Citadel Investment Advisory, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INTC	Intel	10,710	$0	0.1%	$43.82	-13.8%	—	458140100
—	Ascent Industries Corp	13,077	$0	0.1%	$13.99	—	—	001725861
SATS	Echostar Corp	4,982	$0	0.0%	$13.94	+484.1%	—	278768106
—	Paramount Global	6,738	$0	0.0%	$19.09	—	—	92556H107

Decreased Positions (26)

GOOGL Alphabet Inc. Class A 6.4%

Value ($000) $15 (+25.5%) Shares 47,534 (-2.5%) Est. Cost $114.59 Unrealized +149.2%

GOOG Alphabet Inc. Class C 3.8%

Value ($000) $9 (+27.5%) Shares 27,845 (-1.0%) Est. Cost $109.48 Unrealized +161.5%

MHK Mohawk Industries 0.5%

Value ($000) $1 (-28.4%) Shares 10,661 (-15.6%) Est. Cost $121.23 Unrealized -5.3%

BUD AB Inbev 0.5%

Value ($000) $1 (-14.4%) Shares 16,950 (-20.3%) Est. Cost $7.16 Unrealized —

SYY Sysco Corp 0.3%

Value ($000) $1 (-14.1%) Shares 9,788 (-3.9%) Est. Cost $60.24 Unrealized +25.3%

BKNG Booking Holdings Inc 1.3%

Value ($000) $3 (-3.2%) Shares 573 (-2.4%) Est. Cost $1982.21 Unrealized +159.2%

ABT Abbott Laboratories 0.5%

Value ($000) $1 (-7.5%) Shares 8,964 (-1.1%) Est. Cost $127.30 Unrealized -0.0%

PG Proctor & Gamble Co 0.2%

Value ($000) $1 (-14.4%) Shares 3,675 (-8.4%) Est. Cost $123.16 Unrealized +19.5%

KO Coca Cola Co 1.2%

Value ($000) $3 (+3.3%) Shares 39,603 (-2.0%) Est. Cost $44.74 Unrealized +55.1%

CABO Cable One Inc. 0.0%

Value ($000) $0 (-77.8%) Shares 215 (-64.8%) Est. Cost $1826.60 Unrealized -92.5%

DIS Disney Company 1.1%

Value ($000) $3 (-3.1%) Shares 22,636 (-2.5%) Est. Cost $138.63 Unrealized -21.0%

MDLZ Mondelez Intl Inc 0.1%

Value ($000) $0 (-22.1%) Shares 4,595 (-2.2%) Est. Cost $50.44 Unrealized +13.1%

LOW Lowes 0.5%

Value ($000) $1 (-5.9%) Shares 4,335 (-1.9%) Est. Cost $149.94 Unrealized +60.0%

T ATT 0.2%

Value ($000) $0 (-14.6%) Shares 14,077 (-3.1%) Est. Cost $15.35 Unrealized +64.8%

LBRDK Liberty Broadband cl C 0.1%

Value ($000) $0 (-25.3%) Shares 3,324 (-2.6%) Est. Cost $140.86 Unrealized -63.1%

— Medtronic 0.9%

Value ($000) $2 (-2.0%) Shares 21,316 (-2.9%) Est. Cost $111.03 Unrealized —

CSX CSX Corp 0.6%

Value ($000) $1 (-2.8%) Shares 38,860 (-4.8%) Est. Cost $29.71 Unrealized +20.2%

— Colgate Palmolive 0.1%

Value ($000) $0 (-11.8%) Shares 3,397 (-10.5%) Est. Cost $85.53 Unrealized —

LECO Lincoln Electric Holdings 0.1%

Value ($000) $0 (-8.1%) Shares 1,421 (-9.5%) Est. Cost $174.22 Unrealized +36.0%

CI Cigna Corp 0.1%

Value ($000) $0 (-8.6%) Shares 1,084 (-4.2%) Est. Cost $179.43 Unrealized +55.6%

ESAB ESAB Corp 0.2%

Value ($000) $0 (-6.9%) Shares 3,286 (-6.9%) Est. Cost $47.59 Unrealized +140.3%

KHC Kraft Heintz Co 0.1%

Value ($000) $0 (-13.7%) Shares 6,753 (-7.5%) Est. Cost $25.55 Unrealized -3.6%

— United Parcel Service Inc 0.2%

Value ($000) $0 (+6.1%) Shares 3,878 (-10.7%) Est. Cost $164.16 Unrealized —

PEP PepsiCo 1.0%

Value ($000) $2 (+0.9%) Shares 15,768 (-1.3%) Est. Cost $122.25 Unrealized +19.4%

