America First Investment Advisors, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLB	SLB LIMITED	580,380 (+3.1%)	$22,275 (+15.1%)	4.1%	$39.45	-8.6%	COM STK	806857108
SHY	ISHARES TR	505,362 (+7.6%)	$41,854 (+7.4%)	7.6%	$55.88	—	1 3 YR TREAS BD	464287457
ADP	AUTOMATIC DATA PROCESSING IN	86,242 (+4.5%)	$22,184 (-8.4%)	4.0%	$59.48	+345.2%	COM	053015103
ABT	ABBOTT LABS	199,156 (+1.9%)	$24,952 (-4.7%)	4.5%	$53.74	+136.9%	COM	002824100
V	VISA INC	72,836 (+1.9%)	$25,544 (+4.7%)	4.7%	$194.93	+74.6%	COM CL A	92826C839
ENB	ENBRIDGE INC	524,043 (+1.4%)	$25,065 (-3.9%)	4.6%	$26.18	+80.0%	COM	29250N105
CME	CME GROUP INC	95,881 (+1.3%)	$26,183 (+2.4%)	4.8%	$74.39	+263.9%	COM	12572Q105
MA	MASTERCARD INCORPORATED	44,541 (+1.8%)	$25,428 (+2.2%)	4.6%	$309.80	+80.4%	CL A	57636Q104
PFE	PFIZER INC	834,814 (+3.7%)	$20,787 (+1.3%)	3.8%	$28.11	-11.0%	COM	717081103
BN	BROOKFIELD CORP	617,483 (+48.1%)	$28,336 (-0.9%)	5.2%	$29.66	+53.6%	CL A LTD VT SH	11271J107
RSP	INVESCO EXCHANGE TRADED FD T	2,427 (+21.8%)	$465 (+23.0%)	0.1%	$145.36	—	S&P500 EQL WGT	46137V357
CVX	CHEVRON CORP NEW	3,792 (+11.6%)	$578 (+9.5%)	0.1%	$87.10	+73.8%	COM	166764100

Exited Positions (3)

QQQ INVESCO QQQ TR 0.1%

Value ($000) $389 Shares 648 Est. Cost $320.93 Unrealized —

LLY ELI LILLY & CO 0.0%

Value ($000) $230 Shares 301 Est. Cost $329.89 Unrealized +189.7%

NGD NEW GOLD INC CDA 0.0%

Value ($000) $72 Shares 10,000 Est. Cost $2.05 Unrealized +266.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	648	$389	0.1%	$320.93	—	—	46090E103
LLY	ELI LILLY & CO	301	$230	0.0%	$329.89	+189.7%	—	532457108
NGD	NEW GOLD INC CDA	10,000	$72	0.0%	$2.05	+266.6%	—	644535106

Decreased Positions (12)

BAM BROOKFIELD ASSET MANAGMT LTD 2.8%

Value ($000) $15,221 (-39.5%) Shares 290,524 (-34.2%) Est. Cost $31.17 Unrealized +71.6%

BRK/A BERKSHIRE HATHAWAY INC DEL 1.1%

Value ($000) $6,038 (-50.0%) Shares 8 (-50.0%) Est. Cost $294742.90 Unrealized +153.2%

FNV FRANCO NEV CORP 5.5%

Value ($000) $30,354 (-13.8%) Shares 146,440 (-7.3%) Est. Cost $61.80 Unrealized +228.1%

TMO THERMO FISHER SCIENTIFIC INC 5.6%

Value ($000) $30,885 (+14.3%) Shares 53,300 (-4.3%) Est. Cost $417.06 Unrealized +35.5%

JNJ JOHNSON & JOHNSON 5.5%

Value ($000) $30,144 (+8.6%) Shares 145,660 (-2.7%) Est. Cost $141.29 Unrealized +39.4%

