# EDGAR Filing Document

**Accession Number:** 0001743941
**File Stem:** 0001172661-26-000562
**Filing Date:** 2026-2
**Character Count:** 19229
**Document Hash:** c1a0edd2007ff17854e7d881ef8027c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-26-000562.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001172661-26-000562

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elm Partners Management LLC
- **CENTRAL INDEX KEY:** 0001743941

**ORGANIZATION NAME:**
- **EIN:** 301071383
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18958
- **FILM NUMBER:** 26614526

**BUSINESS ADDRESS:**
- **STREET 1:** 50 S 16TH ST.
- **STREET 2:** SUITE 1700
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19102
- **BUSINESS PHONE:** (800) 459-7591

**MAIL ADDRESS:**
- **STREET 1:** 50 S 16TH ST.
- **STREET 2:** SUITE 1700
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19102

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Elm Partners Management LLC<br>**Address:** 50 S 16th St.<br>Suite 1700<br>Philadelphia, PA 19102

**Form 13F File Number:** 028-18958

**CRD Number (if applicable):** 000167225

**SEC File Number (if applicable):** 801-78018

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:** James White<br>**Title:** Chief Compliance Officer<br>**Phone:** 888-676-3148

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

/s/ James White  PHILADELPHIA, PA  02-10-2026<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:** 154

