# EDGAR Filing Document

**Accession Number:** 0001567889
**File Stem:** 0001567889-23-000001
**Filing Date:** 2023-1
**Character Count:** 22446
**Document Hash:** 66a8be623acedb10ea4c577c66b7506a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001567889-23-000001.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001567889-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Telos Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001567889
- **IRS NUMBER:** 262982789

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15179
- **FILM NUMBER:** 23561109

**BUSINESS ADDRESS:**
- **STREET 1:** 12121 SCRIPPS SUMMIT DRIVE
- **STREET 2:** SUITE 350
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92131
- **BUSINESS PHONE:** 858 271-6350

**MAIL ADDRESS:**
- **STREET 1:** 12121 SCRIPPS SUMMIT DRIVE
- **STREET 2:** SUITE 350
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92131

### 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:** Telos Capital Management Inc.<br>**Address:** 12121 SCRIPPS SUMMIT DRIVE<br>SUITE 350<br>SAN DIEGO, CA 92131

**Form 13F File Number:** 028-15179

**CRD Number (if applicable):** 000149108

**SEC File Number (if applicable):** 801-69837

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:** Andrew Weld<br>**Title:** Portfolio Manager<br>**Phone:** 858-271-6350

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

Andrew Weld  San Diego, CA  01-27-2023<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:** 194

