# EDGAR Filing Document

**Accession Number:** 0002011548
**File Stem:** 0002011548-25-000003
**Filing Date:** 2025-8
**Character Count:** 19575
**Document Hash:** 6b1d16d640893b48443007284848cef3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002011548-25-000003.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0002011548-25-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**EFFECTIVENESS DATE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Novak & Powell Financial Services, Inc.
- **CENTRAL INDEX KEY:** 0002011548

**ORGANIZATION NAME:**
- **EIN:** 840896870
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23984
- **FILM NUMBER:** 251200628

**BUSINESS ADDRESS:**
- **STREET 1:** 146 SECOND STREET NORTH
- **STREET 2:** SUITE 310
- **CITY:** ST. PETERSBURG
- **STATE:** FL
- **ZIP:** 33701
- **BUSINESS PHONE:** 727-451-3440

**MAIL ADDRESS:**
- **STREET 1:** 146 SECOND STREET NORTH
- **STREET 2:** SUITE 310
- **CITY:** ST. PETERSBURG
- **STATE:** FL
- **ZIP:** 33701

### 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:** Novak  Powell Financial Services Inc.<br>**Address:** 146 SECOND STREET NORTH<br>SUITE 310<br>ST. PETERSBURG, FL 33701

**Form 13F File Number:** 028-23984

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:** David Novak<br>**Title:** Principal<br>**Phone:** 727-451-3440

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

David Novak  St. Petersburg, FL  08-11-2025<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:** 146

**Form 13F Information Table Value Total:** $144131368

      (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 COMPANY | COM | 88579Y101 |  | 652356 | 4285 | SH |  | SOLE |  | 0 | 0 | 4285 |
| ABBVIE INCORPORATED | COM | 00287Y109 |  | 248916 | 1341 | SH |  | SOLE |  | 0 | 0 | 1341 |
| ABRDN GLOBAL DYNAMIC DIVIDEND | COM | 00302M106 |  | 143846 | 13030 | SH |  | SOLE |  | 0 | 0 | 13030 |
| ALERIAN MLP ETF | ALERIAN MLP | 00162Q452 |  | 648954 | 13282 | SH |  | SOLE |  | 0 | 0 | 13282 |
| ALTRIA GROUP INCORPORATED | COM | 02209S103 |  | 284476 | 4852 | SH |  | SOLE |  | 0 | 0 | 4852 |
| AMAZON COM INCORPORATED | COM | 023135106 |  | 1024332 | 4669 | SH |  | SOLE |  | 0 | 0 | 4669 |
| AMGEN INCORPORATED | COM | 031162100 |  | 765794 | 2743 | SH |  | SOLE |  | 0 | 0 | 2743 |
| APPLE INCORPORATED | COM | 037833100 |  | 8015759 | 39069 | SH |  | SOLE |  | 0 | 0 | 39069 |
| APPLIED MATLS INCORPORATED | COM | 038222105 |  | 297368 | 1624 | SH |  | SOLE |  | 0 | 0 | 1624 |