**Form 13F Information Table Value Total:** $2204020132

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 1047627 | 4585 | SH |  | SOLE |  | 0 | 0 | 4585 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 1712852 | 7998 | SH |  | SOLE |  | 0 | 0 | 7998 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 798481 | 2008 | SH |  | SOLE |  | 0 | 0 | 2008 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2303937 | 7361 | SH |  | SOLE |  | 0 | 0 | 7361 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1561804 | 4977 | SH |  | SOLE |  | 0 | 0 | 4977 |
| AMAZON COM INC | COM | 023135106 |  | 1015413 | 4399 | SH |  | SOLE |  | 0 | 0 | 4399 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 304335 | 2252 | SH |  | SOLE |  | 0 | 0 | 2252 |
| APPLE INC | COM | 037833100 |  | 5391556 | 19832 | SH |  | SOLE |  | 0 | 0 | 19832 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 363165 | 341 | SH |  | SOLE |  | 0 | 0 | 341 |
| BANCO SANTANDER SA | ADR | 05964H105 |  | 196595 | 16760 | SH |  | SOLE |  | 0 | 0 | 16760 |
| BANK AMERICA CORP | COM | 060505104 |  | 558910 | 10162 | SH |  | SOLE |  | 0 | 0 | 10162 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 4528800 | 6 | SH |  | SOLE |  | 0 | 0 | 6 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1060755 | 2110 | SH |  | SOLE |  | 0 | 0 | 2110 |
| BLUE OWL TECHNOLOGY FIN CORP | COMMON STOCK | 095924106 |  | 319662 | 21985 | SH |  | SOLE |  | 0 | 0 | 21985 |
| BROADCOM INC | COM | 11135F101 |  | 1245801 | 3600 | SH |  | SOLE |  | 0 | 0 | 3600 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 3203627 | 69811 | SH |  | SOLE |  | 0 | 0 | 69811 |
| CATERPILLAR INC | COM | 149123101 |  | 414238 | 723 | SH |  | SOLE |  | 0 | 0 | 723 |
| COHERENT CORP | COM | 19247G107 |  | 3691031 | 19998 | SH |  | SOLE |  | 0 | 0 | 19998 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 995143 | 1154 | SH |  | SOLE |  | 0 | 0 | 1154 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 4262903 | 9094 | SH |  | SOLE |  | 0 | 0 | 9094 |
| DEERE  CO | COM | 244199105 |  | 239773 | 515 | SH |  | SOLE |  | 0 | 0 | 515 |
| DIMENSIONAL ETF TRUST | US EQUITY MARKET | 25434V401 |  | 5239146 | 70637 | SH |  | SOLE |  | 0 | 0 | 70637 |
| DISNEY WALT CO | COM | 254687106 |  | 292161 | 2567 | SH |  | SOLE |  | 0 | 0 | 2567 |
| DLOCAL LTD | CLASS A COM | G29018101 |  | 452480 | 32000 | SH |  | SOLE |  | 0 | 0 | 32000 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 766240 | 13078 | SH |  | SOLE |  | 0 | 0 | 13078 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 1084661 | 9254 | SH |  | SOLE |  | 0 | 0 | 9254 |
| EATON CORP PLC | SHS | G29183103 |  | 424574 | 1333 | SH |  | SOLE |  | 0 | 0 | 1333 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 223300 | 637 | SH |  | SOLE |  | 0 | 0 | 637 |
| ELI LILLY  CO | COM | 532457108 |  | 4123559 | 3837 | SH |  | SOLE |  | 0 | 0 | 3837 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 679165 | 5644 | SH |  | SOLE |  | 0 | 0 | 5644 |
| FRANKLIN TEMPLETON ETF TR | FTSE CANADA | 35473P827 |  | 1485805 | 30762 | SH |  | SOLE |  | 0 | 0 | 30762 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 316185 | 2576 | SH |  | SOLE |  | 0 | 0 | 2576 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 200276 | 4687 | SH |  | SOLE |  | 0 | 0 | 4687 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 312936 | 356 | SH |  | SOLE |  | 0 | 0 | 356 |
| GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 |  | 1068948 | 27600 | SH |  | SOLE |  | 0 | 0 | 27600 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 3192537 | 10778 | SH |  | SOLE |  | 0 | 0 | 10778 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 301084 | 490 | SH |  | SOLE |  | 0 | 0 | 490 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 480039 | 5914 | SH |  | SOLE |  | 0 | 0 | 5914 |
| ISHARES INC | MSCI CDA ETF | 464286509 |  | 6065873 | 112477 | SH |  | SOLE |  | 0 | 0 | 112477 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 99754460 | 1484000 | SH |  | SOLE |  | 0 | 0 | 1484000 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 220767 | 3427 | SH |  | SOLE |  | 0 | 0 | 3427 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 216503 | 1645 | SH |  | SOLE |  | 0 | 0 | 1645 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 48090454 | 479084 | SH |  | SOLE |  | 0 | 0 | 479084 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 13935827 | 130108 | SH |  | SOLE |  | 0 | 0 | 130108 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 60110635 | 404268 | SH |  | SOLE |  | 0 | 0 | 404268 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 248072 | 768 | SH |  | SOLE |  | 0 | 0 | 768 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 2529139 | 21045 | SH |  | SOLE |  | 0 | 0 | 21045 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 4627916 | 45133 | SH |  | SOLE |  | 0 | 0 | 45133 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 682356 | 2772 | SH |  | SOLE |  | 0 | 0 | 2772 |
| ISHARES TR | S 100 ETF | 464287101 |  | 682167 | 1989 | SH |  | SOLE |  | 0 | 0 | 1989 |
| ISHARES TR | S MC 400GR ETF | 464287606 |  | 311555 | 3215 | SH |  | SOLE |  | 0 | 0 | 3215 |
