TSP Capital Management Group, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GWRS	GLOBAL WTR RES INC	757,706 (+134.9%)	$6,403 (+92.7%)	1.6%	$9.53	-2.2%	COM	379463102
MSEX	MIDDLESEX WTR CO	188,078 (+57.8%)	$9,483 (+47.0%)	2.3%	$33.88	+58.7%	COM	596680108
SSYS	STRATASYS LTD	1,088,150 (+15.2%)	$9,445 (-10.7%)	2.3%	$10.42	-4.9%	SHS	M85548101
CAG	CONAGRA BRANDS INC	13,650 (+33.2%)	$236 (+25.9%)	0.1%	$17.83	-1.1%	COM	205887102

Exited Positions (1)

— ASSERTIO HOLDINGS INC 0.1%

Value ($000) $279 Shares 316,875 Est. Cost $1.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ASSERTIO HOLDINGS INC	316,875	$279	0.1%	$1.01	—	—	04546C205

Decreased Positions (18)

SLV ISHARES SILVER TR 6.4%

Value ($000) $26,108 (+49.4%) Shares 405,275 (-1.8%) Est. Cost $15.46 Unrealized —

WBD WARNER BROS DISCOVERY INC 2.2%

Value ($000) $8,987 (+38.6%) Shares 311,848 (-6.1%) Est. Cost $14.44 Unrealized +61.9%

NGD NEW GOLD INC CDA 7.5%

Value ($000) $30,639 (+7.3%) Shares 3,517,626 (-11.5%) Est. Cost $1.40 Unrealized +439.0%

SBSW SIBANYE STILLWATER LTD 5.5%

Value ($000) $22,351 (+9.3%) Shares 1,568,525 (-13.8%) Est. Cost $5.26 Unrealized —

NEM NEWMONT CORP 2.6%

Value ($000) $10,626 (+16.9%) Shares 106,416 (-1.3%) Est. Cost $35.18 Unrealized +156.4%

GLD SPDR GOLD TR 3.9%

Value ($000) $16,038 (+9.9%) Shares 40,469 (-1.5%) Est. Cost $114.25 Unrealized —

BVN COMPANIA DE MINAS BUENAVENTU 5.6%

Value ($000) $23,026 (-5.5%) Shares 827,368 (-17.4%) Est. Cost $10.25 Unrealized —

MPV BARINGS PARTN INVS 1.1%

Value ($000) $4,451 (-22.6%) Shares 280,095 (-1.9%) Est. Cost $14.45 Unrealized —

CDE COEUR MNG INC 1.8%

Value ($000) $7,540 (-7.8%) Shares 422,875 (-3.0%) Est. Cost $3.00 Unrealized +479.4%

PFE PFIZER INC 0.2%

Value ($000) $710 (-36.8%) Shares 28,500 (-35.4%) Est. Cost $16.46 Unrealized +52.1%

WU WESTERN UN CO 0.8%

Value ($000) $3,287 (-10.8%) Shares 353,075 (-23.4%) Est. Cost $13.96 Unrealized —

XPER XPERI INC 0.3%

Value ($000) $1,289 (-17.0%) Shares 219,898 (-8.2%) Est. Cost $11.08 Unrealized -43.4%

— BARINGS GLOBAL SHORT DURATIO 1.2%

Value ($000) $4,875 (-4.4%) Shares 324,754 (-1.6%) Est. Cost $17.25 Unrealized —

CWCO CONSOLIDATED WATER CO INC 4.1%

Value ($000) $16,911 (-1.1%) Shares 479,200 (-1.1%) Est. Cost $11.58 Unrealized +200.0%

— HANCOCK JOHN PFD INCOME FD 0.5%

Value ($000) $2,094 (-8.1%) Shares 129,360 (-1.5%) Est. Cost $18.62 Unrealized —

AMX AMERICA MOVIL SAB DE CV 1.0%

Value ($000) $3,900 (-3.9%) Shares 188,671 (-2.4%) Est. Cost $21.05 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.2%

Value ($000) $657 (-15.2%) Shares 12,175 (-29.1%) Est. Cost $29.12 Unrealized +63.2%

