Orca Investment Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADP	AUTOMATIC DATA PROCESSIN	3,119 (+1.1%)	$802 (-11.4%)	0.6%	$101.04	+162.1%	COM	053015103
KMB	KIMBERLY CLARK CORP	2,318 (+1.0%)	$234 (-18.0%)	0.2%	$82.24	+31.8%	COM	494368103
GPC	GENUINE PARTS CO	2,918 (+1.1%)	$359 (-10.3%)	0.3%	$74.97	+71.6%	COM	372460105
PG	PROCTER & GAMBLE CO	3,232 (+1.1%)	$463 (-5.7%)	0.4%	$80.25	+83.4%	COM	742718109
EMR	EMERSON ELEC CO	4,180 (+1.1%)	$555 (+2.3%)	0.4%	$59.98	+120.7%	COM	291011104
—	STATE STRET MATRL SLCT SCTR SP	20,587 (+99.9%)	$934 (+1.2%)	0.7%	$56.33	—	ETF - EQUITY	81369y100
PPG	PPG INDS INC	2,559 (+1.2%)	$262 (-1.4%)	0.2%	$93.20	+7.4%	COM	693506107
—	ABBVIE INC	4,851 (+1.1%)	$1,108 (-0.3%)	0.9%	$85.78	—	COM	00287y109

Exited Positions (4)

— COHERENT CORP 1.8%

Value ($000) $2,336 Shares 21,690 Est. Cost $72.46 Unrealized —

SWX SOUTHWEST GAS HLDGS INC COM 0.2%

Value ($000) $309 Shares 3,948 Est. Cost $74.31 Unrealized +7.8%

VV VANGUARD LARGE CAP ETF 0.2%

Value ($000) $229 Shares 743 Est. Cost $249.56 Unrealized —

XLC SELECT SECTOR SPDR TR COMMUNIC 0.2%

Value ($000) $222 Shares 1,875 Est. Cost $108.53 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	COHERENT CORP	21,690	$2,336	1.8%	$72.46	—	—	19247g107
SWX	SOUTHWEST GAS HLDGS INC COM	3,948	$309	0.2%	$74.31	+7.8%	—	844895102
VV	VANGUARD LARGE CAP ETF	743	$229	0.2%	$249.56	—	—	922908637
XLC	SELECT SECTOR SPDR TR COMMUNIC	1,875	$222	0.2%	$108.53	—	—	81369Y852

Decreased Positions (19)

BRK/B BERKSHIRE HATHAWAY INC DEL CL 0.5%

Value ($000) $653 (-80.6%) Shares 1,300 (-80.6%) Est. Cost $133.18 Unrealized +273.6%

— ALPHABET INC CLASS CLASS C 9.0%

Value ($000) $11,413 (+27.0%) Shares 36,370 (-1.4%) Est. Cost $147.93 Unrealized —

MSFT MICROSOFT CORP 10.5%

Value ($000) $13,321 (-7.8%) Shares 27,545 (-1.2%) Est. Cost $51.58 Unrealized +870.6%

— ORACLE CORP 0.5%

Value ($000) $614 (-31.7%) Shares 3,149 (-1.4%) Est. Cost $38.42 Unrealized —

UPS UNITED PARCEL SVC INC CLASS CL 1.3%

Value ($000) $1,685 (+14.5%) Shares 16,983 (-3.6%) Est. Cost $129.00 Unrealized -28.1%

ADM ARCHER-DANIELS MIDLAND CO COM 1.6%

Value ($000) $2,078 (-7.3%) Shares 36,152 (-3.7%) Est. Cost $62.72 Unrealized -5.2%

— VERIZON COMMUNICATIONS I 0.6%

Value ($000) $800 (-12.9%) Shares 19,638 (-6.0%) Est. Cost $40.77 Unrealized —

MS MORGAN STANLEY 0.7%

Value ($000) $838 (+10.0%) Shares 4,720 (-1.5%) Est. Cost $28.35 Unrealized +487.3%

SPMO INVESCO EXCHANGE-TRADED FD TR 1.7%

Value ($000) $2,127 (-3.4%) Shares 17,829 (-2.0%) Est. Cost $95.01 Unrealized —

— EXXON MOBIL CORP 0.3%

Value ($000) $391 (-15.9%) Shares 3,251 (-21.2%) Est. Cost $66.51 Unrealized —

— GOLDMAN SACHS GROUP INC 0.7%

Value ($000) $866 (+8.8%) Shares 985 (-1.4%) Est. Cost $229.24 Unrealized —

C CITIGROUP INC 0.3%

Value ($000) $398 (+13.2%) Shares 3,415 (-1.5%) Est. Cost $40.66 Unrealized +154.9%

