Global Endowment Management, LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	3,646	$1,262	0.2%	$357.00	0.0%	COM	11135F101
EIRL	ISHARES TR	15,000	$1,103	0.1%	$73.53	—	MSCI IRELAND ETF	46429B507
XLI	SELECT SECTOR SPDR TR	6,500	$1,008	0.1%	$155.08	—	STATE STREET IND	81369Y704
SPYM	SPDR SERIES TRUST	11,731	$941	0.1%	$80.21	—	STATE STREET SPD	78464A854
FXI	ISHARES TR	14,000	$536	0.1%	$38.29	—	CHINA LG-CAP ETF	464287184
KRE	SPDR SERIES TRUST	8,000	$518	0.1%	$64.75	—	STATE STREET SPD	78464A698
TSM	TAIWAN SEMICONDUCTOR MFG LTD	1,429	$434	0.1%	$303.71	—	SPONSORED ADS	874039100
ENVA	ENOVA INTL INC	2,412	$379	0.0%	$130.16	0.0%	COM	29357K103
USO	UNITED STS OIL FD LP	5,000	$346	0.0%	$69.20	—	UNITS	91232N207
SHC	SOTERA HEALTH CO	19,468	$343	0.0%	$16.54	0.0%	COM	83601L102
HUMN	ROUNDHILL ETF TRUST	9,760	$291	0.0%	$29.82	—	HUMANOID ROBOTIC	77926X650
CIBR	FIRST TR EXCHANGE TRADED FD	4,000	$286	0.0%	$71.50	—	NASDAQ CYB ETF	33734X846
BILL	BILL HOLDINGS INC	4,720	$257	0.0%	$51.37	0.0%	COM	090043100
ITA	ISHARES TR	1,140	$245	0.0%	$214.91	—	US AER DEF ETF	464288760

Increased Positions (30)

BBRE J P MORGAN EXCHANGE TRADED F 5.8%

Value ($000) $46,522 (+28.9%) Shares 502,455 (+32.9%) Est. Cost $89.17 Unrealized —

SPY SPDR S&P 500 ETF TR 2.5%

Value ($000) $19,675 (+26.6%) Shares 28,852 (+23.7%) Est. Cost $590.41 Unrealized —

VT VANGUARD INTL EQUITY INDEX F 5.8%

Value ($000) $46,433 (+7.1%) Shares 329,171 (+4.6%) Est. Cost $114.77 Unrealized —

EWJ ISHARES INC 1.1%

Value ($000) $9,091 (+32.3%) Shares 112,581 (+31.4%) Est. Cost $67.70 Unrealized —

JNK SPDR SERIES TRUST 0.4%

Value ($000) $3,456 (+135.1%) Shares 35,550 (+137.0%) Est. Cost $97.51 Unrealized —

AAPL APPLE INC 2.7%

Value ($000) $21,547 (+9.9%) Shares 79,258 (+2.9%) Est. Cost $181.52 Unrealized +47.8%

IYR ISHARES TR 1.9%

Value ($000) $14,923 (+13.0%) Shares 158,940 (+16.8%) Est. Cost $94.17 Unrealized —

DJP BARCLAYS BANK PLC 0.7%

Value ($000) $5,688 (+15.2%) Shares 151,240 (+8.5%) Est. Cost $35.04 Unrealized —

SPAB SPDR SERIES TRUST 0.5%

Value ($000) $3,826 (+23.9%) Shares 148,581 (+24.4%) Est. Cost $25.19 Unrealized —

MSFT MICROSOFT CORP 3.1%

Value ($000) $24,509 (-2.7%) Shares 50,677 (+4.2%) Est. Cost $476.74 Unrealized +5.0%

NVDA NVIDIA CORPORATION 2.9%

Value ($000) $23,234 (+3.0%) Shares 124,579 (+3.0%) Est. Cost $104.79 Unrealized +77.6%

KWEB KRANESHARES TRUST 0.3%

Value ($000) $2,622 (+24.8%) Shares 77,000 (+54.0%) Est. Cost $32.36 Unrealized —

EWY ISHARES INC 0.1%

Value ($000) $875 (+78.8%) Shares 9,000 (+47.3%) Est. Cost $67.91 Unrealized —

SPDW SPDR INDEX SHS FDS 0.5%

Value ($000) $3,983 (+9.2%) Shares 89,674 (+5.2%) Est. Cost $35.81 Unrealized —

CQQQ INVESCO EXCH TRADED FD TR II 0.1%

Value ($000) $520 (+60.2%) Shares 10,000 (+81.8%) Est. Cost $55.86 Unrealized —

CROX CROCS INC 0.1%

Value ($000) $933 (+18.3%) Shares 10,915 (+15.7%) Est. Cost $90.25 Unrealized -7.3%

CCOI COGENT COMMUNICATIONS HLDGS 0.0%

Value ($000) $265 (-34.0%) Shares 12,297 (+17.5%) Est. Cost $47.58 Unrealized -38.0%

SPIB SPDR SERIES TRUST 0.1%

Value ($000) $684 (+24.5%) Shares 20,230 (+24.8%) Est. Cost $33.03 Unrealized —

GBDC GOLUB CAP BDC INC 0.1%

Value ($000) $950 (+15.7%) Shares 70,000 (+16.7%) Est. Cost $11.53 Unrealized +17.4%

