INVESTME | COM | 03761U502 |  | 9154561 | 725401 | SH |  | SOLE |  | 0 | 0 | 725401 |
| MONDELEZ INTL INC       CLASS                  A | COM | 609207105 |  | 246561 | 3656 | SH |  | SOLE |  | 0 | 0 | 3656 |
| MONGODB INC             CLASS                  A | COM | 60937P106 |  | 902327 | 4297 | SH |  | SOLE |  | 0 | 0 | 4297 |
| NETFLIX INC | COM | 64110L106 |  | 1341808 | 1002 | SH |  | SOLE |  | 0 | 0 | 1002 |
| NEW MTN FIN CORP | COM | 647551100 |  | 275883 | 26150 | SH |  | SOLE |  | 0 | 0 | 26150 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 405484 | 811 | SH |  | SOLE |  | 0 | 0 | 811 |
| NUVEEN FLOATING RATE INC | CEM | 67072T108 |  | 252313 | 29789 | SH |  | SOLE |  | 0 | 0 | 29789 |
| NVIDIA CORP | COM | 67066G104 |  | 4270990 | 27033 | SH |  | SOLE |  | 0 | 0 | 27033 |
| ONEOK INC NEW | COM | 682680103 |  | 643244 | 7880 | SH |  | SOLE |  | 0 | 0 | 7880 |
| PALANTIR TECHNOLOGIES INCLASS                  A | COM | 69608A108 |  | 229290 | 1682 | SH |  | SOLE |  | 0 | 0 | 1682 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 722916 | 1035 | SH |  | SOLE |  | 0 | 0 | 1035 |
| PEPSICO INC | COM | 713448108 |  | 229486 | 1738 | SH |  | SOLE |  | 0 | 0 | 1738 |
| PFIZER INC | COM | 717081103 |  | 433965 | 17903 | SH |  | SOLE |  | 0 | 0 | 17903 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1382002 | 7588 | SH |  | SOLE |  | 0 | 0 | 7588 |
| PHILLIPS 66 | COM | 718546104 |  | 214740 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| PPG INDS INC | COM | 693506107 |  | 591955 | 5204 | SH |  | SOLE |  | 0 | 0 | 5204 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 384917 | 2416 | SH |  | SOLE |  | 0 | 0 | 2416 |
| QUALCOMM INC | COM | 747525103 |  | 512180 | 3216 | SH |  | SOLE |  | 0 | 0 | 3216 |
| RIVERNORTH DOUBLLINE STR | CEM | 76882G107 |  | 545994 | 63859 | SH |  | SOLE |  | 0 | 0 | 63859 |
| SABA CAPITAL INCOME OPPO | CEM | 78518H202 |  | 803784 | 99725 | SH |  | SOLE |  | 0 | 0 | 99725 |
| SALESFORCE INC | COM | 79466L302 |  | 257147 | 943 | SH |  | SOLE |  | 0 | 0 | 943 |
| SCHWAB FUNDMNTL US LARGECOM ETF | UIE | 808524771 |  | 2089786 | 85158 | SH |  | SOLE |  | 0 | 0 | 85158 |
| SCHWAB US BROAD MARKET  ETF | UIE | 808524102 |  | 784625 | 32926 | SH |  | SOLE |  | 0 | 0 | 32926 |
| SCHWAB US DIVIDEND      EQUITY ETF | UIE | 808524797 |  | 1033689 | 39007 | SH |  | SOLE |  | 0 | 0 | 39007 |
| SCHWAB US LARGE CAP ETF | UIE | 808524201 |  | 2920696 | 119505 | SH |  | SOLE |  | 0 | 0 | 119505 |
| SCHWAB US SMALL CAP ETF | UIE | 808524607 |  | 2970207 | 117399 | SH |  | SOLE |  | 0 | 0 | 117399 |
| SELECT SECTOR HEALTH    CARE SPDR ETF | UIE | 81369Y209 |  | 2962290 | 21977 | SH |  | SOLE |  | 0 | 0 | 21977 |
| SELECT STR FINANCIAL    SELECT SPDR ETF | UIE | 81369Y605 |  | 1698545 | 32434 | SH |  | SOLE |  | 0 | 0 | 32434 |
| SERVE ROBOTICS INC | COM | 81758H106 |  | 187902 | 16425 | SH |  | SOLE |  | 0 | 0 | 16425 |
| SLR INVESTMENT CORP | COM | 83413U100 |  | 444173 | 27520 | SH |  | SOLE |  | 0 | 0 | 27520 |
