Fractal Investments LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SOLS	SOLSTICE ADVANCED MATLS INC	25,100	$1,219	0.2%	$47.08	0.0%	COM SHS	83443Q103
SNDK	SANDISK CORP	4,400	$1,044	0.1%	$200.29	0.0%	COM	80004C200
Q	QNITY ELECTRONICS INC	12,000	$980	0.1%	$84.91	0.0%	COMMON STOCK	74743L100
FTV	FORTIVE CORP	8,400	$464	0.1%	$51.86	0.0%	COM	34959J108
LLYVK	LIBERTY LIVE HOLDINGS INC	5,143	$428	0.1%	$85.87	0.0%	COM SHS SER C	530909308
MT	ARCELORMITTAL SA LUXEMBOURG	4,800	$219	0.0%	$45.57	—	NY REGISTRY SH	03938L203
BG	BUNGE GLOBAL SA	2,400	$214	0.0%	$91.86	0.0%	COM SHS	H11356104
SLVM	SYLVAMO CORP	4,300	$207	0.0%	$45.07	0.0%	COMMON STOCK	871332102
HAL	HALLIBURTON CO	7,200	$203	0.0%	$26.29	0.0%	COM	406216101
GE	GE AEROSPACE	660	$203	0.0%	$300.80	0.0%	COM NEW	369604301

Increased Positions (4)

WMB WILLIAMS COS INC 6.8%

Value ($000) $48,930 (+30.6%) Shares 814,000 (+37.6%) Est. Cost $44.23 Unrealized +35.8%

WES WESTERN MIDSTREAM PARTNERS L 8.7%

Value ($000) $62,323 (+8.1%) Shares 1,577,806 (+7.5%) Est. Cost $25.52 Unrealized —

PHIN PHINIA INC 0.1%

Value ($000) $934 (+23.1%) Shares 14,900 (+12.9%) Est. Cost $34.61 Unrealized +59.2%

VLTO VERALTO CORP 0.1%

Value ($000) $878 (+5.6%) Shares 8,800 (+12.8%) Est. Cost $83.59 Unrealized +20.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WMB	WILLIAMS COS INC	814,000 (+37.6%)	$48,930 (+30.6%)	6.8%	$44.23	+35.8%	COM	969457100
WES	WESTERN MIDSTREAM PARTNERS L	1,577,806 (+7.5%)	$62,323 (+8.1%)	8.7%	$25.52	—	COM UNIT LP INT	958669103
PHIN	PHINIA INC	14,900 (+12.9%)	$934 (+23.1%)	0.1%	$34.61	+59.2%	COMMON STOCK	71880K101
VLTO	VERALTO CORP	8,800 (+12.8%)	$878 (+5.6%)	0.1%	$83.59	+20.8%	COM SHS	92338C103

Exited Positions (7)

