# EDGAR Filing Document

**Accession Number:** 0001803673
**File Stem:** 0001104659-23-018610
**Filing Date:** 2023-2
**Character Count:** 23234
**Document Hash:** c8021cfb4f750b7bd29415698f1e76e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-018610.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001104659-23-018610

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAX Financial Group, LLC
- **CENTRAL INDEX KEY:** 0001803673
- **IRS NUMBER:** 208206897
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20173
- **FILM NUMBER:** 23612800

**BUSINESS ADDRESS:**
- **STREET 1:** 270 N LOOP 1604 E
- **STREET 2:** SUITE 200
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78232
- **BUSINESS PHONE:** 210-881-5700

**MAIL ADDRESS:**
- **STREET 1:** 270 N LOOP 1604 E
- **STREET 2:** SUITE 200
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78232

### 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:** PAX Financial Group LLC<br>**Address:** 270 N Loop 1604 E<br>Suite 200<br>San Antonio, TX 78232

**Form 13F File Number:** 028-20173

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:** Gery Sadzewicz<br>**Title:** Chief Compliance Officer<br>**Phone:** 815-782-1250

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

/s/ Gery Sadzewicz  San Antonio, TX  02-10-2023<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:** 202

**Form 13F Information Table Value Total:** $393795808

      (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 |  | 266680 | 2429 | SH |  | SOLE |  | 0 | 0 | 2429 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 576374 | 2160 | SH |  | SOLE |  | 0 | 0 | 2160 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 540972 | 1608 | SH |  | SOLE |  | 0 | 0 | 1608 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 848134 | 4022 | SH |  | SOLE |  | 0 | 0 | 4022 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 710252 | 8050 | SH |  | SOLE |  | 0 | 0 | 8050 |
| AMAZON COM INC | COM | 023135106 |  | 415548 | 4947 | SH |  | SOLE |  | 0 | 0 | 4947 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 239300 | 3784 | SH |  | SOLE |  | 0 | 0 | 3784 |
| APPLE INC | COM | 037833100 |  | 1595931 | 12283 | SH |  | SOLE |  | 0 | 0 | 12283 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 659146 | 9631 | SH |  | SOLE |  | 0 | 0 | 9631 |
| ARISTA NETWORKS INC | COM | 040413106 |  | 1756905 | 14478 | SH |  | SOLE |  | 0 | 0 | 14478 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 222599 | 1986 | SH |  | SOLE |  | 0 | 0 | 1986 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 732822 | 3068 | SH |  | SOLE |  | 0 | 0 | 3068 |
| AXCELIS TECHNOLOGIES INC | COM NEW | 054540208 |  | 354898 | 4472 | SH |  | SOLE |  | 0 | 0 | 4472 |
| AXOGEN INC | COM | 05463X106 |  | 188462 | 18884 | SH |  | SOLE |  | 0 | 0 | 18884 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 590485 | 2322 | SH |  | SOLE |  | 0 | 0 | 2322 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 740433 | 2397 | SH |  | SOLE |  | 0 | 0 | 2397 |
| BIOGEN INC | COM | 09062X103 |  | 452487 | 1634 | SH |  | SOLE |  | 0 | 0 | 1634 |
| BLACKROCK INC | COM | 09247X101 |  | 729180 | 1029 | SH |  | SOLE |  | 0 | 0 | 1029 |
| BORGWARNER INC | COM | 099724106 |  | 1251099 | 31083 | SH |  | SOLE |  | 0 | 0 | 31083 |
| BRINKER INTL INC | COM | 109641100 |  | 330109 | 10345 | SH |  | SOLE |  | 0 | 0 | 10345 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 439671 | 4802 | SH |  | SOLE |  | 0 | 0 | 4802 |
