Cladis Investment Advisory, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	6,574	$1,281	0.7%	$238.05	0.0%	COM	68389X105
UBER	UBER TECHNOLOGIES INC	10,976	$897	0.5%	$90.05	0.0%	COM	90353T100
RDDT	REDDIT INC	2,850	$655	0.4%	$210.30	0.0%	CL A	75734B100
Q	QNITY ELECTRONICS INC	4,101	$335	0.2%	$84.91	0.0%	COMMON STOCK	74743L100
LULU	LULULEMON ATHLETICA INC	1,500	$312	0.2%	$181.15	0.0%	COM	550021109
MSI	MOTOROLA SOLUTIONS INC	728	$279	0.2%	$400.79	0.0%	COM NEW	620076307
GM	GENERAL MTRS CO	3,248	$264	0.1%	$70.40	0.0%	COM	37045V100
IREN	IREN LIMITED	6,600	$249	0.1%	$51.59	0.0%	ORDINARY SHARES	Q4982L109
VRTX	VERTEX PHARMACEUTICALS INC	542	$246	0.1%	$431.03	0.0%	COM	92532F100
CPRX	CATALYST PHARMACEUTICALS INC	10,020	$234	0.1%	$22.28	0.0%	COM	14888U101
IFRA	ISHARES TR	4,300	$226	0.1%	$52.62	—	US INFRASTRUC	46435U713
HXL	HEXCEL CORP NEW	3,000	$222	0.1%	$70.70	0.0%	COM	428291108
SLB	SLB LIMITED	5,546	$213	0.1%	$36.06	0.0%	COM STK	806857108
BIIB	BIOGEN INC	1,040	$183	0.1%	$163.37	0.0%	COM	09062X103
WIT	WIPRO LTD	19,680	$56	0.0%	$2.84	—	SPON ADR 1 SH	97651M109
NFGC	NEW FOUND GOLD CORP	10,000	$30	0.0%	$2.45	0.0%	COM	64440N103

Increased Positions (28)

ISRG INTUITIVE SURGICAL INC 0.6%

Value ($000) $1,079 (+130.9%) Shares 1,905 (+82.3%) Est. Cost $503.57 Unrealized +5.7%

SBUX STARBUCKS CORP 0.5%

Value ($000) $1,004 (+136.2%) Shares 11,928 (+137.3%) Est. Cost $84.53 Unrealized -0.6%

QXO QXO INCO 1.1%

Value ($000) $2,071 (+38.7%) Shares 107,360 (+37.0%) Est. Cost $19.87 Unrealized -3.6%

NKE NIKE INC 0.9%

Value ($000) $1,627 (+54.7%) Shares 25,531 (+69.3%) Est. Cost $73.39 Unrealized -11.6%

COST COSTCO WHSL CORP NEW 1.5%

Value ($000) $2,823 (+16.7%) Shares 3,273 (+25.3%) Est. Cost $658.14 Unrealized +37.6%

NFLX NETFLIX INC 0.6%

Value ($000) $1,187 (+46.7%) Shares 12,660 (+1775.6%) Est. Cost $103.83 Unrealized +3.8%

KRE SPDR SER TR 0.6%

Value ($000) $1,008 (+59.1%) Shares 15,550 (+55.3%) Est. Cost $60.68 Unrealized —

GEHC GE HEALTHCARE TECHNOLOGIES I 0.8%

Value ($000) $1,409 (+33.0%) Shares 17,182 (+21.8%) Est. Cost $74.26 Unrealized +4.9%

XLE SELECT SECTOR SPDR TR 1.0%

Value ($000) $1,867 (+16.8%) Shares 41,760 (+133.4%) Est. Cost $56.03 Unrealized —

WMT WALMART INC 0.8%

Value ($000) $1,480 (+19.9%) Shares 13,285 (+10.9%) Est. Cost $65.97 Unrealized +62.5%

XLV SELECT SECTOR SPDR TR 0.6%

Value ($000) $1,136 (+26.3%) Shares 7,340 (+13.5%) Est. Cost $139.85 Unrealized —

NOW SERVICENOW INC 0.1%

Value ($000) $234 (-49.7%) Shares 1,525 (+202.0%) Est. Cost $155.43 Unrealized +10.4%

META META PLATFORMS INC 0.9%

Value ($000) $1,702 (-8.2%) Shares 2,579 (+2.2%) Est. Cost $296.52 Unrealized +125.1%

HD HOME DEPOT INC 0.5%

Value ($000) $991 (-13.1%) Shares 2,880 (+2.3%) Est. Cost $335.54 Unrealized +8.7%

XLU SELECT SECTOR SPDR TR 0.8%

Value ($000) $1,371 (+9.7%) Shares 32,110 (+124.1%) Est. Cost $55.53 Unrealized —

CALM CAL MAINE FOODS INC 0.3%

Value ($000) $493 (+31.1%) Shares 6,200 (+55.0%) Est. Cost $88.93 Unrealized -2.6%

LUV SOUTHWEST AIRLS CO 0.2%

Value ($000) $372 (+45.7%) Shares 9,000 (+12.5%) Est. Cost $32.70 Unrealized +6.4%

BYRN BYRNA TECHNOLOGIES INC 0.4%

Value ($000) $749 (-10.8%) Shares 44,600 (+17.7%) Est. Cost $21.78 Unrealized -10.6%

VNQ VANGUARD INDEX FDS 0.3%

Value ($000) $565 (+14.8%) Shares 6,390 (+18.6%) Est. Cost $88.98 Unrealized —

HAL HALLIBURTON CO 0.2%

Value ($000) $328 (+25.7%) Shares 11,600 (+9.4%) Est. Cost $22.25 Unrealized +18.1%

CRWD CROWDSTRIKE HLDGS INC 0.5%

Value ($000) $878 (+7.7%) Shares 1,873 (+12.6%) Est. Cost $265.43 Unrealized +91.8%

