Accredited Investors Inc.

Name: Accredited Investors Inc. 13F holdings, Q4 2025
Creator: Accredited Investors Inc.
Published: 2026-02-05

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Accredited Investors Inc. reported 283 stock positions worth $1.9 billion. Its top holding was Avantis Intl S/C Value ETF (AVDV) at 13.0% of the portfolio, followed by Schwab US Broad Market ETF (SCHB, 6.6%) and Vanguard Mrngstr Val ETF-Aui (VTV, 5.1%). Compared with Q3 2025, it opened 42 new positions, sold out of 23, added to 96 and reduced 86. The biggest buy was a new position in Sezzle (SEZL) and the biggest sale iShares Core S&P Midcap ETF (IJH, shares −14%).

Most Recent 13F: Q2 2026
Location: EDINA, MN
CIK: 0001518364
Portfolio Value: $1.9B (Q4 2025)
SEC Filing: 0001518364-26-000002 ↗ filed Feb 5, 2026

Holdings Value

Holdings 283 stocks · $1.9B


AVDV Avantis Intl S/C Value ETF	13.03%	2,610,276	$245.3M	Add +1.2%
SCHB Schwab US Broad Market ETF	6.57%	4,719,541	$123.8M	Reduce -1.8%
VTV Vanguard Mrngstr Val ETF-Aui	5.07%	499,930	$95.5M	Add +5.4%
IJH iShares Core S&P Midcap ETF	4.95%	1,412,318	$93.2M	Reduce -14.4%
IVV iShares Core S&P 500 ETF	4.81%	132,174	$90.5M	Add +2.3%
IWM iShares Russell 2000 ETF	4.32%	330,146	$81.3M	Add +8.8%
UPS United Parcel Service Class B	4.13%	783,700	$77.7M	No change
IJR iShares Core S&P Small-Cap E	4.06%	636,486	$76.5M	Add +0.3%
BRK.A Berkshire Hathaway Inc. Class A	3.45%	86	$64.9M	Add +8.9%
AAPL Apple Inc.	3.24%	224,153	$60.9M	Reduce -8.3%
EFA iShares MSCI Eafe ETF	3.09%	606,562	$58.2M	Reduce -2.5%
SEZL Sezzle Inc.	3.08%	913,042	$58.0M	New
AMZN Amazon.com Inc.	2.81%	229,404	$53.0M	Reduce -1.3%
IWF iShares Russell 1000 Growth	2.35%	93,306	$44.2M	Reduce -6.1%
SPYV SS SPDR P S&P 500 Value ETF	2.21%	732,955	$41.6M	Reduce -4.5%
VGK Vanguard Ftse Europe ETF	1.95%	438,075	$36.6M	Add +2.1%
RBLX Roblox Corp. Class A	1.62%	376,574	$30.5M	No change
VT Vanguard Tot World STK ETF	1.48%	197,095	$27.8M	Reduce -2.0%
IWP iShares Russell Mid-Cap Grow	1.36%	187,039	$25.6M	Reduce -6.8%
BRK.B Berkshire Hathaway Inc. Class B	1.33%	49,774	$25.0M	Add +0.2%
VEA Vanguard Ftse Developed ETF	1.15%	347,858	$21.7M	Reduce -4.2%
MSFT Microsoft Corp.	1.07%	41,501	$20.1M	Reduce -1.6%
SPY SS SPDR S&P 500 ETF Trust-US	0.92%	25,393	$17.3M	Reduce -4.2%
CHRW C.H. Robinson Worldwide Inc.	0.91%	106,478	$17.1M	Add +5.6%
EFV iShares MSCI Eafe Value ETF	0.90%	238,444	$17.0M	Reduce -1.9%
ESML iShares ESG Aware MSCI USA S	0.73%	300,948	$13.8M	Reduce -0.4%
ADP Automatic Data Processing	0.71%	52,270	$13.4M	Add +0.6%
NVDA Nvidia Corp.	0.68%	69,008	$12.9M	Reduce -8.5%
GOOG Alphabet Inc. Class C	0.64%	38,599	$12.1M	Add +7.4%
EAGG iShares ESG Aware US Aggrega	0.63%	249,800	$12.0M	Add +1.6%
VEU Vanguard Ftse All-World Ex-U	0.58%	149,560	$11.0M	Reduce -1.7%
