Birch Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP COM	27,770 (+15.0%)	$8,022 (+40.9%)	4.0%	$236.61	+10.5%	Stock	31428X106
ACN	ACCENTURE PLC IRELAND SHS CLASS A	23,063 (+19.9%)	$6,188 (+30.4%)	3.1%	$220.13	+15.4%	Stock	G1151C101
FISV	FISERV INC COM	21,077 (+4.8%)	$1,416 (-45.4%)	0.7%	$111.00	-24.4%	Stock	337738108
FDS	FACTSET RESH SYS INC COM	11,604 (+37.7%)	$3,367 (+39.4%)	1.7%	$287.81	-2.7%	Stock	303075105
EPD	ENTERPRISE PRODS PARTNERS L P COM	177,808 (+2.9%)	$5,701 (+5.5%)	2.8%	$24.74	—	Stock	293792107
CQP	CHENIERE ENERGY PARTNERS L P COM UNIT	16,099 (+15.1%)	$861 (+14.4%)	0.4%	$51.33	—	Stock	16411Q101
SNA	SNAP ON INC COM	6,649 (+5.4%)	$2,291 (+4.8%)	1.1%	$267.07	+27.5%	Stock	833034101
WSO	WATSCO INC COM	4,199 (+11.8%)	$1,415 (-6.8%)	0.7%	$317.02	+12.6%	Stock	942622200
AM	ANTERO MIDSTREAM CORP COM	59,474 (+20.3%)	$1,058 (+10.1%)	0.5%	$14.70	+20.7%	Stock	03676B102
NFLX	NETFLIX INC. COM	3,500 (+900.0%)	$328 (-21.8%)	0.2%	$99.99	+7.8%	Stock	64110L106
WMB	WILLIAMS COS INC COM	17,355 (+13.8%)	$1,043 (+8.0%)	0.5%	$44.16	+36.0%	Stock	969457100
PEP	PEPSICO INC COM	1,192 (+3.6%)	$171 (+5.8%)	0.1%	$113.92	+28.1%	Stock	713448108
DIA	SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST	131 (+4.0%)	$63 (+7.7%)	0.0%	$422.20	—	ETF	78467X109

Decreased Positions (30)

RMD RESMED INC COM 3.2%

Value ($000) $6,479 (-33.4%) Shares 26,899 (-24.3%) Est. Cost $164.01 Unrealized +55.7%

GOOG ALPHABET INC CAP STK CL C 4.7%

Value ($000) $9,479 (+26.1%) Shares 30,208 (-2.1%) Est. Cost $111.84 Unrealized +156.0%

AAPL APPLE INC COM 9.2%

Value ($000) $18,441 (+5.6%) Shares 67,831 (-1.1%) Est. Cost $94.96 Unrealized +182.6%

CAH CARDINAL HEALTH INC COM 2.3%

Value ($000) $4,583 (+16.9%) Shares 22,301 (-10.7%) Est. Cost $68.49 Unrealized +174.1%

GPC GENUINE PARTS CO COM 1.0%

Value ($000) $2,094 (-18.9%) Shares 17,030 (-8.6%) Est. Cost $118.87 Unrealized +8.3%

CSCO CISCO SYS INC COM 2.3%

Value ($000) $4,666 (+9.6%) Shares 60,579 (-2.6%) Est. Cost $43.05 Unrealized +71.4%

G GENPACT LIMITED SHS 2.6%

Value ($000) $5,239 (+8.0%) Shares 111,997 (-3.2%) Est. Cost $36.63 Unrealized +18.0%

COF CAPITAL ONE FINL CORP COM 0.1%

Value ($000) $264 (-54.3%) Shares 1,088 (-60.0%) Est. Cost $185.05 Unrealized +20.1%

CTSH COGNIZANT TECHNOLOGY SOLUTIONS CL A 1.5%

Value ($000) $3,045 (+10.2%) Shares 36,682 (-10.9%) Est. Cost $65.93 Unrealized +13.2%

ICE INTERCONTINENTAL EXCHANGE INC COM 2.4%

Value ($000) $4,766 (-5.6%) Shares 29,426 (-1.8%) Est. Cost $90.57 Unrealized +72.5%

COR CENCORA INC COM 3.5%

Value ($000) $7,066 (+3.8%) Shares 20,922 (-3.9%) Est. Cost $84.28 Unrealized +304.1%