SHYG ISHARES TR 0.1%

Value ($000) $547 (+24.5%) Shares 12,773 (+25.8%) Est. Cost $42.70 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value ($000) $573 (+19.7%) Shares 11,541 (+56.7%) Est. Cost $51.26 Unrealized —

HTGC HERCULES CAPITAL INC 0.0%

Value ($000) $376 (+32.6%) Shares 20,000 (+33.3%) Est. Cost $19.28 Unrealized -6.4%

SPLB SPDR SERIES TRUST 0.1%

Value ($000) $409 (+21.5%) Shares 18,080 (+24.2%) Est. Cost $22.36 Unrealized —

EAGG ISHARES TR 0.3%

Value ($000) $2,377 (+3.1%) Shares 49,674 (+3.5%) Est. Cost $48.02 Unrealized —

ALIT ALIGHT INC 0.0%

Value ($000) $183 (-24.2%) Shares 93,980 (+26.9%) Est. Cost $5.53 Unrealized -55.5%

KSPI KASPI KZ JSC 0.1%

Value ($000) $476 (+9.3%) Shares 6,091 (+14.3%) Est. Cost $109.81 Unrealized —

URA GLOBAL X FDS 0.0%

Value ($000) $342 (-9.4%) Shares 8,000 (+1.0%) Est. Cost $26.94 Unrealized —

FLUT FLUTTER ENTMT PLC 0.0%

Value ($000) $235 (-11.3%) Shares 1,094 (+4.9%) Est. Cost $289.52 Unrealized -22.3%

XLK SELECT SECTOR SPDR TR 0.1%

Value ($000) $864 (+2.2%) Shares 6,000 (+100.0%) Est. Cost $182.69 Unrealized —

GVI ISHARES TR 0.1%

Value ($000) $630 (+2.5%) Shares 5,868 (+2.5%) Est. Cost $104.51 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBRE	J P MORGAN EXCHANGE TRADED F	502,455 (+32.9%)	$46,522 (+28.9%)	5.8%	$89.17	—	BETBULD MSCI	46641Q738
SPY	SPDR S&P 500 ETF TR	28,852 (+23.7%)	$19,675 (+26.6%)	2.5%	$590.41	—	TR UNIT	78462F103
VT	VANGUARD INTL EQUITY INDEX F	329,171 (+4.6%)	$46,433 (+7.1%)	5.8%	$114.77	—	TT WRLD ST ETF	922042742
EWJ	ISHARES INC	112,581 (+31.4%)	$9,091 (+32.3%)	1.1%	$67.70	—	MSCI JAPAN ETF	46434G822
JNK	SPDR SERIES TRUST	35,550 (+137.0%)	$3,456 (+135.1%)	0.4%	$97.51	—	STATE STREET SPD	78468R622
AAPL	APPLE INC	79,258 (+2.9%)	$21,547 (+9.9%)	2.7%	$181.52	+47.8%	COM	037833100
IYR	ISHARES TR	158,940 (+16.8%)	$14,923 (+13.0%)	1.9%	$94.17	—	U.S. REAL ES ETF	464287739
DJP	BARCLAYS BANK PLC	151,240 (+8.5%)	$5,688 (+15.2%)	0.7%	$35.04	—	DJUBS CMDT ETN36	06738C778
SPAB	SPDR SERIES TRUST	148,581 (+24.4%)	$3,826 (+23.9%)	0.5%	$25.19	—	STATE STREET SPD	78464A649
MSFT	MICROSOFT CORP	50,677 (+4.2%)	$24,509 (-2.7%)	3.1%	$476.74	+5.0%	COM	594918104
NVDA	NVIDIA CORPORATION	124,579 (+3.0%)	$23,234 (+3.0%)	2.9%	$104.79	+77.6%	COM	67066G104
KWEB	KRANESHARES TRUST	77,000 (+54.0%)	$2,622 (+24.8%)	0.3%	$32.36	—	CSI CHI INTERNET	500767306
EWY	ISHARES INC	9,000 (+47.3%)	$875 (+78.8%)	0.1%	$67.91	—	MSCI STH KOR ETF	464286772
SPDW	SPDR INDEX SHS FDS	89,674 (+5.2%)	$3,983 (+9.2%)	0.5%	$35.81	—	PORTFOLIO DEVLPD	78463X889
CQQQ	INVESCO EXCH TRADED FD TR II	10,000 (+81.8%)	$520 (+60.2%)	0.1%	$55.86	—	CHINA TECHNLGY	46138E800
CROX	CROCS INC	10,915 (+15.7%)	$933 (+18.3%)	0.1%	$90.25	-7.3%	COM	227046109
CCOI	COGENT COMMUNICATIONS HLDGS	12,297 (+17.5%)	$265 (-34.0%)	0.0%	$47.58	-38.0%	COM NEW	19239V302
SPIB	SPDR SERIES TRUST	20,230 (+24.8%)	$684 (+24.5%)	0.1%	$33.03	—	STATE STREET SPD	78464A375
GBDC	GOLUB CAP BDC INC	70,000 (+16.7%)	$950 (+15.7%)	0.1%	$11.53	+17.4%	COM	38173M102
SHYG	ISHARES TR	12,773 (+25.8%)	$547 (+24.5%)	0.1%	$42.70	—	0-5YR HI YL CP	46434V407
IBIT	ISHARES BITCOIN TRUST ETF	11,541 (+56.7%)	$573 (+19.7%)	0.1%	$51.26	—	SHS BEN INT	46438F101
HTGC	HERCULES CAPITAL INC	20,000 (+33.3%)	$376 (+32.6%)	0.0%	$19.28	-6.4%	COM	427096508
SPLB	SPDR SERIES TRUST	18,080 (+24.2%)	$409 (+21.5%)	0.1%	$22.36	—	STATE STREET SPD	78464A367
EAGG	ISHARES TR	49,674 (+3.5%)	$2,377 (+3.1%)	0.3%	$48.02	—	ESG AWR US AGRGT	46435U549
ALIT	ALIGHT INC	93,980 (+26.9%)	$183 (-24.2%)	0.0%	$5.53	-55.5%	COM CL A	01626W101
KSPI	KASPI KZ JSC	6,091 (+14.3%)	$476 (+9.3%)	0.1%	$109.81	—	SPONSORED ADS	48581R205
URA	GLOBAL X FDS	8,000 (+1.0%)	$342 (-9.4%)	0.0%	$26.94	—	GLOBAL X URANIUM	37954Y871
FLUT	FLUTTER ENTMT PLC	1,094 (+4.9%)	$235 (-11.3%)	0.0%	$289.52	-22.3%	SHS	G3643J108
XLK	SELECT SECTOR SPDR TR	6,000 (+100.0%)	$864 (+2.2%)	0.1%	$182.69	—	STATE STREET TEC	81369Y803
GVI	ISHARES TR	5,868 (+2.5%)	$630 (+2.5%)	0.1%	$104.51	—	INTRM GOV CR ETF	464288612

