Twele Capital Management, Inc.

The portfolio now comprises 39 holdings, exhibiting a high degree of diversification. The structure is overwhelmingly dominated by Exchange Traded Funds (ETFs), which account for 99.8% of the total portfolio value ($558.59M). This indicates a shift away from individual security selection toward a "core-satellite" or purely passive investment approach. The strategy appears focused on broad market exposure rather than idiosyncratic stock picking, utilizing a tiered allocation across asset classes and geographies.

2. Key Holdings