SMA Capital LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ETN	EATON CORP PLC	28,200	$10,086	4.4%	$353.63	0.0%	SHS	G29183103
CAT	CATERPILLAR INC	13,375	$9,476	4.1%	$684.39	0.0%	COM	149123101
APD	AIR PRODUCTS AND CHEMICALS I	25,483	$7,403	3.2%	$271.49	0.0%	COM	009158106
LMT	LOCKHEED MARTIN CORP	11,819	$7,143	3.1%	$600.88	0.0%	COM	539830109
WWD	WOODWARD INC	18,717	$6,699	2.9%	$353.24	0.0%	COM	980745103
CRS	CARPENTER TECHNOLOGY CORP	15,947	$6,286	2.7%	$349.30	0.0%	COM	144285103
WM	WASTE MGMT INC DEL	21,947	$5,043	2.2%	$226.07	0.0%	COM	94106L109
JBTM	JBT MAREL CORPORATION	37,000	$4,731	2.0%	$159.62	0.0%	COM	477839104
EMR	EMERSON ELEC CO	35,000	$4,586	2.0%	$148.47	0.0%	COM	291011104
HD	HOME DEPOT INC	13,000	$4,276	1.8%	$376.98	0.0%	COM	437076102
CP	CANADIAN PACIFIC KANSAS CITY	45,000	$3,540	1.5%	$77.24	0.0%	COM	13646K108
TEX	TEREX CORP NEW	52,101	$3,079	1.3%	$62.32	0.0%	COM	880779103
APH	AMPHENOL CORP	22,000	$2,780	1.2%	$146.40	0.0%	CL A	032095101
CWST	CASELLA WASTE SYS INC	35,000	$2,777	1.2%	$101.70	0.0%	CL A	147448104
SOLS	SOLSTICE ADVANCED MATLS INC	36,000	$2,742	1.2%	$65.21	0.0%	COM SHS	83443Q103
UTI	UNIVERSAL TECHNICAL INST INC	75,048	$2,709	1.2%	$28.59	0.0%	COM	913915104
ROG	ROGERS CORP	25,200	$2,705	1.2%	$101.35	0.0%	COM	775133101
FPS	FORGENT POWER SOLUTIONS INC	85,000	$2,488	1.1%	$29.27	—	COM SHS CL A	34631F102
BBIO	BRIDGEBIO PHARMA INC	353	$26	0.0%	$74.48	0.0%	COM	10806X102
HQY	HEALTHEQUITY INC	295	$25	0.0%	$83.16	0.0%	COM	42226A107
BTSG	BRIGHTSPRING HEALTH SVCS INC	552	$24	0.0%	$39.42	0.0%	COM	10950A106
RPRX	ROYALTY PHARMA PLC	481	$23	0.0%	$42.28	0.0%	SHS CLASS A	G7709Q104
NTRA	NATERA INC	112	$22	0.0%	$225.87	0.0%	COM	632307104
JAZZ	JAZZ PHARMACEUTICALS PLC	117	$22	0.0%	$169.07	0.0%	SHS USD	G50871105
BIIB	BIOGEN INC	120	$22	0.0%	$183.25	0.0%	COM	09062X103
BMY	BRISTOL-MYERS SQUIBB CO	359	$22	0.0%	$57.43	0.0%	COM	110122108
WAT	WATERS CORP	73	$22	0.0%	$367.10	0.0%	COM	941848103
VEEV	VEEVA SYS INC	123	$22	0.0%	$203.93	0.0%	CL A COM	922475108
MRNA	MODERNA INC	421	$21	0.0%	$42.94	0.0%	COM	60770K107
PEN	PENUMBRA INC	65	$21	0.0%	$339.56	0.0%	COM	70975L107
ELAN	ELANCO ANIMAL HEALTH INC	872	$21	0.0%	$24.57	0.0%	COM	28414H103
DOCS	DOXIMITY INC	895	$21	0.0%	$34.99	0.0%	CL A	26622P107
UNH	UNITEDHEALTH GROUP INC	77	$21	0.0%	$308.69	0.0%	COM	91324P102
EW	EDWARDS LIFESCIENCES CORP	260	$21	0.0%	$81.94	0.0%	COM	28176E108
ISRG	INTUITIVE SURGICAL INC	45	$21	0.0%	$520.97	0.0%	COM NEW	46120E602
