Valpey Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTI	VANGUARD INDEX FDS	2,101 (+134.5%)	$704 (+139.5%)	0.4%	$321.91	—	TOTAL STK MKT	922908769
SPY	SPDR S&P 500 ETF TR	2,366 (+22.3%)	$1,613 (+25.2%)	1.0%	$629.47	—	TR UNIT	78462F103
SCHO	SCHWAB STRATEGIC TR	215,297 (+6.7%)	$5,247 (+6.6%)	3.3%	$24.38	—	SHT TM US TRES	808524862
BND	VANGUARD BD INDEX FDS	70,702 (+5.4%)	$5,237 (+5.0%)	3.3%	$73.67	—	TOTAL BND MRKT	921937835
VUSB	VANGUARD BD INDEX FDS	16,218 (+42.7%)	$808 (+42.2%)	0.5%	$49.87	—	VANGUARD ULTRA	92203C303
BNDX	VANGUARD CHARLOTTE FDS	139,723 (+5.9%)	$6,751 (+3.5%)	4.3%	$49.44	—	TOTAL INT BD ETF	92203J407
SCHV	SCHWAB STRATEGIC TR	211,120 (+1.8%)	$6,251 (+3.5%)	4.0%	$27.70	—	US LCAP VA ETF	808524409
SPYV	SPDR SERIES TRUST	37,552 (+5.0%)	$2,133 (+7.8%)	1.4%	$52.55	—	STATE STREET SPD	78464A508
BSV	VANGUARD BD INDEX FDS	61,662 (+3.0%)	$4,860 (+2.9%)	3.1%	$78.71	—	SHORT TRM BOND	921937827
BKLN	INVESCO EXCH TRADED FD TR II	117,926 (+5.2%)	$2,476 (+5.6%)	1.6%	$20.92	—	SR LN ETF	46138G508
IVOO	VANGUARD ADMIRAL FDS INC	20,614 (+4.2%)	$2,305 (+5.6%)	1.5%	$105.26	—	MIDCP 400 IDX	921932885
SHY	ISHARES TR	13,451 (+10.8%)	$1,114 (+10.7%)	0.7%	$82.86	—	1 3 YR TREAS BD	464287457
VGSH	VANGUARD SCOTTSDALE FDS	12,669 (+15.2%)	$744 (+15.0%)	0.5%	$58.78	—	SHORT TERM TREAS	92206C102
SPSM	SPDR SERIES TRUST	12,540 (+18.0%)	$588 (+19.4%)	0.4%	$43.41	—	STATE STREET SPD	78468R853
SCHP	SCHWAB STRATEGIC TR	74,403 (+6.6%)	$1,971 (+4.7%)	1.3%	$26.68	—	US TIPS ETF	808524870
GOOGL	ALPHABET INC	1,017 (+5.2%)	$318 (+35.4%)	0.2%	$212.95	+34.1%	CAP STK CL A	02079K305
SCHZ	SCHWAB STRATEGIC TR	160,420 (+2.5%)	$3,749 (+2.1%)	2.4%	$23.25	—	US AGGREGATE B	808524839
SPMD	SPDR SERIES TRUST	14,064 (+8.8%)	$814 (+10.2%)	0.5%	$54.67	—	STATE STREET SPD	78464A847
IAGG	ISHARES TR	22,008 (+9.7%)	$1,101 (+7.0%)	0.7%	$51.00	—	CORE INTL AGGR	46435G672
SCHR	SCHWAB STRATEGIC TR	12,789 (+24.4%)	$321 (+24.1%)	0.2%	$25.12	—	INT-TRM U.S TRES	808524854
IDEV	ISHARES TR	11,644 (+3.7%)	$960 (+6.7%)	0.6%	$76.44	—	CORE MSCI INTL	46435G326
VWO	VANGUARD INTL EQUITY INDEX F	27,768 (+4.9%)	$1,493 (+4.1%)	1.0%	$49.66	—	FTSE EMR MKT ETF	922042858
VTC	VANGUARD SCOTTSDALE FDS	37,042 (+2.7%)	$2,876 (+1.7%)	1.8%	$77.38	—	TOTAL CORP BND	92206C573
IJR	ISHARES TR	11,691 (+1.8%)	$1,405 (+2.9%)	0.9%	$109.48	—	CORE S&P SCP ETF	464287804
AOA	ISHARES TR	3,202 (+13.8%)	$287 (+15.6%)	0.2%	$84.15	—	CORE 80/20 AGGRE	464289859
VB	VANGUARD INDEX FDS	3,700 (+2.4%)	$955 (+3.8%)	0.6%	$237.45	—	SMALL CP ETF	922908751
AOK	ISHARES TR	11,467 (+7.7%)	$460 (+7.6%)	0.3%	$39.24	—	CORE 30/70 CONSE	464289883
VO	VANGUARD INDEX FDS	15,240 (+1.9%)	$4,423 (+0.7%)	2.8%	$280.02	—	MID CAP ETF	922908629
GIGB	GOLDMAN SACHS ETF TR	10,218 (+7.1%)	$473 (+6.0%)	0.3%	$46.03	—	ACCESS INVT GR	381430479
FLRN	SPDR SERIES TRUST	10,854 (+7.3%)	$334 (+6.9%)	0.2%	$30.82	—	STATE STREET SPD	78468R200
AOR	ISHARES TR	6,745 (+4.0%)	$438 (+5.0%)	0.3%	$61.70	—	CORE 60/40 BALAN	464289867
JPM	JPMORGAN CHASE & CO.	1,357 (+1.3%)	$437 (+3.4%)	0.3%	$253.38	+22.2%	COM	46625H100
IVV	ISHARES TR	320 (+2.2%)	$219 (+4.6%)	0.1%	$669.64	—	CORE S&P500 ETF	464287200
IEMG	ISHARES INC	3,155 (+1.3%)	$212 (+3.3%)	0.1%	$65.95	—	CORE MSCI EMKT	46434G103
IUSB	ISHARES TR	13,795 (+1.0%)	$642 (+0.7%)	0.4%	$46.24	—	CORE UNIVRSL USD	46434V613
VCIT	VANGUARD SCOTTSDALE FDS	4,280 (+1.2%)	$358 (+0.7%)	0.2%	$82.98	—	INT-TERM CORP	92206C870
BIV	VANGUARD BD INDEX FDS	2,965 (+1.4%)	$231 (+1.1%)	0.1%	$77.36	—	INTERMED TERM	921937819

