# EDGAR Filing Document

**Accession Number:** 0001559832
**File Stem:** 0001172661-23-000505
**Filing Date:** 2023-2
**Character Count:** 17570
**Document Hash:** b5c78ba9b9e632f6f5537bb5a3eb9565
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-000505.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001172661-23-000505

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Estate Counselors, LLC
- **CENTRAL INDEX KEY:** 0001559832
- **IRS NUMBER:** 271528038
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15056
- **FILM NUMBER:** 23597104

**BUSINESS ADDRESS:**
- **STREET 1:** 414 N. MAIN STREET
- **CITY:** THIENSVILLE
- **STATE:** WI
- **ZIP:** 53092
- **BUSINESS PHONE:** (262)238-6980

**MAIL ADDRESS:**
- **STREET 1:** 414 N. MAIN STREET
- **CITY:** THIENSVILLE
- **STATE:** WI
- **ZIP:** 53092

### 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:** Estate Counselors LLC<br>**Address:** 414 N. Main Street<br>Thiensville, WI 53092

**Form 13F File Number:** 028-15056

**CRD Number (if applicable):** 000123452

**SEC File Number (if applicable):** 801-62584

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:** Shrey Patel<br>**Title:** Portfolio Manager<br>**Phone:** 262-238-6980

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

/s/ Shrey Patel  Thiensville, WI  02-07-2023<br>[Signature]  [City, State]  [Date]

