# EDGAR Filing Document

**Accession Number:** 0000816192
**File Stem:** 0001951757-25-001210
**Filing Date:** 2025-10
**Character Count:** 20970
**Document Hash:** 3a1c3f350a1ef8da3669155fb2cf8ef1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001951757-25-001210.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001951757-25-001210

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251027

**EFFECTIVENESS DATE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST NATIONAL CORP /MA/ /ADV
- **CENTRAL INDEX KEY:** 0000816192

**ORGANIZATION NAME:**
- **EIN:** 042541452
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19543
- **FILM NUMBER:** 251420975

**BUSINESS ADDRESS:**
- **STREET 1:** 300 LEDGEWOOD PLACE
- **STREET 2:** SUITE 101
- **CITY:** ROCKLAND
- **STATE:** MA
- **ZIP:** 02370
- **BUSINESS PHONE:** 7818787757

**MAIL ADDRESS:**
- **STREET 1:** 300 LEDGEWOOD PLACE
- **STREET 2:** SUITE 101
- **CITY:** ROCKLAND
- **STATE:** MA
- **ZIP:** 02370

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST NATIONAL CORP /MA/                                /ADV
- **DATE OF NAME CHANGE:** 19870616

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** FIRST NATIONAL CORP /MA/ /ADV<br>**Address:** 300 LEDGEWOOD PLACE<br>SUITE 101<br>ROCKLAND, MA 02370

**Form 13F File Number:** 028-19543

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:** Jason Skolnick<br>**Title:** Chief Compliance Officer<br>**Phone:** (781) 878-7757

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

Jason Skolnick  Rockland, MA  10-27-2025<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:** 174

