# EDGAR Filing Document

**Accession Number:** 0001478215
**File Stem:** 0001104659-23-018682
**Filing Date:** 2023-2
**Character Count:** 24723
**Document Hash:** 9abaa0a08b8e2b9a94c32c64c46d1f74
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-018682.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001104659-23-018682

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morningstar Investment Services LLC
- **CENTRAL INDEX KEY:** 0001478215
- **IRS NUMBER:** 344410122
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13657
- **FILM NUMBER:** 23613532

**BUSINESS ADDRESS:**
- **STREET 1:** 22 WEST WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 312-244-7807

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Morningstar Investment Services, Inc.
- **DATE OF NAME CHANGE:** 20091207

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

**Form 13F File Number:** 028-13657

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:** Yasir Syed<br>**Title:** Compliance Officer<br>**Phone:** 773-456-4370

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

/s/ Yasir Syed  Rosenberg, TX  02-08-2023<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:** 215

**Form 13F Information Table Value Total:** $7335665

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 306 | 1903 | SH |  | SOLE |  | 1903 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 25896 | 76076 | SH |  | SOLE |  | 76076 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 43241 | 141034 | SH |  | SOLE |  | 141034 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSOSORED ADR | 01609W102 |  | 4775 | 47585 | SH |  | SOLE |  | 47585 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 149451 | 1689156 | SH |  | SOLE |  | 1689156 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 64837 | 726533 | SH |  | SOLE |  | 726533 | 0 | 0 |
| Altria Group Inc. | COM | 02209S103 |  | 10109 | 222429 | SH |  | SOLE |  | 222429 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 58293 | 682842 | SH |  | SOLE |  | 682842 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 689 | 264231 | SH |  | SOLE |  | 264231 | 0 | 0 |
| American Express Co | COM | 025816109 |  | 14729 | 98388 | SH |  | SOLE |  | 98388 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 12056 | 189651 | SH |  | SOLE |  | 189651 | 0 | 0 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 |  | 144070 | 882944 | SH |  | SOLE |  | 882944 | 0 | 0 |
| Amgen Inc | COM | 031162100 |  | 31036 | 117705 | SH |  | SOLE |  | 117705 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 33972 | 205722 | SH |  | SOLE |  | 205722 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1823 | 14437 | SH |  | SOLE |  | 14437 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 278 | 2838 | SH |  | SOLE |  | 2838 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 21052 | 112349 | SH |  | SOLE |  | 112349 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 2017 | 827 | SH |  | SOLE |  | 827 | 0 | 0 |
| AVNET INC | COM | 053807103 |  | 717 | 17222 | SH |  | SOLE |  | 17222 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 30075 | 637950 | SH |  | SOLE |  | 637950 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 |  | 626 | 76878 | SH |  | SOLE |  | 76878 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 41973 | 162969 | SH |  | SOLE |  | 162969 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 140862 | 449681 | SH |  | SOLE |  | 449681 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 1882 | 18070 | SH |  | SOLE |  | 18070 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 40892 | 56806 | SH |  | SOLE |  | 56806 | 0 | 0 |
