# EDGAR Filing Document

**Accession Number:** 0001673385
**File Stem:** 0001104659-26-011874
**Filing Date:** 2026-2
**Character Count:** 35758
**Document Hash:** d8171bfc533c43ea48d562b41f9a3aed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-011874.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001104659-26-011874

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**EFFECTIVENESS DATE**: 20260209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morningstar Investment Management LLC
- **CENTRAL INDEX KEY:** 0001673385

**ORGANIZATION NAME:**
- **EIN:** 364317381
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17446
- **FILM NUMBER:** 26610145

**BUSINESS ADDRESS:**
- **STREET 1:** 22 W WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 312-696-6168

**MAIL ADDRESS:**
- **STREET 1:** 22 W WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

### 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:** Morningstar Investment Management LLC<br>**Address:** 22 W Washington Street<br>Chicago, IL 60602

**Form 13F File Number:** 028-17446

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:** Sara Kasun-Fretz<br>**Title:** Chief Compliance Officer<br>**Phone:** 312-244-7556

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

/s/ Sara Kasun-Fretz  Chicago, IL  02-08-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **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).)

[x] **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:** 327

**Form 13F Information Table Value Total:** $1693957

      (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.]

|   No. | Name                                          | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | ALPS ADVISORS INC                             | 028-12230              |  |  |
|     2 | Clearbridge Investments LLC                   | 028-11611              |  |  |
|     3 | MFS Institutional Advisors Inc.               | 028-13173              |  |  |
|     4 | WASATCH ADVISORS LP                           | 028-01286              |  |  |
|     5 | HARDING LOEVNER LP                            | 028-04434              |  |  |
|     6 | HARRIS ASSOCIATES L P                         | 028-02013              |  |  |
|     7 | LAZARD ASSET MANAGEMENT LLC                   | 028-10469              |  |  |
|     8 | PRICE T ROWE ASSOCIATES INC /MD/              | 028-00115              |  |  |
|     9 | Cullen Capital Management LLC                 | 028-11905              |  |  |
|    10 | BlackRock Asset Management International Inc  | 028-15553              |  |  |
|    11 | Western Asset Management Company LLC          | 028-10245              |  |  |
|    12 | Allspring Global Investments LLC              | 028-04413              |  |  |
|    13 | First Pacific Advisors LP                     | 028-12253              |  |  |
|    14 | LOOMIS SAYLES  CO L P                         | 028-00398              |  |  |
|    15 | SSI INVESTMENT MANAGEMENT LLC                 | 028-04720              |  |  |
|    16 | WATER ISLAND CAPITAL LLC                      | 028-10693              |  |  |
|    17 | TCW INVESTMENT MANAGEMENT Co LLC              | 028-06683              |  |  |
|    18 | VOYA INVESTMENT MANAGEMENT CO                 | 028-01217              |  |  |
|    19 | Guggenheim Partners Investment Management LLC | 028-12837              |  |  |

