Cairn Investment Group, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAH	Cardinal Health Inc	11,437 (+526.7%)	$2 (-79.8%)	1.1%	$165.21	+13.6%	COM	14149Y108
FISV	Fiserv Inc	46,440 (+31.1%)	$3 (-31.7%)	1.5%	$129.19	-35.1%	COM	337738108
CTSH	Cognizant Tech Solutions	57,135 (+1.4%)	$5 (+25.5%)	2.3%	$61.21	+22.0%	CL A	192446102
VXUS	Vanguard Total International S	309,879 (+1.0%)	$23 (+3.8%)	11.1%	$34.25	—	VG TL INTL STK F	921909768
—	Sysco Corp	66,725 (+2.2%)	$5 (-8.5%)	2.3%	$0.08	—	COM	009810862
EWM	iShares Inc	265,700 (+1.0%)	$7 (+6.6%)	3.5%	$0.03	—	MSCI MLY ETF	46434G814
PEP	PepsiCo Inc	35,930 (+1.3%)	$5 (+3.5%)	2.4%	$133.56	+9.2%	COM	713448108
CI	Cigna Group	15,188 (+1.1%)	$4 (-3.5%)	2.0%	$283.18	-1.4%	COM	125523100
EOG	EOG Resources Inc	30,556 (+2.8%)	$3 (-3.7%)	1.5%	$115.37	-7.1%	COM	26875P101
COWZ	Pacer FDS TR	11,340 (+9.0%)	$1 (+14.0%)	0.3%	$0.06	—	US CASH COWS 100	69374H881

Exited Positions (5)

SBUX Starbucks Corp 2.3%

Value ($000) $5 Shares 58,215 Est. Cost $78.36 Unrealized +7.3%

VZ Verizon Communications 0.9%

Value ($000) $2 Shares 42,072 Est. Cost $39.05 Unrealized +3.7%

CVX Chevron Corp 0.2%

Value ($000) $0 Shares 2,165 Est. Cost $145.94 Unrealized +3.7%

KLAC KLA-Tencor Corp 0.1%

Value ($000) $0 Shares 232 Est. Cost $748.55 Unrealized +56.6%

COR Cencora Inc 0.1%

Value ($000) $0 Shares 780 Est. Cost $286.82 Unrealized +18.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SBUX	Starbucks Corp	58,215	$5	2.3%	$78.36	+7.3%	—	855244109
VZ	Verizon Communications	42,072	$2	0.9%	$39.05	+3.7%	—	92343V104
CVX	Chevron Corp	2,165	$0	0.2%	$145.94	+3.7%	—	166764100
KLAC	KLA-Tencor Corp	232	$0	0.1%	$748.55	+56.6%	—	482480100
COR	Cencora Inc	780	$0	0.1%	$286.82	+18.8%	—	03073E105

Decreased Positions (14)

GDX Vaneck Vectors ETF Tr 4.2%

Value ($000) $9 (-24.6%) Shares 102,285 (-32.8%) Est. Cost $0.04 Unrealized —

META Meta Platforms 0.3%

Value ($000) $1 (-78.7%) Shares 925 (-76.4%) Est. Cost $243.46 Unrealized +174.1%

COST Costco Wholesale Corp 1.6%

Value ($000) $3 (-8.0%) Shares 3,911 (-1.3%) Est. Cost $312.74 Unrealized +189.6%

BIIB Biogen Inc 0.7%

Value ($000) $1 (+24.0%) Shares 8,096 (-1.3%) Est. Cost $267.31 Unrealized -38.9%

CMCSA Comcast Corp 1.6%

Value ($000) $3 (-7.1%) Shares 11,570 (-89.8%) Est. Cost $34.78 Unrealized -18.0%

