# EDGAR Filing Document

**Accession Number:** 0001088859
**File Stem:** 0001085146-25-004248
**Filing Date:** 2025-7
**Character Count:** 17433
**Document Hash:** c8ccae54237a809c4e2a96a8e14d6465
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-004248.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001085146-25-004248

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARTHENON LLC
- **CENTRAL INDEX KEY:** 0001088859

**ORGANIZATION NAME:**
- **EIN:** 611337517
- **STATE OF INCORPORATION:** KY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05239
- **FILM NUMBER:** 251161543

**BUSINESS ADDRESS:**
- **STREET 1:** 435 NORTH WHITTINGTON PARKWAY
- **STREET 2:** SUITE 180
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40222
- **BUSINESS PHONE:** 5023275660

**MAIL ADDRESS:**
- **STREET 1:** 435 NORTH WHITTINGTON PARKWAY
- **STREET 2:** SUITE 180
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40222

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARTHENON CAPITAL MANAGEMENT LLC/KY
- **DATE OF NAME CHANGE:** 19990616

### FORM 13F COVER PAGE

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

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PARTHENON LLC<br>**Address:** 435 NORTH WHITTINGTON PARKWAY<br>SUITE 180<br>LOUISVILLE, KY 40222

**Form 13F File Number:** 028-05239

**CRD Number (if applicable):** 000107794

**SEC File Number (if applicable):** 801-56440

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:** Todd P. Lowe<br>**Title:** President<br>**Phone:** 502-327-5661

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

/s/  Todd P. Lowe  Louisville, KY  07-29-2025<br>[Signature]  [City, State]  [Date]

