# EDGAR Filing Document

**Accession Number:** 0001582968
**File Stem:** 0001582968-23-000001
**Filing Date:** 2023-1
**Character Count:** 20880
**Document Hash:** 2db10f33a43b6b8c24d10c5bce2b8e4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001582968-23-000001.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0001582968-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**EFFECTIVENESS DATE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Polaris Wealth Advisory Group, LLC
- **CENTRAL INDEX KEY:** 0001582968
- **IRS NUMBER:** 452613011
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15561
- **FILM NUMBER:** 23536198

**BUSINESS ADDRESS:**
- **STREET 1:** 824 E STREET
- **CITY:** SAN RAFAEL
- **STATE:** CA
- **ZIP:** 94901
- **BUSINESS PHONE:** (415) 263-5600

**MAIL ADDRESS:**
- **STREET 1:** 824 E STREET
- **CITY:** SAN RAFAEL
- **STATE:** CA
- **ZIP:** 94901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Polaris Greystone Financial Group, LLC
- **DATE OF NAME CHANGE:** 20160212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Polaris Wealth Advisers, LLC
- **DATE OF NAME CHANGE:** 20130731

### 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:** Polaris Wealth Advisory Group LLC<br>**Address:** 824 E STREET<br>SAN RAFAEL, CA 94901

**Form 13F File Number:** 028-15561

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:** James Mason<br>**Title:** CCO<br>**Phone:** 2489551602

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

James Mason  San Rafael, CA  01-19-2023<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:** 173

