# EDGAR Filing Document

**Accession Number:** 0001911067
**File Stem:** 0001911067-26-000001
**Filing Date:** 2026-1
**Character Count:** 22824
**Document Hash:** 16b1d08d17542aa7fbd802b817fb639f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001911067-26-000001.hdr.sgml**: 20260112

**ACCESSION NUMBER**: 0001911067-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260112

**DATE AS OF CHANGE**: 20260112

**EFFECTIVENESS DATE**: 20260112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spinnaker Investment Group, LLC
- **CENTRAL INDEX KEY:** 0001911067

**ORGANIZATION NAME:**
- **EIN:** 812550846
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22188
- **FILM NUMBER:** 26525197

**BUSINESS ADDRESS:**
- **STREET 1:** 4100 MACARTHUR BLVD. SUITE 120
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 9493966703

**MAIL ADDRESS:**
- **STREET 1:** 4100 MACARTHUR BLVD. SUITE 120
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

### 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:** Spinnaker Investment Group LLC<br>**Address:** 4100 Macarthur Blvd. Suite 120<br>Newport Beach, CA 92660

**Form 13F File Number:** 028-22188

**CRD Number (if applicable):** 000283414

**SEC File Number (if applicable):** 801-107671

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:** Morgan Christen<br>**Title:** CEO<br>**Phone:** 949-396-6703

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

/s/Morgan Christen  Newport Beach, CA  01-12-2026<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:** 170