ARMK ARAMARK 0.1%

Value ($000) $645 Shares 16,800 Est. Cost $35.25 Unrealized +7.6%

KNF KNIFE RIVER CORP 0.1%

Value ($000) $515 Shares 6,702 Est. Cost $49.87 Unrealized +40.8%

CXT CRANE NXT CO 0.1%

Value ($000) $394 Shares 5,880 Est. Cost $49.36 Unrealized +19.5%

MMM 3M CO 0.1%

Value ($000) $388 Shares 2,500 Est. Cost $94.27 Unrealized +73.1%

— KELLANOVA 0.0%

Value ($000) $295 Shares 3,600 Est. Cost $56.18 Unrealized +47.1%

— LIBERTY MEDIA CORP DEL 0.0%

Value ($000) $266 Shares 2,743 Est. Cost $81.16 Unrealized —

RXO RXO INC 0.0%

Value ($000) $201 Shares 13,083 Est. Cost $21.43 Unrealized -31.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARMK	ARAMARK	16,800	$645	0.1%	$35.25	+7.6%	—	03852U106
KNF	KNIFE RIVER CORP	6,702	$515	0.1%	$49.87	+40.8%	—	498894104
CXT	CRANE NXT CO	5,880	$394	0.1%	$49.36	+19.5%	—	224441105
MMM	3M CO	2,500	$388	0.1%	$94.27	+73.1%	—	88579Y101
—	KELLANOVA	3,600	$295	0.0%	$56.18	+47.1%	—	487836108
—	LIBERTY MEDIA CORP DEL	2,743	$266	0.0%	$81.16	—	—	531229722
RXO	RXO INC	13,083	$201	0.0%	$21.43	-31.2%	—	74982T103

Decreased Positions (4)

OKE ONEOK INC NEW 1.6%

Value ($000) $11,512 (-24.0%) Shares 156,630 (-24.6%) Est. Cost $74.47 Unrealized -5.4%

GEV GE VERNOVA INC 0.4%

Value ($000) $2,581 (-30.0%) Shares 3,949 (-34.2%) Est. Cost $191.56 Unrealized +217.9%

CEG CONSTELLATION ENERGY CORP 0.2%

Value ($000) $1,408 (-22.2%) Shares 3,985 (-27.5%) Est. Cost $211.85 Unrealized +71.4%

PAA PLAINS ALL AMERN PIPELINE L 9.1%

Value ($000) $65,119 (-0.2%) Shares 3,625,784 (-5.2%) Est. Cost $11.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OKE	ONEOK INC NEW	156,630 (-24.6%)	$11,512 (-24.0%)	1.6%	$74.47	-5.4%	COM	682680103
GEV	GE VERNOVA INC	3,949 (-34.2%)	$2,581 (-30.0%)	0.4%	$191.56	+217.9%	COM	36828A101
CEG	CONSTELLATION ENERGY CORP	3,985 (-27.5%)	$1,408 (-22.2%)	0.2%	$211.85	+71.4%	COM	21037T109
PAA	PLAINS ALL AMERN PIPELINE L	3,625,784 (-5.2%)	$65,119 (-0.2%)	9.1%	$11.68	—	UNIT LTD PARTN	726503105

Unchanged Positions (62)

MPLX MPLX LP 15.3%

Value ($000) $109,478 Shares 2,051,301 Est. Cost $35.74 Unrealized —

NGL NGL ENERGY PARTNERS LP 1.2%

Value ($000) $8,325 Shares 832,479 Est. Cost $5.16 Unrealized —

ET ENERGY TRANSFER L P 11.0%

Value ($000) $79,114 Shares 4,797,715 Est. Cost $9.73 Unrealized —

LNG CHENIERE ENERGY INC 2.1%

Value ($000) $15,276 Shares 78,585 Est. Cost $180.91 Unrealized +16.1%

TRGP TARGA RES CORP 4.1%

Value ($000) $29,229 Shares 158,424 Est. Cost $61.09 Unrealized +175.1%

DTM DT MIDSTREAM INC 3.9%

Value ($000) $27,646 Shares 230,999 Est. Cost $88.76 Unrealized +28.8%

SUN SUNOCO LP/SUNOCO FIN CORP 4.5%

Value ($000) $32,313 Shares 616,542 Est. Cost $56.90 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 8.2%

