Fjell Capital, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS	1,736	$1,089	0.8%	$627.26	—	S&P 500 ETF SHS	922908363
BNDX	VANGUARD CHARLOTTE FDS	6,299	$304	0.2%	$48.32	—	TOTAL INT BD ETF	92203J407
AMAT	APPLIED MATLS INC	1,176	$302	0.2%	$239.49	0.0%	COM	038222105
ASML	ASML HOLDING N V	279	$298	0.2%	$1069.86	—	N Y REGISTRY SHS	N07059210
VTI	VANGUARD INDEX FDS	761	$255	0.2%	$335.35	—	TOTAL STK MKT	922908769
VXUS	VANGUARD STAR FDS	3,319	$250	0.2%	$75.44	—	VG TL INTL STK F	921909768
CRWD	CROWDSTRIKE HLDGS INC	521	$244	0.2%	$509.22	0.0%	CL A	22788C105
MU	MICRON TECHNOLOGY INC	820	$234	0.2%	$229.35	0.0%	COM	595112103
EPD	ENTERPRISE PRODS PARTNERS L	6,840	$219	0.2%	$32.06	—	COM	293792107
HON	HONEYWELL INTL INC	1,070	$209	0.2%	$195.03	0.0%	COM	438516106

Increased Positions (43)

NVDA NVIDIA CORPORATION 5.2%

Value ($000) $6,830 (+44.9%) Shares 36,622 (+45.0%) Est. Cost $150.82 Unrealized +23.4%

GOOGL ALPHABET INC 4.4%

Value ($000) $5,729 (+56.8%) Shares 18,304 (+21.8%) Est. Cost $195.38 Unrealized +46.2%

AAPL APPLE INC 3.9%

Value ($000) $5,111 (+40.6%) Shares 18,799 (+31.7%) Est. Cost $242.43 Unrealized +10.7%

AVGO BROADCOM INC 4.2%

Value ($000) $5,535 (+21.3%) Shares 15,993 (+15.6%) Est. Cost $212.91 Unrealized +67.7%

AMZN AMAZON COM INC 3.2%

Value ($000) $4,210 (+28.5%) Shares 18,238 (+22.2%) Est. Cost $209.87 Unrealized +9.0%

DWLD DAVIS FUNDAMENTAL ETF TR 9.1%

Value ($000) $11,918 (+8.3%) Shares 255,535 (+5.1%) Est. Cost $36.81 Unrealized —

UITB VICTORY PORTFOLIOS II 5.8%

Value ($000) $7,569 (+10.6%) Shares 159,840 (+11.0%) Est. Cost $46.43 Unrealized —

MSFT MICROSOFT CORP 4.1%

Value ($000) $5,368 (+12.9%) Shares 11,100 (+21.0%) Est. Cost $434.64 Unrealized +15.2%

AMD ADVANCED MICRO DEVICES INC 1.4%

Value ($000) $1,852 (+42.1%) Shares 8,650 (+7.4%) Est. Cost $149.42 Unrealized +50.3%

USIG ISHARES TR 3.7%

Value ($000) $4,831 (+11.7%) Shares 93,318 (+12.6%) Est. Cost $50.58 Unrealized —

MRK MERCK & CO INC 1.1%

Value ($000) $1,422 (+30.8%) Shares 13,513 (+4.3%) Est. Cost $96.71 Unrealized -3.6%

KLAC KLA CORP 1.9%

Value ($000) $2,526 (+13.9%) Shares 2,079 (+1.1%) Est. Cost $681.89 Unrealized +71.9%

COST COSTCO WHSL CORP NEW 2.0%

Value ($000) $2,639 (+12.8%) Shares 3,060 (+21.0%) Est. Cost $929.45 Unrealized -2.6%

BINV 2023 ETF SERIES TRUST 2.4%

Value ($000) $3,175 (+9.2%) Shares 79,107 (+4.5%) Est. Cost $33.68 Unrealized —

ARES ARES MANAGEMENT CORPORATION 1.0%

Value ($000) $1,359 (+22.4%) Shares 8,408 (+21.1%) Est. Cost $163.93 Unrealized -5.5%

NEE NEXTERA ENERGY INC 1.1%

Value ($000) $1,451 (+20.0%) Shares 18,074 (+12.9%) Est. Cost $74.99 Unrealized +10.0%

