KITCHING PARTNERS, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LEMB	ISHARES INC	28,203	$1,172	1.1%	$41.57	—	JP MORGAN EM ETF	464286517
AGG	ISHARES TR	7,568	$756	0.7%	$99.88	—	CORE US AGGBD ET	464287226
MP	MP MATERIALS CORP	5,000	$253	0.2%	$63.41	0.0%	COM CL A	553368101
—	ISHARES SILVER TR	3,555	$229	0.2%	$64.42	—	ISHARES	46428q109
NNAVW	NEXTNAV INC	30,726	$220	0.2%	$7.15	—	*W EXP 99/99/999	65345N114
CPAY	CORPAY INC	680	$205	0.2%	$290.32	0.0%	COM SHS	219948106
BSX	BOSTON SCIENTIFIC CORP	2,122	$202	0.2%	$98.04	0.0%	COM	101137107
ABTC	AMERICAN BITCOIN CORP.	21,828	$37	0.0%	$4.17	0.0%	COM CL A	02462A104

Increased Positions (13)

VEA VANGUARD TAX-MANAGED FDS 12.4%

Value ($000) $13,627 (+15.0%) Shares 218,144 (+10.3%) Est. Cost $51.17 Unrealized —

VTV VANGUARD INDEX FDS 2.9%

Value ($000) $3,205 (+106.2%) Shares 16,780 (+101.4%) Est. Cost $176.67 Unrealized —

VB VANGUARD INDEX FDS 1.5%

Value ($000) $1,659 (+297.7%) Shares 6,430 (+292.1%) Est. Cost $252.67 Unrealized —

VWOB VANGUARD WHITEHALL FDS 5.0%

Value ($000) $5,480 (+18.9%) Shares 81,268 (+18.0%) Est. Cost $66.48 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 4.9%

Value ($000) $5,347 (+12.5%) Shares 99,455 (+13.4%) Est. Cost $46.04 Unrealized —

VUSB VANGUARD BD INDEX FDS 10.0%

Value ($000) $10,988 (+4.4%) Shares 220,459 (+4.7%) Est. Cost $49.80 Unrealized —

SHYG ISHARES TR 9.5%

Value ($000) $10,359 (+3.8%) Shares 241,648 (+4.8%) Est. Cost $42.48 Unrealized —

VGSH VANGUARD SCOTTSDALE FDS 0.8%

Value ($000) $899 (+24.7%) Shares 15,309 (+25.0%) Est. Cost $58.67 Unrealized —

AAPL APPLE INC 0.4%

Value ($000) $446 (+45.7%) Shares 1,640 (+36.4%) Est. Cost $236.50 Unrealized +13.5%

AVGO BROADCOM INC 0.2%

Value ($000) $263 (+17.1%) Shares 760 (+11.6%) Est. Cost $311.06 Unrealized +14.8%

PM PHILIP MORRIS INTL INC 0.3%

Value ($000) $327 (+7.1%) Shares 2,039 (+8.3%) Est. Cost $124.56 Unrealized +23.3%

