Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com, Inc.	60,880	$14.51M	1.7%	$238.34	—	COM	023135106
HON	Honeywell International Inc	64,003	$14.33M	1.6%	$223.90	—	COM	438516205
HONA	Honeywell Aerospace Inc	63,749	$14.09M	1.6%	$221.08	—	COM	43849R105
IXJ	ISHARES GLOBAL HEALTHCARE ETF	78,965	$7.769M	0.9%	$98.38	—	COM	464287325
KIE	SPDR S&P Insurance ETF	127,336	$7.766M	0.9%	$60.99	—	COM	78464A789
XLF	Financial Select Sector SPDR	37,113	$1.99M	0.2%	$53.61	—	COM	81369Y605

Increased Positions (20)

TTEK Tetra Tech Inc 4.4%

Value $38.18M (+42.9%) Shares 1,321,714 (+49.0%) Est. Cost $32.66 Unrealized —

BRK/B Berkshire Hathaway Inc Cl B 1.2%

Value $10.91M (+461.2%) Shares 21,811 (+437.5%) Est. Cost $499.10 Unrealized —

NFG National Fuel Gas Company 3.5%

Value $30.39M (-16.6%) Shares 393,623 (+1.5%) Est. Cost $42.96 Unrealized —

UL Unilever PLC - Sponsored ADR 2.6%

Value $22.56M (+33.8%) Shares 375,179 (+26.7%) Est. Cost $64.29 Unrealized —

UBER Uber Technologies Inc. 1.5%

Value $13.32M (+53.5%) Shares 184,655 (+53.0%) Est. Cost $81.40 Unrealized —

V Visa Inc. CL A 2.6%

Value $22.93M (+24.2%) Shares 66,846 (+9.4%) Est. Cost $340.55 Unrealized —

VZ Verizon Communications 2.9%

Value $25.2M (-14.8%) Shares 595,289 (+1.0%) Est. Cost $41.50 Unrealized —

BG Bunge Global SA NPV 3.1%

Value $27.16M (-13.8%) Shares 254,462 (+2.8%) Est. Cost $96.58 Unrealized —

TAK Takeda Pharmaceutical Company 3.3%

Value $29.24M (-12.2%) Shares 1,823,884 (+1.4%) Est. Cost $16.67 Unrealized —

MOS The Mosaic Company 1.8%

Value $16.13M (-13.1%) Shares 761,336 (+4.5%) Est. Cost $21.67 Unrealized —

— CME Group Inc 1.7%

Value $14.48M (+18.2%) Shares 65,592 (+58.0%) Est. Cost $249.11 Unrealized —

MDT Medtronic PLC 2.8%

Value $24.82M (-7.7%) Shares 317,221 (+2.2%) Est. Cost $80.54 Unrealized —

WMT Walmart Inc. 2.3%

Value $20.23M (-7.9%) Shares 178,651 (+1.1%) Est. Cost $58.83 Unrealized —

GLDM SPDR Gold MiniShares Trust 0.9%

Value $8.066M (-13.3%) Shares 101,567 (+1.2%) Est. Cost $40.88 Unrealized —

MSFT Microsoft 3.6%

Value $31.35M (+2.8%) Shares 84,034 (+2.0%) Est. Cost $54.39 Unrealized —

META Meta Platforms, Inc. 2.6%

Value $22.79M (+3.6%) Shares 40,457 (+5.2%) Est. Cost $168.73 Unrealized —

XCEM Columbia EM Core ex-China ETF 0.2%

Value $1.431M (+33.7%) Shares 27,065 (+3.2%) Est. Cost $34.16 Unrealized —

XLP Consumer Staples Select Sector 0.1%

Value $873K (+51.9%) Shares 10,512 (+49.9%) Est. Cost $83.02 Unrealized —

AAPL Apple Inc. 0.0%

Value $332K (+24.9%) Shares 1,147 (+9.6%) Est. Cost $137.84 Unrealized —

MEG Onterris 0.1%

Value $632K (-2.9%) Shares 31,255 (+5.2%) Est. Cost $26.96 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TTEK	Tetra Tech Inc	1,321,714 (+49.0%)	$38.18M (+42.9%)	4.4%	$32.66	—	COM	88162G103
