# EDGAR Filing Document

**Accession Number:** 0001005607
**File Stem:** 0001765380-26-000042
**Filing Date:** 2026-1
**Character Count:** 23687
**Document Hash:** 348dedcd41a0771629ee106e1ffb8b69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001765380-26-000042.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001765380-26-000042

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**EFFECTIVENESS DATE**: 20260127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC
- **CENTRAL INDEX KEY:** 0001005607

**ORGANIZATION NAME:**
- **EIN:** 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:** 26566408

**BUSINESS ADDRESS:**
- **STREET 1:** ONE EMBARCADERO CENTER
- **STREET 2:** SUITE 4100
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 4153625637

**MAIL ADDRESS:**
- **STREET 1:** ONE EMBARCADERO CENTER
- **STREET 2:** SUITE 4100
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

**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:** 12-31-2025

**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:** OSBORNE PARTNERS CAPITAL MANAGEMENT LLC<br>**Address:** ONE EMBARCADERO CENTER<br>SUITE 4100<br>SAN FRANCISCO, CA 94111

**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:** Christy Fabian<br>**Title:** Chief Compliance Officer<br>**Phone:** 813-543-9849

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

Christy Fabian  Tampa, FL  01-27-2026<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:** 196

**Form 13F Information Table Value Total:** $1941662174

      (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 |  | 13519262 | 107904 | SH |  | SOLE |  | 1002 | 0 | 106902 |
| ABBVIE INC | COM | 00287Y109 |  | 2672191 | 11695 | SH |  | SOLE |  | 0 | 0 | 11695 |
| ABM INDS INC | COM | 000957100 |  | 461070 | 10900 | SH |  | SOLE |  | 0 | 0 | 10900 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 23289900 | 108750 | SH |  | SOLE |  | 1185 | 0 | 107565 |
| AIR LEASE CORP | CL A | 00912X302 |  | 4520202 | 70375 | SH |  | SOLE |  | 100 | 0 | 70275 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 11243386 | 45516 | SH |  | SOLE |  | 490 | 0 | 45026 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 15803370 | 107814 | SH |  | SOLE |  | 1032 | 0 | 106782 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 28238106 | 90218 | SH |  | SOLE |  | 1223 | 0 | 88995 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 37962845 | 120978 | SH |  | SOLE |  | 195 | 0 | 120783 |
| AMAZON COM INC | COM | 023135106 |  | 32386585 | 140311 | SH |  | SOLE |  | 1315 | 0 | 138996 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 3709489 | 10027 | SH |  | SOLE |  | 0 | 0 | 10027 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 228241 | 1300 | SH |  | SOLE |  | 0 | 0 | 1300 |
| AMGEN INC | COM | 031162100 |  | 3963724 | 12110 | SH |  | SOLE |  | 0 | 0 | 12110 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 4295296 | 29672 | SH |  | SOLE |  | 280 | 0 | 29392 |
| APPLE INC | COM | 037833100 |  | 77305039 | 284356 | SH |  | SOLE |  | 31673 | 0 | 252683 |
| APPLIED MATLS INC | COM | 038222105 |  | 452045 | 1759 | SH |  | SOLE |  | 0 | 0 | 1759 |
| ASANA INC | CL A | 04342Y104 |  | 167618 | 12226 | SH |  | SOLE |  | 0 | 0 | 12226 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 7996320 | 7474 | SH |  | SOLE |  | 94 | 0 | 7380 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 13166832 | 51187 | SH |  | SOLE |  | 0 | 0 | 51187 |
| AUTOZONE INC | COM | 053332102 |  | 1027625 | 303 | SH |  | SOLE |  | 0 | 0 | 303 |
