Global Wealth Management, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	13,851	$688	0.4%	$49.65	—	SHS BEN INT	46438F101
VCRM	VANGUARD MUN BD FDS	3,891	$294	0.2%	$75.58	—	CORE TAX EXEMPT	922907712
FMUN	FIDELITY MERRIMACK STR TR	5,837	$293	0.2%	$50.23	—	SYSTEMATIC MUN	316188846
SLV	ISHARES SILVER TR	4,548	$293	0.2%	$64.42	—	ISHARES	46428Q109
AGQ	PROSHARES TR II	1,718	$266	0.1%	$155.12	—	ULTRA SILVER NEW	74347W353
SIL	GLOBAL X FDS	2,676	$224	0.1%	$83.53	—	GLOBAL X SILVER	37954Y848
MMM	3M CO	1,366	$219	0.1%	$163.18	0.0%	COM	88579Y101
GOOGL	ALPHABET INC	670	$210	0.1%	$285.60	0.0%	CAP STK CL A	02079K305
AMD	ADVANCED MICRO DEVICES INC	965	$207	0.1%	$224.60	0.0%	COM	007903107

Increased Positions (5)

SIVR ABRDN SILVER ETF TRUST 2.8%

Value ($000) $5,160 (+315.8%) Shares 76,291 (+173.4%) Est. Cost $53.15 Unrealized —

IAU ISHARES GOLD TR 2.2%

Value ($000) $4,065 (+202.2%) Shares 50,083 (+170.9%) Est. Cost $69.70 Unrealized —

AMZN AMAZON COM INC 0.7%

Value ($000) $1,235 (+26.4%) Shares 5,350 (+20.2%) Est. Cost $190.48 Unrealized +20.1%

BND VANGUARD BD INDEX FDS 4.6%

Value ($000) $8,617 (+2.9%) Shares 116,332 (+3.4%) Est. Cost $74.30 Unrealized —

GLD SPDR GOLD TR 0.4%

Value ($000) $671 (+29.6%) Shares 1,694 (+16.3%) Est. Cost $273.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SIVR	ABRDN SILVER ETF TRUST	76,291 (+173.4%)	$5,160 (+315.8%)	2.8%	$53.15	—	PHYSCL SILVR SHS	003264108
IAU	ISHARES GOLD TR	50,083 (+170.9%)	$4,065 (+202.2%)	2.2%	$69.70	—	ISHARES NEW	464285204
AMZN	AMAZON COM INC	5,350 (+20.2%)	$1,235 (+26.4%)	0.7%	$190.48	+20.1%	COM	023135106
BND	VANGUARD BD INDEX FDS	116,332 (+3.4%)	$8,617 (+2.9%)	4.6%	$74.30	—	TOTAL BND MRKT	921937835
GLD	SPDR GOLD TR	1,694 (+16.3%)	$671 (+29.6%)	0.4%	$273.19	—	GOLD SHS	78463V107

Exited Positions (3)

USO UNITED STS OIL FD LP 0.5%

Value ($000) $901 Shares 12,220 Est. Cost $75.55 Unrealized —

TSLA TESLA INC 0.1%

Value ($000) $246 Shares 554 Est. Cost $346.84 Unrealized +27.8%

KRE SPDR SERIES TRUST 0.1%

Value ($000) $216 Shares 3,408 Est. Cost $63.61 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
USO	UNITED STS OIL FD LP	12,220	$901	0.5%	$75.55	—	—	91232N207
TSLA	TESLA INC	554	$246	0.1%	$346.84	+27.8%	—	88160R101
KRE	SPDR SERIES TRUST	3,408	$216	0.1%	$63.61	—	—	78464A698

Decreased Positions (15)

VUSB VANGUARD BD INDEX FDS 10.2%

Value ($000) $18,893 (-22.8%) Shares 379,070 (-22.5%) Est. Cost $49.89 Unrealized —

IVV ISHARES TR 9.7%

Value ($000) $17,963 (-10.6%) Shares 26,225 (-12.7%) Est. Cost $578.10 Unrealized —

