# EDGAR Filing Document

**Accession Number:** 0001694870
**File Stem:** 0001104659-23-021678
**Filing Date:** 2023-2
**Character Count:** 18764
**Document Hash:** d8ceed55a43de6f6ad16d3295ee4a10b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-021678.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001104659-23-021678

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARTNERS CAPITAL INVESTMENT GROUP, LLP
- **CENTRAL INDEX KEY:** 0001694870
- **IRS NUMBER:** 814189609
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18074
- **FILM NUMBER:** 23629799

**BUSINESS ADDRESS:**
- **STREET 1:** 600 ATLANTIC AVENUE
- **STREET 2:** 30TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 6172922570

**MAIL ADDRESS:**
- **STREET 1:** 600 ATLANTIC AVENUE
- **STREET 2:** 30TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

### 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:** PARTNERS CAPITAL INVESTMENT GROUP LLP<br>**Address:** 600 Atlantic Avenue<br>30th Floor<br>Boston, MA 02210

**Form 13F File Number:** 028-18074

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:** Nelda Kacyem<br>**Title:** Principal<br>**Phone:** 617-292-2570

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

/s/ Nelda Kacyem  Boston, MA  02-14-2023<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:** 139

**Form 13F Information Table Value Total:** $2080944702

      (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 |
| ACADIA Pharmaceuticals Inc | COM | 004225108 |  | 610023 | 38318 | SH |  | SOLE |  | 38318 | 0 | 0 |
| ACV Auctions Inc | COM CL A | 00091G104 |  | 23965 | 2919 | SH |  | SOLE |  | 2919 | 0 | 0 |
| Advanced Drainage Systems Inc | COM | 00790R104 |  | 447638 | 5461 | SH |  | SOLE |  | 5461 | 0 | 0 |
| Alcoa Corp | COM | 013872106 |  | 109128 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| Allogene Therapeutics Inc | COM | 019770106 |  | 586530 | 93248 | SH |  | SOLE |  | 93248 | 0 | 0 |
| Alphabet Inc - Class A | CAP STK CL A | 02079K305 |  | 11355289 | 128701 | SH |  | SOLE |  | 128701 | 0 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 12190584 | 145126 | SH |  | SOLE |  | 145126 | 0 | 0 |
| Aon PLC | SHS CL A | G0403H108 |  | 10555624 | 35169 | SH |  | SOLE |  | 35169 | 0 | 0 |
| Apple Inc | COM | 037833100 |  | 238162 | 1833 | SH |  | SOLE |  | 1833 | 0 | 0 |
| Arconic Corp | COM | 03966V107 |  | 38088 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| Argenx SE | SPONSORED ADR | 04016X101 |  | 6109013 | 16126 | SH |  | SOLE |  | 16126 | 0 | 0 |
| Blackstone Mortgage Trust Inc | COM CL A | 09257W100 |  | 672825 | 31782 | SH |  | SOLE |  | 31782 | 0 | 0 |
| Square Inc | CL A | 852234103 |  | 5121586 | 81502 | SH |  | SOLE |  | 81502 | 0 | 0 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 12764721 | 177411 | SH |  | SOLE |  | 177411 | 0 | 0 |
