Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MGNR	AMERICAN BEACON GLG NATURAL RESOURCES ETF	611,336	$29.68M	2.0%	$48.55	—	ETF	02368W408
MA	MASTERCARD INCORPORATED CL A	33,251	$17.08M	1.2%	$513.60	—	Stock	57636Q104
HON	HONEYWELL INTL INC COM	37,419	$8.378M	0.6%	$223.90	—	Stock	438516205
HONA	HONEYWELL AEROSPACE INC COM	37,264	$8.238M	0.6%	$221.08	—	Stock	43849R105
XOM	EXXONMOBIL HOLDINGS CORP COM SHS	3,869	$529K	0.0%	$136.72	—	Stock	30233Q108
CI	THE CIGNA GROUP COM	1,357	$374K	0.0%	$275.68	—	Stock	125523100
IWB	ISHARES RUSSELL 1000 ETF	700	$287K	0.0%	$409.50	—	ETF	464287622
CAT	CATERPILLAR INC COM	242	$258K	0.0%	$1064.90	—	Stock	149123101
IWM	ISHARES RUSSELL 2000 ETF	735	$221K	0.0%	$300.45	—	ETF	464287655
ABBV	ABBVIE INC COM	799	$201K	0.0%	$251.64	—	Stock	00287Y109

Increased Positions (33)

CVS CVS HEALTH CORP COM 2.4%

Value $35.13M (+50.0%) Shares 339,602 (+4.2%) Est. Cost $56.77 Unrealized —

DOW DOW HLDGS INC COM 1.5%

Value $22.53M (-33.2%) Shares 823,587 (+1.6%) Est. Cost $38.48 Unrealized —

T AT&T INC COM 1.6%

Value $23.13M (-26.3%) Shares 1,117,576 (+3.2%) Est. Cost $26.47 Unrealized —

NEE NEXTERA ENERGY INC COM 2.1%

Value $31.25M (+25.3%) Shares 356,042 (+32.6%) Est. Cost $72.65 Unrealized —

LUMN LUMEN TECHNOLOGIES INC COM 3.8%

Value $54.69M (+12.3%) Shares 7,121,417 (+1.6%) Est. Cost $5.86 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS COM 2.4%

