# EDGAR Filing Document

**Accession Number:** 0001673385
**File Stem:** 0001104659-26-061223
**Filing Date:** 2026-5
**Character Count:** 35608
**Document Hash:** 4c6b4638b2ebc3dd6d401c6ebfda8119
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-061223.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001104659-26-061223

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**EFFECTIVENESS DATE**: 20260514

**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:** 26979464

**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:** 03-31-2026

**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  05-14-2026<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:** 315

**Form 13F Information Table Value Total:** $1615341004

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 3218635 | 14799 | SH |  | SOLE |  | 14799 | 0 | 0 |
| ACUITY INC | COM | 00508Y102 |  | 1486567 | 5305 | SH |  | SOLE |  | 5305 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 6376718 | 26233 | SH |  | SOLE |  | 26233 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 2389591 | 20965 | SH |  | SOLE |  | 20965 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 4047905 | 32055 | SH |  | SOLE |  | 32055 | 0 | 0 |
| AIR PRODUCTS AND CHEMICALS I | COM | 009158106 |  | 4591194 | 15805 | SH |  | SOLE |  | 15805 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 2179047 | 12711 | SH |  | SOLE |  | 12711 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 42608340 | 148172 | SH |  | SOLE |  | 148172 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 2691402 | 40785 | SH |  | SOLE |  | 40785 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 12819227 | 61551 | SH |  | SOLE |  | 61551 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 427976 | 3265 | SH |  | SOLE |  | 3265 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 6248027 | 20656 | SH |  | SOLE |  | 20656 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 967621 | 4514 | SH |  | SOLE |  | 4514 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 5112029 | 14529 | SH |  | SOLE |  | 14529 | 0 | 0 |
| AMPHENOL CORP | CL A | 032095101 |  | 3656695 | 28941 | SH |  | SOLE |  | 28941 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 4655668 | 109700 | SH |  | SOLE |  | 109700 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 51496529 | 202910 | SH |  | SOLE |  | 202910 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 5090962 | 14895 | SH |  | SOLE |  | 14895 | 0 | 0 |
| APTARGROUP INC | COM | 038336103 |  | 510507 | 4051 | SH |  | SOLE |  | 4051 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 3823492 | 31141 | SH |  | SOLE |  | 31141 | 0 | 0 |
| ARTISAN PARTNERS ASSET MGMT | CL A | 04316A108 |  | 3226665 | 88669 | SH |  | SOLE |  | 88669 | 0 | 0 |
| ATKORE INC | COM | 047649108 |  | 950218 | 16130 | SH |  | SOLE |  | 16130 | 0 | 0 |
| AUTOLIV INC | COM | 052800109 |  | 542626 | 5160 | SH |  | SOLE |  | 5160 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 2117868 | 627 | SH |  | SOLE |  | 627 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 2799166 | 17136 | SH |  | SOLE |  | 17136 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 502671 | 2911 | SH |  | SOLE |  | 2911 | 0 | 0 |
| AXCELIS TECHNOLOGIES INC | COM NEW | 054540208 |  | 854381 | 9179 | SH |  | SOLE |  | 9179 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 |  | 1186831 | 16510 | SH |  | SOLE |  | 16510 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 1878191 | 38527 | SH |  | SOLE |  | 38527 | 0 | 0 |