**Form 13F Information Table Value Total:** $551365939

      (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 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 753476 | 3297 | SH |  | SOLE |  | 3297 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG001SCXK90 | 560211 | 2088 | SH |  | SOLE |  | 2088 | 0 | 0 |
| ADOBE INC | COM | 00724F101 | BBG001S5NCQ5 | 487186 | 1392 | SH |  | SOLE |  | 1392 | 0 | 0 |
| AGNC INVT CORP | COM | 00123Q104 | BBG001T074G2 | 891042 | 83120 | SH |  | SOLE |  | 83120 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 1142949 | 3652 | SH |  | SOLE |  | 3652 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 757378 | 2414 | SH |  | SOLE |  | 2414 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG001S5T8T5 | 254454 | 4413 | SH |  | SOLE |  | 4413 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 1866478 | 8086 | SH |  | SOLE |  | 8086 | 0 | 0 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 814348 | 2488 | SH |  | SOLE |  | 2488 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | BBG00ZNLTFL2 | 265648 | 1835 | SH |  | SOLE |  | 1835 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 12209808 | 44912 | SH |  | SOLE |  | 44912 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG001S5NMM7 | 530684 | 2065 | SH |  | SOLE |  | 2065 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 | BBG001SL96Z9 | 342959 | 16953 | SH |  | SOLE |  | 16953 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 | BBG001SB80N8 | 514900 | 5601 | SH |  | SOLE |  | 5601 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 | BBG001S5P6Q6 | 201880 | 1739 | SH |  | SOLE |  | 1739 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG001S902J2 | 24908400 | 33 | SH |  | SOLE |  | 33 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 2765030 | 5501 | SH |  | SOLE |  | 5501 | 0 | 0 |
| BLACKROCK ETF TRUST | ISHARES A I INNO | 09290C780 | BBG01Q9L3DJ3 | 353613 | 10619 | SH |  | SOLE |  | 10619 | 0 | 0 |
| BLACKROCK ETF TRUST | ISHARES US EQUIT | 09290C103 | BBG00NNWBWQ2 | 646895 | 10638 | SH |  | SOLE |  | 10638 | 0 | 0 |
| BLACKROCK ETF TRUST | ISHARES US THEMA | 09290C806 | BBG01408D4M5 | 220525 | 5719 | SH |  | SOLE |  | 5719 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 | BBG001S7H949 | 455537 | 2955 | SH |  | SOLE |  | 2955 | 0 | 0 |
| BLACKSTONE STRATEGIC CRED 20 | COM SHS BEN IN | 09257R101 | BBG002W5R801 | 134622 | 11428 | SH |  | SOLE |  | 11428 | 0 | 0 |
| BLUEROCK PVT REAL ESTATE FD | COM | 09631P102 | BBG0064MN169 | 494730 | 32982 | SH |  | SOLE |  | 32982 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 6037047 | 17443 | SH |  | SOLE |  | 17443 | 0 | 0 |
| CAPITAL GROUP CORE BALANCED | SHS | 14021D107 | BBG01J9W1K83 | 508848 | 14403 | SH |  | SOLE |  | 14403 | 0 | 0 |
| CAPITAL GRP FIXED INCM ETF T | CORE BOND ETF | 14020Y508 | BBG01J5S7N48 | 26492180 | 998951 | SH |  | SOLE |  | 998951 | 0 | 0 |
| CAPITAL GRP FIXED INCM ETF T | MUNICIPAL INCOME | 14020Y201 | BBG019XRCM29 | 1401172 | 51175 | SH |  | SOLE |  | 51175 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 336978 | 2211 | SH |  | SOLE |  | 2211 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 364487 | 4732 | SH |  | SOLE |  | 4732 | 0 | 0 |
| COCA COLA CO | COM | 191216100 | BBG001S5SMQ8 | 631126 | 9028 | SH |  | SOLE |  | 9028 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 | BBG00BLYKRZ7 | 232036 | 495 | SH |  | SOLE |  | 495 | 0 | 0 |
| CSX CORP | COM | 126408103 | BBG001S5Q7Q3 | 206046 | 5684 | SH |  | SOLE |  | 5684 | 0 | 0 |
| DIMENSIONAL ETF TRUST | CORE FIXED INCOM | 25434V872 | BBG01254CL28 | 847327 | 19909 | SH |  | SOLE |  | 19909 | 0 | 0 |