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

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

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

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

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 136

**Form 13F Information Table Value Total:** $715171036

      (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 |  | 1339747 | 8290 | SH |  | SOLE |  | 0 | 0 | 8290 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 1134685 | 54710 | SH |  | SOLE |  | 0 | 0 | 54710 |
| AMARIN CORP PLC | SPONS ADR NEW | 023111206 |  | 193600 | 160000 | SH |  | SOLE |  | 0 | 0 | 160000 |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 |  | 1247052 | 9084 | SH |  | SOLE |  | 0 | 0 | 9084 |
| APA CORPORATION | COM | 03743Q108 |  | 1539040 | 32970 | SH |  | SOLE |  | 0 | 0 | 32970 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 1478525 | 23178 | SH |  | SOLE |  | 0 | 0 | 23178 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 1321720 | 14235 | SH |  | SOLE |  | 0 | 0 | 14235 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 184700 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| BERKLEY W R CORP | COM | 084423102 |  | 1183980 | 16315 | SH |  | SOLE |  | 0 | 0 | 16315 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 1308954 | 20175 | SH |  | SOLE |  | 0 | 0 | 20175 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 1506114 | 19593 | SH |  | SOLE |  | 0 | 0 | 19593 |
| CELANESE CORP DEL | COM | 150870103 |  | 694721 | 6795 | SH |  | SOLE |  | 0 | 0 | 6795 |
| CF INDS HLDGS INC | COM | 125269100 |  | 1076076 | 12630 | SH |  | SOLE |  | 0 | 0 | 12630 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1438253 | 8013 | SH |  | SOLE |  | 0 | 0 | 8013 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 882602 | 8620 | SH |  | SOLE |  | 0 | 0 | 8620 |
| CLOROX CO DEL | COM | 189054109 |  | 934598 | 6660 | SH |  | SOLE |  | 0 | 0 | 6660 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1557954 | 13203 | SH |  | SOLE |  | 0 | 0 | 13203 |
| D R HORTON INC | COM | 23331A109 |  | 1185562 | 13300 | SH |  | SOLE |  | 0 | 0 | 13300 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 1063377 | 26439 | SH |  | SOLE |  | 0 | 0 | 26439 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 1413008 | 22972 | SH |  | SOLE |  | 0 | 0 | 22972 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 1653627 | 13747 | SH |  | SOLE |  | 0 | 0 | 13747 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 1079358 | 11033 | SH |  | SOLE |  | 0 | 0 | 11033 |
| DOLLAR TREE INC | COM | 256746108 |  | 928271 | 6563 | SH |  | SOLE |  | 0 | 0 | 6563 |
| EOG RES INC | COM | 26875P101 |  | 1442853 | 11140 | SH |  | SOLE |  | 0 | 0 | 11140 |
| FIDELITY COVINGTON TRUST | MSCI UTILS INDEX | 316092865 |  | 5456610 | 119715 | SH |  | SOLE |  | 0 | 0 | 119715 |
| FIDELITY NATIONAL FINANCIAL | FNF GROUP COM | 31620R303 |  | 1122919 | 29849 | SH |  | SOLE |  | 0 | 0 | 29849 |
| FIRST HORIZON CORPORATION | COM | 320517105 |  | 1429992 | 58367 | SH |  | SOLE |  | 0 | 0 | 58367 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 1255786 | 33047 | SH |  | SOLE |  | 0 | 0 | 33047 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 5038855 | 142220 | SH |  | SOLE |  | 0 | 0 | 142220 |
| HOLOGIC INC | COM | 436440101 |  | 1239751 | 16572 | SH |  | SOLE |  | 0 | 0 | 16572 |
| INVESCO DB COMMDY INDX TRCK | UNIT | 46138B103 |  | 8004102 | 324710 | SH |  | SOLE |  | 0 | 0 | 324710 |
| INVESCO EXCH TRADED FD TR II | S LOW VOL | 46138E354 |  | 485640 | 7600 | SH |  | SOLE |  | 0 | 0 | 7600 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 |  | 560366 | 27295 | SH |  | SOLE |  | 0 | 0 | 27295 |
| INVESCO EXCH TRADED FD TR II | VAR RATE PFD | 46138G870 |  | 568370 | 25385 | SH |  | SOLE |  | 0 | 0 | 25385 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 22453417 | 158730 | SH |  | SOLE |  | 0 | 0 | 158730 |
| INVESCO EXCHANGE TRADED FD T | DWA MOMENTUM | 46137V837 |  | 245123 | 3450 | SH |  | SOLE |  | 0 | 0 | 3450 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2240376 | 8290 | SH |  | SOLE |  | 0 | 0 | 8290 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 2072114 | 59905 | SH |  | SOLE |  | 0 | 0 | 59905 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 10061982 | 215460 | SH |  | SOLE |  | 0 | 0 | 215460 |
