# EDGAR Filing Document

**Accession Number:** 0001005607
**File Stem:** 0001005607-23-000002
**Filing Date:** 2023-1
**Character Count:** 24304
**Document Hash:** edd3b0b3c13541bff72d834bde497e22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001005607-23-000002.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001005607-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC
- **CENTRAL INDEX KEY:** 0001005607
- **IRS NUMBER:** 943315228
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05208
- **FILM NUMBER:** 23546697

**BUSINESS ADDRESS:**
- **STREET 1:** 580 CALIFORNIA STREET STE 1900
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 4153625637

**MAIL ADDRESS:**
- **STREET 1:** 580 CALIFORNIA ST
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OSBORNE PARTNERS CAPITAL MANAGEMENT
- **DATE OF NAME CHANGE:** 20010724

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BERRY HARTELL EVERS & OSBORNE INC/
- **DATE OF NAME CHANGE:** 19990406

### 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:** OSBORNE PARTNERS CAPITAL MANAGEMENT LLC<br>**Address:** 580 CALIFORNIA ST<br>SAN FRANCISCO, CA 94104

**Form 13F File Number:** 028-05208

**CRD Number (if applicable):** 000108100

**SEC File Number (if applicable):** 801-56319

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:** ALICIA W CHENG<br>**Title:** CCO<br>**Phone:** 650-223-7909

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

ALICIA W CHENG  SAN FRANCISCO, CA  01-24-2023<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:** 204

