# EDGAR Filing Document

**Accession Number:** 0001083340
**File Stem:** 0001083340-23-000001
**Filing Date:** 2023-2
**Character Count:** 23189
**Document Hash:** 8db6f38023fd6cd5f51b140fa211649e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001083340-23-000001.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001083340-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GAMBLE JONES INVESTMENT COUNSEL
- **CENTRAL INDEX KEY:** 0001083340
- **IRS NUMBER:** 954249094
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04501
- **FILM NUMBER:** 23596346

**BUSINESS ADDRESS:**
- **STREET 1:** 301 E COLORADO BLVD
- **STREET 2:** SUITE 802
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91101
- **BUSINESS PHONE:** 6267957583

**MAIL ADDRESS:**
- **STREET 1:** 301 E COLORADO BLVD
- **STREET 2:** SUITE 802
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GAMBLE JONES MORPHY & BENT
- **DATE OF NAME CHANGE:** 19990406

### 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:** GAMBLE JONES INVESTMENT COUNSEL<br>**Address:** 301 E COLORADO BLVD<br>SUITE 802<br>PASADENA, CA 91101

**Form 13F File Number:** 028-04501

**CRD Number (if applicable):** 000107158

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:** TJ Jones<br>**Title:** CTO<br>**Phone:** 6267957583

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

Thomas F Jones  Canton, GA  02-07-2023<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:** 202

