Alternative Investment Advisors, LLC. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
USMV	ISHARES TR	45,677	$4,301	1.9%	$94.17	—	MSCI USA MIN VOL	46429B697
HUBS	HUBSPOT INC	5,789	$2,323	1.0%	$414.24	0.0%	COM	443573100
PAAS	PAN AMERN SILVER CORP	14,500	$751	0.3%	$41.86	0.0%	CALL	697900108
KGC	KINROSS GOLD CORP	16,500	$465	0.2%	$25.98	0.0%	CALL	496902404
NEM	NEWMONT CORP	3,200	$320	0.1%	$90.20	0.0%	CALL	651639106
VOO	VANGUARD INDEX FDS	361	$227	0.1%	$629.77	—	S&P 500 ETF SHS	922908363
PHYS	SPROTT ASSET MANAGEMENT LP	6,065	$200	0.1%	$33.02	—	PHYSICAL GOLD TR	85207H104
NEM	NEWMONT CORP	805	$80	0.0%	$90.20	0.0%	COM	651639106
SLV	ISHARES SILVER TR	1,000	$64	0.0%	$23.27	—	CALL	46428Q109
PAAS	PAN AMERN SILVER CORP	1,200	$62	0.0%	$41.86	0.0%	COM	697900108
KGC	KINROSS GOLD CORP	2,000	$56	0.0%	$25.98	0.0%	COM	496902404

Increased Positions (22)

IVV ISHARES TR 60.6%

Value ($000) $140,948 (+3.5%) Shares 205,779 (+1.1%) Est. Cost $529.21 Unrealized —

DYNF BLACKROCK ETF TRUST 3.6%

Value ($000) $8,447 (+7.3%) Shares 138,903 (+4.4%) Est. Cost $52.25 Unrealized —

BINC BLACKROCK ETF TRUST II 3.4%

Value ($000) $7,903 (+5.0%) Shares 149,760 (+6.0%) Est. Cost $53.21 Unrealized —

OEF ISHARES TR 3.5%

Value ($000) $8,094 (+4.6%) Shares 23,596 (+1.5%) Est. Cost $261.65 Unrealized —

AAPL APPLE INC 0.8%

Value ($000) $1,829 (+19.8%) Shares 6,727 (+12.2%) Est. Cost $197.96 Unrealized +35.6%

VMBS VANGUARD SCOTTSDALE FDS 1.4%

Value ($000) $3,305 (+9.9%) Shares 70,194 (+9.6%) Est. Cost $46.45 Unrealized —

SPXL DIREXION SHS ETF TR 0.2%

Value ($000) $562 (+96.7%) Shares 2,545 (+88.8%) Est. Cost $216.08 Unrealized —

EMB ISHARES TR 2.4%

Value ($000) $5,548 (+3.3%) Shares 57,618 (+2.1%) Est. Cost $85.13 Unrealized —

QQQ INVESCO QQQ TR 0.2%

Value ($000) $569 (+30.6%) Shares 924 (+27.4%) Est. Cost $434.29 Unrealized —

OXY OCCIDENTAL PETE CORP 0.5%

Value ($000) $1,072 (-8.6%) Shares 26,071 (+5.0%) Est. Cost $52.62 Unrealized -21.0%

NFLX NETFLIX INC 0.1%

Value ($000) $307 (-23.2%) Shares 3,270 (+882.0%) Est. Cost $105.49 Unrealized +2.2%

TQQQ PROSHARES TR 0.1%

Value ($000) $331 (-17.8%) Shares 6,277 (+61.2%) Est. Cost $71.51 Unrealized —

META META PLATFORMS INC 0.1%

Value ($000) $288 (+33.0%) Shares 435 (+48.0%) Est. Cost $718.63 Unrealized -7.1%

MSFT MICROSOFT CORP 0.5%

Value ($000) $1,234 (-5.5%) Shares 2,548 (+1.1%) Est. Cost $343.61 Unrealized +45.7%