PCAR PACCAR Inc. 1.7%

Value ($000) $4 (+4.1%) Shares 32,536 (-6.6%) Est. Cost $51.60 Unrealized +96.2%

MSFT Microsoft Corp 0.7%

Value ($000) $1 (-8.3%) Shares 2,873 (-1.7%) Est. Cost $251.27 Unrealized +99.2%

USB U.S. Bancorp 0.7%

Value ($000) $1 (+6.4%) Shares 26,538 (-3.6%) Est. Cost $43.81 Unrealized +11.2%

SHV iShares Short Treasury 0.2%

Value ($000) $0 (-18.2%) Shares 2,975 (-17.9%) Est. Cost $0.11 Unrealized —

V Visa Inc 0.3%

Value ($000) $1 (-5.9%) Shares 1,880 (-8.3%) Est. Cost $233.17 Unrealized +46.0%

VONV Vanguard Russell 1000 Value 1.0%

Value ($000) $2 (+1.7%) Shares 22,587 (-1.6%) Est. Cost $65.24 Unrealized —

GBIL Goldman Sachs ETF Tr 0.4%

Value ($000) $1 (-1.2%) Shares 7,920 (-1.0%) Est. Cost $0.10 Unrealized —

F Ford Motor Company 0.2%

Value ($000) $0 (+0.9%) Shares 26,255 (-7.8%) Est. Cost $6.91 Unrealized +85.6%

EMR Emerson Elec Co 0.2%

Value ($000) $0 (-0.2%) Shares 3,160 (-1.3%) Est. Cost $60.84 Unrealized +117.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDX	Vaneck Vectors ETF Tr	102,285 (-32.8%)	$9 (-24.6%)	4.2%	$0.04	—	GOLD MINERS ETF	92189F106
META	Meta Platforms	925 (-76.4%)	$1 (-78.7%)	0.3%	$243.46	+174.1%	CL A	30303M102
COST	Costco Wholesale Corp	3,911 (-1.3%)	$3 (-8.0%)	1.6%	$312.74	+189.6%	COM	22160K105
BIIB	Biogen Inc	8,096 (-1.3%)	$1 (+24.0%)	0.7%	$267.31	-38.9%	COM	09062X103
CMCSA	Comcast Corp	11,570 (-89.8%)	$3 (-7.1%)	1.6%	$34.78	-18.0%	CL A	20030N101
PCAR	PACCAR Inc.	32,536 (-6.6%)	$4 (+4.1%)	1.7%	$51.60	+96.2%	COM	693718108
MSFT	Microsoft Corp	2,873 (-1.7%)	$1 (-8.3%)	0.7%	$251.27	+99.2%	COM	594918104
USB	U.S. Bancorp	26,538 (-3.6%)	$1 (+6.4%)	0.7%	$43.81	+11.2%	COM	902973304
SHV	iShares Short Treasury	2,975 (-17.9%)	$0 (-18.2%)	0.2%	$0.11	—	SHORT TREAS BD	464288679
V	Visa Inc	1,880 (-8.3%)	$1 (-5.9%)	0.3%	$233.17	+46.0%	COM CL A	92826C839
VONV	Vanguard Russell 1000 Value	22,587 (-1.6%)	$2 (+1.7%)	1.0%	$65.24	—	VNG RUS1000VAL	92206C714
GBIL	Goldman Sachs ETF Tr	7,920 (-1.0%)	$1 (-1.2%)	0.4%	$0.10	—	TREASURYACCESS	381430529
F	Ford Motor Company	26,255 (-7.8%)	$0 (+0.9%)	0.2%	$6.91	+85.6%	COM	345370860
EMR	Emerson Elec Co	3,160 (-1.3%)	$0 (-0.2%)	0.2%	$60.84	+117.6%	COM	291011104

Unchanged Positions (41)

