Elm Partners Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VBIL	VANGUARD INSTL INDEX FD	108,898	$8,214	0.4%	$75.43	—	0-3 MO TREAS BIL	922040845
GOOG	ALPHABET INC	4,977	$1,562	0.1%	$286.33	0.0%	CAP STK CL C	02079K107
BTC	GRAYSCALE BITCOIN MINI TR ET	27,600	$1,069	0.0%	$38.73	—	SHS NEW	389930207
ALNY	ALNYLAM PHARMACEUTICALS INC	2,008	$798	0.0%	$442.56	0.0%	COM	02043Q107
PLD	PROLOGIS INC.	4,028	$514	0.0%	$123.86	0.0%	COM	74340W103
DLO	DLOCAL LTD	32,000	$452	0.0%	$14.11	0.0%	CLASS A COM	G29018101
MELI	MERCADOLIBRE INC	224	$451	0.0%	$2100.46	0.0%	COM	58733R102
MRK	MERCK & CO INC	3,108	$327	0.0%	$93.24	0.0%	COM	58933Y105
XLP	SELECT SECTOR SPDR TR	3,698	$287	0.0%	$77.68	—	STATE STREET CON	81369Y308
MU	MICRON TECHNOLOGY INC	840	$240	0.0%	$229.35	0.0%	COM	595112103
JNJ	JOHNSON & JOHNSON	1,147	$238	0.0%	$197.01	0.0%	COM	478160104
STX	SEAGATE TECHNOLOGY HLDNGS PL	828	$228	0.0%	$258.92	0.0%	ORD SHS	G7997R103
SLV	ISHARES SILVER TR	3,427	$221	0.0%	$64.42	—	ISHARES	46428Q109

Increased Positions (67)

SCHP SCHWAB STRATEGIC TR 8.5%

Value ($000) $187,348 (+26.2%) Shares 7,072,390 (+28.4%) Est. Cost $29.96 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 8.3%

Value ($000) $183,618 (+21.7%) Shares 2,196,125 (+16.2%) Est. Cost $65.81 Unrealized —

BND VANGUARD BD INDEX FDS 3.3%

Value ($000) $73,475 (+73.2%) Shares 991,972 (+73.9%) Est. Cost $73.78 Unrealized —

VGSH VANGUARD SCOTTSDALE FDS 3.5%

Value ($000) $78,035 (+57.9%) Shares 1,328,709 (+58.2%) Est. Cost $58.67 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 11.3%

Value ($000) $248,677 (+11.9%) Shares 4,625,697 (+12.8%) Est. Cost $45.59 Unrealized —

VTI VANGUARD INDEX FDS 15.2%

Value ($000) $333,935 (+8.1%) Shares 996,018 (+5.8%) Est. Cost $273.76 Unrealized —

VOO VANGUARD INDEX FDS 3.4%

Value ($000) $75,528 (+36.1%) Shares 120,434 (+32.9%) Est. Cost $539.41 Unrealized —

VTEB VANGUARD MUN BD FDS 1.0%

Value ($000) $22,763 (+237.2%) Shares 452,643 (+235.7%) Est. Cost $50.35 Unrealized —

AGG ISHARES TR 1.3%

Value ($000) $29,137 (+59.8%) Shares 291,724 (+60.4%) Est. Cost $98.50 Unrealized —

VPL VANGUARD INTL EQUITY INDEX F 5.0%

Value ($000) $109,188 (+10.5%) Shares 1,207,832 (+7.3%) Est. Cost $76.50 Unrealized —

MUB ISHARES TR 0.6%

Value ($000) $13,936 (+160.9%) Shares 130,108 (+159.4%) Est. Cost $107.15 Unrealized —

SPEM SPDR INDEX SHS FDS 1.9%

Value ($000) $41,025 (+23.5%) Shares 876,410 (+23.5%) Est. Cost $42.23 Unrealized —

BBEU J P MORGAN EXCHANGE TRADED F 1.8%

Value ($000) $40,760 (+16.9%) Shares 556,073 (+11.0%) Est. Cost $67.65 Unrealized —

BBCA J P MORGAN EXCHANGE TRADED F 1.2%

Value ($000) $27,449 (+14.1%) Shares 295,147 (+7.0%) Est. Cost $68.08 Unrealized —

VTV VANGUARD INDEX FDS 1.1%

Value ($000) $24,057 (+12.2%) Shares 125,961 (+9.6%) Est. Cost $168.17 Unrealized —

VNQ VANGUARD INDEX FDS 0.4%

Value ($000) $8,497 (+40.3%) Shares 96,023 (+45.0%) Est. Cost $92.45 Unrealized —

VFH VANGUARD WORLD FD 0.2%

Value ($000) $5,044 (+84.5%) Shares 37,784 (+81.4%) Est. Cost $125.05 Unrealized —

XLF SELECT SECTOR SPDR TR 0.1%

Value ($000) $3,143 (+103.0%) Shares 57,384 (+99.7%) Est. Cost $52.00 Unrealized —

VHT VANGUARD WORLD FD 0.1%

Value ($000) $2,880 (+112.6%) Shares 10,005 (+91.8%) Est. Cost $269.60 Unrealized —

NFLX NETFLIX INC 0.0%

Value ($000) $915 (-57.2%) Shares 9,763 (+447.6%) Est. Cost $108.77 Unrealized -0.9%

IPAC ISHARES TR 1.6%

Value ($000) $35,839 (+3.1%) Shares 489,530 (+3.4%) Est. Cost $57.83 Unrealized —

BN BROOKFIELD CORP 0.1%

Value ($000) $3,204 (+50.6%) Shares 69,811 (+50.0%) Est. Cost $39.79 Unrealized +14.5%

SCHH SCHWAB STRATEGIC TR 0.6%

Value ($000) $13,105 (+7.7%) Shares 627,312 (+11.2%) Est. Cost $21.26 Unrealized —

XLK SELECT SECTOR SPDR TR 0.2%

Value ($000) $3,941 (+22.5%) Shares 27,373 (+139.8%) Est. Cost $188.27 Unrealized —