DFAS DIMENSIONAL ETF TR 0.4%

Value ($000) $706 (+9.5%) Shares 10,130 (+7.6%) Est. Cost $49.05 Unrealized —

XLK SELECT SECTOR SPDR TR 1.9%

Value ($000) $3,380 (+1.6%) Shares 23,477 (+98.8%) Est. Cost $158.94 Unrealized —

CRM SALESFORCE INC 0.1%

Value ($000) $246 (+18.4%) Shares 927 (+5.9%) Est. Cost $231.17 Unrealized +7.4%

IWO ISHARES TR 0.2%

Value ($000) $323 (+12.1%) Shares 1,000 (+11.1%) Est. Cost $265.31 Unrealized —

PSX PHILLIPS 66 0.5%

Value ($000) $913 (-2.4%) Shares 7,078 (+2.9%) Est. Cost $66.68 Unrealized +101.0%

MA MASTERCARD INCORPORATED 0.1%

Value ($000) $245 (+5.3%) Shares 428 (+4.9%) Est. Cost $466.26 Unrealized +19.9%

COIN COINBASE GLOBAL INC 0.2%

Value ($000) $403 (+1.5%) Shares 1,780 (+51.5%) Est. Cost $325.10 Unrealized -8.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ISRG	INTUITIVE SURGICAL INC	1,905 (+82.3%)	$1,079 (+130.9%)	0.6%	$503.57	+5.7%	COM NEW	46120E602
SBUX	STARBUCKS CORP	11,928 (+137.3%)	$1,004 (+136.2%)	0.5%	$84.53	-0.6%	COM	855244109
QXO	QXO INCO	107,360 (+37.0%)	$2,071 (+38.7%)	1.1%	$19.87	-3.6%	COM NEW	82846H405
NKE	NIKE INC	25,531 (+69.3%)	$1,627 (+54.7%)	0.9%	$73.39	-11.6%	CL B	654106103
COST	COSTCO WHSL CORP NEW	3,273 (+25.3%)	$2,823 (+16.7%)	1.5%	$658.14	+37.6%	COM	22160K105
NFLX	NETFLIX INC	12,660 (+1775.6%)	$1,187 (+46.7%)	0.6%	$103.83	+3.8%	COM	64110L106
KRE	SPDR SER TR	15,550 (+55.3%)	$1,008 (+59.1%)	0.6%	$60.68	—	S&P REGL BKG	78464A698
GEHC	GE HEALTHCARE TECHNOLOGIES I	17,182 (+21.8%)	$1,409 (+33.0%)	0.8%	$74.26	+4.9%	COMMON STOCK	36266G107
XLE	SELECT SECTOR SPDR TR	41,760 (+133.4%)	$1,867 (+16.8%)	1.0%	$56.03	—	ENERGY	81369Y506
WMT	WALMART INC	13,285 (+10.9%)	$1,480 (+19.9%)	0.8%	$65.97	+62.5%	COM	931142103
XLV	SELECT SECTOR SPDR TR	7,340 (+13.5%)	$1,136 (+26.3%)	0.6%	$139.85	—	SBI HEALTHCARE	81369Y209
NOW	SERVICENOW INC	1,525 (+202.0%)	$234 (-49.7%)	0.1%	$155.43	+10.4%	COM	81762P102
META	META PLATFORMS INC	2,579 (+2.2%)	$1,702 (-8.2%)	0.9%	$296.52	+125.1%	CL A	30303M102
HD	HOME DEPOT INC	2,880 (+2.3%)	$991 (-13.1%)	0.5%	$335.54	+8.7%	COM	437076102
XLU	SELECT SECTOR SPDR TR	32,110 (+124.1%)	$1,371 (+9.7%)	0.8%	$55.53	—	SBI INT-UTILS	81369Y886
CALM	CAL MAINE FOODS INC	6,200 (+55.0%)	$493 (+31.1%)	0.3%	$88.93	-2.6%	COM NEW	128030202
LUV	SOUTHWEST AIRLS CO	9,000 (+12.5%)	$372 (+45.7%)	0.2%	$32.70	+6.4%	COM	844741108
BYRN	BYRNA TECHNOLOGIES INC	44,600 (+17.7%)	$749 (-10.8%)	0.4%	$21.78	-10.6%	COM NEW	12448X201
VNQ	VANGUARD INDEX FDS	6,390 (+18.6%)	$565 (+14.8%)	0.3%	$88.98	—	REAL ESTATE ETF	922908553
HAL	HALLIBURTON CO	11,600 (+9.4%)	$328 (+25.7%)	0.2%	$22.25	+18.1%	COM	406216101
CRWD	CROWDSTRIKE HLDGS INC	1,873 (+12.6%)	$878 (+7.7%)	0.5%	$265.43	+91.8%	CL A	22788C105
DFAS	DIMENSIONAL ETF TR	10,130 (+7.6%)	$706 (+9.5%)	0.4%	$49.05	—	US SMALL CAP ETF	25434V500
XLK	SELECT SECTOR SPDR TR	23,477 (+98.8%)	$3,380 (+1.6%)	1.9%	$158.94	—	TECHNOLOGY	81369Y803
CRM	SALESFORCE INC	927 (+5.9%)	$246 (+18.4%)	0.1%	$231.17	+7.4%	COM	79466L302
IWO	ISHARES TR	1,000 (+11.1%)	$323 (+12.1%)	0.2%	$265.31	—	RUSSELL 2000 GRW ETF	464287648
PSX	PHILLIPS 66	7,078 (+2.9%)	$913 (-2.4%)	0.5%	$66.68	+101.0%	COM	718546104
MA	MASTERCARD INCORPORATED	428 (+4.9%)	$245 (+5.3%)	0.1%	$466.26	+19.9%	CL A	57636Q104
COIN	COINBASE GLOBAL INC	1,780 (+51.5%)	$403 (+1.5%)	0.2%	$325.10	-8.3%	COM CL A	19260Q107

