NAS

Nicolet Advisory Services Portfolio holdings

AUM $1.01B

This Quarter Return

-0.9%

1 Year Return

+8.24%

3 Year Return

+22.46%

5 Year Return

+85.59%

10 Year Return

–

AUM

$1.01B

AUM Growth

-$80.5M (-7%)

Cap. Flow

-$13.8M

Cap. Flow % of AUM

-1.37%

Top 10 Holdings %Top 10 Hldgs %

46.67%

Holding

412

New

Increased

192

Reduced

143

Closed

Top Buys

1	Berkshire Hathaway Class B BRK.B	$1.81M
2	Vanguard Short-Term Treasury ETF VGSH	$1.53M
3	Avantis Emerging Markets Equity ETF AVEM	$1.42M
4	SPDR Nuveen ICE Municipal Bond ETF TFI	$1.23M
5	Vanguard Tax-Exempt Bond Index Fund VTEB	$946K

Top Sells

1	iShares 10-20 Year Treasury Bond ETF TLH	$14.4M
2	Vanguard Total Bond Market BND	$2.81M
3	SPDR Portfolio S&P 500 Value ETF SPYV	$2.53M
4	iShares Core S&P Total US Stock Market ETF ITOT	$2.3M
5	Travelers Companies TRV	$1.71M

Sector Composition

1	Technology	9.08%
2	Financials	8.18%
3	Consumer Staples	4.98%
4	Industrials	3.51%
5	Consumer Discretionary	3.22%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 SPDR Portfolio S&P 500 Value ETF SPYV $27.4B	$140M	13.91%	2,978,491 -53,672	-2%	-$2.53M
2	2 SPDR Portfolio S&P 500 Growth ETF SPYG $39.3B	$114M	11.28%	1,479,625 -16,832	-1%	-$1.29M
3	3 Berkshire Hathaway Class B BRK.B $1.04T	$31.6M	3.13%	61,230 +3,513	+6%	+$1.81M
4	4 iShares Core S&P Total US Stock Market ETF ITOT $73.2B	$30.9M	3.07%	270,954 -20,140	-7%	-$2.3M
5	5 Apple AAPL $3.19T	$30.3M	3.01%	159,099 +3,692	+2%	+$703K
6	6 Vanguard Tax-Exempt Bond Index Fund VTEB $37.4B	$27.1M	2.68%	557,911 +19,509	+4%	+$946K
7	7 Avantis Emerging Markets Equity ETF AVEM $11.2B	$25.7M	2.55%	459,655 +25,423	+6%	+$1.42M
8	8 Vanguard FTSE Developed Markets ETF VEA $167B	$24.6M	2.44%	511,212 -31,528	-6%	-$1.52M
9	9 Fidelity Total Bond ETF FBND $19.5B	$23.9M	2.37%	534,229 -14,220	-3%	-$637K
10	10 Vanguard Mid-Cap ETF VO $86.5B	$22.5M	2.23%	93,855 -786	-0.8%	-$188K
11	11 Procter & Gamble PG $371B	$21.5M	2.13%	131,332 +1,029	+0.8%	+$168K
12	12 Microsoft MSFT $3.82T	$18.5M	1.83%	48,480 +1,409	+3%	+$537K
13	13 Vanguard Total Bond Market BND $131B	$17.3M	1.71%	239,321 -38,975	-14%	-$2.81M
14	14 Victory Portfolios II VictoryShares Core Intermediate Bond ETF UITB $2.34B	$15.9M	1.58%	345,073 -7,583	-2%	-$349K
15	15 JPMorgan Chase JPM $821B	$14.8M	1.47%	65,070 -237	-0.4%	-$53.8K
16	16 WEC Energy WEC $35B	$13.6M	1.35%	128,526 +4,966	+4%	+$524K
17	17 Alerian MLP Index ETNs due January 28 2044 AMJB $717M	$12.9M	1.28%	460,899 -20,725	-4%	-$578K
18	18 Avantis Real Estate ETF AVRE $612M	$12.3M	1.22%	304,330 +15,938	+6%	+$642K
19	19 Vanguard S&P 500 ETF VOO $704B	$12.1M	1.2%	25,089 -2,186	-8%	-$1.05M
20	20 Vanguard Short-Term Treasury ETF VGSH $22.7B	$11.2M	1.11%	191,260 +26,111	+16%	+$1.53M
21	21 iShares National Muni Bond ETF MUB $38B	$10.3M	1.02%	100,299 -7,550	-7%	-$777K
22	22 NVIDIA NVDA $4.23T	$9.94M	0.99%	92,443 +1,834	+2%	+$197K
23	23 Amazon AMZN $2.46T	$9.63M	0.95%	53,116 +593	+1%	+$107K
24	24 iShares Core S&P 500 ETF IVV $645B	$9.51M	0.94%	18,050 -42	-0.2%	-$22.1K
25	25 Principal Active High Yield ETF YLD $328M	$9.44M	0.94%	512,621 -30,083	-6%	-$554K