Morningstar Investment Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 28, 2025), Morningstar Investment Management LLC reported 205 stock positions worth $1.1 billion. Its top holding was iShares US Treasury Bond ETF (GOVT) at 22.4% of the portfolio, followed by Vanguard Health Care ETF (VHT, 8.8%) and VG Morningstar TS MKT ETF-US (VTI, 6.2%). Compared with Q1 2025, it opened 140 new positions, sold out of 6, added to 47 and reduced 14. The biggest buy was Vanguard Health Care ETF (VHT, shares +40%) and the biggest sale an exit from Vanguard Mortgage-Backed Sec (VMBS).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001673385
Portfolio Value
$1.1B (Q2 2025)
SEC Filing
0001104659-25-071055 ↗ filed Jul 28, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $922.2M Q1 2024 Q2 2024: $957.0M Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.1B $1.1B Q2 2025 Q3 2025: $2.7B Q3 2025 Q4 2025: $1.7B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.6B Q2 2026

Holdings 205 stocks · $1.1B
GOVT iShares US Treasury Bond ETF 22.37% 11,091,055 $254.9M Reduce -10.7%
VHT Vanguard Health Care ETF 8.83% 405,130 $100.6M Add +39.8%
VTI VG Morningstar TS MKT ETF-US 6.24% 233,826 $71.1M Add +4.3%
MSFT Microsoft Corp. 5.67% 130,004 $64.7M Add +1.3%
GOOGL Alphabet Inc. Class A 5.54% 358,015 $63.1M Add +18.1%
AAPL Apple Inc. 5.34% 296,355 $60.8M Add +27.6%
NVDA Nvidia Corp. 4.69% 338,301 $53.4M Add +28.9%
VDC Vanguard Consumer Staple ETF 3.85% 200,109 $43.8M Reduce -36.7%
SCHO Schwab Short-Term US Treas 3.60% 1,681,738 $41.0M Reduce -14.6%
META Meta Platforms Inc. Class A 3.36% 51,914 $38.3M Add +21.8%
SCHH Schwab US REIT ETF 2.20% 1,187,440 $25.1M Add +6.3%
FTEC Fidelity MSCI Info Tech Indx 2.09% 120,949 $23.9M Add +26.1%
EWY iShares MSCI South Korea ETF 2.01% 318,457 $22.9M Reduce -25.4%
FNDE Schwab Fndmntl Em MRK Eq ETF 1.63% 561,672 $18.5M Add +18.2%
AVGO Broadcom Inc. 1.56% 64,316 $17.7M Add +32.9%
AMZN Amazon.com Inc. 1.38% 71,550 $15.7M No change
KXI iShares Global Consumer Stap 1.35% 236,154 $15.4M New
NFLX Netflix Inc. 1.00% 8,519 $11.4M Add +34.1%
VGLT Vanguard Long-Term Treasury 0.92% 187,211 $10.5M Add +27.1%
SPSM SS SPDR P S&P 600 Small Cap 0.91% 242,438 $10.3M Add +18.8%
VZ Verizon Communications Inc. 0.79% 207,578 $9.0M Add +34.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.75% 69,311 $8.6M Add +23.6%
CMCSA Comcast Corp. Class A 0.72% 230,556 $8.2M Add +24.9%
MOAT Vaneck Morningstar Wide Moat 0.64% 77,770 $7.3M Add +11.9%
VGIT Vanguard Intermediate-Term T 0.38% 72,197 $4.3M Reduce -40.6%
BNDX Vanguard Total Intl Bond ETF 0.35% 81,366 $4.0M New
VTIP Vanguard Short-Term Tips 0.35% 78,982 $4.0M Add +123.0%
PBR Petroleo Brasileiro-Spon ADR 0.33% 298,508 $3.7M Add +23.8%
XOM Exxon Mobil Corp. 0.32% 33,702 $3.6M Add +19.8%
WMB Williams Cos Inc. 0.23% 41,896 $2.6M Reduce -3.9%
KMI Kinder Morgan Inc. 0.23% 88,905 $2.6M Reduce -6.5%
CVX Chevron Corp. 0.22% 17,617 $2.5M Add +29.4%
CME Cme Group Inc. 0.21% 8,762 $2.4M Reduce -6.8%
PEP Pepsico Inc. 0.20% 17,316 $2.3M Add +19.0%
TMUS T-Mobile US Inc. 0.20% 9,480 $2.3M New