BND VANGUARD BD INDEX FDS 0.4%

Value ($000) $507 (+68.6%) Shares 6,850 (+69.3%) Est. Cost $72.79 Unrealized —

HD HOME DEPOT INC 1.0%

Value ($000) $1,310 (+17.2%) Shares 3,807 (+38.0%) Est. Cost $387.41 Unrealized -5.9%

BIL SPDR SERIES TRUST 4.6%

Value ($000) $5,966 (+3.1%) Shares 65,286 (+3.5%) Est. Cost $91.72 Unrealized —

WM WASTE MGMT INC DEL 1.3%

Value ($000) $1,749 (+9.9%) Shares 7,961 (+10.4%) Est. Cost $213.54 Unrealized -0.5%

RTX RTX CORPORATION 1.1%

Value ($000) $1,472 (+11.1%) Shares 8,027 (+1.3%) Est. Cost $120.35 Unrealized +44.0%

JPM JPMORGAN CHASE & CO. 1.6%

Value ($000) $2,065 (+7.3%) Shares 6,409 (+5.1%) Est. Cost $233.84 Unrealized +32.4%

KKR KKR & CO INC 0.5%

Value ($000) $662 (+27.0%) Shares 5,191 (+29.4%) Est. Cost $140.14 Unrealized -11.3%

DE DEERE & CO 1.0%

Value ($000) $1,325 (+11.8%) Shares 2,846 (+9.8%) Est. Cost $420.25 Unrealized +11.3%

CRM SALESFORCE INC 0.6%

Value ($000) $808 (+19.8%) Shares 3,050 (+7.2%) Est. Cost $311.13 Unrealized -20.2%

DHR DANAHER CORPORATION 0.5%

Value ($000) $624 (+25.0%) Shares 2,726 (+8.2%) Est. Cost $235.71 Unrealized -6.9%

BX BLACKSTONE INC 1.1%

Value ($000) $1,394 (+8.8%) Shares 9,047 (+20.6%) Est. Cost $165.05 Unrealized -8.2%

ICE INTERCONTINENTAL EXCHANGE IN 1.0%

Value ($000) $1,259 (+9.0%) Shares 7,773 (+13.4%) Est. Cost $158.84 Unrealized -1.7%

CASY CASEYS GEN STORES INC 0.4%

Value ($000) $484 (+22.5%) Shares 876 (+25.3%) Est. Cost $527.49 Unrealized +4.2%

GTO INVESCO ACTIVELY MANAGED EXC 3.6%

Value ($000) $4,696 (+1.7%) Shares 99,036 (+1.9%) Est. Cost $46.42 Unrealized —

META META PLATFORMS INC 1.8%

Value ($000) $2,370 (-2.2%) Shares 3,590 (+8.8%) Est. Cost $593.58 Unrealized +12.4%

XLF SELECT SECTOR SPDR TR 0.6%

Value ($000) $815 (+6.9%) Shares 14,879 (+5.1%) Est. Cost $53.91 Unrealized —

SO SOUTHERN CO 0.3%

Value ($000) $440 (+11.6%) Shares 5,043 (+21.3%) Est. Cost $91.98 Unrealized -1.2%

MRSH MARSH & MCLENNAN COS INC 0.7%

Value ($000) $919 (-4.1%) Shares 4,954 (+4.2%) Est. Cost $216.30 Unrealized -13.8%

CVX CHEVRON CORP NEW 1.0%

Value ($000) $1,274 (+2.7%) Shares 8,357 (+4.6%) Est. Cost $146.71 Unrealized +3.2%

XLP SELECT SECTOR SPDR TR 0.3%

Value ($000) $435 (+7.7%) Shares 5,596 (+8.6%) Est. Cost $78.32 Unrealized —

XLI SELECT SECTOR SPDR TR 0.4%

Value ($000) $504 (+5.8%) Shares 3,246 (+5.2%) Est. Cost $154.27 Unrealized —

XLY SELECT SECTOR SPDR TR 0.5%

Value ($000) $601 (+4.1%) Shares 5,029 (+108.8%) Est. Cost $172.56 Unrealized —

HYFI AB ACTIVE ETFS INC 1.4%

Value ($000) $1,780 (+1.1%) Shares 47,369 (+2.1%) Est. Cost $36.91 Unrealized —

VO VANGUARD INDEX FDS 3.2%

Value ($000) $4,234 (+0.3%) Shares 14,590 (+1.5%) Est. Cost $264.31 Unrealized —

UNP UNION PAC CORP 0.4%

Value ($000) $500 (-1.1%) Shares 2,160 (+1.1%) Est. Cost $230.19 Unrealized -1.2%

