Note Advisors Portfolio holdings

AUM $121M

AUM

$121M

AUM Growth

+$8.2M (+7%)

Cap. Flow

+$9.99M

Cap. Flow % of AUM

8.25%

Top 10 Holdings %Top 10 Hldgs %

56.71%

Holding

New

Increased

Reduced

Closed

Top Buys

1	Dimensional US Core Equity Market ETF DFAU	$4.2M
2	Dimensional Core Fixed Income ETF DFCF	$1.5M
3	Dimensional International Core Equity Market ETF DFAI	$1.22M
4	Dimensional Emerging Core Equity Market ETF DFAE	$1.04M
5	First Trust Preferred Securities and Income ETF FPE	$789K

Top Sells

1	VanEck Fallen Angel High Yield Bond ETF ANGL	$515K
2	Vanguard Emerging Markets Government Bond ETF VWOB	$283K
3	Vanguard FTSE Emerging Markets ETF VWO	$259K
4	Vanguard Total Bond Market BND	$244K
5	SPDR DoubleLine Emerging Markets Fixed Income ETF EMTL	$187K

Sector Composition

1	Technology	1.65%
2	Consumer Discretionary	1.51%
3	Communication Services	1.25%
4	Financials	1.05%
5	Industrials	0.54%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
26	26 McDonald's MCD $225B	$1.24M	1.03%	3,982	–	–
27	27 SPDR DoubleLine Emerging Markets Fixed Income ETF EMTL $91.4M	$1.1M	0.91%	25,558 -4,339	-15%	-$187K
28	28 iShares Russell 1000 ETF IWB $39.6B	$1.04M	0.86%	3,400 -459	-12%	-$141K
29	29 Dimensional Global ex US Core Fixed Income ETF DFGX $840M	$1.04M	0.86%	19,887 +2,817	+17%	+$147K
30	30 Alphabet (Google) Class C GOOG $2.06T	$1.04M	0.86%	6,650 -7	-0.1%	-$1.09K
31	31 iShares Core International Aggregate Bond Fund IAGG $7.36B	$906K	0.75%	18,133 +626	+4%	+$31.3K
32	32 Dimensional National Municipal Bond ETF DFNM $1.54B	$902K	0.74%	18,957 +3,898	+26%	+$185K
33	33 Vanguard Emerging Markets Government Bond ETF VWOB $4.93B	$846K	0.7%	13,177 -4,410	-25%	-$283K
34	34 Apple AAPL $2.92T	$839K	0.69%	3,775 +1	+0%	+$222
35	35 iShares TIPS Bond ETF TIP $13.7B	$809K	0.67%	7,283 -497	-6%	-$55.2K
36	36 First Trust Preferred Securities and Income ETF FPE $5.66B	$789K	0.65%	44,867	New	+$789K
37	37 Vanguard Total Corporate Bond ETF VTC $1.18B	$715K	0.59%	9,310	–	–
38	38 Goldman Sachs Access Investment Grade Corporate Bond ETF GIGB $680M	$708K	0.58%	15,469 +1,870	+14%	+$85.6K
39	39 Microsoft MSFT $3.35T	$693K	0.57%	1,846	–	–
40	40 Vanguard FTSE Emerging Markets ETF VWO $86.7B	$678K	0.56%	14,983 -5,714	-28%	-$259K
41	41 Vanguard Value ETF VTV $132B	$643K	0.53%	3,725 -721	-16%	-$125K
42	42 SPDR Portfolio High Yield Bond ETF SPHY $8.03B	$642K	0.53%	27,402	New	+$642K
43	43 Vanguard Mid-Cap Value ETF VOE $17.3B	$542K	0.45%	3,376 -891	-21%	-$143K
44	44 Vanguard Russell 2000 Value ETF VTWV $730M	$541K	0.45%	4,068 -742	-15%	-$98.8K
45	EVBN 45 DELISTED Evans Bancorp Inc EVBN	$491K	0.41%	12,597	–	–
46	46 Global X S&P 500 Covered Call ETF XYLD $3B	$472K	0.39%	11,962 +46	+0.4%	+$1.82K
47	47 Berkshire Hathaway Class B BRK.B $1.09T	$467K	0.39%	877 -16	-2%	-$8.52K
48	48 Dimensional Inflation-Protected Securities ETF DFIP $877M	$447K	0.37%	10,609 -10	-0.1%	-$421
49	49 United Airlines UAL $24.4B	$432K	0.36%	6,260	–	–
50	50 Schwab Intermediately-Term US Treasury ETF SCHR $10.6B	$394K	0.33%	15,838	–	–