# EDGAR Filing Document

**Accession Number:** 0002105062
**File Stem:** 0001104659-26-014890
**Filing Date:** 2026-2
**Character Count:** 27723
**Document Hash:** 6b38b0bc8e5c89a992d08838dbdee685
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-014890.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001104659-26-014890

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FOCUSED ALPHA, LLC
- **CENTRAL INDEX KEY:** 0002105062

**ORGANIZATION NAME:**
- **EIN:** 852477195
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26330
- **FILM NUMBER:** 26630079

**BUSINESS ADDRESS:**
- **STREET 1:** 1401 LAWRENCE STREET
- **STREET 2:** SUITE 1600
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 303-529-5100

**MAIL ADDRESS:**
- **STREET 1:** 1401 LAWRENCE STREET
- **STREET 2:** SUITE 1600
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** FOCUSED ALPHA LLC<br>**Address:** 1401 LAWRENCE STREET<br>SUITE 1600<br>DENVER, CO 80202

**Form 13F File Number:** 028-26330

**CRD Number (if applicable):** 000310591

**SEC File Number (if applicable):** 801-121367

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:** Daniel Barotz<br>**Title:** Managing Member<br>**Phone:** 303-529-5100

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

/s/ Daniel Barotz  Denver, CO  02-12-2026<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:** 243

**Form 13F Information Table Value Total:** $340325131

      (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 |
| 3M CO | COM | 88579Y101 |  | 1002102 | 6259 | SH |  | SOLE |  | 0 | 0 | 6259 |
| AB ACTIVE ETFS INC | SHORT DURATION H | 00039J830 |  | 5698929 | 158612 | SH |  | SOLE |  | 0 | 0 | 158612 |
| ABBVIE INC | COM | 00287Y109 |  | 398773 | 1745 | SH |  | SOLE |  | 0 | 0 | 1745 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 1248460 | 5830 | SH |  | SOLE |  | 0 | 0 | 5830 |
| AFLAC INC | COM | 001055102 |  | 483561 | 4385 | SH |  | SOLE |  | 0 | 0 | 4385 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 213536 | 34721 | SH |  | SOLE |  | 0 | 0 | 34721 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3596835 | 11462 | SH |  | SOLE |  | 0 | 0 | 11462 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 12451418 | 39781 | SH |  | SOLE |  | 0 | 0 | 39781 |
| ALPHATEC HLDGS INC | COM NEW | 02081G201 |  | 846229 | 40220 | SH |  | SOLE |  | 0 | 0 | 40220 |
| AMAZON COM INC | COM | 023135106 |  | 8959862 | 38818 | SH |  | SOLE |  | 0 | 0 | 38818 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 197889 | 80117 | SH |  | SOLE |  | 0 | 0 | 80117 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 581728 | 1572 | SH |  | SOLE |  | 0 | 0 | 1572 |
| AMGEN INC | COM | 031162100 |  | 679366 | 2076 | SH |  | SOLE |  | 0 | 0 | 2076 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 535965 | 3966 | SH |  | SOLE |  | 0 | 0 | 3966 |
| APPLE INC | COM | 037833100 |  | 8703151 | 32013 | SH |  | SOLE |  | 0 | 0 | 32013 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 486078 | 8455 | SH |  | SOLE |  | 0 | 0 | 8455 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 664095 | 3962 | SH |  | SOLE |  | 0 | 0 | 3962 |
| AUTOZONE INC | COM | 053332102 |  | 474810 | 140 | SH |  | SOLE |  | 0 | 0 | 140 |
