CAMBRIDGE ASSOCIATES LLC /MA/ /ADV Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DMBS	DOUBLELINE ETF TRUST	408,860	$20,302	0.3%	$49.66	—	MORTGAGE ETF	25861R402
EFA	ISHARES TR	201,192	$19,320	0.3%	$96.03	—	MSCI EAFE ETF	464287465
JSTC	TIDAL TRUST I	415,727	$8,435	0.1%	$20.29	—	ADASINA SOCIAL	886364876
USMV	ISHARES TR	78,366	$7,379	0.1%	$94.16	—	MSCI USA MIN VOL	46429B697
IWM	ISHARES TR	29,655	$7,300	0.1%	$246.16	—	RUSSELL 2000 ETF	464287655
ESGD	ISHARES TR	70,222	$6,677	0.1%	$95.09	—	ESG AW MSCI EAFE	46435G516
ITOT	ISHARES TR	17,030	$2,532	0.0%	$148.69	—	CORE S&P TTL STK	464287150
IXUS	ISHARES TR	27,251	$2,307	0.0%	$84.64	—	CORE MSCI TOTAL	46432F834
ESGE	ISHARES INC	18,650	$824	0.0%	$44.17	—	ESG AWR MSCI EM	46434G863
IBIT	ISHARES BITCOIN TRUST ETF	12,531	$622	0.0%	$49.65	—	SHS BEN INT	46438F101

Increased Positions (23)

VT VANGUARD INTL EQUITY INDEX F 18.9%

Value ($000) $1,228,533 (+60.7%) Shares 8,709,296 (+57.0%) Est. Cost $115.86 Unrealized —

VOO VANGUARD INDEX FDS 28.0%

Value ($000) $1,817,540 (+19.1%) Shares 2,898,187 (+16.3%) Est. Cost $476.75 Unrealized —

VEA VANGUARD TAX-MANAGED INTL FD 9.3%

Value ($000) $605,613 (+19.0%) Shares 9,694,457 (+14.2%) Est. Cost $55.70 Unrealized —

VTIP VANGUARD MALVERN FDS 5.3%

Value ($000) $341,676 (+36.2%) Shares 6,908,129 (+39.4%) Est. Cost $49.21 Unrealized —

VTI VANGUARD INDEX FDS 9.0%

Value ($000) $585,345 (+5.2%) Shares 1,745,891 (+3.0%) Est. Cost $299.71 Unrealized —

BIZD VANECK ETF TRUST 0.4%

Value ($000) $24,786 (+259.7%) Shares 1,747,956 (+279.0%) Est. Cost $14.38 Unrealized —

ESGV VANGUARD WORLD FD 0.4%

Value ($000) $24,206 (+224.4%) Shares 200,115 (+217.7%) Est. Cost $117.31 Unrealized —

KRMN KARMAN HLDGS INC 0.5%

Value ($000) $30,749 (+98.5%) Shares 420,244 (+68.8%) Est. Cost $62.00 Unrealized +16.8%

VGLT VANGUARD SCOTTSDALE FDS 2.2%

Value ($000) $140,100 (+9.8%) Shares 2,510,756 (+23.9%) Est. Cost $61.09 Unrealized —

GNR SPDR INDEX SHS FDS 0.5%

Value ($000) $30,812 (+58.8%) Shares 495,844 (+51.3%) Est. Cost $55.08 Unrealized —

BSV VANGUARD BD INDEX FDS 0.2%

Value ($000) $14,708 (+211.2%) Shares 186,624 (+211.6%) Est. Cost $78.65 Unrealized —

IEFA ISHARES TR 1.1%

Value ($000) $69,539 (+13.4%) Shares 777,324 (+10.7%) Est. Cost $73.76 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 2.8%

Value ($000) $181,190 (+4.4%) Shares 3,370,359 (+5.3%) Est. Cost $46.90 Unrealized —

TIP ISHARES TR 0.2%

Value ($000) $13,649 (+106.3%) Shares 124,184 (+108.7%) Est. Cost $110.08 Unrealized —

VGIT VANGUARD SCOTTSDALE FDS 5.2%

Value ($000) $336,364 (+2.0%) Shares 5,612,623 (+2.1%) Est. Cost $59.42 Unrealized —

BND VANGUARD BD INDEX FDS 0.8%

Value ($000) $53,071 (+13.4%) Shares 716,492 (+13.9%) Est. Cost $73.85 Unrealized —

AVSC AMERICAN CENTY ETF TR 0.8%

Value ($000) $54,201 (+13.0%) Shares 922,735 (+10.2%) Est. Cost $56.90 Unrealized —

VUG VANGUARD INDEX FDS 0.9%

Value ($000) $55,224 (+11.8%) Shares 113,197 (+9.9%) Est. Cost $182.92 Unrealized —