TSM TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 2.8%

Value ($000) $5,706 (+4.7%) Shares 18,775 (-3.8%) Est. Cost $106.79 Unrealized —

INFY INFOSYS LTD SPONSORED ADR 2.4%

Value ($000) $4,732 (+5.1%) Shares 265,532 (-4.0%) Est. Cost $11.43 Unrealized —

ITW ILLINOIS TOOL WKS INC COM 1.1%

Value ($000) $2,160 (-9.1%) Shares 8,771 (-3.7%) Est. Cost $169.76 Unrealized +45.8%

CPAY Corpay, Inc. 1.0%

Value ($000) $1,978 (-9.4%) Shares 6,572 (-13.3%) Est. Cost $289.92 Unrealized +0.1%

GOOGL ALPHABET INC CAP STK CL A 0.5%

Value ($000) $945 (+26.0%) Shares 3,020 (-2.1%) Est. Cost $108.34 Unrealized +163.6%

BDX BECTON DICKINSON & CO COM 0.6%

Value ($000) $1,292 (-12.7%) Shares 6,655 (-15.8%) Est. Cost $227.15 Unrealized -16.6%

UPS UNITED PARCEL SVCS INC CL B 2.2%

Value ($000) $4,378 (+4.0%) Shares 44,142 (-12.4%) Est. Cost $112.85 Unrealized -17.8%

MINT PIMCO ENHANCED SHORT MATURITY ACTIVE EXCHANGE-TRADED FUND 0.6%

Value ($000) $1,292 (-10.7%) Shares 12,877 (-10.4%) Est. Cost $100.27 Unrealized —

SCHW SCHWAB CHARLES CORP COM 3.5%

Value ($000) $6,968 (+2.2%) Shares 69,741 (-2.4%) Est. Cost $56.23 Unrealized +68.5%

UNH UNITEDHEALTH GROUP INC COM 1.0%

Value ($000) $1,934 (-6.4%) Shares 5,859 (-2.1%) Est. Cost $269.41 Unrealized +25.2%

TROW PRICE T ROWE GROUP INC COM 0.6%

Value ($000) $1,151 (-10.2%) Shares 11,241 (-10.0%) Est. Cost $94.34 Unrealized +8.3%

OKE ONEOK INC NEW COM 0.6%

Value ($000) $1,159 (-9.4%) Shares 15,773 (-10.1%) Est. Cost $48.64 Unrealized +44.9%

MPLX MPLX LP COM UNIT REP LTD 0.9%

Value ($000) $1,901 (+5.0%) Shares 35,627 (-1.8%) Est. Cost $41.18 Unrealized —

V VISA INC COM CL A 0.8%

Value ($000) $1,516 (-3.3%) Shares 4,322 (-5.8%) Est. Cost $219.71 Unrealized +54.9%

NVDA NVIDIA CORPORATION COM 0.6%

Value ($000) $1,266 (-3.8%) Shares 6,790 (-3.7%) Est. Cost $92.72 Unrealized +100.7%

PAYX PAYCHEX INC COM 0.0%

Value ($000) $90 (-33.6%) Shares 798 (-25.0%) Est. Cost $70.68 Unrealized +64.9%

NKE NIKE INC CL B 0.0%

Value ($000) $98 (-30.8%) Shares 1,531 (-24.2%) Est. Cost $86.82 Unrealized -25.2%

META META PLATFORMS INC CL A 0.0%

Value ($000) $86 (-26.4%) Shares 131 (-18.1%) Est. Cost $584.74 Unrealized +14.1%