WFC WELLS FARGO CO NEW 0.2%

Value ($000) $440 (+12.4%) Shares 4,723 (+1.1%) Est. Cost $41.18 Unrealized +110.4%

VTI VANGUARD INDEX FDS 0.1%

Value ($000) $236 (+14.7%) Shares 704 (+11.9%) Est. Cost $328.58 Unrealized —

V VISA INC 0.1%

Value ($000) $293 (+11.3%) Shares 834 (+8.2%) Est. Cost $275.45 Unrealized +23.6%

OKE ONEOK INC NEW 0.4%

Value ($000) $943 (+2.2%) Shares 12,832 (+1.4%) Est. Cost $59.54 Unrealized +18.3%

SSO PROSHARES TR 0.2%

Value ($000) $415 (+3.5%) Shares 7,159 (+100.3%) Est. Cost $73.12 Unrealized —

— AMCOR PLC 0.0%

Value ($000) $94 (+8.4%) Shares 11,268 (+6.3%) Est. Cost $8.92 Unrealized -7.5%

EMHY ISHARES INC 0.1%

Value ($000) $224 (+3.1%) Shares 5,548 (+1.4%) Est. Cost $34.13 Unrealized —

HD HOME DEPOT INC 0.1%

Value ($000) $227 (+1.0%) Shares 657 (+18.8%) Est. Cost $385.27 Unrealized -5.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES TR	205,779 (+1.1%)	$140,948 (+3.5%)	60.6%	$529.21	—	CORE S&P500 ETF	464287200
DYNF	BLACKROCK ETF TRUST	138,903 (+4.4%)	$8,447 (+7.3%)	3.6%	$52.25	—	ISHARES US EQUIT	09290C103
BINC	BLACKROCK ETF TRUST II	149,760 (+6.0%)	$7,903 (+5.0%)	3.4%	$53.21	—	ISHARES FLEXIBLE	092528603
OEF	ISHARES TR	23,596 (+1.5%)	$8,094 (+4.6%)	3.5%	$261.65	—	S&P 100 ETF	464287101
AAPL	APPLE INC	6,727 (+12.2%)	$1,829 (+19.8%)	0.8%	$197.96	+35.6%	COM	037833100
VMBS	VANGUARD SCOTTSDALE FDS	70,194 (+9.6%)	$3,305 (+9.9%)	1.4%	$46.45	—	MTG-BKD SECS ETF	92206C771
SPXL	DIREXION SHS ETF TR	2,545 (+88.8%)	$562 (+96.7%)	0.2%	$216.08	—	DRX S&P500BULL	25459W862
EMB	ISHARES TR	57,618 (+2.1%)	$5,548 (+3.3%)	2.4%	$85.13	—	JPMORGAN USD EMG	464288281
QQQ	INVESCO QQQ TR	924 (+27.4%)	$569 (+30.6%)	0.2%	$434.29	—	UNIT SER 1	46090E103
OXY	OCCIDENTAL PETE CORP	26,071 (+5.0%)	$1,072 (-8.6%)	0.5%	$52.62	-21.0%	COM	674599105
NFLX	NETFLIX INC	3,270 (+882.0%)	$307 (-23.2%)	0.1%	$105.49	+2.2%	COM	64110L106
TQQQ	PROSHARES TR	6,277 (+61.2%)	$331 (-17.8%)	0.1%	$71.51	—	ULTRAPRO QQQ	74347X831
META	META PLATFORMS INC	435 (+48.0%)	$288 (+33.0%)	0.1%	$718.63	-7.1%	CL A	30303M102
MSFT	MICROSOFT CORP	2,548 (+1.1%)	$1,234 (-5.5%)	0.5%	$343.61	+45.7%	COM	594918104
WFC	WELLS FARGO CO NEW	4,723 (+1.1%)	$440 (+12.4%)	0.2%	$41.18	+110.4%	COM	949746101
VTI	VANGUARD INDEX FDS	704 (+11.9%)	$236 (+14.7%)	0.1%	$328.58	—	TOTAL STK MKT	922908769
V	VISA INC	834 (+8.2%)	$293 (+11.3%)	0.1%	$275.45	+23.6%	COM CL A	92826C839
OKE	ONEOK INC NEW	12,832 (+1.4%)	$943 (+2.2%)	0.4%	$59.54	+18.3%	COM	682680103
SSO	PROSHARES TR	7,159 (+100.3%)	$415 (+3.5%)	0.2%	$73.12	—	PSHS ULT S&P 500	74347R107
—	AMCOR PLC	11,268 (+6.3%)	$94 (+8.4%)	0.0%	$8.92	-7.5%	ORD	G0250X107
EMHY	ISHARES INC	5,548 (+1.4%)	$224 (+3.1%)	0.1%	$34.13	—	JP MRGN EM HI BD	464286285
HD	HOME DEPOT INC	657 (+18.8%)	$227 (+1.0%)	0.1%	$385.27	-5.4%	COM	437076102