**Form 13F Information Table Value Total:** $527481709

      (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 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2462494 | 10029 | SH |  | SOLE |  | 0 | 0 | 10029 |
| BANK AMERICA CORP | COM | 060505104 |  | 220762 | 4356 | SH |  | SOLE |  | 0 | 0 | 4356 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 257294 | 1116 | SH |  | SOLE |  | 0 | 0 | 1116 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 1664680 | 12234 | SH |  | SOLE |  | 0 | 0 | 12234 |
| CALIFORNIA WTR SVC GROUP | COM | 130788102 |  | 1610037 | 36140 | SH |  | SOLE |  | 0 | 0 | 36140 |
| CHEVRON CORP NEW | COM | 166764100 |  | 548759 | 3550 | SH |  | SOLE |  | 0 | 0 | 3550 |
| INTEL CORP | COM | 458140100 |  | 345453 | 9612 | SH |  | SOLE |  | 0 | 0 | 9612 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1373130 | 1914 | SH |  | SOLE |  | 0 | 0 | 1914 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 523088 | 3120 | SH |  | SOLE |  | 0 | 0 | 3120 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 2983625 | 4 | SH |  | SOLE |  | 0 | 0 | 4 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1415719 | 4556 | SH |  | SOLE |  | 0 | 0 | 4556 |
| HOME DEPOT INC | COM | 437076102 |  | 927169 | 2335 | SH |  | SOLE |  | 0 | 0 | 2335 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 2074651 | 17408 | SH |  | SOLE |  | 0 | 0 | 17408 |
| AMGEN INC | COM | 031162100 |  | 439392 | 1472 | SH |  | SOLE |  | 0 | 0 | 1472 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 538955 | 1944 | SH |  | SOLE |  | 0 | 0 | 1944 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 328268 | 658 | SH |  | SOLE |  | 0 | 0 | 658 |
| ELI LILLY  CO | COM | 532457108 |  | 3324620 | 4028 | SH |  | SOLE |  | 0 | 0 | 4028 |
| LINDE PLC | SHS | G54950103 |  | 200612 | 430 | SH |  | SOLE |  | 0 | 0 | 430 |
| COCA COLA CO | COM | 191216100 |  | 478783 | 7170 | SH |  | SOLE |  | 0 | 0 | 7170 |
| ADT INC DEL | COM | 00090Q103 |  | 103526 | 11927 | SH |  | SOLE |  | 0 | 0 | 11927 |
| HUBSPOT INC | COM | 443573100 |  | 236414 | 537 | SH |  | SOLE |  | 0 | 0 | 537 |
| ORACLE CORP | COM | 68389X105 |  | 729533 | 2524 | SH |  | SOLE |  | 0 | 0 | 2524 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 1115151 | 9111 | SH |  | SOLE |  | 0 | 0 | 9111 |
| VISA INC | COM CL A | 92826C839 |  | 619472 | 1781 | SH |  | SOLE |  | 0 | 0 | 1781 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 211658 | 1162 | SH |  | SOLE |  | 0 | 0 | 1162 |
| KIRBY CORP | COM | 497266106 |  | 527980 | 6278 | SH |  | SOLE |  | 0 | 0 | 6278 |
| QUALCOMM INC | COM | 747525103 |  | 444669 | 2671 | SH |  | SOLE |  | 0 | 0 | 2671 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 741170 | 16910 | SH |  | SOLE |  | 0 | 0 | 16910 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 709943 | 2815 | SH |  | SOLE |  | 0 | 0 | 2815 |
| EDISON INTL | COM | 281020107 |  | 224163 | 3983 | SH |  | SOLE |  | 0 | 0 | 3983 |
| CISCO SYS INC | COM | 17275R102 |  | 535398 | 7788 | SH |  | SOLE |  | 0 | 0 | 7788 |
| PG CORP | COM | 69331C108 |  | 180043 | 11497 | SH |  | SOLE |  | 0 | 0 | 11497 |
| GE AEROSPACE | COM NEW | 369604301 |  | 545233 | 1812 | SH |  | SOLE |  | 0 | 0 | 1812 |
| TESLA INC | COM | 88160R101 |  | 1083279 | 2358 | SH |  | SOLE |  | 0 | 0 | 2358 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 333541 | 2230 | SH |  | SOLE |  | 0 | 0 | 2230 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 235796 | 554 | SH |  | SOLE |  | 0 | 0 | 554 |