| BOOKING HLDGS INC | COM | 09857L108 |  | 131482 | 62857 | SH |  | SOLE |  | 62857 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 248 | 7295 | SH |  | SOLE |  | 7295 | 0 | 0 |
| Capital One Finl Corp | COM | 14040H105 |  | 4955 | 52087 | SH |  | SOLE |  | 52087 | 0 | 0 |
| CarMax Inc | COM | 143130102 |  | 90867 | 1417803 | SH |  | SOLE |  | 1417803 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 635 | 15177 | SH |  | SOLE |  | 15177 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 |  | 1466 | 6655 | SH |  | SOLE |  | 6655 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 249 | 1750 | SH |  | SOLE |  | 1750 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 230 | 1331 | SH |  | SOLE |  | 1331 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 18465 | 58877 | SH |  | SOLE |  | 58877 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 7123 | 152673 | SH |  | SOLE |  | 152673 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 203 | 1193 | SH |  | SOLE |  | 1193 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 38614 | 613856 | SH |  | SOLE |  | 613856 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 86287 | 2372540 | SH |  | SOLE |  | 2372540 | 0 | 0 |
| Compass Minerals Intl Inc | COM | 20451N101 |  | 22472 | 526946 | SH |  | SOLE |  | 526946 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 353 | 1542 | SH |  | SOLE |  | 1542 | 0 | 0 |
| CORE LABORATORIES N V | COM | N22717107 |  | 218 | 11274 | SH |  | SOLE |  | 11274 | 0 | 0 |
| CRANE HLDGS CO | COM | 224441105 |  | 6818 | 66932 | SH |  | SOLE |  | 66932 | 0 | 0 |
| CREDIT SUISSE GROUP | SPONSORED ADR | 225401108 |  | 256 | 79849 | SH |  | SOLE |  | 79849 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 35581 | 385839 | SH |  | SOLE |  | 385839 | 0 | 0 |
| DBX ETF TR | XTRCKR MSCI US | 233051150 |  | 7609 | 217532 | SH |  | SOLE |  | 217532 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 9922 | 75754 | SH |  | SOLE |  | 75754 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 51564 | 564969 | SH |  | SOLE |  | 564969 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 16103 | 114668 | SH |  | SOLE |  | 114668 | 0 | 0 |
| DOMINION RES INC VA NEW | COM | 25746U109 |  | 29875 | 472975 | SH |  | SOLE |  | 472975 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 40982 | 392035 | SH |  | SOLE |  | 392035 | 0 | 0 |
| eBay Inc | COM | 278642103 |  | 37539 | 875324 | SH |  | SOLE |  | 875324 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 22337 | 149762 | SH |  | SOLE |  | 149762 | 0 | 0 |
| EDISON INTL | COM | 281020107 |  | 44759 | 678637 | SH |  | SOLE |  | 678637 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 202745 | 5119295 | SH |  | SOLE |  | 5119295 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 8795 | 361644 | SH |  | SOLE |  | 361644 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 470 | 2309 | SH |  | SOLE |  | 2309 | 0 | 0 |
| EVERGY INC | COM | 30034W106 |  | 243 | 3896 | SH |  | SOLE |  | 3896 | 0 | 0 |
| EXPEDIA INC DEL | COM NEW | 30212P303 |  | 1575 | 17587 | SH |  | SOLE |  | 17587 | 0 | 0 |
| Exxon Mobil Corp | COM | 30231G102 |  | 57078 | 534820 | SH |  | SOLE |  | 534820 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 92534 | 1338768 | SH |  | SOLE |  | 1338768 | 0 | 0 |
| FIDELITY COVINGTON TRUST | CONSMR STAPLES | 316092303 |  | 22518 | 502773 | SH |  | SOLE |  | 502773 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 759 | 22937 | SH |  | SOLE |  | 22937 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 40896 | 401532 | SH |  | SOLE |  | 401532 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 7095 | 90937 | SH |  | SOLE |  | 90937 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE CHINA | 35473P819 |  | 521 | 26254 | SH |  | SOLE |  | 26254 | 0 | 0 |
