# EDGAR Filing Document

**Accession Number:** 0001423296
**File Stem:** 0001423296-26-000002
**Filing Date:** 2026-2
**Character Count:** 17161
**Document Hash:** 577784939d06570d3dcb07c833effb42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001423296-26-000002.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001423296-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zuckerman Investment Group, LLC
- **CENTRAL INDEX KEY:** 0001423296

**ORGANIZATION NAME:**
- **EIN:** 371877552
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12893
- **FILM NUMBER:** 26634449

**BUSINESS ADDRESS:**
- **STREET 1:** 155 NORTH WACKER DRIVE
- **STREET 2:** SUITE 1700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-948-8000

**MAIL ADDRESS:**
- **STREET 1:** 155 NORTH WACKER DRIVE
- **STREET 2:** SUITE 1700
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Asset Management Investors, LLC
- **DATE OF NAME CHANGE:** 20080109

### 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:** Zuckerman Investment Group LLC<br>**Address:** 155 NORTH WACKER DRIVE<br>SUITE 1700<br>CHICAGO, IL 60606

**Form 13F File Number:** 028-12893

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:** Daniel Zuckerman<br>**Title:** Chief Executive Officer<br>**Phone:** (312) 948-8000

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

Daniel Zuckerman  Chicago, IL  02-10-2026<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:** 137