**Form 13F Information Table Value Total:** $686865966

      (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 |  | 413544 | 3449 | SH |  | SOLE |  | 0 | 0 | 3449 |
| ABBOTT LABS | COM | 002824100 |  | 3865706 | 35210 | SH |  | SOLE |  | 0 | 0 | 35210 |
| ABBVIE INC | COM | 00287Y109 |  | 8781726 | 54339 | SH |  | SOLE |  | 0 | 0 | 54339 |
| AFLAC INC | COM | 001055102 |  | 1300819 | 18082 | SH |  | SOLE |  | 0 | 0 | 18082 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 337386 | 2255 | SH |  | SOLE |  | 0 | 0 | 2255 |
| ALEXANDER  BALDWIN INC NEW | COM | 014491104 |  | 261842 | 13980 | SH |  | SOLE |  | 0 | 0 | 13980 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 799107 | 5486 | SH |  | SOLE |  | 0 | 0 | 5486 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 6545240 | 73766 | SH |  | SOLE |  | 0 | 0 | 73766 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 10230154 | 115949 | SH |  | SOLE |  | 0 | 0 | 115949 |
| AMAZON COM INC | COM | 023135106 |  | 7714638 | 91841 | SH |  | SOLE |  | 0 | 0 | 91841 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 5100871 | 53722 | SH |  | SOLE |  | 0 | 0 | 53722 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 205118 | 6806 | SH |  | SOLE |  | 0 | 0 | 6806 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 2977420 | 14054 | SH |  | SOLE |  | 0 | 0 | 14054 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 259114 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| AMGEN INC | COM | 031162100 |  | 6261011 | 23839 | SH |  | SOLE |  | 0 | 0 | 23839 |
| APPLE INC | COM | 037833100 |  | 32266293 | 248336 | SH |  | SOLE |  | 0 | 0 | 248336 |
| APPLIED MATLS INC | COM | 038222105 |  | 214139 | 2199 | SH |  | SOLE |  | 0 | 0 | 2199 |
| APTIV PLC | SHS | G6095L109 |  | 5249738 | 56370 | SH |  | SOLE |  | 0 | 0 | 56370 |
| ARISTA NETWORKS INC | COM | 040413106 |  | 328494 | 2707 | SH |  | SOLE |  | 0 | 0 | 2707 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 346418 | 634 | SH |  | SOLE |  | 0 | 0 | 634 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 215213 | 901 | SH |  | SOLE |  | 0 | 0 | 901 |
| B  G FOODS INC NEW | COM | 05508R106 |  | 221578 | 19873 | SH |  | SOLE |  | 0 | 0 | 19873 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 8703980 | 28177 | SH |  | SOLE |  | 0 | 0 | 28177 |
| BLACKROCK INC | COM | 09247X101 |  | 274948 | 388 | SH |  | SOLE |  | 0 | 0 | 388 |
| BOEING CO | COM | 097023105 |  | 221995 | 1165 | SH |  | SOLE |  | 0 | 0 | 1165 |
| BRANDYWINE RLTY TR | SH BEN INT NEW | 105368203 |  | 325738 | 52966 | SH |  | SOLE |  | 0 | 0 | 52966 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 17241842 | 239636 | SH |  | SOLE |  | 0 | 0 | 239636 |
| BROADCOM INC | COM | 11135F101 |  | 261114 | 467 | SH |  | SOLE |  | 0 | 0 | 467 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 823742 | 7363 | SH |  | SOLE |  | 0 | 0 | 7363 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 4620970 | 112024 | SH |  | SOLE |  | 0 | 0 | 112024 |
| CATERPILLAR INC | COM | 149123101 |  | 955549 | 3989 | SH |  | SOLE |  | 0 | 0 | 3989 |
| CBRE GROUP INC | CL A | 12504L109 |  | 4313531 | 56049 | SH |  | SOLE |  | 0 | 0 | 56049 |
| CHEVRON CORP NEW | COM | 166764100 |  | 14161637 | 78899 | SH |  | SOLE |  | 0 | 0 | 78899 |
| CISCO SYS INC | COM | 17275R102 |  | 15509997 | 325567 | SH |  | SOLE |  | 0 | 0 | 325567 |
| COCA COLA CO | COM | 191216100 |  | 1307809 | 20560 | SH |  | SOLE |  | 0 | 0 | 20560 |
| COLUMBIA ETF TR II | EM CORE EX ETF | 19762B202 |  | 212755 | 8327 | SH |  | SOLE |  | 0 | 0 | 8327 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 335923 | 9606 | SH |  | SOLE |  | 0 | 0 | 9606 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 289186 | 7473 | SH |  | SOLE |  | 0 | 0 | 7473 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 3744531 | 8203 | SH |  | SOLE |  | 0 | 0 | 8203 |