| DIMENSIONAL ETF TRUST | GLOBAL CORE PLUS | 25434V583 | BBG01JXC18B3 | 277217 | 5127 | SH |  | SOLE |  | 5127 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL CORE EQT MK | 25434V203 | BBG00Y2PGDN6 | 45045543 | 1181987 | SH |  | SOLE |  | 1181987 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US CORE EQT MKT | 25434V104 | BBG00Y2JG0C0 | 113541006 | 2426090 | SH |  | SOLE |  | 2426090 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US EQUITY MARKET | 25434V401 | BBG011DXXNJ2 | 323756 | 4365 | SH |  | SOLE |  | 4365 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US SMALL CAP ETF | 25434V500 | BBG011DXXVM0 | 12774650 | 183359 | SH |  | SOLE |  | 183359 | 0 | 0 |
| DIMENSIONAL ETF TRUST | WORLD EQUITY ETF | 25434V617 | BBG01J9W24S6 | 2348041 | 31738 | SH |  | SOLE |  | 31738 | 0 | 0 |
| DIMENSIONAL ETF TRUST | WORLD EX US CORE | 25434V880 | BBG012G2PD33 | 1427552 | 43616 | SH |  | SOLE |  | 43616 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 352044 | 3094 | SH |  | SOLE |  | 3094 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 | BBG001S5QNR7 | 738071 | 6297 | SH |  | SOLE |  | 6297 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 308535 | 287 | SH |  | SOLE |  | 287 | 0 | 0 |
| EON RESOURCES INC | COM CL A | 40472A102 | BBG00Z83TWG8 | 6762 | 17605 | SH |  | SOLE |  | 17605 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 487402 | 4050 | SH |  | SOLE |  | 4050 | 0 | 0 |
| FRANKLIN TEMPLETON HOLDINGS | RESPBLY SRCD GLD | 35473M105 | BBG018KX3R21 | 354874 | 6161 | SH |  | SOLE |  | 6161 | 0 | 0 |
| GLOBAL X FDS | GLB X MLP ENRG I | 37954Y293 | BBG004Y67XK8 | 1265500 | 20907 | SH |  | SOLE |  | 20907 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 | BBG001T63BY7 | 291918 | 21512 | SH |  | SOLE |  | 21512 | 0 | 0 |
| HERSHEY CO | COM | 427866108 | BBG001S5S148 | 453448 | 2492 | SH |  | SOLE |  | 2492 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 638306 | 1855 | SH |  | SOLE |  | 1855 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG001S5X1N1 | 631116 | 3235 | SH |  | SOLE |  | 3235 | 0 | 0 |
| INTUIT | COM | 461202103 | BBG001S6TWR2 | 518012 | 782 | SH |  | SOLE |  | 782 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG001S7XR78 | 312631 | 552 | SH |  | SOLE |  | 552 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | AEROSPACE DEFN | 46137V100 | BBG001S8JG85 | 532542 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 | BBG00KJR2NN7 | 498822 | 2604 | SH |  | SOLE |  | 2604 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S QUALITY | 46137V241 | BBG001SDTVQ0 | 264251 | 3521 | SH |  | SOLE |  | 3521 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 338265 | 6813 | SH |  | SOLE |  | 6813 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG001SJK6D5 | 563401 | 6941 | SH |  | SOLE |  | 6941 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 | BBG003HC3DG9 | 593284 | 8826 | SH |  | SOLE |  | 8826 | 0 | 0 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 | BBG001SSD830 | 367232 | 3612 | SH |  | SOLE |  | 3612 | 0 | 0 |
| ISHARES TR | CALIF MUN BD ETF | 464288356 | BBG001T03XM5 | 1264407 | 22005 | SH |  | SOLE |  | 22005 | 0 | 0 |
| ISHARES TR | CORE 60/40 BALAN | 464289867 | BBG001T3YV58 | 212301 | 3266 | SH |  | SOLE |  | 3266 | 0 | 0 |
| ISHARES TR | CORE 80/20 AGGRE | 464289859 | BBG001T3YVL0 | 200256 | 2236 | SH |  | SOLE |  | 2236 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 681516 | 995 | SH |  | SOLE |  | 995 | 0 | 0 |
| ISHARES TR | CORE UNIVRSL USD | 46434V613 | BBG006MJCSW0 | 461816 | 9923 | SH |  | SOLE |  | 9923 | 0 | 0 |
| ISHARES TR | EAFE VALUE ETF | 464288877 | BBG001SNYBH6 | 469520 | 6575 | SH |  | SOLE |  | 6575 | 0 | 0 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 | BBG001V1QYX1 | 219054 | 4307 | SH |  | SOLE |  | 4307 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 | BBG001SYVWT6 | 238200 | 3882 | SH |  | SOLE |  | 3882 | 0 | 0 |
