Pictet North America Advisors SA Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BN	BROOKFIELD CORP	405,659	$18,650	1.8%	$45.55	0.0%	CL A LTD VT SH	11271J107
TTE	TOTALENERGIES SE	76,104	$4,969	0.5%	$63.23	0.0%	ACT	F92124100
CPRT	COPART INC	66,191	$2,591	0.2%	$41.46	0.0%	COM	217204106
XBI	SPDR SERIES TRUST	6,020	$734	0.1%	$121.93	—	STATE STREET SPD	78464A870
EFA	ISHARES TR	3,700	$355	0.0%	$96.03	—	MSCI EAFE ETF	464287465
SLV	ISHARES SILVER TR	4,720	$304	0.0%	$64.42	—	ISHARES	46428Q109
SPYM	SPDR SERIES TRUST	3,362	$270	0.0%	$80.22	—	STATE STREET SPD	78464A854
EWY	ISHARES INC	2,265	$220	0.0%	$97.22	—	MSCI STH KOR ETF	464286772

Increased Positions (29)

TSM TAIWAN SEMICONDUCTOR MFG LTD 5.3%

Value ($000) $55,326 (+10.2%) Shares 182,058 (+1.3%) Est. Cost $62.35 Unrealized —

ALC ALCON AG 2.9%

Value ($000) $30,993 (+18.0%) Shares 388,026 (+10.1%) Est. Cost $72.66 Unrealized +6.0%

SONY SONY GROUP CORP 3.7%

Value ($000) $39,348 (-9.4%) Shares 1,537,036 (+1.9%) Est. Cost $33.20 Unrealized —

MELI MERCADOLIBRE INC 1.8%

Value ($000) $18,817 (+21.3%) Shares 9,342 (+40.7%) Est. Cost $2269.48 Unrealized -7.4%

YUMC YUM CHINA HLDGS INC 2.3%

Value ($000) $24,140 (+13.3%) Shares 507,719 (+2.0%) Est. Cost $38.66 Unrealized +18.5%

EWJ ISHARES INC 0.6%

Value ($000) $6,279 (+34.6%) Shares 77,765 (+33.7%) Est. Cost $67.31 Unrealized —

AMRZ AMRIZE LTD 0.9%

Value ($000) $9,418 (+15.5%) Shares 171,259 (+1.4%) Est. Cost $50.46 Unrealized +1.1%

EWL ISHARES INC 0.5%

Value ($000) $5,733 (+21.6%) Shares 95,606 (+12.1%) Est. Cost $51.58 Unrealized —

ADP AUTOMATIC DATA PROCESSING IN 0.9%

Value ($000) $9,772 (-6.2%) Shares 37,988 (+7.0%) Est. Cost $262.51 Unrealized +0.9%

URTH ISHARES INC 0.4%

Value ($000) $4,050 (+10.5%) Shares 21,801 (+8.0%) Est. Cost $157.83 Unrealized —

EWC ISHARES INC 0.1%

Value ($000) $879 (+64.8%) Shares 16,303 (+54.5%) Est. Cost $45.04 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $1,889 (+21.6%) Shares 35,146 (+22.6%) Est. Cost $49.30 Unrealized —

CB CHUBB LIMITED 0.3%

Value ($000) $2,888 (+11.7%) Shares 9,254 (+1.0%) Est. Cost $202.48 Unrealized +44.4%

VCSH VANGUARD SCOTTSDALE FDS 0.1%

Value ($000) $819 (+58.1%) Shares 10,270 (+58.5%) Est. Cost $79.58 Unrealized —

VCIT VANGUARD SCOTTSDALE FDS 0.5%

Value ($000) $5,295 (+5.7%) Shares 63,223 (+6.1%) Est. Cost $82.97 Unrealized —

VBIL VANGUARD INSTL INDEX FD 0.1%

Value ($000) $566 (+91.3%) Shares 7,500 (+91.8%) Est. Cost $75.53 Unrealized —

FXI ISHARES TR 0.1%

Value ($000) $1,410 (+23.4%) Shares 36,825 (+32.6%) Est. Cost $38.64 Unrealized —

EZU ISHARES INC 0.4%

Value ($000) $4,356 (+6.2%) Shares 67,953 (+2.6%) Est. Cost $41.34 Unrealized —

VGSH VANGUARD SCOTTSDALE FDS 0.1%

Value ($000) $652 (+43.3%) Shares 11,100 (+43.6%) Est. Cost $58.76 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.3%

Value ($000) $3,409 (+6.1%) Shares 40,778 (+1.3%) Est. Cost $64.41 Unrealized —

NVDA NVIDIA CORPORATION 0.9%

Value ($000) $9,481 (+2.0%) Shares 50,835 (+2.1%) Est. Cost $115.29 Unrealized +61.4%

VGIT VANGUARD SCOTTSDALE FDS 0.0%

Value ($000) $411 (+43.4%) Shares 6,850 (+43.6%) Est. Cost $59.85 Unrealized —

USIG ISHARES TR 0.1%

Value ($000) $636 (+20.2%) Shares 12,280 (+21.2%) Est. Cost $51.50 Unrealized —

DGRW WISDOMTREE TR 0.0%

Value ($000) $326 (+22.2%) Shares 3,646 (+21.5%) Est. Cost $81.56 Unrealized —

WMT WALMART INC 0.0%

Value ($000) $429 (+12.2%) Shares 3,854 (+3.8%) Est. Cost $70.52 Unrealized +52.0%

