COMMUNITY BANK SYSTEM, INC.

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CIK 723188

13F portfolio (2014-Q3)

$457M

Positions

385

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2014-Q2. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2014-Q3)

Holdings

381

Top 5

33.9%

Top 10

42.8%

Effective N

28.5

HHI

0.035

This quarter

14 new · 0 exit →

By sector

Unclassified46.2%

Financials14.9%

Information Technology11.2%

Health Care6.2%

Energy3.8%

Consumer Staples3.5%

Industrials3.2%

Communication Services3.0%

Other8.0%

By market cap

Unknown47.5%

Mega (>$200B)21.3%

Large ($10–200B)18.2%

Mid ($2–10B)12.8%

Small ($300M–2B)0.1%

Micro (<$300M)0.0%

By region

North America52.6%

Other46.2%

Europe0.9%

Asia-Pacific0.3%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	46.20%	193
Banks	14.25%	20
Technology Hardware & Equipment	6.92%	5
Pharmaceuticals & Biotechnology	5.93%	12
Oil, Gas & Consumable Fuels	3.81%	16
Utilities	2.98%	20
Diversified Telecommunication Services	2.58%	6
Beverages	2.32%	3
Chemicals	1.79%	9
Electrical Equipment & Components	1.52%	2
Health Care Equipment & Supplies	1.37%	7
Semiconductors & Semiconductor Equipment	1.24%	3
Specialty Retail	1.05%	8
Machinery	1.03%	7
Metals & Mining	0.96%	8
Software	0.77%	2
Road & Rail	0.68%	2
Software & IT Services	0.67%	2
Food Products	0.60%	4
Tobacco	0.52%	2
Insurance	0.51%	5
Distributors	0.47%	3
Hotels, Restaurants & Leisure	0.45%	4
Entertainment	0.32%	1
Aerospace & Defense	0.31%	8
Paper & Forest Products	0.17%	4
Communications Equipment	0.13%	1
Transportation Infrastructure	0.10%	1
Food & Staples Retailing	0.08%	1
Media & Entertainment	0.07%	1
Commercial Services & Supplies	0.05%	5
Textiles, Apparel & Luxury Goods	0.05%	1
Capital Markets	0.04%	5
Automobiles & Components	0.03%	2
Equity Real Estate Investment Trusts (REITs)	0.02%	3
Airlines	0.01%	1
Professional Services	0.00%	1
Media & Publishing	0.00%	1
Household Durables	0.00%	1
Construction & Engineering	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	CBU	COMMUNITY FINANCIAL SYSTEM, INC.	Financials	12.42%
2	IVV	ISHARES TR	Unclassified	9.11%
3	IBM	INTERNATIONAL BUSINESS MACHINES CORP	Information Technology	5.88%
4	IEFA	ISHARES TR	Unclassified	4.61%
5	IEMG	ISHARES INC	Unclassified	1.92%
6	IJH	ISHARES TR	Unclassified	1.83%
7	USMV	ISHARES TR	Unclassified	1.79%
8	IJR	ISHARES TR	Unclassified	1.79%
9	XOM	EXXON MOBIL CORP	Energy	1.79%
10	JNJ	JOHNSON & JOHNSON	Health Care	1.71%

189/381 names classified · sector 53.8% of weight · industry 53.8% · mkt cap 52.5%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 6 quarters

FinancialsCBU, JPM, MTB, WFC, CB · other

Information TechnologyIBM, GE, INTC, ADP, MSFT · other

Health CareJNJ, MRK, NVS, PFE, ABBV · other

EnergyXOM, CVX, COP, SLB, PSX · other

IndustrialsMMM, ITW, UPS, NSC, SWK · other

UtilitiesD, PEG, SRE, NEE, EXC · other

Consumer StaplesKO, PEP, GIS, PM, MO · other

MaterialsPG, NUE, CL, BHP, APD · other

Communication ServicesT, VZ, DIS, CMCSA, OMC · other

Consumer DiscretionaryWMT, SYY, MCD, TGT, HD · other

Real EstateKIM, EQR, MPT, ELME, AMT

UnclassifiedIVV, IEFA, IJR, IJH, IEMG · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 53.8% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2014-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (166 classified)COMMUNITY BANK SYSTEM, INC. centroid (Mid Core)

