# EDGAR Filing Document

**Accession Number:** 0001705399
**File Stem:** 0001172661-25-004754
**Filing Date:** 2025-11
**Character Count:** 17376
**Document Hash:** 558924658344248ce5bdc1bc5a7b67e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-004754.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001172661-25-004754

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stamos Capital Partners, L.P.
- **CENTRAL INDEX KEY:** 0001705399

**ORGANIZATION NAME:**
- **EIN:** 450479495
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19230
- **FILM NUMBER:** 251477211

**BUSINESS ADDRESS:**
- **STREET 1:** 2498 SAND HILL ROAD
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
- **BUSINESS PHONE:** 6502335000

**MAIL ADDRESS:**
- **STREET 1:** 2498 SAND HILL ROAD
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** Stamos Capital Partners L.P.<br>**Address:** 2498 Sand Hill Road<br>Menlo Park, CA 94025

**Form 13F File Number:** 028-19230

**CRD Number (if applicable):** 000134660

**SEC File Number (if applicable):** 801-64360

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:** Neil Casey<br>**Title:** Chief Compliance Officer<br>**Phone:** 929-946-5055

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

/s/ Neil Casey  Menlo Park, CA  11-13-2025<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:** 142

**Form 13F Information Table Value Total:** $530064985

      (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 |  | 841231 | 5421 | SH |  | SOLE |  | 5421 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 4530016 | 12842 | SH |  | SOLE |  | 12842 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 3036151 | 18766 | SH |  | SOLE |  | 18766 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 1094004 | 13127 | SH |  | SOLE |  | 13127 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 14489003 | 59601 | SH |  | SOLE |  | 59601 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 2379961 | 50713 | SH |  | SOLE |  | 50713 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 7145686 | 32544 | SH |  | SOLE |  | 32544 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 1643063 | 14605 | SH |  | SOLE |  | 14605 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 735978 | 2608 | SH |  | SOLE |  | 2608 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 275869 | 2070 | SH |  | SOLE |  | 2070 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 6918552 | 27171 | SH |  | SOLE |  | 27171 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 477621 | 7995 | SH |  | SOLE |  | 7995 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 261900 | 1638 | SH |  | SOLE |  | 1638 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 6835683 | 7061 | SH |  | SOLE |  | 7061 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 4795208 | 169802 | SH |  | SOLE |  | 169802 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 725532 | 2472 | SH |  | SOLE |  | 2472 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 6721713 | 130291 | SH |  | SOLE |  | 130291 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 |  | 2712131 | 131211 | SH |  | SOLE |  | 131211 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2174350 | 4325 | SH |  | SOLE |  | 4325 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 499130 | 8953 | SH |  | SOLE |  | 8953 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 4574874 | 3924 | SH |  | SOLE |  | 3924 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 3105370 | 18176 | SH |  | SOLE |  | 18176 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 5627120 | 26072 | SH |  | SOLE |  | 26072 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 9765447 | 283385 | SH |  | SOLE |  | 283385 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 3265119 | 9897 | SH |  | SOLE |  | 9897 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 280999 | 4935 | SH |  | SOLE |  | 4935 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 3912352 | 57048 | SH |  | SOLE |  | 57048 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE CO | COM SUB VTG A | 11276H106 |  | 203297 | 4944 | SH |  | SOLE |  | 4944 | 0 | 0 |
| BROOKFIELD RENEWABLE CORP | CL A EX SUB VTG | 11285B108 |  | 202940 | 5896 | SH |  | SOLE |  | 5896 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 530801 | 2879 | SH |  | SOLE |  | 2879 | 0 | 0 |
