Each N-PORT filing of ELM compared with the one before: positions added and dropped, the largest weight changes, turnover. Computed by Mulden from the filings; dated by filing period and SEC receipt.https://themulden.com/enhttps://themulden.com/funds/elm/https://themulden.com/funds/elm/17 positions became 18: 1 added (2.23% of the fund), 0 dropped (0%). Turnover proxy 22.4%. Largest increases: Vanguard 0-3 Month Treasury Bi 9.9% to 24.76%; Vanguard Total Stock Market ET 17.88% to 23.14%; iShares Core MSCI Emerging Mar 1.47% to 1.48%. Largest decreases: Schwab US TIPS ETF 19.36% to 7.18%; Vanguard FTSE Emerging Markets 15.87% to 13.18%; Schwab U.S. REIT ETF 2.64% to 0.54%; iShares Core U.S. Aggregate Bo 3.91% to 2.3%; Vanguard Total Bond Market ETF 2.23% to 1.41%; Vanguard FTSE Europe ETF 2.74% to 2.05%. New: Vanguard Real Estate ETF (2.23%). Weights are shares of the fund's own investments, securities-lending collateral excluded; positions matched on identifiers.Wed, 26 Aug 2026 12:00:00 GMThttps://themulden.com/funds/elm/https://themulden.com/funds/elm/15 positions became 17: 2 added (1.85% of the fund), 0 dropped (0%). Turnover proxy 15.7%. Largest increases: Vanguard 0-3 Month Treasury Bi 2.71% to 9.9%; Schwab U.S. REIT ETF 0.49% to 2.64%; Vanguard FTSE Europe ETF 0.81% to 2.74%; iShares Core U.S. Aggregate Bo 2.58% to 3.91%; Schwab US TIPS ETF 18.23% to 19.36%; Vanguard Small-Cap ETF 1.61% to 1.65%. Largest decreases: Vanguard Total Stock Market ET 22.36% to 17.88%; Vanguard Total Bond Market ETF 6.42% to 2.23%; Vanguard FTSE Emerging Markets 19.16% to 15.87%; iShares Core MSCI Europe ETF 6.8% to 4.89%; Vanguard FTSE Pacific ETF 7.15% to 6.31%; JPMorgan BetaBuilders Canada E 2.36% to 1.96%. New: iShares Core MSCI Emerging Mar (1.47%), iShares Core MSCI Pacific ETF (0.38%). Weights are shares of the fund's own investments, securities-lending collateral excluded; positions matched on identifiers.Thu, 28 May 2026 12:00:00 GMThttps://themulden.com/funds/elm/https://themulden.com/funds/elm/16 positions became 15: 1 added (2.71% of the fund), 2 dropped (4.6%). Turnover proxy 8.2%. Largest increases: Vanguard Total Bond Market ETF 2.92% to 6.42%; Schwab US TIPS ETF 17.15% to 18.23%; Vanguard Total Stock Market ET 22.1% to 22.36%; JPMorgan BetaBuilders Canada E 2.15% to 2.36%; iShares Core U.S. Aggregate Bo 2.4% to 2.58%; JPMorgan BetaBuilders Europe E 6.18% to 6.26%. Largest decreases: Schwab US Broad Market ETF 2.47% to 1.4%; Vanguard FTSE Emerging Markets 19.92% to 19.16%; Vanguard FTSE Pacific ETF 7.74% to 7.15%; Schwab U.S. REIT ETF 1.07% to 0.49%; iShares Core MSCI Europe ETF 7.29% to 6.8%; Vanguard FTSE Europe ETF 0.88% to 0.81%. New: Vanguard 0-3 Month Treasury Bi (2.71%). Gone: iShares 0-3 Month Treasury Bon (4.22%), First American Government Obli (0.38%). Weights are shares of the fund's own investments, securities-lending collateral excluded; positions matched on identifiers.Fri, 27 Feb 2026 12:00:00 GMThttps://themulden.com/funds/elm/https://themulden.com/funds/elm/30 positions became 16: 0 added (0% of the fund), 14 dropped (21.51%). Turnover proxy 28%. Largest increases: Vanguard FTSE Emerging Markets 8.41% to 19.92%; Vanguard FTSE Pacific ETF 3.19% to 7.74%; Schwab US TIPS ETF 14.29% to 17.15%; Vanguard Total Stock Market ET 19.26% to 22.1%; JPMorgan BetaBuilders Canada E 0.73% to 2.15%; Vanguard Small-Cap ETF 0.37% to 1.54%. Largest decreases: iShares 0-3 Month Treasury Bon 10.55% to 4.22%; First American Government Obli 0.5% to 0.38%; Schwab U.S. REIT ETF 1.08% to 1.07%. Gone: iShares Core MSCI Emerging Mar (6.04%), SPDR Portfolio Emerging Market (5.64%), iShares Core MSCI Pacific ETF (4.76%), Vanguard FTSE All-World ex-US (1.1%), iShares iBoxx $ Investment Gra (0.97%), Schwab International Small-Cap (0.95%). Weights are shares of the fund's own investments, securities-lending collateral excluded; positions matched on identifiers.Mon, 01 Dec 2025 12:00:00 GMThttps://themulden.com/funds/elm/https://themulden.com/funds/elm/27 positions became 30: 3 added (13.59% of the fund), 0 dropped (0%). Turnover proxy 28.3%. Largest increases: Vanguard Total Stock Market ET 12.69% to 19.26%; Vanguard FTSE Pacific ETF 0.79% to 3.19%; iShares Core U.S. Aggregate Bo 0.04% to 2%; Vanguard Total Bond Market ETF 1% to 2.08%; Vanguard Value ETF 0.03% to 0.77%; iShares Core MSCI Europe ETF 6.5% to 7.07%. Largest decreases: Vanguard FTSE Europe ETF 7.37% to 0.21%; iShares Core S&P Total U.S. St 6.82% to 0.72%; Schwab US TIPS ETF 17.58% to 14.29%; Vanguard FTSE Emerging Markets 11.63% to 8.41%; iShares Core MSCI Emerging Mar 8.69% to 6.04%; iShares National Muni Bond ETF 2.17% to 0.02%. New: JPMorgan BetaBuilders Europe E (5.81%), SPDR Portfolio Emerging Market (5.64%), Schwab US Broad Market ETF (2.15%). Weights are shares of the fund's own investments, securities-lending collateral excluded; positions matched on identifiers.Thu, 28 Aug 2025 12:00:00 GMT