Twele Capital Management, Inc. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BND	VANGUARD BD INDEX FDS	737,256 (+5.8%)	$54,609 (+5.4%)	9.8%	$80.34	—	TOTAL BND MRKT	921937835
IVV	ISHARES TR	95,681 (+1.3%)	$65,536 (+3.6%)	11.7%	$285.13	—	CORE S&P500 ETF	464287200
AGG	ISHARES TR	469,573 (+4.9%)	$46,901 (+4.5%)	8.4%	$107.93	—	CORE US AGGBD ET	464287226
IEF	ISHARES TR	492,138 (+3.9%)	$47,324 (+3.5%)	8.5%	$103.89	—	7-10 YR TRSY BD	464287440
IJH	ISHARES TR	385,100 (+2.5%)	$25,417 (+3.7%)	4.5%	$77.18	—	CORE S&P MCP ETF	464287507
VTEB	VANGUARD MUN BD FDS	35,369 (+50.6%)	$1,779 (+51.3%)	0.3%	$50.71	—	TAX EXEMPT BD	922907746
VCSH	VANGUARD SCOTTSDALE FDS	182,265 (+4.1%)	$14,532 (+3.8%)	2.6%	$79.90	—	SHRT TRM CORP BD	92206C409
IJR	ISHARES TR	174,979 (+1.4%)	$21,029 (+2.5%)	3.8%	$74.17	—	CORE S&P SCP ETF	464287804
USHY	ISHARES TR	106,605 (+14.9%)	$3,986 (+13.7%)	0.7%	$37.33	—	BROAD USD HIGH	46435U853
GOVT	ISHARES TR	153,186 (+5.7%)	$3,527 (+5.2%)	0.6%	$22.68	—	US TREAS BD ETF	46429B267
VCIT	VANGUARD SCOTTSDALE FDS	11,740 (+12.9%)	$983 (+12.4%)	0.2%	$80.18	—	INT-TERM CORP	92206C870
IEI	ISHARES TR	16,739 (+3.3%)	$1,998 (+3.1%)	0.4%	$129.14	—	3 7 YR TREAS BD	464288661
LQD	ISHARES TR	103,421 (+1.6%)	$11,396 (+0.5%)	2.0%	$119.05	—	IBOXX INV CP ETF	464287242
SCHO	SCHWAB STRATEGIC TR	43,735 (+4.1%)	$1,066 (+3.9%)	0.2%	$35.70	—	SHT TM US TRES	808524862
SHY	ISHARES TR	5,281 (+6.2%)	$437 (+6.0%)	0.1%	$84.59	—	1 3 YR TREAS BD	464287457
MUB	ISHARES TR	11,213 (+1.2%)	$1,201 (+1.8%)	0.2%	$108.15	—	NATIONAL MUN ETF	464288414
SCHZ	SCHWAB STRATEGIC TR	54,925 (+2.0%)	$1,284 (+1.6%)	0.2%	$36.93	—	US AGGREGATE B	808524839
SCHR	SCHWAB STRATEGIC TR	20,866 (+1.9%)	$523 (+1.7%)	0.1%	$37.42	—	INT-TRM U.S TRES	808524854

Decreased Positions (3)

AAPL APPLE INC 0.1%

Value ($000) $695 (+3.3%) Shares 2,556 (-3.2%) Est. Cost $207.43 Unrealized +29.4%

SCHB SCHWAB STRATEGIC TR 0.1%

Value ($000) $733 (+0.4%) Shares 27,944 (-1.5%) Est. Cost $33.63 Unrealized —

VUG VANGUARD INDEX FDS 0.1%

Value ($000) $552 (+0.6%) Shares 1,131 (-1.1%) Est. Cost $213.11 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	2,556 (-3.2%)	$695 (+3.3%)	0.1%	$207.43	+29.4%	COM	037833100
SCHB	SCHWAB STRATEGIC TR	27,944 (-1.5%)	$733 (+0.4%)	0.1%	$33.63	—	US BRD MKT ETF	808524102
VUG	VANGUARD INDEX FDS	1,131 (-1.1%)	$552 (+0.6%)	0.1%	$213.11	—	GROWTH ETF	922908736

Unchanged Positions (18)

VOO VANGUARD INDEX FDS 10.8%

Value ($000) $60,380 Shares 96,280 Est. Cost $230.37 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 4.8%

