CONFLUENCE INVESTMENT MANAGEMENT LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HON	Honeywell International Inc.	517,167	$100,894	1.5%	$195.03	0.0%	COM	438516106
IBDX	iShares iBonds Dec 2032 Term C	298,135	$7,611	0.1%	$25.53	—	COM	46436E312
IBDR	iShares iBonds Dec 2026 Term C	243,126	$5,891	0.1%	$24.23	—	COM	46435GAA0
UNF	UniFirst Corp.	28,020	$5,405	0.1%	$168.52	0.0%	COM	904708104
IWN	iShares Russell 2000 Value ETF	21,203	$3,842	0.1%	$181.21	—	COM	464287630
FG	F&G Annuities and Life	121,300	$3,742	0.1%	$31.09	0.0%	COM	30190A104
AG	First Majestic Silver Corp.	90,903	$1,514	0.0%	$13.89	0.0%	COM	32076V103
LUNMF	Lundin Mining Corp.	69,126	$1,488	0.0%	$17.65	0.0%	COM	550372106
EQT	EQT Corp.	20,116	$1,078	0.0%	$56.13	0.0%	COM	26884L109
ESAB	ESAB Corp.	8,932	$998	0.0%	$114.35	0.0%	COM	29605J106
TTE	TotalEnergies S.E.	15,067	$986	0.0%	$63.23	0.0%	COM	F92124100
UL	Unilever plc	14,293	$935	0.0%	$65.40	—	COM	904767803
PBDC	Putnam BDC Income ETF	27,635	$846	0.0%	$30.60	—	COM	746729508
SBSW	Sibanye Stillwater Ltd.	49,766	$709	0.0%	$14.25	—	COM	82575P107
IEFA	iShares Core MSCI EAFE ETF	3,164	$283	0.0%	$89.46	—	COM	46432F842
AVLC	Avantis US Large Cap Equity ET	3,458	$272	0.0%	$78.62	—	COM	025072158
—	Infineon Technologies A.G.	4,621	$203	0.0%	$43.98	—	COM	45662n103

Increased Positions (94)

IWD iShares Russell 1000 Value ETF 1.8%

Value ($000) $119,601 (+3004.5%) Shares 568,609 (+2904.9%) Est. Cost $210.02 Unrealized —

ACN Accenture plc 1.3%

Value ($000) $89,128 (+72.7%) Shares 332,196 (+58.8%) Est. Cost $257.11 Unrealized -1.2%

SPYG SPDR Portfolio S&P 500 Growth 0.8%

Value ($000) $54,721 (+78.5%) Shares 512,845 (+74.9%) Est. Cost $85.93 Unrealized —

TMO Thermo Fisher Scientific Inc. 0.8%

Value ($000) $55,085 (+36.5%) Shares 95,064 (+14.2%) Est. Cost $169.49 Unrealized +233.4%

KEYS Keysight Technologies Inc. 1.0%

Value ($000) $67,934 (+18.8%) Shares 334,338 (+2.3%) Est. Cost $161.91 Unrealized +14.6%

SPDW SPDR Portfolio Developed World 1.1%

Value ($000) $72,712 (+15.3%) Shares 1,637,282 (+11.1%) Est. Cost $41.16 Unrealized —

HYBB iShares BB Rated Corporate Bon 0.3%

Value ($000) $20,431 (+59.5%) Shares 433,506 (+60.1%) Est. Cost $44.99 Unrealized —

CRL Charles River Laboratories Int 0.3%

Value ($000) $21,070 (+40.3%) Shares 105,626 (+10.1%) Est. Cost $197.22 Unrealized -8.0%

BRO Brown & Brown Inc. 0.5%

Value ($000) $32,941 (+17.7%) Shares 413,319 (+38.5%) Est. Cost $38.55 Unrealized +116.3%

— iShares iBonds Dec 2031 Term T 0.1%

Value ($000) $9,640 (+57.7%) Shares 469,677 (+58.1%) Est. Cost $20.40 Unrealized —

IEUR iShares Core MSCI Europe ETF 0.2%

Value ($000) $15,623 (+26.9%) Shares 220,104 (+21.8%) Est. Cost $68.63 Unrealized —

AVDV Avantis International Small Ca 0.2%

Value ($000) $11,691 (+33.6%) Shares 124,409 (+26.6%) Est. Cost $90.07 Unrealized —

— Baldwin Insurance Group Inc. 0.2%

Value ($000) $13,925 (+21.6%) Shares 579,503 (+42.7%) Est. Cost $31.89 Unrealized —

TTC Toro Co. 0.3%

Value ($000) $18,996 (+11.3%) Shares 241,309 (+7.7%) Est. Cost $91.13 Unrealized -18.9%

IBTP iShares iBonds Dec 2034 Term T 0.3%

Value ($000) $18,484 (+11.0%) Shares 716,175 (+11.4%) Est. Cost $25.68 Unrealized —

NXPI NXP Semiconductors N.V. 0.7%

Value ($000) $49,538 (+3.2%) Shares 228,220 (+8.3%) Est. Cost $93.98 Unrealized +127.4%

IEI iShares 3-7 Year Treasury Bond 0.2%

Value ($000) $14,996 (+11.1%) Shares 125,647 (+11.3%) Est. Cost $118.59 Unrealized —

MORN Morningstar Inc. 0.2%

Value ($000) $15,436 (+10.4%) Shares 71,033 (+17.9%) Est. Cost $106.78 Unrealized +102.8%

BSMW Invesco BulletShares 2032 Munc 0.0%

Value ($000) $2,737 (+110.0%) Shares 109,012 (+108.9%) Est. Cost $24.93 Unrealized —

BSMQ Invesco BulletShares 2026 Muni 0.1%

Value ($000) $3,873 (+55.7%) Shares 163,801 (+55.6%) Est. Cost $8.62 Unrealized —

BSSX Invesco Bulletshares 2033 Muni 0.1%

Value ($000) $7,591 (+19.7%) Shares 293,618 (+18.3%) Est. Cost $25.46 Unrealized —

MDT Medtronic plc 0.3%

Value ($000) $20,664 (+6.0%) Shares 215,117 (+5.1%) Est. Cost $70.29 Unrealized +38.2%

PPLT Aberdeen Standard Physical Pla 0.0%

Value ($000) $2,376 (+54.8%) Shares 12,745 (+18.7%) Est. Cost $131.41 Unrealized —

BABA Alibaba Group Holding Ltd. 0.0%

Value ($000) $1,135 (+214.6%) Shares 7,742 (+283.6%) Est. Cost $135.09 Unrealized —

MUB iShares National Muni Bond ETF 0.0%

Value ($000) $3,206 (+31.7%) Shares 29,933 (+30.9%) Est. Cost $105.63 Unrealized —

PGR Progressive Corp. 2.0%

Value ($000) $136,144 (-0.5%) Shares 597,858 (+7.9%) Est. Cost $45.48 Unrealized +366.9%

SLV iShares Silver Trust ETF 0.0%

Value ($000) $1,772 (+69.5%) Shares 27,504 (+11.5%) Est. Cost $31.58 Unrealized —

BSMY Invesco BulletShares 2034 Muni 0.1%

Value ($000) $9,005 (+8.6%) Shares 366,347 (+7.4%) Est. Cost $24.34 Unrealized —

HYMB SPDR Nuveen S&P High Yield Mun 0.0%

Value ($000) $3,130 (+17.5%) Shares 125,516 (+17.5%) Est. Cost $25.28 Unrealized —

LFUS Littelfuse Inc. 0.0%

Value ($000) $1,825 (+33.9%) Shares 7,217 (+37.1%) Est. Cost $251.56 Unrealized +1.2%

FCX Freeport-McMoRan Inc. 0.0%

Value ($000) $1,125 (+67.5%) Shares 22,157 (+29.4%) Est. Cost $31.06 Unrealized +39.4%

— Invesco BulletShares 2031 Muni 0.0%

Value ($000) $3,264 (+16.0%) Shares 154,431 (+15.3%) Est. Cost $21.60 Unrealized —

SDZNY Sandoz Group 0.0%

Value ($000) $2,088 (+25.2%) Shares 28,687 (+2.5%) Est. Cost $35.28 Unrealized —

CNR Core Natural Resources Inc. 0.0%

Value ($000) $1,857 (+29.1%) Shares 20,979 (+21.8%) Est. Cost $79.37 Unrealized +7.3%

FQVLF First Quantum Minerals Ltd. 0.0%

Value ($000) $1,477 (+36.5%) Shares 55,068 (+15.0%) Est. Cost $18.53 Unrealized +22.9%

ANFGF Antofagasta plc 0.0%

Value ($000) $1,522 (+32.7%) Shares 34,322 (+11.9%) Est. Cost $22.22 Unrealized +71.4%

GLNCY Glencore plc 0.0%

Value ($000) $1,267 (+41.7%) Shares 115,912 (+19.2%) Est. Cost $8.50 Unrealized —

MITSY Mitsui & Co. Ltd. 0.0%

Value ($000) $1,318 (+39.0%) Shares 2,247 (+17.7%) Est. Cost $531.64 Unrealized —

NEM Newmont Mining Corp. 0.0%

Value ($000) $1,511 (+30.8%) Shares 15,137 (+10.5%) Est. Cost $50.10 Unrealized +80.0%

— Sea Ltd. 0.0%

Value ($000) $908 (-27.5%) Shares 7,119 (+1.6%) Est. Cost $177.93 Unrealized —

SCCO Southern Copper Corp. 0.0%

Value ($000) $1,349 (+34.2%) Shares 9,404 (+13.5%) Est. Cost $72.56 Unrealized +83.0%

AER AerCap Holdings N.V. 0.0%

Value ($000) $1,833 (+22.5%) Shares 12,748 (+3.1%) Est. Cost $70.41 Unrealized +88.1%

CTRA Coterra Energy Inc. 0.0%

Value ($000) $961 (+46.9%) Shares 36,515 (+32.0%) Est. Cost $21.79 Unrealized +15.2%

RGLD Royal Gold Inc. 0.0%

Value ($000) $1,297 (+30.8%) Shares 5,835 (+18.0%) Est. Cost $113.43 Unrealized +74.9%

AGI Alamos Gold Inc. 0.0%

Value ($000) $1,338 (+27.9%) Shares 34,673 (+15.6%) Est. Cost $27.97 Unrealized +24.5%

LUGDF Lundin Gold Inc. 0.0%

Value ($000) $930 (+45.1%) Shares 11,202 (+13.1%) Est. Cost $48.50 Unrealized +57.2%

XOM Exxon Mobil Corp. 0.0%

Value ($000) $1,069 (+34.8%) Shares 8,884 (+26.3%) Est. Cost $89.90 Unrealized +28.5%

NGLOY Amglo Am PLC ADR 0.0%

Value ($000) $1,282 (+26.6%) Shares 61,956 (+16.2%) Est. Cost $19.23 Unrealized —

WPM Wheaton Precious Metals Corp. 0.0%

Value ($000) $1,221 (+26.1%) Shares 10,389 (+20.0%) Est. Cost $49.80 Unrealized +115.0%

NTDOY Nintendo Co. Ltd. 0.0%

Value ($000) $1,144 (-17.8%) Shares 67,829 (+4.0%) Est. Cost $11.29 Unrealized —

AR Antero Resources Corp. 0.0%

Value ($000) $986 (+31.2%) Shares 28,627 (+27.7%) Est. Cost $29.00 Unrealized +16.8%

CHGCY Chugai Pharms Co. Ltd. 0.0%

Value ($000) $1,192 (+24.2%) Shares 45,369 (+4.6%) Est. Cost $19.76 Unrealized —

RHHBY Roche Holding A.G. 0.0%

Value ($000) $962 (+31.2%) Shares 18,649 (+6.4%) Est. Cost $41.06 Unrealized —

EXE Expand Energy Corp. 0.0%

Value ($000) $1,072 (+27.0%) Shares 9,714 (+22.3%) Est. Cost $75.42 Unrealized +46.7%

