# EDGAR Filing Document

**Accession Number:** 0000709428
**File Stem:** 0000709428-23-000003
**Filing Date:** 2023-2
**Character Count:** 40709
**Document Hash:** 22725f812dacc4e07ca20f28599d2207
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000709428-23-000003.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0000709428-23-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COZAD ASSET MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0000709428
- **IRS NUMBER:** 370958133
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18895
- **FILM NUMBER:** 23596291

**BUSINESS ADDRESS:**
- **STREET 1:** 2501 GALEN DRIVE
- **STREET 2:** P.O. BOX 3669
- **CITY:** CHAMPAIGN
- **STATE:** IL
- **ZIP:** 61821
- **BUSINESS PHONE:** 2173568363

**MAIL ADDRESS:**
- **STREET 1:** 2501 GALEN DRIVE
- **STREET 2:** P.O. BOX 3669
- **CITY:** CHAMPAIGN
- **STATE:** IL
- **ZIP:** 61821

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COZAD FINANCIAL PLANNING CORP                           /ADV
- **DATE OF NAME CHANGE:** 19910401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COZAD ASSET MANAGEMENT INC                              /ADV
- **DATE OF NAME CHANGE:** 19821118

### 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:** COZAD ASSET MANAGEMENT INC<br>**Address:** 2501 GALEN DRIVE<br>P.O. BOX 3669<br>CHAMPAIGN, IL 61821

**Form 13F File Number:** 028-18895

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:** S. Craig Kiddoo<br>**Title:** CCO<br>**Phone:** 2173568363

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

S. Craig Kiddoo COO  Champaign, IL  02-07-2023<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:** 371

**Form 13F Information Table Value Total:** $711508426

      (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 |
| Eaton Vance Municipal Income TR | COM | 27826u108 |  | 163684 | 16584 | SH |  | SOLE |  | 0 | 0 | 16584 |
| First Trust Managed Municipal ETF | COM | 33739n108 |  | 364851 | 7281 | SH |  | SOLE |  | 0 | 0 | 7281 |
| iShares National Muni Bond ETF | COM | 464288414 |  | 354020 | 3355 | SH |  | SOLE |  | 0 | 0 | 3355 |
| First Trust Senior Loan Fund ETF | COM | 33738d309 |  | 546731 | 12261 | SH |  | SOLE |  | 0 | 0 | 12261 |
| Invesco BulletShares 2024 Corp Bond ETF | COM | 46138j841 |  | 571288 | 27888 | SH |  | SOLE |  | 0 | 0 | 27888 |
| Invesco BulletShares 2025 Corp Bond ETF | COM | 46138j825 |  | 435689 | 21633 | SH |  | SOLE |  | 0 | 0 | 21633 |
| JPMorgan Ultra-Short Income ETF | COM | 46641q837 |  | 2202963 | 43945 | SH |  | SOLE |  | 0 | 0 | 43945 |
| First Tr TCW Opportunistic Fixed Inc ETF | COM | 33740f805 |  | 1211885 | 27593 | SH |  | SOLE |  | 0 | 0 | 27593 |
| IShares TR Core 1-5yr Bond ETF | COM | 46432f859 |  | 1020287 | 21970 | SH |  | SOLE |  | 0 | 0 | 21970 |
| Invesco Actively Mgd ETF | COM | 46090a804 |  | 392672 | 8450 | SH |  | SOLE |  | 0 | 0 | 8450 |
| Gerdau SA ADR | COM | 373737105 |  | 209742 | 37928 | SH |  | SOLE |  | 0 | 0 | 37928 |
| AB Volvo ADR | COM | 928854108 |  | 208055 | 11533 | SH |  | SOLE |  | 0 | 0 | 11533 |
| First Trust Water ETF | COM | 33733b100 |  | 206177 | 2598 | SH |  | SOLE |  | 0 | 0 | 2598 |
| Amazon.Com Inc. | COM | 023135106 |  | 8131536 | 96804 | SH |  | SOLE |  | 0 | 0 | 96804 |
| AutoZone Inc. | COM | 053332102 |  | 488304 | 198 | SH |  | SOLE |  | 0 | 0 | 198 |
| Best Buy Company Inc. | COM | 086516101 |  | 1302530 | 16239 | SH |  | SOLE |  | 0 | 0 | 16239 |
| Chipotle Mexican Grill A | COM | 169656105 |  | 6591965 | 4751 | SH |  | SOLE |  | 0 | 0 | 4751 |
| Choice Hotels Internat'l. Inc. | COM | 169905106 |  | 428032 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| Garmin Ltd. | COM | h2906t109 |  | 2202224 | 23862 | SH |  | SOLE |  | 0 | 0 | 23862 |
| Genuine Parts Co. | COM | 372460105 |  | 2164884 | 12477 | SH |  | SOLE |  | 0 | 0 | 12477 |
| Grupo Aeroportuario del Pacifico ADR | COM | 400506101 |  | 213126 | 1482 | SH |  | SOLE |  | 0 | 0 | 1482 |
| Home Depot Inc. | COM | 437076102 |  | 8687249 | 27503 | SH |  | SOLE |  | 0 | 0 | 27503 |
| Isuzu Motors Ltd. | COM | 465254209 |  | 137764 | 11866 | SH |  | SOLE |  | 0 | 0 | 11866 |
| Lowe's Cos | COM | 548661107 |  | 2144221 | 10762 | SH |  | SOLE |  | 0 | 0 | 10762 |
| McDonalds Corp. | COM | 580135101 |  | 2293466 | 8703 | SH |  | SOLE |  | 0 | 0 | 8703 |
| Nike Inc. | COM | 654106103 |  | 277782 | 2374 | SH |  | SOLE |  | 0 | 0 | 2374 |
| Starbucks Corp. | COM | 855244109 |  | 537403 | 5417 | SH |  | SOLE |  | 0 | 0 | 5417 |
| Target Corp. | COM | 87612E106 |  | 280791 | 1884 | SH |  | SOLE |  | 0 | 0 | 1884 |
| Tesla Motors Inc. | COM | 88160r101 |  | 789337 | 6408 | SH |  | SOLE |  | 0 | 0 | 6408 |
| Unilever PLC ADR | COM | 904767704 |  | 619657 | 12307 | SH |  | SOLE |  | 0 | 0 | 12307 |
| W D 40 Co. | COM | 929236107 |  | 240042 | 1489 | SH |  | SOLE |  | 0 | 0 | 1489 |