FinancialsInformation TechnologyHealth CareEnergyConsumer StaplesIndustrialsCommunication ServicesUtilitiesMaterialsConsumer DiscretionaryReal Estate

Style box summary for COMMUNITY BANK SYSTEM, INC.: centroid Mid Core. Heaviest cells: Large Value 15.5%, Large Core 15.3%, Small Core 12.7%.

Classified: 52.4% of book weight (166/282 names) · unclassified 47.6%: IVV, , IEFA, IEMG, IJH, USMV, IJR, AGG, IWF, IWD +106 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 385 positions (2014-Q3) · largest first · Δ vs 2014-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	CBUCOMMUNITY FINANCIAL SYSTEM I	1,688,984	$57M	12.4%	ADD 7%
2	IVVISHARES TR	210,025	$42M	9.1%	HOLD
3	IBMINTERNATIONAL BUSINESS MACHS	141,492	$27M	5.9%	TRIM −2%
4	IEFAISHARES TR	361,440	$21M	4.6%	HOLD
5	IEMGISHARES INC	174,980	$9M	1.9%	HOLD
6	IJHISHARES TR	61,005	$8M	1.8%	HOLD
7	USMVISHARES TR	216,900	$8M	1.8%	HOLD
8	IJRISHARES TR	78,312	$8M	1.8%	HOLD
9	XOMEXXON MOBIL CORP	86,820	$8M	1.8%	HOLD
10	JNJJOHNSON & JOHNSON	73,158	$8M	1.7%	TRIM −2%
11	AGGISHARES TR	64,100	$7M	1.5%	ADD 16%
12	IWFISHARES TR	67,598	$6M	1.4%	HOLD
13	TAT&T INC	175,175	$6M	1.4%	HOLD
14	IWDISHARES TR	58,035	$6M	1.3%	HOLD
15	PGPROCTER AND GAMBLE CO	68,441	$6M	1.3%	HOLD
16	VZVERIZON COMMUNICATIONS INC	111,023	$6M	1.2%	HOLD
17	GEGENERAL ELECTRIC CO	209,436	$5M	1.2%	HOLD
18	KOCOCA COLA CO	124,908	$5M	1.2%	HOLD
19	VIGVANGUARD SPECIALIZED FUNDS	68,672	$5M	1.2%	HOLD
20	BNDXVANGUARD CHARLOTTE FDS	99,475	$5M	1.1%	HOLD
21	PEPPEPSICO INC	53,895	$5M	1.1%	HOLD
22	MMM3M CO	34,996	$5M	1.1%	TRIM −6%
23	SPYSTATE STR SPDR S&P 500 ETF T	25,118	$5M	1.1%	TRIM −2%
24	INTCINTEL CORP	137,504	$5M	1.0%	HOLD
25	MDYSPDR S&P MIDCAP 400 ETF TR	18,682	$5M	1.0%	HOLD
26	VCSHVANGUARD SCOTTSDALE FDS	55,862	$4M	1.0%	HOLD
27	MRKMERCK & CO INC	74,815	$4M	1.0%	TRIM −3%
28	XLPSELECT SECTOR SPDR TR	92,300	$4M	0.9%	HOLD
29	CVXCHEVRON CORP NEW	32,404	$4M	0.8%	TRIM −3%
30	PFFISHARES TR	92,509	$4M	0.8%	HOLD
31	NVSNOVARTIS AG	38,554	$4M	0.8%	HOLD
32	EFAVISHARES TR	54,900	$3M	0.8%	ADD 13%
33	EZUISHARES INC MSCI EURZONE ETF	81,850	$3M	0.7%	ADD 5%
