# EDGAR Filing Document

**Accession Number:** 0002035548
**File Stem:** 0002035548-25-000005
**Filing Date:** 2025-11
**Character Count:** 18373
**Document Hash:** 2b32cdf18b0aed2bf3d120ab29e06652
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002035548-25-000005.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0002035548-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Financial Advisors
- **CENTRAL INDEX KEY:** 0002035548

**ORGANIZATION NAME:**
- **EIN:** 262363665
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24356
- **FILM NUMBER:** 251484931

**BUSINESS ADDRESS:**
- **STREET 1:** 964 BUSINESS 28
- **CITY:** MILFORD
- **STATE:** OH
- **ZIP:** 45150
- **BUSINESS PHONE:** 5135759654

**MAIL ADDRESS:**
- **STREET 1:** 964 BUSINESS 28
- **CITY:** MILFORD
- **STATE:** OH
- **ZIP:** 45150

### 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:** Brown Financial Advisors<br>**Address:** 964 BUSINESS 28<br>MILFORD, OH 45150

**Form 13F File Number:** 028-24356

**CRD Number (if applicable):** 000147056

**SEC File Number (if applicable):** 801-119541

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:** Gregory A. Brown<br>**Title:** President/Principal<br>**Phone:** 5135759654

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

Gregory A. Brown  Milford, OH  11-14-2025<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:** 147