| Yum Brands Inc. | COM | 988498101 |  | 300860 | 2349 | SH |  | SOLE |  | 0 | 0 | 2349 |
| Altria Group Inc. | COM | 02209S103 |  | 769299 | 16830 | SH |  | SOLE |  | 0 | 0 | 16830 |
| Anheuser Busch Co. | COM | 03524a108 |  | 297979 | 4963 | SH |  | SOLE |  | 0 | 0 | 4963 |
| Archer Daniels Midland | COM | 039483102 |  | 12663429 | 136386 | SH |  | SOLE |  | 0 | 0 | 136386 |
| British American Tobacco ADR | COM | 110448107 |  | 208496 | 5215 | SH |  | SOLE |  | 0 | 0 | 5215 |
| Cal-Maine Foods Inc. | COM | 128030202 |  | 1191475 | 21882 | SH |  | SOLE |  | 0 | 0 | 21882 |
| Coca Cola | COM | 191216100 |  | 3383607 | 53193 | SH |  | SOLE |  | 0 | 0 | 53193 |
| Coca Cola European Partners PLC | COM | g25839104 |  | 352222 | 6367 | SH |  | SOLE |  | 0 | 0 | 6367 |
| Colgate Palmolive Co. | COM | 194162103 |  | 574931 | 7297 | SH |  | SOLE |  | 0 | 0 | 7297 |
| Constellation Brands Inc. | COM | 21036p108 |  | 544381 | 2349 | SH |  | SOLE |  | 0 | 0 | 2349 |
| Costco Wholesale Corp. | COM | 22160K105 |  | 8989398 | 19692 | SH |  | SOLE |  | 0 | 0 | 19692 |
| Diageo PLC ADR | COM | 25243Q205 |  | 345510 | 1939 | SH |  | SOLE |  | 0 | 0 | 1939 |
| Estee Lauder Co. | COM | 518439104 |  | 1015514 | 4093 | SH |  | SOLE |  | 0 | 0 | 4093 |
| Flowers Foods Inc. | COM | 343498101 |  | 1266830 | 44079 | SH |  | SOLE |  | 0 | 0 | 44079 |
| General Mills | COM | 370334104 |  | 2097025 | 25009 | SH |  | SOLE |  | 0 | 0 | 25009 |
| Hormel Foods Corp. | COM | 440452100 |  | 248248 | 5450 | SH |  | SOLE |  | 0 | 0 | 5450 |
| Kimberly Clark Corp | COM | 494368103 |  | 1729998 | 12744 | SH |  | SOLE |  | 0 | 0 | 12744 |
| Kraft Heinz Co. | COM | 500754106 |  | 1933481 | 47494 | SH |  | SOLE |  | 0 | 0 | 47494 |
| Mondelez International Inc. | COM | 609207105 |  | 826793 | 12405 | SH |  | SOLE |  | 0 | 0 | 12405 |
| Monster Beverage Corp. | COM | 61174x109 |  | 240626 | 2370 | SH |  | SOLE |  | 0 | 0 | 2370 |
| Mowi ASA ADR | COM | 624678108 |  | 229021 | 13456 | SH |  | SOLE |  | 0 | 0 | 13456 |
| Nestle SA ADR | COM | 641069406 |  | 246943 | 2141 | SH |  | SOLE |  | 0 | 0 | 2141 |
| PepsiCo Inc | COM | 713448108 |  | 3322424 | 18390 | SH |  | SOLE |  | 0 | 0 | 18390 |
| Philip Morris Internat'l. | COM | 718172109 |  | 1548220 | 15297 | SH |  | SOLE |  | 0 | 0 | 15297 |
| Procter and Gamble | COM | 742718109 |  | 2259185 | 14906 | SH |  | SOLE |  | 0 | 0 | 14906 |
| Wal-Mart Stores | COM | 931142103 |  | 1443280 | 10179 | SH |  | SOLE |  | 0 | 0 | 10179 |
| Walgreen Boots Alliance Inc. | COM | 931427108 |  | 388021 | 10386 | SH |  | SOLE |  | 0 | 0 | 10386 |
| BP Amoco PLC ADR | COM | 055622104 |  | 1052301 | 30126 | SH |  | SOLE |  | 0 | 0 | 30126 |
| Cheniere Energy Inc | COM | 16411r208 |  | 8236253 | 54923 | SH |  | SOLE |  | 0 | 0 | 54923 |
| Chevron Corp. | COM | 166764100 |  | 1077974 | 6006 | SH |  | SOLE |  | 0 | 0 | 6006 |
| ConocoPhillips | COM | 20825C104 |  | 714726 | 6057 | SH |  | SOLE |  | 0 | 0 | 6057 |
| Devon Energy Corp. | COM | 25179M103 |  | 7290042 | 118518 | SH |  | SOLE |  | 0 | 0 | 118518 |
| Enbridge Inc. | COM | 29250n105 |  | 2786410 | 71335 | SH |  | SOLE |  | 0 | 0 | 71335 |
| Energy Select Sector SPDR ETF | COM | 81369y506 |  | 712881 | 8150 | SH |  | SOLE |  | 0 | 0 | 8150 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 1529420 | 13866 | SH |  | SOLE |  | 0 | 0 | 13866 |
| Halliburton Co. | COM | 406216101 |  | 204620 | 5200 | SH |  | SOLE |  | 0 | 0 | 5200 |
| Marathon Petroleum Corp. | COM | 56585a102 |  | 510254 | 4384 | SH |  | SOLE |  | 0 | 0 | 4384 |
| Murphy Oil Corp. | COM | 626717102 |  | 1664745 | 38706 | SH |  | SOLE |  | 0 | 0 | 38706 |
| Shell PLC ADR | COM | 780259305 |  | 413913 | 7268 | SH |  | SOLE |  | 0 | 0 | 7268 |
| Total Energies SE | COM | 89151e109 |  | 229696 | 3700 | SH |  | SOLE |  | 0 | 0 | 3700 |
| Williams Companies | COM | 969457100 |  | 2483753 | 75494 | SH |  | SOLE |  | 0 | 0 | 75494 |
| AFLAC Inc. | COM | 001055102 |  | 1079694 | 15008 | SH |  | SOLE |  | 0 | 0 | 15008 |
| Allstate Corp. | COM | 020002101 |  | 910418 | 6714 | SH |  | SOLE |  | 0 | 0 | 6714 |
| American Express | COM | 025816109 |  | 214238 | 1450 | SH |  | SOLE |  | 0 | 0 | 1450 |
| Bank of America | COM | 060505104 |  | 324675 | 9803 | SH |  | SOLE |  | 0 | 0 | 9803 |
| Bank of Montreal | COM | 063671101 |  | 300520 | 3317 | SH |  | SOLE |  | 0 | 0 | 3317 |
| Barings BDC Inc. | COM | 06759l103 |  | 113073 | 13874 | SH |  | SOLE |  | 0 | 0 | 13874 |
| Berkshire Hathaway Cl. A | COM | 084670108 |  | 468711 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| Berkshire Hathaway Cl. B | COM | 084670702 |  | 4194862 | 13580 | SH |  | SOLE |  | 0 | 0 | 13580 |
| Blackstone Group Inc. Cl. A | COM | 09260d107 |  | 7141417 | 96258 | SH |  | SOLE |  | 0 | 0 | 96258 |
| Canadian Imperial Bank of Commerce | COM | 136069101 |  | 216367 | 5349 | SH |  | SOLE |  | 0 | 0 | 5349 |