**Form 13F Information Table Value Total:** $1273771128

      (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 |  | 11953525 | 108876 | SH |  | SOLE | 0 | 0 | 0 | 108876 |
| ABBVIE INC | COM | 00287Y109 |  | 2093687 | 12955 | SH |  | SOLE | 0 | 0 | 0 | 12955 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 3947364 | 14793 | SH |  | SOLE | 0 | 0 | 0 | 14793 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 5404981 | 70607 | SH |  | SOLE | 0 | 0 | 0 | 70607 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 5989735 | 92477 | SH |  | SOLE | 0 | 0 | 0 | 92477 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 414610 | 1345 | SH |  | SOLE | 0 | 0 | 0 | 1345 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 5168857 | 58677 | SH |  | SOLE | 0 | 0 | 0 | 58677 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 9360180 | 106088 | SH |  | SOLE | 0 | 0 | 0 | 106088 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 16443797 | 185324 | SH |  | SOLE | 0 | 0 | 0 | 185324 |
| AMAZON COM INC | COM | 023135106 |  | 521976 | 6214 | SH |  | SOLE | 0 | 0 | 0 | 6214 |
| AMCOR PLC | ORD | G0250X107 |  | 1372270 | 115220 | SH |  | SOLE | 0 | 0 | 0 | 115220 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1224404 | 8287 | SH |  | SOLE | 0 | 0 | 0 | 8287 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 1849326 | 8729 | SH |  | SOLE | 0 | 0 | 0 | 8729 |
| AMGEN INC | COM | 031162100 |  | 3300072 | 12565 | SH |  | SOLE | 0 | 0 | 0 | 12565 |
| APPLE INC | COM | 037833100 |  | 39021625 | 300328 | SH |  | SOLE | 0 | 0 | 0 | 300328 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 12470164 | 52207 | SH |  | SOLE | 0 | 0 | 0 | 52207 |
| AUTOZONE INC | COM | 053332102 |  | 1849635 | 750 | SH |  | SOLE | 0 | 0 | 0 | 750 |
| BANK AMERICA CORP | COM | 060505104 |  | 322035 | 9723 | SH |  | SOLE | 0 | 0 | 0 | 9723 |
| BARCLAYS BANK PLC | DJUBS CMDT ETN36 | 06738C778 |  | 25266472 | 749525 | SH |  | SOLE | 0 | 0 | 0 | 749525 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 10864631 | 35172 | SH |  | SOLE | 0 | 0 | 0 | 35172 |
| BIOGEN INC | COM | 09062X103 |  | 256151 | 925 | SH |  | SOLE | 0 | 0 | 0 | 925 |
| BOEING CO | COM | 097023105 |  | 276972 | 1454 | SH |  | SOLE | 0 | 0 | 0 | 1454 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 5757655 | 2857 | SH |  | SOLE | 0 | 0 | 0 | 2857 |
| BORGWARNER INC | COM | 099724106 |  | 7327416 | 182048 | SH |  | SOLE | 0 | 0 | 0 | 182048 |
| BP PLC | SPONSORED ADR | 055622104 |  | 746489 | 21371 | SH |  | SOLE | 0 | 0 | 0 | 21371 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 6798556 | 94490 | SH |  | SOLE | 0 | 0 | 0 | 94490 |
| BROADCOM INC | COM | 11135F101 |  | 9089272 | 16256 | SH |  | SOLE | 0 | 0 | 0 | 16256 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 8927081 | 214593 | SH |  | SOLE | 0 | 0 | 0 | 214593 |
| CAMBRIA ETF TR | TAIL RISK | 132061862 |  | 556721 | 36387 | SH |  | SOLE | 0 | 0 | 0 | 36387 |
| CARMAX INC | COM | 143130102 |  | 1121472 | 18418 | SH |  | SOLE | 0 | 0 | 0 | 18418 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 404003 | 9794 | SH |  | SOLE | 0 | 0 | 0 | 9794 |
| CATERPILLAR INC | COM | 149123101 |  | 1679795 | 7012 | SH |  | SOLE | 0 | 0 | 0 | 7012 |
| CBRE GROUP INC | CL A | 12504L109 |  | 3803979 | 49428 | SH |  | SOLE | 0 | 0 | 0 | 49428 |
| CENTENE CORP DEL | COM | 15135B101 |  | 15924483 | 194177 | SH |  | SOLE | 0 | 0 | 0 | 194177 |
