Adalta Capital Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OPCH	Option Care Health Inc	20,880	$665	0.3%	$29.35	0.0%	COM NEW	68404L201
AMRZ	Amrize Ltd	10,900	$589	0.3%	$51.02	0.0%	SHS	H2927K103
TIC	TIC Solutions, Inc.	43,500	$440	0.2%	$11.13	0.0%	COM	00510N102
SPSB	State Street SPDR Portfolio Short Term Corporate Bond ETF	14,543	$439	0.2%	$30.20	—	STATE STREET SPD	78464A474
BSCS	Invesco BulletShares 2028 Corporate Bond ETF	21,290	$439	0.2%	$20.60	—	INVSCO BLSH 28	46138J643
IBDT	iShares iBonds December 2028 Term ETF	17,180	$437	0.2%	$25.46	—	IBDS DEC28 ETF	46435U515
TPL	Texas Pacific Land Corp	1,325	$381	0.2%	$305.03	0.0%	COM	88262P102
—	Cohen & Steers Infrastructure Fund	10,900	$263	0.1%	$24.11	—	COM	19248A109
—	DoubleLine Yield Opportunities Fund	13,000	$189	0.1%	$14.54	—	COM	25862D105
PGX	Invesco Preferred ETF	11,596	$130	0.1%	$11.24	—	PDF ETF	46138E511
—	Blackstone Strategic Credit 2027 Term Fund	10,000	$119	0.1%	$11.86	—	COM SHS BEN IN	09257R101

Increased Positions (13)

CPNG Coupang, Inc. 0.9%

Value ($000) $2,040 (-25.0%) Shares 86,466 (+2.4%) Est. Cost $26.39 Unrealized +7.8%

BRK/B Berkshire Hathaway Class B 1.6%

Value ($000) $3,616 (+16.1%) Shares 7,193 (+16.1%) Est. Cost $339.63 Unrealized +46.5%

KMB Kimberly-Clark Corp 0.3%

Value ($000) $613 (+386.0%) Shares 6,005 (+497.5%) Est. Cost $109.18 Unrealized -0.7%

ACGL Arch Capital Group Ltd 2.4%

Value ($000) $5,279 (+9.9%) Shares 55,031 (+4.0%) Est. Cost $63.03 Unrealized +45.2%

PFX PhenixFIN Corporation 3.5%

Value ($000) $7,836 (-4.6%) Shares 175,569 (+1.5%) Est. Cost $38.96 Unrealized +13.4%

BN Brookfield Corp F Class A 5.5%

Value ($000) $12,229 (+3.0%) Shares 266,476 (+53.9%) Est. Cost $30.22 Unrealized +50.7%

LLY Eli Lilly & Company 0.4%

Value ($000) $888 (+65.5%) Shares 826 (+17.5%) Est. Cost $660.86 Unrealized +44.6%

BTI British American Tobacco ADR 0.4%

Value ($000) $891 (+51.1%) Shares 15,515 (+39.6%) Est. Cost $49.67 Unrealized —

— Saba Capital Income & Opportunities Fund 0.7%

Value ($000) $1,583 (+14.8%) Shares 225,787 (+27.2%) Est. Cost $6.75 Unrealized —

NU Nu Holdings Ltd. 1.4%

Value ($000) $3,065 (+6.8%) Shares 183,100 (+2.2%) Est. Cost $11.61 Unrealized +38.4%

EQT EQT Corporation 0.3%

Value ($000) $746 (+21.3%) Shares 13,920 (+23.2%) Est. Cost $46.24 Unrealized +21.4%

L Loews Corp 0.1%

Value ($000) $211 (+39.9%) Shares 2,000 (+33.3%) Est. Cost $91.52 Unrealized +12.8%