VIS VANGUARD WORLD FD 0.1%

Value ($000) $2,053 (+41.2%) Shares 6,882 (+40.2%) Est. Cost $269.19 Unrealized —

LRCX LAM RESEARCH CORP 0.1%

Value ($000) $1,241 (+85.0%) Shares 7,250 (+44.7%) Est. Cost $120.92 Unrealized +28.5%

VEA VANGUARD TAX-MANAGED FDS 0.2%

Value ($000) $3,689 (+17.6%) Shares 59,046 (+12.8%) Est. Cost $57.13 Unrealized —

VOX VANGUARD WORLD FD 0.1%

Value ($000) $2,491 (+23.4%) Shares 12,864 (+19.6%) Est. Cost $167.93 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.1%

Value ($000) $1,713 (+37.5%) Shares 7,998 (+3.8%) Est. Cost $119.72 Unrealized +87.6%

SPYM SPDR SERIES TRUST 0.2%

Value ($000) $3,448 (+12.6%) Shares 42,976 (+9.9%) Est. Cost $68.64 Unrealized —

SCHB SCHWAB STRATEGIC TR 0.1%

Value ($000) $2,802 (+15.4%) Shares 106,827 (+13.1%) Est. Cost $29.61 Unrealized —

VGT VANGUARD WORLD FD 0.2%

Value ($000) $3,897 (+10.6%) Shares 5,170 (+9.5%) Est. Cost $623.87 Unrealized —

VUG VANGUARD INDEX FDS 0.1%

Value ($000) $1,178 (+44.2%) Shares 2,414 (+41.7%) Est. Cost $482.12 Unrealized —

SCHF SCHWAB STRATEGIC TR 0.2%

Value ($000) $3,934 (+9.1%) Shares 163,644 (+5.7%) Est. Cost $27.71 Unrealized —

VCR VANGUARD WORLD FD 0.1%

Value ($000) $2,953 (+11.6%) Shares 7,496 (+12.2%) Est. Cost $358.74 Unrealized —

VEU VANGUARD INTL EQUITY INDEX F 0.0%

Value ($000) $674 (+70.9%) Shares 9,162 (+65.8%) Est. Cost $72.24 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.1%

Value ($000) $3,193 (+9.1%) Shares 10,778 (+3.9%) Est. Cost $255.99 Unrealized +16.7%

VIG VANGUARD SPECIALIZED FUNDS 0.0%

Value ($000) $994 (+28.3%) Shares 4,521 (+26.0%) Est. Cost $216.61 Unrealized —

TIP ISHARES TR 0.0%

Value ($000) $562 (+59.6%) Shares 5,116 (+61.6%) Est. Cost $109.07 Unrealized —

MKL MARKEL GROUP INC 0.0%

Value ($000) $750 (+31.3%) Shares 349 (+16.7%) Est. Cost $1920.48 Unrealized +5.5%

OTF BLUE OWL TECHNOLOGY FIN CORP 0.0%

Value ($000) $320 (+122.1%) Shares 21,985 (+111.1%) Est. Cost $13.91 Unrealized -1.8%

SCHV SCHWAB STRATEGIC TR 0.0%

Value ($000) $529 (+48.9%) Shares 17,881 (+46.4%) Est. Cost $27.19 Unrealized —

IAU ISHARES GOLD TR 0.0%

Value ($000) $480 (+52.9%) Shares 5,914 (+37.1%) Est. Cost $67.45 Unrealized —

XLI SELECT SECTOR SPDR TR 0.1%

Value ($000) $1,208 (+14.8%) Shares 7,789 (+14.2%) Est. Cost $145.55 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.0%

Value ($000) $1,061 (+16.6%) Shares 2,110 (+16.6%) Est. Cost $500.03 Unrealized -0.5%

IWM ISHARES TR 0.0%

Value ($000) $682 (+24.9%) Shares 2,772 (+22.8%) Est. Cost $242.74 Unrealized —

IJR ISHARES TR 0.1%

Value ($000) $2,529 (+4.9%) Shares 21,045 (+3.7%) Est. Cost $89.00 Unrealized —

GLD SPDR GOLD TR 0.0%

Value ($000) $333 (+54.9%) Shares 838 (+39.0%) Est. Cost $367.48 Unrealized —

SCHA SCHWAB STRATEGIC TR 0.0%

Value ($000) $1,020 (+12.8%) Shares 35,815 (+10.5%) Est. Cost $29.83 Unrealized —

BAC BANK AMERICA CORP 0.0%

Value ($000) $559 (+21.2%) Shares 10,162 (+13.7%) Est. Cost $48.87 Unrealized +7.8%

JPM JPMORGAN CHASE & CO. 0.1%

Value ($000) $1,326 (+7.5%) Shares 4,114 (+5.2%) Est. Cost $296.60 Unrealized +4.4%

CAT CATERPILLAR INC 0.0%

Value ($000) $414 (+25.3%) Shares 723 (+4.3%) Est. Cost $430.79 Unrealized +28.9%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.0%

Value ($000) $490 (+15.2%) Shares 1,614 (+5.8%) Est. Cost $230.76 Unrealized —

IVE ISHARES TR 0.1%

Value ($000) $1,652 (+4.0%) Shares 7,791 (+1.2%) Est. Cost $193.43 Unrealized —

XOM EXXON MOBIL CORP 0.0%

Value ($000) $679 (+9.8%) Shares 5,644 (+2.8%) Est. Cost $109.86 Unrealized +5.1%

PLTR PALANTIR TECHNOLOGIES INC 0.0%

Value ($000) $305 (+24.7%) Shares 1,716 (+28.0%) Est. Cost $166.21 Unrealized +8.9%

WMT WALMART INC 0.0%

Value ($000) $449 (+15.2%) Shares 4,032 (+6.6%) Est. Cost $99.73 Unrealized +7.5%

DIS DISNEY WALT CO 0.0%

Value ($000) $292 (+21.3%) Shares 2,567 (+22.1%) Est. Cost $115.64 Unrealized -5.3%

MA MASTERCARD INCORPORATED 0.0%

Value ($000) $354 (+13.1%) Shares 620 (+12.7%) Est. Cost $571.83 Unrealized -2.3%