RGLD ROYAL GOLD INC 5.9%

Value ($000) $32,326 (+5.1%) Shares 145,422 (-5.2%) Est. Cost $64.59 Unrealized +207.1%

AAPL APPLE INC 0.4%

Value ($000) $2,257 (-32.2%) Shares 8,303 (-36.5%) Est. Cost $150.92 Unrealized +77.8%

GHI GREYSTONE HOUSING IMPACT INV 0.1%

Value ($000) $451 (-63.5%) Shares 65,528 (-45.5%) Est. Cost $14.52 Unrealized —

GOOGL ALPHABET INC 6.0%

Value ($000) $33,106 (+1.7%) Shares 105,770 (-21.0%) Est. Cost $105.85 Unrealized +169.8%

MSFT MICROSOFT CORP 0.2%

Value ($000) $880 (-28.8%) Shares 1,820 (-23.8%) Est. Cost $89.97 Unrealized +456.4%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.9%

Value ($000) $4,852 (-5.4%) Shares 9,652 (-5.4%) Est. Cost $222.12 Unrealized +124.0%

ORCL ORACLE CORP 0.0%

Value ($000) $225 (-51.0%) Shares 1,153 (-29.3%) Est. Cost $67.70 Unrealized +251.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BAM	BROOKFIELD ASSET MANAGMT LTD	290,524 (-34.2%)	$15,221 (-39.5%)	2.8%	$31.17	+71.6%	CL A LMT VTG SHS	113004105
BRK/A	BERKSHIRE HATHAWAY INC DEL	8 (-50.0%)	$6,038 (-50.0%)	1.1%	$294742.90	+153.2%	CL A	084670108
FNV	FRANCO NEV CORP	146,440 (-7.3%)	$30,354 (-13.8%)	5.5%	$61.80	+228.1%	COM	351858105
TMO	THERMO FISHER SCIENTIFIC INC	53,300 (-4.3%)	$30,885 (+14.3%)	5.6%	$417.06	+35.5%	COM	883556102
JNJ	JOHNSON & JOHNSON	145,660 (-2.7%)	$30,144 (+8.6%)	5.5%	$141.29	+39.4%	COM	478160104
RGLD	ROYAL GOLD INC	145,422 (-5.2%)	$32,326 (+5.1%)	5.9%	$64.59	+207.1%	COM	780287108
AAPL	APPLE INC	8,303 (-36.5%)	$2,257 (-32.2%)	0.4%	$150.92	+77.8%	COM	037833100
GHI	GREYSTONE HOUSING IMPACT INV	65,528 (-45.5%)	$451 (-63.5%)	0.1%	$14.52	—	BEN UNIT CTF	02364V206
GOOGL	ALPHABET INC	105,770 (-21.0%)	$33,106 (+1.7%)	6.0%	$105.85	+169.8%	CAP STK CL A	02079K305
MSFT	MICROSOFT CORP	1,820 (-23.8%)	$880 (-28.8%)	0.2%	$89.97	+456.4%	COM	594918104
BRK/B	BERKSHIRE HATHAWAY INC DEL	9,652 (-5.4%)	$4,852 (-5.4%)	0.9%	$222.12	+124.0%	CL B NEW	084670702
ORCL	ORACLE CORP	1,153 (-29.3%)	$225 (-51.0%)	0.0%	$67.70	+251.6%	COM	68389X105

Unchanged Positions (17)

