# EDGAR Filing Document

**Accession Number:** 0001775446
**File Stem:** 0001398344-26-003109
**Filing Date:** 2026-2
**Character Count:** 19533
**Document Hash:** 85a955c937d868b4ab5c5ef7e1ed42ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-003109.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001398344-26-003109

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cornerstone Advisors, LLC
- **CENTRAL INDEX KEY:** 0001775446

**ORGANIZATION NAME:**
- **EIN:** 833627856
- **STATE OF INCORPORATION:** NC

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19858
- **FILM NUMBER:** 26632603

**BUSINESS ADDRESS:**
- **STREET 1:** 1075 HENDERSONVILLE RD. SUITE 250
- **CITY:** ASHEVILLE
- **STATE:** NC
- **ZIP:** 28803
- **BUSINESS PHONE:** 8282108184

**MAIL ADDRESS:**
- **STREET 1:** 1075 HENDERSONVILLE RD. SUITE 250
- **CITY:** ASHEVILLE
- **STATE:** NC
- **ZIP:** 28803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cornerstone Advisors Asset Management LLC
- **DATE OF NAME CHANGE:** 20190501

### 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:** Cornerstone Advisors LLC<br>**Address:** 1075 HENDERSONVILLE RD. SUITE 250<br>ASHEVILLE, NC 28803

**Form 13F File Number:** 028-19858

**CRD Number (if applicable):** 000300891

**SEC File Number (if applicable):** 801-114872

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:** Benjamin V. Mollozzi<br>**Title:** Chief Compliance Officer<br>**Phone:** 859-466-1566

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

/s/ Benjamin V. Mollozzi  Asheville, NC  02-13-2026<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:** 158