**Form 13F Information Table Value Total:** $1325949770

      (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 |
| ALAUNOS THERAPEUTICS INC | COM | 98973P101 |  | 39595 | 61000 | SH |  | SOLE |  | 0 | 0 | 61000 |
| SANDSTORM GOLD LTD | COM | 80013R206 |  | 80241 | 15255 | SH |  | SOLE |  | 0 | 0 | 15255 |
| PIMCO MUN INCOME FD III | COM | 72201A103 |  | 87100 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| HALEON PLC | COM | 405552100 |  | 98944 | 12368 | SH |  | SOLE |  | 0 | 0 | 12368 |
| PIMCO MUN INCOME FD | COM | 72200R107 |  | 104300 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| NUVEEN CALIFORNIA MUNI VLU F | COM | 67062C107 |  | 116764 | 13818 | SH |  | SOLE |  | 0 | 0 | 13818 |
| PIMCO CALIF MUN INCOME FD II | COM | 72200M108 |  | 135800 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| VIATRIS INC | COM | 92556V106 |  | 139904 | 12570 | SH |  | SOLE |  | 0 | 0 | 12570 |
| PIMCO CALIF MUN INCOME FD II | COM | 72201C109 |  | 167000 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 |  | 203350 | 4050 | SH |  | SOLE |  | 0 | 0 | 4050 |
| DONALDSON INC | COM | 257651109 |  | 206045 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| CARMAX INC | COM | 143130102 |  | 213115 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| ISHARES TR | GLOBAL 100 ETF | 464287572 |  | 213927 | 3340 | SH |  | SOLE |  | 0 | 0 | 3340 |
| HANNON ARMSTRONG SUST INFR C | COM | 41068X100 |  | 214626 | 7406 | SH |  | SOLE |  | 0 | 0 | 7406 |
| AFLAC INC | COM | 001055102 |  | 215091 | 2990 | SH |  | SOLE |  | 0 | 0 | 2990 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 219283 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 220179 | 1201 | SH |  | SOLE |  | 0 | 0 | 1201 |
| CHUBB LIMITED | COM | H1467J104 |  | 221924 | 1006 | SH |  | SOLE |  | 0 | 0 | 1006 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 224041 | 2890 | SH |  | SOLE |  | 0 | 0 | 2890 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 224338 | 1430 | SH |  | SOLE |  | 0 | 0 | 1430 |
| DOW INC | COM | 260557103 |  | 229829 | 4561 | SH |  | SOLE |  | 0 | 0 | 4561 |
| AT INC | COM | 00206R102 |  | 230732 | 12533 | SH |  | SOLE |  | 0 | 0 | 12533 |
| SOUTHERN CO | COM | 842587107 |  | 231974 | 3248 | SH |  | SOLE |  | 0 | 0 | 3248 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 232362 | 3972 | SH |  | SOLE |  | 0 | 0 | 3972 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 232516 | 6135 | SH |  | SOLE |  | 0 | 0 | 6135 |
| NEWMONT CORP | COM | 651639106 |  | 234665 | 4972 | SH |  | SOLE |  | 0 | 0 | 4972 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 234971 | 2737 | SH |  | SOLE |  | 0 | 0 | 2737 |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 |  | 240381 | 3170 | SH |  | SOLE |  | 0 | 0 | 3170 |
| RAYONIER INC | COM | 754907103 |  | 253199 | 7682 | SH |  | SOLE |  | 0 | 0 | 7682 |
| NUVEEN CALIFORNIA AMT QLT MU | COM | 670651108 |  | 271166 | 22046 | SH |  | SOLE |  | 0 | 0 | 22046 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 289090 | 200 | SH |  | SOLE |  | 0 | 0 | 200 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 297409 | 4409 | SH |  | SOLE |  | 0 | 0 | 4409 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 302400 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 309176 | 5600 | SH |  | SOLE |  | 0 | 0 | 5600 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 315766 | 1190 | SH |  | SOLE |  | 0 | 0 | 1190 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 316910 | 3003 | SH |  | SOLE |  | 0 | 0 | 3003 |
| PHILLIPS 66 | COM | 718546104 |  | 347035 | 3334 | SH |  | SOLE |  | 0 | 0 | 3334 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 356428 | 11675 | SH |  | SOLE |  | 0 | 0 | 11675 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 359964 | 5245 | SH |  | SOLE |  | 0 | 0 | 5245 |
