MAGNOLIA CAPITAL MANAGEMENT LTD Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEM	Agnico Eagle Mines Ltd	3,680	$1	0.5%	$167.85	0.0%	COM	008474108
—	Alps Etf Tr Alerian Mlp	8,625	$0	0.3%	$0.05	—	UIU	00162q452
AEP	American Electric Power Inc	2,155	$0	0.2%	$117.70	0.0%	COM	025537101
—	Dominion Resources Inc VA New	4,050	$0	0.2%	$0.06	—	COM	25746u109
—	Alphabet Inc Cap Stock Cl A	742	$0	0.2%	$0.31	—	COM	02079k305
ADM	Archer Daniels Midland Co	3,990	$0	0.2%	$59.48	0.0%	COM	039483102
LHX	L3harris Technologies Inc	740	$0	0.2%	$288.43	0.0%	COM	502431109

Increased Positions (13)

— Cisco Systems Inc 1.6%

Value ($000) $2 (+17.8%) Shares 27,530 (+4.6%) Est. Cost $43.38 Unrealized —

— Spinnaker Etf Series Select St 0.4%

Value ($000) $1 (+65.9%) Shares 13,385 (+85.0%) Est. Cost $0.04 Unrealized —

RY Royal Bank of Canada Montreal 0.6%

Value ($000) $1 (+34.6%) Shares 4,865 (+16.4%) Est. Cost $97.97 Unrealized +56.8%

QCOM Qualcomm Inc 0.9%

Value ($000) $1 (+16.5%) Shares 6,920 (+13.3%) Est. Cost $96.45 Unrealized +77.1%

— JPMorgan Chase & Co 0.9%

Value ($000) $1 (+11.5%) Shares 3,905 (+9.2%) Est. Cost $122.72 Unrealized —

AMGN Amgen Inc 0.5%

Value ($000) $1 (+20.1%) Shares 2,175 (+3.6%) Est. Cost $204.24 Unrealized +54.7%

— Vertiv Holdings LLC Cl A 0.4%

Value ($000) $1 (+29.0%) Shares 3,100 (+20.2%) Est. Cost $0.13 Unrealized —

— Constellation Energy Corp 0.4%

Value ($000) $1 (+12.0%) Shares 1,665 (+4.4%) Est. Cost $0.28 Unrealized —

— Select Sector SPDR Cons Discre 2.0%

Value ($000) $3 (+0.4%) Shares 22,012 (+101.6%) Est. Cost $62.73 Unrealized —

O Realty Income Corp 0.5%

Value ($000) $1 (+1.2%) Shares 12,025 (+9.1%) Est. Cost $55.01 Unrealized +4.3%

— Select Sector SPDR Utilities 0.2%

Value ($000) $0 (-1.9%) Shares 7,440 (+100.0%) Est. Cost $0.06 Unrealized —

— Valero Energy Corp 0.4%

Value ($000) $1 (+0.2%) Shares 3,145 (+4.8%) Est. Cost $67.42 Unrealized —

— Select Sector SPDR Energy 0.2%

Value ($000) $0 (+0.4%) Shares 5,070 (+100.0%) Est. Cost $0.07 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Cisco Systems Inc	27,530 (+4.6%)	$2 (+17.8%)	1.6%	$43.38	—	COM	17275r102
—	Spinnaker Etf Series Select St	13,385 (+85.0%)	$1 (+65.9%)	0.4%	$0.04	—	UIU	84858t772
RY	Royal Bank of Canada Montreal	4,865 (+16.4%)	$1 (+34.6%)	0.6%	$97.97	+56.8%	COM	780087102
QCOM	Qualcomm Inc	6,920 (+13.3%)	$1 (+16.5%)	0.9%	$96.45	+77.1%	COM	747525103
—	JPMorgan Chase & Co	3,905 (+9.2%)	$1 (+11.5%)	0.9%	$122.72	—	COM	46625h100
AMGN	Amgen Inc	2,175 (+3.6%)	$1 (+20.1%)	0.5%	$204.24	+54.7%	COM	031162100
—	Vertiv Holdings LLC Cl A	3,100 (+20.2%)	$1 (+29.0%)	0.4%	$0.13	—	COM	92537n108
—	Constellation Energy Corp	1,665 (+4.4%)	$1 (+12.0%)	0.4%	$0.28	—	COM	21037t109
—	Select Sector SPDR Cons Discre	22,012 (+101.6%)	$3 (+0.4%)	2.0%	$62.73	—	UIU	81369y407
O	Realty Income Corp	12,025 (+9.1%)	$1 (+1.2%)	0.5%	$55.01	+4.3%	RET	756109104
—	Select Sector SPDR Utilities	7,440 (+100.0%)	$0 (-1.9%)	0.2%	$0.06	—	UIU	81369y886
—	Valero Energy Corp	3,145 (+4.8%)	$1 (+0.2%)	0.4%	$67.42	—	COM	91913y100
—	Select Sector SPDR Energy	5,070 (+100.0%)	$0 (+0.4%)	0.2%	$0.07	—	UIU	81369y506