**Form 13F Information Table Value Total:** $270685713

      (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 |  | 1884938 | 14073 | SH |  | SOLE | 0 | 0 | 0 | 14073 |
| ABBVIE INC | COM | 00287Y109 |  | 527911 | 2280 | SH |  | SOLE | 0 | 0 | 0 | 2280 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 371750 | 1508 | SH |  | SOLE | 0 | 0 | 0 | 1508 |
| AIM ETF PRODUCTS TRUST | ALLIANZIM US EQU | 00888H554 |  | 2923388 | 102575 | SH |  | SOLE | 0 | 0 | 0 | 102575 |
| AIM ETF PRODUCTS TRUST | US LRGCP B10 FEB | 00888H828 |  | 648713 | 17513 | SH |  | SOLE | 0 | 0 | 0 | 17513 |
| AIM ETF PRODUCTS TRUST | US LRGCP B10 JUL | 00888H307 |  | 329141 | 7502 | SH |  | SOLE | 0 | 0 | 0 | 7502 |
| ALLSTATE CORP | COM | 020002101 |  | 480601 | 2239 | SH |  | SOLE | 0 | 0 | 0 | 2239 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 6070727 | 24926 | SH |  | SOLE | 0 | 0 | 0 | 24926 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 504897 | 7643 | SH |  | SOLE | 0 | 0 | 0 | 7643 |
| AMAZON COM INC | COM | 023135106 |  | 6748264 | 30734 | SH |  | SOLE | 0 | 0 | 0 | 30734 |
| AMERICAN CENTY ETF TR | INTL EQT ETF | 025072703 |  | 5892015 | 74677 | SH |  | SOLE | 0 | 0 | 0 | 74677 |
| AMERICAN CENTY ETF TR | AVANTIS EMGMKT | 025072604 |  | 4417970 | 58820 | SH |  | SOLE | 0 | 0 | 0 | 58820 |
| AMERICAN CENTY ETF TR | US EQT ETF | 025072885 |  | 899384 | 8274 | SH |  | SOLE | 0 | 0 | 0 | 8274 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 486563 | 4325 | SH |  | SOLE | 0 | 0 | 0 | 4325 |
| AMGEN INC | COM | 031162100 |  | 427815 | 1516 | SH |  | SOLE | 0 | 0 | 0 | 1516 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 1939905 | 15676 | SH |  | SOLE | 0 | 0 | 0 | 15676 |
| AMPLIFY ETF TR | BLOCKCHAIN LDR | 032108607 |  | 345658 | 5156 | SH |  | SOLE | 0 | 0 | 0 | 5156 |
| ANGEL OAK FUNDS TRUST | OAK ULTRASHORT | 03463K752 |  | 3590533 | 70203 | SH |  | SOLE | 0 | 0 | 0 | 70203 |
| APPLE INC | COM | 037833100 |  | 5740633 | 22545 | SH |  | SOLE | 0 | 0 | 0 | 22545 |
| ARK ETF TR | NEXT GNRTN INTER | 00214Q401 |  | 349744 | 2003 | SH |  | SOLE | 0 | 0 | 0 | 2003 |
| AT INC | COM | 00206R102 |  | 426819 | 15114 | SH |  | SOLE | 0 | 0 | 0 | 15114 |
| AVERY DENNISON CORP | COM | 053611109 |  | 392857 | 2423 | SH |  | SOLE | 0 | 0 | 0 | 2423 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 1293419 | 26548 | SH |  | SOLE | 0 | 0 | 0 | 26548 |
| BALL CORP | COM | 058498106 |  | 401772 | 7969 | SH |  | SOLE | 0 | 0 | 0 | 7969 |
| BANK AMERICA CORP | COM | 060505104 |  | 1695866 | 32872 | SH |  | SOLE | 0 | 0 | 0 | 32872 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2267609 | 4511 | SH |  | SOLE | 0 | 0 | 0 | 4511 |
| BONDBLOXX ETF TRUST | BONDBLOXX PRIVAT | 09789C671 |  | 1990890 | 39369 | SH |  | SOLE | 0 | 0 | 0 | 39369 |
| BONDBLOXX ETF TRUST | BLOOMBERG SEVEN | 09789C820 |  | 2600942 | 53976 | SH |  | SOLE | 0 | 0 | 0 | 53976 |
| BONDBLOXX ETF TRUST | BLOOMBERG FVE YR | 09789C838 |  | 3768341 | 76082 | SH |  | SOLE | 0 | 0 | 0 | 76082 |
| BONDBLOXX ETF TRUST | BLOOMBERG TEN YR | 09789C812 |  | 2100355 | 45043 | SH |  | SOLE | 0 | 0 | 0 | 45043 |
| BONDBLOXX ETF TRUST | BBB RATED 1 5 YE | 09789C754 |  | 2887828 | 55852 | SH |  | SOLE | 0 | 0 | 0 | 55852 |
| BONDBLOXX ETF TRUST | BLOOMBERG THREE | 09789C846 |  | 2298656 | 46122 | SH |  | SOLE | 0 | 0 | 0 | 46122 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 1167948 | 11963 | SH |  | SOLE | 0 | 0 | 0 | 11963 |
| BROADCOM INC | COM | 11135F101 |  | 3661671 | 11099 | SH |  | SOLE | 0 | 0 | 0 | 11099 |
| CHEVRON CORP NEW | COM | 166764100 |  | 2497684 | 16084 | SH |  | SOLE | 0 | 0 | 0 | 16084 |
| CINTAS CORP | COM | 172908105 |  | 221681 | 1080 | SH |  | SOLE | 0 | 0 | 0 | 1080 |
| CME GROUP INC | COM | 12572Q105 |  | 446354 | 1652 | SH |  | SOLE | 0 | 0 | 0 | 1652 |