| D R HORTON INC | COM | 23331A109 |  | 307979 | 3455 | SH |  | SOLE |  | 0 | 0 | 3455 |
| DANAHER CORPORATION | COM | 235851102 |  | 10013646 | 37728 | SH |  | SOLE |  | 0 | 0 | 37728 |
| DEERE  CO | COM | 244199105 |  | 1144146 | 2669 | SH |  | SOLE |  | 0 | 0 | 2669 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 4988535 | 49751 | SH |  | SOLE |  | 0 | 0 | 49751 |
| DISNEY WALT CO | COM | 254687106 |  | 6896823 | 79383 | SH |  | SOLE |  | 0 | 0 | 79383 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 4169168 | 16931 | SH |  | SOLE |  | 0 | 0 | 16931 |
| EMERSON ELEC CO | COM | 291011104 |  | 875107 | 9110 | SH |  | SOLE |  | 0 | 0 | 9110 |
| ENBRIDGE INC | COM | 29250N105 |  | 5507994 | 140869 | SH |  | SOLE |  | 0 | 0 | 140869 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 999804 | 9064 | SH |  | SOLE |  | 0 | 0 | 9064 |
| FEDEX CORP | COM | 31428X106 |  | 3082779 | 17799 | SH |  | SOLE |  | 0 | 0 | 17799 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 321754 | 3840 | SH |  | SOLE |  | 0 | 0 | 3840 |
| GENUINE PARTS CO | COM | 372460105 |  | 5355738 | 30867 | SH |  | SOLE |  | 0 | 0 | 30867 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 642807 | 1872 | SH |  | SOLE |  | 0 | 0 | 1872 |
| GRAINGER W W INC | COM | 384802104 |  | 222500 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| HAWAIIAN ELEC INDUSTRIES | COM | 419870100 |  | 410020 | 9797 | SH |  | SOLE |  | 0 | 0 | 9797 |
| HOME DEPOT INC | COM | 437076102 |  | 9083363 | 28758 | SH |  | SOLE |  | 0 | 0 | 28758 |
| HONEYWELL INTL INC | COM | 438516106 |  | 795570 | 3712 | SH |  | SOLE |  | 0 | 0 | 3712 |
| HUBBELL INC | COM | 443510607 |  | 316583 | 1349 | SH |  | SOLE |  | 0 | 0 | 1349 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 183300 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| ICHOR HOLDINGS | SHS | G4740B105 |  | 451354 | 16829 | SH |  | SOLE |  | 0 | 0 | 16829 |
| ILLUMINA INC | COM | 452327109 |  | 6142027 | 30376 | SH |  | SOLE |  | 0 | 0 | 30376 |
| INTEL CORP | COM | 458140100 |  | 412744 | 15617 | SH |  | SOLE |  | 0 | 0 | 15617 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 616967 | 4379 | SH |  | SOLE |  | 0 | 0 | 4379 |
| INTUIT | COM | 461202103 |  | 350298 | 900 | SH |  | SOLE |  | 0 | 0 | 900 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 309265 | 2189 | SH |  | SOLE |  | 0 | 0 | 2189 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 4595502 | 17258 | SH |  | SOLE |  | 0 | 0 | 17258 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 7269497 | 35480 | SH |  | SOLE |  | 0 | 0 | 35480 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 230335 | 6659 | SH |  | SOLE |  | 0 | 0 | 6659 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 508161 | 8997 | SH |  | SOLE |  | 0 | 0 | 8997 |
| ISHARES INC | MSCI EMRG CHN | 46434G764 |  | 733886 | 15460 | SH |  | SOLE |  | 0 | 0 | 15460 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 233423 | 2193 | SH |  | SOLE |  | 0 | 0 | 2193 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 273584 | 1277 | SH |  | SOLE |  | 0 | 0 | 1277 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 429351 | 6541 | SH |  | SOLE |  | 0 | 0 | 6541 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 518142 | 1489 | SH |  | SOLE |  | 0 | 0 | 1489 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 1371532 | 10447 | SH |  | SOLE |  | 0 | 0 | 10447 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 2127810 | 20199 | SH |  | SOLE |  | 0 | 0 | 20199 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 2326188 | 50702 | SH |  | SOLE |  | 0 | 0 | 50702 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 2423181 | 79370 | SH |  | SOLE |  | 0 | 0 | 79370 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 2428873 | 32988 | SH |  | SOLE |  | 0 | 0 | 32988 |
