# EDGAR Filing Document

**Accession Number:** 0001599576
**File Stem:** 0001599576-25-000008
**Filing Date:** 2025-7
**Character Count:** 17748
**Document Hash:** 74ccbeb67e598bdb357310d26ed7481c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001599576-25-000008.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001599576-25-000008

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

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pictet North America Advisors SA
- **CENTRAL INDEX KEY:** 0001599576

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15820

**BUSINESS ADDRESS:**
- **STREET 1:** ROUTE DES ACACIAS 48
- **CITY:** GENEVA 73
- **STATE:** V8
- **ZIP:** 1211
- **BUSINESS PHONE:** 01141223079000

**MAIL ADDRESS:**
- **STREET 1:** ROUTE DES ACACIAS 48
- **CITY:** GENEVA 73
- **STATE:** V8
- **ZIP:** 1211

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Pictet North America Advisors SA<br>**Address:** ROUTE DES ACACIAS 48<br>GENEVA 73, V8 1211

**Form 13F File Number:** 028-15820

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:** MARYAM YOUSEFIAN<br>**Title:** Chief Compliance Officer<br>**Phone:** 0041223079012

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

MARYAM YOUSEFIAN  Geneva, V8  07-14-2025<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:** 144

**Form 13F Information Table Value Total:** $996484992

      (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 |
| ADOBE INC | COM | 00724F101 |  | 2551860 | 6596 | SH |  | SOLE |  | 6596 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 3604686 | 25403 | SH |  | SOLE |  | 25403 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 25658894 | 290947 | SH |  | SOLE |  | 290947 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 25664199 | 145629 | SH |  | SOLE |  | 145629 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 5686414 | 32056 | SH |  | SOLE |  | 32056 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 31911811 | 145457 | SH |  | SOLE |  | 145457 | 0 | 0 |
| AMRIZE LTD | SHS | H2927K103 |  | 8420894 | 169354 | SH |  | SOLE |  | 169354 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 12128419 | 59114 | SH |  | SOLE |  | 59114 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 758661 | 4160 | SH |  | SOLE |  | 4160 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 8152540 | 10173 | SH |  | SOLE |  | 10173 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 6828674 | 97720 | SH |  | SOLE |  | 97720 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 11043496 | 35809 | SH |  | SOLE |  | 35809 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 262218 | 1320 | SH |  | SOLE |  | 1320 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 15775867 | 32476 | SH |  | SOLE |  | 32476 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 550856 | 525 | SH |  | SOLE |  | 525 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 1316304 | 8800 | SH |  | SOLE |  | 8800 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 6694973 | 62331 | SH |  | SOLE |  | 62331 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 6361726 | 23079 | SH |  | SOLE |  | 23079 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 11017928 | 99377 | SH |  | SOLE |  | 99377 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 89499735 | 7647727 | SH |  | SOLE |  | 7647727 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 27683060 | 349173 | SH |  | SOLE |  | 349173 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 305830 | 5950 | SH |  | SOLE |  | 5950 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 203875 | 1455 | SH |  | SOLE |  | 1455 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 1459900 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 2641377 | 9117 | SH |  | SOLE |  | 9117 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 396709 | 1780 | SH |  | SOLE |  | 1780 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 476892 | 6900 | SH |  | SOLE |  | 6900 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 4139537 | 15019 | SH |  | SOLE |  | 15019 | 0 | 0 |
| COLUMBIA ETF TR II | INDIA CONSMR ETF | 19762B707 |  | 465968 | 7182 | SH |  | SOLE |  | 7182 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 210100 | 2819 | SH |  | SOLE |  | 2819 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 630592 | 637 | SH |  | SOLE |  | 637 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 2317737 | 11733 | SH |  | SOLE |  | 11733 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 254245 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 |  | 1091881 | 25825 | SH |  | SOLE |  | 25825 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 5566624 | 7141 | SH |  | SOLE |  | 7141 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 5591670 | 133135 | SH |  | SOLE |  | 133135 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | RBA INDL ETF | 33738R704 |  | 19549024 | 240160 | SH |  | SOLE |  | 240160 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 8056564 | 31301 | SH |  | SOLE |  | 31301 | 0 | 0 |
