Poehling Capital Management, INC. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CLX	CLOROX CO	4,285	$432	0.1%	$108.27	0.0%	COM	189054109
FN	FABRINET F	880	$401	0.1%	$435.01	0.0%	COM	G3323L100
CBRL	CRACKER BARREL OLD CTRY	12,637	$321	0.1%	$31.72	0.0%	COM	22410J106
ILMN	ILLUMINA INC	2,222	$291	0.1%	$117.40	0.0%	COM	452327109
ADBE	ADOBE INC	795	$278	0.1%	$340.09	0.0%	COM	00724F101
VXUS	VANGUARD TOTAL INTERNATIONAL STK ETF	3,370	$254	0.1%	$75.44	—	VG TL INTL STK F	921909768
RPD	RAPID7 INC	13,953	$212	0.0%	$16.46	0.0%	COM	753422104
NEE	NEXTERA ENERGY INC	2,626	$211	0.0%	$82.50	0.0%	COM	65339F101
VHT	VANGUARD HEALTH CARE ETF	700	$201	0.0%	$287.85	—	HEALTH CAR ETF	92204A504

Increased Positions (25)

FISV FISERV INC 2.8%

Value ($000) $13,881 (+602.2%) Shares 206,656 (+1247.9%) Est. Cost $88.28 Unrealized -5.0%

— ALIMENTATION COUCHE-TA F CLASS A 2.0%

Value ($000) $9,885 (+47.4%) Shares 180,905 (+43.2%) Est. Cost $51.18 Unrealized —

DEO DIAGEO PLC F SPONSORED ADR 1 ADR REPS 4 ORD SHS 1.7%

Value ($000) $8,152 (+54.8%) Shares 94,498 (+71.2%) Est. Cost $118.57 Unrealized —

CRM SALESFORCE INC 0.5%

Value ($000) $2,493 (+476.1%) Shares 9,412 (+415.4%) Est. Cost $251.25 Unrealized -1.2%

SJM SMUCKER J M CO 0.4%

Value ($000) $2,175 (+353.4%) Shares 22,238 (+403.5%) Est. Cost $103.72 Unrealized -0.8%

STZ CONSTELLATION BRANDS INC CLASS CLASS A 0.9%

Value ($000) $4,178 (+52.3%) Shares 30,281 (+48.6%) Est. Cost $157.63 Unrealized -13.2%

KDP KEURIG DR PEPPER INC 0.7%

Value ($000) $3,486 (+62.2%) Shares 124,467 (+47.7%) Est. Cost $29.52 Unrealized -7.7%

BABA ALIBABA GROUP HLDG LTD F SPONSORED ADR 1 ADR REPS 8 ORD SHS 1.1%

Value ($000) $5,486 (-17.0%) Shares 37,424 (+1.2%) Est. Cost $107.62 Unrealized —

TAP MOLSON COORS BEVERAG B CLASS CLASS B 0.2%

Value ($000) $916 (+221.2%) Shares 19,625 (+211.4%) Est. Cost $46.67 Unrealized -1.9%

AMZN AMAZON.COM INC 1.6%

Value ($000) $7,806 (+7.8%) Shares 33,821 (+2.5%) Est. Cost $109.96 Unrealized +108.1%

NFLX NETFLIX INC 0.4%

Value ($000) $1,856 (-21.8%) Shares 19,790 (+900.0%) Est. Cost $103.27 Unrealized +4.4%

TFC TRUIST FINL CORP 0.6%

Value ($000) $2,835 (+18.4%) Shares 57,617 (+10.0%) Est. Cost $36.19 Unrealized +26.6%

AIG AMERICAN INTL GROUP INC 0.5%

Value ($000) $2,546 (+17.1%) Shares 29,756 (+7.5%) Est. Cost $33.98 Unrealized +134.5%

TROW PRICE T ROWE GROUP INC 0.4%

Value ($000) $1,967 (+21.8%) Shares 19,212 (+22.1%) Est. Cost $98.94 Unrealized +3.3%

SVNDY SEVEN & I HLDGS CO LTD F SPONSORED ADR 1 ADR REPS 1 ORD SHS 0.4%

Value ($000) $2,121 (+19.3%) Shares 147,186 (+10.7%) Est. Cost $12.92 Unrealized —

GOOGL ALPHABET INC CLASS CLASS A 0.2%

Value ($000) $801 (+70.5%) Shares 2,558 (+32.4%) Est. Cost $174.03 Unrealized +64.1%

NSRGY NESTLE S A F SPONSORED ADR 1 ADR REPS 1 ORD SHS 0.5%

Value ($000) $2,530 (+10.2%) Shares 25,612 (+2.3%) Est. Cost $91.93 Unrealized —

ACGL ARCH CAPITAL GROUP LTD F 0.2%

Value ($000) $758 (+32.7%) Shares 7,904 (+25.5%) Est. Cost $91.51 Unrealized -0.0%

PBR PETROLEO BRASILEIRO SA F SPONSORED ADR 1 ADR REPS 2 ORD SHS 0.6%

Value ($000) $2,833 (-5.1%) Shares 239,046 (+1.3%) Est. Cost $11.68 Unrealized —

EG EVEREST REINSURANCE GR F 0.3%

Value ($000) $1,312 (+9.1%) Shares 3,865 (+12.6%) Est. Cost $346.99 Unrealized -4.8%

BDX BECTON DICKINSON & CO 0.3%

Value ($000) $1,602 (+5.9%) Shares 8,255 (+2.1%) Est. Cost $180.66 Unrealized +4.9%