BRK/B	Berkshire Hathaway Inc Cl B	21,811 (+437.5%)	$10.91M (+461.2%)	1.2%	$499.10	—	COM	084670702
NFG	National Fuel Gas Company	393,623 (+1.5%)	$30.39M (-16.6%)	3.5%	$42.96	—	COM	636180101
UL	Unilever PLC - Sponsored ADR	375,179 (+26.7%)	$22.56M (+33.8%)	2.6%	$64.29	—	COM	904767803
UBER	Uber Technologies Inc.	184,655 (+53.0%)	$13.32M (+53.5%)	1.5%	$81.40	—	COM	90353T100
V	Visa Inc. CL A	66,846 (+9.4%)	$22.93M (+24.2%)	2.6%	$340.55	—	COM	92826C839
VZ	Verizon Communications	595,289 (+1.0%)	$25.2M (-14.8%)	2.9%	$41.50	—	COM	92343V104
BG	Bunge Global SA NPV	254,462 (+2.8%)	$27.16M (-13.8%)	3.1%	$96.58	—	COM	H11356104
TAK	Takeda Pharmaceutical Company	1,823,884 (+1.4%)	$29.24M (-12.2%)	3.3%	$16.67	—	COM	874060205
MOS	The Mosaic Company	761,336 (+4.5%)	$16.13M (-13.1%)	1.8%	$21.67	—	COM	61945C103
—	CME Group Inc	65,592 (+58.0%)	$14.48M (+18.2%)	1.7%	$249.11	—	COM	12572q105
MDT	Medtronic PLC	317,221 (+2.2%)	$24.82M (-7.7%)	2.8%	$80.54	—	COM	G5960L103
WMT	Walmart Inc.	178,651 (+1.1%)	$20.23M (-7.9%)	2.3%	$58.83	—	COM	931142103
GLDM	SPDR Gold MiniShares Trust	101,567 (+1.2%)	$8.066M (-13.3%)	0.9%	$40.88	—	COM	98149E303
MSFT	Microsoft	84,034 (+2.0%)	$31.35M (+2.8%)	3.6%	$54.39	—	COM	594918104
META	Meta Platforms, Inc.	40,457 (+5.2%)	$22.79M (+3.6%)	2.6%	$168.73	—	COM	30303M102
XCEM	Columbia EM Core ex-China ETF	27,065 (+3.2%)	$1.431M (+33.7%)	0.2%	$34.16	—	COM	19762B202
XLP	Consumer Staples Select Sector	10,512 (+49.9%)	$873K (+51.9%)	0.1%	$83.02	—	COM	81369Y308
AAPL	Apple Inc.	1,147 (+9.6%)	$332K (+24.9%)	0.0%	$137.84	—	COM	037833100
MEG	Onterris	31,255 (+5.2%)	$632K (-2.9%)	0.1%	$26.96	—	COM	615111101

Exited Positions (6)

HON Honeywell International Inc 2.7%

Value $23.47M Shares 103,844 Est. Cost $197.78 Unrealized —

PSMT PriceSmart Inc 2.0%

Value $17.29M Shares 114,853 Est. Cost $87.56 Unrealized —

WDAY Workday Inc 1.5%

Value $12.99M Shares 100,011 Est. Cost $197.87 Unrealized —

ZTS Zoetis Inc 0.1%

Value $1.065M Shares 9,007 Est. Cost $144.46 Unrealized —

GNR SPDR S&P GL NAT RESOURCES 0.0%

Value $397K Shares 5,311 Est. Cost $62.14 Unrealized —

ACWX Ishares MSCI ACWU ex US 0.0%

Value $205K Shares 3,000 Est. Cost $67.13 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	Honeywell International Inc	103,844	$23.47M	2.7%	$197.78	—	—	438516106
PSMT	PriceSmart Inc	114,853	$17.29M	2.0%	$87.56	—	—	741511109
WDAY	Workday Inc	100,011	$12.99M	1.5%	$197.87	—	—	98138H101
ZTS	Zoetis Inc	9,007	$1.065M	0.1%	$144.46	—	—	98978V103
GNR	SPDR S&P GL NAT RESOURCES	5,311	$397K	0.0%	$62.14	—	—	78463X541
ACWX	Ishares MSCI ACWU ex US	3,000	$205K	0.0%	$67.13	—	—	464288240

Decreased Positions (9)