| AT INCORPORATED | COM | 00206R102 |  | 316337 | 10931 | SH |  | SOLE |  | 0 | 0 | 10931 |
| AUTOMATIC DATA PROCESSING INCORPORATED | COM | 053015103 |  | 451829 | 1465 | SH |  | SOLE |  | 0 | 0 | 1465 |
| BANK AMERICA CORPORATION | COM | 060505104 |  | 340026 | 7186 | SH |  | SOLE |  | 0 | 0 | 7186 |
| BERKSHIRE HATHAWAY INCORPORATED DEL CLASS A | CL A | 084670108 |  | 728800 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BERKSHIRE HATHAWAY INCORPORATED DEL CLASS B NEW | CL B NEW | 084670702 |  | 2195195 | 4519 | SH |  | SOLE |  | 0 | 0 | 4519 |
| BNY MELLON STRATEGIC MUN BD FD | COM | 09662E109 |  | 98610 | 17609 | SH |  | SOLE |  | 0 | 0 | 17609 |
| BNY MELLON STRATEGIC MUNS INCORPORATED | COM | 05588W108 |  | 154243 | 26055 | SH |  | SOLE |  | 0 | 0 | 26055 |
| BOEING COMPANY | COM | 097023105 |  | 1280772 | 6113 | SH |  | SOLE |  | 0 | 0 | 6113 |
| BROADRIDGE FINL SOLUTIONS INCORPORATED | COM | 11133T103 |  | 280055 | 1152 | SH |  | SOLE |  | 0 | 0 | 1152 |
| BROOKFIELD INFRAST PARTNERS LP LP INT UNIT (BERMUDA) | LP INT UNIT | G16252101 |  | 659113 | 19675 | SH |  | SOLE |  | 0 | 0 | 19675 |
| CHEVRON CORPORATION NEW | COM | 166764100 |  | 368674 | 2575 | SH |  | SOLE |  | 0 | 0 | 2575 |
| CINTAS CORPORATION | COM | 172908105 |  | 623290 | 2797 | SH |  | SOLE |  | 0 | 0 | 2797 |
| CISCO SYSTEMS INCORPORATED | COM | 17275R102 |  | 263666 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| COCA COLA COMPANY | COM | 191216100 |  | 245738 | 3473 | SH |  | SOLE |  | 0 | 0 | 3473 |
| COSTCO WHOLESALE CORPORATION NEW | COM | 22160K105 |  | 444557 | 449 | SH |  | SOLE |  | 0 | 0 | 449 |
| DANAHER CORPORATION | COM | 235851102 |  | 256604 | 1299 | SH |  | SOLE |  | 0 | 0 | 1299 |
| DEERE  COMPANY | COM | 244199105 |  | 263941 | 519 | SH |  | SOLE |  | 0 | 0 | 519 |
| DISNEY WALT COMPANY | COM | 254687106 |  | 709758 | 5723 | SH |  | SOLE |  | 0 | 0 | 5723 |
| DNP SELECT INCOME FD INCORPORATED | COM | 23325P104 |  | 558856 | 57084 | SH |  | SOLE |  | 0 | 0 | 57084 |
| DOMINION ENERGY INCORPORATED | COM | 25746U109 |  | 242365 | 4288 | SH |  | SOLE |  | 0 | 0 | 4288 |
| DUKE ENERGY CORPORATION NEW COM NEW | COM NEW | 26441C204 |  | 540554 | 4581 | SH |  | SOLE |  | 0 | 0 | 4581 |
| ECOLAB INCORPORATED | COM | 278865100 |  | 858543 | 3186 | SH |  | SOLE |  | 0 | 0 | 3186 |
| ELECTRONIC ARTS INCORPORATED | COM | 285512109 |  | 327915 | 2053 | SH |  | SOLE |  | 0 | 0 | 2053 |
| ENTERPRISE PRODUCTS PARTNERS L P | COM | 293792107 |  | 1249288 | 40287 | SH |  | SOLE |  | 0 | 0 | 40287 |