BP BP P L C F SPONSORED ADR 1 ADR REPS 6 ORD SHS 0.2%

Value ($000) $983 (+10.0%) Shares 28,299 (+9.1%) Est. Cost $34.57 Unrealized —

— APOLLO GLOBAL MGMT INC N CLASS CLASS A 0.1%

Value ($000) $445 (+15.8%) Shares 3,077 (+6.6%) Est. Cost $57.39 Unrealized —

XLE STATE STRET ENRGY SLECT SEC SPDR ETF 0.1%

Value ($000) $247 (+1.8%) Shares 5,516 (+103.5%) Est. Cost $44.56 Unrealized —

MGEE MGE ENERGY INC 0.1%

Value ($000) $245 (-0.5%) Shares 3,128 (+6.8%) Est. Cost $82.98 Unrealized -1.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	206,656 (+1247.9%)	$13,881 (+602.2%)	2.8%	$88.28	-5.0%	COM	337738108
—	ALIMENTATION COUCHE-TA F CLASS A	180,905 (+43.2%)	$9,885 (+47.4%)	2.0%	$51.18	—	COM	002011646
DEO	DIAGEO PLC F SPONSORED ADR 1 ADR REPS 4 ORD SHS	94,498 (+71.2%)	$8,152 (+54.8%)	1.7%	$118.57	—	SPON ADR NEW	25243Q205
CRM	SALESFORCE INC	9,412 (+415.4%)	$2,493 (+476.1%)	0.5%	$251.25	-1.2%	COM	79466L302
SJM	SMUCKER J M CO	22,238 (+403.5%)	$2,175 (+353.4%)	0.4%	$103.72	-0.8%	COM NEW	832696405
STZ	CONSTELLATION BRANDS INC CLASS CLASS A	30,281 (+48.6%)	$4,178 (+52.3%)	0.9%	$157.63	-13.2%	CL A	21036P108
KDP	KEURIG DR PEPPER INC	124,467 (+47.7%)	$3,486 (+62.2%)	0.7%	$29.52	-7.7%	COM	49271V100
BABA	ALIBABA GROUP HLDG LTD F SPONSORED ADR 1 ADR REPS 8 ORD SHS	37,424 (+1.2%)	$5,486 (-17.0%)	1.1%	$107.62	—	SPONSORE ADS	01609W102
TAP	MOLSON COORS BEVERAG B CLASS CLASS B	19,625 (+211.4%)	$916 (+221.2%)	0.2%	$46.67	-1.9%	CL B	60871R209
AMZN	AMAZON.COM INC	33,821 (+2.5%)	$7,806 (+7.8%)	1.6%	$109.96	+108.1%	COM	023135106
NFLX	NETFLIX INC	19,790 (+900.0%)	$1,856 (-21.8%)	0.4%	$103.27	+4.4%	COM	64110L106
TFC	TRUIST FINL CORP	57,617 (+10.0%)	$2,835 (+18.4%)	0.6%	$36.19	+26.6%	COM	89832Q109
AIG	AMERICAN INTL GROUP INC	29,756 (+7.5%)	$2,546 (+17.1%)	0.5%	$33.98	+134.5%	COM	026874784
TROW	PRICE T ROWE GROUP INC	19,212 (+22.1%)	$1,967 (+21.8%)	0.4%	$98.94	+3.3%	COM	74144T108
SVNDY	SEVEN & I HLDGS CO LTD F SPONSORED ADR 1 ADR REPS 1 ORD SHS	147,186 (+10.7%)	$2,121 (+19.3%)	0.4%	$12.92	—	ADR	81783H105
GOOGL	ALPHABET INC CLASS CLASS A	2,558 (+32.4%)	$801 (+70.5%)	0.2%	$174.03	+64.1%	CAP STK CL A	02079K305
NSRGY	NESTLE S A F SPONSORED ADR 1 ADR REPS 1 ORD SHS	25,612 (+2.3%)	$2,530 (+10.2%)	0.5%	$91.93	—	COM	641069406
ACGL	ARCH CAPITAL GROUP LTD F	7,904 (+25.5%)	$758 (+32.7%)	0.2%	$91.51	-0.0%	ORD	G0450A105
PBR	PETROLEO BRASILEIRO SA F SPONSORED ADR 1 ADR REPS 2 ORD SHS	239,046 (+1.3%)	$2,833 (-5.1%)	0.6%	$11.68	—	SPONSORED ADR	71654V408
EG	EVEREST REINSURANCE GR F	3,865 (+12.6%)	$1,312 (+9.1%)	0.3%	$346.99	-4.8%	COM	G3223R108
BDX	BECTON DICKINSON & CO	8,255 (+2.1%)	$1,602 (+5.9%)	0.3%	$180.66	+4.9%	COM	075887109
BP	BP P L C F SPONSORED ADR 1 ADR REPS 6 ORD SHS	28,299 (+9.1%)	$983 (+10.0%)	0.2%	$34.57	—	SPONSORED ADR	055622104
—	APOLLO GLOBAL MGMT INC N CLASS CLASS A	3,077 (+6.6%)	$445 (+15.8%)	0.1%	$57.39	—	COM CL A	03768E105
XLE	STATE STRET ENRGY SLECT SEC SPDR ETF	5,516 (+103.5%)	$247 (+1.8%)	0.1%	$44.56	—	ENERGY	81369Y506
MGEE	MGE ENERGY INC	3,128 (+6.8%)	$245 (-0.5%)	0.1%	$82.98	-1.3%	COM	55277P104

Exited Positions (4)

