# EDGAR Filing Document

**Accession Number:** 0001432539
**File Stem:** 0001432539-25-000010
**Filing Date:** 2025-11
**Character Count:** 18139
**Document Hash:** c09245a63c9744bfeec0a3a7fba7b88d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001432539-25-000010.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001432539-25-000010

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Strategic Financial Services, Inc.
- **CENTRAL INDEX KEY:** 0001432539

**ORGANIZATION NAME:**
- **EIN:** 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:** 251482929

**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 Financial Services, Inc,
- **DATE OF NAME CHANGE:** 20131018

**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:** 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:** 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

**SEC File Number (if applicable):** 801-33774

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:** CCO<br>**Phone:** 3157241776

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

Kasey Williams  Utics, NY  11-14-2025<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:** 142

**Form 13F Information Table Value Total:** $1992942913

      (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 |  | 463098 | 3458 | SH |  | SOLE | 0 | 3458 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 961962 | 4155 | SH |  | SOLE | 0 | 4155 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 295144 | 1375 | SH |  | SOLE | 0 | 1375 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 8502818 | 34912 | SH |  | SOLE | 0 | 34612 | 0 | 300 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2157026 | 8873 | SH |  | SOLE | 0 | 8573 | 0 | 300 |
| ALPS ETF TR | MED BREAKTHGH | 00162Q593 |  | 1460826 | 37593 | SH |  | SOLE | 0 | 37446 | 0 | 147 |
| AMAZON COM INC | COM | 023135106 |  | 2334907 | 10634 | SH |  | SOLE | 0 | 10634 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 208596 | 628 | SH |  | SOLE | 0 | 628 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 18232544 | 71604 | SH |  | SOLE | 0 | 71123 | 0 | 481 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 332055 | 343 | SH |  | SOLE | 0 | 343 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 740501 | 2523 | SH |  | SOLE | 0 | 2523 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2268363 | 4512 | SH |  | SOLE | 0 | 4512 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 3920821 | 3363 | SH |  | SOLE | 0 | 3363 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 2343283 | 434 | SH |  | SOLE | 0 | 434 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 575247 | 1744 | SH |  | SOLE | 0 | 1744 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 213218 | 1003 | SH |  | SOLE | 0 | 1003 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 268635 | 563 | SH |  | SOLE | 0 | 563 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 412450 | 2656 | SH |  | SOLE | 0 | 2656 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 205748 | 5250 | SH |  | SOLE | 0 | 5250 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 579459 | 2053 | SH |  | SOLE | 0 | 2053 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 1727194 | 25244 | SH |  | SOLE | 0 | 25244 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 445737 | 6721 | SH |  | SOLE | 0 | 6721 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 228143 | 676 | SH |  | SOLE | 0 | 676 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 216637 | 2710 | SH |  | SOLE | 0 | 2710 | 0 | 0 |
| COMMUNITY FINANCIAL SYSTEM I | COM | 203607106 |  | 516736 | 8812 | SH |  | SOLE | 0 | 8812 | 0 | 0 |
| CONMED CORP | COM | 207410101 |  | 424399 | 9024 | SH |  | SOLE | 0 | 9024 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 214719 | 2270 | SH |  | SOLE | 0 | 2270 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 288007 | 3511 | SH |  | SOLE | 0 | 3511 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 2797254 | 3022 | SH |  | SOLE | 0 | 3022 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 412129 | 11606 | SH |  | SOLE | 0 | 11606 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 690920 | 1511 | SH |  | SOLE | 0 | 1511 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTERNATNAL VAL | 25434V807 |  | 39249504 | 851030 | SH |  | SOLE | 0 | 825909 | 0 | 25121 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 |  | 441314 | 9875 | SH |  | SOLE | 0 | 9875 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 620402 | 10658 | SH |  | SOLE | 0 | 10658 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 330515 | 2887 | SH |  | SOLE | 0 | 2877 | 0 | 10 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 382574 | 1184 | SH |  | SOLE | 0 | 1184 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 384552 | 504 | SH |  | SOLE | 0 | 504 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2330092 | 20666 | SH |  | SOLE | 0 | 20666 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 3298858 | 10966 | SH |  | SOLE | 0 | 10966 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 1412425 | 2297 | SH |  | SOLE | 0 | 2297 | 0 | 0 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA INT | 