VNQ VANGUARD INDEX FDS 0.2%

Value ($000) $13,408 (+55.1%) Shares 151,524 (+60.3%) Est. Cost $87.73 Unrealized —

ACWI ISHARES TR 0.6%

Value ($000) $40,576 (+12.7%) Shares 286,778 (+10.1%) Est. Cost $113.02 Unrealized —

IEMG ISHARES INC 0.8%

Value ($000) $52,883 (+5.1%) Shares 786,722 (+3.1%) Est. Cost $55.18 Unrealized —

VIOO VANGUARD ADMIRAL FDS INC 0.2%

Value ($000) $11,982 (+23.3%) Shares 107,981 (+22.8%) Est. Cost $96.35 Unrealized —

VTEB VANGUARD MUN BD FDS 0.1%

Value ($000) $3,983 (+28.8%) Shares 79,200 (+28.2%) Est. Cost $50.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VT	VANGUARD INTL EQUITY INDEX F	8,709,296 (+57.0%)	$1,228,533 (+60.7%)	18.9%	$115.86	—	TT WRLD ST ETF	922042742
VOO	VANGUARD INDEX FDS	2,898,187 (+16.3%)	$1,817,540 (+19.1%)	28.0%	$476.75	—	S&P 500 ETF SHS	922908363
VEA	VANGUARD TAX-MANAGED INTL FD	9,694,457 (+14.2%)	$605,613 (+19.0%)	9.3%	$55.70	—	FTSE DEV MKT ETF	921943858
VTIP	VANGUARD MALVERN FDS	6,908,129 (+39.4%)	$341,676 (+36.2%)	5.3%	$49.21	—	STRM INFPROIDX	922020805
VTI	VANGUARD INDEX FDS	1,745,891 (+3.0%)	$585,345 (+5.2%)	9.0%	$299.71	—	TOTAL STK MKT	922908769
BIZD	VANECK ETF TRUST	1,747,956 (+279.0%)	$24,786 (+259.7%)	0.4%	$14.38	—	BDC INCOME ETF	92189F411
ESGV	VANGUARD WORLD FD	200,115 (+217.7%)	$24,206 (+224.4%)	0.4%	$117.31	—	ESG US STK ETF	921910733
KRMN	KARMAN HLDGS INC	420,244 (+68.8%)	$30,749 (+98.5%)	0.5%	$62.00	+16.8%	COMMON STOCK	485924104
VGLT	VANGUARD SCOTTSDALE FDS	2,510,756 (+23.9%)	$140,100 (+9.8%)	2.2%	$61.09	—	LONG TERM TREAS	92206C847
GNR	SPDR INDEX SHS FDS	495,844 (+51.3%)	$30,812 (+58.8%)	0.5%	$55.08	—	GLB NAT RESRCE	78463X541
BSV	VANGUARD BD INDEX FDS	186,624 (+211.6%)	$14,708 (+211.2%)	0.2%	$78.65	—	SHORT TRM BOND	921937827
IEFA	ISHARES TR	777,324 (+10.7%)	$69,539 (+13.4%)	1.1%	$73.76	—	CORE MSCI EAFE	46432F842
VWO	VANGUARD INTL EQUITY INDEX F	3,370,359 (+5.3%)	$181,190 (+4.4%)	2.8%	$46.90	—	FTSE EMR MKT ETF	922042858
TIP	ISHARES TR	124,184 (+108.7%)	$13,649 (+106.3%)	0.2%	$110.08	—	TIPS BD ETF	464287176
VGIT	VANGUARD SCOTTSDALE FDS	5,612,623 (+2.1%)	$336,364 (+2.0%)	5.2%	$59.42	—	INTER TERM TREAS	92206C706
BND	VANGUARD BD INDEX FDS	716,492 (+13.9%)	$53,071 (+13.4%)	0.8%	$73.85	—	TOTAL BND MRKT	921937835
AVSC	AMERICAN CENTY ETF TR	922,735 (+10.2%)	$54,201 (+13.0%)	0.8%	$56.90	—	AVANTIS US SMALL	025072323
VUG	VANGUARD INDEX FDS	113,197 (+9.9%)	$55,224 (+11.8%)	0.9%	$182.92	—	GROWTH ETF	922908736
VNQ	VANGUARD INDEX FDS	151,524 (+60.3%)	$13,408 (+55.1%)	0.2%	$87.73	—	REAL ESTATE ETF	922908553
ACWI	ISHARES TR	286,778 (+10.1%)	$40,576 (+12.7%)	0.6%	$113.02	—	MSCI ACWI ETF	464288257
IEMG	ISHARES INC	786,722 (+3.1%)	$52,883 (+5.1%)	0.8%	$55.18	—	CORE MSCI EMKT	46434G103
VIOO	VANGUARD ADMIRAL FDS INC	107,981 (+22.8%)	$11,982 (+23.3%)	0.2%	$96.35	—	SMLLCP 600 IDX	921932828
VTEB	VANGUARD MUN BD FDS	79,200 (+28.2%)	$3,983 (+28.8%)	0.1%	$50.12	—	TAX EXEMPT BD	922907746