| COCA COLA CO | COM | 191216100 |  | 1679421 | 25323 | SH |  | SOLE | 0 | 0 | 0 | 25323 |
| COHEN  STEERS ETF TRUST | NATURAL RES ACTI | 19249U302 |  | 1051943 | 36200 | SH |  | SOLE | 0 | 0 | 0 | 36200 |
| COLUMBIA ETF TR I | RESH ENHNC COR | 19761L706 |  | 4721071 | 117003 | SH |  | SOLE | 0 | 0 | 0 | 117003 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1309646 | 13846 | SH |  | SOLE | 0 | 0 | 0 | 13846 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1242658 | 1343 | SH |  | SOLE | 0 | 0 | 0 | 1343 |
| DEXCOM INC | COM | 252131107 |  | 1043365 | 15506 | SH |  | SOLE | 0 | 0 | 0 | 15506 |
| DISNEY WALT CO | COM | 254687106 |  | 424223 | 3705 | SH |  | SOLE | 0 | 0 | 0 | 3705 |
| DOUBLELINE ETF TRUST | ASSET BACKED SEC | 25861R808 |  | 3110461 | 60905 | SH |  | SOLE | 0 | 0 | 0 | 60905 |
| DOUBLELINE ETF TRUST | MORTGAGE ETF | 25861R402 |  | 8136342 | 163775 | SH |  | SOLE | 0 | 0 | 0 | 163775 |
| DOUBLELINE ETF TRUST | COMMERCIAL REAL | 25861R303 |  | 592462 | 11376 | SH |  | SOLE | 0 | 0 | 0 | 11376 |
| EATON CORP PLC | SHS | G29183103 |  | 1906055 | 5093 | SH |  | SOLE | 0 | 0 | 0 | 5093 |
| ECOLAB INC | COM | 278865100 |  | 1355881 | 4951 | SH |  | SOLE | 0 | 0 | 0 | 4951 |
| EQUINIX INC | COM | 29444U700 |  | 1152146 | 1471 | SH |  | SOLE | 0 | 0 | 0 | 1471 |
| ETF SER SOLUTIONS | DEFIANCE QUANTUM | 26922A420 |  | 208456 | 1987 | SH |  | SOLE | 0 | 0 | 0 | 1987 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 1505521 | 10682 | SH |  | SOLE | 0 | 0 | 0 | 10682 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 467180 | 4144 | SH |  | SOLE | 0 | 0 | 0 | 4144 |
| FIRST TR EXCHANGE-TRADED FD | FIRST TR ENH NEW | 33739Q408 |  | 1454615 | 24280 | SH |  | SOLE | 0 | 0 | 0 | 24280 |
| FIRST TR EXCHNG TRADED FD VI | SKYBRIDGE CRYPTO | 33740F540 |  | 414118 | 18587 | SH |  | SOLE | 0 | 0 | 0 | 18587 |
| GENERAL MLS INC | COM | 370334104 |  | 432604 | 8580 | SH |  | SOLE | 0 | 0 | 0 | 8580 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 3107358 | 3902 | SH |  | SOLE | 0 | 0 | 0 | 3902 |
| HOME DEPOT INC | COM | 437076102 |  | 476503 | 1176 | SH |  | SOLE | 0 | 0 | 0 | 1176 |
| HONEYWELL INTL INC | COM | 438516106 |  | 408370 | 1940 | SH |  | SOLE | 0 | 0 | 0 | 1940 |
| INNOVATOR ETFS TRUST | EQUITY DUAL DIRT | 45784N510 |  | 481291 | 23512 | SH |  | SOLE | 0 | 0 | 0 | 23512 |
| INNOVATOR ETFS TRUST | INNOVATOR DEEPW | 45782C862 |  | 220019 | 2978 | SH |  | SOLE | 0 | 0 | 0 | 2978 |
| INNOVATOR ETFS TRUST | INNOVATOR INTER | 45783Y533 |  | 313483 | 9837 | SH |  | SOLE | 0 | 0 | 0 | 9837 |
| INNOVATOR ETFS TRUST | GRADIENT TACTIC | 45783Y665 |  | 1878647 | 71107 | SH |  | SOLE | 0 | 0 | 0 | 71107 |
| INNOVATOR ETFS TRUST | EQUITY DEF PROTN | 45783Y541 |  | 2973687 | 101543 | SH |  | SOLE | 0 | 0 | 0 | 101543 |
| INNOVATOR ETFS TRUST | US EQT ACLRTD 9 | 45783Y889 |  | 4322968 | 115446 | SH |  | SOLE | 0 | 0 | 0 | 115446 |
| INNOVATOR ETFS TRUST | GROWTH 100 PWR B | 45783Y129 |  | 452009 | 15611 | SH |  | SOLE | 0 | 0 | 0 | 15611 |
| INSULET CORP | COM | 45784P101 |  | 1029615 | 3335 | SH |  | SOLE | 0 | 0 | 0 | 3335 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 425580 | 2526 | SH |  | SOLE | 0 | 0 | 0 | 2526 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 390792 | 1385 | SH |  | SOLE | 0 | 0 | 0 | 1385 |
| INVESCO ACTIVELY MANAGED EXC | ULTRA SHRT DUR | 46090A887 |  | 3596108 | 71587 | SH |  | SOLE | 0 | 0 | 0 | 71587 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 3462151 | 14010 | SH |  | SOLE | 0 | 0 | 0 | 14010 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 228141 | 380 | SH |  | SOLE | 0 | 0 | 0 | 380 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 229620 | 4330 | SH |  | SOLE | 0 | 0 | 0 | 4330 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 741170 | 6960 | SH |  | SOLE | 0 | 0 | 0 | 6960 |