| PAYCHEX INC | COM | 704326107 |  | 364372 | 3153 | SH |  | SOLE |  | 0 | 0 | 3153 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 366240 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 369430 | 4409 | SH |  | SOLE |  | 0 | 0 | 4409 |
| QUALCOMM INC | COM | 747525103 |  | 369728 | 3363 | SH |  | SOLE |  | 0 | 0 | 3363 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 375752 | 10693 | SH |  | SOLE |  | 0 | 0 | 10693 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 376750 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| STATE STR CORP | COM | 857477103 |  | 380093 | 4900 | SH |  | SOLE |  | 0 | 0 | 4900 |
| CSX CORP | COM | 126408103 |  | 386484 | 12475 | SH |  | SOLE |  | 0 | 0 | 12475 |
| ESSENTIAL UTILS INC | COM | 29670G102 |  | 389859 | 8168 | SH |  | SOLE |  | 0 | 0 | 8168 |
| CITIGROUP INC | COM NEW | 172967424 |  | 407522 | 9010 | SH |  | SOLE |  | 0 | 0 | 9010 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 431821 | 3193 | SH |  | SOLE |  | 0 | 0 | 3193 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 455303 | 10848 | SH |  | SOLE |  | 0 | 0 | 10848 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 458639 | 11766 | SH |  | SOLE |  | 0 | 0 | 11766 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 462056 | 6217 | SH |  | SOLE |  | 0 | 0 | 6217 |
| ILLUMINA INC | COM | 452327109 |  | 505500 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 511834 | 3045 | SH |  | SOLE |  | 0 | 0 | 3045 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 515100 | 4040 | SH |  | SOLE |  | 0 | 0 | 4040 |
| SPDR SER TR | S 400 MDCP GRW | 78464A821 |  | 520825 | 7971 | SH |  | SOLE |  | 0 | 0 | 7971 |
| TESLA INC | COM | 88160R101 |  | 527826 | 4285 | SH |  | SOLE |  | 0 | 0 | 4285 |
| REALTY INCOME CORP | COM | 756109104 |  | 529364 | 8346 | SH |  | SOLE |  | 0 | 0 | 8346 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 531080 | 1328 | SH |  | SOLE |  | 0 | 0 | 1328 |
| EATON CORP PLC | SHS | G29183103 |  | 531119 | 3384 | SH |  | SOLE |  | 0 | 0 | 3384 |
| NUVEEN CA QUALTY MUN INCOME | COM | 67066Y105 |  | 537349 | 48541 | SH |  | SOLE |  | 0 | 0 | 48541 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 557100 | 2778 | SH |  | SOLE |  | 0 | 0 | 2778 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 614593 | 1388 | SH |  | SOLE |  | 0 | 0 | 1388 |
| FEDEX CORP | COM | 31428X106 |  | 620402 | 3582 | SH |  | SOLE |  | 0 | 0 | 3582 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 638312 | 12325 | SH |  | SOLE |  | 0 | 0 | 12325 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 676166 | 4258 | SH |  | SOLE |  | 0 | 0 | 4258 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 683844 | 1406 | SH |  | SOLE |  | 0 | 0 | 1406 |
| TARGET CORP | COM | 87612E106 |  | 693632 | 4654 | SH |  | SOLE |  | 0 | 0 | 4654 |
| COPART INC | COM | 217204106 |  | 694146 | 11400 | SH |  | SOLE |  | 0 | 0 | 11400 |
| UNITED RENTALS INC | COM | 911363109 |  | 710840 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| CIGNA CORP NEW | COM | 125523100 |  | 722321 | 2180 | SH |  | SOLE |  | 0 | 0 | 2180 |
| STARBUCKS CORP | COM | 855244109 |  | 725196 | 7310 | SH |  | SOLE |  | 0 | 0 | 7310 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 730244 | 10339 | SH |  | SOLE |  | 0 | 0 | 10339 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 733243 | 23653 | SH |  | SOLE |  | 0 | 0 | 23653 |
| NVR INC | COM | 62944T105 |  | 761076 | 165 | SH |  | SOLE |  | 0 | 0 | 165 |
| GENERAL MLS INC | COM | 370334104 |  | 773481 | 9225 | SH |  | SOLE |  | 0 | 0 | 9225 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 781321 | 10053 | SH |  | SOLE |  | 0 | 0 | 10053 |
| APPLIED MATLS INC | COM | 038222105 |  | 803385 | 8250 | SH |  | SOLE |  | 0 | 0 | 8250 |
| BANK AMERICA CORP | COM | 060505104 |  | 806083 | 24338 | SH |  | SOLE |  | 0 | 0 | 24338 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 806936 | 4628 | SH |  | SOLE |  | 0 | 0 | 4628 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 809302 | 10850 | SH |  | SOLE |  | 0 | 0 | 10850 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 821460 | 9826 | SH |  | SOLE |  | 0 | 0 | 9826 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 833323 | 3445 | SH |  | SOLE |  | 0 | 0 | 3445 |
