Tri-Star Advisors Inc.

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (14 quarters reported)

$239M $5.9M

Q2 20 Q1 21 Q4 21 Q3 22 Q2 23 Q3 23

$152M in Q2 2020 → $5.9M now. Hover for any quarter.

Holdings

As reported for the quarter ended September 30, 2023. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
IT Ishares Tr	9.6%	Unchanged	1,318	$566K
SS SPDR Ser Tr	8.7%	Unchanged	17,924	$515K
VS Vanguard Scotts	8.7%	Unchanged	8,925	$514K
IT Ishares Tr	8.4%	Unchanged	9,939	$495K
IT Ishares Tr	8.0%	Unchanged	11,331	$473K
VS Vanguard Scotts	7.7%	Unchanged	7,930	$453K
VS Vanguard Scotts	7.4%	Unchanged	5,788	$440K
SS SPDR Series Tru	7.3%	Unchanged	20,809	$433K
IT Ishares Tr	7.3%	Unchanged	4,871	$433K
IT Ishares Tr	6.6%	Unchanged	8,048	$392K
VF Vanguard Fed Mn	5.9%	Trimmed 25%	349,624	$350K
IT Ishares Tr	5.4%	Unchanged	3,018	$319K
VT Vanguard Total Stock Market ETF	4.7%	Trimmed 6.8%	1,301	$276K
VF Vanguard Ftse Developed Markets	4.1%	Trimmed 26%	5,589	$244K

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

quarter ended September 30, 2023 · filed November 06, 2023

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Exited	−2,948	−$199K	—
VF Vanguard Fed Mn	Trimmed	−115,554	−$116K	5.9%
VF Vanguard Ftse Developed Markets	Trimmed	−1,991	−$87K	4.1%
VT Vanguard Total Stock Market ETF	Trimmed	−95	−$20.2K	4.7%

quarter ended June 30, 2023 · filed August 09, 2023

Company	Action	Shares changed	Value of change	% of portfolio
I Ishares Inc	Exited	−1,870	−$91.2K	—
IT Ishares Tr	Exited	−787	−$76.1K	—
IC Ishares Core Total Us Bond Market ETF	Exited	−483	−$48.2K	—
IE Ishares Emerging Markets Usd Bond ETF	Exited	−438	−$37.8K	—
IN Ishares National Amt-free Muni Bond ETF	Exited	−271	−$29.2K	—
Phillips Edison	Exited	−716	−$23.4K	—
AF American Fin Tr	Exited	−1,656	−$10.4K	—
A. Aip .hltr	Exited	−495	−$7.43K	—
GN Global Net Leas	Exited	−309	−$3.97K	—
IR Ishares Russell 2000 Value ETF	Exited	−27	−$3.63K	—

Showing the 10 largest of 27 changes.

quarter ended March 31, 2023 · filed May 05, 2023

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−101,843	−$41.9M	7.9%
IC Ishares Core Total Us Bond Market ETF	Trimmed	−383,210	−$38.2M	0.7%
IT Ishares Tr	Exited	−243,491	−$21.5M	—
IT Ishares Tr	Trimmed	−166,975	−$15.8M	6.8%
IT Ishares Tr	Exited	−247,422	−$12.1M	—
IT Ishares Tr	Exited	−120,339	−$10.9M	—
I Ishares Inc	Trimmed	−195,180	−$9.52M	1.3%
IT Ishares Tr	Exited	−61,516	−$7.01M	—
IT Ishares Tr	Exited	−131,084	−$5.5M	—
IT Ishares Tr	Exited	−52,551	−$5.19M	—

Showing the 10 largest of 71 changes.

