# EDGAR Filing Document

**Accession Number:** 0002003672
**File Stem:** 0001172661-25-003208
**Filing Date:** 2025-8
**Character Count:** 26412
**Document Hash:** d82a81701ad4b5f61955c6330f9bc48c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003208.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001172661-25-003208

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Quantum Portfolio Management LLC
- **CENTRAL INDEX KEY:** 0002003672

**ORGANIZATION NAME:**
- **EIN:** 922623850
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23542
- **FILM NUMBER:** 251212852

**BUSINESS ADDRESS:**
- **STREET 1:** 10 E. 53RD STREET
- **STREET 2:** SUITE 1400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-466-6761

**MAIL ADDRESS:**
- **STREET 1:** 10 E. 53RD STREET
- **STREET 2:** SUITE 1400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CUSTOM INDEX SYSTEMS, LLC
- **DATE OF NAME CHANGE:** 20231207

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Quantum Portfolio Management LLC<br>**Address:** 10 E. 53rd Street<br>Suite 1400<br>New York, NY 10022

**Form 13F File Number:** 028-23542

**CRD Number (if applicable):** 000326280

**SEC File Number (if applicable):** 801-127936

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Ann Keitner<br>**Title:** Chief Compliance Officer<br>**Phone:** 212-466-6761

**Signature, Place, and Date of Signing:**

/s/ Ann Keitner  New York, NY  08-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 232