OKE Oneok Inc. 0.20% 27,375 $2.2M Add +18.1%
MDT Medtronic PLC 0.17% 22,762 $2.0M Add +8.1%
MDLZ Mondelez International Inc. Class A 0.16% 27,207 $1.8M Reduce -4.6%
TME Tencent Music Entertainm-ADR 0.16% 92,622 $1.8M Add +16.7%
ADP Automatic Data Processing 0.16% 5,820 $1.8M New
BLK BlackRock Inc. 0.15% 1,667 $1.7M New
ICE Intercontinental Exchange Inc. 0.15% 9,530 $1.7M Reduce -9.5%
LNG Cheniere Energy Inc. 0.15% 7,074 $1.7M New
VT Vanguard Tot World STK ETF 0.15% 13,150 $1.7M Reduce -47.5%
CSCO Cisco Systems Inc. 0.14% 22,409 $1.6M Add +1.2%
PDD PDD Holdings Inc. 0.13% 14,071 $1.5M New
NOC Northrop Grumman Corp. 0.13% 2,911 $1.5M New
EPD Enterprise Products Partners 0.12% 45,093 $1.4M Add +2.5%
GILD Gilead Sciences Inc. 0.12% 12,570 $1.4M Reduce -2.5%
MSI Motorola Solutions Inc. 0.12% 3,307 $1.4M New
PFE Pfizer Inc. 0.12% 57,082 $1.4M Add +19.4%
CL Colgate-Palmolive Co. 0.12% 15,153 $1.4M Add +3.8%
HON Honeywell International Inc. 0.12% 5,850 $1.4M New
BDX Becton Dickinson and Co. 0.12% 7,681 $1.3M New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.11% 3,964 $1.3M New
AON Aon PLC Class A 0.10% 3,301 $1.2M New
GD General Dynamics Corp. 0.10% 4,011 $1.2M New
MO Altria Group Inc. 0.10% 19,897 $1.2M Reduce -6.6%
COST Costco Wholesale Corp. 0.10% 1,171 $1.2M New
SRE Sempra 0.10% 15,299 $1.2M Add +16.7%
ET Energy Transfer LP 0.10% 62,947 $1.1M Add +6.1%
AMGN Amgen Inc. 0.10% 4,084 $1.1M New
LMT Lockheed Martin Corp. 0.10% 2,460 $1.1M New
ORLY O'reilly Automotive Inc. 0.10% 12,525 $1.1M New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.09% 8,639 $1.1M New
TXN Texas Instruments Inc. 0.09% 5,030 $1.0M New
ROP Roper Technologies Inc. 0.09% 1,833 $1.0M New
TMO Thermo Fisher Scientific Inc. 0.09% 2,540 $1.0M New
AZO AutoZone Inc. 0.09% 272 $1.0M New
PAA Plains All Amer Pipeline LP 0.08% 52,623 $964K Add +6.7%
ZTS Zoetis Inc. 0.08% 6,052 $944K New
WFC Wells Fargo & Co. 0.08% 11,683 $936K Add +11.7%
T AT&T Inc. 0.08% 31,650 $916K Reduce -14.8%
SHW The Sherwin-Williams Co. 0.08% 2,655 $912K New
GS Goldman Sachs Group Inc. 0.08% 1,253 $887K New
EMR Emerson Electric Co. 0.08% 6,589 $879K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.08% 18,564 $878K Add +15.6%
SPG Simon Property Group Inc. 0.08% 5,422 $872K New
MRK Merck & Co. Inc. 0.08% 10,924 $865K New
USB US Bancorp 0.08% 18,956 $858K Add +10.3%
UPS United Parcel Service Class B 0.07% 8,285 $836K New
MS Morgan Stanley 0.07% 5,834 $822K New
TT Trane Technologies PLC 0.07% 1,874 $820K New
JPM JPMorgan Chase & Co. 0.07% 2,799 $811K New
MPLX MPLX LP 0.07% 14,610 $753K No change
ETN Eaton Corp. PLC 0.06% 2,064 $737K New
ADSK Autodesk Inc. 0.06% 2,364 $732K New
JNJ Johnson & Johnson 0.06% 4,686 $716K New
EOG EOG Resources Inc. 0.06% 5,886 $704K New
CSX CSX Corp. 0.06% 21,370 $697K Add +11.9%
NTRS Northern Trust Corp. 0.06% 5,483 $695K New
CTAS Cintas Corp. 0.06% 3,105 $692K New
NKE Nike Inc. Class B 0.06% 9,621 $683K New
TFC Truist Financial Corp. 0.06% 15,728 $676K Add +23.1%
AEP American Electric Power 0.06% 6,451 $669K New