| DANAHER CORPORATION | COM | 235851102 |  | 894465 | 3370 | SH |  | SOLE |  | 0 | 0 | 3370 |
| VANECK ETF TRUST | BIOTECH ETF | 92189F726 |  | 910518 | 5700 | SH |  | SOLE |  | 0 | 0 | 5700 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 937422 | 2 | SH |  | SOLE |  | 0 | 0 | 2 |
| PROGRESSIVE CORP | COM | 743315103 |  | 948829 | 7315 | SH |  | SOLE |  | 0 | 0 | 7315 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 966116 | 10175 | SH |  | SOLE |  | 0 | 0 | 10175 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 984233 | 19548 | SH |  | SOLE |  | 0 | 0 | 19548 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 997218 | 8451 | SH |  | SOLE |  | 0 | 0 | 8451 |
| HUMANA INC | COM | 444859102 |  | 1024380 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| ECOLAB INC | COM | 278865100 |  | 1029109 | 7070 | SH |  | SOLE |  | 0 | 0 | 7070 |
| MERCK  CO INC | COM | 58933Y105 |  | 1074370 | 9683 | SH |  | SOLE |  | 0 | 0 | 9683 |
| GENUINE PARTS CO | COM | 372460105 |  | 1105038 | 6369 | SH |  | SOLE |  | 0 | 0 | 6369 |
| ROKU INC | COM CL A | 77543R102 |  | 1150792 | 28275 | SH |  | SOLE |  | 0 | 0 | 28275 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 1167498 | 6361 | SH |  | SOLE |  | 0 | 0 | 6361 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 1184756 | 5378 | SH |  | SOLE |  | 0 | 0 | 5378 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 1185482 | 10870 | SH |  | SOLE |  | 0 | 0 | 10870 |
| CATERPILLAR INC | COM | 149123101 |  | 1202093 | 5018 | SH |  | SOLE |  | 0 | 0 | 5018 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1208476 | 29268 | SH |  | SOLE |  | 0 | 0 | 29268 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 1213297 | 11399 | SH |  | SOLE |  | 0 | 0 | 11399 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1223697 | 15531 | SH |  | SOLE |  | 0 | 0 | 15531 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 1231983 | 16365 | SH |  | SOLE |  | 0 | 0 | 16365 |
| BOEING CO | COM | 097023105 |  | 1265235 | 6642 | SH |  | SOLE |  | 0 | 0 | 6642 |
| HERSHEY CO | COM | 427866108 |  | 1296792 | 5600 | SH |  | SOLE |  | 0 | 0 | 5600 |
| CVB FINL CORP | COM | 126600105 |  | 1322795 | 51371 | SH |  | SOLE |  | 0 | 0 | 51371 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 1392203 | 30457 | SH |  | SOLE |  | 0 | 0 | 30457 |
| CLOROX CO DEL | COM | 189054109 |  | 1394037 | 9934 | SH |  | SOLE |  | 0 | 0 | 9934 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 1470249 | 6155 | SH |  | SOLE |  | 0 | 0 | 6155 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1485381 | 10053 | SH |  | SOLE |  | 0 | 0 | 10053 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 1502388 | 11067 | SH |  | SOLE |  | 0 | 0 | 11067 |
| ISHARES TR | U.S. MED DVC ETF | 464288810 |  | 1582722 | 30107 | SH |  | SOLE |  | 0 | 0 | 30107 |
| TJX COS INC NEW | COM | 872540109 |  | 1589733 | 19972 | SH |  | SOLE |  | 0 | 0 | 19972 |
| ORACLE CORP | COM | 68389X105 |  | 1633561 | 19985 | SH |  | SOLE |  | 0 | 0 | 19985 |
| MARKEL CORP | COM | 570535104 |  | 1690340 | 1283 | SH |  | SOLE |  | 0 | 0 | 1283 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 1694160 | 25419 | SH |  | SOLE |  | 0 | 0 | 25419 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1754490 | 17335 | SH |  | SOLE |  | 0 | 0 | 17335 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 1848343 | 3388 | SH |  | SOLE |  | 0 | 0 | 3388 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 1949433 | 24692 | SH |  | SOLE |  | 0 | 0 | 24692 |
| FISERV INC | COM | 337738108 |  | 1971067 | 19502 | SH |  | SOLE |  | 0 | 0 | 19502 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 1971414 | 5950 | SH |  | SOLE |  | 0 | 0 | 5950 |