FNDA Schwab Fndmntl US SM Co. ETF	0.50%	297,794	$9.4M	Reduce -30.3%
VO Vngrd Mrngstr MD-Cap ETF-Usd	0.45%	29,216	$8.5M	Reduce -0.4%
MGK Vngrd Mrgstr MG CP GR ETF-Ui	0.44%	20,020	$8.3M	Reduce -2.8%
ONB Old National Bancorp	0.43%	366,545	$8.2M	Reduce -18.6%
PRFZ Inv Rafi US 1500 SM-Usd Inc.	0.41%	170,003	$7.8M	Reduce -8.8%
SUSA iShares ESG Optimized MSCI U	0.38%	50,696	$7.1M	Reduce -10.5%
IWS iShares Russell Mid-Cap Valu	0.37%	49,704	$7.0M	Reduce -18.0%
JPM JPMorgan Chase & Co.	0.36%	20,998	$6.8M	Add +2.9%
VTI VG Morningstar TS MKT ETF-US	0.35%	19,801	$6.6M	Reduce -8.2%
VB Vanguard Most SM-Cap ETF-Usd	0.35%	25,301	$6.5M	Reduce -0.7%
DMXF iShares ESG Advanc MSCI Eafe	0.33%	83,409	$6.3M	Add +4.7%
ESGD iShares Trust iShares ESG Aw	0.32%	64,036	$6.1M	Add +2.5%
GOOGL Alphabet Inc. Class A	0.32%	19,187	$6.0M	Add +10.2%
GIS General Mills Inc.	0.28%	115,234	$5.4M	Reduce -2.4%
SUSB iShares ESG Aware 1-5 Year U	0.26%	196,915	$5.0M	Add +14.4%
MMM 3M Co.	0.24%	28,514	$4.6M	Reduce -1.5%
LLY Eli Lilly & Co.	0.23%	3,986	$4.3M	Add +4.6%
VOO Vanguard S&P 500 ETF	0.22%	6,650	$4.2M	Add +4.3%
USXF iShares ESG Advance MSCI USA	0.22%	72,098	$4.2M	Reduce -3.8%
IWB iShares Russell 1000 ETF	0.21%	10,511	$3.9M	Reduce -2.2%
META Meta Platforms Inc. Class A	0.21%	5,916	$3.9M	Add +50.7%
UNH Unitedhealth Group Inc.	0.18%	10,502	$3.5M	Add +1.7%
TCMD Tactile Systems Technology I	0.18%	115,335	$3.3M	No change
USB US Bancorp	0.17%	60,099	$3.2M	Add +0.2%
VXUS Vanguard Total Intl Stock	0.17%	42,468	$3.2M	Reduce -2.6%
DSI iShares ESG MSCI KLD 400 ETF	0.17%	24,271	$3.1M	Reduce -7.6%
AGG iShares Core U.S. Aggregate	0.16%	30,597	$3.1M	Add +5.0%
IWD iShares Russell 1000 Value E	0.16%	14,490	$3.0M	Add +0.0%
TSLA Tesla Inc.	0.15%	6,219	$2.8M	Add +2.3%
QQQ Invesco QQQ Trust Series 1	0.15%	4,469	$2.7M	Add +15.1%
CELC Celcuity Inc.	0.14%	27,115	$2.7M	No change
TRV The Travelers Cos Inc.	0.13%	8,300	$2.4M	No change
V Visa Inc. Class A	0.13%	6,764	$2.4M	Reduce -0.4%
ORCL Oracle Corp.	0.12%	12,070	$2.4M	Add +0.3%
ITOT iShares Core S&P Total U.S.	0.12%	15,405	$2.3M	Reduce -3.9%
COST Costco Wholesale Corp.	0.12%	2,632	$2.3M	Add +5.7%
XOM Exxon Mobil Corp.	0.12%	18,253	$2.2M	Add +0.7%
ABBV Abbvie Inc.	0.11%	9,405	$2.1M	Add +4.4%
GGG Graco Inc.	0.10%	23,926	$2.0M	Reduce -6.2%
HD Home Depot Inc.	0.10%	5,457	$1.9M	Add +12.3%
AVGO Broadcom Inc.	0.10%	5,330	$1.8M	Add +45.4%
AXP American Express Co.	0.10%	4,968	$1.8M	No change
ABT Abbott Laboratories	0.10%	14,541	$1.8M	Add +1.1%
JNJ Johnson & Johnson	0.10%	8,650	$1.8M	Add +10.8%
EUSB Ishr ESG Advn Universal BD-$	0.10%	40,733	$1.8M	Add +4.0%
GWX State Street SPDR S&P Intern	0.09%	42,640	$1.7M	No change
WMT Walmart Inc.	0.09%	15,455	$1.7M	Add +14.8%
XEL Xcel Energy Inc.	0.09%	22,413	$1.7M	Add +6.0%
WFC Wells Fargo & Co.	0.08%	16,757	$1.6M	Reduce -1.7%