| Charles Schwab Corp. | COM | 808513105 |  | 770517 | 9254 | SH |  | SOLE |  | 0 | 0 | 9254 |
| Citigroup | COM | 172967424 |  | 1816437 | 40160 | SH |  | SOLE |  | 0 | 0 | 40160 |
| Citizens Financial Group | COM | 174610105 |  | 2286309 | 58072 | SH |  | SOLE |  | 0 | 0 | 58072 |
| Discover Financial Services Inc. | COM | 254709108 |  | 233912 | 2391 | SH |  | SOLE |  | 0 | 0 | 2391 |
| Fidelity National Financial Inc. | COM | 31620R303 |  | 1127923 | 29982 | SH |  | SOLE |  | 0 | 0 | 29982 |
| Fifth Third Bancorp | COM | 316773100 |  | 1113539 | 33939 | SH |  | SOLE |  | 0 | 0 | 33939 |
| Financial Select Sector SPDR ETF | COM | 81369y605 |  | 208073 | 6084 | SH |  | SOLE |  | 0 | 0 | 6084 |
| First Busey Corp. | COM | 319383204 |  | 1612074 | 65213 | SH |  | SOLE |  | 0 | 0 | 65213 |
| Gallagher Arthur J  Co. | COM | 363576109 |  | 294122 | 1560 | SH |  | SOLE |  | 0 | 0 | 1560 |
| Huntington Bancshares | COM | 446150104 |  | 174840 | 12400 | SH |  | SOLE |  | 0 | 0 | 12400 |
| Intercontinental Exchange Group | COM | 45866f104 |  | 6702923 | 65337 | SH |  | SOLE |  | 0 | 0 | 65337 |
| J.P. Morgan Chase  Co. | COM | 46625H100 |  | 1331077 | 9926 | SH |  | SOLE |  | 0 | 0 | 9926 |
| Mitsubishi UFJ Fin'l. Grp. ADR | COM | 606816104 |  | 181 | 12083 | SH |  | SOLE |  | 0 | 0 | 12083 |
| Mitsubishi UFJ Fin'l. Grp. ADR | COM | 606822104 |  | 127330 | 19090 | SH |  | SOLE |  | 0 | 0 | 19090 |
| Moody's Corp. | COM | 615369105 |  | 674260 | 2420 | SH |  | SOLE |  | 0 | 0 | 2420 |
| Morgan Stanley | COM | 617446448 |  | 245963 | 2893 | SH |  | SOLE |  | 0 | 0 | 2893 |
| Old Republic Nat'l. Corp. | COM | 680223104 |  | 1709096 | 70770 | SH |  | SOLE |  | 0 | 0 | 70770 |
| PNC Financial Svcs. | COM | 693475105 |  | 224275 | 1420 | SH |  | SOLE |  | 0 | 0 | 1420 |
| PacWest Bancorp | COM | 695263103 |  | 225713 | 9835 | SH |  | SOLE |  | 0 | 0 | 9835 |
| Ping An Insurance Company of China ADR | COM | 72341e304 |  | 209545 | 15935 | SH |  | SOLE |  | 0 | 0 | 15935 |
| Prudential Financial Inc. | COM | 744320102 |  | 203893 | 2050 | SH |  | SOLE |  | 0 | 0 | 2050 |
| Regions Financial Corp. | COM | 7591ep100 |  | 2915214 | 135214 | SH |  | SOLE |  | 0 | 0 | 135214 |
| S Global Inc. | COM | 78409v104 |  | 3302508 | 9860 | SH |  | SOLE |  | 0 | 0 | 9860 |
| State Street Corp. | COM | 857477103 |  | 542990 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| Sun Life Financial Inc. | COM | 866796105 |  | 298341 | 6427 | SH |  | SOLE |  | 0 | 0 | 6427 |
| Swiss Re Ltd. | COM | 870886108 |  | 234577 | 9982 | SH |  | SOLE |  | 0 | 0 | 9982 |
| Travelers Companies Inc. | COM | 89417E109 |  | 523097 | 2790 | SH |  | SOLE |  | 0 | 0 | 2790 |
| Tri-Continental Corp. | COM | 895436103 |  | 233340 | 9104 | SH |  | SOLE |  | 0 | 0 | 9104 |
| Truist Financial Corp. | COM | 89832q109 |  | 270228 | 6280 | SH |  | SOLE |  | 0 | 0 | 6280 |
| UBS Group AG | COM | h42097107 |  | 193477 | 10363 | SH |  | SOLE |  | 0 | 0 | 10363 |
| Umpqua Holdings Corp. | COM | 904214103 |  | 1409739 | 78977 | SH |  | SOLE |  | 0 | 0 | 78977 |
| Valley National Bancorp | COM | 919794107 |  | 1733676 | 153287 | SH |  | SOLE |  | 0 | 0 | 153287 |
| AbbVie Inc. | COM | 00287y109 |  | 3159197 | 19548 | SH |  | SOLE |  | 0 | 0 | 19548 |
| Abbott Laboratories | COM | 002824100 |  | 1785625 | 16264 | SH |  | SOLE |  | 0 | 0 | 16264 |
| Amgen Inc. | COM | 031162100 |  | 401577 | 1529 | SH |  | SOLE |  | 0 | 0 | 1529 |
| AstraZeneca PLC ADR | COM | 046353108 |  | 1147244 | 16921 | SH |  | SOLE |  | 0 | 0 | 16921 |
| Becton Dickinson  Co. | COM | 075887109 |  | 693476 | 2727 | SH |  | SOLE |  | 0 | 0 | 2727 |
| Bristol-Myers Squibb | COM | 110122108 |  | 705830 | 9810 | SH |  | SOLE |  | 0 | 0 | 9810 |
| CIGNA Corp. | COM | 125523100 |  | 1386327 | 4184 | SH |  | SOLE |  | 0 | 0 | 4184 |
| CVS Health Corp. | COM | 126650100 |  | 10298800 | 110514 | SH |  | SOLE |  | 0 | 0 | 110514 |
| Cardinal Health | COM | 14149y108 |  | 2317938 | 30154 | SH |  | SOLE |  | 0 | 0 | 30154 |
| Danaher Corp. | COM | 235851102 |  | 603831 | 2275 | SH |  | SOLE |  | 0 | 0 | 2275 |
| Elevance Health | COM | 036752103 |  | 1459343 | 2845 | SH |  | SOLE |  | 0 | 0 | 2845 |
| First Trust NYSE Arca Biotech ETF | COM | 33733e203 |  | 369141 | 2395 | SH |  | SOLE |  | 0 | 0 | 2395 |
| Gilead Sciences Inc. | COM | 375558103 |  | 8643098 | 100677 | SH |  | SOLE |  | 0 | 0 | 100677 |
| GlaxoSmithKline PLC | COM | 37733w204 |  | 338012 | 9619 | SH |  | SOLE |  | 0 | 0 | 9619 |
| HCA Healthcare Co. | COM | 40412c101 |  | 8644799 | 36026 | SH |  | SOLE |  | 0 | 0 | 36026 |
| Health Care Select Sector SPDR ETF | COM | 81369y209 |  | 430237 | 3167 | SH |  | SOLE |  | 0 | 0 | 3167 |
| Hologic Inc. | COM | 436440101 |  | 1131875 | 15130 | SH |  | SOLE |  | 0 | 0 | 15130 |