**Form 13F Information Table Value Total:** $209577012

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABRDN SILVER ETF TRUST | PHYSCL SILVR SHS | 003264108 |  | 559025 | 16246 | SH |  | SOLE |  | 16246 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 329676 | 1103 | SH |  | SOLE |  | 1103 | 0 | 0 |
| AECOM | COM | 00766T100 |  | 1128713 | 10001 | SH |  | SOLE |  | 10001 | 0 | 0 |
| AFFILIATED MANAGERS GROUP IN | COM | 008252108 |  | 462410 | 2350 | SH |  | SOLE |  | 2350 | 0 | 0 |
| AGCO CORP | COM | 001084102 |  | 257384 | 2495 | SH |  | SOLE |  | 2495 | 0 | 0 |
| ALLIANCE RESOURCE PARTNERS L | UT LTD PART | 01877R108 |  | 526826 | 20154 | SH |  | SOLE |  | 20154 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2215246 | 12488 | SH |  | SOLE |  | 12488 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1901698 | 10791 | SH |  | SOLE |  | 10791 | 0 | 0 |
| ALPS ETF TR | ALERIAN ENERGY | 00162Q676 |  | 381238 | 11825 | SH |  | SOLE |  | 11825 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 3174793 | 14471 | SH |  | SOLE |  | 14471 | 0 | 0 |
| AMCOR PLC | ORD | G0250X107 |  | 505321 | 54986 | SH |  | SOLE |  | 54986 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 408294 | 1280 | SH |  | SOLE |  | 1280 | 0 | 0 |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 |  | 1382757 | 10956 | SH |  | SOLE |  | 10956 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 206433 | 934 | SH |  | SOLE |  | 934 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 340124 | 2445 | SH |  | SOLE |  | 2445 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 938224 | 9501 | SH |  | SOLE |  | 9501 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 281578 | 1183 | SH |  | SOLE |  | 1183 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 295397 | 828 | SH |  | SOLE |  | 828 | 0 | 0 |
| APPFOLIO INC | COM CL A | 03783C100 |  | 981684 | 4263 | SH |  | SOLE |  | 4263 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 10216440 | 49795 | SH |  | SOLE |  | 49795 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 229652 | 656 | SH |  | SOLE |  | 656 | 0 | 0 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 509152 | 5592 | SH |  | SOLE |  | 5592 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 437071 | 8281 | SH |  | SOLE |  | 8281 | 0 | 0 |
| ARGAN INC | COM | 04010E109 |  | 1782360 | 8084 | SH |  | SOLE |  | 8084 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 642171 | 1165 | SH |  | SOLE |  | 1165 | 0 | 0 |
| ARMSTRONG WORLD INDS INC NEW | COM | 04247X102 |  | 402364 | 2477 | SH |  | SOLE |  | 2477 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 529719 | 661 | SH |  | SOLE |  | 661 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 429552 | 6147 | SH |  | SOLE |  | 6147 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 470966 | 2319 | SH |  | SOLE |  | 2319 | 0 | 0 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 638324 | 4142 | SH |  | SOLE |  | 4142 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 534567 | 2691 | SH |  | SOLE |  | 2691 | 0 | 0 |
| AXIS CAP HLDGS LTD | SHS | G0692U109 |  | 1614609 | 15552 | SH |  | SOLE |  | 15552 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 493452 | 596 | SH |  | SOLE |  | 596 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 642847 | 16767 | SH |  | SOLE |  | 16767 | 0 | 0 |
| BANCFIRST CORP | COM | 05945F103 |  | 296441 | 2398 | SH |  | SOLE |  | 2398 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 231300 | 4888 | SH |  | SOLE |  | 4888 | 0 | 0 |
| BLOCK INC | CL A | 852234103 |  | 337137 | 4963 | SH |  | SOLE |  | 4963 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 495375 | 4612 | SH |  | SOLE |  | 4612 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 2831201 | 10271 | SH |  | SOLE |  | 10271 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 319749 | 2884 | SH |  | SOLE |  | 2884 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 840017 | 2726 | SH |  | SOLE |  | 2726 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 305616 | 9733 | SH |  | SOLE |  | 9733 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 535310 | 6753 | SH |  | SOLE |  | 6753 | 0 | 0 |
| CATALYST PHARMACEUTICALS INC | COM | 14888U101 |  | 787580 | 36294 | SH |  | SOLE |  | 36294 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 1263462 | 9017 | SH |  | SOLE |  | 9017 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 804128 | 21887 | SH |  | SOLE |  | 21887 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 435988 | 4739 | SH |  | SOLE |  | 4739 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 317309 | 2216 | SH |  | SOLE |  | 2216 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 551826 | 2476 | SH |  | SOLE |  | 2476 | 0 | 0 |