Value $34.97M (+18.5%) Shares 124,362 (+2.2%) Est. Cost $107.43 Unrealized —

DHI D R HORTON INC COM 1.8%

Value $25.96M (+20.8%) Shares 159,409 (+1.8%) Est. Cost $83.30 Unrealized —

GOOGL ALPHABET INC CAP STK CL A 1.3%

Value $19.67M (+26.6%) Shares 55,053 (+1.9%) Est. Cost $158.20 Unrealized —

AMZN AMAZON COM INC COM 1.7%

Value $24.62M (+16.7%) Shares 103,281 (+2.0%) Est. Cost $140.08 Unrealized —

LLY ELI LILLY & CO COM 0.8%

Value $11.07M (+35.0%) Shares 9,226 (+3.5%) Est. Cost $1031.00 Unrealized —

UPS UNITED PARCEL SVCS INC CL B 1.7%

Value $25.24M (+11.5%) Shares 234,774 (+2.0%) Est. Cost $95.44 Unrealized —

HD HOME DEPOT INC COM 0.8%

Value $11.32M (+23.9%) Shares 32,104 (+15.5%) Est. Cost $139.00 Unrealized —

— FEDERAL NATL MTG ASSN VAR PFD SER P 5.4%

Value $78.96M (+2.6%) Shares 9,300,930 (+14.2%) Est. Cost $12.56 Unrealized —

NG NOVAGOLD RESOURCES INC COM NEW 0.2%

Value $2.68M (+298.0%) Shares 448,990 (+498.7%) Est. Cost $6.03 Unrealized —

— FEDERAL NATL MTG ASSN PFD8.25SER S 1.7%

Value $24.23M (-7.1%) Shares 2,220,938 (+1.3%) Est. Cost $16.52 Unrealized —

— FEDERAL NATL MTG ASSN PFD CV 5.375 0.4%

Value $5.73M (-22.1%) Shares 191 (+3.8%) Est. Cost $53926.70 Unrealized —

PEP PEPSICO INC COM 1.1%

Value $16.28M (-8.6%) Shares 120,234 (+4.8%) Est. Cost $97.56 Unrealized —

CEG CONSTELLATION ENERGY CORP COM 1.0%

Value $14.13M (-8.6%) Shares 56,882 (+2.7%) Est. Cost $263.43 Unrealized —

STWD STARWOOD PPTY TR INC COM 1.1%

Value $16M (+6.4%) Shares 976,892 (+11.8%) Est. Cost $17.13 Unrealized —

MSFT MICROSOFT CORP COM 2.1%

Value $30.86M (+3.1%) Shares 82,728 (+2.3%) Est. Cost $65.88 Unrealized —

SYK STRYKER CORPORATION COM 0.9%

Value $13.14M (+6.7%) Shares 41,748 (+11.4%) Est. Cost $176.81 Unrealized —

AMGN AMGEN INC COM 1.5%

Value $21.21M (+4.0%) Shares 58,570 (+1.0%) Est. Cost $250.38 Unrealized —

SONY SONY GROUP CORP SPONSORED ADR 0.9%

Value $13.28M (+3.7%) Shares 662,154 (+7.0%) Est. Cost $26.92 Unrealized —

DOCU DOCUSIGN INC COM 0.4%

Value $5.76M (+6.9%) Shares 129,678 (+14.1%) Est. Cost $71.90 Unrealized —

GOOG ALPHABET INC CAP STK CL C 0.1%

Value $903K (+61.8%) Shares 2,555 (+31.4%) Est. Cost $276.92 Unrealized —

DUK DUKE ENERGY CORP NEW COM NEW 1.9%

Value $27.07M (-1.1%) Shares 213,853 (+2.3%) Est. Cost $105.18 Unrealized —

ORCL ORACLE CORP COM 0.8%

Value $12.18M (+2.2%) Shares 83,144 (+2.6%) Est. Cost $147.93 Unrealized —

VOOG VANGUARD S&P 500 GROWTH ETF 0.1%

Value $824K (+21.6%) Shares 9,978 (+500.0%) Est. Cost $126.40 Unrealized —

CSCO CISCO SYS INC COM 0.0%

Value $383K (+54.4%) Shares 3,257 (+2.0%) Est. Cost $62.04 Unrealized —

— FEDERAL HOME LN MTG CORP PFD VAR RATE 0.2%

Value $3.267M (-3.7%) Shares 246,600 (+2.5%) Est. Cost $20.79 Unrealized —

— FEDERAL HOME LN MTG CORP PFD PERP VAR 0.2%

Value $3.561M (-1.5%) Shares 254,341 (+2.0%) Est. Cost $23.55 Unrealized —

PG PROCTER & GAMBLE CO COM 0.0%

Value $260K (+14.6%) Shares 1,776 (+12.9%) Est. Cost $157.34 Unrealized —

MCD MCDONALDS CORP COM 0.0%