| EQUIFAX INCORPORATED | COM | 294429105 |  | 1021659 | 3939 | SH |  | SOLE |  | 0 | 0 | 3939 |
| EVERGY INCORPORATED | COM | 30034W106 |  | 521681 | 7568 | SH |  | SOLE |  | 0 | 0 | 7568 |
| EXXON MOBIL CORPORATION | COM | 30231G102 |  | 670680 | 6222 | SH |  | SOLE |  | 0 | 0 | 6222 |
| FIRST TRUST CAPITAL STRENGTH ETF | CAP STRENGTH ETF | 33733E104 |  | 486567 | 5353 | SH |  | SOLE |  | 0 | 0 | 5353 |
| FIRST TRUST DORSEY WRIGHT FOCUS 5 ETF | DORSEY WRT 5 ETF | 33738R605 |  | 807536 | 13627 | SH |  | SOLE |  | 0 | 0 | 13627 |
| FIRST TRUST DOW JONES INTERNET INDEX FUND | DJ INTERNT IDX | 33733E302 |  | 3038850 | 11283 | SH |  | SOLE |  | 0 | 0 | 11283 |
| FIRST TRUST ETF II INDLS PROD DURABLE | INDLS PROD DUR | 33734X150 |  | 296880 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| FIRST TRUST HEALTH CARE ALPHADEX FUND | HLTH CARE ALPH | 33734X143 |  | 492584 | 4751 | SH |  | SOLE |  | 0 | 0 | 4751 |
| FIRST TRUST NASDAQ-100 TECHNOLOGY INDEX FUND | SHS | 337345102 |  | 2312824 | 10867 | SH |  | SOLE |  | 0 | 0 | 10867 |
| FIRST TRUST NYSE ARCA BIOTECHNOLOGY INDEX FUND | NY ARCA BIOTECH | 33733E203 |  | 243931 | 1512 | SH |  | SOLE |  | 0 | 0 | 1512 |
| FIRST TRUST PREFERRED SECURITIES AND INCOME ETF | PFD SECS INC ETF | 33739E108 |  | 208812 | 11731 | SH |  | SOLE |  | 0 | 0 | 11731 |
| FIRST TRUST TECHNOLOGY ALPHADEX FUND | TECH ALPHADEX | 33734X176 |  | 1588053 | 10092 | SH |  | SOLE |  | 0 | 0 | 10092 |
| FLAGSTAR FINANCIAL INCORPORATED COM NEW | COM NEW | 649445400 |  | 203145 | 19165 | SH |  | SOLE |  | 0 | 0 | 19165 |
| GE AEROSPACE COM NEW | COM NEW | 369604301 |  | 341884 | 1328 | SH |  | SOLE |  | 0 | 0 | 1328 |
| GOLDMAN SACHS GROUP INCORPORATED | COM | 38141G104 |  | 268800 | 380 | SH |  | SOLE |  | 0 | 0 | 380 |
| HEALTHPEAK PROPERTIES INCORPORATED REIT | COM | 42250P103 |  | 200403 | 11445 | SH |  | SOLE |  | 0 | 0 | 11445 |
| HOME DEPOT INCORPORATED | COM | 437076102 |  | 224740 | 613 | SH |  | SOLE |  | 0 | 0 | 613 |
| HONEYWELL INTERNATIONAL INCORPORATED | COM | 438516106 |  | 267097 | 1147 | SH |  | SOLE |  | 0 | 0 | 1147 |
| INGREDION INCORPORATED | COM | 457187102 |  | 230054 | 1696 | SH |  | SOLE |  | 0 | 0 | 1696 |
| INVESCO FINANCIAL PREFERRED ETF | FINL PFD ETF | 46137V621 |  | 183060 | 12974 | SH |  | SOLE |  | 0 | 0 | 12974 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 8484304 | 15380 | SH |  | SOLE |  | 0 | 0 | 15380 |
| INVESCO S 500 EQUAL WEIGHT INDUSTRIALS ETF | S EQL IND | 46137V324 |  | 252394 | 4715 | SH |  | SOLE |  | 0 | 0 | 4715 |
