Tanglewood Wealth Management, Inc. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IEI	ISHARES 3-7 YEAR TREASURY BOND ETF	1,480,366 (+41.5%)	$176,682 (+41.3%)	16.2%	$117.88	—	3 7 YR TREAS BD	464288661
VEA	VANGUARD FTSE DEVELOPED MARKETS ETF	2,925,381 (+6.6%)	$182,749 (+11.1%)	16.8%	$50.34	—	FTSE DEV MKT ETF	921943858
FNDX	SCHWAB FUNDAMENTAL U.S. LARGE COMPANY ETF	1,316,823 (+7.6%)	$35,831 (+11.4%)	3.3%	$35.53	—	SCHWAB FDT US LG	808524771
VGIT	VANGUARD INTERMEDIATE-TERM TREASURY ETF	1,405,143 (+2.6%)	$84,210 (+2.4%)	7.7%	$59.54	—	INTER TERM TREAS	92206C706
FPAG	FPA GLOBAL EQUITY ETF	1,085,742 (+1.2%)	$40,281 (+4.8%)	3.7%	$29.76	—	FPA GBL EQTY ETF	30254T577
XLK	STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF	8,465 (+43.8%)	$1,219 (-26.5%)	0.1%	$176.17	—	TECHNOLOGY	81369Y803
TCAF	T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF	139,779 (+5.8%)	$5,342 (+7.2%)	0.5%	$30.82	—	CAP APPRECIATION	87283Q867
SHY	ISHARES 1-3 YEAR TREASURY BOND ETF	7,374 (+51.9%)	$611 (+51.6%)	0.1%	$82.76	—	1 3 YR TREAS BD	464287457
IWD	ISHARES RUSSELL 1000 VALUE ETF	1,313 (+24.2%)	$276 (+28.3%)	0.0%	$197.37	—	RUS 1000 VAL ETF	464287598

Exited Positions (6)

IEF ISHARES TR 5.0%

Value ($000) $54,696 Shares 567,028 Est. Cost $95.33 Unrealized —

XLRE SELECT SECTOR SPDR TR 0.1%

Value ($000) $806 Shares 19,128 Est. Cost $41.59 Unrealized —

SCHH SCHWAB STRATEGIC TR 0.1%

Value ($000) $615 Shares 28,507 Est. Cost $21.84 Unrealized —

ACWV ISHARES INC 0.1%

Value ($000) $607 Shares 5,058 Est. Cost $116.37 Unrealized —

IYR ISHARES TR 0.0%

Value ($000) $325 Shares 3,344 Est. Cost $85.15 Unrealized —

SO SOUTHERN CO 0.0%

Value ($000) $220 Shares 2,321 Est. Cost $92.22 Unrealized -1.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IEF	ISHARES TR	567,028	$54,696	5.0%	$95.33	—	—	464287440
XLRE	SELECT SECTOR SPDR TR	19,128	$806	0.1%	$41.59	—	—	81369Y860
SCHH	SCHWAB STRATEGIC TR	28,507	$615	0.1%	$21.84	—	—	808524847
ACWV	ISHARES INC	5,058	$607	0.1%	$116.37	—	—	464286525
IYR	ISHARES TR	3,344	$325	0.0%	$85.15	—	—	464287739
SO	SOUTHERN CO	2,321	$220	0.0%	$92.22	-1.4%	—	842587107

Decreased Positions (12)

VNQ VANGUARD REAL ESTATE ETF 0.0%

Value ($000) $354 (-98.1%) Shares 3,999 (-98.0%) Est. Cost $88.02 Unrealized —

QQQ INVESCO QQQ TRUST SERIES I 4.1%

Value ($000) $44,272 (-6.9%) Shares 72,067 (-9.0%) Est. Cost $359.51 Unrealized —

SCHB SCHWAB U.S. BROAD MARKET ETF 1.9%

Value ($000) $21,123 (-10.8%) Shares 805,302 (-12.6%) Est. Cost $31.83 Unrealized —