SCHB SCHWAB STRATEGIC TR 12.4%

Value ($000) $23,046 (-6.0%) Shares 878,601 (-7.9%) Est. Cost $37.30 Unrealized —

QQQ INVESCO QQQ TR 3.1%

Value ($000) $5,730 (-17.0%) Shares 9,327 (-18.9%) Est. Cost $490.42 Unrealized —

SCHD SCHWAB STRATEGIC TR 9.9%

Value ($000) $18,305 (-5.4%) Shares 667,332 (-5.9%) Est. Cost $45.92 Unrealized —

JMST J P MORGAN EXCHANGE TRADED F 14.3%

Value ($000) $26,626 (-1.9%) Shares 522,702 (-1.7%) Est. Cost $50.88 Unrealized —

IJR ISHARES TR 5.3%

Value ($000) $9,775 (-3.4%) Shares 81,339 (-4.5%) Est. Cost $116.96 Unrealized —

IJH ISHARES TR 3.6%

Value ($000) $6,597 (-4.6%) Shares 99,957 (-5.7%) Est. Cost $62.32 Unrealized —

VDE VANGUARD WORLD FD 0.3%

Value ($000) $480 (-37.3%) Shares 3,808 (-37.3%) Est. Cost $122.44 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 2.8%

Value ($000) $5,254 (-4.5%) Shares 27,428 (-5.5%) Est. Cost $180.49 Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 6.3%

Value ($000) $11,671 (-1.8%) Shares 53,102 (-3.5%) Est. Cost $198.19 Unrealized —

VGT VANGUARD WORLD FD 1.6%

Value ($000) $3,002 (-6.0%) Shares 3,983 (-6.9%) Est. Cost $587.36 Unrealized —

VTI VANGUARD INDEX FDS 4.1%

Value ($000) $7,673 (-2.0%) Shares 22,885 (-4.1%) Est. Cost $283.23 Unrealized —

AAPL APPLE INC 0.4%

Value ($000) $710 (+4.8%) Shares 2,611 (-1.8%) Est. Cost $218.84 Unrealized +22.6%

NVDA NVIDIA CORPORATION 0.2%

Value ($000) $400 (-4.2%) Shares 2,144 (-4.2%) Est. Cost $118.90 Unrealized +56.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VUSB	VANGUARD BD INDEX FDS	379,070 (-22.5%)	$18,893 (-22.8%)	10.2%	$49.89	—	VANGUARD ULTRA	92203C303
IVV	ISHARES TR	26,225 (-12.7%)	$17,963 (-10.6%)	9.7%	$578.10	—	CORE S&P500 ETF	464287200
SCHB	SCHWAB STRATEGIC TR	878,601 (-7.9%)	$23,046 (-6.0%)	12.4%	$37.30	—	US BRD MKT ETF	808524102
QQQ	INVESCO QQQ TR	9,327 (-18.9%)	$5,730 (-17.0%)	3.1%	$490.42	—	UNIT SER 1	46090E103
SCHD	SCHWAB STRATEGIC TR	667,332 (-5.9%)	$18,305 (-5.4%)	9.9%	$45.92	—	US DIVIDEND EQ	808524797
JMST	J P MORGAN EXCHANGE TRADED F	522,702 (-1.7%)	$26,626 (-1.9%)	14.3%	$50.88	—	ULTRA SHT MUNCPL	46641Q654
IJR	ISHARES TR	81,339 (-4.5%)	$9,775 (-3.4%)	5.3%	$116.96	—	CORE S&P SCP ETF	464287804
IJH	ISHARES TR	99,957 (-5.7%)	$6,597 (-4.6%)	3.6%	$62.32	—	CORE S&P MCP ETF	464287507
VDE	VANGUARD WORLD FD	3,808 (-37.3%)	$480 (-37.3%)	0.3%	$122.44	—	ENERGY ETF	92204A306
RSP	INVESCO EXCHANGE TRADED FD T	27,428 (-5.5%)	$5,254 (-4.5%)	2.8%	$180.49	—	S&P500 EQL WGT	46137V357
VIG	VANGUARD SPECIALIZED FUNDS	53,102 (-3.5%)	$11,671 (-1.8%)	6.3%	$198.19	—	DIV APP ETF	921908844
VGT	VANGUARD WORLD FD	3,983 (-6.9%)	$3,002 (-6.0%)	1.6%	$587.36	—	INF TECH ETF	92204A702
VTI	VANGUARD INDEX FDS	22,885 (-4.1%)	$7,673 (-2.0%)	4.1%	$283.23	—	TOTAL STK MKT	922908769
AAPL	APPLE INC	2,611 (-1.8%)	$710 (+4.8%)	0.4%	$218.84	+22.6%	COM	037833100
NVDA	NVIDIA CORPORATION	2,144 (-4.2%)	$400 (-4.2%)	0.2%	$118.90	+56.5%	COM	67066G104

