# EDGAR Filing Document

**Accession Number:** 0002010278
**File Stem:** 0002010278-25-000005
**Filing Date:** 2025-8
**Character Count:** 17760
**Document Hash:** 9ea1934296a42540c76037a1684bb896
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002010278-25-000005.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0002010278-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Portfolio Design Labs, LLC
- **CENTRAL INDEX KEY:** 0002010278

**ORGANIZATION NAME:**
- **EIN:** 873864976
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23698
- **FILM NUMBER:** 251210483

**BUSINESS ADDRESS:**
- **STREET 1:** 15760 VENTURA BLVD
- **STREET 2:** SUITE 1700
- **CITY:** ENCINO
- **STATE:** CA
- **ZIP:** 91436
- **BUSINESS PHONE:** 310-755-0411

**MAIL ADDRESS:**
- **STREET 1:** 15760 VENTURA BLVD
- **STREET 2:** SUITE 1700
- **CITY:** ENCINO
- **STATE:** CA
- **ZIP:** 91436

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Portfolio Design Labs LLC<br>**Address:** 15760 VENTURA BLVD<br>SUITE 1700<br>ENCINO, CA 91436

**Form 13F File Number:** 028-23698

**CRD Number (if applicable):** 000318127

**SEC File Number (if applicable):** 801-127598

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:** Christy Clarin<br>**Title:** Chief of Staff<br>**Phone:** 3109956160

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

Christy Clarin  Los Angeles, CA  08-13-2025<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:** 149