APH Amphenol Corp. Class A	0.08%	11,216	$1.5M	Reduce -4.5%
PG The Procter & Gamble Co.	0.08%	10,509	$1.5M	Reduce -4.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.08%	27,053	$1.5M	Add +7.4%
SCHG Schwab US Large-Cap Growth	0.08%	45,593	$1.5M	Reduce -0.3%
AON Aon PLC Class A	0.08%	4,185	$1.5M	Reduce -0.2%
MDY State Street SPDR S&P Midcap	0.08%	2,443	$1.5M	No change
ACN Accenture PLC Class A	0.08%	5,443	$1.5M	Add +4.5%
GE General Electric filed as GE AEROSPACE	0.07%	4,277	$1.3M	Reduce -3.8%
PEP Pepsico Inc.	0.07%	9,168	$1.3M	Reduce -1.1%
PWR Quanta Services Inc.	0.07%	3,093	$1.3M	New
FAST Fastenal Co.	0.07%	32,475	$1.3M	Add +1.9%
MRK Merck & Co. Inc.	0.07%	11,804	$1.2M	Add +19.7%
MCD McDonald's Corp.	0.07%	4,015	$1.2M	Reduce -2.6%
CDNS Cadence Design SYS Inc.	0.06%	3,907	$1.2M	No change
FICO Fair Isaac Corp.	0.06%	689	$1.2M	New
DVY iShares Select Dividend ETF	0.06%	8,140	$1.1M	Reduce -0.4%
VIG Vanguard Dividend Apprec ETF	0.06%	5,214	$1.1M	Reduce -4.2%
H Hyatt Hotels Corp. Class A	0.06%	7,146	$1.1M	New
UMBF Umb Financial Corp.	0.06%	9,939	$1.1M	No change
HLI Houlihan Lokey Inc.	0.06%	6,403	$1.1M	New
COF Capital One Financial Corp.	0.06%	4,514	$1.1M	New
LRCX Lam Research Corp.	0.06%	6,337	$1.1M	Reduce -13.7%
KO The Coca-Cola Co.	0.06%	15,349	$1.1M	Add +1.0%
PSEP Innovator U.S. Equity Power	0.06%	24,500	$1.1M	No change
MA Mastercard Inc. Class A	0.06%	1,823	$1.0M	Add +10.9%
CAT Caterpillar Inc.	0.05%	1,788	$1.0M	Reduce -0.5%
TNC Tennant Co.	0.05%	13,256	$977K	Add +0.7%
TSM Taiwan Semiconductor-SP ADR	0.05%	3,132	$952K	Add +39.8%
CL Colgate-Palmolive Co.	0.05%	11,953	$945K	New
MDT Medtronic PLC	0.05%	9,731	$935K	Add +0.9%
ECL Ecolab Inc.	0.05%	3,554	$933K	Add +10.6%
CACI Caci International Inc. Class A	0.05%	1,718	$915K	New
TMO Thermo Fisher Scientific Inc.	0.05%	1,568	$909K	Add +28.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.05%	7,857	$894K	Reduce -2.7%
IWO iShares Russell 2000 Growth	0.04%	2,606	$842K	Reduce -0.1%
NFLX Netflix Inc.	0.04%	8,816	$827K	Add +1.1%
XLK SS Technology Select Sector	0.04%	5,728	$825K	Add +0.3%
TGT Target Corp.	0.04%	8,426	$824K	Reduce -3.8%
SHOP Shopify Inc. Class A	0.04%	5,086	$819K	Reduce -18.1%
GEV GE Vernova Inc.	0.04%	1,252	$818K	Add +8.2%
BR Broadridge Financial Solutio	0.04%	3,655	$816K	Add +2.4%
BMY Bristol-Myers Squibb Co.	0.04%	14,766	$796K	Add +0.0%
ADI Analog Devices Inc.	0.04%	2,935	$796K	Reduce -4.3%
VOOG Vanguard S&P 500 Growth ETF	0.04%	1,789	$795K	Add +0.1%
CSCO Cisco Systems Inc.	0.04%	10,322	$795K	Add +9.0%
SCHW Schwab (charles) Corp.	0.04%	7,882	$787K	Add +6.0%
MUB iShares National Muni Bond E	0.04%	7,129	$764K	Add +1.8%
CVX Chevron Corp.	0.04%	5,002	$762K	Reduce -11.1%
AMGN Amgen Inc.	0.04%	2,294	$751K	Add +0.6%
PM Philip Morris International	0.04%	4,680	$751K	Reduce -3.9%
VUG Vanguard Mrngstar GR ETF-Sui	0.04%	1,503	$733K	No change
