Vantage Investment Partners, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WSO	WATSCO INC	166,172 (+70.0%)	$55,992 (+41.7%)	3.7%	$394.91	-9.6%	COM	942622200
CPAY	CORPAY INC	166,994 (+27.7%)	$50,254 (+33.4%)	3.4%	$337.42	-14.0%	COM	219948106
CMG	CHIPOTLE MEXICAN GRILL INC	1,320,185 (+36.3%)	$48,847 (+28.7%)	3.3%	$51.72	-30.1%	COM	169656105
BRK/B	BERKSHIRE HATHAWAY INC DEL	71,559 (+36.5%)	$35,969 (+36.5%)	2.4%	$504.58	-1.4%	COM	084670702
META	META PLATFORMS INC	63,449 (+1.8%)	$41,882 (-8.5%)	2.8%	$555.58	+20.1%	COM	30303M102
NKE	NIKE INC	582,823 (+2.2%)	$37,132 (-6.7%)	2.5%	$96.48	-32.7%	COM	654106103
NVO	NOVO-NORDISK A S	549,469 (+3.0%)	$27,957 (-5.6%)	1.9%	$27.02	—	ADR	670100205
ZTS	ZOETIS INC	99,292 (+28.8%)	$12,493 (+10.7%)	0.8%	$156.86	-17.0%	COM	98978V103
FANG	DIAMONDBACK ENERGY INC	93,564 (+2.4%)	$14,065 (+7.6%)	0.9%	$126.34	+16.4%	COM	25278X109
AMT	AMERICAN TOWER CORP NEW	69,238 (+2.6%)	$12,156 (-6.4%)	0.8%	$197.54	-8.7%	COM	03027X100
PAYX	PAYCHEX INC	106,182 (+8.5%)	$11,911 (-4.0%)	0.8%	$77.51	+50.4%	COM	704326107
TROW	PRICE T ROWE GROUP INC	128,774 (+1.2%)	$13,184 (+1.0%)	0.9%	$91.89	+11.2%	COM	74144T108
GVI	ISHARES TR INTRM GOV CR ETF	14,593 (+5.8%)	$1,567 (+5.7%)	0.1%	$43.87	—	ETF	464288612
SPY	SPDR S&P 500 ETF TR	524 (+1.7%)	$357 (+4.2%)	0.0%	$23.96	—	ETF	78462F103

Decreased Positions (13)

MPWR MONOLITHIC PWR SYS INC 0.6%

Value ($000) $9,152 (-77.7%) Shares 10,097 (-77.4%) Est. Cost $497.05 Unrealized +93.3%

GOOG ALPHABET INC 7.7%

Value ($000) $115,713 (+21.8%) Shares 368,748 (-5.4%) Est. Cost $125.78 Unrealized +127.6%

NVDA NVIDIA CORPORATION 3.5%

Value ($000) $52,150 (-15.9%) Shares 279,624 (-15.9%) Est. Cost $119.65 Unrealized +55.6%

UNH UNITEDHEALTH GROUP INC 6.8%

Value ($000) $101,761 (-5.4%) Shares 308,263 (-1.0%) Est. Cost $375.42 Unrealized -10.2%

NOC NORTHROP GRUMMAN CORP 2.9%

Value ($000) $43,703 (-9.3%) Shares 76,643 (-3.1%) Est. Cost $442.46 Unrealized +30.8%

ASML ASML HOLDING N V 3.8%

Value ($000) $56,672 (+5.2%) Shares 52,971 (-4.8%) Est. Cost $70.86 Unrealized —

CAT CATERPILLAR INC 1.3%

Value ($000) $18,941 (+7.4%) Shares 33,063 (-10.6%) Est. Cost $314.79 Unrealized +76.5%

SCCO SOUTHERN COPPER CORP 1.2%

Value ($000) $18,236 (+4.6%) Shares 127,108 (-11.5%) Est. Cost $70.99 Unrealized +87.0%

IDXX IDEXX LABS INC 2.4%

Value ($000) $36,602 (+1.0%) Shares 54,102 (-4.6%) Est. Cost $442.05 Unrealized +54.1%