CVS CVS HEALTH CORP 0.3%

Value ($000) $1,621 Shares 21,503 Est. Cost $55.84 Unrealized +40.9%

INTC INTEL CORP 0.1%

Value ($000) $704 Shares 20,997 Est. Cost $35.61 Unrealized +6.0%

MOS THE MOSAIC CO 0.1%

Value ($000) $489 Shares 14,088 Est. Cost $29.57 Unrealized -9.5%

BAX BAXTER INTL INC 0.1%

Value ($000) $365 Shares 16,034 Est. Cost $38.74 Unrealized -48.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVS	CVS HEALTH CORP	21,503	$1,621	0.3%	$55.84	+40.9%	—	126650100
INTC	INTEL CORP	20,997	$704	0.1%	$35.61	+6.0%	—	458140100
MOS	THE MOSAIC CO	14,088	$489	0.1%	$29.57	-9.5%	—	61945C103
BAX	BAXTER INTL INC	16,034	$365	0.1%	$38.74	-48.4%	—	071813109

Decreased Positions (36)

MMM 3M CO 1.1%

Value ($000) $5,366 (-48.5%) Shares 33,516 (-50.1%) Est. Cost $85.28 Unrealized +91.3%

CNNE CANNAE HLDGS INC 2.1%

Value ($000) $10,251 (-33.0%) Shares 651,696 (-22.0%) Est. Cost $21.05 Unrealized -19.8%

WBD WARNER BROS DISCOVERY IN TENDER OFFER EXP: 01/21/26 2.9%

Value ($000) $13,944 (-21.2%) Shares 483,848 (-46.6%) Est. Cost $14.29 Unrealized +63.5%

MSFT MICROSOFT CORP 1.7%

Value ($000) $8,346 (-30.7%) Shares 17,257 (-25.8%) Est. Cost $80.76 Unrealized +519.9%

BK BANK NEW YORK MELLON COR 0.6%

Value ($000) $2,799 (-45.5%) Shares 24,112 (-48.9%) Est. Cost $41.31 Unrealized +167.5%

OGN ORGANON & CO 0.3%

Value ($000) $1,552 (-54.3%) Shares 216,492 (-31.9%) Est. Cost $19.93 Unrealized -60.4%

OXY OCCIDENTAL PETE CORP 0.8%

Value ($000) $4,082 (-21.8%) Shares 99,262 (-10.1%) Est. Cost $37.08 Unrealized +12.0%

SPHR SPHERE ENTERTAINMENT A CLASS CLASS A 0.5%

Value ($000) $2,380 (-28.3%) Shares 25,031 (-53.2%) Est. Cost $37.39 Unrealized +103.8%

JAZZ JAZZ PHARMACEUTICALS P F 0.8%

Value ($000) $3,857 (+27.1%) Shares 22,689 (-1.4%) Est. Cost $125.68 Unrealized +22.0%

CNH CNH INDL N V F 0.4%

Value ($000) $2,121 (-26.1%) Shares 230,061 (-13.1%) Est. Cost $10.76 Unrealized -7.2%

— IAC INC 0.1%

Value ($000) $379 (-66.4%) Shares 9,686 (-70.8%) Est. Cost $37.34 Unrealized —

DIS DISNEY WALT CO 1.1%

Value ($000) $5,330 (-10.1%) Shares 46,846 (-9.5%) Est. Cost $96.30 Unrealized +13.7%

PFE PFIZER INC 0.2%

Value ($000) $938 (-38.1%) Shares 37,672 (-36.6%) Est. Cost $29.62 Unrealized -15.5%

BMY BRISTOL MYERS SQUIBB CO 0.6%

Value ($000) $2,910 (+14.6%) Shares 53,958 (-4.2%) Est. Cost $58.75 Unrealized -19.1%

DXC DXC TECHNOLOGY CO 0.2%

Value ($000) $775 (-29.7%) Shares 52,933 (-34.6%) Est. Cost $24.74 Unrealized -44.4%

SBUX STARBUCKS CORP 0.4%

Value ($000) $1,885 (-14.6%) Shares 22,385 (-14.3%) Est. Cost $82.96 Unrealized +1.3%

MO ALTRIA GROUP INC 0.4%

Value ($000) $1,799 (-14.9%) Shares 31,192 (-2.5%) Est. Cost $29.52 Unrealized +101.1%

ABBV ABBVIE INC 0.1%

Value ($000) $649 (-31.3%) Shares 2,840 (-30.4%) Est. Cost $70.94 Unrealized +220.7%

HHH HOWARD HUGHES HLDGS INC 0.1%

Value ($000) $254 (-53.1%) Shares 3,178 (-51.7%) Est. Cost $75.40 Unrealized +9.9%

NVDA NVIDIA CORP 0.5%

Value ($000) $2,652 (-9.1%) Shares 14,217 (-9.1%) Est. Cost $95.83 Unrealized +94.2%

PLTR PALANTIR TECHNOLOGIES IN CLASS CLASS A 0.1%

Value ($000) $596 (-29.3%) Shares 3,353 (-27.5%) Est. Cost $70.34 Unrealized +157.4%

— KKR & CO INC 0.8%

Value ($000) $4,023 (-5.3%) Shares 31,559 (-3.5%) Est. Cost $26.37 Unrealized —

TGT TARGET CORP EQUITY CLASS EQUITY 0.8%

Value ($000) $3,751 (-4.8%) Shares 38,377 (-12.6%) Est. Cost $116.15 Unrealized -21.1%

FBIZ FIRST BUSINESS FINL SVCS 0.6%

Value ($000) $2,841 (-5.0%) Shares 52,327 (-10.3%) Est. Cost $18.08 Unrealized +186.7%

KWEB KRANESHARES CSI CHINA INTERNET ETF 0.1%

Value ($000) $539 (-20.2%) Shares 15,842 (-1.5%) Est. Cost $29.49 Unrealized —

AMD ADVANCED MICRO DEVIC 0.1%

Value ($000) $574 (+29.9%) Shares 2,682 (-1.8%) Est. Cost $150.65 Unrealized +49.1%