Exited Positions (7)

WPM WHEATON PRECIOUS METALS CORP 0.3%

Value ($000) $559 Shares 5,000 Est. Cost $97.71 Unrealized +9.6%

BABA ALIBABA GROUP HLDG LTD 0.2%

Value ($000) $393 Shares 2,200 Est. Cost $111.56 Unrealized —

FNV FRANCO NEV CORP 0.2%

Value ($000) $312 Shares 1,400 Est. Cost $180.19 Unrealized +12.5%

TEM TEMPUS AI INC 0.1%

Value ($000) $234 Shares 2,900 Est. Cost $55.32 Unrealized +41.4%

AMGN AMGEN INC 0.1%

Value ($000) $209 Shares 740 Est. Cost $277.77 Unrealized +13.7%

FWONA LIBERTY MEDIA CORP DEL 0.1%

Value ($000) $202 Shares 2,125 Est. Cost $94.96 Unrealized —

OGN ORGANON & CO 0.1%

Value ($000) $151 Shares 14,179 Est. Cost $10.25 Unrealized -23.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WPM	WHEATON PRECIOUS METALS CORP	5,000	$559	0.3%	$97.71	+9.6%	—	962879102
BABA	ALIBABA GROUP HLDG LTD	2,200	$393	0.2%	$111.56	—	—	01609W102
FNV	FRANCO NEV CORP	1,400	$312	0.2%	$180.19	+12.5%	—	351858105
TEM	TEMPUS AI INC	2,900	$234	0.1%	$55.32	+41.4%	—	88023B103
AMGN	AMGEN INC	740	$209	0.1%	$277.77	+13.7%	—	031162100
FWONA	LIBERTY MEDIA CORP DEL	2,125	$202	0.1%	$94.96	—	—	531229771
OGN	ORGANON & CO	14,179	$151	0.1%	$10.25	-23.1%	—	68622V106

Decreased Positions (38)

DELL DELL TECHNOLOGIES INC 0.6%

Value ($000) $1,081 (-43.6%) Shares 8,590 (-36.5%) Est. Cost $112.75 Unrealized +24.8%

BMY BRISTOL-MYERS SQUIBB CO 0.5%

Value ($000) $828 (-36.9%) Shares 15,350 (-47.3%) Est. Cost $48.44 Unrealized -1.9%

SNOW SNOWFLAKE INC 0.9%

Value ($000) $1,720 (-17.5%) Shares 7,840 (-15.2%) Est. Cost $140.57 Unrealized +73.6%

CAT CATERPILLAR INC 1.5%

Value ($000) $2,750 (+15.3%) Shares 4,800 (-4.0%) Est. Cost $219.25 Unrealized +153.4%

HON HONEYWELL INTL INC 0.3%

Value ($000) $622 (-34.2%) Shares 3,188 (-29.0%) Est. Cost $185.39 Unrealized +5.2%

CLF CLEVELAND-CLIFFS INC NEW 0.7%

Value ($000) $1,303 (-18.0%) Shares 98,150 (-24.6%) Est. Cost $12.93 Unrealized -2.3%

MEG MONTROSE ENVIRONMENTAL GROUP 0.8%

Value ($000) $1,450 (-14.7%) Shares 58,400 (-5.7%) Est. Cost $20.50 Unrealized +28.9%

GE GE AEROSPACE 2.7%

Value ($000) $4,960 (-4.7%) Shares 16,104 (-6.9%) Est. Cost $63.28 Unrealized +375.3%

UNH UNITEDHEALTH GROUP INC 0.7%

Value ($000) $1,306 (-14.2%) Shares 3,958 (-10.2%) Est. Cost $365.99 Unrealized -7.9%

VRT VERTIV HOLDINGS CO 0.9%

Value ($000) $1,555 (-11.9%) Shares 9,600 (-17.9%) Est. Cost $106.20 Unrealized +63.4%

ARM ARM HOLDINGS PLC 0.1%

Value ($000) $219 (-48.5%) Shares 2,000 (-33.3%) Est. Cost $128.80 Unrealized —

GBCI GLACIER BANCORP INC NEW 0.7%

Value ($000) $1,291 (-12.8%) Shares 29,298 (-3.6%) Est. Cost $45.30 Unrealized -3.8%

DIS DISNEY WALT CO 1.0%

Value ($000) $1,820 (-9.3%) Shares 16,000 (-8.7%) Est. Cost $110.62 Unrealized -1.0%

GOOG ALPHABET INC 1.1%

Value ($000) $1,963 (+10.3%) Shares 6,255 (-14.4%) Est. Cost $157.46 Unrealized +81.8%

AMZN AMAZON COM INC 2.7%

Value ($000) $4,977 (+3.1%) Shares 21,562 (-1.9%) Est. Cost $124.25 Unrealized +84.1%

GIS GENERAL MLS INC 0.2%

Value ($000) $287 (-25.8%) Shares 6,173 (-19.5%) Est. Cost $56.48 Unrealized -16.0%

KHC KRAFT HEINZ CO 0.1%

Value ($000) $269 (-26.7%) Shares 11,079 (-21.3%) Est. Cost $29.76 Unrealized -17.2%

UPS UNITED PARCEL SERVICE INC 1.2%

Value ($000) $2,236 (-4.2%) Shares 22,538 (-19.3%) Est. Cost $110.56 Unrealized -16.1%

MP MP MATERIALS CORP 0.1%

Value ($000) $273 (-26.0%) Shares 5,400 (-1.8%) Est. Cost $16.09 Unrealized +294.1%

