GraniteShares Advisors LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UAN	CVR Partners LP and CVR Nitrogen Finance Corporation	28,062	$2,876	1.7%	$102.50	—	UAN	126633205
—	Neuberger High Yield Strategies Fund Inc.	380,580	$2,832	1.7%	$7.44	—	NHS	64128C106
—	Western Asset High Income Fund II Inc.	663,931	$2,762	1.7%	$4.16	—	HIX	95766J102
PSEC	Prospect Capital Corp.	1,059,980	$2,745	1.7%	$2.54	0.0%	PSEC	74348T102
BBDC	Barings BDC Inc.	298,668	$2,742	1.7%	$8.68	0.0%	BBDC	06759L103
—	PIMCO Income Strategy Fund	324,852	$2,739	1.7%	$8.43	—	PFL	72201H108
—	Pimco High Income Fund	562,590	$2,734	1.7%	$4.86	—	PHK	722014107
—	Western Asset Global High Income Fund Inc.	426,368	$2,733	1.7%	$6.41	—	EHI	95766B109
—	BlackRock Enhanced Large Cap Core Fund Inc	116,764	$2,729	1.7%	$23.37	—	CII	09256A109
ARR	ARMOUR Residential REIT Inc.	154,102	$2,726	1.7%	$17.69	—	ARR	042315705
DX	Dynex Capital Inc	194,177	$2,720	1.7%	$14.01	—	DX	26817Q886
PAA	Plains All American Pipeline LP	151,256	$2,717	1.6%	$17.96	—	PAA	726503105
CSWC	Capital Southwest Corporation	122,472	$2,713	1.6%	$20.45	0.0%	CSWC	140501107
—	Blackrock Floating Rate Income Strategies Fund Incorporated	229,783	$2,707	1.6%	$11.78	—	FRA	09255X100
ABR	Arbor Realty Trust Inc.	347,870	$2,699	1.6%	$7.76	—	ABR	038923108
WES	Western Midstream Partners LP	68,222	$2,695	1.6%	$39.50	—	WES	958669103
ORC	Orchid Island Capital Inc.	371,284	$2,673	1.6%	$7.20	—	ORC	68571X301
MSDL	Morgan Stanley Direct Lending Fund	159,184	$2,623	1.6%	$16.42	0.0%	MSDL	61774A103
STWD	Starwood Property Trust Inc.	145,320	$2,617	1.6%	$18.01	—	STWD	85571B105
MSI	MOTOROLA SOLUTIONS	2,437	$934	0.6%	$400.79	0.0%	MSI	620076307
AXON	AXON ENTERPRISE, INC	1,477	$839	0.5%	$620.52	0.0%	AXON	05464C101
GRMN	GARMIN LTD	3,584	$727	0.4%	$216.69	0.0%	GRMN	H2906T109
INSM	INSMED INCORPORATED	3,905	$680	0.4%	$182.48	0.0%	INSM	457669307
INCY	INCYTE CORPORATION	5,607	$554	0.3%	$96.76	0.0%	INCY	45337C102
GEN	GEN DIGITAL INC. CMN	18,990	$516	0.3%	$26.85	0.0%	GEN	668771108
BSY	BENTLEY SYSTEMS, INC	9,339	$356	0.2%	$45.52	0.0%	BSY	08265T208

Increased Positions (43)

FSK FS KKR CAPITAL CORP 1.6%

Value ($000) $2,712 (+28.8%) Shares 183,127 (+29.8%) Est. Cost $14.41 Unrealized +2.0%

CRM SALESFORCE.COM INC 1.1%

Value ($000) $1,891 (+25.5%) Shares 7,138 (+12.3%) Est. Cost $242.92 Unrealized +2.2%

DMLP Dorchester Minerals 1.7%

Value ($000) $2,738 (+15.9%) Shares 122,472 (+34.2%) Est. Cost $28.10 Unrealized —

MSFT MICROSOFT CORP 3.4%

Value ($000) $5,591 (-4.6%) Shares 11,561 (+2.2%) Est. Cost $330.93 Unrealized +51.3%

MDB MONGODB INC 0.5%

Value ($000) $856 (+43.4%) Shares 2,039 (+6.1%) Est. Cost $313.54 Unrealized +16.0%