| ISHARES TR | IBONDS 1-5 YR CO | 46438G539 | BBG01QN7RLL1 | 531099 | 20930 | SH |  | SOLE |  | 20930 | 0 | 0 |
| ISHARES TR | IBONDS 1-5 YR TR | 46438G521 | BBG01QN946D4 | 1090396 | 43073 | SH |  | SOLE |  | 43073 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 | BBG001SGYSW7 | 286065 | 1695 | SH |  | SOLE |  | 1695 | 0 | 0 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 | BBG004FPV022 | 228032 | 911 | SH |  | SOLE |  | 911 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 | BBG004TRTWW3 | 226428 | 1140 | SH |  | SOLE |  | 1140 | 0 | 0 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 | BBG001SZV978 | 2213000 | 20661 | SH |  | SOLE |  | 20661 | 0 | 0 |
| ISHARES TR | S 100 ETF | 464287101 | BBG001SGB026 | 431456 | 1258 | SH |  | SOLE |  | 1258 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 | BBG001S561Q8 | 567982 | 4608 | SH |  | SOLE |  | 4608 | 0 | 0 |
| ISHARES TR | S 500 VAL ETF | 464287408 | BBG001S561K4 | 704072 | 3320 | SH |  | SOLE |  | 3320 | 0 | 0 |
| ISHARES TR | TRUST ISHARE 0-1 | 464288679 | BBG001SSD803 | 986990 | 8960 | SH |  | SOLE |  | 8960 | 0 | 0 |
| ISHARES TR | ULTRA SHORT DUR | 46434V878 | BBG005PCDCZ5 | 286131 | 5657 | SH |  | SOLE |  | 5657 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 | BBG00TSG0SK6 | 1669168 | 29161 | SH |  | SOLE |  | 29161 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHT MUNCPL | 46641Q654 | BBG00M8D2458 | 392238 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 1575050 | 7611 | SH |  | SOLE |  | 7611 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 1670186 | 5183 | SH |  | SOLE |  | 5183 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 | BBG001S6PW05 | 421655 | 3308 | SH |  | SOLE |  | 3308 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG001S7PS57 | 244996 | 507 | SH |  | SOLE |  | 507 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG001S5SVL3 | 223914 | 928 | SH |  | SOLE |  | 928 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 420852 | 1377 | SH |  | SOLE |  | 1377 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 225888 | 2146 | SH |  | SOLE |  | 2146 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 677969 | 1027 | SH |  | SOLE |  | 1027 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 27014325 | 55858 | SH |  | SOLE |  | 55858 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 | BBG001SHHZJ3 | 325510 | 6047 | SH |  | SOLE |  | 6047 | 0 | 0 |
| NEOS ETF TRUST | NEOS S 500 HI | 78433H303 | BBG019C1Y0V1 | 525878 | 10011 | SH |  | SOLE |  | 10011 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 250808 | 2675 | SH |  | SOLE |  | 2675 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG001S5RB29 | 201166 | 2506 | SH |  | SOLE |  | 2506 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 4836616 | 25934 | SH |  | SOLE |  | 25934 | 0 | 0 |
| PACER FDS TR | METAURUS CAP 400 | 69374H436 | BBG011RJYNJ7 | 1311528 | 30874 | SH |  | SOLE |  | 30874 | 0 | 0 |
| PENNYMAC MTG INVT TR | COM | 70931T103 | BBG001T1MJR8 | 647344 | 51581 | SH |  | SOLE |  | 51581 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 420801 | 2932 | SH |  | SOLE |  | 2932 | 0 | 0 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 285914 | 11482 | SH |  | SOLE |  | 11482 | 0 | 0 |
| PGIM ETF TR | AAA CLO ETF | 69344A834 | BBG01HHR9TZ2 | 425268 | 8296 | SH |  | SOLE |  | 8296 | 0 | 0 |
| PGIM ETF TR | PGIM ULTRA SH BD | 69344A107 | BBG00KJQ1QS8 | 285936 | 5766 | SH |  | SOLE |  | 5766 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG001STP9N1 | 370042 | 2307 | SH |  | SOLE |  | 2307 | 0 | 0 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 | BBG001T618D9 | 599532 | 5975 | SH |  | SOLE |  | 5975 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 1074318 | 7496 | SH |  | SOLE |  | 7496 | 0 | 0 |
