Spence Asset Management Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION COM	104,568	$20	4.0%	$186.13	0.0%	Stock	67066G104
PLD	PROLOGIS INC. COM	111,872	$14	2.9%	$123.86	0.0%	Stock	74340W103
PLTR	PALANTIR TECHNOLOGIES INC CL A	53,371	$9	1.9%	$181.03	0.0%	Stock	69608A108
HOOD	ROBINHOOD MKTS INC COM CL A	36,641	$4	0.8%	$130.05	0.0%	Stock	770700102
IDMO	INVESCO S&P INTERNATIONAL DEVELOPED MOMENTUM ETF	59,169	$3	0.7%	$0.06	—	ETF	46138E222
AGIX	KRANESHARES ARTIFICIAL INTELLIGENCE & TECHNOLOGY ETF	43,752	$2	0.3%	$0.04	—	ETF	500767363
VOO	VANGUARD S&P 500 ETF	771	$0	0.1%	$0.63	—	ETF	922908363
VOOG	VANGUARD S&P 500 GROWTH ETF	918	$0	0.1%	$0.44	—	ETF	921932505
QQQE	DIREXION NASDAQ-100 EQUAL WEIGHTED INDEX SHARES	2,152	$0	0.0%	$0.10	—	ETF	25459Y207
BUZZ	VANECK SOCIAL SENTIMENT ETF	3,768	$0	0.0%	$0.03	—	ETF	92189H839
AIA	ISHARES ASIA 50 ETF	1,233	$0	0.0%	$0.10	—	ETF	464288430
CRM	SALESFORCE INC COM	229	$0	0.0%	$248.17	0.0%	Stock	79466L302
BIL	STATE STREET SPDR BLOOMBERG 1-3 MONTH T-BILL ETF	305	$0	0.0%	$0.09	—	ETF	78468R663

Increased Positions (13)

NOW SERVICENOW INC COM 3.8%

Value ($000) $19 (-18.3%) Shares 121,560 (+391.0%) Est. Cost $170.15 Unrealized +0.8%

TYL TYLER TECHNOLOGIES INC COM 3.7%

Value ($000) $18 (+28.2%) Shares 40,091 (+47.7%) Est. Cost $532.23 Unrealized -10.5%

NFLX NETFLIX INC COM 2.6%

Value ($000) $13 (-20.7%) Shares 137,419 (+913.9%) Est. Cost $108.35 Unrealized -0.5%

SPYM STATE STREET SPDR PORTFOLIO S&P 500 ETF 2.9%

Value ($000) $14 (+19.9%) Shares 174,318 (+17.1%) Est. Cost $0.10 Unrealized —

SPY SPDR S&P 500 ETF TRUST 0.6%

Value ($000) $3 (+145.8%) Shares 4,513 (+140.2%) Est. Cost $3.11 Unrealized —

TPL TEXAS PACIFIC LAND CORPORATION COM 1.2%

Value ($000) $6 (-14.8%) Shares 19,789 (+176.8%) Est. Cost $340.21 Unrealized -10.3%

IGV ISHARES EXPANDED TECH-SOFTWARE SECTOR ETF 0.5%

Value ($000) $3 (+60.1%) Shares 24,145 (+74.2%) Est. Cost $0.95 Unrealized —

MTUM ISHARES MSCI USA MOMENTUM FACTOR ETF 0.6%

Value ($000) $3 (+27.8%) Shares 11,858 (+30.9%) Est. Cost $0.25 Unrealized —

GSSC TR ACTIVEBETA US SMALL CAP EQUITY ETF 0.7%

Value ($000) $4 (+16.8%) Shares 47,295 (+15.7%) Est. Cost $0.07 Unrealized —

VNQ VANGUARD REAL ESTATE ETF 0.4%

Value ($000) $2 (+13.6%) Shares 20,624 (+17.3%) Est. Cost $9.58 Unrealized —

GOOGL ALPHABET INC CAP STK CL A 0.1%

Value ($000) $1 (+37.1%) Shares 1,878 (+6.5%) Est. Cost $174.11 Unrealized +64.0%

