# EDGAR Filing Document

**Accession Number:** 0001859259
**File Stem:** 0001085146-23-001111
**Filing Date:** 2023-2
**Character Count:** 19127
**Document Hash:** ce1eafb1dfd330fca59fe67d1b2eb9cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-001111.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001085146-23-001111

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fermata Advisors, LLC
- **CENTRAL INDEX KEY:** 0001859259
- **IRS NUMBER:** 842792924
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21258
- **FILM NUMBER:** 23618843

**BUSINESS ADDRESS:**
- **STREET 1:** 539 BROADWAY
- **STREET 2:** SUITE A
- **CITY:** SONOMA
- **STATE:** CA
- **ZIP:** 95476
- **BUSINESS PHONE:** (707) 938-7414

**MAIL ADDRESS:**
- **STREET 1:** 539 BROADWAY
- **STREET 2:** SUITE A
- **CITY:** SONOMA
- **STATE:** CA
- **ZIP:** 95476

### 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:** Fermata Advisors LLC<br>**Address:** 539 BROADWAY<br>SUITE A<br>SONOMA, CA 95476

**Form 13F File Number:** 028-21258

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:** Daren Blonski<br>**Title:** Managing Principal<br>**Phone:** 707-938-7414

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

/s/Daren Blonski  Sonoma, CA  02-13-2023<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:** $337448743