VGLT VANGUARD SCOTTSDALE FDS 4.1%

Value ($000) $4,452 (-0.5%) Shares 79,780 (+1.4%) Est. Cost $60.99 Unrealized —

MSFT MICROSOFT CORP 0.7%

Value ($000) $799 (+2.6%) Shares 1,653 (+9.8%) Est. Cost $430.52 Unrealized +16.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VEA	VANGUARD TAX-MANAGED FDS	218,144 (+10.3%)	$13,627 (+15.0%)	12.4%	$51.17	—	VAN FTSE DEV MKT	921943858
VTV	VANGUARD INDEX FDS	16,780 (+101.4%)	$3,205 (+106.2%)	2.9%	$176.67	—	VALUE ETF	922908744
VB	VANGUARD INDEX FDS	6,430 (+292.1%)	$1,659 (+297.7%)	1.5%	$252.67	—	SMALL CP ETF	922908751
VWOB	VANGUARD WHITEHALL FDS	81,268 (+18.0%)	$5,480 (+18.9%)	5.0%	$66.48	—	EM MK GOV BD ETF	921946885
VWO	VANGUARD INTL EQUITY INDEX F	99,455 (+13.4%)	$5,347 (+12.5%)	4.9%	$46.04	—	FTSE EMR MKT ETF	922042858
VUSB	VANGUARD BD INDEX FDS	220,459 (+4.7%)	$10,988 (+4.4%)	10.0%	$49.80	—	VANGUARD ULTRA	92203C303
SHYG	ISHARES TR	241,648 (+4.8%)	$10,359 (+3.8%)	9.5%	$42.48	—	0-5YR HI YL CP	46434V407
VGSH	VANGUARD SCOTTSDALE FDS	15,309 (+25.0%)	$899 (+24.7%)	0.8%	$58.67	—	SHORT TERM TREAS	92206C102
AAPL	APPLE INC	1,640 (+36.4%)	$446 (+45.7%)	0.4%	$236.50	+13.5%	COM	037833100
AVGO	BROADCOM INC	760 (+11.6%)	$263 (+17.1%)	0.2%	$311.06	+14.8%	COM	11135F101
PM	PHILIP MORRIS INTL INC	2,039 (+8.3%)	$327 (+7.1%)	0.3%	$124.56	+23.3%	COM	718172109
VGLT	VANGUARD SCOTTSDALE FDS	79,780 (+1.4%)	$4,452 (-0.5%)	4.1%	$60.99	—	LONG TERM TREAS	92206C847
MSFT	MICROSOFT CORP	1,653 (+9.8%)	$799 (+2.6%)	0.7%	$430.52	+16.3%	COM	594918104

Exited Positions (5)

HDV ISHARES TR 0.2%

Value ($000) $246 Shares 2,007 Est. Cost $101.98 Unrealized —

SHW SHERWIN WILLIAMS CO 0.2%

Value ($000) $208 Shares 602 Est. Cost $348.12 Unrealized -4.0%

— APPLOVIN CORP 0.2%

Value ($000) $202 Shares 281 Est. Cost $718.54 Unrealized —

BBAI BIGBEAR AI HLDGS INC 0.1%

Value ($000) $133 Shares 20,410 Est. Cost $4.76 Unrealized +37.3%

— ROBIN ENERGY LTD 0.0%

Value ($000) $27 Shares 20,423 Est. Cost $1.30 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HDV	ISHARES TR	2,007	$246	0.2%	$101.98	—	—	46429B663
SHW	SHERWIN WILLIAMS CO	602	$208	0.2%	$348.12	-4.0%	—	824348106
—	APPLOVIN CORP	281	$202	0.2%	$718.54	—	—	03831w108
BBAI	BIGBEAR AI HLDGS INC	20,410	$133	0.1%	$4.76	+37.3%	—	08975B109
—	ROBIN ENERGY LTD	20,423	$27	0.0%	$1.30	—	—	Y73118104

Decreased Positions (10)

VOO VANGUARD INDEX FDS 6.8%

Value ($000) $7,493 (-27.1%) Shares 11,948 (-28.8%) Est. Cost $508.94 Unrealized —

SDY SPDR SERIES TRUST 7.8%

Value ($000) $8,501 (-20.3%) Shares 61,085 (-19.8%) Est. Cost $129.37 Unrealized —

KMLM KRANESHARES TRUST 0.4%

Value ($000) $399 (-65.9%) Shares 15,380 (-64.6%) Est. Cost $29.05 Unrealized —

VUG VANGUARD INDEX FDS 0.7%

Value ($000) $793 (-43.4%) Shares 1,625 (-44.3%) Est. Cost $382.96 Unrealized —

IAU ISHARES GOLD TR 7.3%

Value ($000) $8,030 (+3.4%) Shares 98,923 (-7.3%) Est. Cost $43.85 Unrealized —

NVDA NVIDIA CORPORATION 1.0%

Value ($000) $1,071 (-5.4%) Shares 5,740 (-5.4%) Est. Cost $122.35 Unrealized +52.1%

NN NEXTNAV INC 0.5%

Value ($000) $590 (+7.9%) Shares 35,431 (-7.2%) Est. Cost $8.88 Unrealized +59.9%

GOOGL ALPHABET INC 0.3%

Value ($000) $300 (-11.8%) Shares 960 (-31.5%) Est. Cost $209.20 Unrealized +36.5%

VIG VANGUARD SPECIALIZED FUNDS 16.0%

Value ($000) $17,488 (+0.2%) Shares 79,571 (-1.6%) Est. Cost $178.02 Unrealized —

