Castellan Group Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	35,809	$8,265	1.0%	$228.79	0.0%	COM	023135106
RSP	INVESCO EXCHANGE TRADED FD T	39,016	$7,474	0.9%	$191.56	—	S&P500 EQL WGT	46137V357
SPY	SPDR S&P 500 ETF TR	10,909	$7,439	0.9%	$681.92	—	TR UNIT	78462F103
MCK	MCKESSON CORP	8,130	$6,669	0.8%	$815.57	0.0%	COM	58155Q103
NVDA	NVIDIA CORPORATION	31,477	$5,870	0.7%	$186.13	0.0%	COM	67066G104
VB	VANGUARD INDEX FDS	19,118	$4,931	0.6%	$257.95	—	SMALL CP ETF	922908751
USMV	ISHARES TR	41,342	$3,893	0.5%	$94.16	—	MSCI USA MIN VOL	46429B697
AXP	AMERICAN EXPRESS CO	9,237	$3,417	0.4%	$356.97	0.0%	COM	025816109
V	VISA INC	9,321	$3,269	0.4%	$340.38	0.0%	COM CL A	92826C839
CAT	CATERPILLAR INC	5,364	$3,073	0.4%	$555.50	0.0%	COM	149123101
BRK/B	BERKSHIRE HATHAWAY INC DEL	6,073	$3,053	0.4%	$497.53	0.0%	CL B NEW	084670702
IUSV	ISHARES TR	29,740	$3,050	0.4%	$102.54	—	CORE S&P US VLU	464287663
PANW	PALO ALTO NETWORKS INC	15,704	$2,893	0.4%	$201.75	0.0%	COM	697435105
TT	TRANE TECHNOLOGIES PLC	7,401	$2,880	0.4%	$413.59	0.0%	SHS	G8994E103
WMT	WALMART INC	25,011	$2,786	0.4%	$107.20	0.0%	COM	931142103
OCTP	PGIM ROCK ETF TR	84,120	$2,553	0.3%	$30.35	—	S&P 500 BUFFER	69420N742
UBER	UBER TECHNOLOGIES INC	30,174	$2,466	0.3%	$90.05	0.0%	COM	90353T100
TMO	THERMO FISHER SCIENTIFIC INC	3,637	$2,107	0.3%	$565.16	0.0%	COM	883556102
INDA	ISHARES TR	34,884	$1,885	0.2%	$54.05	—	MSCI INDIA ETF	46429B598
HD	HOME DEPOT INC	5,232	$1,800	0.2%	$364.59	0.0%	COM	437076102
HON	HONEYWELL INTL INC	8,088	$1,578	0.2%	$195.03	0.0%	COM	438516106
DDFN	INNOVATOR ETFS TRUST	81,187	$1,556	0.2%	$19.17	—	EQUITY DUAL NOV	45784N452
SPY	SPDR S&P 500 ETF TR	270	$585	0.1%	$681.92	—	PUT	78462F103
—	SPDR S&P 500 ETF TR	380	$304	0.0%	—	—	PUT	78462F953
AVGO	BROADCOM INC	721	$250	0.0%	$357.00	0.0%	COM	11135F101
JPM	JPMORGAN CHASE & CO.	644	$208	0.0%	$309.53	0.0%	COM	46625H100

Increased Positions (25)

BOXX EA SERIES TRUST 1.4%

Value ($000) $11,058 (+1042.6%) Shares 96,076 (+1030.3%) Est. Cost $114.89 Unrealized —

GOOG ALPHABET INC 1.5%

Value ($000) $11,643 (+573.3%) Shares 37,102 (+422.6%) Est. Cost $271.71 Unrealized +5.4%

MSFT MICROSOFT CORP 1.0%

Value ($000) $8,279 (+399.5%) Shares 17,119 (+435.0%) Est. Cost $474.74 Unrealized +5.4%

AAPL APPLE INC 0.8%

Value ($000) $6,661 (+1493.2%) Shares 24,502 (+1392.2%) Est. Cost $263.69 Unrealized +1.8%

CTIF EA SERIES TRUST 18.7%

Value ($000) $149,032 (+4.3%) Shares 2,944,135 (+6.3%) Est. Cost $50.82 Unrealized —