| RBB FD INC | US TREAS 3 MNTH | 74933W452 | BBG01922X1R4 | 5147977 | 103207 | SH |  | SOLE |  | 103207 | 0 | 0 |
| RBB FD INC | US TRSRY 6 MNTH | 74933W460 | BBG01FRH4691 | 4884478 | 97553 | SH |  | SOLE |  | 97553 | 0 | 0 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 | BBG001S6DP67 | 165597 | 15877 | SH |  | SOLE |  | 15877 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 | BBG001S5X5Q9 | 456411 | 2489 | SH |  | SOLE |  | 2489 | 0 | 0 |
| SAFEHOLD INC | COM | 78646V107 | BBG001SDG572 | 196465 | 14351 | SH |  | SOLE |  | 14351 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTERNL DIVID | 808524672 | BBG00Z60CHB2 | 1204400 | 40389 | SH |  | SOLE |  | 40389 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 | BBG001T5XQY3 | 1210478 | 50353 | SH |  | SOLE |  | 50353 | 0 | 0 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 | BBG001T9F795 | 703552 | 28870 | SH |  | SOLE |  | 28870 | 0 | 0 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 | BBG001T5XQT9 | 13995813 | 533580 | SH |  | SOLE |  | 533580 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 | BBG0025RWLM4 | 51164206 | 1865265 | SH |  | SOLE |  | 1865265 | 0 | 0 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 | BBG001V036R6 | 13579851 | 451608 | SH |  | SOLE |  | 451608 | 0 | 0 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 | BBG001T5XQW5 | 1656433 | 58161 | SH |  | SOLE |  | 58161 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 | BBG001S7T107 | 495055 | 6373 | SH |  | SOLE |  | 6373 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 | BBG001S7T223 | 422441 | 7713 | SH |  | SOLE |  | 7713 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 | BBG001S7SCQ6 | 2669983 | 17248 | SH |  | SOLE |  | 17248 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 | BBG001S7TCZ5 | 302625 | 2102 | SH |  | SOLE |  | 2102 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 | BBG001S7TD56 | 1298203 | 30410 | SH |  | SOLE |  | 30410 | 0 | 0 |
| SEMPRA | COM | 816851109 | BBG001SBVZ73 | 1680247 | 19031 | SH |  | SOLE |  | 19031 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 242347 | 1582 | SH |  | SOLE |  | 1582 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 | BBG007DHGNK2 | 321802 | 1467 | SH |  | SOLE |  | 1467 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 227086 | 573 | SH |  | SOLE |  | 573 | 0 | 0 |
| SPDR INDEX SHS FDS | GLB NAT RESRCE | 78463X541 | BBG001TC9HP5 | 404780 | 6514 | SH |  | SOLE |  | 6514 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 | BBG001SRXRJ1 | 272011 | 6125 | SH |  | SOLE |  | 6125 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 | BBG001SRXRD7 | 414081 | 8846 | SH |  | SOLE |  | 8846 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 3615258 | 5302 | SH |  | SOLE |  | 5302 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A631 | BBG0024LG8W4 | 2478259 | 10273 | SH |  | SOLE |  | 10273 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A847 | BBG001SPT9T9 | 368597 | 6365 | SH |  | SOLE |  | 6365 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R812 | BBG008HB6477 | 671658 | 3856 | SH |  | SOLE |  | 3856 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R853 | BBG004T58LZ5 | 486969 | 10392 | SH |  | SOLE |  | 10392 | 0 | 0 |
| SPINNAKER ETF SERIES | SELECT STOXX EUR | 84858T772 | BBG01Q6GGV58 | 513776 | 12195 | SH |  | SOLE |  | 12195 | 0 | 0 |
| SSGA ACTIVE ETF TR | STATE STREET DOU | 78467V848 | BBG0084H8485 | 703933 | 17489 | SH |  | SOLE |  | 17489 | 0 | 0 |
| SSGA ACTIVE TR | STATE STREET DOU | 78470P200 | BBG00CNVKF21 | 27335812 | 578169 | SH |  | SOLE |  | 578169 | 0 | 0 |
