# EDGAR Filing Document

**Accession Number:** 0001569638
**File Stem:** 0001569638-25-000006
**Filing Date:** 2025-8
**Character Count:** 19225
**Document Hash:** edacb0eade8b4bed2ebb45c0d39eb973
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001569638-25-000006.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001569638-25-000006

**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:** M Holdings Securities, Inc.
- **CENTRAL INDEX KEY:** 0001569638

**ORGANIZATION NAME:**
- **EIN:** 911802259
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15330
- **FILM NUMBER:** 251212589

**BUSINESS ADDRESS:**
- **STREET 1:** 1125 NW COUCH STREET
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97209
- **BUSINESS PHONE:** 5034147264

**MAIL ADDRESS:**
- **STREET 1:** 1125 NW COUCH STREET
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97209

### 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:** M Holdings Securities Inc.<br>**Address:** 1125 NW COUCH STREET<br>PORTLAND, OR 97209

**Form 13F File Number:** 028-15330

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:** Susan Hensley<br>**Title:** Director of RIA Compliance<br>**Phone:** 945-218-7960

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

Susan Hensley  Dallas, TX  08-13-2025<br>[Signature]  [City, State]  [Date]

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

[ ] **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).)

[x] **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:** 1

**Form 13F Information Table Entry Total:** 157

**Form 13F Information Table Value Total:** $583353

      (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.]

|   No. | Name                              | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | M Financial Asset Management Inc. | 028-18427              |  |  |

