Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MBLY	MOBILEYE GLOBAL INC COMMON CLASS A	350,045	$3.388M	2.4%	$9.68	—	—	60741F104
BIL	SPDR BLOOMBERG BARCLAYS 1-3 MO T-BILL ETF	7,608	$697K	0.5%	$91.61	—	—	78468R663
MRK	MERCK & CO INC COM ⚠	5,100	$655K	0.5%	$114.28	—	—	58933Y105
CSCO	CISCO SYS INC COM	3,967	$466K	0.3%	$117.47	—	—	17275R102
MRK	COMPASS INC CL A ⚠	25,089	$309K	0.2%	$114.28	—	—	58933Y105
SCHX	SCHWAB U.S. LARGE-CAP ETF	7,831	$230K	0.2%	$29.37	—	—	808524201
GE	GE AEROSPACE COM NEW	570	$213K	0.2%	$373.68	—	—	369604301
DBLSX	DOUBLELINE LOW DURATION BOND I	10,273	$99,000	0.1%	$9.64	—	—	258620863

Increased Positions (26)

FLR FLUOR CORP COM 3.3%

Value $4.68M (+61.4%) Shares 89,330 (+43.7%) Est. Cost $43.24 Unrealized —

ALK ALASKA AIR GROUP INC 3.3%

Value $4.577M (+47.7%) Shares 87,688 (+4.1%) Est. Cost $46.56 Unrealized —

SLV ISHARES SILVER TRUST ETF 3.8%

Value $5.318M (-19.3%) Shares 99,461 (+2.9%) Est. Cost $67.73 Unrealized —

HTLD HEARTLAND EXPRESS INC COM 2.6%

Value $3.618M (+51.4%) Shares 237,729 (+3.4%) Est. Cost $12.72 Unrealized —

AU ANGLOGOLD ASHANTI PLC COM SHS 5.0%

Value $7.029M (-14.8%) Shares 86,896 (+2.6%) Est. Cost $103.05 Unrealized —

PAAS PAN AMERN SILVER CORP COM 4.8%

Value $6.746M (-15.1%) Shares 150,612 (+3.6%) Est. Cost $16.32 Unrealized —

PBR PETROLEO BRASILEIRO S A SPONSORED ADR 3.4%

Value $4.784M (-20.0%) Shares 296,011 (+2.7%) Est. Cost $20.63 Unrealized —

AA ALCOA CORP COM 3.0%

Value $4.167M (-19.1%) Shares 79,928 (+2.9%) Est. Cost $26.72 Unrealized —

NEM NEWMONT CORP COM 5.6%

Value $7.85M (-11.0%) Shares 84,044 (+3.2%) Est. Cost $28.22 Unrealized —

RRC RANGE RES CORP COM 2.8%

Value $3.861M (-15.1%) Shares 103,808 (+3.1%) Est. Cost $36.19 Unrealized —

PSQ PROSHARES SHORT QQQ ETF 2.0%

Value $2.819M (-19.5%) Shares 112,471 (+3.5%) Est. Cost $31.96 Unrealized —

HL HECLA MINING COMPANY COM 2.8%

Value $3.967M (-14.4%) Shares 257,071 (+3.4%) Est. Cost $3.88 Unrealized —

CIB GRUPO CIBEST SA FSPONSORED ADR 1 ADR REPS 4 ORD SHS 3.9%

Value $5.465M (+12.7%) Shares 68,797 (+3.3%) Est. Cost $73.02 Unrealized —

NTR NUTRIEN LTD COM 2.4%

Value $3.361M (-14.3%) Shares 53,387 (+2.7%) Est. Cost $67.97 Unrealized —

BG BUNGE GLOBAL SA COM SHS 2.3%

Value $3.252M (-13.9%) Shares 30,470 (+2.6%) Est. Cost $111.91 Unrealized —

INSW INTERNATIONAL SEAWAYS INC COM 3.4%

Value $4.72M (+8.5%) Shares 61,628 (+3.3%) Est. Cost $59.98 Unrealized —

TPC TUTOR PERINI CORP COM 2.3%

Value $3.266M (+12.0%) Shares 39,362 (+4.2%) Est. Cost $14.60 Unrealized —

CX CEMEX SA EURO MTN BE 144A SPON ADR NEW 3.4%

Value $4.702M (+8.0%) Shares 391,799 (+2.9%) Est. Cost $5.81 Unrealized —

BKH BLACK HILLS CORP COM 2.6%

Value $3.59M (+10.4%) Shares 48,246 (+3.0%) Est. Cost $49.27 Unrealized —

NWE NORTHWESTERN ENERGY GROUP INC COM NEW 2.1%

Value $2.998M (+11.8%) Shares 41,857 (+3.0%) Est. Cost $53.00 Unrealized —

SJT SAN JUAN BASIN RTY TR UNIT BEN INT 1.3%