WRB W. R. Berkley Corporation 0.4%

Value ($000) $891 (-3.8%) Shares 12,705 (+5.1%) Est. Cost $63.97 Unrealized +13.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CPNG	Coupang, Inc.	86,466 (+2.4%)	$2,040 (-25.0%)	0.9%	$26.39	+7.8%	CL A	22266T109
BRK/B	Berkshire Hathaway Class B	7,193 (+16.1%)	$3,616 (+16.1%)	1.6%	$339.63	+46.5%	CL B NEW	084670702
KMB	Kimberly-Clark Corp	6,005 (+497.5%)	$613 (+386.0%)	0.3%	$109.18	-0.7%	COM	494368103
ACGL	Arch Capital Group Ltd	55,031 (+4.0%)	$5,279 (+9.9%)	2.4%	$63.03	+45.2%	ORD	G0450A105
PFX	PhenixFIN Corporation	175,569 (+1.5%)	$7,836 (-4.6%)	3.5%	$38.96	+13.4%	COM	71742W103
BN	Brookfield Corp F Class A	266,476 (+53.9%)	$12,229 (+3.0%)	5.5%	$30.22	+50.7%	CL A LTD VT SH	11271J107
LLY	Eli Lilly & Company	826 (+17.5%)	$888 (+65.5%)	0.4%	$660.86	+44.6%	COM	532457108
BTI	British American Tobacco ADR	15,515 (+39.6%)	$891 (+51.1%)	0.4%	$49.67	—	SPONSORED ADR	110448107
—	Saba Capital Income & Opportunities Fund	225,787 (+27.2%)	$1,583 (+14.8%)	0.7%	$6.75	—	SHS NEW	78518H202
NU	Nu Holdings Ltd.	183,100 (+2.2%)	$3,065 (+6.8%)	1.4%	$11.61	+38.4%	ORD SHS CL A	G6683N103
EQT	EQT Corporation	13,920 (+23.2%)	$746 (+21.3%)	0.3%	$46.24	+21.4%	COM	26884L109
L	Loews Corp	2,000 (+33.3%)	$211 (+39.9%)	0.1%	$91.52	+12.8%	COM	540424108
WRB	W. R. Berkley Corporation	12,705 (+5.1%)	$891 (-3.8%)	0.4%	$63.97	+13.7%	COM	084423102

Exited Positions (25)