PFLT Pennantpark Floating Rate Capital Ltd. 1.6%

Value ($000) $2,715 (+9.1%) Shares 292,844 (+4.6%) Est. Cost $9.51 Unrealized -8.2%

SNPS SYNOPSYS INC 0.7%

Value ($000) $1,183 (+22.0%) Shares 2,519 (+28.2%) Est. Cost $462.74 Unrealized -4.0%

VRTX VERTEX PHARMACEUTICALS INC 0.7%

Value ($000) $1,162 (+17.7%) Shares 2,564 (+1.7%) Est. Cost $327.83 Unrealized +31.5%

ADBE ADOBE INC 0.9%

Value ($000) $1,453 (+12.6%) Shares 4,152 (+13.5%) Est. Cost $501.67 Unrealized -32.2%

KRP KIMBELL ROYALTY PARTNERS LP 1.6%

Value ($000) $2,689 (+5.4%) Shares 228,676 (+20.9%) Est. Cost $14.97 Unrealized —

AFRM AFFIRM HOLDINGS INC 0.4%

Value ($000) $588 (+27.8%) Shares 7,905 (+25.4%) Est. Cost $55.93 Unrealized +28.7%

EW EDWARDS LIFESCIENCES CORP 0.5%

Value ($000) $848 (+14.7%) Shares 9,945 (+4.7%) Est. Cost $80.26 Unrealized +2.3%

VEEV VEEVA SYSTEMS INC 0.4%

Value ($000) $721 (-12.7%) Shares 3,228 (+16.5%) Est. Cost $214.69 Unrealized +23.6%

PSTG PURE STORAGE, INC. 0.3%

Value ($000) $464 (-18.2%) Shares 6,918 (+2.3%) Est. Cost $58.16 Unrealized +43.6%

BSX BOSTON SCIENTIFIC CP 0.8%

Value ($000) $1,278 (+7.2%) Shares 13,404 (+9.8%) Est. Cost $76.70 Unrealized +27.8%

NMFC NEW MTN FIN CORP COM 1.6%

Value ($000) $2,706 (+3.2%) Shares 293,799 (+8.0%) Est. Cost $9.42 Unrealized -2.7%

ZS ZSCALER INC 0.4%

Value ($000) $602 (-12.2%) Shares 2,675 (+17.0%) Est. Cost $181.74 Unrealized +55.3%

— NUVEEN FLOAT RATE INC FD 1.6%

Value ($000) $2,703 (-2.9%) Shares 345,204 (+1.5%) Est. Cost $8.39 Unrealized —

NCDL Nuveen Churchill Direct Lending Corp 1.6%

Value ($000) $2,607 (+3.1%) Shares 195,441 (+6.7%) Est. Cost $14.67 Unrealized -6.3%

RDDT REDDIT INC-CL A 0.4%

Value ($000) $725 (+12.0%) Shares 3,153 (+12.0%) Est. Cost $123.79 Unrealized +69.9%

HUBS HUBSPOT INC 0.4%

Value ($000) $602 (+13.8%) Shares 1,501 (+32.7%) Est. Cost $503.26 Unrealized -17.7%

NOW SERVICENOW INC 0.8%

Value ($000) $1,392 (-4.7%) Shares 9,089 (+472.7%) Est. Cost $164.28 Unrealized +4.4%

OKTA OKTA, INC. CL A CM 0.3%

Value ($000) $499 (+15.7%) Shares 5,768 (+22.7%) Est. Cost $92.96 Unrealized -6.1%

SYK STRYKER CORP 0.8%

Value ($000) $1,304 (+5.2%) Shares 3,710 (+10.7%) Est. Cost $371.15 Unrealized -2.1%

NTNX NUTANIX INC - A 0.3%

Value ($000) $469 (-11.5%) Shares 9,080 (+27.3%) Est. Cost $69.78 Unrealized -12.4%

DOCU DOCUSIGN INC 0.3%

Value ($000) $478 (+10.9%) Shares 6,986 (+16.8%) Est. Cost $78.82 Unrealized -12.3%

META META PLATFORMS INC 2.3%

Value ($000) $3,804 (+1.1%) Shares 5,763 (+12.4%) Est. Cost $361.34 Unrealized +84.7%