CNI CANADIAN NATL RY CO COM 0.2%

Value ($000) $329 (-8.3%) Shares 3,332 (-12.5%) Est. Cost $79.98 Unrealized +20.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RMD	RESMED INC COM	26,899 (-24.3%)	$6,479 (-33.4%)	3.2%	$164.01	+55.7%	Stock	761152107
GOOG	ALPHABET INC CAP STK CL C	30,208 (-2.1%)	$9,479 (+26.1%)	4.7%	$111.84	+156.0%	Stock	02079K107
AAPL	APPLE INC COM	67,831 (-1.1%)	$18,441 (+5.6%)	9.2%	$94.96	+182.6%	Stock	037833100
CAH	CARDINAL HEALTH INC COM	22,301 (-10.7%)	$4,583 (+16.9%)	2.3%	$68.49	+174.1%	Stock	14149Y108
GPC	GENUINE PARTS CO COM	17,030 (-8.6%)	$2,094 (-18.9%)	1.0%	$118.87	+8.3%	Stock	372460105
CSCO	CISCO SYS INC COM	60,579 (-2.6%)	$4,666 (+9.6%)	2.3%	$43.05	+71.4%	Stock	17275R102
G	GENPACT LIMITED SHS	111,997 (-3.2%)	$5,239 (+8.0%)	2.6%	$36.63	+18.0%	Stock	G3922B107
COF	CAPITAL ONE FINL CORP COM	1,088 (-60.0%)	$264 (-54.3%)	0.1%	$185.05	+20.1%	Stock	14040H105
CTSH	COGNIZANT TECHNOLOGY SOLUTIONS CL A	36,682 (-10.9%)	$3,045 (+10.2%)	1.5%	$65.93	+13.2%	Stock	192446102
ICE	INTERCONTINENTAL EXCHANGE INC COM	29,426 (-1.8%)	$4,766 (-5.6%)	2.4%	$90.57	+72.5%	Stock	45866F104
COR	CENCORA INC COM	20,922 (-3.9%)	$7,066 (+3.8%)	3.5%	$84.28	+304.1%	Stock	03073E105
TSM	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS	18,775 (-3.8%)	$5,706 (+4.7%)	2.8%	$106.79	—	ADR	874039100
INFY	INFOSYS LTD SPONSORED ADR	265,532 (-4.0%)	$4,732 (+5.1%)	2.4%	$11.43	—	ADR	456788108
ITW	ILLINOIS TOOL WKS INC COM	8,771 (-3.7%)	$2,160 (-9.1%)	1.1%	$169.76	+45.8%	Stock	452308109
CPAY	Corpay, Inc.	6,572 (-13.3%)	$1,978 (-9.4%)	1.0%	$289.92	+0.1%	Stock	219948106
GOOGL	ALPHABET INC CAP STK CL A	3,020 (-2.1%)	$945 (+26.0%)	0.5%	$108.34	+163.6%	Stock	02079K305
BDX	BECTON DICKINSON & CO COM	6,655 (-15.8%)	$1,292 (-12.7%)	0.6%	$227.15	-16.6%	Stock	075887109
UPS	UNITED PARCEL SVCS INC CL B	44,142 (-12.4%)	$4,378 (+4.0%)	2.2%	$112.85	-17.8%	Stock	911312106
MINT	PIMCO ENHANCED SHORT MATURITY ACTIVE EXCHANGE-TRADED FUND	12,877 (-10.4%)	$1,292 (-10.7%)	0.6%	$100.27	—	ETF	72201R833
SCHW	SCHWAB CHARLES CORP COM	69,741 (-2.4%)	$6,968 (+2.2%)	3.5%	$56.23	+68.5%	Stock	808513105
UNH	UNITEDHEALTH GROUP INC COM	5,859 (-2.1%)	$1,934 (-6.4%)	1.0%	$269.41	+25.2%	Stock	91324P102
TROW	PRICE T ROWE GROUP INC COM	11,241 (-10.0%)	$1,151 (-10.2%)	0.6%	$94.34	+8.3%	Stock	74144T108
OKE	ONEOK INC NEW COM	15,773 (-10.1%)	$1,159 (-9.4%)	0.6%	$48.64	+44.9%	Stock	682680103
MPLX	MPLX LP COM UNIT REP LTD	35,627 (-1.8%)	$1,901 (+5.0%)	0.9%	$41.18	—	Stock	55336V100
V	VISA INC COM CL A	4,322 (-5.8%)	$1,516 (-3.3%)	0.8%	$219.71	+54.9%	Stock	92826C839
NVDA	NVIDIA CORPORATION COM	6,790 (-3.7%)	$1,266 (-3.8%)	0.6%	$92.72	+100.7%	Stock	67066G104
PAYX	PAYCHEX INC COM	798 (-25.0%)	$90 (-33.6%)	0.0%	$70.68	+64.9%	Stock	704326107
NKE	NIKE INC CL B	1,531 (-24.2%)	$98 (-30.8%)	0.0%	$86.82	-25.2%	Stock	654106103
META	META PLATFORMS INC CL A	131 (-18.1%)	$86 (-26.4%)	0.0%	$584.74	+14.1%	Stock	30303M102
CNI	CANADIAN NATL RY CO COM	3,332 (-12.5%)	$329 (-8.3%)	0.2%	$79.98	+20.2%	Stock	136375102

Unchanged Positions (33)