XOM EXXON MOBIL CORP 1.0%

Value ($000) $7,578 (+146.9%) Shares 62,973 (+131.3%) Est. Cost $100.83 Unrealized +14.5%

META META PLATFORMS INC 0.5%

Value ($000) $4,003 (+445.1%) Shares 6,065 (+506.5%) Est. Cost $679.84 Unrealized -1.8%

CWEN CLEARWAY ENERGY INC 0.5%

Value ($000) $4,332 (+22.8%) Shares 130,242 (+4.3%) Est. Cost $25.41 Unrealized +29.9%

FR FIRST INDL RLTY TR INC 0.5%

Value ($000) $4,236 (+16.2%) Shares 73,957 (+4.4%) Est. Cost $51.72 Unrealized —

NEE NEXTERA ENERGY INC 0.5%

Value ($000) $4,168 (+14.6%) Shares 51,924 (+7.8%) Est. Cost $69.71 Unrealized +18.3%

POR PORTLAND GEN ELEC CO 0.5%

Value ($000) $4,138 (+14.0%) Shares 86,221 (+4.5%) Est. Cost $41.17 Unrealized +13.6%

— ALPHABET INC 0.1%

Value ($000) $932 (+109.3%) Shares 70 (+6.1%) Est. Cost — Unrealized —

MPLX MPLX LP 0.5%

Value ($000) $3,813 (+12.2%) Shares 71,444 (+5.0%) Est. Cost $53.09 Unrealized —

EGP EASTGROUP PPTYS INC 0.5%

Value ($000) $3,872 (+10.2%) Shares 21,733 (+4.7%) Est. Cost $162.37 Unrealized —

CTRE CARETRUST REIT INC 0.5%

Value ($000) $4,318 (+8.7%) Shares 119,420 (+4.3%) Est. Cost $27.65 Unrealized —

XLE SELECT SECTOR SPDR TR 0.8%

Value ($000) $6,458 (+5.3%) Shares 144,446 (+110.4%) Est. Cost $64.98 Unrealized —

TRNO TERRENO RLTY CORP 0.5%

Value ($000) $3,873 (+8.3%) Shares 65,971 (+4.6%) Est. Cost $56.84 Unrealized —

GTY GETTY RLTY CORP NEW 0.4%

Value ($000) $3,385 (+7.5%) Shares 123,676 (+5.4%) Est. Cost $30.37 Unrealized —

HESM HESS MIDSTREAM LP 0.4%

Value ($000) $3,104 (+6.2%) Shares 89,963 (+6.4%) Est. Cost $27.37 Unrealized +19.2%

CVX CHEVRON CORP NEW 0.4%

Value ($000) $3,128 (+5.3%) Shares 20,521 (+7.3%) Est. Cost $119.60 Unrealized +26.6%

WEC WEC ENERGY GROUP INC 0.5%

Value ($000) $3,707 (-3.6%) Shares 35,149 (+4.7%) Est. Cost $95.16 Unrealized +15.9%

DKL DELEK LOGISTICS PARTNERS LP 0.5%

Value ($000) $3,781 (+2.8%) Shares 84,732 (+4.9%) Est. Cost $42.18 Unrealized —

ATO ATMOS ENERGY CORP 0.5%

Value ($000) $3,988 (+2.5%) Shares 23,793 (+4.4%) Est. Cost $144.98 Unrealized +18.8%

ES EVERSOURCE ENERGY 0.5%

Value ($000) $4,044 (-1.4%) Shares 60,063 (+4.2%) Est. Cost $59.50 Unrealized +16.9%