ALNY ALNYLAM PHARMACEUTICALS INC 0.4%

Value ($000) $710 (-5.0%) Shares 1,786 (+9.0%) Est. Cost $204.12 Unrealized +116.8%

PTC PTC INC 0.3%

Value ($000) $528 (+7.0%) Shares 3,033 (+24.7%) Est. Cost $156.81 Unrealized +18.5%

PINS PINTEREST INC 0.3%

Value ($000) $530 (+6.8%) Shares 20,485 (+32.8%) Est. Cost $29.17 Unrealized -1.3%

SNOW SNOWFLAKE INC-CLASS A 0.6%

Value ($000) $995 (+3.3%) Shares 4,535 (+6.3%) Est. Cost $146.89 Unrealized +66.2%

CDNS CADENCE DESIGN SYSTEMS INC 0.7%

Value ($000) $1,092 (+2.7%) Shares 3,492 (+15.4%) Est. Cost $256.32 Unrealized +27.3%

NET CLOUDFLARE INC - CLASS A 0.5%

Value ($000) $870 (+3.3%) Shares 4,413 (+12.5%) Est. Cost $84.75 Unrealized +149.6%

ADSK AUTODESK INC 0.6%

Value ($000) $941 (+3.1%) Shares 3,180 (+10.6%) Est. Cost $221.96 Unrealized +36.3%

DT DYNATRACE INC 0.3%

Value ($000) $461 (+5.8%) Shares 10,638 (+18.2%) Est. Cost $49.59 Unrealized -6.0%

PLTR PALANTIR TECHNOLOGIE 1.4%

Value ($000) $2,234 (-0.9%) Shares 12,570 (+1.7%) Est. Cost $25.13 Unrealized +620.5%

TTD TRADE DESK INC/THE -CLASS A 0.3%

Value ($000) $498 (-1.7%) Shares 13,121 (+27.0%) Est. Cost $71.97 Unrealized -38.4%

GSBD Goldman Sachs BDC Inc 1.6%

Value ($000) $2,605 (-0.3%) Shares 280,680 (+9.3%) Est. Cost $14.14 Unrealized -30.7%

FTNT FORTINET INC 0.5%

Value ($000) $832 (-0.7%) Shares 10,476 (+5.1%) Est. Cost $69.77 Unrealized +18.9%

VRSN VERISIGN INC 0.3%

Value ($000) $559 (-0.8%) Shares 2,300 (+14.2%) Est. Cost $198.77 Unrealized +26.2%

WDAY WORKDAY INC 0.5%

Value ($000) $829 (-0.4%) Shares 3,862 (+11.7%) Est. Cost $233.87 Unrealized -2.8%

PANW PALO ALTO NETWORKS INC 0.8%

Value ($000) $1,295 (-0.2%) Shares 7,029 (+10.3%) Est. Cost $156.71 Unrealized +28.7%