RNMBY Rheinmetall AG 0.0%

Value ($000) $1,054 (-17.4%) Shares 2,883 (+5.2%) Est. Cost $85.74 Unrealized —

LVMUY LVMH Moet Hennessy Louis Vuitt 0.0%

Value ($000) $923 (+31.6%) Shares 6,120 (+6.8%) Est. Cost $91.02 Unrealized —

— DBS Group Holdings Ltd. 0.0%

Value ($000) $1,592 (+14.9%) Shares 9,064 (+3.5%) Est. Cost $90.22 Unrealized —

ASML ASML Holding N.V. 0.0%

Value ($000) $1,430 (+14.8%) Shares 1,337 (+3.9%) Est. Cost $702.53 Unrealized —

IBMR iShares iBonds Dec 2029 Term M 0.0%

Value ($000) $2,071 (+9.7%) Shares 81,442 (+10.2%) Est. Cost $25.07 Unrealized —

— BAE Systems plc 0.0%

Value ($000) $1,188 (-12.9%) Shares 12,792 (+4.7%) Est. Cost $74.25 Unrealized —

CCJ Cameco Corp. 0.0%

Value ($000) $815 (+27.2%) Shares 8,909 (+16.5%) Est. Cost $34.08 Unrealized +163.9%

MSIF MSC Income Fund 0.0%

Value ($000) $331 (+107.5%) Shares 25,157 (+107.4%) Est. Cost $14.48 Unrealized -8.3%

IGSB iShares 1-5 Year Investment Gr 0.1%

Value ($000) $6,544 (+2.6%) Shares 123,761 (+2.9%) Est. Cost $53.03 Unrealized —

HLN Haleon plc 0.0%

Value ($000) $1,005 (+19.6%) Shares 99,380 (+6.1%) Est. Cost $8.60 Unrealized —

ITOCY ITOCHU Corp. 0.0%

Value ($000) $1,243 (+15.1%) Shares 9,827 (+4.8%) Est. Cost $90.25 Unrealized —

AEM Agnico Eagle Mines Ltd. 0.1%

Value ($000) $3,830 (+4.4%) Shares 22,589 (+3.8%) Est. Cost $60.05 Unrealized +179.5%

ING ING Groep N.V. 0.0%

Value ($000) $1,526 (+11.5%) Shares 54,501 (+3.8%) Est. Cost $12.73 Unrealized —

SDY SPDR S&P Dividend ETF 0.1%

Value ($000) $9,650 (+1.6%) Shares 69,342 (+2.3%) Est. Cost $135.81 Unrealized —

METC Ramaco Resources Inc 0.0%

Value ($000) $258 (-36.5%) Shares 14,332 (+17.1%) Est. Cost $23.69 Unrealized +10.9%

ZURVY Zurich Insurance Group A.G. 0.0%

Value ($000) $1,493 (+10.5%) Shares 39,261 (+3.9%) Est. Cost $38.95 Unrealized —

NJR New Jersey Resources Corp. 0.3%

Value ($000) $20,232 (-0.7%) Shares 438,685 (+3.7%) Est. Cost $27.64 Unrealized +65.8%

NXE NexGen Energy Ltd 0.0%

Value ($000) $829 (+19.5%) Shares 90,138 (+16.2%) Est. Cost $6.24 Unrealized +41.5%

VMC Vulcan Materials Co. 0.0%

Value ($000) $1,034 (+13.2%) Shares 3,627 (+22.1%) Est. Cost $264.90 Unrealized +10.7%

SONY Sony Group Corp. 0.0%

Value ($000) $1,278 (-7.8%) Shares 49,939 (+3.7%) Est. Cost $28.48 Unrealized —

BNPQY BNP Paribas S.A. 0.0%

Value ($000) $1,163 (+9.7%) Shares 24,545 (+5.4%) Est. Cost $35.45 Unrealized —

ICLR ICON plc 0.0%

Value ($000) $915 (+11.5%) Shares 5,022 (+7.1%) Est. Cost $137.27 Unrealized +29.7%

TKOMY Tokio Marine Holdings Inc. 0.0%

Value ($000) $1,069 (-7.4%) Shares 28,897 (+5.4%) Est. Cost $37.15 Unrealized —

NKE NIKE Inc. 0.3%

Value ($000) $16,952 (-0.5%) Shares 266,081 (+9.0%) Est. Cost $67.19 Unrealized -3.4%

UEC Uranium Energy Corp. 0.0%

Value ($000) $913 (-7.5%) Shares 78,197 (+5.6%) Est. Cost $4.83 Unrealized +171.9%

FNV Franco-Nevada Corp. 0.0%

Value ($000) $1,180 (+6.7%) Shares 5,694 (+14.7%) Est. Cost $118.03 Unrealized +71.8%

LYSDY Lynas Rare Earths Ltd. 0.0%

Value ($000) $360 (-16.7%) Shares 43,577 (+12.2%) Est. Cost $10.83 Unrealized —

SAP SAP S.E. 0.0%

Value ($000) $1,282 (-5.2%) Shares 5,279 (+4.3%) Est. Cost $141.18 Unrealized —

DNN Denison Mines Corp. 0.0%

Value ($000) $854 (+7.5%) Shares 321,204 (+11.1%) Est. Cost $1.48 Unrealized +83.5%

IBMQ iShares iBonds Dec 2028 Term M 0.0%

Value ($000) $2,387 (+2.4%) Shares 93,346 (+2.7%) Est. Cost $25.56 Unrealized —

MSDL Morgan Stanley Direct Lending 0.0%

Value ($000) $1,189 (+4.4%) Shares 72,156 (+1.8%) Est. Cost $17.66 Unrealized -7.1%

LRLCY L'Oreal S.A. 0.0%

Value ($000) $1,048 (+4.5%) Shares 12,241 (+5.7%) Est. Cost $68.07 Unrealized —

MUFG Mitsubishi UFJ Financial 0.0%

Value ($000) $1,648 (+2.2%) Shares 103,912 (+2.8%) Est. Cost $9.34 Unrealized —

SAFRY Safran S.A. 0.0%

Value ($000) $1,461 (+2.2%) Shares 16,789 (+3.7%) Est. Cost $61.30 Unrealized —

EADSY Airbus SE 0.0%

Value ($000) $314 (+11.0%) Shares 5,425 (+11.5%) Est. Cost $58.19 Unrealized —

WMMVY Wal-Mart de Mexico S.A.B. de C 0.0%

Value ($000) $797 (+3.9%) Shares 25,564 (+2.8%) Est. Cost $24.83 Unrealized —

MP MP Materials Corp. 0.0%

Value ($000) $275 (-8.2%) Shares 5,437 (+21.9%) Est. Cost $63.00 Unrealized +0.6%

PNNT PennantPark Investment Corp. 0.0%

Value ($000) $166 (-10.0%) Shares 27,848 (+1.3%) Est. Cost $2.97 Unrealized +100.4%