**Form 13F Information Table Value Total:** $509279977

      (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 |  | 3038464 | 22340 | SH |  | SOLE |  | 0 | 0 | 22340 |
| ABBVIE INC | COM | 00287Y109 |  | 571153 | 3077 | SH |  | SOLE |  | 0 | 0 | 3077 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 324894 | 1087 | SH |  | SOLE |  | 0 | 0 | 1087 |
| ADOBE INC | COM | 00724F101 |  | 703348 | 1818 | SH |  | SOLE |  | 0 | 0 | 1818 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 351345 | 2476 | SH |  | SOLE |  | 0 | 0 | 2476 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 7503421 | 42299 | SH |  | SOLE |  | 0 | 0 | 42299 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 3679268 | 62754 | SH |  | SOLE |  | 0 | 0 | 62754 |
| AMAZON COM INC | COM | 023135106 |  | 10924965 | 49797 | SH |  | SOLE |  | 0 | 0 | 49797 |
| AMDOCS LTD | SHS | G02602103 |  | 950083 | 10413 | SH |  | SOLE |  | 0 | 0 | 10413 |
| AMETEK INC | COM | 031100100 |  | 3414716 | 18870 | SH |  | SOLE |  | 0 | 0 | 18870 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 370412 | 3751 | SH |  | SOLE |  | 0 | 0 | 3751 |
| ANALOG DEVICES INC | COM | 032654105 |  | 274676 | 1154 | SH |  | SOLE |  | 0 | 0 | 1154 |
| APPLE INC | COM | 037833100 |  | 9715828 | 47355 | SH |  | SOLE |  | 0 | 0 | 47355 |
| APPLIED MATLS INC | COM | 038222105 |  | 586740 | 3205 | SH |  | SOLE |  | 0 | 0 | 3205 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 239759 | 3431 | SH |  | SOLE |  | 0 | 0 | 3431 |
| AT INC | COM | 00206R102 |  | 3374145 | 116591 | SH |  | SOLE |  | 0 | 0 | 116591 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 391286 | 2539 | SH |  | SOLE |  | 0 | 0 | 2539 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 1929351 | 6256 | SH |  | SOLE |  | 0 | 0 | 6256 |
| AUTOZONE INC | COM | 053332102 |  | 296979 | 80 | SH |  | SOLE |  | 0 | 0 | 80 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 525030 | 2580 | SH |  | SOLE |  | 0 | 0 | 2580 |
| BANK AMERICA CORP | COM | 060505104 |  | 1403322 | 29656 | SH |  | SOLE |  | 0 | 0 | 29656 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 281713 | 3092 | SH |  | SOLE |  | 0 | 0 | 3092 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 687622 | 3992 | SH |  | SOLE |  | 0 | 0 | 3992 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 4048498 | 37692 | SH |  | SOLE |  | 0 | 0 | 37692 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 2740369 | 59200 | SH |  | SOLE |  | 0 | 0 | 59200 |
| BROADCOM INC | COM | 11135F101 |  | 7007851 | 25423 | SH |  | SOLE |  | 0 | 0 | 25423 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 434784 | 2588 | SH |  | SOLE |  | 0 | 0 | 2588 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 307138 | 1317 | SH |  | SOLE |  | 0 | 0 | 1317 |
| CENCORA INC | COM | 03073E105 |  | 3919040 | 13070 | SH |  | SOLE |  | 0 | 0 | 13070 |
| CHEVRON CORP NEW | COM | 166764100 |  | 2129952 | 14875 | SH |  | SOLE |  | 0 | 0 | 14875 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 3345879 | 34813 | SH |  | SOLE |  | 0 | 0 | 34813 |
| CISCO SYS INC | COM | 17275R102 |  | 2743772 | 39547 | SH |  | SOLE |  | 0 | 0 | 39547 |
| CME GROUP INC | COM | 12572Q105 |  | 3693034 | 13399 | SH |  | SOLE |  | 0 | 0 | 13399 |
| COCA COLA CO | COM | 191216100 |  | 1329393 | 18790 | SH |  | SOLE |  | 0 | 0 | 18790 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 3274764 | 41968 | SH |  | SOLE |  | 0 | 0 | 41968 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1122592 | 1134 | SH |  | SOLE |  | 0 | 0 | 1134 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 4563928 | 8961 | SH |  | SOLE |  | 0 | 0 | 8961 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 785346 | 3603 | SH |  | SOLE |  | 0 | 0 | 3603 |
