# EDGAR Filing Document

**Accession Number:** 0001432539
**File Stem:** 0001432539-23-000001
**Filing Date:** 2023-2
**Character Count:** 16686
**Document Hash:** 6ab2f65f5d67b7bdff9d854e5ea96f90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001432539-23-000001.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001432539-23-000001

**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:** Strategic Financial Services, Inc,
- **CENTRAL INDEX KEY:** 0001432539
- **IRS NUMBER:** 161334685
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13318
- **FILM NUMBER:** 23618223

**BUSINESS ADDRESS:**
- **STREET 1:** 114 BUSINESS PARK DRIVE
- **CITY:** UTICA
- **STATE:** NY
- **ZIP:** 13502
- **BUSINESS PHONE:** 3157241776

**MAIL ADDRESS:**
- **STREET 1:** 114 BUSINESS PARK DRIVE
- **CITY:** UTICA
- **STATE:** NY
- **ZIP:** 13502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategic Investment Advisors, Inc
- **DATE OF NAME CHANGE:** 20080416

### 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:** Strategic Financial Services Inc<br>**Address:** 114 BUSINESS PARK DRIVE<br>UTICA, NY 13502

**Form 13F File Number:** 028-13318

**CRD Number (if applicable):** 000109677

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:** Kasey Williams<br>**Title:** Chief Compliance Officer<br>**Phone:** 3157241776

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

Kasey Williams  Utica, NY  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:** 130