Exited Positions (1)

AAPL APPLE INC 0.6%

Value ($000) $897 Shares 3,521 Est. Cost $209.92 Unrealized +27.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	3,521	$897	0.6%	$209.92	+27.8%	—	037833100

Decreased Positions (13)

VUG VANGUARD INDEX FDS 5.2%

Value ($000) $8,169 (-2.2%) Shares 16,744 (-3.9%) Est. Cost $438.40 Unrealized —

SCHF SCHWAB STRATEGIC TR 3.4%

Value ($000) $5,317 (+2.1%) Shares 221,193 (-1.1%) Est. Cost $22.10 Unrealized —

SPYG SPDR SERIES TRUST 0.4%

Value ($000) $689 (-13.8%) Shares 6,459 (-15.6%) Est. Cost $95.55 Unrealized —

SHV ISHARES TR 0.4%

Value ($000) $628 (-14.4%) Shares 5,705 (-14.1%) Est. Cost $110.42 Unrealized —

VONG VANGUARD SCOTTSDALE FDS 1.1%

Value ($000) $1,737 (-1.5%) Shares 14,268 (-2.5%) Est. Cost $109.20 Unrealized —

SCHM SCHWAB STRATEGIC TR 2.7%

Value ($000) $4,225 (+0.4%) Shares 140,495 (-1.0%) Est. Cost $28.05 Unrealized —

SCHG SCHWAB STRATEGIC TR 5.1%

Value ($000) $8,004 (-0.2%) Shares 245,365 (-2.4%) Est. Cost $29.21 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.6%

Value ($000) $867 (-1.6%) Shares 2,927 (-6.2%) Est. Cost $253.82 Unrealized +17.7%