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

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 126

**Form 13F Information Table Value Total:** $874139888

      (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 |
| 3M CO | COM | 88579Y101 | BBG001S5T7X2 | 1223553 | 8037 | SH |  | SOLE |  | 8037 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 | BBG001S5N9M6 | 4020822 | 29563 | SH |  | SOLE |  | 29563 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 3916211 | 21098 | SH |  | SOLE |  | 21098 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 29399041 | 166822 | SH |  | SOLE |  | 166822 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 24519023 | 138221 | SH |  | SOLE |  | 138221 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG001S5T8T5 | 2892042 | 49327 | SH |  | SOLE |  | 49327 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 476076 | 2170 | SH |  | SOLE |  | 2170 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 22196223 | 69585 | SH |  | SOLE |  | 69585 | 0 | 0 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 328630 | 1177 | SH |  | SOLE |  | 1177 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 27097828 | 132075 | SH |  | SOLE |  | 132075 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG001S5NMM7 | 219684 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 523742 | 18098 | SH |  | SOLE |  | 18098 | 0 | 0 |
| ATLANTA BRAVES HLDGS INC | COM SER C | 047726302 | BBG01HCX3Z22 | 7403457 | 158295 | SH |  | SOLE |  | 158295 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 | BBG001S82KF6 | 1449480 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG001S902J2 | 5101600 | 7 | SH |  | SOLE |  | 7 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 69118270 | 142286 | SH |  | SOLE |  | 142286 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 | BBG001S89N72 | 20574959 | 3554 | SH |  | SOLE |  | 3554 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG001S63L94 | 1410616 | 13133 | SH |  | SOLE |  | 13133 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 217763 | 790 | SH |  | SOLE |  | 790 | 0 | 0 |
| BROWN FORMAN CORP | CL A | 115637100 | BBG001S5P4G2 | 472484 | 17200 | SH |  | SOLE |  | 17200 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 | BBG001S5P4H1 | 2799582 | 104035 | SH |  | SOLE |  | 104035 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 1678044 | 11719 | SH |  | SOLE |  | 11719 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 | BBG001S8S1L3 | 297542 | 1027 | SH |  | SOLE |  | 1027 | 0 | 0 |
| CHURCHILL DOWNS INC | COM | 171484108 | BBG001S67Z80 | 7381686 | 73086 | SH |  | SOLE |  | 73086 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 | BBG001S5PTM0 | 446760 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 13911106 | 200506 | SH |  | SOLE |  | 200506 | 0 | 0 |
| CLARUS CORP NEW | COM | 18270P109 | BBG001SBNNC3 | 1520335 | 438137 | SH |  | SOLE |  | 438137 | 0 | 0 |
| COCA COLA CO | COM | 191216100 | BBG001S5SMQ8 | 4410130 | 62334 | SH |  | SOLE |  | 62334 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 | BBG001S5S6N6 | 454971 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 | BBG001S5PVM5 | 2498477 | 27486 | SH |  | SOLE |  | 27486 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG001S5PXL2 | 266247 | 7460 | SH |  | SOLE |  | 7460 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 | BBG001S5TZM2 | 250913 | 2796 | SH |  | SOLE |  | 2796 | 0 | 0 |
| CORNING INC | COM | 219350105 | BBG001S5RLH1 | 12809609 | 243575 | SH |  | SOLE |  | 243575 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 1240395 | 1253 | SH |  | SOLE |  | 1253 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG001S5QBD8 | 9190481 | 133234 | SH |  | SOLE |  | 133234 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 9303974 | 75026 | SH |  | SOLE |  | 75026 | 0 | 0 |
| DOVER CORP | COM | 260003108 | BBG001S5QL46 | 19667358 | 107337 | SH |  | SOLE |  | 107337 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 | BBG001S5QZ45 | 508711 | 1425 | SH |  | SOLE |  | 1425 | 0 | 0 |
| ECOLAB INC | COM | 278865100 | BBG001S5QRB5 | 319017 | 1184 | SH |  | SOLE |  | 1184 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 3969367 | 5092 | SH |  | SOLE |  | 5092 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 | BBG001S5QVT7 | 215461 | 1616 | SH |  | SOLE |  | 1616 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 20044979 | 185946 | SH |  | SOLE |  | 185946 | 0 | 0 |
| FASTENAL CO | COM | 311900104 | BBG001S5R1F7 | 22764000 | 542000 | SH |  | SOLE |  | 542000 | 0 | 0 |
| FORD MTR CO | COM | 345370860 | BBG001S5TZ33 | 120641 | 11119 | SH |  | SOLE |  | 11119 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG001S5PVD5 | 5872868 | 22817 | SH |  | SOLE |  | 22817 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 | BBG01BFR8YW0 | 223247 | 3014 | SH |  | SOLE |  | 3014 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W77 | 2041461 | 3858 | SH |  | SOLE |  | 3858 | 0 | 0 |
| GRAINGER W W INC | COM | 384802104 | BBG001S5RRD2 | 312072 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| HERSHEY CO | COM | 427866108 | BBG001S5S148 | 4068264 | 24515 | SH |  | SOLE |  | 24515 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 8523647 | 23248 | SH |  | SOLE |  | 23248 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG001S5X1N1 | 291333 | 1251 | SH |  | SOLE |  | 1251 | 0 | 0 |
| ICON PLC | SHS | G4705A100 | BBG001SDCL35 | 9013536 | 61970 | SH |  | SOLE |  | 61970 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG001S5S399 | 2481753 | 8419 | SH |  | SOLE |  | 8419 | 0 | 0 |
| INTUIT | COM | 461202103 | BBG001S6TWR2 | 1319280 | 1675 | SH |  | SOLE |  | 1675 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 | BBG001SFC7W9 | 5683845 | 52007 | SH |  | SOLE |  | 52007 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 1823583 | 2937 | SH |  | SOLE |  | 2937 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 | BBG001SG09V7 | 215698 | 2413 | SH |  | SOLE |  | 2413 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | BBG001SK77D5 | 302754 | 6276 | SH |  | SOLE |  | 6276 | 0 | 0 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 | BBG0025X2G81 | 579553 | 6174 | SH |  | SOLE |  | 6174 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 | BBG001S562W9 | 672349 | 1980 | SH |  | SOLE |  | 1980 | 0 | 0 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 | BBG001S561Z8 | 204414 | 1474 | SH |  | SOLE |  | 1474 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 | BBG001SJCNS1 | 896064 | 9743 | SH |  | SOLE |  | 9743 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 1024355 | 4747 | SH |  | SOLE |  | 4747 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 | BBG001S561Q8 | 565474 | 5136 | SH |  | SOLE |  | 5136 | 0 | 0 |