Value $380K (-4.7%) Shares 1,405 (+9.6%) Est. Cost $133.95 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVS	CVS HEALTH CORP COM	339,602 (+4.2%)	$35.13M (+50.0%)	2.4%	$56.77	—	Stock	126650100
DOW	DOW HLDGS INC COM	823,587 (+1.6%)	$22.53M (-33.2%)	1.5%	$38.48	—	Stock	260557103
T	AT&T INC COM	1,117,576 (+3.2%)	$23.13M (-26.3%)	1.6%	$26.47	—	Stock	00206R102
NEE	NEXTERA ENERGY INC COM	356,042 (+32.6%)	$31.25M (+25.3%)	2.1%	$72.65	—	Stock	65339F101
LUMN	LUMEN TECHNOLOGIES INC COM	7,121,417 (+1.6%)	$54.69M (+12.3%)	3.8%	$5.86	—	Stock	550241103
IBM	INTERNATIONAL BUSINESS MACHS COM	124,362 (+2.2%)	$34.97M (+18.5%)	2.4%	$107.43	—	Stock	459200101
DHI	D R HORTON INC COM	159,409 (+1.8%)	$25.96M (+20.8%)	1.8%	$83.30	—	Stock	23331A109
GOOGL	ALPHABET INC CAP STK CL A	55,053 (+1.9%)	$19.67M (+26.6%)	1.3%	$158.20	—	Stock	02079K305
AMZN	AMAZON COM INC COM	103,281 (+2.0%)	$24.62M (+16.7%)	1.7%	$140.08	—	Stock	023135106
LLY	ELI LILLY & CO COM	9,226 (+3.5%)	$11.07M (+35.0%)	0.8%	$1031.00	—	Stock	532457108
UPS	UNITED PARCEL SVCS INC CL B	234,774 (+2.0%)	$25.24M (+11.5%)	1.7%	$95.44	—	Stock	911312106
HD	HOME DEPOT INC COM	32,104 (+15.5%)	$11.32M (+23.9%)	0.8%	$139.00	—	Stock	437076102
—	FEDERAL NATL MTG ASSN VAR PFD SER P	9,300,930 (+14.2%)	$78.96M (+2.6%)	5.4%	$12.56	—	Preferred	313586786
NG	NOVAGOLD RESOURCES INC COM NEW	448,990 (+498.7%)	$2.68M (+298.0%)	0.2%	$6.03	—	Stock	66987E206
—	FEDERAL NATL MTG ASSN PFD8.25SER S	2,220,938 (+1.3%)	$24.23M (-7.1%)	1.7%	$16.52	—	Preferred	313586752
—	FEDERAL NATL MTG ASSN PFD CV 5.375	191 (+3.8%)	$5.73M (-22.1%)	0.4%	$53926.70	—	Convertible Preferred	313586810
PEP	PEPSICO INC COM	120,234 (+4.8%)	$16.28M (-8.6%)	1.1%	$97.56	—	Stock	713448108
CEG	CONSTELLATION ENERGY CORP COM	56,882 (+2.7%)	$14.13M (-8.6%)	1.0%	$263.43	—	Stock	21037T109
STWD	STARWOOD PPTY TR INC COM	976,892 (+11.8%)	$16M (+6.4%)	1.1%	$17.13	—	REIT	85571B105
MSFT	MICROSOFT CORP COM	82,728 (+2.3%)	$30.86M (+3.1%)	2.1%	$65.88	—	Stock	594918104
SYK	STRYKER CORPORATION COM	41,748 (+11.4%)	$13.14M (+6.7%)	0.9%	$176.81	—	Stock	863667101
AMGN	AMGEN INC COM	58,570 (+1.0%)	$21.21M (+4.0%)	1.5%	$250.38	—	Stock	031162100
SONY	SONY GROUP CORP SPONSORED ADR	662,154 (+7.0%)	$13.28M (+3.7%)	0.9%	$26.92	—	ADR	835699307
DOCU	DOCUSIGN INC COM	129,678 (+14.1%)	$5.76M (+6.9%)	0.4%	$71.90	—	Stock	256163106
GOOG	ALPHABET INC CAP STK CL C	2,555 (+31.4%)	$903K (+61.8%)	0.1%	$276.92	—	Stock	02079K107
DUK	DUKE ENERGY CORP NEW COM NEW	213,853 (+2.3%)	$27.07M (-1.1%)	1.9%	$105.18	—	Stock	26441C204
ORCL	ORACLE CORP COM	83,144 (+2.6%)	$12.18M (+2.2%)	0.8%	$147.93	—	Stock	68389X105
VOOG	VANGUARD S&P 500 GROWTH ETF	9,978 (+500.0%)	$824K (+21.6%)	0.1%	$126.40	—	ETF	921932505
CSCO	CISCO SYS INC COM	3,257 (+2.0%)	$383K (+54.4%)	0.0%	$62.04	—	Stock	17275R102
—	FEDERAL HOME LN MTG CORP PFD VAR RATE	246,600 (+2.5%)	$3.267M (-3.7%)	0.2%	$20.79	—	Preferred	313400780
—	FEDERAL HOME LN MTG CORP PFD PERP VAR	254,341 (+2.0%)	$3.561M (-1.5%)	0.2%	$23.55	—	Preferred	313400715
PG	PROCTER & GAMBLE CO COM	1,776 (+12.9%)	$260K (+14.6%)	0.0%	$157.34	—	Stock	742718109
MCD	MCDONALDS CORP COM	1,405 (+9.6%)	$380K (-4.7%)	0.0%	$133.95	—	Stock	580135101

Exited Positions (10)