| BANK AMERICA CORP | COM | 060505104 |  | 312895 | 5689 | SH |  | SOLE |  | 0 | 0 | 5689 |
| BARCLAYS BANK PLC | DJUBS CMDT ETN36 | 06738C778 |  | 27681800 | 736022 | SH |  | SOLE |  | 7562 | 0 | 728460 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 17524557 | 34864 | SH |  | SOLE |  | 233 | 0 | 34631 |
| BLOCK INC | CL A | 852234103 |  | 14980203 | 230146 | SH |  | SOLE |  | 2310 | 0 | 227836 |
| BOEING CO | COM | 097023105 |  | 461380 | 2125 | SH |  | SOLE |  | 0 | 0 | 2125 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 11069861 | 2067 | SH |  | SOLE |  | 20 | 0 | 2047 |
| BORGWARNER INC | COM | 099724106 |  | 16469085 | 365492 | SH |  | SOLE |  | 4115 | 0 | 361377 |
| BROADCOM INC | COM | 11135F101 |  | 1948889 | 5631 | SH |  | SOLE |  | 0 | 0 | 5631 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 437612 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 8524462 | 364449 | SH |  | SOLE |  | 4305 | 0 | 360144 |
| CARNIVAL PLC | ADS | 14365C103 |  | 16932208 | 558266 | SH |  | SOLE |  | 5185 | 0 | 553081 |
| CATERPILLAR INC | COM | 149123101 |  | 3577573 | 6245 | SH |  | SOLE |  | 0 | 0 | 6245 |
| CBRE GROUP INC | CL A | 12504L109 |  | 9285783 | 57751 | SH |  | SOLE |  | 553 | 0 | 57198 |
| CF INDS HLDGS INC | COM | 125269100 |  | 385385 | 4983 | SH |  | SOLE |  | 0 | 0 | 4983 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 14276089 | 73440 | SH |  | SOLE |  | 527 | 0 | 72913 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1702877 | 11173 | SH |  | SOLE |  | 34 | 0 | 11139 |
| CISCO SYS INC | COM | 17275R102 |  | 1820934 | 23639 | SH |  | SOLE |  | 0 | 0 | 23639 |
| COCA COLA CO | COM | 191216100 |  | 2356107 | 33702 | SH |  | SOLE |  | 0 | 0 | 33702 |
| COLUMBIA ETF TR II | INDIA CONSMR ETF | 19762B707 |  | 14864257 | 229351 | SH |  | SOLE |  | 2260 | 0 | 227091 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 258877 | 8661 | SH |  | SOLE |  | 0 | 0 | 8661 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 10716468 | 12427 | SH |  | SOLE |  | 0 | 0 | 12427 |
| CSX CORP | COM | 126408103 |  | 601895 | 16604 | SH |  | SOLE |  | 0 | 0 | 16604 |
| CVS HEALTH CORP | COM | 126650100 |  | 9512001 | 119859 | SH |  | SOLE |  | 1315 | 0 | 118544 |
| D R HORTON INC | COM | 23331A109 |  | 251620 | 1747 | SH |  | SOLE |  | 0 | 0 | 1747 |
| DANAHER CORPORATION | COM | 235851102 |  | 22365779 | 97701 | SH |  | SOLE |  | 735 | 0 | 96966 |
| DEERE  CO | COM | 244199105 |  | 1420920 | 3052 | SH |  | SOLE |  | 0 | 0 | 3052 |
| DISNEY WALT CO | COM | 254687106 |  | 13606639 | 119598 | SH |  | SOLE |  | 1247 | 0 | 118351 |
| ECOLAB INC | COM | 278865100 |  | 637399 | 2428 | SH |  | SOLE |  | 0 | 0 | 2428 |
| ELASTIC N V | ORD SHS | N14506104 |  | 6038142 | 80039 | SH |  | SOLE |  | 960 | 0 | 79079 |
| ELI LILLY  CO | COM | 532457108 |  | 3739107 | 3479 | SH |  | SOLE |  | 0 | 0 | 3479 |
| ERMENEGILDO ZEGNA N V | ORD SHS | N30577105 |  | 7168043 | 699321 | SH |  | SOLE |  | 7425 | 0 | 691896 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 12221200 | 101556 | SH |  | SOLE |  | 560 | 0 | 100996 |
| FEDEX CORP | COM | 31428X106 |  | 200979 | 696 | SH |  | SOLE |  | 0 | 0 | 696 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 7186190 | 108128 | SH |  | SOLE |  | 1305 | 0 | 106823 |
| FIRST BUSEY CORP | COM NEW | 319383204 |  | 8591473 | 361138 | SH |  | SOLE |  | 0 | 0 | 361138 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 4638643 | 91330 | SH |  | SOLE |  | 875 | 0 | 90455 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1506883 | 4892 | SH |  | SOLE |  | 0 | 0 | 4892 |