APP Applovin Corp Class A 0.4%

Value ($000) $805 Shares 1,120 Est. Cost $461.14 Unrealized +36.6%

GBTC Grayscale Bitcoin Trust 0.2%

Value ($000) $362 Shares 4,035 Est. Cost $72.49 Unrealized —

ETH Grayscale Ethereum Mini 0.2%

Value ($000) $353 Shares 9,005 Est. Cost $39.18 Unrealized —

UBER Uber Technologies Inc 0.1%

Value ($000) $302 Shares 3,085 Est. Cost $78.81 Unrealized +14.3%

PLTR Palantir Technologies Inc. 0.1%

Value ($000) $288 Shares 1,577 Est. Cost $30.69 Unrealized +489.9%

SE Sea Limited 0.1%

Value ($000) $277 Shares 1,550 Est. Cost $130.49 Unrealized —

BABA Alibaba Group ADR 0.1%

Value ($000) $268 Shares 1,500 Est. Cost $117.76 Unrealized —

VG Venture Global Inc-CL A 0.1%

Value ($000) $235 Shares 16,575 Est. Cost $14.30 Unrealized -41.9%

BTC Grayscale Bitcoin Mini Trust ETF 0.1%

Value ($000) $203 Shares 4,000 Est. Cost $47.75 Unrealized —

CW Curtiss Wright Corp 0.1%

Value ($000) $191 Shares 352 Est. Cost $394.21 Unrealized +41.5%

MWA Mueller Water Products, Inc. 0.1%

Value ($000) $184 Shares 7,225 Est. Cost $24.95 Unrealized -1.1%

GNRC Generac Holdings Inc 0.1%

Value ($000) $181 Shares 1,080 Est. Cost $112.17 Unrealized +43.9%

JEPQ JPMorgan Nasdaq Equity Premium Income ETF 0.1%

Value ($000) $173 Shares 3,000 Est. Cost $57.52 Unrealized —

T AT&T 0.1%

Value ($000) $163 Shares 5,785 Est. Cost $24.35 Unrealized +3.8%

META Meta Platforms, Inc. 0.1%

Value ($000) $158 Shares 215 Est. Cost $616.61 Unrealized +8.2%

PENN Penn NTNL Gaming 0.1%

Value ($000) $141 Shares 7,300 Est. Cost $60.00 Unrealized -74.0%

DEO Diageo PLC ADR 0.1%

Value ($000) $136 Shares 1,420 Est. Cost $149.26 Unrealized —

NET CloudFlare, Inc. 0.1%

Value ($000) $132 Shares 615 Est. Cost $82.78 Unrealized +155.5%

CARR Carrier Global Corp 0.1%

Value ($000) $130 Shares 2,184 Est. Cost $60.20 Unrealized -7.8%

VNOM Viper Energy Inc New Class A 0.1%

Value ($000) $122 Shares 3,180 Est. Cost $38.10 Unrealized -0.6%

MDU MDU Resources Group, Inc. 0.1%

Value ($000) $114 Shares 6,355 Est. Cost $10.69 Unrealized +83.1%

GIS General Mills Inc 0.0%

Value ($000) $101 Shares 2,000 Est. Cost $58.78 Unrealized -19.3%

WM Waste Management Inc 0.0%

Value ($000) $94 Shares 425 Est. Cost $214.96 Unrealized -1.1%

ESAB ESAB Corp 0.0%

Value ($000) $74 Shares 660 Est. Cost $84.81 Unrealized +34.8%

COF Capital One Financial Corporation 0.0%

Value ($000) $38 Shares 178 Est. Cost $217.80 Unrealized +2.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APP	Applovin Corp Class A	1,120	$805	0.4%	$461.14	+36.6%	—	03831W108
GBTC	Grayscale Bitcoin Trust	4,035	$362	0.2%	$72.49	—	—	389637109
ETH	Grayscale Ethereum Mini	9,005	$353	0.2%	$39.18	—	—	38964R203
UBER	Uber Technologies Inc	3,085	$302	0.1%	$78.81	+14.3%	—	90353T100
PLTR	Palantir Technologies Inc.	1,577	$288	0.1%	$30.69	+489.9%	—	69608A108
SE	Sea Limited	1,550	$277	0.1%	$130.49	—	—	81141R100
BABA	Alibaba Group ADR	1,500	$268	0.1%	$117.76	—	—	01609W102
VG	Venture Global Inc-CL A	16,575	$235	0.1%	$14.30	-41.9%	—	92333F101
BTC	Grayscale Bitcoin Mini Trust ETF	4,000	$203	0.1%	$47.75	—	—	389930207
CW	Curtiss Wright Corp	352	$191	0.1%	$394.21	+41.5%	—	231561101
MWA	Mueller Water Products, Inc.	7,225	$184	0.1%	$24.95	-1.1%	—	624758108
GNRC	Generac Holdings Inc	1,080	$181	0.1%	$112.17	+43.9%	—	368736104
JEPQ	JPMorgan Nasdaq Equity Premium Income ETF	3,000	$173	0.1%	$57.52	—	—	46654Q203
T	AT&T	5,785	$163	0.1%	$24.35	+3.8%	—	00206R102
META	Meta Platforms, Inc.	215	$158	0.1%	$616.61	+8.2%	—	30303M102
PENN	Penn NTNL Gaming	7,300	$141	0.1%	$60.00	-74.0%	—	707569109
DEO	Diageo PLC ADR	1,420	$136	0.1%	$149.26	—	—	25243Q205
NET	CloudFlare, Inc.	615	$132	0.1%	$82.78	+155.5%	—	18915M107
CARR	Carrier Global Corp	2,184	$130	0.1%	$60.20	-7.8%	—	14448C104
VNOM	Viper Energy Inc New Class A	3,180	$122	0.1%	$38.10	-0.6%	—	64361Q101
MDU	MDU Resources Group, Inc.	6,355	$114	0.1%	$10.69	+83.1%	—	552690109
GIS	General Mills Inc	2,000	$101	0.0%	$58.78	-19.3%	—	370334104
WM	Waste Management Inc	425	$94	0.0%	$214.96	-1.1%	—	94106L109
ESAB	ESAB Corp	660	$74	0.0%	$84.81	+34.8%	—	29605J106
COF	Capital One Financial Corporation	178	$38	0.0%	$217.80	+2.0%	—	14040H105