MU Micron Technology Inc 3.6%

Value $31.85M (+220.4%) Shares 27,589 (-6.2%) Est. Cost $31.05 Unrealized —

SNY Sanofi ADR 2.5%

Value $21.5M (-34.2%) Shares 504,024 (-25.7%) Est. Cost $46.42 Unrealized —

AON Aon PLC 1.8%

Value $16.03M (-30.7%) Shares 48,322 (-32.5%) Est. Cost $366.88 Unrealized —

CSCO Cisco Systems Inc 2.6%

Value $23.14M (-22.7%) Shares 197,033 (-49.0%) Est. Cost $24.74 Unrealized —

JNJ Johnson & Johnson 1.6%

Value $13.67M (-31.4%) Shares 53,838 (-34.0%) Est. Cost $88.13 Unrealized —

FIS Fidelity National Information 0.4%

Value $3.114M (-45.0%) Shares 80,105 (-33.6%) Est. Cost $63.79 Unrealized —

BIL SPDR Bloomberg Barclays 1-3 Mo 2.0%

Value $17.09M (-9.9%) Shares 186,446 (-9.9%) Est. Cost $91.65 Unrealized —

CPB The Campbell's Company 0.1%

Value $664K (-26.5%) Shares 29,799 (-26.5%) Est. Cost $31.11 Unrealized —

ACWI iShares MSCI ACWI ETF 0.1%

Value $757K (+0.0%) Shares 4,825 (-11.8%) Est. Cost $140.69 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	Micron Technology Inc	27,589 (-6.2%)	$31.85M (+220.4%)	3.6%	$31.05	—	COM	595112103
SNY	Sanofi ADR	504,024 (-25.7%)	$21.5M (-34.2%)	2.5%	$46.42	—	COM	80105N105
AON	Aon PLC	48,322 (-32.5%)	$16.03M (-30.7%)	1.8%	$366.88	—	COM	G0403H108
CSCO	Cisco Systems Inc	197,033 (-49.0%)	$23.14M (-22.7%)	2.6%	$24.74	—	COM	17275R102
JNJ	Johnson & Johnson	53,838 (-34.0%)	$13.67M (-31.4%)	1.6%	$88.13	—	COM	478160104
FIS	Fidelity National Information	80,105 (-33.6%)	$3.114M (-45.0%)	0.4%	$63.79	—	COM	31620M106
BIL	SPDR Bloomberg Barclays 1-3 Mo	186,446 (-9.9%)	$17.09M (-9.9%)	2.0%	$91.65	—	COM	78468R663
CPB	The Campbell's Company	29,799 (-26.5%)	$664K (-26.5%)	0.1%	$31.11	—	COM	134429109
ACWI	iShares MSCI ACWI ETF	4,825 (-11.8%)	$757K (+0.0%)	0.1%	$140.69	—	COM	464288257

Unchanged Positions (16)

AMAT Applied Materials 8.9%

Value $77.82M Shares 107,629 Est. Cost $129.87 Unrealized —

CVX Chevron Corporation 4.4%

Value $38.84M Shares 234,297 Est. Cost $154.65 Unrealized —

CEF Sprott Physical Gold & Silver 4.4%

Value $38.46M Shares 955,967 Est. Cost $13.04 Unrealized —

GOOG Alphabet Inc CL C 4.2%

Value $36.49M Shares 103,278 Est. Cost $176.10 Unrealized —

ETN Eaton Corp PLC 1.5%

Value $13.55M Shares 31,794 Est. Cost $307.46 Unrealized —

ORANY Orange - ADR 2.3%

Value $20.54M Shares 1,091,303 Est. Cost $14.74 Unrealized —

FCX Freeport-McMoran Inc 2.0%

Value $17.81M Shares 283,129 Est. Cost $40.70 Unrealized —

SOLS Solstice Advanced Materials In 1.1%

Value $9.33M Shares 105,305 Est. Cost $47.08 Unrealized —

NVS Novartis AG-ADR 3.0%

Value $25.94M Shares 165,519 Est. Cost $81.05 Unrealized —

HD Home Depot Inc 1.3%

Value $10.94M Shares 31,028 Est. Cost $300.46 Unrealized —

MDU MDU Resources Group Inc. 2.5%

Value $22.06M Shares 1,040,108 Est. Cost $9.67 Unrealized —

ARCO Arcos Dorados Holdings Inc 1.4%

Value $12.53M Shares 1,554,885 Est. Cost $8.38 Unrealized —

XLK Technology Select Sector SPDR 0.0%

Value $379K Shares 1,988 Est. Cost $173.51 Unrealized —

XLI Industrial Select Sector SPDR 0.1%

Value $446K Shares 2,409 Est. Cost $148.81 Unrealized —

XLV Health Care Select Sector 0.0%

Value $267K Shares 1,682 Est. Cost $145.72 Unrealized —

XLC Communication Services Select 0.0%

Value $203K Shares 1,897 Est. Cost $96.81 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	Applied Materials	107,629	$77.82M	8.9%	$129.87	—	COM	038222105
CVX	Chevron Corporation	234,297	$38.84M	4.4%	$154.65	—	COM	166764100
CEF	Sprott Physical Gold & Silver	955,967	$38.46M	4.4%	$13.04	—	COM	85208R101
GOOG	Alphabet Inc CL C	103,278	$36.49M	4.2%	$176.10	—	COM	02079K107
ETN	Eaton Corp PLC	31,794	$13.55M	1.5%	$307.46	—	COM	G29183103
ORANY	Orange - ADR	1,091,303	$20.54M	2.3%	$14.74	—	COM	684060106
FCX	Freeport-McMoran Inc	283,129	$17.81M	2.0%	$40.70	—	COM	35671D857
SOLS	Solstice Advanced Materials In	105,305	$9.33M	1.1%	$47.08	—	COM	83443Q103
NVS	Novartis AG-ADR	165,519	$25.94M	3.0%	$81.05	—	COM	66987V109
HD	Home Depot Inc	31,028	$10.94M	1.3%	$300.46	—	COM	437076102
MDU	MDU Resources Group Inc.	1,040,108	$22.06M	2.5%	$9.67	—	COM	552690109
ARCO	Arcos Dorados Holdings Inc	1,554,885	$12.53M	1.4%	$8.38	—	COM	G0457F107
XLK	Technology Select Sector SPDR	1,988	$379K	0.0%	$173.51	—	COM	81369Y803
XLI	Industrial Select Sector SPDR	2,409	$446K	0.1%	$148.81	—	COM	81369Y704
XLV	Health Care Select Sector	1,682	$267K	0.0%	$145.72	—	COM	81369Y209
XLC	Communication Services Select	1,897	$203K	0.0%	$96.81	—	COM	81369Y852