| AVNET INC | COM | 053807103 |  | 376715 | 7835 | SH |  | SOLE |  | 0 | 0 | 7835 |
| BANCO DE CHILE | SPONSORED ADS | 059520106 |  | 284742 | 7493 | SH |  | SOLE |  | 0 | 0 | 7493 |
| BANCO SANTANDER CHILE NEW | SP ADR REP COM | 05965X109 |  | 279692 | 8990 | SH |  | SOLE |  | 0 | 0 | 8990 |
| BANK AMERICA CORP | COM | 060505104 |  | 2499839 | 45452 | SH |  | SOLE |  | 0 | 0 | 45452 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 693710 | 5976 | SH |  | SOLE |  | 0 | 0 | 5976 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 7568511 | 15057 | SH |  | SOLE |  | 0 | 0 | 15057 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 2264400 | 3 | SH |  | SOLE |  | 0 | 0 | 3 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 371264 | 6150 | SH |  | SOLE |  | 0 | 0 | 6150 |
| BIO RAD LABS INC | CL A | 090572207 |  | 1273467 | 4203 | SH |  | SOLE |  | 0 | 0 | 4203 |
| BLACKROCK ETF TRUST II | ISHARES AAA CLO | 092528504 |  | 739028 | 14282 | SH |  | SOLE |  | 0 | 0 | 14282 |
| BLACKSTONE INC | COM | 09260D107 |  | 1569456 | 10182 | SH |  | SOLE |  | 0 | 0 | 10182 |
| BONDBLOXX ETF TRUST | BONDBLOXX PRIVAT | 09789C671 |  | 299838 | 5982 | SH |  | SOLE |  | 0 | 0 | 5982 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 583218 | 109 | SH |  | SOLE |  | 0 | 0 | 109 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 256882 | 4537 | SH |  | SOLE |  | 0 | 0 | 4537 |
| BROADCOM INC | COM | 11135F101 |  | 4053493 | 11712 | SH |  | SOLE |  | 0 | 0 | 11712 |
| CALAMOS ETF TR | AUTOCALLABLE INC | 12811T571 |  | 355849 | 13308 | SH |  | SOLE |  | 0 | 0 | 13308 |
| CAPITAL GROUP GBL GROWTH EQT | SHS CREATION UNI | 14020X104 |  | 241184 | 6961 | SH |  | SOLE |  | 0 | 0 | 6961 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1323663 | 5462 | SH |  | SOLE |  | 0 | 0 | 5462 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 555068 | 2701 | SH |  | SOLE |  | 0 | 0 | 2701 |
| CATERPILLAR INC | COM | 149123101 |  | 583621 | 1019 | SH |  | SOLE |  | 0 | 0 | 1019 |
| CELCUITY INC | COM | 15102K100 |  | 1098038 | 11009 | SH |  | SOLE |  | 0 | 0 | 11009 |
| CENTRAIS ELET BRAS SA | SPONSORED ADR | 15234Q207 |  | 248030 | 27077 | SH |  | SOLE |  | 0 | 0 | 27077 |
| CHEVRON CORP NEW | COM | 166764100 |  | 809121 | 5309 | SH |  | SOLE |  | 0 | 0 | 5309 |
| CISCO SYS INC | COM | 17275R102 |  | 828642 | 10757 | SH |  | SOLE |  | 0 | 0 | 10757 |
| CITIGROUP INC | COM NEW | 172967424 |  | 971072 | 8322 | SH |  | SOLE |  | 0 | 0 | 8322 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 619840 | 3144 | SH |  | SOLE |  | 0 | 0 | 3144 |
| COCA COLA CO | COM | 191216100 |  | 212357 | 3038 | SH |  | SOLE |  | 0 | 0 | 3038 |
| COLUMBIA ETF TR I | US HIGH YIELD | 19761L839 |  | 758218 | 37400 | SH |  | SOLE |  | 0 | 0 | 37400 |
| CORNING INC | COM | 219350105 |  | 1167929 | 13339 | SH |  | SOLE |  | 0 | 0 | 13339 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 2548304 | 2955 | SH |  | SOLE |  | 0 | 0 | 2955 |
| CVS HEALTH CORP | COM | 126650100 |  | 499968 | 6300 | SH |  | SOLE |  | 0 | 0 | 6300 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 401900 | 2184 | SH |  | SOLE |  | 0 | 0 | 2184 |
| DBX ETF TR | XTRACK MSCI EAFE | 233051630 |  | 407085 | 13136 | SH |  | SOLE |  | 0 | 0 | 13136 |