KMTUY Komatsu Ltd. 0.0%

Value ($000) $748 (-1.3%) Shares 23,544 (+7.5%) Est. Cost $28.25 Unrealized —

NVO Novo Nordisk A.S. 0.0%

Value ($000) $664 (+1.1%) Shares 13,043 (+10.3%) Est. Cost $71.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWD	iShares Russell 1000 Value ETF	568,609 (+2904.9%)	$119,601 (+3004.5%)	1.8%	$210.02	—	COM	464287598
ACN	Accenture plc	332,196 (+58.8%)	$89,128 (+72.7%)	1.3%	$257.11	-1.2%	COM	G1151C101
SPYG	SPDR Portfolio S&P 500 Growth	512,845 (+74.9%)	$54,721 (+78.5%)	0.8%	$85.93	—	COM	78464A409
TMO	Thermo Fisher Scientific Inc.	95,064 (+14.2%)	$55,085 (+36.5%)	0.8%	$169.49	+233.4%	COM	883556102
KEYS	Keysight Technologies Inc.	334,338 (+2.3%)	$67,934 (+18.8%)	1.0%	$161.91	+14.6%	COM	49338L103
SPDW	SPDR Portfolio Developed World	1,637,282 (+11.1%)	$72,712 (+15.3%)	1.1%	$41.16	—	COM	78463X889
HYBB	iShares BB Rated Corporate Bon	433,506 (+60.1%)	$20,431 (+59.5%)	0.3%	$44.99	—	COM	46435U473
CRL	Charles River Laboratories Int	105,626 (+10.1%)	$21,070 (+40.3%)	0.3%	$197.22	-8.0%	COM	159864107
BRO	Brown & Brown Inc.	413,319 (+38.5%)	$32,941 (+17.7%)	0.5%	$38.55	+116.3%	COM	115236101
—	iShares iBonds Dec 2031 Term T	469,677 (+58.1%)	$9,640 (+57.7%)	0.1%	$20.40	—	COM	46436e460
IEUR	iShares Core MSCI Europe ETF	220,104 (+21.8%)	$15,623 (+26.9%)	0.2%	$68.63	—	COM	46434V738
AVDV	Avantis International Small Ca	124,409 (+26.6%)	$11,691 (+33.6%)	0.2%	$90.07	—	COM	025072802
—	Baldwin Insurance Group Inc.	579,503 (+42.7%)	$13,925 (+21.6%)	0.2%	$31.89	—	COM	05589g102
TTC	Toro Co.	241,309 (+7.7%)	$18,996 (+11.3%)	0.3%	$91.13	-18.9%	COM	891092108
IBTP	iShares iBonds Dec 2034 Term T	716,175 (+11.4%)	$18,484 (+11.0%)	0.3%	$25.68	—	COM	46438G646
NXPI	NXP Semiconductors N.V.	228,220 (+8.3%)	$49,538 (+3.2%)	0.7%	$93.98	+127.4%	COM	N6596X109
IEI	iShares 3-7 Year Treasury Bond	125,647 (+11.3%)	$14,996 (+11.1%)	0.2%	$118.59	—	COM	464288661
MORN	Morningstar Inc.	71,033 (+17.9%)	$15,436 (+10.4%)	0.2%	$106.78	+102.8%	COM	617700109
BSMW	Invesco BulletShares 2032 Munc	109,012 (+108.9%)	$2,737 (+110.0%)	0.0%	$24.93	—	COM	46139W833
BSMQ	Invesco BulletShares 2026 Muni	163,801 (+55.6%)	$3,873 (+55.7%)	0.1%	$8.62	—	COM	46138J510
BSSX	Invesco Bulletshares 2033 Muni	293,618 (+18.3%)	$7,591 (+19.7%)	0.1%	$25.46	—	COM	46139W791
MDT	Medtronic plc	215,117 (+5.1%)	$20,664 (+6.0%)	0.3%	$70.29	+38.2%	COM	G5960L103
PPLT	Aberdeen Standard Physical Pla	12,745 (+18.7%)	$2,376 (+54.8%)	0.0%	$131.41	—	COM	003260106
BABA	Alibaba Group Holding Ltd.	7,742 (+283.6%)	$1,135 (+214.6%)	0.0%	$135.09	—	COM	01609W102
MUB	iShares National Muni Bond ETF	29,933 (+30.9%)	$3,206 (+31.7%)	0.0%	$105.63	—	COM	464288414
PGR	Progressive Corp.	597,858 (+7.9%)	$136,144 (-0.5%)	2.0%	$45.48	+366.9%	COM	743315103
SLV	iShares Silver Trust ETF	27,504 (+11.5%)	$1,772 (+69.5%)	0.0%	$31.58	—	COM	46428Q109
BSMY	Invesco BulletShares 2034 Muni	366,347 (+7.4%)	$9,005 (+8.6%)	0.1%	$24.34	—	COM	46139W767
HYMB	SPDR Nuveen S&P High Yield Mun	125,516 (+17.5%)	$3,130 (+17.5%)	0.0%	$25.28	—	COM	78464A284
LFUS	Littelfuse Inc.	7,217 (+37.1%)	$1,825 (+33.9%)	0.0%	$251.56	+1.2%	COM	537008104
FCX	Freeport-McMoRan Inc.	22,157 (+29.4%)	$1,125 (+67.5%)	0.0%	$31.06	+39.4%	COM	35671D857
—	Invesco BulletShares 2031 Muni	154,431 (+15.3%)	$3,264 (+16.0%)	0.0%	$21.60	—	COM	46138j411
SDZNY	Sandoz Group	28,687 (+2.5%)	$2,088 (+25.2%)	0.0%	$35.28	—	COM	799926100
CNR	Core Natural Resources Inc.	20,979 (+21.8%)	$1,857 (+29.1%)	0.0%	$79.37	+7.3%	COM	218937100
FQVLF	First Quantum Minerals Ltd.	55,068 (+15.0%)	$1,477 (+36.5%)	0.0%	$18.53	+22.9%	COM	335934105
ANFGF	Antofagasta plc	34,322 (+11.9%)	$1,522 (+32.7%)	0.0%	$22.22	+71.4%	COM	G0398N128
GLNCY	Glencore plc	115,912 (+19.2%)	$1,267 (+41.7%)	0.0%	$8.50	—	COM	37827X100
MITSY	Mitsui & Co. Ltd.	2,247 (+17.7%)	$1,318 (+39.0%)	0.0%	$531.64	—	COM	606827202
NEM	Newmont Mining Corp.	15,137 (+10.5%)	$1,511 (+30.8%)	0.0%	$50.10	+80.0%	COM	651639106
—	Sea Ltd.	7,119 (+1.6%)	$908 (-27.5%)	0.0%	$177.93	—	COM	81141r100
SCCO	Southern Copper Corp.	9,404 (+13.5%)	$1,349 (+34.2%)	0.0%	$72.56	+83.0%	COM	84265V105
AER	AerCap Holdings N.V.	12,748 (+3.1%)	$1,833 (+22.5%)	0.0%	$70.41	+88.1%	COM	N00985106
CTRA	Coterra Energy Inc.	36,515 (+32.0%)	$961 (+46.9%)	0.0%	$21.79	+15.2%	COM	127097103
RGLD	Royal Gold Inc.	5,835 (+18.0%)	$1,297 (+30.8%)	0.0%	$113.43	+74.9%	COM	780287108
AGI	Alamos Gold Inc.	34,673 (+15.6%)	$1,338 (+27.9%)	0.0%	$27.97	+24.5%	COM	011532108
LUGDF	Lundin Gold Inc.	11,202 (+13.1%)	$930 (+45.1%)	0.0%	$48.50	+57.2%	COM	550371108
XOM	Exxon Mobil Corp.	8,884 (+26.3%)	$1,069 (+34.8%)	0.0%	$89.90	+28.5%	COM	30231G102
NGLOY	Amglo Am PLC ADR	61,956 (+16.2%)	$1,282 (+26.6%)	0.0%	$19.23	—	COM	03485P409
WPM	Wheaton Precious Metals Corp.	10,389 (+20.0%)	$1,221 (+26.1%)	0.0%	$49.80	+115.0%	COM	962879102
NTDOY	Nintendo Co. Ltd.	67,829 (+4.0%)	$1,144 (-17.8%)	0.0%	$11.29	—	COM	654445303
AR	Antero Resources Corp.	28,627 (+27.7%)	$986 (+31.2%)	0.0%	$29.00	+16.8%	COM	03674X106
CHGCY	Chugai Pharms Co. Ltd.	45,369 (+4.6%)	$1,192 (+24.2%)	0.0%	$19.76	—	COM	171269103
RHHBY	Roche Holding A.G.	18,649 (+6.4%)	$962 (+31.2%)	0.0%	$41.06	—	COM	771195104
EXE	Expand Energy Corp.	9,714 (+22.3%)	$1,072 (+27.0%)	0.0%	$75.42	+46.7%	COM	165167735
RNMBY	Rheinmetall AG	2,883 (+5.2%)	$1,054 (-17.4%)	0.0%	$85.74	—	COM	76206K107
LVMUY	LVMH Moet Hennessy Louis Vuitt	6,120 (+6.8%)	$923 (+31.6%)	0.0%	$91.02	—	COM	502441306
—	DBS Group Holdings Ltd.	9,064 (+3.5%)	$1,592 (+14.9%)	0.0%	$90.22	—	COM	23304y100
ASML	ASML Holding N.V.	1,337 (+3.9%)	$1,430 (+14.8%)	0.0%	$702.53	—	COM	N07059210
IBMR	iShares iBonds Dec 2029 Term M	81,442 (+10.2%)	$2,071 (+9.7%)	0.0%	$25.07	—	COM	46436E163
—	BAE Systems plc	12,792 (+4.7%)	$1,188 (-12.9%)	0.0%	$74.25	—	COM	05523r107
CCJ	Cameco Corp.	8,909 (+16.5%)	$815 (+27.2%)	0.0%	$34.08	+163.9%	COM	13321L108
MSIF	MSC Income Fund	25,157 (+107.4%)	$331 (+107.5%)	0.0%	$14.48	-8.3%	COM	55374X208
IGSB	iShares 1-5 Year Investment Gr	123,761 (+2.9%)	$6,544 (+2.6%)	0.1%	$53.03	—	COM	464288646
HLN	Haleon plc	99,380 (+6.1%)	$1,005 (+19.6%)	0.0%	$8.60	—	COM	405552100
ITOCY	ITOCHU Corp.	9,827 (+4.8%)	$1,243 (+15.1%)	0.0%	$90.25	—	COM	465717106
AEM	Agnico Eagle Mines Ltd.	22,589 (+3.8%)	$3,830 (+4.4%)	0.1%	$60.05	+179.5%	COM	008474108
ING	ING Groep N.V.	54,501 (+3.8%)	$1,526 (+11.5%)	0.0%	$12.73	—	COM	456837103
SDY	SPDR S&P Dividend ETF	69,342 (+2.3%)	$9,650 (+1.6%)	0.1%	$135.81	—	COM	78464A763
METC	Ramaco Resources Inc	14,332 (+17.1%)	$258 (-36.5%)	0.0%	$23.69	+10.9%	COM	75134P600
ZURVY	Zurich Insurance Group A.G.	39,261 (+3.9%)	$1,493 (+10.5%)	0.0%	$38.95	—	COM	989825104
NJR	New Jersey Resources Corp.	438,685 (+3.7%)	$20,232 (-0.7%)	0.3%	$27.64	+65.8%	COM	646025106
NXE	NexGen Energy Ltd	90,138 (+16.2%)	$829 (+19.5%)	0.0%	$6.24	+41.5%	COM	65340P106
VMC	Vulcan Materials Co.	3,627 (+22.1%)	$1,034 (+13.2%)	0.0%	$264.90	+10.7%	COM	929160109
SONY	Sony Group Corp.	49,939 (+3.7%)	$1,278 (-7.8%)	0.0%	$28.48	—	COM	835699307
BNPQY	BNP Paribas S.A.	24,545 (+5.4%)	$1,163 (+9.7%)	0.0%	$35.45	—	COM	05565A202
ICLR	ICON plc	5,022 (+7.1%)	$915 (+11.5%)	0.0%	$137.27	+29.7%	COM	G4705A100
TKOMY	Tokio Marine Holdings Inc.	28,897 (+5.4%)	$1,069 (-7.4%)	0.0%	$37.15	—	COM	889094108
NKE	NIKE Inc.	266,081 (+9.0%)	$16,952 (-0.5%)	0.3%	$67.19	-3.4%	COM	654106103
UEC	Uranium Energy Corp.	78,197 (+5.6%)	$913 (-7.5%)	0.0%	$4.83	+171.9%	COM	916896103
FNV	Franco-Nevada Corp.	5,694 (+14.7%)	$1,180 (+6.7%)	0.0%	$118.03	+71.8%	COM	351858105
LYSDY	Lynas Rare Earths Ltd.	43,577 (+12.2%)	$360 (-16.7%)	0.0%	$10.83	—	COM	551073307
SAP	SAP S.E.	5,279 (+4.3%)	$1,282 (-5.2%)	0.0%	$141.18	—	COM	803054204
DNN	Denison Mines Corp.	321,204 (+11.1%)	$854 (+7.5%)	0.0%	$1.48	+83.5%	COM	248356107
IBMQ	iShares iBonds Dec 2028 Term M	93,346 (+2.7%)	$2,387 (+2.4%)	0.0%	$25.56	—	COM	46435U325
MSDL	Morgan Stanley Direct Lending	72,156 (+1.8%)	$1,189 (+4.4%)	0.0%	$17.66	-7.1%	COM	61774A103
LRLCY	L'Oreal S.A.	12,241 (+5.7%)	$1,048 (+4.5%)	0.0%	$68.07	—	COM	502117203
MUFG	Mitsubishi UFJ Financial	103,912 (+2.8%)	$1,648 (+2.2%)	0.0%	$9.34	—	COM	606822104
SAFRY	Safran S.A.	16,789 (+3.7%)	$1,461 (+2.2%)	0.0%	$61.30	—	COM	786584102
EADSY	Airbus SE	5,425 (+11.5%)	$314 (+11.0%)	0.0%	$58.19	—	COM	009279100
WMMVY	Wal-Mart de Mexico S.A.B. de C	25,564 (+2.8%)	$797 (+3.9%)	0.0%	$24.83	—	COM	93114W107
MP	MP Materials Corp.	5,437 (+21.9%)	$275 (-8.2%)	0.0%	$63.00	+0.6%	COM	553368101
PNNT	PennantPark Investment Corp.	27,848 (+1.3%)	$166 (-10.0%)	0.0%	$2.97	+100.4%	COM	708062104
KMTUY	Komatsu Ltd.	23,544 (+7.5%)	$748 (-1.3%)	0.0%	$28.25	—	COM	500458401
NVO	Novo Nordisk A.S.	13,043 (+10.3%)	$664 (+1.1%)	0.0%	$71.00	—	COM	670100205

Exited Positions (15)

UPS United Parcel Service Inc. 0.9%

Value ($000) $56,938 Shares 681,643 Est. Cost $131.48 Unrealized -29.5%

WY Weyerhaeuser Co. 0.7%

Value ($000) $43,741 Shares 1,764,467 Est. Cost $20.47 Unrealized +12.3%

IBDT iShares iBonds Dec 2028 Term C 0.2%

Value ($000) $10,198 Shares 399,602 Est. Cost $25.52 Unrealized —

BSMS Invesco BulletShares 2028 Muni 0.0%

Value ($000) $2,967 Shares 126,710 Est. Cost $2.68 Unrealized —

BSMT Invesco BulletShares 2029 Muni 0.0%

Value ($000) $2,478 Shares 107,260 Est. Cost $22.97 Unrealized —

HTO H2O America 0.0%

Value ($000) $2,090 Shares 42,917 Est. Cost $61.65 Unrealized -22.2%

EPC Edgewell Personal Care Co. 0.0%

Value ($000) $1,468 Shares 72,115 Est. Cost $25.84 Unrealized -28.9%

AOUT American Outdoor Brands Inc. 0.0%

Value ($000) $1,189 Shares 136,997 Est. Cost $22.28 Unrealized -66.7%

— Unilever plc 0.0%

Value ($000) $899 Shares 15,169 Est. Cost $64.08 Unrealized —

— TotalEnergies S.E. 0.0%

Value ($000) $848 Shares 14,201 Est. Cost $53.67 Unrealized —

— iShares iBonds Dec 2025 Term M 0.0%

Value ($000) $310 Shares 11,583 Est. Cost $26.59 Unrealized —

KMPR Kemper Corp. 0.0%

Value ($000) $230 Shares 4,470 Est. Cost $43.74 Unrealized -2.1%

COST Costco Wholesale Corp. 0.0%

Value ($000) $205 Shares 221 Est. Cost $773.82 Unrealized +17.0%

VALE Vale S.A. 0.0%

Value ($000) $120 Shares 11,090 Est. Cost $21.13 Unrealized —

ASAIY Sendas Distribuidora S.A. 0.0%

Value ($000) $93 Shares 10,872 Est. Cost $13.55 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UPS	United Parcel Service Inc.	681,643	$56,938	0.9%	$131.48	-29.5%	—	911312106
WY	Weyerhaeuser Co.	1,764,467	$43,741	0.7%	$20.47	+12.3%	—	962166104
IBDT	iShares iBonds Dec 2028 Term C	399,602	$10,198	0.2%	$25.52	—	—	46435U515
BSMS	Invesco BulletShares 2028 Muni	126,710	$2,967	0.0%	$2.68	—	—	46138J486
BSMT	Invesco BulletShares 2029 Muni	107,260	$2,478	0.0%	$22.97	—	—	46138J478
HTO	H2O America	42,917	$2,090	0.0%	$61.65	-22.2%	—	784305104
EPC	Edgewell Personal Care Co.	72,115	$1,468	0.0%	$25.84	-28.9%	—	28035Q102
AOUT	American Outdoor Brands Inc.	136,997	$1,189	0.0%	$22.28	-66.7%	—	02875D109
—	Unilever plc	15,169	$899	0.0%	$64.08	—	—	904767704
—	TotalEnergies S.E.	14,201	$848	0.0%	$53.67	—	—	89151E109
—	iShares iBonds Dec 2025 Term M	11,583	$310	0.0%	$26.59	—	—	46435U432
KMPR	Kemper Corp.	4,470	$230	0.0%	$43.74	-2.1%	—	488401100
COST	Costco Wholesale Corp.	221	$205	0.0%	$773.82	+17.0%	—	22160K105
VALE	Vale S.A.	11,090	$120	0.0%	$21.13	—	—	91912E105
ASAIY	Sendas Distribuidora S.A.	10,872	$93	0.0%	$13.55	—	—	81689T104