34	ABBVABBVIE INC	54,510	$3M	0.7%	ADD 6%
35	MSFTMICROSOFT CORP	67,607	$3M	0.7%	TRIM −3%
36	PEGPUBLIC SVC ENTERPRISE GROUP	83,874	$3M	0.7%	HOLD
37	UNITED TECHNOLOGIES CORP	29,144	$3M	0.7%	ADD 3%
38	ADPAUTOMATIC DATA PROCESSING IN	36,748	$3M	0.7%	TRIM −12%
39	PFEPFIZER INC	98,345	$3M	0.6%	ADD 17%
40	WMTWALMART INC	37,962	$3M	0.6%	TRIM −4%
41	HYGISHARES TR	30,800	$3M	0.6%	HOLD
42	COPCONOCOPHILLIPS	36,733	$3M	0.6%	ADD 3%
43	BSVVANGUARD BD INDEX FDS	34,919	$3M	0.6%	ADD 11%
44	CSCOCISCO SYS INC	110,656	$3M	0.6%	ADD 7%
45	DDOMINION ENERGY INC	38,393	$3M	0.6%	TRIM −13%
46	JPMJPMORGAN CHASE & CO	42,759	$3M	0.6%	ADD 11%
47	EFAISHARES TR	39,202	$3M	0.6%	HOLD
48	BNDVANGUARD BD INDEX FDS	30,527	$3M	0.5%	ADD 2%
49	SRESEMPRA	22,790	$2M	0.5%	TRIM −5%
50	ITWILLINOIS TOOL WKS INC	28,258	$2M	0.5%	TRIM −4%
51	ABTABBOTT LABS	52,055	$2M	0.5%	TRIM −9%
52	GISGENERAL MILLS INC	41,879	$2M	0.5%	HOLD
53	VNQVANGUARD INDEX FDS	26,725	$2M	0.4%	HOLD
54	NUENUCOR CORP	35,186	$2M	0.4%	ADD 7%
55	IWSISHARES TR	27,230	$2M	0.4%	TRIM −12%
56	DBJPDBX ETF TR	48,200	$2M	0.4%	HOLD
57	AAPLAPPLE INC	17,465	$2M	0.4%	TRIM −5%
58	MCDMCDONALDS CORP	18,400	$2M	0.4%	ADD 24%
59	SYYSYSCO CORP	45,475	$2M	0.4%	HOLD
60	USDUWISDOMTREE TR	62,325	$2M	0.4%	HOLD
61	EMREMERSON ELEC CO	25,185	$2M	0.3%	ADD 6%
62	NSCNORFOLK SOUTHN CORP	13,923	$2M	0.3%	TRIM −5%
63	BMYBRISTOL-MYERS SQUIBB CO	30,090	$2M	0.3%	ADD 4%
64	UPSUNITED PARCEL SERVICE INC	15,628	$2M	0.3%	HOLD
65	Invesco FTSE RAFI Dvlpd Mkts	35,650	$2M	0.3%	HOLD
66	DISDISNEY WALT CO	16,627	$1M	0.3%	ADD 3%
67	MTBM & T BK CORP	11,840	$1M	0.3%	HOLD
68	DOW CHEM CO	27,680	$1M	0.3%	HOLD
69	PMPHILIP MORRIS INTL INC	17,355	$1M	0.3%	ADD 1478%
70	BHPBHP BILLITON LIMITED	24,480	$1M	0.3%	ADD 7%
71	NEENEXTERA ENERGY INC	14,000	$1M	0.3%	TRIM −5%
72	CBCHUBB CORP	14,258	$1M	0.3%	ADD 25%
73	CLAYMORE EXCHANGE TRD FD TR	59,550	$1M	0.3%	HOLD
74	POTASH CORP OF SASKATCHEWAN	36,389	$1M	0.3%	ADD 3%
75	CLCOLGATE PALMOLIVE CO	19,220	$1M	0.3%	TRIM −6%
76	WFCWELLS FARGO CO NEW	23,930	$1M	0.3%	ADD 17%
77	IGSBISHARES TR	11,753	$1M	0.3%	TRIM −3%
78	USBUS BANCORP	27,606	$1M	0.3%	ADD 35%
