Northland Capital Management LLC Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FNDX	SCHWAB STRATEGIC TR	717,032 (+28.8%)	$19,510 (+33.3%)	10.9%	$32.24	—	FUNDAMENTAL US L	808524771
AVLV	AMERICAN CENTY ETF TR	260,445 (+17.1%)	$19,734 (+22.8%)	11.1%	$60.61	—	US LARGE CAP VLU	025072349
FNDF	SCHWAB STRATEGIC TR	174,585 (+29.5%)	$7,893 (+36.3%)	4.4%	$36.13	—	FUNDAMENTAL INTL	808524755
FNDA	SCHWAB STRATEGIC TR	166,335 (+50.8%)	$5,241 (+52.5%)	2.9%	$36.27	—	FUNDAMENTAL US S	808524763
AVIV	AMERICAN CENTY ETF TR	112,387 (+13.8%)	$8,005 (+20.2%)	4.5%	$46.26	—	INTERNATIONAL LR	025072364
FNDE	SCHWAB STRATEGIC TR	105,047 (+27.3%)	$3,788 (+27.0%)	2.1%	$31.93	—	FUNDAMENTAL EMER	808524730
AVSU	AMERICAN CENTY ETF TR	75,850 (+7.3%)	$5,787 (+11.3%)	3.2%	$49.17	—	AVANTIS RESPON U	025072281
JAAA	JANUS DETROIT STR TR	211,904 (+5.3%)	$10,718 (+4.8%)	6.0%	$50.72	—	HENDRSON AAA CL	47103U845
FNDC	SCHWAB STRATEGIC TR	30,803 (+48.6%)	$1,372 (+48.7%)	0.8%	$37.14	—	FUNDAMENTAL INTL	808524748
GNMA	ISHARES TR	678,983 (+1.0%)	$30,242 (+1.4%)	16.9%	$44.04	—	GNMA BOND ETF	46429B333
AVSD	AMERICAN CENTY ETF TR	28,670 (+15.0%)	$2,129 (+19.4%)	1.2%	$44.97	—	AVANTIS RESPONSI	025072299
AVES	AMERICAN CENTY ETF TR	67,035 (+6.0%)	$3,909 (+7.7%)	2.2%	$42.29	—	EMERGING MKT VAL	025072372
AVUV	AMERICAN CENTY ETF TR	52,324 (+2.5%)	$5,336 (+5.0%)	3.0%	$84.21	—	US SML CP VALU	025072877
PCMM	BONDBLOXX ETF TRUST	90,889 (+6.1%)	$4,555 (+5.1%)	2.6%	$50.56	—	BONDBLOXX PRIVAT	09789C671
SUSB	ISHARES TR	192,970 (+3.6%)	$4,871 (+3.3%)	2.7%	$24.81	—	ESG AWRE 1 5 YR	46435G243
ESML	ISHARES TR	18,095 (+5.3%)	$832 (+7.4%)	0.5%	$39.98	—	ESG AWARE MSCI	46435U663
AVSE	AMERICAN CENTY ETF TR	14,294 (+2.6%)	$929 (+4.9%)	0.5%	$39.40	—	AVANTIS RESPONSI	025072315

Decreased Positions (7)

VTI VANGUARD INDEX FDS 6.8%

Value ($000) $12,201 (-33.9%) Shares 36,390 (-35.3%) Est. Cost $224.28 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 2.6%

Value ($000) $4,646 (-30.6%) Shares 74,367 (-33.4%) Est. Cost $43.20 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 1.1%

Value ($000) $1,915 (-36.7%) Shares 35,621 (-36.2%) Est. Cost $42.05 Unrealized —

STIP ISHARES TR 5.7%

Value ($000) $10,105 (-8.6%) Shares 98,692 (-7.7%) Est. Cost $98.34 Unrealized —

ESGV VANGUARD WORLD FD 1.1%

Value ($000) $1,998 (-8.7%) Shares 16,517 (-10.6%) Est. Cost $76.53 Unrealized —

AVDV AMERICAN CENTY ETF TR 0.8%

Value ($000) $1,438 (+2.8%) Shares 15,301 (-2.6%) Est. Cost $52.78 Unrealized —

DFSU DIMENSIONAL ETF TRUST 3.2%

Value ($000) $5,700 (+0.2%) Shares 131,241 (-2.0%) Est. Cost $31.57 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTI	VANGUARD INDEX FDS	36,390 (-35.3%)	$12,201 (-33.9%)	6.8%	$224.28	—	TOTAL STK MKT	922908769
VEA	VANGUARD TAX-MANAGED FDS	74,367 (-33.4%)	$4,646 (-30.6%)	2.6%	$43.20	—	VAN FTSE DEV MKT	921943858
VWO	VANGUARD INTL EQUITY INDEX F	35,621 (-36.2%)	$1,915 (-36.7%)	1.1%	$42.05	—	FTSE EMR MKT ETF	922042858
STIP	ISHARES TR	98,692 (-7.7%)	$10,105 (-8.6%)	5.7%	$98.34	—	0-5 YR TIPS ETF	46429B747
ESGV	VANGUARD WORLD FD	16,517 (-10.6%)	$1,998 (-8.7%)	1.1%	$76.53	—	ESG US STK ETF	921910733
AVDV	AMERICAN CENTY ETF TR	15,301 (-2.6%)	$1,438 (+2.8%)	0.8%	$52.78	—	INTL SMCP VLU	025072802
DFSU	DIMENSIONAL ETF TRUST	131,241 (-2.0%)	$5,700 (+0.2%)	3.2%	$31.57	—	US SUSTAINABILTY	25434V716

Unchanged Positions (6)

DFSI DIMENSIONAL ETF TRUST 1.2%

Value ($000) $2,190 Shares 51,107 Est. Cost $32.24 Unrealized —

VSGX VANGUARD WORLD FD 0.9%

Value ($000) $1,548 Shares 21,616 Est. Cost $60.28 Unrealized —

DFSE DIMENSIONAL ETF TRUST 0.5%

Value ($000) $941 Shares 22,691 Est. Cost $31.61 Unrealized —

MUB ISHARES TR 0.2%

Value ($000) $352 Shares 3,285 Est. Cost $106.36 Unrealized —

SGOV ISHARES TR 0.2%

Value ($000) $390 Shares 3,890 Est. Cost $100.70 Unrealized —

VTEB VANGUARD MUN BD FDS 0.2%

Value ($000) $270 Shares 5,360 Est. Cost $49.67 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DFSI	DIMENSIONAL ETF TRUST	51,107	$2,190	1.2%	$32.24	—	INTERNATIONAL	25434V690
VSGX	VANGUARD WORLD FD	21,616	$1,548	0.9%	$60.28	—	ESG INTL STK ETF	921910725
DFSE	DIMENSIONAL ETF TRUST	22,691	$941	0.5%	$31.61	—	EMERGING MARKETS	25434V682
MUB	ISHARES TR	3,285	$352	0.2%	$106.36	—	NATIONAL MUN ETF	464288414
SGOV	ISHARES TR	3,890	$390	0.2%	$100.70	—	0-3 MNTH TREASRY	46436E718
VTEB	VANGUARD MUN BD FDS	5,360	$270	0.2%	$49.67	—	TAX EXEMPT BD	922907746