RMD RESMED INC 0.4%

Value ($000) $705 (-0.1%) Shares 2,927 (+13.6%) Est. Cost $240.47 Unrealized +6.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FSK	FS KKR CAPITAL CORP	183,127 (+29.8%)	$2,712 (+28.8%)	1.6%	$14.41	+2.0%	FSK	302635206
CRM	SALESFORCE.COM INC	7,138 (+12.3%)	$1,891 (+25.5%)	1.1%	$242.92	+2.2%	CRM	79466L302
DMLP	Dorchester Minerals	122,472 (+34.2%)	$2,738 (+15.9%)	1.7%	$28.10	—	DMLP	25820R105
MSFT	MICROSOFT CORP	11,561 (+2.2%)	$5,591 (-4.6%)	3.4%	$330.93	+51.3%	MSFT	594918104
MDB	MONGODB INC	2,039 (+6.1%)	$856 (+43.4%)	0.5%	$313.54	+16.0%	MDB	60937P106
PFLT	Pennantpark Floating Rate Capital Ltd.	292,844 (+4.6%)	$2,715 (+9.1%)	1.6%	$9.51	-8.2%	PFLT	70806A106
SNPS	SYNOPSYS INC	2,519 (+28.2%)	$1,183 (+22.0%)	0.7%	$462.74	-4.0%	SNPS	871607107
VRTX	VERTEX PHARMACEUTICALS INC	2,564 (+1.7%)	$1,162 (+17.7%)	0.7%	$327.83	+31.5%	VRTX	92532F100
ADBE	ADOBE INC	4,152 (+13.5%)	$1,453 (+12.6%)	0.9%	$501.67	-32.2%	ADBE	00724F101
KRP	KIMBELL ROYALTY PARTNERS LP	228,676 (+20.9%)	$2,689 (+5.4%)	1.6%	$14.97	—	KRP	49435R102
AFRM	AFFIRM HOLDINGS INC	7,905 (+25.4%)	$588 (+27.8%)	0.4%	$55.93	+28.7%	AFRM	00827B106
EW	EDWARDS LIFESCIENCES CORP	9,945 (+4.7%)	$848 (+14.7%)	0.5%	$80.26	+2.3%	EW	28176E108
VEEV	VEEVA SYSTEMS INC	3,228 (+16.5%)	$721 (-12.7%)	0.4%	$214.69	+23.6%	VEEV	922475108
PSTG	PURE STORAGE, INC.	6,918 (+2.3%)	$464 (-18.2%)	0.3%	$58.16	+43.6%	PSTG	74624M102
BSX	BOSTON SCIENTIFIC CP	13,404 (+9.8%)	$1,278 (+7.2%)	0.8%	$76.70	+27.8%	BSX	101137107
NMFC	NEW MTN FIN CORP COM	293,799 (+8.0%)	$2,706 (+3.2%)	1.6%	$9.42	-2.7%	NMFC	647551100
ZS	ZSCALER INC	2,675 (+17.0%)	$602 (-12.2%)	0.4%	$181.74	+55.3%	ZS	98980G102
—	NUVEEN FLOAT RATE INC FD	345,204 (+1.5%)	$2,703 (-2.9%)	1.6%	$8.39	—	JFR	67072T108
NCDL	Nuveen Churchill Direct Lending Corp	195,441 (+6.7%)	$2,607 (+3.1%)	1.6%	$14.67	-6.3%	NCDL	67090S108
RDDT	REDDIT INC-CL A	3,153 (+12.0%)	$725 (+12.0%)	0.4%	$123.79	+69.9%	RDDT	75734B100
HUBS	HUBSPOT INC	1,501 (+32.7%)	$602 (+13.8%)	0.4%	$503.26	-17.7%	HUBS	443573100
NOW	SERVICENOW INC	9,089 (+472.7%)	$1,392 (-4.7%)	0.8%	$164.28	+4.4%	NOW	81762P102
OKTA	OKTA, INC. CL A CM	5,768 (+22.7%)	$499 (+15.7%)	0.3%	$92.96	-6.1%	OKTA	679295105
SYK	STRYKER CORP	3,710 (+10.7%)	$1,304 (+5.2%)	0.8%	$371.15	-2.1%	SYK	863667101
NTNX	NUTANIX INC - A	9,080 (+27.3%)	$469 (-11.5%)	0.3%	$69.78	-12.4%	NTNX	67059N108
DOCU	DOCUSIGN INC	6,986 (+16.8%)	$478 (+10.9%)	0.3%	$78.82	-12.3%	DOCU	256163106
META	META PLATFORMS INC	5,763 (+12.4%)	$3,804 (+1.1%)	2.3%	$361.34	+84.7%	META	30303M102
ALNY	ALNYLAM PHARMACEUTICALS INC	1,786 (+9.0%)	$710 (-5.0%)	0.4%	$204.12	+116.8%	ALNY	02043Q107
PTC	PTC INC	3,033 (+24.7%)	$528 (+7.0%)	0.3%	$156.81	+18.5%	PTC	69370C100
PINS	PINTEREST INC	20,485 (+32.8%)	$530 (+6.8%)	0.3%	$29.17	-1.3%	PINS	72352L106
SNOW	SNOWFLAKE INC-CLASS A	4,535 (+6.3%)	$995 (+3.3%)	0.6%	$146.89	+66.2%	SNOW	833445109
CDNS	CADENCE DESIGN SYSTEMS INC	3,492 (+15.4%)	$1,092 (+2.7%)	0.7%	$256.32	+27.3%	CDNS	127387108
NET	CLOUDFLARE INC - CLASS A	4,413 (+12.5%)	$870 (+3.3%)	0.5%	$84.75	+149.6%	NET	18915M107
ADSK	AUTODESK INC	3,180 (+10.6%)	$941 (+3.1%)	0.6%	$221.96	+36.3%	ADSK	052769106
DT	DYNATRACE INC	10,638 (+18.2%)	$461 (+5.8%)	0.3%	$49.59	-6.0%	DT	268150109
PLTR	PALANTIR TECHNOLOGIE	12,570 (+1.7%)	$2,234 (-0.9%)	1.4%	$25.13	+620.5%	PLTR	69608A108
TTD	TRADE DESK INC/THE -CLASS A	13,121 (+27.0%)	$498 (-1.7%)	0.3%	$71.97	-38.4%	TTD	88339J105
GSBD	Goldman Sachs BDC Inc	280,680 (+9.3%)	$2,605 (-0.3%)	1.6%	$14.14	-30.7%	GSBD	38147U107
FTNT	FORTINET INC	10,476 (+5.1%)	$832 (-0.7%)	0.5%	$69.77	+18.9%	FTNT	34959E109
VRSN	VERISIGN INC	2,300 (+14.2%)	$559 (-0.8%)	0.3%	$198.77	+26.2%	VRSN	92343E102
WDAY	WORKDAY INC	3,862 (+11.7%)	$829 (-0.4%)	0.5%	$233.87	-2.8%	WDAY	98138H101
PANW	PALO ALTO NETWORKS INC	7,029 (+10.3%)	$1,295 (-0.2%)	0.8%	$156.71	+28.7%	PANW	697435105
RMD	RESMED INC	2,927 (+13.6%)	$705 (-0.1%)	0.4%	$240.47	+6.2%	RMD	761152107