| CABOT CORP | COM | 127055101 |  | 317273 | 4747 | SH |  | SOLE |  | 0 | 0 | 4747 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 227562 | 4098 | SH |  | SOLE |  | 0 | 0 | 4098 |
| CATERPILLAR INC | COM | 149123101 |  | 220256 | 919 | SH |  | SOLE |  | 0 | 0 | 919 |
| CF INDS HLDGS INC | COM | 125269100 |  | 280393 | 3291 | SH |  | SOLE |  | 0 | 0 | 3291 |
| CHEVRON CORP NEW | COM | 166764100 |  | 337441 | 1880 | SH |  | SOLE |  | 0 | 0 | 1880 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 713526 | 6969 | SH |  | SOLE |  | 0 | 0 | 6969 |
| CION INVT CORP | COM | 17259U204 |  | 705867 | 72397 | SH |  | SOLE |  | 0 | 0 | 72397 |
| CME GROUP INC | COM | 12572Q105 |  | 591587 | 3518 | SH |  | SOLE |  | 0 | 0 | 3518 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 412168 | 7207 | SH |  | SOLE |  | 0 | 0 | 7207 |
| COHU INC | COM | 192576106 |  | 299956 | 9359 | SH |  | SOLE |  | 0 | 0 | 9359 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 362733 | 7510 | SH |  | SOLE |  | 0 | 0 | 7510 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 571454 | 4843 | SH |  | SOLE |  | 0 | 0 | 4843 |
| COPART INC | COM | 217204106 |  | 545818 | 8964 | SH |  | SOLE |  | 0 | 0 | 8964 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 786093 | 1722 | SH |  | SOLE |  | 0 | 0 | 1722 |
| CVS HEALTH CORP | COM | 126650100 |  | 732101 | 7856 | SH |  | SOLE |  | 0 | 0 | 7856 |
| D R HORTON INC | COM | 23331A109 |  | 924235 | 10368 | SH |  | SOLE |  | 0 | 0 | 10368 |
| DINE BRANDS GLOBAL INC | COM | 254423106 |  | 301424 | 4666 | SH |  | SOLE |  | 0 | 0 | 4666 |
| DISNEY WALT CO | COM | 254687106 |  | 505033 | 5813 | SH |  | SOLE |  | 0 | 0 | 5813 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 754018 | 3062 | SH |  | SOLE |  | 0 | 0 | 3062 |
| EOG RES INC | COM | 26875P101 |  | 302781 | 2338 | SH |  | SOLE |  | 0 | 0 | 2338 |
| EVEREST RE GROUP LTD | COM | G3223R108 |  | 882725 | 2665 | SH |  | SOLE |  | 0 | 0 | 2665 |
| EVERGY INC | COM | 30034W106 |  | 209525 | 3329 | SH |  | SOLE |  | 0 | 0 | 3329 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 568224 | 5468 | SH |  | SOLE |  | 0 | 0 | 5468 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1208491 | 10956 | SH |  | SOLE |  | 0 | 0 | 10956 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 720906 | 10625 | SH |  | SOLE |  | 0 | 0 | 10625 |
| FIRSTSERVICE CORP NEW | COM | 00338E206 |  | 639343 | 5217 | SH |  | SOLE |  | 0 | 0 | 5217 |
| FORD MTR CO DEL | COM | 345370860 |  | 208154 | 17898 | SH |  | SOLE |  | 0 | 0 | 17898 |
| FORTINET INC | COM | 00350E113 |  | 1515541 | 30999 | SH |  | SOLE |  | 0 | 0 | 30999 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 328722 | 8651 | SH |  | SOLE |  | 0 | 0 | 8651 |
| FS KKR CAP CORP | COM | 302635206 |  | 545930 | 31196 | SH |  | SOLE |  | 0 | 0 | 31196 |
| FULLER H B CO | COM | 359694106 |  | 329595 | 4602 | SH |  | SOLE |  | 0 | 0 | 4602 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 791114 | 4196 | SH |  | SOLE |  | 0 | 0 | 4196 |
| GARMIN LTD | SHS | H2906T109 |  | 788604 | 8545 | SH |  | SOLE |  | 0 | 0 | 8545 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 514332 | 2073 | SH |  | SOLE |  | 0 | 0 | 2073 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 779604 | 9081 | SH |  | SOLE |  | 0 | 0 | 9081 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 318757 | 3209 | SH |  | SOLE |  | 0 | 0 | 3209 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 300897 | 29645 | SH |  | SOLE |  | 0 | 0 | 29645 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 353330 | 15880 | SH |  | SOLE |  | 0 | 0 | 15880 |