IYJ ISHARES U.S. INDUSTRIALS ETF 0.5%

Value ($000) $2 (+3.5%) Shares 16,295 (+1.9%) Est. Cost $0.14 Unrealized —

VPLS VANGUARD CORE PLUS BOND ETF 0.2%

Value ($000) $1 (+8.7%) Shares 10,666 (+9.5%) Est. Cost $0.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NOW	SERVICENOW INC COM	121,560 (+391.0%)	$19 (-18.3%)	3.8%	$170.15	+0.8%	Stock	81762P102
TYL	TYLER TECHNOLOGIES INC COM	40,091 (+47.7%)	$18 (+28.2%)	3.7%	$532.23	-10.5%	Stock	902252105
NFLX	NETFLIX INC COM	137,419 (+913.9%)	$13 (-20.7%)	2.6%	$108.35	-0.5%	Stock	64110L106
SPYM	STATE STREET SPDR PORTFOLIO S&P 500 ETF	174,318 (+17.1%)	$14 (+19.9%)	2.9%	$0.10	—	ETF	78464A854
SPY	SPDR S&P 500 ETF TRUST	4,513 (+140.2%)	$3 (+145.8%)	0.6%	$3.11	—	ETF	78462F103
TPL	TEXAS PACIFIC LAND CORPORATION COM	19,789 (+176.8%)	$6 (-14.8%)	1.2%	$340.21	-10.3%	Stock	88262P102
IGV	ISHARES EXPANDED TECH-SOFTWARE SECTOR ETF	24,145 (+74.2%)	$3 (+60.1%)	0.5%	$0.95	—	ETF	464287515
MTUM	ISHARES MSCI USA MOMENTUM FACTOR ETF	11,858 (+30.9%)	$3 (+27.8%)	0.6%	$0.25	—	ETF	46432F396
GSSC	TR ACTIVEBETA US SMALL CAP EQUITY ETF	47,295 (+15.7%)	$4 (+16.8%)	0.7%	$0.07	—	ETF	381430602
VNQ	VANGUARD REAL ESTATE ETF	20,624 (+17.3%)	$2 (+13.6%)	0.4%	$9.58	—	ETF	922908553
GOOGL	ALPHABET INC CAP STK CL A	1,878 (+6.5%)	$1 (+37.1%)	0.1%	$174.11	+64.0%	Stock	02079K305
IYJ	ISHARES U.S. INDUSTRIALS ETF	16,295 (+1.9%)	$2 (+3.5%)	0.5%	$0.14	—	ETF	464287754
VPLS	VANGUARD CORE PLUS BOND ETF	10,666 (+9.5%)	$1 (+8.7%)	0.2%	$0.08	—	ETF	922020755

Exited Positions (7)

WAY WAYSTAR HLDG CORP COM 3.3%

Value ($000) $16 Shares 420,897 Est. Cost $39.57 Unrealized -10.0%

FICO FAIR ISAAC CORP COM 2.1%

Value ($000) $10 Shares 7,008 Est. Cost $1270.70 Unrealized +35.5%

SPOT SPOTIFY TECHNOLOGY S A SHS 1.8%

Value ($000) $9 Shares 12,914 Est. Cost $699.24 Unrealized -10.6%

VERX VERTEX INC CL A 1.7%

Value ($000) $8 Shares 337,013 Est. Cost $40.71 Unrealized -46.9%

IYC ISHARES U.S. CONSUMER DISCRETIONARY ETF 0.3%

Value ($000) $1 Shares 12,578 Est. Cost $0.09 Unrealized —

KCE SPDR S&P CAPITAL MARKETS ETF 0.1%

Value ($000) $0 Shares 17,670 Est. Cost $0.02 Unrealized —

HEDJ WISDOMTREE EUROPE HEDGED EQUITY FUND 0.0%

Value ($000) $0 Shares 2,933 Est. Cost $0.05 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WAY	WAYSTAR HLDG CORP COM	420,897	$16	3.3%	$39.57	-10.0%	—	946784105
FICO	FAIR ISAAC CORP COM	7,008	$10	2.1%	$1270.70	+35.5%	—	303250104
SPOT	SPOTIFY TECHNOLOGY S A SHS	12,914	$9	1.8%	$699.24	-10.6%	—	L8681T102
VERX	VERTEX INC CL A	337,013	$8	1.7%	$40.71	-46.9%	—	92538J106
IYC	ISHARES U.S. CONSUMER DISCRETIONARY ETF	12,578	$1	0.3%	$0.09	—	—	464287580
KCE	SPDR S&P CAPITAL MARKETS ETF	17,670	$0	0.1%	$0.02	—	—	78464A771
HEDJ	WISDOMTREE EUROPE HEDGED EQUITY FUND	2,933	$0	0.0%	$0.05	—	—	97717X701

Decreased Positions (13)

GOOG ALPHABET INC CAP STK CL C 7.6%

Value ($000) $37 (+23.8%) Shares 118,860 (-3.9%) Est. Cost $156.62 Unrealized +82.8%

ISRG INTUITIVE SURGICAL INC COM NEW 6.3%

Value ($000) $31 (+25.0%) Shares 54,650 (-1.3%) Est. Cost $356.87 Unrealized +49.2%

MELI MERCADOLIBRE INC COM 2.1%

Value ($000) $10 (-20.8%) Shares 5,051 (-8.1%) Est. Cost $2400.46 Unrealized -12.5%

MSFT MICROSOFT CORP COM 5.8%

Value ($000) $28 (-8.3%) Shares 58,903 (-1.8%) Est. Cost $339.00 Unrealized +47.7%

GWRE GUIDEWIRE SOFTWARE INC COM 3.2%

Value ($000) $16 (-13.7%) Shares 77,789 (-1.3%) Est. Cost $153.52 Unrealized +44.1%