381430107 |  | 38143667 | 927844 | SH |  | SOLE | 0 | 895075 | 0 | 32769 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA US LG | 381430503 |  | 12863847 | 98740 | SH |  | SOLE | 0 | 97855 | 0 | 885 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA US | 381430602 |  | 7628670 | 101865 | SH |  | SOLE | 0 | 97983 | 0 | 3882 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA EME | 381430206 |  | 9642787 | 236749 | SH |  | SOLE | 0 | 229865 | 0 | 6884 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 824222 | 1035 | SH |  | SOLE | 0 | 1035 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 305858 | 2293 | SH |  | SOLE | 0 | 2293 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 232690 | 1244 | SH |  | SOLE | 0 | 1244 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 597655 | 1475 | SH |  | SOLE | 0 | 1475 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 253935 | 1206 | SH |  | SOLE | 0 | 1206 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 580112 | 908 | SH |  | SOLE | 0 | 908 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 379667 | 1456 | SH |  | SOLE | 0 | 1456 | 0 | 0 |
| IMMUCELL CORP | COM PAR | 452525306 |  | 239390 | 37000 | SH |  | SOLE | 0 | 37000 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1123848 | 3983 | SH |  | SOLE | 0 | 3903 | 0 | 80 |
| ISHARES INC | MSCI EQUAL WEITE | 464286681 |  | 36131143 | 350890 | SH |  | SOLE | 0 | 336955 | 0 | 13935 |
| ISHARES INC | EMNG MKTS EQT | 46434G889 |  | 105975019 | 1873012 | SH |  | SOLE | 0 | 1815623 | 0 | 57389 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 505277 | 7665 | SH |  | SOLE | 0 | 7665 | 0 | 0 |
| ISHARES TR | US SML CAP EQT | 46434V290 |  | 278447962 | 3745097 | SH |  | SOLE | 0 | 3634952 | 0 | 110145 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 682538 | 6392 | SH |  | SOLE | 0 | 6392 | 0 | 0 |
| ISHARES TR | U S EQUITY FACTR | 46434V282 |  | 263059889 | 3808047 | SH |  | SOLE | 0 | 3683411 | 0 | 124636 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 1889353 | 35628 | SH |  | SOLE | 0 | 35628 | 0 | 0 |
| ISHARES TR | INTL EQTY FACTOR | 46434V274 |  | 308770478 | 8598454 | SH |  | SOLE | 0 | 8349381 | 0 | 249073 |
| ISHARES TR | INTRM GOV CR ETF | 464288612 |  | 29930474 | 278586 | SH |  | SOLE | 0 | 274496 | 0 | 4090 |
| ISHARES TR | MSCI USA SZE FT | 46432F370 |  | 16459370 | 102372 | SH |  | SOLE | 0 | 100501 | 0 | 1871 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 413886 | 4348 | SH |  | SOLE | 0 | 4348 | 0 | 0 |
| ISHARES TR | MSCI USA VALUE | 46432F388 |  | 423920 | 3390 | SH |  | SOLE | 0 | 3390 | 0 | 0 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 56219482 | 219222 | SH |  | SOLE | 0 | 212014 | 0 | 7208 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 1202877 | 2568 | SH |  | SOLE | 0 | 2193 | 0 | 375 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 234459 | 969 | SH |  | SOLE | 0 | 969 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | US MOMENTUM | 46641Q779 |  | 3422505 | 50403 | SH |  | SOLE | 0 | 49641 | 0 | 762 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1659509 | 8950 | SH |  | SOLE | 0 | 8950 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 8191402 | 25969 | SH |  | SOLE | 0 | 25969 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 5446930 | 5050 | SH |  | SOLE | 0 | 5050 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 5172423 | 38629 | SH |  | SOLE | 0 | 38629 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 2794347 | 14140 | SH |  | SOLE | 0 | 14140 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1007931 | 1772 | SH |  | SOLE | 0 | 1772 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 587197 | 1932 | SH |  | SOLE | 0 | 1932 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 5312758 | 6877 | SH |  | SOLE | 0 | 6877 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1620604 | 19309 | SH |  | SOLE | 0 | 19309 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1025929 | 1397 | SH |  | SOLE | 0 | 1394 | 0 | 3 |
| MICROSOFT CORP | COM | 594918104 |  | 8862271 | 17110 | SH |  | SOLE | 0 | 17110 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 303979 | 4866 | SH |  | SOLE | 0 | 4866 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 814670 | 5125 | SH |  | SOLE | 0 | 5125 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 263762 | 220 | SH |  | SOLE | 0 | 218 | 0 | 2 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 2582286 | 34207 | SH |  | SOLE | 0 | 34207 | 0 | 0 |
| NORWOOD FINANCIAL CORP | COM | 669549107 |  | 504485 | 19846 | SH |  | SOLE | 0 | 19846 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2074586 | 11119 | SH |  | SOLE | 0 | 11119 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 1670627 | 7336 | SH |  | SOLE | 0 | 7031 | 0 | 305 |