CON	CONCENTRA GROUP HOLDINGS PAR	967	$21	0.0%	$22.14	0.0%	COMMON STOCK	20603L102
CI	THE CIGNA GROUP	77	$21	0.0%	$280.70	0.0%	COM	125523100
ALHC	ALIGNMENT HEALTHCARE INC	1,152	$20	0.0%	$21.44	0.0%	COM	01625V104
CHE	CHEMED CORP NEW	53	$20	0.0%	$450.74	0.0%	COM	16359R103
IDXX	IDEXX LABS INC	35	$20	0.0%	$670.28	0.0%	COM	45168D104
LLY	ELI LILLY & CO	21	$19	0.0%	$1047.09	0.0%	COM	532457108
PODD	INSULET CORP	92	$19	0.0%	$264.39	0.0%	COM	45784P101
OPCH	OPTION CARE HEALTH INC	708	$19	0.0%	$34.40	0.0%	COM NEW	68404L201
APLS	APELLIS PHARMACEUTICALS INC	294	$12	0.0%	$22.69	0.0%	COM	03753U106
XENE	XENON PHARMACEUTICALS INC	139	$8	0.0%	$41.98	0.0%	COM	98420N105
TERN	TERNS PHARMACEUTICALS INC	143	$8	0.0%	$37.46	0.0%	COM	880881107
LQDA	LIQUIDIA CORPORATION	195	$7	0.0%	$37.92	0.0%	COM NEW	53635D202
CORT	CORCEPT THERAPEUTICS INC	172	$7	0.0%	$38.80	0.0%	COM	218352102
CYTK	CYTOKINETICS INC	99	$7	0.0%	$64.44	0.0%	COM NEW	23282W605
CPRX	CATALYST PHARMACEUTICALS INC	262	$6	0.0%	$23.86	0.0%	COM	14888U101
GRAL	GRAIL INC	120	$6	0.0%	$94.37	0.0%	COM	384747101
CELC	CELCUITY INC	54	$6	0.0%	$107.47	0.0%	COM	15102K100
PAHC	PHIBRO ANIMAL HEALTH CORP	111	$6	0.0%	$44.75	0.0%	CL A COM	71742Q106
TVTX	TRAVERE THERAPEUTICS INC	205	$6	0.0%	$31.03	0.0%	COM	89422G107
FOLD	AMICUS THERAPEUTIC	421	$6	0.0%	$14.31	0.0%	COM	03152W109
ACLX	ARCELLX INC	53	$6	0.0%	$71.30	0.0%	COMMON STOCK	03940C100
AXSM	AXSOME THERAPEUTICS INC.	36	$6	0.0%	$180.27	0.0%	COM	05464T104
COGT	COGENT BIOSCIENCES INC	157	$6	0.0%	$37.37	0.0%	COM	19240Q201
CRL	CHARLES RIV LABS INTL INC	34	$6	0.0%	$197.49	0.0%	COM	159864107
RGEN	REPLIGEN CORP	48	$6	0.0%	$152.40	0.0%	COM	759916109
MLYS	MINERALYS THERAPEUTICS INC	208	$6	0.0%	$31.36	0.0%	COM	603170101
ARQT	ARCUTIS BIOTHERAPEUTICS INC	239	$6	0.0%	$26.85	0.0%	COM	03969K108
HALO	HALOZYME THERAPEUTICS INC	87	$6	0.0%	$73.62	0.0%	COM	40637H109
TARS	TARSUS PHARMACEUTICALS INC	80	$6	0.0%	$69.71	0.0%	COM	87650L103
BRKR	BRUKER CORP	155	$6	0.0%	$45.39	0.0%	COM	116794108
RCUS	ARCUS BIOSCIENCES INC	258	$6	0.0%	$21.27	0.0%	COM	03969F109
SHC	SOTERA HEALTH CO	383	$5	0.0%	$18.05	0.0%	COM	83601L102
SLNO	SOLENO THERAPEUTICS INC	153	$5	0.0%	$41.63	0.0%	COM	834203309
OCUL	OCULAR THERAPEUTIX INC	573	$5	0.0%	$9.83	0.0%	COM	67576A100
ALMS	ALUMIS INC	203	$4	0.0%	$24.33	0.0%	COM	022307102
MAZE	MAZE THERAPEUTICS INC	134	$4	0.0%	$44.04	0.0%	COM	578784100
VRDN	VIRIDIAN THERAPEUTICS INC	203	$4	0.0%	$30.84	0.0%	COM	92790C104
WVE	WAVE LIFE SCIENCES LTD	433	$3	0.0%	$13.75	0.0%	SHS	Y95308105

