# EDGAR Filing Document

**Accession Number:** 0001304229
**File Stem:** 0001085146-23-000198
**Filing Date:** 2023-1
**Character Count:** 17318
**Document Hash:** c98289dba8fc811e4943e8c248867d15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-000198.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001085146-23-000198

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230118

**EFFECTIVENESS DATE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SeaBridge Investment Advisors LLC
- **CENTRAL INDEX KEY:** 0001304229
- **IRS NUMBER:** 223452361
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12671
- **FILM NUMBER:** 23535334

**BUSINESS ADDRESS:**
- **STREET 1:** 450 SPRINGFIELD AVENUE, SUITE 301
- **CITY:** SUMMIT
- **STATE:** NJ
- **ZIP:** 07901-2610
- **BUSINESS PHONE:** 908-273-5085 X209

**MAIL ADDRESS:**
- **STREET 1:** 450 SPRINGFIELD AVENUE, SUITE 301
- **CITY:** SUMMIT
- **STATE:** NJ
- **ZIP:** 07901-2610

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** SeaBridge Investment Advisors LLC<br>**Address:** 450 SPRINGFIELD AVENUE SUITE 301<br>SUMMIT, NJ 07901-2610

**Form 13F File Number:** 028-12671

**CRD Number (if applicable):** 000108681

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:** Alex Butters<br>**Title:** Regulatory Consultant<br>**Phone:** 310-275-7300

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

/s/Alex Butters  Beverly Hills, CA  01-18-2023<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:** 124