| JABIL INC | COM | 466313103 | BBG001S7RB70 | 436200 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| JEWETT CAMERON TRADING LTD | COM NEW | 47733C207 | BBG001S77TL7 | 809608 | 217053 | SH |  | SOLE |  | 217053 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 19024896 | 124549 | SH |  | SOLE |  | 124549 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 12436559 | 42898 | SH |  | SOLE |  | 42898 | 0 | 0 |
| KENVUE INC | COM | 49177J102 | BBG01C79X614 | 1849793 | 88380 | SH |  | SOLE |  | 88380 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 | BBG001S5SLZ0 | 229864 | 1783 | SH |  | SOLE |  | 1783 | 0 | 0 |
| KROGER CO | COM | 501044101 | BBG001S5SN40 | 262819 | 3664 | SH |  | SOLE |  | 3664 | 0 | 0 |
| LANDSTAR SYS INC | COM | 515098101 | BBG001S5RWM1 | 9368836 | 67392 | SH |  | SOLE |  | 67392 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG001S5SVL3 | 659176 | 2971 | SH |  | SOLE |  | 2971 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG001S5T7M4 | 277454 | 1269 | SH |  | SOLE |  | 1269 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 698491 | 1243 | SH |  | SOLE |  | 1243 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 4226239 | 14465 | SH |  | SOLE |  | 14465 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 | BBG001S8F8P8 | 312164 | 426 | SH |  | SOLE |  | 426 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 7604449 | 87237 | SH |  | SOLE |  | 87237 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 12369851 | 156264 | SH |  | SOLE |  | 156264 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 52853887 | 71609 | SH |  | SOLE |  | 71609 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 120658733 | 242574 | SH |  | SOLE |  | 242574 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 | BBG001SHHZJ3 | 11209068 | 166208 | SH |  | SOLE |  | 166208 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 | BBG001S5T9L1 | 705532 | 1678 | SH |  | SOLE |  | 1678 | 0 | 0 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 1924047 | 27084 | SH |  | SOLE |  | 27084 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 3815143 | 24148 | SH |  | SOLE |  | 24148 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 1557301 | 7123 | SH |  | SOLE |  | 7123 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 | BBG001S5V135 | 36351181 | 249905 | SH |  | SOLE |  | 249905 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 13411303 | 101570 | SH |  | SOLE |  | 101570 | 0 | 0 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 2279142 | 94024 | SH |  | SOLE |  | 94024 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG001STP9N1 | 5307450 | 29141 | SH |  | SOLE |  | 29141 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 | BBG001S5V947 | 6230902 | 33424 | SH |  | SOLE |  | 33424 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 22878830 | 143603 | SH |  | SOLE |  | 143603 | 0 | 0 |
| RESEARCH SOLUTIONS INC | COM | 761025105 | BBG001T30MS0 | 1125855 | 392284 | SH |  | SOLE |  | 392284 | 0 | 0 |
| RICHARDSON ELECTRS LTD | COM | 763165107 | BBG001S5VMS2 | 1296149 | 134316 | SH |  | SOLE |  | 134316 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 | BBG001S5X5Q9 | 354537 | 2428 | SH |  | SOLE |  | 2428 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG001S5VXD4 | 12847048 | 140805 | SH |  | SOLE |  | 140805 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 | BBG0051J0PJ9 | 239559 | 9762 | SH |  | SOLE |  | 9762 | 0 | 0 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 | BBG001S5W5H0 | 2137434 | 32405 | SH |  | SOLE |  | 32405 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 | BBG001S7TCZ5 | 417829 | 1650 | SH |  | SOLE |  | 1650 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 | BBG001S5W3H5 | 4163385 | 42397 | SH |  | SOLE |  | 42397 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 | BBG001S5W777 | 211852 | 2307 | SH |  | SOLE |  | 2307 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 1375334 | 2226 | SH |  | SOLE |  | 2226 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 | BBG001S8FR03 | 15194170 | 38405 | SH |  | SOLE |  | 38405 | 0 | 0 |
| TELEFLEX INCORPORATED | COM | 879369106 | BBG001S5WNP2 | 1409431 | 11908 | SH |  | SOLE |  | 11908 | 0 | 0 |
| THRYV HLDGS INC | COM NEW | 886029206 | BBG00FWL3JY2 | 1832184 | 150673 | SH |  | SOLE |  | 150673 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 | BBG001S7K017 | 349601 | 6625 | SH |  | SOLE |  | 6625 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 | BBG001S5YYC0 | 391725 | 9112 | SH |  | SOLE |  | 9112 | 0 | 0 |
| TURNING PT BRANDS INC | COM | 90041L105 | BBG001T99T94 | 3695303 | 48770 | SH |  | SOLE |  | 48770 | 0 | 0 |
| UNITED GUARDIAN INC | COM | 910571108 | BBG001S6DYH6 | 415220 | 51909 | SH |  | SOLE |  | 51909 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 | BBG001S6T8C1 | 1446461 | 31966 | SH |  | SOLE |  | 31966 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 8142710 | 14335 | SH |  | SOLE |  | 14335 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 1623290 | 5341 | SH |  | SOLE |  | 5341 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 | BBG001SP7T00 | 1237050 | 18403 | SH |  | SOLE |  | 18403 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 5697446 | 115193 | SH |  | SOLE |  | 115193 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 1736000 | 22400 | SH |  | SOLE |  | 22400 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 | BBG001SHTV36 | 2711365 | 32993 | SH |  | SOLE |  | 32993 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 4683999 | 82161 | SH |  | SOLE |  | 82161 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 590448 | 1663 | SH |  | SOLE |  | 1663 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 | BBG001S5XBY7 | 512559 | 44648 | SH |  | SOLE |  | 44648 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 22559019 | 230712 | SH |  | SOLE |  | 230712 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 | BBG001S5XH47 | 580745 | 2538 | SH |  | SOLE |  | 2538 | 0 | 0 |
| WATERS CORP | COM | 941848103 | BBG001S8MDG9 | 11075388 | 31731 | SH |  | SOLE |  | 31731 | 0 | 0 |
| YETI HLDGS INC | COM | 98585X104 | BBG00D8JC891 | 7039834 | 223345 | SH |  | SOLE |  | 223345 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 | BBG001S7JQ30 | 830401 | 5604 | SH |  | SOLE |  | 5604 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 | BBG00B8N0HH0 | 241613 | 5404 | SH |  | SOLE |  | 5404 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 | BBG0039320P7 | 1479186 | 9485 | SH |  | SOLE |  | 9485 | 0 | 0 |

---