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $1,208 (+10.1%) Shares 5,837 (-1.4%) Est. Cost $133.89 Unrealized +47.1%

BX BLACKSTONE INC 0.1%

Value ($000) $392 (-14.9%) Shares 2,542 (-5.7%) Est. Cost $46.34 Unrealized +226.9%

SLB SLB LIMITED F 0.4%

Value ($000) $1,743 (+4.1%) Shares 45,403 (-6.8%) Est. Cost $32.84 Unrealized +9.8%

WMT WALMART INC 0.1%

Value ($000) $661 (+5.6%) Shares 5,934 (-2.4%) Est. Cost $56.52 Unrealized +89.7%

SABR SABRE CORP 0.0%

Value ($000) $55 (-35.5%) Shares 40,678 (-13.2%) Est. Cost $7.86 Unrealized -78.1%

JXN JACKSON FINL INC CLASS A 1.0%

Value ($000) $5,045 (+0.5%) Shares 47,304 (-4.6%) Est. Cost $31.68 Unrealized +212.2%

CB CHUBB LTD F 0.1%

Value ($000) $248 (+7.3%) Shares 794 (-2.9%) Est. Cost $270.79 Unrealized +8.0%

SPY SPDR S&P 500 ETF 0.1%

Value ($000) $373 (-3.8%) Shares 547 (-6.0%) Est. Cost $508.73 Unrealized —

MCD MCDONALDS CORP 0.1%

Value ($000) $444 (-1.1%) Shares 1,453 (-1.7%) Est. Cost $157.79 Unrealized +93.4%

CRAK VANECK OIL REFINERS ETF 0.1%

Value ($000) $319 (-0.2%) Shares 8,493 (-2.4%) Est. Cost $24.98 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MMM	3M CO	33,516 (-50.1%)	$5,366 (-48.5%)	1.1%	$85.28	+91.3%	COM	88579Y101
CNNE	CANNAE HLDGS INC	651,696 (-22.0%)	$10,251 (-33.0%)	2.1%	$21.05	-19.8%	COM	13765N107
WBD	WARNER BROS DISCOVERY IN TENDER OFFER EXP: 01/21/26	483,848 (-46.6%)	$13,944 (-21.2%)	2.9%	$14.29	+63.5%	COM SER A	934423104
MSFT	MICROSOFT CORP	17,257 (-25.8%)	$8,346 (-30.7%)	1.7%	$80.76	+519.9%	COM	594918104
BK	BANK NEW YORK MELLON COR	24,112 (-48.9%)	$2,799 (-45.5%)	0.6%	$41.31	+167.5%	COM	064058100
OGN	ORGANON & CO	216,492 (-31.9%)	$1,552 (-54.3%)	0.3%	$19.93	-60.4%	COMMON STOCK	68622V106
OXY	OCCIDENTAL PETE CORP	99,262 (-10.1%)	$4,082 (-21.8%)	0.8%	$37.08	+12.0%	COM	674599105
SPHR	SPHERE ENTERTAINMENT A CLASS CLASS A	25,031 (-53.2%)	$2,380 (-28.3%)	0.5%	$37.39	+103.8%	CL A	55826T102
JAZZ	JAZZ PHARMACEUTICALS P F	22,689 (-1.4%)	$3,857 (+27.1%)	0.8%	$125.68	+22.0%	SHS USD	G50871105
CNH	CNH INDL N V F	230,061 (-13.1%)	$2,121 (-26.1%)	0.4%	$10.76	-7.2%	SHS	N20944109
—	IAC INC	9,686 (-70.8%)	$379 (-66.4%)	0.1%	$37.34	—	COM	44919P508
DIS	DISNEY WALT CO	46,846 (-9.5%)	$5,330 (-10.1%)	1.1%	$96.30	+13.7%	COM DISNEY	254687106
PFE	PFIZER INC	37,672 (-36.6%)	$938 (-38.1%)	0.2%	$29.62	-15.5%	COM	717081103
BMY	BRISTOL MYERS SQUIBB CO	53,958 (-4.2%)	$2,910 (+14.6%)	0.6%	$58.75	-19.1%	COM	110122108
DXC	DXC TECHNOLOGY CO	52,933 (-34.6%)	$775 (-29.7%)	0.2%	$24.74	-44.4%	COM	23355L106
SBUX	STARBUCKS CORP	22,385 (-14.3%)	$1,885 (-14.6%)	0.4%	$82.96	+1.3%	COM	855244109
MO	ALTRIA GROUP INC	31,192 (-2.5%)	$1,799 (-14.9%)	0.4%	$29.52	+101.1%	COM	02209S103
ABBV	ABBVIE INC	2,840 (-30.4%)	$649 (-31.3%)	0.1%	$70.94	+220.7%	COM	00287Y109
HHH	HOWARD HUGHES HLDGS INC	3,178 (-51.7%)	$254 (-53.1%)	0.1%	$75.40	+9.9%	COM	44267T102
NVDA	NVIDIA CORP	14,217 (-9.1%)	$2,652 (-9.1%)	0.5%	$95.83	+94.2%	COM	67066G104
PLTR	PALANTIR TECHNOLOGIES IN CLASS CLASS A	3,353 (-27.5%)	$596 (-29.3%)	0.1%	$70.34	+157.4%	CL A	69608A108
—	KKR & CO INC	31,559 (-3.5%)	$4,023 (-5.3%)	0.8%	$26.37	—	COM	48248M102
TGT	TARGET CORP EQUITY CLASS EQUITY	38,377 (-12.6%)	$3,751 (-4.8%)	0.8%	$116.15	-21.1%	COM	87612E106
FBIZ	FIRST BUSINESS FINL SVCS	52,327 (-10.3%)	$2,841 (-5.0%)	0.6%	$18.08	+186.7%	COM	319390100
KWEB	KRANESHARES CSI CHINA INTERNET ETF	15,842 (-1.5%)	$539 (-20.2%)	0.1%	$29.49	—	CSI CHI INTERNET	500767306
AMD	ADVANCED MICRO DEVIC	2,682 (-1.8%)	$574 (+29.9%)	0.1%	$150.65	+49.1%	COM	007903107
JNJ	JOHNSON & JOHNSON	5,837 (-1.4%)	$1,208 (+10.1%)	0.2%	$133.89	+47.1%	COM	478160104
BX	BLACKSTONE INC	2,542 (-5.7%)	$392 (-14.9%)	0.1%	$46.34	+226.9%	COM CL A	09260D107
SLB	SLB LIMITED F	45,403 (-6.8%)	$1,743 (+4.1%)	0.4%	$32.84	+9.8%	COM	806857108
WMT	WALMART INC	5,934 (-2.4%)	$661 (+5.6%)	0.1%	$56.52	+89.7%	COM	931142103
SABR	SABRE CORP	40,678 (-13.2%)	$55 (-35.5%)	0.0%	$7.86	-78.1%	COM	78573M104
JXN	JACKSON FINL INC CLASS A	47,304 (-4.6%)	$5,045 (+0.5%)	1.0%	$31.68	+212.2%	COM CL A	46817M107
CB	CHUBB LTD F	794 (-2.9%)	$248 (+7.3%)	0.1%	$270.79	+8.0%	COM	H1467J104
SPY	SPDR S&P 500 ETF	547 (-6.0%)	$373 (-3.8%)	0.1%	$508.73	—	TR UNIT	78462F103
MCD	MCDONALDS CORP	1,453 (-1.7%)	$444 (-1.1%)	0.1%	$157.79	+93.4%	COM	580135101
CRAK	VANECK OIL REFINERS ETF	8,493 (-2.4%)	$319 (-0.2%)	0.1%	$24.98	—	OIL REFINERS ETF	92189F585