| DEERE  CO | COM | 244199105 |  | 398459 | 856 | SH |  | SOLE |  | 0 | 0 | 856 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 478210 | 4080 | SH |  | SOLE |  | 0 | 0 | 4080 |
| EA SERIES TRUST | INTL QUAN MOMNTM | 02072L300 |  | 341900 | 8969 | SH |  | SOLE |  | 0 | 0 | 8969 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 383179 | 2151 | SH |  | SOLE |  | 0 | 0 | 2151 |
| EATON VANCE MUN INCOME 2028 | SHS | 27829U105 |  | 763610 | 40835 | SH |  | SOLE |  | 0 | 0 | 40835 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829F108 |  | 103628 | 10874 | SH |  | SOLE |  | 0 | 0 | 10874 |
| ELI LILLY  CO | COM | 532457108 |  | 723168 | 673 | SH |  | SOLE |  | 0 | 0 | 673 |
| EXCHANGE LISTED FDS TR | QRAFT AI US MMTM | 30151E780 |  | 356895 | 7342 | SH |  | SOLE |  | 0 | 0 | 7342 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 212549 | 1766 | SH |  | SOLE |  | 0 | 0 | 1766 |
| FEDERATED HERMES ETF TRUST | HERMES TOTAL RET | 31423L404 |  | 256230 | 10092 | SH |  | SOLE |  | 0 | 0 | 10092 |
| FEDERATED HERMES ETF TRUST | US STRATEGIC DIV | 31423L305 |  | 3580513 | 125149 | SH |  | SOLE |  | 0 | 0 | 125149 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 |  | 445387 | 8159 | SH |  | SOLE |  | 0 | 0 | 8159 |
| FIRST SOLAR INC | COM | 336433107 |  | 557465 | 2134 | SH |  | SOLE |  | 0 | 0 | 2134 |
| FIRST TR EXCHANGE-TRADED FD | FIRST TR TA HIYL | 33738D408 |  | 289190 | 6909 | SH |  | SOLE |  | 0 | 0 | 6909 |
| FIRST TR EXCHANGE-TRADED FD | NO AMER ENERGY | 33738D101 |  | 1915124 | 50571 | SH |  | SOLE |  | 0 | 0 | 50571 |
| FIRST TR EXCHNG TRADED FD VI | SMITH UNCONSTRAI | 33740F888 |  | 3634095 | 144382 | SH |  | SOLE |  | 0 | 0 | 144382 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 |  | 339996 | 24165 | SH |  | SOLE |  | 0 | 0 | 24165 |
| FUNDVANTAGE TR | POLEN HIGH INCOM | 36087T411 |  | 4998420 | 200000 | SH |  | SOLE |  | 0 | 0 | 200000 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1174269 | 3812 | SH |  | SOLE |  | 0 | 0 | 3812 |
| GE VERNOVA INC | COM | 36828A101 |  | 318942 | 488 | SH |  | SOLE |  | 0 | 0 | 488 |
| GENERAL MTRS CO | COM | 37045V100 |  | 602749 | 7412 | SH |  | SOLE |  | 0 | 0 | 7412 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 1098001 | 8946 | SH |  | SOLE |  | 0 | 0 | 8946 |
| GLOBAL X FDS | RUSSELL 2000 | 37954Y459 |  | 225097 | 14712 | SH |  | SOLE |  | 0 | 0 | 14712 |
| GLOBAL X FDS | 1-3 MONTH T-BILL | 37960A438 |  | 1004128 | 10030 | SH |  | SOLE |  | 0 | 0 | 10030 |
| GOLDMAN SACHS ETF TR | ULTRA SHORT BOND | 381430230 |  | 7551360 | 149621 | SH |  | SOLE |  | 0 | 0 | 149621 |
| GOLDMAN SACHS ETF TR | S 500 PREMIUM | 38149W622 |  | 2753414 | 52148 | SH |  | SOLE |  | 0 | 0 | 52148 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1202982 | 1369 | SH |  | SOLE |  | 0 | 0 | 1369 |
| GRAHAM CORP | COM | 384556106 |  | 629711 | 9804 | SH |  | SOLE |  | 0 | 0 | 9804 |
| GRUPO CIBEST SA | SPON ADS | 40090E106 |  | 331599 | 5213 | SH |  | SOLE |  | 0 | 0 | 5213 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 246836 | 5033 | SH |  | SOLE |  | 0 | 0 | 5033 |
| HARBOR ETF TRUST | HARBOR COMMODITY | 41151J505 |  | 269431 | 10855 | SH |  | SOLE |  | 0 | 0 | 10855 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 428971 | 3113 | SH |  | SOLE |  | 0 | 0 | 3113 |