| GE VERNOVA INC | COM | 36828A101 |  | 692784 | 1060 | SH |  | SOLE |  | 0 | 0 | 1060 |
| GENERAL MLS INC | COM | 370334104 |  | 209250 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 8022549 | 103651 | SH |  | SOLE |  | 1347 | 0 | 102304 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 304892 | 4247 | SH |  | SOLE |  | 30 | 0 | 4217 |
| GLOBAL X FDS | DAX GERMANY ETF | 37954Y491 |  | 27797210 | 609314 | SH |  | SOLE |  | 6180 | 0 | 603134 |
| GOLDMAN SACHS ETF TR | EQUAL WEIGHT US | 381430438 |  | 2376106 | 27915 | SH |  | SOLE |  | 595 | 0 | 27320 |
| GOLDMAN SACHS PHYSICAL GOLD | UNIT | 38150K103 |  | 11978761 | 281522 | SH |  | SOLE |  | 5900 | 0 | 275622 |
| HOME DEPOT INC | COM | 437076102 |  | 6570791 | 19096 | SH |  | SOLE |  | 440 | 0 | 18656 |
| ICON PLC | SHS | G4705A100 |  | 9271171 | 50879 | SH |  | SOLE |  | 510 | 0 | 50369 |
| INTEL CORP | COM | 458140100 |  | 203430 | 5513 | SH |  | SOLE |  | 0 | 0 | 5513 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 856639 | 2892 | SH |  | SOLE |  | 65 | 0 | 2827 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 |  | 216090 | 10290 | SH |  | SOLE |  | 0 | 0 | 10290 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 2186270 | 11413 | SH |  | SOLE |  | 0 | 0 | 11413 |
| INVESCO EXCHANGE TRADED FD T | WATER RES ETF | 46137V142 |  | 251855 | 3577 | SH |  | SOLE |  | 0 | 0 | 3577 |
| INVESCO EXCHANGE TRADED FD T | RAFI US 1000 ETF | 46137V613 |  | 11267338 | 240139 | SH |  | SOLE |  | 0 | 0 | 240139 |
| INVESCO EXCHANGE TRADED FD T | DORSEY WRIGHT MO | 46137V837 |  | 3965155 | 34064 | SH |  | SOLE |  | 0 | 0 | 34064 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1487942 | 2422 | SH |  | SOLE |  | 15 | 0 | 2407 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 14294605 | 176107 | SH |  | SOLE |  | 70 | 0 | 176037 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 42562279 | 527152 | SH |  | SOLE |  | 5443 | 0 | 521709 |
| ISHARES INC | MSCI NETHERL ETF | 464286814 |  | 22424271 | 393201 | SH |  | SOLE |  | 4100 | 0 | 389101 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 466107 | 7062 | SH |  | SOLE |  | 0 | 0 | 7062 |
| ISHARES TR | CORE S ETF | 464287200 |  | 2894067 | 4225 | SH |  | SOLE |  | 0 | 0 | 4225 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 655014 | 1754 | SH |  | SOLE |  | 0 | 0 | 1754 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 2651967 | 12608 | SH |  | SOLE |  | 0 | 0 | 12608 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 6695775 | 14147 | SH |  | SOLE |  | 0 | 0 | 14147 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1454771 | 5910 | SH |  | SOLE |  | 50 | 0 | 5860 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1628186 | 16955 | SH |  | SOLE |  | 0 | 0 | 16955 |
| ISHARES TR | LATN AMER 40 ETF | 464287390 |  | 20389794 | 669616 | SH |  | SOLE |  | 7160 | 0 | 662456 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 635382 | 6600 | SH |  | SOLE |  | 0 | 0 | 6600 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 19047056 | 218530 | SH |  | SOLE |  | 3200 | 0 | 215330 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 1143986 | 20910 | SH |  | SOLE |  | 0 | 0 | 20910 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 1822682 | 12914 | SH |  | SOLE |  | 0 | 0 | 12914 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 498799 | 6985 | SH |  | SOLE |  | 0 | 0 | 6985 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 335742 | 2258 | SH |  | SOLE |  | 0 | 0 | 2258 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 9265283 | 138020 | SH |  | SOLE |  | 0 | 0 | 138020 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 269206 | 16385 | SH |  | SOLE |  | 0 | 0 | 16385 |
