13F HOLDINGS REPORT

BLUESTEM FINANCIAL ADVISORS, LLC

Quarter ended Q4 2025 · Filed January 21, 2026 · Accession 0001214659-26-000685

Total Value

$258.9M

Positions

Other Managers

Confidential Omitted

Holdings (30)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	VANGUARD BD INDEX FDS	921937835	745,166	$55.2M	21.32%
2	ISHARES TR	464287200	79,848	$54.7M	21.13%
3	VANGUARD INTL EQUITY INDEX	922042775	429,601	$31.6M	12.21%
4	VANGUARD INDEX FDS	922908751	121,099	$31.2M	12.07%
5	VANGUARD INDEX FDS	922908553	155,732	$13.8M	5.32%
6	ISHARES TR	46435U549	139,044	$6.7M	2.57%
7	VANGUARD BD INDEX FDS	921937827	81,722	$6.4M	2.49%
8	ISHARES TR	46435U218	49,132	$6.0M	2.30%
9	VANGUARD TAX-MANAGED FDS	921943858	88,788	$5.5M	2.14%
10	VANGUARD INDEX FDS	922908769	15,665	$5.3M	2.03%
11	ISHARES TR	46432F859	106,475	$5.2M	2.01%
12	ISHARES TR	46435U663	98,673	$4.5M	1.75%
13	ISHARES TR	464287226	43,820	$4.4M	1.69%
14	VANGUARD WORLD FD	921910725	58,145	$4.2M	1.61%
15	SPDR SERIES TRUST	78464A854	49,821	$4.0M	1.54%
16	VANGUARD INDEX FDS	922908363	5,334	$3.3M	1.29%
17	ISHARES TR	464287804	24,677	$3.0M	1.15%
18	VANGUARD INDEX FDS	922908637	8,272	$2.6M	1.01%
19	VANGUARD STAR FDS	921909768	32,074	$2.4M	0.93%
20	SCHWAB STRATEGIC TR	808524607	77,800	$2.2M	0.86%
21	ISHARES TR	464288802	10,507	$1.5M	0.57%
22	VANGUARD INDEX FDS	922908629	3,877	$1.1M	0.43%
23	APPLE INC	AAPL	2,948	$801,493	0.31%
24	MICROSOFT CORP	MSFT	1,629	$787,767	0.30%
25	VANGUARD INDEX FDS	922908736	1,170	$570,910	0.22%
26	SPDR S&P 500 ETF TR	SPY	786	$535,989	0.21%
27	SCHWAB STRATEGIC TR	808524847	24,609	$514,076	0.20%
28	ISHARES TR	464287507	5,062	$334,092	0.13%
29	VANGUARD WORLD FD	921910733	2,452	$296,629	0.11%
30	DBX ETF TR	233051150	4,285	$272,119	0.11%