| HOME DEPOT INC | COM | 437076102 |  | 493335 | 1434 | SH |  | SOLE |  | 0 | 0 | 1434 |
| INSPIRED ENTMT INC | COM | 45782N108 |  | 191665 | 20477 | SH |  | SOLE |  | 0 | 0 | 20477 |
| INTEL CORP | COM | 458140100 |  | 992878 | 26907 | SH |  | SOLE |  | 0 | 0 | 26907 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1279791 | 4321 | SH |  | SOLE |  | 0 | 0 | 4321 |
| INVESCO EXCH TRADED FD TR II | S 500 MOMNTM | 46138E339 |  | 574139 | 4812 | SH |  | SOLE |  | 0 | 0 | 4812 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 900564 | 3561 | SH |  | SOLE |  | 0 | 0 | 3561 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 1860099 | 9710 | SH |  | SOLE |  | 0 | 0 | 9710 |
| INVESCO EXCHANGE TRADED FD T | S QUALITY | 46137V241 |  | 1022658 | 13626 | SH |  | SOLE |  | 0 | 0 | 13626 |
| INVESCO EXCHANGE TRADED FD T | S MDCP MOMNTUM | 46137V464 |  | 248536 | 1795 | SH |  | SOLE |  | 0 | 0 | 1795 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1339057 | 2180 | SH |  | SOLE |  | 0 | 0 | 2180 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 1262356 | 15552 | SH |  | SOLE |  | 0 | 0 | 15552 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 565057 | 8406 | SH |  | SOLE |  | 0 | 0 | 8406 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 882167 | 13694 | SH |  | SOLE |  | 0 | 0 | 13694 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 |  | 215220 | 4894 | SH |  | SOLE |  | 0 | 0 | 4894 |
| ISHARES TR | IBONDS 2030 TERM | 46436E122 |  | 403834 | 15176 | SH |  | SOLE |  | 0 | 0 | 15176 |
| ISHARES TR | US SML CAP EQT | 46434V290 |  | 240148 | 3207 | SH |  | SOLE |  | 0 | 0 | 3207 |
| ISHARES TR | US HLTHCARE ETF | 464287762 |  | 289435 | 4446 | SH |  | SOLE |  | 0 | 0 | 4446 |
| ISHARES TR | IBONDS 28 TR HI | 46436E387 |  | 950763 | 40159 | SH |  | SOLE |  | 0 | 0 | 40159 |
| ISHARES TR | IBONDS 2027 TERM | 46436E478 |  | 895953 | 40141 | SH |  | SOLE |  | 0 | 0 | 40141 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 274161 | 1373 | SH |  | SOLE |  | 0 | 0 | 1373 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 221840 | 1951 | SH |  | SOLE |  | 0 | 0 | 1951 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 3698293 | 53274 | SH |  | SOLE |  | 0 | 0 | 53274 |
| ISHARES TR | IBONDS DEC 2030 | 46436E726 |  | 238776 | 10819 | SH |  | SOLE |  | 0 | 0 | 10819 |
| ISHARES TR | IBONDS DEC2026 | 46435GAA0 |  | 879679 | 36305 | SH |  | SOLE |  | 0 | 0 | 36305 |
| ISHARES TR | IBONDS 27 ETF | 46435UAA9 |  | 817099 | 33653 | SH |  | SOLE |  | 0 | 0 | 33653 |
| ISHARES TR | US TELECOM ETF | 464287713 |  | 281302 | 8298 | SH |  | SOLE |  | 0 | 0 | 8298 |
| ISHARES TR | CORE INTL AGGR | 46435G672 |  | 226886 | 4537 | SH |  | SOLE |  | 0 | 0 | 4537 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 2282237 | 18516 | SH |  | SOLE |  | 0 | 0 | 18516 |
| ISHARES TR | RUS TP200 GR ETF | 464289438 |  | 593509 | 2143 | SH |  | SOLE |  | 0 | 0 | 2143 |
| ISHARES TR | IBONDS 2026 TERM | 46436E528 |  | 839947 | 36393 | SH |  | SOLE |  | 0 | 0 | 36393 |