GLD SPDR GOLD SHARES 5.2%

Value ($000) $56,933 (-3.6%) Shares 143,657 (-13.5%) Est. Cost $180.99 Unrealized —

IAU ISHARES GOLD TRUST 7.8%

Value ($000) $84,579 (+0.6%) Shares 1,042,001 (-9.8%) Est. Cost $36.85 Unrealized —

SPY SPDR S&P 500 ETF TRUST 0.1%

Value ($000) $1,217 (-23.1%) Shares 1,784 (-24.9%) Est. Cost $573.76 Unrealized —

FEOE FIRST EAGLE OVERSEAS EQUITY ETF 0.2%

Value ($000) $1,991 (-12.3%) Shares 41,168 (-16.3%) Est. Cost $42.33 Unrealized —

GOOGL ALPHABET INC CAP STK CL A 0.1%

Value ($000) $1,055 (+22.6%) Shares 3,372 (-4.7%) Est. Cost $147.64 Unrealized +93.4%

VIGI VANGUARD INTERNATIONAL DIVIDEND APPRECIATION ETF 0.7%

Value ($000) $7,174 (-1.5%) Shares 78,446 (-3.5%) Est. Cost $76.07 Unrealized —

QUAL ISHARES MSCI USA QUALITY FACTOR ETF 2.2%

Value ($000) $24,157 (-0.2%) Shares 121,624 (-2.3%) Est. Cost $117.90 Unrealized —

EFG ISHARES MSCI EAFE GROWTH ETF 0.2%

Value ($000) $2,321 (-1.3%) Shares 20,372 (-1.3%) Est. Cost $79.97 Unrealized —

EFA ISHARES MSCI EAFE ETF 2.5%

Value ($000) $27,160 (+0.0%) Shares 282,825 (-2.8%) Est. Cost $67.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VNQ	VANGUARD REAL ESTATE ETF	3,999 (-98.0%)	$354 (-98.1%)	0.0%	$88.02	—	REAL ESTATE ETF	922908553
QQQ	INVESCO QQQ TRUST SERIES I	72,067 (-9.0%)	$44,272 (-6.9%)	4.1%	$359.51	—	UNIT SER 1	46090E103
SCHB	SCHWAB U.S. BROAD MARKET ETF	805,302 (-12.6%)	$21,123 (-10.8%)	1.9%	$31.83	—	US BRD MKT ETF	808524102
GLD	SPDR GOLD SHARES	143,657 (-13.5%)	$56,933 (-3.6%)	5.2%	$180.99	—	GOLD SHS	78463V107
IAU	ISHARES GOLD TRUST	1,042,001 (-9.8%)	$84,579 (+0.6%)	7.8%	$36.85	—	ISHARES NEW	464285204
SPY	SPDR S&P 500 ETF TRUST	1,784 (-24.9%)	$1,217 (-23.1%)	0.1%	$573.76	—	TR UNIT	78462F103
FEOE	FIRST EAGLE OVERSEAS EQUITY ETF	41,168 (-16.3%)	$1,991 (-12.3%)	0.2%	$42.33	—	FIRST EAGLE OVER	75526L878
GOOGL	ALPHABET INC CAP STK CL A	3,372 (-4.7%)	$1,055 (+22.6%)	0.1%	$147.64	+93.4%	CAP STK CL A	02079K305
VIGI	VANGUARD INTERNATIONAL DIVIDEND APPRECIATION ETF	78,446 (-3.5%)	$7,174 (-1.5%)	0.7%	$76.07	—	INTL DVD ETF	921946810
QUAL	ISHARES MSCI USA QUALITY FACTOR ETF	121,624 (-2.3%)	$24,157 (-0.2%)	2.2%	$117.90	—	MSCI USA QLT FCT	46432F339
EFG	ISHARES MSCI EAFE GROWTH ETF	20,372 (-1.3%)	$2,321 (-1.3%)	0.2%	$79.97	—	EAFE GRWTH ETF	464288885
EFA	ISHARES MSCI EAFE ETF	282,825 (-2.8%)	$27,160 (+0.0%)	2.5%	$67.14	—	MSCI EAFE ETF	464287465