— REAVES UTILITY INCOME 0.3%

Value ($000) $348 (-10.3%) Shares 9,500 (-2.8%) Est. Cost $27.32 Unrealized —

PFE PFIZER INC 0.5%

Value ($000) $626 (-5.2%) Shares 25,135 (-3.0%) Est. Cost $23.23 Unrealized +7.8%

WTAI WISDOMTREE TR ARTIFICIAL INTEL 1.4%

Value ($000) $1,830 (+0.8%) Shares 62,796 (-1.2%) Est. Cost $19.93 Unrealized —

SCHW CHARLES SCHWAB CORP 0.4%

Value ($000) $456 (+3.0%) Shares 4,569 (-1.6%) Est. Cost $20.66 Unrealized +358.5%

CVX CHEVRON CORP NEW 0.2%

Value ($000) $277 (-3.7%) Shares 1,814 (-1.9%) Est. Cost $150.55 Unrealized +0.6%

— FLEXSHARES MORNINGSTAR US IDX 0.3%

Value ($000) $334 (+1.1%) Shares 1,342 (-1.5%) Est. Cost $144.93 Unrealized —

IWL ISHARES RUSSELL TOP 200 ETF 0.2%

Value ($000) $207 (+0.3%) Shares 1,214 (-2.4%) Est. Cost $166.13 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL CL	1,300 (-80.6%)	$653 (-80.6%)	0.5%	$133.18	+273.6%	COM	084670702
—	ALPHABET INC CLASS CLASS C	36,370 (-1.4%)	$11,413 (+27.0%)	9.0%	$147.93	—	COM	02079k107
MSFT	MICROSOFT CORP	27,545 (-1.2%)	$13,321 (-7.8%)	10.5%	$51.58	+870.6%	COM	594918104
—	ORACLE CORP	3,149 (-1.4%)	$614 (-31.7%)	0.5%	$38.42	—	COM	68389x105
UPS	UNITED PARCEL SVC INC CLASS CL	16,983 (-3.6%)	$1,685 (+14.5%)	1.3%	$129.00	-28.1%	COM	911312106
ADM	ARCHER-DANIELS MIDLAND CO COM	36,152 (-3.7%)	$2,078 (-7.3%)	1.6%	$62.72	-5.2%	COM	039483102
—	VERIZON COMMUNICATIONS I	19,638 (-6.0%)	$800 (-12.9%)	0.6%	$40.77	—	COM	92343v104
MS	MORGAN STANLEY	4,720 (-1.5%)	$838 (+10.0%)	0.7%	$28.35	+487.3%	COM	617446448
SPMO	INVESCO EXCHANGE-TRADED FD TR	17,829 (-2.0%)	$2,127 (-3.4%)	1.7%	$95.01	—	ETF - EQUITY	46138E339
—	EXXON MOBIL CORP	3,251 (-21.2%)	$391 (-15.9%)	0.3%	$66.51	—	COM	30231g102
—	GOLDMAN SACHS GROUP INC	985 (-1.4%)	$866 (+8.8%)	0.7%	$229.24	—	COM	38141g104
C	CITIGROUP INC	3,415 (-1.5%)	$398 (+13.2%)	0.3%	$40.66	+154.9%	COM	172967424
—	REAVES UTILITY INCOME	9,500 (-2.8%)	$348 (-10.3%)	0.3%	$27.32	—	CLSD END EQ FD	756158101
PFE	PFIZER INC	25,135 (-3.0%)	$626 (-5.2%)	0.5%	$23.23	+7.8%	COM	717081103
WTAI	WISDOMTREE TR ARTIFICIAL INTEL	62,796 (-1.2%)	$1,830 (+0.8%)	1.4%	$19.93	—	ETF - EQUITY	97717Y543
SCHW	CHARLES SCHWAB CORP	4,569 (-1.6%)	$456 (+3.0%)	0.4%	$20.66	+358.5%	COM	808513105
CVX	CHEVRON CORP NEW	1,814 (-1.9%)	$277 (-3.7%)	0.2%	$150.55	+0.6%	COM	166764100
—	FLEXSHARES MORNINGSTAR US IDX	1,342 (-1.5%)	$334 (+1.1%)	0.3%	$144.93	—	ETF - EQUITY	33939l100
IWL	ISHARES RUSSELL TOP 200 ETF	1,214 (-2.4%)	$207 (+0.3%)	0.2%	$166.13	—	ETF - EQUITY	464289446