| APPLE INC | COM | 037833100 |  | 15654797 | 61283 | SH |  | SOLE |  | 0 | 0 | 61283 |
| LEGGETT  PLATT INC | COM | 524660107 |  | 1589263 | 177969 | SH |  | SOLE |  | 0 | 0 | 177969 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 283172 | 3584 | SH |  | SOLE |  | 0 | 0 | 3584 |
| RTX CORPORATION | COM | 75513E101 |  | 269301 | 1611 | SH |  | SOLE |  | 0 | 0 | 1611 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 418578 | 5321 | SH |  | SOLE |  | 0 | 0 | 5321 |
| SOUTHERN CO | COM | 842587107 |  | 764941 | 8069 | SH |  | SOLE |  | 0 | 0 | 8069 |
| DISNEY WALT CO | COM | 254687106 |  | 366282 | 3243 | SH |  | SOLE |  | 0 | 0 | 3243 |
| BOEING CO | COM | 097023105 |  | 276962 | 1287 | SH |  | SOLE |  | 0 | 0 | 1287 |
| ABBVIE INC | COM | 00287Y109 |  | 1137796 | 4656 | SH |  | SOLE |  | 0 | 0 | 4656 |
| MCDONALDS CORP | COM | 580135101 |  | 229087 | 762 | SH |  | SOLE |  | 0 | 0 | 762 |
| AIRBNB INC | COM CL A | 009066101 |  | 249044 | 2036 | SH |  | SOLE |  | 0 | 0 | 2036 |
| ESSENTIAL UTILS INC | COM | 29670G102 |  | 1759245 | 45318 | SH |  | SOLE |  | 0 | 0 | 45318 |
| ADOBE INC | COM | 00724F101 |  | 284600 | 828 | SH |  | SOLE |  | 0 | 0 | 828 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3207105 | 17128 | SH |  | SOLE |  | 0 | 0 | 17128 |
| MERCK  CO INC | COM | 58933Y105 |  | 1020918 | 11327 | SH |  | SOLE |  | 0 | 0 | 11327 |
| ABBOTT LABS | COM | 002824100 |  | 1320334 | 9892 | SH |  | SOLE |  | 0 | 0 | 9892 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 888979 | 2609 | SH |  | SOLE |  | 0 | 0 | 2609 |
| AT INC | COM | 00206R102 |  | 277609 | 10077 | SH |  | SOLE |  | 0 | 0 | 10077 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 236461 | 1075 | SH |  | SOLE |  | 0 | 0 | 1075 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 620322 | 3354 | SH |  | SOLE |  | 0 | 0 | 3354 |
| PEPSICO INC | COM | 713448108 |  | 344920 | 2410 | SH |  | SOLE |  | 0 | 0 | 2410 |
| BROADCOM INC | COM | 11135F101 |  | 557261 | 1672 | SH |  | SOLE |  | 0 | 0 | 1672 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 2562147 | 2793 | SH |  | SOLE |  | 0 | 0 | 2793 |
| WALMART INC | COM | 931142103 |  | 581816 | 5706 | SH |  | SOLE |  | 0 | 0 | 5706 |
| ISHARES TR | ESG SELECT SCRE | 46436E551 |  | 293793 | 6693 | SH |  | SOLE |  | 0 | 0 | 6693 |
| H2O AMERICA | COM | 784305104 |  | 1713695 | 36238 | SH |  | SOLE |  | 0 | 0 | 36238 |
| PAYCHEX INC | COM | 704326107 |  | 348096 | 2807 | SH |  | SOLE |  | 0 | 0 | 2807 |
| CATERPILLAR INC | COM | 149123101 |  | 667619 | 1388 | SH |  | SOLE |  | 0 | 0 | 1388 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1087439 | 9710 | SH |  | SOLE |  | 0 | 0 | 9710 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 209232 | 960 | SH |  | SOLE |  | 0 | 0 | 960 |
| AMAZON COM INC | COM | 023135106 |  | 3617891 | 16398 | SH |  | SOLE |  | 0 | 0 | 16398 |
| MICROSOFT CORP | COM | 594918104 |  | 4524735 | 8706 | SH |  | SOLE |  | 0 | 0 | 8706 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 4201416 | 17156 | SH |  | SOLE |  | 0 | 0 | 17156 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 258559 | 787 | SH |  | SOLE |  | 0 | 0 | 787 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1786989 | 9605 | SH |  | SOLE |  | 0 | 0 | 9605 |
| PFIZER INC | COM | 717081103 |  | 245407 | 9019 | SH |  | SOLE |  | 0 | 0 | 9019 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 984380 | 3436 | SH |  | SOLE |  | 0 | 0 | 3436 |
