# EDGAR Filing Document

**Accession Number:** 0001936416
**File Stem:** 0001062993-26-000745
**Filing Date:** 2026-2
**Character Count:** 22549
**Document Hash:** bd215cdafbf7db3d7a303d0bb7423315
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-000745.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001062993-26-000745

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cercano Management LLC
- **CENTRAL INDEX KEY:** 0001936416

**ORGANIZATION NAME:**
- **EIN:** 871884693
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23066
- **FILM NUMBER:** 26615098

**BUSINESS ADDRESS:**
- **STREET 1:** 1110 112TH AVENUE NE
- **STREET 2:** SUITE 202
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004
- **BUSINESS PHONE:** (425)371-7500

**MAIL ADDRESS:**
- **STREET 1:** 1110 112TH AVENUE NE
- **STREET 2:** SUITE 202
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004

### 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:** Cercano Management LLC<br>**Address:** 1110 112TH AVENUE NE<br>SUITE 202<br>BELLEVUE, WA 98004

**Form 13F File Number:** 028-23066

**CRD Number (if applicable):** 000315897

**SEC File Number (if applicable):** 801-122903

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:** Malinda Khauv<br>**Title:** Chief Compliance Officer<br>**Phone:** 425-503-3116

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

/s/ Malinda Khauv  BELLEVUE, WA  02-10-2026<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:** 2

**Form 13F Information Table Entry Total:** 171

**Form 13F Information Table Value Total:** $2642570972

      (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.]

| No.   | Name                                   | Form 13F File Number   |
|:---|:---|:---|
|  | Allen Investment Management LLC        | 028-11378              |
|  | J.P. Morgan Investment Management Inc. | 028-11937              |