      (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 |
| ABRDN ETFS | BBRG ALL COMMDY | 003261203 | BBG00G9CGXD4 | 250069 | 7227 | SH |  | SOLE |  | 7227 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 312158 | 3538 | SH |  | SOLE |  | 3538 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 373021 | 4204 | SH |  | SOLE |  | 4204 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 1083768 | 12902 | SH |  | SOLE |  | 12902 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 9685447 | 74539 | SH |  | SOLE |  | 74539 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 238693 | 7207 | SH |  | SOLE |  | 7207 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 524206 | 1697 | SH |  | SOLE |  | 1697 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 205083 | 364 | SH |  | SOLE |  | 364 | 0 | 0 |
| CAMBRIA ETF TR | CAMBRIA FGN SHR | 132061300 | BBG005NDJ0V9 | 3287391 | 135429 | SH |  | SOLE |  | 135429 | 0 | 0 |
| CAMBRIA ETF TR | EMRG SHAREHLDR | 132061706 | BBG00CC09FG9 | 570844 | 20358 | SH |  | SOLE |  | 20358 | 0 | 0 |
| CAMBRIA ETF TR | SHSHLD YIELD ETF | 132061201 | BBG004K1ZMP2 | 4422872 | 74558 | SH |  | SOLE |  | 74558 | 0 | 0 |
| CAMBRIA ETF TR | TRINITY | 132061839 | BBG00LY8KCW4 | 2188479 | 87626 | SH |  | SOLE |  | 87626 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 1004490 | 5594 | SH |  | SOLE |  | 5594 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 815891 | 1787 | SH |  | SOLE |  | 1787 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL CORE EQT MK | 25434V203 | BBG00Y2PGDN6 | 2535023 | 101234 | SH |  | SOLE |  | 101234 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US SMALL CAP VAL | 25434V815 | BBG015DG3GG1 | 375758 | 15166 | SH |  | SOLE |  | 15166 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 306257 | 3525 | SH |  | SOLE |  | 3525 | 0 | 0 |
| DTE ENERGY CO | COM | 233331107 | BBG001S5QN88 | 208465 | 1774 | SH |  | SOLE |  | 1774 | 0 | 0 |
| ENPHASE ENERGY INC | COM | 29355A107 | BBG001V28NC6 | 2830569 | 10683 | SH |  | SOLE |  | 10683 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 | BBG001S5T5G5 | 384305 | 5949 | SH |  | SOLE |  | 5949 | 0 | 0 |
| ETF SER SOLUTIONS | DISTILLATE US | 26922A321 | BBG00MC56321 | 648650 | 15897 | SH |  | SOLE |  | 15897 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 782952 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 | BBG0078X1341 | 1207595 | 26824 | SH |  | SOLE |  | 26824 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | CAP STRENGTH ETF | 33733E104 | BBG001SQ1882 | 6419297 | 85647 | SH |  | SOLE |  | 85647 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | FST LOW OPPT EFT | 33739Q200 | BBG007GFNV45 | 367287 | 7747 | SH |  | SOLE |  | 7747 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | MNGD FUTRS STRGY | 33739G103 | BBG004XDZ7P5 | 1669570 | 35073 | SH |  | SOLE |  | 35073 | 0 | 0 |
| FIRST TR MORNINGSTAR DIVID L | SHS | 336917109 | BBG001SP68G0 | 354731 | 9703 | SH |  | SOLE |  | 9703 | 0 | 0 |
| FIRST TR VALUE LINE DIVID IN | SHS | 33734H106 | BBG001SLWD88 | 383565 | 9611 | SH |  | SOLE |  | 9611 | 0 | 0 |
| FLEXSHARES TR | GLB QLT R/E IDX | 33939L787 | BBG005JYLGS4 | 1061186 | 20154 | SH |  | SOLE |  | 20154 | 0 | 0 |
| FLEXSHARES TR | MORNSTAR UPSTR | 33939L407 | BBG00243P8S9 | 4087149 | 94019 | SH |  | SOLE |  | 94019 | 0 | 0 |
| FUELCELL ENERGY INC | COM | 35952H601 | BBG001SDZHP5 | 32582 | 11720 | SH |  | SOLE |  | 11720 | 0 | 0 |
| GLOBAL X FDS | GLB X MLP ENRG I | 37954Y293 | BBG004Y67XK8 | 252612 | 6198 | SH |  | SOLE |  | 6198 | 0 | 0 |
| GLOBAL X FDS | GLBL X MLP ETF | 37954Y343 | BBG002WKD6P0 | 261938 | 6344 | SH |  | SOLE |  | 6344 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 | BBG001T8JBX7 | 352160 | 9938 | SH |  | SOLE |  | 9938 | 0 | 0 |