| INVESCO S 500 LOW VOLATILITY ETF | S LOW VOL | 46138E354 |  | 352582 | 4842 | SH |  | SOLE |  | 0 | 0 | 4842 |
| INVESCO S 500 TOP 50 ETF | S 500 TOP 50 | 46137V233 |  | 279881 | 5372 | SH |  | SOLE |  | 0 | 0 | 5372 |
| ISHARES GOLD TR ISHARES NEW | ISHARES NEW | 464285204 |  | 2406223 | 38586 | SH |  | SOLE |  | 0 | 0 | 38586 |
| ISHARES TR CORE S MCP ETF | CORE S MCP ETF | 464287507 |  | 1821363 | 29367 | SH |  | SOLE |  | 0 | 0 | 29367 |
| ISHARES TR CORE S SCP ETF | CORE S SCP ETF | 464287804 |  | 1609287 | 14725 | SH |  | SOLE |  | 0 | 0 | 14725 |
| ISHARES TR CORE S ETF | CORE S ETF | 464287200 |  | 345608 | 557 | SH |  | SOLE |  | 0 | 0 | 557 |
| ISHARES TR DOW JONES US ETF | DOW JONES US ETF | 464287846 |  | 1106208 | 7332 | SH |  | SOLE |  | 0 | 0 | 7332 |
| ISHARES TR EXPANDED TECH | EXPANDED TECH | 464287515 |  | 692588 | 6325 | SH |  | SOLE |  | 0 | 0 | 6325 |
| ISHARES TR ISHARES BIOTECH | ISHARES BIOTECH | 464287556 |  | 1052952 | 8323 | SH |  | SOLE |  | 0 | 0 | 8323 |
| ISHARES TR ISHARES SEMICDTR | ISHARES SEMICDTR | 464287523 |  | 250635 | 1050 | SH |  | SOLE |  | 0 | 0 | 1050 |
| ISHARES TR MSCI EMG MKT ETF | MSCI EMG MKT ETF | 464287234 |  | 237263 | 4918 | SH |  | SOLE |  | 0 | 0 | 4918 |
| ISHARES TR RUS TP200 GR ETF | RUS TP200 GR ETF | 464289438 |  | 345114 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| ISHARES TR S MC 400GR ETF | S MC 400GR ETF | 464287606 |  | 559379 | 6148 | SH |  | SOLE |  | 0 | 0 | 6148 |
| ISHARES TR S MC 400VL ETF | S MC 400VL ETF | 464287705 |  | 717387 | 5805 | SH |  | SOLE |  | 0 | 0 | 5805 |
| ISHARES TR S SML 600 GWT | S SML 600 GWT | 464287887 |  | 816608 | 6138 | SH |  | SOLE |  | 0 | 0 | 6138 |
| ISHARES TR SP SMCP600VL ETF | SP SMCP600VL ETF | 464287879 |  | 687690 | 6912 | SH |  | SOLE |  | 0 | 0 | 6912 |
| ISHARES TR U.S. TECH ETF | U.S. TECH ETF | 464287721 |  | 328173 | 1894 | SH |  | SOLE |  | 0 | 0 | 1894 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1181424 | 7734 | SH |  | SOLE |  | 0 | 0 | 7734 |
| JPMORGAN CHASE  COMPANY. | COM | 46625H100 |  | 1600192 | 5520 | SH |  | SOLE |  | 0 | 0 | 5520 |
| KROGER COMPANY | COM | 501044101 |  | 349423 | 4871 | SH |  | SOLE |  | 0 | 0 | 4871 |
| LOWES COMPANIES INCORPORATED | COM | 548661107 |  | 210292 | 948 | SH |  | SOLE |  | 0 | 0 | 948 |
| M  T BK CORPORATION | COM | 55261F104 |  | 323510 | 1668 | SH |  | SOLE |  | 0 | 0 | 1668 |
| MARRIOTT INTERNATIONAL INCORPORATED NEW CLASS A | CL A | 571903202 |  | 375083 | 1373 | SH |  | SOLE |  | 0 | 0 | 1373 |