### 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 |
| AIRBNB INC | COM CL A | 009066101 |  | 4395 | 32380 | SH |  | SOLE |  | 32380 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 3983 | 16124 | SH |  | SOLE |  | 16124 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 1848 | 11836 | SH |  | SOLE |  | 11836 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 12090 | 52376 | SH |  | SOLE |  | 52376 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 417 | 3614 | SH |  | SOLE |  | 3614 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 10355 | 27990 | SH |  | SOLE |  | 27990 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 1008 | 4912 | SH |  | SOLE |  | 4912 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 4402 | 13448 | SH |  | SOLE |  | 13448 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 10941 | 80962 | SH |  | SOLE |  | 80962 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 237 | 675 | SH |  | SOLE |  | 675 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 56332 | 207210 | SH |  | SOLE |  | 207210 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 8939 | 34784 | SH |  | SOLE |  | 34784 | 0 | 0 |
| APTARGROUP INC | COM | 038336103 |  | 659 | 5407 | SH |  | SOLE |  | 5407 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 6571 | 50151 | SH |  | SOLE |  | 50151 | 0 | 0 |
| ATKORE INC | COM | 047649108 |  | 1174 | 18562 | SH |  | SOLE |  | 18562 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 2869 | 17696 | SH |  | SOLE |  | 17696 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 1781 | 525 | SH |  | SOLE |  | 525 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 2864 | 15798 | SH |  | SOLE |  | 15798 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 501 | 2752 | SH |  | SOLE |  | 2752 | 0 | 0 |
| AXCELIS TECHNOLOGIES INC | COM NEW | 054540208 |  | 806 | 10027 | SH |  | SOLE |  | 10027 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 1950 | 35448 | SH |  | SOLE |  | 35448 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 1243 | 9571 | SH |  | SOLE |  | 9571 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 3589 | 187785 | SH |  | SOLE |  | 187785 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 3567 | 18381 | SH |  | SOLE |  | 18381 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 6322 | 12578 | SH |  | SOLE |  | 12578 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 907 | 13554 | SH |  | SOLE |  | 13554 | 0 | 0 |
| BLOCK H  R INC | COM | 093671105 |  | 727 | 16692 | SH |  | SOLE |  | 16692 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 1776 | 8178 | SH |  | SOLE |  | 8178 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 1019 | 22618 | SH |  | SOLE |  | 22618 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 3117 | 57779 | SH |  | SOLE |  | 57779 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 7590 | 291238 | SH |  | SOLE |  | 291238 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 408 | 5270 | SH |  | SOLE |  | 5270 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 2126 | 58650 | SH |  | SOLE |  | 58650 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 293 | 3690 | SH |  | SOLE |  | 3690 | 0 | 0 |
| CABOT CORP | COM | 127055101 |  | 390 | 5882 | SH |  | SOLE |  | 5882 | 0 | 0 |
| THE CAMPBELLS COMPANY | COM | 134429109 |  | 5248 | 188283 | SH |  | SOLE |  | 188283 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 4030 | 40749 | SH |  | SOLE |  | 40749 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 699 | 20643 | SH |  | SOLE |  | 20643 | 0 | 0 |
| CARTERS INC | COM | 146229109 |  | 971 | 29927 | SH |  | SOLE |  | 29927 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 2856 | 18738 | SH |  | SOLE |  | 18738 | 0 | 0 |
| CHOICE HOTELS INTL INC | COM | 169905106 |  | 310 | 3257 | SH |  | SOLE |  | 3257 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 670 | 7987 | SH |  | SOLE |  | 7987 | 0 | 0 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 708 | 5972 | SH |  | SOLE |  | 5972 | 0 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 6297 | 62454 | SH |  | SOLE |  | 62454 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 2055 | 29394 | SH |  | SOLE |  | 29394 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 4373 | 52689 | SH |  | SOLE |  | 52689 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 3984 | 50416 | SH |  | SOLE |  | 50416 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 528 | 957 | SH |  | SOLE |  | 957 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 5405 | 23610 | SH |  | SOLE |  | 23610 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 922 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| DONALDSON INC | COM | 257651109 |  | 851 | 9600 | SH |  | SOLE |  | 9600 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 657 | 3365 | SH |  | SOLE |  | 3365 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 2068 | 88465 | SH |  | SOLE |  | 88465 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 1258 | 14438 | SH |  | SOLE |  | 14438 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 3778 | 62946 | SH |  | SOLE |  | 62946 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 11449 | 86264 | SH |  | SOLE |  | 86264 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 1568 | 48916 | SH |  | SOLE |  | 48916 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 2248 | 10361 | SH |  | SOLE |  | 10361 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 889 | 3065 | SH |  | SOLE |  | 3065 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 7125 | 177551 | SH |  | SOLE |  | 177551 | 0 | 0 |