GS GOLDMAN SACHS GROUP INC 0.0%

Value ($000) $313 (+14.2%) Shares 356 (+3.5%) Est. Cost $563.51 Unrealized +44.3%

QQQ INVESCO QQQ TR 0.0%

Value ($000) $301 (+13.6%) Shares 490 (+11.1%) Est. Cost $602.50 Unrealized —

DE DEERE & CO 0.0%

Value ($000) $240 (+17.0%) Shares 515 (+15.0%) Est. Cost $486.78 Unrealized -3.9%

COST COSTCO WHSL CORP NEW 0.0%

Value ($000) $995 (+3.5%) Shares 1,154 (+11.1%) Est. Cost $977.95 Unrealized -7.4%

NEE NEXTERA ENERGY INC 0.0%

Value ($000) $235 (+13.3%) Shares 2,933 (+6.5%) Est. Cost $72.84 Unrealized +13.3%

XLU SELECT SECTOR SPDR TR 0.0%

Value ($000) $339 (-2.1%) Shares 7,932 (+100.0%) Est. Cost $62.66 Unrealized —

XLY SELECT SECTOR SPDR TR 0.0%

Value ($000) $368 (-0.3%) Shares 3,078 (+100.0%) Est. Cost $164.93 Unrealized —

VLO VALERO ENERGY CORP 0.0%

Value ($000) $275 (-0.3%) Shares 1,689 (+4.3%) Est. Cost $148.67 Unrealized +13.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SCHP	SCHWAB STRATEGIC TR	7,072,390 (+28.4%)	$187,348 (+26.2%)	8.5%	$29.96	—	US TIPS ETF	808524870
VGK	VANGUARD INTL EQUITY INDEX F	2,196,125 (+16.2%)	$183,618 (+21.7%)	8.3%	$65.81	—	FTSE EUROPE ETF	922042874
BND	VANGUARD BD INDEX FDS	991,972 (+73.9%)	$73,475 (+73.2%)	3.3%	$73.78	—	TOTAL BND MRKT	921937835
VGSH	VANGUARD SCOTTSDALE FDS	1,328,709 (+58.2%)	$78,035 (+57.9%)	3.5%	$58.67	—	SHORT TERM TREAS	92206C102
VWO	VANGUARD INTL EQUITY INDEX F	4,625,697 (+12.8%)	$248,677 (+11.9%)	11.3%	$45.59	—	FTSE EMR MKT ETF	922042858
VTI	VANGUARD INDEX FDS	996,018 (+5.8%)	$333,935 (+8.1%)	15.2%	$273.76	—	TOTAL STK MKT	922908769
VOO	VANGUARD INDEX FDS	120,434 (+32.9%)	$75,528 (+36.1%)	3.4%	$539.41	—	S&P 500 ETF SHS	922908363
VTEB	VANGUARD MUN BD FDS	452,643 (+235.7%)	$22,763 (+237.2%)	1.0%	$50.35	—	TAX EXEMPT BD	922907746
AGG	ISHARES TR	291,724 (+60.4%)	$29,137 (+59.8%)	1.3%	$98.50	—	CORE US AGGBD ET	464287226
VPL	VANGUARD INTL EQUITY INDEX F	1,207,832 (+7.3%)	$109,188 (+10.5%)	5.0%	$76.50	—	FTSE PACIFIC ETF	922042866
MUB	ISHARES TR	130,108 (+159.4%)	$13,936 (+160.9%)	0.6%	$107.15	—	NATIONAL MUN ETF	464288414
SPEM	SPDR INDEX SHS FDS	876,410 (+23.5%)	$41,025 (+23.5%)	1.9%	$42.23	—	PORTFOLIO EMG MK	78463X509
BBEU	J P MORGAN EXCHANGE TRADED F	556,073 (+11.0%)	$40,760 (+16.9%)	1.8%	$67.65	—	BETABUILDERS EUR	46641Q191
BBCA	J P MORGAN EXCHANGE TRADED F	295,147 (+7.0%)	$27,449 (+14.1%)	1.2%	$68.08	—	BETABUILDERS CDA	46641Q225
VTV	VANGUARD INDEX FDS	125,961 (+9.6%)	$24,057 (+12.2%)	1.1%	$168.17	—	VALUE ETF	922908744
VNQ	VANGUARD INDEX FDS	96,023 (+45.0%)	$8,497 (+40.3%)	0.4%	$92.45	—	REAL ESTATE ETF	922908553
VFH	VANGUARD WORLD FD	37,784 (+81.4%)	$5,044 (+84.5%)	0.2%	$125.05	—	FINANCIALS ETF	92204A405
XLF	SELECT SECTOR SPDR TR	57,384 (+99.7%)	$3,143 (+103.0%)	0.1%	$52.00	—	STATE STREET FIN	81369Y605
VHT	VANGUARD WORLD FD	10,005 (+91.8%)	$2,880 (+112.6%)	0.1%	$269.60	—	HEALTH CAR ETF	92204A504
NFLX	NETFLIX INC	9,763 (+447.6%)	$915 (-57.2%)	0.0%	$108.77	-0.9%	COM	64110L106
IPAC	ISHARES TR	489,530 (+3.4%)	$35,839 (+3.1%)	1.6%	$57.83	—	CORE MSCI PAC	46434V696
BN	BROOKFIELD CORP	69,811 (+50.0%)	$3,204 (+50.6%)	0.1%	$39.79	+14.5%	CL A LTD VT SH	11271J107
SCHH	SCHWAB STRATEGIC TR	627,312 (+11.2%)	$13,105 (+7.7%)	0.6%	$21.26	—	US REIT ETF	808524847
XLK	SELECT SECTOR SPDR TR	27,373 (+139.8%)	$3,941 (+22.5%)	0.2%	$188.27	—	STATE STREET TEC	81369Y803
VIS	VANGUARD WORLD FD	6,882 (+40.2%)	$2,053 (+41.2%)	0.1%	$269.19	—	INDUSTRIAL ETF	92204A603
LRCX	LAM RESEARCH CORP	7,250 (+44.7%)	$1,241 (+85.0%)	0.1%	$120.92	+28.5%	COM NEW	512807306
VEA	VANGUARD TAX-MANAGED FDS	59,046 (+12.8%)	$3,689 (+17.6%)	0.2%	$57.13	—	VAN FTSE DEV MKT	921943858