Exited Positions (4)

GLD SPDR GOLD TR 0.5%

Value ($000) $3,910 Shares 11,000 Est. Cost $124.25 Unrealized —

COF CAPITAL ONE FINL CORP 0.1%

Value ($000) $479 Shares 2,254 Est. Cost $185.05 Unrealized +20.1%

FERG FERGUSON ENTERPRISES INC 0.1%

Value ($000) $455 Shares 2,027 Est. Cost $170.60 Unrealized +39.5%

FICO FAIR ISAAC CORP 0.0%

Value ($000) $347 Shares 232 Est. Cost $1273.59 Unrealized +35.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	11,000	$3,910	0.5%	$124.25	—	—	78463V107
COF	CAPITAL ONE FINL CORP	2,254	$479	0.1%	$185.05	+20.1%	—	14040H105
FERG	FERGUSON ENTERPRISES INC	2,027	$455	0.1%	$170.60	+39.5%	—	31488V107
FICO	FAIR ISAAC CORP	232	$347	0.0%	$1273.59	+35.2%	—	303250104

Decreased Positions (48)

TXO TXO PARTNERS LP 2.5%

Value ($000) $19,934 (-47.2%) Shares 1,868,298 (-30.4%) Est. Cost $18.09 Unrealized —

GOOGL ALPHABET INC 3.9%

Value ($000) $31,314 (+26.3%) Shares 100,042 (-1.9%) Est. Cost $199.63 Unrealized +43.1%

VTI VANGUARD INDEX FDS 11.8%

Value ($000) $94,413 (-6.3%) Shares 281,603 (-8.3%) Est. Cost $167.51 Unrealized —

BND VANGUARD BD INDEX FDS 17.4%

Value ($000) $139,217 (-3.3%) Shares 1,879,532 (-3.0%) Est. Cost $81.46 Unrealized —

META META PLATFORMS INC 0.3%

Value ($000) $2,097 (-62.9%) Shares 3,177 (-58.7%) Est. Cost $425.09 Unrealized +57.0%

AMZN AMAZON COM INC 0.4%

Value ($000) $2,880 (-41.3%) Shares 12,478 (-44.2%) Est. Cost $138.07 Unrealized +65.7%

DBC INVESCO DB COMMDY INDX TRCK 0.2%

Value ($000) $1,965 (-29.8%) Shares 87,862 (-29.3%) Est. Cost $22.29 Unrealized —

XLV SELECT SECTOR SPDR TR 1.2%

Value ($000) $9,534 (+8.2%) Shares 61,592 (-2.7%) Est. Cost $130.57 Unrealized —

MCO MOODYS CORP 0.0%

Value ($000) $255 (-66.2%) Shares 499 (-68.5%) Est. Cost $380.98 Unrealized +27.9%

CPNG COUPANG INC 0.0%

Value ($000) $336 (-58.5%) Shares 14,240 (-43.4%) Est. Cost $22.00 Unrealized +29.3%

VEEV VEEVA SYS INC 0.0%

Value ($000) $310 (-60.1%) Shares 1,389 (-46.7%) Est. Cost $238.78 Unrealized +11.1%

PDD PDD HOLDINGS INC 0.1%

Value ($000) $721 (-35.5%) Shares 6,358 (-24.8%) Est. Cost $114.52 Unrealized —

ENSG ENSIGN GROUP INC 0.0%

Value ($000) $393 (-47.6%) Shares 2,258 (-48.0%) Est. Cost $159.32 Unrealized +12.7%

MELI MERCADOLIBRE INC 0.0%

Value ($000) $387 (-46.6%) Shares 192 (-38.1%) Est. Cost $1559.40 Unrealized +34.7%