Exited Positions (3)

UPWK UPWORK INC 1.3%

Value ($000) $3,008 Shares 161,997 Est. Cost $14.89 Unrealized +23.1%

HAL HALLIBURTON CO 0.6%

Value ($000) $1,330 Shares 54,046 Est. Cost $21.87 Unrealized +20.2%

RCL ROYAL CARIBBEAN GROUP 0.1%

Value ($000) $204 Shares 630 Est. Cost $332.02 Unrealized -15.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UPWK	UPWORK INC	161,997	$3,008	1.3%	$14.89	+23.1%	—	91688F104
HAL	HALLIBURTON CO	54,046	$1,330	0.6%	$21.87	+20.2%	—	406216101
RCL	ROYAL CARIBBEAN GROUP	630	$204	0.1%	$332.02	-15.2%	—	V7780T103

Decreased Positions (19)

LRCX LAM RESEARCH CORP 1.5%

Value ($000) $3,371 (+24.0%) Shares 19,689 (-3.0%) Est. Cost $74.98 Unrealized +107.2%

PLMR PALOMAR HLDGS INC 1.4%

Value ($000) $3,232 (+12.0%) Shares 23,985 (-3.0%) Est. Cost $126.79 Unrealized -3.7%

SLV ISHARES SILVER TR 0.3%

Value ($000) $659 (+48.4%) Shares 10,237 (-2.4%) Est. Cost $23.27 Unrealized —

MBB ISHARES TR 2.9%

Value ($000) $6,710 (-2.7%) Shares 70,466 (-2.8%) Est. Cost $92.88 Unrealized —

SCHR SCHWAB STRATEGIC TR 0.9%

Value ($000) $2,005 (-8.5%) Shares 79,957 (-8.3%) Est. Cost $35.02 Unrealized —

IUSB ISHARES TR 1.4%

Value ($000) $3,247 (-4.1%) Shares 69,768 (-3.7%) Est. Cost $45.52 Unrealized —

DUK DUKE ENERGY CORP NEW 0.1%

Value ($000) $205 (-28.9%) Shares 1,746 (-25.0%) Est. Cost $96.88 Unrealized +25.5%

GLD SPDR GOLD TR 0.4%

Value ($000) $996 (-7.0%) Shares 2,514 (-16.6%) Est. Cost $261.46 Unrealized —

AVGO BROADCOM INC 0.8%

Value ($000) $1,786 (+3.7%) Shares 5,158 (-1.2%) Est. Cost $230.31 Unrealized +55.0%

AMZN AMAZON COM INC 0.7%

Value ($000) $1,679 (+3.7%) Shares 7,275 (-1.3%) Est. Cost $151.03 Unrealized +51.5%