Value ($000) $58,896 Shares 1,837,044 Est. Cost $23.73 Unrealized —

GLP GLOBAL PARTNERS LP 1.1%

Value ($000) $8,171 Shares 195,234 Est. Cost $34.62 Unrealized —

KMI KINDER MORGAN INC DEL 3.3%

Value ($000) $23,494 Shares 854,638 Est. Cost $19.94 Unrealized +34.9%

TRP TC ENERGY CORP 5.0%

Value ($000) $35,701 Shares 649,000 Est. Cost $42.40 Unrealized +25.8%

GEL GENESIS ENERGY L P 0.7%

Value ($000) $5,355 Shares 343,243 Est. Cost $11.14 Unrealized —

SMC SUMMIT MIDSTREAM CORPORATION 0.2%

Value ($000) $1,201 Shares 45,000 Est. Cost $36.10 Unrealized -34.1%

NEM NEWMONT CORP 0.2%

Value ($000) $1,697 Shares 17,000 Est. Cost $69.39 Unrealized +30.0%

KNTK KINETIK HOLDINGS INC 0.1%

Value ($000) $991 Shares 27,502 Est. Cost $34.94 Unrealized +3.4%

ENB ENBRIDGE INC 0.5%

Value ($000) $3,229 Shares 67,500 Est. Cost $43.78 Unrealized +7.6%

B BARRICK MNG CORP 0.1%

Value ($000) $714 Shares 16,400 Est. Cost $19.29 Unrealized +94.0%

FCX FREEPORT-MCMORAN INC 0.1%

Value ($000) $765 Shares 15,068 Est. Cost $39.40 Unrealized +9.9%

WLKP WESTLAKE CHEM PARTNERS LP 0.2%

Value ($000) $1,528 Shares 80,400 Est. Cost $23.09 Unrealized —

CF CF INDS HLDGS INC 0.1%

Value ($000) $797 Shares 10,300 Est. Cost $75.83 Unrealized +8.0%

RIO RIO TINTO PLC 0.1%

Value ($000) $656 Shares 8,200 Est. Cost $63.03 Unrealized —

GLD SPDR GOLD TR 0.1%

Value ($000) $991 Shares 2,500 Est. Cost $243.06 Unrealized —

SCCO SOUTHERN COPPER CORP 0.1%

Value ($000) $623 Shares 4,340 Est. Cost $56.93 Unrealized +133.2%

PH PARKER-HANNIFIN CORP 0.1%

Value ($000) $642 Shares 730 Est. Cost $523.94 Unrealized +56.1%

GEHC GE HEALTHCARE TECHNOLOGIES I 0.1%

Value ($000) $1,034 Shares 12,601 Est. Cost $79.45 Unrealized -1.9%

STLD STEEL DYNAMICS INC 0.1%

Value ($000) $456 Shares 2,694 Est. Cost $67.00 Unrealized +136.4%

CMC COMMERCIAL METALS CO 0.1%

Value ($000) $429 Shares 6,200 Est. Cost $54.97 Unrealized +13.5%

PAAS PAN AMERN SILVER CORP 0.0%

Value ($000) $288 Shares 5,567 Est. Cost $32.15 Unrealized +30.2%

MPC MARATHON PETE CORP 0.1%

Value ($000) $373 Shares 2,291 Est. Cost $107.10 Unrealized +74.0%

MLI MUELLER INDS INC 0.1%

Value ($000) $566 Shares 4,926 Est. Cost $31.91 Unrealized +236.5%

CQP CHENIERE ENERGY PARTNERS LP 1.4%

Value ($000) $10,382 Shares 194,126 Est. Cost $47.38 Unrealized —

MBC MASTERBRAND INC 0.0%

Value ($000) $324 Shares 29,328 Est. Cost $10.58 Unrealized +10.6%