| ORACLE CORP | COM | 68389X105 |  | 6876037 | 24449 | SH |  | SOLE | 0 | 24449 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 264509 | 1450 | SH |  | SOLE | 0 | 1450 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 1561974 | 11122 | SH |  | SOLE | 0 | 11122 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 815712 | 5997 | SH |  | SOLE | 0 | 5997 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1053024 | 6853 | SH |  | SOLE | 0 | 6853 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 547660 | 1896 | SH |  | SOLE | 0 | 1896 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 2815643 | 16925 | SH |  | SOLE | 0 | 16925 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 213213 | 610 | SH |  | SOLE | 0 | 610 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 461161 | 2756 | SH |  | SOLE | 0 | 2756 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 591819 | 6199 | SH |  | SOLE | 0 | 6199 | 0 | 0 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 219406 | 7864 | SH |  | SOLE | 0 | 7864 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 203048 | 8722 | SH |  | SOLE | 0 | 8722 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 202581 | 7691 | SH |  | SOLE | 0 | 7691 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 255310 | 2694 | SH |  | SOLE | 0 | 2694 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 9868558 | 27762 | SH |  | SOLE | 0 | 27536 | 0 | 226 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1031417 | 1548 | SH |  | SOLE | 0 | 1548 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A854 |  | 203371 | 2596 | SH |  | SOLE | 0 | 2596 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 |  | 28570727 | 285137 | SH |  | SOLE | 0 | 275727 | 0 | 9410 |
| SPDR SERIES TRUST | PORTFOLIO LN TSR | 78464A664 |  | 2807732 | 104183 | SH |  | SOLE | 0 | 104183 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 3039661 | 6835 | SH |  | SOLE | 0 | 6835 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 1940883 | 13428 | SH |  | SOLE | 0 | 13428 | 0 | 0 |
| TOMPKINS FINL CORP | COM | 890110109 |  | 337340 | 5095 | SH |  | SOLE | 0 | 5095 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 372200 | 1333 | SH |  | SOLE | 0 | 1333 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 1221440 | 2234 | SH |  | SOLE | 0 | 2234 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 210415 | 890 | SH |  | SOLE | 0 | 890 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1489624 | 4314 | SH |  | SOLE | 0 | 4139 | 0 | 175 |
| VANECK ETF TRUST | BIOTECH ETF | 92189F726 |  | 221077 | 1334 | SH |  | SOLE | 0 | 1334 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 243078 | 1165 | SH |  | SOLE | 0 | 1165 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 1163534 | 2426 | SH |  | SOLE | 0 | 2426 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 378925 | 1290 | SH |  | SOLE | 0 | 1290 | 0 | 0 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 |  | 693932 | 2362 | SH |  | SOLE | 0 | 2362 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 448041 | 1762 | SH |  | SOLE | 0 | 1762 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 2745510 | 8366 | SH |  | SOLE | 0 | 8366 | 0 | 0 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 369644 | 1242 | SH |  | SOLE | 0 | 1242 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 276416 | 3873 | SH |  | SOLE | 0 | 3873 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 659750 | 12177 | SH |  | SOLE | 0 | 12177 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 39366368 | 777530 | SH |  | SOLE | 0 | 766234 | 0 | 11296 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 1360001 | 27162 | SH |  | SOLE | 0 | 27162 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 1372904 | 14035 | SH |  | SOLE | 0 | 14035 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 84461864 | 1056698 | SH |  | SOLE | 0 | 1039308 | 0 | 17390 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 68869436 | 818802 | SH |  | SOLE | 0 | 806115 | 0 | 12687 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 140052631 | 2333044 | SH |  | SOLE | 0 | 2299531 | 0 | 33513 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 67444432 | 1186149 | SH |  | SOLE | 0 | 1167368 | 0 | 18781 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX | 92206C730 |  | 430849 | 1425 | SH |  | SOLE | 0 | 1425 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 1131171 | 5242 | SH |  | SOLE | 0 | 4462 | 0 | 780 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 1909960 | 26000 | SH |  | SOLE | 0 | 26000 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 920072 | 15355 | SH |  | SOLE | 0 | 15355 | 0 | 0 |
| VANGUARD WELLINGTON FD | US MOMENTUM | 921935508 |  | 53700196 | 280279 | SH |  | SOLE | 0 | 269125 | 0 | 11154 |
| VANGUARD WHITEHALL FDS | EM MK GOV BD ETF | 921946885 |  | 14160455 | 211666 | SH |  | SOLE | 0 | 208463 | 0 | 3203 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 229595 | 5224 | SH |  | SOLE | 0 | 5224 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 5627991 | 16486 | SH |  | SOLE | 0 | 16211 | 0 | 275 |
| WALMART INC | COM | 931142103 |  | 691533 | 6710 | SH |  | SOLE | 0 | 6710 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 312474 | 1415 | SH |  | SOLE | 0 | 1415 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 286596 | 3419 | SH |  | SOLE | 0 | 3419 | 0 | 0 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 106870525 | 1397914 | SH |  | SOLE | 0 | 1372839 | 0 | 25075 |

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