PHYL PGIM ETF TR 1.3%

Value ($000) $1,744 (+0.3%) Shares 49,164 (+1.0%) Est. Cost $34.75 Unrealized —

XLK SELECT SECTOR SPDR TR 0.9%

Value ($000) $1,189 (-0.0%) Shares 8,258 (+95.7%) Est. Cost $176.90 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	36,622 (+45.0%)	$6,830 (+44.9%)	5.2%	$150.82	+23.4%	COM	67066G104
GOOGL	ALPHABET INC	18,304 (+21.8%)	$5,729 (+56.8%)	4.4%	$195.38	+46.2%	CAP STK CL A	02079K305
AAPL	APPLE INC	18,799 (+31.7%)	$5,111 (+40.6%)	3.9%	$242.43	+10.7%	COM	037833100
AVGO	BROADCOM INC	15,993 (+15.6%)	$5,535 (+21.3%)	4.2%	$212.91	+67.7%	COM	11135F101
AMZN	AMAZON COM INC	18,238 (+22.2%)	$4,210 (+28.5%)	3.2%	$209.87	+9.0%	COM	023135106
DWLD	DAVIS FUNDAMENTAL ETF TR	255,535 (+5.1%)	$11,918 (+8.3%)	9.1%	$36.81	—	SELECT WRLD WI	23908L306
UITB	VICTORY PORTFOLIOS II	159,840 (+11.0%)	$7,569 (+10.6%)	5.8%	$46.43	—	CORE INTERMEDIAT	92647N527
MSFT	MICROSOFT CORP	11,100 (+21.0%)	$5,368 (+12.9%)	4.1%	$434.64	+15.2%	COM	594918104
AMD	ADVANCED MICRO DEVICES INC	8,650 (+7.4%)	$1,852 (+42.1%)	1.4%	$149.42	+50.3%	COM	007903107
USIG	ISHARES TR	93,318 (+12.6%)	$4,831 (+11.7%)	3.7%	$50.58	—	USD INV GRDE ETF	464288620
MRK	MERCK & CO INC	13,513 (+4.3%)	$1,422 (+30.8%)	1.1%	$96.71	-3.6%	COM	58933Y105
KLAC	KLA CORP	2,079 (+1.1%)	$2,526 (+13.9%)	1.9%	$681.89	+71.9%	COM NEW	482480100
COST	COSTCO WHSL CORP NEW	3,060 (+21.0%)	$2,639 (+12.8%)	2.0%	$929.45	-2.6%	COM	22160K105
BINV	2023 ETF SERIES TRUST	79,107 (+4.5%)	$3,175 (+9.2%)	2.4%	$33.68	—	BRANDES INTERNAT	900934209
ARES	ARES MANAGEMENT CORPORATION	8,408 (+21.1%)	$1,359 (+22.4%)	1.0%	$163.93	-5.5%	CL A COM STK	03990B101
NEE	NEXTERA ENERGY INC	18,074 (+12.9%)	$1,451 (+20.0%)	1.1%	$74.99	+10.0%	COM	65339F101
BND	VANGUARD BD INDEX FDS	6,850 (+69.3%)	$507 (+68.6%)	0.4%	$72.79	—	TOTAL BND MRKT	921937835
HD	HOME DEPOT INC	3,807 (+38.0%)	$1,310 (+17.2%)	1.0%	$387.41	-5.9%	COM	437076102
BIL	SPDR SERIES TRUST	65,286 (+3.5%)	$5,966 (+3.1%)	4.6%	$91.72	—	STATE STREET SPD	78468R663
WM	WASTE MGMT INC DEL	7,961 (+10.4%)	$1,749 (+9.9%)	1.3%	$213.54	-0.5%	COM	94106L109
RTX	RTX CORPORATION	8,027 (+1.3%)	$1,472 (+11.1%)	1.1%	$120.35	+44.0%	COM	75513E101
JPM	JPMORGAN CHASE & CO.	6,409 (+5.1%)	$2,065 (+7.3%)	1.6%	$233.84	+32.4%	COM	46625H100