| FEDERAL RLTY INVT TR NEW | SH BEN INT NEW | 313745101 |  | 459 | 4557 | SH |  | SOLE |  | 4557 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 1138 | 21848 | SH |  | SOLE |  | 21848 | 0 | 0 |
| FIDELITY COVINGTON TRUST | MSCI INFO TECH I | 316092808 |  | 21376 | 95145 | SH |  | SOLE |  | 95145 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 2173 | 46421 | SH |  | SOLE |  | 46421 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 890 | 13257 | SH |  | SOLE |  | 13257 | 0 | 0 |
| FLOWERS FOODS INC | COM | 343498101 |  | 246 | 22615 | SH |  | SOLE |  | 22615 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 8140 | 24180 | SH |  | SOLE |  | 24180 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 2609 | 56098 | SH |  | SOLE |  | 56098 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 275 | 2234 | SH |  | SOLE |  | 2234 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 478 | 3891 | SH |  | SOLE |  | 3891 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 950 | 11588 | SH |  | SOLE |  | 11588 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 2049 | 72496 | SH |  | SOLE |  | 72496 | 0 | 0 |
| HASBRO INC | COM | 418056107 |  | 388 | 4733 | SH |  | SOLE |  | 4733 | 0 | 0 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 1708 | 9360 | SH |  | SOLE |  | 9360 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 808 | 4442 | SH |  | SOLE |  | 4442 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 6870 | 19965 | SH |  | SOLE |  | 19965 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 9347 | 47911 | SH |  | SOLE |  | 47911 | 0 | 0 |
| HORMEL FOODS CORP | COM | 440452100 |  | 671 | 28323 | SH |  | SOLE |  | 28323 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 397 | 894 | SH |  | SOLE |  | 894 | 0 | 0 |
| HUNTINGTON INGALLS INDS INC | COM | 446413106 |  | 422 | 1242 | SH |  | SOLE |  | 1242 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 5239 | 21271 | SH |  | SOLE |  | 21271 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 2956 | 22538 | SH |  | SOLE |  | 22538 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 380 | 3449 | SH |  | SOLE |  | 3449 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 354 | 1196 | SH |  | SOLE |  | 1196 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 4559 | 67652 | SH |  | SOLE |  | 67652 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 675 | 1019 | SH |  | SOLE |  | 1019 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 3787 | 38951 | SH |  | SOLE |  | 38951 | 0 | 0 |
| ISHARES TR | GLB CNSM STP ETF | 464288737 |  | 18996 | 293821 | SH |  | SOLE |  | 293821 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 8227 | 39754 | SH |  | SOLE |  | 39754 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 5942 | 4890 | SH |  | SOLE |  | 4890 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 2308 | 111822 | SH |  | SOLE |  | 111822 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 265 | 2630 | SH |  | SOLE |  | 2630 | 0 | 0 |
| KONINKLIJKE PHILIPS N V | NY REGIS SHS NEW | 500472303 |  | 2987 | 110306 | SH |  | SOLE |  | 110306 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 1954 | 80560 | SH |  | SOLE |  | 80560 | 0 | 0 |
| LA Z BOY INC | COM | 505336107 |  | 1185 | 31792 | SH |  | SOLE |  | 31792 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 6012 | 35120 | SH |  | SOLE |  | 35120 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 3855 | 36811 | SH |  | SOLE |  | 36811 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 606 | 564 | SH |  | SOLE |  | 564 | 0 | 0 |
| LLOYDS BANKING GROUP PLC | SPONSORED ADR | 539439109 |  | 115 | 21680 | SH |  | SOLE |  | 21680 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 5791 | 11974 | SH |  | SOLE |  | 11974 | 0 | 0 |
| LOUISIANA PAC CORP | COM | 546347105 |  | 364 | 4509 | SH |  | SOLE |  | 4509 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 2395 | 11523 | SH |  | SOLE |  | 11523 | 0 | 0 |
| MSC INDL DIRECT INC | CL A | 553530106 |  | 854 | 10154 | SH |  | SOLE |  | 10154 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 1382 | 25922 | SH |  | SOLE |  | 25922 | 0 | 0 |
| MANHATTAN ASSOCIATES INC | COM | 562750109 |  | 1310 | 7561 | SH |  | SOLE |  | 7561 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 2806 | 33019 | SH |  | SOLE |  | 33019 | 0 | 0 |
| MASCO CORP | COM | 574599106 |  | 2883 | 45436 | SH |  | SOLE |  | 45436 | 0 | 0 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 584 | 8571 | SH |  | SOLE |  | 8571 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 405 | 1324 | SH |  | SOLE |  | 1324 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 884 | 634 | SH |  | SOLE |  | 634 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 54494 | 112681 | SH |  | SOLE |  | 112681 | 0 | 0 |