Unchanged Positions (12)

JNJ JOHNSON & JOHNSON 1.1%

Value ($000) $2,000 Shares 9,663 Est. Cost $152.66 Unrealized +29.1%

GOOG ALPHABET INC 0.2%

Value ($000) $322 Shares 1,027 Est. Cost $209.93 Unrealized +36.4%

MSFT MICROSOFT CORP 0.4%

Value ($000) $825 Shares 1,707 Est. Cost $423.10 Unrealized +18.3%

IWD ISHARES TR 0.8%

Value ($000) $1,465 Shares 6,964 Est. Cost $189.80 Unrealized —

AMGN AMGEN INC 0.1%

Value ($000) $277 Shares 846 Est. Cost $313.17 Unrealized +0.9%

WMT WALMART INC 0.1%

Value ($000) $267 Shares 2,396 Est. Cost $92.95 Unrealized +15.3%

IWB ISHARES TR 0.4%

Value ($000) $694 Shares 1,857 Est. Cost $314.33 Unrealized —

AVGO BROADCOM INC 0.1%

Value ($000) $260 Shares 750 Est. Cost $215.92 Unrealized +65.3%

OEF ISHARES TR 0.2%

Value ($000) $304 Shares 887 Est. Cost $276.76 Unrealized —

VUG VANGUARD INDEX FDS 0.2%

Value ($000) $427 Shares 876 Est. Cost $388.70 Unrealized —

VOX VANGUARD WORLD FD 0.1%

Value ($000) $226 Shares 1,167 Est. Cost $187.80 Unrealized —

SDY SPDR SERIES TRUST 0.1%

Value ($000) $203 Shares 1,462 Est. Cost $138.87 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JNJ	JOHNSON & JOHNSON	9,663	$2,000	1.1%	$152.66	+29.1%	COM	478160104
GOOG	ALPHABET INC	1,027	$322	0.2%	$209.93	+36.4%	CAP STK CL C	02079K107
MSFT	MICROSOFT CORP	1,707	$825	0.4%	$423.10	+18.3%	COM	594918104
IWD	ISHARES TR	6,964	$1,465	0.8%	$189.80	—	RUS 1000 VAL ETF	464287598
AMGN	AMGEN INC	846	$277	0.1%	$313.17	+0.9%	COM	031162100
WMT	WALMART INC	2,396	$267	0.1%	$92.95	+15.3%	COM	931142103
IWB	ISHARES TR	1,857	$694	0.4%	$314.33	—	RUS 1000 ETF	464287622
AVGO	BROADCOM INC	750	$260	0.1%	$215.92	+65.3%	COM	11135F101
OEF	ISHARES TR	887	$304	0.2%	$276.76	—	S&P 100 ETF	464287101
VUG	VANGUARD INDEX FDS	876	$427	0.2%	$388.70	—	GROWTH ETF	922908736
VOX	VANGUARD WORLD FD	1,167	$226	0.1%	$187.80	—	COMM SRVC ETF	92204A884
SDY	SPDR SERIES TRUST	1,462	$203	0.1%	$138.87	—	STATE STREET SPD	78464A763