Unchanged Positions (12)

FRDM FREEDOM 100 EMERGING MARKETS ETF 5.3%

Value ($000) $57,636 Shares 1,124,159 Est. Cost $37.18 Unrealized —

VTI VANGUARD TOTAL STOCK MARKET ETF 17.3%

Value ($000) $189,033 Shares 563,822 Est. Cost $213.05 Unrealized —

IWV ISHARES RUSSELL 3000 ETF 2.7%

Value ($000) $28,915 Shares 74,744 Est. Cost $197.74 Unrealized —

IEFA ISHARES CORE MSCI EAFE ETF 0.5%

Value ($000) $4,989 Shares 55,764 Est. Cost $66.20 Unrealized —

MSFT MICROSOFT CORP COM 0.1%

Value ($000) $728 Shares 1,506 Est. Cost $370.45 Unrealized +35.1%

AAPL APPLE INC COM 0.1%

Value ($000) $742 Shares 2,731 Est. Cost $194.95 Unrealized +37.6%

EFV ISHARES MSCI EAFE VALUE ETF 0.0%

Value ($000) $426 Shares 5,972 Est. Cost $48.00 Unrealized —

SCHX SCHWAB U.S. LARGE-CAP ETF 0.1%

Value ($000) $787 Shares 29,249 Est. Cost $39.44 Unrealized —

IDV ISHARES INTERNATIONAL SELECT DIVIDEND ETF 0.0%

Value ($000) $219 Shares 5,550 Est. Cost $34.51 Unrealized —

SCHD SCHWAB US DIVIDEND EQUITY ETF 0.0%

Value ($000) $293 Shares 10,677 Est. Cost $43.59 Unrealized —

JEPI JPMORGAN EQUITY PREMIUM INCOME ETF 0.0%

Value ($000) $403 Shares 7,040 Est. Cost $54.98 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL CL A 0.1%

Value ($000) $755 Shares 1 Est. Cost $616493.94 Unrealized +21.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FRDM	FREEDOM 100 EMERGING MARKETS ETF	1,124,159	$57,636	5.3%	$37.18	—	FREEDOM 100 EM	02072L607
VTI	VANGUARD TOTAL STOCK MARKET ETF	563,822	$189,033	17.3%	$213.05	—	TOTAL STK MKT	922908769
IWV	ISHARES RUSSELL 3000 ETF	74,744	$28,915	2.7%	$197.74	—	RUSSELL 3000 ETF	464287689
IEFA	ISHARES CORE MSCI EAFE ETF	55,764	$4,989	0.5%	$66.20	—	CORE MSCI EAFE	46432F842
MSFT	MICROSOFT CORP COM	1,506	$728	0.1%	$370.45	+35.1%	COM	594918104
AAPL	APPLE INC COM	2,731	$742	0.1%	$194.95	+37.6%	COM	037833100
EFV	ISHARES MSCI EAFE VALUE ETF	5,972	$426	0.0%	$48.00	—	EAFE VALUE ETF	464288877
SCHX	SCHWAB U.S. LARGE-CAP ETF	29,249	$787	0.1%	$39.44	—	US LRG CAP ETF	808524201
IDV	ISHARES INTERNATIONAL SELECT DIVIDEND ETF	5,550	$219	0.0%	$34.51	—	INTL SEL DIV ETF	464288448
SCHD	SCHWAB US DIVIDEND EQUITY ETF	10,677	$293	0.0%	$43.59	—	US DIVIDEND EQ	808524797
JEPI	JPMORGAN EQUITY PREMIUM INCOME ETF	7,040	$403	0.0%	$54.98	—	EQUITY PREMIUM	46641Q332
BRK/A	BERKSHIRE HATHAWAY INC DEL CL A	1	$755	0.1%	$616493.94	+21.1%	CL A	084670108