KKR	KKR & CO INC	5,191 (+29.4%)	$662 (+27.0%)	0.5%	$140.14	-11.3%	COM	48251W104
DE	DEERE & CO	2,846 (+9.8%)	$1,325 (+11.8%)	1.0%	$420.25	+11.3%	COM	244199105
CRM	SALESFORCE INC	3,050 (+7.2%)	$808 (+19.8%)	0.6%	$311.13	-20.2%	COM	79466L302
DHR	DANAHER CORPORATION	2,726 (+8.2%)	$624 (+25.0%)	0.5%	$235.71	-6.9%	COM	235851102
BX	BLACKSTONE INC	9,047 (+20.6%)	$1,394 (+8.8%)	1.1%	$165.05	-8.2%	COM	09260D107
ICE	INTERCONTINENTAL EXCHANGE IN	7,773 (+13.4%)	$1,259 (+9.0%)	1.0%	$158.84	-1.7%	COM	45866F104
CASY	CASEYS GEN STORES INC	876 (+25.3%)	$484 (+22.5%)	0.4%	$527.49	+4.2%	COM	147528103
GTO	INVESCO ACTIVELY MANAGED EXC	99,036 (+1.9%)	$4,696 (+1.7%)	3.6%	$46.42	—	TOTAL RETURN	46090A804
META	META PLATFORMS INC	3,590 (+8.8%)	$2,370 (-2.2%)	1.8%	$593.58	+12.4%	CL A	30303M102
XLF	SELECT SECTOR SPDR TR	14,879 (+5.1%)	$815 (+6.9%)	0.6%	$53.91	—	STATE STREET FIN	81369Y605
SO	SOUTHERN CO	5,043 (+21.3%)	$440 (+11.6%)	0.3%	$91.98	-1.2%	COM	842587107
MRSH	MARSH & MCLENNAN COS INC	4,954 (+4.2%)	$919 (-4.1%)	0.7%	$216.30	-13.8%	COM	571748102
CVX	CHEVRON CORP NEW	8,357 (+4.6%)	$1,274 (+2.7%)	1.0%	$146.71	+3.2%	COM	166764100
XLP	SELECT SECTOR SPDR TR	5,596 (+8.6%)	$435 (+7.7%)	0.3%	$78.32	—	STATE STREET CON	81369Y308
XLI	SELECT SECTOR SPDR TR	3,246 (+5.2%)	$504 (+5.8%)	0.4%	$154.27	—	STATE STREET IND	81369Y704
XLY	SELECT SECTOR SPDR TR	5,029 (+108.8%)	$601 (+4.1%)	0.5%	$172.56	—	STATE STREET CON	81369Y407
HYFI	AB ACTIVE ETFS INC	47,369 (+2.1%)	$1,780 (+1.1%)	1.4%	$36.91	—	HIGH YIELD ETF	00039J608
VO	VANGUARD INDEX FDS	14,590 (+1.5%)	$4,234 (+0.3%)	3.2%	$264.31	—	MID CAP ETF	922908629
UNP	UNION PAC CORP	2,160 (+1.1%)	$500 (-1.1%)	0.4%	$230.19	-1.2%	COM	907818108
PHYL	PGIM ETF TR	49,164 (+1.0%)	$1,744 (+0.3%)	1.3%	$34.75	—	ACTV HY BD ETF	69344A206
XLK	SELECT SECTOR SPDR TR	8,258 (+95.7%)	$1,189 (-0.0%)	0.9%	$176.90	—	STATE STREET TEC	81369Y803

Exited Positions (2)

CMG CHIPOTLE MEXICAN GRILL INC 0.7%

Value ($000) $899 Shares 22,932 Est. Cost $58.90 Unrealized -38.6%

SCHD SCHWAB STRATEGIC TR 0.2%

Value ($000) $270 Shares 9,884 Est. Cost $27.29 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMG	CHIPOTLE MEXICAN GRILL INC	22,932	$899	0.7%	$58.90	-38.6%	—	169656105
SCHD	SCHWAB STRATEGIC TR	9,884	$270	0.2%	$27.29	—	—	808524797