| ISHARES TR | CORE MSCI PAC | 46434V696 |  | 35838524 | 489530 | SH |  | SOLE |  | 0 | 0 | 489530 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 1652256 | 7791 | SH |  | SOLE |  | 0 | 0 | 7791 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 274502 | 1946 | SH |  | SOLE |  | 0 | 0 | 1946 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 562294 | 5116 | SH |  | SOLE |  | 0 | 0 | 5116 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 |  | 43884673 | 428603 | SH |  | SOLE |  | 0 | 0 | 428603 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 375008 | 1782 | SH |  | SOLE |  | 0 | 0 | 1782 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 29137428 | 291724 | SH |  | SOLE |  | 0 | 0 | 291724 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 1149391 | 12848 | SH |  | SOLE |  | 0 | 0 | 12848 |
| ISHARES TR | CORE S ETF | 464287200 |  | 10006653 | 14610 | SH |  | SOLE |  | 0 | 0 | 14610 |
| ISHARES TR | CORE S US GWT | 464287671 |  | 696582 | 4148 | SH |  | SOLE |  | 0 | 0 | 4148 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 412434 | 2276 | SH |  | SOLE |  | 0 | 0 | 2276 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 543074 | 4406 | SH |  | SOLE |  | 0 | 0 | 4406 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 68232671 | 961294 | SH |  | SOLE |  | 0 | 0 | 961294 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 799508 | 1689 | SH |  | SOLE |  | 0 | 0 | 1689 |
| J P MORGAN EXCHANGE TRADED F | BETABUILDERS CDA | 46641Q225 |  | 27448660 | 295147 | SH |  | SOLE |  | 0 | 0 | 295147 |
| J P MORGAN EXCHANGE TRADED F | BETABUILDERS EUR | 46641Q191 |  | 40760177 | 556073 | SH |  | SOLE |  | 0 | 0 | 556073 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 237578 | 1147 | SH |  | SOLE |  | 0 | 0 | 1147 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1325714 | 4114 | SH |  | SOLE |  | 0 | 0 | 4114 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 1241055 | 7250 | SH |  | SOLE |  | 0 | 0 | 7250 |
| LEMONADE INC | COM | 52567D107 |  | 270484 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| LINDE PLC | SHS | G54950103 |  | 371391 | 871 | SH |  | SOLE |  | 0 | 0 | 871 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 289718 | 599 | SH |  | SOLE |  | 0 | 0 | 599 |
| LOWES COS INC | COM | 548661107 |  | 314476 | 1304 | SH |  | SOLE |  | 0 | 0 | 1304 |
| MARKEL GROUP INC | COM | 570535104 |  | 750228 | 349 | SH |  | SOLE |  | 0 | 0 | 349 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 354142 | 620 | SH |  | SOLE |  | 0 | 0 | 620 |
| MCDONALDS CORP | COM | 580135101 |  | 270488 | 885 | SH |  | SOLE |  | 0 | 0 | 885 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 451194 | 224 | SH |  | SOLE |  | 0 | 0 | 224 |
| MERCK  CO INC | COM | 58933Y105 |  | 327154 | 3108 | SH |  | SOLE |  | 0 | 0 | 3108 |
| META PLATFORMS INC | CL A | 30303M102 |  | 870385 | 1319 | SH |  | SOLE |  | 0 | 0 | 1319 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 239744 | 840 | SH |  | SOLE |  | 0 | 0 | 840 |
| MICROSOFT CORP | COM | 594918104 |  | 2578288 | 5331 | SH |  | SOLE |  | 0 | 0 | 5331 |
| NETFLIX INC | COM | 64110L106 |  | 915425 | 9763 | SH |  | SOLE |  | 0 | 0 | 9763 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 235461 | 2933 | SH |  | SOLE |  | 0 | 0 | 2933 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 272097 | 5330 | SH |  | SOLE |  | 0 | 0 | 5330 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 20539570 | 110132 | SH |  | SOLE |  | 0 | 0 | 110132 |
| ORACLE CORP | COM | 68389X105 |  | 563742 | 2892 | SH |  | SOLE |  | 0 | 0 | 2892 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 420022 | 4605 | SH |  | SOLE |  | 0 | 0 | 4605 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 305019 | 1716 | SH |  | SOLE |  | 0 | 0 | 1716 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 240760 | 1501 | SH |  | SOLE |  | 0 | 0 | 1501 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 417039 | 2910 | SH |  | SOLE |  | 0 | 0 | 2910 |
| PROLOGIS INC. | COM | 74340W103 |  | 514214 | 4028 | SH |  | SOLE |  | 0 | 0 | 4028 |
| RTX CORPORATION | COM | 75513E101 |  | 1714221 | 9347 | SH |  | SOLE |  | 0 | 0 | 9347 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 3933997 | 163644 | SH |  | SOLE |  | 0 | 0 | 163644 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 2802081 | 106827 | SH |  | SOLE |  | 0 | 0 | 106827 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 1020007 | 35815 | SH |  | SOLE |  | 0 | 0 | 35815 |
| SCHWAB STRATEGIC TR | US REIT ETF | 808524847 |  | 13104548 | 627312 | SH |  | SOLE |  | 0 | 0 | 627312 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 187347608 | 7072390 | SH |  | SOLE |  | 0 | 0 | 7072390 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 261191 | 9706 | SH |  | SOLE |  | 0 | 0 | 9706 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 529462 | 17881 | SH |  | SOLE |  | 0 | 0 | 17881 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 228023 | 828 | SH |  | SOLE |  | 0 | 0 | 828 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 3940893 | 27373 | SH |  | SOLE |  | 0 | 0 | 27373 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 3142948 | 57384 | SH |  | SOLE |  | 0 | 0 | 57384 |