AVGO BROADCOM INC 1.3%

Value ($000) $18,892 (-1.7%) Shares 54,584 (-6.3%) Est. Cost $154.32 Unrealized +131.3%

JPM JPMORGAN CHASE & CO. 1.3%

Value ($000) $18,748 (-0.1%) Shares 58,183 (-2.2%) Est. Cost $125.70 Unrealized +146.3%

DVY ISHARES TR SELECT DIVD ETF 0.0%

Value ($000) $396 (-2.0%) Shares 2,806 (-1.4%) Est. Cost $79.45 Unrealized —

VYM VANGUARD WHITEHALL HIGH DIV YLD 0.1%

Value ($000) $1,141 (-0.5%) Shares 7,950 (-2.2%) Est. Cost $75.70 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MPWR	MONOLITHIC PWR SYS INC	10,097 (-77.4%)	$9,152 (-77.7%)	0.6%	$497.05	+93.3%	COM	609839105
GOOG	ALPHABET INC	368,748 (-5.4%)	$115,713 (+21.8%)	7.7%	$125.78	+127.6%	COM	02079K107
NVDA	NVIDIA CORPORATION	279,624 (-15.9%)	$52,150 (-15.9%)	3.5%	$119.65	+55.6%	COM	67066G104
UNH	UNITEDHEALTH GROUP INC	308,263 (-1.0%)	$101,761 (-5.4%)	6.8%	$375.42	-10.2%	COM	91324P102
NOC	NORTHROP GRUMMAN CORP	76,643 (-3.1%)	$43,703 (-9.3%)	2.9%	$442.46	+30.8%	COM	666807102
ASML	ASML HOLDING N V	52,971 (-4.8%)	$56,672 (+5.2%)	3.8%	$70.86	—	SHS	N07059210
CAT	CATERPILLAR INC	33,063 (-10.6%)	$18,941 (+7.4%)	1.3%	$314.79	+76.5%	COM	149123101
SCCO	SOUTHERN COPPER CORP	127,108 (-11.5%)	$18,236 (+4.6%)	1.2%	$70.99	+87.0%	COM	84265V105
IDXX	IDEXX LABS INC	54,102 (-4.6%)	$36,602 (+1.0%)	2.4%	$442.05	+54.1%	COM	45168D104
AVGO	BROADCOM INC	54,584 (-6.3%)	$18,892 (-1.7%)	1.3%	$154.32	+131.3%	COM	11135F101
JPM	JPMORGAN CHASE & CO.	58,183 (-2.2%)	$18,748 (-0.1%)	1.3%	$125.70	+146.3%	COM	46625H100
DVY	ISHARES TR SELECT DIVD ETF	2,806 (-1.4%)	$396 (-2.0%)	0.0%	$79.45	—	ETF	464287168
VYM	VANGUARD WHITEHALL HIGH DIV YLD	7,950 (-2.2%)	$1,141 (-0.5%)	0.1%	$75.70	—	ETF	921946406

Unchanged Positions (35)