| GREEN BRICK PARTNERS INC | COM | 392709101 |  | 351698 | 14515 | SH |  | SOLE |  | 0 | 0 | 14515 |
| GREIF INC | CL A | 397624107 |  | 332215 | 4954 | SH |  | SOLE |  | 0 | 0 | 4954 |
| HELMERICH  PAYNE INC | COM | 423452101 |  | 351373 | 7088 | SH |  | SOLE |  | 0 | 0 | 7088 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 2289693 | 13042 | SH |  | SOLE |  | 0 | 0 | 13042 |
| HOME DEPOT INC | COM | 437076102 |  | 1422949 | 4505 | SH |  | SOLE |  | 0 | 0 | 4505 |
| HORMEL FOODS CORP | COM | 440452100 |  | 435145 | 9553 | SH |  | SOLE |  | 0 | 0 | 9553 |
| INCYTE CORP | COM | 45337C102 |  | 1103838 | 13743 | SH |  | SOLE |  | 0 | 0 | 13743 |
| INGEVITY CORP | COM | 45688C107 |  | 308668 | 4382 | SH |  | SOLE |  | 0 | 0 | 4382 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 458256 | 4371 | SH |  | SOLE |  | 0 | 0 | 4371 |
| INTUIT | COM | 461202103 |  | 644159 | 1655 | SH |  | SOLE |  | 0 | 0 | 1655 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 1305787 | 4921 | SH |  | SOLE |  | 0 | 0 | 4921 |
| INVESCO QQQ TR | UNIT SER 1 | 00461E107 |  | 516317 | 1939 | SH |  | SOLE |  | 0 | 0 | 1939 |
| ISHARES INC | MSCI EMERG MRKT | 464286533 |  | 7281855 | 137264 | SH |  | SOLE |  | 0 | 0 | 137264 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 295237 | 6322 | SH |  | SOLE |  | 0 | 0 | 6322 |
| ISHARES TR | CORE S ETF | 464287200 |  | 46422557 | 120826 | SH |  | SOLE |  | 0 | 0 | 120826 |
| ISHARES TR | CORE TOTAL USD | 46434V613 |  | 23506837 | 523188 | SH |  | SOLE |  | 0 | 0 | 523188 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 23043356 | 271898 | SH |  | SOLE |  | 0 | 0 | 271898 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 11147509 | 242971 | SH |  | SOLE |  | 0 | 0 | 242971 |
| ISHARES TR | MBS ETF | 464288588 |  | 9460407 | 101999 | SH |  | SOLE |  | 0 | 0 | 101999 |
| ISHARES TR | EAFE GRWTH ETF | 464288885 |  | 8932418 | 106643 | SH |  | SOLE |  | 0 | 0 | 106643 |
| ISHARES TR | US TREAS BD ETF | 46429B267 |  | 6885750 | 303070 | SH |  | SOLE |  | 0 | 0 | 303070 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 4908272 | 120036 | SH |  | SOLE |  | 0 | 0 | 120036 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 4604995 | 54253 | SH |  | SOLE |  | 0 | 0 | 54253 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 4056420 | 18934 | SH |  | SOLE |  | 0 | 0 | 18934 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 3985953 | 42117 | SH |  | SOLE |  | 0 | 0 | 42117 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 3654852 | 49065 | SH |  | SOLE |  | 0 | 0 | 49065 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 3162101 | 29230 | SH |  | SOLE |  | 0 | 0 | 29230 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 3027318 | 20745 | SH |  | SOLE |  | 0 | 0 | 20745 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 2837236 | 59731 | SH |  | SOLE |  | 0 | 0 | 59731 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 2753715 | 38193 | SH |  | SOLE |  | 0 | 0 | 38193 |
| ISHARES TR | CORE INTL AGGR | 46435G672 |  | 2728180 | 57375 | SH |  | SOLE |  | 0 | 0 | 57375 |
| ISHARES TR | CORE MSCI PAC | 46434V696 |  | 2345073 | 43694 | SH |  | SOLE |  | 0 | 0 | 43694 |
| ISHARES TR | CONV BD ETF | 46435G102 |  | 1919317 | 27628 | SH |  | SOLE |  | 0 | 0 | 27628 |
| ISHARES TR | HDG MSCI EAFE | 46434V803 |  | 1617165 | 59895 | SH |  | SOLE |  | 0 | 0 | 59895 |
| ISHARES TR | US INFRASTRUC | 46435U713 |  | 1393726 | 38437 | SH |  | SOLE |  | 0 | 0 | 38437 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 1267062 | 11904 | SH |  | SOLE |  | 0 | 0 | 11904 |