| ISHARES TR | EAFE SML CP ETF | 464288273 |  | 2508947 | 44422 | SH |  | SOLE |  | 0 | 0 | 44422 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 4161733 | 67517 | SH |  | SOLE |  | 0 | 0 | 67517 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 4425326 | 46760 | SH |  | SOLE |  | 0 | 0 | 46760 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 5323340 | 22007 | SH |  | SOLE |  | 0 | 0 | 22007 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 5357538 | 36931 | SH |  | SOLE |  | 0 | 0 | 36931 |
| ISHARES TR | CORE S ETF | 464287200 |  | 6968077 | 18136 | SH |  | SOLE |  | 0 | 0 | 18136 |
| JACOBS SOLUTIONS INC | COM | 46982L108 |  | 8577210 | 71435 | SH |  | SOLE |  | 0 | 0 | 71435 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 13279101 | 75172 | SH |  | SOLE |  | 0 | 0 | 75172 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 10601201 | 79054 | SH |  | SOLE |  | 0 | 0 | 79054 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 638025 | 4700 | SH |  | SOLE |  | 0 | 0 | 4700 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 549227 | 25931 | SH |  | SOLE |  | 0 | 0 | 25931 |
| KRAFT HEINZ CO | COM | 500754106 |  | 5920511 | 145431 | SH |  | SOLE |  | 0 | 0 | 145431 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 323350 | 1553 | SH |  | SOLE |  | 0 | 0 | 1553 |
| LAM RESEARCH CORP | COM | 512807108 |  | 204686 | 487 | SH |  | SOLE |  | 0 | 0 | 487 |
| LAMB WESTON HLDGS INC | COM | 513272104 |  | 275988 | 3089 | SH |  | SOLE |  | 0 | 0 | 3089 |
| LENNAR CORP | CL A | 526057104 |  | 238060 | 2631 | SH |  | SOLE |  | 0 | 0 | 2631 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 72664 | 12748 | SH |  | SOLE |  | 0 | 0 | 12748 |
| LILLY ELI  CO | COM | 532457108 |  | 2145671 | 5865 | SH |  | SOLE |  | 0 | 0 | 5865 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 298205 | 613 | SH |  | SOLE |  | 0 | 0 | 613 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 8894933 | 25580 | SH |  | SOLE |  | 0 | 0 | 25580 |
| MCDONALDS CORP | COM | 580135101 |  | 216443 | 821 | SH |  | SOLE |  | 0 | 0 | 821 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 8119485 | 104471 | SH |  | SOLE |  | 0 | 0 | 104471 |
| MERCK  CO INC | COM | 58933Y105 |  | 1126808 | 10156 | SH |  | SOLE |  | 0 | 0 | 10156 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1534238 | 12749 | SH |  | SOLE |  | 0 | 0 | 12749 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 1035134 | 14735 | SH |  | SOLE |  | 0 | 0 | 14735 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 214714 | 4296 | SH |  | SOLE |  | 0 | 0 | 4296 |
| MICROSOFT CORP | COM | 594918104 |  | 7123204 | 29702 | SH |  | SOLE |  | 0 | 0 | 29702 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 1262820 | 8044 | SH |  | SOLE |  | 0 | 0 | 8044 |
| MODERNA INC | COM | 60770K107 |  | 285416 | 1589 | SH |  | SOLE |  | 0 | 0 | 1589 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 283862 | 4259 | SH |  | SOLE |  | 0 | 0 | 4259 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 11479058 | 135016 | SH |  | SOLE |  | 0 | 0 | 135016 |
| NETFLIX INC | COM | 64110L106 |  | 485311 | 1646 | SH |  | SOLE |  | 0 | 0 | 1646 |
| NEWMONT CORP | COM | 651639106 |  | 5252161 | 111275 | SH |  | SOLE |  | 0 | 0 | 111275 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1513076 | 18099 | SH |  | SOLE |  | 0 | 0 | 18099 |
| NIKE INC | CL B | 654106103 |  | 5044203 | 43109 | SH |  | SOLE |  | 0 | 0 | 43109 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 200832 | 815 | SH |  | SOLE |  | 0 | 0 | 815 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 12935711 | 23709 | SH |  | SOLE |  | 0 | 0 | 23709 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 2462913 | 27149 | SH |  | SOLE |  | 0 | 0 | 27149 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 449882 | 3078 | SH |  | SOLE |  | 0 | 0 | 3078 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 8447271 | 53454 | SH |  | SOLE |  | 0 | 0 | 53454 |