| MIDDLEBY CORP | COM | 596278101 |  | 568 | 3822 | SH |  | SOLE |  | 3822 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 6253 | 116157 | SH |  | SOLE |  | 116157 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 460 | 508 | SH |  | SOLE |  | 508 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 9492 | 18580 | SH |  | SOLE |  | 18580 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 1031 | 10611 | SH |  | SOLE |  | 10611 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 9682 | 151965 | SH |  | SOLE |  | 151965 | 0 | 0 |
| NORDSON CORP | COM | 655663102 |  | 867 | 3604 | SH |  | SOLE |  | 3604 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 237 | 1735 | SH |  | SOLE |  | 1735 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 1971 | 47927 | SH |  | SOLE |  | 47927 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 10384 | 128596 | SH |  | SOLE |  | 128596 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 3088 | 57018 | SH |  | SOLE |  | 57018 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 2796 | 38035 | SH |  | SOLE |  | 38035 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 282 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 4075 | 39776 | SH |  | SOLE |  | 39776 | 0 | 0 |
| PACKAGING CORP AMER | COM | 695156109 |  | 531 | 2575 | SH |  | SOLE |  | 2575 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 1579 | 8572 | SH |  | SOLE |  | 8572 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 3285 | 29283 | SH |  | SOLE |  | 29283 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 9106 | 63448 | SH |  | SOLE |  | 63448 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 6421 | 257882 | SH |  | SOLE |  | 257882 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 6207 | 38692 | SH |  | SOLE |  | 38692 | 0 | 0 |
| PHOTRONICS INC | COM | 719405102 |  | 2299 | 71846 | SH |  | SOLE |  | 71846 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 344 | 3034 | SH |  | SOLE |  | 3034 | 0 | 0 |
| PLEXUS CORP | COM | 729132100 |  | 601 | 4089 | SH |  | SOLE |  | 4089 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 7128 | 49741 | SH |  | SOLE |  | 49741 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 740 | 6312 | SH |  | SOLE |  | 6312 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 5789 | 33843 | SH |  | SOLE |  | 33843 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 4174 | 25994 | SH |  | SOLE |  | 25994 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 |  | 3724 | 66060 | SH |  | SOLE |  | 66060 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 4674 | 12013 | SH |  | SOLE |  | 12013 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 2548 | 67489 | SH |  | SOLE |  | 67489 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 630 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 3764 | 8456 | SH |  | SOLE |  | 8456 | 0 | 0 |
| SEI INVTS CO | COM | 784117103 |  | 2965 | 36154 | SH |  | SOLE |  | 36154 | 0 | 0 |
| HENRY SCHEIN INC | COM | 806407102 |  | 664 | 8787 | SH |  | SOLE |  | 8787 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 1916 | 49931 | SH |  | SOLE |  | 49931 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 9819 | 98278 | SH |  | SOLE |  | 98278 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL EMER | 808524730 |  | 25274 | 700890 | SH |  | SOLE |  | 700890 | 0 | 0 |
| SCHWAB STRATEGIC TR | US REIT ETF | 808524847 |  | 11813 | 565481 | SH |  | SOLE |  | 565481 | 0 | 0 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 42079 | 1726672 | SH |  | SOLE |  | 1726672 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 223 | 1205 | SH |  | SOLE |  | 1205 | 0 | 0 |
| SMITH A O CORP | COM | 831865209 |  | 830 | 12406 | SH |  | SOLE |  | 12406 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 965 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 277 | 3294 | SH |  | SOLE |  | 3294 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 1179 | 6955 | SH |  | SOLE |  | 6955 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 3805 | 10827 | SH |  | SOLE |  | 10827 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 529 | 11911 | SH |  | SOLE |  | 11911 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 222 | 3015 | SH |  | SOLE |  | 3015 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 205 | 1011 | SH |  | SOLE |  | 1011 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 11954 | 39337 | SH |  | SOLE |  | 39337 | 0 | 0 |
| TELEFLEX INCORPORATED | COM | 879369106 |  | 976 | 7994 | SH |  | SOLE |  | 7994 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 1613 | 8332 | SH |  | SOLE |  | 8332 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 4867 | 28051 | SH |  | SOLE |  | 28051 | 0 | 0 |
| TEXTRON INC | COM | 883203101 |  | 425 | 4878 | SH |  | SOLE |  | 4878 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 6447 | 11126 | SH |  | SOLE |  | 11126 | 0 | 0 |