MO ALTRIA GROUP INC 0.3%

Value ($000) $572 (-14.0%) Shares 9,914 (-1.5%) Est. Cost $34.07 Unrealized +74.2%

AMD ADVANCED MICRO DEVICES INC 1.0%

Value ($000) $1,748 (-5.0%) Shares 7,160 (-37.0%) Est. Cost $125.28 Unrealized +79.3%

MDU MDU RES GROUP INC 0.7%

Value ($000) $1,345 (+6.9%) Shares 68,924 (-2.5%) Est. Cost $10.38 Unrealized +88.6%

PFE PFIZER INC 0.9%

Value ($000) $1,617 (-4.5%) Shares 64,945 (-2.3%) Est. Cost $32.53 Unrealized -23.0%

GS GOLDMAN SACHS GROUP INC 0.5%

Value ($000) $993 (+8.0%) Shares 1,130 (-2.2%) Est. Cost $403.78 Unrealized +101.4%

INTC INTEL CORP 0.6%

Value ($000) $1,118 (-6.1%) Shares 30,305 (-14.6%) Est. Cost $29.64 Unrealized +27.4%

NEM NEWMONT CORP 0.4%

Value ($000) $759 (-8.2%) Shares 7,600 (-22.4%) Est. Cost $36.17 Unrealized +149.4%

PLTR PALANTIR TECHNOLOGIES INC 0.2%

Value ($000) $302 (-18.2%) Shares 1,700 (-16.0%) Est. Cost $117.28 Unrealized +54.4%

IBM INTERNATIONAL BUSINESS MACHS 1.8%

Value ($000) $3,324 (-1.8%) Shares 11,221 (-6.5%) Est. Cost $119.66 Unrealized +149.7%

GOOGL ALPHABET INC 0.2%

Value ($000) $307 (+21.3%) Shares 981 (-5.8%) Est. Cost $209.20 Unrealized +36.5%

MDLZ MONDELEZ INTL INC 0.2%

Value ($000) $282 (-15.0%) Shares 5,236 (-1.3%) Est. Cost $61.27 Unrealized -6.9%

BAC BANK AMERICA CORP 0.4%

Value ($000) $736 (+5.0%) Shares 13,378 (-1.5%) Est. Cost $39.74 Unrealized +32.5%

GEV GE VERNOVA INC 1.8%

Value ($000) $3,207 (+0.9%) Shares 5,044 (-2.4%) Est. Cost $171.99 Unrealized +254.1%

DUK DUKE ENERGY CORP 0.2%

Value ($000) $381 (-6.4%) Shares 3,247 (-1.2%) Est. Cost $93.79 Unrealized +29.6%

XOP SPDR SER TR 0.2%

Value ($000) $332 (-5.7%) Shares 2,628 (-1.3%) Est. Cost $99.08 Unrealized —

ARTY ISHARES TR 0.5%

Value ($000) $954 (-1.5%) Shares 19,795 (-6.4%) Est. Cost $33.81 Unrealized —

VUG VANGUARD INDEX FDS 0.3%

Value ($000) $615 (-1.0%) Shares 1,260 (-2.7%) Est. Cost $211.32 Unrealized —

TGT TARGET CORP 0.3%

Value ($000) $465 (-0.4%) Shares 4,761 (-8.6%) Est. Cost $138.22 Unrealized -33.7%