| SELECT SECTOR SPDR TR | STATE STREET COM | 81369Y852 |  | 261338 | 2220 | SH |  | SOLE |  | 0 | 0 | 2220 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y407 |  | 367544 | 3078 | SH |  | SOLE |  | 0 | 0 | 3078 |
| SELECT SECTOR SPDR TR | STATE STREET IND | 81369Y704 |  | 1208230 | 7789 | SH |  | SOLE |  | 0 | 0 | 7789 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 |  | 287261 | 3698 | SH |  | SOLE |  | 0 | 0 | 3698 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 |  | 338617 | 7932 | SH |  | SOLE |  | 0 | 0 | 7932 |
| SEMPRA | COM | 816851109 |  | 543248 | 6153 | SH |  | SOLE |  | 0 | 0 | 6153 |
| SERIES PORTFOLIOS TR | ELM MARKET NAVIG | 81752T429 |  | 122533179 | 4496630 | SH |  | SOLE |  | 0 | 0 | 4496630 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 332504 | 838 | SH |  | SOLE |  | 0 | 0 | 838 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 41024764 | 876410 | SH |  | SOLE |  | 0 | 0 | 876410 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 4339740 | 6364 | SH |  | SOLE |  | 0 | 0 | 6364 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A854 |  | 3447540 | 42976 | SH |  | SOLE |  | 0 | 0 | 42976 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A508 |  | 267575 | 4710 | SH |  | SOLE |  | 0 | 0 | 4710 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R663 |  | 610672 | 6683 | SH |  | SOLE |  | 0 | 0 | 6683 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 490478 | 1614 | SH |  | SOLE |  | 0 | 0 | 1614 |
| TESLA INC | COM | 88160R101 |  | 207321 | 461 | SH |  | SOLE |  | 0 | 0 | 461 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 290035 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 274952 | 1689 | SH |  | SOLE |  | 0 | 0 | 1689 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 73475396 | 991972 | SH |  | SOLE |  | 0 | 0 | 991972 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 19306252 | 74845 | SH |  | SOLE |  | 0 | 0 | 74845 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 635736 | 3584 | SH |  | SOLE |  | 0 | 0 | 3584 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 75527506 | 120434 | SH |  | SOLE |  | 0 | 0 | 120434 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 8497082 | 96023 | SH |  | SOLE |  | 0 | 0 | 96023 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 735206 | 3471 | SH |  | SOLE |  | 0 | 0 | 3471 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 333934931 | 996018 | SH |  | SOLE |  | 0 | 0 | 996018 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 1177833 | 2414 | SH |  | SOLE |  | 0 | 0 | 2414 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 24057338 | 125961 | SH |  | SOLE |  | 0 | 0 | 125961 |
| VANGUARD INSTL INDEX FD | 0-3 MO TREAS BIL | 922040845 |  | 8214187 | 108898 | SH |  | SOLE |  | 0 | 0 | 108898 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 248677452 | 4625697 | SH |  | SOLE |  | 0 | 0 | 4625697 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 183618008 | 2196125 | SH |  | SOLE |  | 0 | 0 | 2196125 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 673987 | 9162 | SH |  | SOLE |  | 0 | 0 | 9162 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 |  | 109188023 | 1207832 | SH |  | SOLE |  | 0 | 0 | 1207832 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 22763393 | 452643 | SH |  | SOLE |  | 0 | 0 | 452643 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 259521 | 3255 | SH |  | SOLE |  | 0 | 0 | 3255 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 78035080 | 1328709 | SH |  | SOLE |  | 0 | 0 | 1328709 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 993595 | 4521 | SH |  | SOLE |  | 0 | 0 | 4521 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 1387429 | 18391 | SH |  | SOLE |  | 0 | 0 | 18391 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 3688624 | 59046 | SH |  | SOLE |  | 0 | 0 | 59046 |
| VANGUARD WHITEHALL FDS | EM MK GOV BD ETF | 921946885 |  | 320630 | 4754 | SH |  | SOLE |  | 0 | 0 | 4754 |
| VANGUARD WORLD FD | CONSUM STP ETF | 92204A207 |  | 340941 | 1614 | SH |  | SOLE |  | 0 | 0 | 1614 |
| VANGUARD WORLD FD | INDUSTRIAL ETF | 92204A603 |  | 2053451 | 6882 | SH |  | SOLE |  | 0 | 0 | 6882 |
| VANGUARD WORLD FD | MATERIALS ETF | 92204A801 |  | 232456 | 1120 | SH |  | SOLE |  | 0 | 0 | 1120 |
| VANGUARD WORLD FD | FINANCIALS ETF | 92204A405 |  | 5043786 | 37784 | SH |  | SOLE |  | 0 | 0 | 37784 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 3897147 | 5170 | SH |  | SOLE |  | 0 | 0 | 5170 |
| VANGUARD WORLD FD | COMM SRVC ETF | 92204A884 |  | 2490819 | 12864 | SH |  | SOLE |  | 0 | 0 | 12864 |
| VANGUARD WORLD FD | HEALTH CAR ETF | 92204A504 |  | 2879939 | 10005 | SH |  | SOLE |  | 0 | 0 | 10005 |
| VANGUARD WORLD FD | CONSUM DIS ETF | 92204A108 |  | 2952824 | 7496 | SH |  | SOLE |  | 0 | 0 | 7496 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 240734 | 531 | SH |  | SOLE |  | 0 | 0 | 531 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 3086777 | 19053 | SH |  | SOLE |  | 0 | 0 | 19053 |
| VISA INC | COM CL A | 92826C839 |  | 458439 | 1307 | SH |  | SOLE |  | 0 | 0 | 1307 |
| VISTRA CORP | COM | 92840M102 |  | 451952 | 2801 | SH |  | SOLE |  | 0 | 0 | 2801 |
| WALMART INC | COM | 931142103 |  | 449230 | 4032 | SH |  | SOLE |  | 0 | 0 | 4032 |

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