| CITIZENS FINL GROUP INC | COM | 174610105 |  | 420292 | 9392 | SH |  | SOLE |  | 9392 | 0 | 0 |
| CLEAN HARBORS INC | COM | 184496107 |  | 710185 | 3072 | SH |  | SOLE |  | 3072 | 0 | 0 |
| CLEARWAY ENERGY INC | CL A | 18539C105 |  | 1049508 | 34683 | SH |  | SOLE |  | 34683 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 190000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 361062 | 1310 | SH |  | SOLE |  | 1310 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 966021 | 2993 | SH |  | SOLE |  | 2993 | 0 | 0 |
| CONSTRUCTION PARTNERS INC | COM CL A | 21044C107 |  | 452434 | 4257 | SH |  | SOLE |  | 4257 | 0 | 0 |
| CORPAY INC | COM SHS | 219948106 |  | 487444 | 1469 | SH |  | SOLE |  | 1469 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1569055 | 1585 | SH |  | SOLE |  | 1585 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 |  | 590661 | 19715 | SH |  | SOLE |  | 19715 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 509310 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 1845742 | 3778 | SH |  | SOLE |  | 3778 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 939895 | 9119 | SH |  | SOLE |  | 9119 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 220984 | 6947 | SH |  | SOLE |  | 6947 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 278405 | 1597 | SH |  | SOLE |  | 1597 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 1121551 | 6121 | SH |  | SOLE |  | 6121 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 838445 | 54908 | SH |  | SOLE |  | 54908 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 811027 | 44734 | SH |  | SOLE |  | 44734 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 992134 | 31994 | SH |  | SOLE |  | 31994 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 532965 | 670 | SH |  | SOLE |  | 670 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 379871 | 3747 | SH |  | SOLE |  | 3747 | 0 | 0 |
| EVERGY INC | COM | 30034W106 |  | 298329 | 4328 | SH |  | SOLE |  | 4328 | 0 | 0 |
| F N B CORP | COM | 302520101 |  | 268826 | 18438 | SH |  | SOLE |  | 18438 | 0 | 0 |
| F5 INC | COM | 315616102 |  | 1106938 | 3761 | SH |  | SOLE |  | 3761 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 333942 | 7951 | SH |  | SOLE |  | 7951 | 0 | 0 |
| FEDERATED HERMES ETF TRUST | HERMES TOTAL RET | 31423L404 |  | 4798141 | 191161 | SH |  | SOLE |  | 191161 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 434305 | 885 | SH |  | SOLE |  | 885 | 0 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 403210 | 6568 | SH |  | SOLE |  | 6568 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | FINLS ALPHADEX | 33734X135 |  | 782149 | 13952 | SH |  | SOLE |  | 13952 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | CLOUD COMPUTING | 33734X192 |  | 540690 | 4445 | SH |  | SOLE |  | 4445 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED ALP | SML CP GRW ALP | 33737M300 |  | 286488 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 908769 | 8596 | SH |  | SOLE |  | 8596 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 608548 | 1901 | SH |  | SOLE |  | 1901 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 587944 | 5303 | SH |  | SOLE |  | 5303 | 0 | 0 |
| GLOBAL X FDS | DEFENSE TECH ETF | 37960A529 |  | 619009 | 10274 | SH |  | SOLE |  | 10274 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 327688 | 463 | SH |  | SOLE |  | 463 | 0 | 0 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 555282 | 2938 | SH |  | SOLE |  | 2938 | 0 | 0 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 312068 | 14811 | SH |  | SOLE |  | 14811 | 0 | 0 |
| GRUPO AEROPUERTO DEL PACIFIC | SPON ADS B | 400506101 |  | 307461 | 1339 | SH |  | SOLE |  | 1339 | 0 | 0 |
| GUIDEWIRE SOFTWARE INC | COM | 40171V100 |  | 449474 | 1909 | SH |  | SOLE |  | 1909 | 0 | 0 |
| HANESBRANDS INC | COM | 410345102 |  | 66373 | 14492 | SH |  | SOLE |  | 14492 | 0 | 0 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 347258 | 19832 | SH |  | SOLE |  | 19832 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 755645 | 2061 | SH |  | SOLE |  | 2061 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 574041 | 3190 | SH |  | SOLE |  | 3190 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 818786 | 4399 | SH |  | SOLE |  | 4399 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 471465 | 14015 | SH |  | SOLE |  | 14015 | 0 | 0 |