PTCT PTC THERAPEUTICS INC 0.2%

Value ($000) $319 (-0.0%) Shares 4,200 (-19.2%) Est. Cost $49.34 Unrealized +47.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DELL	DELL TECHNOLOGIES INC	8,590 (-36.5%)	$1,081 (-43.6%)	0.6%	$112.75	+24.8%	CL C	24703L202
BMY	BRISTOL-MYERS SQUIBB CO	15,350 (-47.3%)	$828 (-36.9%)	0.5%	$48.44	-1.9%	COM	110122108
SNOW	SNOWFLAKE INC	7,840 (-15.2%)	$1,720 (-17.5%)	0.9%	$140.57	+73.6%	CL A	833445109
CAT	CATERPILLAR INC	4,800 (-4.0%)	$2,750 (+15.3%)	1.5%	$219.25	+153.4%	COM	149123101
HON	HONEYWELL INTL INC	3,188 (-29.0%)	$622 (-34.2%)	0.3%	$185.39	+5.2%	COM	438516106
CLF	CLEVELAND-CLIFFS INC NEW	98,150 (-24.6%)	$1,303 (-18.0%)	0.7%	$12.93	-2.3%	COM	185899101
MEG	MONTROSE ENVIRONMENTAL GROUP	58,400 (-5.7%)	$1,450 (-14.7%)	0.8%	$20.50	+28.9%	COM	615111101
GE	GE AEROSPACE	16,104 (-6.9%)	$4,960 (-4.7%)	2.7%	$63.28	+375.3%	COM NEW	369604301
UNH	UNITEDHEALTH GROUP INC	3,958 (-10.2%)	$1,306 (-14.2%)	0.7%	$365.99	-7.9%	COM	91324P102
VRT	VERTIV HOLDINGS CO	9,600 (-17.9%)	$1,555 (-11.9%)	0.9%	$106.20	+63.4%	COM CL A	92537N108
ARM	ARM HOLDINGS PLC	2,000 (-33.3%)	$219 (-48.5%)	0.1%	$128.80	—	SPONSORED ADS	042068205
GBCI	GLACIER BANCORP INC NEW	29,298 (-3.6%)	$1,291 (-12.8%)	0.7%	$45.30	-3.8%	COM	37637Q105
DIS	DISNEY WALT CO	16,000 (-8.7%)	$1,820 (-9.3%)	1.0%	$110.62	-1.0%	COM	254687106
GOOG	ALPHABET INC	6,255 (-14.4%)	$1,963 (+10.3%)	1.1%	$157.46	+81.8%	CAP STK CL C	02079K107
AMZN	AMAZON COM INC	21,562 (-1.9%)	$4,977 (+3.1%)	2.7%	$124.25	+84.1%	COM	023135106
GIS	GENERAL MLS INC	6,173 (-19.5%)	$287 (-25.8%)	0.2%	$56.48	-16.0%	COM	370334104
KHC	KRAFT HEINZ CO	11,079 (-21.3%)	$269 (-26.7%)	0.1%	$29.76	-17.2%	COM	500754106
UPS	UNITED PARCEL SERVICE INC	22,538 (-19.3%)	$2,236 (-4.2%)	1.2%	$110.56	-16.1%	CL B NEW	911312106
MP	MP MATERIALS CORP	5,400 (-1.8%)	$273 (-26.0%)	0.1%	$16.09	+294.1%	COM CL A	553368101
MO	ALTRIA GROUP INC	9,914 (-1.5%)	$572 (-14.0%)	0.3%	$34.07	+74.2%	COM	02209S103
AMD	ADVANCED MICRO DEVICES INC	7,160 (-37.0%)	$1,748 (-5.0%)	1.0%	$125.28	+79.3%	COM	007903107
MDU	MDU RES GROUP INC	68,924 (-2.5%)	$1,345 (+6.9%)	0.7%	$10.38	+88.6%	COM	552690109
PFE	PFIZER INC	64,945 (-2.3%)	$1,617 (-4.5%)	0.9%	$32.53	-23.0%	COM	717081103
GS	GOLDMAN SACHS GROUP INC	1,130 (-2.2%)	$993 (+8.0%)	0.5%	$403.78	+101.4%	COM	38141G104
INTC	INTEL CORP	30,305 (-14.6%)	$1,118 (-6.1%)	0.6%	$29.64	+27.4%	COM	458140100
NEM	NEWMONT CORP	7,600 (-22.4%)	$759 (-8.2%)	0.4%	$36.17	+149.4%	COM	651639106
PLTR	PALANTIR TECHNOLOGIES INC	1,700 (-16.0%)	$302 (-18.2%)	0.2%	$117.28	+54.4%	CL A	69608A108
IBM	INTERNATIONAL BUSINESS MACHS	11,221 (-6.5%)	$3,324 (-1.8%)	1.8%	$119.66	+149.7%	COM	459200101
GOOGL	ALPHABET INC	981 (-5.8%)	$307 (+21.3%)	0.2%	$209.20	+36.5%	CAP STK CL A	02079K305
MDLZ	MONDELEZ INTL INC	5,236 (-1.3%)	$282 (-15.0%)	0.2%	$61.27	-6.9%	CL A	609207105
BAC	BANK AMERICA CORP	13,378 (-1.5%)	$736 (+5.0%)	0.4%	$39.74	+32.5%	COM	060505104
GEV	GE VERNOVA INC	5,044 (-2.4%)	$3,207 (+0.9%)	1.8%	$171.99	+254.1%	COM	36828A101
DUK	DUKE ENERGY CORP	3,247 (-1.2%)	$381 (-6.4%)	0.2%	$93.79	+29.6%	COM NEW	26441C204
XOP	SPDR SER TR	2,628 (-1.3%)	$332 (-5.7%)	0.2%	$99.08	—	S&P OILGAS EXP	78468R556
ARTY	ISHARES TR	19,795 (-6.4%)	$954 (-1.5%)	0.5%	$33.81	—	FUTURE AI & TECH	46435U556
VUG	VANGUARD INDEX FDS	1,260 (-2.7%)	$615 (-1.0%)	0.3%	$211.32	—	GROWTH ETF	922908736
TGT	TARGET CORP	4,761 (-8.6%)	$465 (-0.4%)	0.3%	$138.22	-33.7%	COM	87612E106
PTCT	PTC THERAPEUTICS INC	4,200 (-19.2%)	$319 (-0.0%)	0.2%	$49.34	+47.3%	COM	69366J200

Unchanged Positions (72)

LLY LILLY ELI & CO 2.7%

Value ($000) $5,000 Shares 4,652 Est. Cost $243.85 Unrealized +291.9%

AAPL APPLE INC 8.3%

Value ($000) $15,204 Shares 55,925 Est. Cost $155.10 Unrealized +73.0%

MSFT MICROSOFT CORP 2.9%

Value ($000) $5,367 Shares 11,098 Est. Cost $315.67 Unrealized +58.6%

MRK MERCK & CO INC 0.8%

Value ($000) $1,545 Shares 14,674 Est. Cost $76.49 Unrealized +21.9%

T AT & T INC 1.2%

Value ($000) $2,264 Shares 91,160 Est. Cost $15.62 Unrealized +61.9%

FTAI FTAI AVIATION LTD 0.9%

Value ($000) $1,673 Shares 8,500 Est. Cost $15.67 Unrealized +986.4%

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.7%

Value ($000) $3,130 Shares 10,300 Est. Cost $124.93 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.7%