XOM EXXON MOBIL CORP 0.1%

Value ($000) $946 Shares 7,861 Est. Cost $101.30 Unrealized +14.0%

HESM HESS MIDSTREAM LP 5.7%

Value ($000) $40,890 Shares 1,185,220 Est. Cost $34.91 Unrealized -6.6%

NUE NUCOR CORP 0.0%

Value ($000) $305 Shares 1,868 Est. Cost $125.01 Unrealized +19.8%

CAT CATERPILLAR INC 0.0%

Value ($000) $253 Shares 442 Est. Cost $348.76 Unrealized +59.3%

ETN EATON CORP PLC 0.0%

Value ($000) $239 Shares 749 Est. Cost $310.76 Unrealized +14.0%

BHP BHP GROUP LTD 0.1%

Value ($000) $543 Shares 9,000 Est. Cost $57.99 Unrealized —

CARR CARRIER GLOBAL CORPORATION 0.0%

Value ($000) $319 Shares 6,030 Est. Cost $50.95 Unrealized +9.0%

INGR INGREDION INC 0.1%

Value ($000) $362 Shares 3,285 Est. Cost $138.68 Unrealized -18.7%

MRP MILLROSE PPTYS INC 0.0%

Value ($000) $269 Shares 9,000 Est. Cost $28.51 Unrealized —

PLD PROLOGIS INC. 0.0%

Value ($000) $306 Shares 2,400 Est. Cost $102.32 Unrealized +21.0%

TT TRANE TECHNOLOGIES PLC 0.0%

Value ($000) $311 Shares 800 Est. Cost $267.07 Unrealized +54.9%

SPH SUBURBAN PROPANE PARTNERS L 0.6%

Value ($000) $3,984 Shares 214,864 Est. Cost $17.61 Unrealized —

NTR NUTRIEN LTD 0.1%

Value ($000) $475 Shares 7,700 Est. Cost $50.90 Unrealized +15.6%

PKG PACKAGING CORP AMER 0.1%

Value ($000) $371 Shares 1,800 Est. Cost $191.85 Unrealized +5.5%

GGB GERDAU SA 0.0%

Value ($000) $123 Shares 33,264 Est. Cost $5.21 Unrealized —

ICL ICL GROUP LTD 0.0%

Value ($000) $208 Shares 36,500 Est. Cost $6.06 Unrealized -4.5%

SU SUNCOR ENERGY INC NEW 0.0%

Value ($000) $284 Shares 6,400 Est. Cost $29.47 Unrealized +43.4%

NATL NCR ATLEOS CORPORATION 0.1%

Value ($000) $484 Shares 12,700 Est. Cost $24.38 Unrealized +53.8%

SHEL SHELL PLC 0.1%

Value ($000) $551 Shares 7,500 Est. Cost $70.41 Unrealized —

CVX CHEVRON CORP NEW 0.1%

Value ($000) $640 Shares 4,200 Est. Cost $138.98 Unrealized +8.9%

VLO VALERO ENERGY CORP 0.0%

Value ($000) $221 Shares 1,360 Est. Cost $147.81 Unrealized +14.2%

DKL DELEK LOGISTICS PARTNERS LP 0.1%

Value ($000) $471 Shares 10,559 Est. Cost $42.95 Unrealized —

— AMCOR PLC 0.1%

Value ($000) $441 Shares 52,925 Est. Cost $9.15 Unrealized -9.8%

FIP FTAI INFRASTRUCTURE INC 0.0%

Value ($000) $152 Shares 33,000 Est. Cost $2.55 Unrealized +92.7%

RS RELIANCE INC 0.0%

Value ($000) $289 Shares 1,000 Est. Cost $183.74 Unrealized +52.9%

AEM AGNICO EAGLE MINES LTD 0.1%

Value ($000) $815 Shares 4,809 Est. Cost $86.40 Unrealized +94.3%