### 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 |
| AT INC | COM | 00206R102 | BBG000BSJK37 | 249195 | 10032 | SH |  | OTR | 2 | 10032 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 | BBG000B9ZXB4 | 326631 | 2607 | SH |  | OTR | 2 | 2607 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RY4 | 408769 | 1789 | SH |  | OTR | 2 | 1789 | 0 | 0 |
| TIC SOLUTIONS INC | COM | 00510N102 | BBG01JQNXZ77 | 29341545 | 2902230 | SH |  | SOLE |  | 2902230 | 0 | 0 |
| ADOBE INC | COM | 00724F101 | BBG000BB5006 | 494186 | 1412 | SH |  | OTR | 2 | 1412 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG000BBQCY0 | 203024 | 948 | SH |  | OTR | 2 | 948 | 0 | 0 |
| ADVANCED DRAIN SYS INC DEL | COM | 00790R104 | BBG000G7CDN9 | 14515442 | 100224 | SH |  | SOLE |  | 100224 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 | BBG000C2V3D6 | 226693 | 1666 | SH |  | OTR | 2 | 1666 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 | BBG000BVMGF2 | 232712 | 1118 | SH |  | OTR | 2 | 1118 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB30 | 19687184 | 62738 | SH |  | OTR | 12 | 62738 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 24481921 | 78217 | SH |  | SOLE |  | 78217 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 3637060 | 11620 | SH |  | OTR | 2 | 11620 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 42561131 | 184391 | SH |  | OTR | 12 | 184391 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 15499101 | 67148 | SH |  | SOLE |  | 67148 | 0 | 0 |
| AMGEN INC | COM | 031162100 | BBG000BBS2Y0 | 202932 | 620 | SH |  | OTR | 2 | 620 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | BBG00ZNLTFK3 | 21366431 | 147599 | SH |  | OTR | 12 | 147599 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 6390885 | 23508 | SH |  | OTR | 2 | 23508 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 11238421 | 41339 | SH |  | SOLE |  | 41339 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG000BBPFB9 | 744243 | 2896 | SH |  | OTR | 2 | 2896 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG000BCTLF6 | 1196250 | 21750 | SH |  | OTR | 2 | 21750 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG000BCTLF6 | 10968870 | 199434 | SH |  | SOLE |  | 199434 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG000DWG505 | 688128 | 1369 | SH |  | OTR | 2 | 1369 | 0 | 0 |
| BLACKSKY TECHNOLOGY INC | CL A NEW | 09263B207 | BBG00QRY6P33 | 23324550 | 1243976 | SH |  | SOLE |  | 1243976 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG000BCSST7 | 19758354 | 91002 | SH |  | OTR | 12 | 91002 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG000C0LW92 | 526046 | 5517 | SH |  | OTR | 2 | 5517 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG000C0LW92 | 14151275 | 148414 | SH |  | SOLE |  | 148414 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5S69 | 4456730 | 12877 | SH |  | OTR | 2 | 12877 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 | BBG000BKD3K9 | 5260560 | 51128 | SH |  | SOLE |  | 51128 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG000BGRY34 | 247524 | 3119 | SH |  | OTR | 2 | 3119 | 0 | 0 |
| CAPITAL GROUP INTERNATIONAL | SHS | 14021T102 | BBG01N7S4184 | 1063822 | 32733 | SH |  | SOLE |  | 32733 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 | BBG000BGKTF9 | 658492 | 2717 | SH |  | OTR | 2 | 2717 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 | BBG000BGKTF9 | 22261493 | 91853 | SH |  | SOLE |  | 91853 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 | BBG000BF0K17 | 1248857 | 2180 | SH |  | OTR | 2 | 2180 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 | BBG014KFRNP7 | 35650242 | 100915 | SH |  | SOLE |  | 100915 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6H8W8 | 613986 | 712 | SH |  | OTR | 2 | 712 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6H8W8 | 14165659 | 16427 | SH |  | SOLE |  | 16427 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 | BBG000D7JKW9 | 244552 | 3637 | SH |  | OTR | 2 | 3637 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 | BBG000BH3JF8 | 12872629 | 56232 | SH |  | SOLE |  | 56232 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 | BBG00DW3SZS1 | 6808472 | 54087 | SH |  | SOLE |  | 54087 | 0 | 0 |
| DENALI THERAPEUTICS INC | COM | 24823R105 | BBG008P7F869 | 10318750 | 625000 | SH |  | SOLE |  | 625000 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 | BBG002PHSYX9 | 536077 | 3566 | SH |  | OTR | 2 | 3566 | 0 | 0 |
