Phraction Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	150,000	$3,053	0.8%	$617.85	—	PUT	78462F103
TDG	TRANSDIGM GROUP INC	2,079	$2,765	0.7%	$1310.75	0.0%	COM	893641100
ETN	EATON CORP PLC	2,183	$695	0.2%	$354.39	0.0%	SHS	G29183103
EPD	ENTERPRISE PRODS PARTNERS L	21,304	$683	0.2%	$32.06	—	COM	293792107
UL	UNILEVER PLC	5,222	$342	0.1%	$65.40	—	SPON ADR NEW	904767803
INDA	ISHARES TR	6,306	$341	0.1%	$54.05	—	MSCI INDIA ETF	46429B598
JPM	JPMORGAN CHASE & CO.	804	$259	0.1%	$309.53	0.0%	COM	46625H100
SUIG	SUI GROUP HOLDINGS LIMITED	32,060	$54	0.0%	$2.58	0.0%	COM NEW	59982U200

Increased Positions (16)

LIN LINDE PLC 2.7%

Value ($000) $10,299 (+361.0%) Shares 24,153 (+413.6%) Est. Cost $406.84 Unrealized +5.0%

ADI ANALOG DEVICES INC 5.5%

Value ($000) $20,647 (+23.0%) Shares 76,131 (+11.4%) Est. Cost $171.55 Unrealized +46.1%

AMZN AMAZON COM INC 7.6%

Value ($000) $28,653 (+6.8%) Shares 124,135 (+1.6%) Est. Cost $129.41 Unrealized +76.8%

PHYS SPROTT ASSET MANAGEMENT LP 2.1%

Value ($000) $7,775 (+18.0%) Shares 235,467 (+5.9%) Est. Cost $19.69 Unrealized —

V VISA INC 1.9%

Value ($000) $7,190 (+18.3%) Shares 20,501 (+15.1%) Est. Cost $228.75 Unrealized +48.8%

SPGI S&P GLOBAL INC 3.3%

Value ($000) $12,236 (+8.5%) Shares 23,415 (+1.1%) Est. Cost $384.43 Unrealized +28.6%

IBIT ISHARES BITCOIN TRUST ETF 0.7%

Value ($000) $2,761 (-15.1%) Shares 55,600 (+11.2%) Est. Cost $56.68 Unrealized —

— WELLS FARGO CO NEW 1.6%

Value ($000) $6,182 (+7.4%) Shares 5,101 (+9.3%) Est. Cost $1217.70 Unrealized —

UNP UNION PAC CORP 0.5%

Value ($000) $2,036 (+25.9%) Shares 8,800 (+28.7%) Est. Cost $201.33 Unrealized +12.9%

SNPS SYNOPSYS INC 1.7%

Value ($000) $6,223 (-2.3%) Shares 13,249 (+2.6%) Est. Cost $562.22 Unrealized -21.0%

TDY TELEDYNE TECHNOLOGIES INC 1.6%

Value ($000) $6,090 (+2.3%) Shares 11,924 (+17.4%) Est. Cost $421.13 Unrealized +25.1%

IHI ISHARES TR 0.2%

Value ($000) $689 (+14.5%) Shares 11,091 (+10.7%) Est. Cost $58.43 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 1.6%

Value ($000) $5,982 (-1.4%) Shares 36,933 (+2.5%) Est. Cost $110.71 Unrealized +41.1%

PEP PEPSICO INC 0.5%

Value ($000) $1,968 (+4.2%) Shares 13,713 (+1.9%) Est. Cost $147.46 Unrealized -1.1%

— BANK AMERICA CORP 3.5%

Value ($000) $13,195 (-0.2%) Shares 10,539 (+2.0%) Est. Cost $1187.39 Unrealized —