Decreased Positions (143)

SGOV iShares 0-3 Month Treasury Bon 3.1%

Value ($000) $209,919 (-19.8%) Shares 2,091,242 (-19.6%) Est. Cost $100.52 Unrealized —

MDLZ Mondelez International Inc. 1.4%

Value ($000) $93,775 (-32.5%) Shares 1,742,051 (-21.7%) Est. Cost $63.82 Unrealized -10.6%

CLX Clorox Co. 1.2%

Value ($000) $78,264 (-31.8%) Shares 776,196 (-16.6%) Est. Cost $122.22 Unrealized -11.4%

DEO Diageo plc 1.4%

Value ($000) $94,752 (-27.2%) Shares 1,098,320 (-19.4%) Est. Cost $118.93 Unrealized —

FAST Fastenal Co. 1.9%

Value ($000) $124,127 (-21.3%) Shares 3,093,116 (-3.8%) Est. Cost $25.59 Unrealized +64.2%

HD Home Depot Inc. 1.7%

Value ($000) $114,157 (-18.4%) Shares 331,755 (-3.9%) Est. Cost $204.00 Unrealized +78.7%

LIN Linde plc 1.9%

Value ($000) $126,776 (-13.9%) Shares 297,323 (-4.0%) Est. Cost $322.30 Unrealized +32.6%

PAYX Paychex Inc. 1.7%

Value ($000) $110,751 (-14.9%) Shares 987,259 (-3.9%) Est. Cost $36.65 Unrealized +218.0%

WEC WEC Energy Group Inc. 2.1%

Value ($000) $139,990 (-12.2%) Shares 1,327,420 (-4.5%) Est. Cost $76.39 Unrealized +44.3%

FNF Fidelity National Financial In 1.7%

Value ($000) $111,409 (-13.9%) Shares 2,040,826 (-4.6%) Est. Cost $18.58 Unrealized +194.7%

SO Southern Co. 1.9%

Value ($000) $129,542 (-11.8%) Shares 1,485,576 (-4.1%) Est. Cost $30.75 Unrealized +195.6%

PAYC Paycom Software Inc. 0.8%

Value ($000) $50,882 (-25.3%) Shares 319,291 (-2.5%) Est. Cost $162.82 Unrealized +8.7%

AWK American Water Works Co. Inc. 1.6%

Value ($000) $103,486 (-13.7%) Shares 792,993 (-8.0%) Est. Cost $129.13 Unrealized +3.1%

BR Broadridge Financial Solutions 1.9%

Value ($000) $124,197 (-10.7%) Shares 556,515 (-4.7%) Est. Cost $49.88 Unrealized +355.7%

HSY Hershey Co. 1.9%

Value ($000) $127,006 (-10.1%) Shares 697,914 (-7.6%) Est. Cost $181.02 Unrealized +0.6%

TLH iShares Barclays 10-20 Year Tr 0.4%

Value ($000) $24,656 (-34.1%) Shares 242,506 (-33.2%) Est. Cost $103.12 Unrealized —

REGL ProShares S&P MidCap 400 Divid 0.2%

Value ($000) $11,485 (-50.1%) Shares 136,371 (-49.4%) Est. Cost $81.53 Unrealized —

WRB W. R. Berkley Corp. 1.2%

Value ($000) $82,847 (-12.2%) Shares 1,181,506 (-4.1%) Est. Cost $36.71 Unrealized +98.2%

LMT Lockheed Martin Corp. 2.1%

Value ($000) $137,956 (-7.0%) Shares 285,228 (-4.0%) Est. Cost $242.89 Unrealized +96.0%

GOOG Alphabet Inc. 0.9%

Value ($000) $57,287 (-15.1%) Shares 182,558 (-34.1%) Est. Cost $107.14 Unrealized +167.3%

MDYG SPDR S&P 400 Mid Cap Growth ET 0.2%

Value ($000) $12,110 (-44.9%) Shares 131,018 (-45.4%) Est. Cost $73.47 Unrealized —

MDYV SPDR S&P 400 Mid Cap Value ETF 0.1%

Value ($000) $6,586 (-58.0%) Shares 77,804 (-58.6%) Est. Cost $36.95 Unrealized —

MSFT Microsoft Corp. 1.1%

Value ($000) $74,824 (-10.7%) Shares 154,718 (-4.4%) Est. Cost $39.85 Unrealized +1156.2%

SNA Snap-on Inc. 2.4%

Value ($000) $161,724 (-5.2%) Shares 469,309 (-4.6%) Est. Cost $126.43 Unrealized +169.3%

APD Air Products and Chemicals Inc 0.7%

Value ($000) $47,008 (-14.9%) Shares 190,299 (-6.1%) Est. Cost $224.56 Unrealized +12.1%

ADI Analog Devices Inc. 2.4%

Value ($000) $158,890 (+5.4%) Shares 585,879 (-4.5%) Est. Cost $82.30 Unrealized +204.5%

DOW Dow Inc. 0.6%

Value ($000) $37,165 (-17.4%) Shares 1,589,613 (-19.0%) Est. Cost $35.55 Unrealized -35.9%

CSCO Cisco Systems Inc. 1.9%

Value ($000) $124,642 (+6.7%) Shares 1,618,101 (-5.2%) Est. Cost $37.63 Unrealized +96.1%

IBTJ iShares iBonds Dec 2029 Term T 0.1%

Value ($000) $3,962 (-65.4%) Shares 180,532 (-65.3%) Est. Cost $24.40 Unrealized —

CB Chubb Ltd. 2.4%

Value ($000) $159,500 (+4.9%) Shares 511,021 (-5.1%) Est. Cost $103.52 Unrealized +182.5%

KMI Kinder Morgan Inc. 1.5%

Value ($000) $99,982 (-6.9%) Shares 3,637,035 (-4.1%) Est. Cost $13.66 Unrealized +96.9%

CVX Chevron Corp. 1.8%

Value ($000) $122,149 (-5.6%) Shares 801,450 (-3.8%) Est. Cost $79.31 Unrealized +90.9%

ETR Entergy Corp. 1.8%

Value ($000) $119,025 (-5.6%) Shares 1,287,734 (-4.8%) Est. Cost $52.64 Unrealized +79.6%

SYK Stryker Corp. 1.2%

Value ($000) $77,073 (-7.9%) Shares 219,287 (-3.1%) Est. Cost $91.47 Unrealized +297.4%

GILD Gilead Sciences Inc. 1.7%

Value ($000) $111,673 (+5.6%) Shares 909,835 (-4.5%) Est. Cost $56.07 Unrealized +115.6%

VVV Valvoline Inc. 0.2%

Value ($000) $11,739 (-33.4%) Shares 403,942 (-17.7%) Est. Cost $38.24 Unrealized -16.0%

BF/B Brown-Forman Corp. - B 0.5%

Value ($000) $31,137 (-14.8%) Shares 1,194,806 (-11.4%) Est. Cost $35.70 Unrealized -21.6%

NTRS Northern Trust Corp. 2.3%

Value ($000) $150,673 (-3.3%) Shares 1,103,103 (-4.7%) Est. Cost $59.04 Unrealized +121.4%

USB U.S. Bancorp 1.5%

Value ($000) $98,530 (+5.4%) Shares 1,846,512 (-4.5%) Est. Cost $37.75 Unrealized +29.1%

ITW Illinois Tool Works Inc. 0.8%

Value ($000) $53,179 (-8.5%) Shares 215,911 (-3.1%) Est. Cost $74.76 Unrealized +231.1%

GLDM SPDR Gold MiniShares Trust ETF 0.5%

Value ($000) $32,510 (-12.9%) Shares 380,810 (-22.0%) Est. Cost $44.03 Unrealized —

RMD ResMed Inc. 0.4%

Value ($000) $25,628 (-15.4%) Shares 106,396 (-3.9%) Est. Cost $180.21 Unrealized +41.7%

GGG Graco Inc. 0.8%

Value ($000) $51,065 (-8.1%) Shares 622,969 (-4.7%) Est. Cost $35.42 Unrealized +131.4%

AOS A. O. Smith Corp. 0.3%

Value ($000) $19,693 (-18.5%) Shares 294,451 (-10.5%) Est. Cost $78.98 Unrealized -14.6%

STZ Constellation Brands 0.2%

Value ($000) $15,002 (-22.4%) Shares 108,744 (-24.2%) Est. Cost $234.71 Unrealized -41.7%

CPRT Copart Inc. 0.2%

Value ($000) $11,110 (-26.4%) Shares 283,768 (-15.5%) Est. Cost $47.13 Unrealized -12.0%

ZTS Zoetis Inc. 0.2%

Value ($000) $15,672 (-19.9%) Shares 124,555 (-6.8%) Est. Cost $164.52 Unrealized -20.8%

EXPD Expeditors International of Wa 0.4%

Value ($000) $25,581 (+17.8%) Shares 171,675 (-3.1%) Est. Cost $50.24 Unrealized +170.0%

ARCC Ares Capital Corp. 1.1%

Value ($000) $71,670 (-4.6%) Shares 3,542,772 (-3.8%) Est. Cost $6.36 Unrealized +211.0%

MA Mastercard Inc. 1.3%

Value ($000) $88,714 (-3.7%) Shares 155,399 (-4.1%) Est. Cost $144.67 Unrealized +286.4%

TROW T. Rowe Price Group Inc. 1.4%

Value ($000) $96,613 (-3.3%) Shares 943,672 (-3.1%) Est. Cost $98.67 Unrealized +3.6%

VNT Vontier Corp. 0.2%

Value ($000) $15,555 (-17.6%) Shares 418,358 (-7.0%) Est. Cost $32.26 Unrealized +18.6%

DLTR Dollar Tree Inc. 0.4%

Value ($000) $29,033 (+12.4%) Shares 236,023 (-13.7%) Est. Cost $88.12 Unrealized +21.6%

TRIP TripAdvisor Inc. 0.1%

Value ($000) $6,916 (-29.7%) Shares 475,010 (-21.5%) Est. Cost $15.81 Unrealized -3.8%

— Carrier Global Corp. 0.2%

Value ($000) $11,135 (-20.4%) Shares 210,732 (-10.0%) Est. Cost $73.19 Unrealized —

TLT iShares 20Plus Year Treasury B 0.0%

Value ($000) $209 (-92.9%) Shares 2,399 (-92.7%) Est. Cost $89.92 Unrealized —

SPGI S&P Global Inc. 1.1%

Value ($000) $73,245 (+3.9%) Shares 140,159 (-3.3%) Est. Cost $380.88 Unrealized +29.8%

MTN Vail Resorts Inc. 0.1%

Value ($000) $5,492 (-32.7%) Shares 41,355 (-24.2%) Est. Cost $155.21 Unrealized -5.2%

SHW Sherwin-Williams Co. 0.3%

Value ($000) $22,783 (-9.6%) Shares 70,312 (-3.4%) Est. Cost $224.80 Unrealized +48.6%

MKC McCormick & Company Inc. 0.3%

Value ($000) $19,167 (-11.1%) Shares 281,411 (-12.7%) Est. Cost $69.05 Unrealized -4.5%

ECL Ecolab Inc. 0.4%

Value ($000) $25,805 (-7.8%) Shares 98,296 (-3.8%) Est. Cost $167.31 Unrealized +58.8%

