# Morningstar Investment Services LLC

> Institutional holdings reported to the SEC as of Q1 2025 on Form 13F. CIK 1478215. Source: https://holderbook.com/funds/1478215-morningstar-investment-services-llc/

- Reported value: $546.0M
- Positions: 134
- Weight of the ten largest: 46.9%
- Filed: 2025-05-05

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $77.3M | 281,306 | 14.2% | 26 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $58.8M | 800,224 | 10.8% | 26 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $33.3M | 655,294 | 6.1% | 26 |
| VANGUARD MALVERN FDS | [VCRB](https://holderbook.com/stocks/VCRB/) | $23.0M | 297,313 | 4.2% | 1 |
| VANGUARD SCOTTSDALE FDS | [VGIT](https://holderbook.com/stocks/VGIT/) | $15.5M | 261,544 | 2.8% | 26 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $10.7M | 235,987 | 2.0% | 26 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $10.4M | 18,028 | 1.9% | 6 |
| VANGUARD SCOTTSDALE FDS | [VMBS](https://holderbook.com/stocks/VMBS/) | $9.1M | 197,477 | 1.7% | 26 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $9.1M | 24,172 | 1.7% | 26 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $8.8M | 1,918 | 1.6% | 26 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $8.6M | 16,077 | 1.6% | 26 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $8.3M | 105,850 | 1.5% | 26 |
| SPDR SERIES TRUST | [SPSM](https://holderbook.com/stocks/SPSM/) | $7.4M | 180,530 | 1.3% | 22 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $7.2M | 45,585 | 1.3% | 26 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $7.2M | 29,387 | 1.3% | 26 |
| VANECK ETF TRUST | [MOAT](https://holderbook.com/stocks/MOAT/) | $6.8M | 77,211 | 1.2% | 5 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $6.5M | 18,623 | 1.2% | 26 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $6.1M | 32,222 | 1.1% | 26 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $6.1M | 13,982 | 1.1% | 6 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $6.1M | 84,523 | 1.1% | 26 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $5.5M | 70,668 | 1.0% | 26 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $5.4M | 34,683 | 1.0% | 26 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $5.1M | 138,002 | 0.9% | 26 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $5.1M | 51,808 | 0.9% | 26 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $5.0M | 9,175 | 0.9% | 26 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $4.9M | 21,282 | 0.9% | 16 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $4.6M | 58,842 | 0.8% | 26 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $4.6M | 27,663 | 0.8% | 19 |
| ISHARES TR | [USHY](https://holderbook.com/stocks/USHY/) | $4.3M | 115,938 | 0.8% | 22 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $4.2M | 46,699 | 0.8% | 15 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.1M | 26,175 | 0.7% | 26 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $4.1M | 34,363 | 0.7% | 26 |
| CHECK POINT SOFTWARE TECH LT | [CHKP](https://holderbook.com/stocks/CHKP/) | $4.1M | 17,813 | 0.7% | 7 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $4.0M | 13,422 | 0.7% | 13 |
| IQVIA HLDGS INC | [IQV](https://holderbook.com/stocks/IQV/) | $3.9M | 22,343 | 0.7% | 26 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $3.9M | 78,929 | 0.7% | 26 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $3.8M | 175,180 | 0.7% | 16 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $3.6M | 82,024 | 0.7% | 26 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $3.6M | 12,787 | 0.7% | 26 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $3.5M | 35,485 | 0.6% | 26 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $3.1M | 14,113 | 0.6% | 18 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $3.0M | 21,118 | 0.5% | 26 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $2.9M | 34,190 | 0.5% | 5 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $2.9M | 18,601 | 0.5% | 26 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $2.8M | 10,348 | 0.5% | 17 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $2.7M | 25,988 | 0.5% | 8 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $2.7M | 7,066 | 0.5% | 15 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $2.7M | 25,758 | 0.5% | 5 |
| ISHARES TR | [IXUS](https://holderbook.com/stocks/IXUS/) | $2.6M | 37,060 | 0.5% | 16 |
| UNILEVER PLC | [ULXXXX](https://holderbook.com/stocks/ULXXXX/) | $2.6M | 43,375 | 0.5% | 26 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $2.6M | 37,724 | 0.5% | 26 |
| FIDELITY COVINGTON TRUST | [FHLC](https://holderbook.com/stocks/FHLC/) | $2.5M | 37,214 | 0.5% | 1 |
| ISHARES TR | [IUSB](https://holderbook.com/stocks/IUSB/) | $2.5M | 53,475 | 0.5% | 16 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $2.4M | 16,600 | 0.4% | 14 |