Increased Positions (11)

IEX IDEX CORP 3.5%

Value ($000) $8,023 (+463.6%) Shares 42,329 (+429.1%) Est. Cost $193.74 Unrealized +2.8%

PH PARKER-HANNIFIN CORP 5.4%

Value ($000) $12,480 (+66.5%) Shares 13,940 (+63.4%) Est. Cost $872.13 Unrealized +9.8%

KEX KIRBY CORP 2.1%

Value ($000) $4,845 (+238.2%) Shares 36,460 (+180.5%) Est. Cost $116.43 Unrealized +7.0%

FERG FERGUSON ENTERPRISES INC 3.6%

Value ($000) $8,319 (+49.5%) Shares 35,662 (+42.6%) Est. Cost $241.87 Unrealized +3.8%

BA BOEING CO 4.4%

Value ($000) $10,293 (+31.7%) Shares 51,716 (+43.7%) Est. Cost $215.65 Unrealized +10.6%

CSX CSX CORP 4.2%

Value ($000) $9,636 (+32.9%) Shares 234,726 (+17.4%) Est. Cost $36.12 Unrealized +6.7%

LIN LINDE PLC 3.2%

Value ($000) $7,491 (+33.7%) Shares 15,161 (+15.4%) Est. Cost $431.65 Unrealized +6.6%

SKY CHAMPION HOMES INC 1.4%

Value ($000) $3,135 (+118.2%) Shares 42,150 (+147.9%) Est. Cost $85.64 Unrealized +5.4%

DOV DOVER CORP 3.2%

Value ($000) $7,477 (+19.7%) Shares 35,871 (+12.1%) Est. Cost $185.38 Unrealized +15.8%

GXO GXO LOGISTICS INCORPORATED 1.7%

Value ($000) $3,954 (+36.6%) Shares 76,249 (+38.6%) Est. Cost $54.38 Unrealized +8.7%

VIXY PROSHARES TR II 1.2%

Value ($000) $2,889 (+41.1%) Shares 84,105 (+5.3%) Est. Cost $26.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IEX	IDEX CORP	42,329 (+429.1%)	$8,023 (+463.6%)	3.5%	$193.74	+2.8%	COM	45167R104
PH	PARKER-HANNIFIN CORP	13,940 (+63.4%)	$12,480 (+66.5%)	5.4%	$872.13	+9.8%	COM	701094104
KEX	KIRBY CORP	36,460 (+180.5%)	$4,845 (+238.2%)	2.1%	$116.43	+7.0%	COM	497266106
FERG	FERGUSON ENTERPRISES INC	35,662 (+42.6%)	$8,319 (+49.5%)	3.6%	$241.87	+3.8%	COMMON STOCK NEW	31488V107
BA	BOEING CO	51,716 (+43.7%)	$10,293 (+31.7%)	4.4%	$215.65	+10.6%	COM	097023105
CSX	CSX CORP	234,726 (+17.4%)	$9,636 (+32.9%)	4.2%	$36.12	+6.7%	COM	126408103
LIN	LINDE PLC	15,161 (+15.4%)	$7,491 (+33.7%)	3.2%	$431.65	+6.6%	SHS	G54950103
SKY	CHAMPION HOMES INC	42,150 (+147.9%)	$3,135 (+118.2%)	1.4%	$85.64	+5.4%	COM	830830105
DOV	DOVER CORP	35,871 (+12.1%)	$7,477 (+19.7%)	3.2%	$185.38	+15.8%	COM	260003108
GXO	GXO LOGISTICS INCORPORATED	76,249 (+38.6%)	$3,954 (+36.6%)	1.7%	$54.38	+8.7%	COMMON STOCK	36262G101
VIXY	PROSHARES TR II	84,105 (+5.3%)	$2,889 (+41.1%)	1.2%	$26.08	—	VIX SHT TERM FUT	74347Y730

Exited Positions (21)

