COMMONWEALTH EQUITY SERVICES, LLC

Commonwealth Equity Services held $71.6B across 4,299 positions, a broad RIA-platform book mixing single megacaps (Apple 3.2%, NVIDIA 2.2%, Microsoft 1.6%) with core ETFs (IVV, VEA, SPY, QQQ). The Q1 activity was overwhelmingly reductions — 40 positions trimmed against just 8 added — concentrated in the megacaps and broad-market funds: Microsoft (-$400M), Apple (-$349M), NVIDIA (-$247M), Invesco QQQ (-$193M) and Amazon were all cut. The adds tilted toward active and dividend strategies — Capital Group Dividend Value (CGDV), BlackRock's DYNF and Vanguard High Dividend Yield (VYM) — with new positions in Putnam's PVAL and developed-international SPDW. Assets eased from $75.0B to $71.6B.