79	CATCATERPILLAR INC	11,242	$1M	0.2%	HOLD
80	NOBLE CORP PLC	49,050	$1M	0.2%	ADD 9%
81	EXCEXELON CORP	31,576	$1M	0.2%	ADD 8%
82	SLBSCHLUMBERGER LTD	10,031	$1M	0.2%	ADD 3%
83	VFHVANGUARD WORLD FD	21,650	$1M	0.2%	TRIM −8%
84	UNHUNITEDHEALTH GROUP INC	11,265	$971,000	0.2%	TRIM −4%
85	DHSWISDOMTREE TR	16,220	$962,000	0.2%	ADD 5%
86	EWWISHARES INC MSCI MEXICO ETF	13,925	$957,000	0.2%	HOLD
87	MOALTRIA GROUP INC	20,332	$934,000	0.2%	ADD 485%
88	BEMIS INC	23,875	$908,000	0.2%	HOLD
89	APACHE CORP	9,500	$892,000	0.2%	HOLD
90	MARKET VECTORS ETF TR	28,775	$885,000	0.2%	HOLD
91	AMGNAMGEN INC	6,200	$871,000	0.2%	TRIM −5%
92	TXNTEXAS INSTRS INC	17,920	$855,000	0.2%	HOLD
93	DU PONT E I DE NEMOURS & CO	11,890	$853,000	0.2%	ADD 13%
94	MINTPIMCO ETF TR	8,182	$830,000	0.2%	HOLD
95	VWOVANGUARD INTL EQUITY INDEX F	19,857	$828,000	0.2%	ADD 13%
96	XLKSELECT SECTOR SPDR TR	20,719	$826,000	0.2%	HOLD
97	CMICUMMINS INC	5,935	$783,000	0.2%	ADD 512%
98	XLFSELECT SECTOR SPDR TR	33,125	$767,000	0.2%	HOLD
99	MONSANTO CO NEW	6,806	$766,000	0.2%	TRIM −4%
100	E M C CORP MASS	25,859	$756,000	0.2%	ADD 12%
101	ISHARES TR FTSE NAREIT MTG REI	60,000	$707,000	0.2%	HOLD
102	Alerian MLP ETF	36,392	$698,000	0.2%	TRIM −76%
103	EEMVISHARES INC	11,450	$684,000	0.1%	ADD 32%
104	KRAFT FOODS GROUP INC	11,485	$648,000	0.1%	ADD 48%
105	ROYAL DUTCH SHELL PLC	7,987	$608,000	0.1%	ADD 3%
106	XLVSELECT SECTOR SPDR TR	9,450	$604,000	0.1%	HOLD
107	QCOMQUALCOMM INC	7,937	$594,000	0.1%	HOLD
108	HDHOME DEPOT INC	6,260	$575,000	0.1%	HOLD
109	WALGREEN CO	9,650	$572,000	0.1%	TRIM −3%
110	LLYELI LILLY & CO	8,633	$560,000	0.1%	TRIM −3%
111	PSXPHILLIPS 66	6,819	$554,000	0.1%	HOLD
112	EDCONSOLIDATED EDISON INC	9,395	$532,000	0.1%	ADD 3%
113	TOTALENERGIES SE	8,150	$525,000	0.1%	HOLD
114	LQDISHARES TR	4,361	$516,000	0.1%	TRIM −8%
115	DGSWISDOMTREE TR	11,100	$513,000	0.1%	HOLD
116	RIORIO TINTO PLC	10,279	$505,000	0.1%	ADD 37%
117	TGTTARGET CORP	8,008	$502,000	0.1%	HOLD
118	NBTBNBT BANCORP INC	22,021	$496,000	0.1%	TRIM −7%
119	HDVISHARES TR	6,370	$479,000	0.1%	ADD 19%