WRB BERKLEY W R CORP 4.8%

Value ($000) $26,603 Shares 379,387 Est. Cost $32.12 Unrealized +126.4%

CLX CLOROX CO DEL 1.4%

Value ($000) $7,573 Shares 75,110 Est. Cost $60.00 Unrealized +80.4%

AMZN AMAZON COM INC 5.1%

Value ($000) $28,152 Shares 121,965 Est. Cost $116.59 Unrealized +96.2%

MU MICRON TECHNOLOGY INC 0.2%

Value ($000) $952 Shares 3,335 Est. Cost $49.39 Unrealized +364.3%

USB US BANCORP DEL 0.5%

Value ($000) $2,926 Shares 54,842 Est. Cost $26.59 Unrealized +83.2%

ZONE CLEANCORE SOLUTIONS INC 0.0%

Value ($000) $15 Shares 57,471 Est. Cost $3.59 Unrealized -76.6%

KO COCA COLA CO 0.2%

Value ($000) $1,178 Shares 16,848 Est. Cost $44.49 Unrealized +56.0%

PG PROCTER AND GAMBLE CO 0.1%

Value ($000) $644 Shares 4,492 Est. Cost $55.49 Unrealized +165.2%

PSX PHILLIPS 66 0.2%

Value ($000) $849 Shares 6,580 Est. Cost $43.69 Unrealized +206.7%

META META PLATFORMS INC 0.1%

Value ($000) $297 Shares 450 Est. Cost $302.71 Unrealized +120.4%

JPM JPMORGAN CHASE & CO. 0.1%

Value ($000) $815 Shares 2,529 Est. Cost $98.15 Unrealized +215.4%

HSY HERSHEY CO 0.1%

Value ($000) $585 Shares 3,217 Est. Cost $98.77 Unrealized +84.4%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $648 Shares 950 Est. Cost $267.15 Unrealized —

MFA MFA FINL INC 0.2%

Value ($000) $961 Shares 103,225 Est. Cost $10.16 Unrealized —

PEP PEPSICO INC 0.1%

Value ($000) $405 Shares 2,819 Est. Cost $107.97 Unrealized +35.1%

GD GENERAL DYNAMICS CORP 0.1%

Value ($000) $646 Shares 1,918 Est. Cost $123.73 Unrealized +175.5%

TSLA TESLA INC 0.1%

Value ($000) $418 Shares 929 Est. Cost $220.94 Unrealized +100.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WRB	BERKLEY W R CORP	379,387	$26,603	4.8%	$32.12	+126.4%	COM	084423102
CLX	CLOROX CO DEL	75,110	$7,573	1.4%	$60.00	+80.4%	COM	189054109
AMZN	AMAZON COM INC	121,965	$28,152	5.1%	$116.59	+96.2%	COM	023135106
MU	MICRON TECHNOLOGY INC	3,335	$952	0.2%	$49.39	+364.3%	COM	595112103
USB	US BANCORP DEL	54,842	$2,926	0.5%	$26.59	+83.2%	COM NEW	902973304
ZONE	CLEANCORE SOLUTIONS INC	57,471	$15	0.0%	$3.59	-76.6%	CLASS B COM SHS	184492106
KO	COCA COLA CO	16,848	$1,178	0.2%	$44.49	+56.0%	COM	191216100
PG	PROCTER AND GAMBLE CO	4,492	$644	0.1%	$55.49	+165.2%	COM	742718109
PSX	PHILLIPS 66	6,580	$849	0.2%	$43.69	+206.7%	COM	718546104
META	META PLATFORMS INC	450	$297	0.1%	$302.71	+120.4%	CL A	30303M102
JPM	JPMORGAN CHASE & CO.	2,529	$815	0.1%	$98.15	+215.4%	COM	46625H100
HSY	HERSHEY CO	3,217	$585	0.1%	$98.77	+84.4%	COM	427866108
SPY	SPDR S&P 500 ETF TR	950	$648	0.1%	$267.15	—	TR UNIT	78462F103
MFA	MFA FINL INC	103,225	$961	0.2%	$10.16	—	COM	55272X607
PEP	PEPSICO INC	2,819	$405	0.1%	$107.97	+35.1%	COM	713448108
GD	GENERAL DYNAMICS CORP	1,918	$646	0.1%	$123.73	+175.5%	COM	369550108
TSLA	TESLA INC	929	$418	0.1%	$220.94	+100.6%	COM	88160R101