| PROGRESSIVE CORP | COM | 743315103 |  | 270424 | 1097 | SH |  | SOLE |  | 0 | 0 | 1097 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 975897 | 6371 | SH |  | SOLE |  | 0 | 0 | 6371 |
| S GLOBAL INC | COM | 78409V104 |  | 1021140 | 2120 | SH |  | SOLE |  | 0 | 0 | 2120 |
| GAMESTOP CORP NEW | CL A | 36467W109 |  | 1291739 | 46650 | SH |  | SOLE |  | 0 | 0 | 46650 |
| STRATEGY INC | CL A NEW | 594972408 |  | 265990 | 786 | SH |  | SOLE |  | 0 | 0 | 786 |
| CAMDEN NATL CORP | COM | 133034108 |  | 269747 | 7067 | SH |  | SOLE |  | 0 | 0 | 7067 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 272392 | 2210 | SH |  | SOLE |  | 0 | 0 | 2210 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 250161 | 1594 | SH |  | SOLE |  | 0 | 0 | 1594 |
| HONEYWELL INTL INC | COM | 438516106 |  | 234013 | 1113 | SH |  | SOLE |  | 0 | 0 | 1113 |
| TEXAS INSTRS INC | COM | 882508104 |  | 351941 | 1951 | SH |  | SOLE |  | 0 | 0 | 1951 |
| AMER STATES WTR CO | COM | 029899101 |  | 1679599 | 23673 | SH |  | SOLE |  | 0 | 0 | 23673 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 3949728 | 14293 | SH |  | SOLE |  | 0 | 0 | 14293 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US B | 808524789 |  | 2242717 | 86927 | SH |  | SOLE |  | 0 | 0 | 86927 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 433247 | 13652 | SH |  | SOLE |  | 0 | 0 | 13652 |
| NUSHARES ETF TR | NUVEEN ESG US | 67092P870 |  | 208073 | 9274 | SH |  | SOLE |  | 0 | 0 | 9274 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 |  | 2450798 | 92763 | SH |  | SOLE |  | 0 | 0 | 92763 |
| PIMCO ETF TR | ACTIVE BD ETF | 72201R775 |  | 9982444 | 107131 | SH |  | SOLE |  | 0 | 0 | 107131 |
| SPDR INDEX SHS FDS | MSCI EAFE FS ETF | 78470E106 |  | 661278 | 13309 | SH |  | SOLE |  | 0 | 0 | 13309 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 34277119 | 51279 | SH |  | SOLE |  | 0 | 0 | 51279 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 5312020 | 25386 | SH |  | SOLE |  | 0 | 0 | 25386 |
| SCHWAB STRATEGIC TR | US AGGREGATE B | 808524839 |  | 316505 | 13497 | SH |  | SOLE |  | 0 | 0 | 13497 |
| PIMCO ETF TR | INV GRD CRP BD | 72201R817 |  | 1375787 | 13961 | SH |  | SOLE |  | 0 | 0 | 13961 |
| VANGUARD ADMIRAL FDS INC | 500 VAL IDX FD | 921932703 |  | 214811 | 1074 | SH |  | SOLE |  | 0 | 0 | 1074 |
| ISHARES TR | CORE S ETF | 464287200 |  | 3832397 | 5704 | SH |  | SOLE |  | 0 | 0 | 5704 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524748 |  | 532063 | 11927 | SH |  | SOLE |  | 0 | 0 | 11927 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 210130 | 3936 | SH |  | SOLE |  | 0 | 0 | 3936 |
| SPDR SERIES TRUST | PORTFOLIO LN TSR | 78464A664 |  | 1152526 | 42813 | SH |  | SOLE |  | 0 | 0 | 42813 |
| INVESCO EXCH TRADED FD TR II | VAR RATE PFD | 46138G870 |  | 3174610 | 128319 | SH |  | SOLE |  | 0 | 0 | 128319 |
| VANGUARD WORLD FD | UTILITIES ETF | 92204A876 |  | 4307645 | 22566 | SH |  | SOLE |  | 0 | 0 | 22566 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 367987 | 1696 | SH |  | SOLE |  | 0 | 0 | 1696 |
| ISHARES TR | US HLTHCR PR ETF | 464288828 |  | 490686 | 9945 | SH |  | SOLE |  | 0 | 0 | 9945 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 25955456 | 516218 | SH |  | SOLE |  | 0 | 0 | 516218 |
| ISHARES TR | USD GRN BOND ETF | 46435U440 |  | 282925 | 5888 | SH |  | SOLE |  | 0 | 0 | 5888 |
| SPDR SERIES TRUST | NUVEEN ICE MUNIC | 78468R721 |  | 2014355 | 44291 | SH |  | SOLE |  | 0 | 0 | 44291 |