UTI UNIVERSAL TECHNICAL INST INC COM 1.6%

Value ($000) $8 (-22.2%) Shares 307,809 (-3.0%) Est. Cost $31.32 Unrealized -9.6%

IOT SAMSARA INC COM CL A 3.7%

Value ($000) $18 (-7.5%) Shares 510,821 (-2.8%) Est. Cost $42.12 Unrealized -8.1%

BSX BOSTON SCIENTIFIC CORP COM 2.6%

Value ($000) $13 (-6.9%) Shares 134,688 (-4.7%) Est. Cost $103.56 Unrealized -5.3%

IDXX IDEXX LABS INC COM 4.2%

Value ($000) $21 (+4.4%) Shares 30,690 (-1.4%) Est. Cost $334.54 Unrealized +103.6%

AMZN AMAZON COM INC COM 6.6%

Value ($000) $32 (+2.4%) Shares 139,093 (-2.6%) Est. Cost $183.79 Unrealized +24.5%

MA MASTERCARD INCORPORATED CL A 7.9%

Value ($000) $39 (-1.1%) Shares 68,124 (-1.5%) Est. Cost $312.22 Unrealized +79.0%

V VISA INC COM CL A 8.1%

Value ($000) $40 (-0.6%) Shares 112,666 (-3.3%) Est. Cost $254.82 Unrealized +33.6%

ACGL ARCH CAP GROUP LTD ORD 1.8%

Value ($000) $9 (+1.1%) Shares 94,130 (-4.4%) Est. Cost $98.35 Unrealized -7.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC CAP STK CL C	118,860 (-3.9%)	$37 (+23.8%)	7.6%	$156.62	+82.8%	Stock	02079K107
ISRG	INTUITIVE SURGICAL INC COM NEW	54,650 (-1.3%)	$31 (+25.0%)	6.3%	$356.87	+49.2%	Stock	46120E602
MELI	MERCADOLIBRE INC COM	5,051 (-8.1%)	$10 (-20.8%)	2.1%	$2400.46	-12.5%	Stock	58733R102
MSFT	MICROSOFT CORP COM	58,903 (-1.8%)	$28 (-8.3%)	5.8%	$339.00	+47.7%	Stock	594918104
GWRE	GUIDEWIRE SOFTWARE INC COM	77,789 (-1.3%)	$16 (-13.7%)	3.2%	$153.52	+44.1%	Stock	40171V100
UTI	UNIVERSAL TECHNICAL INST INC COM	307,809 (-3.0%)	$8 (-22.2%)	1.6%	$31.32	-9.6%	Stock	913915104
IOT	SAMSARA INC COM CL A	510,821 (-2.8%)	$18 (-7.5%)	3.7%	$42.12	-8.1%	Stock	79589L106
BSX	BOSTON SCIENTIFIC CORP COM	134,688 (-4.7%)	$13 (-6.9%)	2.6%	$103.56	-5.3%	Stock	101137107
IDXX	IDEXX LABS INC COM	30,690 (-1.4%)	$21 (+4.4%)	4.2%	$334.54	+103.6%	Stock	45168D104
AMZN	AMAZON COM INC COM	139,093 (-2.6%)	$32 (+2.4%)	6.6%	$183.79	+24.5%	Stock	023135106
MA	MASTERCARD INCORPORATED CL A	68,124 (-1.5%)	$39 (-1.1%)	7.9%	$312.22	+79.0%	Stock	57636Q104
V	VISA INC COM CL A	112,666 (-3.3%)	$40 (-0.6%)	8.1%	$254.82	+33.6%	Stock	92826C839
ACGL	ARCH CAP GROUP LTD ORD	94,130 (-4.4%)	$9 (+1.1%)	1.8%	$98.35	-7.0%	Stock	G0450A105

Unchanged Positions (4)

UBER UBER TECHNOLOGIES INC COM 2.6%

Value ($000) $13 Shares 158,656 Est. Cost $93.52 Unrealized -3.7%

GS GOLDMAN SACHS GROUP INC COM 6.0%

Value ($000) $29 Shares 33,232 Est. Cost $590.46 Unrealized +37.7%

TEM TEMPUS AI INC CL A 0.9%

Value ($000) $4 Shares 72,505 Est. Cost $53.98 Unrealized +44.9%

IWR ISHARES RUSSELL MIDCAP ETF 0.0%

Value ($000) $0 Shares 1,943 Est. Cost $13.66 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UBER	UBER TECHNOLOGIES INC COM	158,656	$13	2.6%	$93.52	-3.7%	Stock	90353T100
GS	GOLDMAN SACHS GROUP INC COM	33,232	$29	6.0%	$590.46	+37.7%	Stock	38141G104
TEM	TEMPUS AI INC CL A	72,505	$4	0.9%	$53.98	+44.9%	Stock	88023B103
IWR	ISHARES RUSSELL MIDCAP ETF	1,943	$0	0.0%	$13.66	—	ETF	464287499