Value $1.866M (+11.9%) Shares 581,264 (+67.6%) Est. Cost $3.87 Unrealized —

HE HAWAIIAN ELEC INDS INC MTN BE COM 1.9%

Value $2.71M (-5.9%) Shares 200,306 (+3.3%) Est. Cost $10.32 Unrealized —

INVX INNOVEX INTERNATIONAL INC COM 2.2%

Value $3.129M (+4.5%) Shares 126,150 (+2.7%) Est. Cost $16.47 Unrealized —

SWBI SMITH & WESSON BRANDS INC COM 0.9%

Value $1.295M (+8.1%) Shares 86,094 (+3.0%) Est. Cost $12.93 Unrealized —

CVX CHEVRON CORPORATION COM 0.3%

Value $479K (-6.8%) Shares 2,888 (+16.2%) Est. Cost $93.60 Unrealized —

DOLE DOLE PLC ORD SHS 1.3%

Value $1.864M (-0.2%) Shares 135,817 (+4.0%) Est. Cost $15.33 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FLR	FLUOR CORP COM	89,330 (+43.7%)	$4.68M (+61.4%)	3.3%	$43.24	—	—	343412102
ALK	ALASKA AIR GROUP INC	87,688 (+4.1%)	$4.577M (+47.7%)	3.3%	$46.56	—	—	011659109
SLV	ISHARES SILVER TRUST ETF	99,461 (+2.9%)	$5.318M (-19.3%)	3.8%	$67.73	—	—	46428Q109
HTLD	HEARTLAND EXPRESS INC COM	237,729 (+3.4%)	$3.618M (+51.4%)	2.6%	$12.72	—	—	422347104
AU	ANGLOGOLD ASHANTI PLC COM SHS	86,896 (+2.6%)	$7.029M (-14.8%)	5.0%	$103.05	—	—	G0378L100
PAAS	PAN AMERN SILVER CORP COM	150,612 (+3.6%)	$6.746M (-15.1%)	4.8%	$16.32	—	—	697900108
PBR	PETROLEO BRASILEIRO S A SPONSORED ADR	296,011 (+2.7%)	$4.784M (-20.0%)	3.4%	$20.63	—	—	71654V408
AA	ALCOA CORP COM	79,928 (+2.9%)	$4.167M (-19.1%)	3.0%	$26.72	—	—	013872106
NEM	NEWMONT CORP COM	84,044 (+3.2%)	$7.85M (-11.0%)	5.6%	$28.22	—	—	651639106
RRC	RANGE RES CORP COM	103,808 (+3.1%)	$3.861M (-15.1%)	2.8%	$36.19	—	—	75281A109
PSQ	PROSHARES SHORT QQQ ETF	112,471 (+3.5%)	$2.819M (-19.5%)	2.0%	$31.96	—	—	74349Y837
HL	HECLA MINING COMPANY COM	257,071 (+3.4%)	$3.967M (-14.4%)	2.8%	$3.88	—	—	422704106
CIB	GRUPO CIBEST SA FSPONSORED ADR 1 ADR REPS 4 ORD SHS	68,797 (+3.3%)	$5.465M (+12.7%)	3.9%	$73.02	—	—	40090E106
NTR	NUTRIEN LTD COM	53,387 (+2.7%)	$3.361M (-14.3%)	2.4%	$67.97	—	—	67077M108
BG	BUNGE GLOBAL SA COM SHS	30,470 (+2.6%)	$3.252M (-13.9%)	2.3%	$111.91	—	—	H11356104
INSW	INTERNATIONAL SEAWAYS INC COM	61,628 (+3.3%)	$4.72M (+8.5%)	3.4%	$59.98	—	—	Y41053102
TPC	TUTOR PERINI CORP COM	39,362 (+4.2%)	$3.266M (+12.0%)	2.3%	$14.60	—	—	901109108
CX	CEMEX SA EURO MTN BE 144A SPON ADR NEW	391,799 (+2.9%)	$4.702M (+8.0%)	3.4%	$5.81	—	—	151290889
BKH	BLACK HILLS CORP COM	48,246 (+3.0%)	$3.59M (+10.4%)	2.6%	$49.27	—	—	092113109
NWE	NORTHWESTERN ENERGY GROUP INC COM NEW	41,857 (+3.0%)	$2.998M (+11.8%)	2.1%	$53.00	—	—	668074305
SJT	SAN JUAN BASIN RTY TR UNIT BEN INT	581,264 (+67.6%)	$1.866M (+11.9%)	1.3%	$3.87	—	—	798241105
HE	HAWAIIAN ELEC INDS INC MTN BE COM	200,306 (+3.3%)	$2.71M (-5.9%)	1.9%	$10.32	—	—	419870100
INVX	INNOVEX INTERNATIONAL INC COM	126,150 (+2.7%)	$3.129M (+4.5%)	2.2%	$16.47	—	—	457651107
SWBI	SMITH & WESSON BRANDS INC COM	86,094 (+3.0%)	$1.295M (+8.1%)	0.9%	$12.93	—	—	831754106
CVX	CHEVRON CORPORATION COM	2,888 (+16.2%)	$479K (-6.8%)	0.3%	$93.60	—	—	166764100
DOLE	DOLE PLC ORD SHS	135,817 (+4.0%)	$1.864M (-0.2%)	1.3%	$15.33	—	—	G27907107

