# EDGAR Filing Document

**Accession Number:** 0001567889
**File Stem:** 0001567889-26-000001
**Filing Date:** 2026-1
**Character Count:** 22827
**Document Hash:** 2c9573c04d862c97af588270028bdcc0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001567889-26-000001.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001567889-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Telos Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001567889

**ORGANIZATION NAME:**
- **EIN:** 262982789

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15179
- **FILM NUMBER:** 26552583

**BUSINESS ADDRESS:**
- **STREET 1:** 13480 EVENING CREEK DRIVE NORTH
- **STREET 2:** SUITE 250
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92128
- **BUSINESS PHONE:** 858 271-6350

**MAIL ADDRESS:**
- **STREET 1:** 13480 EVENING CREEK DRIVE NORTH
- **STREET 2:** SUITE 250
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92128

### 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:** Telos Capital Management Inc.<br>**Address:** 13480 EVENING CREEK DRIVE NORTH<br>SUITE 250<br>SAN DIEGO, CA 92128

**Form 13F File Number:** 028-15179

**CRD Number (if applicable):** 000149108

**SEC File Number (if applicable):** 801-69837

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:** Andrew Weld<br>**Title:** Portfolio Manager<br>**Phone:** 858-271-6350

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

Andrew Weld  San Diego, CA  01-22-2026<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:** 196