| SPDR S 500 ETF | UIE | 78462F103 |  | 3570695 | 5776 | SH |  | SOLE |  | 0 | 0 | 5776 |
| SPOTIFY TECHNOLOGY S A F | FGO | L8681T102 |  | 659912 | 860 | SH |  | SOLE |  | 0 | 0 | 860 |
| TECHNOLOGY SELECT SECTORSPDR ETF | UIE | 81369Y803 |  | 1005576 | 3971 | SH |  | SOLE |  | 0 | 0 | 3971 |
| TELEFLEX INC | COM | 879369106 |  | 1233613 | 10423 | SH |  | SOLE |  | 0 | 0 | 10423 |
| THE COCA-COLA CO | COM | 191216100 |  | 1538244 | 21715 | SH |  | SOLE |  | 0 | 0 | 21715 |
| TORTOISE ENERGY INFRASTR | CEM | 89147L886 |  | 428805 | 9770 | SH |  | SOLE |  | 0 | 0 | 9770 |
| TRAVELERS COS INC | COM | 89417E109 |  | 268610 | 1004 | SH |  | SOLE |  | 0 | 0 | 1004 |
| TRIMAS CORP | COM | 896215209 |  | 329015 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 388715 | 1246 | SH |  | SOLE |  | 0 | 0 | 1246 |
| VANECK GOLD MINERS ETF | UIE | 92189F106 |  | 611809 | 11752 | SH |  | SOLE |  | 0 | 0 | 11752 |
| VANGUARD DIVIDEND       APPRECIATION ETF | UIE | 921908844 |  | 2730630 | 13342 | SH |  | SOLE |  | 0 | 0 | 13342 |
| VANGUARD FTSE DEVELOPED MARKETS ETF | UIE | 921943858 |  | 771459 | 13532 | SH |  | SOLE |  | 0 | 0 | 13532 |
| VANGUARD FTSE EMERGING  MARKETS ETF | UIE | 922042858 |  | 492804 | 9964 | SH |  | SOLE |  | 0 | 0 | 9964 |
| VANGUARD GROWTH ETF | UIE | 922908736 |  | 2166676 | 4942 | SH |  | SOLE |  | 0 | 0 | 4942 |
| VANGUARD HIGH DIVIDEND  YIELD ETF | UIE | 921946406 |  | 1036885 | 7778 | SH |  | SOLE |  | 0 | 0 | 7778 |
| VANGUARD INFORMATION    TECHNOLOGY ETF | UIE | 92204A702 |  | 1827336 | 2755 | SH |  | SOLE |  | 0 | 0 | 2755 |
| VANGUARD LARGE CAP ETF | UIE | 922908637 |  | 1286418 | 4509 | SH |  | SOLE |  | 0 | 0 | 4509 |
| VANGUARD MID CAP GROWTH ETF | UIE | 922908538 |  | 1828628 | 6430 | SH |  | SOLE |  | 0 | 0 | 6430 |
| VANGUARD S 500 ETF | UIE | 922908363 |  | 8958641 | 15748 | SH |  | SOLE |  | 0 | 0 | 15748 |
| VANGUARD TOTAL STOCK    MARKET ETF | UIE | 922908769 |  | 8073374 | 26563 | SH |  | SOLE |  | 0 | 0 | 26563 |
| VANGUARD TOTAL WORLD    STOCK ETF | UIE | 922042742 |  | 303787 | 2364 | SH |  | SOLE |  | 0 | 0 | 2364 |
| VANGUARD VALUE ETF | UIE | 922908744 |  | 488921 | 2765 | SH |  | SOLE |  | 0 | 0 | 2765 |
| VIRTUS STONE HARBOR EMG | CEM | 86164T107 |  | 50500 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| VISA INC                CLASS                  A | COM | 92826C839 |  | 236263 | 665 | SH |  | SOLE |  | 0 | 0 | 665 |
| WALMART INC | COM | 931142103 |  | 2014243 | 20600 | SH |  | SOLE |  | 0 | 0 | 20600 |
| WILLAMETTE VY VINEYARD I | COM | 969136100 |  | 302496 | 54800 | SH |  | SOLE |  | 0 | 0 | 54800 |
| WILLIAMS COS INC | COM | 969457100 |  | 291752 | 4645 | SH |  | SOLE |  | 0 | 0 | 4645 |
| WISE PLC            ORDF | UFO | G97229101 |  | 159561 | 11116 | SH |  | SOLE |  | 0 | 0 | 11116 |
| XTRACKERS MSCI EAFE     HEDGED EQUITY ET | UIE | 233051200 |  | 276981 | 6331 | SH |  | SOLE |  | 0 | 0 | 6331 |

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