Unchanged Positions (30)

— CARDINAL HEALTH INC 4.6%

Value ($000) $5,884 Shares 28,632 Est. Cost $53.06 Unrealized —

— ALPHABET INC CLASS A 4.1%

Value ($000) $5,229 Shares 16,705 Est. Cost $134.41 Unrealized —

AAPL APPLE INC 8.0%

Value ($000) $10,135 Shares 37,280 Est. Cost $102.86 Unrealized +160.9%

LLY ELI LILLY AND CO 1.6%

Value ($000) $2,028 Shares 1,887 Est. Cost $773.09 Unrealized +23.6%

— MERCK & CO. INC. 1.5%

Value ($000) $1,941 Shares 18,443 Est. Cost $79.16 Unrealized —

JNJ JOHNSON & JOHNSON 2.9%

Value ($000) $3,643 Shares 17,602 Est. Cost $123.23 Unrealized +59.9%

— BROADCOM INC 5.6%

Value ($000) $7,140 Shares 20,629 Est. Cost $195.97 Unrealized —

HD HOME DEPOT INC 1.3%

Value ($000) $1,612 Shares 4,686 Est. Cost $95.30 Unrealized +282.6%

PRU PRUDENTIAL FINL INC 2.2%

Value ($000) $2,800 Shares 24,808 Est. Cost $63.14 Unrealized +68.7%

INTC INTEL CORP 1.5%

Value ($000) $1,871 Shares 50,697 Est. Cost $29.28 Unrealized +29.0%

AMZN AMAZON.COM INC 2.6%

Value ($000) $3,326 Shares 14,411 Est. Cost $174.08 Unrealized +31.4%

TSM TAIWAN SEMICONDUCTOR M F SPONS 1.6%

Value ($000) $2,093 Shares 6,889 Est. Cost $166.00 Unrealized —

— DUTCH BROS INC CLASS A 0.9%

Value ($000) $1,087 Shares 17,750 Est. Cost $30.88 Unrealized —

CVS CVS HEALTH CORP 2.2%

Value ($000) $2,788 Shares 35,137 Est. Cost $69.30 Unrealized +13.5%

— SPDR S&P 500 ETF 5.2%

Value ($000) $6,551 Shares 9,607 Est. Cost $367.87 Unrealized —

— OUTDOOR HLDG CO 0.6%

Value ($000) $818 Shares 478,500 Est. Cost $6.15 Unrealized —

— ALTRIA GROUP INC 0.4%

Value ($000) $529 Shares 9,168 Est. Cost $40.83 Unrealized —

— JPMORGAN CHASE & CO 1.8%

Value ($000) $2,291 Shares 7,111 Est. Cost $72.74 Unrealized —

SPTM SPDR SER TR STATE STREET SPDR 1.7%

Value ($000) $2,207 Shares 26,755 Est. Cost $74.89 Unrealized —

VTI VANGUARD TOTAL STOCK MARKET ET 2.1%

Value ($000) $2,657 Shares 7,924 Est. Cost $133.04 Unrealized —

— STE STRT FINCL SLCT SECTOR SPD 2.5%

Value ($000) $3,185 Shares 58,151 Est. Cost $26.75 Unrealized —

— INVESCO S&P 500 LOW VOLATILITY 0.7%

Value ($000) $923 Shares 12,918 Est. Cost $62.81 Unrealized —

— KINDER MORGAN INC DEL 0.7%

Value ($000) $947 Shares 34,433 Est. Cost $16.76 Unrealized —

IWM ISHARES RUSSELL 2000 ETF 1.4%

Value ($000) $1,740 Shares 7,070 Est. Cost $156.91 Unrealized —

SCHM CHARLES SCHWAB US MC ETF 0.9%

Value ($000) $1,130 Shares 37,564 Est. Cost $37.84 Unrealized —

PEP PEPSICO INC 0.4%

Value ($000) $556 Shares 3,875 Est. Cost $101.16 Unrealized +44.2%

