# EDGAR Filing Document

**Accession Number:** 0002047728
**File Stem:** 0002047728-25-000005
**Filing Date:** 2025-10
**Character Count:** 17835
**Document Hash:** 88db013f5a813dca1267214b4656a0ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002047728-25-000005.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0002047728-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WINEBRENNER CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0002047728

**ORGANIZATION NAME:**
- **EIN:** 273137338
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24724
- **FILM NUMBER:** 251438890

**BUSINESS ADDRESS:**
- **STREET 1:** 10602 TIMBERWOOD CIRCLE
- **STREET 2:** SUITE 13
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40223
- **BUSINESS PHONE:** 502-671-0015

**MAIL ADDRESS:**
- **STREET 1:** 10602 TIMBERWOOD CIRCLE
- **STREET 2:** SUITE 13
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40223

### 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:** WINEBRENNER CAPITAL MANAGEMENT LLC<br>**Address:** 10602 TIMBERWOOD CIRCLE<br>SUITE 13<br>LOUISVILLE, KY 40223

**Form 13F File Number:** 028-24724

**CRD Number (if applicable):** 000154708

**SEC File Number (if applicable):** 801-115158

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:** Krista Thompson<br>**Title:** Chief Compliance Officer<br>**Phone:** (502) 671 - 0015

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

Krista Thompson  Louisville, KY  10-30-2025<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:** $139116690