WBD WARNER BROS DISCOVERY INC 0.0%

Value ($000) $391 (-46.2%) Shares 13,556 (-63.6%) Est. Cost $9.31 Unrealized +151.1%

CACC CREDIT ACCEP CORP MICH 0.1%

Value ($000) $582 (-35.1%) Shares 1,312 (-31.7%) Est. Cost $495.32 Unrealized -6.4%

APPF APPFOLIO INC 0.0%

Value ($000) $373 (-40.6%) Shares 1,603 (-29.6%) Est. Cost $217.63 Unrealized +9.2%

GE GE AEROSPACE 0.1%

Value ($000) $660 (-26.3%) Shares 2,142 (-28.0%) Est. Cost $107.98 Unrealized +178.6%

LPX LOUISIANA PAC CORP 0.1%

Value ($000) $420 (-34.6%) Shares 5,201 (-28.0%) Est. Cost $108.76 Unrealized -22.3%

HR HEALTHCARE RLTY TR 0.0%

Value ($000) $201 (-50.4%) Shares 11,841 (-47.4%) Est. Cost $16.64 Unrealized —

NWSA NEWS CORP NEW 0.0%

Value ($000) $295 (-40.4%) Shares 11,280 (-30.1%) Est. Cost $28.34 Unrealized -7.4%

QRVO QORVO INC 0.0%

Value ($000) $213 (-47.7%) Shares 2,522 (-43.6%) Est. Cost $72.22 Unrealized +22.2%

HUM HUMANA INC 0.0%

Value ($000) $312 (-37.6%) Shares 1,218 (-36.6%) Est. Cost $261.21 Unrealized +0.0%

MTCH MATCH GROUP INC NEW 0.0%

Value ($000) $210 (-47.0%) Shares 6,514 (-42.0%) Est. Cost $32.54 Unrealized +1.0%

ADSK AUTODESK INC 0.0%

Value ($000) $215 (-46.2%) Shares 727 (-42.3%) Est. Cost $264.01 Unrealized +14.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.5%

Value ($000) $3,983 (-4.3%) Shares 7,925 (-4.3%) Est. Cost $254.15 Unrealized +95.8%

PCG PG&E CORP 0.0%

Value ($000) $299 (-37.4%) Shares 18,602 (-41.2%) Est. Cost $15.84 Unrealized +0.5%

APD AIR PRODS & CHEMS INC 0.0%

Value ($000) $291 (-35.9%) Shares 1,178 (-29.2%) Est. Cost $285.50 Unrealized -11.9%

BDX BECTON DICKINSON & CO 0.0%

Value ($000) $236 (-40.6%) Shares 1,218 (-42.6%) Est. Cost $180.83 Unrealized +4.8%

GEN GEN DIGITAL INC 0.0%

Value ($000) $229 (-38.3%) Shares 8,420 (-35.6%) Est. Cost $22.04 Unrealized +21.8%

V VISA INC 0.1%

Value ($000) $684 (-16.5%) Shares 1,949 (-18.8%) Est. Cost $279.80 Unrealized +21.6%

ILMN ILLUMINA INC 0.0%

Value ($000) $329 (-28.8%) Shares 2,509 (-48.4%) Est. Cost $99.18 Unrealized +18.4%

DAR DARLING INGREDIENTS INC 0.0%

Value ($000) $332 (-28.2%) Shares 9,222 (-38.5%) Est. Cost $33.40 Unrealized +1.3%

CVNA CARVANA CO 0.1%

Value ($000) $780 (-13.5%) Shares 1,848 (-22.6%) Est. Cost $140.08 Unrealized +165.4%

CRM SALESFORCE INC 0.0%

Value ($000) $238 (-33.2%) Shares 899 (-40.2%) Est. Cost $251.43 Unrealized -1.3%

SCHX SCHWAB STRATEGIC TR 1.2%

Value ($000) $9,792 (-0.9%) Shares 363,887 (-3.0%) Est. Cost $24.44 Unrealized —

GDX VANECK ETF TRUST 0.5%

Value ($000) $4,289 (+2.1%) Shares 50,000 (-9.1%) Est. Cost $29.27 Unrealized —

WAT WATERS CORP 0.0%

Value ($000) $249 (-24.8%) Shares 655 (-40.7%) Est. Cost $319.30 Unrealized +15.2%

CRH CRH PLC 0.1%

Value ($000) $480 (-14.0%) Shares 3,846 (-17.4%) Est. Cost $78.92 Unrealized +51.0%

ARGT GLOBAL X FDS 0.1%

Value ($000) $914 (+9.2%) Shares 10,000 (-16.7%) Est. Cost $31.24 Unrealized —

MRSH MARSH & MCLENNAN COS INC 0.0%

Value ($000) $251 (-21.8%) Shares 1,352 (-15.1%) Est. Cost $213.32 Unrealized -12.6%

KVUE KENVUE INC 0.0%

Value ($000) $221 (-20.6%) Shares 12,807 (-25.3%) Est. Cost $21.25 Unrealized -23.5%

IAC IAC INC 0.0%

Value ($000) $355 (-13.6%) Shares 9,088 (-24.7%) Est. Cost $42.92 Unrealized -18.4%