| EQT CORP | COM | 26884L109 | BBG000BHZ5J9 | 349365 | 6518 | SH |  | OTR | 2 | 6518 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | BBG000BR3012 | 3847873 | 120021 | SH |  | SOLE |  | 120021 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 | BBG000QY3XZ2 | 326940 | 1154 | SH |  | OTR | 2 | 1154 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG000GZQ728 | 274375 | 2280 | SH |  | OTR | 2 | 2280 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 28506647 | 43186 | SH |  | OTR | 1 | 43186 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 71171564 | 107821 | SH |  | SOLE |  | 107821 | 0 | 0 |
| FISERV INC | COM | 337738108 | BBG000BJKPG0 | 293331 | 4367 | SH |  | OTR | 2 | 4367 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 | BBG00JHNJW99 | 235139 | 3218 | SH |  | OTR | 2 | 3218 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE SOUTH KOREA | 35473P710 | BBG00J3N5BB2 | 8451393 | 263694 | SH |  | SOLE |  | 263694 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE JAPAN ETF | 35473P744 | BBG00J3MDY16 | 13746825 | 399037 | SH |  | SOLE |  | 399037 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W31 | 21697870 | 33199 | SH |  | OTR | 1 | 33199 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG000BK6MB5 | 236875 | 769 | SH |  | OTR | 2 | 769 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 | BBG000QRNHZ0 | 7716922 | 107493 | SH |  | SOLE |  | 107493 | 0 | 0 |
| GULFPORT ENERGY CORP | COMMON SHARES | 402635502 | BBG0112Z86C1 | 586324 | 2819 | SH |  | SOLE |  | 2819 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 | BBG000QW7VC1 | 452854 | 970 | SH |  | OTR | 2 | 970 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 | BBG000BKTFN2 | 227889 | 8064 | SH |  | OTR | 2 | 8064 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG000BKZB36 | 836163 | 2430 | SH |  | OTR | 2 | 2430 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG000BKZB36 | 7378880 | 21444 | SH |  | SOLE |  | 21444 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG000H556T9 | 370671 | 1900 | SH |  | OTR | 2 | 1900 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 | BBG000BMBL90 | 411321 | 1670 | SH |  | OTR | 2 | 1670 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG000BSWKH7 | 29940855 | 48739 | SH |  | SOLE |  | 48739 | 0 | 0 |
| INTUIT | COM | 461202103 | BBG000BH5DV1 | 410038 | 619 | SH |  | OTR | 2 | 619 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG000BJPDZ1 | 351710 | 621 | SH |  | OTR | 2 | 621 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 | BBG00KJR2MY7 | 102384606 | 534478 | SH |  | SOLE |  | 534478 | 0 | 0 |
| IRONWOOD PHARMACEUTICALS INC | COM CL A | 46333X108 | BBG000GBZ3J2 | 341644 | 101378 | SH |  | SOLE |  | 101378 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG000QLKDR4 | 40383861 | 497522 | SH |  | SOLE |  | 497522 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | BBG000CPLR52 | 15598435 | 490980 | SH |  | SOLE |  | 490980 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | BBG000CDKWX8 | 12907413 | 132765 | SH |  | SOLE |  | 132765 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 | BBG000BK42M9 | 16612647 | 239617 | SH |  | SOLE |  | 239617 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 | BBG000Q123R0 | 15138812 | 151570 | SH |  | SOLE |  | 151570 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG000CGC9C4 | 4464604 | 18137 | SH |  | SOLE |  | 18137 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN3L7 | 2511704 | 46470 | SH |  | SOLE |  | 46470 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6PV3 | 5816001 | 117140 | SH |  | SOLE |  | 117140 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG000DMBXR2 | 860650 | 2671 | SH |  | OTR | 2 | 2671 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG000DMBXR2 | 15042196 | 46683 | SH |  | SOLE |  | 46683 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHYD1 | 398379 | 1925 | SH |  | OTR | 2 | 1925 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 | BBG000C2L2L0 | 211976 | 630 | SH |  | OTR | 2 | 630 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 | BBG000BCQ6J8 | 453829 | 3560 | SH |  | OTR | 2 | 3560 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 | BBG000P2TYL8 | 203587 | 570 | SH |  | OTR | 2 | 570 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 | BBG000BNFLM9 | 1465301 | 8560 | SH |  | OTR | 2 | 8560 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 | BBG000BNFLM9 | 10921284 | 63800 | SH |  | SOLE |  | 63800 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG000BNBDC2 | 1187521 | 1105 | SH |  | OTR | 2 | 1105 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG000BNBDC2 | 151904943 | 141349 | SH |  | SOLE |  | 141349 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG000C1BW00 | 235064 | 486 | SH |  | OTR | 2 | 486 | 0 | 0 |