VOX	VANGUARD WORLD FD	12,864 (+19.6%)	$2,491 (+23.4%)	0.1%	$167.93	—	COMM SRVC ETF	92204A884
AMD	ADVANCED MICRO DEVICES INC	7,998 (+3.8%)	$1,713 (+37.5%)	0.1%	$119.72	+87.6%	COM	007903107
SPYM	SPDR SERIES TRUST	42,976 (+9.9%)	$3,448 (+12.6%)	0.2%	$68.64	—	STATE STREET SPD	78464A854
SCHB	SCHWAB STRATEGIC TR	106,827 (+13.1%)	$2,802 (+15.4%)	0.1%	$29.61	—	US BRD MKT ETF	808524102
VGT	VANGUARD WORLD FD	5,170 (+9.5%)	$3,897 (+10.6%)	0.2%	$623.87	—	INF TECH ETF	92204A702
VUG	VANGUARD INDEX FDS	2,414 (+41.7%)	$1,178 (+44.2%)	0.1%	$482.12	—	GROWTH ETF	922908736
SCHF	SCHWAB STRATEGIC TR	163,644 (+5.7%)	$3,934 (+9.1%)	0.2%	$27.71	—	INTL EQTY ETF	808524805
VCR	VANGUARD WORLD FD	7,496 (+12.2%)	$2,953 (+11.6%)	0.1%	$358.74	—	CONSUM DIS ETF	92204A108
VEU	VANGUARD INTL EQUITY INDEX F	9,162 (+65.8%)	$674 (+70.9%)	0.0%	$72.24	—	ALLWRLD EX US	922042775
IBM	INTERNATIONAL BUSINESS MACHS	10,778 (+3.9%)	$3,193 (+9.1%)	0.1%	$255.99	+16.7%	COM	459200101
VIG	VANGUARD SPECIALIZED FUNDS	4,521 (+26.0%)	$994 (+28.3%)	0.0%	$216.61	—	DIV APP ETF	921908844
TIP	ISHARES TR	5,116 (+61.6%)	$562 (+59.6%)	0.0%	$109.07	—	TIPS BD ETF	464287176
MKL	MARKEL GROUP INC	349 (+16.7%)	$750 (+31.3%)	0.0%	$1920.48	+5.5%	COM	570535104
OTF	BLUE OWL TECHNOLOGY FIN CORP	21,985 (+111.1%)	$320 (+122.1%)	0.0%	$13.91	-1.8%	COMMON STOCK	095924106
SCHV	SCHWAB STRATEGIC TR	17,881 (+46.4%)	$529 (+48.9%)	0.0%	$27.19	—	US LCAP VA ETF	808524409
IAU	ISHARES GOLD TR	5,914 (+37.1%)	$480 (+52.9%)	0.0%	$67.45	—	ISHARES NEW	464285204
XLI	SELECT SECTOR SPDR TR	7,789 (+14.2%)	$1,208 (+14.8%)	0.1%	$145.55	—	STATE STREET IND	81369Y704
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,110 (+16.6%)	$1,061 (+16.6%)	0.0%	$500.03	-0.5%	CL B NEW	084670702
IWM	ISHARES TR	2,772 (+22.8%)	$682 (+24.9%)	0.0%	$242.74	—	RUSSELL 2000 ETF	464287655
IJR	ISHARES TR	21,045 (+3.7%)	$2,529 (+4.9%)	0.1%	$89.00	—	CORE S&P SCP ETF	464287804
GLD	SPDR GOLD TR	838 (+39.0%)	$333 (+54.9%)	0.0%	$367.48	—	GOLD SHS	78463V107
SCHA	SCHWAB STRATEGIC TR	35,815 (+10.5%)	$1,020 (+12.8%)	0.0%	$29.83	—	US SML CAP ETF	808524607
BAC	BANK AMERICA CORP	10,162 (+13.7%)	$559 (+21.2%)	0.0%	$48.87	+7.8%	COM	060505104
JPM	JPMORGAN CHASE & CO.	4,114 (+5.2%)	$1,326 (+7.5%)	0.1%	$296.60	+4.4%	COM	46625H100
CAT	CATERPILLAR INC	723 (+4.3%)	$414 (+25.3%)	0.0%	$430.79	+28.9%	COM	149123101
TSM	TAIWAN SEMICONDUCTOR MFG LTD	1,614 (+5.8%)	$490 (+15.2%)	0.0%	$230.76	—	SPONSORED ADS	874039100
IVE	ISHARES TR	7,791 (+1.2%)	$1,652 (+4.0%)	0.1%	$193.43	—	S&P 500 VAL ETF	464287408
XOM	EXXON MOBIL CORP	5,644 (+2.8%)	$679 (+9.8%)	0.0%	$109.86	+5.1%	COM	30231G102
PLTR	PALANTIR TECHNOLOGIES INC	1,716 (+28.0%)	$305 (+24.7%)	0.0%	$166.21	+8.9%	CL A	69608A108
WMT	WALMART INC	4,032 (+6.6%)	$449 (+15.2%)	0.0%	$99.73	+7.5%	COM	931142103
DIS	DISNEY WALT CO	2,567 (+22.1%)	$292 (+21.3%)	0.0%	$115.64	-5.3%	COM	254687106
MA	MASTERCARD INCORPORATED	620 (+12.7%)	$354 (+13.1%)	0.0%	$571.83	-2.3%	CL A	57636Q104
GS	GOLDMAN SACHS GROUP INC	356 (+3.5%)	$313 (+14.2%)	0.0%	$563.51	+44.3%	COM	38141G104
QQQ	INVESCO QQQ TR	490 (+11.1%)	$301 (+13.6%)	0.0%	$602.50	—	UNIT SER 1	46090E103
DE	DEERE & CO	515 (+15.0%)	$240 (+17.0%)	0.0%	$486.78	-3.9%	COM	244199105
COST	COSTCO WHSL CORP NEW	1,154 (+11.1%)	$995 (+3.5%)	0.0%	$977.95	-7.4%	COM	22160K105
NEE	NEXTERA ENERGY INC	2,933 (+6.5%)	$235 (+13.3%)	0.0%	$72.84	+13.3%	COM	65339F101
XLU	SELECT SECTOR SPDR TR	7,932 (+100.0%)	$339 (-2.1%)	0.0%	$62.66	—	STATE STREET UTI	81369Y886
XLY	SELECT SECTOR SPDR TR	3,078 (+100.0%)	$368 (-0.3%)	0.0%	$164.93	—	STATE STREET CON	81369Y407
VLO	VALERO ENERGY CORP	1,689 (+4.3%)	$275 (-0.3%)	0.0%	$148.67	+13.6%	COM	91913Y100