SPEM SPDR INDEX SHS FDS 0.2%

Value ($000) $1,930 (-2.1%) Shares 41,231 (-2.1%) Est. Cost $39.02 Unrealized —

RGLD ROYAL GOLD INC 0.1%

Value ($000) $550 (-5.9%) Shares 2,475 (-15.1%) Est. Cost $176.09 Unrealized +12.7%

INTU INTUIT 0.0%

Value ($000) $251 (-8.3%) Shares 379 (-5.5%) Est. Cost $564.52 Unrealized +17.0%

ICE INTERCONTINENTAL EXCHANGE IN 0.0%

Value ($000) $265 (-7.0%) Shares 1,635 (-3.4%) Est. Cost $126.64 Unrealized +23.3%

SCHG SCHWAB STRATEGIC TR 0.1%

Value ($000) $851 (-2.0%) Shares 26,100 (-4.1%) Est. Cost $29.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TXO	TXO PARTNERS LP	1,868,298 (-30.4%)	$19,934 (-47.2%)	2.5%	$18.09	—	COM UNIT	87313P103
GOOGL	ALPHABET INC	100,042 (-1.9%)	$31,314 (+26.3%)	3.9%	$199.63	+43.1%	CAP STK CL A	02079K305
VTI	VANGUARD INDEX FDS	281,603 (-8.3%)	$94,413 (-6.3%)	11.8%	$167.51	—	TOTAL STK MKT	922908769
BND	VANGUARD BD INDEX FDS	1,879,532 (-3.0%)	$139,217 (-3.3%)	17.4%	$81.46	—	TOTAL BND MRKT	921937835
META	META PLATFORMS INC	3,177 (-58.7%)	$2,097 (-62.9%)	0.3%	$425.09	+57.0%	CL A	30303M102
AMZN	AMAZON COM INC	12,478 (-44.2%)	$2,880 (-41.3%)	0.4%	$138.07	+65.7%	COM	023135106
DBC	INVESCO DB COMMDY INDX TRCK	87,862 (-29.3%)	$1,965 (-29.8%)	0.2%	$22.29	—	UNIT	46138B103
XLV	SELECT SECTOR SPDR TR	61,592 (-2.7%)	$9,534 (+8.2%)	1.2%	$130.57	—	STATE STREET HEA	81369Y209
MCO	MOODYS CORP	499 (-68.5%)	$255 (-66.2%)	0.0%	$380.98	+27.9%	COM	615369105
CPNG	COUPANG INC	14,240 (-43.4%)	$336 (-58.5%)	0.0%	$22.00	+29.3%	CL A	22266T109
VEEV	VEEVA SYS INC	1,389 (-46.7%)	$310 (-60.1%)	0.0%	$238.78	+11.1%	CL A COM	922475108
PDD	PDD HOLDINGS INC	6,358 (-24.8%)	$721 (-35.5%)	0.1%	$114.52	—	SPONSORED ADS	722304102
ENSG	ENSIGN GROUP INC	2,258 (-48.0%)	$393 (-47.6%)	0.0%	$159.32	+12.7%	COM	29358P101
MELI	MERCADOLIBRE INC	192 (-38.1%)	$387 (-46.6%)	0.0%	$1559.40	+34.7%	COM	58733R102
WBD	WARNER BROS DISCOVERY INC	13,556 (-63.6%)	$391 (-46.2%)	0.0%	$9.31	+151.1%	COM SER A	934423104
CACC	CREDIT ACCEP CORP MICH	1,312 (-31.7%)	$582 (-35.1%)	0.1%	$495.32	-6.4%	COM	225310101
APPF	APPFOLIO INC	1,603 (-29.6%)	$373 (-40.6%)	0.0%	$217.63	+9.2%	COM CL A	03783C100
GE	GE AEROSPACE	2,142 (-28.0%)	$660 (-26.3%)	0.1%	$107.98	+178.6%	COM NEW	369604301
LPX	LOUISIANA PAC CORP	5,201 (-28.0%)	$420 (-34.6%)	0.1%	$108.76	-22.3%	COM	546347105
HR	HEALTHCARE RLTY TR	11,841 (-47.4%)	$201 (-50.4%)	0.0%	$16.64	—	CL A COM	42226K105
NWSA	NEWS CORP NEW	11,280 (-30.1%)	$295 (-40.4%)	0.0%	$28.34	-7.4%	CL A	65249B109
QRVO	QORVO INC	2,522 (-43.6%)	$213 (-47.7%)	0.0%	$72.22	+22.2%	COM	74736K101
HUM	HUMANA INC	1,218 (-36.6%)	$312 (-37.6%)	0.0%	$261.21	+0.0%	COM	444859102
MTCH	MATCH GROUP INC NEW	6,514 (-42.0%)	$210 (-47.0%)	0.0%	$32.54	+1.0%	COM	57667L107
ADSK	AUTODESK INC	727 (-42.3%)	$215 (-46.2%)	0.0%	$264.01	+14.6%	COM	052769106
BRK/B	BERKSHIRE HATHAWAY INC DEL	7,925 (-4.3%)	$3,983 (-4.3%)	0.5%	$254.15	+95.8%	CL B NEW	084670702
PCG	PG&E CORP	18,602 (-41.2%)	$299 (-37.4%)	0.0%	$15.84	+0.5%	COM	69331C108
APD	AIR PRODS & CHEMS INC	1,178 (-29.2%)	$291 (-35.9%)	0.0%	$285.50	-11.9%	COM	009158106
BDX	BECTON DICKINSON & CO	1,218 (-42.6%)	$236 (-40.6%)	0.0%	$180.83	+4.8%	COM	075887109
GEN	GEN DIGITAL INC	8,420 (-35.6%)	$229 (-38.3%)	0.0%	$22.04	+21.8%	COM	668771108
V	VISA INC	1,949 (-18.8%)	$684 (-16.5%)	0.1%	$279.80	+21.6%	COM CL A	92826C839
ILMN	ILLUMINA INC	2,509 (-48.4%)	$329 (-28.8%)	0.0%	$99.18	+18.4%	COM	452327109
DAR	DARLING INGREDIENTS INC	9,222 (-38.5%)	$332 (-28.2%)	0.0%	$33.40	+1.3%	COM	237266101
CVNA	CARVANA CO	1,848 (-22.6%)	$780 (-13.5%)	0.1%	$140.08	+165.4%	CL A	146869102
CRM	SALESFORCE INC	899 (-40.2%)	$238 (-33.2%)	0.0%	$251.43	-1.3%	COM	79466L302
SCHX	SCHWAB STRATEGIC TR	363,887 (-3.0%)	$9,792 (-0.9%)	1.2%	$24.44	—	US LRG CAP ETF	808524201
GDX	VANECK ETF TRUST	50,000 (-9.1%)	$4,289 (+2.1%)	0.5%	$29.27	—	GOLD MINERS ETF	92189F106
WAT	WATERS CORP	655 (-40.7%)	$249 (-24.8%)	0.0%	$319.30	+15.2%	COM	941848103
CRH	CRH PLC	3,846 (-17.4%)	$480 (-14.0%)	0.1%	$78.92	+51.0%	ORD	G25508105
ARGT	GLOBAL X FDS	10,000 (-16.7%)	$914 (+9.2%)	0.1%	$31.24	—	GB MSCI AR ETF	37950E259
MRSH	MARSH & MCLENNAN COS INC	1,352 (-15.1%)	$251 (-21.8%)	0.0%	$213.32	-12.6%	COM	571748102
KVUE	KENVUE INC	12,807 (-25.3%)	$221 (-20.6%)	0.0%	$21.25	-23.5%	COM	49177J102
IAC	IAC INC	9,088 (-24.7%)	$355 (-13.6%)	0.0%	$42.92	-18.4%	COM NEW	44891N208
SPEM	SPDR INDEX SHS FDS	41,231 (-2.1%)	$1,930 (-2.1%)	0.2%	$39.02	—	PORTFOLIO EMG MK	78463X509
RGLD	ROYAL GOLD INC	2,475 (-15.1%)	$550 (-5.9%)	0.1%	$176.09	+12.7%	COM	780287108
INTU	INTUIT	379 (-5.5%)	$251 (-8.3%)	0.0%	$564.52	+17.0%	COM	461202103
ICE	INTERCONTINENTAL EXCHANGE IN	1,635 (-3.4%)	$265 (-7.0%)	0.0%	$126.64	+23.3%	COM	45866F104
SCHG	SCHWAB STRATEGIC TR	26,100 (-4.1%)	$851 (-2.0%)	0.1%	$29.21	—	US LCAP GR ETF	808524300

