GUARDIAN INVESTMENT MANAGEMENT Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BX	BLACKSTONE INC	79,429 (+358.7%)	$12,243 (+313.9%)	9.5%	$155.39	-2.5%	COM	09260D107
BA	BOEING CO	9,050 (+14.9%)	$1,965 (+15.6%)	1.5%	$189.21	+8.7%	COM	097023105
CSCO	CISCO SYS INC	17,645 (+5.4%)	$1,359 (+18.7%)	1.1%	$31.74	+132.5%	COM	17275R102
XOM	EXXON MOBIL CORP	13,497 (+1.6%)	$1,624 (+8.4%)	1.3%	$87.89	+31.4%	COM	30231G102
CSX	CSX CORP	51,509 (+2.6%)	$1,867 (+4.7%)	1.5%	$30.25	+18.0%	COM	126408103
HD	HOME DEPOT INC	1,481 (+3.5%)	$510 (-12.1%)	0.4%	$277.37	+31.4%	COM	437076102
CVX	CHEVRON CORP NEW	21,478 (+1.9%)	$3,273 (+0.0%)	2.6%	$96.03	+57.7%	COM	166764100

Decreased Positions (25)

QS QUANTUMSCAPE CORP 1.2%

Value ($000) $1,491 (-49.3%) Shares 34,730 (-27.9%) Est. Cost $4.65 Unrealized +196.3%

MSFT MICROSOFT CORP 3.7%

Value ($000) $4,809 (-10.2%) Shares 9,944 (-3.9%) Est. Cost $233.76 Unrealized +114.1%

COST COSTCO WHSL CORP NEW 3.3%

Value ($000) $4,214 (-9.7%) Shares 4,887 (-3.1%) Est. Cost $533.56 Unrealized +69.8%

INTC INTEL CORP 0.9%

Value ($000) $1,127 (-28.3%) Shares 30,550 (-34.8%) Est. Cost $29.44 Unrealized +28.3%

CAT CATERPILLAR INC 2.1%

Value ($000) $2,750 (+15.6%) Shares 4,800 (-3.7%) Est. Cost $215.02 Unrealized +158.3%

WMT WALMART INC 3.1%

Value ($000) $3,969 (+6.8%) Shares 35,625 (-1.2%) Est. Cost $55.18 Unrealized +94.3%

ADM ARCHER DANIELS MIDLAND CO 1.3%

Value ($000) $1,617 (+16.9%) Shares 7,550 (-11.7%) Est. Cost $47.67 Unrealized +24.8%

T AT&T INC 0.6%

Value ($000) $736 (-22.5%) Shares 29,626 (-11.9%) Est. Cost $15.40 Unrealized +64.2%

MP MP MATERIALS CORP 0.2%

Value ($000) $290 (-42.3%) Shares 5,750 (-23.3%) Est. Cost $62.91 Unrealized +0.8%

TXN TEXAS INSTRS INC 0.6%

Value ($000) $781 (-18.3%) Shares 4,500 (-13.5%) Est. Cost $167.96 Unrealized +1.6%

AXP AMERICAN EXPRESS CO 1.3%

Value ($000) $1,662 (+9.0%) Shares 4,492 (-2.2%) Est. Cost $316.55 Unrealized +12.8%

MDLZ MONDELEZ INTL INC 0.4%

Value ($000) $574 (-18.7%) Shares 10,663 (-5.7%) Est. Cost $65.83 Unrealized -13.3%

C CITIGROUP INC 0.8%

Value ($000) $1,063 (+10.6%) Shares 9,113 (-3.8%) Est. Cost $49.07 Unrealized +111.2%

PJT PJT PARTNERS INC 0.6%

Value ($000) $712 (-11.1%) Shares 4,259 (-5.5%) Est. Cost $179.55 Unrealized -4.8%

PFE PFIZER INC 0.2%

Value ($000) $283 (-22.4%) Shares 11,360 (-20.6%) Est. Cost $23.72 Unrealized +5.6%