NVDA NVIDIA CORPORATION 1.7%

Value ($000) $3,901 (-1.2%) Shares 20,916 (-1.2%) Est. Cost $102.07 Unrealized +82.4%

SHY ISHARES TR 0.2%

Value ($000) $484 (-8.3%) Shares 5,841 (-8.2%) Est. Cost $82.43 Unrealized —

T AT&T INC 0.1%

Value ($000) $254 (-14.8%) Shares 10,205 (-3.1%) Est. Cost $19.75 Unrealized +28.0%

CVX CHEVRON CORP NEW 0.1%

Value ($000) $229 (-11.8%) Shares 1,503 (-10.2%) Est. Cost $145.62 Unrealized +4.0%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value ($000) $679 (-3.9%) Shares 1,351 (-3.8%) Est. Cost $424.00 Unrealized +17.3%

TSLA TESLA INC 0.1%

Value ($000) $338 (-5.9%) Shares 751 (-6.9%) Est. Cost $301.28 Unrealized +47.1%

SCHX SCHWAB STRATEGIC TR 0.5%

Value ($000) $1,057 (+1.0%) Shares 39,292 (-1.1%) Est. Cost $33.09 Unrealized —

NOK NOKIA CORP 0.0%

Value ($000) $65 (+11.8%) Shares 10,000 (-16.9%) Est. Cost $3.74 Unrealized —

VYM VANGUARD WHITEHALL FDS 0.1%

Value ($000) $206 (+0.5%) Shares 1,434 (-1.4%) Est. Cost $140.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LRCX	LAM RESEARCH CORP	19,689 (-3.0%)	$3,371 (+24.0%)	1.5%	$74.98	+107.2%	COM NEW	512807306
PLMR	PALOMAR HLDGS INC	23,985 (-3.0%)	$3,232 (+12.0%)	1.4%	$126.79	-3.7%	COM	69753M105
SLV	ISHARES SILVER TR	10,237 (-2.4%)	$659 (+48.4%)	0.3%	$23.27	—	ISHARES	46428Q109
MBB	ISHARES TR	70,466 (-2.8%)	$6,710 (-2.7%)	2.9%	$92.88	—	MBS ETF	464288588
SCHR	SCHWAB STRATEGIC TR	79,957 (-8.3%)	$2,005 (-8.5%)	0.9%	$35.02	—	INT-TRM U.S TRES	808524854
IUSB	ISHARES TR	69,768 (-3.7%)	$3,247 (-4.1%)	1.4%	$45.52	—	CORE UNIVRSL USD	46434V613
DUK	DUKE ENERGY CORP NEW	1,746 (-25.0%)	$205 (-28.9%)	0.1%	$96.88	+25.5%	COM NEW	26441C204
GLD	SPDR GOLD TR	2,514 (-16.6%)	$996 (-7.0%)	0.4%	$261.46	—	GOLD SHS	78463V107
AVGO	BROADCOM INC	5,158 (-1.2%)	$1,786 (+3.7%)	0.8%	$230.31	+55.0%	COM	11135F101
AMZN	AMAZON COM INC	7,275 (-1.3%)	$1,679 (+3.7%)	0.7%	$151.03	+51.5%	COM	023135106
NVDA	NVIDIA CORPORATION	20,916 (-1.2%)	$3,901 (-1.2%)	1.7%	$102.07	+82.4%	COM	67066G104
SHY	ISHARES TR	5,841 (-8.2%)	$484 (-8.3%)	0.2%	$82.43	—	1 3 YR TREAS BD	464287457
T	AT&T INC	10,205 (-3.1%)	$254 (-14.8%)	0.1%	$19.75	+28.0%	COM	00206R102
CVX	CHEVRON CORP NEW	1,503 (-10.2%)	$229 (-11.8%)	0.1%	$145.62	+4.0%	COM	166764100
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,351 (-3.8%)	$679 (-3.9%)	0.3%	$424.00	+17.3%	CL B NEW	084670702
TSLA	TESLA INC	751 (-6.9%)	$338 (-5.9%)	0.1%	$301.28	+47.1%	COM	88160R101
SCHX	SCHWAB STRATEGIC TR	39,292 (-1.1%)	$1,057 (+1.0%)	0.5%	$33.09	—	US LRG CAP ETF	808524201
NOK	NOKIA CORP	10,000 (-16.9%)	$65 (+11.8%)	0.0%	$3.74	—	SPONSORED ADR	654902204
VYM	VANGUARD WHITEHALL FDS	1,434 (-1.4%)	$206 (+0.5%)	0.1%	$140.96	—	HIGH DIV YLD	921946406