| ISHARES TR | ESG MSCI KLD 400 | 464288570 |  | 289685 | 2300 | SH |  | SOLE | 0 | 0 | 0 | 2300 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 2147860 | 39709 | SH |  | SOLE | 0 | 0 | 0 | 39709 |
| ISHARES TR | CORE S ETF | 464287200 |  | 227562 | 340 | SH |  | SOLE | 0 | 0 | 0 | 340 |
| ISHARES U S ETF TR | U.S. TECH INDEPD | 46431W648 |  | 2869228 | 28149 | SH |  | SOLE | 0 | 0 | 0 | 28149 |
| J P MORGAN EXCHANGE TRADED F | BETABUILDRS US | 46641Q399 |  | 321800 | 2667 | SH |  | SOLE | 0 | 0 | 0 | 2667 |
| J P MORGAN EXCHANGE TRADED F | HEDGED EQUITY LA | 46654Q724 |  | 3625115 | 55771 | SH |  | SOLE | 0 | 0 | 0 | 55771 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHT MUNCPL | 46641Q654 |  | 254128 | 4979 | SH |  | SOLE | 0 | 0 | 0 | 4979 |
| JAMES HARDIE INDS PLC | ORD SHS | G4253H101 |  | 727099 | 37850 | SH |  | SOLE | 0 | 0 | 0 | 37850 |
| JANUS DETROIT STR TR | HENDERSON MTG | 47103U852 |  | 4382265 | 95955 | SH |  | SOLE | 0 | 0 | 0 | 95955 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 3435876 | 67662 | SH |  | SOLE | 0 | 0 | 0 | 67662 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2015515 | 10870 | SH |  | SOLE | 0 | 0 | 0 | 10870 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 3024974 | 9590 | SH |  | SOLE | 0 | 0 | 0 | 9590 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 457603 | 16164 | SH |  | SOLE | 0 | 0 | 0 | 16164 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 545157 | 1785 | SH |  | SOLE | 0 | 0 | 0 | 1785 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 1774443 | 13252 | SH |  | SOLE | 0 | 0 | 0 | 13252 |
| LOWES COS INC | COM | 548661107 |  | 1994773 | 7938 | SH |  | SOLE | 0 | 0 | 0 | 7938 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 1486200 | 2358 | SH |  | SOLE | 0 | 0 | 0 | 2358 |
| MCDONALDS CORP | COM | 580135101 |  | 1829722 | 6021 | SH |  | SOLE | 0 | 0 | 0 | 6021 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 2139281 | 22462 | SH |  | SOLE | 0 | 0 | 0 | 22462 |
| META PLATFORMS INC | CL A | 30303M102 |  | 5125238 | 6979 | SH |  | SOLE | 0 | 0 | 0 | 6979 |
| MICROSOFT CORP | COM | 594918104 |  | 7479975 | 14442 | SH |  | SOLE | 0 | 0 | 0 | 14442 |
| MOODYS CORP | COM | 615369105 |  | 421208 | 884 | SH |  | SOLE | 0 | 0 | 0 | 884 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 2687457 | 16907 | SH |  | SOLE | 0 | 0 | 0 | 16907 |
| MOSAIC CO NEW | COM | 61945C103 |  | 431176 | 12433 | SH |  | SOLE | 0 | 0 | 0 | 12433 |
| NEOS ETF TRUST | NEOS S 500 HI | 78433H303 |  | 6322024 | 120880 | SH |  | SOLE | 0 | 0 | 0 | 120880 |
| NEOS ETF TRUST | NEOS ENH INC 1-3 | 78433H501 |  | 890887 | 17917 | SH |  | SOLE | 0 | 0 | 0 | 17917 |
| NETFLIX INC | COM | 64110L106 |  | 1737235 | 1449 | SH |  | SOLE | 0 | 0 | 0 | 1449 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1529880 | 20266 | SH |  | SOLE | 0 | 0 | 0 | 20266 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 527062 | 865 | SH |  | SOLE | 0 | 0 | 0 | 865 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 7973683 | 42736 | SH |  | SOLE | 0 | 0 | 0 | 42736 |
| ORACLE CORP | COM | 68389X105 |  | 559386 | 1989 | SH |  | SOLE | 0 | 0 | 0 | 1989 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 1785849 | 8771 | SH |  | SOLE | 0 | 0 | 0 | 8771 |
| PAPA JOHNS INTL INC | COM | 698813102 |  | 442450 | 9189 | SH |  | SOLE | 0 | 0 | 0 | 9189 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 1224113 | 18254 | SH |  | SOLE | 0 | 0 | 0 | 18254 |
| PFIZER INC | COM | 717081103 |  | 292383 | 11475 | SH |  | SOLE | 0 | 0 | 0 | 11475 |
| PIMCO ETF TR | PREFERRED AND CP | 72201R619 |  | 1719294 | 33191 | SH |  | SOLE | 0 | 0 | 0 | 33191 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 2773229 | 18049 | SH |  | SOLE | 0 | 0 | 0 | 18049 |