NJR NEW JERSEY RES CORP 0.5%

Value ($000) $3,682 (+0.6%) Shares 79,843 (+5.1%) Est. Cost $45.71 Unrealized +0.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BOXX	EA SERIES TRUST	96,076 (+1030.3%)	$11,058 (+1042.6%)	1.4%	$114.89	—	ALPHA ARCH 1-3	02072L565
GOOG	ALPHABET INC	37,102 (+422.6%)	$11,643 (+573.3%)	1.5%	$271.71	+5.4%	CAP STK CL C	02079K107
MSFT	MICROSOFT CORP	17,119 (+435.0%)	$8,279 (+399.5%)	1.0%	$474.74	+5.4%	COM	594918104
AAPL	APPLE INC	24,502 (+1392.2%)	$6,661 (+1493.2%)	0.8%	$263.69	+1.8%	COM	037833100
CTIF	EA SERIES TRUST	2,944,135 (+6.3%)	$149,032 (+4.3%)	18.7%	$50.82	—	CASTELLAN TARGET	02072Q481
XOM	EXXON MOBIL CORP	62,973 (+131.3%)	$7,578 (+146.9%)	1.0%	$100.83	+14.5%	COM	30231G102
META	META PLATFORMS INC	6,065 (+506.5%)	$4,003 (+445.1%)	0.5%	$679.84	-1.8%	CL A	30303M102
CWEN	CLEARWAY ENERGY INC	130,242 (+4.3%)	$4,332 (+22.8%)	0.5%	$25.41	+29.9%	CL C	18539C204
FR	FIRST INDL RLTY TR INC	73,957 (+4.4%)	$4,236 (+16.2%)	0.5%	$51.72	—	COM	32054K103
NEE	NEXTERA ENERGY INC	51,924 (+7.8%)	$4,168 (+14.6%)	0.5%	$69.71	+18.3%	COM	65339F101
POR	PORTLAND GEN ELEC CO	86,221 (+4.5%)	$4,138 (+14.0%)	0.5%	$41.17	+13.6%	COM NEW	736508847
—	ALPHABET INC	70 (+6.1%)	$932 (+109.3%)	0.1%	—	—	CALL	02079K907
MPLX	MPLX LP	71,444 (+5.0%)	$3,813 (+12.2%)	0.5%	$53.09	—	COM UNIT REP LTD	55336V100
EGP	EASTGROUP PPTYS INC	21,733 (+4.7%)	$3,872 (+10.2%)	0.5%	$162.37	—	COM	277276101
CTRE	CARETRUST REIT INC	119,420 (+4.3%)	$4,318 (+8.7%)	0.5%	$27.65	—	COM	14174T107
XLE	SELECT SECTOR SPDR TR	144,446 (+110.4%)	$6,458 (+5.3%)	0.8%	$64.98	—	STATE STREET ENE	81369Y506
TRNO	TERRENO RLTY CORP	65,971 (+4.6%)	$3,873 (+8.3%)	0.5%	$56.84	—	COM	88146M101
GTY	GETTY RLTY CORP NEW	123,676 (+5.4%)	$3,385 (+7.5%)	0.4%	$30.37	—	COM	374297109
HESM	HESS MIDSTREAM LP	89,963 (+6.4%)	$3,104 (+6.2%)	0.4%	$27.37	+19.2%	CL A SHS	428103105
CVX	CHEVRON CORP NEW	20,521 (+7.3%)	$3,128 (+5.3%)	0.4%	$119.60	+26.6%	COM	166764100
WEC	WEC ENERGY GROUP INC	35,149 (+4.7%)	$3,707 (-3.6%)	0.5%	$95.16	+15.9%	COM	92939U106
DKL	DELEK LOGISTICS PARTNERS LP	84,732 (+4.9%)	$3,781 (+2.8%)	0.5%	$42.18	—	COM UNT RP INT	24664T103
ATO	ATMOS ENERGY CORP	23,793 (+4.4%)	$3,988 (+2.5%)	0.5%	$144.98	+18.8%	COM	049560105
ES	EVERSOURCE ENERGY	60,063 (+4.2%)	$4,044 (-1.4%)	0.5%	$59.50	+16.9%	COM	30040W108
NJR	NEW JERSEY RES CORP	79,843 (+5.1%)	$3,682 (+0.6%)	0.5%	$45.71	+0.3%	COM	646025106

Exited Positions (5)

