Orion Investment Co Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RGLD	Royal Gold Inc	29,798 (+7.5%)	$6,624 (+19.1%)	2.0%	$141.05	+40.6%	COM	780287108
SHOP	Shopify Inc	49,480 (+1.6%)	$7,965 (+10.0%)	2.4%	$79.92	+100.9%	CL A	82509L107
RGTI	Rigetti Computing Inc	161,270 (+15.8%)	$3,572 (-13.9%)	1.1%	$15.94	+104.6%	COMMON STOCK	76655K103
CCJ	Cameco Corp	52,238 (+3.3%)	$4,779 (+12.7%)	1.5%	$54.53	+64.9%	COM	13321L108
NOW	Servicenow Inc	12,000 (+397.7%)	$1,838 (-17.1%)	0.6%	$175.40	-2.2%	COM	81762P102
CDNS	Cadence Design Systems Inc	10,684 (+2.5%)	$3,340 (-8.8%)	1.0%	$292.65	+11.5%	COM	127387108
VOO	Vanguard Index Fds	5,843 (+2.3%)	$3,664 (+4.7%)	1.1%	$569.34	—	S&P 500 ETF SHS	922908363
ATO	Atmos Energy Corp	18,658 (+5.6%)	$3,128 (+3.7%)	1.0%	$121.07	+42.3%	COM	049560105
EPD	Enterprise Prods Partners L	35,367 (+6.6%)	$1,134 (+9.3%)	0.3%	$31.17	—	COM	293792107
ARLP	Alliance Resources Partners L	34,475 (+21.1%)	$801 (+11.2%)	0.2%	$26.43	—	UT LTD PART	01877R108
CBSH	Commerce Bancshares Inc	11,804 (+5.0%)	$618 (-8.0%)	0.2%	$48.68	+7.0%	COM	200525103

Exited Positions (3)

PYPL Paypal Hldgs Inc 0.2%

Value ($000) $594 Shares 8,859 Est. Cost $63.46 Unrealized +2.2%

ORCL Oracle Corp 0.1%

Value ($000) $280 Shares 995 Est. Cost $160.80 Unrealized +48.0%

PEP Pepsico Inc 0.1%

Value ($000) $246 Shares 1,752 Est. Cost $162.33 Unrealized -10.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PYPL	Paypal Hldgs Inc	8,859	$594	0.2%	$63.46	+2.2%	—	70450Y103
ORCL	Oracle Corp	995	$280	0.1%	$160.80	+48.0%	—	68389X105
PEP	Pepsico Inc	1,752	$246	0.1%	$162.33	-10.1%	—	713448108

Decreased Positions (10)

OKLO Oklo Inc 0.2%

Value ($000) $596 (-36.7%) Shares 8,303 (-1.5%) Est. Cost $78.30 Unrealized +42.4%

GOOGL Alphabet Inc Cl A 0.4%

Value ($000) $1,371 (+27.4%) Shares 4,379 (-1.0%) Est. Cost $167.91 Unrealized +70.1%

GOOG Alphabet Inc Cl C 0.2%

Value ($000) $756 (+26.7%) Shares 2,410 (-1.6%) Est. Cost $168.87 Unrealized +69.6%

LLY Eli Lilly & Co 0.2%

Value ($000) $495 (+37.9%) Shares 461 (-2.1%) Est. Cost $791.98 Unrealized +20.7%

BMY Bristol-Myers Squibb Co 0.4%

Value ($000) $1,195 (+8.3%) Shares 22,148 (-9.4%) Est. Cost $41.01 Unrealized +15.9%

JNJ Johnson & Johnson 0.3%

Value ($000) $1,005 (+9.0%) Shares 4,858 (-2.3%) Est. Cost $141.44 Unrealized +39.3%

CNI Canadian Natl Ry Co 1.0%

Value ($000) $3,198 (+2.4%) Shares 32,353 (-2.3%) Est. Cost $121.07 Unrealized -20.6%

WMT Walmart Inc 0.2%

Value ($000) $502 (+4.6%) Shares 4,506 (-3.2%) Est. Cost $61.97 Unrealized +73.0%