| HARBOR ETF TRUST | SCIENTIFIC HIGH | 41151J109 |  | 39476085 | 856500 | SH |  | SOLE |  | 856500 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 648935 | 8464 | SH |  | SOLE |  | 8464 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 8991385 | 64901 | SH |  | SOLE |  | 64901 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 9186067 | 34490 | SH |  | SOLE |  | 34490 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 4614164 | 12585 | SH |  | SOLE |  | 12585 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 832546 | 3575 | SH |  | SOLE |  | 3575 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 590223 | 3217 | SH |  | SOLE |  | 3217 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 260367 | 3540 | SH |  | SOLE |  | 3540 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 556452 | 1024 | SH |  | SOLE |  | 1024 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 1034101 | 5690 | SH |  | SOLE |  | 5690 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | CHINA TECHNLGY | 46138E800 |  | 374444 | 8462 | SH |  | SOLE |  | 8462 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2113499 | 3846 | SH |  | SOLE |  | 3846 | 0 | 0 |
| ISHARES INC | JP MORGAN EM ETF | 464286517 |  | 850452 | 21056 | SH |  | SOLE |  | 21056 | 0 | 0 |
| ISHARES INC | MSCI AUST ETF | 464286103 |  | 309023 | 11741 | SH |  | SOLE |  | 11741 | 0 | 0 |
| ISHARES INC | MSCI CDA ETF | 464286509 |  | 565811 | 12247 | SH |  | SOLE |  | 12247 | 0 | 0 |
| ISHARES INC | MSCI EURZONE ETF | 464286608 |  | 3947064 | 66393 | SH |  | SOLE |  | 66393 | 0 | 0 |
| ISHARES INC | MSCI FRANCE ETF | 464286707 |  | 4640290 | 108418 | SH |  | SOLE |  | 108418 | 0 | 0 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 |  | 354558 | 8380 | SH |  | SOLE |  | 8380 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 4595886 | 61303 | SH |  | SOLE |  | 61303 | 0 | 0 |
| ISHARES INC | MSCI SWITZERLAND | 464286749 |  | 2301253 | 41986 | SH |  | SOLE |  | 41986 | 0 | 0 |
| ISHARES INC | MSCI TAIWAN ETF | 46434G772 |  | 1860277 | 32409 | SH |  | SOLE |  | 32409 | 0 | 0 |
| ISHARES INC | MSCI THAILND ETF | 464286624 |  | 276979 | 5488 | SH |  | SOLE |  | 5488 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 2771904 | 16365 | SH |  | SOLE |  | 16365 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 435238 | 11840 | SH |  | SOLE |  | 11840 | 0 | 0 |
| ISHARES TR | CONV BD ETF | 46435G102 |  | 780266 | 8660 | SH |  | SOLE |  | 8660 | 0 | 0 |
| ISHARES TR | DEVSMCP EXNA ETF | 464288497 |  | 661803 | 9860 | SH |  | SOLE |  | 9860 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 |  | 2098758 | 35452 | SH |  | SOLE |  | 35452 | 0 | 0 |
| ISHARES TR | GLOBAL TECH ETF | 464287291 |  | 1771081 | 19180 | SH |  | SOLE |  | 19180 | 0 | 0 |
| ISHARES TR | MBS ETF | 464288588 |  | 13354350 | 142234 | SH |  | SOLE |  | 142234 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 2030465 | 15789 | SH |  | SOLE |  | 15789 | 0 | 0 |
| ISHARES TR | MSCI CHINA A | 46434V514 |  | 200355 | 6981 | SH |  | SOLE |  | 6981 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 4925304 | 102100 | SH |  | SOLE |  | 102100 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 3200097 | 57535 | SH |  | SOLE |  | 57535 | 0 | 0 |
| ISHARES TR | MSCI INDONIA ETF | 46429B309 |  | 487628 | 27659 | SH |  | SOLE |  | 27659 | 0 | 0 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 |  | 5252096 | 132228 | SH |  | SOLE |  | 132228 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 223558 | 1036 | SH |  | SOLE |  | 1036 | 0 | 0 |
| ISHARES TR | S 100 ETF | 464287101 |  | 232828 | 765 | SH |  | SOLE |  | 765 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 536407 | 4872 | SH |  | SOLE |  | 4872 | 0 | 0 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 547322 | 10640 | SH |  | SOLE |  | 10640 | 0 | 0 |
| ISHARES TR | US INDUSTRIALS | 464287754 |  | 269108 | 1891 | SH |  | SOLE |  | 1891 | 0 | 0 |
| ISHARES TR | U.S. REAL ES ETF | 464287739 |  | 3547620 | 37434 | SH |  | SOLE |  | 37434 | 0 | 0 |
| JANUS DETROIT STR TR | B-BBB CLO ETF | 47103U753 |  | 591922 | 12278 | SH |  | SOLE |  | 12278 | 0 | 0 |
| JANUS DETROIT STR TR | HENDERSON MTG | 47103U852 |  | 13597532 | 301832 | SH |  | SOLE |  | 301832 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 31141976 | 613635 | SH |  | SOLE |  | 613635 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 542263 | 3550 | SH |  | SOLE |  | 3550 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 21150964 | 72957 | SH |  | SOLE |  | 72957 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 2594565 | 5530 | SH |  | SOLE |  | 5530 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 6989410 | 12438 | SH |  | SOLE |  | 12438 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 11664595 | 39924 | SH |  | SOLE |  | 39924 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 16570414 | 6340 | SH |  | SOLE |  | 6340 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 544225 | 6875 | SH |  | SOLE |  | 6875 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 25843483 | 