| General Dynamics Corp | COM | 369550108 |  | 32317 | 131445 | SH |  | SOLE |  | 131445 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 4699 | 136207 | SH |  | SOLE |  | 136207 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 37328 | 217768 | SH |  | SOLE |  | 217768 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 528 | 6191 | SH |  | SOLE |  | 6191 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 898 | 8799 | SH |  | SOLE |  | 8799 | 0 | 0 |
| GLOBAL X FDS | GLB X MLP ENRG I | 37954Y293 |  | 9709 | 241563 | SH |  | SOLE |  | 241563 | 0 | 0 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 1244 | 2032 | SH |  | SOLE |  | 2032 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 256 | 7274 | SH |  | SOLE |  | 7274 | 0 | 0 |
| GUIDEWIRE SOFTWARE INC | COM | 40171V100 |  | 400 | 6319 | SH |  | SOLE |  | 6319 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 1485 | 38971 | SH |  | SOLE |  | 38971 | 0 | 0 |
| HANESBRANDS INC | COM | 410345102 |  | 14603 | 2057017 | SH |  | SOLE |  | 2057017 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 548 | 1715 | SH |  | SOLE |  | 1715 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 660 | 20495 | SH |  | SOLE |  | 20495 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 1623 | 113946 | SH |  | SOLE |  | 113946 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 18603 | 190115 | SH |  | SOLE |  | 190115 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 318 | 3079 | SH |  | SOLE |  | 3079 | 0 | 0 |
| INVESCO LTD | SHS | G491BT108 |  | 361 | 19394 | SH |  | SOLE |  | 19394 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 137747 | 665556 | SH |  | SOLE |  | 665556 | 0 | 0 |
| ISHARES TR | BROAD USD HIGH | 46435U853 |  | 53289 | 1528201 | SH |  | SOLE |  | 1528201 | 0 | 0 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 35210 | 596068 | SH |  | SOLE |  | 596068 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 61160 | 158944 | SH |  | SOLE |  | 158944 | 0 | 0 |
| ISHARES TR | CORE TOTAL USD | 46434V613 |  | 17082 | 376628 | SH |  | SOLE |  | 376628 | 0 | 0 |
| ISHARES TR | ESG AWRE 1 5 YR | 46435G243 |  | 417 | 17519 | SH |  | SOLE |  | 17519 | 0 | 0 |
| ISHARES INC | ESG AWR MSCI EM | 46434G863 |  | 2063 | 66186 | SH |  | SOLE |  | 66186 | 0 | 0 |
| ISHARES TR | ESG US AGR BD | 46435U549 |  | 11888 | 251642 | SH |  | SOLE |  | 251642 | 0 | 0 |
| ISHARES TR | GLOBAL ENERG ETF | 464287341 |  | 713 | 19287 | SH |  | SOLE |  | 19287 | 0 | 0 |
| ISHARES TR | INTL TREA BD ETF | 464288117 |  | 1679 | 42675 | SH |  | SOLE |  | 42675 | 0 | 0 |
| ISHARES TR | MSCI CHINA ETF | 46429B671 |  | 48871 | 952510 | SH |  | SOLE |  | 952510 | 0 | 0 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 128741 | 2760422 | SH |  | SOLE |  | 2760422 | 0 | 0 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 |  | 44775 | 1742205 | SH |  | SOLE |  | 1742205 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 8008 | 140274 | SH |  | SOLE |  | 140274 | 0 | 0 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 |  | 58895 | 1897491 | SH |  | SOLE |  | 1897491 | 0 | 0 |
| ISHARES TR | ESG MSCI USA SML | 46435U663 |  | 3701 | 111564 | SH |  | SOLE |  | 111564 | 0 | 0 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 13225 | 124560 | SH |  | SOLE |  | 124560 | 0 | 0 |
| ISHARES TR | BLACKROCK ULTRA | 46434V878 |  | 8848 | 176760 | SH |  | SOLE |  | 176760 | 0 | 0 |
| JD.COM INC | SPON ADR CL A | 47215P106 |  | 422 | 6384 | SH |  | SOLE |  | 6384 | 0 | 0 |
