# Trellis Advisors, LLC

> Institutional holdings reported to the SEC as of Q3 2023 on Form 13F. CIK 1722638. Source: https://holderbook.com/funds/1722638-trellis-advisors-llc/

- Reported value: $218.9M
- Positions: 88
- Weight of the ten largest: 75.1%
- Filed: 2023-10-23

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $77.9M | 366,654 | 35.6% | 22 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $18.5M | 384,488 | 8.4% | 12 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $17.3M | 247,802 | 7.9% | 22 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $12.3M | 282,137 | 5.6% | 22 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $9.1M | 182,584 | 4.2% | 22 |
| ISHARES TR | [SCZ](https://holderbook.com/stocks/SCZ/) | $7.1M | 126,594 | 3.3% | 22 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $7.1M | 22,445 | 3.2% | 22 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $5.2M | 132,982 | 2.4% | 22 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $5.1M | 30,050 | 2.4% | 22 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $4.7M | 25,101 | 2.2% | 22 |
| ISHARES TR | [DSI](https://holderbook.com/stocks/DSI/) | $3.0M | 36,391 | 1.4% | 21 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $2.8M | 30,636 | 1.3% | 22 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $2.4M | 69,409 | 1.1% | 22 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $2.3M | 4,292 | 1.1% | 18 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.2M | 17,460 | 1.0% | 22 |
| ISHARES TR | [IWV](https://holderbook.com/stocks/IWV/) | $2.1M | 8,678 | 1.0% | 22 |
| VANGUARD INTL EQUITY INDEX F | [VSS](https://holderbook.com/stocks/VSS/) | $1.8M | 16,686 | 0.8% | 15 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $1.7M | 24,817 | 0.8% | 22 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $1.6M | 2,912 | 0.8% | 13 |
| SCHWAB STRATEGIC TR | [SCHE](https://holderbook.com/stocks/SCHE/) | $1.6M | 68,119 | 0.7% | 22 |
| VANGUARD ADMIRAL FDS INC | [IVOG](https://holderbook.com/stocks/IVOG/) | $1.5M | 17,082 | 0.7% | 22 |
| SCHWAB STRATEGIC TR | [SCHC](https://holderbook.com/stocks/SCHC/) | $1.3M | 41,304 | 0.6% | 20 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $1.2M | 30,911 | 0.5% | 15 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.1M | 2,555 | 0.5% | 14 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.1M | 8,270 | 0.5% | 22 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $1.0M | 4,115 | 0.5% | 13 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $992.5K | 3,306 | 0.5% | 22 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $923.4K | 33,739 | 0.4% | 16 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $876.1K | 2,501 | 0.4% | 22 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $861.0K | 6,077 | 0.4% | 15 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $841.4K | 7,576 | 0.4% | 22 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $772.2K | 3,708 | 0.4% | 22 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $723.1K | 5,484 | 0.3% | 19 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $704.0K | 4,175 | 0.3% | 22 |
| ISHARES TR | [ESML](https://holderbook.com/stocks/ESML/) | $685.0K | 20,356 | 0.3% | 5 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $681.4K | 4,233 | 0.3% | 22 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $614.9K | 2,288 | 0.3% | 18 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $596.9K | 2,595 | 0.3% | 22 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $568.5K | 3,650 | 0.3% | 22 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $568.2K | 1,112 | 0.3% | 22 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $549.2K | 5,822 | 0.3% | 22 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $543.7K | 1,440 | 0.2% | 4 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $516.5K | 4,393 | 0.2% | 7 |