**Form 13F Information Table Value Total:** $1342246256

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 15052135 | 133028 | SH |  | SOLE | 0 | 0 | 0 | 133028 |
| ABBVIE INC | COM | 00287Y109 |  | 38825283 | 247027 | SH |  | SOLE | 0 | 0 | 0 | 247027 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 10300177 | 36645 | SH |  | SOLE | 0 | 0 | 0 | 36645 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 1601826 | 4671 | SH |  | SOLE | 0 | 0 | 0 | 4671 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 2207641 | 31967 | SH |  | SOLE | 0 | 0 | 0 | 31967 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 6824137 | 59330 | SH |  | SOLE | 0 | 0 | 0 | 59330 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 8878996 | 97017 | SH |  | SOLE | 0 | 0 | 0 | 97017 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 951477 | 10313 | SH |  | SOLE | 0 | 0 | 0 | 10313 |
| AMAZON COM INC | COM | 023135106 |  | 2368407 | 24907 | SH |  | SOLE | 0 | 0 | 0 | 24907 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 359474 | 3682 | SH |  | SOLE | 0 | 0 | 0 | 3682 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 1512093 | 6629 | SH |  | SOLE | 0 | 0 | 0 | 6629 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 16316944 | 101084 | SH |  | SOLE | 0 | 0 | 0 | 101084 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 |  | 7134222 | 43136 | SH |  | SOLE | 0 | 0 | 0 | 43136 |
| AMGEN INC | COM | 031162100 |  | 386441 | 1416 | SH |  | SOLE | 0 | 0 | 0 | 1416 |
| APPLE INC | COM | 037833100 |  | 43075860 | 322690 | SH |  | SOLE | 0 | 0 | 0 | 322690 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 6838903 | 10608 | SH |  | SOLE | 0 | 0 | 0 | 10608 |
| AT INC | COM | 00206R102 |  | 215727 | 11114 | SH |  | SOLE | 0 | 0 | 0 | 11114 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 242798 | 2080 | SH |  | SOLE | 0 | 0 | 0 | 2080 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 4132797 | 16865 | SH |  | SOLE | 0 | 0 | 0 | 16865 |
| AUTOZONE INC | COM | 053332102 |  | 793233 | 326 | SH |  | SOLE | 0 | 0 | 0 | 326 |
| BALL CORP | COM | 058498106 |  | 355327 | 6299 | SH |  | SOLE | 0 | 0 | 0 | 6299 |
| BERKLEY W R CORP | COM | 084423102 |  | 15559551 | 213261 | SH |  | SOLE | 0 | 0 | 0 | 213261 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 8212685 | 25635 | SH |  | SOLE | 0 | 0 | 0 | 25635 |
| BJS WHSL CLUB HLDGS INC | COM | 05550J101 |  | 6151838 | 88249 | SH |  | SOLE | 0 | 0 | 0 | 88249 |
| BOEING CO | COM | 097023105 |  | 1277026 | 6139 | SH |  | SOLE | 0 | 0 | 0 | 6139 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 262869 | 3654 | SH |  | SOLE | 0 | 0 | 0 | 3654 |
| BROADCOM INC | COM | 11135F101 |  | 16459719 | 28470 | SH |  | SOLE | 0 | 0 | 0 | 28470 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 388644 | 2707 | SH |  | SOLE | 0 | 0 | 0 | 2707 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 1419226 | 14942 | SH |  | SOLE | 0 | 0 | 0 | 14942 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 749186 | 4447 | SH |  | SOLE | 0 | 0 | 0 | 4447 |
| CAMBRIA ETF TR | TRINITY | 132061839 |  | 384522 | 15277 | SH |  | SOLE | 0 | 0 | 0 | 15277 |
| CATERPILLAR INC | COM | 149123101 |  | 8683582 | 34633 | SH |  | SOLE | 0 | 0 | 0 | 34633 |
| CDW CORP | COM | 12514G108 |  | 1395427 | 7322 | SH |  | SOLE | 0 | 0 | 0 | 7322 |
| CHARGEPOINT HOLDINGS INC | COM CL A | 15961R105 |  | 143247 | 13154 | SH |  | SOLE | 0 | 0 | 0 | 13154 |
| CHEVRON CORP NEW | COM | 166764100 |  | 883413 | 5042 | SH |  | SOLE | 0 | 0 | 0 | 5042 |