HON HONEYWELL INTL INC COM 1.1%

Value $16.09M Shares 71,174 Est. Cost $115.02 Unrealized —

GNRC GENERAC HLDGS INC COM 0.7%

Value $9.854M Shares 50,448 Est. Cost $102.06 Unrealized —

EWJ ISHARES MSCI JAPAN ETF 0.5%

Value $6.822M Shares 80,792 Est. Cost $84.44 Unrealized —

CARR CARRIER GLOBAL CORPORATION COM 0.5%

Value $6.639M Shares 117,892 Est. Cost $28.48 Unrealized —

SOLS SOLSTICE ADVANCED MATLS INC COM SHS 0.3%

Value $4.422M Shares 58,063 Est. Cost $47.08 Unrealized —

XOM EXXON MOBIL CORP COM 0.0%

Value $656K Shares 3,869 Est. Cost $55.86 Unrealized —

DG DOLLAR GEN CORP COM 0.0%

Value $371K Shares 3,128 Est. Cost $111.51 Unrealized —

TSCO TRACTOR SUPPLY CO COM 0.0%

Value $240K Shares 5,293 Est. Cost $47.71 Unrealized —

VZ VERIZON COMMUNICATIONS INC COM 0.0%

Value $227K Shares 4,512 Est. Cost $37.52 Unrealized —

EHC ENCOMPASS HEALTH CORP COM 0.0%

Value $211K Shares 2,184 Est. Cost $72.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTL INC COM	71,174	$16.09M	1.1%	$115.02	—	—	438516106
GNRC	GENERAC HLDGS INC COM	50,448	$9.854M	0.7%	$102.06	—	—	368736104
EWJ	ISHARES MSCI JAPAN ETF	80,792	$6.822M	0.5%	$84.44	—	—	46434G822
CARR	CARRIER GLOBAL CORPORATION COM	117,892	$6.639M	0.5%	$28.48	—	—	14448C104
SOLS	SOLSTICE ADVANCED MATLS INC COM SHS	58,063	$4.422M	0.3%	$47.08	—	—	83443Q103
XOM	EXXON MOBIL CORP COM	3,869	$656K	0.0%	$55.86	—	—	30231G102
DG	DOLLAR GEN CORP COM	3,128	$371K	0.0%	$111.51	—	—	256677105
TSCO	TRACTOR SUPPLY CO COM	5,293	$240K	0.0%	$47.71	—	—	892356106
VZ	VERIZON COMMUNICATIONS INC COM	4,512	$227K	0.0%	$37.52	—	—	92343V104
EHC	ENCOMPASS HEALTH CORP COM	2,184	$211K	0.0%	$72.25	—	—	29261A100

Decreased Positions (24)

GLW CORNING INC COM 7.1%

Value $103M (+71.9%) Shares 403,267 (-8.5%) Est. Cost $17.26 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFACT SPONSORED ADS 2.3%

Value $33.08M (+38.6%) Shares 69,262 (-1.9%) Est. Cost $84.88 Unrealized —

GEV GE VERNOVA INC COM 2.7%

Value $39.25M (+21.4%) Shares 33,409 (-9.8%) Est. Cost $158.10 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC CL A 1.1%

Value $16.14M (-22.0%) Shares 138,338 (-2.2%) Est. Cost $18.64 Unrealized —

BIL STATE STREET SPDR BLOOMBERG 1-3 MONTH T-BILL ETF 0.4%

Value $5.42M (-44.0%) Shares 59,146 (-44.0%) Est. Cost $91.65 Unrealized —

AAPL APPLE INC COM 1.4%

Value $19.97M (+9.4%) Shares 69,005 (-4.0%) Est. Cost $81.29 Unrealized —

COST COSTCO WHOLESALE CORPORATION COM 0.6%

Value $8.285M (-10.3%) Shares 8,857 (-4.5%) Est. Cost $384.41 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL CL B NEW 1.4%