KBDC Kayne Anderson BDC Inc.	0.04%	50,898	$729K	No change
ATO Atmos Energy Corp.	0.04%	4,335	$727K	New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.04%	2,397	$710K	Reduce -8.4%
AMAT Applied Materials Inc.	0.04%	2,748	$706K	Reduce -13.3%
SPSC SPS Commerce Inc.	0.04%	7,909	$705K	Reduce -3.3%
SDY SS SPDR S&P Dividend ETF	0.04%	4,975	$692K	No change
SOLV Solventum Corp.	0.04%	8,375	$664K	Add +0.2%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	0.03%	8,150	$657K	No change
HON Honeywell International Inc.	0.03%	3,362	$656K	Add +31.9%
MLI Mueller Industries Inc.	0.03%	5,646	$648K	No change
SLYV SS SPDR S&P 600 SC Val ETF	0.03%	7,106	$646K	Reduce -3.7%
PLTR Palantir Technologies Inc. Class A	0.03%	3,554	$632K	Add +15.2%
NKE Nike Inc. Class B	0.03%	9,393	$598K	New
SPYM Ste STR SPDR PT S&P 500 ETF	0.03%	7,438	$597K	Add +8.9%
ETN Eaton Corp. PLC	0.03%	1,870	$596K	Add +20.7%
VEEV Veeva Systems Inc. Class A	0.03%	2,637	$589K	New
MS Morgan Stanley	0.03%	3,299	$586K	Add +15.7%
IEFA iShares Core MSCI Eafe ETF	0.03%	6,509	$582K	Add +1.5%
ISRG Intuitive Surgical Inc.	0.03%	1,028	$582K	Reduce -3.0%
IVW iShares S&P 500 Growth ETF	0.03%	4,638	$572K	No change
CLF Cleveland-Cliffs Inc.	0.03%	42,924	$570K	Reduce -0.0%
GS Goldman Sachs Group Inc.	0.03%	643	$565K	Add +60.8%
CPB The Campbell's Company	0.03%	20,253	$564K	New
PANW Palo Alto Networks Inc.	0.03%	2,993	$551K	Add +77.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.03%	3,534	$543K	Add +31.9%
IAU iShares Gold Trust	0.03%	6,334	$514K	Add +13.5%
RTX RTX Corp.	0.03%	2,742	$503K	Reduce -8.0%
FNDF Schwab Fndmn Intl LRG Co. ETF	0.03%	11,017	$498K	Reduce -3.0%
NUE Nucor Corp.	0.03%	3,052	$498K	Add +0.1%
IYW iShares Ustechnology ETF	0.03%	2,424	$484K	No change
MO Altria Group Inc.	0.02%	8,074	$466K	Reduce -6.0%
PFE Pfizer Inc.	0.02%	18,696	$466K	Reduce -2.2%
FDIQ Inv BLB Fin Data PRV ETF-Usi	0.02%	7,492	$463K	No change
ZTS Zoetis Inc.	0.02%	3,670	$462K	Add +0.5%
JEPI JPMorgan Equity Premium Inco	0.02%	7,995	$458K	Add +3.9%
DFUV Dimensional US Marketwide Va	0.02%	9,623	$448K	Reduce -1.4%
ORLY O'reilly Automotive Inc.	0.02%	4,866	$444K	New
CRWD CrowdStrike Holdings Inc. Class A	0.02%	943	$442K	Add +68.4%
INTC Intel Corp.	0.02%	11,824	$436K	Reduce -8.4%
FPX First Trust US Equity Opport	0.02%	2,649	$433K	No change
HTGC Hercules Capital Inc.	0.02%	23,000	$433K	No change
EXPE Expedia Group Inc.	0.02%	1,497	$424K	No change
SNDR Schneider National Inc. Class B	0.02%	15,836	$420K	New
MSI Motorola Solutions Inc.	0.02%	1,093	$419K	Add +46.5%
AVIG Avantis Core Fixed Income	0.02%	9,944	$417K	New
VBR Vngrd Mrngst SL-CP Val ETF-U	0.02%	1,943	$412K	No change
BABA Alibaba Group Holding-SP ADR	0.02%	2,778	$407K	Reduce -0.3%
ONEQ Fidelity Nasdaq Comp Indx	0.02%	4,420	$404K	Add +0.6%