Value ($000) $1,365 Shares 3,198 Est. Cost $304.67 Unrealized +63.3%

FIBK FIRST INTST BANCSYSTEM INC 1.7%

Value ($000) $3,040 Shares 87,850 Est. Cost $26.37 Unrealized +21.9%

MU MICRON TECHNOLOGY INC 0.3%

Value ($000) $464 Shares 1,625 Est. Cost $93.22 Unrealized +146.0%

VZ VERIZON COMMUNICATIONS INC 1.2%

Value ($000) $2,144 Shares 52,636 Est. Cost $34.78 Unrealized +16.4%

XOM EXXON MOBIL CORP 1.4%

Value ($000) $2,604 Shares 21,636 Est. Cost $76.31 Unrealized +51.3%

FDX FEDEX CORP 0.5%

Value ($000) $867 Shares 3,000 Est. Cost $230.13 Unrealized +13.7%

KNF KNIFE RIVER CORP 0.8%

Value ($000) $1,538 Shares 21,867 Est. Cost $50.90 Unrealized +38.0%

F FORD MOTOR CO DEL 0.9%

Value ($000) $1,634 Shares 124,506 Est. Cost $12.89 Unrealized -0.5%

IBB ISHARES TR 0.5%

Value ($000) $907 Shares 5,375 Est. Cost $137.41 Unrealized —

WFC WELLS FARGO CO NEW 0.6%

Value ($000) $1,186 Shares 12,727 Est. Cost $47.43 Unrealized +82.6%

NEE NEXTERA ENERGY INC 1.1%

Value ($000) $1,974 Shares 24,583 Est. Cost $77.05 Unrealized +7.1%

BX BLACKSTONE INC 0.6%

Value ($000) $1,079 Shares 7,000 Est. Cost $126.72 Unrealized +19.5%

TWLO TWILIO INC 0.2%

Value ($000) $334 Shares 2,350 Est. Cost $91.39 Unrealized +35.5%

C CITIGROUP INC 0.4%

Value ($000) $690 Shares 5,911 Est. Cost $56.99 Unrealized +81.8%

CMI CUMMINS INC 0.3%

Value ($000) $510 Shares 1,000 Est. Cost $196.18 Unrealized +137.7%

QQQ INVESCO QQQ TR 2.0%

Value ($000) $3,662 Shares 5,961 Est. Cost $421.47 Unrealized —

MPC MARATHON PETE CORP 0.2%

Value ($000) $435 Shares 2,674 Est. Cost $89.49 Unrealized +108.3%

CPK CHESAPEAKE UTILS CORP 0.5%

Value ($000) $998 Shares 8,000 Est. Cost $122.43 Unrealized +7.3%

JNJ JOHNSON & JOHNSON 0.4%

Value ($000) $755 Shares 3,649 Est. Cost $152.00 Unrealized +29.6%

PANW PALO ALTO NETWORKS INC 0.4%

Value ($000) $654 Shares 3,550 Est. Cost $171.97 Unrealized +17.3%

DAL DELTA AIRLINES INC DEL 0.2%

Value ($000) $278 Shares 4,000 Est. Cost $56.83 Unrealized +9.9%

JPM JPMORGAN CHASE & CO 1.3%

Value ($000) $2,353 Shares 7,303 Est. Cost $156.02 Unrealized +98.4%

SPG SIMON PPTY GROUP INC NEW 0.2%

Value ($000) $278 Shares 1,500 Est. Cost $169.06 Unrealized +6.5%

PG PROCTER & GAMBLE CO 0.4%

Value ($000) $655 Shares 4,573 Est. Cost $143.17 Unrealized +2.8%

XLF SELECT SECTOR SPDR TR 1.0%

Value ($000) $1,887 Shares 34,447 Est. Cost $34.84 Unrealized —

CSCO CISCO SYS INC 0.2%

Value ($000) $407 Shares 5,287 Est. Cost $49.81 Unrealized +48.2%

TXN TEXAS INSTRS INC 0.4%

Value ($000) $694 Shares 4,000 Est. Cost $170.14 Unrealized +0.3%

NVDA NVIDIA CORP 4.9%

Value ($000) $8,926 Shares 47,859 Est. Cost $96.60 Unrealized +92.7%

SO SOUTHERN CO 0.2%

Value ($000) $450 Shares 5,160 Est. Cost $55.05 Unrealized +65.1%

KO COCA COLA CO 0.3%

Value ($000) $596 Shares 8,519 Est. Cost $53.24 Unrealized +30.3%

GLD SPDR GOLD TR 0.2%

Value ($000) $282 Shares 712 Est. Cost $289.27 Unrealized —

VLO VALERO ENERGY CORP 0.3%

Value ($000) $559 Shares 3,434 Est. Cost $88.38 Unrealized +91.0%

ARKK ARK ETF TR 0.1%

Value ($000) $213 Shares 2,775 Est. Cost $70.29 Unrealized —

WTW WILLIS TOWERS WATSON PUB LTD CO 0.3%

Value ($000) $496 Shares 1,510 Est. Cost $223.66 Unrealized +46.0%

SPY SPDR S&P 500 TRUST ETF TR 0.7%

Value ($000) $1,260 Shares 1,847 Est. Cost $434.38 Unrealized —

VFH VANGUARD WORLD FDS 0.9%

Value ($000) $1,583 Shares 11,855 Est. Cost $91.97 Unrealized —

XLC SELECT SECTOR SPDR TR 0.8%

Value ($000) $1,386 Shares 11,775 Est. Cost $73.35 Unrealized —

CVS CVS HEALTH CORP 0.2%

Value ($000) $358 Shares 4,514 Est. Cost $81.74 Unrealized -3.7%

MMM 3M CO 0.3%

Value ($000) $584 Shares 3,650 Est. Cost $115.70 Unrealized +41.0%