BLK BLACKROCK INC 0.1%

Value ($000) $600 (-5.7%) Shares 561 (+2.7%) Est. Cost $998.09 Unrealized +9.1%

XLK SELECT SECTOR SPDR TR 0.1%

Value ($000) $918 (+2.2%) Shares 6,374 (+100.0%) Est. Cost $126.56 Unrealized —

XLU SELECT SECTOR SPDR TR 0.0%

Value ($000) $234 (-2.1%) Shares 5,492 (+100.0%) Est. Cost $61.73 Unrealized —

XLE SELECT SECTOR SPDR TR 0.0%

Value ($000) $233 (+0.1%) Shares 5,214 (+100.0%) Est. Cost $1811.70 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MFG LTD	182,058 (+1.3%)	$55,326 (+10.2%)	5.3%	$62.35	—	SPONSORED ADS	874039100
ALC	ALCON AG	388,026 (+10.1%)	$30,993 (+18.0%)	2.9%	$72.66	+6.0%	ORD SHS	H01301128
SONY	SONY GROUP CORP	1,537,036 (+1.9%)	$39,348 (-9.4%)	3.7%	$33.20	—	SPONSORED ADR	835699307
MELI	MERCADOLIBRE INC	9,342 (+40.7%)	$18,817 (+21.3%)	1.8%	$2269.48	-7.4%	COM	58733R102
YUMC	YUM CHINA HLDGS INC	507,719 (+2.0%)	$24,140 (+13.3%)	2.3%	$38.66	+18.5%	COM	98850P109
EWJ	ISHARES INC	77,765 (+33.7%)	$6,279 (+34.6%)	0.6%	$67.31	—	MSCI JAPAN ETF	46434G822
AMRZ	AMRIZE LTD	171,259 (+1.4%)	$9,418 (+15.5%)	0.9%	$50.46	+1.1%	SHS	H2927K103
EWL	ISHARES INC	95,606 (+12.1%)	$5,733 (+21.6%)	0.5%	$51.58	—	MSCI SWITZERLAND	464286749
ADP	AUTOMATIC DATA PROCESSING IN	37,988 (+7.0%)	$9,772 (-6.2%)	0.9%	$262.51	+0.9%	COM	053015103
URTH	ISHARES INC	21,801 (+8.0%)	$4,050 (+10.5%)	0.4%	$157.83	—	MSCI WORLD ETF	464286392
EWC	ISHARES INC	16,303 (+54.5%)	$879 (+64.8%)	0.1%	$45.04	—	MSCI CDA ETF	464286509
VWO	VANGUARD INTL EQUITY INDEX F	35,146 (+22.6%)	$1,889 (+21.6%)	0.2%	$49.30	—	FTSE EMR MKT ETF	922042858
CB	CHUBB LIMITED	9,254 (+1.0%)	$2,888 (+11.7%)	0.3%	$202.48	+44.4%	COM	H1467J104
VCSH	VANGUARD SCOTTSDALE FDS	10,270 (+58.5%)	$819 (+58.1%)	0.1%	$79.58	—	SHRT TRM CORP BD	92206C409
VCIT	VANGUARD SCOTTSDALE FDS	63,223 (+6.1%)	$5,295 (+5.7%)	0.5%	$82.97	—	INT-TERM CORP	92206C870
VBIL	VANGUARD INSTL INDEX FD	7,500 (+91.8%)	$566 (+91.3%)	0.1%	$75.53	—	0-3 MO TREAS BIL	922040845
FXI	ISHARES TR	36,825 (+32.6%)	$1,410 (+23.4%)	0.1%	$38.64	—	CHINA LG-CAP ETF	464287184
EZU	ISHARES INC	67,953 (+2.6%)	$4,356 (+6.2%)	0.4%	$41.34	—	MSCI EURZONE ETF	464286608
VGSH	VANGUARD SCOTTSDALE FDS	11,100 (+43.6%)	$652 (+43.3%)	0.1%	$58.76	—	SHORT TERM TREAS	92206C102
VGK	VANGUARD INTL EQUITY INDEX F	40,778 (+1.3%)	$3,409 (+6.1%)	0.3%	$64.41	—	FTSE EUROPE ETF	922042874
NVDA	NVIDIA CORPORATION	50,835 (+2.1%)	$9,481 (+2.0%)	0.9%	$115.29	+61.4%	COM	67066G104
VGIT	VANGUARD SCOTTSDALE FDS	6,850 (+43.6%)	$411 (+43.4%)	0.0%	$59.85	—	INTER TERM TREAS	92206C706
USIG	ISHARES TR	12,280 (+21.2%)	$636 (+20.2%)	0.1%	$51.50	—	USD INV GRDE ETF	464288620
DGRW	WISDOMTREE TR	3,646 (+21.5%)	$326 (+22.2%)	0.0%	$81.56	—	US QTLY DIV GRT	97717X669
WMT	WALMART INC	3,854 (+3.8%)	$429 (+12.2%)	0.0%	$70.52	+52.0%	COM	931142103
BLK	BLACKROCK INC	561 (+2.7%)	$600 (-5.7%)	0.1%	$998.09	+9.1%	COM	09290D101
XLK	SELECT SECTOR SPDR TR	6,374 (+100.0%)	$918 (+2.2%)	0.1%	$126.56	—	STATE STREET TEC	81369Y803
XLU	SELECT SECTOR SPDR TR	5,492 (+100.0%)	$234 (-2.1%)	0.0%	$61.73	—	STATE STREET UTI	81369Y886
XLE	SELECT SECTOR SPDR TR	5,214 (+100.0%)	$233 (+0.1%)	0.0%	$1811.70	—	STATE STREET ENE	81369Y506

Decreased Positions (47)

CP CANADIAN PACIFIC KANSAS CITY 0.3%

Value ($000) $2,921 (-86.6%) Shares 39,625 (-86.5%) Est. Cost $79.21 Unrealized -7.1%