EXPD Expeditors INTL Wash Inc 3.2%

Value ($000) $7 Shares 45,038 Est. Cost $97.47 Unrealized +39.2%

MRK Merck & Co Inc 2.7%

Value ($000) $6 Shares 54,955 Est. Cost $77.27 Unrealized +20.7%

FFIV F5 Networks Inc 1.9%

Value ($000) $4 Shares 15,358 Est. Cost $146.38 Unrealized +83.8%

LLY Eli Lilly & Co 1.5%

Value ($000) $3 Shares 2,985 Est. Cost $155.64 Unrealized +514.0%

GOOGL Alphabet Inc. A 1.8%

Value ($000) $4 Shares 11,934 Est. Cost $108.19 Unrealized +164.0%

GS Goldman Sachs Group Inc 3.8%

Value ($000) $8 Shares 9,166 Est. Cost $236.54 Unrealized +243.9%

AAPL Apple Inc 4.9%

Value ($000) $10 Shares 37,780 Est. Cost $147.64 Unrealized +81.8%

AYI Acuity Brands Inc 3.9%

Value ($000) $8 Shares 22,882 Est. Cost $136.34 Unrealized +164.9%

KR Kroger Co 1.7%

Value ($000) $4 Shares 57,877 Est. Cost $25.09 Unrealized +160.0%

EWZ iShares Trust 4.3%

Value ($000) $9 Shares 286,860 Est. Cost $0.03 Unrealized —

GILD Gilead Sciences 1.3%

Value ($000) $3 Shares 21,748 Est. Cost $58.62 Unrealized +106.2%

CSCO Cisco Systems Inc 0.9%

Value ($000) $2 Shares 24,146 Est. Cost $40.64 Unrealized +81.6%

QCOM Qualcomm Inc 2.8%

Value ($000) $6 Shares 34,733 Est. Cost $98.47 Unrealized +73.4%

— BorgWarner Inc 3.4%

Value ($000) $7 Shares 159,740 Est. Cost $0.03 Unrealized —

MCK McKesson Corp. 1.4%

Value ($000) $3 Shares 3,585 Est. Cost $166.72 Unrealized +389.2%

EW Edwards Lifesciences 0.7%

Value ($000) $2 Shares 17,800 Est. Cost $73.77 Unrealized +11.2%

AXP American Express Co 0.3%

Value ($000) $1 Shares 1,900 Est. Cost $157.56 Unrealized +126.6%

BKNG Booking Holdings 2.6%

Value ($000) $5 Shares 1,022 Est. Cost $1602.52 Unrealized +220.6%

NVO Novo Nordisk A/S ADR 0.2%

Value ($000) $1 Shares 10,328 Est. Cost $27.48 Unrealized —

XOM Exxon Mobil Corp 0.3%

Value ($000) $1 Shares 4,784 Est. Cost $61.24 Unrealized +88.6%

CTAS Cintas Corp 0.2%

Value ($000) $0 Shares 2,077 Est. Cost $169.07 Unrealized +11.3%

VWO Vanguard INTL Equity Index 5.6%

Value ($000) $12 Shares 219,297 Est. Cost $28.50 Unrealized —

OMC Omnicom Group Inc 1.6%

Value ($000) $3 Shares 41,489 Est. Cost $62.92 Unrealized +20.4%

TDY Teledyne Technologies Inc 0.1%

Value ($000) $0 Shares 446 Est. Cost $466.01 Unrealized +13.1%

— JPMorgan Chase & Co 0.5%

Value ($000) $1 Shares 3,557 Est. Cost $104.61 Unrealized —

AMZN Amazon Com Inc 0.2%

Value ($000) $1 Shares 2,185 Est. Cost $144.15 Unrealized +58.7%

MMM 3M Company 0.3%

Value ($000) $1 Shares 3,370 Est. Cost $103.52 Unrealized +57.6%

BAC Bank Amer Corp 0.1%

Value ($000) $0 Shares 4,768 Est. Cost $41.45 Unrealized +27.1%

ABT Abbott Labs 0.1%

Value ($000) $0 Shares 1,849 Est. Cost $109.69 Unrealized +16.1%

SPGI S&P Global Inc 0.1%

Value ($000) $0 Shares 414 Est. Cost $489.86 Unrealized +0.9%

UNH UnitedHealth Group Inc 0.1%

Value ($000) $0 Shares 841 Est. Cost $415.10 Unrealized -18.8%

IEFA iShares Trust 0.2%

Value ($000) $0 Shares 4,211 Est. Cost $67.34 Unrealized —

VIG Vanguard Specialized Funds 0.2%

Value ($000) $0 Shares 1,752 Est. Cost $150.88 Unrealized —

IVV iShares Trust 0.2%

Value ($000) $0 Shares 475 Est. Cost $0.50 Unrealized —

UNP Union Pacific Corp 0.1%

Value ($000) $0 Shares 1,110 Est. Cost $210.91 Unrealized +7.8%

DIS Walt Disney Co 0.2%