| CF INDS HLDGS INC | COM | 125269100 |  | 505406 | 5932 | SH |  | SOLE | 0 | 0 | 0 | 5932 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 16366864 | 109142 | SH |  | SOLE | 0 | 0 | 0 | 109142 |
| CHEVRON CORP NEW | COM | 166764100 |  | 2062718 | 11492 | SH |  | SOLE | 0 | 0 | 0 | 11492 |
| CISCO SYS INC | COM | 17275R102 |  | 1235513 | 25934 | SH |  | SOLE | 0 | 0 | 0 | 25934 |
| COCA COLA CO | COM | 191216100 |  | 2047904 | 32195 | SH |  | SOLE | 0 | 0 | 0 | 32195 |
| COLUMBIA ETF TR II | INDIA CONSMR ETF | 19762B707 |  | 16922394 | 372904 | SH |  | SOLE | 0 | 0 | 0 | 372904 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 222072 | 2330 | SH |  | SOLE | 0 | 0 | 0 | 2330 |
| COPART INC | COM | 217204106 |  | 6826987 | 112120 | SH |  | SOLE | 0 | 0 | 0 | 112120 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 5697577 | 12481 | SH |  | SOLE | 0 | 0 | 0 | 12481 |
| CVS HEALTH CORP | COM | 126650100 |  | 12648435 | 135727 | SH |  | SOLE | 0 | 0 | 0 | 135727 |
| DANAHER CORPORATION | COM | 235851102 |  | 22106690 | 83289 | SH |  | SOLE | 0 | 0 | 0 | 83289 |
| DEERE  CO | COM | 244199105 |  | 1307718 | 3050 | SH |  | SOLE | 0 | 0 | 0 | 3050 |
| DENTSPLY SIRONA INC | COM | 24906P109 |  | 9866177 | 309867 | SH |  | SOLE | 0 | 0 | 0 | 309867 |
| DISNEY WALT CO | COM | 254687106 |  | 7544137 | 86834 | SH |  | SOLE | 0 | 0 | 0 | 86834 |
| DOLLAR TREE INC | COM | 256746108 |  | 9056308 | 64029 | SH |  | SOLE | 0 | 0 | 0 | 64029 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 297402 | 4850 | SH |  | SOLE | 0 | 0 | 0 | 4850 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 230904 | 2242 | SH |  | SOLE | 0 | 0 | 0 | 2242 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 5615490 | 81823 | SH |  | SOLE | 0 | 0 | 0 | 81823 |
| EBAY INC. | COM | 278642103 |  | 217718 | 5250 | SH |  | SOLE | 0 | 0 | 0 | 5250 |
| ECOLAB INC | COM | 278865100 |  | 388354 | 2668 | SH |  | SOLE | 0 | 0 | 0 | 2668 |
| ELASTIC N V | ORD SHS | N14506104 |  | 6586258 | 127887 | SH |  | SOLE | 0 | 0 | 0 | 127887 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 11460787 | 103906 | SH |  | SOLE | 0 | 0 | 0 | 103906 |
| FEDEX CORP | COM | 31428X106 |  | 8049570 | 46476 | SH |  | SOLE | 0 | 0 | 0 | 46476 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 6066531 | 89411 | SH |  | SOLE | 0 | 0 | 0 | 89411 |
| FMC CORP | COM NEW | 302491303 |  | 10160807 | 81417 | SH |  | SOLE | 0 | 0 | 0 | 81417 |
| FORTIVE CORP | COM | 34959J108 |  | 2679225 | 41700 | SH |  | SOLE | 0 | 0 | 0 | 41700 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 5990812 | 157653 | SH |  | SOLE | 0 | 0 | 0 | 157653 |
| GARTNER INC | COM | 366651107 |  | 472277 | 1405 | SH |  | SOLE | 0 | 0 | 0 | 1405 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 275502 | 3288 | SH |  | SOLE | 0 | 0 | 0 | 3288 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 256767 | 2991 | SH |  | SOLE | 0 | 0 | 0 | 2991 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 4905527 | 49391 | SH |  | SOLE | 0 | 0 | 0 | 49391 |
| GLOBAL X FDS | DAX GERMANY ETF | 37954Y491 |  | 15997030 | 624884 | SH |  | SOLE | 0 | 0 | 0 | 624884 |
| HERITAGE COMM CORP | COM | 426927109 |  | 144322 | 11102 | SH |  | SOLE | 0 | 0 | 0 | 11102 |
| HOME DEPOT INC | COM | 437076102 |  | 6688057 | 21174 | SH |  | SOLE | 0 | 0 | 0 | 21174 |
| INDEXIQ ETF TR | IQ MRGR ARB ETF | 45409B800 |  | 13327949 | 420043 | SH |  | SOLE | 0 | 0 | 0 | 420043 |
