# EDGAR Filing Document

**Accession Number:** 0001119254
**File Stem:** 0001705819-26-000010
**Filing Date:** 2026-1
**Character Count:** 23861
**Document Hash:** fde093260a297b84d84bcf372e399874
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001705819-26-000010.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001705819-26-000010

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**EFFECTIVENESS DATE**: 20260121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FULTON BREAKEFIELD BROENNIMAN LLC
- **CENTRAL INDEX KEY:** 0001119254

**ORGANIZATION NAME:**
- **EIN:** 621837767
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05863
- **FILM NUMBER:** 26545534

**BUSINESS ADDRESS:**
- **STREET 1:** 4520 EAST-WEST HIGHWAY
- **STREET 2:** SUITE 450
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 3016578870

**MAIL ADDRESS:**
- **STREET 1:** 4520 EAST-WEST HIGHWAY
- **STREET 2:** SUITE 450
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fulton Breakefield Broenniman LLC
- **DATE OF NAME CHANGE:** 20050202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FULTON BREAKEFIELD BROENNIMAN LLC
- **DATE OF NAME CHANGE:** 20000712

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** FULTON BREAKEFIELD BROENNIMAN LLC<br>**Address:** 4520 East-west Highway<br>Suite 450<br>Bethesda, MD 20814

**Form 13F File Number:** 028-05863

**CRD Number (if applicable):** 000108967

**SEC File Number (if applicable):** 801-57836

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:** Michael J. Mussio<br>**Title:** President<br>**Phone:** 301-657-8870

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

Michael J. Mussio  Bethesda, MD  01-21-2026<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:** 203