| ISHARES TR | FALN ANGLS USD | 46435G474 |  | 1056606 | 42934 | SH |  | SOLE |  | 0 | 0 | 42934 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 1013362 | 16440 | SH |  | SOLE |  | 0 | 0 | 16440 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 813454 | 7709 | SH |  | SOLE |  | 0 | 0 | 7709 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 588645 | 7252 | SH |  | SOLE |  | 0 | 0 | 7252 |
| ISHARES TR | U.S. ENERGY ETF | 464287796 |  | 580521 | 12487 | SH |  | SOLE |  | 0 | 0 | 12487 |
| ISHARES TR | U.S. BAS MTL ETF | 464287838 |  | 512430 | 4107 | SH |  | SOLE |  | 0 | 0 | 4107 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 393870 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 280834 | 1161 | SH |  | SOLE |  | 0 | 0 | 1161 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 227885 | 2694 | SH |  | SOLE |  | 0 | 0 | 2694 |
| ISHARES U S ETF TR | GSCI CMDTY STGY | 46431W853 |  | 1168137 | 41438 | SH |  | SOLE |  | 0 | 0 | 41438 |
| JABIL INC | COM | 466313103 |  | 358050 | 5250 | SH |  | SOLE |  | 0 | 0 | 5250 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 681516 | 3858 | SH |  | SOLE |  | 0 | 0 | 3858 |
| KLA CORP | COM NEW | 482480100 |  | 295969 | 785 | SH |  | SOLE |  | 0 | 0 | 785 |
| LENNAR CORP | CL A | 526057104 |  | 841667 | 9300 | SH |  | SOLE |  | 0 | 0 | 9300 |
| LIBERTY BROADBAND CORP | COM SER A | 530307107 |  | 480358 | 6333 | SH |  | SOLE |  | 0 | 0 | 6333 |
| MARRIOTT VACATIONS WORLDWIDE | COM | 57164Y107 |  | 301885 | 2243 | SH |  | SOLE |  | 0 | 0 | 2243 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 841507 | 2420 | SH |  | SOLE |  | 0 | 0 | 2420 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 503159 | 6474 | SH |  | SOLE |  | 0 | 0 | 6474 |
| MERCK  CO INC | COM | 58933Y105 |  | 285474 | 2573 | SH |  | SOLE |  | 0 | 0 | 2573 |
| MICROSOFT CORP | COM | 594918104 |  | 1165165 | 4859 | SH |  | SOLE |  | 0 | 0 | 4859 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 268390 | 759 | SH |  | SOLE |  | 0 | 0 | 759 |
| NASDAQ INC | COM | 631103108 |  | 877244 | 14299 | SH |  | SOLE |  | 0 | 0 | 14299 |
| NEWS CORP NEW | CL B | 65249B208 |  | 587012 | 31834 | SH |  | SOLE |  | 0 | 0 | 31834 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 864591 | 10342 | SH |  | SOLE |  | 0 | 0 | 10342 |
| NIKE INC | CL B | 654106103 |  | 1357726 | 11604 | SH |  | SOLE |  | 0 | 0 | 11604 |
| NORTHERN LTS FD TR IV | INSPIRE CORP BD | 66538H633 |  | 9664643 | 419472 | SH |  | SOLE |  | 0 | 0 | 419472 |
| NORTHERN LTS FD TR IV | INSPIRE INTL ETF | 66538H419 |  | 9323075 | 357617 | SH |  | SOLE |  | 0 | 0 | 357617 |
| NORTHERN LTS FD TR IV | INSPIRE GBL HOPE | 66538H658 |  | 7412578 | 237203 | SH |  | SOLE |  | 0 | 0 | 237203 |
| NORTHERN LTS FD TR IV | INSPIRE 100 ETF | 66538H534 |  | 6097266 | 203650 | SH |  | SOLE |  | 0 | 0 | 203650 |
| NORTHERN LTS FD TR IV | INSPIRE SML/ MID | 66538H641 |  | 5381560 | 178730 | SH |  | SOLE |  | 0 | 0 | 178730 |
| NORTHERN LTS FD TR IV | INSPIRE FIDELIS | 66538H187 |  | 4051926 | 164957 | SH |  | SOLE |  | 0 | 0 | 164957 |
| NOV INC | COM | 62955J103 |  | 346459 | 16585 | SH |  | SOLE |  | 0 | 0 | 16585 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 641376 | 4739 | SH |  | SOLE |  | 0 | 0 | 4739 |
| NU SKIN ENTERPRISES INC | CL A | 67018T105 |  | 497429 | 11799 | SH |  | SOLE |  | 0 | 0 | 11799 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 546717 | 1927 | SH |  | SOLE |  | 0 | 0 | 1927 |