HCA HCA Healthcare Inc. 0.06% 1,735 $665K New
PNC PNC Financial Services Group 0.06% 3,567 $665K New
TDG Transdigm Group Inc. 0.06% 435 $661K New
SBUX Starbucks Corp. 0.06% 7,124 $653K New
KO The Coca-Cola Co. 0.06% 9,028 $639K New
BMY Bristol-Myers Squibb Co. 0.06% 13,764 $637K Add +23.0%
IMO Imperial Oil Ltd. 0.05% 7,706 $612K New
REGN Regeneron Pharmaceuticals 0.05% 1,159 $608K New
NSC Norfolk Southern Corp. 0.05% 2,333 $597K New
CRH CRH PLC 0.05% 6,363 $584K New
BKNG Booking Holdings Inc. 0.05% 99 $573K New
FRT Federal Realty Invs Trust 0.05% 5,977 $568K New
AMT American Tower Corp. 0.05% 2,559 $566K New
C Citigroup Inc. 0.05% 6,608 $562K New
PG The Procter & Gamble Co. 0.05% 3,467 $552K New
VRTX Vertex Pharmaceuticals Inc. 0.05% 1,230 $548K New
TRGP Targa Resources Corp. 0.05% 3,087 $537K New
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.05% 15,744 $532K Add +23.7%
WES Western Midstream Partners L 0.05% 13,301 $515K No change
COF Capital One Financial Corp. 0.04% 2,333 $496K New
PM Philip Morris International 0.04% 2,717 $495K New
APH Amphenol Corp. Class A 0.04% 4,956 $489K New
KMB Kimberly-Clark Corp. 0.04% 3,765 $485K New
CMG Chipotle Mexican Grill Inc. 0.04% 8,335 $468K New
INTU Intuit Inc. 0.04% 594 $468K New
APD Air Products & Chemicals Inc. 0.04% 1,653 $466K New
ARCC Ares Capital Corp. 0.04% 20,879 $459K Add +11.8%
GM General Motors Co. 0.04% 9,300 $458K New
CVS CVS Health Corp. 0.04% 6,510 $449K New
HBAN Huntington Bancshares Inc. 0.04% 26,317 $441K Add +15.7%
MCK McKesson Corp. 0.04% 593 $435K New
CCI Crown Castle Inc. 0.04% 4,226 $434K New
AMCR Amcor PLC 0.04% 45,481 $418K Add +30.2%
FITB Fifth Third Bancorp 0.04% 10,078 $415K New
MTB M & T Bank Corp. filed as M & T BK CORP 0.04% 2,127 $413K New
BAX Baxter International Inc. 0.04% 13,599 $412K New
KLAC KLA Corp. 0.04% 459 $411K New
DTM DT Midstream Inc. 0.04% 3,731 $410K New
ADI Analog Devices Inc. 0.04% 1,720 $409K New
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.03% 4,310 $393K New
OGE Oge Energy Corp. 0.03% 8,819 $391K New
AM Antero Midstream Corp. 0.03% 20,562 $390K No change
STT State Street Corp. 0.03% 3,559 $378K New
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.03% 2,083 $375K New
ABBV Abbvie Inc. 0.03% 1,959 $364K New
FDX FedEx Corp. 0.03% 1,587 $361K New
HOLX Hologic Inc. 0.03% 5,482 $357K New
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.03% 3,675 $355K New
CNI Canadian Natl Railway Co. 0.03% 3,384 $352K New
PNW Pinnacle West Capital 0.03% 3,915 $350K New
CFG Citizens Financial Group 0.03% 7,772 $348K New
QCOM Qualcomm Inc. 0.03% 2,177 $347K New
COR Cencora Inc. 0.03% 1,153 $346K New
HII Huntington Ingalls Industrie 0.03% 1,418 $342K New
KEY Keycorp 0.03% 19,588 $341K Add +17.3%
CHD Church & Dwight Co. Inc. 0.03% 3,509 $337K New
SEIC Sei Investments Company 0.03% 3,706 $333K New
EA Electronic Arts Inc. 0.03% 2,075 $331K New
NTAP Netapp Inc. 0.03% 3,042 $324K New
PYPL PayPal Holdings Inc. 0.03% 4,357 $324K New
MCD McDonald's Corp. 0.03% 1,106 $323K New
APO Apollo Global Management Inc. 0.03% 2,251 $319K New