Unchanged Positions (46)

VXUS VANGUARD STAR FDS 11.2%

Value ($000) $89,913 Shares 1,191,840 Est. Cost $53.88 Unrealized —

PHYS SPROTT ASSET MANAGEMENT LP 1.6%

Value ($000) $13,076 Shares 396,000 Est. Cost $14.05 Unrealized —

AAXJ ISHARES TR 1.9%

Value ($000) $15,403 Shares 165,409 Est. Cost $72.09 Unrealized —

SYRE SPYRE THERAPEUTICS INC 0.1%

Value ($000) $596 Shares 18,184 Est. Cost $13.78 Unrealized +89.7%

APGE APOGEE THERAPEUTICS INC 0.1%

Value ($000) $589 Shares 7,797 Est. Cost $43.66 Unrealized +44.3%

VOO VANGUARD INDEX FDS 1.9%

Value ($000) $15,341 Shares 24,463 Est. Cost $501.15 Unrealized —

FLKR FRANKLIN TEMPLETON ETF TR 0.1%

Value ($000) $929 Shares 29,000 Est. Cost $20.59 Unrealized —

EWP ISHARES INC 0.2%

Value ($000) $1,617 Shares 30,000 Est. Cost $27.59 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 2.0%

Value ($000) $16,020 Shares 298,000 Est. Cost $43.60 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 0.4%