| ISHARES TR | IBONDS 29 TR HI | 46436E379 |  | 885540 | 37475 | SH |  | SOLE |  | 0 | 0 | 37475 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 2115843 | 9977 | SH |  | SOLE |  | 0 | 0 | 9977 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 358012 | 756 | SH |  | SOLE |  | 0 | 0 | 756 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 741996 | 7707 | SH |  | SOLE |  | 0 | 0 | 7707 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 1655710 | 18508 | SH |  | SOLE |  | 0 | 0 | 18508 |
| ISHARES TR | IBONDS 2031 TERM | 46438G661 |  | 348628 | 13487 | SH |  | SOLE |  | 0 | 0 | 13487 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 646493 | 11817 | SH |  | SOLE |  | 0 | 0 | 11817 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 231130 | 939 | SH |  | SOLE |  | 0 | 0 | 939 |
| ISHARES TR | U.S. UTILITS ETF | 464287697 |  | 275451 | 2542 | SH |  | SOLE |  | 0 | 0 | 2542 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 336634 | 5101 | SH |  | SOLE |  | 0 | 0 | 5101 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 289076 | 4048 | SH |  | SOLE |  | 0 | 0 | 4048 |
| ISHARES TR | IBONDS DEC 2032 | 46436E312 |  | 694367 | 27198 | SH |  | SOLE |  | 0 | 0 | 27198 |
| ISHARES TR | IBONDS DEC 29 | 46436E205 |  | 553947 | 23668 | SH |  | SOLE |  | 0 | 0 | 23668 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 652769 | 6798 | SH |  | SOLE |  | 0 | 0 | 6798 |
| ISHARES TR | EAFE GRWTH ETF | 464288885 |  | 299958 | 2633 | SH |  | SOLE |  | 0 | 0 | 2633 |
| ISHARES TR | CORE S ETF | 464287200 |  | 14515025 | 21192 | SH |  | SOLE |  | 0 | 0 | 21192 |
| ISHARES TR | IBDS DEC28 ETF | 46435U515 |  | 827318 | 32501 | SH |  | SOLE |  | 0 | 0 | 32501 |
| ISHARES TR | S SML 600 GWT | 464287887 |  | 246648 | 1747 | SH |  | SOLE |  | 0 | 0 | 1747 |
| J P MORGAN EXCHANGE TRADED F | NASDAQ EQT PREM | 46654Q203 |  | 313399 | 5392 | SH |  | SOLE |  | 0 | 0 | 5392 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 229068 | 4528 | SH |  | SOLE |  | 0 | 0 | 4528 |
| J P MORGAN EXCHANGE TRADED F | ACTIVE GROWTH | 46654Q609 |  | 5781347 | 62299 | SH |  | SOLE |  | 0 | 0 | 62299 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 735162 | 14535 | SH |  | SOLE |  | 0 | 0 | 14535 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 571062 | 2759 | SH |  | SOLE |  | 0 | 0 | 2759 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 6032756 | 18722 | SH |  | SOLE |  | 0 | 0 | 18722 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 625851 | 3656 | SH |  | SOLE |  | 0 | 0 | 3656 |
| LCI INDS | COM | 50189K103 |  | 339752 | 2800 | SH |  | SOLE |  | 0 | 0 | 2800 |
| LISTED FDS TR | CORE ALT FD | 53656F847 |  | 2965781 | 112983 | SH |  | SOLE |  | 0 | 0 | 112983 |
| MAMAS CREATIONS INC | COM | 56146T103 |  | 724049 | 53673 | SH |  | SOLE |  | 0 | 0 | 53673 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 6216879 | 10890 | SH |  | SOLE |  | 0 | 0 | 10890 |
| MCDONALDS CORP | COM | 580135101 |  | 499760 | 1635 | SH |  | SOLE |  | 0 | 0 | 1635 |
| MCKESSON CORP | COM | 58155Q103 |  | 301046 | 367 | SH |  | SOLE |  | 0 | 0 | 367 |
| MERCK  CO INC | COM | 58933Y105 |  | 481153 | 4571 | SH |  | SOLE |  | 0 | 0 | 4571 |
| META PLATFORMS INC | CL A | 30303M102 |  | 663037 | 1004 | SH |  | SOLE |  | 0 | 0 | 1004 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 798609 | 2798 | SH |  | SOLE |  | 0 | 0 | 2798 |