| INNODATA INC | COM NEW | 457642205 |  | 516195 | 10078 | SH |  | SOLE |  | 10078 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 320612 | 590 | SH |  | SOLE |  | 590 | 0 | 0 |
| INVESCO DB MULTI-SECTOR COMM | AGRICULTURE FD | 46140H106 |  | 457913 | 17511 | SH |  | SOLE |  | 17511 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | RAFI EMRGNG MRKT | 46138E727 |  | 2128864 | 91016 | SH |  | SOLE |  | 91016 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | KBW BK ETF | 46138E628 |  | 295576 | 4127 | SH |  | SOLE |  | 4127 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | LEISURE AND ENTE | 46137V720 |  | 278639 | 4897 | SH |  | SOLE |  | 4897 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S SMLCP MOMENT | 46137V498 |  | 493757 | 7259 | SH |  | SOLE |  | 7259 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1132517 | 2053 | SH |  | SOLE |  | 2053 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 791847 | 12698 | SH |  | SOLE |  | 12698 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 274969 | 9531 | SH |  | SOLE |  | 9531 | 0 | 0 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 |  | 263337 | 6224 | SH |  | SOLE |  | 6224 | 0 | 0 |
| ISHARES INC | MSCI EURZONE ETF | 464286608 |  | 1104165 | 18573 | SH |  | SOLE |  | 18573 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 |  | 261922 | 4325 | SH |  | SOLE |  | 4325 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 288771 | 4023 | SH |  | SOLE |  | 4023 | 0 | 0 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 305785 | 1621 | SH |  | SOLE |  | 1621 | 0 | 0 |
| ISHARES TR | MSCI EURO FL ETF | 464289180 |  | 519365 | 16420 | SH |  | SOLE |  | 16420 | 0 | 0 |
| ISHARES TR | MSCI INTL VLU FT | 46435G409 |  | 1626476 | 49452 | SH |  | SOLE |  | 49452 | 0 | 0 |
| ISHARES TR | EAFE GRWTH ETF | 464288885 |  | 621824 | 5552 | SH |  | SOLE |  | 5552 | 0 | 0 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 4468421 | 70391 | SH |  | SOLE |  | 70391 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 2495558 | 8730 | SH |  | SOLE |  | 8730 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 3456711 | 17797 | SH |  | SOLE |  | 17797 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 4619430 | 10880 | SH |  | SOLE |  | 10880 | 0 | 0 |
| ISHARES TR | MSCI POLAND ETF | 46429B606 |  | 284211 | 8810 | SH |  | SOLE |  | 8810 | 0 | 0 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 990975 | 5071 | SH |  | SOLE |  | 5071 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 3305863 | 30026 | SH |  | SOLE |  | 30026 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 540930 | 4940 | SH |  | SOLE |  | 4940 | 0 | 0 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 572299 | 8645 | SH |  | SOLE |  | 8645 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 569301 | 3114 | SH |  | SOLE |  | 3114 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 1019729 | 3003 | SH |  | SOLE |  | 3003 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ACTIVE VALUE ETF | 46641Q167 |  | 497669 | 7598 | SH |  | SOLE |  | 7598 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 578550 | 11400 | SH |  | SOLE |  | 11400 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 265632 | 1739 | SH |  | SOLE |  | 1739 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1127460 | 3889 | SH |  | SOLE |  | 3889 | 0 | 0 |
| KEMPER CORP | COM | 488401100 |  | 209626 | 3248 | SH |  | SOLE |  | 3248 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 519064 | 29797 | SH |  | SOLE |  | 29797 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 318990 | 10850 | SH |  | SOLE |  | 10850 | 0 | 0 |
| KINETIK HOLDINGS INC | COM NEW CL A | 02215L209 |  | 512125 | 11626 | SH |  | SOLE |  | 11626 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 251703 | 281 | SH |  | SOLE |  | 281 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 296062 | 8624 | SH |  | SOLE |  | 8624 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 1429364 | 19927 | SH |  | SOLE |  | 19927 | 0 | 0 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 1246660 | 4749 | SH |  | SOLE |  | 4749 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 851530 | 8748 | SH |  | SOLE |  | 8748 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 925223 | 1972 | SH |  | SOLE |  | 1972 | 0 | 0 |