EOG EOG Resources Inc. 0.3%

Value ($000) $17,198 (-11.2%) Shares 163,772 (-5.2%) Est. Cost $106.01 Unrealized +1.1%

MBB iShares MBS ETF 0.5%

Value ($000) $32,821 (-5.9%) Shares 344,690 (-6.0%) Est. Cost $92.80 Unrealized —

CNMD CONMED Corp. 0.1%

Value ($000) $3,701 (-35.2%) Shares 91,164 (-25.0%) Est. Cost $70.19 Unrealized -38.0%

PG Procter & Gamble Co. 0.3%

Value ($000) $18,388 (-8.7%) Shares 128,307 (-2.1%) Est. Cost $70.37 Unrealized +109.1%

BRK/B Berkshire Hathaway Inc. - B 0.7%

Value ($000) $49,105 (-3.2%) Shares 97,692 (-3.2%) Est. Cost $164.52 Unrealized +202.4%

TJX TJX Co. Inc. 1.3%

Value ($000) $88,782 (+1.8%) Shares 577,970 (-4.2%) Est. Cost $37.84 Unrealized +290.3%

MLM Martin Marietta Materials Inc. 0.6%

Value ($000) $37,147 (-4.0%) Shares 59,658 (-2.8%) Est. Cost $503.17 Unrealized +23.5%

GD General Dynamics Corp. 0.4%

Value ($000) $25,733 (-5.3%) Shares 76,437 (-4.1%) Est. Cost $120.11 Unrealized +183.8%

IBMO iShares iBonds Dec 2026 Term M 0.0%

Value ($000) $330 (-81.1%) Shares 12,881 (-81.1%) Est. Cost $25.40 Unrealized —

SBUX Starbucks Corp. 0.4%

Value ($000) $27,154 (-5.0%) Shares 322,455 (-4.5%) Est. Cost $54.20 Unrealized +55.1%

IBTQ iShares iBonds Dec 2035 Term T 0.3%

Value ($000) $21,260 (-6.0%) Shares 834,372 (-5.8%) Est. Cost $25.53 Unrealized —

DIS Walt Disney Co. 0.2%

Value ($000) $14,284 (-8.5%) Shares 125,550 (-7.9%) Est. Cost $106.29 Unrealized +3.0%

MLN VanEck Vectors Long Municipal 0.0%

Value ($000) $2,753 (-31.0%) Shares 157,054 (-31.2%) Est. Cost $17.79 Unrealized —

APH Amphenol Corp. 0.4%

Value ($000) $26,931 (+4.5%) Shares 199,281 (-4.3%) Est. Cost $43.81 Unrealized +204.8%

IIIV i3 Verticals Inc. 0.0%

Value ($000) $2,068 (-35.4%) Shares 82,095 (-16.7%) Est. Cost $20.85 Unrealized +35.0%

JBTM JBT Marel Corp. 0.2%

Value ($000) $10,937 (-9.1%) Shares 72,591 (-15.3%) Est. Cost $86.39 Unrealized +63.1%

BKNG Booking Holdings Inc. 0.5%

Value ($000) $34,125 (-3.1%) Shares 6,372 (-2.3%) Est. Cost $1739.17 Unrealized +195.4%

IBTO iShares iBonds Dec 2033 Term T 0.2%

Value ($000) $15,648 (-6.2%) Shares 637,249 (-5.9%) Est. Cost $24.40 Unrealized —

CVCO Cavco Industries Inc. 0.1%

Value ($000) $6,156 (-13.7%) Shares 10,421 (-15.2%) Est. Cost $360.71 Unrealized +57.1%

DCI Donaldson Co. Inc. 0.4%

Value ($000) $25,834 (+3.9%) Shares 291,382 (-4.1%) Est. Cost $36.89 Unrealized +134.2%

ENOV Enovis Corp. 0.0%

Value ($000) $1,095 (-46.3%) Shares 41,116 (-38.8%) Est. Cost $43.92 Unrealized -32.7%

ASGTF Altus Group Ltd. 0.0%

Value ($000) $1,936 (-32.2%) Shares 46,863 (-30.1%) Est. Cost $39.65 Unrealized +1.0%

KN Knowles Corp. 0.0%

Value ($000) $2,355 (-28.0%) Shares 109,873 (-21.7%) Est. Cost $17.90 Unrealized +27.3%

GTES Gates Industrial Corp. plc 0.0%

Value ($000) $2,334 (-28.0%) Shares 108,731 (-16.8%) Est. Cost $15.50 Unrealized +48.9%

WTW Willis Towers Watson plc 0.0%

Value ($000) $299 (-75.2%) Shares 911 (-73.9%) Est. Cost $190.62 Unrealized +71.3%

SHLD Global X Defense Tech ETF 0.1%

Value ($000) $8,516 (-9.0%) Shares 131,438 (-1.3%) Est. Cost $46.55 Unrealized —

ACGL Arch Capital Group Ltd. 0.5%

Value ($000) $34,506 (-2.2%) Shares 359,733 (-7.5%) Est. Cost $92.28 Unrealized -0.9%

STC Stewart Information Services C 0.0%

Value ($000) $2,464 (-23.9%) Shares 35,068 (-20.5%) Est. Cost $42.87 Unrealized +68.0%

UFPI UFP Industries Inc 0.0%

Value ($000) $1,430 (-34.7%) Shares 15,705 (-32.9%) Est. Cost $100.94 Unrealized -9.3%

JJSF J & J Snack Foods Corp. 0.0%

Value ($000) $1,035 (-40.7%) Shares 11,448 (-37.0%) Est. Cost $124.44 Unrealized -27.6%

RLI RLI Corp. 0.0%

Value ($000) $1,428 (-32.5%) Shares 22,319 (-31.2%) Est. Cost $72.54 Unrealized -15.3%

SPY SPDR S&P 500 ETF 0.2%

Value ($000) $10,722 (-6.0%) Shares 15,723 (-8.2%) Est. Cost $397.05 Unrealized —

GSBD Goldman Sachs BDC Inc. 0.0%

Value ($000) $704 (-49.1%) Shares 75,821 (-44.3%) Est. Cost $19.54 Unrealized -49.8%

CNNE Cannae Holdings Inc. 0.0%

Value ($000) $1,105 (-37.7%) Shares 70,250 (-27.5%) Est. Cost $27.75 Unrealized -39.1%

MCD McDonald's Corp. 0.3%

Value ($000) $22,552 (-2.7%) Shares 73,788 (-3.2%) Est. Cost $98.18 Unrealized +210.8%

JBSS John B Sanfilippo & Son Inc. 0.0%

Value ($000) $1,078 (-36.1%) Shares 15,269 (-41.8%) Est. Cost $102.61 Unrealized -33.8%

MAIN Main Street Capital Corp. 0.1%

Value ($000) $5,863 (-9.3%) Shares 97,083 (-4.5%) Est. Cost $30.68 Unrealized +92.2%

IBTH iShares iBonds Dec 2027 Term T 0.1%

Value ($000) $9,691 (-5.7%) Shares 431,286 (-5.5%) Est. Cost $1.92 Unrealized —

IBDS iShares iBonds Dec 2027 Term C 0.1%

Value ($000) $9,554 (-5.7%) Shares 393,499 (-5.4%) Est. Cost $24.29 Unrealized —

— SPDR Portfolio S&P 500 Value E 0.5%

Value ($000) $34,304 (+1.6%) Shares 603,839 (-1.1%) Est. Cost $44.86 Unrealized —

IBTM iShares iBonds Dec 2032 Term T 0.1%

Value ($000) $9,165 (-5.4%) Shares 397,180 (-5.1%) Est. Cost $23.22 Unrealized —

MOV Movado Group Inc. 0.0%

Value ($000) $2,173 (-18.9%) Shares 105,378 (-25.4%) Est. Cost $19.84 Unrealized -1.7%

HAE Haemonetics Corp. 0.0%

Value ($000) $2,299 (+26.4%) Shares 28,687 (-23.2%) Est. Cost $68.01 Unrealized -1.2%

BDX Becton Dickinson & Co. 0.2%

Value ($000) $14,544 (-3.2%) Shares 74,940 (-6.6%) Est. Cost $146.56 Unrealized +29.3%

MRTN Marten Transport Ltd. 0.0%

Value ($000) $984 (-32.3%) Shares 86,457 (-36.6%) Est. Cost $14.35 Unrealized -26.4%

TSLX Sixth Street Specialty Lending 0.1%

Value ($000) $4,904 (-8.3%) Shares 225,778 (-3.5%) Est. Cost $18.13 Unrealized +20.3%

WGO Winnebago Industries Inc. 0.0%

Value ($000) $1,257 (-24.6%) Shares 31,023 (-37.8%) Est. Cost $54.60 Unrealized -33.2%

— iShares iBonds Dec 2030 Term T 0.1%

Value ($000) $7,240 (-5.3%) Shares 364,840 (-5.2%) Est. Cost $20.63 Unrealized —

HAYW Hayward Holdings Inc. 0.0%

Value ($000) $2,111 (-15.8%) Shares 136,639 (-17.6%) Est. Cost $11.78 Unrealized +34.1%

HGTY Hagerty Inc. 0.0%

Value ($000) $2,647 (-13.0%) Shares 196,920 (-22.0%) Est. Cost $8.70 Unrealized +43.5%

NMFC New Mountain Finance Corp. 0.0%

Value ($000) $2,715 (-11.5%) Shares 294,765 (-7.4%) Est. Cost $5.07 Unrealized +80.6%

GBDC Golub Capital BDC Inc. 0.1%

Value ($000) $4,694 (-6.8%) Shares 345,905 (-5.9%) Est. Cost $8.51 Unrealized +59.2%

OBDC Blue Owl Capital Corp. 0.0%

Value ($000) $2,947 (-9.4%) Shares 237,084 (-6.9%) Est. Cost $13.42 Unrealized -7.9%

DFNM Dimensional National Municipal 0.2%

Value ($000) $10,093 (-2.8%) Shares 209,523 (-3.2%) Est. Cost $11.19 Unrealized —

HTGC Hercules Capital Inc. 0.1%

Value ($000) $5,454 (-4.7%) Shares 289,789 (-4.2%) Est. Cost $12.89 Unrealized +39.9%

— Spectrum Brands Holdings Inc. 0.0%

Value ($000) $1,740 (-10.8%) Shares 29,452 (-20.7%) Est. Cost $15.43 Unrealized —

RBC RBC Bearings Inc. 0.0%

Value ($000) $2,665 (-6.9%) Shares 5,944 (-19.0%) Est. Cost $107.24 Unrealized +294.9%

BSMR Invesco BulletShares 2027 Muni 0.1%

Value ($000) $5,772 (-3.1%) Shares 243,914 (-3.2%) Est. Cost $3.11 Unrealized —

MFIC MidCap Financial Investment Co 0.0%

Value ($000) $1,411 (-10.6%) Shares 123,357 (-6.3%) Est. Cost $11.59 Unrealized -0.0%

PZA Powershares Insured National M 0.1%

Value ($000) $4,949 (-3.1%) Shares 213,404 (-3.5%) Est. Cost $0.02 Unrealized —

UFPT UFP Technologies Inc. 0.0%

Value ($000) $1,707 (-8.1%) Shares 7,688 (-17.4%) Est. Cost $166.83 Unrealized +28.4%

SHM SPDR Nuveen Barclays Capital S 0.0%

Value ($000) $2,784 (-5.1%) Shares 58,017 (-4.6%) Est. Cost $47.55 Unrealized —

HKXCY Hong Kong Exchanges and Cleari 0.0%

Value ($000) $1,090 (-11.3%) Shares 20,911 (-3.4%) Est. Cost $56.24 Unrealized —

OCSL Oaktree Specialty Lending Corp 0.0%

Value ($000) $1,481 (-7.8%) Shares 116,212 (-5.5%) Est. Cost $19.18 Unrealized -30.3%

IBMP iShares iBonds Dec 2027 Term M 0.0%

Value ($000) $806 (-12.8%) Shares 31,764 (-12.5%) Est. Cost $25.25 Unrealized —

BCSF Bain Capital Specialty Finance 0.0%

Value ($000) $1,281 (-8.0%) Shares 92,114 (-5.7%) Est. Cost $11.59 Unrealized +15.4%