| BANK MONTREAL MEDIUM | COM | 063671101 |  | 1445894 | 10675 | SH |  | SOLE |  | 10675 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 3148001 | 187381 | SH |  | SOLE |  | 187381 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 3044602 | 19364 | SH |  | SOLE |  | 19364 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 6364734 | 13282 | SH |  | SOLE |  | 13282 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 3546336 | 19344 | SH |  | SOLE |  | 19344 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 1774871 | 15435 | SH |  | SOLE |  | 15435 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 10740377 | 11168 | SH |  | SOLE |  | 11168 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 1765794 | 8872 | SH |  | SOLE |  | 8872 | 0 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 596029 | 7858 | SH |  | SOLE |  | 7858 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 269460 | 64 | SH |  | SOLE |  | 64 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 1010593 | 18625 | SH |  | SOLE |  | 18625 | 0 | 0 |
| ACADIAN ASSET MANAGEMENT INC | COM | 10948W103 |  | 336751 | 6188 | SH |  | SOLE |  | 6188 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 3671084 | 60529 | SH |  | SOLE |  | 60529 | 0 | 0 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 668443 | 4114 | SH |  | SOLE |  | 4114 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 12360901 | 39937 | SH |  | SOLE |  | 39937 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 7048296 | 266577 | SH |  | SOLE |  | 266577 | 0 | 0 |
| CDW CORP | COM | 12514G108 |  | 843872 | 6973 | SH |  | SOLE |  | 6973 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 2524061 | 8546 | SH |  | SOLE |  | 8546 | 0 | 0 |
| CSG SYS INTL INC | COM | 126349109 |  | 565655 | 7076 | SH |  | SOLE |  | 7076 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 417725 | 10176 | SH |  | SOLE |  | 10176 | 0 | 0 |
| CTS CORP | COM | 126501105 |  | 605645 | 12681 | SH |  | SOLE |  | 12681 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 247779 | 3450 | SH |  | SOLE |  | 3450 | 0 | 0 |
| CABOT CORP | COM | 127055101 |  | 653766 | 8681 | SH |  | SOLE |  | 8681 | 0 | 0 |
| CACTUS INC | CL A | 127203107 |  | 948963 | 20033 | SH |  | SOLE |  | 20033 | 0 | 0 |
| THE CAMPBELLS COMPANY | COM | 134429109 |  | 2658169 | 119361 | SH |  | SOLE |  | 119361 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 3865170 | 37553 | SH |  | SOLE |  | 37553 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 246703 | 3135 | SH |  | SOLE |  | 3135 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 1847060 | 56416 | SH |  | SOLE |  | 56416 | 0 | 0 |
| CHARTER COMMUNICATIONS INC | CL A | 16119P108 |  | 1893268 | 8770 | SH |  | SOLE |  | 8770 | 0 | 0 |
| CHEMED CORP NEW | COM | 16359R103 |  | 464998 | 1231 | SH |  | SOLE |  | 1231 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 2838451 | 10003 | SH |  | SOLE |  | 10003 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 3252675 | 15721 | SH |  | SOLE |  | 15721 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 632616 | 6779 | SH |  | SOLE |  | 6779 | 0 | 0 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 829106 | 5733 | SH |  | SOLE |  | 5733 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 9406624 | 121235 | SH |  | SOLE |  | 121235 | 0 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 3579277 | 34539 | SH |  | SOLE |  | 34539 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 848946 | 11163 | SH |  | SOLE |  | 11163 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 8149673 | 132839 | SH |  | SOLE |  | 132839 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 5541910 | 65023 | SH |  | SOLE |  | 65023 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 4970821 | 173139 | SH |  | SOLE |  | 173139 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 3211428 | 24329 | SH |  | SOLE |  | 24329 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 8178450 | 54523 | SH |  | SOLE |  | 54523 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 1803822 | 54332 | SH |  | SOLE |  | 54332 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 3854163 | 13245 | SH |  | SOLE |  | 13245 | 0 | 0 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 1747738 | 1754 | SH |  | SOLE |  | 1754 | 0 | 0 |
