Concord Investment Counsel Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NFLX	Netflix Inc.	130,447 (+897.0%)	$12,231 (-22.0%)	4.0%	$102.65	+5.0%	COM	64110L106
MAR	Marriott Intl Inc Class A	27,785 (+29.6%)	$8,620 (+54.4%)	2.8%	$248.57	+14.8%	CL A	571903202
RCL	Royal Caribbean Cruises Ltd.	16,938 (+67.6%)	$4,724 (+44.4%)	1.5%	$281.11	+0.2%	COM	V7780T103
DHI	D.R. Horton, Inc.	35,612 (+51.9%)	$5,129 (+29.1%)	1.7%	$148.80	+2.2%	COM	23331A109
XLE	The Energy Spyder	180,420 (+95.2%)	$8,067 (-2.3%)	2.6%	$70.17	—	ETF	81369Y506
XLK	Sector Spdr Technology Fund	61,198 (+94.5%)	$8,811 (-0.7%)	2.9%	$177.04	—	ETF	81369Y803
XLY	Sector Spdr Consumer Disc. Fund	58 (+100.0%)	$7 (-0.3%)	0.0%	$179.53	—	ETF	81369Y407

Decreased Positions (30)

GOOGL Alphabet Inc. Class A 7.5%

Value ($000) $23,138 (+23.7%) Shares 73,924 (-4.0%) Est. Cost $141.98 Unrealized +101.2%

NVDA NVIDIA Corporation 13.2%

Value ($000) $40,705 (-9.6%) Shares 218,255 (-9.5%) Est. Cost $162.06 Unrealized +14.9%

CRM Salesforce 0.0%

Value ($000) $44 (-98.9%) Shares 166 (-99.0%) Est. Cost $276.52 Unrealized -10.3%

AAPL Apple Inc. 7.6%

Value ($000) $23,455 (-11.1%) Shares 86,276 (-16.8%) Est. Cost $180.25 Unrealized +48.9%

MSFT Microsoft 4.6%

Value ($000) $14,060 (-15.2%) Shares 29,072 (-9.2%) Est. Cost $399.26 Unrealized +25.4%

META Meta Platforms, Inc. 4.5%

Value ($000) $13,746 (-11.7%) Shares 20,825 (-1.7%) Est. Cost $446.30 Unrealized +49.5%

ETN Eaton Corp PLC 2.6%

Value ($000) $7,859 (-17.6%) Shares 24,675 (-3.2%) Est. Cost $363.27 Unrealized -2.4%

LLY Eli Lilly & Co. 2.0%

Value ($000) $6,066 (+38.1%) Shares 5,644 (-1.9%) Est. Cost $742.24 Unrealized +28.7%

UNH UnitedHealth Group 2.6%

Value ($000) $8,014 (-8.1%) Shares 24,277 (-3.8%) Est. Cost $488.97 Unrealized -31.0%

IBB iShares Nasdaq Biotechnology 1.5%

Value ($000) $4,645 (+12.8%) Shares 27,520 (-3.5%) Est. Cost $137.22 Unrealized —

IHE iShares Dow Jones US Pharmaceuticals 1.4%

Value ($000) $4,243 (+13.1%) Shares 50,022 (-3.3%) Est. Cost $67.89 Unrealized —

SOXX S&P PHLX Semiconducter Index 2.2%

Value ($000) $6,696 (+7.5%) Shares 22,234 (-3.2%) Est. Cost $227.92 Unrealized —

COST Costco Wholesale Corp. 1.4%

Value ($000) $4,181 (-8.3%) Shares 4,848 (-1.5%) Est. Cost $956.70 Unrealized -5.3%

GOOG Alphabet Inc. Class C 0.1%

Value ($000) $323 (-51.4%) Shares 1,029 (-62.3%) Est. Cost $143.27 Unrealized +99.9%

XLI Sector Spdr Industrial Fund 7.0%

Value ($000) $21,577 (-1.3%) Shares 139,101 (-1.9%) Est. Cost $125.96 Unrealized —