Exited Positions (8)

MU MICRON TECHNOLOGY INC 0.3%

Value ($000) $5,522 Shares 33,000 Est. Cost $229.35 Unrealized 0.0%

AMD ADVANCED MICRO DEVICES INC 0.1%

Value ($000) $2,831 Shares 17,500 Est. Cost $119.72 Unrealized +87.6%

COHR COHERENT CORP 0.1%

Value ($000) $2,154 Shares 20,000 Est. Cost $71.97 Unrealized +107.8%

XLV SELECT SECTOR SPDR TR 0.0%

Value ($000) $619 Shares 4,446 Est. Cost $134.90 Unrealized —

BNDX VANGUARD CHARLOTTE FDS 0.0%

Value ($000) $355 Shares 7,187 Est. Cost $49.46 Unrealized —

VDE VANGUARD WORLD FD 0.0%

Value ($000) $319 Shares 2,535 Est. Cost $119.54 Unrealized —

SUSB ISHARES TR 0.0%

Value ($000) $274 Shares 10,819 Est. Cost $25.31 Unrealized —

EBAY EBAY INC. 0.0%

Value ($000) $204 Shares 2,246 Est. Cost $87.96 Unrealized -1.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	33,000	$5,522	0.3%	$229.35	0.0%	CALL	595112103
AMD	ADVANCED MICRO DEVICES INC	17,500	$2,831	0.1%	$119.72	+87.6%	CALL	007903107
COHR	COHERENT CORP	20,000	$2,154	0.1%	$71.97	+107.8%	CALL	19247G107
XLV	SELECT SECTOR SPDR TR	4,446	$619	0.0%	$134.90	—	—	81369Y209
BNDX	VANGUARD CHARLOTTE FDS	7,187	$355	0.0%	$49.46	—	—	92203J407
VDE	VANGUARD WORLD FD	2,535	$319	0.0%	$119.54	—	—	92204A306
SUSB	ISHARES TR	10,819	$274	0.0%	$25.31	—	—	46435G243
EBAY	EBAY INC.	2,246	$204	0.0%	$87.96	-1.8%	—	278642103

Decreased Positions (27)

ELM SERIES PORTFOLIOS TR 5.6%

Value ($000) $122,533 (-25.9%) Shares 4,496,630 (-25.7%) Est. Cost $24.62 Unrealized —

SGOV ISHARES TR 2.2%

Value ($000) $48,090 (-40.7%) Shares 479,084 (-40.5%) Est. Cost $100.46 Unrealized —

NVDA NVIDIA CORPORATION 0.9%

Value ($000) $20,540 (-16.9%) Shares 110,132 (-16.9%) Est. Cost $130.22 Unrealized +42.9%

IEUR ISHARES TR 3.1%

Value ($000) $68,233 (-4.1%) Shares 961,294 (-7.9%) Est. Cost $57.96 Unrealized —

IWF ISHARES TR 0.0%

Value ($000) $800 (-78.3%) Shares 1,689 (-78.5%) Est. Cost $468.42 Unrealized —

STIP ISHARES TR 2.0%

Value ($000) $43,885 (-4.3%) Shares 428,603 (-3.4%) Est. Cost $102.21 Unrealized —

LLY ELI LILLY & CO 0.2%

Value ($000) $4,124 (+38.5%) Shares 3,837 (-1.6%) Est. Cost $771.09 Unrealized +23.9%

AAPL APPLE INC 0.2%

Value ($000) $5,392 (-14.6%) Shares 19,832 (-20.0%) Est. Cost $219.90 Unrealized +22.0%

IEMG ISHARES INC 4.5%

Value ($000) $99,754 (+0.8%) Shares 1,484,000 (-1.1%) Est. Cost $50.16 Unrealized —

AMZN AMAZON COM INC 0.0%

Value ($000) $1,015 (-36.2%) Shares 4,399 (-39.3%) Est. Cost $226.35 Unrealized +1.1%

TSLA TESLA INC 0.0%

Value ($000) $207 (-72.1%) Shares 461 (-72.4%) Est. Cost $346.84 Unrealized +27.8%

XLC SELECT SECTOR SPDR TR 0.0%

Value ($000) $261 (-66.6%) Shares 2,220 (-66.4%) Est. Cost $80.14 Unrealized —

GOOGL ALPHABET INC 0.1%

Value ($000) $2,304 (+26.5%) Shares 7,361 (-1.7%) Est. Cost $209.20 Unrealized +36.5%

SPY SPDR S&P 500 ETF TR 0.2%

Value ($000) $4,340 (-7.8%) Shares 6,364 (-9.9%) Est. Cost $614.39 Unrealized —

ITOT ISHARES TR 2.7%

Value ($000) $60,111 (+0.6%) Shares 404,268 (-1.5%) Est. Cost $93.86 Unrealized —

IWO ISHARES TR 0.0%

Value ($000) $248 (-55.4%) Shares 768 (-55.8%) Est. Cost $320.04 Unrealized —

VB VANGUARD INDEX FDS 0.9%

Value ($000) $19,306 (-1.4%) Shares 74,845 (-2.8%) Est. Cost $238.61 Unrealized —