| CROCS INC | COM | 227046109 |  | 866646 | 10439 | SH |  | SOLE |  | 10439 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 |  | 4342117 | 53402 | SH |  | SOLE |  | 53402 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 822793 | 1208 | SH |  | SOLE |  | 1208 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 841021 | 6129 | SH |  | SOLE |  | 6129 | 0 | 0 |
| DANAHER CORP DEL | COM | 235851102 |  | 4179922 | 22046 | SH |  | SOLE |  | 22046 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 389250 | 3889 | SH |  | SOLE |  | 3889 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 4335118 | 86151 | SH |  | SOLE |  | 86151 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 1142831 | 5778 | SH |  | SOLE |  | 5778 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 277695 | 4492 | SH |  | SOLE |  | 4492 | 0 | 0 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 393234 | 1096 | SH |  | SOLE |  | 1096 | 0 | 0 |
| DONALDSON INC | COM | 257651109 |  | 686429 | 8088 | SH |  | SOLE |  | 8088 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 414816 | 1990 | SH |  | SOLE |  | 1990 | 0 | 0 |
| DOW HLDGS INC | COM | 260557103 |  | 3905229 | 93763 | SH |  | SOLE |  | 93763 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 3505526 | 26772 | SH |  | SOLE |  | 26772 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 |  | 908602 | 4796 | SH |  | SOLE |  | 4796 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 5249579 | 57675 | SH |  | SOLE |  | 57675 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 4947114 | 67602 | SH |  | SOLE |  | 67602 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 7162994 | 54671 | SH |  | SOLE |  | 54671 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 826751 | 8547 | SH |  | SOLE |  | 8547 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 521095 | 13771 | SH |  | SOLE |  | 13771 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 2096195 | 11641 | SH |  | SOLE |  | 11641 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 293355 | 4420 | SH |  | SOLE |  | 4420 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 748066 | 2506 | SH |  | SOLE |  | 2506 | 0 | 0 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 4148764 | 59884 | SH |  | SOLE |  | 59884 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 10670596 | 62894 | SH |  | SOLE |  | 62894 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 21589898 | 37736 | SH |  | SOLE |  | 37736 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 1583810 | 7299 | SH |  | SOLE |  | 7299 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 |  | 281831 | 264 | SH |  | SOLE |  | 264 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 6099744 | 131460 | SH |  | SOLE |  | 131460 | 0 | 0 |
| FEDERAL RLTY INVT TR NEW | SH BEN INT NEW | 313745101 |  | 452986 | 4265 | SH |  | SOLE |  | 4265 | 0 | 0 |
| FEDERATED HERMES INC | CL B | 314211103 |  | 2262445 | 39895 | SH |  | SOLE |  | 39895 | 0 | 0 |
| FIDELITY COVINGTON TRUST | MSCI INFO TECH I | 316092808 |  | 24540122 | 117953 | SH |  | SOLE |  | 117953 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 2322210 | 49983 | SH |  | SOLE |  | 49983 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 823720 | 14762 | SH |  | SOLE |  | 14762 | 0 | 0 |
| FORTUNE BRANDS INNOVATIONS I | COM | 34964C106 |  | 710462 | 18231 | SH |  | SOLE |  | 18231 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 5872003 | 100548 | SH |  | SOLE |  | 100548 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE UNTD KGDM | 35473P678 |  | 7507117 | 215970 | SH |  | SOLE |  | 215970 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE JAPAN ETF | 35473P744 |  | 11885564 | 328512 | SH |  | SOLE |  | 328512 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE BRAZIL | 35473P835 |  | 8148186 | 341071 | SH |  | SOLE |  | 341071 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 3839449 | 53940 | SH |  | SOLE |  | 53940 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 5483283 | 15976 | SH |  | SOLE |  | 15976 | 0 | 0 |