| CAPITAL GROUP INTL FOCUS EQT | SHS CREATION UNI | 14019W109 |  | 1062378 | 35614 | SH |  | SOLE |  | 0 | 0 | 35614 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 16328571 | 548491 | SH |  | SOLE |  | 0 | 0 | 548491 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 572370 | 1188 | SH |  | SOLE |  | 0 | 0 | 1188 |
| J P MORGAN EXCHANGE TRADED F | JPMORGAN INTL VL | 46654Q757 |  | 923607 | 12167 | SH |  | SOLE |  | 0 | 0 | 12167 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 8279512 | 352770 | SH |  | SOLE |  | 0 | 0 | 352770 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1208708 | 22170 | SH |  | SOLE |  | 0 | 0 | 22170 |
| FIDELITY COVINGTON TRUST | MSCI RL EST ETF | 316092857 |  | 1734310 | 62318 | SH |  | SOLE |  | 0 | 0 | 62318 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 16470312 | 598268 | SH |  | SOLE |  | 0 | 0 | 598268 |
| SPDR SERIES TRUST | PORTFLI TIPS ETF | 78464A656 |  | 518840 | 19735 | SH |  | SOLE |  | 0 | 0 | 19735 |
| ISHARES TR | MSCI CHINA ETF | 46429B671 |  | 209350 | 3160 | SH |  | SOLE |  | 0 | 0 | 3160 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 1935888 | 10360 | SH |  | SOLE |  | 0 | 0 | 10360 |
| PROSHARES TR | PSHS ULTSH 20YRS | 74347B201 |  | 5573913 | 165398 | SH |  | SOLE |  | 0 | 0 | 165398 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 610487 | 5489 | SH |  | SOLE |  | 0 | 0 | 5489 |
| PROSHARES TR | PSHS ULTRA QQQ | 74347R206 |  | 12363750 | 89256 | SH |  | SOLE |  | 0 | 0 | 89256 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 2097851 | 32033 | SH |  | SOLE |  | 0 | 0 | 32033 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 1412553 | 16070 | SH |  | SOLE |  | 0 | 0 | 16070 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 |  | 1410366 | 11486 | SH |  | SOLE |  | 0 | 0 | 11486 |
| SPDR SERIES TRUST | PRTFLO S GW | 78464A409 |  | 327339 | 3119 | SH |  | SOLE |  | 0 | 0 | 3119 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 19442786 | 735355 | SH |  | SOLE |  | 0 | 0 | 735355 |
| SPDR INDEX SHS FDS | MSCI EMR MKT ETF | 78470E205 |  | 206019 | 4889 | SH |  | SOLE |  | 0 | 0 | 4889 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 2051123 | 76222 | SH |  | SOLE |  | 0 | 0 | 76222 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA INT | 381430107 |  | 6159477 | 148888 | SH |  | SOLE |  | 0 | 0 | 148888 |
| INVESCO EXCH TRADED FD TR II | FNDMNTL HY CRP | 46138E719 |  | 278425 | 14945 | SH |  | SOLE |  | 0 | 0 | 14945 |
| INVESCO EXCH TRADED FD TR II | KBW PPTY CASUT | 46138E586 |  | 2832358 | 22981 | SH |  | SOLE |  | 0 | 0 | 22981 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 626083 | 2582 | SH |  | SOLE |  | 0 | 0 | 2582 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 14786205 | 50386 | SH |  | SOLE |  | 0 | 0 | 50386 |
| SPDR SERIES TRUST | SPDR S 500 ETF | 78468R796 |  | 1254404 | 22782 | SH |  | SOLE |  | 0 | 0 | 22782 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 10939879 | 18135 | SH |  | SOLE |  | 0 | 0 | 18135 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 1585495 | 4815 | SH |  | SOLE |  | 0 | 0 | 4815 |
| ISHARES TR | CR 5 10 YR ETF | 46435G417 |  | 11287670 | 255724 | SH |  | SOLE |  | 0 | 0 | 255724 |
| SPDR SERIES TRUST | BBG CONV SEC ETF | 78464A359 |  | 2756768 | 30188 | SH |  | SOLE |  | 0 | 0 | 30188 |
| DIMENSIONAL ETF TRUST | INTERNATNAL VAL | 25434V807 |  | 683417 | 14767 | SH |  | SOLE |  | 0 | 0 | 14767 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 367294 | 7216 | SH |  | SOLE |  | 0 | 0 | 7216 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 13390295 | 52519 | SH |  | SOLE |  | 0 | 0 | 52519 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 9896457 | 110835 | SH |  | SOLE |  | 0 | 0 | 110835 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 25304192 | 980783 | SH |  | SOLE |  | 0 | 0 | 980783 |