120	WELLPOINT INC	3,900	$467,000	0.1%	TRIM −10%
121	BDXBECTON DICKINSON & CO	4,075	$464,000	0.1%	HOLD
122	BABOEING CO	3,509	$447,000	0.1%	HOLD
123	VISVANGUARD WORLD FD	4,400	$446,000	0.1%	HOLD
124	CHRWC H ROBINSON WORLDWIDE INC	6,685	$443,000	0.1%	TRIM −10%
125	LOWLOWES COS INC	8,300	$439,000	0.1%	ADD 2%
126	JOHNSON CTLS INC	9,825	$432,000	0.1%	TRIM −5%
127	VPUVANGUARD WORLD FD	4,675	$426,000	0.1%	HOLD
128	BARCLAYS BANK PLC SP ADR 7.1 PF3	16,200	$417,000	0.1%	HOLD
129	ORCLORACLE CORP	10,442	$399,000	0.1%	HOLD
130	ACWXISHARES TR	8,550	$389,000	0.1%	ADD 136%
131	MCKMCKESSON CORP	2,000	$389,000	0.1%	HOLD
132	EOGEOG RES INC	3,910	$387,000	0.1%	TRIM −8%
133	MDLZMONDELEZ INTL INC	11,248	$385,000	0.1%	NEW
134	SCHASCHWAB STRATEGIC TR	7,410	$381,000	0.1%	HOLD
135	MDTMEDTRONIC INC	6,128	$380,000	0.1%	HOLD
136	KMBKIMBERLY-CLARK CORP	3,425	$368,000	0.1%	ADD 3%
137	DUKDUKE ENERGY CORP NEW	4,856	$363,000	0.1%	HOLD
138	SYKSTRYKER CORPORATION	4,502	$363,000	0.1%	ADD 14%
139	PPLPPL CORP	10,739	$353,000	0.1%	ADD 13%
140	FASTFASTENAL CO	7,800	$351,000	0.1%	TRIM −5%
141	AEPAMERICAN ELEC PWR CO INC	6,678	$348,000	0.1%	HOLD
142	CVSCVS HEALTH CORP	4,330	$345,000	0.1%	TRIM −3%
143	EWCISHARES INC	10,899	$335,000	0.1%	TRIM −4%
144	FBINFORTUNE BRANDS INNOVATIONS I	8,109	$333,000	0.1%	NEW
145	SOSOUTHERN CO	7,458	$326,000	0.1%	HOLD
146	HONHONEYWELL INTL INC	3,435	$320,000	0.1%	HOLD
147	OGEOGE ENERGY CORP	8,600	$320,000	0.1%	TRIM −5%
148	GDGENERAL DYNAMICS CORP	2,500	$317,000	0.1%	TRIM −7%
149	CMCSACOMCAST CORP NEW	5,760	$310,000	0.1%	ADD 24%
150	NKENIKE INC	3,400	$303,000	0.1%	HOLD
151	WGL HLDGS INC	7,000	$295,000	0.1%	HOLD
152	BNYBANK NEW YORK MELLON CORP	7,505	$291,000	0.1%	HOLD
153	SPECTRA ENERGY CORP	7,274	$285,000	0.1%	HOLD
154	APDAIR PRODS & CHEMS INC	2,175	$283,000	0.1%	TRIM −45%
155	IFFINTERNATIONAL FLAVORS&FRAGRA	2,900	$278,000	0.1%	TRIM −6%
156	SWKSTANLEY BLACK & DECKER INC	3,000	$267,000	0.1%	HOLD
157	PPGPPG INDS INC	1,307	$257,000	0.1%	HOLD
158	STZCONSTELLATION BRANDS INC	2,897	$252,000	0.1%	HOLD
159	EPDENTERPRISE PRODS PARTNERS L	6,216	$250,000	0.1%	ADD 100%