| ISHARES TR | MSCI CHINA ETF | 46429B671 |  | 298248 | 4965 | SH |  | SOLE |  | 0 | 0 | 4965 |
| ISHARES TR | ULTRA SHORT DUR | 46434V878 |  | 28599276 | 565427 | SH |  | SOLE |  | 27368 | 0 | 538059 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 359159 | 5060 | SH |  | SOLE |  | 0 | 0 | 5060 |
| ISHARES TR | CONV BD ETF | 46435G102 |  | 14838822 | 150648 | SH |  | SOLE |  | 2211 | 0 | 148437 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 608136 | 4082 | SH |  | SOLE |  | 0 | 0 | 4082 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 19799265 | 197243 | SH |  | SOLE |  | 0 | 0 | 197243 |
| ISHARES U S ETF TR | SHORT DURATION B | 46431W507 |  | 1246840 | 24400 | SH |  | SOLE |  | 0 | 0 | 24400 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 375208 | 6555 | SH |  | SOLE |  | 0 | 0 | 6555 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3842648 | 18568 | SH |  | SOLE |  | 0 | 0 | 18568 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 35629213 | 110574 | SH |  | SOLE |  | 968 | 0 | 109606 |
| JPMORGAN CHASE FINL CO LLC | CAL LKD 44 | 48133Q309 |  | 11025701 | 368629 | SH |  | SOLE |  | 4105 | 0 | 364524 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 8663209 | 42636 | SH |  | SOLE |  | 435 | 0 | 42201 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 201780 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 10083822 | 366818 | SH |  | SOLE |  | 3998 | 0 | 362819 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 702009 | 4101 | SH |  | SOLE |  | 0 | 0 | 4101 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 15179849 | 233213 | SH |  | SOLE |  | 2380 | 0 | 230833 |
| LINDE PLC | SHS | G54950103 |  | 217033 | 509 | SH |  | SOLE |  | 0 | 0 | 509 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 205076 | 424 | SH |  | SOLE |  | 0 | 0 | 424 |
| LOWES COS INC | COM | 548661107 |  | 9460946 | 39231 | SH |  | SOLE |  | 299 | 0 | 38932 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 14621984 | 78816 | SH |  | SOLE |  | 554 | 0 | 78262 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 308655 | 541 | SH |  | SOLE |  | 17 | 0 | 524 |
| MCDONALDS CORP | COM | 580135101 |  | 342306 | 1120 | SH |  | SOLE |  | 0 | 0 | 1120 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 20333955 | 10095 | SH |  | SOLE |  | 82 | 0 | 10013 |
| MERCK  CO INC | COM | 58933Y105 |  | 253767 | 2411 | SH |  | SOLE |  | 0 | 0 | 2411 |
| META PLATFORMS INC | CL A | 30303M102 |  | 18800655 | 28482 | SH |  | SOLE |  | 560 | 0 | 27922 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 12503393 | 342653 | SH |  | SOLE |  | 3915 | 0 | 338738 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 516592 | 1810 | SH |  | SOLE |  | 0 | 0 | 1810 |
| MICROSOFT CORP | COM | 594918104 |  | 64934170 | 134267 | SH |  | SOLE |  | 771 | 0 | 133496 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 2421758 | 44989 | SH |  | SOLE |  | 0 | 0 | 44989 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 332869 | 1875 | SH |  | SOLE |  | 0 | 0 | 1875 |
| NEW YORK LIFE INVESTMENTS ET | NYLI MERGER ARBI | 45409B800 |  | 19597578 | 547571 | SH |  | SOLE |  | 5885 | 0 | 541686 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 855143 | 10652 | SH |  | SOLE |  | 0 | 0 | 10652 |
| NICE LTD | SPONSORED ADR | 653656108 |  | 8789990 | 77760 | SH |  | SOLE |  | 855 | 0 | 76905 |