Exited Positions (2)

EPD Enterprise Products Partners L 0.3%

Value ($000) $0 Shares 13,015 Est. Cost $21.19 Unrealized —

FXAIX Fidelity Tr 500 Index Ins Prem 0.3%

Value ($000) $0 Shares 1,598 Est. Cost $130.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EPD	Enterprise Products Partners L	13,015	$0	0.3%	$21.19	—	—	293792107
FXAIX	Fidelity Tr 500 Index Ins Prem	1,598	$0	0.3%	$130.19	—	—	315911750

Decreased Positions (11)

— Alphabet Inc Cap Stock Cl C 3.7%

Value ($000) $5 (+20.3%) Shares 16,040 (-6.6%) Est. Cost $144.49 Unrealized —

FDIS Fidelity MSCI Consm Dis 0.3%

Value ($000) $0 (-48.5%) Shares 3,980 (-48.2%) Est. Cost $1.96 Unrealized —

AAPL Apple Inc 5.4%

Value ($000) $7 (+5.2%) Shares 26,739 (-1.5%) Est. Cost $99.69 Unrealized +169.2%

— SPDR Asia Pacific ETF 0.4%

Value ($000) $1 (-34.2%) Shares 3,860 (-34.2%) Est. Cost $78.36 Unrealized —

IYJ iShares US Industries ETF 2.2%

Value ($000) $3 (-7.3%) Shares 20,076 (-8.8%) Est. Cost $132.38 Unrealized —

IVE iShares S&P 500 Val ETF 0.5%

Value ($000) $1 (-22.6%) Shares 3,345 (-24.6%) Est. Cost $0.17 Unrealized —

— Select Sector SPDR Healthcare 1.1%

Value ($000) $1 (-11.0%) Shares 9,270 (-20.0%) Est. Cost $95.77 Unrealized —

— SPDR Dow Jones Industrial Avrg 5.8%

Value ($000) $8 (+2.0%) Shares 16,171 (-1.5%) Est. Cost $285.93 Unrealized —

— Select Sector SPDR Tr Communic 0.8%

Value ($000) $1 (-7.1%) Shares 9,161 (-6.6%) Est. Cost $31.05 Unrealized —

— M & T Bank Corp 0.3%

Value ($000) $0 (-5.0%) Shares 2,080 (-6.7%) Est. Cost $132.65 Unrealized —

IJH iShares Core S&P Mid-Cap 5.9%

Value ($000) $8 (-0.2%) Shares 119,500 (-1.3%) Est. Cost $41.27 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Alphabet Inc Cap Stock Cl C	16,040 (-6.6%)	$5 (+20.3%)	3.7%	$144.49	—	COM	02079k107
FDIS	Fidelity MSCI Consm Dis	3,980 (-48.2%)	$0 (-48.5%)	0.3%	$1.96	—	UIU	316092204
AAPL	Apple Inc	26,739 (-1.5%)	$7 (+5.2%)	5.4%	$99.69	+169.2%	COM	037833100
—	SPDR Asia Pacific ETF	3,860 (-34.2%)	$1 (-34.2%)	0.4%	$78.36	—	UIU	78463x301
IYJ	iShares US Industries ETF	20,076 (-8.8%)	$3 (-7.3%)	2.2%	$132.38	—	UIU	464287754
IVE	iShares S&P 500 Val ETF	3,345 (-24.6%)	$1 (-22.6%)	0.5%	$0.17	—	UIU	464287408
—	Select Sector SPDR Healthcare	9,270 (-20.0%)	$1 (-11.0%)	1.1%	$95.77	—	UIU	81369y209
—	SPDR Dow Jones Industrial Avrg	16,171 (-1.5%)	$8 (+2.0%)	5.8%	$285.93	—	UIU	78467x109
—	Select Sector SPDR Tr Communic	9,161 (-6.6%)	$1 (-7.1%)	0.8%	$31.05	—	UIU	81369y852
—	M & T Bank Corp	2,080 (-6.7%)	$0 (-5.0%)	0.3%	$132.65	—	COM	55261f104
IJH	iShares Core S&P Mid-Cap	119,500 (-1.3%)	$8 (-0.2%)	5.9%	$41.27	—	UIU	464287507

Unchanged Positions (44)