AMZN AMAZON COM INC 1.4%

Value ($000) $1,802 (+4.6%) Shares 7,808 (-2.2%) Est. Cost $187.27 Unrealized +22.2%

BRK/B BERKSHIRE HATHAWAY INC DEL 1.1%

Value ($000) $1,397 (-5.1%) Shares 2,780 (-5.1%) Est. Cost $270.23 Unrealized +84.1%

GEV GE VERNOVA INC 1.4%

Value ($000) $1,734 (+4.6%) Shares 2,653 (-1.6%) Est. Cost $311.89 Unrealized +95.3%

IBM INTERNATIONAL BUSINESS MACHS 0.3%

Value ($000) $430 (-10.5%) Shares 1,450 (-14.7%) Est. Cost $155.54 Unrealized +92.1%

GT GOODYEAR TIRE & RUBR CO 0.3%

Value ($000) $385 (+12.0%) Shares 44,000 (-4.3%) Est. Cost $11.90 Unrealized -33.8%

AMAT APPLIED MATLS INC 0.8%

Value ($000) $1,048 (-3.0%) Shares 4,078 (-22.7%) Est. Cost $184.45 Unrealized +29.8%

MU MICRON TECHNOLOGY INC 0.7%

Value ($000) $835 (-2.6%) Shares 2,925 (-42.9%) Est. Cost $127.82 Unrealized +79.4%

WBD WARNER BROS DISCOVERY INC 0.9%

Value ($000) $1,146 (+1.1%) Shares 39,750 (-31.5%) Est. Cost $10.81 Unrealized +116.2%

JPM JPMORGAN CHASE & CO. 2.1%

Value ($000) $2,653 (-0.3%) Shares 8,234 (-2.4%) Est. Cost $91.37 Unrealized +238.8%

BMY BRISTOL-MYERS SQUIBB CO 0.3%

Value ($000) $432 (+0.7%) Shares 8,000 (-15.8%) Est. Cost $39.62 Unrealized +19.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QS	QUANTUMSCAPE CORP	34,730 (-27.9%)	$1,491 (-49.3%)	1.2%	$4.65	+196.3%	COM CL A	74767V109
MSFT	MICROSOFT CORP	9,944 (-3.9%)	$4,809 (-10.2%)	3.7%	$233.76	+114.1%	COM	594918104
COST	COSTCO WHSL CORP NEW	4,887 (-3.1%)	$4,214 (-9.7%)	3.3%	$533.56	+69.8%	COM	22160K105
INTC	INTEL CORP	30,550 (-34.8%)	$1,127 (-28.3%)	0.9%	$29.44	+28.3%	COM	458140100
CAT	CATERPILLAR INC	4,800 (-3.7%)	$2,750 (+15.6%)	2.1%	$215.02	+158.3%	COM	149123101
WMT	WALMART INC	35,625 (-1.2%)	$3,969 (+6.8%)	3.1%	$55.18	+94.3%	COM	931142103
ADM	ARCHER DANIELS MIDLAND CO	7,550 (-11.7%)	$1,617 (+16.9%)	1.3%	$47.67	+24.8%	COM	039483102
T	AT&T INC	29,626 (-11.9%)	$736 (-22.5%)	0.6%	$15.40	+64.2%	COM	00206R102
MP	MP MATERIALS CORP	5,750 (-23.3%)	$290 (-42.3%)	0.2%	$62.91	+0.8%	COM CL A	553368101
TXN	TEXAS INSTRS INC	4,500 (-13.5%)	$781 (-18.3%)	0.6%	$167.96	+1.6%	COM	882508104
AXP	AMERICAN EXPRESS CO	4,492 (-2.2%)	$1,662 (+9.0%)	1.3%	$316.55	+12.8%	COM	025816109
MDLZ	MONDELEZ INTL INC	10,663 (-5.7%)	$574 (-18.7%)	0.4%	$65.83	-13.3%	CL A	609207105
C	CITIGROUP INC	9,113 (-3.8%)	$1,063 (+10.6%)	0.8%	$49.07	+111.2%	COM NEW	172967424
PJT	PJT PARTNERS INC	4,259 (-5.5%)	$712 (-11.1%)	0.6%	$179.55	-4.8%	COM CL A	69343T107
PFE	PFIZER INC	11,360 (-20.6%)	$283 (-22.4%)	0.2%	$23.72	+5.6%	COM	717081103
AMZN	AMAZON COM INC	7,808 (-2.2%)	$1,802 (+4.6%)	1.4%	$187.27	+22.2%	COM	023135106
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,780 (-5.1%)	$1,397 (-5.1%)	1.1%	$270.23	+84.1%	CL B NEW	084670702
GEV	GE VERNOVA INC	2,653 (-1.6%)	$1,734 (+4.6%)	1.4%	$311.89	+95.3%	COM	36828A101
IBM	INTERNATIONAL BUSINESS MACHS	1,450 (-14.7%)	$430 (-10.5%)	0.3%	$155.54	+92.1%	COM	459200101
GT	GOODYEAR TIRE & RUBR CO	44,000 (-4.3%)	$385 (+12.0%)	0.3%	$11.90	-33.8%	COM	382550101
AMAT	APPLIED MATLS INC	4,078 (-22.7%)	$1,048 (-3.0%)	0.8%	$184.45	+29.8%	COM	038222105
MU	MICRON TECHNOLOGY INC	2,925 (-42.9%)	$835 (-2.6%)	0.7%	$127.82	+79.4%	COM	595112103
WBD	WARNER BROS DISCOVERY INC	39,750 (-31.5%)	$1,146 (+1.1%)	0.9%	$10.81	+116.2%	COM SER A	934423104
JPM	JPMORGAN CHASE & CO.	8,234 (-2.4%)	$2,653 (-0.3%)	2.1%	$91.37	+238.8%	COM	46625H100
BMY	BRISTOL-MYERS SQUIBB CO	8,000 (-15.8%)	$432 (+0.7%)	0.3%	$39.62	+19.9%	COM	110122108