| BXP INC | COM | 101121101 |  | 805177 | 10831 | SH |  | SOLE |  | 10831 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 3027178 | 36098 | SH |  | SOLE |  | 36098 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 3376129 | 35802 | SH |  | SOLE |  | 35802 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 3176626 | 42645 | SH |  | SOLE |  | 42645 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 277448 | 4425 | SH |  | SOLE |  | 4425 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 1988761 | 4168 | SH |  | SOLE |  | 4168 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 1178895 | 5017 | SH |  | SOLE |  | 5017 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 11107273 | 71526 | SH |  | SOLE |  | 71526 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 605426 | 2145 | SH |  | SOLE |  | 2145 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 2235966 | 32680 | SH |  | SOLE |  | 32680 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 2896437 | 10720 | SH |  | SOLE |  | 10720 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 1254443 | 18915 | SH |  | SOLE |  | 18915 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1401162 | 14813 | SH |  | SOLE |  | 14813 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 2945835 | 8952 | SH |  | SOLE |  | 8952 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 315640 | 341 | SH |  | SOLE |  | 341 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 1233796 | 2516 | SH |  | SOLE |  | 2516 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 2911185 | 38615 | SH |  | SOLE |  | 38615 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 2971826 | 17536 | SH |  | SOLE |  | 17536 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 1587607 | 3472 | SH |  | SOLE |  | 3472 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 2776424 | 19584 | SH |  | SOLE |  | 19584 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 4632670 | 40460 | SH |  | SOLE |  | 40460 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 1858100 | 30376 | SH |  | SOLE |  | 30376 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 1654538 | 13370 | SH |  | SOLE |  | 13370 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 1502240 | 4014 | SH |  | SOLE |  | 4014 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 4732126 | 6202 | SH |  | SOLE |  | 6202 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 2665499 | 52824 | SH |  | SOLE |  | 52824 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 1402173 | 12506 | SH |  | SOLE |  | 12506 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 1213789 | 22300 | SH |  | SOLE |  | 22300 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 13298975 | 117951 | SH |  | SOLE |  | 117951 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 1828414 | 8291 | SH |  | SOLE |  | 8291 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 4556114 | 380946 | SH |  | SOLE |  | 380946 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 507585 | 12942 | SH |  | SOLE |  | 12942 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1885540 | 6268 | SH |  | SOLE |  | 6268 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 1727254 | 2809 | SH |  | SOLE |  | 2809 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 1284853 | 25483 | SH |  | SOLE |  | 25483 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 2506538 | 41111 | SH |  | SOLE |  | 41111 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 523920 | 4720 | SH |  | SOLE |  | 4720 | 0 | 0 |
| GLOBAL X FDS | US INFR DEV ETF | 37954Y673 |  | 1731779 | 36359 | SH |  | SOLE |  | 36359 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 988914 | 20745 | SH |  | SOLE |  | 20745 | 0 | 0 |
| GLOBAL X FDS | FINTECH ETF | 37954Y814 |  | 1089568 | 32505 | SH |  | SOLE |  | 32505 | 0 | 0 |
| GLOBAL X FDS | GLB X MLP ENRG I | 37954Y293 |  | 2423177 | 38641 | SH |  | SOLE |  | 38641 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 5923019 | 137234 | SH |  | SOLE |  | 137234 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 2645419 | 77442 | SH |  | SOLE |  | 77442 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 2200182 | 5430 | SH |  | SOLE |  | 5430 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 713208 | 26192 | SH |  | SOLE |  | 26192 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 3170819 | 44672 | SH |  | SOLE |  | 44672 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 566935 | 3365 | SH |  | SOLE |  | 3365 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 590561 | 2093 | SH |  | SOLE |  | 2093 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 759397 | 1698 | SH |  | SOLE |  | 1698 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | WATER RES ETF | 46137V142 |  | 244597 | 3392 | SH |  | SOLE |  | 3392 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 1277536 | 6726 | SH |  | SOLE |  | 6726 | 0 | 0 |
| ISHARES INC | MSCI GBL ETF NEW | 46434G848 |  | 1055451 | 23718 | SH |  | SOLE |  | 23718 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 1529189 | 19091 | SH |  | SOLE |  | 19091 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 1116843 | 21453 | SH |  | SOLE |  | 21453 | 0 | 0 |
| ISHARES TR | CRE U S REIT ETF | 464288521 |  | 1842810 | 31383 | SH |  | SOLE |  | 31383 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 89410469 | 891875 | SH |  | SOLE |  | 891875 | 0 | 0 |
| ISHARES TR | U.S. REAL ES ETF | 464287739 |  | 1828016 | 18830 | SH |  | SOLE |  | 18830 | 0 | 0 |