**Form 13F Information Table Value Total:** $1120135284

      (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 |  | 576360 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 15307306 | 122175 | SH |  | SOLE |  | 122175 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 29357309 | 128484 | SH |  | SOLE |  | 128484 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 10568298 | 30196 | SH |  | SOLE |  | 30196 | 0 | 0 |
| AEBI SCHMIDT HLDG AG | COM | h00501108 |  | 23548270 | 1861523 | SH |  | SOLE |  | 1861523 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 203160 | 1386 | SH |  | SOLE |  | 1386 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 50096326 | 160052 | SH |  | SOLE |  | 160052 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2470744 | 7874 | SH |  | SOLE |  | 7874 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 22430893 | 97179 | SH |  | SOLE |  | 97179 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 213875 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 26283682 | 96681 | SH |  | SOLE |  | 96681 | 0 | 0 |
| APTARGROUP INC | COM | 038336103 |  | 1283141 | 10521 | SH |  | SOLE |  | 10521 | 0 | 0 |
| ARCHER AVIATION INC | COM CL A | 03945R102 |  | 843864 | 112216 | SH |  | SOLE |  | 112216 | 0 | 0 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 942270 | 12250 | SH |  | SOLE |  | 12250 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 432223 | 404 | SH |  | SOLE |  | 404 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 20050061 | 1749569 | SH |  | SOLE |  | 1749569 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 577994 | 12692 | SH |  | SOLE |  | 12692 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 1002594 | 18229 | SH |  | SOLE |  | 18229 | 0 | 0 |
| BARON ETF TR | TECHNOLOGY ETF | 06829D503 |  | 770714 | 30683 | SH |  | SOLE |  | 30683 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 15850800 | 21 | SH |  | SOLE |  | 21 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 29051373 | 57796 | SH |  | SOLE |  | 57796 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 455638 | 2956 | SH |  | SOLE |  | 2956 | 0 | 0 |
| BRINKS CO | COM | 109696104 |  | 12598845 | 107932 | SH |  | SOLE |  | 107932 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 830137 | 15390 | SH |  | SOLE |  | 15390 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 1043405 | 3015 | SH |  | SOLE |  | 3015 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 236543 | 976 | SH |  | SOLE |  | 976 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 995190 | 44930 | SH |  | SOLE |  | 44930 | 0 | 0 |
| CARDINAL INFRASTRUCTURE GROU | CL A | 14154A102 |  | 241800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 2112165 | 8415 | SH |  | SOLE |  | 8415 | 0 | 0 |
| CHEWY INC | CL A | 16679l109 |  | 15585752 | 471581 | SH |  | SOLE |  | 471581 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 674706 | 8759 | SH |  | SOLE |  | 8759 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 231299 | 847 | SH |  | SOLE |  | 847 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 291035 | 4163 | SH |  | SOLE |  | 4163 | 0 | 0 |
| COMPOSECURE INC | COM CL A | 20459V105 |  | 30760719 | 1595473 | SH |  | SOLE |  | 1595473 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 1510936 | 4277 | SH |  | SOLE |  | 4277 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 286440 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 23441179 | 79860 | SH |  | SOLE |  | 79860 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 251812 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 493504 | 1060 | SH |  | SOLE |  | 1060 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 220420 | 2555 | SH |  | SOLE |  | 2555 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 24211660 | 122300 | SH |  | SOLE |  | 122300 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 637339 | 2001 | SH |  | SOLE |  | 2001 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 1012349 | 942 | SH |  | SOLE |  | 942 | 0 | 0 |
| EMPIRE ST RLTY TR INC | CL A | 292104106 |  | 195600 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| EOS ENERGY ENTERPRISES INC | COM CL A | 29415C101 |  | 175579 | 15321 | SH |  | SOLE |  | 15321 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 480638 | 3994 | SH |  | SOLE |  | 3994 | 0 | 0 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 231968 | 3043 | SH |  | SOLE |  | 3043 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 9292427 | 169663 | SH |  | SOLE |  | 169663 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 397050 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1182255 | 1345 | SH |  | SOLE |  | 1345 | 0 | 0 |
| HANCOCK WHITNEY CORPORATION | COM | 410120109 |  | 275925 | 4333 | SH |  | SOLE |  | 4333 | 0 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 2823751 | 75461 | SH |  | SOLE |  | 75461 | 0 | 0 |
| HENRY SCHEIN INC | COM | 806407102 |  | 21755174 | 287843 | SH |  | SOLE |  | 287843 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 2007382 | 5834 | SH |  | SOLE |  | 5834 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 276272 | 12400 | SH |  | SOLE |  | 12400 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 28361267 | 155643 | SH |  | SOLE |  | 155643 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 202802 | 5496 | SH |  | SOLE |  | 5496 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438f101 |  | 230972 | 4652 | SH |  | SOLE |  | 4652 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 280605 | 3457 | SH |  | SOLE |  | 3457 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 287056 | 4456 | SH |  | SOLE |  | 4456 | 0 | 0 |
| JACOBS SOLUTIONS INC | COM | 46982L108 |  | 626536 | 4730 | SH |  | SOLE |  | 4730 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2865016 | 13844 | SH |  | SOLE |  | 13844 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 19653138 | 60993 | SH |  | SOLE |  | 60993 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 16147570 | 936091 | SH |  | SOLE |  | 936091 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 28908645 | 226770 | SH |  | SOLE |  | 226770 | 0 | 0 |