BN BROOKFIELD CORP 0.5%

Value ($000) $2,061 (+0.4%) Shares 44,909 (+50.0%) Est. Cost $39.79 Unrealized +14.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LIN	LINDE PLC	24,153 (+413.6%)	$10,299 (+361.0%)	2.7%	$406.84	+5.0%	SHS	G54950103
ADI	ANALOG DEVICES INC	76,131 (+11.4%)	$20,647 (+23.0%)	5.5%	$171.55	+46.1%	COM	032654105
AMZN	AMAZON COM INC	124,135 (+1.6%)	$28,653 (+6.8%)	7.6%	$129.41	+76.8%	COM	023135106
PHYS	SPROTT ASSET MANAGEMENT LP	235,467 (+5.9%)	$7,775 (+18.0%)	2.1%	$19.69	—	PHYSICAL GOLD TR	85207H104
V	VISA INC	20,501 (+15.1%)	$7,190 (+18.3%)	1.9%	$228.75	+48.8%	COM CL A	92826C839
SPGI	S&P GLOBAL INC	23,415 (+1.1%)	$12,236 (+8.5%)	3.3%	$384.43	+28.6%	COM	78409V104
IBIT	ISHARES BITCOIN TRUST ETF	55,600 (+11.2%)	$2,761 (-15.1%)	0.7%	$56.68	—	SHS BEN INT	46438F101
—	WELLS FARGO CO NEW	5,101 (+9.3%)	$6,182 (+7.4%)	1.6%	$1217.70	—	PERP PFD CNV A	949746804
UNP	UNION PAC CORP	8,800 (+28.7%)	$2,036 (+25.9%)	0.5%	$201.33	+12.9%	COM	907818108
SNPS	SYNOPSYS INC	13,249 (+2.6%)	$6,223 (-2.3%)	1.7%	$562.22	-21.0%	COM	871607107
TDY	TELEDYNE TECHNOLOGIES INC	11,924 (+17.4%)	$6,090 (+2.3%)	1.6%	$421.13	+25.1%	COM	879360105
IHI	ISHARES TR	11,091 (+10.7%)	$689 (+14.5%)	0.2%	$58.43	—	U.S. MED DVC ETF	464288810
ICE	INTERCONTINENTAL EXCHANGE IN	36,933 (+2.5%)	$5,982 (-1.4%)	1.6%	$110.71	+41.1%	COM	45866F104
PEP	PEPSICO INC	13,713 (+1.9%)	$1,968 (+4.2%)	0.5%	$147.46	-1.1%	COM	713448108
—	BANK AMERICA CORP	10,539 (+2.0%)	$13,195 (-0.2%)	3.5%	$1187.39	—	7.25%CNV PFD L	060505682
BN	BROOKFIELD CORP	44,909 (+50.0%)	$2,061 (+0.4%)	0.5%	$39.79	+14.5%	CL A LTD VT SH	11271J107

Exited Positions (7)

DD DUPONT DE NEMOURS INC 0.6%

Value ($000) $2,122 Shares 27,246 Est. Cost $28.87 Unrealized +29.5%

CP CANADIAN PACIFIC KANSAS CITY 0.3%

Value ($000) $1,143 Shares 15,341 Est. Cost $76.37 Unrealized -3.6%

— UNILEVER PLC 0.2%

Value ($000) $728 Shares 12,280 Est. Cost $54.99 Unrealized —

VYMI VANGUARD WHITEHALL FDS 0.1%

Value ($000) $393 Shares 4,640 Est. Cost $68.80 Unrealized —

ADSK AUTODESK INC 0.1%

Value ($000) $362 Shares 1,141 Est. Cost $267.95 Unrealized +12.9%

VIGI VANGUARD WHITEHALL FDS 0.1%

Value ($000) $349 Shares 3,900 Est. Cost $81.53 Unrealized —

B BARRICK MNG CORP 0.1%

Value ($000) $234 Shares 7,150 Est. Cost $19.29 Unrealized +94.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DD	DUPONT DE NEMOURS INC	27,246	$2,122	0.6%	$28.87	+29.5%	—	26614N102
CP	CANADIAN PACIFIC KANSAS CITY	15,341	$1,143	0.3%	$76.37	-3.6%	—	13646K108
—	UNILEVER PLC	12,280	$728	0.2%	$54.99	—	—	904767704
VYMI	VANGUARD WHITEHALL FDS	4,640	$393	0.1%	$68.80	—	—	921946794
ADSK	AUTODESK INC	1,141	$362	0.1%	$267.95	+12.9%	—	052769106
VIGI	VANGUARD WHITEHALL FDS	3,900	$349	0.1%	$81.53	—	—	921946810
B	BARRICK MNG CORP	7,150	$234	0.1%	$19.29	+94.0%	—	06849F108

Decreased Positions (15)