Decreased Positions (18)

GOOGL Alphabet Inc. Class A 6.0%

Value ($000) $13,537 (+26.6%) Shares 43,249 (-1.7%) Est. Cost $108.13 Unrealized +164.1%

GOOG Alphabet Inc. Class C 1.7%

Value ($000) $3,792 (+27.5%) Shares 12,084 (-1.0%) Est. Cost $136.08 Unrealized +110.4%

MELI Mercadolibre Inc 1.9%

Value ($000) $4,294 (-15.2%) Shares 2,132 (-1.6%) Est. Cost $1604.14 Unrealized +30.9%

WY Weyerhaeuser Co REIT 1.8%

Value ($000) $3,968 (-11.4%) Shares 167,482 (-7.3%) Est. Cost $23.84 Unrealized -3.6%

USFR WisdomTree Floating Rate Treasury Fund 0.4%

Value ($000) $805 (-38.4%) Shares 16,000 (-38.5%) Est. Cost $50.27 Unrealized —

BWXT BWX Technologies Inc 0.8%

Value ($000) $1,812 (-19.5%) Shares 10,483 (-14.1%) Est. Cost $102.56 Unrealized +82.7%

FNV Franco-Nevada Corp 1.3%

Value ($000) $2,852 (-9.6%) Shares 13,758 (-2.8%) Est. Cost $128.98 Unrealized +57.2%

BAM Brookfield Asset Management Ltd. 1.0%

Value ($000) $2,210 (-9.0%) Shares 42,178 (-1.1%) Est. Cost $27.20 Unrealized +96.6%

DHR Danaher Corp 0.9%

Value ($000) $1,954 (+11.8%) Shares 8,524 (-3.2%) Est. Cost $245.78 Unrealized -10.7%

JPM JPMorgan Chase & Co 6.9%

Value ($000) $15,363 (+1.0%) Shares 47,680 (-1.1%) Est. Cost $85.99 Unrealized +260.0%

VWOB Vanguard Emerging Markets Government Bond ETF 0.1%

Value ($000) $206 (-42.5%) Shares 3,050 (-43.0%) Est. Cost $66.90 Unrealized —

CNI Canadian National Railway Co. 0.6%

Value ($000) $1,354 (-7.0%) Shares 13,700 (-11.3%) Est. Cost $60.23 Unrealized +59.6%

HSY Hershey Co 0.3%

Value ($000) $588 (-8.0%) Shares 3,231 (-5.4%) Est. Cost $170.31 Unrealized +6.9%

MU Micron Technology, Inc. 0.1%

Value ($000) $214 (+21.9%) Shares 750 (-28.6%) Est. Cost $127.82 Unrealized +79.4%

AAPL Apple Inc. 0.9%

Value ($000) $2,093 (+1.8%) Shares 7,700 (-4.6%) Est. Cost $138.02 Unrealized +94.4%

CL Colgate-Palmolive Co 0.3%

Value ($000) $696 (-2.3%) Shares 8,810 (-1.1%) Est. Cost $56.80 Unrealized +37.9%