| GENERAL MILLS INC | COM | 370334104 |  | 3162993 | 84981 | SH |  | SOLE |  | 84981 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 509186 | 4815 | SH |  | SOLE |  | 4815 | 0 | 0 |
| GENTHERM INC | COM | 37253A103 |  | 609299 | 21933 | SH |  | SOLE |  | 21933 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 449608 | 3226 | SH |  | SOLE |  | 3226 | 0 | 0 |
| GRACO INC | COM | 384109104 |  | 839643 | 9919 | SH |  | SOLE |  | 9919 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 4629187 | 240978 | SH |  | SOLE |  | 240978 | 0 | 0 |
| HAMILTON LANE INC | CL A | 407497106 |  | 569164 | 5726 | SH |  | SOLE |  | 5726 | 0 | 0 |
| HASBRO INC | COM | 418056107 |  | 387691 | 4142 | SH |  | SOLE |  | 4142 | 0 | 0 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 5095600 | 310140 | SH |  | SOLE |  | 310140 | 0 | 0 |
| HEICO CORP NEW | COM | 422806109 |  | 438172 | 1598 | SH |  | SOLE |  | 1598 | 0 | 0 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 3188457 | 20175 | SH |  | SOLE |  | 20175 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 715557 | 3442 | SH |  | SOLE |  | 3442 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 9033967 | 39968 | SH |  | SOLE |  | 39968 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 459823 | 937 | SH |  | SOLE |  | 937 | 0 | 0 |
| HUNTINGTON INGALLS INDS INC | COM | 446413106 |  | 515144 | 1356 | SH |  | SOLE |  | 1356 | 0 | 0 |
| ITT INC | COM | 45073V108 |  | 565303 | 2967 | SH |  | SOLE |  | 2967 | 0 | 0 |
| IDEX CORP | COM | 45167R104 |  | 3152406 | 16631 | SH |  | SOLE |  | 16631 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 3491530 | 13414 | SH |  | SOLE |  | 13414 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 2561589 | 20782 | SH |  | SOLE |  | 20782 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 488944 | 4340 | SH |  | SOLE |  | 4340 | 0 | 0 |
| INNOVIVA INC | COM | 45781M101 |  | 603214 | 25889 | SH |  | SOLE |  | 25889 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 813138 | 5170 | SH |  | SOLE |  | 5170 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 289898 | 1196 | SH |  | SOLE |  | 1196 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 5167156 | 71222 | SH |  | SOLE |  | 71222 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 3842352 | 8335 | SH |  | SOLE |  | 8335 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 3298414 | 19341 | SH |  | SOLE |  | 19341 | 0 | 0 |
| ISHARES TR | GLOBAL ENERG ETF | 464287341 |  | 8922925 | 154885 | SH |  | SOLE |  | 154885 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 4940286 | 61715 | SH |  | SOLE |  | 61715 | 0 | 0 |
| ISHARES TR | GLB CNSM STP ETF | 464288737 |  | 17455234 | 260487 | SH |  | SOLE |  | 260487 | 0 | 0 |
| ISHARES TR | US TREAS BD ETF | 46429B267 |  | 240183446 | 10483782 | SH |  | SOLE |  | 10483782 | 0 | 0 |
| ISHARES TR | ULTRA SHORT DUR | 46434V878 |  | 13111744 | 259023 | SH |  | SOLE |  | 259023 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 10651717 | 43576 | SH |  | SOLE |  | 43576 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 4798584 | 3259 | SH |  | SOLE |  | 3259 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 1669903 | 18053 | SH |  | SOLE |  | 18053 | 0 | 0 |
| KENVUE INC | COM | 49177J102 |  | 334887 | 19425 | SH |  | SOLE |  | 19425 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 2418170 | 120607 | SH |  | SOLE |  | 120607 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 254777 | 2641 | SH |  | SOLE |  | 2641 | 0 | 0 |
| KONTOOR BRANDS INC | COM | 50050N103 |  | 635492 | 9041 | SH |  | SOLE |  | 9041 | 0 | 0 |