GOOGL ALPHABET INC 4.1%

Value ($000) $43,183 (+24.4%) Shares 137,965 (-3.4%) Est. Cost $112.91 Unrealized +152.9%

SIHY HARBOR ETF TRUST 3.7%

Value ($000) $38,788 (-15.8%) Shares 849,132 (-14.5%) Est. Cost $45.08 Unrealized —

JAAA JANUS DETROIT STR TR 1.5%

Value ($000) $15,642 (-31.3%) Shares 309,262 (-31.0%) Est. Cost $50.71 Unrealized —

PYLD PIMCO ETF TR 2.1%

Value ($000) $22,253 (-23.6%) Shares 834,053 (-23.1%) Est. Cost $26.29 Unrealized —

JMBS JANUS DETROIT STR TR 1.0%

Value ($000) $10,382 (-35.1%) Shares 227,223 (-35.1%) Est. Cost $44.66 Unrealized —

MSFT MICROSOFT CORP 3.8%

Value ($000) $40,446 (-9.2%) Shares 83,972 (-2.7%) Est. Cost $128.17 Unrealized +290.6%

META META PLATFORMS INC 2.1%

Value ($000) $21,802 (-12.6%) Shares 33,029 (-2.8%) Est. Cost $314.06 Unrealized +112.5%

ORLY OREILLY AUTOMOTIVE INC 1.0%

Value ($000) $10,750 (-17.4%) Shares 117,865 (-2.3%) Est. Cost $90.15 Unrealized +8.4%

BRO BROWN & BROWN INC 0.7%

Value ($000) $7,342 (-20.8%) Shares 92,125 (-6.8%) Est. Cost $88.51 Unrealized -5.8%

UBS UBS GROUP AG 1.6%

Value ($000) $17,254 (+10.4%) Shares 369,855 (-3.3%) Est. Cost $13.42 Unrealized +201.0%

FAST FASTENAL CO 0.4%

Value ($000) $4,366 (-24.6%) Shares 108,786 (-7.9%) Est. Cost $27.69 Unrealized +51.8%

AMD ADVANCED MICRO DEVICES INC 0.5%

Value ($000) $5,083 (+25.6%) Shares 23,734 (-5.1%) Est. Cost $121.45 Unrealized +84.9%

HD HOME DEPOT INC 0.4%

Value ($000) $4,186 (-18.5%) Shares 12,165 (-4.0%) Est. Cost $167.16 Unrealized +118.1%

AZN ASTRAZENECA PLC 0.8%

Value ($000) $8,541 (+11.0%) Shares 92,910 (-7.4%) Est. Cost $58.25 Unrealized —

OTIS OTIS WORLDWIDE CORP 0.8%

Value ($000) $8,232 (-9.0%) Shares 94,246 (-4.8%) Est. Cost $92.83 Unrealized -3.9%

SPGI S&P GLOBAL INC 1.4%

Value ($000) $14,955 (+5.0%) Shares 28,617 (-2.3%) Est. Cost $389.99 Unrealized +26.7%

HLT HILTON WORLDWIDE HLDGS INC 0.9%

Value ($000) $9,535 (+7.6%) Shares 33,194 (-2.8%) Est. Cost $237.69 Unrealized +14.5%

UBER UBER TECHNOLOGIES INC 0.3%

Value ($000) $2,730 (-19.4%) Shares 33,409 (-3.3%) Est. Cost $93.52 Unrealized -3.7%

AMZN AMAZON COM INC 3.0%

Value ($000) $31,860 (-1.8%) Shares 138,030 (-6.6%) Est. Cost $127.18 Unrealized +79.9%

MA MASTERCARD INCORPORATED 0.6%

Value ($000) $6,424 (-8.2%) Shares 11,253 (-8.6%) Est. Cost $278.58 Unrealized +100.6%

TMO THERMO FISHER SCIENTIFIC INC 0.4%

Value ($000) $4,203 (+15.6%) Shares 7,254 (-3.3%) Est. Cost $480.37 Unrealized +17.7%

BRK/B BERKSHIRE HATHAWAY INC DEL 1.4%

Value ($000) $14,864 (-3.4%) Shares 29,572 (-3.4%) Est. Cost $390.29 Unrealized +27.5%

EWQ ISHARES INC 0.5%

Value ($000) $5,206 (-9.1%) Shares 115,725 (-11.2%) Est. Cost $37.31 Unrealized —

PG PROCTER AND GAMBLE CO 0.4%

Value ($000) $3,965 (-10.9%) Shares 27,666 (-4.5%) Est. Cost $151.77 Unrealized -3.0%

CVX CHEVRON CORP NEW 0.5%

Value ($000) $5,226 (-7.7%) Shares 34,289 (-5.9%) Est. Cost $152.28 Unrealized -0.6%

UNP UNION PAC CORP 0.3%

Value ($000) $3,165 (-10.8%) Shares 13,681 (-8.9%) Est. Cost $233.78 Unrealized -2.8%

ORCL ORACLE CORP 0.0%

Value ($000) $460 (-45.5%) Shares 2,358 (-21.4%) Est. Cost $45.75 Unrealized +420.3%

BSX BOSTON SCIENTIFIC CORP 0.5%

Value ($000) $5,623 (-6.1%) Shares 58,974 (-3.8%) Est. Cost $39.62 Unrealized +147.5%

V VISA INC 1.9%

Value ($000) $19,804 (-1.5%) Shares 56,467 (-4.2%) Est. Cost $115.24 Unrealized +195.4%

ADBE ADOBE INC 0.2%

Value ($000) $2,067 (-10.8%) Shares 5,905 (-10.1%) Est. Cost $512.49 Unrealized -33.6%

MCD MCDONALDS CORP 1.1%

Value ($000) $11,807 (-2.1%) Shares 38,631 (-2.6%) Est. Cost $217.68 Unrealized +40.2%