Exited Positions (2)

GLDM WORLD GOLD TR 0.0%

Value ($000) $2,342 Shares 30,631 Est. Cost $52.13 Unrealized —

VXF VANGUARD INDEX FDS 0.0%

Value ($000) $257 Shares 1,229 Est. Cost $209.34 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLDM	WORLD GOLD TR	30,631	$2,342	0.0%	$52.13	—	—	98149E303
VXF	VANGUARD INDEX FDS	1,229	$257	0.0%	$209.34	—	—	922908652

Decreased Positions (12)

AGG ISHARES TR 1.6%

Value ($000) $103,615 (-45.4%) Shares 1,037,395 (-45.2%) Est. Cost $100.25 Unrealized —

SGOV ISHARES TR 0.9%

Value ($000) $56,614 (-28.2%) Shares 563,997 (-27.9%) Est. Cost $100.70 Unrealized —

IVV ISHARES TR 1.3%

Value ($000) $82,311 (-14.7%) Shares 120,172 (-16.7%) Est. Cost $559.60 Unrealized —

GOVT ISHARES TR 0.0%

Value ($000) $1,909 (-87.2%) Shares 82,896 (-87.1%) Est. Cost $23.02 Unrealized —

TOV EA SERIES TRUST 0.3%

Value ($000) $17,751 (-41.2%) Shares 618,941 (-42.4%) Est. Cost $26.89 Unrealized —

IWB ISHARES TR 0.7%

Value ($000) $46,418 (-13.2%) Shares 124,298 (-15.1%) Est. Cost $298.73 Unrealized —

VGSH VANGUARD SCOTTSDALE FDS 1.1%

Value ($000) $70,599 (-4.9%) Shares 1,202,093 (-4.7%) Est. Cost $58.61 Unrealized —

IAU ISHARES GOLD TR 0.9%

Value ($000) $60,943 (-4.1%) Shares 750,805 (-14.0%) Est. Cost $49.50 Unrealized —

EWC ISHARES INC 0.0%

Value ($000) $2,209 (-43.4%) Shares 40,962 (-47.0%) Est. Cost $48.26 Unrealized —

ISTB ISHARES TR 0.0%

Value ($000) $684 (-70.2%) Shares 14,033 (-70.2%) Est. Cost $47.82 Unrealized —

VSGX VANGUARD WORLD FD 0.0%

Value ($000) $2,312 (-12.2%) Shares 32,277 (-15.0%) Est. Cost $61.38 Unrealized —

VONE VANGUARD SCOTTSDALE FDS 0.1%

Value ($000) $4,270 (-2.7%) Shares 13,818 (-4.8%) Est. Cost $302.35 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AGG	ISHARES TR	1,037,395 (-45.2%)	$103,615 (-45.4%)	1.6%	$100.25	—	CORE US AGGBD ET	464287226
SGOV	ISHARES TR	563,997 (-27.9%)	$56,614 (-28.2%)	0.9%	$100.70	—	0-3 MNTH TREASRY	46436E718
IVV	ISHARES TR	120,172 (-16.7%)	$82,311 (-14.7%)	1.3%	$559.60	—	CORE S&P500 ETF	464287200
GOVT	ISHARES TR	82,896 (-87.1%)	$1,909 (-87.2%)	0.0%	$23.02	—	US TREAS BD ETF	46429B267
TOV	EA SERIES TRUST	618,941 (-42.4%)	$17,751 (-41.2%)	0.3%	$26.89	—	JLENS 500 JEWISH	02072Q846
IWB	ISHARES TR	124,298 (-15.1%)	$46,418 (-13.2%)	0.7%	$298.73	—	RUS 1000 ETF	464287622
VGSH	VANGUARD SCOTTSDALE FDS	1,202,093 (-4.7%)	$70,599 (-4.9%)	1.1%	$58.61	—	SHORT TERM TREAS	92206C102
IAU	ISHARES GOLD TR	750,805 (-14.0%)	$60,943 (-4.1%)	0.9%	$49.50	—	ISHARES NEW	464285204
EWC	ISHARES INC	40,962 (-47.0%)	$2,209 (-43.4%)	0.0%	$48.26	—	MSCI CDA ETF	464286509
ISTB	ISHARES TR	14,033 (-70.2%)	$684 (-70.2%)	0.0%	$47.82	—	CORE 1 5 YR USD	46432F859
VSGX	VANGUARD WORLD FD	32,277 (-15.0%)	$2,312 (-12.2%)	0.0%	$61.38	—	ESG INTL STK ETF	921910725
VONE	VANGUARD SCOTTSDALE FDS	13,818 (-4.8%)	$4,270 (-2.7%)	0.1%	$302.35	—	VNG RUS1000IDX	92206C730

