BLUESTEM FINANCIAL ADVISORS, LLC Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTI	VANGUARD INDEX FDS	15,665 (+3.1%)	$5,252 (+5.3%)	2.0%	$201.01	—	TOTAL STK MKT	922908769
AAPL	APPLE INC	2,948 (+20.5%)	$801 (+28.6%)	0.3%	$129.10	+107.9%	COM	037833100
VSGX	VANGUARD WORLD FD	58,145 (+1.1%)	$4,164 (+4.4%)	1.6%	$52.89	—	ESG INTL STK ETF	921910725
ESML	ISHARES TR	98,673 (+1.3%)	$4,537 (+3.3%)	1.8%	$32.67	—	ESG AWARE MSCI	46435U663
VOO	VANGUARD INDEX FDS	5,334 (+1.3%)	$3,345 (+3.7%)	1.3%	$560.43	—	S&P 500 ETF SHS	922908363
ISTB	ISHARES TR	106,475 (+1.1%)	$5,191 (+0.9%)	2.0%	$46.98	—	CORE 1 5 YR USD	46432F859
VO	VANGUARD INDEX FDS	3,877 (+1.5%)	$1,125 (+0.3%)	0.4%	$193.95	—	MID CAP ETF	922908629

Decreased Positions (9)

IVV ISHARES TR 21.1%

Value ($000) $54,691 (+1.0%) Shares 79,848 (-1.2%) Est. Cost $353.93 Unrealized —

AGG ISHARES TR 1.7%

Value ($000) $4,377 (-2.9%) Shares 43,820 (-2.5%) Est. Cost $100.03 Unrealized —

MSFT MICROSOFT CORP 0.3%

Value ($000) $788 (-13.3%) Shares 1,629 (-7.2%) Est. Cost $412.71 Unrealized +21.3%

VXUS VANGUARD STAR FDS 0.9%

Value ($000) $2,420 (-2.9%) Shares 32,074 (-5.4%) Est. Cost $65.32 Unrealized —

ESGV VANGUARD WORLD FD 0.1%

Value ($000) $297 (-12.0%) Shares 2,452 (-13.8%) Est. Cost $62.48 Unrealized —

SCHA SCHWAB STRATEGIC TR 0.9%

Value ($000) $2,216 (-1.6%) Shares 77,800 (-3.6%) Est. Cost $27.92 Unrealized —

SPYM SPDR SERIES TRUST 1.5%

Value ($000) $3,997 (+0.9%) Shares 49,821 (-1.4%) Est. Cost $46.40 Unrealized —

SPY SPDR S&P 500 ETF TR 0.2%

Value ($000) $536 (-6.0%) Shares 786 (-8.2%) Est. Cost $356.11 Unrealized —

IJR ISHARES TR 1.1%

Value ($000) $2,966 (+0.1%) Shares 24,677 (-1.0%) Est. Cost $80.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES TR	79,848 (-1.2%)	$54,691 (+1.0%)	21.1%	$353.93	—	CORE S&P500 ETF	464287200
AGG	ISHARES TR	43,820 (-2.5%)	$4,377 (-2.9%)	1.7%	$100.03	—	CORE US AGGBD ET	464287226
MSFT	MICROSOFT CORP	1,629 (-7.2%)	$788 (-13.3%)	0.3%	$412.71	+21.3%	COM	594918104
VXUS	VANGUARD STAR FDS	32,074 (-5.4%)	$2,420 (-2.9%)	0.9%	$65.32	—	VG TL INTL STK F	921909768
ESGV	VANGUARD WORLD FD	2,452 (-13.8%)	$297 (-12.0%)	0.1%	$62.48	—	ESG US STK ETF	921910733
SCHA	SCHWAB STRATEGIC TR	77,800 (-3.6%)	$2,216 (-1.6%)	0.9%	$27.92	—	US SML CAP ETF	808524607
SPYM	SPDR SERIES TRUST	49,821 (-1.4%)	$3,997 (+0.9%)	1.5%	$46.40	—	STATE STREET SPD	78464A854
SPY	SPDR S&P 500 ETF TR	786 (-8.2%)	$536 (-6.0%)	0.2%	$356.11	—	TR UNIT	78462F103
IJR	ISHARES TR	24,677 (-1.0%)	$2,966 (+0.1%)	1.1%	$80.68	—	CORE S&P SCP ETF	464287804

