St. James Investment Company, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GBIL	GOLDMAN SACHS ETF TR	1,653,867 (+268.8%)	$165,701 (+269.8%)	26.0%	$100.17	—	ACCES TREASURY	381430529
VZ	VERIZON COMMUNICATIONS INC	585,211 (+24.3%)	$29,378 (+53.2%)	4.6%	$41.14	+6.5%	COM	92343V104
EOG	EOG RES INC	183,452 (+14.6%)	$26,522 (+57.8%)	4.2%	$76.77	+46.1%	COM	26875P101
OKE	ONEOK INC NEW	355,988 (+2.3%)	$32,178 (+25.8%)	5.0%	$75.19	+4.5%	COM	682680103
IEX	IDEX CORP	88,124 (+53.4%)	$16,704 (+63.4%)	2.6%	$178.89	+11.3%	COM	45167R104
HON	HONEYWELL INTL INC	100,505 (+4.1%)	$22,717 (+20.6%)	3.6%	$200.25	+12.8%	COM	438516106
APD	AIR PRODUCTS AND CHEMICALS I	35,825 (+4.7%)	$10,407 (+23.1%)	1.6%	$268.28	+1.2%	COM	009158106
SHY	ISHARES TR	29,033 (+84.7%)	$2,397 (+84.2%)	0.4%	$81.83	—	1 3 YR TREAS BD	464287457

Exited Positions (9)

ENB ENBRIDGE INC 3.7%

Value ($000) $23,424 Shares 489,731 Est. Cost $25.02 Unrealized +94.2%

HSY HERSHEY CO 3.2%

Value ($000) $20,672 Shares 113,593 Est. Cost $166.94 Unrealized +22.6%

SSNC SS&C TECHNOLOGIES HLDGS INC 3.0%

Value ($000) $18,916 Shares 216,376 Est. Cost $86.55 Unrealized -7.6%

GEHC GE HEALTHCARE TECHNOLOGIES I 2.8%

Value ($000) $17,634 Shares 214,999 Est. Cost $84.59 Unrealized -2.8%

CTVA CORTEVA INC 2.4%

Value ($000) $15,127 Shares 225,675 Est. Cost $26.71 Unrealized +172.4%

CME CME GROUP INC 1.4%

Value ($000) $9,233 Shares 33,810 Est. Cost $220.24 Unrealized +31.4%

CSCO CISCO SYS INC 1.4%

Value ($000) $9,087 Shares 117,964 Est. Cost $37.47 Unrealized +107.9%

UGI UGI CORP NEW 1.4%

Value ($000) $8,860 Shares 236,712 Est. Cost $31.68 Unrealized +20.7%

ALSN ALLISON TRANSMISSION HLDGS I 0.0%

Value ($000) $224 Shares 2,285 Est. Cost $87.50 Unrealized +27.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ENB	ENBRIDGE INC	489,731	$23,424	3.7%	$25.02	+94.2%	—	29250N105
HSY	HERSHEY CO	113,593	$20,672	3.2%	$166.94	+22.6%	—	427866108
SSNC	SS&C TECHNOLOGIES HLDGS INC	216,376	$18,916	3.0%	$86.55	-7.6%	—	78467J100
GEHC	GE HEALTHCARE TECHNOLOGIES I	214,999	$17,634	2.8%	$84.59	-2.8%	—	36266G107
CTVA	CORTEVA INC	225,675	$15,127	2.4%	$26.71	+172.4%	—	22052L104
CME	CME GROUP INC	33,810	$9,233	1.4%	$220.24	+31.4%	—	12572Q105
CSCO	CISCO SYS INC	117,964	$9,087	1.4%	$37.47	+107.9%	—	17275R102
UGI	UGI CORP NEW	236,712	$8,860	1.4%	$31.68	+20.7%	—	902681105
ALSN	ALLISON TRANSMISSION HLDGS I	2,285	$224	0.0%	$87.50	+27.1%	—	01973R101

Decreased Positions (6)