HALO HALOZYME THERAPEUTICS INC 0.1%

Value ($000) $1,173 Shares 16,000 Est. Cost $51.91 Unrealized +29.6%

— PROSHARES TR II 0.1%

Value ($000) $978 Shares 470 Est. Cost — Unrealized —

BAPR INNOVATOR ETFS TRUST 0.0%

Value ($000) $336 Shares 7,160 Est. Cost $40.04 Unrealized —

— HALOZYME THERAPEUTICS INC 0.0%

Value ($000) $318 Shares 160 Est. Cost — Unrealized —

— MICROSOFT CORP 0.0%

Value ($000) $237 Shares 32 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HALO	HALOZYME THERAPEUTICS INC	16,000	$1,173	0.1%	$51.91	+29.6%	—	40637H109
—	PROSHARES TR II	470	$978	0.1%	—	—	PUT	74347Y950
BAPR	INNOVATOR ETFS TRUST	7,160	$336	0.0%	$40.04	—	—	45782C888
—	HALOZYME THERAPEUTICS INC	160	$318	0.0%	—	—	CALL	40637H909
—	MICROSOFT CORP	32	$237	0.0%	—	—	CALL	594918904

Decreased Positions (5)

CTEF EA SERIES TRUST 53.9%

Value ($000) $428,630 (-6.4%) Shares 6,419,640 (-8.7%) Est. Cost $53.11 Unrealized —

GLTR ABRDN PRECIOUS METALS BASKET 1.0%

Value ($000) $7,809 (+11.0%) Shares 37,983 (-10.6%) Est. Cost $93.91 Unrealized —

PDEC INNOVATOR ETFS TRUST 0.1%

Value ($000) $529 (-28.8%) Shares 12,186 (-31.0%) Est. Cost $38.42 Unrealized —

RIO RIO TINTO PLC 0.2%

Value ($000) $1,724 (+13.4%) Shares 21,548 (-6.5%) Est. Cost $64.07 Unrealized —

BMAR INNOVATOR ETFS TRUST 0.1%

Value ($000) $410 (+0.2%) Shares 7,728 (-2.5%) Est. Cost $41.67 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CTEF	EA SERIES TRUST	6,419,640 (-8.7%)	$428,630 (-6.4%)	53.9%	$53.11	—	CASTELLAN TARGET	02072Q499
GLTR	ABRDN PRECIOUS METALS BASKET	37,983 (-10.6%)	$7,809 (+11.0%)	1.0%	$93.91	—	PHYSCL PRECS MET	003263100
PDEC	INNOVATOR ETFS TRUST	12,186 (-31.0%)	$529 (-28.8%)	0.1%	$38.42	—	US EQTY PWR BUF	45782C540
RIO	RIO TINTO PLC	21,548 (-6.5%)	$1,724 (+13.4%)	0.2%	$64.07	—	SPONSORED ADR	767204100
BMAR	INNOVATOR ETFS TRUST	7,728 (-2.5%)	$410 (+0.2%)	0.1%	$41.67	—	US EQTY BUFR MAR	45782C391

Unchanged Positions (5)

LRN STRIDE INC 0.1%

Value ($000) $412 Shares 6,340 Est. Cost $146.61 Unrealized -38.1%

GOOGL ALPHABET INC 0.2%

Value ($000) $1,440 Shares 4,600 Est. Cost $167.35 Unrealized +70.7%

— ALPHABET INC 0.1%

Value ($000) $660 Shares 46 Est. Cost — Unrealized —

BHP BHP GROUP LTD 0.2%

Value ($000) $1,635 Shares 27,083 Est. Cost $53.92 Unrealized —

PGR PROGRESSIVE CORP 0.1%

Value ($000) $455 Shares 2,000 Est. Cost $231.96 Unrealized -8.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LRN	STRIDE INC	6,340	$412	0.1%	$146.61	-38.1%	COM	86333M108
GOOGL	ALPHABET INC	4,600	$1,440	0.2%	$167.35	+70.7%	CAP STK CL A	02079K305
—	ALPHABET INC	46	$660	0.1%	—	—	CALL	02079K905
BHP	BHP GROUP LTD	27,083	$1,635	0.2%	$53.92	—	SPONSORED ADS	088606108
PGR	PROGRESSIVE CORP	2,000	$455	0.1%	$231.96	-8.5%	COM	743315103