Unchanged Positions (71)

GOOG ALPHABET INC CLASS CLASS C 4.2%

Value ($000) $20,289 Shares 64,657 Est. Cost $112.65 Unrealized +154.2%

PSKY PARAMOUNT SKYDANCE CORP CLASS B 1.8%

Value ($000) $8,573 Shares 639,756 Est. Cost $14.51 Unrealized +7.3%

MKL MARKEL GROUP INC 5.8%

Value ($000) $28,423 Shares 13,222 Est. Cost $1251.62 Unrealized +61.9%

FRFHF FAIRFAX FINL HLDGS LTD F 7.1%

Value ($000) $34,784 Shares 18,249 Est. Cost $1022.64 Unrealized +67.9%

VTRS VIATRIS INC 1.7%

Value ($000) $8,432 Shares 677,299 Est. Cost $11.66 Unrealized -8.0%

WFC WELLS FARGO & CO 2.6%

Value ($000) $12,900 Shares 138,412 Est. Cost $23.39 Unrealized +270.4%

C CITIGROUP INC 1.5%

Value ($000) $7,283 Shares 62,411 Est. Cost $53.69 Unrealized +93.0%

AMG AFFILIATED MANAGERS GROU 1.1%

Value ($000) $5,248 Shares 18,204 Est. Cost $109.74 Unrealized +135.5%

EL LAUDER ESTEE COS INC CLASS CLASS A 1.2%

Value ($000) $5,650 Shares 53,950 Est. Cost $79.28 Unrealized +22.1%

IVZ INVESCO LTD F 1.4%

Value ($000) $6,656 Shares 253,381 Est. Cost $13.30 Unrealized +82.8%

MPC MARATHON PETE CORP 0.8%

Value ($000) $3,957 Shares 24,332 Est. Cost $40.02 Unrealized +365.7%

SCHW CHARLES SCHWAB CORP 3.6%

Value ($000) $17,622 Shares 176,381 Est. Cost $60.23 Unrealized +57.3%

AAPL APPLE INC 2.5%

Value ($000) $12,414 Shares 45,665 Est. Cost $201.41 Unrealized +33.2%

CNC CENTENE CORP DEL 0.8%

Value ($000) $3,975 Shares 96,598 Est. Cost $38.50 Unrealized -2.8%

JEF JEFFERIES FINL GROUP INC 1.6%

Value ($000) $7,622 Shares 122,995 Est. Cost $18.14 Unrealized +212.5%

META META PLATFORMS INC CLASS A 0.9%

Value ($000) $4,184 Shares 6,339 Est. Cost $170.89 Unrealized +290.5%

DINO HF SINCLAIR CORP 0.6%

Value ($000) $3,054 Shares 66,279 Est. Cost $44.78 Unrealized +14.5%

GS GOLDMAN SACHS GROUP INC 1.0%

Value ($000) $4,788 Shares 5,447 Est. Cost $196.34 Unrealized +314.2%

BTI BRITISH AMERN TOB PLC F UNSPONSORED ADR 1 ADR REPS 1 ORD SHS 1.4%

Value ($000) $6,803 Shares 120,156 Est. Cost $37.07 Unrealized —

GNRC GENERAC HLDGS INC 0.3%

Value ($000) $1,379 Shares 10,111 Est. Cost $117.30 Unrealized +37.6%

CARR CARRIER GLOBAL CORP 0.4%

Value ($000) $2,031 Shares 38,442 Est. Cost $26.42 Unrealized +110.1%

PEP PEPSICO INC 2.1%

Value ($000) $10,096 Shares 70,349 Est. Cost $126.05 Unrealized +15.8%

V VISA INC CLASS CLASS A 1.6%

Value ($000) $7,803 Shares 22,250 Est. Cost $125.50 Unrealized +171.2%

HSY HERSHEY CO 1.4%

Value ($000) $6,675 Shares 36,678 Est. Cost $168.90 Unrealized +7.8%

BAC BANK OF AMERICA CORP 0.6%

Value ($000) $3,102 Shares 56,407 Est. Cost $23.35 Unrealized +125.6%

CTRA COTERRA ENERGY INC 0.4%

Value ($000) $1,730 Shares 65,737 Est. Cost $20.00 Unrealized +25.5%

FAST FASTENAL CO 0.2%

Value ($000) $751 Shares 18,724 Est. Cost $26.10 Unrealized +61.0%

FTI TECHNIPFMC PLC F 0.2%

Value ($000) $1,151 Shares 25,821 Est. Cost $8.45 Unrealized +399.3%

— LAM RESH CORP 0.1%

Value ($000) $565 Shares 3,300 Est. Cost $118.02 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.6%