| OLIN CORP | COM PAR $1 | 680665205 |  | 310970 | 5874 | SH |  | SOLE |  | 0 | 0 | 5874 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 289833 | 4647 | SH |  | SOLE |  | 0 | 0 | 4647 |
| ONEOK INC NEW | COM | 682680103 |  | 761529 | 11591 | SH |  | SOLE |  | 0 | 0 | 11591 |
| ORACLE CORP | COM | 68389X105 |  | 524853 | 6421 | SH |  | SOLE |  | 0 | 0 | 6421 |
| PHOTRONICS INC | COM | 719405102 |  | 309436 | 18386 | SH |  | SOLE |  | 0 | 0 | 18386 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 458226 | 19310 | SH |  | SOLE |  | 0 | 0 | 19310 |
| PIMCO ETF TR | ENHNCD LW DUR AC | 72201R718 |  | 1204172 | 12775 | SH |  | SOLE |  | 0 | 0 | 12775 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 236100 | 3105 | SH |  | SOLE |  | 0 | 0 | 3105 |
| POOL CORP | COM | 73278L105 |  | 614335 | 2032 | SH |  | SOLE |  | 0 | 0 | 2032 |
| PROLOGIS INC. | COM | 74340W103 |  | 207962 | 1845 | SH |  | SOLE |  | 0 | 0 | 1845 |
| QUALCOMM INC | COM | 747525103 |  | 597634 | 5436 | SH |  | SOLE |  | 0 | 0 | 5436 |
| RAYTHEON TECHNOLOGIES CORP | COM | 00755E105 |  | 538169 | 5333 | SH |  | SOLE |  | 0 | 0 | 5333 |
| RELIANCE STEEL  ALUMINUM CO | COM | 759509102 |  | 332728 | 1644 | SH |  | SOLE |  | 0 | 0 | 1644 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 733566 | 5687 | SH |  | SOLE |  | 0 | 0 | 5687 |
| S GLOBAL INC | COM | 78409V104 |  | 676579 | 2020 | SH |  | SOLE |  | 0 | 0 | 2020 |
| SCHWAB STRATEGIC TR | INT-TRM U.S TRES | 808524854 |  | 2776853 | 56406 | SH |  | SOLE |  | 0 | 0 | 56406 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 927081 | 19218 | SH |  | SOLE |  | 0 | 0 | 19218 |
| SCRIPPS E W CO OHIO | CL A NEW | 811054402 |  | 532942 | 40405 | SH |  | SOLE |  | 0 | 0 | 40405 |
| SHENANDOAH TELECOMMUNICATION | COM | 82312B106 |  | 488343 | 30752 | SH |  | SOLE |  | 0 | 0 | 30752 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 212859 | 1812 | SH |  | SOLE |  | 0 | 0 | 1812 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 1628102 | 17866 | SH |  | SOLE |  | 0 | 0 | 17866 |
| SMITH A O CORP | COM | 831865209 |  | 568257 | 9928 | SH |  | SOLE |  | 0 | 0 | 9928 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 5379299 | 181182 | SH |  | SOLE |  | 0 | 0 | 181182 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 2957037 | 89716 | SH |  | SOLE |  | 0 | 0 | 89716 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 572880 | 1498 | SH |  | SOLE |  | 0 | 0 | 1498 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 221395 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| SPDR SER TR | PORTFOLIO AGRGTE | 78464A649 |  | 10284070 | 409235 | SH |  | SOLE |  | 0 | 0 | 409235 |
| SPDR SER TR | PORTFOLI S | 78464A805 |  | 8239944 | 174243 | SH |  | SOLE |  | 0 | 0 | 174243 |
| SPDR SER TR | PRTFLO S VL | 78464A508 |  | 5229372 | 134466 | SH |  | SOLE |  | 0 | 0 | 134466 |
| SPDR SER TR | PRTFLO S GW | 78464A409 |  | 4672277 | 92210 | SH |  | SOLE |  | 0 | 0 | 92210 |
| SPDR SER TR | PORTFOLIO S | 78464A847 |  | 1718458 | 40434 | SH |  | SOLE |  | 0 | 0 | 40434 |
| SPDR SER TR | NUVEEN BLMBRG SH | 78468R739 |  | 1503360 | 32000 | SH |  | SOLE |  | 0 | 0 | 32000 |
| SPDR SER TR | BLOOMBERG HIGH Y | 78468R622 |  | 748080 | 8312 | SH |  | SOLE |  | 0 | 0 | 8312 |
| SPDR SER TR | PORTFOLIO S | 78468R853 |  | 482348 | 13047 | SH |  | SOLE |  | 0 | 0 | 13047 |
| SPS COMM INC | COM | 78463M107 |  | 317094 | 2469 | SH |  | SOLE |  | 0 | 0 | 2469 |
| STARBUCKS CORP | COM | 855244109 |  | 1287120 | 12975 | SH |  | SOLE |  | 0 | 0 | 12975 |
| STERIS PLC | SHS USD | G8473T100 |  | 675411 | 3657 | SH |  | SOLE |  | 0 | 0 | 3657 |