| LOUISIANA PAC CORP | COM | 546347105 | BBG000BNF508 | 9320512 | 115410 | SH |  | SOLE |  | 115410 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG000BNDN65 | 219456 | 910 | SH |  | OTR | 2 | 910 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 | BBG000BGYMH7 | 161892 | 260 | SH |  | OTR | 2 | 260 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 | BBG000BGYMH7 | 10525445 | 16904 | SH |  | SOLE |  | 16904 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG000F1ZSQ2 | 1469445 | 2574 | SH |  | OTR | 2 | 2574 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG000BNSZP1 | 283319 | 927 | SH |  | OTR | 2 | 927 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG000GQPB11 | 400838 | 199 | SH |  | SOLE |  | 199 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD168 | 753241 | 7156 | SH |  | OTR | 2 | 7156 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 32164599 | 0 | SH |  | OTR | 12 | 0 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 262477984 | 542736 | SH |  | SOLE |  | 542736 | 0 | 0 |
| MOODYS CORP | COM | 615369105 | BBG000F86GP6 | 29306443 | 57368 | SH |  | OTR | 12 | 57368 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG000BLZRJ2 | 499214 | 2812 | SH |  | OTR | 2 | 2812 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 | BBG000D8RG11 | 365456 | 2295 | SH |  | OTR | 2 | 2295 | 0 | 0 |
| NAUTILUS BIOTECHNOLOGY INC | COM | 63909J108 | BBG00W7G4M12 | 13987321 | 7172985 | SH |  | SOLE |  | 7172985 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG000CL9VN6 | 968541 | 10330 | SH |  | OTR | 2 | 10330 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 | BBG000BPWXK1 | 511032 | 5118 | SH |  | OTR | 2 | 5118 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG000BJSBJ0 | 387271 | 4824 | SH |  | OTR | 2 | 4824 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 | BBG000BQ5DS5 | 308642 | 1069 | SH |  | OTR | 2 | 1069 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG000BQ2C28 | 249182 | 437 | SH |  | OTR | 2 | 437 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 6210823 | 33302 | SH |  | OTR | 2 | 33302 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 110567644 | 592856 | SH |  | SOLE |  | 592856 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG000BGYWY6 | 291416 | 3195 | SH |  | OTR | 2 | 3195 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG000BGYWY6 | 8413210 | 92240 | SH |  | SOLE |  | 92240 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 | BBG000BQHGR6 | 217340 | 2957 | SH |  | OTR | 2 | 2957 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 | BBG000N7QR55 | 451840 | 2542 | SH |  | OTR | 2 | 2542 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG0014GJCT9 | 40524 | 220 | SH |  | OTR | 2 | 220 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG0014GJCT9 | 35110362 | 190610 | SH |  | SOLE |  | 190610 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG000J2XL74 | 296259 | 1847 | SH |  | OTR | 2 | 1847 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 | BBG00286S4N9 | 64004 | 496 | SH |  | OTR | 2 | 496 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 | BBG00286S4N9 | 1293755 | 10026 | SH |  | SOLE |  | 10026 | 0 | 0 |
| PIMCO ETF TR | INTER MUN BD ACT | 72201R866 | BBG000BF54W4 | 3035535 | 57919 | SH |  | SOLE |  | 57919 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG000BR2TH3 | 612220 | 4272 | SH |  | OTR | 2 | 4272 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 | BBG000HCJMF9 | 247884 | 2196 | SH |  | OTR | 2 | 2196 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 | BBG000BBL8V7 | 236354 | 560 | SH |  | OTR | 2 | 560 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 | BBG000BBL8V7 | 13717794 | 32502 | SH |  | SOLE |  | 32502 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1Q11 | 27192971 | 52035 | SH |  | OTR | 12 | 52035 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG000BDTBL9 | 38042953 | 55788 | SH |  | SOLE |  | 55788 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 | BBG000Q8RM32 | 30056701 | 642100 | SH |  | SOLE |  | 642100 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A284 | BBG001MHWXD3 | 34612356 | 1387825 | SH |  | SOLE |  | 1387825 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A672 | BBG000RFR2N7 | 1015139 | 35199 | SH |  | SOLE |  | 35199 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A854 | BBG000KMT5K3 | 3622013 | 45151 | SH |  | SOLE |  | 45151 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R739 | BBG000TJQLR2 | 15078554 | 314202 | SH |  | SOLE |  | 314202 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R788 | BBG00B6WD888 | 9424737 | 217913 | SH |  | SOLE |  | 217913 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG000BSLZY7 | 38986580 | 