### 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 |
| AT INC | COM | 00206R102 |  | 3177 | 110382 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 1698 | 24214 | SH |  | SOLE |  | 0 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 3121 | 16979 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 7204 | 40587 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 10784 | 60937 | SH |  | SOLE |  | 0 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 801 | 13647 | SH |  | SOLE |  | 0 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 480 | 26228 | SH |  | SOLE |  | 0 | 0 | 0 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 913 | 72318 | SH |  | SOLE |  | 0 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 1118 | 50907 | SH |  | SOLE |  | 0 | 0 | 0 |
| BLACKROCK INCOME TR INC | COM NEW | 09247F209 |  | 213 | 18189 | SH |  | SOLE |  | 0 | 0 | 0 |
| BLACKROCK ETF TRUST | ISHARES US EQUIT | 09290C103 |  | 845 | 15583 | SH |  | SOLE |  | 0 | 0 | 0 |
| BONDBLOXX ETF TRUST | IR M TAXAWARE | 09789C721 |  | 714 | 13993 | SH |  | SOLE |  | 0 | 0 | 0 |
| BONDBLOXX ETF TRUST | BLOOMBERG TEN YR | 09789C812 |  | 638 | 13901 | SH |  | SOLE |  | 0 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 5814 | 21130 | SH |  | SOLE |  | 0 | 0 | 0 |
| CAPITAL GROUP GROWTH ETF | SHS CREATION UNI | 14020G101 |  | 709 | 17513 | SH |  | SOLE |  | 0 | 0 | 0 |
| CAPITAL GROUP CORE EQUITY ET | SHS CREATION UNI | 14020V108 |  | 895 | 24292 | SH |  | SOLE |  | 0 | 0 | 0 |
| CAPITAL GROUP GBL GROWTH EQT | SHS CREATION UNI | 14020X104 |  | 368 | 11472 | SH |  | SOLE |  | 0 | 0 | 0 |
| CAPITAL GRP FIXED INCM ETF T | CORE BOND ETF | 14020Y508 |  | 632 | 24124 | SH |  | SOLE |  | 0 | 0 | 0 |
| CELCUITY INC | COM | 15102K100 |  | 224 | 17848 | SH |  | SOLE |  | 0 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 2835 | 41025 | SH |  | SOLE |  | 0 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 726 | 20358 | SH |  | SOLE |  | 0 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 431 | 13554 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US CORE EQT MKT | 25434V104 |  | 9496 | 225193 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL CORE EQT MK | 25434V203 |  | 400 | 11611 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | EMGR CRE EQT MNG | 25434V302 |  | 620 | 21492 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US SMALL CAP ETF | 25434V500 |  | 6298 | 98838 | SH |  | OTR | 1 | 98838 | 59805 | 0 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 5650 | 104684 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US LARGE CAP VEC | 25434V641 |  | 4670 | 68030 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US LARGE CAP VAL | 25434V666 |  | 1104 | 35694 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 10544 | 295357 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 |  | 8154 | 193132 | SH |  | OTR | 1 | 193132 | 118000 | 0 |
| DIMENSIONAL ETF TRUST | EMERGING MKTS CO | 25434V732 |  | 997 | 33703 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | EMERGING MKTS HI | 25434V757 |  | 843 | 30171 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL HIGH PROFIT | 25434V765 |  | 1235 | 42019 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL SMALL CAP E | 25434V773 |  | 480 | 16146 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTL SMALL CAP V | 25434V781 |  | 3031 | 92149 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTERNATNAL VAL | 25434V807 |  | 2367 | 55314 | SH |  | OTR | 1 | 55314 | 115801 | 0 |
| DIMENSIONAL ETF TRUST | US REAL ESTATE E | 25434V823 |  | 880 | 37748 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US HIGH PROFITAB | 25434V831 |  | 3638 | 103079 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIMENSIONAL ETF TRUST | WORLD EX US CORE | 25434V880 |  | 12998 | 444374 | SH |  | SOLE |  | 0 | 0 | 0 |
| DIREXION SHS ETF TR | DLY SCOND 3XBU | 25459W458 |  | 901 | 35866 | SH |  | SOLE |  | 0 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 2283 | 19498 | SH |  | SOLE |  | 0 | 0 | 0 |
| EATON VANCE LIMITED DURATION | COM | 27828H105 |  | 251 | 24668 | SH |  | SOLE |  | 0 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 1001 | 22198 | SH |  | SOLE |  | 0 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 6887 | 63461 | SH |  | SOLE |  | 0 | 0 | 0 |
| FB FINL CORP | COM | 30257X104 |  | 794 | 17491 | SH |  | SOLE |  | 0 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 12052 | 16365 | SH |  | SOLE |  | 0 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | WTR ETF | 33733B100 |  | 2774 | 25689 | SH |  | SOLE |  | 0 | 0 | 0 |
| FRANKLIN BSP RLTY TR INC | COMMON STOCK | 35243J101 |  | 201 | 18298 | SH |  | SOLE |  | 0 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | US MID CP MLTFCT | 35473P884 |  | 2409 | 44360 | SH |  | SOLE |  | 0 | 0 | 0 |
| GLOBAL X FDS | ARTIFICIAL ETF | 37954Y632 |  | 1110 | 25468 | SH |  | SOLE |  | 0 | 0 | 0 |