| KORN FERRY | COM NEW | 500643200 |  | 446441 | 7092 | SH |  | SOLE |  | 7092 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 1958092 | 87065 | SH |  | SOLE |  | 87065 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 8958549 | 315109 | SH |  | SOLE |  | 315109 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 2361215 | 7849 | SH |  | SOLE |  | 7849 | 0 | 0 |
| LA Z BOY INC | COM | 505336107 |  | 614003 | 19104 | SH |  | SOLE |  | 19104 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 6410868 | 30005 | SH |  | SOLE |  | 30005 | 0 | 0 |
| LANDSTAR SYS INC | COM | 515098101 |  | 296253 | 1848 | SH |  | SOLE |  | 1848 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 3006086 | 41885 | SH |  | SOLE |  | 41885 | 0 | 0 |
| LLOYDS BANKING GROUP PLC | SPONSORED ADR | 539439109 |  | 75702 | 15050 | SH |  | SOLE |  | 15050 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 8205803 | 13577 | SH |  | SOLE |  | 13577 | 0 | 0 |
| LOUISIANA PAC CORP | COM | 546347105 |  | 519726 | 7144 | SH |  | SOLE |  | 7144 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 1505585 | 9834 | SH |  | SOLE |  | 9834 | 0 | 0 |
| MGE ENERGY INC | COM | 55277P104 |  | 220586 | 2854 | SH |  | SOLE |  | 2854 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 1584907 | 28379 | SH |  | SOLE |  | 28379 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 264298 | 1602 | SH |  | SOLE |  | 1602 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 3573328 | 36076 | SH |  | SOLE |  | 36076 | 0 | 0 |
| MASCO CORP | COM | 574599106 |  | 5312439 | 87998 | SH |  | SOLE |  | 87998 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 9913254 | 19840 | SH |  | SOLE |  | 19840 | 0 | 0 |
| MATADOR RES CO | COM | 576485205 |  | 2629994 | 41627 | SH |  | SOLE |  | 41627 | 0 | 0 |
| MATTEL INC | COM | 577081102 |  | 154701 | 10647 | SH |  | SOLE |  | 10647 | 0 | 0 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 620513 | 12302 | SH |  | SOLE |  | 12302 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 411486 | 1324 | SH |  | SOLE |  | 1324 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 4194512 | 34870 | SH |  | SOLE |  | 34870 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 957251 | 759 | SH |  | SOLE |  | 759 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 53416642 | 144303 | SH |  | SOLE |  | 144303 | 0 | 0 |
| MIDDLEBY CORP | COM | 596278101 |  | 329461 | 2485 | SH |  | SOLE |  | 2485 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 3758286 | 73982 | SH |  | SOLE |  | 73982 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 7289558 | 126467 | SH |  | SOLE |  | 126467 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 2462224 | 2252 | SH |  | SOLE |  | 2252 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 4129106 | 9465 | SH |  | SOLE |  | 9465 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 365876 | 4310 | SH |  | SOLE |  | 4310 | 0 | 0 |
| NATURAL RESOURCE PARTNERS LP | COM UNIT LTD PAR | 63900P608 |  | 391193 | 3233 | SH |  | SOLE |  | 3233 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 1275267 | 12455 | SH |  | SOLE |  | 12455 | 0 | 0 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 1569043 | 33391 | SH |  | SOLE |  | 33391 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 5446270 | 103110 | SH |  | SOLE |  | 103110 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 243705 | 5223 | SH |  | SOLE |  | 5223 | 0 | 0 |
| NORDSON CORP | COM | 655663102 |  | 757207 | 2846 | SH |  | SOLE |  | 2846 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 496671 | 728 | SH |  | SOLE |  | 728 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 1056368 | 6247 | SH |  | SOLE |  | 6247 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 39749771 | 227923 | SH |  | SOLE |  | 227923 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 5060527 | 54821 | SH |  | SOLE |  | 54821 | 0 | 0 |