COST Costco Wholesale Co 0.1%

Value ($000) $129 (-9.8%) Shares 150 (-3.2%) Est. Cost $329.77 Unrealized +174.7%

ABBV Abbvie Inc 0.1%

Value ($000) $205 (-3.4%) Shares 897 (-2.1%) Est. Cost $189.39 Unrealized +20.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet Inc. Class A	43,249 (-1.7%)	$13,537 (+26.6%)	6.0%	$108.13	+164.1%	CAP STK CL A	02079K305
GOOG	Alphabet Inc. Class C	12,084 (-1.0%)	$3,792 (+27.5%)	1.7%	$136.08	+110.4%	CAP STK CL C	02079K107
MELI	Mercadolibre Inc	2,132 (-1.6%)	$4,294 (-15.2%)	1.9%	$1604.14	+30.9%	COM	58733R102
WY	Weyerhaeuser Co REIT	167,482 (-7.3%)	$3,968 (-11.4%)	1.8%	$23.84	-3.6%	COM NEW	962166104
USFR	WisdomTree Floating Rate Treasury Fund	16,000 (-38.5%)	$805 (-38.4%)	0.4%	$50.27	—	FLOATNG RAT TREA	97717Y527
BWXT	BWX Technologies Inc	10,483 (-14.1%)	$1,812 (-19.5%)	0.8%	$102.56	+82.7%	COM	05605H100
FNV	Franco-Nevada Corp	13,758 (-2.8%)	$2,852 (-9.6%)	1.3%	$128.98	+57.2%	COM	351858105
BAM	Brookfield Asset Management Ltd.	42,178 (-1.1%)	$2,210 (-9.0%)	1.0%	$27.20	+96.6%	CL A LMT VTG SHS	113004105
DHR	Danaher Corp	8,524 (-3.2%)	$1,954 (+11.8%)	0.9%	$245.78	-10.7%	COM	235851102
JPM	JPMorgan Chase & Co	47,680 (-1.1%)	$15,363 (+1.0%)	6.9%	$85.99	+260.0%	COM	46625H100
VWOB	Vanguard Emerging Markets Government Bond ETF	3,050 (-43.0%)	$206 (-42.5%)	0.1%	$66.90	—	EM MK GOV BD ETF	921946885
CNI	Canadian National Railway Co.	13,700 (-11.3%)	$1,354 (-7.0%)	0.6%	$60.23	+59.6%	COM	136375102
HSY	Hershey Co	3,231 (-5.4%)	$588 (-8.0%)	0.3%	$170.31	+6.9%	COM	427866108
MU	Micron Technology, Inc.	750 (-28.6%)	$214 (+21.9%)	0.1%	$127.82	+79.4%	COM	595112103
AAPL	Apple Inc.	7,700 (-4.6%)	$2,093 (+1.8%)	0.9%	$138.02	+94.4%	COM	037833100
CL	Colgate-Palmolive Co	8,810 (-1.1%)	$696 (-2.3%)	0.3%	$56.80	+37.9%	COM	194162103
COST	Costco Wholesale Co	150 (-3.2%)	$129 (-9.8%)	0.1%	$329.77	+174.7%	COM	22160K105
ABBV	Abbvie Inc	897 (-2.1%)	$205 (-3.4%)	0.1%	$189.39	+20.1%	COM	00287Y109

Unchanged Positions (46)