**Form 13F Information Table Value Total:** $1072571438

      (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 |
| 3M CO | COM | 88579Y101 |  | 270850 | 1692 | SH |  | SOLE |  | 0 | 0 | 1692 |
| ABBOTT LABS | COM | 002824100 |  | 3742162 | 29868 | SH |  | SOLE |  | 0 | 0 | 29868 |
| ABBVIE INC | COM | 00287Y109 |  | 4361875 | 19090 | SH |  | SOLE |  | 0 | 0 | 19090 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 271984 | 1270 | SH |  | SOLE |  | 0 | 0 | 1270 |
| AFLAC INC | COM | 001055102 |  | 1816919 | 16477 | SH |  | SOLE |  | 0 | 0 | 16477 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 279330 | 2053 | SH |  | SOLE |  | 0 | 0 | 2053 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 6401605 | 25915 | SH |  | SOLE |  | 0 | 0 | 25915 |
| ALEXANDER  BALDWIN INC NEW | COM | 014491104 |  | 273658 | 13259 | SH |  | SOLE |  | 0 | 0 | 13259 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 954317 | 19500 | SH |  | SOLE |  | 0 | 0 | 19500 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 32976173 | 105355 | SH |  | SOLE |  | 0 | 0 | 105355 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 18053225 | 57531 | SH |  | SOLE |  | 0 | 0 | 57531 |
| AMAZON COM INC | COM | 023135106 |  | 21886815 | 94822 | SH |  | SOLE |  | 0 | 0 | 94822 |
| AMENTUM HOLDINGS INC | COM | 023939101 |  | 5436514 | 187466 | SH |  | SOLE |  | 0 | 0 | 187466 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 11878748 | 126410 | SH |  | SOLE |  | 0 | 0 | 126410 |
| AMERICAN CENTY ETF TR | AVANTIS EMGMKT | 025072604 |  | 5725282 | 74335 | SH |  | SOLE |  | 0 | 0 | 74335 |
| AMERICAN CENTY ETF TR | US SML CP VALU | 025072877 |  | 4642946 | 45528 | SH |  | SOLE |  | 0 | 0 | 45528 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 7011688 | 60807 | SH |  | SOLE |  | 0 | 0 | 60807 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 208690 | 6501 | SH |  | SOLE |  | 0 | 0 | 6501 |
| AMGEN INC | COM | 031162100 |  | 8833973 | 26990 | SH |  | SOLE |  | 0 | 0 | 26990 |
| APPLE INC | COM | 037833100 |  | 61360551 | 225706 | SH |  | SOLE |  | 0 | 0 | 225706 |
| APPLIED MATLS INC | COM | 038222105 |  | 521433 | 2029 | SH |  | SOLE |  | 0 | 0 | 2029 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 1161319 | 8863 | SH |  | SOLE |  | 0 | 0 | 8863 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 9797778 | 9158 | SH |  | SOLE |  | 0 | 0 | 9158 |
| AT INC | COM | 00206R102 |  | 404343 | 16278 | SH |  | SOLE |  | 0 | 0 | 16278 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 255687 | 994 | SH |  | SOLE |  | 0 | 0 | 994 |
| BANK AMERICA CORP | COM | 060505104 |  | 236940 | 4308 | SH |  | SOLE |  | 0 | 0 | 4308 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 14014405 | 27881 | SH |  | SOLE |  | 0 | 0 | 27881 |
| BLACKROCK INC | COM | 09290D101 |  | 315751 | 295 | SH |  | SOLE |  | 0 | 0 | 295 |
| BOEING CO | COM | 097023105 |  | 332677 | 1532 | SH |  | SOLE |  | 0 | 0 | 1532 |
| BRANDYWINE RLTY TR | SH BEN INT NEW | 105368203 |  | 144492 | 49484 | SH |  | SOLE |  | 0 | 0 | 49484 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 6258232 | 116022 | SH |  | SOLE |  | 0 | 0 | 116022 |
| BROADCOM INC | COM | 11135F101 |  | 1377132 | 3979 | SH |  | SOLE |  | 0 | 0 | 3979 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 1875734 | 17040 | SH |  | SOLE |  | 0 | 0 | 17040 |
| CAMPING WORLD HLDGS INC | CL A | 13462K109 |  | 145950 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 9827345 | 185983 | SH |  | SOLE |  | 0 | 0 | 185983 |
| CATERPILLAR INC | COM | 149123101 |  | 1707188 | 2980 | SH |  | SOLE |  | 0 | 0 | 2980 |
| CBRE GROUP INC | CL A | 12504L109 |  | 7762781 | 48279 | SH |  | SOLE |  | 0 | 0 | 48279 |
| CHEVRON CORP NEW | COM | 166764100 |  | 16464281 | 108026 | SH |  | SOLE |  | 0 | 0 | 108026 |
| CISCO SYS INC | COM | 17275R102 |  | 9610086 | 124758 | SH |  | SOLE |  | 0 | 0 | 124758 |