| GLOBAL X FDS | SUPERDIVIDEND | 37960A669 |  | 392 | 17433 | SH |  | SOLE |  | 0 | 0 | 0 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 283 | 25187 | SH |  | SOLE |  | 0 | 0 | 0 |
| GOLDMAN SACHS ETF TR | S 500 PREMIUM | 38149W622 |  | 2006 | 40318 | SH |  | SOLE |  | 0 | 0 | 0 |
| GOLDMAN SACHS ETF TR | NASDAQ-100 PREMI | 38149W630 |  | 2195 | 44145 | SH |  | SOLE |  | 0 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 5411 | 369488 | SH |  | SOLE |  | 0 | 0 | 0 |
| INDEPENDENCE RLTY TR INC | COM | 45378A106 |  | 252 | 14230 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | US SML CP PWR B | 45782C284 |  | 1142 | 39127 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | GRWT100 PWR BF | 45782C334 |  | 1075 | 21074 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | US EQT ULTRA BF | 45782C375 |  | 537 | 14277 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | US EQTY BUFR JAN | 45782C409 |  | 673 | 13404 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | GRWT100 PWR BF | 45782C466 |  | 1657 | 32649 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | US EQTY PWR BUF | 45782C656 |  | 485 | 11872 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | INTRNL DEV JULY | 45782C722 |  | 742 | 23233 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | US EQTY PWR BUF | 45782C748 |  | 555 | 13967 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | US EQT PWR BUF | 45782C870 |  | 752 | 20171 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | US EQT BUFR APR | 45782C888 |  | 711 | 15740 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | PREM INC 30 BARR | 45783Y566 |  | 953 | 38386 | SH |  | SOLE |  | 0 | 0 | 0 |
| INNOVATOR ETFS TRUST | PREM INC 20 BARR | 45783Y582 |  | 974 | 39243 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO TR INVT GRADE MUNS | COM | 46131M106 |  | 318 | 33530 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S MDCP400 PR | 46137V217 |  | 681 | 13974 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S 500 TOP 50 | 46137V233 |  | 656 | 12619 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S QUALITY | 46137V241 |  | 1230 | 17366 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S BUY WRT | 46137V399 |  | 327 | 14950 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | RAFI US 1500 | 46137V597 |  | 1114 | 27390 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | RAFI US 1000 ETF | 46137V613 |  | 2141 | 50720 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | AI AND NEXT GEN | 46137V639 |  | 492 | 10043 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | SEMICONDUCTORS | 46137V647 |  | 1219 | 20326 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | DORSEY WRGT EMRG | 46138E867 |  | 8620 | 411704 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 |  | 400 | 19145 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO DB MULTI-SECTOR COMM | AGRICULTURE FD | 46140H106 |  | 438 | 16654 | SH |  | SOLE |  | 0 | 0 | 0 |
| INVESCO DB MULTI-SECTOR COMM | ENERGY FD | 46140H304 |  | 1015 | 54439 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 1565 | 47711 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES S GSCI COMMODITY- | UNIT BEN INT | 46428R107 |  | 2917 | 132290 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 1771 | 19023 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 2649 | 14548 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 3473 | 41650 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 1824 | 30443 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES TR | CORE TOTAL USD | 46434V613 |  | 834 | 18089 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES TR | BROAD USD HIGH | 46435U853 |  | 1106 | 29581 | SH |  | SOLE |  | 0 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 2546 | 41715 | SH |  | SOLE |  | 0 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 9589 | 33168 | SH |  | SOLE |  | 0 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ACTIVEBLDRS EMER | 46641Q266 |  | 1419 | 32948 | SH |  | SOLE |  | 0 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 3954 | 69639 | SH |  | SOLE |  | 0 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 2382 | 47009 | SH |  | SOLE |  | 0 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | NASDAQ EQT PREM | 46654Q203 |  | 2821 | 51902 | SH |  | SOLE |  | 0 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 442 | 15178 | SH |  | SOLE |  | 0 | 0 | 0 |
| LEGG MASON ETF INVT | FRANKLIN INTL LW | 52468L505 |  | 3137 | 96372 | SH |  | SOLE |  | 0 | 0 | 0 |
| MFS INTER INCOME TR | SH BEN INT | 55273C107 |  | 703 | 260817 | SH |  | SOLE |  | 0 | 0 | 0 |
| NYLI CBRE GBL INFR MEGTRNDS | COM | 56064Q107 |  | 292 | 20687 | SH |  | SOLE |  | 0 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 3722 | 47025 | SH |  | SOLE |  | 0 | 0 | 0 |
| NATIONAL HEALTH INVS INC | COM | 63633D104 |  | 36607 | 516760 | SH |  | SOLE |  | 0 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 870 | 12434 | SH |  | SOLE |  | 0 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 24356 | 154244 | SH |  | SOLE |  | 0 | 0 | 0 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 394 | 35038 | SH |  | SOLE |  | 0 | 0 | 0 |