| IShares US Healthcare ETF | COM | 464287762 |  | 670974 | 2365 | SH |  | SOLE |  | 0 | 0 | 2365 |
| Johnson  Johnson | COM | 478160104 |  | 2773581 | 15701 | SH |  | SOLE |  | 0 | 0 | 15701 |
| Laboratory Corp. Am. Hldgs. | COM | 50540r409 |  | 362404 | 1539 | SH |  | SOLE |  | 0 | 0 | 1539 |
| Lilly (Eli) | COM | 532457108 |  | 1251122 | 3420 | SH |  | SOLE |  | 0 | 0 | 3420 |
| Medifast Inc. | COM | 58470h101 |  | 702712 | 6092 | SH |  | SOLE |  | 0 | 0 | 6092 |
| Merck  Co Inc. | COM | 58933y105 |  | 5266083 | 47464 | SH |  | SOLE |  | 0 | 0 | 47464 |
| Meridian Bioscience Inc. | COM | 589584101 |  | 269997 | 8130 | SH |  | SOLE |  | 0 | 0 | 8130 |
| Microport Scientific Corp. | COM | g60837104 |  | 1337376 | 504670 | SH |  | SOLE |  | 0 | 0 | 504670 |
| Moderna Inc. | COM | 60770k107 |  | 309845 | 1725 | SH |  | SOLE |  | 0 | 0 | 1725 |
| Novartis AG ADR | COM | 66987v109 |  | 342740 | 3778 | SH |  | SOLE |  | 0 | 0 | 3778 |
| Novo Nordisk A.S. ADR | COM | 670100205 |  | 702144 | 5188 | SH |  | SOLE |  | 0 | 0 | 5188 |
| Pfizer Inc. | COM | 717081103 |  | 4037610 | 78798 | SH |  | SOLE |  | 0 | 0 | 78798 |
| Quest Diagnostics | COM | 74834L100 |  | 2522751 | 16126 | SH |  | SOLE |  | 0 | 0 | 16126 |
| Regeneron Pharmaceuticals | COM | 75886f107 |  | 5783464 | 8016 | SH |  | SOLE |  | 0 | 0 | 8016 |
| Stryker Corporation | COM | 863667101 |  | 236422 | 967 | SH |  | SOLE |  | 0 | 0 | 967 |
| Takeda Pharmaceutical Co. | COM | 874060205 |  | 200788 | 12871 | SH |  | SOLE |  | 0 | 0 | 12871 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 9900305 | 17978 | SH |  | SOLE |  | 0 | 0 | 17978 |
| UnitedHealth Group | COM | 91324p102 |  | 7698744 | 14521 | SH |  | SOLE |  | 0 | 0 | 14521 |
| Vanguard World Health Care ETF | COM | 92204a504 |  | 2594851 | 10461 | SH |  | SOLE |  | 0 | 0 | 10461 |
| Vertex Pharmaceutical | COM | 92532F100 |  | 269143 | 932 | SH |  | SOLE |  | 0 | 0 | 932 |
| 3M Company | COM | 88579y101 |  | 450899 | 3760 | SH |  | SOLE |  | 0 | 0 | 3760 |
| ABB Ltd. Sponsored ADR | COM | 000375204 |  | 230125 | 7555 | SH |  | SOLE |  | 0 | 0 | 7555 |
| Boeing Company | COM | 097023105 |  | 204015 | 1071 | SH |  | SOLE |  | 0 | 0 | 1071 |
| CSX Corp. | COM | 126408103 |  | 232629 | 7509 | SH |  | SOLE |  | 0 | 0 | 7509 |
| Caterpillar Inc. | COM | 149123101 |  | 1494300 | 6238 | SH |  | SOLE |  | 0 | 0 | 6238 |
| Cummins Engine Inc. | COM | 231021106 |  | 915372 | 3778 | SH |  | SOLE |  | 0 | 0 | 3778 |
| Deere  Co. | COM | 244199105 |  | 7871605 | 18359 | SH |  | SOLE |  | 0 | 0 | 18359 |
| Eaton Corp. PLC | COM | g29183103 |  | 942956 | 6008 | SH |  | SOLE |  | 0 | 0 | 6008 |
| Emerson Electric Co. | COM | 291011104 |  | 371775 | 3870 | SH |  | SOLE |  | 0 | 0 | 3870 |
| General Dynamics | COM | 369550108 |  | 215111 | 867 | SH |  | SOLE |  | 0 | 0 | 867 |
| H Equipment Services Inc. | COM | 404030108 |  | 1946116 | 42866 | SH |  | SOLE |  | 0 | 0 | 42866 |
| Illinois Tool Works | COM | 452308109 |  | 881331 | 4001 | SH |  | SOLE |  | 0 | 0 | 4001 |
| Industrial Select Sector SPDR ETF | COM | 81369y704 |  | 377814 | 3847 | SH |  | SOLE |  | 0 | 0 | 3847 |
| Jacobs Solutions Inc. | COM | 46982l108 |  | 2514266 | 20940 | SH |  | SOLE |  | 0 | 0 | 20940 |
| Knight-Swift Transportation Holdings Inc. | COM | 499049104 |  | 208068 | 3970 | SH |  | SOLE |  | 0 | 0 | 3970 |
| Lockheed Martin Corp. | COM | 539830109 |  | 441246 | 907 | SH |  | SOLE |  | 0 | 0 | 907 |
| Masco Corp. | COM | 574599106 |  | 305128 | 6538 | SH |  | SOLE |  | 0 | 0 | 6538 |
| Norfolk Southern Corp. | COM | 655844108 |  | 372341 | 1511 | SH |  | SOLE |  | 0 | 0 | 1511 |
| Northrop Grumman | COM | 666807102 |  | 326820 | 599 | SH |  | SOLE |  | 0 | 0 | 599 |
| Oshkosh Corp. | COM | 688239201 |  | 220475 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| Owens Corning | COM | 690742101 |  | 3973018 | 46577 | SH |  | SOLE |  | 0 | 0 | 46577 |
| Quanta Services Inc. | COM | 74762e102 |  | 2850713 | 20005 | SH |  | SOLE |  | 0 | 0 | 20005 |
| RPM Inc. Ohio | COM | 749685103 |  | 3255426 | 33406 | SH |  | SOLE |  | 0 | 0 | 33406 |
| Raytheon Technologies Corp. | COM | 75513e101 |  | 475333 | 4710 | SH |  | SOLE |  | 0 | 0 | 4710 |
| Saia Inc. | COM | 78709Y105 |  | 431941 | 2060 | SH |  | SOLE |  | 0 | 0 | 2060 |
| Snap-on Incorporated | COM | 833034101 |  | 1611997 | 7055 | SH |  | SOLE |  | 0 | 0 | 7055 |
| Timken Co. | COM | 887389104 |  | 2640373 | 37362 | SH |  | SOLE |  | 0 | 0 | 37362 |
| Union Pacific Corp. | COM | 907818108 |  | 1465849 | 7079 | SH |  | SOLE |  | 0 | 0 | 7079 |
| United Parcel Service Inc. | COM | 911312106 |  | 396355 | 2280 | SH |  | SOLE |  | 0 | 0 | 2280 |
| United Rentals Inc. | COM | 911363109 |  | 9121499 | 25664 | SH |  | SOLE |  | 0 | 0 | 25664 |
| Waste Management Inc. | COM | 94106L109 |  | 492603 | 3140 | SH |  | SOLE |  | 0 | 0 | 3140 |