Unchanged Positions (23)

AAPL APPLE INC 16.7%

Value ($000) $21,436 Shares 78,848 Est. Cost $146.18 Unrealized +83.6%

AMGN AMGEN INC 4.1%

Value ($000) $5,258 Shares 16,065 Est. Cost $174.43 Unrealized +81.1%

JNJ JOHNSON & JOHNSON 2.7%

Value ($000) $3,482 Shares 16,825 Est. Cost $94.10 Unrealized +109.4%

GOOGL ALPHABET INC 0.9%

Value ($000) $1,167 Shares 3,730 Est. Cost $209.20 Unrealized +36.5%

BAC BANK AMERICA CORP 3.0%

Value ($000) $3,881 Shares 70,559 Est. Cost $34.01 Unrealized +54.9%

BIIB BIOGEN INC 0.7%

Value ($000) $950 Shares 5,400 Est. Cost $279.12 Unrealized -41.5%

PG PROCTER AND GAMBLE CO 1.4%

Value ($000) $1,775 Shares 12,385 Est. Cost $85.60 Unrealized +71.9%

B BARRICK MNG CORP 0.3%

Value ($000) $444 Shares 10,200 Est. Cost $25.15 Unrealized +48.8%

GS GOLDMAN SACHS GROUP INC 0.8%

Value ($000) $1,057 Shares 1,203 Est. Cost $734.84 Unrealized +10.7%

ITW ILLINOIS TOOL WKS INC 1.2%

Value ($000) $1,478 Shares 6,000 Est. Cost $157.99 Unrealized +56.7%

GE GE AEROSPACE 2.7%

Value ($000) $3,436 Shares 11,155 Est. Cost $122.48 Unrealized +145.6%

ABBV ABBVIE INC 2.5%

Value ($000) $3,232 Shares 14,145 Est. Cost $57.12 Unrealized +298.3%

ABT ABBOTT LABS 0.6%

Value ($000) $720 Shares 5,750 Est. Cost $39.55 Unrealized +221.9%

MMM 3M CO 1.2%

Value ($000) $1,521 Shares 9,500 Est. Cost $86.70 Unrealized +88.2%

GILD GILEAD SCIENCES INC 0.4%

Value ($000) $460 Shares 3,750 Est. Cost $60.05 Unrealized +101.3%

NSC NORFOLK SOUTHN CORP 0.3%

Value ($000) $393 Shares 1,361 Est. Cost $276.03 Unrealized +4.6%

DE DEERE & CO 0.6%

Value ($000) $735 Shares 1,578 Est. Cost $356.67 Unrealized +31.1%

V VISA INC 0.3%

Value ($000) $418 Shares 1,193 Est. Cost $216.09 Unrealized +57.5%

CMCSA COMCAST CORP NEW 0.8%

Value ($000) $1,048 Shares 33,000 Est. Cost $30.61 Unrealized -6.8%

DHR DANAHER CORPORATION 9.3%