MU MICRON TECHNOLOGY INC 0.7%

Value ($000) $7,737 (+3.2%) Shares 27,110 (-39.5%) Est. Cost $74.64 Unrealized +207.3%

JPM JPMORGAN CHASE & CO. 2.2%

Value ($000) $22,652 (-1.0%) Shares 70,301 (-3.1%) Est. Cost $86.14 Unrealized +259.3%

AAPL APPLE INC 1.5%

Value ($000) $16,001 (-1.3%) Shares 58,859 (-7.6%) Est. Cost $95.72 Unrealized +180.3%

PM PHILIP MORRIS INTL INC 0.4%

Value ($000) $3,867 (-4.9%) Shares 24,107 (-3.9%) Est. Cost $80.80 Unrealized +90.1%

AVGO BROADCOM INC 0.8%

Value ($000) $7,969 (+2.2%) Shares 23,026 (-2.6%) Est. Cost $182.20 Unrealized +95.9%

GE GE AEROSPACE 0.9%

Value ($000) $9,221 (-1.7%) Shares 29,934 (-4.0%) Est. Cost $161.15 Unrealized +86.7%

DHR DANAHER CORPORATION 0.2%

Value ($000) $2,426 (+4.8%) Shares 10,599 (-9.2%) Est. Cost $231.42 Unrealized -5.1%

CME CME GROUP INC 0.4%

Value ($000) $4,045 (-2.5%) Shares 14,811 (-3.5%) Est. Cost $169.71 Unrealized +59.5%

IAU ISHARES GOLD TR 1.9%

Value ($000) $20,143 (+0.5%) Shares 248,159 (-9.9%) Est. Cost $72.77 Unrealized —

VB VANGUARD INDEX FDS 0.4%

Value ($000) $4,737 (-1.5%) Shares 18,364 (-2.9%) Est. Cost $230.00 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 0.0%

Value ($000) $520 (-10.6%) Shares 3,212 (-7.0%) Est. Cost $104.39 Unrealized +49.6%

ISRG INTUITIVE SURGICAL INC 0.1%

Value ($000) $566 (+11.6%) Shares 999 (-11.9%) Est. Cost $267.47 Unrealized +99.0%

CRM SALESFORCE INC 0.2%

Value ($000) $2,116 (+1.3%) Shares 7,986 (-9.4%) Est. Cost $256.87 Unrealized -3.4%

IFF INTERNATIONAL FLAVORS&FRAGRA 0.0%

Value ($000) $202 (-7.2%) Shares 3,000 (-15.3%) Est. Cost $70.36 Unrealized -8.5%