| GOLDMAN SACHS ETF TR | ACCES TREASURY | 381430529 | BBG00DRGSD25 | 755211 | 7575 | SH |  | SOLE |  | 7575 | 0 | 0 |
| GOLDMAN SACHS ETF TR | ACES ULTRA SHR | 381430230 | BBG00NW3TGY3 | 4597811 | 92782 | SH |  | SOLE |  | 92782 | 0 | 0 |
| HARTFORD FDS EXCHANGE TRADED | TOTAL RTRN ETF | 41653L305 | BBG00HTN2KT2 | 434569 | 13152 | SH |  | SOLE |  | 13152 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 315178 | 999 | SH |  | SOLE |  | 999 | 0 | 0 |
| INMUNE BIO INC | COM | 45782T105 | BBG00LW94M14 | 156035 | 24611 | SH |  | SOLE |  | 24611 | 0 | 0 |
| INNOVATOR ETFS TR | US EQT ULTRA BF | 45782C730 | BBG00PBD0S83 | 261411 | 9756 | SH |  | SOLE |  | 9756 | 0 | 0 |
| INNOVATOR ETFS TR | US EQT ULTRA BF | 45782C805 | BBG00NR9PVG7 | 216591 | 8730 | SH |  | SOLE |  | 8730 | 0 | 0 |
| INNOVATOR ETFS TR | US EQTY ULTRA B | 45782C649 | BBG00Q402FM7 | 290188 | 10992 | SH |  | SOLE |  | 10992 | 0 | 0 |
| INNOVATOR ETFS TR | US EQTY ULTRA B | 45782C532 | BBG00QYNC6K5 | 6205800 | 226241 | SH |  | SOLE |  | 226241 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S SMALLCAP 600 | 46138G664 | BBG00P4Y2TZ1 | 8774679 | 80828 | SH |  | SOLE |  | 80828 | 0 | 0 |
| INVESCO EXCH TRD SLF IDX FD | RUSL 1000 DYNM | 46138J619 | BBG00P4Y3FZ0 | 796203 | 18540 | SH |  | SOLE |  | 18540 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | BUYBACK ACHIEV | 46137V308 | BBG001SS5KV1 | 4400247 | 51416 | SH |  | SOLE |  | 51416 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | FTSE RAFI 1000 | 46137V613 | BBG001S6H5N8 | 426117 | 2744 | SH |  | SOLE |  | 2744 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S SMCP VLU MNT | 46137V480 | BBG001SJW5Z0 | 1290306 | 28194 | SH |  | SOLE |  | 28194 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 5223357 | 19580 | SH |  | SOLE |  | 19580 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG001SJK6D5 | 4535366 | 131118 | SH |  | SOLE |  | 131118 | 0 | 0 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 | BBG001TG5H89 | 1953650 | 20147 | SH |  | SOLE |  | 20147 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 | BBG001SKXPR1 | 419218 | 5164 | SH |  | SOLE |  | 5164 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 | BBG001S8MLN3 | 2611174 | 26218 | SH |  | SOLE |  | 26218 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 | BBG001S80936 | 971314 | 10143 | SH |  | SOLE |  | 10143 | 0 | 0 |
| ISHARES TR | CMBS ETF | 46429B366 | BBG002NCLTH8 | 4144158 | 90260 | SH |  | SOLE |  | 90260 | 0 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 | BBG006MJFZK4 | 18540538 | 370800 | SH |  | SOLE |  | 370800 | 0 | 0 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 | BBG001V0XLT8 | 12699205 | 121827 | SH |  | SOLE |  | 121827 | 0 | 0 |
| ISHARES TR | CORE LT USDB ETF | 464289479 | BBG001T5MKJ5 | 728587 | 14308 | SH |  | SOLE |  | 14308 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 | BBG001SFC7W9 | 310476 | 3280 | SH |  | SOLE |  | 3280 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 11865161 | 30864 | SH |  | SOLE |  | 30864 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 | BBG001SM1QT8 | 19906746 | 205236 | SH |  | SOLE |  | 205236 | 0 | 0 |
| ISHARES TR | HIGH YLD BD FCTR | 46435G250 | BBG00H4BNPR3 | 3199155 | 73437 | SH |  | SOLE |  | 73437 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 | BBG001SSD858 | 3552807 | 71310 | SH |  | SOLE |  | 71310 | 0 | 0 |
| ISHARES TR | MRGSTR MD CP GRW | 464288307 | BBG001SBRK44 | 4313834 | 80055 | SH |  | SOLE |  | 80055 | 0 | 0 |
| ISHARES TR | MSCI INTL QUALTY | 46434V456 | BBG007WGM3H4 | 3908667 | 120675 | SH |  | SOLE |  | 120675 | 0 | 0 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 | BBG0025X2G81 | 377053 | 5230 | SH |  | SOLE |  | 5230 | 0 | 0 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 | BBG004FPV022 | 1858781 | 12730 | SH |  | SOLE |  | 12730 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 | BBG001S56320 | 4396290 | 20478 | SH |  | SOLE |  | 20478 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 | BBG001SJCNS1 | 446326 | 6617 | SH |  | SOLE |  | 6617 | 0 | 0 |