Unchanged Positions (12)

GOOGL ALPHABET INC 0.8%

Value ($000) $1,834 Shares 5,858 Est. Cost $129.64 Unrealized +120.3%

DOCS DOXIMITY INC 0.2%

Value ($000) $428 Shares 9,666 Est. Cost $27.29 Unrealized +105.7%

IBM INTERNATIONAL BUSINESS MACHS 1.4%

Value ($000) $3,212 Shares 10,841 Est. Cost $133.44 Unrealized +123.9%

GOOG ALPHABET INC 0.2%

Value ($000) $462 Shares 1,472 Est. Cost $173.61 Unrealized +64.9%

CAT CATERPILLAR INC 0.1%

Value ($000) $323 Shares 562 Est. Cost $336.71 Unrealized +65.0%

SPY SPDR S&P 500 ETF TR 0.5%

Value ($000) $1,107 Shares 1,621 Est. Cost $473.17 Unrealized —

WMT WALMART INC 0.2%

Value ($000) $447 Shares 4,010 Est. Cost $74.04 Unrealized +44.8%

IWV ISHARES TR 0.2%

Value ($000) $414 Shares 1,070 Est. Cost $308.85 Unrealized —

DE DEERE & CO 0.1%

Value ($000) $336 Shares 720 Est. Cost $401.25 Unrealized +16.6%

OTTR OTTER TAIL CORP 0.2%

Value ($000) $383 Shares 4,737 Est. Cost $77.16 Unrealized +4.0%

GEVO GEVO INC 0.1%

Value ($000) $147 Shares 73,328 Est. Cost $0.67 Unrealized +227.2%

GERN GERON CORP 0.0%

Value ($000) $52 Shares 39,278 Est. Cost $3.28 Unrealized -61.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	5,858	$1,834	0.8%	$129.64	+120.3%	CAP STK CL A	02079K305
DOCS	DOXIMITY INC	9,666	$428	0.2%	$27.29	+105.7%	CL A	26622P107
IBM	INTERNATIONAL BUSINESS MACHS	10,841	$3,212	1.4%	$133.44	+123.9%	COM	459200101
GOOG	ALPHABET INC	1,472	$462	0.2%	$173.61	+64.9%	CAP STK CL C	02079K107
CAT	CATERPILLAR INC	562	$323	0.1%	$336.71	+65.0%	COM	149123101
SPY	SPDR S&P 500 ETF TR	1,621	$1,107	0.5%	$473.17	—	TR UNIT	78462F103
WMT	WALMART INC	4,010	$447	0.2%	$74.04	+44.8%	COM	931142103
IWV	ISHARES TR	1,070	$414	0.2%	$308.85	—	RUSSELL 3000 ETF	464287689
DE	DEERE & CO	720	$336	0.1%	$401.25	+16.6%	COM	244199105
OTTR	OTTER TAIL CORP	4,737	$383	0.2%	$77.16	+4.0%	COM	689648103
GEVO	GEVO INC	73,328	$147	0.1%	$0.67	+227.2%	COM PAR	374396406
GERN	GERON CORP	39,278	$52	0.0%	$3.28	-61.8%	COM	374163103