IWF ISHARES TR 0.2%

Value ($000) $357 (-2.4%) Shares 754 (-3.5%) Est. Cost $424.58 Unrealized —

IJH ISHARES TR 1.1%

Value ($000) $1,699 (-0.5%) Shares 25,740 (-1.6%) Est. Cost $62.02 Unrealized —

IVW ISHARES TR 0.5%

Value ($000) $712 (-0.7%) Shares 5,779 (-2.7%) Est. Cost $110.09 Unrealized —

SCHA SCHWAB STRATEGIC TR 2.3%

Value ($000) $3,639 (-0.0%) Shares 127,765 (-2.1%) Est. Cost $25.30 Unrealized —

IXUS ISHARES TR 0.3%

Value ($000) $476 (-0.0%) Shares 5,623 (-2.5%) Est. Cost $77.32 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VUG	VANGUARD INDEX FDS	16,744 (-3.9%)	$8,169 (-2.2%)	5.2%	$438.40	—	GROWTH ETF	922908736
SCHF	SCHWAB STRATEGIC TR	221,193 (-1.1%)	$5,317 (+2.1%)	3.4%	$22.10	—	INTL EQTY ETF	808524805
SPYG	SPDR SERIES TRUST	6,459 (-15.6%)	$689 (-13.8%)	0.4%	$95.55	—	STATE STREET SPD	78464A409
SHV	ISHARES TR	5,705 (-14.1%)	$628 (-14.4%)	0.4%	$110.42	—	TRUST ISHARE 0-1	464288679
VONG	VANGUARD SCOTTSDALE FDS	14,268 (-2.5%)	$1,737 (-1.5%)	1.1%	$109.20	—	VNG RUS1000GRW	92206C680
SCHM	SCHWAB STRATEGIC TR	140,495 (-1.0%)	$4,225 (+0.4%)	2.7%	$28.05	—	US MID-CAP ETF	808524508
SCHG	SCHWAB STRATEGIC TR	245,365 (-2.4%)	$8,004 (-0.2%)	5.1%	$29.21	—	US LCAP GR ETF	808524300
IBM	INTERNATIONAL BUSINESS MACHS	2,927 (-6.2%)	$867 (-1.6%)	0.6%	$253.82	+17.7%	COM	459200101
IWF	ISHARES TR	754 (-3.5%)	$357 (-2.4%)	0.2%	$424.58	—	RUS 1000 GRW ETF	464287614
IJH	ISHARES TR	25,740 (-1.6%)	$1,699 (-0.5%)	1.1%	$62.02	—	CORE S&P MCP ETF	464287507
IVW	ISHARES TR	5,779 (-2.7%)	$712 (-0.7%)	0.5%	$110.09	—	S&P 500 GRWT ETF	464287309
SCHA	SCHWAB STRATEGIC TR	127,765 (-2.1%)	$3,639 (-0.0%)	2.3%	$25.30	—	US SML CAP ETF	808524607
IXUS	ISHARES TR	5,623 (-2.5%)	$476 (-0.0%)	0.3%	$77.32	—	CORE MSCI TOTAL	46432F834

Unchanged Positions (21)

SPDW SPDR INDEX SHS FDS 3.5%

Value ($000) $5,507 Shares 124,004 Est. Cost $40.49 Unrealized —

VXUS VANGUARD STAR FDS 3.9%

Value ($000) $6,043 Shares 80,100 Est. Cost $69.09 Unrealized —

VTV VANGUARD INDEX FDS 5.4%

Value ($000) $8,389 Shares 43,924 Est. Cost $176.74 Unrealized —

VONV VANGUARD SCOTTSDALE FDS 2.2%

Value ($000) $3,459 Shares 37,471 Est. Cost $85.21 Unrealized —

VEU VANGUARD INTL EQUITY INDEX F 3.5%

Value ($000) $5,519 Shares 75,033 Est. Cost $67.22 Unrealized —

VBR VANGUARD INDEX FDS 2.7%

Value ($000) $4,270 Shares 20,162 Est. Cost $195.01 Unrealized —

MSFT MICROSOFT CORP 0.7%

Value ($000) $1,028 Shares 2,125 Est. Cost $432.38 Unrealized +15.8%

IUSG ISHARES TR 2.3%

Value ($000) $3,525 Shares 20,991 Est. Cost $150.40 Unrealized —

EFA ISHARES TR 1.3%

Value ($000) $2,092 Shares 21,781 Est. Cost $89.39 Unrealized —

IUSV ISHARES TR 1.9%

Value ($000) $2,962 Shares 28,888 Est. Cost $94.63 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 0.6%