VBR VANGUARD INDEX FDS 0.0%

Value ($000) $735 (-23.8%) Shares 3,471 (-24.9%) Est. Cost $198.05 Unrealized —

EWC ISHARES INC 0.3%

Value ($000) $6,066 (+3.6%) Shares 112,477 (-2.9%) Est. Cost $29.57 Unrealized —

VAW VANGUARD WORLD FD 0.0%

Value ($000) $232 (-28.1%) Shares 1,120 (-29.0%) Est. Cost $195.68 Unrealized —

VDC VANGUARD WORLD FD 0.0%

Value ($000) $341 (-14.0%) Shares 1,614 (-13.0%) Est. Cost $213.73 Unrealized —

PG PROCTER AND GAMBLE CO 0.0%

Value ($000) $417 (-8.2%) Shares 2,910 (-1.6%) Est. Cost $154.90 Unrealized -5.0%

BIL SPDR SERIES TRUST 0.0%

Value ($000) $611 (-4.8%) Shares 6,683 (-4.4%) Est. Cost $91.49 Unrealized —

SRE SEMPRA 0.0%

Value ($000) $543 (-4.8%) Shares 6,153 (-3.0%) Est. Cost $72.92 Unrealized +24.2%

LOW LOWES COS INC 0.0%

Value ($000) $314 (-5.8%) Shares 1,304 (-1.9%) Est. Cost $244.20 Unrealized -1.8%

LMT LOCKHEED MARTIN CORP 0.0%

Value ($000) $290 (-4.9%) Shares 599 (-1.8%) Est. Cost $448.15 Unrealized +6.3%

SCHX SCHWAB STRATEGIC TR 0.0%

Value ($000) $261 (-3.3%) Shares 9,706 (-5.4%) Est. Cost $26.34 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELM	SERIES PORTFOLIOS TR	4,496,630 (-25.7%)	$122,533 (-25.9%)	5.6%	$24.62	—	ELM MARKET NAVIG	81752T429
SGOV	ISHARES TR	479,084 (-40.5%)	$48,090 (-40.7%)	2.2%	$100.46	—	0-3 MNTH TREASRY	46436E718
NVDA	NVIDIA CORPORATION	110,132 (-16.9%)	$20,540 (-16.9%)	0.9%	$130.22	+42.9%	COM	67066G104
IEUR	ISHARES TR	961,294 (-7.9%)	$68,233 (-4.1%)	3.1%	$57.96	—	CORE MSCI EURO	46434V738
IWF	ISHARES TR	1,689 (-78.5%)	$800 (-78.3%)	0.0%	$468.42	—	RUS 1000 GRW ETF	464287614
STIP	ISHARES TR	428,603 (-3.4%)	$43,885 (-4.3%)	2.0%	$102.21	—	0-5 YR TIPS ETF	46429B747
LLY	ELI LILLY & CO	3,837 (-1.6%)	$4,124 (+38.5%)	0.2%	$771.09	+23.9%	COM	532457108
AAPL	APPLE INC	19,832 (-20.0%)	$5,392 (-14.6%)	0.2%	$219.90	+22.0%	COM	037833100
IEMG	ISHARES INC	1,484,000 (-1.1%)	$99,754 (+0.8%)	4.5%	$50.16	—	CORE MSCI EMKT	46434G103
AMZN	AMAZON COM INC	4,399 (-39.3%)	$1,015 (-36.2%)	0.0%	$226.35	+1.1%	COM	023135106
TSLA	TESLA INC	461 (-72.4%)	$207 (-72.1%)	0.0%	$346.84	+27.8%	COM	88160R101
XLC	SELECT SECTOR SPDR TR	2,220 (-66.4%)	$261 (-66.6%)	0.0%	$80.14	—	STATE STREET COM	81369Y852
GOOGL	ALPHABET INC	7,361 (-1.7%)	$2,304 (+26.5%)	0.1%	$209.20	+36.5%	CAP STK CL A	02079K305
SPY	SPDR S&P 500 ETF TR	6,364 (-9.9%)	$4,340 (-7.8%)	0.2%	$614.39	—	TR UNIT	78462F103
ITOT	ISHARES TR	404,268 (-1.5%)	$60,111 (+0.6%)	2.7%	$93.86	—	CORE S&P TTL STK	464287150
IWO	ISHARES TR	768 (-55.8%)	$248 (-55.4%)	0.0%	$320.04	—	RUS 2000 GRW ETF	464287648
VB	VANGUARD INDEX FDS	74,845 (-2.8%)	$19,306 (-1.4%)	0.9%	$238.61	—	SMALL CP ETF	922908751
VBR	VANGUARD INDEX FDS	3,471 (-24.9%)	$735 (-23.8%)	0.0%	$198.05	—	SM CP VAL ETF	922908611
EWC	ISHARES INC	112,477 (-2.9%)	$6,066 (+3.6%)	0.3%	$29.57	—	MSCI CDA ETF	464286509
VAW	VANGUARD WORLD FD	1,120 (-29.0%)	$232 (-28.1%)	0.0%	$195.68	—	MATERIALS ETF	92204A801
VDC	VANGUARD WORLD FD	1,614 (-13.0%)	$341 (-14.0%)	0.0%	$213.73	—	CONSUM STP ETF	92204A207
PG	PROCTER AND GAMBLE CO	2,910 (-1.6%)	$417 (-8.2%)	0.0%	$154.90	-5.0%	COM	742718109
BIL	SPDR SERIES TRUST	6,683 (-4.4%)	$611 (-4.8%)	0.0%	$91.49	—	STATE STREET SPD	78468R663
SRE	SEMPRA	6,153 (-3.0%)	$543 (-4.8%)	0.0%	$72.92	+24.2%	COM	816851109
LOW	LOWES COS INC	1,304 (-1.9%)	$314 (-5.8%)	0.0%	$244.20	-1.8%	COM	548661107
LMT	LOCKHEED MARTIN CORP	599 (-1.8%)	$290 (-4.9%)	0.0%	$448.15	+6.3%	COM	539830109
SCHX	SCHWAB STRATEGIC TR	9,706 (-5.4%)	$261 (-3.3%)	0.0%	$26.34	—	US LRG CAP ETF	808524201

Unchanged Positions (47)