CHT Chunghwa Telecom LT-Spon ADR 0.03% 68,000 $315K New
DGX Quest Diagnostics Inc. 0.03% 1,751 $315K New
MMM 3M Co. 0.03% 2,070 $315K New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.03% 1,061 $313K New
HAS Hasbro Inc. 0.03% 4,213 $311K New
CMI Cummins Inc. 0.03% 920 $301K New
KR Kroger Co. 0.03% 4,182 $300K New
AMAT Applied Materials Inc. 0.03% 1,632 $299K New
RPRX Royalty Pharma PLC Class A 0.03% 8,307 $299K New
RJF Raymond James Financial Inc. 0.03% 1,912 $293K New
NXPI NXP Semiconductors NV 0.03% 1,335 $292K New
RF Regions Financial Corp. 0.03% 12,190 $287K Add +17.5%
KHC The Kraft Heinz Co. 0.02% 10,840 $280K New
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.02% 3,679 $271K New
ANET Arista Networks Inc. 0.02% 2,630 $269K New
KVUE Kenvue Inc. 0.02% 12,571 $263K Add +16.5%
CDNS Cadence Design SYS Inc. 0.02% 844 $260K New
DOX Amdocs Ltd. 0.02% 2,827 $258K New
SNPS Synopsys Inc. 0.02% 497 $255K New
SNX TD Synnex Corp. 0.02% 1,877 $255K New
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.02% 3,546 $255K New
AVY Avery Dennison Corp. 0.02% 1,439 $253K New
PKG Packaging Corp. of America 0.02% 1,344 $253K New
INGR Ingredion Inc. 0.02% 1,849 $251K New
JNPR Juniper Networks Inc. 0.02% 6,134 $245K New
ED Consolidated Edison Inc. 0.02% 2,430 $244K New
NRG NRG Energy Inc. 0.02% 1,517 $244K New
HRL Hormel Foods Corp. 0.02% 8,047 $243K New
FFIV F5 Inc. 0.02% 814 $240K New
LRCX Lam Research Corp. 0.02% 2,437 $237K New
SNA Snap-on Inc. 0.02% 759 $236K New
CMS CMS Energy Corp. 0.02% 3,391 $235K New
EVRG Evergy Inc. 0.02% 3,377 $233K New
TOL Toll Brothers Inc. 0.02% 2,038 $233K New
FAST Fastenal Co. 0.02% 5,534 $232K New
HPE Hewlett Packard Enterprise 0.02% 11,122 $227K New
FCX Freeport-McMoran Inc. 0.02% 5,199 $225K New
ULTA Ulta Beauty Inc. 0.02% 480 $225K New
D Dominion Energy Inc. 0.02% 3,963 $224K New
AEE Ameren Corporation 0.02% 2,270 $218K New
EHC Encompass Health Corp. 0.02% 1,773 $217K New
VRSN Verisign Inc. 0.02% 749 $216K New
MCHP Microchip Technology Inc. 0.02% 3,048 $214K New
AMP Ameriprise Financial Inc. 0.02% 398 $212K New
TSCO Tractor Supply Company 0.02% 3,944 $208K New
SYY Sysco Corp. 0.02% 2,684 $203K New
XEL Xcel Energy Inc. 0.02% 2,985 $203K New
WU Western Union Co. 0.01% 16,077 $135K Add +22.8%

Portfolio Sells Q1 2025 → Q2 2025
VMBS Vanguard Mortgage-Backed Sec Sold out 0.00% −10.26
VCIT Vanguard Int-Term Corporate Sold out 0.00% −5.72
XTEN Bondbloxx BBG 10Y US TSY ETF Sold out 0.00% −2.27
VDC Vanguard Consumer Staple ETF Reduce -36.7% 3.85% −2.05
GOVT iShares US Treasury Bond ETF Reduce -10.7% 22.37% −1.94
SCHO Schwab Short-Term US Treas Reduce -14.6% 3.60% −0.48
XLU St Sr Utl SL SE SPDR ETF-Usd Sold out 0.00% −0.38
XLB SS Materials Select Sector Sold out 0.00% −0.37
FLBR Franklin Ftse Brazil ETF Sold out 0.00% −0.28
VGIT Vanguard Intermediate-Term T Reduce -40.6% 0.38% −0.24
VT Vanguard Tot World STK ETF Reduce -47.5% 0.15% −0.10
T AT&T Inc. Reduce -14.8% 0.08% −0.01
MO Altria Group Inc. Reduce -6.6% 0.10% −0.01
MDLZ Mondelez International Inc. Class A Reduce -4.6% 0.16% −0.00