Value ($000) $26,786 Shares 428,789 Est. Cost $40.31 Unrealized —

VYM VANGUARD WHITEHALL FDS 7.7%

Value ($000) $42,880 Shares 298,771 Est. Cost $85.47 Unrealized —

IEFA ISHARES TR 4.8%

Value ($000) $26,707 Shares 298,541 Est. Cost $55.70 Unrealized —

VB VANGUARD INDEX FDS 3.6%

Value ($000) $20,156 Shares 78,139 Est. Cost $173.41 Unrealized —

IEMG ISHARES INC 2.8%

Value ($000) $15,831 Shares 235,511 Est. Cost $58.95 Unrealized —

VO VANGUARD INDEX FDS 3.6%

Value ($000) $20,239 Shares 69,737 Est. Cost $162.90 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 2.5%

Value ($000) $14,232 Shares 264,725 Est. Cost $41.89 Unrealized —

EFA ISHARES TR 0.3%

Value ($000) $1,917 Shares 19,959 Est. Cost $67.25 Unrealized —

SCHF SCHWAB STRATEGIC TR 0.2%

Value ($000) $907 Shares 37,730 Est. Cost $24.51 Unrealized —

HYG ISHARES TR 3.5%

Value ($000) $19,814 Shares 245,743 Est. Cost $88.38 Unrealized —

SCHX SCHWAB STRATEGIC TR 0.2%

Value ($000) $1,078 Shares 40,075 Est. Cost $35.38 Unrealized —

SCHA SCHWAB STRATEGIC TR 0.2%

Value ($000) $891 Shares 31,291 Est. Cost $38.27 Unrealized —

SCHE SCHWAB STRATEGIC TR 0.1%

Value ($000) $330 Shares 10,076 Est. Cost $23.92 Unrealized —

SCHM SCHWAB STRATEGIC TR 0.1%

Value ($000) $560 Shares 18,613 Est. Cost $40.61 Unrealized —

IWF ISHARES TR 0.1%

Value ($000) $733 Shares 1,549 Est. Cost $214.24 Unrealized —

DVY ISHARES TR 0.1%

Value ($000) $339 Shares 2,401 Est. Cost $64.35 Unrealized —

NVDA NVIDIA CORPORATION 0.0%

Value ($000) $279 Shares 1,494 Est. Cost $105.07 Unrealized +77.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS	96,280	$60,380	10.8%	$230.37	—	S&P 500 ETF SHS	922908363
VEA	VANGUARD TAX-MANAGED FDS	428,789	$26,786	4.8%	$40.31	—	VAN FTSE DEV MKT	921943858
VYM	VANGUARD WHITEHALL FDS	298,771	$42,880	7.7%	$85.47	—	HIGH DIV YLD	921946406
IEFA	ISHARES TR	298,541	$26,707	4.8%	$55.70	—	CORE MSCI EAFE	46432F842
VB	VANGUARD INDEX FDS	78,139	$20,156	3.6%	$173.41	—	SMALL CP ETF	922908751
IEMG	ISHARES INC	235,511	$15,831	2.8%	$58.95	—	CORE MSCI EMKT	46434G103
VO	VANGUARD INDEX FDS	69,737	$20,239	3.6%	$162.90	—	MID CAP ETF	922908629
VWO	VANGUARD INTL EQUITY INDEX F	264,725	$14,232	2.5%	$41.89	—	FTSE EMR MKT ETF	922042858
EFA	ISHARES TR	19,959	$1,917	0.3%	$67.25	—	MSCI EAFE ETF	464287465
SCHF	SCHWAB STRATEGIC TR	37,730	$907	0.2%	$24.51	—	INTL EQTY ETF	808524805
HYG	ISHARES TR	245,743	$19,814	3.5%	$88.38	—	IBOXX HI YD ETF	464288513
SCHX	SCHWAB STRATEGIC TR	40,075	$1,078	0.2%	$35.38	—	US LRG CAP ETF	808524201
SCHA	SCHWAB STRATEGIC TR	31,291	$891	0.2%	$38.27	—	US SML CAP ETF	808524607
SCHE	SCHWAB STRATEGIC TR	10,076	$330	0.1%	$23.92	—	EMRG MKTEQ ETF	808524706
SCHM	SCHWAB STRATEGIC TR	18,613	$560	0.1%	$40.61	—	US MID-CAP ETF	808524508
IWF	ISHARES TR	1,549	$733	0.1%	$214.24	—	RUS 1000 GRW ETF	464287614
DVY	ISHARES TR	2,401	$339	0.1%	$64.35	—	SELECT DIVID ETF	464287168
NVDA	NVIDIA CORPORATION	1,494	$279	0.0%	$105.07	+77.2%	COM	67066G104