Exited Positions (27)

AVGO BROADCOM INC 2.4%

Value ($000) $3,952 Shares 11,979 Est. Cost $182.87 Unrealized +95.2%

— Morgan Stanley Emerging Markets Domestic Debt Fund Inc 2.2%

Value ($000) $3,679 Shares 683,839 Est. Cost $4.66 Unrealized —

GNL Global Net Lease Inc 2.1%

Value ($000) $3,450 Shares 424,343 Est. Cost $9.17 Unrealized —

TRIN Trinity Capital Inc. 2.0%

Value ($000) $3,289 Shares 212,465 Est. Cost $12.01 Unrealized +17.3%

— Allspring Multi-Sector Income Fund 1.9%

Value ($000) $3,209 Shares 335,015 Est. Cost $9.24 Unrealized —

OUT Outfront Media Inc 1.9%

Value ($000) $3,134 Shares 171,052 Est. Cost $16.34 Unrealized —

USAC USA Compression Partners LP 1.9%

Value ($000) $3,118 Shares 129,907 Est. Cost $22.02 Unrealized —

— MFS Charter Income Trust 1.9%

Value ($000) $3,088 Shares 480,950 Est. Cost $6.38 Unrealized —

— BLACKROCK LTD DURATION INC 1.8%

Value ($000) $3,046 Shares 217,573 Est. Cost $14.07 Unrealized —

— Morgan Stanley Emerging Markets Debt Fund Inc 1.8%

Value ($000) $2,957 Shares 401,260 Est. Cost $7.69 Unrealized —

— FIRST TRUST SNR FL RT INC II 1.8%

Value ($000) $2,957 Shares 295,710 Est. Cost $10.15 Unrealized —

FDUS FIDUS INVESTMENT CORP 1.8%

Value ($000) $2,944 Shares 145,333 Est. Cost $16.10 Unrealized +20.7%

HESM Hess Midstream LP 1.7%

Value ($000) $2,854 Shares 82,610 Est. Cost $33.28 Unrealized -2.0%

— BlackRock Multi-Sector Income Trust 1.7%

Value ($000) $2,814 Shares 210,136 Est. Cost $14.49 Unrealized —

MFA MFA Financial Inc. 1.7%

Value ($000) $2,789 Shares 303,464 Est. Cost $10.06 Unrealized —

FBRT Franklin Bsp Realty Trust Inc 1.6%

Value ($000) $2,669 Shares 245,762 Est. Cost $12.30 Unrealized —

OCSL OAKTREE SPECIALTY LENDING CO 1.6%

Value ($000) $2,629 Shares 201,490 Est. Cost $17.59 Unrealized -24.1%

TCPC BlackRock TCP Capital Corp. 1.3%

Value ($000) $2,174 Shares 350,722 Est. Cost $8.45 Unrealized -31.8%

XIFR XPLR Infrastructure LP 1.1%

Value ($000) $1,763 Shares 173,367 Est. Cost $17.96 Unrealized -46.0%

RC Ready Capital Corp. 1.1%

Value ($000) $1,753 Shares 452,849 Est. Cost $6.33 Unrealized —

MRK MERCK & CO. INC. 0.9%

Value ($000) $1,509 Shares 17,974 Est. Cost $97.69 Unrealized -4.6%

KLAC KLA CORP 0.9%

Value ($000) $1,427 Shares 1,323 Est. Cost $476.58 Unrealized +145.9%

NXPI NXP SEMICONDUCTORS 0.5%

Value ($000) $807 Shares 3,545 Est. Cost $198.43 Unrealized +7.7%