MSFT MICROSOFT CORP COM 7.7%

Value ($000) $15,379 Shares 31,801 Est. Cost $174.87 Unrealized +186.3%

AMGN AMGEN INC COM 4.0%

Value ($000) $8,093 Shares 24,726 Est. Cost $208.66 Unrealized +51.4%

GWW WW GRAINGER INC COM 7.3%

Value ($000) $14,540 Shares 14,410 Est. Cost $292.13 Unrealized +231.7%

NVO NOVO-NORDISK A S ADR 4.0%

Value ($000) $8,067 Shares 158,548 Est. Cost $71.90 Unrealized —

SPGI S&P GLOBAL INC COM 3.8%

Value ($000) $7,548 Shares 14,444 Est. Cost $246.86 Unrealized +100.2%

ORCL ORACLE CORP COM 0.4%

Value ($000) $837 Shares 4,296 Est. Cost $50.44 Unrealized +372.0%

JNJ JOHNSON & JOHNSON COM 0.9%

Value ($000) $1,734 Shares 8,381 Est. Cost $120.91 Unrealized +62.9%

AZO AUTOZONE INC COM 0.3%

Value ($000) $553 Shares 163 Est. Cost $1154.84 Unrealized +227.1%

VRSN VERISIGN INC COM 0.4%

Value ($000) $828 Shares 3,408 Est. Cost $188.36 Unrealized +33.1%

MLPX GLOBAL X MLP & ENERGY INFRASTRUCTURE ETF 0.4%

Value ($000) $771 Shares 12,736 Est. Cost $48.99 Unrealized —

GLDM SPDR GOLD MINISHARES TRUST OF BENEFICIAL INTEREST 0.1%

Value ($000) $234 Shares 2,740 Est. Cost $41.32 Unrealized —

GLD SPDR GOLD SHARES 0.1%

Value ($000) $212 Shares 535 Est. Cost $242.13 Unrealized —

ABBV ABBVIE INC COM 0.6%

Value ($000) $1,239 Shares 5,422 Est. Cost $64.63 Unrealized +252.1%

AMZN AMAZON COM INC COM 0.2%

Value ($000) $388 Shares 1,680 Est. Cost $171.58 Unrealized +33.3%

ENB ENBRIDGE INC COM 0.2%

Value ($000) $302 Shares 6,320 Est. Cost $46.12 Unrealized +2.2%

RGLD ROYAL GOLD INC COM 0.1%

Value ($000) $156 Shares 702 Est. Cost $112.16 Unrealized +76.9%

RPM RPM INTL INC COM 0.0%

Value ($000) $92 Shares 882 Est. Cost $72.53 Unrealized +49.2%

CVS CVS HEALTH CORP COM 0.1%

Value ($000) $237 Shares 2,988 Est. Cost $59.19 Unrealized +32.9%

FNV FRANCO NEV CORP COM 0.1%

Value ($000) $157 Shares 757 Est. Cost $112.28 Unrealized +80.6%

DG DOLLAR GEN CORP NEW COM 0.0%

Value ($000) $49 Shares 371 Est. Cost $109.45 Unrealized +1.9%

PYPL PAYPAL HLDGS INC COM 0.0%

Value ($000) $58 Shares 990 Est. Cost $103.97 Unrealized -37.6%

PG PROCTER & GAMBLE CO COM 0.0%

Value ($000) $79 Shares 550 Est. Cost $165.73 Unrealized -11.2%

ATO ATMOS ENERGY CORP COM 0.1%

Value ($000) $254 Shares 1,518 Est. Cost $94.23 Unrealized +82.9%

JPST JPMORGAN ULTRA-SHORT INCOME ETF 0.5%

Value ($000) $1,031 Shares 20,387 Est. Cost $50.41 Unrealized —

INTU INTUIT COM 0.1%

Value ($000) $130 Shares 197 Est. Cost $251.45 Unrealized +162.8%

RPV INVESCO S&P 500 PURE VALUE ETF 0.1%

Value ($000) $103 Shares 1,000 Est. Cost $90.21 Unrealized —

VO VANGUARD MID-CAP ETF 0.1%

Value ($000) $113 Shares 391 Est. Cost $232.74 Unrealized —

PM PHILIP MORRIS INTL INC COM 0.1%

Value ($000) $112 Shares 700 Est. Cost $120.59 Unrealized +27.3%

MKC MCCORMICK & CO INC COM NON VTG 0.0%