NCDL Nuveen Churchill Direct Lendin 0.0%

Value ($000) $972 (-9.5%) Shares 72,889 (-6.3%) Est. Cost $13.66 Unrealized +0.6%

TRIN Trinity Capital Inc. 0.0%

Value ($000) $656 (-11.2%) Shares 44,780 (-6.2%) Est. Cost $8.72 Unrealized +61.5%

SLRC SLR Investment Corp. 0.0%

Value ($000) $1,072 (-6.5%) Shares 69,338 (-7.5%) Est. Cost $7.74 Unrealized +92.9%

BSMU Invesco BulletShares 2030 Muni 0.0%

Value ($000) $2,750 (-1.9%) Shares 124,878 (-2.3%) Est. Cost $22.17 Unrealized —

— Barings BDC Inc. 0.0%

Value ($000) $3,151 (-1.3%) Shares 343,248 (-5.9%) Est. Cost $9.95 Unrealized —

— Runway Growth Finance Corp. 0.0%

Value ($000) $147 (-20.7%) Shares 16,420 (-9.8%) Est. Cost $10.86 Unrealized —

CSWC Capital Southwest Corp. 0.0%

Value ($000) $1,856 (-2.0%) Shares 83,810 (-3.3%) Est. Cost $9.32 Unrealized +119.4%

VLRS Controladora Vuela Cia de Avia 0.0%

Value ($000) $210 (+18.4%) Shares 23,638 (-4.3%) Est. Cost $12.20 Unrealized —

PSBD Palmer Square Capital BDC Inc. 0.0%

Value ($000) $285 (-9.8%) Shares 23,401 (-9.2%) Est. Cost $13.06 Unrealized -9.5%

CCAP Crescent Capital BDC Inc. 0.0%

Value ($000) $992 (-2.6%) Shares 70,620 (-1.2%) Est. Cost $8.64 Unrealized +59.9%

GLD SPDR Gold Shares ETF 0.0%

Value ($000) $308 (+8.8%) Shares 776 (-2.4%) Est. Cost $288.14 Unrealized —

BCIC BCP Investment Corp. 0.0%

Value ($000) $284 (-7.1%) Shares 24,018 (-9.5%) Est. Cost $13.14 Unrealized -9.2%

ARCO Arcos Dorados Holdings Inc. 0.0%

Value ($000) $78 (-18.0%) Shares 10,613 (-24.6%) Est. Cost $11.17 Unrealized -36.0%