| WillScot Mobile Mini Hldgs Corp Cl. A | COM | 971378104 |  | 801722 | 17749 | SH |  | SOLE |  | 0 | 0 | 17749 |
| American Tower Corp. | COM | 03027x100 |  | 4207963 | 19862 | SH |  | SOLE |  | 0 | 0 | 19862 |
| Apartment Income REIT Corp. | COM | 03750l109 |  | 946819 | 27596 | SH |  | SOLE |  | 0 | 0 | 27596 |
| Apartment Invt.  Mgmt Co. (AIMCO) | COM | 03748r747 |  | 196484 | 27596 | SH |  | SOLE |  | 0 | 0 | 27596 |
| Digital Realty Trust Inc. | COM | 253868103 |  | 1708601 | 17040 | SH |  | SOLE |  | 0 | 0 | 17040 |
| Essex Property Trust | COM | 297178105 |  | 941772 | 4444 | SH |  | SOLE |  | 0 | 0 | 4444 |
| IShares Cohen  Steers REIT ETF | COM | 464287564 |  | 269374 | 4912 | SH |  | SOLE |  | 0 | 0 | 4912 |
| IShares Residential Real Estate Capped ETF | COM | 464288562 |  | 468949 | 6862 | SH |  | SOLE |  | 0 | 0 | 6862 |
| Realty Income Corp. | COM | 756109104 |  | 1880255 | 29643 | SH |  | SOLE |  | 0 | 0 | 29643 |
| Vanguard REIT ETF | COM | 922908553 |  | 534182 | 6477 | SH |  | SOLE |  | 0 | 0 | 6477 |
| W. P. Carey Inc. | COM | 92936u109 |  | 3740313 | 47861 | SH |  | SOLE |  | 0 | 0 | 47861 |
| Accenture Ltd. | COM | g1151c101 |  | 220677 | 827 | SH |  | SOLE |  | 0 | 0 | 827 |
| Adobe Systems Inc. | COM | 00724F101 |  | 319367 | 949 | SH |  | SOLE |  | 0 | 0 | 949 |
| Advanced Micro Devices | COM | 007903107 |  | 724712 | 11189 | SH |  | SOLE |  | 0 | 0 | 11189 |
| Analog Devices Inc. | COM | 032654105 |  | 221441 | 1350 | SH |  | SOLE |  | 0 | 0 | 1350 |
| Apple Inc. | COM | 037833100 |  | 22468497 | 172928 | SH |  | SOLE |  | 0 | 0 | 172928 |
| Applied Materials | COM | 038222105 |  | 311226 | 3196 | SH |  | SOLE |  | 0 | 0 | 3196 |
| Automatic Data Processing | COM | 053015103 |  | 1340960 | 5614 | SH |  | SOLE |  | 0 | 0 | 5614 |
| Avnet Inc. | COM | 053807103 |  | 1481329 | 35626 | SH |  | SOLE |  | 0 | 0 | 35626 |
| Broadcom Inc. | COM | 11135f101 |  | 10447903 | 18686 | SH |  | SOLE |  | 0 | 0 | 18686 |
| Cisco Systems | COM | 17275r102 |  | 997725 | 20943 | SH |  | SOLE |  | 0 | 0 | 20943 |
| Debt Resolve Inc. | COM | 24276r206 |  | 100 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| Fidelity National Information Services | COM | 31620m106 |  | 300440 | 4428 | SH |  | SOLE |  | 0 | 0 | 4428 |
| First Solar Inc. | COM | 336433107 |  | 489514 | 3268 | SH |  | SOLE |  | 0 | 0 | 3268 |
| Fiserv Inc. | COM | 337738108 |  | 6664152 | 65936 | SH |  | SOLE |  | 0 | 0 | 65936 |
| Global Payments Inc. | COM | 37940x102 |  | 1410841 | 14205 | SH |  | SOLE |  | 0 | 0 | 14205 |
| Hewlett Packard Enterprise Co. | COM | 42824c109 |  | 1922063 | 120430 | SH |  | SOLE |  | 0 | 0 | 120430 |
| Honeywell Internat'l. | COM | 438516106 |  | 522678 | 2439 | SH |  | SOLE |  | 0 | 0 | 2439 |
| I.B.M. | COM | 459200101 |  | 1014267 | 7199 | SH |  | SOLE |  | 0 | 0 | 7199 |
| Infosys Technologies Ltd. | COM | 456788108 |  | 328863 | 18260 | SH |  | SOLE |  | 0 | 0 | 18260 |
| Intel Corp. | COM | 458140100 |  | 505616 | 19130 | SH |  | SOLE |  | 0 | 0 | 19130 |
| Invesco QQQ Tr Unit Ser. 1 ETF | COM | 46090e103 |  | 2343467 | 8801 | SH |  | SOLE |  | 0 | 0 | 8801 |
| Jabil Circuit Inc. | COM | 466313103 |  | 2320846 | 34030 | SH |  | SOLE |  | 0 | 0 | 34030 |
| L3Harris Technologies | COM | 502431109 |  | 291494 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| LAM Research Corp. | COM | 512807108 |  | 6718916 | 15986 | SH |  | SOLE |  | 0 | 0 | 15986 |
| Leidos Holdings Inc. | COM | 525327102 |  | 2881890 | 27397 | SH |  | SOLE |  | 0 | 0 | 27397 |
| Logitech Internat'l. SA | COM | H50430232 |  | 403629 | 6484 | SH |  | SOLE |  | 0 | 0 | 6484 |
| MasterCard Inc. | COM | 57636q104 |  | 8300315 | 23870 | SH |  | SOLE |  | 0 | 0 | 23870 |
| Microchip Technology Inc. | COM | 595017104 |  | 8017236 | 114124 | SH |  | SOLE |  | 0 | 0 | 114124 |
| Micron Technology Inc. | COM | 595112103 |  | 2226959 | 44557 | SH |  | SOLE |  | 0 | 0 | 44557 |
| Microsoft Corporation | COM | 594918104 |  | 13005871 | 54232 | SH |  | SOLE |  | 0 | 0 | 54232 |
| Motorola Solutions Inc. | COM | 620076307 |  | 204106 | 792 | SH |  | SOLE |  | 0 | 0 | 792 |
| Nvidia Corp. | COM | 67066g104 |  | 8410557 | 57551 | SH |  | SOLE |  | 0 | 0 | 57551 |
| Oracle Corp | COM | 68389X105 |  | 933716 | 11423 | SH |  | SOLE |  | 0 | 0 | 11423 |
| PayChex Inc. | COM | 704326107 |  | 2792623 | 24166 | SH |  | SOLE |  | 0 | 0 | 24166 |
| Qualcomm Inc. | COM | 747525103 |  | 1534213 | 13955 | SH |  | SOLE |  | 0 | 0 | 13955 |
| Salesforce.com | COM | 79466l302 |  | 1872038 | 14119 | SH |  | SOLE |  | 0 | 0 | 14119 |
| Siemens AG ADR | COM | 826197501 |  | 251015 | 3649 | SH |  | SOLE |  | 0 | 0 | 3649 |
| Taiwan Semiconductor Mfg. Co. Ltd. | COM | 874039100 |  | 750710 | 10078 | SH |  | SOLE |  | 0 | 0 | 10078 |
| Technology Select Sector SPDR ETF | COM | 81369y803 |  | 354903 | 2852 | SH |  | SOLE |  | 0 | 0 | 2852 |
