Westchester Capital Management, Inc. Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corporation	72,591 (+1.8%)	$35,106 (-5.0%)	7.3%	$44.66	+1021.0%	common stock	594918104
CRM	Salesforce.com Inc	45,261 (+2.3%)	$11,990 (+14.4%)	2.5%	$265.63	-6.6%	common stock	79466L302
AMZN	Amazon.Com, Inc.	41,495 (+5.9%)	$9,578 (+11.3%)	2.0%	$145.89	+56.8%	common stock	023135106
WM	Waste Management, Inc.	90,425 (+3.4%)	$19,867 (+2.9%)	4.1%	$49.86	+326.3%	common stock	94106L109
T	AT&T	122,293 (+1.6%)	$3,038 (-10.6%)	0.6%	$15.64	+61.7%	common stock	00206R102
PEP	Pepsico, Inc.	13,312 (+15.1%)	$1,911 (+17.7%)	0.4%	$142.21	+2.6%	common stock	713448108
BA	Boeing Company	10,353 (+3.7%)	$2,248 (+4.3%)	0.5%	$344.40	-40.3%	common stock	097023105
PFE	Pfizer, Inc.	281,883 (+3.5%)	$7,019 (+1.1%)	1.5%	$20.89	+19.8%	common stock	717081103
DIS	Walt Disney Company	46,143 (+1.4%)	$5,250 (+0.8%)	1.1%	$97.84	+12.0%	common stock	254687106
MCHP	Microchip Technology, Inc.	198,351 (+1.1%)	$12,639 (+0.3%)	2.6%	$55.13	+11.3%	common stock	595017104
CVX	Chevron Corporation	1,005 (+7.8%)	$153 (+5.8%)	0.0%	$88.41	+71.3%	common stock	166764100

Decreased Positions (10)

GOOGL Alphabet, Inc. Class A - Formerly Google A 6.8%

Value ($000) $32,777 (+24.3%) Shares 104,719 (-3.5%) Est. Cost $108.93 Unrealized +162.2%

CAT Caterpillar, Inc. 7.0%

Value ($000) $33,858 (+14.8%) Shares 59,102 (-4.4%) Est. Cost $71.57 Unrealized +676.2%

WMT Wal-Mart, Inc. 5.8%

Value ($000) $28,175 (+5.7%) Shares 252,891 (-2.2%) Est. Cost $46.07 Unrealized +132.7%

JNJ Johnson & Johnson 2.6%

Value ($000) $12,579 (+10.4%) Shares 60,783 (-1.1%) Est. Cost $68.03 Unrealized +189.6%

BK The Bank of New York Mellon Corporation 4.1%

Value ($000) $20,043 (+3.8%) Shares 172,649 (-2.5%) Est. Cost $26.95 Unrealized +310.1%

ABBV AbbVie, Inc. 4.8%

Value ($000) $23,368 (-2.9%) Shares 102,271 (-1.6%) Est. Cost $42.28 Unrealized +438.1%

INTC Intel Corporation 1.5%

Value ($000) $7,015 (+8.4%) Shares 190,105 (-1.5%) Est. Cost $19.98 Unrealized +89.0%

LOW Lowe's Companies, Inc. 0.2%

Value ($000) $963 (-9.0%) Shares 3,993 (-5.2%) Est. Cost $180.23 Unrealized +33.1%

CAG Conagra Brands Inc. 0.2%

Value ($000) $928 (-8.9%) Shares 53,591 (-3.6%) Est. Cost $23.82 Unrealized -26.0%

JPM JP Morgan Chase 5.5%

Value ($000) $26,548 (-0.2%) Shares 82,392 (-2.3%) Est. Cost $96.89 Unrealized +219.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet, Inc. Class A - Formerly Google A	104,719 (-3.5%)	$32,777 (+24.3%)	6.8%	$108.93	+162.2%	common stock	02079K305
CAT	Caterpillar, Inc.	59,102 (-4.4%)	$33,858 (+14.8%)	7.0%	$71.57	+676.2%	common stock	149123101
WMT	Wal-Mart, Inc.	252,891 (-2.2%)	$28,175 (+5.7%)	5.8%	$46.07	+132.7%	common stock	931142103
JNJ	Johnson & Johnson	60,783 (-1.1%)	$12,579 (+10.4%)	2.6%	$68.03	+189.6%	common stock	478160104
BK	The Bank of New York Mellon Corporation	172,649 (-2.5%)	$20,043 (+3.8%)	4.1%	$26.95	+310.1%	common stock	064058100
ABBV	AbbVie, Inc.	102,271 (-1.6%)	$23,368 (-2.9%)	4.8%	$42.28	+438.1%	common stock	00287Y109
INTC	Intel Corporation	190,105 (-1.5%)	$7,015 (+8.4%)	1.5%	$19.98	+89.0%	common stock	458140100
LOW	Lowe's Companies, Inc.	3,993 (-5.2%)	$963 (-9.0%)	0.2%	$180.23	+33.1%	common stock	548661107
CAG	Conagra Brands Inc.	53,591 (-3.6%)	$928 (-8.9%)	0.2%	$23.82	-26.0%	common stock	205887102
JPM	JP Morgan Chase	82,392 (-2.3%)	$26,548 (-0.2%)	5.5%	$96.89	+219.5%	common stock	46625H100

Unchanged Positions (22)