Value $20.85M (+3.3%) Shares 41,676 (-1.1%) Est. Cost $220.09 Unrealized —

SCHD SCHWAB US DIVIDEND EQUITY ETF 0.4%

Value $5.813M (-10.1%) Shares 183,324 (-13.0%) Est. Cost $41.56 Unrealized —

RSP INVESCO S&P 500 EQUAL WEIGHT ETF 0.5%

Value $7.047M (+7.7%) Shares 33,119 (-2.9%) Est. Cost $154.95 Unrealized —

KO COCA COLA CO COM 1.0%

Value $14.86M (+2.8%) Shares 182,883 (-3.8%) Est. Cost $42.71 Unrealized —

META META PLATFORMS INC CL A 0.0%

Value $425K (-46.3%) Shares 754 (-45.4%) Est. Cost $502.58 Unrealized —

IVV ISHARES CORE S&P 500 ETF 0.2%

Value $3.097M (+12.6%) Shares 4,135 (-1.8%) Est. Cost $378.02 Unrealized —

NFLX NETFLIX INC. COM 0.0%

Value $216K (-53.6%) Shares 3,020 (-37.5%) Est. Cost $98.91 Unrealized —

CGGR CAPITAL GROUP GROWTH ETF 0.2%

Value $2.611M (+10.0%) Shares 55,309 (-6.4%) Est. Cost $19.74 Unrealized —

VOO VANGUARD S&P 500 ETF 0.1%

Value $1.309M (+10.4%) Shares 1,907 (-3.9%) Est. Cost $382.74 Unrealized —

EQIX EQUINIX INC COM 0.0%

Value $208K (-29.1%) Shares 200 (-33.3%) Est. Cost $510.45 Unrealized —

IJH ISHARES CORE S&P MID-CAP ETF 0.1%

Value $748K (+12.9%) Shares 9,701 (-1.1%) Est. Cost $77.96 Unrealized —

DUSA DAVIS SELECT U.S. EQUITY ETF 0.1%

Value $1.01M (+5.6%) Shares 17,977 (-4.7%) Est. Cost $32.98 Unrealized —

CGDV CAPITAL GROUP DIVIDEND VALUE ETF 0.1%

Value $813K (+5.3%) Shares 16,492 (-9.1%) Est. Cost $20.41 Unrealized —

V VISA INC COM CL A 0.0%

Value $288K (+7.1%) Shares 840 (-5.6%) Est. Cost $269.91 Unrealized —

CGUS CAPITAL GROUP CORE EQUITY ETF 0.0%

Value $269K (+2.5%) Shares 6,049 (-11.5%) Est. Cost $25.09 Unrealized —

VRSN VERISIGN INC COM 0.1%

Value $961K (-0.5%) Shares 3,821 (-1.8%) Est. Cost $216.20 Unrealized —

COPX GLOBAL X COPPER MINERS ETF 0.0%

Value $572K (-0.2%) Shares 7,425 (-1.0%) Est. Cost $45.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLW	CORNING INC COM	403,267 (-8.5%)	$103M (+71.9%)	7.1%	$17.26	—	Stock	219350105
TSM	TAIWAN SEMICONDUCTOR MANUFACT SPONSORED ADS	69,262 (-1.9%)	$33.08M (+38.6%)	2.3%	$84.88	—	ADR	874039100
GEV	GE VERNOVA INC COM	33,409 (-9.8%)	$39.25M (+21.4%)	2.7%	$158.10	—	Stock	36828A101
PLTR	PALANTIR TECHNOLOGIES INC CL A	138,338 (-2.2%)	$16.14M (-22.0%)	1.1%	$18.64	—	Stock	69608A108
BIL	STATE STREET SPDR BLOOMBERG 1-3 MONTH T-BILL ETF	59,146 (-44.0%)	$5.42M (-44.0%)	0.4%	$91.65	—	ETF	78468R663
AAPL	APPLE INC COM	69,005 (-4.0%)	$19.97M (+9.4%)	1.4%	$81.29	—	Stock	037833100
COST	COSTCO WHOLESALE CORPORATION COM	8,857 (-4.5%)	$8.285M (-10.3%)	0.6%	$384.41	—	Stock	22160K105
BRK/B	BERKSHIRE HATHAWAY INC DEL CL B NEW	41,676 (-1.1%)	$20.85M (+3.3%)	1.4%	$220.09	—	Stock	084670702
SCHD	SCHWAB US DIVIDEND EQUITY ETF	183,324 (-13.0%)	$5.813M (-10.1%)	0.4%	$41.56	—	ETF	808524797
RSP	INVESCO S&P 500 EQUAL WEIGHT ETF	33,119 (-2.9%)	$7.047M (+7.7%)	0.5%	$154.95	—	ETF	46137V357
KO	COCA COLA CO COM	182,883 (-3.8%)	$14.86M (+2.8%)	1.0%	$42.71	—	Stock	191216100
META	META PLATFORMS INC CL A	754 (-45.4%)	$425K (-46.3%)	0.0%	$502.58	—	Stock	30303M102
IVV	ISHARES CORE S&P 500 ETF	4,135 (-1.8%)	$3.097M (+12.6%)	0.2%	$378.02	—	ETF	464287200
NFLX	NETFLIX INC. COM	3,020 (-37.5%)	$216K (-53.6%)	0.0%	$98.91	—	Stock	64110L106
CGGR	CAPITAL GROUP GROWTH ETF	55,309 (-6.4%)	$2.611M (+10.0%)	0.2%	$19.74	—	ETF	14020G101
VOO	VANGUARD S&P 500 ETF	1,907 (-3.9%)	$1.309M (+10.4%)	0.1%	$382.74	—	ETF	922908363
EQIX	EQUINIX INC COM	200 (-33.3%)	$208K (-29.1%)	0.0%	$510.45	—	REIT	29444U700
IJH	ISHARES CORE S&P MID-CAP ETF	9,701 (-1.1%)	$748K (+12.9%)	0.1%	$77.96	—	ETF	464287507
DUSA	DAVIS SELECT U.S. EQUITY ETF	17,977 (-4.7%)	$1.01M (+5.6%)	0.1%	$32.98	—	ETF	23908L207
CGDV	CAPITAL GROUP DIVIDEND VALUE ETF	16,492 (-9.1%)	$813K (+5.3%)	0.1%	$20.41	—	ETF	14020W106
V	VISA INC COM CL A	840 (-5.6%)	$288K (+7.1%)	0.0%	$269.91	—	Stock	92826C839
CGUS	CAPITAL GROUP CORE EQUITY ETF	6,049 (-11.5%)	$269K (+2.5%)	0.0%	$25.09	—	ETF	14020V108
VRSN	VERISIGN INC COM	3,821 (-1.8%)	$961K (-0.5%)	0.1%	$216.20	—	Stock	92343E102
COPX	GLOBAL X COPPER MINERS ETF	7,425 (-1.0%)	$572K (-0.2%)	0.0%	$45.11	—	ETF	37954Y830

Unchanged Positions (51)