      (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 |
| AGNC INVT CORP | COM | 00123Q104 |  | 550198 | 56200 | SH |  | SOLE |  | 0 | 0 | 56200 |
| ADOBE INC | COM | 00724F101 |  | 274792 | 779 | SH |  | SOLE |  | 0 | 0 | 779 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1534365 | 6300 | SH |  | SOLE |  | 0 | 0 | 6300 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 453898 | 6871 | SH |  | SOLE |  | 0 | 0 | 6871 |
| AMAZON COM INC | COM | 023135106 |  | 1994793 | 9085 | SH |  | SOLE |  | 0 | 0 | 9085 |
| AMERICAN CENTY ETF TR | AVANTIS CORE FI | 025072562 |  | 299568 | 7119 | SH |  | SOLE |  | 0 | 0 | 7119 |
| AMERICAN CENTY ETF TR | US EQT ETF | 025072885 |  | 442518 | 4071 | SH |  | SOLE |  | 0 | 0 | 4071 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1340930 | 4037 | SH |  | SOLE |  | 0 | 0 | 4037 |
| APPLE INC | COM | 037833100 |  | 4873470 | 19139 | SH |  | SOLE |  | 0 | 0 | 19139 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 386340 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 3433714 | 6830 | SH |  | SOLE |  | 0 | 0 | 6830 |
| BLACKROCK CAP ALLOCATION TER | COM | 09260U109 |  | 680340 | 46000 | SH |  | SOLE |  | 0 | 0 | 46000 |
| BLACKROCK ESG CAP ALLC TERM | SHS BEN INT | 09262F100 |  | 639600 | 39000 | SH |  | SOLE |  | 0 | 0 | 39000 |
| CF INDS HLDGS INC | COM | 125269100 |  | 1345500 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| CATERPILLAR INC | COM | 149123101 |  | 1259676 | 2640 | SH |  | SOLE |  | 0 | 0 | 2640 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3911445 | 25188 | SH |  | SOLE |  | 0 | 0 | 25188 |
| CHURCHILL DOWNS INC | COM | 171484108 |  | 396578 | 4088 | SH |  | SOLE |  | 0 | 0 | 4088 |
| COCA COLA CO | COM | 191216100 |  | 1321161 | 19921 | SH |  | SOLE |  | 0 | 0 | 19921 |
| CORNERSTONE STRATEGIC INVEST | COM | 21924B302 |  | 1107485 | 133754 | SH |  | SOLE |  | 0 | 0 | 133754 |
| CORNERSTONE TOTAL RETURN FD | COM | 21924U300 |  | 884405 | 110001 | SH |  | SOLE |  | 0 | 0 | 110001 |
| DNP SELECT INCOME FD INC | COM | 23325P104 |  | 242179 | 24194 | SH |  | SOLE |  | 0 | 0 | 24194 |
| DIMENSIONAL ETF TRUST | US SMALL CAP ETF | 25434V500 |  | 472169 | 6897 | SH |  | SOLE |  | 0 | 0 | 6897 |
| DIMENSIONAL ETF TRUST | CORE FIXED INCOM | 25434V872 |  | 6426742 | 150298 | SH |  | SOLE |  | 0 | 0 | 150298 |
| DOW INC | COM | 260557103 |  | 231616 | 10101 | SH |  | SOLE |  | 0 | 0 | 10101 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829C105 |  | 289600 | 32000 | SH |  | SOLE |  | 0 | 0 | 32000 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829F108 |  | 728000 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| EATON VANCE RISK-MANAGED DIV | COM | 27829G106 |  | 719200 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 667496 | 38898 | SH |  | SOLE |  | 0 | 0 | 38898 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 473498 | 15142 | SH |  | SOLE |  | 0 | 0 | 15142 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 323650 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 987916 | 8762 | SH |  | SOLE |  | 0 | 0 | 8762 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1479041 | 2014 | SH |  | SOLE |  | 0 | 0 | 2014 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 |  | 495693 | 10720 | SH |  | SOLE |  | 0 | 0 | 10720 |
| FIRST TR EXCHANGE-TRADED FD | CAP STRENGTH ETF | 33733E104 |  | 1965006 | 20985 | SH |  | SOLE |  | 0 | 0 | 20985 |
| FIRST TR EXCHANGE-TRADED FD | SHS | 33734H106 |  | 1164525 | 25184 | SH |  | SOLE |  | 0 | 0 | 25184 |