COP CONOCOPHILLIPS 0.1%

Value ($000) $420 Shares 4,492 Est. Cost $90.99 Unrealized -1.1%

CR CRANE COMPANY 0.1%

Value ($000) $904 Shares 4,900 Est. Cost $99.57 Unrealized +86.2%

ECG EVERUS CONSTR GROUP 0.1%

Value ($000) $419 Shares 4,900 Est. Cost $50.62 Unrealized +76.8%

ESAB ESAB CORPORATION 0.1%

Value ($000) $645 Shares 5,777 Est. Cost $69.05 Unrealized +65.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MPLX	MPLX LP	2,051,301	$109,478	15.3%	$35.74	—	COM UNIT REP LTD	55336V100
NGL	NGL ENERGY PARTNERS LP	832,479	$8,325	1.2%	$5.16	—	COM UNIT REPST	62913M107
ET	ENERGY TRANSFER L P	4,797,715	$79,114	11.0%	$9.73	—	COM UT LTD PTN	29273V100
LNG	CHENIERE ENERGY INC	78,585	$15,276	2.1%	$180.91	+16.1%	COM NEW	16411R208
TRGP	TARGA RES CORP	158,424	$29,229	4.1%	$61.09	+175.1%	COM	87612G101
DTM	DT MIDSTREAM INC	230,999	$27,646	3.9%	$88.76	+28.8%	COMMON STOCK	23345M107
SUN	SUNOCO LP/SUNOCO FIN CORP	616,542	$32,313	4.5%	$56.90	—	COM UT REP LP	86765K109
EPD	ENTERPRISE PRODS PARTNERS L	1,837,044	$58,896	8.2%	$23.73	—	COM	293792107
GLP	GLOBAL PARTNERS LP	195,234	$8,171	1.1%	$34.62	—	COM UNITS	37946R109
KMI	KINDER MORGAN INC DEL	854,638	$23,494	3.3%	$19.94	+34.9%	COM	49456B101
TRP	TC ENERGY CORP	649,000	$35,701	5.0%	$42.40	+25.8%	COM	87807B107
GEL	GENESIS ENERGY L P	343,243	$5,355	0.7%	$11.14	—	UNIT LTD PARTN	371927104
SMC	SUMMIT MIDSTREAM CORPORATION	45,000	$1,201	0.2%	$36.10	-34.1%	COM	86614G101
NEM	NEWMONT CORP	17,000	$1,697	0.2%	$69.39	+30.0%	COM	651639106
KNTK	KINETIK HOLDINGS INC	27,502	$991	0.1%	$34.94	+3.4%	COM NEW CL A	02215L209
ENB	ENBRIDGE INC	67,500	$3,229	0.5%	$43.78	+7.6%	COM	29250N105
B	BARRICK MNG CORP	16,400	$714	0.1%	$19.29	+94.0%	COM SHS	06849F108
FCX	FREEPORT-MCMORAN INC	15,068	$765	0.1%	$39.40	+9.9%	CL B	35671D857
WLKP	WESTLAKE CHEM PARTNERS LP	80,400	$1,528	0.2%	$23.09	—	COM UNIT RP LP	960417103
CF	CF INDS HLDGS INC	10,300	$797	0.1%	$75.83	+8.0%	COM	125269100
RIO	RIO TINTO PLC	8,200	$656	0.1%	$63.03	—	SPONSORED ADR	767204100
GLD	SPDR GOLD TR	2,500	$991	0.1%	$243.06	—	GOLD SHS	78463V107
SCCO	SOUTHERN COPPER CORP	4,340	$623	0.1%	$56.93	+133.2%	COM	84265V105
PH	PARKER-HANNIFIN CORP	730	$642	0.1%	$523.94	+56.1%	COM	701094104
GEHC	GE HEALTHCARE TECHNOLOGIES I	12,601	$1,034	0.1%	$79.45	-1.9%	COMMON STOCK	36266G107
STLD	STEEL DYNAMICS INC	2,694	$456	0.1%	$67.00	+136.4%	COM	858119100
CMC	COMMERCIAL METALS CO	6,200	$429	0.1%	$54.97	+13.5%	COM	201723103