GE GE AEROSPACE COM NEW 2.6%

Value $37.59M Shares 100,576 Est. Cost $73.01 Unrealized —

UNH UNITEDHEALTH GROUP INC COM 1.7%

Value $24.68M Shares 59,372 Est. Cost $304.30 Unrealized —

CVX CHEVRON CORPORATION COM 2.2%

Value $31.78M Shares 191,746 Est. Cost $87.59 Unrealized —

— FEDERAL NATL MTG ASSN PFD 8.25 SR T 3.5%

Value $51.32M Shares 5,835,506 Est. Cost $15.70 Unrealized —

BAC BANK OF AMER CORP COM 2.0%

Value $29.78M Shares 522,695 Est. Cost $13.45 Unrealized —

GILD GILEAD SCIENCES INC COM 2.0%

Value $29.54M Shares 233,781 Est. Cost $54.38 Unrealized —

MRK MERCK & CO INC COM 2.4%

Value $35.12M Shares 273,326 Est. Cost $71.56 Unrealized —

— FEDERAL HOME LN MTG CORP 6.02 NON CM PFD 1.8%

Value $26.11M Shares 2,997,934 Est. Cost $14.46 Unrealized —

— FEDERAL HOME LN MTG CORP PFD 8.375 NCM 1.4%

Value $19.79M Shares 1,959,414 Est. Cost $15.64 Unrealized —

HSY HERSHEY CO COM 0.7%

Value $9.963M Shares 56,788 Est. Cost $91.89 Unrealized —

NVDA NVIDIA CORPORATION COM 0.9%

Value $13.06M Shares 65,266 Est. Cost $177.34 Unrealized —

JNJ JOHNSON & JOHNSON COM 2.4%

Value $34.81M Shares 137,077 Est. Cost $83.96 Unrealized —

FBK FB FINL CORP COM 1.3%

Value $19.12M Shares 345,472 Est. Cost $50.36 Unrealized —

WMB WILLIAMS COS INC COM 3.9%

Value $56.48M Shares 759,742 Est. Cost $19.01 Unrealized —

MU MICRON TECHNOLOGY INC COM 0.1%

Value $1.206M Shares 1,045 Est. Cost $93.22 Unrealized —

— FEDERAL NATL MTG ASSN PFD F VAR RATE 0.2%

Value $2.639M Shares 204,750 Est. Cost $22.40 Unrealized —

— FEDERAL NATL MTG ASSN PFD O VAR RATE 0.5%

Value $7.628M Shares 436,002 Est. Cost $29.80 Unrealized —

RTX RTX CORPORATION COM 2.0%

Value $29.27M Shares 154,255 Est. Cost $61.94 Unrealized —

HCA HCA HEALTHCARE INC COM 0.1%

Value $1.751M Shares 4,491 Est. Cost $248.41 Unrealized —

AMAT APPLIED MATLS INC COM 0.0%

Value $636K Shares 879 Est. Cost $180.78 Unrealized —

SPY STATE STREET SPDR S&P 500 ETF 0.2%

Value $2.497M Shares 3,344 Est. Cost $547.85 Unrealized —

REMX VANECK RARE EARTH AND STRATEGIC METALS ETF 1.2%

Value $17.2M Shares 194,298 Est. Cost $73.92 Unrealized —

AVGO BROADCOM INC COM 0.1%

Value $822K Shares 2,175 Est. Cost $166.22 Unrealized —

JPM JPMORGAN CHASE & CO COM 0.1%

Value $982K Shares 3,000 Est. Cost $122.30 Unrealized —

WMT WALMART INC COM 0.1%

Value $886K Shares 7,824 Est. Cost $61.98 Unrealized —

FITB FIFTH THIRD BANCORP COM 0.0%

Value $513K Shares 9,108 Est. Cost $16.48 Unrealized —

CGXU CAPITAL GROUP INTERNATIONAL FOCUS EQUITY ETF 0.0%

Value $437K Shares 12,612 Est. Cost $18.79 Unrealized —

QUAL ISHARES MSCI USA QUALITY FACTOR ETF 0.0%

Value $498K Shares 2,270 Est. Cost $179.52 Unrealized —

TSLA TESLA INC COM 0.0%

Value $565K Shares 1,344 Est. Cost $353.22 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL CL A 0.1%