| COCA COLA CO | COM | 191216100 |  | 806070 | 11530 | SH |  | SOLE |  | 0 | 0 | 11530 |
| COLUMBIA ETF TR II | EM CORE EX ETF | 19762B202 |  | 801916 | 20905 | SH |  | SOLE |  | 0 | 0 | 20905 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 313078 | 10474 | SH |  | SOLE |  | 0 | 0 | 10474 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 218504 | 2200 | SH |  | SOLE |  | 0 | 0 | 2200 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 683225 | 1934 | SH |  | SOLE |  | 0 | 0 | 1934 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 11501701 | 13338 | SH |  | SOLE |  | 0 | 0 | 13338 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 1517377 | 3237 | SH |  | SOLE |  | 0 | 0 | 3237 |
| D R HORTON INC | COM | 23331A109 |  | 473230 | 3286 | SH |  | SOLE |  | 0 | 0 | 3286 |
| DANAHER CORPORATION | COM | 235851102 |  | 10906103 | 47642 | SH |  | SOLE |  | 0 | 0 | 47642 |
| DEERE  CO | COM | 244199105 |  | 1551823 | 3333 | SH |  | SOLE |  | 0 | 0 | 3333 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 1342395 | 8677 | SH |  | SOLE |  | 0 | 0 | 8677 |
| DISNEY WALT CO | COM | 254687106 |  | 8924901 | 78447 | SH |  | SOLE |  | 0 | 0 | 78447 |
| ECOLAB INC | COM | 278865100 |  | 259559 | 989 | SH |  | SOLE |  | 0 | 0 | 989 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 6625204 | 77715 | SH |  | SOLE |  | 0 | 0 | 77715 |
| ELI LILLY  CO | COM | 532457108 |  | 2505080 | 2331 | SH |  | SOLE |  | 0 | 0 | 2331 |
| EMERSON ELEC CO | COM | 291011104 |  | 1148036 | 8650 | SH |  | SOLE |  | 0 | 0 | 8650 |
| ENBRIDGE INC | COM | 29250N105 |  | 6918482 | 144647 | SH |  | SOLE |  | 0 | 0 | 144647 |
| EOG RES INC | COM | 26875P101 |  | 14365618 | 136802 | SH |  | SOLE |  | 0 | 0 | 136802 |
| EXELON CORP | COM | 30161N101 |  | 247897 | 5687 | SH |  | SOLE |  | 0 | 0 | 5687 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2874599 | 23887 | SH |  | SOLE |  | 0 | 0 | 23887 |
| FIRST INTST BANCSYSTEM INC | COM | 32055Y201 |  | 227080 | 6563 | SH |  | SOLE |  | 0 | 0 | 6563 |
| GE AEROSPACE | COM NEW | 369604301 |  | 861059 | 2795 | SH |  | SOLE |  | 0 | 0 | 2795 |
| GENUINE PARTS CO | COM | 372460105 |  | 5291480 | 43034 | SH |  | SOLE |  | 0 | 0 | 43034 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 10290434 | 11707 | SH |  | SOLE |  | 0 | 0 | 11707 |
| HOME DEPOT INC | COM | 437076102 |  | 21235876 | 61714 | SH |  | SOLE |  | 0 | 0 | 61714 |
| HONEYWELL INTL INC | COM | 438516106 |  | 8526098 | 43703 | SH |  | SOLE |  | 0 | 0 | 43703 |
| HUBBELL INC | COM | 443510607 |  | 310433 | 699 | SH |  | SOLE |  | 0 | 0 | 699 |
| ILLUMINA INC | COM | 452327109 |  | 405286 | 3090 | SH |  | SOLE |  | 0 | 0 | 3090 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 2399283 | 8100 | SH |  | SOLE |  | 0 | 0 | 8100 |
| INTUIT | COM | 461202103 |  | 370956 | 560 | SH |  | SOLE |  | 0 | 0 | 560 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 3965748 | 20702 | SH |  | SOLE |  | 0 | 0 | 20702 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 13027332 | 21206 | SH |  | SOLE |  | 0 | 0 | 21206 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 9966729 | 44216 | SH |  | SOLE |  | 0 | 0 | 44216 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 300329 | 3700 | SH |  | SOLE |  | 0 | 0 | 3700 |
| ISHARES INC | MSCI EMRG CHN | 46434G764 |  | 672945 | 9259 | SH |  | SOLE |  | 0 | 0 | 9259 |