| Brookfield Corp | CL A LTD VT SH | 11271J107 |  | 22997 | 731 | SH |  | SOLE |  | 731 | 0 | 0 |
| CBRE Group Inc | CL A | 12504L109 |  | 18314710 | 237977 | SH |  | SOLE |  | 237977 | 0 | 0 |
| Citigroup Inc | COM NEW | 172967424 |  | 17865760 | 394998 | SH |  | SOLE |  | 394998 | 0 | 0 |
| Corteva Inc | COM | 22052L104 |  | 51785 | 881 | SH |  | SOLE |  | 881 | 0 | 0 |
| Coupang Inc | CL A | 22266T109 |  | 4727882 | 321406 | SH |  | SOLE |  | 321406 | 0 | 0 |
| Crowdstrike Holdings Inc | CL A | 22788C105 |  | 3737900 | 35501 | SH |  | SOLE |  | 35501 | 0 | 0 |
| CSX Corp | COM | 126408103 |  | 14157426 | 456986 | SH |  | SOLE |  | 456986 | 0 | 0 |
| DocuSign Inc | COM | 256163106 |  | 24052 | 434 | SH |  | SOLE |  | 434 | 0 | 0 |
| DoorDash Inc | CL A | 25809K105 |  | 3985518 | 81637 | SH |  | SOLE |  | 81637 | 0 | 0 |
| DraftKings Inc | COM CL A | 26142V105 |  | 68340 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| Electronic Arts Inc | COM | 285512109 |  | 1226809 | 10041 | SH |  | SOLE |  | 10041 | 0 | 0 |
| Elevance Health Inc | COM | 036752103 |  | 13379797 | 26083 | SH |  | SOLE |  | 26083 | 0 | 0 |
| Exxon Mobil Corp | COM | 30231G102 |  | 7284322 | 66041 | SH |  | SOLE |  | 66041 | 0 | 0 |
| Fidelity National Information Services Inc | COM | 31620M106 |  | 8476975 | 124937 | SH |  | SOLE |  | 124937 | 0 | 0 |
| Fiserv Inc | COM | 337738108 |  | 16635718 | 164596 | SH |  | SOLE |  | 164596 | 0 | 0 |
| Fortive Corp | COM | 34959J108 |  | 6510003 | 101323 | SH |  | SOLE |  | 101323 | 0 | 0 |
| Freshworks Inc | CLASS A COM | 358054104 |  | 1610421 | 109478 | SH |  | SOLE |  | 109478 | 0 | 0 |
| GDS Holdings Ltd | SPONSORED ADS | 36165L108 |  | 1137605 | 55170 | SH |  | SOLE |  | 55170 | 0 | 0 |
| General Electric Co | COM NEW | 369604301 |  | 11444825 | 175038 | SH |  | SOLE |  | 175038 | 0 | 0 |
| Guidewire Software Inc | COM | 40171V100 |  | 3538706 | 56565 | SH |  | SOLE |  | 56565 | 0 | 0 |
| Hilton Worldwide Holdings Inc | COM | 43300A203 |  | 1222154 | 9672 | SH |  | SOLE |  | 9672 | 0 | 0 |
| Horizon Therapeutics Plc | SHS | G46188101 |  | 610992 | 5369 | SH |  | SOLE |  | 5369 | 0 | 0 |
| Howmet Aerospace Inc | COM | 443201108 |  | 283752 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| Huazhu Group Ltd | SPONSORED ADS | 44332N106 |  | 1859057 | 43825 | SH |  | SOLE |  | 43825 | 0 | 0 |
| HubSpot Inc | COM | 443573100 |  | 6765931 | 23401 | SH |  | SOLE |  | 23401 | 0 | 0 |
| IAC/InterActiveCorp | COM NEW | 44891N208 |  | 4837513 | 108953 | SH |  | SOLE |  | 108953 | 0 | 0 |
| Incyte Corp | COM | 45337C102 |  | 6764631 | 84221 | SH |  | SOLE |  | 84221 | 0 | 0 |
| Invesco China Technology ETF | CHINA TECHNLGY | 46138E800 |  | 750733 | 17298 | SH |  | SOLE |  | 17298 | 0 | 0 |