BKLC BNY Mellon US LRG Cap Cor	0.02%	3,070	$402K	No change
CB Chubb Ltd.	0.02%	1,282	$400K	Add +29.2%
WAT Waters Corp.	0.02%	1,053	$400K	No change
HWM Howmet Aerospace Inc.	0.02%	1,943	$398K	No change
DCI Donaldson Co. Inc.	0.02%	4,479	$397K	Add +3.5%
BXSL Blackstone Secured Lending F	0.02%	15,000	$395K	No change
OBDC Blue Owl Capital Corp.	0.02%	31,628	$393K	No change
AAXJ iShares MSCI All Country Asi	0.02%	4,214	$392K	No change
FDUS Fidus Investment Corp.	0.02%	20,000	$386K	No change
GLD SPDR Gold Shares	0.02%	966	$383K	Add +43.1%
CTAS Cintas Corp.	0.02%	2,024	$381K	Add +1.2%
EMR Emerson Electric Co.	0.02%	2,856	$379K	Reduce -8.1%
NEE Nextera Energy Inc.	0.02%	4,679	$376K	Add +3.6%
BKNG Booking Holdings Inc.	0.02%	70	$375K	New
XLF SS Financial Select Sector	0.02%	6,704	$367K	No change
PDI PIMCO Dynamic Income Fund	0.02%	20,719	$367K	No change
SCHF Schwab Intl Equity ETF	0.02%	15,238	$366K	Reduce -2.2%
VXF Vanguard Extended Market ETF	0.02%	1,730	$362K	Reduce -40.6%
DELL Dell Technologies -C	0.02%	2,832	$356K	No change
TECH Bio-Techne Corp.	0.02%	6,052	$356K	Add +2.7%
OTTR Otter Tail Corp.	0.02%	4,379	$354K	Add +0.6%
NLY Annaly Capital Management Inc.	0.02%	15,500	$347K	New
MPC Marathon Petroleum Corp.	0.02%	2,080	$338K	New
IJK iShares S&P Mid-Cap 400 Grow	0.02%	3,469	$336K	Reduce -3.8%
BLK BlackRock Inc.	0.02%	313	$335K	Add +39.7%
BIL SS SPDR BB 1-3M T-Bill ETF	0.02%	3,660	$334K	Reduce -44.4%
ELV Elevance Health Inc.	0.02%	953	$334K	Reduce -15.9%
UBER Uber Technologies Inc.	0.02%	4,002	$327K	New
AVDE Avantis International Equity	0.02%	3,928	$323K	New
GDEN Golden Entertainment Inc.	0.02%	11,750	$319K	No change
AMD Advanced Micro Devices	0.02%	1,486	$318K	Reduce -37.4%
SHV iShares 0-1 Year Treasury Bo	0.02%	2,889	$318K	Add +0.6%
CRM Salesforce Inc.	0.02%	1,192	$316K	Reduce -6.2%
BA The Boeing Co.	0.02%	1,440	$313K	Add +23.6%
BROS Dutch Bros Inc. Class A	0.02%	5,100	$312K	Add +21.7%
OKE Oneok Inc.	0.02%	4,199	$309K	New
SOXX iShares Semiconductor ETF	0.02%	1,020	$307K	Reduce -48.4%
OEF iShares S&P 100 ETF	0.02%	880	$302K	No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE	0.02%	628	$302K	No change
NSC Norfolk Southern Corp.	0.02%	1,043	$301K	No change
DHR Danaher Corp.	0.02%	1,314	$301K	New
KBWB Invesco KBW Bank ETF	0.02%	3,546	$299K	No change
EBAY eBay Inc.	0.02%	3,346	$291K	No change
VWO Vanguard Ftse Emerging Marke	0.02%	5,415	$291K	Reduce -13.2%
ROK Rockwell Automation Inc.	0.02%	747	$291K	Add +2.0%
DXCM Dexcom Inc.	0.02%	4,377	$291K	No change
SFM Sprouts Farmers Market Inc.	0.02%	3,602	$287K	New
SCHK Schwab 1000 Index ETF	0.02%	8,744	$287K	Add +0.1%
T AT&T Inc.	0.02%	11,501	$286K	Reduce -1.1%
SCHX Schwab US Large-Cap ETF	0.02%	10,563	$284K	Add +0.1%
NVT Nvent Electric PLC	0.01%	2,768	$282K	Add +7.2%
RJF Raymond James Financial Inc.	0.01%	1,756	$282K	New