AEM AGNICO EAGLE MINES LTD 4.5%

Value ($000) $28,620 (-29.9%) Shares 141,001 (-41.4%) Est. Cost $45.40 Unrealized +353.8%

TRV TRAVELERS COMPANIES INC 3.1%

Value ($000) $19,793 (-23.5%) Shares 67,857 (-23.9%) Est. Cost $108.05 Unrealized +167.0%

CEF SPROTT ASSET MANAGEMENT LP 0.3%

Value ($000) $2,047 (-40.8%) Shares 42,891 (-43.1%) Est. Cost $15.54 Unrealized —

SYY SYSCO CORP 1.8%

Value ($000) $11,729 (-7.2%) Shares 164,437 (-4.1%) Est. Cost $71.09 Unrealized +15.7%

ABEQ UNIFIED SER TR 1.8%

Value ($000) $11,592 (-5.2%) Shares 307,065 (-9.9%) Est. Cost $23.46 Unrealized —

PHYS SPROTT ASSET MANAGEMENT LP 0.4%

Value ($000) $2,300 (-19.7%) Shares 64,905 (-25.2%) Est. Cost $10.75 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEM	AGNICO EAGLE MINES LTD	141,001 (-41.4%)	$28,620 (-29.9%)	4.5%	$45.40	+353.8%	COM	008474108
TRV	TRAVELERS COMPANIES INC	67,857 (-23.9%)	$19,793 (-23.5%)	3.1%	$108.05	+167.0%	COM	89417E109
CEF	SPROTT ASSET MANAGEMENT LP	42,891 (-43.1%)	$2,047 (-40.8%)	0.3%	$15.54	—	PHYSICAL GOLD AN	85208R101
SYY	SYSCO CORP	164,437 (-4.1%)	$11,729 (-7.2%)	1.8%	$71.09	+15.7%	COM	871829107
ABEQ	UNIFIED SER TR	307,065 (-9.9%)	$11,592 (-5.2%)	1.8%	$23.46	—	ABSLUTE SELCT VL	90470L568
PHYS	SPROTT ASSET MANAGEMENT LP	64,905 (-25.2%)	$2,300 (-19.7%)	0.4%	$10.75	—	PHYSICAL GOLD TR	85207H104

Unchanged Positions (7)

FNV FRANCO NEV CORP 8.3%

Value ($000) $52,920 Shares 214,209 Est. Cost $135.49 Unrealized +81.4%

UL UNILEVER PLC 5.1%

Value ($000) $32,325 Shares 567,404 Est. Cost $65.40 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 10.6%

Value ($000) $67,660 Shares 141,193 Est. Cost $178.52 Unrealized +176.4%

MDT MEDTRONIC PLC 4.1%

Value ($000) $26,430 Shares 305,017 Est. Cost $82.67 Unrealized +20.4%

HUBB HUBBELL INC 1.8%

Value ($000) $11,272 Shares 22,969 Est. Cost $385.05 Unrealized +28.6%

L LOEWS CORP 7.6%

Value ($000) $48,421 Shares 453,634 Est. Cost $48.22 Unrealized +120.7%

EMR EMERSON ELEC CO 2.5%

Value ($000) $16,231 Shares 123,879 Est. Cost $113.65 Unrealized +30.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FNV	FRANCO NEV CORP	214,209	$52,920	8.3%	$135.49	+81.4%	COM	351858105
UL	UNILEVER PLC	567,404	$32,325	5.1%	$65.40	—	SPON ADR NEW	904767803
BRK/B	BERKSHIRE HATHAWAY INC DEL	141,193	$67,660	10.6%	$178.52	+176.4%	CL B NEW	084670702
MDT	MEDTRONIC PLC	305,017	$26,430	4.1%	$82.67	+20.4%	SHS	G5960L103
HUBB	HUBBELL INC	22,969	$11,272	1.8%	$385.05	+28.6%	COM	443510607
L	LOEWS CORP	453,634	$48,421	7.6%	$48.22	+120.7%	COM	540424108
EMR	EMERSON ELEC CO	123,879	$16,231	2.5%	$113.65	+30.6%	COM	291011104