| ORACLE CORP | COM | 68389X105 |  | 5241670 | 64126 | SH |  | SOLE |  | 0 | 0 | 64126 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 344852 | 12347 | SH |  | SOLE |  | 0 | 0 | 12347 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 1555394 | 19862 | SH |  | SOLE |  | 0 | 0 | 19862 |
| PEPSICO INC | COM | 713448108 |  | 17167478 | 95026 | SH |  | SOLE |  | 0 | 0 | 95026 |
| PFIZER INC | COM | 717081103 |  | 2290684 | 44705 | SH |  | SOLE |  | 0 | 0 | 44705 |
| PHILLIPS 66 | COM | 718546104 |  | 4827339 | 46381 | SH |  | SOLE |  | 0 | 0 | 46381 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 4885035 | 30930 | SH |  | SOLE |  | 0 | 0 | 30930 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 4171218 | 38247 | SH |  | SOLE |  | 0 | 0 | 38247 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 11848173 | 78175 | SH |  | SOLE |  | 0 | 0 | 78175 |
| PROLOGIS INC. | COM | 74340W103 |  | 757732 | 6722 | SH |  | SOLE |  | 0 | 0 | 6722 |
| QUALCOMM INC | COM | 747525103 |  | 25770837 | 234408 | SH |  | SOLE |  | 0 | 0 | 234408 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 5826105 | 57730 | SH |  | SOLE |  | 0 | 0 | 57730 |
| RBB FD INC | MOTLEY FOOL NEXT | 74933W650 |  | 200224 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| RBB FD INC | MOTLEY FOOL CAPI | 74933W643 |  | 463743 | 31500 | SH |  | SOLE |  | 0 | 0 | 31500 |
| REALTY INCOME CORP | COM | 756109104 |  | 5832199 | 91947 | SH |  | SOLE |  | 0 | 0 | 91947 |
| REGENCY CTRS CORP | COM | 758849103 |  | 325910 | 5215 | SH |  | SOLE |  | 0 | 0 | 5215 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 303026 | 420 | SH |  | SOLE |  | 0 | 0 | 420 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 2664149 | 20654 | SH |  | SOLE |  | 0 | 0 | 20654 |
| RESMED INC | COM | 761152107 |  | 4436271 | 21315 | SH |  | SOLE |  | 0 | 0 | 21315 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 6664499 | 25875 | SH |  | SOLE |  | 0 | 0 | 25875 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 295823 | 3553 | SH |  | SOLE |  | 0 | 0 | 3553 |
| SEI INVTS CO | COM | 784117103 |  | 559680 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 1022329 | 13713 | SH |  | SOLE |  | 0 | 0 | 13713 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 1035249 | 14684 | SH |  | SOLE |  | 0 | 0 | 14684 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 |  | 2120088 | 27293 | SH |  | SOLE |  | 0 | 0 | 27293 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 2604011 | 19168 | SH |  | SOLE |  | 0 | 0 | 19168 |
| SEMPRA | COM | 816851109 |  | 213265 | 1380 | SH |  | SOLE |  | 0 | 0 | 1380 |
| SIMULATIONS PLUS INC | COM | 829214105 |  | 282467 | 7724 | SH |  | SOLE |  | 0 | 0 | 7724 |
| SL GREEN RLTY CORP | COM | 78440X887 |  | 487512 | 14458 | SH |  | SOLE |  | 0 | 0 | 14458 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 390604 | 2465 | SH |  | SOLE |  | 0 | 0 | 2465 |
| SOUTHERN CO | COM | 842587107 |  | 4783856 | 66991 | SH |  | SOLE |  | 0 | 0 | 66991 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 383556 | 2261 | SH |  | SOLE |  | 0 | 0 | 2261 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 210724 | 7097 | SH |  | SOLE |  | 0 | 0 | 7097 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 672260 | 1758 | SH |  | SOLE |  | 0 | 0 | 1758 |
| SPDR SER TR | S DIVID ETF | 78464A763 |  | 239586 | 1915 | SH |  | SOLE |  | 0 | 0 | 1915 |
| SPDR SER TR | BBG CONV SEC ETF | 78464A359 |  | 763672 | 11869 | SH |  | SOLE |  | 0 | 0 | 11869 |
| SPDR SER TR | PORTFOLI S | 78464A805 |  | 1083556 | 22913 | SH |  | SOLE |  | 0 | 0 | 22913 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 2231040 | 26880 | SH |  | SOLE |  | 0 | 0 | 26880 |