| ISHARES TR | ESG AWR US AGRGT | 46435U549 |  | 672121 | 14380 | SH |  | SOLE |  | 0 | 0 | 14380 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 552796 | 6535 | SH |  | SOLE |  | 0 | 0 | 6535 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 19786169 | 89660 | SH |  | SOLE |  | 0 | 0 | 89660 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 8125642 | 163100 | SH |  | SOLE |  | 0 | 0 | 163100 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 1088832 | 10065 | SH |  | SOLE |  | 0 | 0 | 10065 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 10604854 | 172045 | SH |  | SOLE |  | 0 | 0 | 172045 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 |  | 25848566 | 266590 | SH |  | SOLE |  | 0 | 0 | 266590 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 9425376 | 128010 | SH |  | SOLE |  | 0 | 0 | 128010 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 7763096 | 92860 | SH |  | SOLE |  | 0 | 0 | 92860 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 22426028 | 231220 | SH |  | SOLE |  | 0 | 0 | 231220 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 34070254 | 309955 | SH |  | SOLE |  | 0 | 0 | 309955 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 5310134 | 30455 | SH |  | SOLE |  | 0 | 0 | 30455 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 15976249 | 153220 | SH |  | SOLE |  | 0 | 0 | 153220 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 350232 | 2400 | SH |  | SOLE |  | 0 | 0 | 2400 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 6403276 | 29735 | SH |  | SOLE |  | 0 | 0 | 29735 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 3485378 | 32745 | SH |  | SOLE |  | 0 | 0 | 32745 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 3249860 | 21430 | SH |  | SOLE |  | 0 | 0 | 21430 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 17874657 | 188870 | SH |  | SOLE |  | 0 | 0 | 188870 |
| ISHARES TR | U.S. REAL ES ETF | 464287739 |  | 3839906 | 45610 | SH |  | SOLE |  | 0 | 0 | 45610 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 5294994 | 50180 | SH |  | SOLE |  | 0 | 0 | 50180 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 328970 | 1360 | SH |  | SOLE |  | 0 | 0 | 1360 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 216030 | 5700 | SH |  | SOLE |  | 0 | 0 | 5700 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 974977 | 6120 | SH |  | SOLE |  | 0 | 0 | 6120 |
| KKR  CO INC | COM | 48251W104 |  | 1115380 | 24028 | SH |  | SOLE |  | 0 | 0 | 24028 |
| KRANESHARES TR | QUADRTC INT RT | 500767736 |  | 9761641 | 431740 | SH |  | SOLE |  | 0 | 0 | 431740 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 1387469 | 2852 | SH |  | SOLE |  | 0 | 0 | 2852 |
| MARATHON OIL CORP | COM | 565849106 |  | 1487199 | 54939 | SH |  | SOLE |  | 0 | 0 | 54939 |
| MCKESSON CORP | COM | 58155Q103 |  | 1281035 | 3415 | SH |  | SOLE |  | 0 | 0 | 3415 |
| NEW FORTRESS ENERGY INC | COM CL A | 644393100 |  | 493769 | 11640 | SH |  | SOLE |  | 0 | 0 | 11640 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 1143053 | 2095 | SH |  | SOLE |  | 0 | 0 | 2095 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 1529901 | 24288 | SH |  | SOLE |  | 0 | 0 | 24288 |
| OMNICOM GROUP INC | COM | 681919106 |  | 1272492 | 15600 | SH |  | SOLE |  | 0 | 0 | 15600 |
| ORGANIGRAM HLDGS INC | COM | 68620P101 |  | 8000 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 |  | 29396714 | 297990 | SH |  | SOLE |  | 0 | 0 | 297990 |
| PIONEER NAT RES CO | COM | 723787107 |  | 1252719 | 5485 | SH |  | SOLE |  | 0 | 0 | 5485 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 961909 | 8820 | SH |  | SOLE |  | 0 | 0 | 8820 |
| PROGRESSIVE CORP | COM | 743315103 |  | 1458330 | 11243 | SH |  | SOLE |  | 0 | 0 | 11243 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 5518007 | 61318 | SH |  | SOLE |  | 0 | 0 | 61318 |
| PULTE GROUP INC | COM | 745867101 |  | 1056751 | 23210 | SH |  | SOLE |  | 0 | 0 | 23210 |
| QUALCOMM INC | COM | 747525103 |  | 779475 | 7090 | SH |  | SOLE |  | 0 | 0 | 7090 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 1516686 | 9695 | SH |  | SOLE |  | 0 | 0 | 9695 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 1147169 | 1590 | SH |  | SOLE |  | 0 | 0 | 1590 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 1017245 | 25740 | SH |  | SOLE |  | 0 | 0 | 25740 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 3813456 | 51153 | SH |  | SOLE |  | 0 | 0 | 51153 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 5480905 | 42435 | SH |  | SOLE |  | 0 | 0 | 42435 |
| SELECT SECTOR SPDR TR | SBI INT-INDS | 81369Y704 |  | 6827952 | 69524 | SH |  | SOLE |  | 0 | 0 | 69524 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 571179 | 6530 | SH |  | SOLE |  | 0 | 0 | 6530 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 4945223 | 70145 | SH |  | SOLE |  | 0 | 0 | 70145 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 |  | 3573716 | 96770 | SH |  | SOLE |  | 0 | 0 | 96770 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 1343410 | 39281 | SH |  | SOLE |  | 0 | 0 | 39281 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 |  | 550207 | 7083 | SH |  | SOLE |  | 0 | 0 | 7083 |