| FIRST TR EXCHANGE-TRADED ALP | COM SHS | 33734K109 |  | 253166 | 2167 | SH |  | SOLE |  | 0 | 0 | 2167 |
| FIRST TR EXCHANGE TRADED FD | INDLS PROD DUR | 33734X150 |  | 337241 | 4320 | SH |  | SOLE |  | 0 | 0 | 4320 |
| FIRST TR EXCHANGE TRADED FD | UTILITIES ALPH | 33734X184 |  | 764212 | 16814 | SH |  | SOLE |  | 0 | 0 | 16814 |
| FIRST TR EXCHANGE-TRADED ALP | COM SHS | 33735J101 |  | 988690 | 11865 | SH |  | SOLE |  | 0 | 0 | 11865 |
| FIRST TR EXCHANGE-TRADED FD | NO AMER ENERGY | 33738D101 |  | 606897 | 15850 | SH |  | SOLE |  | 0 | 0 | 15850 |
| FIRST TR EXCHANGE-TRADED FD | SENIOR LN FD | 33738D309 |  | 303461 | 6620 | SH |  | SOLE |  | 0 | 0 | 6620 |
| FIRST TR EXCHANGE-TRADED FD | FIRST TR TA HIYL | 33738D408 |  | 1367902 | 32530 | SH |  | SOLE |  | 0 | 0 | 32530 |
| FIRST TR EXCHANGE-TRADED FD | STRUCTURED CR IN | 33738D770 |  | 1147295 | 55278 | SH |  | SOLE |  | 0 | 0 | 55278 |
| FIRST TR EXCHANGE-TRADED FD | INTERMEDIATE DUR | 33738D796 |  | 777846 | 36639 | SH |  | SOLE |  | 0 | 0 | 36639 |
| FIRST TR EXCHANGE-TRADED FD | LIMITED DURATION | 33738D804 |  | 672216 | 34993 | SH |  | SOLE |  | 0 | 0 | 34993 |
| FIRST TR EXCHANGE TRADED FD | RISNG DIVD ACHIV | 33738R506 |  | 1468956 | 21840 | SH |  | SOLE |  | 0 | 0 | 21840 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 760243 | 41680 | SH |  | SOLE |  | 0 | 0 | 41680 |
| FIRST TR EXCH TRADED FD III | INSTL PFD SECS | 33739P855 |  | 2325577 | 120247 | SH |  | SOLE |  | 0 | 0 | 120247 |
| FIRST TR EXCHANGE-TRADED FD | FST LOW OPPT EFT | 33739Q200 |  | 431846 | 8673 | SH |  | SOLE |  | 0 | 0 | 8673 |
| FIRST TR EXCHANGE-TRADED FD | FT VEST S 500 | 33739Q705 |  | 490970 | 9957 | SH |  | SOLE |  | 0 | 0 | 9957 |
| FIRST TR EXCHNG TRADED FD VI | FT ENERGY INCOME | 33740F276 |  | 1693786 | 85458 | SH |  | SOLE |  | 0 | 0 | 85458 |
| FIRST TR EXCHNG TRADED FD VI | FT VEST LADDERED | 33740F755 |  | 550394 | 16469 | SH |  | SOLE |  | 0 | 0 | 16469 |
| FIRST TR EXCHNG TRADED FD VI | SMITH UNCONSTRAI | 33740F888 |  | 690844 | 27427 | SH |  | SOLE |  | 0 | 0 | 27427 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 |  | 4900618 | 338207 | SH |  | SOLE |  | 0 | 0 | 338207 |
| FIRST TR EXCHANGE-TRADED FD | SMID RISNG ETF | 33741X102 |  | 1070477 | 28156 | SH |  | SOLE |  | 0 | 0 | 28156 |
| FORD MTR CO | COM | 345370860 |  | 160739 | 13440 | SH |  | SOLE |  | 0 | 0 | 13440 |
| FRANKLIN TEMPLETON ETF TR | HIGH YIELD CORP | 35473P629 |  | 2189793 | 89270 | SH |  | SOLE |  | 0 | 0 | 89270 |
| GE VERNOVA INC | COM | 36828A101 |  | 226283 | 368 | SH |  | SOLE |  | 0 | 0 | 368 |
| GE AEROSPACE | COM NEW | 369604301 |  | 447851 | 1489 | SH |  | SOLE |  | 0 | 0 | 1489 |
| GRANITESHARES ETF TR | YIELDBOOST TSLA | 38747R611 |  | 169600 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| HOME DEPOT INC | COM | 437076102 |  | 237441 | 586 | SH |  | SOLE |  | 0 | 0 | 586 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2050926 | 3416 | SH |  | SOLE |  | 0 | 0 | 3416 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 704834 | 3716 | SH |  | SOLE |  | 0 | 0 | 3716 |
| INVESCO EXCHANGE TRADED FD T | INTL DIVI ACHI | 46137V548 |  | 1081566 | 50856 | SH |  | SOLE |  | 0 | 0 | 50856 |
| INVESCO EXCH TRADED FD TR II | S LOW VOL | 46138E354 |  | 214375 | 2917 | SH |  | SOLE |  | 0 | 0 | 2917 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 1710874 | 14398 | SH |  | SOLE |  | 0 | 0 | 14398 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 601445 | 11342 | SH |  | SOLE |  | 0 | 0 | 11342 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 435679 | 2082 | SH |  | SOLE |  | 0 | 0 | 2082 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 472506 | 2429 | SH |  | SOLE |  | 0 | 0 | 2429 |