— State Street Spdr S&P 500 Etf 15.7%

Value ($000) $21 Shares 30,932 Est. Cost $316.77 Unrealized —

— Invesco Qqq Tr Unit Ser 1 16.9%

Value ($000) $23 Shares 37,087 Est. Cost $212.99 Unrealized —

JNJ Johnson & Johnson 1.7%

Value ($000) $2 Shares 10,790 Est. Cost $129.18 Unrealized +52.5%

MSFT Microsoft Corp 2.3%

Value ($000) $3 Shares 6,509 Est. Cost $208.63 Unrealized +139.9%

— Merck & Co Inc 0.7%

Value ($000) $1 Shares 8,400 Est. Cost $75.12 Unrealized —

HD Home Depot Inc 0.5%

Value ($000) $1 Shares 1,920 Est. Cost $294.40 Unrealized +23.8%

AMZN Amazon.com Inc 1.4%

Value ($000) $2 Shares 8,305 Est. Cost $131.06 Unrealized +74.6%

— BROADCOM INC COM 1.3%

Value ($000) $2 Shares 5,150 Est. Cost $48.66 Unrealized —

AXP American Express Co 0.6%

Value ($000) $1 Shares 2,000 Est. Cost $158.27 Unrealized +125.5%

— Costco Wholesale Corp 0.6%

Value ($000) $1 Shares 1,008 Est. Cost $449.00 Unrealized —

IJR iShares Core S & P Small Cap 2.9%

Value ($000) $4 Shares 32,859 Est. Cost $82.72 Unrealized —

PG Procter And Gamble Co 0.7%

Value ($000) $1 Shares 6,250 Est. Cost $127.26 Unrealized +15.6%

APD Air Prods & Chems Inc 0.4%

Value ($000) $0 Shares 2,000 Est. Cost $246.97 Unrealized +1.9%

HON Honeywell Intl Inc 0.5%

Value ($000) $1 Shares 3,500 Est. Cost $194.60 Unrealized +0.2%

— Exxon Mobil Corp 0.6%

Value ($000) $1 Shares 6,677 Est. Cost $47.65 Unrealized —

WMT Wal-Mart Stores Inc 0.5%

Value ($000) $1 Shares 6,060 Est. Cost $52.52 Unrealized +104.1%

DKS Dicks Sporting Goods Inc 0.3%

Value ($000) $0 Shares 1,785 Est. Cost $115.70 Unrealized +87.7%

— ASML Holding NV NY Registry 0.3%

Value ($000) $0 Shares 435 Est. Cost $0.70 Unrealized —

— Trane Technologies PLC 0.4%

Value ($000) $1 Shares 1,330 Est. Cost $172.50 Unrealized —

ABT Abbott Laboratories 0.5%

Value ($000) $1 Shares 4,827 Est. Cost $113.48 Unrealized +12.2%

— SPDR S&P Metals Mining 0.3%

Value ($000) $0 Shares 4,065 Est. Cost $55.26 Unrealized —

NSRGY Nestle SA Sp ADR 0.4%

Value ($000) $1 Shares 6,000 Est. Cost $120.17 Unrealized —

— Accenture PLC Ireland Class A 0.4%

Value ($000) $1 Shares 2,000 Est. Cost $320.00 Unrealized —

IBM Intl Business Machines 0.5%

Value ($000) $1 Shares 2,457 Est. Cost $108.10 Unrealized +176.4%

— Dell Technologies Inc Cl C 0.2%

Value ($000) $0 Shares 1,815 Est. Cost $0.12 Unrealized —