COHR COHERENT CORP 0.2%

Value ($000) $3,691 Shares 19,998 Est. Cost $71.97 Unrealized +107.8%

ORCL ORACLE CORP 0.0%

Value ($000) $564 Shares 2,892 Est. Cost $254.17 Unrealized -6.3%

VRT VERTIV HOLDINGS CO 0.1%

Value ($000) $3,087 Shares 19,053 Est. Cost $97.15 Unrealized +78.7%

CRWD CROWDSTRIKE HLDGS INC 0.2%

Value ($000) $4,263 Shares 9,094 Est. Cost $433.79 Unrealized +17.4%

IVV ISHARES TR 0.5%

Value ($000) $10,007 Shares 14,610 Est. Cost $408.81 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value ($000) $2,578 Shares 5,331 Est. Cost $486.61 Unrealized +2.9%

RTX RTX CORPORATION 0.1%

Value ($000) $1,714 Shares 9,347 Est. Cost $133.28 Unrealized +30.0%

DFUS DIMENSIONAL ETF TRUST 0.2%

Value ($000) $5,239 Shares 70,637 Est. Cost $72.44 Unrealized —

IUSV ISHARES TR 0.2%

Value ($000) $4,628 Shares 45,133 Est. Cost $67.54 Unrealized —

META META PLATFORMS INC 0.0%

Value ($000) $870 Shares 1,319 Est. Cost $713.58 Unrealized -6.5%

VST VISTRA CORP 0.0%

Value ($000) $452 Shares 2,801 Est. Cost $147.45 Unrealized +23.4%

FLCA FRANKLIN TEMPLETON ETF TR 0.1%

Value ($000) $1,486 Shares 30,762 Est. Cost $40.10 Unrealized —

ORLY OREILLY AUTOMOTIVE INC 0.0%

Value ($000) $420 Shares 4,605 Est. Cost $100.52 Unrealized -2.8%

ETN EATON CORP PLC 0.0%

Value ($000) $425 Shares 1,333 Est. Cost $336.82 Unrealized +5.2%

LMND LEMONADE INC 0.0%

Value ($000) $270 Shares 3,800 Est. Cost $48.79 Unrealized +37.7%

DUK DUKE ENERGY CORP NEW 0.0%

Value ($000) $1,085 Shares 9,254 Est. Cost $115.43 Unrealized +5.3%

AVGO BROADCOM INC 0.1%

Value ($000) $1,246 Shares 3,600 Est. Cost $285.80 Unrealized +24.9%

TMO THERMO FISHER SCIENTIFIC INC 0.0%

Value ($000) $290 Shares 500 Est. Cost $464.78 Unrealized +21.6%

LIN LINDE PLC 0.0%

Value ($000) $371 Shares 871 Est. Cost $459.04 Unrealized -6.9%

VXUS VANGUARD STAR FDS 0.1%

Value ($000) $1,387 Shares 18,391 Est. Cost $70.64 Unrealized —

D DOMINION ENERGY INC 0.0%

Value ($000) $766 Shares 13,078 Est. Cost $53.16 Unrealized +12.4%

VRTX VERTEX PHARMACEUTICALS INC 0.0%

Value ($000) $241 Shares 531 Est. Cost $417.92 Unrealized +3.1%

ASML ASML HOLDING N V 0.0%

Value ($000) $363 Shares 341 Est. Cost $969.93 Unrealized —

IEFA ISHARES TR 0.1%

Value ($000) $1,149 Shares 12,848 Est. Cost $78.42 Unrealized —

GILD GILEAD SCIENCES INC 0.0%

Value ($000) $316 Shares 2,576 Est. Cost $105.76 Unrealized +14.3%

APH AMPHENOL CORP NEW 0.0%

Value ($000) $304 Shares 2,252 Est. Cost $81.39 Unrealized +64.1%

URA GLOBAL X FDS 0.0%

Value ($000) $200 Shares 4,687 Est. Cost $47.67 Unrealized —

NVO NOVO-NORDISK A S 0.0%

Value ($000) $272 Shares 5,330 Est. Cost $55.09 Unrealized —

SAN BANCO SANTANDER SA 0.0%

Value ($000) $197 Shares 16,760 Est. Cost $10.48 Unrealized —

OEF ISHARES TR 0.0%

Value ($000) $682 Shares 1,989 Est. Cost $277.16 Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 0.0%

Value ($000) $223 Shares 637 Est. Cost $308.14 Unrealized +9.3%

IWD ISHARES TR 0.0%

Value ($000) $375 Shares 1,782 Est. Cost $155.78 Unrealized —

V VISA INC 0.0%

Value ($000) $458 Shares 1,307 Est. Cost $345.14 Unrealized -1.4%

IVW ISHARES TR 0.0%

Value ($000) $543 Shares 4,406 Est. Cost $120.73 Unrealized —

VOE VANGUARD INDEX FDS 0.0%

Value ($000) $636 Shares 3,584 Est. Cost $160.75 Unrealized —

IWN ISHARES TR 0.0%

Value ($000) $412 Shares 2,276 Est. Cost $176.81 Unrealized —

IUSG ISHARES TR 0.0%

Value ($000) $697 Shares 4,148 Est. Cost $164.53 Unrealized —

SPYV SPDR SERIES TRUST 0.0%

Value ($000) $268 Shares 4,710 Est. Cost $55.33 Unrealized —

ABBV ABBVIE INC 0.0%

Value ($000) $1,048 Shares 4,585 Est. Cost $192.43 Unrealized +18.2%

IJJ ISHARES TR 0.0%

Value ($000) $217 Shares 1,645 Est. Cost $129.74 Unrealized —

IJK ISHARES TR 0.0%

Value ($000) $312 Shares 3,215 Est. Cost $95.89 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $4,529 Shares 6 Est. Cost $755981.70 Unrealized -1.3%