— KAYNE ANDERSON ENERGY INFRST 0.8%

Value ($000) $3,191 (-1.9%) Shares 257,725 (-1.9%) Est. Cost $11.85 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLV	ISHARES SILVER TR	405,275 (-1.8%)	$26,108 (+49.4%)	6.4%	$15.46	—	ISHARES	46428Q109
WBD	WARNER BROS DISCOVERY INC	311,848 (-6.1%)	$8,987 (+38.6%)	2.2%	$14.44	+61.9%	COM SER A	934423104
NGD	NEW GOLD INC CDA	3,517,626 (-11.5%)	$30,639 (+7.3%)	7.5%	$1.40	+439.0%	COM	644535106
SBSW	SIBANYE STILLWATER LTD	1,568,525 (-13.8%)	$22,351 (+9.3%)	5.5%	$5.26	—	SPONSORED ADR	82575P107
NEM	NEWMONT CORP	106,416 (-1.3%)	$10,626 (+16.9%)	2.6%	$35.18	+156.4%	COM	651639106
GLD	SPDR GOLD TR	40,469 (-1.5%)	$16,038 (+9.9%)	3.9%	$114.25	—	GOLD SHS	78463V107
BVN	COMPANIA DE MINAS BUENAVENTU	827,368 (-17.4%)	$23,026 (-5.5%)	5.6%	$10.25	—	SPONSORED ADR	204448104
MPV	BARINGS PARTN INVS	280,095 (-1.9%)	$4,451 (-22.6%)	1.1%	$14.45	—	SH BEN INT	06761A103
CDE	COEUR MNG INC	422,875 (-3.0%)	$7,540 (-7.8%)	1.8%	$3.00	+479.4%	COM NEW	192108504
PFE	PFIZER INC	28,500 (-35.4%)	$710 (-36.8%)	0.2%	$16.46	+52.1%	COM	717081103
WU	WESTERN UN CO	353,075 (-23.4%)	$3,287 (-10.8%)	0.8%	$13.96	—	COM	959802109
XPER	XPERI INC	219,898 (-8.2%)	$1,289 (-17.0%)	0.3%	$11.08	-43.4%	COMMON STOCK	98423J101
—	BARINGS GLOBAL SHORT DURATIO	324,754 (-1.6%)	$4,875 (-4.4%)	1.2%	$17.25	—	COM	06760L100
CWCO	CONSOLIDATED WATER CO INC	479,200 (-1.1%)	$16,911 (-1.1%)	4.1%	$11.58	+200.0%	ORD	G23773107
—	HANCOCK JOHN PFD INCOME FD	129,360 (-1.5%)	$2,094 (-8.1%)	0.5%	$18.62	—	SH BEN INT	41013W108
AMX	AMERICA MOVIL SAB DE CV	188,671 (-2.4%)	$3,900 (-3.9%)	1.0%	$21.05	—	SPON ADS RP CL B	02390A101
BMY	BRISTOL-MYERS SQUIBB CO	12,175 (-29.1%)	$657 (-15.2%)	0.2%	$29.12	+63.2%	COM	110122108
—	KAYNE ANDERSON ENERGY INFRST	257,725 (-1.9%)	$3,191 (-1.9%)	0.8%	$11.85	—	COM	486606106

Unchanged Positions (21)