| NIKE INC | CL B | 654106103 |  | 10776420 | 169148 | SH |  | SOLE |  | 1965 | 0 | 167183 |
| NUCOR CORP | COM | 670346105 |  | 4599702 | 28200 | SH |  | SOLE |  | 0 | 0 | 28200 |
| NUVEEN CALIFORNIA MUNI VLU F | COM STK | 67062C107 |  | 152150 | 17000 | SH |  | SOLE |  | 0 | 0 | 17000 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 36743486 | 197016 | SH |  | SOLE |  | 225 | 0 | 196791 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 12385844 | 57062 | SH |  | SOLE |  | 525 | 0 | 56537 |
| OGE ENERGY CORP | COM | 670837103 |  | 277550 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 578859 | 13055 | SH |  | SOLE |  | 0 | 0 | 13055 |
| ORACLE CORP | COM | 68389X105 |  | 1607228 | 8246 | SH |  | SOLE |  | 400 | 0 | 7846 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 19934857 | 108224 | SH |  | SOLE |  | 817 | 0 | 107407 |
| PEPSICO INC | COM | 713448108 |  | 8952601 | 62379 | SH |  | SOLE |  | 630 | 0 | 61748 |
| PFIZER INC | COM | 717081103 |  | 3357790 | 134851 | SH |  | SOLE |  | 0 | 0 | 134851 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 6743858 | 42044 | SH |  | SOLE |  | 0 | 0 | 42044 |
| PHILLIPS 66 | COM | 718546104 |  | 8734340 | 67687 | SH |  | SOLE |  | 866 | 0 | 66821 |
| PLANET FITNESS INC | CL A | 72703H101 |  | 7840429 | 72282 | SH |  | SOLE |  | 732 | 0 | 71550 |
| POOL CORP | COM | 73278L105 |  | 8606215 | 37623 | SH |  | SOLE |  | 447 | 0 | 37176 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 10165122 | 70931 | SH |  | SOLE |  | 0 | 0 | 70931 |
| PROLOGIS INC. | COM | 74340W103 |  | 4906380 | 38433 | SH |  | SOLE |  | 410 | 0 | 38023 |
| QUANTA SVCS INC | COM | 74762E102 |  | 3105517 | 7358 | SH |  | SOLE |  | 0 | 0 | 7358 |
| RALLIANT CORP | COM | 750940108 |  | 669467 | 13150 | SH |  | SOLE |  | 0 | 0 | 13150 |
| RTX CORPORATION | COM | 75513E101 |  | 9930070 | 54144 | SH |  | SOLE |  | 480 | 0 | 53664 |
| RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 |  | 14572428 | 201862 | SH |  | SOLE |  | 2032 | 0 | 199830 |
| SALESFORCE INC | COM | 79466L302 |  | 17653164 | 66638 | SH |  | SOLE |  | 725 | 0 | 65913 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 697272 | 6979 | SH |  | SOLE |  | 0 | 0 | 6979 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 355212 | 13200 | SH |  | SOLE |  | 0 | 0 | 13200 |
| SHELL PLC | SPON ADS | 780259305 |  | 441982 | 6015 | SH |  | SOLE |  | 0 | 0 | 6015 |
| SLB LIMITED | COM STK | 806857108 |  | 9239500 | 240737 | SH |  | SOLE |  | 2098 | 0 | 238640 |
| SPDR INDEX SHS FDS | DJ INTL RL ETF | 78463X863 |  | 32145535 | 1148055 | SH |  | SOLE |  | 14815 | 0 | 1133240 |
| SPDR INDEX SHS FDS | S CHINA ETF | 78463X400 |  | 18639023 | 192532 | SH |  | SOLE |  | 1915 | 0 | 190617 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 17144151 | 25141 | SH |  | SOLE |  | 0 | 0 | 25141 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 1227339 | 2034 | SH |  | SOLE |  | 20 | 0 | 2014 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A607 |  | 1073059 | 10924 | SH |  | SOLE |  | 0 | 0 | 10924 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 22064886 | 180964 | SH |  | SOLE |  | 1995 | 0 | 178969 |
| SSGA ACTIVE ETF TR | STATE STREET BLA | 78467V608 |  | 31729213 | 768820 | SH |  | SOLE |  | 11580 | 0 | 757240 |
| SUN CMNTYS INC | COM | 866674104 |  | 5794002 | 46760 | SH |  | SOLE |  | 528 | 0 | 46232 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 14982108 | 58517 | SH |  | SOLE |  | 610 | 0 | 57907 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 272784 | 1199 | SH |  | SOLE |  | 0 | 0 | 1199 |