| MCDONALDS CORPORATION | COM | 580135101 |  | 517174 | 1770 | SH |  | SOLE |  | 0 | 0 | 1770 |
| MERCK  COMPANY INCORPORATED | COM | 58933Y105 |  | 389028 | 4914 | SH |  | SOLE |  | 0 | 0 | 4914 |
| MFS HIGH INCOME MUN TR SH BEN INT | SH BEN INT | 59318D104 |  | 130814 | 36540 | SH |  | SOLE |  | 0 | 0 | 36540 |
| MFS HIGH YIELD MUN TR SH BEN INT | SH BEN INT | 59318E102 |  | 98235 | 29500 | SH |  | SOLE |  | 0 | 0 | 29500 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 5816548 | 11694 | SH |  | SOLE |  | 0 | 0 | 11694 |
| MICROSTRATEGY INCORPORATED CLASS A NEW | CL A NEW | 594972408 |  | 325001 | 804 | SH |  | SOLE |  | 0 | 0 | 804 |
| NEOS S 500 HIGH INCOME ETF | NEOS S 500 HI | 78433H303 |  | 360157 | 7157 | SH |  | SOLE |  | 0 | 0 | 7157 |
| NEXTERA ENERGY INCORPORATED | COM | 65339F101 |  | 393611 | 5670 | SH |  | SOLE |  | 0 | 0 | 5670 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3670772 | 23234 | SH |  | SOLE |  | 0 | 0 | 23234 |
| PACER US CASH COWS 100 ETF | US CASH COWS 100 | 69374H881 |  | 223376 | 4054 | SH |  | SOLE |  | 0 | 0 | 4054 |
| PEPSICO INCORPORATED | COM | 713448108 |  | 233777 | 1771 | SH |  | SOLE |  | 0 | 0 | 1771 |
| PFIZER INCORPORATED | COM | 717081103 |  | 312598 | 12896 | SH |  | SOLE |  | 0 | 0 | 12896 |
| PHILIP MORRIS INTERNATIONAL INCORPORATED | COM | 718172109 |  | 691870 | 3799 | SH |  | SOLE |  | 0 | 0 | 3799 |
| PNC FINL SVCS GROUP INCORPORATED | COM | 693475105 |  | 627134 | 3364 | SH |  | SOLE |  | 0 | 0 | 3364 |
| PROCTER AND GAMBLE COMPANY | COM | 742718109 |  | 1425572 | 8948 | SH |  | SOLE |  | 0 | 0 | 8948 |
| PROSHARES S 500 DIVIDEND ARISTOCRATS ETF | S 500 DV ARIST | 74348A467 |  | 280516 | 2786 | SH |  | SOLE |  | 0 | 0 | 2786 |
| QUALCOMM INCORPORATED | COM | 747525103 |  | 904249 | 5678 | SH |  | SOLE |  | 0 | 0 | 5678 |
| RAYMOND JAMES FINL INCORPORATED | COM | 754730109 |  | 471265 | 3073 | SH |  | SOLE |  | 0 | 0 | 3073 |
| REAVES UTIL INCOME FD COM SH BEN INT | COM SH BEN INT | 756158101 |  | 287300 | 7941 | SH |  | SOLE |  | 0 | 0 | 7941 |
| S  T BANCORP INCORPORATED | COM | 783859101 |  | 522635 | 13819 | SH |  | SOLE |  | 0 | 0 | 13819 |
| S GLOBAL INCORPORATED | COM | 78409V104 |  | 245459 | 466 | SH |  | SOLE |  | 0 | 0 | 466 |
| SBA COMMUNICATIONS CORPORATION NEW CLASS A REIT | CL A | 78410G104 |  | 972003 | 4139 | SH |  | SOLE |  | 0 | 0 | 4139 |
| SFL CORPORATION LIMITED SHS (BERMUDA) | SHS | G7738W106 |  | 355154 | 42636 | SH |  | SOLE |  | 0 | 0 | 42636 |