| Invesco Nasdaq Biotechnology ETF | NASDAQ BIOTECH | 46138G599 |  | 269950 | 12806 | SH |  | SOLE |  | 12806 | 0 | 0 |
| Invesco QQQ Trust Series 1 | UNIT SER 1 | 46090E103 |  | 2394390 | 8992 | SH |  | SOLE |  | 8992 | 0 | 0 |
| IQVIA Holdings Inc | COM | 46266C105 |  | 486409 | 2374 | SH |  | SOLE |  | 2374 | 0 | 0 |
| iShares 0-5 Year TIPS Bond ETF | 0-5 YR TIPS ETF | 46429B747 |  | 40071532 | 413279 | SH |  | SOLE |  | 413279 | 0 | 0 |
| iShares 0-5 Year Investment Grade Corporate Bond ETF | 0-5YR INVT GR CP | 46434V100 |  | 7329041 | 153135 | SH |  | SOLE |  | 153135 | 0 | 0 |
| iShares 1-3 Year Treasury Bond ETF | 1 3 YR TREAS BD | 464287457 |  | 9217828 | 113562 | SH |  | SOLE |  | 113562 | 0 | 0 |
| iShares 7-10 Year Treasury Bond ETF | BARCLAYS 7 10 YR | 464287440 |  | 49179773 | 513466 | SH |  | SOLE |  | 513466 | 0 | 0 |
| iShares TIPS Bond ETF | TIPS BD ETF | 464287176 |  | 18819763 | 176811 | SH |  | SOLE |  | 176811 | 0 | 0 |
| iShares Broad USD High Yield Corporate Bond ETF | BROAD USD HIGH | 46435U853 |  | 32699185 | 946979 | SH |  | SOLE |  | 946979 | 0 | 0 |
| iShares Core MSCI EAFE ETF | CORE MSCI EAFE | 46432F842 |  | 12618324 | 204710 | SH |  | SOLE |  | 204710 | 0 | 0 |
| iShares Core MSCI Emerging Markets ETF | CORE MSCI EMKT | 46434G103 |  | 34540861 | 739633 | SH |  | SOLE |  | 739633 | 0 | 0 |
| iShares Core S 500 ETF | CORE S ETF | 464287200 |  | 202921280 | 528152 | SH |  | SOLE |  | 528152 | 0 | 0 |
| iShares Core S Total US Stock Market ETF | CORE S TTL STK | 464287150 |  | 25001838 | 294833 | SH |  | SOLE |  | 294833 | 0 | 0 |
| iShares Currency Hedged MSCI Japan ETF | HDG MSCI JAPAN | 46434V886 |  | 10647382 | 407010 | SH |  | SOLE |  | 407010 | 0 | 0 |
| iShares MSCI USA Quality Factor ETF | MSCI USA QLT FCT | 46432F339 |  | 1755896 | 15408 | SH |  | SOLE |  | 15408 | 0 | 0 |
| iShares Trust iShares ESG Aware MSCI EAFE ETF | ESG AW MSCI EAFE | 46435G516 |  | 14387265 | 218851 | SH |  | SOLE |  | 218851 | 0 | 0 |
| iShares Inc iShares ESG Aware MSCI EM ETF | ESG AWR MSCI EM | 46434G863 |  | 6673495 | 221932 | SH |  | SOLE |  | 221932 | 0 | 0 |
| iShares ESG Aware MSCI USA ETF | ESG AWR MSCI USA | 46435G425 |  | 36662342 | 432594 | SH |  | SOLE |  | 432594 | 0 | 0 |
| iShares Global Clean Energy ETF | GL CLEAN ENE ETF | 464288224 |  | 1376498 | 69345 | SH |  | SOLE |  | 69345 | 0 | 0 |
| iShares Global REIT ETF | GLOBAL REIT ETF | 46434V647 |  | 38264738 | 1684929 | SH |  | SOLE |  | 1684929 | 0 | 0 |
| iShares Gold Trust | ISHARES | 464285105 |  | 22644655 | 654659 | SH |  | SOLE |  | 654659 | 0 | 0 |
| iShares iBoxx $ High Yield Corporate Bond ETF | IBOXX HI YD ETF | 464288513 |  | 32337560 | 439190 | SH |  | SOLE |  | 439190 | 0 | 0 |