MCD McDonalds Corp 0.1%

Value ($000) $260 (-0.6%) Shares 850 (-1.2%) Est. Cost $255.04 Unrealized +19.6%

MKC McCormick & Co Inc 0.1%

Value ($000) $408 (-0.4%) Shares 5,990 (-2.1%) Est. Cost $69.71 Unrealized -5.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OKLO	Oklo Inc	8,303 (-1.5%)	$596 (-36.7%)	0.2%	$78.30	+42.4%	COM CL A	02156V109
GOOGL	Alphabet Inc Cl A	4,379 (-1.0%)	$1,371 (+27.4%)	0.4%	$167.91	+70.1%	CAP STK CL A	02079K305
GOOG	Alphabet Inc Cl C	2,410 (-1.6%)	$756 (+26.7%)	0.2%	$168.87	+69.6%	CAP STK CL C	02079K107
LLY	Eli Lilly & Co	461 (-2.1%)	$495 (+37.9%)	0.2%	$791.98	+20.7%	COM	532457108
BMY	Bristol-Myers Squibb Co	22,148 (-9.4%)	$1,195 (+8.3%)	0.4%	$41.01	+15.9%	COM	110122108
JNJ	Johnson & Johnson	4,858 (-2.3%)	$1,005 (+9.0%)	0.3%	$141.44	+39.3%	COM	478160104
CNI	Canadian Natl Ry Co	32,353 (-2.3%)	$3,198 (+2.4%)	1.0%	$121.07	-20.6%	COM	136375102
WMT	Walmart Inc	4,506 (-3.2%)	$502 (+4.6%)	0.2%	$61.97	+73.0%	COM	931142103
MCD	McDonalds Corp	850 (-1.2%)	$260 (-0.6%)	0.1%	$255.04	+19.6%	COM	580135101
MKC	McCormick & Co Inc	5,990 (-2.1%)	$408 (-0.4%)	0.1%	$69.71	-5.4%	COM NON VTG	579780206

Unchanged Positions (46)