CVX CHEVRON CORP NEW 0.5%

Value ($000) $826 Shares 5,420 Est. Cost $132.49 Unrealized +14.3%

HWM HOWMET AEROSPACE INC 0.2%

Value ($000) $342 Shares 1,666 Est. Cost $126.73 Unrealized +57.0%

PEP PEPSICO INC 0.4%

Value ($000) $758 Shares 5,280 Est. Cost $147.83 Unrealized -1.3%

VTV VANGUARD INDEX FDS 0.3%

Value ($000) $590 Shares 3,088 Est. Cost $160.83 Unrealized —

TRMB TRIMBLE INC 0.2%

Value ($000) $313 Shares 4,000 Est. Cost $85.87 Unrealized -7.2%

ECG EVERUS CONSTR GROUP 0.7%

Value ($000) $1,362 Shares 15,917 Est. Cost $62.60 Unrealized +42.9%

DFUS DIMENSIONAL ETF TR 0.3%

Value ($000) $520 Shares 7,015 Est. Cost $51.70 Unrealized —

MET METLIFE INC 0.2%

Value ($000) $276 Shares 3,500 Est. Cost $58.01 Unrealized +36.1%

CMCSA COMCAST CORP NEW 0.1%

Value ($000) $229 Shares 7,650 Est. Cost $46.14 Unrealized -38.2%

AVGO BROADCOM INC 0.1%

Value ($000) $235 Shares 680 Est. Cost $305.74 Unrealized +16.8%

V VISA INC 0.2%

Value ($000) $367 Shares 1,045 Est. Cost $298.09 Unrealized +14.2%

AEP AMERICAN ELEC PWR CO INC 0.2%

Value ($000) $364 Shares 3,158 Est. Cost $72.85 Unrealized +61.6%

DE DEERE & CO 0.2%

Value ($000) $423 Shares 909 Est. Cost $426.64 Unrealized +9.6%

XLI SELECT SECTOR SPDR TR 0.3%

Value ($000) $514 Shares 3,315 Est. Cost $134.76 Unrealized —

VV VANGUARD INDEX FDS 0.1%

Value ($000) $272 Shares 865 Est. Cost $239.76 Unrealized —

IWN ISHARES TR 0.1%

Value ($000) $236 Shares 1,300 Est. Cost $157.76 Unrealized —

VO VANGUARD INDEX FDS 0.3%

Value ($000) $461 Shares 1,590 Est. Cost $227.75 Unrealized —

SCHG SCHWAB STRATEGIC TR 0.1%

Value ($000) $246 Shares 7,536 Est. Cost $29.21 Unrealized —

COP CONOCOPHILLIPS 0.3%

Value ($000) $516 Shares 5,517 Est. Cost $75.45 Unrealized +19.3%

BA BOEING CO 0.5%

Value ($000) $876 Shares 4,035 Est. Cost $178.36 Unrealized +15.3%

ABBV ABBVIE INC 0.2%

Value ($000) $356 Shares 1,558 Est. Cost $127.96 Unrealized +77.8%

PM PHILIP MORRIS INTL INC 0.2%

Value ($000) $354 Shares 2,209 Est. Cost $120.90 Unrealized +27.0%

MCD MCDONALDS CORP 0.4%

Value ($000) $669 Shares 2,188 Est. Cost $246.41 Unrealized +23.8%

HYG ISHARES TR 0.2%

Value ($000) $274 Shares 3,400 Est. Cost $78.89 Unrealized —

AIVL WISDOMTREE US 0.1%

Value ($000) $230 Shares 2,000 Est. Cost $111.30 Unrealized —

WCN WASTE CONNECTIONS INC 0.1%

Value ($000) $253 Shares 1,444 Est. Cost $135.64 Unrealized +27.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LLY	LILLY ELI & CO	4,652	$5,000	2.7%	$243.85	+291.9%	COM	532457108
AAPL	APPLE INC	55,925	$15,204	8.3%	$155.10	+73.0%	COM	037833100
MSFT	MICROSOFT CORP	11,098	$5,367	2.9%	$315.67	+58.6%	COM	594918104
MRK	MERCK & CO INC	14,674	$1,545	0.8%	$76.49	+21.9%	COM	58933Y105
T	AT & T INC	91,160	$2,264	1.2%	$15.62	+61.9%	COM	00206R102
FTAI	FTAI AVIATION LTD	8,500	$1,673	0.9%	$15.67	+986.4%	SHS	G3730V105
TSM	TAIWAN SEMICONDUCTOR MFG LTD	10,300	$3,130	1.7%	$124.93	—	SPONSORED ADS	874039100
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,198	$1,365	0.7%	$304.67	+63.3%	CL B NEW	084670702
FIBK	FIRST INTST BANCSYSTEM INC	87,850	$3,040	1.7%	$26.37	+21.9%	COM CL A	32055Y201
MU	MICRON TECHNOLOGY INC	1,625	$464	0.3%	$93.22	+146.0%	COM	595112103
VZ	VERIZON COMMUNICATIONS INC	52,636	$2,144	1.2%	$34.78	+16.4%	COM	92343V104
XOM	EXXON MOBIL CORP	21,636	$2,604	1.4%	$76.31	+51.3%	COM	30231G102
FDX	FEDEX CORP	3,000	$867	0.5%	$230.13	+13.7%	COM	31428X106
KNF	KNIFE RIVER CORP	21,867	$1,538	0.8%	$50.90	+38.0%	COMMON STOCK	498894104
F	FORD MOTOR CO DEL	124,506	$1,634	0.9%	$12.89	-0.5%	COM	345370860
IBB	ISHARES TR	5,375	$907	0.5%	$137.41	—	ISHARES BIOTECH	464287556
WFC	WELLS FARGO CO NEW	12,727	$1,186	0.6%	$47.43	+82.6%	COM	949746101