| TESLA INC | COM | 88160R101 |  | 311206 | 692 | SH |  | SOLE |  | 0 | 0 | 692 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 20380735 | 35173 | SH |  | SOLE |  | 327 | 0 | 34846 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 3814289 | 13150 | SH |  | SOLE |  | 0 | 0 | 13150 |
| TREX CO INC | COM | 89531P105 |  | 5256247 | 149836 | SH |  | SOLE |  | 1990 | 0 | 147846 |
| TRIP COM GROUP LTD | ADS | 89677Q107 |  | 12643236 | 175820 | SH |  | SOLE |  | 1245 | 0 | 174575 |
| UNION PAC CORP | COM | 907818108 |  | 13645896 | 58991 | SH |  | SOLE |  | 350 | 0 | 58641 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 8253410 | 25002 | SH |  | SOLE |  | 295 | 0 | 24707 |
| VANECK ETF TRUST | LOW CARBN ENERGY | 92189F502 |  | 253546 | 1956 | SH |  | SOLE |  | 0 | 0 | 1956 |
| VANGUARD ADMIRAL FDS INC | SMLCP 600 GRTH | 921932794 |  | 214675 | 1770 | SH |  | SOLE |  | 0 | 0 | 1770 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 8205063 | 24473 | SH |  | SOLE |  | 0 | 0 | 24473 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 6314129 | 33060 | SH |  | SOLE |  | 0 | 0 | 33060 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 254233 | 876 | SH |  | SOLE |  | 0 | 0 | 876 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 40203359 | 454327 | SH |  | SOLE |  | 4890 | 0 | 449437 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 310427 | 1203 | SH |  | SOLE |  | 0 | 0 | 1203 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 8682444 | 17797 | SH |  | SOLE |  | 0 | 0 | 17797 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 436482 | 696 | SH |  | SOLE |  | 0 | 0 | 696 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 63828685 | 1187290 | SH |  | SOLE |  | 12450 | 0 | 1174840 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 40846793 | 488540 | SH |  | SOLE |  | 5395 | 0 | 483145 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 136509784 | 1855761 | SH |  | SOLE |  | 20992 | 0 | 1834769 |
| VANGUARD INTL EQUITY INDEX F | GLB EX US ETF | 922042676 |  | 613156 | 13376 | SH |  | SOLE |  | 0 | 0 | 13376 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 7293572 | 87087 | SH |  | SOLE |  | 480 | 0 | 86607 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 12534114 | 157207 | SH |  | SOLE |  | 605 | 0 | 156602 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 7976036 | 36291 | SH |  | SOLE |  | 0 | 0 | 36291 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 388516 | 5150 | SH |  | SOLE |  | 0 | 0 | 5150 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 1344604 | 21524 | SH |  | SOLE |  | 0 | 0 | 21524 |
| VISA INC | COM CL A | 92826C839 |  | 15624405 | 44551 | SH |  | SOLE |  | 342 | 0 | 44209 |
| VULCAN MATLS CO | COM | 929160109 |  | 11077643 | 38839 | SH |  | SOLE |  | 455 | 0 | 38384 |
| WALMART INC | COM | 931142103 |  | 14908998 | 133821 | SH |  | SOLE |  | 0 | 0 | 133821 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1557565 | 16712 | SH |  | SOLE |  | 0 | 0 | 16712 |
| WILLSCOT HLDGS CORP | COM CL A | 971378104 |  | 6841335 | 363321 | SH |  | SOLE |  | 4295 | 0 | 359026 |
| WISDOMTREE TR | BLMBG US BULL | 97717W471 |  | 13241673 | 513243 | SH |  | SOLE |  | 6510 | 0 | 506733 |
| WORKDAY INC | CL A | 98138H101 |  | 5808296 | 27043 | SH |  | SOLE |  | 335 | 0 | 26708 |
| YUM BRANDS INC | COM | 988498101 |  | 2707912 | 17900 | SH |  | SOLE |  | 0 | 0 | 17900 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 854546 | 17900 | SH |  | SOLE |  | 0 | 0 | 17900 |

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