| SOUTHERN COMPANY | COM | 842587107 |  | 571622 | 6225 | SH |  | SOLE |  | 0 | 0 | 6225 |
| SOUTHERN COPPER CORPORATION | COM | 84265V105 |  | 452129 | 4469 | SH |  | SOLE |  | 0 | 0 | 4469 |
| SPDR BLOOMBERG HIGH YIELD BOND ETF | BLOOMBERG HIGH Y | 78468R622 |  | 566487 | 5824 | SH |  | SOLE |  | 0 | 0 | 5824 |
| SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST | UT SER 1 | 78467X109 |  | 3526825 | 8004 | SH |  | SOLE |  | 0 | 0 | 8004 |
| SPDR GOLD SHARES | GOLD SHS | 78463V107 |  | 272823 | 895 | SH |  | SOLE |  | 0 | 0 | 895 |
| SPDR INDUSTRIAL SELECT SECTOR FUND | INDL | 81369Y704 |  | 312754 | 2120 | SH |  | SOLE |  | 0 | 0 | 2120 |
| SPDR S 500 ETF | TR UNIT | 78462F103 |  | 6314462 | 10220 | SH |  | SOLE |  | 0 | 0 | 10220 |
| SPDR S INTERNATIONAL DIVIDEND ETF | S INTL ETF | 78463X772 |  | 818653 | 19422 | SH |  | SOLE |  | 0 | 0 | 19422 |
| SPDR TECHNOLOGY SELECT SECTOR FUND | TECHNOLOGY | 81369Y803 |  | 294600 | 1163 | SH |  | SOLE |  | 0 | 0 | 1163 |
| STRYKER CORPORATION | COM | 863667101 |  | 395630 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| TESLA INCORPORATED | COM | 88160R101 |  | 525410 | 1654 | SH |  | SOLE |  | 0 | 0 | 1654 |
| TEXAS INSTRS INCORPORATED | COM | 882508104 |  | 440701 | 2123 | SH |  | SOLE |  | 0 | 0 | 2123 |
| UNION PAC CORPORATION | COM | 907818108 |  | 243113 | 1057 | SH |  | SOLE |  | 0 | 0 | 1057 |
| UNITEDHEALTH GROUP INCORPORATED | COM | 91324P102 |  | 377250 | 1209 | SH |  | SOLE |  | 0 | 0 | 1209 |
| VANGUARD DIVIDEND APPRECIATION ETF | DIV APP ETF | 921908844 |  | 3790661 | 18521 | SH |  | SOLE |  | 0 | 0 | 18521 |
| VANGUARD FINANCIALS ETF | FINANCIALS ETF | 92204A405 |  | 492651 | 3870 | SH |  | SOLE |  | 0 | 0 | 3870 |
| VANGUARD FTSE ALL-WORLD EX-US ETF | ALLWRLD EX US | 922042775 |  | 1071611 | 15942 | SH |  | SOLE |  | 0 | 0 | 15942 |
| VANGUARD FTSE EMERGING MARKETS ETF | FTSE EMR MKT ETF | 922042858 |  | 1035308 | 20932 | SH |  | SOLE |  | 0 | 0 | 20932 |
| VANGUARD FTSE EUROPE ETF | FTSE EUROPE ETF | 922042874 |  | 516316 | 6662 | SH |  | SOLE |  | 0 | 0 | 6662 |
| VANGUARD GROWTH ETF | GROWTH ETF | 922908736 |  | 8988255 | 20502 | SH |  | SOLE |  | 0 | 0 | 20502 |
| VANGUARD HEALTH CARE ETF | HEALTH CAR ETF | 92204A504 |  | 865118 | 3484 | SH |  | SOLE |  | 0 | 0 | 3484 |
| VANGUARD HIGH DIVIDEND YIELD ETF | HIGH DIV YLD | 921946406 |  | 404697 | 3036 | SH |  | SOLE |  | 0 | 0 | 3036 |
| VANGUARD INDEX FUNDS S 500 ETF SHS NEW | S 500 ETF SHS | 922908363 |  | 302192 | 532 | SH |  | SOLE |  | 0 | 0 | 532 |