| MICROSOFT CORP | COM | 594918104 |  | 16985154 | 35121 | SH |  | SOLE |  | 0 | 0 | 35121 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 583537 | 10840 | SH |  | SOLE |  | 0 | 0 | 10840 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 933137 | 5256 | SH |  | SOLE |  | 0 | 0 | 5256 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 371558 | 4641 | SH |  | SOLE |  | 0 | 0 | 4641 |
| NATIONAL GRID PLC | SPONSORED ADR NE | 636274409 |  | 224364 | 2901 | SH |  | SOLE |  | 0 | 0 | 2901 |
| NETAPP INC | COM | 64110D104 |  | 451700 | 4218 | SH |  | SOLE |  | 0 | 0 | 4218 |
| NEW YORK TIMES CO | CL A | 650111107 |  | 389793 | 5615 | SH |  | SOLE |  | 0 | 0 | 5615 |
| NEWMONT CORP | COM | 651639106 |  | 625519 | 6265 | SH |  | SOLE |  | 0 | 0 | 6265 |
| NEXSTAR MEDIA GROUP INC | COMMON STOCK | 65336K103 |  | 483056 | 2379 | SH |  | SOLE |  | 0 | 0 | 2379 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 430221 | 5359 | SH |  | SOLE |  | 0 | 0 | 5359 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 284666 | 43998 | SH |  | SOLE |  | 0 | 0 | 43998 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 1120044 | 7034 | SH |  | SOLE |  | 0 | 0 | 7034 |
| NUVEEN MUN CR OPPORTUNITIES | COM | 670663103 |  | 154857 | 15138 | SH |  | SOLE |  | 0 | 0 | 15138 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 609004 | 50666 | SH |  | SOLE |  | 0 | 0 | 50666 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 6658607 | 35703 | SH |  | SOLE |  | 0 | 0 | 35703 |
| PACER FDS TR | TRENDPILOT 100 | 69374H303 |  | 518893 | 6598 | SH |  | SOLE |  | 0 | 0 | 6598 |
| PACER FDS TR | TRENDP US MID CP | 69374H204 |  | 424330 | 11896 | SH |  | SOLE |  | 0 | 0 | 11896 |
| PACER FDS TR | METAURUS CAP 400 | 69374H436 |  | 1150500 | 27083 | SH |  | SOLE |  | 0 | 0 | 27083 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 1477590 | 8313 | SH |  | SOLE |  | 0 | 0 | 8313 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 |  | 177807 | 15777 | SH |  | SOLE |  | 0 | 0 | 15777 |
| PFIZER INC | COM | 717081103 |  | 519588 | 20867 | SH |  | SOLE |  | 0 | 0 | 20867 |
| PGIM ETF TR | PGIM ULTRA SH BD | 69344A107 |  | 8513288 | 171673 | SH |  | SOLE |  | 0 | 0 | 171673 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 324376 | 3657 | SH |  | SOLE |  | 0 | 0 | 3657 |
| POWERFLEET INC | COM | 73931J109 |  | 574720 | 108030 | SH |  | SOLE |  | 0 | 0 | 108030 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 482429 | 4712 | SH |  | SOLE |  | 0 | 0 | 4712 |
| PRINCIPAL EXCHANGE TRADED FD | SPECTRUM PFD | 74255Y888 |  | 2642949 | 138592 | SH |  | SOLE |  | 0 | 0 | 138592 |
| PROSHARES TR | PSHS ULTRA QQQ | 74347R206 |  | 569248 | 8085 | SH |  | SOLE |  | 0 | 0 | 8085 |
| PROSHARES TR | ULTRAPRO QQQ | 74347X831 |  | 1249054 | 23692 | SH |  | SOLE |  | 0 | 0 | 23692 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 462510 | 1782 | SH |  | SOLE |  | 0 | 0 | 1782 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 223443 | 2783 | SH |  | SOLE |  | 0 | 0 | 2783 |
| PUTNAM ETF TRUST | BDC INCOME ETF | 746729508 |  | 276609 | 9040 | SH |  | SOLE |  | 0 | 0 | 9040 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 477555 | 2752 | SH |  | SOLE |  | 0 | 0 | 2752 |