390217 | SH |  | OTR | 12 | 390217 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 | BBG000BHVSG6 | 7975141 | 51519 | SH |  | SOLE |  | 51519 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 | BBG000BJ20S2 | 6647125 | 148672 | SH |  | SOLE |  | 148672 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 | BBG000BJ7007 | 14173559 | 98448 | SH |  | SOLE |  | 98448 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET COM | 81369Y852 | BBG00L5F9F38 | 502311 | 4267 | SH |  | SOLE |  | 4267 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 | BBG000BSXQV7 | 75823 | 234 | SH |  | OTR | 2 | 234 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 | BBG000BSXQV7 | 21242759 | 65558 | SH |  | SOLE |  | 65558 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 | BBG000BV5627 | 208637399 | 10815832 | SH |  | SOLE |  | 10815832 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 | BBG000CTQBF3 | 250946 | 2980 | SH |  | OTR | 2 | 2980 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 | BBG000M1J270 | 1423312 | 79029 | SH |  | SOLE |  | 79029 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 | BBG000DN7P92 | 210179 | 598 | SH |  | OTR | 2 | 598 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 | BBG000BV8DN6 | 254993 | 1660 | SH |  | OTR | 2 | 1660 | 0 | 0 |
| TPG RE FIN TR INC | COM | 87266M107 | BBG00GKJ8C78 | 3457836 | 401607 | SH |  | SOLE |  | 401607 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG000N9MNX3 | 1370747 | 3048 | SH |  | OTR | 2 | 3048 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 | BBG000BVV7G1 | 618145 | 3563 | SH |  | OTR | 2 | 3563 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDLH9 | 307688 | 531 | SH |  | OTR | 2 | 531 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 | BBG000BVHBM1 | 284909 | 2107 | SH |  | OTR | 2 | 2107 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3299 | 573442 | 2479 | SH |  | OTR | 2 | 2479 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3299 | 260033520 | 1124129 | SH |  | SOLE |  | 1124129 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 | BBG000BXMFC3 | 199093 | 246 | SH |  | OTR | 2 | 246 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 | BBG000BXMFC3 | 5836816 | 7212 | SH |  | SOLE |  | 7212 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 30015912 | 90927 | SH |  | OTR | 12 | 90927 | 0 | 0 |
| VENTAS INC | COM | 92276F100 | BBG000FRVHB9 | 356722 | 4610 | SH |  | OTR | 2 | 4610 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG0015VYNT4 | 2471519 | 3941 | SH |  | SOLE |  | 3941 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG000HWV1X7 | 13201229 | 69120 | SH |  | SOLE |  | 69120 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 | BBG000C1S2X2 | 353621 | 780 | SH |  | OTR | 2 | 780 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 27018348 | 77039 | SH |  | OTR | 12 | 77039 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG000BWXBC2 | 1519075 | 13635 | SH |  | OTR | 2 | 13635 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG000BWXBC2 | 6210439 | 55744 | SH |  | SOLE |  | 55744 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG000BKY1G5 | 322219 | 1736 | SH |  | OTR | 2 | 1736 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 | BBG000BWVCP8 | 164160 | 2731 | SH |  | OTR | 2 | 2731 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 | BBG000BWVCP8 | 1270245 | 21132 | SH |  | SOLE |  | 21132 | 0 | 0 |
| XPO INC | COM | 983793100 | BBG000L5CJF3 | 264480316 | 1945996 | SH |  | SOLE |  | 1945996 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 | BBG000BJ3PD2 | 812200 | 2550 | SH |  | OTR | 2 | 2550 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG000D9D830 | 233689 | 871 | SH |  | OTR | 2 | 871 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 | BBG00SSQFPK6 | 126331 | 358 | SH |  | OTR | 2 | 358 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 | BBG00SSQFPK6 | 10584283 | 29994 | SH |  | SOLE |  | 29994 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 | BBG011768M53 | 7984000 | 1600000 | SH |  | SOLE |  | 1600000 | 0 | 0 |
| HAFNIA LTD | SHS | Y2990R101 | BBG00N2XW7Z5 | 1425775 | 264379 | SH |  | SOLE |  | 264379 | 0 | 0 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 | BBG003MN93C9 | 4137382 | 85219 | SH |  | SOLE |  | 85219 | 0 | 0 |
| LINDE PLC | SHS | G54950103 | BBG01FND0CC1 | 15737202 | 36908 | SH |  | SOLE |  | 36908 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 | BBG000BM6788 | 590416 | 1517 | SH |  | OTR | 2 | 1517 | 0 | 0 |
| LINDE PLC | CALL | G54950903 | BBG01RZHNTB2 | 586240 | 256 | SH | Call | SOLE |  | 256 | 0 | 0 |

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