| EATON CORP PLC | SHS | G29183103 |  | 1158790 | 3246 | SH |  | SOLE |  | 0 | 0 | 3246 |
| EBAY INC. | COM | 278642103 |  | 1738940 | 23354 | SH |  | SOLE |  | 0 | 0 | 23354 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 832517 | 5213 | SH |  | SOLE |  | 0 | 0 | 5213 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 759250 | 1952 | SH |  | SOLE |  | 0 | 0 | 1952 |
| ELI LILLY  CO | COM | 532457108 |  | 7362662 | 9445 | SH |  | SOLE |  | 0 | 0 | 9445 |
| EOG RES INC | COM | 26875P101 |  | 225107 | 1882 | SH |  | SOLE |  | 0 | 0 | 1882 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 221303 | 1937 | SH |  | SOLE |  | 0 | 0 | 1937 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 5022187 | 46588 | SH |  | SOLE |  | 0 | 0 | 46588 |
| F5 INC | COM | 315616102 |  | 252821 | 859 | SH |  | SOLE |  | 0 | 0 | 859 |
| FEDEX CORP | COM | 31428X106 |  | 764445 | 3363 | SH |  | SOLE |  | 0 | 0 | 3363 |
| FIRSTENERGY CORP | COM | 337932107 |  | 2123274 | 52739 | SH |  | SOLE |  | 0 | 0 | 52739 |
| FISERV INC | COM | 337738108 |  | 469473 | 2723 | SH |  | SOLE |  | 0 | 0 | 2723 |
| FOX CORP | CL B COM | 35137L204 |  | 3000169 | 58109 | SH |  | SOLE |  | 0 | 0 | 58109 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 810224 | 2531 | SH |  | SOLE |  | 0 | 0 | 2531 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1454511 | 5651 | SH |  | SOLE |  | 0 | 0 | 5651 |
| GE VERNOVA INC | COM | 36828A101 |  | 358764 | 678 | SH |  | SOLE |  | 0 | 0 | 678 |
| GENERAL MLS INC | COM | 370334104 |  | 3999163 | 77189 | SH |  | SOLE |  | 0 | 0 | 77189 |
| GRACO INC | COM | 384109104 |  | 3496229 | 40668 | SH |  | SOLE |  | 0 | 0 | 40668 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 257290 | 3033 | SH |  | SOLE |  | 0 | 0 | 3033 |
| HERSHEY CO | COM | 427866108 |  | 741465 | 4468 | SH |  | SOLE |  | 0 | 0 | 4468 |
| HESS CORP | COM | 42809H107 |  | 2924164 | 21107 | SH |  | SOLE |  | 0 | 0 | 21107 |
| HOME DEPOT INC | COM | 437076102 |  | 748313 | 2041 | SH |  | SOLE |  | 0 | 0 | 2041 |
| HONEYWELL INTL INC | COM | 438516106 |  | 765244 | 3286 | SH |  | SOLE |  | 0 | 0 | 3286 |
| HUBBELL INC | COM | 443510607 |  | 236470 | 579 | SH |  | SOLE |  | 0 | 0 | 579 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 567192 | 2294 | SH |  | SOLE |  | 0 | 0 | 2294 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 554630 | 3023 | SH |  | SOLE |  | 0 | 0 | 3023 |
| INTUIT | COM | 461202103 |  | 793144 | 1007 | SH |  | SOLE |  | 0 | 0 | 1007 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 1043348 | 1920 | SH |  | SOLE |  | 0 | 0 | 1920 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 |  | 11758806 | 114263 | SH |  | SOLE |  | 0 | 0 | 114263 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 15599638 | 188265 | SH |  | SOLE |  | 0 | 0 | 188265 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 9873395 | 82907 | SH |  | SOLE |  | 0 | 0 | 82907 |
| ISHARES TR | CALIF MUN BD ETF | 464288356 |  | 858731 | 15406 | SH |  | SOLE |  | 0 | 0 | 15406 |
| ISHARES TR | ESG EAFE ETF | 46436E759 |  | 422299 | 5673 | SH |  | SOLE |  | 0 | 0 | 5673 |
| ISHARES TR | ESG OPTIMIZED MS | 46436E445 |  | 355301 | 12287 | SH |  | SOLE |  | 0 | 0 | 12287 |
| ISHARES TR | MSCI EAFE MIN VL | 46429B689 |  | 45805556 | 544915 | SH |  | SOLE |  | 0 | 0 | 544915 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 34671261 | 369354 | SH |  | SOLE |  | 0 | 0 | 369354 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 325401 | 3060 | SH |  | SOLE |  | 0 | 0 | 3060 |