| RBB FUND TRUST | FIRST EAGLE GBL | 75526L886 |  | 5484946 | 119168 | SH |  | SOLE |  | 0 | 0 | 119168 |
| RELIANCE INC | COM | 759509102 |  | 484495 | 1677 | SH |  | SOLE |  | 0 | 0 | 1677 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 286963 | 3586 | SH |  | SOLE |  | 0 | 0 | 3586 |
| RTX CORPORATION | COM | 75513E101 |  | 1156080 | 6304 | SH |  | SOLE |  | 0 | 0 | 6304 |
| RUSH STREET INTERACTIVE INC | COM | 782011100 |  | 570620 | 29368 | SH |  | SOLE |  | 0 | 0 | 29368 |
| S GLOBAL INC | COM | 78409V104 |  | 891713 | 1706 | SH |  | SOLE |  | 0 | 0 | 1706 |
| SANOFI SA | SPONSORED ADR | 80105N105 |  | 207956 | 4291 | SH |  | SOLE |  | 0 | 0 | 4291 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 553515 | 5540 | SH |  | SOLE |  | 0 | 0 | 5540 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 3637385 | 132606 | SH |  | SOLE |  | 0 | 0 | 132606 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 2578539 | 79048 | SH |  | SOLE |  | 0 | 0 | 79048 |
| SCM TRUST | SHELTON EQT PRE | 78410K667 |  | 3623808 | 137735 | SH |  | SOLE |  | 0 | 0 | 137735 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 730961 | 2654 | SH |  | SOLE |  | 0 | 0 | 2654 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 447203 | 3106 | SH |  | SOLE |  | 0 | 0 | 3106 |
| SHELL PLC | SPON ADS | 780259305 |  | 546277 | 7434 | SH |  | SOLE |  | 0 | 0 | 7434 |
| SNAP ON INC | COM | 833034101 |  | 501055 | 1454 | SH |  | SOLE |  | 0 | 0 | 1454 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 750211 | 3420 | SH |  | SOLE |  | 0 | 0 | 3420 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 209937 | 8019 | SH |  | SOLE |  | 0 | 0 | 8019 |
| SOUTHERN CO | COM | 842587107 |  | 566003 | 6491 | SH |  | SOLE |  | 0 | 0 | 6491 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 249269 | 1737 | SH |  | SOLE |  | 0 | 0 | 1737 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 312780 | 7043 | SH |  | SOLE |  | 0 | 0 | 7043 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 5828866 | 8548 | SH |  | SOLE |  | 0 | 0 | 8548 |
| STATE STR CORP | COM | 857477103 |  | 620957 | 4813 | SH |  | SOLE |  | 0 | 0 | 4813 |
| STELLANTIS N.V | SHS | N82405106 |  | 177315 | 16282 | SH |  | SOLE |  | 0 | 0 | 16282 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 1268014 | 4173 | SH |  | SOLE |  | 0 | 0 | 4173 |
| TAKEDA PHARMACEUTICAL CO LTD | SPONSORED ADS | 874060205 |  | 221068 | 14180 | SH |  | SOLE |  | 0 | 0 | 14180 |
| TC ENERGY CORP | COM | 87807B107 |  | 241463 | 4389 | SH |  | SOLE |  | 0 | 0 | 4389 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 575581 | 2530 | SH |  | SOLE |  | 0 | 0 | 2530 |
| TELEFONAKTIEBOLAGET LM ERICS | ADR B SEK 10 | 294821608 |  | 274431 | 28438 | SH |  | SOLE |  | 0 | 0 | 28438 |
| TELUS CORPORATION | COM | 87971M103 |  | 155382 | 11798 | SH |  | SOLE |  | 0 | 0 | 11798 |
| TERADYNE INC | COM | 880770102 |  | 553001 | 2857 | SH |  | SOLE |  | 0 | 0 | 2857 |
| TESLA INC | COM | 88160R101 |  | 4404287 | 9793 | SH |  | SOLE |  | 0 | 0 | 9793 |
| TEXAS INSTRS INC | COM | 882508104 |  | 650407 | 3749 | SH |  | SOLE |  | 0 | 0 | 3749 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 648312 | 2257 | SH |  | SOLE |  | 0 | 0 | 2257 |