| WILEY JOHN  SONS INC | CL A | 968223206 |  | 265 | 6375 | SH |  | SOLE |  | 6375 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 40847 | 227383 | SH |  | SOLE |  | 227383 | 0 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 84198 | 618699 | SH |  | SOLE |  | 618699 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | MUNICIPAL ETF | 46641Q647 |  | 14258 | 285920 | SH |  | SOLE |  | 285920 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT INC | 46641Q837 |  | 8744 | 174406 | SH |  | SOLE |  | 174406 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHT MUNCPL | 46641Q654 |  | 3741 | 74010 | SH |  | SOLE |  | 74010 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 1234 | 17380 | SH |  | SOLE |  | 17380 | 0 | 0 |
| KEYCORP NEW | COM | 493267108 |  | 1155 | 64639 | SH |  | SOLE |  | 64639 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 381 | 1009 | SH |  | SOLE |  | 1009 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 1293 | 28882 | SH |  | SOLE |  | 28882 | 0 | 0 |
| LABORATORY CORP AMER HLDGS | COM NEW | 50540R409 |  | 9858 | 41215 | SH |  | SOLE |  | 41215 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 42721 | 457212 | SH |  | SOLE |  | 457212 | 0 | 0 |
| LLOYDS BANKING GROUP PLC | SPONSORED ADR | 539439109 |  | 23434 | 10284907 | SH |  | SOLE |  | 10284907 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 70767 | 148458 | SH |  | SOLE |  | 148458 | 0 | 0 |
| Lowes Cos Inc | COM | 548661107 |  | 593 | 2995 | SH |  | SOLE |  | 2995 | 0 | 0 |
| Magellan Midstream Prtnrs LP | COM UNIT RP LP | 559080106 |  | 9855 | 195235 | SH |  | SOLE |  | 195235 | 0 | 0 |
| MASCO CORP | COM | 574599106 |  | 2010 | 41694 | SH |  | SOLE |  | 41694 | 0 | 0 |
| MasterCard Inc | CL A | 57636Q104 |  | 139735 | 395513 | SH |  | SOLE |  | 395513 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 321 | 1237 | SH |  | SOLE |  | 1237 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 29763 | 79685 | SH |  | SOLE |  | 79685 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 34024 | 423133 | SH |  | SOLE |  | 423133 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 471 | 4219 | SH |  | SOLE |  | 4219 | 0 | 0 |
| Microsoft Corp | COM | 594918104 |  | 186560 | 805871 | SH |  | SOLE |  | 805871 | 0 | 0 |
| MILLICOM INTL CELLULAR SA | COM STK | L6388F110 |  | 1305 | 98840 | SH |  | SOLE |  | 98840 | 0 | 0 |
| MIZUHO FINL GROUP INC | SPONSORED ADR | 60687Y109 |  | 245 | 84528 | SH |  | SOLE |  | 84528 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 400 | 6016 | SH |  | SOLE |  | 6016 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 527 | 1479 | SH |  | SOLE |  | 1479 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 33859 | 110556 | SH |  | SOLE |  | 110556 | 0 | 0 |
| NOMURA HLDGS INC | SPONSORED ADR | 65535H208 |  | 215 | 56700 | SH |  | SOLE |  | 56700 | 0 | 0 |
| Novartis A G | SPONSORED ADR | 66987V109 |  | 37243 | 405395 | SH |  | SOLE |  | 405395 | 0 | 0 |
| NUSHARES ETF TR | NUVEEN ESG MIDVL | 67092P508 |  | 2428 | 80543 | SH |  | SOLE |  | 80543 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 51066 | 608048 | SH |  | SOLE |  | 608048 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 67826 | 805129 | SH |  | SOLE |  | 805129 | 0 | 0 |
| PENTAIR PLC | SHS | G7S00T104 |  | 236 | 5119 | SH |  | SOLE |  | 5119 | 0 | 0 |
| Pepsico Inc | COM | 713448108 |  | 10358 | 57872 | SH |  | SOLE |  | 57872 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 22059 | 438889 | SH |  | SOLE |  | 438889 | 0 | 0 |
| Philip Morris Intl Inc | COM | 718172109 |  | 83153 | 821407 | SH |  | SOLE |  | 821407 | 0 | 0 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 8655 | 707792 | SH |  | SOLE |  | 707792 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 200 | 1224 | SH |  | SOLE |  | 1224 | 0 | 0 |
| POLARIS INC | COM | 731068102 |  | 606 | 5984 | SH |  | SOLE |  | 5984 | 0 | 0 |