AAPL Apple, Inc. 8.8%

Value ($000) $42,628 Shares 156,803 Est. Cost $84.58 Unrealized +217.3%

HD Home Depot, Inc. 2.7%

Value ($000) $13,269 Shares 38,562 Est. Cost $253.92 Unrealized +43.6%

CSCO Cisco Systems, Inc. 4.0%

Value ($000) $19,389 Shares 251,711 Est. Cost $20.59 Unrealized +258.4%

XOM Exxon Mobil Corporation 3.0%

Value ($000) $14,644 Shares 121,688 Est. Cost $58.38 Unrealized +97.8%

VLO Valero Energy Corporation 2.9%

Value ($000) $13,977 Shares 85,858 Est. Cost $35.73 Unrealized +372.5%

LMT Lockheed Martin Corporation 3.2%

Value ($000) $15,612 Shares 32,279 Est. Cost $233.50 Unrealized +103.9%

BDX Becton Dickinson & Company 1.9%

Value ($000) $9,192 Shares 47,365 Est. Cost $119.72 Unrealized +58.3%

MCD McDonald's Corporation 3.3%

Value ($000) $15,789 Shares 51,662 Est. Cost $97.06 Unrealized +214.3%

MDT Medtronic PLC 2.0%

Value ($000) $9,554 Shares 99,457 Est. Cost $83.67 Unrealized +16.1%

BRK/B Berkshire Hathaway Class B 5.9%

Value ($000) $28,603 Shares 56,905 Est. Cost $133.02 Unrealized +274.0%

IVV iShares Core S&P 500 ETF 0.4%

Value ($000) $1,984 Shares 2,896 Est. Cost $669.30 Unrealized —

GOOG Alphabet, Inc. Class C - Formerly Google C 0.0%

Value ($000) $169 Shares 540 Est. Cost $124.03 Unrealized +130.9%

AXP American Express Company 0.1%

Value ($000) $244 Shares 660 Est. Cost $116.62 Unrealized +206.1%

VZ Verizon Communications 0.1%

Value ($000) $281 Shares 6,911 Est. Cost $39.71 Unrealized +1.9%

VOO Vanguard S&P 500 ETF 0.1%

Value ($000) $361 Shares 576 Est. Cost $469.21 Unrealized —

ITOT iShares Total US Stock Market ETF 0.1%

Value ($000) $284 Shares 1,912 Est. Cost $145.65 Unrealized —

KO Coca Cola Company 0.0%

Value ($000) $101 Shares 1,449 Est. Cost $40.84 Unrealized +69.9%

META Meta Platforms, Inc. 0.0%

Value ($000) $23 Shares 35 Est. Cost $743.23 Unrealized -10.2%

NVDA Nvidia Corporation 0.4%

Value ($000) $2,095 Shares 11,235 Est. Cost $125.45 Unrealized +48.4%

BND Vanguard Total Bond Market ETF 0.0%

Value ($000) $221 Shares 2,988 Est. Cost $74.37 Unrealized —

VCSH Vanguard Short Term Corp Bond Index ETF 0.0%

Value ($000) $137 Shares 1,715 Est. Cost $83.16 Unrealized —

VGSH Vanguard Short Term Treasury Index ETF 0.0%

Value ($000) $135 Shares 2,295 Est. Cost $61.67 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	Apple, Inc.	156,803	$42,628	8.8%	$84.58	+217.3%	common stock	037833100
HD	Home Depot, Inc.	38,562	$13,269	2.7%	$253.92	+43.6%	common stock	437076102
CSCO	Cisco Systems, Inc.	251,711	$19,389	4.0%	$20.59	+258.4%	common stock	17275R102
XOM	Exxon Mobil Corporation	121,688	$14,644	3.0%	$58.38	+97.8%	common stock	30231G102
VLO	Valero Energy Corporation	85,858	$13,977	2.9%	$35.73	+372.5%	common stock	91913Y100
LMT	Lockheed Martin Corporation	32,279	$15,612	3.2%	$233.50	+103.9%	common stock	539830109
BDX	Becton Dickinson & Company	47,365	$9,192	1.9%	$119.72	+58.3%	common stock	075887109
MCD	McDonald's Corporation	51,662	$15,789	3.3%	$97.06	+214.3%	common stock	580135101
MDT	Medtronic PLC	99,457	$9,554	2.0%	$83.67	+16.1%	common stock	G5960L103
BRK/B	Berkshire Hathaway Class B	56,905	$28,603	5.9%	$133.02	+274.0%	common stock	084670702
IVV	iShares Core S&P 500 ETF	2,896	$1,984	0.4%	$669.30	—	common stock	464287200
GOOG	Alphabet, Inc. Class C - Formerly Google C	540	$169	0.0%	$124.03	+130.9%	common stock	02079K107
AXP	American Express Company	660	$244	0.1%	$116.62	+206.1%	common stock	025816109
VZ	Verizon Communications	6,911	$281	0.1%	$39.71	+1.9%	common stock	92343V104
VOO	Vanguard S&P 500 ETF	576	$361	0.1%	$469.21	—	common stock	922908363
ITOT	iShares Total US Stock Market ETF	1,912	$284	0.1%	$145.65	—	common stock	464287150
KO	Coca Cola Company	1,449	$101	0.0%	$40.84	+69.9%	common stock	191216100
META	Meta Platforms, Inc.	35	$23	0.0%	$743.23	-10.2%	common stock	30303M102
NVDA	Nvidia Corporation	11,235	$2,095	0.4%	$125.45	+48.4%	common stock	67066G104
BND	Vanguard Total Bond Market ETF	2,988	$221	0.0%	$74.37	—	common stock	921937835
VCSH	Vanguard Short Term Corp Bond Index ETF	1,715	$137	0.0%	$83.16	—	common stock	92206C409
VGSH	Vanguard Short Term Treasury Index ETF	2,295	$135	0.0%	$61.67	—	common stock	92206C102