**Form 13F Information Table Value Total:** $1584419218

      (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 |  | 728005 | 5811 | SH |  | SOLE |  | 5811 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 19352107 | 84696 | SH |  | SOLE |  | 84696 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 1528773 | 5698 | SH |  | SOLE |  | 5698 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 246895 | 2239 | SH |  | SOLE |  | 2239 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 222929 | 1071 | SH |  | SOLE |  | 1071 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 79178565 | 252967 | SH |  | SOLE |  | 252967 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 4403288 | 14032 | SH |  | SOLE |  | 14032 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 65838275 | 285236 | SH |  | SOLE |  | 285236 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 573091 | 4970 | SH |  | SOLE |  | 4970 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 17105366 | 46237 | SH |  | SOLE |  | 46237 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 279156 | 1590 | SH |  | SOLE |  | 1590 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 1925161 | 5882 | SH |  | SOLE |  | 5882 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 471400 | 3488 | SH |  | SOLE |  | 3488 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 18102759 | 125054 | SH |  | SOLE |  | 125054 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 92234549 | 339272 | SH |  | SOLE |  | 339272 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 507041 | 1973 | SH |  | SOLE |  | 1973 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 244419 | 12082 | SH |  | SOLE |  | 12082 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 397414 | 3033 | SH |  | SOLE |  | 3033 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 16211589 | 15153 | SH |  | SOLE |  | 15153 | 0 | 0 |
| ASTRONICS CORP | COM | 046433108 |  | 249537 | 4604 | SH |  | SOLE |  | 4604 | 0 | 0 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 373348 | 2227 | SH |  | SOLE |  | 2227 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 1258112 | 4891 | SH |  | SOLE |  | 4891 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 636515 | 11573 | SH |  | SOLE |  | 11573 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 44111994 | 87759 | SH |  | SOLE |  | 87759 | 0 | 0 |
| BLOCK H  R INC | COM | 093671105 |  | 343628 | 7885 | SH |  | SOLE |  | 7885 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 579233 | 2668 | SH |  | SOLE |  | 2668 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 2788664 | 8057 | SH |  | SOLE |  | 8057 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 257253 | 823 | SH |  | SOLE |  | 823 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 477983 | 1972 | SH |  | SOLE |  | 1972 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 1108865 | 1936 | SH |  | SOLE |  | 1936 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 376168 | 1802 | SH |  | SOLE |  | 1802 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3948792 | 25909 | SH |  | SOLE |  | 25909 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 2293952 | 27358 | SH |  | SOLE |  | 27358 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 608999 | 7906 | SH |  | SOLE |  | 7906 | 0 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 242395 | 2404 | SH |  | SOLE |  | 2404 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 783777 | 11211 | SH |  | SOLE |  | 11211 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 2475134 | 2870 | SH |  | SOLE |  | 2870 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 318757 | 680 | SH |  | SOLE |  | 680 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 11057165 | 48301 | SH |  | SOLE |  | 48301 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 418169 | 3075 | SH |  | SOLE |  | 3075 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 570939 | 1226 | SH |  | SOLE |  | 1226 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 542100 | 4765 | SH |  | SOLE |  | 4765 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 233620 | 3987 | SH |  | SOLE |  | 3987 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 455258 | 3884 | SH |  | SOLE |  | 3884 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 2049612 | 6435 | SH |  | SOLE |  | 6435 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 266787 | 3063 | SH |  | SOLE |  | 3063 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 289204 | 825 | SH |  | SOLE |  | 825 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 32870992 | 30587 | SH |  | SOLE |  | 30587 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 10149111 | 96649 | SH |  | SOLE |  | 96649 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 936022 | 7188 | SH |  | SOLE |  | 7188 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2176418 | 18086 | SH |  | SOLE |  | 18086 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | RIVRFRNT DYN DEV | 33739P608 |  | 213985 | 2658 | SH |  | SOLE |  | 2658 | 0 | 0 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 |  | 148720 | 10570 | SH |  | SOLE |  | 10570 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | US MID CP MLTFCT | 35473P884 |  | 353369 | 6281 | SH |  | SOLE |  | 6281 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 304078 | 1175 | SH |  | SOLE |  | 1175 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 297640 | 966 | SH |  | SOLE |  | 966 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 13980624 | 41527 | SH |  | SOLE |  | 41527 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 668474 | 760 | SH |  | SOLE |  | 760 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 7031880 | 24480 | SH |  | SOLE |  | 24480 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 905560 | 2632 | SH |  | SOLE |  | 2632 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 408793 | 2095 | SH |  | SOLE |  | 2095 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 26272497 | 128146 | SH |  | SOLE |  | 128146 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 1917229 | 7784 | SH |  | SOLE |  | 7784 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 922926 | 3116 | SH |  | SOLE |  | 3116 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 208662 | 315 | SH |  | SOLE |  | 315 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 830965 | 1467 | SH |  | SOLE |  | 1467 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 4785102 | 24980 | SH |  | SOLE |  | 24980 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 7936143 | 12919 | SH |  | SOLE |  | 12919 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 3538358 | 82537 | SH |  | SOLE |  | 82537 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 1399609 | 14555 | SH |  | SOLE |  | 14555 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 333836 | 1978 | SH |  | SOLE |  | 1978 | 0 | 0 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 33422603 | 645598 | SH |  | SOLE |  | 645598 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 145052174 | 211774 | SH |  | SOLE |  | 211774 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 43445243 | 658261 | SH |  | SOLE |  | 658261 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 40621662 | 338007 | SH |  | SOLE |  | 338007 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 400396 | 2693 | SH |  | SOLE |  | 2693 | 0 | 0 |
