LPL Financial Portfolio holdings

AUM $299B

LPL Financial, founded in 1989 through the merger of Linsco and Private Ledger and headquartered in San Diego, California, is the largest independent broker-dealer in the U.S., supporting over 22,000 financial advisors who manage more than $1.4 trillion in advisory and brokerage assets as of late 2024. Serving independent advisors, banks, and credit unions, LPL provides a robust technology platform, research, and back-office support, enabling advisors to offer personalized wealth management, retirement planning, and investment services to clients without proprietary products. The firm, publicly traded since 2010 under CEO Dan Arnold, has grown through acquisitions like Waddell & Reed’s wealth management business in 2021, emphasizing flexibility and advisor autonomy. With additional offices in Fort Mill, South Carolina, and Boston, LPL Financial remains a leader in empowering advisors amid a shifting financial landscape.

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+4.5%

1 Year Return

+15.17%

3 Year Return

+54.04%

5 Year Return

+83.67%

10 Year Return

+161.11%

AUM

$14.7B

AUM Growth

+$14.7B (+12%)

Cap. Flow

+$1.23B

Cap. Flow % of AUM

8.36%

Top 10 Holdings % Top 10 Hldgs %

25.01%

Holding

2,915

New

234

Increased

1,366

Reduced

1,027

Closed

215

Top Buys

1	iShares Core S&P US Growth ETF IUSG	$199M
2	iShares Core S&P US Value ETF IUSV	$162M
3	iShares Core S&P Small-Cap ETF IJR	$141M
4	SPDR S&P 500 ETF Trust SPY	$133M
5	Vanguard Intermediate-Term Corporate Bond ETF VCIT	$62.1M

Top Sells

1	SPDR S&P Dividend ETF SDY	$82.3M
2	SPDR Dow Jones Global Real Estate ETF RWO	$39.1M
3	SPDR S&P MidCap 400 ETF Trust MDY	$35.1M
4	iShares S&P Small-Cap 600 Value ETF IJS	$34.7M
5	iShares Russell 1000 ETF IWB	$29.8M

Sector Composition

1	Financials	2.4%
2	Technology	1.32%
3	Healthcare	1.28%
4	Consumer Discretionary	1.07%
5	Industrials	1.02%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
226	226 VanEck JP Morgan EM Local Currency Bond ETF EMLC $3.67B	$10.7M	0.07%	579,733 +156,303	+37%	+$2.88M
227	227 iShares Currency Hedged MSCI Eurozone ETF HEZU $720M	$10.7M	0.07%	373,501 +216,440	+138%	+$6.19M
228	228 W.P. Carey WPC $14.5B	$10.7M	0.07%	172,221 +15,197	+10%	+$941K
229	229 SPDR Bloomberg Short Term High Yield Bond ETF SJNK $4.84B	$10.6M	0.07%	381,755 -10,553	-3%	-$294K
230	230 Global X SuperDividend ETF SDIV $955M	$10.6M	0.07%	496,212 +145,082	+41%	+$3.09M
231	231 Vanguard S&P Mid-Cap 400 ETF IVOO $2.78B	$10.5M	0.07%	91,328 +11,492	+14%	+$1.32M
232	232 iShares US Industrials ETF IYJ $1.72B	$10.5M	0.07%	83,496 -24,329	-23%	-$3.05M
233	233 Invesco KBW High Dividend Yield Financial ETF KBWD $428M	$10.4M	0.07%	433,970 +85,083	+24%	+$2.05M
234	234 Vanguard Russell 1000 Value ETF VONV $13.4B	$10.4M	0.07%	104,009 +10,500	+11%	+$1.05M
235	CELG 235 DELISTED Celgene Corp CELG	$10.3M	0.07%	83,367 +4,834	+6%	+$600K
236	236 Nuveen AMT-Free Municipal Credit Income Fund NVG $2.52B	$10.3M	0.07%	700,530 +78,316	+13%	+$1.15M
237	237 iShares Short-Term National Muni Bond ETF SUB $10.2B	$10.3M	0.07%	97,342 +45,541	+88%	+$4.8M
238	238 iShares MSCI ACWI ex US ETF ACWX $6.58B	$10.2M	0.07%	232,668 +60,946	+35%	+$2.66M
239	239 First Trust Small Cap Core AlphaDEX Fund FYX $877M	$10.1M	0.07%	189,257 +5,658	+3%	+$303K
240	240 Philip Morris PM $261B	$10.1M	0.07%	89,533 +1,927	+2%	+$218K
241	241 Vanguard Industrials ETF VIS $6.09B	$9.98M	0.07%	81,044 +1,050	+1%	+$129K
242	242 VanEck Junior Gold Miners ETF GDXJ $6.84B	$9.96M	0.07%	271,796 +70,316	+35%	+$2.58M
243	243 iShares Core S&P 500 ETF IVV $657B	$9.85M	0.07%	41,546 +3,627	+10%	+$860K
244	244 iShares Russell 2000 ETF IWM $66.6B	$9.83M	0.07%	72,138 +307	+0.4%	+$41.8K
245	245 Schlumberger SLB $53.6B	$9.82M	0.07%	126,416 -1,197	-0.9%	-$93K
246	246 Schwab US Large-Cap Value ETF SCHV $13.2B	$9.81M	0.07%	197,960 -16,096	-8%	-$798K
247	247 Invesco Pharmaceuticals ETF PJP $265M	$9.76M	0.07%	167,089 -17,827	-10%	-$1.04M
248	248 iShares MSCI EAFE Value ETF EFV $27.6B	$9.75M	0.07%	194,707 +11,996	+7%	+$601K
249	249 Ventas VTR $30.9B	$9.7M	0.07%	148,992 +5,658	+4%	+$368K
250	250 Eaton Vance Tax-Advantaged Dividend Income Fund EVT $1.85B	$9.69M	0.07%	454,239 +19,886	+5%	+$424K