| MASIMO CORP | COM | 574795100 |  | 209602 | 1246 | SH |  | SOLE |  | 1246 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 509927 | 2992 | SH |  | SOLE |  | 2992 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 640612 | 1140 | SH |  | SOLE |  | 1140 | 0 | 0 |
| MATADOR RES CO | COM | 576485205 |  | 546585 | 11454 | SH |  | SOLE |  | 11454 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 1577675 | 2153 | SH |  | SOLE |  | 2153 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 486135 | 186 | SH |  | SOLE |  | 186 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2949408 | 3996 | SH |  | SOLE |  | 3996 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 4592089 | 9232 | SH |  | SOLE |  | 9232 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 464865 | 1150 | SH |  | SOLE |  | 1150 | 0 | 0 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 489331 | 1556 | SH |  | SOLE |  | 1556 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 843443 | 2006 | SH |  | SOLE |  | 2006 | 0 | 0 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 984665 | 19116 | SH |  | SOLE |  | 19116 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 2640764 | 1972 | SH |  | SOLE |  | 1972 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 476638 | 6866 | SH |  | SOLE |  | 6866 | 0 | 0 |
| NISOURCE INC | COM | 65473P105 |  | 384602 | 9534 | SH |  | SOLE |  | 9534 | 0 | 0 |
| NOVA LTD | COM | M7516K103 |  | 321709 | 1169 | SH |  | SOLE |  | 1169 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 433515 | 6281 | SH |  | SOLE |  | 6281 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 403395 | 29402 | SH |  | SOLE |  | 29402 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 7450176 | 47156 | SH |  | SOLE |  | 47156 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 214120 | 980 | SH |  | SOLE |  | 980 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 327953 | 15368 | SH |  | SOLE |  | 15368 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 752057 | 9213 | SH |  | SOLE |  | 9213 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 687591 | 3145 | SH |  | SOLE |  | 3145 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 2252349 | 24990 | SH |  | SOLE |  | 24990 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 1470484 | 10787 | SH |  | SOLE |  | 10787 | 0 | 0 |
| PALOMAR HLDGS INC | COM | 69753M105 |  | 1257292 | 8151 | SH |  | SOLE |  | 8151 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 254243 | 364 | SH |  | SOLE |  | 364 | 0 | 0 |
| PATTERSON-UTI ENERGY INC | COM | 703481101 |  | 92484 | 15596 | SH |  | SOLE |  | 15596 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 358413 | 2464 | SH |  | SOLE |  | 2464 | 0 | 0 |
| PAYMENTUS HOLDINGS INC | COM CL A | 70439P108 |  | 856347 | 26148 | SH |  | SOLE |  | 26148 | 0 | 0 |
| PENNANT GROUP INC | COM | 70805E109 |  | 479063 | 16049 | SH |  | SOLE |  | 16049 | 0 | 0 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 518085 | 5923 | SH |  | SOLE |  | 5923 | 0 | 0 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 898321 | 49035 | SH |  | SOLE |  | 49035 | 0 | 0 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 236113 | 12152 | SH |  | SOLE |  | 12152 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1188527 | 7460 | SH |  | SOLE |  | 7460 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 281292 | 744 | SH |  | SOLE |  | 744 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 1294414 | 7206 | SH |  | SOLE |  | 7206 | 0 | 0 |
| REAVES UTIL INCOME FD | COM SH BEN INT | 756158101 |  | 241679 | 6679 | SH |  | SOLE |  | 6679 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 |  | 215100 | 1686 | SH |  | SOLE |  | 1686 | 0 | 0 |
| RYDER SYS INC | COM | 783549108 |  | 438840 | 2760 | SH |  | SOLE |  | 2760 | 0 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 406030 | 22019 | SH |  | SOLE |  | 22019 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 |  | 943318 | 3102 | SH |  | SOLE |  | 3102 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 1124402 | 28096 | SH |  | SOLE |  | 28096 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 2921205 | 105573 | SH |  | SOLE |  | 105573 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL EMER | 808524730 |  | 2612940 | 79156 | SH |  | SOLE |  | 79156 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 1145810 | 7164 | SH |  | SOLE |  | 7164 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 418508 | 5125 | SH |  | SOLE |  | 5125 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 566472 | 551 | SH |  | SOLE |  | 551 | 0 | 0 |