| PROSHARES TR | DJ BRKFLD GLB | 74347B508 |  | 1004815 | 18568 | SH |  | SOLE | 0 | 0 | 0 | 18568 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 469320 | 4524 | SH |  | SOLE | 0 | 0 | 0 | 4524 |
| QUANTA SVCS INC | COM | 74762E102 |  | 1659752 | 4005 | SH |  | SOLE | 0 | 0 | 0 | 4005 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 458583 | 1312 | SH |  | SOLE | 0 | 0 | 0 | 1312 |
| RTX CORPORATION | COM | 75513E101 |  | 520313 | 3110 | SH |  | SOLE | 0 | 0 | 0 | 3110 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 287917 | 8377 | SH |  | SOLE | 0 | 0 | 0 | 8377 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 2611133 | 48471 | SH |  | SOLE | 0 | 0 | 0 | 48471 |
| SERVICENOW INC | COM | 81762P102 |  | 1293914 | 1406 | SH |  | SOLE | 0 | 0 | 0 | 1406 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 475342 | 4377 | SH |  | SOLE | 0 | 0 | 0 | 4377 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 1037075 | 32500 | SH |  | SOLE | 0 | 0 | 0 | 32500 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 4906569 | 114666 | SH |  | SOLE | 0 | 0 | 0 | 114666 |
| SPDR SERIES TRUST | PORTFOLIO LN TSR | 78464A664 |  | 659251 | 24462 | SH |  | SOLE | 0 | 0 | 0 | 24462 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A854 |  | 15779237 | 201420 | SH |  | SOLE | 0 | 0 | 0 | 201420 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 |  | 1234221 | 13452 | SH |  | SOLE | 0 | 0 | 0 | 13452 |
| SPDR SERIES TRUST | PORTFOLIO SH TSR | 78468R101 |  | 607510 | 20720 | SH |  | SOLE | 0 | 0 | 0 | 20720 |
| SPDR SERIES TRUST | PORTFOLIO AGRGTE | 78464A649 |  | 2071102 | 80120 | SH |  | SOLE | 0 | 0 | 0 | 80120 |
| SPDR SERIES TRUST | PORTFLI INTRMDIT | 78464A672 |  | 1709897 | 59166 | SH |  | SOLE | 0 | 0 | 0 | 59166 |
| SSGA ACTIVE TR | SPDR SSGA IG PUB | 78470P622 |  | 1203664 | 47184 | SH |  | SOLE | 0 | 0 | 0 | 47184 |
| STARBUCKS CORP | COM | 855244109 |  | 1392643 | 16462 | SH |  | SOLE | 0 | 0 | 0 | 16462 |
| SYNOPSYS INC | COM | 871607107 |  | 1202885 | 2438 | SH |  | SOLE | 0 | 0 | 0 | 2438 |
| TARGET CORP | COM | 87612E106 |  | 1433316 | 15979 | SH |  | SOLE | 0 | 0 | 0 | 15979 |
| TEXAS INSTRS INC | COM | 882508104 |  | 395754 | 2154 | SH |  | SOLE | 0 | 0 | 0 | 2154 |
| TIDAL TRUST II | ROUNDHILL GENER | 88636J600 |  | 237267 | 3858 | SH |  | SOLE | 0 | 0 | 0 | 3858 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 1108237 | 11312 | SH |  | SOLE | 0 | 0 | 0 | 11312 |
| UNITED RENTALS INC | COM | 911363109 |  | 2228654 | 2335 | SH |  | SOLE | 0 | 0 | 0 | 2335 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2256190 | 6534 | SH |  | SOLE | 0 | 0 | 0 | 6534 |
| US BANCORP DEL | COM NEW | 902973304 |  | 470541 | 9736 | SH |  | SOLE | 0 | 0 | 0 | 9736 |
| VANECK ETF TRUST | MORNINGSTAR SMID | 92189H730 |  | 1724083 | 47785 | SH |  | SOLE | 0 | 0 | 0 | 47785 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 912130 | 2329 | SH |  | SOLE | 0 | 0 | 0 | 2329 |
| VISA INC | COM CL A | 92826C839 |  | 2444281 | 7160 | SH |  | SOLE | 0 | 0 | 0 | 7160 |
| WALMART INC | COM | 931142103 |  | 2394094 | 23230 | SH |  | SOLE | 0 | 0 | 0 | 23230 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 1222250 | 6953 | SH |  | SOLE | 0 | 0 | 0 | 6953 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 439301 | 5241 | SH |  | SOLE | 0 | 0 | 0 | 5241 |
| WELLTOWER INC | COM | 95040Q104 |  | 527294 | 2960 | SH |  | SOLE | 0 | 0 | 0 | 2960 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 2113919 | 27651 | SH |  | SOLE | 0 | 0 | 0 | 27651 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 1075522 | 10919 | SH |  | SOLE | 0 | 0 | 0 | 10919 |

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