Exited Positions (8)

TTE TOTALENERGIES F 3.1%

Value $4.353M Shares 47,819 Est. Cost $71.53 Unrealized —

VIV TELEFONICA BRASIL S. F SPONSORED ADR 1 ADR 2.6%

Value $3.648M Shares 229,279 Est. Cost $15.91 Unrealized —

MRK CISCO SYS INC COM 0.7%

Value $921K Shares 9,067 Est. Cost $114.28 Unrealized —

VT VANGUARD TOTAL WORLD STOCK INDEX FUND ETF 0.4%

Value $533K Shares 3,854 Est. Cost $130.33 Unrealized —

VGT VANGUARD INFORMATION TECHNOLOGY INDEX FUND ETF SHARES 0.3%

Value $378K Shares 542 Est. Cost $697.42 Unrealized —

VTIAX VANGUARD TOTAL INTL STOCK INDEX ADMIRAL 0.2%

Value $299K Shares 7,258 Est. Cost $41.20 Unrealized —

XOM EXXON MOBIL CORP COM 0.2%

Value $290K Shares 1,710 Est. Cost $138.74 Unrealized —

COMP COMPASS INC CL A 0.1%

Value $183K Shares 25,089 Est. Cost $11.75 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TTE	TOTALENERGIES F	47,819	$4.353M	3.1%	$71.53	—	—	F92124100
VIV	TELEFONICA BRASIL S. F SPONSORED ADR 1 ADR	229,279	$3.648M	2.6%	$15.91	—	—	87936R205
MRK	CISCO SYS INC COM	9,067	$921K	0.7%	$114.28	—	—	58933Y105
VT	VANGUARD TOTAL WORLD STOCK INDEX FUND ETF	3,854	$533K	0.4%	$130.33	—	—	922042742
VGT	VANGUARD INFORMATION TECHNOLOGY INDEX FUND ETF SHARES	542	$378K	0.3%	$697.42	—	—	92204A702
VTIAX	VANGUARD TOTAL INTL STOCK INDEX ADMIRAL	7,258	$299K	0.2%	$41.20	—	—	921909818
XOM	EXXON MOBIL CORP COM	1,710	$290K	0.2%	$138.74	—	—	30231G102
COMP	COMPASS INC CL A	25,089	$183K	0.1%	$11.75	—	—	20464U100

Decreased Positions (3)