| Vanguard Information Technology ETF | COM | 92204a702 |  | 1731522 | 5421 | SH |  | SOLE |  | 0 | 0 | 5421 |
| Visa Inc. | COM | 92826c839 |  | 900640 | 4335 | SH |  | SOLE |  | 0 | 0 | 4335 |
| Workday Inc. Cl. A | COM | 98138h101 |  | 200796 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| Air Products  Chem | COM | 009158106 |  | 393648 | 1277 | SH |  | SOLE |  | 0 | 0 | 1277 |
| Albemarle Corp. | COM | 012653101 |  | 210921 | 973 | SH |  | SOLE |  | 0 | 0 | 973 |
| Amyris Inc. | COM | 03236m200 |  | 15989 | 10450 | SH |  | SOLE |  | 0 | 0 | 10450 |
| BHP Billiton Ltd. ADR | COM | 088606108 |  | 283693 | 4572 | SH |  | SOLE |  | 0 | 0 | 4572 |
| Ball Corp. | COM | 058498106 |  | 213970 | 4184 | SH |  | SOLE |  | 0 | 0 | 4184 |
| Dow Inc. | COM | 260557103 |  | 287727 | 5710 | SH |  | SOLE |  | 0 | 0 | 5710 |
| International Paper | COM | 460146103 |  | 223987 | 6468 | SH |  | SOLE |  | 0 | 0 | 6468 |
| Linde PLC | COM | g5494j103 |  | 306609 | 940 | SH |  | SOLE |  | 0 | 0 | 940 |
| Materials Select Sector SPDR ETF | COM | 81369y100 |  | 419550 | 5401 | SH |  | SOLE |  | 0 | 0 | 5401 |
| Mosaic Co. | COM | 61945c103 |  | 1635649 | 37284 | SH |  | SOLE |  | 0 | 0 | 37284 |
| Nucor Corp. | COM | 670346105 |  | 2943976 | 22335 | SH |  | SOLE |  | 0 | 0 | 22335 |
| Rio Tinto PLC ADR F | COM | 767204100 |  | 483946 | 6797 | SH |  | SOLE |  | 0 | 0 | 6797 |
| Sherwin Williams Company | COM | 824348106 |  | 4857908 | 20469 | SH |  | SOLE |  | 0 | 0 | 20469 |
| WestRock Company | COM | 96145d105 |  | 3494201 | 99380 | SH |  | SOLE |  | 0 | 0 | 99380 |
| AT Inc. | COM | 00206R102 |  | 656099 | 35638 | SH |  | SOLE |  | 0 | 0 | 35638 |
| Alphabet Inc. Cl. A | COM | 02079k305 |  | 9181390 | 104062 | SH |  | SOLE |  | 0 | 0 | 104062 |
| Alphabet Inc. Cl. C | COM | 02079k107 |  | 1428733 | 16102 | SH |  | SOLE |  | 0 | 0 | 16102 |
| Crown Castle Int'l. Corp. | COM | 22822v101 |  | 223263 | 1646 | SH |  | SOLE |  | 0 | 0 | 1646 |
| Meta Platforms Inc. | COM | 30303m102 |  | 2101257 | 17461 | SH |  | SOLE |  | 0 | 0 | 17461 |
| Omnicom Group | COM | 681919106 |  | 1400802 | 17173 | SH |  | SOLE |  | 0 | 0 | 17173 |
| Verizon Communications | COM | 92343V104 |  | 687609 | 17452 | SH |  | SOLE |  | 0 | 0 | 17452 |
| Vodafone Group PLC ADR | COM | 92857w308 |  | 145354 | 14363 | SH |  | SOLE |  | 0 | 0 | 14363 |
| Walt Disney Co | COM | 254687106 |  | 4664674 | 53691 | SH |  | SOLE |  | 0 | 0 | 53691 |
| Allete Inc. | COM | 018522300 |  | 1349549 | 20920 | SH |  | SOLE |  | 0 | 0 | 20920 |
| Ameren Corp. | COM | 023608102 |  | 284220 | 3196 | SH |  | SOLE |  | 0 | 0 | 3196 |
| American Electric Power | COM | 025537101 |  | 372598 | 3924 | SH |  | SOLE |  | 0 | 0 | 3924 |
| American States Water Co. | COM | 029899101 |  | 2257202 | 24389 | SH |  | SOLE |  | 0 | 0 | 24389 |
| Black Hills Corp. | COM | 092113109 |  | 1280118 | 18199 | SH |  | SOLE |  | 0 | 0 | 18199 |
| DTE Energy | COM | 233331107 |  | 1824653 | 15525 | SH |  | SOLE |  | 0 | 0 | 15525 |
| Duke Energy Corp | COM | 26441c204 |  | 358674 | 3483 | SH |  | SOLE |  | 0 | 0 | 3483 |
| Equinor ASA | COM | 29446m102 |  | 403543 | 11269 | SH |  | SOLE |  | 0 | 0 | 11269 |
| Essentials Utilities Inc. | COM | 29670g102 |  | 1597428 | 33468 | SH |  | SOLE |  | 0 | 0 | 33468 |
| Eversource Energy Com. | COM | 30040w108 |  | 287655 | 3431 | SH |  | SOLE |  | 0 | 0 | 3431 |
| National Fuel Gas Co. | COM | 636180101 |  | 1296321 | 20479 | SH |  | SOLE |  | 0 | 0 | 20479 |
| National Grid PLC ADR | COM | 636274409 |  | 274938 | 4558 | SH |  | SOLE |  | 0 | 0 | 4558 |
| NextEra Energy | COM | 65339F101 |  | 1594754 | 19076 | SH |  | SOLE |  | 0 | 0 | 19076 |
| Southern Company | COM | 842587107 |  | 502841 | 7042 | SH |  | SOLE |  | 0 | 0 | 7042 |
| Veolia Environment ADR | COM | 92334n103 |  | 229845 | 8926 | SH |  | SOLE |  | 0 | 0 | 8926 |
| Wisconsin Energy | COM | 92939u106 |  | 201959 | 2154 | SH |  | SOLE |  | 0 | 0 | 2154 |
| Pacer U.S. Small Cap Cash Cows 100 - ETF | COM | 69374H857 |  | 220481 | 6133 | SH |  | SOLE |  | 0 | 0 | 6133 |
| IShares US Real Estate ETF | COM | 464287739 |  | 307378 | 3651 | SH |  | SOLE |  | 0 | 0 | 3651 |
| First TR. Ex. Tr. FD N. American Energy | COM | 33738d101 |  | 394585 | 14784 | SH |  | SOLE |  | 0 | 0 | 14784 |
| Vanguard Small Cap Growth ETF | COM | 922908595 |  | 365183 | 1821 | SH |  | SOLE |  | 0 | 0 | 1821 |
| IShares Russell 2000 Index ETF | COM | 464287655 |  | 1782512 | 10223 | SH |  | SOLE |  | 0 | 0 | 10223 |
| IShares S SmallCap 600 Index ETF | COM | 464287804 |  | 4187536 | 44247 | SH |  | SOLE |  | 0 | 0 | 44247 |
| Schwab Strategic US Small-Cap ETF | COM | 808524607 |  | 899444 | 22203 | SH |  | SOLE |  | 0 | 0 | 22203 |
| Vanguard Index Small Cap ETF | COM | 922908751 |  | 4420010 | 24082 | SH |  | SOLE |  | 0 | 0 | 24082 |