NEE	NEXTERA ENERGY INC	24,583	$1,974	1.1%	$77.05	+7.1%	COM	65339F101
BX	BLACKSTONE INC	7,000	$1,079	0.6%	$126.72	+19.5%	COM	09260D107
TWLO	TWILIO INC	2,350	$334	0.2%	$91.39	+35.5%	CL A	90138F102
C	CITIGROUP INC	5,911	$690	0.4%	$56.99	+81.8%	COM NEW	172967424
CMI	CUMMINS INC	1,000	$510	0.3%	$196.18	+137.7%	COM	231021106
QQQ	INVESCO QQQ TR	5,961	$3,662	2.0%	$421.47	—	UNIT SER Q	46090E103
MPC	MARATHON PETE CORP	2,674	$435	0.2%	$89.49	+108.3%	COM	56585A102
CPK	CHESAPEAKE UTILS CORP	8,000	$998	0.5%	$122.43	+7.3%	COM	165303108
JNJ	JOHNSON & JOHNSON	3,649	$755	0.4%	$152.00	+29.6%	COM	478160104
PANW	PALO ALTO NETWORKS INC	3,550	$654	0.4%	$171.97	+17.3%	COM	697435105
DAL	DELTA AIRLINES INC DEL	4,000	$278	0.2%	$56.83	+9.9%	COM NEW	247361702
JPM	JPMORGAN CHASE & CO	7,303	$2,353	1.3%	$156.02	+98.4%	COM	46625H100
SPG	SIMON PPTY GROUP INC NEW	1,500	$278	0.2%	$169.06	+6.5%	COM	828806109
PG	PROCTER & GAMBLE CO	4,573	$655	0.4%	$143.17	+2.8%	COM	742718109
XLF	SELECT SECTOR SPDR TR	34,447	$1,887	1.0%	$34.84	—	FINANCIAL	81369Y605
CSCO	CISCO SYS INC	5,287	$407	0.2%	$49.81	+48.2%	COM	17275R102
TXN	TEXAS INSTRS INC	4,000	$694	0.4%	$170.14	+0.3%	COM	882508104
NVDA	NVIDIA CORP	47,859	$8,926	4.9%	$96.60	+92.7%	COM	67066G104
SO	SOUTHERN CO	5,160	$450	0.2%	$55.05	+65.1%	COM	842587107
KO	COCA COLA CO	8,519	$596	0.3%	$53.24	+30.3%	COM	191216100
GLD	SPDR GOLD TR	712	$282	0.2%	$289.27	—	GOLD SHS	78463V107
VLO	VALERO ENERGY CORP	3,434	$559	0.3%	$88.38	+91.0%	COM	91913Y100
ARKK	ARK ETF TR	2,775	$213	0.1%	$70.29	—	INNOVATION ETF	00214Q104
WTW	WILLIS TOWERS WATSON PUB LTD CO	1,510	$496	0.3%	$223.66	+46.0%	SHS	G96629103
SPY	SPDR S&P 500 TRUST ETF TR	1,847	$1,260	0.7%	$434.38	—	TR UNIT	78462F103
VFH	VANGUARD WORLD FDS	11,855	$1,583	0.9%	$91.97	—	FINANCIALS ETF	92204A405
XLC	SELECT SECTOR SPDR TR	11,775	$1,386	0.8%	$73.35	—	COMMUNICATION	81369Y852
CVS	CVS HEALTH CORP	4,514	$358	0.2%	$81.74	-3.7%	COM	126650100
MMM	3M CO	3,650	$584	0.3%	$115.70	+41.0%	COM	88579Y101
CVX	CHEVRON CORP NEW	5,420	$826	0.5%	$132.49	+14.3%	COM	166764100
HWM	HOWMET AEROSPACE INC	1,666	$342	0.2%	$126.73	+57.0%	COM	443201108
PEP	PEPSICO INC	5,280	$758	0.4%	$147.83	-1.3%	COM	713448108
VTV	VANGUARD INDEX FDS	3,088	$590	0.3%	$160.83	—	VALUE ETF	922908744
TRMB	TRIMBLE INC	4,000	$313	0.2%	$85.87	-7.2%	COM	896239100
ECG	EVERUS CONSTR GROUP	15,917	$1,362	0.7%	$62.60	+42.9%	COM	300426103
DFUS	DIMENSIONAL ETF TR	7,015	$520	0.3%	$51.70	—	US EQUITY ETF	25434V401
MET	METLIFE INC	3,500	$276	0.2%	$58.01	+36.1%	COM	59156R108
CMCSA	COMCAST CORP NEW	7,650	$229	0.1%	$46.14	-38.2%	CL A	20030N101
AVGO	BROADCOM INC	680	$235	0.1%	$305.74	+16.8%	COM	11135F101
V	VISA INC	1,045	$367	0.2%	$298.09	+14.2%	COM CL A	92826C839
AEP	AMERICAN ELEC PWR CO INC	3,158	$364	0.2%	$72.85	+61.6%	COM	025537101
DE	DEERE & CO	909	$423	0.2%	$426.64	+9.6%	COM	244199105
XLI	SELECT SECTOR SPDR TR	3,315	$514	0.3%	$134.76	—	INDL	81369Y704
VV	VANGUARD INDEX FDS	865	$272	0.1%	$239.76	—	LARGE CAP ETF	922908637
IWN	ISHARES TR	1,300	$236	0.1%	$157.76	—	RUS 2000 VAL ETF	464287630
VO	VANGUARD INDEX FDS	1,590	$461	0.3%	$227.75	—	MID CAP ETF	922908629
SCHG	SCHWAB STRATEGIC TR	7,536	$246	0.1%	$29.21	—	US LCAP GR ETF	808524300
COP	CONOCOPHILLIPS	5,517	$516	0.3%	$75.45	+19.3%	COM	20825C104
BA	BOEING CO	4,035	$876	0.5%	$178.36	+15.3%	COM	097023105
ABBV	ABBVIE INC	1,558	$356	0.2%	$127.96	+77.8%	COM	00287Y109
PM	PHILIP MORRIS INTL INC	2,209	$354	0.2%	$120.90	+27.0%	COM	718172109
MCD	MCDONALDS CORP	2,188	$669	0.4%	$246.41	+23.8%	COM	580135101
HYG	ISHARES TR	3,400	$274	0.2%	$78.89	—	IBOXX HI YD ETF	464288513
AIVL	WISDOMTREE US	2,000	$230	0.1%	$111.30	—	US AI ENHANCED	97717W406
WCN	WASTE CONNECTIONS INC	1,444	$253	0.1%	$135.64	+27.4%	COM	94106B101