| CHORD ENERGY CORPORATION | COM NEW | 674215207 |  | 2882131 | 20271 | SH |  | SOLE |  | 20271 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 3310190 | 50926 | SH |  | SOLE |  | 50926 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 3255877 | 43233 | SH |  | SOLE |  | 43233 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 3651846 | 40401 | SH |  | SOLE |  | 40401 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 5283140 | 68541 | SH |  | SOLE |  | 68541 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 280922 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 4476241 | 41881 | SH |  | SOLE |  | 41881 | 0 | 0 |
| PACKAGING CORP AMER | COM | 695156109 |  | 472826 | 2228 | SH |  | SOLE |  | 2228 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 2913175 | 18171 | SH |  | SOLE |  | 18171 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 431832 | 3553 | SH |  | SOLE |  | 3553 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 3257058 | 72011 | SH |  | SOLE |  | 72011 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 9159315 | 58982 | SH |  | SOLE |  | 58982 | 0 | 0 |
| PETROLEO BRASILEIRO S A | SPONSORED ADR | 71654V408 |  | 2594435 | 125033 | SH |  | SOLE |  | 125033 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 7719613 | 274915 | SH |  | SOLE |  | 274915 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 4615962 | 27918 | SH |  | SOLE |  | 27918 | 0 | 0 |
| PLEXUS CORP | COM | 729132100 |  | 606607 | 2995 | SH |  | SOLE |  | 2995 | 0 | 0 |
| PRESTIGE CONSMR HEALTHCARE I | COM | 74112D101 |  | 1980211 | 33410 | SH |  | SOLE |  | 33410 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 1962438 | 21771 | SH |  | SOLE |  | 21771 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 8166493 | 56539 | SH |  | SOLE |  | 56539 | 0 | 0 |
| PROG HOLDINGS INC | COM NPV | 74319R101 |  | 1965954 | 68524 | SH |  | SOLE |  | 68524 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 2093467 | 15838 | SH |  | SOLE |  | 15838 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 658238 | 2430 | SH |  | SOLE |  | 2430 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 971341 | 8259 | SH |  | SOLE |  | 8259 | 0 | 0 |
| QNITY ELECTRONICS INC | COMMON STOCK | 74743L100 |  | 1428289 | 12379 | SH |  | SOLE |  | 12379 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 4754300 | 36918 | SH |  | SOLE |  | 36918 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 7250938 | 50079 | SH |  | SOLE |  | 50079 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 |  | 4330137 | 70777 | SH |  | SOLE |  | 70777 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 2089991 | 2705 | SH |  | SOLE |  | 2705 | 0 | 0 |
| REYNOLDS CONSUMER PRODS INC | COM | 76171L106 |  | 266656 | 12590 | SH |  | SOLE |  | 12590 | 0 | 0 |
| ROBERT HALF INC. | COM | 770323103 |  | 1875333 | 73832 | SH |  | SOLE |  | 73832 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 5807037 | 16181 | SH |  | SOLE |  | 16181 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 2908829 | 75635 | SH |  | SOLE |  | 75635 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 527370 | 9874 | SH |  | SOLE |  | 9874 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 4463944 | 12615 | SH |  | SOLE |  | 12615 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 4935220 | 11603 | SH |  | SOLE |  | 11603 | 0 | 0 |
| SBA COMMUNICATIONS CORP | CL A | 78410G104 |  | 1745884 | 10144 | SH |  | SOLE |  | 10144 | 0 | 0 |
| SEI INVTS CO | COM | 784117103 |  | 3628845 | 46245 | SH |  | SOLE |  | 46245 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A300 |  | 24193753 | 255802 | SH |  | SOLE |  | 255802 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R853 |  | 37402144 | 774051 | SH |  | SOLE |  | 774051 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 4793499 | 25679 | SH |  | SOLE |  | 25679 | 0 | 0 |