| INTEL CORP | COM | 458140100 |  | 542703 | 20534 | SH |  | SOLE | 0 | 0 | 0 | 20534 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 677970 | 4812 | SH |  | SOLE | 0 | 0 | 0 | 4812 |
| INVESCO DB US DLR INDEX TR | BULLISH FD | 46141D203 |  | 273094 | 9820 | SH |  | SOLE | 0 | 0 | 0 | 9820 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 |  | 2549477 | 124183 | SH |  | SOLE | 0 | 0 | 0 | 124183 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 2800183 | 19824 | SH |  | SOLE | 0 | 0 | 0 | 19824 |
| INVESCO EXCHANGE TRADED FD T | FTSE RAFI 1000 | 46137V613 |  | 10274882 | 66225 | SH |  | SOLE | 0 | 0 | 0 | 66225 |
| INVESCO EXCHANGE TRADED FD T | GBL LISTED PVT | 46137V589 |  | 102802 | 10890 | SH |  | SOLE | 0 | 0 | 0 | 10890 |
| INVESCO EXCHANGE TRADED FD T | WATER RES ETF | 46137V142 |  | 941584 | 18269 | SH |  | SOLE | 0 | 0 | 0 | 18269 |
| INVESCO EXCHANGE TRADED FD T | DWA MOMENTUM | 46137V837 |  | 3386360 | 47662 | SH |  | SOLE | 0 | 0 | 0 | 47662 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 686470 | 2578 | SH |  | SOLE | 0 | 0 | 0 | 2578 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 12695879 | 367039 | SH |  | SOLE | 0 | 0 | 0 | 367039 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 361372 | 12920 | SH |  | SOLE | 0 | 0 | 0 | 12920 |
| ISHARES INC | MSCI NETHERL ETF | 464286814 |  | 16785548 | 450740 | SH |  | SOLE | 0 | 0 | 0 | 450740 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 |  | 371741 | 15032 | SH |  | SOLE | 0 | 0 | 0 | 15032 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 23929802 | 439563 | SH |  | SOLE | 0 | 0 | 0 | 439563 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 269971 | 1850 | SH |  | SOLE | 0 | 0 | 0 | 1850 |
| ISHARES TR | CORE S ETF | 464287200 |  | 343118 | 893 | SH |  | SOLE | 0 | 0 | 0 | 893 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 508963 | 10715 | SH |  | SOLE | 0 | 0 | 0 | 10715 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 3221098 | 15035 | SH |  | SOLE | 0 | 0 | 0 | 15035 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1384244 | 7939 | SH |  | SOLE | 0 | 0 | 0 | 7939 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 2909837 | 76777 | SH |  | SOLE | 0 | 0 | 0 | 76777 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 377046 | 5590 | SH |  | SOLE | 0 | 0 | 0 | 5590 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1623831 | 24738 | SH |  | SOLE | 0 | 0 | 0 | 24738 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 330539 | 3320 | SH |  | SOLE | 0 | 0 | 0 | 3320 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 461094 | 10050 | SH |  | SOLE | 0 | 0 | 0 | 10050 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 18026873 | 396195 | SH |  | SOLE | 0 | 0 | 0 | 396195 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 628848 | 31680 | SH |  | SOLE | 0 | 0 | 0 | 31680 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 2620879 | 21732 | SH |  | SOLE | 0 | 0 | 0 | 21732 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 268658 | 3170 | SH |  | SOLE | 0 | 0 | 0 | 3170 |
| ISHARES TR | LATN AMER 40 ETF | 464287390 |  | 13119733 | 573164 | SH |  | SOLE | 0 | 0 | 0 | 573164 |
| ISHARES TR | BLACKROCK ULTRA | 46434V878 |  | 21014483 | 419954 | SH |  | SOLE | 0 | 0 | 0 | 419954 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 1809943 | 11935 | SH |  | SOLE | 0 | 0 | 0 | 11935 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 211237 | 2491 | SH |  | SOLE | 0 | 0 | 0 | 2491 |