| ISHARES TR | TRS FLT RT BD | 46434V860 |  | 16220968 | 320256 | SH |  | SOLE |  | 0 | 0 | 320256 |
| ISHARES U S ETF TR | SHORT MATURITY M | 46431W838 |  | 6217193 | 123676 | SH |  | SOLE |  | 0 | 0 | 123676 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 6753995 | 44216 | SH |  | SOLE |  | 0 | 0 | 44216 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 6887683 | 23758 | SH |  | SOLE |  | 0 | 0 | 23758 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 2381825 | 59650 | SH |  | SOLE |  | 0 | 0 | 59650 |
| KELLANOVA | COM | 487836108 |  | 2962811 | 37254 | SH |  | SOLE |  | 0 | 0 | 37254 |
| KROGER CO | COM | 501044101 |  | 5426519 | 75652 | SH |  | SOLE |  | 0 | 0 | 75652 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 333779 | 3429 | SH |  | SOLE |  | 0 | 0 | 3429 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S A | 531229771 |  | 270921 | 2853 | SH |  | SOLE |  | 0 | 0 | 2853 |
| LINDE PLC | SHS | G54950103 |  | 4320679 | 9209 | SH |  | SOLE |  | 0 | 0 | 9209 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 221315 | 3825 | SH |  | SOLE |  | 0 | 0 | 3825 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 1164639 | 15047 | SH |  | SOLE |  | 0 | 0 | 15047 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1258746 | 2240 | SH |  | SOLE |  | 0 | 0 | 2240 |
| MCDONALDS CORP | COM | 580135101 |  | 327946 | 1122 | SH |  | SOLE |  | 0 | 0 | 1122 |
| MCKESSON CORP | COM | 58155Q103 |  | 4571083 | 6238 | SH |  | SOLE |  | 0 | 0 | 6238 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 3101597 | 35581 | SH |  | SOLE |  | 0 | 0 | 35581 |
| META PLATFORMS INC | CL A | 30303M102 |  | 12298795 | 16663 | SH |  | SOLE |  | 0 | 0 | 16663 |
| MICROSOFT CORP | COM | 594918104 |  | 14340779 | 28831 | SH |  | SOLE |  | 0 | 0 | 28831 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 834773 | 12378 | SH |  | SOLE |  | 0 | 0 | 12378 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 220322 | 524 | SH |  | SOLE |  | 0 | 0 | 524 |
| NASDAQ INC | COM | 631103108 |  | 3335457 | 37301 | SH |  | SOLE |  | 0 | 0 | 37301 |
| NETAPP INC | COM | 64110D104 |  | 563437 | 5288 | SH |  | SOLE |  | 0 | 0 | 5288 |
| NETFLIX INC | COM | 64110L106 |  | 9491754 | 7088 | SH |  | SOLE |  | 0 | 0 | 7088 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 302768 | 2502 | SH |  | SOLE |  | 0 | 0 | 2502 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 13118700 | 83035 | SH |  | SOLE |  | 0 | 0 | 83035 |
| ORACLE CORP | COM | 68389X105 |  | 2557394 | 11697 | SH |  | SOLE |  | 0 | 0 | 11697 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 371787 | 4125 | SH |  | SOLE |  | 0 | 0 | 4125 |
| PACKAGING CORP AMER | COM | 695156109 |  | 2609280 | 13846 | SH |  | SOLE |  | 0 | 0 | 13846 |
| PAYCHEX INC | COM | 704326107 |  | 257901 | 1773 | SH |  | SOLE |  | 0 | 0 | 1773 |
| PEPSICO INC | COM | 713448108 |  | 359942 | 2726 | SH |  | SOLE |  | 0 | 0 | 2726 |
| PG CORP | COM | 69331C108 |  | 832177 | 59697 | SH |  | SOLE |  | 0 | 0 | 59697 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 5211287 | 28613 | SH |  | SOLE |  | 0 | 0 | 28613 |
| PPL CORP | COM | 69351T106 |  | 2339563 | 69034 | SH |  | SOLE |  | 0 | 0 | 69034 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 6087140 | 38207 | SH |  | SOLE |  | 0 | 0 | 38207 |
| PROGRESSIVE CORP | COM | 743315103 |  | 334109 | 1252 | SH |  | SOLE |  | 0 | 0 | 1252 |