| LANDBRIDGE COMPANY LLC | CL A | 514952100 |  | 426213 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 15552085 | 74838 | SH |  | SOLE |  | 74838 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 233211 | 1434 | SH |  | SOLE |  | 1434 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 2229961 | 3906 | SH |  | SOLE |  | 3906 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET MAT | 81369Y100 |  | 2119029 | 46726 | SH |  | SOLE |  | 46726 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 39376893 | 48004 | SH |  | SOLE |  | 48004 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1358737 | 12908 | SH |  | SOLE |  | 12908 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 26678506 | 40416 | SH |  | SOLE |  | 40416 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 33373616 | 69008 | SH |  | SOLE |  | 69008 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 209116 | 1205 | SH |  | SOLE |  | 1205 | 0 | 0 |
| NEWMARK GROUP INC | CL A | 65158N102 |  | 628575 | 36250 | SH |  | SOLE |  | 36250 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 302838 | 5952 | SH |  | SOLE |  | 5952 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 243177 | 3940 | SH |  | SOLE |  | 3940 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1584044 | 8494 | SH |  | SOLE |  | 8494 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 1730606 | 8879 | SH |  | SOLE |  | 8879 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 456985 | 4173 | SH |  | SOLE |  | 4173 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 3932008 | 22121 | SH |  | SOLE |  | 22121 | 0 | 0 |
| PENTAIR PLC | SHS | G7S00T104 |  | 24554810 | 235787 | SH |  | SOLE |  | 235787 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 2950903 | 20561 | SH |  | SOLE |  | 20561 | 0 | 0 |
| PORTILLOS INC | COM CL A | 73642K106 |  | 8915425 | 1963750 | SH |  | SOLE |  | 1963750 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 7363554 | 51382 | SH |  | SOLE |  | 51382 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 19348275 | 84965 | SH |  | SOLE |  | 84965 | 0 | 0 |
| RAYONIER ADVANCED MATLS INC | COM | 75508B104 |  | 201167 | 34154 | SH |  | SOLE |  | 34154 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET REA | 81369Y860 |  | 1451180 | 35965 | SH |  | SOLE |  | 35965 | 0 | 0 |
| RESOLUTE HLDGS MGMT INC | COM | 76134H101 |  | 25291184 | 122517 | SH |  | SOLE |  | 122517 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 1068855 | 5828 | SH |  | SOLE |  | 5828 | 0 | 0 |
| RUSH STREET INTERACTIVE INC | COM | 782011100 |  | 276877 | 14250 | SH |  | SOLE |  | 14250 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 18422636 | 69543 | SH |  | SOLE |  | 69543 | 0 | 0 |
| SITEONE LANDSCAPE SUPPLY INC | COM | 82982L103 |  | 12229425 | 98181 | SH |  | SOLE |  | 98181 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 229589 | 5982 | SH |  | SOLE |  | 5982 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1403334 | 3541 | SH |  | SOLE |  | 3541 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 206184 | 1691 | SH |  | SOLE |  | 1691 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 482012 | 5724 | SH |  | SOLE |  | 5724 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 945098 | 3110 | SH |  | SOLE |  | 3110 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 1775045 | 3947 | SH |  | SOLE |  | 3947 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 927120 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 759504 | 20008 | SH |  | SOLE |  | 20008 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 454404 | 1001 | SH |  | SOLE |  | 1001 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 566659 | 6935 | SH |  | SOLE |  | 6935 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 64043939 | 105856 | SH |  | SOLE |  | 105856 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1374723 | 4164 | SH |  | SOLE |  | 4164 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 2170789 | 50850 | SH |  | SOLE |  | 50850 | 0 | 0 |
| VANECK ETF TRUST | OIL SERVICES ETF | 92189H607 |  | 13255894 | 46549 | SH |  | SOLE |  | 46549 | 0 | 0 |
| VANGUARD WORLD FD | ENERGY ETF | 92204A306 |  | 14786245 | 117426 | SH |  | SOLE |  | 117426 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1764948 | 43333 | SH |  | SOLE |  | 43333 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 104747254 | 646548 | SH |  | SOLE |  | 646548 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 3191052 | 9099 | SH |  | SOLE |  | 9099 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 14077225 | 123734 | SH |  | SOLE |  | 123734 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 929018 | 9968 | SH |  | SOLE |  | 9968 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 |  | 206397 | 850 | SH |  | SOLE |  | 850 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 265069 | 2707 | SH |  | SOLE |  | 2707 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 5668238 | 9227 | SH |  | SOLE |  | 9227 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 798640 | 1166 | SH |  | SOLE |  | 1166 | 0 | 0 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 8516562 | 83056 | SH |  | SOLE |  | 83056 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 9468840 | 20006 | SH |  | SOLE |  | 20006 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 305977 | 1243 | SH |  | SOLE |  | 1243 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 306301 | 2485 | SH |  | SOLE |  | 2485 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 312510 | 4735 | SH |  | SOLE |  | 4735 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1015379 | 1489 | SH |  | SOLE |  | 1489 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 1328421 | 9256 | SH |  | SOLE |  | 9256 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 12368311 | 42617 | SH |  | SOLE |  | 42617 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 10283601 | 103332 | SH |  | SOLE |  | 103332 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 18050443 | 28783 | SH |  | SOLE |  | 28783 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 3042041 | 45255 | SH |  | SOLE |  | 45255 | 0 | 0 |
| ISHARES TR | MSCI AC ASIA ETF | 464288182 |  | 228796 | 2457 | SH |  | SOLE |  | 2457 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 25939080 | 415225 | SH |  | SOLE |  | 415225 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 27828613 | 517645 | SH |  | SOLE |  | 517645 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434v407 |  | 810464 | 18905 | SH |  | SOLE |  | 18905 | 0 | 0 |
| ISHARES TR | BB RAT CORP BD | 46435u473 |  | 808414 | 17153 | SH |  | SOLE |  | 17153 | 0 | 0 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 788556 | 10125 | SH |  | SOLE |  | 10125 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206c409 |  | 801316 | 10050 | SH |  | SOLE |  | 10050 | 0 | 0 |
| BLOCK INC | NOTE  0.250%11/0 | 852234AK9 |  | 3751630 | 4086000 | PRN |  | SOLE |  | 4086000 | 0 | 0 |

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