| STRYKER CORPORATION | COM | 863667101 |  | 841046 | 3440 | SH |  | SOLE |  | 0 | 0 | 3440 |
| SUPER MICRO COMPUTER INC | COM | 86800U104 |  | 335707 | 4089 | SH |  | SOLE |  | 0 | 0 | 4089 |
| SVB FINANCIAL GROUP | COM | 78486Q101 |  | 424148 | 1843 | SH |  | SOLE |  | 0 | 0 | 1843 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 |  | 370240 | 12199 | SH |  | SOLE |  | 0 | 0 | 12199 |
| TEMPUR SEALY INTL INC | COM | 88023U101 |  | 364974 | 10631 | SH |  | SOLE |  | 0 | 0 | 10631 |
| TESLA INC | COM | 88160R101 |  | 335542 | 2724 | SH |  | SOLE |  | 0 | 0 | 2724 |
| THOMSON REUTERS CORP. | COM NEW | 884903709 |  | 798376 | 6999 | SH |  | SOLE |  | 0 | 0 | 6999 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 833739 | 3706 | SH |  | SOLE |  | 0 | 0 | 3706 |
| TTEC HLDGS INC | COM | 89854H102 |  | 607626 | 13769 | SH |  | SOLE |  | 0 | 0 | 13769 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 501637 | 9963 | SH |  | SOLE |  | 0 | 0 | 9963 |
| US FOODS HLDG CORP | COM | 912008109 |  | 523780 | 15396 | SH |  | SOLE |  | 0 | 0 | 15396 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 917588 | 7233 | SH |  | SOLE |  | 0 | 0 | 7233 |
| VALVOLINE INC | COM | 92047W101 |  | 350811 | 10745 | SH |  | SOLE |  | 0 | 0 | 10745 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 5710666 | 75859 | SH |  | SOLE |  | 0 | 0 | 75859 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 2437027 | 32791 | SH |  | SOLE |  | 0 | 0 | 32791 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 1773155 | 24682 | SH |  | SOLE |  | 0 | 0 | 24682 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 6537383 | 18607 | SH |  | SOLE |  | 0 | 0 | 18607 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 5695878 | 27947 | SH |  | SOLE |  | 0 | 0 | 27947 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 3824056 | 20835 | SH |  | SOLE |  | 0 | 0 | 20835 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 1092079 | 7780 | SH |  | SOLE |  | 0 | 0 | 7780 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 711231 | 3337 | SH |  | SOLE |  | 0 | 0 | 3337 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 503977 | 2636 | SH |  | SOLE |  | 0 | 0 | 2636 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 471477 | 2969 | SH |  | SOLE |  | 0 | 0 | 2969 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 214036 | 2595 | SH |  | SOLE |  | 0 | 0 | 2595 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 212572 | 1060 | SH |  | SOLE |  | 0 | 0 | 1060 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 713997 | 18317 | SH |  | SOLE |  | 0 | 0 | 18317 |
| VANGUARD INTL EQUITY INDEX F | GLB EX US ETF | 922042676 |  | 223277 | 5401 | SH |  | SOLE |  | 0 | 0 | 5401 |
| VANGUARD SCOTTSDALE FDS | MTG-BKD SECS ETF | 92206C771 |  | 933280 | 20503 | SH |  | SOLE |  | 0 | 0 | 20503 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 4351869 | 103690 | SH |  | SOLE |  | 0 | 0 | 103690 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 3829227 | 35387 | SH |  | SOLE |  | 0 | 0 | 35387 |
| VISA INC | COM CL A | 92826C839 |  | 703891 | 3388 | SH |  | SOLE |  | 0 | 0 | 3388 |
| WALMART INC | COM | 931142103 |  | 499668 | 3524 | SH |  | SOLE |  | 0 | 0 | 3524 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 418244 | 4461 | SH |  | SOLE |  | 0 | 0 | 4461 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 622448 | 10451 | SH |  | SOLE |  | 0 | 0 | 10451 |
| WINNEBAGO INDS INC | COM | 974637100 |  | 289587 | 5495 | SH |  | SOLE |  | 0 | 0 | 5495 |

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