AMP Ameriprise Financial Inc.	0.01%	565	$277K	Reduce -0.5%
VOT Vngrd Mrngstr MC GRW ETF-Usd	0.01%	982	$274K	No change
IJJ iShares S&P Mid-Cap 400 Valu	0.01%	2,069	$272K	No change
BX Blackstone Inc.	0.01%	1,753	$270K	Add +36.7%
VTEB Vanguard Tax-Exempt Bond ETF	0.01%	5,308	$267K	Add +0.5%
CNP Centerpoint Energy Inc.	0.01%	6,847	$263K	New
LOW Lowe's Cos Inc.	0.01%	1,085	$262K	Reduce -2.9%
DFUS Dimensional US Eq MKT ETF	0.01%	3,524	$261K	No change
NOBL Proshares S&P 500 Dividend A	0.01%	2,505	$261K	No change
AZO AutoZone Inc.	0.01%	76	$258K	Add +38.2%
DFAT Dimensional US Target Value	0.01%	4,301	$256K	Reduce -3.6%
WDC Western Digital Corp.	0.01%	1,473	$254K	New
IQV Iqvia Holdings Inc.	0.01%	1,107	$250K	No change
MTUM iShares MSCI USA Momentum Fa	0.01%	987	$247K	Reduce -6.3%
MU Micron Technology Inc.	0.01%	857	$245K	New
VV Vngrd Mrgstr LRG-Cap ETF-Usd	0.01%	774	$244K	Reduce -8.9%
LNT Alliant Energy Corp.	0.01%	3,687	$240K	Reduce -2.8%
JVAL JPMorgan US Value Factor ETF	0.01%	4,800	$236K	No change
HUBS HubSpot Inc.	0.01%	586	$235K	Reduce -2.0%
HRL Hormel Foods Corp.	0.01%	9,919	$235K	Add +2.5%
ADBE Adobe Inc.	0.01%	667	$233K	New
GILD Gilead Sciences Inc.	0.01%	1,900	$233K	New
AVLV Avantis US Large Cap Value	0.01%	3,069	$233K	New
LMT Lockheed Martin Corp.	0.01%	477	$231K	New
GRAB Grab Holdings Ltd. Class A	0.01%	44,737	$223K	No change
ARCC Ares Capital Corp.	0.01%	10,955	$222K	No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.01%	1,884	$219K	No change
VYM Vanguard High DVD Yield ETF	0.01%	1,522	$218K	Reduce -17.6%
TPR Tapestry Inc.	0.01%	1,684	$215K	New
SO The Southern Co.	0.01%	2,446	$213K	Add +5.2%
EXPD Expeditors Intl Wash Inc.	0.01%	1,430	$213K	New
MOS The Mosaic Co.	0.01%	8,815	$212K	No change
UNP Union Pacific Corp.	0.01%	918	$212K	Add +5.8%
SCHC Schwab Intl Small-Cap Equity	0.01%	4,587	$209K	No change
VYMI Vanguard Int High DVD YLD Inc.	0.01%	2,310	$208K	New
VTWO Vanguard Russell 2000 ETF	0.01%	2,084	$207K	New
RDVI FT Vest Rising Dividend Achi	0.01%	7,885	$207K	New
QUAL iShares MSCI USA Quality Fac	0.01%	1,038	$206K	No change
VONG Vanguard Russell 1000 Growth	0.01%	1,676	$204K	No change
IVE iShares S&P 500 Value ETF	0.01%	962	$204K	New
GLW Corning Inc.	0.01%	2,319	$203K	New
RIO Rio Tinto PLC-Spon ADR	0.01%	2,530	$202K	New
CIBR First Trust Nasdaq Cybersecu	0.01%	2,830	$202K	No change
FDX FedEx Corp.	0.01%	700	$202K	New
XLV SS Health Care Select Sector	0.01%	1,297	$201K	New
SEDG Solaredge Technologies Inc.	0.01%	6,945	$200K	No change
CPHC Canterbury Park Holding Corp.	0.01%	10,782	$164K	No change
VZLA Vizsla Silver Corp.	0.00%	15,600	$85K	No change
IEMG iShares Core MSCI Emerging	0.00%	1,084	$73K	New
FOCL Edap TMS SA -ADR	0.00%	21,431	$71K	No change
GPMT Granite Point Mortgage Trust	0.00%	15,721	$38K	No change
SOWG Sow Good Inc.	0.00%	68,691	$24K	Reduce -67.0%