Value ($000) $2,992 Shares 9,063 Est. Cost $298.94 Unrealized +12.8%

SCHX SCHWAB US LARGE CAP ETF 0.8%

Value ($000) $4,082 Shares 151,707 Est. Cost $34.25 Unrealized —

USB US BANCORP DEL 0.2%

Value ($000) $903 Shares 16,924 Est. Cost $36.91 Unrealized +32.0%

PSX PHILLIPS 66 0.2%

Value ($000) $1,187 Shares 9,199 Est. Cost $110.41 Unrealized +21.4%

HD HOME DEPOT INC 0.1%

Value ($000) $352 Shares 1,022 Est. Cost $179.93 Unrealized +102.6%

XBI STATE STREET SPDR S&P BIOTCH ETF 0.1%

Value ($000) $331 Shares 2,714 Est. Cost $99.83 Unrealized —

COST COSTCO WHSL CORP NEW 0.1%

Value ($000) $623 Shares 723 Est. Cost $424.80 Unrealized +113.2%

BHC BAUSCH HEALTH COS INC F 0.1%

Value ($000) $598 Shares 86,018 Est. Cost $22.79 Unrealized -71.1%

BEN FRANKLIN RES INC 0.3%

Value ($000) $1,314 Shares 55,023 Est. Cost $19.92 Unrealized +13.8%

RTX RTX CORP 0.1%

Value ($000) $437 Shares 2,382 Est. Cost $82.46 Unrealized +110.2%

VTI VANGUARD TOTAL STOCK MARKET ETF 0.3%

Value ($000) $1,592 Shares 4,748 Est. Cost $200.20 Unrealized —

CEG CONSTELLATION ENERGY COR 0.1%

Value ($000) $443 Shares 1,255 Est. Cost $151.13 Unrealized +140.3%

SHEL SHELL PLC F TENDER OFFER EXP: 0.3%

Value ($000) $1,257 Shares 17,101 Est. Cost $70.41 Unrealized —

JPM JPMORGAN CHASE & CO 0.3%

Value ($000) $1,371 Shares 4,255 Est. Cost $87.91 Unrealized +252.1%

SSP SCRIPPS E W CO OHIO CLASS CLASS A 0.0%

Value ($000) $71 Shares 17,726 Est. Cost $2.38 Unrealized +18.4%

— BLACKROCK INC NEW 0.1%

Value ($000) $277 Shares 259 Est. Cost $820.37 Unrealized —

CSCO CISCO SYS INC 0.0%

Value ($000) $237 Shares 3,073 Est. Cost $60.38 Unrealized +22.2%

MDT MEDTRONIC PLC F 1.3%

Value ($000) $6,138 Shares 63,895 Est. Cost $73.84 Unrealized +31.5%

VYM VANGUARD HIGH DIVIDEND YIELD ETF 0.2%

Value ($000) $1,188 Shares 8,276 Est. Cost $75.03 Unrealized —

BKNG BOOKING HLDGS INC 0.3%

Value ($000) $1,232 Shares 230 Est. Cost $3654.84 Unrealized +40.6%

JCI JOHNSON CONTROLS INT F 0.1%

Value ($000) $254 Shares 2,119 Est. Cost $91.75 Unrealized +25.1%

CGNT COGNYTE SOFTWARE LTD F 0.0%

Value ($000) $173 Shares 18,398 Est. Cost $21.92 Unrealized -60.5%

L LOEWS CORP 0.1%

Value ($000) $394 Shares 3,738 Est. Cost $42.65 Unrealized +142.0%

AVGO BROADCOM INC 0.1%

Value ($000) $382 Shares 1,104 Est. Cost $215.92 Unrealized +65.3%

APP APPLOVIN CORP CLASS A 0.0%

Value ($000) $236 Shares 350 Est. Cost $461.14 Unrealized +36.6%

VOO VANGUARD S&P 500 ETF 0.1%

Value ($000) $608 Shares 969 Est. Cost $392.70 Unrealized —

FITB FIFTH THIRD BANCORP 0.1%

Value ($000) $296 Shares 6,320 Est. Cost $25.54 Unrealized +70.9%

ITA ISHARES US AEROSPACE DEFENSE ETF 0.1%

Value ($000) $505 Shares 2,350 Est. Cost $110.64 Unrealized —

IWD ISHARES RUSSELL 1000 VALUE ETF 0.1%

Value ($000) $397 Shares 1,889 Est. Cost $167.18 Unrealized —

IEO ISHARES US OIL GAS EXL PROD ETF 0.1%

Value ($000) $312 Shares 3,500 Est. Cost $84.29 Unrealized —

DE DEERE & CO 0.1%

Value ($000) $648 Shares 1,392 Est. Cost $229.98 Unrealized +103.4%

MA MASTERCARD INC CLASS CLASS A 1.7%

Value ($000) $8,294 Shares 14,529 Est. Cost $257.77 Unrealized +116.8%

IWF ISHARES RUSSELL 1000 GROWTH ETF 0.2%