| ISHARES TR | CORE S ETF | 464287200 |  | 13652004 | 19932 | SH |  | SOLE |  | 0 | 0 | 19932 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 12260145 | 185760 | SH |  | SOLE |  | 0 | 0 | 185760 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 6873372 | 57192 | SH |  | SOLE |  | 0 | 0 | 57192 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 6417384 | 71735 | SH |  | SOLE |  | 0 | 0 | 71735 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 4266875 | 59752 | SH |  | SOLE |  | 0 | 0 | 59752 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 3947575 | 18614 | SH |  | SOLE |  | 0 | 0 | 18614 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 2523818 | 17893 | SH |  | SOLE |  | 0 | 0 | 17893 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 1658762 | 9829 | SH |  | SOLE |  | 0 | 0 | 9829 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 1434679 | 4764 | SH |  | SOLE |  | 0 | 0 | 4764 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 997609 | 12373 | SH |  | SOLE |  | 0 | 0 | 12373 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 988099 | 31915 | SH |  | SOLE |  | 0 | 0 | 31915 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 866139 | 1830 | SH |  | SOLE |  | 0 | 0 | 1830 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 494393 | 5148 | SH |  | SOLE |  | 0 | 0 | 5148 |
| JACOBS SOLUTIONS INC | COM | 46982L108 |  | 10090667 | 76179 | SH |  | SOLE |  | 0 | 0 | 76179 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 9919975 | 47934 | SH |  | SOLE |  | 0 | 0 | 47934 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 20852315 | 64715 | SH |  | SOLE |  | 0 | 0 | 64715 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 611167 | 6058 | SH |  | SOLE |  | 0 | 0 | 6058 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 652852 | 32208 | SH |  | SOLE |  | 0 | 0 | 32208 |
| KLA CORP | COM NEW | 482480100 |  | 746060 | 614 | SH |  | SOLE |  | 0 | 0 | 614 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 402779 | 1372 | SH |  | SOLE |  | 0 | 0 | 1372 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 879181 | 5136 | SH |  | SOLE |  | 0 | 0 | 5136 |
| LENNAR CORP | CL A | 526057104 |  | 233001 | 2267 | SH |  | SOLE |  | 0 | 0 | 2267 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 318722 | 1330 | SH |  | SOLE |  | 0 | 0 | 1330 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 6829064 | 14119 | SH |  | SOLE |  | 0 | 0 | 14119 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 261533 | 843 | SH |  | SOLE |  | 0 | 0 | 843 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 13550408 | 23736 | SH |  | SOLE |  | 0 | 0 | 23736 |
| MCDONALDS CORP | COM | 580135101 |  | 6407693 | 20966 | SH |  | SOLE |  | 0 | 0 | 20966 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 6481710 | 67476 | SH |  | SOLE |  | 0 | 0 | 67476 |
| MERCK  CO INC | COM | 58933Y105 |  | 1597429 | 15176 | SH |  | SOLE |  | 0 | 0 | 15176 |
| META PLATFORMS INC | CL A | 30303M102 |  | 7413471 | 11231 | SH |  | SOLE |  | 0 | 0 | 11231 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 786050 | 12336 | SH |  | SOLE |  | 0 | 0 | 12336 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 443528 | 1554 | SH |  | SOLE |  | 0 | 0 | 1554 |
| MICROSOFT CORP | COM | 594918104 |  | 14483156 | 29947 | SH |  | SOLE |  | 0 | 0 | 29947 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 1971747 | 14194 | SH |  | SOLE |  | 0 | 0 | 14194 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 230931 | 4290 | SH |  | SOLE |  | 0 | 0 | 4290 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 23636112 | 133139 | SH |  | SOLE |  | 0 | 0 | 133139 |
| NETFLIX INC | COM | 64110L106 |  | 4451163 | 47474 | SH |  | SOLE |  | 0 | 0 | 47474 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 7129270 | 88805 | SH |  | SOLE |  | 0 | 0 | 88805 |
| NIKE INC | CL B | 654106103 |  | 2242465 | 35198 | SH |  | SOLE |  | 0 | 0 | 35198 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 16861323 | 29570 | SH |  | SOLE |  | 0 | 0 | 29570 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 3624979 | 26293 | SH |  | SOLE |  | 0 | 0 | 26293 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 229927 | 4519 | SH |  | SOLE |  | 0 | 0 | 4519 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 7153283 | 38355 | SH |  | SOLE |  | 0 | 0 | 38355 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 11094892 | 51114 | SH |  | SOLE |  | 0 | 0 | 51114 |