EC Ecopetrol S.A. 0.0%

Value ($000) $108 (-4.6%) Shares 10,828 (-12.3%) Est. Cost $16.30 Unrealized —

V Visa Inc. 0.0%

Value ($000) $201 (+0.5%) Shares 573 (-2.2%) Est. Cost $336.32 Unrealized +1.2%

KBDC Kayne Anderson BDC 0.0%

Value ($000) $665 (+0.1%) Shares 46,410 (-6.9%) Est. Cost $13.37 Unrealized +6.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SGOV	iShares 0-3 Month Treasury Bon	2,091,242 (-19.6%)	$209,919 (-19.8%)	3.1%	$100.52	—	COM	46436E718
MDLZ	Mondelez International Inc.	1,742,051 (-21.7%)	$93,775 (-32.5%)	1.4%	$63.82	-10.6%	COM	609207105
CLX	Clorox Co.	776,196 (-16.6%)	$78,264 (-31.8%)	1.2%	$122.22	-11.4%	COM	189054109
DEO	Diageo plc	1,098,320 (-19.4%)	$94,752 (-27.2%)	1.4%	$118.93	—	COM	25243Q205
FAST	Fastenal Co.	3,093,116 (-3.8%)	$124,127 (-21.3%)	1.9%	$25.59	+64.2%	COM	311900104
HD	Home Depot Inc.	331,755 (-3.9%)	$114,157 (-18.4%)	1.7%	$204.00	+78.7%	COM	437076102
LIN	Linde plc	297,323 (-4.0%)	$126,776 (-13.9%)	1.9%	$322.30	+32.6%	COM	G54950103
PAYX	Paychex Inc.	987,259 (-3.9%)	$110,751 (-14.9%)	1.7%	$36.65	+218.0%	COM	704326107
WEC	WEC Energy Group Inc.	1,327,420 (-4.5%)	$139,990 (-12.2%)	2.1%	$76.39	+44.3%	COM	92939U106
FNF	Fidelity National Financial In	2,040,826 (-4.6%)	$111,409 (-13.9%)	1.7%	$18.58	+194.7%	COM	31620R303
SO	Southern Co.	1,485,576 (-4.1%)	$129,542 (-11.8%)	1.9%	$30.75	+195.6%	COM	842587107
PAYC	Paycom Software Inc.	319,291 (-2.5%)	$50,882 (-25.3%)	0.8%	$162.82	+8.7%	COM	70432V102
AWK	American Water Works Co. Inc.	792,993 (-8.0%)	$103,486 (-13.7%)	1.6%	$129.13	+3.1%	COM	030420103
BR	Broadridge Financial Solutions	556,515 (-4.7%)	$124,197 (-10.7%)	1.9%	$49.88	+355.7%	COM	11133T103
HSY	Hershey Co.	697,914 (-7.6%)	$127,006 (-10.1%)	1.9%	$181.02	+0.6%	COM	427866108
TLH	iShares Barclays 10-20 Year Tr	242,506 (-33.2%)	$24,656 (-34.1%)	0.4%	$103.12	—	COM	464288653
REGL	ProShares S&P MidCap 400 Divid	136,371 (-49.4%)	$11,485 (-50.1%)	0.2%	$81.53	—	COM	74347B680
WRB	W. R. Berkley Corp.	1,181,506 (-4.1%)	$82,847 (-12.2%)	1.2%	$36.71	+98.2%	COM	084423102
LMT	Lockheed Martin Corp.	285,228 (-4.0%)	$137,956 (-7.0%)	2.1%	$242.89	+96.0%	COM	539830109
GOOG	Alphabet Inc.	182,558 (-34.1%)	$57,287 (-15.1%)	0.9%	$107.14	+167.3%	COM	02079K107
MDYG	SPDR S&P 400 Mid Cap Growth ET	131,018 (-45.4%)	$12,110 (-44.9%)	0.2%	$73.47	—	COM	78464A821
MDYV	SPDR S&P 400 Mid Cap Value ETF	77,804 (-58.6%)	$6,586 (-58.0%)	0.1%	$36.95	—	COM	78464A839
MSFT	Microsoft Corp.	154,718 (-4.4%)	$74,824 (-10.7%)	1.1%	$39.85	+1156.2%	COM	594918104
SNA	Snap-on Inc.	469,309 (-4.6%)	$161,724 (-5.2%)	2.4%	$126.43	+169.3%	COM	833034101
APD	Air Products and Chemicals Inc	190,299 (-6.1%)	$47,008 (-14.9%)	0.7%	$224.56	+12.1%	COM	009158106
ADI	Analog Devices Inc.	585,879 (-4.5%)	$158,890 (+5.4%)	2.4%	$82.30	+204.5%	COM	032654105
DOW	Dow Inc.	1,589,613 (-19.0%)	$37,165 (-17.4%)	0.6%	$35.55	-35.9%	COM	260557103
CSCO	Cisco Systems Inc.	1,618,101 (-5.2%)	$124,642 (+6.7%)	1.9%	$37.63	+96.1%	COM	17275R102
IBTJ	iShares iBonds Dec 2029 Term T	180,532 (-65.3%)	$3,962 (-65.4%)	0.1%	$24.40	—	COM	46436E825
CB	Chubb Ltd.	511,021 (-5.1%)	$159,500 (+4.9%)	2.4%	$103.52	+182.5%	COM	H1467J104
KMI	Kinder Morgan Inc.	3,637,035 (-4.1%)	$99,982 (-6.9%)	1.5%	$13.66	+96.9%	COM	49456B101
CVX	Chevron Corp.	801,450 (-3.8%)	$122,149 (-5.6%)	1.8%	$79.31	+90.9%	COM	166764100
ETR	Entergy Corp.	1,287,734 (-4.8%)	$119,025 (-5.6%)	1.8%	$52.64	+79.6%	COM	29364G103
SYK	Stryker Corp.	219,287 (-3.1%)	$77,073 (-7.9%)	1.2%	$91.47	+297.4%	COM	863667101
GILD	Gilead Sciences Inc.	909,835 (-4.5%)	$111,673 (+5.6%)	1.7%	$56.07	+115.6%	COM	375558103
VVV	Valvoline Inc.	403,942 (-17.7%)	$11,739 (-33.4%)	0.2%	$38.24	-16.0%	COM	92047W101
BF/B	Brown-Forman Corp. - B	1,194,806 (-11.4%)	$31,137 (-14.8%)	0.5%	$35.70	-21.6%	COM	115637209
NTRS	Northern Trust Corp.	1,103,103 (-4.7%)	$150,673 (-3.3%)	2.3%	$59.04	+121.4%	COM	665859104
USB	U.S. Bancorp	1,846,512 (-4.5%)	$98,530 (+5.4%)	1.5%	$37.75	+29.1%	COM	902973304
ITW	Illinois Tool Works Inc.	215,911 (-3.1%)	$53,179 (-8.5%)	0.8%	$74.76	+231.1%	COM	452308109
GLDM	SPDR Gold MiniShares Trust ETF	380,810 (-22.0%)	$32,510 (-12.9%)	0.5%	$44.03	—	COM	98149E303
RMD	ResMed Inc.	106,396 (-3.9%)	$25,628 (-15.4%)	0.4%	$180.21	+41.7%	COM	761152107
GGG	Graco Inc.	622,969 (-4.7%)	$51,065 (-8.1%)	0.8%	$35.42	+131.4%	COM	384109104
AOS	A. O. Smith Corp.	294,451 (-10.5%)	$19,693 (-18.5%)	0.3%	$78.98	-14.6%	COM	831865209
STZ	Constellation Brands	108,744 (-24.2%)	$15,002 (-22.4%)	0.2%	$234.71	-41.7%	COM	21036P108
CPRT	Copart Inc.	283,768 (-15.5%)	$11,110 (-26.4%)	0.2%	$47.13	-12.0%	COM	217204106
ZTS	Zoetis Inc.	124,555 (-6.8%)	$15,672 (-19.9%)	0.2%	$164.52	-20.8%	COM	98978V103
EXPD	Expeditors International of Wa	171,675 (-3.1%)	$25,581 (+17.8%)	0.4%	$50.24	+170.0%	COM	302130109
ARCC	Ares Capital Corp.	3,542,772 (-3.8%)	$71,670 (-4.6%)	1.1%	$6.36	+211.0%	COM	04010L103
MA	Mastercard Inc.	155,399 (-4.1%)	$88,714 (-3.7%)	1.3%	$144.67	+286.4%	COM	57636Q104
TROW	T. Rowe Price Group Inc.	943,672 (-3.1%)	$96,613 (-3.3%)	1.4%	$98.67	+3.6%	COM	74144T108
VNT	Vontier Corp.	418,358 (-7.0%)	$15,555 (-17.6%)	0.2%	$32.26	+18.6%	COM	928881101
DLTR	Dollar Tree Inc.	236,023 (-13.7%)	$29,033 (+12.4%)	0.4%	$88.12	+21.6%	COM	256746108
TRIP	TripAdvisor Inc.	475,010 (-21.5%)	$6,916 (-29.7%)	0.1%	$15.81	-3.8%	COM	896945201
—	Carrier Global Corp.	210,732 (-10.0%)	$11,135 (-20.4%)	0.2%	$73.19	—	COM	14448c104
TLT	iShares 20Plus Year Treasury B	2,399 (-92.7%)	$209 (-92.9%)	0.0%	$89.92	—	COM	464287432
SPGI	S&P Global Inc.	140,159 (-3.3%)	$73,245 (+3.9%)	1.1%	$380.88	+29.8%	COM	78409V104
MTN	Vail Resorts Inc.	41,355 (-24.2%)	$5,492 (-32.7%)	0.1%	$155.21	-5.2%	COM	91879Q109
SHW	Sherwin-Williams Co.	70,312 (-3.4%)	$22,783 (-9.6%)	0.3%	$224.80	+48.6%	COM	824348106
MKC	McCormick & Company Inc.	281,411 (-12.7%)	$19,167 (-11.1%)	0.3%	$69.05	-4.5%	COM	579780206
ECL	Ecolab Inc.	98,296 (-3.8%)	$25,805 (-7.8%)	0.4%	$167.31	+58.8%	COM	278865100
EOG	EOG Resources Inc.	163,772 (-5.2%)	$17,198 (-11.2%)	0.3%	$106.01	+1.1%	COM	26875P101
MBB	iShares MBS ETF	344,690 (-6.0%)	$32,821 (-5.9%)	0.5%	$92.80	—	COM	464288588
CNMD	CONMED Corp.	91,164 (-25.0%)	$3,701 (-35.2%)	0.1%	$70.19	-38.0%	COM	207410101
PG	Procter & Gamble Co.	128,307 (-2.1%)	$18,388 (-8.7%)	0.3%	$70.37	+109.1%	COM	742718109
BRK/B	Berkshire Hathaway Inc. - B	97,692 (-3.2%)	$49,105 (-3.2%)	0.7%	$164.52	+202.4%	COM	084670702
TJX	TJX Co. Inc.	577,970 (-4.2%)	$88,782 (+1.8%)	1.3%	$37.84	+290.3%	COM	872540109
MLM	Martin Marietta Materials Inc.	59,658 (-2.8%)	$37,147 (-4.0%)	0.6%	$503.17	+23.5%	COM	573284106
GD	General Dynamics Corp.	76,437 (-4.1%)	$25,733 (-5.3%)	0.4%	$120.11	+183.8%	COM	369550108
IBMO	iShares iBonds Dec 2026 Term M	12,881 (-81.1%)	$330 (-81.1%)	0.0%	$25.40	—	COM	46435U259
SBUX	Starbucks Corp.	322,455 (-4.5%)	$27,154 (-5.0%)	0.4%	$54.20	+55.1%	COM	855244109
IBTQ	iShares iBonds Dec 2035 Term T	834,372 (-5.8%)	$21,260 (-6.0%)	0.3%	$25.53	—	COM	46438G422
DIS	Walt Disney Co.	125,550 (-7.9%)	$14,284 (-8.5%)	0.2%	$106.29	+3.0%	COM	254687106
MLN	VanEck Vectors Long Municipal	157,054 (-31.2%)	$2,753 (-31.0%)	0.0%	$17.79	—	COM	92189F536
APH	Amphenol Corp.	199,281 (-4.3%)	$26,931 (+4.5%)	0.4%	$43.81	+204.8%	COM	032095101
IIIV	i3 Verticals Inc.	82,095 (-16.7%)	$2,068 (-35.4%)	0.0%	$20.85	+35.0%	COM	46571Y107
JBTM	JBT Marel Corp.	72,591 (-15.3%)	$10,937 (-9.1%)	0.2%	$86.39	+63.1%	COM	477839104
BKNG	Booking Holdings Inc.	6,372 (-2.3%)	$34,125 (-3.1%)	0.5%	$1739.17	+195.4%	COM	09857L108
IBTO	iShares iBonds Dec 2033 Term T	637,249 (-5.9%)	$15,648 (-6.2%)	0.2%	$24.40	—	COM	46436E148
CVCO	Cavco Industries Inc.	10,421 (-15.2%)	$6,156 (-13.7%)	0.1%	$360.71	+57.1%	COM	149568107
DCI	Donaldson Co. Inc.	291,382 (-4.1%)	$25,834 (+3.9%)	0.4%	$36.89	+134.2%	COM	257651109
ENOV	Enovis Corp.	41,116 (-38.8%)	$1,095 (-46.3%)	0.0%	$43.92	-32.7%	COM	194014502
ASGTF	Altus Group Ltd.	46,863 (-30.1%)	$1,936 (-32.2%)	0.0%	$39.65	+1.0%	COM	02215R107
KN	Knowles Corp.	109,873 (-21.7%)	$2,355 (-28.0%)	0.0%	$17.90	+27.3%	COM	49926D109
GTES	Gates Industrial Corp. plc	108,731 (-16.8%)	$2,334 (-28.0%)	0.0%	$15.50	+48.9%	COM	G39108108
WTW	Willis Towers Watson plc	911 (-73.9%)	$299 (-75.2%)	0.0%	$190.62	+71.3%	COM	G96629103
SHLD	Global X Defense Tech ETF	131,438 (-1.3%)	$8,516 (-9.0%)	0.1%	$46.55	—	COM	37960A529
ACGL	Arch Capital Group Ltd.	359,733 (-7.5%)	$34,506 (-2.2%)	0.5%	$92.28	-0.9%	COM	G0450A105
STC	Stewart Information Services C	35,068 (-20.5%)	$2,464 (-23.9%)	0.0%	$42.87	+68.0%	COM	860372101
UFPI	UFP Industries Inc	15,705 (-32.9%)	$1,430 (-34.7%)	0.0%	$100.94	-9.3%	COM	90278Q108
JJSF	J & J Snack Foods Corp.	11,448 (-37.0%)	$1,035 (-40.7%)	0.0%	$124.44	-27.6%	COM	466032109
RLI	RLI Corp.	22,319 (-31.2%)	$1,428 (-32.5%)	0.0%	$72.54	-15.3%	COM	749607107
SPY	SPDR S&P 500 ETF	15,723 (-8.2%)	$10,722 (-6.0%)	0.2%	$397.05	—	COM	78462F103
GSBD	Goldman Sachs BDC Inc.	75,821 (-44.3%)	$704 (-49.1%)	0.0%	$19.54	-49.8%	COM	38147U107
CNNE	Cannae Holdings Inc.	70,250 (-27.5%)	$1,105 (-37.7%)	0.0%	$27.75	-39.1%	COM	13765N107
MCD	McDonald's Corp.	73,788 (-3.2%)	$22,552 (-2.7%)	0.3%	$98.18	+210.8%	COM	580135101
JBSS	John B Sanfilippo & Son Inc.	15,269 (-41.8%)	$1,078 (-36.1%)	0.0%	$102.61	-33.8%	COM	800422107
MAIN	Main Street Capital Corp.	97,083 (-4.5%)	$5,863 (-9.3%)	0.1%	$30.68	+92.2%	COM	56035L104
IBTH	iShares iBonds Dec 2027 Term T	431,286 (-5.5%)	$9,691 (-5.7%)	0.1%	$1.92	—	COM	46436E841
IBDS	iShares iBonds Dec 2027 Term C	393,499 (-5.4%)	$9,554 (-5.7%)	0.1%	$24.29	—	COM	46435UAA9
—	SPDR Portfolio S&P 500 Value E	603,839 (-1.1%)	$34,304 (+1.6%)	0.5%	$44.86	—	COM	78464a508
IBTM	iShares iBonds Dec 2032 Term T	397,180 (-5.1%)	$9,165 (-5.4%)	0.1%	$23.22	—	COM	46436E296
MOV	Movado Group Inc.	105,378 (-25.4%)	$2,173 (-18.9%)	0.0%	$19.84	-1.7%	COM	624580106
HAE	Haemonetics Corp.	28,687 (-23.2%)	$2,299 (+26.4%)	0.0%	$68.01	-1.2%	COM	405024100
BDX	Becton Dickinson & Co.	74,940 (-6.6%)	$14,544 (-3.2%)	0.2%	$146.56	+29.3%	COM	075887109
MRTN	Marten Transport Ltd.	86,457 (-36.6%)	$984 (-32.3%)	0.0%	$14.35	-26.4%	COM	573075108
TSLX	Sixth Street Specialty Lending	225,778 (-3.5%)	$4,904 (-8.3%)	0.1%	$18.13	+20.3%	COM	83012A109
WGO	Winnebago Industries Inc.	31,023 (-37.8%)	$1,257 (-24.6%)	0.0%	$54.60	-33.2%	COM	974637100
—	iShares iBonds Dec 2030 Term T	364,840 (-5.2%)	$7,240 (-5.3%)	0.1%	$20.63	—	COM	46436e593
HAYW	Hayward Holdings Inc.	136,639 (-17.6%)	$2,111 (-15.8%)	0.0%	$11.78	+34.1%	COM	421298100
HGTY	Hagerty Inc.	196,920 (-22.0%)	$2,647 (-13.0%)	0.0%	$8.70	+43.5%	COM	405166109
NMFC	New Mountain Finance Corp.	294,765 (-7.4%)	$2,715 (-11.5%)	0.0%	$5.07	+80.6%	COM	647551100
GBDC	Golub Capital BDC Inc.	345,905 (-5.9%)	$4,694 (-6.8%)	0.1%	$8.51	+59.2%	COM	38173M102
OBDC	Blue Owl Capital Corp.	237,084 (-6.9%)	$2,947 (-9.4%)	0.0%	$13.42	-7.9%	COM	69121K104
DFNM	Dimensional National Municipal	209,523 (-3.2%)	$10,093 (-2.8%)	0.2%	$11.19	—	COM	25434V849
HTGC	Hercules Capital Inc.	289,789 (-4.2%)	$5,454 (-4.7%)	0.1%	$12.89	+39.9%	COM	427096508
—	Spectrum Brands Holdings Inc.	29,452 (-20.7%)	$1,740 (-10.8%)	0.0%	$15.43	—	COM	84790a105
RBC	RBC Bearings Inc.	5,944 (-19.0%)	$2,665 (-6.9%)	0.0%	$107.24	+294.9%	COM	75524B104
BSMR	Invesco BulletShares 2027 Muni	243,914 (-3.2%)	$5,772 (-3.1%)	0.1%	$3.11	—	COM	46138J494
MFIC	MidCap Financial Investment Co	123,357 (-6.3%)	$1,411 (-10.6%)	0.0%	$11.59	-0.0%	COM	03761U502
PZA	Powershares Insured National M	213,404 (-3.5%)	$4,949 (-3.1%)	0.1%	$0.02	—	COM	46138E537
UFPT	UFP Technologies Inc.	7,688 (-17.4%)	$1,707 (-8.1%)	0.0%	$166.83	+28.4%	COM	902673102
SHM	SPDR Nuveen Barclays Capital S	58,017 (-4.6%)	$2,784 (-5.1%)	0.0%	$47.55	—	COM	78468R739
HKXCY	Hong Kong Exchanges and Cleari	20,911 (-3.4%)	$1,090 (-11.3%)	0.0%	$56.24	—	COM	43858F109
OCSL	Oaktree Specialty Lending Corp	116,212 (-5.5%)	$1,481 (-7.8%)	0.0%	$19.18	-30.3%	COM	67401P405
IBMP	iShares iBonds Dec 2027 Term M	31,764 (-12.5%)	$806 (-12.8%)	0.0%	$25.25	—	COM	46435U283
BCSF	Bain Capital Specialty Finance	92,114 (-5.7%)	$1,281 (-8.0%)	0.0%	$11.59	+15.4%	COM	05684B107
NCDL	Nuveen Churchill Direct Lendin	72,889 (-6.3%)	$972 (-9.5%)	0.0%	$13.66	+0.6%	COM	67090S108
TRIN	Trinity Capital Inc.	44,780 (-6.2%)	$656 (-11.2%)	0.0%	$8.72	+61.5%	COM	896442308
SLRC	SLR Investment Corp.	69,338 (-7.5%)	$1,072 (-6.5%)	0.0%	$7.74	+92.9%	COM	83413U100
BSMU	Invesco BulletShares 2030 Muni	124,878 (-2.3%)	$2,750 (-1.9%)	0.0%	$22.17	—	COM	46138J445
—	Barings BDC Inc.	343,248 (-5.9%)	$3,151 (-1.3%)	0.0%	$9.95	—	COM	06759l103
—	Runway Growth Finance Corp.	16,420 (-9.8%)	$147 (-20.7%)	0.0%	$10.86	—	COM	78163d100
CSWC	Capital Southwest Corp.	83,810 (-3.3%)	$1,856 (-2.0%)	0.0%	$9.32	+119.4%	COM	140501107
VLRS	Controladora Vuela Cia de Avia	23,638 (-4.3%)	$210 (+18.4%)	0.0%	$12.20	—	COM	21240E105
PSBD	Palmer Square Capital BDC Inc.	23,401 (-9.2%)	$285 (-9.8%)	0.0%	$13.06	-9.5%	COM	69702V107
CCAP	Crescent Capital BDC Inc.	70,620 (-1.2%)	$992 (-2.6%)	0.0%	$8.64	+59.9%	COM	225655109
GLD	SPDR Gold Shares ETF	776 (-2.4%)	$308 (+8.8%)	0.0%	$288.14	—	COM	78463V107
BCIC	BCP Investment Corp.	24,018 (-9.5%)	$284 (-7.1%)	0.0%	$13.14	-9.2%	COM	73688F201
ARCO	Arcos Dorados Holdings Inc.	10,613 (-24.6%)	$78 (-18.0%)	0.0%	$11.17	-36.0%	COM	G0457F107
EC	Ecopetrol S.A.	10,828 (-12.3%)	$108 (-4.6%)	0.0%	$16.30	—	COM	279158109
V	Visa Inc.	573 (-2.2%)	$201 (+0.5%)	0.0%	$336.32	+1.2%	COM	92826C839
KBDC	Kayne Anderson BDC	46,410 (-6.9%)	$665 (+0.1%)	0.0%	$13.37	+6.0%	COM	48662X105