| AUTODESK INC | [ADSK](https://holderbook.com/stocks/ADSK/) | $2.4M | 9,122 | 0.4% | 11 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $2.4M | 28,472 | 0.4% | 26 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $2.4M | 8,752 | 0.4% | 26 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $2.4M | 2,514 | 0.4% | 2 |
| FRANKLIN TEMPLETON ETF TR | [FLGB](https://holderbook.com/stocks/FLGB/) | $2.4M | 82,460 | 0.4% | 4 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $2.3M | 20,997 | 0.4% | 26 |
| ISHARES TR | [MCHI](https://holderbook.com/stocks/MCHI/) | $2.3M | 42,980 | 0.4% | 14 |
| OMNICOM GROUP INC | [OMC](https://holderbook.com/stocks/OMC/) | $2.3M | 28,135 | 0.4% | 26 |
| ISHARES TR | [ILF](https://holderbook.com/stocks/ILF/) | $2.3M | 97,252 | 0.4% | 1 |
| LAMAR ADVERTISING CO | [LAMR](https://holderbook.com/stocks/LAMR/) | $2.2M | 19,496 | 0.4% | 26 |
| SANOFI SA | [SNY](https://holderbook.com/stocks/SNY/) | $2.2M | 39,670 | 0.4% | 26 |
| GSK PLC | [GSK](https://holderbook.com/stocks/GSK/) | $2.2M | 55,546 | 0.4% | 10 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $2.1M | 10,599 | 0.4% | 26 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $2.1M | 9,708 | 0.4% | 8 |
| VANGUARD WORLD FD | [VFH](https://holderbook.com/stocks/VFH/) | $2.1M | 17,321 | 0.4% | 20 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $2.0M | 3,904 | 0.4% | 26 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $1.9M | 26,740 | 0.4% | 26 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $1.9M | 2,829 | 0.3% | 26 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $1.7M | 14,339 | 0.3% | 26 |
| VANGUARD WHITEHALL FDS | [VWOB](https://holderbook.com/stocks/VWOB/) | $1.7M | 26,498 | 0.3% | 12 |
| LLOYDS BANKING GROUP PLC | [LYG](https://holderbook.com/stocks/LYG/) | $1.7M | 435,473 | 0.3% | 26 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $1.6M | 38,963 | 0.3% | 22 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $1.6M | 5,091 | 0.3% | 26 |
| SCHWAB STRATEGIC TR | [SCHP](https://holderbook.com/stocks/SCHP/) | $1.6M | 58,144 | 0.3% | 26 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $1.5M | 14,011 | 0.3% | 4 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $1.5M | 33,319 | 0.3% | 26 |
| GENUINE PARTS CO | [GPC](https://holderbook.com/stocks/GPC/) | $1.5M | 12,656 | 0.3% | 26 |
| SCHWAB STRATEGIC TR | [FNDE](https://holderbook.com/stocks/FNDE/) | $1.5M | 47,833 | 0.3% | 26 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $1.4M | 6,092 | 0.3% | 10 |
| J P MORGAN EXCHANGE TRADED F | [JMUB](https://holderbook.com/stocks/JMUB/) | $1.4M | 28,124 | 0.3% | 13 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $1.3M | 52,792 | 0.2% | 26 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $1.3M | 32,012 | 0.2% | 9 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $1.3M | 10,002 | 0.2% | 6 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $1.3M | 5,174 | 0.2% | 11 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $1.3M | 4,871 | 0.2% | 26 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $1.2M | 11,107 | 0.2% | 26 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $1.2M | 2,155 | 0.2% | 26 |
| VANGUARD WORLD FD | [VDC](https://holderbook.com/stocks/VDC/) | $1.2M | 5,524 | 0.2% | 26 |
| HUNTINGTON INGALLS INDS INC | [HII](https://holderbook.com/stocks/HII/) | $1.2M | 5,862 | 0.2% | 4 |
| FIDELITY NATL INFORMATION SV | [FIS](https://holderbook.com/stocks/FIS/) | $1.1M | 14,932 | 0.2% | 18 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $1.1M | 6,127 | 0.2% | 21 |
| EDISON INTL | [EIX](https://holderbook.com/stocks/EIX/) | $1.1M | 17,901 | 0.2% | 16 |
| FIDELITY COVINGTON TRUST | [FSTA](https://holderbook.com/stocks/FSTA/) | $1.0M | 19,714 | 0.2% | 19 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $990.0K | 9,385 | 0.2% | 26 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $938.0K | 6,258 | 0.2% | 26 |
| ALLEGION PLC | [ALLE](https://holderbook.com/stocks/ALLE/) | $874.0K | 6,701 | 0.2% | 8 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2025 | +0.3% | -4.6% | +4.9% | 100% |
| Q4 2024 | -0.6% | +2.1% | -2.7% | 100% |
| Q3 2024 | +6.0% | +5.4% | +0.6% | 100% |
| Q2 2024 | +0.3% | +4.0% | -3.7% | 100% |
| Q1 2024 | +7.8% | +10.0% | -2.3% | 100% |
| Q4 2023 | +9.5% | +11.2% | -1.7% | 100% |
| Q3 2023 | -3.6% | -3.6% | -0.1% | 101% |
| Q2 2023 | +4.8% | +8.3% | -3.5% | 101% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2025 | $546.0M | 134 |
| Q4 2024 | $1.1B | 145 |
| Q3 2024 | $9.8B | 405 |
| Q2 2024 | $9.2B | 376 |
| Q1 2024 | $9.1B | 348 |
| Q4 2023 | $17.7B | 405 |
| Q3 2023 | $7.8B | 275 |
| Q2 2023 | $7.8B | 245 |
| Q1 2023 | $7.4B | 228 |
| Q4 2022 | $7.3B | 217 |
| Q3 2022 | $7.1B | 218 |
| Q2 2022 | $7.5B | 218 |