| iShares MSCI ACWI ETF | MSCI ACWI ETF | 464288257 |  | 5996093 | 70642 | SH |  | SOLE |  | 70642 | 0 | 0 |
| iShares MSCI EAFE Value ETF | EAFA VALUE ETF | 464288877 |  | 277482 | 6048 | SH |  | SOLE |  | 6048 | 0 | 0 |
| iShares MSCI Emerging Markets ex China ETF | MSCI EMRG CHN | 46434G764 |  | 52009129 | 1095621 | SH |  | SOLE |  | 1095621 | 0 | 0 |
| iShares MSCI Emerging Markets ETF | MSCI EMG MKT ETF | 464287234 |  | 10920999 | 288153 | SH |  | SOLE |  | 288153 | 0 | 0 |
| iShares Currency Hedged MSCI EAFE ETF | HDG MSCI EAFE | 46434V803 |  | 91103886 | 3374218 | SH |  | SOLE |  | 3374218 | 0 | 0 |
| iShares MSCI United Kingdom ETF | MSCI UK ETF NEW | 46435G334 |  | 5704906 | 186070 | SH |  | SOLE |  | 186070 | 0 | 0 |
| iShares MSCI USA Value Factor ETF | MSCI USA VALUE | 46432F388 |  | 8083662 | 88695 | SH |  | SOLE |  | 88695 | 0 | 0 |
| iShares MSCI World ETF | MSCI WORLD ETF | 464286392 |  | 7199903 | 65903 | SH |  | SOLE |  | 65903 | 0 | 0 |
| iShares Residential and Multisector Real Estate ETF | RESIDENTIAL MULT | 464288562 |  | 999951 | 14632 | SH |  | SOLE |  | 14632 | 0 | 0 |
| iShares Russell 3000 ETF | RUSSELL 3000 ETF | 464287689 |  | 1292743 | 5858 | SH |  | SOLE |  | 5858 | 0 | 0 |
| iShares S 500 Value ETF | S 500 VAL ETF | 464287408 |  | 2364931 | 16302 | SH |  | SOLE |  | 16302 | 0 | 0 |
| iShares Short-Term National Muni Bond ETF | SHRT NAT MUN ETF | 464288158 |  | 29471186 | 282643 | SH |  | SOLE |  | 282643 | 0 | 0 |
| JD.com Inc | SPON ADR CL A | 47215P106 |  | 6475830 | 115372 | SH |  | SOLE |  | 115372 | 0 | 0 |
| KKR  Co Inc | CL A | 48251W104 |  | 16314216 | 351448 | SH |  | SOLE |  | 351448 | 0 | 0 |
| KraneShares CSI China Internet ETF | CSI CHI INTERNET | 500767306 |  | 629549 | 20846 | SH |  | SOLE |  | 20846 | 0 | 0 |
| Kronos Bio Inc | COM | 50107A104 |  | 854550 | 527500 | SH |  | SOLE |  | 527500 | 0 | 0 |
| LKQ Corp | COM | 501889208 |  | 1213635 | 22723 | SH |  | SOLE |  | 22723 | 0 | 0 |
| Lowe's Cos Inc | COM | 548661107 |  | 13012763 | 65312 | SH |  | SOLE |  | 65312 | 0 | 0 |
| Mastercard Inc | CL A | 57636Q104 |  | 23866101 | 68634 | SH |  | SOLE |  | 68634 | 0 | 0 |
| Microsoft Corp | COM | 594918104 |  | 16842319 | 70229 | SH |  | SOLE |  | 70229 | 0 | 0 |
| News Corp | CL A | 65249B109 |  | 17678770 | 971361 | SH |  | SOLE |  | 971361 | 0 | 0 |
| Opendoor Technologies Inc | COM | 683712103 |  | 44078 | 37998 | SH |  | SOLE |  | 37998 | 0 | 0 |
| Oracle Corp | COM | 68389X105 |  | 14707805 | 179934 | SH |  | SOLE |  | 179934 | 0 | 0 |
| Pacer Data  Infrastructure Re | BNCHMRK INFRA | 69374H741 |  | 270641 | 9326 | SH |  | SOLE |  | 9326 | 0 | 0 |
| Pacer Industrial Real Estate ETF | BNCHMRK INDSTR | 69374H766 |  | 490742 | 13339 | SH |  | SOLE |  | 13339 | 0 | 0 |