| ISHARES TR | TRS FLT RT BD | 46434V860 |  | 305665 | 6042 | SH |  | SOLE |  | 0 | 0 | 6042 |
| ISHARES TR | FALN ANGLS USD | 46435G474 |  | 332054 | 11953 | SH |  | SOLE |  | 0 | 0 | 11953 |
| J P MORGAN EXCHANGE TRADED F | INCOME ETF | 46641Q159 |  | 4754240 | 102440 | SH |  | SOLE |  | 0 | 0 | 102440 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 1314277 | 23017 | SH |  | SOLE |  | 0 | 0 | 23017 |
| J P MORGAN EXCHANGE TRADED F | NASDAQ EQT PREM | 46654Q203 |  | 289742 | 5037 | SH |  | SOLE |  | 0 | 0 | 5037 |
| J P MORGAN EXCHANGE TRADED F | ACTIVE GROWTH | 46654Q609 |  | 226594 | 2417 | SH |  | SOLE |  | 0 | 0 | 2417 |
| J P MORGAN EXCHANGE TRADED F | JPMORGAM LTD DUR | 46654Q773 |  | 2396114 | 45662 | SH |  | SOLE |  | 0 | 0 | 45662 |
| JANUS DETROIT STR TR | HENDERSON SECURI | 47103U746 |  | 2373215 | 45403 | SH |  | SOLE |  | 0 | 0 | 45403 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 3384792 | 66656 | SH |  | SOLE |  | 0 | 0 | 66656 |
| ELI LILLY  CO | COM | 532457108 |  | 464667 | 609 | SH |  | SOLE |  | 0 | 0 | 609 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 296115 | 5928 | SH |  | SOLE |  | 0 | 0 | 5928 |
| MCDONALDS CORP | COM | 580135101 |  | 866408 | 2851 | SH |  | SOLE |  | 0 | 0 | 2851 |
| MICROSOFT CORP | COM | 594918104 |  | 1999705 | 3861 | SH |  | SOLE |  | 0 | 0 | 3861 |
| NETFLIX INC | COM | 64110L106 |  | 1198920 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 6312059 | 33830 | SH |  | SOLE |  | 0 | 0 | 33830 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 702049 | 3494 | SH |  | SOLE |  | 0 | 0 | 3494 |
| PACER FDS TR | ARISTOTLE PACIFI | 69374H428 |  | 5631768 | 118839 | SH |  | SOLE |  | 0 | 0 | 118839 |
| PACER FDS TR | US SMALL CAP CAS | 69374H857 |  | 772099 | 17636 | SH |  | SOLE |  | 0 | 0 | 17636 |
| PACER FDS TR | US CASH COWS 100 | 69374H881 |  | 372693 | 6485 | SH |  | SOLE |  | 0 | 0 | 6485 |
| PAPA JOHNS INTL INC | COM | 698813102 |  | 342015 | 7103 | SH |  | SOLE |  | 0 | 0 | 7103 |
| PEPSICO INC | COM | 713448108 |  | 545414 | 3884 | SH |  | SOLE |  | 0 | 0 | 3884 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 262264 | 13246 | SH |  | SOLE |  | 0 | 0 | 13246 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1812302 | 11795 | SH |  | SOLE |  | 0 | 0 | 11795 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 616406 | 2134 | SH |  | SOLE |  | 0 | 0 | 2134 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 262179 | 1519 | SH |  | SOLE |  | 0 | 0 | 1519 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 2285740 | 3431 | SH |  | SOLE |  | 0 | 0 | 3431 |
| SPDR INDEX SHS FDS | S INTL ETF | 78463X772 |  | 876845 | 20535 | SH |  | SOLE |  | 0 | 0 | 20535 |
| SPDR SERIES TRUST | S DIVID ETF | 78464A763 |  | 1355332 | 9677 | SH |  | SOLE |  | 0 | 0 | 9677 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 215788 | 465 | SH |  | SOLE |  | 0 | 0 | 465 |
| STIFEL FINL CORP | COM | 860630102 |  | 231479 | 2040 | SH |  | SOLE |  | 0 | 0 | 2040 |
| SYSCO CORP | COM | 871829107 |  | 675188 | 8200 | SH |  | SOLE |  | 0 | 0 | 8200 |
| TARGET CORP | COM | 87612E106 |  | 461237 | 5142 | SH |  | SOLE |  | 0 | 0 | 5142 |