Value ($000) $11,900 Shares 63,822 Est. Cost $239.00 Unrealized -8.1%

PEP PEPSICO INC 0.4%

Value ($000) $538 Shares 3,780 Est. Cost $129.14 Unrealized +13.0%

EMR EMERSON ELEC CO 0.3%

Value ($000) $448 Shares 3,377 Est. Cost $73.37 Unrealized +80.4%

KKR KKR & CO INC 1.1%

Value ($000) $1,413 Shares 10,878 Est. Cost $27.55 Unrealized +351.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	78,848	$21,436	16.7%	$146.18	+83.6%	COM	037833100
AMGN	AMGEN INC	16,065	$5,258	4.1%	$174.43	+81.1%	COM	031162100
JNJ	JOHNSON & JOHNSON	16,825	$3,482	2.7%	$94.10	+109.4%	COM	478160104
GOOGL	ALPHABET INC	3,730	$1,167	0.9%	$209.20	+36.5%	CAP STK CL A	02079K305
BAC	BANK AMERICA CORP	70,559	$3,881	3.0%	$34.01	+54.9%	COM	060505104
BIIB	BIOGEN INC	5,400	$950	0.7%	$279.12	-41.5%	COM	09062X103
PG	PROCTER AND GAMBLE CO	12,385	$1,775	1.4%	$85.60	+71.9%	COM	742718109
B	BARRICK MNG CORP	10,200	$444	0.3%	$25.15	+48.8%	COM SHS	06849F108
GS	GOLDMAN SACHS GROUP INC	1,203	$1,057	0.8%	$734.84	+10.7%	COM	38141G104
ITW	ILLINOIS TOOL WKS INC	6,000	$1,478	1.2%	$157.99	+56.7%	COM	452308109
GE	GE AEROSPACE	11,155	$3,436	2.7%	$122.48	+145.6%	COM NEW	369604301
ABBV	ABBVIE INC	14,145	$3,232	2.5%	$57.12	+298.3%	COM	00287Y109
ABT	ABBOTT LABS	5,750	$720	0.6%	$39.55	+221.9%	COM	002824100
MMM	3M CO	9,500	$1,521	1.2%	$86.70	+88.2%	COM	88579Y101
GILD	GILEAD SCIENCES INC	3,750	$460	0.4%	$60.05	+101.3%	COM	375558103
NSC	NORFOLK SOUTHN CORP	1,361	$393	0.3%	$276.03	+4.6%	COM	655844108
DE	DEERE & CO	1,578	$735	0.6%	$356.67	+31.1%	COM	244199105
V	VISA INC	1,193	$418	0.3%	$216.09	+57.5%	COM CL A	92826C839
CMCSA	COMCAST CORP NEW	33,000	$1,048	0.8%	$30.61	-6.8%	CL A	20030N101
DHR	DANAHER CORPORATION	63,822	$11,900	9.3%	$239.00	-8.1%	COM	235851102
PEP	PEPSICO INC	3,780	$538	0.4%	$129.14	+13.0%	COM	713448108
EMR	EMERSON ELEC CO	3,377	$448	0.3%	$73.37	+80.4%	COM	291011104
KKR	KKR & CO INC	10,878	$1,413	1.1%	$27.55	+351.2%	COM	48251W104