| iShares MSCI Multifactor USA Small-Cap ETF | COM | 46434v290 |  | 1178779 | 23737 | SH |  | SOLE |  | 0 | 0 | 23737 |
| First Trust SMID Cap Rising Div Achv ETF | COM | 33741x102 |  | 1700977 | 65297 | SH |  | SOLE |  | 0 | 0 | 65297 |
| IShares Russell 2000 Value Index ETF | COM | 464287630 |  | 1062628 | 7663 | SH |  | SOLE |  | 0 | 0 | 7663 |
| IShares S SmallCap 600 Barra Value ETF | COM | 464287879 |  | 1391524 | 15240 | SH |  | SOLE |  | 0 | 0 | 15240 |
| Vanguard Small Cap Value ETF | COM | 922908611 |  | 635200 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| Vanguard Mid-Cap Growth ETF | COM | 922908538 |  | 940864 | 5234 | SH |  | SOLE |  | 0 | 0 | 5234 |
| First Trust Mid Cap Core AlphaDEX ETF | COM | 33735b108 |  | 1221715 | 13910 | SH |  | SOLE |  | 0 | 0 | 13910 |
| IShares Russell Midcap Index ETF | COM | 464287499 |  | 2087915 | 30955 | SH |  | SOLE |  | 0 | 0 | 30955 |
| IShares S Midcap 400 Index ETF | COM | 464287507 |  | 2650510 | 10958 | SH |  | SOLE |  | 0 | 0 | 10958 |
| SPDR S MidCap 400 ETF | COM | 78467y107 |  | 1064024 | 2403 | SH |  | SOLE |  | 0 | 0 | 2403 |
| Schwab US Mid-Cap ETF | COM | 808524508 |  | 777019 | 11843 | SH |  | SOLE |  | 0 | 0 | 11843 |
| Vanguard Extended Market ETF | COM | 922908652 |  | 252434 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| Vanguard Mid Cap ETF | COM | 922908629 |  | 5990306 | 29392 | SH |  | SOLE |  | 0 | 0 | 29392 |
| IShares Russell Midcap Value Index ETF | COM | 464287473 |  | 981151 | 9314 | SH |  | SOLE |  | 0 | 0 | 9314 |
| IShares S MidCap 400/Barra Value ETF | COM | 464287705 |  | 2523226 | 25032 | SH |  | SOLE |  | 0 | 0 | 25032 |
| Pacer U.S. Cash Cows 100 - ETF | COM | 69374h881 |  | 4748508 | 102670 | SH |  | SOLE |  | 0 | 0 | 102670 |
| ProShares S MidCap 400 Dividend Aristo. | COM | 74347b680 |  | 676577 | 9456 | SH |  | SOLE |  | 0 | 0 | 9456 |
| Vanguard Mid-Cap Value ETF | COM | 922908512 |  | 2422812 | 17915 | SH |  | SOLE |  | 0 | 0 | 17915 |
| First Trust NASDAQ-100 Equal Wtd ETF | COM | 337344105 |  | 2051230 | 23105 | SH |  | SOLE |  | 0 | 0 | 23105 |
| IShares MSCI USA Momentum Factor ETF | COM | 46432f396 |  | 4514345 | 30935 | SH |  | SOLE |  | 0 | 0 | 30935 |
| IShares Russell 1000 Growth Index ETF | COM | 464287614 |  | 727559 | 3396 | SH |  | SOLE |  | 0 | 0 | 3396 |
| Nuveen TR ESG Large Cap Growth ETF | COM | 67092p201 |  | 311674 | 6375 | SH |  | SOLE |  | 0 | 0 | 6375 |
| Schwab US Large-Cap Growth ETF | COM | 808524300 |  | 654775 | 11785 | SH |  | SOLE |  | 0 | 0 | 11785 |
| Vanguard Growth ETF | COM | 922908736 |  | 1343019 | 6302 | SH |  | SOLE |  | 0 | 0 | 6302 |
| Vanguard Mega Cap Growth ETF | COM | 921910816 |  | 296477 | 1723 | SH |  | SOLE |  | 0 | 0 | 1723 |
| Vanguard Russell 1000 Growth ETF | COM | 92206c680 |  | 2156956 | 39132 | SH |  | SOLE |  | 0 | 0 | 39132 |
| Vanguard S 500 Growth ETF | COM | 921932505 |  | 3961453 | 18780 | SH |  | SOLE |  | 0 | 0 | 18780 |
| iShares Russell Top 200 Growth ETF | COM | 464289438 |  | 946763 | 7855 | SH |  | SOLE |  | 0 | 0 | 7855 |
| First Tr Large Cap Core AlphaDex Fd ETF | COM | 33734k109 |  | 542074 | 6770 | SH |  | SOLE |  | 0 | 0 | 6770 |
| First Trust Capital Strength ETF | COM | 33733E104 |  | 3865846 | 51579 | SH |  | SOLE |  | 0 | 0 | 51579 |
| Goldman Sachs ActiveBeta US LargeCp Eq ETF | COM | 381430503 |  | 5938445 | 78004 | SH |  | SOLE |  | 0 | 0 | 78004 |
| IShares - Russell 200 Index ETF | COM | 464289446 |  | 488462 | 5429 | SH |  | SOLE |  | 0 | 0 | 5429 |
| IShares Edge MSCI USA Quality Factor ETF | COM | 46432f339 |  | 906894 | 7958 | SH |  | SOLE |  | 0 | 0 | 7958 |
| IShares MSCI USA Minimum Volatility ETF | COM | 46429b697 |  | 4389633 | 60883 | SH |  | SOLE |  | 0 | 0 | 60883 |
| IShares Russell 1000 Index Fund ETF | COM | 464287622 |  | 731468 | 3475 | SH |  | SOLE |  | 0 | 0 | 3475 |
| IShares Russell 3000 Index ETF | COM | 464287689 |  | 3308876 | 14994 | SH |  | SOLE |  | 0 | 0 | 14994 |
| IShares S 500 Index ETF | COM | 464287200 |  | 504117 | 1312 | SH |  | SOLE |  | 0 | 0 | 1312 |
| Invesco Russell 1000 Dynamic Multi ETF | COM | 46138j619 |  | 2992417 | 69688 | SH |  | SOLE |  | 0 | 0 | 69688 |
| Invesco S 500 GARP - ETF | COM | 46137V431 |  | 3906708 | 47297 | SH |  | SOLE |  | 0 | 0 | 47297 |
| Invesco S 500 Low Volatility ETF | COM | 46138e354 |  | 5179223 | 81052 | SH |  | SOLE |  | 0 | 0 | 81052 |
| Invesco S 500 Quality ETF A | COM | 46137v241 |  | 8368184 | 190186 | SH |  | SOLE |  | 0 | 0 | 190186 |
| JPMorgan Equity Premium Income ETF | COM | 46641q332 |  | 336183 | 6170 | SH |  | SOLE |  | 0 | 0 | 6170 |
| SPDR S 500 ETF | COM | 78462F103 |  | 3778195 | 9879 | SH |  | SOLE |  | 0 | 0 | 9879 |
| Schwab US Broad Market ETF | COM | 808524102 |  | 2821014 | 62955 | SH |  | SOLE |  | 0 | 0 | 62955 |