PM PHILIP MORRIS INTL INC 1.1%

Value ($000) $4,195 (-31.2%) Shares 26,153 (-30.4%) Est. Cost $80.87 Unrealized +89.9%

FE FIRSTENERGY CORP 0.3%

Value ($000) $1,286 (-44.6%) Shares 28,720 (-43.3%) Est. Cost $40.27 Unrealized +13.5%

CSGP COSTAR GROUP INC 0.1%

Value ($000) $202 (-81.0%) Shares 3,000 (-76.1%) Est. Cost $75.70 Unrealized -6.4%

NOC NORTHROP GRUMMAN CORP 0.2%

Value ($000) $895 (-42.8%) Shares 1,570 (-38.9%) Est. Cost $432.97 Unrealized +33.7%

FERG FERGUSON ENTERPRISES INC 1.1%

Value ($000) $4,104 (-13.4%) Shares 18,435 (-12.7%) Est. Cost $170.60 Unrealized +39.5%

TXN TEXAS INSTRS INC 1.5%

Value ($000) $5,606 (-7.3%) Shares 32,314 (-1.8%) Est. Cost $162.01 Unrealized +5.4%

VEU VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $880 (-26.6%) Shares 11,965 (-28.8%) Est. Cost $54.55 Unrealized —

RTX RTX CORPORATION 3.2%

Value ($000) $11,864 (+2.7%) Shares 64,690 (-6.3%) Est. Cost $80.65 Unrealized +114.9%

BDX BECTON DICKINSON & CO 2.3%

Value ($000) $8,751 (-2.6%) Shares 45,092 (-6.0%) Est. Cost $227.17 Unrealized -16.6%

HD HOME DEPOT INC 0.1%

Value ($000) $425 (-32.1%) Shares 1,235 (-20.0%) Est. Cost $316.99 Unrealized +15.0%

LNG CHENIERE ENERGY INC 0.1%

Value ($000) $239 (-43.7%) Shares 1,230 (-32.0%) Est. Cost $160.78 Unrealized +30.6%

SPY SPDR S&P 500 ETF TR 0.2%

Value ($000) $769 (-12.8%) Shares 1,128 (-14.8%) Est. Cost $617.85 Unrealized —

SYK STRYKER CORPORATION 0.1%

Value ($000) $461 (-11.7%) Shares 1,313 (-7.1%) Est. Cost $246.10 Unrealized +47.7%

NVDA NVIDIA CORPORATION 0.4%

Value ($000) $1,492 (-1.7%) Shares 8,000 (-1.7%) Est. Cost $116.31 Unrealized +60.0%

CVNA CARVANA CO 0.1%

Value ($000) $280 (-5.4%) Shares 664 (-15.4%) Est. Cost $274.18 Unrealized +35.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PM	PHILIP MORRIS INTL INC	26,153 (-30.4%)	$4,195 (-31.2%)	1.1%	$80.87	+89.9%	COM	718172109
FE	FIRSTENERGY CORP	28,720 (-43.3%)	$1,286 (-44.6%)	0.3%	$40.27	+13.5%	COM	337932107
CSGP	COSTAR GROUP INC	3,000 (-76.1%)	$202 (-81.0%)	0.1%	$75.70	-6.4%	COM	22160N109
NOC	NORTHROP GRUMMAN CORP	1,570 (-38.9%)	$895 (-42.8%)	0.2%	$432.97	+33.7%	COM	666807102
FERG	FERGUSON ENTERPRISES INC	18,435 (-12.7%)	$4,104 (-13.4%)	1.1%	$170.60	+39.5%	COMMON STOCK NEW	31488V107
TXN	TEXAS INSTRS INC	32,314 (-1.8%)	$5,606 (-7.3%)	1.5%	$162.01	+5.4%	COM	882508104
VEU	VANGUARD INTL EQUITY INDEX F	11,965 (-28.8%)	$880 (-26.6%)	0.2%	$54.55	—	ALLWRLD EX US	922042775
RTX	RTX CORPORATION	64,690 (-6.3%)	$11,864 (+2.7%)	3.2%	$80.65	+114.9%	COM	75513E101
BDX	BECTON DICKINSON & CO	45,092 (-6.0%)	$8,751 (-2.6%)	2.3%	$227.17	-16.6%	COM	075887109
HD	HOME DEPOT INC	1,235 (-20.0%)	$425 (-32.1%)	0.1%	$316.99	+15.0%	COM	437076102
LNG	CHENIERE ENERGY INC	1,230 (-32.0%)	$239 (-43.7%)	0.1%	$160.78	+30.6%	COM NEW	16411R208
SPY	SPDR S&P 500 ETF TR	1,128 (-14.8%)	$769 (-12.8%)	0.2%	$617.85	—	TR UNIT	78462F103
SYK	STRYKER CORPORATION	1,313 (-7.1%)	$461 (-11.7%)	0.1%	$246.10	+47.7%	COM	863667101
NVDA	NVIDIA CORPORATION	8,000 (-1.7%)	$1,492 (-1.7%)	0.4%	$116.31	+60.0%	COM	67066G104
CVNA	CARVANA CO	664 (-15.4%)	$280 (-5.4%)	0.1%	$274.18	+35.6%	CL A	146869102