| CINTAS CORP | COM | 172908105 |  | 1134446 | 2499 | SH |  | SOLE | 0 | 0 | 0 | 2499 |
| CISCO SYS INC | COM | 17275R102 |  | 13930471 | 283082 | SH |  | SOLE | 0 | 0 | 0 | 283082 |
| COCA COLA CO | COM | 191216100 |  | 6799549 | 109652 | SH |  | SOLE | 0 | 0 | 0 | 109652 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 9722776 | 126057 | SH |  | SOLE | 0 | 0 | 0 | 126057 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 35155127 | 926354 | SH |  | SOLE | 0 | 0 | 0 | 926354 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 204403 | 3639 | SH |  | SOLE | 0 | 0 | 0 | 3639 |
| CONTEXTLOGIC INC | COM CL A | 21077C107 |  | 32649 | 55207 | SH |  | SOLE | 0 | 0 | 0 | 55207 |
| COOPER COS INC | COM NEW | 216648402 |  | 2043008 | 5832 | SH |  | SOLE | 0 | 0 | 0 | 5832 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 14643980 | 30237 | SH |  | SOLE | 0 | 0 | 0 | 30237 |
| CVS HEALTH CORP | COM | 126650100 |  | 12939776 | 144176 | SH |  | SOLE | 0 | 0 | 0 | 144176 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 791537 | 12079 | SH |  | SOLE | 0 | 0 | 0 | 12079 |
| DEERE  CO | COM | 244199105 |  | 22536828 | 51990 | SH |  | SOLE | 0 | 0 | 0 | 51990 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 213961 | 5604 | SH |  | SOLE | 0 | 0 | 0 | 5604 |
| DEXCOM INC | COM | 252131107 |  | 273574 | 2577 | SH |  | SOLE | 0 | 0 | 0 | 2577 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 4167083 | 22886 | SH |  | SOLE | 0 | 0 | 0 | 22886 |
| DIREXION SHS ETF TR | DLY SCOND 3XBU | 25459W458 |  | 128526 | 10365 | SH |  | SOLE | 0 | 0 | 0 | 10365 |
| DISNEY WALT CO | COM | 254687106 |  | 434543 | 4511 | SH |  | SOLE | 0 | 0 | 0 | 4511 |
| DOW INC | COM | 260557103 |  | 7660098 | 133034 | SH |  | SOLE | 0 | 0 | 0 | 133034 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 242455 | 3120 | SH |  | SOLE | 0 | 0 | 0 | 3120 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 23730300 | 49383 | SH |  | SOLE | 0 | 0 | 0 | 49383 |
| EXELIXIS INC | COM | 30161Q104 |  | 172098 | 10250 | SH |  | SOLE | 0 | 0 | 0 | 10250 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 18414090 | 165342 | SH |  | SOLE | 0 | 0 | 0 | 165342 |
| FEDEX CORP | COM | 31428X106 |  | 7553460 | 39300 | SH |  | SOLE | 0 | 0 | 0 | 39300 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 1533080 | 18186 | SH |  | SOLE | 0 | 0 | 0 | 18186 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 273058 | 6025 | SH |  | SOLE | 0 | 0 | 0 | 6025 |
| GENERAL MTRS CO | COM | 37045V100 |  | 6479972 | 171337 | SH |  | SOLE | 0 | 0 | 0 | 171337 |
| HOME DEPOT INC | COM | 437076102 |  | 8682972 | 26392 | SH |  | SOLE | 0 | 0 | 0 | 26392 |
| HONEYWELL INTL INC | COM | 438516106 |  | 570026 | 2685 | SH |  | SOLE | 0 | 0 | 0 | 2685 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 735831 | 6770 | SH |  | SOLE | 0 | 0 | 0 | 6770 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 326109 | 2245 | SH |  | SOLE | 0 | 0 | 0 | 2245 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 |  | 35975860 | 1707445 | SH |  | SOLE | 0 | 0 | 0 | 1707445 |
| INVESCO EXCH TRADED FD TR II | S MIDCP LOW | 46138E198 |  | 3399479 | 61618 | SH |  | SOLE | 0 | 0 | 0 | 61618 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 394954 | 1423 | SH |  | SOLE | 0 | 0 | 0 | 1423 |
| ISHARES INC | MSCI SPAIN ETF | 464286764 |  | 1040022 | 40171 | SH |  | SOLE | 0 | 0 | 0 | 40171 |
| ISHARES INC | MSCI EMRG CHN | 46434G764 |  | 856181 | 17120 | SH |  | SOLE | 0 | 0 | 0 | 17120 |