**Form 13F Information Table Value Total:** $280512132

      (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 |
| ADVANCE AUTO PARTS INC | COM | 00751Y106 | BBG001SD2SB2 | 815575 | 5547 | SH |  | SOLE |  | 5547 | 0 | 0 |
| AFLAC INC | COM | 001055102 | BBG001S5NGJ4 | 449625 | 6250 | SH |  | SOLE |  | 6250 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 | BBG009HT65S0 | 101100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 | BBG001S9BM06 | 732918 | 5405 | SH |  | SOLE |  | 5405 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 5016493 | 56857 | SH |  | SOLE |  | 56857 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 4027366 | 45389 | SH |  | SOLE |  | 45389 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 973308 | 11587 | SH |  | SOLE |  | 11587 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 | BBG001S5NJG1 | 1795257 | 28388 | SH |  | SOLE |  | 28388 | 0 | 0 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 4259233 | 16217 | SH |  | SOLE |  | 16217 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 | BBG001T61KH8 | 1276974 | 41206 | SH |  | SOLE |  | 41206 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 9497233 | 73095 | SH |  | SOLE |  | 73095 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 2604822 | 78648 | SH |  | SOLE |  | 78648 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG001S5P374 | 6465578 | 25425 | SH |  | SOLE |  | 25425 | 0 | 0 |
| BELLRING BRANDS INC | COMMON STOCK | 07831C103 | BBG013QNJHW0 | 646487 | 25214 | SH |  | SOLE |  | 25214 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 6485973 | 20997 | SH |  | SOLE |  | 20997 | 0 | 0 |
| BLOCK INC | CL A | 852234103 | BBG001TFLWL5 | 537093 | 8547 | SH |  | SOLE |  | 8547 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 2292433 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 | BBG001S80MM6 | 338570 | 6218 | SH |  | SOLE |  | 6218 | 0 | 0 |
| CDW CORP | COM | 12514G108 | BBG001V18TB6 | 2582981 | 14464 | SH |  | SOLE |  | 14464 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 | BBG001SJ8KV8 | 2476679 | 29069 | SH |  | SOLE |  | 29069 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 891706 | 4968 | SH |  | SOLE |  | 4968 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG001S72ZG4 | 2325093 | 51406 | SH |  | SOLE |  | 51406 | 0 | 0 |
| CNX RES CORP | COM | 12653C108 | BBG001SC7TN4 | 1207159 | 71684 | SH |  | SOLE |  | 71684 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG001S5PXL2 | 934293 | 26717 | SH |  | SOLE |  | 26717 | 0 | 0 |
| COMPASS MINERALS INTL INC | COM | 20451N101 | BBG001SDY0X4 | 578879 | 14119 | SH |  | SOLE |  | 14119 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 1058624 | 2319 | SH |  | SOLE |  | 2319 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 | BBG001S7W5T3 | 2916803 | 21504 | SH |  | SOLE |  | 21504 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 | BBG001S5PKZ5 | 253289 | 3081 | SH |  | SOLE |  | 3081 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG001S5QBD8 | 2896718 | 31084 | SH |  | SOLE |  | 31084 | 0 | 0 |
| DEERE  CO | COM | 244199105 | BBG001S5QFF7 | 2456795 | 5730 | SH |  | SOLE |  | 5730 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 | BBG002PHSZN7 | 3604290 | 26351 | SH |  | SOLE |  | 26351 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 | BBG001T5BM30 | 215469 | 875 | SH |  | SOLE |  | 875 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | BBG001S9P0Z1 | 1209425 | 50142 | SH |  | SOLE |  | 50142 | 0 | 0 |
| EQT CORP | COM | 26884L109 | BBG001S5QXJ4 | 1154652 | 34131 | SH |  | SOLE |  | 34131 | 0 | 0 |
| ESAB CORPORATION | COM | 29605J106 | BBG0028ZMP54 | 635344 | 13541 | SH |  | SOLE |  | 13541 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 494365 | 4482 | SH |  | SOLE |  | 4482 | 0 | 0 |
| FLEXSHARES TR | MORNSTAR UPSTR | 33939L407 | BBG00243P8S9 | 2012878 | 46305 | SH |  | SOLE |  | 46305 | 0 | 0 |
| FOX CORP | CL B COM | 35137L204 | BBG00JHNKKR3 | 284159 | 9988 | SH |  | SOLE |  | 9988 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 | BBG001SGS2Z8 | 2026823 | 20407 | SH |  | SOLE |  | 20407 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 | BBG001SJB7J7 | 1031281 | 15075 | SH |  | SOLE |  | 15075 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 4505111 | 14263 | SH |  | SOLE |  | 14263 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG001S5X1N1 | 3129852 | 14605 | SH |  | SOLE |  | 14605 | 0 | 0 |