| Procter  Gamble Co | COM | 742718109 |  | 47024 | 309360 | SH |  | SOLE |  | 309360 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 9634 | 87236 | SH |  | SOLE |  | 87236 | 0 | 0 |
| RAYTHEON CO | COM NEW | 75513E101 |  | 16803 | 166700 | SH |  | SOLE |  | 166700 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 247 | 7499 | SH |  | SOLE |  | 7499 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 338 | 771 | SH |  | SOLE |  | 771 | 0 | 0 |
| SALESFORCE COM INC | COM | 79466L302 |  | 20800 | 150199 | SH |  | SOLE |  | 150199 | 0 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 27887 | 571613 | SH |  | SOLE |  | 571613 | 0 | 0 |
| SCHLUMBERGER LTD | COM | 806857108 |  | 831 | 16066 | SH |  | SOLE |  | 16066 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 98271 | 1183324 | SH |  | SOLE |  | 1183324 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWB FDT EMK LG | 808524730 |  | 47882 | 1886665 | SH |  | SOLE |  | 1886665 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTRM TRM TRES | 808524854 |  | 16018 | 323063 | SH |  | SOLE |  | 323063 | 0 | 0 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 2263 | 46826 | SH |  | SOLE |  | 46826 | 0 | 0 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 24315 | 541421 | SH |  | SOLE |  | 541421 | 0 | 0 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 20521 | 394713 | SH |  | SOLE |  | 394713 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 603 | 1535 | SH |  | SOLE |  | 1535 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 1277 | 3841 | SH |  | SOLE |  | 3841 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO SM ETF | 78468R853 |  | 24162 | 648395 | SH |  | SOLE |  | 648395 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 48570 | 126705 | SH |  | SOLE |  | 126705 | 0 | 0 |
| SPDR SERIES TRUST | S 600 SMCP VAL | 78464A300 |  | 45640 | 605644 | SH |  | SOLE |  | 605644 | 0 | 0 |
| SPIRIT RLTY CAP INC NEW | COM NEW | 84860W300 |  | 33627 | 833800 | SH |  | SOLE |  | 833800 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 42626 | 411058 | SH |  | SOLE |  | 411058 | 0 | 0 |
| STELLANTIS N.V | SHS | N82405106 |  | 613 | 41328 | SH |  | SOLE |  | 41328 | 0 | 0 |
| SUMITOMO MITSUI FINL GROUP I | SPONSORED ADR | 86562M209 |  | 564 | 68938 | SH |  | SOLE |  | 68938 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 253 | 8420 | SH |  | SOLE |  | 8420 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 73326 | 966699 | SH |  | SOLE |  | 966699 | 0 | 0 |
| TELEFONICA S A | SPONSORED ADR | 879382208 |  | 295 | 80247 | SH |  | SOLE |  | 80247 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 489 | 5608 | SH |  | SOLE |  | 5608 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 311 | 31781 | SH |  | SOLE |  | 31781 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 23215 | 138178 | SH |  | SOLE |  | 138178 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 225 | 404 | SH |  | SOLE |  | 404 | 0 | 0 |
| TRANSUNION | COM | 89400J107 |  | 501 | 8172 | SH |  | SOLE |  | 8172 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 38037 | 852800 | SH |  | SOLE |  | 852800 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 584 | 1824 | SH |  | SOLE |  | 1824 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 25702 | 996701 | SH |  | SOLE |  | 996701 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 635 | 32802 | SH |  | SOLE |  | 32802 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 32691 | 644400 | SH |  | SOLE |  | 644400 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 43655 | 247076 | SH |  | SOLE |  | 247076 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 62371 | 122823 | SH |  | SOLE |  | 122823 | 0 | 0 |