| TORO CO | COM | 891092108 |  | 615 | 7809 | SH |  | SOLE |  | 7809 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 1988 | 21097 | SH |  | SOLE |  | 21097 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 718 | 14365 | SH |  | SOLE |  | 14365 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 3429 | 7554 | SH |  | SOLE |  | 7554 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 1880 | 32079 | SH |  | SOLE |  | 32079 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 5404 | 101269 | SH |  | SOLE |  | 101269 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 8456 | 36554 | SH |  | SOLE |  | 36554 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 2317 | 23361 | SH |  | SOLE |  | 23361 | 0 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 1035 | 4747 | SH |  | SOLE |  | 4747 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 6152 | 124391 | SH |  | SOLE |  | 124391 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 71519 | 213319 | SH |  | SOLE |  | 213319 | 0 | 0 |
| WD 40 CO | COM | 929236107 |  | 652 | 3311 | SH |  | SOLE |  | 3311 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 6104 | 54792 | SH |  | SOLE |  | 54792 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 4902 | 12907 | SH |  | SOLE |  | 12907 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 2393 | 25674 | SH |  | SOLE |  | 25674 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 187 | 20056 | SH |  | SOLE |  | 20056 | 0 | 0 |
| WINMARK CORP | COM | 974250102 |  | 820 | 2025 | SH |  | SOLE |  | 2025 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 1378 | 5672 | SH |  | SOLE |  | 5672 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 1999 | 20451 | SH |  | SOLE |  | 20451 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 1966 | 23061 | SH |  | SOLE |  | 23061 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 418 | 5269 | SH |  | SOLE |  | 5269 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 1472 | 6441 | SH |  | SOLE |  | 6441 | 0 | 0 |
| ACUITY INC | COM | 00508Y102 |  | 1109 | 3079 | SH |  | SOLE |  | 3079 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 7339 | 20968 | SH |  | SOLE |  | 20968 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 2244 | 16490 | SH |  | SOLE |  | 16490 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 2690 | 18350 | SH |  | SOLE |  | 18350 | 0 | 0 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 1172 | 11974 | SH |  | SOLE |  | 11974 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 346 | 1103 | SH |  | SOLE |  | 1103 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 47641 | 152208 | SH |  | SOLE |  | 152208 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 3529 | 61207 | SH |  | SOLE |  | 61207 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 3884 | 1572660 | SH |  | SOLE |  | 1572660 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 |  | 1432 | 35162 | SH |  | SOLE |  | 35162 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 3205 | 134571 | SH |  | SOLE |  | 134571 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 |  | 824 | 11653 | SH |  | SOLE |  | 11653 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 3305 | 18779 | SH |  | SOLE |  | 18779 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 2163 | 14030 | SH |  | SOLE |  | 14030 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 13761 | 12857 | SH |  | SOLE |  | 12857 | 0 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 747 | 10147 | SH |  | SOLE |  | 10147 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 519 | 97 | SH |  | SOLE |  | 97 | 0 | 0 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 648 | 2902 | SH |  | SOLE |  | 2902 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 7925 | 22898 | SH |  | SOLE |  | 22898 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 917 | 9933 | SH |  | SOLE |  | 9933 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 3525 | 12908 | SH |  | SOLE |  | 12908 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 296 | 3238 | SH |  | SOLE |  | 3238 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 258 | 3511 | SH |  | SOLE |  | 3511 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 2172 | 52788 | SH |  | SOLE |  | 52788 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 249 | 14714 | SH |  | SOLE |  | 14714 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 1686 | 8079 | SH |  | SOLE |  | 8079 | 0 | 0 |