XLI SELECT SECTOR SPDR TR STATE ST 1.2%

Value ($000) $1,472 Shares 9,492 Est. Cost $147.52 Unrealized —

SNA SNAP ON INC 1.1%

Value ($000) $1,342 Shares 3,894 Est. Cost $160.61 Unrealized +112.0%

DIS DISNEY WALT CO 0.4%

Value ($000) $505 Shares 4,439 Est. Cost $110.75 Unrealized -1.1%

SBUX STARBUCKS CORP 0.5%

Value ($000) $590 Shares 7,008 Est. Cost $74.71 Unrealized +12.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CARDINAL HEALTH INC	28,632	$5,884	4.6%	$53.06	—	COM	14149y108
—	ALPHABET INC CLASS A	16,705	$5,229	4.1%	$134.41	—	COM	02079k305
AAPL	APPLE INC	37,280	$10,135	8.0%	$102.86	+160.9%	COM	037833100
LLY	ELI LILLY AND CO	1,887	$2,028	1.6%	$773.09	+23.6%	COM	532457108
—	MERCK & CO. INC.	18,443	$1,941	1.5%	$79.16	—	COM	58933y105
JNJ	JOHNSON & JOHNSON	17,602	$3,643	2.9%	$123.23	+59.9%	COM	478160104
—	BROADCOM INC	20,629	$7,140	5.6%	$195.97	—	COM	11135f101
HD	HOME DEPOT INC	4,686	$1,612	1.3%	$95.30	+282.6%	COM	437076102
PRU	PRUDENTIAL FINL INC	24,808	$2,800	2.2%	$63.14	+68.7%	COM	744320102
INTC	INTEL CORP	50,697	$1,871	1.5%	$29.28	+29.0%	COM	458140100
AMZN	AMAZON.COM INC	14,411	$3,326	2.6%	$174.08	+31.4%	COM	023135106
TSM	TAIWAN SEMICONDUCTOR M F SPONS	6,889	$2,093	1.6%	$166.00	—	ADR	874039100
—	DUTCH BROS INC CLASS A	17,750	$1,087	0.9%	$30.88	—	COM	26701l100
CVS	CVS HEALTH CORP	35,137	$2,788	2.2%	$69.30	+13.5%	COM	126650100
—	SPDR S&P 500 ETF	9,607	$6,551	5.2%	$367.87	—	ETF - EQUITY	78462f103
—	OUTDOOR HLDG CO	478,500	$818	0.6%	$6.15	—	COM	00175j107
—	ALTRIA GROUP INC	9,168	$529	0.4%	$40.83	—	COM	02209s103
—	JPMORGAN CHASE & CO	7,111	$2,291	1.8%	$72.74	—	COM	46625h100
SPTM	SPDR SER TR STATE STREET SPDR	26,755	$2,207	1.7%	$74.89	—	ETF - EQUITY	78464A805
VTI	VANGUARD TOTAL STOCK MARKET ET	7,924	$2,657	2.1%	$133.04	—	ETF - EQUITY	922908769
—	STE STRT FINCL SLCT SECTOR SPD	58,151	$3,185	2.5%	$26.75	—	ETF - EQUITY	81369y605
—	INVESCO S&P 500 LOW VOLATILITY	12,918	$923	0.7%	$62.81	—	ETF - EQUITY	46138e354
—	KINDER MORGAN INC DEL	34,433	$947	0.7%	$16.76	—	COM	49456b101
IWM	ISHARES RUSSELL 2000 ETF	7,070	$1,740	1.4%	$156.91	—	ETF - EQUITY	464287655
SCHM	CHARLES SCHWAB US MC ETF	37,564	$1,130	0.9%	$37.84	—	ETF - EQUITY	808524508
PEP	PEPSICO INC	3,875	$556	0.4%	$101.16	+44.2%	COM	713448108
XLI	SELECT SECTOR SPDR TR STATE ST	9,492	$1,472	1.2%	$147.52	—	ETF - EQUITY	81369Y704
SNA	SNAP ON INC	3,894	$1,342	1.1%	$160.61	+112.0%	COM	833034101
DIS	DISNEY WALT CO	4,439	$505	0.4%	$110.75	-1.1%	COM	254687106
SBUX	STARBUCKS CORP	7,008	$590	0.5%	$74.71	+12.5%	COM	855244109