GH Guardant Health, Inc. 2.9%

Value ($000) $6,464 Shares 63,288 Est. Cost $69.61 Unrealized +28.5%

MRK Merck & Co. Inc. 4.2%

Value ($000) $9,505 Shares 89,580 Est. Cost $51.26 Unrealized +81.9%

HD Home Depot 4.5%

Value ($000) $10,054 Shares 29,217 Est. Cost $150.10 Unrealized +142.9%

MSFT Microsoft Corporation 9.8%

Value ($000) $21,873 Shares 45,228 Est. Cost $76.31 Unrealized +556.0%

BX Blackstone Group Inc 6.0%

Value ($000) $13,470 Shares 87,391 Est. Cost $51.45 Unrealized +194.4%

AXP American Express Co. 3.8%

Value ($000) $8,599 Shares 23,243 Est. Cost $72.02 Unrealized +395.6%

MKL Markel Group Inc. 2.6%

Value ($000) $5,873 Shares 2,732 Est. Cost $1442.50 Unrealized +40.4%

JNJ Johnson & Johnson 1.6%

Value ($000) $3,564 Shares 17,221 Est. Cost $100.31 Unrealized +96.4%

QCOM Qualcomm Inc. 4.3%

Value ($000) $9,564 Shares 55,911 Est. Cost $65.61 Unrealized +160.3%

CSCO Cisco Systems, Inc. 1.1%

Value ($000) $2,390 Shares 31,024 Est. Cost $24.73 Unrealized +198.4%

SO Southern Company 1.3%

Value ($000) $2,863 Shares 32,838 Est. Cost $60.12 Unrealized +51.2%

UNP Union Pacific Corp. 3.5%

Value ($000) $7,792 Shares 33,685 Est. Cost $118.57 Unrealized +91.7%

BMY Bristol-Myers Squibb 0.4%

Value ($000) $1,004 Shares 18,622 Est. Cost $40.07 Unrealized +18.6%

DUK Duke Energy Corp 1.2%

Value ($000) $2,605 Shares 22,225 Est. Cost $92.72 Unrealized +31.1%

SLB SLB 0.6%

Value ($000) $1,399 Shares 36,194 Est. Cost $46.86 Unrealized -23.0%

GRAB Grab Holdings Ltd. 0.2%

Value ($000) $503 Shares 100,880 Est. Cost $3.97 Unrealized +39.1%

XOM ExxonMobil Corp 0.4%

Value ($000) $977 Shares 8,121 Est. Cost $55.04 Unrealized +109.8%

AMAT Applied Materials 0.1%

Value ($000) $294 Shares 1,145 Est. Cost $199.75 Unrealized +19.9%

CMC Commercial Metals Co 0.1%

Value ($000) $316 Shares 4,565 Est. Cost $46.00 Unrealized +35.6%

BXMT Blackstone Mortgage Trust 0.5%

Value ($000) $1,222 Shares 62,360 Est. Cost $30.22 Unrealized —

ISRG Intuitive Surgical 0.1%

Value ($000) $212 Shares 375 Est. Cost $234.60 Unrealized +126.9%

PG Procter & Gamble 0.2%

Value ($000) $540 Shares 3,770 Est. Cost $77.29 Unrealized +90.4%

EIX Edison International 0.2%

Value ($000) $480 Shares 8,000 Est. Cost $52.64 Unrealized +8.9%

PCG PG&E Corporation 0.3%

Value ($000) $588 Shares 36,490 Est. Cost $15.66 Unrealized +1.7%

ENB Enbridge Inc 0.3%

Value ($000) $612 Shares 12,796 Est. Cost $32.04 Unrealized +47.0%

D Dominion Resources, Inc 0.3%

Value ($000) $686 Shares 11,700 Est. Cost $58.54 Unrealized +2.1%

BEP Brookfield Renewable LP 0.3%

Value ($000) $606 Shares 22,451 Est. Cost $35.69 Unrealized —