ORCL Oracle 0.1%

Value ($000) $272 (-47.6%) Shares 1,393 (-24.4%) Est. Cost $112.35 Unrealized +111.9%

— PCM Fund Inc. 0.1%

Value ($000) $459 (-31.2%) Shares 74,692 (-24.8%) Est. Cost $8.27 Unrealized —

XLP Consumer Staples Select Sect. SPDR 1.4%

Value ($000) $4,237 (-3.8%) Shares 54,547 (-2.9%) Est. Cost $76.36 Unrealized —

QQQ PowerShares QQQ Trust 4.8%

Value ($000) $14,793 (+0.9%) Shares 24,080 (-1.3%) Est. Cost $444.01 Unrealized —

MBB iShares Barclays MBS Fixed-Rate 0.2%

Value ($000) $684 (-16.0%) Shares 7,188 (-16.1%) Est. Cost $92.64 Unrealized —

PG Procter & Gamble 0.0%

Value ($000) $146 (-39.6%) Shares 1,018 (-35.3%) Est. Cost $150.88 Unrealized -2.5%

QCOM Qualcomm Inc. 0.1%

Value ($000) $204 (-30.8%) Shares 1,193 (-32.7%) Est. Cost $148.53 Unrealized +15.0%

HYG iShares High Yield Corp Bond Fund 0.4%

Value ($000) $1,281 (-5.1%) Shares 15,888 (-4.4%) Est. Cost $77.73 Unrealized —

GIS General Mills, Inc. 0.0%

Value ($000) $109 (-35.3%) Shares 2,335 (-29.8%) Est. Cost $49.46 Unrealized -4.0%

JPM J. P. Morgan 3.9%

Value ($000) $11,905 (-0.5%) Shares 36,948 (-2.6%) Est. Cost $173.61 Unrealized +78.3%

AMZN Amazon Com Inc. 7.2%

Value ($000) $22,019 (-0.2%) Shares 95,393 (-5.1%) Est. Cost $166.93 Unrealized +37.1%

V Visa, Inc. 2.6%

Value ($000) $7,897 (+0.5%) Shares 22,517 (-2.1%) Est. Cost $291.95 Unrealized +16.6%

CVX Chevron Corp. 0.0%

Value ($000) $101 (-25.5%) Shares 660 (-24.1%) Est. Cost $152.28 Unrealized -0.6%