Unchanged Positions (13)

VEU VANGUARD INTL EQUITY INDEX 12.2%

Value ($000) $31,601 Shares 429,601 Est. Cost $55.23 Unrealized —

VB VANGUARD INDEX FDS 12.1%

Value ($000) $31,237 Shares 121,099 Est. Cost $180.23 Unrealized —

VNQ VANGUARD INDEX FDS 5.3%

Value ($000) $13,781 Shares 155,732 Est. Cost $88.32 Unrealized —

BND VANGUARD BD INDEX FDS 21.3%

Value ($000) $55,194 Shares 745,166 Est. Cost $76.36 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 2.1%

Value ($000) $5,547 Shares 88,788 Est. Cost $42.58 Unrealized —

SUSL ISHARES TR 2.3%

Value ($000) $5,958 Shares 49,132 Est. Cost $75.14 Unrealized —

EAGG ISHARES TR 2.6%

Value ($000) $6,653 Shares 139,044 Est. Cost $47.55 Unrealized —

VV VANGUARD INDEX FDS 1.0%

Value ($000) $2,604 Shares 8,272 Est. Cost $148.21 Unrealized —

SUSA ISHARES TR 0.6%

Value ($000) $1,464 Shares 10,507 Est. Cost $107.73 Unrealized —

BSV VANGUARD BD INDEX FDS 2.5%

Value ($000) $6,441 Shares 81,722 Est. Cost $80.72 Unrealized —

SCHH SCHWAB STRATEGIC TR 0.2%

Value ($000) $514 Shares 24,609 Est. Cost $23.25 Unrealized —

USSG DBX ETF TR 0.1%

Value ($000) $272 Shares 4,285 Est. Cost $56.88 Unrealized —

IJH ISHARES TR 0.1%

Value ($000) $334 Shares 5,062 Est. Cost $89.13 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VEU	VANGUARD INTL EQUITY INDEX	429,601	$31,601	12.2%	$55.23	—	ALLWRLD EX US	922042775
VB	VANGUARD INDEX FDS	121,099	$31,237	12.1%	$180.23	—	SMALL CP ETF	922908751
VNQ	VANGUARD INDEX FDS	155,732	$13,781	5.3%	$88.32	—	REAL ESTATE ETF	922908553
BND	VANGUARD BD INDEX FDS	745,166	$55,194	21.3%	$76.36	—	TOTAL BND MRKT	921937835
VEA	VANGUARD TAX-MANAGED FDS	88,788	$5,547	2.1%	$42.58	—	VAN FTSE DEV MKT	921943858
SUSL	ISHARES TR	49,132	$5,958	2.3%	$75.14	—	ESG MSCI LEADR	46435U218
EAGG	ISHARES TR	139,044	$6,653	2.6%	$47.55	—	ESG AWR US AGRGT	46435U549
VV	VANGUARD INDEX FDS	8,272	$2,604	1.0%	$148.21	—	LARGE CAP ETF	922908637
SUSA	ISHARES TR	10,507	$1,464	0.6%	$107.73	—	ESG OPTIMIZED	464288802
BSV	VANGUARD BD INDEX FDS	81,722	$6,441	2.5%	$80.72	—	SHORT TRM BOND	921937827
SCHH	SCHWAB STRATEGIC TR	24,609	$514	0.2%	$23.25	—	US REIT ETF	808524847
USSG	DBX ETF TR	4,285	$272	0.1%	$56.88	—	XTRACKERS MSCI	233051150
IJH	ISHARES TR	5,062	$334	0.1%	$89.13	—	CORE S&P MCP ETF	464287507