REGN Regeneron Pharmaceuticals 7.2%

Value ($000) $23,783 Shares 30,812 Est. Cost $951.08 Unrealized -28.6%

IONQ IonQ Inc 3.8%

Value ($000) $12,437 Shares 277,184 Est. Cost $12.19 Unrealized +359.8%

MSFT Microsoft Corp 15.6%

Value ($000) $51,046 Shares 105,549 Est. Cost $417.26 Unrealized +20.0%

IONS Ionis Pharmaceuticals Inc 5.4%

Value ($000) $17,812 Shares 225,161 Est. Cost $41.27 Unrealized +82.5%

CMI Cummins Inc 3.5%

Value ($000) $11,631 Shares 22,785 Est. Cost $277.51 Unrealized +68.0%

PH Parker-Hannifin Corp 3.7%

Value ($000) $12,097 Shares 13,763 Est. Cost $527.65 Unrealized +55.0%

BIIB Biogen Inc 2.1%

Value ($000) $6,935 Shares 39,404 Est. Cost $200.79 Unrealized -18.6%

IOVA Iovance Biotherapeutics Inc 1.5%

Value ($000) $5,069 Shares 1,856,934 Est. Cost $6.20 Unrealized -62.7%

XOM Exxon Mobil Corp 3.1%

Value ($000) $10,198 Shares 84,744 Est. Cost $110.14 Unrealized +4.9%

HII Huntington Ingalls Inds Inc 1.3%

Value ($000) $4,243 Shares 12,476 Est. Cost $250.34 Unrealized +23.6%

PG Procter And Gamble Co 2.6%

Value ($000) $8,472 Shares 59,115 Est. Cost $157.42 Unrealized -6.5%

PLTR Palantir Technologies Inc 7.3%

Value ($000) $23,902 Shares 134,468 Est. Cost $32.94 Unrealized +449.5%

ABT Abbott Labs 2.4%

Value ($000) $7,975 Shares 63,649 Est. Cost $102.94 Unrealized +23.7%

ASML ASML Holding N V 1.7%

Value ($000) $5,699 Shares 5,327 Est. Cost $915.86 Unrealized —

NEE Nextera Energy Inc 2.5%

Value ($000) $8,250 Shares 102,769 Est. Cost $67.89 Unrealized +21.5%

QCOM Qualcomm Inc 6.3%

Value ($000) $20,639 Shares 120,663 Est. Cost $182.24 Unrealized -6.3%

INTC Intel Corp 1.7%

Value ($000) $5,508 Shares 149,264 Est. Cost $29.77 Unrealized +26.8%

NEM Newmont Corporation 0.9%

Value ($000) $2,813 Shares 28,172 Est. Cost $43.48 Unrealized +107.5%

MRK Merck & Co 0.7%

Value ($000) $2,166 Shares 20,574 Est. Cost $121.72 Unrealized -23.4%

EFX Equifax Inc 0.6%

Value ($000) $1,928 Shares 8,887 Est. Cost $235.79 Unrealized -7.3%

AAPL Apple Inc 1.2%

Value ($000) $3,902 Shares 14,354 Est. Cost $186.85 Unrealized +43.6%

PANW Palo Alto Networks Inc 0.6%

Value ($000) $1,934 Shares 10,499 Est. Cost $174.94 Unrealized +15.3%

HSY Hershey Co 2.1%

Value ($000) $6,986 Shares 38,391 Est. Cost $181.11 Unrealized +0.5%

GD General Dynamics Corp 2.0%

Value ($000) $6,704 Shares 19,912 Est. Cost $284.04 Unrealized +20.0%

IBOC International Business Machs 0.5%

Value ($000) $1,662 Shares 5,610 Est. Cost $53.95 Unrealized +24.2%

AVGO Broadcom Inc 0.4%

Value ($000) $1,357 Shares 3,922 Est. Cost $305.74 Unrealized +16.8%

AEE Ameren Corp 0.4%

Value ($000) $1,331 Shares 13,327 Est. Cost $69.05 Unrealized +47.7%

MO Altria Group 0.1%

Value ($000) $478 Shares 8,296 Est. Cost $40.28 Unrealized +47.4%

AMZN Amazon Com Inc 0.3%

Value ($000) $1,136 Shares 4,920 Est. Cost $185.86 Unrealized +23.1%

CAT Caterpillar Inc 0.1%

Value ($000) $329 Shares 575 Est. Cost $330.84 Unrealized +67.9%

GRMN Garmin Ltd 0.1%

Value ($000) $243 Shares 1,200 Est. Cost $168.87 Unrealized +28.3%

HD Home Depot Inc 0.1%

Value ($000) $275 Shares 800 Est. Cost $327.56 Unrealized +11.3%

SO Southern Co 0.2%

Value ($000) $510 Shares 5,845 Est. Cost $71.79 Unrealized +26.6%

META Meta Platforms Inc A 0.1%

Value ($000) $393 Shares 595 Est. Cost $483.31 Unrealized +38.1%

KO Coca Cola Co 0.1%

Value ($000) $425 Shares 6,083 Est. Cost $59.58 Unrealized +16.5%

SR Spire Inc 0.4%

Value ($000) $1,464 Shares 17,704 Est. Cost $60.73 Unrealized —

ABBV Abbvie Inc 0.4%

Value ($000) $1,397 Shares 6,116 Est. Cost $158.40 Unrealized +43.6%

SHEL Shell Plc 0.2%

Value ($000) $587 Shares 7,989 Est. Cost $72.18 Unrealized —

EMR Emerson Elec Co 0.4%

Value ($000) $1,220 Shares 9,196 Est. Cost $107.47 Unrealized +23.2%

PFE Pfizer 0.1%