UTHR UNITED THERAPEUTICS CORP 0.4%

Value ($000) $602 Shares 1,435 Est. Cost $362.36 Unrealized +28.5%

FTV FORTIVE CORP 0.3%

Value ($000) $487 Shares 9,933 Est. Cost $55.05 Unrealized -5.8%

NBIX NEUROCRINE BIOSCIENC 0.3%

Value ($000) $438 Shares 3,122 Est. Cost $136.69 Unrealized +6.0%

RAL RALLIANT COR-W/I 0.2%

Value ($000) $275 Shares 6,278 Est. Cost $46.33 Unrealized +1.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	11,979	$3,952	2.4%	$182.87	+95.2%	—	11135F101
—	Morgan Stanley Emerging Markets Domestic Debt Fund Inc	683,839	$3,679	2.2%	$4.66	—	—	617477104
GNL	Global Net Lease Inc	424,343	$3,450	2.1%	$9.17	—	—	379378201
TRIN	Trinity Capital Inc.	212,465	$3,289	2.0%	$12.01	+17.3%	—	896442308
—	Allspring Multi-Sector Income Fund	335,015	$3,209	1.9%	$9.24	—	—	94987D101
OUT	Outfront Media Inc	171,052	$3,134	1.9%	$16.34	—	—	69007J304
USAC	USA Compression Partners LP	129,907	$3,118	1.9%	$22.02	—	—	90290N109
—	MFS Charter Income Trust	480,950	$3,088	1.9%	$6.38	—	—	552727109
—	BLACKROCK LTD DURATION INC	217,573	$3,046	1.8%	$14.07	—	—	09249W101
—	Morgan Stanley Emerging Markets Debt Fund Inc	401,260	$2,957	1.8%	$7.69	—	—	61744H105
—	FIRST TRUST SNR FL RT INC II	295,710	$2,957	1.8%	$10.15	—	—	33733U108
FDUS	FIDUS INVESTMENT CORP	145,333	$2,944	1.8%	$16.10	+20.7%	—	316500107
HESM	Hess Midstream LP	82,610	$2,854	1.7%	$33.28	-2.0%	—	428103105
—	BlackRock Multi-Sector Income Trust	210,136	$2,814	1.7%	$14.49	—	—	09258A107
MFA	MFA Financial Inc.	303,464	$2,789	1.7%	$10.06	—	—	55272X607
FBRT	Franklin Bsp Realty Trust Inc	245,762	$2,669	1.6%	$12.30	—	—	35243J101
OCSL	OAKTREE SPECIALTY LENDING CO	201,490	$2,629	1.6%	$17.59	-24.1%	—	67401P405
TCPC	BlackRock TCP Capital Corp.	350,722	$2,174	1.3%	$8.45	-31.8%	—	09259E108
XIFR	XPLR Infrastructure LP	173,367	$1,763	1.1%	$17.96	-46.0%	—	65341B106
RC	Ready Capital Corp.	452,849	$1,753	1.1%	$6.33	—	—	75574U101
MRK	MERCK & CO. INC.	17,974	$1,509	0.9%	$97.69	-4.6%	—	58933Y105
KLAC	KLA CORP	1,323	$1,427	0.9%	$476.58	+145.9%	—	482480100
NXPI	NXP SEMICONDUCTORS	3,545	$807	0.5%	$198.43	+7.7%	—	N6596X109
UTHR	UNITED THERAPEUTICS CORP	1,435	$602	0.4%	$362.36	+28.5%	—	91307C102
FTV	FORTIVE CORP	9,933	$487	0.3%	$55.05	-5.8%	—	34959J108
NBIX	NEUROCRINE BIOSCIENC	3,122	$438	0.3%	$136.69	+6.0%	—	64125C109
RAL	RALLIANT COR-W/I	6,278	$275	0.2%	$46.33	+1.2%	—	750940108