| SCHEIN HENRY INC | COM | 806407102 |  | 475512 | 6452 | SH |  | SOLE |  | 6452 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 2751369 | 53539 | SH |  | SOLE |  | 53539 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 9625620 | 102422 | SH |  | SOLE |  | 102422 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL EMER | 808524730 |  | 27692129 | 723788 | SH |  | SOLE |  | 723788 | 0 | 0 |
| SCHWAB STRATEGIC TR | US REIT ETF | 808524847 |  | 15154318 | 705180 | SH |  | SOLE |  | 705180 | 0 | 0 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 39159427 | 1613491 | SH |  | SOLE |  | 1613491 | 0 | 0 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 |  | 464096 | 5369 | SH |  | SOLE |  | 5369 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 4717191 | 45119 | SH |  | SOLE |  | 45119 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 224769 | 1205 | SH |  | SOLE |  | 1205 | 0 | 0 |
| SIMPLY GOOD FOODS CO | COM | 82900L102 |  | 485360 | 33823 | SH |  | SOLE |  | 33823 | 0 | 0 |
| SIMPSON MFG INC | COM | 829073105 |  | 299649 | 1746 | SH |  | SOLE |  | 1746 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 1594826 | 29782 | SH |  | SOLE |  | 29782 | 0 | 0 |
| SMITH A O CORP | COM | 831865209 |  | 689798 | 10461 | SH |  | SOLE |  | 10461 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 787461 | 2168 | SH |  | SOLE |  | 2168 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 367946 | 4107 | SH |  | SOLE |  | 4107 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 667980 | 3711 | SH |  | SOLE |  | 3711 | 0 | 0 |
| STIFEL FINL CORP | COM | 860630102 |  | 766403 | 10368 | SH |  | SOLE |  | 10368 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 4041986 | 12301 | SH |  | SOLE |  | 12301 | 0 | 0 |
| SUNBELT RENTALS HOLDINGS INC | SHS | 866966104 |  | 1860475 | 29165 | SH |  | SOLE |  | 29165 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 357506 | 5012 | SH |  | SOLE |  | 5012 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 |  | 11095574 | 32832 | SH |  | SOLE |  | 32832 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 |  | 1438381 | 154998 | SH |  | SOLE |  | 154998 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 3416109 | 11523 | SH |  | SOLE |  | 11523 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 3045862 | 15689 | SH |  | SOLE |  | 15689 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 3320022 | 6996 | SH |  | SOLE |  | 6996 | 0 | 0 |
| TEXTRON INC | COM | 883203101 |  | 577371 | 6594 | SH |  | SOLE |  | 6594 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 5438288 | 11064 | SH |  | SOLE |  | 11064 | 0 | 0 |
| TORO CO | COM | 891092108 |  | 399643 | 4277 | SH |  | SOLE |  | 4277 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 2199702 | 23553 | SH |  | SOLE |  | 23553 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 775898 | 17128 | SH |  | SOLE |  | 17128 | 0 | 0 |
| TRANSUNION | COM | 89400J107 |  | 2687270 | 38839 | SH |  | SOLE |  | 38839 | 0 | 0 |
| TRINET GROUP INC | COM | 896288107 |  | 1017235 | 27923 | SH |  | SOLE |  | 27923 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 2182610 | 47479 | SH |  | SOLE |  | 47479 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 2215348 | 34577 | SH |  | SOLE |  | 34577 | 0 | 0 |
| US BANCORP | COM NEW | 902973304 |  | 5592063 | 107519 | SH |  | SOLE |  | 107519 | 0 | 0 |
| U S PHYSICAL THERAPY | COM | 90337L108 |  | 499084 | 6658 | SH |  | SOLE |  | 6658 | 0 | 0 |
| UBIQUITI INC | COM | 90353W103 |  | 1172000 | 1483 | SH |  | SOLE |  | 1483 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 6073021 | 25031 | SH |  | SOLE |  | 25031 | 0 | 0 |
| UNITED PARCEL SVCS INC | CL B | 911312106 |  | 2497180 | 25383 | SH |  | SOLE |  | 25383 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 932758 | 1573 | SH |  | SOLE |  | 1573 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1497445 | 5534 | SH |  | SOLE |  | 5534 | 0 | 0 |