**Form 13F Information Table Value Total:** $3003348518

      (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 |  | 10950346 | 87400 | SH |  | SOLE |  | 87400 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 2715549 | 12680 | SH |  | SOLE |  | 12680 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 194618760 | 620200 | SH |  | SOLE |  | 620200 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 123696438 | 535900 | SH |  | SOLE |  | 535900 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 13392190 | 36200 | SH |  | SOLE |  | 36200 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 4353223 | 13300 | SH |  | SOLE |  | 13300 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 8786880 | 32400 | SH |  | SOLE |  | 32400 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 9324630 | 26600 | SH |  | SOLE |  | 26600 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 211697382 | 778700 | SH |  | SOLE |  | 778700 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 9328737 | 36300 | SH |  | SOLE |  | 36300 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 7879651 | 11694 | SH |  | SOLE |  | 11694 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 20501609 | 156465 | SH |  | SOLE |  | 156465 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 10610068 | 18682 | SH |  | SOLE |  | 18682 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 20961008 | 41701 | SH |  | SOLE |  | 41701 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 11131536 | 10400 | SH |  | SOLE |  | 10400 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 6361616 | 29300 | SH |  | SOLE |  | 29300 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 19279188 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 9843553 | 103236 | SH |  | SOLE |  | 103236 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 12055590 | 223500 | SH |  | SOLE |  | 223500 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 79898569 | 230854 | SH |  | SOLE |  | 230854 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 7573732 | 95028 | SH |  | SOLE |  | 95028 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 3175500 | 87600 | SH |  | SOLE |  | 87600 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 12495698 | 39976 | SH |  | SOLE |  | 39976 | 0 | 0 |
| CALAMOS STRATEGIC TOTAL RETU | COM SH BEN INT | 128125101 |  | 32887123 | 1712871 | SH |  | SOLE |  | 1712871 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 13076331 | 22826 | SH |  | SOLE |  | 22826 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 23384676 | 200400 | SH |  | SOLE |  | 200400 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 12660701 | 181100 | SH |  | SOLE |  | 181100 | 0 | 0 |
| COLUMBIA SELIGM PREM TECH GR | COM | 19842X109 |  | 1422375 | 38662 | SH |  | SOLE |  | 38662 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 11325704 | 289290 | SH |  | SOLE |  | 289290 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 28198518 | 32700 | SH |  | SOLE |  | 32700 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 16681293 | 35586 | SH |  | SOLE |  | 35586 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 17272647 | 37100 | SH |  | SOLE |  | 37100 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 12879608 | 83250 | SH |  | SOLE |  | 83250 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 20111424 | 88800 | SH |  | SOLE |  | 88800 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 |  | 11553542 | 335274 | SH |  | SOLE |  | 335274 | 0 | 0 |
| EATON VANCE TX ADV GLBL DIV | COM | 27828S101 |  | 19863944 | 859911 | SH |  | SOLE |  | 859911 | 0 | 0 |
| EATON VANCE TAX-ADVANTAGED G | COM | 27828U106 |  | 4808958 | 158450 | SH |  | SOLE |  | 158450 | 0 | 0 |
| EATON VANCE TAX-MANAGED BUY- | COM | 27828Y108 |  | 864673 | 60214 | SH |  | SOLE |  | 60214 | 0 | 0 |
| EATON VANCE RISK-MANAGED DIV | COM | 27829G106 |  | 6723777 | 762333 | SH |  | SOLE |  | 762333 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 4859508 | 18511 | SH |  | SOLE |  | 18511 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 11228112 | 84600 | SH |  | SOLE |  | 84600 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 60002181 | 90900 | SH |  | SOLE |  | 90900 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 |  | 24683052 | 14600 | SH |  | SOLE |  | 14600 | 0 | 0 |
| FIRST TR ENHANCED EQUITY INC | COM | 337318109 |  | 1744557 | 79226 | SH |  | SOLE |  | 79226 | 0 | 0 |
| GDL FD | COM SH BEN IT | 361570104 |  | 1103853 | 130325 | SH |  | SOLE |  | 130325 | 0 | 0 |
| GABELLI GLOBAL SMALL  MID C | COM | 36249W104 |  | 1230 | 82 | SH |  | SOLE |  | 82 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 5761701 | 22264 | SH |  | SOLE |  | 22264 | 0 | 0 |
| GAMCO GLOBAL GOLD NAT RES | COM SH BEN INT | 36465A109 |  | 712859 | 138151 | SH |  | SOLE |  | 138151 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 10303531 | 15765 | SH |  | SOLE |  | 15765 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 9056154 | 26900 | SH |  | SOLE |  | 26900 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 16140772 | 52400 | SH |  | SOLE |  | 52400 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 4295900 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 13009200 | 14800 | SH |  | SOLE |  | 14800 | 0 | 0 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 11488576 | 62958 | SH |  | SOLE |  | 62958 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 14669858 | 51070 | SH |  | SOLE |  | 51070 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 26186010 | 76100 | SH |  | SOLE |  | 76100 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 9578919 | 49100 | SH |  | SOLE |  | 49100 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 9586430 | 14170 | SH |  | SOLE |  | 14170 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 12462780 | 50600 | SH |  | SOLE |  | 50600 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 12992163 | 202024 | SH |  | SOLE |  | 202024 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 3206808 | 19800 | SH |  | SOLE |  | 19800 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 4235803 | 14300 | SH |  | SOLE |  | 14300 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 15415838 | 23272 | SH |  | SOLE |  | 23272 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 15178448 | 26800 | SH |  | SOLE |  | 26800 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | KBW BK ETF | 46138E628 |  | 30400790 | 360669 | SH |  | SOLE |  | 360669 | 0 | 0 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 15023905 | 89020 | SH |  | SOLE |  | 89020 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 55486284 | 172200 | SH |  | SOLE |  | 172200 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 21500449 | 103892 | SH |  | SOLE |  | 103892 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 14962495 | 12314 | SH |  | SOLE |  | 12314 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 15110842 | 118535 | SH |  | SOLE |  | 118535 | 0 | 0 |