| ISHARES TR | CORE UNIVRSL USD | 46434V613 |  | 296739 | 6376 | SH |  | SOLE |  | 6376 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 38833995 | 388807 | SH |  | SOLE |  | 388807 | 0 | 0 |
| ISHARES TR | IBONDS DEC2026 | 46435GAA0 |  | 6267712 | 258676 | SH |  | SOLE |  | 258676 | 0 | 0 |
| ISHARES TR | IBONDS 27 ETF | 46435UAA9 |  | 4320536 | 177946 | SH |  | SOLE |  | 177946 | 0 | 0 |
| ISHARES TR | IBDS DEC28 ETF | 46435U515 |  | 3774460 | 148280 | SH |  | SOLE |  | 148280 | 0 | 0 |
| ISHARES TR | IBONDS DEC 29 | 46436E163 |  | 3047862 | 130223 | SH |  | SOLE |  | 130223 | 0 | 0 |
| ISHARES TR | IBONDS DEC 2030 | 46436E726 |  | 3407629 | 154401 | SH |  | SOLE |  | 154401 | 0 | 0 |
| ISHARES TR | IBONDS DEC 2031 | 46436E486 |  | 2297503 | 108629 | SH |  | SOLE |  | 108629 | 0 | 0 |
| ISHARES TR | IBONDS DEC 2032 | 46436E312 |  | 1778267 | 69654 | SH |  | SOLE |  | 69654 | 0 | 0 |
| ISHARES TR | IBONDS DEC 2033 | 46436E130 |  | 1323991 | 50650 | SH |  | SOLE |  | 50650 | 0 | 0 |
| ISHARES TR | IBONDS DEC 2034 | 46438G653 |  | 705477 | 26753 | SH |  | SOLE |  | 26753 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 9931346 | 90129 | SH |  | SOLE |  | 90129 | 0 | 0 |
| ISHARES TR | EAFE GRWTH ETF | 464288885 |  | 257459 | 2260 | SH |  | SOLE |  | 2260 | 0 | 0 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 6731195 | 62844 | SH |  | SOLE |  | 62844 | 0 | 0 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 12642275 | 408342 | SH |  | SOLE |  | 408342 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 623645 | 1670 | SH |  | SOLE |  | 1670 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 534829 | 1130 | SH |  | SOLE |  | 1130 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 629337 | 2992 | SH |  | SOLE |  | 2992 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 10060918 | 40871 | SH |  | SOLE |  | 40871 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 347559 | 1076 | SH |  | SOLE |  | 1076 | 0 | 0 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 543449 | 2999 | SH |  | SOLE |  | 2999 | 0 | 0 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 466928 | 1207 | SH |  | SOLE |  | 1207 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 861768 | 8952 | SH |  | SOLE |  | 8952 | 0 | 0 |
| ISHARES TR | S 100 ETF | 464287101 |  | 5651825 | 16479 | SH |  | SOLE |  | 16479 | 0 | 0 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 568188 | 2679 | SH |  | SOLE |  | 2679 | 0 | 0 |
| ISHARES TR | S MC 400GR ETF | 464287606 |  | 4763590 | 49170 | SH |  | SOLE |  | 49170 | 0 | 0 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 1234693 | 8748 | SH |  | SOLE |  | 8748 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 8508900 | 77417 | SH |  | SOLE |  | 77417 | 0 | 0 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 305933 | 1425 | SH |  | SOLE |  | 1425 | 0 | 0 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 219648 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 4283770 | 20700 | SH |  | SOLE |  | 20700 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 18921316 | 58722 | SH |  | SOLE |  | 58722 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 19380945 | 45454 | SH |  | SOLE |  | 45454 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 412274 | 852 | SH |  | SOLE |  | 852 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 26355307 | 109286 | SH |  | SOLE |  | 109286 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 2395053 | 7720 | SH |  | SOLE |  | 7720 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 503300 | 2713 | SH |  | SOLE |  | 2713 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 355471 | 4183 | SH |  | SOLE |  | 4183 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 349275 | 612 | SH |  | SOLE |  | 612 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 15269189 | 49960 | SH |  | SOLE |  | 49960 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 790503 | 7510 | SH |  | SOLE |  | 7510 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 970332 | 1470 | SH |  | SOLE |  | 1470 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 330070 | 5180 | SH |  | SOLE |  | 5180 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 303391 | 1063 | SH |  | SOLE |  | 1063 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 86138126 | 178111 | SH |  | SOLE |  | 178111 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 282019 | 5239 | SH |  | SOLE |  | 5239 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 15368764 | 163916 | SH |  | SOLE |  | 163916 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 22535989 | 280717 | SH |  | SOLE |  | 280717 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 253247 | 3975 | SH |  | SOLE |  | 3975 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 312491 | 1082 | SH |  | SOLE |  | 1082 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 314157 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 969158 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 45990148 | 246596 | SH |  | SOLE |  | 246596 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 204198 | 28 | SH |  | SOLE |  | 28 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 507741 | 2605 | SH |  | SOLE |  | 2605 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 705490 | 3969 | SH |  | SOLE |  | 3969 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 247565 | 1344 | SH |  | SOLE |  | 1344 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 295331 | 336 | SH |  | SOLE |  | 336 | 0 | 0 |
| PENNANTPARK FLOATING RATE CA | COM | 70806A106 |  | 109367 | 11798 | SH |  | SOLE |  | 11798 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 1204850 | 8395 | SH |  | SOLE |  | 8395 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 201018 | 8073 | SH |  | SOLE |  | 8073 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 292734 | 1825 | SH |  | SOLE |  | 1825 | 0 | 0 |