Decreased Positions (20)

NLY Annaly Capital Management, Inc. 1.6%

Value ($000) $2,624 (-22.7%) Shares 117,366 (-30.2%) Est. Cost $18.60 Unrealized —

DKL Delek Logistics Partners LP 1.6%

Value ($000) $2,664 (-19.8%) Shares 59,694 (-18.2%) Est. Cost $42.64 Unrealized —

EFC Ellington Financial Inc 1.6%

Value ($000) $2,670 (-18.7%) Shares 196,578 (-22.3%) Est. Cost $12.30 Unrealized —

AGNC Agnc Investment Corp 1.6%

Value ($000) $2,678 (-18.1%) Shares 249,810 (-25.2%) Est. Cost $9.28 Unrealized —

MPLX MPLX LP 1.6%

Value ($000) $2,689 (-15.9%) Shares 50,391 (-21.3%) Est. Cost $38.00 Unrealized —

LLY ELI LILLY & CO 1.9%

Value ($000) $3,080 (+19.6%) Shares 2,866 (-15.1%) Est. Cost $816.33 Unrealized +17.1%

EPD Enterprise Products Partners L 1.6%

Value ($000) $2,699 (-11.6%) Shares 84,178 (-13.8%) Est. Cost $26.94 Unrealized —

— BLACKROCK DEBT STRATEGIES FD 1.6%

Value ($000) $2,684 (-11.5%) Shares 263,702 (-7.6%) Est. Cost $10.20 Unrealized —

ARLP Alliance Resource Partners, L.P. 1.6%

Value ($000) $2,693 (-9.8%) Shares 115,907 (-1.8%) Est. Cost $26.24 Unrealized —

PMT PennyMac Mortgage Investment Trust 1.6%

Value ($000) $2,699 (-9.6%) Shares 215,032 (-11.7%) Est. Cost $12.68 Unrealized —

ISRG INTUITIVE SURG, INC. 1.0%

Value ($000) $1,583 (+21.3%) Shares 2,795 (-4.2%) Est. Cost $322.15 Unrealized +65.3%

GOOGL ALPHABET INC-CL A 2.6%

Value ($000) $4,246 (+6.9%) Shares 13,564 (-17.0%) Est. Cost $118.63 Unrealized +140.7%

— Franklin Limited Duration Income Trust 1.6%

Value ($000) $2,694 (-9.2%) Shares 438,079 (-5.9%) Est. Cost $6.59 Unrealized —

TWLO TWILIO INC - A 0.4%

Value ($000) $604 (+32.5%) Shares 4,244 (-6.7%) Est. Cost $106.85 Unrealized +15.9%

TWO Two Harbors Investment Corp. 1.6%

Value ($000) $2,688 (+4.5%) Shares 255,961 (-1.8%) Est. Cost $11.68 Unrealized —

BSM Black Stone Minerals LP 1.6%

Value ($000) $2,655 (-4.0%) Shares 199,774 (-5.1%) Est. Cost $15.36 Unrealized —

CRWD CROWDSTRIKE HOLDINGS INC 0.7%

Value ($000) $1,207 (-6.8%) Shares 2,575 (-2.5%) Est. Cost $208.29 Unrealized +144.5%