quarter ended December 31, 2022 · filed January 18, 2023

Company	Action	Shares changed	Value of change	% of portfolio
VS Vanguard Scottsdale Fds	Exited	−435,712	−$25.3M	—
IT Ishares Tr	Added	+110,918	+$10.6M	8.1%
I Ishares Inc	New	+197,050	+$9.94M	4.9%
IT Ishares Tr	Added	+88,693	+$8.85M	18.8%
IT Ishares Tr	Trimmed	−64,886	−$5.73M	10.6%
I Ishares Inc	Exited	−105,808	−$5.41M	—
IT Ishares Tr	New	+52,551	+$5.19M	2.6%
IT Ishares Tr	Added	+39,704	+$4.53M	3.5%
IT Ishares Tr	Added	+101,716	+$4.27M	2.7%
IT Ishares Tr	New	+47,625	+$3.75M	1.8%

Showing the 10 largest of 55 changes.

quarter ended September 30, 2022 · filed October 12, 2022

Company	Action	Shares changed	Value of change	% of portfolio
VS Vanguard Scottsdale Fds	Added	+91,412	+$5.3M	12.9%
IT Ishares Tr	Trimmed	−129,781	−$3.11M	1.5%
IT Ishares Tr	Added	+40,522	+$2.99M	4.5%
IT Ishares Tr	Exited	−33,199	−$2.99M	—
IT Ishares Tr	New	+31,107	+$2.78M	1.4%
IT Ishares Tr	New	+21,293	+$2.18M	1.1%
IT Ishares Tr	Trimmed	−50,740	−$1.99M	4.6%
IT Ishares Tr	Trimmed	−17,542	−$1.85M	1.8%
IT Ishares Tr	Trimmed	−34,193	−$1.51M	0.3%
IT Ishares Tr	Added	+3,803	+$1.39M	20.2%

Showing the 10 largest of 49 changes.

quarter ended June 30, 2022 · filed July 26, 2022

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Added	+283,474	+$29M	14.4%
IT Ishares Tr	Trimmed	−610,106	−$28.8M	0.4%
VS Vanguard Scottsdale Fds	Added	+336,370	+$20.7M	10.2%
IT Ishares Tr	Trimmed	−846,845	−$20.4M	0.3%
I Ishares Inc	New	+102,177	+$5.66M	2.7%
IT Ishares Tr	Exited	−48,266	−$4.83M	—
IT Ishares Tr	New	+42,740	+$4.33M	2.1%
I Ishares Inc	Trimmed	−115,251	−$3.7M	0.6%
IT Ishares Tr	New	+31,657	+$3.22M	1.6%
IU Ishares U S ETF Tr	Trimmed	−75,735	−$3.12M	1.0%

Showing the 10 largest of 54 changes.

quarter ended March 31, 2022 · filed April 29, 2022

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Added	+34,925	+$14.6M	19.6%
IT Ishares Tr	Added	+148,194	+$7.1M	13.9%
IT Ishares Tr	Trimmed	−51,568	−$6.26M	3.1%
IT Ishares Tr	Trimmed	−101,789	−$5.2M	0.5%
IT Ishares Tr	Trimmed	−52,580	−$4.63M	3.1%
Black Stone Minerals L P	Trimmed	−255,356	−$4.02M	0.4%
IT Ishares Tr	Exited	−42,952	−$3.64M	—
IT Ishares Tr	Added	+138,364	+$3.36M	9.7%
IT Ishares Tr	Trimmed	−122,537	−$3.25M	4.0%
IT Ishares Tr	Trimmed	−26,508	−$2.65M	1.3%

Showing the 10 largest of 47 changes.

quarter ended December 31, 2021 · filed January 13, 2022

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−124,660	−$6.68M	2.7%
IT Ishares Tr	Added	+10,765	+$5.08M	13.2%
IT Ishares Tr	Added	+38,324	+$4.88M	5.7%
IT Ishares Tr	Added	+122,449	+$3.63M	5.6%
IT Ishares Tr	New	+30,799	+$2.42M	1.0%
IT Ishares Tr	Added	+15,419	+$1.64M	13.2%
IT Ishares Tr	Trimmed	−19,317	−$1.64M	1.5%
IT Ishares Tr	Added	+29,132	+$1.53M	6.4%
IT Ishares Tr	Trimmed	−21,794	−$1.36M	1.9%
IT Ishares Tr	Trimmed	−11,681	−$1.33M	2.6%

Showing the 10 largest of 40 changes.

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