Unchanged Positions (16)

VONV VANGUARD SCOTTSDALE FDS 0.7%

Value ($000) $48,579 Shares 526,321 Est. Cost $71.26 Unrealized —

QUAL ISHARES TR 0.5%

Value ($000) $30,395 Shares 153,029 Est. Cost $170.78 Unrealized —

GQGU ADVISORS INNER CIRCLE FD III 0.3%

Value ($000) $22,229 Shares 905,449 Est. Cost $25.25 Unrealized —

VXUS VANGUARD STAR FDS 0.3%

Value ($000) $20,499 Shares 271,724 Est. Cost $60.19 Unrealized —

VTV VANGUARD INDEX FDS 0.2%

Value ($000) $15,491 Shares 81,110 Est. Cost $151.89 Unrealized —

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $9,618 Shares 14,105 Est. Cost $457.31 Unrealized —

IWV ISHARES TR 0.1%

Value ($000) $5,647 Shares 14,597 Est. Cost $282.52 Unrealized —

URA GLOBAL X FDS 0.0%

Value ($000) $816 Shares 19,100 Est. Cost $28.83 Unrealized —

STIP ISHARES TR 0.1%

Value ($000) $9,610 Shares 93,853 Est. Cost $102.44 Unrealized —

ISRA VANECK VECTORS ETF TR 0.0%

Value ($000) $918 Shares 15,615 Est. Cost $4.30 Unrealized —

VONG VANGUARD SCOTTSDALE FDS 0.4%

Value ($000) $25,357 Shares 208,274 Est. Cost $90.43 Unrealized —

IEF ISHARES TR 0.3%

Value ($000) $16,919 Shares 175,948 Est. Cost $102.79 Unrealized —

VO VANGUARD INDEX FDS 0.0%

Value ($000) $1,449 Shares 4,992 Est. Cost $293.74 Unrealized —

VDE VANGUARD WORLD FDS 0.4%

Value ($000) $26,588 Shares 211,153 Est. Cost $123.35 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.0%

Value ($000) $1,037 Shares 5,412 Est. Cost $189.70 Unrealized —

IWR ISHARES TR 0.0%

Value ($000) $1,174 Shares 12,198 Est. Cost $96.55 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VONV	VANGUARD SCOTTSDALE FDS	526,321	$48,579	0.7%	$71.26	—	VNG RUS1000VAL	92206C714
QUAL	ISHARES TR	153,029	$30,395	0.5%	$170.78	—	MSCI USA QLT FCT	46432F339
GQGU	ADVISORS INNER CIRCLE FD III	905,449	$22,229	0.3%	$25.25	—	GQG US EQUITY ET	00775Y256
VXUS	VANGUARD STAR FDS	271,724	$20,499	0.3%	$60.19	—	VG TL INTL STK F	921909768
VTV	VANGUARD INDEX FDS	81,110	$15,491	0.2%	$151.89	—	VALUE ETF	922908744
SPY	SPDR S&P 500 ETF TR	14,105	$9,618	0.1%	$457.31	—	TR UNIT	78462F103
IWV	ISHARES TR	14,597	$5,647	0.1%	$282.52	—	RUSSELL 3000 ETF	464287689
URA	GLOBAL X FDS	19,100	$816	0.0%	$28.83	—	GLOBAL X URANIUM	37954Y871
STIP	ISHARES TR	93,853	$9,610	0.1%	$102.44	—	0-5 YR TIPS ETF	46429B747
ISRA	VANECK VECTORS ETF TR	15,615	$918	0.0%	$4.30	—	ISRAEL ETF	92189F635
VONG	VANGUARD SCOTTSDALE FDS	208,274	$25,357	0.4%	$90.43	—	VNG RUS1000GRW	92206C680
IEF	ISHARES TR	175,948	$16,919	0.3%	$102.79	—	BARCLAYS 7 10 YR	464287440
VO	VANGUARD INDEX FDS	4,992	$1,449	0.0%	$293.74	—	MID CAP ETF	922908629
VDE	VANGUARD WORLD FDS	211,153	$26,588	0.4%	$123.35	—	ENERGY ETF	92204A306
RSP	INVESCO EXCHANGE TRADED FD T	5,412	$1,037	0.0%	$189.70	—	S&P500 EQL WGT	46137V357
IWR	ISHARES TR	12,198	$1,174	0.0%	$96.55	—	RUS MID CAP ETF	464287499