| US Bancorp Del | COM NEW | 902973304 |  | 2368 | 51888 | SH |  | SOLE |  | 51888 | 0 | 0 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 |  | 9071 | 332382 | SH |  | SOLE |  | 332382 | 0 | 0 |
| VANECK VECTORS ETF TR | HIGH YLD MUN ETF | 92189H409 |  | 3871 | 75742 | SH |  | SOLE |  | 75742 | 0 | 0 |
| VANECK VECTORS ETF TR | JP MORGAN MKTS | 92189H300 |  | 71879 | 2961365 | SH |  | SOLE |  | 2961365 | 0 | 0 |
| VANGUARD WORLD FDS | CONSUM STP ETF | 92204A207 |  | 26057 | 136042 | SH |  | SOLE |  | 136042 | 0 | 0 |
| VANGUARD WHITEHALL FDS | EM MK GOV BD ETF | 921946885 |  | 33304 | 538950 | SH |  | SOLE |  | 538950 | 0 | 0 |
| VANGUARD WORLD FDS | FINANCIALS ETF | 92204A405 |  | 42526 | 506548 | SH |  | SOLE |  | 506548 | 0 | 0 |
| VANGUARD TAX MANAGED INTL FD | FTSE DEV MKT ETF | 921943858 |  | 200154 | 4689696 | SH |  | SOLE |  | 4689696 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 54460 | 1355013 | SH |  | SOLE |  | 1355013 | 0 | 0 |
| VANGUARD WORLD FDS | HEALTH CAR ETF | 92204A504 |  | 3207 | 12939 | SH |  | SOLE |  | 12939 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 27742 | 354292 | SH |  | SOLE |  | 354292 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM GOV | 92206C706 |  | 132590 | 2250335 | SH |  | SOLE |  | 2250335 | 0 | 0 |
| VANGUARD BD INDEX FDS | LONG TERM BOND | 921937793 |  | 54838 | 740175 | SH |  | SOLE |  | 740175 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 166057 | 809362 | SH |  | SOLE |  | 809362 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | MORTG-BACK SEC | 92206C771 |  | 39508 | 858002 | SH |  | SOLE |  | 858002 | 0 | 0 |
| VANGUARD BD INDEX FD INC | SHORT TRM BOND | 921937827 |  | 129521 | 1715938 | SH |  | SOLE |  | 1715938 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 19195 | 411387 | SH |  | SOLE |  | 411387 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 2200 | 11915 | SH |  | SOLE |  | 11915 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 3811 | 23802 | SH |  | SOLE |  | 23802 | 0 | 0 |
| VANGUARD MUN BD FD INC | TAX EXEMPT BD | 922907746 |  | 45783 | 919511 | SH |  | SOLE |  | 919511 | 0 | 0 |
| VANGUARD WORLD FDS | COMM SRVC ETF | 92204A884 |  | 27983 | 331744 | SH |  | SOLE |  | 331744 | 0 | 0 |
| VANGUARD BD INDEX FD INC | TOTAL BND MRKT | 921937835 |  | 649605 | 8954187 | SH |  | SOLE |  | 8954187 | 0 | 0 |
| VANGUARD INDEX FDS | STK MRK ETF | 922908769 |  | 598990 | 3123962 | SH |  | SOLE |  | 3123962 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 69966 | 496013 | SH |  | SOLE |  | 496013 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 482 | 2913 | SH |  | SOLE |  | 2913 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 27890 | 681401 | SH |  | SOLE |  | 681401 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 112937 | 534139 | SH |  | SOLE |  | 534139 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 4356 | 430604 | SH |  | SOLE |  | 430604 | 0 | 0 |
| Wells Fargo Co NEW | COM | 949746101 |  | 75841 | 1786658 | SH |  | SOLE |  | 1786658 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 29599 | 916395 | SH |  | SOLE |  | 916395 | 0 | 0 |
| WPP PLC NEW | ADR | 92937A102 |  | 7293 | 142392 | SH |  | SOLE |  | 142392 | 0 | 0 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 |  | 12233 | 172871 | SH |  | SOLE |  | 172871 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 373 | 2925 | SH |  | SOLE |  | 2925 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 7437 | 128581 | SH |  | SOLE |  | 128581 | 0 | 0 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 |  | 968 | 3700 | SH |  | SOLE |  | 3700 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 1743 | 13627 | SH |  | SOLE |  | 13627 | 0 | 0 |

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