ENOV Enovis Corp 0.0%

Value ($000) $0 (-19.8%) Shares 2,757 (-4.6%) Est. Cost $64.35 Unrealized -54.1%

LBTYAUSD Liberty Global cl A 0.0%

Value ($000) $0 (-7.4%) Shares 5,651 (-5.0%) Est. Cost $23.88 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet Inc. Class A	47,534 (-2.5%)	$15 (+25.5%)	6.4%	$114.59	+149.2%	GOOGL	02079K305
GOOG	Alphabet Inc. Class C	27,845 (-1.0%)	$9 (+27.5%)	3.8%	$109.48	+161.5%	GOOG	02079K107
MHK	Mohawk Industries	10,661 (-15.6%)	$1 (-28.4%)	0.5%	$121.23	-5.3%	MHK	608190104
BUD	AB Inbev	16,950 (-20.3%)	$1 (-14.4%)	0.5%	$7.16	—	BUD	03524A108
SYY	Sysco Corp	9,788 (-3.9%)	$1 (-14.1%)	0.3%	$60.24	+25.3%	SYY	871829107
BKNG	Booking Holdings Inc	573 (-2.4%)	$3 (-3.2%)	1.3%	$1982.21	+159.2%	BKNG	09857L108
ABT	Abbott Laboratories	8,964 (-1.1%)	$1 (-7.5%)	0.5%	$127.30	-0.0%	ABT	002824100
PG	Proctor & Gamble Co	3,675 (-8.4%)	$1 (-14.4%)	0.2%	$123.16	+19.5%	PG	742718109
KO	Coca Cola Co	39,603 (-2.0%)	$3 (+3.3%)	1.2%	$44.74	+55.1%	KO	191216100
CABO	Cable One Inc.	215 (-64.8%)	$0 (-77.8%)	0.0%	$1826.60	-92.5%	CABO	12685J105
DIS	Disney Company	22,636 (-2.5%)	$3 (-3.1%)	1.1%	$138.63	-21.0%	DIS	254687106
MDLZ	Mondelez Intl Inc	4,595 (-2.2%)	$0 (-22.1%)	0.1%	$50.44	+13.1%	MDLZ	609207105
LOW	Lowes	4,335 (-1.9%)	$1 (-5.9%)	0.5%	$149.94	+60.0%	LOW	548661107
T	ATT	14,077 (-3.1%)	$0 (-14.6%)	0.2%	$15.35	+64.8%	T	00206R102
LBRDK	Liberty Broadband cl C	3,324 (-2.6%)	$0 (-25.3%)	0.1%	$140.86	-63.1%	LBRDK	530307305
—	Medtronic	21,316 (-2.9%)	$2 (-2.0%)	0.9%	$111.03	—	MDT	BTN1Y11US
CSX	CSX Corp	38,860 (-4.8%)	$1 (-2.8%)	0.6%	$29.71	+20.2%	CSX	126408103
—	Colgate Palmolive	3,397 (-10.5%)	$0 (-11.8%)	0.1%	$85.53	—	CL	172967333
LECO	Lincoln Electric Holdings	1,421 (-9.5%)	$0 (-8.1%)	0.1%	$174.22	+36.0%	LECO	533900106
CI	Cigna Corp	1,084 (-4.2%)	$0 (-8.6%)	0.1%	$179.43	+55.6%	CI	125523100
ESAB	ESAB Corp	3,286 (-6.9%)	$0 (-6.9%)	0.2%	$47.59	+140.3%	ESAB	29605J106
KHC	Kraft Heintz Co	6,753 (-7.5%)	$0 (-13.7%)	0.1%	$25.55	-3.6%	KHC	500754106
—	United Parcel Service Inc	3,878 (-10.7%)	$0 (+6.1%)	0.2%	$164.16	—	UPS	911312205
PEP	PepsiCo	15,768 (-1.3%)	$2 (+0.9%)	1.0%	$122.25	+19.4%	PEP	713448108
ENOV	Enovis Corp	2,757 (-4.6%)	$0 (-19.8%)	0.0%	$64.35	-54.1%	ENOV	194014502
LBTYAUSD	Liberty Global cl A	5,651 (-5.0%)	$0 (-7.4%)	0.0%	$23.88	—	LBTYA	G5480U104