| FASTENAL CO | COM | 311900104 |  | 2007788 | 42430 | SH |  | SOLE |  | 0 | 0 | 42430 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 2160233 | 12427 | SH |  | SOLE |  | 0 | 0 | 12427 |
| COCA COLA CO | COM | 191216100 |  | 2200684 | 34597 | SH |  | SOLE |  | 0 | 0 | 34597 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2228817 | 18521 | SH |  | SOLE |  | 0 | 0 | 18521 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 2282982 | 16204 | SH |  | SOLE |  | 0 | 0 | 16204 |
| ROSS STORES INC | COM | 778296103 |  | 2333679 | 20106 | SH |  | SOLE |  | 0 | 0 | 20106 |
| ISHARES TR | CORE S ETF | 464287200 |  | 2360643 | 6144 | SH |  | SOLE |  | 0 | 0 | 6144 |
| SYSCO CORP | COM | 871829107 |  | 2376771 | 31089 | SH |  | SOLE |  | 0 | 0 | 31089 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 2457660 | 34508 | SH |  | SOLE |  | 0 | 0 | 34508 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 2740641 | 33228 | SH |  | SOLE |  | 0 | 0 | 33228 |
| INTEL CORP | COM | 458140100 |  | 2766946 | 104690 | SH |  | SOLE |  | 0 | 0 | 104690 |
| LOWES COS INC | COM | 548661107 |  | 2844371 | 14276 | SH |  | SOLE |  | 0 | 0 | 14276 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 3300051 | 12977 | SH |  | SOLE |  | 0 | 0 | 12977 |
| LINDE PLC | SHS | G5494J103 |  | 3392272 | 10400 | SH |  | SOLE |  | 0 | 0 | 10400 |
| EPAM SYS INC | COM | 29414B104 |  | 3605468 | 11001 | SH |  | SOLE |  | 0 | 0 | 11001 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 3688537 | 9645 | SH |  | SOLE |  | 0 | 0 | 9645 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 3727277 | 18288 | SH |  | SOLE |  | 0 | 0 | 18288 |
| WALMART INC | COM | 931142103 |  | 3804529 | 26832 | SH |  | SOLE |  | 0 | 0 | 26832 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 3815734 | 96846 | SH |  | SOLE |  | 0 | 0 | 96846 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 3876249 | 24462 | SH |  | SOLE |  | 0 | 0 | 24462 |
| NIKE INC | CL B | 654106103 |  | 3877866 | 33141 | SH |  | SOLE |  | 0 | 0 | 33141 |
| LILLY ELI  CO | COM | 532457108 |  | 4408372 | 12050 | SH |  | SOLE |  | 0 | 0 | 12050 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 4427676 | 16628 | SH |  | SOLE |  | 0 | 0 | 16628 |
| EMERSON ELEC CO | COM | 291011104 |  | 4540852 | 47271 | SH |  | SOLE |  | 0 | 0 | 47271 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 4729553 | 19193 | SH |  | SOLE |  | 0 | 0 | 19193 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 4900026 | 68103 | SH |  | SOLE |  | 0 | 0 | 68103 |
| HONEYWELL INTL INC | COM | 438516106 |  | 4944544 | 23073 | SH |  | SOLE |  | 0 | 0 | 23073 |
| HOME DEPOT INC | COM | 437076102 |  | 5115781 | 16196 | SH |  | SOLE |  | 0 | 0 | 16196 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 5306812 | 10009 | SH |  | SOLE |  | 0 | 0 | 10009 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 5404272 | 28267 | SH |  | SOLE |  | 0 | 0 | 28267 |
| ETSY INC | COM | 29786A106 |  | 5589893 | 46668 | SH |  | SOLE |  | 0 | 0 | 46668 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 5599178 | 31423 | SH |  | SOLE |  | 0 | 0 | 31423 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 5651444 | 43590 | SH |  | SOLE |  | 0 | 0 | 43590 |
| MOODYS CORP | COM | 615369105 |  | 5987998 | 21492 | SH |  | SOLE |  | 0 | 0 | 21492 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 6207568 | 46291 | SH |  | SOLE |  | 0 | 0 | 46291 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 6533884 | 14313 | SH |  | SOLE |  | 0 | 0 | 14313 |
| CUMMINS INC | COM | 231021106 |  | 6654442 | 27465 | SH |  | SOLE |  | 0 | 0 | 27465 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 6964733 | 32874 | SH |  | SOLE |  | 0 | 0 | 32874 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 7595558 | 91227 | SH |  | SOLE |  | 0 | 0 | 91227 |
| 3M CO | COM | 88579Y101 |  | 7721836 | 64392 | SH |  | SOLE |  | 0 | 0 | 64392 |
| VANGUARD WORLD FDS | UTILITIES ETF | 92204A876 |  | 7827533 | 51040 | SH |  | SOLE |  | 0 | 0 | 51040 |