| ISHARES TR | [EFG](https://holderbook.com/stocks/EFG/) | $505.0K | 5,852 | 0.2% | 22 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $499.9K | 3,427 | 0.2% | 20 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $466.5K | 1,519 | 0.2% | 22 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $452.8K | 3,122 | 0.2% | 22 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $438.6K | 870 | 0.2% | 14 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $425.1K | 2,852 | 0.2% | 12 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $399.0K | 2,502 | 0.2% | 12 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $391.8K | 2,044 | 0.2% | 4 |
| SCHWAB STRATEGIC TR | [SCHA](https://holderbook.com/stocks/SCHA/) | $363.5K | 8,776 | 0.2% | 6 |
| VANGUARD INDEX FDS | [VXF](https://holderbook.com/stocks/VXF/) | $349.5K | 2,438 | 0.2% | 22 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $336.9K | 1,115 | 0.2% | 14 |
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $329.2K | 3,533 | 0.2% | 7 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $327.0K | 826 | 0.1% | 14 |
| VANGUARD WORLD FD | [VSGX](https://holderbook.com/stocks/VSGX/) | $325.8K | 6,460 | 0.1% | 4 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $323.6K | 1,184 | 0.1% | 14 |
| VANGUARD INDEX FDS | [VOT](https://holderbook.com/stocks/VOT/) | $317.1K | 1,628 | 0.1% | 4 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $314.6K | 2,109 | 0.1% | 12 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $312.6K | 1,768 | 0.1% | 22 |
| LABORATORY CORP AMER HLDGS | [LH](https://holderbook.com/stocks/LH/) | $303.4K | 1,509 | 0.1% | 18 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $303.2K | 365 | 0.1% | 4 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $301.6K | 1,780 | 0.1% | 15 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $297.7K | 3,113 | 0.1% | 14 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $287.9K | 6,492 | 0.1% | 4 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $284.8K | 10,402 | 0.1% | 11 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $277.7K | 2,697 | 0.1% | 6 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $271.9K | 1,750 | 0.1% | 1 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $269.5K | 5,013 | 0.1% | 4 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $267.2K | 524 | 0.1% | 2 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $265.7K | 525 | 0.1% | 15 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $265.4K | 2,350 | 0.1% | 4 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $253.4K | 1,219 | 0.1% | 6 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $251.0K | 665 | 0.1% | 4 |
| WORLD GOLD TR | [GLDM](https://holderbook.com/stocks/GLDM/) | $247.2K | 6,744 | 0.1% | 1 |
| PACCAR INC | [PCAR](https://holderbook.com/stocks/PCAR/) | $245.9K | 2,892 | 0.1% | 3 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $245.4K | 4,383 | 0.1% | 8 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $241.1K | 2,276 | 0.1% | 3 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $239.5K | 1,176 | 0.1% | 14 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $226.0K | 828 | 0.1% | 1 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $211.5K | 2,057 | 0.1% | 3 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $211.4K | 3,851 | 0.1% | 3 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $210.1K | 771 | 0.1% | 2 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $209.0K | 1,307 | 0.1% | 3 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $207.8K | 1,025 | 0.1% | 3 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $206.6K | 1,492 | 0.1% | 2 |
| RIVERVIEW BANCORP INC | [RVSB](https://holderbook.com/stocks/RVSB/) | $139.0K | 25,000 | 0.1% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2023 | -3.7% | -3.6% | -0.2% | 100% |
| Q2 2023 | +5.8% | +8.3% | -2.5% | 100% |
| Q1 2023 | +6.5% | +7.0% | -0.5% | 100% |
| Q4 2022 | +5.9% | +7.1% | -1.1% | 100% |
| Q3 2022 | -5.4% | -5.3% | -0.1% | 101% |
| Q2 2022 | -15.7% | -16.5% | +0.8% | 100% |
| Q1 2022 | -6.3% | -4.9% | -1.3% | 100% |
| Q4 2021 | +7.0% | +10.7% | -3.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2023 | $218.9M | 88 |
| Q2 2023 | $224.3M | 90 |
| Q1 2023 | $208.1M | 87 |
| Q4 2022 | $190.9M | 85 |
| Q3 2022 | $175.9M | 73 |
| Q2 2022 | $182.6M | 74 |
| Q1 2022 | $199.8M | 80 |
| Q4 2021 | $211.1M | 85 |
| Q3 2021 | $194.6M | 80 |
| Q2 2021 | $192.6M | 77 |
| Q1 2021 | $178.4M | 75 |
| Q4 2020 | $165.9M | 76 |