35014 | SH |  | SOLE |  | 35014 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 6540508 | 53067 | SH |  | SOLE |  | 53067 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 42229265 | 85224 | SH |  | SOLE |  | 85224 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 701142 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 5076352 | 73549 | SH |  | SOLE |  | 73549 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 6672866 | 42236 | SH |  | SOLE |  | 42236 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 677753 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 10981259 | 121838 | SH |  | SOLE |  | 121838 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 9983394 | 100822 | SH |  | SOLE |  | 100822 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 1438848 | 2060 | SH |  | SOLE |  | 2060 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 343304 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 4589676 | 25200 | SH |  | SOLE |  | 25200 | 0 | 0 |
| PIMCO ETF TR | MULTISECTOR BD | 72201R585 |  | 26057450 | 981818 | SH |  | SOLE |  | 981818 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 4558782 | 28614 | SH |  | SOLE |  | 28614 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 875930 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 204062 | 360 | SH |  | SOLE |  | 360 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 1508533 | 10331 | SH |  | SOLE |  | 10331 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 2406762 | 8826 | SH |  | SOLE |  | 8826 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 289328 | 8560 | SH |  | SOLE |  | 8560 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 265500 | 1660 | SH |  | SOLE |  | 1660 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 1399959 | 16507 | SH |  | SOLE |  | 16507 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 731295 | 13964 | SH |  | SOLE |  | 13964 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 1731647 | 12847 | SH |  | SOLE |  | 12847 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 224238 | 2746 | SH |  | SOLE |  | 2746 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 807044 | 3187 | SH |  | SOLE |  | 3187 | 0 | 0 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 37741157 | 1449910 | SH |  | SOLE |  | 1449910 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 43939421 | 144697 | SH |  | SOLE |  | 144697 | 0 | 0 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 |  | 329710 | 5520 | SH |  | SOLE |  | 5520 | 0 | 0 |
| SPDR SERIES TRUST | S DIVID ETF | 78464A763 |  | 364028 | 2682 | SH |  | SOLE |  | 2682 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 4371907 | 7076 | SH |  | SOLE |  | 7076 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 14063352 | 26671 | SH |  | SOLE |  | 26671 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 38399341 | 169541 | SH |  | SOLE |  | 169541 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1162672 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 3093660 | 7630 | SH |  | SOLE |  | 7630 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 280075 | 2268 | SH |  | SOLE |  | 2268 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 12897276 | 382355 | SH |  | SOLE |  | 382355 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 3422900 | 14877 | SH |  | SOLE |  | 14877 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1912376 | 6130 | SH |  | SOLE |  | 6130 | 0 | 0 |
| VANECK ETF TRUST | VANECK VIETNAM | 92189F817 |  | 332448 | 24178 | SH |  | SOLE |  | 24178 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 3358481 | 14172 | SH |  | SOLE |  | 14172 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 376986 | 2133 | SH |  | SOLE |  | 2133 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 20343838 | 411319 | SH |  | SOLE |  | 411319 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 3309095 | 42698 | SH |  | SOLE |  | 42698 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | GLB EX US ETF | 922042676 |  | 1847015 | 40022 | SH |  | SOLE |  | 40022 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 2755083 | 21437 | SH |  | SOLE |  | 21437 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 300246 | 5020 | SH |  | SOLE |  | 5020 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 8452533 | 101936 | SH |  | SOLE |  | 101936 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 478469 | 8140 | SH |  | SOLE |  | 8140 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 541395 | 6810 | SH |  | SOLE |  | 6810 | 0 | 0 |
| VANGUARD WHITEHALL FDS | EM MK GOV BD ETF | 921946885 |  | 349623 | 5350 | SH |  | SOLE |  | 5350 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 21235541 | 59810 | SH |  | SOLE |  | 59810 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 293340 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 |  | 251220 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 21149319 | 474848 | SH |  | SOLE |  | 474848 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 968450 | 6210 | SH |  | SOLE |  | 6210 | 0 | 0 |

---