| PURE STORAGE INC | CL A | 74624M102 |  | 224159 | 3893 | SH |  | SOLE |  | 0 | 0 | 3893 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 1887193 | 10506 | SH |  | SOLE |  | 0 | 0 | 10506 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 547575 | 1043 | SH |  | SOLE |  | 0 | 0 | 1043 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 4025416 | 16323 | SH |  | SOLE |  | 0 | 0 | 16323 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 4275108 | 7542 | SH |  | SOLE |  | 0 | 0 | 7542 |
| ROSS STORES INC | COM | 778296103 |  | 1322240 | 10364 | SH |  | SOLE |  | 0 | 0 | 10364 |
| RTX CORPORATION | COM | 75513E101 |  | 3984741 | 27289 | SH |  | SOLE |  | 0 | 0 | 27289 |
| S GLOBAL INC | COM | 78409V104 |  | 1049308 | 1990 | SH |  | SOLE |  | 0 | 0 | 1990 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 207927 | 4304 | SH |  | SOLE |  | 0 | 0 | 4304 |
| SEI INVTS CO | COM | 784117103 |  | 5371562 | 59777 | SH |  | SOLE |  | 0 | 0 | 59777 |
| SEMPRA | COM | 816851109 |  | 316341 | 4175 | SH |  | SOLE |  | 0 | 0 | 4175 |
| SERVICENOW INC | COM | 81762P102 |  | 808071 | 786 | SH |  | SOLE |  | 0 | 0 | 786 |
| SNAP ON INC | COM | 833034101 |  | 312737 | 1005 | SH |  | SOLE |  | 0 | 0 | 1005 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 42591763 | 139723 | SH |  | SOLE |  | 0 | 0 | 139723 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 |  | 3049381 | 33243 | SH |  | SOLE |  | 0 | 0 | 33243 |
| STAGWELL INC | COM CL A | 85256A109 |  | 106673 | 23705 | SH |  | SOLE |  | 0 | 0 | 23705 |
| STRYKER CORPORATION | COM | 863667101 |  | 259138 | 655 | SH |  | SOLE |  | 0 | 0 | 655 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 3507878 | 15488 | SH |  | SOLE |  | 0 | 0 | 15488 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 225006 | 1334 | SH |  | SOLE |  | 0 | 0 | 1334 |
| TEXAS ROADHOUSE INC | COM | 882681109 |  | 3527806 | 18824 | SH |  | SOLE |  | 0 | 0 | 18824 |
| THE CIGNA GROUP | COM | 125523100 |  | 650913 | 1969 | SH |  | SOLE |  | 0 | 0 | 1969 |
| TJX COS INC NEW | COM | 872540109 |  | 6151655 | 49815 | SH |  | SOLE |  | 0 | 0 | 49815 |
| T-MOBILE US INC | COM | 872590104 |  | 4186530 | 17571 | SH |  | SOLE |  | 0 | 0 | 17571 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 2505343 | 4226 | SH |  | SOLE |  | 0 | 0 | 4226 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 2325053 | 23034 | SH |  | SOLE |  | 0 | 0 | 23034 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1104686 | 3541 | SH |  | SOLE |  | 0 | 0 | 3541 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 391777 | 880 | SH |  | SOLE |  | 0 | 0 | 880 |
| VICI PPTYS INC | COM | 925652109 |  | 298389 | 9153 | SH |  | SOLE |  | 0 | 0 | 9153 |
| VISA INC | COM CL A | 92826C839 |  | 8107567 | 22835 | SH |  | SOLE |  | 0 | 0 | 22835 |
| VISTRA CORP | COM | 92840M102 |  | 3342836 | 17248 | SH |  | SOLE |  | 0 | 0 | 17248 |
| WABTEC | COM | 929740108 |  | 600835 | 2870 | SH |  | SOLE |  | 0 | 0 | 2870 |
| WALMART INC | COM | 931142103 |  | 300576 | 3074 | SH |  | SOLE |  | 0 | 0 | 3074 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 1166440 | 6247 | SH |  | SOLE |  | 0 | 0 | 6247 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 237744 | 1039 | SH |  | SOLE |  | 0 | 0 | 1039 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1113749 | 13901 | SH |  | SOLE |  | 0 | 0 | 13901 |
| WELLTOWER INC | COM | 95040Q104 |  | 3459694 | 22505 | SH |  | SOLE |  | 0 | 0 | 22505 |
| WILLIAMS COS INC | COM | 969457100 |  | 227436 | 3621 | SH |  | SOLE |  | 0 | 0 | 3621 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 2059541 | 40937 | SH |  | SOLE |  | 0 | 0 | 40937 |
| ZOETIS INC | CL A | 98978V103 |  | 223789 | 1435 | SH |  | SOLE |  | 0 | 0 | 1435 |

---