Value ($000) $772 Shares 1,632 Est. Cost $274.22 Unrealized —

MTUM ISHARES MSCI USA MOMNTUM FCT ETF 0.1%

Value ($000) $245 Shares 979 Est. Cost $240.32 Unrealized —

VPU VANGUARD UTILITIES ETF 0.0%

Value ($000) $231 Shares 1,250 Est. Cost $138.42 Unrealized —

IEFA ISHARES CORE MSCI EAFE ETF 0.0%

Value ($000) $219 Shares 2,444 Est. Cost $83.48 Unrealized —

IJR ISHARES CORE S&P SMALL CAP ETF 0.1%

Value ($000) $408 Shares 3,393 Est. Cost $108.73 Unrealized —

GERN GERON CORP 0.0%

Value ($000) $101 Shares 76,201 Est. Cost $2.20 Unrealized -43.0%

— CANADIAN PACIFIC KAN F 0.1%

Value ($000) $295 Shares 4,000 Est. Cost $112.60 Unrealized —

PM PHILIP MORRIS INTL INC 0.1%

Value ($000) $249 Shares 1,555 Est. Cost $136.99 Unrealized +12.1%

BRK/B BERKSHIRE HATHAWAY CLASS CLASS B 6.1%

Value ($000) $29,579 Shares 58,846 Est. Cost $196.79 Unrealized +152.8%

IWR ISHARES RUSSELL MID CAP ETF 0.1%

Value ($000) $361 Shares 3,751 Est. Cost $70.99 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC CLASS CLASS C	64,657	$20,289	4.2%	$112.65	+154.2%	CAP STK CL C	02079K107
PSKY	PARAMOUNT SKYDANCE CORP CLASS B	639,756	$8,573	1.8%	$14.51	+7.3%	COM CL B	69932A204
MKL	MARKEL GROUP INC	13,222	$28,423	5.8%	$1251.62	+61.9%	COM	570535104
FRFHF	FAIRFAX FINL HLDGS LTD F	18,249	$34,784	7.1%	$1022.64	+67.9%	COM	303901102
VTRS	VIATRIS INC	677,299	$8,432	1.7%	$11.66	-8.0%	COM	92556V106
WFC	WELLS FARGO & CO	138,412	$12,900	2.6%	$23.39	+270.4%	COM	949746101
C	CITIGROUP INC	62,411	$7,283	1.5%	$53.69	+93.0%	COM NEW	172967424
AMG	AFFILIATED MANAGERS GROU	18,204	$5,248	1.1%	$109.74	+135.5%	COM	008252108
EL	LAUDER ESTEE COS INC CLASS CLASS A	53,950	$5,650	1.2%	$79.28	+22.1%	CL A	518439104
IVZ	INVESCO LTD F	253,381	$6,656	1.4%	$13.30	+82.8%	INTRM GOV CR ETF	G491BT108
MPC	MARATHON PETE CORP	24,332	$3,957	0.8%	$40.02	+365.7%	COM	56585A102
SCHW	CHARLES SCHWAB CORP	176,381	$17,622	3.6%	$60.23	+57.3%	COM	808513105
AAPL	APPLE INC	45,665	$12,414	2.5%	$201.41	+33.2%	COM	037833100
CNC	CENTENE CORP DEL	96,598	$3,975	0.8%	$38.50	-2.8%	COM	15135B101
JEF	JEFFERIES FINL GROUP INC	122,995	$7,622	1.6%	$18.14	+212.5%	COM	47233W109
META	META PLATFORMS INC CLASS A	6,339	$4,184	0.9%	$170.89	+290.5%	CL A	30303M102
DINO	HF SINCLAIR CORP	66,279	$3,054	0.6%	$44.78	+14.5%	COM	403949100
GS	GOLDMAN SACHS GROUP INC	5,447	$4,788	1.0%	$196.34	+314.2%	COM	38141G104
BTI	BRITISH AMERN TOB PLC F UNSPONSORED ADR 1 ADR REPS 1 ORD SHS	120,156	$6,803	1.4%	$37.07	—	SPONSORED ADR	110448107
GNRC	GENERAC HLDGS INC	10,111	$1,379	0.3%	$117.30	+37.6%	COM	368736104
CARR	CARRIER GLOBAL CORP	38,442	$2,031	0.4%	$26.42	+110.1%	COM	14448C104
PEP	PEPSICO INC	70,349	$10,096	2.1%	$126.05	+15.8%	COM	713448108
V	VISA INC CLASS CLASS A	22,250	$7,803	1.6%	$125.50	+171.2%	CL A	92826C839
HSY	HERSHEY CO	36,678	$6,675	1.4%	$168.90	+7.8%	COM	427866108
BAC	BANK OF AMERICA CORP	56,407	$3,102	0.6%	$23.35	+125.6%	COM	060505104
CTRA	COTERRA ENERGY INC	65,737	$1,730	0.4%	$20.00	+25.5%	COM	127097103
FAST	FASTENAL CO	18,724	$751	0.2%	$26.10	+61.0%	COM	311900104
FTI	TECHNIPFMC PLC F	25,821	$1,151	0.2%	$8.45	+399.3%	COM	G87110105
—	LAM RESH CORP	3,300	$565	0.1%	$118.02	—	COM	512807108