PAAS	PAN AMERN SILVER CORP	5,567	$288	0.0%	$32.15	+30.2%	COM	697900108
MPC	MARATHON PETE CORP	2,291	$373	0.1%	$107.10	+74.0%	COM	56585A102
MLI	MUELLER INDS INC	4,926	$566	0.1%	$31.91	+236.5%	COM	624756102
CQP	CHENIERE ENERGY PARTNERS LP	194,126	$10,382	1.4%	$47.38	—	COM UNIT	16411Q101
MBC	MASTERBRAND INC	29,328	$324	0.0%	$10.58	+10.6%	COMMON STOCK	57638P104
XOM	EXXON MOBIL CORP	7,861	$946	0.1%	$101.30	+14.0%	COM	30231G102
HESM	HESS MIDSTREAM LP	1,185,220	$40,890	5.7%	$34.91	-6.6%	CL A SHS	428103105
NUE	NUCOR CORP	1,868	$305	0.0%	$125.01	+19.8%	COM	670346105
CAT	CATERPILLAR INC	442	$253	0.0%	$348.76	+59.3%	COM	149123101
ETN	EATON CORP PLC	749	$239	0.0%	$310.76	+14.0%	SHS	G29183103
BHP	BHP GROUP LTD	9,000	$543	0.1%	$57.99	—	SPONSORED ADS	088606108
CARR	CARRIER GLOBAL CORPORATION	6,030	$319	0.0%	$50.95	+9.0%	COM	14448C104
INGR	INGREDION INC	3,285	$362	0.1%	$138.68	-18.7%	COM	457187102
MRP	MILLROSE PPTYS INC	9,000	$269	0.0%	$28.51	—	COM CL A	601137102
PLD	PROLOGIS INC.	2,400	$306	0.0%	$102.32	+21.0%	COM	74340W103
TT	TRANE TECHNOLOGIES PLC	800	$311	0.0%	$267.07	+54.9%	SHS	G8994E103
SPH	SUBURBAN PROPANE PARTNERS L	214,864	$3,984	0.6%	$17.61	—	UNIT LTD PARTN	864482104
NTR	NUTRIEN LTD	7,700	$475	0.1%	$50.90	+15.6%	COM	67077M108
PKG	PACKAGING CORP AMER	1,800	$371	0.1%	$191.85	+5.5%	COM	695156109
GGB	GERDAU SA	33,264	$123	0.0%	$5.21	—	SPON ADR REP PFD	373737105
ICL	ICL GROUP LTD	36,500	$208	0.0%	$6.06	-4.5%	SHS	M53213100
SU	SUNCOR ENERGY INC NEW	6,400	$284	0.0%	$29.47	+43.4%	COM	867224107
NATL	NCR ATLEOS CORPORATION	12,700	$484	0.1%	$24.38	+53.8%	COM SHS	63001N106
SHEL	SHELL PLC	7,500	$551	0.1%	$70.41	—	SPON ADS	780259305
CVX	CHEVRON CORP NEW	4,200	$640	0.1%	$138.98	+8.9%	COM	166764100
VLO	VALERO ENERGY CORP	1,360	$221	0.0%	$147.81	+14.2%	COM	91913Y100
DKL	DELEK LOGISTICS PARTNERS LP	10,559	$471	0.1%	$42.95	—	COM UNT RP INT	24664T103
—	AMCOR PLC	52,925	$441	0.1%	$9.15	-9.8%	ORD	G0250X107
FIP	FTAI INFRASTRUCTURE INC	33,000	$152	0.0%	$2.55	+92.7%	COMMON STOCK	35953C106
RS	RELIANCE INC	1,000	$289	0.0%	$183.74	+52.9%	COM	759509102
AEM	AGNICO EAGLE MINES LTD	4,809	$815	0.1%	$86.40	+94.3%	COM	008474108
COP	CONOCOPHILLIPS	4,492	$420	0.1%	$90.99	-1.1%	COM	20825C104
CR	CRANE COMPANY	4,900	$904	0.1%	$99.57	+86.2%	COMMON STOCK	224408104
ECG	EVERUS CONSTR GROUP	4,900	$419	0.1%	$50.62	+76.8%	COM	300426103
ESAB	ESAB CORPORATION	5,777	$645	0.1%	$69.05	+65.6%	COM	29605J106