Unchanged Positions (28)

GOOGL ALPHABET INC 7.4%

Value ($000) $27,881 Shares 89,078 Est. Cost $120.62 Unrealized +136.8%

GOOG ALPHABET INC 4.8%

Value ($000) $18,009 Shares 57,390 Est. Cost $115.99 Unrealized +146.9%

TMO THERMO FISHER SCIENTIFIC INC 4.8%

Value ($000) $17,954 Shares 30,984 Est. Cost $549.44 Unrealized +2.9%

DHR DANAHER CORPORATION 4.0%

Value ($000) $15,062 Shares 65,797 Est. Cost $207.57 Unrealized +5.8%

MSFT MICROSOFT CORP 7.6%

Value ($000) $28,407 Shares 58,739 Est. Cost $299.27 Unrealized +67.3%

ASML ASML HOLDING N V 4.1%

Value ($000) $15,262 Shares 14,265 Est. Cost $892.05 Unrealized —

AMAT APPLIED MATLS INC 1.9%

Value ($000) $7,030 Shares 27,354 Est. Cost $147.23 Unrealized +62.7%

HON HONEYWELL INTL INC 3.2%

Value ($000) $11,886 Shares 60,924 Est. Cost $183.76 Unrealized +6.1%

ENTG ENTEGRIS INC 2.4%

Value ($000) $9,054 Shares 107,464 Est. Cost $93.45 Unrealized -7.1%

LRCX LAM RESEARCH CORP 1.0%

Value ($000) $3,847 Shares 22,474 Est. Cost $76.26 Unrealized +103.7%

BAC BANK AMERICA CORP 2.6%

Value ($000) $9,649 Shares 175,440 Est. Cost $36.93 Unrealized +42.6%

WMB WILLIAMS COS INC 1.8%

Value ($000) $6,642 Shares 110,505 Est. Cost $26.52 Unrealized +126.4%

MARA MARA HOLDINGS INC 0.1%

Value ($000) $225 Shares 25,000 Est. Cost $17.06 Unrealized -13.5%

META META PLATFORMS INC 0.5%

Value ($000) $1,863 Shares 2,823 Est. Cost $377.39 Unrealized +76.8%

MKTW MARKETWISE INC 0.4%

Value ($000) $1,683 Shares 112,070 Est. Cost $14.57 Unrealized +6.1%

GDX VANECK ETF TRUST 0.3%

Value ($000) $1,181 Shares 13,770 Est. Cost $39.35 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 2.4%

Value ($000) $8,821 Shares 17,548 Est. Cost $302.72 Unrealized +64.4%

REGN REGENERON PHARMACEUTICALS 0.1%

Value ($000) $283 Shares 367 Est. Cost $564.28 Unrealized +20.3%

ALC ALCON AG 0.3%

Value ($000) $1,246 Shares 15,811 Est. Cost $88.63 Unrealized -13.1%

AAPL APPLE INC 0.3%

Value ($000) $952 Shares 3,500 Est. Cost $150.67 Unrealized +78.1%

MOAT VANECK ETF TRUST 0.3%

Value ($000) $942 Shares 9,095 Est. Cost $70.71 Unrealized —

SGHC SUPER GROUP SGHC LIMITED 0.1%

Value ($000) $359 Shares 30,031 Est. Cost $3.41 Unrealized +252.1%

AVGO BROADCOM INC 0.1%

Value ($000) $346 Shares 1,000 Est. Cost $215.92 Unrealized +65.3%

FMX FOMENTO ECONOMICO MEXICANO S 0.1%

Value ($000) $400 Shares 3,955 Est. Cost $62.77 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.3%