**Form 13F Information Table Value Total:** $1250820506

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 422418 | 3848 | SH |  | SOLE | 0 | 3148 | 0 | 700 |
| ABBVIE INC | COM | 00287Y109 |  | 732255 | 4531 | SH |  | SOLE | 0 | 3977 | 0 | 554 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3072720 | 34630 | SH |  | SOLE | 0 | 34230 | 0 | 400 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 656431 | 7440 | SH |  | SOLE | 0 | 7140 | 0 | 300 |
| ALPS ETF TR | MED BREAKTHGH | 00162Q593 |  | 817830 | 26920 | SH |  | SOLE | 0 | 26272 | 0 | 648 |
| AMAZON COM INC | COM | 023135106 |  | 523572 | 6233 | SH |  | SOLE | 0 | 6233 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 10549484 | 81194 | SH |  | SOLE | 0 | 78971 | 0 | 2223 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 167202 | 700 | SH |  | OTR | 0 | 0 | 0 | 700 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 623425 | 2610 | SH |  | SOLE | 0 | 2610 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 267015 | 1050 | SH |  | SOLE | 0 | 1050 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 132827 | 430 | SH |  | OTR | 0 | 0 | 0 | 430 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1179689 | 3819 | SH |  | SOLE | 0 | 3819 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 2966325 | 4186 | SH |  | SOLE | 0 | 4186 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 1686789 | 837 | SH |  | SOLE | 0 | 822 | 0 | 15 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 208151 | 2893 | SH |  | SOLE | 0 | 2893 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 366766 | 1531 | SH |  | SOLE | 0 | 1531 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1353893 | 7543 | SH |  | SOLE | 0 | 7543 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 1898787 | 39857 | SH |  | SOLE | 0 | 39857 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 76332 | 1200 | SH |  | OTR | 0 | 0 | 0 | 1200 |
| COCA COLA CO | COM | 191216100 |  | 471923 | 7419 | SH |  | SOLE | 0 | 7419 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 248346 | 3152 | SH |  | SOLE | 0 | 2710 | 0 | 442 |
| COMMUNITY BK SYS INC | COM | 203607106 |  | 694464 | 11032 | SH |  | SOLE | 0 | 11032 | 0 | 0 |
| CONMED CORP | COM | 207410101 |  | 1157372 | 13057 | SH |  | SOLE | 0 | 13057 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 254762 | 2159 | SH |  | SOLE | 0 | 2159 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1866172 | 4088 | SH |  | SOLE | 0 | 4088 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 359864 | 11616 | SH |  | SOLE | 0 | 11616 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 1965284 | 21089 | SH |  | SOLE | 0 | 21089 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 1952144 | 4553 | SH |  | SOLE | 0 | 4553 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 |  | 332858 | 9942 | SH |  | SOLE | 0 | 9942 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 470880 | 10714 | SH |  | SOLE | 0 | 10714 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1592643 | 18332 | SH |  | SOLE | 0 | 18322 | 0 | 10 |
| DOLLAR TREE INC | COM | 256746108 |  | 2274780 | 16083 | SH |  | SOLE | 0 | 16083 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 2424809 | 4727 | SH |  | SOLE | 0 | 4727 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2600859 | 23580 | SH |  | SOLE | 0 | 23580 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 13788 | 125 | SH |  | OTR | 0 | 0 | 0 | 125 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 14244 | 170 | SH |  | OTR | 0 | 0 | 0 | 170 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 303995 | 3628 | SH |  | SOLE | 0 | 3628 | 0 | 0 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA US | 381430602 |  | 4700720 | 86078 | SH |  | SOLE | 0 | 73932 | 0 | 12146 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA EME | 381430206 |  | 7849712 | 277277 | SH |  | SOLE | 0 | 265657 | 0 | 11620 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA US LG | 381430503 |  | 9370689 | 123088 | SH |  | SOLE | 0 | 117102 | 0 | 5986 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA INT | 381430107 |  | 34033789 | 1182550 | SH |  | SOLE | 0 | 1127745 | 0 | 54805 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 321060 | 935 | SH |  | SOLE | 0 | 935 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 288073 | 1244 | SH |  | SOLE | 0 | 1244 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 273851 | 867 | SH |  | SOLE | 0 | 867 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 2698910 | 12594 | SH |  | SOLE | 0 | 12394 | 0 | 200 |
| IDEXX LABS INC | COM | 45168D104 |  | 378587 | 928 | SH |  | SOLE | 0 | 928 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 285509 | 1296 | SH |  | SOLE | 0 | 1296 | 0 | 0 |
| IMMUCELL CORP | COM PAR | 452525306 |  | 189720 | 31000 | SH |  | SOLE | 0 | 31000 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 787518 | 5590 | SH |  | SOLE | 0 | 5510 | 0 | 80 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 424036 | 9080 | SH |  | SOLE | 0 | 9080 | 0 | 0 |
| ISHARES INC | MSCI EMERG MKT | 46434G889 |  | 60553330 | 1475471 | SH |  | SOLE | 0 | 1408619 | 0 | 66852 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 206805 | 2928 | SH |  | SOLE | 0 | 2801 | 0 | 127 |
| ISHARES TR | MSCI USA SML CP | 46434V290 |  | 191921661 | 3864713 | SH |  | SOLE | 0 | 3703158 | 0 | 161555 |
| ISHARES TR | U S EQUITY FACTR | 46434V282 |  | 181298187 | 4647480 | SH |  | SOLE | 0 | 4412463 | 0 | 235017 |
| ISHARES TR | INTL EQTY FACTOR | 46434V274 |  | 169700451 | 6898168 | SH |  | SOLE | 0 | 6590848 | 0 | 307320 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 2702884 | 54253 | SH |  | SOLE | 0 | 52933 | 0 | 1320 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 1252019 | 5844 | SH |  | SOLE | 0 | 5324 | 0 | 520 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 504947 | 2896 | SH |  | SOLE | 0 | 2896 | 0 | 0 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 14174042 | 97129 | SH |  | SOLE | 0 | 92242 | 0 | 4887 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 716646 | 8472 | SH |  | SOLE | 0 | 8468 | 0 | 4 |
| ISHARES TR | MSCI USA VALUE | 46432F388 |  | 33660919 | 369332 | SH |  | SOLE | 0 | 350424 | 0 | 18908 |
| ISHARES TR | INTRM GOV CR ETF | 464288612 |  | 82169603 | 801968 | SH |  | SOLE | 0 | 776639 | 0 | 25329 |
| J P MORGAN EXCHANGE TRADED F | US MOMENTUM | 46641Q779 |  | 715130 | 18974 | SH |  | SOLE | 0 | 17366 | 0 | 1608 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3130945 | 17724 | SH |  | SOLE | 0 | 17724 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 70660 | 400 | SH |  | OTR | 0 | 0 | 0 | 400 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 4176008 | 31141 | SH |  | SOLE | 0 | 30654 | 0 | 487 |