Value ($000) $984 Shares 15,747 Est. Cost $57.01 Unrealized —

XOM EXXON MOBIL CORP 0.3%

Value ($000) $476 Shares 3,959 Est. Cost $104.51 Unrealized +10.5%

IJS ISHARES TR 0.7%

Value ($000) $1,073 Shares 9,436 Est. Cost $99.48 Unrealized —

HON HONEYWELL INTL INC 0.1%

Value ($000) $209 Shares 1,070 Est. Cost $199.66 Unrealized -2.3%

IVE ISHARES TR 0.4%

Value ($000) $623 Shares 2,939 Est. Cost $195.41 Unrealized —

VIOO VANGUARD ADMIRAL FDS INC 1.3%

Value ($000) $2,101 Shares 18,937 Est. Cost $101.23 Unrealized —

SPLV INVESCO EXCH TRADED FD TR II 0.2%

Value ($000) $354 Shares 4,962 Est. Cost $72.82 Unrealized —

IWD ISHARES TR 0.1%

Value ($000) $212 Shares 1,007 Est. Cost $203.67 Unrealized —

TIP ISHARES TR 1.6%

Value ($000) $2,429 Shares 22,100 Est. Cost $110.08 Unrealized —

AGG ISHARES TR 1.8%

Value ($000) $2,873 Shares 28,763 Est. Cost $99.22 Unrealized —

ILCG ISHARES TR 0.3%

Value ($000) $475 Shares 4,565 Est. Cost $96.89 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPDW	SPDR INDEX SHS FDS	124,004	$5,507	3.5%	$40.49	—	PORTFOLIO DEVLPD	78463X889
VXUS	VANGUARD STAR FDS	80,100	$6,043	3.9%	$69.09	—	VG TL INTL STK F	921909768
VTV	VANGUARD INDEX FDS	43,924	$8,389	5.4%	$176.74	—	VALUE ETF	922908744
VONV	VANGUARD SCOTTSDALE FDS	37,471	$3,459	2.2%	$85.21	—	VNG RUS1000VAL	92206C714
VEU	VANGUARD INTL EQUITY INDEX F	75,033	$5,519	3.5%	$67.22	—	ALLWRLD EX US	922042775
VBR	VANGUARD INDEX FDS	20,162	$4,270	2.7%	$195.01	—	SM CP VAL ETF	922908611
MSFT	MICROSOFT CORP	2,125	$1,028	0.7%	$432.38	+15.8%	COM	594918104
IUSG	ISHARES TR	20,991	$3,525	2.3%	$150.40	—	CORE S&P US GWT	464287671
EFA	ISHARES TR	21,781	$2,092	1.3%	$89.39	—	MSCI EAFE ETF	464287465
IUSV	ISHARES TR	28,888	$2,962	1.9%	$94.63	—	CORE S&P US VLU	464287663
VEA	VANGUARD TAX-MANAGED FDS	15,747	$984	0.6%	$57.01	—	VAN FTSE DEV MKT	921943858
XOM	EXXON MOBIL CORP	3,959	$476	0.3%	$104.51	+10.5%	COM	30231G102
IJS	ISHARES TR	9,436	$1,073	0.7%	$99.48	—	SP SMCP600VL ETF	464287879
HON	HONEYWELL INTL INC	1,070	$209	0.1%	$199.66	-2.3%	COM	438516106
IVE	ISHARES TR	2,939	$623	0.4%	$195.41	—	S&P 500 VAL ETF	464287408
VIOO	VANGUARD ADMIRAL FDS INC	18,937	$2,101	1.3%	$101.23	—	SMLLCP 600 IDX	921932828
SPLV	INVESCO EXCH TRADED FD TR II	4,962	$354	0.2%	$72.82	—	S&P500 LOW VOL	46138E354
IWD	ISHARES TR	1,007	$212	0.1%	$203.67	—	RUS 1000 VAL ETF	464287598
TIP	ISHARES TR	22,100	$2,429	1.6%	$110.08	—	TIPS BD ETF	464287176
AGG	ISHARES TR	28,763	$2,873	1.8%	$99.22	—	CORE US AGGBD ET	464287226
ILCG	ISHARES TR	4,565	$475	0.3%	$96.89	—	MORNINGSTAR GRWT	464287119