Value ($000) $1,122 Shares 5,858 Est. Cost $176.02 Unrealized —

EMLC VANECK ETF TRUST 0.1%

Value ($000) $211 Shares 8,177 Est. Cost $25.51 Unrealized —

ASHR DBX ETF TR 0.2%

Value ($000) $578 Shares 17,610 Est. Cost $34.74 Unrealized —

SPGP INVESCO EXCHANGE TRADED FD T 0.2%

Value ($000) $764 Shares 6,710 Est. Cost $87.70 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	89,078	$27,881	7.4%	$120.62	+136.8%	CAP STK CL A	02079K305
GOOG	ALPHABET INC	57,390	$18,009	4.8%	$115.99	+146.9%	CAP STK CL C	02079K107
TMO	THERMO FISHER SCIENTIFIC INC	30,984	$17,954	4.8%	$549.44	+2.9%	COM	883556102
DHR	DANAHER CORPORATION	65,797	$15,062	4.0%	$207.57	+5.8%	COM	235851102
MSFT	MICROSOFT CORP	58,739	$28,407	7.6%	$299.27	+67.3%	COM	594918104
ASML	ASML HOLDING N V	14,265	$15,262	4.1%	$892.05	—	N Y REGISTRY SHS	N07059210
AMAT	APPLIED MATLS INC	27,354	$7,030	1.9%	$147.23	+62.7%	COM	038222105
HON	HONEYWELL INTL INC	60,924	$11,886	3.2%	$183.76	+6.1%	COM	438516106
ENTG	ENTEGRIS INC	107,464	$9,054	2.4%	$93.45	-7.1%	COM	29362U104
LRCX	LAM RESEARCH CORP	22,474	$3,847	1.0%	$76.26	+103.7%	COM NEW	512807306
BAC	BANK AMERICA CORP	175,440	$9,649	2.6%	$36.93	+42.6%	COM	060505104
WMB	WILLIAMS COS INC	110,505	$6,642	1.8%	$26.52	+126.4%	COM	969457100
MARA	MARA HOLDINGS INC	25,000	$225	0.1%	$17.06	-13.5%	COM	565788106
META	META PLATFORMS INC	2,823	$1,863	0.5%	$377.39	+76.8%	CL A	30303M102
MKTW	MARKETWISE INC	112,070	$1,683	0.4%	$14.57	+6.1%	COM NEW CL A	57064P206
GDX	VANECK ETF TRUST	13,770	$1,181	0.3%	$39.35	—	GOLD MINERS ETF	92189F106
BRK/B	BERKSHIRE HATHAWAY INC DEL	17,548	$8,821	2.4%	$302.72	+64.4%	CL B NEW	084670702
REGN	REGENERON PHARMACEUTICALS	367	$283	0.1%	$564.28	+20.3%	COM	75886F107
ALC	ALCON AG	15,811	$1,246	0.3%	$88.63	-13.1%	ORD SHS	H01301128
AAPL	APPLE INC	3,500	$952	0.3%	$150.67	+78.1%	COM	037833100
MOAT	VANECK ETF TRUST	9,095	$942	0.3%	$70.71	—	MRNGSTR WDE MOAT	92189F643
SGHC	SUPER GROUP SGHC LIMITED	30,031	$359	0.1%	$3.41	+252.1%	ORD SHS	G8588X103
AVGO	BROADCOM INC	1,000	$346	0.1%	$215.92	+65.3%	COM	11135F101
FMX	FOMENTO ECONOMICO MEXICANO S	3,955	$400	0.1%	$62.77	—	SPON ADR UNITS	344419106
RSP	INVESCO EXCHANGE TRADED FD T	5,858	$1,122	0.3%	$176.02	—	S&P500 EQL WGT	46137V357
EMLC	VANECK ETF TRUST	8,177	$211	0.1%	$25.51	—	JP MRGAN EM LOC	92189H300
ASHR	DBX ETF TR	17,610	$578	0.2%	$34.74	—	XTRACK HRVST CSI	233051879
SPGP	INVESCO EXCHANGE TRADED FD T	6,710	$764	0.2%	$87.70	—	S&P 500 GARP ETF	46137V431