| CHEMED CORP NEW | COM | 16359R103 |  | 369 | 863 | SH |  | SOLE |  | 863 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 214 | 2774 | SH |  | SOLE |  | 2774 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 4865 | 162761 | SH |  | SOLE |  | 162761 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 2091 | 22337 | SH |  | SOLE |  | 22337 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 7889 | 57179 | SH |  | SOLE |  | 57179 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 964 | 1118 | SH |  | SOLE |  | 1118 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 |  | 4395 | 49458 | SH |  | SOLE |  | 49458 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 578 | 4012 | SH |  | SOLE |  | 4012 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 2089 | 57027 | SH |  | SOLE |  | 57027 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 1157 | 7695 | SH |  | SOLE |  | 7695 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 263 | 4492 | SH |  | SOLE |  | 4492 | 0 | 0 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 389 | 934 | SH |  | SOLE |  | 934 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 2590 | 22099 | SH |  | SOLE |  | 22099 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 373 | 3553 | SH |  | SOLE |  | 3553 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 |  | 377 | 1825 | SH |  | SOLE |  | 1825 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 711 | 6701 | SH |  | SOLE |  | 6701 | 0 | 0 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 3724 | 55311 | SH |  | SOLE |  | 55311 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 9689 | 80513 | SH |  | SOLE |  | 80513 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 23650 | 35829 | SH |  | SOLE |  | 35829 | 0 | 0 |
| FORTIVE CORP | COM | 34959J108 |  | 427 | 7731 | SH |  | SOLE |  | 7731 | 0 | 0 |
| FORTUNE BRANDS INNOVATIONS I | COM | 34964C106 |  | 457 | 9131 | SH |  | SOLE |  | 9131 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 6965 | 95320 | SH |  | SOLE |  | 95320 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE BRAZIL | 35473P835 |  | 4559 | 239308 | SH |  | SOLE |  | 239308 | 0 | 0 |
| FRONTDOOR INC | COM | 35905A109 |  | 455 | 7884 | SH |  | SOLE |  | 7884 | 0 | 0 |
| G III APPAREL GROUP LTD | COM | 36237H101 |  | 873 | 30142 | SH |  | SOLE |  | 30142 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 4070 | 49617 | SH |  | SOLE |  | 49617 | 0 | 0 |
| GENTHERM INC | COM | 37253A103 |  | 330 | 9074 | SH |  | SOLE |  | 9074 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 1676 | 75238 | SH |  | SOLE |  | 75238 | 0 | 0 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 4592 | 285545 | SH |  | SOLE |  | 285545 | 0 | 0 |
| ITT INC | COM | 45073V108 |  | 513 | 2955 | SH |  | SOLE |  | 2955 | 0 | 0 |
| IDEX CORP | COM | 45167R104 |  | 3109 | 17472 | SH |  | SOLE |  | 17472 | 0 | 0 |
| INNOVIVA INC | COM | 45781M101 |  | 857 | 42850 | SH |  | SOLE |  | 42850 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 672 | 10449 | SH |  | SOLE |  | 10449 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 755 | 4661 | SH |  | SOLE |  | 4661 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 6126 | 10817 | SH |  | SOLE |  | 10817 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 4158 | 18444 | SH |  | SOLE |  | 18444 | 0 | 0 |
| ISHARES TR | US TREAS BD ETF | 46429B267 |  | 246402 | 10701492 | SH |  | SOLE |  | 10701492 | 0 | 0 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 1993 | 23543 | SH |  | SOLE |  | 23543 | 0 | 0 |
| ISHARES TR | ULTRA SHORT DUR | 46434V878 |  | 14312 | 282957 | SH |  | SOLE |  | 282957 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 308 | 956 | SH |  | SOLE |  | 956 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 2751 | 95863 | SH |  | SOLE |  | 95863 | 0 | 0 |
| ZIFF DAVIS INC | COM | 48123V102 |  | 1170 | 33291 | SH |  | SOLE |  | 33291 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 2084 | 16347 | SH |  | SOLE |  | 16347 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 3013 | 174656 | SH |  | SOLE |  | 174656 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 1966 | 5503 | SH |  | SOLE |  | 5503 | 0 | 0 |
| MGE ENERGY INC | COM | 55277P104 |  | 363 | 4631 | SH |  | SOLE |  | 4631 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 4170 | 23007 | SH |  | SOLE |  | 23007 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 13581 | 23790 | SH |  | SOLE |  | 23790 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 4448 | 42255 | SH |  | SOLE |  | 42255 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 2090 | 70855 | SH |  | SOLE |  | 70855 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 560 | 5230 | SH |  | SOLE |  | 5230 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 720 | 7677 | SH |  | SOLE |  | 7677 | 0 | 0 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 940 | 24345 | SH |  | SOLE |  | 24345 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 218 | 5223 | SH |  | SOLE |  | 5223 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 41196 | 220891 | SH |  | SOLE |  | 220891 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 4751 | 52084 | SH |  | SOLE |  | 52084 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 11847 | 60784 | SH |  | SOLE |  | 60784 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 1758 | 20128 | SH |  | SOLE |  | 20128 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 2342 | 40115 | SH |  | SOLE |  | 40115 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 2548 | 214987 | SH |  | SOLE |  | 214987 | 0 | 0 |