Value ($000) $413 Shares 16,600 Est. Cost $24.77 Unrealized +1.1%

AFL Aflac Inc 0.1%

Value ($000) $485 Shares 4,400 Est. Cost $83.08 Unrealized +32.2%

UNP Union Pac Corp 0.1%

Value ($000) $269 Shares 1,165 Est. Cost $225.66 Unrealized +0.7%

CVX Chevron Corp New 0.1%

Value ($000) $277 Shares 1,817 Est. Cost $148.39 Unrealized +2.0%

PM Philip Morris Intl Inc 0.1%

Value ($000) $253 Shares 1,578 Est. Cost $136.99 Unrealized +12.1%

BA Boeing Co 0.1%

Value ($000) $413 Shares 1,904 Est. Cost $178.24 Unrealized +15.4%

BRK/B Berskhire Hathaway Inc Del 0.3%

Value ($000) $843 Shares 1,678 Est. Cost $428.62 Unrealized +16.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
REGN	Regeneron Pharmaceuticals	30,812	$23,783	7.2%	$951.08	-28.6%	COM	75886F107
IONQ	IonQ Inc	277,184	$12,437	3.8%	$12.19	+359.8%	COM	46222L108
MSFT	Microsoft Corp	105,549	$51,046	15.6%	$417.26	+20.0%	COM	594918104
IONS	Ionis Pharmaceuticals Inc	225,161	$17,812	5.4%	$41.27	+82.5%	COM	462222100
CMI	Cummins Inc	22,785	$11,631	3.5%	$277.51	+68.0%	COM	231021106
PH	Parker-Hannifin Corp	13,763	$12,097	3.7%	$527.65	+55.0%	COM	701094104
BIIB	Biogen Inc	39,404	$6,935	2.1%	$200.79	-18.6%	COM	09062X103
IOVA	Iovance Biotherapeutics Inc	1,856,934	$5,069	1.5%	$6.20	-62.7%	COM	462260100
XOM	Exxon Mobil Corp	84,744	$10,198	3.1%	$110.14	+4.9%	COM	30231G102
HII	Huntington Ingalls Inds Inc	12,476	$4,243	1.3%	$250.34	+23.6%	COM	446413106
PG	Procter And Gamble Co	59,115	$8,472	2.6%	$157.42	-6.5%	COM	742718109
PLTR	Palantir Technologies Inc	134,468	$23,902	7.3%	$32.94	+449.5%	CL A	69608A108
ABT	Abbott Labs	63,649	$7,975	2.4%	$102.94	+23.7%	COM	002824100
ASML	ASML Holding N V	5,327	$5,699	1.7%	$915.86	—	N Y REGISTRY SHS	N07059210
NEE	Nextera Energy Inc	102,769	$8,250	2.5%	$67.89	+21.5%	COM	65339F101
QCOM	Qualcomm Inc	120,663	$20,639	6.3%	$182.24	-6.3%	COM	747525103
INTC	Intel Corp	149,264	$5,508	1.7%	$29.77	+26.8%	COM	458140100
NEM	Newmont Corporation	28,172	$2,813	0.9%	$43.48	+107.5%	COM	651639106
MRK	Merck & Co	20,574	$2,166	0.7%	$121.72	-23.4%	COM	58933Y105
EFX	Equifax Inc	8,887	$1,928	0.6%	$235.79	-7.3%	COM	294429105
AAPL	Apple Inc	14,354	$3,902	1.2%	$186.85	+43.6%	COM	037833100
PANW	Palo Alto Networks Inc	10,499	$1,934	0.6%	$174.94	+15.3%	COM	697435105
HSY	Hershey Co	38,391	$6,986	2.1%	$181.11	+0.5%	COM	427866108
GD	General Dynamics Corp	19,912	$6,704	2.0%	$284.04	+20.0%	COM	369550108
IBOC	International Business Machs	5,610	$1,662	0.5%	$53.95	+24.2%	COM	459044103
AVGO	Broadcom Inc	3,922	$1,357	0.4%	$305.74	+16.8%	COM	11135F101
AEE	Ameren Corp	13,327	$1,331	0.4%	$69.05	+47.7%	COM	023608102
MO	Altria Group	8,296	$478	0.1%	$40.28	+47.4%	COM	02209S103
AMZN	Amazon Com Inc	4,920	$1,136	0.3%	$185.86	+23.1%	COM	023135106
CAT	Caterpillar Inc	575	$329	0.1%	$330.84	+67.9%	COM	149123101
GRMN	Garmin Ltd	1,200	$243	0.1%	$168.87	+28.3%	SHS	H2906T109
HD	Home Depot Inc	800	$275	0.1%	$327.56	+11.3%	COM	437076102
SO	Southern Co	5,845	$510	0.2%	$71.79	+26.6%	COM	842587107
META	Meta Platforms Inc A	595	$393	0.1%	$483.31	+38.1%	CL A	30303M102
KO	Coca Cola Co	6,083	$425	0.1%	$59.58	+16.5%	COM	191216100
SR	Spire Inc	17,704	$1,464	0.4%	$60.73	—	COM	84857L101
ABBV	Abbvie Inc	6,116	$1,397	0.4%	$158.40	+43.6%	COM	00287Y109
SHEL	Shell Plc	7,989	$587	0.2%	$72.18	—	SPON ADS	780259305
EMR	Emerson Elec Co	9,196	$1,220	0.4%	$107.47	+23.2%	COM	291011104
PFE	Pfizer	16,600	$413	0.1%	$24.77	+1.1%	COM	717081103
AFL	Aflac Inc	4,400	$485	0.1%	$83.08	+32.2%	COM	001055102
UNP	Union Pac Corp	1,165	$269	0.1%	$225.66	+0.7%	COM	907818108
CVX	Chevron Corp New	1,817	$277	0.1%	$148.39	+2.0%	COM	166764100
PM	Philip Morris Intl Inc	1,578	$253	0.1%	$136.99	+12.1%	COM	718172109
BA	Boeing Co	1,904	$413	0.1%	$178.24	+15.4%	COM	097023105
BRK/B	Berskhire Hathaway Inc Del	1,678	$843	0.3%	$428.62	+16.1%	CL B NEW	084670702