160	DRIDARDEN RESTAURANTS INC	4,664	$240,000	0.1%	HOLD
161	HSYHERSHEY CO	2,500	$238,000	0.1%	HOLD
162	VFCV F CORP	3,600	$238,000	0.1%	NEW
163	EEMISHARES TR	5,504	$229,000	0.1%	HOLD
164	SIGMA ALDRICH CORP	1,630	$222,000	0.0%	TRIM −48%
165	HCP INC	5,551	$220,000	0.0%	HOLD
166	ROCKWELL COLLINS INC	2,800	$220,000	0.0%	HOLD
167	MERCHANTS BANCSHARES	7,750	$219,000	0.0%	HOLD
168	PNWPINNACLE WEST CAP CORP	3,930	$215,000	0.0%	HOLD
169	PCGPG&E CORP	4,763	$214,000	0.0%	HOLD
170	DVNDEVON ENERGY CORP NEW	3,000	$204,000	0.0%	HOLD
171	LMTLOCKHEED MARTIN CORP	1,064	$194,000	0.0%	HOLD
172	VBVANGUARD INDEX FDS	1,750	$194,000	0.0%	HOLD
173	GLWCORNING INC	9,384	$181,000	0.0%	HOLD
174	SHYISHARES TR	2,134	$180,000	0.0%	TRIM −10%
175	STTSTATE STR CORP	2,445	$180,000	0.0%	HOLD
176	SPSBSPDR SERIES TRUST	5,800	$178,000	0.0%	ADD 2%
177	BB&T CORP	4,775	$177,000	0.0%	TRIM −14%
178	ROKROCKWELL AUTOMATION INC	1,600	$176,000	0.0%	HOLD
179	VVISA INC	825	$176,000	0.0%	HOLD
180	FCXFREEPORT MCMORAN INC	5,180	$169,000	0.0%	HOLD
181	TYTRI CONTL CORP	8,000	$167,000	0.0%	HOLD
182	DVYISHARES TR	2,179	$161,000	0.0%	HOLD
183	WISCONSIN ENERGY CORP	3,750	$161,000	0.0%	HOLD
184	SPDR Bloomberg Barclays High Yie	3,900	$157,000	0.0%	HOLD
185	PFISPEOPLES FINL SVCS CORP	3,370	$155,000	0.0%	ADD 24%
186	SCHXSCHWAB U.S. LARGE-CAP ETF	3,275	$154,000	0.0%	NEW
187	VOVANGUARD INDEX FDS	1,309	$154,000	0.0%	TRIM −8%
188	AROWARROW FINL CORP	6,081	$152,000	0.0%	HOLD
189	TMPTOMPKINS FINL CORP	3,341	$147,000	0.0%	HOLD
190	BRK.BBERKSHIRE HATHAWAY INC DEL	1,053	$145,000	0.0%	HOLD
191	KEYKEYCORP	10,718	$143,000	0.0%	HOLD
192	EDIVSPDR INDEX SHS FDS	3,625	$133,000	0.0%	HOLD
193	IJKISHARES TR	870	$132,000	0.0%	HOLD
194	OXYOCCIDENTAL PETE CORP	1,305	$125,000	0.0%	HOLD
195	MSMORGAN STANLEY	3,500	$121,000	0.0%	HOLD
196	BACBANK AMERICA CORP	6,810	$116,000	0.0%	HOLD
197	SJNKSPDR SERIES TRUST	3,800	$114,000	0.0%	HOLD
198	NOCNORTHROP GRUMMAN CORP	844	$111,000	0.0%	HOLD
199	AAALCOA INC	6,884	$110,000	0.0%	TRIM −3%
200	TIPISHARES TR	971	$109,000	0.0%	TRIM −5%

showing the top 200 by weight

☆COMMUNITY BANK SYSTEM, INC.