FICO FAIR ISAAC CORP 0.5%

Value ($000) $744 (+11.7%) Shares 440 (-1.1%) Est. Cost $1843.29 Unrealized -6.6%

DDOG DATADOG INC 0.4%

Value ($000) $736 (-8.8%) Shares 5,411 (-4.4%) Est. Cost $105.51 Unrealized +49.8%

GBDC GOLUB CAP BDC INC COM 1.6%

Value ($000) $2,709 (-2.3%) Shares 199,627 (-1.5%) Est. Cost $11.70 Unrealized +15.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NLY	Annaly Capital Management, Inc.	117,366 (-30.2%)	$2,624 (-22.7%)	1.6%	$18.60	—	NLY	035710839
DKL	Delek Logistics Partners LP	59,694 (-18.2%)	$2,664 (-19.8%)	1.6%	$42.64	—	DKL	24664T103
EFC	Ellington Financial Inc	196,578 (-22.3%)	$2,670 (-18.7%)	1.6%	$12.30	—	EFC	28852N109
AGNC	Agnc Investment Corp	249,810 (-25.2%)	$2,678 (-18.1%)	1.6%	$9.28	—	AGNC	00123Q104
MPLX	MPLX LP	50,391 (-21.3%)	$2,689 (-15.9%)	1.6%	$38.00	—	MPLX	55336V100
LLY	ELI LILLY & CO	2,866 (-15.1%)	$3,080 (+19.6%)	1.9%	$816.33	+17.1%	LLY	532457108
EPD	Enterprise Products Partners L	84,178 (-13.8%)	$2,699 (-11.6%)	1.6%	$26.94	—	EPD	293792107
—	BLACKROCK DEBT STRATEGIES FD	263,702 (-7.6%)	$2,684 (-11.5%)	1.6%	$10.20	—	DSU	09255R202
ARLP	Alliance Resource Partners, L.P.	115,907 (-1.8%)	$2,693 (-9.8%)	1.6%	$26.24	—	ARLP	01877R108
PMT	PennyMac Mortgage Investment Trust	215,032 (-11.7%)	$2,699 (-9.6%)	1.6%	$12.68	—	PMT	70931T103
ISRG	INTUITIVE SURG, INC.	2,795 (-4.2%)	$1,583 (+21.3%)	1.0%	$322.15	+65.3%	ISRG	46120E602
GOOGL	ALPHABET INC-CL A	13,564 (-17.0%)	$4,246 (+6.9%)	2.6%	$118.63	+140.7%	GOOGL	02079K305
—	Franklin Limited Duration Income Trust	438,079 (-5.9%)	$2,694 (-9.2%)	1.6%	$6.59	—	FTF	35472T101
TWLO	TWILIO INC - A	4,244 (-6.7%)	$604 (+32.5%)	0.4%	$106.85	+15.9%	TWLO	90138F102
TWO	Two Harbors Investment Corp.	255,961 (-1.8%)	$2,688 (+4.5%)	1.6%	$11.68	—	TWO	90187B804
BSM	Black Stone Minerals LP	199,774 (-5.1%)	$2,655 (-4.0%)	1.6%	$15.36	—	BSM	09225M101
CRWD	CROWDSTRIKE HOLDINGS INC	2,575 (-2.5%)	$1,207 (-6.8%)	0.7%	$208.29	+144.5%	CRWD	22788C105
FICO	FAIR ISAAC CORP	440 (-1.1%)	$744 (+11.7%)	0.5%	$1843.29	-6.6%	FICO	303250104
DDOG	DATADOG INC	5,411 (-4.4%)	$736 (-8.8%)	0.4%	$105.51	+49.8%	DDOG	23804L103
GBDC	GOLUB CAP BDC INC COM	199,627 (-1.5%)	$2,709 (-2.3%)	1.6%	$11.70	+15.7%	GBDC	38173M102

Unchanged Positions (1)

EXPE EXPEDIA GROUP, INC. 0.5%

Value ($000) $753 Shares 2,659 Est. Cost $126.27 Unrealized +95.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXPE	EXPEDIA GROUP, INC.	2,659	$753	0.5%	$126.27	+95.5%	EXPE	30212P303