Unchanged Positions (51)

IPMLF Imperial Metals Corp 5.5%

Value ($000) $13 Shares 1,748,340 Est. Cost $1.70 Unrealized +211.3%

MKL Markel Corp 14.5%

Value ($000) $34 Shares 15,619 Est. Cost $1338.96 Unrealized +51.3%

ORCL Oracle Corp 1.9%

Value ($000) $5 Shares 23,150 Est. Cost $63.65 Unrealized +274.0%

MSFT Microsoft Corp 3.1%

Value ($000) $7 Shares 14,917 Est. Cost $221.16 Unrealized +126.3%

WBD Warner Brothers Discovery,inc 0.7%

Value ($000) $2 Shares 52,572 Est. Cost $18.49 Unrealized +26.4%

JNJ Johnson & Johnson 2.1%

Value ($000) $5 Shares 23,236 Est. Cost $129.66 Unrealized +51.9%

RTX Raytheon Technologies Corp 2.3%

Value ($000) $5 Shares 28,563 Est. Cost $60.68 Unrealized +185.6%

GS Goldman Sachs Group Inc. 1.6%

Value ($000) $4 Shares 4,262 Est. Cost $198.29 Unrealized +310.2%

AMG Affiliated Managers 0.8%

Value ($000) $2 Shares 6,452 Est. Cost $142.48 Unrealized +81.4%

MTD Mettler Toledo Intl 1.0%

Value ($000) $2 Shares 1,700 Est. Cost $1096.55 Unrealized +27.4%

MCO Moodys Corp 1.7%

Value ($000) $4 Shares 7,702 Est. Cost $271.00 Unrealized +79.8%

IBM IBM Corp 2.2%

Value ($000) $5 Shares 17,175 Est. Cost $93.41 Unrealized +219.9%

AXP American Express 1.0%

Value ($000) $2 Shares 6,032 Est. Cost $103.86 Unrealized +243.7%

FISV Fiserv Inc 0.1%

Value ($000) $0 Shares 3,550 Est. Cost $107.76 Unrealized -22.2%

ETN Eaton Corp 0.4%

Value ($000) $1 Shares 3,244 Est. Cost $104.30 Unrealized +239.8%

WFC Wells Fargo 0.8%

Value ($000) $2 Shares 20,141 Est. Cost $23.04 Unrealized +276.1%

DHR Danaher Corp 0.4%

Value ($000) $1 Shares 4,348 Est. Cost $196.00 Unrealized +12.0%

BRK/B Beckshire Hathaway 23.0%

Value ($000) $53 Shares 105,812 Est. Cost $222.85 Unrealized +123.3%

PM Philip Morris Intl 2.7%

Value ($000) $6 Shares 39,580 Est. Cost $60.93 Unrealized +152.0%

BAC Bank of America 0.5%

Value ($000) $1 Shares 21,735 Est. Cost $23.66 Unrealized +122.6%

CACC Credit Acceptance Corp 0.5%

Value ($000) $1 Shares 2,650 Est. Cost $410.40 Unrealized +13.0%

JEF Jefferies Financial 0.5%

Value ($000) $1 Shares 18,480 Est. Cost $24.36 Unrealized +132.7%

META META 0.2%

Value ($000) $1 Shares 790 Est. Cost $400.76 Unrealized +66.5%

JPM JPMorgan Chase & Co 1.2%

Value ($000) $3 Shares 8,599 Est. Cost $98.25 Unrealized +215.1%

ABBV Abbvie Inc 1.8%

Value ($000) $4 Shares 18,291 Est. Cost $98.49 Unrealized +131.0%

AMZN Amazon 0.5%

Value ($000) $1 Shares 4,732 Est. Cost $126.92 Unrealized +80.3%

WYNN Wynn Resorts 0.3%

Value ($000) $1 Shares 5,961 Est. Cost $94.03 Unrealized +31.4%

WTM White Mountains 0.1%

Value ($000) $0 Shares 100 Est. Cost $1889.39 Unrealized +3.5%

GD General Dynamics Corp 1.2%