| LMP CAP  INCOME FD INC | COM | 50208A102 |  | 1492448 | 100773 | SH |  | SOLE |  | 100773 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 7200507 | 28701 | SH |  | SOLE |  | 28701 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 3423600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 |  | 3055418 | 576494 | SH |  | SOLE |  | 576494 | 0 | 0 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 4992500 | 794984 | SH |  | SOLE |  | 794984 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 57495380 | 53500 | SH |  | SOLE |  | 53500 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 8344800 | 58560 | SH |  | SOLE |  | 58560 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 19172220 | 79500 | SH |  | SOLE |  | 79500 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 8311296 | 44800 | SH |  | SOLE |  | 44800 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 33311990 | 58352 | SH |  | SOLE |  | 58352 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 18929012 | 23076 | SH |  | SOLE |  | 23076 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 2578253 | 1280 | SH |  | SOLE |  | 1280 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 14957446 | 142100 | SH |  | SOLE |  | 142100 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 160513478 | 331900 | SH |  | SOLE |  | 331900 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 15578249 | 54582 | SH |  | SOLE |  | 54582 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 13316241 | 14692 | SH |  | SOLE |  | 14692 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 14457662 | 188570 | SH |  | SOLE |  | 188570 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 14201630 | 27800 | SH |  | SOLE |  | 27800 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 5077358 | 28600 | SH |  | SOLE |  | 28600 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 24283840 | 259000 | SH |  | SOLE |  | 259000 | 0 | 0 |
| NEUBERGER REAL ESTATE | COM | 64190A103 |  | 1163052 | 382583 | SH |  | SOLE |  | 382583 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 201475950 | 1080300 | SH |  | SOLE |  | 1080300 | 0 | 0 |
| NUVEEN S 500 BUY-WRITE INC | COM | 6706ER101 |  | 610109 | 41504 | SH |  | SOLE |  | 41504 | 0 | 0 |
| NUVEEN DOW 30 DYNMC OVERWRT | SHS | 67075F105 |  | 2830211 | 185466 | SH |  | SOLE |  | 185466 | 0 | 0 |
| NUVEEN CORE EQUITY ALPHA FD | COM | 67090X107 |  | 2255080 | 141473 | SH |  | SOLE |  | 141473 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 7442736 | 81600 | SH |  | SOLE |  | 81600 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 8320122 | 53062 | SH |  | SOLE |  | 53062 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 25942521 | 133100 | SH |  | SOLE |  | 133100 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 13017264 | 90700 | SH |  | SOLE |  | 90700 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 12019230 | 482700 | SH |  | SOLE |  | 482700 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 18365800 | 114500 | SH |  | SOLE |  | 114500 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 21955092 | 153200 | SH |  | SOLE |  | 153200 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 16206377 | 71168 | SH |  | SOLE |  | 71168 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 17948996 | 140600 | SH |  | SOLE |  | 140600 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 17716440 | 96600 | SH |  | SOLE |  | 96600 | 0 | 0 |
| REAVES UTIL INCOME FD | COM SH BEN INT | 756158101 |  | 10770103 | 294426 | SH |  | SOLE |  | 294426 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 2701545 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| REPLIGEN CORP | COM | 759916109 |  | 9289223 | 56690 | SH |  | SOLE |  | 56690 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 8814109 | 77932 | SH |  | SOLE |  | 77932 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 13601132 | 226610 | SH |  | SOLE |  | 226610 | 0 | 0 |
| ROYCE GLOBAL TRUST INC | COM | 78081T104 |  | 617796 | 47124 | SH |  | SOLE |  | 47124 | 0 | 0 |
| ROYCE SMALL CAP TRUST INC | COM | 780910105 |  | 3969858 | 246575 | SH |  | SOLE |  | 246575 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 19806161 | 37900 | SH |  | SOLE |  | 37900 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 17325114 | 65400 | SH |  | SOLE |  | 65400 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 11929254 | 119400 | SH |  | SOLE |  | 119400 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET MAT | 81369Y100 |  | 9861358 | 217450 | SH |  | SOLE |  | 217450 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 63919741 | 1429652 | SH |  | SOLE |  | 1429652 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 5240508 | 36400 | SH |  | SOLE |  | 36400 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 47170828 | 1104962 | SH |  | SOLE |  | 1104962 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 18508416 | 120820 | SH |  | SOLE |  | 120820 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 2883867 | 8900 | SH |  | SOLE |  | 8900 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 5083433 | 31580 | SH |  | SOLE |  | 31580 | 0 | 0 |
| SOURCE CAPITAL | COM SHS OF BEN I | 836144303 |  | 168031 | 3672 | SH |  | SOLE |  | 3672 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 11598510 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 5852541 | 38100 | SH |  | SOLE |  | 38100 | 0 | 0 |
| TKO GROUP HOLDINGS INC | CL A | 87256C101 |  | 9978078 | 47742 | SH |  | SOLE |  | 47742 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 5989680 | 29500 | SH |  | SOLE |  | 29500 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 15003657 | 49372 | SH |  | SOLE |  | 49372 | 0 | 0 |
| ABRDN WORLD HEALTHCARE FUND | BEN INT SHS | 87911L108 |  | 4105204 | 321221 | SH |  | SOLE |  | 321221 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 34313636 | 76300 | SH |  | SOLE |  | 76300 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 4764739 | 125520 | SH |  | SOLE |  | 125520 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 33086595 | 57100 | SH |  | SOLE |  | 57100 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 4055871 | 37715 | SH |  | SOLE |  | 37715 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 18381187 | 13822 | SH |  | SOLE |  | 13822 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 7508787 | 16541 | SH |  | SOLE |  | 16541 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 3284742 | 40200 | SH |  | SOLE |  | 40200 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 16591427 | 71725 | SH |  | SOLE |  | 71725 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 7712820 | 9530 | SH |  | SOLE |  | 9530 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 50031060 | 138925 | SH |  | SOLE |  | 138925 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 9535716 | 42717 | SH |  | SOLE |  | 42717 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 11546955 | 283500 | SH |  | SOLE |  | 283500 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 7632750 | 34122 | SH |  | SOLE |  | 34122 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 4850952 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 34474793 | 98300 | SH |  | SOLE |  | 98300 | 0 | 0 |
| VIRTUS EQUITY  CONV INCM FD | COM | 92841M101 |  | 2715582 | 108972 | SH |  | SOLE |  | 108972 | 0 | 0 |
| VULCAN MATLS CO | COM | 929160109 |  | 8457058 | 29651 | SH |  | SOLE |  | 29651 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 38592090 | 346397 | SH |  | SOLE |  | 346397 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 2775773 | 15829 | SH |  | SOLE |  | 15829 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 8458835 | 38500 | SH |  | SOLE |  | 38500 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 18285840 | 196200 | SH |  | SOLE |  | 196200 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 9104304 | 25800 | SH |  | SOLE |  | 25800 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 12100330 | 45100 | SH |  | SOLE |  | 45100 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 12995208 | 40800 | SH |  | SOLE |  | 40800 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 16897409 | 39629 | SH |  | SOLE |  | 39629 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 9490728 | 98800 | SH |  | SOLE |  | 98800 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 11049048 | 35400 | SH |  | SOLE |  | 35400 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 5068437 | 8728 | SH |  | SOLE |  | 8728 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 2699636 | 7305 | SH |  | SOLE |  | 7305 | 0 | 0 |

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