TMQ TRILOGY METALS INC NEW 7.1%

Value ($000) $29,011 Shares 6,731,000 Est. Cost $1.40 Unrealized +235.3%

NOK NOKIA CORP 3.9%

Value ($000) $15,959 Shares 2,466,592 Est. Cost $3.70 Unrealized —

NVAX NOVAVAX INC 2.3%

Value ($000) $9,335 Shares 1,389,065 Est. Cost $7.27 Unrealized +3.7%

FCX FREEPORT-MCMORAN INC 2.7%

Value ($000) $10,865 Shares 213,925 Est. Cost $13.98 Unrealized +209.8%

MLP MAUI LD & PINEAPPLE INC 4.5%

Value ($000) $18,608 Shares 1,098,441 Est. Cost $5.89 Unrealized +173.6%

CIG CIA ENERGETICA DE MINAS GERA 4.4%

Value ($000) $18,106 Shares 9,052,892 Est. Cost $2.28 Unrealized —

XYL XYLEM INC 2.9%

Value ($000) $11,931 Shares 87,610 Est. Cost $23.99 Unrealized +498.5%

MRK MERCK & CO INC 1.0%

Value ($000) $3,957 Shares 37,594 Est. Cost $39.66 Unrealized +135.1%

MNKD MANNKIND CORP 4.1%

Value ($000) $16,801 Shares 2,963,175 Est. Cost $4.51 Unrealized +22.2%

ADEA ADEIA INC 4.3%

Value ($000) $17,426 Shares 1,010,197 Est. Cost $9.66 Unrealized +53.1%

CLDX CELLDEX THERAPEUTICS INC NEW 2.5%

Value ($000) $10,188 Shares 375,127 Est. Cost $12.58 Unrealized +109.3%

CTVA CORTEVA INC 3.5%

Value ($000) $14,183 Shares 211,592 Est. Cost $25.17 Unrealized +156.5%

MCI BARINGS CORPORATE INVS 0.4%

Value ($000) $1,551 Shares 85,435 Est. Cost $16.74 Unrealized —

ENB ENBRIDGE INC 0.5%

Value ($000) $2,117 Shares 44,251 Est. Cost $24.88 Unrealized +89.4%

KRP KIMBELL RTY PARTNERS LP 0.2%

Value ($000) $798 Shares 67,850 Est. Cost $14.04 Unrealized —

DUK DUKE ENERGY CORP NEW 0.5%

Value ($000) $2,065 Shares 17,614 Est. Cost $42.35 Unrealized +187.1%

CSCO CISCO SYS INC 0.2%

Value ($000) $870 Shares 11,300 Est. Cost $20.75 Unrealized +255.6%

WM WASTE MGMT INC DEL 2.2%

Value ($000) $9,176 Shares 41,765 Est. Cost $30.75 Unrealized +591.1%

GLW CORNING INC 0.3%

Value ($000) $1,313 Shares 15,000 Est. Cost $19.40 Unrealized +343.1%

PBI PITNEY BOWES INC 0.2%

Value ($000) $664 Shares 62,800 Est. Cost $6.24 Unrealized +66.2%

WY WEYERHAEUSER CO MTN BE 0.1%

Value ($000) $311 Shares 13,111 Est. Cost $20.49 Unrealized +12.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TMQ	TRILOGY METALS INC NEW	6,731,000	$29,011	7.1%	$1.40	+235.3%	COM	89621C105
NOK	NOKIA CORP	2,466,592	$15,959	3.9%	$3.70	—	SPONSORED ADR	654902204
NVAX	NOVAVAX INC	1,389,065	$9,335	2.3%	$7.27	+3.7%	COM NEW	670002401
FCX	FREEPORT-MCMORAN INC	213,925	$10,865	2.7%	$13.98	+209.8%	CL B	35671D857
MLP	MAUI LD & PINEAPPLE INC	1,098,441	$18,608	4.5%	$5.89	+173.6%	COM	577345101
CIG	CIA ENERGETICA DE MINAS GERA	9,052,892	$18,106	4.4%	$2.28	—	SP ADR N-V PFD	204409601
XYL	XYLEM INC	87,610	$11,931	2.9%	$23.99	+498.5%	COM	98419M100
MRK	MERCK & CO INC	37,594	$3,957	1.0%	$39.66	+135.1%	COM	58933Y105
MNKD	MANNKIND CORP	2,963,175	$16,801	4.1%	$4.51	+22.2%	COM NEW	56400P706
ADEA	ADEIA INC	1,010,197	$17,426	4.3%	$9.66	+53.1%	COM	00676P107
CLDX	CELLDEX THERAPEUTICS INC NEW	375,127	$10,188	2.5%	$12.58	+109.3%	COM NEW	15117B202
CTVA	CORTEVA INC	211,592	$14,183	3.5%	$25.17	+156.5%	COM	22052L104
MCI	BARINGS CORPORATE INVS	85,435	$1,551	0.4%	$16.74	—	COM	06759X107
ENB	ENBRIDGE INC	44,251	$2,117	0.5%	$24.88	+89.4%	COM	29250N105
KRP	KIMBELL RTY PARTNERS LP	67,850	$798	0.2%	$14.04	—	UNIT	49435R102
DUK	DUKE ENERGY CORP NEW	17,614	$2,065	0.5%	$42.35	+187.1%	COM NEW	26441C204
CSCO	CISCO SYS INC	11,300	$870	0.2%	$20.75	+255.6%	COM	17275R102
WM	WASTE MGMT INC DEL	41,765	$9,176	2.2%	$30.75	+591.1%	COM	94106L109
GLW	CORNING INC	15,000	$1,313	0.3%	$19.40	+343.1%	COM	219350105
PBI	PITNEY BOWES INC	62,800	$664	0.2%	$6.24	+66.2%	COM	724479100
WY	WEYERHAEUSER CO MTN BE	13,111	$311	0.1%	$20.49	+12.2%	COM NEW	962166104