| PIMCO CORPORATE  INCOME OPP | COM | 72201B101 |  | 216011 | 16745 | SH |  | SOLE |  | 16745 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 477157 | 2286 | SH |  | SOLE |  | 2286 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1190217 | 8305 | SH |  | SOLE |  | 8305 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 25018058 | 109863 | SH |  | SOLE |  | 109863 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 290730 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| REE AUTOMOTIVE LTD | SHS CL A NEW | M8287R202 |  | 20717 | 28206 | SH |  | SOLE |  | 28206 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 1550833 | 3484 | SH |  | SOLE |  | 3484 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 1219060 | 6647 | SH |  | SOLE |  | 6647 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 11752527 | 22489 | SH |  | SOLE |  | 22489 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1172359 | 4426 | SH |  | SOLE |  | 4426 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 |  | 8353918 | 34391 | SH |  | SOLE |  | 34391 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 205948 | 8567 | SH |  | SOLE |  | 8567 | 0 | 0 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 481054 | 18340 | SH |  | SOLE |  | 18340 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 260647 | 9502 | SH |  | SOLE |  | 9502 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 897314 | 33345 | SH |  | SOLE |  | 33345 | 0 | 0 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 1533803 | 51008 | SH |  | SOLE |  | 51008 | 0 | 0 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 1308614 | 45949 | SH |  | SOLE |  | 45949 | 0 | 0 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 1575983 | 59494 | SH |  | SOLE |  | 59494 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 287783 | 1045 | SH |  | SOLE |  | 1045 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 1662559 | 11548 | SH |  | SOLE |  | 11548 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 211568 | 4956 | SH |  | SOLE |  | 4956 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 5939176 | 38770 | SH |  | SOLE |  | 38770 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1088318 | 6761 | SH |  | SOLE |  | 6761 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 424315 | 4866 | SH |  | SOLE |  | 4866 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 989982 | 2498 | SH |  | SOLE |  | 2498 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 15837422 | 23225 | SH |  | SOLE |  | 23225 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 225627 | 374 | SH |  | SOLE |  | 374 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A359 |  | 574002 | 6435 | SH |  | SOLE |  | 6435 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A508 |  | 302850 | 5331 | SH |  | SOLE |  | 5331 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A656 |  | 4198698 | 161800 | SH |  | SOLE |  | 161800 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A292 |  | 810060 | 25562 | SH |  | SOLE |  | 25562 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R408 |  | 10334232 | 408145 | SH |  | SOLE |  | 408145 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 6861669 | 11816 | SH |  | SOLE |  | 11816 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 230679 | 2739 | SH |  | SOLE |  | 2739 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 17616649 | 50123 | SH |  | SOLE |  | 50123 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 63473761 | 208871 | SH |  | SOLE |  | 208871 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 5582824 | 12414 | SH |  | SOLE |  | 12414 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1473158 | 8491 | SH |  | SOLE |  | 8491 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 348363 | 601 | SH |  | SOLE |  | 601 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 21569077 | 140415 | SH |  | SOLE |  | 140415 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 14151648 | 61178 | SH |  | SOLE |  | 61178 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 14868534 | 45041 | SH |  | SOLE |  | 45041 | 0 | 0 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 241184 | 3097 | SH |  | SOLE |  | 3097 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 721316 | 1150 | SH |  | SOLE |  | 1150 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 234266 | 908 | SH |  | SOLE |  | 908 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 3031878 | 9043 | SH |  | SOLE |  | 9043 | 0 | 0 |
| VANGUARD INSTL INDEX FD | 0-3 MO TREAS BIL | 922040845 |  | 380997 | 5051 | SH |  | SOLE |  | 5051 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 202423 | 2752 | SH |  | SOLE |  | 2752 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 202468 | 4026 | SH |  | SOLE |  | 4026 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 473600 | 4759 | SH |  | SOLE |  | 4759 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 13974580 | 63584 | SH |  | SOLE |  | 63584 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 68088369 | 1089937 | SH |  | SOLE |  | 1089937 | 0 | 0 |
| VANGUARD WORLD FD | CONSUM DIS ETF | 92204A108 |  | 261563 | 664 | SH |  | SOLE |  | 664 | 0 | 0 |
| VANGUARD WORLD FD | INDUSTRIAL ETF | 92204A603 |  | 273614 | 917 | SH |  | SOLE |  | 917 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 284757 | 378 | SH |  | SOLE |  | 378 | 0 | 0 |
| VANGUARD WORLD FD | MATERIALS ETF | 92204A801 |  | 212739 | 1025 | SH |  | SOLE |  | 1025 | 0 | 0 |
| VANGUARD WORLD FD | UTILITIES ETF | 92204A876 |  | 260577 | 1408 | SH |  | SOLE |  | 1408 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 207560 | 5096 | SH |  | SOLE |  | 5096 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 5515630 | 34045 | SH |  | SOLE |  | 34045 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 35905812 | 102380 | SH |  | SOLE |  | 102380 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 916632 | 8228 | SH |  | SOLE |  | 8228 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 10403933 | 59329 | SH |  | SOLE |  | 59329 | 0 | 0 |
| WESTERN ASSET HIGH INCOM FD | COM | 95766J102 |  | 94848 | 22800 | SH |  | SOLE |  | 22800 | 0 | 0 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 10767377 | 126126 | SH |  | SOLE |  | 126126 | 0 | 0 |
| WW GRAINGER INC | COM | 384802104 |  | 7485133 | 7418 | SH |  | SOLE |  | 7418 | 0 | 0 |

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