| HORACE MANN EDUCATORS CORP N | COM | 440327104 | BBG001S5RY01 | 425457 | 11385 | SH |  | SOLE |  | 11385 | 0 | 0 |
| HOWARD HUGHES CORP | COM | 44267D107 | BBG001T420F8 | 1663587 | 21769 | SH |  | SOLE |  | 21769 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 | BBG001SCZVC0 | 622109 | 19965 | SH |  | SOLE |  | 19965 | 0 | 0 |
| HUBBELL INC | COM | 443510607 | BBG001S5S1L9 | 4262258 | 18162 | SH |  | SOLE |  | 18162 | 0 | 0 |
| ICON PLC | SHS | G4705A100 | BBG001SDCL35 | 500776 | 2578 | SH |  | SOLE |  | 2578 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | BBG001SDJ4R0 | 3171878 | 30918 | SH |  | SOLE |  | 30918 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG001S5S399 | 2807534 | 19927 | SH |  | SOLE |  | 19927 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | VAR RATE PFD | 46138G870 | BBG006F9S8B0 | 3019986 | 134881 | SH |  | SOLE |  | 134881 | 0 | 0 |
| IRON MTN INC DEL | COM | 46284V101 | BBG001SCQ2X1 | 2009753 | 40316 | SH |  | SOLE |  | 40316 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | BBG001SF9FC7 | 1080745 | 19135 | SH |  | SOLE |  | 19135 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 | BBG005DW06B7 | 3342430 | 81742 | SH |  | SOLE |  | 81742 | 0 | 0 |
| ISHARES TR | A RATE CP BD ETF | 46429B291 | BBG002NCM1M2 | 3440002 | 74258 | SH |  | SOLE |  | 74258 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 | BBG001SFC7V0 | 790980 | 3270 | SH |  | SOLE |  | 3270 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 | BBG001SFC7W9 | 812011 | 8580 | SH |  | SOLE |  | 8580 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 | BBG001SSD858 | 4210886 | 84522 | SH |  | SOLE |  | 84522 | 0 | 0 |
| ISHARES TR | US TREAS BD ETF | 46429B267 | BBG002NCKPP8 | 4734984 | 208406 | SH |  | SOLE |  | 208406 | 0 | 0 |
| ITT INC | COM | 45073V108 | BBG00CVQZQB3 | 3060957 | 37743 | SH |  | SOLE |  | 37743 | 0 | 0 |
| JD.COM INC | SPON ADR CL A | 47215P106 | BBG005YHY0R6 | 876807 | 15621 | SH |  | SOLE |  | 15621 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG001S8CRC3 | 3525355 | 26289 | SH |  | SOLE |  | 26289 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 | BBG001S5SLZ0 | 1968239 | 14499 | SH |  | SOLE |  | 14499 | 0 | 0 |
| KNIGHT-SWIFT TRANSN HLDGS IN | CL A | 499049104 | BBG001T9BTS0 | 1565958 | 29879 | SH |  | SOLE |  | 29879 | 0 | 0 |
| KROGER CO | COM | 501044101 | BBG001S5SN40 | 711764 | 15966 | SH |  | SOLE |  | 15966 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 | BBG001S8L5H6 | 1288187 | 5192 | SH |  | SOLE |  | 5192 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | COM CL C | G9001E128 | BBG00JKWJ004 | 546478 | 71905 | SH |  | SOLE |  | 71905 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM SER C FRMLA | 531229854 | BBG00BFHDFQ5 | 1207556 | 20200 | SH |  | SOLE |  | 20200 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG001S5SVL3 | 4379096 | 21979 | SH |  | SOLE |  | 21979 | 0 | 0 |
| LYFT INC | CL A COM | 55087P104 | BBG004M9ZHY4 | 538007 | 48821 | SH |  | SOLE |  | 48821 | 0 | 0 |
| MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 | BBG001S731Q7 | 841118 | 16752 | SH |  | SOLE |  | 16752 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 1450034 | 4170 | SH |  | SOLE |  | 4170 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 234542 | 890 | SH |  | SOLE |  | 890 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 2680774 | 24162 | SH |  | SOLE |  | 24162 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 9640284 | 40198 | SH |  | SOLE |  | 40198 | 0 | 0 |
| MOHAWK INDS INC | COM | 608190104 | BBG001SBGSZ5 | 921411 | 9014 | SH |  | SOLE |  | 9014 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 | BBG001SHHZJ3 | 2140265 | 32112 | SH |  | SOLE |  | 32112 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 1322242 | 4484 | SH |  | SOLE |  | 4484 | 0 | 0 |
| NEWELL BRANDS INC | COM | 651229106 | BBG001S5TSW7 | 584244 | 44667 | SH |  | SOLE |  | 44667 | 0 | 0 |
| NOW INC | COM | 67011P100 | BBG005BLN1Z3 | 875360 | 68926 | SH |  | SOLE |  | 68926 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 | BBG00GNT7B03 | 3336465 | 86729 | SH |  | SOLE |  | 86729 | 0 | 0 |
| NVR INC | COM | 62944T105 | BBG001S5TSM8 | 1102407 | 239 | SH |  | SOLE |  | 239 | 0 | 0 |
| ORGANON  CO | COMMON STOCK | 68622V106 | BBG00ZQRGW42 | 808322 | 28941 | SH |  | SOLE |  | 28941 | 0 | 0 |
| PACCAR INC | COM | 693718108 | BBG001S5V1S8 | 2500774 | 25268 | SH |  | SOLE |  | 25268 | 0 | 0 |