Value ($000) $2,999 Shares 48,000 Est. Cost $44.82 Unrealized —

VNQ VANGUARD INDEX FDS 0.4%

Value ($000) $3,363 Shares 38,000 Est. Cost $86.73 Unrealized —

ECH ISHARES INC 0.1%

Value ($000) $566 Shares 14,000 Est. Cost $31.45 Unrealized —

EWU ISHARES TR 0.3%

Value ($000) $2,199 Shares 50,000 Est. Cost $31.99 Unrealized —

TIP ISHARES TR 1.0%

Value ($000) $8,175 Shares 74,381 Est. Cost $113.63 Unrealized —

CVLC MORGAN STANLEY ETF TRUST 0.4%

Value ($000) $3,547 Shares 42,101 Est. Cost $81.87 Unrealized —

BNDX VANGUARD CHARLOTTE FDS 0.3%

Value ($000) $2,743 Shares 56,764 Est. Cost $49.29 Unrealized —

VGLT VANGUARD SCOTTSDALE FDS 0.3%

Value ($000) $2,610 Shares 46,770 Est. Cost $55.35 Unrealized —

LTPZ PIMCO ETF TR 0.2%

Value ($000) $1,553 Shares 30,000 Est. Cost $52.47 Unrealized —

SHOC EA SERIES TRUST 0.1%

Value ($000) $480 Shares 7,000 Est. Cost $50.52 Unrealized —

FEZ SPDR INDEX SHS FDS 0.1%

Value ($000) $1,105 Shares 17,160 Est. Cost $62.12 Unrealized —

EWL ISHARES INC 0.1%

Value ($000) $480 Shares 8,000 Est. Cost $30.96 Unrealized —

QLTY GMO ETF TRUST 0.1%

Value ($000) $615 Shares 16,000 Est. Cost $32.61 Unrealized —

EWS ISHARES INC 0.1%

Value ($000) $1,100 Shares 40,000 Est. Cost $18.35 Unrealized —

EWA ISHARES INC 0.1%

Value ($000) $1,048 Shares 40,000 Est. Cost $23.49 Unrealized —

INDA ISHARES TR 0.1%

Value ($000) $838 Shares 15,500 Est. Cost $39.08 Unrealized —

EWG ISHARES INC 0.2%

Value ($000) $1,424 Shares 33,500 Est. Cost $42.31 Unrealized —

XSW SPDR SERIES TRUST 0.1%

Value ($000) $487 Shares 2,600 Est. Cost $111.00 Unrealized —

— PIMCO MUN INCOME FD II 0.1%

Value ($000) $485 Shares 64,352 Est. Cost $7.91 Unrealized —

EWI ISHARES INC 0.1%

Value ($000) $543 Shares 10,000 Est. Cost $31.60 Unrealized —

AGG ISHARES TR 1.8%

Value ($000) $14,104 Shares 141,206 Est. Cost $98.78 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.1%

Value ($000) $418 Shares 5,000 Est. Cost $70.21 Unrealized —

ANGL VANECK ETF TRUST 0.2%

Value ($000) $1,468 Shares 50,000 Est. Cost $28.70 Unrealized —

EWC ISHARES INC 0.0%

Value ($000) $270 Shares 5,000 Est. Cost $32.58 Unrealized —

XOP SPDR SERIES TRUST 0.0%

Value ($000) $341 Shares 2,700 Est. Cost $133.80 Unrealized —

HYG ISHARES TR 0.3%

Value ($000) $2,154 Shares 26,715 Est. Cost $77.54 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value ($000) $958 Shares 5,000 Est. Cost $189.70 Unrealized —