| ISHARES INC | MSCI SINGPOR ETF | 46434G780 |  | 384906 | 19810 | SH |  | SOLE | 0 | 0 | 0 | 19810 |
| ISHARES INC | MSCI BELGIUM ETF | 464286301 |  | 644232 | 34104 | SH |  | SOLE | 0 | 0 | 0 | 34104 |
| ISHARES INC | MSCI FRANCE ETF | 464286707 |  | 841613 | 23568 | SH |  | SOLE | 0 | 0 | 0 | 23568 |
| ISHARES INC | MSCI ITALY ETF | 46434G830 |  | 752305 | 25799 | SH |  | SOLE | 0 | 0 | 0 | 25799 |
| ISHARES INC | MSCI EMERG MRKT | 464286533 |  | 2933482 | 53994 | SH |  | SOLE | 0 | 0 | 0 | 53994 |
| ISHARES INC | MSCI MLY ETF NEW | 46434G814 |  | 369885 | 16012 | SH |  | SOLE | 0 | 0 | 0 | 16012 |
| ISHARES INC | MSCI HONG KG ETF | 464286871 |  | 391644 | 17859 | SH |  | SOLE | 0 | 0 | 0 | 17859 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 2602025 | 47138 | SH |  | SOLE | 0 | 0 | 0 | 47138 |
| ISHARES INC | MSCI AUST ETF | 464286103 |  | 246433 | 10549 | SH |  | SOLE | 0 | 0 | 0 | 10549 |
| ISHARES INC | MSCI AUSTRIA ETF | 464286202 |  | 561841 | 27947 | SH |  | SOLE | 0 | 0 | 0 | 27947 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 6603692 | 75704 | SH |  | SOLE | 0 | 0 | 0 | 75704 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 9359232 | 88562 | SH |  | SOLE | 0 | 0 | 0 | 88562 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 3241066 | 67621 | SH |  | SOLE | 0 | 0 | 0 | 67621 |
| ISHARES TR | INTL TREA BD ETF | 464288117 |  | 2935071 | 72994 | SH |  | SOLE | 0 | 0 | 0 | 72994 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 384397 | 2647 | SH |  | SOLE | 0 | 0 | 0 | 2647 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 6625592 | 89802 | SH |  | SOLE | 0 | 0 | 0 | 89802 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 |  | 1396006 | 43625 | SH |  | SOLE | 0 | 0 | 0 | 43625 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 6865896 | 69080 | SH |  | SOLE | 0 | 0 | 0 | 69080 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 9117439 | 104798 | SH |  | SOLE | 0 | 0 | 0 | 104798 |
| ISHARES TR | MSCI KLD400 SOC | 464288570 |  | 522958 | 7029 | SH |  | SOLE | 0 | 0 | 0 | 7029 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 3164957 | 48804 | SH |  | SOLE | 0 | 0 | 0 | 48804 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 36432841 | 239453 | SH |  | SOLE | 0 | 0 | 0 | 239453 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 1289616 | 14544 | SH |  | SOLE | 0 | 0 | 0 | 14544 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 6785428 | 166187 | SH |  | SOLE | 0 | 0 | 0 | 166187 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 3456473 | 13635 | SH |  | SOLE | 0 | 0 | 0 | 13635 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 25716812 | 116119 | SH |  | SOLE | 0 | 0 | 0 | 116119 |
| ISHARES TR | ISHS 5-10YR INVT | 464288638 |  | 36196338 | 710429 | SH |  | SOLE | 0 | 0 | 0 | 710429 |
| ISHARES TR | MSCI EAFE MIN VL | 46429B689 |  | 3032363 | 46494 | SH |  | SOLE | 0 | 0 | 0 | 46494 |
| ISHARES TR | GRWT ALLOCAT ETF | 464289867 |  | 1917743 | 39042 | SH |  | SOLE | 0 | 0 | 0 | 39042 |
| ISHARES TR | AGGRES ALLOC ETF | 464289859 |  | 1668470 | 26842 | SH |  | SOLE | 0 | 0 | 0 | 26842 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 45143730 | 592360 | SH |  | SOLE | 0 | 0 | 0 | 592360 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 35799633 | 306504 | SH |  | SOLE | 0 | 0 | 0 | 306504 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 9818970 | 88739 | SH |  | SOLE | 0 | 0 | 0 | 88739 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 18439090 | 105439 | SH |  | SOLE | 0 | 0 | 0 | 105439 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 23561554 | 168743 | SH |  | SOLE | 0 | 0 | 0 | 168743 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 1563999 | 8716 | SH |  | SOLE | 0 | 0 | 0 | 8716 |