| ISHARES TR | CONV BD ETF | 46435G102 |  | 7953079 | 114482 | SH |  | SOLE | 0 | 0 | 0 | 114482 |
| ISHARES U S ETF TR | BLACKROCK ST MAT | 46431W507 |  | 2489120 | 50520 | SH |  | SOLE | 0 | 0 | 0 | 50520 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 5115128 | 28956 | SH |  | SOLE | 0 | 0 | 0 | 28956 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 656320 | 10255 | SH |  | SOLE | 0 | 0 | 0 | 10255 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 17827253 | 132940 | SH |  | SOLE | 0 | 0 | 0 | 132940 |
| JPMORGAN CHASE  CO | ALERIAN ML ETN | 46625H365 |  | 9819278 | 451461 | SH |  | SOLE | 0 | 0 | 0 | 451461 |
| KEY TRONIC CORP | COM | 493144109 |  | 183159 | 42300 | SH |  | SOLE | 0 | 0 | 0 | 42300 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 2953513 | 21757 | SH |  | SOLE | 0 | 0 | 0 | 21757 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 6611076 | 365657 | SH |  | SOLE | 0 | 0 | 0 | 365657 |
| KRANESHARES TR | CSI CHI INTERNET | 500767306 |  | 414193 | 13715 | SH |  | SOLE | 0 | 0 | 0 | 13715 |
| LAZARD LTD | SHS A | G54050102 |  | 215474 | 6215 | SH |  | SOLE | 0 | 0 | 0 | 6215 |
| LENNAR CORP | CL A | 526057104 |  | 5764623 | 63697 | SH |  | SOLE | 0 | 0 | 0 | 63697 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 301137 | 619 | SH |  | SOLE | 0 | 0 | 0 | 619 |
| LOWES COS INC | COM | 548661107 |  | 8442143 | 42372 | SH |  | SOLE | 0 | 0 | 0 | 42372 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 14257844 | 86161 | SH |  | SOLE | 0 | 0 | 0 | 86161 |
| MCDONALDS CORP | COM | 580135101 |  | 275916 | 1047 | SH |  | SOLE | 0 | 0 | 0 | 1047 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 6617597 | 7820 | SH |  | SOLE | 0 | 0 | 0 | 7820 |
| MERCK  CO INC | COM | 58933Y105 |  | 301213 | 2715 | SH |  | SOLE | 0 | 0 | 0 | 2715 |
| META PLATFORMS INC | CL A | 30303M102 |  | 9258035 | 76932 | SH |  | SOLE | 0 | 0 | 0 | 76932 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 9246541 | 275769 | SH |  | SOLE | 0 | 0 | 0 | 275769 |
| MICROSOFT CORP | COM | 594918104 |  | 30636699 | 127749 | SH |  | SOLE | 0 | 0 | 0 | 127749 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 2979788 | 44708 | SH |  | SOLE | 0 | 0 | 0 | 44708 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 297950 | 3564 | SH |  | SOLE | 0 | 0 | 0 | 3564 |
| NICE LTD | SPONSORED ADR | 653656108 |  | 5881303 | 30584 | SH |  | SOLE | 0 | 0 | 0 | 30584 |
| NIKE INC | CL B | 654106103 |  | 5268024 | 45022 | SH |  | SOLE | 0 | 0 | 0 | 45022 |
| NORDSTROM INC | COM | 655664100 |  | 807000 | 50000 | SH |  | SOLE | 0 | 0 | 0 | 50000 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 288628 | 529 | SH |  | SOLE | 0 | 0 | 0 | 529 |
| NUCOR CORP | COM | 670346105 |  | 3881805 | 29450 | SH |  | SOLE | 0 | 0 | 0 | 29450 |
| NUVEEN CALIFORNIA MUNI VLU F | COM STK | 67062C107 |  | 405600 | 48000 | SH |  | SOLE | 0 | 0 | 0 | 48000 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 9663852 | 61152 | SH |  | SOLE | 0 | 0 | 0 | 61152 |
| OGE ENERGY CORP | COM | 670837103 |  | 320355 | 8100 | SH |  | SOLE | 0 | 0 | 0 | 8100 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 4816969 | 172342 | SH |  | SOLE | 0 | 0 | 0 | 172342 |