Value ($000) $3 Shares 8,411 Est. Cost $138.34 Unrealized +146.4%

— Howard Hughs 0.4%

Value ($000) $1 Shares 11,692 Est. Cost $78.97 Unrealized —

CNI Canadian National Railway 0.3%

Value ($000) $1 Shares 7,711 Est. Cost $97.95 Unrealized -1.8%

LDOS Leidos Holdings Inc 0.3%

Value ($000) $1 Shares 4,177 Est. Cost $89.59 Unrealized +111.1%

— Vistaprint NV Cimpress 0.2%

Value ($000) $1 Shares 8,575 Est. Cost $62.74 Unrealized —

COF Capital One 0.1%

Value ($000) $0 Shares 950 Est. Cost $185.05 Unrealized +20.1%

AAPL Apple Inc 0.2%

Value ($000) $0 Shares 1,500 Est. Cost $117.01 Unrealized +129.3%

CMCSA Comcast 0.2%

Value ($000) $0 Shares 16,230 Est. Cost $41.41 Unrealized -31.1%

— Sirius XM Holdings 0.1%

Value ($000) $0 Shares 7,396 Est. Cost $0.02 Unrealized —

EG Everest Re Group Inc 0.3%

Value ($000) $1 Shares 2,127 Est. Cost $200.83 Unrealized +64.4%

KDP Keurig Dr. Pepper 0.1%

Value ($000) $0 Shares 7,795 Est. Cost $29.95 Unrealized -9.1%

FCN FTI Consulting, Inc. 0.1%

Value ($000) $0 Shares 1,670 Est. Cost $118.44 Unrealized +39.2%

MCD McDonald's 1.4%

Value ($000) $3 Shares 10,514 Est. Cost $197.82 Unrealized +54.2%

WTW Willis Tower Watson 0.1%

Value ($000) $0 Shares 817 Est. Cost $219.17 Unrealized +49.0%

SEIC SEI Investments 0.1%

Value ($000) $0 Shares 3,940 Est. Cost $50.85 Unrealized +60.7%

MSCI MSCI Inc 0.1%

Value ($000) $0 Shares 585 Est. Cost $549.12 Unrealized +2.0%

— John Marshall Bancorp 0.3%

Value ($000) $1 Shares 38,200 Est. Cost $21.52 Unrealized —

BF/B Brown Forman 0.1%

Value ($000) $0 Shares 6,804 Est. Cost $69.98 Unrealized -60.0%

— Liberty Global cl C 0.0%

Value ($000) $0 Shares 7,967 Est. Cost $23.35 Unrealized —

BA Boeing Company 0.3%

Value ($000) $1 Shares 3,495 Est. Cost $169.78 Unrealized +21.1%

— Pinnacle Financial Partners 0.1%

Value ($000) $0 Shares 1,909 Est. Cost $0.11 Unrealized —

MA Mastercard 0.3%

Value ($000) $1 Shares 1,155 Est. Cost $323.64 Unrealized +72.7%

IDXX Idexx Labs Inc 1.0%

Value ($000) $2 Shares 3,682 Est. Cost $447.83 Unrealized +52.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IPMLF	Imperial Metals Corp	1,748,340	$13	5.5%	$1.70	+211.3%	IPMLF	452892102
MKL	Markel Corp	15,619	$34	14.5%	$1338.96	+51.3%	MKL	570535104
ORCL	Oracle Corp	23,150	$5	1.9%	$63.65	+274.0%	ORCL	68389X105
MSFT	Microsoft Corp	14,917	$7	3.1%	$221.16	+126.3%	MSFT	594918104
WBD	Warner Brothers Discovery,inc	52,572	$2	0.7%	$18.49	+26.4%	WBD	934423104
JNJ	Johnson & Johnson	23,236	$5	2.1%	$129.66	+51.9%	JNJ	478160104
RTX	Raytheon Technologies Corp	28,563	$5	2.3%	$60.68	+185.6%	RTX	75513E101
GS	Goldman Sachs Group Inc.	4,262	$4	1.6%	$198.29	+310.2%	GS	38141G104