AXP AMERICAN EXPRESS CO 0.4%

Value ($000) $441 (-4.7%) Shares 1,191 (-14.5%) Est. Cost $287.16 Unrealized +24.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS	11,948 (-28.8%)	$7,493 (-27.1%)	6.8%	$508.94	—	S&P 500 ETF SHS	922908363
SDY	SPDR SERIES TRUST	61,085 (-19.8%)	$8,501 (-20.3%)	7.8%	$129.37	—	STATE STREET SPD	78464A763
KMLM	KRANESHARES TRUST	15,380 (-64.6%)	$399 (-65.9%)	0.4%	$29.05	—	MOUNT LUCAS ETF	500767652
VUG	VANGUARD INDEX FDS	1,625 (-44.3%)	$793 (-43.4%)	0.7%	$382.96	—	GROWTH ETF	922908736
IAU	ISHARES GOLD TR	98,923 (-7.3%)	$8,030 (+3.4%)	7.3%	$43.85	—	ISHARES NEW	464285204
NVDA	NVIDIA CORPORATION	5,740 (-5.4%)	$1,071 (-5.4%)	1.0%	$122.35	+52.1%	COM	67066G104
NN	NEXTNAV INC	35,431 (-7.2%)	$590 (+7.9%)	0.5%	$8.88	+59.9%	COMMON STOCK	65345N106
GOOGL	ALPHABET INC	960 (-31.5%)	$300 (-11.8%)	0.3%	$209.20	+36.5%	CAP STK CL A	02079K305
VIG	VANGUARD SPECIALIZED FUNDS	79,571 (-1.6%)	$17,488 (+0.2%)	16.0%	$178.02	—	DIV APP ETF	921908844
AXP	AMERICAN EXPRESS CO	1,191 (-14.5%)	$441 (-4.7%)	0.4%	$287.16	+24.3%	COM	025816109

Unchanged Positions (11)

SILJ AMPLIFY ETF TR 0.3%

Value ($000) $348 Shares 12,583 Est. Cost $12.12 Unrealized —

COPX GLOBAL X FDS 0.2%

Value ($000) $254 Shares 3,540 Est. Cost $59.81 Unrealized —

— META PLATFORMS INC 0.3%

Value ($000) $343 Shares 520 Est. Cost $737.53 Unrealized —

AMZN AMAZON COM INC 0.7%

Value ($000) $755 Shares 3,271 Est. Cost $170.31 Unrealized +34.3%

SIL GLOBAL X FDS 0.2%

Value ($000) $250 Shares 2,995 Est. Cost $71.63 Unrealized —

— ORLA MNG LTD NEW 0.1%

Value ($000) $162 Shares 12,018 Est. Cost $4.00 Unrealized —

NGD NEW GOLD INC CDA 0.1%

Value ($000) $110 Shares 12,681 Est. Cost $5.41 Unrealized +39.2%

CSX CSX CORP 0.4%

Value ($000) $398 Shares 10,975 Est. Cost $33.12 Unrealized +7.8%

EBC EASTERN BANKSHARES INC 0.3%

Value ($000) $375 Shares 20,362 Est. Cost $15.17 Unrealized +20.1%

PHG KONINKLIJKE PHILIPS N V 0.3%

Value ($000) $305 Shares 11,259 Est. Cost $23.42 Unrealized —

— TESLA INC 0.2%

Value ($000) $234 Shares 520 Est. Cost $444.72 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SILJ	AMPLIFY ETF TR	12,583	$348	0.3%	$12.12	—	AMPLIFY JUNIOR S	032108649
COPX	GLOBAL X FDS	3,540	$254	0.2%	$59.81	—	GLOBAL X COPPER	37954Y830
—	META PLATFORMS INC	520	$343	0.3%	$737.53	—	CL A	30303m102
AMZN	AMAZON COM INC	3,271	$755	0.7%	$170.31	+34.3%	COM	023135106
SIL	GLOBAL X FDS	2,995	$250	0.2%	$71.63	—	GLOBAL X SILVER	37954Y848
—	ORLA MNG LTD NEW	12,018	$162	0.1%	$4.00	—	COM	68634k106
NGD	NEW GOLD INC CDA	12,681	$110	0.1%	$5.41	+39.2%	COM	644535106
CSX	CSX CORP	10,975	$398	0.4%	$33.12	+7.8%	COM	126408103
EBC	EASTERN BANKSHARES INC	20,362	$375	0.3%	$15.17	+20.1%	COM	27627N105
PHG	KONINKLIJKE PHILIPS N V	11,259	$305	0.3%	$23.42	—	NY REGIS SHS NEW	500472303
—	TESLA INC	520	$234	0.2%	$444.72	—	COM	88160r101