Decreased Positions (7)

PSH PGIM ETF TR 2.3%

Value ($000) $3,014 (-2.5%) Shares 59,842 (-1.7%) Est. Cost $50.31 Unrealized —

VGT VANGUARD WORLD FD 0.4%

Value ($000) $488 (-11.4%) Shares 647 (-12.2%) Est. Cost $617.77 Unrealized —

ADBE ADOBE INC 0.4%

Value ($000) $512 (-10.5%) Shares 1,462 (-9.8%) Est. Cost $495.13 Unrealized -31.3%

VTV VANGUARD INDEX FDS 1.7%

Value ($000) $2,229 (+1.1%) Shares 11,668 (-1.3%) Est. Cost $169.45 Unrealized —

VUG VANGUARD INDEX FDS 2.4%

Value ($000) $3,186 (-0.6%) Shares 6,530 (-2.3%) Est. Cost $407.86 Unrealized —

VOX VANGUARD WORLD FD 0.2%

Value ($000) $208 (-8.7%) Shares 1,076 (-11.4%) Est. Cost $171.03 Unrealized —

CGGR CAPITAL GROUP GROWTH ETF 2.0%

Value ($000) $2,616 (-0.0%) Shares 58,831 (-1.3%) Est. Cost $37.27 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PSH	PGIM ETF TR	59,842 (-1.7%)	$3,014 (-2.5%)	2.3%	$50.31	—	SHRT DUR HGH YLD	69344A784
VGT	VANGUARD WORLD FD	647 (-12.2%)	$488 (-11.4%)	0.4%	$617.77	—	INF TECH ETF	92204A702
ADBE	ADOBE INC	1,462 (-9.8%)	$512 (-10.5%)	0.4%	$495.13	-31.3%	COM	00724F101
VTV	VANGUARD INDEX FDS	11,668 (-1.3%)	$2,229 (+1.1%)	1.7%	$169.45	—	VALUE ETF	922908744
VUG	VANGUARD INDEX FDS	6,530 (-2.3%)	$3,186 (-0.6%)	2.4%	$407.86	—	GROWTH ETF	922908736
VOX	VANGUARD WORLD FD	1,076 (-11.4%)	$208 (-8.7%)	0.2%	$171.03	—	COMM SRVC ETF	92204A884
CGGR	CAPITAL GROUP GROWTH ETF	58,831 (-1.3%)	$2,616 (-0.0%)	2.0%	$37.27	—	SHS CREATION UNI	14020G101

Unchanged Positions (6)

GOOG ALPHABET INC 0.5%

Value ($000) $692 Shares 2,204 Est. Cost $175.67 Unrealized +63.0%

USB US BANCORP DEL 0.2%

Value ($000) $240 Shares 4,506 Est. Cost $40.76 Unrealized +19.5%

LOW LOWES COS INC 0.4%

Value ($000) $470 Shares 1,948 Est. Cost $261.54 Unrealized -8.3%

VEA VANGUARD TAX-MANAGED FDS 0.2%

Value ($000) $283 Shares 4,535 Est. Cost $47.82 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $206 Shares 409 Est. Cost $486.15 Unrealized +2.3%

— DNP SELECT INCOME FD INC 0.2%

Value ($000) $230 Shares 23,046 Est. Cost $8.82 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	2,204	$692	0.5%	$175.67	+63.0%	CAP STK CL C	02079K107
USB	US BANCORP DEL	4,506	$240	0.2%	$40.76	+19.5%	COM NEW	902973304
LOW	LOWES COS INC	1,948	$470	0.4%	$261.54	-8.3%	COM	548661107
VEA	VANGUARD TAX-MANAGED FDS	4,535	$283	0.2%	$47.82	—	VAN FTSE DEV MKT	921943858
BRK/B	BERKSHIRE HATHAWAY INC DEL	409	$206	0.2%	$486.15	+2.3%	CL B NEW	084670702
—	DNP SELECT INCOME FD INC	23,046	$230	0.2%	$8.82	—	COM	23325P104