MTB M & T BANK CORP 4.3%

Value $5.968M (+11.6%) Shares 25,074 (-3.1%) Est. Cost $221.15 Unrealized —

MSFT MICROSOFT CORP COM 6.3%

Value $8.797M (-4.2%) Shares 23,584 (-4.9%) Est. Cost $121.46 Unrealized —

GLD SPDR GOLD SHARES ETF 0.6%

Value $782K (-17.3%) Shares 2,124 (-3.4%) Est. Cost $430.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MTB	M & T BANK CORP	25,074 (-3.1%)	$5.968M (+11.6%)	4.3%	$221.15	—	—	55261F104
MSFT	MICROSOFT CORP COM	23,584 (-4.9%)	$8.797M (-4.2%)	6.3%	$121.46	—	—	594918104
GLD	SPDR GOLD SHARES ETF	2,124 (-3.4%)	$782K (-17.3%)	0.6%	$430.39	—	—	78463V107

Unchanged Positions (31)

AAPL APPLE INC COM 1.2%

Value $1.734M Shares 5,993 Est. Cost $103.72 Unrealized —

MCD MCDONALDS CORP COM 0.6%

Value $862K Shares 3,188 Est. Cost $136.64 Unrealized —

CVS CVS HEALTH CORP COM 0.3%

Value $410K Shares 3,965 Est. Cost $54.56 Unrealized —

ABBV ABBVIE INC COM 0.5%

Value $654K Shares 2,599 Est. Cost $222.57 Unrealized —

AMGN AMGEN INC COM 2.2%

Value $3.074M Shares 8,490 Est. Cost $144.43 Unrealized —

PEP PEPSICO INC COM 0.3%

Value $484K Shares 3,572 Est. Cost $89.25 Unrealized —

AMZN AMAZON COM INC COM 0.4%

Value $540K Shares 2,264 Est. Cost $124.05 Unrealized —

IAU ISHARES GOLD ETF 0.3%

Value $388K Shares 5,142 Est. Cost $42.46 Unrealized —

GAFFX AMERICAN FUNDS THE GROWTH FUND OF AMERICA CLASS F-3 0.3%

Value $398K Shares 4,509 Est. Cost $74.07 Unrealized —

SYY SYSCO CORP COM 0.3%

Value $400K Shares 4,781 Est. Cost $49.25 Unrealized —

LNG CHENIERE ENERGY INC COM NEW 0.2%

Value $249K Shares 1,043 Est. Cost $209.78 Unrealized —

MDY STATE STREET SPDR S&P MIDCAP 400 ETF 0.2%

Value $331K Shares 470 Est. Cost $617.02 Unrealized —

NVDA NVIDIA CORPORATION COM 0.2%

Value $297K Shares 1,484 Est. Cost $186.63 Unrealized —

JPM JPMORGAN CHASE & CO COM 0.2%

Value $347K Shares 1,061 Est. Cost $311.42 Unrealized —

JNJ JOHNSON & JOHNSON COM 0.6%

Value $910K Shares 3,581 Est. Cost $113.37 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS COM 0.2%

Value $247K Shares 880 Est. Cost $188.97 Unrealized —

ABT ABBOTT LABORATORIES COM 0.2%

Value $244K Shares 2,689 Est. Cost $96.66 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL CL A 0.5%

Value $749K Shares 1 Est. Cost $740378.25 Unrealized —

PCAR PACCAR INC 0.5%

Value $756K Shares 6,290 Est. Cost $122.99 Unrealized —

BKUTK BANK UTICA N Y COM NON VTG 0.4%

Value $630K Shares 1,000 Est. Cost $267.19 Unrealized —

BRT BRT APARTMENTS CORP COM 0.1%

Value $207K Shares 13,479 Est. Cost $7.00 Unrealized —

ASRV AMERISERV FINL INC COM 0.3%

Value $388K Shares 100,000 Est. Cost $3.42 Unrealized —

BA BOEING CO COM 0.2%

Value $284K Shares 1,312 Est. Cost $163.57 Unrealized —

CCJ CAMECO CORP COM 0.2%

Value $274K Shares 2,690 Est. Cost $116.28 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL CL B NEW 0.2%