EWU ISHARES TR 0.5%

Value ($000) $5,265 (+0.2%) Shares 119,724 (-4.3%) Est. Cost $33.88 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CP	CANADIAN PACIFIC KANSAS CITY	39,625 (-86.5%)	$2,921 (-86.6%)	0.3%	$79.21	-7.1%	COM	13646K108
GOOGL	ALPHABET INC	137,965 (-3.4%)	$43,183 (+24.4%)	4.1%	$112.91	+152.9%	CAP STK CL A	02079K305
SIHY	HARBOR ETF TRUST	849,132 (-14.5%)	$38,788 (-15.8%)	3.7%	$45.08	—	SCIENTIFIC HIGH	41151J109
JAAA	JANUS DETROIT STR TR	309,262 (-31.0%)	$15,642 (-31.3%)	1.5%	$50.71	—	HENDRSON AAA CL	47103U845
PYLD	PIMCO ETF TR	834,053 (-23.1%)	$22,253 (-23.6%)	2.1%	$26.29	—	MULTISECTOR BD	72201R585
JMBS	JANUS DETROIT STR TR	227,223 (-35.1%)	$10,382 (-35.1%)	1.0%	$44.66	—	HENDERSON MTG	47103U852
MSFT	MICROSOFT CORP	83,972 (-2.7%)	$40,446 (-9.2%)	3.8%	$128.17	+290.6%	COM	594918104
META	META PLATFORMS INC	33,029 (-2.8%)	$21,802 (-12.6%)	2.1%	$314.06	+112.5%	CL A	30303M102
ORLY	OREILLY AUTOMOTIVE INC	117,865 (-2.3%)	$10,750 (-17.4%)	1.0%	$90.15	+8.4%	COM	67103H107
BRO	BROWN & BROWN INC	92,125 (-6.8%)	$7,342 (-20.8%)	0.7%	$88.51	-5.8%	COM	115236101
UBS	UBS GROUP AG	369,855 (-3.3%)	$17,254 (+10.4%)	1.6%	$13.42	+201.0%	SHS	H42097107
FAST	FASTENAL CO	108,786 (-7.9%)	$4,366 (-24.6%)	0.4%	$27.69	+51.8%	COM	311900104
AMD	ADVANCED MICRO DEVICES INC	23,734 (-5.1%)	$5,083 (+25.6%)	0.5%	$121.45	+84.9%	COM	007903107
HD	HOME DEPOT INC	12,165 (-4.0%)	$4,186 (-18.5%)	0.4%	$167.16	+118.1%	COM	437076102
AZN	ASTRAZENECA PLC	92,910 (-7.4%)	$8,541 (+11.0%)	0.8%	$58.25	—	SPONSORED ADR	046353108
OTIS	OTIS WORLDWIDE CORP	94,246 (-4.8%)	$8,232 (-9.0%)	0.8%	$92.83	-3.9%	COM	68902V107
SPGI	S&P GLOBAL INC	28,617 (-2.3%)	$14,955 (+5.0%)	1.4%	$389.99	+26.7%	COM	78409V104
HLT	HILTON WORLDWIDE HLDGS INC	33,194 (-2.8%)	$9,535 (+7.6%)	0.9%	$237.69	+14.5%	COM	43300A203
UBER	UBER TECHNOLOGIES INC	33,409 (-3.3%)	$2,730 (-19.4%)	0.3%	$93.52	-3.7%	COM	90353T100
AMZN	AMAZON COM INC	138,030 (-6.6%)	$31,860 (-1.8%)	3.0%	$127.18	+79.9%	COM	023135106
MA	MASTERCARD INCORPORATED	11,253 (-8.6%)	$6,424 (-8.2%)	0.6%	$278.58	+100.6%	CL A	57636Q104
TMO	THERMO FISHER SCIENTIFIC INC	7,254 (-3.3%)	$4,203 (+15.6%)	0.4%	$480.37	+17.7%	COM	883556102
BRK/B	BERKSHIRE HATHAWAY INC DEL	29,572 (-3.4%)	$14,864 (-3.4%)	1.4%	$390.29	+27.5%	CL B NEW	084670702
EWQ	ISHARES INC	115,725 (-11.2%)	$5,206 (-9.1%)	0.5%	$37.31	—	MSCI FRANCE ETF	464286707
PG	PROCTER AND GAMBLE CO	27,666 (-4.5%)	$3,965 (-10.9%)	0.4%	$151.77	-3.0%	COM	742718109
CVX	CHEVRON CORP NEW	34,289 (-5.9%)	$5,226 (-7.7%)	0.5%	$152.28	-0.6%	COM	166764100
UNP	UNION PAC CORP	13,681 (-8.9%)	$3,165 (-10.8%)	0.3%	$233.78	-2.8%	COM	907818108
ORCL	ORACLE CORP	2,358 (-21.4%)	$460 (-45.5%)	0.0%	$45.75	+420.3%	COM	68389X105
BSX	BOSTON SCIENTIFIC CORP	58,974 (-3.8%)	$5,623 (-6.1%)	0.5%	$39.62	+147.5%	COM	101137107
V	VISA INC	56,467 (-4.2%)	$19,804 (-1.5%)	1.9%	$115.24	+195.4%	COM CL A	92826C839
ADBE	ADOBE INC	5,905 (-10.1%)	$2,067 (-10.8%)	0.2%	$512.49	-33.6%	COM	00724F101
MCD	MCDONALDS CORP	38,631 (-2.6%)	$11,807 (-2.1%)	1.1%	$217.68	+40.2%	COM	580135101
MU	MICRON TECHNOLOGY INC	27,110 (-39.5%)	$7,737 (+3.2%)	0.7%	$74.64	+207.3%	COM	595112103
JPM	JPMORGAN CHASE & CO.	70,301 (-3.1%)	$22,652 (-1.0%)	2.2%	$86.14	+259.3%	COM	46625H100
AAPL	APPLE INC	58,859 (-7.6%)	$16,001 (-1.3%)	1.5%	$95.72	+180.3%	COM	037833100
PM	PHILIP MORRIS INTL INC	24,107 (-3.9%)	$3,867 (-4.9%)	0.4%	$80.80	+90.1%	COM	718172109
AVGO	BROADCOM INC	23,026 (-2.6%)	$7,969 (+2.2%)	0.8%	$182.20	+95.9%	COM	11135F101
GE	GE AEROSPACE	29,934 (-4.0%)	$9,221 (-1.7%)	0.9%	$161.15	+86.7%	COM NEW	369604301
DHR	DANAHER CORPORATION	10,599 (-9.2%)	$2,426 (+4.8%)	0.2%	$231.42	-5.1%	COM	235851102
CME	CME GROUP INC	14,811 (-3.5%)	$4,045 (-2.5%)	0.4%	$169.71	+59.5%	COM	12572Q105
IAU	ISHARES GOLD TR	248,159 (-9.9%)	$20,143 (+0.5%)	1.9%	$72.77	—	ISHARES NEW	464285204
VB	VANGUARD INDEX FDS	18,364 (-2.9%)	$4,737 (-1.5%)	0.4%	$230.00	—	SMALL CP ETF	922908751
ICE	INTERCONTINENTAL EXCHANGE IN	3,212 (-7.0%)	$520 (-10.6%)	0.0%	$104.39	+49.6%	COM	45866F104
ISRG	INTUITIVE SURGICAL INC	999 (-11.9%)	$566 (+11.6%)	0.1%	$267.47	+99.0%	COM NEW	46120E602
CRM	SALESFORCE INC	7,986 (-9.4%)	$2,116 (+1.3%)	0.2%	$256.87	-3.4%	COM	79466L302
IFF	INTERNATIONAL FLAVORS&FRAGRA	3,000 (-15.3%)	$202 (-7.2%)	0.0%	$70.36	-8.5%	COM	459506101
EWU	ISHARES TR	119,724 (-4.3%)	$5,265 (+0.2%)	0.5%	$33.88	—	MSCI UK ETF NEW	46435G334

Unchanged Positions (68)