| ORACLE CORP | COM | 68389X105 |  | 927464 | 11347 | SH |  | SOLE | 0 | 0 | 0 | 11347 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 6163283 | 78704 | SH |  | SOLE | 0 | 0 | 0 | 78704 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 13368627 | 95805 | SH |  | SOLE | 0 | 0 | 0 | 95805 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 514137 | 7219 | SH |  | SOLE | 0 | 0 | 0 | 7219 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 3129519 | 105371 | SH |  | SOLE | 0 | 0 | 0 | 105371 |
| PEPSICO INC | COM | 713448108 |  | 9363174 | 51828 | SH |  | SOLE | 0 | 0 | 0 | 51828 |
| PFIZER INC | COM | 717081103 |  | 9510954 | 185616 | SH |  | SOLE | 0 | 0 | 0 | 185616 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 4297377 | 42460 | SH |  | SOLE | 0 | 0 | 0 | 42460 |
| PHILLIPS 66 | COM | 718546104 |  | 7230386 | 69470 | SH |  | SOLE | 0 | 0 | 0 | 69470 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 244469 | 3215 | SH |  | SOLE | 0 | 0 | 0 | 3215 |
| PLANET FITNESS INC | CL A | 72703H101 |  | 9282955 | 117804 | SH |  | SOLE | 0 | 0 | 0 | 117804 |
| PLAYSTUDIOS INC | CLASS A COM | 72815G108 |  | 625324 | 161166 | SH |  | SOLE | 0 | 0 | 0 | 161166 |
| POOL CORP | COM | 73278L105 |  | 5656641 | 18710 | SH |  | SOLE | 0 | 0 | 0 | 18710 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 12556443 | 82848 | SH |  | SOLE | 0 | 0 | 0 | 82848 |
| QUANTA SVCS INC | COM | 74762E102 |  | 1328100 | 9320 | SH |  | SOLE | 0 | 0 | 0 | 9320 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 6856882 | 67944 | SH |  | SOLE | 0 | 0 | 0 | 67944 |
| RYANAIR HOLDINGS PLC | SPONSORED ADS | 783513203 |  | 5226023 | 69904 | SH |  | SOLE | 0 | 0 | 0 | 69904 |
| S GLOBAL INC | COM | 78409V104 |  | 242832 | 725 | SH |  | SOLE | 0 | 0 | 0 | 725 |
| SALESFORCE INC | COM | 79466L302 |  | 4906095 | 37002 | SH |  | SOLE | 0 | 0 | 0 | 37002 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 10382609 | 194213 | SH |  | SOLE | 0 | 0 | 0 | 194213 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 951256 | 11425 | SH |  | SOLE | 0 | 0 | 0 | 11425 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 319178 | 3649 | SH |  | SOLE | 0 | 0 | 0 | 3649 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 206570 | 1660 | SH |  | SOLE | 0 | 0 | 0 | 1660 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 281889 | 2075 | SH |  | SOLE | 0 | 0 | 0 | 2075 |
| SHELL PLC | SPON ADS | 780259305 |  | 1041672 | 18291 | SH |  | SOLE | 0 | 0 | 0 | 18291 |
| SPDR INDEX SHS FDS | S CHINA ETF | 78463X400 |  | 10865018 | 138655 | SH |  | SOLE | 0 | 0 | 0 | 138655 |
| SPDR INDEX SHS FDS | DJ INTL RL ETF | 78463X863 |  | 24151271 | 902177 | SH |  | SOLE | 0 | 0 | 0 | 902177 |
| SPDR INDEX SHS FDS | DJ GLB RL ES ETF | 78463X749 |  | 444624 | 10871 | SH |  | SOLE | 0 | 0 | 0 | 10871 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 18359651 | 48008 | SH |  | SOLE | 0 | 0 | 0 | 48008 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 1244240 | 2810 | SH |  | SOLE | 0 | 0 | 0 | 2810 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 6693618 | 80646 | SH |  | SOLE | 0 | 0 | 0 | 80646 |
| SPDR SER TR | NUVEEN BLMBRG SH | 78468R739 |  | 636579 | 13550 | SH |  | SOLE | 0 | 0 | 0 | 13550 |
| SPDR SER TR | DJ REIT ETF | 78464A607 |  | 1997880 | 22925 | SH |  | SOLE | 0 | 0 | 0 | 22925 |
| SPDR SER TR | S HOMEBUILD | 78464A888 |  | 230905 | 3828 | SH |  | SOLE | 0 | 0 | 0 | 3828 |
| SPDR SER TR | BLOOMBERG SHT TE | 78468R408 |  | 339481 | 14005 | SH |  | SOLE | 0 | 0 | 0 | 14005 |
| SSGA ACTIVE ETF TR | BLACKSTONE SENR | 78467V608 |  | 18133833 | 443370 | SH |  | SOLE | 0 | 0 | 0 | 443370 |