| UBS GROUP AG | SHS | H42097107 |  | 406278 | 8773 | SH |  | SOLE |  | 0 | 0 | 8773 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 265197 | 4055 | SH |  | SOLE |  | 0 | 0 | 4055 |
| UNITED MICROELECTRONICS CORP | SPON ADR NEW | 910873405 |  | 220931 | 28108 | SH |  | SOLE |  | 0 | 0 | 28108 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 473572 | 1435 | SH |  | SOLE |  | 0 | 0 | 1435 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 246495 | 18917 | SH |  | SOLE |  | 0 | 0 | 18917 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 495699 | 3045 | SH |  | SOLE |  | 0 | 0 | 3045 |
| VANECK ETF TRUST | HIGH YLD MUNIETF | 92189H409 |  | 262345 | 5132 | SH |  | SOLE |  | 0 | 0 | 5132 |
| VANECK ETF TRUST | MORNINGSTAR SMID | 92189H730 |  | 3813670 | 105350 | SH |  | SOLE |  | 0 | 0 | 105350 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 492560 | 6650 | SH |  | SOLE |  | 0 | 0 | 6650 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 14660722 | 43728 | SH |  | SOLE |  | 0 | 0 | 43728 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 7612893 | 39860 | SH |  | SOLE |  | 0 | 0 | 39860 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 252941 | 2858 | SH |  | SOLE |  | 0 | 0 | 2858 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 671295 | 2313 | SH |  | SOLE |  | 0 | 0 | 2313 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 1960147 | 4018 | SH |  | SOLE |  | 0 | 0 | 4018 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 713493 | 1138 | SH |  | SOLE |  | 0 | 0 | 1138 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 476551 | 8864 | SH |  | SOLE |  | 0 | 0 | 8864 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 2755686 | 12538 | SH |  | SOLE |  | 0 | 0 | 12538 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 383909 | 5089 | SH |  | SOLE |  | 0 | 0 | 5089 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 370487 | 5931 | SH |  | SOLE |  | 0 | 0 | 5931 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 2728873 | 19014 | SH |  | SOLE |  | 0 | 0 | 19014 |
| VANGUARD WHITEHALL FDS | INTL HIGH ETF | 921946794 |  | 201731 | 2241 | SH |  | SOLE |  | 0 | 0 | 2241 |
| VISA INC | COM CL A | 92826C839 |  | 3487860 | 9945 | SH |  | SOLE |  | 0 | 0 | 9945 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 273262 | 20686 | SH |  | SOLE |  | 0 | 0 | 20686 |
| WALMART INC | COM | 931142103 |  | 1020984 | 9164 | SH |  | SOLE |  | 0 | 0 | 9164 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 681161 | 23635 | SH |  | SOLE |  | 0 | 0 | 23635 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 2758223 | 29595 | SH |  | SOLE |  | 0 | 0 | 29595 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 593640 | 3446 | SH |  | SOLE |  | 0 | 0 | 3446 |
| WILLDAN GROUP INC | COM | 96924N100 |  | 627247 | 6051 | SH |  | SOLE |  | 0 | 0 | 6051 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 504815 | 2827 | SH |  | SOLE |  | 0 | 0 | 2827 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 |  | 779364 | 8715 | SH |  | SOLE |  | 0 | 0 | 8715 |
| WORLD GOLD TR | SPDR GLD MINIS | 98149E303 |  | 857115 | 10040 | SH |  | SOLE |  | 0 | 0 | 10040 |

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