Other holdings (1): bonds, preferreds, convertibles and warrants · $12 (not counted above)

Security	Class	Shares / Principal	Value	Change
PSEWF Paysafe Ltd. -CW26	*W EXP 03/30/202	60,000	$12	New

Total filed on the 13F, all lines: $1.9B.

Portfolio Sells Q3 2025 → Q4 2025


IJH iShares Core S&P Midcap ETF	Reduce -14.4%	4.95%	−1.05
SCHB Schwab US Broad Market ETF	Reduce -1.8%	6.57%	−0.32
IWF iShares Russell 1000 Growth	Reduce -6.1%	2.35%	−0.25
FNDA Schwab Fndmntl US SM Co. ETF	Reduce -30.3%	0.50%	−0.24
AAPL Apple Inc.	Reduce -8.3%	3.24%	−0.24
IWP iShares Russell Mid-Cap Grow	Reduce -6.8%	1.36%	−0.23
SPYV SS SPDR P S&P 500 Value ETF	Reduce -4.5%	2.21%	−0.16
MSFT Microsoft Corp.	Reduce -1.6%	1.07%	−0.15
EFA iShares MSCI Eafe ETF	Reduce -2.5%	3.09%	−0.14
ONB Old National Bancorp	Reduce -18.6%	0.43%	−0.12
NVDA Nvidia Corp.	Reduce -8.5%	0.68%	−0.10
IWS iShares Russell Mid-Cap Valu	Reduce -18.0%	0.37%	−0.10
VT Vanguard Tot World STK ETF	Reduce -2.0%	1.48%	−0.07
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -4.2%	0.92%	−0.07
TBIL F/M US Treasury 3 Month Bill	Sold out	0.00%	−0.06
VEA Vanguard Ftse Developed ETF	Reduce -4.2%	1.15%	−0.06
PRFZ Inv Rafi US 1500 SM-Usd Inc.	Reduce -8.8%	0.41%	−0.06
SUSA iShares ESG Optimized MSCI U	Reduce -10.5%	0.38%	−0.05
GIS General Mills Inc.	Reduce -2.4%	0.28%	−0.05
VTI VG Morningstar TS MKT ETF-US	Reduce -8.2%	0.35%	−0.04
KOCT Innovator U.S. Small Cap Pow	Sold out	0.00%	−0.04
AMZN Amazon.com Inc.	Reduce -1.3%	2.81%	−0.03
VO Vngrd Mrngstr MD-Cap ETF-Usd	Reduce -0.4%	0.45%	−0.03
ESML iShares ESG Aware MSCI USA S	Reduce -0.4%	0.73%	−0.02
MGK Vngrd Mrgstr MG CP GR ETF-Ui	Reduce -2.8%	0.44%	−0.02
VEU Vanguard Ftse All-World Ex-U	Reduce -1.7%	0.58%	−0.02
FISV Fiserv Inc.	Sold out	0.00%	−0.02
USXF iShares ESG Advance MSCI USA	Reduce -3.8%	0.22%	−0.02
DSI iShares ESG MSCI KLD 400 ETF	Reduce -7.6%	0.17%	−0.02
ITA iShares U.S. Aerospace & Def	Sold out	0.00%	−0.02
IYJ iShares U.S. Industrials ETF	Sold out	0.00%	−0.02
IAI iShares U.S. Broker-Dealers	Sold out	0.00%	−0.02
GLDM SPDR Gold Minishares Trust	Sold out	0.00%	−0.02
GGG Graco Inc.	Reduce -6.2%	0.10%	−0.02
IGV iShares Expanded Tech-Softwa	Sold out	0.00%	−0.02
IYC iShares US Consumer Discreti	Sold out	0.00%	−0.02
BIL SS SPDR BB 1-3M T-Bill ETF	Reduce -44.4%	0.02%	−0.02
EFV iShares MSCI Eafe Value ETF	Reduce -1.9%	0.90%	−0.01
QCOM Qualcomm Inc.	Sold out	0.00%	−0.01
VXF Vanguard Extended Market ETF	Reduce -40.6%	0.02%	−0.01
VB Vanguard Most SM-Cap ETF-Usd	Reduce -0.7%	0.35%	−0.01
PG The Procter & Gamble Co.	Reduce -4.9%	0.08%	−0.01
IAK iShares U.S. Insurance ETF	Sold out	0.00%	−0.01
SOXX iShares Semiconductor ETF	Reduce -48.4%	0.02%	−0.01
KMB Kimberly-Clark Corp.	Sold out	0.00%	−0.01
WM Waste Management Inc.	Sold out	0.00%	−0.01
VZ Verizon Communications Inc.	Sold out	0.00%	−0.01
PYPL PayPal Holdings Inc.	Sold out	0.00%	−0.01
RSP Invesco S&P 500 Equal Weight	Sold out	0.00%	−0.01
DE Deere & Co.	Sold out	0.00%	−0.01