| 3M CO | COM | 88579Y101 |  | 310360 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| TIDAL TRUST II | YIELDMAX MRNA OP | 88634T469 |  | 88500 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| TIDAL TRUST II | YIELDMAX AMD OPT | 88634T477 |  | 77200 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| TIDAL TRUST II | YIELDMAX MSTR OP | 88634T493 |  | 146580 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| TIDAL TRUST II | YIELDMAX NVDA | 88634T774 |  | 168000 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| TIDAL TRUST II | YIELDMAX COIN OP | 88634T824 |  | 144480 | 21000 | SH |  | SOLE |  | 0 | 0 | 21000 |
| TIDAL TRUST II | YIELDMAX GOLD MI | 88634T881 |  | 176600 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| TIDAL TRUST II | YIELDMAX SHORT | 88636J477 |  | 27300 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| TIDAL TRUST II | YIELDMAX ULTRA O | 88636J527 |  | 557639 | 101945 | SH |  | SOLE |  | 0 | 0 | 101945 |
| TIDAL TRUST II | YIELDMAX MAGNIFI | 88636J642 |  | 471300 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| TIDAL TRUST II | YIELDMAX UNIVERS | 88636J659 |  | 331382 | 25869 | SH |  | SOLE |  | 0 | 0 | 25869 |
| TIDAL TRUST II | YIELDMAX SMCI | 88636R867 |  | 162120 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| TOUCHSTONE ETF TRUST | SECURITIZED INCO | 89157W707 |  | 949550 | 36194 | SH |  | SOLE |  | 0 | 0 | 36194 |
| TRUST FOR PROFESSIONAL MANAG | PERFORMANCE TR S | 89834G570 |  | 274493 | 10775 | SH |  | SOLE |  | 0 | 0 | 10775 |
| UDR INC | COM | 902653104 |  | 223560 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 546750 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 |  | 1052942 | 35417 | SH |  | SOLE |  | 0 | 0 | 35417 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 1449028 | 14620 | SH |  | SOLE |  | 0 | 0 | 14620 |
| VANECK ETF TRUST | CLO ETF | 92189H748 |  | 774623 | 14588 | SH |  | SOLE |  | 0 | 0 | 14588 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 670244 | 3106 | SH |  | SOLE |  | 0 | 0 | 3106 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 321443 | 5365 | SH |  | SOLE |  | 0 | 0 | 5365 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 1160925 | 8236 | SH |  | SOLE |  | 0 | 0 | 8236 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 |  | 271551 | 1046 | SH |  | SOLE |  | 0 | 0 | 1046 |
| VANGUARD WORLD FD | UTILITIES ETF | 92204A876 |  | 997582 | 5267 | SH |  | SOLE |  | 0 | 0 | 5267 |
| VANGUARD MUN BD FDS | INTERMEDIATE TRM | 922907738 |  | 270891 | 2700 | SH |  | SOLE |  | 0 | 0 | 2700 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 352119 | 575 | SH |  | SOLE |  | 0 | 0 | 575 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 549046 | 3145 | SH |  | SOLE |  | 0 | 0 | 3145 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 719195 | 3446 | SH |  | SOLE |  | 0 | 0 | 3446 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 576633 | 1963 | SH |  | SOLE |  | 0 | 0 | 1963 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 820108 | 4398 | SH |  | SOLE |  | 0 | 0 | 4398 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 1059281 | 3228 | SH |  | SOLE |  | 0 | 0 | 3228 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 774399 | 17620 | SH |  | SOLE |  | 0 | 0 | 17620 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 945741 | 11283 | SH |  | SOLE |  | 0 | 0 | 11283 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 247900 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 1206480 | 24000 | SH |  | SOLE |  | 0 | 0 | 24000 |
| YUM BRANDS INC | COM | 988498101 |  | 201724 | 1327 | SH |  | SOLE |  | 0 | 0 | 1327 |

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