| SHORE BANCSHARES INC | COM | 825107105 |  | 777213 | 49441 | SH |  | SOLE |  | 49441 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 913278 | 5681 | SH |  | SOLE |  | 5681 | 0 | 0 |
| SOMNIGROUP INTERNATIONAL INC | COM | 88023U101 |  | 602379 | 8852 | SH |  | SOLE |  | 8852 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 510590 | 1675 | SH |  | SOLE |  | 1675 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG HIGH Y | 78468R622 |  | 1387557 | 14265 | SH |  | SOLE |  | 14265 | 0 | 0 |
| SPDR SERIES TRUST | COMP SOFTWARE | 78464A599 |  | 227215 | 1197 | SH |  | SOLE |  | 1197 | 0 | 0 |
| SPDR SERIES TRUST | S CAP MKTS | 78464A771 |  | 292179 | 2016 | SH |  | SOLE |  | 2016 | 0 | 0 |
| SPDR SERIES TRUST | S 600 SMCP GRW | 78464A201 |  | 1692019 | 19065 | SH |  | SOLE |  | 19065 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 418878 | 7053 | SH |  | SOLE |  | 7053 | 0 | 0 |
| SPINNAKER ETF SERIES | SELECT STOXX EUR | 84858T772 |  | 883928 | 20485 | SH |  | SOLE |  | 20485 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 1079647 | 1407 | SH |  | SOLE |  | 1407 | 0 | 0 |
| SSGA ACTIVE ETF TR | BLACKSTONE SENR | 78467V608 |  | 702871 | 16900 | SH |  | SOLE |  | 16900 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 297386 | 14817 | SH |  | SOLE |  | 14817 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 569312 | 1439 | SH |  | SOLE |  | 1439 | 0 | 0 |
| SUNOCO LP/SUNOCO FIN CORP | COM UT REP LP | 86765K109 |  | 611891 | 11418 | SH |  | SOLE |  | 11418 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 1143095 | 5047 | SH |  | SOLE |  | 5047 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 1427958 | 5880 | SH |  | SOLE |  | 5880 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 |  | 589261 | 3385 | SH |  | SOLE |  | 3385 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 273177 | 3038 | SH |  | SOLE |  | 3038 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 993323 | 3127 | SH |  | SOLE |  | 3127 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 756903 | 10514 | SH |  | SOLE |  | 10514 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 472919 | 311 | SH |  | SOLE |  | 311 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 396303 | 11718 | SH |  | SOLE |  | 11718 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 230830 | 6338 | SH |  | SOLE |  | 6338 | 0 | 0 |
| UNIVERSAL TECHNICAL INST INC | COM | 913915104 |  | 1012701 | 29882 | SH |  | SOLE |  | 29882 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 264412 | 3912 | SH |  | SOLE |  | 3912 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 650906 | 2334 | SH |  | SOLE |  | 2334 | 0 | 0 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 550557 | 1988 | SH |  | SOLE |  | 1988 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 2669950 | 53982 | SH |  | SOLE |  | 53982 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 648869 | 8549 | SH |  | SOLE |  | 8549 | 0 | 0 |
| VANGUARD WORLD FD | MEGA CAP VAL ETF | 921910840 |  | 496592 | 3785 | SH |  | SOLE |  | 3785 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 409311 | 1314 | SH |  | SOLE |  | 1314 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 244860 | 550 | SH |  | SOLE |  | 550 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 1291676 | 10059 | SH |  | SOLE |  | 10059 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1022544 | 2880 | SH |  | SOLE |  | 2880 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 1168287 | 6028 | SH |  | SOLE |  | 6028 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 551577 | 5641 | SH |  | SOLE |  | 5641 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 253484 | 22119 | SH |  | SOLE |  | 22119 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 318171 | 1704 | SH |  | SOLE |  | 1704 | 0 | 0 |
| WAYSTAR HLDG CORP | COM | 946784105 |  | 543694 | 13303 | SH |  | SOLE |  | 13303 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 400649 | 3845 | SH |  | SOLE |  | 3845 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 280420 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 804623 | 5234 | SH |  | SOLE |  | 5234 | 0 | 0 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 857786 | 22165 | SH |  | SOLE |  | 22165 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 1219519 | 19416 | SH |  | SOLE |  | 19416 | 0 | 0 |
| WISDOMTREE TR | EMER MKT HIGH FD | 97717W315 |  | 4339778 | 95822 | SH |  | SOLE |  | 95822 | 0 | 0 |

---