Unchanged Positions (42)

MAS Masco Corp. 0.8%

Value ($000) $54,752 Shares 862,773 Est. Cost $47.67 Unrealized +35.8%

NDSN Nordson Corp. 1.2%

Value ($000) $79,022 Shares 328,669 Est. Cost $164.04 Unrealized +42.8%

LOW Lowe's Co. Inc. 0.8%

Value ($000) $53,951 Shares 223,714 Est. Cost $55.19 Unrealized +334.5%

CL Colgate-Palmolive Co. 1.5%

Value ($000) $101,671 Shares 1,286,644 Est. Cost $54.93 Unrealized +42.5%

FSP Franklin Street Properties Cor 0.0%

Value ($000) $1,165 Shares 1,231,656 Est. Cost $3.02 Unrealized —

SPMB SPDR Portfolio Mortgage Backed 1.4%

Value ($000) $95,488 Shares 4,260,018 Est. Cost $12.05 Unrealized —

TSM Taiwan Semiconductor Manufactu 0.0%

Value ($000) $2,624 Shares 8,634 Est. Cost $42.65 Unrealized —

VIST Vista Energy S.A.B. de C.V. 0.0%

Value ($000) $402 Shares 8,271 Est. Cost $13.97 Unrealized —

TTNDY Techtronic Industries Co. Ltd. 0.0%

Value ($000) $1,124 Shares 19,520 Est. Cost $72.54 Unrealized —

ASX ASE Technology Holding Co. Ltd 0.0%

Value ($000) $341 Shares 21,200 Est. Cost $9.10 Unrealized —

SHOP Shopify Inc. 0.0%

Value ($000) $1,278 Shares 7,937 Est. Cost $43.97 Unrealized +265.1%

AXP American Express Co. 0.0%

Value ($000) $888 Shares 2,400 Est. Cost $68.74 Unrealized +419.3%

NBIS Nebius Group N.V. 0.0%

Value ($000) $200 Shares 2,393 Est. Cost $34.43 Unrealized +201.0%

BXSL Blackstone Secured Lending Fun 0.1%

Value ($000) $4,132 Shares 156,915 Est. Cost $24.67 Unrealized +5.8%

HTHT H World Group Ltd. 0.0%

Value ($000) $280 Shares 5,944 Est. Cost $39.11 Unrealized —

MMYT MakeMyTrip Ltd. 0.0%

Value ($000) $301 Shares 3,665 Est. Cost $27.08 Unrealized +202.9%

MELI MercadoLibre Inc. 0.0%

Value ($000) $250 Shares 124 Est. Cost $859.52 Unrealized +144.4%

KOF Coca-Cola Femsa S.A.B. de C.V. 0.0%

Value ($000) $322 Shares 3,395 Est. Cost $80.64 Unrealized —

DSCSY Disco Corp. 0.0%

Value ($000) $1,229 Shares 40,364 Est. Cost $31.35 Unrealized —

TCEHY Tencent Holdings Ltd. 0.0%

Value ($000) $318 Shares 4,148 Est. Cost $39.03 Unrealized —

FSK FS KKR Capital Corp. 0.0%

Value ($000) $2,340 Shares 158,029 Est. Cost $17.37 Unrealized -15.4%

YUMC Yum China Holdings Inc. 0.0%

Value ($000) $260 Shares 5,440 Est. Cost $45.46 Unrealized +0.8%

— Gold Fields Ltd. 0.0%

Value ($000) $671 Shares 15,364 Est. Cost $9.41 Unrealized —

INFY Infosys Ltd. 0.0%

Value ($000) $252 Shares 14,139 Est. Cost $16.27 Unrealized —

ZTO ZTO Express Cayman Inc. 0.0%

Value ($000) $254 Shares 12,150 Est. Cost $19.20 Unrealized —

PTAIY PT Astra International Tbk 0.0%

Value ($000) $151 Shares 18,723 Est. Cost $3.01 Unrealized —

SHG Shinhan Financial Group Co. Lt 0.0%

Value ($000) $304 Shares 5,671 Est. Cost $35.49 Unrealized —

GBOOY Grupo Financiero Banorte S.A.B 0.0%

Value ($000) $221 Shares 4,767 Est. Cost $45.80 Unrealized —

BAP Credicorp Ltd. 0.0%

Value ($000) $247 Shares 862 Est. Cost $197.22 Unrealized +34.3%

HDB HDFC Bank Ltd. 0.0%

Value ($000) $252 Shares 6,899 Est. Cost $46.77 Unrealized —

— KB Financial Group Inc. 0.0%

Value ($000) $393 Shares 4,567 Est. Cost $5.81 Unrealized —

CW Curtiss-Wright Corp. 0.0%

Value ($000) $639 Shares 1,160 Est. Cost $167.84 Unrealized +232.3%

JBS JBS N.V. 0.0%

Value ($000) $230 Shares 15,930 Est. Cost $14.18 Unrealized -3.1%

FMX Fomento Economico Mexicano S.A 0.0%

Value ($000) $266 Shares 2,636 Est. Cost $76.33 Unrealized —

JPM JPMorgan Chase & Co. 0.0%

Value ($000) $221 Shares 685 Est. Cost $228.03 Unrealized +35.7%

— ICICI Bank Ltd. 0.0%

Value ($000) $316 Shares 10,601 Est. Cost $15.48 Unrealized —

CPA Copa Holdings SA 0.0%

Value ($000) $227 Shares 1,880 Est. Cost $111.94 Unrealized +8.3%

BRK/A Berkshire Hathaway Inc. - A 0.1%

Value ($000) $3,774 Shares 5 Est. Cost $165023.42 Unrealized +352.3%

BIDU Baidu Inc. 0.0%

Value ($000) $227 Shares 1,740 Est. Cost $131.77 Unrealized —

RDY Dr Reddy's Laboratories Ltd. 0.0%

Value ($000) $207 Shares 14,760 Est. Cost $23.13 Unrealized —

AMP Ameriprise Financial Inc. 0.0%

Value ($000) $235 Shares 480 Est. Cost $390.78 Unrealized +21.3%

NVDA NVIDIA Corp. 0.0%

Value ($000) $212 Shares 1,139 Est. Cost $174.29 Unrealized +6.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAS	Masco Corp.	862,773	$54,752	0.8%	$47.67	+35.8%	COM	574599106
NDSN	Nordson Corp.	328,669	$79,022	1.2%	$164.04	+42.8%	COM	655663102
LOW	Lowe's Co. Inc.	223,714	$53,951	0.8%	$55.19	+334.5%	COM	548661107
CL	Colgate-Palmolive Co.	1,286,644	$101,671	1.5%	$54.93	+42.5%	COM	194162103
FSP	Franklin Street Properties Cor	1,231,656	$1,165	0.0%	$3.02	—	COM	35471R106
SPMB	SPDR Portfolio Mortgage Backed	4,260,018	$95,488	1.4%	$12.05	—	COM	78464A383
TSM	Taiwan Semiconductor Manufactu	8,634	$2,624	0.0%	$42.65	—	COM	874039100
VIST	Vista Energy S.A.B. de C.V.	8,271	$402	0.0%	$13.97	—	COM	92837L109
TTNDY	Techtronic Industries Co. Ltd.	19,520	$1,124	0.0%	$72.54	—	COM	87873R101
ASX	ASE Technology Holding Co. Ltd	21,200	$341	0.0%	$9.10	—	COM	00215W100
SHOP	Shopify Inc.	7,937	$1,278	0.0%	$43.97	+265.1%	COM	82509L107
AXP	American Express Co.	2,400	$888	0.0%	$68.74	+419.3%	COM	025816109
NBIS	Nebius Group N.V.	2,393	$200	0.0%	$34.43	+201.0%	COM	N97284108
BXSL	Blackstone Secured Lending Fun	156,915	$4,132	0.1%	$24.67	+5.8%	COM	09261X102
HTHT	H World Group Ltd.	5,944	$280	0.0%	$39.11	—	COM	44332N106
MMYT	MakeMyTrip Ltd.	3,665	$301	0.0%	$27.08	+202.9%	COM	V5633W109
MELI	MercadoLibre Inc.	124	$250	0.0%	$859.52	+144.4%	COM	58733R102
KOF	Coca-Cola Femsa S.A.B. de C.V.	3,395	$322	0.0%	$80.64	—	COM	191241108
DSCSY	Disco Corp.	40,364	$1,229	0.0%	$31.35	—	COM	25461D100
TCEHY	Tencent Holdings Ltd.	4,148	$318	0.0%	$39.03	—	COM	88032Q109
FSK	FS KKR Capital Corp.	158,029	$2,340	0.0%	$17.37	-15.4%	COM	302635206
YUMC	Yum China Holdings Inc.	5,440	$260	0.0%	$45.46	+0.8%	COM	98850P109
—	Gold Fields Ltd.	15,364	$671	0.0%	$9.41	—	COM	38059t106
INFY	Infosys Ltd.	14,139	$252	0.0%	$16.27	—	COM	456788108
ZTO	ZTO Express Cayman Inc.	12,150	$254	0.0%	$19.20	—	COM	98980A105
PTAIY	PT Astra International Tbk	18,723	$151	0.0%	$3.01	—	COM	69367X109
SHG	Shinhan Financial Group Co. Lt	5,671	$304	0.0%	$35.49	—	COM	824596100
GBOOY	Grupo Financiero Banorte S.A.B	4,767	$221	0.0%	$45.80	—	COM	40052P107
BAP	Credicorp Ltd.	862	$247	0.0%	$197.22	+34.3%	COM	G2519Y108
HDB	HDFC Bank Ltd.	6,899	$252	0.0%	$46.77	—	COM	40415F101
—	KB Financial Group Inc.	4,567	$393	0.0%	$5.81	—	COM	48241a105
CW	Curtiss-Wright Corp.	1,160	$639	0.0%	$167.84	+232.3%	COM	231561101
JBS	JBS N.V.	15,930	$230	0.0%	$14.18	-3.1%	COM	N4732M103
FMX	Fomento Economico Mexicano S.A	2,636	$266	0.0%	$76.33	—	COM	344419106
JPM	JPMorgan Chase & Co.	685	$221	0.0%	$228.03	+35.7%	COM	46625H100
—	ICICI Bank Ltd.	10,601	$316	0.0%	$15.48	—	COM	45104g104
CPA	Copa Holdings SA	1,880	$227	0.0%	$111.94	+8.3%	COM	P31076105
BRK/A	Berkshire Hathaway Inc. - A	5	$3,774	0.1%	$165023.42	+352.3%	COM	084670108
BIDU	Baidu Inc.	1,740	$227	0.0%	$131.77	—	COM	056752108
RDY	Dr Reddy's Laboratories Ltd.	14,760	$207	0.0%	$23.13	—	COM	256135203
AMP	Ameriprise Financial Inc.	480	$235	0.0%	$390.78	+21.3%	COM	03076C106
NVDA	NVIDIA Corp.	1,139	$212	0.0%	$174.29	+6.8%	COM	67066G104