CVX Chevron Corp. 0.6%

Value ($000) $1,367 Shares 8,969 Est. Cost $76.76 Unrealized +97.2%

HON Honeywell International Inc. 0.1%

Value ($000) $314 Shares 1,611 Est. Cost $172.79 Unrealized +12.9%

BEPC Brookfield Renewable Corp 0.1%

Value ($000) $220 Shares 5,735 Est. Cost $29.14 Unrealized +37.2%

RTX Raytheon Technologies Co 0.1%

Value ($000) $238 Shares 1,300 Est. Cost $76.19 Unrealized +127.5%

KO Coca-Cola Company 0.2%

Value ($000) $393 Shares 5,625 Est. Cost $49.18 Unrealized +41.1%

WMB The Williams Companies, Inc. 0.1%

Value ($000) $217 Shares 3,615 Est. Cost $36.98 Unrealized +62.4%

EPD Enterprise Products Partners L.P. 0.2%

Value ($000) $470 Shares 14,675 Est. Cost $8.34 Unrealized —

AMZN Amazon Com Inc 0.1%

Value ($000) $224 Shares 970 Est. Cost $204.97 Unrealized +11.6%

ED Consolidated Edison 0.4%

Value ($000) $791 Shares 7,967 Est. Cost $56.34 Unrealized +75.4%

SNOW Snowflake Inc. 0.1%

Value ($000) $284 Shares 1,295 Est. Cost $173.01 Unrealized +41.1%

MLM Martin Marietta Matr 0.3%

Value ($000) $632 Shares 1,015 Est. Cost $206.40 Unrealized +201.0%

DE Deere & Co 0.2%

Value ($000) $430 Shares 920 Est. Cost $378.54 Unrealized +23.6%

CEFS Saba Closed End Funds ETF 0.3%

Value ($000) $602 Shares 26,135 Est. Cost $17.08 Unrealized —

STIP iShares 0-5 Year TIPS Bond ETF 0.2%

Value ($000) $416 Shares 4,060 Est. Cost $103.36 Unrealized —

JEPI JPMorgan Equity Premium Income ETF 0.1%

Value ($000) $288 Shares 5,000 Est. Cost $57.10 Unrealized —

PM Philip Morris International Inc. 0.3%

Value ($000) $686 Shares 4,240 Est. Cost $98.52 Unrealized +55.9%

SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF 0.2%

Value ($000) $395 Shares 7,800 Est. Cost $50.83 Unrealized —

GRNB VanEck Green Bond ETF 0.1%

Value ($000) $201 Shares 8,250 Est. Cost $26.79 Unrealized —

BA Boeing 0.8%

Value ($000) $1,726 Shares 7,950 Est. Cost $257.40 Unrealized -20.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GH	Guardant Health, Inc.	63,288	$6,464	2.9%	$69.61	+28.5%	COM	40131M109
MRK	Merck & Co. Inc.	89,580	$9,505	4.2%	$51.26	+81.9%	COM	58933Y105
HD	Home Depot	29,217	$10,054	4.5%	$150.10	+142.9%	COM	437076102
MSFT	Microsoft Corporation	45,228	$21,873	9.8%	$76.31	+556.0%	COM	594918104
BX	Blackstone Group Inc	87,391	$13,470	6.0%	$51.45	+194.4%	COM	09260D107
AXP	American Express Co.	23,243	$8,599	3.8%	$72.02	+395.6%	COM	025816109
MKL	Markel Group Inc.	2,732	$5,873	2.6%	$1442.50	+40.4%	COM	570535104
JNJ	Johnson & Johnson	17,221	$3,564	1.6%	$100.31	+96.4%	COM	478160104
QCOM	Qualcomm Inc.	55,911	$9,564	4.3%	$65.61	+160.3%	COM	747525103
CSCO	Cisco Systems, Inc.	31,024	$2,390	1.1%	$24.73	+198.4%	COM	17275R102