| Schwab US Large-Cap ETF | COM | 808524201 |  | 759604 | 16824 | SH |  | SOLE |  | 0 | 0 | 16824 |
| Vanguard Dividend Appreciation ETF | COM | 921908844 |  | 12570143 | 82780 | SH |  | SOLE |  | 0 | 0 | 82780 |
| Vanguard ESG US Stock - ETF | COM | 921910733 |  | 616911 | 9367 | SH |  | SOLE |  | 0 | 0 | 9367 |
| Vanguard Large Cap ETF | COM | 922908637 |  | 579215 | 3325 | SH |  | SOLE |  | 0 | 0 | 3325 |
| Vanguard Mega Cap ETF | COM | 921910873 |  | 9922983 | 74947 | SH |  | SOLE |  | 0 | 0 | 74947 |
| Vanguard Russell 1000 ETF | COM | 92206c730 |  | 6354042 | 36463 | SH |  | SOLE |  | 0 | 0 | 36463 |
| Vanguard Russell 3000 ETF | COM | 92206c599 |  | 426799 | 2485 | SH |  | SOLE |  | 0 | 0 | 2485 |
| Vanguard S 500 ETF | COM | 922908363 |  | 2500510 | 7117 | SH |  | SOLE |  | 0 | 0 | 7117 |
| Vanguard Total Stock Market ETF | COM | 922908769 |  | 15992868 | 83649 | SH |  | SOLE |  | 0 | 0 | 83649 |
| WisdomTree US Quality Dividend Gr ETF | COM | 97717x669 |  | 426142 | 7060 | SH |  | SOLE |  | 0 | 0 | 7060 |
| ALPS Sector Dividend Dogs ETF | COM | 00162q858 |  | 202931 | 3945 | SH |  | SOLE |  | 0 | 0 | 3945 |
| Dimensional US Marketwide Value - ETF | COM | 25434v724 |  | 457337 | 13660 | SH |  | SOLE |  | 0 | 0 | 13660 |
| First Trust Morningstar Div Leaders ETF | COM | 336917109 |  | 7284908 | 199259 | SH |  | SOLE |  | 0 | 0 | 199259 |
| First Trust Rising Dividend Achievers ETF | COM | 33738r506 |  | 3415816 | 77774 | SH |  | SOLE |  | 0 | 0 | 77774 |
| First Trust Value Line Dividend ETF | COM | 33734h106 |  | 3791530 | 95002 | SH |  | SOLE |  | 0 | 0 | 95002 |
| FlexShares Quality Dividend ETF | COM | 33939l860 |  | 209874 | 3990 | SH |  | SOLE |  | 0 | 0 | 3990 |
| IShares Core US Value ETF | COM | 464287663 |  | 781521 | 11065 | SH |  | SOLE |  | 0 | 0 | 11065 |
| IShares Russell 1000 Value Index ETF | COM | 464287598 |  | 270695 | 1785 | SH |  | SOLE |  | 0 | 0 | 1785 |
| IShares Select Dividend ETF | COM | 464287168 |  | 1725304 | 14306 | SH |  | SOLE |  | 0 | 0 | 14306 |
| Invesco S 500 High Div/Low Volat. ETF | COM | 46138e362 |  | 215205 | 4910 | SH |  | SOLE |  | 0 | 0 | 4910 |
| Invesco S 500 Pure Value ETF | COM | 46137v258 |  | 202358 | 2595 | SH |  | SOLE |  | 0 | 0 | 2595 |
| Invesco S 500 Revenue ETF | COM | 46138g698 |  | 539762 | 7300 | SH |  | SOLE |  | 0 | 0 | 7300 |
| ProShares S 500 Dividend Aristocrats ETF | COM | 74348a467 |  | 3952691 | 43924 | SH |  | SOLE |  | 0 | 0 | 43924 |
| SPDR Dow Jones Industrial Average ETF | COM | 78467x109 |  | 1231554 | 3717 | SH |  | SOLE |  | 0 | 0 | 3717 |
| SPDR S Dividend ETF | COM | 78464a763 |  | 2029660 | 16223 | SH |  | SOLE |  | 0 | 0 | 16223 |
| SPDR S Value ETF | COM | 78464a508 |  | 3547351 | 91215 | SH |  | SOLE |  | 0 | 0 | 91215 |
| Schwab Fundamental US Broad Market ETF | COM | 808524789 |  | 524306 | 9964 | SH |  | SOLE |  | 0 | 0 | 9964 |
| Schwab US Div Equity ETF | COM | 808524797 |  | 11907321 | 157629 | SH |  | SOLE |  | 0 | 0 | 157629 |
| T. Rowe Price Dividend Growth ETF | COM | 87283q404 |  | 381765 | 12162 | SH |  | SOLE |  | 0 | 0 | 12162 |
| Vanguard High Dividend Yield ETF | COM | 921946406 |  | 2211434 | 20437 | SH |  | SOLE |  | 0 | 0 | 20437 |
| Vanguard Russell 1000 Value ETF | COM | 92206c714 |  | 977860 | 14687 | SH |  | SOLE |  | 0 | 0 | 14687 |
| Vanguard S 500 Value ETF | COM | 921932703 |  | 352251 | 2515 | SH |  | SOLE |  | 0 | 0 | 2515 |
| Vanguard Value ETF | COM | 922908744 |  | 1357799 | 9673 | SH |  | SOLE |  | 0 | 0 | 9673 |
| WisdomTree U.S. LargeCap Dividend ETF | COM | 97717w307 |  | 465864 | 7520 | SH |  | SOLE |  | 0 | 0 | 7520 |
| Pacer Global Cash Cows Dividend ETF | COM | 69374h709 |  | 384689 | 12120 | SH |  | SOLE |  | 0 | 0 | 12120 |
| IShares Core MSCI Total Int'l Stk ETF | COM | 46432f834 |  | 530817 | 9171 | SH |  | SOLE |  | 0 | 0 | 9171 |
| WisdomTree International Hdgd Div Gr ETF | COM | 97717x594 |  | 918363 | 25775 | SH |  | SOLE |  | 0 | 0 | 25775 |
| Goldman Sachs ActiveBeta Int'l Eq ETF | COM | 381430107 |  | 2214563 | 76948 | SH |  | SOLE |  | 0 | 0 | 76948 |
| IShares MSCI EAFE ETF | COM | 464287465 |  | 258096 | 3932 | SH |  | SOLE |  | 0 | 0 | 3932 |
| Vanguard FTSE All-World (ex. US) ETF | COM | 922042775 |  | 1273355 | 25396 | SH |  | SOLE |  | 0 | 0 | 25396 |
| Vanguard Tax-Mgd Int'l Dev. Markets ETF | COM | 921943858 |  | 505529 | 12045 | SH |  | SOLE |  | 0 | 0 | 12045 |
| Goldman Sachs ActiveBeta Emerging Mkts ETF | COM | 381430206 |  | 595642 | 21040 | SH |  | SOLE |  | 0 | 0 | 21040 |
| Vanguard Emerging Mkts. ETF | COM | 922042858 |  | 709113 | 18192 | SH |  | SOLE |  | 0 | 0 | 18192 |
| First TR Global Tactical Commodity ETF | COM | 33739h101 |  | 2458548 | 100390 | SH |  | SOLE |  | 0 | 0 | 100390 |
| SPDR Gold Shares ETF | COM | 78463v107 |  | 711979 | 4197 | SH |  | SOLE |  | 0 | 0 | 4197 |

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