| NUVEEN MULTI-MKT INCOME FD | COM | 67075J107 |  | 230 | 36878 | SH |  | SOLE |  | 0 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 2244 | 10301 | SH |  | SOLE |  | 0 | 0 | 0 |
| PACER FDS TR | US CASH COWS 100 | 69374H881 |  | 1026 | 18628 | SH |  | SOLE |  | 0 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 5214 | 39004 | SH |  | SOLE |  | 0 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 3355 | 45313 | SH |  | SOLE |  | 0 | 0 | 0 |
| PHILLIPS EDISON  CO INC | COMMON STOCK | 71844V201 |  | 868 | 24804 | SH |  | SOLE |  | 0 | 0 | 0 |
| PHREESIA INC | COM | 71944F106 |  | 327 | 11500 | SH |  | SOLE |  | 0 | 0 | 0 |
| PIMCO ETF TR | MULTISECTOR BD | 72201R585 |  | 1430 | 53890 | SH |  | SOLE |  | 0 | 0 | 0 |
| PIMCO ETF TR | ACTIVE BD ETF | 72201R775 |  | 11712 | 127065 | SH |  | SOLE |  | 0 | 0 | 0 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 |  | 1185 | 11782 | SH |  | SOLE |  | 0 | 0 | 0 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 844 | 44517 | SH |  | SOLE |  | 0 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 5835 | 53256 | SH |  | SOLE |  | 0 | 0 | 0 |
| PINTEREST INC | CL A | 72352L106 |  | 768 | 21352 | SH |  | SOLE |  | 0 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 1207 | 11435 | SH |  | SOLE |  | 0 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 303 | 12991 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 96313 | 155925 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 9771 | 32185 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 780 | 18257 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 788 | 19460 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO INTRMD | 78464A375 |  | 392 | 11665 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO SHORT | 78464A474 |  | 16148 | 534908 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLI S | 78464A805 |  | 760 | 10187 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A847 |  | 8056 | 148142 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A854 |  | 6085 | 83811 | SH |  | SOLE |  | 0 | 0 | 0 |
| SSGA ACTIVE ETF TR | SPDR TR TACTIC | 78467V848 |  | 464 | 11588 | SH |  | SOLE |  | 0 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78468R853 |  | 3075 | 72187 | SH |  | SOLE |  | 0 | 0 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 395 | 21644 | SH |  | SOLE |  | 0 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 2995 | 10975 | SH |  | SOLE |  | 0 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 2743 | 32343 | SH |  | SOLE |  | 0 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 1189 | 57070 | SH |  | SOLE |  | 0 | 0 | 0 |
| STARBOARD INVT TR | ADAPTIVE ALPHA | 85521B742 |  | 887 | 29993 | SH |  | SOLE |  | 0 | 0 | 0 |
| STARBOARD INVT TR | ADAPTIVE HDGD MU | 85521B783 |  | 387 | 49269 | SH |  | SOLE |  | 0 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 214 | 10672 | SH |  | SOLE |  | 0 | 0 | 0 |
| T ROWE PRICE ETF INC | PRICE BLUE CHIP | 87283Q107 |  | 464 | 10249 | SH |  | SOLE |  | 0 | 0 | 0 |
| T ROWE PRICE ETF INC | PRICE EQT INCOME | 87283Q206 |  | 1986 | 46853 | SH |  | SOLE |  | 0 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 17885 | 55695 | SH |  | SOLE |  | 0 | 0 | 0 |
| TIDAL TR II | YIELDMAX MSTR OP | 88634T493 |  | 268 | 12343 | SH |  | SOLE |  | 0 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 1928 | 20884 | SH |  | SOLE |  | 0 | 0 | 0 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 |  | 5765 | 196901 | SH |  | SOLE |  | 0 | 0 | 0 |
| VANECK ETF TRUST | VANECK SHRT MUNI | 92189F528 |  | 11655 | 675266 | SH |  | SOLE |  | 0 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 6128 | 123767 | SH |  | SOLE |  | 0 | 0 | 0 |
| VANGUARD WORLD FD | MATERIALS ETF | 92204A801 |  | 8102 | 41584 | SH |  | OTR | 1 | 41584 | 3470 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 1643 | 20679 | SH |  | SOLE |  | 0 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 1512 | 17338 | SH |  | SOLE |  | 0 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX | 92206C730 |  | 4951 | 17627 | SH |  | SOLE |  | 0 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 19605 | 236466 | SH |  | SOLE |  | 0 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 3241 | 75048 | SH |  | SOLE |  | 0 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 7381 | 20852 | SH |  | SOLE |  | 0 | 0 | 0 |
| VIRTUS DIVIDEND INTEREST  P | COM | 92840R101 |  | 330 | 26647 | SH |  | SOLE |  | 0 | 0 | 0 |
| WISDOMTREE TR | US SMALLCAP DIVD | 97717W604 |  | 484 | 15200 | SH |  | SOLE |  | 0 | 0 | 0 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 |  | 3813 | 45586 | SH |  | SOLE |  | 0 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 995 | 11546 | SH |  | SOLE |  | 0 | 0 | 0 |

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