PM PHILIP MORRIS INTL INC 0.0%

Value ($000) $241 Shares 1,501 Est. Cost $165.18 Unrealized -7.0%

IWS ISHARES TR 0.0%

Value ($000) $275 Shares 1,946 Est. Cost $126.18 Unrealized —

VWOB VANGUARD WHITEHALL FDS 0.0%

Value ($000) $321 Shares 4,754 Est. Cost $65.62 Unrealized —

MCD MCDONALDS CORP 0.0%

Value ($000) $270 Shares 885 Est. Cost $301.40 Unrealized +1.2%

VCSH VANGUARD SCOTTSDALE FDS 0.0%

Value ($000) $260 Shares 3,255 Est. Cost $78.94 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COHR	COHERENT CORP	19,998	$3,691	0.2%	$71.97	+107.8%	COM	19247G107
ORCL	ORACLE CORP	2,892	$564	0.0%	$254.17	-6.3%	COM	68389X105
VRT	VERTIV HOLDINGS CO	19,053	$3,087	0.1%	$97.15	+78.7%	COM CL A	92537N108
CRWD	CROWDSTRIKE HLDGS INC	9,094	$4,263	0.2%	$433.79	+17.4%	CL A	22788C105
IVV	ISHARES TR	14,610	$10,007	0.5%	$408.81	—	CORE S&P500 ETF	464287200
MSFT	MICROSOFT CORP	5,331	$2,578	0.1%	$486.61	+2.9%	COM	594918104
RTX	RTX CORPORATION	9,347	$1,714	0.1%	$133.28	+30.0%	COM	75513E101
DFUS	DIMENSIONAL ETF TRUST	70,637	$5,239	0.2%	$72.44	—	US EQUITY MARKET	25434V401
IUSV	ISHARES TR	45,133	$4,628	0.2%	$67.54	—	CORE S&P US VLU	464287663
META	META PLATFORMS INC	1,319	$870	0.0%	$713.58	-6.5%	CL A	30303M102
VST	VISTRA CORP	2,801	$452	0.0%	$147.45	+23.4%	COM	92840M102
FLCA	FRANKLIN TEMPLETON ETF TR	30,762	$1,486	0.1%	$40.10	—	FTSE CANADA	35473P827
ORLY	OREILLY AUTOMOTIVE INC	4,605	$420	0.0%	$100.52	-2.8%	COM	67103H107
ETN	EATON CORP PLC	1,333	$425	0.0%	$336.82	+5.2%	SHS	G29183103
LMND	LEMONADE INC	3,800	$270	0.0%	$48.79	+37.7%	COM	52567D107
DUK	DUKE ENERGY CORP NEW	9,254	$1,085	0.0%	$115.43	+5.3%	COM NEW	26441C204
AVGO	BROADCOM INC	3,600	$1,246	0.1%	$285.80	+24.9%	COM	11135F101
TMO	THERMO FISHER SCIENTIFIC INC	500	$290	0.0%	$464.78	+21.6%	COM	883556102
LIN	LINDE PLC	871	$371	0.0%	$459.04	-6.9%	SHS	G54950103
VXUS	VANGUARD STAR FDS	18,391	$1,387	0.1%	$70.64	—	VG TL INTL STK F	921909768
D	DOMINION ENERGY INC	13,078	$766	0.0%	$53.16	+12.4%	COM	25746U109
VRTX	VERTEX PHARMACEUTICALS INC	531	$241	0.0%	$417.92	+3.1%	COM	92532F100
ASML	ASML HOLDING N V	341	$363	0.0%	$969.93	—	N Y REGISTRY SHS	N07059210
IEFA	ISHARES TR	12,848	$1,149	0.1%	$78.42	—	CORE MSCI EAFE	46432F842
GILD	GILEAD SCIENCES INC	2,576	$316	0.0%	$105.76	+14.3%	COM	375558103
APH	AMPHENOL CORP NEW	2,252	$304	0.0%	$81.39	+64.1%	CL A	032095101
URA	GLOBAL X FDS	4,687	$200	0.0%	$47.67	—	GLOBAL X URANIUM	37954Y871
NVO	NOVO-NORDISK A S	5,330	$272	0.0%	$55.09	—	ADR	670100205
SAN	BANCO SANTANDER SA	16,760	$197	0.0%	$10.48	—	ADR	05964H105
OEF	ISHARES TR	1,989	$682	0.0%	$277.16	—	S&P 100 ETF	464287101
ELV	ELEVANCE HEALTH INC FORMERLY	637	$223	0.0%	$308.14	+9.3%	COM	036752103
IWD	ISHARES TR	1,782	$375	0.0%	$155.78	—	RUS 1000 VAL ETF	464287598
V	VISA INC	1,307	$458	0.0%	$345.14	-1.4%	COM CL A	92826C839
IVW	ISHARES TR	4,406	$543	0.0%	$120.73	—	S&P 500 GRWT ETF	464287309
VOE	VANGUARD INDEX FDS	3,584	$636	0.0%	$160.75	—	MCAP VL IDXVIP	922908512
IWN	ISHARES TR	2,276	$412	0.0%	$176.81	—	RUS 2000 VAL ETF	464287630
IUSG	ISHARES TR	4,148	$697	0.0%	$164.53	—	CORE S&P US GWT	464287671
SPYV	SPDR SERIES TRUST	4,710	$268	0.0%	$55.33	—	STATE STREET SPD	78464A508
ABBV	ABBVIE INC	4,585	$1,048	0.0%	$192.43	+18.2%	COM	00287Y109
IJJ	ISHARES TR	1,645	$217	0.0%	$129.74	—	S&P MC 400VL ETF	464287705
IJK	ISHARES TR	3,215	$312	0.0%	$95.89	—	S&P MC 400GR ETF	464287606
BRK/A	BERKSHIRE HATHAWAY INC DEL	6	$4,529	0.2%	$755981.70	-1.3%	CL A	084670108
PM	PHILIP MORRIS INTL INC	1,501	$241	0.0%	$165.18	-7.0%	COM	718172109
IWS	ISHARES TR	1,946	$275	0.0%	$126.18	—	RUS MDCP VAL ETF	464287473
VWOB	VANGUARD WHITEHALL FDS	4,754	$321	0.0%	$65.62	—	EM MK GOV BD ETF	921946885
MCD	MCDONALDS CORP	885	$270	0.0%	$301.40	+1.2%	COM	580135101
VCSH	VANGUARD SCOTTSDALE FDS	3,255	$260	0.0%	$78.94	—	SHRT TRM CORP BD	92206C409