KMI Kinder Morgan Inc. Reduce -6.5% 0.23% −0.00
ICE Intercontinental Exchange Inc. Reduce -9.5% 0.15% −0.00
GILD Gilead Sciences Inc. Reduce -2.5% 0.12% −0.00
CME Cme Group Inc. Reduce -6.8% 0.21% −0.00
WMB Williams Cos Inc. Reduce -3.9% 0.23% +0.01
EWY iShares MSCI South Korea ETF Reduce -25.4% 2.01% +0.04

Portfolio Buys Q1 2025 → Q2 2025
VHT Vanguard Health Care ETF Add +39.8% 8.83% +2.30
NVDA Nvidia Corp. Add +28.9% 4.69% +2.27
MSFT Microsoft Corp. Add +1.3% 5.67% +1.57
GOOGL Alphabet Inc. Class A Add +18.1% 5.54% +1.55
KXI iShares Global Consumer Stap New 1.35% +1.35
META Meta Platforms Inc. Class A Add +21.8% 3.36% +1.27
VTI VG Morningstar TS MKT ETF-US Add +4.3% 6.24% +0.99
AAPL Apple Inc. Add +27.6% 5.34% +0.95
AVGO Broadcom Inc. Add +32.9% 1.56% +0.87
FTEC Fidelity MSCI Info Tech Indx Add +26.1% 2.09% +0.78
NFLX Netflix Inc. Add +34.1% 1.00% +0.50
FNDE Schwab Fndmntl Em MRK Eq ETF Add +18.2% 1.63% +0.38
BNDX Vanguard Total Intl Bond ETF New 0.35% +0.35
DIS The Walt Disney Co. Add +23.6% 0.75% +0.28
VGLT Vanguard Long-Term Treasury Add +27.1% 0.92% +0.20
TMUS T-Mobile US Inc. New 0.20% +0.20
SPSM SS SPDR P S&P 600 Small Cap Add +18.8% 0.91% +0.20
VTIP Vanguard Short-Term Tips Add +123.0% 0.35% +0.20
VZ Verizon Communications Inc. Add +34.4% 0.79% +0.19
SCHH Schwab US REIT ETF Add +6.3% 2.20% +0.16
ADP Automatic Data Processing New 0.16% +0.16
BLK BlackRock Inc. New 0.15% +0.15
LNG Cheniere Energy Inc. New 0.15% +0.15
CMCSA Comcast Corp. Class A Add +24.9% 0.72% +0.14
PDD PDD Holdings Inc. New 0.13% +0.13
NOC Northrop Grumman Corp. New 0.13% +0.13
MSI Motorola Solutions Inc. New 0.12% +0.12
HON Honeywell International Inc. New 0.12% +0.12
MOAT Vaneck Morningstar Wide Moat Add +11.9% 0.64% +0.12
BDX Becton Dickinson and Co. New 0.12% +0.12
AJG Arthur J Gallagher & Co. New 0.11% +0.11
AON Aon PLC Class A New 0.10% +0.10
GD General Dynamics Corp. New 0.10% +0.10
COST Costco Wholesale Corp. New 0.10% +0.10
AMGN Amgen Inc. New 0.10% +0.10
LMT Lockheed Martin Corp. New 0.10% +0.10
ORLY O'reilly Automotive Inc. New 0.10% +0.10
TJX TJX Companies Inc. New 0.09% +0.09
TXN Texas Instruments Inc. New 0.09% +0.09
ROP Roper Technologies Inc. New 0.09% +0.09
TMO Thermo Fisher Scientific Inc. New 0.09% +0.09
AZO AutoZone Inc. New 0.09% +0.09
ZTS Zoetis Inc. New 0.08% +0.08
SHW The Sherwin-Williams Co. New 0.08% +0.08
GS Goldman Sachs Group Inc. New 0.08% +0.08
EMR Emerson Electric Co. New 0.08% +0.08
SPG Simon Property Group Inc. New 0.08% +0.08
MRK Merck & Co. Inc. New 0.08% +0.08
UPS United Parcel Service Class B New 0.07% +0.07
MS Morgan Stanley New 0.07% +0.07

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 317$1.6BGOVT, MSFT, VTI, AAPL, GOOGL
Q1 2026 315$1.6BGOVT, MSFT, VTI, AAPL, GOOGL
Q4 2025 327$1.7BGOVT, VTI, AAPL, MSFT, GOOGL
Q3 2025 463$2.7BGOVT, NVDA, MSFT, AAPL, VTI
Q2 2025 205$1.1BGOVT, VHT, VTI, MSFT, GOOGL
Q1 2025 71$1.2BGOVT, VMBS, VHT, VDC, VCIT
Q4 2024 212$1.3BGOVT, VMBS, VDC, VTI, VHT
Q3 2024 214$1.0BGOVT, VDC, VTI, VHT, GOOGL
Q2 2024 195$957.0MGOVT, VDC, VHT, VTI, GOOGL
Q1 2024 200$922.2MGOVT, VDC, VHT, SCHO, VTI