| ORACLE CORP | COM | 68389X105 |  | 8407683 | 43136 | SH |  | SOLE |  | 0 | 0 | 43136 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 745839 | 4196 | SH |  | SOLE |  | 0 | 0 | 4196 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 14669688 | 79640 | SH |  | SOLE |  | 0 | 0 | 79640 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 5885755 | 100818 | SH |  | SOLE |  | 0 | 0 | 100818 |
| PEPSICO INC | COM | 713448108 |  | 20988637 | 146242 | SH |  | SOLE |  | 0 | 0 | 146242 |
| PFIZER INC | COM | 717081103 |  | 647111 | 25988 | SH |  | SOLE |  | 0 | 0 | 25988 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 497882 | 3104 | SH |  | SOLE |  | 0 | 0 | 3104 |
| PHILLIPS 66 | COM | 718546104 |  | 7458856 | 57803 | SH |  | SOLE |  | 0 | 0 | 57803 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 7556880 | 36204 | SH |  | SOLE |  | 0 | 0 | 36204 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 6565895 | 64133 | SH |  | SOLE |  | 0 | 0 | 64133 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 16236132 | 113294 | SH |  | SOLE |  | 0 | 0 | 113294 |
| PROLOGIS INC. | COM | 74340W103 |  | 1968601 | 15421 | SH |  | SOLE |  | 0 | 0 | 15421 |
| QUALCOMM INC | COM | 747525103 |  | 32346125 | 189103 | SH |  | SOLE |  | 0 | 0 | 189103 |
| REALTY INCOME CORP | COM | 756109104 |  | 5846007 | 103708 | SH |  | SOLE |  | 0 | 0 | 103708 |
| REGENCY CTRS CORP | COM | 758849103 |  | 371213 | 5378 | SH |  | SOLE |  | 0 | 0 | 5378 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 374357 | 485 | SH |  | SOLE |  | 0 | 0 | 485 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 8782064 | 41439 | SH |  | SOLE |  | 0 | 0 | 41439 |
| RESMED INC | COM | 761152107 |  | 7965214 | 33069 | SH |  | SOLE |  | 0 | 0 | 33069 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 7783448 | 20005 | SH |  | SOLE |  | 0 | 0 | 20005 |
| RTX CORPORATION | COM | 75513E101 |  | 9365611 | 51067 | SH |  | SOLE |  | 0 | 0 | 51067 |
| SALESFORCE INC | COM | 79466L302 |  | 405298 | 1530 | SH |  | SOLE |  | 0 | 0 | 1530 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 474041 | 4745 | SH |  | SOLE |  | 0 | 0 | 4745 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 598346 | 21814 | SH |  | SOLE |  | 0 | 0 | 21814 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 285318 | 8747 | SH |  | SOLE |  | 0 | 0 | 8747 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 268444 | 10234 | SH |  | SOLE |  | 0 | 0 | 10234 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 3373825 | 61600 | SH |  | SOLE |  | 0 | 0 | 61600 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 1073236 | 25140 | SH |  | SOLE |  | 0 | 0 | 25140 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 |  | 824574 | 10615 | SH |  | SOLE |  | 0 | 0 | 10615 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 794318 | 17766 | SH |  | SOLE |  | 0 | 0 | 17766 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 311958 | 2167 | SH |  | SOLE |  | 0 | 0 | 2167 |
| SELECT SECTOR SPDR TR | STATE STREET IND | 81369Y704 |  | 250985 | 1618 | SH |  | SOLE |  | 0 | 0 | 1618 |
| SEMPRA | COM | 816851109 |  | 218077 | 2470 | SH |  | SOLE |  | 0 | 0 | 2470 |
| SERVICENOW INC | COM | 81762P102 |  | 7803499 | 50940 | SH |  | SOLE |  | 0 | 0 | 50940 |
| SL GREEN RLTY CORP | COM | 78440X887 |  | 517279 | 11277 | SH |  | SOLE |  | 0 | 0 | 11277 |
| SOUTHERN CO | COM | 842587107 |  | 6254844 | 71730 | SH |  | SOLE |  | 0 | 0 | 71730 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1051807 | 2654 | SH |  | SOLE |  | 0 | 0 | 2654 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 251959 | 5673 | SH |  | SOLE |  | 0 | 0 | 5673 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 2930479 | 4297 | SH |  | SOLE |  | 0 | 0 | 4297 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A805 |  | 1473285 | 17858 | SH |  | SOLE |  | 0 | 0 | 17858 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A359 |  | 889799 | 9975 | SH |  | SOLE |  | 0 | 0 | 9975 |
