SCHNIEDERS CAPITAL MANAGEMENT, LLC.

2. Key Holdings

The portfolio is heavily anchored in large-cap technology and communication services giants, reflecting a conviction in the secular growth of the digital economy.

• Mega-Cap Tech Dominance: Microsoft (MSFT) is the largest holding, valued at $53.60M (8.35% of the portfolio), followed closely by Apple (AAPL) at $35.95M (5.60%). These positions were established during the quarter, signaling a major strategic pivot toward quality tech growth.
• Communication Services: The firm holds a dual-class structure position in Alphabet, with Class A (GOOGL) at $34.13M and Class C (GOOG) at $25.60M. Combined, this represents nearly 9.3% of the portfolio, indicating strong confidence in the search and AI advertising giant.
• Financial and ETF Exposure: JPMorgan Chase (JPM) remains a key financial holding at $19.23M. Additionally, the firm utilizes the Powershares QQQ Trust as a top 10 position ($21.62M), providing broad exposure to the Nasdaq-100, likely to manage liquidity or beta exposure alongside individual stock picks.
• Cash Equivalents: A notable position is the iShares 0-3 Month Treasury Bond ETF at $18.55M, representing nearly 2.9% of the fund. This suggests a focus on liquidity and capital preservation for a portion of the assets.