BUR BURFORD CAP LTD 6.5%

Value ($000) $68,509 Shares 7,647,727 Est. Cost $8.30 Unrealized +18.0%

GLD SPDR GOLD TR 5.8%

Value ($000) $60,850 Shares 154,165 Est. Cost $164.97 Unrealized —

LLY ELI LILLY & CO 0.7%

Value ($000) $7,693 Shares 7,158 Est. Cost $357.90 Unrealized +167.0%

GOOG ALPHABET INC 1.0%

Value ($000) $10,016 Shares 31,920 Est. Cost $118.29 Unrealized +142.1%

ASML ASML HOLDING N V 1.0%

Value ($000) $10,119 Shares 9,458 Est. Cost $892.76 Unrealized —

EEM ISHARES TR 3.1%

Value ($000) $32,178 Shares 588,156 Est. Cost $50.82 Unrealized —

AIRR FIRST TR EXCHANGE TRADED FD 2.1%

Value ($000) $22,110 Shares 224,873 Est. Cost $72.93 Unrealized —

LIN LINDE PLC 0.2%

Value ($000) $2,372 Shares 5,564 Est. Cost $378.42 Unrealized +12.9%

PH PARKER-HANNIFIN CORP 0.2%

Value ($000) $1,811 Shares 2,060 Est. Cost $498.54 Unrealized +64.0%

AMAT APPLIED MATLS INC 0.1%

Value ($000) $1,065 Shares 4,160 Est. Cost $180.04 Unrealized +33.0%

XLV SELECT SECTOR SPDR TR 0.2%

Value ($000) $1,901 Shares 12,279 Est. Cost $91.01 Unrealized —

RTX RTX CORPORATION 0.2%

Value ($000) $1,895 Shares 10,331 Est. Cost $55.90 Unrealized +210.0%

BX BLACKSTONE INC 0.1%

Value ($000) $1,356 Shares 8,800 Est. Cost $104.93 Unrealized +44.4%

MRK MERCK & CO INC 0.1%

Value ($000) $724 Shares 6,875 Est. Cost $54.64 Unrealized +70.6%

ZTS ZOETIS INC 0.1%

Value ($000) $781 Shares 6,210 Est. Cost $99.07 Unrealized +31.5%

IYR ISHARES TR 0.3%

Value ($000) $3,515 Shares 37,434 Est. Cost $84.95 Unrealized —

SPY SPDR S&P 500 ETF TR 0.5%

Value ($000) $5,012 Shares 7,350 Est. Cost $442.87 Unrealized —

INDA ISHARES TR 0.3%

Value ($000) $3,075 Shares 56,832 Est. Cost $34.88 Unrealized —

SE SEA LTD 0.0%

Value ($000) $212 Shares 1,660 Est. Cost $130.49 Unrealized —

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $808 Shares 3,906 Est. Cost $122.72 Unrealized +60.5%

VNQI VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $1,835 Shares 40,022 Est. Cost $40.84 Unrealized —

CQQQ INVESCO EXCH TRADED FD TR II 0.0%

Value ($000) $440 Shares 8,462 Est. Cost $42.33 Unrealized —

TXN TEXAS INSTRS INC 0.1%

Value ($000) $972 Shares 5,600 Est. Cost $103.81 Unrealized +64.5%

CMG CHIPOTLE MEXICAN GRILL INC 0.1%

Value ($000) $962 Shares 26,000 Est. Cost $61.90 Unrealized -41.6%

CSCO CISCO SYS INC 0.0%

Value ($000) $499 Shares 6,500 Est. Cost $32.08 Unrealized +130.0%

HON HONEYWELL INTL INC 0.1%

Value ($000) $697 Shares 3,575 Est. Cost $124.24 Unrealized +57.0%

IEUS ISHARES TR 0.2%

Value ($000) $2,131 Shares 31,087 Est. Cost $63.71 Unrealized —

NEE NEXTERA ENERGY INC 0.1%

Value ($000) $875 Shares 10,905 Est. Cost $60.35 Unrealized +36.7%

QQQ INVESCO QQQ TR 0.2%

Value ($000) $2,353 Shares 3,846 Est. Cost $393.57 Unrealized —

VT VANGUARD INTL EQUITY INDEX F 0.3%

Value ($000) $3,027 Shares 21,458 Est. Cost $93.97 Unrealized —

DFUV DIMENSIONAL ETF TRUST 0.1%

Value ($000) $1,203 Shares 25,825 Est. Cost $31.60 Unrealized —

ACWI ISHARES TR 0.2%

Value ($000) $2,066 Shares 14,605 Est. Cost $114.89 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.1%

Value ($000) $1,136 Shares 3,440 Est. Cost $242.05 Unrealized +39.3%

COST COSTCO WHSL CORP NEW 0.1%

Value ($000) $561 Shares 651 Est. Cost $548.58 Unrealized +65.1%

HDB HDFC BANK LTD 0.1%

Value ($000) $619 Shares 16,928 Est. Cost $28.24 Unrealized —

IXN ISHARES TR 0.2%

Value ($000) $1,895 Shares 18,050 Est. Cost $76.94 Unrealized —

SLB SLB LIMITED 0.0%

Value ($000) $307 Shares 8,000 Est. Cost $49.92 Unrealized -27.8%

EIDO ISHARES TR 0.0%

Value ($000) $517 Shares 27,659 Est. Cost $25.44 Unrealized —

CTAS CINTAS CORP 0.0%

Value ($000) $335 Shares 1,780 Est. Cost $176.08 Unrealized +6.8%

VNM VANECK ETF TRUST 0.0%

Value ($000) $461 Shares 24,178 Est. Cost $14.01 Unrealized —

ACWX ISHARES TR 0.1%

Value ($000) $836 Shares 12,450 Est. Cost $65.01 Unrealized —

QCOM QUALCOMM INC 0.1%

Value ($000) $941 Shares 5,500 Est. Cost $45.91 Unrealized +272.0%

TJX TJX COS INC NEW 0.0%

Value ($000) $366 Shares 2,380 Est. Cost $71.11 Unrealized +107.7%

CG CARLYLE GROUP INC 0.0%

Value ($000) $352 Shares 5,950 Est. Cost $30.71 Unrealized +83.3%

AN AUTONATION INC 0.0%

Value ($000) $273 Shares 1,320 Est. Cost $147.13 Unrealized +41.4%

ICVT ISHARES TR 0.1%

Value ($000) $911 Shares 9,244 Est. Cost $82.57 Unrealized —

FEZ SPDR INDEX SHS FDS 0.0%

Value ($000) $355 Shares 5,520 Est. Cost $59.73 Unrealized —

IVW ISHARES TR 0.1%

Value ($000) $601 Shares 4,872 Est. Cost $64.99 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value ($000) $1,090 Shares 5,690 Est. Cost $144.35 Unrealized —