| PRESTIGE CONSMR HEALTHCARE I | COM | 74112D101 |  | 946 | 15328 | SH |  | SOLE |  | 15328 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 6572 | 64196 | SH |  | SOLE |  | 64196 | 0 | 0 |
| PROG HOLDINGS INC | COM NPV | 74319R101 |  | 1191 | 40389 | SH |  | SOLE |  | 40389 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 1879 | 14721 | SH |  | SOLE |  | 14721 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 375 | 1446 | SH |  | SOLE |  | 1446 | 0 | 0 |
| QNITY ELECTRONICS INC | COMMON STOCK | 74743L100 |  | 942 | 11533 | SH |  | SOLE |  | 11533 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 2512 | 3255 | SH |  | SOLE |  | 3255 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 4286 | 8202 | SH |  | SOLE |  | 8202 | 0 | 0 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 |  | 1807 | 9344 | SH |  | SOLE |  | 9344 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A300 |  | 35153 | 386421 | SH |  | SOLE |  | 386421 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R853 |  | 47410 | 1011729 | SH |  | SOLE |  | 1011729 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 7132 | 26923 | SH |  | SOLE |  | 26923 | 0 | 0 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 |  | 477 | 5078 | SH |  | SOLE |  | 5078 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 2447 | 15975 | SH |  | SOLE |  | 15975 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 2020 | 12548 | SH |  | SOLE |  | 12548 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 2686 | 42362 | SH |  | SOLE |  | 42362 | 0 | 0 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 565 | 11640 | SH |  | SOLE |  | 11640 | 0 | 0 |
| TRI POINTE HOMES INC | COM | 87265H109 |  | 1032 | 32793 | SH |  | SOLE |  | 32793 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 2956 | 224443 | SH |  | SOLE |  | 224443 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 |  | 294 | 16754 | SH |  | SOLE |  | 16754 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 3410 | 11874 | SH |  | SOLE |  | 11874 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 1510 | 39766 | SH |  | SOLE |  | 39766 | 0 | 0 |
| TRANSUNION | COM | 89400J107 |  | 2915 | 33995 | SH |  | SOLE |  | 33995 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 2135 | 43382 | SH |  | SOLE |  | 43382 | 0 | 0 |
| U S PHYSICAL THERAPY | COM | 90337L108 |  | 462 | 5919 | SH |  | SOLE |  | 5919 | 0 | 0 |
| UBIQUITI INC | COM | 90353W103 |  | 385 | 696 | SH |  | SOLE |  | 696 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 1698 | 3485 | SH |  | SOLE |  | 3485 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1680 | 5088 | SH |  | SOLE |  | 5088 | 0 | 0 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 8054 | 77770 | SH |  | SOLE |  | 77770 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 27670 | 572634 | SH |  | SOLE |  | 572634 | 0 | 0 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 |  | 13283 | 46147 | SH |  | SOLE |  | 46147 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 4077 | 68022 | SH |  | SOLE |  | 68022 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 10113 | 181237 | SH |  | SOLE |  | 181237 | 0 | 0 |
| VENTAS INC | COM | 92276F100 |  | 257 | 3326 | SH |  | SOLE |  | 3326 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 5498 | 134992 | SH |  | SOLE |  | 134992 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 732 | 3273 | SH |  | SOLE |  | 3273 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 18641 | 53151 | SH |  | SOLE |  | 53151 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 5808 | 27043 | SH |  | SOLE |  | 27043 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 7172 | 150827 | SH |  | SOLE |  | 150827 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 5204 | 57865 | SH |  | SOLE |  | 57865 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 6264 | 49786 | SH |  | SOLE |  | 49786 | 0 | 0 |
| TOTALENERGIES SE | ACT | F92124100 |  | 6852 | 105091 | SH |  | SOLE |  | 105091 | 0 | 0 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 936 | 5877 | SH |  | SOLE |  | 5877 | 0 | 0 |
| AMCOR PLC | ORD | G0250X107 |  | 3748 | 449457 | SH |  | SOLE |  | 449457 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 8489 | 31641 | SH |  | SOLE |  | 31641 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 |  | 233 | 4986 | SH |  | SOLE |  | 4986 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD SHS | G4474Y214 |  | 1422 | 29898 | SH |  | SOLE |  | 29898 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 4258 | 44322 | SH |  | SOLE |  | 44322 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 4228 | 18584 | SH |  | SOLE |  | 18584 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 1222 | 15448 | SH |  | SOLE |  | 15448 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 1378 | 29854 | SH |  | SOLE |  | 29854 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 5797 | 31242 | SH |  | SOLE |  | 31242 | 0 | 0 |
| CNH INDL N V | SHS | N20944109 |  | 2681 | 290748 | SH |  | SOLE |  | 290748 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 3303 | 15216 | SH |  | SOLE |  | 15216 | 0 | 0 |

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