CENTRAL VALLEY ADVISORS, LLC

The ladder did what ladders do. Five monthly tranches of the Innovator buffer series (UJAN, UMAY, UJUN, UJUL, UAUG) left the book this quarter while seven other months stayed — turnover that reads as scheduled maintenance rather than a change of view. The more deliberate fixed-income move sits at the far end of the BulletShares ladder: BSCU and BSCV, the longest-dated corporate tranches, each grew about 15% in share count, quietly extending the ladder rather than letting it shorten as near tranches age.

Where a view is actually visible. The discretionary sleeve turned over meaningfully, and the direction is consistent: out of payments, housing and pharma — Visa ($3.3M) and Home Depot ($3.0M) sold entirely, JPMorgan cut 30% to 1.2% of the book, Walmart trimmed 24% — and into hard assets and toll-collecting cash flows. Royal Gold is a new $2.6M position that joins Newmont (1.1%) and an enlarged Rio Tinto stake; Enterprise Products grew 24% and Chevron 15%; Altria arrived as a new $2.7M yield holding. The Merck sale removes the only healthcare name that had ranked among the fund's top positions. If a conviction is expressed anywhere in this filing, it is that rotation: gold royalties, energy infrastructure and real assets over the consumer-facing franchises they replaced.