| Parker-Hannifin Corp | COM | 701094104 |  | 13308012 | 45732 | SH |  | SOLE |  | 45732 | 0 | 0 |
| PayPal Holdings Inc | COM | 70450Y103 |  | 7565273 | 106224 | SH |  | SOLE |  | 106224 | 0 | 0 |
| Pinduoduo Inc | SPONSORED ADS | 722304102 |  | 1576362 | 19330 | SH |  | SOLE |  | 19330 | 0 | 0 |
| ProShares S 500 Dividend Aristocrats ETF | S 500 DV ARIST | 74348A467 |  | 397396 | 4416 | SH |  | SOLE |  | 4416 | 0 | 0 |
| Rexford Industrial Realty Inc | COM | 76169C100 |  | 84692 | 1550 | SH |  | SOLE |  | 1550 | 0 | 0 |
| salesforce.com Inc | COM | 79466L302 |  | 1134573 | 8557 | SH |  | SOLE |  | 8557 | 0 | 0 |
| Sea Ltd | SPONSORED ADS | 81141R100 |  | 6737833 | 129499 | SH |  | SOLE |  | 129499 | 0 | 0 |
| Seagate Technology PLC | SHS | G7945M107 |  | 16649908 | 316478 | SH |  | SOLE |  | 316478 | 0 | 0 |
| Seattle Genetics Inc | COM | 812578102 |  | 5393950 | 41973 | SH |  | SOLE |  | 41973 | 0 | 0 |
| Sensata Technologies Holding PLC | SHS | G8060N102 |  | 302850 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| ServiceNow Inc | COM | 81762P102 |  | 6523713 | 16802 | SH |  | SOLE |  | 16802 | 0 | 0 |
| Shopify Inc | CL A | 82509L107 |  | 24297 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| Snowflake Inc | CL A | 833445109 |  | 8325 | 58 | SH |  | SOLE |  | 58 | 0 | 0 |
| SPDR Bloomberg 1-3 Month T-Bill ETF | BLOOMBERG 1-3 MO | 78468R663 |  | 6014427 | 65753 | SH |  | SOLE |  | 65753 | 0 | 0 |
| SPDR Blackstone Senior Loan ETF | BLACKSTONE SENR | 78467V608 |  | 56434883 | 1379826 | SH |  | SOLE |  | 1379826 | 0 | 0 |
| SPDR Gold Shares | GOLD SHS | 78463V107 |  | 7282306 | 42928 | SH |  | SOLE |  | 42928 | 0 | 0 |
| SPDR MSCI EAFE Fossil Fuel Reserves Free ETF | MSCI EAFE FS ETF | 78470E106 |  | 193133 | 5679 | SH |  | SOLE |  | 5679 | 0 | 0 |
| SPDR S 500 ETF Trust | TR UNIT | 78462F103 |  | 14585880 | 38140 | SH |  | SOLE |  | 38140 | 0 | 0 |
| SPDR S 500 Fossil Fuel Reserves Free ETF | SPDR S 500 ETF | 78468R796 |  | 5980194 | 192186 | SH |  | SOLE |  | 192186 | 0 | 0 |
| SPDR S Biotech ETF | S BIOTECH | 78464A870 |  | 278299 | 3353 | SH |  | SOLE |  | 3353 | 0 | 0 |
| SPDR S Regional Banking ETF | S REGL BKG | 78464A698 |  | 11800102 | 200887 | SH |  | SOLE |  | 200887 | 0 | 0 |
| T-Mobile US Inc | COM | 872590104 |  | 45080 | 322 | SH |  | SOLE |  | 322 | 0 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 6860661 | 181403 | SH |  | SOLE |  | 181403 | 0 | 0 |
| TransDigm Group Inc | COM | 893641100 |  | 18521784 | 29416 | SH |  | SOLE |  | 29416 | 0 | 0 |
| Trinity Industries Inc | COM | 896522109 |  | 156810 | 5303 | SH |  | SOLE |  | 5303 | 0 | 0 |
| Trip.com Group Ltd | ADS | 89677Q107 |  | 1871945 | 54417 | SH |  | SOLE |  | 54417 | 0 | 0 |