— NYLI MACKAY DEFINEDTERM MUNI 0.1%

Value ($000) $446 Shares 30,000 Est. Cost $14.79 Unrealized —

SHY ISHARES TR 0.4%

Value ($000) $3,313 Shares 40,000 Est. Cost $80.97 Unrealized —

XLC SELECT SECTOR SPDR TR 0.1%

Value ($000) $942 Shares 8,000 Est. Cost $57.71 Unrealized —

VGIT VANGUARD SCOTTSDALE FDS 0.3%

Value ($000) $2,679 Shares 44,700 Est. Cost $58.00 Unrealized —

KCCA KRANESHARES TRUST 0.0%

Value ($000) $225 Shares 13,389 Est. Cost $25.82 Unrealized —

EWW ISHARES INC 0.0%

Value ($000) $208 Shares 3,000 Est. Cost $68.21 Unrealized —

IEI ISHARES TR 0.3%

Value ($000) $2,387 Shares 20,000 Est. Cost $117.21 Unrealized —

PFIX SIMPLIFY EXCHANGE TRADED FUN 0.0%

Value ($000) $383 Shares 8,000 Est. Cost $46.27 Unrealized —

EWT ISHARES INC 0.1%

Value ($000) $508 Shares 8,000 Est. Cost $62.77 Unrealized —

ASHR DBX ETF TR 0.0%

Value ($000) $329 Shares 10,000 Est. Cost $25.40 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VXUS	VANGUARD STAR FDS	1,191,840	$89,913	11.2%	$53.88	—	VG TL INTL STK F	921909768
PHYS	SPROTT ASSET MANAGEMENT LP	396,000	$13,076	1.6%	$14.05	—	PHYSICAL GOLD TR	85207H104
AAXJ	ISHARES TR	165,409	$15,403	1.9%	$72.09	—	MSCI AC ASIA ETF	464288182
SYRE	SPYRE THERAPEUTICS INC	18,184	$596	0.1%	$13.78	+89.7%	COM NEW	00773J202
APGE	APOGEE THERAPEUTICS INC	7,797	$589	0.1%	$43.66	+44.3%	COM	03770N101
VOO	VANGUARD INDEX FDS	24,463	$15,341	1.9%	$501.15	—	S&P 500 ETF SHS	922908363
FLKR	FRANKLIN TEMPLETON ETF TR	29,000	$929	0.1%	$20.59	—	FTSE SOUTH KOREA	35473P710
EWP	ISHARES INC	30,000	$1,617	0.2%	$27.59	—	MSCI SPAIN ETF	464286764
VWO	VANGUARD INTL EQUITY INDEX F	298,000	$16,020	2.0%	$43.60	—	FTSE EMR MKT ETF	922042858
VEA	VANGUARD TAX-MANAGED FDS	48,000	$2,999	0.4%	$44.82	—	VAN FTSE DEV MKT	921943858
VNQ	VANGUARD INDEX FDS	38,000	$3,363	0.4%	$86.73	—	REAL ESTATE ETF	922908553
ECH	ISHARES INC	14,000	$566	0.1%	$31.45	—	MSCI CHILE ETF	464286640
EWU	ISHARES TR	50,000	$2,199	0.3%	$31.99	—	MSCI UK ETF NEW	46435G334
TIP	ISHARES TR	74,381	$8,175	1.0%	$113.63	—	TIPS BD ETF	464287176
CVLC	MORGAN STANLEY ETF TRUST	42,101	$3,547	0.4%	$81.87	—	CALVERT US LARCP	61774R205
BNDX	VANGUARD CHARLOTTE FDS	56,764	$2,743	0.3%	$49.29	—	TOTAL INT BD ETF	92203J407
VGLT	VANGUARD SCOTTSDALE FDS	46,770	$2,610	0.3%	$55.35	—	LONG TERM TREAS	92206C847
LTPZ	PIMCO ETF TR	30,000	$1,553	0.2%	$52.47	—	15+ YR US TIPS	72201R304
SHOC	EA SERIES TRUST	7,000	$480	0.1%	$50.52	—	STRIVE US SEMICO	02072L672
FEZ	SPDR INDEX SHS FDS	17,160	$1,105	0.1%	$62.12	—	EURO STOXX 50	78463X202
EWL	ISHARES INC	8,000	$480	0.1%	$30.96	—	MSCI SWITZERLAND	464286749
QLTY	GMO ETF TRUST	16,000	$615	0.1%	$32.61	—	GMO US QUALITY E	90139K100
EWS	ISHARES INC	40,000	$1,100	0.1%	$18.35	—	MSCI SINGPOR ETF	46434G780
EWA	ISHARES INC	40,000	$1,048	0.1%	$23.49	—	MSCI AUST ETF	464286103
INDA	ISHARES TR	15,500	$838	0.1%	$39.08	—	MSCI INDIA ETF	46429B598
EWG	ISHARES INC	33,500	$1,424	0.2%	$42.31	—	MSCI GERMANY ETF	464286806
XSW	SPDR SERIES TRUST	2,600	$487	0.1%	$111.00	—	STATE STREET SPD	78464A599
—	PIMCO MUN INCOME FD II	64,352	$485	0.1%	$7.91	—	COM	72200W106
EWI	ISHARES INC	10,000	$543	0.1%	$31.60	—	MSCI ITALY ETF	46434G830
AGG	ISHARES TR	141,206	$14,104	1.8%	$98.78	—	CORE US AGGBD ET	464287226
VGK	VANGUARD INTL EQUITY INDEX F	5,000	$418	0.1%	$70.21	—	FTSE EUROPE ETF	922042874
ANGL	VANECK ETF TRUST	50,000	$1,468	0.2%	$28.70	—	FALLEN ANGEL HG	92189F437
EWC	ISHARES INC	5,000	$270	0.0%	$32.58	—	MSCI CDA ETF	464286509
XOP	SPDR SERIES TRUST	2,700	$341	0.0%	$133.80	—	STATE STREET SPD	78468R556
HYG	ISHARES TR	26,715	$2,154	0.3%	$77.54	—	IBOXX HI YD ETF	464288513
RSP	INVESCO EXCHANGE TRADED FD T	5,000	$958	0.1%	$189.70	—	S&P500 EQL WGT	46137V357
—	NYLI MACKAY DEFINEDTERM MUNI	30,000	$446	0.1%	$14.79	—	COM	56064K100
SHY	ISHARES TR	40,000	$3,313	0.4%	$80.97	—	1 3 YR TREAS BD	464287457
XLC	SELECT SECTOR SPDR TR	8,000	$942	0.1%	$57.71	—	STATE STREET COM	81369Y852
VGIT	VANGUARD SCOTTSDALE FDS	44,700	$2,679	0.3%	$58.00	—	INTER TERM TREAS	92206C706
KCCA	KRANESHARES TRUST	13,389	$225	0.0%	$25.82	—	CALIFORNIA CARB	500767553
EWW	ISHARES INC	3,000	$208	0.0%	$68.21	—	MSCI MEXICO ETF	464286822
IEI	ISHARES TR	20,000	$2,387	0.3%	$117.21	—	3 7 YR TREAS BD	464288661
PFIX	SIMPLIFY EXCHANGE TRADED FUN	8,000	$383	0.0%	$46.27	—	SIMPLIFY INTERST	82889N855
EWT	ISHARES INC	8,000	$508	0.1%	$62.77	—	MSCI TAIWAN ETF	46434G772
ASHR	DBX ETF TR	10,000	$329	0.0%	$25.40	—	XTRACK HRVST CSI	233051879