SO	Southern Company	32,838	$2,863	1.3%	$60.12	+51.2%	COM	842587107
UNP	Union Pacific Corp.	33,685	$7,792	3.5%	$118.57	+91.7%	COM	907818108
BMY	Bristol-Myers Squibb	18,622	$1,004	0.4%	$40.07	+18.6%	COM	110122108
DUK	Duke Energy Corp	22,225	$2,605	1.2%	$92.72	+31.1%	COM NEW	26441C204
SLB	SLB	36,194	$1,399	0.6%	$46.86	-23.0%	COM STK	806857108
GRAB	Grab Holdings Ltd.	100,880	$503	0.2%	$3.97	+39.1%	CLASS A ORD	G4124C109
XOM	ExxonMobil Corp	8,121	$977	0.4%	$55.04	+109.8%	COM	30231G102
AMAT	Applied Materials	1,145	$294	0.1%	$199.75	+19.9%	COM	038222105
CMC	Commercial Metals Co	4,565	$316	0.1%	$46.00	+35.6%	COM	201723103
BXMT	Blackstone Mortgage Trust	62,360	$1,222	0.5%	$30.22	—	COM CL A	09257W100
ISRG	Intuitive Surgical	375	$212	0.1%	$234.60	+126.9%	COM NEW	46120E602
PG	Procter & Gamble	3,770	$540	0.2%	$77.29	+90.4%	COM	742718109
EIX	Edison International	8,000	$480	0.2%	$52.64	+8.9%	COM	281020107
PCG	PG&E Corporation	36,490	$588	0.3%	$15.66	+1.7%	COM	69331C108
ENB	Enbridge Inc	12,796	$612	0.3%	$32.04	+47.0%	COM	29250N105
D	Dominion Resources, Inc	11,700	$686	0.3%	$58.54	+2.1%	COM	25746U109
BEP	Brookfield Renewable LP	22,451	$606	0.3%	$35.69	—	PARTNERSHIP UNIT	G16258108
CVX	Chevron Corp.	8,969	$1,367	0.6%	$76.76	+97.2%	COM	166764100
HON	Honeywell International Inc.	1,611	$314	0.1%	$172.79	+12.9%	COM	438516106
BEPC	Brookfield Renewable Corp	5,735	$220	0.1%	$29.14	+37.2%	CL A EX SUB VTG	11285B108
RTX	Raytheon Technologies Co	1,300	$238	0.1%	$76.19	+127.5%	COM	75513E101
KO	Coca-Cola Company	5,625	$393	0.2%	$49.18	+41.1%	COM	191216100
WMB	The Williams Companies, Inc.	3,615	$217	0.1%	$36.98	+62.4%	COM	969457100
EPD	Enterprise Products Partners L.P.	14,675	$470	0.2%	$8.34	—	COM	293792107
AMZN	Amazon Com Inc	970	$224	0.1%	$204.97	+11.6%	COM	023135106
ED	Consolidated Edison	7,967	$791	0.4%	$56.34	+75.4%	COM	209115104
SNOW	Snowflake Inc.	1,295	$284	0.1%	$173.01	+41.1%	CL A	833445109
MLM	Martin Marietta Matr	1,015	$632	0.3%	$206.40	+201.0%	COM	573284106
DE	Deere & Co	920	$430	0.2%	$378.54	+23.6%	COM	244199105
CEFS	Saba Closed End Funds ETF	26,135	$602	0.3%	$17.08	—	SABA INT RATE	30151E806
STIP	iShares 0-5 Year TIPS Bond ETF	4,060	$416	0.2%	$103.36	—	0-5 YR TIPS ETF	46429B747
JEPI	JPMorgan Equity Premium Income ETF	5,000	$288	0.1%	$57.10	—	EQUITY PREMIUM	46641Q332
PM	Philip Morris International Inc.	4,240	$686	0.3%	$98.52	+55.9%	COM	718172109
SLQD	iShares 0-5 Year Investment Grade Corporate Bond ETF	7,800	$395	0.2%	$50.83	—	0-5YR INVT GR CP	46434V100
GRNB	VanEck Green Bond ETF	8,250	$201	0.1%	$26.79	—	GREEN BOND ETF	92189F171
BA	Boeing	7,950	$1,726	0.8%	$257.40	-20.1%	COM	097023105