| Twenty-First Century Fox Inc | CL B | 90130A200 |  | 5228469 | 172159 | SH |  | SOLE |  | 172159 | 0 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 13087238 | 63202 | SH |  | SOLE |  | 63202 | 0 | 0 |
| United Therapeutics Corp | COM | 91307C102 |  | 7556261 | 27172 | SH |  | SOLE |  | 27172 | 0 | 0 |
| Vanguard ESG US Stock ETF | ESG US STK ETF | 921910733 |  | 2238120 | 33983 | SH |  | SOLE |  | 33983 | 0 | 0 |
| Vanguard FTSE Developed Markets ETF | FTSE DEV MKT ETF | 921943858 |  | 2920063 | 69575 | SH |  | SOLE |  | 69575 | 0 | 0 |
| Vanguard FTSE Emerging Markets ETF | FTSE EMR MKT ETF | 922042858 |  | 3912462 | 100371 | SH |  | SOLE |  | 100371 | 0 | 0 |
| Vanguard FTSE Europe ETF | FTSE EUROPE ETF | 922042874 |  | 362190 | 6533 | SH |  | SOLE |  | 6533 | 0 | 0 |
| Vanguard Global ex-U.S. Real Estate ETF | GLB EX US ETF | 922042676 |  | 280161 | 6777 | SH |  | SOLE |  | 6777 | 0 | 0 |
| Vanguard Intermediate-Term Treasury ETF | INTER TERM TREAS | 92206C706 |  | 1708552 | 29216 | SH |  | SOLE |  | 29216 | 0 | 0 |
| Vanguard REIT ETF | REAL ESTATE ETF | 922908553 |  | 6248685 | 75760 | SH |  | SOLE |  | 75760 | 0 | 0 |
| Vanguard S 500 ETF | S 500 ETF SHS | 922908363 |  | 165425980 | 470843 | SH |  | SOLE |  | 470843 | 0 | 0 |
| Vanguard Short-Term Inflation-Protected Securities ETF | STRM INFPROIDX | 922020805 |  | 4180872 | 89507 | SH |  | SOLE |  | 89507 | 0 | 0 |
| Vanguard Short-Term Treasury ETF | SHORT TERM TREAS | 92206C102 |  | 65497340 | 1132780 | SH |  | SOLE |  | 1132780 | 0 | 0 |
| Vanguard Tax-Exempt Bond Index ETF | TAX EXEMPT BD | 922907746 |  | 1037904 | 20972 | SH |  | SOLE |  | 20972 | 0 | 0 |
| Vanguard Total Stock Market ETF | TOTAL STK MKT | 922908769 |  | 31553042 | 165035 | SH |  | SOLE |  | 165035 | 0 | 0 |
| Vanguard Total World Stock ETF | TT WRLD ST ETF | 922042742 |  | 22119629 | 256638 | SH |  | SOLE |  | 256638 | 0 | 0 |
| Vanguard Value ETF | VALUE ETF | 922908744 |  | 324171461 | 2309407 | SH |  | SOLE |  | 2309407 | 0 | 0 |
| Visa Inc | COM CL A | 92826C839 |  | 36310215 | 174770 | SH |  | SOLE |  | 174770 | 0 | 0 |
| Vulcan Materials Co | COM | 929160109 |  | 18776870 | 107229 | SH |  | SOLE |  | 107229 | 0 | 0 |
| WisdomTree Japan Hedged Equity Fund | JAPN HEDGE EQT | 97717W851 |  | 6753407 | 105046 | SH |  | SOLE |  | 105046 | 0 | 0 |
| Xtrackers MSCI EAFE Hedged Equity ETF | XTRACK MSCI EAFE | 233051200 |  | 1055468 | 32748 | SH |  | SOLE |  | 32748 | 0 | 0 |
| Xtrackers MSCI Europe Hedged Equity ETF | XTRACK MSCI EURP | 233051853 |  | 4917284 | 147180 | SH |  | SOLE |  | 147180 | 0 | 0 |
| Xtrackers MSCI Japan Hedged Equity ETF | XTRACK MSCI JAPN | 233051507 |  | 17931924 | 373193 | SH |  | SOLE |  | 373193 | 0 | 0 |
| ZTO Express Cayman Inc | SPONSORED ADS A | 98980A105 |  | 1693052 | 63009 | SH |  | SOLE |  | 63009 | 0 | 0 |

---