| KLA CORP | COM NEW | 482480100 |  | 851730 | 2032 | SH |  | SOLE | 0 | 0 | 0 | 2032 |
| KROGER CO | COM | 501044101 |  | 12310412 | 269906 | SH |  | SOLE | 0 | 0 | 0 | 269906 |
| LAM RESEARCH CORP | COM | 512807108 |  | 19688224 | 42404 | SH |  | SOLE | 0 | 0 | 0 | 42404 |
| LILLY ELI  CO | COM | 532457108 |  | 2418712 | 6711 | SH |  | SOLE | 0 | 0 | 0 | 6711 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 26528507 | 57297 | SH |  | SOLE | 0 | 0 | 0 | 57297 |
| LOWES COS INC | COM | 548661107 |  | 32547429 | 156035 | SH |  | SOLE | 0 | 0 | 0 | 156035 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 4913058 | 15749 | SH |  | SOLE | 0 | 0 | 0 | 15749 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 203084 | 537 | SH |  | SOLE | 0 | 0 | 0 | 537 |
| MCDONALDS CORP | COM | 580135101 |  | 465274 | 1731 | SH |  | SOLE | 0 | 0 | 0 | 1731 |
| MERCK  CO INC | COM | 58933Y105 |  | 10196271 | 91800 | SH |  | SOLE | 0 | 0 | 0 | 91800 |
| META PLATFORMS INC | CL A | 30303M102 |  | 8111738 | 61041 | SH |  | SOLE | 0 | 0 | 0 | 61041 |
| MICROSOFT CORP | COM | 594918104 |  | 28246444 | 119805 | SH |  | SOLE | 0 | 0 | 0 | 119805 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 1316400 | 4348 | SH |  | SOLE | 0 | 0 | 0 | 4348 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 1613515 | 15867 | SH |  | SOLE | 0 | 0 | 0 | 15867 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 16687181 | 186595 | SH |  | SOLE | 0 | 0 | 0 | 186595 |
| NETFLIX INC | COM | 64110L106 |  | 1295950 | 3960 | SH |  | SOLE | 0 | 0 | 0 | 3960 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 4900933 | 57658 | SH |  | SOLE | 0 | 0 | 0 | 57658 |
| NIKE INC | CL B | 654106103 |  | 7306706 | 57110 | SH |  | SOLE | 0 | 0 | 0 | 57110 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 6008260 | 45318 | SH |  | SOLE | 0 | 0 | 0 | 45318 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1748651 | 10928 | SH |  | SOLE | 0 | 0 | 0 | 10928 |
| ORACLE CORP | COM | 68389X105 |  | 248584 | 2806 | SH |  | SOLE | 0 | 0 | 0 | 2806 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 6020372 | 7293 | SH |  | SOLE | 0 | 0 | 0 | 7293 |
| PAYCHEX INC | COM | 704326107 |  | 741059 | 6192 | SH |  | SOLE | 0 | 0 | 0 | 6192 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 1436261 | 18287 | SH |  | SOLE | 0 | 0 | 0 | 18287 |
| PENUMBRA INC | COM | 70975L107 |  | 777492 | 3412 | SH |  | SOLE | 0 | 0 | 0 | 3412 |
| PEPSICO INC | COM | 713448108 |  | 453493 | 2547 | SH |  | SOLE | 0 | 0 | 0 | 2547 |
| PFIZER INC | COM | 717081103 |  | 9683637 | 204081 | SH |  | SOLE | 0 | 0 | 0 | 204081 |
| POLARIS INC | COM | 731068102 |  | 318000 | 3000 | SH |  | SOLE | 0 | 0 | 0 | 3000 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 20675251 | 137231 | SH |  | SOLE | 0 | 0 | 0 | 137231 |
| PROGRESSIVE CORP | COM | 743315103 |  | 7006500 | 52979 | SH |  | SOLE | 0 | 0 | 0 | 52979 |
| QUALCOMM INC | COM | 747525103 |  | 30864872 | 260705 | SH |  | SOLE | 0 | 0 | 0 | 260705 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 15679442 | 157440 | SH |  | SOLE | 0 | 0 | 0 | 157440 |
| S GLOBAL INC | COM | 78409V104 |  | 1559226 | 4283 | SH |  | SOLE | 0 | 0 | 0 | 4283 |