| ISHARES TR | RUS TP200 GR ETF | 464289438 | BBG001T5LBR7 | 293499 | 2434 | SH |  | SOLE |  | 2434 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 1481505 | 8493 | SH |  | SOLE |  | 8493 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 | BBG001S561Q8 | 876350 | 14979 | SH |  | SOLE |  | 14979 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 | BBG001SSD803 | 2437651 | 22175 | SH |  | SOLE |  | 22175 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 | BBG001SD9RM5 | 1551723 | 14577 | SH |  | SOLE |  | 14577 | 0 | 0 |
| ISHARES TR | US CONSM STAPLES | 464287812 | BBG001SF7V89 | 2716232 | 13394 | SH |  | SOLE |  | 13394 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT INC | 46641Q837 | BBG00GP26NW0 | 3107129 | 61980 | SH |  | SOLE |  | 61980 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 1030443 | 5833 | SH |  | SOLE |  | 5833 | 0 | 0 |
| KRANESHARES TR | KFA MOUNT LUCAS | 500767652 | BBG00YD8RJB0 | 1489446 | 48754 | SH |  | SOLE |  | 48754 | 0 | 0 |
| LATTICE STRATEGIES TR | HARTFORD MLT ETF | 518416102 | BBG00864TJ86 | 2240891 | 90395 | SH |  | SOLE |  | 90395 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 | BBG001S5STL8 | 315913 | 860 | SH |  | SOLE |  | 860 | 0 | 0 |
| LITMAN GREGORY FDS TR | IMGP DBI MANAGED | 53700T827 | BBG00P35J8L8 | 4273062 | 146791 | SH |  | SOLE |  | 146791 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 2094301 | 8728 | SH |  | SOLE |  | 8728 | 0 | 0 |
| NATIXIS ETF TR | LOOMIS SAYLES | 63873X208 | BBG00JM7QWH1 | 1964281 | 83267 | SH |  | SOLE |  | 83267 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG001S5RB29 | 221598 | 2650 | SH |  | SOLE |  | 2650 | 0 | 0 |
| PACER FDS TR | INDUSTRIAL RELET | 69374H766 | BBG00KX8XWB2 | 1275481 | 34671 | SH |  | SOLE |  | 34671 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 202294 | 1119 | SH |  | SOLE |  | 1119 | 0 | 0 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 460851 | 8994 | SH |  | SOLE |  | 8994 | 0 | 0 |
| PGIM ETF TR | PGIM ULTRA SH BD | 69344A107 | BBG00KJQ1QS8 | 222287 | 4527 | SH |  | SOLE |  | 4527 | 0 | 0 |
| PIMCO ETF TR | 15+ YR US TIPS | 72201R304 | BBG001T5HFW7 | 4986728 | 85611 | SH |  | SOLE |  | 85611 | 0 | 0 |
| PIMCO ETF TR | 25YR+ ZERO U S | 72201R882 | BBG001T5RZK5 | 1959038 | 22432 | SH |  | SOLE |  | 22432 | 0 | 0 |
| PIMCO ETF TR | INTER MUN BD ACT | 72201R866 | BBG001SF6Y39 | 9096404 | 177041 | SH |  | SOLE |  | 177041 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 900273 | 5938 | SH |  | SOLE |  | 5938 | 0 | 0 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 | BBG0025RWLM4 | 17565443 | 232532 | SH |  | SOLE |  | 232532 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | BBG001S7T1S7 | 1943177 | 22215 | SH |  | SOLE |  | 22215 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 | BBG001S7SCQ6 | 2936818 | 21575 | SH |  | SOLE |  | 21575 | 0 | 0 |
| SHOCKWAVE MED INC | COM | 82489T104 | BBG005XVXMM4 | 534586 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| SIMPLIFY EXCHANGE TRADED FUN | MANAGED FUTURES | 82889N699 | BBG015TRLF27 | 357760 | 13755 | SH |  | SOLE |  | 13755 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 1316238 | 7759 | SH |  | SOLE |  | 7759 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 | BBG001SRXRJ1 | 212703 | 7161 | SH |  | SOLE |  | 7161 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 1287676 | 3366 | SH |  | SOLE |  | 3366 | 0 | 0 |
| SPDR SER TR | BLOOMBERG 1 10 Y | 78468R861 | BBG004MKB438 | 616398 | 33405 | SH |  | SOLE |  | 33405 | 0 | 0 |
| SPDR SER TR | BLOOMBERG SHT TE | 78468R408 | BBG002QLYD04 | 2948337 | 121627 | SH |  | SOLE |  | 121627 | 0 | 0 |