IHI iShares Dow Jones US Medical Devices 0.9%

Value ($000) $2,663 (-0.3%) Shares 42,849 (-3.6%) Est. Cost $58.59 Unrealized —

SLB Schlumberger Ltd. 0.0%

Value ($000) $109 (-1.8%) Shares 2,849 (-12.0%) Est. Cost $34.34 Unrealized +5.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet Inc. Class A	73,924 (-4.0%)	$23,138 (+23.7%)	7.5%	$141.98	+101.2%	CAP STK CL A	02079K305
NVDA	NVIDIA Corporation	218,255 (-9.5%)	$40,705 (-9.6%)	13.2%	$162.06	+14.9%	COM	67066G104
CRM	Salesforce	166 (-99.0%)	$44 (-98.9%)	0.0%	$276.52	-10.3%	COM	79466L302
AAPL	Apple Inc.	86,276 (-16.8%)	$23,455 (-11.1%)	7.6%	$180.25	+48.9%	COM	037833100
MSFT	Microsoft	29,072 (-9.2%)	$14,060 (-15.2%)	4.6%	$399.26	+25.4%	COM	594918104
META	Meta Platforms, Inc.	20,825 (-1.7%)	$13,746 (-11.7%)	4.5%	$446.30	+49.5%	CL A	30303M102
ETN	Eaton Corp PLC	24,675 (-3.2%)	$7,859 (-17.6%)	2.6%	$363.27	-2.4%	SHS	G29183103
LLY	Eli Lilly & Co.	5,644 (-1.9%)	$6,066 (+38.1%)	2.0%	$742.24	+28.7%	COM	532457108
UNH	UnitedHealth Group	24,277 (-3.8%)	$8,014 (-8.1%)	2.6%	$488.97	-31.0%	COM	91324P102
IBB	iShares Nasdaq Biotechnology	27,520 (-3.5%)	$4,645 (+12.8%)	1.5%	$137.22	—	ETF	464287556
IHE	iShares Dow Jones US Pharmaceuticals	50,022 (-3.3%)	$4,243 (+13.1%)	1.4%	$67.89	—	ETF	464288836
SOXX	S&P PHLX Semiconducter Index	22,234 (-3.2%)	$6,696 (+7.5%)	2.2%	$227.92	—	ETF	464287523
COST	Costco Wholesale Corp.	4,848 (-1.5%)	$4,181 (-8.3%)	1.4%	$956.70	-5.3%	COM	22160K105
GOOG	Alphabet Inc. Class C	1,029 (-62.3%)	$323 (-51.4%)	0.1%	$143.27	+99.9%	CAP STK CL C	02079K107
XLI	Sector Spdr Industrial Fund	139,101 (-1.9%)	$21,577 (-1.3%)	7.0%	$125.96	—	ETF	81369Y704
ORCL	Oracle	1,393 (-24.4%)	$272 (-47.6%)	0.1%	$112.35	+111.9%	COM	68389X105
—	PCM Fund Inc.	74,692 (-24.8%)	$459 (-31.2%)	0.1%	$8.27	—	COM	69323T101
XLP	Consumer Staples Select Sect. SPDR	54,547 (-2.9%)	$4,237 (-3.8%)	1.4%	$76.36	—	ETF	81369Y308
QQQ	PowerShares QQQ Trust	24,080 (-1.3%)	$14,793 (+0.9%)	4.8%	$444.01	—	ETF	46090E103
MBB	iShares Barclays MBS Fixed-Rate	7,188 (-16.1%)	$684 (-16.0%)	0.2%	$92.64	—	ETF	464288588
PG	Procter & Gamble	1,018 (-35.3%)	$146 (-39.6%)	0.0%	$150.88	-2.5%	COM	742718109
QCOM	Qualcomm Inc.	1,193 (-32.7%)	$204 (-30.8%)	0.1%	$148.53	+15.0%	COM	747525103
HYG	iShares High Yield Corp Bond Fund	15,888 (-4.4%)	$1,281 (-5.1%)	0.4%	$77.73	—	ETF	464288513
GIS	General Mills, Inc.	2,335 (-29.8%)	$109 (-35.3%)	0.0%	$49.46	-4.0%	COM	370334104
JPM	J. P. Morgan	36,948 (-2.6%)	$11,905 (-0.5%)	3.9%	$173.61	+78.3%	COM	46625H100
AMZN	Amazon Com Inc.	95,393 (-5.1%)	$22,019 (-0.2%)	7.2%	$166.93	+37.1%	COM	023135106
V	Visa, Inc.	22,517 (-2.1%)	$7,897 (+0.5%)	2.6%	$291.95	+16.6%	COM CL A	92826C839
CVX	Chevron Corp.	660 (-24.1%)	$101 (-25.5%)	0.0%	$152.28	-0.6%	COM	166764100
IHI	iShares Dow Jones US Medical Devices	42,849 (-3.6%)	$2,663 (-0.3%)	0.9%	$58.59	—	ETF	464288810
SLB	Schlumberger Ltd.	2,849 (-12.0%)	$109 (-1.8%)	0.0%	$34.34	+5.0%	COM STK	806857108

Unchanged Positions (2)

BAC Bank Of America Corp. 3.7%

Value ($000) $11,545 Shares 209,905 Est. Cost $36.53 Unrealized +44.2%

IYE iShares Dow Jones US Energy Sector 0.1%

Value ($000) $388 Shares 8,173 Est. Cost $49.40 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BAC	Bank Of America Corp.	209,905	$11,545	3.7%	$36.53	+44.2%	COM	060505104
IYE	iShares Dow Jones US Energy Sector	8,173	$388	0.1%	$49.40	—	ETF	464287796