| KLA CORP | COM NEW | 482480100 |  | 2934802 | 7784 | SH |  | SOLE | 0 | 7784 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807108 |  | 2327621 | 5538 | SH |  | SOLE | 0 | 5538 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 3158536 | 21774 | SH |  | SOLE | 0 | 21774 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 3244038 | 8648 | SH |  | SOLE | 0 | 8623 | 0 | 25 |
| MERCK  CO INC | COM | 58933Y105 |  | 2928636 | 26396 | SH |  | SOLE | 0 | 26396 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 359576 | 10724 | SH |  | SOLE | 0 | 10724 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 4358729 | 18175 | SH |  | SOLE | 0 | 17575 | 0 | 600 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 2313955 | 34718 | SH |  | SOLE | 0 | 34293 | 0 | 425 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 432072 | 5082 | SH |  | SOLE | 0 | 5082 | 0 | 0 |
| NBT BANCORP INC | COM | 628778102 |  | 315837 | 7274 | SH |  | SOLE | 0 | 7274 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 3407285 | 40757 | SH |  | SOLE | 0 | 40757 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 545501 | 4662 | SH |  | SOLE | 0 | 4232 | 0 | 430 |
| NORWOOD FINL CORP | COM | 669549107 |  | 713643 | 21341 | SH |  | SOLE | 0 | 21341 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 2742453 | 17354 | SH |  | SOLE | 0 | 16994 | 0 | 360 |
| ORACLE CORP | COM | 68389X105 |  | 3073179 | 37597 | SH |  | SOLE | 0 | 37492 | 0 | 105 |
| PAYCHEX INC | COM | 704326107 |  | 184896 | 1600 | SH |  | OTR | 0 | 0 | 0 | 1600 |
| PAYCHEX INC | COM | 704326107 |  | 81008 | 701 | SH |  | SOLE | 0 | 701 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 3533710 | 19560 | SH |  | SOLE | 0 | 19560 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 2509922 | 48984 | SH |  | SOLE | 0 | 48984 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 1481475 | 14234 | SH |  | SOLE | 0 | 14234 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 219291 | 1744 | SH |  | SOLE | 0 | 1744 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1087898 | 7178 | SH |  | SOLE | 0 | 7178 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 493222 | 4959 | SH |  | SOLE | 0 | 4959 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 516951 | 1845 | SH |  | SOLE | 0 | 1845 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 2331058 | 21203 | SH |  | SOLE | 0 | 21203 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 43976 | 400 | SH |  | OTR | 0 | 0 | 0 | 400 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 2542276 | 25191 | SH |  | SOLE | 0 | 25191 | 0 | 0 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 195744 | 4832 | SH |  | SOLE | 0 | 3932 | 0 | 900 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 80129 | 1978 | SH |  | OTR | 0 | 0 | 0 | 1978 |
| SCHWAB STRATEGIC TR | US TIPS ETF | 808524870 |  | 20099958 | 388105 | SH |  | SOLE | 0 | 378108 | 0 | 9997 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 1814581 | 19912 | SH |  | SOLE | 0 | 19477 | 0 | 435 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 10898183 | 64243 | SH |  | SOLE | 0 | 63398 | 0 | 845 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 726235 | 1899 | SH |  | SOLE | 0 | 1899 | 0 | 0 |
| SPDR SER TR | BLOOMBERG INVT | 78468R200 |  | 687057 | 22608 | SH |  | SOLE | 0 | 21897 | 0 | 711 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 17601979 | 212072 | SH |  | SOLE | 0 | 202435 | 0 | 9637 |
| TESLA INC | COM | 88160R101 |  | 871868 | 7078 | SH |  | SOLE | 0 | 7078 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 1783836 | 22410 | SH |  | SOLE | 0 | 22410 | 0 | 0 |
| TOMPKINS FINL CORP | COM | 890110109 |  | 395270 | 5095 | SH |  | SOLE | 0 | 5095 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 2926059 | 6238 | SH |  | SOLE | 0 | 6238 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 967017 | 4670 | SH |  | SOLE | 0 | 4630 | 0 | 40 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3498128 | 6598 | SH |  | SOLE | 0 | 6423 | 0 | 175 |
| US BANCORP DEL | COM NEW | 902973304 |  | 320970 | 7360 | SH |  | SOLE | 0 | 7360 | 0 | 0 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 246063 | 1227 | SH |  | SOLE | 0 | 1227 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 642757 | 3502 | SH |  | SOLE | 0 | 3502 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 1493576 | 7812 | SH |  | SOLE | 0 | 7812 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 |  | 406437 | 2261 | SH |  | SOLE | 0 | 2261 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 375713 | 1763 | SH |  | SOLE | 0 | 1763 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 329269 | 6567 | SH |  | SOLE | 0 | 6567 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 445347 | 11425 | SH |  | SOLE | 0 | 11425 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 11836968 | 204721 | SH |  | SOLE | 0 | 200352 | 0 | 4369 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 768792 | 10925 | SH |  | SOLE | 0 | 10925 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000VAL | 92206C714 |  | 243017 | 3650 | SH |  | SOLE | 0 | 3650 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 151687739 | 2017392 | SH |  | SOLE | 0 | 1961332 | 0 | 56060 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 22775855 | 389464 | SH |  | SOLE | 0 | 384650 | 0 | 4814 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 1558892 | 10266 | SH |  | SOLE | 0 | 9266 | 0 | 1000 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 1313688 | 25400 | SH |  | SOLE | 0 | 25400 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 492896 | 11744 | SH |  | SOLE | 0 | 11744 | 0 | 0 |
| VANGUARD WELLINGTON FD | US MOMENTUM | 921935508 |  | 28776242 | 252290 | SH |  | SOLE | 0 | 236104 | 0 | 16186 |
| VANGUARD WHITEHALL FDS | EM MK GOV BD ETF | 921946885 |  | 19115646 | 313474 | SH |  | SOLE | 0 | 305799 | 0 | 7675 |
| VENTAS INC | COM | 92276F100 |  | 332154 | 7373 | SH |  | SOLE | 0 | 7373 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 259882 | 6596 | SH |  | SOLE | 0 | 6596 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 3657199 | 17603 | SH |  | SOLE | 0 | 17283 | 0 | 320 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 330546 | 2107 | SH |  | SOLE | 0 | 1363 | 0 | 744 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 37725759 | 1042436 | SH |  | SOLE | 0 | 1009611 | 0 | 32825 |

---