| SPDR SER TR | RUSSELL LOW VOL | 78468R754 | BBG00BL3NRC7 | 1184961 | 11508 | SH |  | SOLE |  | 11508 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 328646 | 2668 | SH |  | SOLE |  | 2668 | 0 | 0 |
| TFF PHARMACEUTICALS INC | COM | 87241J104 | BBG00KHKGQB5 | 29979 | 28547 | SH |  | SOLE |  | 28547 | 0 | 0 |
| TIDAL ETF TR | RPAR RISK PARI | 886364603 | BBG00R24NZQ8 | 1468032 | 78798 | SH |  | SOLE |  | 78798 | 0 | 0 |
| TRICO BANCSHARES | COM | 896095106 | BBG001S78RY6 | 523922 | 10275 | SH |  | SOLE |  | 10275 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG001S5X2M0 | 217791 | 1051 | SH |  | SOLE |  | 1051 | 0 | 0 |
| VANECK ETF TRUST | EMERGING MRKT HI | 92189F353 | BBG002YJGHH3 | 4693395 | 257737 | SH |  | SOLE |  | 257737 | 0 | 0 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 | BBG002XRNHT5 | 4038618 | 62212 | SH |  | SOLE |  | 62212 | 0 | 0 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 | BBG001ST39R1 | 6733585 | 90601 | SH |  | SOLE |  | 90601 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 | BBG001SK7DK4 | 1747794 | 24329 | SH |  | SOLE |  | 24329 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 | BBG004N1LGK2 | 542955 | 11445 | SH |  | SOLE |  | 11445 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 614088 | 3013 | SH |  | SOLE |  | 3013 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 4810747 | 13683 | SH |  | SOLE |  | 13683 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 | BBG001SHVTR2 | 1424053 | 8956 | SH |  | SOLE |  | 8956 | 0 | 0 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 | BBG001SHTTW9 | 4913097 | 24455 | SH |  | SOLE |  | 24455 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 | BBG001SP7T00 | 735813 | 14676 | SH |  | SOLE |  | 14676 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 | BBG001T2YZG9 | 1651773 | 19161 | SH |  | SOLE |  | 19161 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 | BBG001T62M92 | 6130377 | 104815 | SH |  | SOLE |  | 104815 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 | BBG001T62M38 | 7366156 | 95018 | SH |  | SOLE |  | 95018 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 | BBG001SQX4T3 | 266327 | 1754 | SH |  | SOLE |  | 1754 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 339064 | 8078 | SH |  | SOLE |  | 8078 | 0 | 0 |
| VANGUARD WORLD FD | EXTENDED DUR | 921910709 | BBG001SV5CV2 | 7085179 | 85538 | SH |  | SOLE |  | 85538 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 223608 | 5675 | SH |  | SOLE |  | 5675 | 0 | 0 |
| VICTORY PORTFOLIOS II | VCSHS US DISCVRY | 92647N774 | BBG006X184M6 | 797327 | 14575 | SH |  | SOLE |  | 14575 | 0 | 0 |
| VICTORY PORTFOLIOS II | VCSHS US EQ INCM | 92647N824 | BBG006QSN885 | 3874192 | 62418 | SH |  | SOLE |  | 62418 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 874883 | 4210 | SH |  | SOLE |  | 4210 | 0 | 0 |
| WISDOMTREE TR | EFFICIENT GLD PL | 97717Y550 | BBG013ZGZJY1 | 690430 | 30055 | SH |  | SOLE |  | 30055 | 0 | 0 |
| WISDOMTREE TR | EM EX ST-OWNED | 97717X578 | BBG007PB9N20 | 6791542 | 254545 | SH |  | SOLE |  | 254545 | 0 | 0 |
| WISDOMTREE TR | EMERGING MARKETS | 97717Y642 | BBG0112YXBJ8 | 220868 | 8324 | SH |  | SOLE |  | 8324 | 0 | 0 |
| WISDOMTREE TR | ENHNCD CMMDTY ST | 97717Y683 | BBG00YM346S6 | 766300 | 42061 | SH |  | SOLE |  | 42061 | 0 | 0 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 | BBG005YHYNG8 | 2612127 | 51962 | SH |  | SOLE |  | 51962 | 0 | 0 |
| WISDOMTREE TR | FUTRE STRAT FD | 97717W125 | BBG001V038F5 | 253172 | 8027 | SH |  | SOLE |  | 8027 | 0 | 0 |
| WISDOMTREE TR | INTERNATIONL EFI | 97717Y634 | BBG0112Z5KQ8 | 1198514 | 37767 | SH |  | SOLE |  | 37767 | 0 | 0 |
| WISDOMTREE TR | US EFFICIENT COR | 97717Y790 | BBG00LLPH6R3 | 3016640 | 92957 | SH |  | SOLE |  | 92957 | 0 | 0 |

---