| STARBUCKS CORP | COM | 855244109 |  | 475912 | 5651 | SH |  | SOLE |  | 0 | 0 | 5651 |
| STRYKER CORPORATION | COM | 863667101 |  | 231268 | 658 | SH |  | SOLE |  | 0 | 0 | 658 |
| SYSCO CORP | COM | 871829107 |  | 523199 | 7100 | SH |  | SOLE |  | 0 | 0 | 7100 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 9157050 | 40249 | SH |  | SOLE |  | 0 | 0 | 40249 |
| TESLA INC | COM | 88160R101 |  | 2529226 | 5624 | SH |  | SOLE |  | 0 | 0 | 5624 |
| TEXAS INSTRS INC | COM | 882508104 |  | 224497 | 1294 | SH |  | SOLE |  | 0 | 0 | 1294 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 14979699 | 51643 | SH |  | SOLE |  | 0 | 0 | 51643 |
| UDR INC | COM | 902653104 |  | 1739389 | 47421 | SH |  | SOLE |  | 0 | 0 | 47421 |
| UNION PAC CORP | COM | 907818108 |  | 1931473 | 8350 | SH |  | SOLE |  | 0 | 0 | 8350 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 1676113 | 16898 | SH |  | SOLE |  | 0 | 0 | 16898 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 3901649 | 10834 | SH |  | SOLE |  | 0 | 0 | 10834 |
| VANECK ETF TRUST | PHARMACEUTCL ETF | 92189F692 |  | 645535 | 6257 | SH |  | SOLE |  | 0 | 0 | 6257 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 41695044 | 124363 | SH |  | SOLE |  | 0 | 0 | 124363 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 2657679 | 12709 | SH |  | SOLE |  | 0 | 0 | 12709 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 2402426 | 11343 | SH |  | SOLE |  | 0 | 0 | 11343 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 1274085 | 14398 | SH |  | SOLE |  | 0 | 0 | 14398 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 677248 | 1080 | SH |  | SOLE |  | 0 | 0 | 1080 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 419054 | 2194 | SH |  | SOLE |  | 0 | 0 | 2194 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 201975 | 783 | SH |  | SOLE |  | 0 | 0 | 783 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 25945135 | 352707 | SH |  | SOLE |  | 0 | 0 | 352707 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 416666 | 7750 | SH |  | SOLE |  | 0 | 0 | 7750 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 8468884 | 106220 | SH |  | SOLE |  | 0 | 0 | 106220 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 6544482 | 78143 | SH |  | SOLE |  | 0 | 0 | 78143 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 787857 | 3585 | SH |  | SOLE |  | 0 | 0 | 3585 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 19739845 | 315989 | SH |  | SOLE |  | 0 | 0 | 315989 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 6330613 | 44110 | SH |  | SOLE |  | 0 | 0 | 44110 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 1509442 | 2002 | SH |  | SOLE |  | 0 | 0 | 2002 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 668365 | 16410 | SH |  | SOLE |  | 0 | 0 | 16410 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 10144384 | 22376 | SH |  | SOLE |  | 0 | 0 | 22376 |
| VISA INC | COM CL A | 92826C839 |  | 21348323 | 60872 | SH |  | SOLE |  | 0 | 0 | 60872 |
| WALMART INC | COM | 931142103 |  | 6419880 | 57624 | SH |  | SOLE |  | 0 | 0 | 57624 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 4146797 | 18874 | SH |  | SOLE |  | 0 | 0 | 18874 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1310020 | 14056 | SH |  | SOLE |  | 0 | 0 | 14056 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 224428 | 9473 | SH |  | SOLE |  | 0 | 0 | 9473 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 7148958 | 40030 | SH |  | SOLE |  | 0 | 0 | 40030 |
| WISDOMTREE TR | INTL SMCAP DIV | 97717W760 |  | 244246 | 3015 | SH |  | SOLE |  | 0 | 0 | 3015 |
| WW GRAINGER INC | COM | 384802104 |  | 403620 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| XYLEM INC | COM | 98419M100 |  | 508171 | 3732 | SH |  | SOLE |  | 0 | 0 | 3732 |

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