GLD SPDR GOLD TR 4.3%

Value ($000) $9,908 Shares 25,000 Est. Cost $396.31 Unrealized —

WCN WASTE CONNECTIONS INC 2.8%

Value ($000) $6,488 Shares 37,000 Est. Cost $172.81 Unrealized -3.1%

LECO LINCOLN ELEC HLDGS INC 2.7%

Value ($000) $6,231 Shares 26,000 Est. Cost $236.85 Unrealized +14.3%

CARR CARRIER GLOBAL CORPORATION 2.5%

Value ($000) $5,812 Shares 110,000 Est. Cost $55.53 Unrealized +7.5%

NSC NORFOLK SOUTHN CORP 2.5%

Value ($000) $5,774 Shares 20,000 Est. Cost — Unrealized —

AVY AVERY DENNISON CORP 2.4%

Value ($000) $5,456 Shares 30,000 Est. Cost $172.31 Unrealized +9.8%

LHX L3HARRIS TECHNOLOGIES INC 2.3%

Value ($000) $5,284 Shares 18,000 Est. Cost $288.43 Unrealized +19.0%

LOW LOWES COS INC 2.2%

Value ($000) $5,064 Shares 21,000 Est. Cost $239.83 Unrealized +13.2%

CRH CRH PLC 2.2%

Value ($000) $4,992 Shares 40,000 Est. Cost $119.13 Unrealized +4.4%

RAL RALLIANT CORP 2.0%

Value ($000) $4,582 Shares 90,000 Est. Cost $46.87 Unrealized +4.9%

PKG PACKAGING CORP AMER 2.0%

Value ($000) $4,537 Shares 22,000 Est. Cost $202.35 Unrealized +11.8%

GLD SPDR GOLD TR 1.7%

Value ($000) $3,945 Shares 9,954 Est. Cost $396.31 Unrealized —

DAL DELTA AIR LINES INC DEL 1.6%

Value ($000) $3,817 Shares 55,000 Est. Cost $62.45 Unrealized +11.9%

RS RELIANCE INC 1.5%

Value ($000) $3,478 Shares 12,041 Est. Cost $280.97 Unrealized +16.3%

FCX FREEPORT-MCMORAN INC 1.1%

Value ($000) $2,540 Shares 50,000 Est. Cost $43.31 Unrealized +41.1%

GM GENERAL MTRS CO 1.1%

Value ($000) $2,459 Shares 30,235 Est. Cost $70.40 Unrealized +16.8%

CGNX COGNEX CORP 0.9%

Value ($000) $2,159 Shares 60,000 Est. Cost $40.43 Unrealized +10.0%

UNP UNION PAC CORP 0.9%

Value ($000) $2,082 Shares 9,000 Est. Cost $227.32 Unrealized +7.0%

LFUS LITTELFUSE INC 0.9%

Value ($000) $2,050 Shares 8,106 Est. Cost $254.62 Unrealized +25.7%

KNX KNIGHT-SWIFT TRANSN HLDGS IN 0.5%

Value ($000) $1,046 Shares 20,000 Est. Cost $46.76 Unrealized +23.7%

RPM RPM INTL INC 0.4%

Value ($000) $1,040 Shares 10,000 Est. Cost $108.25 Unrealized +3.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	25,000	$9,908	4.3%	$396.31	—	PUT	78463V107
WCN	WASTE CONNECTIONS INC	37,000	$6,488	2.8%	$172.81	-3.1%	—	94106B101
LECO	LINCOLN ELEC HLDGS INC	26,000	$6,231	2.7%	$236.85	+14.3%	—	533900106
CARR	CARRIER GLOBAL CORPORATION	110,000	$5,812	2.5%	$55.53	+7.5%	—	14448C104
NSC	NORFOLK SOUTHN CORP	20,000	$5,774	2.5%	—	—	PUT	655844108
AVY	AVERY DENNISON CORP	30,000	$5,456	2.4%	$172.31	+9.8%	—	053611109
LHX	L3HARRIS TECHNOLOGIES INC	18,000	$5,284	2.3%	$288.43	+19.0%	—	502431109
LOW	LOWES COS INC	21,000	$5,064	2.2%	$239.83	+13.2%	—	548661107
CRH	CRH PLC	40,000	$4,992	2.2%	$119.13	+4.4%	—	G25508105
RAL	RALLIANT CORP	90,000	$4,582	2.0%	$46.87	+4.9%	—	750940108
PKG	PACKAGING CORP AMER	22,000	$4,537	2.0%	$202.35	+11.8%	—	695156109
GLD	SPDR GOLD TR	9,954	$3,945	1.7%	$396.31	—	—	78463V107
DAL	DELTA AIR LINES INC DEL	55,000	$3,817	1.6%	$62.45	+11.9%	—	247361702
RS	RELIANCE INC	12,041	$3,478	1.5%	$280.97	+16.3%	—	759509102
FCX	FREEPORT-MCMORAN INC	50,000	$2,540	1.1%	$43.31	+41.1%	—	35671D857
GM	GENERAL MTRS CO	30,235	$2,459	1.1%	$70.40	+16.8%	—	37045V100
CGNX	COGNEX CORP	60,000	$2,159	0.9%	$40.43	+10.0%	—	192422103
UNP	UNION PAC CORP	9,000	$2,082	0.9%	$227.32	+7.0%	—	907818108
LFUS	LITTELFUSE INC	8,106	$2,050	0.9%	$254.62	+25.7%	—	537008104
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	20,000	$1,046	0.5%	$46.76	+23.7%	—	499049104
RPM	RPM INTL INC	10,000	$1,040	0.4%	$108.25	+3.6%	—	749685103