| SSGA ACTIVE TR | STATE STREET US | 78470P408 | BBG00NS9VV15 | 833272 | 13373 | SH |  | SOLE |  | 13373 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 287480 | 946 | SH |  | SOLE |  | 946 | 0 | 0 |
| TCW ETF TRUST | FLEXIBLE INCOME | 29287L700 | BBG01NCF0HQ5 | 354697 | 8957 | SH |  | SOLE |  | 8957 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 593342 | 1319 | SH |  | SOLE |  | 1319 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 | BBG001S62NT9 | 333947 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| TOMI ENVIRONMENTAL SOLUTIONS | COM NEW | 890023203 | BBG001T2XX75 | 11496 | 14738 | SH |  | SOLE |  | 14738 | 0 | 0 |
| TRUST FOR PROFESSIONAL MANAG | ACTIVEPASSIVE US | 89834G729 | BBG01GHDLV59 | 248020 | 5952 | SH |  | SOLE |  | 5952 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 780417 | 2364 | SH |  | SOLE |  | 2364 | 0 | 0 |
| USCF ETF TR | MIDSTREAM ENERGY | 90290T882 | BBG00ZS432P8 | 403880 | 8229 | SH |  | SOLE |  | 8229 | 0 | 0 |
| VANECK ETF TRUST | URANIUM AND NUCL | 92189F601 | BBG001SPSHC0 | 254610 | 2050 | SH |  | SOLE |  | 2050 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 | BBG001SK7DK4 | 215840 | 2914 | SH |  | SOLE |  | 2914 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 | BBG001SHTTS4 | 1867757 | 3828 | SH |  | SOLE |  | 3828 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 | BBG001SRN7W1 | 239095 | 1348 | SH |  | SOLE |  | 1348 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 497759 | 794 | SH |  | SOLE |  | 794 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 | BBG001SHVTR2 | 996684 | 4706 | SH |  | SOLE |  | 4706 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 4277266 | 12758 | SH |  | SOLE |  | 12758 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 410823 | 7642 | SH |  | SOLE |  | 7642 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 220647 | 2639 | SH |  | SOLE |  | 2639 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 | BBG001T2YZG9 | 443943 | 3147 | SH |  | SOLE |  | 3147 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 | BBG009THVRX1 | 206591 | 4108 | SH |  | SOLE |  | 4108 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 | BBG001SQX4T3 | 2153185 | 9797 | SH |  | SOLE |  | 9797 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 | BBG001TJR1D8 | 329145 | 4363 | SH |  | SOLE |  | 4363 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 845772 | 13539 | SH |  | SOLE |  | 13539 | 0 | 0 |
| VANGUARD WORLD FD | CONSUM STP ETF | 92204A207 | BBG001SHVR41 | 511835 | 2423 | SH |  | SOLE |  | 2423 | 0 | 0 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 | BBG001SHVR32 | 685659 | 2382 | SH |  | SOLE |  | 2382 | 0 | 0 |
| VICTORY PORTFOLIOS II | SHARES FREE CASH | 92647X830 | BBG01H064W02 | 941971 | 23920 | SH |  | SOLE |  | 23920 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 381576 | 1088 | SH |  | SOLE |  | 1088 | 0 | 0 |
| WALKER  DUNLOP INC | COM | 93148P102 | BBG001T0JGM5 | 713860 | 11868 | SH |  | SOLE |  | 11868 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 1222615 | 10974 | SH |  | SOLE |  | 10974 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG001S5XF23 | 203549 | 2184 | SH |  | SOLE |  | 2184 | 0 | 0 |
| WISDOMTREE TR | EFFICIENT GLD PL | 97717Y568 | BBG0160F4T03 | 1673374 | 27156 | SH |  | SOLE |  | 27156 | 0 | 0 |
| WISDOMTREE TR | EUROPEAN OPPORTU | 97717X552 | BBG00879S558 | 2287687 | 44542 | SH |  | SOLE |  | 44542 | 0 | 0 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 | BBG004LMH3Z6 | 55140232 | 616574 | SH |  | SOLE |  | 616574 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 | BBG001S7JQ30 | 227525 | 1504 | SH |  | SOLE |  | 1504 | 0 | 0 |

---