AMG	Affiliated Managers	6,452	$2	0.8%	$142.48	+81.4%	AMG	008252108
MTD	Mettler Toledo Intl	1,700	$2	1.0%	$1096.55	+27.4%	MTD	592688105
MCO	Moodys Corp	7,702	$4	1.7%	$271.00	+79.8%	MCO	615369105
IBM	IBM Corp	17,175	$5	2.2%	$93.41	+219.9%	IBM	459200101
AXP	American Express	6,032	$2	1.0%	$103.86	+243.7%	AXP	025816109
FISV	Fiserv Inc	3,550	$0	0.1%	$107.76	-22.2%	FISV	337738108
ETN	Eaton Corp	3,244	$1	0.4%	$104.30	+239.8%	ETN	G29183103
WFC	Wells Fargo	20,141	$2	0.8%	$23.04	+276.1%	WFC	949746101
DHR	Danaher Corp	4,348	$1	0.4%	$196.00	+12.0%	DHR	235851102
BRK/B	Beckshire Hathaway	105,812	$53	23.0%	$222.85	+123.3%	BRKB	084670702
PM	Philip Morris Intl	39,580	$6	2.7%	$60.93	+152.0%	PM	718172109
BAC	Bank of America	21,735	$1	0.5%	$23.66	+122.6%	BAC	060505104
CACC	Credit Acceptance Corp	2,650	$1	0.5%	$410.40	+13.0%	CACC	225310101
JEF	Jefferies Financial	18,480	$1	0.5%	$24.36	+132.7%	JEF	47233W109
META	META	790	$1	0.2%	$400.76	+66.5%	META	30303M102
JPM	JPMorgan Chase & Co	8,599	$3	1.2%	$98.25	+215.1%	JPM	46625H100
ABBV	Abbvie Inc	18,291	$4	1.8%	$98.49	+131.0%	ABBV	00287Y109
AMZN	Amazon	4,732	$1	0.5%	$126.92	+80.3%	AMZN	023135106
WYNN	Wynn Resorts	5,961	$1	0.3%	$94.03	+31.4%	WYNN	983134107
WTM	White Mountains	100	$0	0.1%	$1889.39	+3.5%	WTM	G9618E107
GD	General Dynamics Corp	8,411	$3	1.2%	$138.34	+146.4%	GD	369550108
—	Howard Hughs	11,692	$1	0.4%	$78.97	—	HHC	44267D107
CNI	Canadian National Railway	7,711	$1	0.3%	$97.95	-1.8%	CNI	136375102
LDOS	Leidos Holdings Inc	4,177	$1	0.3%	$89.59	+111.1%	LDOS	525327102
—	Vistaprint NV Cimpress	8,575	$1	0.2%	$62.74	—	CMPR	N93540107
COF	Capital One	950	$0	0.1%	$185.05	+20.1%	COF	14040H105
AAPL	Apple Inc	1,500	$0	0.2%	$117.01	+129.3%	AAPL	037833100
CMCSA	Comcast	16,230	$0	0.2%	$41.41	-31.1%	CMCSA	20030N101
—	Sirius XM Holdings	7,396	$0	0.1%	$0.02	—	SIRI	82968B103
EG	Everest Re Group Inc	2,127	$1	0.3%	$200.83	+64.4%	RE	G3223R108
KDP	Keurig Dr. Pepper	7,795	$0	0.1%	$29.95	-9.1%	KDP	49271V100
FCN	FTI Consulting, Inc.	1,670	$0	0.1%	$118.44	+39.2%	FCN	302941109
MCD	McDonald's	10,514	$3	1.4%	$197.82	+54.2%	MCD	580135101
WTW	Willis Tower Watson	817	$0	0.1%	$219.17	+49.0%	WTW	G96629103
SEIC	SEI Investments	3,940	$0	0.1%	$50.85	+60.7%	SEIC	784117103
MSCI	MSCI Inc	585	$0	0.1%	$549.12	+2.0%	MSCI	55354G100
—	John Marshall Bancorp	38,200	$1	0.3%	$21.52	—	JMSB	47804G103
BF/B	Brown Forman	6,804	$0	0.1%	$69.98	-60.0%	BFB	115637209
—	Liberty Global cl C	7,967	$0	0.0%	$23.35	—	LBTYK	G5480U120
BA	Boeing Company	3,495	$1	0.3%	$169.78	+21.1%	BA	097023105
—	Pinnacle Financial Partners	1,909	$0	0.1%	$0.11	—	PNFP	72346Q104
MA	Mastercard	1,155	$1	0.3%	$323.64	+72.7%	MA	57636Q104
IDXX	Idexx Labs Inc	3,682	$2	1.0%	$447.83	+52.1%	IDXX	45168D104