Portfolio Buys Q3 2025 → Q4 2025


SEZL Sezzle Inc.	New	3.08%	+3.08
IWM iShares Russell 2000 ETF	Add +8.8%	4.32%	+0.22
AVDV Avantis Intl S/C Value ETF	Add +1.2%	13.03%	+0.22
CHRW C.H. Robinson Worldwide Inc.	Add +5.6%	0.91%	+0.16
GOOG Alphabet Inc. Class C	Add +7.4%	0.64%	+0.15
VTV Vanguard Mrngstr Val ETF-Aui	Add +5.4%	5.07%	+0.14
BRK.A Berkshire Hathaway Inc. Class A	Add +8.9%	3.45%	+0.12
GOOGL Alphabet Inc. Class A	Add +10.2%	0.32%	+0.08
PWR Quanta Services Inc.	New	0.07%	+0.07
LLY Eli Lilly & Co.	Add +4.6%	0.23%	+0.07
FICO Fair Isaac Corp.	New	0.06%	+0.06
H Hyatt Hotels Corp. Class A	New	0.06%	+0.06
HLI Houlihan Lokey Inc.	New	0.06%	+0.06
COF Capital One Financial Corp.	New	0.06%	+0.06
CL Colgate-Palmolive Co.	New	0.05%	+0.05
CACI Caci International Inc. Class A	New	0.05%	+0.05
META Meta Platforms Inc. Class A	Add +50.7%	0.21%	+0.05
ATO Atmos Energy Corp.	New	0.04%	+0.04
VGK Vanguard Ftse Europe ETF	Add +2.1%	1.95%	+0.04
NKE Nike Inc. Class B	New	0.03%	+0.03
VEEV Veeva Systems Inc. Class A	New	0.03%	+0.03
AVGO Broadcom Inc.	Add +45.4%	0.10%	+0.03
CPB The Campbell's Company	New	0.03%	+0.03
ORLY O'reilly Automotive Inc.	New	0.02%	+0.02
SNDR Schneider National Inc. Class B	New	0.02%	+0.02
AVIG Avantis Core Fixed Income	New	0.02%	+0.02
SUSB iShares ESG Aware 1-5 Year U	Add +14.4%	0.26%	+0.02
BKNG Booking Holdings Inc.	New	0.02%	+0.02
MRK Merck & Co. Inc.	Add +19.7%	0.07%	+0.02
NLY Annaly Capital Management Inc.	New	0.02%	+0.02
MPC Marathon Petroleum Corp.	New	0.02%	+0.02
UBER Uber Technologies Inc.	New	0.02%	+0.02
AVDE Avantis International Equity	New	0.02%	+0.02
OKE Oneok Inc.	New	0.02%	+0.02
DHR Danaher Corp.	New	0.02%	+0.02
QQQ Invesco QQQ Trust Series 1	Add +15.1%	0.15%	+0.02
TSM Taiwan Semiconductor-SP ADR	Add +39.8%	0.05%	+0.02
TMO Thermo Fisher Scientific Inc.	Add +28.7%	0.05%	+0.02
SFM Sprouts Farmers Market Inc.	New	0.02%	+0.02
RJF Raymond James Financial Inc.	New	0.01%	+0.01
JNJ Johnson & Johnson	Add +10.8%	0.10%	+0.01
WMT Walmart Inc.	Add +14.8%	0.09%	+0.01
CNP Centerpoint Energy Inc.	New	0.01%	+0.01
WDC Western Digital Corp.	New	0.01%	+0.01
MU Micron Technology Inc.	New	0.01%	+0.01
ADBE Adobe Inc.	New	0.01%	+0.01
GILD Gilead Sciences Inc.	New	0.01%	+0.01
AVLV Avantis US Large Cap Value	New	0.01%	+0.01
LMT Lockheed Martin Corp.	New	0.01%	+0.01
GS Goldman Sachs Group Inc.	Add +60.8%	0.03%	+0.01

Notes & Other Activity Q3 2025 → Q4 2025


PSEWF Paysafe Ltd. -CW26	*W EXP 03/30/202	New	60,000	$12

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	299	$2.3B	AVDV, SEZL, VEU, SCHB, VTV
Q1 2026	281	$1.9B	AVDV, SCHB, VTV, IJH, IWM
Q4 2025	283	$1.9B	AVDV, SCHB, VTV, IJH, IVV
Q3 2025	264	$1.8B	AVDV, SCHB, IJH, VTV, IVV
Q2 2025	239	$1.7B	AVDV, IJH, SCHB, VTV, IVV
Q1 2025	238	$1.6B	AVDV, IJH, SCHB, UPS, IJR
Q4 2024	228	$1.7B	IJH, AVDV, SCHB, UPS, IJR
Q3 2024Amended	236	$1.7B	AVDV, IJH, SCHB, UPS, IJR
Q2 2024	220	$1.6B	AVDV, IJH, UPS, SCHB, IJR
Q1 2024	210	$1.6B	IJH, UPS, AVDV, IJR, EFA