| PIMCO ETF TR | ENHNCD LW DUR AC | 72201R718 |  | 9923225 | 103464 | SH |  | SOLE |  | 0 | 0 | 103464 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 13813361 | 137885 | SH |  | SOLE |  | 0 | 0 | 137885 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 1103282 | 2902 | SH |  | SOLE |  | 0 | 0 | 2902 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 328271 | 3674 | SH |  | SOLE |  | 0 | 0 | 3674 |
| ISHARES TR | IBONDS DEC2026 | 46435GAA0 |  | 425527 | 17562 | SH |  | SOLE |  | 0 | 0 | 17562 |
| PROSHARES TR | SHORT S 500 NE | 74349Y753 |  | 9834143 | 267087 | SH |  | SOLE |  | 0 | 0 | 267087 |
| ISHARES TR | INTL TREA BD ETF | 464288117 |  | 219084 | 5138 | SH |  | SOLE |  | 0 | 0 | 5138 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 6676076 | 72915 | SH |  | SOLE |  | 0 | 0 | 72915 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 729581 | 6018 | SH |  | SOLE |  | 0 | 0 | 6018 |
| SPDR SERIES TRUST | BLOOMBERG INVT | 78468R200 |  | 2264001 | 73650 | SH |  | SOLE |  | 0 | 0 | 73650 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL EMER | 808524730 |  | 1534860 | 42271 | SH |  | SOLE |  | 0 | 0 | 42271 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 19532608 | 54862 | SH |  | SOLE |  | 0 | 0 | 54862 |
| DIMENSIONAL ETF TRUST | INTL CORE EQT MK | 25434V203 |  | 9890994 | 270394 | SH |  | SOLE |  | 0 | 0 | 270394 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 536443 | 7456 | SH |  | SOLE |  | 0 | 0 | 7456 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 2450370 | 26029 | SH |  | SOLE |  | 0 | 0 | 26029 |
| ISHARES TR | SELECT US REIT | 464287564 |  | 2365767 | 38374 | SH |  | SOLE |  | 0 | 0 | 38374 |
| DBX ETF TR | XTRACKERS MSCI | 233051150 |  | 592393 | 9602 | SH |  | SOLE |  | 0 | 0 | 9602 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 5225497 | 86558 | SH |  | SOLE |  | 0 | 0 | 86558 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 16525727 | 591472 | SH |  | SOLE |  | 0 | 0 | 591472 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 2231532 | 45191 | SH |  | SOLE |  | 0 | 0 | 45191 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 427864 | 8559 | SH |  | SOLE |  | 0 | 0 | 8559 |
| COLUMBIA ETF TR II | EM CORE EX ETF | 19762B202 |  | 3611392 | 98807 | SH |  | SOLE |  | 0 | 0 | 98807 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 383395 | 2582 | SH |  | SOLE |  | 0 | 0 | 2582 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 297245 | 395 | SH |  | SOLE |  | 0 | 0 | 395 |
| VANGUARD WORLD FD | ESG US STK ETF | 921910733 |  | 1124721 | 9457 | SH |  | SOLE |  | 0 | 0 | 9457 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 547669 | 3954 | SH |  | SOLE |  | 0 | 0 | 3954 |
| NUSHARES ETF TR | NUVEEN ESG SMLCP | 67092P607 |  | 397793 | 8978 | SH |  | SOLE |  | 0 | 0 | 8978 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 4376353 | 7121 | SH |  | SOLE |  | 0 | 0 | 7121 |
| ISHARES TR | GNMA BOND ETF | 46429B333 |  | 429506 | 9679 | SH |  | SOLE |  | 0 | 0 | 9679 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 8216529 | 120248 | SH |  | SOLE |  | 0 | 0 | 120248 |
| SPDR SERIES TRUST | S DIVID ETF | 78464A763 |  | 8815047 | 62974 | SH |  | SOLE |  | 0 | 0 | 62974 |

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