Value $1.498M Shares 2 Est. Cost $485492.47 Unrealized —

— FEDERAL NATL MTG ASSN PFD7.625SER R 0.0%

Value $328K Shares 37,800 Est. Cost $14.85 Unrealized —

GS GOLDMAN SACHS GROUP INC COM 0.0%

Value $272K Shares 269 Est. Cost $734.84 Unrealized —

RF REGIONS FINANCIAL CORP NEW COM 0.0%

Value $300K Shares 9,927 Est. Cost $20.93 Unrealized —

FHN FIRST HORIZON CORPORATION COM 0.0%

Value $328K Shares 12,806 Est. Cost $14.16 Unrealized —

PRF INVESCO RAFI US 1000 ETF 0.0%

Value $270K Shares 5,000 Est. Cost $40.63 Unrealized —

— FEDERAL NATL MTG ASSN PFD L 5.125 0.0%

Value $261K Shares 17,500 Est. Cost $25.25 Unrealized —

LOW LOWES COS INC COM 0.0%

Value $441K Shares 2,000 Est. Cost $111.95 Unrealized —

NXE NEXGEN ENERGY LTD COM 0.0%

Value $131K Shares 14,000 Est. Cost $7.66 Unrealized —

HBAN HUNTINGTON BANCSHARES INC COM 0.0%

Value $247K Shares 13,916 Est. Cost $17.89 Unrealized —

VOOV VANGUARD S&P 500 VALUE ETF 0.0%

Value $392K Shares 1,789 Est. Cost $190.72 Unrealized —

DVY ISHARES SELECT DIVIDEND ETF 0.1%

Value $765K Shares 4,894 Est. Cost $96.79 Unrealized —

MO ALTRIA GROUP INC COM 0.0%

Value $258K Shares 3,588 Est. Cost $51.03 Unrealized —

VIG VANGUARD DIVIDEND APPRECIATION ETF 0.0%

Value $228K Shares 963 Est. Cost $215.77 Unrealized —

SO SOUTHERN CO COM 0.1%

Value $1.595M Shares 16,666 Est. Cost $41.49 Unrealized —

MOAT VANECK MORNINGSTAR WIDE MOAT ETF 0.0%

Value $290K Shares 2,786 Est. Cost $96.95 Unrealized —

— FEDERAL NATL MTG ASSN PFD 5.10 E 0.0%

Value $156K Shares 11,000 Est. Cost $24.00 Unrealized —

— FEDERAL NATL MTG ASSN PFD G VAR RATE 0.0%

Value $78,430 Shares 6,200 Est. Cost $22.25 Unrealized —

NHI NATIONAL HEALTH INVS INC COM 0.0%

Value $209K Shares 2,741 Est. Cost $79.11 Unrealized —

— FEDERAL NATL MTG ASSN PFD6.75 SER Q 0.0%

Value $42,000 Shares 5,000 Est. Cost $14.75 Unrealized —

ET ENERGY TRANSFER L P COM UT LTD PTN 0.0%

Value $473K Shares 24,720 Est. Cost $18.86 Unrealized —

— FEDERAL NATL MTG ASSN PFD M 4.75 0.0%

Value $34,675 Shares 2,500 Est. Cost $25.50 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GE	GE AEROSPACE COM NEW	100,576	$37.59M	2.6%	$73.01	—	Stock	369604301
UNH	UNITEDHEALTH GROUP INC COM	59,372	$24.68M	1.7%	$304.30	—	Stock	91324P102
CVX	CHEVRON CORPORATION COM	191,746	$31.78M	2.2%	$87.59	—	Stock	166764100
—	FEDERAL NATL MTG ASSN PFD 8.25 SR T	5,835,506	$51.32M	3.5%	$15.70	—	Preferred	313586737
BAC	BANK OF AMER CORP COM	522,695	$29.78M	2.0%	$13.45	—	Stock	060505104
GILD	GILEAD SCIENCES INC COM	233,781	$29.54M	2.0%	$54.38	—	Stock	375558103
MRK	MERCK & CO INC COM	273,326	$35.12M	2.4%	$71.56	—	Stock	58933Y105
—	FEDERAL HOME LN MTG CORP 6.02 NON CM PFD	2,997,934	$26.11M	1.8%	$14.46	—	Preferred	313400657
—	FEDERAL HOME LN MTG CORP PFD 8.375 NCM	1,959,414	$19.79M	1.4%	$15.64	—	Preferred	313400624
HSY	HERSHEY CO COM	56,788	$9.963M	0.7%	$91.89	—	Stock	427866108
NVDA	NVIDIA CORPORATION COM	65,266	$13.06M	0.9%	$177.34	—	Stock	67066G104