Value $240K Shares 480 Est. Cost $442.99 Unrealized —

ORA ORMAT TECHNOLOGIES INC COM 0.2%

Value $247K Shares 2,270 Est. Cost $110.59 Unrealized —

PG PROCTER & GAMBLE CO COM 0.4%

Value $525K Shares 3,583 Est. Cost $67.87 Unrealized —

ENIC ENEL CHILE SA SPONSORED ADR 0.0%

Value $55,000 Shares 12,235 Est. Cost $3.92 Unrealized —

ORCL ORACLE CORP COM 0.3%

Value $358K Shares 2,441 Est. Cost $169.61 Unrealized —

SEAOF SEACO LTD ORDF ⚠ 0.0%

Value $0 Shares 20,000 Est. Cost $0.00 Unrealized —

DIS DISNEY WALT CO COM 0.2%

Value $215K Shares 2,231 Est. Cost $96.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC COM	5,993	$1.734M	1.2%	$103.72	—	—	037833100
MCD	MCDONALDS CORP COM	3,188	$862K	0.6%	$136.64	—	—	580135101
CVS	CVS HEALTH CORP COM	3,965	$410K	0.3%	$54.56	—	—	126650100
ABBV	ABBVIE INC COM	2,599	$654K	0.5%	$222.57	—	—	00287Y109
AMGN	AMGEN INC COM	8,490	$3.074M	2.2%	$144.43	—	—	031162100
PEP	PEPSICO INC COM	3,572	$484K	0.3%	$89.25	—	—	713448108
AMZN	AMAZON COM INC COM	2,264	$540K	0.4%	$124.05	—	—	023135106
IAU	ISHARES GOLD ETF	5,142	$388K	0.3%	$42.46	—	—	464285204
GAFFX	AMERICAN FUNDS THE GROWTH FUND OF AMERICA CLASS F-3	4,509	$398K	0.3%	$74.07	—	—	399874775
SYY	SYSCO CORP COM	4,781	$400K	0.3%	$49.25	—	—	871829107
LNG	CHENIERE ENERGY INC COM NEW	1,043	$249K	0.2%	$209.78	—	—	16411R208
MDY	STATE STREET SPDR S&P MIDCAP 400 ETF	470	$331K	0.2%	$617.02	—	—	78467Y107
NVDA	NVIDIA CORPORATION COM	1,484	$297K	0.2%	$186.63	—	—	67066G104
JPM	JPMORGAN CHASE & CO COM	1,061	$347K	0.2%	$311.42	—	—	46625H100
JNJ	JOHNSON & JOHNSON COM	3,581	$910K	0.6%	$113.37	—	—	478160104
IBM	INTERNATIONAL BUSINESS MACHS COM	880	$247K	0.2%	$188.97	—	—	459200101
ABT	ABBOTT LABORATORIES COM	2,689	$244K	0.2%	$96.66	—	—	002824100
BRK/A	BERKSHIRE HATHAWAY INC DEL CL A	1	$749K	0.5%	$740378.25	—	—	084670108
PCAR	PACCAR INC	6,290	$756K	0.5%	$122.99	—	—	693718108
BKUTK	BANK UTICA N Y COM NON VTG	1,000	$630K	0.4%	$267.19	—	—	065437204
BRT	BRT APARTMENTS CORP COM	13,479	$207K	0.1%	$7.00	—	—	055645303
ASRV	AMERISERV FINL INC COM	100,000	$388K	0.3%	$3.42	—	—	03074A102
BA	BOEING CO COM	1,312	$284K	0.2%	$163.57	—	—	097023105
CCJ	CAMECO CORP COM	2,690	$274K	0.2%	$116.28	—	—	13321L108
BRK/B	BERKSHIRE HATHAWAY INC DEL CL B NEW	480	$240K	0.2%	$442.99	—	—	084670702
ORA	ORMAT TECHNOLOGIES INC COM	2,270	$247K	0.2%	$110.59	—	—	686688102
PG	PROCTER & GAMBLE CO COM	3,583	$525K	0.4%	$67.87	—	—	742718109
ENIC	ENEL CHILE SA SPONSORED ADR	12,235	$55,000	0.0%	$3.92	—	—	29278D105
ORCL	ORACLE CORP COM	2,441	$358K	0.3%	$169.61	—	—	68389X105
SEAOF	SEACO LTD ORDF ⚠	20,000	$0	0.0%	$0.00	—	—	G79441104
DIS	DISNEY WALT CO COM	2,231	$215K	0.2%	$96.25	—	—	254687106