SAM Advisors, LLC Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PULS	PGIM ETF TR	65,277 (+66.1%)	$3,237 (+65.3%)	1.0%	$49.40	—	PGIM ULTRA SH BD	69344A107
SPHY	SPDR SERIES TRUST	680,062 (+3.1%)	$16,097 (+2.0%)	5.1%	$23.45	—	STATE STREET SPD	78468R606
PK	PARK HOTELS & RESORTS INC	237,257 (+18.8%)	$2,482 (+12.2%)	0.8%	$10.98	—	COM	700517105
KVUE	KENVUE INC	72,489 (+16.5%)	$1,250 (+23.8%)	0.4%	$19.36	-16.0%	COM	49177J102
BKLN	INVESCO EXCH TRADED FD TR II	308,742 (+3.5%)	$6,484 (+3.8%)	2.1%	$19.29	—	SR LN ETF	46138G508
AMLP	ALPS ETF TR	64,711 (+7.8%)	$3,043 (+8.0%)	1.0%	$48.04	—	ALERIAN MLP	00162Q452
KRE	SPDR SERIES TRUST	62,403 (+1.1%)	$4,044 (+3.5%)	1.3%	$41.81	—	STATE STREET SPD	78464A698
IBIT	ISHARES BITCOIN TRUST ETF	11,640 (+8.1%)	$578 (-17.4%)	0.2%	$37.14	—	SHS BEN INT	46438F101
SJNK	SPDR SERIES TRUST	245,179 (+3.1%)	$6,208 (+1.9%)	2.0%	$24.11	—	STATE STREET SPD	78468R408
VUSB	VANGUARD BD INDEX FDS	11,993 (+15.0%)	$598 (+14.6%)	0.2%	$49.65	—	VANGUARD ULTRA	92203C303
META	META PLATFORMS INC	717 (+2.4%)	$474 (-7.9%)	0.1%	$260.76	+155.9%	CL A	30303M102
—	CALAMOS CONV OPPORTUNITIES &	50,967 (+3.7%)	$534 (+0.8%)	0.2%	$10.90	—	SH BEN INT	128117108

Decreased Positions (10)

VXUS VANGUARD STAR FDS 17.2%

Value ($000) $54,501 (+1.2%) Shares 722,438 (-1.4%) Est. Cost $61.27 Unrealized —

VTI VANGUARD INDEX FDS 32.4%

Value ($000) $102,519 (+0.4%) Shares 305,780 (-1.7%) Est. Cost $213.77 Unrealized —

AAPL APPLE INC 1.8%

Value ($000) $5,675 (+5.2%) Shares 20,873 (-1.4%) Est. Cost $148.26 Unrealized +81.0%

JNJ JOHNSON & JOHNSON 0.8%

Value ($000) $2,465 (+9.5%) Shares 11,910 (-1.9%) Est. Cost $149.78 Unrealized +31.5%

GOOGL ALPHABET INC 0.3%

Value ($000) $930 (+25.5%) Shares 2,972 (-2.5%) Est. Cost $111.29 Unrealized +156.6%

IYG ISHARES TR 3.3%

Value ($000) $10,466 (+1.1%) Shares 113,453 (-1.8%) Est. Cost $90.17 Unrealized —

JAAA JANUS DETROIT STR TR 0.2%

Value ($000) $612 (-12.6%) Shares 12,103 (-12.3%) Est. Cost $50.83 Unrealized —

QQQ INVESCO QQQ TR 7.4%

Value ($000) $23,297 (-0.4%) Shares 37,924 (-2.6%) Est. Cost $329.44 Unrealized —

— HANCOCK JOHN PFD INCOME FD 0.2%

Value ($000) $519 (-9.5%) Shares 32,032 (-3.0%) Est. Cost $18.43 Unrealized —

SCHW SCHWAB CHARLES CORP 1.4%

Value ($000) $4,452 (+0.7%) Shares 44,560 (-3.8%) Est. Cost $64.56 Unrealized +46.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VXUS	VANGUARD STAR FDS	722,438 (-1.4%)	$54,501 (+1.2%)	17.2%	$61.27	—	VG TL INTL STK F	921909768
VTI	VANGUARD INDEX FDS	305,780 (-1.7%)	$102,519 (+0.4%)	32.4%	$213.77	—	TOTAL STK MKT	922908769
AAPL	APPLE INC	20,873 (-1.4%)	$5,675 (+5.2%)	1.8%	$148.26	+81.0%	COM	037833100
JNJ	JOHNSON & JOHNSON	11,910 (-1.9%)	$2,465 (+9.5%)	0.8%	$149.78	+31.5%	COM	478160104
GOOGL	ALPHABET INC	2,972 (-2.5%)	$930 (+25.5%)	0.3%	$111.29	+156.6%	CAP STK CL A	02079K305
IYG	ISHARES TR	113,453 (-1.8%)	$10,466 (+1.1%)	3.3%	$90.17	—	U.S. FIN SVC ETF	464287770
JAAA	JANUS DETROIT STR TR	12,103 (-12.3%)	$612 (-12.6%)	0.2%	$50.83	—	HENDRSON AAA CL	47103U845
QQQ	INVESCO QQQ TR	37,924 (-2.6%)	$23,297 (-0.4%)	7.4%	$329.44	—	UNIT SER 1	46090E103
—	HANCOCK JOHN PFD INCOME FD	32,032 (-3.0%)	$519 (-9.5%)	0.2%	$18.43	—	SH BEN INT	41013W108
SCHW	SCHWAB CHARLES CORP	44,560 (-3.8%)	$4,452 (+0.7%)	1.4%	$64.56	+46.7%	COM	808513105