UNH	UNITEDHEALTH GROUP INC	9,063	$2,992	0.6%	$298.94	+12.8%	COM	91324P102
SCHX	SCHWAB US LARGE CAP ETF	151,707	$4,082	0.8%	$34.25	—	US LRG CAP ETF	808524201
USB	US BANCORP DEL	16,924	$903	0.2%	$36.91	+32.0%	COM	902973304
PSX	PHILLIPS 66	9,199	$1,187	0.2%	$110.41	+21.4%	COM	718546104
HD	HOME DEPOT INC	1,022	$352	0.1%	$179.93	+102.6%	COM	437076102
XBI	STATE STREET SPDR S&P BIOTCH ETF	2,714	$331	0.1%	$99.83	—	S&P BIOTECH	78464A870
COST	COSTCO WHSL CORP NEW	723	$623	0.1%	$424.80	+113.2%	COM	22160K105
BHC	BAUSCH HEALTH COS INC F	86,018	$598	0.1%	$22.79	-71.1%	COM	071734107
BEN	FRANKLIN RES INC	55,023	$1,314	0.3%	$19.92	+13.8%	COM	354613101
RTX	RTX CORP	2,382	$437	0.1%	$82.46	+110.2%	COM	75513E101
VTI	VANGUARD TOTAL STOCK MARKET ETF	4,748	$1,592	0.3%	$200.20	—	TOTAL STK MKT	922908769
CEG	CONSTELLATION ENERGY COR	1,255	$443	0.1%	$151.13	+140.3%	COM	21037T109
SHEL	SHELL PLC F TENDER OFFER EXP:	17,101	$1,257	0.3%	$70.41	—	SPON ADS	780259305
JPM	JPMORGAN CHASE & CO	4,255	$1,371	0.3%	$87.91	+252.1%	COM	46625H100
SSP	SCRIPPS E W CO OHIO CLASS CLASS A	17,726	$71	0.0%	$2.38	+18.4%	CL A NEW	811054402
—	BLACKROCK INC NEW	259	$277	0.1%	$820.37	—	COM	09247X101
CSCO	CISCO SYS INC	3,073	$237	0.0%	$60.38	+22.2%	COM	17275R102
MDT	MEDTRONIC PLC F	63,895	$6,138	1.3%	$73.84	+31.5%	SHS	G5960L103
VYM	VANGUARD HIGH DIVIDEND YIELD ETF	8,276	$1,188	0.2%	$75.03	—	HIGH DIV YLD	921946406
BKNG	BOOKING HLDGS INC	230	$1,232	0.3%	$3654.84	+40.6%	COM	09857L108
JCI	JOHNSON CONTROLS INT F	2,119	$254	0.1%	$91.75	+25.1%	SHS	G51502105
CGNT	COGNYTE SOFTWARE LTD F	18,398	$173	0.0%	$21.92	-60.5%	ORD SHS	M25133105
L	LOEWS CORP	3,738	$394	0.1%	$42.65	+142.0%	COM	540424108
AVGO	BROADCOM INC	1,104	$382	0.1%	$215.92	+65.3%	COM	11135F101
APP	APPLOVIN CORP CLASS A	350	$236	0.0%	$461.14	+36.6%	COM CL A	03831W108
VOO	VANGUARD S&P 500 ETF	969	$608	0.1%	$392.70	—	S&P 500 ETF SHS	922908363
FITB	FIFTH THIRD BANCORP	6,320	$296	0.1%	$25.54	+70.9%	COM	316773100
ITA	ISHARES US AEROSPACE DEFENSE ETF	2,350	$505	0.1%	$110.64	—	US AER DEF ETF	464288760
IWD	ISHARES RUSSELL 1000 VALUE ETF	1,889	$397	0.1%	$167.18	—	CORE S&P SCP ETF	464287598
IEO	ISHARES US OIL GAS EXL PROD ETF	3,500	$312	0.1%	$84.29	—	US OIL GS EX ETF	464288851
DE	DEERE & CO	1,392	$648	0.1%	$229.98	+103.4%	COM	244199105
MA	MASTERCARD INC CLASS CLASS A	14,529	$8,294	1.7%	$257.77	+116.8%	CL A	57636Q104
IWF	ISHARES RUSSELL 1000 GROWTH ETF	1,632	$772	0.2%	$274.22	—	RUS 1000 GRW ETF	464287614
MTUM	ISHARES MSCI USA MOMNTUM FCT ETF	979	$245	0.1%	$240.32	—	MSCI USA MMENTM	46432F396
VPU	VANGUARD UTILITIES ETF	1,250	$231	0.0%	$138.42	—	UTILITIES ETF	92204A876
IEFA	ISHARES CORE MSCI EAFE ETF	2,444	$219	0.0%	$83.48	—	CORE MSCI EAFE	46432F842
IJR	ISHARES CORE S&P SMALL CAP ETF	3,393	$408	0.1%	$108.73	—	CORE S&P SCP ETF	464287804
GERN	GERON CORP	76,201	$101	0.0%	$2.20	-43.0%	COM	374163103
—	CANADIAN PACIFIC KAN F	4,000	$295	0.1%	$112.60	—	COM	13645T100
PM	PHILIP MORRIS INTL INC	1,555	$249	0.1%	$136.99	+12.1%	COM	718172109
BRK/B	BERKSHIRE HATHAWAY CLASS CLASS B	58,846	$29,579	6.1%	$196.79	+152.8%	CL B NEW	084670702
IWR	ISHARES RUSSELL MID CAP ETF	3,751	$361	0.1%	$70.99	—	RUS MID CAP ETF	464287499