IYF iShares US Financials ETF 0.8%

Value ($000) $1 Shares 8,845 Est. Cost $100.85 Unrealized —

BK Bank New York Mellon Corp 0.2%

Value ($000) $0 Shares 2,657 Est. Cost $75.52 Unrealized +46.3%

DTEGY Deutsche Telekom AG Sp ADR 0.3%

Value ($000) $0 Shares 11,615 Est. Cost $0.02 Unrealized —

— Select Sector SPDR Consumer St 1.3%

Value ($000) $2 Shares 22,800 Est. Cost $60.94 Unrealized —

ITA iShares US Aer&Def ETF 0.5%

Value ($000) $1 Shares 3,015 Est. Cost $98.85 Unrealized —

PEP PepsiCo Inc 0.6%

Value ($000) $1 Shares 5,500 Est. Cost $128.63 Unrealized +13.4%

EFA iShares MSCI EAFE ETF 0.4%

Value ($000) $0 Shares 4,915 Est. Cost $0.08 Unrealized —

— NVIDIA Corp 1.3%

Value ($000) $2 Shares 9,600 Est. Cost $20.81 Unrealized —

— AbbVie Inc 0.6%

Value ($000) $1 Shares 3,685 Est. Cost $107.82 Unrealized —

CSX CSX Corp 0.4%

Value ($000) $1 Shares 14,895 Est. Cost $27.90 Unrealized +28.0%

— Select Sector SPDR Industrials 1.1%

Value ($000) $1 Shares 9,440 Est. Cost $74.62 Unrealized —

VO Vanguard Mid Cap ETF 0.4%

Value ($000) $1 Shares 1,950 Est. Cost $177.95 Unrealized —

ACWI iShares MSCI ACWI ETF 0.2%

Value ($000) $0 Shares 1,665 Est. Cost $0.13 Unrealized —

— Select Sector SPDR Financial 0.3%

Value ($000) $0 Shares 6,955 Est. Cost $33.55 Unrealized —

— iShares Core MSCI Emerg Mkt 0.2%

Value ($000) $0 Shares 3,775 Est. Cost $0.05 Unrealized —

EWG iShares MSCI Germany ETF 0.2%

Value ($000) $0 Shares 5,055 Est. Cost $0.04 Unrealized —

FTEC Fidelity MSCI Info Tech I 0.4%

Value ($000) $1 Shares 2,325 Est. Cost $69.01 Unrealized —

— Adobe Inc 0.5%

Value ($000) $1 Shares 1,800 Est. Cost $575.56 Unrealized —

BRK/B Berkshire Hathaway Inc Cl B 2.7%

Value ($000) $4 Shares 7,163 Est. Cost $248.27 Unrealized +100.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	State Street Spdr S&P 500 Etf	30,932	$21	15.7%	$316.77	—	UIU	78462f103
—	Invesco Qqq Tr Unit Ser 1	37,087	$23	16.9%	$212.99	—	UIU	46090e103
JNJ	Johnson & Johnson	10,790	$2	1.7%	$129.18	+52.5%	COM	478160104
MSFT	Microsoft Corp	6,509	$3	2.3%	$208.63	+139.9%	COM	594918104
—	Merck & Co Inc	8,400	$1	0.7%	$75.12	—	COM	58933y105
HD	Home Depot Inc	1,920	$1	0.5%	$294.40	+23.8%	COM	437076102
AMZN	Amazon.com Inc	8,305	$2	1.4%	$131.06	+74.6%	COM	023135106
—	BROADCOM INC COM	5,150	$2	1.3%	$48.66	—	COM	11135f101