LLY ELI LILLY & CO 3.7%

Value ($000) $55,685 Shares 51,815 Est. Cost $598.60 Unrealized +59.6%

ORLY OREILLY AUTOMOTIVE INC 2.6%

Value ($000) $39,258 Shares 430,418 Est. Cost $88.41 Unrealized +10.5%

MSFT MICROSOFT CORP 3.7%

Value ($000) $54,958 Shares 113,638 Est. Cost $284.70 Unrealized +75.8%

WAB WABTEC 3.8%

Value ($000) $57,113 Shares 267,573 Est. Cost $173.31 Unrealized +18.5%

GOOGL ALPHABET INC 1.0%

Value ($000) $14,505 Shares 46,341 Est. Cost $163.29 Unrealized +74.9%

FAST FASTENAL CO 1.0%

Value ($000) $14,367 Shares 358,001 Est. Cost $33.11 Unrealized +26.9%

AAPL APPLE INC 3.1%

Value ($000) $46,201 Shares 169,944 Est. Cost $116.64 Unrealized +130.1%

AMZN AMAZON COM INC 3.1%

Value ($000) $46,736 Shares 202,478 Est. Cost $197.89 Unrealized +15.6%

CSCO CISCO SYS INC 1.2%

Value ($000) $18,530 Shares 240,561 Est. Cost $40.13 Unrealized +83.9%

ISRG INTUITIVE SURGICAL INC 0.6%

Value ($000) $9,252 Shares 16,336 Est. Cost $322.85 Unrealized +64.9%

TM TOYOTA MOTOR CORP 1.2%

Value ($000) $18,362 Shares 85,781 Est. Cost $59.97 Unrealized —

RTX RTX CORPORATION 1.3%

Value ($000) $19,510 Shares 106,377 Est. Cost $62.87 Unrealized +175.7%

BX BLACKSTONE INC 0.9%

Value ($000) $14,105 Shares 91,505 Est. Cost $65.09 Unrealized +132.7%

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.1%

Value ($000) $16,282 Shares 53,580 Est. Cost $279.29 Unrealized —

EQT EQT CORP 3.8%

Value ($000) $57,654 Shares 1,075,633 Est. Cost $38.34 Unrealized +46.4%

MKL MARKEL GROUP INC 0.5%

Value ($000) $7,582 Shares 3,527 Est. Cost $1960.42 Unrealized +3.3%

NEE NEXTERA ENERGY INC 0.9%

Value ($000) $13,933 Shares 173,556 Est. Cost $62.10 Unrealized +32.9%

LOW LOWES COS INC 0.9%

Value ($000) $13,540 Shares 56,147 Est. Cost $127.29 Unrealized +88.4%

COST COSTCO WHSL CORP NEW 0.5%

Value ($000) $7,205 Shares 8,355 Est. Cost $440.79 Unrealized +105.5%

SPGI S&P GLOBAL INC 0.5%

Value ($000) $7,539 Shares 14,426 Est. Cost $414.85 Unrealized +19.1%

SHW SHERWIN WILLIAMS CO 0.5%

Value ($000) $7,536 Shares 23,258 Est. Cost $249.50 Unrealized +33.9%

NXPI NXP SEMICONDUCTORS N V 0.5%

Value ($000) $7,422 Shares 34,193 Est. Cost $159.55 Unrealized +33.9%

LMT LOCKHEED MARTIN CORP 0.9%

Value ($000) $13,196 Shares 27,283 Est. Cost $282.30 Unrealized +68.7%

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value ($000) $950 Shares 19,132 Est. Cost $46.81 Unrealized —