Value ($000) $71 Shares 1,037 Est. Cost $78.92 Unrealized -16.5%

LMT LOCKHEED MARTIN CORP COM 0.0%

Value ($000) $7 Shares 15 Est. Cost $324.81 Unrealized +46.6%

QQQM INVESCO NASDAQ 100 ETF 0.0%

Value ($000) $5 Shares 20 Est. Cost $200.85 Unrealized —

KMI KINDER MORGAN INC DEL COM 0.0%

Value ($000) $1 Shares 36 Est. Cost $12.26 Unrealized +119.5%

BRK/B BERKSHIRE HATHAWAY INC DEL CL B NEW 0.0%

Value ($000) $13 Shares 25 Est. Cost $266.39 Unrealized +86.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP COM	31,801	$15,379	7.7%	$174.87	+186.3%	Stock	594918104
AMGN	AMGEN INC COM	24,726	$8,093	4.0%	$208.66	+51.4%	Stock	031162100
GWW	WW GRAINGER INC COM	14,410	$14,540	7.3%	$292.13	+231.7%	Stock	384802104
NVO	NOVO-NORDISK A S ADR	158,548	$8,067	4.0%	$71.90	—	ADR	670100205
SPGI	S&P GLOBAL INC COM	14,444	$7,548	3.8%	$246.86	+100.2%	Stock	78409V104
ORCL	ORACLE CORP COM	4,296	$837	0.4%	$50.44	+372.0%	Stock	68389X105
JNJ	JOHNSON & JOHNSON COM	8,381	$1,734	0.9%	$120.91	+62.9%	Stock	478160104
AZO	AUTOZONE INC COM	163	$553	0.3%	$1154.84	+227.1%	Stock	053332102
VRSN	VERISIGN INC COM	3,408	$828	0.4%	$188.36	+33.1%	Stock	92343E102
MLPX	GLOBAL X MLP & ENERGY INFRASTRUCTURE ETF	12,736	$771	0.4%	$48.99	—	ETF	37954Y293
GLDM	SPDR GOLD MINISHARES TRUST OF BENEFICIAL INTEREST	2,740	$234	0.1%	$41.32	—	ETF	98149E303
GLD	SPDR GOLD SHARES	535	$212	0.1%	$242.13	—	ETF	78463V107
ABBV	ABBVIE INC COM	5,422	$1,239	0.6%	$64.63	+252.1%	Stock	00287Y109
AMZN	AMAZON COM INC COM	1,680	$388	0.2%	$171.58	+33.3%	Stock	023135106
ENB	ENBRIDGE INC COM	6,320	$302	0.2%	$46.12	+2.2%	Stock	29250N105
RGLD	ROYAL GOLD INC COM	702	$156	0.1%	$112.16	+76.9%	Stock	780287108
RPM	RPM INTL INC COM	882	$92	0.0%	$72.53	+49.2%	Stock	749685103
CVS	CVS HEALTH CORP COM	2,988	$237	0.1%	$59.19	+32.9%	Stock	126650100
FNV	FRANCO NEV CORP COM	757	$157	0.1%	$112.28	+80.6%	Stock	351858105
DG	DOLLAR GEN CORP NEW COM	371	$49	0.0%	$109.45	+1.9%	Stock	256677105
PYPL	PAYPAL HLDGS INC COM	990	$58	0.0%	$103.97	-37.6%	Stock	70450Y103
PG	PROCTER & GAMBLE CO COM	550	$79	0.0%	$165.73	-11.2%	Stock	742718109
ATO	ATMOS ENERGY CORP COM	1,518	$254	0.1%	$94.23	+82.9%	Stock	049560105
JPST	JPMORGAN ULTRA-SHORT INCOME ETF	20,387	$1,031	0.5%	$50.41	—	ETF	46641Q837
INTU	INTUIT COM	197	$130	0.1%	$251.45	+162.8%	Stock	461202103
RPV	INVESCO S&P 500 PURE VALUE ETF	1,000	$103	0.1%	$90.21	—	ETF	46137V258
VO	VANGUARD MID-CAP ETF	391	$113	0.1%	$232.74	—	ETF	922908629
PM	PHILIP MORRIS INTL INC COM	700	$112	0.1%	$120.59	+27.3%	Stock	718172109
MKC	MCCORMICK & CO INC COM NON VTG	1,037	$71	0.0%	$78.92	-16.5%	Stock	579780206
LMT	LOCKHEED MARTIN CORP COM	15	$7	0.0%	$324.81	+46.6%	Stock	539830109
QQQM	INVESCO NASDAQ 100 ETF	20	$5	0.0%	$200.85	—	ETF	46138G649
KMI	KINDER MORGAN INC DEL COM	36	$1	0.0%	$12.26	+119.5%	Stock	49456B101
BRK/B	BERKSHIRE HATHAWAY INC DEL CL B NEW	25	$13	0.0%	$266.39	+86.8%	Stock	084670702