Decreased Positions (10)

MLM MARTIN MARIETTA MATLS INC 1.3%

Value ($000) $3,018 (-62.7%) Shares 5,126 (-60.6%) Est. Cost $621.36 Unrealized +6.4%

CTRI CENTURI HOLDINGS INC 1.0%

Value ($000) $2,400 (-38.7%) Shares 82,176 (-47.0%) Est. Cost $22.36 Unrealized +28.4%

NOVT NOVANTA INC 1.6%

Value ($000) $3,610 (-22.2%) Shares 30,563 (-21.6%) Est. Cost $113.88 Unrealized +19.2%

NUE NUCOR CORP 1.4%

Value ($000) $3,236 (-20.6%) Shares 19,137 (-23.5%) Est. Cost $149.77 Unrealized +19.1%

TKR TIMKEN CO 2.9%

Value ($000) $6,653 (+9.8%) Shares 66,150 (-8.1%) Est. Cost $79.55 Unrealized +23.7%

JCI JOHNSON CONTROLS INTERNATION 5.1%

Value ($000) $11,766 (+3.4%) Shares 89,850 (-5.4%) Est. Cost $114.81 Unrealized +9.8%

WAB WABTEC 2.4%

Value ($000) $5,673 (-5.1%) Shares 22,700 (-18.9%) Est. Cost $205.33 Unrealized +16.4%

AME AMETEK INC 4.6%

Value ($000) $10,695 (+2.1%) Shares 49,894 (-2.2%) Est. Cost $194.36 Unrealized +14.9%

WTS WATTS WATER TECHNOLOGIES INC 1.4%

Value ($000) $3,171 (-4.3%) Shares 10,922 (-9.0%) Est. Cost $275.88 Unrealized +10.9%

AIT APPLIED INDL TECHNOLOGIES IN 3.9%

Value ($000) $9,021 (+0.4%) Shares 34,000 (-2.9%) Est. Cost $255.14 Unrealized +8.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MLM	MARTIN MARIETTA MATLS INC	5,126 (-60.6%)	$3,018 (-62.7%)	1.3%	$621.36	+6.4%	COM	573284106
CTRI	CENTURI HOLDINGS INC	82,176 (-47.0%)	$2,400 (-38.7%)	1.0%	$22.36	+28.4%	COM SHS	155923105
NOVT	NOVANTA INC	30,563 (-21.6%)	$3,610 (-22.2%)	1.6%	$113.88	+19.2%	COM	67000B104
NUE	NUCOR CORP	19,137 (-23.5%)	$3,236 (-20.6%)	1.4%	$149.77	+19.1%	COM	670346105
TKR	TIMKEN CO	66,150 (-8.1%)	$6,653 (+9.8%)	2.9%	$79.55	+23.7%	COM	887389104
JCI	JOHNSON CONTROLS INTERNATION	89,850 (-5.4%)	$11,766 (+3.4%)	5.1%	$114.81	+9.8%	SHS	G51502105
WAB	WABTEC	22,700 (-18.9%)	$5,673 (-5.1%)	2.4%	$205.33	+16.4%	COM	929740108
AME	AMETEK INC	49,894 (-2.2%)	$10,695 (+2.1%)	4.6%	$194.36	+14.9%	COM	031100100
WTS	WATTS WATER TECHNOLOGIES INC	10,922 (-9.0%)	$3,171 (-4.3%)	1.4%	$275.88	+10.9%	CL A	942749102
AIT	APPLIED INDL TECHNOLOGIES IN	34,000 (-2.9%)	$9,021 (+0.4%)	3.9%	$255.14	+8.0%	COM	03820C105

Unchanged Positions (1)

NDSN NORDSON CORP 2.0%

Value ($000) $4,596 Shares 17,275 Est. Cost $234.27 Unrealized +18.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NDSN	NORDSON CORP	17,275	$4,596	2.0%	$234.27	+18.3%	COM	655663102