AXP	American Express Co	2,000	$1	0.6%	$158.27	+125.5%	COM	025816109
—	Costco Wholesale Corp	1,008	$1	0.6%	$449.00	—	COM	22160k105
IJR	iShares Core S & P Small Cap	32,859	$4	2.9%	$82.72	—	UIU	464287804
PG	Procter And Gamble Co	6,250	$1	0.7%	$127.26	+15.6%	COM	742718109
APD	Air Prods & Chems Inc	2,000	$0	0.4%	$246.97	+1.9%	COM	009158106
HON	Honeywell Intl Inc	3,500	$1	0.5%	$194.60	+0.2%	COM	438516106
—	Exxon Mobil Corp	6,677	$1	0.6%	$47.65	—	COM	30231g102
WMT	Wal-Mart Stores Inc	6,060	$1	0.5%	$52.52	+104.1%	COM	931142103
DKS	Dicks Sporting Goods Inc	1,785	$0	0.3%	$115.70	+87.7%	COM	253393102
—	ASML Holding NV NY Registry	435	$0	0.3%	$0.70	—	ADR	n07059210
—	Trane Technologies PLC	1,330	$1	0.4%	$172.50	—	COM	g8994e103
ABT	Abbott Laboratories	4,827	$1	0.5%	$113.48	+12.2%	COM	002824100
—	SPDR S&P Metals Mining	4,065	$0	0.3%	$55.26	—	UIU	78464a755
NSRGY	Nestle SA Sp ADR	6,000	$1	0.4%	$120.17	—	ADR	641069406
—	Accenture PLC Ireland Class A	2,000	$1	0.4%	$320.00	—	COM	g1151c101
IBM	Intl Business Machines	2,457	$1	0.5%	$108.10	+176.4%	COM	459200101
—	Dell Technologies Inc Cl C	1,815	$0	0.2%	$0.12	—	COM	24703l202
IYF	iShares US Financials ETF	8,845	$1	0.8%	$100.85	—	UIU	464287788
BK	Bank New York Mellon Corp	2,657	$0	0.2%	$75.52	+46.3%	COM	064058100
DTEGY	Deutsche Telekom AG Sp ADR	11,615	$0	0.3%	$0.02	—	ADR	251566105
—	Select Sector SPDR Consumer St	22,800	$2	1.3%	$60.94	—	UIU	81369y308
ITA	iShares US Aer&Def ETF	3,015	$1	0.5%	$98.85	—	UIU	464288760
PEP	PepsiCo Inc	5,500	$1	0.6%	$128.63	+13.4%	COM	713448108
EFA	iShares MSCI EAFE ETF	4,915	$0	0.4%	$0.08	—	UIU	464287465
—	NVIDIA Corp	9,600	$2	1.3%	$20.81	—	COM	67066g104
—	AbbVie Inc	3,685	$1	0.6%	$107.82	—	COM	00287y109
CSX	CSX Corp	14,895	$1	0.4%	$27.90	+28.0%	COM	126408103
—	Select Sector SPDR Industrials	9,440	$1	1.1%	$74.62	—	UIU	81369y704
VO	Vanguard Mid Cap ETF	1,950	$1	0.4%	$177.95	—	UIU	922908629
ACWI	iShares MSCI ACWI ETF	1,665	$0	0.2%	$0.13	—	UIU	464288257
—	Select Sector SPDR Financial	6,955	$0	0.3%	$33.55	—	UIU	81369y605
—	iShares Core MSCI Emerg Mkt	3,775	$0	0.2%	$0.05	—	UIU	46434g103
EWG	iShares MSCI Germany ETF	5,055	$0	0.2%	$0.04	—	UIU	464286806
FTEC	Fidelity MSCI Info Tech I	2,325	$1	0.4%	$69.01	—	UIU	316092808
—	Adobe Inc	1,800	$1	0.5%	$575.56	—	COM	00724f101
BRK/B	Berkshire Hathaway Inc Cl B	7,163	$4	2.7%	$248.27	+100.4%	COM	084670702