| PARAMOUNT GLOBAL | CLASS B COM | 92556H206 | BBG001S6L063 | 715628 | 42395 | SH |  | SOLE |  | 42395 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | BBG001SF6W88 | 629969 | 59152 | SH |  | SOLE |  | 59152 | 0 | 0 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 6512911 | 127106 | SH |  | SOLE |  | 127106 | 0 | 0 |
| POST HLDGS INC | COM | 737446104 | BBG001WTBC45 | 930039 | 10304 | SH |  | SOLE |  | 10304 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 | BBG001S5X5Q9 | 2560038 | 25367 | SH |  | SOLE |  | 25367 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 | BBG001SM4KY2 | 2726413 | 126457 | SH |  | SOLE |  | 126457 | 0 | 0 |
| RPM INTL INC | COM | 749685103 | BBG001S7X317 | 3470000 | 35608 | SH |  | SOLE |  | 35608 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 | BBG001SDLP09 | 871116 | 6570 | SH |  | SOLE |  | 6570 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 | BBG001T66WQ7 | 217206 | 3290 | SH |  | SOLE |  | 3290 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 | BBG001T5XQV6 | 207690 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 | BBG0113JGQG9 | 1366913 | 25982 | SH |  | SOLE |  | 25982 | 0 | 0 |
| SIMPSON MFG INC | COM | 829073105 | BBG001SB9QN0 | 1804940 | 20358 | SH |  | SOLE |  | 20358 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 1780212 | 4655 | SH |  | SOLE |  | 4655 | 0 | 0 |
| SPDR SER TR | PORTFLI TIPS ETF | 78464A656 | BBG001STKCZ6 | 1670330 | 64842 | SH |  | SOLE |  | 64842 | 0 | 0 |
| SPDR SER TR | PORTFOLIO SHORT | 78464A474 | BBG001T6B0P2 | 3865644 | 131574 | SH |  | SOLE |  | 131574 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 | BBG003T4VFD1 | 1985908 | 25154 | SH |  | SOLE |  | 25154 | 0 | 0 |
| SSGA ACTIVE ETF TR | SPDR TR TACTIC | 78467V848 | BBG0084H8485 | 1731370 | 43241 | SH |  | SOLE |  | 43241 | 0 | 0 |
| STANLEY BLACK  DECKER INC | COM | 854502101 | BBG001S5WHT1 | 1017050 | 13539 | SH |  | SOLE |  | 13539 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 | BBG001S8FR03 | 3470780 | 14196 | SH |  | SOLE |  | 14196 | 0 | 0 |
| SYSCO CORP | COM | 871829107 | BBG001S5WJS8 | 2573231 | 33659 | SH |  | SOLE |  | 33659 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 5247299 | 70443 | SH |  | SOLE |  | 70443 | 0 | 0 |
| TAPESTRY INC | COM | 876030107 | BBG001SFH7D5 | 1684964 | 44248 | SH |  | SOLE |  | 44248 | 0 | 0 |
| TCW STRATEGIC INCOME FD INC | COM | 872340104 | BBG001S5QBH4 | 1631853 | 353215 | SH |  | SOLE |  | 353215 | 0 | 0 |
| TE CONNECTIVITY LTD | SHS | H84989104 | BBG001STLRP3 | 1684001 | 14669 | SH |  | SOLE |  | 14669 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 5107650 | 9275 | SH |  | SOLE |  | 9275 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 | BBG001SKR9Y6 | 3412360 | 24374 | SH |  | SOLE |  | 24374 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 | BBG001S5YYC0 | 731037 | 16989 | SH |  | SOLE |  | 16989 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 | BBG001SDGSH1 | 1057295 | 6082 | SH |  | SOLE |  | 6082 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 | BBG001SBGZ25 | 1045646 | 2942 | SH |  | SOLE |  | 2942 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 | BBG001ST39Q2 | 6190726 | 82236 | SH |  | SOLE |  | 82236 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 317061 | 5719 | SH |  | SOLE |  | 5719 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 | BBG001T62MC8 | 2079860 | 33753 | SH |  | SOLE |  | 33753 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | MTG-BKD SECS ETF | 92206C771 | BBG001T62MF5 | 5459805 | 119943 | SH |  | SOLE |  | 119943 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 | BBG001T62M74 | 17647242 | 305210 | SH |  | SOLE |  | 305210 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 | BBG001T62KZ7 | 5781284 | 76889 | SH |  | SOLE |  | 76889 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 376009 | 8959 | SH |  | SOLE |  | 8959 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG001S5XF23 | 249598 | 6045 | SH |  | SOLE |  | 6045 | 0 | 0 |
| WESTERN ASSET INVESTMENT GRA | COM | 95766T100 | BBG001S5V055 | 1278119 | 110373 | SH |  | SOLE |  | 110373 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 | BBG001S5XL11 | 1437284 | 46364 | SH |  | SOLE |  | 46364 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 | BBG001S6DSP0 | 1230356 | 31483 | SH |  | SOLE |  | 31483 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 | BBG001S67MM3 | 2554567 | 32688 | SH |  | SOLE |  | 32688 | 0 | 0 |

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