VTV VANGUARD INDEX FDS 0.0%

Value ($000) $407 Shares 2,133 Est. Cost $138.81 Unrealized —

EWA ISHARES INC 0.0%

Value ($000) $307 Shares 11,741 Est. Cost $23.72 Unrealized —

IGF ISHARES TR 0.2%

Value ($000) $2,175 Shares 35,452 Est. Cost $46.26 Unrealized —

PEP PEPSICO INC 0.0%

Value ($000) $373 Shares 2,600 Est. Cost $116.30 Unrealized +25.5%

OEF ISHARES TR 0.0%

Value ($000) $262 Shares 765 Est. Cost $264.30 Unrealized —

EWG ISHARES INC 0.0%

Value ($000) $356 Shares 8,380 Est. Cost $29.21 Unrealized —

LEMB ISHARES INC 0.1%

Value ($000) $1,275 Shares 30,672 Est. Cost $37.79 Unrealized —

JBBB JANUS DETROIT STR TR 0.1%

Value ($000) $603 Shares 12,648 Est. Cost $48.66 Unrealized —

XLF SELECT SECTOR SPDR TR 0.0%

Value ($000) $299 Shares 5,467 Est. Cost $44.13 Unrealized —

CBRE CBRE GROUP INC 0.0%

Value ($000) $234 Shares 1,455 Est. Cost $126.46 Unrealized +24.3%

IWM ISHARES TR 0.0%

Value ($000) $255 Shares 1,036 Est. Cost $187.27 Unrealized —

IYJ ISHARES TR 0.0%

Value ($000) $280 Shares 1,891 Est. Cost $114.36 Unrealized —

THD ISHARES INC 0.0%

Value ($000) $327 Shares 5,488 Est. Cost $77.01 Unrealized —

DE DEERE & CO 0.0%

Value ($000) $233 Shares 500 Est. Cost $369.25 Unrealized +26.7%

EWT ISHARES INC 0.2%

Value ($000) $2,059 Shares 32,409 Est. Cost $34.26 Unrealized —

VWOB VANGUARD WHITEHALL FDS 0.0%

Value ($000) $361 Shares 5,350 Est. Cost $64.06 Unrealized —

SDY SPDR SERIES TRUST 0.0%

Value ($000) $373 Shares 2,682 Est. Cost $123.51 Unrealized —

CNYA ISHARES TR 0.0%

Value ($000) $211 Shares 6,099 Est. Cost $31.41 Unrealized —

INCO COLUMBIA ETF TR II 0.0%

Value ($000) $465 Shares 7,182 Est. Cost $38.59 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BUR	BURFORD CAP LTD	7,647,727	$68,509	6.5%	$8.30	+18.0%	ORD SHS	G17977110
GLD	SPDR GOLD TR	154,165	$60,850	5.8%	$164.97	—	GOLD SHS	78463V107
LLY	ELI LILLY & CO	7,158	$7,693	0.7%	$357.90	+167.0%	COM	532457108
GOOG	ALPHABET INC	31,920	$10,016	1.0%	$118.29	+142.1%	CAP STK CL C	02079K107
ASML	ASML HOLDING N V	9,458	$10,119	1.0%	$892.76	—	N Y REGISTRY SHS	N07059210
EEM	ISHARES TR	588,156	$32,178	3.1%	$50.82	—	MSCI EMG MKT ETF	464287234
AIRR	FIRST TR EXCHANGE TRADED FD	224,873	$22,110	2.1%	$72.93	—	RBA INDL ETF	33738R704
LIN	LINDE PLC	5,564	$2,372	0.2%	$378.42	+12.9%	SHS	G54950103
PH	PARKER-HANNIFIN CORP	2,060	$1,811	0.2%	$498.54	+64.0%	COM	701094104
AMAT	APPLIED MATLS INC	4,160	$1,065	0.1%	$180.04	+33.0%	COM	038222105
XLV	SELECT SECTOR SPDR TR	12,279	$1,901	0.2%	$91.01	—	STATE STREET HEA	81369Y209
RTX	RTX CORPORATION	10,331	$1,895	0.2%	$55.90	+210.0%	COM	75513E101
BX	BLACKSTONE INC	8,800	$1,356	0.1%	$104.93	+44.4%	COM	09260D107
MRK	MERCK & CO INC	6,875	$724	0.1%	$54.64	+70.6%	COM	58933Y105
ZTS	ZOETIS INC	6,210	$781	0.1%	$99.07	+31.5%	CL A	98978V103
IYR	ISHARES TR	37,434	$3,515	0.3%	$84.95	—	U.S. REAL ES ETF	464287739
SPY	SPDR S&P 500 ETF TR	7,350	$5,012	0.5%	$442.87	—	TR UNIT	78462F103
INDA	ISHARES TR	56,832	$3,075	0.3%	$34.88	—	MSCI INDIA ETF	46429B598
SE	SEA LTD	1,660	$212	0.0%	$130.49	—	SPONSORD ADS	81141R100
JNJ	JOHNSON & JOHNSON	3,906	$808	0.1%	$122.72	+60.5%	COM	478160104
VNQI	VANGUARD INTL EQUITY INDEX F	40,022	$1,835	0.2%	$40.84	—	GLB EX US ETF	922042676