| UNIVERSAL HLTH SVCS INC | CL B | 913903100 |  | 791226 | 4421 | SH |  | SOLE |  | 4421 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 6056787 | 121257 | SH |  | SOLE |  | 121257 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 38123735 | 793418 | SH |  | SOLE |  | 793418 | 0 | 0 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 |  | 15390458 | 56514 | SH |  | SOLE |  | 56514 | 0 | 0 |
| VANGUARD WORLD FD | COMM SRVC ETF | 92204A884 |  | 16975277 | 94391 | SH |  | SOLE |  | 94391 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 4081795 | 68544 | SH |  | SOLE |  | 68544 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 10589412 | 191300 | SH |  | SOLE |  | 191300 | 0 | 0 |
| VENTAS INC | COM | 92276F100 |  | 231274 | 2828 | SH |  | SOLE |  | 2828 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 52994604 | 165190 | SH |  | SOLE |  | 165190 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 4064594 | 80968 | SH |  | SOLE |  | 80968 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 489745 | 2581 | SH |  | SOLE |  | 2581 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 13166481 | 43563 | SH |  | SOLE |  | 43563 | 0 | 0 |
| VISTEON CORP | COM NEW | 92839U206 |  | 374007 | 4105 | SH |  | SOLE |  | 4105 | 0 | 0 |
| WD 40 CO | COM | 929236107 |  | 479055 | 2349 | SH |  | SOLE |  | 2349 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 7420883 | 59711 | SH |  | SOLE |  | 59711 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 6088521 | 20445 | SH |  | SOLE |  | 20445 | 0 | 0 |
| WELLS FARGO  CO | COM | 949746101 |  | 2063969 | 25926 | SH |  | SOLE |  | 25926 | 0 | 0 |
| WEST PHARMACEUTICAL SVSC INC | COM | 955306105 |  | 223822 | 893 | SH |  | SOLE |  | 893 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 150139 | 17198 | SH |  | SOLE |  | 17198 | 0 | 0 |
| WINMARK CORP | COM | 974250102 |  | 684508 | 1601 | SH |  | SOLE |  | 1601 | 0 | 0 |
| YETI HLDGS INC | COM | 98585X104 |  | 588953 | 16096 | SH |  | SOLE |  | 16096 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 3902407 | 78757 | SH |  | SOLE |  | 78757 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 2218636 | 24537 | SH |  | SOLE |  | 24537 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 2960215 | 25042 | SH |  | SOLE |  | 25042 | 0 | 0 |
| TOTALENERGIES SE | ACT | F92124100 |  | 6621963 | 72155 | SH |  | SOLE |  | 72155 | 0 | 0 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 878133 | 6044 | SH |  | SOLE |  | 6044 | 0 | 0 |
| AMCOR PLC | COM NEW | G0250X149 |  | 3771162 | 94872 | SH |  | SOLE |  | 94872 | 0 | 0 |
| AMDOCS LTD | SHS | G02602103 |  | 403437 | 6182 | SH |  | SOLE |  | 6182 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 6246333 | 31501 | SH |  | SOLE |  | 31501 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 |  | 292375 | 7849 | SH |  | SOLE |  | 7849 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD SHS | G4474Y214 |  | 1798001 | 35001 | SH |  | SOLE |  | 35001 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 4235279 | 48878 | SH |  | SOLE |  | 48878 | 0 | 0 |
| NVENT ELEC PLC | SHS | G6700G107 |  | 332367 | 2810 | SH |  | SOLE |  | 2810 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 672208 | 3216 | SH |  | SOLE |  | 3216 | 0 | 0 |
| TECNOGLASS INC | ORD SHS | G87264100 |  | 418948 | 9404 | SH |  | SOLE |  | 9404 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 1312020 | 17357 | SH |  | SOLE |  | 17357 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 1333148 | 34188 | SH |  | SOLE |  | 34188 | 0 | 0 |
| CNH INDL N V | SHS | N20944109 |  | 3443968 | 313088 | SH |  | SOLE |  | 313088 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES NV | SHS - A - | N53745100 |  | 3311097 | 41101 | SH |  | SOLE |  | 41101 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 2588512 | 13149 | SH |  | SOLE |  | 13149 | 0 | 0 |

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