| STARBUCKS CORP | COM | 855244109 |  | 264666 | 2668 | SH |  | SOLE | 0 | 0 | 0 | 2668 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 2867532 | 27538 | SH |  | SOLE | 0 | 0 | 0 | 27538 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 14508419 | 26346 | SH |  | SOLE | 0 | 0 | 0 | 26346 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 3156019 | 16833 | SH |  | SOLE | 0 | 0 | 0 | 16833 |
| TRINET GROUP INC | COM | 896288107 |  | 5544571 | 81778 | SH |  | SOLE | 0 | 0 | 0 | 81778 |
| TRIP COM GROUP LTD | ADS | 89677Q107 |  | 8692949 | 252702 | SH |  | SOLE | 0 | 0 | 0 | 252702 |
| UNION PAC CORP | COM | 907818108 |  | 12208865 | 58960 | SH |  | SOLE | 0 | 0 | 0 | 58960 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 285793 | 1644 | SH |  | SOLE | 0 | 0 | 0 | 1644 |
| US BANCORP DEL | COM NEW | 902973304 |  | 317263 | 7275 | SH |  | SOLE | 0 | 0 | 0 | 7275 |
| VANECK ETF TRUST | LOW CARBN ENERGY | 92189F502 |  | 721262 | 6506 | SH |  | SOLE | 0 | 0 | 0 | 6506 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 2917050 | 13688 | SH |  | SOLE | 0 | 0 | 0 | 13688 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 27248562 | 330366 | SH |  | SOLE | 0 | 0 | 0 | 330366 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 4629824 | 32983 | SH |  | SOLE | 0 | 0 | 0 | 32983 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 213048 | 1161 | SH |  | SOLE | 0 | 0 | 0 | 1161 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 2903337 | 15186 | SH |  | SOLE | 0 | 0 | 0 | 15186 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 89583152 | 1786660 | SH |  | SOLE | 0 | 0 | 0 | 1786660 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 24815453 | 447609 | SH |  | SOLE | 0 | 0 | 0 | 447609 |
| VANGUARD INTL EQUITY INDEX F | GLB EX US ETF | 922042676 |  | 555651 | 13441 | SH |  | SOLE | 0 | 0 | 0 | 13441 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 37349183 | 958163 | SH |  | SOLE | 0 | 0 | 0 | 958163 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 7928712 | 102293 | SH |  | SOLE | 0 | 0 | 0 | 102293 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 7483071 | 121439 | SH |  | SOLE | 0 | 0 | 0 | 121439 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 16556161 | 220191 | SH |  | SOLE | 0 | 0 | 0 | 220191 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 9643262 | 63505 | SH |  | SOLE | 0 | 0 | 0 | 63505 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 972186 | 23164 | SH |  | SOLE | 0 | 0 | 0 | 23164 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 404414 | 10264 | SH |  | SOLE | 0 | 0 | 0 | 10264 |
| VICTORY PORTFOLIOS II | VCSHS US EQ INCM | 92647N824 |  | 212838 | 3429 | SH |  | SOLE | 0 | 0 | 0 | 3429 |
| VISA INC | COM CL A | 92826C839 |  | 9929983 | 47795 | SH |  | SOLE | 0 | 0 | 0 | 47795 |
| VULCAN MATLS CO | COM | 929160109 |  | 7489026 | 42768 | SH |  | SOLE | 0 | 0 | 0 | 42768 |
| WALMART INC | COM | 931142103 |  | 7421572 | 52342 | SH |  | SOLE | 0 | 0 | 0 | 52342 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 213492 | 2277 | SH |  | SOLE | 0 | 0 | 0 | 2277 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 522277 | 12649 | SH |  | SOLE | 0 | 0 | 0 | 12649 |
| WISDOMTREE TR | BLMBG US BULL | 97717W471 |  | 10186556 | 391039 | SH |  | SOLE | 0 | 0 | 0 | 391039 |
| YUM BRANDS INC | COM | 988498101 |  | 2187606 | 17080 | SH |  | SOLE | 0 | 0 | 0 | 17080 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 927957 | 16980 | SH |  | SOLE | 0 | 0 | 0 | 16980 |

---