Unchanged Positions (19)

UBER UBER TECHNOLOGIES INC 1.3%

Value ($000) $4,036 Shares 49,399 Est. Cost $39.47 Unrealized +128.1%

VB VANGUARD INDEX FDS 5.9%

Value ($000) $18,717 Shares 72,561 Est. Cost $212.68 Unrealized —

MSFT MICROSOFT CORP 1.9%

Value ($000) $6,087 Shares 12,586 Est. Cost $283.61 Unrealized +76.5%

GOOG ALPHABET INC 0.6%

Value ($000) $1,898 Shares 6,050 Est. Cost $112.04 Unrealized +155.6%

JPEM J P MORGAN EXCHANGE TRADED F 3.7%

Value ($000) $11,817 Shares 194,578 Est. Cost $8.94 Unrealized —

AMZN AMAZON COM INC 1.4%

Value ($000) $4,370 Shares 18,933 Est. Cost $119.87 Unrealized +90.9%

— EATON VANCE TAX-MANAGED GLOB 1.5%

Value ($000) $4,893 Shares 513,474 Est. Cost $8.75 Unrealized —

CAT CATERPILLAR INC 0.3%

Value ($000) $882 Shares 1,540 Est. Cost $195.46 Unrealized +184.2%

GLD SPDR GOLD TR 0.3%

Value ($000) $1,010 Shares 2,548 Est. Cost $155.98 Unrealized —

SPG SIMON PPTY GROUP INC NEW 1.3%

Value ($000) $4,024 Shares 21,738 Est. Cost $133.84 Unrealized +34.5%

PSX PHILLIPS 66 0.2%

Value ($000) $534 Shares 4,136 Est. Cost $111.04 Unrealized +20.7%

KO COCA COLA CO 0.1%

Value ($000) $391 Shares 5,599 Est. Cost $54.10 Unrealized +28.3%

XOM EXXON MOBIL CORP 0.1%

Value ($000) $270 Shares 2,247 Est. Cost $104.51 Unrealized +10.5%

CVX CHEVRON CORP NEW 0.3%

Value ($000) $929 Shares 6,097 Est. Cost $139.96 Unrealized +8.2%

NVDA NVIDIA CORPORATION 0.9%

Value ($000) $2,832 Shares 15,185 Est. Cost $149.02 Unrealized +24.9%

WABC WESTAMERICA BANCORPORATION 0.1%

Value ($000) $325 Shares 6,794 Est. Cost $47.96 Unrealized -1.2%

COP CONOCOPHILLIPS 0.2%

Value ($000) $774 Shares 8,273 Est. Cost $109.73 Unrealized -18.0%

IVW ISHARES TR 0.1%

Value ($000) $316 Shares 2,567 Est. Cost $110.10 Unrealized —

BSV VANGUARD BD INDEX FDS 0.2%

Value ($000) $770 Shares 9,773 Est. Cost $76.49 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UBER	UBER TECHNOLOGIES INC	49,399	$4,036	1.3%	$39.47	+128.1%	COM	90353T100
VB	VANGUARD INDEX FDS	72,561	$18,717	5.9%	$212.68	—	SMALL CP ETF	922908751
MSFT	MICROSOFT CORP	12,586	$6,087	1.9%	$283.61	+76.5%	COM	594918104
GOOG	ALPHABET INC	6,050	$1,898	0.6%	$112.04	+155.6%	CAP STK CL C	02079K107
JPEM	J P MORGAN EXCHANGE TRADED F	194,578	$11,817	3.7%	$8.94	—	DIV RTN EM EQT	46641Q308
AMZN	AMAZON COM INC	18,933	$4,370	1.4%	$119.87	+90.9%	COM	023135106
—	EATON VANCE TAX-MANAGED GLOB	513,474	$4,893	1.5%	$8.75	—	COM	27829F108
CAT	CATERPILLAR INC	1,540	$882	0.3%	$195.46	+184.2%	COM	149123101
GLD	SPDR GOLD TR	2,548	$1,010	0.3%	$155.98	—	GOLD SHS	78463V107
SPG	SIMON PPTY GROUP INC NEW	21,738	$4,024	1.3%	$133.84	+34.5%	COM	828806109
PSX	PHILLIPS 66	4,136	$534	0.2%	$111.04	+20.7%	COM	718546104
KO	COCA COLA CO	5,599	$391	0.1%	$54.10	+28.3%	COM	191216100
XOM	EXXON MOBIL CORP	2,247	$270	0.1%	$104.51	+10.5%	COM	30231G102
CVX	CHEVRON CORP NEW	6,097	$929	0.3%	$139.96	+8.2%	COM	166764100
NVDA	NVIDIA CORPORATION	15,185	$2,832	0.9%	$149.02	+24.9%	COM	67066G104
WABC	WESTAMERICA BANCORPORATION	6,794	$325	0.1%	$47.96	-1.2%	COM	957090103
COP	CONOCOPHILLIPS	8,273	$774	0.2%	$109.73	-18.0%	COM	20825C104
IVW	ISHARES TR	2,567	$316	0.1%	$110.10	—	S&P 500 GRWT ETF	464287309
BSV	VANGUARD BD INDEX FDS	9,773	$770	0.2%	$76.49	—	SHORT TRM BOND	921937827