CQQQ	INVESCO EXCH TRADED FD TR II	8,462	$440	0.0%	$42.33	—	CHINA TECHNLGY	46138E800
TXN	TEXAS INSTRS INC	5,600	$972	0.1%	$103.81	+64.5%	COM	882508104
CMG	CHIPOTLE MEXICAN GRILL INC	26,000	$962	0.1%	$61.90	-41.6%	COM	169656105
CSCO	CISCO SYS INC	6,500	$499	0.0%	$32.08	+130.0%	COM	17275R102
HON	HONEYWELL INTL INC	3,575	$697	0.1%	$124.24	+57.0%	COM	438516106
IEUS	ISHARES TR	31,087	$2,131	0.2%	$63.71	—	DEVSMCP EXNA ETF	464288497
NEE	NEXTERA ENERGY INC	10,905	$875	0.1%	$60.35	+36.7%	COM	65339F101
QQQ	INVESCO QQQ TR	3,846	$2,353	0.2%	$393.57	—	UNIT SER 1	46090E103
VT	VANGUARD INTL EQUITY INDEX F	21,458	$3,027	0.3%	$93.97	—	TT WRLD ST ETF	922042742
DFUV	DIMENSIONAL ETF TRUST	25,825	$1,203	0.1%	$31.60	—	US MKTWIDE VALUE	25434V724
ACWI	ISHARES TR	14,605	$2,066	0.2%	$114.89	—	MSCI ACWI ETF	464288257
UNH	UNITEDHEALTH GROUP INC	3,440	$1,136	0.1%	$242.05	+39.3%	COM	91324P102
COST	COSTCO WHSL CORP NEW	651	$561	0.1%	$548.58	+65.1%	COM	22160K105
HDB	HDFC BANK LTD	16,928	$619	0.1%	$28.24	—	SPONSORED ADS	40415F101
IXN	ISHARES TR	18,050	$1,895	0.2%	$76.94	—	GLOBAL TECH ETF	464287291
SLB	SLB LIMITED	8,000	$307	0.0%	$49.92	-27.8%	COM STK	806857108
EIDO	ISHARES TR	27,659	$517	0.0%	$25.44	—	MSCI INDONIA ETF	46429B309
CTAS	CINTAS CORP	1,780	$335	0.0%	$176.08	+6.8%	COM	172908105
VNM	VANECK ETF TRUST	24,178	$461	0.0%	$14.01	—	VANECK VIETNAM	92189F817
ACWX	ISHARES TR	12,450	$836	0.1%	$65.01	—	MSCI ACWI EX US	464288240
QCOM	QUALCOMM INC	5,500	$941	0.1%	$45.91	+272.0%	COM	747525103
TJX	TJX COS INC NEW	2,380	$366	0.0%	$71.11	+107.7%	COM	872540109
CG	CARLYLE GROUP INC	5,950	$352	0.0%	$30.71	+83.3%	COM	14316J108
AN	AUTONATION INC	1,320	$273	0.0%	$147.13	+41.4%	COM	05329W102
ICVT	ISHARES TR	9,244	$911	0.1%	$82.57	—	CONV BD ETF	46435G102
FEZ	SPDR INDEX SHS FDS	5,520	$355	0.0%	$59.73	—	EURO STOXX 50	78463X202
IVW	ISHARES TR	4,872	$601	0.1%	$64.99	—	S&P 500 GRWT ETF	464287309
RSP	INVESCO EXCHANGE TRADED FD T	5,690	$1,090	0.1%	$144.35	—	S&P500 EQL WGT	46137V357
VTV	VANGUARD INDEX FDS	2,133	$407	0.0%	$138.81	—	VALUE ETF	922908744
EWA	ISHARES INC	11,741	$307	0.0%	$23.72	—	MSCI AUST ETF	464286103
IGF	ISHARES TR	35,452	$2,175	0.2%	$46.26	—	GLB INFRASTR ETF	464288372
PEP	PEPSICO INC	2,600	$373	0.0%	$116.30	+25.5%	COM	713448108
OEF	ISHARES TR	765	$262	0.0%	$264.30	—	S&P 100 ETF	464287101
EWG	ISHARES INC	8,380	$356	0.0%	$29.21	—	MSCI GERMANY ETF	464286806
LEMB	ISHARES INC	30,672	$1,275	0.1%	$37.79	—	JP MORGAN EM ETF	464286517
JBBB	JANUS DETROIT STR TR	12,648	$603	0.1%	$48.66	—	B-BBB CLO ETF	47103U753
XLF	SELECT SECTOR SPDR TR	5,467	$299	0.0%	$44.13	—	STATE STREET FIN	81369Y605
CBRE	CBRE GROUP INC	1,455	$234	0.0%	$126.46	+24.3%	CL A	12504L109
IWM	ISHARES TR	1,036	$255	0.0%	$187.27	—	RUSSELL 2000 ETF	464287655
IYJ	ISHARES TR	1,891	$280	0.0%	$114.36	—	US INDUSTRIALS	464287754
THD	ISHARES INC	5,488	$327	0.0%	$77.01	—	MSCI THAILND ETF	464286624
DE	DEERE & CO	500	$233	0.0%	$369.25	+26.7%	COM	244199105
EWT	ISHARES INC	32,409	$2,059	0.2%	$34.26	—	MSCI TAIWAN ETF	46434G772
VWOB	VANGUARD WHITEHALL FDS	5,350	$361	0.0%	$64.06	—	EM MK GOV BD ETF	921946885
SDY	SPDR SERIES TRUST	2,682	$373	0.0%	$123.51	—	STATE STREET SPD	78464A763
CNYA	ISHARES TR	6,099	$211	0.0%	$31.41	—	MSCI CHINA A	46434V514
INCO	COLUMBIA ETF TR II	7,182	$465	0.0%	$38.59	—	INDIA CONSMR ETF	19762B707