SNOW SNOWFLAKE INC 0.5%

Value ($000) $8,152 Shares 37,163 Est. Cost $163.69 Unrealized +49.1%

V VISA INC 0.6%

Value ($000) $8,551 Shares 24,382 Est. Cost $220.85 Unrealized +54.1%

HEI/A HEICO CORP NEW 1.1%

Value ($000) $16,320 Shares 64,651 Est. Cost $218.68 Unrealized +12.9%

MCD MCDONALDS CORP 1.0%

Value ($000) $14,404 Shares 47,128 Est. Cost $152.26 Unrealized +100.4%

MA MASTERCARD INCORPORATED 0.5%

Value ($000) $8,218 Shares 14,396 Est. Cost $359.42 Unrealized +55.5%

HEI HEICO CORP NEW 1.5%

Value ($000) $23,114 Shares 71,430 Est. Cost $223.03 Unrealized +41.7%

SPYM SPDR SERIES TRUST PRTFLO S&P 500 0.1%

Value ($000) $934 Shares 11,641 Est. Cost $29.25 Unrealized —

VEU VANGUARD INTL EQUITY ALL WRLD EX US 0.0%

Value ($000) $404 Shares 5,493 Est. Cost $46.93 Unrealized —

VTI VANGUARD INDEX FDS TOTAL STK MKT 0.0%

Value ($000) $713 Shares 2,126 Est. Cost $120.31 Unrealized —

SPYD SPDR SER TR PRTFLO S&P 500 HI 0.0%

Value ($000) $232 Shares 5,365 Est. Cost $27.45 Unrealized —

FLRN SPDR SERIES TRUST BLOOMBERG BRC 0.0%

Value ($000) $319 Shares 10,365 Est. Cost $30.64 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	51,815	$55,685	3.7%	$598.60	+59.6%	COM	532457108
ORLY	OREILLY AUTOMOTIVE INC	430,418	$39,258	2.6%	$88.41	+10.5%	COM	67103H107
MSFT	MICROSOFT CORP	113,638	$54,958	3.7%	$284.70	+75.8%	COM	594918104
WAB	WABTEC	267,573	$57,113	3.8%	$173.31	+18.5%	COM	929740108
GOOGL	ALPHABET INC	46,341	$14,505	1.0%	$163.29	+74.9%	COM	02079K305
FAST	FASTENAL CO	358,001	$14,367	1.0%	$33.11	+26.9%	COM	311900104
AAPL	APPLE INC	169,944	$46,201	3.1%	$116.64	+130.1%	COM	037833100
AMZN	AMAZON COM INC	202,478	$46,736	3.1%	$197.89	+15.6%	COM	023135106
CSCO	CISCO SYS INC	240,561	$18,530	1.2%	$40.13	+83.9%	COM	17275R102
ISRG	INTUITIVE SURGICAL INC	16,336	$9,252	0.6%	$322.85	+64.9%	COM	46120E602
TM	TOYOTA MOTOR CORP	85,781	$18,362	1.2%	$59.97	—	ADS	892331307
RTX	RTX CORPORATION	106,377	$19,510	1.3%	$62.87	+175.7%	COM	75513E101
BX	BLACKSTONE INC	91,505	$14,105	0.9%	$65.09	+132.7%	COM	09260D107
TSM	TAIWAN SEMICONDUCTOR MFG LTD	53,580	$16,282	1.1%	$279.29	—	ADS	874039100
EQT	EQT CORP	1,075,633	$57,654	3.8%	$38.34	+46.4%	COM	26884L109
MKL	MARKEL GROUP INC	3,527	$7,582	0.5%	$1960.42	+3.3%	COM	570535104
NEE	NEXTERA ENERGY INC	173,556	$13,933	0.9%	$62.10	+32.9%	COM	65339F101
LOW	LOWES COS INC	56,147	$13,540	0.9%	$127.29	+88.4%	COM	548661107
COST	COSTCO WHSL CORP NEW	8,355	$7,205	0.5%	$440.79	+105.5%	COM	22160K105
SPGI	S&P GLOBAL INC	14,426	$7,539	0.5%	$414.85	+19.1%	COM	78409V104
SHW	SHERWIN WILLIAMS CO	23,258	$7,536	0.5%	$249.50	+33.9%	COM	824348106
NXPI	NXP SEMICONDUCTORS N V	34,193	$7,422	0.5%	$159.55	+33.9%	COM	N6596X109
LMT	LOCKHEED MARTIN CORP	27,283	$13,196	0.9%	$282.30	+68.7%	COM	539830109
IBIT	ISHARES BITCOIN TRUST ETF	19,132	$950	0.1%	$46.81	—	ETF	46438F101
SNOW	SNOWFLAKE INC	37,163	$8,152	0.5%	$163.69	+49.1%	COM	833445109
V	VISA INC	24,382	$8,551	0.6%	$220.85	+54.1%	COM	92826C839
HEI/A	HEICO CORP NEW	64,651	$16,320	1.1%	$218.68	+12.9%	CL A	422806208
MCD	MCDONALDS CORP	47,128	$14,404	1.0%	$152.26	+100.4%	COM	580135101
MA	MASTERCARD INCORPORATED	14,396	$8,218	0.5%	$359.42	+55.5%	COM	57636Q104
HEI	HEICO CORP NEW	71,430	$23,114	1.5%	$223.03	+41.7%	COM	422806109
SPYM	SPDR SERIES TRUST PRTFLO S&P 500	11,641	$934	0.1%	$29.25	—	ETF	78464A854
VEU	VANGUARD INTL EQUITY ALL WRLD EX US	5,493	$404	0.0%	$46.93	—	ETF	922042775
VTI	VANGUARD INDEX FDS TOTAL STK MKT	2,126	$713	0.0%	$120.31	—	ETF	922908769
SPYD	SPDR SER TR PRTFLO S&P 500 HI	5,365	$232	0.0%	$27.45	—	ETF	78468R788
FLRN	SPDR SERIES TRUST BLOOMBERG BRC	10,365	$319	0.0%	$30.64	—	ETF	78468R200