| VANGUARD INFORMATION TECHNOLOGY ETF | INF TECH ETF | 92204A702 |  | 267302 | 403 | SH |  | SOLE |  | 0 | 0 | 403 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF | INT-TERM CORP | 92206C870 |  | 894551 | 10788 | SH |  | SOLE |  | 0 | 0 | 10788 |
| VANGUARD INTERNATIONAL DIVIDEND APPRECIATION ETF | INTL DVD ETF | 921946810 |  | 379580 | 4212 | SH |  | SOLE |  | 0 | 0 | 4212 |
| VANGUARD LARGE-CAP ETF | LARGE CAP ETF | 922908637 |  | 8179374 | 28669 | SH |  | SOLE |  | 0 | 0 | 28669 |
| VANGUARD MATERIALS ETF | MATERIALS ETF | 92204A801 |  | 604724 | 3104 | SH |  | SOLE |  | 0 | 0 | 3104 |
| VANGUARD MID-CAP ETF | MID CAP ETF | 922908629 |  | 230759 | 825 | SH |  | SOLE |  | 0 | 0 | 825 |
| VANGUARD MID-CAP GROWTH ETF | MCAP GR IDXVIP | 922908538 |  | 586412 | 2062 | SH |  | SOLE |  | 0 | 0 | 2062 |
| VANGUARD MID-CAP VALUE ETF | MCAP VL IDXVIP | 922908512 |  | 339774 | 2066 | SH |  | SOLE |  | 0 | 0 | 2066 |
| VANGUARD REAL ESTATE ETF | REAL ESTATE ETF | 922908553 |  | 1037024 | 11644 | SH |  | SOLE |  | 0 | 0 | 11644 |
| VANGUARD SHORT-TERM BOND ETF | SHORT TRM BOND | 921937827 |  | 210029 | 2669 | SH |  | SOLE |  | 0 | 0 | 2669 |
| VANGUARD SHORT-TERM CORPORATE BOND ETF | SHRT TRM CORP BD | 92206C409 |  | 1025076 | 12894 | SH |  | SOLE |  | 0 | 0 | 12894 |
| VANGUARD SHORT-TERM TREASURY ETF | SHORT TERM TREAS | 92206C102 |  | 505508 | 8600 | SH |  | SOLE |  | 0 | 0 | 8600 |
| VANGUARD TOTAL BOND MARKET ETF | TOTAL BND MRKT | 921937835 |  | 679111 | 9223 | SH |  | SOLE |  | 0 | 0 | 9223 |
| VANGUARD TOTAL INTERNATIONAL STOCK ETF | VG TL INTL STK F | 921909768 |  | 641313 | 9282 | SH |  | SOLE |  | 0 | 0 | 9282 |
| VANGUARD TOTAL STOCK MARKET ETF | TOTAL STK MKT | 922908769 |  | 2238787 | 7366 | SH |  | SOLE |  | 0 | 0 | 7366 |
| VANGUARD TOTAL WORLD STOCK ETF | TT WRLD ST ETF | 922042742 |  | 3985590 | 31011 | SH |  | SOLE |  | 0 | 0 | 31011 |
| VANGUARD UTILITIES ETF | UTILITIES ETF | 92204A876 |  | 268648 | 1522 | SH |  | SOLE |  | 0 | 0 | 1522 |
| VANGUARD VALUE ETF | VALUE ETF | 922908744 |  | 3486822 | 19729 | SH |  | SOLE |  | 0 | 0 | 19729 |
| VERIZON COMMUNICATIONS INCORPORATED | COM | 92343V104 |  | 293293 | 6778 | SH |  | SOLE |  | 0 | 0 | 6778 |
| WALMART INCORPORATED | COM | 931142103 |  | 591131 | 6046 | SH |  | SOLE |  | 0 | 0 | 6046 |
| WESTERN ASSET MANAGED MUNS FD | COM | 95766M105 |  | 96188 | 9716 | SH |  | SOLE |  | 0 | 0 | 9716 |
| YUM BRANDS INCORPORATED | COM | 988498101 |  | 221523 | 1495 | SH |  | SOLE |  | 0 | 0 | 1495 |

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