| SERVICE CORP INTL | COM | 817565104 |  | 981788 | 14200 | SH |  | SOLE |  | 0 | 0 | 14200 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 677712 | 3995 | SH |  | SOLE |  | 0 | 0 | 3995 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 5615220 | 14683 | SH |  | SOLE |  | 0 | 0 | 14683 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 13481184 | 30446 | SH |  | SOLE |  | 0 | 0 | 30446 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 6491845 | 78215 | SH |  | SOLE |  | 0 | 0 | 78215 |
| SPDR SER TR | BBG CONV SEC ETF | 78464A359 |  | 1107613 | 17215 | SH |  | SOLE |  | 0 | 0 | 17215 |
| SPDR SER TR | NUVEEN BLMBRG SH | 78468R739 |  | 22707078 | 483335 | SH |  | SOLE |  | 0 | 0 | 483335 |
| SPDR SER TR | BLOOMBERG HIGH Y | 78468R622 |  | 551250 | 6125 | SH |  | SOLE |  | 0 | 0 | 6125 |
| SSGA ACTIVE ETF TR | SPDR TR TACTIC | 78467V848 |  | 1803001 | 45030 | SH |  | SOLE |  | 0 | 0 | 45030 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 1462569 | 14970 | SH |  | SOLE |  | 0 | 0 | 14970 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 891262 | 27123 | SH |  | SOLE |  | 0 | 0 | 27123 |
| TARGA RES CORP | COM | 87612G101 |  | 1354752 | 18432 | SH |  | SOLE |  | 0 | 0 | 18432 |
| VANECK ETF TRUST | LONG MUNI ETF | 92189F536 |  | 1094306 | 62675 | SH |  | SOLE |  | 0 | 0 | 62675 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 20562486 | 276675 | SH |  | SOLE |  | 0 | 0 | 276675 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 56396238 | 749153 | SH |  | SOLE |  | 0 | 0 | 749153 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 722351 | 10055 | SH |  | SOLE |  | 0 | 0 | 10055 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 544734 | 11485 | SH |  | SOLE |  | 0 | 0 | 11485 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 1208744 | 14655 | SH |  | SOLE |  | 0 | 0 | 14655 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 3278697 | 15385 | SH |  | SOLE |  | 0 | 0 | 15385 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 13438065 | 73216 | SH |  | SOLE |  | 0 | 0 | 73216 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 9370644 | 69289 | SH |  | SOLE |  | 0 | 0 | 69289 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 3657370 | 17945 | SH |  | SOLE |  | 0 | 0 | 17945 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 20346440 | 106420 | SH |  | SOLE |  | 0 | 0 | 106420 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 9186580 | 57850 | SH |  | SOLE |  | 0 | 0 | 57850 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 4952955 | 35285 | SH |  | SOLE |  | 0 | 0 | 35285 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 5421299 | 139079 | SH |  | SOLE |  | 0 | 0 | 139079 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 16262157 | 324335 | SH |  | SOLE |  | 0 | 0 | 324335 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 8418310 | 180225 | SH |  | SOLE |  | 0 | 0 | 180225 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 1229084 | 24835 | SH |  | SOLE |  | 0 | 0 | 24835 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 1078489 | 14245 | SH |  | SOLE |  | 0 | 0 | 14245 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 22661104 | 391925 | SH |  | SOLE |  | 0 | 0 | 391925 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 555560 | 9500 | SH |  | SOLE |  | 0 | 0 | 9500 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 6493634 | 86363 | SH |  | SOLE |  | 0 | 0 | 86363 |
| VANGUARD SCOTTSDALE FDS | MTG-BKD SECS ETF | 92206C771 |  | 6844160 | 150355 | SH |  | SOLE |  | 0 | 0 | 150355 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 9704734 | 63910 | SH |  | SOLE |  | 0 | 0 | 63910 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 16684334 | 397530 | SH |  | SOLE |  | 0 | 0 | 397530 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 9494886 | 87745 | SH |  | SOLE |  | 0 | 0 | 87745 |
| VANGUARD WORLD FD | ESG US STK ETF | 921910733 |  | 453775 | 6890 | SH |  | SOLE |  | 0 | 0 | 6890 |
| VANGUARD WORLD FDS | ENERGY ETF | 92204A306 |  | 3999208 | 32975 | SH |  | SOLE |  | 0 | 0 | 32975 |
| VANGUARD WORLD FDS | MATERIALS ETF | 92204A801 |  | 3507822 | 20610 | SH |  | SOLE |  | 0 | 0 | 20610 |
| VANGUARD WORLD FDS | FINANCIALS ETF | 92204A405 |  | 9155315 | 110665 | SH |  | SOLE |  | 0 | 0 | 110665 |
| VANGUARD WORLD FDS | CONSUM DIS ETF | 92204A108 |  | 225591 | 1030 | SH |  | SOLE |  | 0 | 0 | 1030 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 561677 | 1945 | SH |  | SOLE |  | 0 | 0 | 1945 |
| WILLIAMS COS INC | COM | 969457100 |  | 1025329 | 31165 | SH |  | SOLE |  | 0 | 0 | 31165 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 1091165 | 9495 | SH |  | SOLE |  | 0 | 0 | 9495 |
| WISDOMTREE TR | EM EX ST-OWNED | 97717X578 |  | 4035350 | 151250 | SH |  | SOLE |  | 0 | 0 | 151250 |

---