| ISHARES TR | GL TIMB FORE ETF | 464288174 |  | 488389 | 6653 | SH |  | SOLE |  | 6653 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 8510778 | 45900 | SH |  | SOLE |  | 45900 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 8248179 | 26149 | SH |  | SOLE |  | 26149 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 1813369 | 64054 | SH |  | SOLE |  | 64054 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 258081 | 1986 | SH |  | SOLE |  | 1986 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 649967 | 9642 | SH |  | SOLE |  | 9642 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 2816238 | 22344 | SH |  | SOLE |  | 22344 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 1255065 | 40291 | SH |  | SOLE |  | 40291 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1451603 | 2552 | SH |  | SOLE |  | 2552 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 4065986 | 42692 | SH |  | SOLE |  | 42692 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 16790952 | 200059 | SH |  | SOLE |  | 200059 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 9489362 | 18321 | SH |  | SOLE |  | 18321 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 1267704 | 20293 | SH |  | SOLE |  | 20293 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 622759 | 1307 | SH |  | SOLE |  | 1307 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 1586171 | 1323 | SH |  | SOLE |  | 1323 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 8859280 | 117357 | SH |  | SOLE |  | 117357 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 6855179 | 123539 | SH |  | SOLE |  | 123539 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 542397 | 4005 | SH |  | SOLE |  | 4005 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3704732 | 19856 | SH |  | SOLE |  | 19856 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 1413626 | 29918 | SH |  | SOLE |  | 29918 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 2832761 | 13912 | SH |  | SOLE |  | 13912 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 6657032 | 261265 | SH |  | SOLE |  | 261265 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1255013 | 8168 | SH |  | SOLE |  | 8168 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 589406 | 1211 | SH |  | SOLE |  | 1211 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 4315059 | 18207 | SH |  | SOLE |  | 18207 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 4387846 | 127665 | SH |  | SOLE |  | 127665 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 1354807 | 15535 | SH |  | SOLE |  | 15535 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 1349302 | 15103 | SH |  | SOLE |  | 15103 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 961693 | 1045 | SH |  | SOLE |  | 1045 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 8823798 | 123358 | SH |  | SOLE |  | 123358 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 1817396 | 9684 | SH |  | SOLE |  | 9684 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 1624186 | 7201 | SH |  | SOLE |  | 7201 | 0 | 0 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 2088772 | 72552 | SH |  | SOLE |  | 72552 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 1654589 | 17459 | SH |  | SOLE |  | 17459 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 859171 | 2417 | SH |  | SOLE |  | 2417 | 0 | 0 |
| SPDR SERIES TRUST | S METALS MNG | 78464A755 |  | 1052954 | 11299 | SH |  | SOLE |  | 11299 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 |  | 2862313 | 28566 | SH |  | SOLE |  | 28566 | 0 | 0 |
| SPDR SERIES TRUST | S OILGAS EXP | 78468R556 |  | 2345228 | 17740 | SH |  | SOLE |  | 17740 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 7880726 | 28217 | SH |  | SOLE |  | 28217 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1722791 | 3552 | SH |  | SOLE |  | 3552 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 2993079 | 21667 | SH |  | SOLE |  | 21667 | 0 | 0 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 8799380 | 147418 | SH |  | SOLE |  | 147418 | 0 | 0 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 10527530 | 55092 | SH |  | SOLE |  | 55092 | 0 | 0 |
| TPG INC | COM CL A | 872657101 |  | 264615 | 4606 | SH |  | SOLE |  | 4606 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 2732579 | 27892 | SH |  | SOLE |  | 27892 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 2153238 | 52518 | SH |  | SOLE |  | 52518 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 4145930 | 17540 | SH |  | SOLE |  | 17540 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 11732949 | 33979 | SH |  | SOLE |  | 33979 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 1400947 | 18337 | SH |  | SOLE |  | 18337 | 0 | 0 |
| VANECK ETF TRUST | AGRIBUSINESS ETF | 92189F700 |  | 487635 | 6639 | SH |  | SOLE |  | 6639 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 19608463 | 391621 | SH |  | SOLE |  | 391621 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 3807652 | 86636 | SH |  | SOLE |  | 86636 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 4096560 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 2227610 | 11370 | SH |  | SOLE |  | 11370 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 1239606 | 12028 | SH |  | SOLE |  | 12028 | 0 | 0 |

---