| SALESFORCE INC | COM | 79466L302 |  | 258357 | 1783 | SH |  | SOLE | 0 | 0 | 0 | 1783 |
| SAP SE | SPON ADR | 803054204 |  | 6547245 | 56997 | SH |  | SOLE | 0 | 0 | 0 | 56997 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 19268871 | 230986 | SH |  | SOLE | 0 | 0 | 0 | 230986 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 6685886 | 49423 | SH |  | SOLE | 0 | 0 | 0 | 49423 |
| SEMPRA | COM | 816851109 |  | 417953 | 2579 | SH |  | SOLE | 0 | 0 | 0 | 2579 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 208735 | 2078 | SH |  | SOLE | 0 | 0 | 0 | 2078 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1771634 | 4479 | SH |  | SOLE | 0 | 0 | 0 | 4479 |
| SPDR SER TR | BLOOMBERG INTL T | 78464A516 |  | 9177812 | 399035 | SH |  | SOLE | 0 | 0 | 0 | 399035 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 |  | 201758 | 2205 | SH |  | SOLE | 0 | 0 | 0 | 2205 |
| SPDR SER TR | S DIVID ETF | 78464A763 |  | 14563490 | 112755 | SH |  | SOLE | 0 | 0 | 0 | 112755 |
| SPDR SER TR | BBG CONV SEC ETF | 78464A359 |  | 209249 | 3158 | SH |  | SOLE | 0 | 0 | 0 | 3158 |
| STARBUCKS CORP | COM | 855244109 |  | 621342 | 5845 | SH |  | SOLE | 0 | 0 | 0 | 5845 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 5680688 | 69463 | SH |  | SOLE | 0 | 0 | 0 | 69463 |
| TAPESTRY INC | COM | 876030107 |  | 15058995 | 355584 | SH |  | SOLE | 0 | 0 | 0 | 355584 |
| TARGET CORP | COM | 87612E106 |  | 32889612 | 206892 | SH |  | SOLE | 0 | 0 | 0 | 206892 |
| TESLA INC | COM | 88160R101 |  | 2147971 | 17432 | SH |  | SOLE | 0 | 0 | 0 | 17432 |
| UNION PAC CORP | COM | 907818108 |  | 14236777 | 66446 | SH |  | SOLE | 0 | 0 | 0 | 66446 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 615158 | 2332 | SH |  | SOLE | 0 | 0 | 0 | 2332 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 13575883 | 27515 | SH |  | SOLE | 0 | 0 | 0 | 27515 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 528272 | 1453 | SH |  | SOLE | 0 | 0 | 0 | 1453 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 463715 | 2339 | SH |  | SOLE | 0 | 0 | 0 | 2339 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 304195 | 1577 | SH |  | SOLE | 0 | 0 | 0 | 1577 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 27654592 | 522080 | SH |  | SOLE | 0 | 0 | 0 | 522080 |
| VANGUARD SCOTTSDALE FDS | TOTAL CORP BND | 92206C573 |  | 14131886 | 184634 | SH |  | SOLE | 0 | 0 | 0 | 184634 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 461649 | 6081 | SH |  | SOLE | 0 | 0 | 0 | 6081 |
| VANGUARD SCOTTSDALE FDS | MTG-BKD SECS ETF | 92206C771 |  | 8088930 | 172988 | SH |  | SOLE | 0 | 0 | 0 | 172988 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 265303 | 3325 | SH |  | SOLE | 0 | 0 | 0 | 3325 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 17926396 | 300728 | SH |  | SOLE | 0 | 0 | 0 | 300728 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 14344956 | 348348 | SH |  | SOLE | 0 | 0 | 0 | 348348 |
| VISA INC | COM CL A | 92826C839 |  | 702203 | 3162 | SH |  | SOLE | 0 | 0 | 0 | 3162 |
| WALMART INC | COM | 931142103 |  | 37640156 | 257580 | SH |  | SOLE | 0 | 0 | 0 | 257580 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 6782966 | 158703 | SH |  | SOLE | 0 | 0 | 0 | 158703 |
| WISDOMTREE TR | EUROPE SMCP DV | 97717W869 |  | 210047 | 3639 | SH |  | SOLE | 0 | 0 | 0 | 3639 |
| ZOETIS INC | CL A | 98978V103 |  | 1476059 | 9348 | SH |  | SOLE | 0 | 0 | 0 | 9348 |

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