Value ($000) $0 Shares 3,810 Est. Cost $107.11 Unrealized +2.3%

ABBV AbbVie Inc 0.1%

Value ($000) $0 Shares 973 Est. Cost $201.95 Unrealized +12.7%

BA Boeing Co 0.1%

Value ($000) $0 Shares 1,381 Est. Cost $188.88 Unrealized +8.9%

DVY iShares Trust 0.1%

Value ($000) $0 Shares 1,742 Est. Cost $0.12 Unrealized —

AMP Ameriprise Financial Inc 0.2%

Value ($000) $0 Shares 814 Est. Cost $253.99 Unrealized +86.6%

BRK/B Berkshire Hathaway Inc B 0.9%

Value ($000) $2 Shares 3,787 Est. Cost $308.76 Unrealized +61.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXPD	Expeditors INTL Wash Inc	45,038	$7	3.2%	$97.47	+39.2%	COM	302130109
MRK	Merck & Co Inc	54,955	$6	2.7%	$77.27	+20.7%	COM	58933Y105
FFIV	F5 Networks Inc	15,358	$4	1.9%	$146.38	+83.8%	COM	315616102
LLY	Eli Lilly & Co	2,985	$3	1.5%	$155.64	+514.0%	COM	532457108
GOOGL	Alphabet Inc. A	11,934	$4	1.8%	$108.19	+164.0%	CAP STK CL A	02079K305
GS	Goldman Sachs Group Inc	9,166	$8	3.8%	$236.54	+243.9%	COM	38141G104
AAPL	Apple Inc	37,780	$10	4.9%	$147.64	+81.8%	COM	037833100
AYI	Acuity Brands Inc	22,882	$8	3.9%	$136.34	+164.9%	COM	00508Y102
KR	Kroger Co	57,877	$4	1.7%	$25.09	+160.0%	COM	501044101
EWZ	iShares Trust	286,860	$9	4.3%	$0.03	—	MSCI BRAZIL ETF	464286400
GILD	Gilead Sciences	21,748	$3	1.3%	$58.62	+106.2%	COM	375558103
CSCO	Cisco Systems Inc	24,146	$2	0.9%	$40.64	+81.6%	COM	17275R102
QCOM	Qualcomm Inc	34,733	$6	2.8%	$98.47	+73.4%	COM	747525103
—	BorgWarner Inc	159,740	$7	3.4%	$0.03	—	COM	011536697
MCK	McKesson Corp.	3,585	$3	1.4%	$166.72	+389.2%	COM	58155Q103
EW	Edwards Lifesciences	17,800	$2	0.7%	$73.77	+11.2%	COM	28176E108
AXP	American Express Co	1,900	$1	0.3%	$157.56	+126.6%	COM	025816109
BKNG	Booking Holdings	1,022	$5	2.6%	$1602.52	+220.6%	COM	09857L108
NVO	Novo Nordisk A/S ADR	10,328	$1	0.2%	$27.48	—	ADR	670100205
XOM	Exxon Mobil Corp	4,784	$1	0.3%	$61.24	+88.6%	COM	30231G102
CTAS	Cintas Corp	2,077	$0	0.2%	$169.07	+11.3%	COM	172908105
VWO	Vanguard INTL Equity Index	219,297	$12	5.6%	$28.50	—	FTSE EMR MKT ETF	922042858
OMC	Omnicom Group Inc	41,489	$3	1.6%	$62.92	+20.4%	COM	681919106
TDY	Teledyne Technologies Inc	446	$0	0.1%	$466.01	+13.1%	COM	879360105
—	JPMorgan Chase & Co	3,557	$1	0.5%	$104.61	—	COM	46615H100
AMZN	Amazon Com Inc	2,185	$1	0.2%	$144.15	+58.7%	COM	023135106
MMM	3M Company	3,370	$1	0.3%	$103.52	+57.6%	COM	88579Y101
BAC	Bank Amer Corp	4,768	$0	0.1%	$41.45	+27.1%	COM	060505104
ABT	Abbott Labs	1,849	$0	0.1%	$109.69	+16.1%	COM	002824100
SPGI	S&P Global Inc	414	$0	0.1%	$489.86	+0.9%	COM	78409V104
UNH	UnitedHealth Group Inc	841	$0	0.1%	$415.10	-18.8%	COM	91324P102
IEFA	iShares Trust	4,211	$0	0.2%	$67.34	—	CORE MSCI EAFE	46432F842
VIG	Vanguard Specialized Funds	1,752	$0	0.2%	$150.88	—	DIV APP ETF	921908844
IVV	iShares Trust	475	$0	0.2%	$0.50	—	CORE S&P500 ETF	464287200
UNP	Union Pacific Corp	1,110	$0	0.1%	$210.91	+7.8%	COM	907818108
DIS	Walt Disney Co	3,810	$0	0.2%	$107.11	+2.3%	COM	254687106
ABBV	AbbVie Inc	973	$0	0.1%	$201.95	+12.7%	COM	00287Y109
BA	Boeing Co	1,381	$0	0.1%	$188.88	+8.9%	COM	097023105
DVY	iShares Trust	1,742	$0	0.1%	$0.12	—	SELECT DIVID ETF	464287168
AMP	Ameriprise Financial Inc	814	$0	0.2%	$253.99	+86.6%	COM	03076C106
BRK/B	Berkshire Hathaway Inc B	3,787	$2	0.9%	$308.76	+61.1%	CL B NEW	084670702