JNJ	JOHNSON & JOHNSON COM	137,077	$34.81M	2.4%	$83.96	—	Stock	478160104
FBK	FB FINL CORP COM	345,472	$19.12M	1.3%	$50.36	—	Stock	30257X104
WMB	WILLIAMS COS INC COM	759,742	$56.48M	3.9%	$19.01	—	Stock	969457100
MU	MICRON TECHNOLOGY INC COM	1,045	$1.206M	0.1%	$93.22	—	Stock	595112103
—	FEDERAL NATL MTG ASSN PFD F VAR RATE	204,750	$2.639M	0.2%	$22.40	—	Preferred	313586703
—	FEDERAL NATL MTG ASSN PFD O VAR RATE	436,002	$7.628M	0.5%	$29.80	—	Preferred	313586794
RTX	RTX CORPORATION COM	154,255	$29.27M	2.0%	$61.94	—	Stock	75513E101
HCA	HCA HEALTHCARE INC COM	4,491	$1.751M	0.1%	$248.41	—	Stock	40412C101
AMAT	APPLIED MATLS INC COM	879	$636K	0.0%	$180.78	—	Stock	038222105
SPY	STATE STREET SPDR S&P 500 ETF	3,344	$2.497M	0.2%	$547.85	—	ETF	78462F103
REMX	VANECK RARE EARTH AND STRATEGIC METALS ETF	194,298	$17.2M	1.2%	$73.92	—	ETF	92189H805
AVGO	BROADCOM INC COM	2,175	$822K	0.1%	$166.22	—	Stock	11135F101
JPM	JPMORGAN CHASE & CO COM	3,000	$982K	0.1%	$122.30	—	Stock	46625H100
WMT	WALMART INC COM	7,824	$886K	0.1%	$61.98	—	Stock	931142103
FITB	FIFTH THIRD BANCORP COM	9,108	$513K	0.0%	$16.48	—	Stock	316773100
CGXU	CAPITAL GROUP INTERNATIONAL FOCUS EQUITY ETF	12,612	$437K	0.0%	$18.79	—	ETF	14019W109
QUAL	ISHARES MSCI USA QUALITY FACTOR ETF	2,270	$498K	0.0%	$179.52	—	ETF	46432F339
TSLA	TESLA INC COM	1,344	$565K	0.0%	$353.22	—	Stock	88160R101
BRK/A	BERKSHIRE HATHAWAY INC DEL CL A	2	$1.498M	0.1%	$485492.47	—	Stock	084670108
—	FEDERAL NATL MTG ASSN PFD7.625SER R	37,800	$328K	0.0%	$14.85	—	Preferred	313586760
GS	GOLDMAN SACHS GROUP INC COM	269	$272K	0.0%	$734.84	—	Stock	38141G104
RF	REGIONS FINANCIAL CORP NEW COM	9,927	$300K	0.0%	$20.93	—	Stock	7591EP100
FHN	FIRST HORIZON CORPORATION COM	12,806	$328K	0.0%	$14.16	—	Stock	320517105
PRF	INVESCO RAFI US 1000 ETF	5,000	$270K	0.0%	$40.63	—	ETF	46137V613
—	FEDERAL NATL MTG ASSN PFD L 5.125	17,500	$261K	0.0%	$25.25	—	Preferred	313586844
LOW	LOWES COS INC COM	2,000	$441K	0.0%	$111.95	—	Stock	548661107
NXE	NEXGEN ENERGY LTD COM	14,000	$131K	0.0%	$7.66	—	Stock	65340P106
HBAN	HUNTINGTON BANCSHARES INC COM	13,916	$247K	0.0%	$17.89	—	Stock	446150104
VOOV	VANGUARD S&P 500 VALUE ETF	1,789	$392K	0.0%	$190.72	—	ETF	921932703
DVY	ISHARES SELECT DIVIDEND ETF	4,894	$765K	0.1%	$96.79	—	ETF	464287168
MO	ALTRIA GROUP INC COM	3,588	$258K	0.0%	$51.03	—	Stock	02209S103
VIG	VANGUARD DIVIDEND APPRECIATION ETF	963	$228K	0.0%	$215.77	—	ETF	921908844
SO	SOUTHERN CO COM	16,666	$1.595M	0.1%	$41.49	—	Stock	842587107
MOAT	VANECK MORNINGSTAR WIDE MOAT ETF	2,786	$290K	0.0%	$96.95	—	ETF	92189F643
—	FEDERAL NATL MTG ASSN PFD 5.10 E	11,000	$156K	0.0%	$24.00	—	Preferred	313586604
—	FEDERAL NATL MTG ASSN PFD G VAR RATE	6,200	$78,430	0.0%	$22.25	—	Preferred	313586802
NHI	NATIONAL HEALTH INVS INC COM	2,741	$209K	0.0%	$79.11	—	REIT	63633D104
—	FEDERAL NATL MTG ASSN PFD6.75 SER Q	5,000	$42,000	0.0%	$14.75	—	Preferred	313586778
ET	ENERGY TRANSFER L P COM UT LTD PTN	24,720	$473K	0.0%	$18.86	—	Stock	29273V100
—	FEDERAL NATL MTG ASSN PFD M 4.75	2,500	$34,675	0.0%	$25.50	—	Preferred	313586836