| DEERE  CO | COM | 244199105 |  | 8170751 | 19057 | SH |  | SOLE |  | 0 | 0 | 19057 |
| AUTODESK INC | COM | 052769106 |  | 8855769 | 47390 | SH |  | SOLE |  | 0 | 0 | 47390 |
| UNION PAC CORP | COM | 907818108 |  | 9406234 | 45425 | SH |  | SOLE |  | 0 | 0 | 45425 |
| WORKDAY INC | CL A | 98138H101 |  | 9415492 | 56269 | SH |  | SOLE |  | 0 | 0 | 56269 |
| AMGEN INC | COM | 031162100 |  | 9921378 | 37776 | SH |  | SOLE |  | 0 | 0 | 37776 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 10006431 | 90720 | SH |  | SOLE |  | 0 | 0 | 90720 |
| DISNEY WALT CO | COM | 254687106 |  | 10282531 | 118353 | SH |  | SOLE |  | 0 | 0 | 118353 |
| KKR  CO INC | COM | 48251W104 |  | 10377640 | 223560 | SH |  | SOLE |  | 0 | 0 | 223560 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 10391128 | 68430 | SH |  | SOLE |  | 0 | 0 | 68430 |
| SSGA ACTIVE ETF TR | SPDR TR TACTIC | 78467V848 |  | 10477988 | 261688 | SH |  | SOLE |  | 0 | 0 | 261688 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 10764797 | 143168 | SH |  | SOLE |  | 0 | 0 | 143168 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 10910499 | 210953 | SH |  | SOLE |  | 0 | 0 | 210953 |
| BLACKROCK INC | COM | 09247X101 |  | 11323753 | 15980 | SH |  | SOLE |  | 0 | 0 | 15980 |
| PFIZER INC | COM | 717081103 |  | 12250575 | 239082 | SH |  | SOLE |  | 0 | 0 | 239082 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 13002665 | 143327 | SH |  | SOLE |  | 0 | 0 | 143327 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 13502682 | 122841 | SH |  | SOLE |  | 0 | 0 | 122841 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 13533844 | 134105 | SH |  | SOLE |  | 0 | 0 | 134105 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 14517231 | 151569 | SH |  | SOLE |  | 0 | 0 | 151569 |
| CISCO SYS INC | COM | 17275R102 |  | 14562894 | 305686 | SH |  | SOLE |  | 0 | 0 | 305686 |
| MCDONALDS CORP | COM | 580135101 |  | 15151449 | 57494 | SH |  | SOLE |  | 0 | 0 | 57494 |
| ABBVIE INC | COM | 00287Y109 |  | 15547751 | 96205 | SH |  | SOLE |  | 0 | 0 | 96205 |
| PEPSICO INC | COM | 713448108 |  | 16042091 | 88797 | SH |  | SOLE |  | 0 | 0 | 88797 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 16393851 | 47145 | SH |  | SOLE |  | 0 | 0 | 47145 |
| VISA INC | COM CL A | 92826C839 |  | 17109036 | 82350 | SH |  | SOLE |  | 0 | 0 | 82350 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 17537175 | 216055 | SH |  | SOLE |  | 0 | 0 | 216055 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 18109990 | 204102 | SH |  | SOLE |  | 0 | 0 | 204102 |
| CHEVRON CORP NEW | COM | 166764100 |  | 18432280 | 102693 | SH |  | SOLE |  | 0 | 0 | 102693 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 18439843 | 533097 | SH |  | SOLE |  | 0 | 0 | 533097 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 19285084 | 178219 | SH |  | SOLE |  | 0 | 0 | 178219 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 19720482 | 274506 | SH |  | SOLE |  | 0 | 0 | 274506 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 23836060 | 134934 | SH |  | SOLE |  | 0 | 0 | 134934 |
| ABBOTT LABS | COM | 002824100 |  | 24002954 | 218626 | SH |  | SOLE |  | 0 | 0 | 218626 |
| AMAZON COM INC | COM | 023135106 |  | 24283140 | 289085 | SH |  | SOLE |  | 0 | 0 | 289085 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 27981348 | 90584 | SH |  | SOLE |  | 0 | 0 | 90584 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 29795977 | 337708 | SH |  | SOLE |  | 0 | 0 | 337708 |
| TEXAS INSTRS INC | COM | 882508104 |  | 30548042 | 184893 | SH |  | SOLE |  | 0 | 0 | 184893 |
| MICROSOFT CORP | COM | 594918104 |  | 61488982 | 256396 | SH |  | SOLE |  | 0 | 0 | 256396 |
| APPLE INC | COM | 037833100 |  | 66160731 | 509203 | SH |  | SOLE |  | 0 | 0 | 509203 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 371061962 | 2448284 | SH |  | SOLE |  | 0 | 0 | 2448284 |

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