| SPIRIT RLTY CAP INC NEW | COM NEW | 84860W300 |  | 273464 | 6849 | SH |  | SOLE |  | 0 | 0 | 6849 |
| STARBUCKS CORP | COM | 855244109 |  | 5412234 | 54559 | SH |  | SOLE |  | 0 | 0 | 54559 |
| SYSCO CORP | COM | 871829107 |  | 7029083 | 91944 | SH |  | SOLE |  | 0 | 0 | 91944 |
| TARGET CORP | COM | 87612E106 |  | 5627697 | 37760 | SH |  | SOLE |  | 0 | 0 | 37760 |
| TEXAS INSTRS INC | COM | 882508104 |  | 264352 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 338501 | 5227 | SH |  | SOLE |  | 0 | 0 | 5227 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 9271411 | 49450 | SH |  | SOLE |  | 0 | 0 | 49450 |
| UDR INC | COM | 902653104 |  | 921470 | 23792 | SH |  | SOLE |  | 0 | 0 | 23792 |
| UNION PAC CORP | COM | 907818108 |  | 2194843 | 10600 | SH |  | SOLE |  | 0 | 0 | 10600 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 12842584 | 73876 | SH |  | SOLE |  | 0 | 0 | 73876 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 569494 | 1074 | SH |  | SOLE |  | 0 | 0 | 1074 |
| US BANCORP DEL | COM NEW | 902973304 |  | 495279 | 11357 | SH |  | SOLE |  | 0 | 0 | 11357 |
| VANECK ETF TRUST | VANECK VIETNAM | 92189F817 |  | 347410 | 29342 | SH |  | SOLE |  | 0 | 0 | 29342 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 348398 | 2482 | SH |  | SOLE |  | 0 | 0 | 2482 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 407554 | 1160 | SH |  | SOLE |  | 0 | 0 | 1160 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 1313334 | 8270 | SH |  | SOLE |  | 0 | 0 | 8270 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 1784293 | 13430 | SH |  | SOLE |  | 0 | 0 | 13430 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 2776228 | 33659 | SH |  | SOLE |  | 0 | 0 | 33659 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 24801924 | 129724 | SH |  | SOLE |  | 0 | 0 | 129724 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1099749 | 28213 | SH |  | SOLE |  | 0 | 0 | 28213 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 1781644 | 32136 | SH |  | SOLE |  | 0 | 0 | 32136 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 12904443 | 257368 | SH |  | SOLE |  | 0 | 0 | 257368 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 2175801 | 28937 | SH |  | SOLE |  | 0 | 0 | 28937 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 4523988 | 58367 | SH |  | SOLE |  | 0 | 0 | 58367 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 8420181 | 200624 | SH |  | SOLE |  | 0 | 0 | 200624 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 6383108 | 58988 | SH |  | SOLE |  | 0 | 0 | 58988 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 4236257 | 107519 | SH |  | SOLE |  | 0 | 0 | 107519 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 4649358 | 16100 | SH |  | SOLE |  | 0 | 0 | 16100 |
| VISA INC | COM CL A | 92826C839 |  | 11199532 | 53906 | SH |  | SOLE |  | 0 | 0 | 53906 |
| WALMART INC | COM | 931142103 |  | 3226430 | 22755 | SH |  | SOLE |  | 0 | 0 | 22755 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 103834 | 10953 | SH |  | SOLE |  | 0 | 0 | 10953 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 2954856 | 18835 | SH |  | SOLE |  | 0 | 0 | 18835 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 965814 | 23391 | SH |  | SOLE |  | 0 | 0 | 23391 |
| WESTROCK CO | COM | 96145D105 |  | 5471547 | 155619 | SH |  | SOLE |  | 0 | 0 | 155619 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 308357 | 9947 | SH |  | SOLE |  | 0 | 0 | 9947 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 3202246 | 27865 | SH |  | SOLE |  | 0 | 0 | 27865 |
| WISDOMTREE TR | INTL SMCAP DIV | 97717W760 |  | 4276678 | 73787 | SH |  | SOLE |  | 0 | 0 | 73787 |
| XYLEM INC | COM | 98419M100 |  | 499887 | 4521 | SH |  | SOLE |  | 0 | 0 | 4521 |

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